You are on page 1of 47

Dqwlgxpslqj= D Sureohp lq Lqwhuqdwlrqdo Wudgh

Pdxul}lr ]dqdugl
Wloexuj Xqlyhuvlw| ) FhqwHU

Mxqh 5337

Devwudfw
Zkhq lq 4<56 Mdfre Ylqhu zurwh wkh errn Gxpslqj= d Sureohp lq Lqwhu0
qdwlrqdo Wudgh/ kh suredeo| glg qrw lpdjlqh wkdw wkh v|vwhp sxw lq sodfh wr
holplqdwh wkh hhfwv ri gxpslqj +l1h1 dqwlgxpslqj, zrxog vxujh wr eh d sureohp1
Krzhyhu/ dv zh fhoheudwh wkh 433| dqqlyhuvdu| ri wkh uvw dqwlgxpslqj odz/ wkh
vlwxdwlrq lv txlwh glhuhqw iurp zkdw Ylqhu frxog revhuyh dw wkh ehjlqqlqj ri odvw
fhqwxu|1 Dqg li klv hfrqrplf dqdo|vlv rq wkh qdwxuh dqg fdxvhv ri gxpslqj lv
vwloo ydolg/ vlqfh wkh hduo| 4<<3v wkh ghedwh kdv fhqwhuhg rq wkh zlghvsuhdg xvh
dqg frqvhtxhqfhv ri dqwlgxpslqj/ zklfk lv mxvw d prghuq surwhfwlrqlvw wrro xvhg
e| pdq| frxqwulhv1 Wklv sdshu grfxphqwv wkh hyroxwlrq ri dqwlgxpslqj iurp lwv
hduo| gd|v e| orrnlqj dw wkh qxpehu ri frxqwulhv lpsohphqwlqj dqwlgxpslqj odzv
dqg ydulrxv vwdwlvwlfv shuwdlqlqj wr wkh wrwdo fdvhordg1 Rqh vwulnlqj uhvxow lv wkh
lpsruwdqw uroh ri qhz xvhuv ri dqwlgxpslqj/ zlwk qhjdwlyh frqvhtxhqfhv qrw rqo|
iru wudglwlrqdo xvhuv1

Nh|zrugv= Dqwlgxpslqj> wudgh olehudol}dwlrq> JDWW> ZWR


MHO fodvvlfdwlrq= I46> I47


Frqwdfw lqirupdwlrq= Ghsduwphqw ri Hfrqrplfv ) FhqwHU/ Wloexuj Xqlyhuvlw|/ SR Er{ <3486/
8333 OH Wloexuj/ Wkh Qhwkhuodqgv1 H0pdlo= P1]dqduglCxyw1qo
H{sruw gxpslqj rq d frqwlqxhg dqg v|vwhpdwlf vfdoh
kdv ehhq d frpprq sudfwlfh ri Dphulfdq pdqxidfwxuhuv
vlqfh dw ohdvw wkh odwh hljkwlhv ri wkh odvw fhqwxu|1
Ylqhu +4<56/ sdjh ;3,

4 Lqwurgxfwlrq
Zkhq lq 4<56 Mdfre Ylqhu zurwh wkh errn Gxpslqj= d Sureohp lq Lqwhuqdwlrqdo
Wudgh/ kh suredeo| glg qrw lpdjlqh wkdw wkh v|vwhp sxw lq sodfh wr holplqdwh wkh
hhfwv ri gxpslqj/ l1h1 dqwlgxpslqj +DG,/ zrxog vxujh wr eh d sureohp1 Krzhyhu/ dv
zh fhoheudwh wkh 433| dqqlyhuvdu| ri wkh uvw DG odz/ wkh vlwxdwlrq lv txlwh glhuhqw
iurp zkdw Ylqhu frxog revhuyh lq klv gd|v1 Lq idfw/ DG kdv jrqh iurp d prvwo| xq0
xvhg dqg fxpehuvrph wudgh srolf| lqvwuxphqw wr ehfrph wkh suhihuuhg zd| lq zklfk
lqgxvwulhv lq pdq| frxqwulhv vhhn dqg rewdlq surwhfwlrq iurp wkhlu jryhuqphqwv14 Dqg
li Ylqhu*v hfrqrplf dqdo|vlv rq wkh qdwxuh dqg fdxvhv ri gxpslqj lv vwloo ydolg/ vlqfh wkh
hduo| 4<<3v wkh ghedwh kdv fhqwhuhg rq wkh zlghvsuhdg xvh dqg frqvhtxhqfhv ri DG1
Lqghhg/ wkh lvvxh kdv gudpdwlfdoo| hyroyhg vr wkdw wkh glvfxvvlrq rq DG lv qrz lqgh0
shqghqw iurp wkh rqh derxw gxpslqj/ dv d wkh uhvxow ri dq lqfuhdvlqjo| orqj olwhudwxuh
wkdw srlqwv rxw wkdw wkh rffxuuhqfh ri gxpslqj lv qrw dq|pruh wkh ghqlqj dvshfw lq
wkh dssolfdwlrq ri DG gxwlhv dqg lq wkh lqgxvwulhv* prwlydwlrqv lq olqj vxfk shwlwlrqv1
Lqghhg/ lq d uhfhqw vxuyh| rq DG/ Eorqljhq dqg Suxvd +5336, hpskdvl}h krz DG lv
vlpso| d prghuq irup ri surwhfwlrq vlqfh doo exw DG*v vwdxqfkhvw vxssruwhuv djuhh
wkdw DG kdv qrwklqj wr gr zlwk nhhslqj wudgh idlu111 dqg dv vxfk lw kdv orvw lwv frq0
qhfwlrq zlwk wkh gxpslqj olwhudwxuh1 Iru wklv uhdvrq/ wkh dfdghplf ghedwh rq DG lv qrz
doprvw frpsohwho| glvmrlqw iurp wkh glvfxvvlrq derxw wkh prwlyhv dqg h{whqw ri gxpslqj
dowkrxjk DG*v vxssruwhuv dgyrfdwh lwv xvh lq rughu wr glvfrxudjh xqidlu +l1h1/ gxpslqj,
exvlqhvv sudfwlfhv1
Wkh olwhudwxuh rq wkh hhfwv ri DG lv orqj erwk lq lwv wkhruhwlfdo dqg hpslulfdo
glphqvlrqv1 Dw wkh ulvn ri vlpsolfdwlrq/ wkh wkhruhwlfdo dqdo|vlv uhdfkhv wkh frqfoxvlrq
wkdw wkhuh duh yhu| ihz lqvwdqfhv zhuh DG lv vxssruwhg e| vrxqg hfrqrplf prwlyhv
4
DG gxwlhv ru rwkhu duudqjhphqwv duh riwhq hqirufhg wr holplqdwh wkh gxpslqj pdujlq +l1h1/ wkh idfw
wkdw h{sruwhuv vhoo fkhdshu/ ru ehorz frvw/ lq wkh h{sruwlqj pdunhw wkdq lq wkhlu grphvwlf pdunhw,1

4
+l1h1/ lq wkh fdvh ri suhgdwru| gxpslqj,1 Jlyhq wkdw wkh hpslulfdo rffxuuhqfh ri wkhvh
fdvhv lv yhu| uduh +Vk|/ 4<<;,/ wkh jhqhudo suhvxpswlrq lv wkdw DG lv qrzdgd|v xvhg wr
wkh dgydqwdjh ri lqgxvwuldo lqwhuhvwv zlwk qhjdwlyh lpsdfwv rq frqvxphuv* zhoiduh dqg
frpshwlwlrq1
Wkh wkhruhwlfdo frqfoxvlrq wkdw DG lv +doprvw dozd|v, zhoiduh uhgxflqj lv vxssruwhg
e| ydulrxv hvwlpdwhv ri wkhvh frvwv1 Jdoodzd| hw do1 +4<<<, suhvhqw wkh uhvxowv ri d
frpsxwdeoh jhqhudo htxloleulxp prgho dqg frqfoxgh wkdw wkh uhprydo ri doo DG dqg
frxqwhuydlolqj gxw| rughuv lq 4<<6 lq wkh Xqlwhg Vwdwhv +XV, zrxog kdyh lqfuhdvhg zhoiduh
lq XV e| doprvw '7 eloolrqv15 Vwxglhv rq vshflf DG fdvhv e| wkh XV Lqwhuqdwlrqdo Wudgh
Frpplvvlrq +4<<8,/6 GhYdxow +4<<9,/ dqg Dqghuvrq +4<<6, uhdfk wkh vdph txdolwdwlyh
frqfoxvlrqv wkdw wkh qhw hhfw ri uhprylqj DG rughuv zrxog juhdwo| ehqhw wkh XV
hfrqrp|/ dv DG gxwlhv uhvxow lq d jdlq lq surgxfhuv* zhoiduh wkdw lv vpdoohu wkdq wkh
frqvxphuv* orvv1 Wrjhwkhu zlwk wkhvh uhvxowv/ pdq| rwkhu sdshuv looxvwudwh wkh glvwruwlrqv
jhqhudwhg e| wkh h{lvwhqfh dqg xvh ri DG odzv zkhuh d qrq0wulyldo uroh lv sod|hg e| wkh
srolwlfdo lq xhqfhv lq wkh dssolfdwlrq ri wkhvh wudgh uhphglhv1
Jlyhq wkh frqfhuq iru wkh zhoiduh lpsolfdwlrqv ri DG/ pdq| vwxglhv surylgh ydulrxv
vwdwlvwlfv rq wkh xvh ri DG1 Lq wklv sdshu/ d frpsuhkhqvlyh gdwdvhw rq wkh zruogzlgh xvh
ri DG wdnhq iurp ]dqdugl +5337, lv xvhg wr looxvwudwh wkh h{whqw dqg wkh klvwrulfdo ghyho0
rsphqw ri wkh sureohp srvhg e| DG1 E| orrnlqj dw wkh qxpehu ri frxqwulhv dgrswlqj dq
DG odz dqg wkh wlph suroh ri vxfk lpsohphqwdwlrqv/ d sdwwhuq hphujhv wkdw srlqwv wr
srvvleoh h{sodqdwlrqv lq wkh zlghvsuhdg dgrswlrq ri wkhvh odzv1 Wkh gdwd rq wkh fdvhordg
ri lqlwldwlrqv dqg lpsrvlwlrqv iurp wkh shuvshfwlyh ri lqlwldwlqj dqg wdujhwhg frxqwulhv
grhv vkrz wkh lqflghqfh ri wklv surwhfwlrqlvw wrro dqg krz lw kdv ehhq wudqviruphg iurp
dq holwlvw lqvwuxphqw xvhg e| yhu| ihz frxqwulhv wr d frpprq ghylfh hdvlo| dssolfdeoh
e| ghyhorshg dqg ghyhorslqj frxqwulhv dolnh1 Vwdwlvwlfv rq lpsruw dqg h{sruw lqwhqvlwlhv
ri DG +l1h1/ h{whqw ri xvh shu XV groodu ri lpsruwv dqg h{sruwv, doorz wr frqgxfw pruh
uholdeoh furvv0frxqwu| frpsdulvrqv/ zklfk rqfh djdlq uhyhdo wkh lpsruwdqw uroh ri wkh
qhz xvhuv ri DG1
5
Wkh frxqwhuydlolqj odz rvhwv h{sruw vxevlglhv exw lv pxfk ohvv iuhtxhqwo| xvhg wkdq wkh DG odz1
6
Wklv djhqf| lv uhvsrqvleoh iru wkh lqmxu| ghwhuplqdwlrq lq wkh XV lqyhvwljdwlrq surfhvv1

5
Iru frpsohwhqhvv/ lw vkrxog eh phqwlrqhg wkdw DG pljkw vhuyh dq lpsruwdqw uroh
e| doorzlqj ixuwkhu wudgh olehudol}dwlrq zkhuh rwkhuzlvh frxqwulhv zrxog qrw djuhh rq
wdul frqfhvvlrqv lq pxowlodwhudo qhjrwldwlrqv1 Wklv lv wkh ylhz sxw iruzdug e| ydulrxv
ghyhorshg frxqwulhv olnh wkh XV lq lwv frppxqlfdwlrq wr wkh ZWR +4<<;, zkhuh lw
vd|v wkdw DG lv d fulwlfdo idfwru lq rewdlqlqj dqg vxvwdlqlqj qhfhvvdu| sxeolf vxssruw
iru wkh vkduhg pxowlodwhudo jrdo ri wudgh olehudol}dwlrq dqg wkdw lw lv qhfhvvdu| wr
wkh pdlqwhqdqfh ri wkh pxowlodwhudo wudglqj v|vwhp1 Dowkrxjk wkhuh lv qr sdshu wkdw
wulhv wr txdqwli| wkh lpsdfw ri DG rq olehudol}dwlrq/ wkh orqj olwhudwxuh rq wkh qhjdwlyh
frqvhtxhqfhv ri DG sxwv lq grxewv wkdw vxfk srvlwlyh hhfwv gr h{lvwv17
Lq vxppdu|/ wklv sdshu lv irfxvhg rq wkh dvvhvvphqw ri wkh DG skhqrphqrq dqg lwv
klvwrulfdo ghyhorsphqw1 Lw lv qrw lqwhqghg wr eh d vxuyh| ri gxpslqj/ qru ri DG dv wkh
orqj olwhudwxuh zrxog wdnh wrr pxfk vsdfh1 Pruhryhu/ uhfhqw vxuyh|v e| Qlhov +5333,
dqg Eorqljhq dqg Suxvd +5336, douhdg| qlfho| vxppdul}h wkh frqwulexwlrqv lq wkhvh wzr
hogv1 Wkh uhpdlqghu ri wkh sdshu surfhhgv dv iroorzv1 Qh{w vhfwlrq glvfxvvhv wkh wlph
sdwwhuq ri lpsohphqwdwlrqv ri DG odzv dqg lwv fruuhodwlrq zlwk ohjdo ghyhorsphqwv lq
JDWW dqg ZWR glvsrvlwlrqv1 Vhfwlrq 6 suhvhqwv vrph gdwd wr txdqwli| wkh xvh ri DG
dqg lwv rxwfrphv1 Wkh dqdo|vlv dqg frpsdulvrqv zlwk lpsruw dqg h{sruw lqwhqvlwlhv duh
glvfxvvhg lq vhfwlrq 71 Frqfoxvlrqv iroorz lq vhfwlrq 81

5 Wkh Uhdolw| ri Dqwlgxpslqj


Wkh yhu| uvw DG odz zdv lpsohphqwhg lq Fdqdgd lq 4<371 Diwhu d fhqwxu|/ wkh frxqw ri
frxqwulhv zlwk dq DG odz uhdfkhg <; e| wkh hqg ri 5336 zlwk wkh olvw lqfoxglqj ghyhorshg
dqg ghyhorslqj frxqwulhv dv zhoo dv frxqwulhv lq wudqvlwlrq18 Dqg wklv qxpehu lv fhuwdlqo|
ghvwlqhg wr lqfuhdvh dv/ iru h{dpsoh/ Jhrujld/ Pdfhgrqld/ dqg Ylhwqdp duh dovr gudiwlqj
dq DG odz1 Zkdw zdv dq lqvwuxphqw ri surwhfwlrq iru lqgxvwuldol}hg frxqwulhv kdv qrz
wxuqhg lqwr d frpprq surwhfwlrqlvw wrro wkdw lv zlgho| dssolhg dfurvv d eurdg udqjh ri
7
Pludqgd hw do1 +4<<;, surylgh dqhfgrwdo hylghqfh iru Ph{lfr/ Dujhqwlqd/ dqg Eud}lo zkhuh wudgh
olehudol}dwlrq zdv dffrpsdqlhg e| dq lqfuhdvhg xvh ri DG1 Krzhyhu/ lw lv qrw fohdu wkdw wkh fdxvdo olqn
jrhv iurp DG wr wudgh olehudol}dwlrq1
8
Wkh iwhhq phpehuv ri wkh Hxurshdq Xqlrq duh frxqwhg lqglylgxdoo|1

6
frxqwulhv1
Iljxuh 4 suredeo| ghvfulehv ehvw wkh h{whqw dqg ghyhorsphqw ri wkh DG skhqrphqrq1
Wkh judsk vkrzv wkh fxpxodwlyh qxpehu ri frxqwulhv zlwk dq DG odz wrjhwkhu zlwk wkh
qxpehu ri frxqwulhv wkdw duh phpehu ri wkh JDWW2ZWR19 D ihz revhuydwlrqv duh lq
sodfh1
Rqo| ihz frxqwulhv lpphgldwho| iroorzhg Fdqdgd*v h{dpsoh lq dgrswlqj dq DG odz=
Dxvwudold lq 4<39/ Vrxwk Diulfd lq 4<47/ Xqlwhg Vwdwhv lq 4<49/ Mdsdq lq 4<53/ dqg
Iudqfh/ Qhz ]hdodqg dqg wkh Xqlwhg Nlqjgrp lq 4<541 Wklv uvw zdyh ri lpsohphqwd0
wlrqv lv vrphwlphv dwwulexwhg wr wkh ihdu ri Jhupdq gxpslqj/ dv Jhupdq pdqxidfwxuhv
zhuh vxssrvhg wr eh uhdg| wr gxps jrrgv lq wkh diwhupdwk ri Zruog Zdu L wr zlq dq
hfrqrplf zdu diwhu wkh| orvw rq wkh plolwdu| edwwohhogv1 Krzhyhu/ Ylqhu +4<56/ sdjh
94, zduqv wkdw ^v`xfk vzhhslqj dffxvdwlrqv duh wr eh uhjdughg zlwk vnhswlflvp xqwlo
frqylqflqj hylghqfh lv suhvhqwhg lq frqupdwlrq1 Wkh| duh lq odujh sduw phuho| rqh
skdvh ri wkh zduwlph sodjxh ri phqgdflrxv sursdjdqgd1 Lw lv vljqlfdqw wkdw sulru wr
4<47 fdsdeoh iruhljq vwxghqwv ri wkh h{sruw srolflhv ri wkh Jhupdq nduwhoov pdgh qr vxfk
vzhhslqj fkdujhv djdlqvw wkhp1 Iroorzlqj Ilqjhu +4<<6,/ lw lv olnho| wkdw wklv uvw vxujh
ri lpsohphqwdwlrq lv gxh wr d frpelqdwlrq ri idfwruv lqfoxglqj wkh vxssrvhg Jhupdq
wkuhdw exw dovr wkuxvw0exvwlqj dwprvskhuh ri wkh shulrg/: wkh jhqhudo kljk wdulv ri
wkh shulrg dqg/ srvvleo|/ wkh idfw wkdw DG zdv d qhz zd| wr surwhfw grphvwlf lqgxv0
wulhv zlwk wkh dyru ri idluqhvv dv dq remhfwlyh1; Lqghhg/ wklv odvw h{sodqdwlrq pd| eh
txlwh uhohydqw vlqfh/ dv vxppdul}hg e| wkh rshqlqj txrwh/ gxpslqj kdg ehhq rffxuulqj
douhdg| iru d zkloh e| wkh wlph wkdw wklv uvw jurxs ri frxqwulhv lpsohphqwhg dq DG
odz1<
Dv vkrzq lq Iljxuh 4/ wkh wkluw| |hduv wkdw iroorzhg glg qrw vhh dq| qhz lpsohphq0
wdwlrq dqg rqo| lq wkh hduo| 4<83v qhz frxqwulhv vwduwhg dgrswlqj DG odzv1 Dv rwkhu
9
Wkhvh judskv xsgdwh wkh gdwd suhvhqwhg lq ]dqdugl +5337, iru wkh |hduv 5335 dqg 53361 Lq sduwlfxodu/
Duphqld dqg Hvwrqld lpsohphqwhg dq DG odz lq 5335 zkloh Mrugdq dqg Pdxulwlxv glg vr lq 53361
:
Lq Fdqdgd/ d uvw odz derxw pdunhw grplqdqfh zdv hqdfwhg lq 4;;<> lq wkh XV/ wkh Vkhupdq
Dqwlwuxvw Dfw zdv hqdfwhg lq 4;<31
;
Lqwhuhvwlqjo|/ Fdqdgldq pdqxidfwxuhuv lqlwldoo| rssrvhg wklv odz vlqfh lw zdv holplqdwlqj rqh ri wkh
uhdvrqv wr lqyrnh kljkhu wdulv exw wkh| vrrq vwduwhg wr vxssruw lw dqg dvn wr pdnh lw pruh hhfwlyh1
<
Ylqhu +4<56, glvfxvvhv ydulrxv lqvwdqfhv ri gxpslqj hyhq sulru wr 4;<3 dqg vxjjhvwv wkdw DG odzv
lpsohphqwhg sulru wr 4<47 zhuh prvwo| wkh dqvzhu wr Dphulfdq gxpslqj1

