7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(67+(585$/(&2120,(6,1
7+((8$&&(66,21&28175,(6'2(8$*5,&8/785$/$1'6758&785$/
32/,&,(61(('72%($'-867('".ODXV)URKEHUJ6WHIIHQ$EHOH,1752'8&7,21'XULQJWUDQVLWLRQIURPVRFLDOLVWSODQQHGWRPDUNHWHFRQRPLHVLQ&HQWUDODQG(DVWHUQ(XURSHDOOVHFWRUVKDGWRDGMXVWWR
DQHZHFRQRPLFDQGLQVWLWXWLRQDOHQYLURQPHQW7KLVDOVRKROGVIRUWKHDJULFXOWXUDOVHFWRU,WVRXWSXWLQWKH(8DFFHVVLRQFRXQWULHV $&V GHFOLQHGVKDUSO\RYHUWKHILUVWILYH\HDUVRIWKHWUDQVLWLRQSHULRGDQGLVQRZVORZO\UHFRYHULQJ
7KHIDWHRIUXUDODUHDVLVFORVHO\OLQNHGZLWKWKHGHVWLQ\RI
DJULFXOWXUHDVWKH\ZHUHDQGVWLOODUHLQPRVW$&VDIIHFWHGE\
DJULFXOWXUDOSURGXFWLRQEHLWLQODUJHHQWHUSULVHVRUQXPHURXVVPDOOKROGLQJV7KHWUDQVLWLRQSURFHVVKDVOHIWPDQ\SHRSOHZKRIRUPHUO\ZRUNHGLQDJULFXOWXUHXQHPSOR\HG0RUHRYHUWKHVR
FLDOVWUXFWXUHRIUXUDODUHDVWKDWFROOHFWLYHIDUPVSURYLGHGKDV
EHHQEURNHQXS7KHGHFD\RIUXUDODUHDVZDVWKHFRQVHTXHQFH
UHVXOWLQJLQPLJUDWLRQRIWKH\RXQJHUDQGVNLOOHGSHRSOHLQWR
XUEDQFHQWUHVWKHVKRUWIDOORIDQHZDQGWKHGHWHULRUDWLRQRIDQ
H[LVWLQJLQIUDVWUXFWXUHVXEVLVWHQFHDJULFXOWXUHDQGEDUWHUV\V
WHPVLQPDQ\$&V $EHOHHWDO 

585$/(&2120,(6 ,1&(175$/ $1'($67(51( 8523($1  & 28175,(6  $&6
7KH(FRQRPLF6LWXDWLRQLQ5XUDO$UHDVRI$&V
5XUDODUHDVZHLJKKHDYLO\LQWKH$&VLIMXGJHGE\WKHVKDUHWKH\UHDFKLQWRWDODUHDDQGSRSXODWLRQ VHH7DEOH 5XUDODUHD
LVDSSUR[LPDWHGE\DJULFXOWXUDOODQG6LQFHODQGXVHGIRUIRU
HVWU\LVQRWLQFOXGHGWKHSHUFHQWDJHVLQGLFDWLQJUXUDODUHDZLOO
EHHYHQXQGHUVWDWHG7KLVLVHVSHFLDOO\WKHFDVHLQFRXQWULHV 

./$86)52+%(5*67())(1$%(/(

7DEOH7KH6LJQLILFDQFHRI5XUDO$UHDVLQ$&V
7RWDODUHD $JULFXOWXUDOODQG 6KDUHRISRSXODWLRQ
LQNP
OLYLQJLQUXUDODUHDV %XOJDULD
&]HFK5HSXEOLF 


(VWRQLD+XQJDU\
/DWYLD/LWKXDQLD

3RODQG
5RPDQLD
6ORYDN5HSXEOLF 


6ORYHQLD&RXQWU\,QRIWRWDOIRU%XOJDULD6KDUHRIUXUDODUHDVLQRIWRWDO
6RXUFH )$26WDWLVWLFDO'DWDEDVHDQG(XURSHDQ&RPPLVVLRQ'* 

ZKHUHIRUHVWU\KROGVDODUJHVKDUHDVLQ(VWRQLDDQG6ORYHQLD
7RJDLQDGHHSHULQVLJKWLQWRWKHHFRQRPLFSUREOHPVRIUX
UDODUHDVVRPHNH\LQIRUPDWLRQRQHPSOR\PHQWLQFRPHVHF
WRUDOVWUXFWXUHDQGUHJLRQDOORFDWLRQLVSURYLGHGLQ7DEOH/RRN
LQJDWXQHPSOR\PHQWLQFRPHDQGUHJLRQDOORFDWLRQRQHILQGVHYLGHQFHLQVXSSRUWRIWKHFODVVLFDOSRLQWRIYLHZWKDWHFRQRPLFLQWHJUDWLRQ±LQGLFDWHGE\PDUNHWDFFHVVLQIUDVWUXFWXUHDQGWKH
H[FKDQJHRIJRRGVIDFWRUVDQGVHUYLFHV±DQGHFRQRPLFZHDOWKDUHPXWXDOO\GHSHQGHQWDVLWFDQEHREVHUYHGWKDWWKHPRUHLQWH
JUDWHGWKHUHJLRQVWKHEHWWHUWKHLUHFRQRPLFSHUIRUPDQFH)RU
DOPRVWHYHU\FRXQWU\LWFDQEHVDLGWKDWWKRVHUHJLRQVZKLFKERUGHUWKH(8KDYHWKHKLJKHVWLQFRPHDQGWKHORZHVWXQHPSOR\PHQW7KLVLPSOLHVWKDWDFFHVVWRIRUHLJQPDUNHWVZLWKDKLJKSXUFKDVLQJSRZHUEHLWWKURXJKODQGRUE\VHD ZKLFKLV
WKHFDVHIRUWKH%DOWLFFRXQWULHVDQG5RPDQLDZKHUHWKHFRDVWDODUHDVDUHLQWKHEHVWHFRQRPLFVLWXDWLRQ LQFUHDVHVHFRQRPLFZHDOWK (XURSHDQ&RPPLVVLRQD 7KLVVXJJHVWVWKDWLPSURYLQJPDUNHWDFFHVVE\IRVWHULQJLQIUDVWUXFWXUHVKRXOGKDYHDKLJKSULRULW\LQWKHSROLF\SRUWIROLR7KHUHJLRQVRI3RODQGDG
MDFHQWWR(DVW*HUPDQ\GRQRWVKRZWKLVHIIHFW7KLVPLJKWEH
GXHWRWKHIDFWWKDW(DVW*HUPDQ\¶VHFRQRPLFGLVWUHVVFRXOGQRW
EHDOOHYLDWHGGXHWRUHXQLILFDWLRQDQGFDQQRWRIIHUWKHKXJH
SXUFKDVLQJSRZHURUHPSOR\PHQWRSSRUWXQLWLHVWKDWZRXOGEH

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(67DEOH6WUXFWXUDO'DWDRI5XUDO$UHDVLQ$&V

3RSXOD 6KDUHRI *'3SHU 8QHP 3DUWLF /RFDWLRQWLRQ DJULFXOWXUDO FDSLWD SOR\PHQW LSDWLRQ LQGLFD
&RXQWU\GHQVLW\ ODERXUIRUFH UHODWLYH
UDWH
UDWH
WRU
LQ LQ
WR(8 LQ
3HUVRQV
SHUNP(VWRQLD,,,





3RKMD(HVWL


QD

QD XP
.HVN(HVWL


QD

QD
U
.LUGH(HVWL


QD

QD P/llQH(HVWL


QD

QD PU
/RXQD(HVWL


QD

QD
H
/DWYLD,,





/LWKXDQLD,,





3RODQG,,





'ROQRVODVNLH




 X
.XMDZVNR3RPRUVNLH





U
/XEHOVNLH





H
/XEXVNLH




 Z
/RG]NLH




 X
0DORSROVNLH




 
0D]RZLHFNLH




 X
2SROVNLH





U
3RGNDUSDFNLH





H
3RGODVNLH





H
3RPRUVNLH




 PX
6ODVNLH




 X
6ZLHWRNU]\VNLH





U
:DUPLQVNR0D]XUVNLH




 HU
:LHONRSROVNLH




 X
=DFKRGQLRSRPRUVNLH




 ZX&]HFK5HSXEOLF,,





3UDJXH



 X
&HQWUDO%RKHPLD




 X
6RXWKHUQ%RKHPLD




 Z
:HVWHUQ%RKHPLD




 Z
1RUWKHUQ%RKHPLD




 Z
(DVWHUQ%RKHPLD





U
6RXWKHUQ0RUDYLD




 Z
1RUWKHUQ0RUDYLD





H
6ORYDN5HSXEOLF,,





%UDWLVODYVN\.UDM




 XZ
=DSDGQH6ORYHQVNR




 X
6WUHGQH6ORYHQVNR





U
9\FKRGQH6ORYHQVNR





H
+XQJDU\,,





&HQWUDO+XQJDU\




 X
&HQWUDO7UDQV'DQXELD





U
:HVWHUQ7UDQV'DQXELD




 Z
6RXWKHUQ7UDQV'DQXELD





U
1RUWKHUQ+XQJDU\





U
1RUWKHUQ*UHDW3ODLQ





H
6RXWKHUQ*UHDW3ODLQ





U

 

./$86)52+%(5*67())(1$%(/(
3RSXOD 6KDUHRI *'3SHU 8QHP 3DUWLF /RFDWLRQWLRQ DJULFXOWXUDO FDSLWD SOR\PHQW LSDWLRQ LQGLFD
&RXQWU\GHQVLW\ ODERXUIRUFH UHODWLYH
UDWH
UDWH
WRU
LQ LQ
WR(8 LQ
3HUVRQV
SHUNP
6ORYHQLD,,,





3RPXUVND


QD

QD
H
3RGUDYVND


QD

QD X
.RURVND


QD

QD Z
6DYLQMVND


QD

QD X
=DVDYVND


QD

QD X
6SRGQMHSRVDYVND


QD

QD
U
'ROHQMVND


QD

QD
U
2VUHGQMHVORYHQVND


QD

QD
H
*RUHQMVND


QD

QD X
1RWUDQMVNRNUDVND


QD

QD Z*RULVND


QD

QD
U
2EDOQRNUDVND


QD

QD Z
5RPDQLD,,




 ZP
1RUG(VW





U
6XG(VW




 P
6XG





U
6XG9HVW





U
9HVW





U
1RUG9HVW





U
&HQWUX




 X
%XFXUHVWL



 X%XOJDULD,





6RILD6WROLWVD




QD X
6HYHUQD%DOJDULMD




QD
U
<X]KQD%DOJDULMD




QD Z
(8





*HUPDQ\





*UHHFH






)LJXUHVLQ5RPDQDIWHUWKHFRXQWU\UHIHUWR1876OHYHORIVXEVHTXHQW
UHJLRQVIRU(VWRQLDDQG6ORYHQLD1876,,,GDWDIRUVWTXDUWHURI
5HJLRQFODVVLILFDWLRQX XUEDQRUSHULXUEDQU UHPRWHH HDVWHUQERUGHU
UHJLRQZ ZHVWHUQERUGHU (8ERUGHU UHJLRQP PDULWLPHUHJLRQ
6RXUFH (XURSHDQ&RPPLVVLRQ E (XURSHDQ&RPPLVVLRQ E

QHFHVVDU\WRVXEVWDQWLDOO\IRVWHUHFRQRPLFJURZWKLQWKH3ROLVKERUGHUUHJLRQV$QRWKHULPSRUWDQWIDFWRUIRUHFRQRPLFZHDOWKLVWKHSUR[LPLW\WRXUEDQFHQWUHV7KLVKROGVHVSHFLDOO\QRZIRU3RODQG
ZKHUHUHJLRQVDURXQGFLWLHVOLNH:DUVDZ.DWRZLFH.UDNRZRU
6]F]HFLQ ZKLFKLVDSDUWLFXODUUHJLRQDVLWLVXUEDQFORVHWRWKH
ZHVWHUQERUGHUDQGPDULWLPH DUHWKRVHZLWKWKHKLJKHVWLQFRPH
7KHVDPHKROGVIRUWKH%XGDSHVWUHJLRQLQ+XQJDU\RUWKDWRI

