oecd_decoupling by wulinqing

VIEWS: 126 PAGES: 108

									                                      8QFODVVLILHG                                                          6*6'),1$/
                                      2UJDQLVDWLRQ GH &RRSpUDWLRQ HW GH 'pYHORSSHPHQW (FRQRPLTXHV
                                      2UJDQLVDWLRQ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW                          0D\
                                      BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
                                                                                                               (QJOLVK  2U (QJOLVK
                                      *(1(5$/ 6(&5(7$5,$7
8QFODVVLILHG
6*6'),1$/




                                      6XVWDLQDEOH 'HYHORSPHQW




                                      ,1',&$7256 72 0($685( '(&283/,1* 2) (19,5210(17$/ 35(6685( )520
                                      (&2120,& *52:7+
              (QJOLVK  2U (QJOLVK




                                      -7


                                      9‚pˆ€r‡Ãp‚€ƒyr‡Ãqv†ƒ‚viyrƈ…ÃPGDTÃqh†Ã†‚Ãs‚…€h‡Ãq‚…vtvr

                                      8‚€ƒyr‡rÃq‚pˆ€r‡Ãh‰hvyhiyrÃPGDTÃvÃv‡†Ã‚…vtvhyÃs‚…€h‡
                                                                                               6*6'),1$/




                                       127( %< 7+( 6(&5(7$5,$7



7KLV UHSRUW KDV EHHQ SUHSDUHG E\ WKH 2(&' 6HFUHWDULDW LQ UHVSRQVH WR WKH UHTXHVW LVVXHG E\ WKH 2(&'
&RXQFLO DW 0LQLVWHULDO OHYHO 0D\  WKDW WKH 2UJDQLVDWLRQ DVVLVW LWV 0HPEHU FRXQWULHV LQ UHDOLVLQJ WKHLU
VXVWDLQDEOH GHYHORSPHQW REMHFWLYHV ,QWHU DOLD WKH &RXQFLO VXJJHVWHG WKDW WKH 2(&' XQGHUWDNH WKH
VSHFLILF WDVN RI GHYHORSLQJ DJUHHG LQGLFDWRUV WR PHDVXUH SURJUHVV DFURVV DOO WKUHH GLPHQVLRQV RI
VXVWDLQDEOH GHYHORSPHQW 7KLV LQFOXGHV LQGLFDWRUV WKDW FDQ PHDVXUH WKH GHFRXSOLQJ RI HFRQRPLF JURZWK
IURP HQYLURQPHQWDO GHJUDGDWLRQ DQG WKDW PLJKW EH XVHG LQ FRQMXQFWLRQ ZLWK RWKHU LQGLFDWRUV LQ 2(&'¶V
HFRQRPLF VRFLDO DQG HQYLURQPHQWDO SHHU UHYLHZ SURFHVVHV

7KLV UHSRUW GRHV QRW UHFRPPHQG D VSHFLILF OLVW RI GHFRXSOLQJ LQGLFDWRUV IRU XVH LQ WKH SHHU UHYLHZ
SURFHVVHV EXW UDWKHU VHHNV WR HVWDEOLVK DQ DQDO\WLFDO EDVLV WR IDFLOLWDWH DJUHHPHQW E\ 0HPEHU FRXQWULHV RQ
D OLVW RI LQGLFDWRUV WR EH XVHG LQ SHHU UHYLHZV ,W DOVR LGHQWLILHV JDSV LQ WKH VWDWLVWLFDO DQG VFLHQWLILF GDWD
QHHGLQJ WR EH ILOOHG

7KH 2(&' (QYLURQPHQW 'LUHFWRUDWH SUHSDUHG WKLV UHSRUW ZLWK WKH DVVLVWDQFH RI D &RQWDFW *URXS GUDZQ
IURP DFURVV 2(&' 'LUHFWRUDWHV DQG IXUWKHU UHLQIRUFHG E\ VXJJHVWLRQV SURYLGHG E\ D *URXS RI ([WHUQDO
$GYLVHUV ,WV VXFFHVVIXO FRPSOHWLRQ GHSHQGHG RQ WKH FRRSHUDWLRQ RI QDWLRQDO 'HOHJDWHV IURP PDQ\ 2(&'
&RPPLWWHHV :RUNLQJ 3DUWLHV DQG :RUNLQJ *URXSV DQG RI PDQ\ DGPLQLVWUDWLRQV ZLWKLQ 0HPEHU FRXQWULHV
WKHLU FRQWULEXWLRQV KDYH EHHQ LQYDOXDEOH 2XU VLQFHUH WKDQNV DUH WKHUHIRUH H[WHQGHG WR DOO FRQFHUQHG

7KH UHSRUW ZDV GHUHVWULFWHG E\ WKH 2(&' $G +RF *URXS IRU 6XVWDLQDEOH 'HYHORSPHQW DW LWV PHHWLQJ RQ
 $SULO  DQG LV SXEOLVKHG DV D JHQHUDO GLVWULEXWLRQ GRFXPHQW RQ WKH UHVSRQVLELOLW\ RI WKH
6HFUHWDU\*HQHUDO




               'DWD LQ WKLV UHSRUW ODUJHO\ FRPH IURP 2(&' (QYLURQPHQWDO 'DWD  &RPSHQGLXP
                DQG IURP ³2(&' (QYLURQPHQWDO ,QGLFDWRUV  ± 7RZDUGV 6XVWDLQDEOH
               'HYHORSPHQW´ WZR GRFXPHQWV SUHSDUHG E\ WKH 2(&' :RUNLQJ *URXS RQ
               (QYLURQPHQWDO ,QIRUPDWLRQ DQG 2XWORRNV 6RPH ZHUH XSGDWHG RU UHYLVHG RQ WKH EDVLV
               RI FRPPHQWV UHFHLYHG IURP QDWLRQDO 'HOHJDWHV

               ,W VKRXOG EH QRWHG WKDW IRU RUJDQLVDWLRQDO UHDVRQV ILJXUHV DQG WDEOHV LQFOXGHG LQ WKLV
               UHSRUW GR QRW IXOO\ UHIOHFW WKH PRVW UHFHQW GDWD XSGDWHV SURYLGHG E\ 0HPEHU
               FRXQWULHV WR EH SXEOLVKHG LQ WKH  2(&' &RPSHQGLXP

               ,Q PDQ\ FRXQWULHV V\VWHPDWLF FROOHFWLRQ RI HQYLURQPHQWDO GDWD KDV D VKRUW KLVWRU\
               VRXUFHV DUH W\SLFDOO\ VSUHDG DFURVV D UDQJH RI DJHQFLHV DQG OHYHOV RI JRYHUQPHQW
               DQG LQIRUPDWLRQ LV RIWHQ FROOHFWHG IRU RWKHU SXUSRVHV :KHQ UHDGLQJ WKLV UHSRUW RQH
               VKRXOG WKHUHIRUH NHHS LQ PLQG WKDW GHILQLWLRQV DQG PHDVXUHPHQW PHWKRGV YDU\
               DPRQJ FRXQWULHV DQG WKDW LQWHUFRXQWU\ FRPSDULVRQV UHTXLUH JUHDW FDXWLRQ 2QH
               VKRXOG DOVR QRWH WKDW LQGLFDWRUV SUHVHQWHG LQ WKLV UHSRUW UHIHU WR WKH QDWLRQDO OHYHO DQG
               PD\ FRQFHDO PDMRU VXEQDWLRQDO GLIIHUHQFHV




                                                         
6*6'),1$/



  ,1',&$7256 72 0($685( '(&283/,1* 2) (19,5210(17$/ 35(6685( )520 (&2120,& *52:7+
                                               (;(&87,9( 6800$5<

'HFRXSOLQJ HQYLURQPHQWDO SUHVVXUH        7KH WHUP GHFRXSOLQJ UHIHUV WR EUHDNLQJ WKH OLQN EHWZHHQ ³HQYLURQPHQWDO EDGV´ DQG
IURP HFRQRPLF JURZWK«                    ³HFRQRPLF JRRGV´ 'HFRXSOLQJ HQYLURQPHQWDO SUHVVXUHV IURP HFRQRPLF JURZWK LV RQH RI
                                         WKH PDLQ REMHFWLYHV RI WKH 2(&' (QYLURQPHQWDO 6WUDWHJ\ IRU WKH )LUVW 'HFDGH RI WKH VW
                                         &HQWXU\ DGRSWHG E\ 2(&' (QYLURQPHQW 0LQLVWHUV LQ 
                                         'HFRXSOLQJ RFFXUV ZKHQ WKH JURZWK UDWH RI DQ HQYLURQPHQWDO SUHVVXUH LV OHVV WKDQ WKDW
 PD\ EH HLWKHU DEVROXWH RU UHODWLYH
                                         RI LWV HFRQRPLF GULYLQJ IRUFH HJ *'3 RYHU D JLYHQ SHULRG 'HFRXSOLQJ FDQ EH HLWKHU
DQG  
                                         DEVROXWH RU UHODWLYH $EVROXWH GHFRXSOLQJ LV VDLG WR RFFXU ZKHQ WKH HQYLURQPHQWDOO\
                                         UHOHYDQW YDULDEOH LV VWDEOH RU GHFUHDVLQJ ZKLOH WKH HFRQRPLF GULYLQJ IRUFH LV JURZLQJ
                                         'HFRXSOLQJ LV VDLG WR EH UHODWLYH ZKHQ WKH JURZWK UDWH RI WKH HQYLURQPHQWDOO\ UHOHYDQW
                                         YDULDEOH LV SRVLWLYH EXW OHVV WKDQ WKH JURZWK UDWH RI WKH HFRQRPLF YDULDEOH
« FDQ EH PHDVXUHG E\ GHFRXSOLQJ          'HFRXSOLQJ FDQ EH PHDVXUHG E\ GHFRXSOLQJ LQGLFDWRUV WKDW KDYH DQ HQYLURQPHQWDO
LQGLFDWRUV                              SUHVVXUH YDULDEOH IRU QXPHUDWRU DQG DQ HFRQRPLF YDULDEOH DV GHQRPLQDWRU 6RPHWLPHV
                                         WKH GHQRPLQDWRU RU GULYLQJ IRUFH PD\ EH SRSXODWLRQ JURZWK RU VRPH RWKHU YDULDEOH
([FHSW IRU VRPH SUHVVXUHV               7KH HYLGHQFH SUHVHQWHG LQ WKLV 2(&' UHSRUW VKRZV WKDW UHODWLYH GHFRXSOLQJ LV
GHFRXSOLQJ LV FRPPRQ LQ 2(&'             ZLGHVSUHDG LQ 2(&' 0HPEHU FRXQWULHV $EVROXWH GHFRXSOLQJ LV DOVR TXLWH FRPPRQ EXW
FRXQWULHV DQG IXUWKHU SURJUHVV           IRU VRPH HQYLURQPHQWDO SUHVVXUHV OLWWOH GHFRXSOLQJ LV RFFXUULQJ 7KH HYLGHQFH DOVR
VHHPV SRVVLEOH                          VXJJHVWV WKDW IXUWKHU GHFRXSOLQJ LV SRVVLEOH VLQFH DEVROXWH GHFRXSOLQJ ZDV UHFRUGHG LQ
                                         DW OHDVW RQH 2(&' FRXQWU\ IRU DOO EXW WZR RI WKH GHFRXSOLQJ LQGLFDWRUV H[DPLQHG DW WKH
                                         QDWLRQDO OHYHO
6RPH LQGLFDWRUV LQ WKLV UHSRUW UHODWH    7KLV UHSRUW H[SORUHV D VHW RI  GHFRXSOLQJ LQGLFDWRUV FRYHULQJ D EURDG VSHFWUXP RI
WR GHFRXSOLQJ HQYLURQPHQWDO              HQYLURQPHQWDO LVVXHV  LQGLFDWRUV UHODWH WR WKH GHFRXSOLQJ RI HQYLURQPHQWDO SUHVVXUHV
SUHVVXUH IURP WRWDO HFRQRPLF             IURP WRWDO HFRQRPLF DFWLYLW\ XQGHU WKH KHDGLQJV RI FOLPDWH FKDQJH DLU SROOXWLRQ ZDWHU
DFWLYLW\ ZKLOH RWKHUV FRQFHUQ           TXDOLW\ ZDVWH GLVSRVDO PDWHULDO XVH DQG QDWXUDO UHVRXUFHV 7KH UHPDLQLQJ  LQGLFDWRUV
VSHFLILF VHFWRUV«                        IRFXV RQ SURGXFWLRQ DQG XVH LQ IRXU VSHFLILF VHFWRUV HQHUJ\ WUDQVSRUW DJULFXOWXUH DQG
                                         PDQXIDFWXULQJ
« DQG VHYHUDO LQGLFDWRUV KDYH EHHQ       6RPH LQGLFDWRUV KDYH DOVR EHHQ GHFRPSRVHG WR KLJKOLJKW WKH H[WHQW WR ZKLFK YDULRXV
GHFRPSRVHG WR VKRZ WKH                   IDFWRUV HJ WHFKQRORJLFDO IDFWRUV VWUXFWXUDO FKDQJHV KDYH FRQWULEXWHG WR UHGXFLQJ RU
FRQWULEXWLRQ RI YDULRXV IDFWRUV WR       DGGLQJ WR HQYLURQPHQWDO SUHVVXUHV LQ UHFHQW \HDUV $V PD\ EH VHHQ IURP WKH ILJXUH QH[W
GHFRXSOLQJ                              SDJH 62[ HPLVVLRQV KDYH H[KLELWHG DEVROXWH GHFRXSOLQJ IURP *'3 JURZWK LQ 2(&'
                                         FRXQWULHV 7KLV KDV EHHQ GXH LQ WKH SDVW WR DQ RYHUDOO UHGXFWLRQ LQ HQHUJ\ LQWHQVLW\ ZLWK
                                         WRWDO ILQDO FRQVXPSWLRQ RI HQHUJ\ JURZLQJ PXFK VORZHU WKDQ *'3 %XW LW KDV DOVR
                                         UHVXOWHG IURP SROLFLHV ZKLFK KDYH FDXVHG WKH HQHUJ\ VHFWRU WR VKDUSO\ UHGXFH HPLVVLRQV
                                         SHU XQLW RI HQHUJ\ SURGXFHG
*RRG GDWD DUH DYDLODEOH IRU VRPH         7KH UHSRUW SUHVHQWV LQIRUPDWLRQ WKURXJK JUDSKV DQG WDEOHV DQG IRU HDFK LQGLFDWRU
LQGLFDWRUV EXW GDWD JDSV UHPDLQ         SURYLGHV D EULHI H[SODQDWRU\ WH[W WR KHOS LQWHUSUHWDWLRQ $Q DWWHPSW ZDV PDGH WR
LPSRUWDQW DQG IXUWKHU FRQFHSWXDO         PD[LPLVH WKH FRXQWU\ DQG WLPH SHULRG FRYHUDJH IRU HDFK LQGLFDWRU EXW GDWD JDSV UHPDLQ
ZRUN LV QHHGHG                          LPSRUWDQW 2I WKH  LQGLFDWRUV WHQ DUH FRQVLGHUHG FRQFHSWXDOO\ VRXQG DQG GDWD DUH
                                         DYDLODEOH IRU DW OHDVW  RI WKH  0HPEHU FRXQWULHV IURP DW OHDVW  $ IXUWKHU
                                          LQGLFDWRUV DUH DOVR FRQVLGHUHG FRQFHSWXDOO\ VRXQG EXW VXIIHU IURP VWDWLVWLFDO GDWD
                                         JDSV )LQDOO\ QLQH LQGLFDWRUV DUH DVVHVVHG DV QHHGLQJ IXUWKHU ZRUN IRU D YDULHW\ RI
                                         UHDVRQV HJ FRQFHSW GHILQLWLRQ PHDVXUHPHQW
7KH LQWHUSUHWDWLRQ RI GHFRXSOLQJ         'HFRXSOLQJ LQGLFDWRUV PHDVXUH FKDQJHV RYHU WLPH ,QWHUSUHWDWLRQ RI WKH PHVVDJH
LQGLFDWRUV PXVW WDNH DFFRXQW RI          FRQYH\HG E\ WKHVH LQGLFDWRUV VKRXOG WDNH DFFRXQW RI DEVROXWH OHYHOV RI HQYLURQPHQWDO
DEVROXWH OHYHOV RI HQYLURQPHQWDO         SUHVVXUHV DQG HFRQRPLF GULYLQJ IRUFHV ,I WKHVH SUHVVXUHV QHHG WR EH UHGXFHG WR EHORZ
SUHVVXUHV DQG «                          ZKDW WKUHVKROG" ,I WKH\ DUH DOORZHG WR ULVH WR ZKDW FHLOLQJ" 0RUHRYHU WKH LQLWLDO OHYHO RI
                                         DQ HQYLURQPHQWDO SUHVVXUH DQG FKRLFH RI WLPH SHULRG FRQVLGHUHG FDQ DIIHFW WKH
                                         LQWHUSUHWDWLRQ RI WKH UHVXOWV EHFDXVH LQ WKHLU HIIRUWV WR UHGXFH HQYLURQPHQWDO SUHVVXUHV
                                         FRXQWULHV GR SURFHHG DFFRUGLQJ WR GLIIHUHQW WLPHWDEOHV


                                                              
                                                                                                                         6*6'),1$/


                                            62[ HPLVVLRQV IURP HQHUJ\ XVH YHUVXV *'3 

                                                                                       ('Ã2à            P@89Ã@ˆ…‚ƒr
                                                                                         %



                                                                                         !

           ('Ã2Ã 
                                             P@89ÃU‚‡hy
                                                                                         '

                '
                                                                                         #
                                                                               B9Q
                %                                                                         

                                                                                               ('   ('"    ('%    ('(     ((!   (($    (('

                #

                                                                              UQ@T
                                                                                                      P@89ÃI‚…‡uÃ6€r…vph
                                                                                       ('Ã2Ã 
                !
                                                                                         !


                                                                                          %
                
                                                                               UA8
                                                                                          !


                '                                                                        '


                                                                                          #
                %
                                                                                           

                                                                                               ('   ('"     ('%   ('(     ((!   (($     (('
                #
                                                                       T‚‘Ãr€v††v‚†


                                                                                       ('Ã2Ã            P@89ÃQhpvsvp
                !
                                                                                         !



                                                                                         %


                     ('        ('"        ('%         ('(      ((!    (($       (('      !


                                                                                          '


                                                                                          #
       6ˆ†‡…hyvhÃF‚…rhÃHr‘vp‚ÃhqÃUˆ…xr’Ãh…rÁ‚‡Ãvpyˆqrq

                                                                                           

                                                                                               ('   ('"     ('%   ('(     ((!    (($    (('




       6RXUFH 2(&'
« FRXQWU\ FRPSDULVRQV QHHG WR                        :KHQ GHFRXSOLQJ LQGLFDWRUV DUH XVHG WR FRPSDUH HQYLURQPHQWDO SHUIRUPDQFH DPRQJ
FRQVLGHU QDWLRQDO FLUFXPVWDQFHV                     FRXQWULHV WKH QDWLRQDO FLUFXPVWDQFHV RI HDFK FRXQWU\ PXVW DOVR EH WDNHQ LQWR DFFRXQW
                                                     7KHVH LQFOXGH IDFWRUV VXFK DV FRXQWU\ VL]H SRSXODWLRQ GHQVLW\ QDWXUDO UHVRXUFH
                                                     HQGRZPHQWV HQHUJ\ SURILOH FKDQJHV LQ HFRQRPLF VWUXFWXUH DQG VWDJH RI HFRQRPLF
                                                     GHYHORSPHQW
'HFRXSOLQJ LQGLFDWRUV WHOO RQO\ SDUW                 'HFRXSOLQJ LQGLFDWRUV OLNH DOO RWKHU W\SHV RI LQGLFDWRUV VKHG OLJKW RQ SDUWLFXODU DVSHFWV
RI WKH VWRU\ DQG GR QRW WDNH DFFRXQW                 RI D FRPSOH[ UHDOLW\ EXW OHDYH RXW RWKHU DVSHFWV )RU H[DPSOH WKH GHFRXSOLQJ FRQFHSW
RI WKH HQYLURQPHQW¶V FDSDFLW\ WR                     ODFNV DQ DXWRPDWLF OLQN WR WKH HQYLURQPHQW¶V FDSDFLW\ WR VXVWDLQ DEVRUE RU UHVLVW
ZLWKVWDQG SUHVVXUHV RU «                             SUHVVXUHV RI YDULRXV NLQGV GHSRVLWLRQ GLVFKDUJHV KDUYHVWV ,Q WKH FDVH RI UHQHZDEOH
                                                     QDWXUDO UHVRXUFHV D PHDQLQJIXO LQWHUSUHWDWLRQ RI WKH UHODWLRQVKLS RI HQYLURQPHQWDO
                                                     SUHVVXUH WR HFRQRPLF GULYLQJ IRUFHV ZLOO DOVR UHTXLUH LQIRUPDWLRQ DERXW KDUYHVWLQJ UDWHV
                                                     FRPSDUHG WR UHQHZDO UDWHV
« FURVVERUGHU IORZV RI SROOXWDQWV                  $OVR GHFRXSOLQJ LQGLFDWRUV ZKHQ HYDOXDWHG DW D FRXQWU\ OHYHO GR QRW FDSWXUH WKH FURVV
7KHUHIRUH «                                         ERUGHU IORZ RI YDULRXV SROOXWDQWV HPERGLHG LQ WKH LQWHUQDWLRQDO WUDGH RI JRRGV
« WKH\ VKRXOG EH VHHQ DV D                           7KH DSSURDFK XVHG LQ WKLV SDSHU VKRXOG EH VHHQ DV D FRPSOHPHQW WR RWKHU DQDO\WLFDO
FRPSOHPHQW WR RWKHU DSSURDFKHV                      IUDPHZRUNV 0RUHRYHU WR GUDZ FRQFOXVLRQV IRU SROLF\ IURP WKH HYLGHQFH SUHVHQWHG LQ
                                                     WKLV SDSHU ZRXOG DOVR UHTXLUH FRQVLGHUDWLRQ RI WKH VSHFLILF SROLF\ PHDVXUHV UHTXLUHG WR
                                                     DFKLHYH GHFRXSOLQJ LQ D FRVW HIIHFWLYH ZD\ )URP VXFK D SHUVSHFWLYH HVWDEOLVKLQJ DQ
                                                     HIILFLHQW OHYHO RI GHFRXSOLQJ IRU D SDUWLFXODU HQYLURQPHQWDO UHVRXUFH RU VLQN LGHDOO\
                                                     ZRXOG LQYROYH HQVXULQJ WKDW DOO H[WHUQDO HQYLURQPHQWDO FRVWV DUH UHIOHFWHG LQ SURGXFW
                                                     SULFHV DQG WKHQ DOORZLQJ WKH PDUNHW WR GHWHUPLQH WKH DSSURSULDWH OHYHO RI XVH DW WKH
                                                     HVWDEOLVKHG SULFH
6RPH GHFRXSOLQJ LQGLFDWRUV QHHG                      7KHUHIRUH ZKLOH VRPH RI WKH LQGLFDWRUV SUHVHQWHG KHUH DUH VXLWDEOH IRU XVH LQ YDULRXV
IXUWKHU ZRUN EXW RWKHUV DUH UHDG\                   2(&' SHHU UHYLHZV RWKHUV QHHG IXUWKHU GHYHORSPHQW LQ WHUPV RI XQGHUO\LQJ FRQFHSWV
IRU XVH                                             FKRLFH RI YDULDEOHV DQG GDWD DYDLODELOLW\ DQG TXDOLW\




                                                                         
                                                                                                                                          6*6'),1$/


   ,1',&$7256 72 0($685( '(&283/,1* 2) (19,5210(17$/ 35(6685( )520 (&2120,& *52:7+

                                                             7$%/( 2) &217(176

127( %< 7+( 6(&5(7$5,$7  

(;(&87,9( 6800$5<  

,1752'8&7,21 

 5$7,21$/( $1' 35(6(17$7,21 2) '(&283/,1* ,1',&$7256  
                     7KH &RQFHSW RI 'HFRXSOLQJ 
                     3ULQFLSDO )LQGLQJV  
                     8QGHUVWDQGLQJ &KDQJHV LQ 'HFRXSOLQJ ,QGLFDWRUV 
                     /LPLWDWLRQV RI WKH 'HFRXSOLQJ &RQFHSW  
                     3ROLFLHV WR $FKLHYH 'HFRXSOLQJ  
                     7DUJHWV 7KUHVKROGV DQG &HLOLQJV 
                     3UHVHQWDWLRQ RI 'HFRXSOLQJ ,QIRUPDWLRQ 
                     $JJUHJDWLRQ DQG &OXVWHULQJ RI ,QGLFDWRUV  
                     *DSV LQ WKH 6WDWLVWLFDO DQG 6FLHQWLILF 'DWD  
                    5HODWLRQVKLS WR 2WKHU ,QGLFDWRU 6HWV 

 (&2120<:,'( '(&283/,1* ,1',&$7256  
                     &/,0$7( &+$1*( 
                     $,5 32//87,21  
                     :$7(5 48$/,7<  
                     :$67( 0$1$*(0(17  
                     0$7(5,$/ 86( 
                     1$785$/ 5(6285&(6  
                   :DWHU 5HVRXUFHV 
                   )RUHVWV DQG )RUHVW 3URGXFWV  
                   )LVKHULHV  
                   %LRGLYHUVLW\  

 '(&283/,1* ,1',&$7256 )25 63(&,),& 6(&7256 
                     (1(5*< 86( $1' 352'8&7,21 
                     75$163257  
                     $*5,&8/785(  
                     0$18)$&785,1* ,1'8675<  

$33(1',;  '(&283/,1* ,1',&$7256 $1' 27+(5 ,1',&$725 6(76  

7(&+1,&$/ $11(; 




                                                                                  
                                                                                      6*6'),1$/




                                             ,1752'8&7,21



'HFRXSOLQJ HQYLURQPHQWDO SUHVVXUHV IURP HFRQRPLF JURZWK LV RQH RI WKH PDLQ REMHFWLYHV RI WKH 2(&'
                                                        VW
(QYLURQPHQWDO 6WUDWHJ\ IRU WKH )LUVW 'HFDGH RI WKH  &HQWXU\ 7KH VWUDWHJ\ ZDV DGRSWHG E\ 2(&'
(QYLURQPHQW 0LQLVWHUV LQ 0D\  DQG VXEVHTXHQWO\ HQGRUVHG E\ WKH 2(&' &RXQFLO DW 0LQLVWHULDO OHYHO
7KH 0LQLVWHULDO &RXQFLO &RPPXQLTXp DGRSWHG DW WKH ODWWHU PHHWLQJ DVNHG WKH 2(&' WR FRQWLQXH WR DVVLVW
LWV PHPEHU JRYHUQPHQWV LQ WKHLU HIIRUWV WR DFKLHYH VXVWDLQDEOH GHYHORSPHQW ,Q SDUWLFXODU 0LQLVWHUV DVNHG
WKH RUJDQLVDWLRQ WR GHYHORS DJUHHG LQGLFDWRUV WR PHDVXUH SURJUHVV DFURVV DOO WKUHH GLPHQVLRQV RI
VXVWDLQDEOH GHYHORSPHQW LQFOXGLQJ LQGLFDWRUV WKDW FDQ PHDVXUH WKH GHFRXSOLQJ RI HFRQRPLF JURZWK IURP
HQYLURQPHQWDO GHJUDGDWLRQ 0LQLVWHUV DOVR DVNHG IRU WKHVH LQGLFDWRUV WR EH LQFRUSRUDWHG LQWR 2(&'¶V
HFRQRPLF VRFLDO DQG HQYLURQPHQWDO SHHU UHYLHZ SURFHVVHV DV ZHOO DV WR LGHQWLI\ JDSV LQ WKH VWDWLVWLFDO
DQG VFLHQWLILF GDWD QHHGLQJ WR EH ILOOHG
7KH VHFRQG REMHFWLYH RI WKH 2(&' (QYLURQPHQWDO 6WUDWHJ\ VWDWHV WKDW GHFRXSOLQJ HQYLURQPHQWDO SUHVVXUHV
IURP HFRQRPLF JURZWK UHTXLUHV DQ LQWHJUDWHG HIIRUW WR DGGUHVV FRQVXPSWLRQ DQG SURGXFWLRQ SDWWHUQV
LQFOXGLQJ E\ HQFRXUDJLQJ PRUH HIILFLHQW UHVRXUFH XVH 7KH VWUDWHJ\ VD\V WKLV PXVW LQYROYH LQFUHDVLQJ
UHVRXUFH SURGXFWLYLW\ DQG VWUXFWXUDO FKDQJHV WR UHGXFH WKH GHPDQG IRU QDWXUDO UHVRXUFHV DQG SURPRWH
ZDVWH PLQLPLVDWLRQ 7KH VWUDWHJ\ IXUWKHU VWDWHV WKDW SROLFLHV WR SURPRWH JUHDWHU UHVRXUFH SURGXFWLYLW\ DQG
UHGXFH QHJDWLYH HQYLURQPHQWDO LPSDFWV VKRXOG DGGUHVV ERWK SURGXFHUV DQG FRQVXPHUV
&KDSWHU  RI WKLV SDSHU H[SORUHV WKH FRQFHSW RI GHFRXSOLQJ DQG SUHVHQWV D OLVW RI ³GHFRXSOLQJ LQGLFDWRUV´
&KDSWHU  H[DPLQHV WKH GHFRXSOLQJ RI HQYLURQPHQWDO SUHVVXUHV IURP WRWDO HFRQRPLF DFWLYLW\ XQGHU WKH
KHDGLQJV RI FOLPDWH FKDQJH DLU SROOXWLRQ ZDWHU TXDOLW\ ZDVWH GLVSRVDO PDWHULDO XVH DQG QDWXUDO
UHVRXUFHV &KDSWHU  IRFXVHV RQ SURGXFWLRQ DQG XVH LQ IRXU VSHFLILF VHFWRUV HQHUJ\ WUDQVSRUW DJULFXOWXUH
DQG PDQXIDFWXULQJ ,Q ERWK FKDSWHUV LQIRUPDWLRQ LV SUHVHQWHG WKURXJK JUDSKV DQG WDEOHV $Q DWWHPSW ZDV
PDGH WR PD[LPLVH WKH FRXQWU\ DQG WLPH SHULRG FRYHUDJH IRU HDFK LQGLFDWRU EXW GDWD JDSV UHPDLQ
LPSRUWDQW
7KH ILUVW F\FOH RI 2(&' (QYLURQPHQWDO 3HUIRUPDQFH 5HYLHZV  SUHVHQWHG D IHZ GHFRXSOLQJ
LQGLFDWRUV QRWDEO\ UHODWLQJ WR SROOXWDQW HPLVVLRQV WR DLU LQ PRVW RI WKH LQGLYLGXDO UHYLHZV 6HFRQGF\FOH
UHYLHZV ZKLFK ZLOO DVVHVV LQGLYLGXDO FRXQWULHV¶ LPSOHPHQWDWLRQ RI WKH 2(&' (QYLURQPHQWDO 6WUDWHJ\ ZLOO
LQFOXGH D EURDGHU UDQJH RI LQGLFDWRUV PHDVXULQJ WKH GHFRXSOLQJ RI HQYLURQPHQWDO SUHVVXUHV IURP FRQWLQXHG
HFRQRPLF JURZWK
7KH VFRSH RI WKLV SDSHU LV OLPLWHG WR KLJKOLJKWLQJ IRU VHOHFWHG LQGLFDWRUV HQHUJ\ WUDQVSRUW WKH H[WHQW WR
ZKLFK YDULRXV IDFWRUV HJ WHFKQRORJLFDO SDUDPHWHUV VWUXFWXUDO FKDQJHV KDYH FRQWULEXWHG WR UHGXFLQJ
HQYLURQPHQWDO SUHVVXUHV LQ UHFHQW \HDUV 7KH DSSURDFK XVHG LQ WKLV SDSHU VKRXOG WKHUHIRUH EH VHHQ DV D
FRPSOHPHQW WR RWKHU DQDO\WLFDO IUDPHZRUNV VXFK DV WKH H[WHQGHG QDWLRQDO EDODQFH VKHHWV IRU ³*UHHQ
*'3´ DQG PDWHULDO IORZ DQDO\VLV 7KHVH PHWKRGRORJLHV FRXOG DOVR SURYLGH GDWD DQG LQVLJKWV IRU WKH
GHYHORSPHQW RI IXUWKHU GHFRXSOLQJ LQGLFDWRUV 0RUHRYHU WR GUDZ FRQFOXVLRQV IRU SROLF\ IURP WKH HYLGHQFH
SUHVHQWHG LQ WKLV SDSHU ZRXOG UHTXLUH FRQVLGHUDWLRQ RI WKH VSHFLILF SROLF\ PHDVXUHV UHTXLUHG WR DFKLHYH
GHFRXSOLQJ LQ D FRVW HIIHFWLYH ZD\ )URP VXFK D SHUVSHFWLYH HVWDEOLVKLQJ DQ HIILFLHQW OHYHO RI GHFRXSOLQJ
IRU D SDUWLFXODU HQYLURQPHQWDO UHVRXUFH RU VLQN LGHDOO\ ZRXOG LQYROYH ³JHWWLQJ WKH SULFHV ULJKW´ DQG WKHQ
DOORZLQJ WKH PDUNHW WR GHWHUPLQH WKH DSSURSULDWH OHYHO RI XVH DW WKH HVWDEOLVKHG SULFH ,Q WXUQ JHWWLQJ WKH
SULFHV ULJKW ZLOO LQYROYH HQVXULQJ XVHUV DQG SURGXFHUV SD\ WKH IXOO FRVWV RI WKHLU XVH RI HQYLURQPHQWDO
UHVRXUFHV WKURXJK WKH UHPRYDO RI HQYLURQPHQWDOO\ KDUPIXO VXEVLGLHV DQG WKH IXOO LQWHUQDOLVDWLRQ RI
HQYLURQPHQWDO FRVWV




                                                    
                                                                                                              6*6'),1$/




                   5$7,21$/( $1' 35(6(17$7,21 2) '(&283/,1* ,1',&$7256




            7KH &RQFHSW RI 'HFRXSOLQJ

7KH WHUP ³GHFRXSOLQJ´ KDV RIWHQ EHHQ XVHG WR UHIHU WR EUHDNLQJ WKH OLQN EHWZHHQ ³HQYLURQPHQWDO EDGV´ DQG
³HFRQRPLF JRRGV´ ,Q SDUWLFXODU LW UHIHUV WR WKH UHODWLYH JURZWK UDWHV RI D SUHVVXUH RQ WKH HQYLURQPHQW DQG
RI DQ HFRQRPLFDOO\ UHOHYDQW YDULDEOH WR ZKLFK LW LV FDXVDOO\ OLQNHG )RU H[DPSOH DW WKH QDWLRQDO OHYHO WKH
JURZWK UDWH RI HPLVVLRQV RI VXOSKXU GLR[LGH PD\ EH FRPSDUHG ZLWK WKH JURZWK UDWH RI *'3 DW D VHFWRUDO
OHYHO WKH JURZWK UDWH RI HPLVVLRQV RI FDUERQ GLR[LGH IURP WKH HQHUJ\ XVH PD\ EH FRPSDUHG WR WKH JURZWK
UDWH RI WRWDO SULPDU\ HQHUJ\ VXSSO\ 73(6
(QYLURQPHQWDO LQGLFDWRUV DUH RIWHQ EDVHG RQ WKH 'ULYLQJ )RUFH3UHVVXUH6WDWH,PSDFW5HVSRQVH '36,5
IUDPHZRUN ZKLFK HYROYHG IURP WKH 2(&' 3UHVVXUH6WDWH5HVSRQVH 365 PRGHO 'HFRXSOLQJ LQGLFDWRUV
GHVFULEH WKH UHODWLRQVKLS EHWZHHQ WKH ILUVW WZR FRPSRQHQWV RI WKH '36,5 PRGHO LH D FKDQJH LQ
HQYLURQPHQWDO SUHVVXUH DV FRPSDUHG WR WKH FKDQJH LQ GULYLQJ IRUFH RYHU WKH VDPH SHULRG 7KXV LQGLFDWRUV
FRPSULVLQJ YDULDEOHV EHORQJLQJ WR RWKHU GLPHQVLRQV RI WKH '36,5 IUDPHZRUN LH VWDWH LPSDFW RU UHVSRQVH
DUH QRW GHVFULEHG LQ WKLV SDSHU DV GHFRXSOLQJ LQGLFDWRUV )URP D SROLF\ SHUVSHFWLYH ³SUHVVXUH´ LQGLFDWRUV DQG
WKH GHFRXSOLQJ LQGLFDWRUV GHULYHG IURP WKHP DUH DWWUDFWLYH EHFDXVH WKH\ DUH DSW WR FKDQJH RYHU VKRUWHU
WLPH SHULRGV WKDQ ³VWDWH´ LQGLFDWRUV XQGHU WKH LQIOXHQFH RI IRU H[DPSOH HQYLURQPHQWDO RU HFRQRPLF SROLF\
(QYLURQPHQWDO YDULDEOHV LQ D GHFRXSOLQJ LQGLFDWRU DUH PRVW RIWHQ H[SUHVVHG LQ SK\VLFDO XQLWV DQG WKH
HFRQRPLF YDULDEOH HLWKHU LQ PRQHWDU\ XQLWV DW FRQVWDQW EDVH\HDU SULFHV RU LQ SK\VLFDO YROXPHV +RZHYHU WKH
QRWLRQ RI ³GULYLQJ IRUFH´ VXJJHVWV WKDW UHOHYDQW YDULDEOHV PD\ VRPHWLPHV LQFOXGH RWKHUV VXFK DV SRSXODWLRQ
       
JURZWK 
0XFK RI WKH HYLGHQFH SUHVHQWHG LQ WKLV SDSHU LV H[SUHVVHG LQ WHUPV RI FKDQJHV RYHU WLPH 'HFRXSOLQJ
RFFXUV ZKHQ WKH JURZWK UDWH RI WKH HQYLURQPHQWDOO\ UHOHYDQW YDULDEOH LV OHVV WKDQ WKDW RI LWV HFRQRPLF
                           
GULYLQJ IRUFH HJ *'3 RYHU D JLYHQ SHULRG ,Q PRVW FDVHV KRZHYHU DEVROXWH FKDQJHV LQ HQYLURQPHQWDO
SUHVVXUHV DUH RI IXQGDPHQWDO FRQFHUQ +HQFH WKH LPSRUWDQFH RI GLVWLQJXLVKLQJ EHWZHHQ DEVROXWH DQG
UHODWLYH GHFRXSOLQJ ,I *'3 GLVSOD\V SRVLWLYH JURZWK DEVROXWH GHFRXSOLQJ LV VDLG WR RFFXU ZKHQ WKH
JURZWK UDWH RI WKH HQYLURQPHQWDOO\ UHOHYDQW YDULDEOH LV ]HUR RU QHJDWLYH ² LH SUHVVXUH RQ WKH HQYLURQPHQW
LV HLWKHU VWDEOH RU IDOOLQJ ³5HODWLYH GHFRXSOLQJ´ LV VDLG WR RFFXU ZKHQ WKH JURZWK UDWH RI WKH HQYLURQPHQWDOO\
UHOHYDQW YDULDEOH LV SRVLWLYH EXW OHVV WKDQ WKH JURZWK UDWH RI *'3

            3ULQFLSDO )LQGLQJV

7KLV GRFXPHQW H[SORUHV D VHW RI  GHFRXSOLQJ LQGLFDWRUV FRYHULQJ D EURDG VSHFWUXP RI HQYLURQPHQWDO
LVVXHV (DFK LQGLFDWRU KDV EHHQ DVVLJQHG D SURYLVLRQDO UDWLQJ LQ WHUPV RI LWV VXLWDELOLW\ IRU XVH LQ 2(&'
SHHU UHYLHZ SURFHVVHV 7DEOH  ,QGLFDWRUV KDYH EHHQ FODVVHG LQWR RQH RI WKUHH FDWHJRULHV 7HQ
LQGLFDWRUV KDYH EHHQ SURYLVLRQDOO\ FODVVHG DV EHLQJ FRQFHSWXDOO\ VRXQG ZLWK GDWD DYDLODEOH IRU DW OHDVW 
0HPEHU FRXQWULHV IURP DW OHDVW  $ IXUWKHU  LQGLFDWRUV DUH DOVR FRQVLGHUHG FRQFHSWXDOO\ VRXQG EXW
VXIIHULQJ IURP VWDWLVWLFDO GDWD JDSV )LQDOO\ QLQH LQGLFDWRUV DUH DVVHVVHG DV QHHGLQJ IXUWKHU ZRUN IRU D
YDULHW\ RI UHDVRQV HJ FRQFHSW GHILQLWLRQ PHDVXUHPHQW 7DEOH  DOVR OLVWV VRPH SURSRVDOV RI
DGGLWLRQDO RU DOWHUQDWLYH LQGLFDWRUV WKDW FRXOG EH FRQVLGHUHG

     Q‚ƒˆyh‡v‚Ãt…‚‡uÃirp‚€r†Ã…ryr‰h‡ÃurÃqr€hqÃs‚…Ãpr…‡hvÃr‰v…‚€r‡hyy’Ã…ryr‰h‡Ãt‚‚q†Ã‚…Ær…‰vpr†Ãirp‚€r†Ã†h‡ˆ…h‡rqÃh‡Ãuvtu
      yr‰ry†Ã‚sÃr…Ãphƒv‡hÃvp‚€r
!    I7)ÇurÇr…€Ãqrp‚ˆƒyvtÃv†Ã‚‡Ãˆ†rqÐurÃ‡urÃr‰v…‚€r‡hyÅr††ˆ…rÉh…vhiyrÃvp…rh†r†Ãh‡ÃhÃuvtur…Ã…h‡rÇuhÃ‡urÃrp‚‚€vpÃq…v‰vt
      s‚…pr
"    DÃ‡urÃyv‡r…h‡ˆ…rÇurÇr…€†Ã†‡…‚tÃhqÐrhxÃh…rƂ€r‡v€r†Ãˆ†rqÃh†Ã†’‚’€†Ãs‚…Ãhi†‚yˆ‡rÃhqÅryh‡v‰rÅr†ƒrp‡v‰ry’




                                                                     
6*6'),1$/


                                                7DEOH  3RWHQWLDO GHFRXSOLQJ LQGLFDWRUV

                                                                                                                       
                                                                                                                           †
                                                                                                                           ƒ
                                                                                                                     ‡     h         x
                                                                                                                           t      à   …
                                                                                                                     ˆ     à      †
                                                                                                                           y          ‚
                                                                                                                     i            ƒ
                                                                                                         ‡          Ã
                                                                                                                     
                                                                                                                           h
                                                                                                                           p      h    q 8‚€€r‡†
                                                                                                                                      Ã
                                                                                                                     ‡     v
                                                                                                          †          †     ‡          … r
                                                                                                                           †
                                                                                                                                  B
                                                                                                                                  à   r …v
                                                                                                          ˆ          ˆ     v      
                                                                                                                                  ‡   u
                                                                                                          i          i     ‡          ‡ ˆ
                                                                                                          ‚          ‚     h      h   … „
                                                                                                                           ‡      ‡
                                                                                                                                      ˆ r
                                                                                                          S          S     †      T   s …


(8PIPH`XD9@Ã'@8PVQGDIBÃ,I9D86UPST
&GDH6U@Ã8C6IB@
                                                                                                                         8‚ˆyqÃirÃp‚€ƒyr€r‡rqÐv‡u

    U‚‡hyÃt…rru‚ˆ†rÃth†ÃBCBÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9QÃhqÃr…Ãphƒv‡h                                             vqvph‡‚…ÃvpyˆqvtÃyhqȆrÃpuhtr

                                                                                                                                   hqÃs‚…r†‡…’


    U‚‡hyÃ8PÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9QÃhqÃr…Ãphƒv‡h


    $DSÃQPGGVUDPI
                                                                                                                      Q‚††viyrÃhtt…rth‡v‚ÃvÃ‡r…€†Ã‚s

                                                                                                                    hpvqvsvph‡v‚Ãrˆ‡…vƒuvph‡v‚Ã‚…“‚r

    U‚‡hyÃIP[Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q                                                                             s‚…€vt‡r‡vhyÃCrh‰’Àr‡hy†Ãhq

                                                                                                                           ƒr…†v†‡r‡Ã‚…thvpÂyyˆ‡h‡†

                                                                                                                    QPQ†Ãhy†‚ˆtu‡Ã‡‚ÃirÃp‚†vqr…rq


    U‚‡hyÃTP[Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q


    U‚‡hyÃr€v††v‚†Ã‚sÃsvrÃh…‡vpˆyh‡rÀh‡‡r…Ãr…ȁv‡Ã‚sÃB9Q


    U‚‡hyÃWP8Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q


    :6U@SÃRV6GDU`
                                                                                                                       @€v††v‚†Ã‚sÃ7P9ЂˆyqÃirÃh

    Q‚ƒˆyh‡v‚ÃIPUÃp‚rp‡rqǂÆrhtrDžrh‡€r‡Ãƒyh‡†Ã‰r…†ˆ†Ã‡‚‡hyƒˆyh‡v‚                                      ir‡‡r…Ãvqvph‡‚…ÃCrh‰’Àr‡hy†Ãhq

                                                                                                          cvu         QPQ†Ã†u‚ˆyqÃhy†‚ÃirÃp‚†vqr…rq


    9v†puh…tr†Ã‚sÁˆ‡…vr‡†Ãs…‚€Ãu‚ˆ†ru‚yq†Ãv‡‚ÇurÃr‰v…‚€r‡Ã‰r…†ˆ†Ã‡‚‡hyƒˆyh‡v‚


    :6TU@Ã06I6B@H@IU
                                                                                                                      6yyÐh†‡rÆu‚ˆyqÃirÃp‚†vqr…rq0

    HˆvpvƒhyÐh†‡rÃt‚vtǂÃsvhyÃqv†ƒ‚†hyÉr…†ˆ†Ãƒ…v‰h‡rÃsvhyÃp‚†ˆ€ƒ‡v‚ÃQA8                                         iv‚th†Ãr‘‡…hp‡v‚Ã†u‚ˆyqÃir

                                                                                                          cvu                  p‚†vqr…rqÃr‰r‡ˆhyy’

                                                                                                                                    P‡ur…Àh‡r…vhy†Ã‡uh

                                                                                                                                   tyh††ÃrtƇrryÁ‚
    6€‚ˆ‡Ã‚sÃtyh††ÃIPUÃp‚yyrp‡rqÃs‚…Ã…rp’pyvtÉr…†ˆ†ÃQA8                                                                         sr……‚ˆ†Ã€r‡hy†Ђˆyq

                                                                                                                                       †r…‰rÃir‡‡r…Ãh†

                                                                                                                                  r‰v…‚€r‡hyÅr††ˆ…r†

    06U@SD6GÃVT@
    9v…rp‡ÃHh‡r…vhy†ÃDƒˆ‡Ã9HDÃr…ȁv‡Ã‚sÃB9Q


    @p‚y‚tvphyÃA‚‚‡ƒ…v‡Ã€vˆ†Ãrr…t’Ãp‚€ƒ‚r‡Ãr…ȁv‡Ã‚sÃB9Q


    16UVS6GÃS@TPVS8@T
    Xh‡r…Ã…r†‚ˆ…pr†

    U‚‡hyÃs…r†uh‡r…Ãhi†‡…hp‡v‚Ãƒr…ȁv‡Ã‚sÃB9Q

    A‚…r†‡†ÃhqÃs‚…r†‡Ãƒ…‚qˆp‡†

                                                                                                          6ƒƒ…‚ƒ…vh‡rÃqrp‚ˆƒyvtÃvqvph‡‚…ƇvyyǂÃir

                                                                                                         qrsvrqÃrtÃp‚pr…vtÃiv‚qv‰r…†v‡’Ãy‚††Ãƒr…
    9rp‚ˆƒyvtÃvqvph‡‚…
                                                                                                              ˆv‡Ã‚słqˆp‡v‚…ȆrÂsÂyqt…‚‡u

                                                                                                                                 s‚…r†‡†


    6€‚ˆ‡Ã‚sÃhƒr…ph…qi‚h…qÃIPUÅrp’pyrqÉr…†ˆ†ÃB9Q

    Av†ur…vr†                                                                                                                                     Aˆ…‡ur…

                                                                                                                                           vqvph‡‚…†Ã†‡vyyǂ
    8hƒ‡ˆ…rÃsv†ur…vr†Ãƒ…‚qˆp‡v‚Ã‰r…†ˆ†Ãs‚‚qÃp‚†ˆ€ƒ‡v‚
                                                                                                                                             irÃr‘ƒy‚…rq


    7v‚qv‰r…†v‡’                                                                                                                              6y‡r…h‡v‰r

                                                                                                                                           vqvph‡‚…†Ã†‡vyyǂ

                                                                                                                                             irÃr‘ƒy‚…rq


    Q…r††ˆ…rÉr…†v‚Ã‚sÇurÃIh‡ˆ…hyÃ8hƒv‡hyÃDqr‘Ãr…ȁv‡Ã‚sÃB9Q





    Ã8‚prƒ‡ˆhyy’Æ‚ˆqÃ6I9Ãqh‡hÃh‰hvyhiyrÃs‚…Ãh‡Ãyrh†‡Ã!ÃHr€ir…Ãp‚ˆ‡…vr†Ãs…‚€Ãh‡Ãyrh†‡Ã ((

    Ã8‚prƒ‡ˆhyy’Æ‚ˆqÃiˆ‡Ãqh‡hÁ‚‡Ãh‰hvyhiyrÃs‚…ƈssvpvr‡Ãˆ€ir…ÂsÃp‚ˆ‡…vr†Ãhq‚…Çv€rÃr…v‚q

    ÃT‡h‡v†‡vphyÃthƒ†Ãh†ÃryyÃh†Ã€rh†ˆ…r€r‡Ãƒ…‚iyr€†Ãhq‚…Ãqrsvv‡v‚hyÃv††ˆr†ÃvpyÃvÃ…ryh‡v‚Ã‡‚Ãqrp‚ˆƒyvtƇvyyǂÃirÅr†‚y‰rq




                                                                         
                                                                                                     6*6'),1$/


                                                                                                 
                                                                                                     †
                                                                                                     ƒ
                                                                                                 ‡   h      x
                                                                                                     t   à   …
                                                                                                 ˆ   à   †
                                                                                                     y       ‚
                                                                                                 i       ƒ
                                                                                            ‡   Ã
                                                                                                 
                                                                                                     h
                                                                                                     p   h    q 8‚€€r‡†
                                                                                                             Ã
                                                                                                 ‡   v
                                                                                             †   †   ‡       … r
                                                                                                     †
                                                                                                         B
                                                                                                         à   r …v
                                                                                             ˆ   ˆ   v   
                                                                                                         ‡   u
                                                                                             i   i   ‡       ‡ ˆ
                                                                                             ‚   ‚   h   h   … „
                                                                                                     ‡   ‡
                                                                                                             ˆ r
                                                                                             S   S   †   T   s …


'@8PVQGDIBÃDI9D86UPSTÃAPSÃTQ@8DAD8ÃT@8UPST
(I@SB`
8PÃTP[ÃhqÃIP[Ãr€v††v‚†Ãs…‚€Ãrr…t’ȆrÃr…ȁv‡Ã‚sÃB9Q


8PÃr€v††v‚†Ãs…‚€Ãryrp‡…vpv‡’Ãtrr…h‡v‚


                                                                                
@r…t’ …ryh‡rqÃ8PÃr€v††v‚†Ãs…‚€Ã…r†vqr‡vhyÃhqÃp‚€€r…pvhyÆrp‡‚…†Ãƒr…À ÂsÃsy‚‚…Ãh…rh

7S6ITQPSU
@€v††v‚†Ã‚sÃ8PÃIP[ÃWP8†Ãs…‚€Ãƒh††rtr…Ãph…†ÃhqÃs…rvtu‡Ã‰ruvpyr†Ãp‚€ivrqÃr…

ˆv‡Ã‚sÃB9Q

               
Qh††rtr…Ãph… …ryh‡rqÃr€v††v‚†Ã‚sÃIP[ÃhqÃWP8†Ãƒr…ȁv‡Ã‚sÃB9Q


                      
A…rvtu‡Ã…‚hqDžh†ƒ‚…‡ …ryh‡rqÃr€v††v‚†Ã‚sÃIP[ÃhqÃWP8†Ãƒr…ȁv‡Ã‚sÃB9Q

$ BSD8VGUVS@
T‚vyƈ…shprÁv‡…‚trÃ†ˆ…ƒyˆ†Ã‰r…†ˆ†Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡


Hr‡uhrÃhqÁv‡…‚ˆ†Ã‚‘vqrÃr€v††v‚†Ãs…‚€Ãht…vpˆy‡ˆ…rÉr…†ˆ†Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡


Xh‡r…Ãv‡r†v‡’)ǂ‡hyÃht…vpˆy‡ˆ…hyÐh‡r…ȆrÉr…†ˆ†Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡


6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃp‚€€r…pvhyÃsr…‡vyv†r…ÃIQFÉr…†ˆ†ÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡

                                                                                                                 Q…rsr…hiyrǂ

                                                                                                                qrsvrÃhÃuh“h…q

6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃr†‡vpvqrÉr…†ˆ†ÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡                                                         hqwˆ†‡rq

                                                                                                                    ƒ…v€h…’

                                                                                                                   vqvph‡‚…

06IVA68UVSDIB
IP[Ãr€v††v‚†Ãs…‚€Ã€hˆshp‡ˆ…vtÃvqˆ†‡…’Ér…†ˆ†Ã€hˆshp‡ˆ…vtÉhyˆr hqqrq   
Xh†‡rÃtrr…h‡rqÃi’Àhˆshp‡ˆ…vtÃvqˆ†‡…’Ér…†ˆ†Ã€hˆshp‡ˆ…vtÉhyˆr hqqrq   
                                                               
8PÃr€v††v‚†Ãs…‚€Ãrr…t’ v‡r†v‰rÃvqˆ†‡…vr†Ã‰r…†ˆ†Ã‰hyˆr hqqrq


A…r†uh‡r…Ãhi†‡…hp‡v‚Ãi’Àhˆshp‡ˆ…vtÃvqˆ†‡…’Ér…†ˆ†Ã€hˆshp‡ˆ…vtÉhyˆr hqqrq


7KH HYLGHQFH SUHVHQWHG LQ WKLV GRFXPHQW VKRZV WKDW DOWKRXJK IRU VRPH HQYLURQPHQWDO SUHVVXUHV OLWWOH
GHFRXSOLQJ LV RFFXUULQJ UHODWLYH GHFRXSOLQJ LV ZLGHVSUHDG 7DEOH  $EVROXWH GHFRXSOLQJ LV DOVR TXLWH
FRPPRQ 0RUHRYHU WKH WDEOH VXJJHVWV WKDW IXUWKHU GHFRXSOLQJ LV SRVVLEOH VLQFH DEVROXWH GHFRXSOLQJ ZDV
UHFRUGHG LQ DW OHDVW RQH 2(&' FRXQWU\ IRU DOO EXW WZR RI WKH GHFRXSOLQJ LQGLFDWRUV H[DPLQHG DW WKH QDWLRQDO
OHYHO 5HDGHUV VKRXOG NHHS LQ PLQG WKDW LQ WKLV SDSHU WKH HPSKDVLV LV RQ GHVFULELQJ FKDQJHV LQ YDULDEOHV LQ
SHUFHQWDJH WHUPV 7KHVH FKDQJHV LQ GHFRXSOLQJ RYHU WLPH WHOO RQO\ SDUW RI WKH VWRU\ VLQFH LQ PRVW FDVHV
FKDQJHV LQ WKH DEVROXWH OHYHOV RI HQYLURQPHQWDO SUHVVXUHV DUH RI IXQGDPHQWDO LPSRUWDQFH 7KH GHVFULSWLRQ
RI LQGLYLGXDO LQGLFDWRUV LQ &KDSWHUV  DQG  WKHUHIRUH LQFOXGHV D GLVFXVVLRQ RI VRPH RI WKH FDYHDWV UHOHYDQW
WR HDFK LQGLFDWRU




                                                                      
6*6'),1$/
                                                                                                  7DEOH  'HFRXSOLQJ LQ 2(&' FRXQWULHV

                                                                                                  p                                                                                                                                                                          p
                                                                                                                                                                                                                                                                             v                                            €
                                                                                                  v
                                                                                                  y                                                                                                                                                                          y                                            ‚
                                                                                                                                                                                                                                         q                                   i                                                     †
                                                                                                  i                                                                                                            t                                                                                                          q        r
                                                                                                                                                                                                               …                †                                           ˆ                          q                 t        ‡
                                                                                                  ˆ                                                                                                                             q
                                                                                                  ƒ                                                                                                            ˆ                         h
                                                                                                                                                                                                                                         y                                   ƒ                                                   h
                                                                                                                                      ’                                                                        ‚                                                            r                                            v        ‡
                                                              h                                   r        x                                                                                                                             h                          y        …                          h
                                                                                                                                                                                                                                                                                                        y
                                                              v                                   …        …                                            ’                                                     i                h
                                                                                                                                                                                                                                y                                            à                                           F        T
                                                              y                 €        h        à        h        q                           r        …        q                                                             …        r        ’                 h                                   …                 à        Ã
                                                              h        h
                                                                       v                 q                                   r        h                  h                 q                                            ‚                                  q        t        x                 r        r        ’
                                                                                ˆ                 u                         p                  p                                                   h        €        p       r        a        h                                                                       q        q
                                                              …        …        v        h        p        €                                             t                                                             v                à                         ˆ        h        
                                                                                                                                                                                                                                                                                      v        q        “        r        r        r
                                                              ‡        ‡        t                                   h                €         r                 h                          h        r        r                u                         h        ‡        ‰                          ‡        x        ‡        ‡
                                                              †        †        y                r                y                 …                          y        h
                                                                                                                                                                           y        ’
                                                                                                                                                                                    y                 …                 ‘       ‡                …        y        …                 h        r        v        …        v        v
                                                                                                                            h                  r                                            ƒ                 ‘        r                                                    ‚
                                                              ˆ        ˆ        r        h        “        r        v        …        r         …        ˆ        r        r        h                 ‚        ˆ                r        r        ‚        ‚        ‚        y        ƒ                        ˆ                
                                                                                                                                                                  p        …        ‡        h
                                                              6        6        7        8        8        9        A        A        B         B        C        D        D        D        E        F        G        H       I        I        I        Q        Q        T        T        T        T        U        V        V