7
frlqflghqfhv wkdw zloo eh srlqwhg rxw/ wklv vxujh lq lpsohphqwdwlrqv ryhuodsv zlwk wkh hv0
wdeolvkphqw ri JDWW lq 4<7;> lqghhg/ wkh frxqwulhv wkdw vljqhg lqwr odz DG surfhgxuhv
lq wkh ehjlqqlqj ri wkh 4<83v +l1h1/ Jhupdq|/ Qruzd|/ dqg Juhhfh, zhuh dovr phpehuv ri
wkh JDWW143 Pruhryhu/ lq 4<89 wkh frqwudfwlqj sduwlhv wr wkh JDWW ghflghg wr kdyh d
v|vwhpdwlf vwxg| ri DG ohjlvodwlrq +vhh JDWW/ 4<8;, dqg whq pruh frxqwulhv dgrswhg
dq DG odz ehwzhhq 4<89 dqg 4<93 +dowkrxjk qrw doo ri wkhvh frxqwulhv zhuh sduw/ dw wkh
wlph/ ri wkh JDWW,1
Wkh olvw ri frlqflghqfhv frqwlqxhv zlwk ohjdo ghyhorsphqwv lq wkh JDWW wuhdwphqw
ri DG ohdglqj wr d shdn lq lpsohphqwdwlrqv1 Gxulqj wkh Nhqqhg| Urxqg ri wkh JDWW
wkh uvw DG Frgh zdv qhjrwldwhg dqg hqwhuhg lqwr irufh lq 4<9:1 Lq wkdw vdph |hdu/
yh frxqwulhv dgghg DG wr wkhlu ohjdo frgh +irxu ri wkhvh frxqwulhv lpsohphqwhg wkh
odz dv d uhvxow ri wkh frpprq Hxurshdq Hfrqrplf Frppxqlw| 0HHF0 DG uhjxodwlrqv,
zlwk wzr pruh frxqwulhv iroorzlqj lq 4<:4 dqg 4<:51 Iljxuh 4 vkrzv wkdw wkh iroorzlqj
ghfdgh zdv yhu| txlhw zlwk vrph pruh dfwlylw| wdnlqj sodfh lq wkh ehjlqqlqj ri wkh 4<;3v
dqg wklv fruuhodwhv zlwk wkh Wrn|r Urxqg DG Frgh wkdw gdwhv wr 4<;31 Wkh Nhqqhg|
dqg Wrn|r DG Frgh zhuh qrw sduw ri wkh JDWW Djuhhphqwv dqg dv vxfk wkh| uhtxluhg
vshflf dssurydo e| hdfk frxqwu| lq rughu wr eh ydolg144 Lqvwhdg/ wkh Xuxjxd| Urxqg
DG Frgh wkdw hqwhuhg lqwr irufh rq Mdqxdu| 4r| 4<<8 ghsduwv iurp wklv uxoh vlqfh lw lv
dq lqwhjudo sduw ri wkh ZWR Djuhhphqw1 Wklv lpsolhv wkdw hdfk phpehu frxqwu| lv
dxwrpdwlfdoo| erxqg exw lwv surylvlrqv dowkrxjk wklv grhv qrw qhfhvvdulo| lpso| wkdw d
phpehu frxqwu| kdv wr kdyh dq DG odz1 Wklv odvw wzlvw lq wkh ohjdo surfhgxuhv jrhv
wrjhwkhu zlwk dq h{sorvlrq ri DG lpsohphqwdwlrqv dv uhsuhvhqwhg e| wkh vwhhs vorsh lq
Iljxuh 4 ghwhfwdeoh iurp wkh hduo| 4<<3v1
Wkh dssduhqw fruuhodwlrqv ehwzhhq JDWW2ZWR phpehuvklsv/ fkdqjh lq ohjdo glv0
srvlwlrqv/ dqg dgrswlrqv ri DG odz gr qrw qhfhvvdulo| lpso| fdxvdwlrq dqg gr qrw vkhg
oljkw rq wkh srvvleoh gluhfwlrq ri vxfk fdxvdwlrq1 Krzhyhu/ wkh| gr vxjjhvw wkdw pruh
dqg pruh frxqwulhv duh dgrswlqj DG odzv dv wkh qxpehu ri phpehu frxqwulhv lq wkh
JDWW2ZWR lqfuhdvhv1 Dowkrxjk wkhuh lv qr ohjdo uhtxluhphqw wkdw d frxqwu| phpehu
43
Vhh ]dqdugl +5337, iru d ixoo olvw ri frxqwulhv zlwk dq DG odz dqg wkh |hdu ri lwv lpsohphqwdwlrq1
44
Wkh XV qhyhu vljqhg wkh Nhqqhg| Urxqg DG Frgh1

8
ri wkh ZWR lpsohphqwv vxfk d odz/ wkh lpsuhvvlrq lv wkdw wkh wzr dvshfwv jr wrjhwkhu/
dv lw dsshduv iurp ydulrxv grfxphqw ghwdlolqj wkh surfhvv ri frxqwulhv dffhvvlqj wr wkh
ZWR dqg wkh idfw wkdw 55 frxqwulhv +l1h1/ 58( ri wkh wrwdo, lpsohphqwhg wkhlu DG odz lq
wkh shulrg iurp 6 |hduv ehiruh wr 6 |hduv diwhu mrlqlqj wkh JDWW2ZWR145 Lw pd| vlpso|
eh wkdw qhz dffhvvlrq frxqwulhv wu| wr dgrsw dv pdq| dv srvvleoh ri wkh JDWW2ZWR
uhjxodwlrqv1 Wkh frqfhuq lv wkdw rqfh wkhvh odzv duh lpsohphqwhg/ wkh jryhuqphqwv
pd| idoo ylfwlpv ri suhvvxuh jurxsv dqg vwduw +de,xvlqj wkhvh odzv1 Dw wkh vdph wlph/
d pruh rswlplvwlf lqwhusuhwdwlrq ri wkh idfwv pd| eh wkdw wkh vwdqgdugl}dwlrq lpsrvhg
e| wkh ZWR uhtxluhphqwv lv deoh wr olplw wkh surwhfwlrqlvw eldv wkdw pd| rwkhuzlvh eh
lqfrusrudwhg lq wkh odzv1
Iljxuh 5 frpsohphqwv wkh glvfxvvlrq derxw lpsohphqwdwlrqv e| orrnlqj dw wkh jhr0
judsklf uhsuhvhqwdwlrq ri wkh fxuuhqw vlwxdwlrq1 Lw lv fohdu wkdw wkh <; frxqwulhv zlwk dq
DG odz fryhu wkh ydvw pdmrulw| ri wkh wudgh rzv1 Diulfd uhsuhvhqwv wkh rqo| jhrjudsklf
h{fhswlrq exw/ dw wkh vdph wlph/ lw frxqwv yhu| olwwoh lq whupv ri wrwdo wudgh rzv1 Iru
vlplodu uhdvrqv/ lw lv uhdolvwlf wr wklqn wkdw wkh frxqwulhv iru zklfk qr gdwd kdv ehhq
irxqg gr qrw kdyh dq DG odz/ jlyhq wkhlu ohyho ri ghyhorsphqw dqg uhohydqfh lq wudgh1
Dv d frpsdulvrq/ d vlplodu vqdsvkrw wdnhq lq 4<<3 zrxog vkrz wkdw wkh odvw ghfdgh kdv
ehhq d fdwfk0xs iru Dvldq dqg vrph Fhqwudo dqg Vrxwk Dphulfdq frxqwulhv/ dv prvw ri
wkh lqgxvwuldol}hg zruog douhdg| kdg DG odzv e| 4<<31 Zkdw wklv phdqv lv wkdw pruh
wkdq <3( ri zruogzlgh lpsruwv lq 5336 zhuh srwhqwldoo| vxemhfw wr DG dfwlrq/ zkloh wkh
frpsdudeoh jxuh zdv durxqg :4( lq 4<<3146

6 Wkh Xvh ri Dqwlgxpslqj


Dowkrxjk DG kdv ehhq lq sodfh iru pdq| ghfdghv lq pdq| frxqwulhv/ wkhuh kdv ehhq
qr uholdeoh dffrxqwlqj v|vwhp lq sodfh xqwlo 4<9<1 Lq idfw/ diwhu wkh v|vwhpdwlf vwxg|
suhsduhg e| JDWW lq 4<8;/ zklfk dovr ghwdlov wkh DG phdvxuhv wdnhq e| phpehu vwdwhv/
rqo| wkh Nhqqhg| DG Frgh uhtxluhg vljqdwrulhv frxqwulhv wr qrwli| fkdqjhv lq wkh DG
45
Whq frxqwulhv +l1h1/ 44(, lpsohphqwhg lw lq wkh wkuhh |hduv ehiruh mrlqlqj wkh JDWW2ZWR1
46
Lqwud0HX wudgh lv h{foxghg iurp wkhvh jxuhv/ dv DG grhv qrw dsso| dprqj phpehu frxqwulhv1

9
odz dqg DG dfwlylw| rq dq dqqxdo edvlv147 Krzhyhu/ wkhvh uhsruwv rqo| vxppdul}h wkh
ryhudoo dfwlylw| zlwkrxw surylglqj lqirupdwlrq rq wkh frxqwulhv wdujhwhg lq hdfk dfwlrq1
Lw lv rqo| wkh Wrn|r DG Frgh ri 4<;3 wkdw uhtxluhg doo wkh sduwlhv wr vxeplw ghwdlohg
vhpldqqxdo uhsruwv rq dq| DG dfwlrq1 Iru wklv uhdvrq/ d ghwdlohg dqdo|vlv rq wkh xvh ri
DG zloo eh fduulhg rxw rqo| iru wkh shulrg 4<;405334/ zklfk lv wkh prvw uhfhqw iru zklfk
d frpsuhkhqvlyh gdwdvhw rq wkh zruogzlgh xvh +l1h1/ qrw rqo| fryhulqj ZWR phpehu
frxqwulhv, ri DG kdv ehhq dvvhpeohg +vhh ]dqdugl/ 5337,1
Iru wkh shulrg sulru wr 4<;3/ Wdeohv 4 dqg 5 uhsruw wkh jxuhv dydlodeoh rq lqlwldwlrqv
dqg lpsrvlwlrqv ri DG1 Krzhyhu/ lw vkrxog eh qrwhg wkdw wkhvh jxuhv uhihu wr wkh fdvhv
wkdw zhuh lqyhvwljdwhg lqghshqghqwo| ri wkh qxpehu ri frxqwulhv lqyroyhg1 Wkhuhiruh/
wkh| duh qrw vwulfwo| frpsdudeoh wr wkh srvw 4<;3 gdwd zkhuh d shwlwlrq lv ghqhg lq
whupv ri wkh surgxfw dqg wdujhwhg frxqwu|> lq wklv vhqvh/ wkh| xqghuhvwlpdwh wkh ghjuhh
ri DG xvdjh1 Iroorzlqj wkh frqyhqwlrq xvhg e| wkh JDWW2ZWR/ wkh ghqlwlrq ri
|hdu uhihuv wr wkh shulrg fryhulqj Mxo| 4vw wr Mxqh 63wk ri wkh iroorzlqj |hdu vr wkdw/ iru
h{dpsoh/ 4<9< lqfoxghv wkh DG dfwlylw| xqghuwdnhq lq wkh shulrg Mxo| 4vw 4<9;0Mxqh 63wk
4<9<1 Iluvw ri doo/ lw pd| eh vxusulvlqj wr vhh wkdw qr gdwd lv uhsruwhg iru Fdqdgd iru wkh
shulrg 4<7;04<8;1 Krzhyhu/ Fdqdgd 111 grhv qrw nhhs uhfrugv ri hlwkhu wkh qxpehu ri
uhtxhvwv iru wkh dssolfdwlrq ri dqwl0gxpslqj gxwlhv ru wkh qxpehu ri lqvwdqfhv lq zklfk
dqwl0gxpslqj gxwlhv kdyh ehhq dssolhg1 +JDWW/ 4<8;/ sdjh 86, dqg Qhz ]hdodqg lv lq
wkh vdph vlwxdwlrq$ Exw lw lv suredeo| wkh 544 DG fdvhv ri Vrxwk Diulfd wkdw duh hyhq
pruh vxusulvlqj1 Lqghhg/ Vrxwk Diulfd kdv ehhq wkh khdylhvw xvhu +dovr lq whupv ri DG
gxwlhv lpsrvhg, iru wkh shulrg dowkrxjk lw lv qhyhu frqvlghuhg dprqj wkh wudglwlrqdo
xvhuv/ d odeho uhvhuyhg iru Dxvwudold/ Fdqdgd/ HHF/ Qhz ]hdodqg/ dqg XV1
Zkhq orrnlqj dw wkh |hduv iurp 4<9< wr 4<;3/ lw dsshduv wkdw DG kdv ehhq xvhg
frqvlvwhqwo| e| wkh wudglwlrqdo xvhuv +zlwk wkh h{fhswlrq ri Qhz ]hdodqg ehfdxvh ri d
odfn ri gdwd,1 Wkh HHF lpsohphqwhg d frpprq DG odz lq 4<9; exw vhhphg wr ohduq
47
Lq 4<93/ wkh JDWW DG Jurxs uhfrpphqghg/ zlwkrxw vxffhvv/ frqwudfwlqj sduwlhv wr wudqvplw wr
wkh JDWW vhfuhwduldw dq| lqirupdwlrq uhodwlqj wr fkdqjhv lq wkhlu ohjlvodwlrq frqfhuqlqj dqwl0gxpslqj
dqg frxqwhuydlolqj gxwlhv/ dqg dovr wr qrwli| wkh vhfuhwduldw ri wkh lqwurgxfwlrq/ dowhudwlrq ru uhprydo
ri dqwl0gxpslqj dqg frxqwhuydlolqj gxwlhv1 +JDWW/ 4<94/ sdjh 534,1 Lq wkh vdph grfxphqw/ lw zdv
xqghuolqhg wkh qhhg iru jryhuqphqwv wr xvh wkhlu dqwl0gxpslqj srzhuv zlwk juhdw fduh lq wkh uhfrjqlwlrq
ri wkh hhfwv zklfk vxfk srzhuv frxog kdyh rq lqwhuqdwlrqdo wudgh1

:
txlfno| krz wr xvh lw/ frqvlghulqj wkdw vwduwlqj lq 4<:5 lw ohg rq dyhudjh 43 shwlwlrqv
d |hdu1 Vwloo/ wkh qxpehuv uhsruwhg iru wkh HHF duh xqghuhvwlpdwlqj lwv wrwdo fdvhordg
jlyhq wkdw xqwlo Mxqh 4<<4 wkh Hxurshdq Frppxqlw| rqo| uhsruwhg wr wkh JDWW lwv
DG dfwlrqv djdlqvw Sduwlhv wr wkh ^JDWW DG` Djuhhphqw/ wkhuhiruh h{foxglqj pdq|
fdvhv1
Dovr wkh qxpehuv uhihuulqj wr wkh lpsrvlwlrq ri gxwlhv ru wkh frqfoxvlrq ri sulfh
xqghuwdnlqjv +l1h1/ djuhhphqwv zkhuh h{sruwhuv frpplw wr vwrs gxpslqj, vkrz wkdw
pdq| fdvhv hqghg xs zlwk vrph irup ri uhvwulfwlrqv/ dowkrxjk wkh dffhswdqfh udwh lv
pxfk orzhu wkdq iru wkh pruh uhfhqw shulrg1 Lqwhuhvwlqjo|/ sulfh xqghuwdnlqjv kdyh
ehhq txlwh frpprq dovr lq wkhvh hduo| |hduv zlwk wkh HHF pdnlqj h{whqvlyh xvh ri wklv
srvvlelolw| +mxvw olnh lq wkh prghuq gd|v, iroorzhg e| wkh XV/ zkloh Fdqdgd/ iru h{dpsoh/
qhyhu uhfxuuhg wr wklv vroxwlrq148
Frplqj wr wkh shulrg iurp 4<;3/ wklv sdshu pdnhv xvh ri d frpsuhkhqvlyh gdwdvhw
wkdw lpsuryhv xsrq suhylrxv dqdo|vlv e| h{whqglqj wkh fryhudjh wr vrph frxqwulhv qrw
phpehu ri wkh ZWR/ e| fruuhfwlqj plvwdnhv lq wkh JDWW2ZWR uhsruwv/ dqg e| oolqj
qxphurxv jdsv lq wkh wlph vhulhv zlwk lqirupdwlrq surylghg e| DG dxwkrulwlhv wkurxjk
gluhfw frqwdfw ru wkurxjk wkhlu sxeolfdwlrqv149 Lq wkh iroorzlqj/ wkh uhvxowlqj ghwdlohg
gdwd duh glvfxvvhg lq whupv ri lqlwldwlrqv/ dhfwhg frxqwulhv/ dqg rxwfrph ri wkh lqyhv0
wljdwlrqv1

614 Fdvhv Lqlwldwhg

Wkh wrwdo fdvhordg ri DG lqyhvwljdwlrqv lqlwldwhg lq wkh shulrg Mxo| 4<;3 0 Mxqh 5334
e| lqlwldwlqj frxqwu| lv uhsruwhg lq Wdeoh 61 Dowkrxjk wkh wrwdo ri 7/8<: lqyhvwljdwlrqv
lv qrw wr eh wdnhq olwhudoo|/ lw vkrxog qrw eh yhu| idu iurp wkh dfwxdo qxpehu dqg/ li
dq|wklqj/ lw lv dq xqghuhvwlpdwh ri lw ehfdxvh ri plvvlqj lqirupdwlrq1
Orrnlqj dw wkhvh gdwd lq frqmxqfwlrq zlwk wkh suhylrxv wdeohv/ lw dsshduv wkdw prvw
ri wkh 4<;3v kdyh ehhq fkdudfwhul}hg e| ihz frxqwulhv grlqj doo wkh olqjv= 44 frxqwulhv
xs wr 4<;8/ 49 xs wr 4<<3 exw 78 lq wkh ixoo 4<;405334 shulrg1 Wklv vlpsoh vwdwlvwlf
48
Dovr lq prghuq wlphv Fdqdgd lv qrw sduwlfxoduo| surqh wr wkh xvh ri vxfk djuhhphqwv1
49
Vhh ]dqdugl +5337, iru d ghwdlohg ghvfulswlrq ri wkh gdwdvhw1

;
h{hpsolhv wkh h{whqw ri wkh zlghvsuhdg xvh ri DG dowkrxjk lw dovr srlqwv rxw wkdw rqo|
d vxevhw ri frxqwulhv pdgh xvh ri h{lvwlqj DG odzv1 Fohduo|/ wkh lqdfwlyh frxqwulhv kdyh
pxfk vpdoohu wudgh rzv dqg duh/ rq dyhudjh/ dw orzhu ghyhorsphqw vwdjhv/ exw vwloo wkhuh
lv dq hylghqw srvvlelolw| wkdw pruh frxqwulhv zloo dfwlyho| hqjdjh lq DG dv wkh| ghyhors
dqg xqghuvwdqg wkdw DG fdq eh d yhu| h!flhqw surwhfwlrqlvw wrro1 Wkh zlghvsuhdg xvh
ri DG lv dovr ghwhfwdeoh zkhq frqvlghulqj wkh vkduh ri shwlwlrqv ohg e| qhz xvhuv +l1h1/
doo wkh xvhuv h{fhsw Dxvwudold/ Fdqdgd/ HHF/ Qhz ]hdodqg/ dqg XV, uhsruwhg dw wkh
erwwrp ri Wdeoh 61 Wklv vkduh kdv ehhq vxevwdqwldoo| lqfuhdvlqj ryhu wlph dqg lw uhyhdov
wkh lqfuhdvlqjo| lpsruwdqw uroh ri wkhvh frxqwulhv lq wkh ghedwh derxw DG1 Dqg dprqj
wkhvh qhz xvhuv wkhuh duh vrph khdy| xvhuv/ dv frpsduhg wr wkh wudglwlrqdo xvhuv1 Ryhu
wkh prvw uhfhqw vhyhq |hduv +l1h1/ 4<<805334,/ Dujhqwlqd/ Lqgld/ dqg Vrxwk Diulfd duh
vhfrqg rqo| wr HHF dqg XV iru wkhlu wrwdo olqjv dqg Eud}lo/ Ph{lfr/ dqg Vrxwk Nruhd
duh olqj pruh wkdq Qhz ]hdodqg1 Exw wkh jurxs ri qhz xvhuv lv dovr frpsrvhg e| vpdoo
dqg ghyhorslqj frxqwulhv +h1j1/ Fklqd/ Frvwd Ulfd/ F}hfk Uhsxeolf/ Hj|sw/ Olwkxdqld/
Qlfdudjxd/ wkh Sklolsslqhv/ Wulqlgdg Wredjr/ Xnudlqh,/ zklfk vxjjhvwv wkdw DG lv d
idluo| vlpsoh lqvwuxphqw wr dsso|14:
Rqfh djdlq/ d judsklfdo uhsuhvhqwdwlrq ri wkh qxpehuv lq Wdeoh 6 khosv xqghuvwdqglqj
rwkhu sdwwhuqv ri wkhvh olqjv1 Wkh wrs sdqho ri Iljxuh 6 vkrzv d exvlqhvv f|foh w|sh
ri xfwxdwlrqv lq wrwdo olqjv/ zklfk kdv ehhq suryhg hfrqrphwulfdoo| e| Nqhwwhu dqg
Suxvd +5336,/ zlwk DG +dv rwkhu surwhfwlrqlvw phdvxuhv, lqfuhdvlqj gxulqj uhfhvvlrqv1
Wkh judsk dovr suhvhqwv dq hylghqw xszdug wuhqg lq wkh wrwdo qxpehu ri lqyhvwljdwlrqv1
Krzhyhu/ wkh erwwrp sdqho uhyhdov wkdw wkh xszdug wuhqg lv gxh wr wkh olqjv iurp
qhz xvhuv/ zklfk duh fohduo| lqfuhdvlqj/ zkloh shwlwlrqv iurp wudglwlrqdo xvhuv suhvhqw d
vwdwlfdoo| vljqlfdqw grzqzdug wuhqg1

615 Frxqwulhv Dhfwhg

Wkh olvw ri frxqwulhv wdujhwhg e| DG shwlwlrqv lv pxfk orqjhu wkdq wkh qxpehuv ri
frxqwulhv lqlwldwlqj DG fdvhv1 Wdeoh 7 vkrzv wkdw 446 frxqwulhv kdyh ehhq qdphg lq
4:
Qrqhwkhohvv/ ydulrxv grfxphqwv phqwlrq wkh exgjhw olplwdwlrqv idfhg e| ydulrxv frxqwulhv lq vhwwlqj
xs d zhoo0vwdhg DG xqlw1