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(6%UDWLVODYDLQWKH6ORYDN5HSXEOLFZKHUHWKHKLJKHVWLQFRPHVLQ
WKH$&V DW1876,,OHYHO DUHIRXQG
2QWKHRWKHUKDQGUHJLRQVZLWKDORZSRSXODWLRQGHQVLW\RIWHQWKRXJKQRWDOZD\VVXIIHUIURPLQVXIILFLHQWLQFRPH*RRG
H[DPSOHVDUHWKH%DOWLFFRXQWULHVDQGWKH%DONDQ5HJLRQLH
5RPDQLDDQG%XOJDULD (XURSHDQ&RPPLVVLRQD +RZ
HYHUWKHFDXVDOUHODWLRQVKLSEHWZHHQSRSXODWLRQGHQVLW\DQG
LQFRPHLVQRWDVVWULFWDVPLJKWEHH[SHFWHG2IFRXUVHKLJKLQFRPHHJLQXUEDQFHQWUHVDWWUDFWVPRUHSHRSOH2QWKHRWK
HUKDQGLWVHHPVWKDWUHJLRQVZLWKDORZSRSXODWLRQGHQVLW\DW
WUDFWOHVVSULYDWHDQGSXEOLFLQYHVWPHQWLQWHUHVWVRWKDWORZLQ
FRPHLQUHJLRQVZLWKORZSRSXODWLRQGHQVLWLHVFRXOGLQGLFDWHD
YLFLRXVFLUFOH
$JULFXOWXUHLVRIVSHFLILFVLJQLILFDQFHIRUPRVWRIWKHUXUDODUHDVLQ$&V7KXVLWLVLQWHUHVWLQJWRORRNDWWKHUHODWLRQVRILQFRPHHPSOR\PHQWDQGWKHVKDUHRIDJULFXOWXUHLQWKHUHJLRQDO
HFRQRPLHV,QDOO$&VDJULFXOWXUHHPSOR\VUHODWLYHO\PRUHRI
WKHWRWDOODERXUIRUFHWKDQLVWKHFDVHLQWKH(8ZKHUHLWUHDFKHVDQDYHUDJHRI%\DQGODUJHWKHFRUUHODWLRQEH
WZHHQDJULFXOWXUDOHPSOR\PHQWVKDUHDQGLQFRPHLQUXUDODUHDV
LVQHJDWLYH$QH[FHSWLRQLV6ORYHQLDZKHUHDKLJKVKDUHLQ
DJULFXOWXUDOHPSOR\PHQWLVDFFRPSDQLHGE\KLJKLQFRPHEH
FDXVHJRYHUQPHQWVXSSRUWRIDJULFXOWXUHLVUHODWLYHO\VSHDNLQJYHU\KLJK±H[FHHGLQJHYHQWKDWRIWKH(82QWKHRWKHU
KDQGVRPHUHJLRQVLQ+XQJDU\DUHDOVRDQH[FHSWLRQVLQFHWKH\
VKRZORZLQFRPHLQVSLWHRIDVPDOOHPSOR\PHQWVKDUHLQDJULFXOWXUH1HLWKHUFDQEHDXQLTXHSDWWHUQLGHQWLILHGEHWZHHQ
HPSOR\PHQWE\DJULFXOWXUHDQGWKHVKDUHRISHRSOHZLWKRXWZRUN
7KHUHDUHUHJLRQVZKHUHDVPDOOSDUWRIWKHZRUNIRUFHZLWKRXWMREVDQGKLJKDJULFXOWXUDOVKDUHVDUHIRXQG HJLQ5RPDQLD
+XQJDU\RUWKH&]HFK5HSXEOLF DQGLQGXVWULDOLVHGUHJLRQVZLWKKLJKXQHPSOR\PHQWUDWHV OLNHWKH1RUWKHDVWRIWKH&]HFK5H
SXEOLF 7KLVLPSOLHVWKDWWKHHFRQRPLFSHUIRUPDQFHRIDJULFXOWXUH±DVWKDWRIRWKHUVHFWRUV±VWURQJO\GHSHQGVRQLWVSURGXF
WLYLW\ZKLFKLVDOVRLQIOXHQFHGE\QDWXUDOFRQGLWLRQVDQGLWVLQVWLWXWLRQDOHQYLURQPHQW7KHRQO\FRXQWULHVZKHUHDJULFXOWXUH
VWURQJO\GRPLQDWHVLQWHUPVRIHPSOR\PHQWDQGDWWKHVDPH
WLPHORZLQFRPHDQGKLJKXQHPSOR\PHQWUDWHVFDQEHREVHUYHG

 

./$86)52+%(5*67())(1$%(/(

DUH3RODQG ZKLFKLVNQRZQIRULWVIUDJPHQWHGIDUPVWUXFWXUH
DQG%XOJDULD
+XPDQFDSLWDOLVDGHFLVLYHIDFWRURIGHYHORSPHQW$PRXQW
DQGVFRSHRIVNLOOVGHWHUPLQHWKHIOH[LELOLW\RIZRUNHUVWRPRYH
IURPRQHVHFWRUWRDQRWKHULIQHFHVVDU\7KXVLWFDQEHVDLGWKDW
WKHKLJKHUWKHHQGRZPHQWZLWKKXPDQFDSLWDOWKHVPRRWKHUDQG
TXLFNHUFDQVWUXFWXUDODGMXVWPHQWYLDUHDOORFDWLRQRIODERXUEHDFKLHYHG
7DEOHVKRZVWKHHQGRZPHQWRIWKHUHJLRQVZLWKKXPDQFDSLWDO$VFDQEHVHHQIURPWKLVWDEOHDERXWWZRWKLUGVRIWKH
SRSXODWLRQEHWZHHQWR\HDUVRIDJHKDYHDPHGLXPOHYHORIHGXFDWLRQWKHUHVWLVVKDUHGHYHQO\EHWZHHQORZDQGKLJKOHYHOV7KHUHLVUHODWLYHO\OLWWOHYDULDWLRQDFURVVWKH$&VQHL
WKHUEHWZHHQFRXQWULHVQRUDFURVVUHJLRQVZLWKLQFRXQWULHV+RZHYHUWKHVLWXDWLRQGLIIHUVIURPWKDWLQWKH(8ZKHUH
HGXFDWLRQLVPRUHHYHQO\GLVWULEXWHGEHWZHHQDOOWKUHHOHYHOV0RUHRYHUWKHUHVHHPVWREHHYLGHQFHWKDWWKHW\SHRIHGXFDWLRQRIIHUHGLQWUDQVLWLRQFRXQWULHVGLIIHUVIURPWKDWLQWKH(8
7HFKQLFDODQGQDWXUDOVFLHQFHJDLQHGKLJKSULRULW\LQWKH$&V
ZKLOHVXEMHFWVOLNHHFRQRPLFVPDUNHWLQJDQGPDQDJHPHQWZHUH
QHJOHFWHGRUQRWWDXJKWDWDOO7KLVPLJKWPDNHWKHGHYHORSPHQWWRZDUGVDSRVWLQGXVWULDOLVHGHFRQRP\ZLWKDGRPLQDQWWHUWLDU\VHFWRUPRUHGLIILFXOWGXHWRODFNRIDSSURSULDWHVNLOOV$VHFWRUIRUZKLFKVWUXFWXUDODGMXVWPHQWZLWKUHVSHFWWROD
ERXUIRUFHLVSDUWLFXODUO\LPSRUWDQWLVWKHDJULFXOWXUDOVHFWRULQ&((&ZKHUHWKHVKDUSDGMXVWPHQWRIWHUPVRIWUDGHVLQFHWKH
EHJLQQLQJRIWUDQVLWLRQKDVLQGXFHGDQHQWLUHUHDOORFDWLRQRIIDFWRUV2IWKHVHIDFWRUVODERXULVWKHPRVWVHQVLWLYHRQHDV
RIIIDUPLQFRPHRSSRUWXQLWLHVDUHVFDUFHHVSHFLDOO\LQUXUDODU
HDV7DEOHGHSLFWVHGXFDWLRQOHYHORIWKHSRSXODWLRQLQWKH
DJULFXOWXUDOVHFWRURUUXUDODUHDV DVGDWDEDVHVGLIIHUDFURVVFRXQWULHV IRUVHOHFWHG$&V7KHPDMRULW\RIWKHVHSHRSOHUHFHLYHGD
PHGLXPRUORZOHYHOHGXFDWLRQ7KRXJKWKHILJXUHVLQWKLVWDEOH
DUHQRWVWULFWO\FRPSDWLEOHZLWKWKRVHLQ7DEOHVRPHFRQFOXVLRQPLJKWQHYHUWKHOHVVEHGUDZQ(GXFDWLRQOHYHOVRIWKHWRWDOSRSXODWLRQDJHGEHWZHHQDQG\HDUVDUHUHODWLYHO\HYHQO\
GLVWULEXWHGDFURVVDOOUHJLRQVZLWKLQDFRXQWU\LQFOXGLQJUXUDODUHDV$FFRUGLQJWR7DEOHWKHIDUPLQJSRSXODWLRQUHFHLYHG


7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(67DEOH(GXFDWLRQ/HYHORI3HUVRQV$JHGEHWZHHQDQG
&RXQWU\1876OHYHORI (GXFDWLRQOHYHORISHUVRQVDJHGLQ  LQRIDJHFODVVVXEVHTXHQWUHJLRQV/RZ
0HGLXP+LJK(VWRQLD,,,
/DWYLD,,
/LWKXDQLD,,
QD
QD
QD
3RODQG,,
'ROQRVODVNLH.XMDZVNR3RPRUVNLH/XEHOVNLH/XEXVNLH/RG]NLH0DORSROVNLH0D]RZLHFNLH2SROVNLH3RGNDUSDFNLH3RGODVNLH3RPRUVNLH6ODVNLH6ZLHWRNU]\VNLH:DUPLQVNR0D]XUVNLH:LHONRSROVNLH=DFKRGQLRSRPRUVNLH&]HFK5HSXEOLF,,
3UDJXH&HQWUDO%RKHPLD6RXWKHUQ%RKHPLD:HVWHUQ%RKHPLD1RUWKHUQ%RKHPLD(DVWHUQ%RKHPLD6RXWKHUQ0RUDYLD1RUWKHUQ0RUDYLD
6ORYDN5HSXEOLF,,+XQJDU\,,
&HQWUDO+XQJDU\&HQWUDO7UDQV'DQXELD:HVWHUQ7UDQV'DQXELD6RXWKHUQ7UDQV'DQXELD1RUWKHUQ+XQJDU\1RUWKHUQ*UHDW3ODLQ6RXWKHUQ*UHDW3ODLQ
6ORYHQLD,,,
5RPDQLD,,1RUG(VW6XG(VW



6XG



6XG9HVW9HVW
1RUG9HVW&HQWUX
%XFXUHVWL%XOJDULD,
QD
QD
QD
(8



*HUPDQ\
*UHHFH
QDQRWDYDLODEOH GDWDDFFRUGLQJWR6ORYDN5HSXEOLF 6RXUFH(XURSHDQ&RPPXQLWLHV E 

./$86)52+%(5*67())(1$%(/(

7DEOH(GXFDWLRQLQWKH$JULFXOWXUDO6HFWRUDQG5XUDO$UHDVIRU6HOHFWHG$&V&RXQWU\/HYHO
3RODQG/DWYLD
6ORYDN5HSXEOLF
&]HFK5HSXEOLF
5RPDQLD

3HUFHQWDJHRIDJULFXOWXUDOUXUDO XUEDQYDOXHVLQEUDFNHWV/RZ
0HGLXP+LJK            
 
 
 
 
 

&RPSDULVRQRIDJULFXOWXUDODQGRYHUDOOHGXFDWLRQ LQEUDFNHWV&RPSDULVRQ5XUDORYHUDOOYDOXHV
6RXUFH 3ROLVK0LQLVWU\RI$JULFXOWXUHDQG5XUDO'HYHORSPHQW  /DWYL
DQ0LQLVWU\RI$JULFXOWXUH  (XURSHDQ&RPPLVVLRQ  
5HSXEOLFRI5RPDQLD  (XURSHDQ&RPPLVVLRQ E 6OR
YDN5HSXEOLF  &]HFK5HSXEOLF0LQLVWU\RI5HJLRQDO'HYHORSPHQWDQG0LQLVWU\RI$JULFXOWXUH  DQG(XURSHDQ&RPPLVVLRQ E

