The Bridge - n 7 - Spring 2006

Transcription

The Bridge - n 7 - Spring 2006
˞
ࣝ
ᒰ
ᣮ
$:RUGIURPWKH&KDLUPDQ
'HDU0HPEHUV5HDGHUV
6ZLVV&KDP&KLQDH[SHULHQFHGDQH[FLWLQJDQGKHFWLF¿UVWTXDUWHURI
7KH5HJLRQDO*HQHUDO$VVHPEO\LQ%HLMLQJERGHIDUHZHOOWRLWVORQJVHUYLQJ3UHVLGHQW&\ULOO(OWVFKLQJHUZLWKD
ORQJODVWLQJDSSODXVHDQGQHZO\HOHFWHG-RKQ/LHEHVNLQGWRSUHVLGHRYHULWV%RDUG0DQ\WKDQNVIRUWKHJUHDW
HIIRUWGRQHLQIDYRURIRXU6ZLVV&KDPDQGDOOWKHEHVWIRU\RXUIXWXUHHQGHDYRUV
:HDUHKRQRUHGWRZHOFRPHIRUWKH¿UVWWLPHWKH³6ZLVV%XVLQHVV&RXQFLO+RQJ.RQJ´DVDQHZSDUWQHURI
³7KH%ULGJH´PDJD]LQH2XU+RQJ.RQJFROOHDJXHVKDYHFKRVHQ³7KH%ULGJH´DVWKHLURI¿FLDOSXEOLFDWLRQ<RX
PD\¿QGIURPWKLVLVVXHRQZDUGVDQHYHUJURZLQJVHFWLRQODEHOHG³6ZLVV%XVLQHVV&RXQFLO+RQJ.RQJ´:H
DUHWKDQNIXOWRWKH%RDUGRIWKH+RQJ.RQJ&RXQFLODQGLWV3UHVLGHQW+DQV.XQ]IRUWKHWUXVWJLYHQWRRXUMRLQW
SXEOLFDWLRQDQGDUHVXUHWKDWWKLVLVDQRWKHUPLOHVWRQHLQRXUVWULYHIRUDJRRGDQGFORVHFRRSHUDWLRQ
,Q*XDQJ]KRXRQ0DUFKVWWKHQHZO\HOHFWHG3UHVLGHQW0DUF$HVFKOLPDQQFRXOGSURXGO\DQQRXQFH
WKHRI¿FLDOLQDXJXUDWLRQRI6ZLVV&KDP*XDQJ]KRX%DVHGRQDQLQLWLDWLYHRI6ZLVV&KDP&KLQDDQGVWURQJO\
VXSSRUWHG E\ +( WKH $PEDVVDGRU RI 6ZLW]HUODQG 'DQWH 0DUWLQHOOL DQG WKH &RQVXO *HQHUDO RI *XDQJ]KRX
:HUQHU1LHYHUJHOWIRXQGLQJPHPEHUVJDWKHUHGWRJHWKHUDQGODXQFKHGWKHQHZRUJDQL]DWLRQ
:LWK WKLV LPSRUWDQW VWHS 6ZLVV&KDP &KLQD FRXOG ¿QDOO\ HUDVH D EODQN VSRW RQ WKH 6ZLVV EXVLQHVV PDS RI
&KLQD,QWKHIXWXUHZHZLOOEHDEOHWRVHUYHRXUPHPEHUVDQGWKH6ZLVV±&KLQHVHEXVLQHVVLQWHUHVWLQRQHRI
WKHPRVWLPSRUWDQWUHJLRQVRI&KLQDLQDPXFKWLPHOLHUDQGPRUHSURIHVVLRQDOZD\WKDQEHIRUH:HZLVKWKH
QHZ%RDUGDOOWKHEHVWDQGZHOFRPHDOOQHZPHPEHUVLQRXUPLGVW
:LWK WKLV HGLWLRQ RI ³7KH %ULGJH´ WKH HGLWRULDO WHDP KDV RQFH DJDLQ SURYHQ WKDW WKH\ DUH DEOH WR FUHDWH DQ
DWWUDFWLYHPDJD]LQHGHDOLQJZLWKUHOHYDQWLVVXHVIRURXUEXVLQHVVFRPPXQLW\
2Q D SHUVRQDO QRWH , ZRXOG OLNH WR WKDQN WKH RI¿FLDO UHSUHVHQWDWLYHV RI 6ZLW]HUODQG WKH PDQ\ &KLQHVH
DXWKRULWLHVP\IHOORZERDUGPHPEHUVRI6ZLVV&KDP&KLQDDQG6ZLVV&KDP6KDQJKDLDQGDOOPHPEHUVIRU
WKHLUVXSSRUWDQGIULHQGVKLSJLYHQGXULQJP\WKUHH\HDUWHQXUHDV&KDLUPDQRI6ZLVV&KDP&KLQD$FFRUGLQJWR
WKHVWLSXODWLRQRIRXU1DWLRQDO%\ODZVWKHFKDLUZLOOURWDWHWRRXUFROOHDJXHVIURP%HLMLQJ0D\6ZLVV&KDP&KLQD
KDYHDSURVSHURXVDQGKDUPRQLRXVIXWXUH
<RXUVWUXO\
&KULVWLDQ*XHUWOHU
&KDLUPDQ6ZLVV&KDP&KLQD
,668(_6SULQJ
ኃయ]௢
$GPLQLVWUDWRU6ZLVV&KDP6KDQJKDL
˞ክḬ˖‫ڍ‬။‫͗׷ܢ‬ʼ๑ѫ͗
3XEOLVKHU6ZLVV&KDP6KDQJKDL
Ѣྟ˖‫ڍ‬။‫͗׷ܢ‬
&RQWHQWVᄫे
$:RUGIURPWKH&KDLUPDQ
˞ࣝᒰᣮ
/LVWRI$GYHUWLVHUV
ఴѮࣸնࠆਖ਼
$PWFS4UPSZ$IJOFTF$VMUVSFBOE
#VTJOFTT.ZUITBOE3FBMJUJFT
˖‫ڍ‬஠Ӑˀ‫ˉ׷‬Ḭᇷពˀဗࠃ
5LVN3HUFHSWLRQLQ&KLQHVH&XOWXUH
+DUURYRQ6HQJHURQ6WUDWDJHPV
˖ӧ஠Ӑᐿ௿ʽᄉ᮲ᬖူᝌ
ॆ᜴ழఄਥᥒ᥄ˋழఄែ။‫ܢ‬ලߥࠑᑇᬵ।ˀ
³3ROLWHQHVVDQGZDUPWRQHVEULQJ\RXEXVLQHVV´
7U\LQJWRXQGHUVWDQGZK\WKH&KLQHVHDUHVRGLIIHUHQW
ᝌឳ˖‫ڍ‬ᄉֵྠ஠Ӑ
5IF4XJTT#VTJOFTT$PVODJMJO)POH,POHKPJOTUIF#SJEHF
ᯭຠᯭຠ။‫͗׷ܢ‬ҪЙǑೃǒఽং
5IF(VBOH[IPV$IBQUFSPQFOTJUTEPPST
/HJDO8SGDWH$FKLHYH5HDO(VWDWH3URSHUW\LQ&KLQD
±$URDG0DS
ࣸࢶ˖‫ڍ‬။‫ࢶࣸ͗׷ܢ‬ѫ͗੆በ
&KDPEHU1HZV
‫͗׷‬ள᫔
(YHQWV5HYLHZ
‫͗׷‬าҮཁѣ
1HZ0HPEHUV
ள͗տ
0HPEHU1HZV
͗տҮখ
˖‫׷ڍ‬ҫก।ᅻខ‫ڍ˖ڙ‬અᠪੜ‫ૈ̖ڠ‬Ӯ
%FDJQIFSJOH$IJOFTF#SBOE$VMUVSF
þ֖චၶ᠈ÿ
%XVLQHVVDQG(FRQRPLF1HZV
‫ˉ׷‬ፂ฿ள᫔
˓಴ᆐቂḬ(BUF(PVSNFUႂ೘
1HZ&RYHUDJH
&DVH6WXG\*DWH*RXUPHW
/LIH&XOWXUH
ၶา஠Ӑ˃ಜ
þʻӠН᝟ÿ
)PXUPNBLF."XPSLJO$IJOB
‫ڍ˖ڙʹݟ‬ሤ౜धࡘࣲ᠓
7KH&(2,QWHUYLHZ'DQLHO)LQNRI*HRUJ)LVFKHU
8VHIXO&RQWDFWV
᧗᜵ᐎፎζো
&(2᝺ៀ
Ḭ˯෴e᠟൞࠶²'DQLHO)LQN
ளኼብ
³3ROLFLHVKDYHEHFRPHPRUHWUDQVSDUHQW´
þᠪຆ˖‫ڍ‬।ุ࣍ៀԪӐ˖ᄉ˖‫ڍ‬ÿ
8VHIXO&RQWDFWVLQ&KLQDDQG6ZLW]HUODQG
˖‫ڍ‬Ԣ။‫ܢ‬ᄉ᧗᜵ᐎፎζো
%HLMLQJ
3URMHFW0DQDJHU3HWHU%DFKPDQQ
ᮉᄫፂူӯ᠊͚
&KLHI(GLWRU3HWHU%DFKPDQQSE
᠉͉ᎃᣣḬӯ᠊͚
(GLWRU2OLYLD:DQJ
ᎃᣣḬဌᲞ
(GLWRULDO%RDUG&ODLUH&KHQ1LFRODV0XV\)UDQF.DLVHU'DQLHO
+HXVVHU:DOWHU$NHUHW3HWHU%DFKPDQQ2OLYLD:DQJ
ᎃ‫ށ‬Ḭᬇғᗨࡈ԰ડe୔᜴กПАΤॳ߰̍ӧॳӯ᠊͚ဌᲞ
(GLWRUV&KLQHVH&ROODWLRQ0LFKHOOH/L2OLYLD:DQJ
˖஠ಢࠪḬృ·ᘚဌᲞ
(QJOLVK&KLQHVH7UDQVODWLRQV0LFKHOOH/L2OLYLD:DQJ
ᔭ஠ᏡដḬృ·ᘚဌᲞ
0DUNHWLQJDQG&RPPXQLFDWLRQ
&ODLUH&KHQ3HWHU%DFKPDQQ2OLYLD:DQJ
ᛠᩘ͌ѲḬᬇғᗨӯ᠊͚ဌᲞ
$GGUHVV)6WDU&LW\7RZHU&-LX[LDQTLDR
5RDG%HLMLQJ
3RVW&RGH
7HO
)D[
(PDLOLQIR#EHLVZLVVFKDPRUJ
)RU$GYHUWLVLQJLQ%HLMLQJ
5LFKDUG/LX3XEOLF5HODWLRQV'LUHFWRU
ULFKDUGOLX#EHLVZLVVFKDPRUJ
ӑ̚Ḭ
‫ڦڠ‬Ḭమ᫹Ӝᦤ̷ೃᡸՁ௠ۡ‫ڍ‬ᬄ$एࡎ
ᥪᎃ
ႂព
͛ᄽ
ӑ̚‫ڠ‬ӜࣸնઅஉМС঳ᄢѵএᇱЎၶ
SJDIBSEMJV!CFJTXJTTDIBNPSH
&LUFXODWLRQDQG$GYHUWLVLQJ&RQWDFWV
ԦᛠԢࣸնᐎፎ‫ܪ‬Ḭ
6KDQJKDL
$GGUHVV$-LDQJ1LQJ5G6KDQJKDL
3RVW&RGH
7HO
)D[
(PDLOLQIR#VKDVZLVVFKDPRUJ
ʼ๑Ḭ
‫ڦڠ‬Ḭʼ๑ࣉ෇߰ᡸՁ"
ᥪᎃ
ႂព
͛ᄽ
ႂᥪḬJOGP!TIBTXJTTDIBNPSH
:HWKDQN*275$166KDQJKDL/WGIRUVSRQVRULQJ
WKHGLVWULEXWLRQ
ੇ͂ਕ៘ᰳብ᠍ᤁḚʼ๑ḛథᬌМՂࠪఴѮԦᛠᄉᡁү
ZZZELUGVDQG¿VKQHW
'HVLJQ/D\RXW%LUGV)LVK&RPPXQLFDWLRQV
ᮅ᭦᝹᝟Ḭʼ๑᱒Ꮝ‫ڎ‬஠᝹᝟֦លథᬌМՂ
'HVLJQHU+PZ:JO#BJMFZ$IFO
᝹᝟࣍Ḭࡅ௳ᘚᬇၜၜ
7+(%5,'*(LVDTXDUWHUO\SXEOLFDWLRQ(GLWRULDODQGDGYHUWLVLQJDUHLQGHSHQGHQWDQGGRQRWQHFHVVDULO\UHÀHFWWKHYLHZVRIWKH%RDUG
WKHPHPEHUVRUWKHVWDII
7KDQN\RXWRRXU$GYHUWLVHUVDQG6SRQVRUV
ྱѾਕ៘ఴѮ੝థᡁү‫׷‬
$XVWULDQ$LUOLQHV
,QVLGH)URQW&RYHU
-XUD
SDJH
&+LQD
SDJH
/XIWKDQVD
,QVLGH%DFN&RYHU
&LED6&
SDJH
5HLFKOH'H0DVVDUL50
SDJH
&DSLWDO,QWHUQDWLRQDO6FKRRO
SDJH
6KHUDWRQ*UDQG
SDJH
&06%XUHDX)UDQFLV/HIHEYUH
)UDFKW/WG%DVHO
SDJH
2XWVLGH%DFN&RYHU
SDJH
6ZLVVLQIR65,
6\QJHQWD
*DOOLNHU
SDJH
8QLWHG)DPLO\+RVSLWDOV&OLQLFV
SDJH
*RQGUDQG
SDJH
:LQWHUKXU
SDJH
-&0DQGDULQ
SDJH
:X-LQ+L7HFK,QGXVWULDO=RQH
SDJH
SDJH
&RYHU6WRU\&KLQHVH&XOWXUHDQG%XVLQHVV0\WKVDQG5HDOLWLHV࠯᭦஋̂Ḭ˖‫ڍ‬஠Ӑˀ‫ˉ׷‬Ḭᇷពˀဗࠃ
5LVN3HUFHSWLRQ
LQ&KLQHVH&XOWXUH
³
5HDOLW\LVVHHQE\&KLQHVHDV
EHLQJLQFRQVWDQWÀRZ
´
5LVNHQYLURQPHQWVLQ(DVWDQG:HVWDUHGLIIHUHQWDQGUHTXLUHDFDUHIXODQDO\VLV
7KHH[FHSWLRQDOFROODSVHRIWKHUHQRZQHG(QJOLVK%DULQJV%DQNLQ)HEUXDU\
ZKLFKKDGLWVRULJLQLQ6LQJDSRUHVHUYHVDVLOOXVWUDWLYHH[DPSOH
:KHQ WKH %DULQJV %DQN GLUHFWRUV GHFLGHG WR VHQG 1LFN /HHVRQ WR 6LQJDSRUH DV WKHLU FKLHI GHDOHU LQ WKH EHJLQQLQJ RI WKH
QLQHWLHVWKH\GLGFHUWDLQO\QRWORVHRQHWKRXJKWDERXW6LQJDSRUH¶VULVNHQYLURQPHQW/HHVRQKDGSURYHQLQWKHEDQN¶V/RQGRQ
EXVLQHVVWKDWKHFRXOGKDQGOHULVNYHU\ZHOOWRWKHEHQH¿WRIKLVHPSOR\HUDQGRIKLPVHOI+HEHORQJHGWRWKHKLJKO\SDLGEUHHG
RI\RXQJEDQNHUVLQWKHLUHDUO\WKLUWLHVVXFFHVVWKLUVW\LQDQHQYLURQPHQWZKLFKULFKO\UHZDUGHGWKHLUFKDOOHQJLQJDWWLWXGHV%XW
LWZDVDOVRKLPZKR¿QDOO\FDXVHGWKHFROODSVHRIWKLVVXFFHVVIXO(QJOLVKFRPPHUFLDOEDQNHQGLQJWKHEDQN¶VKLVWRU\RIPRUH
WKDQ\HDUV
1RWDZRUGDJDLQRQDQ\WKLQJDSSURDFKLQJULVNLQGLIIHUHQWFXOWXUDOHQYLURQPHQWVLQWKHUHSRUWRIWKH%DQNRI(QJODQGDERXWWKH
FUDVKRIWKLVROGPHUFKDQWEDQN,QVWHDGWKHUHDUHSOHQW\RIWHFKQLFDOUHDVRQVFLWHGE\WKHFRPPLVVLRQLQFKDUJHWRLOOXPLQDWH
WKHIDLOXUH/DFNLQWKHFRQWUROOLQJDQGVXSHUYLVLQJDFWLYLW\RIWKH/RQGRQKHDGTXDUWHUVDQGWKHYRODWLOLW\RIWKHQHZ¿QDQFLDO
LQVWUXPHQWVZHUHWKHWZRNH\H[SODQDWLRQV6RPHTXHVWLRQDEOHSHUVRQDOUHODWLRQVLQWKHGHFLVLRQWRVHQGKLPDEURDGZHUH
DGGHGDVHOHPHQWVRIVRPHLPSRUWDQFH1RERG\ZDVUHDG\WRUHFRJQLVHLQWHUFXOWXUDOSUREOHPVLQVRFLDOULVNSHUFHSWLRQWKRXJK
WKHUHDOIDLOXUHLVEDVHGRQZURQJDVVHVVPHQWVRI6LQJDSRUHDVDWUDGLQJSODFHDZURQJYLHZRI1LFN/HHVRQ¶VSHUVRQDOLW\
DQGFRPSOHWHO\ ZURQJ PDQDJHPHQW SDWWHUQVEDVHG RQWKHVHIDXOW\VLWXDWLRQDO DQGSHUVRQDO DVVHVVPHQWV%XWWKLVNLQG RI
H[SODQDWLRQLVQRWREYLRXVDW¿UVWVLJKW2QHZRXOGKDYHWRNQRZWKH(DVWDQGWKH:HVWYHU\ZHOOWRFRPHWRDQLQWHUFXOWXUDO
FRQFOXVLRQIRURQHRIWKHEHVWGRFXPHQWHGEDQNLQJIDLOXUHVLQWKHODVWGHFDGHRIWKHWKFHQWXU\
:KDWKDGKDSSHQHG"
*LYHQKLVDJHJHQGHUFKDUDFWHUDQGSURIHVVLRQ1LFN/HHVRQZDVDYHU\VWURQJULVNWDNHULQWKH/RQGRQEDQNLQJEXVLQHVV+LV
VXFFHVVZDVWKHUHDVRQIRUVHQGLQJKLPWR6LQJDSRUHIRURQHRIWKHEDQN¶VWRSSRVLWLRQV+LVVXSHULRUVZHUHIXOORIFRQ¿GHQFH
LQKLVSRVWLQJWR6RXWK(DVW$VLDKHKDGSURYHQPRUHWKDQHQRXJKWKDWKHFRXOGKDQGOHUHVSRQVLELOLWLHV
:KDWWKH\GLGQRWNQRZZDVWKHIDFWWKDWWKH&KLQHVHULVNHQYLURQPHQWLVYHU\GLIIHUHQWIURPD:HVWHUQRQH&KLQHVHSHUFHSWLRQ
RIUHDOLW\LVQRWEDVHGRQDVWDWLFYLHZUHDOLW\LVVHHQE\&KLQHVHDVEHLQJLQFRQVWDQWÀRZ&KLQHVHVHHUHDOLW\DVD¿OPLQZKLFK
WKH\DFW7KHUHLVQRREVHUYHUSRVLWLRQSRVVLEOHGXHWRDQDEVHQFHRIVXEMHFW±REMHFWGLIIHUHQWLDWLRQVRPHWKLQJWKH:HVWKDV
GHYHORSHGVLQFHDQFLHQW*UHHNWLPHV7KHDGYDQWDJHRIWKH&KLQHVHYLHZLVDYHU\SUHFLVHSHUFHSWLRQRIWKHDFWXDOPRPHQW
&KLQHVHWKRXJKWLVWKXVVWURQJO\FRQFUHWHSUDJPDWLFEXWUDUHO\DQDO\WLFDO
7KHVXEMHFWREMHFWGLIIHUHQWLDWLRQRQWKHRWKHUKDQGDOORZVWKH:HVWHUQSHUVRQWRREVHUYHKLVVXUURXQGLQJVZLWKDFHUWDLQ
GLVWDQFHWKHEDVHIRUDQDO\WLFDOWKLQNLQJDQGIRUDEVWUDFWWKRXJKW%XWWKLVSHUFHSWLRQRIUHDOLW\LVQHFHVVDULO\OLQNHGWRDVWDWLF
YLHZ5HDOLW\LVVHHQDVDVHTXHQFHRISKRWRVDOORZLQJSODQQLQJLQD:HVWHUQVHQVHDQGDOORZLQJDVWURQJUHGXFWLRQRIULVN
E\GRLQJVR%\DOORZLQJDGLVWDQFHDUHGXFWLRQRILQIRUPDWLRQQHHGVLVFUHDWHG%XWWKLVDGYDQWDJHLVSDLGIRUE\DVWURQJ
UHGXFWLRQLQWKHSRVVLELOLW\WRDVVHVVDQDFWXDOHQYLURQPHQW
2QH FDQ WKHUHIRUH VD\ WKDW &KLQHVH WKLQNLQJ LV YHU\
FRQFUHWH DQG SUDJPDWLF DQG KDV WKH DGYDQWDJH RI IXOO\
XQGHUVWDQGLQJ D JLYHQ VLWXDWLRQ DW DQ DFWXDO PRPHQW $
¿VKLQWKHZDWHULPPHGLDWHO\IHHOVWKHVOLJKWHVWFKDQJHRI
FXUUHQW%XWWKLVWKRXJKWSDWWHUQKDVWKHELJGLVDGYDQWDJH
WKDW QR ULVN UHGXFWLRQ LV SRVVLEOH DSDUW IURP D GHQVH
SHUVRQDO QHWZRUN SURYLGLQJ WKH QHFHVVDU\ LQIRUPDWLRQ
DERXW FKDQJHV LQ WKH FXUUHQW 2QH PLJKW HYHQ ZRQGHU
ZKHWKHU D ULVN UHGXFWLRQ LV QHFHVVDU\ DV IRU D &KLQHVH
HYHU\VLWXDWLRQLVLQIDFWQRWRQO\FKDUDFWHULVHGE\ULVNEXW
HTXDOO\E\WKHFKDQFHVSUHVHQWLQJWKHPVHOYHVWRWKHDFWRU
,I HYHU\WKLQJ JRHV ZURQJ IULHQGV DQG DFTXDLQWDQFHV ZLOO
FDWFKWKHSHUVRQLQWKHLUDUPVWKHVHFRQGNH\HOHPHQWLQ
&KLQHVHULVNUHGXFWLRQPHFKDQLVPV3HUVRQDOUHODWLRQVDUH
WKHRQO\HOHPHQWDOORZLQJDUHGXFWLRQRIWKHRYHUZKHOPLQJ
ULVNVLWXDWLRQSUHVHQWLQJLWVHOIWRD&KLQHVHSHUVRQ
7KH :HVWHUQ SODQQLQJ PHFKDQLVPV RQ WKH RWKHU KDQG
DOORZ D VWURQJ UHGXFWLRQ RI ULVN EXW OHDG WR D UDWKHU
VWDWLF EHKDYLRXUDO SDWWHUQ $V ORQJ DV WKH GLVWDQFH IURP
QRZ DQG KHUH WR WKH WDUJHW LV QRW FRYHUHG E\ LQIRUPDWLRQ
DOORZLQJDGHFLVLRQQRGHFLVLRQLVDFWXDOO\WDNHQ$IXUWKHU
GLVDGYDQWDJH DOVR OLHV LQ WKH IDFW WKDW QHZ GHYHORSPHQWV
DUH SHUFHLYHG TXLWH ODWH QRW LQ WKH LPPHGLDWH ZD\ WKH
&KLQHVH VHH WKHP ,I WKLQJV JR ZURQJ WKHUHIRUH D
FRQVLGHUDEOHODJRIWLPHZLOOHQVXHXQWLOFRUUHFWLRQVLQOLQH
ZLWKWKHFKDQJHVDUHWDNLQJSODFH
1HZ HQYLURQPHQWV FDOO IRU PRUH
FRQWUROPHFKDQLVPV
7KHUHVXOWRIWKHVHFXOWXUDOO\GLIIHUHQWYLHZVWRVHHUHDOLW\
ZDV GLVDVWURXV IRU 1LFN /HHVRQ ,I KH ZDQWHG WR JHW LQWR
WKH6LQJDSRUHDQPDUNHWKHKDGWRVWHSRYHUKLVSHUVRQDO
OLPLWVKHKDGWRJRLQWRULVNVKHZRXOGQHYHUKDYHGUHDPWRI
WDNLQJLQ/RQGRQ7KLVLVQRWEDGLQLWVHOI%XWWKHNQRZOHGJH
RI WKLV VLWXDWLRQ VKRXOG KDYH SXW KLV VXSHULRUV LQ /RQGRQ
LQWRKLJKDOHUW,QVWHDGRIXQGHUOLQLQJWKHWUXVWWKH\KDGLQ
KLPWKH\VKRXOGKDYHFRQWUROOHGKLPLQDYHU\WLJKWPDQQHU
PXFKWLJKWHUWKDQDWKRPH7KHFRQWUDU\ZDVGRQHRQWKH
EDVH RI D ZURQJ DVVHVVPHQW DQG D ZURQJ XQGHUVWDQGLQJ
RI WUXVW %\ QRW FRQWUROOLQJ KLP PRUH WKDQ LQ /RQGRQ KLV
VXSHULRUV DUH WKHPVHOYHV WR EODPH IRU WKH IDLOXUH RI WKH
EDQN,QWKHWHUPLQRORJ\RI1LNODV/XKPDQQVHH/XKPDQQ
1LNODV 6R]LRORJLH GHV 5LVLNRV %HUOLQ WKH ÄULVN´ IRU
1LFN /HHVRQ VKRXOG KDYH EHHQ SHUFHLYHG DV ³GDQJHU´ E\
KLVSHHUVDVWKH\KDGQRPHDQVRILQÀXHQFLQJWKHRXWFRPH
RI /HHVRQ¶V DFWLRQV LQ D GLUHFW ZD\ 8QGHU WKH JLYHQ
FLUFXPVWDQFHV±KLJKHUULVNQHFHVVLW\WRJHWLQWRWKHPDUNHW
DQGWKHFKDUDFWHURI1LFN/HHVRQKDYLQJJRQHWRKLVOLPLWV
LQ/RQGRQDOUHDG\±WKHFRXUVHRI%DULQJV%DQNFRXOGKDYH
EHHQGUDZQRQDZDOOPDSOLNHWKHFRXUVHRIDVKLSVWHHULQJ
LQWRWKHUHHIV,QWHUHVWLQJLQWKLVFRQWH[WLVWKHIDFWWKDWWKH
PRGHUQZRUGÄULVN´ZKRVHRULJLQLVQRWTXLWHFOHDUPD\EH
DWOHDVWSDUWO\OLQNHGWRDQROG,WDOLDQZRUG³ULVLFR´PHDQLQJ
³FOLII´DQGWKHUHIRUH³ULVN´IRUVKLSSLQJ
+DQV-5RWK
˖ӧ஠Ӑᐿ௿ʽᄉ
᮲ᬖူᝌ
³
‫̠ڍ˖ڙ‬ᄉᅊ᧖Ḽဗࠃ௦‫ڙ‬
ʿற‫ڠ‬ԦࡘԪӐᄉ
´
ˋ᜴ழ᮲ᬖဖܑࢿऩࢼܷḞ‫ځ‬൤៞ਠᄉѫౡ௦Ӡѫॸ᜵ᄉnjࣱతКီ
ᗂՏᄉᔭ‫ࣄڍ‬ౣᩏᛠளҪ‫ڸ‬ѫᛠᄉχ͇᫆̂ࡂ௦ʶ˓ၶҮᄉΒ᝼nj
ॆࣄౣᩏᛠᰳࡎ‫˴ڙ‬Ӡࣱ̼ѹф߿ี/JDL -FFTPOґज़ளҪ‫ڸ‬
ѫᛠઝ͉Фᯪࣝ̓௛տௐḞ̴͂ॆཨ˶Ꮵᘼҁ˿ளҪ‫ڸ‬ᄉ᮲
ᬖဖܑnj-FFTPOడ̅൤ᩏᛠ‫͟ڙ‬ஙᄉˉҫ˖᝼௙˿ᒬࣁХ‫ܫ‬
౜·ᄉ᮲ᬖ‫ူܪ‬ᑞҦḞࣲ˝̴ᄉᮎ˞̴֖ఴ̠ᦏࣛ౎˿˗ԑ
ᄉѽ๦nj‫ڙ‬ФᏪበ˧ࣱḞ̴ࣂፂ௦઴థᰳஅЙᄉ᭞ࣱᩏᛠࠑ
˖ᄉʶտ˿Ḟ̴͂Һ̅ଋԩૌੌᄉখऎ‫ڙ‬ᤇಧʶ˓࢓࠺੆ҩ
ᄉဖܑ˖३̾Ќѫᛪဗnjͭൣ௦̴࠭ᒰ˿ᤇ˓઴థࣱܲԊ
Խᄉ੆ҩᄉᔭ‫ˉ׷ڍ‬ᩏᛠణጻᝌͳnj
ጆ‫ڙ‬ʶᡐᄉnjဗࠃᜁᄹͺ௦ʶᤋ˘ᄰྞḞԺ̾૊᜴ཱழ̠ᄉᝇऎᤈ
ᛠᎃଅḞ˶Ժ̾૊ཱђ࠵᮲ᬖᄉ᜹ཁ౎ᤈᛠᎃଅnjγ૆ʶ߿ᄉᡯሎ
΍ζোᄉᭉය᧙ђ࠵Ḟͭᤇሗ͕Ҹ੝̶Ѣᄉ̼͈ࡂ௦ࠪဖܑѻறҦ
ᄉܷܷҏिnj
‫ځ‬൤ḞԺ̾ឬ˖‫̠ڍ‬ᄉধ፤௦᭣࣡Х៵֖ҫࠃᄉnjФХ‫ྱܫ‬൳ᄉ͕
ҸḞԀࠪ౼ʶྱ߿ௐൿʽᄉ्ҸᄉዴᆷᄉူᝌѻறᑞҦnjᤇࡂϷප
᧖ᄉ᱒ᑞܴበԀਕԩҁපึᄉᣏॱԪӐʶಧnjཨᏪᤇሗধ፤ഴयߚ
‫ڙ‬ᅋʶ˓ᒰ֐ᄉिཁḞᥦࡂ௦ᬓ˿ʶ˓ࣸคᄉ̠ᬄСጆଡΘ˿ˀᄫ
ᔭಪПᩏᛠᄉ˃಴ុಉ࠴ጷ‫ڙ‬ᤇࠑԊԽৢˣᄉ‫ˉ׷‬ᩏᛠᄉᆠ
̖ઐն˖Եߙలଡ‫ځ‬ʿՎ஠Ӑᐿ௿࠭ᒰᄉ‫ˉ׷‬ӿ఺ḞᏪ᣾ܲ
ґᄰСζোԪӐ˧ܰḞʿԺᑞᥗБ͉ʹ᮲ᬖnjథ̠ၴᒯ͗কႠ௦ՠ
‫ڠ‬ၸܷ᧙ᄉ੾శԓ‫ځ‬ឬ௙Фᝌͳᄉԓ‫ځ‬nj͟ங঳ᦉᄢክࢹͺ
᮲ᬖᄉᰳͯርऎ౎ѲѫᄉḞၿ᮲ᬖࣛ౎ᄉ఺͗˶Վಧ᤟ၸnjʶெ्
ҸԦၶʿѽᄉԪӐḞధԣၴᒯคค˧̓ᦏ͗ડ;ʶઁ΍;Бԩ᮲ᬖ
ᄉᎤܾ̾Ԣள‫᧚ۋ‬ᚷֵ̖ᄉʿሶ߿ব௦࠭ᒰ൤ᩏᛠᆠ̖ᄉˏ
ܷС᪃ԓ‫ځ‬njԲܰḞథ̠কႠี൤̠Ѣ‫ڍ‬ᤇʶф߿Ժᑞ௦त
በ‫ڙ‬ʿՎࠬ࣡ᄉ˓̠СጆʼḞᏪᤇʶཁ˶௦࠭ᒰ൤Ր౦ᄉᫍ
ଋԓ‫ځ‬njॆௐ෤థ̠ซ਒ҁ‫ࠪڙ‬ᇪ͗᮲ᬖᄉူᝌ˖ߚ‫ڙ‬ᄉᡴ
஠Ӑࢿऩ੝लԦᄉ᫇ᮤḞࡉክᄽൣ࠭ᒰܾ᠋ᄉԓ‫ࠪ̅ڙځ‬ள
Ҫ‫ڸ‬ᤇ˓̓௛ဖܑᄉᩱឧ᝿ͤ̾Ԣࠪ/JDL -FFTPO˓̠বಪᄉ
ᩱឧѻற֖तበ‫ڙ‬ᤇ̎ࠪဖܑ֖̠տᄉᩱឧѫౡʼ੝᧓Ԩᄉ
߸КᩱឧᄉክူഴयnjཨᏪᤇ̎ԓ‫ࣲځ‬ʿ௬Ꮺ௛᜸njԵథʶ
˓ࠪˋ᜴ழ஠ӐᦏӠѫ˿ᝌᄉ̠Ḟ੥ᑞܴࠪ࠭ᒰᤇʶˆጡ
ళ᝭े‫ڙ‬಴ᣖ߸‫ܫ‬ᄉᩏᛠχ᫆಴ͺѢʶ˓ᡴ஠Ӑᄉፆ᝶nj
ܾ᠋ᐿՐᄉԓ‫ځ‬
ᏥᘼҁࣱᴓNjবѾNjবಪ֖ᐋˉ‫ځ‬ገḞ/JDL -FFTPO‫͟ڙ‬ஙᄉ
ᩏᛠႌ௦ʶՏᮗథࠃҦᄉгᬖࠑnj̴੝Ԩ३ᄉ੆ҩ௦̴ᜁี
ज़ளҪ‫ڸ‬ઝ͉ᩏᛠᰳࡎᄉᐋͮᄉԓ‫ځ‬nj̴ᄉʼՂ̴͂ࠪี᯾
ˋӮ̍Ќ໗˿ζॶḞ‫̴˝ځ‬ᄉࠃҦ᝼௙˿̴߸Кᑞܴᑇ͉nj
Ꮺ̴͂੝ʿ˿ᝌᄉ௦˖‫ڍ‬஠Ӑᐿ௿ʽᄉ᮲ᬖဖܑՎ᜴ழᄉܷ
ᤆథᬋͯ᮲ᬖᄉॸ᜵Ḟࠪ˖‫౎̠ڍ‬ឬḞ̂ࠃʼඇʶሗৰ्ʿ̨௦૊
˧༪ḞᏪᤇൣ௦˖‫̠ڍ‬ᄉᬋͯ᮲ᬖ఺҃˖ᄉኃܷ̃᜵ገnj̠ᬄСጆ
௦‫׬‬ʶᑞܴࣞ;ᢸᥗ౎Ҹිිᄉ᮲ᬖࡌ᭦ᄉ᜵ገnj
ˀ൤ʿՎᄉ௦Ḟ᜴ழᄉ᝟Ѳ఺҃ᑞܴ౜ܷᄉᬋͯ᮲ᬖḞͭ˶͗࠭ᒰ
ʶሗᄰࠪ᭡ൢᄉᛠ˝ഴयnjԵథॆᡛܴᄉζোߚ‫ڙ‬ḞфንᏧ੥͗ͺ
Ѣᄰःᄉфንnj᜴ழ̠ʿ‫ݟ‬ӧ̠ᑞܴԢௐ઄ͰளҮՓḞᤇՎಧ˶௦
ʶܷᎤᬝḞॆ्Ҹᣀ˝ৎҭḞൣᆷᄉфንϡѢௐज़ज़ࣂ˝ௐ௸ᅺnj
ளဖܑᭉ᜵ఝ߸ؒᄉᄢክ఺҃
ʿՎ஠Ӑᐿ௿ᄉ̠ᄹय़ဗࠃథʿՎᄉழय֖᜹ཁḞ/JDL -FFTPOࠪ
̅ᤇཁᄉ႟঒˝̴ࣛ౎˿༪ᬱবᄉՐ౦nj‫ݟ‬౦̴ਆᚷЙளҪ‫ࣉڸ‬
‫ڣ‬Ḟࡂॸᮋ३ᡓᡔᒬᢵᬌ҃ḭॸᮋԜг̾ґ‫͟ڙ‬ங̯లг᣾ᄉ᮲
ᬖnjᤇఴᢵࣲ෤థ̣˥ʿ‫ݝ‬Ḟ̴ͭ‫͟ڙ‬ஙᄉʼՂ͂᭦ࠪᤇಧᄉৰ
хఴःឞᰳऎ᝜৵nj̴͂ःឞҪ̴ܷࠪᄢክᄉҦऎḞᏪʿ௦‫ܘ‬Ҫ
̴ࠪᄉζ͉ऎnjཨᏪ̂ࠃൣᄰԥḞ-FFTPO‫͟ڙ‬ஙᄉʼՂ‫ࠪ˝ځ‬ဗ
ࠃᩱឧᄉ᝿̴֖ͤࠪᄮᄫᄉζ͉ᒰ΍ᩏᛠణጻᬱᤠᆠ̖ᄉԈᤁnj૊
ཱ/JLMBT -VINBOOᄉឬกḚԟ᜸-VINBOO /JLMBT 4P[JPMPHJF EFT
ʿᄰՎnj˖‫̠ࠪڍ‬ဗࠃᄉူᝌࣲ᭣तኒ‫ڙ‬᭡ൢᄉ᜹ཁʼḞ‫ڙ‬
˖‫̠ڍ‬ᄉᅊ᧖Ḟဗࠃ௦‫ڙ‬ʿற‫ڠ‬ԦࡘԪӐᄉḞࡂ‫ݝ‬Ϸ௦̴͂
3JTJLPT ౻ౣḛḞ-FFTPO੝ᝢ˝ᄉþ᮲ᬖÿ‫̴ڙ‬ᄉՎ̂ᄹ౎
ᒬࣁ໥ፁᄉʶᦉႂॕnjʿ‫ڙ‬౼ʶᝇऎ᜹ࠢ̂ྫྷḞࡂॸ߿ʿᑞ
ၶᄯଋᄉॕֽnjᏥᘼҁᤈЙࣉ‫ڣ‬੝ᭉ̶Ѣᄉᰳ᮲ᬖ̼͈̾Ԣ/JDL
-FFTPOఴ̠ᄉবಪྱड̴़‫͟ڙ‬ஙௐࣂፂઁᤇˏཁᛪဗҁ˿˓
Ԧဗ˞ࠆᄉࢿऩবḞᤇ௦᜴ழ̠ᒬ԰࣎ᑸௐయࡂԦࡘ्੆ᄉ
ʶሗူএnj˖‫̠ڍ‬ᄹय़̂ྫྷழयᄉ͕ཁ‫ॆࠪ̅ڙ‬ґ्Ҹᄉѻ
றӠѫэᆷnj̴͂ᄉধ፤౜ФХͳᏪҫࠃḞͭᎤ˫ѫౡnj
‫ڙ‬Բʶழ᭦˞ࠆ᜹ᄉࢿऩব΍३᜴ழ̠‫ڙ‬ʶ߿ᡯሎ˧ܰ᜹
̴ࠢᄉֆ‫ྫྷ̂ډ‬Ḟͭᤇ௦तበ‫ڙ‬ѫౡধᏥ֖ઙ៵ধ፤ᄉ۲ᆨ
ःឞ௦þӿᬖÿḞ‫̴͂˝ځ‬௃กࠪ-FFTPOᄉᛠ˝੝ࣛ౎ᄉՐ౦̖
̠ᄉ౜ᬌࣄౣᩏᛠᄉ֐ᤁࡂϷે‫˖ڎ‬੝ଠፊᄉᝎᇡൣ‫ڙ‬ෛ෤ᄉ
ᣂᓔᄉ֐ᤁʶಧᡋҁ˿ࡉܿnjథᡙᄉ௦ḞѢ‫ܪ‬ʿសᄉဗ̼ជ඼Ժᑞ
ᒯ࠵ˀ԰̼਒ܷѽឥ˖ᄉþSJTJ
DPథ̎СᐎḞᏪՐᏧᄉ๯˦ൣ௦
þፏ‫ܝ‬ÿḞ‫ځ‬൤Ḟþ᮲ᬖḚSJTLḛÿͪ˪ࡂ௦ࡂᓇᛠᏪᝒᄉĀĀ
สդᬵ
˧ʼnjᤇʶࠪ̅ဗࠃᄉူᝌழयॸཨ௦Վʶ˓᭡ൢᄉ᜹ཁᐎ
:HVWHUQ,QWHOOHFWXDOPHHWV
(DVWHUQ$UWIXOQHVV
VZLVVLQIRLV6ZLW]HUODQG¶V
RQO\RI¿FLDOZHEVLWH
SURYLGLQJQHZVDQG
YDULRXVLQIRUPDWLRQDERXW
6ZLW]HUODQGLQ&KLQHVH
,WVLQWHUQHWSODWIRUP
±ZZZVZLVVLQIRRUJWDUJHWV
&KLQHVHSHRSOHZKROLYH
LQ6ZLW]HUODQGDVZHOODV
WKRVHDEURDGZLWKVSHFL¿F
LQWHUHVWVLQ6ZLW]HUODQG
±6ZLVV6LQRORJLVW+DUURYRQ6HQJHU
DQGWKH6WUDWDJHPV
7KLUW\ \HDUV DJR GXULQJ D FRQYHUVDWLRQ ZLWK KLV WXWRU DW WKH
XQLYHUVLW\ LQ 7DLZDQ D 6ZLVV VWXGHQW SLFNHG XS WKH &KLQHVH
ZRUG IRU ³ VWUDWDJHPV´ 7KH \RXQJ PDQ EHFDPH FXULRXV
LQVWDQWO\SXOOHGRXWKLVQRWHERRNDQGDVNHGWKHWXWRUIRUIXUWKHU
H[SODQDWLRQV /DWHU RQH RI KLV IHOORZ VWXGHQWV JDYH KLP D
YROXPHRIWKHVWUDWDJHPVDVDSUHVHQW
:KLOH VWXG\LQJ WKH VWUDWDJHPV ± ZKLFK DUH ZHOO NQRZQ WR
HYHU\&KLQHVHSHUVRQ±KHZRXOGQHYHUKDYHJXHVVHGWKDWRQH
GD\KHZRXOGEHFRPHDIDPRXVVLQRORJLVWDQH[SHUWRQ&KLQD
0RUHRYHUKHEHFDPHWKH¿UVW:HVWHUQHUWRDQDO\VHWKH&KLQHVH
VWUDWDJHPV
+LV &KLQHVH QDPH LV ᑇᬵ। VKqQJ \i O EXW KLV UHDO QDPH
LV +DUUR YRQ 6HQJHU +H ZDV ERUQ LQ DQG WRGD\ KH LV D
SURIHVVRURIVLQRORJ\LQ)UHLEXUJLP%UHLVJDXLQ*HUPDQ\DQG
DQH[SHUWRQ&KLQHVHODZDWWKH6ZLVV,QVWLWXWHIRU&RPSDUDWLYH
/DZ LQ /DXVDQQH 6ZLW]HUODQG 6LQFH KH KDV EHHQ D
OHFWXUHUDWWKH6FKRRORI*HQHUDO6WDIIRIWKH6ZLVV$UP\
+DUURYRQ6HQJHUKDVUHFHQWO\SXEOLVKHG³6WUDWHJHPHIU0DQDJHU
6WUDWDJHPVIRU0DQDJHUV,WLVWKHIRXUWKERRNLQDVHULHVDERXWKLV
VWXGLHVRI&KLQHVHVWUDWDJHPV,QKHZURWHKLV¿UVWERRNRQWKH
&KLQHVHVWUDWDJHPV6WUDWHJHPH%DQGZKLFKKDVEHHQWUDQVODWHG
LQWRODQJXDJHV
7KH ERRN KDG D JUHDW LPSDFW HVSHFLDOO\ LQ WKH :HVW +HOPXW .RKO
WKH IRUPHU *HUPDQ &KDQFHOORU UHDG WKH ¿UVW YROXPH DQG VDLG 7KLV
ERRN VHUYHV DV D EULGJH EHWZHHQ WKH &KLQHVH DQG :HVWHUQ FXOWXUH
)XUWKHUPRUHLWLVDWRRORIFRPPXQLFDWLRQWKDWFRQWULEXWHVWRWKHPXWXDO
XQGHUVWDQGLQJRIWKHGLIIHUHQWPHQWDOLWLHVDQGSHUFHSWLRQV
,QDSHUVRQDOOHWWHUWRYRQ6HQJHU.RKOSUDLVHGKLVERRNDVDZRUNWKDW
FRQWULEXWHVWRDEHWWHUXQGHUVWDQGLQJRIWKH:HVWIRUWRGD\¶V&KLQDDQGLWV
SDVW7KHSXEOLFDWLRQVWKDWIROORZHG6WUDWHJHPH%DQG'LH/LVWWKH
DUWIXOQHVVDVZHOODV'LH.XQVWGHU/LVWWKHDUWRIDUWIXOQHVVDOOUDLVH
WKHLVVXHRIWKHVWUDWDJHPV
+DUUR YRQ 6HQJHU PDMRUHG LQ MXULVSUXGHQFH ,Q KH JUDGXDWHG
IURP WKH 8QLYHUVLW\ RI =XULFK ZLWK D GRFWRUDWH GHJUHH LQ ODZ %HFDXVH
RI KLV LQWHUHVW LQ ROG &KLQHVH ODZ KH WUDYHOOHG WR 7DLZDQ LQ
WRVWXG\&KLQHVHODZ+LVIRUPHUSURIHVVRUDQGIULHQGV
UHPHPEHU KLP DV LQTXLVLWLYH DQG GLOLJHQW :KHUHYHU KH
ZHQWKHDOZD\VFDUULHGKLVOLWWOHQRWHERRNLQZKLFKKHZURWH
HYHU\WKLQJKHH[SHULHQFHGDQGREVHUYHG7KLVPDGHKLV
6WUDWDJHPVERRNVSRVVLEOH
:K\GLG\RXVWXG\WKHVWUDWDJHPVVR
LQWHQVLYHO\DQGIRUVXFKDORQJWLPH"
,¿UVWKHDUGDERXWWKHVWUDWDJHPVLQ7DLZDQ%XWLWZDVRQO\
VRPH WLPH ODWHU ZKHQ , VWDUWHG WR EHFRPH UHDOO\ LQWHUHVWHG
LQ WKHP ,Q DIWHU , FRPSOHWHG P\ WZR \HDUV RI VWXG\
LQ -DSDQ , UHFHLYHG D VFKRODUVKLS DQG GHFLGHG WR VWXG\ LQ
%HLMLQJ
7R OHDUQ PRUH DERXW &KLQHVH FXUUHQW DIIDLUV , ZHQW WR WKH
³KDQGZULWWHQ ZDOOSDSHU´ RI WKH 8QLYHUVLW\ RI %HLMLQJ HYHU\
VLQJOH GD\ WR UHDG &KLQHVH QHZVSDSHUV VXFK DV &KLQD
'DLO\ DQG PDJD]LQHV VXFK DV 5HG )ODJ , QRWLFHG WKDW WKH
VWUDWDJHPV ZHUH YHU\ RIWHQ XVHG WR GHVFULEH SROLWLFDO
FRQÀLFWV WKDW ZHUH JRLQJ RQ DW WKH WLPH , UHDOLVHG WKDW WKH
VWUDWDJHPV PXVW SOD\ DQ LPSRUWDQW UROH LQ WKH GDLO\ OLIH RI
&KLQHVHSHRSOH
%DFN LQ 6ZLW]HUODQG , ZDV SHUVRQDOO\ DIIHFWHG E\ WKH
VWUDWDJHPV $W WKH WLPH , ZDV FRPSHWLQJ ZLWK DQRWKHU
VLQRORJLVWDWWKHXQLYHUVLW\:HKDGYHU\GLIIHUHQWRSLQLRQVDQG
WKDWZDVZKHQDVWUDWDJHPZDVXVHGDJDLQVWPHDQG,ORVWWKH
GHDQ¶VWUXVW0\RSSRQHQWZKRXVHGWKHVWUDWDJHPFDOOHG³7R
PDNHPLVFKLHI´RXWÀDQNHGPHDQGVR,ORVW
7KLVSURYHGWKDW:HVWHUQSHRSOHXVHVWUDWDJHPVDVZHOO±LW
LVMXVWWKDWZHKLGHLW,QRXUYRFDEXODU\ZHGRQRWHYHQKDYH
D SURSHU WUDQVODWLRQ IRU WKH &KLQHVH ZRUG IRU ³VWUDWDJHP´
+RZFDQRQHXQGHUVWDQGVRPHWKLQJWKDWGRHVQ¶WHYHQH[LVW
LQRQH¶VYRFDEXODU\"
1XPHURXV ERRNV KDYH UHFHQWO\ EHHQ
SXEOLVKHG DERXW WKH VWUDWDJHPV DQG
PDQDJHPHQW:KDWZDV\RXUUHDVRQWRZULWHD
ERRNDERXWWKHVWUDWDJHPVIRUPDQDJHUV"
,DVNHGWKHSXEOLVKLQJFRPSDQ\LI,FRXOGZULWHDERRNRQLW
$FFRUGLQJWRP\UHVHDUFKWKHUHDUHDERXWERRNVRQWKH
VWUDWDJHPVLQPDLQODQG&KLQDDQGLQ7DLZDQ$ERXWRI
WKHP DUH UHODWHG WR PDQDJHPHQW VWXGLHV %XW , DP WKH ¿UVW
:HVWHUQVLQRORJLVWWRDQDO\VHWKHVWUDWDJHPVDQGWROLQNWKHP
ZLWKPDQDJHPHQWVWXGLHV
$Q$PHULFDQRQFHSXEOLVKHGDERRNRQDVLPLODUWRSLFEXWKH
GLGQ¶WXQGHUVWDQG&KLQHVH,KDYHDOVRFRQGXFWHGH[WHQVLYH
UHVHDUFK WR ¿QG H[DPSOHV LQ $VLD (XURSH DQG WKH 8QLWHG
6WDWHVWRLOOXVWUDWHKRZLQWHUQDWLRQDOO\ZHOONQRZQFRPSDQLHV
VXFKDV6ZDWFK0F'RQDOG¶V3DQDVRQLFDQG+DLHUPDNHXVH
RIWKHVWUDWDJHPVWRFRPSHWHLQWKHPDUNHW
)RU&KLQHVHSHRSOHPRVWEXVLQHVVLVEDVHG
RQ WUXVW DQG KRQHVW\ +RZ GRHV WKH XVH RI
VWUDWDJHPVVLWZLWKWUXVWDQGKRQHVW\"
7UXVW DQG KRQHVW\ DUH FHUWDLQO\ YHU\ LPSRUWDQW EXW RQO\ LQ
UHODWLRQ WR WKH EXVLQHVV SDUWQHU 6WUDWDJHPV FDQ EH XVHG
DJDLQVWWKHFRPSHWLWRUVEXWRQHPXVWDOVREHDZDUHRIWKHP
EHLQJXVHGDJDLQVWRQHVHOI7KHXVHRIVWUDWDJHPVPXVWQRW
DOZD\VRFFXULQDQHJDWLYHZD\
7KHUH LV RQH H[DPSOH ZKHUH D VWUDWDJHP ZDV XVHG ZLWK
D SRVLWLYH HIIHFW QRW RQO\ FRXOG WKH FRXQWHUSDUW¶V WUXVW EH
JDLQHG EXW DOVR D QHZ EXVLQHVV SDUWQHU 7ZR &KLQHVH
FRPSDQLHV VWDUWHG QHJRWLDWLQJ WKH SULFH RI D SURGXFW %XW
WKH SULFH RIIHUHG E\ WKH EX\HU GLG QRW PHHW WKH VHOOHU¶V
UHTXLUHPHQW DQG VR WKH\ EURNH XS WKHLU EXVLQHVV UHODWLRQV
6KRUWO\DIWHUZDUGVWKHVHOOHUJRWLQWR¿QDQFLDOGLI¿FXOWLHVDQG
KHKDGQRFKRLFHEXWWRDFFHSWWKHORZSULFHRIIHUHGE\WKH
EX\HU7RWKHVHOOHU¶VVXUSULVHKRZHYHUWKHEX\HUZDVQRZ
ZLOOLQJWRSD\WKHKLJKHUSULFH)RU:HVWHUQSHRSOHWKLVPD\
EHKDUGWRXQGHUVWDQG%XWLWLVVWUDWDJHP³/HWWKHSOXP
WUHHLQVWHDGRIWKHSHDFKWUHHZLWKHU´WKDWZDVXVHGE\WKH
EX\HU%\UHDFWLQJLQDFRRSHUDWLYHDQGFRQVLGHUDWHZD\WKH
EX\HUZDVDEOHWRJDLQWKHVHOOHU¶VWUXVWDQGWKXVDEXVLQHVV
SDUWQHU DV ZHOO7KH EX\HU H[FKDQJHG D VPDOO VDFUL¿FH WKH
SOXPWUHHIRUDEXVLQHVVSDUWQHUSHDFKWUHHZKLFKSDLGRXW
PRUHLQWKHORQJWHUP)URPWKHQRQWKHLUEXVLQHVVUHODWLRQV
ZHUHEDVHGRQWUXVW0D\EH:HVWHUQSHRSOHZRXOGQRWKDYH
WKRXJKWRIWKLVLGHDEXW&KLQHVHSHRSOHZKRDUHDFTXDLQWHG
ZLWK WKH VWUDWDJHPV HDVLO\ XQGHUVWDQG WKH PRWLYHV IRU
VXFK EHKDYLRXU 7KLV VKRZV WKDW :HVWHUQ EXVLQHVV SHRSOH
PXVWXQGHUVWDQGWKHVWUDWDJHPV
,QWHUYLHZVZLVVLQIRRUJ
Ǒ̠ඞ௅ઐǒNjǑጙூǒఽংኍ߽ழѮྫྷnjੇԦဗḞ̠͂ፂ࣡΍ၸþʻӠН᝟ÿᄉ᝟Տ౎ѫౡஊ෴஦́njੇ᜿३᝟ែ‫ڍ˖ڙ‬
̠ᄉၶา˖ᡐҁ˿ॡ᧗᜵ᄉͺၸnj‫ٿ‬ҁ။‫ܢ‬Րਆʿҁੇᒬࣁࡂ‫ڙ‬ၶา˖˖˿᝟nj ॆௐၿ̅ߥశʼᄉባ́ḞԲʶͮලߥ˃ࠑ֖
ੇ̖ၶ˿ᅷᄳḞ̴ࡂ௦ၸሎᫍ᝟΍ੇܾԜ˿ᬒ᫁ᄉζ͉njФࠃੇःឞ௦ඊᣖథူᄉʶழḞͭ௦ॆௐࣱᣏචᄨḞѢᝒʿਠḞ‫ځ‬
൤˖˿ሎᫍ᝟Ḟ‫ڙ‬ᤇ൒ባ́˖ܾ᠋˿njФࠃੇ᜴͂ழ̠˶࣡࣡΍ၸ᝟ែḞԵ௦‫᜴ڙ‬ழ஠Ӑ˖Ḟ̠͂ඊᣖ‫ٿ‬ᥗ߱Ḟੇ͂ᄉឥᝒ
᧖Ꭴ˫ࠪःᤇ̎᝟ែᄉជ඼Ḟ‫ݟ‬౦;ᄉឥᝒ˖ʿߚ‫ڙ‬ଠз౼ሗ̂ྫྷᄉជ඼Ḟ;ঞ˥ᑞܴᝢខ˿ᝌᤇ͇̂փḱॆཨ˶ࡂॡᬱ᫸ৣ
̅లཨ˿nj
ᤂࣱ̎౎Ḟ࠱ʻӠН᝟֖‫ˉ׷‬ክူፆՋᆐቂᄉ˹ዙʿ‫࠵ڙ‬ஜnj௦̣˥ᝧ৥ф߿зᤇఴǑʻӠН᝟ᄉ
ክူఄਥǒփḱ
ੇ௦ःѢྟᇪ᜵යзᤇఴ˹ᄉnjੇុಉ˿ʶʽḞᄫґ‫ܷڍ˖ڙ‬ᬅ֖ԻັథСʻӠН᝟ᄉ˹ዙథܲሗḞФ˖๗Ԣ‫ˉ׷‬ክူ
ᄉథܲሗnjͭ௦Ḟ᜴ழලߥࠑᗂ˹ѫౡ˖‫ڍ‬ఄែߥˀ‫ˉ׷‬ክူᄉḞੇ௦ኃʶ˓nj̾ґԵథᎾ‫ڍ‬ᄉʶ˓ͺࠑз᣾Ḟ̴ͭʿ਴
˖஠njੇஅᬶ˿ʿ࠵ॆ̬˖‫ڍ‬NjԻັNj௅ఴˀൖᎾᄉΒߔḞΒ‫ݟ‬။‫ܢ‬4XBUDI Ꮎ‫ڍ‬᳠ॆҶNj௅ఴౚʽႂ٧Nj˖‫ڍ‬๑࠶МՂኍ
Չܷᬶ‫ʹݟڃ‬ᤁၸþʻӠН᝟ÿᄉఄਥ҃ᑇ̅‫ੌ׷‬Ḟੇᦏϡ˿ᒬࣁᄉѫౡnj
ͭ௦˖‫̠ڍ‬ϡၶ਒Ḟᒬ԰ᤆᝮයʶ˓þζÿnj৥ঞ˥ᄹय़នζ֖᝟ែᄉСጆḱ
នζॆཨ᜵ᝮḞᤇ௦ࠪՋͺᏧᏪᝒᄉḞࠪባ́ࠪ੣Ժ̾΍ၸ᝟ែḞ˶᜵ॆॶ᝟ែnjࣲ˄Ḟ᝟ែࣲʿኍՎ̅ʿߵζၸḞ‫ˉ׷ڙ‬า
Ү˖ᤁၸ᝟ែᖌ३ζၸḞ́ԨҁՋͺ͖ͦ˶௦థΒߔᄉnjˏࠑ˖‫ܷڍ‬ᬅᄉ͌ˉᄉៀѻ˖‫͈˝ځ‬ಪ᫇ᮤ̖ၶЀࡌḞᤇௐӭழ቉
Ԧፂ฿ӿ఺Ḟ᭦˙‫ܑڇ‬ḞᜁᤔՎ਒̾ᣖ͈ͯಪ᣹੆ӨᝫḞ̠ͭ̽Ѣ˪਒஧ᄉ௦Ḟ˻ழቤཨଡѢᣖᰳ͈ಪ੆̓njͺ˝᜴ழ̠௦
ॡᬱူᝌᄉḞФࠃᤇ௦þృ̼ರЀÿ᝟nj ဗ‫ڙ‬ᄉᝧ൥ࡂϷᭂ˖ᤞ༺Ḟ௃Ⴀ͗˝࠱౎᫁ᤉՋͺ́Ԩҁζ͉ᄉ۲ᆨḞ˶ࡂ௦̾ᣖ
࠴ᄉྲྯ૰Ԩ࠱౎ᄉࢼܷѽ๦njॆཨᤇሗྲྯ௦‫ࠪڙ‬ల౎Ԧࡘᮗథζॶᄉ۲ᆨʼnj᜴ழ̠ʿܹࠓ௛ਆҁᤇʶϡกḞ័ཿʻӠН
ॆ᜴ழఄਥᥒ᥄ˋழఄែ
᝟ᄉ˖‫̠ڍ‬ఝࠓ௛ᮖ͗Ф˖ᄉ‫ݫݗ‬Ḟᤇ˶ൣ௦᜴ழ͌ˉࠑᭉ᜵ߥ˷ˋழఄែᄉԓ‫ځ‬੝‫ڙ‬nj
VZLVVLQIRRUJ
။‫ܢ‬ලߥࠑᑇᬵ।ˀþʻӠН᝟ÿ
ʻӠࣱґḞʶͮ‫ڙ‬Իັܷߥߥ˷ᄉ။‫ࣱܢ‬ᣏ̠‫֖࣍࠭ڙ‬᫋ᐉௐեҁþʻӠН᝟ᡋ˝ʼÿᤇԱពnj‫ߥݝ‬ᄉ။
‫̠ܢ‬ᯰʼଃѢ˿ᬣᢵࣛᅋᄉቷ᝭ఴḞՓ࠭࣍ឯஓnjՐ౎ʶͮՎߥ̝੣᝘੿˿ʻӠН᝟᝟Տᤞፋ˿ᤇͮᤉ᥊Ꮺ౎
ᄉයߥᏧnjॆᤇ˓။‫ࣱܢ‬ᣏ̠ណᅋᤩߙᤩԱឳ਴ᤇ̎˖‫̠ڍ‬᏾ཿᑞសᄉជԱௐḞ̴ࣲ෤థਆҁᒬࣁణጻ͗੆˝
ᗂՏᄉලߥࠑḞᜁ᝗˝᜴ழˆႌᆐቂ˖‫ڍ‬ఄែߥᄉኃʶ̠nj
VZLVVLQIR௦။‫׬ܢ‬ʶ߽
ᤇͮ။‫̠ܢ‬థ˓˖஠Տߙᑇᬵ।Ḟ̴ᄉఴՏ௦)BSSP WPO 4FOHFSnjၶࣱ̅Ḟဗ˝ॳ‫ڍ‬ळᖇ‫ۿ‬ලߥጆ
ጻᢵஓ૾ḞᤆЩ͉။‫ܢ‬ඊᣖกᆐቂ੝Ḛฦ಺ḛ˃᫂ᆐቂ˖‫ڍ‬กߥᄉ˃ࠑḞᒬࣱᡐᤆઝ͉။‫ܢ‬и̂ԟែߥ
ழ˖஠Ꭹᮅnj᤯᣾ᎩቢḬ
ᬒᄉᝮ࣍nj
᧓᝺ᑇᬵ।Ўၶ௦‫̴˝ځ‬ణᤂᄉள˹ǑʻӠН᝟ᄉክူఄਥǒ4USBUFHFNFGVFS.BOBHFS
njᤇఴࣱ
߸੆ࣲѢྟᄉள˹Фࠃ௦ᑇᬵ।ЎၶС̅˖‫ڍ‬ఄែߥᄉኃ‫˿˹ݒٽ‬nj௉‫ࣱڙ‬Ḟ̴ࡂ̾ॳ஠߸੆˿᜴
ழᇪ͗ኃʶఴˀǓʻӠН᝟ǔథСᄉ˹ዙǑఄែʼб
ǒḚ4USBUFHFNF #BOE ḛḞᤇఴ˹ЎՐᜁᏡដ˝
Ӡ̃‫ڍ‬ឥᝒnjឞ˹ᄉѢྟ‫᜴ڙ‬ழᒹ᝶ႌलᡐ౜ܷ᭍ҮḞᜁ᝗˝෣᤯˖‫᜴֖ڍ‬ழ‫ڙ‬஠ӐNjধਆNj਒ខʼᄰ
̈ူᝌ֖̓ึᄉೃೌ֖ࢹХḞґॳ‫ڍ‬঳ူಌ࠶Ḛ)FMNVU,PIMḛឳ᣾Ǒఄែʼб
ǒՐḞᤆడ̝ቷᒰζᑇᬵ।Ḟ
ᄨᡁᑇᬵ।ᄉ˹௦ʶఴథү᜴̅ழ̠˿ᝌ԰̬˖‫ڍ‬ᄉःௐ˧ͺnjԲܰ‫੆߸ࣱڙ‬ᄉǑఄែʽб
ǒḚ
4USBUFHFNFḞ#BOEḛ̾ԢǑ᝟ែǒ%JF-JTU
ࣱ֖߸੆ᄉǑఄែశǒ%JF,VOTUEFS-JTU
ᦏ௦С̅ʻ
ӠН᝟ᆐቂᄉᗂͺnjǑఄែʼʽб
ǒ࠱‫ࣱڙ‬ऄ੊Ꮷࣱѹ‫ڙ‬ʼ๑̠ඞѢྟᇪѢྟnj
þʻӠН᝟ÿ݈ᎅ
ᑇᬵ।Ўၶᄉ˃ˉФࠃ௦ก।Ḟ̴‫ڙ‬ʶ˴Н˴ࣱࡂᖌ३˿။‫ܢ‬ᔙᳩˆܷߥกߥӯ‫ͮߥܢ‬nj‫ڍ˖ࠪ˝ځ‬԰̼
ก।ধਆˀ҃ऎຆਕТᡙḞʶ˴ʸʶ̴ࣱ࿗ᒬᮺᡔ˿Ӧ˓‫ီڠ‬ḞҁԻັܷߥᆐ˷˖‫ڍ‬ก।nj‫֖࣍࠭ڙ‬ధԣ
ZZZVZLVVLQIRRUJଡΘፋ˖
‫̠ڍ‬NjКˆႌࠪ။‫ܢ‬థТᡙ
ᄉӧ̠̾Ԣၶา‫ڙ‬။‫ܢ‬ᄉ˖
‫̠ڍ‬Nj˖஠ឳᏧ֖Ꭹԣ။‫ܢ‬
ள᫔ԢՉዜζোnj
³
3ROLWHQHVVDQGZDUPWRQHV
EULQJ\RXEXVLQHVV
´
+RZLPSRUWDQWDUHWKHVWUDWDJHPVLQGDLO\EXVLQHVVOLIHLQ&KLQD"<DQJ.DL
*HQHUDO 0DQDJHU RI WKH 6ZLVV FRPSDQ\ /DXHQHU LQ 6KDQJKDL SUHVHQWV KLV
SHUVRQDOYLHZ+LVDQDO\VLVFRQWUDVWVZLWKZKDW:HVWHUQHUVDUHRIWHQWROG
$ JRRG QXPEHU RI ERRNV KDYH EHHQ ZULWWHQ DERXW WKH VWUDWDJHPV LQ WKH :HVWHUQ ZRUOG RYHU WKH \HDUV7KH :HVWHUQ
EXVLQHVVFRPPXQLW\LVEHLQJDGYLVHGWKDWWKH\KDGEHWWHUEHIDPLOLDUZLWKWKHVHVWUDWHJLHVLIRSHUDWLRQVDUHH[SHFWHGWRUXQ
VPRRWKO\LQ&KLQD%XWKRZLPSRUWDQWDUHWKHVWUDWDJHPVIRUWKH&KLQHVH"+RZRIWHQDQGLQZKDWZD\GRWKH\DSSO\WKHP
LQGDLO\OLIH"$UHWKHVHVWUDWDJHPVLQGHHGRIJUHDWLPSRUWDQFHIRUIRUHLJQHUVZKHQGRLQJEXVLQHVVLQ&KLQD"
6XFKTXHVWLRQVFRXOGLIDWDOOEHDQVZHUHGZLWKWKHVXSSRUWRIVWDWLVWLFDOGDWD³7KH%ULGJH´KDVJRQHWKHGLUHFWZD\DQG
DVNHG<DQJ.DL*HQHUDO0DQDJHURIWKH6ZLVVFRPSDQ\/DXHQHULQ6KDQJKDL+HKDVVWXGLHGDQGZRUNHGLQ(XURSHIRU
VHYHUDO\HDUVDQGKDVDSURIRXQGXQGHUVWDQGLQJRIWKH&KLQHVHDQG:HVWHUQFXOWXUH:KDWLVKLVSHUVRQDORSLQLRQ"+RZ
GRHVKHDSSO\WKHVWUDWDJHPVDVD*0RID6ZLVVFRPSDQ\LQ6KDQJKDL"
ᄉ᝭ॹ᧖Ḟᑇᬵ।‫ؒߥݝ‬᫇Ḟᢵ᣷঳௦ࣛᅋ᝭̂ఴḞᡋҁ‫᧖ג‬᫇ҁ‫᧖ג‬ḞþʻӠН᝟ÿࡂ௦ᤇಧᜁ଼Ꭼᤈ
̴ᄉ᝭̂ఴᄉnj
ᑇᬵ।ЎၶḞ௦̣˥ԓ‫ځ‬΍৥ф߿ઁþʻӠН᝟ÿͺ˝ʶ˓ាᮤ౎ᆐቂḞࣲ˄ᨚ
ᆐ˿ᤇ˥᫁ௐᫍḱ ੇ‫ڙ‬Իັኃʶ൒եҁ˿ʻӠН᝟ḞͭᄽൣਕТᡙ௦‫ڙ‬ӑ̚යߥᄉௐϊnjʶ˴ʸࣱ̊Ḟੇ߸੆˿‫ڙ‬௅ఴ˝య
ˏࣱᄉߥ˷ᤈᏪᖌ३။‫ܢ‬Мี‫᧚ߥݑ‬ҁӑܷԊԽጆࡂឳnjᤇൿௐᫍ᧖ḞੇፂԊ˿˖‫ڍ‬ஊ෴ʼˏ͇ܷ̂Ḟ੺
ѻᥞ࠴ࣰ֖੩χþ‫̠ࣞٽ‬ÿnjॆௐ˝˿˿ᝌৰхḞੇፂ࣡ҁӑܷᄉܷߙઐӜԜᄹᄹܷߙઐḞᤆܸܸ᫝ឳ
0U<DQJ.DL\RXDUHWKH*HQHUDO0DQDJHURIWKH6ZLVVFRPSDQ\/DXHQHULQ6KDQJKDL'R
\RXDSSO\WKHVWUDWDJHPVZKHQGRLQJEXVLQHVVZLWK&KLQHVHRU:HVWHUQFRPSDQLHVWR
DFKLHYHEHWWHUUHVXOWV"
, GRQ¶W KDYH D FKDQFH WR DSSO\ WKHP$V WKH SHUVRQ ZKR PDQDJHV WKH HQWLUH &KLQHVH RSHUDWLRQ WKH LPSRUWDQW WKLQJ WR
HVWDEOLVKLVZKDWWKHFRPSDQ\¶VGLUHFWLRQLVKRZGRZHFUHDWHPRUHYDOXHDQGKRZGRZHVXVWDLQORQJWHUPDQGKHDOWK\
JURZWK7KHVWUDWDJHPVDUHWRRWDFWLFDOO\RULHQWDWHGDQGFDQQRWGRPXFKWRKHOSUHVROYHP\LVVXHV,QIDFW6XQ=LWKH
³
$UHWKHVWUDWDJHPVQRWLPSRUWDQWDWDOOIRU\RXUEXVLQHVVVXFFHVVLQ&KLQD"
1RWUHDOO\,GRQ¶WWKLQNWKHVHVWUDWDJHPVDUHDSURSHUEXVLQHVVVWUDWHJ\JXLGH7KHHVVHQFHRIWKHPLV
WRFKHDW7RPHEXVLQHVVHWKLFVDQGFXOWXUHDUHEDVHGRQWUXVWUHVSHFWFUHGLELOLW\DQGDFRPPLWPHQWWR
TXDOLW\VHUYLFHSULFHDQGGHOLYHU\7RGD\FRPSDQLHVDUHWU\LQJWRZRUNIRUDZLQZLQVLWXDWLRQDVIRUH[DPSOH
EHWZHHQFXVWRPHUVDQGVXSSOLHUVDQGWKH\DOVRWU\WRDFKLHYHFRHSHWLWLRQFRPSHWLWLRQDQGFROODERUDWLRQ
DPRQJ FRPSHWLWRUV (QWLWLHV WKDW XVH WKH JXLGDQFH RI WKH VWUDWDJHPV PD\ EH EDFN ¿ULQJ RU PD\ EH
H[SHULHQFLQJ UHWDOLDWLRQ IURPVXSSOLHUV FXVWRPHUVRUHYHQ FRPSHWLWRUV.QRZLQJ WKHVWUDWDJHPVFDQEH
XVHIXOWRLGHQWLI\DQGDYRLGGRLQJEXVLQHVVZLWKSHRSOHZKRDUHHOXVLYHRUFKHDWLQJ
$UH WKH VWUDWDJHPV QRW WLJKWO\ FRQQHFWHG ZLWK WKH &KLQHVH ZD\ RI GRLQJ
EXVLQHVV"
,GRQ¶WWKLQNWKDWWKH\DUHFRQQHFWHG,QRWLFHGZULWLQJVDVVRFLDWLQJWKHVWUDWDJHPVWREXVLQHVVµZLWV¶LQWKH
ODVWRU\HDUV,EHOLHYHWKDWPRVW&KLQHVHNQRZWKDWWKHUHDUHVWUDWDJHPVEXWRQO\DIHZFRXOGQDPH
RUNQRZWKHPDOO$VIDUDV,KDYHREVHUYHGLQRXUKLVWRU\WKHVHVWUDWDJHPVKDYHQHYHUEHHQUHJDUGHGDV