@8PIPH`XD9@Ã9@8PVQGDIBÃDI9D86UPST

8GDH6U@Ã8C6IB@

U‚‡hyÃBCBr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q                                                                                                                                                                                                                                                                     

hqÃr…Ãphƒv‡h                                           Y                 Y        Y                 Y                                   Y                  Y        Y        Y        Y                               Y                                  Y                 Y                                          Y
U‚‡hyÃ8PÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q                                                                                                                          Y                                                                                             Y                                            

hqÃr…Ãphƒv‡h                                           Y        Y        Y        Y                 Y                 Y                 Y                  Y        Y        Y        Y                               Y       Y        Y                 Y                 Y                                          Y
6DSÃQPGGVUDPI

U‚‡hyÃIP[Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q                                                                                                     Y                                                                                                                Y                                            

U‚‡hyÃTP[Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q                                                                                                                                                                                                                                                                     

U‚‡hyÃr€v††v‚†Ã‚sÃsvrÃh…‡vpˆyh‡rÀh‡‡r…Ãr…ȁv‡Ã‚s                        Y                                                                                                                                                                                                 

B9Q


U‚‡hyÃWP8Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q                                                                                                       Y                                                                                                                Y                                          

X6U@SÃRV6GDU`

Q‚ƒˆyh‡v‚ÃIPUÃp‚rp‡rqǂÆrhtrDžrh‡€r‡Ãƒyh‡†                                                                                                                                                                                                                                                           

‰r…†ˆ†Ã‡‚‡hyƒˆyh‡v‚


9v†puh…tr†Ã‚sÃIÃhqÃQÃs…‚€Ãu‚ˆ†ru‚yq†Ãv‡‚Çur                                                                                                   Y                                                                                                                                            

r‰v…‚€r‡Ã‰r…†ˆ†Ã‡‚‡hyƒˆyh‡v‚                                                                                                                                                                                                                                                           

X6TU@ÃH6I6B@H@IU

HˆvpvƒhyÐh†‡rÃt‚vtǂÃsvhyÃqv†ƒ‚†hyÉr…†ˆ†ÃQA8                                                                                        Y                                                                             Y                          Y               Y                          Y
6€‚ˆ‡Ã‚sÃtyh††ÃIPUÃp‚yyrp‡rqÃs‚…Ã…rp’pyvtÉr…†ˆ†                                                                                                                                                                                                             

QA8


H6U@SD6GTÃVT@

9v…rp‡ÃHh‡r…vhy†ÃDƒˆ‡Ã9HDÃr…ȁv‡Ã‚sÃB9Q                                                                                        Y                                                                                                                                                             

I6UVS6GÃS@TPVS8@T

U‚‡hyÃs…r†uh‡r…Ãhi†‡…hp‡v‚Ãƒr…ȁv‡Ã‚sÃB9Q                                                                                                  Y                                                                                                                                         Y        

6€‚ˆ‡Ã‚sÃhƒr…ph…qi‚h…qÃIPUÅrp’pyrqÉr…†ˆ†ÃB9Q                          Y        Y               Y                                   Y         Y                        Y                          Y        Y        Y       Y                 Y        Y               Y                          Y        Y
                                                   Y
  2Ãqrp‚ˆƒyvtÃhi†‚yˆ‡rÐurÃvsvyyrq0à Ã2Á‚Ãqrp‚ˆƒyvt0ÃÃ2Ãqh‡hÁ‚‡Ãh‰hvyhiyrÃI7ÃUurÃvs‚…€h‡v‚Ãƒ…r†r‡rqÃvÃ‡uv†Ã‡hiyrÅryh‡r†Ã‡‚Éh…’vtÇv€rÃr…v‚q†ÃA‚…Ãqr‡hvy†Årsr…Ç‚

vqv‰vqˆhyÃt…hƒu†ÃvÃ‡uv†Ãq‚pˆ€r‡

T‚ˆ…pr)ÃP@89




                                                                                                                                                 
6*6'),1$/
                                                                           7DEOH  'HFRXSOLQJ LQ 2(&' FRXQWULHV FRQWLQXHG

                                                                                                                  p                                                                                                                                                   p
                                                                                                                                                                                                                                                                      v                                           €
                                                                                                                  v
                                                                                                                  y                                                                                                                                                   y                                           ‚
                                                                                                                                                                                                                                  q                                   i                                                    †
                                                                                                                  i                                                                                           t                                                                                                   q        r
                                                                                                                                                                                                              …              †                                       ˆ                        q                  t        ‡
                                                                                                                  ˆ                                                                                                          q
                                                                                                                  ƒ                                                                                           ˆ                   h
                                                                                                                                                                                                                                  y                                   ƒ                                                  h
                                                                                                                                                ’                                                             ‚                                                      r                                           v        ‡
                                                                                  h                               r    x                                                                                                          h                          y        …                        h
                                                                                                                                                                                                                                                                                               y
                                                                                  v                               …    …                                  ’                                                  i              h
                                                                                                                                                                                                                             y                                        à                                          F        T
                                                                                  y                 €    h        à    h      q                      r     …    q                                                            …    r        ’                 h                                 …                  à        Ã
                                                                                  h        h
                                                                                           v             q                             r        h          h             q                                          ‚                               q        t        x                 r      r         ’
                                                                                                    ˆ             u                   p             p                                             h        €     p        r    a        h                                                                      q        q
                                                                                  …        …        v    h        p    €                                   t                                                       v             à                         ˆ        h        
                                                                                                                                                                                                                                                                               v        q      “         r        r        r
                                                                                  ‡        ‡        t                         h                €    r          h                           h        r        r              u                     h        ‡        ‰                        ‡         x        ‡        ‡
                                                                                  †        †        y            r          y                 …              y        h
                                                                                                                                                                         y        ’
                                                                                                                                                                                  y                  …              ‘        ‡            …        y        …                 h        r      v         …        v        v
                                                                                                                                      h             r                                      ƒ                 ‘     r                                                 ‚
                                                                                  ˆ        ˆ        r    h        “    r      v        …        r    …     ˆ    r        r        h                  ‚        ˆ              r    r        ‚        ‚        ‚        y        ƒ                       ˆ                
                                                                                                                                                                p        …        ‡         h
                                                                                  6        6        7    8        8    9      A        A        B    B     C    D        D        D         E        F        G     H        I    I        I        Q        Q        T        T        T      T         U        V        V


9@8PVQGDIBÃDI9D86UPSTÃAPSÃTQ@8DAD8ÃT@8UPST

@I@SB`

@r…t’…ryh‡rqÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9QÂsÃ8P                                                                                               Y                                                                         Y                          Y                                          Y
IP[                                                                                                                                            Y                                                                                               Y                                          Y
hqÃTP[                                                                                                                                       Y                                                                                                    Y                                          

                                      
@r…t’…ryh‡rqÃ8PÃr€v††v‚†Ãƒr…À ÂsÃsy‚‚…Ãh…rhÃs…‚€Ã‡urÅr†vqr‡vhyÃhq                                              Y                                        Y                                                                                                   
p‚€€r…pvhyÆrp‡‚…†                                                                                                                                               Y                                                                                                      Y
8PÃr€v††v‚†Ãs…‚€Ãryrp‡…vpv‡’Ãtrr…h‡v‚                                             Y             Y                                           Y                            Y                                               Y        Y                 Y                                          Y
US6ITQPSU

S‚hqDžh†ƒ‚…‡…ryh‡rqÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9QÂsÃ8P                                       Y            Y    Y               Y        Y    Y    Y                     Y        Y Y              Y    Y                                Y Y                      Y               Y              
IP[                                                                                            Y                                               Y                                                                                              Y                                               
hqÃWP8†                                                                                       Y             Y                                  Y                                                                        Y                     Y
Qh††rtr…Ãph……ryh‡rqÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9QÂsÃIP[                                                                                                                                                                                                                                                

hqÃWP8†                                                                                                                                                                                                                                                                                              

A…rvtu‡Ã…‚hqDžh†ƒ‚…‡…ryh‡rqÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9QÂsÃIP[                     Y                    Y                    Y        Y                                                                                         Y                        Y               Y        Y                  

hqÃWP8†                                                                            Y                    Y                    Y        Y                                                                                         Y                        Y               Y        Y                  

6BSD8VGUVS@

T‚vyƈ…shprÁv‡…‚trÃ†ˆ…ƒyˆ†Ã‰r…†ˆ†Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡                                            Y                                                         Y                                                         Y                      

@€v††v‚†Ãs…‚€Ãht…vpˆy‡ˆ…rÂsÀr‡uhrÃhqÁv‡…‚ˆ†Ã‚‘vqrɆÃht…vpˆy‡ˆ…hy                                                Y                                      Y                                                         Y                             Y        Y      Y        

‚ˆ‡ƒˆ‡                                                                                Y             Y                                                         Y                                             Y           Y                                      Y               

Xh‡r…Ãv‡r†v‡’)ǂ‡hyÃht…vpˆy‡ˆ…hyÐh‡r…ȆrÉr…†ˆ†Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡            Y                              Y                    Y                                                                                                        Y                     Y        

6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃp‚€€r…pvhyÃsr…‡vyv†r…ÃIQFɆÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡     Y                                                                                                                                                                        Y                        Y
6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃr†‡vpvqrÉr…†ˆ†ÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡                                                                                Y               Y                                                                                                                             

H6IVA68UVSDIB

IP[Ãr€v††v‚†Ãs…‚€Ã€hˆshp‡ˆ…vtÃvqˆ†‡…’ɆÀhˆshp‡ÃW6                                                                                   Y        Y                                                         Y                        Y                                    

Xh†‡rÃtrr…h‡rqÃi’Àhˆshp‡ˆ…vtÃvqˆ†‡…’ɆÀhˆshp‡ÃW6                                               Y      Y                                    Y        Y                                      Y           Y                                                                 

8PÃr€v††v‚†Ãs…‚€Ãrr…t’v‡r†v‰rÃvqˆ†‡…vr†Ã‰r…†ˆ†ÃW6                                      Y                                                                   Y                                                                                    

A…r†uh‡r…Ãhi†‡…hp‡v‚Ãi’Àhˆshp‡ˆ…vtÃvqˆ†‡…’Ér…†ˆ†ÃW6                                                                                                                                                                                                       Y        

                                                  Y
  2Ãqrp‚ˆƒyvtÃhi†‚yˆ‡rÐurÃvsvyyrq0à Ã2Á‚Ãqrp‚ˆƒyvt0ÃÃ2Ãqh‡hÁ‚‡Ãh‰hvyhiyrÃI7ÃUurÃvs‚…€h‡v‚Ãƒ…r†r‡rqÃvÃ‡uv†Ã‡hiyrÅryh‡r†Ã‡‚Éh…’vtÇv€rÃr…v‚q†ÃA‚…Ãqr‡hvy†Årsr…Ç‚

vqv‰vqˆhyÃt…hƒu†ÃvÃ‡uv†Ãq‚pˆ€r‡

T‚ˆ…pr)ÃP@89




                                                                                                                             
6*6'),1$/



           8QGHUVWDQGLQJ &KDQJHV LQ 'HFRXSOLQJ ,QGLFDWRUV

7KH FKRLFH RI GHFRXSOLQJ LQGLFDWRU GHSHQGV RQ WKH SUREOHP WR EH HOXFLGDWHG ,Q WKLV UHSRUW ZH XVH WKH
WHUP GHFRXSOLQJ LQGLFDWRU WR GHVFULEH WKH LQGLFDWRU FRQWDLQLQJ WKH SDUWLFXODU HQYLURQPHQWDO SUHVVXUH
SUHIHUDEO\ D ³EDG´ DQG WKH SDUWLFXODU GULYLQJ IRUFH SUHIHUDEO\ D ³JRRG´ RI LQWHUHVW 1XPHUDWRU DQG
GHQRPLQDWRU ZLOO XVXDOO\ EH VHYHUDO VWHSV UHPRYHG IURP HDFK RWKHU LQ WKH FDXVHHIIHFW FKDLQ RI HYHQWV ,Q
VRPH FDVHV LW PD\ EH SRVVLEOH WR GHFRPSRVH WKH PDLQ RU SULPDU\ LQGLFDWRU LQWR WZR RU PRUH LQWHUPHGLDWH
LQGLFDWRUV DV IROORZV
          3ULPDU\                   ,QWHUPHGLDWH                       ,QWHUPHGLDWH                                 ,QWHUPHGLDWH
                                                             
                                    

         LQGLFDWRU                   LQGLFDWRU                         LQGLFDWRU                                   LQGLFDWRU Q

)RU LQVWDQFH LI LQ WKH FDVH RI HPLVVLRQV RI DLU SROOXWDQWV E\ WKH HQHUJ\ VHFWRU SHU XQLW RI *'3 WKH IROORZLQJ
UHODWLRQVKLS FDQ EH ZULWWHQ

     (PLVVLRQV*'3                (PLVVLRQV73(6              
        73(67)&                   
                   7)&*'3
                                                         &                            '




                                     'HSHQGV RQ                        GHSHQGV RQ                          GHSHQGV RQ HQGXVH HQHUJ\
                                    HPLVVLRQ IDFWRUV               FRQYHUVLRQ HIILFLHQF\                 LQWHQVLWLHV IXHO PL[ DFWLYLW\ DQG
                                     DQG IXHO PL[                    DQG WKH IXHO PL[                        VWUXFWXUH RI WKH HFRQRP\

,Q RWKHU ZRUGV WKH GHFRPSRVLWLRQ RI WKH UHODWLRQVKLS EHWZHHQ HPLVVLRQV IURP WKH HQHUJ\ VHFWRU DQG
HFRQRPLF JURZWK DOORZV WR GLVWLQJXLVK DPRQJ VFDOH RU YROXPH VHFWRU FRPSRVLWLRQ DQG WHFKQRORJ\
HIIHFWV (DFK RI WKHVH IDFWRUV PD\ LQ WXUQ EH LQIOXHQFHG E\ SROLFLHV DQG PD\ EH IXUWKHU GHFRPSRVHG HJ
E\ IXHO RU E\ HQGXVH VHFWRU :KHQ VXFK V\VWHPDWLF GHFRPSRVLWLRQ LQWR LQWHUPHGLDWH LQGLFDWRUV LV QRW
SRVVLEOH RQH RU PRUH FRQWH[W LQGLFDWRUV DUH SURSRVHG DV UHOHYDQW EDFNJURXQG IRU WKH LQWHUSUHWDWLRQ RI WKH
SULPDU\ LQGLFDWRU
0DQ\ RI WKH YDULDEOHV WKDW IHDWXUH LQ GHFRXSOLQJ LQGLFDWRUV DOVR DSSHDU LQ WKH FRQFHSWV RI UHVRXUFH
HIILFLHQF\ UHVRXUFH LQWHQVLW\ DQG UHVRXUFH SURGXFWLYLW\ 7KHVH V\QWKHWLF PHDVXUHV PD\ EH FDOFXODWHG DV
UDWLRV RI DYHUDJHV PDUJLQDO TXDQWLWLHV RU UDWHV RI FKDQJH WR \LHOG HODVWLFLWLHV )RU H[DPSOH UHVRXUFH
HIILFLHQF\ DQG UHVRXUFH LQWHQVLW\ DUH FDOFXODWHG DV UDWLRV RI UHVRXUFH XVH WR HFRQRPLF YDOXHDGGHG ZKLOH
UHVRXUFH SURGXFWLYLW\ LV WKH LQYHUVH UDWLR 'HFRXSOLQJ LV XVXDOO\ FRQFHLYHG DV DQ HODVWLFLW\ IRFXVLQJ RQ
FKDQJHV LQ YROXPHV ZKHUHDV HIILFLHQF\ DQG LQWHQVLW\ DUH PRUH FRQFHUQHG ZLWK WKH DFWXDO YDOXHV RI WKHVH
UDWLRV :KLFK XVDJH LV FKRVHQ GHSHQGV RQ WKH FRQWH[W DQG RIWHQ RQ WKH DXGLHQFH EHLQJ DGGUHVVHG
:KHQ VXFK LQGLFDWRUV FDQ EH DVVHPEOHG RQ D WLPHVHULHV EDVLV PDWKHPDWLFDO IXQFWLRQV FDQ EH ILWWHG WR WKH
GDWD DQG XVHG WR FRPSXWH RWKHU SDUDPHWHUV XVHIXO IRU SROLF\ DQDO\VLV 'HFRXSOLQJ LQGLFDWRUV FDQ DOVR EH
IRUPXODWHG DW WKH SURGXFW RU HQWHUSULVH OHYHO DV LV EHLQJ DWWHPSWHG DW SUHVHQW E\ WKH *OREDO 5HSRUWLQJ
,QLWLDWLYH *5,
'HFRXSOLQJ LQGLFDWRUV DUH SULPDULO\ LQWHQGHG WR WUDFN IRU D VLQJOH FRXQWU\ WHPSRUDO FKDQJHV LQ WKH
UHODWLRQVKLS EHWZHHQ HQYLURQPHQWDO SUHVVXUHV DQG HFRQRPLF GULYLQJ IRUFHV 7KH QHHG WR DOVR FRQVLGHU
DEVROXWH YDOXHV LH QRW RQO\ FKDQJHV RI D GHFRXSOLQJ LQGLFDWRU KDV DOUHDG\ EHHQ PHQWLRQHG :KHQ
GHFRXSOLQJ LQGLFDWRUV DUH XVHG WR FRPSDUH HQYLURQPHQWDO SHUIRUPDQFH DPRQJ FRXQWULHV WKH QDWLRQDO
FLUFXPVWDQFHV RI HDFK FRXQWU\ PXVW DOVR EH WDNHQ LQWR DFFRXQW 7KHVH LQFOXGH IDFWRUV VXFK DV FRXQWU\
VL]H SRSXODWLRQ GHQVLW\ QDWXUDO UHVRXUFH HQGRZPHQWV HQHUJ\ SURILOH FKDQJHV LQ HFRQRPLF VWUXFWXUH

&    UQ@TÃ2ÃU‚‡hyÅv€h…’Ãrr…t’ƈƒƒy’
'    UA8Ã2ÃU‚‡hyÃsvhyÃp‚†ˆ€ƒ‡v‚Ã‚sÃrr…t’
(    Uur†rÇr…€†Ãhƒƒrh…Ç‚Ãq…hÃ‚Ã‡urɂphiˆyh…’ÂsÃrp‚‚€vp†ÃhqÃiˆ†vr††Ãiˆ‡Ãq‚Á‚‡Ãhyh’†Ãuh‰rÇurÆh€rÀrhvtÃA‚…Ãr‘h€ƒyr
      …r†‚ˆ…prłqˆp‡v‰v‡’ÐvyyÃirÃr‘ƒ…r††rqÃvÃht…vpˆy‡ˆ…hyÃrp‚‚€vp†Ãh†Ã‡urÒvryqÃr…Ãurp‡h…rÃ6†ÃhÀh…tvhyÃp‚prƒ‡²‡urÅh‡v‚ÂsÇur
      hqqv‡v‚Ã‡‚Ç‚‡hyÉhyˆrhqqrqǂÃhÃhqqv‡v‚hyȁv‡Ã‚sÃhÃvƒˆ‡Ã‡‚Ã…‚qˆp‡v‚²‡uv†Ãv†ÂsÃp‚ˆ…†rÆv€ƒy’Àh…tvhyłqˆp‡v‰v‡’ÃhqÃv†
      vqry’ȆrqÃUurÇr…€Ãrssvpvrp’Ãv†Ãˆ†rqĈv‡rÃqvssr…r‡y’ÃDÃrp‚‚€vp†ÇurÇr…€Ãv†Ãˆ†rqÀ‚†‡Ã‚s‡rÃ‡‚Ã…rsr…Ç‚Ãhyy‚ph‡v‰rÃrssvpvrp’
      Uuv†Ã…rsr…†Ã‡‚ÃhÆv‡ˆh‡v‚Ãur…rÅr†‚ˆ…pr†Ãh…rÃqrƒy‚’rqÃvÃ†ˆpuÃhÐh’Çuh‡Ã‡urÉhyˆrhqqrqÃr…ȁv‡Ã‚sÅr†‚ˆ…prȆrÃv†Ã‡urÆh€rÃvÃhyy
      †rp‡‚…†ÃUuv†Ã‡’ƒrÂsÃrssvpvrp’ÃvsÃhqwˆ†‡rqǂÇhxrÃv‡‚Ãhpp‚ˆ‡Ãr‰v…‚€r‡hyÃr‘‡r…hyv‡vr†Ãv†ÃhÁrpr††h…’Ãiˆ‡Ã‚‡Ã†ˆssvpvr‡Ãp‚qv‡v‚
      s‚…Ãhpuvr‰vtÃr‰v…‚€r‡hyy’Æ‚ˆqȆrÂsÁh‡ˆ…hyÅr†‚ˆ…pr†²uvpuÃhy†‚Ã…r„ˆv…r†Ã…r†ƒrp‡vtÃr‰v…‚€r‡hyƈ†‡hvhivyv‡’Ãp…v‡r…vhÃD
      hqÃDD²h†ÃqrsvrqÃvÃ‡urÃP@89Ã@‰v…‚€r‡hyÃT‡…h‡rt’Ãh‡Ã‡urÃy‚r†‡Ãrp‚‚€vpÃp‚†‡Ã‡‚Æ‚pvr‡’ÃDÃ‡urÃiˆ†vr††Ãp‚€€ˆv‡’ÃhÇr…€
      vqry’Ã…‚€‚‡rqÃi’ÇurÃX‚…yqÃ7ˆ†vr††Ã8‚ˆpvyÃTˆ†‡hvhiyrÃ9r‰ry‚ƒ€r‡Ãv†Ãrp‚rssvpvrp’ÐuvpuÅrsr…†Ã‡‚ÃhqqvtÉhyˆrÐuvyr
      …rqˆpvtÇurÃv‡r†v‡’ÂsÅr†‚ˆ…prȆrÃvÃ‚‡ur…Ђ…q†Ãhpuvr‰vtÇu‚†rÃv€ƒ…‚‰r€r‡†ÃvÃ…r†‚ˆ…prÃrssvpvrp’ÐuvpuÃh…rÃhy†‚
      p‚€€r…pvhyy’Ã…‚sv‡hiyr




                                                                        
                                                                                                                  6*6'),1$/


DQG VWDJH RI HFRQRPLF GHYHORSPHQW 0RUHRYHU WKH LQLWLDO OHYHO RI DQ HQYLURQPHQWDO SUHVVXUH DQG WKH
FKRLFH RI WLPH SHULRG FRQVLGHUHG FDQ DIIHFW WKH LQWHUSUHWDWLRQ RI WKH UHVXOWV EHFDXVH FRXQWULHV GR SURFHHG
DFFRUGLQJ WR GLIIHUHQW WLPHWDEOHV

           /LPLWDWLRQV RI WKH 'HFRXSOLQJ &RQFHSW

7KH FRQFHSW RI GHFRXSOLQJ LV DWWUDFWLYH IRU LWV VLPSOLFLW\ *UDSKV GLVSOD\LQJ D ULVLQJ *'3 MX[WDSRVHG ZLWK
GLPLQLVKLQJ SROOXWDQW HPLVVLRQV RU SROOXWDQW HPLVVLRQV ULVLQJ IDVWHU WKDQ *'3 FRQYH\ D YHU\ FOHDU
PHVVDJH +RZHYHU JUDSKV RI V\QWKHWLF GHFRXSOLQJ LQGLFDWRUV RIWHQ FRQYH\ PL[HG RU GRXEOH PHVVDJHV ,Q
D JURZLQJ HFRQRP\ UHODWLYH GHFRXSOLQJ ZLOO LPSO\ WKDW HQYLURQPHQWDO SUHVVXUHV DUH VWLOO ULVLQJ (TXDOO\ LI
HFRQRPLF DFWLYLW\ LV IDOOLQJ UHODWLYH RU HYHQ DEVROXWH GHFRXSOLQJ PD\ QRW LPSO\ D SRVLWLYH GHYHORSPHQW IRU
VRFLHW\ DV D ZKROH
)XUWKHUPRUH WKH GHFRXSOLQJ FRQFHSW KDV QR DXWRPDWLF OLQN WR WKH HQYLURQPHQW¶V FDSDFLW\ WR VXVWDLQ
DEVRUE RU UHVLVW SUHVVXUHV RI YDULRXV NLQGV GHSRVLWLRQ GLVFKDUJHV KDUYHVWV ,Q WKH FDVH RI UHQHZDEOH
QDWXUDO UHVRXUFHV D PHDQLQJIXO LQWHUSUHWDWLRQ RI WKH UHODWLRQVKLS RI HQYLURQPHQWDO SUHVVXUH WR HFRQRPLF
GULYLQJ IRUFHV ZLOO UHTXLUH LQIRUPDWLRQ DERXW WKH LQWHQVLW\ RI XVH RI WKH UHVRXUFH LQ TXHVWLRQ LH RI
KDUYHVWLQJ UDWH FRPSDUHG WR UHQHZDO UDWH ,Q WKLV SDSHU VXFK LQIRUPDWLRQ LV SUHVHQWHG ZKHUH SRVVLEOH
WKURXJK D UDQJH RI FRQWH[W LQGLFDWRUV HJ ZDWHU DEVWUDFWLRQ DV D VKDUH RI DYDLODEOH UHVRXUFHV IRUHVW
KDUYHVWLQJ YHUVXV DQQXDO JURZWK LQFUHPHQW $OVR SULFHV DUH DQ LPSRUWDQW IDFWRU LQIOXHQFLQJ HQYLURQPHQWDO
SUHVVXUH RU QDWXUDO UHVRXUFH XVH 7KH DEVHQFH RI SULFH LQIRUPDWLRQ LQ WKH GHFRXSOLQJ DSSURDFK FDQ EH
FRQVLGHUHG D ZHDNQHVV 2I FRXUVH LQ WKH '36,5 IUDPHZRUN REVHUYHG PDUNHW SULFHV UHIOHFW WKH UHVSRQVH
RI HFRQRPLF DJHQWV WR VFDUFLW\ DQG RI SXEOLF SROLF\ LQWHUYHQWLRQV
2WKHUV KDYH SRLQWHG WR WKH FURVVERUGHU IORZ RI HQYLURQPHQWDO H[WHUQDOLWLHV ZKLFK DUH QRW FDSWXUHG E\
PRVW FRXQWU\EDVHG LQGLFDWRUV EXW PDWHULDO IORZ DQDO\VLV DQG WKH (FRORJLFDO )RRWSULQW PHWKRGRORJLHV GR
DGGUHVV WKLV LVVXH H[SOLFLWO\ 2IWHQ TXRWHG LQ WKLV UHVSHFW DUH WKH *+*HPLVVLRQV HPERGLHG LQ D FRXQWU\¶V
LPSRUWV DQG H[SRUWV $ GLIIHUHQW W\SH RI H[DPSOH FDQ EH IRXQG LQ WKH ILVKHULHV VHFWRU ZKHQ ILVKHULHV DUH
QRW FRQILQHG ZLWKLQ QDWLRQDO ERXQGDULHV  7KH LQGLFDWRUV SUHVHQWHG LQ WKLV SDSHU GR QRW DFFRXQW IRU VXFK
                                                        



FURVVERUGHU H[WHUQDOLWLHV DOWKRXJK WKH\ DUH VXUHO\ UHOHYDQW LQ H[SODLQLQJ REVHUYHG WUHQGV LQ GHFRXSOLQJ
)LQDOO\ WKH UHODWLRQVKLS EHWZHHQ HFRQRPLF GULYLQJ IRUFHV DQG HQYLURQPHQWDO SUHVVXUHV PRUH RIWHQ WKDQ
QRW LV FRPSOH[ 0RVW GULYLQJ IRUFH KDYH PXOWLSOH HQYLURQPHQWDO HIIHFWV DQG PRVW HQYLURQPHQWDO SUHVVXUH
DUH JHQHUDWHG E\ PXOWLSOH GULYLQJ IRUFHV ZKLFK LQ WXUQ DUH DIIHFWHG E\ VRFLHWDO UHVSRQVHV 7KH
365'36,5 PRGHO ZLOO QRW UHYHDO DOO VXFK OLQNDJHV DQG KHQFH WKH QHHG WR XVH GHFRXSOLQJ LQGLFDWRUV ZLWKLQ
D PRUH FRPSOHWH DQDO\WLFDO IUDPHZRUN

           3ROLFLHV WR $FKLHYH 'HFRXSOLQJ

$V PHQWLRQHG LQ 6HFWLRQ  FKDQJHV LQ GHFRXSOLQJ PD\ EH GHFRPSRVHG LQ D QXPEHU RI LQWHUPHGLDWH
VWHSV 7KHVH PD\ LQFOXGH FKDQJHV LQ WKH VFDOH RI WKH HFRQRP\ LQ FRQVXPSWLRQ SDWWHUQV DQG LQ HFRQRPLF
VWUXFWXUH ² LQFOXGLQJ WKH H[WHQW WR ZKLFK GHPDQG LV VDWLVILHG E\ GRPHVWLF SURGXFWLRQ RU E\ LPSRUWV 2WKHU
PHFKDQLVPV LQ WKH FDXVDO FKDLQ LQFOXGH WKH DGRSWLRQ RI FOHDQHU WHFKQRORJ\ WKH XVH RI KLJKHUTXDOLW\
LQSXWV DQG WKH SRVWIDFWR FOHDQXS RI SROOXWLRQ DQG WUHDWPHQW RI ZDVWH
2YHU WLPH WKHVH PHFKDQLVPV ZLOO FKDQJH IRU D YDULHW\ RI UHDVRQV 0DQ\ RI WKHP FDQ EH LQIOXHQFHG
GLUHFWO\ RU LQGLUHFWO\ E\ VHFWRUDO DQG HQYLURQPHQWDO SROLFLHV )RU H[DPSOH FRQVXPHU EHKDYLRXU FDQ EH
FKDQJHG WKURXJK WKH SURPRWLRQ RI HFRODEHOV RU WKH LPSRVLWLRQ RI SURGXFW WD[HV ,QFHQWLYHV FDQ EH SURYLGHG
WR HQWHUSULVHV WR FRYHU WKH FRVW RI D OLIH F\FOH DQDO\VLV RI SURGXFWV &OHDQHU 3URGXFWLRQ 7HFKQRORJLHV FDQ
EH SURPRWHG WKURXJK PHDVXUHV WKDW LQWHUQDOLVH HQYLURQPHQWDO H[WHUQDOLWLHV DQG E\ IDYRXUDEOH WD[ WUHDWPHQW
RI HQYLURQPHQWDO UHVHDUFK DQG GHYHORSPHQW 7R[LF DGGLWLYHV LQ SHWURO FDQ EH EDQQHG DQG PLQLPXP HQHUJ\
SHUIRUPDQFH VWDQGDUGV FDQ EH LPSRVHG IRU FDUV RU HOHFWULFDO DSSOLDQFHV



 à Ds‚…€h‡v‚Ãhi‚ˆ‡Ã‡urÃv‡r†v‡’ÂsÅr†‚ˆ…prȆrÃphÃ‚y’ÃirÅr†r‡rqÇurÃih†v†Ã‚sÃqv†p…r‡rƇ‚px†Ã‚sÃh…‡vpˆyh…Ãsv†uƃrpvr†Ã7ˆ‡
      ur…rÃsv†uƇ‚px†Ãh…rÃr‘ƒy‚v‡rqÃi’Ãs‚…rvtÃsv†uvtÃsyrr‡†Ãv‡Ãirp‚€r†Ãqvssvpˆy‡Ã‡‚ÃyvxƈpuÃvs‚…€h‡v‚Ã‡‚Ãp‚ˆ‡…’ih†rqÃqrp‚ˆƒyvt
      vqvph‡‚…†




                                                                       
6*6'),1$/



                                              7DEOH  6HOHFWHG PXOWLQDWLRQDO SROOXWLRQ WDUJHWV

 Hhqh‡r                                                                     Uh…tr‡


 Ã   VIÃA…h€r‚…xÃ8‚‰r‡v‚Ã‚Ã8yv€h‡rÃ8uhtr                              6tt…rth‡rÅrqˆp‡v‚Ã‚sÃBCBÃr€v††v‚†Ãi’Ãqr‰ry‚ƒrq

      F’‚‡‚ÃQ…‚‡‚p‚y                                                         6r‘à Ãp‚ˆ‡…vr†Ã‚sÃ$ȉr…Ã!'      !Ãih†rÒrh…à ((

                                                                             I‚‡ÃhyyÃP@89ÃHr€ir…†Ãh…rÃ6r‘à Ãp‚ˆ‡…vr†

 Ã                                      
      VI @8@Ã8‚‰r‡v‚Ã‚ÃG‚t ShtrÃU…h†i‚ˆqh…’Ã6v…

      ƒ‚yyˆ‡v‚)                                                             Srqˆp‡v‚Ã‚sÃTP‘Ãr€v††v‚†Ã‚sÃ"ÈÃi’à (("Ãih†rÒrh…

      -à       ('$ÃCry†vxvÃQ…‚‡‚p‚yÇurÃSrqˆp‡v‚Ã‚sÃTˆyƒuˆ…
                                                                              ('

           @€v††v‚†Ã‚…Çurv…ÃU…h†i‚ˆqh…’ÃAyˆ‘r†Ãi’Ãh‡Ãyrh†‡Ã"Ãr…        T‡hivyv†h‡v‚ÃIP‘Ãr€v††v‚†Ãp‚€ƒh…rqǂà ('&à (&'Ãs‚…

           pr‡                                                              VT

      -à       (''ÃT‚svhÃQ…‚‡‚p‚yÃp‚pr…vtÇurÃ8‚‡…‚yÂsÃIv‡…‚tr         Brr…hyy’ÃhÅrqˆp‡v‚Ã‚sÃWP8Ãr€v††v‚†Ã‚sÃ"ÈÃi’à (((

           P‘vqr†Ã‚…Çurv…ÃU…h†i‚ˆqh…’ÃAyˆ‘r†                                              
                                                                             ih†rÒrh…à ('# (Ã8‚€€v‡€r‡†Ã‰h…’Ãi’Ãp‚ˆ‡…’

      -à       (( ÃBrr‰hÃQ…‚‡‚p‚yÃp‚pr…vtÇurÃ8‚‡…‚yÂsÃ@€v††v‚†       Uh…tr‡†Ãqvssr…r‡vh‡rqÃi’Ãp‚ˆ‡…’
           ‚sÃW‚yh‡vyrÃP…thvpÃ8‚€ƒ‚ˆq†Ã‚…Çurv…ÃU…h†i‚ˆqh…’

           Ayˆ‘r†
                                                                                      
                                                                             8‚ˆ‡…’ †ƒrpvsvpÃr€v††v‚Ãprvyvt†Ã‡‚ÃirÃhpuvr‰rqÃi’Ã! 
      -à       ((#ÃP†y‚ÃQ…‚‡‚p‚yÃAˆ…‡ur…ÃSrqˆp‡v‚Ã‚sÃTˆyƒuˆ…
                                                                             s‚…ƈyƒuˆ…ÃIP‘ÃWP8†ÃhqÃh€€‚vh
                          q
           @€v††v‚†Ã!        ÃTˆyƒuˆ…ÃQ…‚‡‚p‚y

      -à       (((ÃB‚‡uriˆ…tÃQ…‚‡‚p‚yǂÃ6ih‡rÃ6pvqvsvph‡v‚

                                              
           @ˆ‡…‚ƒuvph‡v‚ÃhqÃB…‚ˆq yr‰ryÃP“‚r

 Ã   Q…‚ƒ‚†rqÃ@VÃIh‡v‚hyÃ@€v††v‚Ã8rvyvt†Ã9v…rp‡v‰rÃI@89

      †r‡‡vtÅrqˆp‡v‚Ã‡h…tr‡†Ãs‚…Ã! Ãp‚€ƒh…rqǂà ((Ãr€v††v‚

      yr‰ry†Ãh†Ãs‚yy‚†)

      -à   Tˆyƒuˆ…Ãqv‚‘vqr
                                                                             &&È
      -à   Iv‡…‚trÃ‚‘vqr†
                                                                             $ È

      -Ã         
           I‚ €r‡uhrÃWP8†                                                  %È

      -à   6€€‚vh                                                            'È

 Ã   D‡r…h‡v‚hyÃ8‚sr…rpr†Ã‚Ã‡urÃQ…‚‡rp‡v‚Ã‚sÇurÃI‚…‡uÃTrh           Srqˆp‡v‚†ÃvÃ‡urǂ‡hyÃqv†puh…tr†ÃhqÃr€v††v‚†Ã‚s

                                                                             ˆ‡…vr‡†ÃvÃ‡ur…qr…ÂsÃ$ÈÃhqÃ"%Ãuh“h…q‚ˆ†

                                                                             †ˆi†‡hpr†Ã‚sÃir‡rrÃ$ÃhqÃ&È

 Ã   @VÃAvs‡uÃ@‰v…‚€r‡hyÃ6p‡v‚ÃQyh)Ƈhivyv†rÀˆvpvƒhyÐh†‡r          "xtphƒv‡hÃi’Ã!

      trr…h‡v‚

 Ã   @VÃ9v…rp‡v‰rà (((" @8ǂÅrqˆprÃh€‚ˆ‡Ã‚sÃiv‚qrt…hqhiyr              7’Ã!%)ÃyhqsvyyÃhÀh‘v€ˆ€Ã‚sÃ&$ÈÃi’Ðrvtu‡Ã‚sÃ7HX

      €ˆvpvƒhyÐh†‡rÃ7HXÃt‚vtǂÃyhqsvyy                                ƒ…‚qˆprqÃvÃ (($Ãpr…‡hvÃqr…‚th‡v‚†Ãhƒƒy’0

                                                                             7’Ã!()Àh‘v€ˆ€Ã‚sÃ$È0Ãi’Ã! %Àh‘v€ˆ€Ã‚sÃ"$È

 6RXUFHÃP@89ÃVI@8@Ã@V



$Q H[DPSOH RI WKH GLIIHUHQW UROH RI WKHVH PHFKDQLVPV LV SURYLGHG E\ HPLVVLRQV RI VXOSKXU GLR[LGH
,QGLFDWRUV SUHVHQWHG LQ WKLV UHSRUW VKRZ DQ DEVROXWH GHFRXSOLQJ RI VXOSKXU GLR[LGH HPLVVLRQV IURP HQHUJ\
SURGXFWLRQ HJ DV D UHVXOW RI UHJXODWLRQV RQ DQG LQFHQWLYHV IRU WKH XVH RI ORZVXOSKXU IXHOV LQ QHDUO\ DOO
2(&' FRXQWULHV 7KLV SDUWO\ UHIOHFWHG WKH UHGXFWLRQ LQ HQHUJ\ XVH IURP *'3 HJ WKURXJK JUHDWHU HQHUJ\
HIILFLHQF\ DQGRU VKLIWLQJ GHPDQG WR OHVV HQHUJ\LQWHQVLYH JRRGV DQG VHUYLFHV $QRWKHU H[DPSOH RI WKH
UROH RI WKHVH GLIIHUHQW PHFKDQLVPV LV SURYLGHG E\ GLVFKDUJHV RI QLWURJHQ WKHVH LQ WKH IXWXUH FRXOG EH
GHFRXSOHG IURP FRQYHQWLRQDO DJULFXOWXUDO SURGXFWLRQ DLPLQJ DW OHVV DQG EHWWHU XVH RI QLWURJHQRXV
IHUWLOLVHUV DV GHPDQG VKLIWV WRZDUGV HFRODEHOOHG SURGXFWV DQGRU ORZPHDW GLHWV 6LPLODUO\ WKH QHJDWLYH
HQYLURQPHQWDO LPSDFWV RI ZDVWH FDQ E\ UHGXFHG E\ WHFKQRORJLHV ZKLFK PLQLPLVH WKH UHOHDVH RI GLR[LQV
IURP LQFLQHUDWLRQ DQG WKH OHDFKLQJ RI KD]DUGRXV VXEVWDQFHV DQG PHWKDQH IURP ODQGILOOV KRZHYHU WKH\ FDQ
DOVR EH UHGXFHG E\ ZDVWH SUHYHQWLRQ SROLFLHV GHVLJQHG WR UHGXFH WKH ³GHPDQG´ IRU ZDVWH GLVSRVDO DQG LWV
JURZWK UHODWLYH WR *'3 RU WRWDO FRQVXPSWLRQ

            7DUJHWV 7KUHVKROGV DQG &HLOLQJV

0RVW GLVFXVVLRQV FRQFHUQLQJ GHFRXSOLQJ ZLOO VRRQHU RU ODWHU UDLVH TXHVWLRQV DERXW WKH SURMHFWHG WUDMHFWRULHV
IRU HQYLURQPHQWDO SUHVVXUHV LI HFRQRPLF JURZWK FRQWLQXHV 7KH 2(&' (QYLURQPHQWDO 6WUDWHJ\ OLQNV WKLV
TXHVWLRQ WR WKH FDSDFLW\ RI WKH HQYLURQPHQW WR VXVWDLQ KXPDQ DFWLYLW\ LQ WKH ORQJ WHUP LW SRLQWV WR WKH QHHG
WR ³UHYHUVH XQVXVWDLQDEOH WUHQGV DQG JXDUDQWHH YLWDO HQYLURQPHQWDO IXQFWLRQV E\  DQG EH\RQG´ +RZ
FDQ ZH MXGJH ZKHWKHU IRU DQ\ SDUWLFXODU LVVXH HQYLURQPHQWDO SUHVVXUHV QHHG WR EH UHGXFHG DEVROXWH
GHFRXSOLQJ RU FDQ EH DOORZHG WR JURZ DOEHLW DW UDWHV OHVV WKDQ WKDW RI RYHUDOO *'3 UHODWLYH GHFRXSOLQJ


                                                                      
                                                                                                       6*6'),1$/


IRU GHYHORSPHQW WR EH VXVWDLQDEOH" ,I SUHVVXUHV QHHG WR EH UHGXFHG WR ZKDW WKUHVKROG" ,I WKH\ DUH DOORZHG
WR ULVH WR ZKDW FHLOLQJ"
7KHVH TXHVWLRQV SRLQW WR WKH QHHG WR FRPSDUH WUHQGV LQ GHFRXSOLQJ ZLWK H[SOLFLW SROLF\ WDUJHWV ZKHUH WKH\
H[LVW )RU SROOXWLRQ SUHVVXUHV PRVW 2(&' FRXQWULHV KDYH DGGUHVVHG WKHVH TXHVWLRQV E\ VHWWLQJ ERWK
HQYLURQPHQWDO TXDOLW\ VWDQGDUGV HJ UHFHLYLQJ ZDWHU DQG DPELHQW DLU TXDOLW\ VWDQGDUGV DQG
HIIOXHQWHPLVVLRQ OLPLWV 7KHVH WDUJHWV DUH JHQHUDOO\ EDVHG RQ D VFLHQWLILF DVVHVVPHQW RI HQYLURQPHQWDO
TXDOLW\ REMHFWLYHV DQG DVVRFLDWHG OHYHOV RI PD[LPXP HQYLURQPHQWDO SUHVVXUH 6RPH FRXQWULHV DOVR DSSO\
EHQHILWFRVW DQDO\VLV WR HQVXUH WKDW WKH FRVWV WR VRFLHW\ RI HQVXULQJ FRPSOLDQFH ZLWK WKH OLPLWV GR QRW
H[FHHG WKH EHQHILWV RI GRLQJ VR $W WKH UHJLRQDO DQG LQWHUQDWLRQDO OHYHOV WKHUH DUH QRZ VHYHUDO
OHJDOO\ELQGLQJ FRQYHQWLRQV DQG DJUHHPHQWV VHWWLQJ WDUJHWV HPLVVLRQ FHLOLQJV IRU SDUWLFXODU HQYLURQPHQWDO
SUHVVXUHV HJ VXOSKXU GLR[LGH YRODWLOH RUJDQLF VXEVWDQFHV 7DEOH 
)RU QDWXUDO UHVRXUFHV ³XVHV´ FDQ EH YLHZHG HLWKHU DV D GULYLQJ IRUFH DQG H[SUHVVHG LQ YDOXH WHUPV RU DV
D SUHVVXUH RQ WKH HQYLURQPHQW DQG PHDVXUHG LQ SK\VLFDO XQLWV 7KH XVH RI QRQUHQHZDEOH UHVRXUFHV
HJ IRVVLO IXHOV LV RIWHQ WUHDWHG DV D GULYLQJ IRUFH ZKHUHDV WKH XVH RI UHQHZDEOH UHVRXUFHV HJ ZDWHU
ILVK ZRRG LV PRVWO\ FRQVLGHUHG D SUHVVXUH )RU VRPH UHVRXUFHV PDQ\ FRXQWULHV KDYH LPSRVHG
FRQVWUDLQWV RQ QDWXUDO UHVRXUFH XVH EHFDXVH RI WKH HQYLURQPHQWDO SUHVVXUH WKH\ JHQHUDWH )RU H[DPSOH
WKH DEVWUDFWLRQ RI VXUIDFH ZDWHU LV VRPHWLPHV UHJXODWHG LQ RUGHU WR PDLQWDLQ PLQLPXP IORZV LQ ULYHUV IRU WKH
SURWHFWLRQ RI DTXDWLF HFRV\VWHPV 7KHVH WDUJHWV KRZHYHU DUH OHVV ZHOO GHYHORSHG WKDQ IRU SROOXWLRQ
SUHVVXUHV
3UHVVXUH UHGXFWLRQ WDUJHWV DW D QDWLRQDO RU LQWHUQDWLRQDO OHYHO KDYH VR IDU EHHQ H[SUHVVHG LQ DEVROXWH HJ
WRQQHV RI VXOSKXU GLR[LGH SHU DQQXP UDWKHU WKDQ UHODWLYH WHUPV HPLVVLRQV SHU XQLW RI *'3 RU UHVRXUFH
XVH SHU XQLW RI *'3 +RZHYHU LQ VRPH FDVHV RQO\ GHFRXSOLQJ WDUJHWV PD\ EH SROLWLFDOO\ IHDVLEOH HYHQ
ZKHUH WKH ORQJWHUP REMHFWLYH PD\ EH D UHGXFWLRQ LQ WKH DEVROXWH OHYHOV RI HQYLURQPHQWDO SUHVVXUH 
$SSOLHG WR SURGXFWV GHFRXSOLQJ WDUJHWV XVXDOO\ FDOOHG SHUIRUPDQFH VWDQGDUGV DUH LQFUHDVLQJO\ XVHG HJ
PLQLPXP HQHUJ\ SHUIRUPDQFH VWDQGDUGV IRU HOHFWULFDO DSSOLDQFHV :KHUH SRVVLEOH WUHQGV LQ GHFRXSOLQJ
FDQ EH FRPSDUHG WR SROLF\ WDUJHWV WR VKRZ WKH ³GLVWDQFH WR JR´ ,Q WKLV FRQWH[W WDUJHWV IRU GHFRXSOLQJ
LQGLFDWRUV WKHPVHOYHV PD\ XVHIXOO\ EH VHHQ DV LQWHUPHGLDWH REMHFWLYHV RI HQYLURQPHQWDO SROLFLHV +RZHYHU
HYHQ LQ WKH DEVHQFH RI GHILQHG WKUHVKROGV FHLOLQJV RU WDUJHWV GHFRXSOLQJ LQGLFDWRUV DUH XVHIXO WR FRPSDUH
FRXQWULHV WR LGHQWLI\ VLPLODULWLHV DQG GLIIHUHQFHV DQG DV D VWDUWLQJ SRLQW WR DVVHVV WKH SRWHQWLDO IRU
LPSURYHG SHUIRUPDQFH

        3UHVHQWDWLRQ RI 'HFRXSOLQJ ,QIRUPDWLRQ

7KH PRVW GLUHFW PDQQHU RI GLVSOD\LQJ GHFRXSOLQJ EHWZHHQ DQ HQYLURQPHQWDO SUHVVXUH DQG DQ HFRQRPLF
GULYLQJ IRUFH LV WR SORW WZR LQGH[HG HJ   WLPHVHULHV RQ WKH VDPH JUDSK )URP VXFK D JUDSK LW LV
LPPHGLDWHO\ FOHDU ZKHWKHU WKH HFRQRPLF GULYLQJ IRUFH LV JURZLQJ RU VKULQNLQJ ZKHWKHU GHFRXSOLQJ ±
 DEVROXWH RU UHODWLYH ± LV RFFXUULQJ ZKHQ LW VWDUWHG DQG ZKHWKHU LW FRQWLQXHV 7KLV PHWKRG LV XVHG KHUH
ZKHQ GLVSOD\LQJ RYHUDOO WUHQGV IRU DOO 2(&' FRXQWULHV DQG IRU WKH WKUHH PDLQ 2(&' UHJLRQV LH (XURSH
1RUWK $PHULFD DQG 3DFLILF 6RPH RI WKHVH TXDOLWLHV DUH ORVW LI GHFRXSOLQJ LV SUHVHQWHG DV D VLQJOH OLQH LH
D WLPHVHULHV RI WKH UDWLR RI HQYLURQPHQWDO SUHVVXUH WR GULYLQJ IRUFH DOWKRXJK WKH LGHD RI LPSURYHPHQW LQ
HIILFLHQF\ RU LQWHQVLW\ LV EHWWHU FRPPXQLFDWHG WKLV ZD\
+RZHYHU QHLWKHU RI WKH DERYH SUHVHQWDWLRQV OHQGV LWVHOI ZHOO WR QXPHULFDO GLVSOD\V RI GHFRXSOLQJ WUHQGV IRU
WKH  LQGLYLGXDO 2(&' FRXQWULHV 7R FRPSDUH GHFRXSOLQJ DPRQJ FRXQWULHV WKH UDWLR RI WKH YDOXH RI WKH
GHFRXSOLQJ LQGLFDWRU DW WKH HQG DQG WKH VWDUW RI D JLYHQ WLPH SHULRG LV GHILQHG DV IROORZV
                                                      (3  ') 
                                          5DWLR =
                                                                   rqÂs Ãr…v‚q



                                                      (3  ')   †‡h…‡Ã‚s Ãr…v‚q




                                                                                     ZKHUH (3       (QYLURQPHQWDO 3UHVVXUH
                                                                                                    DQG ') 'ULYLQJ )RUFH



   TˆpuÇh…tr‡†Ã†‚€r‡v€r†Ãphyyrqóq’h€vp´Ðr…rȆrqÃvÃ‰‚yˆ‡h…’Ãht…rr€r‡†Ã‚Ã8PÃr€v††v‚Ã…rqˆp‡v‚†ÃvÃBr…€h’




                                                               
6*6'),1$/


,I WKH UDWLR LV OHVV WKDQ  GHFRXSOLQJ KDV RFFXUUHG GXULQJ WKH SHULRG ² DOWKRXJK LW GRHV QRW LQGLFDWH
ZKHWKHU GHFRXSOLQJ ZDV DEVROXWH RI UHODWLYH 7R DYRLG GLVSOD\LQJ RQ D EDU JUDSK VPDOO YDOXHV ZKHQ
GHFRXSOLQJ LV VLJQLILFDQW D GHFRXSOLQJ IDFWRU LV GHILQHG DV
                                             'HFRXSOLQJ IDFWRU          ± GHFRXSOLQJ UDWLR
7KH GHFRXSOLQJ IDFWRU LV ]HUR RU QHJDWLYH LQ WKH DEVHQFH RI GHFRXSOLQJ DQG KDV D PD[LPXP YDOXH RI 
ZKHQ HQYLURQPHQWDO SUHVVXUH UHDFKHV ]HUR  7KLV GHFRXSOLQJ IDFWRU LV GLVSOD\HG RQ WKH ULJKW SDQHO RI DOO
                                                            !