OHVVKLJKHUDQGPRUHORZHUHGXFDWLRQ7KXVWKHUHVHHPVWREHD
SUREOHPZLWKHGXFDWLRQ KXPDQFDSLWDO DWVHFWRUDOOHYHOUDWKHU
WKDQLQUXUDOUHJLRQV&RPSHWLWLYHQHVVRI$JULFXOWXUHLQ$&V$JULFXOWXUHSOD\HGDQLPSRUWDQWUROHLQEXIIHULQJHFRQRPLFKDUGVKLSVZKLFKSHRSOHIDFHGLQPDQ\RIWKH$&VGXULQJWKH
LQLWLDO\HDUVRIWUDQVLWLRQ7KLVKROGVHVSHFLDOO\IRU5RPDQLD
DQG%XOJDULDZKHUHSHRSOHKDYHHYHUVLQFHEHHQUHO\LQJRQVXE
VLVWHQFHIDUPLQJDQGLQIRUPDOUXUDOVRFLDOVHFXULW\V\VWHPVOLNH
IDPLOLHVDQGNLQVKLS,WIXUWKHUVXJJHVWVWKDWWKHUHZDVDOUHDG\D
JUHDWQHHGIRUVWURQJHUUXUDOGHYHORSPHQWLQ$&VLQWKHHDUO\\HDUVRIWUDQVLWLRQ7KLVKDVQRWLPSURYHGVLQFHWKHQ
7KRXJKDJULFXOWXUHLVWKHGRPLQDQWVHFWRULQUXUDODUHDVWR
UHO\VROHO\RQLWIRUVWUHQJWKHQLQJWKHVHUHJLRQVZRXOGFHUWDLQO\
EHLOODGYLVHG$JULFXOWXUHLVQRWH[SHFWHGWRUHDFKJURZWKUDWHVUHTXLUHGIRUHPSOR\LQJIXUWKHUWKHZRUNIRUFHLWFXUUHQWO\RIIHUVMREVQRWWRVSHDNRIDEVRUELQJDGGLWLRQDOODERXU1HLWKHULQWKH
UHPDLQLQJSUHDFFHVVLRQ\HDUVQRUDIWHUMRLQLQJWKH(8ZLOOWKH
FRQGLWLRQVEHDVIDYRXUDEOHDVWKDW7KHFRPSHWLWLYHQHVVRIDJULFXOWXUHLQWKH$&VZLWKWKDWLQWKH(8LVUDWKHUJRRGEXW


7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(6IRRGSURFHVVLQJLVDQLPSRUWDQWIDFWRUOLPLWLQJLWVH[SDQVLRQ
2QO\6ORYHQLDKDVHQWHUHGDSDWKRIGHYHORSPHQWRIJURVVDJULFXOWXUDORXWSXWZKLFKVKRZVDQXSZDUGWUHQG)RUDOORWKHUFRXQWULHVWKHYDOXHRISURGXFWLRQLVEDVLFDOO\FRQVWDQW2WKHUHYL
GHQFHLVVKRZQE\WKHQHJDWLYHEDODQFHRIWUDGHLQDJULFXOWXUDOJRRGVDQGIRRGFRPPRGLWLHVWKDWDOO$&VZLWKWKHH[FHSWLRQRI+XQJDU\%XOJDULDDQG±MXVWUHFHQWO\±5RPDQLDKDYHZLWKWKH(8$QDO\VLVRIWKHVHWUDGHGDWDUHYHDOVWKDWWKHGHILFLWLV
PDLQO\LQWKHSURFHVVHGLWHPV2QWKHRWKHUKDQGWKHUHDUHVWLOODQXPEHURIDGGLWLRQDOIDFWRUVWKDWKDPSHUDJULFXOWXUH¶VFRPSHWLWLYHQHVVLQWKH$&V
7RWKHVHEHORQJWKHPDFURHFRQRPLFHQYLURQPHQWZKLFKLVRI
WHQQRWVWDEOHHQRXJKWREHFRQGXFLYHIRUVXVWDLQHGJURZWKRI
WKHDJULFXOWXUDOVHFWRU$QGHVSHFLDOO\PRQHWDU\SROLFLHVZKLFKOHGWRDQDSSUHFLDWLRQRIWKHUHDOH[FKDQJHUDWHLQDOPRVWDOO$&VDJDLQVWWKHLUFRXQWHUSDUWVLQWKH(8DOVRFDXVHGWKHVH
QHJDWLYHWUDGHEDODQFHV,QDGGLWLRQVOXJJLVKLQFRPHJURZWKRIFRQVXPHUVRIWHQSXWSUHVVXUHRQGRPHVWLFSULFHVIRUDJULFXOWXUDOJRRGVEHFDXVHRIVPDOOFKDQJHVLQWKHRYHUDOOGHPDQGIRU
IRRG
2WKHULPSHGLPHQWVWRFRPSHWLWLYHQHVVDUHLQDSSURSULDWH
LQVWLWXWLRQVZKLFKRIWHQVWLOOODFNWKHQHFHVVDU\DGMXVWPHQWWRPDUNHWDQGGHPRFUDWLFFRQGLWLRQVDVZHOODVWKHPRQLWRULQJDQG
HQIRUFHPHQWQHFHVVDU\WRPDNHWKHPIXQFWLRQ$UDWKHUORQJ
OLVWFDQEHSURYLGHGLQWKLVUHVSHFW,WHQFRPSDVVHVLQVWLWXWLRQV
DWDOOOHYHOVSROLWLFDOPDUNHWDQGHQWHUSULVHOHYHO7KHQHHGIRU
LPSURYLQJWKHHGXFDWLRQV\VWHPKDVEHHQDOUHDG\UHIHUUHGWR
DERYH5HJXODWLRQVIRVWHULQJWKHH[FKDQJHRIJRRGVDQGVHUYLF
HV PDUNHWIXQFWLRQLQJ LVDQRWKHUSUREOHPZKHUHSURJUHVVLV
VWLOOUHTXLUHG)RUH[DPSOHODQGPDUNHWVDUHQRW\HWZHOOGHYHORSHGLQPDQ\RIWKH$&V%XWWKH\DUHYHU\LPSRUWDQWIRUWKH
DGMXVWPHQWLQIDUPVWUXFWXUHUHTXLUHGIRUVWUHQJWKHQLQJFRPSHWLWLYHQHVV
$V7DEOHUHYHDOVWKHPDMRULW\RIIDUPVLQPRVWRIWKH$&V
LVRIVPDOOVL]H7KHH[FHSWLRQVDUH6ORYDNLDDQGWKH&]HFK
5HSXEOLF QRWVKRZQLQWKLVWDEOH 7KRXJKDFUHDJHIDUPHGLV
QRWWKHEHVWLQGLFDWRURIFRPSHWLWLYHQHVVLWLVH[SHFWHGWKDWVPDOOIDUPVKDYHWRJURZLQWKHIXWXUHIRUHFRQRPLFVXUYLYDO([ 

./$86)52+%(5*67())(1$%(/(

7DEOH)DUP6L]HLQ6HOHFWHG$&V
8QLW)DUPVL]HKD(VWRQLDEHORZ
   RYHU
WRWDO

)DUPV 













/DQG KD    







/DWYLDEHORZ
   RYHU
WRWDO

)DUPV   
 







/DQG KD




 







/LWKXDQLDEHORZ
   RYHU
WRWDO

)DUPV 












/DQG KD












3RODQG  RYHU
WRWDO

)DUPV 




 







/DQG KD 
 







+XQJDU\EHORZ   RYHU
WRWDO

)DUPV 













/DQG KD




 
 



6ORYDNLD    RYHU
WRWDO

)DUPV 




 







/DQG KD




 







5RPDQLDEHORZ
   RYHUWRWDO)DUPV 




 







/DQG KD




 







EHORZ 
 RYHUWRWDO%XOJDULD)DUPV 




 







/DQG KD




2QO\FRRSHUDWLYHVDQGRWKHUODUJHVFDOHHQWHUSULVHVDUHUHSRUWHG
6RXUFH 1DWLRQDO6WDWLVWLFV

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(67DEOH$JULFXOWXUDO:RUN)RUFHLQWKH$&VRYHUWKH3HULRG
WR LQWKRXVDQG DQG,WV&KDQJH LQ/DQG









(VWRQLD/DWYLD/LWKXDQLD
3RODQG&]HFK5HSXEOLF
6ORYDNLD+XQJDU\
6ORYHQLD
5RPDQLD%XOJDULD
$&V

















































&KDQJHVIURP
 WR
LQ

























6RXUFH1DWLRQDO6WDWLVWLFVSDQGLQJWKHODQGDUHDFXOWLYDWHGLVRQHRSWLRQWRDFKLHYHWKLV:LWKRXWSURSHUO\IXQFWLRQLQJODQGPDUNHWVWKLVPD\EHFRPHYHU\
GLIILFXOW/RRNLQJDWFKDQJHVLQIDUPVWUXFWXUHRYHUWLPHLWFDQEH
REVHUYHGWKDWDYHUDJHVL]HLQFUHDVHVVORZO\DIWHUGHFOLQLQJVXE
VWDQWLDOO\ZKHQWUDQVLWLRQZDVLQLWLDOLVHG7KLVJURZWKWDNHVSODFH
PDLQO\LQVPDOOHUIDUPV7KHODUJHHQWHUSULVHVZLWKKLUHGODERXU
DUHVWLOOVKULQNLQJLQVL]H DQGLQVRPHFRXQWULHVDOVRLQQXP
EHU 7KLVVKRZVWKDWWKHVHILUPVKDYHUHDFKHGDVL]HZKHUHLWPDNHVVHQVHWREHFRPHVPDOOHUEHFDXVHRIGLVHFRQRPLHVRIVFDOH
7KHLQFUHDVHLQFRVWVGXHWRORZHUVFDOHHIILFLHQF\LVRIIVHWE\
WKHVDYLQJVRFFXUULQJGXHWRIHZHUWUDQVDFWLRQV
7KHVPDOOVWUXFWXUHRIIDUPVLVDOVRUHIOHFWHGE\WKHUHODWLYHO\ODUJHODERXUIRUFHHPSOR\HGLQDJULFXOWXUH2QO\WKH&]HFK
5HSXEOLF6ORYHQLD(VWRQLD+XQJDU\DQG6ORYDNLDUHDFKHGDOHYHORIWRZKLFKLVFORVHUWRWKH(8DYHUDJH7KHUHPDLQLQJFRXQWULHVDUHIDUDERYH,Q5RPDQLDKDGDVKDUHRI%XOJDULDDQG3RODQG,QWHUPVRISHUVRQVHQJDJHGLQDJULFXOWXUHZLWKHFRQRPLFDFWLYLWLHV3RODQGDQG5R
PDQLDWRJHWKHUUHDFKPLOOLRQDQGWKHUHPDLQLQJ$&VPLOOLRQ VHH7DEOH ,QWKH(8DERXWPLOOLRQSHUVRQVDUH
HPSOR\HGLQDJULFXOWXUHZKLFKURXJKO\FXOWLYDWHVGRXEOHWKH 

./$86)52+%(5*67())(1$%(/(DPRXQWRIODQGDQGDFKLHYHVDQRXWSXWYROXPHRIDERXWWLPHVKLJKHUWKDQGRIDUPHUVLQWKH$&V7KHGDWDDERXWZRUNIRUFH
DUHQRWSUHFLVHO\FRPSDUDEOHVLQFHWKH\RQO\VKRZWKHQXPEHU
RISHUVRQVUHJDUGOHVVRIWKHDPRXQWRIZRUNSXWLQWRDJULFXOWXUH
1HYHUWKHOHVVWKLVFRPSDULVRQVKRZVWKDWUDWKHUWKDQNHHSLQJ
LWVFXUUHQWODERXUIRUFHRUHYHQHPSOR\LQJPRUHSHUVRQVDJULFXOWXUHZLOOVKHGODERXU
0DQ\RIWKRVHSHRSOHZLOOVHHNHPSOR\PHQWLQUXUDODUHDV+HQFHUXUDOGHYHORSPHQWZLOOKDYHWRIRFXVRQFUHDWLQJQHZ
MREVLQRWKHUVHFWRUVRIWKHUXUDOHFRQRP\7KHTXHVWLRQLVZKDW
NLQGDQGKRZPXFKRIJRYHUQPHQWDODVVLVWDQFHLVUHTXLUHGWRDFKLHYHWKLV