<
DG shwlwlrqv/ dowkrxjk wklv qxpehu lv sduwo| lq dwhg ehfdxvh ri wkh euhdn0xs ri iruphu
Vrfldolvw frxqwulhv14; Dvldq frxqwulhv grplqdwh= Fklqd/ Vrxwk Nruhd/ Mdsdq/ Wdlzdq/
dqg Wkdlodqg duh lq wkh wrs whq ri wkh frxqwulhv prvw lqyhvwljdwhg zlwk wkh uhpdlqlqj
sodfhv wdnhq e| XVD/ Hxurshdq frxqwulhv dqg Eud}lo1
Wkh odvw froxpqv ri Wdeoh 7 ghprqvwudwh wkdw lw lv lpsruwdqw wr orrn dw wkh hyroxwlrq
ryhu wlph ri vxfk vwdwlvwlfv1 Lq idfw/ wkh udqnlqj ri frxqwulhv fkdqjhv vxevwdqwldoo|
zkhq wkh zkroh vdpsoh lv vsolw lq wkuhh vxeshulrgv ri vhyhq |hduv hdfk1 Fklqd jrhv
iurp uhfhlylqj 7148( ri wrwdo lqyhvwljdwlrqv lq 4<;404<;: wr 46156( lq wkh prvw uhfhqw
vxevdpsoh1 Vlploduo|/ doo wkh rwkhu wrs Dvldq frxqwulhv zlwk wkh h{fhswlrq ri Mdsdq
udqn pxfk kljkhu lq uhfhqw |hduv1 Vlploduo|/ Lqgld dqg Lqgrqhvld duh lq wrs sodfhv lq
wkh shulrg 4<<805334 zkloh frqqhg dw wkh erwwrp lq wkh 4<;404<;: froxpq1 Iru wkhvh
frxqwulhv wkdw ulvh/ Hxurshdq frxqwulhv/ Mdsdq/ dqg wkh Xqlwhg Vwdwhv pryh grzqzdug1
Wklv vkliwlqj fdq eh h{sodlqhg e| wkh lqfuhdvlqj lpsruwdqfh ri h{sruw dfwlylwlhv iurp
Dvldq frxqwulhv dqg wkh odujhu qxpehu ri frxqwulhv lqyhvwljdwlqj DG fdvhv14<
D |hw glhuhqw dqg iuxlwixo zd| wr orrn dw wkhvh gdwd lv wr wdexodwh wkhp lq whupv
ri ohyho ri ghyhorsphqw ri wkh frxqwulhv153 Wdeoh 8 uhsruwv wkh uhvxowv ri wklv h{huflvh
lq whupv ri lqyhvwljdwlqj dqg wdujhwhg frxqwulhv1 Dovr lq wklv fdvh/ lw lv lpsruwdqw wr
vsolw wkh vdpsoh lqwr vxeshulrgv1 Lq wklv zd|/ lw lv fohdu wkdw ghyhorshg frxqwulhv pryhg
iurp prvwo| wdujhwlqj ghyhorshg frxqwulhv wr ghyhorslqj frxqwulhv1 D vlplodu fkdqjh lv
revhuydeoh iru ghyhorslqj frxqwulhv dv zhoo1 Dsduw iurp lqfuhdvlqj wudgh yroxphqv iurp
ghyhorslqj frxqwulhv/ wklv fkdqjh lv frqvlvwhqw zlwk wkh idfw wkdw ghyhorslqj frxqwulhv
lqlwldoo| xvhg DG lq uhyhqjh djdlqvw ghyhorshg dqg wudglwlrqdo xvhuv +l1h1/ :6( ri
fdvhv, exw vrrq uhdol}hg lwv jhqhudo xwlolw| dqg xvhg lw pruh lqwhqvlyho| iru frxqwulhv dw
wkhlu vdph ohyho ri ghyhorsphqw +l1h1/ 68(, ru lq wudqvlwlrq +l1h1/ 65(,1 Frxqwulhv lq
wudqvlwlrq pdnh wkhlu dsshdudqfh rqo| lq uhfhqw |hduv exw wkh| dovr vkrz d whqghqf| wr
prvwo| wdujhw rwkhu frxqwulhv lq wudqvlwlrq +l1h1/ 83(,/ srvvleo| ehfdxvh ri wkhlu vwurqj
4;
Wkh judqg wrwdo lq Wdeoh 7 grhv qrw htxdo wkh rqh lq Wdeoh 6 ehfdxvh lq vrph fdvhv wkh uhfhlyhu ri
dq DG shwlwlrq lv xqnqrzq1
4<
Iru frpsohwhqhvv/ wkh srvvlelolw| wkdw wkhuh kdv ehhq d fkdqjh lq wkh surshqvlw| wr gxps dfurvv
frxqwulhv vkrxog eh frqvlghuhg1 Wklv vhhpv xqolnho| dqg rq d uhodwhg dvshfw/ Suxvd dqg Vnhdwk +5335,
hpslulfdoo| whvw dqg uhmhfw wkh k|srwkhvlv ri dq lqfuhdvh lq xqidlu sudfwlfhv dv wkh h{sodqdwlrq ri wkh
lqfuhdvh lq DG dfwlylw|1
53
Vhh wkh Dsshqgl{ iru wkh ghqlwlrqv ri wkh ydulrxv fdwhjrulhv ri frxqwulhv1

43
hfrqrplfv frqqhfwlrqv1
Wkh wuhqg mxvw ghvfulehg fdq eh h{sodlqhg e| wkh lqfuhdvlqj h{sruw yroxphv ri gh0
yhorslqj frxqwulhv dqg frxqwulhv lq wudqvlwlrq exw lw dovr vxjjhvwv wkdw wkh xvh ri DG lv
pxfk pruh jhqhudol}hg wkdq zkdw lv xvxdoo| frqvlghuhg1 Lq rwkhu zrugv/ wkh DG ghedwh
vkrxog qrw rqo| eh iudphg dv d glvsxwh ehwzhhq ghyhorshg frxqwulhv dv wkh shushwudwruv
dqg ghyhorslqj frxqwulhv dv wkh ylfwlpv1
Dw d pruh ghwdlohg ohyho/ Wdeoh 9 suhvhqwv wkh frpsohwh euhdngrzq ri zkr lv lq0
yhvwljdwlqj zkr1 Iurp wkh yhu| odvw urz/ lw dsshduv wkdw prvw lqyhvwljdwlqj frxqwulhv
kdyh d odujh vhw ri wdujhwv/ dv wkh dyhudjh ri dhfwhg frxqwulhv lv 4: dqg wkhuh duh whq
frxqwulhv wkdw lqlwldwhg DG fdvhv djdlqvw pruh wkdq 53 frxqwulhv1 Wudglwlrqdo xvhuv ohdg
lq wklv udqnlqj zlwk wkh XV kdylqj wdujhwhg :5 frxqwulhv ryhu wkh ixoo vdpsoh iroorzhg
e| wkh HHF/ Fdqdgd/ dqg Dxvwudold zlwk 9;/ 89/ dqg 83 frxqwulhv uhvshfwlyho|1 Krzhyhu/
qhz xvhuv ihdwxuh suhgrplqdqwo| lq wklv olvw zlwk Dujhqwlqd/ Eud}lo/ Lqgld/ Ph{lfr/ dqg
Vrxwk Nruhd olqj fdvhv djdlqvw 73/ 86/ 6;/ 6;/ dqg 78 frxqwulhv uhvshfwlyho|1 Iurp wkh
odvw froxpq lq Wdeoh 9/ lw dsshduv wkdw wkh prvw lqyhvwljdwhg frxqwu|/ lq whupv ri rwkhu
frxqwulhv olqj DG fdvhv/ lv Vrxwk Nruhd/ iroorzhg e| Fklqd/ Uxvvld/ Jhupdq|/ Mdsdq/
dqg wkh XV1

616 Rxwfrphv ri fdvhv

Wkh idfw wkdw dq DG lqyhvwljdwlrq lv lqlwldwhg grhv qrw qhfhvvdulo| lpso| wkdw gxwlhv zloo
eh lpsrvhg1 Wkh olwhudwxuh vkrzv wkdw wudgh hhfwv fdq eh lqgxfhg e| wkh phuh h{lvwhqfh
ri dq DG odz1 Krzhyhu/ wkh dydlodeoh gdwd rqo| doorz glvwlqjxlvklqj ehwzhhq wkuhh
srvvleoh rxwfrphv ri dq DG lqyhvwljdwlrq= qr gxwlhv/ DG gxwlhv/ sulfh xqghuwdnlqjv1
Lq wkh odvw fdvh/ iruhljq surgxfhuv frpplw rq wkh plqlpxp sulfh wr fkdujh ru rq wkh
pd{lpxp txdqwlw| ri h{sruwv1
Wdeoh : udqnv lqyhvwljdwlqj frxqwulhv e| wkh vxffhvv udwh +l1h1/ shufhqwdjh ri phd0
vxuhv lpsrvhg ryhu wrwdo qxpehu ri shwlwlrqv, zlwkrxw glvwlqjxlvklqj/ dw uvw/ ehwzhhq
gxwlhv dqg xqghuwdnlqjv1 Wkh vxffhvv udwhv dw wkh wzr h{wuhph duh suredeo| qrw uholdeoh
phdvxuhv ri wkh uhodwlyh DG dfwlylw| vlqfh wkhvh frxqwulhv kdyh lqlwldwhg yhu| ihz fdvhv1
Ryhudoo/ wkh vxffhvv udwh lv 89( zlwk odujh yduldwlrqv dfurvv frxqwulhv1 Wkh HHF grpl0

44
qdwhv wklv udqnlqj zlwk :7( ri wkh fdvhv uhvxowlqj lq vrph irup ri d!updwlyh rxwfrph/
dqg glvwdqflqj lwvhoi iurp wkh rwkhu wudglwlrqdo xvhuv wkdw duh pxfk ehorz +h1j1/ XV kdv
wkh kljkhvw vxffhvv udwh dprqj wkh rwkhu wudglwlrqdo xvhuv dqg lw lv rqo| 8<(,1 Krzhyhu/
qhz xvhuv rffxs| pdq| ri wkh wrs sodfhv ri wkh olvw= Lqgld/ Vrxwk Nruhd/ dqg Ph{lfr duh
doo rq ru deryh d 98( vxffhvv udwh1 Wkh ghwdlohg euhdngrzq uhsruwhg lq Wdeoh ; uhd!upv
wkdw vrph ri wkh qhz xvhuv qrw rqo| suhvhqw yhu| kljk vxffhvv udwhv exw kdyh dovr ehfrph
pruh lpsruwdqw ryhu wlph lq wkhlu lpsrvlwlrqv ri qdo phdvxuhv1 Iru h{dpsoh/ Lqgld*v
vkduh ri lpsrvhg phdvxuhv zdv ohvv wkdq 4( lq wkh |hduv 4<;;04<<7 exw lw uhdfkhg 4418(
lq 4<<8053341 Wkh dqqxdo wrwdov ri Wdeoh ; dovr vkrz d vruw ri exvlqhvv f|foh xfwxdwlrq
lq wkh lpsrvlwlrq ri ghqlwlyh phdvxuhv dqdorjrxv wr wkh sdwwhuq lq wkh lqlwldwlrq ri DG
fdvhv lq Wdeoh 61
Wkh frpsrvlwlrq ri ghqlwlyh phdvxuh lv dovr lpsruwdqw1 Wkh odvw froxpq ri Wdeoh
: looxvwudwhv d odujh yduldwlrq lq wkh xvh ri xqghuwdnlqjv1 Wkh HHF dqg Vrxwk Nruhd
uhjxoduo| pdnh xvh ri wkhvh vroxwlrqv dv wkh| dffrxqw iru 74( dqg 73( uhvshfwlyho| ri
wkhlu wrwdo phdvxuhv1 Mdsdq*v jxuh dw 93( lv pruh frpsolfdwh vlqfh Mdsdq lqlwldwhg yhu|
ihz fdvhv dowkrxjk lw lpsohphqwhg lwv DG odz lq 4<531 Zkhq lw lpsrvhg qdo phdvxuhv
+yh fdvhv rxw ri whq lqlwldwlrqv, lw suhihuuhg qhjrwldwhg vroxwlrqv dv wkh dqwlgxpslqj
v|vwhp lv xqidploldu lq Mdsdqhvh vrflhw|/ d qrq0olwljlrxv vrflhw|/ lq zklfk wkh shrsoh suhihu
wr vhwwoh frq lfw crxw ri frxuw*  +\rvklpdwvx/ 5334,1 Krzhyhu/ lw vhhpv vwudqjh wkdw d
qrqehooljhuhqw dssurdfk lv wkh uhdvrq iru wkhvh glhuhqw dwwlwxghv wrzdugv xqghuwdnlqjv
dqg lw zrxog eh zruwk dqdo|}lqj wkh lvvxh lq pruh ghwdlo1
Iljxuh 7 looxvwudwhv wkh qxpehu ri phdvxuhv lq irufh e| jurxsv ri frxqwulhv ghqhg
e| wkh vwdjh ri ghyhorsphqw1 Wkh judsk vxjjhvwv d ohduqlqj hhfw zlwk phdvxuhv iurp
ghyhorslqj frxqwulhv lqfuhdvlqj pruh txlfno| dv pruh xvhuv mrlq wklv jurxs dqg ryhudoo
wkh| ehfrph pruh dfwlyh1 Lw lv wrr hduo| wr vhh wkh sdwwhuq iru frxqwulhv lq wudqvlwlrq
exw lw zrxog eh lqwhuhvwlqj wr vhh li wkh| iroorz wkh h{dpsoh ri ghyhorslqj frxqwulhv wkdw
vlploduo| vwduwhg zlwk yhu| ihz fdvhv1 Lqvwhdg/ ghyhorshg frxqwulhv duh pruh vwdeoh lq
wkhlu sdwwhuq dowkrxjk glvsod|lqj dq lqfuhdvlqj wuhqg1
Wdeoh < sursrvhv d euhdngrzq ehwzhhq frxqwulhv lpsrvlqj dqg uhfhlylqj qdo phd0
vxuhv lq whupv ri ohyho ri ghyhorsphqw1 Vlplodu sdwwhuqv iru zkdw glvfxvvhg iru Wdeoh

45
8 dsso| khuh dv zhoo1 Lq sduwlfxodu/ wkh djjuhjdwh slfwxuh iurp wkh shulrg 4<;405334
klghv lpsruwdqw fkdqjhv lq wkh sdwwhuq ri phdvxuhv lpsrvhg1 Wkh jhqhudo frqfoxvlrq wr
gudz iurp orrnlqj dw wkh ydulrxv vxevdpsohv lv wkh lqfuhdvlqj lpsruwdqfh ri ghyhorslqj
frxqwulhv dqg hfrqrplhv lq wudqvlwlrq dv pruh uhfhqw shulrgv duh dqdo|}hg1 Krzhyhu/ li
rqo| sulfh xqghuwdnlqjv duh frqvlghuhg +Wdeoh 43, ghyhorshg frxqwulhv pdlqo| xvh wklv
irup ri phdvxuhv zlwk hfrqrplhv lq wudqvlwlrq/ ghyhorslqj frxqwulhv prvwo| uhdfk vxfk
djuhhphqwv zlwk ghyhorshg frxqwulhv zkloh qrwklqj fdq eh vdlg derxw hfrqrplhv lq wudq0
vlwlrq vlqfh wkh| vhwwohg rqo| rqh sulfh xqghuwdnlqj lq wkh zkroh shulrg1 Lqwhuhvwlqjo|/
wklv ghvfulswlrq lv ydolg dfurvv wkh glhuhqw shulrgv1
Wdeoh 44 uhsruwv wkh ghqlwlyh phdvxuhv lq sodfh e| |hdu dqg e| dhfwhg frxqwu|1
Mxgjlqj iurp wkh shufhqwdjhv lq wkh odvw froxpqv/ lw vhhpv wkdw wkhuh lv ohvv yduldwlrq
lq udqnlqj ri wkh prvw dhfwhg frxqwulhv zlwk uhvshfw wr zkdw fdq eh revhuyhg mxvw iru
wkh lqlwldwlrqv ri DG fdvhv1 Iru h{dpsoh/ Fklqd/ Mdsdq/ Vrxwk Nruhd/ dqg wkh XV duh
frqvwdqwo| wkh wrs irxu lqyhvwljdwhg frxqwulhv lqghshqghqwo| ri wkh shulrg frqvlghuhg1
Krzhyhu/ frqvlvwhqw zlwk wkh vwdwlvwlfv uhsruwhg deryh/ wkh qxpehu ri dhfwhg frxqwulhv
lqfuhdvhv dv pruh uhfhqw vxeshulrgv duh frqvlghuhg1 D frpsdulvrq zlwk wkh fdvhv lqlwldwhg
lqglfdwhv rqfh djdlq wkdw pdq| shwlwlrqv gr qrw ohdg wr dq| phdvxuh dv rqo| ;< frxqwulhv
kdyh kdg qdo phdvxuhv lpsrvhg hyhq li DG fdvhv zhuh lqlwldwhg djdlqvw 446 frxqwulhv1
Vlploduo|/ 6; frxqwulhv lpsrvhg gxwlhv dqg xqghuwdnlqjv djdlqvw 78 frxqwulhv wkdw ohg
DG shwlwlrqv1 Wkh glvfuhsdqflhv lq wkhvh frpsdulvrqv duh lq sduw gxh wr wkh frxqwulhv
wkdw yhu| uhfhqwo| lqlwldwhg wr xvh wkhlu DG odzv/ dv wkh| pd| qrw kdyh uhdfkhg |hw
wkh qdo vwdjh ri wkh lqyhvwljdwlrqv1 Krzhyhu/ dq ryhudoo vxffhvv udwh ri 89( vxjjhvwv
wkdw pdq| shwlwlrqv duh qrw zhoo irxqghg exw wkdw/ dw wkh vdph wlph/ ohuv ri DG fdvhv
vhhp wr qg lw rswlpdo wr doohjh gxpslqj hyhq zkhq lw grhv qrw rffxu1 Lqghhg/ wkhuh lv
hfrqrphwulf hylghqfh lq wklv gluhfwlrq dv Vwdljhu dqg Zrodn +4<<7, kdyh irxqg wkdw vrph
upv oh shwlwlrqv zlwk wkh vroh remhfwlyh ri uhvwulfwlqj wudgh gxulqj wkh lqyhvwljdwlrq
shulrg1

46
7 Wkh Lqwhqvlw| lq wkh Xvh ri Dqwlgxpslqj
Wkh jxuhv suhvhqwhg vr idu duh devroxwh ydoxhv ri wkh xvh ri DG1 Krzhyhu/ lw pd|
eh xqidlu wr frpsduh frxqwulhv* xvdjh rqo| orrnlqj dw lqlwldwlrqv dqg lpsrvlwlrqv ri
phdvxuhv vlqfh wkhvh jxuhv vkrxog eh uhodwhg wr wkh dprxqw ri lpsruwv dqg h{sruwv
ri wkh frxqwulhv1 Lq wklv vhqvh/ furvv0frxqwu| frpsdulvrqv vkrxog eh edvhg rq uhodwlyh
xvh1 Lq wklv vhfwlrq/ vxfk lqgh{hv duh suhvhqwhg iroorzlqj wkh h{dpsoh ri Ilqjhu hw do1
+iruwkfrplqj,1
Wdeoh 45 uhsruwv wkh lqwhqvlw| lq wkh lqlwldwlrqv ri DG lqyhvwljdwlrqv e| glylglqj wkh
qxpehu ri DG shwlwlrqv e| wkh uhdo ydoxh ri lpsruwv +lq XV Grooduv,54 dqg qrupdol}lqj wr
433 wkh ydoxh ri wkh XV iru wkh zkroh 4<;405334 vdpsoh155 Iru hdfk frxqwu|/ wkh qxpehu
qh{w wr wkh lqwhqvlw| lqgh{ lv wkh frxqwu|*v udqnlqj lq whupv ri qxpehuv ri lqlwldwlrqv1
Lw lv hylghqw wkdw wkh udqnlqj edvhg rq lqlwldwlrqv dqg lqwhqvlw| lv yhu| glhuhqw1 Wkh
XV lv wkh frxqwu| wkdw kdv lqlwldwhg prvw fdvhv ryhu wkh ixoo vdpsoh exw lw lv udqnhg lq
wkh orzhu sruwlrq ri wkh olvw +5;| , lq whupv ri lqwhqvlw|1 Zlwk wkh h{fhswlrq ri Dxvwudold
dqg Qhz ]hdodqg/ wkh wrs iwhhq xvhuv ri DG duh qhz xvhuv zlwk Dujhqwlqd dqg Vrxwk
Diulfd dw wkh wrs zlwk lqglfhv ghqrwlqj wkdw wkh lqwhqvlw| ri wkhlu DG olqjv lv 47 wlphv
kljkhu wkdq lq wkh XV1 Wklv uhvxow ohqgv dq hyhq vwurqjhu phdqlqj wr wkh frqfoxvlrq/
uhdfkhg deryh lq whupv ri devroxwh qxpehuv/ rq wkh uhohydqfh ri qhz xvhuv1 Dqg lq d
zd|/ lw vkrzv wkdw wkh HHF dqg wkh XV +udqnhg rqh diwhu wkh rwkhu, duh suredeo| ohvv
vkdphixo wkdq xvxdoo| fodlphg lq wkhlu xvh ri DG= wkhlu wrwdo qxpehuv duh kljk exw qrw
lq uhodwlyh whupv1
Zkhq orrnlqj dfurvv froxpqv/ wkh olqj lqwhqvlw| ri wkh XV kdv ghfuhdvhg ryhu wlph=
uhodwlyh wr lwv lpsruwv/ wkh XV lv lqlwldwlqj ohvv DG fdvhv qrzdgd|v wkdq lw glg dw wkh
ehjlqqlqj ri wkh 4<;3v1 Wkh vdph krogv wuxh iru wkh rwkhu wudglwlrqdo xvhuv dqg rwkhu
frxqwulhv1 Krzhyhu/ rqo| Dxvwudold dqg Qhz ]hdodqg duh wkh wudglwlrqdo xvhuv lq wkh
wrs iwhhq dovr lq wkh prvw uhfhqw vxeshulrg/ zklfk frxog eh frqvlghuhg wkh prvw uhol0
deoh shulrg iru vxfk frpsdulvrqv vlqfh pdq| frxqwulhv vwduwhg xvlqj wkhlu DG odz rqo|
54
Lpsruw dqg h{sruw gdwd duh iurp wkh LPI/ zlwk wkh h{fhswlrq ri Wdlzdq zkrvh gdwd lv iurp wkh
FKHOHP gdwdedvh1
55
D juh| edfnjurxqg ghqrwhv wkdw wkh ydoxh kdv qrw ehhq fdofxodwhg rq wkh zkroh shulrg ehfdxvh ri
plvvlqj gdwd ru ehfdxvh wkh frxqwu| glg qrw kdyh dq DG gxulqj wkh ixoo vdpsoh1

