&UXGH RLO VZDSV ZLWK 0H[LFR FRXOG SURYLGH HFRQRPLF DQG HQYLURQPHQWDO EHQHILWV  7RGD\ LQ (QHUJ\  86 (QHUJ\ ,QIRUPDWLRQ $GPLQLVWUDWLRQ (,$

KWWSVZZZHLDJRYWRGD\LQHQHUJ\GHWDLOFIP"LG  

7RGD\ LQ (QHUJ\

6HSWHPEHU  

&UXGH RLO VZDSV ZLWK 0H[LFR FRXOG SURYLGH HFRQRPLF DQG HQYLURQPHQWDO

EHQHILWV

6RXUFH 86 (QHUJ\ ,QIRUPDWLRQ $GPLQLVWUDWLRQ EDVHG RQ &KHYURQ FUXGH DVVD\ OLEUDU\

1RWH .HURVHQH LQFOXGHV D VPDOO DPRXQW RI GLVWLOODWH DQG QDSKWKD PDWHULDO

860H[LFR FUXGH RLO VZDSV DSSURYHG ODVW PRQWK E\ WKH 86 'HSDUWPHQW RI &RPPHUFH
V %XUHDX RI ,QGXVWU\ DQG 6HFXULW\ ZLOO

OLNHO\ LQYROYH H[FKDQJHV RI 86 OLJKW VZHHW FUXGH IRU 0H[LFDQ KHDY\ VRXU FUXGH WKDW LV DOUHDG\ EHLQJ H[SRUWHG WR WKH 8QLWHG

6WDWHV 7KH VZDSV ZKLFK DUH SURYLGHG IRU XQGHU ORQJVWDQGLQJ UHJXODWLRQV JRYHUQLQJ 86 FUXGH RLO H[SRUWV DUH H[SHFWHG WR EH

ERWK HFRQRPLFDOO\ DQG HQYLURQPHQWDOO\ EHQHILFLDO WR ERWK SDUWLHV EHFDXVH RI GLIIHUHQFHV LQ FUXGH RLO TXDOLWLHV DV ZHOO DV

GLIIHUHQFHV LQ HDFK FRXQWU\
V SHWUROHXP UHILQHULHV 7KH VZDSV ZLOO DOORZ D JUHDWHU GHJUHH RI RSHUDWLRQDO HIILFLHQF\ LQ ERWK 0H[LFR

DQG WKH 8QLWHG 6WDWHV ZKLOH DOORZLQJ IRU LQFUHDVHG VXSSO\ RI ORZHUVXOIXU JDVROLQH IURP 0H[LFDQ UHILQHULHV

:LWK VLJQLILFDQW FRNLQJ DQG GHVXOIXUL]DWLRQ FDSDFLW\ 86 *XOI &RDVW UHILQHULHV DUH ZHOOVXLWHG WR SURFHVV KHDY\ VRXU FUXGH EXW

PXFK RI WKH UHFHQW FUXGH RLO SURGXFWLRQ JDLQV LQ WKH 8QLWHG 6WDWHV KDYH EHHQ OLJKW VZHHW FUXGHV FRPLQJ IURP SOD\V VXFK DV

(DJOH )RUG 7KHUH DUH VL[ PDMRU UHILQHULHV LQ 0H[LFR 7KUHH RI WKHP UHSUHVHQWLQJ  RI WRWDO FDSDFLW\ KDYH FRNLQJ XQLWV DQG

FDQ SURGXFH ORZHUVXOIXU JDVROLQH 7KH RWKHU WKUHH UHILQHULHV GR QRW KDYH FRNHUV DQG UHODWHG XSJUDGLQJ XQLWV &RQVHTXHQWO\

WKH\ SURGXFH RQO\ OLPLWHG DPRXQWV RI ORZHUVXOIXU SURGXFWV DQG DUH QRW ZHOOFRQILJXUHG WR SURFHVV KHDY\ VRXU FUXGH RLO ,Q 

WKH VL[ UHILQHULHV SURFHVVHG  PLOOLRQ EDUUHOV SHU GD\ EG RI FUXGH RLO ZKLFK LQFOXGHG  EG RI ,VWKPXV D PHGLXP VRXU

FUXGH DQG  EG RI 0D\D D KHDY\ VRXU FUXGH EOHQG

$OWKRXJK WKH IXOO HIIHFWV RI FUXGH RLO VXEVWLWXWLRQ LQ UHILQHULHV FDQ EH FRPSOH[ (,$ DQDO\]HG WKH UHODWLYH SURGXFW \LHOGV DQG WKH