6758&785$/3 2/,&,(6 $1' 35( $&&(66,21 $,')25  7+( $& 6$LPVDQG5HTXLUHPHQWVRI6WUXFWXUDODQG5HJLRQDO3ROLF\
 7KHRUHWLFDO&RQVLGHUDWLRQV$VHWRIVWUXFWXUDOSROLF\LQVWUXPHQWVH[LVWZKLFKDUHLP
SOHPHQWHGZLWKWKHDLPRILQIOXHQFLQJWKHVHFWRUDOVWUXFWXUHRI
WKHHFRQRP\7KHLUXOWLPDWHSXUSRVHLVWRLQGXFHHFRQRPLFJURZWKIRUOHYHOOLQJRIIDQ\VHFWRUDORUUHJLRQDOGLVSDULW\$Q
RWKHUHIIHFWRIWKHVHSROLFLHVFDQEHWRVWDELOLVHWKHHFRQRP\E\
SUHVHUYLQJUDWKHUWKDQFKDQJLQJWKHHFRQRPLFVWUXFWXUH7KRVH
SROLFLHVZKLFKDUHGHVLJQHGWREULQJDERXWVWUXFWXUDOFKDQJHUH
PRYHERWWOHQHFNVDQGLPSHGLPHQWVWRIDFWRUPRELOLW\2WKHU
LQVWUXPHQWVVXFKDVXQHPSOR\PHQWEHQHILWVFDQEHXVHGPRUH
GLUHFWO\IRUUHGXFLQJVRFLDOGLYHUJHQFH6WUXFWXUDOSROLFLHVDVD
FRQVHTXHQFHDGGUHVVERWKHIILFLHQF\DQGHTXLW\DVSHFWVRIUHJLRQDOHFRQRPLHV7KH\FDQPRUHRYHUIHDWXUHDVUHJLRQDODQG
VHFWRUDOSROLFLHVZKLFKDUHRIWHQFORVHO\DVVRFLDWHG 3HWHUV 7KXVZHUHIHUWRUHJLRQDOSROLFLHVDVDVXEVHWRIVWUXFWXUDOSROLFLHVLQJHQHUDO
$VDFRQVHTXHQFHRIWKHLUEURDGVFRSHUHJLRQDOSROLFLHVDUH
LQWHQVLYHO\GLVFXVVHGDPRQJVWWKHDGYRFDWHVRIGLIIHUHQWHFRQRPLFWKHRULHV:KHUHDVWKRVHRIWKHQHRFODVVLFVDUJXHWKDW
XQGHUWKHFRQGLWLRQVRISHUIHFWPDUNHWVDQGIDFWRUPRELOLW\UHJLRQDOGLYHUJHQFHVDUHEDODQFHGE\WKHPHDQVRIPDUNHWSULFHV

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(6RWKHUVMXVWLI\UHJLRQDOSROLFHVIRUGLIIHUHQWUHDVRQVWKHSRODULVDWLRQWKHRU\GHDOVZLWKLQVWLWXWLRQDOIULFWLRQVRQPDUNHWVOLNH
PRQRSROLHVWKDWOHDGWRGLYHUJHQFHDQGSRODULVDWLRQ,WWKXVUDWLRQDOLVHVUHJLRQDOSROLFLHVE\WKHDUJXPHQWRILPSURYLQJDOORFDWLYHHIILFLHQF\7KHSXEOLFJRRGWKHRU\DVVXPHVPDUNHWIDLOXUHIRUWKHFDVHRISXEOLFJRRGVOLNHHJLQIUDVWUXFWXUHDQGVWUHVVHVWKHQHHGWKDWWKHVHJRRGVEHSURYLGHGE\WKHSXEOLFDQGDLPV
DWLPSURYLQJWKHDOORFDWLRQRISXEOLFUHVRXUFHV0RUHUHFHQW
WKHRULHVOLNHWKHQHZIRUHLJQWUDGHDQGWKHQHZJURZWKWKHRU\
DVVXPHSDWKGHSHQGHQFLHV$FFRUGLQJWRWKHVHWKHRULHVSKH
QRPHQDOLNHUHJLRQDOGLIIHUHQFHVLQFDSLWDODFFXPXODWLRQDQG
HFRQRPLHVRIVFDOHDUHH[SODLQDEOHDVLVWKHJURZWKZKLFKJRHV
ZLWKWKHP$VWKHVHGHYHORSPHQWVDUHGHSHQGHQWRQWKHLQLWLDO
VWDWHRIWKHUHVSHFWLYHUHJLRQDQGWKHUHIRUHSDWKGHSHQGHQWUHJLRQDOSROLF\PHDVXUHVDUHMXVWLILHGZLWKDUJXPHQWVRIHTXLW\.ULHJHU%RGHQ  (IILFLHQF\RI5HJLRQDO3ROLFLHV6XEVLGLDULW\DQG
3DUWLFLSDWLRQ(IILFLHQF\UHTXLUHVWKHRSWLPDODOORFDWLRQRIVFDUFHUHVRXUFHV
LQWKHSURGXFWLRQDQGGLVWULEXWLRQRIJRRGVDQGVHUYLFHV7KLV
KROGVQRWRQO\IRUSULYDWHJRRGVDQGVHUYLFHVEXWDOVRIRUSXEOLFJRRGV:KHQFRQVLGHULQJUHJLRQDOSROLFLHVDVSXEOLFJRRGVZH
KDYHWRWDNHLQWRFRQVLGHUDWLRQWKHSUREOHPVUHODWHGWRWKHP
)UHHULGLQJDQGWKHSUREOHPVDULVLQJIURPLWLQUHYHDOLQJWKH
GHPDQGIRUSXEOLFJRRGVDUHZHOONQRZQGLIILFXOWLHVRIUHJLRQDOSROLF\PDNLQJ7KH\DULVHLQGHVLJQLQJDSSURSULDWHUHJLRQDOSROLFLHVEHFDXVHRIGLIIHUHQFHVIRXQGDFURVVUHJLRQVZLWKUHJDUGWRERWKSUHIHUHQFHVIRUSXEOLFJRRGVDQGFRVWVIRUSURYLGLQJWKHP*UDSKVDQGGHSLFWWKHLQHIILFLHQFLHVFUHDWHGDQGWKHUHODWHGZHOIDUHORVVHVZKHQSROLFLHVDUHLQGLVFULPLQDWHO\DSSOLHGWRUHJLRQVZLWKGLIIHUHQWHFRQRPLFFRQGLWLRQV 8UIHL %RWKJUDSKVVKRZDFHQWUDOSROLF\DXWKRULW\KDYLQJWKHSRZHU
WRGHWHUPLQHWKHTXDQWLW\RIWKHSXEOLFJRRGWREHSURGXFHGZKLFKLVFRQVXPHGLQERWKUHJLRQV:LWKLQFUHDVLQJTXDQWLW\PDUJLQDOXWLOLW\GHFOLQHVZKLOHFRQVWDQWPDUJLQDOFRVWVSUHYDLOIRUVXS
SO\LQJWKHSXEOLFJRRG,Q*UDSKLWLVDVVXPHGWKDWWKHPDU
JLQDOXWLOLW\DVLWLVHVWLPDWHGE\WKHFHQWUDODJHQF\08GLIIHUV 

./$86)52+%(5*67())(1$%(/(

IURPWKRVHIRXQGLQWKHWZRUHJLRQV08DQG08:LWKUH
JDUGWRPDUJLQDOFRVWVLWLVVXSSRVHGWKDWWKH\DUHLQERWKUHJLRQVLGHQWLFDO:LWKWKHRQHRIWKHFHQWUDODXWKRULW\0&LQ*UDSKWKHDVVXPSWLRQVDUHUHYHUVHG7KHPDUJLQDOFRVWFXUYHVRIWKHUHJLRQV0&DQG0&DUHQRWWKHVDPHDVWKDWRIWKH
FHQWUDODXWKRULW\ZKLOHWKHPDUJLQDOXWLOLW\FXUYHVDUHLGHQWLFDO
IRUWKHWZRUHJLRQV7KHDXWKRULW\VHWVWKHTXDQWLW\RIWKHSXEOLF
JRRGDW[ZKHUHPDUJLQDOFRVWV0&HTXDOPDUJLQDOXWLOLW\08,QERWKFDVHVWKHGHFLVLRQOHDGVWRZHOIDUHORVVHV,IWKH
WZRUHJLRQVZHUHDOORZHGWRGHFLGHIRUWKHPVHOYHVWKH\ZRXOGSURGXFHDQGFRQVXPHDQDPRXQWDWZKLFKWKHLUPDUJLQDOFRVWVZRXOGHTXDOWKHLUPDUJLQDOXWLOLWLHV,Q*UDSKUHJLRQKDYLQJPDUJLQDOXWLOLW\IXQFWLRQ08
ORVHVWKHDUHD'&(EHFDXVHDW[LWVPDUJLQDOXWLOLW\LVEHORZPDUJLQDOFRVWV)RUUHJLRQWKHRSWLPDODPRXQWRIWKHSXEOLF
JRRGLV[ 5HJLRQFRXOGJDLQLQZHOIDUHDFFRUGLQJWRWKH
WULDQJOH$%&LILWZHUHDOORZHGWRVXSSO\DQGFRQVXPHWKH
DPRXQW[RIWKHSXEOLFJRRG$WWKLVSRLQWLWVPDUJLQDOXWLOLW\HTXDOVPDUJLQDOFRVWV,Q*UDSKWKHRSSRVLWHVLWXDWLRQLVGHSLFWHG7KHFHQWUDOSROLF\DXWKRULW\LVDVVXPHGWRKDYHPDUJLQDOFRVWV0&ZKLFKGLIIHUIURPWKRVHSUHYDLOLQJLQWKHWZRUHJLRQVIRUZKLFKLWGH
FLGHVRQWKHSURYLVLRQRIWKHSXEOLFJRRG2QWKHRWKHUKDQGPDUJLQDOXWLOLW\08GRHVQRWGLIIHUE\DVVXPSWLRQEHWZHHQ
WKHWZRUHJLRQV7KHRSWLPDODPRXQWRIWKHSXEOLFJRRGSURGXFHGDFFRUGLQJWRWKHGHFLVLRQE\WKHFHQWUDOSROLF\DXWKRULW\
FDXVHVLQHIILFLHQFLHVDQGZHOIDUHORVVHVLQWKHWZRUHJLRQVEH
FDXVHWKH\ZRXOGSXWRXWDQGFRQVXPHGLIIHUHQWTXDQWLWLHV)RU
UHJLRQYROXPH[DQGIRUUHJLRQYROXPH[ZRXOGEHRSWLPDO7KHFHQWUDODXWKRULW\¶VGHFLVLRQFRQVHTXHQWO\LQGXFHVZHOIDUHORVVHVRIWKHWULDQJOHV$%&DQG&'(WRUHJLRQDQG
UHJLRQUHVSHFWLYHO\7KHVLWXDWLRQVKRZQLQWKHVHJUDSKVFDQEHDYRLGHGE\WZR
SULQFLSOHV7KHSULQFLSOHRISDUWLFLSDWLRQKHOSVWRSURSHUO\UH
YHDOWKHGHPDQGIRUSXEOLFJRRGV7KLVPHDQVWKDWUHJLRQDO
LQWHUHVWJURXSVDUHLQWHJUDWHGLQWKHGHFLVLRQPDNLQJSURFHVV
IRUWKHUHVSHFWLYHUHJLRQV¶SROLFLHV7RDYRLGDQLQDSSURSULDWH
DVVHVVPHQWRIPDUJLQDOFRVWVWKHSULQFLSOHRIVXEVLGLDULW\LV

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(6*UDSK(IILFLHQF\/RVVHVE\&HQWUDOO\3URYLGHG3XEOLF*RRGVDQG5HJLRQDOO\'LYHUJLQJ3UHIHUHQFHV

0808

%

08

08
0&

$$

08

&

'

0&

(
[ 

[

[

[

6RXUFH$GDSWHGIURP)UH\.LUFKJDHVVQHU *UDSK(IILFLHQF\/RVVHVWKURXJK&HQWUDO3URYLVLRQRI
3XEOLF*RRGVLQWKH&DVHRI,QWHUUHJLRQDOO\'LYHUJLQJ0DU
JLQDO&RVWVRI3URYLVLRQ