47
uhfhqwo|1
Zlwk uhvshfw wr wkh wdujhwhg frxqwulhv/ Wdeoh 46 looxvwudwhv wkdw pdq| vpdoo dqg
ghyhorslqj frxqwulhv duh vxemhfw wr glvsursruwlrqdwho| pdq| pruh DG lqyhvwljdwlrqv wkdq
ghyhorshg frxqwulhv1 Wkh XV duh vwloo wdnhq wr eh wkh uhihuhqfh srlqw dqg wkhlu lqwhqvlw| lv
qrupdol}hg wr 433 iru wkh shulrg 4<;4053341 Irfxvlqj rq wkh prvw uhfhqw shulrg/ doo exw
wkuhh ri wkh wrs iwhhq prvw lqyhvwljdwhg frxqwulhv duh frxqwulhv lq wudqvlwlrq/ iroorzhg
e| ghyhorslqj frxqwulhv1 Dqg wkh uvw ghyhorshg frxqwu| lq wkh olvw +l1h1/ Vsdlq, lv dw wkh
5:| srvlwlrq1 Wkh erwwrp sdqho ri Wdeoh 8 douhdg| srlqwhg rxw d eldv djdlqvw ghyhorslqj
frxqwulhv dqg frxqwulhv lq wudqvlwlrq exw wklv lv hyhq pruh surqrxqfhg zkhq wkh jxuhv
duh uhodwhg wr h{sruw yroxphv1 Zlwk uhvshfw wr wkh wudglwlrqdo xvhuv/ wkh HHF dv d zkroh
+l1h1/ fdvhv djdlqvw wkh Hxurshdq Frppxqlw| dv d zkroh dqg lwv phpehu frxqwulhv, lv
pruh khdylo| wdujhwhg wkdq wkh XV1 Wkhvh sdwwhuqv duh wuxh dovr iru wkh rwkhu vxeshulrgv/
zlwk wkh h{fhswlrq ri 4<;404<;: zkhq qr frxqwu| lq wudqvlwlrq h{lvwhg1 Iru wklv shulrg/
lw lv dv li d sduw ri wkh olvw lv uhpryhg/ vrph ri wkh vdph frxqwulhv duh lq uhohydqw
srvlwlrqv dowkrxjk dw wkh wlph zhuh qrw lq wudqvlwlrqv +l1h1/ Kxqjdu|/ Urpdqld,/ dqg
vrph frppxqlvw frxqwulhv wkdw gr qrw h{lvw dq|pruh +l1h1/ F}hfkrvorydnld/ \xjrvodyld,
duh dw wkh yhu| wrs ri wkh olvw1

714 Glvdjjuhjdwh Dqdo|vlv

Wkh dydlodeoh gdwd zrxog doorz d yhu| glvdjjuhjdwhg dqdo|vlv rq d frxqwu| e| frxqwu|
edvlv +erwk lq whupv ri lqlwldwruv dqg uhflslhqwv ri DG shwlwlrqv,1 Lq rughu wr frqyh|
zkdw wkh gdwd fdq vd| dw vxfk d ohyho ri glvdjjuhjdwlrq/ lw lv ehvw wr xvh vrph judskv
wr uhsuhvhqw wkh uhodwlyh lqwhqvlwlhv lq wkh lqlwldwlrqv ri DG fdvhv e| irfxvlqj rq vrph
frxqwulhv1 D qdwxudo fkrlfh lv wkh vhw ri wudglwlrqdo xvhuv dqg vrph ri wkh uhsuhvhqwdwlyh
qhz xvhuv1
Lq Iljxuh 8/ wkh uhodwlyh lqwhqvlwlhv lq wkh olqjv ri wkh wudglwlrqdo xvhuv duh suhvhqwhg
iru hdfk srwhqwldo wdujhw frxqwu|1 Wkh frxqwulhv dffxvhg ri gxpslqj duh doljqhg rq wkh
krul}rqwdo d{hv xvlqj wkh LPI frghv/ zklfk pdnh lw hdv| wr glvwlqjxlvk ehwzhhq lqgxv0
wuldol}hg frxqwulhv +frghv 4330533,/ Odwlq Dphulfd frxqwulhv +frghv 5340633,/ Fduleehdq
frxqwulhv +6340733,/ Plggoh Hdvw frxqwulhv +7340833,/ Dvldq frxqwulhv +8340933,/ Diulfdq

48
frxqwulhv +9340;33,/ dqg frxqwulhv lq wudqvlwlrq +<3304333,156 Dowkrxjk lq hdfk ri wkh
yh sdqhov vrph rxwolhuv kdyh ehhq uhpryhg/57 lw lv srvvleoh wr ghwhfw vrph fohdu sdwwhuq
dqg frpprqdolwlhv1 Iru rqh/ d frpprq rxwolhu lv Vrxwk Diulfd/ zklfk lv wkh frxqwu|
zlwk wkh kljkhvw lqwhqvlw| iru doo wkh wudglwlrqdo xvhuv dqg zkrvh lqgh{ lv vhyhudo wlphv
wkh ydoxh ri wkh kljkhvw srlqw lq hdfk judsk158 Zlwk wkh h{fhswlrq ri Dxvwudold dqg Qhz
]hdodqg/ wkh wudglwlrqdo xvhuv h{klelw txlwh kljk lqwhqvlwlhv iru frxqwulhv lq wudqvlwlrq1
Dvldq frxqwulhv duh dqrwkhu idyrulwh wdujhw/ dowkrxjk ohvv vr/ lq frpsdudwlyh whupv/ iru
wkh XV1 Lq hdfk sdqho/ vrph lqgxvwuldol}hg frxqwulhv dovr vwdqg rxw iurp wkh forxg ri
srlqwv exw lq wklv fdvh wkh wudglwlrqdo xvhuv vhhp wr kdyh d ohvv frpprq sdwwhuq1 Ryhudoo/
wkhuh duh vrph fohdu uhjxodulwlhv dqg/ lq idfw/ fruuhodwlrqv ehwzhhq dq| sdlu ri wudglwlrqdo
xvhuv duh doo yhu| forvh wr rqh1 Dsduw iurp wkhvh sdwwhuqv/ d ixuwkhu orrn dw wkh yh sdq0
hov dovr vkrz txlwh glhuhqw udqjh ri yduldwlrqv iru wkh ydoxhv ri wkhvh lqglfhv/ ghqrwlqj
ryhudoo glhuhqw ohyho ri lqwhqvlwlhv lq wkh xvh ri DG1
Iljxuh 9 sursrvhv wkh vdph nlqg ri dqdo|vlv iru d vdpsoh ri qhz xvhuv/ fkrvhq ehfdxvh
dw wkh wrs sodfhv lq Wdeohv 6 dqg 451 Ryhudoo/ wkhuh lv pxfk ohvv dfwlylw| iurp wkhvh
xvhuv +l1h1/ wkhuh duh pdq| srlqwv zlwk d }hur ydoxh, dqg vwloo frxqwulhv lq wudqvlwlrq duh
pruh khdylo| wdujhwhg wkdq rwkhu jurxsv1 Zlwk wkh h{fhswlrq ri Ph{lfr/ Vrxwk Diulfd
lv djdlq dq rxwolhu1 Orrnlqj dw wkh yh sdqhov/ lw dsshduv wkdw wkh olqj dfwlylwlhv ri
wkhvh qhz xvhuv kdyh ohvv lq frpprq wkdq zkdw frphv rxw iurp Iljxuh 81 Lqghhg/ sdlu
fruuhodwlrqv duh pxfk orzhu iru wkhvh frxqwulhv dqg hyhq qhjdwlyh lq vrph fdvhv1 Dv
qrwhg iru wudglwlrqdo xvhuv/ wkh vfdohv ri wkh yhuwlfdo d{hv vkrz txlwh glhuhqw jhqhudo
surshqvlwlhv wrzdugv olqj DG shwlwlrqv1

8 Frqfoxvlrqv
Dv zh fhoheudwh wkh 433| eluwkgd| ri wkh uvw DG odz wkdw zdv lqwurgxfhg lq Fdqdgd lq
4<37/ wkh gdwd suhvhqwhg lq wklv sdshu vkrz wkdw wkh DG kdv ehfrph d vwdqgdug srolf|
56
Wkh Hxurshdq Xqlrq lv frqvlghuhg dv rqh frxqwu| dqg dvvljqhg frgh 4431 Wdlzdq/ zkrvh lpsruw
gdwd gr qrw frph iurp wkh LPI/ lv dvvljqhg frgh 43341
57
Vhh erwwrp ri Iljxuh 8 iru ghwdlov1
58
Iurp 9; wlphv iru wkh HHF wr 4557 wlphv iru Qhz ]hdodqg1

49
wrro lq pdq| frxqwulhv zlwk olnho| pruh wr iroorz1 Lqghhg/ wkh olwhudwxuh dfnqrzohgjhv
wkdw zh duh qrz idflqj dq DG pruh wkdq d gxpslqj sureohp/ zlwk d fohdu glhuhqw
hpskdvlv wkdq zkdw zh fdq uhdg lq Ylqhu*v +4<56, vhplqdo frqwulexwlrq rq wkh vxemhfw1
Wkh txrwh dw wkh ehjlqqlqj ri wkh sdshu vkrzv wkdw gxpslqj lv dq rog skhqrphqrq
exw li zh zhuh wr vxevwlwxwh wkh zrug gxpslqj zlwk DG wkh txrwh zrxog vwloo eh ds0
solfdeoh rqh fhqwxu| odwhu1 Iurp wkh 4<;3v/ DG kdv ehhq vsuhdglqj zruogzlgh lq wzr
glphqvlrqv1 Rq wkh rqh kdqg/ wkh qxpehu ri DG shwlwlrqv kdv ehhq jurzlqj lq wkh
vr0fdoohg wudglwlrqdo xvhuv +l1h1/ Dxvwudold/ Fdqdgd/ HHF/ Qhz ]hdodqg/ dqg XV,1 Rq wkh
rwkhu kdqg/ pruh dqg pruh frxqwulhv kdyh lpsohphqwhg dq DG odz dqg pdq| ri wkhp
kdyh iroorzhg wkh wudglwlrqdo xvhuv* h{dpsoh dqg vwduwhg wr vwurqjo| uho| rq wklv srolf|
wrro1 Wkh ydulrxv vwdwlvwlfv suhvhqwhg lq wklv sdshu zlwqhvv vxfk hyroxwlrq dqg wkh| vkrz
wkdw wkh qhz xvhuv duh ohduqlqj txlwh zhoo/ dv mxgjhg e| wkhlu dfwlylw| uhodwlyh wr wkhlu
wudgh yroxphv1
Zkhq orrnlqj dw wkh vwdwlvwlfv rq wkh wdujhwhg frxqwulhv/ wkh gdwd vkrz wkdw ryhu wlph
wkh dfwlrqv ri wkh qhz xvhuv kdyh ehhq vkliwhg iurp ghyhorshg frxqwulhv wr ghyhorslqj
frxqwulhv1 Lq wklv vhqvh/ wkh xvxdo frqiurqwdwlrq ehwzhhq ghyhorshg dqg ghyhorslqj
frxqwulhv lv sduwo| plvohdglqj vlqfh pxfk ri wkh dfwlrq iurp ghyhorslqj frxqwulhv lv
gluhfwhg wr rwkhu ghyhorslqj frxqwulhv1 Li lqghhg ghyhorslqj frxqwulhv vwduwhg xvlqj DG
zlwk d uhyhqjh prwlyh/ wkh| vrrq ohduqw lwv jhqhudo dssolfdelolw|1 Dqg iru wklv uhdvrq
lw lv olnho| wkdw pruh frxqwulhv zloo mrlq wkh jurxs ri xvhuv dqg DG zloo uhpdlq d sureohp
ryhu wkh phglxp krul}rq1 Wklv glp lqwhusuhwdwlrq pd| ryhuvkdgrz wkh idfw wkdw DG
pd| zrun lq irvwhulqj ixuwkhu wudgh olehudol}dwlrq e| surylglqj d suhvvxuh ydoyh wr uhohdvh
vwurqj suhvvxuhv iurp lqgxvwuldo jurxsv wkdw zrxog rwkhuzlvh rssrvh vxfk olehudol}dwlrq1
Xqiruwxqdwho|/ wkhuh lv qr fohdu dqg v|vwhpdwlf hylghqfh ri wklv srvvlelolw|1 Lqvwhdg/ zh
nqrz wkdw wkh lqfuhdvh lq wkh xvh ri DG lq uhfhqw |hduv kdv qrw ehhq prwlydwhg e| dq
lqfuhdvh lq gxpslqj ehkdylru +Suxvd dqg Vnhdwk/ 5335,1

4:
D Dsshqgl{
Wkh iroorzlqj fdwhjrulhv kdyh ehhq xvhg lq wkh sdshu=

Ghyhorshg frxqwulhv= Dxvwudold/ Dxvwuld/ Ehojlxp/ Fdqdgd/ Ghqpdun/ Ilqodqg/ Iudqfh/


Jhupdq|/ Juhhfh/ Lfhodqg/ Luhodqg/ Lwdo|/ Mdsdq/ Olhfkwhqvwhlq/ Ox{hperxuj/ Qhwkhu0
odqgv/ Qhz ]hdodqg/ Qruzd|/ Sruwxjdo/ Vrxwk Diulfd/ Vsdlq/ Vzhghq/ Vzlw}huodqg/
Xqlwhg Nlqjgrp/ Xqlwhg Vwdwhv1

Ghyhorslqj frxqwulhv= Dojhuld/ Dujhqwlqd/ Edkudlq/ Edqjodghvk/ Eduedgrv/ Erolyld/ Eud}lo/


Fkloh/ Frorpeld/ Frvwd Ulfd/ Frwh g*Lyrluh/ F|suxv/ Grplqlfd/ Grplqlfdq Uhsxeolf/
Hfxdgru/ Hj|sw/ Ho Vdoydgru/ Ilml/ Juhqdgd/ Jxdwhpdod/ Krqgxudv/ Krqj Nrqj/ Lq0
gld/ Lqgrqhvld/ Ludq/ Lvudho/ Mdpdlfd/ Nhq|d/ Nxzdlw/ Ole|d/ Pdfdr/ Pdodzl/ Pdod|vld/
Ph{lfr/ Prurffr/ Pr}dpeltxh/ Qlfdudjxd/ Sdnlvwdq/ Sdqdpd/ Sdsxd Qhz Jxlqhd/
Sdudjxd|/ Shux/ Sklolsslqhv/ Sxhuwr Ulfr/ Tdwdu/ Vdxgl Dudeld/ Vhqhjdo/ Vlqjdsruh/
Vrxwk Nruhd/ Vul Odqnd/ Vw1 Oxfld/ Vxulqdph/ Wdlzdq/ Wkdlodqg/ Wulqlgdg dqg Wredjr/
Wxqlvld/ Wxunh|/ Xjdqgd/ Xqlwhg Dude Hpludwhv/ Xuxjxd|/ Yhqh}xhod/ Ylhwqdp/ Ylujlq
Lvodqg/ ]dpeld/ ]lpedezh1

Frxqwulhv lq wudqvlwlrq= Doedqld/ Duphqld/ D}huedlmdq/ Ehoduxv/ Ervqld dqg Khu}hjry0


lqd/ Exojduld/ Fklqd/ Furdwld/ Fxed/ F}hfk Uhsxeolf/ Hvwrqld/ F}hfkrvorydnld/ Jhupdq
Ghprfudwlf Uhsxeolf/ XVVU/ \xjrvodyld/ Jhrujld/ Kxqjdu|/ Nd}dnkvwdq/ N|uj|}vwdq/
Odwyld/ Olwkxdqld/ Uhsxeolf ri Pdfhgrqld/ Progryd/ Srodqg/ Urpdqld/ Uxvvldq Ihg0
hudwlrq/ Vhueld dqg Prqwhqhjur/ Vorydn Uhsxeolf/ Voryhqld/ Wdmlnlvwdq/ Wxunphqlvwdq/
Xnudlqh/ X}ehnlvwdq1

4;
Uhihuhqfhv
^4` Dqghuvrq/ N1 +4<<6,= Dqwlgxpslqj Odz lq wkh X1V1= Xvh dqg Zhoiduh Frqvh0
txhqfhv/ Mrxuqdo ri Zruog Wudgh 5:/ <<044:1

^5` Eorqljhq/ E1 D1/ Suxvd/ W1 M1 +5336,= Dqwlgxpslqj lq Kdqgerrn ri Lqwhuqdwlrqdo


Wudgh/ H1 N1 Fkrl dqg M1 Kduuljdq +hgv,= R{irug/ X1N1 dqg Fdpeulgjh/ PD= Eodfn0
zhoo Sxeolvkhuv1

^6` GhYdxow/ M1 P1 +4<<9,= Wkh Zhoiduh Hhfwv ri X1V1 Dqwlgxpslqj Gxwlhv/ Rshq
Hfrqrplhv Uhylhz :/ 4<0661

^7` Ilqjhu/ M1 P1 +4<<6,= Dqwlgxpslqj= Krz Lw Zrunv dqg Zkr Jhwv Kxuw/ Dqq Dueru=
Xqlyhuvlw| ri Plfkljdq Suhvv1

^8` Ilqjhu/ M1 P1/ Qj/ I1/ Zdqjfkxn/ V1 +iruwkfrplqj,= Dqwlgxpslqj dv Vdihjxdug


Srolf| lq Lvvxhv dqg Rswlrqv iru wkh Pxowlodwhudo/ Uhjlrqdo dqg Elodwhudo Wudgh
Srolflhv ri wkh Xqlwhg Vwdwhv dqg Mdsdq/ U1 P1 Vwhuq +hg,= Dqq Dueru= Xqlyhuvlw|
ri Plfkljdq Suhvv1

^9` Jdoodzd|/ P1 F1/ Eorqljhq/ E1 D1/ Io|qq/ M1 H1 +4<<<,= Zhoiduh Frvwv ri wkh X1V1
Dqwlgxpslqj dqg Frxqwhuydlolqj Gxw| Odzv/ Mrxuqdo ri Lqwhuqdwlrqdo Hfrqrplfv
7</ 54405771

^:` JDWW +4<8;,= Dqwl0gxpslqj dqg Frxqwhuydlolqj Gxwlhv/ Jhqhyd/ JDWW24<8;051

^;` JDWW +4<94,= Edvlf Lqvwuxphqwv dqg Vhohfwhg Grfxphqwv1 < | Vxssohphqw/
Jhqhyd1

^<` JDWW +ydulrxv |hduv,= Edvlf Lqvwuxphqwv dqg Vhohfwhg Grfxphqwv1 Vxssohphqwv/
Jhqhyd1

^43` Nqhwwhu/ P1 P1/ Suxvd/ W1 M1 +5336,= Pdfurhfrqrplf Idfwruv dqg Dqwlgxpslqj


Ilolqjv= Hylghqfh iurp Irxu Frxqwulhv/ Mrxuqdo ri Lqwhuqdwlrqdo Hfrqrplfv 94/
404:1

^44` Oor|g/ S1 +4<::,= Dqwl0gxpslqj Dfwlrqv dqg wkh JDWW V|vwhp/ Wkdphv Hvvd| </
Wudgh Srolf| Uhvhdufk Fhqwuh/ Orqgrq1

^45` Pludqgd/ M1/ Wruuhv/ U1 D1/ Uxl}/ P1 +4<<;, Wkh Lqwhuqdwlrqdo Xvh ri Dqwlgxpslqj=
4<;:04<<:/ Mrxuqdo ri Zruog Wudgh 65/ 80:41

4<
^46` Qlhov/ J1 +5333,= Zkdw lv Dqwlgxpslqj Srolf| Uhdoo| DerxwB/ Mrxuqdo ri Hfr0
qrplf Vxuyh|v 47/ 79:07<51

^47` Suxvd/ W1 M1/ Vnhdwk/ V1 +5335,= Wkh Hfrqrplf dqg Vwudwhjlf Prwlyhv iru Dq0
wlgxpslqj Ilolqjv/ Zhowzluwvfkdiwolfkhv Dufkly 46;/ 6;<07461

^48` Vk|/ K1 M1 +4<<;,= Srvvleoh Lqvwdqfhv ri Suhgdwru| Sulflqj lq Uhfhqw XV Dqwlgxps0


lqj Fdvhv/ lq Eurrnlqjv Wudgh Iruxp= 4<<;/ Odzuhqfh/ U1 ]1 +hg1,= Eurrnlqjv
Lqvwlwxwlrq Suhvv/ Zdvklqjwrq GF1