KLJKO\DVWKH6XQ=L7KH$UWRI:DU
1HYHUWKHOHVV FRXOG LW EH DQ DGYDQWDJH IRU IRUHLJQHUV WR KDYH D EDVLF
XQGHUVWDQGLQJRIWKHVWUDWDJHPV"
,WLVDOZD\VDQDGYDQWDJHWRNQRZWKHP+RZHYHU,WKLQNLWLVPRUHDSSURSULDWHWRVWLFNWRWKHSULQFLSOHVRI
EXVLQHVVSUDFWLFHVZKLFKXVHGWREHTXRWHGE\RXUSUHYLRXVJHQHUDWLRQVDQGZKLFKVKRXOGUHDOO\UHSUHVHQW
WKH&KLQHVHEXVLQHVVFXOWXUH3ROLWHQHVVDQGZDUPWRQHVEULQJ\RXEXVLQHVVDQHPSHURUVKRXOGQRWDVVLJQ
MREVWRKXQJU\VROGLHUV
SE
´
֖චၶ᠈
$UWRI:DUDQG0LFKDHO3RUWHU¶V³&RPSHWLWLYH6WUDWHJ\´DQG³&RPSHWLWLYH$GYDQWDJH´JLYHPHEHWWHULQVLJKWV
LQPDQDJLQJWKHEXVLQHVVLQWHUPVRIOLWHUDWXUHRQVWUDWHJ\
᝟‫ڍ˖̬ݟڙ‬ᄉ‫˖ڣ׷‬ҁऄథܲ᧗᜵ḱ౏ћḞ။‫ˉ͌ܢ‬Ꭼζዴ
ࠚᭅ͇ʼ๑
థᬌМՂᄉ঳ፂူḞࠪ൤Ԧᛪ˿̴ᄉ˓̠਒᜸nj̴
ᄉѫౡˀ᜴ழ̠ፂ࣡ᜁնᅻᄉ੔ཨʿՎnj
<DQJ.DLKROGVDQ0%$
IURP7ULQLW\&ROOHJHLQ
'XEOLQDQGKDVEHHQ
KHDGLQJ/DXHQHU¶V
RSHUDWLRQVLQ6KDQJKDL
VLQFH
౏ћ઴థᦏ౻ౣ5SJOJUZߥ
ᬒࢹ‫׷‬ክူᆯ‫ͮߥܢ‬Ḟᒬ
ࣱᡐध‫ݼ‬ઝ͉Ꭼζዴ
ࠚᭅ͇ʼ๑
థᬌМՂᄉ
঳ፂူnj
ᤂࣱ౎᜴ழˆႌ˖ʿறథܷ᧙С̅᝟ᄉ˹ዙ᫇ˆnj᜴ழ‫̠͂׷‬ᖌ३ᄉतᝫ௦Ḟ‫ݟ‬౦̴͂ਆ‫ڍ˖ڙ‬ᮊѽፂ‫׷‬ᄉពḞ
̴͂ణ‫ݝ‬Ўཿ৘ᤇ̎᝟ንnjͭ௦Ḟࠪ̅˖‫౎̠ڍ‬ឬ᝟థܲ᧗᜵փḱ‫ڙ‬௅࣡ၶา˖̴͂௦̣̾˥ᮟညࣲ̾ʹሗழय
౎ःၸᤇ̎᝟ንᄉփḱᤇ̎᝟ን᜴ࠪ̅ழ̠‫ڙ‬ӧፂ‫׷‬ᄽᄉ਒˦᧗ܷ՘ḱ
̯಩ఴʼ‫ٿ‬ኔᤇ̎᫇ᮤᭉ᜵ܷ᧙ፑ᝟ᠪ஧ᄉஂ૆njೃఽংԲᣯᢝफ़Ḟᄯଋ᧓᝺˿౏ћḞᎬζዴࠚᭅ͇ʼ๑
థᬌМ
Ղᄉ঳ፂူnj̴డፂ‫ڙ‬ൖฮߥ˷֖ࢹͺ᣾ࣱܲḞࠪˋ᜴஠Ӑథᅋຆ҈ᄉူᝌnj̴ᄉ˓̠᜹ཁ௦ঞಧᄉփḱͺ˝᯾ʼ
๑ᄉ။‫ܢ‬МՂᄉ঳ፂူḞ̴Ԡ௦‫ʹݟ‬ःၸᤇ̎᝟ንᄉփḱ
౏ћЎၶḞͺ˝Ꭼζዴࠚᭅ͇ʼ๑
థᬌМՂᄉ঳ፂူḞ৥௦ՠ‫ڙ‬ˀ˖‫੊ڍ‬
᜴ழࠆਖ਼ᄉ‫ˉ׷‬ज़౎˖ःၸ᝟̾Φఝ‫ࠃڠݝ‬ဗ‫ˉ׷‬ᄫಕփḱ
ੇ෤఺͗ၸ߱͂njͺ˝᠆᠉ஞ˓˖‫ˉڍ‬ҫᤁᛠᄉ̠Ḟ᧗᜵ᄉ௦੼ҁМՂᄉԦࡘழՓNj‫ʹݟ‬ѸᤴѢఝ͈ܲϘNj‫ʹݟ‬γ
૆᫁యϣऔᄉԦࡘnj᝟ܹซ᧗ੌశḞࠪᝌфੇᄉ᫇ᮤ̅̂௃ᛩnĵࠃʼḞ̯ੌ႔˹ዙᄉᝇऎ౎ᄹḞǑߛߔУกǒḞ
֖.JDIBFM1PSUFSᄉǑባ́ੌ႔ǒ֖Ǒባ͕́Ҹǒఝᑞፋੇըᇧnj
ᥦ˥ࠪ̅৥‫ڙ‬ӧፂ‫׷‬ᄉ੆ҩ౎ឬḞ᝟௦ʿ௦ඒ௃ၸ‫ܪ‬ḱ
ʿࡉཨnjੇ˓̠ᝢ˝᝟ʿ௦ৌॆᄉ‫ੌˉ׷‬႔ૈ࠭njጪ᜹᝟ḞФ᜵ை‫̅ڙ‬൚ᰔnjࠪੇᏪᝒḞ‫ˉ׷‬᥊ॳ֖஠Ӑ௦۲
̅នࠃNj࠳᧗NjζၸḞ̾Ԣࠪ̅᠎᧙NjనҫNj͈ಪNj̓᠍యᄉ੽ឲВဗnjॆ̬ḞМՂ˧ᫍՋͺḞΒ‫ࠆݟ‬ਖ਼֖Θः‫׷‬Ḟ
ᦏҦ‫̈৻̈ڎ‬ѽḭၴᒯባ́ࠪ੣˧ᫍ˶ណ‫ڎ‬௄ባ́ԠᐎՋnj᝟ᛡၶѢᄉᛠ˝Ժᑞ͗ୂᡐᆂܿᆢᒬࣁᄉᑭḞ੊௦ય
ᒰΘः‫׷‬Ḟࠆਖ਼Ḟ੊௦ባ́ࠪ੣ᄉ‫ٿ‬஛njᅻ௳᝟χ௦థү̅‫ڙ‬ၶ਒˖ខѾ֖ᥗБ࿔࿾Ԣ൚ᰔ˧̠nj
᝟Фࠃࣲʿ௦ˀ˖‫ڍ‬ᄉፂ‫˧׷‬᥊ጊࠚᐎጆ‫ڙ‬ʶᡐᄉḞࠪ՘ḱ
ੇᝢ˝߱͂෤̣˥ᐎጆnj੊௦ࣱґੇध‫ݼ‬ซ਒ҁథСઁ᝟֖੝៊ᄉ‫ˉ׷‬ఄਥᐎጆ‫ڙ‬ʶᡐᄉ˹ዙnjੇᄰζܷ
ܲஜ˖‫ᦏ̠ڍ‬ᅻ᥊థ᝟Ḟԁॡ࠵థ̠ᑞឬК੊᤯௳nj૵ੇ᜹ࠢḞᒬ԰̾౎᝟ᄉ‫ͮڠ‬ᤉԢʿʼǑߛߔУกǒnj
ʿ᣾Ḟ᜴ழ̠˿ᝌʶཁ᝟঳௦థၸᄉḞࠪ՘ḱ
ᅻ᥊߱͂঳௦థ‫ܪݝ‬ᄉnjͭ௦Ḟੇ᜿३ఝःឞ‫͂ੇ૆ڱ‬ґᣛ࣡ឬᄉ ֖චၶ᠈ḞᄋࣚʿࢿᯘУኍᥦ̎ᄽൣͳဗ˖‫ڍ‬
‫ˉ׷‬஠ӐᄉԓѶnj
%RRNVDERXWWKHVH7RSLFV
ఴయЮࠓԟᏥ˹ዙ
‡6WUDWDJHPHIXHU0DQDJHUE\+DUURYRQ6HQJHU
‡0\WKVDERXWGRLQJEXVLQHVVLQ&KLQDE\+DUROG&KHHDQG&KULV:HVW
‡7KH&KLQDGUHDPE\-RH6WXGZHOO
‡7KHDUWRIWKHDGYDQWDJHVWUDWHJLHVWRVHL]HWKHFRPSHWLWLYHHGJHE\.DLKDQ.ULSSHQGRUII
7U\LQJWRXQGHUVWDQGZK\WKH
&KLQHVHDUHVRGLIIHUHQW
%\1LFRODV0XV\9LFH&KDLUPDQ6ZLVV&KDP&KLQD
+DYLQJ VSHQW WKH ODVW \HDUV LQ WKH 6KDQJKDL UHJLRQ WKH
DXWKRUWULHVWRVKDUHKLVXQGHUVWDQGLQJRIWKHFXOWXUDOWUDLWVWKDW
UHJXODUO\DVWRQLVKWKHQRQ&KLQHVH7KLVDUWLFOHZLOOEHIROORZHG
E\DVHFRQGSDUWLQWKHQH[WLVVXHRI7KH%ULGJHUHYLHZLQJWKH
SDUDGR[HVRIWRGD\¶V&KLQHVHVRFLHW\
7KH RXWZDUGORRNLQJ 7DQJ (PSLUH ZDV E\ IDU WKH PRVW
WHFKQRORJLFDOO\DGYDQFHGG\QDPLFDQGZHDOWKLHVWFLYLOL]DWLRQRI
WKHWLPH$JULFXOWXUDO\LHOGVZHUHXSWRIRXUWLPHVWKHJOREDOQRUP
7ZRPLOOLRQSHRSOHOLYHGLQ;LDQWKHFDSLWDOZKHQODUJHFHQWHUV
LQ(XURSHFRXQWHGWKHLULQKDELWDQWVLQWKHWHQVRIWKRXVDQGV
7KLV SHULRG UHFRJQL]HG DV &KLQD¶V ¿UVW RSHQLQJ WR WKH RXWVLGH
ZRUOG HQGHG ZKHQ QDWXUDO GLVDVWHUV ULVLQJ FRUUXSWLRQ DQG D
ZHDN FHQWUDO SRZHU FRQWULEXWHG WR LQFUHDVHG LQHTXDOLW\ DQG
KLJKHU SULFHV ;HQRSKRELF VHQWLPHQW JUHZ OHDGLQJ WR WKH
PDVVDFUH RI IRUHLJQHUV +LVWRULDQV DUJXH WKDW WKH WLPHV RI
WROHUDQFH DQG FULWLFDO SKLORVRSK\ WKDW HQGHG ZLWK WKH 7DQJ
'\QDVW\ZHUHPDWFKHGRQO\E\'HVFDUWHV¶WKFHQWXU\DQGKDYH
QRWEHHQDSSURDFKHGDJDLQWRWKLVGD\LQ&KLQD
%DUEDULDQV UHJXODUO\ LQYDGHG IURP WKH 1RUWKHUQ VWHSSHV WKH
PRVW IDPRXV RI WKHP *HQJKLV .KDQ DQG KLV GHVFHQGDQWV
FRQTXHUHG &KLQD DQG PRVW RI WKH NQRZQ ZRUOG RI WKH WLPH LQ
WKHWKFHQWXU\PDNLQJ%HLMLQJWKHFDSLWDORIWKHODUJHVWHPSLUH
WKDWWKHZRUOGKDVHYHUVHHQ,QWKHHDUO\GHFDGHVRILWVUHLJQ
WKH0RQJRO'\QDVW\WKH<XDQVWUHWFKHGLWVUXOHIURP
0RVFRZWR.RUHDDQGIURP%DJKGDGWR9LHWQDP
$VRQHGHDOVGLUHFWO\DQGSUDFWLFDOO\ZLWKLWVSHRSOHRQHVRRQ
QRWLFHVWKDW&KLQDLVQRWDKRPRJHQRXVHQYLURQPHQWHYHQLQ
PDWWHUVRIWKHHYHUODVWLQJDQGXQLI\LQJ&KLQHVHFXOWXUH
$VDUHVXOWWKH&KLQHVHZD\RIKDQGOLQJDSUREOHPLQ&KLQD
PD\RIWHQWKRXJKQRWDOZD\VEHPRUHDSSURSULDWHWKDQD
W\SLFDOO\6ZLVVVROXWLRQ
&RQTXHURUVKRZHYHULQYDULDEO\PDGHWKH&KLQHVHFXOWXUHWKHLU
RZQ DQG IRXQG WKH H[LVWLQJ EXUHDXFUDWLF V\VWHPV KDQG\ DQG
GLI¿FXOW WR UHSODFH WKH\ VLPSO\ LQVWDOOHG OHDGHUV RI WKHLU RZQ
VWRFNLQNH\SRVLWLRQVLQVWHDG
7KHUH DUH LPSRUWDQW DQG H[SHFWHG GLIIHUHQFHV EHWZHHQ
UHJLRQV1RUWKDQG6RXWK(DVWDQG:HVW0HQWDOLWLHVPD\EH
YHU\SDURFKLDOLQKDELWDQWVIURPWKHQH[WFLW\RUHYHQYLOODJH
DUH VWUDQJHUV RIWHQ VSHDNLQJ DQRWKHU GLDOHFW <HW DQG QRW
XQOLNH WKH 6ZLVV WKH &KLQHVH ZLOO LPPHGLDWHO\ UHFRJQL]H
WKHPVHOYHV DV SDUW RI WKH VDPH ELJ DQG XQLWHG IDPLO\ DV
VRRQDVWKH\¿QGWKHPVHOYHVLQDELJJHUFRQWH[W
7KHFKDUDFWHULVWLFVRI&KLQD¶VFXOWXUHDURVHIURPJHRJUDSKLFDO
DQGSRSXODWLRQFLUFXPVWDQFHVWKHZD\WKHLQLWLDOFLYLOL]DWLRQ
GHYHORSHG DQG WKH VHOHFWLRQ RI WKH KLVWRULFDO SDWKV WKDW WKH
ORFDOSHRSOHPDGHWKURXJKRXWWKHWLPHV
)RU H[DPSOH WKH ODVW G\QDVW\ WKH 0DQFKX 4LQJ D V\PERO
RI WUDGLWLRQDO &KLQD IRU XV (XURSHDQV ± DFWXDOO\ FDPH IURP D
1RUWK(DVWHUQ QRQ&KLQHVH HWKQLF JURXS VSHDNLQJ D 6LEHULDQ
ODQJXDJH
6RPH KLVWRU\ LV WKHUHIRUH YHU\ XVHIXO WR XQGHUVWDQG WKH
IXQGDPHQWDOHOHPHQWVRI&KLQHVHFXOWXUH
7KH0LQJVXFFHVVRUVWRWKH0RQJRO<XDQVWDUWHG
DJOREDOWUDGHV\VWHPEDVHGRQDQRFHDQJRLQJQDY\WKDWFRXOG
FDUU\ ¶ IXOO\ HTXLSSHG VROGLHUV WKHLU KRUVHV HTXLSPHQW
ZDWHU DQG IRRG 7KH ÀHHW LQFOXGLQJ FRPPHUFLDO YHVVHOV
FRQVLVWHG RI ¶ WHDN VKLSV XS WR PHWHUV ORQJ DQG
UHJXODUO\SOLHGVHDURXWHVIURP,QGRQHVLDWR$IULFD
,W ZRXOG EH XQDFFHSWDEOH IRU H[DPSOH IRU D YHU\ ODUJH
PDMRULW\RIWKH&KLQHVHWKDW7DLZDQZRXOGFXWLWVEORRGWLHV
DQGIRUPDOO\GHFODUHLQGHSHQGHQFHIURPWKHPRWKHUODQG
7KHUHDUHDOVRPDMRUGLIIHUHQFHVEHWZHHQLQKDELWDQWVRIODUJH
FLWLHVDQGWKHUXUDOSRSXODWLRQ7KHVHFRPPXQLWLHVDUHRIWHQ
OLWHUDOO\ZRUOGVDSDUWD&KLQHVHDUP\FRORQHOZKRKDGQHYHU
WUDYHOHGDEURDGFRQ¿GHGWRWKHDXWKRUWKDWKHH[SHULHQFHG
UHDO FXOWXUH VKRFN YLVLWLQJ UHODWLYHV .P LQODQG IURP
6KDQJKDL\HWKHIHOWWRWDOO\DWHDVHRQKLV¿UVWWULSDEURDG
WR6ZLW]HUODQG
$GGLWLRQDOO\DIHZIDPLOLHVNHSWROGWUDGLWLRQVDOLYHWKURXJKRXW
WKH &XOWXUDO 5HYROXWLRQ ZKLOVW IRU PRVW RWKHUV WUDGLWLRQDO
FXOWXUDO HOHPHQWV ZHUH HUDVHG SURYLGLQJ D TXDVLEODQN
FXOWXUDOVODWHIRUWKHLUFKLOGUHQWRJURZRQ
$FWXDOO\&KLQDLVFHUWDLQO\DVGLYHUVHDV(XURSHDQGLVUHDOO\
DFRQWLQHQWLQLWVHOI\HWDQXPEHURIFXOWXUDOWUDLWVDUHVWULNLQJ
LQPRVWRIWKHFRXQWU\
1R&KLQHVHFXOWXUDOJHQHV
&KLQHVH OLNH RWKHU SHRSOHV DUH LQÀXHQFHG E\ WKHLU FXOWXUH
DQG QRW E\ EHORQJLQJ WR D JHQHWLF JURXS DGRSWHG FKLOGUHQ
FRPSOHWHO\DVVLPLODWHWKHFXOWXUHWKH\JURZXSLQUDWKHUWKDQ
WKDWRIWKHLUELRORJLFDOSDUHQWVD6ZLVVUDLVHGLQ&KLQDIURP
LQIDQF\ZRXOGFHUWDLQO\EHKDYHH[DFWO\OLNHD&KLQHVH
7ZR0LOOHQQLDRI&XOWXUDO,GHQWLW\
7KHEHJLQQLQJVLQDSURWHFWHGJHRJUDSK\
&KLQD KDV EHHQ ZHOO SURWHFWHG IURP H[WHUQDO LQÀXHQFHV E\
LWVJHRJUDSK\LQKRVSLWDEOHGHVHUWVDQGVWHSSHVLQWKH1RUWK
VHDWRWKH(DVWDQGIRUPLGDEOHPRXQWDLQUDQJHVWRWKH:HVW
DQG6RXWK2QO\LQSDUWRIWKH1RUWK(DVWWRZDUGV0DQFKXULD
DQG (DVWHUQ 6LEHULD DQG 6RXWK :HVW WRZDUGV 9LHWQDP
/DRVDQG%XUPDDUHUHODWLYHO\HDVLO\SDVVDEOHDUHDV
7KHVHQDWXUDOEDUULHUVKDYHSURWHFWHGWKHIRUPDWLRQRIRQHRI
WKHORQJHVWOLYLQJFXOWXUHVRQHDUWK+LVWRULDQVXVXDOO\WUDFHLW
WRWKHHDUO\6KDQJ%&DQG&KRXG\QDVWLHVIROORZHG
WKHQE\WKH:DUULQJ6WDWHVSHULRG%&7KLVSHULRG
ZDV FORVHG E\ WKH ¿UVW XQL¿FDWLRQ RI &KLQD XQGHU WKH 4LQ
G\QDVW\ PRUH WKDQ ¶ \HDUV DJR 4LQ LV SURQRXQFHG
&KLQLWLVWKHSKRQHWLFRULJLQRI&KLQD
$PRQJRWKHUVWKH4LQXQL¿HGWKHZULWLQJWKURXJKRXWWKH¿UVW
HPSLUH SURYLGLQJ RQH RI WKH NH\ HOHPHQWV RI WKH QDWLRQ¶V
FXOWXUDOLGHQWLW\
7KHVXFFHVVLRQRILPSHULDOG\QDVWLHV
'\QDVWLHV VXFFHHGHG HDFK RWKHU EULQJLQJ LQQRYDWLRQV EXW
JHQHUDOO\NHHSLQJLQWDFWWKHDGPLQLVWUDWLYHV\VWHPVWKDWUDQ
WKHHPSLUHKLVWRULDQVJHQHUDOO\DJUHHWKDWWKHEXUHDXFUDF\
PDWXUHGLQWKHWKFHQWXU\
7KXV $VLDQV DUH QRW IXQGDPHQWDOO\ GLIIHUHQW IURP
(XURSHDQV 7KH\ MXVW VKDUH GLIIHUHQW EHOLHIV DQG KDELWV
GLIIHUHQW VHWV RI YDOXHV DQG GLIIHUHQW ZD\V WR KDQGOH
VLPLODUVLWXDWLRQVDQGLVVXHV
8QGHU WKH 7DQJ G\QDVW\ &KLQD ZDV WKH FHQWHU
RI ERRPLQJ WUDGH DQG FXOWXUDO DQG WHFKQRORJLFDO H[FKDQJH
SHUPDQHQWO\ KRVWLQJ RYHU ¶ IRUHLJQ PHUFKDQWV
FUDIWVPHQDQGLQWHUPHGLDULHV
$FWXDOO\ WKH LVVXHV DQG VLWXDWLRQV RQH KDV WR GHDO ZLWK LQ
&KLQDDOZD\VLQFRUSRUDWHDQDPRXQWRILQKHUHQWGLIIHUHQFHWR
WKRVHZHPHHWLQ(XURSH
%\FRPSDULVRQWKHUHZHUHDERXW¶IRUHLJQUHVLGHQWV
7DLZDQHVH DQG +RQJ.RQJHVH H[FOXGHG UHJLVWHUHG LQ
&KLQDLQ
7KLV HUD PDUNHG WKH VHFRQG WLPH WKDW &KLQD ORRNHG UHVROXWHO\
RXWZDUGV :KLOH WKH 0LQJ FRXOG KDYH EHFRPH WKH ¿UVW HPSLUH
WR FRQWURO ZRUOG VHD URXWHV \HDUV EHIRUH %ULWDLQ WKH WKLUG
HPSHURUJURXQGHGWKHÀHHWLQWKHHDUO\VDQGRUGHUHGWKH
GHVWUXFWLRQ RI DOO PDSV DQG RWKHU ÀHHW UHFRUGV 7KLV EURXJKW
&KLQDEDFNLQWRDXWDUN\DQGLVRODWLRQDIWHUKHUVHFRQGDWWHPSW
DWHPEUDFLQJWKHZRUOG
7KH ODVW G\QDVW\ WKH 4LQJ SXUVXHG WKHLU
SUHGHFHVVRUV¶ SROLF\ RI LVRODWLRQ LQWR WKH WK FHQWXU\ UHVWLQJ
WKHLUOHJLWLPDF\RQWKH0DQGDWHRI+HDYHQDQGRQWKHIDOODF\WKDW
WKHLU.LQJGRPZDVVWLOOWKH&HQWHURIWKH:RUOG5HDOLW\FDXJKWXS
LQWKHHDUO\WK&HQWXU\DQGEURXJKWDERXWDUHYROXWLRQDVKRUW
OLYHG UHSXEOLF FLYLO ZDUV DQG WKH GRPLQDQFH RI WKH &RPPXQLVW
3DUW\VLQFH
7UDGHZLWKWKHZHVWDQGUHFHQW+LVWRU\
([FKDQJHV EHWZHHQ (XURSH DQG &KLQD JR EDFN WR FODVVLFDO
WLPHVZKHQ5RPDQODGLHVDFTXLUHGDWDVWHIRUWKHFRPIRUWDQG
VHGXFWLRQ RI ZHDULQJ WUDQVSDUHQW VLON ,W DUULYHG YLD WKH IDPHG
6LON5RDGDQGE\VHDWUDGHGDQGWUDQVSRUWHGE\&HQWUDO$VLDQ
,QGLDQDQG3HUVLDQPHUFKDQWV%\WKHHQGRIWKHWKFHQWXU\VLON
ZDVDXQLYHUVDODFFRXWUHPHQWLQFLYLOL]HGVRFLHW\WKURXJKRXWWKH
5RPDQ(PSLUH
(XURSHDQV VWDUWHG WUDGLQJ GLUHFWO\ ZLWK &KLQD LQ WKH HDUO\ WK
FHQWXU\ZKHQWKH3RUWXJXHVHUHFHLYHGSHUPLVVLRQWRHVWDEOLVK
WKHPVHOYHVLQ0DFDRLQ
:HVWHUQSXUFKDVHVIURP&KLQDJUHZFRQVLGHUDEO\XSWRWKHWK
FHQWXU\$WWKHVDPHWLPHWKH&KLQHVHIRXQG(XURSHDQJRRGV
JHQHUDOO\XQQHFHVVDU\DQGFRQVXPHGWKHLURZQDFWXDOO\RIWHQ
VXSHULRUSURGXFWV
,Q &KLQD ZDV WKH ELJJHVW HFRQRPLF SRZHU RI LWV WLPH
DFFRXQWLQJIRUDERXWRIZRUOG*'3ZKLOH(XURSHJHQHUDWHG
DURXQG 7KH 86$ DFFRXQWHG IRU WKHVH SURSRUWLRQV
EHWZHHQWKH86$DQG&KLQDDUHLQYHUWHGWRGD\
7KH WUDGH LPEDODQFH IRU (XURSH UHDFKHG WKH SRLQW ZKHUH WKH
RQHZD\ÀRZRIJROGDQGVLOYHULQWR&KLQDWKHZRUOGFXUUHQFLHV
RIWKHWLPHEHFDPHXQEHDUDEOHIRU:HVWHUQHFRQRPLHV
7KH%ULWLVK¿QDOO\GHYLVHGDVROXWLRQWRWKLVHFRQRPLFSUREOHPE\
JURZLQJRSLXPLQ,QGLDDQGVHOOLQJLWWR&KLQD7KHQHZEXVLQHVV
ERRPHGXSWRWKHVHFRQGKDOIRIWKHWKFHQWXU\UHYHUVLQJWKH
WUDGHEDODQFH\HWFDXVLQJDODUPDWWKHKXPDQGHSUDYDWLRQWKDW
UHVXOWHG
$VDUHVXOWWKH&KLQHVHLPSHULDOJRYHUQPHQWRUGHUHGFRQ¿VFDWLRQ
DQGGHVWUXFWLRQRI(XURSHDQVWRFNVRIRSLXP7KLVWULJJHUHGWKH
RSLXPZDUVRIWKHVHFRQGKDOIRIWKHWKFHQWXU\ODXQFKHGE\
WKH:HVWHUQSRZHUVWRRSHQ&KLQDHFRQRPLFDOO\E\IRUFH
)RU WKH ¿UVW WLPH LQ LWV ORQJ KLVWRU\ &KLQD ZDV GHIHDWHG DQG
SDUWLDOO\ VHWWOHG E\ SRZHUV WKDW GLG QRW VKDUH RU VXEVHTXHQWO\
DGRSW KHU FXOWXUH \HW WKH WHUULWRU\ WKDW ZDV FRQTXHUHG XS WR
SRUW FLWLHV GLG QRW DPRXQW WR PXFK DQG &KLQD UHPDLQV WKH
ODUJHVW WHUULWRU\ DQG RQH RI WKH YHU\ IHZ QDWLRQV ZRUOGZLGH
LQFOXGLQJ-DSDQXQFRQTXHUHGE\:HVWHUQSRZHUV
7KHLPSHULDOWLPHVIRUPDOO\HQGHGLQZLWKWKHVHWWLQJ
XS RI WKH 5HSXEOLF RI &KLQD <HW WKH UXOH RI ZDUORUGV WKH
LQYDVLRQ RI 0DQFKXULD E\ WKH -DSDQHVH DQG WKH FLYLO ZDU
EHWZHHQ WKH &RPPXQLVWV DQG 1DWLRQDOLVWV PDUN WKH ILUVW
KDOIRIWKHWKFHQWXU\
7KHIRXQGLQJRIWKH3HRSOH¶V5HSXEOLFRI&KLQDLQE\WKH
&RPPXQLVW 3DUW\ DQG WKH VXEVHTXHQW RFFXSDWLRQ RI 7LEHW
EURXJKWPRVWRI,PSHULDO&KLQDDJDLQXQGHUWKHVDPHUXOHZLWK
WKHH[FHSWLRQRI+RQJ.RQJDQG0DFDR7DLZDQDWWLPHXQGHU
'XWFK SLUDWH RU -DSDQHVH FRQWURO EHFDPH WKH UHIXJH RI WKH
1DWLRQDOLVWVDQGWKHVHDWRIWKH5HSXEOLFRI&KLQDWKDWKDGEHHQ
IRXQGHGLQ
%\GHIHDWLQJWKH-DSDQHVHDQGUHDVVHUWLQJFRQWURORYHUWKHFLWLHV
SUHYLRXVO\XQGHU(XURSHDQFRQWUROWKH&RPPXQLVW*RYHUQPHQW
UHWXUQHGWRWKH&KLQHVHSHRSOHWKHLUQDWLRQDOLGHQWLW\DQGLWVIDFH
WRWKHFRXQWU\VHHDOVRVHFWLRQEHORZIRUWKHFRQFHSWRIIDFH
+RZHYHU WKH HFRQRPLF SROLFLHV WKDW ZHUH ODXQFKHG E\ 0DR
=HGRQJDIWHUODQGZDVFRQ¿VFDWHGIURPODQGORUGVDQGGLVWULEXWHG
WRSHDVDQWVEURXJKW&KLQDRQHRIKHUZRUVWGLVDVWHUV7KH*UHDW
/HDS)RUZDUGDQHIIRUWWRPRGHUQL]H&KLQDUDSLGO\
LVHVWLPDWHGWRKDYHFRVWDVWDJJHULQJWRPLOOLRQOLYHV
7KHIDLOXUHRIKLVHFRQRPLFSROLFLHVUHGXFHG0DR¶VFUHGLELOLW\DQG
XQGHUPLQHGKLVDXWKRULW\,QRUGHUWRUHJDLQDEVROXWHSRZHURYHU
WKH &RPPXQLVW 3DUW\ DQG WKH QDWLRQ KH ODXQFKHG WKH &XOWXUDO
5HYROXWLRQ :KLOH DFKLHYLQJ LWV DLP RI HQVXULQJ
0DR¶VVLQJOHUXOHLWGHVWUR\HGDQLPSRUWDQWSDUWRIWKH&KLQHVH
FXOWXUDOKHULWDJHDQGWKHSHUSHWXDWLRQRIPDQ\WUDGLWLRQV
7KRXJKEHLQJDWWKHVRXUFHRI&KLQD¶VZRUVWFXOWXUDOGHVWUXFWLRQ
0DR IRXQG KLV SROLWLFDO DQG JRYHUQPHQW LQVSLUDWLRQ LQ WKH
RI¿FLDO KLVWRU\ RI WKH LPSHULDO G\QDVWLHV 0DQ\ DUJXH WKDW WKH
HVWDEOLVKPHQWRIWKH&KLQHVHFRPPXQLVWVWDWHDQGEXUHDXFUDF\
GLGQRWDPRXQWWRDUHDOEUHDNZLWKWKHLPSHULDOWLPHVDQGVRPH
HYHQVSHDNRIWKH&RPPXQLVW'\QDVW\DQGRI0DRDQG'HQJ
DV WKH 5HG (PSHURUV 1HLWKHU -LDQJ =HPLQ QRU +X -LQWDR
ZKR VXFFHHGHG WKHP ZRXOG TXDOLI\ IRU VXFK D WLWOH <HW WKH
UXOLQJ &RPPXQLVW 3DUW\ FRQWLQXHV WR FODLP DEVROXWH DXWKRULW\
RYHU DOO DVSHFWV RI JRYHUQPHQW DQG SROLWLFV ,W KDV FRPSOHWHO\
DEDQGRQHG WKH PLFURPDQDJHPHQW RI LWV FLWL]HQ¶V SULYDWH OLYHV
WKRXJK
$V D UHVXOW WKH FXUUHQW UHJLPH ODFNV WKH EDVLF FKHFNV DQG
EDODQFHVWKDW:HVWHUQVRFLHWLHVKDYHHVWDEOLVKHGDVDJXDUDQWHH
IRU JRRG JRYHUQDQFH DQG SHUSHWXDWHV PDQ\ RI WKH &RQIXFLDQ
SULQFLSOHVRIJRYHUQPHQWQRWDEO\WKHUXOHRIPDQUDWKHUWKDQWKH
UXOHRIODZ
<HWWKHQHZSULYDWHIUHHGRPVDOVRLPSO\WKDWFRPPXQLVWPRUDOV
DUHQRWXSKHOGDQ\PRUHOHDYLQJDPRUDOLW\YDFXXPWKDWKDVQRW
EHHQUH¿OOHGE\WUDGLWLRQDO&RQIXFLDQHWKLFV
$OWRJHWKHU WKH FXUUHQW 2SHQ 'RRU 3ROLF\ VWDUWHG E\ 'HQJ
;LDR 3LQJ LQ DPRXQWV WR WKH WKLUG DWWHPSW E\ &KLQD WR
ORRN UHVROXWHO\ RXWZDUGV LQ LWV PRUH WKDQ WZR PLOOHQQLD RI
XQLQWHUUXSWHGKLVWRU\DVDQDWLRQ
6KRXOGWKLVRSHQLQJEH¿QDOO\VXVWDLQHGWKHFRQVHTXHQFHVIRU
WKHUHVWRIWKHZRUOGDQGSDUWLFXODUO\IRUWKHFXOWXUDOO\GRPLQDQW
:HVWZLOOFHUWDLQO\EHDVLPSRUWDQWDVWKHULVHRIWKH86$LQWKH
WK&HQWXU\
3RLQWHUVIRUWRGD\¶VVRFLHW\
)URPWKHORQJDQGYHU\ULFKDQFLHQWSDVWRIWKH0LGGOH.LQJGRP
WZRHOHPHQWVKHOSXVXQGHUVWDQGWRGD\¶V&KLQD
‡6RFLHW\ZDVVHJUHJDWHGEHWZHHQFRPPRQHUVPRVWO\IDUPHUV
DQG D ODQGRZQLQJ UXOLQJ HOLWH ZKRVH SUHURJDWLYHV LQFOXGHG
DFFHVV WR JRGV DQG DQFHVWRUV WKURXJK FXOWV DQG ULWXDOV
<HWWKHFODVVERXQGDULHVKDYHDOZD\VEHHQSHUPHDEOHIURPWKH
JROGHQWLPHVRI&KLQHVHFXOWXUHDQ\RQHDEOHWRSDVVWKHRI¿FLDO
H[DPLQDWLRQZDVHQWLWOHGWREHFRPHD0DQGDULQDQGWRMRLQWKH
FLYLOVHUYLFHWKXVWKHUXOLQJHOLWH
‡ 7KH G\QDVW\ LQ SRZHU ZDV FRQVLGHUHG WR EH WKH WHPSRUDU\
UHFLSLHQWRIWKH0DQGDWHRI+HDYHQ7KHSDVVLQJRIG\QDVWLHV
DPRXQWHGHVVHQWLDOO\WRDWUDQVIHURIWKH0DQGDWHKDQGHGRYHU
E\DQDEVWUDFWDQGPRVWLPSRUWDQWVSLULWXDOSRZHU
&XOWXUH DQG EXUHDXFUDF\ ZHUH &KLQD¶V YHU\ SRZHUIXO DQG
XQLI\LQJIDFWRUVWKRVHWKDWDEVRUEHGDQGGLJHVWHGDOOLQFXUVLRQV
E\IRUHLJQFXOWXUHV
7KH FXOWXUDO DQG DGPLQLVWUDWLYH FRQWLQXLW\ RI WKHLU VWDWH KDV
SUREDEO\ PDUNHG WKH &KLQHVH DV PXFK DV WKH SRWHQWLDO
XQSUHGLFWDEOHFKDRVWKDWLVDOZD\VZDLWLQJWREHIDOOWKHP<HWLQ
SHULRGVRIVWDELOLW\WKH0LGGOH.LQJGRPKDVXQYHLOHGLWVSRWHQWLDO
DQGH[SHULHQFHGH[WUDRUGLQDU\SHULRGVRIJOREDOUHDFKIDUDKHDG
RILWVWLPH
&RQILQHGE\VWULFWV\VWHPVDQGHNLQJDOLYLQJRXWRIVFDUFLW\
WKHUH ZDV OLWWOH DOWHUQDWLYH IRU WKH &KLQHVH FRPPRQ SHRSOH
EXWWRZRUNKDUGGD\DIWHUGD\7KULIWLQHVVPDLQWHQDQFHDQG
JRRGFDUHRIWRROVDQGEHORQJLQJVZDVDQRWKHUQHFHVVLW\RI
OLIHDQGXQVXUSULVLQJO\&KLQDERDVWVWKHKLJKHVWVDYLQJVUDWH
LQWKHZRUOG
6RFLDO'HQVLW\DQG6KRUWDJHVD
&XOWXUDO'ULYHU
<HWSRYHUW\DQGGLVDVWHUVZDLWLQJWRKDSSHQDOVRPHDQWWKDWQR
UHVRXUFHVFRXOGEHSURYLGHGIRUWKHEHQH¿WRIRWKHUVWKHQHHG
IRUVDYLQJVZRXOGFRPHVRRQHURUODWHU
0DUFR 3ROR LV VXSSRVHG WR KDYH PHQWLRQHG WKH HQRUPRXV
QXPEHURISHRSOHDVWKHPRVWVWULNLQJIHDWXUHRI&KLQD*HQJKLV
.KDQ¿QGLQJKLVQHZFRQTXHVWFURZGHGEH\RQGDQ\UHDVRQDEOH
PHDVXUHLVNQRZQWRKDYHSODQQHGWKHH[HFXWLRQRIRXWRI
&KLQHVH
7KLVIHDWXUHLVPRVWFOHDUO\LOOXVWUDWHGE\WKHFRPSOHWHO\GLIIHUHQW
ZD\VLQZKLFK&KLQHVHWUHDWSXEOLFDQGSULYDWHSURSHUW\
+HZDVGLVVXDGHGE\D&KLQHVHPLQLVWHUZKRDUJXHGWKDWWKH
WD[UHYHQXHZDVKRZHYHUH[FHOOHQW
$VHDUO\DVWKHWKFHQWXU\7DQJ&KLQDFRXQWHGPRUHWKDQWZR
GR]HQFLWLHVRI¶LQKDELWDQWV,QWKHWKFHQWXU\&KLQD¶V
ELJJHVWFLW\+DQJ]KRXVL[PLOOLRQZDVKRPHWRPRUHWKDQ
WLPHVWKHQXPEHURILQKDELWDQWVRI9HQLFHWKHPRVWSRSXODWHG
(XURSHDQFLW\¶VRXOV
7KHJUHDWHUWKHSRSXODWLRQGHQVLW\WKHKLJKHUDUHWKHULVNVWKDW
IRRGDQGRWKHUUHVRXUFHVDUHRQO\MXVWVXI¿FLHQW6PDOOGLVUXSWLRQV
PD\ WKHQ UHVXOW LQ ELJ FDWDVWURSKHV 6LQFH WKH EHJLQQLQJ RI LWV
H[LVWHQFH&KLQD¶VSRSXODWLRQLQDEVROXWHQXPEHUVDQGGHQVLW\
DQGWKHUHJXODUVKRUWDJHVLWKDGWRHQGXUHDUHSUREDEO\WKHPRVW
LPSRUWDQWIDFWRUVWKDWKDYHPDUNHGLWVFXOWXUH
6FDUFLW\RIUHVRXUFHVWKULIWLQHVVDQG
IDPLO\FHQWULVP
,QUHFHQW&KLQHVHKLVWRU\WZRVHWVRIHYHQWVKDGDSDUWLFXODUO\
VWURQJLPSDFWRQWKHODVW\HDUVRIGHYHORSPHQW
1DWXUDO DQG PDQPDGH GLVDVWHUV ÀRRGV DQG ZDUV DPRQJ WKH
PRVWIUHTXHQWFRPELQHGZLWKWKHSRSXODWLRQGHQVLW\WRJHQHUDWH
UHJXODU DQG ZLGHVSUHDG IDPLQHV 7KURXJKRXW &KLQHVH KLVWRU\
UHVRXUFHVLQJHQHUDOKDYHEHHQWRRVFDUFHWRPHHWWKHQHHGVRI
WKHFRPPRQSHRSOHWKHKXJHPDMRULW\RIWKHSRSXODWLRQ
‡2QHRIWKHPLVWKHGHIHDWRI&KLQDDWWKHKDQGRIWKH:HVWHUQ
SRZHUV DQG RI WKH -DSDQHVH LQ WKH VHFRQG KDOI RI WKH WK
FHQWXU\WKHHDUO\WKFHQWXU\
7KLV VFDUFLW\ KDV RIWHQ PHDQW WKDW EHLQJ VORZ QRW UHVRXUFHIXO
HQRXJKRUWRRGHFHQWLQDFULVLVFRXOGWULJJHUGHDWKIRURQHVHOI
RURQH¶VFKLOGUHQ
7KHVHORVWEDWWOHVKDYHZRNHQXSWKH&KLQHVHIURPWKHLULVRODWLRQ
E\PDNLQJWKHPUHDOL]HWKDWWKH\DUHQRORQJHUDWWKH&HQWHURI
WKH:RUOG¶VSRZHUGHVSLWHWKHHQRUPRXVVL]HRIWKHLUQDWLRQ
:KHQ IDPLQHV VWUXFN IDFHG ZLWK WKH FHUWDLQ NQRZOHGJH WKDW D
SRUWLRQRIWKHFRPPXQLW\ZRXOGGLHSDUHQWVQDWXUDOO\XVHGDOORI
WKHLUPHDQVWRSURWHFWWKHLURZQ
$VDUHDFWLRQ&KLQDKDVEHHQODXQFKHGRQDGULYHWRPRGHUQL]H
DQGUHHVWDEOLVKKHUSULGHDQGQDWLRQDOXQLW\7KLVPRYHPHQWZLOO
QRWEHFRPSOHWHGXQWLOWKHSURYLQFHRI7DLZDQKDVUHWXUQHGWR
WKHPRWKHUODQGLQWKHFXUUHQWJRYHUQPHQW¶VRZQWHUPV
7KLV H[SODLQV WKH XQXVXDOO\ VWURQJ QDWLRQDOLVW IHHOLQJ WKDW LV
SUHVHQWLQDOOOD\HUVRIWKH0DLQODQG¶VVRFLHW\LQFOXGLQJDPRQJ
WKHEULJKWHVWDQGEHVWHGXFDWHGPDQ\LQIRUHLJQXQLYHUVLWLHVRI
WKH\RXQJ&KLQHVH
‡ 0RUH UHFHQWO\ ³7KH *UHDW &XOWXUDO 5HYROXWLRQ KDV KDG
D PRPHQWRXV LPSDFW RQ &KLQHVH VRFLHW\ E\ LQLWLDWLQJ DQ
XQPLVWDNDEOH EUHDN ZLWK LWV WUDGLWLRQDO SDVW 9HU\ IHZ DUH WKH
HGXFDWHG &KLQHVH RI WRGD\ ZKR KDYH DQ XQGHUVWDQGLQJ RI RU
HYHQDQLQWHUHVWLQWKHLUROGWUDGLWLRQDQGLPSHULDOKLVWRU\
7KLV EUHDN ZLWK WKH WUDGLWLRQDO EHOLHIV DQG WKH LQKHUHQW
SUDJPDWLVP RI WKH &KLQHVH DOVR VHH EHORZ KDV FRQVLGHUDEO\
DFFHOHUDWHG WKH GHYHORSPHQW RI PRGHUQ PDWHULDOLVWLF DQG
SUDFWLFDOWKLQNLQJLQ&KLQHVHVRFLHW\LQWKHODVW\HDUV
6KRXOG RQH GUDZ D FRQFOXVLRQ RQ WKH LPSDFW RI WKH SDVW RQ
WRGD\¶V&KLQHVHVRFLHW\WKHYHU\ORQJFXOWXUDODQGDGPLQLVWUDWLYH
KLVWRU\RI&KLQDFDQEHVXPPDUL]HGE\DQLQZDUGIRFXVWRPHHW
FRQVWDQW DQG XQSUHGLFWDEOH FKDOOHQJHV WR XQLW\ DQG VWDELOLW\
LQWHUQDOVWULIHGLVDVWHUVRULQYDGHUV
6FDUFLW\ PDGH WKH IDPLO\ WKH IRFXV RI DOO WKH DWWHQWLRQ RI LWV
PHPEHUVDQGDVDUHVXOWDOOWKHUHVRXUFHVWKDWZHUHQRWGXH
WR UXOHUV ZHUH WRWDOO\ GHYRWHG WR WKH IDPLOLDO LQQHU FLUFOH 7KLV
IDPLO\FHQWULVPQDWXUDOO\PHDQWWKDWWKHUHZDVOLWWOHDWWHQWLRQOHIW
IRUWKRVHRXWVLGHRIWKHFLUFOH
,QGHHGLQHYHU\GD\GHDOLQJVZLWKVWUDQJHUVXVXDOO\DQ\RQHEXW
FORVHIDPLO\DQGIULHQGVWKHDYHUDJH&KLQHVHSD\OLWWOHDWWHQWLRQ
WR RWKHUV DQG EHKDYH LQ ZD\V WKDW DUH FRQVLVWHQWO\ VHOIFHQWULF
DQGLPSROLWHRIWHQLQFRPSUHKHQVLEO\VRWR:HVWHUQHUV
7KHDSDUWPHQWVRZQHGE\SULYDWHSHRSOHDUHNHSWDVLPSHFFDEO\
DVWKRVHRIWKHPRVWGHPDQGLQJ6ZLVV<HWYHU\OLWWOHHIIRUWVDUH
YROXQWHHUHGE\FLWL]HQVWRSUHVHUYHRUPDLQWDLQSXEOLFSURSHUW\
VRWKDWOLWWHULQJIRUH[DPSOHLVHQGHPLF
2QH RI WKH GUDZEDFNV RI WKLV VHOIFHQWULVP LV WKH UHVXOWLQJ ORZ
DELOLW\RI&KLQHVHWRZRUNLQWHDPV$VWKHSURYHUEKDVLWRQH
&KLQHVH LV D GUDJRQ WKUHH &KLQHVH DUH EXW D FROOHFWLRQ RI
LQVHFWV
7KLV LV LQ VWDUN FRQWUDVW WR WKH QDWXUDOO\ GLVFLSOLQHG -DSDQHVH
ZKRDUHNQRZQWREHYHU\HI¿FLHQWLQJURXSVEXWSHUIRUPSRRUO\
DVLQGLYLGXDOV
7KHUDFHIRUUHVRXUFHVKDVEHHQDSDUWRI&KLQD¶VHQYLURQPHQW
VLQFHWLPHLPPHPRULDOLWZLOOWDNHDWOHDVWRQHPRUHJHQHUDWLRQ
IRU EHKDYLRUDO KDELWV WR DGMXVW WR DQ HQYLURQPHQW WKDW KDV MXVW
VWDUWHGWRSURYLGHEDVLFUHVRXUFHVIRUDOO
,QGHHG RQO\ UHFHQWO\ KDYH &KLQHVH VWRSSHG VFUDPEOLQJ ZKHQ
ERDUGLQJDLUSODQHVLQ6KDQJKDLDQG%HLMLQJDLUSRUWV«
3UDJPDWLVPUHVRXUFHIXOQHVVDQGDGKRFUDF\
)DFHG ZLWK VKRUWDJHV XQSUHGLFWDEOH SRWHQWLDO GLVDVWHUV DQG
LQHVFDSDEOH DGPLQLVWUDWLYH FRQVWUDLQWV WKH ODUJH PDVV RI
&KLQHVHOLYHGIURPGD\WRGD\FRQFHUQHG¿UVWDQGIRUHPRVWE\
SUDFWLFDOLVVXHV1DWXUDOO\WKH\GHYLVHGYHU\SUDJPDWLFZD\VRI
OLIH$VDORQJDVDVROXWLRQZRUNVLWLVDJRRGRQH
&KLQHVHFRPPXQLVPKDVSHUSHWXDWHGWKLVDSSURDFKLQKLVHDUO\
\HDUVLQSRZHU0DRH[KRUWHGWKH&RPPXQLVW3DUW\WRVHHNWUXWK
IURPWKHIDFWV,QWKHV'HQJ;LDRSLQJPDLQWDLQHGWKDW³7KH
FRORURIDFDWGRHVQRWPDWWHUDVORQJDVLWFDWFKHVPLFH«
$QGDVVRRQDVWKH&XOWXUDO5HYROXWLRQLQWHUOXGHZDVRYHUYHU\
SUDJPDWLF SROLFLHV ZHUH HQDFWHG DJDLQ DOORZLQJ WKH HFRQRPLF
GHYHORSPHQWWKDWZHZLWQHVVWRGD\
:KHQOLYLQJWKURXJKDGLVDVWHUKRZHYHUUXOHVDQGEXUHDXFUDF\
ZRXOGRIWHQSURYHLQHIIHFWLYHRULQDGHTXDWH7KHRQHVZKRGHDOW
EHVW ZLWK WKH FULVHV ZHUH SUDJPDWLF EXW DOVR SDUWLFXODUO\ DJLOH
DQGUHVRXUFHIXOUHDG\WRGLVUHJDUGUXOHVDQGUHJXODWLRQV
$JRRGH[DPSOHLQDJLOLW\ZKLOHGHDOLQJZLWKLQDGHTXDWHV\VWHPV
LVJDLQHGZKHQREVHUYLQJWUDI¿FPRWRUL]HGDQGSHGHVWULDQLQD
ODUJH&KLQHVHFLW\WKHRQO\UXOHLVWREUHDNWKHUXOHV
+LHUDUFK\DQGUHVSHFWIRUDXWKRULW\
FROOHFWLYLVP
:LWKODUJHQXPEHUVRIPRVWO\XQHGXFDWHGFLWL]HQVWRJRYHUQDQG
IUHTXHQW FULVHV VRFLDO RUJDQL]DWLRQ LQ &KLQD KDV DOZD\V EHHQ
FUXFLDO $Q DXWKRULWDULDQ VWULFW DQG KLJKO\ KLHUDUFKLFDO V\VWHP
KDVEHHQWKHDQVZHURIWKHWLPHVWRSURWHFWDJDLQVWWKHUHJXODU
FROODSVHV RI &KLQHVH VRFLHW\ WKDW DUH UHPHPEHUHG WR KDYH
EURXJKWWKHZRUVWRIWLPHV
+RZHYHU WKH DXWKRULW\ WKDW KDV EHHQ ZLHOGHG E\ WKH &KLQHVH
VWDWHDQGWKHUHVXOWLQJODFNRISHUVRQDOIUHHGRPVKDVLQSULQFLSOH
EHHQ FRQIHUUHG IRU WKH JRRG RI DOO UXOHUV ZHUH H[SHFWHG WR
PDQDJH VRFLHW\ WR SURYLGH LQ UHWXUQ IRU VWDELOLW\ VDIHW\ DQG
SRVVLEO\KDUPRQ\,QVRGRLQJWKH\ZHUHSURYLGLQJWKHRSSRUWXQLW\
IRUWKHODUJHPDMRULW\WROLYHDQDFFHSWDEOHDQGLIHYHUSRVVLEOH
EHWWHUOLIH
7KH&KLQHVHFXOWXUHLVDFROOHFWLYHRQHDVLWVXSSRUWVDXWKRULW\
DQGDUHGXFWLRQRILQGLYLGXDOIUHHGRPVDQGFUHDWLYHWKRXJKWVIRU
WKHJRRGRIWKHODUJHQXPEHUV
<HW GLVFLSOLQHG EHKDYLRU LV JXDUDQWHHG RQO\ DV ORQJ DV DQ
DXWKRULW\ HQIRUFHV UXOHV OHIW DORQH &KLQHVH EHFRPH ¿HUFH
LQGLYLGXDOLVWVZKHQGHDOLQJZLWKRWKHUVRXWVLGHWKHIDPLO\FLUFOH
DVLOOXVWUDWHGLQWKHVHFWLRQDERYH
7KHPLOOHQQLDRIOLYLQJXQGHUDXWKRULWDULDQUXOHKDYHPDGHUHVSHFW
IRUDXWKRULW\DWHYHU\OHYHODFRQVWDQWIHDWXUHRI&KLQHVHOLIH
5HVSHFWIRUSDUHQWVDQGIDPLO\HOGHUVLVDQRWKHUH[SUHVVLRQ
RI WKH UHVSHFW IRU DXWKRULW\ WKDW LV D SUHUHTXLVLWH IRU VRFLDO
KDUPRQ\LQ&KLQHVHFXOWXUH/LNHWKHUXOHU¶VDXWKRULW\ZLVKHV
RIIDPLO\OHDGHUVDUHQRWWREHFKDOOHQJHG\HWSDUHQWVVKRXOG
SURYLGH DIIHFWLRQ VXVWHQDQFH DQG VHOIVDFULILFH WR WKHLU
FKLOGUHQLQUHWXUQ
7RGD\ PRVWO\ RXW RI UHVSHFW IRU DXWKRULW\ DYHUDJH &KLQHVH
HPSOR\HHV ZLOO DYRLG FRQWUDGLFWLQJ WKHLU IRUHLJQ ERVVHV HYHQ
ZKHQWKH\GLVDJUHHRUWKHLQVWUXFWLRQVWKH\UHFHLYHGRQRWPDNH
PXFKVHQVH
:LWK WKH FXOWXUH RI QRW ZDQWLQJ WR GLVDSSRLQW EDG QHZV PD\
QRWEHFRPPXQLFDWHGDQGPHDQZKLOHOLHVPD\EHFRQVWUXFWHG
WR FRYHU XS :HVWHUQHUV KDYH GLI¿FXOW\ LQ UHDGLQJ EHWZHHQ WKH
OLQHVLQVXFKVLWXDWLRQVDQGWKHUHIRUHDUHOLPLWHGLQWKHLUDELOLW\WR
PDQDJHDSSURSULDWHO\
2SHQQHVV KXPLOLW\ DQG IULHQGVKLS ZLWK DW OHDVW VRPH RI WKH
HPSOR\HHVDUHFUXFLDOWRJHWWRWKHERWWRPRILVVXHV
)DFH
7KHFRQFHSWRIIDFHLVFORVHO\OLQNHGWRWKHUHVSHFWWKDWRQHLV
GXHDFFRUGLQJWRRQH¶VSRVLWLRQDQGDXWKRULW\LQVRFLHW\
)DFHDSSOLHVWRHYHU\RQHZLWKLQWKHIDPLO\DQGLQSURIHVVLRQDO
FLUFOHVLQJRYHUQPHQWRULQDQHQWHUSULVH
/RVVRIIDFHRFFXUVZKHQLQDGHTXDWHWUHDWPHQWLVGHDOWRUGXH
UHVSHFWLVQRWSDLG
0RVW&KLQHVHIRUH[DPSOHDOPRVWLQYDULDEO\EUHDNWKHTXHXHV
WR ERDUG D WUDLQ WKH\ DOVR WU\ WR HQWHU DQ HOHYDWRU EHIRUH WKH
H[LWLQJSDVVHQJHUVKDYHKDGWLPHWRH[LW
7UDI¿FUHJXODWLRQVVLPSO\FDQQRWEHIROORZHGLIDGHJUHHRIÀXLGLW\
LV WR EH PDLQWDLQHG ,W JRHV WR WKH H[WHQW WKDW VHHLQJ D F\FOLVW
GULYLQJDJDLQVWWKHÀRZRQDIUHHZD\LVQRWXQXVXDO
&RQYHUVHO\ IDFH LV JLYHQ WR D VXSHULRU RU DQ RI¿FLDO E\
DFNQRZOHGJLQJ KHU RU KLV SRZHU WKURXJK REHGLHQFH IDYRUV RU
JLIWVIRUH[DPSOH
$QGLQERWKFDVHVWKH\GRVRHYHQLIWKHUHLVREYLRXVO\HQRXJK
VSDFH DYDLODEOH IRU DOO RU HYHQ LI VHDWV DUH QXPEHUHG DQG
UHVHUYHG«
$VDUHVXOW&KLQHVHDUHDOZD\VUHDG\WRLJQRUHSUHYDLOLQJUXOHV
RU WKHRULHV DQG WR VROYH VLWXDWLRQV LQ SXUHO\ SUDJPDWLF ZD\V
7KLVDGKRFUDF\LVDFWXDOO\VRSURPLQHQWWKDWLWLVSDUWRIVWDWH
SROLF\DVLOOXVWUDWHGE\WKHGHVFULSWLRQRIWKHVRFLDOV\VWHPWKDW
WKH JRYHUQPHQW DGYRFDWHV PDUNHW VRFLDOLVP ZLWK &KLQHVH
FKDUDFWHULVWLFV
7KH FRQFHSW H[WHQGV WR SHHUV IDPLO\ DQG IULHQGV ZKRVH
GLJQLW\QHHGVWREHSUHVHUYHGWKURXJKRQH¶VIDYRUDEOHDFWLRQV
(YHU\RQH QHHGV IDFH LQ &KLQD ERWK WR EH VRFLDOO\ LQWHJUDWHG
DQGWRIXQFWLRQHIIHFWLYHO\DWZRUN,QWKLVUHVSHFWIDFHUHPDLQVD
SUDJPDWLFQHHGZLWKRXWLWWKHUHLVQHLWKHUUHVSHFWQRUDXWKRULW\