ILJXUHV LQ WKLV SDSHU

           $JJUHJDWLRQ DQG &OXVWHULQJ RI ,QGLFDWRUV

:KHQ VHYHUDO SROOXWDQWV KDYH VLPLODU HIIHFWV DJJUHJDWLRQ FDQ UHGXFH WKH LQIRUPDWLRQ ORDG )RU H[DPSOH WR
FRQVWUXFW D VLQJOH LQGLFDWRU DFFRXQWLQJ IRU WKH RYHUDOO HIIHFW RI DOO VL[ JUHHQKRXVH JDVHV *+* RQ WKH
FOLPDWH V\VWHP FRQYHUVLRQ IDFWRUV EDVHG RQ WKH UHODWLYH UDGLDWLYH IRUFH RI WKH LQGLYLGXDO JDVHV DUH XVHG
WR FRQVWUXFW WKH GHFRXSOLQJ LQGLFDWRU ³*+* HPLVVLRQV IURP DOO VRXUFHV SHU XQLW RI *'3´ VHFWLRQ 
6LPLODUO\ VWUDLJKWIRUZDUG SURFHGXUHV KDYH EHHQ XVHG HOVHZKHUH WR FRQVWUXFW LQGLFDWRUV IRU DFLGLILFDWLRQ
WR[LF FRQWDPLQDWLRQ R]RQH GHSOHWLRQ RU ORZOHYHO R]RQH IRUPDWLRQ 6XFK DJJUHJDWHG LQGLFDWRUV FDQ RIWHQ
EH OLQNHG WR DQ DSSURSULDWH GULYLQJ IRUFH WR REWDLQ DJJUHJDWHG GHFRXSOLQJ LQGLFDWRUV
,Q RWKHU FDVHV PRUH FRPSOH[ DJJUHJDWLRQ SURFHGXUHV PD\ EH UHTXLUHG 2QH DSSURDFK XVHG WR SURGXFH D
ZHLJKWHG LQGH[ RI ORFDO DLU SROOXWLRQ LV EDVHG RQ WKH KHDOWK HIIHFWV IURP H[SRVXUH WR VSHFLILF OHYHOV RI
LQGLYLGXDO SROOXWDQWV $ YDULHW\ RI RWKHU DJJUHJDWHG HQYLURQPHQWDO LQGLFDWRUV KDYH EHHQ SURSRVHG LQ UHFHQW
\HDUV VRPH RI ZKLFK DUH XVHG IRU FRPPXQLFDWLRQ HJ YDULRXV XUEDQ DLU SROOXWLRQ LQGLFHV DQGRU SROLF\
PDNLQJ HJ WKH LQGLFDWRUV DVVRFLDWHG ZLWK WKH 'XWFK 1DWLRQDO (QYLURQPHQWDO 3ROLF\ 3ODQ 2WKHU LQGLFDWRUV
SXVK WKH DJJUHJDWLRQ HYHQ IXUWKHU XVLQJ D FRPPRQ QXPHUDLUH VXFK DV WRQQHV WR DJJUHJDWH PHDVXUHV
DFURVV D YDULHW\ RI HQYLURQPHQWDO DQG QDWXUDO UHVRXUFH LVVXHV 1HYHUWKHOHVV DJJUHJDWHG LQGLFDWRUV DUH VWLOO
IDU IURP EHLQJ XQLYHUVDOO\ DFFHSWHG %HFDXVH RI WKLV PRVW LQGLFDWRUV SUHVHQWHG LQ WKLV SDSHU DUH EDVHG RQ
LQGLYLGXDO SROOXWDQWV DQG QDWXUDO UHVRXUFHV

           *DSV LQ WKH 6WDWLVWLFDO DQG 6FLHQWLILF 'DWD

'HVSLWH HIIRUWV RYHU WKH SDVW IHZ GHFDGHV WR LPSURYH FRYHUDJH JDSV LQ VWDWLVWLFDO GDWD UHPDLQ SHUYDVLYH
GHILQLWLRQV RIWHQ GLIIHU DFURVV FRXQWULHV HJ IRU ZDVWH PDQDJHPHQW DQG FKDQJH RYHU WLPH 0RUH ZRUN LQ
HVWLPDWLQJ PLVVLQJ GDWD SRLQWV FRXOG H[WHQG WKH WLPH SHULRGV DQG QXPEHU RI FRXQWULHV FRYHUHG IRU VRPH
LQGLFDWRUV SUHVHQWHG LQ WKLV GRFXPHQW (YHQ PRUH LPSRUWDQW DUH WKH JDSV UHVXOWLQJ IURP VRPH GDWD QRW
EHLQJ FROOHFWHG DW DOO 7KLV ILUVW DWWHPSW WR DVVHPEOH D FRPSUHKHQVLYH VHW RI GHFRXSOLQJ LQGLFDWRUV LV
QHFHVVDULO\ EDVHG RQ H[LVWLQJ GDWD +RZHYHU H[LVWLQJ GDWD ZHUH FROOHFWHG IRU D UDQJH RI SXUSRVHV 7KLV
XQGHUVFRUHV WKH LPSRUWDQFH RI UHYLHZLQJ WKH LQIRUPDWLRQ QHHGV DVVRFLDWHG ZLWK WKH GHFRXSOLQJ
SHUVSHFWLYH GHWHUPLQLQJ ZKDW RWKHU LQIRUPDWLRQ ZRXOG EH UHTXLUHG DQG DVVHVVLQJ ZKHWKHU LW ZRXOG EH
ZRUWKZKLOH FROOHFWLQJ LW
%H\RQG VWDWLVWLFDO JDSV DUH VFLHQFH JDSV 0DQ\ HFRORJLFDO V\VWHPV DUH VWLOO SRRUO\ XQGHUVWRRG 6FLHQWLVWV
KDYH SRLQWHG WR WKH QHHG IRU FDXWLRQ ZKHQ VHWWLQJ ³VXVWDLQDEOH OLPLWV´ WR HQYLURQPHQWDO SUHVVXUHV DV
HFRORJLFDO SURFHVVHV DUH QRQOLQHDU DQG ZH NQRZ OLWWOH DERXW WKUHVKROGV DQG WUDMHFWRULHV &HUWDLQ SUHVVXUHV
FDQ FRQWLQXH WR JURZ ZLWKRXW DSSDUHQW HIIHFW DQG WKHQ DIWHU FURVVLQJ VRPH XQVXVSHFWHG WKUHVKROG RU
FHLOLQJ VXGGHQO\ VKRZ GUDPDWLF GLVFRQWLQXLWLHV RU HYHQ FRPSOHWH FROODSVH DV KDV KDSSHQHG ZLWK VRPH
ILVKHULHV 3ROLF\ PDNHUV QHHG WR EH DZDUH RI WKHVH JDSV ZKHQ XVLQJ HQYLURQPHQWDO LQGLFDWRUV 7KLV LV
SDUWLFXODUO\ WUXH IRU GHFRXSOLQJ LQGLFDWRUV ZKLFK FDQ FRQYH\ D SRVLWLYH PHVVDJH LH UHODWLYH GHFRXSOLQJ
ZKLOH LQ UHDOLW\ D FRXQWU\¶V HFRV\VWHPV PD\ EH KHDGLQJ WRZDUGV EUHDNGRZQ 0RUH RIWHQ WKDQ QRW WKH
FRPSOH[ QDWXUH RI WKHVH WKUHVKROGV FDQQRW EH VKRHKRUQHG LQWR WKH IRUPDW RI D GHFRXSOLQJ LQGLFDWRU ,Q
                                                                                 "



WKHVH FDVHV FDXWLRQ LV QHHGHG ZKHQ LQWHUSUHWLQJ GHFRXSOLQJ LQGLFDWRUV


 ! I‚‡rÇuh‡Ã‡urÃqrp‚ˆƒyvtÃshp‡‚…ÐvyyÃtrr…hyy’Á‚‡ÃpuhtrÃyvrh…y’Ãr‰rÃvsÃi‚‡uÃr‰v…‚€r‡hyÅr††ˆ…rÃhqÃq…v‰vtÃs‚…prÃq‚
 " 9vssr…rpr†Ã‚sÆphyrÃh…rÃh‚‡ur…Ã…rh†‚Ãu’Ãp‚ˆ‡…’ih†rqÃqrp‚ˆƒyvtÃvqvph‡‚…†Ãh…rÁ‚‡Ãryyƈv‡rqǂÇhxrÃhpp‚ˆ‡Ã‚sÃrp‚†’†‡r€
      p‚†‡…hv‡†ÃIrv‡ur…Ãr‰v…‚€r‡hyÅr††ˆ…r†Ã‚…Ãrp‚y‚tvphyóph……’vtÃphƒhpv‡’´Ãh…rÃr‰ry’Ãqv†‡…viˆ‡rqÃhp…‚††ÃhÃp‚ˆ‡…’¶†Ã†ˆ…shprÃh…rh
      hqÃy‚phyÃrp‚†’†‡r€Ãp‚yyhƒ†r†Ãh…rÃyvxry’Ç‚Âppˆ…Ãy‚tÃirs‚…rÁh‡v‚hyy’h‰r…htrqÅr††ˆ…r†ÃvyyÃhƒƒ…‚hpuÃp…v‡vphyÉhyˆr†




                                                                      
                                                                                                                 6*6'),1$/



                                      7DEOH  2(&' HQYLURQPHQWDO LQGLFDWRU VHOHFWLRQ FULWHULD

 Q‚yvp’Ã…ryr‰hprÃhq          6Ãr‰v…‚€r‡hyÃvqvph‡‚…Æu‚ˆyq)

 ˆ‡vyv‡’Ãs‚…Ȇr…†

                               Ã   ƒ…‚‰vqrÃhÅrƒ…r†r‡h‡v‰rÃvp‡ˆ…rÂsÃr‰v…‚€r‡hyÃp‚qv‡v‚†År††ˆ…r†Ã‚Ã‡urÃr‰v…‚€r‡Ã‚…

                                    †‚pvr‡’¶†Ã…r†ƒ‚†r†0

                               Ã   irÆv€ƒyrÃrh†’Ç‚Ãv‡r…ƒ…r‡ÃhqÃhiyrǂÆu‚Ã‡…rq†Ã‚‰r…Çv€r0

                               Ã   irÅr†ƒ‚†v‰rǂÃpuhtr†ÃvÃ‡urÃr‰v…‚€r‡ÃhqÅryh‡rqÃuˆ€hÃhp‡v‰v‡vr†0

                               Ã   ƒ…‚‰vqrÃhÃih†v†Ãs‚…Ãv‡r…h‡v‚hyÃp‚€ƒh…v†‚†0

                               Ã   irÃrv‡ur…Áh‡v‚hyÃvÃ†p‚ƒr…ÃhƒƒyvphiyrǂÅrtv‚hyÃr‰v…‚€r‡hyÃv††ˆr†Ã‚sÁh‡v‚hyÆvtvsvphpr0

                               Ã   uh‰rÃhÇu…r†u‚yq…Årsr…rprÉhyˆrÃhthv†‡ÃuvpuǂÃp‚€ƒh…rÃv‡ƂÇuh‡Ãˆ†r…†ÃphÃh††r††Ã‡ur

                                    †vtvsvphprÂsÇurÉhyˆr†Ãh††‚pvh‡rqÐv‡uÃv‡


 6hy’‡vphy                    6Ãr‰v…‚€r‡hyÃvqvph‡‚…Æu‚ˆyq)
 †‚ˆqr††

                               Ã   irÇur‚…r‡vphyy’ÐryyÃs‚ˆqrqÃvÃ‡rpuvphyÃhqÆpvr‡vsvpÇr…€†0

                               Ã   irÃih†rqÃv‡r…h‡v‚hyƇhqh…q†ÃhqÃv‡r…h‡v‚hyÃp‚†r†ˆ†Ãhi‚ˆ‡Ãv‡†Ã‰hyvqv‡’0

                               Ã   yrqÃv‡†rysǂÃirvtÃyvxrqǂÃrp‚‚€vpÀ‚qry†Ãs‚…rph†‡vtÃhqÃvs‚…€h‡v‚Ã†’†‡r€†


 Hrh†ˆ…hivyv‡’
                UurÃqh‡hÅr„ˆv…rqǂƈƒƒ‚…‡Ã‡urÃvqvph‡‚…Æu‚ˆyqÃir)

                               Ã   …rhqvy’Ãh‰hvyhiyr…ÀhqrÃh‰hvyhiyrÃh‡ÃhÅrh†‚hiyrÃp‚†‡irrsv‡Ã…h‡v‚0

                               Ã   hqr„ˆh‡ry’Ãq‚pˆ€r‡rqÃhqÂsÃx‚Ã„ˆhyv‡’0

                               Ã   ˆƒqh‡rqÃh‡Ã…rtˆyh…Ãv‡r…‰hy†ÃvÃhpp‚…qhprÐv‡uÅryvhiyrłprqˆ…r†


 
     Uur†rÃp…v‡r…vhÃqr†p…virÇurõvqrhy¶Ãvqvph‡‚…0Á‚‡ÃhyyÂsÇur€ÃvyyÃirÀr‡ÃvÃƒ…hp‡vpr




          5HODWLRQVKLS WR 2WKHU ,QGLFDWRU 6HWV

$OWKRXJK HDFK RI WKH LQGLFDWRU VHWV FXUUHQWO\ XVHG E\ YDULRXV LQWHUQDWLRQDO RUJDQLVDWLRQV ZDV GHYHORSHG IRU
D GLIIHUHQW SXUSRVH RU IURP D GLIIHUHQW SHUVSHFWLYH WKH\ DUH DOO EDVHG RQ WKH ORQJHVWDEOLVKHG GDWD
FROOHFWLRQ HIIRUWV RI WKH 2(&' ,($ 8QLWHG 1DWLRQV RU WKH )$2 0RVW RI WKHVH LQGLFDWRUV DUH DOVR EDVHG RQ
D FRPPRQ VHW RI VHOHFWLRQ FULWHULD IRU HQYLURQPHQWDO LQGLFDWRUV VXFK DV WKRVH SXEOLVKHG E\ WKH 2(&' LQ
 7DEOH  7KHVH FULWHULD DUH DOVR YDOLG IRU GHFRXSOLQJ LQGLFDWRUV ,W LV WKHUHIRUH QR VXUSULVH WKDW
PDQ\ YDULDEOHV LQ WKH SUHVHQW VHW RI GHFRXSOLQJ LQGLFDWRUV DOVR VKRZ XS LQ RWKHU LQGLFDWRU VHWV $SSHQGL[
 ,Q PDQ\ FDVHV WKLV UHIOHFWV PRUH QHFHVVLW\ UDWKHU WKDQ FKRLFH ZKLOH PRUH VXLWDEOH LQGLFDWRUV ZRXOG EH
SUHIHUUHG WKH UHTXLUHG GDWD DUH VLPSO\ QRW FROOHFWHG
'HFRXSOLQJ LQGLFDWRUV FDQ DOVR HQULFK WKH VHW RI VXVWDLQDEOH GHYHORSPHQW LQGLFDWRUV SURSRVHG LQ &KDSWHU 
RI WKH 2(&' SXEOLFDWLRQ ³6XVWDLQDEOH 'HYHORSPHQW FULWLFDO LVVXHV´  DV WKH\ KHOS OLQN VHOHFWHG
HQYLURQPHQWDO UHVRXUFH DQG RXWFRPH LQGLFDWRUV ZLWK HFRQRPLF YDULDEOHV DQG LQGLFDWRUV VXFK DV *'3 RU
VHFWRUDO RXWSXWV 'HFRXSOLQJ LQGLFDWRUV KHOS UHYHDO SURVSHFWV IRU ORQJHU WHUP GHYHORSPHQWV WKDW DUH
HVVHQWLDO IRU SURJUHVVLQJ WRZDUGV VXVWDLQDEOH GHYHORSPHQW ERWK DW PDFUR DQG DW VHFWRUDO OHYHO
'HFRXSOLQJ LQGLFDWRUV KHQFH DUH D XVHIXO WRRO WR FRPSOHPHQW WKH SURSRVHG H[WHQGHG QDWLRQDO EDODQFH
VKHHWV DQG WKH GHYHORSPHQW RI XQGHUO\LQJ IUDPHZRUNV
7KH LQGLFDWRUV SURSRVHG IRU XVH LQ ('5& UHYLHZV LQ UHVSRQVH WR WKH UHTXHVW LQ WKH 0LQLVWHULDO &RXQFLO
&RPPXQLTXp RI 0D\  DUH JURXSHG LQ VHYHQ SROLF\ DUHDV )LYH RI WKHVH FRQFHUQ HQYLURQPHQWDO SROLF\
JOREDO ZDUPLQJ DLU SROOXWLRQ ZDWHU SROOXWLRQ QDWXUDO UHVRXUFH XVH DQG ZDVWH WUHDWPHQW DQG LQFOXGH
VHYHUDO HQYLURQPHQWDO SUHVVXUH LQGLFDWRUV 0RVW RI WKHVH SUHVVXUH LQGLFDWRUV XVH WKH VDPH YDULDEOHV DQG
DUH WDNHQ IURP WKH VDPH GDWD VHWV DV WKH GHFRXSOLQJ LQGLFDWRUV GLVFXVVHG LQ WKLV SDSHU 7DEOH 




                                                                               
6*6'),1$/


   7DEOH  (QYLURQPHQWDO SUHVVXUH LQGLFDWRUV VXJJHVWHG IRU WKH ('5& UHYLHZV FRPSDUHG WR GHFRXSOLQJ
                                                LQGLFDWRUV
 Q‚yvp’Ãh…rh         Q…r††ˆ…rÃvqvph‡‚…†                                   8‚€ƒh…hiyrÃqrp‚ˆƒyvtÃvqvph‡‚…ÃvÃ‡uv†

                                                                           ƒhƒr…


 By‚ihyÐh…€vt      B…‚††ÃBCBÃr€v††v‚†Ãƒr…Ãphƒv‡h                        B…‚††ÃBCBÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q0

                     8P!Ãr€v††v‚†Ãs…‚€)                                   8P!Ãr€v††v‚†Ãs…‚€)

                     Ãryrp‡…vpv‡’Ãtrr…h‡v‚Ãƒr…ÃxXu                      Ãryrp‡…vpv‡’Ãtrr…h‡v‚Ãƒr…ÃxXu
                                                                                                                            !
                     Ãvqˆ†‡…’Ã…ryh‡v‰rǂÃvqr‘ÂsÀhˆshp‡ˆ…vt         ÇurÅr†vqr‡vhyÃhqÃp‚€€r…pvhyÆrp‡‚…†Ãƒr…À 0

                     ƒ…‚qˆp‡v‚                                            łhqDžh†ƒ‚…‡Ãƒr…ȁv‡Ã‚sÃB9Q

                     År†vqr‡vhyÆrp‡‚…Ãr…Ãphƒv‡h                       Ãrr…t’v‡r†v‰rÃvqˆ†‡…vr†Ã‰r…†ˆ†Ã‰hyˆrÃhqqrq0

                     łhqDžh†ƒ‚…‡Ãƒr…Éruvpyr                          Hr‡uhrÃhqÁv‡…‚ˆ†Ã‚‘vqrÃr€v††v‚†Ãs…‚€

                                                                           ht…vpˆy‡ˆ…rÉr…†ˆ†ÃsvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡

 6v…Âyyˆ‡v‚       8uhtrÃvÃƒr…Ãphƒv‡hÃr€v††v‚†Ã‚sÃTP‘ÃIP‘ÃWP8†      @€v††v‚†Ã‚sÃTP‘ÃIP‘Ãh…‡vpˆyh‡r†ÃhqÃWP8†

                     hqÃh…‡vpyr†                                         ƒr…ȁv‡Ã‚sÃB9Q

                     Gr‰ryÂsÃr…Ãphƒv‡hÃr€v††v‚†Ã‚sÃTP‘ÃIP‘ÃWP8†

                     TP‘r€v††v‚†Ãƒr…ȁv‡Ã‚sÃryrp‡…vpv‡’ˆ‡ƒˆ‡          @€v††v‚†Ãs…‚€)

                     IP‘r€v††v‚†Ãƒr…Éruvpyr                             ±ÃÃrr…t’Ã…‚qˆp‡v‚ÃTP‘ÃhqÃIP‘Ér…†ˆ†ÃB9Q

                                                                           ±ÃDžh†ƒ‚…‡IP‘ÃhqÃWP8†Ér…†ˆ†ÃB9QÃhq

                                                                           ±ÃÀhˆshp‡ˆ…vtÃIP‘Ér…†ˆ†Ã€hˆshp‡ˆ…vt

                                                                               ‰hyˆrÃhqqrq

 Xh‡r…Âyyˆ‡v‚     8‚rp‡v‚Ã‚sÃu‚ˆ†ru‚yq†Ã‡‚Èiyvp…Åv‰h‡r         Q‚ƒˆyh‡v‚ÃIPUÃp‚rp‡rqǂÆrhtrDžrh‡€r‡

                     †rr…htrƒ†‡r€†                                      ƒyh‡†Ã‰r…†ˆ†Ã‡‚‡hyƒˆyh‡v‚

                     6ˆhyÃÈÃpuhtrÃvÃv‡…h‡rÃhqÃu‚†ƒuh‡rÃsr…‡vyv†r…   Iˆ‡…vÃr‡Ãqv†puh…tr†Ãs…‚€Ãu‚ˆ†ru‚yq†Ã‰r…†ˆ†

                     ˆ†r                                                   ƒ‚ƒˆyh‡v‚

 Ih‡ˆ…hyÅr†‚ˆ…pr    Hh…vrÃsv†ur…vr†Ãƒ…‚qˆp‡v‚                           8hƒ‡ˆ…rÃsv†ur…vr†Ãƒ…‚qˆp‡v‚Ã‰r…†ˆ†Ãs‚‚q

 ˆ†r                                                                       p‚†ˆ€ƒ‡v‚

                     Q…‚qˆp‡v‚Ã‚słˆq‚‚q                               D‡r†v‡’ÂsȆrÂsÃs‚…r†‡Ã…r†‚ˆ…pr†Ãp‚‡r‘‡

                     D‡r†v‡’ÂsȆrÂsÃs‚…r†‡Ã…r†‚ˆ…pr†                  vqvph‡‚…

                     Xh‡r…Ðv‡uq…hhy†Ãh†ÃhÃÈÂsÃh‰hvyhiyrÅr†‚ˆ…pr†       A…r†uh‡r…Ãhi†‡…hp‡v‚Ãƒr…ȁv‡Ã‚sÃB9Q

                                                                           Xh‡r…Ðv‡uq…hhy†Ãh†ÃhÃÈÂsÃh‰hvyhiyrÅr†‚ˆ…pr†

                                                                           p‚‡r‘‡Ãvqvph‡‚…

                     A‚††vyÃsˆryłqˆp‡v‚                                ±

                     Hvr…hyłqˆp‡v‚                                    ±

 Xh†‡rDžrh‡€r‡     Qr…Ãphƒv‡hÃtrr…h‡v‚Ã‚sÐh†‡r                        HˆvpvƒhyÐh†‡rÃt‚vtǂÃsvhyÃqv†ƒ‚†hyÉr…†ˆ†

                     6ˆhyÃt…‚‡uÃvÃ‡‚‡hyÀˆvpvƒhyÐh†‡rÃtrr…h‡v‚     ƒ…v‰h‡rÃsvhyÃp‚†ˆ€ƒ‡v‚

                     HˆvpvƒhyÐh†‡rÃtrr…h‡v‚Ã…ryh‡v‰rǂÃsvhy

                     p‚†ˆ€ƒ‡v‚

                     9v†ƒ‚†hyÂsÀˆvpvƒhyÐh†‡rǂÃyhqsvyyÃhq

                     vpvr…h‡v‚

 6RXUFHÃP@89



5HIHUHQFHV
2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  .H\ (QYLURQPHQWDO ,QGLFDWRUV 2(&' 3DULV
2(&'  (QYLURQPHQWDO 2XWORRN 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV  7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW 2(&' 3DULV
                                                                                VW
2(&'  2(&' (QYLURQPHQWDO 6WUDWHJ\ IRU WKH )LUVW 'HFDGH RI WKH  &HQWXU\ 2(&' 3DULV




                                                              
                                                                                                                                   6*6'),1$/




                                     (&2120<:,'( '(&283/,1* ,1',&$7256




   &/,0$7( &+$1*(  
       7RWDO *+* HPLVVLRQV SHU XQLW RI *'3 DQG SHU FDSLWD 
       7RWDO &2 HPLVVLRQV SHU XQLW RI *'3 DQG SHU FDSLWD  
                       !




   $,5 32//87,21  
         7RWDO 12 HPLVVLRQ SHU XQLW RI *'3  
                       ‘Ã


         7RWDO 62 HPLVVLRQV SHU XQLW RI *'3 
                      ‘Ã


         7RWDO HPLVVLRQV RI ILQH SDUWLFXODWH PDWWHU SHU XQLW RI *'3  
         7RWDO HPLVVLRQV RI YRODWLOH RUJDQLF FRPSRXQGV SHU XQLW RI *'3  

   :$7(5 48$/,7<  
       3RSXODWLRQ 127 FRQQHFWHG WR VHZDJH WUHDWPHQW SODQWV YHUVXV WRWDO SRSXODWLRQ  
       'LVFKDUJHV RI QXWULHQWV IURP KRXVHKROGV LQWR WKH HQYLURQPHQW YHUVXV WRWDO SRSXODWLRQ  

   :$67( 0$1$*(0(17 
       0XQLFLSDO ZDVWH JRLQJ WR ILQDO GLVSRVDO YHUVXV 3ULYDWH )LQDO &RQVXPSWLRQ 
          'HFRPSRVLQJ PXQLFLSDO ZDVWH JRLQJ WR ILQDO GLVSRVDO 
       $PRXQW RI JODVV 127 FROOHFWHG IRU UHF\FOLQJ YHUVXV 3)& 

   0$7(5,$/ 86(  
       'LUHFW 0DWHULDO ,QSXW '0, SHU XQLW RI *'3  
       (FRORJLFDO )RRWSULQW PLQXV HQHUJ\ FRPSRQHQW YHUVXV *'3  

   1$785$/ 5(6285&(6 
                 :DWHU 5HVRXUFHV  
       7RWDO IUHVKZDWHU DEVWUDFWLRQ SHU XQLW RI *'3  
          &RQWH[W LQGLFDWRU )UHVKZDWHU DEVWUDFWLRQ DV D VKDUH RI DYDLODEOH UHVRXUFHV 
                 )RUHVWV DQG )RUHVW 3URGXFWV  
       $PRXQW RI SDSHUFDUGERDUG 127 UHF\FOHG YHUVXV *'3  
          &RQWH[W LQGLFDWRU ,QWHQVLW\ RI XVH KDUYHVWDQQXDO JURZWK  
          &RQWH[W LQGLFDWRU 6KDUH RI SODQWDWLRQ VXVWDLQDEO\ PDQDJHG IRUHVWV LQ WRWDO IRUHVW DUHD  
                 )LVKHULHV 
       &DSWXUH ILVKHULHV SURGXFWLRQ YHUVXV IRRG FRQVXPSWLRQ 
          &RQWH[W LQGLFDWRU ± ILVKHULHV VHFWRU  
          5HIHUHQFHV  
                 %LRGLYHUVLW\  
       3UHVVXUH YHUVLRQ RI WKH 1DWXUDO &DSLWDO ,QGH[ YHUVXV *'3 




                                                                               
6*6'),1$/



         &/,0$7( &+$1*(

9LUWXDOO\ DOO VHFWRUV RI WKH HFRQRP\ JLYH ULVH WR JUHHQKRXVH JDV HPLVVLRQV 7KH HQHUJ\ VHFWRU LQFOXGLQJ
WUDQVSRUW LV WKH PRVW SHUYDVLYH DQG ODUJHVW VRXUFH RI HPLVVLRQV EXW DJULFXOWXUH IRUHVWU\ LQGXVWULDO
SURFHVVHV DQG ZDVWH PDQDJHPHQW DOVR FRQWULEXWH VLJQLILFDQWO\ $PRQJ WKH VL[ JUHHQKRXVH JDVHV FDUERQ
GLR[LGH PHWKDQH QLWURXV R[LGH DQG WKH WKUHH IOXRULQDWHG JDVHV K\GURIOXRURFDUERQV SHUIOXRURFDUERQV DQG
VXOSKXU KH[DIOXRULGH FDUERQ GLR[LGH &2  LV WKH PRVW LPSRUWDQW ZLWK  RI WKH WRWDO LQ WHUPV RI JOREDO
                                                              !

ZDUPLQJ SRWHQWLDO *:3 0HWKDQH &+  KDV D *:3  WLPHV WKDW RI &2  QLWURXV R[LGH 1 2 KDV D
                                                          #                                      !           !

*:3 RI 
,Q 2(&' FRXQWULHV PHWKDQH HPLVVLRQV DFFRXQW IRU  RI WRWDO *+* HPLVVLRQV 7KH ODUJHVW VRXUFHV DUH
WKH QDWXUDO JDV DQG RLO LQGXVWU\ OHDNV DQG GHOLEHUDWH UHOHDVHV OLYHVWRFN HQWHULF IHUPHQWDWLRQ WKH QRUPDO
GLJHVWLYH SURFHVV RI OLYHVWRFN DQG ODQGILOOLQJ RI VROLG ZDVWH WKH GHFRPSRVLWLRQ RI RUJDQLF PDWWHU LQ
ODQGILOOV ± WRJHWKHU DFFRXQWLQJ IRU  RI WRWDO PHWKDQH HPLVVLRQV 1LWURXV R[LGH HPLVVLRQV DFFRXQW IRU
 RI WRWDO *+* HPLVVLRQV LQ WKH 2(&' DUHD 7KH ODUJHVW HPLVVLRQ VRXUFH RI 1 2 LV DJULFXOWXUDO VRLO !

RYHU   ZKHUHDV LQGXVWULDO SURFHVVHV DFFRXQW IRU DQRWKHU   1 2 HPLVVLRQV IURP WUDQVSRUW JUHZ
                                                                                             !

UDSLGO\ RYHU   GXULQJ WKH ODVW GHFDGH DV D UHVXOW RI WKH LQWURGXFWLRQ RI WKH FDWDO\WLF FRQYHUWHU 7KH WKUHH
IOXRULQDWHG JDVHV +)&V 3)&V DQG 6) DFFRXQW IRU DERXW  RI WRWDO HPLVVLRQV LQ 2(&' FRXQWULHV
                                                              Ã


$QWKURSRJHQLF HPLVVLRQV DQG UHPRYDOV IURP ODQGXVH DQG IRUHVWU\ KDYH DW WKLV VWDJH QRW \HW EHHQ LQFOXGHG
LQ WKH ILJXUHV SUHVHQWHG KHUH SHQGLQJ DJUHHPHQW RQ FDOFXODWLRQ PHWKRGV
,Q   RI WRWDO 2(&' &2 HPLVVLRQV HPDQDWHG IURP WKH HQHUJ\ WUDQVIRUPDWLRQ DQG VXSSO\ VHFWRU
                                         !

 IURP WKH WUDQVSRUW VHFWRU DQG  HDFK IURP LQGXVWU\ DQG RWKHU VHFWRUV 7KH GHFRXSOLQJ RI
HQHUJ\UHODWHG &2 HPLVVLRQV IURP HFRQRPLF JURZWK LV GLVFXVVHG LQ VHFWLRQ  EHORZ &2 HPLVVLRQV
                       !                                                                                 !

IURP WUDQVSRUW DUH WUHDWHG LQ VHFWLRQ  DQG WKRVH UHODWHG WR HQHUJ\LQWHQVLYH LQGXVWULHV LQ VHFWLRQ 
*+* HPLVVLRQV IURP DJULFXOWXUH DUH GLVFXVVHG LQ VHFWLRQ 
(IIHFWLYH SROLF\PDNLQJ PXVW SD\ DWWHQWLRQ WR WKH XQGHUO\LQJ GULYHUV RI HPLVVLRQ WUHQGV )RU H[DPSOH
JURZWK LQ HQHUJ\ VHFWRU &2 HPLVVLRQV LV D IXQFWLRQ RI VHYHUDO NH\ XQGHUO\LQJ IDFWRUV 7KH JHQHUDO SLFWXUH
                                   !Ã

LV RQH RI LQFUHDVLQJ VFDOH SRSXODWLRQ DQG *'3FDSLWD RIIVHW WR VRPH GHJUHH E\ UHGXFHG LQWHQVLW\ RI
HQYLURQPHQWDO HPLVVLRQV SHU XQLW RI SURGXFWLRQ ,Q WKH FDVH RI HQHUJ\UHODWHG &2  VFDOH HIIHFWV KDYH!

RXWZHLJKHG LQWHQVLW\ LPSURYHPHQWV VR WKDW WKH RYHUDOO OHYHO RI HPLVVLRQV KDV EHHQ LQFUHDVLQJ ,Q RWKHU
VHFWRUV WKLV PD\ QRW EH WKH FDVH )RU H[DPSOH UHFHQW LPSURYHPHQWV LQ VRPH LQGXVWULDO SURFHVVHV KDYH
EHHQ UDSLG HQRXJK IRU &2 HPLVVLRQV WR KDYH IDOOHQ LQ VRPH VHFWRUV GHVSLWH LQFUHDVHV LQ WKH VFDOH RI
                                  !Ã

DFWLYLW\ )LJXUH  )LQDOO\ WKH &2 HPLVVLRQV HPEHGGHG LQ LPSRUWHG SURGXFWV DUH QRW DFFRXQWHG IRU LQ
                                                     !Ã

WKH VWDWLVWLFV XVHG KHUH EXW VXFK DQDO\VLV LV UHFHLYLQJ JURZLQJ LQWHUHVW DQG ZRXOG HQULFK RXU XQGHUVWDQGLQJ
RI FKDQJHV LQ *+* HPLVVLRQV LQ GLIIHUHQW FRXQWULHV $ SURMHFW WKDW VHHNV WR TXDQWLI\ WKHVH HIIHFWV DQG
PRUH JHQHUDOO\ WKH VLJQLILFDQFH RI LPSRUWHG HPLVVLRQV KDV UHFHQWO\ EHHQ SURSRVHG ZLWKLQ WKH 2(&'


           7RWDO *+* HPLVVLRQV SHU XQLW RI *'3 DQG SHU FDSLWD

7RWDO 2(&' FRXQWU\ HPLVVLRQV H[FOXGLQJ ODQGXVH FKDQJH DQG IRUHVWU\ RI DOO JUHHQKRXVH JDVHV
                                             #



H[KLELWHG UHODWLYH GHFRXSOLQJ IURP HFRQRPLF JURZWK RYHU WKH  SHULRG HPLVVLRQV LQFUHDVHG E\
DERXW  UHDFKLQJ   0W &2 HTXLYDOHQW ZKHUHDV *'3 JUHZ E\ DOPRVW  )LJXUH  6L[
                                                 !

0HPEHU &RXQWULHV &]HFK 5HSXEOLF *HUPDQ\ +XQJDU\ 3RODQG 6ORYDN 5HSXEOLF DQG WKH 8QLWHG
.LQJGRP VKRZHG D VLJQLILFDQW DEVROXWH GHFRXSOLQJ ZKLOH )LQODQG DQG )UDQFH PRUH RU OHVV VWDELOLVHG
HPLVVLRQV 2Q WKH ZKROH HPLVVLRQV DUH VWLOO ULVLQJ DOWKRXJK WKH SDFH RI HPLVVLRQ JURZWK KDV WDSHUHG RII LQ
WKH ODVW IHZ \HDUV 7KH ILYH ODUJHVW HPLWWHUV LQ WKH 2(&' WKH 8QLWHG 6WDWHV -DSDQ *HUPDQ\ &DQDGD DQG
WKH 8. DFFRXQW IRU DURXQG  RI 2(&' FRXQWU\ JUHHQKRXVH JDV HPLVVLRQV ZKLFK PHDQV WKDW 2(&'
WUHQGV DUH GRPLQDWHG E\ FKDQJHV LQ WKHVH FRXQWULHV
7KH GHFRXSOLQJ RI *+* HPLVVLRQV IURP SRSXODWLRQ JURZWK ZDV PXFK OHVV SURQRXQFHG 3HU FDSLWD
HPLVVLRQV IRU 2(&' 7RWDO ZHUH PRUH RU OHVV WKH VDPH LQ  DV LQ  WKDQNV WR D  GHFUHDVH LQ
2(&' (XURSH ,Q WKH 2(&' $PHULFD DQG 2(&' 3DFLILF UHJLRQV SHU FDSLWD HPLVVLRQV DFWXDOO\ LQFUHDVHG
GXULQJ WKH V

 #à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃhqÃUˆ…xr’




                                                                    
                                                                                             6*6'),1$/


2I WKH WRWDO RI WKH *+* HPLVVLRQV LQ WKH 2(&' DUHD PHWKDQH HPLVVLRQV GHFUHDVHG E\  IURP ±
 ZLWK IXJLWLYH IXHO HPLVVLRQV GRZQ   DQG ZDVWH HPLVVLRQV GRZQ   1LWURXV R[LGH HPLVVLRQV IRU
2(&' GHFUHDVHG RYHU WKLV SHULRG E\   ZKLOH LQGXVWULDO SURFHVV HPLVVLRQV GHFUHDVHG E\   IXHO
SURGXFWLRQ HPLVVLRQV ZHUH XS E\   DQG HPLVVLRQV IURP DJULFXOWXUH ZHUH XS   7KH FRQWULEXWLRQ RI
&2 HPLVVLRQV ZLOO EH GLVFXVVHG VHSDUDWHO\ LQ WKH QH[W VHFWLRQ
    !Ã




           7RWDO &2 HPLVVLRQV SHU XQLW RI *'3 DQG SHU FDSLWD
                        !




7RWDO HPLVVLRQV RI &2 LQ 2(&' FRXQWULHV H[FOXGLQJ ODQGXVH FKDQJH DQG IRUHVWU\ OLNH WKRVH RI WRWDO
                                                        $
                            !

*+* VKRZHG UHODWLYH GHFRXSOLQJ IURP HFRQRPLF JURZWK GXULQJ  HPLVVLRQV LQFUHDVHG E\ DOPRVW
  UHDFKLQJ  0W &2  ZKLOH *'3 JUHZ E\ DOPRVW  )LJXUH  ,Q WKH 2(&' UHJLRQV WKH
                                    !

KLJKHVW UDWHV RI JURZWK LQ &2 HPLVVLRQV RFFXUUHG LQ 1RUWK $PHULFD  IURP  WR  DQG 3DFLILF
                                     !

  (PLVVLRQV LQ (XURSH GHFUHDVHG E\  GXH WKH DEVROXWH GHFRXSOLQJ REVHUYHG LQ WKH &]HFK
5HSXEOLF *HUPDQ\ +XQJDU\ 3RODQG WKH 6ORYDN 5HSXEOLF FDXVHG E\ HFRQRPLF UHVWUXFWXULQJ DQG LQ WKH
8QLWHG .LQJGRP 2Q D SHU FDSLWD EDVLV &2 HPLVVLRQV UHPDLQHG FRQVWDQW GXULQJ WKH V IRU WKH ZKROH
                                                        !

RI WKH 2(&' ZLWK WKH  GURS LQ 2(&' (XURSH EHLQJ RIIVHW E\ D JURZWK RI DOPRVW  DQG  LQ 2(&'
1RUWK $PHULFD DQG 3DFLILF UHVSHFWLYHO\


5HIHUHQFHV

2(&'  (QHUJ\ DQG &OLPDWH &KDQJH 7UHQGV 'ULYHUV 2XWORRN DQG 3ROLF\ 2SWLRQV %DFNJURXQG GRFXPHQW IRU
     WKH 2(&' (QYLURQPHQWDO 2XWORRN )RU &KDSWHU  (QHUJ\ DQG &KDSWHU  &OLPDWH &KDQJH 2(&' 3DULV
2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  .H\ (QYLURQPHQWDO ,QGLFDWRUV 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW  2(&' 3DULV
(($  (QYLURQPHQWDO 6LJQDOV  (XURSHDQ (QYLURQPHQW $JHQF\ &RSHQKDJHQ




 $à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃhqÃUˆ…xr’




                                                                  
6*6'),1$/



                           )LJXUH  7RWDO *+* HPLVVLRQV SHU XQLW RI *'3 DQG SHU FDSLWD 

                                                                                                                   ((Ã2à                     P@89Ã@ˆ…‚ƒr
                                                                                                                             %



                                                                                                                             !

             ((Ã2Ã 
                                                           P@89ÃU‚‡hy
                                                                                                                             '

                   #
                                                                                                    B9Q                      #



                                                                                                                              
                   !
                                                                                                                                      ((      ((!               ((#         ((%    (('




                                                                                                                                           P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                       ((Ã2Ã 

                                                                                                                         %



                   '                                                                                                    !



                                               U‚‡hyƒˆyh‡v‚          BCBÃr€v††v‚†                                   '

                   %

                                                                                                                         #




                   #                                                                                                        

                                                                                                                                     ((             (("                     ((%          (((




                   !                                                                                                                            P@89ÃQhpvsvp
                                                                                                                        ((Ã2Ã 

                                                                                                                             
                    
                                                                                                                             
                           ((          ((         ((!    (("     ((#   (($   ((%   ((&       (('    (((

                                                                                                                              

                                                                                                                              
         F‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃhqÃUˆ…xr’Á‚‡Ãvpyˆqrq

                                                                                                                                 
                                                                                                                                                                              



                                                                                'HFRXSOLQJ IDFWRU
                                                                                                                   D



                                   *+**'3                                                                                              *+*3RSXODWLRQ


                        6ˆ†‡…hyvh                                                                          6ˆ†‡…hyvh


                         6ˆ†‡…vh                                                                            6ˆ†‡…vh


                        7rytvˆ€                                                                            7rytvˆ€


                        8hhqh                                                                              8hhqh


                8“rpuÃSrƒˆiyvp                                                                      8“rpuÃSrƒˆiyvp


                        9r€h…x                                                                            9r€h…x


                         Avyhq                                                                            Avyhq


                         A…hpr                                                                             A…hpr


                        Br…€h’                                                                            Br…€h’


                         B…rrpr                                                                             B…rrpr


                        Cˆth…’                                                                            Cˆth…’


                         Dpryhq                                                                            Dpryhq


                          D…ryhq                                                                            D…ryhq


                            D‡hy’                                                                               D‡hy’


                          Ehƒh                                                                              Ehƒh


                          F‚…rh                                                                              F‚…rh
                                        h                                                                                                             h

                    Gˆ‘r€i‚ˆ…t                                                                         Gˆ‘r€i‚ˆ…t


                         Hr‘vp‚         h                                                                Hr‘vp‚                                       h


                    Ir‡ur…yhq†                                                                        Ir‡ur…yhq†


                   IrÃarhyhq                                                                        IrÃarhyhq


                         I‚…h’                                                                             I‚…h’


                         Q‚yhq                                                                             Q‚yhq


                        Q‚…‡ˆthy                                                                           Q‚…‡ˆthy


               Ty‚‰hxÃSrƒˆiyvp                                                                      Ty‚‰hxÃSrƒˆiyvp


                           Tƒhv                                                                              Tƒhv


                        Trqr                                                                             Trqr


                     Tv‡“r…yhq                                                                        Tv‡“r…yhq


                          Uˆ…xr’        h                                                                 Uˆ…xr’                                      h

               Vv‡rqÃFvtq‚€                                                                       Vv‡rqÃFvtq‚€


                   Vv‡rqÃT‡h‡r†                                                                      Vv‡rqÃT‡h‡r†



                                                                                                                                                


                                           9rp‚ˆƒyvt                                                                                I‚Ãqrp‚ˆƒyvt              9rp‚ˆƒyvt


hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

6RXUFH)ÃP@89ÃVIA888




                                                                                                
                                                                                                                                                                    6*6'),1$/


                         )LJXUH  7RWDO &2 HPLVVLRQV SHU XQLW RI *'3 DQG SHU FDSLWD 

                                                                                                                 ((Ã2à                       P@89Ã@ˆ…‚ƒr
                                                                                                                         %



                                                                                                                         !

            ((Ã2Ã 
                                                     P@89ÃU‚‡hy
                                                                                                                         '

                #
                                                                                                   B9Q                   #



                                                                                                                             
                !
                                                                                                                                     ((       ((!           ((#     ((%    (('




                                                                                                                                           P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                  ((Ã2Ã 

                                                                                                                         %



                '                                                                                                       !



                                     U‚‡hyƒˆyh‡v‚                    8PÃr€v††v‚†                                   '

                %

                                                                                                                         #




                #                                                                                                           

                                                                                                                                     ((              (("            ((%          (((




                !                                                                                                                               P@89ÃQhpvsvp
                                                                                                                     ((Ã2Ã 

                                                                                                                         
                 
                                                                                                                         
                        ((     ((          ((!      (("   ((#         (($    ((%    ((&     (('   (((

                                                                                                                             

                                                                                                                             
        F‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃhqÃUˆ…xr’Á‚‡Ãvpyˆqrq

                                                                                                                                 
                                                                                                                                                                      


                                                                                'HFRXSOLQJ IDFWRU
                                                                                                                D



                                                   &2 *'3                                                                            &23RSXODWLRQ


                              6ˆ†‡…hyvh                                                                    6ˆ†‡…hyvh


                                6ˆ†‡…vh                                                                      6ˆ†‡…vh


                               7rytvˆ€                                                                      7rytvˆ€


                               8hhqh                                                                       8hhqh


                        8“rpuÃSrƒˆiyvp                                                              8“rpuÃSrƒˆiyvp


                              9r€h…x                                                                      9r€h…x


                                Avyhq                                                                      Avyhq


                                A…hpr                                                                       A…hpr


                              Br…€h’                                                                      Br…€h’


                                B…rrpr                                                                      B…rrpr


                               Cˆth…’                                                                     Cˆth…’


                                Dpryhq                                                                      Dpryhq


                                D…ryhq                                                                      D…ryhq


                                   D‡hy’                                                                        D‡hy’


                                 Ehƒh                                                                        Ehƒh


                                 F‚…rh                                h                                    F‚…rh                                  h


                           Gˆ‘r€i‚ˆ…t                                                                  Gˆ‘r€i‚ˆ…t


                                Hr‘vp‚                                h                                   Hr‘vp‚                                  h

                           Ir‡ur…yhq†                                                                 Ir‡ur…yhq†


                          IrÃarhyhq                                                                 IrÃarhyhq


                               I‚…h’                                                                       I‚…h’


                                Q‚yhq                                                                       Q‚yhq


                               Q‚…‡ˆthy                                                                     Q‚…‡ˆthy


                        Ty‚‰hxÃSrƒˆiyvp                                                            Ty‚‰hxÃSrƒˆiyvp


                                 Tƒhv                                                                        Tƒhv


                               Trqr                                                                       Trqr


                            Tv‡“r…yhq                                                                  Tv‡“r…yhq


                                Uˆ…xr’                                h                                   Uˆ…xr’                                  h


                        Vv‡rqÃFvtq‚€                                                             Vv‡rqÃFvtq‚€


                          Vv‡rqÃT‡h‡r†                                                               Vv‡rqÃT‡h‡r†


                                         
                                                                 
                                                                                                                     
                                                                                                                                                                  


                                                  I‚Ã9rp‚ˆƒyvt         9rp‚ˆƒyvt                                                   I‚Ã9rp‚ˆƒyvt     9rp‚ˆƒyvt


hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

6RXUFH)ÃÃP@89ÃVIA888




                                                                                               
6*6'),1$/



               $,5 32//87,21

$LU SROOXWLRQ SUREOHPV FRQWLQXH WR EH D VHULRXV KHDOWK FRQFHUQ LQ WKH GHQVHO\ SRSXODWHG XUEDQ DUHDV RI
PRVW 2(&' FRXQWULHV 3UREOHPV UHODWHG WR SROOXWDQW HPLVVLRQV IURP PRWRU YHKLFOH DQG VXPPHU VPRJ KDYH
ODUJHO\ UHSODFHG HDUOLHU FRQFHUQV DERXW ZLQWHU VPRJ FDXVHG E\ VXOSKXU GLR[LGHV FDUERQ PRQR[LGH DQG
SDUWLFXODWH PDWWHU 6RPH RI WKHVH SROOXWDQWV DUH DOVR JUHHQKRXVH JDVHV HJ PHWKDQH QLWURXV R[LGH
2WKHUV DUH SHUVLVWHQW SROOXWDQWV DQG FRPSRXQGV HJ KHDY\ PHWDOV DQG RUJDQLF FRPSRXQGV WKDW FDQ
ELRDFFXPXODWH LQ WKH HQYLURQPHQW DQG KDYH ORQJWHUP HIIHFWV ,Q VRPH FDVHV UXUDO DUHDV FDQ DOVR EH
DIIHFWHG E\ XSZLQG QHDUE\ RU UHPRWH HPLVVLRQV VRXUFHV 9HU\ VPDOO SDUWLFOHV 30 DQG 30  DUH         !$

UHFHLYLQJ LQFUHDVLQJ DWWHQWLRQ DV D KXPDQ KHDOWK FRQFHUQ
(PLVVLRQV RI DLU SROOXWDQWV FRQWULEXWH WR WKH IRUPDWLRQ RI VHFRQGDU\ SROOXWDQWV 7KLV LV EHFDXVH SROOXWDQWV
RQFH HPLWWHG DUH GLVSHUVHG LQ WKH DWPRVSKHUH DQG VRPHWLPHV WUDQVSRUWHG RYHU ORQJ GLVWDQFHV EHIRUH WKH\
DUH GHSRVLWHG 'XULQJ WKLV DWPRVSKHULF WUDQVSRUW WKH\ XQGHUJR FRPSOH[ WUDQVIRUPDWLRQ SURFHVVHV WKDW
UHVXOW LQ WKH IRUPDWLRQ RI VHFRQGDU\ SROOXWDQWV HJ VHFRQGDU\ DHURVROV R[LGDQWV OLNH R]RQH DQG
DWPRVSKHULF DFLG FRPSRXQGV 7KH GHSRVLWLRQ RI DFLGLI\LQJ VXEVWDQFHV FDQ GDPDJH VHQVLWLYH QDWXUDO
HFRV\VWHPV DQG WKH SURGXFWLYLW\ RI DJULFXOWXUDO ODQG
'ULYLQJ IRUFHV RI HPLVVLRQ RI DLU SROOXWDQWV FDQ EH IRXQG LQ DOO VHFWRUV RI WKH HFRQRP\ LQGXVWU\ HQHUJ\
WUDQVSRUW DJULFXOWXUH DQG WKH UHVLGHQWLDO GHSHQGLQJ RQ WKH VWUXFWXUH RI WKH HFRQRP\ WKH IXHO EDVH DQG WKH
OHYHO RI FRQWURO WHFKQRORJ\ XVHG 7KH FRQWULEXWLRQ RI YDULRXV VHFWRUV WR WRWDO HPLVVLRQV YDULHV DPRQJ WKH
GLIIHUHQW SROOXWDQWV EXW WKH XVH RI IRVVLO IXHOV LV D GRPLQDQW HOHPHQW LQ PRVW
)RU LQVWDQFH VWDWLRQDU\ FRPEXVWLRQ IDFLOLWLHV DUH D PDMRU VRXUFH RI 62 DQG 12 HPLVVLRQV LQ 2(&'
                                                                               ‘Ã        ‘Ã

FRXQWULHV 0RELOH VRXUFHV WUDQVSRUW YHKLFOHV DFFRXQW IRU PRVW &2 DQG 12 HPLVVLRQV DQG FRQVHTXHQW
                                                                                    ‘Ã

SHDNV LQ ORFDOLVHG R]RQH FRQFHQWUDWLRQV 1RQPHWKDQH YRODWLOH RUJDQLF FRPSRXQGV 1092& DUH
JHQHUDWHG E\ D UDQJH RI VRXUFHV DQG FRPSULVH D ODUJH QXPEHU RI FRPSRXQGV ZLWK YHU\ GLIIHUHQW WR[LFLW\
UHDFWLYLW\ HPLVVLRQ UDWHV HWF (PLVVLRQV RI SDUWLFXODWH PDWWHU IURP IRVVLO IXHO FRPEXVWLRQ DUH DOVR
VLJQLILFDQW EXW GHFOLQLQJ UDSLGO\ XQGHU VWULFW UHJXODWLRQV DQG WKH LQWURGXFWLRQ RI PRUH HIIHFWLYH FRQWURO
WHFKQRORJ\
7KLV VHFWLRQ FRPSULVHV IRXU GHFRXSOLQJ LQGLFDWRUV SUHVHQWLQJ VHSDUDWH LQIRUPDWLRQ DERXW IRXU VXEVWDQFHV
62  12  92&V DQG SDUWLFXODWH PDWWHU $W D ODWHU VWDJH LW ZRXOG EH EHWWHU WR SUHVHQW WKLV LQIRUPDWLRQ LQ
        ‘         ‘Ã

WHUPV RI WKH UROH SOD\HG E\ WKHVH DQG RWKHU JDVHV LQ UHODWLRQ WR YDULRXV HQYLURQPHQWDO SUREOHPV VXFK DV
DFLGLILFDWLRQ DQG ORZOHYHO R]RQH IRUPDWLRQ ,Q DGGLWLRQ HPLVVLRQV RI KHDY\ PHWDOV DQG SHUVLVWHQW RUJDQLF
SROOXWDQWV 323V DOVR RXJKW WR EH FRQVLGHUHG


                 7RWDO 12 HPLVVLRQ SHU XQLW RI *'3
                            ‘Ã




(PLVVLRQV RI QLWURJHQ R[LGHV 12  VHULRXVO\ DIIHFW KHDOWK DQG FRQWULEXWH WR WKH IRUPDWLRQ RI JURXQGOHYHO
                                                ‘

R]RQH DFLGLILFDWLRQ DQG HXWURSKLFDWLRQ *URXQGOHYHO R]RQH DQG DFLGLILFDWLRQ KDYH DGYHUVH HIIHFWV RQ
KXPDQ KHDOWK DQG YHJHWDWLRQ LQFOXGLQJ FURSV DQG IRUHVWV (XWURSKLFDWLRQ KDV DGYHUVH HIIHFWV RQ
WHUUHVWULDO DQG DTXDWLF HFRV\VWHPV 7KH VHFWRUV UHVSRQVLEOH IRU WKH EXON RI 12 HPLVVLRQV LQ 2(&'
                                                                                         ‘Ã

FRXQWULHV DUH WUDQVSRUW   HQHUJ\   DQG LQGXVWU\   :LWKLQ WKH 2(&' DUHD WKH 8QLWHG 6WDWHV
DQG &DQDGD ZHUH UHVSRQVLEOH IRU  RI WRWDO 2(&' ZLWKRXW $XVWUDOLD DQG 0H[LFR 12 HPLVVLRQV 2(&'
                                                                                              ‘Ã

(XURSH DQG 2(&' 3DFLILF ZLWKRXW $XVWUDOLD DFFRXQWHG IRU  DQG   UHVSHFWLYHO\
(PLVVLRQV RI QLWURJHQ R[LGHV IURP DOO VRXUFHV ZHUH GHFRXSOHG IURP HFRQRPLF JURZWK IRU DOO WKUHH 2(&'
UHJLRQV    GXULQJ  HPLVVLRQV GHFUHDVHG VOLJKWO\   ZKLOH *'3 JUHZ E\ DOPRVW 
              %



)LJXUH  2I WKH WKUHH 2(&' UHJLRQV GHFRXSOLQJ ZDV DEVROXWH LQ (XURSH ZKHUH HPLVVLRQV IHOO E\
 DQG *'3 JUHZ E\   ,Q 2(&' 3DFLILF ZLWKRXW $XVWUDOLD HPLVVLRQV JUHZ E\  DQG *'3 E\
  ,Q 2(&' 1RUWK $PHULFD ZLWKRXW 0H[LFR WKH FRUUHVSRQGLQJ ILJXUHV ZHUH  DQG   UHVSHFWLYHO\
0RVW 2(&' (XURSH DQG 1RUWK $PHULFD FRXQWULHV DUH SDUW\ WR WKH YDULRXV SURWRFROV RI WKH 81(&(
&RQYHQWLRQ RQ /RQJUDQJH 7UDQVERXQGDU\ $LU 3ROOXWLRQ &/57$3 ZKLFK ELQGV WKHVH FRXQWULHV WR PHHWLQJ



     ÃAvtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…Ã6ˆ†‡…hyvhÃhqÃHr‘vp‚




                                                                        
                                                                                                        6*6'),1$/


YDULRXV HPLVVLRQ UHGXFWLRQ WDUJHWV 6XFK WDUJHWV FDQ EH VKRZQ RQ WKH VWDQGDUG GHFRXSOLQJ JUDSKV XVHG LQ
WKLV SDSHU )LJXUH 
(PLVVLRQ UHGXFWLRQV KDYH EHHQ GXH PDLQO\ WR WKH XVH RI FRQWURO WHFKQRORJ\ LQ VWDWLRQDU\ FRPEXVWLRQ SODQWV
HJ VHOHFWLYH FDWDO\WLF UHGXFWLRQ 6&5 DQG FDWDO\WLF FRQYHUWHUV LQ SHWUROGULYHQ YHKLFOHV 3URMHFWLRQV IURP
WKH 2(&'
V UHIHUHQFH VFHQDULR IRU VWDWLRQDU\ DQG PRELOH VRXUFHV VXJJHVW WKDW HPLVVLRQV PD\ FRQWLQXH WR
GHFUHDVH DFURVV WKH 2(&' WR  SULPDULO\ GXH WR FRQWLQXRXV HIIRUWV WR WLJKWHQ PRWRU YHKLFOH HPLVVLRQV
/DUJH UHGXFWLRQV DUH H[SHFWHG LQ 2(&' (XURSH   DQG LQ 1RUWK $PHULFD   ZKHUH HPLVVLRQV IURP
PRWRU YHKLFOHV DUH GRPLQDQW 7KH WDUJHW VHW E\ WKH (8 LI ZKROO\ LPSOHPHQWHG ZLOO UHGXFH WRWDO HPLVVLRQV
E\  E\  FRPSDUHG WR WKH EDVH \HDU RI  $W WKH ZRUOG OHYHO HPLVVLRQV RI QLWURJHQ R[LGHV DUH
SURMHFWHG WR LQFUHDVH VXEVWDQWLDOO\ GXH WR HFRQRPLF JURZWK DQG ULVH LQ PRWRU YHKLFOH WUDIILF


               7RWDO 62 HPLVVLRQV SHU XQLW RI *'3
                            ‘Ã




(PLVVLRQV RI VXOSKXU R[LGHV 62  FRQWULEXWH WR ZLQWHU VPRJ DQG DFLGLILFDWLRQ 62 DOVR KDV DGYHUVH HIIHFWV
                                              ‘                                                    ‘Ã

RQ KXPDQ KHDOWK SDUWLFXODUO\ LQ FLWLHV ZKHUH FRQFHQWUDWLRQV WHQG WR EH KLJKHVW $QWKURSRJHQLF HPLVVLRQV
RI 62 RULJLQDWH PDLQO\ IURP WKH FRPEXVWLRQ RI VXOSKXUFRQWDLQLQJ IXHOV 7KH VHFWRUV UHVSRQVLEOH IRU WKH
           ‘

EXON RI 62 HPLVVLRQV LQ 2(&' FRXQWULHV DUH LQGXVWU\   HQHUJ\   DQG WKH UHVLGHQWLDO VHFWRU  
                 ‘Ã

2(&' FRXQWULHV FRQWULEXWHG DERXW  WR JOREDO HPLVVLRQV LQ  :LWKLQ WKH 2(&' DUHD WKH 8QLWHG
6WDWHV DQG &DQDGD ZHUH UHVSRQVLEOH IRU  RI WRWDO 2(&'  62 HPLVVLRQV 2(&' (XURSH DQG !