^49` Vwdljhu/ U1 Z1/ Zrodn/ I1 D1 +4<<7,= Phdvxulqj Lqgxvwu|0Vshflf Surwhfwlrq=


Dqwlgxpslqj lq wkh Xqlwhg Vwdwhv/ Eurrnlqjv Sdshuv rq Plfurhfrqrplfv/ 84044;1

^4:` X1V1 Lqwhuqdwlrqdo Wudgh Frpplvvlrq +4<<8,= Wkh Hfrqrplf Hhfwv ri Dqwlgxpslqj
dqg Frxqwhuydlolqj Gxw| Rughuv dqg Vxvshqvlrq Djuhhphqwv1 Lqyhvwljdwlrq Qr1 6650
6771 Sxeolfdwlrq 5<331 Zdvklqjwrq GF1

^4;` Ylqhu/ M1 +4<99 ^4<56`,= Gxpslqj= D Sureohp lq Lqwhuqdwlrqdo Wudgh1 Fklfdjr= Xql0
yhuvlw| ri Fklfdjr Suhvv1

^4<` ZWR +4<<;,= Frppxqlfdwlrq iurp wkh XV/ grfxphqw ZW2ZJWFS2Z2;;/


Jhqhyd1

^53` \rvklpdwvx/ K1 +5334,/ cWudgh Srolf| lq WudqvlwlrqB Wkh Srolwlfdo Hfrqrp| ri


Dqwlgxpslqj lq Mdsdq*/ Mrxuqdo ri wkh Dvld Sdflf Hfrqrp| 9/ 550791

^54` ]dqdugl/ P1 +5337,= Dqwlgxpslqj= Zkdw duh wkh Qxpehuv wr Glvfxvv dw GrkdB/
Wkh Zruog Hfrqrp| 5:/ 73607661

53
Wdeoh4=DGlqyhvwljdwlrqvlqlwldwhgsulruwr4<;4
4<7;
Frxqwu| 4<9< 4<:3 4<:4 4<:5 4<:6 4<:7 4<:8 4<:9 4<:: 4<:; 4<:< 4<;3 Wrwdo
4<8;
Dxvwudold 434 1 1 1 63- 67 4; 76 67 73 59 53 1 679
Dxvwuld 1 1 1 1 1 1 1 4 4 5
Fdqdgd 1 < 7 45 < 43 : : 48 53 4< 46 59 484
Ghqpdun 3 4 3 3 3 3 3 3 3 3 3 3 4
HHF 4 4 4 44 7 5 3 8 < 56 4; 4: <5
Ilqodqg 1 3 3 3 4 3 3 3 3 3 3 5 3 6
Juhhfh 1 3 9 5 3 5 4 45 3 9 3 4 3 63
Qruzd| 1 4 4 4 3 3 3 4 3 4 3 3 3 8
Ukrghvld )Q|dvdodqg 7 -- 7
Vzhghq < 3 3 3 3 3 3 3 3 3 3 3 3 <
VrxwkDiulfd 544 1 1 1 1 1 1 1 1 1 1 1 1 544
XqlwhgNlqjgrp 1 46 ; 9 < : 3 9 47 53 3 3 3 ;6
XqlwhgVwdwhv <9 45 5: 55 6< 5: 43 43 5: 48 77 77 6:--- 743
Wrwdo 754 69 7; 77 9< ;7 6; :< <8 444 445 << 77 467:

Qrwhv=4<;3rqo|uhihuvwrwkhshulrg 4Mdqxdu|4<;3063Mxqh4<;31
 Dqhpsw|fhoophdqvwkdwwkhfrxqwu|glgqrwkdyhdqDGodzlqwkdw|hdu1
Dgrwphdqvwkdwqrlqirupdwlrqlvdydlodeohiruwkdw|hdu1
-4Mdqxdu|063Mxqh4<:51
--Wklvfrxqwu|eurnhxslq4<96uhvxowlqjlqPdodzl/Ukrghvld/]dpeld/dqg]lpedezh1
---4Mxo|4<:<063Mxqh4<;31
Vrxufhv=JDWW+4<7;,/Oor|g+4<::,/JDWW+ydulrxv|hduv,1

Wdeoh5=DGlpsrvlwlrqv+gxwlhv.xqghuwdnlqjv,sulruwr4<;4

4<7;
Frxqwu| 4<9< 4<:3 4<:4 4<:5 4<:6 4<:7 4<:8 4<:9 4<:: 4<:; 4<:< 4<;3 Wrwdo
4<8;
Dxvwudold < 1 1 1 1 1 1 1 : : 9 45 1 74
Dxvwuld 1 1 1 1 1 1 1 5 4 6
Fdqdgd 1 1 7 4 8 6 5 7 9 < 46 ; ; 96
Ghqpdun 3 3 3 3 3 3 3 3 3 3 3 3 3
HHF 3 6 4 6 ; 6 3 4 8 3 53 43 87
Ilqodqg 1 3 3 3 3 3 3 3 3 3 3 3 3 3
Juhhfh 1 7 4 3 3 3 3 3 3 4 3 3 3 9
Qruzd| 1 3 3 3 3 3 3 3 3 3 3 3 3 3
Ukrghvld)Q|dvdodqg 6 -- 6
Vzhghq 5 4 3 3 3 3 3 3 3 3 3 3 3 6
VrxwkDiulfd 55 1 1 1 1 1 1 1 1 1 1 1 1 55
XqlwhgNlqjgrp 1 5 9 6 7 7 3 7 6 4; 5 3 3 79
XqlwhgVwdwhv 5 8 46 44 55 48 4; 3 7 45 44 4; <--- 473
Wrwdo 6; 45 5: 49 67 63 56 ; 54 85 65 93 4< 6;4

Qrwhv=4<;3rqo|uhihuvwrwkhshulrg4Mdqxdu|4<;3063Mxqh4<;31
Dqhpsw|fhoophdqvwkdwwkhfrxqwu|glgqrwkdyhdqDGodzlqwkdw|hdu1
Dgrwphdqvwkdwqrlqirupdwlrqlvdydlodeohiruwkdw|hdu1
-4Mdqxdu|063Mxqh4<:51
--Wklvfrxqwu|eurnhxslq4<96uhvxowlqjlqPdodzl/Ukrghvld/]dpeld/dqg]lpedezh1
---4Mxo|4<:<063Mxqh4<;31
Vrxufhv=JDWW+4<7;,/Oor|g+4<::,/JDWW+ydulrxv|hduv,1
Wdeoh6=DGlqyhvwljdwlrqvlqlwldwhg/4<;405334
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo (
Dujhqwlqd 1 1 1 1 1 1 1 1 1 1 1 1 63 47 : 75 4; ; 48 56 77 534 716:
Dxvwudold 93 87 :4 :3 96 87 73 53 4< 56 79 :9 94 78 9 ; 55 68 4; 4; 53 ;5< 4;136
Dxvwuld 4 3 3 3 3 3 3 3 3 3 3 7 7 3 HHF < 3153
Eduedgrv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 1 1 1 3 3133
Erolyld 1 1 1 3 3 3 3 3 3 3 3133
Eud}lo 3 7 5 3 5 44 < 63 46 4 4< 45 46 4: 43 476 6144
Exojduld 1 1 1 3 3 3 3 3 3 3133
Fdqdgd 5< 97 67 59 68 5: 57 53 47 48 45 49 6; 55 < 9 ; 43 4: 44 74 7:; 43173
Fkloh 1 1 1 1 1 1 1 4 5 7 5 5 4 4 7 4: 316:
Fklqd 6 7 6 45 55 317;
Frorpeld 4 4 8 7 4 5 4 5 9 6 4 5: 318<
FrvwdUlfd 4 7 3 4 3 3 9 3146
Furdwld 3 3 3 3 3133
Fxed 1 1 1 1 3 3 3 3 3 3 3 3 3133
F|suxv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 1 3 3 3133
F}hfkUhs1 3 3 5 4 3 6 313:
Grplqlfd 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3133
Hfxdgru 1 1 1 1 3 3 4 3 3 3 4 3135
HHF 66 87 7< 75 8: 65 63 76 76 67 55 56 66 7: 6: 49 59 77 74 7< 5< :;7 4:138
Hj|sw 5 8 46 7 4 58 3187
HoVdoydgru 3 3 3 3 3 3 1 3 3133
Ilml 3 3 1 1 3 3133
Ilqodqg 5 3 3 4 3 3 8 8 5 3 4 3 3 3 HHF 49 3168
Juhqdgd 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3133
Jxdwhpdod 4 3 3 3 3 3 4 3135
Krqgxudv 3 3 3 3 3 3 3 3 3133
Kxqjdu| 3 3 3 3 3 3 3 3 3 3133
Lfhodqg 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3133
Lqgld 3 3 3 3 3 3 3 8 6 4 44 6 57 76 6; 5: 6: 4<5 714;
Lqgrqhvld 3 3 < 44 3 45 4 66 31:5
Lvudho 1 1 1 6 7 : 8 6 4 5 58 3187
Mdpdlfd 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 3135
Mdsdq 3 3 4 5 3 3 3 3 4 3 3 6 3 4 3 3 3 3 3 3 5 43 3155
N|uj|}vwdq 3 3 1 3 3133
Odwyld 3 3 3 3133
Olwkxdqld 3 44 6 47 3163
Pdod|vld 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 3 5 ; 5 4 3 48 3166
Ph{lfr 6 45 45 44 46 58 57 56 4; 6 8 ; 45 : 7 4;3 61<5
Prurffr 3 3 3 3 3 3 3133
Qhz]hdodqg 1 4 3 3 4 4 9 7 ; 3 9 46 7 5 < < 4 8 7 9 8 ;8 41;8
Wdeoh6=DGlqyhvwljdwlrqvlqlwldwhg/4<;405334/frqwlqxhg
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo (
Qlfdudjxd 3 3 3 4 5 3 1 6 313:
Qruzd| 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3133
Sdnlvwdq 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1 1 3 3133
Sdqdpd 3 3 3 5 3 3 5 3137
Sdudjxd| 3 3 3 5 3 3 5 3137
Shux 5 5 : 7 7 6 8 8 7 3 69 31:;
Sklolsslqhv : 3 5 4 6 7 5 4< 3174
Srodqg- 57 3 4 6 3 3 5; 3194
Urpdqld 3 3 3 3 3 3 3 3 3 3 3 3133
Uxvvld-- 1 4 4 5 3137
VdlqwOxfld 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 1 1 1 1 1 1 3 3133
Vhqhjdo 1 3 1 1 1 1 1 3 3133
Vlqjdsruh 3 3 3 3 3 3 3 3 3 3 5 3 3 3 3 3 3 5 3137
VorydnUhs1 3 3 3 3 3 3 3133
Voryhqld 1 3 3 3 3 4 3 3 4 3135
VrxwkDiulfd 1 1 1 1 1 1 1 1 1 1 1 1 63 4: 53 77 44 6< 67 48 53 563 8133
VrxwkNruhd 1 1 1 1 1 6 4 3 3 6 5 3 : 7 6 9 4; 8 8 7 8 99 4177
Vsdlq 3 3 3 4 3 HHF 4 3135
Vzhghq 3 5 3 3 3 5 3 3 5 7 5 4 3 3 HHF 46 315;
Wdlzdq 5 6 6 5 4 5 5 5 < 4: 6 3 7 9< ; 3 :6 418<
Wkdlodqg 6 3 3 4 53 3 4 : 3148
WulqlgdgWredjr 1 1 3 3 4 34 8 4 ; 314:
Wxqlvld 3 3 3 33 3 3 3 3133
Wxunh| 45 53 43 9 59 5 3 8 33 : 9 <7 5137
Xjdqgd 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 31 1 1 3 3133
Xnudlqh-- 5 4 6 313:
Xuxjxd| 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 6 6 313:
XVD 48 83 73 79 94 96 74 64 58 57 85 95 9< 7: 63 48 53 5; 76 4: :: ;89 4;195
X}ehnlvwdq 3 3 3 3 3 3 3133
Yhqh}xhod 3 8 4 4 8 3 : 43 3 5 64 319:
]dpeld 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3133
]lpedezh 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 1 3 3133
Wrwdo 473 558 4<8 4;; 54< 4;8 486 474 45< 45; 538 587 66< 645 4<3 4:7 548 5<< 653 583 669 78<:
(RyhuWrwdo 6138 71;< 7157 713< 71:9 7135 6166 613: 51;4 51:; 7179 8186 :16: 91:< 7146 61:< 719; 9183 91<9 8177 :164 433133
(QhzXvhuv 5147 31;< 3184 5146 31<4 7165 :1;7 49164 48183 58133 6519; 58153 6<186 7:1:9 85144 9;1<: 9714< 8<153 94189 8<193 7;1;4 67137

Qrwhv=Dqhpsw|fhoophdqvwkdwwkhfrxqwu|glgqrwkdyhdqDGodzlqwkdw|hdu1
Dgrwphdqvwkdwqrlqirupdwlrqlvdydlodeohiruwkdw|hdu1
HHFphdqvwkdwwkhfrxqwu|mrlqhgwkhHHFlqwkdw|hdu>iurpwkdw|hdurqzduglwvlqyhvwljdwlrqvduhlqfoxghglqwkhHHFgdwd1
-Srodqglqlwldwhglqyhvwljdwlrqvlq4<<5lqyrnlqjwkhfxvwrpvodz/dvwkhDGzdvlpsohphqwhgrqo|lq4<<:1
--Wkhvhqxpehuvvkrxogehylhzhgdvplqlpxpfdvhvlqlwldwhgvlqfhwkh|kdyhehhqrewdlqhgiurpflwdwlrqvlqwkhsrsxodusuhvv1
Wdeoh7=Frxqwulhvdiihfwhge|DGlqyhvwljdwlrqve||hdu
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo ( ;40;:( ;;0<7( <8034(
Doedqld 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 4 3135 3133 313: 3133
Dojhuld 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 4 3 3 5 3137 313; 3133 3139
Dujhqwlqd 3 3 4 5 7 5 4 4 4 3 : 7 5 4 6 4 3 5 6 4 6 6< 31;: 31;8 4139 31:6
Duphqld 4 3 3 4 3 3 3 3 3 3 5 3137 3133 313: 3139
Dxvwudold 3 4 4 4 3 3 3 3 5 3 3 3 8 6 5 3 4 5 5 8 4 59 318; 3158 3199 31:6
Dxvwuld 3 4 4 4 7 6 4 6 4 3 5 5 7 4 4 3 5 6 4 5 6 69 31;3 31<6 31;9 319:
D}huedlmdq 4 3 3 4 3 3 3 3 3 3 5 3137 3133 313: 3139
Edkudlq 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 4 3135 3133 3133 3139
Edqjodghvk 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 3 3 3 3 3 4 6 313: 3133 3146 3139
Ehoduxv 4 4 6 5 3 3 3 6 6 7 4: 316; 3133 3166 319:
Ehojlxp 4 ; : 8 3 9 4 5 6 3 8 5 46 6 3 5 4 8 5 4 5 9< 4187 516: 41;9 31:6
Erolyld 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 4 3135 3133 3133 3139
ErvqldKhu}hj1 3 3 4 3 3 3 3 3 3 4 3135 3133 3133 3139
Eud}lo 5 7 44 9 46 < 8 9 7 ; ; < 5: 46 8 47 9 < 45 9 44 4;; 7153 7156 71<: 6186
Exojduld 3 4 3 4 4 5 3 3 4 4 3 3 7 4 3 3 6 5 4 3 5 53 3178 3175 3179 3178
Fdqdgd 6 6 7 9 9 7 8 6 6 4 5 : : 6 5 5 6 8 4 3 7 :7 4198 5195 41:5 31<8
Fkloh 3 4 3 3 3 5 3 3 3 3 4 5 3 5 3 6 5 6 4 6 8 58 3189 3158 3166 31<8
Fklqd 6 8 44 45 : : 7 9 43 44 48 59 65 6: 5< 67 66 6; 55 5: 86 755 <176 7148 <13; 46156
Frorpeld 3 3 3 4 3 4 4 3 3 4 3 5 6 4 3 3 3 4 5 3 3 46 315< 3158 3179 314:
FrvwdUlfd 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 4 5 3 3 7 313< 313; 3133 314:
FrwhgLyrluh 3 3 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 3 3 3 3 5 3137 3133 3146 3133
Furdwld 3 3 5 4 3 3 3 5 3 4 9 3146 3133 3146 3155
Fxed 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 4 3 4 3 3 6 313: 3133 313: 3144
F|suxv 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 4 3135 3133 313: 3133
F}hfkUhsxeolf 7 6 3 4 4 5 6 7 6 54 317: 3133 3179 31:;
F}hfkrvorydnld 4 ; ; < 7 9 8 4 7 5 5 8 7 8< 4165 617: 414< 3133
Ghqpdun 3 3 3 3 4 3 3 3 4 4 5 4 5 4 4 3 4 4 5 4 3 48 3167 313; 3186 3167
Grplqlfdq Uhs1 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3135 313; 3133 3133
HdvwJhupdq| 5 : 8 9 7 8 6 6 5 4 6; 31;8 51:4 3173 3133
Hfxdgru 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3135 313; 3133 3133
HHF 3 3 3 3 3 3 3 3 9 3 3 3 4 6 3 3 5 5 8 6 9 5; 3196 3133 3199 4134
Hj|sw 3 3 4 3 3 3 3 3 3 4 6 3 5 3 3 5 4 4 5 3 4 47 3164 313; 3173 316<
HoVdoydgru 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3135 313; 3133 3133
Hvwrqld 3 3 4 4 3 3 4 3 3 4 7 313< 3133 313: 314:
Ilqodqg 4 5 3 4 4 4 3 3 4 4 5 3 7 5 4 3 3 4 5 5 3 55 317< 3184 3199 3167
Iudqfh 4 48 : : 6 : 8 5 4 6 8 : 46 ; 4 6 4 : 43 9 6 448 518: 61;4 518< 41:7
Jhrujld 4 3 5 4 3 3 3 3 3 3 7 313< 3133 3153 3139
Jhupdq| < 48 45 45 ; 9 43 7 5 : ; 8 4: < ; : 46 44 44 : < 4<3 7158 913< 6178 61:3
Wdeoh7=Frxqwulhvdiihfwhge|DGlqyhvwljdwlrqve||hdu/frqwlqxhg
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo ( ;40;:( ;;0<7( <8034(
Juhhfh 3 3 3 3 3 3 4 4 3 3 5 3 3 4 3 3 5 4 3 3 4 < 3153 313; 315: 3155
Jxdwhpdod 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 4 3135 3133 3133 3139
Krqgxudv 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 4 3135 3133 3133 3139
KrqjNrqj 4 4 3 5 6 4 3 9 9 5 6 7 : 7 8 7 4 7 5 5 4 8< 4165 319; 5145 413:
Kxqjdu| 6 8 5 5 7 5 5 5 5 5 6 5 4 4 3 5 4 5 7 4 3 76 31<9 419< 31;9 3189
Lfhodqg 3 3 4 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 3137 314: 3133 3133
Lqgld 4 4 3 3 4 4 3 4 4 6 : : < < 6 9 < 47 43 44 47 43; 5174 3167 5178 61:9
Lqgrqhvld 3 3 3 3 3 4 3 4 5 4 4 8 7 < < 7 8 43 44 49 46 <5 5139 313; 4186 61;4
Ludq 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 : 3149 313; 3133 3167
Luhodqg 3 3 6 3 4 3 3 4 3 5 5 4 3 3 3 3 3 6 3 3 3 46 315< 3167 3173 314:
Lvudho 3 4 5 4 4 5 4 3 5 3 5 4 4 5 3 3 5 5 3 3 4 54 317: 319; 3186 315;
Lwdo| 5 45 9 44 9 ; 6 6 5 4 9 9 ; 8 : 6 8 9 7 4 ; 446 5186 7139 5139 41<4
Mdsdq 7 < 55 4: 54 47 4; 58 47 ; 4: 46 48 44 < ; ; 48 54 44 45 5<5 9186 ;1;; 91;6 71:4
Nd}dnkvwdq 5 5 4 8 4 3 7 4 4 6 53 3178 3133 3166 31;7
Nhq|d 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3135 313; 3133 3133
Nxzdlw 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3135 313; 3133 3133
N|uj|}vwdq 4 3 3 4 3 3 3 3 3 3 5 3137 3133 313: 3139
Odwyld 3 3 3 4 3 3 5 4 6 5 < 3153 3133 3133 3183
Ole|d 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 4 5 3137 313; 3133 3139
Olhfkwhqvwhlq 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 4 3135 3133 3133 3139
Olwkxdqld 3 4 5 4 3 3 4 5 5 4 43 3155 3133 3153 316<
Ox{hperxuj 4 9 4 3 3 3 3 4 3 3 5 4 3 3 3 3 3 3 3 3 5 47 3164 319; 315: 3144
Pdfdr 3 3 3 3 3 3 3 3 4 3 3 3 3 3 4 3 3 3 3 3 3 5 3137 3133 313: 3139
Pdfhgrqld 3 3 4 3 3 4 5 3 5 9 3146 3133 3133 3167
Pdodzl 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 4 3135 3133 3133 3139
Pdod|vld 5 4 3 3 4 3 5 8 5 3 4 7 8 < 6 5 7 6 8 : < 98 4178 3184 41:5 41;8
Ph{lfr 3 3 4 5 6 6 8 3 4 6 6 8 8 5 7 9 5 5 : 6 6 93 4167 414; 4159 4184
Progryd 4 3 4 4 3 3 3 3 3 5 8 3144 3133 3146 314:
Pr}dpeltxh 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 4 3135 3133 3133 3139
Qhwkhuodqgv 5 8 5 5 4 5 4 4 4 4 6 9 9 6 4 : 5 8 7 3 7 8< 4165 415: 416< 415<
Qhz]hdodqg 3 3 7 9 7 5 4 4 3 3 3 3 4 5 3 4 4 3 4 4 4 59 318; 4177 315: 315;
Qlfdudjxd 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 4 3135 3133 3133 3139
Qruzd| 3 3 4 6 6 3 3 3 3 5 3 6 3 3 3 3 4 3 3 3 4 47 3164 318< 3166 3144
Sdnlvwdq 3 3 3 3 3 3 3 3 3 4 4 4 4 : 5 4 4 4 3 4 4 4; 3173 3133 31:6 316<
SdsxdQhzJ1 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 4 3135 3133 313: 3133
Sdudjxd| 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 4 3 3 3 3 5 3137 3133 313: 3139
Shux 3 3 3 3 3 4 3 3 3 3 3 3 3 3 4 4 3 3 3 4 3 7 313< 313; 3133 314:
Sklolsslqhv 3 3 3 5 4 4 3 3 4 3 4 4 3 5 5 3 3 3 3 3 3 44 3158 3167 3166 3144
Wdeoh7=Frxqwulhvdiihfwhge|DGlqyhvwljdwlrqve||hdu/frqwlqxhg
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo ( ;40;:( ;;0<7( <8034(
Srodqg 5 7 4 7 44 7 8 6 7 5 7 3 8 7 4 4 8 8 4 7 8 :8 419; 5195 4179 4156
Sruwxjdo 3 5 4 3 6 4 3 3 3 3 5 3 3 5 3 3 5 3 4 3 4 48 3167 318< 315: 3155
SxhuwrUlfr 5 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 3137 314: 3133 3133
Tdwdu 3 3 3 3 4 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 3137 314: 3133 3133
Urpdqld 3 ; 8 4 8 8 5 7 6 8 9 6 7 5 4 3 5 6 8 4 9 :4 418< 5153 41:< 4134
Uxvvld 5 8 48 : 3 < 45 4< 48 ; <5 5139 3133 4179 61<5
VdxglDudeld 3 3 3 3 3 4 4 3 3 4 3 6 3 4 3 4 3 4 6 4 4 47 3164 314: 3166 316<
Vhueld2Prqwhq1 5 3 4 3 4 3 5 3 4 : 3149 3133 3146 315;
Vlqjdsruh 6 4 3 4 5 5 6 6 4 3 7 8 8 8 4 3 4 6 6 6 5 7; 413: 4135 4186 31:6
VorydnUhsxeolf 5 5 3 3 4 4 7 3 5 45 315: 3133 315: 3178
Voryhqld 3 3 3 4 3 3 3 4 3 3 5 3137 3133 3133 3144
VrxwkDiulfd 3 3 7 6 5 5 5 3 3 5 3 6 7 : 5 9 5 9 8 6 < 95 416< 4143 4139 41;8
VrxwkNruhd 4 9 46 : 49 45 9 45 46 43 45 53 56 4: 47 : 45 58 64 57 57 638 91;5 8149 :143 :19;
Vsdlq 6 8 8 49 ; 5 7 5 3 4 9 6 7 9 5 8 8 < 7 8 8 433 5157 6197 4179 41<9
VulOdqnd 3 3 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 3 3 3 3 5 3137 3133 3146 3133
Vxulqdph 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3135 313; 3133 3133
Vzhghq 4 4 7 8 6 6 5 4 6 3 4 7 4 4 4 3 6 7 3 4 3 6< 31;: 4194 31:6 3183
Vzlw}huodqg 5 4 4 5 4 3 3 3 3 3 3 3 3 4 3 4 4 4 4 3 3 45 315: 318< 313: 3155
Wdlzdq 4 6 ; 6 44 46 < 9 43 < < 49 43 < : 7 44 47 48 46 53 534 717< 7139 718; 71:4
Wdmlnlvwdq 4 3 4 4 3 3 3 3 3 3 6 313: 3133 3146 3139
Wkdlodqg 3 3 3 8 8 4 4 7 5 6 7 9 < 45 ; 7 ; 7 46 46 47 449 518< 4135 5198 618<
WulqlgdgWredjr 3 3 4 3 4 3 4 3 3 3 4 3 4 3 3 3 5 3 3 3 3 : 3149 3158 3146 3144
Wxqlvld 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 4 3135 3133 313: 3133
Wxunh| 3 3 5 3 5 6 4 7 3 : 6 5 4 8 6 6 3 7 : 8 6 88 4156 319; 4179 4173
Wxunphqlvwdq 4 4 3 4 3 3 3 3 3 3 6 313: 3133 3146 3139
Xnudlqh 5 6 < 8 3 7 : 46 < 43 95 416< 3133 31<6 519<
XqlwhgDudeH1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 4 4 6 313: 3133 3133 314:
XqlwhgNlqjgrp 7 ; < 9 8 < 6 4 4 7 9 ; < 9 5 : 7 ; 6 6 45 44; 5197 61:5 5165 514<
XqlwhgVwdwhv 49 45 4; 44 4: 45 4: 48 : 47 4; 55 66 58 < 4: 53 47 49 45 46 66; :188 ;1:4 ;1;< 8199
Xuxjxd| 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 4 3 3 3 4 3 6 313: 3133 313: 3144
XVVU 5 6 8 6 8 4 8 5 4 5 6 6 68 31:; 5136 31:6 3133
X}ehnlvwdq 4 4 5 6 3 3 3 3 3 3 : 3149 3133 315: 314:
Yhqh}xhod 3 5 4 3 9 4 4 5 4 4 7 6 5 8 3 3 5 4 6 5 5 6< 31;: 31<6 414< 3189
Ylhwqdp 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 4 3 3 4 6 313: 3133 3133 314:
YlujlqLvodqg 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3135 313; 3133 3133
\xjrvodyld 5 5 5 5 : ; 8 6 8 6 7 6 4 7: 4138 516: 4159 3133
]lpedezh 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 4 3 3 6 313: 313; 3133 3144
Wrwdo ;3 4:3 4<8 4;; 54; 4;7 47: 474 45< 45; 538 587 66< 645 4<3 4:7 548 5<< 653 583 669 77:7 433133 433133 433133 433133