VROLWWOHPD\EHDFKLHYHG
,QWKHSURFHVVWKH\ZLOOSXVKDQGVKRYHLQFRQVLGHUDWHO\REOLYLRXV
WRRWKHUV¶FRQGLWLRQDQGZLWKRXWFDUHIRUDJHRUSK\VLFDODELOLW\
(PSW\VHDWVLQDFLW\EXVZLOOEHRFFXSLHGE\WKH¿UVWSHUVRQV
VFUDPEOLQJLQYHU\UDUHDUHWKHFDVHVZKHQDQROGRUGLVDEOHG
SHUVRQZLOOEHRIIHUHGWKHFKDQFHWRWDNHWKHSODFHRID\RXQJHU
RU¿WWHURQH
:HVWHUQHUVPD\VHHIDFHDVDQHHGRISHRSOHLQSRVLWLRQVRISRZHUWRIHHGWKHLUHJRV7KLVGHVLUH
LVQRWDQ\GLIIHUHQWIURPZKDWZHH[SHULHQFHLQRXUVRFLHWLHVDQGLWLVFHUWDLQO\DIHDWXUHRI&KLQHVH
SV\FKRORJ\DVZHOO<HWLWLVQRWWKHFXOWXUDOO\VSHFL¿FFRPSRQHQWRI&KLQHVHIDFHGHVFULEHGDERYH
,QGHHGZKHQWKHLPSOHPHQWDWLRQRIUXOHVUHOLHVRQWKRVHLQFKDUJHHYHU\UXOHFDQEHEHQW$VDUHVXOWQRWKLQJLV
DFWXDOO\LPSRVVLEOHIRUWKHZHOOFRQQHFWHGHYHQWKRXJKUHJXODWLRQVDUHUHFRJQL]HGWREHPXFKPRUHFRQVWUDLQLQJ
LQ&KLQDWKDQLQ:HVWHUQV\VWHPV
1RUWKHUQ&KLQHVHIRUH[DPSOHDUHNQRZQWRFDUHPXFKDERXWWKHLUHJRV7KH\DUHNQRZQWRUHIXVH
WR GHDO ZLWK DQ\RQH WKDW KDV RIIHQGHG WKHP HYHQ DW WKH H[SHQVH RI VRPH SRWHQWLDOO\ OXFUDWLYH
EXVLQHVV ,Q WKH PRUH EXVLQHVVPLQGHG 6RXWK ZLQQLQJ D JRRG GHDO ZLOO DFWXDOO\ JDLQ IDFH IRU WKH
QHJRWLDWRULQKLVRUJDQL]DWLRQHYHQLIRIIHQVHKDVEHHQVXVWDLQHG$QGFHUWDLQO\VRLIVXFKRIIHQVH
ZDVXQLQWHQWLRQDOO\FRPPLWWHGE\DFXOWXUDOO\XQDZDUHEXVLQHVVSDUWQHU
$OVRWKHSUHYDOHQFHRIUHODWLRQVKLSVDQGWKHXQFKDOOHQJHDEOHDXWKRULW\RISHRSOHLQSRZHUQDWXUDOO\UHGXFHWKH
YDOXHWKDW&KLQHVHSXWLQIRUPDODJUHHPHQWV7KH\PD\EHFRPHGLI¿FXOWWRIXO¿OOGXHWRXQSUHGLFWDEOHHYHQWV2U
SUHGLFWDEOHVLWXDWLRQVPD\QRWKDYHEHHQDFFRXQWHGDQGSODQQHGIRUUHQGHULQJWKHDJUHHPHQWDZNZDUG,QHLWKHU
FDVHLWLVXVXDOIRU&KLQHVHSDUWQHUVWRH[SHFWWKHUHGLVFXVVLRQRIFRQWUDFWV
,WPD\DOVRKDSSHQWKDWLQRUGHUWRVKRZKLVSRZHUWRRWKHUPHPEHUVRIKLVRUJDQL]DWLRQDQHJRWLDWRU
PD\UHIXVHSURSRVDOVHYHQLIWKH\DUHUHDVRQDEOH
,QWHUSHUVRQDOVNLOOVDQGSROLWLFDOVHQVH
/LYLQJLQVXFKDGHQVHVRFLHW\&KLQHVHKDYHEHHQLQSHUPDQHQWLQWHUDFWLRQZLWKWKHLUFRPSDWULRWV
8QWLOUHFHQWO\DQDYHUDJHXUEDQUHVLGHQWZRXOGQRWVSHQGDVLQJOHPRPHQWDORQHIURPELUWKWRGHDWK
5HVLGHQWLDOVSDFHZDVQRWHQRXJKWRDOORZLQGLYLGXDOVWROLYHLQWKHLURZQDSDUWPHQWRUURRPDWZRUN
VLQJOHRI¿FHVDUHUHVHUYHGIRUWKHYHU\IHZDQGQHHGOHVVWRVD\SXEOLFVSDFHLVJHQHUDOO\FURZGHG
:LWKRXWWKHSRVVLELOLW\WRLVRODWHRQHVHOIRUWRKDYHDQ\SULYDF\DVDQLQGLYLGXDOPDLQWDLQLQJJRRG
UHODWLRQVKLSV DQG DFTXLULQJ WKH VNLOOV WR GHDO ZLWK RWKHUV KDV HQRUPRXV SUDFWLFDO YDOXH &RQÀLFWV
DUH QDWXUDOO\ DYRLGHG VR WKDW DPRQJ SHHUV HYHU\ DVSHFW RI GDLO\ OLIH LV VXEMHFW WR GLVFXVVLRQ DQG
SHUVXDVLRQERWKLQSULYDWHDQGDWZRUN$VDUHVXOWQHJRWLDWLQJDQGLQWHUSHUVRQDOVNLOOVDUHSUDFWLFDOO\
LQQDWHWRWKH&KLQHVH
8QVXUSULVLQJO\WKHVRFLDOLQWHOOLJHQFHWKDW&KLQHVHGHPRQVWUDWHDUHFRQVLGHUDEO\KLJKHUWKDQWKRVH
WKDW RXU :HVWHUQ VRFLHWLHV EUHHG 7KLV SRVVLEO\ PDNHV &KLQHVH WKH EHVW RI EXVLQHVV QHJRWLDWRUV
WKH\ XVXDOO\ PDQDJH WR DFKLHYH EHWWHU FRQGLWLRQV WKDQ DQ\ RWKHU QDWLRQDOLWLHV ZKHQ SXUFKDVLQJ
LQWHUQDWLRQDOO\
'HOHJDWLRQRIDXWKRULW\DQGFRUUXSWLRQ
8SKROGLQJDXWKRULW\DQGJLYLQJIDFHZDVDOVRDPHDQVWRGHDOZLWKGLI¿FXOWFRPPXQLFDWLRQVDFURVVD
YDVWWHUULWRU\DQGWRPDQDJHWKHGLYHUVLW\RILWVSRSXODWLRQVDQGFLUFXPVWDQFHV1DWXUDOO\WKHFHQWUDO
DGPLQLVWUDWLRQKDVEHHQGHOHJDWLQJDXWKRULW\WRDODUJHGHJUHHDQGJUDQWLQJFRQVLGHUDEOHSRZHUVWR
ORFDOOHDGHUV
7KHUHIRUHGLYHUVLW\DQGORFDODXWRQRP\KDVEHHQDPDMRUIDFWRI&KLQHVHDGPLQLVWUDWLRQDQGOLIH,W
KDVEHHQIXUWKHUSURPRWHGE\WKH&RQIXFLDQEHOLHIWKDWWKHUXOHRIDJRRGPDQLVSUHIHUDEOHWRWKH
UXOHRIODZ&RQIXFLXVKHOGWKDWODZPD\PDLQWDLQRUGHUEXWQRWSURPRWHPRUDOLW\7KHUHIRUHDVRFLHW\
VKRXOGUHO\RQHGXFDWLQJJRRGUXOHUVUDWKHUWKDQRQOHJDOV\VWHPVDQGSURFHGXUHV
7KLVORFDODXWRQRP\KDVODVWHGZHOOLQWRWKHV$VDQH[DPSOHDVLQJOHFLW\6X]KRXLQ-LDQJVX
3URYLQFHZDVSD\LQJPRUHWD[HVWRWKHFHQWUDOJRYHUQPHQWLQWKDQWKHZKROHRI*XDQJ]KRX
WKHULFKHVWSURYLQFHLQ&KLQDDWWKHWLPH
7KRXJKFHQWUDOL]DWLRQLVULVLQJGHIDFWRORFDODXWRQRP\LVVWLOOFRQVLGHUDEOHLQ&KLQDPXFKPRUHVR
WKDQLQ6ZLW]HUODQG
$VDUHVXOWWKHSRZHUWRLQWHUSUHWDQGHQIRUFHFHQWUDOODZVDQGHGLFWVKDVEHHQGHYROYHGORFDOO\DQG
GHSHQGVKLJKO\WRWKLVGD\RQWKHRI¿FLDOVLQFKDUJH
7KLVREYLRXVO\FUHDWHVPDMRURSSRUWXQLWLHVIRUFRUUXSWLRQSDUWLFXODUO\ZKHQWKHFKHFNVDQGEDODQFHV
DUHQRWLQSODFHWRVXSHUYLVHORFDORI¿FLDOV
(QVXULQJDFRUUXSWLRQIUHHDGPLQLVWUDWLRQZLOOPRVWSUREDEO\SURYHWREHDNH\IDFWRUIRUWKHVXFFHVV
RIWKHFXUUHQWDGPLQLVWUDWLRQ
*XDQ[LDQGOR\DOW\
)DFHGZLWKWKH5XOHRI0DQ&KLQHVHQDWXUDOO\WHQGWRHVWDEOLVKSHUVRQDOUHODWLRQVKLSVSDUWLFXODUO\
ZLWK SHRSOH LQ SRVLWLRQV RI SRZHU ,QGHHG ZKHQ RQH FDQQRW UHO\ RQ D OHJDO V\VWHP SHUFHLYHG DV
JHQHUDOO\IDLUKDYLQJDQHWZRUNRIUHODWLRQVWRJHWVXSSRUWIURPLQWLPHVRIGLI¿FXOW\LVWKHEHVWZD\WR
KDYHDGHJUHHRIVHFXULW\DQGFRQWURORYHURQH¶VOLIH
7KHVHUHODWLRQVKLSVDUHGH¿QHGE\UHFLSURFLW\WUXVWDQGPXWXDOREOLJDWLRQ7KH\DUHDFWXDOIULHQGVKLSV
PDLQWDLQHGE\WKHFRQWLQXDOH[FKDQJHRIIDYRUV
*XDQ[L WKH WHUP WKDW LV XVHG WR GHVFULEH WKH VHW RI UHODWLRQVKLSV WKDW D SHUVRQ FDQ DFWLRQ ZKHQ
QHHGHGOLWHUDOO\PHDQVGRRULQWRDKLHUDUFK\RUJURXS,Q&KLQDLWLVDOVRGHVFULEHGDVDWRROWR
DFKLHYHWKHLPSRVVLEOH
,Q H[WUHPH FDVHV &KLQHVH SDUWQHUV PD\ KDYH QR PRUDO SUREOHP LQ UHYHUVLQJ DJUHHPHQWV MXVW EHFDXVH LW VXLWV
WKHPWRGRVR
,QVXFKDQHQYLURQPHQWPRVWDGPLWWKDWZLWKRXWDQHWZRUNRIUHODWLRQVKLSVQRWKLQJRILPSRUWDQFHFDQEHDFKLHYHG
HI¿FLHQWO\LQ&KLQD
6XFK D QHWZRUN PD\ KRZHYHU EH EXLOW YLD VXSSRUW RUJDQL]DWLRQV FKDPEHUV RI FRPPHUFH DQG ORQJ HVWDEOLVKHG
FRPSDWULRWV IRU H[DPSOH WR EH VXFFHVVIXO D IRUHLJQ FRPSDQ\ GRHV QRW QHFHVVDULO\ QHHG WR FXOWLYDWH FHQWUDO
JRYHUQPHQWRUHYHQSURYLQFLDOOHDGHUVGHSHQGLQJRQWKHVL]HRIWKHEXVLQHVV
<HWUHO\LQJRQUHODWLRQVKLSVDVDNH\PHDQVRIJHWWLQJUHVXOWVLVULVN\SHRSOHLQJRYHUQPHQWSRVLWLRQVFKDQJHRIWHQ
DQGRQFHWKH\DUHUHSODFHGDSHUVRQDOUHODWLRQVKLSZLWKDQHZRI¿FLDOQHHGVWLPHWREHHVWDEOLVKHG'XULQJWKH
WUDQVLWLRQPXFKFDQKDSSHQ«
*XDQ[LDOVRSURYLGHVDQXQGHUVWDQGLQJRIZKHUH&KLQHVHOR\DOWLHVOLH
5HODWLRQVKLSVDUHDOZD\VSHUVRQDODQGWKHUHIRUHOLQNHGWRSHUVRQVQRWWRWKHRUJDQL]DWLRQVWRZKLFKWKH\EHORQJ
7KH IHHOLQJV RI WUXVW DQG OR\DOW\ WKDW DUH FUHDWHG LQ UHODWLRQVKLSV IRUPHG LQ &KLQD DUH WKHUHIRUH FRPSOHWHO\
DVVRFLDWHGZLWKWKHSHUVRQVLQYROYHG(PSOR\HHVDVDUHVXOWZLOOXVXDOO\EHOR\DOWRWKHERVVHVWKH\WUXVWPXFK
PRUHWKDQWRWKHLUFRPSDQ\
6RXUFHV
7KH1HZ3HQJXLQ+LVWRU\RIWKH:RUOG-05REHUWV
7KH&KLQD'UHDP-RH6WXGZHOO
6$0$GVKHDG&KLQDLQ:RUOG+LVWRU\QG(GLWLRQ0DFPLOODQDQG7KH&KLQD'UHDP-RH6WXGZHOO
7KH1HZ3HQJXLQ+LVWRU\RIWKH:RUOG-05REHUWV
0\WKVDERXWGRLQJEXVLQHVVLQ&KLQD+DUROG&KHHZLWK&KULV:HVW
0\WKVDERXWGRLQJEXVLQHVVLQ&KLQD+DUROG&KHHZLWK&KULV:HVW
%XVLQHVVDQG(FRQRPLF1HZV‫ˉ׷‬ፂ฿ள᫔
$FKLHYH5HDO(VWDWH
3URSHUW\LQ&KLQD±$URDG0DS
:KHWKHU\RXWDUJHWWRLQYHVWLQUHVLGHQWLDOSUHPLVHVRUFRPPHUFLDOSUHPLVHVQR
PDWWHUWKHVL]HRIWKHSURSHUW\WKLVFRQWULEXWLRQFDQEHXVHGDVDURDGPDSWR
DFTXLUHUHDOHVWDWHSURSHUW\LQ&KLQD
8VXDOO\ ZHOONQRZQ GHYHORSHUV UHTXLUH XVLQJ WKHLU RZQ WHPSODWH RI SUHVDOH RU VDOH FRQWUDFW ZKLFK KDV
EHHQSUHYLRXVO\UHJLVWHUHGZLWKWKHUHOHYDQWDXWKRULWLHV6RPHWLPHVWKHFRQWUDFWLVHYHQRQOLQHDWWKHUHDO
HVWDWHWUDQVDFWLRQFHQWUHDQGWKHSDUWLHV¿OOLQWKHSDUWVLQEODQNDQGSULQWRXWWKHFRSLHVWREHH[HFXWHG
1RWHWKDWVXFKSURFHGXUHVWLOOUHTXLUHVDQRWDULVDWLRQRIWKHFRQWUDFWDVORQJDVRQHSDUW\LVDIRUHLJQHU
7KHSURFHGXUHIROORZVWRDODUJHH[WHQWWKHRQHGHVFULEHGXQGHUFKDSWHU1RWHWKDWLQFDVHRIH[HFXWLRQ
RIDSUHVDOHFRQWUDFWWKHSXUFKDVHUPD\RQO\DSSO\IRUDQRZQHUVKLSFHUWL¿FDWHZKHQWKHFRQVWUXFWLRQZRUN
LVFRPSOHWHGDQGWKHUHDOHVWDWHGHYHORSHUKDVREWDLQHGDJHQHUDOSURSHUW\WLWOHFHUWL¿FDWHIRUWKHZKROH
FRQVWUXFWLRQZRUNZKLFKFRXOGKDSSHQVHYHUDOPRQWKVDIWHUWKHVLJQDWXUHRIWKHSUHVDOHFRQWUDFW
7KLVDUWLFOHGRHVQRWFRQVWLWXWHOHJDODGYLFHRUUHFRPPHQGDWLRQDQGVKRXOGQRWEHXVHGDVVXFK
7KH GUDIW SURSHUW\ ULJKW ODZ ZDV PDGH SXEOLF ODVW \HDU DQG ZDV ILUVW H[SHFWHG WR EH DGRSWHG GXULQJ WKH 0DUFK
VHVVLRQRIWKH1DWLRQDO3HRSOH¶V&RQJUHVV13&+RZHYHUIROORZLQJFRPPHQWVUDLVHGE\OHJDOH[SHUWVDQG
VFKRODUV ZRUULHG DERXW LWV QRQFRPSOLDQFH ZLWK WKH &RQVWLWXWLRQ DQG LWV GHILFLHQF\ RI SURWHFWLRQ RI VWDWH RZQHG
SURSHUW\WKH13&KDVGHFLGHGWRSRVWSRQHWKHGLVFXVVLRQDGRSWLRQRIWKHQHZODZWRLWVVHVVLRQ
,QDFFRUGDQFHZLWKFXUUHQWSUDFWLFHZHPD\GLVWLQJXLVKWKHSXUFKDVHRIVHFRQGDU\SURSHUW\LHSXUFKDVHRIVHFRQGKDQG
SUHPLVHVIURPLWVRZQHURUSULPDU\SURSHUW\LHSXUFKDVHRIWKHSUHPLVHVIURPDUHDOHVWDWHGHYHORSHU7KHGHWDLOHG
SUDFWLFHPD\YDU\GHSHQGLQJRQWKHH[DFWORFDWLRQRIWKHSUHPLVHV7KH&KLQHVHUHDOHVWDWHSURSHUW\PDUNHWFRQWLQXHV
WR SURYLGH IRU JRRG LQYHVWPHQW RSSRUWXQLWLHV +RZHYHU HYLGHQFH RI RZQHUVKLS DQG D TXLWH FXPEHUVRPH UHJLVWUDWLRQ
SD\PHQWSURFHGXUHUHTXLUHVFDUHIXODWWHQWLRQDQGWKRURXJKGXHGLOLJHQFH
3XUFKDVHSURFHGXUHIRUVHFRQGDU\SURSHUWLHVLHSXUFKDVHRIVHFRQGKDQG
SUHPLVHVIURPLWVRZQHU
)LUVWRIDOOWKHSXUFKDVHUPXVWFKHFNWKHUHDOHVWDWHRZQHUVKLSFHUWL¿FDWHRIWKHVHOOHUDQGZKHWKHUWKHSURSHUW\LVIUHHRI
DQ\PRUWJDJHOHDVHRURWKHUXQGHUWDNLQJV
$Q\ PRUWJDJH RQ WKH SURSHUW\ PXVW EH UHOHDVHG SULRU WR WKH SURSHUW\ WUDQVIHU 2QFH WKH VHOOHU VHWWOHV WKH GHEW WKH
PRUWJDJHHVKRXOGUHWXUQWKHFHUWL¿FDWHRIPRUWJDJHWRWKHVHOOHUZKRVKDOOVXEPLWLWWRWKHORFDOUHDOHVWDWHWUDQVDFWLRQ
FHQWUHWRKDYHWKHPRUWJDJHUHOHDVHG
7KHSXUFKDVHUDQGVHOOHUZLOOFRQFOXGHDSXUFKDVHFRQWUDFW7KH6KDQJKDLJRYHUQPHQWIRULQVWDQFHSURYLGHVDPDQGDWRU\
VWDQGDUGFRQWUDFWWHPSODWH+RZHYHUWKHSDUWLHVDUHDOORZHGWRDPHQGWKLVFRQWUDFWZLWKVXSSOHPHQWDU\WHUPV,IRQHRI
WKHSDUWLHVLVDQRWD&KLQHVHQDWLRQDOWKHQWKHSXUFKDVHFRQWUDFWPXVWEHQRWDULVHGE\DQRWDU\SXEOLF
7KHVHOOHUXVXDOO\UHTXLUHVWKHSXUFKDVHUWRSD\WKHSXUFKDVHSULFHXSRQH[HFXWLRQRIWKHFRQWUDFW7KHSXUFKDVHUEHDUV
WKHULVNGXULQJWKHSHULRGEHWZHHQWKHSD\PHQWDQGWKHWUDQVIHURIRZQHUVKLS2QHZD\WRDGGUHVVWKLVULVNDQGVHFXUH
WKHSD\PHQWLVWRUHVRUWWRDQHVFURZSD\PHQWWKURXJKDQRWDU\SXEOLFRUODZ\HU¶VEDQNDFFRXQW
,QFDVHWKHSXUFKDVHUKDVFRQFOXGHGDPRUWJDJHORDQFRQWUDFWZLWKDEDQNWKHVHOOHUXVXDOO\UHTXLUHVWKHSXUFKDVHUWR
SD\SDUWRIWKHSXUFKDVHSULFHWKURXJKDGRZQSD\PHQW8SRQVLJQDWXUHRIWKHSXUFKDVHFRQWUDFWWKHSXUFKDVHUVKRXOG
SURYLGHWKHEDQNZLWKDVLJQHGFRS\RIWKHFRQWUDFW7KHUHDIWHUWKHEDQNGLVEXUVHVWKHORDQWRVHWWOHWKHEDODQFHRIWKH
SXUFKDVHSULFHGXHWRWKHVHOOHUDIWHUWKHUHJLVWUDWLRQZLWKWKHUHDOHVWDWHWUDQVDFWLRQFHQWUH
%RWKSDUWLHVQHHGWRJRWRWKHORFDOUHDOHVWDWHWUDQVDFWLRQFHQWUHWRLSD\DOOWKHIHHVDQGWD[HVDQGLLUHJLVWHU
WKHSXUFKDVHFRQWUDFWDQGSURSHUW\WUDQVIHU8SRQDSSURYDORIWKHDSSOLFDWLRQWKHORFDOUHDOHVWDWHWUDQVDFWLRQ
FHQWUHLVVXHVDUHFHLSWDQGWKHQHZUHDOHVWDWHRZQHUVKLSFHUWL¿FDWHLQWKHQDPHRIWKHSXUFKDVHULVXVXDOO\
LVVXHG ZLWKLQ ZRUNLQJ GD\V DIWHU WKH DSSURYDO RI WKH DSSOLFDWLRQ 7KH WUDQVIHU RI WKH WLWOH RI D SURSHUW\ LV
HIIHFWLYHIURPWKHGDWHRIWKHUHJLVWUDWLRQ
3XUFKDVHSURFHGXUHIRUSULPDU\SURSHUWLHVLHSXUFKDVHRISUHPLVHVIURPDUHDO
HVWDWHGHYHORSHU
7KH SRWHQWLDO SXUFKDVHU VKDOO FKHFN ¿UVW WKDW WKH UHDO HVWDWH GHYHORSHU KDV DOO UHOHYDQW OLFHQFHV WR VHOO WKH EXLOGLQJ
LQFOXGLQJEXWQRWOLPLWHGWRLWVEXVLQHVVOLFHQFHSUHVDOHFRPPRGLW\EXLOGLQJFHUWL¿FDWHDQGVWDWHRZQHGODQGXVHULJKW
FHUWL¿FDWHIRUWKHSUHPLVHV
'HSHQGLQJRQWKHFRPSOHWLRQRIWKHFRQVWUXFWLRQRUQRWWKHSXUFKDVHUDQGWKHUHDOHVWDWHGHYHORSHUH[HFXWHHLWKHU
LD³SUHVDOHFRQWUDFW´ZKHQHYHUWKHUHDOHVWDWHGHYHORSHUKDVREWDLQHGDSUHVDOHOLFHQFHXSRQFRPSOHWLRQRI
WKHVXSHUVWUXFWXUHRIWKHEXLOGLQJEXWDJHQHUDOSURSHUW\WLWOHFHUWL¿FDWHKDV\HWWREHLVVXHGRU
LLDSXUFKDVHFRQWUDFWZKHQHYHUDJHQHUDOSURSHUW\WLWOHFHUWL¿FDWHKDVEHHQLVVXHGVXEMHFWWRFRPSOHWLRQRIWKH
FRQVWUXFWLRQDQGLQVSHFWLRQ
$OH[DQGUH9LQFHQW
-RQDWKDQ6HOYDGRUD\
&06%XUHDX)UDQFLV/HIHEYUH6KDQJKDL2I¿FH
6ZLVV$WWRUQH\DWODZ
&06%XUHDX)UDQFLV/HIHEYUH6KDQJKDL2I¿FH
DOH[DQGUHYLQFHQW#VKDQJKDLFPVOHJDOFRP
%RDUG0HPEHU6ZLVV&KDP6KDQJKDL
)UHQFK$WWRUQH\DWODZ
MRQDWKDQVHOYDGRUD\#VKDQJKDLFPVOHJDOFRP
7KH&(2,QWHUYLHZ
঳ᜆ᝺ៀे
'DQLHO)LQNRI*HRUJ)LVFKHU
˯෴e᠟൞࠶ú'DQLHO)LQN
‫ڍ˖ڙ‬અᠪੜ‫ૈ̖ڠ‬Ӯ
ॆ৥੩ኪ‫ڍ˖ڙ‬અᠪੜ‫̖ڠ‬ௐḞ௃᝶௦᝟ѲઅᠪͰ߳ੜ੊‫׷‬ၸੜḞ௃᝶᝟Ѳઅ
ᠪᄉੜ̖᭦ሤథܷܲḞఴ஠ᦏԺͺ˝৥ᄉઅᠪૈӮnj
ǑྫྷాกḚᕘ಴ḛǒ̅ԜࣱМ࣊Ḟԓఴ᝟Ѳ‫ࣱڙ‬తԷधᄉ
К‫ܷ̠͗ڍ‬ᝫʼᝦ᝶᤯᣾njͭ௦Ḟʶ̎ก।˃ࠑ֖ߥᏧࡂᕘ಴ଡ
Ѣ਒᜸Ḟ̴͂ᝢ˝ᕘ಴ˀǑࠋกǒథ੝કᝎḞ˄‫ڙ‬γએ‫ڍ‬థᠪ̖
ழ᭦థ੝ʿᡛḞ‫ځ‬൤ḞК‫ܷ̠ڍ‬ф߿࠱ឞᦉளกढՐᒯࣱᄉ
͗ᝫʼᤈᛠᝦ᝶᤯᣾nj
‫ࠃڙ‬᡺˖Ḟੇ͂Ժ࠱ੜ̖˻ӭѫ˝ˏሗৰхḞԀ᠓˻̃੣ੜḚԀ
ੜ‫˝ڣࣉ̖ڠ‬અᠪᏧଡΘ˿ᓡ‫ݝ‬ᄉઅᠪ఺͗njཨᏪḞઅᠪᏧࠪ੝
ᯪЎḞ໷‫ڙ‬᠓˻Ꮷःᆷᝢੜ‫̖ڠ‬धԦ‫׷‬௦ՠХ‫ܫ‬Ѣ‫׫‬ੜ̖੝ॸᭉ
థాњ᝼֖ጒဴᄉᄅ᝭Ԣ̶൛ርࣿ᜵ܲҪ႐਒֖࠴ॶnj
ᄉ੝థᄰС᝴Ժ஠͇ḞӉહͭʿᬌ̅ੜ‫̖ڠ‬धԦ‫׷‬ᄉᖸˉ੯ཱNj
‫ֵ׷‬ੜᮔ‫׫‬᝴Ժ᝼Njੜࡓᄉ‫ڍ‬థ‫ڠڗ‬΍ၸా᝼nj
ᯪЎḞ˻ழः೜ಉӭழᄉੜ‫ా̖ڠ‬᝼Ḟࣲಉ௙ੜࡓ௦ՠ᝹థકઘNj
ሜᠧ੊Ф̴᠆ઝnj
ᔩੜࡓ‫׷‬᝹థ͉ʹકઘᄉḞॸᮋ‫ڙ‬ੜࡓ᣾ਖ਼ґᝌᬓકઘnjʶெӭ
ழຌϩ˿ϗҫḞકઘా̠ः࠱કઘᄅ᝭᝼ᤄᤆፋӭழḞӭழःՓ
ॆ‫ڠ‬ੜ̖̓௛˖ॶᤫ̓કઘᄅ᝭᝼Ḟ̾ᝌᬓકઘnj
˻ழ֖ӭழःኣᝠ˻ӭՋՎnjʼ๑ஊउࠪ൤ଡΘ˿ಕэՋՎಧఴḞ
ͭॆ̠̂Ժ̾ጝ߿ᛩЌ్൛ḞࠪՋՎᤈᛠνஇnjᔩథʶழॆ̠̂
᭣˖‫ڍڍ‬ዙḞѶ˻ӭՋՎॸᮋၿМ᝼఺СᤈᛠМ᝼nj
ӭழ᤯࣡᜵ය˻ழ‫ڙ‬ኣᎷՋՎௐஂ̶᠓ੜ൛nj̶൛ᒯ̖ాᣀሧయ
̖ᫍၶᄉ᮲ᬖၿ˻ழ੽ઝnj˝ђ࠵൤ዜ᮲ᬖࣲᆷγ̶൛߶КবḞ
Ժ࠱̶൛ՓМ᝼఺С੊।࣍̂ҫ੝ᄉᩏᛠ᠌ਖ਼ᤈᛠଡߚnj
಩૵ੜࡓतᤴࢹር௦ՠ߸ࢹḞԺѫ˝ˏሗৰхḬ
ॆੜࡓፆౝ࠯ᮆḞੜ‫̖ڠ‬धԦ‫׷‬ᖌ३ᮔ‫׫‬᝴Ժ᝼ՐḞ̮ͭల
ᖌ३ੜ‫ా̖ڠ‬᝼ᄉৰхʽḞ˻ழˀੜ‫̖ڠ‬धԦ‫׷‬ःኣᎷǑᮔ‫׫‬Ջ
Վǒḭ੊
ॆੜࡓतᤴࢹር߸ࢹࣲ᤯᣾೜ᰍḞੜ̖‫׷‬ᖌ३ੜ‫ా̖ڠ‬᝼ՐḞ
˻ழ֖ੜ‫̖ڠ‬धԦ‫׷‬Ժኣᝠੜ‫˻̖ڠ‬ӭՋՎnj
᤯࣡Ḟʶ̎ᅻՏधԦ‫͗׷‬᜵ය΍ၸधԦ‫׷‬ᒬࣁᄉᮔ‫੊׫‬ᩘ‫׫‬ՋՎ
ᄉಧఴḞᤇ̎ಧఴࣂ̂ЎՓᄰСᦉ᫂ᄅ᝭‫ܫ‬಴njథௐḞԺ‫ڙ‬ੜ̖
̓௛˖ॶᎩቢʼᄯଋᎃзՋՎḞၿԤழࠪቆᄆ‫ܪ‬ᤈᛠ‫܌‬зḞཨՐ
੩ӾѢ౎ḞၿԤழኣᎷnjឯซ਒Ḟ૊ཱʼᤗርࣿኣᝠՋՎௐḞԵ
᜵థʶழॆ̠̂˝ܰ‫̠ڍ‬Ḟ̮ᭉࠪՋՎᤈᛠМ᝼nj
ᬣՐᄉርࣿˀኃʶብ੝Ѵ˧ርܷࣿᒰᄰՎnjឯซ਒ḞᔩኣᎷ˿ᮔ
‫׫‬ՋՎḞԵథॆतኒࢹር߸ࢹ˄ੜ‫̖ڠ‬धԦ‫׷‬ᖌ३ஞ˓तᤴࢹር
ᔩ˻ழˀᩏᛠኣᎷકઘ᠝൛ՋՎḞѶӭழ᤯࣡᜵ය˻ழ᤯᣾ᮔ̶
൛ஂ̶ᦉѫ᠓ੜ൛nj˻ӭՋՎኣᎷՐḞ˻ழः࠱ኣᎷՐᄉՋՎଡ
ᄉੜ‫ా̖ڠ‬᝼ՐḞ˻ழழԺႁឯ̖ా᝼ḞᏪᤇԺᑞ࠱᜵‫ڙ‬ᮔ‫׫‬Ջ
ՎኣᎷ˧Րᄉі˓తnj
Θፋᩏᛠnj‫ڙ‬Փੜ‫̖̓ڠ‬௛˖ॶᄅ᝭ՐḞᩏᛠ࠱Ԧஉ᠝൛Ḟˀӭ
ఴ஠ʿౝ੆͉ʹก।਒᜸੊तᝫḞ˶ʿᑞၸͺ͉ʹก।਒᜸੊तᝫnj
ழፆຌ᠓ੜ൛ᄉͷᮨᦉѫnj
$OH[DQGUH9LQFHQW
)UHQFK$WWRUQH\DWODZ
‡.XQR.RKOHU&LED6&
‡-RVHI0XHOOHU1HVWOH
‡/DXUHQW*LPHQH]DQG
$OH[DQGHU*DSS+LOWL
‡.DUO0/DQJ0HWWOHU7ROHGR
‡$QGUHDV7VFKLUN\5RFKH
ஂ̶੝థ᠟ၸ֖ሯ᠟Ḟࣲ
ࠪ˻ӭՋՎ֖ੜ̖᣾ਖ਼ᤈᛠᄅ᝭nj
ႁឯᖌ੺эՐḞॆ‫ڠ‬ੜ‫̖̓ڠ‬௛˖ॶѢХஅ૵Ḟ᤯࣡࠱‫੺ڙ‬эႁ
ឯՐᄉ˓ࢹͺ௅ЮᮑԦ̾˻ழ˝̖ా̠ᄉளੜ‫ా̖ڠ‬᝼njੜࡓ
̖ాᣀሧᒬᄅ᝭˧௅ᡐၶ஌nj
ʶ੣ੜḚԀ̯ੜ‫̖ڠ‬धԦ‫ܪ׷‬᠓˻ੜࡓḛ
ᄉ᠓˻ርࣿ
̃੣ੜḚԀ̯ੜ̖੝థ̠‫ܪ‬᠓˻ੜ̖ḛ
ᄉ᠓˻ርࣿ
3UHYLRXVO\
LQWHUYLHZHG
Ԥழॆ̠̂ःґज़ॆ‫ڠ‬ੜ‫̖̓ڠ‬௛˖ॶҨူ̾ʽ̂ᮉḬ
̯ੜ̖੝థ̠‫ܪ‬᠓˻ੜ̖ḛ֖᠓˻ʶ੣ੜḚԀ̯ੜ‫̖ڠ‬धԦ‫ܪ׷‬
᠓˻ੜ̖ḛnjХͳୱͺழก಩૵ੜ̖Хͳ੝‫ڠڙ‬ՉథʿՎnj˖‫ڍ‬
-RQDWKDQ6HOYDGRUD\
6ZLVV$WWRUQH\DWODZ
กˬᖦ।࣍̂ҫ੝ʼ๑Ҩ̂‫ܪ‬
กˬᖦ।࣍̂ҫ੝ʼ๑Ҩ̂‫ܪ‬
DOH[DQGUHYLQFHQW#VKDQJKDLFPVOHJDOFRP
။‫͗͗׷ܢ‬տ
MRQDWKDQVHOYDGRUD\#VKDQJKDLFPVOHJDOFRP
³
+LULQJORFDOVIRUPDQDJHPHQW
SRVLWLRQVLVDPXVW
´
*HRUJ)LVFKHU*)KDVLQFUHDVHGLWVVDOHVIRXUIROGVLQFHDQGLQYHVWHG&+)
PLOOLRQ ODVW \HDU LQ D QHZ PDQXIDFWXULQJ SODQW LQ 6X]KRX 'DQLHO )LQN WKH QHZ
'HOHJDWHRIWKH&(2LQ&KLQDWHOOV³7KH%ULGJH´KRZWKLVH[SDQVLRQZDVDFKLHYHG
ZKDWWKHSODQVDUHWRIXUWKHUVHFXUHJURZWKDQGZK\*)UXQVLWV5'GHFHQWUDOL]HG
<RXKDYHEHHQUHFHQWO\DSSRLQWHGDVWKHQHZGHOHJDWHRIWKH&(2LQ&KLQD:KDWH[DFWO\DUH
\RXUWDVNV"
, DP RI¿FLDOO\ UHSUHVHQWLQJ RXU &(2 .XUW ( 6WLUQHPDQQ LQ &KLQD DQG ZLOO EH LQ FKDUJH RI WKH QHZO\ HVWDEOLVKHG &RUSRUDWH
+HDG 2I¿FH LQ 6KDQJKDL &KLQD DQG WKH &KLQHVH PDUNHWV KDYH EHFRPH LQFUHDVLQJO\ LPSRUWDQW IRU *HRUJ )LVFKHU *)$OO
WKUHH&RUSRUDWH*URXSV*)$XWRPRWLYH*)3LSLQJ6\VWHPVDQG*)0DFKLQH7RROVKDYHEXLOWDVWURQJSUHVHQFHLQ&KLQD
DQGHPSOR\PRUHWKDQSHRSOH*)ZDQWVWKH&KLQDKHDGRI¿FHWRWDNHFDUHRIVRPHFRUSRUDWHWRSLFVORFDOO\7KHVHWRSLFV
LQFOXGH¿QDQFLQJULVNPDQDJHPHQWWD[ODZ35HWF+RZHYHUWKLVIXQFWLRQLVMXVWDSDUWWLPHMRE0\PDLQUHVSRQVLELOLW\LVIRU
WKH'LYLVLRQ$VLDRI*)3LSLQJ6\VWHPV
*HRUJ)LVFKHUHQWHUHGWKH&KLQHVHPDUNHWDOUHDG\LQDWWKDWWLPHZLWKDMRLQWYHQWXUHIRU
\RXU0DFKLQH7RROVXQLW7RGD\DOOWKUHHFRUSRUDWHJURXSVRI*)DUHSUHVHQWKHUHPDLQWDLQLQJ
VXEVLGLDULHVLQWKHHDVWHUQSDUWRI&KLQD:KDWZDVWKHPDLQUHDVRQIRUWKLVH[SDQVLRQDQG
ZKDWZHUHWKHPLOHVWRQHVGXULQJWKHVH\HDUV"
2XUPDUNHWHQWU\IROORZHGDFRQWLQXRXVH[SDQVLRQVWUDWHJ\$IWHUVHWWLQJXSWKH-9*)0DFKLQHV7RROHVWDEOLVKHGVHYHUDOVDOHV
FRPSDQLHVWRFRYHUWKHH[SDQGLQJWRROPDNLQJPDUNHWLQ&KLQDRSWLPDOO\*)3LSLQJ6\VWHPVRSHQHGDQHZSODQWLQWR
PDQXIDFWXUHDQGPDUNHWSLSLQJFRPSRQHQWVIRULQGXVWULDODQGEXLOGLQJPDUNHWV:HPDGHDQRWKHUVWUDWHJLFPRYHLQDQG
ERXJKWDVKDUHLQWKHMRLQWYHQWXUHRI&KLQDXVWLQ=KXR]KRX+HEHL3URYLQFH7KLVDOORZHGXVWRDFTXLUHDOHDGLQJSRVLWLRQ
LQSLSLQJV\VWHPVIRUJDVDQGZDWHUXWLOLWLHV7KHODWHVWKLJKOLJKWZDVWKHRSHQLQJRIWKHQHZ*)$XWRPRWLYHSODQWLQ6X]KRX
ODVW\HDU
*HRUJ)LVFKHULQYHVWHG&+)PLOOLRQLQWKLVQHZSURGXFWLRQIDFLOLW\LQWKH6X]KRX,QGXVWULDO
3DUN<RXZLOORSHUDWH(XURSHDQPDGHSUHVVXUHGLHFDVWLQJPDFKLQHVZLWKDFORVLQJIRUFHRI
XSWRWRQVIRU\RXUDXWRPRWLYHXQLW7KLVTXDOLW\LVDOPRVWXQLTXHLQ&KLQD:KDWH[SHFWV
*)IURPWKLVSODQWH[DFWO\"
:HDUHPDUNHWOHDGHULQ(XURSHIRUGLHFDVWLQJJRRGVLQWKHDXWRPRWLYHLQGXVWU\,IZHZDQWWREHVXFFHVVIXOZLWKRXUSURGXFWV
LQ&KLQDZHKDYHWREHLQQRYDWLYHDQGRIIHUSURGXFWVWKDWJLYHXVDFRPSHWLWLYHHGJH<RXFDQLPDJLQHWKDWWKHDXWRPRWLYH
(XURSHDQ SODQWV )XUWKHUPRUH ZH KDYH HVWDEOLVKHG VRXUFLQJ SODWIRUPV LQ DOO &RUSRUDWH *URXSV WR LQFUHDVH WKH YROXPH RI
FRPSRQHQWVVRXUFHGLQ&KLQD
'HVSLWH \RXU JURZWK WDUJHWV DQG H[SDQVLRQ SODQV IRU &KLQD &(2 .XUW ( 6WLUQHPDQQ VWDWHG
WKDW*HRUJ)LVFKHUVKDOOQRWGHSHQGRQWKH&KLQHVHPDUNHWPRUHWKDQQHFHVVDU\,VWKHUHD
WUDGHRIIEHWZHHQWKHJURZWKVWUDWHJ\DQGWKHGHSHQGHQF\IURPWKLVSURPLVLQJPDUNHW"
,WKLQNLWLVDOZD\VDULVNWRGHSHQGRQRQHPDUNHWPRUHWKDQQHFHVVDU\,WGRHVQRWPDWWHULIWKLVPDUNHWLVLQ&KLQDRU
LQDQ\FRXQWU\&KLQDRIIHUVXQLTXHSRVVLELOLWLHVIRUFRXQWOHVVFRPSDQLHVWRJURZ,IWKHUHZRXOGEHDQHPLQHQWULVNZH
DOOZRXOGQRWEHKHUH1RQHWKHOHVVLWLVZLVHWREDODQFHWKHJURZWKZLWKDIDLUO\FDOFXODWHGH[SRVXUH)XUWKHUPRUHZH
VKRXOGQRWIRUJHWWKDWSOHQW\RIRWKHUHPHUJLQJPDUNHWVRIIHUJUHDWRSSRUWXQLWLHVDVZHOO/DVW\HDUIRUH[DPSOH*)3LSLQJ
6\VWHPVKDVJURZQVLJQLILFDQWO\LQWKH0LGGOH(DVWRULQ,QGLD$QG*)0DFKLQHV7RROVLVDERXWWRHQKDQFHWKHLUSUHVHQFH
LQ,QGLDDVZHOO
$V³7KH%ULGJH´VWDWHGLQWKHODVWLVVXHWKDWWKHUHDUHDERXWIRUHLJQ5'FHQWHUVLQ&KLQD
DPRQJWKHPRI6ZLVVFRPSDQLHV$VWKHGRPHVWLFPDUNHWZLOOSOD\DPDMRUUROHLQ*)¶V
VWUDWHJLFSODQVKDYH\RXFRQVLGHUHGEXLOGLQJXS\RXURZQ5'IDFLOLWLHVLQ&KLQD0DLQODQGWR
EHWWHUVHUYHWKHGRPHVWLFPDUNHW"
$W*)ZHGRQRWKDYH5'FHQWHUVSHUVH:HKDYHDGHFHQWUDOL]HGPDQDJHPHQWVWUXFWXUH7KH&RUSRUDWH*URXSVGRWKHLU
RZQ5'DQGWKH\XVXDOO\GRLWZLWKLQWKHLUSURGXFWXQLWV,QRWKHUZRUGVZHDOUHDG\KDYHKDG5'VWDIIKHUHLQ&KLQDIRU
PDQ\\HDUV,ZRXOGHVWLPDWHWKDW±DVLQRWKHUFRXQWULHV±WZRWRWKUHHSHUFHQWRIRXUZRUNIRUFHLQ&KLQDLVHPSOR\HGLQ5'
WHDPV
LQGXVWU\UHTXLUHVPRUHDQGPRUHOLJKWFRPSRQHQWV
LQ RUGHU WR UHGXFH WKH ZHLJKW RI FDUV DQG KHQFH
IXHOFRQVXPSWLRQ±DOVRLQ&KLQD7KHFRPELQDWLRQ
RI WKH LPSRUWHG GLH FDVWLQJ PDFKLQHV DQG RI RXU
SURFHVV NQRZKRZ HQDEOHV XV WR RIIHU SURGXFWV
ZLWK D UHODWLYH KLJK OHYHO RI VRSKLVWLFDWLRQ 3DUWV
WKDW DUH ELJ LQ VL]H EXW \HW WKLQ QDWXUDOO\ VXSSRUW
WKHLQGXVWU\¶VHIIRUWVIRUORZHUIXHOFRQVXPSWLRQV
³
,WLVQRWLQWKH
LQWHUHVWRIRXUFRPSDQ\
WRSOD\RQHFRXQWU\RII
DJDLQVWDQRWKHU
³
´
.H\LVWKDWZH
VXEVWDQWLDOO\LQFUHDVH
ORFDOSURGXFWLRQ
´
$FFRUGLQJWR\RXUFRUSRUDWHGDWDDOO
WKUHH FRUSRUDWH JURXSV DUH JURZLQJ
ZLWKGRXEOHGLJLWVLQ&KLQD5HYHQXH
KDV JURZQ IURP &+) PLOOLRQ LQ
WR PLOOLRQ LQ DQG WR
RYHU &+) PLOOLRQ LQ :KDW
DUHWKHSRVVLEOHREVWDFOHV*)FRXOG
IDFHLQWKH\HDUVWRFRPH"
,WLVQRVHFUHWWKDWWKH&KLQHVHPDUNHWVLQJHQHUDO
DUHYHU\SULFHVHQVLWLYHDQGFRPSHWLWLYH7RRIIHU
WKHTXDOLW\SHRSOHH[SHFWIURPDEUDQGOLNH*)DW
FRPSHWLWLYH SULFHV LV WKH PDMRU FKDOOHQJH IRU DOO
&RUSRUDWH*URXSV7KHVKHHUVL]HRIWKHFRXQWU\
WKH QXPEHU DQG YDULHW\ RI FRPSHWLWRUV DQG WKH
ZHOONQRZQ FRQGLWLRQV LQ WKH ODERU PDUNHW DUH
IXUWKHU VSHFLDO FKDOOHQJHV LQ &KLQD )RU DOO WKH
UHVW WKH FKDOOHQJHV DUH WKH VDPH DV DQ\ZKHUH
LQWKHZRUOG1HYHUWKHOHVV,DPFRQ¿GHQWWKDWZH
FRQWLQXHWRJURZVXEVWDQWLDOO\DQGSUR¿WDEO\LQWKH
FRPLQJ\HDUVLQDOOWKUHH&RUSRUDWH*URXSV
<RXU &(2 .XUW ( 6WLUQHPDQQ
H[SHFWV WKDW RI WRWDO VDOHV
VKDOO EH JHQHUDWHG E\ WKH &KLQHVH
VXEVLGLDULHV LQ WKH PHGLXP WHUP
7RGD\ZKROH$VLDLVUHVSRQVLEOHIRU
+RZ GR \RX ZDQW WR DFKLHYH
WKLV QHZ WDUJHW" :LOO \RX FORVH
SURGXFWLRQ VLWHV LQ RWKHU $VLDQ
FRXQWULHV DQG IXUWKHU H[SDQG \RXU
SUHVHQFHLQ&KLQD"
:H DUH IROORZLQJ D JURZWK VWUDWHJ\ LQ &KLQD ,W
LVYHU\DPELWLRXVEXWZHEHOLHYHZHFDQDFKLHYH
LW .H\ LV WKDW ZH VXEVWDQWLDOO\ LQFUHDVH ORFDO
SURGXFWLRQ,QWKHSDVWPRVWRIWKH¿QLVKHGJRRGV
KDYH EHHQ LPSRUWHG IURP (XURSH RU WKH 86 ,W LV
RXUJRDOWRVHUYHRXUFXVWRPHUVZLWKSURGXFWVWKDW
PHHW WKHLU ORFDO QHHGV 7KLV FDOOV IRU DV PXFK DV
SRVVLEOHORFDOO\GHYHORSHGDQGORFDOO\PDQXIDFWXUHG
SURGXFWV,QIDFW*)$XWRPRWLYHXVXDOO\GHYHORSV
QHZSURGXFWVLQDYHU\FORVHFROODERUDWLRQZLWKWKH
FXVWRPHUVHJIRUDQHZFDUPRGHO2XULQFUHDVHG
ORFDOPDQXIDFWXULQJDQGGHYHORSPHQWSUHVHQFHZLOO
DOORZ DQ DSSURSULDWH SURGXFW RIIHULQJ LQ SULFH DV
ZHOODVLQSURGXFWIHDWXUHV
<RXU WKUHH FRUSRUDWH JURXSV ¿QG WKHPVHOYHV LQ YHU\ FRPSHWLWLYH PDUNHWV$PHULFDQ (XURSHDQ
-DSDQHVH DQG &KLQHVH PDQXIDFWXUHUV WU\ WR ZLQ PDUNHW VKDUH ZLWK WHFKQRORJLFDOO\ DGYDQFHG
SURGXFWV DQG FRPSHWLWLYH SULFHV +RZ GRHV *) VXFFHVVIXOO\ FRPSHWH DJDLQVW WKHVH QXPHURXV
ULYDOV"
.H\ WR DFKLHYH WKH JRDO RI RXU &(2 ZLOO EH *)
$XWRPRWLYH 7KLV FRUSRUDWH *URXS DFFRXQWV IRU
RI *)¶V ZRUOGZLGH WXUQRYHU EXW KDV KDG D
QHJOHFWDEOHSRVLWLRQLQ&KLQD7KHVWRQHWRFKDQJH
WKLVSLFWXUHZDVODLGZLWKWKHQHZGLHFDVWLQJSODQW
7KH\KDYHVWDUWHGYHU\ZHOODQGZLOODOUHDG\H[SDQG
WKHLU FDSDFLWLHV VRRQ )XUWKHU H[SDQVLRQV ZLWK
RWKHUPDWHULDOVIRUH[DPSOHDUHEHLQJFRQVLGHUHG
,WUXO\EHOLHYHKLULQJORFDOVIRUPDQDJHPHQWSRVLWLRQVLVDPXVW,QIDFWLWLVRXU+5SROLF\WRUHFUXLWDVPDQ\UHVLGHQWVLQNH\
SRVLWLRQVDVSRVVLEOHLQDQ\FRXQWU\$V\RXNQRZGRLQJEXVLQHVVLQ,WDO\LVGLIIHUHQWWKDQGRLQJEXVLQHVVLQ6ZLW]HUODQG<RX
PD\EHEHWWHURIIZLWKDSHUVRQZKRLVYHU\IDPLOLDUZLWKWKHFXVWRPVHYHQLQVPDOODQGPXOWLFXOWXUDO(XURSH$QGLWLVFHUWDLQO\
ZLVHWRKDYHORFDOVDURXQG\RXLI\RXZDQWWRVXFFHVVIXOO\FORVHGHDOVLQ&KLQD
'RHV WKLV PHDQ WKDW \RX GHFUHDVH
\RXU SURGXFWLRQ LQ 6ZLW]HUODQG DQG
(XURSHEHFDXVHRI\RXUH[SDQVLRQLQ
&KLQD"
,W LV QRW LQ WKH LQWHUHVW RI RXU FRPSDQ\ WR SOD\
RQH FRXQWU\ RII DJDLQVW DQRWKHU$QG ZH FHUWDLQO\
GR QRW SODQ WR OD\ RII ZRUNHUV LQ 6ZLW]HUODQG RU
LQ DQRWKHU (XURSHDQ FRXQWU\ EHFDXVH RI RXU
FRPPLWPHQW WR WKH &KLQHVH PDUNHW :H EDVLFDOO\
ZDQW RXU SURGXFWLRQ WR EH LQ WKH PDUNHW 7R EH
FORVH WR \RXU FXVWRPHUV KDV QRW RQO\ DGYDQWDJHV
LQPDUNHWLQJDQGFXVWRPHUVHUYLFHEXWDOVRVLPSOH
ORJLVWLF EHQH¿WV 3LSH LV EXON\ FDVW LURQ SDUWV DUH
KHDY\ /RFDO SURGXFWLRQ LV D PXVW LI ZH ZDQW WR
EH FRPSHWLWLYH ZLWK ORFDO SOD\HUV +RZHYHU *)¶V
VWUDWHJ\KDVQRWEHHQWRPDQXIDFWXUHLQ&KLQDIRU
WKHUHVWRIWKHZRUOG
7KHUHLVQRFRQQHFWLRQDWDOO"
7R D FHUWDLQ GHJUHH WKHUH LV $V PHQWLRQHG
ZH KDYH LPSRUWHG FHUWDLQ ¿QLVKHG SURGXFWV WR
WKH &KLQHVH PDUNHW EHIRUH +HQFH ZH PD\ LQ
WKH IXWXUH DGG OHVV DGGLWLRQDO FDSDFLWLHV LQ RXU
2XUFRPSDQ\KDVDJRRGQDPHIRULWVTXDOLW\SURGXFWVDQGLWVUHOLDEOHHPSOR\HHV7KHVHVWUHQJWKVDUHFRPELQHGZLWKRXUORQJ
H[SHULHQFHLQWKLVPDUNHW$QRWKHUFUXFLDOSRLQWLVRXUVWURQJEHOLHYHLQORFDOPDQDJHPHQW$VDQ\ZKHUHLQWKHZRUOGZHRQO\
HPSOR\DIHZH[SDWVKHUHLQ&KLQD2XUFRPSDQ\PDQDJHUVLQ&KLQDDUHPDLQO\&KLQHVH2QORZHUPDQDJHPHQWOHYHOWKH
QXPEHURIQRQ&KLQHVHVWDIILVYHU\ORZWRR7KRVHPDQDJHUVNQRZWKHEXVLQHVVFXOWXUHDQGQHJRWLDWLRQWHFKQLTXHVYHU\ZHOO
DQGDUHDWHDVHZKHQLWFRPHVWRQHJRWLDWLRQVZLWK&KLQHVHFOLHQWV
6RPHSHRSOHVD\KLULQJORFDOVLQ&KLQDLVULVN\VRPHVD\LWLVDPXVW
,QIR%R[
'DQLHO)LQN
'DQLHO)LQNKDVDODZGHJUHHIURPWKH8QLYHUVLW\RI=XULFKDQGMRLQHG*)LQ+HKDGVHYHUDOPDQDJHPHQWDVVLJQPHQWV
LQ6ZLW]HUODQGDQGWKH868QWLOWKHHQGRIKHZDVLQFKDUJHRIDSURGXFWGLYLVLRQRI*)3LSLQJ6\VWHPVEDVHGLQ
6ZLW]HUODQG6LQFH-DQXDU\KHLVLQFKDUJHRIWKHGLYLVLRQ3LSLQJ6\VWHPV$VLDDQGKROGVWKHSRVLWLRQRIWKH'HOHJDWHRIWKH
&(2RI*)&RUSRUDWLRQLQ&KLQD+HOLYHVZLWKKLVZLIHLQ6KDQJKDL
*)ZRUOGZLGH
*HRUJ )LVFKHU LV KHDGTXDUWHUHG LQ 6FKDIIKDXVHQ 6ZLW]HUODQG DQG HPSOR\V SHRSOH LQ FRXQWULHV DURXQG WKH
ZRUOG ,Q WKH FRPSDQ\ JHQHUDWHG VDOHV RI &+) ELOOLRQ DQG D QHW SUR¿W RI &+) PLOOLRQ 7KH LQGXVWULDO
FRPSDQ\UXQVWKUHHPDLQFRUSRUDWHJURXSV$XWRPRWLYHVDOHVRI&+)ELOOLRQSLSLQJV\VWHPV&+)PLOOLRQDQG
PDFKLQHWRROV&+)ELOOLRQ
*)LQ&KLQD
*HRUJ)LVFKHUKDVHPSOR\HHVRQLWVSD\UROODQGPDLQWDLQVRSHUDWLYHFRPSDQLHVRIZKLFKQLQHDUHSURGXFWLRQ
IDFLOLWLHVLQ&KLQD7KHFRPSDQ\HQWHUHG&KLQDLQZLWKDMRLQWYHQWXUHRILWVPDFKLQHWRROVXQLW6LQFHWKHQ*)KDVEXLOW
XSVXEVLGLDULHVLQ6X]KRX6KDQJKDL%HLMLQJ&KDQJFKXQ'XMLDQJ\DQ=KXR]KRXDQG6KHQ]KHQ7KHODWHVWLQYHVWPHQWD
EUDQGQHZPRGHOSODQWIRUWKHDXWRPRWLYHFRUSRUDWHJURXSZRUWK&+)PLOOLRQZDVLQDXJXUDWHGLQ2FWREHULQWKH
6X]KRX,QGXVWULDO3DUN
*)¶VVDOHVLQFOXGLQJIXOOFRQVROLGDWLRQRI-9VKDYHUHDFKHG&+)PLOOLRQLQ7KLVLVDQLQFUHDVHRILQORFDO
FXUUHQF\WHUPVFRPSDUHGWR:LWKLQWKHQH[W\HDUV*HRUJ)LVFKHUZDQWVWRJURZVXEVWDQWLDOO\DQGSURMHFWVWKDWLWV
&KLQHVHRSHUDWLRQVZLOOFRQWULEXWHRIWRWDOFRQVROLGDWHGVDOHVLQ
³
ੇ͂ᄉᄫಕ௦˝ࠆਖ਼ଡΘᑞ໗ᡛФ
ఴ‫ڠ‬ᭉයᄉֵ̖
³
´
ॸᮋըၸఴ‫̠ڠ‬੥ઝ͉
ክူᐋͮ
´
ᒬࣱ̾౎˯෴e᠟൞࠶МՂࣂ࠱Фᩘ‫׫‬ᮨᏡ˿ˏ႖Ḟࣲ̅Ԝࣱઅᠪ
ʹ။‫ܢ‬ก᥼‫ڙ‬ᔙࢶளतʶࠑ҃ᤴࢹԇnjឞМՂள͉˖‫ڍ‬Ӝᬶ‫ڃ‬੯ᛠ঳ᜆ
%BOJFM'JOLՓǑೃǒఽংᤨ᭚Ф੆ࡂ௦‫ʹݟ‬Ԩ३ᄉḞథ‫̎ג‬᝟Ѳ̾γ᝼ˉҫᄉ
ᤈʶ൥‫ܘ‬᫁Ḟ̾Ԣ˝̣˥('МՂࠪᆐԦᦉ᫂᧓Ԩѫ஘‫ۋ‬ᄉᤁͺழयnj
৥ణᤂᜁ͉֐˝МՂ‫ڍ˖ڙ‬ᄉ੯ᛠ঳ᜆḞ৥ᄉХͳ͉
ҫథ‫̎ג‬ḱ
ࢹХ҃ᤴࣉ‫ڣ‬nj('ክᡸጆፑࣱ̅ध᝹˿ʶࠑளԇḞ˝ࢹ
ੇ‫ڍ˖ڙ‬ൣय̼ᛪੇ͂ᄉᯪࣝ੯ᛠ߽ ,VSU & 4UJSOFNBOOḞ࠱᠆᠉
ᐦ͊njᤇ΍३ੇ͂‫ڙ‬ၸܸ̅ཨචˀΘපМၸ̂ˉᄉክᡸጆፑழ
‫ڙ‬ʼ๑ள᝹በᄉ˖‫ڍ‬Ӝᬶ‫ڃ‬঳ᦉnjࠪ˯෴e᠟൞࠶('
МՂ౎ឬ˖
‫ࣂڣࣉڍ˖֖ڍ‬Ԫ३ᡔ౎ᡔ᧗᜵Ḟ੝థМՂᄉʻܷᬶ‫ڃ‬Ḛ('ීᢻ̖
᭦ӳ૵˿ᮖЎͮᎵnjణᤂᄉʶ͇ܷ̂௦Ԝࣱ‫ڙ‬ᔙࢶள᝹˿('ී
ˉԢतኒࣉ‫ڣ‬ၶ̖Njᩘ‫׫‬ክᡸጷ͇njࣱੇ͂ԠϡѢ˿ʶᮉ
ੌ႔বˠҮḞ᠓˻˿෱ӑᄴ๱ࢶܷ̍‫܇‬஧ֵ҃థᬌМՂᄉ
ᢻֵ̖ࢹԇnj
ֵᬶ‫ڃ‬Nj('ክᡸጆፑᬶ‫ڃ‬Ԣ('Ҫࢹ੾శᬶ‫ڃ‬ḛᦏࣂ‫ڍ˖ڙ‬तበ˿
ुܷᄉѫஂ఺ౝḞࣲᐏၸ˿ܲՏտࢹnj('࣎భ˖‫ڍ‬঳ᦉ‫ڙ‬ఴ
‫ူܪڠ‬౼̎ᬶ‫̂ڃ‬ҫḞӉહᚷᠪNj᮲ᬖክူNjሯҫNjกҫԢМС
ኍnjͭ௦ᤇழ᭦ᄉᐋᑞ̨௦ʶᦉѫḞੇᄉ˞᜵ᐋ᠉௦᠆᠉('ክᡸ
ጆፑᄉ̍ฮѫᦉnj
˯෴e᠟൞࠶МՂ௉‫ࡂࣱڙ‬ᤈЙ˿˖‫ڣࣉڍ‬Ḟॆ
ௐМՂᄉҪࢹ੾శᬶ‫ڃ‬᝹በ˿ʶࠑՋᠪМՂnj̬ܸḞ
('ᄉ੝థʻܷᬶ‫ᦏڃ‬ᤈЙ˿˖‫ڍ‬Ḟ‫ڠᦉˋڍ˖ڙ‬Ӝፂ
ᖸᅋࠑѫஂ఺ౝnjᤇʶੰषᄉ˞᜵ԓ‫ځ‬௦̣˥Ḟᤇ
ణᰳԺ᣹բᄉൖ҃Ԍᩑ఺njᤇʶපэ‫ڍ˖ڙ‬
і˪௦࿗ʶ௃̃ᄉnj('ࠪᤇࠑࢹԇథ̣˥Хͳయ
य़փḱ
ੇ͂‫ڙ‬ൖฮ௦ීᢻࢹˉԌᩑֵ̖ࣉ‫ڣ‬ᄉᮖ࠭Ꮷnj‫ݟ‬౦ੇ͂ਆᝧ
ᒬࣁᄉֵ̖‫ڍ˖ڙ‬ᖌ३੆ҩḞੇ͂ॸᮋѸளࣲଡΘХథባ́Ҧ
ᄉֵ̖nj;͂Ժ̾ਆ៵Ḟීᢻࢹˉᭉ᜵ᡔ౎ᡔܲᄉᣏ‫ۋ‬ጷ͇̾
ࣱ౎ᄉ᧖ርᆿ͇̂Ԡ௦ঞಧḱ
ᬋͯීᢻᄉ᧗᧙ᤈᏪᬋͯ྆஧๖Ᏹḟ˖‫ڍ‬ᄉৰх˶ʶಧnjᤈԯ
ੇ͂ᄉࣉ‫ڣ‬ᤈЙ௦ᥕ९ʶ‫ݒ‬ᤋ፝ᄉԦࡘੌ႔nj‫ڙ‬᝹በՋᠪМՂ˧ՐḞ
੆ཿᄉֵ̖nj᜺ಪܷᏪԠᣏᘘᄉᦉ͇ॆཨథү̅ීᢻࢹˉᬋͯ
྆஧๖Ᏹnj
('Ҫࢹ੾శᬶ‫ڃ‬᝹በ˿ܲ˓ᩘ‫׫‬МՂ̾ణࣸค᜷ᄥ˖‫ڍ‬௅ᄝ‫ܘ‬᫁ᄉ
˯෴e᠟൞࠶МՂ˝ᔙࢶࢹˉ‫چ‬Ӝᄉᤇ‫ܪ‬ளၶ̖
۲‫ڠ‬અᠪ˿ʹ။‫ܢ‬ก᥼ḞՎௐ࠱ᦠ‫ܫ‬᫆ՋҦ
Ԍᩑ఺ˀੇ͂˃ˉ੾శᅻខᄉጷՋ΍ੇ͂ᑞଡΘᄰࠪ౎ឬᰳऎ
ࡉክ;͂థ‫ڍ˖ڙ‬ᄉ੆᫁ᄫಕˀੰष᝟ѲḞᯪ
ࣝ੯ᛠ߽ ,VSU & 4UJSOFNBOOడឬ˯෴e᠟