08
0&

08

$
0&

%
&

0&
'
[

0&

(
[ 

6RXUFH7DNHQIURP8UIHL )LJ 

[[

./$86)52+%(5*67())(1$%(/(DSSOLHGZKLFKDSSOLHGWRUHJLRQDOGHFLVLRQPDNLQJVD\VWKDW
ORFDOFRPPXQLWLHVDUHVHOIUHVSRQVLEOHIRUWKHLUDFWLYLWLHVDVORQJ
DVWKH\DUHDEOHWREHVR%RWKSULQFLSOHVDUHVWUHVVHGLQWKH(8VWUXFWXUDODQGUHJLRQDOSROLFLHV (XURSHDQ&RPPXQLWLHV 0RUHRYHUPHWKRGVIRUWKHDQDO\VLVRIUXUDODUHDVKDYHWREH
DSSOLHGWDNLQJLQWRDFFRXQWWKHKLJKYDULDELOLW\ERWKRIUHJLRQDOFKDUDFWHULVWLFVDQGRIUHJLRQDOGHPDQGIRUSROLFLHVDQGVHUYLFHV$EHOHDQG.DQFV 
2ULJLQDOO\FRLQHGE\WKH&DWKROLF&KXUFKDVLWVVRFLDOGRF
WULQHVXEVLGLDULW\QRZDGD\VSOD\VTXLWHDSURPLQHQWUROHLQWKH
SROLF\GHEDWHZLWKLQDQGRXWVLGHWKH(8:LWKUHJDUGWRWKH&RPPXQLW\LWDSSOLHVZKHQWKHIRFXVLVRQZKHWKHUWKH(8WKH
PHPEHUVWDWHVRUWKHLUUHJLRQVVKDOOEHUHVSRQVLEOHIRUSROLF\
GHVLJQDQGLPSOHPHQWDWLRQ,WFDQEHDSSOLHGEHWZHHQDQ\RI
WKHP7KHXQGHUO\LQJSUHPLVHLVWKDWSUREOHPVRILQIRUPDWLRQ
DQGSUHIHUHQFHUHYHODWLRQH[LVWDQGGLIIHUHQFHVLQUHJLRQDODQG
ORFDOSUHIHUHQFHVDPRQJYRWHUVFDQEHIRXQG8QGHUWKHVHFRQGLWLRQVDXWKRULWLHVDWDQDGPLQLVWUDWLYHOHYHODERYHWKHJHRJUDSKLFDOXQLWVIRUZKLFKWKHGHFLVLRQLVWRPDGHDUHXVXDOO\QRWDEOHWR
PDNHDQRSWLPDOFKRLFHZLWKUHJDUGWRWKHVXSSO\RIDSXEOLFJRRG
 6HWWLQJDQ$QDO\VLV)UDPHZRUNIRU5HJLRQDO3ROLFLHV
7KHSUHFHGLQJWZRVHFWLRQVOHDGWRWKHUHTXLUHPHQWVIRUHI
ILFLHQWUHJLRQDOSROLFLHVDVVWDWHGE\)LHJHDQG$EHOH   1RVXEVLGLVLQJIRUVWDELOLVDWLRQSXUSRVHVQRQHRIWKH
DERYHPHQWLRQHGWKHRULHVFRQVLGHUVWKLVDVIHDVLEOH0XFKOHVV
SUREOHPDWLFLVWKHSURYLVLRQRISXEOLFJRRGVDOWKRXJKDOVRIRU
WKHVHWKHDERYHPHQWLRQHGUHTXLUHPHQWVRIHIILFLHQF\KROG 
3ROLFLHVKDYHWREHMXVWLILHGE\WKHFKDUDFWHULVWLFVRIWKHUHJLRQVSROLFLHVDLPLQJDWHTXLW\KDYHWREHLQGXFHGE\SURYHGSDWK
GHSHQGHQF\SROLFLHVDLPLQJDWDOORFDWLYHHIILFLHQF\KDYHWRSURYHPDUNHWIDLOXUHEHLWIRUWKHFDVHRISXEOLFJRRGVRUWKHFDVHRI
PDUNHWIULFWLRQVOLNHPRQRSROLHV  3ROLFLHVKDYHWREHSODQQHG
DQGLPSOHPHQWHGLQDSDUWLFLSDWRU\ZD\JXLGHGE\WKHSULQFLSOH
RIVXEVLGLDULW\GHFHQWUDOLVHGDQGZLWKUHVSHFWWRVSHFLILFUHJLRQDOFKDUDFWHULVWLFV  3ROLFLHVKDYHWRIRVWHURUJDQLVDWLRQVWKDWDUH
FDSDEOHRISDUWLFLSDWLQJLQUHJLRQDOGHYHORSPHQWPHDVXUHV

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(67KH6LJQLILFDQFHRI6WUXFWXUDO3ROLFLHVLQWKH(8XQWLO
6WUXFWXUDOSROLFLHVLQWKH(XURSHDQ8QLRQIROORZWKHDERYH
PHQWLRQHGUHTXLUHPHQWVDQGFULWHULDIRUHIILFLHQF\PDLQO\LQWKHILHOGRISDUWLFLSDWLRQVXVWDLQDELOLW\DQGVXEVLGLDULW\&DUHLVWR
EHWDNHQWKDWLQYHVWPHQWVVXSSRUWHGE\WKH(8GRQRWFURZGRXWUHJLRQDODQGORFDOLQYHVWPHQWVE\WKHSULQFLSOHRIDGGLWLRQDOLW\(8IXQGVPXVWQRWUHSODFHORFDOLQYHVWPHQWV1RQHWKHOHVVVWUXFWXUDOSROLFLHVE\WKH(8DUHRIWHQFULWLFLVHGIRUWKHLUVXEVLG\FKDUDFWHU
,QWKHUHFHQWSODQQLQJSHULRGIURPVWUXFWXUDOSROLFLHVKDYHXQGHUJRQHDGUDVWLFDGMXVWPHQWFRPSDUHGWRWKH
SUHYLRXVRQHVLPSOHPHQWHGIURPWR2EMHFWLYHVKDYH
EHHQUHGXFHGIURPVHYHQWRWKUHHDQGWKHHOLJLEOHSRSXODWLRQ
KDVEHHQFXWIURPPRUHWKDQWRDERXWSHUFHQWRIWKH(XURSHDQ8QLRQ%XWWKHVKDUHRIVWUXFWXUDOSROLF\IXQGVLQWKH(8EXGJHWLVLQFUHDVLQJVRWKDWVWUXFWXUDOSROLFLHVKDYHQRZEH
FRPHWKH³VHFRQGSLOODU´RIWKH(8SROLFLHVEHVLGHVWKH&$3
ZKLFKKDVLQWKHUHFHQW\HDUVVORZO\EXWVWHDGLO\ORVWLQVLJQLIL
FDQFH7KLVPLJKWEHGXHWRWKHGHFOLQLQJDFFHSWDQFHE\WKH(8SRSXODWLRQEXWDOVRWRWKHFRQIOLFWVWKDWDULVHEHWZHHQWKH:72
UHJXODWLRQVDQGWKH&$3
$WSUHVHQWVWUXFWXUDOSROLFLHVLQWKH(8DLPDWWKUHHW\SHVRIREMHFWLYHUHJLRQV2EMHFWLYHUHJLRQVDUHFKDUDFWHULVHGE\D
SHUFDSLWDLQFRPHRIOHVVWKDQSHUFHQWRIWKH(8DYHUDJH,Q
WKLVW\SHRIUHJLRQDERXWSHUFHQWRIWKHIXQGVDUHDOORFDWHG
2EMHFWLYHLVGHVLJQHGIRUUHJLRQVZLWKWKHQHHGIRUVRFLRHFRQRPLFUHVWUXFWXULQJDQGREMHFWLYHLVGHGLFDWHGWRWKHLP
SURYHPHQWRIKXPDQFDSLWDODQGVRFLDOFRKHVLRQZLWKRXWDLP
LQJDWVSHFLILFDOO\GHILQHGUHJLRQV%HVLGHVWKH³REMHFWLYHV´WKHUHDUHWKHVRFDOOHGFRPPXQLW\LQLWLDWLYHVOLNH85%$1,17(55(*DQGRWKHUV)RUILQDQFLQJWKHVHPHDVXUHVVHYHUDOIXQGVKDYHEHHQVHW
XSWKH(XURSHDQ5HJLRQDO'HYHORSPHQW)XQGWKH(XURSHDQ
6RFLDO)XQGDQGWKH)LQDQFLDO,QVWUXPHQWIRU)LVKHULHV*XLGDQFH7KH(XURSHDQ$JULFXOWXUDO*XDUDQWHHDQG*XLGDQFH)XQG
DOVRSURYLGHVILQDQFLDOPHDQVIRUVXSSRUWLQJVWUXFWXUDOSROLFLHV
LQWKHILHOGRIDJULFXOWXUHDQGUXUDOGHYHORSPHQW6XFKPHDVXUHVZKLFKDUHQRWXVHGLQREMHFWLYHDUHDVDUHILQDQFHGRXWRI 

./$86)52+%(5*67())(1$%(/(

WKHJXDUDQWHHVHFWLRQDQGWKRVHLQREMHFWLYHLQWHUYHQWLRQUHJLRQVE\WKHJXLGDQFHVHFWLRQ,QDGGLWLRQWRWKHVHIXQGVWKHUHLVWKHFRKHVLRQIXQGWKDW
ILQDQFHVPHDVXUHVLQWKHILHOGRILQIUDVWUXFWXUHLPSURYHPHQWDQG
HQYLURQPHQWDOSURWHFWLRQ,WZDVRULJLQDOO\GHVLJQHGWRIRVWHU
DGMXVWPHQWIRUVRPH(8PHPEHUVWDWHVIRUMRLQLQJWKHPRQHWDU\XQLRQRIWKH(8)URPWKLVIXQGFRXQWULHVZLWKDSHUFDSLWD
LQFRPHRIOHVVWKDQSHUFHQWRIWKH8QLRQDUHEHQHILWLQJ7KHVH
FRXQWULHVDUHDWSUHVHQWWKH5HSXEOLFRI,UHODQG6SDLQ3RUWXJDO
DQG*UHHFH$GGLWLRQDOIXQGVDUHOHIWWRWKHVRFDOOHGFRPPXQLW\PHDVXUHVRIZKLFK/($'(5DQGLWVVXFFHVVRUV/($'(5,,DQG/($'(5DUHHVSHFLDOO\GHVLJQHGIRUUXUDODUHDV,WVKRXOGEHVWDWHGWKDWDOOWKHSURJUDPPHVPHQWLRQHGDERYH
DUHVXEMHFWWRFRQWLQXRXVLPSURYHPHQW$VDOUHDG\PHQWLRQHG
WKH\KDYHEHHQFXWDQGIRFXVHGIURPWKHSHULRGDQG
WKH\DUHQRZXQGHUVWULFWHYDOXDWLRQSURFHVVHVWKDWFRPSULVHH[
DQWHPLGWHUPDQGH[SRVWHYDOXDWLRQV7KLVLVPRVWSUREDEO\
GXHWRWKHSODQQHGVKDUSDGMXVWPHQWLQZKHQWKHHQODUJH
PHQWSURFHVVPDNHVVXFKDGMXVWPHQWVQHFHVVDU\,QVWUXPHQWVIRU3UH$FFHVVLRQ
 *HQHUDO5HPDUNV
7KHVWUXFWXUDOSROLF\LQVWUXPHQWVIRUSUHDFFHVVLRQDUHGH
VLJQHGWRKHOSWKH&((DFFHVVLRQFRXQWULHVLQWKHLUDGDSWDWLRQRIWKHVWDQGDUGVDQGUHJXODWLRQVHVSHFLDOO\WKHDFTXLVFRPPXQDXWDLUH7KHVHSURJUDPPHVVKRXOGDOVRKHOSLQJHWWLQJIDPLOLDUZLWKWKHVWUXFWXUDOSROLFLHVRIWKH(8WRDGMXVWDGPLQLVWUDWLRQZLWKUHVSHFWWRWKHDERYHPHQWLRQHGSULQFLSOHVRISDUWLFLSDWLRQGHFHQWUDOLVDWLRQVXEVLGLDULW\DQGDGGLWLRQDOLW\,QWRWDOWKHUHDUHWKUHHSURJUDPPHVZKLFKZLOOEHGLVFXVVHGKHUHDIWHU
,63$3+$5(DQG6$3$5'
,WPLJKWEHRIVSHFLDOLQWHUHVWKHUHWKDWRQO\RQHRIWKHWKUHHSURJUDPPHV6$3$5'IROORZVDSULRULWKHSULQFLSOHRIGHFHQWUDOLVDWLRQ7KLVPHDQVWKDW6$3$5'LVSODQQHGLPSOHPHQWHG
DQGPDQDJHG±LQERWKWHFKQLFDODQGILQDQFLDOWHUPV±E\QD
WLRQDODQGUHJLRQDODXWKRULWLHVZKHUHDVWKHRWKHUWZRSUR
JUDPPHVDUHJXLGHGFHQWUDOO\E\WKH(XURSHDQ8QLRQ