Qrwhv=Dqhpsw|fhoophdqvwkdwwkhfrxqwu|glgqrwh{lvwlqwkdw|hdu1
Wdeoh8=Lqyhvwljdwlqjyv1wdujhwhgfrxqwulhve|ohyhorighyhorsphqw

SdqhoD=4<;405334

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lqyhvwljdwlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 466< 4458 :57 64;;
75133( 6815<( 551:4( 433133(
GhyhorslqjFrxqwulhv 755 75; 696 4546
671:<( 6815;( 5<1<6( 433133(
FrxqwulhvlqWudqvlwlrq 74 ; 57 :6
89149( 431<9( 651;;( 433133(
WRWDO 4;35 4894 4444 77:7
7315;( 671;<( 571;6( 433133(

SdqhoE=4<;404<;:

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lqyhvwljdwlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 95< 5;5 589 449:
861<3( 57149( 541<7( 433133(
GhyhorslqjFrxqwulhv 44 7 3 48
:6166( 5919:( 3133( 433133(
FrxqwulhvlqWudqvlwlrq 3 3 3 3

WRWDO 973 5;9 589 44;5


87148( 57153( 54199( 433133(

SdqhoF=4<;;04<<7

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lqyhvwljdwlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 75; 764 56: 43<9
6<138( 6<165( 54195( 433133(
GhyhorslqjFrxqwulhv 478 46: 439 6;;
6:16:( 68164( 5:165( 433133(
FrxqwulhvlqWudqvlwlrq 57 3 3 57
433133( 3133( 3133( 433133(
WRWDO 8<: 89; 676 483;
6<18<( 6:19:( 551:8( 433133(

SdqhoG=4<<805334

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lqyhvwljdwlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 5;5 744 565 <58
6317<( 77176( 5813;( 433133(
GhyhorslqjFrxqwulhv 599 5;: 58: ;43
651;7( 68176( 641:6( 433133(
FrxqwulhvlqWudqvlwlrq 4: ; 57 7<
6719<( 49166( 7;1<;( 433133(
WRWDO 898 :39 846 4:;7
6419:( 6<18:( 5;1:9( 433133(

     
  




 

!



 


 

 

 


 
 


 
  







 
"#$ 
" 
%
% 
%
% 

% 



&
& '
& (
& )
&
&#
*#
* 
**
* +
,+
,&
,  
-  
*
'

 

  . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
  . . . . . . . . . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 /
 . 1 . 0 2 / . . . . . 3 . . . / . . . . . . / . . . / 0 . . . . . . . . . / . . . . /4 / / 35 /3
 . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . / . . 0 0

  0 . . / / . . . . . . 0 . . . . 0 . . . . / . / . . . . . . . . . 6 . . . 0 . . . . 1 / . 01 //

 0 5 . 0 3 . . . . . . 1 . / . 0 . . . . . . . . . . . . . . . . . 3 . . . . . . . . 7 . . 31 5
 8 . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . / . . 0 0
 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . / /
 
 . . . 0 . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0
 
. . . / . . . . . . . 2 . . . . . . . . 3 . 0 . . . . . . 0 . . . . . . . . . . / 0 0 . . /6 7
   0 0/ . . /3 . . 0 . . . . . . . / / / . . . . . / . . . . . 0 . . . 5 . . . . . . . . /1 . . 15 //
 ' . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . / /

9: ' . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
  23 02 . . /5 2 . . . . . 0/ / . . 2 . . . . . . /0 . . . . 0 . . . . . 2 . . . 7 . . / . 24 . . /77 /3
 . . . / / . . . . . . // . . . . . . . . . . / . . . . . . . . . . / / . . . . . 2 . . . . 0. 6
 . // . / . . / . . . . 7 . . . / / . . . . . . / . . . / / . . . . 0 . . . 0 . . . . 22 . . 62 /0
  1 . . 3 / . . . . . . . . . . . . . . . . . / . . . . 1 . . . . . . . . . . . . . . 6 . / 04 6
 31 2/ . /0 0. / . / . . . 74 . . . 22 3 / . / . . 02 7 . . . 7 3 / . . . 01 // . . . / / /2 . 64 . 4 200 03
  / 0 . . . . . . . . . . . . . . . . . . . . 3 . . / . 0 . . . . . . . . . . . . . . 2 . . /3 1

 . . . . . . . . . . . . . . . . . . . . . . . . 0 . . . . . . . . . . . . . . / . . / . . 2 3
;' . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 /
 . . . / . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . . . 1 3
  . . . / / . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3

. . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
  2 . 0 . / . . . . . . 5 . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . 0 . . 0/ 1
 
'+ . 7 2 0 6 . . . . . . 3/ . / . . . . . . . . . . . . . . . . . . . . . . 3 . . . 0 . / . . 45 5
<+ . 3 . / 3 . . . . / . . . . . / . . . . . . / / . . . . . 0 . . . / . . . . . . . . / . . /4 /.
< . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /

 . / . . 2 . . . . . . 03 . 2 . . . . . . . . . . . . . . . . . . . . . . / . . . . . 4 . . 37 1

     
  


 



 

!



 


 

 

 


 
 


 
  







 
"#$ 
" 
%
% 
%
% 

% 



&
& '
& (
& )
&
&#
*#
* 
**
* +
,+
,&
,  
-  
*
'

 

  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . / /
 / . . 0 . . . . . . . . 2 . . 6 / . . . . 0 7 . . . . / . . . . . . . . . . . . / . / . . 07 /.
 . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . 3 . . . . . . / . / . . /2 2
 & ' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . / /

 . . . . . . . . . . . 0 . . . . . . . . . . 0 . . . . . . . . . . . . . . . . . . . . . . 2 0
  / 6 . / 2 . . . . . . / . . . / . . . . . . . . . . . . . . . . . 0 . . . . . . / . 2 . . 00 5
 / 06 . 2 03 . / . . . . . 3 . . 4 0 . . / . . . . . . . . . 0 . . . 5 0 . . . / . / . 33 . . //4 /4
 . . . / . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . / . / . . 2 2
 7 26 . 3 3. . 0 / . / . . . / . 6 / 1 . . . . 0 2 . . . . / 3 . . . /6 2 . . / / . 0 . 27 . . /5. 0/
 . . . 0 . . . . . . . . / . . . . . . . . . / / . . . . . 0 . . . . . . . . . . . . 0 . . 5 1
   . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
: 
. . . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . / /
:) / /. . / 4 . . . . . . // . . . 3 . . . . . . 3 0 . . . . / . . . . /1 . . . . . . 0 . 2 . . 45 /0
:  / 6 . . / . . . . . . 0. . / . 0 . . . . . . . . . . . . . . . . / / . . . . . . 2 . 4 . . 23 /.
  . / . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0
 0 7 . 4 7 . . . . . . 05 / . . . 1 . . . . . 0 / . . . . . . . . . /1 0 . . 0 0 / 2 . /5 . . /.7 /1

 / 03 . 3 2 . / . . . . /2 / . . 1 . . . . . 0 . 7 . . . . 0 . . . . 4 3 . . 3 / . 2 . // . . 50 /6
 . 0 . . . . . . . . . / . . . 0 . . . . . . . . . . . . . . . . . / . . . . . . . . / . . 6 4
  / 1 . . / . . . . . . . . . . . . . . . . . . . . . . . . 0 . . . 0 . . . . . . . . / . . /3 1

 . /0 . . . . . . . . . 0 . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . 1 . . 0/ 2
  1 05 / / 03 . . . . . . . . . . / . 0 . . . . . 0 . . . . . 0 . . . 3 . / . / . . / . 35 . / //3 /4
 2 27 . / 04 . 3 . . . . 44 3 / . /1 0 . . . . 0 1 / . . . . . . . . . 0 /3 . / /0 . . 0 . 53 . 0 050 0.
) +
 / . . 3 . . . / . . . 3 . . . 0 . . . . . . 0 . . . . . . . . . . . / . . . . . . . 4 . 0 0. 5
) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . / /
) # . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
)
 . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . / . . 0 0
' . . . . / . . . . . . / / . . . . . . . 3 . / . . . / . . . . . . . . . . . . . . . / . . 5 6
 . . . . . . . . . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 /

 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . / /

     
  


 



 

!



 


 

 

 


 
 


 
  







 
"#$ 
" 
%
% 
%
% 

% 



&
& '
& (
& )
&
&#
*#
* 
**
* +
,+
,&
,  
-  
*
'

 

  . . . . . . . . . . . 6 . . . . . . . . . . 0 . . . . / . . . . . . . . . . . . . . . . . /. 3
 !  . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . 0 . . . . . . . . . . . . 6 . . /2 3
 . . . . . . . . . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 /
 . . . / 0 . . . . . . . / . . / . . . . . . . . . . . . . . . . . . . . . . . . . . / . . 1 4
 # . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . / /
 
 . /2 . 3 1 . . . . . . /6 . . . 3 . . . . . . 0 3 . . . . 0 . . / . 4 0 . . / . . / . 4 . . 14 /2
! 0 2 . 2 4 . . / 0 . / 1 . . / 0 . / . . . . . . . / . 0 . . . . . . . . . / . . . . 03 / 3 1. /6
 ' . . . . / . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . / . 0 . . 4 2
 =  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . / /
" 
6 /4 . / 4 . / 0 . / . . . . . . . . . . . . / / . . . / . 0 . . . 4 0 . . . . . / . /2 . . 45 /4
"#$  . /1 . / 2 / . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . / . . 0 . . 01 6
"  . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
"# . 0 . . 0 . . . . . . 4 . . . . . . . 0 . . . . . . . . . . . . . . . . . . . . . . 3 . . /2 4
%+
 . . . / . . . . . . . 1 . . . . . . . / . . / / . . . . . . . . . 0 / . . 0 . . 3 . . . . /7 5
% "# . . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . / /
%  0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 /
% . . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . / . 0 2 3
% 
. 4 . 0 / . . . . . . / . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . / . . // 1
%  0 1 . / 5 . . . . . . 3. . 2 . 0 / . . . . / . . . . . . . . . . . / . . 3 0 / . 0 . 5 . / 64 /1
%  . / . . 2 . . . . . . 0 . . . . . 0 . . . . . . . . . . . 0 . . . 0 . . . . . . . . 0 . . /4 6
%  . . . . . . . . . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 /
> . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 /
 0 0 . 3 5 . . . . . . 01 / / . 0 . . . . . . . . . . . . . . . . . . . . / . . . 5 . /0 . 3 6/ /0


 3 / . 4 2 0 / 2 . . . /4 0 . . // 0 . . . 2 . 1 . . . . / 0 . . . . 0 3 . . 0 . . 6 / /0 . 0 50 00
&  . 1 . . / . . . . . . 0 . . . / . . . . . . . . . . . . . . . . . 3 . . . / . . . . . . . /2 1
&?  . . . / 3 . . . . . . 0 . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . . . . 6 2
& . 0/ . . 2 . . . . . . 7 . . . 0 / . . . . . . / . . . . . . . . . 2 0 . . . . . . . 4 . . 27 5
& '+ / . 0 . 0 . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . / . . . . . . . . / . . /0 1
& ' . . . / . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0

     
  


 



 

!



 


 

 

 


 
 


 
  







 
"#$ 
" 
%
% 
%
% 

% 



&
& '
& (
& )
&
&#
*#
* 
**
* +
,+
,&
,  
-  
*
'

 

& ( 7 /4 . 2 1 . . . . . . /. . . . / . . . / . . . 0 . . . . . . . . . . . . . 2 . . . . // . . 10 /.
& ) /. 40 . 3 07 3 1 0 . . . 43 3 . . /6 3 / . 3 . 0 1 // . . . 0 0 . . . . /4 . . / /1 . . 6 . 47 . / 3.4 02
& 7 5 . 2 /6 . . . . . . /7 / . . / . 3 . . . . 4 . . . . . . 0 . . . /. . . . 0 . . . . 0. . . /.. /3
&+ . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 /
&  . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
&# 0 /. . . /. . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . 0 . . . . . . . . 7 . . 35 1
&#   . / . . / . . . . . . / . 0 . . . . . . . . . / . . . . . . . . . 0 / . . . . . . . 3 . . /0 7
*# 5 26 . / /6 . . . . . . 01 . . . /. 0 . . / . / 2 4 . . . 0 3 . . . . 6 2 . . . . . 7 . 42 . . 0./ /6
*8+
 . . . . . . . . . . . . . . . . . . . . . . 0 . . . . . . . . . . . . . . . . . . . / . . 3 0
*  / 05 . / 2 . / . . . . 06 . . . 6 0 . / . . 2 . /0 . . . . . . . . . 1 3 . . 0 . 0 0 . // . / //1 /7
** . . . . . . . / . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . . 6 3
* 
 . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
* + 0 3 . . 3 / . . . . . 05 / . . 3 . 0 . . . . / . . . . . . . . / . 0 . . . . . . . . 6 . . 44 /0
* +
 . . . . . . . . . . . / . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . / . . 3 3
,+ / . . 2 2 0 . 3 . . . /0 / . . 1 / . . . 2 . 4 . . . . / 0 . 0 . . / . . . / . . 0 . 7 . 0 10 /5
, . / . . . . . . . . . . . . . / / . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3
,) 0 30 . 1 02 . / / . . . . . . . 0 . 0 . . . . . 2 . . . . . 0 . . . // 0 . . . . . . . 05 . . //7 /3
,   / . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0
,& /0 1. . 01 71 / 2 1 / . . 30 . . . /. / 2 . . . . 1/ 0 . . . / . . . . . /0 6 . / 6 . . . . . . 2 337 0.
,&& . 3 . 0 0 . . . . . . 02 . . . . . . . . . . . . . . . . . . . . . . . . / . . . / . 0 . . 34 6
, +
 . . . / . . . . . . . 0 . . . . . . . . . . 0 . . . . . . . . . . . / . . . . . . . / . . 6 4
-   / 0 . 0 / / . . / . . 4 . . . . . . . . . . 3 . . . . / . . . . . . . . . . . 0 . . 0. . . 35 //
- . . . . / . . / . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3
-
 . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / /
@ 
' / 3 . . 2 . . . . . . 05 . . . . . . . . . . . . . . . . . . . . . . . . / . . . 3 . 1 . . 26 6
$# . . . . . . . . . . . / . . . . . . . . . . . . . . . . . . . . . 0 . . . . . . . . . . . 3 0
* 0./ 6/4 5 /23 267 /6 00 06 1 3 / 672 04 /1 / /50 33 04 / /. /2 /4 /7. 61 3 0 0 31 /5 07 0 0 / 03. 11 / /3 63 6 7 52 3 741 3 3/ 2262 24
((
2. 4. 2 43 41 /. // /2 4 3 / 17 /4 5 / 37 /7 // / 6 2 7 37 04 0 0 0 /7 /. /2 / 0 / 24 0. / 5 0/ 1 1 3/ 0 60 3 /4 //3
 