൞࠶МՂʿः᣾ܲΙᠺ˖‫ڣࣉڍ‬nj௦ʿ௦ࠪᤇ
;͂ᄉʻ˓ˉҫᬶ‫ڃ‬᭦˙ᅋ౜Хባ́বᄉࣉ‫ڣ‬nj
Ꮎ‫ڍ‬NjൖฮNj௅ఴˀ˖‫ڍ‬ᄉၶ̖ԇࠑ˝˿ᡄ३
ࣉ‫͊ڣ‬ᮨᦏ̾ባ́বᄉ͈ಪ଍Ѣ੾శЎᤈᄉ̖
˓Ќ໗࣎భᄉࣉ‫ڣ‬ᤇሗ‫ܘ‬᫁ੌ႔ˀΙᠺব˧ᫍ
థʶ˓ࣰᛥḱ
ֵnj('МՂ੩ኪ‫ڙʹݟ‬ᤇ̎ஜᄫ͔ܲᄉባ́ࠪ
੣˖ᑇѢփḱ
ੇᝢ˝᣾ѫΙᠺʶ˓ࣉ‫ڣ‬঳௦థ᮲ᬖᄉḞᒯ̅ᤇ˓ࣉ‫ڣ‬௦
‫ڍ˖ڙ‬ᤆ௦‫ڙ‬Ф߱‫ࠑڍ‬ᥦࣲʿ᧗᜵nj˖‫ڍ‬Փ௃ஜМՂଡΘ
ੇ͂МՂ̾Фᰳ᠎᧙ᄉֵ̖ˀԺ᭤ᄉᬷտᏪ̙థᓡ‫ݝ‬ᄉ‫ܥ‬
˿࿗ྱᄉԦࡘ఺᥄Ḟ‫ݟ‬౦థʿࠬ࣡ᄉ᮲ᬖੇ͂੝థ̠ᦏʿ
ԲʶС᪃᜵ገ௦ੇ͂ࠪఴ‫ڠ‬ክူഴयຆζʿႠnj‫ݟ‬Վ‫ڙ‬К
ੇ͂డፂ᧓᝺᣾Ḭ
͗‫ڙ‬ᤇЇnjࡉክ‫ݟ‬൤Ḟࣰᛥ‫ܘ‬᫁ˀʶ߿ርऎᄉ᮲ᬖ௦௙ఄ
ီᄉФ߱‫ڠ‬ழʶಧḞ‫̨͂ੇڍ˖ڙ‬ᐏၸ౜࠵ஜᄉܰዙ̠‫ܢ‬Ḟ
‡ಌᴜЎၶḞීࣄዴӐӑ̍Ӝ۪঳ᜆ
‡ሽበЎၶḞᬲࢸḚ˖‫ڍ‬ḛథᬌМՂᗈ
ᄉnj൤ܰḞੇ͂ʿःঃ᝭ॡܲФ߱ளТࣉ‫˶ڣ‬ᑞଡΘࢼܷ
఺᥄njඊ‫ݟ‬ឬԜࣱ('ክᡸጆፑ‫੊ˋ˖ڙ‬Ӿऎᖌ३˿௬ᗂ‫ܘ‬
ੇ͂˖‫ڍ‬МՂᄉ঳ፂူܷܲ௦˖‫̠ڍ‬nj‫ͯڙ‬ʶጞክူࡎ᭦
̂᫁Щᛠஊ঳ᜆ
᫁ḭ('Ҫࢹ੾శᬶ‫˶ڃ‬ൣ᝟ѲҪु‫ڙ‬ӾऎᄉԦࡘnj
‡ጡ௙ఄЎၶḞ‫؝‬ѽ३˖‫ڍ‬ᖸᩘጷጺ
঳ፂူḭಪᓩԊЎၶḞ‫؝‬ѽ३Ḛʼ๑ḛ
ᄉ‫ˉ׷‬஠Ӑᐿ௿̾Ԣៀѻ੾ࢻḞ‫ڙ‬ˀఴ‫ࠆڗ‬ਖ਼ៀѻௐ௬३
Ǒೃǒఽংʼʶయ˖ᣑ஠ឬḞ˖‫ڍ‬ጝథࠑܰ
³
‫ڙ‬ʿՎ‫ࠑڍ‬ᄉᤁᖸ
˧ᫍࠬයࣰᛥࣲʿՋ˪
ੇ͂МՂᄉѽᄝ
´
థᬌМՂ঳ፂူ
‡ೌ‫ى‬ЎၶḞ೎ྱҾ੫ѽܹܲ̍Ӝ঳ᜆ
‡߶ॳѽӯ‫ܢ‬ḞᎬගᆐԦḚ˖‫ڍ‬ḛథᬌ
МՂ঳ፂူ
ζোቓ
಩૵᠛МՂଡΘᄉஜ૵Ḟ੝థʻ˓ˉҫᬶ‫ͮˏ̾ڍ˖ڙᦏڃ‬ஜ‫ܘ‬᫁njஅЙ̯
ࣱᄉӡʹ။‫ܢ‬ก᥼‫ܘ‬᫁ҁ˿ࣱᄉ̢ӡʹ။‫ܢ‬ก᥼Ḟࣱఝ
௦ᡓ᣾˿̢။‫ܢ‬ก᥼nj̬Ր('МՂԺᑞ᭦˙ᄉԦࡘᬩᆽ௦̣˥ḱ
%BOJFM'JOL
ၶࣱ̅Ḟ઴థᔙᳩˆܷߥᄉกߥߥͮnj̴
ࣱ̅ҪЙ('МՂḞࣲࣂ‫ڙ‬။‫ܢ‬ˀᎾ‫ڍ‬ઝ͉
˿ܲ˓ክူᐋҫnjࣱऄґḞ̴ଁክͮ̅။
‫ܢ‬ᄉ('ክᡸጆፑֵ̖ѫᦉnjᒬࣱత௅
ᡐḞ̴᠆᠉ክᡸጆፑ̍ฮѫᦉᄉ̂ҫḞࣲЩ͉
('МՂ˖‫ڍ‬Ӝᬶ‫ڃ‬੯ᛠ঳ᜆᄉᐋҫnj̴ˀ̠ܺ
ဗࡏͰ̅ʼ๑nj
('МՂ‫ڙ‬Кီ
˯෴᠟൞࠶Ḛ('ḛᬶ‫ڃ‬঳ᦉͮ̅။‫៷ܺܭܢ‬
೧ࣉḞ‫ڙ‬Кီܲ˓‫ࠑڍ‬ᐏၸ˿ᡓ᣾Տ
տࢹnjࣱḞᬶ‫ڃ‬ᩘ‫׫‬ᮨ᣹̢။‫ܢ‬ก
᥼Ḟыѽ๦˝̢။‫ܢ‬ก᥼njឞࢹˉᬶ‫˞ڃ‬
ᖸʻܷᬶ‫ˉڃ‬ҫḬීᢻֵ̖Ḛᩘ‫׫‬ᮨ̢။
‫ܢ‬ก᥼ḛNjክᡸጆፑḚ̢။‫ܢ‬ก᥼ḛԢҪ
ࢹ੾శḚ̢။‫ܢ‬ก᥼ḛnj
('МՂ‫ڍ˖ڙ‬
˖‫ڣࣉڍ‬঳ͳʼ͈ࠪಪ᭣࣡ஏਕࣲ౜Хባ́বḞᤇ௉ࣂʿ௦ማࠚnj̾ባ́বᄉ͈ಪଡΘ៵
(' ᤇಧᄉֵྠ੝Хథᄉֵ᠎Ḟᤇ௦੝థᬶ‫ڃ‬МՂ᭦˙ᄉ˞᜵ૌੌnj˖‫ࣸڍ‬᫪ᄉ‫ڗڍ‬Njஜᄫ
ጒܲ̾Ԣܲಧবᄉባ́ࠪ੣NjԢ͔੝ֆᅻᄉҶҮҦࣉ‫ڣ‬࿃хḞᦏ௦˖‫ڍ‬੝ྱథᄉФ߱ᬱཁnjᒯ
̅Ф߱ழ᭦Ḟੇ͂੝᭦˙ᄉૌੌˀКီФ߱‫ڠ‬Ӝʶᓉ௃̃njࡉክ‫ݟ‬൤Ḟੇ߸Кᄰζੇ͂੝థʻ
˓ᬶ‫࠱ᦏڃ‬γ૆ঋᤳ੆ࣲ᫁ፘ፝ᄜѽnj
;͂ᄉᯪࣝ੯ᛠ߽,VSU & 4UJSOFNBOOయय़МՂ˖యᄫಕ˖঳ᩘ‫׫‬ᮨᄉ
౎ᒬ̅˖‫ڍ‬nj̬ܸḞஞ˓̍ฮӳnj;͂ਆ‫ࠃʹݟ‬ဗᤇ˓ளᄫಕփḱ;
͂௦ՠ͗С᫆̍ฮФ߱‫ࠑڍ‬ᄉၶ̖‫ࣲڠڣ‬ᤈʶ൥ੰЌ;͂‫ڍ˖ڙ‬ᄉҦ᧙փḱ
ੇ͂‫ڍ˖ڙ‬ᥕ९ʶ‫ݒ‬Ԧࡘੌ႔njᙉឬ߱᭣࣡᧘ॶҹҹḞͭ௦ੇ͂ᄰζᑞܴ᣹੆ᄫಕnjФС᪃
௦ੇܷ͂ࣧଡӣఴ‫ڠ‬ᄉၶ̖᧙nj᣾ԜḞܷᦉѫᄉ੆ֵ௦̯ൖฮ੊Ꮎ‫ڍ‬ᤈԯᄉnjੇ͂ᄉᄫಕ௦˝
ࠆਖ਼ଡΘᑞ໗ᡛФఴ‫ڠ‬ᭉයᄉֵ̖njᤇࡂᭉ᜵ࡉԺᑞܲᄉఴ‫ڠ‬धԦࣲఴ‫ڠ‬ၶֵ̖̖njࠃᬄʼḞ
('ීᢻֵ̖ᬶ‫ڃ‬᤯࣡௦ˀࠆਖ਼᭣࣡ࠚѬᄉՋͺधԦளֵ̖Ḟ‫ݟ‬धԦʶ൛ளᢻ‫ۋ‬njੇ͂ఴ‫ڠ‬ၶ
˯෴e᠟൞࠶МՂ‫ڍ˖ڙ‬ᐏၸ˿ܲՏտ
ࢹḞࣲध᝹˿ࠑᖸᤁМՂḚФ˖‫˝ܪ‬ၶ̖
۲‫ڠ‬ḛnj('МՂࣱ̅ᤈ᯾˖‫ڍ‬ḞॆௐМՂ
ᄉҪࢹ੾శᬶ‫ڃ‬᝹በ˿ʶࠑՋᠪМՂnjᒬ൤̾
ՐḞ('МՂࣂ‫ڙ‬ᔙࢶNjʼ๑Njӑ̚Nj᫁௢Njᦏ
෇‫܂‬Nj๱ࢶˀຆ‫ڡ‬ኍ‫ڠ‬᝹በѫஂ఺ౝnjణᤂᄉ
અᠪᮉᄫ௦ීᢻֵ̖ᬶ‫ڃ‬ТतᄉКளᄉᩑᤴԇḞ
અᠪᮨʹ။‫ܢ‬ก᥼Ḟࣱ̅త‫ڙ‬ᔙࢶ
ࢹˉ‫چ‬Ӝቦࢹઅ̖nj
̖ˀधԦҦ᧙ᄉ‫࠱ܷܤ‬΍३ֵ̖͈ಪఝ˝ՋူNj΍ֵ̖ྱবఝ᠚ᤂᭉයnj
('МՂᄉᩘ‫׫‬ᮨḚӉહՋᠪ͌ˉᄉКᮨՋࣲḛ
ࣱᰳ᣹̢။‫ܢ‬ก᥼nj̾ఴ‫ࣈ᠍ڠ‬᝟ኪḞ
ឞஜ૵ˀࣱᄰඊ‫ܘ‬Ҫ˿nj‫ڙ‬ల౎і
ࣱḞ˯෴e᠟൞࠶МՂ᝟Ѳᖌ३ܷࣧ‫ܘ‬᫁Ḟࣲ
ᮔ᝟Ф˖‫࠱ˉ̖ڍ‬᣹ҁКီ঳ᩘ‫׫‬ᮨᄉ
Ḛࣱ˝ḛnj
‫ڙ‬ʿՎ‫ࠑڍ‬ᄉᤁᖸ˧ᫍࠬයࣰᛥࣲʿՋ˪ੇ͂МՂᄉѽᄝnjᏪ˄ੇ͂ॆཨʿ͗‫ڣࣉڍ˖૆ஂځ‬
ࠃဗੇ͂$&0ᄫಕᄉС᪃࠱௦('ීᢻֵ̖ᬶ‫ڃ‬njឞᬶ‫ڃ‬ӳ('КီᖸˉᮨᄉḞͭФ‫ڍ˖ڙ‬
੝ӳ‫ͮڠ‬ʿܴ቉ѢnjᏪள᝹ᄉԌᩑԇѶ˝இԪᤇʶ࿃хϡ‫˿ݝ‬ᩓۘnj̴͂ᄉᡐ൥᭣࣡ᮊѽḞʿ
ˣՐԀ࠱ੰЌ̖ᑞnjᤈʶ൥ᄉੰषḬඊ‫᧓ݟ‬ၸФ߱ၶ̖౅஧ኍḞൣ‫̅ܪ‬᝶᝼᫼ൿnj
ᤇ௦ʿ௦਒։ᅋၿ̅;͂‫ڍ˖ڙ‬ᄉੰषᏪ࠱ђ࠵‫ڙ‬။‫ܢ‬ˀൖฮᄉၶ̖ḱ
Ꮺ੩ኪҏђ။‫੊ܢ‬Ф߱ൖฮ‫ࠑڍ‬ᄉտࢹஜ᧙njੇ͂ᄉఴ਒௦࣎భၶ̖ः‫ڠॆڙ‬ᤈᛠnj᠚ᤂᒬࣁ
ᄉࠆਖ਼ʿ̨‫ڣࣉڙ‬଍ࣸNjࠆਖ਼నҫʼӳథ͕ҸḞᏪ˄˶ኤӐ˿ྫྷึဖᓫnjክ᥊ͳሤऊܷḞᩑᨠ
ጷ͇˶ॡኀ᧗nj‫ݟ‬౦ੇ͂ਆˀఴ‫ڠ‬ԇ‫׷‬ባ́ḞѶॸᮋᤈᛠఴ‫ڠ‬ၶ̖njཨᏪḞ('ᄉን႔ࣲʿ௦
᜵‫ˆ˝ڍ˖ڙ‬ႌФ߱‫ڠ‬ழၶֵ̖̖nj
෤థ͉ʹСᐎ՘ḱ
‫ڙ‬౼ሗርऎʼ௦ᤇಧnj‫ݟ‬ʼ੝ᤗḞੇ͂̾ґడፂՓ˖‫ڣࣉڍ‬ᤈԯ᣾౼̎੆ֵnj‫ځ‬൤Ḟੇ͂࠱౎
Ժᑞፋൖฮࢹԇ࠵‫ܘ‬Ҫᮨܰᄉ̖ᑞnj൤ܰḞੇ͂ࣂ‫ڙ‬੝థМՂᬶ‫ڃ‬Юतበ˿᧓᠓ࣰԻḞ̾‫ܘ‬Ҫ
‫ڍ˖ڙ‬ᄉᦉ͇᧓᠓᧙nj
$GYHUWLVHPHQW
᝗njᤇ͕̎ҸఝᚷЙҁ˿ੇ͂‫ڙ‬ᤇʶࣉ‫ڣ‬ᄉ᫁యᤁͺॆ˖nj
ʼ᭣˖‫ڍ‬ዙտࢹᄉஜᄫ˶᭣࣡࠵njᤇ̎ፂူ᭣࣡ཿ৘ᤇ᧖
ຣѪథͷnj
‫ڍ‬ᆐԦ˖ॶḚФ˖ࠑ௦။‫ܢ‬МՂḛnj‫ڍ˝ځ‬
Юࣉ‫'(ڙڣ‬МՂᄉੌ႔᝟Ѳ˖ӳ૵᧗᜵‫ͮڠ‬Ḟ
;͂௦ՠᏥᘼ᣾‫ܷڍ˖ڙ‬ᬅ᝹በ;͂ᒬࣁᄉᆐ
థ̠̎ឬ‫ڍ˖ڙ‬ᐏၸఴ‫̠ڠ‬థ᮲ᬖḞᏪԠథ̎
Ԧ˖ॶ̾ఝ‫ڠݝ‬నҫ̅‫ڍ‬Юࣉ‫ڣ‬ḱ
ੇ͂ᄉ̠Ҧᠪຸஊንࡂ௦᜵‫ࠑڍʹ͉ڙ‬ᐏၸࡉԺᑞܲᄉॆ
‫'(ڙ‬МՂḞੇ͂෤థፑʶᄉᆐԦ˖ॶnj('МՂᄉክူ౵
‫̠ڠ‬੥ઝ͉С᪃ᐋҫnj;˶ᅻ᥊Ḟ‫ڙ‬਒ܷѽϡၶ਒Վ‫ڙ‬။
̠ឬᤇ௦ॸᮋᄉnj
ੇᄽॶᝢ˝ᐏၸఴ‫̠ڠ‬ઝ͉ክူᐋͮ௦ॸᮋᄉnjࠃᬄʼḞ
ౝ௦ѫ஘‫ۋ‬ᄉnjˉҫᬶ‫ڃ‬ᒬᛠᆐԦḞ˄᤯࣡ᦏ௦‫ڙ‬ᒬࣁ
‫ܢ‬ϡӡࢿʹѾnjԀ΍‫۪ڠڙ‬࿘ቋNjܲ஠ӐᄉൖฮḞ‫ݟ‬౦థ
ᄉֵ̖ᦉ᫂Юᦉᤈᛠnj૰ԱពឬḞੇ͂‫ࣱܲڍ˖ڙ‬ґࡂ
ʶͮཿ৘ఴ‫͛ڠ‬ፑᄉ̠ࣞ঄Ḟᥦৰхᐯ߿᜵‫ݝ‬३ܲnjՎಧ
ࣂథᆐԦ̠տ˿njੇͤ᝟Ḟ‫ݟڍ˖ڙ‬Վੇ͂‫ڙ‬Ф߱‫ࠑڍ‬
ʶᄉᬷտ‫̯̂ڙ‬ᆐԦࢹͺnj
‫ڠ‬Ḟ‫ݟ‬౦;ਆ‫ڍ˖ڙ‬Ԩ३੆ҩḞᐏឯఴ‫̠ڠ‬Өү௬ཨ௦௙
ఄ˧ˠnj
3ROLFLHVKDYHEHFRPH
³PRUHWUDQVSDUHQW
´
'DYLG=RX6HQLRU3DUWQHUDW%RVV<RXQJODZ¿UPLQ6KDQJKDL
ZRUNV ZLWK D QXPEHU RI GRPHVWLF DQG IRUHLJQ FRPSDQLHV LQ
&KLQD +H EHOLHYHV WKDW :HVWHUQ ¿UPV DUH PRUH SUXGHQW WKDQ
WKHLU&KLQHVHFRXQWHUSDUWVDQGDUHPRUHOLNHO\WRIROORZWKHHYHU
H[SDQGLQJDQGFKDQJLQJODZVDQGUHJXODWLRQV
<RXKDYHZRUNHGIRUVHYHUDOODZILUPVLQ&KLQDDQGDGYLVHG&KLQHVH
DQG :HVWHUQ FRPSDQLHV +RZ DQG ZKDW KDV FKDQJHG RYHU WKH
\HDUVIURPDOHJDODQGEXVLQHVVSRLQWRIYLHZHVSHFLDOO\IRUIRUHLJQ
FRPSDQLHVLQ6KDQJKDL"
,QUHFHQW\HDUVVHYHUDOWUHQGVHPHUJHGLQIRUHLJQGLUHFWLQYHVWPHQWLQ&KLQD)LUVWPRUHIRUHLJQ
LQYHVWRUVHQWHU&KLQDWKURXJKWKHFRUSRUDWHYHKLFOHRIDZKROO\IRUHLJQRZQHGHQWHUSULVH:)2(
ZKLOHWKHIRUPRIMRLQWYHQWXUHKDVEHHQGHFOLQLQJ6HFRQGWKHVHFWRUVWKDWIRUHLJQLQYHVWRUVFDQ
HQWHU LQWR KDYH EHHQ PXFK H[SDQGHG HVSHFLDOO\ LQ WKH ¿QDQFLDO LQGXVWU\ DQG PRGHUQ VHUYLFH
LQGXVWULHV 7KLUG IRUHLJQ LQYHVWRUV KDYH H[WHQGHG WKHLU HQWU\ PHWKRGV IURP MRLQW YHQWXUH DQG
:)2(WRPHUJHUVDQGDFTXLVLWLRQV
)RXUWKWKHVRXUFHVRIIRUHLJQFDSLWDODUHPRUHYDULHGDQGLQDGGLWLRQWRWKHWUDGLWLRQDOLQGXVWULDO
FDSLWDO YHQWXUH FDSLWDO DFTXLVLWLRQ IXQGV DQG LQGXVWU\ IXQGV DUH SOD\LQJ LQFUHDVLQJO\ LPSRUWDQW
UROHV)LIWKIRUHLJQLQYHVWPHQWKDVFRYHUHGDOOOD\HUVRIWKH&KLQHVHHFRQRP\LQFOXGLQJEDQNLQJ
LQVXUDQFHDQGVHFXULWLHV¿UPVEXWDOVRLQSHWURFKHPLFDOVWHHOZKROHVDOHDQGUHWDLODOOVRUWVRI
OLVWHGFRPSDQLHV
:KDW LV \RXU RSLQLRQ LQ UHJDUG WR WKH
FRQVLGHUDEOH LQIORZ RI FDSLWDO LQIUDVWUXFWXUH
DQGRWKHUUHVRXUFHVGXULQJWKHODVW\HDUV"'R
\RX EHOLHYH WKDW WKRVH LQYHVWPHQWV DUH PHDQW
IRUWKHORQJWHUPRUDVLWLVVRPHWLPHVUHIHUUHG
WRWKH$PHULFDQVW\OHRIEXVLQHVVDUHUDWKHUD
VKRUWWHUPFRPPLWPHQW"
7KH%ULGJHLQWHQGVWREULQJ\RX
WKHLQVLJKWVDQGYLVLRQVRIWKH
QHZ&KLQHVH(QWUHSUHQHXUVDQG
/HDGHUVRQWRSLFVRINH\UHOHYDQFH
WRIRUHLJQEXVLQHVVLQ&KLQD
³
)RU \RX DV D ODZ\HU ZKDW LV WKH PDLQ GLIIHUHQFH ZKHQ \RX DGYLVH D
&KLQHVHRUD:HVWHUQFRPSDQ\"
7KHUHLQGHHGDUHGLIIHUHQFHVEHWZHHQ&KLQHVHDQG:HVWHUQFOLHQWV(YHQDPRQJ:HVWHUQFOLHQWV
IRUH[DPSOH(XURSHDQVDQG$PHULFDQVH[LVWGLIIHUHQFHV2YHUDOO:HVWHUQHUVDUHPRUHXVHGWR
IROORZLQJWKHODZDQGHPSKDVL]HDORQJWHUPGHYHORSPHQWVWUDWHJ\7KH\WHQGWRKDYHGHWDLOHG
SODQVIRUHYHU\VWHSRIFRPPHUFLDODFWLYLW\DQGZLOOFRQVXOWODZ\HUVEHIRUHFDUU\LQJRXWRIWKHZRUN
7KH\HPSKDVL]HWKHLPSRUWDQFHRILQWHOOHFWXDOSURSHUW\DQGWKHSURWHFWLRQWKHUHRI,QDGGLWLRQWKH
H[HFXWLYHVRI:HVWHUQFRPSDQLHVDUHXVXDOO\ZHOOWUDLQHGPDQDJHUV
&KLQHVH FRPSDQLHV DQG H[HFXWLYHV KDYH WKH DGYDQWDJH RI XQGHUVWDQGLQJ WKH PDUNHW EHWWHU
+RZHYHU WKH\ DUH OHVV FRQVFLRXV RI OHJDO ULVNV DQG DUH GH¿FLHQW LQ LQWHUQDO OHJDO FRQVXOWDWLRQV
DQGDGYLFHVDQGODFNDOHJDOULVNFRQWUROPHFKDQLVP$VVXFKWKHGHFLVLRQPDNHUVRI&KLQHVH
FRPSDQLHVDUHPRUHOLNHO\WRPDNHPLVWDNHV,WLVXVXDOO\WRRODWHWRVHHNWKHKHOSRIODZ\HUVDQG
WKH\PD\EHDOUHDG\LQDGLI¿FXOWVLWXDWLRQ7KLVLVHYLGHQFHGE\WKHIDFWWKDWPDQ\ULFK&KLQHVH
EXVLQHVVPHQKDYHODQGHGWKHPVHOYHVLQMDLOGXHWRYLRODWLRQRIODZV0RUHRYHU&KLQHVHFOLHQWV
XVXDOO\JLYHVKRUWHUWLPHIRUODZ\HUVWRZRUNRQDVVLJQPHQWV:HVWHUQFOLHQWVDUHPRUHSDWLHQW
,Q (XURSH &KLQD DQG HVSHFLDOO\ 6KDQJKDL DUH WRGD\ VHHQ DV WKH ODQG RI
RSSRUWXQLWLHV 7KHUH LV SUREDEO\ QR 01( ZKLFK LV QRW SUHVHQW LQ &KLQD
+RZGLG\RXREVHUYHWKLVGHYHORSPHQWIURPD&KLQHVHSRLQWRIYLHZ"
,QGHHG&KLQDLVDODQGRIKRSH:HVHHFRPSDQLHVIURPDOORYHUWKHZRUOGFRPLQJWR&KLQD<HW
, GRQ¶W¶ WKLQN DOO PXOWLQDWLRQDO FRUSRUDWLRQV ZLOO FRPH WR XV$V IRU *OREDO FRPSDQLHV WKHUH
,Q ZKDW UROH GR \RX VHH &KLQD LQ VD\ WR
\HDUV IURP D ZRUOG SHUVSHFWLYH" &DQ \RX
XQGHUVWDQG WKRVH SHRSOH WR D FHUWDLQ H[WHQW
ZKR WKLQN WKDW &KLQD LV DQ HFRQRPLF WKUHDW
PDLQO\ IRU WRGD\¶V GHYHORSHG FRXQWULHV ZKLFK
ORVHDFRQVLGHUDEOHDPRXQWRIMREVHYHU\\HDU
WR WKH ERRPLQJ HFRQRP\ KHUH" 2U LV WKLV MXVW
WKHUXOHRIWKHFDSLWDOLVWLFHFRQRPLFV\VWHPLQ
ZKLFK&KLQDQRZSOD\VDPDMRUSDUW
(DFK\HDUWKH&KLQHVH
JRYHUQPHQWSURPXOJDWHV
KXQGUHGVRIQHZODZVDQG
UHJXODWLRQV
´
6L[WKIRUHLJQFDSLWDOLVLQWHJUDWLQJWKH&KLQHVHLQGXVWULHVRQDIXOOVFDOHDQGIRUHLJQLQYHVWPHQWKDV
WDNHQPRQRSRO\RUOHDGLQJSRVLWLRQVLQPDQ\VHFWRUV$QGODVWEXWQRWOHDVWLQWHOOHFWXDOSURSHUW\
DQGEUDQGVKDYHEHFRPHLPSRUWDQWDQGHIIHFWLYHPHDQVIRUIRUHLJQLQYHVWRUVWRHQWHU&KLQD
&RUUHVSRQGLQJO\ &KLQD DOVR PDGH D ORW RI DGMXVWPHQWV LQ ODZV DQG SROLFLHV ,Q JHQHUDO WKH
&KLQHVH ODZV KDYH LPSURYHG DQG WKH SROLFLHV KDYH EHFRPH PRUH WUDQVSDUHQW (DFK \HDU WKH
&KLQHVH JRYHUQPHQW SURPXOJDWHV KXQGUHGV RI QHZ ODZV DQG UHJXODWLRQV 7KH GHPDQGV IRU
SURIHVVLRQDO OHJDO VHUYLFHV DUH DOVR LQFUHDVLQJ VWHDGLO\ ,Q WKH PHDQWLPH WKH HQIRUFHPHQW DQG
LPSOHPHQWDWLRQRIODZVDQGUHJXODWLRQVKDYHDOVREHHQVWUHQJWKHQHG
$OOIXQGVÀRZLQJLQWR&KLQDKDYHWKHLUSXUSRVHV&DSLWDOLVSUR¿W
FKDVLQJ &KLQD RIIHUV WRR PDQ\ LPDJLQDWLRQV 7KH PDMRULW\ RI
IRUHLJQ FDSLWDO ÀRZV LQWR &KLQD XQGHU SODQV DQG FRPSOHPHQWV
EXVLQHVV RSHUDWLRQV KHUH 6RPH FDSLWDO EHORQJV WR WKH FDWHJRU\
RIKRWPRQH\RQVSHFXODWLRQRIWKHDSSUHFLDWLRQRIWKH50%DQG
WKH ERRPLQJ UHDO HVWDWH PDUNHW 5HFHQWO\ YHQWXUH FDSLWDO LV KRW
DQGHQWHUVWKHFRXQWU\RQDODUJHVFDOHWRDFWLYHO\SXUVXHSURMHFWV
9HQWXUH FDSLWDO PHHWV WKH &KLQHVH JRYHUQPHQW¶V ZLVKHV RI
SXVKLQJIRUZDUGWKHGHYHORSPHQWRIVFLHQFHDQGWHFKQRORJ\DQGLV
HQFRXUDJHG$FTXLVLWLRQIXQGVKDYHWKHLURZQDPELWLRQVDQGKDYH
DOHUWHGWKHJRYHUQPHQWDOUHDG\
'DYLG/LQJOLQJ=RX
'DYLG/LQJOLQJ=RXLVDGPLWWHGWRWKH
35& 1HZ <RUN DQG &DOLIRUQLD EDU
DQG FXUUHQWO\ LV D 6HQLRU 3DUWQHU DW
%RVV <RXQJ D SUHPLHU ODZ ¿UP
KHDGTXDUWHUHG LQ 6KDQJKDL ZLWK D
EUDQFKRI¿FHLQ%HLMLQJ+HUHFHLYHG
KLV - ' 0DJQD &XP /DXGH IURP
6W /RXLV 8QLYHUVLW\ 6FKRRO RI
/DZ 6W /RXLV 0LVVRXUL DQG ZDV
UHFRJQL]HG E\ :KR¶V :KR DPRQJ
$PHULFDQ &ROOHJHV DQG 8QLYHUVLWLHV
LQ +H ZDV WKH /HDG $UWLFOHV
(GLWRU IRU 6W /RXLV 8QLYHUVLW\
3XEOLF /DZ 5HYLHZ IRU +H LV DQ HOHFWHG PHPEHU RI WKH
2UGHU RI WKH :RROVDFN 0U =RX
IRFXVHV KLV SUDFWLFH RQ FRUSRUDWH
DQGFRPPHUFLDOODZVVXFKDV0$
FRUSRUDWH¿QDQFLQJ YHQWXUHFDSLWDO
VHFXULWLHVOLVWLQJDQGIUDQFKLVLQJ+H
LVWKHFRQWDFWSDUWQHUIRU/HJDOLQND
JOREDO QHWZRUN RI LQGHSHQGHQW ODZ
¿UPVDURXQGWKHZRUOG0U=RXKDG
QXPHURXVSURIHVVLRQDOSXEOLFDWLRQV
DUH VWLOO D ORW RI WKHP WKDW KDYH QRW HQWHUHG RXU PDUNHWV 7KH
VDPH JRHV IRU PHGLXPVL]HG FRPSDQLHV 6RPH KDYH HQWHUHG
DQG VRPH ZLOO QHYHU MRLQ XV ,Q UHFHQW \HDUV &KLQD DQG RWKHU
FRXQWULHV DUH HQFRXUDJLQJ LQYHVWPHQWV IURP VPDOOWRPLG VL]HG
FRPSDQLHVWKURXJKVSHFLDOPHDQVVXFKDVDQQRXQFLQJWKH<HDU
RI)UDQFHWKH8.<HDURUWKH<HDURI,WDO\7KHHYHULPSURYLQJ
LQIUDVWUXFWXUHVRIWHQYLURQPHQWDQGLQFUHDVLQJSXUFKDVLQJSRZHU
ZLOO DWWUDFW PRUH IRUHLJQ LQYHVWPHQW DOVR LQ WKH ORQJ UXQ ,Q WKH
SDVWGHFDGHWKHVWHDG\JURZWKRIWKH&KLQHVHHFRQRP\ODUJHO\
GHSHQGHGRQWKHLPSURYHPHQWRILWVOHJDOV\VWHP/DZLVRQHRI
WKHPRVWLPSRUWDQWIDFWRUVIRUWKHHFRQRP\
<RX KDYH VWXGLHG DQG ZRUNHG LQ WKH 8QLWHG
6WDWHVIRUVHYHUDO\HDUV:KDWDUHWKHELJJHVW
PLVXQGHUVWDQGLQJV $PHULFDQV RU JHQHUDOO\
:HVWHUQHUV KDYH WRZDUGV &KLQHVH EXVLQHVV
SUDFWLFHV" +DYH VRPH RI WKHP EHHQ UHYLVHG
GXULQJWKHODVW\HDUV"
7KHUH DUH PDQ\ PLVXQGHUVWDQGLQJV :KHQ GRLQJ EXVLQHVV LQ
&KLQDLWLVYHU\LPSRUWDQWWRXQGHUVWDQGWKHORFDOSHRSOHDQGWKH
FXOWXUH2WKHUZLVHHYHQWKHPRVWSHUIHFWEXVLQHVVVWUDWHJ\ZLOO
IDLO ,I D IRUHLJQ LQYHVWRU FKRRVHV WR KDYH D MRLQW YHQWXUH ZLWK D
&KLQHVH¿UPKHVKRXOGEHSUXGHQWLQVHOHFWLQJWKHORFDOSDUWQHU
DQG VKRXOG WKLQN WKH ELJ SLFWXUH *HQHUDOO\ HYHQ LI WKH IRUHLJQ
LQYHVWRULVWKHFRQWUROOLQJSDUW\KHVWLOOUHOLHVRQWKHORFDOSDUWQHU
WRDODUJHGHJUHH
$OVR HYHU\RQH WKLQNV WKH &KLQHVH PDUNHW LV KXJH DQG IXOO RI
RSSRUWXQLWLHV ZKLFK LV WUXH +RZHYHU WKHUH DUH D ORW PRUH
FRPSHWLWRUV LQ WKLV PDUNHW WKDQ LQ RWKHU PDUNHWV 7KH PDUNHW
FRPSHWLWLRQ KDV EHFRPH H[WUHPHO\ KRW DQG VHYHUH GXH WR WKH
ODUJHVFDOHHQWULHVE\LQYHVWRUVIURPYDULRXVFRXQWULHV7KLVLVWKH
DUHQDRIWKHZRUOG
,W LV QRW HQRXJK WR MXVW UHO\ RQ JRRG UHODWLRQVKLSV ZLWK WKH
JRYHUQPHQWZKHQWKHUHDUHFRQFUHWHOHJDOLVVXHV,WLVVWLOOEHWWHU
WR XQGHUVWDQG WKH OHJDO WHUPV DQG IRXQGDWLRQV WKRURXJKO\ DQG
VHHNOHJDOVXSSRUWIURP35&ORFDOOHJDOFRXQVHOV
,Q WKH QH[W ¿YH WR WHQ \HDUV DQ LPSRUWDQW WXUQ IRU &KLQHVH
HQWHUSULVHVZRXOGEHWRHQWHULQWRWKHLQWHUQDWLRQDOPDUNHWWKURXJK
GLUHFW LQYHVWPHQW )RU H[DPSOH +DLHU DQG +XDZHL KDYH EHFRPH
PXOWLQDWLRQDOFRUSRUDWLRQVRI&KLQHVHRULJLQ,EHOLHYHVXFKNLQGRI
PXOWLQDWLRQDOFRUSRUDWLRQVZLOOFRQWLQXHWRHPHUJHLQWKHQH[WIHZ
\HDUVWKXVH[WHQGLQJWKHLUSODWIRUPIURP&KLQDWR$VLDWKH86
(XURSHDQGRWKHUSDUWVRIWKHZRUOG
, GRQ¶W WKLQN &KLQD ZRXOG FRQVWLWXWH D WKUHDW WR DQ\ FRXQWU\ :H
DUH DOO FRPSHWLWRUV LQ WKH ZRUOG HFRQRPLF V\VWHP XQGHU WKH
FRQWURORILQYLVLEOHUXOHV7KHLQFUHDVHDQGGHFOLQHRIHPSOR\PHQW
RSSRUWXQLWLHVDUHSDUWRIWKHFRPSHWLWLRQPHFKDQLVP)RULQVWDQFH
WKH WH[WLOH PDQXIDFWXULQJ LQGXVWU\ PD\ GLVDSSHDU LQ 6KDQJKDL LQ
WKHQH[WFRXSOHRI\HDUVDQGZLOOEHPRYHGWRLQODQGDQGZHVWHUQ
SDUWV7KLVLVFRPSHWLWLRQ,WVKRXOGEHQRWHGWKDW&KLQDLVDWWKH
ORZHUHQGRIWKHZRUOGHFRQRPLFOD\RXW(YHQLIWKHUHLVDWKUHDW
WRRWKHUFRXQWULHVVXFKDWKUHDWLVYHU\OLPLWHG+RZHYHU&KLQD
LVSOD\LQJDQLQFUHDVLQJO\LPSRUWDQWUROHDQGLVWDNLQJDOHDGLQJ
UROHLQPDQ\VHFWRUVZKLFKFRPPHQVXUDWHZLWKWKHPDUNHWVL]H
RIWKHFRXQWU\
$VDVHQLRUODZSURIHVVLRQDOZLWKERWK(DVWHUQ
DQG :HVWHUQ HGXFDWLRQ ZKDW LV \RXU RSLQLRQ
DERXWWKHGHYHORSPHQWSURFHVVRI&KLQHVHODZ"
+RZFDQSULYDWHODZILUPVMRLQWKLVSURFHVV"
0RUH DQG PRUH SURIHVVLRQDOV DUH JHWWLQJ LQYROYHG LQ &KLQD¶V
OHJLVODWLRQ SURFHVV /DZ\HUV KDYH EHFRPH LPSRUWDQW WR LPSURYH
DQGFODULI\ODZVDQGUHJXODWLRQVWKURXJKWKHLUSUDFWLFHV0RUHRYHU
WKH JRYHUQPHQW IUHTXHQWO\ LQYLWHV ODZ H[SHUWV WR SDUWLFLSDWH LQ
OHJLVODWLRQV<HW&KLQHVHODZ\HUVVWLOOKDYHQRWSDUWLFLSDWHGLQWKH
OHJLVODWLRQDQGDGPLQLVWUDWLRQRIWKHJRYHUQPHQWOLNHWKHLU:HVWHUQ
FRXQWHUSDUWVGR
&KLQD EHORQJV WR WKH FLYLO ODZ FDWHJRU\ LQ WKH SDVW +RZHYHU
GXULQJWKHUHFHQW¿YHWRWHQ\HDUV&KLQHVHODZVHVSHFLDOO\LQWKH
FRPPHUFLDOODZDUHDLQFUHDVLQJO\DGRSWDQGDEVRUEFRPPRQODZ
FRQFHSWVUXOHVDQGSUDFWLFHV7KLVLVODUJHO\DWWULEXWDEOHWRWKHIDFW
WKDW PDQ\ ODZ\HUV UHFHLYHG WKHLU OHJDO HGXFDWLRQ LQ FRPPRQ ODZ
FRXQWULHV7KLVWUHQGZLOOFRQWLQXH
,QWHUYLHZ2OLYLD:DQJDQG3HWHU%DFKPDQQ
³
ᠪຆ˖‫ڍ‬।ุ࣍ៀ
ԪӐ˖ᄉ˖‫ڍ‬
´
ᥳౣౣ।࣍Ḟᥧζ᫹।࣍̂ҫ੝ᰳጞՋ͖̠Ḟడ˝ܷ
᧙ˋ᜴ழࠆਖ਼ଡΘ˃ˉก।֦លనҫnj̴ᝢ˝‫ڙ‬ก।
֖ก᜺ঋᤳԦࡘࣲԪӐᄉဖܑॆ˖Ḟ᜴ழࠆਖ਼ᄰࠪ˖
‫ࠆڍ‬ਖ਼ఝҪ៞ਠnj
৥డፂ͉ᐋ̅ܲࠑ।࣍̂ҫ੝Ḟࠆਖ਼Ꮕ˖௄థ˖‫ڍ‬МՂ˶థܰᠪ͌ˉnjፆ
Ջก।֖‫ˉ׷‬ᄉᝇऎḞ৥᜿३ᤂࣱ౎‫ܰڙ‬ᠪ͌ˉᄉˉҫ˖Ḟథ‫̎ג‬ԪӐḞ
௦‫̖ʹݟ‬ၶᄉḱ
৥డፂ‫ڙ‬Ꮎ‫ࢹ֖˷ߥڍ‬ͺࣱܲḞ‫ڙ‬৥ᄹ౎ḞᎾ‫੊̠ڍ‬Ꮷ
᜴ழ̠ࠪ̅‫ڙ‬ӧઅᠪፂᖸᄉᝢខᄉణܷឧӜ௦̣˥ḱ‫ڙ‬
‫ٿ‬ኔḬణᤂіࣱḞܰ‫ڍ˖ࠪ׷‬ᄉઅᠪḞյဗѢі˓ழ᭦ᄉԪӐnjኃʶḞܰ‫̾׷‬࿗ᠪ͌ˉ्य
ᤈЙ˖‫ڍ‬ᄉඊΒʿறʼӣḞՋᠪ्यᄉඊΒ‫ڙ‬ʽᬋḭኃ̃ḞܰᠪᤈЙᄉᮖ۪ʿறનࠔḞྱѾ
௦‫᧚ڙ‬ᚷˉԢФ̴ဗ̼నҫˉᮖ۪ḭኃʻḞܰᠪᤈЙᄉழय˶̯̾ґᄉՋᠪNj࿗ᠪḞढͨҁ
᤯᣾ࣲ᠓ழयᤈЙ˖‫ڍ‬ḭኃ‫ٽ‬Ḟܰᠪᄉᠪఴ౎ຸఝҪܲಧӐḞᬓ͛ፑᄉ̖ˉᠪఴܰḞ᮲ᬖᠪ
ᄉՉ˓ࡎ᭦ḞӉહᩏᛠNjγᬖNj᝼҅МՂNjᆂӐNjᨁᨠNj੺ᭅNjՉዜʼࣉМՂḭኃНḞܰᠪ
ࠪ˖‫ڍ‬ᄉ̖ˉൣ‫ڙ‬ᤈᛠК᭦ᄉܷஞՋḞܰᠪ‫ڙ‬ʿ࠵ᮖ۪ࣂӳ૵‫ۈ‬ற੊˞࠭‫ͮڠ‬ḭኃʸḞᅻខ
̖ాˀֵྠࣂ੆˝ܰᠪᤈЙ˖‫ڍ‬ᄉ᧗᜵˄థ஌ᄉ੣ൿnj
‫ٿ‬ኔḬឧӜథॡܲḞੇࡂඊᣖ᧗᜵ᄉіཁៀཁᄹกḬ
̯Ԧ᣹‫ึࠑڍ‬Փፂ฿ᗵҹԦࡘᄉ˖‫ڍ‬njࠪ൤৥ᄉူᝌ
௦ঞಧᄉḱ੊Ꮷឬᤇሗဗ៵ఴᢵͳဗ˿ᠪఴፂ฿ͳጆ
ᄉกѶḞᏪ‫̬ݟ‬ᄉ˖‫ڙڍ‬Ф˖ੵ໥˞᜵ᝇᓣḱ
‡˿ᝌ˖‫ڍ˖֖̠ڍ‬஠Ӑ᭣࣡᧗᜵ḞՠѶԀ΍௦ణ߸Ꮎᄉ‫ˉ׷‬ን႔˶
‫ٿ‬ኔḬੇᝢ˝‫ڙ‬ల౎ҁࣱ᧖Ḟణ᧗ܷᄉᣀԪ࠱௦˖‫ᤩˉ͌ڍ‬ຑ
͗৾ᥒ໎ᨠӵḭ
̾અᠪ्यᤈЙ‫ڍ‬ᬄࣉ‫ڣ‬njඊ‫ݟ‬๑࠶֖ӧ˝Ḟ߱͂ࣂፂ௦˖‫ڍ‬ᄉᡴ
‫ˉ͌ڍ‬njੇᄰζ̬ՐіࣱḞᤇዜᡴ‫ڍ‬МՂ࠱ʿற๘ဗḞ࠱߱͂ᄉᓁ
Ի̯˖‫ڍ‬ढͨҁ̍ฮNjᎾ‫ڍ‬Njൖฮ̾ԢˆႌՉ‫ڠ‬nj
᣾Ԝࣱ˖̴͂௦ՠ᤯᣾ុஞን႔౎ᡋѢឧӜփḱ
ఴNjஅ᠓۲᧚Nj̖ˉ۲᧚‫ੵڨ‬໥ᡔ౎ᡔ᧗᜵ᄉᝇᓣḭኃ̊Ḟܰᠪ๯ᄥᄉࠪ៵ѫ࣊̅˖‫ڍ‬ፂ฿
ளಜᄫ
Ǒೃǒఽং࠱˝৥͛᣹౎ᒬ
Ԧ᣹‫ڙߚࠑڍ‬ፂ฿‫ގ‬ᐺḞ‫˝ځ‬ඇࣱథܷ᧙ᄉࢹͺ࡯ͮ
ᄰःᄉḞ˖‫ڍ‬ழ᭦˶థ᝴ܲก।ˀஊንᄉុஞnj঳ᄉឬ౎Ḟ˖‫ڍ‬ᄉก।ఝҪ߸ؒNjஊንఝҪ
˖‫ڍ‬ளʶ̼͌ˉࠑ֖ᮖ̠࠭
‡‫ݟ‬౦ܰ‫׷‬ᤤસˀ˖‫ڍ‬ఴ‫ڗ‬МՂՋᠪፂᖸḞ‫ڙ‬ᤤસՋͺழௐःឞ᭣࣡
ᤨ௙nj˖‫ڍ‬ஊउඇࣱ᜵ᮑ࣊‫ݝ‬іᄇ్ளก।ก᜺njࠪ।࣍˃ˉనҫᄉᭉය˶ሶ൥‫ܘ‬᫁njˀ൤
ՎௐḞ‫̬ݟ‬ก।ก᜺ᄉ੯ᛠҦऎ˶ᄰࠪ᜵ु३ܲnj
ࠪ̅ܰ‫ڙ׷‬ӧፂ‫׷‬ᄉᅞఄว
֖ࠢґ௿ࡘభnj
ՋͺழᄉΙᠺርऎ˶௦ᄰॆᰳᄉnj
ੇ̯౎ʿᝢ˝˖‫ގ͗ڍ‬ᐺҁ͉ʹʶ˓‫ࠑڍ‬njੇ͂ᦏ௦าᡣ̅ˆႌፂ
‡੝థ̠ᦏ᜿३˖‫ڣࣉڍ‬᭣ܷ࣡Ḟߚ‫ڙ‬ᅋՉሗ఺͗njᤇ˓ࣉ‫ڣ‬ᆷࠃॡ
฿ͳጆ˖ᄉባ́ᏧḞᏪᤇሗባ́௦ᜁ౼ሗ௃्ᄉกѶ੝ୱଌᄉnjࡂ
ˉ఺͗ᄉ‫ܘ‬Ҫ֖ђ࠵௦ባ́఺҃˖ᄉʶᦉѫnjˠ˓ΒߔḞ‫ڙ‬ల౎і
̯।࣍ᄉᝇऎ౎ឬḞ৥᜿३˖‫ࠆڍ‬ਖ਼᜴֖ழࠆਖ਼ᄉ˞᜵ӜѾ‫᧖גڙ‬ḱ
‫ٿ‬ኔḬ˖‫ࠆڍ‬ਖ਼᜴֖ழࠆਖ਼˧ᫍᆷࠃߚ‫ࢿڙ‬ѾḞʿ᣾ࡂൖฮࠆਖ਼֖Ꮎ‫ࠆڍ‬ਖ਼˧ᫍ˶Վಧ௦థ
ӜѾᄉnj঳ͳʼ౎ឬḞ᜴ழ̠ఝ˷਄̅ᥕ̯ก।Ḟ᧗᜼᫁యԦࡘን႔Ḟࠪ̅‫ˉ׷‬ᛠ˝ᄉඇ˓
൥ᰠᦏథសጹᄉᮔЎ᝹߿֖᝟ѲḞࣲ˄‫ڙ‬Хͳࢹͺधࡘґ֦͗ល।࣍nj̴͂ुុᅻខ̖ాᄉ
᧗᜵বḞซ᧗ᅻខ̖ాᄉγએnjԲܰḞМՂᄉᰳጞክူࡎᦏ௦ᝪጶథገᄉᐋˉፂူ̠nj
˖‫ˉ͌ڍ‬ԢФክူࡎᄉ͕ҸѶ‫ڣࣉ̴ࠪ͂̅ڙ‬ᄉ˿ᝌḞͭ௦ԁज़ज़ʿܹ‫ڙ‬਒ก।᮲ᬖḞᎤ˫
͌ˉЮᦉᄉก।ᮎ᫇ˀ֦លԢก।᮲ᬖଌ҃఺҃njᤇಧ͗‫ڙ‬౼̎ௐϊ࠭ᒰ͌ˉᄉфንᏧ‫҃ڙ‬
߿ን႔ௐѢᩱḞᏪ̂Րයү।࣍ज़ज़˝ௐܹ௸Ḟᥦௐῗ̴ࣂፂᢵᬝ‫˿ܑڇ‬njᤇԺ̯̾᝴ܲ
˖‫៷ࠜڍ‬ᝎ࿀ก।ᏪЙ࿜ᄉဗ៵३ҁӾ᝼nj൤ܰḞ˖‫ࠆڍ‬ਖ਼ፋ।࣍ᄉࢹͺ߸੆ᬌయ᤯࣡ᦏॡ
ᆀḞᄰඊᣖᏪᝒ᜴ழࠆਖ਼ࠪ൤ఝథᏬॶnj
‫ڙ‬ൖฮᄉ͌ˉᄹ౎Ḟ˖‫ڍ‬Ḟ࠾Ф௦ʼ๑Փ౎ᜁ᜼˝᳦᧚˧‫ڠ‬Ḟᄫґ௦ʿ
௦ࣂፂ෤థʿ‫ڍ˖ڙ‬અᠪᄉᡴ‫ڍ‬МՂ˿փḱ৥ঞ˥౎ᄹय़ᤇሗԦࡘᡕҸḱ
‫ٿ‬ኔḬᆷࠃḞ˖‫ڍ‬ᤇྞ‫ڠڗ‬ʼЌ໗˿࣎భḞੇ˶ᄹҁ౎ᒬˆႌՉ‫ڍ‬ᄉ͌ˉʿற๘Й˖‫ڍ‬njͭ
ੇࣲʿᝢ˝ᡴ‫ڍ‬МՂᦏ͗౎˖‫ڍ‬અᠪnjࡂˆႌु౎ឬḞᄫґ̮థ᝴ܲ࠺లᤈЙ˖‫ڍ‬nj‫ܰڍ‬
˖࠴‫ˉ͌ۋ‬ᄉᛠˉᮖЎᏧᤈ౎ᄉᣖܲnjܷͭ᧙ᄉ˖࠴‫˶ˉ͌ۋ‬෤ᤈ౎njᤂіࣱḞ˖‫ڍ‬ˀФ̴
‫ࠑڍ‬᤯᣾ก‫ࣱڍ‬Njᔭ‫ࣱڍ‬Nj਒ܷѽ्ࣱय౎Χᤈ˖࠴‫ˉ͌ۋ‬ᄉˉҫज़౎nj˖‫ڍ‬௅ຑ߸ؒ
ᄉᆵ͇۲ᆨNjᣃ͇ဖܑԢʿற‫ܘ‬᫁ᄉ᠓˻ҦḞ࠱Χ΍ఝܲᄉܰᠪᤈЙ˖‫ڍ‬nj
᣾ԜӠࣱᫍḞ˖‫ڍ‬ፂ฿ᄉሶ‫ڌ‬Ԧࡘॡܷርऎʼ३ᄝ̅ก।ಳ౵ᄉ௅ᄝ߸ؒḞ࠾Фࠪ̅ፂ฿౎
ឬḞก।௦ణ᧗᜵ᄉॕֽ‫ځ‬ገ˧ʶnj
³
ਠ᧗NjКᄧᏥᘼnj᤯࣡ৰхʽԀ΍МՂଌᐦழ௦ܰ‫׷‬Ḟ̴͂ࠪఴ‫ڗ‬
ܷḞͭ௦ԥ᣾౎ᄹḞᤇ˓ࣉ‫᧖ڣ‬᭦ᄉባ́ࠪ੣˶ᤉᤉܲ̅Ф̴ࣉ‫ڣ‬nj
˖‫ڍ‬ஊउඇࣱ᜵
ᮑ࣊‫ݝ‬іᄇ్ளก।
ก᜺nj
´
ᥳౣౣ।࣍
ᥳౣౣ।࣍ဗ˝ᥧζ᫹।࣍̂ҫ੝঳ᦉ
‫ڙ‬ʼ๑Ḟ‫ڙ‬ӑ̚థѫ੝
ᰳጞՋ͖̠Ḟ઴
థ˖‫ڍ‬ԢᎾ‫ڍ‬ጰጝࢶNjҪࢶᄉซб।࣍
੯ཱnjᥳౣౣ।࣍උˉ̅Ꮎ‫ژڍ‬ᡸ௛ܷ
ߥ4U -PVJT 6OJWFSTJUZ
กߥᬒᖌกߥ
ӯ‫ͮߥܢ‬Ḛ+% .BHOB $VN -BVEFḞ
ࣱḛḞЙᤤࣱऎǑКᎾܷߥၶ
Տ̠ेǒnj ̴డઝ͉Ǒ‫ژ‬ᡸ௛ܷߥМР
ก।᝿᝶ǒࣱऎ஠ብ˞ᎃЙ
ᤤ˝0SEFS PG UIF 8PPMTBDL੆տnjᥳౣ
ౣ।࣍˞᜵̯̂ܰ‫׷‬ᄯଋઅᠪNjЩࣲˀ
அ᠓Nj᮲ᬖઅᠪNj᝼҅ʼࣉNjᩏᛠNjྱ
᝴ፂᖸኍก।నҫnjᥳౣౣ।࣍௦‫ڙ‬К
ီܲ˓ۡࣉ઴థ࿗በ।࣍̂ҫ੝੆տ
ᄉ-FHBMJOLᄉᐎፎՋ͖̠nj
Չ‫ڍ‬અᠪᏧᄉጬጬ̭Й΍३ᤇ˓ࣉ‫ڣ‬ᄉባ́௅ᄝᄆབӐnjᤇ᧖௦ˆ
ႌᄉᝇᤩ‫ڣ‬ḓ
ࣱЮʼ๑ᄉጯጺᛠˉԺᑞ͗๖ܾḞᣀᏪҁ˖‫ڍ‬ᄉ᜴ᦉ੊Ф߱‫ڠ‬ӜԦ
ࡘnjᤇࡂ௦ባ́nj᜵ᅻ᥊Ḟ˖‫ˆڙڍ‬ႌፂ฿ಪࡌ˖࠺‫ͯ̅ܪ‬ቪḞ᜵
ឬࠪФ̴‫ࠑڍ‬థ‫ގ‬ᐺḞ˶᭣࣡థᬌnjͭ˖‫ڍ‬ᄉͺၸ࠱ᡔ౎ᡔܷḞࣲ
‡ॆ๗ԢҁХͳก।᫇ᮤᄉௐϊḞ̨̨Ι᭤ˀஊउᄉᓡ‫ݝ‬Сጆᤆ௦ʿ
‫ڙ‬᝴ܲᮖ۪ӳ˞࠭‫ͮڠ‬njᤇ˶ˀ˖‫ڍ‬ᄉࣉ‫ڣ‬᜺ഴᄰሥnj
ܴᄉḞణ‫ݝ‬௦ᑞܴख़ऄ‫˿ڠ‬ᝌ్൛ጹᓫ֖੼Ѣก।Ι૵Ḟࣲࠬය˖
‫ڍ‬ఴ‫ڗ‬।࣍ᄉก।ஂ૆nj
ͺ˝థᅋˋ᜴ᚷՋᄉஓᐱᐿ௿֖̯ˉፂԊᄉᠪຆ।࣍Ḟ
‫ڙ‬᣾ԜʶൿௐయḞథᄰॆԺ᜹ᄉᠪ᧚Nj۲ᆨ᝹ஶ֖Ф
߱ᠪຸᤩຑึЙ˖‫ڍ‬Ḟࠪ൤৥థ̣˥ᄹกḱ৥᜿३ᤇ
̎અᠪ௦࡚̅᫁య᝟ѲḞᤆ௦࡚̅Ꮎ‫ˉ׷ڍ‬ഴयᄉᆀ
ጲઅᠪփḱ
‫ٿ‬ኔḬ੝థึЙ˖‫ڍ‬ᄉᠪ᧚ॸཨథФᄫᄉnjᠪఴ௦ᤩѽᄉnj˖‫ڍ‬థ
ܹܲᄉਆ៵njܷᦉѫᠪఴ௦૊᝟ѲᤈЙḞࣲˀФఴ‫ڗ‬ᄉၶ̖ፂᖸᄰ
ᦠՋnjథᦉѫᠪఴ࡚̅བᨐḞᠲ̠ඞࣈӣϘḞϡੜ‫̖ڠ‬અ఺njణᤂ
ඊᣖབᄉ௦᮲ᬖઅᠪ۲᧚ܷˠᤈЙ˖‫ڍ‬Ḟሤ౜ࠬ੼ᮉᄫnj᮲ᬖઅᠪ
ቿՋ˖‫ڍ‬ஊउ଍Үመ੾ԦࡘᄉਜభḞःॆԩҁᴁҴnjஅ᠓۲᧚థʶ
߿ᄉ᧘ॶḞࣂलᡐ˖‫ڍ‬ஊउᄉซ਒nj
৥௦‫ʹݟ‬ᄹय़˖‫ڍ‬ก।ͳጆᄉ߸ؒᤈርփḱ‫ڙ‬ᤇ˓ᤈ
ርॆ˖ͺ˝৥ᤇಧᄉ˃ˉ̠‫ܢ‬Ԡ௦‫̭ʹݟ‬Йᄉփḱ
‫ٿ‬ኔḬ‫ڙ‬850ՐḞ˖‫ڍ‬ᄉก।ͳጆࣂፂध‫˿ݼ‬ʶ˓‫ڍ‬ᬄଋᢽᄉ߸
ؒᤈርnjበกᤳऎ௙௬ҪঋḞ੯กҦऎ˶ᄰःஇᤈḞࠪᦉѫഴዹ్
൛ᄉ௙ᆷ֖ᛩЌ˶‫ڙ‬ʿறᤈᛠnjՎௐ˖‫ڍ‬ᄉกᬒ˶‫ڙ‬ҪुஇᤈḞӉ
હก߽ኍ੯ก̠տᄉገ᠎ʿறଡᰳnj
˖‫ڍ‬በก᣾ርࣂፂథᡔ౎ᡔܲᄉ˃ˉ̠‫ܢ‬ԟˀnj।࣍‫ڙ‬੯ˉ᣾ር˖
̖͗ၶࠪก।ก᜺߸ؒᄉ଍ҮҦḞΧ΍ФఝҪ௙ᆷࣲጹӐnj൤ܰḞ
ஊउ‫ڙ‬በก᣾ር˖˶͗ᥘឯ˃ˉ̠‫ܢ‬ᤈᛠଉᝦḞͭ˖‫ڍ‬ᄉ।࣍࠺ల
Ϸ‫᜴ڙ‬ழ‫ࠑڍ‬ᥦಧຆЙԟˀ‫ࠑڍ‬በกˀᛠஊnj
̯߹᜹ᝇऎѢԦḞ৥ࠪ̅˖‫ڙڍ‬ల౎ҁࣱ᧖࠱ੵ໥
˖‫̾ڍ‬ґ۲ఴʼ࡚ܷ̅ᬅกጆ‫ࠑڍ‬ḞͭణᤂࣱḞ˖‫ڍ‬ก।Ḟ
ྱѾ௦‫׷ڙ‬กᮖ۪Ḟൣᡔ౎ᡔܲ‫ڠ‬խஅ௾᤯กጆᄉഏএNj᜺ѶԢ
ϡกnjᤇᡱ᝴ܲ।࣍ԩ᣾Ꮎᔭ௾᤯กஓᐱథॡܷᄉСጆnjᤇ˓ᤈ
ᄉᝇᓣ௦ঞ˥ᄹᄉḱᄫґᄰॆஜ᧙ᄉ̠ᝢ˝˖‫̅ࠪڍ‬
ርᤆ࠱ፘ፝nj
FURVVVHOOVD\DSUHPLXPEUDQGRIEHHUWKURXJKDODUJHO\UXUDOGLVWULEXWLRQQHWZRUN
6\QHUJLHV LQ UHYHQXHV DQG ODERU WKURXJK OD\RIIV DUH DOVR KDUG LI QRW LPSRVVLEOH WR
DFKLHYH/DERUFRVWVPLJKWDFWXDOO\LQFUHDVHRZLQJWRWKHH[SHQVHRIH[SDWULDWHVWDII
DQGVSHQGLQJRQKHDOWKDQGVDIHW\
+RZWRPDNH
0$ZRUNLQ
&KLQD
*LYHQ WKH PXFKWRXWHG SURPLVH RI
WKH &KLQHVH PDUNHW \RX PLJKW EH
VXUSULVHG WR OHDUQ WKDW WKH YDOXH
RI FURVVERUGHU 0$ WUDQVDFWLRQV
UHPDLQVUHODWLYHO\ORZ
3DUWQHU7KRPDV/XHGLOHDGV0F.LQVH\&RPSDQ\¶V&RUSRUDWH)LQDQFHSUDFWLFHLQ&KLQD
0XOWLQDWLRQDO FRPSDQLHV 01&V VSHQW PRUH WKDQ ELOOLRQ RQ
IRUHLJQ GLUHFW LQYHVWPHQWV )', LQ &KLQD LQ &URVVERUGHU 0$
WUDQVDFWLRQVE\FRQWUDVWKDYH\HWWRLQGXFHDVLPLODUOHYHORILQYHVWPHQW
IHYHU,QERXQGFURVVERUGHU0$GHDOVZHUHZRUWKOHVVWKDQSHUFHQW
RIWRWDO)',DQGLQGLYLGXDOGHDOVKDYHEHHQVPDOO%\FRPSDULVRQDPRQJ
WKHFRXQWULHVH[FOXGLQJ&KLQDWKDWDWWUDFWWKHPRVW)',WKHDYHUDJH
UDWLRRILQERXQG0$WR)',ZDVVRPHSHUFHQW
7KH ¿JXUHV UHÀHFW WKH GLI¿FXOWLHV PDQ\ FRPSDQLHV KDYH HQFRXQWHUHG
PDNLQJ DFTXLVLWLRQV LQ &KLQD ZLWK LWV PDQ\ PDUNHW DQG FXOWXUDO
FRPSOH[LWLHV ,W LV JHWWLQJ HDVLHU WKH JRYHUQPHQW LV DOUHDG\ OLIWLQJ
OLPLWDWLRQV RQ LQYHVWPHQWV %XW DVSLULQJ EX\HUV VKRXOGQ¶W ZDLW IRU WKH
GLI¿FXOWLHVWRGLVDSSHDUDOWRJHWKHU7KHRSSRUWXQLWLHVORRNWRRJRRGQRZ
7KHHFRQRP\LVJURZLQJDWDURXQGSHUFHQWDQQXDOO\EHWWHUGLVFORVXUH
DQG PDQDJHPHQW DUH PDNLQJ VWDWHRZQHG DQG SULYDWH FRPSDQLHV
DWWUDFWLYHLQYHVWPHQWWDUJHWVDQGRYHUFDSDFLW\LQPDQ\LQGXVWULHVUDLVHV
WKH SURVSHFW RI FKHDS DVVHWV 7R SUR¿W IURP VXFK RSSRUWXQLWLHV 01&V
PXVWDGDSWWKHLUGHDOPDNLQJVWUDWHJLHVWRWKHFXUUHQWFKDUDFWHULVWLFVRI
WKH&KLQHVHPDUNHW
7ZRRIWKHPDMRUFKDOOHQJHVZLOOEHKRZWRVHFXUHPDQDJHPHQWFRQWURO
DQGKRZWR¿JXUHRXWKRZWRYDOXHDQDVVHWZLWKRXWSURSHUEHQFKPDUNV
DQGOLPLWHGUHOLDEOH¿QDQFLDOLQIRUPDWLRQ
6HFXULQJFRQWURO
0DMRULW\ IRUHLJQ RZQHUVKLS LV VWLOO EDQQHG LQ PRUH WKDQ LQGXVWULHV
LQFOXGLQJEDQNLQJWHOHFRPPXQLFDWLRQVDQGDXWRDVVHPEO\(YHQZKHUHLW
LVDOORZHG&KLQHVHRZQHUVDUHRIWHQUHOXFWDQWWRJUDQWLW6RPDQ\01&V
PD\KDYHWRVHWWOHIRUPLQRULW\VWDNHVDQG¿QGRWKHUPHDQVE\ZKLFKWR
H[HUWPDQDJHPHQWDQGRSHUDWLQJFRQWURO
$GHTXDWH%RDUGUHSUHVHQWDWLRQLVRQHRSWLRQHQVXULQJWKDWWKH%RDUG¶V
FRPSRVLWLRQUHÀHFWVWKHHFRQRPLFVRIWKHWUDQVDFWLRQDQGWKDWWKHEX\HU
KDVDVD\LQWKHHOHFWLRQRILQGHSHQGHQWGLUHFWRUV%X\HUVFDQDOVRLQVLVW
RQWKHULJKWWR¿OOFUXFLDOSRVWVVXFKDVWKRVHRIWKHFKLHI
¿QDQFLDORI¿FHUDQGFKLHIWHFKQRORJ\RI¿FHU6RPHWLPHV
D EX\HU PLJKW HYHQ VHHN LQÀXHQFH DW WKH RSHUDWLRQDO
OHYHO±IRUH[DPSOHE\HOHFWLQJWKHJHQHUDOPDQDJHUWR
FRQWUROGD\WRGD\GHFLVLRQVVXFKDVVXSSOLHUFXVWRPHU
PDQDJHPHQW DQG KLULQJ 2QH JOREDO FRQVXPHU JRRGV
FRPSDQ\ QHJRWLDWHG WKH ULJKW WR QRPLQDWH WKUHH RXW
RI QLQH %RDUG PHPEHUV VHOHFW DQG DSSURYH WKUHH
LQGHSHQGHQW GLUHFWRUV DSSRLQW WKH 9LFH &KDLUPDQ
HVWDEOLVK DQG QRPLQDWH ([HFXWLYH &RPPLWWHHV DQG
RYHUVHHHVVHQWLDOIXQFWLRQDOWDVNV
9DOXDWLRQ
+RZ PLJKW RYHUVHDV EX\HUV WDFNOH WKH GLI¿FXOW WDVN RI
YDOXLQJ DQ LQYHVWPHQW WDUJHW LQ &KLQD" )LUVW GRQ¶W WU\
WR FRPH XS ZLWK D VLQJOH ERWWRPOLQH QXPEHU 7KHUH
DUH IHZ EHQFKPDUN WUDQVDFWLRQV RU SXEOLFO\ WUDGHG
FRPSDQLHV WR DFW DV D JXLGH 0RUHRYHU WKH &KLQHVH
PDUNHWLVWRRG\QDPLFIRUGLVFRXQWHGFDVKÀRZDQDO\VLV
WREHDFFXUDWHIRUHFDVWLQJFDVKÀRZVEH\RQGWKUHHWR
¿YH\HDUVLVPHUHFRQMHFWXUH
$EHWWHURSWLRQLVWRFDOFXODWHDYDOXDWLRQUDQJHEDVHG
RQGLIIHUHQWHFRQRPLFDQGLQGXVWU\HYROXWLRQVFHQDULRV
7KDW ZD\ DQ\ GHFLVLRQ ZLOO DW OHDVW EH EDVHG RQ DQ
LQIRUPHGDVVHVVPHQWRIZKDWWKHIXWXUHPLJKWKROGWKDW
FDQWKHQEHZHLJKHGDJDLQVWWKHVWUDWHJLFLPSRUWDQFHRI
D&KLQHVHDFTXLVLWLRQ
%X\HUV PXVW DOVR EH UHDOLVWLF DERXW WKH YDOXH RI
HVWLPDWHG V\QHUJLHV DV FDSWXULQJ V\QHUJLHV LQ &KLQD
LV GLI¿FXOW &URVVVHOOLQJ SURGXFWV IRU H[DPSOH DUH
XQOLNHO\ WR ZRUN LI EUDQGV DQG SURGXFWV DUH SRVLWLRQHG
IRU GLIIHUHQW PDUNHW VHJPHQWV LW LV MXVW QRW IHDVLEOH WR
7KHZD\DGHDOLVVWUXFWXUHGFDQKHOSLQVLWXDWLRQVZKHUHDQXQDFFHSWDEOHGHJUHHRI
XQFHUWDLQW\UHPDLQVDERXWWKHYDOXHRIDQDVVHWRUWKHQHJRWLDWLQJVLGHVIDLOWRDJUHHRQ
DSULFH2QH01&IRULQVWDQFHDJUHHGWRPDNHDQDGGLWLRQDOSD\PHQWWKUHH\HDUVDIWHU
WKHWUDQVDFWLRQLIDQDJUHHGXSRQHDUQLQJVWDUJHWZDVPHW7KHWULFNZLWKWKHVHNLQGV
RIHDUQRXWVLVWRIRFXVRQPDWWHUVWKDWDUHEH\RQGWKHLQÀXHQFHRIHLWKHUQHJRWLDWLQJ
SDUW\RWKHUZLVHWKHUHLVURRPIRUJDPHVPDQVKLS
$ VLPLODU RSWLRQV DSSURDFK KHOSV ZKHQ LW FRPHV WR GXH GLOLJHQFH 7KH LQIRUPDWLRQ
QHHGHGLVHOXVLYHLQ&KLQDZKHUH,7V\VWHPVDQGGDWDEDVHVDUHXQGHUGHYHORSHGDQG
OHJDO V\VWHPV DQG UHTXLUHPHQWV RSDTXH )XUWKHUPRUH PDQ\ DJUHHPHQWV DUH RIWHQ
RQO\RUDOPDNLQJLWGLI¿FXOWWRYDOLGDWHWKHWUXHRZQHUVKLSRIDVVHWV
8QGHUWKHVHFRQGLWLRQVEX\HUVQHHGWRDOORZSOHQW\RIWLPHWRFRQGXFWGXHGLOLJHQFH
DQGHQVXUHWKHWHDPLVVWDIIHGZLWKSOHQW\RISHRSOHZKRKDYHORFDONQRZOHGJHDQG
UHODWLRQVKLSV$FFRXQWLQJ DQG OHJDO DGYLVHUV ZLWK ORFDO H[SHULHQFH DUH HVVHQWLDO WRR
%XWLIDQRYHUVHDVEX\HUVWLOOUHPDLQVXQVXUHRIDWDUJHW¶VYDOXHKHFRXOGLQVLVWRQD
FODXVH UHTXLULQJ WKH VKDUHV KH KDV ERXJKW WR EH UHSXUFKDVHG DW D ¿[HG SULFH XQGHU
FHUWDLQFLUFXPVWDQFHV
7KHDFTXLVLWLRQRI%DQNRI&KLQDVKDUHVE\WKH5R\DO%DQNRI6FRWODQGLQ6HSWHPEHU
SURYLGHV DQ H[DPSOH ,I DQ\ VXUSULVHV DUH XQFRYHUHG WKH SULFH SHU VKDUH ZLOO
FKDQJHLQ5R\DO%DQNRI6FRWODQG¶VIDYRUDQGLI%DQNRI&KLQDGRHVQRWSXUVXHDQ
LQLWLDOSXEOLFRIIHULQJZLWKLQWKUHH\HDUVLWZLOOEHUHTXLUHGWREX\EDFNDOORI5R\DO%DQN
RI6FRWODQG¶VVKDUHV
7KHFRQGLWLRQVDUHQRZULJKWIRUFURVVERUGHU0$WRÀRXULVKLQ&KLQD,I01&VGDUHWR
H[SORUHDQHZDSSURDFKWRGHDOPDNLQJWKH\VKRXOG¿QGLWZHOOZRUWKWKHLUZKLOH
7KLVDUWLFOHZDVRULJLQDOO\SXEOLVKHGLQWKHZLQWHULVVXHRI0F.LQVH\RQ)LQDQFH&RS\ULJKW0F.LQVH\&RPSDQ\
$OOULJKWVUHVHUYHGZZZPFNLQVH\FRP
‫ڍ˖ڙʹݟ‬ሤ౜धࡘࣲ᠓
ࡉክ˖‫ڣࣉڍ‬ፋ̠̀͂౜ܷᄉయय़Ḟ৥Ժᑞ͗Ո৲‫ڠ‬ԦဗḞᡴܑ
ࣲ᠓ᮨ̮ཨᄰࠪᣖͯnj
‫ࣱڙ‬Ḟᡴ‫ڍ˖ڙˉ͌ڍ‬ᄉᄯଋઅᠪᡓ᣾̢
‫ڣ‬จҮܹܷḞઈ੭ဗ᧚ึѫౡॡᬱ̖ၶэᆷፆ౦Ḟ
ᎾЊnjཨᏪᡴࣲܑ᠓ԁᤉᤉ෤ᑞխलዜͪርऎᄉ
ᮔ฽ʻҁࣱ̊Րᄉဗ᧚ึ̨௦ጥዱᄉ࿮฽nj
અᠪབ໼nj‫ڍ‬Юᄉᡴࣲܑ᠓̓௛ᄉ᧚ᮨʿҁᄯଋ
અᠪ঳ᮨᄉḞ˄ඇ˓̓௛ᄉ᧚ᮨॡ࠴njᄰඊ
ఝ‫ݝ‬ᄉ͈ͤழก௦Ḟ಩૵ʿՎᄉፂ฿֖ᛠˉԪӐৰ
˧ʽḞ‫ڙ‬խल‫ܰڍ‬ᄯଋઅᠪణܲᄉґ˓‫ࠑڍ‬Ḛ
ʿӉહ˖‫ڍ‬ḛḞᡴࣲܑ᠓֖ᄯଋઅᠪᄉࣰ‫ڨ‬ඊΒ˝
ࢺԾnj
ʼᤗஜߙԥ௡˿ᤇಧʶ˓ဗࠃḞၿ̅˖‫֖ڣࣉڍ‬஠
Ӑᄉሗሗ‫ځఽܬ‬ገḞॡܲ͌ˉ‫ڍ˖ڙ‬ᤈᛠࣲ᠓ௐᥒ
᥄ҁ᧗᧗‫ڇ‬ᬱnjͭ௦థ̎ᬩᆽൣ‫ᤩڙ‬ຑ๖ᬓḞ˖‫ڍ‬
ஊउࣂፂԨ๖˿ࠪઅᠪᄉʶ̎ᬌ҃Ḟ᬴ॶҹҹᄉ˻
ࠑʿःឞኍҁ‫ڇ‬ᬱ߸К๖ܾՐ੥Ү੣Ḭဗ‫ڙ‬ൣ௦ࣲ
᠓ᄉܷ‫ݝ‬ௐ఺nj˖‫ڍ‬ፂ฿̾ඇࣱᄉᤳऎ‫ܘ‬᫁ᅋḭ
͌ˉζো઒᭚఺֖҃ክူපࣰൣ‫ڙ‬३ҁஇؒḞ΍ʿ
࠵‫ڍ‬ᖸ֖ሒᖸ͌ˉ੆˝ఝХխलҦᄉઅᠪᄫಕḭॡ
ܲᛠˉ̖ᑞ᣾қḞ˝ࠬ੼ᣖΦࠁᄉᠪ̖Ѹᤴ˿ఝ‫ݝ‬
ᄉґ௿nj᜵̯ᤇ̎఺͗˖ᖌѽḞᡴ‫ڍ‬МՂॸᮋஇԪ
Ф̓௛ੌ႔Ḟ̾ቿՋဗ᫼ൿ˖‫ڣࣉڍ‬ᄉྱཁnj
ᭉ᜵ःࠪᄉథˏܷС᪃ૌੌḞᯪЎ௦‫ʹݟ‬ᆷγᖌ३
ክူଌ҃ాḞФ൒௦‫ڙ‬Ꭴ࠵Ջ᤟ԟᏥૈಕ֖Ժ᭤᠈
ҫζোᄉ్͇ʽḞ‫ࠪʹݟ‬ᠪ̖ᤈᛠՋူ᝿ͤnj
۲̅ࠪల౎థઁଦᄉ᝿ͤᏪ҃߿ᄉḞཨՐ಩૵Фࠪ
˖‫ࣲڍ‬᠓ੌ႔ᄉ᧗᜵বᤈᛠ᤯ᄧᏥᘼnj
˻ࠑॸᮋࠪӨՎ஌ः੝̖ၶᄉ͈Ϙ૆ဗࠃᄉখऎḞ
‫ࠃڍ˖ڙ˝ځ‬ဗӨՎ஌ःॡ‫ڇ‬ᬱnjΒ‫ݟ‬Ḟ‫ݟ‬౦ֵྠ
ֵ֖̖᧪ࠪʿՎᄉጹѫࣉ‫ڣ‬Ḟ̓ԡᩘ‫׫‬ʿܹԺᑞᖌ३
੆ҩnjʶ˓ॡܷርऎʼΙᠺйెࣉ‫ڣ‬ᄉѫᩘᎩፎḞ௦
௃กࣞүʶ˓͕᠎ֵྠ‫ࠃᦤ׿‬ဗ̓ԡᩘ‫׫‬ᄉnj᜵ࠃ
ဗஅЙ֖ҶҮҦḚ᤯᣾ᜆտḛᄉӨՎ஌ःḞԀΦ
ʿ௦ʿԺᑞḞ˶௦ᬱऎॡܷᄉࢹͺnjܰีտࢹ̖
ၶᄉࢹᠪ̾ԢӝႤγϣ֖߶К᠟ၸḞԥᏪԺᑞ‫ܘ‬Ҫ
̠Ҧ੆ఴnj
‫ݟ‬౦ᠪ̖͈Ϙᄉʿᆷ߿ব᣹ҁ˿ʿԺଋԩᄉርऎḞ
੊ៀѻՉழʿᑞࡂ͈ಪ᣹੆ʶᒰ਒᜸ḞԺ̾Ꮵᘼʶ
̎ྱѾᄉ̓௛ፆౝnjΒ‫ݟ‬Ḟ౼ࠑᡴ‫ڍ‬МՂՎ਒‫ݟ‬౦
ဓ࿶ᒍᄉቆᫍnj
ᄰͪᄉழกࠪࡉᐋុಉ˶థࣞүnj˖‫ڍ‬ᄉ*5ጆፑ֖
ஜ૵ं̮ʿ߸ؒḞก।ͳጆ֖ᭉය࠺ʿᤨ௙Ḟ੝ᭉ
˖ழ˶᤯࣡ʿਜ਒உपଌᐦాnj੝̾ॡܲᡴ‫ˉ͌ڍ‬
Եᑞ‫࠴̅ܪ‬ᐦˋᄉᝇᓣḞཨՐ᤯᣾Ф̴᤬फ़Ҫुࠪ
ᄉζোॡᬱᖌ३njᏪ˄ḞॡܲӨᝫ̨௦ԯܿӨᝫḞ
ክူ֖ᤁᖸᄉଌ҃nj
‫ڙ‬ᤇሗৰхʽḞ˻ࠑᭉ᜵႐ѢЌᡛᄉௐᫍᤈᛠࡉᐋ
ʶሗԺᛠᄉழՓ௦‫ڙ‬ᗈ̂͗઴థЌѫᄉ̼ᛪాḞᆷ
ុಉḞࣲ˄ᆷγ̓௛࠴ጷᄉ̠տ˿ᝌॆ‫ڠ‬ৰхࣲଁ
ᗈ̂઴థԦᝒాnj˻ழԺ̾᜵යᖌ३͉֐᧗᜵ᐋͮ
ᄉాҦḞӉહ͉֐ᯪࣝ᠈ҫ߽֖ᯪࣝ੾శ߽njథௐḞ
˻ழၴᒯԺ̾ࠬය‫ڙ‬ᤁᖸࡎ᭦ᄉଌ҃ాḞΒ‫ݟ‬Ḟ͉
֐঳ፂူ̾ଌ҃Θः‫ࠆ׷‬ਖ਼ክူ֖տࢹᐏၸኍழ᭦
WUDLQLQJDQGHPSOR\HHUHWHQWLRQ
DGDSWLQJWRWKHORFDOHQYLURQPHQWIRUTXDOLW\DQGHI¿FLHQWVHUYLFH
VXVWDLQLQJJRRGUHODWLRQVKLSZLWKWKHMRLQWYHQWXUHSDUWQHU
)LJXUH*DWH*RXUPHW¶V$FWLYLWLHVLQ&KLQD
్͇ʽḞ̾‫߿ڌ‬ᄉ͈ಪ᧗ள‫ٿ‬᠓Ф˻ᤈᄉᐦᇽnj
Ӑ࠱ࠪᔙಪПᄋࠑᩏᛠథѽḭ‫ݟ‬౦˖‫ڍ‬ᩏᛠ‫ڙ‬ʻࣱ
સ֖੺эʻͮ࿗በᗈ̂Nj͉֐ᗈ̂͗ҝ˞ࣝNj੆በ
Ю෤థ߸੆МधʼࣉḞ࠱ʿ३ʿ‫ٿ‬᠓੝థᔙಪПᄋ
ࠑᩏᛠ઴థᄉᐦᇽnj
థԺΘԟᏥᄉዜͪ̓௛੊ʼࣉМՂnjᏪ˄Ḟ˖‫ࣉڍ‬
7KLV VWXG\ GHVFULEHV *DWH *RXUPHW¶V H[SHULHQFHV LQ &KLQD IRFXVLQJ RQ WKH FRPSDQ\¶V
VXFFHVVIDFWRUV
Ϙ̮ʿᆷζḞःឞ‫૆ڱ‬ҪʼᬃҪ్൛Ḟ᜵ය‫ڙ‬౼̎
ࣱతᔙಪПᄋࠑᩏᛠЙᐦ˖‫ڍ‬ᩏᛠ௦˓ॡ‫ݝ‬
ᄉΒߔnj‫ݟ‬౦Ԧၶ͉ʹʿѽᄉԪӐḞඇᐦ͈ಪᄉԪ
๑ܰᄉ˻ࠑ‫ʹݟ‬ᝌф‫ڍ˖ڙ‬᝿ͤઅᠪࠪ៵͈Ϙᄉᬱ
ᮤḱᯪЎḞʿ᜵̨ଡΘӬʶᄉऄጲஜ૵Ḟ‫˝ځ‬ॡ࠵
*DWH*RXUPHWLVDQLQWHUQDWLRQDODLUOLQHFDWHULQJFRPSDQ\RSHUDWLQJ
FDWHULQJXQLWVLQPDMRUDLUSRUWVRIGLIIHUHQWFRXQWULHVDURXQG
WKH ZRUOG ,WV FRUH FRPSHWHQFH LV SURYLGLQJ FDWHULQJ VHUYLFHV WR