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(67DEOH)XQGLQJ5DQJHIRU,63$3URMHFWVSHU&RXQWU\ LQ%XOJDULD 
/DWYLD &]HFK5HSXEOLF  
3RODQG 
(VWRQLD 
5RPDQLD 
+XQJDU\ 
6ORYDNLD
 /LWKXDQLD
 
6ORYHQLD 
6RXUFH(XURSHDQ&RPPLVVLRQ D

 ,63$,63$LVWKHDFURQ\PIRU,QVWUXPHQWIRU6WUXFWXUDO3ROLFLHV
IRU3UH$FFHVVLRQ(QGRZHGZLWKIXQGVRIPRUHWKDQPLO
OLRQ(XURSHU\HDULWDLPVDWSURYLGLQJLQIUDVWUXFWXUHDQGHQYLURQPHQWDOPHDVXUHVIRUWKHDFFHVVLRQFRXQWULHV,63$SURMHFWV
KDYHWRPDWFKZLWKORFDOSURMHFWV DGGLWLRQDOLW\ DQGDVVXUHVXV
WDLQDELOLW\HVSHFLDOO\LQWKHILHOGRILQIUDVWUXFWXUHDQGWHFKQLFDOSURMHFWVDVVXFKSURMHFWVVKRXOGJXDUDQWHHPDLQWHQDQFHRI
WKHIXWXUH$QRWKHULPSRUWDQWSRLQWRIWKH,63$IXQGLQJLVWKH
IDFWWKDWWKHDPRXQWRISRVVLEOHIXQGVIRUHDFKFRXQWU\LVJLYHQ
DVDSHUFHQWDJHUDQJHIRUHDFKFRXQWU\WKDWFDQEHIXOO\H[SORLWHGRQO\LQFRPSHWLWLRQZLWKRWKHUFRXQWULHV
 3+$5(
3+$5(LVDSURJUDPPHZKLFKKDVWZRVSHFLILFIHDWXUHV
7KHILUVWIHDWXUHLVWKDWLWVSHFLILFDOO\DLPVDWLQVWLWXWLRQEXLOGLQJZKLFKPHDQVWKHVHWWLQJXSRIDGPLQLVWUDWLYHDQGOHJLVOD
WLYHLQVWLWXWLRQVZKLFKZLOOKHOSLQDGRSWLQJWKHDFTXLVFRPPXQDXWDLUH6HFRQGO\LWLVDQLQVWUXPHQWWKDWLVQRWRQO\SURYLGHG
IRUWKH$&VEXWDOVRIRUFRXQWULHVRIIRUPHU<XJRVODYLDDQGWKH%DONDQQDPHO\WKH5HSXEOLFRI0DFHGRQLD%RVQLDDQG+HU]HJRZLQDDQG$OEDQLD
 6$3$5'
6$3$5'VWDQGVIRU³6SHFLDO$FFHVVLRQ3URJUDPPHIRU$JULFXOWXUHDQG5XUDO'HYHORSPHQW´,WVPDLQSULRULWLHVDUHWRKHOSHDFKFRXQWU\LPSOHPHQWWKHDFTXLVFRPPXQDXWDLUHDQGWR
VROYHSUREOHPVUHODWHGWRGHYHORSLQJDVXVWDLQDEOHDJULFXOWXUDO
VHFWRUDQGUXUDODUHDV)URPWKHVHSULRULWLHVWKHIROORZLQJREMHFWLYHVDUHGHULYHG
 

./$86)52+%(5*67())(1$%(/(

䊶 $OLJQPHQWWRWKHDJULFXOWXUDODFTXLVFRPPXQDXWDLUH
䊶 ,PSOHPHQWLQJYHWHULQDU\SK\WRVDQLWDU\DQGPDUNHWLQJUHTXLUHPHQWV
䊶 8SJUDGLQJIRRGSURFHVVLQJVWDQGDUGV
䊶 5HVWUXFWXULQJWKHDJULIRRGVHFWRUWRLPSURYHFRPSHWLWLYHQHVV䊶 ,PSOHPHQWLQJFRKHUHQWVWUXFWXUDODQGUXUDOGHYHORSPHQWSRO
LFLHV
䊶 'HFHQWUDOLVHGSURJUDPPLQJPDQDJHPHQWDQGLPSOHPHQWDWLRQ
7KHODVWSRLQWLVRIPDMRULPSRUWDQFHDV6$3$5'LVWKH
RQO\SURJUDPPHWKDWLVSODQQHGLPSOHPHQWHGDQGFDUULHGRXWPDLQO\XQGHUWKHUHVSRQVLELOLW\RIWKHUHVSHFWLYH$&V¶DGPLQLVWUDWLRQ*UDSKVDQGVKRZWKHLQVWLWXWLRQDOIUDPHZRUNWKDWLV
UHTXLUHGIURP6$3$5'FRXQWULHVZLWKUHVSHFWWRERWKWKHSURMHFWDFWLYLWLHVDQGWKHILQDQFLDOUXOHV,WKDVWREHSRLQWHGRXWWKDWE\'HFHPEHURQO\ILYH
RIWKH$&V%XOJDULD(VWRQLD/DWYLD/LWKXDQLDDQG6ORYHQLD
KDGVHWXSWKHDERYHPHQWLRQHGLQVWLWXWLRQDOIUDPHZRUNDOOWKH
RWKHUFRXQWULHVDUHVWLOOLQWKHSURFHVVRIGRLQJVR (XURSHDQ&RPPLVVLRQ'*$*5, ,WKDVWREHPHQWLRQHGIXUWKHUWKDWWKHLQVWLWXWLRQDOIUDPHZRUNIRUGHFHQWUDOLVHGVWUXFWXUDOSRO
LF\PDNLQJLVQRWGHYHORSHGKRPRJHQHRXVO\DFURVVWKH$&V
6\NRUD  SRLQWVRXWWKDWWKHRQO\$&ZLWKDGHFHQWUDOLVHG
UHJLRQDOSODQQLQJVFKHPHLV3RODQGZKLOHFRXQWULHVOLNH+XQ
JDU\WKH&]HFK5HSXEOLFDQGWKH6ORYDN5HSXEOLFDUHVWLOOVWUXJJOLQJIRUHIILFLHQWGHFHQWUDOLVHGUHJLRQDOVWUXFWXUHV,QWKHOLJKWRIWKHVXEVLGLDULW\SULQFLSOHGLVFXVVHGDERYHLW
LVLPSRUWDQWWKDWDGPLQLVWUDWLYHXQLWVDQGLQGHSHQGHQWGHPRFUDWLFGHFLVLRQPDNLQJERGLHVDUHHVWDEOLVKHGDWVXEQDWLRQDOOHYHOV7KHVHLQVWLWXWLRQDODUUDQJHPHQWVDUHDSUHUHTXLVLWHIRUUHDFKLQJSDUWLFLSDWLRQDWWKRVHOHYHOVZKHUHSHRSOHNQRZEHVW
ZKDWLVLPSRUWDQWIRUWKHLUUHJLRQ
6$3$5'ZLOOSURYLGHPLOOLRQ(XURSHU\HDUGXULQJWKH
SHULRGIURPWR$FFRUGLQJWR&RXQFLOUHJXODWLRQ1R
WKHVHIXQGVVKRXOGEHDOORFDWHGWRZDUGWKHIROORZLQJPHDVXUHV

(QGRUVHPHQW&DVKIORZ DFFUHGLWLQJ

6$3$5'$JHQF\

6RXUFH(XURSHDQ&RPPLVVLRQ'* 

,PSOHPHQWLQJERG\

3D\LQJ$JHQF\&DVKIORZ

6$3$5'$FFRXQW)LQDQFLDOUHSRUWLQJ&RRUGLQDWLQJERG\&HUWLILHVDFFRXQWLQJDQGSURFHGXUHVFRQWUROOLQJDQGDXGLWLQJ&HUWLI\LQJERG\

HQJDJLQJ&RPSHWHQWDXWKRULW\$SSOLFDQWFRXQWU\1DWLRQDOIXQG&HQWUDO7UHDVXU\HQWLW\ZLWKLQWKH0LQLVWU\RI)LQDQFHKHDGHGE\
WKH1DWLRQDO$XWKRULVLQJ2IILFHU$SSOLFDWLRQ\HDU
3URJUDPPH(XURSHDQ&RPPLVVLRQ'*$JULFXOWXUH*UDSK,QVWLWXWLRQDO)UDPHZRUNDQG3URMHFW3URFHGXUHRI6$3$5'
7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(6./$86)52+%(5*67())(1$%(/(*UDSK
3URJUDPPHDQG3URMHFW,PSOHPHQWDWLRQRI6$3$5'
$SSOLFDQW%HQHILFLDU\$SSOLFDWLRQ$SSURYDO&ODLP3D\PHQW

6$3$5'$JHQF\
 3D\LQJ$JHQF\• &KHFNV• $XWKRULVDWLRQ• 3D\PHQW• $FFRXQWLQJ

 ,PSOHPHQWLQJ%RG\• 5HJLVWUDWLRQ• &KHFNV• 3URMHFW6HOHFWLRQ䊶 ,QYHVWPHQWLQDJULFXOWXUDOKROGLQJV
䊶 ,PSURYHPHQWVWRPHWKRGVIRUSURFHVVLQJDQGPDUNHWLQJDJULFXOWXUHDQGILVKHU\SURGXFWV
䊶 9HWHULQDU\DQGSODQWKHDOWKFRQWUROVIRRGTXDOLW\DQGFRQ
VXPHUSURWHFWLRQ
䊶 3URPRWLRQRISURGXFWLRQPHWKRGVWKDWSURWHFWWKHHQYLURQ
PHQWDQGFRQVHUYHUXUDOKHULWDJH
䊶 'LYHUVLI\LQJHFRQRPLFDFWLYLWLHVDQGGHYHORSLQJDOWHUQDWLYH
VRXUFHVRILQFRPH䊶 )DUPUHOLHIVHUYLFHVDQGIDUPPDQDJHPHQWVHUYLFHV
䊶 6HWWLQJXSSURGXFHUJURXSV
䊶 9LOODJHUHQHZDODQGFRQVHUYDWLRQRIUXUDOKHULWDJH
䊶 /DQGLPSURYHPHQWDQGFRQVROLGDWLRQ
䊶 8SGDWLQJODQGUHJLVWHUV䊶 9RFDWLRQDOWUDLQLQJ
䊶 ,PSURYHPHQWRILQIUDVWUXFWXUHLQUXUDODUHDV
7KHGLVWULEXWLRQRIWKHILQDQFLDOPHDQVSURYLGHGE\6$3$
5'WRYDULRXVSROLF\PHDVXUHVLVVKRZQLQ7DEOH$VFDQEH 












      





 
  






,QFOXGHV¼RIWKHSURJUDPPH³,PSURYLQJVWUXFWXUHVIRUTXDOLW\FRQWUROIRUWKHTXDOLW\RIIRRGVWXIIVDQG
IRUFRQVXPHUSURWHFWLRQWREHDSSOLHGLQSURFHVVLQJXQLWV´
6RXUFH (XURSHDQ&RPPLVVLRQ D
7RWDORIIXQGV
0LR¼ 
3HUFHQWRIWRWDO6$3$5')XQGV 0HDVXUHV8QLW %XOJDULD &]HFK5HS(VWRQLD +XQJDU\ /DWYLD /LWKXDQLD 3RODQG 5RPDQLD 6ORYDNLD 6ORYHQLD $OO$&V
 ,QYHVWPHQWLQDJULFXOWXUDOKROGLQJV 








 

 3URFHVVLQJ PDUNHWLQJRIDJUL










 