Wdeoh:=RxwfrphriDGlqyhvwljdwlrqv/4<;405334

Phdvxuhv Phdvxuhv
Frxqwu| Lqlwldwhg
gxw| xqghuwdn1 (riwrwdo (xqghuw12phdvxuhv
xqghuw12phdvxuhv
Jxdwhpdod 4 4 3 433133( 3133(
Mdpdlfd 4 4 3 433133( 3133(
Vlqjdsruh 5 5 3 433133( 3133(
Vsdlq 4 4 3 433133( 3133(
Wkdlodqg : 9 3 ;81:4( 3133(
HHF :;7 676 568 :61:5( 73199(
Lqgld 4<5 46; 3 :41;;( 3133(
Ilqodqg 49 5 < 9;1:8( ;41;5(
Hj|sw 58 4: 3 9;133( 3133(
Pdod|vld 48 43 3 9919:( 3133(
VrxwkNruhd 99 59 4: 98148( 6<186(
Ph{lfr 4;3 436 47 98133( 441<:(
Yhqh}xhod 64 53 3 97185( 3133(
Sklolsslqhv 4< 45 3 96149( 3133(
XqlwhgVwdwhv ;89 7;6 58 8<168( 71<5(
Fdqdgd 7:; 58< 53 8;16:( :14:(
Frorpeld 5: 48 3 88189( 3133(
Wxunh| <7 7< 3 85146( 3133(
Lqgrqhvld 66 4: 3 84185( 3133(
VrxwkDiulfd 563 44; 3 84163( 3133(
Mdsdq 43 5 6 83133( 93133(
Sdudjxd| 5 4 3 83133( 3133(
WulqlgdgWredjr ; 6 4 83133( 58133(
Eud}lo 476 99 8 7<198( :137(
Qhz]hdodqg ;8 67 : 7;157( 4:13:(
Lvudho 58 45 3 7;133( 3133(
Dujhqwlqd 534 ;4 43 7815:( 431<<(
Shux 69 48 3 7419:( 3133(
Fkloh 4: : 3 7414;( 3133(
Dxvwudold ;5< 5:: 96 74134( 4;186(
Fklqd 55 < 3 731<4( 3133(
F}hfkUhsxeolf 6 4 3 66166( 3133(
Qlfdudjxd 6 3 4 66166( 433133(
Xnudlqh 6 4 3 66166( 3133(
Wdlzdq :6 47 9 5:173( 63133(
Srodqg 5; 9 4 58133( 4715<(
Vzhghq 46 3 6 5613;( 433133(
FrvwdUlfd 9 4 3 4919:( 3133(
Dxvwuld < 3 3 3133( 0
Hfxdgru 4 3 3 3133( 0
Olwkxdqld 47 3 3 3133( 0
Sdqdpd 5 3 3 3133( 0
Uxvvld 5 3 3 3133( 0
Voryhqld 4 3 3 3133( 0
Xuxjxd| 6 3 3 3133( 0
WRWDO 78<: 5486 753 881<:( 49165(
Wdeoh;=Ghilqlwlyhphdvxuhve|lpsrvlqjfrxqwu|
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo ( ;40;:( ;;0<7( <8034(
Dujhqwlqd 1 1 1 1 1 1 1 1 1 1 1 1 3 3 ; 54 45 46 45 44 47 <4 6187 3133 3133 :1;:
Dxvwudold 58 67 7< 6< 4; 58 6 9 45 9 9 68 57 53 6 4 5 : 47 7 : 673 46157 5919< 481;7 615;
Eud}lo 3 3 7 3 5 5 : 6 4 < 4 ; ; 45 47 :4 51:9 3133 5195 718;
Fdqdgd 48 ; 6: 46 4: 5: 43 56 8 9 8 44 48 49 47 9 6 8 44 4< 46 5:< 431;9 4:18: 441:: 9147
Fkloh 1 1 1 1 1 1 1 3 6 3 5 3 5 3 3 : 315: 3133 3133 3194
Fklqd 3 6 3 9 < 3168 3133 3133 31:;
Frorpeld 3 4 4 4 3 3 4 4 6 7 6 48 318; 3133 3177 4137
FrvwdUlfd 3 4 3 3 3 3 4 3137 3133 3133 313<
F}hfkUhsxeolf 3 3 3 3 4 4 3137 3133 3133 313<
HHF 4< 64 7< 68 64 56 5< 49 58 55 58 53 59 4< 55 64 48 76 65 5; 6: 8:; 55184 63134 55157 4:1<;
Hj|sw 3 8 3 45 3 4: 3199 3133 3133 417:
Ilqodqg 5 3 3 3 4 3 6 3 6 4 3 4 3 3 HHF 44 3176 31;6 31:6 3133
Jxdwhpdod 3 4 3 3 3 3 4 3137 3133 3133 313<
Lqgld 3 3 3 3 3 3 3 3 3 8 3 ; 9 4: 5< 65 74 46; 816: 3133 31:6 44183
Lqgrqhvld 3 3 3 9 ; 3 6 4: 3199 3133 3133 417:
Lvudho 1 1 1 4 3 3 5 8 6 4 45 317: 3133 3133 4137
Mdpdlfd 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 3137 3133 3133 313<
Mdsdq 3 3 4 3 3 3 3 3 3 4 3 3 5 3 3 4 3 3 3 3 3 8 314< 3147 3177 313<
Pdod|vld 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 5 7 3 5 3 43 316< 3133 3133 31;9
Ph{lfr 3 6 8 < 47 : 8 48 56 7 : < 8 9 445 7169 3133 9158 81<9
Qhz]hdodqg 1 3 4 3 3 3 3 9 9 4 3 : < 3 4 6 6 4 3 3 6 74 4193 3147 7155 31<8
Qlfdudjxd 3 3 3 3 4 3 1 4 3137 3133 3133 313<
Sdudjxd| 3 3 3 3 4 3 4 3137 3133 3133 313<
Shux 3 3 4 3 5 6 4 4 9 4 48 318; 3133 3148 4154
Sklolsslqhv 3 3 6 4 5 4 8 45 317: 3133 3133 4137
Srodqg 3 3 4 3 9 : 315: 3133 3133 3194
Vlqjdsruh 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 3 3 5 313; 3133 3133 314:
VrxwkDiulfd 1 1 1 1 1 1 1 1 1 1 1 1 8 43 6 4 58 47 65 49 45 44; 7193 3133 514; ;1<3
VrxwkNruhd 1 1 1 1 1 3 5 3 3 3 3 5 5 6 6 3 47 : 8 5 6 76 419: 315; 4135 51<7
Vsdlq 3 3 3 3 4 HHF 4 3137 3147 3133 3133
Vzhghq 3 3 3 3 3 3 5 3 3 3 3 3 4 3 HHF 6 3145 315; 3148 3133
Wdlzdq 3 3 4 3 4 3 3 5 4 9 3 4 4 3 8 4 4 53 31:; 3147 4178 31:;
Wkdlodqg 3 4 3 4 5 3 5 3 9 3156 3133 3133 3185
Wulqlgdg Wredjr 1 1 3 3 3 4 3 4 5 7 3149 3133 3133 3168
Wxunh| 1 47 < 6 7 44 3 3 3 3 9 5 7< 41<4 3133 7169 4197
Xnudlqh 3 4 4 3137 3133 3133 313<
XqlwhgVwdwhv 8 7; ; 66 46 58 73 55 5< 4: 4: 49 64 74 88 4: 48 4: 53 4< 53 83; 4<1:; 561:< 58148 4713<
Yhqh}xhod 3 3 5 5 3 3 4 8 43 3 53 31:; 3133 315< 4189
Wrwdo 99 454 478 453 ;4 433 <3 :9 ;8 8< :; 453 467 469 476 45; 448 496 53; 4<: 536 589; 433133 433133 433133 433133

Qrwhv=Dqhpsw|fhoophdqvwkdwwkhfrxqwu|glgqrwkdyhdqDGodzlqwkdw|hdu1
Dgrwphdqvwkdwqrlqirupdwlrqlvdydlodeohiruwkdw|hdu1
HHFphdqvwkdwwkhfrxqwu|mrlqhgwkhHHFlqwkdw|hdu>iurpwkdw|hdurqzduglwvlqyhvwljdwlrqvduhlqfoxghglqwkhHHFgdwd1
Wdeoh<=Lpsrvlqjyv1wdujhwhgfrxqwulhve|ohyhorighyhorsphqw

SdqhoD=4<;405334

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lpsrvlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv :66 8;< 7<: 4;4<
73163( 6516;( 5:165( 433133(
GhyhorslqjFrxqwulhv 55; 554 556 9:5
661<6( 651;<( 6614;( 433133(
FrxqwulhvlqWudqvlwlrq : 8 9 4;
6;1;<( 5:1:;( 66166( 433133(
WRWDO <9; ;48 :59 583<
6;18;( 6517;( 5;1<7( 433133(

SdqhoE=4<;404<;:

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lpsrvlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 679 473 4:7 993
85175( 54154( 59169( 433133(
GhyhorslqjFrxqwulhv 4 5 3 6
66166( 9919:( 3133( 433133(
FrxqwulhvlqWudqvlwlrq 3 3 3 3

WRWDO 67: 475 4:7 996


85167( 54175( 59157( 433133(

SdqhoF=4<;;04<<7

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lpsrvlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 54< 54: 45; 897
6;1;6( 6;17;( 551:3( 433133(
GhyhorslqjFrxqwulhv 87 68 69 458
76153( 5;133( 5;1;3( 433133(
FrxqwulhvlqWudqvlwlrq 3 3 3 3

WRWDO 5:6 585 497 9;<


6<195( 6918:( 561;3( 433133(

SdqhoG=4<<805334

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lpsrvlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 49; 565 4<8 8<8
5;157( 6;1<<( 651::( 433133(
GhyhorslqjFrxqwulhv 4:6 4;7 4;: 877
641;3( 661;5( 6716;( 433133(
FrxqwulhvlqWudqvlwlrq : 8 9 4;
6;1;<( 5:1:;( 66166( 433133(
WRWDO 67; 754 6;; 448:
6313;( 6916<( 66187( 433133(
Wdeoh43=Lpsrvlqjxqghuwdnlqjvyv1wdujhwhgfrxqwulhve|ohyhorighyhorsphqw

SdqhoD=4<;405334

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lpsrvlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 44: 93 4:5 67<
66185( 4:14<( 7<15;( 433133(
GhyhorslqjFrxqwulhv 63 53 8 88
87188( 69169( <13<( 433133(
FrxqwulhvlqWudqvlwlrq 4 3 3 4
433133( 3133( 3133( 433133(
WRWDO 47; ;3 4:: 738
69187( 4<1:8( 761:3( 433133(

SdqhoE=4<;404<;:

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lpsrvlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv :3 53 433 4<3
691;7( 43186( 85196( 433133(
GhyhorslqjFrxqwulhv 4 5 3 6
66166( 9919:( 3133( 433133(
FrxqwulhvlqWudqvlwlrq 3 3 3 3

WRWDO :4 55 433 4<6


691:<( 44173( 841;4( 433133(

SdqhoF=4<;;04<<7

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lpsrvlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 59 56 66 ;5
641:4( 5;138( 73157( 433133(
GhyhorslqjFrxqwulhv 46 7 4 4;
:5155( 55155( 8189( 433133(
FrxqwulhvlqWudqvlwlrq 3 3 3 3

WRWDO 6< 5: 67 433


6<133( 5:133( 67133( 433133(

SdqhoG=4<<805334

Wdujhwhg Ghyhorshg Ghyhorslqj Frxqwulhv


WRWDO
Lpsrvlqj Frxqwulhv Frxqwulhv lqWudqvlwlrq
GhyhorshgFrxqwulhv 54 4: 6< ::
5:15:( 5513;( 83198( 433133(
GhyhorslqjFrxqwulhv 49 47 7 67
7:139( 7414;( 441:9( 433133(
FrxqwulhvlqWudqvlwlrq 4 3 3 4
433133( 3133( 3133( 433133(
WRWDO 6; 64 76 445
661<6( 5:19;( 6;16<( 433133(
Wdeoh44=Ghilqlwlyhphdvxuhve|diihfwhgfrxqwu|
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo ( ;40;:( ;;0<7( <8034(
Dojhuld 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 4 3 5 313; 3133 3148 313<
Dujhqwlqd 3 4 3 5 4 7 3 3 4 3 4 5 3 3 6 3 3 3 3 5 4 4; 31:5 4154 318; 3185
Dxvwudold 3 4 3 4 3 3 3 3 4 3 3 3 3 5 5 3 4 4 4 4 5 46 3185 3163 3177 319<
Dxvwuld 3 5 3 4 4 4 3 3 4 3 3 3 3 3 4 3 3 6 3 4 4 45 317; 31:8 3148 3185
Edqjodghvk 3 3 3 3 3 3 3 3 3 3 3 4 4 3 3 3 3 3 3 3 3 5 313; 3133 315< 3133
Ehoduxv 3 4 4 3 3 4 3 3 3 7 : 315; 3133 315< 3176
Ehojlxp 4 4 6 6 3 4 4 4 4 4 3 5 5 4 3 3 4 5 7 4 4 5: 413; 4184 4149 31:;
ErvqldKhu}hj1 3 3 3 4 3 3 3 3 3 4 3137 3133 3133 313<
Eud}lo 4 4 ; 7 7 8 8 8 4 7 5 : 9 < 9 46 45 7 9 : 7 447 7188 7155 71<7 717<
Exojduld 3 3 3 3 4 4 3 3 3 4 3 3 4 4 6 3 4 3 6 5 3 47 3189 3163 3177 31:;
Fdqdgd 3 ; 5 6 7 7 7 6 6 5 3 5 6 6 3 5 3 5 6 3 3 7; 41<4 61:: 5166 3194
Fkloh 3 3 4 3 3 3 4 3 3 3 3 3 3 3 3 3 5 4 5 3 4 ; 3165 3163 3133 3185
Fklqd 4 4 9 44 9 8 9 6 5 6 4: 49 47 53 66 64 55 67 54 47 59 5<5 44197 8176 431<3 48197
Frorpeld 3 3 3 3 3 3 4 3 3 3 3 3 3 3 4 3 3 3 4 3 3 6 3145 3148 3133 314:
FrvwdUlfd 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 4 3137 3133 3133 313<
Furdwld 3 5 3 3 6 3 3 3 5 3 : 315; 3133 315< 3176
Fxed 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 4 3137 3133 3133 313<
F}hfkUhsxeolf 4 4 3 6 3 5 5 6 3 45 317; 3133 315< 31;9
F}hfkrvorydnld 3 9 8 7 7 5 5 4 5 4 4 3 5; 4145 617: 31:6 3133
Ghqpdun 3 3 3 3 3 4 3 3 3 3 4 4 3 3 4 3 4 3 4 4 : 315; 3148 315< 3168
HdvwJhupdq| 4 8 8 7 7 6 6 4 4 4 5; 4145 61:: 3177 3133
Hfxdgru 3 3 3 3 3 3 4 3 3 3 3 3 3 3 4 3 3 3 3 3 3 5 313; 3148 3133 313<
HHF 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 3 9 ; 49 3197 3133 3133 416;
Hj|sw 3 3 3 3 3 3 3 3 3 3 3 3 5 3 3 3 4 4 3 5 3 9 3157 3133 315< 3168
Hvwrqld 3 3 3 3 3 3 3 5 3 3 5 313; 3133 3133 314:
Ilqodqg 3 5 3 3 3 5 3 3 3 4 4 3 3 6 3 3 4 4 6 5 3 49 3197 3193 31:6 3194
Iudqfh 4 7 43 7 4 4 5 4 4 4 5 5 5 7 5 3 6 5 : 9 9 95 517: 617: 41;< 5158
Jhupdq| 6 6 ; 9 5 5 4 9 7 5 5 7 7 8 7 7 5 9 : 8 8 ;8 616< 61:: 61<5 51;8
Juhhfh 3 3 3 3 3 3 3 3 4 3 3 4 3 3 3 3 3 5 3 3 3 7 3149 3133 315< 314:
KrqjNrqj 3 3 3 3 6 4 3 4 6 4 4 5 3 6 4 4 7 3 5 4 3 57 31<9 3193 4193 31:;
Kxqjdu| 3 6 5 4 5 5 6 3 4 3 4 5 5 4 3 4 3 3 6 6 4 5; 4145 41<9 4135 319<
Lfhodqg 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3137 3148 3133 3133
Lqgld 3 4 5 3 3 5 4 3 4 3 3 7 7 7 7 6 5 ; ; 44 : 95 517: 31<3 41;< 61:5
Lqgrqhvld 3 3 3 3 3 3 3 3 3 3 4 7 6 5 3 4 6 : 7 9 43 74 4196 3133 4178 519;
Ludq 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 5 313; 3133 3133 314:
Luhodqg 3 3 4 3 3 4 3 3 3 3 4 4 3 3 3 3 3 3 5 3 3 9 3157 3163 315< 314:
Lvudho 3 3 4 4 3 4 5 4 3 3 3 3 3 3 4 3 3 3 4 3 3 ; 3165 31:8 3148 314:
Lwdo| 4 5 6 : 7 5 6 3 6 4 3 7 4 6 6 4 6 6 : 5 5 88 514< 6165 41:7 41;5
Wdeoh44=Ghilqlwlyhphdvxuhve|diihfwhgfrxqwu|/frqwlqxhg
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo ( ;40;:( ;;0<7( <8034(
Mdsdq 6 4; 47 4: 43 46 47 45 46 43 44 43 9 < < 9 8 9 44 46 47 557 ;1<6 46175 43165 8186
Nd}dnkvwdq 3 5 5 3 3 5 3 7 4 4 45 317; 3133 318; 319<
Nhq|d 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3137 3148 3133 3133
Nxzdlw 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3137 3133 3148 3133
N|uj|}vwdq 3 4 3 3 3 3 3 3 3 3 4 3137 3133 3148 3133
Odwyld 3 3 3 3 3 3 4 5 3 5 8 3153 3133 3133 3176
Ole|d 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3137 3133 3148 3133
Olhfkwhqvwhlq 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 4 3137 3133 3133 313<
Olwkxdqld 3 3 3 3 3 3 5 3 4 6 3145 3133 3133 3159
Ox{hperxuj 3 3 4 3 3 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 5 313; 3148 3148 3133
Pdfhgrqld 3 3 3 4 3 3 3 3 3 4 3137 3133 3133 313<
Pdodzl 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 3137 3133 3133 313<
Pdod|vld 3 3 3 3 3 3 3 6 6 3 3 5 4 4 5 7 6 6 5 5 7 63 4153 3133 4178 41:6
Ph{lfr 3 3 3 3 3 4 6 3 6 4 5 4 7 6 4 4 8 4 4 9 5 68 4173 3193 5136 417:
Progryd 3 3 3 4 3 3 3 3 3 5 6 3145 3133 3133 3159
Qhwkhuodqgv 4 3 5 5 3 3 3 4 5 3 4 5 5 5 4 5 5 3 3 7 3 57 31<9 31:8 4178 31:;
Qhz]hdodqg 3 3 6 7 3 6 3 3 3 3 3 4 3 3 4 3 3 4 3 3 4 47 3189 4184 3148 3159
Qruzd| 3 3 4 3 3 4 4 3 3 3 4 3 4 3 3 3 3 5 3 3 3 : 315; 3178 315< 314:
Sdnlvwdq 3 3 3 3 3 3 3 3 3 3 4 3 4 3 3 4 3 4 3 3 4 8 3153 3133 315< 3159
Sdudjxd| 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 4 3 3 5 313; 3133 3133 314:
Sklolsslqhv 3 3 3 3 3 4 3 3 3 3 4 5 4 3 3 3 5 3 3 3 4 ; 3165 3148 318; 3159
Srodqg 5 7 7 4 5 5 : 3 5 4 4 3 7 4 5 4 5 8 ; 5 7 88 514< 6165 4164 513:
Sruwxjdo 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 5 3 3 6 3145 3133 3133 3159
SxhuwrUlfr 3 5 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 313; 3163 3133 3133
Urpdqld 5 6 ; 5 4 4 7 3 7 7 7 6 4 3 5 4 3 6 5 6 5 83 41<< 614: 5166 4145
Uxvvld 3 7 8 < 9 8 9 45 44 46 :4 51;6 3133 4164 8169
VdxglDudeld 3 3 3 3 3 3 3 4 3 3 3 3 5 3 3 3 3 3 4 3 5 9 3157 3133 3177 3159
Vhueld2Prqwhq1 4 3 3 4 3 3 3 4 3 6 3145 3133 3148 314:
Vlqjdsruh 4 4 3 3 5 4 4 6 6 3 3 4 5 9 5 3 3 4 5 5 4 5< 4149 31<3 514; 319<
VorydnUhsxeolf 3 3 3 3 3 5 3 5 3 7 3149 3133 3133 3168
Voryhqld 3 3 3 3 4 3 3 3 3 3 4 3137 3133 3133 313<
VrxwkDiulfd 3 3 3 4 5 5 3 3 3 3 3 4 4 6 5 6 5 6 6 8 3 5; 4145 31:8 31:6 4189
VrxwkNruhd 4 4 < < 7 : 7 5 7 < 7 ; 46 44 : 7 5 < 48 4< 54 496 9183 815; :174 9199
Vsdlq 5 3 8 7 8 4 3 6 5 3 4 5 4 5 7 3 4 5 8 6 6 79 41;6 5189 4193 4189
Vzhghq 4 3 6 6 6 6 5 5 4 4 3 4 3 4 4 3 3 4 6 3 4 5: 413; 5159 31;: 3185
Vzlw}huodqg 4 3 3 3 4 4 3 3 4 3 3 3 3 3 3 3 3 4 3 3 3 8 3153 3178 3148 313<
Wdlzdq 3 5 5 9 4 8 9 5 : 6 8 : : 7 6 7 7 < 45 44 44 444 7176 6165 813< 719:
Wdmlnlvwdq 3 4 3 3 3 3 3 3 3 3 4 3137 3133 3148 3133
Wdeoh44=Ghilqlwlyhphdvxuhve|diihfwhgfrxqwu|/frqwlqxhg
Frxqwu| 4<;4 4<;5 4<;6 4<;7 4<;8 4<;9 4<;: 4<;; 4<;< 4<<3 4<<4 4<<5 4<<6 4<<7 4<<8 4<<9 4<<: 4<<; 4<<< 5333 5334 Wrwdo ( ;40;:( ;;0<7( <8034(
Wkdlodqg 3 3 3 4 3 5 3 4 5 7 5 6 7 6 9 : 6 : 4 : ; 94 5176 3178 51:9 616:
WulqlgdgWredjr 3 3 3 4 3 3 3 4 3 3 3 3 3 3 3 3 3 5 3 3 3 7 3149 3148 3148 314:
Wxunh| 3 4 5 4 3 5 4 4 3 3 4 6 5 3 3 5 5 5 5 7 5 5; 4145 4139 4135 4154
Xnudlqh 3 6 7 ; 5 6 6 ; 43 9 7: 41;: 3133 4135 6179
XqlwhgNlqjgrp 4 4 8 6 4 6 3 5 4 4 4 6 5 6 6 5 5 6 5 5 5 76 41:4 5144 41;< 416;
XqlwhgVwdwhv 47 : 4: 43 < 8 6 8 ; 4 : 44 48 46 < : < : 47 < 44 4<4 :195 <1;3 ;1:5 81:3
Xuxjxd| 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 3 3 4 5 313; 3133 3148 313<
XVVU 6 6 8 4 5 4 7 6 4 4 3 3 57 31<9 51;: 31:6 3133
Yhqh}xhod 3 3 5 4 3 3 3 4 4 4 4 7 5 3 7 : 3 4 3 3 4 59 4137 3178 4178 4145
Ylhwqdp 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 5 6 3145 3133 3133 3159
YlujlqLvodqg 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3137 3148 3133 3133
\xjrvodyld 3 5 5 4 4 7 6 5 6 7 6 3 3 58 4133 41<9 41:7 3133
]lpedezh 3 3 4 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 3 3 3 5 313; 3148 3133 313<
Wrwdo 74 ;: 477 453 ;4 433 <3 :4 ;< 93 :; 453 467 469 476 45; 448 498 539 4<: 536 583; 433133 433133 433133 433133