DLUOLQHV LQFOXGLQJ YDULRXV ORJLVWLFV DQG UHODWHG VSHFL¿F VHUYLFHV
7KH DUUD\ RI VHUYLFHV SURYLGHG LQ 6KDQJKDL WKURXJK D MRLQW YHQWXUH
ZLWK WKH 6KDQJKDL$LUSRUW$XWKRULW\ ZKLFK IDOOV XQGHU WKH XPEUHOOD
RI WKH 6KDQJKDL JRYHUQPHQW LQFOXGHV IRRG SURGXFWLRQ SDFNDJLQJ
UHIULJHUDWHG WUDQVSRUWDWLRQ ODXQGU\ DQG DLUOLQH HTXLSPHQW VWRUDJH
*DWH *RXUPHW 6KDQJKDL ** 39* LV RQH RI WKH RQO\ WZR FDWHUHUV
VHUYLQJ6KDQJKDL¶V3XGRQJ,QWHUQDWLRQDO$LUSRUW
ଦॆ‫ڠ‬ᄉСጆnj઴థॆ‫ڠ‬ፂᰍᄉ͗᝟֖ก।ᮎ᫇˶
௦ॸʿԺ࠵ᄉ్͇nj‫ݟ‬౦๑ܰ˻ࠑࠪઅᠪᄫಕᄉ͈
ʽѴాҦḬଡՏ˴ͮᗈ̂͗੆տ˖ᄉʻͮᗈ̂Njᤤ
Ջူ᝿ͤᠪ̖
6800$5<
ॡᬱನࠃᠪ̖੝థాᄉᄽࠃবnj
ᄉ௅࣡фንాnjʶࠑКီ๖᠟ֵМՂ᤯᣾ៀѻᖌ३
֖ଡՏ੯ᛠ‫ށ‬տ͗̾ԢᄢᅕС᪃ᄉˉҫᐋᑞnj
$LUOLQH&DWHULQJ,QGXVWU\
ଌ҃ៀѻՉழᦏ௃กॕֽҁᄉ౼̎ৰхḞᥗध౼̎
ᡓ᣾˓ᛠˉḚӉહᩏᛠNjႂζ֖ීᢻᜈᦠኍḛሄ
γᗈ̂͗ᄉౝ੆ᑞܴԥ௡̓௛ፆౝḞࣲࠪᤤˠ࿗በ
*DWH*RXUPHW6KDQJKDL
ᑞܴ᣹ҁРՎӨ‫׷‬ᄉᡄѽᄫಕḞ࠱‫̓ڙ‬௛ᄉʻࣱՐ
ஂ̶ʶቷᮨܰᄉ᠟ၸnjዜͪᤇಧᄉᬌ్͇҃௦˝˿
ᆷγᖌ३ଌ҃ా
ൢܰᠪӳଌᐦ‫ͮڠ‬njԀ΍‫ڙ‬Љ᝴ܰᠪଌᐦᄉᛠˉḞ
хḞ᝟ኪѢʶ˓͈ಪᔴ‫ډ‬njᤇಧᄉពḞᒯ࠵фን௦
&$6(678'<
ᡴࣲܑ᠓‫ڍ˖ڙ‬ጒᕥᄉ్͇ࣂፂ੆ཿnj‫ݟ‬౦ᡴ‫ڍ‬
МՂ஗̅ଉጉѢʶ్ளᡸḞ߱͂ःឞԦဗࣲ᠓̓௛
ྫྷథ੝Ϙnj
ͺᏧᬅ์஠5IPNBT -VFEJ
ጆ᳠ᐯ᩷МՂᗈ̂njឞ஠ብԓԦᛪ̅Ǒ᳠
ᐯ᩷᧚ᚷߢѮǒࣱпߢѮnj᳠ᐯ᩷МՂ઴థྟాnj
6RXUFH6ZLVV&KLQD6XUYH\
*/2%$/,1'8675<75(1'6DQG287/22.
,QWKHSDVWDLUOLQHIRRGFDWHULQJZDVGRQHE\WKHDLUOLQHVWKHPVHOYHV'XHWRKLJKDLUWLFNHWSULFHV
FRVWVRIPHDOVZHUHRIOLWWOHLVVXHDQGFRQFHUQZDVIRFXVHGRQWKHTXDOLW\RIIRRG:LWKGHFUHDVHG
PDUJLQV DLUOLQH FRPSDQLHV ZHUH ODWHU RQ IRUFHG WR FXW GRZQ FRVWV DQG RSWLPL]H TXDOLW\ :LWK
WKH LQFUHDVLQJ QXPEHU RI IOLJKWV VOLJKW FRVW UHGXFWLRQV IRU HDFK PHDO LPSRVHG RQ FDWHUHUV E\
DLUOLQHVUHVXOWHGLQFRQVLGHUDEOHJOREDOFRPSDQ\VDYLQJVHQDEOLQJDLUOLQHVWRLPSURYHWKHLUFRVWV
EXWDGYHUVHO\LPSRVLQJKLJKFRVWSUHVVXUHVRQFDWHUHUV$VDFRQVHTXHQFHFDWHULQJFRPSDQLHV
EHFDPH LQGHSHQGHQW HLWKHU DV RXWVRXUFHUV RU VHSDUDWH VSLQRII VXEVLGLDULHV WR LPSURYH
PDQDJHPHQWDQGUHGXFHFRVWV:LWKLQFUHDVLQJO\VWULFWUHTXLUHPHQWVFDWHUHUVHYROYHGWRHLWKHU
PDVWHUVRIPDOOHDELOLW\RUVLPSO\GLVDSSHDUHG
+RZHYHUWKHH[SHQVHFXWWLQJSUDFWLFHVRIFDWHUHUVDUHPLQLPL]HG
ZLWK WKH LPSRVLWLRQ RI VWULFW DLUOLQH UHJXODWLRQV E\ WKH +D]DUG
$QDO\VLV DQG &ULWLFDO &RQWURO 3RLQW +$&&3 +$&&3 ZDV
GHYHORSHGLQWKHVLQWKH8QLWHG6WDWHVWRHQVXUHIRRGVDIHW\
IRU WKH ¿UVW 1$6$ PDQQHG VSDFH PLVVLRQV 6LQFH WKHQ +$&&3
SULQFLSOHV KDYH EHHQ GH¿QHG DQG HQGRUVHG LQ LQWHUQDWLRQDO IRRG
VWDQGDUGVDQGLQ(XURSHDQOHJLVODWLRQV
+$&&3 LV QRZ WKH LQWHUQDWLRQDOO\ UHFRJQL]HG IRRG VDIHW\
PHWKRGRORJ\ $VVXUHG 6DIH &DWHULQJ LV D V\VWHP EDVHG XSRQ
+$&&3 SULQFLSOHV GHYHORSHG IRU FDWHUHUV WR HQVXUH IRRG VDIHW\
6XFKUHJXODWLRQVUHTXLUHWUDQVSDUHQWLQIRUPDWLRQWKDWFDQRQO\EH
SURYLGHGE\FRPSHWHQWRUJDQL]DWLRQVZLWK¿UPFRPSUHKHQVLRQDQG
XQGHUVWDQGLQJ RI K\JLHQH DQG VDIHW\ SUDFWLFHV 7KH VWULFW TXDOLW\
VWDQGDUGV LPSRVHG RQ WKH DLUOLQH FDWHULQJ LQGXVWU\ LWV XQFHUWDLQ
IXWXUH DQG WKH KLJK OHYHO RI VNLOOV QHHGHG WR PDLQWDLQ RSHUDWLRQV
ZLWKWKHUHTXLUHGVWDQGDUGVWHQGWRGLVFRXUDJHIXUWKHULQYHVWPHQW
LQWKLVLQGXVWU\
<HW WKH VXUYLYLQJ DLUOLQH FDWHULQJ FRPSDQLHV VWLOO IDFH PDQ\
FKDOOHQJHVDVWKH\DUHPRVWYXOQHUDEOHWRWKHXSVDQGGRZQVRIWKH
DLUOLQHLQGXVWU\7KH6HSWHPEHUDWWDFNVRUWKH6$56FULVLVIRU
H[DPSOHKDYHKHDYLO\DIIHFWHGWKHLQGXVWU\&DWHUHUVZHUHWKH¿UVW
WDUJHWRIFRVWVDYLQJPHDVXUHVZKLFKUHVXOWHGLQWHQVRIWKRXVDQGV
RI MREV ORVW DFURVV WKH LQGXVWU\ 7KH VXUJLQJ RLO SULFHV ZLOO DOVR
DIIHFWWKHLQGXVWU\FRQVLGHUDEO\$LUOLQHVDUHFRQVLGHULQJPRUHDQG
PRUH GLUHFW SDVVHQJHU VDOHV LQFOXGLQJ WKH GLUHFW VHOOLQJ RI IRRG
7KHDGGLWLRQDO FRVWWRSDVVHQJHUVZLOOUHVXOWLQOHVVFRQVXPSWLRQ
DQG OHVV VDOHV IRU WKH FDWHUHUV WKHVH PHDVXUHV DUH QRZ EHLQJ
LPSOHPHQWHG LQ VKRUW GLVWDQFH ÀLJKWV DQG DUH DOUHDG\ VWURQJO\
DIIHFWLQJWKHLQGXVWU\LQWKH8QLWHG6WDWHV
:LWK WKH LQWHQVLI\LQJ FRVW FRQFHUQ RI DLUOLQHV KLJK SULFH VHJPHQW
FDWHUHUVWHQGWRGLVDSSHDUZKLOHIHZFDWHUHUVDUHOHIWWR¿JKWRYHUORZ
SUR¿WPDUJLQVIRUKLJKVWDQGDUGHQGSURGXFWUHTXLUHPHQWV$LUOLQHV
ZLWKWKHLUFRVWFXWWLQJIUHQ]\WHQGWRFRQYHUJHWRDGLUHFWPHDOVDOH
VWUDWHJ\ WR SDVVHQJHUV KHQFH JLYLQJ WKH SDVVHQJHUV DQ RSWLRQ WR
FKRRVHZKHWKHUDQGKRZPXFKWKH\ZDQWWRSD\IRUWKHPHDO
)LJXUH*DWH*RXUPHW,QWHUQDWLRQDOIDFWVDQG¿JXUHV
027+(5&203$1<
*$7(*2850(7,17(51$7,21$/
&RPSDQ\EDFNJURXQGDQGFXUUHQWVLWXDWLRQ
*DWH*RXUPHWZDVIRXQGHGLQRXWRIWKH6ZLVVDLU&DWHULQJ
DV D FRPSDQ\ RI WKH SDUW RI WKH 6DLU *URXS *DWH *RXUPHW¶V
HVVHQWLDOPDUNHWDQGFRUHEXVLQHVVLVDLUOLQHFDWHULQJ+RZHYHU
HDFKRI*DWH*RXUPHWXQLW¶VPDQDJHPHQWLVLQGHSHQGHQWDQG
VRPH XQLWV PD\ RXWVRXUFH WKH ORJLVWLF DVSHFWV ZKLOH RWKHUV
GLYHUVLI\ILHOGVRIVDOHV
&RPSDQ\VL]HDQGVWUXFWXUH
,Q *DWH *RXUPHW FRQVLVWHG RI LQGHSHQGHQW XQLWV
ZRUOGZLGH ZLWK RYHU HPSOR\HHV DQG &+) ELOOLRQ
86' ELOOLRQ LQ UHYHQXH *DWH *RXUPHW ,QWHUQDWLRQDO LV
WKHVHFRQGELJJHVWFDWHULQJFRPSDQ\EHKLQG/6*6.<&KHI¶V
/XIWKDQVD*URXS
&RPSHWLWLYHDGYDQWDJH
*DWH *RXUPHW KDV PDQDJHG WR RYHUFRPH WKH JOREDO GHFOLQH RI
WKHFDWHULQJLQGXVWU\E\EHLQJKLJKO\DGDSWDEOHDQGHI¿FLHQW7KLV
KDVEHHQDFKLHYHGPDLQO\E\WKHDGPLQLVWUDWLRQV\VWHPWKDW*DWH
*RXUPHWKDVSXWLQSODFH&RQIHUULQJIUHHGRPWRLWVGLIIHUHQWXQLWV
LQWHUPVRIPDQDJHPHQWWRDGGUHVVORFDOLVVXHVEXWLPSOHPHQWLQJ
D VWURQJ DQG SURIHVVLRQDO WUDLQLQJ SURJUDP WR HQVXUH VWDQGDUGV
DQGHI¿FLHQF\DUHPDLQWDLQHG
+RZHYHU WKH *DWH *RXUPHW EUDQG QDPH GRHV QRW SUHVHQW DQ\
VSHFLDO DGYDQWDJH DV DLUOLQHV WHQG WR FKRRVH UHJLRQDO SDUWQHUV
:LWK WKH GLVDSSHDUDQFH RI 6ZLVVDLU DQG WKH WDNHRYHU RI *DWH
*RXUPHW E\ DQ LQYHVWPHQW FRPSDQ\ IRFXVLQJ RQ VKRUW WHUP
UHWXUQV IHZHU LQYHVWPHQWV LQ QHZ FDWHULQJ XQLWV UHVXOWHG LQ WKH
ORVVRIVLJQL¿FDQWFRQWUDFWVDV*DWH*RXUPHWIDLOHGWRHVWDEOLVKD
VWURQJZRUOGZLGHJHRJUDSKLFDOSUHVHQFH
7KH VWUDWHJ\ RI FRQIHUULQJ VHOIPDQDJHPHQW SRZHUV DQG
LQGHSHQGHQFH WR LWV LQGLYLGXDO EXVLQHVV XQLW DIIRUGV *DWH
*RXUPHWWKHQHFHVVDU\IOH[LELOLW\WRVXUYLYHWKHZDURQFRVWVLQ
WKHDLUOLQHLQGXVWU\LQWKHUHFHQW\HDUV)RULQVWDQFHZLWKPHDOV
SURYLGHGRQDLUSODQHVFRVWLQJDWOHDVWILYHWLPHVOHVVLQ&KLQD
WKDQLQ6ZLW]HUODQGFDWHULQJXQLWVKDYHWRFRQVWDQWO\DGDSWWR
ORFDOH[SHFWDWLRQV
&+,1$,1'8675<75(1'6DQG287/22.
6RXUFH*DWH*RXUPHW,QWHUQDWLRQDOZZZJDWHJRXUPHWFRP
)LJXUH*DWH*RXUPHW6KDQJKDLIDFWVDQG¿JXUHV
$OWKRXJK&KLQDLVUDSLGO\GHYHORSLQJLWVDLUOLQHÀHHWDQGPXOWLSO\LQJ
LWVÀLJKWVDLUOLQHFRPSDQLHVIRFXVRQYHU\ORZIDUHVDQGFXVWRPHUV
DUH OHVV UHDFWLYH WR WKH LQÀLJKW PHDOV¶ TXDOLW\ LI WLFNHW SULFHV DUH
WDNHQLQWRDFFRXQW$VVXFKWKH&KLQHVHPDUNHWDOWKRXJKLQIXOO
GHYHORSPHQWPD\QRWEHDVSURPLVLQJWRGD\DVLWPD\KDYHEHHQ
EHIRUH
*$7(*2850(7LQ&+,1$
6XEVLGLDU\EDFNJURXQGDQGFXUUHQWVLWXDWLRQ
** 39* ZDV HVWDEOLVKHG LQ WKURXJK D MRLQW YHQWXUH ZLWK
WKH JRYHUQPHQWRZQHG 6KDQJKDL $LUSRUW $XWKRULW\ %\ FRQWUDFW
QR RWKHU LQWHUQDWLRQDO DLUOLQH FDWHULQJ FRPSHWLWRU PD\ HQWHU WKH
PDUNHW DW 3XGRQJ ,QWHUQDWLRQDO $LUSRUW IRU DV ORQJ DV WKH MRLQW
YHQWXUHLVQRWSUR¿WDEOH*DWH*RXUPHW¶VLQYHVWPHQWLVRI\HDUV
XSIURQWUHQWDOIHHIRUWKHLUIDFLOLWLHVDWWKHDLUSRUWPDNLQJWKHLQLWLDO
LQYHVWPHQW WRR KLJK WR EH LPPHGLDWHO\ SUR¿WDEOH HVSHFLDOO\ ZLWK
WKHFXUUHQWORZPDUJLQVEXVLQHVVHQYLURQPHQW
6XEVLGLDU\VL]HDQGWXUQRYHU
6RXUFH*DWH*RXUPHW6KDQJKDL
)LJXUH9DOXHFKDLQ
**39*HQMR\VDVWURQJUHODWLRQVKLSIRXQGHGRQWUXVWZLWKIRUHLJQ
DLUOLQHVDQGXVHVWKLVUHODWLRQDWEHVW**39*FXUUHQWO\KDV
HPSOR\HHVZLWKD\HDURQ\HDUUHYHQXHJURZWKRI
6RXUFH6ZLVV&KLQD6XUYH\
+RZHYHU GXH WR WKH VWDJQDQW JURZWK RI WKH DLUOLQH LQGXVWU\
** 39* KDV GLYHUVLILHG LWV PDUNHW E\ H[WHQGLQJ LWV FRUH
FRPSHWHQFH DV D FDWHUHU DQG RIIHULQJ VHUYLFHV WR ORFDO
UHVWDXUDQWV$V RQH RI WKH SUHIHUUHG VXSSOLHUV RI 3L]]D +XW
**39*VXSSOLHVWRDERXWRIDOO3L]]D+XWRXWOHWVLQWKH
JUHDWHU6KDQJKDLDUHDDFFRXQWLQJIRURIWKHFRPSDQ\¶V
WRWDO UHYHQXH 2WKHU LQGXVWULHV VXFK DV KRWHOV DQG IRRG DQG
EHYHUDJH FKDLQV DUH DOVR EHFRPLQJ FOLHQWV RI ** 39*
VKRZLQJ DQ DJJUHVVLYH H[SDQVLRQ 6XFK GLYHUVLILFDWLRQ KDV
HQDEOHG**39*WRQRWVROHO\GHSHQGRQWKHULVN\RSHUDWLRQV
RIDLUOLQHFDWHULQJDQGWRPDNHDGGLWLRQDOSURILW
9DOXHFKDLQ
,QWHUQDWLRQDOUHJXODWLRQVSODFHWKHUHVSRQVLELOLW\IRUHQVXULQJIRRG
VDIHW\ DSSURSULDWHO\ RQ WKH FDWHUHUV DQG SUDFWLFDOO\ REOLJHV WKH
FDWHUHUVWRFRQWUROWKHHQWLUHVHUYLFHYDOXHFKDLQ7KLVDOVRDOORZV
PRUHYDOXHWREHGHULYHGIURPWKHFKDLQ1RWRQO\DUHFDWHUHUV
UHVSRQVLEOH RI ZKDW IRRG WKH\ EX\ EXW DOVR RI HQVXULQJ VWULFW
FRQWUROV DQG WKDW K\JLHQH VWDQGDUGV DUH PHW GXULQJ WKH HQWLUH
SURFHVV5HVSRQVLELOLWLHVEHJLQIURPWKHSXUFKDVHRIJRRGVIURP
WKHVXSSOLHUWRORJLVWLFVDQGWUDQVSRUWDWLRQDQGIURPUHIULJHUDWLRQ
DQGVWRUDJHWRFRRNLQJDQGSDFNLQJ
** 39* KDV FRPSOHWH FRQWURO RYHU LWV FKDLQ RI VHUYLFHV
ZKLOH LWV PRWKHU FRPSDQ\ DOORZV RXWVRXUFLQJ RI VRPH RI WKH
VXEVLGLDU\¶V DFWLYLWLHV 7KUHH \HDUV HDUOLHU ** 39* HYDOXDWHG
RXWVRXUFLQJSDUWRILWVDFWLYLWLHVLQDQDWWHPSWWRIXUWKHULPSURYH
FRVWV%XWLQWKHHQGLWZDVDEDQGRQHGEHFDXVHLWZDVQRWFRVW
HIIHFWLYH$GGLWLRQDOO\WLPHO\GHOLYHU\RIJRRGVLV**39*¶VNH\
FRPSHWHQF\WKHUHIRUHWKLVDVSHFWVKRXOGQRWEHVXEFRQWUDFWHG
0RUH WKDQ MXVW D VWUDWHJLF GHFLVLRQ LW EHFDPH DQ REOLJDWLRQ
SDUWLFXODUO\LQ&KLQDZKHUHORFDOVXSSOLHUVFRPPRQO\IDLOWRPHHW
WKHK\JLHQHDQGGHOLYHU\WLPHVWDQGDUGVWKDW**39*QHHGVWR
VXVWDLQ LQ RUGHU WR IXO¿OO FRPPLWPHQWV WR FXVWRPHUV DV ZHOO DV
FRPSO\ZLWKLQWHUQDWLRQDOUHJXODWLRQV
7KH VHUYLFHV WKDW ** 39* SURYLGHV LQFOXGH VRXUFLQJ RI IRRG
EHYHUDJHV GU\ JRRGV HWF IURP ORFDO VXSSOLHUV VWRUDJH IRRG
SURGXFWLRQ DQG DVVHPEO\ SURFHVVHV DV ZHOO DV SDFNDJLQJ
WUDQVSRUWDWLRQ DQG GHOLYHU\ RQ ERDUG WKH DLUFUDIW $GGLWLRQDO
VHUYLFHVLQFOXGHEXWDUHQRWOLPLWHGWRODXQGU\VHUYLFHVDQG9,3
ORXQJHFDWHULQJ
/RFDOFRPSHWLWRUVDQGFRPSHWLWLYHDGYDQWDJH
** 39*¶V RQO\ FRPSHWLWRU LQ 3XGRQJ ,QWHUQDWLRQDO $LUSRUW LV
&KLQD (DVWHUQ $LUOLQHV &DWHULQJ 6($& D GRPHVWLF DLUOLQH
FDWHULQJFRPSDQ\RZQHGE\&KLQD(DVWHUQ$LUOLQHVDQGDFWLYHLQ
6KDQJKDLIRURYHU\HDUV7KHVWURQJUHODWLRQVKLSWKDW6($&
HQMR\VZLWKORFDODQGLQWHUQDWLRQDOFRPSDQLHVOHDYH**39*ZLWK
RIWKHWRWDOPDUNHWVKDUHZKLFKLQFOXGHV&KLQD(DVWHUQDQG
6KDQJKDL$LUOLQHVÀLJKWPRYHPHQWVEXWZLWKRIIUHHPDUNHW
VKDUHLQDOOWKHLQWHUQDWLRQDOÀLJKWV
)$&76DQG$1$/<6,6
&KRLFHRIORFDWLRQDQGOHJDOIRUP
$FFRUGLQJ WR LWV DJUHHPHQW ZLWK WKH 6KDQJKDL$LUSRUW$XWKRULW\
**39*ZDVSURYLGHGDIXOO\HTXLSSHGEXLOGLQJZLWKLQWKHDLUSRUW
YLFLQLW\ZLWK\HDUVRIUHQWSDLGXSIURQW,WZDVHVVHQWLDOIRU**
39*WRVHWXSLWVRSHUDWLRQVZLWKLQFORVHSUR[LPLW\RIWKHDLUSRUWWR
EHDEOHWRSURYLGHIDVWDQGHI¿FLHQWVHUYLFHWRLWVFXVWRPHUV7KH
MRLQWYHQWXUHDUUDQJHPHQWZLWKWKH6KDQJKDL$LUSRUW$XWKRULW\KDV
VRPHDGYDQWDJHVVXFKDVSURYLVLRQVIRURFFDVLRQDODGPLQLVWUDWLYH
VXSSRUWRQOHJDOLVVXHVDVZHOODVDFTXLULQJGRPHVWLFRSHUDWLQJ
OLFHQVHV7KHGUDZEDFNRIWKHMRLQWYHQWXUHDJUHHPHQWKRZHYHU
ZDVWKHVL]HDEOHLQLWLDOLQYHVWPHQWPRVWO\DOORFDWHGWRWKHUHQWDO
IHHVRI**39*¶VIDFLOLW\WKLVLQYHVWPHQWZDVMXVWL¿HGWKURXJK
FDOFXODWLRQVPDGHDWDWLPHZKHQSHUVSHFWLYHVZHUHGLIIHUHQW
&XVWRPHUVDQGVDOHV
7KH VDOHV LQ WKLV SDUWLFXODU EXVLQHVV GHSHQG RQ FXVWRPHU
DFTXLVLWLRQ&DWHUHUVDUHLQYLWHGWRWHQGHUIRUWKHEXVLQHVVIURP
DQ LQWHUQDWLRQDO DLUOLQH $ FRPSOHWH RIIHU FRQWDLQLQJ GHWDLOHG
SULFLQJLQIRUPDWLRQFRPPHUFLDOSURSRVDODORQJZLWKWKHH[HFXWLYH
VXPPDU\KDYHWREHVXEPLWWHG7KHDLUOLQHFRQGXFWVDQLQGHSWK
FRVW DQDO\VLV EDVHG RQ WKH RIIHUHG SULFH DQG WKHQ YLVLWV WKH
FDWHUHU QRW RQO\ WR HYDOXDWH WKH K\JLHQH DQG VDIHW\ VWDQGDUGV
RIWKHXQLWEXWDOVRWRJHWD¿UVWKDQGLPSUHVVLRQRIWKHSRWHQWLDO
VXSSOLHU,ISULFLQJLVDGYDQWDJHRXVRYHUWKHFRPSHWLQJELGGHUV
WKH VDIHW\ DQG K\JLHQH DVSHFWV DUH XS WR WKH DLUOLQH¶V TXDOLW\
DQG VHUYLFH H[SHFWDWLRQV WKH FRQWUDFW LV WKHQ DZDUGHG WR WKDW
FDWHUHU&RQWUDFWVDUHXVXDOO\DJUHHGXSRQIRUWZRWRWKUHH\HDUV
WKHUHDIWHUWKHDFFRXQWLVDJDLQSXWXSIRUWHQGHUDQGWKHZKROH
SURFHVVVWDUWVDOORYHUDJDLQ
6XSSOLHUV
** 39* FKRRVHV VXSSOLHUV LQ QHDUE\ YLOODJHV DURXQG WKH
DLUSRUW IRU ORJLVWLF UHDVRQV 7KH FRPSDQ\ FXUUHQWO\ KDV DURXQG
VXSSOLHUV RI ZKLFK VXSSO\ IRRG SURGXFWV RQO\ )RU
PDQDJHPHQWDQGTXDOLW\SXUSRVHV**39*¶VJOREDOVWDQGDUGV
UHTXLUHFRPSHWLWLYHVRXUFLQJSURFHVVHV7KLVLVDFKLHYHGWKURXJK
ZHHNO\DQGPRQWKO\ELGVWRPLQLPL]HFRVWVDQGVXSSOLHUWUDLQLQJ
WRHQVXUHDGKHUHQFHWRSROLFLHVDQGUHJXODWLRQV$GGLWLRQDOO\**
39*FKDQJHVVRPHRIWKHVXSSOLHUVHYHU\\HDUWRDYRLGKDYLQJ
VXSSOLHUVIRUJLQJSULYDWHDJUHHPHQWVDPRQJWKHPVHOYHV
7KH VWULFW DLUOLQH +$&&3 UHJXODWLRQV SUHYLRXVO\ PHQWLRQHG
UHTXLUH D WUDQVSDUHQW LQIRUPDWLRQ IORZ ULJKW GRZQ WR WKH
VXSSOLHUV ** 39* KDV WR HQVXUH WKH WUDFHDELOLW\ RI DOO
SURGXFWV WKURXJKRXW WKH HQWLUH SURGXFWLRQ DQG SDFNDJLQJ
SURFHVVHV XS WR GHOLYHU\ RQ ERDUG WKH DLUFUDIW 6XSSOLHUV
GR QRW FRPSOHWHO\ PHHW WKHVH UHTXLUHPHQWV 7R HQVXUH
DGKHUHQFH WR +$&&3 UHJXODWLRQV ** 39* VWULFWO\ VHOHFWV
FRQWUROVDQGFRUUHFWVVXSSOLHUVDQGGHOLYHULHV
5HFUXLWPHQWWUDLQLQJDQGSHRSOHPDQDJHPHQW
** 39*¶V DFWLYLWLHV DUH ODERU LQWHQVLYH WKXV LW SXWV HPSKDVLV
RQ WKH LPSRUWDQFH RI LWV ODERU IRUFH 7KH FRPSDQ\ LPSOHPHQWV
D PDQDJHPHQW WUDLQLQJ SURJUDP DYDLODEOH WR DOO HPSOR\HHV
IROORZHGE\DVHULHVRIWHVWV
7KH VXEVLGLDU\ ORFDOL]HG DOO LWV PDQDJHPHQW SRVLWLRQV H[FHSW
IRU WKH *HQHUDO 0DQDJHU DQG 3URGXFWLRQ 0DQDJHU SRVLWLRQV
IRU ZKLFK H[SDWULDWHV DUH GHVLJQDWHG 7KHVH WZR NH\ SRVLWLRQV
UHPDLQ ZHVWHUQ GXH WR WKH QHHG RI LQGHSWK NQRZOHGJH RI
/LIH&XOWXUHၶา஠Ӑ˃ಜ
WKH DLUOLQH LQGXVWU\ DQG WR HVWDEOLVK D VPDOO EXW LPSRUWDQW
FRPSHWLWLYH HGJH RYHU WKH FRPSHWLWRU 1RQHWKHOHVV RQO\
D VPDOO QXPEHU RI HPSOR\HHV XQGHUVWDQG (QJOLVK DQG
FRPPXQLFDWLQJ ZLWK WKHP WKURXJK D WUDQVODWRU FDQ QHYHU EH
DV HIIHFWLYH DV KDYLQJ D &KLQHVH PDQDJHU ZKR LV SURILFLHQW
ZLWKWKHORFDOODQJXDJHDQGFXOWXUH)RUWKLVUHDVRQ**39*
UHPRYHG PRVW H[SDWULDWHV DQG JDYH SUHIHUHQFH WR &KLQHVH
PDQDJHUVWRKDQGOHWKHORFDOHPSOR\HHV
7KH GLI¿FXOW\ RI KLULQJ TXDOL¿HG VWDII DQG WKH LPSRUWDQFH RI
HPSOR\HHVIRU**39*KDVQDWXUDOO\OHGWKHFRPSDQ\WRGHYHORS
VWUDWHJLHV WR UHWDLQ LWV HPSOR\HHV &RPSHWHQW VNLOOHG WHDP
PHPEHUVDUHKDUGWR¿QGDQGLQDJURZLQJLQGXVWU\LWLVDOVRD
FKDOOHQJH WR DOORFDWH WLPH WR WUDLQ HDFK HPSOR\HH LQGLYLGXDOO\
+RZHYHU**39*KDVPDQDJHGWRVXVWDLQDYHU\ORZHPSOR\HH
WXUQRYHUUDWHRIIRUQRQ*DWH*RXUPHWODERUFRQWUDFW
HPSOR\HHVWKURXJKWKHIROORZLQJPHDVXUHV
E\ PRWLYDWLQJ JLYLQJ UHVSRQVLELOLW\ DQG RIIHULQJ HPSOR\HHV
RSSRUWXQLWLHV WR HYROYH LQ WKHLU FDUHHU $V DQ H[DPSOH RI **
39*£ĀV PHWKRG$ SURPLVLQJ \RXQJ ORFDO HPSOR\HH KLUHG WZR
\HDUVEHIRUHLVVHQWRXWWRYLVLWWKHFXVWRPHUKLPVHOIWRJLYHKLP
H[SRVXUHDFKDQFHWROHDUQDQGWREXLOGXSKLVVHOIFRQ¿GHQFH
+H LV JLYHQ LQVWUXFWLRQV DERXW WKH EDVLF LVVXHV RQO\ £ WKH
REMHFWLYH RI WKH YLVLW DQG ZKDW NLQG RI FRQYHUVDWLRQ KH VKRXOG
KDYHZLWKWKHFXVWRPHU7KHUHVWLVXSWRWKHHPSOR\HH
SURGXFWLRQ HPSOR\HHV JHW WKH FKDQFH WR ZRUN LQ RWKHU
VXEVLGLDULHVDEURDGIRUVHYHUDO\HDUVVRPHKDYHEHHQVHQWWR
)UDQFH *HUPDQ\ DQG %DQJNRN RU IRU VKRUW WUDLQLQJV VHQW WR
'XEDLDQG/RQGRQ7KLVLQWHUQDWLRQDOH[SHULHQFHLVQHFHVVDU\
IRUWKHHPSOR\HHVWRXQGHUVWDQGWKHVSHFL¿FVRIDLUOLQHFDWHULQJ
RSHUDWLRQV,WGHYHORSVWKHHPSOR\HHV£ĀFRPSHWHQFHDQGOR\DOW\
DQG LV OLNHZLVH KLJKO\ PRWLYDWLQJ EHFDXVH LW£ĀV RIWHQ D XQLTXH
FKDQFHIRUORFDOVWRWUDYHORYHUVHDV
)$&7256 )25 68&&(66 5,6.6 DQG
23325781,7,(6
2SSRUWXQLWLHV
0DWXULQJRIWKHDLUOLQHLQGXVWU\
**39*H[WHQGHGLWVFXVWRPHUUDQJHE\WDNLQJDGYDQWDJHRILWV
PDLQFRPSHWHQFHDVDFDWHULQJVHUYLFHDQGORJLVWLFVFRPSDQ\
7LPHO\TXDOLW\IRRGVHUYLFHGHOLYHU\GHYHORSHGLQWRDFRPSOHWHO\
QHZ PDUNHW DOPRVW H[FHHGLQJ WKH FRUH EXVLQHVV ZLWK DLUOLQHV
HQDEOLQJ ** 39* WR JHQHUDWH LWV RZQ RSHUDWLQJ FDVK 7KLV
VWUDWHJ\ ZDV FKRVHQ DW ¿UVW WR VXSSRUW PDVVLYH ¿[HG FRVWV DV
ZHOODVWREHFRPHOHVVGHSHQGHQWRQDLUOLQHVLQRWKHUZRUGVWR
FUHDWHDGLYHUVL¿FDWLRQSODQWRPLQLPL]HWKHJURZLQJFRQFHUQRQ
WKH DLUOLQH FDWHULQJ LQGXVWU\¶V XQFHUWDLQ IXWXUH7KLV VKRZV KRZ
RSSRUWXQLWLHV OLH LQ WDSSLQJ GLIIHUHQW PDUNHW VHJPHQWV E\ XVLQJ
WKHFRPSDQ\¶VFRPSHWHQFLHVZKHUHLWFDQEULQJYDOXH0RUHRI
WKHVHVHJPHQWVFRXOGEHWDSSHGIRUH[DPSOHE\GHOLYHULQJIUHVK
IRRG RQ GHPDQG WR QHZ IDVW IRRG FKDLQV RU HYHQ FRQVLGHULQJ
WR DGDSW WR QRQIRRG DQG EHYHUDJH HVWDEOLVKPHQWV ZKHUH IRRG
K\JLHQHLVFUXFLDOOLNHGHOLYHULHVWRKRVSLWDOV
5LVNVDQGGLI¿FXOWLHV
$LUOLQHLQGXVWU\GHSHQGHQF\
7KH ELJ ULVN IRU ** 39* DQG WKH HQWLUH FDWHULQJ LQGXVWU\ LQ
JHQHUDO LV LWV GHSHQGHQFH RQ DLUOLQHV VLQFH WKH\ DUH WKH PDLQ
FXVWRPHUV7KHDLUOLQHLQGXVWU\VXIIHUVIURPXQSUHGLFWDEOHULVNV
VXFK DV DFFLGHQW VFDUHV WHUURULVW WKUHDWV VXGGHQ LQFUHDVH LQ
HQHUJ\ SULFHV RU GHJUDGDWLRQ RI LQWHUQDWLRQDO SROLWLFDO UHODWLRQV
$OO RI ZKLFK FRQWULEXWHV WR MXVWLI\LQJ WKH VORZ EXW SHUPDQHQW
SURFHVV RI UHGXFLQJ FRVWV LQ DQ RYHUVXSSOLHG PDUNHW7KH ¿QDO
DLPRIPDQ\DLUOLQHVPD\DFWXDOO\EHWKHFRPSOHWHHOLPLQDWLRQRI
PHDOV RQ ERDUG IRU FHUWDLQ ÀLJKWV RU PDNLQJ LQÀLJKW PHDOV DQ
RSWLRQWREHH[FOXGHGIURPWKHIDUH$VDUHVXOWFDWHUHUVZRXOG
KDYHWRVWDUWWRVHOOGLUHFWO\WRSDVVHQJHUVZKLFKZRXOGDGYHUVHO\
LPSDFWWKHLUYROXPHVDQGPDUJLQV
6XSSOLHUWUDLQLQJ
2QH RI WKH PDMRU GLIILFXOWLHV WKDW ** 39* HQFRXQWHUV LV
GHDOLQJ ZLWK VXSSOLHUV 7KH PDLQ SUREOHP LV WKH ODFN RI
SURIHVVLRQDOLVP DPRQJ VXSSOLHUV IRU ZKLFK ** 39* KDV WR
SURYLGH WUDLQLQJ 7UDLQLQJ WKH VXSSOLHUV FDQ WDNH DERXW VL[
PRQWKVXSWRD\HDUDQGE\WKDWWLPHWKHSROLF\RIWKHFRPSDQ\
LVWRFKDQJHVXSSOLHUVWRSUHYHQWSULYDWHDJUHHPHQWVDPRQJ
WKHP 7KLV VLWXDWLRQ REOLJHV ** 39* WR FRQVWDQWO\ FRQWURO
WKHTXDOLW\RIWKHGHOLYHU\DQGSURYLGHFRQVWDQWWUDLQLQJ7KH
SK\VLFDOLPDJHRIWKHVXSSOLHU¶VVWDIIVLVDOVREHLQJWDNHQLQWR
DFFRXQWDVSDUWRIK\JLHQHDQGTXDOLW\VHUYLFHVWDQGDUGV**
39*UHTXLUHVVXSSOLHUVWRXVHFOHDQZRUNLQJVXLWVDQGGHFHQW
WUDQVSRUWYHKLFOHVIRUIRRGGHOLYHULHV
'HFLSKHULQJ&KLQHVH%UDQG&XOWXUH
)UDQF .DLVHU DQG 0LQJ +RQJ 1J &RQVXOWDQWV DW )LGXFLD 0DQDJHPHQW &RQVXOWDQWV WDNH
DORRNLQWRVRPHV\PSWRPVRIW\SLFDO&KLQHVHEUDQGLQJVWUDWHJLHVXVLQJFXOWXUDOKHULWDJH
]RGLDF V\PEROV DQG VXSHUVWLWLRXV HPEOHPV DQG ZKHWKHU IRUHLJQ FRPSDQLHV DUH ZHOO
DGYLVHGWRDGDSWWRWUDGLWLRQDOZD\VRI&KLQHVHEUDQGLQJ
,Q WKH ¿HUFH EDWWOH IRU FXVWRPHUV &KLQHVH EUDQGV ODFN UHDO EUDQG SRZHU DV PRVW
PRQH\ LV LQYHVWHG LQ SXVKLQJ WKH SURGXFWV WKURXJK GLVWULEXWLRQ FKDQQHOV UDWKHU
WKDQ XVLQJ EUDQGV DV D SXOO IDFWRU $V VXFK &KLQHVH EUDQGV DUH VWLJPDWL]HG E\
LQWHUQDWLRQDODGYHUWLVLQJFRPSDQLHVDQGWKHLUEUDQGJXUXVODFNLQJDQ\SHUVRQDOLW\
RUHPRWLRQMXVWDFWZLWKLQSULFHDQGTXDOLW\GLPHQVLRQV,WZRXOGPDNHJRRGVHQVH
QRWWRUHLQYHVW WKH UHYHQXHV LQ VLPSO\ DGGLQJ WR FRS\ FDWV ZLWKLQ DQ ,35YLRODWLQJ
HQYLURQPHQW WKDW SUHYHQWV &KLQHVH EUDQGV IURP VSHQGLQJ EXGJHWV RQ D EUDQG
EXLOG XS LQ WKH :HVWHUQ VHQVHFRQFHSW EXW DOVR WKHLU FRQYHQLHQW DFFHVV WR D YDVW
FKRLFHRIHPEOHPVV\PEROVFRORUVQXPEHUVDQG]RGLDFVLJQVIURPDULFK&KLQHVH
FXOWXUH
6XFFHVVIDFWRUV
$GDSWDWLRQTXDOLW\VHUYLFHDQGFRVWDQGRSHUDWLRQDOHI¿FLHQF\
**39*XQGHUVWRRGHDUO\WKDWPRUHWKDQVKRUWWHUPSODQQLQJIRU
WKH IXWXUH ZDV IXWLOH$OWKRXJK RZQHG E\ D GHPDQGLQJ ¿QDQFH
FRPSDQ\ WKH HQYLURQPHQW LQ &KLQD FKDQJHV VR IDVW WKDW WKHUH
ZDVQRSRLQWLQPDNLQJEXVLQHVVSODQV7KHVXFFHVVRI**39*
ZDV GXH WR LWV DELOLW\ WR VHL]H WKH RSSRUWXQLWLHV DW WKH PRPHQW
** 39*¶V PDMRU VWUHQJWK LQ DFKLHYLQJ WKLV ZDV E\ LGHQWLI\LQJ
WKH PDUNHW HI¿FLHQWO\ DGDSWLQJ TXLFNO\ DQG LPSOHPHQWLQJ D
YHU\ DJJUHVVLYH SULFLQJ SROLF\ WKURXJK RXWVWDQGLQJ HI¿FLHQW
DQG SURIHVVLRQDO DSSURDFK 0DUNHW DGDSWDWLRQ KDV EHHQ PDGH
SRVVLEOH E\ WKH LQGHSHQGHQFH JLYHQ WR WKH VXEVLGLDU\ IURP WKH
PRWKHUFRPSDQ\
7UDGLWLRQDOOHJDF\EUDQGSRZHU
$IWHU&KLQHVHOLEHUDWLRQLQXSWRWKHHDUO\VFRQVXPHUJRRGEUDQGVGLG
QRWQHFHVVDULO\KDYHWRFRPSHWHZLWKEUDQGSRZHULQDSODQQHGHFRQRP\EXWEUDQG
PHVVDJHVZHUHQHYHUWKHOHVVLPSRUWDQWWR&KLQHVHXVHUVRIWKHSURGXFW
5HODWLRQVKLSZLWKWKHMRLQWYHQWXUHSDUWQHU
7KH GUDJRQ EUDQG V\PERO IRU PDQ\ &KLQHVH FRPSDQLHV LV &KLQD¶V ROGHVW
P\WKRORJLFDO FUHDWXUH DQG ZDV IHDWXUHG RQ DQFLHQW EURQ]HV ORQJ EHIRUH WKH
LQYHQWLRQRIZULWLQJ
** 39*¶V VXFFHVV LQ PDQDJLQJ WKH MRLQW YHQWXUH DJUHHPHQW
LV RZHG WR PDLQWDLQLQJ FRQWDFWV ZLWK NH\ SHRSOH DQG LQVWLOOLQJ
D FOLPDWH RI WUXVW 7KLV KDV EHHQ DFKLHYHG WKURXJK PDQ\
PHHWLQJVWULSVDEURDGDQGLQYHVWPHQWVLQWLPHDQGPRQH\7KH
SDUWQHUVKLSZDVUHVWULFWHGLQWKHEHJLQQLQJZLWKWKHDSSRLQWPHQW
RI WRS RI¿FLDOV RI WKH MRLQW YHQWXUH FRPSDQ\ WR ** 39*¶V
PDQDJHPHQW+RZHYHUE\IRUJLQJDQGVXVWDLQLQJWUXVW**39*
PDQDJHG WR UHPRYH WKHVH UHVWULFWLRQV E\ SURYLGLQJ LWV SDUWQHUV
ZLWK WUDQVSDUHQW LQIRUPDWLRQ DQG DQ RSHQ SULFH SROLF\ 7KLV
UHODWLRQVKLSDOORZHG**39*WRVHUYHH[FOXVLYHO\RQHRI&KLQD¶V
PRVW SURJUHVVLYH FLW\¶V LQWHUQDWLRQDO JDWHZD\ DV ZHOO DV PDGH
EXUHDXFUDWLFSURFHGXUHVHDVLHUIRUWKHVXEVLGLDU\
$OWKRXJKWKHSLFWXUHRIWKH&KLQHVHELNHVHHPVWRGD\DOPRVWOLNHDFOLFKpWKHELF\FOH
ZDV WKH PRVW LPSRUWDQW PHDQV RI WUDQVSRUWDWLRQ GXULQJ WKDW SHULRG 7KH FRPSDQ\
3KRHQL[%LF\FOH)HQJ+XDQJRULJLQDOO\WKH6KDQJKDL%LF\FOH&RPSDQ\1RZDV
DEOHWRHVWDEOLVKDQDWLRQDOEUDQGPLUURULQJEHDXW\IRUWXQHKDSSLQHVVDQGTXDOLW\
,URQLFDOO\WKHSUHYLRXVUHVWULFWHGSURGXFWLRQSODQVRIWKH3KRHQL[SURGXFWV3KRHQL[
ELNHVZHUHRIWHQRQO\DYDLODEOHIRUJRYHUQPHQWDORI¿FLDOVDUHQRZSD\LQJRIIZLWKD
GHHSO\URRWHGEUDQGDQFKRULQWKHPLQGRIWKHFRQVXPHU7KHHPRWLRQDOUHODWLRQVKLS
ZLWKLWVXVHUVUHPDLQVYLYLGLQWKHPLQGVRIWKHFXUUHQWJHQHUDWLRQDQGLVKHQFHDEOH
WRH[HUWLWVEUDQGSRZHULQDQRSHQHFRQRP\JHQHUDWLQJ86'PLOOLRQLQVDOHVLQ
$WWKHVDPHWLPHWKH&KLQHVHOHJHQGRIWKH3KRHQL[LVWUDQVSRUWHGLQWRWKH
FRQWHPSRUDU\EUDQGHQYLURQPHQW
7UDLQLQJORFDOL]DWLRQDQGHPSOR\HHPDQDJHPHQW
7KH NH\ VXFFHVV IDFWRU LQ ** 39*¶V RSHUDWLRQV LV LWV KXPDQ
ZRUNIRUFH %\ UHZDUGLQJ WUDLQLQJ SURJUDPV HPSOR\HHV GR QRW
RQO\ EHQH¿W IURP WKH EHVW LQWHUQDWLRQDO VWDQGDUG WUDLQLQJ WKH
FRPSDQ\ DOVR PDQDJHV WR NHHS LWV HPSOR\HHV DQG PDLQWDLQ D
YHU\ORZHPSOR\HHWXUQRYHUDUDUHIHDWLQ&KLQD7KLVSROLF\RI
WUDLQLQJDQGNHHSLQJKLJKOHYHOHPSOR\HHVKDVHQDEOHG**39*
WRPDLQWDLQKLJKOHYHOVRIVHUYLFHSURIHVVLRQDORUJDQL]DWLRQDQG
LQWHUQDWLRQDO VWDQGDUGV WKDW PRVW IRUHLJQ FRPSDQLHV PD\ KDYH
GLI¿FXOWLHVWRLPSOHPHQWLQ&KLQHVHUXQFRPSDQLHV
&KLQHVHEUDQGVDUHREH\LQJDJHRJUDSKLFDOD[LV
7KH XVH RI &KLQHVH FXOWXUDO V\PEROV DV D QDPH RU EUDQG LV GLIIHUHQW DFFRUGLQJ
WR UHJLRQV LQ &KLQD$ FRPSDULVRQ RI WKH FRPSDQLHV FXUUHQWO\ OLVWHG RQ WKH
6KDQJKDL 6KHQ]KHQ DQG +RQJ .RQJ VWRFN H[FKDQJH PDUNHWV LQGLFDWHV WKDW
VXFFHVVIXO FRPSDQLHV RI 6RXWKHUQ RULJLQ DUH XVLQJ UDWKHU PRUH WUDGLWLRQDO EUDQG
PHVVDJHV WKDQ WKHLU 1RUWKHUQ FRQWHQGHUV ,Q JHQHUDO 6RXWKHUQ &KLQHVH FXOWXUH
WKULYHV RQ VXSHUVWLWLRXV EHOLHIV DQG V\PEROV &KRRVLQJ D PHDQLQJIXO QDPH PD\
EULQJOXFNSURVSHULW\ZHDOWKDQGKHDOWKWRWKHFRPSDQ\¶VIXWXUHLWVIRXQGHUVDQG
HPSOR\HHV(YHQEHWWHULVWKHFRPELQDWLRQRID]RGLDFV\PERODQGDOXFN\QXPEHU
ZKLFK OHDGV WR QDPHV VXFK DV 6HYHQ :ROYHV %DR[LQLDR ELUGV DQQRXQFLQJ JRRG
QHZV RU 6DQ -LX RU HTXLYDOHQW WR ORQJ OLIH D PDMRU SKDUPDFHXWLFDOV
SURGXFHULQ6KHQ]KHQ
,QIRUPDWLRQRQ*DWH*RXUPHW6KDQJKDLFRXUWHV\RI
)HOL[0XQWZ\OHU*HQHUDO0DQDJHU*DWH*RXUPHW6KDQJKDL&KLQD
,QWHUYLHZFRQGXFWHGE\
0DUFR6FKXHHS/XFD%RUWRODQLDQG3DWULFN6FKDXIHOEHUJHU
&DVH6WXG\ZULWWHQE\
6HEDVWLHQ'URXLQ
$SSURYHGIRUSXEOLFDWLRQRQ
1RYHPEHU
7KHGUDJRQEUDQGV\PEROIRUPDQ\&KLQHVHFRPSDQLHVLV
&KLQD¶V ROGHVW P\WKRORJLFDO FUHDWXUH DQG ZDV IHDWXUHG RQ
DQFLHQWEURQ]HVORQJEHIRUHWKHLQYHQWLRQRIZULWLQJ
ᴜḞͺ˝ॡܲ˖‫ྠֵڍ‬ᄉ៵ड़Ḟ௦˖‫ڍ‬ణ԰ᏤᄉᇷពҮྫྷḞ
ࣲ‫ڙ‬஠ߙᤆలԦ௙˧ґܷ᧙Ѣဗ‫ڙ‬԰̼᭞ᨶ٧ʼnj
2QWKHRWKHUKDQGIRUPDQ\LQGXVWULDOJRRGEUDQGVWKHQDPHRIWKHPDQXIDFWXUHUV¶
DUHDRUUHJLRQLVLQFOXGHGLQWKHFRPSDQ\¶VQDPH7KLVLVUHODWHGERWKWRDKLVWRULFDO
DQG D SODQQHG HFRQRP\ EDFNJURXQG EXW DOVR UHODWHG WR WKH SUDFWLFDO UHDVRQ IRU
PDNLQJ LW HDVLHU IRU FXVWRPHUV WR ORFDWH WKH FRPSDQ\ LH VWHHO PLOOV LQ WKH YDVW
GLPHQVLRQRI&KLQD¶VJHRJUDSK\
7UDGLWLRQLVQLFHEXWWKHPRQH\LVVSHQW
E\WKHQH[WJHQHUDWLRQ
1HYHUWKHOHVV EUDQG OR\DOW\ LQ &KLQD LV UHODWLYHO\ ORZ$ JRRG
PHDQLQJPD\KDYHDSRVLWLYHHIIHFWRQWKHROGHUJHQHUDWLRQVEXW
\RXQJHUFRQVXPHUVDQGGHFLVLRQPDNHUVDGRSWDPRUHUHDOLVWLF
VWDQFH)XUWKHUPRUHDWOHDVWODUJH&KLQHVHEUDQGVUHDOL]HWKDW
D OHJHQGDU\ PHDQLQJ EULQJV \RX RQO\ VR IDU EXW WKDW RQ WKH
LQWHUQDWLRQDOVWDJHWKH\ZRXOGUDWKHUEHD/HQRYRWKDQD/HJHQG
IRUVWRFNKROGHUVDQGFRQVXPHUV
)RU H L JQ EU D QGV Z L O O U H P D L Q
IRU H L JQ EU D QGV
)RUHLJQFRPSDQLHVVHOOLQJWR&KLQHVHFRQVXPHUVRUFRPSDQLHV
QRUPDOO\ FRYHUW WKHLU QDPH RU EUDQG LQWR &KLQHVH DVVXPLQJ D
PRUH &KLQHVH PHDQLQJ WKDQ WKH RULJLQDO QDPH DFWXDOO\ VWDQGV
IRU7RQDPHMXVWRQHWKH)UHQFKUHWDLOHU&DUUHIRXUSURQRXQFHV
LWVHOIDVMLDOHIXDLPLQJDWWKHKDSS\DQGSURVSHURXVIDPLO\
FXVWRPHUV$UHIRUHLJQEUDQGVFRQFHGLQJWR&KLQHVHWUDGLWLRQDO
FXOWXUH ZKHQ DLPLQJ DW D SRWHQWLDO ELOOLRQ FRQVXPHU PDUNHW"
$OWKRXJK IRUHLJQ SOD\HUV DUH ÀDWWHULQJ WKH &KLQHVH FRQVXPHUV
DQGEXVLQHVVSDUWQHUVE\FKRRVLQJDUDWKHUWUDGLWLRQDODSSURDFK
ZKHQQDPLQJWKHLUFRPSDQLHVDFFRUGLQJWR&KLQHVHODZHDFK
IRUHLJQFRPSDQ\PXVWKDYHD&KLQHVHQDPHWKHLUEUDQGSRZHU
LVQRWFRPSURPLVHG±LWLVDFWXDOO\WKHLURULJLQDOEUDQGDQGLPDJH
ZKLFK LV WKHLU UHDO OHYHUDJH QRW WKH &KLQHVH WUDQVODWLRQ RU
PHDQLQJ )RU WKH DYHUDJH &KLQHVH FRQVXPHU IRUHLJQ LPDJH
FDQEHDGHFLVLYHFULWHULRQ
0LPLFU\LQDQLQWHUQDWLRQDOL]HG
PDUNHWSODFH
7-D&KLQHVHSURGXFHUGLVJXLVLQJLWVHOIZLWKIRUHLJQLPDJHDQG
EUDQG6RXUFH([FHUSWIURP7-+RPHSDJH
7KH DGYDQWDJHV RI D IRUHLJQ EUDQG FDQ DOVR EH XVHG E\
&KLQHVH FRPSDQLHV E\ DVVXPLQJ IRUHLJQ LGHQWLWLHV &OHYHU
HQWUHSUHQHXUVLQFOXGHIRUHLJQQDWLRQDOLWLHVLQWKHLUEUDQGQDPHRU
DUHUHJLVWHUHGWKURXJKDVKHOOFRPSDQ\DEURDG7-*URXSD
&KLQHVHPDQXIDFWXUHURIVRFNHWVDQGVZLWFKHVZLWKD6KHQ]KHQ
IDFWRU\ DQG DQ H[WHQVLYH VDOHV QHWZRUN LQ &KLQD XVHV LWV 8.