2(&' 3DFLILF DFFRXQWHG IRU  DQG   UHVSHFWLYHO\
(PLVVLRQV RI VXOSKXU GLR[LGH IURP DOO VRXUFHV ZHUH DEVROXWHO\ GHFRXSOHG IURP HFRQRPLF JURZWK IRU DOO
WKUHH 2(&' UHJLRQV GXULQJ  HPLVVLRQV GHFUHDVHG E\ RYHU   ZKLOH *'3 JUHZ E\ DOPRVW 
                                 &



)LJXUH  2I WKH WKUHH 2(&' UHJLRQV GHFRXSOLQJ ZDV PRVW SURQRXQFHG LQ (XURSH ZKHUH HPLVVLRQV
IHOO E\  DQG *'3 JUHZ E\   ,Q 2(&' 3DFLILF HPLVVLRQV IHOO E\  DQG *'3 LQFUHDVHG E\   ,Q
2(&' 1RUWK $PHULFD WKH FRUUHVSRQGLQJ ILJXUHV ZHUH  DQG   UHVSHFWLYHO\
(PLVVLRQ UHGXFWLRQV KDYH EHHQ GXH PDLQO\ WR D VZLWFK IURP KLJK VXOSKXU VROLG DQG OLTXLG IXHOV WR QDWXUDO
JDV LQ WKH HQHUJ\ LQGXVWULHV LQGXVWU\ DQG GRPHVWLF VHFWRUV WKH FRQVWUXFWLRQ RI QHZ SRZHU SODQWV DQG WKH
XVH RI ORZVXOSKXU FRDO DQG IOXH JDV GHVXOSKXULVDWLRQ 7KH IDOO LQ 62 HPLVVLRQV KDV UHGXFHG WKH IRUPDWLRQ
                                                                                      ‘Ã

RI ZLQWHU VPRJ LQ XUEDQ DUHDV DQG DWPRVSKHULF DFLGV DQG WKHLU GHSRVLWLRQ WR VXUIDFH ZDWHUV DQG IRUHVW
HFRV\VWHPV
,Q RUGHU WR REWDLQ DQ RYHUDOO LQGLFDWRU RI WKH GHFRXSOLQJ RI HPLVVLRQV RI DFLGLI\LQJ VXEVWDQFHV IURP *'3 LW
ZRXOG EH SRVVLEOH WR DJJUHJDWH HPLVVLRQV RI 62  12 DQG DPPRQLD LQ WHUPV RI WKHLU DFLGLI\LQJ HIIHFW
                                                                      ‘        ‘

'DWD RQ DPPRQLD HPLVVLRQV DUH FXUUHQWO\ QRW DYDLODEOH EXW D ZHLJKWHG VXP RI WKH HPLVVLRQV RI WKH ILUVW
WZR JDVHV LV VKRZQ E\ ZD\ RI LOOXVWUDWLRQ )LJXUH 


               7RWDO HPLVVLRQV RI ILQH SDUWLFXODWH PDWWHU SHU XQLW RI *'3

(PLVVLRQV RI ILQH SDUWLFXODWH PDWWHU 30 KDYH VLJQLILFDQW QHJDWLYH LPSDFWV RQ SXEOLF KHDOWK LQ XUEDQ DUHDV
%UHDWKLQJ LQ ILQH SDUWLFOHV SDUWLFXODUO\ WKRVH XQGHU mP LQ GLDPHWHU 30  FDQ LQFUHDVH WKH IUHTXHQF\
                                                                                               

DQG VHYHULW\ RI SXOPRQDU\ DQG FDUGLRYDVFXODU GLVHDVH DQG HYHQ WULJJHU SUHPDWXUH GHDWK &RPEXVWLRQ RI
FRDO DQG RLOILUHG SRZHU SODQWV VPHOWHUV DXWRPRELOHV DQG GLHVHO YHKLFOHV UHSUHVHQW WKH ODUJHVW VRXUFH RI
ILQH SDUWLFXODWH PDWWHU $SDUW IURP EHLQJ GLUHFWO\ HPLWWHG LQWR WKH DWPRVSKHUH 30 LV DOVR FUHDWHG IURP 

SUHFXUVRUV VXFK DV QLWURJHQ R[LGHV VXOSKXU GLR[LGH DQG DPPRQLD
(PLVVLRQ UHGXFWLRQV RYHU WKH SDVW GHFDGHV KDYH EHHQ GXH PDLQO\ WR VWULQJHQW GXVW FRQWURO IRU VWDWLRQDU\
VRXUFHV &RQFHUQ LV JURZLQJ KRZHYHU DERXW ILQH DQG XOWUDILQH SDUWLFOHV DV FRQYHQWLRQDO FRQWURO V\VWHPV
KDYH QRW EHHQ DEOH WR UHPRYH WKHP IURP H[KDXVW JDV
,Q WKH PLGV 2(&' FRXQWULHV FRQWULEXWHG OHVV WKDQ  WR JOREDO HPLVVLRQV RI SDUWLFXODWH PDWWHU 2(&'
1RUWK $PHULFD   2(&' (XURSH  DQG 2(&' 3DFLILF OHVV WKDQ   (PLVVLRQ SURMHFWLRQV DUH
GLIILFXOW WR PDNH IRU 2(&' FRXQWULHV DV HPLVVLRQV RI ILQH DQG XOWUDILQHV SDUWLFOHV ZLOO GHSHQG RQ WKH
LQWURGXFWLRQ RI KLJKHIILFLHQF\ ILOWHU HTXLSPHQW IRU PRELOH VRXUFHV ,Q RWKHU SDUWV RI WKH ZRUOG SDUWLFXODWH


     ÃAvtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…Ã6ˆ†‡…hyvhÃHr‘vp‚ÃhqÃUˆ…xr’




                                                                        
6*6'),1$/


PDWWHU LV OLNHO\ WR LQFUHDVH GXH WR JURZWK LQ HQHUJ\ DQG WUDQVSRUW GHPDQG DQG WKH ODFN RI HIILFLHQW HPLVVLRQ
FRQWUROV
7KH DYDLODEOH LQIRUPDWLRQ DERXW SDUWLFXODWH HPLVVLRQV LQ 2(&' FRXQWULHV LV QRW VXIILFLHQW WR SHUPLW
SUHVHQWDWLRQ RI GDWD IRU WKH YDULRXV 2(&' UHJLRQV ,Q VHYHUDO FRXQWULHV WKHUH ZDV D VLJQLILFDQW DEVROXWH
GHFRXSOLQJ RI SDUWLFXODWH HPLVVLRQV IURP HFRQRPLF JURZWK )RU H[DPSOH LQ WKH 8QLWHG 6WDWHV HPLVVLRQV
IHOO E\  GXULQJ  DQG *'3 LQFUHDVHG E\  )LJXUH  ,Q WKH 8QLWHG .LQJGRP WKH
FRUUHVSRQGLQJ ILJXUHV DUH  DQG   $ UHODWLYH GHFRXSOLQJ WRRN SODFH LQ 1RUZD\ ZLWK SDUWLFXODWH
HPLVVLRQV LQFUHDVLQJ E\  DQG *'3 E\   1R GHFRXSOLQJ RFFXUUHG LQ ,WDO\ ZKHUH WKH JURZWK LQ
HPLVVLRQV   H[FHHGHG WKDW RI *'3  
(PLVVLRQV RI SULPDU\ 30 DQG VHFRQGDU\ 30 SUHFXUVRUV DUH H[SHFWHG WR IDOO DV LPSURYHG YHKLFOH HQJLQH
                                                              

WHFKQRORJLHV DUH DGRSWHG DQG VWDWLRQDU\ IXHO FRPEXVWLRQ HPLVVLRQV DUH FRQWUROOHG WKURXJK DEDWHPHQW RU
WKH XVH RI ORZ VXOSKXU IXHOV VXFK DV QDWXUDO JDV &XUUHQWO\ WKHUH DUH QR QDWLRQDO RU LQWHUQDWLRQDO HPLVVLRQ
UHGXFWLRQ WDUJHWV LQ 2(&' FRXQWULHV


              7RWDO HPLVVLRQV RI YRODWLOH RUJDQLF FRPSRXQGV SHU XQLW RI *'3

(PLVVLRQV RI QRQPHWKDQH YRODWLOH RUJDQLF FRPSRXQGV 1092& FRQWULEXWH WR WKH IRUPDWLRQ RI JURXQG
OHYHO R]RQH &HUWDLQ 1092& VXEVWDQFHV RU JURXSV RI VXEVWDQFHV VXFK DV EHQ]HQH  EXWDGLHQH DQG
SRO\F\FOLF DURPDWLF K\GURFDUERQV 3$+ DUH SDUWLFXODUO\ KD]DUGRXV WR KXPDQ KHDOWK 0RVW 1092&
HPLVVLRQV VWHP IURP LQFRPSOHWH FRPEXVWLRQ WKH XVH RI LQGXVWULDO VROYHQWV DQG HYDSRUDWLYH ORVVHV GXULQJ
IXHO SURGXFWLRQ DQG GLVWULEXWLRQ 7KH ODWWHU VHFWRU LV DOVR DQ LPSRUWDQW VRXUFH RI PHWKDQH HPLVVLRQV IURP RLO
SURGXFWLRQ HJ JDV IODULQJ DQG QDWXUDO JDV GLVWULEXWLRQ V\VWHPV 7KH VHFWRUV UHVSRQVLEOH IRU WKH EXON RI
1092& HPLVVLRQV LQ 2(&' FRXQWULHV DUH WUDQVSRUW   LQGXVWU\   DQG WKH UHVLGHQWLDO VHFWRU
  ,Q (XURSH WKH WUDQVSRUW VHFWRU LV WKH VHFRQG ODUJHVW VRXUFH DIWHU WKH VROYHQW LQGXVWU\
(PLVVLRQV RI QRQPHWKDQH YRODWLOH RUJDQLF FRPSRXQGV 1092&V IURP DOO VRXUFHV ZHUH DEVROXWHO\
GHFRXSOHG IURP HFRQRPLF JURZWK IRU DOO WKUHH 2(&' UHJLRQV GXULQJ  HPLVVLRQV GHFUHDVHG E\
                                                                                     '



RYHU   ZKLOH *'3 JUHZ E\ DOPRVW  )LJXUH  2I WKH WKUHH 2(&' UHJLRQV GHFRXSOLQJ ZDV
PRVW SURQRXQFHG LQ (XURSH ZKHUH HPLVVLRQV IHOO E\ DOPRVW  DQG *'3 JUHZ E\ PRUH WKDQ   DQG
2(&' 1RUWK $PHULFD ZKHUH WKH FRUUHVSRQGLQJ ILJXUHV ZHUH  DQG DOPRVW   UHVSHFWLYHO\ ,Q 2(&'
3DFLILF HPLVVLRQV IHOO E\  DQG *'3 LQFUHDVHG E\ MXVW RYHU  
(PLVVLRQ UHGXFWLRQV KDYH EHHQ GXH PDLQO\ WR WKH XVH RI FDWDO\WLF FRQYHUWHUV IRU SHWURO URDG YHKLFOHV DQG
LQFUHDVHG SHQHWUDWLRQ RI GLHVHO FDUV ,Q VRPH FRXQWULHV VROYHQW PDQXIDFWXULQJ SURFHVVHV DQG XVHV LQ
SDLQWV JOXHV DQG RWKHU SURGXFWV DQG SULQWLQJ DQG YHKLFOH VSUD\LQJ DUH QRZ EHWWHU FRQWUROOHG WKURXJK EHVW
SUDFWLFH VFKHPHV VXEVWLWXWLRQ ZLWK ZDWHUEDVHG SURGXFWV DQG DEDWHPHQW WHFKQRORJ\
'HVSLWH WKH RYHUDOO HPLVVLRQ UHGXFWLRQV DFKLHYHG LQ WKH V WKH ODUJH DPRXQW RI HPLVVLRQV IURP PRWRU
YHKLFOHV KDV OHG WR LQFUHDVHG IRUPDWLRQ RI JURXQGOHYHO R]RQH VXPPHU VPRJ LQ PRVW 2(&' FRXQWULHV
(PLVVLRQ SURMHFWLRQV DQWLFLSDWH WKDW YRODWLOH RUJDQLF FRPSRXQGV ZLOO FRQWLQXH WR GHFUHDVH LQ WKH 2(&'
DUHD EHWZHHQ  DQG  XQWLO  SULPDULO\ GXH WR HPLVVLRQ FRQWUROV IRU PRWRU YHKLFOHV 7KH HPLVVLRQ
FHLOLQJV VHW IRU (8 FRXQWULHV DUH H[SHFWHG WR UHGXFH HPLVVLRQV E\  LQ  FRPSDUHG WR  OHYHOV
,Q WKH UHVW RI WKH ZRUOG WKH HPLVVLRQV DUH OLNHO\ WR VXEVWDQWLDOO\ LQFUHDVH HVSHFLDOO\ LQ WKRVH SDUWV ZLWK
PRGHVW RU QR FRQWUROV

5HIHUHQFHV
2(&'  (QYLURQPHQWDO 2XWORRN WR  IRU $LU 4XDOLW\ %DFNJURXQG UHSRUW IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN
     IRU &KDSWHU  $LU 4XDOLW\ 2(&' 3DULV
2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW  2(&' 3DULV
(($  (PLVVLRQV RI SULPDU\ SDUWLFXODWHV DQG VHFRQGDU\ SDUWLFXODWH SUHFXUVRUV ,QGLFDWRU IDFW VKHHW
      ZZZ KWWSZZZHHDHXLQWWKHPHVDLU SROOXWLRQLQGLFDWRUVHPLVVLRQV RI SDUWLFXODWHV (XURSHDQ (QYLURQPHQW
      $JHQF\ &RSHQKDJHQ


     ÃAvtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃF‚…rhÃHr‘vp‚ÃTy‚‰hxÃSrƒˆiyvpÃhqÃUˆ…xr’




                                                                       
                                                                                                                                                                                                       6*6'),1$/



                       )LJXUH  7RWDO HPLVVLRQV RI QLWURJHQ DQG VXOSKXU R[LGHV SHU XQLW RI *'3 

                                                                                                                                                      ('Ã2à                            P@89Ã@ˆ…‚ƒr
                                                                                                                                                                 %



                                                                                                                                                                 !




              ('Ã2Ã                                                                                                                                           '
                                                                     P@89ÃU‚‡hy

                                                                                                                                                                 #
                     '


                                                                                                                                                                  
                                                                                                                  B9Q
                     %                                                                                                                                                ('         ('"      ('%        ('(          ((!                 (($    (('




                     #
                                                                                                                                                                                   P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                                                         ('Ã2Ã 

                                                                                                                            Q‚ƒˆyh‡v‚                           !
                     !

                                                                                                                                                                 %


                                                                                                                                                               !


                                                                                                                  IP‘Ãr€v††v‚†                                  '

                     '
                                                                                                                        Xrvtu‡rqƈ€
                                                                                                                                                                 #


                                                                                                                                                                  
                     %

                                                                                                                                                                       ('         ('"         ('%     ('(            ((!               (($    (('


                     #
                                                                                                                      TP‘Ãr€v††v‚†                                                       P@89ÃQhpvsvp
                                                                                                                                                        ('Ã2Ã 
                                                                                                                                                                 !
                     !

                                                                                                                                                                  %


                                                                                                                                                                 !

                                 ('             ('"                ('%             ('(               ((!             (($             (('
                                                                                                                                                                  '


                                                                                                                                                                  #

        Ã6ˆ†‡…hyvhÃHr‘vp‚ÃhqÃUˆ…xr’Ãh…rÁ‚‡Ãvpyˆqrq
                                                                                                                                                                   
        ÃTˆ€Ã‚sÃTP‘à "!ÃhqÃIP‘à #%Ãr€v††v‚†Ãrvtu‡rqÃvÃ‡r…€†Ã‚sÇurv…Ãhpvqvs’vtÃ
                                                                                                                                                                       ('          ('"        ('%      ('(            ((!               (($    (('

        rssrp‡Ã9h‡hÃr€v††v‚†Ã‚sÃh€€‚vhÃh‚‡ur…Ævtvsvph‡Ãhpvqvs’vtÃth†Ãh…rÃ

        ‚‡Ãh‰hvyhiyr



                                                                                                      'HFRXSOLQJ IDFWRU
                                                                                                                                              D



                                                                     12[*'3                                                                                                              62[*'3

                                                                                                                                                                                      




                6ˆ†‡…hyvh                            h                            6ˆ†‡…hyvh                                                 6ˆ†‡…hyvh                h                                   6ˆ†‡…hyvh        h


                  6ˆ†‡…vh                                                             6ˆ†‡…vh                                                   6ˆ†‡…vh                                                          6ˆ†‡…vh


                 7rytvˆ€                                                             7rytvˆ€                                                   7rytvˆ€                                                          7rytvˆ€


                 8hhqh                                                               8hhqh                                                   8hhqh                                                           8hhqh


          8“rpuÃSrƒˆiyvp                                                     8“rpuÃSrƒˆiyvp                                           8“rpuÃSrƒˆiyvp                                                    8“rpuÃSrƒˆiyvp


                9r€h…x                                                              9r€h…x                                                  9r€h…x                                                          9r€h…x


                  Avyhq                                                             Avyhq                                                   Avyhq                                                         Avyhq


                  A…hpr                                                              A…hpr                                                    A…hpr                                                           A…hpr


                Br…€h’                                                              Br…€h’                                                  Br…€h’                                                          Br…€h’


                  B…rrpr                                                              B…rrpr                                                    B…rrpr                                                          B…rrpr


                 Cˆth…’                                                             Cˆth…’                                                   Cˆth…’                                                         Cˆth…’


                  D pryhq                                                            D pryhq                                                  D pryhq                                                         D pryhq


                  D …ryhq                                                            D …ryhq                                                  D…ryhq                                                          D …ryhq


                     D‡hy’                                                                D‡hy’                                                     D ‡hy’                                                          D‡hy’


                   Ehƒh                             h                              Ehƒh                                                     Ehƒh                  h                                      Ehƒh


                   F‚…rh                             h                              F‚…rh                                                       F‚…rh                h                                      F‚…rh


             Gˆ‘r€i‚ˆ…t                                                         Gˆ‘r€i‚ˆ…t                                                  Gˆ‘r€i‚ˆ…t                                                     Gˆ‘r€i‚ˆ…t


                  Hr‘vp‚                             h                             Hr‘vp‚               h                                 Hr‘vp‚                      h                                 Hr‘vp‚          h


             Ir‡ur…yhq†                                                        Ir‡ur…yhq†                                                 Ir‡ur…yhq†                                                    Ir‡ur…yhq†


            IrÃarhyhq                              h                      IrÃarhyhq                                              IrÃarhyhq                     h                              IrÃarhyhq


                  I‚…h’                                                              I‚…h’                                                    I‚…h’                                                          I‚…h’


                  Q‚yhq                                                              Q‚yhq                                                    Q‚yhq                                                           Q‚yhq


                 Q‚…‡ˆthy                                                            Q‚…‡ˆthy                                                  Q‚…‡ˆthy                                                         Q‚…‡ˆthy


          Ty‚‰hxÃSrƒˆiyvp                            h                    Ty‚‰hxÃSrƒˆiyvp                                          Ty‚‰hxÃSrƒˆiyvp                   h                           Ty‚‰hxÃSrƒˆiyvp


                   Tƒhv                                                                Tƒhv                                                      Tƒhv                                                          Tƒhv


                 Trqr                                                              Trqr                                                    Trqr                                                           Trqr


              Tv‡“r…yhq                                                        Tv‡“r…yhq                                                Tv‡“r…yhq                                                      Tv‡“r…yhq


                  Uˆ…xr’                                                              Uˆ…xr’                                                    Uˆ…xr’                  h                                     Uˆ…xr’         h

          Vv‡rqÃFvtq‚€                                                     Vv‡rqÃFvtq‚€                                           Vv‡rqÃFvtq‚€                                                   Vv‡rqÃFvtq‚€


            Vv‡rqÃT‡h‡r†                                                      Vv‡rqÃT‡h‡r†                                            Vv‡rqÃT‡h‡r†                                                     Vv‡rqÃT‡h‡r†


                                                                                                                                                                                                                    

                                 I‚Ãqrp‚ˆƒyvt         9rp‚ˆƒyvt




hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

6RXUFH)ÃÃP@89




                                                                                                                        
6*6'),1$/



      )LJXUH  $FKLHYHPHQW RI WDUJHWV RI 81(&( FRQYHQWLRQ RQ ORQJ UDQJH WUDQVERXQGDU\ DLU SROOXWLRQ
                                                  &/57$3
                                        0HPEHU FRXQWULHV SDUW\ WR WKH +HOVLQNL 3URWRFRO

               ('Ã2Ã 

                    $                                                                              B9Q

                    #


                    "


                    !                                                                         Cry†vxvÃUh…tr‡)Ã

                                                                                               SrqˆprÁh‡v‚hyÃ
                      
                                                                                              †ˆyƒuˆ…Ãr€v††v‚†Ã
                                                                                            i’Ãh‡Ãyrh†‡Ã"ÈÃi’Ã

                    (                                                                          (("Ãih†rÒrh…Ã
                                                                                                                                            P†y‚ÃUh…tr‡Ãs‚…Ã
                                                                                                        ('
                    '                                                                                                                      @V $Ãp‚ˆ‡…vr†)Ã

                                                                                                                                            SrqˆprÁh‡v‚hyÃ
                    &
                                                                                                                                           †ˆyƒuˆ…Ãr€v††v‚†Ã

                    %                                                                                                                      i’Ã%!ÈÃi’Ã!Ã

                    $                           TP‘Ãr€v††v‚†


                    #


                    "


                    !


                      


                      

                           ('         ('!      ('#       ('%     (''         ((     ((!     ((#      ((%            (('        !




         6ˆ†‡…vhÃ7rytvˆ€Ã8hhqhÃ8“rpuÃSrƒˆiyvpÃ9r€h…xÃAvyhqÃA…hprÃBr…€h’ÃCˆth…’ÃD‡hy’

         Gˆ‘r€i‚ˆ…tÃIr‡ur…yhq†ÃI‚…h’ÃTy‚‰hxÃSrƒˆiyvpÃTrqrÃhqÃTv‡“r…yhq




                                                                                                    ('&Ã2Ã 
                                                                                                                                     8hhqh
                                                                                                       #

                                                                                                       "

                                                                                                       !

                                                                                                        

                          (Ã@ˆ…‚ƒrhÃHr€ir…Ãp‚ˆ‡…vr†Ãƒh…‡’Ç‚ÇurÃT‚svhà                              

                                                                                                       (
     ('&Ã2à                                        Q…‚‡‚p‚y
                                                                                                       '
          #                                                                        B9Q                &                    T‚svhÃUh…tr‡)ÃSrqˆpr…Ãh‡Ã
                                                                                                       %
          "                                                                                                                     yrh†‡Ãs…rr“rÁh‡v‚hyÃIP‘Ã
                                                                                                       $
                                                                                                                                 r€v††v‚†Ãi’à      ((#Ãih†rÃ
                                                                                                       #
          !
                                                                                                       "                                 ’rh…Ã   ('&

                                                                                                      !

                                                                                                        

                                                                                                      

                                                                                                                ('&        ('(       ((           (("    (($         ((&
          (
                          T‚svhÃUh…tr‡)ÃSrqˆpr…Ãh‡Ã

          '              yrh†‡Ãs…rr“rÁh‡v‚hyÃIP‘Ã

                          r€v††v‚†Ãi’à      ((#Ãih†rÃ
          &
                                 ’rh…Ã   ('&
                                                                                                     (&'Ã2à                     ÃVv‡rqÃT‡h‡r†
                                                                              IP‘Ãr€v††v‚†
          %                                                                                              (
                                                                                                          '
          $                                                                                              &
                                                                                                          %
          #                                                                                              $
                                                                                                          #

          "                                                                                              "
                                                                                                          !
                                                                                                            
          !
                                                                                                          
                                                                                                          (
           
                                                                                                          '
                                                                                                          &
           
                                                                                                          %                 T‚svhÃUh…tr‡)ÃSrqˆpr…Ãh‡Ã
                                                                                                          $
                    ('&          ('(            ((          (("         (($           ((&                                    yrh†‡Ãs…rr“rÁh‡v‚hyÃIP‘Ã
                                                                                                          #
                                                                                                          "                     r€v††v‚†Ãi’à     ((#Ãih†rÃ
                                                                                                          !
                                                                                                            
                                                                                                                                          ’rh…Ã   (&'
 6ˆ†‡…vhÃ7rytvˆ€Ã8“rpuÃSrƒˆiyvpÃ9r€h…xÃAvyhqÃA…hprÃBr…€h’ÃB…rrpr
                                                                                                            

 Cˆth…’ÃD…ryhqÃD‡hy’ÃGˆ‘r€i‚ˆ…tÃIr‡ur…yhq†ÃI‚…h’ÃTy‚‰hxÃSrƒˆiyvpà                                    (&'   ('     ('"     ('$    (''    ((   ((!   ((#    ((%   (('

 TƒhvÃTrqrÃTv‡“r…yhqÃhqÃVv‡rqÃFvtq‚€

6RXUFH)ÃÃP@89




                                                                                       
                                                                                                                                                                             6*6'),1$/


                 )LJXUH  7RWDO HPLVVLRQV RI 92&V DQG SDUWLFXODWH PDWWHU SHU XQLW RI *'3 
                                                                                                                 ((Ã2à                          P@89Ã@ˆ…‚ƒr
                                                                                                                        #


                                                                                                                        !

                                                                                                                        

            ((Ã2Ã 
                                                     P@89ÃU‚‡hy                                                        '

                                                                                                                        %

                 #
                                                                                                                        #

                                                                                                                        !
                                                                                          B9Q
                                                                                                                         
                 !
                                                                                                                                      ((    ((    ((!    (("      ((#       (($    ((%    ((&    (('




                 
                                                                                                                                              P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                    ((Ã2Ã       
                                                                                               Q‚ƒˆyh‡v‚
                                                                                                                        #

                                                                                                                        !

                 '
                                                                                                                        

                                                                                     WP8†Ãr€v††v‚†                     '

                                                                                                                        %
                 %
                                                                                                                        #

                                                                                                                        !

                                                                                                                             
                 #

                                                                                                                                      ((    ((    ((!    (("          ((#   (($    ((%     ((&    (('




                 !                                                                                                                                P@89ÃQhpvsvp
                                                                                                                    ((Ã2Ã       
                                                                                                                         #

                                                                                                                         !

                  
                                                                                                                         

                         ((         ((        ((!    (("       ((#    (($     ((%       ((&       (('                   '

                                                                                                                         %

                                                                                                                         #
       ÃF‚…rhÃHr‘vp‚ÃTy‚‰hxÃSrƒˆiyvpÃhqÃUˆ…xr’Ãh…rÁ‚‡Ãvpyˆqrq
                                                                                                                         !

                                                                                                                             


                                                                                                                                       ((    ((    ((!    (("         ((#    (($    ((%    ((&    (('




                                                                             'HFRXSOLQJ IDFWRU
                                                                                                               D



                                                     92&V*'3                                                                                      30*'3


                               6ˆ†‡…hyvh                                                                    6ˆ†‡…hyvh                                           h


                                                                                                                                                                h
                                6ˆ†‡…vh                                                                      6ˆ†‡…vh


                               7rytvˆ€                                                                      7rytvˆ€                                             h


                               8hhqh                                                                       8hhqh


                      8“rpuÃSrƒˆiyvp                                                                8“rpuÃSrƒˆiyvp


                            9r€h…x                                                                         9r€h…x                                             h


                                Avyhq                                                                      Avyhq


                                A…hpr                                                                       A…hpr


                            Br…€h’                                                                         Br…€h’


                                B…rrpr                                                                       B…rrpr                                             h


                               Cˆth…’                                                                      Cˆth…’


                                Dpryhq                                                                      Dpryhq                                          h


                                D…ryhq                                                                      D…ryhq                                            h


                                   D‡hy’                                                                        D‡hy’                                           h


                                 Ehƒh                                                                        Ehƒh                                             h


                                 F‚…rh                          h                                          F‚…rh


                         Gˆ‘r€i‚ˆ…t                                                                      Gˆ‘r€i‚ˆ…t                                             h


                                Hr‘vp‚                          h                                         Hr‘vp‚                                             h


                         Ir‡ur…yhq†                                                                     Ir‡ur…yhq†


                        IrÃarhyhq                                                                   IrÃarhyhq


                                I‚…h’                                                                       I‚…h’


                                Q‚yhq                                                                       Q‚yhq


                               Q‚…‡ˆthy                                                                     Q‚…‡ˆthy                                            h


                      Ty‚‰hxÃSrƒˆiyvp                           h                               Ty‚‰hxÃSrƒˆiyvp


                                  Tƒhv                                                                        Tƒhv                                            h


                               Trqr                                                                       Trqr                                              h


                          Tv‡“r…yhq                                                                    Tv‡“r…yhq


                                Uˆ…xr’                          h                                         Uˆ…xr’                                           h


                      Vv‡rqÃFvtq‚€                                                                Vv‡rqÃFvtq‚€


                        Vv‡rqÃT‡h‡r†                                                                 Vv‡rqÃT‡h‡r†



                                                                                                              
                                                                                                                                                         
                                                                                                                                                                                           


                                           I‚Ãqrp‚ˆƒyvt          9rp‚ˆƒyvt


hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

6RXUFH)ÃÃP@89




                                                                                           
6*6'),1$/



          :$7(5 48$/,7<

0DQ\ 2(&' FRXQWULHV KDYH E\ QRZ FOHDQHG XS WKH FRQVSLFXRXVO\ SROOXWHG ZDWHUV WKDW ILUVW FDXVHG SXEOLF
FRQFHUQ LQ WKH V 'LVVROYHG R[\JHQ FRQWHQW LQ ODUJHU ULYHUV LV VDWLVIDFWRU\ PRVW RI WKH \HDU DQG
EDFWHULDO FRQWDPLQDWLRQ KDV DOVR EHHQ PXFK UHGXFHG EXW IRU VHYHUDO RWKHU SDUDPHWHUV LW LV QRW SRVVLEOH WR
GLVFHUQ ZLGHVSUHDG DQG JHQHUDO WUHQGV RI LPSURYHPHQW LQ ZDWHU TXDOLW\ 'HVSLWH WZR GHFDGHV RU PRUH RI
PDMRU HIIRUWV WR UHGXFH HQGRISLSH GLVFKDUJHV IHZ 2(&' FRXQWULHV FDQ FODLP WR VDWLVIDFWRULO\ PHHW WKH
EDVHOLQH TXDOLW\ VWDQGDUG IRU LQODQG ZDWHUV HJ VXLWDELOLW\ IRU ILVKLQJ DQG VZLPPLQJ
,Q RUGHU WR UHVWRUH UHFHLYLQJ ZDWHUV WR WKHLU IRUPHU JRRG KHDOWK ERWK SRLQW DQG GLIIXVH GLVFKDUJHV QHHG WR
EH IXUWKHU UHGXFHG 'LIIXVH SROOXWLRQ ZLOO EH GLVFXVVHG LQ WKH VHFWLRQ RQ DJULFXOWXUH 5HGXFLQJ SROOXWDQW
GLVFKDUJHV IURP PXQLFLSDO DQG LQGXVWULDO ZDVWHZDWHU WUHDWPHQW SODQWV WKHUHIRUH UHPDLQV D FHQWUDO HOHPHQW
RI GHFRXSOLQJ SUHVVXUHV RQ WKH DTXDWLF HQYLURQPHQW DQG KXPDQ DFWLYLW\ 7KLV LV SDUWLFXODUO\ WUXH IRU
GLVFKDUJHV RI SKRVSKRUXV DQG QLWURJHQ
:DWHU TXDOLW\ LV DOVR DIIHFWHG E\ IUHVKZDWHU DEVWUDFWLRQV VHH VHFWLRQ RQ QDWXUDO UHVRXUFHV )RU 2(&'
FRXQWULHV RYHUDOO WRWDO DEVWUDFWLRQV URVH E\ MXVW  EHWZHHQ  EXW WKH ILJXUH ZDV PXFK KLJKHU
ZRUOGZLGH 7KH XVH RI ZDWHU IRU DJULFXOWXUH LV GRPLQDQW LQ PDQ\ 2(&' FRXQWULHV H[FHHGLQJ  RI WRWDO
DEVWUDFWLRQV LQ VHYHQ 0HPEHU &RXQWULHV IROORZHG E\ LQGXVWU\ DQG GRPHVWLF XVH
0XQLFLSDO ZDVWHZDWHU WUHDWPHQW SODQWV W\SLFDOO\ UHFHLYH D PL[WXUH RI ZDVWH ZDWHU IURP KRXVHKROGV DQG
IURP VPDOO DQG PHGLXPVL]HG LQGXVWULHV ,QIORZV IURP WKH ODWWHU RIWHQ DUH DOUHDG\ SDUWLDOO\ WUHDWHG /DUJH
LQGXVWULHV PRVWO\ RSHUDWH WKHLU RZQ WUHDWPHQW SODQW EHIRUH GLVFKDUJLQJ WKHLU HIIOXHQW GLUHFWO\ WR UHFHLYLQJ
ZDWHUV ,Q VRPH FDVHV LQGXVWULDO ZDVWHZDWHU WUHDWPHQW VWDWLRQV UHFHLYH ZDVWH ZDWHU IURP D PL[ RI
LQGXVWULHV FRORFDWHG RQ WKH VDPH LQGXVWULDO VLWH
7KH GHFRXSOLQJ LQGLFDWRUV SUHVHQWHG LQ WKLV VHFWLRQ KDYH VHYHUDO VKRUWFRPLQJV 7KH ILUVW LQGLFDWRU LH
SRSXODWLRQ QRW FRQQHFWHG WR VHZDJH WUHDWPHQW SODQWV VKRXOG EH VHHQ DV D VXUURJDWH IRU DQ LQGLFDWRU
PHDVXULQJ WKH DPRXQW RI ELRFKHPLFDO R[\JHQ GHPDQG %2' IURP KRXVHKROGV DQG LQGXVWU\ VWLOO
GLVFKDUJHG LQWR VXUIDFH ZDWHUV DIWHU WUHDWPHQW 7KH VHFRQG LQGLFDWRU LV OLPLWHG WR GLVFKDUJHV RI QXWULHQWV
IURP KRXVHKROGV EHFDXVH OLWWOH LQIRUPDWLRQ LV DYDLODEOH DERXW GLVFKDUJHV RI QXWULHQWV IURP LQGXVWU\ ,Q SDUW
WKLV LV EHFDXVH D ODUJH SDUW RI LQGXVWULDO ZDVWH ZDWHU JHWV PL[HG ZLWK KRXVHKROG VHZDJH $OVR IHZ GDWD
H[LVW DERXW HIIOXHQWV IURP LQGXVWULDO ZDVWHZDWHU WUHDWPHQW SODQWV $V ZLWK DLU SROOXWLRQ WKH GHFRXSOLQJ
LQGLFDWRUV LGHDOO\ DOVR VKRXOG FRYHU KHDY\ PHWDOV DQG SHUVLVWHQW RUJDQLF SROOXWDQWV 323V )LQDOO\
LQGLFDWRUV DOVR VKRXOG FRYHU GLIIXVH SROOXWLRQ RI VXUIDFH DQG JURXQGZDWHU


            3RSXODWLRQ 127 FRQQHFWHG WR VHZDJH WUHDWPHQW SODQWV YHUVXV WRWDO SRSXODWLRQ

7KH FRQVWUXFWLRQ RI PXQLFLSDO VHZDJH WUHDWPHQW SODQWV ZKLFK EHJDQ LQ HDUQHVW LQ WKH HDUO\ V KDV
EHHQ ZKROO\ RU DOPRVW FRPSOHWHG LQ PDQ\ 2(&' FRXQWULHV LQ VRPH RWKHUV QHZ WUHDWPHQW FDSDFLW\ LV VWLOO
EHLQJ LQVWDOOHG DW D JUHDW SDFH 1HYHUWKHOHVV GXH WR YDU\LQJ VHWWOHPHQW SDWWHUQV HFRQRPLF DQG
HQYLURQPHQWDO FRQGLWLRQV VWDUWLQJ GDWHV DQG WKH UDWHV DW ZKLFK WKH ZRUN ZDV GRQH FRQVLGHUDEOH
GLIIHUHQFHV LQ WKH VKDUH RI SRSXODWLRQ FRQQHFWHG WR PXQLFLSDO WUHDWPHQW LQVWDOODWLRQV VWLOO H[LVW DPRQJ
2(&' FRXQWULHV )XUWKHUPRUH PXFK LPSURYHPHQW LV QHHGHG LQ WHUPV RI OHYHOV RI VHZDJH WUHDWPHQW IRU
VRPH FRXQWULHV WKLV ZLOO LQYROYH VHFRQGDU\ WUHDWPHQW DQG IRU PRVW LW ZLOO PHDQ QXWULHQW UHPRYDO LQ VHQVLWLYH
DUHDV 7R PHHW UHFHLYLQJ ZDWHU TXDOLW\ REMHFWLYHV LQ GHQVHO\ SRSXODWHG DUHDV LW LV EHFRPLQJ QHFHVVDU\ WR
WUHDW XUEDQ VWRUPZDWHU DQG ZHWZHDWKHU RYHUIORZV IURP FRPELQHG VHZHUDJH V\VWHPV
,Q WKH JURXS RI  0HPEHU &RXQWULHV FRQVLGHUHG KHUH WKH QXPEHU RI SHRSOH QRW FRQQHFWHG WR D SXEOLF
                                                  (



ZDVWHZDWHU WUHDWPHQW SODQW IHOO E\  GXULQJ  ZKHUHDV WKH SRSXODWLRQ LQFUHDVHG E\ DOPRVW
 )LJXUH  ,Q 2(&' (XURSH SURJUHVV ZDV VWHDG\ WKURXJKRXW WKH SHULRG FRQVLGHUHG ZKLOH LQ
2(&' 3DFLILF PDLQO\ -DSDQ DQG .RUHD GHFRXSOLQJ ZDV LQLWLDOO\ VORZ EXW DFFHOHUDWHG DIWHU WKH PLGV
7KH SUHVHQWDWLRQ RI WKLV LQGLFDWRU LQ WHUPV RI WKH VKDUH RI WRWDO SRSXODWLRQ QRW FRQQHFWHG WR VHZDJH
WUHDWPHQW SODQWV LV QRW LQWHQGHG WR LPSO\ WKDW WKLV VKDUH VKRXOG DSSURDFK ]HUR /DUJH FHQWUDOLVHG WUHDWPHQW

 (à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…Ã6ˆ†‡…hyvhÃ7rytvˆ€ÃA…hprÃB…rrprÃDpryhqÃD…ryhqÃD‡hy’ÃGˆ‘r€i‚ˆ…tÃHr‘vp‚
      Q‚yhqÃUˆ…xr’ÃhqÇurÃVv‡rqÃT‡h‡r†




                                                                    
                                                                                                        6*6'),1$/


SODQWV DUH QRW DQ HFRQRPLFDOO\ DQG HQYLURQPHQWDOO\ RSWLPXP VROXWLRQ IRU VPDOO GLVSHUVHG FRPPXQLWLHV ,Q
IDFW LQ PDQ\ 2(&' FRXQWULHV WKH SURSRUWLRQ RI WKH SRSXODWLRQ WKDW FDQ UHDVRQDEO\ EH FRQQHFWHG WR D
FRPPXQLW\ VHZHUDJH DQG VHZDJH WUHDWPHQW V\VWHP LV DSSURDFKLQJ LWV HFRQRPLF RSWLPXP 6HYHUDO
FRXQWULHV $XVWULD 'HQPDUN )UDQFH +XQJDU\ -DSDQ /X[HPERXUJ 1RUZD\ KDYH GRQH ZHOO LQ SURYLGLQJ
VPDOO WUHDWPHQW V\VWHPV IRU LVRODWHG VHWWOHPHQWV DQG WKH DSSOLFDWLRQ RI DSSURSULDWH WHFKQRORJ\ FDQ EULQJ
IXUWKHU SURJUHVV DW UHDVRQDEOH FRVW


          'LVFKDUJHV RI QXWULHQWV IURP KRXVHKROGV LQWR WKH HQYLURQPHQW YHUVXV WRWDO SRSXODWLRQ

:DVWH ZDWHU JHQHUDWHG E\ KRXVHKROGV FRQWDLQV SKRVSKDWHV DV ZHOO DV QLWUDWHV 7KHVH QXWULHQWV ZLOO HQG XS
LQ ULYHUV DQG FRDVWDO ZDWHUV XQOHVV WKH\ DUH UHPRYHG LQ VHZDJH WUHDWPHQW SODQWV 7KUHH OHYHOV RI
ZDVWHZDWHU WUHDWPHQW DUH FRPPRQO\ GLVWLQJXLVKHG 3ULPDU\ ZDVWHZDWHU WUHDWPHQW UHPRYHV SDUW RI WKH
VXVSHQGHG VROLGV DQG DERXW             RI SKRVSKRUXV 6HFRQGDU\ ELRORJLFDO WUHDWPHQW XVHV DHURELF RU
DQDHURELF PLFURRUJDQLVPV DQG UHPRYHV PRVW VXVSHQGHG VROLGV %2' ELRFKHPLFDO R[\JHQ GHPDQG DQG
EDFWHULD DERXW  RI QLWURJHQ  RI SKRVSKRUXV DQG DURXQG              DPPRQLXP 7HUWLDU\ WUHDWPHQW
UHPRYHV DURXQG  RI SKRVSKRUXV DQG LQ VRPH FDVHV QLWURJHQ DV ZHOO ,W LV DVVXPHG WKDW LQGLYLGXDO
WUHDWPHQW IDFLOLWLHV HJ VHSWLF WDQNV GR QRW UHPRYH DQ\ QXWULHQWV
7KLV LQGLFDWRU WUDFHV WKH DPRXQW RI SKRVSKRUXV DQG QLWURJHQ SHU KHDG RI SRSXODWLRQ WKDW LV GLVFKDUJHG LQWR
QDWXUDO ZDWHUV EHFDXVH LW LV QRW UHPRYHG E\ FROOHFWLYH RU LQGLYLGXDO WUHDWPHQW IDFLOLWLHV 7KH FDOFXODWLRQ
IROORZV WKDW XVHG IRU RQH RI WKH (XURVWDW (QYLURQPHQWDO 3UHVVXUH ,QGLFDWRUV 7LPH VHULHV GDWD DERXW
FKDQJHV LQ FRQQHFWLRQ UDWHV WR PXQLFLSDO ZDVWHZDWHU WUHDWPHQW SODQWV FRPELQHG ZLWK SHU FDSLWD HPLVVLRQV
IDFWRUV H[SUHVVHG DV NJ 3LQKDELWDQW DQG NJ 1LQKDELWDQW DQG WKH WKHRUHWLFDO WUHDWPHQW HIILFLHQF\ RI WKH
UHVSHFWLYH OHYHOV RI WUHDWPHQW DUH XVHG WR FDOFXODWH WKH SHU FDSLWD HPLVVLRQV WR WKH HQYLURQPHQW DIWHU
WUHDWPHQW
)RU WKH JURXS RI  FRXQWULHV FRQVLGHUHG KHUH WKHUH KDV EHHQ DQ DEVROXWH GHFRXSOLQJ RI GLVFKDUJHV RI
                                    !



SKRVSKRUXV IURP KRXVHKROGV LQWR WKH ZDWHU HQYLURQPHQW IURP SRSXODWLRQ JURZWK GXULQJ WKH SHULRG 
)LJXUH  'HFRXSOLQJ ZDV DEVROXWH LQ  RI WKH  FRXQWULHV LQ WKLV JURXS ,Q 7XUNH\ D SRSXODWLRQ
JURZWK RI PRUH WKDQ   FRPELQHG ZLWK D FRQQHFWLRQ UDWH WR ZDVWHZDWHU WUHDWPHQW SODQWV RI MXVW  
FDXVHG D  ULVH LQ GLVFKDUJHV RI SKRVSKRUXV
)RU WKH JURXS RI  FRXQWULHV FRQVLGHUHG KHUH GXULQJ WKH SHULRG  D UHODWLYH GHFRXSOLQJ RFFXUUHG RI
GLVFKDUJHV RI QLWURJHQ IURP KRXVHKROGV LQWR WKH ZDWHU HQYLURQPHQW IURP SRSXODWLRQ JURZWK )LJXUH 
)RU WKH JURXS DV D ZKROH WRWDO QLWURJHQ GLVFKDUJHV JUHZ E\ DOPRVW  DQG SRSXODWLRQ LQFUHDVHG E\ PRUH
WKDQ   )RU  FRXQWULHV GHFRXSOLQJ ZDV DEVROXWH IRU WKH UHPDLQLQJ ILYH LW ZDV UHODWLYH

5HIHUHQFHV
(($  ,QGLFDWRU RQ 8UEDQ ZDVWHZDWHU WUHDWPHQW (
      KWWSWKHPHVHHDHXLQW6SHFLILFBPHGLDZDWHULQGLFDWRUVZDVWHZDWHULQGH[BKWPO )DFW VKHHW 8UEDQ ZDVWHZDWHU
      WUHDWPHQW KWWSWKHPHVHHDHXLQW6SHFLILFBPHGLDZDWHULQGLFDWRUVZDVWHZDWHU\LUHXUEDQBZDVWHSGI
      (XURSHDQ (QYLURQPHQW $JHQF\ &RSHQKDJHQ
(XURSHDQ &RPPLVVLRQ(XURVWDW  (QYLURQPHQWDO SUHVVXUH LQGLFDWRUV IRU WKH (8  (GLWLRQ (XURSHDQ
      &RPPLVVLRQ(XURVWDW /X[HPERXUJ
2(&'  :DWHU 0DQDJHPHQW 3HUIRUPDQFH DQG &KDOOHQJHV LQ 2(&' &RXQWULHV 2(&' 3DULV
2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  )UHVKZDWHU 2XWORRN %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO RXWORRN IRU &KDSWHU 
     )UHVKZDWHU 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW  2(&' 3DULV
7$8 &RQVXOWRUD $PELHQWDO 6SDLQ  (VWLPDWLRQV RI KRXVHKROG HPLVVLRQV 1XWULHQWV DQG RUJDQLF PDWWHU DV %2'
     SUHVHQWHG DW D PHHWLQJ RI WKH VXEJURXS RQ ZDWHU VWDWLVWLFV RI MRLQW (XURVWDW()7$ ZRUNLQJ JURXS RQ 6WDWLVWLFV RI
     WKH (QYLURQPHQW  -XQH 



!à 6ˆ†‡…vhÃ8hhqhÃ9r€h…xÃAvyhqÃCˆth…’ÃDpryhqÃD…ryhqÃEhƒhÃIr‡ur…yhq†ÃI‚…h’ÃTrqrÃTv‡“r…yhqÃhqÃUˆ…xr’




                                                                 
6*6'),1$/



)LJXUH  3RSXODWLRQ 127 FRQQHFWHG WR SXEOLF VHZDJH WUHDWPHQW SODQWV YHUVXV WRWDO SRSXODWLRQ 

                                                                                                                                        (&$Ã2Ã 
                                                                                                                                                               P@89Ã@ˆ…‚ƒr
                                                         P@89ÃU‚‡hy                                                                       !
           (&$Ã2Ã    

                                                                                                                                           
            
                                                                                                                                           '


                                                                                                                                           %
            
                                                                                                                                           #
                                                                                                       U‚‡hyƒˆyh‡v‚

                                                                                                                                           !
             
                                                                                                                                            

                                                                                                                                                    (&$      ('          ('$               ((     (($         (('

                                                                                                                                      (&$Ã2Ã               P@89ÃQhpvsvp


                                                                                                                                            #

                                                                                           Q‚ƒˆyh‡v‚ÃIPUÃp‚rp‡rqà                      !

                                                                                                    ‡‚ÃhÈiyvpÆrhtrà                     

                                                                                                     ‡…rh‡€r‡Ãƒyh‡
                                                                                                                                            '
             
                                                                                                                                            %

                                                                                                                                            #

                                                                                                                                           !


                                                                                                                     

                                                                                                                                                     (&$     ('           ('$                ((    (($         (('


  6ˆ†‡…hyvhÃ7rytvˆ€ÃA…hprÃB…rrprÃDpryhqÃD…ryhqÃD‡hy’ÃGˆ‘r€i‚ˆ…tÃHr‘vp‚

  Q‚yhqÃUˆ…xr’ÃhqÃVv‡rqÃT‡h‡r†Ãh…rÁ‚‡Ãvpyˆqrq




                                                                                                                                                                                                           D
                                                                                                                                                                           9rp‚ˆƒyvtÃshp‡‚…



                             Q‚ƒˆyh‡v‚ÃIPUÃp‚rp‡rqǂÃhÈiyvpÆrhtrDžrh‡€r‡Ãƒyh‡†                                                                                 6ˆ†‡…h yvh        h



                                  Q‚ƒˆyh‡v‚ÃIPUà                                                           Q‚ƒÃIPUà                    9rp‚ˆƒyvtà                        6ˆ†‡…vh

         8‚ˆ‡…’                                                        Q‚ƒˆyh‡v‚                                                                  D                     7r ytvˆ€         h
                                    p‚rp‡rq                                                            p‚rp‡rqQ‚ƒ                    shp‡‚…
                                                                                                                                                                           8hhqh


                                                                                                                                                                   8“r puÃSrƒˆiyvp
                           Gh‡rà   ((†Ã       Gh‡rà   ((†Ãà        (('à              (('ÃÃÃÃÃÃà                          (('ÃÃÃÃÃÃÃ
                                                                                                        (('                                                               9r €h …x
                           ‡u‚ˆ†hq          (&$Ã2à       ‡u‚ˆ†hq         (&$Ã2à                          (&$Ã2à   
                                                                                                                                                                            Avyhq


                                                                                                                                                                            A…h pr         h
 6ˆ†‡…vh                            $"                   !&            '&'                 &               (                !$                 &$
                                                                                                                                                                          Br …€h’
 8hhqh                            &$%!                   &%          "!#'                  "            !$                   $'                 #!
                                                                                                                                                                            B…r rpr         h

 8“rpuÃSrƒˆiyvp                    "($"                   %#            !(#                 !           "'                   %"                 "&
                                                                                                                                                                           Cˆth …’

 9r€h…x                            $'"                   !&            $"                  $                                !%                 &#                                    h 
                                                                                                                                                                            Dpr yhq

 Avyhq                            '!                   #&            $ $"                 (           !                    #"                 $&                    D…r yhq        h 

            E
 Br…€h’                           ("$                    #'          '!!(                  #                                #%                 $#                       D‡h y’       h 


 Cˆth…’                           &#'#                   '!               #                (%           &#                   '$                    $                   Eh ƒh 


                                                                                                                                                                             F‚ …r h
 Ehƒh                            #'%$                   $%          !%#'%                    "          "'                   #(                 $
                                                                                                                                                                      Gˆ‘r€i‚ˆ…t
                                                                                                                                                                                            h 
 F‚…rh                             $'""                   #(          #%#"                  "!           "#                   "&                 %"
                                                                                                                                                                            Hr‘vp‚          h
 Ir‡ur…yhq†                        "%                     %            $&"                   $          !                    $                 ($
                                                                                                                                                                       Ir‡ur …yh q†
 IrÃarhyhq                        &$'                   $%            "&(!                 !"           !                   #$                 $$
                                                                                                                                                                      IrÃarh yhq

 I‚…h’                              (%                   #             ##"                               !&                   "&                 %"
                                                                                                                                                                            I‚ …h ’

 Q‚…‡ˆthy                          ##(                    #(            ((&(                 &           #$                   #%                 $#                    Q‚ yhq         h

 Ty‚‰hxÃSrƒˆiyvp                   !&%                   &!            $"(                    $          $                    %"                 "&                   Q‚…‡ˆth y


 Tƒhv                            !"$$                   %&          "("&                               $!                   %                 #           Ty‚‰ h xÃSrƒˆiyvp


 Trqr                             %!                   #            ''$                  '           &                   "&                 %"                     Tƒh v


                                                                                                                                                                           Tr qr 
 Tv‡“r…yhq                        "!                                 &                                $                                     (
                      F                                                                                                                                               Tv‡“r …yhq
 Vv‡rqÃFvtq‚€                    &"$                   %(          $#    &                %               "                %$                 "$
                                                                                                                                                                            Uˆ…xr ’         h 
 U‚‡hy                            """                     $$         #&!'&'                    !          !'                   #(
                                                                                                                                                                   Vv‡r qÃFvtq‚ €

 hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A            ((' @Q9A   ((Ður…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…r
                                                                                                                                                                     Vv‡rqÃT‡h ‡r †        h 

 ÃÃÃÃÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 
                                                                                                                                                                                                                      
 iÃ7rs‚…rà ((ÃBr…€h’Ãp‚€ƒ…v†r†Ã‚y’ÃXr†‡ÃBr…€h’                                                                                                                                       'HFRXSOLQJ
 pÃVv‡rqÃFvtq‚€Ãp‚€ƒ…v†r†Ã‚y’Ã@tyhqÃhqÃXhyr†

 ÃÃÃÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

 6RXUFH )ÃÃP@89




                                                                                                        
                                                                                                                                   6*6'),1$/



)LJXUH  'LVFKDUJHV RI QXWULHQWV IURP KRXVHKROGV LQWR WKH HQYLURQPHQW YHUVXV WRWDO SRSXODWLRQ 
                                                                                                                                           D
                                                                                                                      9rp‚ˆƒyvtÃshp‡‚…

                                                                                                       IQ‚ƒ                                QQ‚ƒ




                                      "ÃP@89Ãp‚ˆ‡…vr†
       (&$Ã2Ã                                                                                   $XVWULD                               $XVWULD

       #
                                                               U‚‡hyƒˆyh‡v‚                  &DQDGD                                &DQDGD


       !                                                                                       'HQPDUN                               'HQPDUN


                                                                                                  )LQODQG                               )LQODQG
       

                                                                   Iv‡…‚tr
                                                                                                 +XQJDU\                               +XQJDU\
       '


                                                                                                  ,FHODQG                               ,FHODQG
       %

                                                                                                  ,UHODQG                               ,UHODQG
                                                                Qu‚†ƒu‚…ˆ†

       #
                                                                                                   -DSDQ                                 -DSDQ

       !
                                                                                              1HWKHUODQGV                           1HWKHUODQGV


                                                                                                 1RUZD\                                1RUZD\
                (&$         ('          ('$         ((          (($         (('

                                                                                                 6ZHGHQ                                6ZHGHQ

   6ˆ†‡…vhÃ8hhqhÃ9r€h…xÃAvyhqÃCˆth…’ÃDpryhqÃD…ryhqÃEhƒhÃ
                                                                                              6ZLW]HUODQG                           6ZLW]HUODQG
   Ir‡ur…yhq†ÃI‚…h’ÃTrqrÃTv‡“r…yhqÃUˆ…xr’



                                                                                                  7XUNH\                                7XUNH\


                                                                                                                                                         
                                                                                                                  9rp‚ˆƒyvt




              'LVFKDUJHV RI QXWULHQWV IURP KRXVHKROGV LQWR WKH HQYLURQPHQW SRSXODWLRQ

             &RXQWU\                                                 'LVFKDUJH
                                                                                                                                   3RSXODWLRQ
                                                1LWURJHQ                                 3KRVSKRUXV

                                                                                                                    
                                   WRQQHV                              WRQQHV                         (000)  
       $XVWULD                                                                                                                       
       &DQDGD                                                                                                                     
       'HQPDUN                                                                                                                        
       )LQODQG                                                                                                                        
       +XQJDU\                                                                                                                       
       ,FHODQG                                                                                                                         
       ,UHODQG                                                                                                                      
       -DSDQ                                                                                                                   
       1HWKHUODQGV                                                                                                                  
       1RUZD\                                                                                                                        
       6ZHGHQ                                                                                                                        
       6ZLW]HUODQG                                                                                                                   
       7XUNH\                                                                                                                   
       7RWDO                                                                                                                  
             6KDGHG ILJXUHV LQGLFDWH DEVROXWH GHFRXSOLQJ
hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A@Q9AÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…pr

9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

6RXUFHÃP@89Ã@ˆ…‚†‡h‡




                                                                                      
6*6'),1$/



           :$67( 0$1$*(0(17

7KH DPRXQW RI ZDVWH JHQHUDWHG LQ DQ HFRQRP\ LV DQ LQGLFDWRU RI WKH HIILFLHQF\ RI UHVRXUFH XVH LQ
SURGXFWLRQ DQG WKH TXDQWLWLHV RI JRRGV SURGXFHG DQG FRQVXPHG $OVR WKH QHHG WR PDQDJH ZDVWH LPSRVHV
SUHVVXUHV RQ WKH HQYLURQPHQW VXFK DV WKH OHDFKLQJ RI KHDY\ PHWDOV DQG RWKHU WR[LF FRPSRXQGV IURP
ODQGILOOV RU WKH HPLVVLRQ RI JUHHQKRXVH JDVHV 2WKHU SUHVVXUHV DUH WKH ODQG WDNH IRU ODQGILOOV DQG RWKHU
ZDVWH PDQDJHPHQW IDFLOLWLHV DLU SROOXWLRQ DQG WR[LF E\SURGXFWV IURP LQFLQHUDWRUV LQFUHDVHG WUDQVSRUW ZLWK
KHDY\ YHKLFOHV 7KHVH PDWWHUV FDQQRW EH YLHZHG SXUHO\ IURP D TXDQWLWDWLYH SHUVSHFWLYH VLQFH WKH
SUHVHQFH RI HYHQ VPDOO TXDQWLWLHV RI KD]DUGRXV VXEVWDQFHV FDQ EH RI PDMRU FRQFHUQ
$ GHDUWK RI GDWD PDNHV LW GLIILFXOW WR GHWHUPLQH ZLWK FRQILGHQFH WKH WRWDO JHQHUDWLRQ RI ZDVWH ZLWKLQ WKH
2(&' DUHD ,W LV HVWLPDWHG KRZHYHU WKDW ZLWKLQ WKH 2(&' DUHD LQ WKH PLGV WKH DJJUHJDWHG DQQXDO
JHQHUDWLRQ RI QRQKD]DUGRXV ZDVWH DPRXQWHG WR VRPH  ELOOLRQ WRQQHV 2I WKLV WKH ODUJHVW VKDUHV DUH
LQGXVWULDO ZDVWH   DJULFXOWXUDO ZDVWH   PLQLQJ ZDVWH   FRQVWUXFWLRQ      GHPROLWLRQ ZDVWH
  DQG PXQLFLSDO ZDVWH   7KH HVWLPDWH DOVR LQFOXGHV GUHGJH VSRLOV DQG VHZDJH VOXGJH ,Q
DGGLWLRQ DQ HVWLPDWHG  PLOOLRQ WRQQHV RI KD]DUGRXV ZDVWH ZDV JHQHUDWHG DQQXDOO\


             0XQLFLSDO ZDVWH JRLQJ WR ILQDO GLVSRVDO YHUVXV 3ULYDWH )LQDO &RQVXPSWLRQ

7KH SULPDU\ GHFRXSOLQJ LQGLFDWRU IRU ZDVWH GLVSRVDO VKRXOG SUHIHUDEO\ WDNH DFFRXQW RI DOO WKH PDMRU
HQYLURQPHQWDO SUHVVXUHV DVVRFLDWHG ZLWK ZDVWH PDQDJHPHQW VXFK DV OHDFKDWHV DQG *+* HPLVVLRQV IURP
WKH ODQGILOOLQJ RI DOO W\SHV RI ZDVWH DQG HPLVVLRQV WR DLU IURP WKH LQFLQHUDWLRQ RI ZDVWH 7KH DPRXQW RI WRWDO
ZDVWH JRLQJ WR ILQDO GLVSRVDO LH ODQGILOO SOXV LQFLQHUDWLRQ ZLWKRXW HQHUJ\ UHFRYHU\  FDQ EH UHJDUGHG DV
                                                                                                                !



UHSUHVHQWLQJ D VLJQLILFDQW SDUW RI WKHVH HQYLURQPHQWDO SUHVVXUHV 7KH VFRSH RI WKH LQGLFDWRU LV OLPLWHG IRU
QRZ WR PXQLFLSDO ZDVWH RQO\ EHFDXVH WLPHVHULHV GDWD DERXW RWKHU W\SHV RI ZDVWH DUH FXUUHQWO\ QRW
DYDLODEOH IRU D VXIILFLHQW QXPEHU RI FRXQWULHV
2(&'ZLGH  WKHUH KDV EHHQ D UHODWLYH GHFRXSOLQJ RI ZDVWH JRLQJ WR ILQDO GLVSRVDO IURP SULYDWH ILQDO
                  !!