VXOIXU OHYHOV RI WKH UHVXOWLQJ SURGXFWV IRU WKUHH 0H[LFDQ FUXGH RLOV 0D\D ,VWKPXV DQG 2OPHFD DORQJ ZLWK WKH VDPH LQIRUPDWLRQ

IRU 86 FUXGH RLO DQG FRQGHQVDWH SURGXFHG IURP WKH (DJOH )RUG IRUPDWLRQ RI VRXWKHUQ 7H[DV $V VKRZQ LQ WKH ILJXUH ERWK

SURGXFW \LHOGV DQG WKH VXOIXU OHYHOV RI WKH GLVWLOODWLRQ SURGXFWV YDU\ DPRQJ WKH GLIIHUHQW FUXGH RLOV 1RWDEO\ ZKLOH 2OPHFD KDV

VLPLODU SURGXFW \LHOGV WR VRPH RI WKH (DJOH )RUG FUXGH SURGXFHG LQ WKH 8QLWHG 6WDWHV WKH (DJOH )RUG FUXGH KDV ORZHU VXOIXU

FRQWHQW

7KH GLIIHUHQFH LQ VXOIXU FRQWHQW LV SDUWLFXODUO\ LPSRUWDQW IRU WKH QDSKWKD FXW ZKLFK LV EOHQGHG RU IXUWKHU UHILQHG WR PDNH PRWRU
 &UXGH RLO VZDSV ZLWK 0H[LFR FRXOG SURYLGH HFRQRPLF DQG HQYLURQPHQWDO EHQHILWV  7RGD\ LQ (QHUJ\  86 (QHUJ\ ,QIRUPDWLRQ $GPLQLVWUDWLRQ (,$

KWWSVZZZHLDJRYWRGD\LQHQHUJ\GHWDLOFIP"LG  

JDVROLQH 0H[LFR KRSHV WR DFKLHYH D OHYHO RI  SDUWV SHU PLOOLRQ SSP IRU DOO JDVROLQH QDWLRQZLGH IXHO PHHWLQJ WKLV VXOIXU

VSHFLILFDWLRQ LV FXUUHQWO\ DYDLODEOH RQO\ LQ PDMRU 0H[LFDQ PHWURSROLWDQ DUHDV RU LQ SUHPLXP IXHO

7KH SDUWLDO VXEVWLWXWLRQ RI (DJOH )RUG FUXGH IRU 0H[LFDQ FUXGHV VXFK DV ,VWKPXV DQG 2OPHFD WKDW DUH UXQ HLWKHU VWUDLJKW RU

EOHQGHG ZLWK KHDYLHU 0H[LFDQ FUXGHV VXFK DV 0D\D LQ 0H[LFDQ UHILQHULHV ZRXOG IUHH XS VXOIXU UHPRYDO FDSDFLW\ LQ WKH 0H[LFDQ

UHILQLQJ V\VWHP 7KLV ZRXOG LQ WXUQ DOORZ WKDW FDSDFLW\ WR EH XVHG WR SURGXFH PRUH ORZHUVXOIXU JDVROLQH WKDQ LV FXUUHQWO\

SRVVLEOH $Q\ LQFUHDVHG VXSSO\ RI ORZHUVXOIXU JDVROLQH WR 0H[LFR
V PRWRU JDVROLQH PDUNHW ZKLFK FRQVXPHG  EG LQ

 ZRXOG UHVXOW LQ UHGXFHG VXOIXU HPLVVLRQV DQG RWKHU HQYLURQPHQWDO EHQHILWV

0RUH DQDO\VLV RQ WKH SRWHQWLDO HFRQRPLF DQG HQYLURQPHQWDO EHQHILWV RI VZDSSLQJ FUXGH RLOV ZLWK 0H[LFR LV DYDLODEOH LQ 7KLV

:HHN LQ 3HWUROHXP

3ULQFLSDO FRQWULEXWRUV +DQQDK %UHXO %LOO %URZQ