UHSUHVHQWDWLYH RI¿FH UHJLVWUDWLRQ DV D FDPRXÀDJH WR FUHDWH
D IRUHLJQLQYHVWHG EUDQG LPDJH 7KLV KDV HQDEOHG 7 - WR
FRS\ WKH EUDQG LPDJH RI IRUHLJQ SURGXFHUV VXFK DV &OLSVDO RU
6LHPHQVDQGWRSRVLWLRQLWVHOILQEHWZHHQIRUHLJQSUHPLXPEUDQG
SURGXFWVDQGORZHUSULFHG&KLQHVHRQHV
6HUYLFHDQGSHUVRQDOLQWHUDFWLRQDV
&KLQHVHYDOXHVWREHH[SORLWHG
,Q &KLQD VXVWDLQDEOH EUDQGV DUH RIWHQ EXLOW E\ SHUVRQDO
LQWHUDFWLRQ ZLWK WKH FRQVXPHUV UDWKHU WKDQ DQRQ\PRXV PDVV
FDPSDLJQV)XMLWVXDQG0LFURVRIWIRUH[DPSOHODXQFKHGIDFHWR
IDFHPDUNHWLQJFDPSDLJQVLQ6KDQJKDLWRFXWWKURXJKWKHPD]H
RIDGYHUWLVLQJ3HUVRQDOVHUYLFHVKDYHEHFRPHPRUHLPSRUWDQW
WKDQ HYHU IRU FRQVXPHU JRRGV PDQXIDFWXUHUV DV D SRLQW RI
GLIIHUHQWLDWLRQ DQG LQ HVWDEOLVKLQJ D ORQJWHUP UHODWLRQVKLS ZLWK
WKH FXVWRPHU$W WKH VDPH WLPH LQGXVWULDO EUDQGV OLYH WKURXJK
WKHLUDJJUHVVLYHODXQFKHVLQWUDGHIDLUVDQGFRQIHUHQFHVDJDLQ
DOORZLQJSHUVRQDOLQWHUDFWLRQ
6HULRXV6ZLVVEUDQGVIDFH
&KLQHVH6\PEROEUDQGV
,Q DGGLWLRQ ERWK 6ZLVV LQGXVWULDO DQG FRQVXPHU JRRGV
SURGXFHUV DUH FKDOOHQJHG E\ &KLQHVH ]RGLDF EUDQGV ,Q WKH
LQGXVWULDO JRRGV VHFWRUV &KLQHVH EUDQGV FRPSHWLQJ LQ IRU
H[DPSOHVDQLWDU\LQVWDOODWLRQVKDYHRIWHQRQO\DQHPEHGGHG
EUDQG PHDQLQJ ZLWKLQ D UDWKHU UHJLRQDO UDGLXV ZKHUHDV
IRUHLJQ EUDQGV HVWDEOLVK QRW RQO\ D IDYRUDEOH PHDQLQJ
EXW GHOLYHU KLJK DQG FRQVLVWHQW TXDOLW\ )URP D EUDQGLQJ
SHUVSHFWLYH &KLQHVH FRPSDQLHV GR WKH VSOLWV EHWZHHQ D
ORZFRVWVWUDWHJ\EDVHGRQDJJUHVVLYHSULFLQJWRWKHPDUNHW
DQG D VRPHZKDW KROORZ EUDQG PHVVDJH 7KH 6ZLVVQHVV
DQG WKH SRVLWLYH UHSXWDWLRQ RI LWV SURGXFWV DOORZ 6ZLVV
FRPSDQLHV WR FRPSHWH DW OHDVW LQ WKH PHGLXP WR KLJKHQG
PDUNHWVHJPHQWV
ᝌឳ˖‫ڍ‬ᄉֵྠ஠Ӑ
౎ᒬॳ᧦ክူ֦លМՂᄉ'SBOD ,BJTFS᳦֖௙ࢎᮎ᫇Ḟ࠱ଉᝦʶ̎థС˖‫ֵڍ‬
ྠੌ႔˖ຕЙᄉ஠Ӑ‫ځ‬ገḞၶᐞ̾Ԣ͛ፑধਆࠟ਒njՎௐḞ࠱᫧ᤗ‫ˉ͌ܰڍ‬௦
ՠ਒ខҁःឞ᤟ःᤇሗХథ˖‫͛ڍ‬ፑྱᓣᄉֵྠੌ႔nj
˖‫ˉ͌ڍ‬ᄉֵྠཌӾ
‫ڙ‬༎ཉᄉ๖᠟Ꮷ́݃ੌ˖Ḟ˖‫ྠֵڍ‬Ꭴ˫ᄽൣᄉֵྠॕֽҦnj᝴ܲ͌ˉఝਜ਒અЙܷ᧙ᠪ᧚Ḟၸ̅࠱‫ֵ׷‬଍Йѫ
ᩘຘ᥊ḞᏪʿ௦᤯᣾तበֵྠ्៵ડҮᭉයnj‫ځ‬൤Ḟ‫ࣸܰڍ‬նМՂ࠱˖‫ྠֵڍ‬੩ʼ˿Եᤜය͈ಪ֖᠎᧙ᄉཌӾḞ
ԁᎤ˫˓ব֖ৰਕnjࠪ̅˖‫౎ˉ͌ڍ‬ឬḞ‫ڙ‬ᄫґᅻខ̖ాγએᤆʿϣКᄉဖܑʽ࠱ᩘ‫׫‬அЙ᧗ளઅᠪֵ̅ྠ्៵
तበ˧˖ʿ௦ʶሗ௙ఄᄉϡกḞ‫ֵ̖͗˝ځ‬ᬣௐᜁ‫҃ܬ‬nj̴͂ఝབᛱ̅ঋᤳΦ૸ᄉ̯˖‫ڍ‬஠ӐढͨѢ౎ᄉܷ᧙ቿ
ՁNj៵ड़NjᮧᓣNjஜߙ֖ၶᐞ‫ڎ‬಴˖ᖌԨζোѸᤴֵྠnj
઴థ݈͛ᓣॐᄉֵྠॕֽҦ
ᒬḣḫḦḫࣱ˖‫ڍ‬ᝌஉҁ˴Ӡࣱ̼ѹḞ‫ڙ‬᝟Ѳፂ฿ͳ҃ʽԵ᜵๖᠟ᏧᝢԺᄉֵྠࡂ෤థॸ᜵Ԝ́ԨֵྠॕֽҦḞ
ͭ௦ֵྠ੝͛ᤫᄉζো௃Ⴀࠪణጻ΍ၸᏧ௦Хథ᧗᜵਒˦ᄉnj
ࡉክࠪ˖‫ڍ‬ᒬᛠᢻᄉଠᤗࣂፂ௬३థ̎Ꮴ‫˿ݒ‬Ḟͭ௦‫ڙ‬ᥦൿௐయᒬᛠᢻԁ௦ʶሗణ˝᧗᜵ᄉ̓᤯ᤁᣤࢹХ˧ʶnjј
ќᒬᛠᢻԇḚþјќþᡐЎ௦ʼ๑ኃʻᒬᛠᢻԇᄉֵྠḛԁतበᡐ˿К‫៵्ྠֵڍ‬njјќ៵ड़ᅋᎾ˟ḞࣳᤁḞঋ
ˬ֖ᰳ᠎᧙njХథ᝸҇਒։ᄉ௦Ḟడፂࠪþјќÿᒬᛠᢻᬌ̖҃᧙Ḛ᤯࣡Եథஊउ߽տԺ̾ᰐᄉᢻḛԁࣛ౎˿‫ڙ‬
๖᠟Ꮷॶᄫ˖ຆຆ੦಩ᄉ˗ԑ‫ٿ‬ઐnjˀ΍ၸᏧᄉৰਕᐎጆ‫̠̼͂ॆڙ‬ᄉᑧ๑᧖႐ʽ˿ၶҮᄉӾ៵Ḟ΍þјќÿԺ
̾‫ڙ‬धஉᄉࣉ‫ڣ‬ፂ฿ʽ૆፝Ԧ૘߱ᄉֵྠ஌ҦnjḤḢḢḦࣱјќᒬᛠᢻᄉᩘ‫׫‬அЙ᣹ҁ˿ḩḢḢḢʹᎾЊnjՎௐḞ
ࠪјќ݈͛ᄉඊ‫˶ئ‬ढ፝ҁॆ̬ᄉֵྠဖܑ˖njNJ
˖‫ྠֵڍ‬ᥕ९Ӝ۪বᢽᤛ
Չ˓‫ڠ‬Ӝ‫᧓ڙ‬ၸХథ஠Ӑྱड़ᄉЊገͺ˝ֵྠௐߚ‫ࢿڙ‬ऩӐnj‫ڙࠑࠪڙ‬ʼ๑Njຆ‫֖ڡ‬ᯭຠᄉʼࣉМՂඊᣖ
ՐԦဗᡐຸ̅Ӯழᄉ੆ҩ͌ˉඊӑழ͌ˉఝϙՓ̅΍ၸХథ˖‫͛ڍ‬ፑᄉֵྠζোnjܷͳ౎ឬḞӮழ஠ӐΙᠺ̅ʶ
̎ᤙζᄉਆก֖៵ड़njᤤસʶ˓థ਒˦ᄉՏߙԺ̾ፋМՂᄉల౎֖МՂᏤ౛Njտࢹࣛ౎‫ݝ‬ᤁNjТ௒Nj᠈֖ࠜϣऔnj
ఝథၴᏧḞ࠱ၶᐞ֖ՌѽஜߙፆՋ‫ڙ‬ʶᡐጷ੆ʶ˓ՏߙḞ‫ݟ‬Ḭʸӛ࿤Njઐ‫؝‬ᲙḚࣛ౎·ᮂᄉᲙḛḞ੊Ḛʶࠑ
ຆ‫ڡ‬ᕱԇḞՏߙ៵ड़᫁࠮ḛnj
൤ܰḞࠪ̅ॡܲࢹˉֵᄉֵྠḞࢹԇ੝‫ڠڙ‬ӜᄉՏሥ᤯࣡ᜁӉդ‫ڙ‬МՂՏሥ˖njᤇሗဗ៵ʿ̨ྰ੶ҁԊԽԓ‫ځ‬Ḟ
ࣲ֖᝟Ѳፂ฿ᐿ௿థСḞᏪ˄˶Ѣ̅ࠃၸᏥᘼḞᝧࠆਖ਼‫ࣸڙ‬ӯᄉ˖‫ူڠڍ‬ʼఝࠓ௛ខѾФͮᎵḚඊ‫ݟ‬Ḭᨁԇḛ
আ̅͛ፑᄉࣱ᫁ʶ̼WTᄽൣ˞࠭๖᠟ᄉʽʶ̼
ͭ௦Ḟ‫ྠֵڍ˖ڙ‬আនऎॡͯnjʶ˓Хథຆᤉ਒˦ᄉֵྠࣱࠪ̅᫁ʶ̼౎ឬథᅋሤ౜ॕֽḞͭ௦ࣱࠪ̅ᣏᄉ๖᠟
Ꮷ֖фንᏧఝ‫؝‬൓ူবᄉԜ᝿ͤᤇ˓ֵྠnjఝ᧗᜵ᄉ௦Ḟ᝴ֵܷܲྠ਒ខҁࣛథ݈͛ᓣॐᄉդ˦Եᑞ‫ڙ‬థᬌᄉӜ
)UDQF .DLVHU 6ZLVV 1DWLRQDO DQG 0LQJ +RQJ
1J 0DOD\VLDQ 1DWLRQDO ERWK ZRUN DW )LGXFLD
0DQDJHPHQW
&RQVXOWDQWV¶
6KDQJKDL
RI¿FH
SDUW RI )LGXFLD¶V PXOWLQDWLRQDO WHDP RI RYHU SURIHVVLRQDOV LQ %HLMLQJ +RQJ .RQJ 6KDQJKDL
DQG 6KHQ]KHQ )LGXFLD LV D SURIHVVLRQDO VHUYLFH
SURYLGHU IRFXVHG RQ &KLQD DQG +RQJ .RQJ
VXSSRUWLQJ IRUHLJQ FRPSDQLHV WR H[SDQG LQ &KLQD
۪˖Ԧ૘ͺၸḞᏪ̯Кီᔴ‫౎ډ‬ᄹḞᐦˋ੊๖᠟Ꮷఝ‫؝‬൓þ-FOPWPÿᏪʿ௦þ-FHFOEÿnj
(PDLOVKDQJKDL#¿GXFLDFKLQDFRP
ʿ௦ॆ‫˿˝ྠֵܰڍ‬ᅠэஜӠ̢ᄉ໷‫ڙ‬๖᠟Ꮷࣉ‫ڣ‬ௐࡐࡂ̅˖‫ڍ‬ᄉ͛ፑ஠Ӑ˿փḱࡉክ‫ˉ͌ܰڍ‬᤯᣾͛ፑழय౎
‫ྠֵܰڍ‬Ιே௦‫ྠֵܰڍ‬
‫ڙྠֵܰڍ‬ᩘज़˖‫֖ˉ͌ڍ‬๖᠟Ꮷௐ᤯࣡ᦏ͗࠱ֵྠՏሥᏡដ੆˖஠Ḟၸʶ˓ఝХథ˖‫ڍ‬਒˦ᄉՏߙԨ̼ԓ౎ᄉ
Տߙnjˠ˓ΒߔḞก‫ڍ‬ᭅ‫׷׫‬$BSSFGPVSᄉ˖஠Տሥ௦þࠑˬለÿḞᄫಕ๖᠟Ꮕ௦þঋˬ֖ጒᕥᄉࠑऐÿnjᥦ௦
ᤤԨ̴͂ᄉ˖஠ՏሥḚ಩૵˖‫ڍ‬ก।Ḟඇ˓ܰ‫ॸྠֵڍ‬ᮋథʶ˓˖஠Տሥḛ౎Փ˖‫ڍ‬ᄉ๖᠟Ꮷ֖Ջͺ͖ͦࠇ͛ᒬ
ࣁᄉֵྠnj̴͂ᄉֵྠॕֽҦࣲ෤థ‫ݯ‬ӨnĵࠃʼḞ௦ᤇ̎ԓథֵྠ्֖៵ᄽൣᡐҁ˞࠭ͺၸḞᏪࣲʿ௦̴͂ᄉ
˖஠ᏡដՏሥ֖դ˦njࠪʶᓉ๖᠟Ꮷ౎ឬḞþ‫៵्ྠֵܰڍ‬ÿ੆˝ʶ˓᧗᜵ᄉ᠓˻ф߿‫ځ‬ገnj
%XVLQHVVUDWLRQDOHYVFXOWXUDOKHULWDJHOLQHXSRI6ZLVVDQG&KLQHVHEUDQGVLQLQGXVWULHV
&KLQHVHFRPSDQLHVEUDQGVPD\QRWEHGLUHFWFRPSHWLWRUVRUFRPSHWHLQGLIIHUHQWPDUNHWVHJPHQWVEXWVKRZWKHGLIIHUHQWEUDQGLQJUDWLRQDOHEHQHDWK
7XUQRYHULQ&KLQDOLVWHGRQO\IRULQGLFDWLRQXVLQJYDULRXVDQGQRQFRQVLVWHQWVRXUFHV2YHUYLHZFRPSLOHGE\)LGXFLD0DQDJHPHQW&RQVXOWDQWV
‫ˉ׷‬ԓူWT஠Ӑ͛ፑ˓̖ˉ˖။‫ྠֵڍ˖֖ܢ‬ᄉࠪඊ‫ڎ‬
˖‫ྠֵڍ‬ḡ͌ˉԺᑞࣲʿ௦။‫ྠֵܢ‬ḡ͌ˉᄉᄯଋባ́ࠪ੣Ḟ੊Ꮷឬ̴͂௦‫ڙ‬ʿՎᄉጹѫࣉ‫˖ڣ‬ባ́ḞͭԁͳဗѢ˿ֵྠ߿ͮԓူnj
੝ѴѢᄉ௦᤯᣾ʿՎຘ᥊Ḟ᭣ᤋ᠕বᄉᠪຸஅᬶҁᄉࣱՉ͌ˉ‫ڍ˖ڙ‬ᄉᩘ‫׫‬அЙḞ̨ϡԟᏥnjܷͳഏхၿॳ᧦ክူ֦លМՂᎃᣣ
‫ڍڙ‬ᬄӐᄉࣉ‫ڣ‬ʼᤈᛠഴ͋
‫ྠֵܰڍ‬ᄉ͕Ҹ˶ᜁ᝴ܲ˖‫ˉ͌ڍ‬ଋԩḞၸ̅҃ᤴฟֵྠಕខnjॡܲᐒ௙ᄉ͌ˉࠑ࠱ʶ̎ܰ‫ڍ‬ಕខᄉՏሥᚷЙ
ҁᒬࣁᄉֵྠ˧˖Ḟథᄉၴᒯ᤯᣾‫ܰڍ‬ᄉቆ‫ܦ‬МՂᤈᛠซбnj5+ᬶ‫ڃ‬Ḟʶࠑ‫ڮ‬ᖿ̅ຆ‫ڍ˖ڙࣲڡ‬઴థࣸคᩘ‫׫‬
Ꭹፎᄉଢएଢܿၶ̖‫߱ڙ׷‬ᄉᔭ‫ڍ‬ซбᄉ̼ᛪ‫ܪ‬ᄉ͡ᜈʽ҃ᤴѢʶሗþܰ‫׷‬અᠪÿᄉֵྠ஌ःnjᤇሗϡก΍३
5+Ժ̾‫҃ܬ‬Ѣ‫҃ܰڍ‬ᤴᄉֵྠ्៵Ḛඊ‫ݟ‬Ḭ݈ᑇ੊᜴᫂ߔḛḞࣲ˄௦͌ˉॡ‫ݝ‬ᄉ߿ͮ‫ܰڍڙ‬ᰳುֵྠ֖‫̖ͯڍ‬
ֵ͈ͮྠ˧ᫍnj
ᤈʶ൥धનనҫ֖̠ˀ̠˧ᫍᄉ̈Үᄉ˖‫͈ڍ‬Ϙ
‫ڍ˖ڙ‬Ḟ૆ˣᄉֵྠ᤯࣡ᦏ௦‫̠˓ڙ‬ଋᝎ˖तበᡐ౎ᄉḞᏪʿ௦᤯᣾ܷ᜺ഴᄉ௃Տගᄉࠇ͛าҮnjૅࠜ‫ॱ֖ܢ‬ᣃˠ˓Βߔ౎ឬḞᤇˏ
˓ֵྠ‫ڙ‬ʼ๑ᡋѢࣸնᄉ᧗‫ډ‬Ḟ࿗ᣯᢝफ़धࡘ᭦ࠪ᭦ᄉᖸᩘาҮnjࠪ̅๖᠟ֵ҃ᤴ‫౎׷‬ឬḞ‫ࠃڙ‬ဗֵ̖ࢿऩӐ̾Ԣतበᡐˀ๖᠟Ꮷ᫁
యСጆௐḞ˓বӐᄉనҫఝҪ᧗᜵njˀ൤ՎௐḞࢹˉֵ᤯࣡‫ࡘڙ‬᜾֖͗ᆐᝦ͗ʼܷषூᴁ౎଍ֵࣸྠḞᤇФࠃ˶௦तበᡐʶሗ̠ˀ̠
˧ᫍᄉ̈ҮСጆnj
þːᐖÿᄉ။‫ྠֵܢ‬᭦˙˖‫ڍ‬ᄉ៵ड़‫ྠֵۋ‬
௃᝶௦။‫ܢ‬ᄉࢹˉֵᤆ௦๖᠟ֵᦏԩҁ˿౎ᒬ˖‫ڍ‬ᄉၶᐞֵྠᄉૌੌnj‫ֵˉࢹڙ‬ழ᭦Ḟඊ‫ݟ‬ឬӻ๐ֵ̖Ḟ˖‫ྠֵڍ‬᤯࣡Ժ̾੦಩̅౼˓ྱ
߿Ӝ۪Ḟतበᡐ౼ሗֵྠդ˦ḞᏪ‫ࣲྠֵܰڍ‬ʿϙՓ̅तበᡐᤇሗþᝦ̠‫؝‬൓ÿᄉ਒˦ḞᏪ௦Փ๖᠟Ꮷ͛ᤫʶሗ૆፝ᰳֵ᠎ᄉ्៵njֵ̯
ྠ߿ͮᝇऎ౎ᄹḞ˖‫ˉ͌ڍ‬᤯࣡࠱۲̅ुథҦᄉࣉ‫͈߿ڣ‬ழ಴ᄉ͈ͯን႔֖ጥዱᄉֵྠζোѫҞधnj။‫ܢ‬ಕខֵ֖̖߱ᄉᓡ‫ܥݝ‬᝗΍३။
‫ˉ͌ܢ‬Ժ̾‫˖ڙ‬ᰳቪࣉ‫ڣ‬ʼγ૆૆፝ባ́nj
'SBOD,BJTFS။‫ܢ‬ዙḭ᳦௙ࢎḞᯰ౎᜴̍ዙḞՎௐ౎ᒬॳ
᧦ክူ֦លʼ๑МՂnjឞМՂ઴థʶஂథḪḢܲͮ˃ˉᮎ᫇
ጷ੆ᄉ‫ڍ‬ᬄӐᄉ‫ڃ‬᫲Ḟࣲ‫ڙ‬ӑ̚NjᯭຠNjʼ๑֖ຆ‫ڡ‬᝹በ˿
Ҩ̂఺ౝnjॳ᧦МՂӨү‫ˉ͌ܰڍ‬ଡΘ᧪ࠪ˖‫ܷڍ‬ᬅ֖ᯭຠ
ࣉ‫ڣ‬નࡘᄉ˃ˉӐనҫnj
(PDLOVKDQJKDL#¿GXFLDFKLQDFRP
7-D&KLQHVHSURGXFHUGLVJXLVLQJLWVHOIZLWKIRUHLJQLPDJH
DQGEUDQG6RXUFH([FHUSWIURP7-+RPHSDJH
5+ʶࠑ˖‫ڍ‬ԇ‫׷‬Ḟ᤯᣾ၸ‫͡౎៵्ྠֵܰڍ‬ᜈᒬࣁnj
౎ຸḬ5+МՂ˞ᮅ୑᜵
1HZ&RYHUDJH
7KH6ZLVV%XVLQHVV&RXQFLOLQ
+RQJ.RQJMRLQVWKH%ULGJH
+DQV5.XQ]3UHVLGHQW
0U.XQ]LVD+RQJ.RQJEDVHG([HFXWLYH&RDFKZKRKDVZRUNHGLQ$VLDIRUWKHODVW\HDUV7RGD\KHVKDUHV
KLVNQRZOHGJHDQGH[SHULHQFHZLWKKLVFOLHQWVDQGDVVLVWVDQGFRDFKHV&(2¶VDQG6HQLRU0DQDJHUVIRUJUHDWHU
VHOIDZDUHQHVVDQGSHUIRUPDQFHLPSURYHPHQWV+HKHOSVWKHPWR¿QGWKHLUSDWKWRXQLTXHQHVVE\FRQFHQWUDWLQJ
RQWKHLUSHUVRQDOVWUHQJWKVWRFRSHZLWKWRGD\¶VFKDOOHQJHVLQWKHFRQVWDQWO\FKDQJLQJZRUNLQJHQYLURQPHQW
%HIRUH HVWDEOLVKLQJ SHU6HQV $VLD 3DFL¿F /WG +RQJ .RQJ LQ 0U .XQ] ZRUNHG IRU \HDUV LQ 6HQLRU
0DQDJHPHQWSRVLWLRQVLQWKH)ODYRXUDQG)UDJUDQFH,QGXVWU\+HKHOSHGWZR6ZLVVFRPSDQLHVWRDFKLHYHPDUNHW
OHDGHUVKLSLQ$VLD$VWKH&(2LQDPXOWLFXOWXUDOPDUNHWHQYLURQPHQWKHJDLQHGQHFHVVDU\H[SHULHQFHWROLVWHQ
DQGXQGHUVWDQGWKHQHHGVRIFXVWRPHUVDQGSHRSOH
'HDU0HPEHUV
6HUJH*)DIDOHQ9LFH3UHVLGHQW
:HIURPWKH6ZLVV%XVLQHVV&RXQFLOLQ+RQJ.RQJDUHYHU\SOHDVHGWRFRQWULEXWHLQIXWXUHWRWKHUHFHQWO\
ODXQFKHG6ZLVV&KDP0DJD]LQH³7KH%ULGJH´-RLQLQJIRUFHVDVD6ZLVVEXVLQHVVFRPPXQLW\WRPHHWWKH
FKDOOHQJHV RI &KLQD¶V UDSLG HFRQRPLF GHYHORSPHQW PDNHV D ORW RI VHQVH :H EHOLHYH ³7KH %ULGJH´ LQ LWV
WUXH PHDQLQJ RI WKH ZRUG SURYLGHV DQ LGHDO SODWIRUP ZKHUH 6ZLVV EXVLQHVV SHRSOH FDQ H[FKDQJH QHZV
YLHZVDQGH[SHULHQFHVDQGOHDUQIURPHDFKRWKHUDERXWWKHFRQVWDQWFKDQJLQJDQG\HWSKHQRPHQDOPDUNHW
VLWXDWLRQLQ&KLQD
0U)DIDOHQLVDSUDFWLFLQJ6ZLVVODZ\HUIXUWKHUTXDOL¿HGDVD6ROLFLWRULQ(QJODQG:DOHVDQGDVD5HJLVWHUHG
)RUHLJQ/DZ\HULQ+RQJ.RQJ
+RQJ.RQJKDVDQLPSRUWDQWUROHWRSOD\HVSHFLDOO\ZLWKWKHHYHUJURZLQJGHYHORSPHQWLQWKHSRZHUKRXVH
RIWKH3HDUO5LYHU'HOWDIURPZKHUHRI&KLQD¶VIRUHLJQWUDGHRULJLQDWHV+RQJ.RQJFRPSDQLHVZLWK
DUHPDMRULQYHVWRUVLQWKH*XDQJGRQJ3URYLQFHDQGWKLVGHYHORSPHQWFDOOVIRUVWURQJHUWLHVEHWZHHQ
WKH EXVLQHVV FRPPXQLWLHV LQ +RQJ .RQJ DQG &KLQD 0DQ\ 6ZLVV FRPSDQLHV HQWHUHG WKH &KLQD PDUNHW
WKURXJK+RQJ.RQJDQGEHQH¿WHGIURPWKH³RQHFRXQWU\WZRV\VWHPV´DSSURDFK6WURQJ6ZLVVEXVLQHVV
OLQNV DUH QHHGHG VLQFH ZH ZLWQHVV WKH ZHOO HVWDEOLVKHG WLHV EHWZHHQ &KLQD DQG +RQJ .RQJ WKURXJK WKH
&ORVHU(FRQRPLF3DUWQHUVKLS$JUHHPHQWV&(3$*RYHUQPHQWDQGEXVLQHVVHVDUHSURYLGLQJDQH[DPSOHRI
ZRUNLQJFORVHWRJHWKHUDQGSHRSOHLQYROYHGLQWKH&KLQDPDUNHWNQRZWKHLPSRUWDQFHRIUHODWLRQVKLS
6:,66%86,1(66&281&,/
,1+21*.21*
&RPPLWWHH0HPEHUV
:HDUHSURXGWRSDUWLFLSDWHLQWKHPDJD]LQH³7KH%ULGJH´DQGUHDFKRXWWRDJUHDWHUQXPEHURIPHPEHUV
RIWKHYDULRXV6ZLVVEXVLQHVVFRPPXQLWLHVLQ&KLQDDQG6ZLW]HUODQG,WJLYHVXVWKHRSSRUWXQLW\RIOHWWLQJ
SHRSOHNQRZDERXWRXUDFWLYLWLHVDQGSURMHFWV2QHRIWKH¿UVWSLHFHRILQIRUPDWLRQZHZRXOGOLNHWRVKDUHZLWK
\RXLVWKDWZHZLOOVRRQFKDQJHRXUQDPHDQGFDOORXUVHOYHV³6ZLVV&KDPEHURI&RPPHUFHLQ+RQJ.RQJ´
WRUHÀHFWWKHWUXHQDWXUHRIRXUZRUNDQGWREHLQOLQHZLWKRWKHU&KDPEHUVRI&RPPHUFH
:HZLOOXVHWKLVPDJD]LQHDVDFRPPXQLFDWLRQSODWIRUPDQGFRQWULEXWHWRWKHVXFFHVVRIRXUEXVLQHVVHVLQ
+RQJ.RQJ&KLQDDQG6ZLW]HUODQG
+DQV5.XQ]
3UHVLGHQW
6ZLVV%XVLQHVV&RXQFLOLQ+RQJ.RQJ
$IRUPHUSDUWQHULQFKDUJHRIWKH*HQHYDRI¿FHVRIWKH/DZ¿UPRI'U7LWR7HWWDPDQWL0U)DIDOHQIRXQGHGLQ
6*)$)$/(1&RD*HQHYDEDVHG/DZ¿UPZKLFKEHFDPHLQWKH¿UVW6ZLVV/DZ¿UPWRRSHQ
DQGRSHUDWHRI¿FHVLQ+RQJ.RQJ
+LV+RQJ.RQJ/DZ¿UPFXUUHQWO\LVLQWKHSURFHVVRIDVVRFLDWLQJZLWKDSHRSOHORFDO/DZ¿UPRI+RQJ.RQJ
6ROLFLWRUVWRHQKDQFHLWV&KLQD3UDFWLFHDQGEURDGHQLWVVHUYLFHRIIHULQJLQUHJDUGWR0DLQODQG&KLQD
+LV FRPSDQ\ VSHFLDOL]HV LQ VHUYLFLQJ EXVLQHVV RZQHUV SULYDWH LQYHVWRUV ZHDOWK\ LQGLYLGXDOV DQG VPDOO DQG
PHGLXPFRPSDQLHVZLWKDQDUUD\RILQWHUQDWLRQDOOHJDOVHUYLFHVWD[DQGHVWDWHSODQQLQJDQGVHOHFWHG¿QDQFLDO
VHUYLFHV
-HDQ&ODXGH+XPDLU7UHDVXUHU
0U+XPDLULVD0DQDJLQJ'LUHFWRURI8%6:HDOWK0DQDJHPHQWDQG+RQJ.RQJ&RXQWU\7HDP+HDG2YHUWKH
FRXUVHRIKLV\HDUFDUHHUDW8%6KHKDVVHUYHGLQIRXUPDMRU¿QDQFLDOFHQWHUV3ULRUWRPRYLQJWR+RQJ.RQJ
LQ0U+XPDLUZDVVWDWLRQHGLQ*HQHYD/RQGRQDQG1HZ<RUN
,Q0D\0U+XPDLUMRLQHGWKH&RPPLWWHHRIWKH6ZLVV%XVLQHVV&RXQFLOLQWKHFDSDFLW\RI7UHDVXUHU+HLV
PDUULHGDQGKDVWZRFDSULFLRXVFKLOGUHQ
(Q]R5&XQLFR'LUHFWRU
0U&XQLFRREWDLQHGKLVPDUNHWLQJGLSORPDIURPWKH6FKRRORI$GYDQFHG&RPPHUFHDQG%XVLQHVV$GPLQLVWUDWLRQ
6WXGLHVLQ%DVHO6ZLW]HUODQGZKLOVWKHZDVVHUYLQJDVDOLHXWHQDQWLQWKH6ZLVVDUP\¶VWDQNWURRSV
+HDUULYHGLQ+RQJ.RQJLQDQGMRLQHG6LEHU+HJQHU+RQJ.RQJLQWKH3HUIXPH&RVPHWLFV'LYLVLRQ+H
KDVEHHQPDLQO\LQWKHPDUNHWLQJ¿HOGRI)DVW0RYLQJ&RQVXPHU*RRGVDQG/X[XU\*RRGVLQWKHODVW\HDUV
ZLWK'.6+JURXSLQ+RQJ.RQJ
+HLVPDUULHGKDVWZRFKLOGUHQDQGLVIOXHQWLQ*HUPDQ(QJOLVK,WDOLDQ)UHQFKDQG6SDQLVK
̝ྕᄉ͗տḬ
*HUDUG'XERLV'LUHFWRU
ੇ͂ᯭຠ။‫͗׷ܢ‬᭣࣡ᰳТᑞ‫ڙ‬ʿˣᄉ࠱౎˝။‫ఽ͗׷ܢ‬ংþೃÿ᠇࿸ᒬࣁᄉʶ͊Ҧ᧙njͺ˝။‫ͳڃˉ׷ܢ‬
ᐎՋ᭦ࠪ˖‫ڍ‬ፂ฿᣽ᤳԦࡘ੝ࣛ౎ᄉૌੌ௦Ӡѫॸ᜵ᄉnjੇ͂ᄰζþೃÿ̾Фጡࠃᄉឥᝒ˝ܷࣸ။‫׷ܢ‬ҫ̠
տଡΘ˿ʶ˓ᄰ̈̓ึζোNj᜹ཁ֖ፂᰍᄉူਆࣰԻḞᤇʶࣰԻᤆథү̠̅͂˿ᝌ˖‫ڍ‬ʿறԪӐᏪԠˀ͔ʿ
Վᄉࣉ‫ڣ‬ৰхnj
$IWHUJUDGXDWLQJZLWKGLVWLQFWLRQIURPKLV\HDUVDSSUHQWLFHVKLS*HUDUGOHIW6ZLW]HUODQGDQGMRLQHGWKH+LOWRQ
,QWHUQDWLRQDOJURXSLQ/RQGRQ+HVSHQWWKHQH[W\HDUVLQIRXUGLIIHUHQWFRQWLQHQWVDQGE\WKHWLPHKHVHWWOHGLQ
+RQJ.RQJLQWKHODWHVKLVRZQEXVLQHVVKDGDOUHDG\VWDUWHGWRWDNHVKDSHLQKLVPLQG
ᬣᅋဨ෇ʻᝇฮḞᤇʶ˖‫ܰࠪڍ‬᠞௛Ԧຸ‫ڠ‬ᄉፂ฿ᄉʿறԦࡘ‫ܷܤ‬Ḟᯭຠ‫ڍ˖ڙ‬ፂ฿Ԧࡘ˖ੵ໥ᅋ௅ᄝ
᧗᜵ᄉᝇᓣnj‫ˋࣸڙ‬ᄴḞᄉᯭຠ͌ˉ௦˞᜵અᠪᏧḞᏪᤇʶԦࡘᭉ᜵ᯭຠˀ˖‫ڍ‬Ю‫ڠ‬Չ‫˧ͳڃˉ׷‬ᫍఝ
˝ጊࠚᄉՋͺnj᝴ܲ။‫ˉ͌ܢ‬᤯᣾ᯭຠᤈЙ˖‫ڍ‬Ю‫ࣲ̯ڣࣉڠ‬þʶ˓‫ࠑڍ‬Ḟˏሗ҃ऎÿᄉஊን˖ᖌᄝnj‫ڙ‬Ю
‫ڠ‬ˀᯭຠ᣹੆С̅तበఝጊࠚፂ᠞ՋͺСጆᄉӨᝫḚ$&1"ḛ˧ՐḞੇ͂᜸᝼˿ˏᏧᫍᤩຑतበᡐᄉᓡ‫ݝ‬ᄉ
ՋͺСጆḞՎௐ˶ᝢខҁ။‫׷ܢ‬ႌᫍᄉጊࠚՋͺ௦ʿԺ੊Ꭴᄉnjஊउˀ‫ࠚ˝ͳڃˉ׷‬ѬՋͺϡѢ˿ചಧḞᏪ
ˀ˖‫ڣࣉڍ‬੩̓᥊ᄉ̠͂˶ຆᅻՋͺᄉ᧗᜵বnj
ੇ͂᭣࣡ᕥࣳᑞܴҪЙҁ‫ఽ͗׷‬ংþೃÿ˖ࣲ࣎భύ൤఺͗ˀఝܲ‫ڙ‬ӧԢ။‫ܢ‬ᄉ။‫ͳڃˉ׷ܢ‬तበᐎጆḞᤇ
࠱˝ੇ͂ଡΘఝܲࡘᇧੇ͂੝ጷጺᄉาҮ֖ᮉᄫᄉ఺͗njੇ͂ਜˀܷࠑРՎѫ̙ᄉ్ܿ๖োࡂ௦‫ڙ‬ʿˣՐੇ
͂ᄉᔭ஠Տሥ࠱ൣयஇՏ˝þ4XJTT$IBNCFSPG$PNNFSDFJO)POH,POHÿþᯭຠ။‫͗׷ܢ‬ÿ
̾ΦఝᆷѬ
‫ͳڠ‬ဗੇ͂ᄉࢹͺব᠎ࣲఝ‫ڠݝ‬ˀՉܷ‫ࡘ͗׷‬धՋͺnj
ੇ͂࠱̾൤ఽংͺ˝ʶ˓̓ึᄉࣰԻḞਜ˝။‫ڙˉ׷ܢ‬ᯭຠNj˖‫ܷڍ‬ᬅ̾Ԣ။‫ܢ‬ఴ‫ڗ‬Ԩ३੆ҩຊᆑҪၦnj
ᯭຠ။‫ࣝ˞͗׷ܢ‬
+DQV5.XQ]
,Q KH RSHQHG ³/D 5RVH 1RLUH´ ZKLFK LV WRGD\ RQH RI WKH OHDGLQJ SURGXFHUV RI ¿QH EDNHU\ DQG SDVWU\
SURGXFWLQ+RQJ.RQJ
)URP KLV PRGHUQ IDFLOLWLHV LQ .RZORRQ %D\ KLV FRPSDQ\ HPSOR\V DURXQG VWDII VHOOLQJ WR KRWHOV DLUOLQHV
VXSHUPDUNHWVDQGSULYDWHUHVWDXUDQWV
,QWKHFRPSDQ\EHJDQFRQVWUXFWLRQRIDEUDQGQHZVTXDUHPHWHUVWDWHRIWKHDUWIDFWRU\VLWXDWHG
LQ'RQJJXDQVRXWK&KLQDEDUHO\WZR\HDUROGWKHVHFRQGIDFWRU\HPSOR\VDURXQGVWDIIVHOOLQJIUHVKDQG
IUR]HQEDNHU\SURGXFWWRFXVWRPHUVLQ&KLQDDQGRYHUVHDV
,YR$+DKQ'LUHFWRU
%HIRUH HVWDEOLVKLQJ ;(&87,9( *5283 ,YR ZDV WKH &RXQWU\ +HDG ([HFXWLYH 6HDUFK 6HOHFWLRQ *UHDWHU
&KLQDZLWK3$&RQVXOWLQJ*URXS+HDOVRKHOGVHYHUDOVHQLRUPDQDJHPHQWVDOHVDQGPDUNHWLQJSRVLWLRQVLQD
EURDGVSHFWUXPRILQGXVWULHVLQFOXGLQJ)0&*)DVW0RYLQJ&RQVXPHU*RRGVOX[XU\JRRGVSKDUPDFHXWLFDOV
DQGKHDOWKFDUHEXLOGLQJPDWHULDOVDQGPDFKLQHU\V\VWHPVIRUPDQXIDFWXULQJLQGXVWULHV
,YR¶VH[WHQVLYHNQRZOHGJHRI$VLDFRPELQHGZLWKKLVEURDGH[SHULHQFHLQDGLYHUVHUDQJHRILQGXVWULHVDQGVHQLRU
OLQHIXQFWLRQVHQDEOHKLPWRDGYLVH;(&87,9(FOLHQWVRQDOOUHOHYDQWDVSHFWVRIPDQDJLQJEXVLQHVVHVLQ$VLDDQG
WKHLULPSOLFDWLRQVWRZDUGVNH\H[HFXWLYHDSSRLQWPHQWV
0U$PRV/DX'LUHFWRU
0U$PRV/DXLVWKH%XVLQHVV'HYHORSPHQW0DQDJHULQ6*6+RQJ.RQJ/WG$SDUWIURPSDUWLFLSDWLQJLQWKHFRPPLWWHHRI
WKH6ZLVV%XVLQHVV&RXQFLO0U$PRV/DXLVDOVRWKH([HFXWLYH&RPPLWWHH0HPEHURI1RQ0DQXIDFWXULQJ,±)HGHUDWLRQ
RI+RQJ.RQJ,QGXVWULHVDQGWKHPHPEHURI%XVLQHVVDQG3URIHVVLRQDOV)HGHUDWLRQ
0U /DX ZRUNHG IRU VHYHUDO \HDUV LQ PDQDJHPHQW SRVLWLRQV LQ ,QGXVWULDO DQG 3HWUROHXP ,QGXVWULHV +H LV DOVR D
&KDUWHUHG0DUNHWHU&,0ZLWK0DVWHU'HJUHHVLQ0DUNHWLQJDQG(QJLQHHULQJ
7RGD\KHVKDUHVKLVNQRZOHGJHDQGVNLOOVZLWKFOLHQWVDQGFROOHDJXHVLQEXLOGLQJFRPSDQ\EUDQGDQGGLIIHUHQWLDWHV
WKHLUEXVLQHVVLQQRZDGD\VFRPSHWLWLYHHQYLURQPHQW
*-9RQ%XUJ'LUHFWRU
0UYRQ%XUJZDVSXWLQFKDUJHE\WKHIDPLO\RZQHGZDWFKEXVLQHVVWRWDNHFDUHRIWKHPDUNHWLQJDQGVDOHVLQWKH
)DU(DVWVWDWLRQHGLQ+RQJ.RQJLQ1RYHPEHU
+HKDVRYHU\HDUVRIH[SHULHQFHLQWKHZRUOGZDWFKLQGXVWU\DFWLYHLQ6ZLW]HUODQG+RQJ.RQJ&KLQD,QGLD
DQG -DSDQ 7RGD\ KH LV WKH &(2 RI WKH 6ZLVVHEDXFKHV /WG JURXS RI FRPSDQLHV LQ +RQJ .RQJ DQG &KLQD
6ZLVVHEDXFKHVQRZEHORQJVWR670+ROGLQJ6$RI6ZLW]HUODQG
7KHJURXSKDVIDFWRULHVLQ6ZLW]HUODQG)UDQFH,QGLDDQG&KLQD7RWDOZRUNIRUFHLV2XWVLGHRIWKHZRUNSODFH
KHZDVDFWLYHLQWKH%RDUGRIWKH$VVRFLDWLRQDQG)RXQGDWLRQRIWKH*HUPDQ6ZLVV,QWHUQDWLRQDO6FKRROIRU\HDUV
HLJKWRIWKHPDOVRDV&KDLUPDQRIWKH%XLOGLQJ&RPPLWWHH+HLVDOVR9LFH3UHVLGHQWRIWKH6ZLVV5LÀH$VVRFLDWLRQ
RI+RQJ.RQJ
'LHWHU9UDQFN['LUHFWRU
&XUUHQWO\UHVSRQVLEOHIRUVDOHVDQGPDUNHWLQJDFWLYLWLHVDQGGHYHORSPHQWIRU6ZLVV,QWHUQDWLRQDO$LU/LQHVLQ$VLD
3DFL¿F0U9UDQFN[LVUXQQLQJWKHUHJLRQDOPDQDJHPHQWIRUWKHFRPSDQ\EDVHGLQ+RQJ.RQJ7KHVFRSHLQFOXGHV
FRXQWULHVZKHUH6:,66LVHLWKHUÀ\LQJWRRUZKHUHWKHFRPSDQ\KDVVDOHVRI¿FHV
%HIRUHPRYLQJWR+RQJ.RQJ0U9UDQFN[KHOGVHYHUDOPDQDJHPHQWSRVLWLRQVZLWKLQWKH6ZLVVDLUDQG6ZLVV$LUOLQH
*URXSV VXFK DV 1HWZRUN SODQQLQJ ([WHUQDO 5HODWLRQV DQG OHDGLQJ WKH %XVLQHVV 'HYHORSPHQW 'HSDUWPHQW +LV
ZRUNLQJORFDWLRQVLQFOXGHG=XULFK%DVHODQG%UXVVHOV
0DUNXV0XHFNH'LUHFWRU
0U0DUNXV0XHFNHKDVRYHU\HDUVPDQDJHULDOH[SHULHQFHLQ(XURSH1RUWK$PHULFDDQG$VLD+HKHOG
YDULRXVSRVLWLRQVLQWKHDLUOLQHDQGORJLVWLFVLQGXVWULHVVLQFH+HMRLQHG3DQDOSLQD*URXSLQDQG
ZDVDSSRLQWHGDVWKH0DQDJLQJ'LUHFWRUIRU,QGLD6RXWK$VLD$UHDDQG&KLQD6RXWKHUQ7DLZDQ$UHDLQ
DQGUHVSHFWLYHO\
0V,UHQH/R
6HFUHWDU\*HQHUDO
0V'LDQD1LOVVRQ
<RXQJ3URIHVVLRQDO0HPEHU5HSUHVHQWDWLYH
(YHQWV5HYLHZ
2FWREHU-RLQW%XVLQHVV&RPPXQLW\/XQFKHRQZLWKWKH+.6$5&KLHI([HFXWLYHWKH
+RQRUDEOH'RQDOG7VDQJ
,WZDVDQKRQRUIRUWKH6ZLVV%XVLQHVV&RXQFLODQGRWKHUEXVLQHVVFKDPEHUVDVVRFLDWLRQVWRKDYHLQYLWHGWKH+.6$5&KLHI([HFXWLYH
WKH+RQRUDEOH'RQDOG7VDQJWRWDONWRWKHEXVLQHVVFRPPXQLW\DWDMRLQWOXQFKHRQKHOGRQ2FWREHUDIWHUKLV¿UVWSROLF\DGGUHVV
WRWKH/HJLVODWLYH&RXQFLO$WWKLVOXQFKHRQWKHEXVLQHVVFRPPXQLW\ZDVDEOHWRKHDU0U7VDQJ¶VIXUWKHUHODERUDWLRQRQKLV¿UVWSROLF\
DGGUHVVDQGWROHDUQPRUHDERXWWKHLQLWLDWLYHVSXWIRUWKE\WKH*RYHUQPHQW,WZDVKHOGDWWKH+RQJ.RQJ&RQYHQWLRQ&HQWUHDQGDWWHQGHG
E\RYHUSDUWLFLSDQWV0U+DQV5.XQ]3UHVLGHQWRIWKH6ZLVV%XVLQHVV&RXQFLOUHSUHVHQWHGWKHEXVLQHVVFRPPXQLW\WRGHOLYHUWKH
WKDQN\RXQRWHWR0U7VDQJ
1RYHPEHU ± <RXQJ 3URIHVVLRQDO 0HPEHUVKLS /DXQFKLQJ &RFNWDLO 3DUW\ RUJDQL]HG E\ 6ZLVV
%XVLQHVV&RXQFLODQGKRVWHGE\$PEDVVDGRU)UDQFRLV%DUUDV&RQVXORI6ZLW]HUODQGLQ+RQJ.RQJ
<RXQJSURIHVVLRQDOVDJHGXQGHURIDQ\QDWLRQDOLW\QRPDWWHU³QHZFRPHU´WR+RQJ.RQJRU³ROGWLPHU´LQWKHEXVLQHVVVFHQHZHUH
LQYLWHGWRMRLQ6ZLVV%XVLQHVV&RXQFLODVD<RXQJ3URIHVVLRQDO0HPEHUDQGDWWHQGWKH/DXQFKLQJ&RFNWDLO3DUW\DWWKH&RQVXO¶VUHVLGHQFH
RQ 1RYHPEHU WR QHWZRUN DQG PHHW RWKHU EXVLQHVV SHRSOH DQG KDYH IXQ DW WKH VDPH WLPH7KLV SDUW\ ZDV D JUHDW VXFFHVV ZKLFK
DWWUDFWHGRYHU\RXQJSURIHVVLRQDOVWRDWWHQGDQGDWOHDVWRIWKHPKDYHVLJQHGXSDVPHPEHUVGXULQJDQGDIWHUWKHFRFNWDLO
-DQXDU\ ± 0RQWKO\ /XQFKHRQ RUJDQL]HG E\ WKH 6ZLVV %XVLQHVV &RXQFLO DQG WKH 6ZLVV
$VVRFLDWLRQRI+RQJ.RQJ
0U$QGUHZ/RRN+HDGRI+RQJ.RQJ5HVHDUFK6WUDWHJ\DQG3URGXFWDW8%6PDGHDSUHVHQWDWLRQRQ+RQJ.RQJ±5LVNVDQG5HZDUGV´
)HEUXDU\±0RQWKO\/XQFKHRQRUJDQL]HG
E\WKH6ZLVV%XVLQHVV&RXQFLODQG6ZLVV
$VVRFLDWLRQRI+RQJ.RQJ
FRPPXQLW\LQWKHQHZ¿VFDO\HDU7KLVOXQFKHRQZDVKHOGDWWKH+RQJ
.RQJ &RQYHQWLRQ DQG ([KLELWLRQ &HQWUH DQG ZDV DWWHQGHG E\ RYHU
SDUWLFLSDQWV
'U -HQV 3HWHU *UHHQ 3ULQFLSDO *HUPDQ 6ZLVV ,QWHUQDWLRQDO 6FKRRO
PDGHDSUHVHQWDWLRQRQ%XLOGLQJRQRXU6WUHQJWKV1HZFKDOOHQJHV1HZ
GLUHFWLRQVDWWKH*HUPDQ6ZLVV,QWHUQDWLRQDO6FKRRO+RQJ.RQJ´
0V (FKR &KDQ .HQJ +RQJ ([HFXWLYH 'LUHFWRU 0DFDR 7UDGH
,QYHVWPHQW (QYLURQPHQW´ SUHVHQWHG ³$Q 2YHUYLHZ RI 0DFDR¶V
,QYHVWPHQW(QYLURQPHQW´
)HEUXDU\±<RXQJ3URIHVVLRQDO
9DOHQWLQH¶V&RFNWDLODQLQWHUQDWLRQDOFKDPEHU
HYHQWFRKRVWHGE\WKH6ZLVV%XVLQHVV&RXQFLO
DQGLQWHUQDWLRQDO FKDPEHUVDVVRFLDWLRQV
$IWHUWKHQHZIRUPDWLRQRIWKH<RXQJ3URIHVVLRQDO0HPEHUVKLSLQWKH
6ZLVV%XVLQHVV&RXQFLOWKLVZDVWKH¿UVWWLPHIRUWKH6ZLVV%XVLQHVV
&RXQFLOWRFRKRVWWKH,QWHUQDWLRQDO<RXQJ3URIHVVLRQDO&RFNWDLOZKLFK
ZDV RQH RI WKH ODUJHVW DQG EHVWDWWHQGHG MXQLRU WR PLGGOH PDQDJHU
VRFLDOHYHQWVLQWRZQ,WZDVKHOGDW7ULEHFDDQGZDVDWWHQGHGE\RYHU
SDUWLFLSDQWV 0HPEHUV FRXOG QHWZRUN DQG PLQJOH ZLWK EXVLQHVV
SURIHVVLRQDOVIURPRWKHUEXVLQHVVFKDPEHUVDQGDVVRFLDWLRQV7KHUH
ZHUHOXFN\GUDZVDQGORWVRIIDQWDVWLFSUL]HVWRZLQ1HWSURFHHGVKDG
EHHQGRQDWHGWRFKDULW\RUJDQL]DWLRQV
)HEUXDU\±)DUHZHOO&RFNWDLO3DUW\RI
$PEDVVDGRU0U)UDQFRLV%DUUDVRUJDQL]HG
E\WKH6ZLVV%XVLQHVV&RXQFLODQGWKH6ZLVV
$VVRFLDWLRQRI+RQJ.RQJ
7KH6ZLVV%XVLQHVV&RXQFLODQGWKH6ZLVV$VVRFLDWLRQRI+RQJ.RQJ
ZRXOG OLNH WR SD\ WULEXWH WR WKH HIIRUWV DQG SHUVRQDO LQYROYHPHQW RI
&RQVXO*HQHUDORI6ZLW]HUODQG$PEDVVDGRU)UDQFRLV%DUUDVGXULQJ
KLV WHQXUH LQ +RQJ .RQJ +H LQLWLDWHG WKH VXFFHVVIXO FDPSDLJQV
6ZLW]HUODQG JUHHWV +RQJ .RQJ DQG ODWHO\ 6ZLW]HUODQG JUHHWV
0DFDR+HDGGHGJUHDWYDOXHWRWKH6ZLVV&RPPXQLW\LQ+RQJ.RQJ
DQGKHOSHGHVWDEOLVKDVWURQJHULPDJHIRU6ZLW]HUODQG7KHSDUW\ZDV
KHOGDW8%6DQGZDVDWWHQGHGE\RYHUSDUWLFLSDQWV$IDUHZHOOJLIW
ZDVSUHVHQWHGWR$PEDVVDGRU%DUUDVE\WKH3UHVLGHQWVRIWKH6ZLVV
%XVLQHVV&RXQFLODQGWKH6ZLVV$VVRFLDWLRQRI+RQJ.RQJ
0DUFK±-RLQW%XVLQHVV&RPPXQLW\
/XQFKHRQZLWKWKH+.6$5)LQDQFLDO6HFUHWDU\
WKH+RQRUDEOH+HQU\7DQJ
7KLV/XQFKHRQZDVMRLQWO\RUJDQL]HGE\WKH6ZLVV%XVLQHVV&RXQFLO
DQG RWKHU EXVLQHVV FKDPEHUV DQG DVVRFLDWLRQV ,W ZDV RXU KRQRU
WR LQYLWH 0U7DQJ WR WDON WR WKH +RQJ .RQJ EXVLQHVV FRPPXQLW\ RQ
0DUFKDERXWKLVQHZEXGJHWZKLFKZDVRISDUDPRXQWFRQFHUQDQG
VLJQL¿FDQFHWRWKH+RQJ.RQJEXVLQHVVHFRQRP\7KLVZDVDJRRG
RSSRUWXQLW\WROHDUQGLUHFWO\IURP0U7DQJKLVIXUWKHUHODERUDWLRQRQ
EXGJHWDQGWKHLPSOLFDWLRQVDQGLPSDFWRQWKHEXVLQHVV
0DUFK±0RQWKO\/XQFKHRQRUJDQL]HG
E\WKH6ZLVV%XVLQHVV&RXQFLODQGWKH6ZLVV
$VVRFLDWLRQRI+RQJ.RQJ
0DUFK±7KH&RQQHFWLQJ3HRSOH
&RFNWDLODQLQWHUQDWLRQDO&KDPEHUHYHQWFR
KRVWHGE\WKH6ZLVV%XVLQHVV&RXQFLODQG
LQWHUQDWLRQDOFKDPEHUVDQGEXVLQHVVDVVRFLDWLRQV
7KLV³DOODJHV´FRFNWDLOZDVKHOGRQ0DUFKDW2QH)LIWK%DUDQGZDV
DWWHQGHG E\ RYHU SDUWLFLSDQWV7KLV HYHQW FUHDWHG D QHWZRUNLQJ
RSSRUWXQLW\IRUPHPEHUVRIWKHLQWHUQDWLRQDOFKDPEHUVWRFRQQHFW
LQDQLQIRUPDOFRFNWDLOVHWWLQJZKLOHVXSSRUWLQJDZRUWKZKLOHFDXVH
1HWSURFHHGVZRXOGJRWRWKH,QWHU&KDP6FKRODUVKLS)XQGDSURJUDP
GHVLJQHGWRDQQXDOO\VSRQVRUXQGHUSULYLOHJHGXQLYHUVLW\VWXGHQWV
$SULO±0RQWKO\/XQFKHRQRUJDQL]HG
E\6ZLVV%XVLQHVV&RXQFLO6ZLVV
$VVRFLDWLRQRI+RQJ.RQJ
0U (UQVW +HUE )DU (DVW &RUUHVSRQGHQW IRU ³)LQDQ] :LUWVFKDIW´
PDGH D SUHVHQWDWLRQ DERXW ³$VLD DV VHHQ E\ D 6ZLVV %XVLQHVV
&RUUHVSRQGHQW´
$SULO±0LVVLRQWR6KHQ]KHQDQG
'RQJJXDQDQLQWHUQDWLRQDOFKDPEHUHYHQW
FRKRVWHGE\WKH6ZLVV%XVLQHVV&RXQFLODQG
LQWHUQDWLRQDOFKDPEHUVDQGDVVRFLDWLRQV
0HPEHUV YLVLWHG &KLQD 6RXWK ,QWHUQDWLRQDO ,QGXVWULDO 0DWHULDOV
&LW\ LQ 6KHQ]KHQ DQG KDG OXQFKHRQ ZLWK WKHLU VHQLRU PDQDJHPHQW
$IWHUZDUGVPHPEHUVYLVLWHG*OREDO*UHHQ7HFK*URXSLQ'RQJJXDQ
7KHUHZDVFDVHVWXG\RQ0DUMRULH%HUWDJQHSUHVHQWDWLRQRQZDVWH
PDQDJHPHQW WRXU RI WKHLU VNLQ FDUH SURGXFWV SODQW DQG ELRWHFK
ODERUDWRU\
)RUWKFRPLQJ(YHQW
0D\±UG$QQXDO*HQHUDO0HHWLQJ
7KHUG$QQXDO*HQHUDO0HHWLQJRIWKH6ZLVV%XVLQHVV&RXQFLOZLOO
EHKHOGRQ0D\DWWKH+RQJ.RQJ&OXE7KH3UHVLGHQWZLOOSUHVHQW
WKHDQQXDOUHSRUWWRWKHPHPEHUV7KHWRSLFZLOOLQFOXGHGLVFXVVLRQV
DERXW WKH ³0DQDJLQJ &KDQJH DW 6%&´ 0HPEHUV FDQ DOVR QHWZRUN
ZLWKHDFKRWKHUGXULQJWKHFRFNWDLO
*XDQJ]KRX&KDSWHU6ZLVV&KDP
H[SDQGVLQ6RXWKHUQ&KLQD
&KDPEHU1HZV‫͗׷‬ள᫔
(YHQWV5HYLHZ‫͗׷‬าҮཁѣ
%(,-,1* ӑ̚
7RXULVP6ZLW]HUODQG¶V%HLMLQJ&KLHI5HSUHVHQWDWLYH
&KDQJHV+DQGV
2Q WKH DIWHUQRRQ RI 0DUFK DURXQG UHSUHVHQWDWLYHV RI 6ZLVV FRPSDQLHV JDWKHUHG LQ
WKH&KLQD0DUULRWW+RWHOLQ*XDQJ]KRXIRUDVSHFLDOSXUSRVH7RODXQFKWKHQHZ&KDSWHURI
6ZLVV&KDPLQ*XDQJ]KRXFRYHULQJWKH6RXWKHUQ&KLQDSURYLQFHVRI*XDQJGRQJ*XDQJ[L
)XMLDQDQG+DLQDQ8QGHUWKHSUHVHQFHRIWKH$PEDVVDGRURI6ZLW]HUODQGLQ&KLQD0U'DQWH
0DUWLQHOOLWKHIRXQGDWLRQVWRQHZDVODLGWRWKHQHZHVWDGGLWLRQRI6ZLVV&KDP
,Q0V=KDQJ:HQMLDVWDUWHGDVWKH&KLHI5HSUHVHQWDWLYHIRU7RXULVP6ZLW]HUODQGLQ&KLQD
'XULQJWKLVWLPH6ZLW]HUODQGREWDLQHGWKH$SSURYHG'HVWLQDWLRQ6WDWXV$'6LQ6HSWHPEHU
MRLQHG WKH 6KHQJHQ WUHDW\ LQ DQG RSHQHG D QHZ &RQVXODWH *HQHUDO RI¿FH LQ
*XDQJ]KRXLQ6RWRFRPSDUHZLWKWRXULVWVIURP&KLQDYLVLWLQJ6ZLW]HUODQG
KDYH DOUHDG\ LQFUHDVHG WLPHV 6ZLVV&KDP WKDQNV 0V =KDQJ :HQMLD IRU KHU VXSSRUW WR
6ZLVV&KDPDQGUHFRJQL]HVKHUGHGLFDWLRQWR7RXULVPEHWZHHQ&KLQDDQG6ZLW]HUODQG7KH
QHZ7RXULVP6ZLW]HUODQGGLUHFWRUIRUWKH&KLQDUHJLRQZLOOEH0U6LPRQ%RVVKDUW6ZLVV&KDP
ORRNVIRUZDUGWRFRQWLQXHZRUNLQJFORVHO\ZLWK7RXULVP6ZLW]HUODQG
$URXQG UHSUHVHQWDWLYHV RI 6ZLVV FRPSDQLHV ORFDWHG LQ
6RXWKHUQ &KLQD WRJHWKHU ZLWK 0U 'DQWH 0DUWLQHOOL $PEDVVDGRU
RI 6ZLW]HUODQG LQ &KLQD 0U 1LHYHUJHOW &RQVXO *HQHUDO RI
6ZLW]HUODQG LQ *XDQJ]KRX 0V -XQH &XL RI WKH 6ZLVV %XVLQHVV
+XE *XDQJ]KRX DQG 0U &KULVWLDQ *XHUWOHU &KDLUPDQ RI
6ZLVV&KDP GHFLGHG WR JR RQ DQG VWDUW D QHZ &KDSWHU RI
6ZLVV&KDPLQ*XDQJ]KRX