FRQVXPSWLRQ 3)& VLQFH  )LJXUH  7KH DPRXQW RI ZDVWH JRLQJ WR ILQDO GLVSRVDO LQFUHDVHG E\
    EHWZHHQ  ZKHUHDV 3)& LQFUHDVHG E\   ,Q 2(&' (XURSH DQG 1RUWK $PHULFD WKH
FRUUHVSRQGLQJ ILJXUHV ZHUH  DQG   UHVSHFWLYHO\ IRU WKH DPRXQW RI ZDVWH JRLQJ WR ILQDO GLVSRVDO DQG 
DQG  IRU WKH JURZWK LQ 3)&
7KH DERYH UHJLRQDO ILJXUHV GR QRW UHYHDO WKH IDFW WKDW QLQH 2(&' (XURSH FRXQWULHV $XVWULD %HOJLXP
'HQPDUN *HUPDQ\ ,WDO\ /X[HPERXUJ 1HWKHUODQGV 1RUZD\ DQG 6ZLW]HUODQG UHFRUGHG D VLJQLILFDQW
DEVROXWH GHFRXSOLQJ ZLWK WKH DPRXQWV RI ZDVWH JRLQJ WR ILQDO GLVSRVDO IDOOLQJ E\ EHWZHHQ  DQG  GXULQJ
WKH SHULRG FRQFHUQHG ,Q 2(&' 3DFLILF DQ DEVROXWH GHFRXSOLQJ RFFXUUHG LQ .RUHD ZKHUH WKH DPRXQW RI
ZDVWH JRLQJ WR ILQDO GLVSRVDO IHOO E\  ZKLOH 3)& JUHZ E\ DOPRVW   2Q WKH RWKHU KDQG LQ IRXU 0HPEHU
&RXQWULHV +XQJDU\ 1HZ =HDODQG 3RUWXJDO DQG 6SDLQ QR GHFRXSOLQJ RI ILQDO GLVSRVDO DQG 3)& WRRN
SODFH GXULQJ 


             'HFRPSRVLQJ PXQLFLSDO ZDVWH JRLQJ WR ILQDO GLVSRVDO

7KH DPRXQW RI PXQLFLSDO ZDVWH JRLQJ WR ILQDO GLVSRVDO 0:)' SHU XQLW RI SULYDWH ILQDO FRQVXPSWLRQ 3)&
GHSHQGV RQ WKH WRWDO DPRXQW RI PXQLFLSDO ZDVWH 0: JHQHUDWHG DQG RQ WKH IUDFWLRQ RI 0: JRLQJ WR ILQDO
GLVSRVDO QRW UHF\FOHG DV IROORZV
    $PRXQW RI ZDVWH JRLQJ WR ILQDO GLVSRVDO 0:)'                         0:)'$PRXQW RI
           SULYDWH ILQDO FRQVXPSWLRQ 3)&                                 PXQLFLSDO ZDVWH 0:             
       0: JHQHUDWHG3)&
                                                                                JHQHUDWHG



! à Dpvr…h‡v‚Ãv‡uÃrr…t’Ã…rp‚‰r…’Ãv†Ã‚‡Ãp‚ˆ‡rqÃh†ÃsvhyÃqv†ƒ‚†hyÃirphˆ†rÃv‡Ãƒh…‡vhyy’Ã…rp’pyr†Ã‡urÃrr…t’Ãp‚‡r‡Ã‚sÐh†‡rÃT‡…vp‡y’
      hyy‚hprÆu‚ˆyqÃirÀhqrÂsÇurÃt…‚vtDžrqǂh…q†Ãiv‚th†Ãr‘‡…hp‡v‚Ãs…‚€Ãyhqsvyy†Ãs‚…Ãrr…t’Ã…‚qˆp‡v‚ÃC‚r‰r…Á‚Ãqh‡hÃh…r
      h‰hvyhiyrÃh†Ã’r‡Ã‡‚Ãq‚Çuv†Ãur…r
!!à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs…‚€Ã6ˆ†‡…hyvhÃ8hhqhÃ8“rpuÃSrƒˆiyvpÃA…hprÃB…rrprÃD…ryhqÃEhƒhÃhqÇurÃTy‚‰hx
      Srƒˆiyvp




                                                                      
                                                                                                                                6*6'),1$/


)RU WKH WRWDO RI WKH  0HPEHU FRXQWULHV FRQVLGHUHG LQ WKLV VHFWLRQ WKH SURSRUWLRQ RI PXQLFLSDO ZDVWH JRLQJ
WR ILQDO GLVSRVDO DV D VKDUH RI WKH DPRXQW JHQHUDWHG GHFOLQHG IURP  WR  GXULQJ  7KLV
GHFOLQH ZDV QRW XQLIRUP IRU DOO FRXQWULHV FRQFHUQHG VHYHUDO GLG QRW UHFRUG DQ\ SURJUHVV WRZDUGV D VPDOOHU
VKDUH RI ILQDO GLVSRVDO 7DEOH 

              7DEOH  5DWLR RI PXQLFLSDO ZDVWH 0: JRLQJ WR ILQDO GLVSRVDO SHU XQLW RI 0: JHQHUDWLRQ
                                                                                                                                                    D




                                                                  Sh‡v‚ÃHXA9HX                                        HˆvpvƒhyÐh†‡rÃtrr…h‡v‚

                                                                                                                                       bxtÃr…Ãphƒv‡hd
                                                                                                                 E                                       E
                                                      (($               ((%               ((&             (('                                      (('

      6ˆ†‡…hyvh                                                                                                                                 

      6ˆ†‡…vh                                         "%             !&              !$              !$                                         $"

      7rytvˆ€                                         #&             #               "$              "                                         $"

      8hhqh                                                                                                                                    '#

      8“rpuÃSrƒˆiyvp                                                                                                                            !(

      9r€h…x                                          &              "                                                                         $(

      Avyhq                                         %#             %$              %%              %%                                         #$

      A…hpr                                          #&             #'              #(              #(                                         $!

      Br…€h’                                         #$             #"              "&              "                                          $$

      B…rrpr                                                                                                                                    "&

      Cˆth…’                                         (              &(              '!              &(                                         #(

      Dpryhq                                         '#             '#              '&              '#                                         %%

      D…ryhq                                                                                                                                   $%

      D‡hy’                                           ("             '"              '              &&                                         #&

      Ehƒh                                                                                                                                     # 

      F‚…rh                                           &!             %'              %!              $%                                         "$

      Gˆ‘r€i‚ˆ…t                                      !&             !'              !#              !"                                         %!

      Hr‘vp‚                                          ((             ((              ((              ((                                         "!

      Ir‡ur…yhq†                                     !"              (               %               #                                         $(

      IrÃarhyhq                                                                                                                              "'

      I‚…h’                                          &"             %&              %!              %#                                         %$

      Q‚yhq                                          ('             ('              (&              ('                                         " 

      Q‚…‡ˆthy                                        $!             $'              %$              &!                                         #"

      Ty‚‰hxÃSrƒˆiyvp                                                                                                                           "!

      Tƒhv                                                                                                                                     $&

      Trqr                                          "%             "$              "#              ""                                         #$

      Tv‡“r…yhq                                      "              !                                                                         % 

      Uˆ…xr’                                          (%             (%              ($              ($                                         "'

      Vv‡rqÃFvtq‚€                                  '"             '$              '$              '!                                         $#

      Vv‡rqÃT‡h‡r†                                   $&             $$              $%              $&                                         &$

      P@89ÃU‚‡hy                                      %#             %!              %               %                                          $!

      P@89Ã@ˆ…‚ƒr                                     %$             %!              %              $(                                         #'

      P@89ÃI‚…‡uÃ6€r…vph                              %"             %!              %!              %"                                         %$

      P@89ÃQhpvsvp                                    &!             %'              %!              $%                                         "(


      hÃDÃv‡r…ƒ…r‡vtÁh‡v‚hyÃsvtˆ…r†Ãv‡Ã†u‚ˆyqÃirÃi‚…rÃvÃ€vqÇuh‡Ã†ˆ…‰r’Àr‡u‚q†ÃhqÃqrsvv‡v‚†Ã‚sÀˆvpvƒhyÐh†‡rÀh’Éh…’Ãs…‚€Ã‚rÃp‚ˆ‡…’Ç‚

      h‚‡ur…Ã6pp‚…qvtǂÇurÃqrsvv‡v‚Ãˆ†rqÃi’ÇurÃP@89ÀˆvpvƒhyÐh†‡rÃv†Ãh†‡rÃp‚yyrp‡rqÃi’Â…Ãs‚…Àˆvpvƒhyv‡vr†ÃhqÃvpyˆqr†Ãu‚ˆ†ru‚yqÃiˆyx’

      hqÃp‚€€r…pvhyÐh†‡rÃhqÆv€vyh…Ðh†‡rÃuhqyrqÃh‡Ã‡urÆh€rÃshpvyv‡vr†

      i…Ãyh‡r†‡Ã’rh…Ãh‰hvyhiyr

      6RXUFHÃP@89



0XQLFLSDO ZDVWH JHQHUDWLRQ YHUVXV 3)& DQG SRSXODWLRQ 'XULQJ WKH SDVW WZR GHFDGHV WKH JHQHUDWLRQ RI
PXQLFLSDO ZDVWH 0: IRU WKH ZKROH RI WKH 2(&'  KDV QRW LQFUHDVHG DV VWURQJO\ DV *'3 DQG SULYDWH ILQDO
                                                                          !"



FRQVXPSWLRQ 3)& EXW LW GLG NHHS SDFH ZLWK SRSXODWLRQ JURZWK ,Q 2(&' (XURSH DQG 2(&' 3DFLILF WKLV
WUHQG EHFDPH DSSDUHQW LQ WKH HDUO\ V ZKHUHDV LQ 2(&' 1RUWK $PHULFD LW EHJDQ LQ WKH PLGV
:DVWH PDQDJHPHQW KDV UHFHLYHG LQFUHDVLQJ DWWHQWLRQ VLQFH  7KH DYDLODEOH ILJXUHV VXJJHVW WKDW 0:


!"à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…Ã6ˆ†‡…hyvhÃIrÃarhyhqÃhqÃTƒhv




                                                                               
6*6'),1$/


JHQHUDWLRQ LQ WKH  2(&' FRXQWULHV FRQVLGHUHG KHUH LQFUHDVHG E\ MXVW RYHU  GXULQJ 
                                                   !#



ZKHUHDV 3)& LQFUHDVHG E\  DQG SRSXODWLRQ E\ DOPRVW  )LJXUH  7ZR 2(&' FRXQWULHV
*HUPDQ\ DQG .RUHD KDYH UHSRUWHG D IDOO LQ 0: JHQHUDWLRQ LQ UHFHQW \HDUV 3HU FDSLWD JHQHUDWLRQ RI
ZDVWH IHOO LQ 2(&' (XURSH LQ WKH HDUO\ V DV D UHVXOW RI D ZHDN HFRQRP\ EXW VWURQJO\ LQFUHDVHG DJDLQ
ZKHQ WKH HFRQRP\ UHFRYHUHG ,Q 2(&' $VLD 0: IHOO E\  EHWZHHQ  DQG  ZKHUHDV WKH
SRSXODWLRQ LQFUHDVHG E\ DOPRVW  


           $PRXQW RI JODVV 127 FROOHFWHG IRU UHF\FOLQJ YHUVXV 3)&

 ,Q RUGHU WR UHGXFH WKH DPRXQW RI ZDVWH JRLQJ WR ILQDO GLVSRVDO ZDVWH UHFRYHU\ DQG PDWHULDOV UHF\FOLQJ
KDYH JUHDWO\ LQFUHDVHG LQ 2(&' FRXQWULHV VLQFH WKH ODWH V RIWHQ GHVSLWH KLJKO\ YRODWLOH PDUNHWV DQG
SULFHV )RU H[DPSOH PHWDO UHF\FOLQJ PHW ZLWK PDMRU SUREOHPV LQ  GXH WR WKH YHU\ ORZ UDZ PDWHULDO
SULFHV WKDW KDUGO\ FRYHUHG WKH FROOHFWLRQ DQG UHF\FOLQJ FRVWV 7KXV IOXFWXDWLQJ PDUNHWV DQG PDUNHW SULFHV
FDQ KDYH D VXGGHQ DQG SURIRXQG LPSDFW RQ UHFRYHU\ UDWHV 6HSDUDWH FROOHFWLRQ RI VHYHUDO PXQLFLSDO ZDVWH
VWUHDPV KDV UHLQIRUFHG WKLV WUHQG
7KH UHF\FOLQJ RI PDWHULDOV FDQ KDYH VLJQLILFDQW HFRQRPLF DQG HQYLURQPHQWDO HIIHFWV )RU H[DPSOH HYHU\
WRQQH RI LURQ RU DOXPLQLXP UHF\FOHG QRW RQO\ UHSODFHV WKH WRQQH RI PHWDO WKDW ZRXOG KDYH EHHQ PLQHG EXW
DOVR DYRLGV VHYHUDO WRQQHV RI KLGGHQ PDWHULDO IORZV DVVRFLDWHG ZLWK WKH H[WUDFWLRQ DQG SURFHVVLQJ RI
WKHVH PHWDOV DQG WKH DVVRFLDWHG HQYLURQPHQWDO H[WHUQDOLWLHV ,Q DGGLWLRQ UHF\FOLQJ UHTXLUHV RQO\ D IUDFWLRQ
RI WKH HQHUJ\ QHHGHG WR SURGXFH WKHVH PHWDOV IURP SULPDU\ RUH 7KH IROORZLQJ HQHUJ\ VDYLQJV KDYH EHHQ
UHSRUWHG DOXPLQLXP   FRSSHU   OHDG   ]LQF   SDSHU                  DQG SODVWLFV   7KH
FRUUHVSRQGLQJ ILJXUH IRU JODVV LV  
+RXVHKROGHUV LQ PRVW 0HPEHU FRXQWULHV KDYH GHPRQVWUDWHG DQ LQWHUHVW LQ WKH EHWWHU PDQDJHPHQW RI WKHLU
ZDVWH 0DQ\ VRUWLQJ VFKHPHV IRU KRXVHKROG ZDVWH KDYH EHHQ HVWDEOLVKHG VXFK DV NHUEVLGH DQG
FHQWUDOLVHG FROOHFWLRQ V\VWHPV ZKHUH JODVV SDSHU DQG PHWDOV DUH VHSDUDWHO\ FROOHFWHG IRU UHFRYHU\ HLWKHU
E\ RU RQ WKH EHKDOI RI D PXQLFLSDOLW\ 2Q DYHUDJH            RI ZDVWH IURP GDLO\ KRXVHKROG DQG FRPPHUFLDO
DFWLYLWLHV LV FROOHFWHG VHSDUDWHO\ LQGLFDWLQJ WKH OHYHO RI UHF\FOLQJ
5HF\FOLQJ UDWHV YDU\ DPRQJ FRXQWULHV DV ZHOO DV E\ ZDVWH VWUHDP )RU LQVWDQFH WKH UHF\FOLQJ RI
FRQVWUXFWLRQ DQG GHPROLWLRQ ZDVWH LV TXDVLDEVHQW LQ VRPH FRXQWULHV EXW UHDFKHG DERXW  LQ WKH
1HWKHUODQGV LQ WKH PLGV -DSDQ UHF\FOHV  RI LWV QRQKD]DUGRXV LQGXVWULDO ZDVWHV
,Q IXWXUH LW PD\ EH SRVVLEOH WR SUHVHQW GHFRXSOLQJ LQGLFDWRUV VKRZLQJ WKH ³GLVWDQFH WR WDUJHW´ LQ WHUPV RI
UHFRYHU\ DQG UHF\FOLQJ IRU WKH PDMRU ZDVWH VWUHDPV 6RPH LQIRUPDWLRQ LV DYDLODEOH IRU VHYHUDO ZDVWH
VWUHDPV RQ WKH DPRXQWV RI PDWHULDO UHFRYHUHG EXW IHZ GDWD H[LVW RQ WKH DPRXQWV WKDW HVFDSH UHFRYHU\
HIIRUWV DQG KHQFH VWLOO JR WR ILQDO GLVSRVDO %\ ZD\ RI LOOXVWUDWLRQ LQIRUPDWLRQ LV SUHVHQWHG KHUH LQ UHODWLRQ
WR JODVV D PDWHULDO SRVLQJ UHODWLYHO\ IHZ HQYLURQPHQWDO SUREOHPV
7KLV LQGLFDWRU VKRZV WKH UHFRYHU\ IRU UHF\FOLQJ UDWH RI JODVV  D PDWHULDO WKDW KDV EHHQ UHF\FOHG IRU VHYHUDO
                                                                             !$



GHFDGHV LQ PDQ\ 0HPEHU &RXQWULHV 7KH LQGLFDWRU VKRZV WKH DEVROXWH GHFRXSOLQJ RI WKH DPRXQW RI JODVV
QRW UHFRYHUHG IRU UHF\FOLQJ IURP SULYDWH ILQDO FRQVXPSWLRQ IRU WKH 8QLWHG 6WDWHV DQG WKH 1HWKHUODQGV
                                                                                                        !%                              !&



)LJXUH  ,Q WKH 8QLWHG 6WDWHV WKH DPRXQW RI JODVV QRW UHFRYHUHG GLPLQLVKHG E\ DOPRVW  EHWZHHQ
 DQG  WR  RI WKH DPRXQW RI ZDVWH JODVV JHQHUDWHG ,Q WKH 1HWKHUODQGV WKH DPRXQW RI JODVV
QRW UHFRYHUHG GLPLQLVKHG E\  EHWZHHQ  DQG  WR  RI DSSDUHQW FRQVXPSWLRQ




!#à 6ˆ†‡…vhÃ7rytvˆ€Ã8hhqhÃ9r€h…xÃBr…€h’ÃB…rrprÃDpryhqÃD…ryhqÃD‡hy’ÃEhƒhÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃIr‡ur…yhq†
    I‚…h’ÃQ‚yhqÃQ‚…‡ˆthyÃTrqrÃTv‡“r…yhqÃUˆ…xr’ÃVv‡rqÃFvtq‚€ÃhqÇurÃVv‡rqÃT‡h‡r†
!$à Qhƒr…ÃhqÃph…qi‚h…qÅrp’pyvtÃv†Ãqv†pˆ††rqÃvÃ‡urÆrp‡v‚Ã‚Ãs‚…r†‡…’ÃhqÃs‚…r†‡…’Ã…‚qˆp‡†
!%à 9h‡hÅrsr…Ç‚ÇurÀh‡r…vhyÃqv‰r…‡rqÃs…‚€Ã‡urÀˆvpvƒhyÐh†‡rƇ…rh€ÃhqÅrp’pyvtÅh‡r†Ãh…rÃih†rqÃh€‚ˆ‡†Ã‚sÐh†‡rÃtrr…h‡rq
!&à 9h‡hÅrsr…Ç‚ÇurÃhƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÁ‚…r‡ˆ…hiyrÃhpxhtvtÃtyh††ÃhqÅrp’pyvtÅh‡r†Ãh…rÃih†rqÇurÃh€‚ˆ‡†Ã‚sƈpu
    tyh††Ã…rp‚‰r…rq




                                                                    
                                                                                            6*6'),1$/


5HIHUHQFHV

$GULDDQVH $ 6 %ULQJH]X +DPPRQG $ 0RULJXFKL < 5RGHQEXUJ ( 5RJLFK ' DQG 6FKW] +  5HVRXUFH
      )ORZV 7KH 0DWHULDO %DVLV RI ,QGXVWULDO (FRQRPLFV :5, :DVKLQJWRQ '&
%ULQJH]X 6WHIDQ DQG 6FKW]  + 0DWHULDO XVH LQGLFDWRUV IRU WKH (XURSHDQ 8QLRQ   (FRQRP\ZLGH
      PDWHULDO IORZ DFFRXQWV DQG EDODQFHV DQG GHULYHG LQGLFDWRUV RI UHVRXUFH XVH :RUNLQJ 3DSHU 1R %
      (XURSHDQ &RPPLVVLRQ (XURVWDW
(($  ,QGLFDWRU /DQGILOOLQJ RI ELRGHJUDGDEOH PXQLFLSDO ZDVWH
      KWWSWKHPHVHHDHXLQW(QYLURQPHQWDOBLVVXHVZDVWHLQGLFDWRUVODQGILOOLQJLQGH[BKWPO
      )DFW VKHHW %LRGHJUDGDEOH ZDVWH LQ ODQGILOOV
      KWWSWKHPHVHHDHXLQW(QYLURQPHQWDOBLVVXHVZDVWHLQGLFDWRUVODQGILOOLQJZBELRGHJUDGDEOHSGI (XURSHDQ
      (QYLURQPHQW $JHQF\ &RSHQKDJHQ
(($  ,QGLFDWRU 7RWDO ZDVWH JHQHUDWLRQ
      KWWSWKHPHVHHDHXLQW(QYLURQPHQWDOBLVVXHVZDVWHLQGLFDWRUVJHQHUDWLRQLQGH[BKWPO
      )DFW VKHHW 7RWDO ZDVWH JHQHUDWLRQ
      KWWSWKHPHVHHDHXLQW(QYLURQPHQWDOBLVVXHVZDVWHLQGLFDWRUVJHQHUDWLRQZBWRWDOBZDVWHSGI (XURSHDQ
      (QYLURQPHQW $JHQF\ &RSHQKDJHQ
(($  ,QGLFDWRU :DVWH JHQHUDWLRQ IURP KRXVHKROG DQG FRPPHUFLDO DFWLYLWLHV
      KWWSWKHPHVHHDHXLQW(QYLURQPHQWDOBLVVXHVZDVWHLQGLFDWRUVKRXVHKROGBZDVWHLQGH[BKWPO
      )DFW VKHHW *HQHUDWLRQ RI ZDVWH IURP KRXVHKROGV
      KWWSWKHPHVHHDHXLQW(QYLURQPHQWDOBLVVXHVZDVWHLQGLFDWRUVKRXVHKROGBZDVWHZBKRXVHKROGSGI (XURSHDQ
      (QYLURQPHQW $JHQF\ &RSHQKDJHQ
2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  .H\ (QYLURQPHQWDO ,QGLFDWRUV 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW  2(&' 3DULV
2(&'  :DVWH 7UHQGV DQG 2XWORRN %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN IRU &KDSWHU
      :DVWH 2(&' 3DULV
2JLOYLH 60  $ UHYLHZ RI WKH HQYLURQPHQWDO LPSDFW RI UHF\FOLQJ ,6%1     :DUUHQ 6SULQJ
       /DERUDWRU\ 8. 'HSDUWPHQW RI 7UDGH DQG ,QGXVWU\ 6WHYHQDJH




                                                         
6*6'),1$/



                                    )LJXUH  0XQLFLSDO ZDVWH JRLQJ WR ILQDO GLVSRVDO YHUVXV 3)& 

                                                                                                                                      (($Ã2à                      P@89Ã@ˆ…‚ƒr

                                                                                                                                             !


                                                                                                                                             $


                                                                                                                                             


                                                                                                                                             $
               (($Ã2à                                       P@89ÃU‚‡hy
                                                             P@89ÃU‚‡hy
              ('Ã2Ã                                                                                                                       


                                                                                                                                             ($
                    #
                   !                                                                                       Q…v‰h‡rÃsvhyÃ

                                                                                                           p‚†ˆ€ƒ‡v‚                       (

                                                                                                                                                       (($         ((%           ((&          (('             (((
                   
                    !


                                                                                                                                                                  P@89ÃI‚…‡uÃ6€r…vph
                   '                                                                                                                     (($Ã2Ã 
                    
                                                                                                                                                  #

                                                                                                         HˆvpvƒhyÐh†‡rà                         !
                   %                                                                                      trr…h‡v‚
                    '                    HˆvpvƒhyÐh†‡rà                                                                                        

                                           t‚vtǂÃsvhyà                                                                                        '

                   #                          qv†ƒ‚†hy                                                                                           %
                   %
                                                                                                                                                  #

                   !                                                                                                                             !

                   #                                                                                                                             

                                                                                                                                                           (($      ((%            ((&          (('           (((
                    

                   !    ('               ('"            ('%               ('(           ((!            (($             (('
                                                                                                                                                                    P@89ÃQhpvsvp

                                                                                                                                          (($Ã2Ã 

                                                                                                                                                 !


                                    (($                ((%                    ((&              (('                    (((                         
                                                    8P!Ãr…ÃB9Q                             8P!Ãr…ÃWruÃx€
                                                                                                                                                  '
                                                    WruÃF€Ãƒr…ÃB9Q
                                                                                                                                                  %

                                                                                                                                                  #
     Ã6ˆ†‡…hyvhÃ8hhqhÃSrƒˆiyvpÃ8“rpuÃB…rrprÃD…ryhqÃEhƒhÃhqÃSrƒˆiyvpÃTy‚‰hxÁ‚‡Ãvpyˆqrq
                                                                                                                                                  !

                                                                                                                                                   

                                                                                                                                                           (($       ((%            ((&         (('            (((




                                                                                                                                                                                                              D
                                                                                                                                                                                9rp‚ˆƒyvtÃshp‡‚…

                                       HˆvpvƒhyÐh†‡rÃt‚vtǂÃsvhyÃqv†ƒ‚†hyÃr…ȁv‡Ã‚sÃQA8                                                                                  Xh†‡rÃqv†ƒ‚†hyQA8

                                                                                                        HˆÃXh†‡rÃt‚vtǂÃsvhyÃ
                           HˆvpvƒhyÐh†‡rÃt‚vtǂà                                                                                         9rp‚ˆƒyvtÃ
         8‚ˆ‡…’                                                     Q…v‰h‡rÃsvhyÃp‚†ˆ€ƒ‡v‚Ã           qv†ƒ‚†hyQ…v‰h‡rÃsvhyà                       h
                                                                                                                                                                               6ˆ†‡…vh

                                     svhyÃqv†ƒ‚†hy                                                                                               shp‡‚…
                                                                                                               p‚†ˆ€ƒ‡v‚                                                    7rytvˆ€


                                                                                                            (((ÃÃÃÃÃÃÃ
                                   (((ÃÃÃÃÃà         (((ÃÃÃÃÃÃÃÃà        (((ÃÃÃÃà         (((ÃÃÃÃÃÃÃà                          (((ÃÃÃÃÃÃÃà                                   9r€h…x
                                                                                                                    %Ã
                               "                                        (                               ‡‚r†à 
                            ǂr†              (($Ã2à            ÃVT9          (($Ã2à                         (($Ã2à                                           Avyhq
                                                                                                           VT9
                                                                                                                                                                               A…hpr
 6ˆ†‡…vh                                  #                 '&             %&"                              "#                  &(                !

 7rytvˆ€                              (!                    '             !($&               '              #%'                  &#                !%                 Br…€h’


 9r€h…x                              "%                     &!             %%#!                              $##                  %$                "$
                                                                                                                                                                              Cˆth…’

 Avyhq                              ##%                    %             $'$&                 '            !#%(                  (                    
                                                                                                                                                                               Dpryhq
 A…hpr                              #&&%                    &         & ( #                  '             !$$                  ((                
                                                                                                                                                                                  D‡hy’
 Br…€h’                             # "%                    &#         $&$&                  %              ""&                  &                "

 Cˆth…’                             #!#                       %           $!$               &             &%%$                  '               '                    F‚…rh


 Dpryhq                                  $'                    #            ##$               "              "$$                  '&                    "
                                                                                                                                                                          Gˆ‘r€i‚ˆ…t

 D‡hy’                             ! &#$                     (          &#%%%                                !( !                  '!                    '
                                                                                                                                                                               Hr‘vp‚
 F‚…rh                               ( $!                    &"         "%#!%                  (             !$ !                  %&                ""
                                                                                                                                                                           Ir‡ur…yhq†
 Gˆ‘r€i‚ˆ…t                               %                 (!              &%%                 $             &'"                  '                !

 Hr‘vp‚                             ""##                             #('&'                  !             %'#                  '#                    %          IrÃarhyhq


 Ir‡ur…yhq†                              "%                 $(             '' '                   &           %#                  $                 #(
                                                                                                                                                                               I‚…h’

 IrÃarhyhq                          #$                        #          #('                   !          "$"(                  !               !
                                                                                                                                                                               Q‚yhq
 I‚…h’                               #$(                    &#             $&''                 $            !$!                   %#                "%

 Q‚yhq                              !&#                        !      ! !$                   !'             $%'!                  '&                    "               Q‚…‡ˆthy



 Q‚…‡ˆthy                            "$(%                    &(             #%%                 (            "#"%                  $                $                     Tƒhv


 Tƒhv                               &$"#                    ##         #     !                   $          #!%#                  !$               !$
                                                                                                                                                                              Trqr

 Trqr                               "                    %             (&##                              ""#                  (%                #
                                                                                                                                                                           Tv‡“r…yhq
 Tv‡“r…yhq                          #&!                    '$              #%$               &              # !                  '                !

 Uˆ…xr’                            !!(%                        $       !' %#                    $            ' $!                                                     Uˆ…xr’



 Vv‡rqÃFvtq‚€                     !%'$                        !      ' "##                    &            ""                   (%                #         Vv‡rqÃFvtq‚€


 Vv‡rqÃT‡h‡r†                       (%&'                    (        $'$" (                    '            !#$                  ("                &
                                                                                                                                                                         Vv‡rqÃT‡h‡r†

 U‚‡hy                             "&& &                    $         (''%                    $            !$%&                  (
                                                                                                                                                                                                                             
 hÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A                      (((@Q9A (($Ður…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2Ã
                                                                                                                                                                                          I‚Ãqrp‚ˆƒyvt            9rp‚ˆƒyvt
 q…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

 ÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

 6RXUFH )ÃÃP@89




                                                                                                           
                                                                                                                                                                                                        6*6'),1$/



                         )LJXUH  0XQLFLSDO ZDVWH JHQHUDWLRQ YHUVXV 3)& DQG SRSXODWLRQ 

                                                                                                                                                                                   P@89Ã@ˆ…‚ƒr
                                                                                                                                               ((Ã2Ã 
                                                                                                                                                    
                                                                                                                                                    
                                                                                                                                                    
                                                                                                                                                     
        ((Ã2à                                         P@89ÃU‚‡hy
                                                        P@89ÃU‚‡hy                                                                                  
        ('Ã2Ã 
                                                                                                                                                     
              #
             !                                                                                         Q…v‰h‡rÃsvhyà                               
                                                                                                       p‚†ˆ€ƒ‡v‚                                    
                                                                                                                                                                                                         
             
              !


                                                                                                                                                                                P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                                                ((Ã2Ã 
             '
              
                                                                                                                                                     #

                                                                                                                                                     !

             %
              '                                                                                   HˆvpvƒhyÐh†‡rà                                  

                                                                                                        trr…h‡v‚                                   '

             #                                                                                                                                      %
              %
                                                                                        Q‚ƒˆyh‡v‚
                                                                                                                                                     #


             !                                                                                                                                      !
              #
                                                                                                                                                      

                                                                                                                                                             ((        ((       ((!      (("         ((#    (($    ((%        ((&        (('
              
             !
                   ('           ('"             ('%           ('(                ((!              (($                  (('
                                                                                                                                                                                   P@89ÃQhpvsvp
                                                                                                                                               ((Ã2Ã 

                                                                                                                                                   
                     ((         ((          ((!     (("            ((#           (($     ((%      ((&                      (('                     
                                           8P!Ãr…ÃB9Q                               8P!Ãr…ÃWruÃx€
                                                                                                                                                    
                                           WruÃF€Ãƒr…ÃB9Q                                                                                           
                                                                                                                                                     
Ã6ˆ†‡…hyvhÃSrƒˆiyvpÃ8“rpuÃAvyhqÃCˆth…’ÃIrÃarhyhqÃSrƒˆiyvpÃTy‚‰hxÃ
                                                                                                                                                     
                                                                                                                                                     
TƒhvÃ‚‡Ãvpyˆqrq
                                                                                                                                                      
                                                                                                                                                                                                         


                                                                                        'HFRXSOLQJ IDFWRU
                                                                                                                                      D


                                                                                                                                                                                                                              D
                                                                                                                                                                                               9rp‚ˆƒyvtÃshp‡‚…


                                                                                                                                                                                               HˆvpvƒhyÃXh†‡rQ‚ƒˆyh‡v‚
                                                        HˆvpvƒhyÐh†‡rÃtrr…h‡v‚


                                                                                                                                                     9rp‚ˆƒyvtà                                                              QD
                                                                                                                                                                                           6ˆ†‡…hyvh
                                                                                                                                                                  hÃÃÃÃÃÃÃÃÃ
                                HˆvpvƒhyÐh†‡rà                     Q…v‰h‡rÃsvhyà                                                                       shp‡‚…
        8‚ˆ‡…’                                                                                         HˆÃXh†‡rQA8                                                                       6ˆ†‡…vh
                                     trr…h‡v‚                      p‚†ˆ€ƒ‡v‚                                                                           HˆÃ
                                                                                                                                                                                            7rytvˆ€
                                                                                                                                                    Xh†‡rQA8
                                                                                                                                                                                            8hhqh
                                                                                                         (('ÃÃÃÃÃ
                                (('ÃÃÃÃà         (('ÃÃÃÃÃÃÃà    (('ÃÃÃÃà             (('ÃÃÃÃÃÃÃà                               (('ÃÃÃÃÃÃÃà                                         8“rpuÃSrƒˆiyvp                             QD
                                                                                                       ‡‚r†Ã
                            "                                   (
                            ǂr†          ((Ã2à        ÃVT9            ((Ã2à             %
                                                                                                                           ((Ã2Ã                                                                                         QD
                                                                                                                                                                                           9r€h…x
                                                                                                       ÃVT9
                                                                                                                                                                                                                              QD
                                                                                                                                                                                            Avyhq
6ˆ†‡…vh                          #!#(                    ""         #"#                  !               #&!                                                    

7rytvˆ€                          $#$"                    !(         !&                       #            #!(                              #                      #                   A…hpr


8hhqh                          !$# $                    #      #"($                       (              $'('                           (                         (                 Br…€h’


9r€h…x                             " #                           %%(                  !!               #&$!                                                      
                                                                                                                                                                                            B…rrpr

A…hpr                          "#!                     $     &"&                     (               #"#                           $                  $
                                                                                                                                                                                           Cˆth…’                            QD
Br…€h’                         ##(($                    (     "('                         %            #"%#                          &&                      !"
                                                                                                                                                                                             Dpryhq
B…rrpr                              "(                 "         %!&                    (              "%&                          (                  (
                                                                                                                                                                                             D…ryhq                          QD
Dpryhq                               '                  "          #   %                !!               #"!$                          ("                      &
                                                                                                                                                                                                D‡hy’
D…ryhq                             !$&                          ##(%                  #$               #$&$                                                      

D‡hy’                           !%'#%                    "#     &!(%!                       !              "%&(                           (                         (                     Ehƒh


Ehƒh                           $    %                 !     %&#%&                       $              "'                           '(                                                F‚…rh


F‚…rh                            %!&"                    $"     "!'$                     #               #(%                          "'                      %!
                                                                                                                                                                                        Gˆ‘r€i‚ˆ…t

Gˆ‘r€i‚ˆ…t                           !%%                  (          &"$                  !$               "%     !                      ($                      $
                                                                                                                                                                                             Hr‘vp‚

Hr‘vp‚                          "$$                     #$     #&'"'                     !                %"'%                          !                  !
                                                                                                                                                                                        Ir‡ur…yhq†
Ir‡ur…yhq†                      (!!                     !#         '   &                !#               $      '                                            
                                                                                                                                                                                       IrÃarhyhq                            QD
I‚…h’                           !'$'                    #"         $%$"                  !(               $$%                                              
                                                                                                                                                                                            I‚…h’
Q‚yhq                               '!&                 &     !    %"                  $                $'%%                          &                       !(

Q‚…‡ˆthy                         #"#                    #"         (                  "               #"                                                                       Q‚yhq


Trqr                           #                    !$         ("''                  $               #!%                            (                         (                 Q‚…‡ˆthy


Tv‡“r…yhq                      #"&!                    &          !   &                &               "'('                                                           Ty‚‰hxÃSrƒˆiyvp                             QD

Uˆ…xr’                          !# &%                    !#     !'(      '                "$               '"%                          (!                      '
                                                                                                                                                                                               Tƒhv                          QD
Vv‡rqÃFvtq‚€                  "    (                  '     &&(#                       (              #($                          ((                      
                                                                                                                                                                                            Trqr
Vv‡rqÃT‡h‡r†               !!"#!                       (    $$$("(                     !&               "%#                          '%                          #
        i                                                                                                                                                                              Tv‡“r…yhq
U‚‡hy                       $#"!&                       (    "!$"'                     !!               #(!                          (
                                                                                                                                                                                             Uˆ…xr’
hÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã          @Q9A@Q9A Ður…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhq

                                                                                                                                                                                   Vv‡rqÃFvtq‚€
9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà                                  

iÃTrp…r‡h…vh‡Ãr†‡v€h‡r†Ãuh‰rÃirrÃˆ†rqÃs‚…Ãphypˆyh‡vtÃP@89Džrq†                                                                                                                   Vv‡rqÃT‡h‡r†


ÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt                                                                                                                                                                                       

6RXUFH )ÃÃP@89                                                                                                                                                                                          I‚Ãqrp‚ˆƒyvt          9rp‚ˆƒyvt




                                                                                                          
6*6'),1$/



                     )LJXUH  $PRXQW RI JODVV 127 FROOHFWHG IRU UHF\FOLQJ YHUVXV 3)&
                                 LQ WKH 1HWKHUODQGV DQG 8QLWHG 6WDWHV 


       ('Ã2Ã 

         !
                                                                        Vv‡rqÃT‡h‡r†)ÃÅv‰h‡rÃsvhyÃ

                                                                               p‚†ˆ€ƒ‡v‚
          '


          %
                                                                                   Ir‡ur…yhq†)Åv‰h‡rÃsvhyÃp‚†ˆ€ƒ‡v‚Ã


          #


          !


          


          '


          %

                                                                             VT6)Ã6€‚ˆ‡Ã‚sÃtyh††Ãh†‡rÃIPUÅrp‚‰r…rqÃs‚…Ã
          #
                    Ir‡ur…yhq†Ã6€‚ˆ‡Ã‚srh’à                                                 …rp’pyvt

                   ƒhpxhtvtÃtyh††ÃIPUÅrp‚‰r…rqÃs‚…Ã
          !
                               …rp’pyvt


            

                     ('                   ('$          ((       (($    ((%                   ((&




                                                                
                                                                                      6*6'),1$/



      0$7(5,$/ 86(

7KH SUHVVXUHV H[HUWHG E\ KXPDQ DFWLYLW\ RQ WKH HQYLURQPHQW KDYH PRVW RIWHQ EHHQ FRQFHLYHG RI LQ WHUPV
RI SROOXWLRQ VXFK DV HPLVVLRQV WR DLU RU GLVFKDUJHV WR ZDWHU 1DWXUDO UHVRXUFH LVVXHV KDYH QRW EHHQ
DGGUHVVHG DV PXFK DW OHDVW XQWLO UHFHQWO\ +RZHYHU D IHZ DJJUHJDWHG SK\VLFDO PHDVXUHV DLPLQJ WR VKRZ
KXPDQ FODLPV RQ WKH HDUWK¶V PLQHUDO RU OLYLQJ UHVRXUFHV KDYH QRZ EHHQ SURSRVHG 2QH RI WKHVH
PHWKRGRORJLHV PDWHULDOV IORZ DQDO\VLV 0)$ WUDFHV WKH PDVV IORZ RI SULPDU\ PDWHULDOV H[WUDFWHG IURP
QDWXUH WR VXSSRUW KXPDQ DFWLYLWLHV $QRWKHU LQGLFDWRU DLPV WR PHDVXUH H[SUHVVHG LQ HQHUJ\ XQLWV WKH
³KXPDQ DSSURSULDWLRQ RI QHW SULPDU\ SURGXFWLRQ´ 0RUH ZLGHO\ NQRZQ LV WKH VRFDOOHG (FRORJLFDO )RRWSULQW
PHWKRGRORJ\ ZKLFK KDV WKH DPELWLRQ RI PHDVXULQJ LQ XQLWV RI DUHD VRFDOOHG JOREDO KHFWDUHV WKH KXPDQ
XVH RI QDWXUH LQ RUGHU WR FRPSDUH LW ZLWK WKH HDUWK¶V HFRORJLFDO SURGXFWLYH FDSDFLW\
7KH HQYLURQPHQWDO LPSOLFDWLRQV RI UHVRXUFH H[SORLWDWLRQ DQG XVH GHSHQG RQ WKH FKDUDFWHULVWLFV RI WKH
UHVRXUFH HJ UHQHZDEOH RU QRW OLYLQJ RU PLQHUDO 7KUHH NLQGV RI HQYLURQPHQWDO HIIHFWV DULVLQJ IURP
UHVRXUFH XVH FDQ EH GLVWLQJXLVKHG )LUVW GHSOHWLRQ RI UHVRXUFHV FDQ FDXVH VFDUFLW\ WKDW SRWHQWLDOO\ LPSRVHV
D FRVW RQ IXWXUH SRWHQWLDO XVHUV $OVR RWKHU WKDQ VHUYLQJ DV LQSXW LQ HFRQRPLF GHYHORSPHQW PDQ\
UHVRXUFHV KDYH DGGLWLRQDO IXQFWLRQV VXFK DV VXSSRUWLQJ HFRV\VWHPV DQG VSHFLHV KDELWDW HJ IRUHVWV DQG
ZDWHU 7KLUGO\ UHVRXUFH XVH JHQHUDWHV GRZQVWUHDP SROOXWLRQ VWUHDPV DQG ZDVWH IORZV ZKRVH
HQYLURQPHQWDO FRVWV XVXDOO\ DUH QRW ERUQH E\ WKH UHVRXUFH XVHUV *LYHQ WKHVH LPSDFWV RI UHVRXUFH
H[SORLWDWLRQ SURFHVVLQJ DQG XVH LQFUHDVLQJ WKH HIILFLHQF\ RI UHVRXUFH XVH FDQ JHQHUDWH VLJQLILFDQW
HQYLURQPHQWDO DQG HFRQRPLF EHQHILWV


        'LUHFW 0DWHULDO ,QSXW '0, SHU XQLW RI *'3

0DWHULDOV IORZ DQDO\VLV 0)$ GLVWLQJXLVKHV PDWHULDOV XVHG IRU IXUWKHU SURFHVVLQJ 'LUHFW 0DWHULDO ,QSXW RU
'0, DQG VRFDOOHG KLGGHQ IORZV ZKLFK DUH H[WUDFWLRQV WKDW DUH QRW XVHG IXUWKHU EXW KDYH DQ
HQYLURQPHQWDO LPSDFW HJ RYHUEXUGHQ DQG H[WUDFWLRQ ZDVWH 7KH WZR FDQ EH DGGHG XS WR FDOFXODWH DQ
HFRQRP\¶V 7RWDO 0DWHULDO 5HTXLUHPHQW RU 705 0)$ FRQVLGHUV H[WUDFWLRQ ERWK IURP GRPHVWLF WHUULWRU\ DQG
RI WKH UHVRXUFH UHTXLUHPHQWV DVVRFLDWHG ZLWK LPSRUWV :DWHU DQG DLU DUH QRW FRQVLGHUHG LQ 0)$
7KH '0, PHDVXUHV WKH GLUHFW LQSXW RI PDWHULDOV IRU XVH LQWR WKH HFRQRP\ LH DOO PDWHULDOV RI HFRQRPLF
YDOXH WKDW DUH XVHG LQ SURGXFWLRQ DQG FRQVXPSWLRQ DFWLYLWLHV '0, HTXDOV GRPHVWLF XVHG H[WUDFWLRQ SOXV
LPSRUWV
7KH '0, SHU XQLW RI *'3 LV XVHG KHUH DV DQ LQGLFDWRU IRU WKH PDWHULDO LQSXW LQWHQVLW\ PHDVXUHG LQ WRQQHV
SHU 86' RI WKH HFRQRP\ 7KH '0, LV HDVLHU WR FDOFXODWH WKDQ WKH 705 EXW H[SHULHQFH VKRZV WKDW D KLJK
'0, LV DVVRFLDWHG ZLWK D KLJK 705 DQG YLFH YHUVD 7KH HQYLURQPHQWDO VLJQLILFDQFH RI WKH '0, LV VWLOO
VXEMHFW WR GHEDWH )RU H[DPSOH DOO PDWHULDOV DUH WUHDWHG HTXDOO\ DJJUHJDWLRQ LV E\ ZHLJKW RQO\
LQGHSHQGHQW RI WKHLU HQYLURQPHQWDO LPSDFW RU KD]DUG +RZHYHU WKH PHWKRGRORJ\ DOORZV IRU ZHLJKWLQJ
PDWHULDOV GLIIHUHQWO\ VKRXOG LW EH IHDVLEOH WR DJUHH RQ VXLWDEOH FULWHULD 0RUHRYHU DW WKH HQWHUSULVH OHYHO
HQYLURQPHQWDO UHSRUWLQJ RIWHQ LQFOXGHV FKDQJHV LQ PDWHULDO LQWHQVLW\ RU LWV LQYHUVH UHVRXUFH SURGXFWLYLW\
0)$ XVHV VWDWLVWLFV RQ LQGXVWULDO SURGXFWLRQ DJULFXOWXUH IRUHVWU\ DQG ILVKHULHV RQ GRPHVWLF PDWHULDO
UHTXLUHPHQWV ZKLOH IRUHLJQ WUDGH VWDWLVWLFV JLYH GDWD RQ LPSRUWV JURXSHG LQWR UDZ PDWHULDOV LQWHUPHGLDWH
SURGXFWV DQG ILQDO SURGXFWV
(XURVWDW LQ DVVRFLDWLRQ ZLWK WKH :XSSHUWDO ,QVWLWXWH KDV GHYHORSHG SURYLVLRQDO 0)$ DFFRXQWV IRU DOO (8
FRXQWULHV 7KH DFFRXQWV VXJJHVW WKDW IRU WKH JURXS RI (8 FRXQWULHV D UHODWLYH GHFRXSOLQJ RFFXUUHG
EHWZHHQ '0, DQG HFRQRPLF JURZWK GXULQJ  '0, LQFUHDVHG E\ DOPRVW  ZKLOH *'3 JUHZ E\ 
RYHU WKH SHULRG FRQFHUQHG )LJXUH  +RZHYHU RYHU WKH ODVW GHFDGH RU VR WKH '0, KDV UHPDLQHG DW
EURDGO\ WKH VDPH OHYHO *LYHQ WKH SRSXODWLRQ LQFUHDVHV RYHU WKLV SHULRG '0, SHU FDSLWD GHFUHDVHG 7KH
GHFRXSOLQJ IDFWRUV IRU LQGLYLGXDO (8  FRXQWULHV VKRZ QR FOHDU WUHQGV RQH ZD\ RU DQRWKHU WUHQGV YDU\
IURP FRXQWU\ WR FRXQWU\ GHSHQGLQJ RQ WKH SHULRG FRQVLGHUHG -DSDQ KDV FDOFXODWHG LWV '0, IRU WKH ILYH
\HDUV EHWZHHQ  DQG VKRZHG DQ DEVROXWH GHFRXSOLQJ GHFRXSOLQJ IDFWRU  RYHU WKDW SHULRG




                                                     
6*6'),1$/


         (FRORJLFDO )RRWSULQW PLQXV HQHUJ\ FRPSRQHQW YHUVXV *'3

7KH (FRORJLFDO )RRWSULQW () DV SUHVHQWHG LQ WKH ::) /LYLQJ 3ODQHW 5HSRUW  DLPV WR SURYLGH D
FRQVHUYDWLYH HVWLPDWH RI KXPDQ SUHVVXUH RQ JOREDO HFRV\VWHPV ,W HVWLPDWHV D SRSXODWLRQ
V FRQVXPSWLRQ RI
IRRG PDWHULDOV DQG HQHUJ\ LQ WHUPV RI WKH DUHD RI ELRORJLFDOO\ SURGXFWLYH ODQG RU VHD UHTXLUHG WR SURGXFH
WKRVH QDWXUDO UHVRXUFHV RU LQ WKH FDVH RI HQHUJ\ WR DEVRUE WKH FRUUHVSRQGLQJ FDUERQ GLR[LGH HPLVVLRQV
&RQFHSWXDOO\ WKH () UHSUHVHQWV WKH ELRORJLFDOO\ SURGXFWLYH DUHD UHTXLUHG WR SURGXFH WKH IRRG DQG ZRRG
SHRSOH FRQVXPH WR JLYH URRP IRU LQIUDVWUXFWXUH DQG WR DEVRUE WKH &2 HPLWWHG IURP EXUQLQJ IRVVLO IXHOV
7KH () LV WKH VXP RI VL[ VHSDUDWH FRPSRQHQWV 7KHVH DUH WKH DUHD RI FURSODQG UHTXLUHG WR SURGXFH WKH
FURSV WKDW WKH FLWL]HQV RI WKDW FRXQWU\ FRQVXPH WKH DUHD RI JUD]LQJ ODQG UHTXLUHG WR SURGXFH WKH DQLPDO
SURGXFWV WKH DUHD RI IRUHVW UHTXLUHG WR SURGXFH WKH ZRRG DQG SDSHU WKH DUHD RI VHD UHTXLUHG WR SURGXFH
WKH PDULQH ILVK DQG VHDIRRG WKH DUHD RI ODQG UHTXLUHG WR DFFRPPRGDWH KRXVLQJ DQG LQIUDVWUXFWXUH DQG WKH
DUHD RI IRUHVW WKDW ZRXOG EH UHTXLUHG WR DEVRUE WKH &2 HPLVVLRQV UHVXOWLQJ IURP WKDW LQGLYLGXDO
V HQHUJ\
FRQVXPSWLRQ
7KH () XQLW RI PHDVXUHPHQW LV WKH ³JOREDO KHFWDUH´ (DFK JOREDO KHFWDUH FRUUHVSRQGV WR RQH KHFWDUH RI
ELRORJLFDOO\ SURGXFWLYH VSDFH ZLWK ³ZRUOG DYHUDJH SURGXFWLYLW\´ 3URGXFWLYLW\ LV WKH \LHOG REWDLQHG LQ D
SDUWLFXODU \HDU IURP DQ\ SDUWLFXODU ODQG FODVV ZLWK SUHYDLOLQJ ORFDO WHFKQRORJLHV 7HFKQRORJ\ FDQ DOWHU WKH
SURGXFWLYLW\ RI ODQG RU WKH HIILFLHQF\ ZLWK ZKLFK UHVRXUFHV DUH XVHG WR SURGXFH JRRGV DQG VHUYLFHV
,W LV SRVVLEOH WR LQWHUSUHW WKH () ZLWKRXW LWV HQHUJ\ FRPSRQHQW DV WKH DSSURSULDWLRQ RI XVHIXO ELRPDVV
H[SUHVVHG LQ JOREDO KHFWDUHV 7KH JOREDO KHFWDUH WKXV EHFRPHV WKH DJJUHJDWH PHDVXUH WKDW SHUPLWV WKH
DGGLWLRQ RI ELRPDVV SURGXFWLRQ LQ LWV IRUP RI FURSV DQLPDO SURGXFWV WLPEHU DQG ILVK $OVR LQFOXGHG LV WKH
ODQG WDNHQ XS E\ KXPDQ VHWWOHPHQW DQG LQIUDVWUXFWXUH EHFDXVH LW LV HTXLYDOHQW WR D FODLP RQ WKH SODQHW¶V
ELRORJLFDO SURGXFWLRQ )RU WKH SXUSRVHV RI WKLV WHQWDWLYH LQGLFDWRU RQO\ WKH RYHUDOO ZRUOG ELRPDVV
DSSURSULDWLRQ LV SUHVHQWHG DQG ZRUOG *'3 LV WDNHQ DV WKH ³GULYLQJ IRUFH´ )LJXUH  7KH WHQWDWLYH ()
LQGLFDWRU LV LQFOXGHG KHUH WR LOOXVWUDWH WKH IRRWSULQW FRQFHSW DQG GDWD DUH SUHVHQWHG RQO\ IRU WKH ZRUOG DV D
ZKROH DQG IRU D VKRUW WLPH SHULRG 7KH ()¶V VSRQVRUV DUH FRQWLQXLQJ WKHLU HIIRUWV WR LPSURYH WKH GDWD
LQFOXGLQJ WUDGH GDWD XVHG IRU WKH FDOFXODWLRQV VR WKDW PRUH GHWDLOHG LQIRUPDWLRQ PLJKW EH SUHVHQWHG DW D
ODWHU VWDJH


5HIHUHQFHV

$GULDDQVH $ HW DO  5HVRXUFH IORZV WKH PDWHULDO EDVLV RI LQGXVWULDO HFRQRPLHV (GV :RUOG 5HVRXUFHV ,QVWLWXWH
      :XSSHUWDO ,QVWLWXWH 1HWKHUODQGV 0LQLVWU\ RI +RXVLQJ 6SDWLDO 3ODQQLQJ DQG (QYLURQPHQW 1DWLRQDO ,QVWLWXWH IRU
      (QYLURQPHQWDO 6WXGLHV -DSDQ :5, 5HSRUW :DVKLQJWRQ
2(&'  5HVRXUFH (IILFLHQF\ DQG WKH (QYLURQPHQW %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO RXWORRN
     IRU &KDSWHU  5HVRXUFH (IILFLHQF\ 2(&' 3DULV
(($  'HYHORSPHQWV LQ LQGLFDWRUV 7RWDO 0DWHULDO 5HTXLUHPHQW 705 KWWSUHSRUWVHHDHXLQWVLJQDOV
      HQSDJHKWPO (XURSHDQ (QYLURQPHQW $JHQF\ &RSHQKDJHQ
(($  7RWDO PDWHULDO UHTXLUHPHQW RI WKH (XURSHDQ 8QLRQ 7HFKQLFDO UHSRUW QR 
      KWWSUHSRUWVHHDHXLQW7HFKQLFDOBUHSRUWB1RBHQ (XURSHDQ (QYLURQPHQW $JHQF\ &RSHQKDJHQ
::) 5HGHILQLQJ 3URJUHVV 81(3 :&0&  /LYLQJ 3ODQHW 5HSRUW  ,6%1  ::):RUOG
     :LGH )XQG IRU 1DWXUH *ODQG 6ZLW]HUODQG




                                                           
                                                                                                                                  6*6'),1$/



                                    )LJXUH  'LUHFW PDWHULDO LQSXW SHU XQLW RI *'3 
                                                                                                                                        D
                                                                                                             9rp‚ˆƒyvtÃshp‡‚…




                                                                                                                   6ˆ†‡…vh
           ('Ã2Ã 
                                         @V $Ãp‚ˆ‡…vr†
                                                                                                       7rytvˆ€Gˆ‘r€i‚ˆ…t

             
                                                                                                                 9r€h…x



                                                                                                                   Avyhq



                                                                               B9Q                              A…hpr



                                                                                                                 Br…€h’



                                                                                                                   B…rrpr


              
                                                                                  9HD                               D…ryhq



                                                                                                                      D‡hy’



                                                                                                               Ir‡ur…yhq†
              
                                                                                                                  Q‚…‡ˆthy



                                                                                                                     Tƒhv


                                                                                                                Trqr



                                                                                                            Vv‡rqÃFvtq‚€



                                                                                                                                   
                                                                                                                                                       
               
                                                                                I‚Ãqrp‚ˆƒyvt            9rp‚ˆƒyvt




                                                          'LUHFW PDWHULDO LQSXW YHUVXV *'3


                                                                                                                                  'HFRXSOLQJ
                          &RXQWU\                             '0,                                     *'3
                                                                                                                                   IDFWRU
                                                                                                                                          D




                                                                                              
                                                  WRQQHV                        86'     
              $XVWULD                                                                                                            
              %HOJLXP/X[HPERXUJ                                                                                                 
              'HQPDUN                                                                                                            
              )LQODQG                                                                                                            
              )UDQFH                                                                                                           
              *HUPDQ\                                                                                                          
              *UHHFH                                                                                                            
              ,UHODQG                                                                                                             
              ,WDO\                                                                                                             
              1HWKHUODQGV                                                                                                        
              3RUWXJDO                                                                                                           
              6SDLQ                                                                                                              
              6ZHGHQ                                                                                                             
              8QLWHG .LQJGRP                                                                                                   
              hÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A             @Q9A  Ður…rÃ@QÃ2Ãr‰v…‚€r‡hy
              ƒ…r††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†

              ir‡rrÃÃhqà 



6RXUFHÃ@ˆ…‚†‡h‡ÃXˆƒƒr…‡hyÃD†‡v‡ˆ‡rÃhqÃP@89




                                                                             
6*6'),1$/



   )LJXUH  7HQWDWLYH GHFRXSOLQJ LQGLFDWRU (FRORJLFDO )RRWSULQW PLQXV HQHUJ\ FRPSRQHQW YHUVXV *'3



      (("Ã2Ã 
                                                  :RUOG

    
                                                                                 B9Q



    


    


    


    


                                                                                U‚‡hyÃ@A




     
                                                                        




                          (FRORJLFDO )RRWSULQW () PLQXV HQHUJ\ FRPSRQHQW
                                                   *'3
                                    $YHUDJH
                                              :RUOG SRSXODWLRQ            :RUOG *'3
                          <HDU     SHU FDSLWD                  7RWDO ()
                                                PLOOLRQV               ELOOLRQ
                                      ()
                                                           
                                                           
                                                           
                                                           

6RXUFH ,($ ::)




                                                      
                                                                                                        6*6'),1$/



          1$785$/ 5(6285&(6


        :DWHU 5HVRXUFHV

%RWK ZDWHU DQG SRSXODWLRQ DUH XQHYHQO\ GLVWULEXWHG RYHU WKH JOREH :KLOH IUHVKZDWHU UHVRXUFHV PD\
DSSHDU DEXQGDQW ZKHQ PHDVXUHG RQ D JOREDO VFDOH GHPDQG IRU ZDWHU ± GULYHQ E\ SRSXODWLRQ JURZWK
ULVLQJ OLYLQJ VWDQGDUGV DQG HFRQRPLF GHYHORSPHQW ± LV SXWWLQJ SUHVVXUH RQ UHVRXUFHV LQ QXPHURXV
FRXQWULHV RU UHJLRQV ZLWKLQ FRXQWULHV
7KH SUHVVXUH RQ IUHVKZDWHU UHVRXUFHV IURP ERWK DEVWUDFWLRQ DQG SROOXWLRQ VHH VHFWLRQ RQ ZDWHU TXDOLW\
DIIHFWV HFRQRPLF GHYHORSPHQW DV ZHOO DV WKH DELOLW\ RI ORFDO FRPPXQLWLHV WR SURYLGH ZDWHU IRU KXPDQ
FRQVXPSWLRQ DQG VDQLWDWLRQ 0RUHRYHU ZDWHU DEVWUDFWLRQ IURP ULYHUV DQG ODNHV SXWV SUHVVXUH RQ DTXDWLF
HFRV\VWHPV
:KLOH DFFHVV WR FOHDQ ZDWHU IRU GULQNLQJ FRRNLQJ DQG EDWKLQJ LV QRZ FRPPRQO\ UHJDUGHG DV D EDVLF
KXPDQ ULJKW LQFUHDVLQJ FRPSHWLWLRQ IRU ZDWHU IURP YDULRXV HFRQRPLF VHFWRUV GHPDQGV WKDW ZDWHU LV DOVR
UHFRJQLVHG DV DQ HFRQRPLF JRRG 7KH PRPHQWXP IRU UHIRUP RI ZDWHU SULFLQJ LV EXLOGLQJ LQ PRVW 2(&'
FRXQWULHV DQG ZDWHU WDULIIV SDUWLFXODUO\ IRU LQGXVWULDO DQG GRPHVWLF XVH KDYH EHHQ PRYLQJ WRZDUGV
UHIOHFWLQJ WKH IXOO FRVW RI SURYLGLQJ ZDWHU VHUYLFHV


            7RWDO IUHVKZDWHU DEVWUDFWLRQ SHU XQLW RI *'3

$OWKRXJK VRFLRHFRQRPLF GHYHORSPHQW LV OLQNHG WR WKH H[SORLWDWLRQ RI ZDWHU UHVRXUFHV QR VLPSOH
UHODWLRQVKLS H[LVWV EHWZHHQ ZDWHU XVH DQG VWDQGDUG RI OLYLQJ 7KXV VHYHUDO 2(&' FRXQWULHV KDYH
VWDELOLVHG RU UHGXFHG SHU FDSLWD DQG HYHQ WRWDO ZDWHU DEVWUDFWLRQV VLQFH WKH ODWH V ,Q IDFW ZKLOH SHU
FDSLWD ZDWHU FRQVXPSWLRQ GHFUHDVHG DFURVV 2(&' FRXQWULHV E\  EHWZHHQ  SHU FDSLWD
*13 LQFUHDVHG E\  RYHU WKH VDPH SHULRG LQGLFDWLQJ D VWURQJ GHFRXSOLQJ RI ZDWHU FRQVXPSWLRQ OHYHOV
IURP LQFRPH JURZWK
,Q WKH 2(&' DUHD VLJQLILFDQW YDULDWLRQ H[LVWV LQ WRWDO IUHVKZDWHU DEVWUDFWLRQ SHU XQLW RI *'3 DQG SHU FDSLWD
)RU LQVWDQFH LQ 'HQPDUN )LQODQG DQG WKH 1HWKHUODQGV DEVWUDFWLRQV DUH OHVV WKDQ  OLWUHV SHU 86' RI
*'3 ZKHUHDV LQ 7XUNH\ WKH\ DPRXQW WR DERXW  OLWUHV86' DQG LQ WKH 8QLWHG 6WDWHV WR  OLWUHV86' RI
*'3
                                                                        
)RU WKH JURXS RI  0HPEHU &RXQWULHV FRQVLGHUHG KHUH  D SURQRXQFHG GHFRXSOLQJ RFFXUUHG EHWZHHQ
WRWDO IUHVKZDWHU DEVWUDFWLRQV DQG HFRQRPLF JURZWK GXULQJ  DEVWUDFWLRQV UHPDLQHG EURDGO\
FRQVWDQW ZKHUHDV *'3 JUHZ E\ WZRWKLUGV )LJXUH  7KLV GHFRXSOLQJ ZDV DEVROXWH LQ  RI WKH
 FRXQWULHV 7KH H[SDQVLRQ RI LUULJDWLRQ FDXVHG DEVWUDFWLRQ WR LQFUHDVH E\ PRUH WKDQ  LQ 7XUNH\ EXW
WKLV JURZWK ZDV PDWFKHG E\ DQ HTXDO LQFUHDVH LQ *'3


            &RQWH[W LQGLFDWRU )UHVKZDWHU DEVWUDFWLRQ DV D VKDUH RI DYDLODEOH UHVRXUFHV

7KH WHUP ³ZDWHU VWUHVV´ LV GHILQHG DV WKH UDWLR RI ZDWHU ZLWKGUDZDO WR DQQXDO ZDWHU DYDLODELOLW\ 2(&'
FRXQWULHV OLNH RWKHU FRXQWULHV DQG UHJLRQV DUH H[SRVHG WR GLIIHULQJ GHJUHHV RI ZDWHU VWUHVV 1RW DOO ZDWHU
XVHV SXW HTXDO VWUHVV RQ ZDWHU UHVRXUFHV EXW K\GURORJLVWV XVXDOO\ FRQVLGHU WKDW ZKHQ WKH UDWLR RI ZDWHU
ZLWKGUDZDO WR DQQXDO ZDWHU DYDLODELOLW\ LV OHVV WKDQ   ZDWHU VWUHVV LV ORZ $ UDWLR LQ WKH UDQJH RI  WR
 LQGLFDWHV WKDW ZDWHU DYDLODELOLW\ LV EHFRPLQJ D FRQVWUDLQW RQ GHYHORSPHQW DQG VLJQLILFDQW LQYHVWPHQWV
DUH QHHGHG WR PDUVKDO DGHTXDWH VXSSOLHV :KHQ WKH UDWLR LV JUHDWHU WKDQ   ERWK VXSSO\ DQG GHPDQG
QHHG WR EH PDQDJHG DQG FRQIOLFWV DPRQJ FRPSHWLQJ XVHV ZLOO QHHG WR EH UHVROYHG 7KLV LQGLFDWRU VKRXOG
LGHDOO\ EH HYDOXDWHG RQ WKH VFDOH RI D ULYHU EDVLQ




!'à 6ˆ†‡…vhÃ8hhqhÃ8“rpuÃSrƒˆiyvpÃ9r€h…xÃAvyhqÃÃBr…€h’ÃCˆth…’ÃDpryhqÃEhƒhÃF‚…rhÃÃQ‚yhqÃTy‚‰hxÃSrƒˆiyvpÃTƒhv
      TrqrÃTv‡“r…yhqÃUˆ…xr’ÃhqÇurÃVv‡rqÃT‡h‡r†




                                                                 
6*6'),1$/



                               7DEOH  )UHVKZDWHU DEVWUDFWLRQV DV D VKDUH RI DYDLODEOH UHVRXUFHV
                                                            SrrhiyrÅr†‚ˆ…pr†                6i†‡…hp‡v‚†ÃÈÂsÅrrhiyrÅr†‚ˆ…pr†
                                                                             
                                                                  ivyyv‚Ã€                                                               D
                                                                                                     ('             ((          (('

                     6ˆ†‡…hyvh                                                   "$!                  "                             #"

                     6ˆ†‡…vh                                                      '#                  #            ##               #!