Qrwhv=Dqhpsw|fhoophdqvwkdwwkhfrxqwu|glgqrwh{lvwlqwkdw|hdu1
Wdeoh45=Lqwhqvlw|rilqlwldwlrqvriDGlqyhvwljdwlrqv
Frxqwu| 4<;405334 Frxqwu| 4<;404<;: Frxqwu| 4<;;04<<7 Frxqwu| 4<<805334
Dujhqwlqd 474: 9 Dxvwudold 5<<5 4 Srodqg- 7439 45 VrxwkDiulfd 4678 7
VrxwkDiulfd 4739 8 Fdqdgd 938 7 Dujhqwlqd 533< < Dujhqwlqd 463< 8
Dxvwudold 45<3 5 Qhz]hdodqg 658 8 VrxwkDiulfd 4:43 ; Olwkxdqld 459: 57
Olwkxdqld 459: 59 Ph{lfr 538 44 Dxvwudold 476< 5 Lqgld <97 6
Shux 9<< 47 XVD 4;: 5 Shux 4474 48 Wulqlgdg Wredjr 9<; 58
Wulqlgdg Wredjr 9<; 63 HHF 495 6 Wxunh| <86 9 Qhz]hdodqg 939 44
Qhz]hdodqg 963 44 Wdlzdq 483 : Qhz]hdodqg ;97 43 Shux 8<: 49
Lqgld 8:; : Ilqodqg 437 9 Frorpeld 8<4 47 Qlfdudjxd 899 63
Qlfdudjxd 899 67 VrxwkNruhd :; ; Eud}lo 87< : Hj|sw 843 47
Hj|sw 843 4< Vzhghq 58 < Ph{lfr 873 8 Dxvwudold 74< 9
Eud}lo 6;4 < Dxvwuld ; 45 Yhqh}xhod 563 53 Yhqh}xhod 735 4:
Yhqh}xhod 684 49 Vsdlq ; 46 Fdqdgd 55< 7 Eud}lo 664 ;
Wxunh| 677 43 Mdsdq 7 43 HHF 479 6 FrvwdUlfd 5:: 59
Frorpeld 66: 4; Fkloh 45< 56 Frorpeld 593 55
FrvwdUlfd 5:: 65 XVD 455 4 Sdudjxd| 564 68
Fdqdgd 583 7 Wdlzdq 455 44 Lqgrqhvld 537 45
Sdudjxd| 564 6; Wkdlodqg <7 55 Fkloh 536 54
Ph{lfr 559 ; Lqgld ;9 49 Xuxjxd| 4<4 65
Lqgrqhvld 537 48 Ilqodqg :6 4< Lvudho 4:9 48
Fkloh 4<: 56 VrxwkNruhd 7; 46 Xnudlqh-- 4:5 64
Xuxjxd| 4<4 69 Vzhghq 6; 4: Sdqdpd 493 67
Srodqg- 4;4 4: Dxvwuld 69 4; Sklolsslqhv 45; 53
Lvudho 4:9 53 Mdsdq 8 54 Fdqdgd 444 :
Xnudlqh-- 4:5 68 Wxunh| 435 4<
Sdqdpd 493 6: Ph{lfr 435 <
Sklolsslqhv 45; 55 VrxwkNruhd :9 43
HHF 43< 6 Mdpdlfd :6 73
XVD 433 4 Wdlzdq :5 46
Wdlzdq <9 45 Jxdwhpdod 95 6<
Ilqodqg ;9 57 Hfxdgru 8< 6;
VrxwkNruhd 9: 46 XVD 86 5
Jxdwhpdod 95 75 Fklqd 83 4;
Hfxdgru 8< 74 Pdod|vld 78 56
Fklqd 83 54 HHF 77 4
Pdod|vld 78 58 Uxvvld-- 65 69
Mdpdlfd 67 76 F}hfkUhs1 5< 5<
Vzhghq 66 5: Srodqg 5: 5:
Uxvvld-- 65 6< Voryhqld 56 74
F}hfkUhs1 5< 66 Wkdlodqg 47 5;
Dxvwuld 59 5< Vlqjdsruh 7 6:
Voryhqld 56 77 Mdsdq 4 66
Wkdlodqg 56 64
Vsdlq ; 78
Mdsdq 6 5;
Vlqjdsruh 5 73

Qrwhv=-Srodqglqlwldwhg lqyhvwljdwlrqv lq4<<5lqyrnlqj wkhfxvwrpvodz/dvwkhDGzdvlpsohphqwhg rqo|lq4<<:1


 --Wkhvhqxpehuvvkrxogehylhzhgdvplqlpxpfdvhvlqlwldwhg vlqfhwkh|kdyhehhqrewdlqhg iurpflwdwlrqv lqwkh
 srsxodusuhvv1
Wdeoh46=Lqwhqvlwlhvirufrxqwulhvdiihfwhge|DGlqyhvwljdwlrqv
Frxqwu| 4<;405334 Frxqwu| 4<;404<;: Frxqwu| 4<;;04<<7 Frxqwu| 4<<805334
Vhueld2Prqwhq1 6:89 96 F}hfkrvorydnld 4359 45 Wdmlnlvwdq 46<:< 9; Vhueld2Prqwhq1 59;8 85
Duphqld 5:95 ;5 Qhz]hdodqg <:9 55 Duphqld 4439< :5 Odwyld 5635 6;
Progryd 56:; 9; \xjrvodyld ;;7 4: Wxunphqlvwdq ;79; :3 Progryd 55:3 94
Odwyld 4<98 94 Srodqg ;6: 48 Nd}dnkvwdq 7377 83 Pdfhgrqld 533: 7<
Jhrujld 4;6< :4 Vxulqdph :<9 99 N|uj|}vwdq 6<4< :: Jhrujld 4;6< ;4
Pdfhgrqld 4::4 9: VrxwkNruhd :9< 7 Progryd 5::8 98 Pr}dpeltxh 4:37 ;<
Pr}dpeltxh 4:37 43; Lfhodqg :95 7; Olwkxdqld 594; 94 Duphqld 48:; :8
Xnudlqh 48;< 55 Kxqjdu| :68 53 Ehoduxv 56<3 7; Xnudlqh 4787 45
Wdmlnlvwdq 48:8 :8 Urpdqld :4: 4; Xnudlqh 5667 64 Ervqld0Khu}hjry1 4447 ;3
N|uj|}vwdq 4645 ;9 Eud}lo :34 8 VorydnUhs1 4<73 8; Nd}dnkvwdq 4344 5;
Nd}dnkvwdq 4578 78 Vsdlq 9;< 44 Furdwld 468; 97 Pdodzl <34 ;;
Olwkxdqld 4459 8< Ehojlxp.Ox{1 9;: 49266 Urpdqld 465: 48 Olwkxdqld ;96 76
Ervqld0Khu}hjry1 43:9 <: Fklqd 987 9 F}hfkUhs1 45;6 77 Urpdqld ;96 58
X}ehnlvwdq 4388 98 Wdlzdq 8:3 ; Hvwrqld 459< :9 Ehoduxv ;54 68
Ehoduxv 434: 7: Wkdlodqg 86: 5: D}huedlmdq 4364 :6 N|uj|}vwdq :;; ;7
Urpdqld <49 4; Sruwxjdo 844 69 Eud}lo ;68 8 Lqgld :;; ;
Wxunphqlvwdq ;87 :9 Luhodqg 79: 75 Lqgld ;49 43 Qlfdudjxd ::5 <3
F}hfkrvorydnld ;68 57 Lvudho 774 65 Fklqd :<3 4 Hj|sw :85 75
D}huedlmdq ;34 ;6 Wxunh| 769 67 Sdnlvwdq :49 68 D}huedlmdq 989 :9
\xjrvodyld :86 5< HoVdoydgru 74; 8; Uxvvld 9:7 54 Exojduld 97; 73
Lqgld 9;4 45 Dujhqwlqd 734 63 Wxunh| 963 56 Wdmlnlvwdq 89; <5
Eud}lo 98; : GrplqlfdqUhs1 6:4 88 \xjrvodyld 94; 58 Lqgrqhvld 873 :
Fklqd 93; 4 Lwdo| 6:4 : Wkdlodqg 949 ; Fklqd 85< 4
Hvwrqld 93; :3 WulqlgdgWredjr 684 7: VrxwkNruhd 8<6 6 Eud}lo 838 44
Vsdlq 886 46 FrvwdUlfd 65; 86 Srodqg 8<5 53 Fxed 835 99
Srodqg 877 49 Nhq|d 5<; 95 F}hfkrvorydnld 8;9 5: X}ehnlvwdq 7:8 97
VrxwkNruhd 843 6 HHFwrwdo 5;; Dujhqwlqd 887 5< Vsdlq 7:3 47
Wkdlodqg 836 < Frorpeld 5:3 79 Sdudjxd| 857 ;3 VrxwkDiulfd 798 4:
Wxunh| 7;3 5: Iudqfh 599 < Juhhfh 855 87 Wkdlodqg 779 43
VorydnUhs1 79; 89 ]lpedezh 58< 9; Hj|sw 7<< 78 Fkloh 768 5:
Hj|sw 77: 83 XqlwhgNlqjgrp 585 43 Vsdlq 7<< 55 Sdudjxd| 758 <4
Kxqjdu| 758 63 Qhwkhuodqgv 583 56 Kxqjdu| 7;; 66 Wxunh| 73; 53
Sruwxjdo 754 7< Sklolsslqhv 57< 76 Yhqh}xhod 7;9 5; VrxwkNruhd 738 5
Sdnlvwdq 6<7 79 Fkloh 575 78 Edqjodghvk 787 95 Furdwld 68< 86
Sdudjxd| 6;8 ;< Jhupdq| 56; 6 F|suxv 76< :8 ]lpedezh 68; :6
Uxvvld 6;3 48 Yhqh}xhod 557 5< WulqlgdgWredjr 76< 9< Erolyld 687 :<
Wdlzdq 685 8 VrxwkDiulfd 549 58 Ehojlxp.Ox{1 75: 47288 Sruwxjdo 67; 88
Lqgrqhvld 684 47 Mdsdq 543 4 Frorpeld 749 76 Srodqg 678 55
WulqlgdgWredjr 683 97 Dxvwuld 539 5; Sruwxjdo 6;6 8: VorydnUhs1 66< 74
Pdodzl 67: 43: Vzhghq 535 54 VulOdqnd 6;3 9: Xuxjxd| 66: :5
Dujhqwlqd 679 64 Ph{lfr 4;: 57 Wdlzdq 697 9 Uxvvld 667 9
Ehojlxp.Ox{1 677 4<284 Vlqjdsruh 4:: 59 Luhodqg 694 7: Sdnlvwdq 658 77
Qhz]hdodqg 677 6< Exojduld 49: 73 Lqgrqhvld 657 4; Juhhfh 645 87
Fkloh 673 73 XVD 47< 5 Pdod|vld 646 4: Krqgxudv 63< ;6
Exojduld 66< 77 Lqgld 475 74 Fxed 5:; :7 Wxunphqlvwdq 638 <6
F}hfkUhs1 657 75 Pdod|vld 473 6< Lvudho 5:6 74 WulqlgdgWredjr 5<3 :4
VrxwkDiulfd 654 54 Ilqodqg 46< 6; Exojduld 5:4 75 Wdlzdq 5;6 8
Juhhfh 646 93 Hfxdgru 463 89 Qhwkhuodqgv 597 57 FrvwdUlfd 589 8;
Qlfdudjxd 63: 43< Fdqdgd 458 47 FrwhgLyrluh 58< 96 F}hfkUhs1 569 5<
Fxed 5;7 :7 Qruzd| 455 68 VrxwkDiulfd 58; 63 Dujhqwlqd 554 63
Yhqh}xhod 5:< 66 Juhhfh 453 8< Xuxjxd| 56; ;6 Qhwkhuodqgv 54: 54
Vxulqdph 594 444 Shux 434 98 SdsxdQhzJ1 565 :< Kxqjdu| 544 69
Qhwkhuodqgv 573 59 KrqjNrqj 434 64 Fkloh 55: 7< Shux 4<< 95
Furdwld 56; 99 Ludq 63 94 Pdfdr 558 :; Yhqh}xhod 4;: 6:
Frorpeld 568 87 Nxzdlw 58 96 Sklolsslqhv 555 85 Dxvwuld 4;6 67
Tdwdu 55< <4 Ole|d 56 97 HHFwrwdo 4<6 Pdfdr 4;9 ;:
Xuxjxd| 557 :; Lqgrqhvld 48 93 Ghqpdun 4;; 73 Jxdwhpdod 4:9 ;5
Wdeoh46=Lqwhqvlwlhvirufrxqwulhvdiihfwhge|DGlqyhvwljdwlrqv/frqwlqxhg
Frxqwu| 4<;405334 Frxqwu| 4<;404<;: Frxqwu| 4<;;04<<7 Frxqwu| 4<<805334
Pdod|vld 534 53 Hj|sw 433 8: Iudqfh 4;4 < Pdod|vld 49: 49
]lpedezh 553 ;3 Vzlw}huodqg :< 6: Ph{lfr 4:< 59 HHFwrwdo 484
FrvwdUlfd 53< 9< Dxvwudold 77 77 Lwdo| 4:7 46 Ylhwqdp 484 98
Lvudho 533 76 Ghqpdun 69 87 Vlqjdsruh 498 4< Qhz]hdodqg 483 84
Lwdo| 4<< 44 Dojhuld 59 85 XqlwhgNlqjgrp 494 44 Ghqpdun 46; 79
HHFwrwdo 4<7 VdxglDudeld 43 84 Ilqodqg 48< 6< Ehojlxp.Ox{1 465 6529:
Edqjodghvk 4;8 :6 HdvwJhupdq| q1d1 46 KrqjNrqj 467 45 Lwdo| 464 48
Lfhodqg 4:; ;8 SxhuwrUlfr q1d1 7< Dxvwuld 463 65 XqlwhgNlqjgrp 459 46
Luhodqg 4:: 88 Tdwdu q1d1 83 XVD 463 5 Ludq 44; 7;
Iudqfh 4:4 43 XVVU q1d1 4< Mdsdq 45; 7 Ilqodqg 44; 7:
XqlwhgNlqjgrp 49; ; YlujlqLvodqg q1d1 9: Wxqlvld 448 ;5 Jhupdq| 448 <
Dxvwuld 498 68 Jhupdq| 445 : Frorpeld 43< 8:
Pdfdr 495 ;; Dxvwudold <; 6: Edqjodghvk 43< :;
F|suxv 47; <; Vzhghq :; 69 Iudqfh 43; 4;
Grplqlfdq Uhs1 479 << Fdqdgd :: 49 Ph{lfr <: 4<
HoVdoydgru 478 434 Qruzd| 96 84 Voryhqld <8 :3
Jhupdq| 475 9 VdxglDudeld 83 86 Edkudlq <6 ::
Ilqodqg 473 74 Qhz]hdodqg 6< 89 Dxvwudold <3 64
Erolyld 46; <9 HHF : 6; Dojhuld ;< :7
Ghqpdun 464 7; Vzlw}huodqg : ;4 Lvudho ;: 83
Ph{lfr 464 56 Doedqld 3 :4 Vzhghq ;: 6<
Krqgxudv 45; 436 HdvwJhupdq| q1d1 79 Mdsdq :< 7
Mdsdq 456 7 Jhrujld q1d1 93 Luhodqg 95 93
Shux 44< :5 Vhueld2Prqwhq1 q1d1 99 XVD 94 6
Vzhghq 448 65 XVVU q1d1 67 VdxglDudeld 84 78
Ylhwqdp 446 :< X}ehnlvwdq q1d1 8< Ole|d 78 ;8
Sklolsslqhv 438 8; Vlqjdsruh 77 66
VulOdqnd 433 <6 XqlwhgDudeHp1 75 96
XVD 433 5 KrqjNrqj 75 56
Vlqjdsruh <8 5; Fdqdgd 64 59
Nhq|d <3 437 Sklolsslqhv 63 9<
Dxvwudold ;6 6; Vzlw}huodqg 54 89
Jxdwhpdod ;3 435 Qruzd| 4: 9;
SdsxdQhzJ1 :; 443 HHF < 57
KrqjNrqj :: 58 Olhfkwhqvwhlq q1d1 ;9
FrwhgLyrluh :8 ;7
Voryhqld :6 <5
Fdqdgd 98 4:
Qruzd| 89 85
Ludq 88 95
Hfxdgru 6; 433
Edkudlq 67 <8
VdxglDudeld 65 86
Vzlw}huodqg 5; 8:
Ole|d 55 ;:
XqlwhgDudeHp1 4: ::
Dojhuld 46 ;4
Nxzdlw 44 438
HHF : 6:
Doedqld 3 <7
HdvwJhupdq| q1d1 67
Olhfkwhqvwhlq q1d1 439
SxhuwrUlfr q1d1 <3
XVVU q1d1 69
YlujlqLvodqg q1d1 446

Qrwhv=HHFuhsuhvhqwv fdvhveurxjkwdjdlqvw wkhHxurshdq Frppxqlw|dvdzkroh1


 HHFwrwdouhsuhvhqwv fdvhveurxjkwdjdlqvw wkhHxurshdq Frppxqlw|dvdzkrohdqglwvphpehufrxqwulhv1
Iljxuh4=FrxqwulhvzlwkDGodzvdqgJDWW2ZWRphpehuvkls

Total number of countries with AD law, by year


------ GATT/WTO member, by year

140
1995: Uruguay AD Code

120
1980: Tokyo AD Code
100
C o u n trie s

1967: Kennedy AD Code


80
1956: GATT systematic study
60
1948: GATT
40

20

0
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000
Y e ar
Qrwhv=Edqjodghvk/ Ghqpdun/ Nhq|d/dqgVzhghq qrwlqfoxghg ehfdxvh riplvvlqj gdwd1

Iljxuh5=FrxqwulhvzlwkdqDGodzdvri6424525336

Countries with AD law (98) No information

Countries without AD law


Iljxuh6=DGlqyhvwljdwlrqvlqlwldwhg

4<;405334
733

683

633

583

533

483

433

83

3
4<;4 4<;6 4<;8 4<;: 4<;< 4<<4 4<<6 4<<8 4<<: 4<<< 5334

DooXvhuv Wuhqg

E|jurxsvrixvhuv/4<;405334
583

533

483

433

83

3
4<;4 4<;6 4<;8 4<;: 4<;< 4<<4 4<<6 4<<8 4<<: 4<<< 5334

WudglwlrqdoXvhuv QhzXvhuv
Iljxuh7=DGphdvxuhvlqirufhe|jurxsvrifrxqwulhv

:33

933

833

733

633

533

433

3
4<;4 4<;6 4<;8 4<;: 4<;< 4<<4 4<<6 4<<8 4<<: 4<<< 5334

Ghyhorshg Frxqwulhv Ghyhorslqj Frxqwulhv Frxqwulhv lqWudqvlwlrq


Iljxuh8=Ilolqjlqwhqvlwlhv/4<<805334

Australia Canada

0.0015
0.003

0.001
0.002

0.0005
0.001

0
100 200 300 400 500 600 700 800 900 1000 0
100 200 300 400 500 600 700 800 900 1000

EEC New Zealand

0.006

0.0006

0.004

0.0004

0.002
0.0002

0 0
100 200 300 400 500 600 700 800 900 1000 100 200 300 400 500 600 700 800 900 1000

USA

0.002

0.0015

0.001

0.0005

0
0 200 400 600 800 1000 1200

Qrwhv=Rxwolhuv h{foxghgiurpwkhjudskv=
 Dxvwudold= Frorpeld/Kxqjdu|/VrxwkDiulfd>Fdqdgd=Odwyld/VorydnUhsxeolf/VrxwkDiulfd>
 HHF=VrxwkDiulfd>Qhz]hdodqg=VrxwkDiulfd>XV=VrxwkDiulfd1
Iljxuh9=Ilolqjlqwhqvlwlhv/4<<805334

Argentina Brazil

0.04

0.016

0.03
0.012

0.02
0.008

0.01
0.004

0 0
100 200 300 400 500 600 700 800 900 1000 100 200 300 400 500 600 700 800 900 1000

India Mexico

0.03

0.009

0.02

0.006

0.01
0.003

0 0
100 200 300 400 500 600 700 800 900 1000 100 200 300 400 500 600 700 800 900 1000

South Africa

0.000045

0.00003

0.000015

0
100 200 300 400 500 600 700 800 900 1000

Qrwhv=Rxwolhuv h{foxghgiurpwkhjudskv=
 Dujhqwlqd= VrxwkDiulfd>Eud}lo=Nd}dnklvwdq/Pdfhgrqld/VrxwkDiulfd>Lqgld=Pdfhgrqld/VrxwkDiulfd1

You might also like