။‫ࢶࣸ͗׷ܢ‬፝зளኼብ4XJTT$IBNᤈ᯾ӧӮ
။‫ࠑڍܢ‬஺ຣࡌ᯾ӑ̚Ҩ̂‫ܪ‬ᯪ̼ࣝᛪ૰͉
ࣱత௅ʽӤḞጝՏ౎ᒬʿՎ။‫ˉ͌ܢ‬ᄉ̼ᛪ‫៷ʹڍ˖ڙ‬
Ḛࣸࢶḛܷᦤआᬶᐐʶ۵ࣲРՎ᜸᝼˿ʶ˓ྱ൳ᄉௐ҈Ḭ᜷ᄥ˖‫ڍ‬
ӮᦉࣸˋNj᜴ࣸNjለतԢ๑Ӯᄴᄉ။‫͗׷ܢ‬Ḛࣸࢶḛ੆በ˿nj။‫ܢ‬
᯾ӧܷ΍%BOUF.BSUJOFMMJЎၶѢࣝ˿൤൒੆በܷ͗nj
षᭃ·‫ܢݘ‬ᒬࣱᡐઝ͉။‫ࠑڍܢ‬஺ຣࡌ᯾ӑ̚Ҩ̂‫ܪ‬ᯪ̼ࣝᛪḞᒯ̬ࣂథࣱᄉௐᫍnj‫ڙ‬
൤యᫍḞࣱతḞ။‫ܢ‬ͺ˝஺ຣᄫᄉ‫ڠ‬ᖌ३੺эधஉḭࣱҪЙႁ಩ӨᝫḭࣱḞ။
$WWKHEHJLQQLQJRIWKHPHHWLQJ0U0DUF$HVFKOLPDQQZKROHG
WKH WDVNIRUFH ZKLFK SUHSDUHG WKLV HYHQW ZHOFRPHG WKH JXHVWV
DQG JDYH DQ RYHUYLHZ DERXW WKH DFWLYLWLHV RI WKLV DIWHUQRRQ 0U
0DUWLQHOOL H[SODLQHG WKH LPSRUWDQW UROH RI &KLQD LQ WKH HFRQRPLF
ZRUOGDQGDVSDUWQHUIRU6ZLW]HUODQGLQWUDGHDQGFRPPHUFH+LV
HQFRXUDJLQJ VSHHFK ZDV D ¿UVW KLJKOLJKW$IWHU WKDW 0U *XHUWOHU
H[SODLQHG WKH RUJDQL]DWLRQDO IUDPHZRUN RI 6ZLVV&KDP DQG WKH
UROHRIWKHUHJLRQDO&KDSWHUV+HDOVRDVVXUHGWKHVWURQJVXSSRUW
E\6ZLVV&KDPIRUWKLVQHZHVWDGGLWLRQLQ*XDQJ]KRX
౎ᒬ˖‫ڍ‬ӮᦉՉ။‫ˉ͌ܢ‬ᄉጝՏ̼ᛪˀ။‫ܢ‬᯾ӧܷ%BOUF
.BSUJOFMMJЎၶNj။‫ܢ‬᯾ዪ঳ᮖ̂/JFWFSHFMUЎၶNj။‫ॶ˖ˉ׷ܢ‬Ḛ
ࣸࢶḛᄉ࢕и‫̾ܢݘ‬Ԣ။‫ࣝ˞͗׷ܢ‬$ISJTUJBO(VFSUMFSЎၶРՎѢ
ࣝ੆በࣲܷ͗ࣻᇶ။‫ࢶࣸڙ͗׷ܢ‬धըளᄉኼብnj
ᇧᡁᠵnjӉ᜴ᗛЎၶ௦ளʼ͉ᄉ။‫ࠑڍܢ‬஺ຣࡌ˖‫ڍ‬Ӝ঳ᄢnj˖‫ڍ‬။‫͗׷ܢ‬యय़ᑞˀ။‫ڍܢ‬
ࠑ஺ຣࡌፘ፝γ૆ࠚѬՋͺСጆnj
$IWHUWKHVHPXFKDSSUHFLDWHGZRUGVLWZDVWLPHWRJRWRZRUNDQG
OD\WKHEDVLFVIRUWKHQHZ&KDSWHU:LWKHI¿FLHQF\DQGLQVKRUWWLPH
WKH 5HJLRQDO %\ODZV IRU WKH *XDQJ]KRX &KDSWHU ZHUH DSSURYHG
E\WKHDWWHQGHHV7KHPHPEHUVRIWKHLQLWLDOWDVNIRUFH&KDSWHU
*XDQJ]KRX 0U 0DUF$HVFKOLPDQQ 0U &pGULF 7KLQDUG DQG 0U
8UV$:DHOFKOLZHUHHOHFWHGDVPHPEHUVRIWKH%RDUGRI'LUHFWRUV
E\ DFFODPDWLRQ 0U 0DUF $HVFKOLPDQQ ZDV HOHFWHG DV WKH ¿UVW
3UHVLGHQWRIWKHQHZ&KDSWHU+HZLOOUHSUHVHQWWKHQHZ&KDSWHU
DW WKH *HQHUDO$VVHPEO\ RI 6ZLVV&KDP LQ 6KDQJKDL RQ$SULO ZKHUH WKH QHZ &KDSWHU ZLOO EH RI¿FLDOO\ DSSURYHG 7KH PHHWLQJ
ZDVFORVHGZLWKDFRFNWDLOWRFHOHEUDWHWKHVXFFHVVIXOLQDXJXUDWLRQ
RIWKHQHZ&KDSWHU
7KH JRDO RI WKH QHZ &KDSWHU LV SULPDULO\ WR VHWXS D QHWZRUN
EHWZHHQ WKH 6ZLVV FRPSDQLHV LQ 6RXWKHUQ &KLQD 7KHUH DUH
DURXQG6ZLVVFRPSDQLHVLQWKHDUHDRI*XDQJGRQJ*XDQJ[L
)XMLDQ DQG +DLQDQ DQG LW ZLOO EH WKH PDMRU SXUSRVH WR FUHDWH
DQ RSSRUWXQLW\ IRU WKHVH FRPSDQLHV WR PHHW DQG FRQQHFW 7KH
VLWXDWLRQ LQ 6RXWKHUQ &KLQD LV D FKDOOHQJLQJ RQH EHFDXVH PRVW
RIWKH6ZLVVFRPSDQLHVDUHZLGHO\VFDWWHUHGRYHUWKHDUHD7KHUH
DUH D ORW RI PDQXIDFWXULQJ DQG SURGXFWLRQ FRPSDQLHV ZKLFK DUH
QRUPDOO\QRWVWD\LQJLQWKHELJFLW\FHQWHUVEXWKDYHWKHLUIDFWRULHV
LQPRUHUHPRWHSODFHV1HYHUWKHOHVVWKH*XDQJ]KRX&KDSWHUKDV
GH¿QHGDQDGGLWLRQDO JRDOWREULQJLWVPHPEHUVWRJHWKHUDWOHDVW
RQFHDPRQWKIRUDQHYHQWWRIXUWKHUVWUHQJWKHQDQGGHYHORSWKH
UHODWLRQVKLSVEHWZHHQ6ZLVVFRPSDQLHVLQ6RXWKHUQ&KLQD
)RUPRUHLQIRUPDWLRQDERXWWKH*XDQJ]KRX&KDSWHUSOHDVHVHQG
DQHPDLOWR0U0DUF$HVFKOLPDQQPDUFDHVFKOLPDQQ#IUDQNHFR
PRU0U8UV$:DHOFKOLXUVDZDHOFKOL#IUDQNHFRP
‫ܢ‬᯾ࣸࢶ঳ᮖ̂ᯝ੆በnjࣱḞҁ။‫ܢ‬஺ຣᄉ˖‫ڍ‬ຣࠆᄰඊࣱᄉஜߙ‫ܘ‬᫁˿υ˧ܲnj
˖‫ڍ‬။‫͗׷ܢ‬ᛱॶਕ៘षᭃ·‫͗׷ࠪܢݘ‬ᄉʶ᠕ஂ૆ḞࠪФ˝˖။஺ຣ̂ˉ੝ͺѢᄉ౔Ѣ᠇࿸ᛪ
-DQXDU\±%XVLQHVV7DON³$LUEXVLQ&KLQD
7KH/DVW<HDUVDQGWKH)XWXUH´
ܷ͗ध‫ݼ‬ௐḞ൤൒าҮᄉጷጺᏧ.BSD"FTDIMJNBOOЎၶᒰ൓ᤀᣮࣲ
ࠪʽӤᄉาҮ߶ଅϡ˿ኤӬᄉ̭ፀnj᯾ӧܷ΍%BOUF .BSUJOFMMJЎၶ
Փˀ͗Ꮷ͂ᝌ᧕˿˖‫ˆڙڍ‬ႌፂ฿˖ˠᡛᣏ᧗ᄉ‫ͮڠ‬ԢФͺ˝။‫ܢ‬
᠞௛͖ͦᄉ᧗᜵বnj̴ᄉ༎Ү̠ॶᄉԦᝒ੆˝ॆܸาҮᄉʶܷ̜
ཁnj൤ՐḞ။‫ࣝ˞͗׷ܢ‬$ISJTUJBO (VFSUMFSЎၶՓՉ̼ͮᛪᝌ᧕˿
။‫͗׷ܢ‬ᄉጷጺಳ౵̾ԢՉ‫ڠ‬ழѫ͗੝Ԧ૘ᄉͺၸḞՎௐࠇ࣊။‫ܢ‬
‫࠱͗׷‬ቩࡉ੝ᑞ‫૆ஂڠ‬ள੆በᄉࣸࢶѫ͗nj
$V &KLQDµV DLU WUDI¿F JURZV UDSLGO\ FRXSOHG ZLWK D JURZLQJ GHPDQG IRU DLUFUDIW &KLQD LV
H[SHFWHGWREHFRPHWKHZRUOGµVODUJHVWDYLDWLRQPDUNHW7KHUHFHQWSXUFKDVHRI$LUEXV
DLUFUDIWE\&KLQDDQG\HDUVRIFRRSHUDWLRQUHÀHFWVWKHORQJWHUPYLVLRQRI$LUEXVLQ&KLQD
6ZLVV&KDP LQYLWHG PHPEHUV DQG IULHQGV WRMRLQ0U /DXUHQFH%DUURQ DQG WRSEXVLQHVV
H[HFXWLYHV LQ OHDUQLQJ PRUH DERXW WKH DLUOLQH LQGXVWU\ LQ &KLQD DQG WKH ZRUOG ZLWK ³$LUEXV
LQ&KLQD7KH/DVW<HDUVDQGWKH)XWXUH´6ZLVV&KDPZDVDOVRYHU\SURXGWRLQYLWH0U
3KLOLSS 0DUF %HUQHU ([HFXWLYH 9LFH 3UHVLGHQW RI 58$*$HURVSDFH RQ KLV YHU\ ¿UVW WULS WR
&KLQD58$*LVDORQJVWDQGLQJSDUWQHURI$LUEXVDQGDVVROHVXSSOLHUPDLQO\PDQXIDFWXUHV
UHDUIXVHODJHVHFWLRQVDQGZLQJWLSVIHQFHVIRUWKH$IDPLO\DQGWKHRXWHU¿[HGWUDLOLQJHGJH
IRUWKHQHZ$
ʶ႖ਕ̠ᄉध‫ڣ‬ᄆ˧ՐΦᤈЙ˿൤൒ܷ͗ᄉ˞ᮤḬᆷ߿ளѫ͗
ᄉ᜺ብ҃ऎnjˀ͗Ꮷ͂ॡঋࡂКͳ᤯᣾˿ࣸࢶѫ͗ᄉ‫ڠ‬ழብርnj
ͮþࣸࢶѫ͗ÿణѹᄉԦᡐ̠.BSD "FTDIMJNBOOЎၶNj $jESJD
5IJOBSEЎၶ Ԣ6ST " 8BFMDIMJЎၶ‫ڙ‬ˀ͗Ꮷᄉʶྞ൓֏‫ॆ˖ܥ‬
ᤤ˝ᗈ̂͗੆տnj.BSD "FTDIMJNBOOЎၶఝॆᤤ˝ளѫ͗ᄉᯪ͉
˞ࣝḞ̴࠱̼ᛪளѫ͗ԟҪԀ࠱ࣱ̅త௅‫ڙ‬ʼ๑Էधᄉ
။‫ࣱ͗׷ܢ‬ऎ͗տܷ͗nj‫ڙ‬ᤇʶࣱऎ͗տܷ͗ʼ࠱ൣय੺эࣸࢶ
ѫ͗ᄉ੆በnj͗ᝫՐˀ͗Ꮷ͂ԟҪ˿Მࡊᦤ͗ḞРՎࣻᇶளѫ͗
ᄉᮊѽ੆በnj
3KRWR/HIWWR5LJKW0U5LFKDUG/LX6ZLVV&KDP35'LUHFWRU0U6XQ<RXJHQJ'LUHFWRU%HLMLQJ7KLV0RQWK3XEOLFDWLRQV
0U /DXUHQFH %DUURQ 3UHVLGHQW$LUEXV &KLQD 0U &\ULOO (OWVFKLQJHU 6ZLVV&KDP 3UHVLGHQW DQG 0U 3KLOLSS 0DUF %HUQHU
([HFXWLYH9LFH3UHVLGHQWRI58$*$HURVSDFH
3KRWR&UHGLW0U5LFKDUG/LX6ZLVV&KDP3XEOLF5HODWLRQV'LUHFWRU
ࣱత௅ ‫͗ˉ׷‬ៀþቆ˖ࠆᢻ‫ ڍ˖ڙ‬᣾Ԝ̃Ӡࣱ
ԊርԢల౎Ԧࡘÿ
ᬣᅋ˖‫ڍ‬ቆ˖̓᤯ᄉ᣽ᤳԦࡘ̾Ԣࠪᓇቆᮺ఺ᭉයᄉ‫ܘ‬᫁Ḟ˖‫ڍ‬థభ੆˝ˆႌణܷᄉᓇቆࣉ‫ڣ‬nj
ளѫ͗ᄉ˞᜵ᄫᄉ௦˝ӧӮ‫ڠ‬Ӝᄉ။‫ˉ͌ܢ‬तበᡐᄰ̈ᄉᐎጆnj‫ڙ‬
ࣸˋNj᜴ࣸNjለतԢ๑Ӯᄴѫ࣊ᅋጝܲࠑ။‫ˉ͌ܢ‬Ḟ˝߱͂ᄉ̓
ቆ˖ࠆᢻМՂՎ˖‫ڍ‬థᅋࣱᄉՋͺፂᰍḞҪ˧˖‫ڍ‬ᤂయ̯ቆ˖ࠆᢻМՂ᠓˻˿౵ᮺ఺Ḟ
ᤇᦏᛪ௙ቆ˖ࠆᢻ‫ڍ˖ڙ‬ᄉ᫁యਜ௿nj˖‫ڍ‬။‫͗׷ܢ‬ᥘឯФ੆տԢధԣ͂РՎԟҪӯᴜЎၶ֖
ึ֖ᐎጆѸᤴ఺͗ˀࣰԻ௦ѫ͗ᄉ˞᜵ࢹͺnjᤇ̎။‫ˉ͌ܢ‬஘࣊‫ڙ‬
ᰳጞፂူᄉ‫͗ˉ׷‬ៀḬþቆ˖ࠆᢻ‫ڍ˖ڙ‬᣾Ԝ̃ӠࣱԊርԢల౎ԦࡘÿḞ̯Ꮺఝܲ‫˿ڠ‬ᝌ˖
ӧӮᄉՉ˓ۡࣉḞФ˖ܷܲஜ˝҃ᤴ‫ˉ͌ۋ‬Ḟᤇ̎͌ˉᄉࢹԇ᤯࣡
ʿ͗ᬶ˖‫ࣉۡڙ‬ᄉ˖ॶ‫ࣛڠ‬Ꮺ௦ѫ࣊̅ᣖϟᤉᄉ‫ڠ‬ӜḞᤇ̎ᦏ˝ѫ
‫ڍ‬Ԣˆႌᓇቆˉnj။‫˶͗׷ܢ‬᭣࣡ᕥࣳ‫ڠ‬ᥘឯҁ36"(ᓇቆߴ߾МՂ੯ᛠҝ঳ᜆ᠄ጩ࠶Ўၶ‫ڙ‬
Фᯪ൒˖‫˧ڍ‬ᛠ˖ԟҪᤇ˓าҮnj36"(МՂ௦ቆ˖ࠆᢻᄉ᫁యՋͺ͖ͦḞ˶௦ቆ˖ࠆᢻМ
͗ᄉࢹͺࣛ౎˿‫ڇ‬ᬱ֖ૌੌḞͭࣸࢶѫ͗ᤆ௦௙ᆷ᝹በඇతᒯ࠵ˠ
Ղ"ጆѴᮺ఺Րᦉ఺ᢵԢ఺Ꮲ࠸Ꮲѧ̾Ԣளय"ᮺ఺ᄉܰᦉ‫఺߿ڌ‬ᏢՐᎅၶ̖ᄉ‫׬‬ʶ
Ҩʶ൒͗տาҮᄉᄫಕࣲᄰζᤇᑞᤈʶ൥ጊࠚ֖ԦࡘӧӮ‫ڠ‬ӜՉ။
Θः‫׷‬nj
‫˧ˉ͌ܢ‬ᫍᄉСጆnj
ᖌԨఝܲС̅ࣸࢶѫ͗ᄉζোḞឯԦᤞႂߔᥪ͇ᒯḬ
.BSD"FTDIMJNBOOЎၶNBSDBFTDIMJNBOO!GSBOLFDPN੊6ST"
8BFMDIMJЎၶVSTBXBFMDIMJ!GSBOLFDPN
ཱྞ̯ࢺᒯԾ
Ḭ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶѵএᇱЎၶǑӑ̚తᝬǒఽংᇪᎃᣣᦉ˞͉ߛࣶईЎၶḭቆ˖ࠆᢻ˖‫ڍ‬
థᬌМՂ঳ᜆӯᴜЎၶḭ˖‫ڍ‬။‫͗׷ܢ‬ӑ̚ѫ͗঳ᜆ۟࠶ᨅෂЎၶḭ֖36"("FSPTQBDFҝ঳ᜆӯጩᮺЎၶ
୉ॕ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶ
(YHQWV5HYLHZ‫͗׷‬าҮཁѣ
%HLMLQJӑ̚
(YHQWV5HYLHZ‫͗׷‬าҮཁѣ
%HLMLQJӑ̚
-DQXDU\±6ZLVV&KDP¶V$QQXDO*HQHUDO
$VVHPEO\
5HSRUWLQJRQDIUXLWIXO\HDURIDFWLYLWLHV&KDPEHUUHODWHGHYHQWVDQGYDOXHDGGHGSURMHFWV
LQLWLDWLYHV6ZLVV&KDP0HPEHUVPHWRQ-DQXDU\IRUWKH$QQXDO*HQHUDO$VVHPEO\$*$
ZKLFK ZDV KHOG DW7KH &DSLWDO &OXE7KH PDLQ SXUSRVH RI WKH$*$ ZDV WR UHSRUW RQ<HDU
0HPEHUV6DWLVIDFWLRQ6XUYH\GLVFXVV<HDUSURSRVHGSURJUDPRIDFWLYLWLHV
VHUYLFHV UHYLHZ RI<HDU EXGJHW DQG DSSURYDO RI<HDU EXGJHW GLVFKDUJH RI WKH
FXUUHQW%RDUGDQG(OHFWLRQRIQHZ%RDUG0HPEHUVDQGKROGWKHHOHFWLRQRIWKH3UHVLGHQW
3KRWR/HIWWR5LJKW0U(GJDU'RHULJ+RQ%RDUGRI'LUHFWRU(PEDVV\RI6ZLW]HUODQG0U$QGUHZ&KHQJ+(0U'DQWH
0DUWLQHOOL$PEDVVDGRU RI 6ZLW]HUODQG 0U &\ULOO (OWVFKLQJHU DQG 0U 2OLYHU *ODXVHU 0LVVLQJ 0U =KDQJ +X 0U 'HQLV
6FKPLG'LUHFWRURIWKH%RDUG6HFUHWDU\*HQHUDO0U-HIIUH\/L0U'DYLG6DXGDQDQG0U-RKQ/LHEHVNLQG
3KRWR&UHGLW0U5LFKDUG/LX6ZLVV&KDP3XEOLF5HODWLRQV'LUHFWRU
ࣱత௅˖‫ڍ‬။‫ࣱ͗׷ܢ‬ऎ঳͗ᝫ
˖‫ڍ‬။‫੆͗׷ܢ‬տత௅඼ᐐʶ۵ḞԟҪ‫ۡ̚ڙ‬οˬᦉˠᛠᄉࣱऎ঳͗Ḟࠪᤇ੆౦˗ᆯᄉʶ
ࣱNjˀ‫͗׷‬ᄰСᄉʶ̎าҮ֖‫ܘ‬Ϙᮉᄫኍᤈᛠ඼ઐ঳ፆnjࣱऎ঳͗ᄉ˞᜵ᄫᄉ௦඼ઐࣱ
੆տ໗਒ऎុಉፆ౦Njᝦ᝶ࣱาҮᮉᄫˀనҫழ಴Nj᝿ࣱͤᮔኪࣲ᤯᣾ࣱᮔኪNj
БԜဗ͉ᗈ̂͗੆տḞࣲᤤˠ‫ށ‬տ͗Տள੆տԢ‫ށ‬տ͗˞֖ࣝՏ˖‫ڍ‬။‫͗׷ܢ‬ӑ̼̚ᛪ‫ܪ‬
੆տnj
ཱྞ̯ࢺᒯԾ
Ḭ။‫ܢ‬᯾ӧܷ΍ᯝԟᡁॳ။ಪЎၶḭ᥿ܷጨЎၶḭ။‫ܢ‬᯾ӧܷ΍ᯰଡЮѽЎၶḭ˖‫ڍ‬။‫͗׷ܢ‬ӑ̚ѫ͗঳ᜆ۟
࠶ᨅෂЎၶḭᰳҦ͚ЎၶḭᎤࣝḬषᘹЎၶḭᗈ̂Щማ˹᫁˜ࡈல‡ԽࠚॳЎၶḭృ૜ለЎၶḭܷӻeᔙ˜Ўၶ̾ԢృғЎၶ
୉ॕ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶ
-DQXDU\±1(7:25.,1*7KH)LQDO+RXUV
RIWKH&KLFNHQ´
&HOHEUDWLQJ WKHFORVLQJRIWKH<HDURIWKH&KLFNHQ6ZLVV&KDPKHOGDQH[FOXVLYHPRQWKO\
QHWZRUNLQJHYHQWRQWKHWKLUGGD\RIWKHWKLUGZHHNDW&(1752LQVLGH.HUU\&HQWUH
+RWHOIRUVRSKLVWLFDWHGH[FKDQJHDQGFKLFVRFLDOL]LQJ
KWWSZZZP\VZLW]HUODQGFRPFQHYHQWWLWOLVBKWP
)HEUXDU\ &KLQD 'DLO\ &(2
5RXQGWDEOH6SULQJ5HFHSWLRQ
0RUH WKDQ GHOHJDWHV IURP WKH JRYHUQPHQW )RUWXQH DQG &KLQD QRQJRYHUQPHQW RUJDQL]DWLRQV DFDGHPLFV DQG
FKDPEHUV RI FRPPHUFH VWRRG VKRXOGHUWRVKRXOGHU DW WKH &KLQD
'DLO\&(25RXQGWDEOH6SULQJ5HFHSWLRQDWWKH*UDQG+\DWW
%HLMLQJWRVLJQLI\WKHODXQFKRI&KLQD'DLO\¶VWKDQQLYHUVDU\DQG
&(25RXQGWDEOHSURJUDPPHV
3KRWR /HIW WR 5LJKW 0U :HUQHU + /DXN +HDG RI (FRQRPLF 6HFWLRQ (PEDVV\ RI
*HUPDQ\ 0U (EHUKDUG 6FKUHPSI 3UHVLGHQW &(2 %0: %ULOOLDQFH$XWRPRWLYH /WG
0V -DFTXHOLQH &KHQ %L] &KLQD$QFKRU &&79 0U =KX /LQJ (GLWRULQ&KLHI &KLQD
'DLO\DQG5LFKDUG1/LX3XEOLF5HODWLRQV'LUHFWRU6ZLVV&KDP%HLMLQJ
3KRWR&UHGLW&KLQD'DLO\
ࣱత௅˖‫ڍ‬௅ઐ੯ᛠ঳ᜆ‫ڒ‬ಷ͗ᝫ
ࣱ௢ߢયय़͗
0DUFK±6ZLVVFRP6ROXWLRQV±
7KH6ZLVV&RPSHWLWLYHQHVV3DUDGR[
6ZLW]HUODQG KDVRQHRIWKHKLJKHVWDGRSWLRQ UDWHVRQLQIRUPDWLRQ
DQG WHOHFRPPXQLFDWLRQV WHFKQRORJLHV ZRUOGZLGH ,Q FRQWUDU\
WKH HFRQRPLF JURZWK UDWH LV FRQWLQXRXVO\ GHFUHDVLQJ HYHQ LI WKH
FRUUHODWLRQ EHWZHHQ LQYHVWPHQWV LQ ,QIRUPDWLRQ &RPPXQLFDWLRQ
7HFKQRORJ\,&7DQG*'3JURZWKLVXQGLVSXWHG0U5HQp)LVFKHU
&(2 6ZLVVFRP 6ROXWLRQ$* VSRNH RQ ZKDW KDV WR EH GRQH LQ
RUGHUWRZLQWKHJOREDOFKDOOHQJHRQHI¿FLHQF\DQGSURGXFWLYLW\DW
WKH6ZLVVRWHO%HLMLQJ
3KRWR&UHGLW0U5LFKDUG/LX6ZLVV&KDP3XEOLF5HODWLRQV'LUHFWRU
ࣱత௅။‫ܢ‬ႂζМՂᝌфழ಴။
‫ܢ‬ባ́กᄉঢ়᝶
။‫ܢ‬௦ˆႌʼζো֖ႂζ੾శ΍ၸညణᰳᄉ‫˧ࠑڍ‬ʶnjᏪζো᤯ᝬ
੾శᄉઅᠪˀ(%1‫ܘ‬᫁ည˧ᫍᄉ๖᫁Сጆ˶௦௃ԺᎵႠᄉḞཨᏪˀ
˧ᄰঢ়ᄉԁ௦૆፝ʽᬋᄉፂ฿‫ܘ‬᫁ညnj။‫ܢ‬ႂζᝌфழ಴"(МՂ
੯ᛠ঳ᜆ3FOj'JTDIFSЎၶ‫ڙ‬ӑ̚။‫ᦤܢ‬आࡂ‫ڙʹݟ‬஌ညˀၶ̖Ҧ
ᄉКီૌੌ˖ᖌᑇԦᛪ໥ᝮnj
ܲՏ౎ᒬஊउNj᠈ࠜ̾Ԣ˖‫ڍ‬Nj᭣ஊउጷጺNjᰳಢ̾Ԣ
୉ॕ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶ
‫͗׷‬ᄉ̼ᛪᴎᐐ‫ˋڙ‬ழՙ৤ܷᦤआˠᛠᄉ˖‫ڍ‬௅ઐ੯ᛠ঳ᜆ‫ڒ‬ಷ͗
0DUFK±6ZLVV)HVW.LFNV
2II 5LWDQ ,QWHUQDWLRQDO &XOWXUDO
)HVW6HULHV
)HEUXDU\³6ZLVV7LWOLV&XS´&KLQHVH6NLLQJ
)LQDOV(QGLQ6XFFHVVLQ6ZLW]HUODQG
7KH ³6ZLVV 7LWOLV &XS´ &KLQHVH 6NLLQJ )LQDOV ZHUH KHOG RQ )HEUXDU\ RQ 7LWOLV
D IDPRXV $OSLQH SHDN LQ &HQWUDO 6ZLW]HUODQG ,W ZDV VROHO\ VSRQVRUHG E\ 6ZLVV&RIIHHU
DQG MRLQWO\ RUJDQL]HG E\ 6ZLVV 7RXULVP 6ZLVV 7LWOLV 876 ,QWHUQDWLRQDO 7UDYHO 6HUYLFH
%HLMLQJ DQG /XFHUQH /DNH 5HJLRQ 2YHU &KLQHVH DPDWHXU VNLHUV DWWHQGHG WKH
FRQWHVW GHVSLWH WKH ORQJ GLVWDQFH EHWZHHQ &KLQD DQG 6ZLW]HUODQG ([SHUWV VD\ WKDW WKLV
ZDV WKH ¿UVW &KLQHVH JURXS VNLLQJ FRQWHVW KHOG DEURDG VR LW LV D PLOHVWRQH LQ WKH KLVWRU\
RI &KLQHVH JURXS VNLLQJ 6L[WHHQ MRXUQDOLVWV IURP %HLMLQJ DQG 6KDQJKDL PDGH UHDOWLPH
UHSRUWV RQ WKLV KLVWRULFDO HYHQW 0U ;LD <X IDPRXV PRYLH VWDU SDUWLFLSDWHG LQ WKH 7LWOLV
&XS 6QRZERDUGLQJ DQG ZRQ WKH 6QRZERDUGLQJ &KDPSLRQVKLS &KLQD¶V &RQVXO *HQHUDO
WR =XULFK &KLQD 1DWLRQDO 7RXULVP $GPLQLVWUDWLRQ GHOHJDWHV LQ =XULFK DQG RYHU &KLQHVH VNLLQJ DPDWHXUV SDUWLFLSDQWV DQG MRXUQDOLVWV DWWHQGHG WKH DZDUGLQJ FHUHPRQ\
)RUPRUHSOHDVHYLVLWKWWSZZZP\VZLW]HUODQGFRPFQHYHQWWLWOLVBKWP
ॕࣚ‫ܭ‬ᭀᕥᒡ။‫ܢ‬ᨠҦ‫ڍ˖౓ࡢܢ‬໎ᭂᠾӬ౛киḬႃߔӬ౛
။‫ܢ‬ᨠҦ‫ڍ˖౓ࡢܢ‬໎ᭂᠾфᠾ‫ڙ‬။‫ܢ‬ᖿʽ࣠࣪
త௅Ḟၿ။‫ࠑڍܢ‬஺ຣࡌNj။‫ܢ‬ᨠҦ‫ࡢܢ‬Njӑ͔̚ζ‫ڍ‬ᬄ஺ᛠᇪNj။‫ܢ‬ӵ‫܊‬৆ຫӜᐎՋˠ
ҨḞၿ။‫̠׾֝ܢ‬࿗ࠑᡁүᄉ။‫ܢ‬ᨠҦ‫ڍ˖౓ࡢܢ‬໎ᭂᠾфᠾ‫̅ͮڙ‬໎ᭂဌ‫ڍ‬။‫ܢ‬ᄉ˖ॶͮ
ᎵᗂՏᄉᬀ࠶өலՏࢎᨠҦ‫ࡢܢ‬ᬟ᧗ˠᛠnj౎ᒬ˖‫ڍ‬ᄉܲՏ͕ሑܷ͔ᤤ੣ʿᤉʹ᧖౎ҁ။
‫ܢ‬ԟҪඊᠾnjథС˃ࠑᛪᇧḞ‫ܰڍڙ‬ˠᛠ˖‫͔ܷڍ‬໎ᭂᠾ࠺࡚ᯪ൒Ḟఴ൒ܷᠾ‫ڍ˖ڙ‬ᄉܷ͔
໎ᭂԽʼзʽ˿ใ‫᧗ܚ‬ॐᄉʶቷnj౎ᒬӑ֖̚ʼ๑ᄉՏ᧗᜵޴ͳ᝭Ꮷҁ။‫ࠪܢ‬ఴ൒ᠾ̂ᤈ
ᛠ˿ᡱᢍઐ᥊njᗂՏॕ௠‫ܭ‬ᭀͺ˝ఴ൒ܷᠾᄉྱᥘ‫ࠕى‬ԟҪ˿ᨠҦ‫ܷ౓ܢ‬ᠾᄉႃߔӬ౛ඊᠾ
ຣࡌ᯾ᔙᳩˆ̼ᛪ̾ԢܲՏ˖‫ڍ‬໎ᭂྕ‫ݝ‬ᏧNjԟᠾᏧ֖޴ͳ᝭
Ꮷ̾Ԣ။‫ܢ‬థСழ᭦ᄉ̠ܲԟҪ˿ᮑ‫̀ݑ‬यnjൗᅻសৰḞឯཁѣ
˝ࣻᇶᲛࣱࡦళḞ။‫ڙ͗׷ܢ‬ӑ̚‫ॶ˖᧖ى‬ˠᛠ˿ඇతʶ൒Nj߶ଅ‫ڙ‬ඇతኃʻֆኃʻܸᄉЮ
֖ˀᠾ̂థСᄉጆѴาҮnj˖‫ڍ‬᯾ᔙᳩˆ঳ᮖᯝᮖ̂Nj˖‫ࠑڍڍ‬஺
ࣱత௅ᐎេาҮᲛࣱᄉణՐௐЏ
ᦉᐎេาҮnjาҮ߶ଅ˿᝴ܲዴॶ᝹᝟ᄉᇪ̓ᓫᄫnj
DQGRI1DWLRQDO&KDPEHU%HLMLQJ5HSV
ᝫ௢ߢયय़͗Ḟಕংᅋ˖‫ڍ‬௅ઐֆࣱఏ੯ᛠ঳ᜆ‫ڒ‬ಷ
͗ᝫᮉᄫᄉըҮnj
ཱྞ̯ࢺᒯԾ
Ḭॳ਒ংᐎᥧР֖‫ܷڍ‬΍ᯝМ΍‫ބ‬፤ලЎၶḭӧ௽ࠂᯰීᢻథᬌМՂ঳ᜆ
Щᯪࣝ੯ᛠ߽ஶ๦ӯЎၶḭ˖‫ܼ˖ڍ‬ႂ᜼Իᔭឥᮟ᥊Ǒ᠈ፂ˖‫ڍ‬ǒ˞૆̠ᬇሑ஠࠴‫ݽ‬ḭ˖
‫ڍ‬௅ઐ঳ᎃᣣష༦Ўၶḭ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶ
୉ॕ˖‫ڍ‬௅ઐ
)HEUXDU\ ± 7KH 6ZLVV&KDP
$QQXDO5DFOHWWH(YHQLQJ
2YHU6ZLVV5DFOHWWHORYHUVDWWHQGHG7KH6ZLVV&KDP$QQXDO
5DFOHWWH (YHQLQJ DW WKH &KLQD :RUOG +RWHO 6RPH DOVR VKRZHG
RII WKH ¿QHU TXDOLWLHV RI DQ DXWKHQWLF 6ZLVV $OSLQH +RUQ 7KH
HYHQLQJ ZDV VSRQVRUHG E\ &UHPR$6& )LQH :LQHV 3DQDOSLQD
=XUFKHU.DQWRQDOEDQN6ZLVV&RIIHHU1LQWK6SDFH$GVDQG6ZLVV
,QWHUQDWLRQDO$LUOLQHV
3KRWR&UHGLW0U5LFKDUG/LX6ZLVV&KDP3XEOLF5HODWLRQV'LUHFWRUDQG0U6LPRQ
/LPWKDW¶V%HLMLQJ
ࣱత௅ࣱऎ။‫ܳ˧᦯ݚܢ‬
ܲՏ။‫ݝྕ᦯ݚܢ‬ᏧԟҪ˿‫ܷڍ˖ڙ‬ᯋआˠҨᄉ˖‫ڍ‬။‫͗׷ܢ‬
ࣱऎ‫ܳ˧᦯ݚ‬าҮnjᦉѫ‫ݝྕ᦯ݚ‬Ꮷᤆࡘᇧ˿ᰳֵ᠎ᄉጥൣ။‫ܢ‬ᬀ
࠶өலᝇ‫᦯ݚ‬njឞาҮ௦ၿᦹᎾ֝‫" ׾‬4$ዴֵᗇᖬᦤМՂ ค̍ာ
ૅМՂḞ;VSDIFS,BOUPOBMCBOL။‫׾֝ܢ‬Ḟኃ˴ቆᫍࣸն̾Ԣ။‫ܢ‬
‫ڍ‬ᬄᓇቆМՂᡁүˠᛠᄉnj
୉ॕ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶԢ‫ڙ‬ӑ̚ఽংౣ‫ڍ‬௙Ўၶ
%HLMLQJ¶V 5LWDQ 3DUN ZDV WUDQVIRUPHG IURP D WUDGLWLRQDO SODFH RI
PRUQLQJH[HUFLVHVDQGOHLVXUHO\VXQVHWZDONVWRDELWRI6ZLW]HUODQG
IRU6ZLVV)HVWDWWKH5LWDQ,QWHUQDWLRQDO&XOWXUDO)HVW6HULHV
RQ0DUFK
:H DUH SURXG WR VXSSRUW LQWHUQDWLRQDO RUJDQL]DWLRQV E\ KRVWLQJ
WKHVH HYHQWV DW RXU SDUN DQG SURPRWLQJ WKHP DURXQG WKH ZRUOG
VDLG0V<DQJ.H'LUHFWRURI5LWDQ3DUN
(YHQWFRRUJDQL]HU6ZLW]HUODQG7RXULVPZDVJLIWHGZLWK6ZLVV$OS
ZHDWKHUFRQGLWLRQVKRXUVEHIRUH6ZLVV)HVWRSHQHGZKHQDKHDY\
XQH[SHFWHGVSULQJVQRZIDOOEODQNHWHGWKHSDUNZLWKDWKLQOD\HURI
VQRZ KLJKOLJKWHG E\ WKH VXQ EUHDNLQJ WKURXJK KHDY\ FORXGV DV
6ZLVV)HVWJRWXQGHUZD\
7KH 5LWDQ ,QWHUQDWLRQDO &XOWXUDO )HVW 6HULHV LV DLPHG DW
EXLOGLQJ D ULFK LQWHUQDWLRQDO HQYLURQPHQW DQG WKH 2O\PSLF VSLULW
EHIRUHWKH%HLMLQJ2O\PSLF*DPHVVDLG6ZLVV&KDP3XEOLF
5HODWLRQV'LUHFWRU5LFKDUG1/LX7KLVHYHQWZLOODOORZWKH%HLMLQJ
SXEOLFWRVHHDQGXQGHUVWDQGWKHUHVWRIWKHZRUOGDQGOHWWKHZRUOG
WRVHHDQGXQGHUVWDQG&KLQD
0SHBOJ[FSTPGUIF'FTUUIF4XJTT$IJOFTF$IBNCFSPG$PNNFSDF
#FJKJOH 4XJTT$IBN #FJKJOH
UPHFUIFS XJUI 4QFDJBM 0MZNQJDT
#FJKJOH 5IJT .POUI 1VCMJDBUJPOT 5IF 'JSTU OFXTQBQFS BOE 3JUBO
1BSL IPTUFE B TFSJFT PG CVTJOFTT UBMLT BOE TQFDJBM FWFOUT UP
QSPNPUFUSBEFBOEFDPOPNJDFYDIBOHFTCFUXFFO4XJU[FSMBOEBOE
(YHQWV5HYLHZ‫͗׷‬าҮཁѣ
%HLMLQJӑ̚
(YHQWV5HYLHZ‫͗׷‬าҮཁѣ
6+$1*+$, ʼ๑
D
E
F
-DQXDU\-RLQW&KDPEHU:RUNVKRS1HZ
<HDU1HZ,GHDV
)UHGULN +DUHQ WKH IRXQGHU RI ZZZLQWHUHVWLQJRUJ OHG WKH LQWHUDFWLYH VHVVLRQ E\
GLVFXVVLQJ WKH LPSRUWDQFH RI LQQRYDWLRQ SUREOHP GH¿QLQJ DQG FUHDWLYH WRROV 7KH
HYHQWZDVMRLQWO\RUJDQL]HGE\WKH%ULWLVK&KDPEHURI&RPPHUFHWKH&DQDGD&KLQD
%XVLQHVV&RXQFLODQGWKH6ZLVV&KDPEHULQWKH0D\IDLU+RWHO
G
ࣱత௅Ḟ‫͗׷‬ՋҨาҮḬளࣱளѸ਒nj
ࣱత௅Ḟ‫ڙ‬ʼ๑ࣄᳩ௢ܸܷᦤआˠҨ˿ၿᔭ‫͗׷ڍ‬ḞҪ˖᠞௛ူ֖̂͗
˖‫ڍ‬။‫͗׷ܢ‬ᐎՋ଍ѢᄉาҮḬளࣱளѸ਒nj൤൒̈Үयᝦ᝶ၿ'SFESJL)BSFOḞ
JOUFSFTUJOHPSHᎩቢᄉѸҨ̠˞૆Ḟᝦ᝶˞ᮤӉહḬѸளᄉ͈ϘḞൣᆷ߿˦᫇ᮤԢ
ѸளᄉࢹХnj
H
D 0U -RKQ /LHEHVNLQG 3UHVLGHQW 6ZLVV&KDP %HLMLQJ
PDNLQJ RSHQLQJ UHPDUNV IRU WKH VWDUW RI 6ZLVV )HVW DV
ORFDOV DQG H[SDWV HQMR\ WKH SHUIRUPDQFHV E\ EDQGV DQG
ORFDOSHUIRUPHUVOLNHWKH3LQJJX6SHFLDO6FKRRODQG.HUU\
6SRUWV&HQWUH
။‫͗׷ܢ‬ӑ̚ѫ͗͗᫁᧖ͣலऔ३Ўၶ‫ڙ‬။‫ܢ‬ᓫᄉध࣪यʼԦ
ᛪᝮពḞॆ‫ࡏڠ‬ඞ֖ܰ‫ڍ‬ధԣʶᡐൔᠵˬ᫲֖‫ڠ‬ழᛪ໥ᓧశࠑḞ
Β‫ྱ៭ࣰݟ‬൳ߥಢԢ‫᧖ى‬ᤁҮ˖ॶࣛ౎ᄉዴॐᛪ໥
E /HIW WR 5LJKW 0U 'HQLV 6FKPLG 'LUHFWRU RI WKH %RDUG
6HFUHWDU\ *HQHUDO 0U 3HWHU /LSSPDQQ 3UHVLGHQW /HLFD
*HRV\VWHPV DQG 0U -RKQ /LHEHVNLQG 6ZLVV&KDP %HLMLQJ
3UHVLGHQW DWWHQG /HLFD *HRV\VWHPV ODXQFK RI WKH ODWHVW
LQQRYDWLRQRI6PDUW5RYHUWKHZRUOG¶VOLJKWHVWFDEOHIUHH57.
*36V\VWHP
Ḛ̯ࢺҁԾḛ။‫͗׷ܢ‬ӑ̚ѫ͗ᗈ̂Щማ˹᫁˜ࡈல‡ԽࠚॳЎ
ၶNj२Ӵ฽᧙ጆፑМՂ঳ᜆ෗࠶ྱeѽ௾ఠNj။‫͗׷ܢ‬ӑ̚ѫ
͗͗᫁᧖ͣலऔ३ЎၶḞʶՎԟҪ२Ӵ฽᧙ጆፑМՂణளѸள
ᄉ4NBSU3PWFSḚКီణᣏᄉ௃ጲ35,(14ጆፑḛըҮ̀यnj
F3DUWLFLSDQWVQHWZRUNLQJGXULQJ6ZLVV)HVWZLWKWKH+DUG5RFN
&DIH0DQ-DP6RXWKWR0DGULGDQG7KH%HWD3URMHFW%DQGV
။‫ܢ‬ᓫᄉԟˀᏧˀᆵᆂᮿԉˬ᫲Nj.BO +BNNj4PVUI UP .BESJEԢ
5IF#FUB1SPKFDU#BOETʶᡐ
G 3DUDJRQ :LUHOHVV ODXQFKHV WKHLU QHZ PRELOH SKRQH DQG
SDUWLFLSDQWVWDNHDPRPHQWWRµFORZQDURXQG¶
ี။ܸመ௃ጲ੾శథᬌМՂᄉள‫ۋ‬੣఺અஉࣉ‫ڣ‬ḞԟˀᏧ
ύ఺þ࿈൓ÿ
H7HDPZRUNZLWK-XUDDQG6ZLW]HUODQG7RXULVP&KLQD¶V7HDP
ˀ͕။МՂNj။‫ܢ‬஺ຣࡌ˖‫ڍ‬ѫ᫲ʶᡐᄉ‫ڃ‬᫲าҮ
I 6ZLVV )HVW FORVLQJ FHUHPRQLHV ZLWK VSHFLDO JXHVWV IURP
6ZLW]HUODQG DQG WKH %HLMLQJ 7RXULVP $GPLQLVWUDWLRQ RQ
0DUFK WK /HIW WR 5LJKW 6ZLVV )RONORUH EDQG PHPEHU 0U
5LFKDUG/LX6ZLVV&KDP%HLMLQJ35'LUHFWRU0U:DQJ4LQJ
0DUNHWLQJ'LUHFWRU%HLMLQJ7RXULVP$GPLQLVWUDWLRQ0U6LPRQ
%RVVKDUW 'LUHFWRU 6ZLW]HUODQG 7RXULVP &KLQD 0U<X 'HELQ
9LFH'LUHFWRU %HLMLQJ 7RXULVP$GPLQLVWUDWLRQ 6ZLVV )RONORUH
EDQGPHPEHUDQG0U)UDQ].HOOHU6ZLVV)RONORUH0XVLFLDQ
ԟҪత௅။‫ܢ‬ᓫ᫆࣪̀यᄉ౎ᒬ။‫ܢ‬஺ຣࡌ֖ӑ̚஺ຣࡌ
ᄉྱѾ౎ࠕnj
Ḛ̯ࢺҁԾḛ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶḞӑ̚ࣉ஺
ຣࡌ‫ܪ‬᫁ဌຌЎၶḞ။‫ܢ‬஺ຣ˖‫ڍ‬Ӝ˞͉Ӊ᜴ᗛЎၶḞӑ̚
ࣉ஺ຣࡌҝࡌ᫁̅ॳ஢ЎၶḞ။‫ܢ‬ඞˬˬ‫੆ڃ‬տԢૈ૘'SBO[
,FMMFSЎၶnj
-DQXDU\±7KHIRXQGLQJRIWKH
6ZLVV6FLHQFH+RXVHLQ6KDQJKDLDQGWKH
(PEDVV\¶V6WUDWHJLF3URJUDPIRU6FLHQFHDQG
7HFKQRORJ\LQ&KLQD
I
'U+DQV3HWHU+HUWLJ'HOHJDWHIRUD6ZLVV+RXVHRI6FLHQFHLQ&KLQDDQG3DWULFN
)UH\PRQG &RXQFHOORU IRU 6FLHQFH 7HFKQRORJ\ DQG (QYLURQPHQW RI WKH 6ZLVV
(PEDVV\ LQ %HLMLQJ KHOG LQIRUPDWLYH SUHVHQWDWLRQV DERXW WKH IXWXUH FRRSHUDWLRQ
EHWZHHQ&KLQDDQG6ZLW]HUODQGUHJDUGLQJ6FLHQFHDQG7HFKQRORJ\
$IJOB%VSJOHUIFEBZGFTUBTFSJFTPGMJWFQFSGPSNBODFTJODMVEJOH.FMWJO5BZMPSBOE
UIF4MBDL#BOEGSPN$IJDBHPBOEUIF)BSE3PDL$BGj#BOEBMTPQFSGPSNFE
4VQQPSUFEBOETQPOTPSFECZ#BZFS$PDB$PMB&YDFM)JHI4DIPPMUIF)BSE3PDL$BGj
UIF*DF)PVTF+VSB,FSSZ$FOUSF)PUFM,FSSZ4QPSUT$FOUSF-FJDB(FPTZTUFNT1BSBHPO
8JSFMFTT*ODPSQPSBUFEBOE4XJTT$PGGFFSUIF4XJTT'FTUXJMMEPOBUFPOFZVBOQFSUJDLFU
TPMEUPUIF4QFDJBM0MZNQJDTJUTDIBSJUZPGDIPJDF
3KRWR&UHGLW0U5LFKDUG/LX6ZLVV&KDP3XEOLF5HODWLRQV'LUHFWRU
ࣱత௅။‫ܢ‬ᓫડध௅‫ڍڲ‬ᬄ஠Ӑ̓ึᓫࣿ࣪
ࣱత௅‫ڙ‬ӑ̚௅‫ڲ‬М‫چ‬ˠҨᄉ‫ڍ‬ᬄ஠Ӑ̓ึᓫጆѴาҮ˖Ḟ။‫ܢ‬ᓫ΍ᤇ˓̯
͛ፑᄉၸ̅௽ጶNjϭ௸ৢ᫋஘൥ᄉ‫ڣ‬੝Ԫ३ᮗХ။‫ܢ‬᮲։nj
௅‫ڲ‬М‫౏͉˞چ‬သ‫ܢݘ‬ឬḬþᑞܴஂ૆‫ڍ‬ᬄጷጺ‫چੇڙ‬ˠҨᤇሗาҮḞࣲ‫ڙ‬Кˆႌᔴ‫ډ‬Ю
଍ࣸឞาҮḞੇ͂ਕҁ᭣࣡ᒬ៷njÿ
าҮᄉӨҨழ။‫ܢ‬஺ຣࡌ३ҁ။‫ܢ‬ᰳࡢචϊ᭞ᅏḞࡂ။‫ܢ‬ᓫध࣪ґі࠴ௐḞʶ‫ڣ‬Ѣ˪਒஧
ᄉ௢ᭂፋМ‫چ‬ᩓʼ˿ʶࡎᘘᘘᄉᭂඓnjาҮᤈᛠ᣾ር˖᫹Џ੩ᆠ˿ԑ᧗ᄉ᫺᭝Ḟ˝။‫ܢ‬ᓫ
‫ܘ‬ຊЏॐnj
þ௅‫ڍڲ‬ᬄ஠Ӑ̓ึᓫጆѴาҮை‫ࣱڙ‬ӑ̚‫ݗ‬ᤁ͗˧ґᖸᤴ˗ࠜᄉ‫ڍ‬ᬄဖܑNj۱
Ш‫ݗ‬ౣӛАዴᇷÿ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶឬḞþᤇʶาҮ࠱˝ӑ̚М͔ଡΘଋ
ᝎࣲူᝌˆႌФ̴‫ڠ‬ழᄉ఺͗ḞՎௐ˶ᝧˆႌଋᝎࣲ˿ᝌ˖‫ڍ‬njÿ
าҮጷጺᏧḞ˖‫ڍ‬။‫͗׷ܢ‬ӑ̚ѫ͗Վ൴‫͗ݗ‬NjǑӑ̚తᝬǒNjኃʶઐ᥊̾Ԣ௅‫ڲ‬М‫چ‬ˠ
Ҩ˿ʶጆѴΧᤈ˖။᠞௛֖ፂ฿̓ึᄉ‫͗ˉ׷‬ៀ֖ྱѾาҮnj‫˝ڙ‬యܸᄉ஠ӐᓫาҮ˖Ḟ
৥ᑞൔᠵҁʶጆѴဗ‫ڣ‬ᛪ໥ḞӉહᓹҪ‫׍‬ᗯុˬ᫲̾Ԣᆵᆂᮿԉˬ᫲ᄉዴॐᛪ໥nj
ၿર᏾МՂNjԺԯԺˬМՂNj&YDFM)JHI4DIPPMNjᆵᆂ֝‫׾‬NjсंᦤաNj͕။МՂNj‫᧖ى‬
˖ॶᯋआNj‫᧖ى‬ᤁҮ˖ॶNj२Ӵ฽᧙ጆፑМՂNjᄇឲᐯ௃ጲႂМՂ̾Ԣ။‫׾֝ܢ‬ᡁүḞ။
‫ܢ‬ᓫ‫׫‬Ѣᄉඇष᫂ᇽஅЙ˖࠱ૅѢʶЊᨐͺ˝ਝؒ૫൛૫ᡂፋ൴‫͗ݗ‬nj
+DQV 3HWHU +HUWLJ LV PDQGDWHG E\ WKH 6ZLVV 6WDWH 6HFUHWDULDW IRU (GXFDWLRQ DQG
5HVHDUFKWRHVWDEOLVKDVRFDOOHG6ZLVV+RXVHRI6FLHQFHLQ&KLQDZLWKLQWKHQH[W
WZR\HDUV,WZLOOEHWKHIRXUWK6FLHQFH+RXVHWKH6ZLVVJRYHUQPHQWLVVHWWLQJXSLQWKH
ZRUOGWKHRWKHUWKUHHKRXVHVDUHORFDWHGLQ%RVWRQ6DQ)UDQFLVFRDQG6LQJDSRUH
7KHQHZ6ZLVV6FLHQFH+RXVHLQ6KDQJKDLKDVDORQJWHUPRULHQWDWLRQ7KHPDLQ
JRDORIWKHLQVWLWXWLRQLVWRHVWDEOLVKDVROLGFRRSHUDWLRQQHWZRUNEHWZHHQ&KLQHVHDQG
6ZLVVUHVHDUFKHUVWKDWZLOODOORZDQGIRVWHUERWWRPXSLQLWLDWLYHVIURPWKHWZRVFLHQFH
FRPPXQLWLHV LQ WKH \HDUV WR FRPH $FWLYLWLHV ZLOO LQFOXGH ZRUNVKRSV VHPLQDUV
YLGHRFRQIHUHQFHVH[FKDQJHSURJUDPVDQGMRLQWODEV,QDGGLWLRQWKH6ZLVV+RXVH
ZLOO SURYLGH ZRUNSODFHV IRU 6ZLVV VFLHQWLVWV VSHQGLQJ VRPH WLPH LQ &KLQD DQG ZLOO
KRVWUHSUHVHQWDWLYHVRIPDMRUSOD\HUVRIWKH6ZLVVVFLHQFHVFHQH)HGHUDO,QVWLWXWHRI
7HFKQRORJ\&RPPLVVLRQRI7HFKQRORJ\DQG,QQRYDWLRQDQGRWKHUV
+DQV 3HWHU +HUWLJ ZKR KDV VHUYHG DV 6HFUHWDU\ *HQHUDO DQG ([HFXWLYH
'LUHFWRU RI WKH 6ZLVV 1DWLRQDO 6FLHQFH )RXQGDWLRQ IRU \HDUV ZLOO DOVR EH
DFWLYHEUDQGLQJ6ZLW]HUODQGDVDVFLHQFHFRXQWU\DQGLQFRUSRUDWLQJVFLHQFHDV
DQLPSRUWDQWSDUWRI6ZLVVIRUHLJQSROLF\(\HFDWFKLQJHYHQWVWKDWOLQNVFLHQFH
WR RWKHU GLPHQVLRQV RI VRFLHW\ OLNH WKH DUWV VSRUWV HWF ZLOO KHOS WKLV SXUSRVH
7KHSURMHFWLVILQDQFHGE\WKH6ZLVVJRYHUQPHQWEXWVKRXOGDVZHOODWWUDFWWKH
LQWHUHVWRISULYDWHVSRQVRUVLQWKHIXWXUH
3DWULFN)UH\PRQGLQWURGXFHGWKUHHPDLQVWUDWHJLFSLOODUVLQUHJDUGRI6ZLVV6FLHQFH
DQG7HFKQRORJ\LQ&KLQD
'HYHORS6ZLW]HUODQG¶VVFLHQWL¿FDQGWHFKQRORJLFDOLPDJHLQ&KLQDDQGYLFHYHUVD
2UJDQL]HVWUDWHJLFHYHQWVZLWKWKH&KLQHVHJRYHUQPHQWDQG
6XSSRUWVFLHQWLVWVDQGVWXGHQWVIRUPXWXDOH[FKDQJHLQERWKFRXQWULHV
୉ॕ˖‫ڍ‬။‫͗׷ܢ‬МС঳ᄢѵএᇱЎၶ
(YHQWV5HYLHZ‫͗׷‬าҮཁѣ
6KDQJKDLʼ๑
(YHQWV5HYLHZ‫͗׷‬าҮཁѣ
6KDQJKDLʼ๑
3DWULFN)UH\PRQGSRLQWHGRXWWKDW6ZLW]HUODQG¶VLPDJHLQ&KLQDLVDWWKHPRPHQWPXFKVWURQJHULQWKH¿HOGVRI
WRXULVPDQGZDWFKHVWKDQLQVFLHQFHDQGWHFKQRORJ\2QHRIWKHPDLQWDVNVLVQRZWRSURPRWH6ZLVVVFLHQFH
DQGWHFKQRORJ\DQGLWVDFKLHYHPHQWV6ZLW]HUODQGKDVWKHKLJKHVWUDWLRRI1REHO3UL]HZLQQHUVLQWKHZRUOG
%ULW&KDPDQG6ZLVV&KDPLQYLWHG1DWKDQ.DLVHU$WWRUQH\DWODZDWWKHSURPLQHQW=XULFK
ODZ¿UP
:HQJHU9LHOLWRGLVFXVVWKHODZDQGUHDOLW\RIGLVWULEXWLRQLQ&KLQDWRGD\7KH
HYHQWZDVDWWHQGHGE\SHRSOHDQGZDVKHOGLQWKH+LOWRQ6KDQJKDL
DQG LV D YDOXDEOH FKRLFH DURXQG WKH JOREH IRU XQGHUJUDGXDWH DQG JUDGXDWH VWXGLHV 7R PDNH 6ZLW]HUODQG
EHWWHUNQRZQLQWKHUHVSHFWLYH¿HOGVDQGWRERRVWWKHFRRSHUDWLRQZLWK&KLQHVHXQLYHUVLWLHVDQGFRPSDQLHV
WKH (PEDVV\ RUJDQL]HV YDULRXV DFWLYLWLHV HYHQWV GLVWULEXWHV UHOHYDQW LQIRUPDWLRQ DQG LQYLWHV VFLHQWLVWV
WR DQG IURP 6ZLW]HUODQG 7KH 6ZLVV )HGHUDO ,QVWLWXWH RI 7HFKQRORJ\ LQ =XULFK (7+ =XULFK SOD\V D PDMRU
ࣱత௅ḞᐎՋ‫͗׷‬าҮḬѫᩘ‫ڍ˖ڙ‬Ḭก।ˀဗࠃ
FRRUGLQDWLRQUROHLQWKLV¿HOG7KHH[FKDQJHRI3K'VWXGHQWVLQVFLHQFHLVSURPRWHGE\QXPHURXVIHOORZVKLSV
LQ6ZLW]HUODQGDQG&KLQDDQGE\LQWHQVL¿HGFRRSHUDWLRQVEHWZHHQ6ZLVVDQG&KLQHVHXQLYHUVLWLHV7KHZRUWK
ʼ๑ᔭ‫͗׷ڍ‬ˀ˖‫ڍ‬။‫͗׷ܢ‬ᐎՋᥘឯ˿ᗂՏᄉ။‫ܢ‬஠ண।࣍̂ҫ੝ᄉ।࣍/BUIBO
,BJTFSḞ˝ॆܸԟҪาҮᄉͮ౎ࠕᝮᝌ˿˖‫ڍ‬ѫᩘᄉก।ˀဗࠃnjఴ൒าҮ‫ڙ‬ʼ๑࣎࠶
ᮏᦤआˠᛠnj
LPSOHPHQWDWLRQLQ&KLQDRI6ZLVVWHFKQRORJ\LQQRYDWLRQVLVDOVRVXSSRUWHGE\DJRYHUQPHQWDOSURJUDP7KH
HYHQWZDVDWWHQGHGE\DSSUR[LPDWHO\SHRSOHDQGZDVKHOGLQWKHFKDUPLQJ-&0DQGDULQ+RWHO
SE
ࣱత௅။‫ܢ‬መߥᬒ‫ڙ‬෫੆በ̾Ԣ။΍ᯝ‫ڙ‬ӧመ੾ੌ႔Ԧࡘ᝟Ѳ
ध˿С̅˖။‫ڙ‬መ੾ழ᭦Ջͺґ௿ᄉζোԦ࣊͗nj
။‫ܢ‬ஓᐱ֖ᆐቂማ˹͉᫁֐)BOT1FUFS)FSUJH‫ڙ‬ల౎ˏࣱЮ‫ڙ‬ӧतበʶ੝။‫ܢ‬መߥᬒnjᤇ࠱੆˝။‫ܢ‬ஊउ‫ڙ‬К
ࣱత௅ḞᐎՋ‫͗׷‬าҮ
ီᔴ‫ډ‬Ю᝹በᄉኃ‫ࠑٽ‬መߥᬒḚԲܰʻࠑѫѾͮ̅จ‫ܢ‬ᮏNjே᧚ࡢ֖ளҪ‫ڸ‬ḛnj‫ڙ‬෫ளत੆ᄉ။‫ܢ‬መߥᬒ߿
्यnjᬓ൤˧ܰḞ။‫ܢ‬መߥᬒᤆ࠱˝ᆀయ౎ӧᄉ။‫ܢ‬መߥࠑ͂ଡΘࢹͺ‫ڣ‬੝ࣲଋय़౎ᒬ။‫ܢ‬መߥႌᄉ˞᜵̼
ᛪḚᐎᥧመ੾Ө͗Njመ੾֖Ѹள‫ށ‬տ͗ኍḛnj
)BOT 1FUFS )FSUJH‫ڙ‬။‫ࠑڍܢ‬መߥᬒ͉ᐋማ˹᫁Ԣ঳ᄢ᫁᣹ࣱ˧ˣḞ̴࠱ሤ౜‫ڙڠ‬ӧ଍ࣸ။‫ܢ‬ͺ˝መߥܷ
‫ڍ‬ᄉ्៵ࣲ࠱መߥͺ˝᧗᜵ጷ੆ᦉѫᚷЙ။‫̓ܰܢ‬ஊንnj࠱መߥˀФ߱ᇪ͗ᮖ۪Ḟ‫ݟ‬ᓧశNjͳᐱኍᐎጆᡐ౎
ᄉ͔ܲཤཁবาҮ˶࠱ࣞү᣹੆ᤇʶᄫᄉnjᤇʶᮉᄫၿ။‫ܢ‬ஊउѢᠪᡁүͭՎಧ൓ᤀඞᫍᡁү‫׷‬ᄉҪЙnj
1BUSJDL 'SFZNPOE᫧ᤗ˿။‫ܢ‬መߥ੾శ‫ڙ‬ӧԦࡘᄉʻܷੌ႔ᄫಕḬḛ‫ڙ‬ӧΧᤈ။‫ܢ‬ͺ˝መ੾ܷ‫ڍ‬ᄉ्៵Ḟԥ
˧̕ཨḭḛՎ˖‫ڍ‬ஊउՋͺጷጺХథੌ႔਒˦ᄉาҮḭḛܷҦΧᤈˏ‫ڍ‬ᫍᄉߥᏧԢߥၶᄉᄰ̈̓ึߥ˷nj
0DUFK,QWHUQDWLRQDO6SULQJ0L[HU
LQWHUQDWLRQDO &KDPEHUV RI &RPPHUFH KDYH MRLQHG IRUFHV DQG RUJDQL]HG WKH
LQWHUQDWLRQDO 6SULQJ 0L[HU $V ODVW \HDU WKLV VRFLDO HYHQW KDV SURYHQ WR EH YHU\
VXFFHVVIXOZLWKVHYHUDOKXQGUHGSDUWLFLSDQWV7KHHYHQWZDVRUJDQL]HGLQWKH6R¿WHO-LQ
-LDQJ2ULHQWDOLQ3XGRQJ
။‫ڙܢ‬ӧመߥᬒ̼ᛪ%S )BOT 1FUFS )FSUJHԢӑ̚။‫ܷܢ‬΍ᯝመߥNj੾శˀဖܑᮖ̂1BUSJDL 'SFZNPOEРՎԷ
ͮ᫁ᤉḞФ˞᜵ᄫಕ˝‫˖ڙ‬။ˏ‫ڍ‬ᆐቂߥᏧᫍतበᡐ‫ࠃڱ‬ሶ‫ڌ‬ᄉՋͺࣰԻḞ‫̬ڙ‬Րᄉࡦత᧖γᬩࣲΧᤈˏ‫ڍ‬
መߥᮖ۪ᄉሤ౜ՋͺnjФˠҨᄉาҮ࠱๯ᄥࢹͺ‫ک‬Njᆐᝦ͗Nj᜼ᮟ͗ᝫNjՉሗ̓ึᮉᄫԢᐎՋࠃᰍࠈኍܲሗ
0DUFK-RLQW&KDPEHU(YHQW'LVWULEXWLRQLQ
&KLQD/DZ5HDOLW\
ࠑ‫͗׷‬ᐎՋጷጺ˿൤൒ࣱ௢ߢྱѾาҮnjᡱԜࣱʶಧḞஜ̾ᄇ᝟ᄉ‫͗͗׷‬տԟҪ
˿൤൒‫ڙ‬ʼ๑ˋ᩼෇ጉᖦྱܷᦤआˠᛠᄉܷ‫ۋ‬ᇪ̓าҮnj
0DUFK±%DQNVLQ&KLQD
+DUWPXW2HUWHO&KLHI5HSUHVHQWDWLYHRI+6+1RUGEDQN$*LQ6KDQJKDLLQIRUPHG
WKHDXGLHQFHDERXWWKHRQJRLQJFKDQJHVLQWKH&KLQHVHEDQNLQJVHFWRU+LVSUHVHQWDWLRQ
ORRNHGDWWKHWUDQVIRUPDWLRQRIWKHEDQNLQJV\VWHPVLQFHDQGWKHSUHVHQWEDQNLQJ
VLWXDWLRQZLWKWKH³%LJ)RXU´0U2HUWHODOVRGLVFXVVHGWKHUROHIRUHLJQEDQNVKDYHULJKW
QRZDQGFRXOGSRWHQWLDOO\KDYHLQWKHIXWXUHLQWKHRSHQLQJ&KLQHVH¿QDQFLDOPDUNHWV
7KHHYHQWZDVRUJDQL]HGE\WKH$XVWUDOLDQ&DQDGLDQDQG6ZLVV&KDPEHUVDQGZDVKHOG