                     7rytvˆ€                                                          &                                        #$

                     8hhqh                                                 !&(!                       "             %                &

                     8“rpuÃSrƒˆiyvp                                                   %              !!&           !!&               #"

                     9r€h…x                                                          %               (&            #'               !"

                     Avyhq                                                                         "#            !                !
                                 E
                     Br…€h’                                                      '!                 !"!           !%"           !!"

                     B…rrpr                                                       &!                  &                            !

                     Cˆth…’                                                      !                  #            $!               #&

                     Dpryhq                                                      &                                               

                     D…ryhq                                                      #%                  !"                            !%

                     D‡hy’                                                        &$                 "!            "!            "!

                     Ehƒh                                                       #!                  !(           ! #           ! !

                     F‚…rh                                                        &                 !$            !(%           "$%

                     Gˆ‘r€i‚ˆ…t                                                       !                            "%               "#

                     Hr‘vp‚                                                      #%"                  !                             &

                     IrÃarhyhq                                                 "!&                  #                            %

                     I‚…h’                                                      "("                                               &

                     Q‚yhq                                                       %"                 !!$           !!%               '

                     Q‚…‡ˆthy                                                     &!                                (               $"

                     Ty‚‰hxÃSrƒˆiyvp                                              '                  !'            !%                $

                     Tƒhv                                                                           "%           ""!           "%'

                     Trqr                                                       &(                  !"             &                $

                     Tv‡“r…yhq                                                  $"                  #(            $               #'

                     Uˆ…xr’                                                      !"#                  %(            "'               %
                                          F
                     Vv‡rqÃFvtq‚€                                               #&                  (!           '!                %&

                     Vv‡rqÃT‡h‡r†                                          !#&'                     !(            '(               ((


                     h…Ãyh‡r†‡Ã’rh…Ãh‰hvyhiyr0ÃiÃA‚…à   ('Ðr†‡r…ÃBr…€h’y’0ÃpÃ@tyhqÃhqÃXhyr†Ã‚y’

                     6RXUFHÃÃP@89



)RXUWHHQ 2(&' FRXQWULHV FXUUHQWO\ H[KLELW ZDWHU VWUHVV LQ H[FHVV RI   RI ZKLFK VL[ VKRZ ZDWHU VWUHVV
DERYH  7DEOH  ,Q HLJKW FRXQWULHV WKH LQWHQVLW\ RI ZDWHU XVH KDV LQFUHDVHG RYHU WKH ODVW IHZ
GHFDGHV EXW LQ VHYHUDO RWKHUV WKH LQWHQVLW\ RI ZDWHU XVH KDV IDOOHQ 7KLV LV RI OLWWOH FRQVHTXHQFH ZKHUH
ZDWHU VWUHVV LV ORZ HJ &DQDGD EXW VRPH FRXQWULHV FRPELQH DQ DOUHDG\ KLJK OHYHO RI ZDWHU VWUHVV ZLWK
LQFUHDVLQJ GHPDQGV RQ ZDWHU UHVRXUFHV .RUHD 0H[LFR 7XUNH\ :RUOGZLGH SRSXODWLRQ JURZWK DQG
SROOXWLRQ KDYH UHGXFHG WKH SHU FDSLWD DYDLODELOLW\ RI IUHVKZDWHU IURP   WR   FXELF PHWUHV RYHU WKH
                
SHULRG  DQG WKLV WUHQG LV H[SHFWHG WR FRQWLQXH


5HIHUHQFHV

2(&'  :DWHU 0DQDJHPHQW 3HUIRUPDQFH DQG &KDOOHQJHV LQ 2(&' &RXQWULHV 2(&' 3DULV
2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  )UHVKZDWHU 2XWORRN %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO RXWORRN IRU &KDSWHU 
     )UHVKZDWHU´ 2(&' 3DULV
2(&'  .H\ (QYLURQPHQWDO ,QGLFDWRUV 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW  2(&' 3DULV




     Ã8urpxÐur‡ur…Âyyˆ‡v‚Ãv†Ã…rhyy’Ãh…‡Ã‚sÇuv†Ãphypˆyh‡v‚




                                                                                        
                                                                                                                                                                                                        6*6'),1$/



                                            )LJXUH  7RWDO IUHVKZDWHU DEVWUDFWLRQ SHU XQLW RI *'3 

                                                                                                                                       ('Ã2à                        P@89Ã@ˆ…‚ƒr
                                                                                                                                           '

                                                                                                                                           $

                                                                                                                                           !
                 ('Ã2à                                        P@89ÃU‚‡hy
                                                                                                                                           (

                                                                                                                                           %
                     '
                                                                                                                  B9Q
                                                                                                                                           "

                     %                                                                                                                     

                                                                                                                                                         ('           ('$                   ((             (($            (('

                     #
                                                                                                                                     ('Ã2à                       P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                                          ! 
                     !
                                                                                                                                           '

                                                                                                                                           $
                     
                                                                                                                                           !

                                                                                                                                           (
                     '
                                                                                                                                           %
                                                                                                         A…r†uh‡r…Ã
                     %                                                                                                                    "
                                                                                                         hi†‡…hp‡v‚†
                                                                                                                                            

                     #                                                                                                                                  ('           ('$                  ((             (($            (('


                                                                                                                                       ('Ã2Ã                        P@89ÃQhpvsvp
                     !
                                                                                                                                          ! 


                                                                                                                                           '
                      
                                                                                                                                           $
                                   ('                    ('$                   ((                (($                    (('
                                                                                                                                           !


                                                                                                                                           (
          Ã6ˆ†‡…hyvhÃ7rytvˆ€ÃA…hprÃB…rrprÃD…ryhqÃD‡hy’ÃGˆ‘r€i‚ˆ…tÃHr‘vp‚Ã
                                                                                                                                           %
          Ir‡ur…yhq†ÃIrÃarhyhqÃI‚…h’ÃQ‚…‡ˆthyÃhqÃVv‡rqÃFvtq‚€Ã‚‡Ãvpyˆqrq
                                                                                                                                           "


                                                                                                                                            

                                                                                                                                                         ('           ('$                    ((            (($            (('




                                                                                                                                                                                                             D
                                                                                                                                                                             9rp‚ˆƒyvtÃshp‡‚…

                                                A…r†uh‡r…Ãhi†‡…hp‡v‚†Ãƒr…ȁv‡Ã‚sÃB9Q

                                                                                                                                                                                        6ˆ†‡…vh
                                                                                                              A…r†uh‡r…à                 9rp‚ˆƒyvtÃ
        8‚ˆ‡…’           A…r†uh‡r…Ãhi†‡…hp‡v‚†Ãà                            B9Q                                                                  h
                                                                                                       hi†‡…hp‡v‚†B9Qà                   shp‡‚…
                                                                                                                                                                                        8h h qh




                                                                                                         (('ÃÃÃÃÃ
                                                                                                                                                                             8“r puÃSr ƒˆiyvp
                          Gh‡rà   ((†Ã         Gh‡rà   ((†Ãà       (('ÃÃÃÃà         (('ÃÃÃÃÃÃà             "à             (('ÃÃÃÃÃÃÃÃ
                                        "                           (
                                                                                                         €
                          Hvyyv‚†Ã€            ('Ã2à          ÃVT9        ('Ã2à                              ('Ã2à   
                                                                                                         "
                                                                                                                                                                                       9r€h …x
                                                                                                       VT9


6ˆ†‡…vh                           "$%                      &            '#!               #(               (""                  &!              !'
                                                                                                                                                                                        Avyh q

8hhqh                          #&!$                      !%           &"%               $&            %#!                    '              !

8“rpuÃSrƒˆiyvp                    !!&&                     %"            !(%                               &$&                  $&              #"
                                                                                                                                                                                       Br…€h ’

9r€h…x                            &$#                     %"            "                #               $&(                  #$              $$

Avyhq                           !"!'                     %"             !!               $"            !&$                    #               $(                                Cˆth …’
           i
Br…€h’                         #$(                       (%           '!!$               #            !!!&                    %(              "

Cˆth…’                           $%$"                      '            "                #            $#''                    "              "                                Dpr yh q


Dpryhq                             $&                     #$             %(               $&            !!&$                    ("              &
                                                                                                                                                                                         Ehƒh
Ehƒh                           '(                               !($'$                  %$            "     !                %               "(

F‚…rh                           !#'                      #!           %# %              "#"            "'%$                    #               $(
                                                                                                                                                                                         F‚…rh
Q‚yhq                             " "                     '           "! "               "             "$!                     %               "(

Ty‚‰hxÃSrƒˆiyvp                    !!$                     $$            $"(               !#            !!&#                    ##              $%
                                                                                                                                                                                        Q‚ yh q
Tƒhv                           #'$$                      !           %%!&               $'            % %$                    %$              "$

Trqr                            !%%'                     %$            ''!               "#               #   '                #'              $!
                                                                                                                                                                             Ty‚ ‰hxÃSr ƒˆiyvp
Tv‡“r…yhq                       !$%%                     ((            ''&               !'               "%                  &'              !!

Uˆ…xr’                          "&#(                     !"            # !"              !"             (("                                  
                                                                                                                                                                                          Tƒh v

Vv‡rqÃT‡h‡r†                #(!!%                        ($       '!(!'                  &#            $("%                    $$              #$

U‚‡hy                        '#'#'                                %(##$                  %%            #&$                    %
                                                                                                                                                                                       Trqr

hÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A                 ((' @Q9A (' Ður…rÃ@QÃ2Ãr‰v…‚€r‡hyÃÅr††ˆ…rÃhq


9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà                                                                                Tv‡“r…yh q


iÃ7rs‚…rà      ((ÃBr…€h’Ãp‚€ƒ…v†r†Ã‚y’ÃXr†‡ÃBr…€h’

ÃÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt                                                                                                                                    Uˆ…xr’


6RXUFH )ÃÃP@89
                                                                                                                                                                               Vv‡r qÃT‡h ‡r†




                                                                                                                                                                                                                              

                                                                                                                                                                                                    I‚Ãqrp‚ˆƒyvt       9rp‚ˆƒyvt




                                                                                                                    
6*6'),1$/



       )RUHVWV DQG )RUHVW 3URGXFWV

3RSXODWLRQ DQG LQFRPH OHYHOV GULYH WKH GHPDQG IRU ZRRG FRQVXPSWLRQ ZKLFK LV DOVR DIIHFWHG E\
FRPSHWLWLRQ IURP VXEVWLWXWHV LQ PDQ\ DSSOLFDWLRQV ,Q PRVW 2(&' FRXQWULHV SRSXODWLRQ JURZWK LV VORZLQJ
GRZQ DQG SRSXODWLRQV DUH DJHLQJ :LWK WKH H[FHSWLRQ RI SDSHU DQG ERDUG 2(&' GHPDQG IRU PDQ\ W\SHV
RI ZRRGXVLQJ SURGXFWV VXFK DV KRXVLQJ FDQ WKHUHIRUH EH H[SHFWHG WR UHPDLQ VWDEOH RU EHFRPH ZHDNHU
WKURXJK WLPH 7KXV WKH SUHVVXUH RQ IRUHVWV IURP FRPPHUFLDO ORJJLQJ GXH WR GHPDQG IURP WKH 2(&'
FRXQWULHV LV XQOLNHO\ WR JURZ VXEVWDQWLDOO\
7KH WHPSHUDWH IRUHVWV LQ WKH 2(&' DUHD DUH H[SHULHQFLQJ PRGHVW JURZWK LQ DUHD DQG VLJQLILFDQW LQFUHDVHV
LQ YROXPH RI ZRRG LQ VSLWH RI WKH UHPRYDO RI JURZLQJ ZRRG YROXPHV RYHU WKH SDVW KDOIFHQWXU\ 7KH QHW
DQQXDO LQFUHPHQW 1$, GHSHQGV SULQFLSDOO\ RQ JURZLQJ FRQGLWLRQV EXW DOVR XSRQ IRUHVW PDQDJHPHQW
SUDFWLFHV 1$, RI RYHU  FXELF PHWUHVKD\HDU LV SRVVLEOH ZLWK LQWHQVLYH PDQDJHPHQW DQG JRRG JURZLQJ
FRQGLWLRQV DV LQ VRPH %UD]LOLDQ DQG 1HZ =HDODQG SODQWDWLRQ IRUHVWV
,W LV GLIILFXOW WR GHILQH D GHFRXSOLQJ LQGLFDWRU IRU WKH IRUHVWU\ VHFWRU H[SUHVVHG DV DQ HQYLURQPHQWDO SUHVVXUH
YHUVXV DQ HFRQRPLF JRRG %LRGLYHUVLW\ ORVV SHU YROXPH RI SURGXFWLRQ ZRXOG FRQFHSWXDOO\ EH DQ
DSSURSULDWH GHFRXSOLQJ LQGLFDWRU IRU WKH IRUHVWU\ VHFWRU EXW ODFN RI GDWD SUHYHQWV WKH SUHVHQWDWLRQ RI VXFK
DQ LQGLFDWRU IRU WKH PRPHQW 3URGXFWLRQ RI URXQGZRRG IURP QDWXUDO IRUHVWV UHODWLYH WR *'3 ZRXOG DOVR EH D
VXLWDEOH LQGLFDWRU VLQFH PD[LPXP VXVWDLQDEOH \LHOGV IURP VXFK IRUHVWV WHQG WR JURZ YHU\ VORZO\ ,QVWHDG
WKH GHFRXSOLQJ LQGLFDWRU SUHVHQWHG KHUH FRQFHUQV WKH DPRXQW RI SDSHU DQG FDUGERDUG QRW UHFRYHUHG IRU
UHF\FOLQJ ,Q DGGLWLRQ WZR FRQWH[W LQGLFDWRUV SURYLGH LQIRUPDWLRQ DERXW WKH VXVWDLQDELOLW\ RI WKH
PDQDJHPHQW RI WKH UHVRXUFH EDVH


           $PRXQW RI SDSHUFDUGERDUG 127 UHF\FOHG YHUVXV *'3

3DSHU XVH KDV WULSOHG RYHU WKH SDVW  \HDUV DQG LV SUHGLFWHG WR GRXEOH DJDLQ E\  7KLV VWHDG\
H[SDQVLRQ KDV UDLVHG FRQFHUQV RYHU WKH JURZLQJ DPRXQW RI SDSHU GLVSRVHG RI DW ODQGILOOV 7KLV LQGLFDWRU
PHDVXUHV WKH DPRXQWV RI SDSHU DQG SDSHUERDUG SRWHQWLDOO\ HQGLQJ XS IRU ILQDO GLVSRVDO LQ ODQGILOOV SHU XQLW
RI *'3 $OVR WKH XVH RI UHF\FOHG ILEUH UHGXFHV WKH GHPDQG IRU YLUJLQ ILEUH WKHUHE\ UHGXFLQJ SUHVVXUHV RQ
IRUHVWV 7KH LQGLFDWRU LV FDOFXODWHG XVLQJ )$2 VWDWLVWLFV E\ DGGLQJ QHW LPSRUWV RI SDSHU DQG SDSHUERDUG
DQG QHW LPSRUWV RI UHFRYHUHG SDSHU WR QDWLRQDO SURGXFWLRQ DQG VXEWUDFWLQJ WKH DPRXQWV RI SDSHU UHFRYHUHG
DV VHFRQGDU\ IHHGVWRFN
                                   
)RU WKH 2(&' DV D ZKROH  WKH DPRXQW RI SDSHU DQG FDUGERDUG QRW UHFRYHUHG IRU UHF\FOLQJ KDV EHHQ
UHODWLYHO\ GHFRXSOHG IURP HFRQRPLF JURZWK GXULQJ  WKH DPRXQW QRW UHFRYHUHG LQFUHDVHG E\ DURXQG
 ZKLOH *'3 JUHZ E\  )LJXUH  7KLV UHVXOW LV ODUJHO\ GXH WR GHYHORSPHQWV LQ 2(&' 1RUWK
$PHULFD DQG WR D OHVVHU H[WHQW 2(&' 3DFLILF $OWKRXJK GHFRXSOLQJ ZDV DEVROXWH IRU WKUHH 2(&' (XURSH
FRXQWULHV *HUPDQ\ 1RUZD\ DQG 6ZHGHQ WKH UHJLRQ DV D ZKROH GLG QRW UHFRUG DQ\ VLJQLILFDQW
GHFRXSOLQJ ,PSRUWV DQG H[SRUWV RI SDSHU SURGXFWV DV ZHOO DV RI UHFRYHUHG SDSHU DQG FDUGERDUG VWURQJO\
LQIOXHQFH WKH DERYH ILJXUHV
1RWZLWKVWDQGLQJ WKH LQFUHDVLQJ SDSHU UHF\FOLQJ UDWHV WKH DPRXQWV RI SDSHU QRW UHFRYHUHG FRQWLQXHG WR
JURZ LQ WKH SHULRG FRQVLGHUHG GXH WR WKH JURZLQJ SDSHU FRQVXPSWLRQ )LJXUH  7KH ZLGHQLQJ JDS
EHWZHHQ SDSHU DQG ERDUG SURGXFWLRQ DQG SXOS RXWSXW UHIOHFWV WKH JURZLQJ LPSRUWDQFH RI UHFRYHUHG ILEUH
DQG ILOOHUV LQ SDSHUPDNLQJ 7KHUH DUH HFRQRPLF WHFKQLFDO DQG TXDOLW\ OLPLWV WR WKH TXDQWLWLHV RI ZDVWH SDSHU
WKDW FDQ EH UHF\FOHG $V VXFK LQFLQHUDWLRQ ZLWK HQHUJ\ UHFRYHU\ LV LQFUHDVLQJO\ VLQJOHG RXW DV WKH
DOWHUQDWLYH RSWLRQ WR DGGUHVV ERWK ZDVWH SDSHU JHQHUDWLRQ DQG JUHHQKRXVH JDV HPLVVLRQV


           &RQWH[W LQGLFDWRU ,QWHQVLW\ RI XVH KDUYHVWDQQXDO JURZWK

7KLV LQGLFDWRU LV D PHDVXUH RI WKH KDUYHVWLQJ SUHVVXUH RQ IRUHVWV $QQXDO JURZWK LV D IXQFWLRQ RI IRUHVW
PDQDJHPHQW SUDFWLFHV DQG RI WKH WRWDO IRUHVW DUHD )RUHVW KDUYHVWLQJ LQ DOO 2(&' FRXQWULHV KDV UHPDLQHG
RQ WKH ZKROH ZHOO EHORZ WKH DQQXDO JURZWK LQFUHPHQW 7DEOH  :KHQ LQWHUSUHWLQJ WKHVH ILJXUHV

"à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÇurÃ8“rpuÃSrƒˆiyvpÃDpryhqÃhqÇurÃTy‚‰hxÃSrƒˆiyvp




                                                                    
                                                                                                     6*6'),1$/


KRZHYHU UHDGHUV VKRXOG QRWH WKDW FRPPHUFLDO ORJJLQJ SHU VH LV UDUHO\ WKH GULYLQJ IRUFH FDXVLQJ
GHIRUHVWDWLRQ 7KLV LV WUXH IRU ERWK WHPSHUDWH DQG WURSLFDO UHJLRQV 3HUPDQHQW IRUHVW ORVV LV W\SLFDOO\ GULYHQ
E\ WKH GHVLUH WR FRQYHUW IRUHVW ODQG WR RWKHU XVHV XVXDOO\ DJULFXOWXUH &RQYHUVHO\ IRUHVW H[SDQVLRQ LQ WKH
WHPSHUDWH UHJLRQV LV ODUJHO\ GULYHQ E\ WKH DEDQGRQPHQW RI DJULFXOWXUDO SXUVXLWV RQ PDUJLQDO ODQG DQG LWV
QDWXUDO UHYHUVLRQ WR IRUHVW 7KLV WUHQG LV DFFHQWXDWHG E\ FRQVFLRXV LQYHVWPHQW LQ UHIRUHVWDWLRQ LQ PDQ\
2(&' FRXQWULHV DQG HOVHZKHUH
2YHU WKH ODVW WKUHH GHFDGHV URXQGZRRG UHPRYDOV KDYH LQFUHDVHG DW RQO\ KDOI WKH UDWH RI ZRRG
FRQVXPSWLRQ ERWK LQ WKH 2(&' DUHD DQG LQ WKH UHVW RI WKH ZRUOG 7KLV LV SDUWO\ EHFDXVH WKH SXOS DQG SDQHO
LQGXVWULHV DUH QRZ PDNLQJ JUHDWHU XVH RI VDZPLOOLQJ UHVLGXHV ,QFUHDVHG ZDVWH SDSHU UHFRYHU\ KDV OHG WR
PRUH UHF\FOLQJ IRU SDSHU DQG SDSHUERDUG SURGXFWLRQ 3URGXFWLRQ SURFHVV PHWKRGV LQ WKH IRUHVW LQGXVWU\
KDYH LPSURYHG IRU H[DPSOH WKURXJK WKH XVH RI WKHUPRPHFKDQLFDO SXOS LQ SDUWLDO UHSODFHPHQW RI FKHPLFDO
SXOS

                               7DEOH  ,QWHQVLW\ RI IRUHVW XVH KDUYHVWDQQXDO JURZWK UDWH 

                                                       ('      ('$       ((       (($     ((%       ((&      (('    (((


6ˆ†‡…hyvh                                                     #              $&                          

6ˆ†‡…vh                                               %$              %      %   %&                     

7rytvˆ€                                                        "               !%                          

8hhqh                                                #"      #$              ##                          

8“rpuÃSrƒˆiyvp                                        &!              %'      &!                          

9r€h…x                                               &$              %                                  

Avyhq                                               ("      &(      &"           &#                     

A…hpr                                                '       &'      '!      &                          
             D
Br…€h’                                                                                                   

B…rrpr                                                &       %!              %$                          

Cˆth…’                                               &      &$      %&      $#   $&       $'     $&   $(

Dpryhq                                                                                                           

D…ryhq                                               "$              %'                                  

D‡hy’                                                 #"      '              #%                          

Ehƒh                                                         "%      "$      #!                          

F‚…rh                                                          #      &      &            %            

Gˆ‘r€i‚ˆ…t                                                    #(       !       $!                          

Hr‘vp‚                                                !"              !#       &                          

Ir‡ur…yhq†                                                   #       #!      %                          

IrÃarhyhq                                                           %"                                  

I‚…h’                                                $$              %!           #(                     

Q‚yhq                                                $(              $           $(                     

Q‚…‡ˆthy                                              ('      (#               '"                          

Ty‚‰hxÃSrƒˆiyvp                                       &       ##      ##      "'   $                     

Tƒhv                                                 #%      #      #                                  

Trqr                                                '       %#      %"      &'   &!                     

Tv‡“r…yhq                                           &       %%              &'                          

Uˆ…xr’                                                '!      $(      $!           $                    #"

Vv‡rqÃFvtq‚€                                        #'      $      $(      %$                          

Vv‡rqÃT‡h‡r†                                         $%      $(      %      %                          


hÃA‚…à   ('Ãhqà   ('$Ðr†‡r…ÃBr…€h’y’

6RXUFHÃÃP@89ÃA6PÁh‡v‚hyƇh‡v†‡vphyÒrh…i‚‚x†




                &RQWH[W LQGLFDWRU 6KDUH RI SODQWDWLRQ           VXVWDLQDEO\ PDQDJHG IRUHVWV LQ WRWDO IRUHVW DUHD

,QWHQVLILFDWLRQ RI ZRRG SURGXFWLRQ ± WKURXJK D FRPELQDWLRQ RI PRUH DFWLYH IRUHVW PDQDJHPHQW DQG JUHDWHU
XVH RI SODQWDWLRQ IRUHVWV ± FDQ VDWLVI\ ZRUOG GHPDQG IRU IRUHVW SURGXFWV ZLWKRXW LQFUHDVLQJ UHFRXUVH WR
UHPRWH DQG LQDFFHVVLEOH IRUHVW DUHDV 3ODQWDWLRQ IRUHVWV KDYH DOUHDG\ GHIOHFWHG D VLJQLILFDQW SRUWLRQ RI
FRPPHUFLDO ORJJLQJ DZD\ IURP QDWXUDO IRUHVWV 7KH FRPPHUFLDO ORJJLQJ RI WKH ODVW PDMRU ³IURQWLHU´ IRUHVWV RI
WKH ZRUOG $PD]RQ 5XVVLD DQG &DQDGD PD\ DOUHDG\ KDYH UHDFKHG LWV SHDN DQG EH RQ WKH GHFOLQH


                                                                  
6*6'),1$/


7KLV FRQWH[W LQGLFDWRU LV D PHDVXUH RI WKH HIIRUWV E\ WKH IRUHVW LQGXVWU\ WR PDQDJH LWV IRUHVWV RQ D
VXVWDLQDEOH EDVLV QRW MXVW LQ WHUPV RI VXVWDLQDEOH \LHOG EXW DOVR LQFOXGLQJ HFRV\VWHP FRQVLGHUDWLRQV 7KH
ILJXUHV QHHG WR EH LQWHUSUHWHG ZLWK FDXWLRQ DV IRU VRPH FRXQWULHV WKHUH PD\ EH DQ RYHUODS EHWZHHQ WKH
WZR FDWHJRULHV RI SODQWDWLRQ DQG FHUWLILHG IRUHVWV (FRFHUWLILFDWLRQ LV VWLOO LQ LWV LQIDQF\ EXW LQ WKH ORQJHU
WHUP DQ LQGLFDWRU PHDVXULQJ WKH VKDUH RI ZRRG SURGXFWLRQ IURP QRQHFRFHUWLILHG IRUHVWV PLJKW SURYH D
PHDQLQJIXO D FRQWH[W LQGLFDWRU 7DEOH 

5HIHUHQFHV

2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  (QYLURQPHQWDO 2XWORRN LQ WKH )RUHVWU\ 6HFWRU %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO
     RXWORRN IRU &KDSWHU  )RUHVWU\ 2(&' 3DULV
2(&'  (QYLURQPHQWDO 2XWORRN 7KH )RUHVWU\ 6HFWRU %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO
     RXWORRN IRU &KDSWHU  )RUHVWU\ 2(&' 3DULV
2(&'  3XOS DQG 3DSHU ,QGXVWU\ %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO RXWORRN IRU &KDSWHU 
     3XOS DQG 3DSHU ,QGXVWU\ 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW  2(&' 3DULV

                        7DEOH  6KDUH RI SODQWDWLRQ DQG FHUWLILHG IRUHVWV LQ WRWDO IRUHVW DUHD 
                                                                                                                                              D


                                                           KD
                                                                                                                                   E
                                              U‚‡hyÃs‚…r†‡               A‚…r†‡Ãƒyh‡h‡v‚†              A‚…r†‡Ãh…rhÃpr…‡vsvrq              Tuh…rÂsǂ‡hyÃs‚…r†‡

                                                                                                                                                    h…rh

                                                                                                                                                    È

6ˆ†‡…hyvh                                                    $#$"(                              "(%                                                               

6ˆ†‡…vh                                                       "''%                                                                $$"                              #

7rytvˆ€Gˆ‘r€i‚ˆ…t                                             &!'                                                                     #

8hhqh                                                     !##$&                                                              #"%                                 !

8“rpuÃSrƒˆiyvp                                                !%"!                                                                                                

9r€h…x                                                        #$$                              "#                                                             &$

Avyhq                                                      ! ("$                                                           ! (                             

A…hpr                                                        $"#                               (%                                                                  %

Br…€h’                                                       &#                                                            $!(#                             #(

B…rrpr                                                        "$((                               !                                                               

Cˆth…’                                                        '#                               "%                                 %

Dpryhq                                                          "                                   !                                                         "(

D…ryhq                                                        %$(                              $(                                                               

D‡hy’                                                         "                               ""

Ehƒh                                                        !#'                             %'!                                     "                        ##

F‚…rh                                                         %!#'                                                                                              

Hr‘vp‚                                                       $$!$                              !%&                                $!&

Ir‡ur…yhq†                                                    "&$                                                                &                          #$

IrÃarhyhq                                                   &(#%                              $#!                                #"                          !$

I‚…h’                                                        ''%'                              "                            $                              %

Q‚yhq                                                        (#&                               "(                            !&#"                             "

Q‚…‡ˆthy                                                      "%%%                              '"#                                                               

Ty‚‰hxÃSrƒˆiyvp                                               ! &&                                   $                                                            

Tƒhv                                                         #"&                              (#                                                               

Trqr                                                       !& "#                              $%(                            ((%                             #"

Tv‡“r…yhq                                                      ((                                  #                                                             (

Uˆ…xr’                                                        !!$                              '$#                                                               
                    F
Vv‡rqÃFvtq‚€                                                !&(#                              (!'                                ($'                              

Vv‡rqÃT‡h‡r†                                              !!$(("                             %!"'                             "       '                            (

U‚‡hy                                                      '&&%'                            "((%$                             %&&!

h…Ãyh‡r†‡Ã’rh…Ãh‰hvyhiyr0Ãiƈ€Ã‚sÃh…rh†Ãp‚‰r…rqÃi’ÇurÃA‚…r†‡ÃT‡rh…q†uvƒÃ8‚ˆpvyÃAT8ÃhqÇurÃQhÃ@ˆ…‚ƒrhÃA‚…r†‡Ã8r…‡vsvph‡v‚ÃQ@A80

pÃyh†‡Ãp‚yˆ€Ãuh†Ã‚‡ÃirrÃphypˆyh‡rqÃirphˆ†rÇurÃsvtˆ…r†Ãs‚…Ãyh‡h‡v‚ÃhqÃpr…‡vsvrqÃs‚…r†‡†Ãh…rÁ‚‡Ã€ˆ‡ˆhyy’Ãr‘pyˆ†v‰r

6RXUFHÃA6PÃAT8ÃQ@A8




                                                                                
                                                                                                                                                                                                                                        6*6'),1$/



                             )LJXUH  $PRXQW RI SDSHUFDUGERDUG 127 UHFRYHUHG IRU UHF\FOLQJ YHUVXV *'3
                                                               
                                                                                                    ('Ã2Ã 
                                                                                                                                   P@89Ã@ˆ…‚ƒr
                                                                                                         %
                                                                                                                                                                                         A‚…ÃSrsr…rpr


                                                                                                                                                                                          ('Ã2Ã     
                                                                                                         !                                                                                                                        P@89ÃU‚‡hy
    ('Ã2Ã     
                                   P@89ÃU‚‡hy

                                                                                                         '                                                                                    !$

          '                                                                                                                                                                                                                                                     Qhƒr…Ã…rp‚‰r…’
                                                                                 B9Q

                                                                                                         #


          %

                                                                                                          
                                                                                                                                                                                               !
                                                                                                                  ('      ('"       ('%      ('(     ((!     (($         (('
          #



                                                                                                                                 P@89ÃI‚…‡uÃ6€r…vph
          !                                                                                            ('Ã2Ã     

                                                                                                         !                                                                                   $



                                                                                                        %                                                                                                                                                         6ƒƒh…r‡Ã

                                                                           6€ ‚ˆ‡Ã‚sà                                                                                                                                                                              p‚†ˆ€ ƒ‡v‚
                                                                                                          !
                                                                 ƒhƒr…ph…qi…‚hqÃIPUÃ
          '                                                                                                                                                                                   
                                                                           …rp‚‰r…rq                      '



                                                                                                          #
          %

                                                                                                              

                                                                                                                   ('      ('"        ('%     ('(      ((!       (($       (('                $
          #




                                                                                                       ('Ã2Ã                     P@89ÃQhpvsvp
          !
                                                                                                        !

                                                                                                                                                                                                
                                                                                                        %
                                                                                                                                                                                                      ('              ('"        ('%        ('(       ((!       (($        (('
                ('    ('"       ('%          ('(        ((!       (($           (('
                                                                                                         !



                                                                                                         '


                                                                                                         #
8“rpuÃSrƒˆiyvpÃDpryhqÃhqÃTy‚‰hxÃSrƒˆiyvpÁ‚‡Ãvpyˆqrq


                                                                                                          

                                                                                                                  ('      ('"        ('%      ('(      ((!         (($         (('




                                                                                                                                                                                                                                        D
                                                                                                                                                                                                            9rp‚ˆƒyvtÃshp‡‚…




                                         6€‚ˆ‡Ã‚sÃhƒr…ph…qi‚h…qÃIPUÅrp‚‰r…rqÃr…ȁv‡Ã‚sÃB9Q                                                                                                          6ˆ†‡…hyvh



                                                                                                                                                                                                            6ˆ†‡…vh


                                6€‚ˆ‡Ã‚sÃhƒr…ph…qi‚h…qà                                                                 6€‚ˆ‡Ã‚sÃhƒr…ph…qi‚h…qà                 9rp‚ˆƒyvtÃ
          8‚ˆ‡…’                                                                            B9QÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà                                                               h
                                                                                                                                                                                                          7rytvˆ€

                                         IPUÅrp‚‰r…rqÃÃÃÃÃÃÃÃÃÃÃÃà                                                              IPUÅrp‚‰r…rqB9QÃÃÃÃÃÃÃÃà               shp‡‚…
                                                                                                                                                                                                           8hhqh



                                                                                                                                 (((ÃÃÃÃÃÃà                                                               9r€h…x

                                        (((ÃÃÃÃÃÃÃÃÃ        (((ÃÃÃÃÃÃÃÃÃ         (((ÃÃÃÃÃÃÃ            (((ÃÃÃÃÃÃÃÃÃ                                  (((ÃÃÃÃÃÃÃÃÃÃÃ
                                                                                                                           ‡‚r†ÃÃÃÃÃ
                                    "                                            (                                                                                                                         Avyhq
                                   ǂr†             ('Ã2à              ÃVT9            ('Ã2à                  %à                ('Ã2à 
                                                                                                                             VT9
                                                                                                                                                                                                            A…hpr

6ˆ†‡…hyvh                                     &                       $              #%'                         (                "%"                      %                 #
                                                                                                                                                                                                          Br…€h’
6ˆ†‡…vh                                       !$&                  "                   '(#                        $"               %%#                      '%                  #

7rytvˆ€ÃÉÃGˆ‘r€i‚ˆ…t                          &&                 !(                 !%                         #(               %$#                      #                 #                     B…rrpr


8hhqh                                      ' ((                  !!$                 &%('                        %#               %$                      "&                 "&
                                                                                                                                                                                                          Cˆth…’

9r€h…x                                       ("#                  ('                  "!"                        #!               &%                      #                 #
                                                                                                                                                                                                            D…ryhq
Avyhq                                       !(#                  $%                     %'                      $(                 '                     ('                 !

A…hpr                                      % $                   #!                 "    %                      #&               #$(                      (&                 "                         D ‡hy’


Br…€h’                                     #%$                   %%                 '$(                        #!               !$                       #%                 $#
                                                                                                                                                                                                            Ehƒh

B…rrpr                                        ("                 !&%                  $ #                        #                % #                      (%                 (%
                                                                                                                                                                                                             F‚…rh
Cˆth…’                                       &&                  &!                  &%                            (            %$&                      #$                 #$

D…ryhq                                       "$&                  '!                  (!'                       !$$               "'$                      &                  !(                      Hr‘vp‚



D‡hy’                                       &"$#                   %&                 !!!                        #                %!                        (                 (                Ir‡ur…yhq†

Ehƒh                                       $%($                   $$                !(%#$                        %%               $!(                      (#                 %
                                                                                                                                                                                                     IrÃarhyhq
F‚…rh                                       ##%                  !'                  &                        "'               %!'                      &#                 !%
                                                                                                                                                                                                           I‚…h’
Hr‘vp‚                                      #'&'                  !!#                 &$'%                        $'               %#"                      #!                 #!

Ir‡ur…yhq†                                   (&%                  &'                 "&&!                        $'               $!#                        "                 "                      Q‚yhq


IrÃarhyhq                                   #(                   $!                  %'                         $!               &!                                        
                                                                                                                                                                                                          Q‚…‡ˆthy

I‚…h’                                          (                  $#                     #'                      &!                 %%                     "                  %(
                                                                                                                                                                                                             Tƒhv
Q‚yhq                                      !!                  !"#                 ""#&                        "&               %$&                      &                  &

Q‚…‡ˆthy                                      % "                 !&'                  $%$                        &                "(!                      %"                 %"                    Trqr


Tƒhv                                       "#"!                   &&                 %'(#                        %$               #('                      '                 '
                                                                                                                                                                                                      Tv‡“r…yhq

Trqr                                        &$                   $'                  (%                        #               "'"                      #!                 $'
                                                                                                                                                                                                            U ˆ…xr’
Tv‡“r…yhq                                   %%                  (                  ( %                        !(               "##                      '#                  %

Uˆ…xr’                                        #("                 "%                 "( %                       ! (               "'                       %#                 %#             Vv‡rqÃFvtq‚€


Vv‡rqÃFvtq‚€                              &%%$                   %$                 ! $"                        $&               %"                       $                 $
                                                                                                                                                                                                     Vv‡rqÃT‡h‡r†

Vv‡rqÃT‡h‡r†                              #&$"                        "             '$'&&                        '               $$"                      %"                 "&
                                                                                                                                                                                                                                                                          
U‚‡hy                                      !& #                    "&           !"#!(&                            %&               $#"                      '!
                                                                                                                                                                                                                                  I‚Ãqrp‚ˆƒyvt        9rp‚ˆƒyvt
ÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A         (((@Q9A ('Ður…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†Ã


urÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

6RXUFH )ÃÃA6PP@89




                                                                                                                                         
6*6'),1$/



        )LVKHULHV

7KH ILVKHULHV VHFWRU FRPSULVHV WZR GLVWLQFW VXEVHFWRUV FDSWXUH ILVKHULHV DQG DTXDFXOWXUH &DSWXUH
ILVKHULHV LQYROYHV WKH KXQWLQJ DQG JDWKHULQJ RI ILVK LQ WKH ZLOG $TXDFXOWXUH RU ³ILVK IDUPLQJ´ LQYROYHV WKH
UDLVLQJ RI ILVK XQGHU FRQWUROOHG FLUFXPVWDQFHV &DSWXUH ILVKHULHV ZLWK MXVW XQGHU  RI WKH WRWDO ILVKHULHV
SURGXFWLRQ RI  PLOOLRQ WRQQHV LQ  LV WKH GRPLQDQW VXEVHFWRU &DSWXUH ILVKHU\ KDUYHVWV PD\ EH
DSSURDFKLQJ D QDWXUDO XSSHU OLPLW GLFWDWHG E\ WKH ILQLWH VXSSO\ RI QXWULHQWV WR WKH ZRUOG¶V RFHDQV DQG KDYH
                                                              
SURYHQ WR EH YHU\ GLIILFXOW WR PDQDJH LQ ERWK ELRORJLFDO DQG HFRQRPLF WHUPV 0DQ\ FDSWXUH ILVKHU\
UHVRXUFHV KDYH VXIIHUHG IURP RYHUH[SORLWDWLRQ DQG DUH SURGXFLQJ ZHOO EHORZ WKHLU SRWHQWLDO $OWKRXJK
SURGXFWLRQ IURP VRPH GHYHORSLQJ FDSWXUH ILVKHULHV PD\ LQFUHDVH DQG VRPH GHSOHWHG ILVKHULHV PD\
                                                                             
UHFRYHU IXWXUH JURZWK LQ ILVKHULHV SURGXFWLRQ ZLOO ODUJHO\ EH LQ DTXDFXOWXUH 


            &DSWXUH ILVKHULHV SURGXFWLRQ YHUVXV IRRG FRQVXPSWLRQ

3RSXODWLRQ JURZWK SHU FDSLWD LQFRPH JURZWK DQG FKDQJLQJ FRQVXPHU SUHIHUHQFHV GULYH WKH GHPDQG IRU
ILVK SURGXFWV $W WKH VDPH WLPH VRXQG ILVKHU\ PDQDJHPHQW PXVW UHVSHFW PD[LPXP VXVWDLQDEOH \LHOGV DV
PHDVXUHG E\ ELRORJLFDO UHIHUHQFH SRLQWV IRU SDUWLFXODU ILVKHULHV WKDW DUH LQGHSHQGHQW RI WKH OHYHO RI
HFRQRPLF DFWLYLW\ 7KH GHFRXSOLQJ FRQFHSW FDQQRW HDVLO\ EH DSSOLHG WR WKH ILVKHULHV VHFWRU DQG ODFN RI
SHUWLQHQW GDWD PDNHV LW GLIILFXOW WR SUHVHQW D ZKROO\ DGHTXDWH GHFRXSOLQJ LQGLFDWRU IRU WKH ILVKHU\ VHFWRU
7KH 2(&' )LVKHULHV &RPPLWWHH LV QRZ  GHYHORSLQJ HFRQRPLF DQG VRFLDO VXVWDLQDELOLW\ LQGLFDWRUV IRU
ILVKHULHV
$Q LQGLFDWRU PHDVXULQJ SURGXFWLRQ IURP FDSWXUH ILVKHULHV UHODWLYH WR WRWDO IRRG FRQVXPSWLRQ PLJKW VHUYH DV
                              
D SUR[\ GHFRXSOLQJ LQGLFDWRU )LJXUH  %HWZHHQ  FDSWXUH ILVKHULHV SURGXFWLRQ LQ 2(&'
FRXQWULHV GHFUHDVHG E\ DERXW   ZKHUHDV IRRG FRQVXPSWLRQ LQFUHDVHG E\   ,Q QRQ2(&' FRXQWULHV
FDSWXUH ILVK SURGXFWLRQ LQFUHDVHG E\ PRUH WKDQ   DQG IRRG FRQVXPSWLRQ E\   +RZHYHU WKHVH
ILJXUHV GR QRW WDNH DFFRXQW RI WUDGH LQ ILVK SURGXFWV EHWZHHQ WKH 2(&' DQG WKH UHVW RI WKH ZRUOG 5HDGHUV
                                                                                  
VKRXOG DOVR EH DZDUH RI WKH IDFW WKDW ILVKHU\ FDSWXUH GDWD DUH GLIILFXOW WR YHULI\ DQG QHHG WR EH LQWHUSUHWHG
ZLWK H[WUHPH FDXWLRQ


            &RQWH[W LQGLFDWRU ± ILVKHULHV VHFWRU

,Q DGGLWLRQ LW LV SRVVLEOH WR SUHVHQW LQIRUPDWLRQ DERXW VHOHFWHG UHOHYDQW YDULDEOHV VXFK DV ILVK FDWFK E\
2(&' DQG QRQ2(&' FRXQWULHV DTXDFXOWXUH SURGXFWLRQ ILVK FRQVXPSWLRQ DQG WKH VWDWH RI ZRUOG PDULQH
ILVK UHVRXUFHV )LJXUH  2YHU WKH IRXU GHFDGHV EHWZHHQ  DQG  ZLWK DQ DYHUDJH DQQXDO UDWH
RI   ZRUOG FDSWXUH ILVKHULHV H[SHULHQFHG D UDSLG JURZWK $IWHU  WKHUH DSSHDUV WR KDYH EHHQ VRPH
OHYHOOLQJ RII RI FDSWXUH ILVKHU\ KDUYHVWV ,Q IDFW EHWZHHQ  DQG  WKH DYHUDJH DQQXDO UDWH RI JURZWK
ZDV MXVW VOLJKWO\ OHVV WKDQ   ZKLOH EHWZHHQ  DQG  WKH JURZWK UDWH ZDV VOLJKWO\ QHJDWLYH
,Q FRQWUDVW 2(&' FRXQWU\ FDSWXUH ILVKHULHV KDYH EHHQ GHFOLQLQJ LQ DEVROXWH WHUPV VLQFH WKH PLGV
)LJXUH  ,Q  WKH FRPELQHG FDWFK RI 2(&' FRXQWULHV DPRXQWHG WR DERXW  WR ZKDW LQ ZDV LQ
 $OVR WKH VKDUH RI ZRUOG FDSWXUH ILVKHU\ KDUYHVWV DFFRXQWHG IRU E\ 2(&' FRXQWULHV KDV EHHQ
GHFOLQLQJ VLQFH DW OHDVW WKH V 7KH WKUHH OHDGLQJ QDWLRQV LQYROYHG LQ FDSWXUH ILVKHULHV DUH GHYHORSLQJ
QDWLRQV &KLQD 3HUX DQG &KLOH DV DUH VL[ RI WKH OHDGLQJ WHQ &DSWXUH ILVKHU\ SURGXFWLRQ OHYHOV RI 2(&'
0HPEHU &RXQWULHV EDVHG XSRQ WKH PRVW UHFHQW ILYH\HDU DQQXDO DYHUDJH FROOHFWLYHO\ DFFRXQW IRU 
                                                                                               
RI WKH ZRUOG WRWDO RI  PLOOLRQ WRQQHV 7KH VKDUHV RI 2(&' 1RUWK $PHULFD 2(&' (XURSH DQG 2(&'
3DFLILF DUH   DQG  PLOOLRQ WRQQHV UHVSHFWLYHO\



" à Srsr…Ç‚ÇurÃph‰rh‡Ã€hqrȁqr…Ærp‡v‚Ã (Årth…qvtÇurÃyhpxÂsȁqr…†‡hqvtÂsÇurÃsˆp‡v‚vtÂsÃp‚€ƒyr‘Ãrp‚†’†‡r€†
"!à Srhqr…†Ã†u‚ˆyqÃxrrƒÃvÃ€vqÃu‚r‰r…Çuh‡ÃhÆvtvsvph‡Ãƒh…‡Ã‚sÃh„ˆhpˆy‡ˆ…rÃqrƒrq†Ã‚ÃsrrqÃsv†uÃsv†u€rhył‰vqrqÃi’Ãphƒ‡ˆ…r
    sv†ur…vr†
""à PrЂˆyqÃr‘ƒrp‡Ãyv‡‡yrÃt…‚‡uÃvÃ‡urɂyˆ€rÂsłqˆp‡v‚Ãs…‚€Ãphƒ‡ˆ…rÃsv†ur…vr†Ã‚prƈ†‡hvrqÒvryq†Ãh…rÃhpuvr‰rq
"#à A‚…Ãv†‡hprÃXh‡†‚ÃhqÃQhˆy’Ã! Ĉr†‡v‚Ã‡urÃ8uvr†rÃqh‡hÃsv†ułqˆp‡v‚Ã@‰vqrprÂs‰r……rƒ‚…‡vtЂˆyqƈttr†‡Ã‡uh‡
    ‚…yqÀh…vrÃph‡pur†Ãh…rÃvÃshp‡Ãiry‚Ã‡urÅrƒ‚…‡rqÃsvtˆ…r†
"$à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÇurÃ8“rpuÃSrƒˆiyvpÃhqÇurÃTy‚‰hxÃSrƒˆiyvp




                                                                     
                                                                                                                                               6*6'),1$/


)LVKHU\ SURGXFWV DFFRXQW IRU DSSUR[LPDWHO\  RI DOO DQLPDO SURWHLQ FRQVXPHG E\ KXPDQ EHLQJV ,Q $VLD
WKH SHUFHQWDJH PD\ EH DV KLJK DV   ,QGHHG LQ -DSDQ WKH OHDGLQJ ILVK SURGXFLQJ PHPEHU RI WKH 2(&'
ILVKHU\ SURGXFWV FRQVWLWXWH WKH VLQJOH PRVW LPSRUWDQW VRXUFH RI SURWHLQ IRU WKH SRSXODWLRQ ,Q 2(&'
FRXQWULHV SHU FDSLWD ILVK FRQVXPSWLRQ UDQJHV IURP  NJ LQ WKH &]HFK 5HSXEOLF WR  NJ LQ ,FHODQG


                 5HIHUHQFHV

2(&'  )LVKHULHV 7UHQGV $ %DFNJURXQG 5HSRUW %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN
     IRU &KDSWHU  )LVKHULHV 7UHQGV 2(&' 3DULV
2(&'  7RZDUGV PRUH VXVWDLQDEOH KRXVHKROG FRQVXPSWLRQ SDWWHUQV ,QGLFDWRUV WR PHDVXUH SURJUHVV 2(&'
     6HULHV RQ (QYLURQPHQWDO ,QGLFDWRUV 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW  2(&' 3DULV
:DWVRQ 5 DQG 3DXO\ '  6\VWHPDWLF GLVWRUWLRQV LQ ZRUOG ILVKHULHV FDWFK WUHQGV 1DWXUH 




                             )LJXUH  )LVKHULHV SURGXFWLRQ YHUVXV IRRG FRQVXPSWLRQ 



                                   2(&'
                                                                                          ('Ã2Ã 
    ('Ã2à                                                                                                             I‚ÃP@89



                                                                                                                        6„ˆhpˆy‡ˆ…rÃ

                                                         6„ˆhpˆy‡ˆ…rà                                                        ƒ…‚qˆp‡v‚Ãs‚…Ã
                                                          ƒ…‚qˆp‡v‚                                                           (((Ã2Ã(&#




                                                                                                                                                              8hƒ‡ˆ…rÃsv†ur…vr†Ã

                                                                                                                                                                       ƒ…‚qˆp‡v‚




                                                                           A‚‚qÃ


      
                                                                        p‚†ˆ€ƒ‡v‚Ã        
                                                                          phyqh’


                                                                                                                                                          A‚‚qÃ

                                                                                                                                                       p‚†ˆ€ƒ‡v‚Ã


                                                                                                                                                  phyqh’




                                                8hƒ‡ˆ…rÃsv†ur…vr†Ã
                                                                                             
                                                     ƒ…‚qˆp‡v‚




                                                                                               
                                                                                                        




                                                                                         
6*6'),1$/


                                                                    )LJXUH  &RQWH[W LQGLFDWRU  ILVKHULHV VHFWRU
                                                                                                                       Av †u r…v r† Æ rp‡‚ …



                          8 ‚ˆ‡…’                                 8 hƒ‡ˆ…rÃsv†ur… vr†                         6„ˆhpˆy‡ˆ…rłqˆp ‡v‚                                                B9Q                                        A v†uÃp‚† ˆ€ ƒ‡v‚



                                                                   (((ÃÃÃÃÃÃÃ                 (((ÃÃÃÃÃÃÃÃ             (((ÃÃÃÃÃÃÃÃ            (((ÃÃÃÃÃÃÃ                 (((ÃÃÃÃÃÃÃ                   (((ÃÃÃÃÃÃÃ                  (((ÃÃÃÃÃÃÃÃ                 (((ÃÃÃÃÃÃÃ
                                                                                                                                                                                                                          
                                                              ǂr†                    ('Ã2à             ǂr†                ('Ã2à                   ÃV T9                   ('Ã2à                    ǂr†                  ('Ã2à      


            6 ˆ†‡…hyvh                                                     !       %                 &$                          "#                 "&$                      #%'                              (                        "$&                             %!

            6 ˆ†‡…vh                                                                                "(                           "                     (%                       '(#                          $"                               #                   !       !

            7 rytvˆ€ ÃÉÃGˆ‘r€ i‚ˆ… t                                           "                    %$                                             (#                      !%                              #(                       !       %                       (

            8 hhqh                                                        !!                       &%                           #             "       '%                   &%('                             %#                       %%#                             "#

            8 “rpuÃS rƒˆiyvp                                                       #                                            (                                            !("                                                          '                           

            9 r€ h…x                                                      #$                       &                          #"                 !"                          "!"                          #!                           "                          (

            A vyhq                                                           %                     (%                           $                 "       #                        %'                       $(                           '#                          ""

            A … hpr                                                       $&'                                             !%'                        !(                   "        %                       #&                       %(%                             !$

            B r…€ h’                                                      !"(                       #%                          &#                     (                   '$(                             #!                           ('                              &

            B …rrp r                                                           "&                    !(                          &(             #"'                             $    #                       #                        !'"                             '$

            C ˆth…’                                                               '                 %&                           !                     $"                       &%                              (                        #&                          !

            Dpryhq                                                        &"%                           $                        #             (%"                                 &                        %                            !$                          !'