FXOWXUHDQGILVKHU\SURGXFWV 6WUXFWXUHVIRUTXDOLW\YHWHULQDU\
FRQWUROVIRRGVWXIIVDQGFRQV (QYLURQPHQWDOO\IULHQGO\DJULFXO











WXUDOSUDFWLFHV 'LYHUVLILFDWLRQRIDFWLYLWLHVSUR












YLGLQJDOWHUQDWLYHLQFRPH
 6HWWLQJXSSURGXFHUJURXSV






 5HQRYDWLRQRIYLOODJHVSURWHFWLRQ






RIUXUDOKHULWDJH
 /DQGLPSURYHPHQWDQGUHSDUFHOOLQJ 




 9RFDWLRQDOWUDLQLQJ










5XUDOLQIUDVWUXFWXUHV












 :DWHUUHVRXUFHVPDQDJHPHQW)RUHVWU\ DIIRUHVWDWLRQ LQYHVW









PHQWSURFHVVLQJPDUNHWLQJ
7HFKQLFDO$VVLVWDQFH













7DEOH6KDUHRI6$3$5')XQGV$OORFDWHGWR9DULRXV3ROLFLHV

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(6./$86)52+%(5*67())(1$%(/(

VHHQIURPWKLVWDEOHWKHGLVWULEXWLRQLVVXUSULVLQJO\HYHQDFURVVWKHFRXQWULHV7KHODUJHUVKDUHJRHVWRWKHGRZQVWUHDPVHFWRU
ZLWKSHUFHQWRIDOOIXQGVRYHUDOO$&V$IXUWKHUODUJHSLHFH
RIWKHFDNHJRHVWRDJULFXOWXUDOKROGLQJVWKHPVHOYHVDERXWSHUFHQWRIWKH6$3$5'IXQGV%XWWKHZHLJKWRIWKHVHWZRPDMRUSRVWVVKLIWVDFURVVFRXQWULHV:KLOHHJ%XOJDULD(VWRQLD+XQJDU\DQG/LWKXDQLDDQGWKH6ORYDN5HSXEOLFJLYHDPDMRUSDUWRIWKHLU6$3$5'IXQGVWRIDUPLQYHVWPHQWVWKH&]HFK
5HSXEOLF/DWYLD3RODQG5RPDQLDDQG6ORYHQLDLQYHVWPRUH
PRQH\LQWKHGRZQVWUHDPVHFWRU5XUDOLQIUDVWUXFWXUHDOVRH[SHULHQFHVGLIIHUHQWDWWHQWLRQZLWKUHJDUGWRILQDQFLDOVXSSRUW,W
LVKLJKO\DSSUHFLDWHGLQ3RODQGDQG5RPDQLDEXWKROGVDUDWKHU
ORZVKDUHLQFRXQWULHVOLNH6ORYDNLDRUWKH&]HFK5HSXEOLF
0LQRUVKDUHVDUHDOORFDWHGWRPHDVXUHVOLNHTXDOLW\FRQWURORUJDQLVDWLRQEXLOGLQJDQGYRFDWLRQDOWUDLQLQJZKLFKKDVWREHVHHQ
FULWLFDOO\DVWKHSUHYDLOLQJVPDOOVFDOHIDUPLQJZRXOGVXJJHVW
VWUHQJWKHQLQJRUJDQLVDWLRQVDQGWKHDERYHPHQWLRQHGSRRUKX
PDQFDSLWDOLQUXUDODUHDVPLJKWLPSO\WKDWVRPHWKLQJVKRXOGEH
GRQHDERXWWKDW,WVKRXOGEHVWUHVVHGDJDLQWKH$&VZHUHUHVSRQVLEOHIRU
ERWKVHOHFWLQJSULRULWLHVDPRQJWKHSROLF\VHWZKLFKJHWVVXS
SRUWHGZLWK6$3$5'IXQGVDQGVHWWLQJSULRULWLHV7KH(8&RP
PLVVLRQRQO\DSSURYHGWKHSURSRVDOVPDGHE\DXWKRULWLHVIURP
WKH$&V)URPWKLVSRLQWRIYLHZLWLVVXUSULVLQJWKDWQRWPRUH
PHDQVDUHVHWDVLGHIRUHQKDQFLQJKXPDQFDSLWDODQGIRVWHULQJRWKHUVRFDOOHGµVRIWIDFWRUV¶RIUHJLRQDOGHYHORSPHQW
6RIWIDFWRUVDLPDWLPSURYLQJWKHFRQGLWLRQVIRUWKHHFRQRPLFDJHQWVLQZKLFKWKH\FDQPDNHWKHLUGHFLVLRQVZKLFK±DV
LVKRSHG±ZLOOOHDGWRHFRQRPLFJURZWK3URYLGLQJLQIRUPDWLRQDERXWSRVVLELOLWLHVDQGRSWLRQVVWUHQJWKHQLQJDQGDGMXVWLQJLQVWLWXWLRQVHVSHFLDOO\WKRVHZKLFKLQFUHDVHIDFWRUPRELOLW\DQG
WKHIXQFWLRQLQJRIPDUNHWVZRXOGFHUWDLQO\EHDQDOWHUQDWLYHWRUXUDOSROLFLHVDLPLQJDWLQYHVWPHQW7KLVLVGXHWRWKHIDFWWKDW
LQYHVWPHQWWKDWLVHFRQRPLFGXHWRJRYHUQPHQWVXSSRUWDQGQRW
GXHWRPDUNHWFRQGLWLRQVEDUHVWKHULVNRISROLF\IDLOXUHZKLOH
WKHLPSURYHPHQWRILQVWLWXWLRQVIRVWHUVPDUNHWRULHQWHGGHFLVLRQPDNLQJ

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(66WUXFWXUDO3ROLFLHVEH\RQG&RPSHWLWLRQ&RQIOLFWVDQG&RKHVLRQ:KHUHDVWKHEXGJHWDQGVWUXFWXUDOSROLFLHVIRUWKHQH[WVL[\HDUVXQWLODUHIL[HGWKH(8HQODUJHPHQWSRVVLEO\WDNLQJ
SODFHLQIRUWKHILUVWFRXQWULHVZLOOEULQJDERXWPDMRUFKDQJHVIRUERWKSUHVHQWDQGQHZPHPEHUV7KHSUHYLRXVHQODUJHPHQWVWRRNSODFHLQDZD\WKDWWKHWKHQDFFHGLQJFRXQWULHVDGRSWHGDOOUHJXODWLRQVDQGZHUHJUDQWHGGLIIHUHQWWUDQVLWLRQSHULRGVIRUVRPHUHJXODWLRQV'LVFXVVLRQVDUHRQJRLQJZLWKUHVSHFWWRZKDWNLQGRIDGMXVWPHQWVDUHQHFHVVDU\IRUWDLORULQJWKHUHJXODWLRQVWRWKHQHHGVRIWKH$&V IRUPRUHGLVFXVVLRQRQWKLVSRLQW
VHH.RHVWHU 2QHPDLQWRSLFLVWKH&$3ZKHUHGHEDWHLVRQGLUHFWSD\
PHQWVDQGTXRWD$QRWKHUSRLQWRILQWHUHVWLVWKHUHRULHQWDWLRQRIWKHVWUXFWXUDOIXQGVPHQWLRQHGDERYH7KHTXHVWLRQLVZKHWKHU
WKHUHH[LVWVWKHQHHGIRUDUHJLRQDOREMHFWLYH$OWHUQDWLYHO\LWLV
DVNHGZRXOGLWEHPRUHDGYLVDEOHWRIRFXVRQVSHFLDOSUREOHPVLQFHUWDLQDUHDV",QWKLVFRQWH[WWKHREMHFWLYHUHJXODWLRQVDUH
LQWHQVLYHO\GLVFXVVHG.HHSLQJWKHRI(8DYHUDJHLQFRPH
DVWKHFXWWLQJHGJHIRUGHOLQHDWLQJHOLJLEOH]RQHVZRXOGPDNH
WKHHQWLUHDUHDRIDOO$&VLQWRREMHFWLYHUHJLRQV±ZLWKWKH
H[FHSWLRQRIVRPHPHWURSROLWDQDUHDVOLNH3UDJXH,IRQHDSSOLHVWKHFXUUHQWDYHUDJHVXSSRUWDSHUVRQOLYLQJLQVXFKUHJLRQVUHFHLYHVZKLFKLV(XURDQGWKHRI*'3DVWKHXSSHUOLPLWWKHQDGUDVWLFVKLIWRIWKHILQDQFLDOUHVRXUFHVIURPWKHROG
WRWKHQHZPHPEHUVZRXOGWDNHSODFH$FFRUGLQJWRWKLVUXOHRQO\DVPDOOIUDFWLRQRIVWUXFWXUDOVXSSRUWZRXOGJRWR)UDQFH*UHHFH,WDO\3RUWXJDODQG6SDLQ$OWRJHWKHUWKHVHFRXQWULHVZRXOGUHFHLYHDERXW *UDSK 7KHUHPDLQGHUZRXOGJRWRWKHQHZPHPEHUVZLWKWR
3RODQGDQGWR5RPDQLD7KHRWKHUQHZPHPEHUVZRXOG
JHWWKHUHVWLH2IFRXUVHWKHVHSHUFHQWDJHVVKRXOGQRW
EHPLVLQWHUSUHWHG%\DQGODUJHWKH\UHIOHFWWKHSRSXODWLRQRI
 7KHFDOFXODWLRQVLQWKHJUDSKVEHORZDUHEDVHGRQWKHLQFRPHGDWDRIXQGHUWKHDVVXPSWLRQWKDWWKHDYHUDJHDPRXQWRI
(XURSHUKHDGLVSDLGIRUHYHU\FRXQWU\)RUVRPHFRXQWULHVWKHOLPLWRIWKH(8FRXQFLOUHJXODWLRQKROGV 


3RODQG

6RXUFH 2ZQFDOFXODWLRQVXVLQJGDWDIURP(XURSHDQ&RPPLVVLRQE

3RUWXJDO

5RPDQLD






/LWKXDQLD/DWYLD


,WDO\


+XQJDU\)UDQFH


6SDLQ


*UHHFH(VWRQLD&]HFK5HSXEOLF


6ORYDN5HSXEOLF

5RPDQLD3RUWXJDO

3RODQG/LWKXDQLD/DWYLD,WDO\+XQJDU\)UDQFH

6SDLQ*UHHFH(VWRQLD&]HFK5HSXEOLF%XOJDULD*UDSK:KR*HWV:KLFK3LHFHRIWKH&DNH"6KDUHRI2EMHFWLYH)XQGVIRU(DFK(OLJLEOH&RXQ
WU\$IWHU(8(QODUJHPHQW
6ORYDN5HSXEOLF%XOJDULD./$86)52+%(5*67())(1$%(/(

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(6*UDSK&KDQJHRI2EMHFWLYH)XQGVIRUWKH(8PHPEHUVDIWHU(QODUJHPHQW
&RXQWU\*UHHFH6SDLQ)UDQFH,WDO\3RUWXJDO*HUPDQ\,UHODQG$XVWULD)LQODQG6ZHGHQ8.
*UHHFH
6SDLQ)UDQFH,WDO\
3RUWXJDO*HUPDQ\,UHODQG$XVWULD)LQODQG
6 ZHGHQ
8.













2QO\FRXQWULHVZLWKSUHVHQW2EMHFWLYHUHJLRQV
6RXUFH 2ZQFDOFXODWLRQVDFFRUGLQJWR(XURSHDQ&RPPLVVLRQ E
WKHQHZPHPEHUV+RZHYHUWKLVREVHUYDWLRQFRXOGDOUHDG\EH
PDGHLQWKH6$3$5'FDVHZKHUH3RODQGDQG5RPDQLDDUHDOVR
JHWWLQJPRVWRIWKHIXQGVDERXWWKLUW\SHUFHQWHDFK0DLQO\VRXWKZHVWHUQ(80HPEHU6WDWHVEXWDOVRSDUWVRI*HUPDQ\6ZHGHQDQG)LQODQGZRXOGQRORQJHUUHFHLYHDQ\IXQGV
IRUREMHFWLYH*UDSKVKRZVWKHSHUFHQWDJHVWKHVHFRXQWULHVZRXOGKDYHWRJLYHXS,WDOVRGHSLFWVWKHORVHUVRIHQODUJHPHQW
ZKHQVSHDNLQJLQWHUPVRIREMHFWLYHIXQGV6XUSULVLQJO\WKRVH
FRXQWULHVZKRDUHRWKHUZLVHH[SHFWHGWREHQHILWPRVWIURPHQODUJHPHQW±WKHQRUWKHUQDQGQRUWKHDVWHUQSUHVHQWPHPEHUVWDWHV
OLNH$XVWULD*HUPDQ\WKH8.DQGWKH6FDQGLQDYLDQV±ORVHDOO
WKHLUIXQGV3RUWXJDODQG*UHHFHWKHPRVWDQG6SDLQ)UDQFHDVZHOODV,WDO\ZRXOGKDYHRQO\DVPDOOVKDUH7KLVPLJKWUDLVH
TXHVWLRQVDERXWWKHGHFLVLRQPDNLQJDQGYRWLQJSURFHVVEXW
DQDO\VLQJVXFKLVVXHVZRXOGSRVVLEO\EHWRRPXFKIRUWKHIUDPHZRUNRIWKLVSDSHU 