1BUSJDL 'SFZNPOEૈѢॆґ။‫ڍ˖ڙܢ‬ᄉ्៵̮Ϣ႐‫ڙ‬Ԧ᣹ᄉ஺ຣˉ֖᧾ᛪˉᏪ᭣መ੾ᛠˉnjॆґణ˞᜵ᄉ͉
LQWKH5HQDLVVDQFH6KDQJKDL3XGRQJ+RWHOSHRSOHDWWHQGHG
ҫ˧ʶࡂ௦᜵तበ။‫ܢ‬ᄉመߥ੾శ्៵Ԣࠇ͛Ф੆ࡂḬ။‫ܢ‬઴థˆႌʼణܲᄉឲ᠄࠶‫ݑ‬ᖌ३ᏧḞ௦ఴመ֖ᆐ
ቂၶයߥᄉူਆᤤસ‫˧ڠ‬ʶnj˝ଡᰳ။‫ڙܢ‬൤ழ᭦ᄉᅻՏऎࣲҪुˀ˖‫ڍ‬ᰳኍᬒಢ֖͌ˉᄉՋͺḞ။‫ܷܢ‬΍
ࣱత௅ú˖‫ڍ‬ᩏᛠˉᄉԦࡘ
ᯝጷጺधࡘ˿ܲሗܲಧᄉาҮԢᮉᄫNjଡΘᄰСζোࣲᥘឯˏ‫ߥڍ‬Ꮷᄰ̈̓ึ᝺᫇njͮ̅ᔙᳩ‫ܢ‬ᄉ။‫ܢ‬ᐎᥧ
Ԉྱ࠶Ўၶॳ‫ڍ‬ӑழᩏᛠᐦ͊థᬌМՂᄉᯪ̼ࣝᛪḞ˝ॆܸԟҪาҮᄉ౎ࠕᝮᝌ˿˖‫ڍ‬
መ੾Ө͗Ḛ&5) ;VSJDIḛ‫ڙ‬൤ழ᭦Ԧ૘˿᧗᜵ᄉӨុͺၸnjˏ‫ူڍ‬መḚӯ‫ܢ‬ḛၶᄉ̓ึᮉᄫ‫ͳڃڍˏ͔ܲڙ‬
ԢᰳಢᫍᄉጊࠚՋͺʽᗵҹधࡘḞ။‫੾ܢ‬శѸளᮉᄫ˶‫ڙ‬ஊउ᝟Ѳᄉஂ૆ʽ३ҁᓡ‫ݝ‬ᄉ᠕ख़ࠃஶnj
ᩏᛠˉൣ‫ڙ‬ԦၶᄉԪӐnj̴ᄉ໥ᝮᅋᅊࣱ̅̾౎ஞ˓˖‫ڍ‬ᩏᛠጆፑᄉԪ᭨Ḟ̾Ԣॆ
ґ‫ܷٽ‬ᩏᛠ˞࠭ᄉᩏᛠˉဗ࿃njԈྱ࠶ЎၶՎௐ᝶ᤗ˿ܰᠪᩏᛠ‫ڙ‬ᄫґԢల౎˖‫᧚ڍ‬ᚷ
ఴ൒าҮ‫ڙ‬ᗂՏᄉʼ๑᩼෩஠ӧܷᦤआˠᛠḞጝՏ౎ࠕѢࣝ˿ఴ൒าҮnj
ࣉ‫ڣ‬धஉՐᄉԺᑞᄉᝇᓣᣀӐnj൤൒าҮၿ་ܷѽ̍‫͗׷‬ḞҪૅܷ‫ڍ˖֖͗׷‬။‫͗׷ܢ‬
0DUFK3HUVRQDO,QFRPH7D[RI)RUHLJQ([SDWULDWHV
ᐎՋˠҨnjРథͮ౎ࠕѢࣝ˿‫ڙ‬ʼ๑ງܷʹ˟ᦤआˠҨᄉ൤൒าҮnj
'U7KLOR .HWWHUHU KHDG RI 5RHGO 3DUWQHU LQ &KLQD JDYH DQ LQWHUHVWLQJ VSHHFK DERXW WKH LQGLYLGXDO
LQFRPH WD[ IRU IRUHLJQ H[SDWULDWHV 7KH &KLQHVH WD[ ODZ FRQFHUQLQJ WKH LQGLYLGXDO LQFRPH WD[ IRU IRUHLJQ
H[SDWULDWHVVWLSXODWHVWKHREOLJDWLRQWRSD\WD[RQLQFRPHWKDWGHULYHVDWOHDVWIURP&KLQHVHVRXUFHV7KH
VSHDNHUJDYHDQLQWURGXFWLRQRQWKHWRSLFDQGSUHVHQWHGVRPHGHWDLOVRQKRZWRRSWLPL]HWKHWD[EXUGHQDQG
RQWKHFRQVHTXHQFHVRIXQGHUSDLGWD[HV
7KHHYHQWZDVDWWHQGHGE\SHRSOHDQGZDVKHOGLQWKH5DGLVVRQ+RWHO6KDQJKDL1HZ:RUOG
ࣱత௅С̅ܰዙ̠‫ڙܢ‬ӧ˓̠੝३ሯᄉᝮए
Ꭼॳ͗᝟࣍̂ҫ੝ʼ๑̼ᛪ‫ܪ‬ᄉᯪ̼ࣝᛪḞಌฐˬӯ‫ܢ‬ḞၶҮథᡙ‫˝ڠ‬Չͮ౎ࠕᝮᝌ˿С̅ܰዙ̠‫ڙܢ‬ӧ˓
̠੝३ሯᄉՉሗ᫇ᮤnj˖‫ڍ‬ก।᜺߿Ḭܰዙ̠‫ܢ‬ᒯ࠵ॸᮋ˝౎ᒬ˖ழᄉஅЙ̶ሯnjಌฐˬӯ‫ࡂܢ‬ᤇʶ˞ᮤࡘ
ध̭ፀḞࣲࡂ‫ʹݟ‬΍ሯҫ᠆ઝణ͕Ӑᄉጹᓫᤈᛠ˿ѫౡ֖ᝦ᝶nj
Рథͮ౎ࠕѢࣝ˿൤൒‫ڙ‬ʼ๑ளˆႌ˟ቹܷᦤआˠҨᄉาҮnj
6ZLVV&KDP1HZ0HPEHUV။‫͗׷ܢ‬ள͗տ
%HLMLQJӑ̚
&RUSRUDWH0HPEHUV
0U0DUN:DQJ
0V*ORULD=KDQJ
&RPSDQ\,QWHU$UFKL&R/WG
5RRP 6XLWH 1R )LUVW &LW\ %XLOGLQJ ;L 'D
:DQJ5RDG%HLMLQJ
:HE
ZZZPHWDODUFKLFRP
7HO
)D[
0U&KULV'LOOH\
&RPSDQ\3KLOLS0RUULV&KLQD0DQDJHPHQW&R/WG
8QLW&KLQD:RUOG7RZHU,,1R-LDQJXRPHQZDL
$YHQXH%HLMLQJ
:HE
ZZZ
7HO
)D[
0U)HL]1DMPL
&RPSDQ\0RYH2QH5HORFDWLRQV
6XLWH$.HOXQEXLOGLQJ*XDQJKXDURDG%HLMLQJ
:HE
ZZZPRYHRQHUHORFRP
7HO
)D[
0V/LOL7DR
0U2OLYHU6FKPLG
&RPSDQ\%HLMLQJ$LUSRUW+LJKWHFK
$ 1R <X 0LQ 6WUHHW$UHD % %HLMLQJ$LUSRUW
,QGXVWULDO=RQH
7HO
&RUSRUDWH$VVRFLDWH0HPEHUV
0V3LQJ+X
0U:LOOLDP/DL
0U3LODU/DJXDQD
&RPSDQ\:DOGHU:\VV3DUWQHUV$WWRUQH\VDW/DZ
0XHQVWHUJDVVH32%R[&+=XULFK
:HE
ZZZZZSFK
7HO
)D[
0U+XDQJ3LQJ
&RPSDQ\.URQRVZLVV&KLQD6KDQJKDL&2/WG 5P%1R;LQJ<L5RDG6KDQJKDL
:HE
ZZZNURQRVSDQFRP
7HO
)D[
0V6DEULQD0D
&RPSDQ\%HLMLQJ-LDOLQ)XUQLWXUH&R/WG
1R&RPPXQLW\&DRTLDR;LQ\XDQ
)HQJWDL%HLMLQJ
:HE
ZZZ-/--QHW
7HO
0U-RH2NDGD
&RPSDQ\*XDP9LVLWRUV%XUHDX
3DOH6DQ9LVLWRU5RDG7XPRQ*XDP
:HE
ZZZYLVLWJXDPRUJ
7HO
)D[
&RPSDQ\*XDP9LVLWRUV%XUHDX
3DOH6DQ9LVLWRU5RDG7XPRQ*XDP
:HE
ZZZYLVLWJXDPRUJ
7HO
)D[
,QGLYLGXDO0HPEHUV
&RPSDQ\0HWDO&KLQD+ROGLQJ/7'
' 7RZHU $ 2ULHQWDO .HQ]R 1R 'RQJ]KLPHQZDL
$YHQXH%HLMLQJ
7HO
0U&KDUOLH&KXQ/RRQJ
&RPSDQ\$6,$3$&,),&60(*(1(5$/81,21
7HO
)D[
&RPSDQ\3ULFHZDWHUKRXVH&RRSHUV
)2I¿FH7RZHU$%HLMLQJ)RUWXQH3OD]D
'RQJVDQKXDQ1RUWK5RDG%HLMLQJ
7HO
&RPSDQ\6KDQJKDL6KLH<X0DFKLQH3DUWV
7HO
$VVRFLDWH0HPEHUV
0U5XVVHOO3UREHUW
0U$OH[DQGHU/XHGL
&RPSDQ\&DSLWDO(LJKW
/HYHO 6KDQJKDL .HUU\ &HQWUH 1DQMLQJ ;L /X
6KDQJKDL
:HEZZZFDSLWDOHLJKWFRP
7HO
)D[
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
&RPSDQ\*HRUJ)LVFKHU&RUSRUDWH+HDG2I¿FH&KLQD
:HEZZZJHRUJ¿VFKHUFRP
7HO
)D[
ႂពḬ
͛ᄽḬ
*613URSHUW\6HUYLFHV&R/WG
0U*UHJRU\%RXUQHW
0V3X/LX
&RPSDQ\%DXPDQQ6SULQJV6KDQJKDL&R/WG
1R6KHQ;LD5RDG
-LDGLQJ'LVWULFW
6KDQJKDL)RUZDUG+LJK7HFK=RQH
6KDQJKDL
&KLQD
:HEZZZEDXPDQQVSULQJVFRP
7HOHSKRQH
7HOHID[
ՏሥḬࠂᯰीዓʼ๑థᬌМՂ
‫ڦڠ‬Ḭʼ๑ࣉ‫߿ى‬Ӝʼ๑‫ܬ‬ӧᰳள੾శ‫چ‬Ӝႁ᭖ᡸՁ
ᥪᎃ
ႂព
͛ᄽ
0U'DQLHO)LQN
0U-HDQ0LFKHO)ORFK
0V)DQ:X
0U)UHGHULFN6SRNH
&RPSDQ\.DLVHU$*)DKU]HXJZHUN
9RUDUOEHUJHUVWUDVVH
6FKDDQZDOG
/LHFKWHQVWHLQ6ZLW]HUODQG
:HE
ZZZNDLVHUOL
7HO
)D[
0V;LH0HLHU6OPD
&RPSDQ\3KLOLS0RUULV&KLQD0DQDJHPHQW&R/WG
8QLW&KLQD:RUOG7RZHU,,1R-LDQJXRPHQZDL
$YHQXH%HLMLQJ
:HE
ZZZ
7HO
)D[
Տሥ
ᖦѽ௾ᖅ᧖ல˖‫ˉ͌
ڍ‬ክူథᬌМՂ
ႂព
͛ᄽ
&RPSDQ\5HG*URXS
5P 7RZHU -LDQ :DL 62+2 1R (DVW UG
%HLMLQJ
:HE
ZZZUHGJURXSFRP
7HO
)D[
&RUSRUDWH0HPEHUV
&RPSDQ\9LFWRULQR[&KLQD/LPLWHG
5RRP6LQR/LIH7RZHU=KDQJ\DQJ5G
6KDQJKDL
:HEZZZYLFWRULQR[FRPFQ
7HO
)D[
ՏሥḬ፤ගᨁѧ‫ˉ׷‬Ḛ˖‫ڍ‬ḛథᬌМՂ
‫ڦڠ‬Ḭष౏ᡸՁၶ֐̠࠮ܷԗࠈ
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
&RPSDQ\%HLMLQJ%0+,QVWUXPHQWV&R/WG
1R ;XH <XDQ 1DQ 5RDG +DLGLDQ 'LVWULFW %HLMLQJ
:HEZZZEPKFRUSFRPFQ
7HO
)D[
0U3DXO<X
&RPSDQ\7HFDQ*URXS$*%HLMLQJ5HSUHVHQWDWLYH
2I¿FH5P%XLOGLQJ$-LDQZDL62+21R
'RQJVDQKXDQ=KRQJOX5G%HLMLQJ
7HO
)D[
6ZLVV&KDP1HZ0HPEHUV။‫͗׷ܢ‬ள͗տ
&RPSDQ\3DYLOOLRQ
5XVVHOO6FRWW/WG(VWRULO&RXUW*RQJWLEHLOX%HLMLQJ
:HE
ZZZSDYLOOLRQEHLMLQJFRP
7HO
)D[
) 0DLQ %XLOGLQJ /DQH +RQJTLDR 5RDG
6KDQJKDL
:HEZZZJVQFRPFQ
7HO
)D[
ՏሥḬᄊலЮʼ๑
ྫྷˉክူనҫథᬌМՂ
‫ڦڠ‬Ḭʼ๑ࣉᙅೃᡸफՁNj໗ऐᔉᔈ‫͗چ‬੝഍
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
0U'DQLHO-HWWHO
&RPSDQ\6ZLVVSRUW,QWHUQDWLRQDO/WG6KDQJKDL
5HSUHVHQWDWLYH
=KDRIHQJ :RUOG 7UDGH %XLOGLQJ 1R -LDQJVX
5RDG6KDQJKDL
:HEZZZVZLVVSRUWFRP
7HO
)D[
4IBOHIBJʼ๑
ՏሥḬ။‫ڍܢ‬ᬄቆຠనҫథᬌМՂʼ๑̼ᛪ‫ܪ‬
‫ڦڠ‬Ḭ෇ᔙᡸՁЍ˗ˆ᠞ܷԗࠈ
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
%ODVHU6ZLVVOXEH6KDQJKDL
5HSUHVHQWDWLYH2I¿FH
))+XD'X0DQVLRQ
:HEZZZEODVHUFRP
7HO
)D[
ՏሥḬ။‫ࣄܢ‬ጉМՂʼ๑̼ᛪ‫ܪ‬
‫ڦڠ‬Ḭ๋ˋளӜष౏ᡸՁ഍*ए
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
,QGLYLGXDO0HPEHUV
0UV%DUEDUD.DHFK6FKZDE
&RPSDQ\3ULFHZDWHUKRXVH&RRSHUV6KDQJKDL
3ULFHZDWHUKRXVH&RRSHUV &HQWHU +X %LQ 5RDG
6KDQJKDL
:HEZZZSZFFRP
7HO
)D[
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
0U0DUF5RWK
&RPSDQ\$LEL[/WG6KDQJKDL%UDQFK
5RRP)$OH[DQGUD+RXVH&HQWUDO,FH+RXVH
6WUHHW6KDQJKDL
:HEZZZDLEL[FRP
7HO
ՏሥḬ̍ᏀథᬌМՂʼ๑ѫМՂ
‫ڦڠ‬Ḭᯭຠ˖ဖᭂԇᛣԊࡢܷԗ഍ࠈ
ႂពḬ
0U7KRPDV3HUSHUH
&RPSDQ\/$%%5$1'&KLQD&RQVXOWLQJ
6KDQJKDL &UHDWLYH ,QGXVWU\ &OXVWHULQJ 3DUN
0RJDQVKDQ5RDG%XLOGLQJQGÀRRU
:HEZZZODEEUDQGFRP
7HO
)D[
‫ڦڠ‬Ḭ˖‫ڍ‬ʼ๑ࣉᖅ࣯ࡢᡸՁ ʼ๑Ѹ਒̖ˉᬶᐐӜ
ಙࡎ
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
0U$QGUHDV5RGHO
&RPSDQ\6KDQJKDL)XOOHU)RRGV&R/WG
<XQ 4LDR 5RDG-LQTLDR ([SRUW 3URFHVVLQJ =RQH
3XGRQJ
7HO
)D[
ՏሥḬʼ๑ለˬᮻֵథᬌМՂ
‫ڦڠ‬Ḭ˖‫ڍ‬ʼ๑๋ˋ᧚ೃѢԯҪࢹӜ̇ೃᡸՁ
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
0U)ORULDQ/XHWKL
&RPSDQ\-RHUJHQVHQ$VVRFLDWHG6KDQJKDL&R/WG
1R-LQ/LQJ(DVW5RDG)6XLWH6KDQJKDL
:HEZZZMRHUJHQVHQFQ
6ZLVV&KDP1HZ0HPEHUV။‫͗׷ܢ‬ள͗տ
:HEZZZFLEDVFFRP
7HO
ᥪᎃḬ
ႂពḬ
$VVRFLDWH0HPEHUV
0U8ZH6HHJHU
0V%HLOHL+X
&RPSDQ\6KDQJKDL6XQOLJKW)RUZDUGHU&R/WG
:HEZZZVXQOLJKW#VRKXFRP
7HO
)D[
ՏሥḬʼ๑ᄨ੫᠍ᤁ̼ူథᬌМՂ
‫ڦڠ‬ḬˋܷՏᡸफՁࠈ
ႂពḬ
͛ᄽḬ
0V<XQTLQ&KHQ
&RPSDQ\6KDQJKDL+HQJ<L,QGXVWULDO&R/WG
6XLWH :HVW +RXVH 1R 7LDQ 6KDQ 5G
6KDQJKDL
7HO
)D[
ՏሥḬʼ๑়˦ࠃˉథᬌМՂ
‫ڦڠ‬Ḭʼ๑ܸࡢᡸՁ᜴഍ࠈ
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
0U7RELDV:XHVW
&RPSDQ\&LED6SHFLDOW\&KHPLFDOV
WK)ORRU;LQ$Q%XLOGLQJ7LDQ=KRX5RDG
&DRKHLMLQJ+L7HFK3DUN
$GYHUWLVHPHQW
4IBOHIBJʼ๑
7HO
)D[
ՏሥḬ৤ಪֵྠንѲ֦លḚʼ๑ḛథᬌМՂ
‫ڦڠ‬Ḭ˖‫ڍ‬ʼ๑ࣉ᧚ᬛˋᡸՁḞࠈ
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
&RUSRUDWH$VVRFLDWH0HPEHUV
0HPEHU1HZV ͗տζো
'HFHPEHU$JLH&KDUPLOOHV*)RSHQVQHZEUDQFKRI¿FH
LQ6X]KRX
&RPSDQ\:XHUWK6KDQJKDL+DUGZDUH7RROV&R/WG
1R <XDQ ;LQ 5RDG %DRVKDQ ,QGXVWU\ 3DUN
6KDQJKDL
:HEZZZZXUWKFQFRP
7HO
6HUYLFHKRWOLQHWROOIUHH
)D[
ՏሥḬ͏࠶ྱḚʼ๑ḛ̊᧚ࢹХథᬌМՂ
‫ڦڠ‬Ḭʼ๑ࠂࡢۡࣉࢹˉ‫چ‬Ӝ‫چ‬ளᡸՁ
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
2Q 'HFHPEHU $JLH &KDUPLOOHV &KLQD 6KDQJKDL /WG FHOHEUDWHG WKH JUDQG RSHQLQJ RI LWV ¿UVW
0V/L/LX
ࣱత௅ᬀ݈‫ܭ‬ዚ࠶('ᔙࢶҨ̂‫੆ܪ‬በ
&RPSDQ\-6&RQVXOWLQJ
%EXLOGLQJ1R+XDVKDQ5RDG+DL6L7RZHU;X
+XL'LVWULFW
:HEVLWHZZZMVFRUJ
7HO
)D[
ՏሥḬʼ๑Ռႁ‫׷‬ҫ֦លథᬌМՂ
‫ڦڠ‬Ḭ०඼Ӝӧࡢᡸफ๑லܷԗՁ഍഍#ए
ᥪᎃḬ
ႂពḬ
͛ᄽḬ
EUDQFK RI¿FH ORFDWHG LQ 6X]KRX LQ WKH KHDUW RI &KLQD PDQXIDFWXULQJ FHQWHU 7KLV 6X]KRX RI¿FH LV DQ
DFWXDOL]DWLRQ RI$JLH &KDUPLOOHV *)¶V &XVWRPHU 6XSSRUW 3ROLF\ LQ &KLQD ZKLFK KDV EHHQ VXFFHVVIXO VR
IDU DQG EURXJKW DQ LQFUHDVH RI LQ VDOHV LQ FRPSDUHG WR WKH SUHYLRXV \HDU :LWK DQ LPSURYHG
UHVSRQVHWLPHDQGORFDOGHGLFDWHGVXSSRUWWHDP$JLH&KDUPLOOHV*)ZLOODFKLHYHDIXUWKHUVWHSLQWKHDLP
RISURYLGLQJVXSHULRUSURGXFWVDQGVHUYLFHVWRLWVFXVWRPHUV$JLH&KDUPLOOHV*)±WKH*)0DFKLQH7RROV
'LYLVLRQRILWVPDMRULW\VKDUHKROGHU*HRUJ)LVFKHU±LVWKHZRUOG¶VOHDGLQJSURYLGHURIPDFKLQHVDXWRPDWLRQ
DQGVHUYLFHVWRWKHWRRODQGPROGPDNLQJLQGXVWU\DQGWRPDQXIDFWXUHUVRIKLJKYDOXHSDUWV,WVSURGXFWV
UDQJHIURPHOHFWULFGLVFKDUJHPDFKLQHV('0DQGKLJKVSHHGPLOOLQJ+60FHQWHUVWKURXJKWRROLQJDQG
FRQVXPDEOHVWRDXWRPDWLRQVROXWLRQV
ࣱత௅Ḟᬀ݈‫ܭ‬ዚ࠶఺ႂḚʼ๑ḛథᬌМՂ‫ڍ˖ڙ‬ᄉ҃ᤴˉ˖ॶᔙࢶ੆በ˿ኃʶ˓ѫஂ఺ౝnjᔙ
ࢶҨ̂‫ܪ‬ᄉ੆በͳဗ˿ᬀ݈‫ܭ‬ዚ࠶('੝݊ᛠᄉၸਖ਼ஂ૆ஊን‫ڍ˖ڙ‬ᄉԠʶࠃஶnjᛠᒯᄫґᤇ˓ၸਖ਼ஂ૆ஊ
ንӫథ੆஌Ḟˀज़ࣱᄰඊḞࣱᬀ݈‫ܭ‬ዚ࠶('‫ڣࣉڍ˖ڙ‬ᄉᩘ‫׫‬ᮨ‫ܘ‬᫁˿njᔙࢶҨ̂‫ܪ‬ᄉ੆በγ᝼
˿ঋᤳᄉԥःᤳऎ̾Ԣఴ‫ڠ‬Ӑᄉஂ૆Ҧ᧙Ḟ΍ᬀ݈‫ܭ‬ዚ࠶('మᅋ˝ၸਖ਼ଡΘᮆጞֵ̖ԢనҫᄉᄫಕՓґ᣿
ᤈ˿ʶܷ൥nj
ᬀ݈‫ܭ‬ዚ࠶('௦ၿ။‫˯ܢ‬෴‡᠟൞࠶ଌᐦᄉ఺ࣽᦉḞ߱௦ˠˆᮖЎᄉՓࢹХ֖ഴХ҃ᤴˉḞ̾Ԣᰳֵ᠎ᭅ͇
ၶ̖‫׷‬ଡΘ఺ࣽNjᒬҮӐ᝹‫֖ܫ‬నҫᄉ҃ᤴ‫׷‬nj߱ᄉֵ̖ӉહᒬҮӐᝌфழ಴੝ᭉᄉஉႂҪࢹ఺ࣽ
Ḛ&%.ḛ֖ᰳᤳᨽҏҪࢹ˖ॶḚ)4.ḛḞ̾ԢѧХNjᏱ౅ኍֵ̖nj
0DUFK )LGXFLD 0DQDJHPHQW &RQVXOWDQWV RSHQ QHZ
UHSUHVHQWDWLYHRI¿FHLQ3XGRQJ
)LGXFLD0DQDJHPHQW&RQVXOWDQWV6KDQJKDL/WGLVGHOLJKWHGWRDQQRXQFHWKHRSHQLQJRILWVUHSUHVHQWDWLYH
RI¿FHDWWKH*HUPDQ&HQWUH6KDQJKDLLQ3XGRQJ
7RFHOHEUDWHWKLVRFFDVLRQ)LGXFLDKRVWHGDFRFNWDLOUHFHSWLRQIRUWHQDQWVRIWKH*HUPDQ&HQWUH&KDPEHU
UHSUHVHQWDWLYHVDVZHOODVFOLHQWVEXVLQHVVSDUWQHUVDQGIULHQGV
)LGXFLDKDVIRURYHU\HDUVEHHQDSURIHVVLRQDOVHUYLFHSURYLGHUIRFXVHGRQ&KLQDDQG+RQJ.RQJZKLFK
VXSSRUWVIRUHLJQFRPSDQLHVHQWHULQJDQGH[SDQGLQJLQ&KLQD
:LWK IRXU PDLQ RI¿FHV VWUDWHJLFDOO\ ORFDWHG LQ %HLMLQJ +RQJ .RQJ 6KDQJKDL DQG 6KHQ]KHQ DQG D
PXOWLQDWLRQDO WHDP RI RYHU GHGLFDWHG &KLQHVH DQG :HVWHUQ SURIHVVLRQDOV )LGXFLD SURYLGHV &KLQD
VROXWLRQVFRPELQLQJLQWHUQDWLRQDOH[SHUWLVHDQGORFDONQRZKRZ
:LWK DQ DGGLWLRQDO RI¿FH DW WKLV QHZ ORFDWLRQ )LGXFLD LV SODQQLQJ WR DVVLVW PRUH IRUHLJQ FRPSDQLHV ZLWK
WKHLU&KLQDDFWLYLWLHV7R¿QGRXWPRUHDERXWWKHVHUYLFHV)LGXFLDRIIHUVSOHDVHWDNHDORRNDWRXUZHEVLWH
ZZZ¿GXFLDFKLQDFRPRUFRQWDFWXVDWFRQWDFW#¿GXFLDFKLQDFRP
ࣱత௅ॳ᧦ክူ֦លМՂॳ‫̼ॶ˖ڍ‬ᛪ‫ܪ‬ൣय੆በ
ॳ᧦ክူ֦លʼ๑
థᬌМՂᕥࣳᄉࠇ࣊Ф̼ᛪ‫ڙܪ‬ʼ๑ॳ‫ॶ˖ڍ‬ൣय੆በnj
˝ࣻᇶधˉḞॳ᧦ክူ֦លྱѾˠҨ˿યय़ᦤ͗Ḟនᥘॳ‫ॶ˖ڍ‬Չ͌ˉḞ‫̼͗׷‬ᛪḞ̾ԢՋͺ͖֖ͦՎ̤Џ˙nj
ॳ᧦ክူ֦ល௦ʶࠑХథࣱܲፂᰍᄉ‫ڍ‬ᬄব˃ˉ֦លМՂḞᐐཤ˖‫ܷڍ‬ᬅԢᯭຠḞࣞүܰᠪ͌ˉᤈЙԢ
ੰܷ‫ڙ‬ӧˉҫnj
Ι᭤ӑ̚NjᯭຠNjʼ๑Njຆ‫ࠑٽڡ‬ѫஂ఺ౝ̾ԢܲՏ๑Юܰ˃ࠑԢ֦លᮎ᫇Ḟ ॳ᧦ክူଡΘቿՋ‫ڍ‬ᬄ
ಕэḞ᤟Ջ˖‫ڣࣉڍ‬ဖܑᄉʶቢयᝌфழ಴nj
ᬣᅋள̼ᛪ‫ॶ˖ڍॳڙܪ‬ᄉ੆በḞॳ᧦ክူ֦ល࣎భࣞүఝܲᄉܰᠪ͌ˉ‫ڙ‬ӧधࡘˉҫज़౎nj‫ݟ‬ᭉ˿ᝌఝܲ
សৰḞឯಉ᫝МՂᎩቢZZZ¿GXFLDFKLQDFRP੊ᒰႂFRQWDFW#¿GXFLDFKLQDFRPˀੇՂᐎጆnj
$SULO 5DGR DQG 7KH 5ROOLQJ
6WRQHVWHDPXSLQ6KDQJKDL
7KH5ROOLQJ6WRQHVWKHZRUOG¶VJUHDWHVW5RFN5ROO%DQGZLOO
EULQJLWV³$%LJJHU%DQJ´WRXUWR6KDQJKDLIHDWXULQJDVHQVDWLRQDO
VWDJH VKRZ RQ 6DWXUGD\ $SULO $QG IRU WKH ¿UVW WLPH
5DGR¶V³2ULJLQDO´ZLOOEHWKH2I¿FLDO6SRQVRURIWKH³6WRQHV´
)RU2OLYHU+HLO9LFH3UHVLGHQWRI5DGRLQ&KLQDWKHFRRSHUDWLRQ
ZLWKWKHOHJHQGDU\5RFN*URXSLVDXQLTXHSRVVLELOLW\WRIXUWKHU
EUDQG5DGR¶VEORFNEXVWHUDQGPRVWIDPRXVZDWFKLQWKH&KLQHVH
PDUNHW7KH2ULJLQDO%\FRLQFLGHQFHWKH6WRQHVDQGWKH©7KH
2ULJLQDO &KURQRJUDSKª KDYH PRUH LQ FRPPRQ WKDQ RQH PD\
WKLQN$OPRVW DW WKH VDPH WLPH ZKHQ 7KH 5ROOLQJ 6WRQHV ZHUH
IRUPHG LQ WKH HDUO\ V WKH IRUHUXQQHU RI 7KH 2ULJLQDO WKH
5DGR'LDVWDUZDVFUHDWHG
,W ZDV LQ ZKHQ WKH 6ZLVV ZDWFK EUDQG 5DGR ODXQFKHG D
WLPHSLHFH ZLWK D XQLTXH GHVWLQ\ QDPHG WKH 'LD6WDU ,W ZDV WKH
¿UVW HYHU ZDWFK PDGH RI KDUGPHWDO D PDWHULDO ZHOO NQRZQ IRU LWV
UHVLVWDQFH WR VFUDWFKHV 7KH RYDO VKDSHG IRUP RI WKH ZDWFK ZDV
DOVR XQLTXH IRU LWV WLPH 6LQFH WKHQ WKH ZRUOG¶V ¿UVW VFUDWFKSURRI
ZDWFK KDV HQMR\HG XQLQWHUUXSWHG VXFFHVV IRU DOPRVW \HDUV ,Q
DQHZUDQJHRIWKH'LD6WDUHPHUJHG5HLQIRUFHGUHMXYHQDWHG
HQKDQFHGEXWEDUHO\DOWHUHG7KH2ULJLQDO7KHQHZGHVLJQIHDWXUHV
LQFOXGHDELJJHUFURZQDFURZQSURWHFWLRQHOHPHQWDORQJWKHFDVH
DVZHOODVDQHZPDVVLYHEUDFHOHW7KHVFUDWFKSURRIQHVVUHPDLQVRI
FRXUVHGXHWRWKHFRQWLQXHGXVHRILPSURYHGKDUGPHWDO
7KH XQLTXH GHVLJQ RI 7KH 2ULJLQDO WDUJHWV HQWKXVLDVWV RI WKH
FXUUHQWQHRYLQWDJHZDYHZKRDSSUHFLDWHFXOWGHVLJQLFRQV
ࣱత௅ ʶ ᝹᝟࿗ХʶಪᄉѸ‫ݼ‬
‫ॆ˝˃ۋ‬ʽ଍࢓ፂЦ᝹᝟ᄉ‫ܬ‬԰᮲᧾ৰᏧ
ϙॶ੩ᤴnj
။‫ܢ‬ᭆ᣹ᛪˀ໓ᆂˬ᫲‫ڙ‬ʼ๑̓඼
ࣱత௅ḞֆНḞˆႌᮆጞୌ໓ˬ᫲໓ᆂˬ᫲ˆႌࢷ‫ٿ‬໥Ѣ
࠱౎ҁʼ๑Ḟ݊࿸ʶ‫ڣ‬Տ˝" #JHHFS #BOHḚᆂᆠܸ৲ḛᄉዴॐ
ᛪ໥nj။‫ܢ‬ᭆ᣹ᛪþѸ‫ۋݼ‬ÿጆѴѶ࠱ͺ˝൤൒໓ᆂˬ᫲ʼ๑˧
ᛠᄉૈ߿ᡁү‫׷‬nj
ࠪ̅။‫ܢ‬ᭆ᣹ᛪ˖‫ڍ‬Ӝҝ঳ᜆ0MJWFS )FJM౎ឬḞˀЌ໗݈͛ᓣॐ
ᄉ໓ᆂˬ᫲Ջͺ௦ᭆ᣹ᛪՓ˖‫ࡘ͔ܷڍ‬ᇧФϙৰ˧ͺణࠜᄨՏ
ᄉѸ‫ۋݼ‬ᛪ൛ᄉፏ·ᓡ఺nĵࠃʼḞ໓ᆂˬ᫲ˀþѸ‫ۋݼ‬ÿ᝟ௐ
ᛪ˶ᆷࠃѫܰþథᎅÿḬࣱ̼Ḟణ௉ᄉᭆ᣹ᛪѸ‫ۋݼ‬ᨚ௠੣
ᛪភၶᄉՎௐḞþ໓ᆂˬ᫲ÿ˶ശቆѢˆnj
ࣱḞ။‫ܢ‬ᭆ᣹ᛪ଍Ѣʶ൛Տ˝þᨚ௠ÿᄉᑿᛪḞधը˿ʿ௛
ᇛ૮‫ۋ‬੣ᛪᄉ݈͛Ԋርnj߱௦ኃʶ൛΍ၸᆵ᧚࡚҃ᤴᄉ੣ᛪḞᤇ
ሗ౅஧̾Фʿ௛ᇛ૮ᄉྱব̙᝗ˆႌnjᨚ௠ᄉ೸‫्ܰڒ‬᜹‫ॆڙ‬ௐ
˶‫܁‬ሥ࿗ʶ௃̃nj̯൤Ḟᭆ᣹ᛪþᨚ௠ÿͺ˝Кီᯪ൛ʿ௛ᇛ૮
੣ᛪԊፂࣱΙཨࣸԩ଍࢓njࣱḞᭆ᣹ᛪ଍Ѣ̾ᨚ௠੣ᛪ˝
۲ᆨᄉளþѸ‫ۋݼ‬ÿጆѴ᧗‫܇‬ፂЦNjาҦཟԦNjҩᑞఝुḞཨш
ᢆ‫಻ڒ‬ୗ
ளᄉ᝹᝟ЊገӉહఝܷᄉᛪкNj஼Йयᛪк᝹᝟̾Ԣ
Кளᄉ‫ࠃڱ‬ᛪᩖnjᏪФᆵ᧚࡚ᄉ౅᠎˶ᜁढၸࣲʿறஇᤈḞ̯Ꮺ
߸Ꮎ‫ڠ‬γ૆˿Фʿ௛ᇛ૮ᄉྱবnj
6QEBUFE$POUBDUT*OGPSNBUJPOPG4XJTT$IBN.FNCFST˖‫ڍ‬။‫͗͗׷ܢ‬տζোఝஇ
8SGDWHG&RQWDFWV,QIRUPDWLRQRI6ZLVV&KDP0HPEHUV
˖‫ڍ‬။‫͗͗׷ܢ‬տζোఝஇ
&RUSRUDWH0HPEHUV
0U)UHGHULFN6SRNH
:HEZZZVZLVVFRP
:HEZZZXQD[LVFRP
7HO
7HO
)D[
)D[
Տሥ။‫ڍܢ‬ᬄᓇቆ
Տሥ͕ѽᝬʼ๑థᬌМՂ
5RRP6LQR/LIH7RZHU=KDQJ\DQJ5G
:HEZZZYLFWRULQR[FRPFQ
:HEZZZURFKHFRPFQ
‫ڦڠ‬ຫໜᡸՁ͌ˉܸ‫ڠ‬Ձࠈ
‫ڦڠ‬ʼ๑ࣉ๋ˋளӜܰᰳೃγሯӜࠜྱˋʻᡸՁՁ഍
7HO
7HO
)D[
ᥪᎃ
ᥪᎃ
)D[
ႂព
ႂព
Տሥʼ๑Ꭼග҃ᕱథᬌМՂ
͛ᄽ
͛ᄽ
Տሥ፤ගᨁѧ‫ˉ׷‬Ḛ˖‫ڍ‬ḛథᬌМՂ
‫ڦڠ‬ष౏ᡸՁၶ֐̠࠮ܷԗḟࠈ
‫ڦڠ‬ʼ๑๋ˋளӜᴜˋܷ᥊Ձ
ᥪᎃ
0U6WHSKDQ7LW]H
0U-DQ6FKXHUPDQQ
0U+DQV7DQQHU
&RPSDQ\6KDQJKDL5RFKH3KDUPDFHXWLFDO/WG
/RQJ'RQJ$YHQXH3XGRQJ6KDQJKDL
ႂព
$PNQBOZ4ZOHFOUB$IJOB
*OWFTUNFOU$P-UE4IBOHIBJ#SBODI
&RPSDQ\6,*6FKZHL]HULVFKH,QGXVWULHJHVHOOVFKDIW
͛ᄽ
6OJUT"&'6OJUT"$'9JO.FJ6OJPO4RVBSF1V%POH
:HEZZZVLJEL]
0V/LO\=KDQJ
&RPSDQ\&KDUPHU%XVLQHVV&RQVXOWLQJ&R/WG
$:X\L5RDG6KDQJKDL
:HEZZZFEFQRZFRP
7HO
&RPSDQ\9LFWRULQR[&KLQD/LPLWHG
ᥪᎃ
ႂព
͛ᄽ
7HO
,QGLYLGXDO0HPEHUV
8FCXXXTZOHFOUBDPNBOEXXXTZOHFOUBDIJOBDPN
)D[
‫ڦڠ‬ʼ๑ࣉਔ‫چ‬ᡸՁဖီˆႌܷԗ"ए഍
0U7KRPDV=XUÀXHK
5FM
4PVUI3PBE4IBOHIBJ
'BY
ՏሥЎൣ᣹Ḛ˖‫ڍ‬ḛઅᠪథᬌМՂʼ๑ᖸᤁ঳ᦉ
ᥪᎃ
&RPSDQ\$%%(QJLQHHULQJ6KDQJKDL/WG
1R,QGXVWULDO%XLOGLQJ))X7H'RQJ6DQ5RDG:DLJDRTLDR
ႂព
)UHH7UDGH=RQH
͛ᄽ
:HEZZZDEEFRP
7HO
)D[
‫ ڦڠ‬ʼ ๑ ࣉ ๋ ˋ ள Ӝ ๋ ˋ Ӯ ᡸ Ձ ள ೎ ᐎ Ջ ࣸ ‫ & " ࡎ ڣ‬Ӭ ͮ
Տሥ·။֦លʼ๑థᬌМՂ
‫ڦڠ‬൦݀ᡸ"
ࡎ " $ Ӭ ͮ
0U6XQ<DQJ
ᥪᎃ
&RPSDQ\&UHGLW6XLVVH)LUVW%RVWRQ6KDQJKDL%UDQFK
ᥪᎃ
ႂព
WK )ORRU 6RXWK 7RZHU 6KDQJKDL 6WRFN ([FKDQJH %XLOGLQJ
͛ᄽ
1R3XGRQJ5RDG6RXWK6KDQJKDL
‫ڦڠ‬ʼ๑ࣉܰᰳೃγሯӜࠜྱˋʻᡸՁԇੜʻࡎ
ᥪᎃ
:HEZZZFVIEFRP
ႂព
7HO
͛ᄽ
ႂព
͛ᄽ
0U*XVWDY(UQH
&RPSDQ\/XZD$LU(QJLQHHULQJ6KDQJKDL/WG
:HEZZZOXZDFQ
7HO
)D[
ՏሥฦၦቆචࢹርḚʼ๑ḛథᬌМՂ
‫ڦڠ‬ʼ๑ࣉ‫߿ى‬Ӝႁ᭖ᡸՁ
0U*DEULHO%XUJHUPHLVWHU
&RPSDQ\*R7UDQV+./WG6KDQJKDL2I¿FH
)=KDRMLDEDQJ5G6KDQJKDL
:HEZZZJRWUDQVFRP
7HO
)D[
Տሥᯭຠᰳ௘థᬌМՂʼ๑̼ᛪ‫ܪ‬
ᥪᎃ
‫ڦڠ‬ʼ๑ࣉᐙ‫็ى‬ᡸՁᓇܸ᤯ᝬ‫׷‬ҫ഍഍
ႂព
ᥪᎃ
͛ᄽ
ႂព
0U0DUFR'XHUU
&RPSDQ\05)RUZDUGLQJ&KLQD/WG
8QLFRP ,QWHUQDWLRQDO 7RZHU 8QLW 7LDQ 0X ;L
5G6KDQJKDL
:HEZZZPUVSHGDJFRP
7HO
)D[
Տሥӧᬟ။ࢎ᠍ᤁథᬌМՂ
‫ڦڠ‬ʼ๑ࣉܸᄫ᜴ᡸՁᐎ᤯‫ڍ‬ᬄܷԗҨМ഍഍
ႂព
͛ᄽ
0V+ROO\&DL
&RPSDQ\6WHLJHU&KLQD&R/WG
Տሥ̂‫ں‬ಪጯጺʼ๑
థᬌМՂ
)D[
Տሥʼ๑"##ࢹርథᬌМՂ
0U0DUNXV%HQ]
&RPSDQ\000LOLW]HU0XHQFK7LDQEDR,QWHUQDWLRQDO)RUZDU
'RQJIDQJ0DVLRQ&HQWXU\$YHQXH
:HEZZZPXPQHWFRP
7HO
)D[
ՏሥܸγՏ᫂‫ڍ‬ᬄ᠍ᤁ̼ူథᬌМՂ
‫ڦڠ‬ʼ๑ࣉ๋ˋˆጡܷ᥊Ձˋழܷԗࠈ
ᥪᎃ
ႂព
͛ᄽ
&RPSDQ\*613URSHUW\6HUYLFHV&R/WG
‫ڦڠ‬ʼ๑ࣉႁࠜᡸՁՁ഍
)0DLQ%XLOGLQJ/DQH+RQJTLDR5RDG
0U3DWULFN+HLQLPDQQ
ႂព
&RPSDQ\6DQWD)H5HORFDWLRQ6HUYLFHV6KDQJKDL&KLQD
:HEZZZJVQFRPFQ
͛ᄽ
7HO
)D[
ՏሥᄊலЮʼ๑
ྫྷˉክူనҫథᬌМՂ
ႂព
͛ᄽ
͛ᄽ
0V&KULVWLQH/L
0U$QGUHDV:LGO
ᥪᎃ
7HO
ႂព
1R+XELQ5G
‫ڦڠ‬ʼ๑ࣉ๋ˋளӜ๋ˋӮᡸՁʼ๑᝼ܷ҅ԗӮ‫ࡎ܈‬
͛ᄽ
‫ڦڠ‬ʼ๑ࣉᙅೃᡸफՁ˞഍഍
5P $ UG ÀRRU %XLOGLQJ 2QH &RUSRUDWH $YHQXH
Տሥ။‫ܢ‬ζ᠝ኃʶจ‫ܢ‬ᮏᩏᛠʼ๑̼ᛪ‫ܪ‬
0U0DUNXV1DHJOHU
ࠈ
ᥪᎃ
&RPSDQ\6ZLVV,QWHUQDWLRQDO$LU/LQHV
)D[
)D[
ᥪᎃ
0U6RQQ\&DR
WK)ORRU7LDQ+RQJ%XLOGLQJ1R;LDQ;LD5G6KDQJKDL
:HEZZZVDQWDIHUHORFRP
7HO
$PNQBOZ(VEFM*OUFSOBUJPOBM5SBEJOH4IBOHIBJ
$PNQBOZ-UE
)D[
5IF,JOH5PXFS/P/FX+JORJBP3PBE1VEPOH
Տሥӧᣜ‫ڍ‬ᬄᤁᣤనҫథᬌМՂ
‫ڦڠ‬ʼ๑ࣉ̷᭖ᡸՁܸᙅܷ഍഍
8FCXXXHVEFMDPNDO
5FM
ᥪᎃ
'BY
ႂព
͛ᄽ
Տሥ‫ڹ‬ਿ‫ڍ‬ᬄ᠞௛ʼ๑
థᬌМՂ
‫ˋ๋ڦڠ‬ளӜள᧚ೃܷԗள᧚ೃᡸՁࠈ
&RPSDQ\8QD[LV6KDQJKDL&R/WG
ႂព
%XLOGLQJ1R)X7H'RQJ6DQ5G:DLJDRTLDR)UHH=RQH3XGRQJ
͛ᄽ
0V$QMD</&KLD
&RPSDQ\%DNHU0F.HQ]LH6KDQJKDL2I¿FH
8QLW-LQ0DR7RZHU&HQWXU\%RXOHYDUG3XGRQJ
6QEBUFE$POUBDUT*OGPSNBUJPOPG4XJTT$IBN.FNCFST˖‫ڍ‬။‫͗͗׷ܢ‬տζোఝஇ
8VHIXO&RQWDFWVLQ%HLMLQJ
ӑ̚᧗᜵ᐎፎ఺ౝ
:HEZZZEDNHUQHWFRP
7HO
)D[
Տሥ᠄Аe᳠‫ڱ‬ௐ‫ڍ‬ᬄ।࣍̂ҫ੝ʼ๑Ҩ̂‫ܪ‬
‫ڦڠ‬ʼ๑ࣉ๋ˋ᧚ᔳܷԗࠈ
ᥪᎃ
ႂព
͛ᄽ
0U+DQVXHOL0HLOL
$PNQBOZ4IBOHIBJ3BJM(PVSNFU$P-UE
:J5JCFU3PBE/PSUI4IBOHIBJ
8FCXXXTISHDPNDO
5FM
'BY
Տሥʼ๑૸ᎾᨠᡸᮻֵᦠᮿథᬌМՂ
‫ڦڠ‬ʼ๑ࣉ᜴ᘨӑᡸՁࣂ
ᥪᎃ
ႂព
͛ᄽ
0V/RXLVH/HRQDUG
&RPSDQ\%&&RQVXOWLQJ6HUYLFH&R/WG
7HO
)D[
Տሥʼ๑ӯ࠶ধ͌ˉ֦លనҫథᬌМՂ
‫ڦڠ‬ʼ๑ࣉᆂ᫂̃ᡸՁࠈ
ႂព
͛ᄽ
0U-LH<XDQ
$PNQBOZ+JO.BP-BX'JSN
'6/*7&34"-."/4*0/:6:6"/30"%4)"/()"*
8FCXXXKJONBPDPNDO
5FM
'BY
Տሥ᧚ᔳ।࣍̂ҫ੝
‫ڦڠ‬ʼ๑ࣉਔ‫چ‬ᡸՁဖီˆႌܷԗࡎ
ᥪᎃ
ႂព
͛ᄽ
&KLQD,QVXUDQFH5HJXODWRU\&RPPLVVLRQ&,5&
˖‫ڍ‬γᬖᄢᅕክူ‫ށ‬տ͗
*HQHUDO$GPLQLVWUDWLRQRI&XVWRPV
˖‫ڍ‬๑С঳Ꮇ
*HQHUDO$GPLQLVWUDWLRQRI4XDOLW\6XSHUYLVLRQ,QVSHFWLRQDQG
4XDUDQWLQH
"24*2
‫᧙᠎ࠑڍ‬೜ᰍ೜Ⴎ঳ࡌ
0LQLVWU\RI)RUHLJQ$IIDLUV02)$
˖‫ᦉ̓ܰڍ‬XXXGNQSDHPWDO
0LQLVWU\RI&RPPHUFH02)&20
˖‫׷ڍ‬ҫᦉXXXNPGDPNHPWDO
0LQLVWU\RI,QIRUPDWLRQ,QGXVWU\0,,
˖‫ڍ‬ζো̖ˉᦉXXXNJJHPWDO
0LQLVWU\RI6FLHQFHDQG7HFKQRORJ\0267
˖‫ڍ‬መߥ੾శᦉXXXNPTUHPWDO
1DWLRQDO%XUHDXRI6WDWLVWLFV
‫ࠑڍ‬ፑ᝟ࡌXXXTUBUTHPWDO
1DWLRQDO'HYHORSPHQWDQG5HIRUP&RPPLVVLRQ1'5&
&RPSDQ\$WODQWLF)RUZDUGLQJ&KLQD/WG
‫ࠑڍ‬Ԧࡘ֖இ᭨‫ށ‬տ͗XXXTEQDHPWDO
UGÀ-LXVKL7RZHU=KRQJVKDQ5RDG6RXWK6KDQJKDL
6WDWH$GPLQLVWUDWLRQRI)RUHLJQ([FKDQJH6$)(
7HO
‫ܰࠑڍ‬඼ክူࡌ
)D[
6WDWH$GPLQLVWUDWLRQIRU,QGXVWU\DQG&RPPHUFH6$,&
‫ࡢ˖ڦڠ‬ӮᡸՁˣܷ̂ԗ഍
‫׷ࢹࠑڍ‬ᛠஊክူࡌ
ᥪᎃ
6WDWH$GPLQLVWUDWLRQIRU7D[DWLRQ6$7
ႂព
‫ࠑڍ‬ሯҫ঳ࡌ
͛ᄽ
6WDWH$VVHW0DQDJHPHQW&RPPLVVLRQ6$0&
0U0DUWLQ+LU]HO
‫ڍ‬థᠪ̖ᄢᅕክူ‫ށ‬տ͗
$7LDQVKDQ5RDG6KDQJKDL
:HEZZZULHWHUFRP
7HO
)D[
Տሥ਒ᤓᬵࢹˉ᝹᝟ʼ๑
థᬌМՂ
‫ڦڠ‬ʼ๑ࣉܸࡢᡸՁ๑ᄝ‫׷‬ҫܷԗ"
ᥪᎃ
ႂព
6WDWH,QWHOOHFWXDO3URSHUW\2I¿FH6,32
‫ࠑڍ‬ᅻខ̖ాࡌ
&KLQHVH*RYHUQPHQW:HEVLWHV
˖‫ڍ‬ஊउ߽ழᎩቢ
%HLMLQJ)RUHLJQ(FRQRPLFDQG7UDGH&RPPLVVLRQ
ӑ̚ࣉܰፂ‫ށ‬XXXUQCKDHPWFDO
%HLMLQJ,QWHUQDWLRQDO,QYHVWPHQW3URPRWLRQ&RXQFLO
ӑ̚‫ڍ‬ᬄઅᠪΧᤈ‫ށ‬տ͗XXXGEJCFJKJOHPSHDO
͛ᄽ
&KLQD(FRQRPLF,QIRUPDWLRQ
0U6WHIDQ8QJHU
˖‫ڍ‬ፂ฿ள᫔XXXDFJHPWDO
&RPSDQ\6LHJOH(SSOH$VLD3WH/WG6KDQJKDL
5HSUHVHQWDWL
<DQ$Q:HVW5RDG<XIHQJ,QWHUQDWLRQDO%XLOGLQJ
-HDQ&KULVWRSKH-RKQ/LHEHVNLQG3UHVLGHQW
ృғḞ঳ᜆ
&HQWUDO*RYHUQPHQW2I¿FHV
˖ܼஊउҨМࠈ
0U*HHVNH9HQDQFH
&RPSDQ\5LHWHU$XWRPRWLYH6\VWHPV
$VVRFLDWH0HPEHUV
6ZLVV&KDP%HLMLQJ%RDUG0HPEHUV
ӑ̚ᗈ̂͗੆տ
6WDWH(FRQRPLFDQG7UDGH&RPPLVVLRQ35&
‫ࠑڍ‬ፂ฿᠞௛‫ށ‬տ͗XXXTFUDHPWDO
:HEZZZVLHJOHXQGHSSOHGH
6ZLVVFRQWDFWV
7HO
4XJTT$IBN#FJKJOH˖‫ڍ‬။‫͗׷ܢ‬ӑ̚
)D[
'4UBS$JUZ5PXFS$+JVYJBORJBP3PBE#FJKJOH
Տሥலಪˬྕ௾ˬМՂʼ๑̼ᛪ‫ܪ‬
ӑ̚ࣉమ᫹Ӝᦤ̷ೃᡸՁ௠ۡ‫ڍ‬ᬄࡎ$एӑ̚
‫ڦڠ‬ढ߶᜴ᡸՁᜎ˗ܷԗࠈ
5FMႂព
ᥪᎃ
'BY͛ᄽ
ႂព
&NBJMႂߔᥪ͇JOGP!CFJTXJTTDIBNPSH
͛ᄽ
XXXCFJTXJTTDIBNPSH
5FMႂព
&NBJMᥪ͇KDMJFCFTLJOE!GBTUNBJMDO
$QGUHZ&KHQJ9LFH3UHVLGHQW
᥿ܷᨁҝ঳ᜆ
5FMႂព&YU
&NBJMᥪ͇BOESFXDIFOH!VCTDPN
2OLYLHU*ODXVHU9LFH3UHVLGHQW
ᰳҦ͚ҝ঳ᜆ
5FMႂព&YU
&NBJMᥪ͇PHMBVTFS!RVBMDPNNDPN
&\ULOO(OWVFKLQJHU'LUHFWRURIWKH%RDUG
۟࠶ᨅෂᗈ̂
5FMႂព
&NBJMᥪ͇DF!JUVDDPN
=KDQJ+X'LUHFWRURIWKH%RDUG7UHDVXUHU
षᘹᗈ̂ЩՂं
5FMႂព
&NBJMᥪ͇[IBOHIV!CKMFNDPNDO
'HQLV6FKPLG'LUHFWRURIWKH%RDUG6HFUHWDU\*HQHUDO
˜ࡈல‡ԽࠚॳḞᗈ̂Щማ˹᫁
5FMႂព
'DYLG6DXGDQ'LUHFWRURIWKH%RDUG
ܷӻᔙ˜ᗈ̂
5FMႂព
&NBJMᥪ͇EBWJETBVEBO!DOOFTUMFDPN
(GJDU'RHULJ+RQRUDU\%RDUG0HPEHU
౉᤽Ժᕥ᝗ᗈ̂
5FMႂព
&NBJMᥪ͇FEHBSEPFSJH!FEBBENJODI
6ZLVV(PEDVV\DQG
6ZLVV%XVLQHVV+XE%HLMLQJ
&NCBTTZPG4XJU[FSMBOE။‫ܢ‬᯾ӧܷ΍ᯝ
4BOMJUVO%POHXVKJF#FJKJOH
ʻ᧖ࡡˋ̊ᛣՁḞӑ̚
0QFOJOHIPVSTPGUIF7JTBTFDUJPOኣ᝼‫ࢹܪ‬ͺௐᫍḬ
'SPN.P'SBNֆʶᒯֆ̊ʼӤཁᒯཁ
1IPOFSFRVFTUTႂព֦លḬ
GSPN.P'SQNVOEFS
ֆʶᒯֆ̊ʽӤᒯཁᄯጲႂព
0QFOJOHIPVST&NCBTTZܷ΍ᯝࢹͺௐᫍ
'SPN.P'SBNֆʶᒯֆ̊ʼӤཁᒯཁ
1IPOFႂពḬ
'BY͛ᄽḬ
&NBJMႂᥪ
7FSUSFUVOH!CFJSFQBENJODI
ZZZVZLW]HUODQGFRPFQ
8VHIXO&RQWDFWVLQ6KDQJKDL
ʼ๑᧗᜵ᐎፎ఺ౝ
-RQDWKDQ6HOYDGRUD\'LUHFWRU3XEOLF$IIDLUV2I¿FHU
ᔙ౔ഄМР̂ҫူ̂
5FMႂព
&NBJMႂᥪKTFMWBEPSBZ!TIBTXJTTDIBNPSH
2WKHU&RQWDFWV
*OUFSOBUJPOBM)FBMUI$BSF‫ڍ‬ᬄӝႤ˖ॶ
'BY͛ᄽḬ
&NBJMႂᥪ
SDWVXOOLYDQ#LPFFOLQLFV
&KLURSUDFWLF(6,6SLQDO&OLQLFʼ๑ˋழ‫ڍ‬ᬄӝᬒ
3XGRQJ1DQ/X๋ˋӮᡸՁ
6ZLVV&KDP6KDQJKDL
˖‫ڍ‬။‫͗׷ܢ‬ʼ๑
6DQGUR:LOOL'LUHFWRU7UHDVXUHU
3KRQHႂព
'MPPS"+JBOH/JOH3PBE4IBOHIBJ
ᱏ‫ژ‬ӫ͗ዙԦࡘူ̂
+XDGRQJ+RVSLWDO)RUHLJQHUV&OLQLFӧˋӝᬒ‫ڍ‬ᬄង੝
5FMႂព&YU
ʼ๑ࣉ෇߰ᡸՁ഍"एʼ๑
5FMႂព
'BY͛ᄽ
&NBJMႂߔᥪ͇JOGP!TXJTTDIBNPSH
&NBJMႂᥪTXJMMJ!TIBTXJTTDIBNPSH
(MPCBM)FBMUI$BSFʼ๑КऔӝႤ˖ॶ
6ZLVV&OXE6KDQJKDL
ʼ๑။‫ܢ‬οˬᦉ
6KDQJKDL&KLQD
6KDQJKDL .HUU\ &HQWUH 5RRP 1DQMLQJ :HVW 5RDG
ʼ๑Ӯ᜴̚ᡸՁʼ๑‫ࠈॶ˖᧖ى‬
6ZLVV&KDP%RDUG0HPEHUVLQ6KDQJKDL
ʼ๑ᗈ̂͗੆տ
XXXTXJTTDMVCTIBOHIBJDPN
3KRQHႂព
JOGP!TXJTTDMVCTIBOHIBJDPN
)D[͛ᄽḬ
=KDQELQJ5HQ'LUHFWRU3UHVLGHQU
6ZLVV &RQVXODWH *HQHUDO LQ 6KDQJKDL
6ZLVV%XVLQHVV+XE6KDQJKDL
͉ӳࣲ˞ࣝ
5FMႂព
&NBJMႂᥪ[SFO!TIBTXJTTDIBNPSH
&KULVWLDQ*XHUWOHU&KDLUPDQ6ZLVV&KDP&KLQD
‫ࣝ˞ˬྱ׍‬
5FMႂព
&NBJMႂᥪDHVFSUMFS!TIBTXJTTDIBNPSH
1LFRODV0XV\'LUHFWRU9LFH3UHVLGHQW
ࡈ԰ડe୔᜴ҝ˞ࣝ
5FMႂព
&NBJMႂᥪONVTZ!TIBTXJTTDIBNPSH
:DOWHU$NHUHW'LUHFWRU6HFUHWDU\
̍ӧॳᗈ̂͗੆տ
5FMႂព
&NBJMႂᥪXBLFSFU!TIBTXJTTDIBNPSH
(PDLOႂᥪLQIR#JKFFKLQDFRP
$BO"N*OUFSOBUJPOBM.FEJDBM$FOUFS4IBOHIBJ
ளຸ‫ڍ‬ᬄӝႤ˖ॶ
။‫ܢ‬᯾ʼ๑঳ᮖ̂ᯝ။‫׷ܢ‬ҫΧᤈ˖ॶʼ๑
+XDLKDL=KRQJ/XE\6KDQ[L1DQ/X
' #VJMEJOH " 'BS &BTU *OUFSOBUJPOBM 1MB[B /P 4IBOHIBJ
຅๑˖ᡸՁ०඼Ӝ˖ॶӝᬒ
3KRQHႂព
<DQ
DQ;L/Xढ߶᜴ᡸՁ
3KRQHႂព
(PHUJHQF\QXPEHUV
3ROLFHઐ᝜
)LUH)LJKWHUV༡᝜Ḭ
$PEXODQFHVஐએᢻḬ
3ROLFH(QJOLVKVSHDNLQJઐ᝜Ḛᔭ஠ḛḬ
8VHIXOQXPEHUV
7RXULVW,QIRUPDWLRQ஺ຣζো +RQJ4LDR$LUSRUW(QJOLVKᙅೃ఺‫֦ڣ‬ល
3XGRQJ$LUSRUW(QJOLVK๋ˋ఺‫֦ڣ‬ល 3ULFHFRPSODLQW&KLQHVH๖᠟Ꮷઅឃབጲ
ʼ๑ࣉ̷᭖ᡸՁᤉˋ‫ڍ‬ᬄࣸ‫࣮"ڣ‬഍ʼ๑
0QFOJOHIPVSTࢹͺௐᫍḬ
.P'SBNֆʶᒯֆ̊ʼӤཁᒯཁ
1IPOFႂព
'BY͛ᄽ
&NBJMႂߔᥪ͇7FSUSFUVOH!TIBSFQBENJODI
8VHIXO&RQWDFWV:RUOGZLGH
Кီ᧗᜵ᐎፎ఺ౝ
6ZLVV%XVLQHVV&RXQFLOLQ+RQJ.RQJ
*32%R[
+RQJ.RQJ
6ZLVV&RQVXODWH*HQHUDOLQ+RQJ.RQJ
။‫ܢ‬᯾ᯭຠ঳ᮖ̂ᯝ
6XLWH&HQWUDO3OD]D+DUERU5RDG:DQFKDL
+RQJ.RQJ
ᯭຠັ̲ຠັ᥊Ձ˖ဖࣸ‫ࠈڣ‬
7HOႂព
)D[͛ᄽ
ᯭຠᥪஊ঳ࡌζ኷Ձ
(PDLOႂߔᥪ͇VZLVVFJ#KRQUHSDGPLQFK
7HOႂព
RU੊Ꮷ9HUWUHWXQJ#KRQUHSDGPLQFK
)D[͛ᄽ
2SHQLQJKRXUV&RQVXODWHᮖ̂ᯝࢹͺௐᫍ
Τॳ߰͗ҫူ̂
(PDLOႂߔᥪ͇DGPLQ#VZLVVEL]RUJ
)URP0R)UDPֆʶᒯֆ̊ʼӤཁᒯཁ
5FMႂព
ZZZVZLVVEL]RUJ
'DQLHO+HXVVHU'LUHFWRU(YHQW2I¿FHU
6ZLVV&KLQHVH&KDPEHURI&RPPHUFH6ZLW]HUODQG
9LFWRU&KLDP'LUHFWRU0HPEHUVKLS2I¿FHU
˖‫ڍ‬။‫͗׷ܢ‬။‫ܢ‬
᝖᥊ࣰᗈ̂͗੆տ
+RHVFKJDVVH
5FMႂព
&+=XULFK6ZLW]HUODQG
&NBJMႂᥪWDIJBN!TIBTXJTTDIBNPSH
3DWULFN56FKHLEOL'LUHFWRU(YHQW2I¿FHU
‫ܭ‬ඊѽ͗ҫူ̂
5FMႂព
&NBJMႂᥪQTDIFJCMJ!TIBTXJTTDIBNPSH
7HOႂព
)D[͛ᄽḬ
&NBJMႂᥪEIFVTTFS!TIBTXJTTDIBNPSH
7HOႂព
)D[͛ᄽ
(PDLOႂߔᥪ͇LQIR#VFFFFK
ZZZVFFFFK
(PDLOႂᥪ9HUWUHWXQJ#KRQUHSDGPLQFK
*HQHUDO,QIRUPDWLRQኤ̭
ZZZDGPLQFK
6ZLVV*RYHUQPHQW:HEVLWH။‫ܢ‬ஊउᎩቢ
XXXTXJU[FSMBOEDPNDO
8FCTJUFPGUIF4XJTT&NCBTTZJO#FJKJOH။‫ܢ‬᯾ӧܷ΍ᯝᎩቢ
ZZZP\VZLW]HUODQGFRPFQ
6ZLVV7RXULVP:HEVLWH။‫ܢ‬஺ຣࡌᎩቢ
ZZZVZLVVLQIRRUJ
)UDQF.DLVHU'LUHFWRU6HUYLFH2I¿FHU
กПАనҫူ̂
,QIRUPDWLRQ ZHEVLWH DERXW 6ZLW]HUODQG DYDLODEOH LQ &KLQHVH
ODQJXDJH။‫ܢ‬ᄰСζোᎩቢḞ˖஠ྟ
5FMႂព&YU
ZZZVLQRSWLFFK
&NBJMႂᥪGLBJTFS!TIBTXJTTDIBNPSH
:HEVLWHGHGLFDWHGWR6ZLVV6LQR5HODWLRQV။˖СጆᎩቢ

Similar documents