            D…ryhq                                                        !'%                       ('                          ##                 &&'                          (!'                     !$$                               $'                          ('

            D‡hy’                                                          !(#                       %(                      !#%                    ""                      !!!                             #                        "$!                             #"

            E hƒh                                                     $       &%                    $!                      &$(                        ""                  !(%#$                             %%                     '"($

            F ‚…rh                                                     !       !                        &                   ""                        %                   &                         "'                         !!'"                              #(

            H r‘vp‚                                                        !!                       (&                          #'                 $%                       &$'%                             $'                       !$                             #$

            I r‡ur…yhq†                                                   $       $                 ($                          (                     #                    "&&!                             $'                       !$!                             &'

            I r Ãa rhyhq                                                 $(#                      "'$                          (!             !'#%                             %'                           $!                           (                           (

            I ‚…h’                                                    !%!                          (                      #%%                $'#                                 #'                       &!                       !!"                             !#

            Q ‚yhq                                                        !"$                       "&                          "#                 "$                      ""#&                             "&                       $##                             "#

            Q ‚…‡ˆthy                                                      !'                       &&                           '                 !$%                          $%$                          &                        $'                          !$

            T y‚‰hx ÃS rƒˆiyvp                                                                                                                                               $#(                          !%                           "!                              

            T ƒhv                                                             %&                                           "    '                     $$                   %'(#                             %$                       %"                             "&

            T rqr                                                        "$                        $                            %                 &!"                          (%                          #                       !##                             (&

            T v‡“r… yhq                                                          !                 $$                                             %%'                          (    %                       !(                           !'                          '"

            U ˆ…xr’                                                        $&$                       "$                          %"             #$((                         "(       %                  !        (                    #$"                             #

            V v‡rqÃFvtq‚€                                                '"'                                                  $$             $#!!                         !       $"                       $&                       "       $                       #!

            V v‡rqÃT‡h‡r†                                             #&$                          "#                      #&(                    !'#                     '$'&&                             '                     $%'$                              %
                     D
            U ‚‡hy                                                  !%#%#                            '(                   "&&%                      !       &           !"#"%'                                '(                  !(       &"                          "!

            h à 8 “r p u ÃS r ƒ ˆ i yv p Ãh  q ÃT y‚ ‰ h xà S …r ƒ ˆ i yvp Ãh …r Á ‚ ‡Ãv pyˆ q r q Ãv  ‡‚ Çu r ǂ ‡h y

            6RXUFH )Ã ÃA 6 P ÃP @ 8 9 

                              Av†uÃph‡pur†ÃP@89                                                                                                                                               Av†uÃph‡pur†Ãi’Ãsv†uvtÃh…rh†

                                          Ãǂr†                                                                                                                                                             Ãǂr†




 
                                                                                                                                                                                                 


 
                                                                                                                                            
                                    Sr†‡Ã‚sÇurЂ…yq



 
                                                                                                                                            

 
                                            P@89
                                                                                                                                                    
                                                                                                                                                                   1                &              6        0HGLW             ,QGLDQ                1          &             6

                                                                                                                                                                 $WODQWLF    $WODQWLF           $WODQWLF           DQG           2FHDQ              3DFLILF     3DFLILF          3DFLILF
                                                                                                                                                                                                                  %ODFN

                                                                                                                                                                                                   6HD



X‚…yqÀh…vrÃsv†uÅr†‚ˆ…pr†Ãi’Ãuh†rÂsÃsv†ur…’Ãqr‰ry‚ƒ€r‡                                                                                                                           Av†uÃp‚†ˆ€ƒ‡v‚à (' ((&



                                                                                                                                                                                                                                                         

                                                                                                                                                                                      2(&'




                                                                                                                                                                                      (8




                                                                                                                                                                                 3$&,),&




                                                                                                                                                                                     1$05




                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                             NJFDSLWD




                                                                                                                                   
                                                                                              6*6'),1$/



     %LRGLYHUVLW\

7KH 81 &RQYHQWLRQ RQ %LRORJLFDO 'LYHUVLW\ GHILQHV ³ELRGLYHUVLW\´ DV ³WKH YDULDELOLW\ DPRQJ OLYLQJ RUJDQLVPV
IURP DOO VRXUFHV LQFOXGLQJ LQWHU DOLD WHUUHVWULDO PDULQH DQG RWKHU DTXDWLF HFRV\VWHPV DQG WKH HFRORJLFDO
FRPSOH[HV RI ZKLFK WKH\ DUH SDUW WKLV LQFOXGHV GLYHUVLW\ ZLWKLQ VSHFLHV EHWZHHQ VSHFLHV DQG RI
HFRV\VWHPV´
,Q RUGHU WR GHWHUPLQH ZKHWKHU HIIRUWV WR SURWHFW DQG HQKDQFH ELRGLYHUVLW\ DUH HIIHFWLYH LW LV GHVLUDEOH WR
GHYHORS \DUGVWLFNV E\ ZKLFK SURJUHVV FDQ EH PHDVXUHG 6HYHUDO VXFK \DUGVWLFNV KDYH EHHQ SURSRVHG HJ
::) /LYLQJ 3ODQHW ,QGH[ ,8&1 :HOOEHLQJ ,QGH[ EXW QRQH RI WKHP KDV IRXQG ZLGHVSUHDG DFFHSWDQFH VR
IDU $QRWKHU PHDVXUH WKH 1DWXUDO &DSLWDO ,QGH[ 1&, ZDV VSHFLILFDOO\ GHYHORSHG DV DQ DVVHVVPHQW WRRO
IRU WKH &RQYHQWLRQ 2Q %LRORJLFDO 'LYHUVLW\ &%' DQG SUHOLPLQDU\ LPSOHPHQWHG LQ 81(3¶V *OREDO
(QYLURQPHQW 2XWORRNV
1&, LV D IXQFWLRQ RI WKH UHPDLQLQJ QDWXUDO DUHD DQG LWV TXDOLW\ $OWKRXJK WKH 1&, LV D VWDWH LQGLFDWRU D
SUHVVXUH YHUVLRQ KDV DOVR EHHQ GHYHORSHG ,WV UDWLRQDOH LV WKDW WKH LQWHQVLILFDWLRQ RI D VHW RI SUHVVXUHV RQ
WKH TXDOLW\ DQG TXDQWLW\ RI QDWXUDO DUHDV RYHU WLPH ZLOO UHGXFH WKH SURGXFWLYLW\ RI WKHVH HFRV\VWHPV
LQFOXGLQJ WKH ELRGLYHUVLW\ WKH\ VXSSRUW
$ SUHOLPLQDU\ SUHVVXUH YHUVLRQ RI WKH 1&, KDV EHHQ ZRUNHG RXW IRU (XURSH EDVHG RQ VHYHQ SUHVVXUH
YDULDEOHV UDWH RI FOLPDWH FKDQJH KXPDQ SRSXODWLRQ GHQVLW\ LQ QDWXUDO DUHDV FRQVXPSWLRQ DQG SURGXFWLRQ
LQ QDWXUDO DUHDV LVRODWLRQIUDJPHQWDWLRQ DFLGLILFDWLRQ HXWURSKLFDWLRQ DQG H[SRVXUH WR KLJK R]RQH
FRQFHQWUDWLRQ 7KH PHWKRGRORJ\ LV EDVHG RQ HYDOXDWLQJ WKH FKDQJH LQ QDWXUDO DUHD DQG LWV TXDOLW\ DV D
UHVXOW RI WKH  SUHVVXUHV IRU DOO  E\  NP JULG FHOOV RI QDWXUDO DUHD LQ D FRXQWU\ 7KH DJJUHJDWH YDOXH RI WKH
TXDOLW\ LQGH[ DW WKH FRXQWU\ OHYHO LV WKH ZHLJKWHG DYHUDJH RI WKH LQGLFHV RI WKH LQGLYLGXDO JULG FHOOV 7KH
TXDQWLW\ LQGH[ LV WKHQ DYHUDJHG ZLWK WKH LQGH[ UHSUHVHQWLQJ WKH VKDUH RI QDWXUDO DUHDV LQ WKH FRXQWU\¶V WRWDO
DUHD 7KH SUHVVXUH YHUVLRQ RI WKH 1&, WDNHV D YDOXH RI EHWZHHQ  DQG  IRU H[DPSOH LI  RI D
FRXQWU\ VWLOO FRQVLVWV RI QDWXUDO DUHD DQG WKH TXDOLW\ RI WKLV DUHD KDV EHHQ GHJUDGHG E\   WKHQ WKH YDOXH
RI WKH LQGH[ LV 


         3UHVVXUH YHUVLRQ RI WKH 1DWXUDO &DSLWDO ,QGH[ YHUVXV *'3

7KLV WHQWDWLYH LQGLFDWRU LV SUHVHQWHG DV DQ LOOXVWUDWLRQ RI ZKDW D ELRGLYHUVLW\ GHFRXSOLQJ LQGLFDWRU PLJKW ORRN
OLNH IRU (XURSH DV D ZKROH DQG IRU WKUHH (XURSHDQ UHJLRQV )LJXUH  7KH LQGLFDWRU LV EDVHG RQ
HVWLPDWHVSURMHFWLRQV RI WKH SUHVVXUH YHUVLRQ RI WKH 1&, DQG RI *'3 IRU  DQG  DV SUHVHQWHG LQ
VRPH RI WKH SUHSDUDWRU\ ZRUN IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN


5HIHUHQFHV

2(&'  %LRGLYHUVLW\ %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN )RU &KDSWHU  %LRGLYHUVLW\
     2(&' 3DULV
2(&'  %LRGLYHUVLW\ ,QGLFDWRUV IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN DQG 6WUDWHJ\ %DFNJURXQG GRFXPHQW IRU
     WKH 2(&' (QYLURQPHQWDO 2XWORRN )RU &KDSWHU  %LRORJLFDO 'LYHUVLW\ 2(&' 3DULV
2(&'  (QYLURQPHQWDO RXWORRN DQG VWUDWHJ\ %LRGLYHUVLW\ (19(32&*((,%,2),1$/ 2(&' 3DULV
0XFKHU &$ &KDPSHDX[ -O 6WHLQQRFKHU .7 *ULJXROR 6 :HVWHU . +HXQNV & :LQLZDWHU : .UHVVOHU )3
     *RXWRUEH -3 7HQ %ULQN %-( 9DQ .DWZLMN 9) )XUEHUJ 2 3HUGLJDR 9 1LHXZHQKXLV *-$ 
     'HYHORSPHQW RI D FRQVLVWHQW PHWKRGRORJ\ WR GHULYH ODQG FRYHU LQIRUPDWLRQ RQ D (XURSHDQ VFDOH IURP 5HPRWH
     6HQVLQJ IRU HQYLURQPHQWDO PRQLWRULQJ 7KH 3(/&20 UHSRUW $OWHUUD UDSSRUW  ,661  &HQWUH IRU
     *(2,QIRUPDWLRQ :85 :DJHQLQJHQ
81(3 5HFRPPHQGDWLRQV IRU D FRUH VHW RI LQGLFDWRUV RI ELRORJLFDO GLYHUVLW\ &RQYHQWLRQ RQ %LRORJLFDO 'LYHUVLW\
     81(3&%'6%677$ DQG LQI 0RQWUHDO




                                                          
6*6'),1$/


  )LJXUH  7HQWDWLYH ELRGLYHUVLW\ GHFRXSOLQJ LQGLFDWRU SUHVVXUH YHUVLRQ RI 1DWXUDO &DSLWDO ,QGH[ 1&,
                                                YHUVXV *'3

                                                                                            ((Ã2à                 Xr†‡r…Ã@ˆ…‚ƒr
                                                                                                  %



                                                                                                  !

     ((Ã2Ã 
                                            7RWDO                                                 '


                                                               B9Q
                                                                                                  #



                                                                                                   

                                                                                                                    ((                              ! 


        
                                                                                                                 8r‡…hyÃÉÃ@h†‡r…Ã@ˆ…‚ƒr
                                                                                                ((Ã2Ã 
                                                                                                  !

                                                                  I8D
                                                                                                   %


                                                                                                   !
          
                                                                                                   '


                                                                                                   #


                                                                                                    

                                                                                                                   ((                              ! 



                                                                                                                   A‚…€r…ÃT‚‰vr‡ÃVv‚
                                                                                                ((Ã2Ã 
                                                                                                    %



                                                                                                   !

                                                                
                                                                                                    '



                                                                                                    #
  Xr†‡r…Ã@ˆ…‚ƒr )ÃÃ6ˆ†‡…vhÃ7rytvˆ€Gˆ‘r€i‚ˆ…tÃ9r€h…xÃAvyhqÃA…hpr

  Br…€h’ÃB…rrprÃD…ryhqÃD‡hy’ÃIr‡ur…yhq†ÃI‚…h’ÃQ‚…‡ˆthyÃTƒhv                               

  TrqrÃTv‡“r…yhqÃhqÃVv‡rqÃFvtq‚€                                                                            ((                                  ! 


  8r‡…hyÃÉÃ@h†‡r…Ã@ˆ…‚ƒr )ÃÃ7ˆyth…vhÃ8“rpuÃSrƒˆiyvpÃCˆth…’ÃQ‚yhq

  S‚€hvhÃhqÃTy‚‰hxÃSrƒˆiyvp

  A‚…€r…ÃT‚‰vr‡ÃVv‚ )Ã7ryh…ˆ†Ã@†‡‚vhÃGh‡‰vhÃGv‡uˆhvhÃSrƒˆiyvpÂsÃH‚yq‚‰h

  Sˆ††vhÃArqr…h‡v‚ÃhqÃVx…hvr



                                                                                                                                                              E
                                                                                                                               9rp‚ˆƒyvtÃshp‡‚…




     C’ƒ‚‡ur‡vphyÃiv‚qv‰r…†v‡’Ãqrp‚ˆƒyvtÃvqvph‡‚…)ÃÅr††ˆ…rÉr…†v‚Ã‚sÃIh‡ˆ…hyÃ8hƒv‡hy

                                        Dqr‘ÃI8DÉr…†ˆ†ÃB9Q
                                                                                                                           Xr†‡r…

                                                                                                                           @ˆ…‚ƒ r

                                                                                                 9rp‚ˆƒyvt
                                                   D
               Srtv‚                        I8D                            B9Q
                                                                                                            E
                                                                                                   shp‡‚…

                                     !                !        !              ! 
                                                                    
                                     È          ((Ã2Ã        ÃVT9         ((Ã2Ã 
                                                                                                                           8r‡ÃÉ

                                                                                                                             @h†‡
   Xr†‡r…Ã@ˆ…‚ƒr                           "#             &'         %%'               $!               !!
                                                                                                                            @ˆ…‚ƒ r

   8r‡…hyÃÉÃ@h†‡r…Ã@ˆ…‚ƒr                 #             $$%"            #"$             ("                (

   A‚…€r…ÃT‚‰vr‡ÃVv‚                      #'            #'"(         !   "               $              !(

   hÃUurÃI8DÅr††ˆ…rÃvqr‘Ðh†Ãqr‰ry‚ƒrqÃh†ÃhÃh††r††€r‡Ã‡‚‚yÃs‚…ÇurÃ8‚‰r‡v‚ÃP

   7v‚y‚tvphyÃ9v‰r…†v‡’Ã879Ãi’ÇurÃ9ˆ‡puÃIh‡v‚hyÃD†‡v‡ˆ‡rÂsÃQˆiyvpÃCrhy‡uÃhqÇurÃ@‰v…‚€r‡
                                                                                                                            A‚…€r…

   SDWHÃhqÇurÃVI@QÃX‚…yqÃ8‚†r…‰h‡v‚ÃhqÃH‚v‡‚…vtÃ8r‡…rÃUurÃvqr‘Ãp‚€ƒ…v†r†Ã†r‰r                                    T‚‰vr‡

                                                                                                                            Vv‚
   ‰h…vhiyr†Ã…h‡rÂsÃpyv€h‡rÃpuhtrÃuˆ€hÃƒ‚ƒˆyh‡v‚Ãqr†v‡’Ãp‚†ˆ€ƒ‡v‚Ãhqłqˆp‡v‚

   v†‚yh‡v‚s…ht€r‡h‡v‚Ãhpvqvsvph‡v‚Ãrˆ‡…‚ƒuvph‡v‚Ãr‘ƒ‚†ˆ…rǂÃuvtu“‚rÃp‚pr‡…h‡v‚                                                         


   hqÇhxr†ÃhÉhyˆrÂsÃir‡rrÃÃhqà 
                                                                                                                                          I‚Ãqrp‚ˆƒyvt       9rp‚ˆƒyvt
   iÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2

   r‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇur

   qrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

   6RXUFH)ÃÃP@89ÃSDWHÃhqÃX8H8




                                                                              
                                                                                                                         6*6'),1$/




                           '(&283/,1* ,1',&$7256 )25 63(&,),& 6(&7256




   (1(5*< 86( $1' 352'8&7,21  
       (PLVVLRQV RI &2  62 DQG 12 SHU XQLW RI *'3 
                                !      ‘           ‘

          'HFRPSRVLQJ DWPRVSKHULF HPLVVLRQV IURP HQHUJ\ XVH  
       &2 HPLVVLRQV IURP WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRUV SHU VTXDUH PHWUH RI IORRU DUHD  
              !

          'HFRPSRVLQJ WKH FDUERQ HPLVVLRQV IURP WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRUV 
       &2 HPLVVLRQV IURP HOHFWULFLW\ JHQHUDWLRQ SHU N:K  
              !

          'HFRPSRVLQJ &2HPLVVLRQV IURP HOHFWULFLW\ JHQHUDWLRQ 

   75$163257 
       5RDG WUDQVSRUWUHODWHG HPLVVLRQ LQWHQVLWLHV  
          'HFRPSRVLQJ DWPRVSKHULF HPLVVLRQV IURP URDG WUDQVSRUW 
       3ULYDWH SDVVHQJHU FDUUHODWHG HPLVVLRQV RI 12 DQG 92&V SHU XQLW RI *'3 
                                                                        ‘

          'HFRPSRVLQJ HPLVVLRQV IURP SULYDWH SDVVHQJHU FDU WUDQVSRUW  
       5RDG IUHLJKWUHODWHG HPLVVLRQV RI 12 DQG 92&V SHU XQLW RI *'3  
                                                           ‘

          'HFRPSRVLQJ HPLVVLRQV IURP URDG IUHLJKW WUDQVSRUW  

   $*5,&8/785( 
       6RLO VXUIDFH QLWURJHQ EDODQFH YHUVXV DJULFXOWXUDO RXWSXW  
          &RQWH[W LQGLFDWRU QLWURJHQ HIILFLHQF\ 
       0HWKDQH DQG QLWURXV R[LGH HPLVVLRQV IURP DJULFXOWXUH YHUVXV DJULFXOWXUDO RXWSXW  
       $JULFXOWXUDO ZDWHU XVH SHU XQLW RI DJULFXOWXUDO DJULFXOWXUDO RXWSXW  
       $SSDUHQW FRQVXPSWLRQ RI FRPPHUFLDO IHUWLOLVHU 13. YHUVXV ILQDO FURS RXWSXW 
       $SSDUHQW FRQVXPSWLRQ RI SHVWLFLGH YHUVXV ILQDO FURS RXWSXW  
          &RQWH[W LQGLFDWRU 6KDUH RI WKH WRWDO DJULFXOWXUDO DUHD XQGHU RUJDQLF IDUPLQJ  

   0$18)$&785,1* ,1'8675<  
       12 HPLVVLRQV IURP PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXHDGGHG  
              ‘


       :DVWH JHQHUDWHG E\ PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXHDGGHG  
       &2 HPLVVLRQV RI HQHUJ\LQWHQVLYH LQGXVWULHV YHUVXV YDOXH DGGHG  
              !

          'HFRPSRVLQJ &2 HPLVVLRQV IURP HQHUJ\ LQWHQVLYHLQGXVWULHV 
       )UHVKZDWHU DEVWUDFWLRQ E\ PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXHDGGHG  




                                                                         
6*6'),1$/



           (1(5*< 86( $1' 352'8&7,21

(QHUJ\ LV DQ HVVHQWLDO SDUW RI PRGHUQ OLIH 7KH SURGXFWLRQ DQG XVH RI HQHUJ\ VDWLVILHV KXPDQ QHHGV DQG
ZDQWV EXW DOVR JLYHV ULVH WR D KRVW RI DGYHUVH HQYLURQPHQWDO SUHVVXUHV VXFK DV JUHHQKRXVH JDV
HPLVVLRQV DLU SROOXWLRQ DQG WKH JHQHUDWLRQ RI QXFOHDU ZDVWH (QHUJ\ XVH OHDGV WR QRLVH ZDWHU SROOXWLRQ
DQG HFRV\VWHP GHJUDGDWLRQ (QHUJ\UHODWHG DLU SROOXWLRQ DOVR KDV VLJQLILFDQW QHJDWLYH HIIHFWV RQ KXPDQ
KHDOWK 7KH HQYLURQPHQWDO H[WHUQDOLWLHV IURP HQHUJ\ SURGXFWLRQ DQG XVH VWURQJO\ YDU\ GHSHQGLQJ RQ WKH
VRXUFH RI HQHUJ\ FRDO RLO K\GUR QXFOHDU FRQVLGHUHG ,Q WKLV VHFWLRQ RQO\ HQHUJ\UHODWHG HPLVVLRQV WR WKH
DWPRVSKHUH DUH H[DPLQHG
(QHUJ\ LV XVHG E\ DOO VHFWRUV RI WKH HFRQRP\ 7KH ILUVW GHFRXSOLQJ LQGLFDWRU KHQFH UHIHUV WR HPLVVLRQV RI D
UDQJH RI DLUSROOXWDQWV &2  12 DQG 62  IURP DOO W\SHV RI HQHUJ\ XVH ZKLOH WKH VHFRQG LQGLFDWRU ORRNV DW
                                     !      ‘           ‘

FDUERQ HPLVVLRQV IURP D SDUWLFXODU W\SH RI XVH HJ VSDFH KHDWLQJ RI UHVLGHQWLDO DQG FRPPHUFLDO VHFWRUV
%XW HQHUJ\ FRQWULEXWHV WR DLU HPLVVLRQV DOVR ZKHQ SURGXFHG 8WLOLWLHV DQG LQGXVWULDO HQHUJ\SURGXFWLRQ
IDFLOLWLHV DFFRXQW IRU WKH SUHGRPLQDQW VKDUH RI VXOSKXU R[LGHV HPLVVLRQV  LQ  LQ WKH 2(&' DUHD
DQG WKH VHFRQG ODUJHVW DIWHU WUDQVSRUW RI QLWURJHQ R[LGHV   &2 HPLVVLRQV IURP HQHUJ\ SURGXFWLRQ
                                                                                                !

DQG WUDQVIRUPDWLRQ DFFRXQWHG IRU  RI WRWDO &2 HPLVVLRQV IURP IRVVLO IXHO FRPEXVWLRQ LQ  $ WKLUG
                                                                                                                                    "%
                                                                    !

GHFRXSOLQJ LQGLFDWRU GLVFXVVHG LQ WKLV VHFWLRQ ORRNV DW FDUERQ HPLVVLRQV IURP HQHUJ\ SURGXFWLRQ LQ WKH
HOHFWULFLW\ VHFWRU


             (PLVVLRQV RI &2 62[ DQG 12[ SHU XQLW RI *'3

(PLVVLRQV RI FDUERQ GLR[LGH VXOSKXU GLR[LGH DQG QLWURJHQ R[LGHV DUH GULYHQ E\ WKH GHPDQG IRU HQHUJ\
VHUYLFHV ZKLFK LQ WXUQ DUH OLQNHG WR HFRQRPLF JURZWK (QHUJ\UHODWHG HPLVVLRQ LQWHQVLWLHV HPLVVLRQV SHU
XQLW RI *'3 DUH WKHUHIRUH LPSRUWDQW LQGLFDWRUV IRU PHDVXULQJ SURJUHVV LQ GHFRXSOLQJ HQHUJ\UHODWHG
HPLVVLRQV IURP HFRQRPLF DFWLYLW\
2YHUDOO HPLVVLRQV RI DOO WKUHH DLUSROOXWDQWV FRQVLGHUHG KHUH KDYH EHHQ VLJQLILFDQWO\ GHFRXSOHG IURP
HFRQRPLF JURZWK PRVW SURQRXQFHG LQ WKH FDVH RI 62 HPLVVLRQV 6LQFH  VLJQLILFDQW UHODWLYH
                                                                                    ‘

GHFRXSOLQJ RI &2 HPLVVLRQV IURP *'3 JURZWK RFFXUUHG IRU WKH WRWDO RI 2(&' FRXQWULHV HPLVVLRQV
                                                                                                                 "&
                          !

LQFUHDVHG E\ MXVW RYHU  GXULQJ  ZKHUHDV *'3 LQFUHDVHG E\ DOPRVW   )LJXUH  2YHU WKH
VDPH SHULRG GHFRXSOLQJ ZDV DEVROXWH LQ 2(&' (XURSH 6LJQLILFDQW UHODWLYH GHFRXSOLQJ RFFXUUHG LQ 2(&'
1RUWK $PHULFD PLQXV 0H[LFR ZKLOH OHVV VLJQLILFDQW SURJUHVV ZDV DFKLHYHG LQ 2(&' 3DFLILF $EVROXWH
GHFRXSOLQJ IRU WKH 2(&' DV D ZKROH RFFXUUHG IRU 12 HPLVVLRQV DV HPLVVLRQV IHOO E\ DOPRVW  RYHU
                                                                                ‘

 DV FRPSDUHG WR D  LQFUHDVH LQ *'3 )LJXUH  'HFRXSOLQJ ZDV DEVROXWH IRU 2(&'
(XURSH EXW RQO\ UHODWLYH IRU 2(&' 1RUWK $PHULFD DQG 2(&' 3DFLILF /DVW D PRUH VLJQLILFDQW DEVROXWH
GHFRXSOLQJ IRU WKH 2(&' DV D ZKROH RFFXUUHG IRU 62 HPLVVLRQV ZKLFK ZHUH DOPRVW KDOYHG LQ WKH SHULRG
                                                                           ‘Ã

 )LJXUH  $EVROXWH GHFRXSOLQJ RFFXUUHG LQ HDFK RI WKH WKUHH PDLQ UHJLRQV EXW ZDV
SDUWLFXODUO\ SURQRXQFHG LQ 2(&' (XURSH
                                                         "'




             'HFRPSRVLQJ DWPRVSKHULF HPLVVLRQV IURP HQHUJ\ XVH

$WPRVSKHULF HPLVVLRQV IURP HQHUJ\ XVH SHU XQLW RI *'3 GHSHQG RQ WKH HPLVVLRQ LQWHQVLW\ RI 7RWDO 3ULPDU\
(QHUJ\ 6XSSO\ HPLVVLRQV73(6 RQ WKH HQHUJ\ FRQYHUVLRQ UDWLR 7RWDO 3ULPDU\ (QHUJ\ 6XSSO\ QHHGHG WR
SURGXFH WKH 7RWDO )LQDO &RQVXPSWLRQ RI HQHUJ\ ± 73(67)& D PHDVXUH RI FRQYHUVLRQ HIILFLHQF\ DQG RQ
WKH ILQDO HQHUJ\ LQWHQVLW\ RI WKH HFRQRP\ 7)&*'3 DV IROORZV




"%à T‚€rÂsÇurÃvqvph‡‚…†Ãƒ…r†r‡rqÃvÃ‡uv†Ã†rp‡v‚Ãhy†‚Ãsrh‡ˆ…rÃh€‚tÇuróv‡r€†Ãs‚…Àrh†ˆ…r€r‡Ã‚słt…r††´Ãyv†‡rqȁqr…ÇurÆrp‚q
      ‚iwrp‡v‰rÂsÇurÃP@89Ã@‰v…‚€r‡hyÃT‡…h‡rt’ȁqr…ÇurÃurhqvtÂsÃrr…t’ÃUur†rÃvpyˆqr)ÃvÃ8h…i‚ÃhqÃrr…t’Ãv‡r†v‡vr†ÃhqÃsˆry
      €v‘Ærp‡‚…hyy’ÃhqÁh‡v‚hyy’Æuh…rÂsÅrrhiyr†0ÃvvÃ@r…t’Ã…vpr†ÃhqÇh‘r†Ã…ryh‡v‰rDžrq†0ÃhqÃvvvÃ@r…t’Ãp‚†ˆ€ƒ‡v‚Ã‡‚‡hy
      hqÃr…Ãphƒv‡h
"&à Avtˆ…r†Ã„ˆ‚‡rqÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…Ã6ˆ†‡…hyvhÃF‚…rhÃHr‘vp‚ÃhqÃUˆ…xr’
"'à Srqˆp‡v‚†ÃvÃTP‘Ãr€v††v‚†Ãr…rÃr†ƒrpvhyy’Ƈ…‚tÃvÃ‡urÃryrp‡…vpv‡’Ærp‡‚…Årsyrp‡vtÃhÃp‚€ivh‡v‚Ã‚sÃsyˆrth†Ãqr†ˆyƒuˆ…v†h‡v‚
      t…rh‡r…ȆrÂsÃy‚†ˆyƒuˆ…Ãsˆry†Ãs‚††vyÃsˆryƐv‡puvtÃrssvpvrp’Ãv€ƒ…‚‰r€r‡†ÃhqÃhÃvp…rh†rÃvÃ‡urÆuh…rÂsÁ‚s‚††vyÃsˆry†




                                                                       
                                                                                                                        6*6'),1$/



      (PLVVLRQV*'3                      HPLVVLRQV73(6                
            73(67)&                    
                7)&*'3
    (PLVVLRQV RI &2          !         GHSHQGV RQ HPLVVLRQ                   GHSHQGV RQ FRQYHUVLRQ                   GHSHQGV RQ VHFWRUDO
   62 DQG 12 SHU XQLW
        ‘            ‘Ã                  IDFWRUV DQG IXHO PL[                  HIILFLHQF\ DQG WKH IXHO               HQHUJ\ LQWHQVLWLHV IXHO
        RI *'3                                                                           PL[                        PL[ DFWLYLW\ DQG VWUXFWXUH
                                                                                                                         RI WKH HFRQRP\

(PLVVLRQV DV D VKDUH RI WRWDO SULPDU\ HQHUJ\ VXSSO\ 6LQFH  HPLVVLRQV RI &2  62 DQG 12 GHFOLQHG               !        ‘          ‘

UHODWLYHO\ WR 73(6 7DEOH  PDLQO\ UHIOHFWLQJ D ORZHU VKDUH RI RLO DQG FRDO LQ 73(6 7KLV GHFOLQH KDV
EHHQ PRVW SURQRXQFHG IRU 62 D GHFOLQH LQ HPLVVLRQV E\ DV PXFK DV   IROORZHG E\ 12 ZKLFK
                                            ‘                                                                                               ‘

GHFUHDVHG E\ DOPRVW   DQG &2 ZKHUHDV HPLVVLRQV LQFUHDVHG E\ DERXW   DV FRPSDUHG WR DQ
                                                   !

LQFUHDVH LQ 73(6 E\  GXULQJ  $PRQJ WKH WKUHH UHJLRQV 2(&' (XURSH DFKLHYHG WKH JUHDWHVW
UHGXFWLRQ LQ WKH HPLVVLRQV SHU XQLW RI 73(6 IRU DOO WKUHH JDVHV
7KH HQHUJ\ FRQYHUVLRQ UDWLR 73(67)& RU WKH DPRXQW RI SULPDU\ HQHUJ\ UHTXLUHG WR SURGXFH D JLYHQ
DPRXQW RI ILQDO HQHUJ\ KRZHYHU LQFUHDVHG VWHDGLO\ RYHU UHFHQW GHFDGHV 7KLV LQFUHDVH H[FHHGHG 
GXULQJ  IRU WKH 2(&' DV D ZKROH DQG ZDV LQ D UDQJH EHWZHHQ MXVW RYHU  2(&' (XURSH DQG
 2(&' 1RUWK $PHULFD 7DEOH  IRU WKH WKUHH UHJLRQV 7KLV LQFUHDVH PDLQO\ UHIOHFWHG D KLJKHU
VKDUH RI HOHFWULFLW\ LQ ILQDO HQHUJ\ XVH ZKLFK RXWZHLJKHG HIILFLHQF\ LPSURYHPHQWV LQ WKH FRQYHUVLRQ IURP
SULPDU\ WR ILQDO HQHUJ\
7RWDO ILQDO HQHUJ\ FRQVXPSWLRQ DV D VKDUH RI *'3 7)&*'3 GHFOLQHG E\  LQ WKH SHULRG  DV
*'3 JUHZ E\   7KH GHFOLQH LQ WKH HQHUJ\ LQWHQVLW\ RI WKH HFRQRP\ KDV FRQWLQXHG VLQFH WKH RLO SULFH
VKRFN LQ WKH V 7DEOH  ,Q  2(&' HFRQRPLHV XVHG RQ DYHUDJH DERXW  OHVV HQHUJ\ SHU
XQLW RI *'3 WKDQ LQ  0RVW RI WKLV LPSURYHPHQW LV H[SODLQHG E\ LPSURYHG HQHUJ\ HIILFLHQF\ DQG
LQFUHDVHG VKDUH RI HOHFWULFLW\ LQ PDMRU HQGXVHV ZKLFK KDV WHQGHG WR LQFUHDVH WKH 7)&*'3 UDWLR DV ZHOO
DV E\ VKLIWV LQ HFRQRPLF VWUXFWXUH DQG FRQVXPHU EHKDYLRXU

                              7DEOH  'HFRPSRVLQJ HPLVVLRQV LQWHQVLWLHV RI HQHUJ\ XVH 
                                                 YDOXH RI UDWLRYDOXH
                                                          r€v††v‚†B9Q         2     r€v††v‚†UQ@T               UQ@TUA8               UA8B9Q

8P!Ãr€v††v‚†

P@89ÃU‚‡hy                                                            %'     2                   ''

P@89Ã@ˆ…‚ƒr                                                            %"     2                   '

P@89ÃI‚…‡uÃ6€r…vph                                                     %&     2                   ($

P@89ÃQhpvsvp                                                           &%     2                   '#

TP‘Ãr€v††v‚†

P@89ÃU‚‡hy                                                             "!     2                   #!                    &                &!

P@89Ã@ˆ…‚ƒr                                                            !      2                   !&                    !                &&

P@89ÃI‚…‡uÃ6€r…vph                                                     #&     2                   %%                     !                %"

P@89ÃQhpvsvp                                                           "'     2                   #!                    "                ''

IP‘Ãr€v††v‚†

P@89ÃU‚‡hy                                                             %     2                   &'

P@89Ã@ˆ…‚ƒr                                                            $#     2                   %(

P@89ÃI‚…‡uÃ6€r…vph                                                     %      2                   '%

P@89ÃQhpvsvp                                                           $%     2                   %!


I‚‡r)ÃP@89Ã@ˆ…‚ƒrÃr‘pyˆqr†ÃUˆ…xr’0ÃP@89ÃI‚…‡uÃ6€r…vphÃr‘pyˆqr†Ãqh‡hÃs‚…ÃHr‘vp‚0ÃP@89ÃQhpvsvpÃr‘pyˆqr†Ãqh‡hÃs‚…Ã6ˆ†‡…hyvhÃhqÃF‚…rhÃP@89ÃU‚‡hy

r‘pyˆqr†Ãqh‡hÃs‚…ÃhyyÃs‚ˆ…Ãp‚ˆ‡…vr†

T‚ˆ…pr)ÃP@89D@6



2YHUDOO 7DEOH  VKRZV WKDW GHFRXSOLQJ RI HQHUJ\ HPLVVLRQV RI &2  12 DQG 62 IURP *'3 UHIOHFWHG!       ‘             ‘

ERWK ORZHU HPLVVLRQV SHU XQLW RI SULPDU\ HQHUJ\ VXSSO\ DQG ORZHU HQHUJ\ FRQVXPSWLRQ SHU XQLW RI *'3
+LJKHU HQHUJ\ FRQYHUVLRQ UDWLR 73(67)& PDLQO\ GXH WR WKH KLJKHU VKDUH RI HOHFWULFLW\ LQ HQHUJ\
HQGXVH RQO\ SDUWLDOO\ RIIVHW WKH RWKHU WZR IDFWRUV




                                                                         
6*6'),1$/


            &2 HPLVVLRQV IURP WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRUV SHU VTXDUH PHWUH RI IORRU DUHD

&2 HPLVVLRQV IURP WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRU FRPELQHG DFFRXQWHG IRU  RI WRWDO &2
    !                                                                                                                                                    !

HPLVVLRQV IURP IRVVLO IXHO FRPEXVWLRQ LQ WKH 2(&' DUHD LQ  5HVLGHQWLDO DQG FRPPHUFLDO EXLOGLQJV
DOVR DFFRXQW IRU DERXW RQHWKLUG RI WKH WRWDO ILQDO HQHUJ\ XVH DQG IRU DOPRVW  RI WRWDO 2(&' HOHFWULFLW\
GHPDQG 0RVW RI WKH HQHUJ\XVH LQ UHVLGHQWLDO EXLOGLQJV LQ 2(&' FRXQWULHV JRHV WR VSDFH KHDWLQJ WKRXJK
WKLV GHSHQGV RQ FOLPDWH
7KH GHFRXSOLQJ LQGLFDWRU GLVFXVVHG IRU HQHUJ\ XVH LQ WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRU PHDVXUHV
FDUERQ HPLVVLRQV SHU VTXDUH PHWUH RI IORRU DUHD VHSDUDWHO\ IRU ERWK UHVLGHQWLDO GZHOOLQJ IRU WKH
FRPPHUFLDOVHUYLFHV VHFWRU ,QIRUPDWLRQ LV KRZHYHU OLPLWHG WR RQO\  FRXQWULHV LQ WKH ILUVW FDVH DQG WR 
FRXQWULHV LQ WKH VHFRQG
'XULQJ  &2 HPLVVLRQV IURP IXHO FRPEXVWLRQ DQG HOHFWULFLW\ XVH IURP WKH UHVLGHQWLDO VHFWRU ZHUH
                              !

UHODWLYHO\ GHFRXSOHG IURP WKH WRWDO UHVLGHQWLDO IORRU DUHD IRU WKH JURXS RI FRXQWULHV FRQVLGHUHG 7KH
                                                                                                                                "(



GHFRXSOLQJ LQGLFDWRU GHFUHDVHG E\  7DEOH  DV &2 HPLVVLRQV LQFUHDVHG E\  ZKLOH WKH WRWDO
                                                                                        !

IORRU DUHD LQFUHDVHG E\ PRUH WKDQ D WKLUG )LJXUH  ,Q WKH FRPPHUFLDOVHUYLFHV VHFWRU HPLVVLRQV KDG
JURZQ DV PXFK IORRU DUHD E\ WKH HQG RI WKH SHULRG IRU WKH JURXS RI IRXU FRXQWULHV IRU ZKLFK GDWD DUH
                                                                                                                           #



DYDLODEOH $Q DEVROXWH GHFRXSOLQJ RFFXUUHG LQ )UDQFH ZKLOH &DQDGD UHFRUGHG UHODWLYH GHFRXSOLQJ


            'HFRPSRVLQJ WKH FDUERQ HPLVVLRQV IURP WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRUV

7KH GHFRXSOLQJ LQGLFDWRU IRU HQHUJ\UHODWHG FDUERQ HPLVVLRQV IURP WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRUV
SHU VTXDUH PHWUH RI IORRU DUHD FDQ EH GHFRPSRVHG DV IROORZV

    (PLVVLRQV SHU VTXDUH
                                                   (PLVVLRQV SHU XQLW RI 7)&            
        7)& SHU VTXDUH PHWUH RI IORRU DUHD
     PHWUH RI IORRU DUHD
                                                       'HSHQG RQ IXHO PL[                       'HSHQG RQ FOLPDWH HIILFLHQF\ RI KHDWLQJ
                                                                                                 LQVWDOODWLRQV LQVXODWLRQ OHYHOV EXLOGLQJ
                                                                                                  RFFXSDQF\ DSSOLDQFH HIILFLHQF\ DQG
                                                                                                    RZQHUVKLS OHYHOV DQG EHKDYLRXU
,Q RWKHU ZRUGV WKH DPRXQW RI HQHUJ\ XVHG IRU VSDFH KHDWLQJ YDULHV DFFRUGLQJ WR WKH IXHO PL[ XVHG WKH
FDUERQ HPLVVLRQV SHU XQLW RI WRWDO ILQDO FRQVXPSWLRQ RI HQHUJ\ DV ZHOO DV ZLWK D UDQJH RI IDFWRUV UHODWHG WR
FOLPDWH KRXVH VL]H LQGRRU KHDWLQJ FRPIRUW KHDWLQJ HTXLSPHQW DQG LQVXODWLRQ 7KH WZR VHWV RI YDULDEOHV
SOD\HG D GLIIHUHQW UROH LQ WKH HYROXWLRQ RI WKH GHFRXSOLQJ LQGLFDWRUV FRQVLGHUHG
&2 HPLVVLRQV SHU XQLW RI 7)& E\ WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRUV JUHZ E\  DQG  
    !

UHVSHFWLYHO\ RYHU WKH SHULRG  7DEOH  UHIOHFWLQJ WKH JURZLQJ VKDUH RI HOHFWULFLW\ LQ WKH WRWDO
HQHUJ\ XVH RI WKHVH VHFWRUV
7RWDO ILQDO HQHUJ\ FRQVXPSWLRQ E\ WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRUV SHU VTXDUH PHWUH RI IORRU DUHD
GHFUHDVHG E\   LQ WKH FDVH RI UHVLGHQWLDO EXLOGLQJ DQG RI   LQ WKH FDVH RI FRPPHUFLDO EXLOGLQJ IRU
WKH VPDOO JURXS RI FRXQWULHV FRQVLGHUHG 7DEOH  7KLV UHIOHFWHG D FRPELQDWLRQ RI SROLFLHV WR UHGXFH
HQHUJ\ XVH LQ EXLOGLQJV VXFK DV HQHUJ\ HIILFLHQF\ VWDQGDUGV IRU QHZ EXLOGLQJV UHWURILWWLQJ RI H[LVWLQJ
EXLOGLQJV DQG PLQLPXP HQHUJ\ HIILFLHQF\ VWDQGDUGV IRU GRPHVWLF DSSOLDQFHV WKH IDVWHVW JURZLQJ HQGXVH
RI HQHUJ\ LQ EXLOGLQJV

    7DEOH  'HFRPSRVLQJ &2 HPLVVLRQV IURP WKH UHVLGHQWLDO DQG FRPPHUFLDOVHUYLFHV VHFWRUV 
                                               !

                                     YDOXH RI UDWLRYDOXH
                                                             8Psy‚‚…Ãh…rh                              8PUA8                        UA8sy‚‚…Ãh…rh
                                    D
Sr†vqr‡vhy)ǂ‡hyà Ãp‚ˆ‡…vr†                                         '#    2                                "                               &$
                                              E
8‚€€r…pvhy†r…‰vpr†)ǂ‡hyÃ#Ãp‚ˆ‡…vr†                                       2                               #                                &


I‚‡r)ÃhÃ6ˆ†‡…hyvhÃ8hhqhÃ9r€h…xÃA…hprÃD‡hy’ÃEhƒhÃI‚…h’ÃTrqrÃVv‡rqÃFvtq‚€ÃhqÇurÃVv‡rqÃT‡h‡r†0ÃiÃ8hhqhÃA…hprÃVv‡rqÃFvtq‚€Ãhq

‡urÃVv‡rqÃT‡h‡r†

T‚ˆ…pr)ÃD@6Ã@r…t’Ãrssvpvrp’Ãvqvph‡‚…†Ãv‡r…hyÃqh‡hih†r




"(à 6ˆ†‡…hyvhÃ8hhqhÃ9r€h…xÃA…hprÃD‡hy’ÃEhƒhÃI‚…h’ÃTrqrÃVv‡rqÃFvtq‚€ÃhqÇurÃVv‡rqÃT‡h‡r†
#à 6ˆ†‡…hyvhÃA…hprÃVv‡rqÃFvtq‚€ÃVv‡rqÃT‡h‡r†




                                                                          
                                                                                                         6*6'),1$/


                   &2HPLVVLRQV IURP HOHFWULFLW\ JHQHUDWLRQ SHU N:K

,Q WKH 2(&' DV D ZKROH  HOHFWULFLW\ JHQHUDWLRQ FRQVWLWXWHV DOPRVW RQHWKLUG RI WRWDO &2 HPLVVLRQV
                                   #
                                                                                                                   !

0DUNHG GLIIHUHQFHV H[LVW KRZHYHU EHWZHHQ FRXQWULHV ZLWK YDOXHV UDQJH IURP DOPRVW ]HUR LQ WKRVH PDLQO\
UHO\LQJ RQ K\GURQXFOHDU HQHUJ\VRXUFHV HJ 1RUZD\ DQG 6ZLW]HUODQG WR QHDUO\ KDOI LQ FRXQWULHV ZKHUH
FRDO LV WKH GRPLQDQW IXHO HJ $XVWUDOLD DQG 'HQPDUN &DUERQ HPLVVLRQV IURP WKH JHQHUDWLRQ RI HOHFWULFLW\
DUH GULYHQ E\ HOHFWULFLW\ GHPDQG N:K ZKLFK LQ WXUQ LV D IXQFWLRQ RI HFRQRPLF JURZWK 7KH SRWHQWLDO IRU
                                                                                                            #!



UHGXFLQJ &2 HPLVVLRQV IURP WKH HOHFWULFLW\ JHQHUDWLRQ PD\ EH VXEVWDQWLDO DV LQ FRQWUDVW WR 62 DQG 12
                      !à                                                                                               ‘          ‘

&2 HPLVVLRQV IURP HOHFWULFLW\ JHQHUDWLRQ DUH QRW VXEMHFW WR UHJXODWLRQV LQ PRVW 2(&' FRXQWULHV
    !Ã



)RU WKH 2(&' DV D ZKROH FDUERQ HPLVVLRQV IURP SXEOLF XWLOLWLHV DQG VHOIJHQHUDWLRQ LQFOXGLQJ FRPELQHG
KHDWSRZHU LQFUHDVHG E\ DOPRVW  GXULQJ  DV FRPSDUHG WR DQ LQFUHDVH RI RYHU  LQ
HOHFWULFLW\ SURGXFWLRQ )LJXUH  5HODWLYH GHFRXSOLQJ IRU WKH 2(&' DUHD DV D ZKROH PRVWO\ UHIOHFWHG
GHYHORSPHQWV LQ 2(&' (XURSH ZKHUH HPLVVLRQV JUHZ E\ MXVW XQGHU  DV SURGXFWLRQ H[SDQGHG E\  
5HODWLYH GHFRXSOLQJ ZDV OHDVW SURQRXQFHG LQ 2(&' 1RUWK $PHULFD ZKHUH HPLVVLRQV JUHZ E\   DV
FRPSDUHG WR D  LQFUHDVH LQ HOHFWULFLW\ SURGXFWLRQ DQG 2(&' 3DFLILF ZKHUH HPLVVLRQV JUHZ E\ DERXW
  ZLWK HOHFWULFLW\ SURGXFWLRQ LQFUHDVLQJ E\  


                   'HFRPSRVLQJ &2HPLVVLRQV IURP HOHFWULFLW\ JHQHUDWLRQ

7KH FDUERQ LQWHQVLW\ RI WKH HOHFWULFLW\ VHFWRU FDQ EH GHFRPSRVHG DV IROORZV
                                       &2 HPLVVLRQVIRVVLO
                                          !Ã                            )RVVLO IXHOV LQSXWN:K
&2 HPLVVLRQVN:K
     !Ã                                  IXHOV )) LQSXW           
     IURP IRVVLO IXHOV         
   .:K IURP ))WRWDO N:K

   &2 HPLVVLRQ RU
          !Ã                           GHSHQGV RQ HPLVVLRQ               GHSHQGV RQ JHQHUDWLQJ          GHSHQGV RQ WKH VKDUH RI
FDUERQ LQWHQVLW\ RI WKH                 IDFWRUV DQG IXHO PL[              HIILFLHQF\ DQG WKH IXHO       UHQHZDEOHV DQG QXFOHDU
   HOHFWULFLW\ VHFWRU                                                               PL[

7KH &2 HPLVVLRQ LQWHQVLW\ RI HOHFWULFLW\ JHQHUDWLRQ GHSHQGV LQ RWKHU ZRUGV RQ L WKH FDUERQ LQWHQVLW\ RI
               !Ã

IRVVLO IXHOV LL D WHUP UHIOHFWLQJ WKH JHQHUDWLRQ HIILFLHQF\ RI IRVVLO IXHOV DQG WKH IRVVLO IXHO PL[ LH WKH
UHVSHFWLYH VKDUHV RI FRDO RLO DQG QDWXUDO JDV DQG LLL WKH VKDUH RI IRVVLO IXHOV RU LWV UHYHUVH RI FDUERQIUHH
VRXUFHV  QXFOHDU DQG UHQHZDEOHV LQ HOHFWULFLW\ JHQHUDWLRQ :KLOH SROLF\ PHDVXUHV FDQ LQIOXHQFH HDFK RI
WKHVH IDFWRUV WKH\ SOD\HG GLIIHUHQW UROHV LQ UHGXFLQJ FDUERQ LQWHQVLW\ LQ HOHFWULFLW\ JHQHUDWLRQ
&2 HPLVVLRQV SHU XQLW RI IRVVLO IXHO EXUQHG UHPDLQHG EURDGO\ FRQVWDQW IRU WKH 2(&' DV D ZKROH GXULQJ WKH
    !Ã

SHULRG  7KLV LQGLFDWRU IOXFWXDWHG OLWWOH IRU 2(&' 1RUWK $PHULFD LW IHOO E\  LQ 2(&' (XURSH
ZKHUHDV LW LQFUHDVHG E\ DERXW  LQ 2(&' 3DFLILF 7DEOH 
7KH UDWLR RI IRVVLO IXHO LQSXW SHU XQLW RI HOHFWULFLW\ JHQHUDWHG FKDQJHG OLWWOH VLQFH  )RU WKH DOO 2(&'
FRXQWULHV WKLV UDWLR GHFOLQHG E\  7DEOH  :KLOH LW LQFUHDVHG E\ DERXW  LQ 2(&' 1RUWK $PHULFD
D UHODWLYH GHFRXSOLQJ WRRN SODFH LQ 2(&' (XURSH UDWLR GHFOLQHG E\   DQG 2(&' 3DFLILF  
7KH VKDUH RI IRVVLO IXHOV LQ HOHFWULFLW\ JHQHUDWLRQ IRU WKH ZKROH RI WKH 2(&' IHOO E\ DERXW  GXULQJ
 EXW KDV HGJHG XS E\ DERXW  VLQFH WKHQ 7DEOH  7KH VDPH SDWWHUQ KROGV IRU HDFK RI WKH
WKUHH 2(&' UHJLRQV ,Q 2(&' (XURSH WKH VKDUH RI IRVVLO IXHOGHULYHG HOHFWULFLW\ IHOO E\  GXULQJ
 EXW UDLVHG VLQFH ,Q 2(&' 1RUWK $PHULFD WKH VDPH VKDUH GHFOLQHG E\  XQWLO  EXW KDV
VLQFH UHFRYHUHG WR  RI LWV  YDOXH ,Q 2(&' 3DFLILF PRVW RI WKH  GHFOLQH LQ WKH VKDUH RI
HOHFWULFLW\ IURP IRVVLO IXHO VKDUH WRRN SODFH GXULQJ  ZLWK VPDOO IOXFWXDWLRQV VLQFH WKHQ
2YHUDOO WUHQGV LQ WKHVH ³LQWHUPHGLDWH´ LQGLFDWRUV VXJJHVW WKDW IRU HDFK RI WKH WKUHH 2(&' UHJLRQV WKH
PDLQ IDFWRU UHVSRQVLEOH IRU UHODWLYH GHFRXSOLQJ LQ WKH FDUERQ LQWHQVLW\ RI HOHFWULFLW\ SURGXFWLRQ ZDV WKH
GHFOLQLQJ VKDUH RI IRVVLO IXHOV LQ WRWDO HOHFWULFLW\ JHQHUDWLRQ 7DEOH  ,QFUHDVHG XVH RI QDWXUDO JDV LQ
HIILFLHQW FRPELQHGF\FOH JDV WXUELQHV DV ZHOO DV D JUHDWHU VKDUH RI QXFOHDU DQG UHQHZDEOHV LQ WKH IXHO PL[
DOO FRQWULEXWHG WR UHGXFLQJ HPLVVLRQV IRU 2(&' (XURSH LQ  ,Q 2(&' 1RUWK $PHULFD HPLVVLRQV

# à Avtˆ…r†Ã„ˆ‚‡rqÃvÃ‡uv†Ã†rp‡v‚ÃvpyˆqrÃhyyÃ"ÃP@89Ãp‚ˆ‡…vr†
#!à P@89Ãryrp‡…vpv‡’Ãqr€hqÃvp…rh†rqÃi’à $ÈÃir‡rrÃ ((Ãhqà ((&ÃhqÃv†Ãr‘ƒrp‡rqǂÅv†rÃi’Ã!$ÈÃir‡rrÃ ((&! ÃD@6
    ! h




                                                                      
6*6'),1$/


UHPDLQHG EURDGO\ VWDEOH RYHU WKH VDPH SHULRG DV ORZHU HIILFLHQF\ LQ IRVVLO IXHO JHQHUDWLRQ DQG D VPDOO
LQFUHDVH LQ WKH VKDUH RI IRVVLO IXHO LQ WKH HOHFWULFLW\ IL[ RIIVHW WKH LQFUHDVHG VKDUH RI JDV LQ WKH IRVVLO IXHO
PL[ ,Q 2(&' 3DFLILF WKH IRVVLO IXHO VKDUH IHOO VLJQLILFDQWO\ RYHU  DV PRUH QXFOHDU FDSDFLW\ FDPH
RQOLQH DQG JHQHUDWLRQ HIILFLHQF\ LPSURYHG EXW WKLV ZDV RIIVHW E\ D VKLIW WRZDUGV D PRUH FDUERQ LQWHQVLYH
IXHO PL[ GXH WR D VKLIW IURP RLO WR FRDO

                    7DEOH  'HFRPSRVLQJ &2 HPLVVLRQV IURP HOHFWULFLW\ JHQHUDWLRQ 
                                                !Ã

                                          YDOXH RI UDWLRYDOXH
                                                                                          AAÃvƒˆ‡       FXuÃs…‚€

                                                     8PxXu     2       8PAA       xXuÃs…‚€ÃAA             AA

                                                                           vƒˆ‡                          ‡‚‡hyÃxXu

 P@89ÃU‚‡hy                                               '#   2                        (&             '&

 P@89Ã@ˆ…‚ƒr                                              %'   2         (&              ("             &$

 P@89ÃI‚…‡uÃ6€r…vph                                       ($   2                                        ("

 P@89ÃQhpvsvp                                             '#   2          %              '(             '(


 T‚ˆ…pr)ÃP@89D@6




5HIHUHQFHV

2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
1HZPDQ -RKQ HW DO (QHUJ\ DQG &OLPDWH &KDQJH 7UHQGV 'ULYHUV 2XWORRN DQG 3ROLF\ 2SWLRQV %DFNJURXQG GRFXPHQW
     IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN 0DUFK  2(&' 3DULV
8QDQGHU )ULGWMRI (QHUJ\ ,QGLFDWRUV DQG 6XVWDLQDEOH 'HYHORSPHQW 3DSHU IRU &23 0DUUDNHFK 2FWREHU  
     ,QWHUQDWLRQDO (QHUJ\ $JHQF\ 3DULV
(($  ,QGLFDWRU &DUERQ LQWHQVLW\ RI FRQYHQWLRQDO WKHUPDO SRZHU SODQWV (XURSHDQ (QYLURQPHQW $JHQF\
      (QYLURQPHQWDO WKHPHV
      KWWSWKHPHVHHDHXLQW6HFWRUVBDQGBDFWLYLWLHVHQHUJ\LQGLFDWRUVFDUERQBLQWHQVLW\LQGH[BKWPO (XURSHDQ
      (QYLURQPHQW $JHQF\ &RSHQKDJHQ




                                                         
                                                                                                                                                                                    6*6'),1$/



                          )LJXUH  &2 DQG 12 HPLVVLRQV IURP HQHUJ\ XVH YHUVXV *'3 
                                                        !                 ‘




                                                                                                                     ('Ã2à                              P@89Ã@ˆ…‚ƒr
                                                                                                                          !



                                                                                                                            $



                                                                                                                            
              ('Ã2à                                 P@89ÃU‚‡hy


                                                                                                                            $
                  '
                                                                                                   B9Q
                                                                                                                                
                  %
                                                                                                                                        ('     ('"         ('%           ('(       ((!        (($    (('


                  #
                                                                                                                                                     P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                      ('Ã2Ã 

                  !                                                                        8PÃr€v††v‚†                  !



                                                                                                                                $
                  


                                                                                                                                
                  '                                                                        IP[Ãr€v††v‚†

                                                                                                                                $

                  %
                                                                                                                                

                                                                                                                                        ('      ('"         ('%          ('(        ((!       (($    (('
                  #



                  !                                                                                                                                       P@89ÃQhpvsvp
                                                                                                                        ('Ã2Ã 
                                                                                                                            !