./$86)52+%(5*67())(1$%(/(& 21&/86,216,IFKRVHQDQGLPSOHPHQWHGDSSURSULDWHO\VWUXFWXUDOSROLFLHVFDQOHDGWRVXEVWDQWLDOUHGXFWLRQVLQUHJLRQDOGLVSDULWLHV
7KHOLYLQJVWDQGDUGLQWKHDFFHGLQJFRXQWULHVLVTXLWHDORWORZHU
WKDQLQWKH(8,QDGGLWLRQPRVWRIWKH$&VKDYHDOVRDUDWKHUODUJHUHJLRQDOGLYHUJHQFHDFFRUGLQJWRWKLVLQGLFDWRUDQGRWKHUV+HQFHLWLVLPSRUWDQWWRVXSSRUWUHJLRQDOJURZWKLQWKHVHFRXQWULHVDOUHDG\SULRUWRWKHLUMRLQLQJWKH(86LQFHWKHLUUHJLRQDO
HFRQRPLHVDUHGRPLQDWHGE\DJULFXOWXUHSROLFLHVLPSURYLQJWKLV
VHFWRUDQGWKHIRRGSURFHVVLQJLQGXVWU\FDQKHOSLQDOOHYLDWLQJ
VXFKGLIIHUHQFHV6$3$5'DLPVDWWKLVREMHFWLYH
,QFRPELQDWLRQZLWKWKHHPSLULFDOHYLGHQFHRQWKHDJULFXOWXUDOVHFWRUDQGUXUDODUHDVLQ$&VWKH6$3$5'SURJUDPPH
FDQEHDVVHVVHG$FFRUGLQJWRWKHQHRFODVVLFDOHFRQRPLFWKHRU\SURYLGLQJSXEOLFJRRGVZRXOGEHPRVWDSSURSULDWHDQGWKH
QHZHFRQRPLFJURZWKWKHRU\WKDWDVVXPHVSDWKGHSHQGHQFLHVDOVRIDYRXUVWKHSURYLVLRQRISXEOLFJRRGVDQGWKHLPSURYHPHQW
RILQVWLWXWLRQV%HVLGHVWKDWLQVWLWXWLRQVIRUSROLF\PDNLQJVKRXOG
EHVHWXSLQVXFKDZD\WKDWHIILFLHQWSDUWLFLSDWRU\DQGUHJLRQDOO\GLIIHUHQWLDWHGSROLFLHVDUHSRVVLEOH
$FORVHUORRNDW6$3$5'GHSLFWVWKHYDULRXVVKRUWFRPLQJV
WKHSURJUDPPHLVDOUHDG\IDFLQJ0RVWRIWKHPRQH\LVGHGLFDWHGWRLQYHVWPHQWVEHLWLQDJULFXOWXUDOKROGLQJVRULQWKHGRZQVWUHDPVHFWRU6XFKLQYHVWPHQWVFDQEHDSSURSULDWHLHHFRQRPLFDOO\HIILFLHQWRUQRWWKHSUREOHPLVWKDWSROLF\LQGXFHG
LQYHVWPHQWVEDUHWKHULVNRISROLF\IDLOXUHDQGDUHVXVSHFWHGDV
EHLQJKLGGHQVXEVLGLHVWRDODUJHH[WHQW$FFRUGLQJWRWKHUHODWLYHO\FRQVLGHUDEOHVKDUH6$3$5'KROGVLQWKHRYHUDOOEXGJHWLPSURYHPHQWRIUXUDOLQIUDVWUXFWXUHLVJHWWLQJTXLWHVRPHDWWHQ
WLRQ%XWWKLVGRHVQRWKROGIRUHYHU\FRXQWU\DVVRPHLQYHVW
RQO\DVPDOODPRXQWLQLQIUDVWUXFWXUH
,PSURYLQJSURGXFWTXDOLW\DWIDUPVDQGWKHSURFHVVLQJLQGXVWU\LVDOVRDLPHGDWLQWKHDOORFDWLRQRISXEOLFIXQGV+RZ
HYHUWRROLWWOHLVVSHQWLQFRQWUROOLQJTXDOLW\DVRQO\5RPDQLDZLOOPDNHDQDSSURSULDWHLQYHVWPHQW$QRWKHUSRLQWLVWKDWLQVWLWXWLRQEXLOGLQJLVDOVRODUJHO\QHJOHFWHG)RUSURGXFHUJURXSVRQO\RQHSHUFHQWRIWKHRYHUDOO6$3$5'EXGJHWLVIRUHVHHQ

7+( 585$/ (&2120,(6  ,1 7+((8$&&(66,21 &28175,(6DOWKRXJKWKHGLVFXVVLRQDERYHKDVVKRZQWKDWWKHPDMRULW\RI
VPDOOIDUPHUVLQ$&VZRXOGSUREDEO\EHQHILWIURPVXFKDFWLYL
WLHVDVWKH\FRXOGKHOSWKHPLQH[SORLWLQJHFRQRPLHVRIVFDOH
DQGJDLQEHWWHUSRVLWLRQVRQPDUNHWV$OVRTXLWHFULWLFDOO\DV
VHVVHGLVWKHODFNRIIXQGVIRUPHOLRUDWLRQDQGODQGFRQVROLGDWLRQDVVXFKDFWLYLWLHVZRXOGDOVRLPSURYHWKHIXQFWLRQLQJRI
ODQGPDUNHWVDQGWKXVSXVKWKHLQGLVSHQVDEOHUHDOORFDWLRQRI
ODQG
)LQDOO\WKHUHJXODWLRQVIRULPSOHPHQWLQJ6$3$5'DUHTXLWHGLIILFXOWWREHIXOILOOHGE\WKH$&V8QWLOVXPPHUPRUH
WKDQRQHDQGDKDOI\HDUVDIWHUWKHVWDUWRIWKHSURJUDPPHRQO\
WZRRIWKHWHQ$&VFRXOGJHWWKHLU6$3$5'LQVWLWXWLRQVDFFUHG
LWHGE\WKH(8&RPPLVVLRQ7KLVKDVWZRLPSOLFDWLRQV)LUVWLW
LVREYLRXVWKDWWKHFRXQWULHVKDYHWRIDFHILQDQFLDODQGHIILFLHQF\ORVVHVZKHQVWDUWLQJODWH6HFRQGDVWKHUHZLOOEHDPLGWHUP
UHYLHZLQVWDUWLQJODWHFRXOGVHGXFHSROLF\PDNHUVWRIDYRXUTXLFNDQGGLUW\VROXWLRQVUDWKHUWKDQVXVWDLQDEOHSURMHFWV$OOLQDOOWKHVWUXFWXUDOSROLFLHVLQ$&VQHHGWREHVXEMHFWHGWRYDVWDGMXVWPHQWERWKLQWHUPVRIIRFXVHVDQGLQWHUPVRI
LQVWLWXWLRQDOLVLQJXQWLOWKH\DUHOLDEOHWRDFKLHYHWKHLUDPELWLRXVJRDOV

5 ()(5(1&(6$EHOH6%LHVROG+DQG.5HLQVEHUJ  6R]LDOH1HW]ZHUNH+HPPQLVRGHUWUHLEHQGH.UDIWLPOlQGOLFKHQ5DXP"LQ,$02
+DOOH 6DDOH ,QVWLWXWIU$JUDUHQWZLFNOXQJSS
$EHOH6.DQFV$  7KH,PSOHPHQWDWLRQRI(86WUXFWXUDO
3ROLFLHVLQWKH$FFHVVLRQ&RXQWULHV,PSOLFDWLRQVIRU$JULFXOWXUDO
5HVHDUFKLQ%XQGHVPLQLVWHULXPIXHU(UQDHKUXQJ/DQGZLUWVFKDIW
XQG)RUVWHQ HG 5XUDO&RQIHUHQFH3URFHHGLQJV9ROXPH
&RXQWU\5HSRUWVSS&]HFK5HSXEOLF0LQLVWU\RI5HJLRQDO'HYHORSPHQWDQG0LQLVWU\RI$JULFXOWXUH  6$3$5'2SHUDWLRQDO3URJUDPPH(XURSHDQ&RPPLVVLRQ D ,QIRUPDWLRQVOLGHVRQVWUXFWXUDOSROLFLHV YDULRXVHGLWLRQV (XURSHDQ&RPPLVVLRQ E /DERXUPDUNHWUHYLHZYDULRXVHGLWLRQV(XURSHDQ&RPPLVVLRQ D 6$3$5'DQQXDOUHSRUW 

./$86)52+%(5*67())(1$%(/((XURSHDQ&RPPLVVLRQ E QG&RKHVLRQ5HSRUW(XURSHDQ&RPPLVVLRQ'*  6$3$5'LQIRUPDWLRQPDWHULDO
(XURSHDQ&RPPLVVLRQ'*$*5,  3UHVVUHOHDVHV,3
,3,3,3(XURSHDQ&RPPXQLWLHV  &RXQFLO5HJXODWLRQ (& 1R

)LHJH8DQG$EHOH6  7KH5ROHRI$JULFXOWXUHLQ6HOHFWHG
5XUDO'HYHORSPHQW3ROLFLHVDFURVV(XURSH(PSLULFDO(YLGHQFH
IURP+XQJDU\DQG3RODQG3DSHUSUHVHQWHGDWWKHUG6HPLQDURI
WKH(XURSHDQ$VVRFLDWLRQRI$JULFXOWXUDO(FRQRPLVWVIURPWR
-XQHLQ$QFRQD,WDO\)RRGDQG$JULFXOWXUDO2UJDQLVDWLRQ  6WDWLVWLFDO'DWDEDVHZZZIDRRUJ)UH\%6DQG.LUFKJDHVVQHU*  'HPRNUDWLVFKH:LUWVFKDIWVSROLWLN)UDQ]9DKOHQ3XEOLVKHU)LJS
.RHVWHU  $QSDVVXQJVEHGDUIGHU(8$JUDUSROLWLNDOV)ROJHGHU
2VWHUZHLWHUXQJLQ=ROOQK|IHU HG 3HUVSHNWLYHQGHU2VWHUZHLWHUXQJXQG5HIRUPEHGDUIGHU(XURSlLVFKHQ8QLRQ%HUOLQ 'XQFNHU
XQG+XPEORW SS.ULHJHU%RGHQ&  1HXH$UJXPHQWHIU5HJLRQDOSROLWLN"=XU)XQGLHUXQJGHU5HJLRQDOSROLWLNLQlOWHUHQXQGQHXHUHQUHJLRQ
DO|NRQRPLVFKHQ7KHRULHQLQ'LH:HOWZLUWVFKDIWSS
/DWYLDQ0LQLVWU\RI$JULFXOWXUH  6$3$5'2SHUDWLRQDO3UR
JUDPPH
3HWHUV+5  6HNWRUDOH6WUXNWXUSROLWLN0QFKHQ 2OGHQERXUJ 
3ROLVK0LQLVWU\RI$JULFXOWXUHDQG5XUDO'HYHORSPHQW  6$3$
5'RSHUDWLRQDOSURJUDPPHIRU3RODQG
5HSXEOLFRI5RPDQLD  6$3$5'2SHUDWLRQDO3URJUDPPH
6ORYDN5HSXEOLF  6$3$5'2SHUDWLRQDO3URJUDPPH
6\NRUD/  /RFDODQG5HJLRQDO3ODQQLQJDQG3ROLF\LQ(DVW&HQWUDO(XURSHDQ7UDQVLWLRQDO&RXQWULHVLQ+DPSOHWDO*HRJUDSK\RI6RFLHWDO7UDQVIRUPDWLRQLQWKH&]HFK5HSXEOLF3UDJXH&KDUOHV8QLYHUVLW\'HSDUWPHQWRI6RFLDO*HRJUDSK\DQG5HJLRQDO'HYHORSPHQWSS
8UIHL*  $JUDUXPZHOWSROLWLNQDFKGHQ3ULQ]LSLHQGHU2HNRQRPLVFKHQ7KHRULHGHV)RHGHUDOLVPXV(LQ5HJLRQDOLVLHUXQJVDQ
VDW]]XUWHUULWRULDOHQ$EJUHQ]XQJHIIL]LHQWHU3ROLWLNDNWLRQVUDHXPH
6FKULIWHQUHLKH GHV 5KHLQLVFK:HVWIDHOLVFKHQ ,QVWLWXWV IXHU:LUWVFKDIWVIRUVFKXQJ1HXH)ROJH+HIW%HUOLQ'XQFNHU+XPEORW