                   
                                                                                                                                $
                       ('        ('"                 ('%          ('(           ((!         (($         (('

                                                                                                                                



         6ˆ†‡…hyvhÃF‚…rhÃHr‘vp‚ÃhqÃUˆ…xr’Á‚‡Ãvpyˆqrq                                                                     $



                                                                                                                                    

                                                                                                                                         ('         ('"     ('%           ('(       ((!        (($    (('




                                                                                   'HFRXSOLQJ IDFWRU
                                                                                                                   h




                                                                   &2*'3                                                                       12[*'3



                                      6ˆ†‡…hyvh                                                                   6ˆ†‡…hyvh                                        h


                                       6ˆ†‡…vh                                                                     6ˆ†‡…vh


                                      7rytvˆ€                                                                     7rytvˆ€


                                      8hhqh                                                                      8hhqh


                              8“rpuÃSrƒˆiyvp                                                             8“rpuÃSrƒˆiyvp


                                      9r€h…x                                                                     9r€h…x


                                       Avyhq                                                                     Avyhq


                                       A…hpr                                                                      A…hpr


                                      Br…€h’                                                                     Br…€h’


                                       B…rrpr                                                                      B…rrpr


                                      Cˆth…’                                                                     Cˆth…’


                                       Dpryhq                                                                     Dpryhq


                                       D…ryhq                                                                     D…ryhq


                                          D‡hy’                                                                         D‡hy’


                                        Ehƒh                                                                       Ehƒh                                         h


                                        F‚…rh                                                                       F‚…rh                                         h


                                 Gˆ‘r€i‚ˆ…t                                                                 Gˆ‘r€i‚ˆ…t


                                       Hr‘vp‚                                                                      Hr‘vp‚                                          h


                                 Ir‡ur…yhq†                                                                Ir‡ur…yhq†


                                IrÃarhyhq                                                                 IrÃarhyhq                                           h


                                       I‚…h’                                                                      I‚…h’


                                       Q‚yhq                                                                      Q‚yhq


                                      Q‚…‡ˆthy                                                                    Q‚…‡ˆthy


                              Ty‚‰hxÃSrƒˆiyvp                                                            Ty‚‰hxÃSrƒˆiyvp                                          h


                                         Tƒhv                                                                       Tƒhv


                                      Trqr                                                                      Trqr


                                  Tv‡“r…yhq                                                                Tv‡“r…yhq


                                       Uˆ…xr’                                                                      Uˆ…xr’


                              Vv‡rqÃFvtq‚€                                                             Vv‡rqÃFvtq‚€


                                Vv‡rqÃT‡h‡r†                                                              Vv‡rqÃT‡h‡r†



                                                               
                                                                                                                                                
                                                                                                                                                                                         


                                                       I‚Ãqrp‚ˆƒyvt           9rp‚ˆƒyvt                                                I‚Ãqrp‚ˆƒyvt              9rp‚ˆƒyvt



hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã Ã@Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

T‚ˆ…pr)ÃÃP@89ÃD@6




                                                                                                
6*6'),1$/


                               )LJXUH  62 HPLVVLRQV IURP HQHUJ\ XVH YHUVXV *'3 
                                                        ‘




                                                                                        ('Ã2à               P@89Ã@ˆ…‚ƒr
                                                                                             %



                                                                                             !

            ('Ã2Ã 
                                              P@89ÃU‚‡hy
                                                                                             '


                 '
                                                                                             #
                                                                               B9Q

                 %
                                                                                              

                                                                                                   ('   ('"    ('%    ('(     ((!   (($    (('

                 #

                                                                               UQ@T
                                                                                                          P@89ÃI‚…‡uÃ6€r…vph
                                                                                         ('Ã2Ã 
                 !
                                                                                             !


                                                                                             %
                 
                                                                               UA8
                                                                                             !


                 '                                                                          '


                                                                                             #
                 %
                                                                                              

                                                                                                   ('   ('"     ('%   ('(     ((!   (($     (('
                 #
                                                                       T‚‘Ãr€ v††v‚†


                                                                                         ('Ã2Ã              P@89ÃQhpvsvp
                 !
                                                                                             !



                                                                                            %


                      ('        ('"        ('%         ('(      ((!   (($        (('        !


                                                                                             '


                                                                                             #
        6ˆ†‡…hyvhÃF‚…rhÃHr‘vp‚ÃhqÃUˆ…xr’Ãh…rÁ‚‡Ãvpyˆqrq

                                                                                              

                                                                                                   ('   ('"     ('%   ('(     ((!    (($    (('




                                                                  'HFRXSOLQJ IDFWRU
                                                                                        h




                                                                                        ('Ã2à               P@89Ã@ˆ…‚ƒr
                                                                                             %



                                                                                             !

            ('Ã2Ã 
                                              P@89ÃU‚‡hy
                                                                                             '


                 '
                                                                                             #
                                                                               B9Q

                 %
                                                                                              

                                                                                                   ('   ('"    ('%    ('(     ((!   (($    (('

                 #

                                                                               UQ@T
                                                                                                          P@89ÃI‚…‡uÃ6€r…vph
                                                                                         ('Ã2Ã 
                 !
                                                                                             !


                                                                                             %
                 
                                                                               UA8
                                                                                             !


                 '                                                                          '


                                                                                             #
                 %
                                                                                              

                                                                                                   ('   ('"     ('%   ('(     ((!   (($     (('
                 #
                                                                       T‚‘Ãr€ v††v‚†


                                                                                         ('Ã2Ã              P@89ÃQhpvsvp
                 !
                                                                                             !



                                                                                            %


                      ('        ('"        ('%         ('(      ((!   (($        (('        !


                                                                                             '


                                                                                             #
        6ˆ†‡…hyvhÃF‚…rhÃHr‘vp‚ÃhqÃUˆ…xr’Ãh…rÁ‚‡Ãvpyˆqrq

                                                                                              

                                                                                                   ('   ('"     ('%   ('(     ((!    (($    (('




  Ã
h 9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

T‚ˆ…pr)ÃÃP@89




                                                                           
                                                                                                                                                                                        6*6'),1$/



      )LJXUH  (QHUJ\UHODWHG HPLVVLRQ RI &2 IURP WKH UHVLGHQWLDO DQG FRPPHUFLDO VHFWRU SHU VTXDUH PHWUH
                                                                                                      !Ã

                                                    
                                           Sr†vqr‡vhyÆrp‡‚…                                                                               8‚€€r…pvhyÃhqÃTr…‰vpr†Ã†rp‡‚…



                                              ÃP@89Ãp‚ˆ‡…vr†
       ('   Ã2à                                                                                                                                                  #ÃP@89Ãp‚ˆ‡…vr†
                                                                                                                              (' Ã2Ã 

                                                                                    Sr†vqr‡vhyÆrp‡‚…Ã
       %                                                                                 sy‚‚…Ãh…rh                          %                                                               Tr…‰vpr†Ã†rp‡‚…Ãsy‚‚…Ã

                                                                                                                                                                                                         h…rh

       #
                                                                                                                              #



       !
                                                                                                                              !



       
                                                                                                                              



       '                                                                           8P!Ãr€v††v‚†Ãs…‚€Ã
                                                                                                                              '                                                            8P!Ãr€v††v‚†Ãs…‚€Ã
                                                                                         ‡urÅr†vqr‡vhyÃ
                                                                                                                                                                                            ‡urÃp‚€€r…pvhyÃhqÃ
                                                                                             †rp‡‚…
       %                                                                                                                                                                                     †r…‰vpr†Ã†rp‡‚…
                                                                                                                              %



       #
                                                                                                                              #



       !
                                                                                                                              !



        
                                                                                                                               
                 ('        ('"      ('$      ('&          ('(      ((         (("    (($       ((&
                                                                                                                                   ('      ('"        ('$          ('&       ('(       ((   (("    (($      ((&




 6ˆ†‡…hyvhÃ8hhqhÃ9r€h…xÃA…hprÃD‡hy’ÃEhƒhÃI‚…h’ÃTrqrà                                                               8hhqhÃA…hprÃEhƒhÃhqÃVv‡rqÃT‡h‡r†

 ÃVv‡rqÃFvtq‚€ÃhqÃVv‡rqÃT‡h‡r†

 T‚ˆ…pr)ÃD@6Ã@r…t’Ãrssvpvrp’Ãvqvph‡‚…†Ãv‡r…hyÃqh‡hih†r



                                                                                                      'HFRXSOLQJ IDFWRU
                                                                                                                                    h



                                                          Sr†vqr‡vhyÆrp‡‚…ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà               8‚€€r…pvhyÃhqÃTr…‰vpr†Ã†rp‡‚…ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃ
                                                                                                                                                                        
                                                                 8P€                                                                                         8P€




                                        6ˆ†‡…hyvh




                                         8hhqhÃ
                                                                                                                                                     8hhqhÃ




                                        9r€h…x




                                          A…hprÃ



                                                                                                                                                     A…hprÃ



                                            D‡hy’ÃÃ




                                          EhƒhÃÃ




                                                                                                                                                     EhƒhÃÃ
                                          I‚…h’Ã




                                        TrqrÃ




                                 Vv‡rqÃFvtq‚€ÃÃ


                                                                                                                                              Vv‡rqÃT‡h‡r†




                                    Vv‡rqÃT‡h‡r†




                                                                                                                
                                                                                                                                                                                
                                                                  I‚Ãqrp‚ˆƒyvt          9rp‚ˆƒyvt

  Ã
h 9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

T‚ˆ…pr)ÃÃD@6Ã@r…t’Ãrssvpvrp’Ãvqvph‡‚…†Ãv‡r…hyÃqh‡hih†r




                                                                                                                   
6*6'),1$/



                                        )LJXUH  &2 HPLVVLRQ LQWHQVLW\ RI HOHFWULFLW\ JHQHUDWLRQ 
                                                                               !Ã




                                                                                                                                                             ('Ã2à                             P@89Ã@ˆ…‚ƒr
                                                                                                                                                                   %




                                                                                                                                                                   !
              ('Ã2Ã 
                                                              P@89ÃU‚‡hy

                                                                                                                                                                   '
                    '
                                                                                                     U‚‡hyÃryrp‡…vpv‡’ˆ‡ƒˆ‡

                                                                                                                                                                   #

                    %

                                                                                                                                                                    

                                                                                                                                                                        ('          ('"            ('%        ('(         ((!     (($         (('
                    #


                                                                                                                                                                                          P@89ÃI‚…‡uÃ6€r…vph
                    !                                                                                                                                       ('Ã2Ã 
                                                                                                                                                               !


                                                                                                                                                                   %
                    

                                                                                                             8P!Ãr€v††v‚†Ãs…‚€Ã
                                                                                                                                                                   !
                                                                                                             ryrp‡…vpv‡’Ãtrr…h‡v‚
                    '
                                                                                                                                                                   '


                                                                                                                                                                   #
                    %
                                                                                                                                                                   

                                                                                                                                                                        ('          ('"             ('%        ('(         ((!     (($          (('
                    #


                                                                                                                                                                                                    P@89ÃQhpvsvp
                                                                                                                                                             ('Ã2Ã 
                    !
                                                                                                                                                               !#


                                                                                                                                                               !
                    
                                                                                                                                                                   %
                          ('               ('"             ('%                ('(                 ((!              (($             (('
                                                                                                                                                                   !


                                                                                                                                                                   '


                                                                                                                                                                   #


                                                                                                                                                                    

                                                                                                                                                                        ('            ('"               ('%    ('(          ((!         (($         (('




                                        8PÃr€v††v‚†Ãv‡r†v‡’ÂsÃryrp‡…vpv‡’Ãtrr…h‡v‚



                          8PÃr€v††v‚†Ãs…‚€                                                        8PÃr€v††v‚†ryrp‡…vpv‡’                 9rp‚ˆƒyvt
          8‚ˆ‡…’                                             @yrp‡…vpv‡’ˆ‡ƒˆ‡                                                                        D
                         ryrp‡…vpv‡’Ãtrr…h‡v‚                                                                     ‚ˆ‡ƒˆ‡                     shp‡‚…



                              (((                                                                        (((
                                             (((             (((                    (((                                      (((                                                                                D
                          ǂr†                                                                       tÂs                                                                      9rp‚ˆƒyvtÃshp‡‚…
                                           ('Ã2Ã        BXu                  ('Ã2Ã                               ('Ã2Ã 
                         ‚sÃ8P                                                                     8PxXu

                                                                                                                                                                                     6ˆ†‡…hyvh


  6ˆ†‡…hyvh                     &!                   ((       !"!                       !    "        '#%(#                     ("                   &
                                                                                                                                                                                       6ˆ†‡…vh

  6ˆ†‡…vh                                           %#       $(       $                    #!            %$       (                 %                     %
                                                                                                                                                                                      7rytvˆ€

  7rytvˆ€                       !!                  &&        '""&"                         $&           !%('                     #(                   $
                                                                                                                                                                                      8hhqh

  8hhqh                            $                $(       $&%(%(                           $$            (('                   "                 "
                                                                                                                                                                              8“rpuÃSrƒˆiyvp

  8“rpuÃSrƒˆiyvp                #"                  (        %#       $'                   !!           %%$                     &#                   !%
                                                                                                                                                                                     9r€h…x
  9r€h…x                           %               '         "''%(                         #$           #$!$                     $%                   ##
                                                                                                                                                                                       Avyhq
  Avyhq                           !               '%        %(#""                         &            &'"!                     $                   $
                                                                                                                                                                                       A…hpr
  A…hpr                        #!                  "(        $   ('!                      !!            '     !%                  (                   '

  Br…€h’                      !(                  ('        $$      "    $                    '        $!%!!                     '"                       &                     Br…€h’




  B…rrpr                        #!                  !"#       #("'!                        !   '         '#!%%                      &                 &                          B…rrpr



  Cˆth…’                       !                   (        "&       $#                   $%           $$"'!                     $'                   #!                         Cˆth…’



  Dpryhq                                                       &    ''                  !!%               #"                    #                   (%                          Dpryhq



  D…ryhq                           %                ("       !       '&                  !%           &         !               (#                   %                          D…ryhq



  D‡hy’                         !(                   $#       !$(!#$                           #         #(&$%                      (                 (                             D‡hy’


  Ehƒh                        "(%                   "&       $%(%(                           '$        "&#$                      &#                   !%                           Ehƒh


  F‚…rh                         #%                  %!        !%#(&(                       &    !        $#(&!                     '&                       "                        F‚…rh


  Gˆ‘r€i‚ˆ…t                                        !             "$'                     "(                 &#$                   %                   (#
                                                                                                                                                                                  Gˆ‘r€i‚ˆ…t


  Hr‘vp‚                        '                  !'$           (!!%&                    !'&           $%$                      ((                   
                                                                                                                                                                                       Hr‘vp‚

  Ir‡ur…yhq†                   "(                   !       '%%'                         "#           #$!(!                     &%                   !#
                                                                                                                                                                                  Ir‡ur…yhq†

  IrÃarhyhq                       %               ##&       "'       !                   %'            %''(                     !%%                     %%
                                                                                                                                                                                 IrÃarhyhq

  I‚…h’                                           !#'       !       &!"                   #$               !"'                    &                  &
                                                                                                                                                                                       I‚…h’

  Q‚yhq                            #                   $         #                          %        '    $$!                  ((                   
                                                                                                                                                                                       Q‚yhq
  Q‚…‡ˆthy                      !"                  #$!       #!("                        !'!           $#        '                %                 %
                                                                                                                                                                                      Q‚…‡ˆthy
  Ty‚‰hxÃSrƒˆiyvp                   (               '(        !&$                          "'           "      #(                 %#                   "%
                                                                                                                                                                              Ty‚‰hxÃSrƒˆiyvp
  Tƒhv                         ''                   #"       !%"         &                   '(        #!#(                     &%                   !#

  Trqr                            !               %#        $$       %(                   %                 $#'                  #                   %                            Tƒhv




  Tv‡“r…yhq                                          (     %'$!'                         #!               %"'                   '"                       &                      Trqr



  Uˆ…xr’                        %&                  $!             %##                    $           $&%$&                      #                 #                     Tv‡“r…yhq



  Vv‡rqÃFvtq‚€                $!                  %&        "%"'(%                           !'        #    &!                  $!                   #'                          Uˆ…xr’



  Vv‡rqÃT‡h‡r†                !""                  $!      "(          %                   %         $($(&                     (#                   %                 Vv‡rqÃFvtq‚€



  U‚‡hy                        ##                   #      (""!($                           %$        #&!$$                     '#                                          Vv‡rqÃT‡h‡r†




                                                                                                                                                                                                                                            
                                                          Ður…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2
  hÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A @Q9A
                                                
                                                                                                                                                                                                                 I‚Ãqrp‚ˆƒyvt            9rp‚ˆƒyvt
  q…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà                                             

  ÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt



T‚ˆ…pr)ÃD@6Ã8P!Ãr€v††v‚†Ãqh‡hih†rÃ@r…t’Ã7hyhpr†Ãqh‡hih†rÃhqÃ@r…t’Ãrssvpvrp’Ãvqvph‡‚…†Ãv‡r…hyÃqh‡hih†r




                                                                                                                              
                                                                                                                6*6'),1$/



           75$163257

(FRQRPLF JURZWK DQG WKH GHPDQG IRU SDVVHQJHU DQG IUHLJKW WUDQVSRUW LQ 2(&' FRXQWULHV KDYH  WKXV IDU ±
EHHQ VWURQJO\ FRUUHODWHG 7KLV KDV EHHQ SDUWLFXODUO\ WUXH IRU URDG WUDQVSRUW DQG DYLDWLRQ :KLOH *'3 LQ WKH
2(&' DUHD JUHZ E\  IURP  WR  WKH QXPEHU RI PRWRU YHKLFOHV LQFUHDVHG E\  DQG
YHKLFOHNLORPHWUHV WUDYHOOHG E\   $LU WUDIILF DOVR JUHZ PXFK IDVWHU WKDQ *'3 W\SLFDOO\ DURXQG  SHU
DQQXP IRU SDVVHQJHU WUDIILF DQG  SHUFHQW IRU DLU FDUJR 1HYHUWKHOHVV HFRQRPLF JURZWK LV MXVW RQH RI WKH
IDFWRUV DIIHFWLQJ WUDQVSRUW GHPDQG 2WKHU IDFWRUV LQFOXGH LQFUHDVLQJ LQFRPH OHYHOV ULVLQJ FDU RZQHUVKLS
IXHO SULFHV WUDQVSRUW V\VWHP LPSURYHPHQWV FRPSHWLWLRQ EHWZHHQ SXEOLF DQG SULYDWH WUDQVSRUW ODQG XVH
SDWWHUQV DQG GHPRJUDSKLF FKDQJHV
7UDQVSRUW DFWLYLW\ DIIHFWV KXPDQ KHDOWK DQG WKH HQYLURQPHQW  7UDQVSRUW FDXVHV ORFDO DLU SROOXWLRQ DQG
                                                                                     #"



QRLVH DQG HPLVVLRQ RI JUHHQKRXVH JDVHV (PLVVLRQV RI &2  DFLGLI\LQJ VXEVWDQFHV PDLQO\ 62 DQG 12 
                                                                                 !                                                ‘Ã        ‘

DQG R]RQH SUHFXUVRUV &2 1092& 12  PHWKDQH DUH DPRQJ WKH PDLQ WUDQVSRUWUHODWHG HQYLURQPHQWDO
                                                        ‘

SUHVVXUHV &2 HPLVVLRQV FRQWULEXWH WR FOLPDWH FKDQJH ZKHUHDV WKH RWKHU VXEVWDQFHV SDUWLFLSDWH LQ WKH
                     !

FRPSOH[ VHW RI FKHPLFDO WUDQVIRUPDWLRQV LQ WKH DWPRVSKHUH WKDW UHVXOW LQ DFLG GHSRVLWLRQ DQG ORZOHYHO
R]RQH IRUPDWLRQ 2WKHU HIIHFWV RQ WKH HQYLURQPHQW LQFOXGH ZDWHU SROOXWLRQ LPSDFWV RQ QDWXUDO HFRV\VWHPV
E\ FRQWULEXWLQJ WR DFLGLILFDWLRQ DQG HXWURSKLFDWLRQ DQG KDELWDWGLVUXSWLQJ ODQG XVH
5RDG WUDQVSRUW LV WKH GRPLQDQW WUDQVSRUWDWLRQ PRGH ZLWK D VKDUH RI RYHU  IRU SDVVHQJHU WUDYHO DQG
 IRU JRRGV WUDQVSRUWHG 2YHU  PLOOLRQ RI WKH ZRUOG¶V DOPRVW  PLOOLRQ PRWRU YHKLFOHV DUH UHJLVWHUHG
LQ 2(&' FRXQWULHV 7KUHHTXDUWHUV RI WKHVH DUH SDVVHQJHU FDUV 7KH WKUHH SULPDU\ LQGLFDWRUV SUHVHQWHG
                                                                                                                             ##



LQ WKLV VHFWLRQ DOO UHODWH WR DWPRVSKHULF HPLVVLRQV IURP URDG WUDQVSRUW 7KH ILUVW RQH IRFXVHV RQ WKH
FRPELQHG HPLVVLRQV RI SULYDWH SDVVHQJHU DQG IUHLJKW YHKLFOHV ZKLOH WKH VHFRQG DQG WKLUG LQGLFDWRUV
VHSDUDWHO\ IRFXV RQ UHVSHFWLYHO\ SDVVHQJHU DQG IUHLJKW WUDQVSRUW ,Q RUGHU WR KLJKOLJKW GLIIHUHQW DVSHFWV RI
WKH HQYLURQPHQWDO LPSDFW RI URDG WUDQVSRUW WKH GHFRPSRVLWLRQ RI WKH SULPDU\ LQGLFDWRU LV GLIIHUHQW LQ WKH
ILUVW FDVH WKDQ IRU WKH RWKHU WZR


             5RDG WUDQVSRUWUHODWHG HPLVVLRQ LQWHQVLWLHV

2YHUDOO WKHUH KDV EHHQ D GHFRXSOLQJ IURP *'3 RI WKH URDG WUDQVSRUWUHODWHG HPLVVLRQV RI DOO WKUHH JDVHV
FRQVLGHUHG KHUH 'XULQJ WKH SDVW WZR GHFDGHV D VOLJKW GHFRXSOLQJ KDV RFFXUUHG RI HPLVVLRQV RI &2 IURP                                 !

SDVVHQJHU DQG IUHLJKW URDG WUDQVSRUW IURP *'3 LQ WKH 2(&' DUHD  HPLVVLRQV JUHZ E\  GXULQJ
                                                                                             Ã #$



 ZKHUHDV *'3 JUHZ E\ DOPRVW  )LJXUH  +RZHYHU WKHVH RYHUDOO ILJXUHV GLVJXLVH
GLIIHUHQFHV DPRQJ WKH WKUHH 2(&' UHJLRQV DQG ZLWKLQ WKH SHULRG FRQVLGHUHG )RU WKH 2(&' DV D ZKROH
PRVW RI WKH GHFRXSOLQJ WRRN SODFH LQ WKH HDUO\ V DQG KDV IOXFWXDWHG VLQFH WKHQ 7KLV GHFRXSOLQJ ZDV
VROHO\ GXH WR GHYHORSPHQWV LQ 2(&' 1RUWK $PHULFD ZKHUH HPLVVLRQV JUHZ E\  DQG *'3 E\   ,Q
WKH RWKHU WZR UHJLRQV QR GHFRXSOLQJ WRRN SODFH LQ 2(&' (XURSH DQG 2(&' 3DFLILF HPLVVLRQV LQFUHDVHG
E\  DQG   UHVSHFWLYHO\ ZKLOH *'3 JUHZ E\  DQG   7KLV UHODWLYH GHFRXSOLQJ RI &2 HPLVVLRQV                           !

DQG *'3 KDV EHHQ DFKLHYHG WKDQNV WR LPSURYHPHQWV LQ WKH VSHFLILF HPLVVLRQV SHU YHKLFOHNP DQG LQ VSLWH
RI WKH JURZWK LQ URDG WUDIILF ZKLFK LWVHOI KDV EHHQ VWURQJHU WKDQ WKDW RI *'3 7KLV UHVXOW KDV EHHQ GXH
PDLQO\ WR GHYHORSPHQWV LQ WKH 2(&' 1RUWK $PHULFD UHJLRQ QRWDEO\ WKH 8QLWHG 6WDWHV DQG WR D OHVVHU
H[WHQW WR LPSURYHPHQWV LQ VSHFLILF HPLVVLRQV LQ 2(&' (XURSH GXULQJ WKH V 'XULQJ WKH V &2                                           !

HPLVVLRQV LQ 2(&' (XURSH JUHZ IDVWHU WKDQ *'3 EHFDXVH WKH UHODWLYHO\ FRQVWDQW VSHFLILF HPLVVLRQV ZHUH
DFFRPSDQLHG E\ VWURQJ JURZWK LQ WUDIILF ,Q WKH 2(&' 3DFLILF UHJLRQ &2 HPLVVLRQV NHSW SDFH ZLWK WKH!




#"à P@89vqrÇurDžh†ƒ‚…‡Ã†rp‡‚…Ãhpp‚ˆ‡rqÃs‚…À‚†‡Ã‚sÇurÃt…‚‡uÃvÃsvhyÃrr…t’Ãp‚†ˆ€ƒ‡v‚Ãir‡rrÃ ('Ãhqà (((Ãvp…rh†vt
      i’ÃhÃh‰r…htrÂsÃ! ÈÃr…Ã’rh…ÃB…‚‡uÃvÃp‚†ˆ€ƒ‡v‚Ãh†ÃuvtuÃvÃi‚‡uÇurÃhv…Ãhqłhqƈi†rp‡‚…†ÃH‚†‡Ã‚sÃhyyłhqDžh†ƒ‚…‡
      hpp‚ˆ‡†Ãs‚…ÇurÀhw‚…Æuh…rÂsǂ‡hyDžh†ƒ‚…‡ÃsvhyÃrr…t’Ãp‚†ˆ€ƒ‡v‚Ã'ÈÃvÃ (('ÃhqÃt…rÃh‡ÃhÃh‰r…htrÂsÃ!!ÈÃr…Ã’rh…‰r…
      ‡urÃr…v‚qÃ8P!Ãr€v††v‚†Ãs…‚€Ã‡urDžh†ƒ‚…‡Ã†rp‡‚…Ãhpp‚ˆ‡rqÃs‚…Ã!&ÈÂsǂ‡hyÃ8P!Ãr€v††v‚†Ãs…‚€Ãs‚††vyÃsˆryÃp‚€iˆ†‡v‚ÃvÃ‡ur
      P@89Ãh…rhÃvÃ (('
##à T‚€rÂsÇurÃvqvph‡‚…†Ãƒ…r†r‡rqÃvÃ‡uv†Ã†rp‡v‚Ãh…rÃhÃsv…†‡Ã†‡rƒÃ‡‚h…q†Ãv€ƒyr€r‡vtÇuróv‡r€†Ãs‚…Àrh†ˆ…r€r‡Ã‚słt…r††´Ãyv†‡rq
      ˆqr…ÇurÆrp‚qÂiwrp‡v‰rÂsÇurÃP@89Ã@‰v…‚€r‡hyÃT‡…h‡rt’ȁqr…ÇurÃurhqvtÂsDžh†ƒ‚…‡)ÃUur†rÃvpyˆqr)ÃvÃU‚‡hyÃqv†‡hpr†
      ‡…h‰ryyrqÃh††rtr…Ãx€ÃhqǂÃx€Ãi’Ç…h†ƒ‚…‡Ã€‚qr0ÃvvÃAˆryȆrÃrssvpvrp’Ãi’À‚qrÂsDžh†ƒ‚…‡0ÃvvvÃ@€v††v‚†Ãs…‚€Ãqvssr…r‡
      €‚qr†Ã‚sDžh†ƒ‚…‡0Ãv‰ÃA…r„ˆrp’ÂsÃr‘prrqvtÃhv…Ĉhyv‡’Ƈhqh…q†Ãs‚…Àhw‚…Ç…h†ƒ‚…‡…ryh‡rqÃhv…Âyyˆ‡h‡†ÃhqÃuh“h…q‚ˆ†Ã‡…hpr
      ƒ‚yyˆ‡h‡†0ÉÃQ…‚ƒ‚…‡v‚Ã‚sƒˆyh‡v‚Ãr‘ƒ‚†rqǂÁ‚v†rÃh‡Ãyr‰ry†Ãuh…€sˆyǂÃuˆ€hÃurhy‡u0ÃhqÉvÃChiv‡h‡Ãy‚††ÃhqÃs…ht€r‡h‡v‚
      …r†ˆy‡vtÃs…‚€Ã‡…h†ƒ‚…‡Ãvs…h†‡…ˆp‡ˆ…r
#$à Avtˆ…r†Ã„ˆ‚‡rqÃvÃ‡uv†Ã†rp‡v‚Ã…ryh‡vtǂÃ8P!Ãr€v††v‚†Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃF‚…rhÃHr‘vp‚ÃhqÇurÃTy‚‰hxÃSrƒˆiyvp




                                                                      
6*6'),1$/


JURZWK RI ERWK WUDIILF DQG *'3 DV VSHFLILF HPLVVLRQV UHPDLQHG FRQVWDQW 7KH DERYH FKDQJHV VKRXOG EH
LQWHUSUHWHG DJDLQVW WKH EDFNJURXQG RI WKH DEVROXWH YDOXHV RI HPLVVLRQ LQWHQVLWLHV LQ WKH WKUHH UHJLRQV
ZKLFK DPRXQWHG WR   DQG  NJ86' IRU UHVSHFWLYHO\ 2(&' 1RUWK $PHULFD (XURSH DQG
3DFLILF LQ 
5RDG WUDQVSRUWUHODWHG HPLVVLRQV RI 12 KDYH EHHQ GHFRXSOHG IURP *'3 LQ WKH 2(&' DUHD VLQFH 
                                                                                                                                               #%
                                                               ‘

HPLVVLRQV VWD\HG DERXW FRQVWDQW IRU WKH ZKROH RI WKH SHULRG  DQG *'3 JUHZ E\  )LJXUH 
,Q 2(&' 1RUWK $PHULFD H[FOXGLQJ 0H[LFR GHFRXSOLQJ ZDV DEVROXWH GXULQJ  EXW KDV EHHQ
UHODWLYH VLQFH WKHQ ,Q 2(&' (XURSH 12 HPLVVLRQV IURP URDG WUDQVSRUW KDYH GHFOLQHG VKDUSO\ LQ WKH
                                                                   ‘

V DV D UHVXOW RI WKH LQWURGXFWLRQ RI FDWDO\WLF FRQYHUWHUV RQ SDVVHQJHU FDUV DQG GHFRXSOLQJ KDV WKXV
EHHQ DEVROXWH
5RDG WUDQVSRUWUHODWHG HPLVVLRQV RI 92&V KDYH EHHQ DEVROXWHO\ GHFRXSOHG IURP *'3 IRU WKH 2(&' DV D
ZKROH DQG IRU DOO LWV UHJLRQV LQGLYLGXDOO\ VLQFH  )LJXUH  2(&'ZLGH HPLVVLRQV UHGXFHG E\
            #&



 ZKLOH *'3 LQFUHDVHG E\ DOPRVW   $V ZLWK 12 HPLVVLRQV PRVW RI WKH GHFOLQH FDQ EH DWWULEXWHG WR
                                                                                    ‘

WKH LQWURGXFWLRQ RI FDWDO\WLF FRQYHUWHUV IRU SDVVHQJHU FDUV ,Q 2(&' (XURSH JURZLQJ 92&V HPLVVLRQV
IURP WUXFNV SDUWO\ QHXWUDOLVHG WKLV WUHQG XQWLO WKH PLGV EXW HPLVVLRQV IURP WKLV VRXUFH KDYH VLQFH
GHFUHDVHG DV ZHOO ,Q D IHZ 2(&' 0HPEHU &RXQWULHV KRZHYHU 92& HPLVVLRQV GR QRW DSSHDU WR KDYH
GHFUHDVHG VLJQLILFDQWO\

                               7DEOH  'HFRPSRVLQJ DWPRVSKHULF HPLVVLRQV IURP URDG WUDQVSRUW 
                                                                                                                                                                      h
                                                                   r€v††v‚†B9Q          2              r€v††v‚†‰rux€                        Wrux€B9Q
                     i Ã
 8P!Ãr€v††v‚† )               (('‰hyˆrÂsÅh‡v‚ ('‰hyˆr

 P@89ÃU‚‡hy                                                                      (!     2                                &$                                (

 P@89Ã@ˆ…‚ƒr                                                                      '     2                                '&                                !"

 P@89ÃI‚…‡uÃ6€r…vph                                                              '     2                                '                               ((

 P@89ÃQhpvsvp                                                                     &     2                                                                  &
                     p
 IP‘Ãr€v††v‚† )à (('‰hyˆrÂsÅh‡v‚ ('‰hyˆr

 P@89ÃU‚‡hy                                                                      %!     2                                $%                                (

 P@89Ã@ˆ…‚ƒr                                                                     %&     2                                $#                                !"

 P@89ÃI‚…‡uÃ6€r…vph                                                              $'     2                                $(                              ('

 P@89ÃQhpvsvp                                                                    $%     2                                $                                 (
                           q
 WP8†Ãr€v††v‚† )à (('‰hyˆrÂsÅh‡v‚ ((‰hyˆr

 P@89ÃU‚‡hy                                                                      %!     2                                %                                "

 P@89Ã@ˆ…‚ƒr                                                                     $%     2                                $'                                (

 P@89ÃI‚…‡uÃ6€r…vph                                                              %$     2                                %&                              (&

 P@89ÃQhpvsvp                                                                    %(     2                                %%                                $


 I‚‡r)ÃhÃAvtˆ…r†Ã‰h…’Æyvtu‡y’Ãs‚…Ãqvssr…r‡Ãth†r†ÃqˆrǂÃqvssr…rpr†ÃvÃ‡urÁˆ€ir…ÂsÃp‚ˆ‡…vr†ÃhqÇurÇv€rÃr…v‚q†Ãp‚†vqr…rq0ÃiÃr‘pyˆqvtÃTy‚‰hxÃSrƒˆiyvp0Ãp

 r‘pyˆqvtÃHr‘vp‚ÃF‚…rhÃhqÃTy‚‰hxÃSrƒˆiyvp0ÃqÃr‘pyˆqvtÃF‚…rhÃHr‘vp‚ÃTy‚‰hxÃSrƒˆiyvpÃhqÃUˆ…xr’

 T‚ˆ…pr)ÃP@89D@6




                'HFRPSRVLQJ DWPRVSKHULF HPLVVLRQV IURP URDG WUDQVSRUW

5RDG WUDQVSRUWUHODWHG HPLVVLRQV RI &2  12 DQG 92&V IURP ERWK SDVVHQJHU FDUV DQG IUHLJKW YHKLFOHV
                                                               !         ‘

FDQ EH GHFRPSRVHG DV IROORZV
            5RDG WUDQVSRUWUHODWHG
          HPLVVLRQV RI &2  12 DQG   !      ‘                                HPLVVLRQVYHKLFOHNP                                
       YHKNP*'3
            92&V SHU XQLW RI *'3

         5RDG WUDQVSRUWUHODWHG HPLVVLRQV                              6SHFLILF HPLVVLRQV GHSHQG RQ IOHHW                                5RDG WUDIILF
                    LQWHQVLW\                                           FRPSRVLWLRQ IXHO TXDOLW\ DQG IXHO                                 LQWHQVLW\
                                                                                   HIILFLHQF\



#%à Avtˆ…r†Ã„ˆ‚‡rqÃvÃ‡uv†Ã†rp‡v‚Ã…ryh‡vtǂÃIP‘Ãr€v††v‚†Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃF‚…rhÃHr‘vp‚ÃhqÇurÃTy‚‰hxÃSrƒˆiyvp
#&
     à   Avtˆ…r†Ã„ˆ‚‡rqÃvÃ‡uv†Ã†rp‡v‚Ã…ryh‡vtǂÃWP8†Ãr€v††v‚†Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃF‚…rhÃHr‘vp‚ÇurÃTy‚‰hxÃSrƒˆiyvpÃhqÃUˆ…xr’




                                                                                
                                                                                                                 6*6'),1$/


6SHFLILF HPLVVLRQV SHU YHKLFOHNLORPHWUH KDYH EHHQ VLJQLILFDQWO\ UHGXFHG IRU DOO WKUHH JDVHV FRQVLGHUHG
KHUH 7DEOH  6SHFLILF HPLVVLRQV GHSHQG RQ FRQWURO WHFKQRORJ\ IXHO TXDOLW\ IXHO HIILFLHQF\ DYHUDJH
RFFXSDQF\ UDWH DQG IOHHW FRPSRVLWLRQ W\SH VL]H DJH DQG VWDWH RI WKH YHKLFOH IOHHW %HWWHU IXHO TXDOLW\ KDV
FRQWULEXWHG VLJQLILFDQWO\ WR WKH LPSURYHPHQW LQ VSHFLILF HPLVVLRQV DQG WKLV WUHQG ZLOO FRQWLQXH DV D UHVXOW RI
WKH DJUHHPHQWV ZLWK WKH JOREDO FDU PDQXIDFWXULQJ LQGXVWU\ )XHO HIILFLHQF\ RI SDVVHQJHU FDUV LPSURYHG
PDUNHGO\ LQ WKH GHFDGH  EXW WKHVH JDLQV KDYH EHHQ HURGHG VLQFH WKHQ E\ LQFUHDVHV LQ FDU VL]H
DQG SHUIRUPDQFH )XUWKHU LPSURYHPHQWV FDQ EH PDGH E\ ZD\ RI EHWWHU YHKLFOH PDLQWHQDQFH DQG SKDVLQJ
RXW ROG YHKLFOHV
5RDG WUDIILF WKH QXPEHU RI URDG YHKLFOHNLORPHWUHV SHU XQLW RI *'3 KDV LQFUHDVHG PRUH VWURQJO\ WKDQ
*'3 VLQFH WKH PLGV IRU WKH 2(&' DV D ZKROH DOWKRXJK WKH WUHQG KDV EHHQ OHVV SURQRXQFHG LQ WKH
ODWWHU SDUW RI WKH SHULRG 7DEOH  +RZHYHU WKH YDULRXV 2(&' UHJLRQV VKRZ GLIIHUHQW WUHQGV ,Q WKH
2(&' 1RUWK $PHULFD UHJLRQ H[FOXGLQJ 0H[LFR WUDIILF JURZWK DSSHDUV WR VKRZ D EHJLQQLQJ RI GHFRXSOLQJ
IURP *'3 VLQFH WKH HDUO\ V EXW LQ 2(&' (XURSH LQ SDUWLFXODU WUDIILF LV VWLOO JURZLQJ IDVWHU WKDQ WKH
HFRQRP\ )XUWKHU ULVHV LQ WRWDO DQQXDO YHKLFOHNP DUH H[SHFWHG IRU HDFK W\SH RI YHKLFOH FDWHJRU\ RYHU WKH
QH[W  \HDUV ZLWK WKH ODUJHVW DEVROXWH LQFUHDVH IRU SDVVHQJHU FDUV EXW WKH JUHDWHVW SHUFHQWDJH LQFUHDVH
IRU WUXFNV


              3ULYDWH SDVVHQJHU FDUUHODWHG HPLVVLRQV RI 12[ DQG 92&V SHU XQLW RI *'3

,Q DGGLWLRQ WR H[DPLQLQJ WKH HPLVVLRQ LQWHQVLWLHV RI WRWDO URDG WUDQVSRUW LW LV SRVVLEOH WR FRQVLGHU WKH
UHVSHFWLYH FRQWULEXWLRQV RI SDVVHQJHU DQG IUHLJKW WUDQVSRUW VHSDUDWHO\ 7KLV LV GRQH LQ WKH IROORZLQJ WZR
VHFWLRQV XVLQJ GDWD IRU WKH 2(&' (XURSH UHJLRQ 7KH GHPDQG IRU SDVVHQJHU WUDQVSRUW LH WKH QHHG IRU
SHUVRQDO PRELOLW\ LV FORVHO\ UHODWHG WR LQFRPH OHYHOV ORFDWLRQ WKH GLVWDQFH IURP KRPH WR HPSOR\PHQW
ORFDWLRQ RI HGXFDWLRQDO VHUYLFHV VKRSSLQJ RSSRUWXQLWLHV DYDLODEOH DQG UHFUHDWLRQDO QHHGV
,Q WKH V D VLJQLILFDQW DEVROXWH GHFRXSOLQJ RI SULYDWH SDVVHQJHU WUDQVSRUWUHODWHG HPLVVLRQV RI R]RQH
SUHFXUVRUV 12 DQG 92&V IURP *'3 WRRN SODFH LQ 2(&' (XURSH )LJXUH  12 DQG 92&V
                                                                                               #'
                       ‘                                                                                                    ‘

HPLVVLRQV IURP FDUV GHFUHDVHG E\ UHVSHFWLYHO\ DERXW  DQG  GXULQJ  ZKHUHDV *'3 JUHZ E\
DOPRVW  RYHU WKH VDPH SHULRG 7KHVH UHGXFWLRQV LQ HPLVVLRQV LQWHQVLW\ LQ 2(&' (XURSH DUH GXH WR WKH
GHFUHDVH LQ VSHFLILF HPLVVLRQV ZKLFK KDV RYHUVKDGRZHG WKH HIIHFWV RI WKH LQFUHDVLQJ VKDUH RI WKH SULYDWH
FDU LQ WRWDO SDVVHQJHU WUDQVSRUW DQG WKH LQFUHDVLQJ QXPEHU RI WRWDO SDVVHQJHUNLORPHWUHV WUDYHOOHG SHU XQLW
RI *'3 7DEOH 


              'HFRPSRVLQJ HPLVVLRQV IURP SULYDWH SDVVHQJHU FDU WUDQVSRUW

7KH SDVVHQJHU FDUUHODWHG LQWHQVLW\ RI 12 DQG 92&V HPLVVLRQV RI WKH HFRQRP\ FDQ EH GHFRPSRVHG LQ
                                                          ‘

WHUPV RI WKH HPLVVLRQV SHU SULYDWH FDU SDVVHQJHUNLORPHWUH WKH VKDUH RI SULYDWH FDUV LQ WRWDO SDVVHQJHU
WUDQVSRUW DQG WKH PRELOLW\ GHPDQG LQWHQVLW\

(PLVVLRQV IURP
                                                                              &DU SDVVNP WRWDO
SDVVHQJHU                            HPLVVLRQVFDU SDVVNP            
                                      
      7RWDO SDVVNP*'3
                                                                                   SDVVNP
FDUV*'3
 3ULYDWH SDVVHQJHU                       6SHFLILF HPLVVLRQV                 0RGDO VKDUH RI SULYDWH                    0RELOLW\ LQWHQVLW\
FDUUHODWHG HPLVVLRQV                     GHSHQG RQ IOHHW                SDVVHQJHU WUDQVSRUW LQ WRWDO              SDVVHQJHU WUDQVSRUW
       LQWHQVLW\                      FRPSRVLWLRQ RFFXSDQF\                 SDVVHQJHU WUDQVSRUW                     GHPDQG SHU XQLW RI
                                      UDWH GULYLQJ FRQGLWLRQV                                                            *'3
                                        IXHO TXDOLW\ DQG IXHO
                                             HIILFLHQF\

9DOXHV IRU WKH VSHFLILF HPLVVLRQV IURP SDVVHQJHU FDUV SHU SDVVHQJHUNLORPHWUH FDOFXODWHG IRU WKH JURXS RI
(8 FRXQWULHV DV SDUW RI WKH (XURSHDQ 8QLRQ¶V 7UDQVSRUW DQG (QYLURQPHQW 'DWDEDVH 6\VWHP
75(1'6 KDYH EHHQ DSSOLHG WR 2(&' (XURSH (PLVVLRQV LQWHQVLW\ SHU SDVVHQJHUNLORPHWUH GHSHQGV RQ
IXHO TXDOLW\ YHKLFOH IXHO HIILFLHQF\ FDU RFFXSDQF\ UDWHV DQG IOHHW FRPSRVLWLRQ 6SHFLILF HPLVVLRQV KDYH

#'
     ÃAvtˆ…r†Ã„ˆ‚‡rqÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃDpryhqÃD…ryhqÃGˆ‘r€i‚ˆ…tÃhqÇurÃTy‚‰hxÃSrƒˆiyvp




                                                                      
6*6'),1$/


GHFOLQHG JUDGXDOO\ WKURXJKRXW WKH V PDLQO\ DV D UHVXOW RI WKH FRQWLQXHG SHQHWUDWLRQ RI FDWDO\WLF
FRQYHUWHUV LQ SHWURO YHKLFOHV 6SHFLILF 12 HPLVVLRQV DUH SURMHFWHG WR FRQWLQXH WR GHFOLQH DV PDQ\
                                                                   ‘

(XURSHDQ FRXQWULHV DUH WLJKWHQLQJ HPLVVLRQ VWDQGDUGV )RU LQVWDQFH LQ WKH (8 VXFK UHGXFWLRQV DUH
H[SHFWHG WR DPRXQW WR  IRU FDUV RYHU WKH SHULRG 

      7DEOH  'HFRPSRVLQJ 12[ DQG 92&V HPLVVLRQV IURP SDVVHQJHU WUDQVSRUW LQ 2(&' (XURSH FRXQWULHV
                                                                                                                          D


                                                   
                                         YDOXH RI UDWLRYDOXH
                                    @€v††v‚†Ãs…‚€         2
                                                                              @€v††v‚†               8h…Ãh††x€            U‚‡Ãh††x€
                                   ƒh††rtr…Ãph…†                                                                   
                                                                                 ƒh††x€               ‡‚‡Ãh††x€                    B9Q
                                                 B9Q

IP‘                                               $%     2                            #(
                                                                                                               "                     &
WP8†                                              $'     2                            $"


I‚‡r)ÃhÃ9h‡hÁ‚‡Ãh‰hvyhiyrÃs‚…ÃDpryhqÃD…ryhqÃGˆ‘r€i‚ˆ…tÃhqÇurÃTy‚‰hxÃSrƒˆiyvp

T‚ˆ…pr)ÃP@89@U8Ã6@Ã!Ã@ˆ…‚†‡h‡Ã!



)LJXUHV IRU WKH VKDUH RI SULYDWH SDVVHQJHU WUDQVSRUW LQ WRWDO SDVVHQJHU WUDQVSRUW QHHG WR EH LQWHUSUHWHG
FDXWLRXVO\ IRU ZKDW FRQVWLWXWHV WKH PRVW HQYLURQPHQWIULHQGO\ WUDQVSRUW PRGH LQ DQ\ SDUWLFXODU FDVH
GHSHQGV RQ D UDQJH RI FLUFXPVWDQFHV HJ WHFKQRORJ\ RFFXSDQF\ UDWHV ORFDWLRQ 7KH VKDUH RI
SDVVHQJHU WUDQVSRUW E\ SULYDWH FDU LQ WRWDO ODQG SDVVHQJHU WUDQVSRUW SULYDWH FDU EXV FRDFK DQG UDLO KDV
FRQWLQXHG WR LQFUHDVH VLQFH  DQG WKDW RI SXEOLF WUDQVSRUW LV GHFOLQLQJ 7KH WRWDO QXPEHU RI
SDVVHQJHUNLORPHWUHV LQFUHDVHG E\ DERXW  RYHU  ZKLOH WRWDO SDVVHQJHU ODQG WUDQVSRUW E\ MXVW
 7DEOH  ,Q  SULYDWH FDU WUDQVSRUW FRQVWLWXWHG  RI WKH WRWDO SDVVHQJHU ODQG WUDQVSRUW E\
SULYDWH FDU EXV FRDFK DQG UDLO 7KLV VKDUH RI SDVVHQJHU WUDQVSRUW E\ SULYDWH FDU LV KLJKO\ FRUUHODWHG WR FDU
RZQHUVKLS DQG LQFUHDVLQJ IDVWHVW LQ FRXQWULHV WKDW VWLOO KDYH D UHODWLYHO\ ORZ UDWH RI FDU RZQHUVKLS 7KH
WUHQG WRZDUGV WKH SULYDWH FDU FDQ DOVR EH VHHQ LQ 2(&' 3DFLILF ZKHUHDV LQ WKH 86 DQG &DQDGD WKHUH
KDV EHHQ OLWWOH FKDQJH VLQFH 
7KH PRELOLW\ GHPDQG LQWHQVLW\ SDVVHQJHUNP*'3 FDQ EH YLHZHG IURP GLIIHUHQW SHUVSHFWLYHV LQFUHDVHG
PRELOLW\ FDQ PHDQ LPSURYHG HFRQRPLF ZHOIDUH EXW LW DOVR SRLQWV WR LQFUHDVHG H[WHUQDO FRVWV ,Q WKH V
DQG V WRWDO SULYDWH DQG SXEOLF WUDYHO PHDVXUHG DV SHUVRQNP JUHZ IDVWHU WKDQ *'3 LQ PDQ\ 2(&'
FRXQWULHV ,Q 2(&' (XURSH WKLV WUHQG FRQWLQXHG LQ WKH V GXULQJ  WRWDO SDVVHQJHUNLORPHWUHV
LQFUHDVHG E\   ZKHUHDV *'3 JUHZ E\ DOPRVW  7DEOH 


              5RDG IUHLJKWUHODWHG HPLVVLRQV RI 12[ DQG 92&V SHU XQLW RI *'3

7KH GHPDQG IRU IUHLJKW WUDQVSRUW LV FORVHO\ OLQNHG WR HFRQRPLF JURZWK DQG WKH GHYHORSPHQW RI WKH YDULRXV
HFRQRPLF VHFWRUV ,W LV DOVR OLQNHG WR LQWHUQDWLRQDO WUDGH GULYHQ E\ LQFUHDVHG JOREDOLVDWLRQ RI PDUNHWV
)UHLJKW WUDQVSRUW KDV EHHQ JURZLQJ IDVWHU WKDQ SDVVHQJHU WUDQVSRUW DOWKRXJK WRWDO YHKLFOHNLORPHWUHV
WUDYHOOHG LV JUHDWHU IRU SDVVHQJHU WUDQVSRUW
5RDG IUHLJKW WUDQVSRUWUHODWHG HPLVVLRQV RI R]RQH SUHFXUVRUV 12 DQG 92&V LQ 2(&' (XURSH LQFUHDVHG
                                                                                                                              #(
                                                                                                   ‘

DW D IDVWHU UDWH WKDQ *'3 XQWLO  EXW LQ  DQG  WKHUH ZDV DQ DEVROXWH GHFRXSOLQJ IRU ERWK
JDVHV )LJXUH  12 DQG 92&V HPLVVLRQV LQFUHDVHG E\  DQG   UHVSHFWLYHO\ GXULQJ  DQG
                                     ‘

*'3 E\   ,Q  DQG  KRZHYHU HPLVVLRQV GURSSHG VLJQLILFDQWO\ ZKLOH *'3 FRQWLQXHG WR ULVH $V
ZLWK HPLVVLRQV IURP SDVVHQJHU YHKLFOHV WKH UHGXFWLRQ RI VSHFLILF HPLVVLRQV ZDV FRXQWHUDFWHG E\ WKH
LQFUHDVHG VKDUH RI URDG WUDQVSRUW LQ WRWDO IUHLJKW WUDQVSRUW DQG RI WRWDO IUHLJKW WUDQVSRUW SHU XQLW RI *'3
7DEOH 


              'HFRPSRVLQJ HPLVVLRQV IURP URDG IUHLJKW WUDQVSRUW

7KH IUHLJKW YHKLFOHUHODWHG HPLVVLRQ LQWHQVLW\ RI WKH HFRQRP\ FDQ EH GHFRPSRVHG LQ WHUPV RI WKH
HPLVVLRQV SHU WRQQHNLORPHWUH WKH VKDUH RI URDG IUHLJKW LQ WRWDO IUHLJKW WUDQVSRUW DQG WKH IUHLJKW WUDQVSRUW
GHPDQG LQWHQVLW\

#(
     ÃAvtˆ…r†Ã„ˆ‚‡rqÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃDpryhqÃD…ryhqÃGˆ‘r€i‚ˆ…tÃhqÇurÃTy‚‰hxÃSrƒˆiyvp




                                                                               
                                                                                                                         6*6'),1$/


  (PLVVLRQV IURP                            (PLVVLRQVWRQQHNP                          
   5RDG WRQQHNP WRWDO         
    WRQQHNP*'3
      IUHLJKW                                                                                    WRQQHNP
   YHKLFOHV*'3
    5RDG IUHLJKW                      6SHFLILF HPLVVLRQV GHSHQG RQ                           6KDUH RI URDG IUHLJKW            )UHLJKW LQWHQVLW\
 HPLVVLRQ LQWHQVLWLHV                  IOHHW FRPSRVLWLRQ ORDG IDFWRU                      WUDQVSRUW LQ WRWDO IUHLJKW       GHPDQG SHU XQLW RI
    IRU &2 HWF                     IXHO TXDOLW\ DQG IXHO HIILFLHQF\                            WUDQVSRUW                        *'3

9DOXHV IRU WKH VSHFLILF HPLVVLRQV IURP IUHLJKW YHKLFOHV SHU WRQQHNLORPHWUH FDOFXODWHG IRU WKH JURXS RI
(8 FRXQWULHV DV SDUW RI WKH (XURSHDQ 8QLRQ¶V 7UDQVSRUW DQG (QYLURQPHQW 'DWDEDVH 6\VWHP
75(1'6 KDYH EHHQ DSSOLHG WR 2(&' (XURSH 6SHFLILF HPLVVLRQV GHSHQG RQ IXHO TXDOLW\ IXHO HIILFLHQF\
ORDG IDFWRU DQG IOHHW FRPSRVLWLRQ W\SH VL]H DJH DQG VWDWH RI WKH YHKLFOH IOHHW 7KH (8 VWXG\ VKRZV WKDW
WKDW VSHFLILF HPLVVLRQV RI ERWK JDVHV IURP KHDY\ DQG OLJKWGXW\ WUXFNV IHOO E\ DERXW  EHWZHHQ  DQG
 6SHFLILF 12 HPLVVLRQV DUH SURMHFWHG WR FRQWLQXH WR GHFOLQH DV PDQ\ (XURSHDQ FRXQWULHV DUH
                            ‘

WLJKWHQLQJ HPLVVLRQ VWDQGDUGV )RU LQVWDQFH LQ WKH (8 VXFK UHGXFWLRQV DUH H[SHFWHG WR DPRXQW WR  IRU
WUXFNV RYHU WKH SHULRG  ,W LV QRW FOHDU WR ZKDW H[WHQW FKDQJHV LQ ORDG IDFWRU LH WKH QXPEHU RI
WRQQHNP GLYLGHG E\ WKH QXPEHU RI IUHLJKW YHKLFOHNP KDYH FRQWULEXWHG WR WKH UHGXFWLRQ RI VSHFLILF
HPLVVLRQV SHU WRQQHNLORPHWUH &KDQJHV LQ ORDG IDFWRU FDQ EH GXH WR VHYHUDO IDFWRUV )RU H[DPSOH DQ
DSSDUHQW LQFUHDVH LQ ORDG IDFWRU FDQ EH H[SODLQHG E\ D KLJKHU ORDGLQJ UDWH RI IUHLJKW YHKLFOHV D GHFUHDVH LQ
HPSW\ KDXODJH RU DQ LQFUHDVH LQ WKH ZHLJKW RI JRRGV RI D JLYHQ YROXPH 7KH YDU\LQJ XVH RI ³MXVWLQWLPH´
GHOLYHULHV PD\ DOVR H[SODLQ GLIIHUHQFHV

      7DEOH  'HFRPSRVLQJ 12[ DQG 92&V HPLVVLRQV IURP IUHLJKW WUDQVSRUW LQ 2(&' (XURSH FRXQWULHV
                                                                                                                                 D


                                                 
                                       YDOXH RI UDWLRYDOXH
                                        @€v††v‚†                             @€v††v‚†           S‚hqǂrx€‡‚         U‚‡hyǂrx€B9Q

                                               B9Q       2                      ‡‚rx€                    ‡‚rx€    

IP‘                                             ('     2                              '

                                                ('     2                              '                                                
WP8†


I‚‡r)ÃhÃ9h‡hÁ‚‡Ãh‰hvyhiyrÃs‚…ÃDpryhqÃD…ryhqÃGˆ‘r€i‚ˆ…tÃhqÇurÃTy‚‰hxÃSrƒˆiyvp

T‚ˆ…pr)ÃP@89@U8Ã6@Ã!Ã@ˆ…‚†‡h‡Ã!



7KH VKDUH RI URDG IUHLJKW WUDQVSRUW RI WRWDO IUHLJKW WUDQVSRUW LQ 2(&' (XURSH LQFUHDVHG E\ DERXW 
GXULQJ WKH SHULRG  7DEOH  $V ZLWK SDVVHQJHU WUDQVSRUW WKH RSWLPXP PL[ RI IUHLJKW WUDQVSRUW
PRGHV ZLOO YDU\ IURP WR FRXQWU\ ,Q WKH (XURSHDQ 8QLRQ IRU H[DPSOH WKH DYHUDJH GLVWDQFH RYHU ZKLFK D
WRQQH RI JRRGV LV WUDQVSRUWHG LV  NP 7KLV LV D GLVWDQFH IRU ZKLFK UDLO DQG LQODQG ZDWHUZD\V DUH OHVV
HIILFLHQW DV WUDQVSRUW NLORPHWUHV E\ URDG WR DQG IURP WKH SRLQWV RI ORDGLQJ DQG XQORDGLQJ PD\ EH D KLJK
SURSRUWLRQ RI WKH WRWDO GLVWDQFH FRYHUHG
7KH WRWDO DPRXQW RI IUHLJKW WUDQVSRUWHG SHU XQLW RI *'3 LQ 2(&' (XURSH JUHZ E\ DOPRVW  RYHU WKH
SHULRG  GHVSLWH D IDOO LQ IUHLJKW WUDQVSRUW LQ WKH HDUO\ V GXH WR D VORZLQJ HFRQRP\
7DEOH  )UHLJKW WUDQVSRUW GHPDQG JUHZ E\  EHWZHHQ  DQG  RXWVWULSSLQJ D *'3 JURZWK
RI DOPRVW   1R VLJQLILFDQW FKDQJH WR WKH UHODWLRQVKLS RI *'3 DQG IUHLJKW WUDQVSRUW GHPDQG LV H[SHFWHG
XQWLO DW OHDVW WKH HQG RI WKH FXUUHQW GHFDGH 5HDGHUV VKRXOG DOVR EHDU LQ PLQG WKDW WKH HQYLURQPHQWDO
LPSDFW RI WUDQVSRUW LV FDXVHG E\ D UDQJH RI IDFWRUV RI ZKLFK RYHUDOO GHPDQG IRU WUDQVSRUW VHUYLFHV LV RQO\
RQH


5HIHUHQFHV

(($  7KH IROORZLQJ (XURSHDQ (QYLURQPHQW $JHQF\ (($ IDFW VKHHWV FDQ DOO EH IRXQG RQ WKH (($ ZHE VLWH DW
      KWWSWKHPHVHHDHXLQWDOOBLQGLFDWRUVBER[ (PLVVLRQV RI DLU SROOXWDQWV (PLVVLRQV RI JUHHQKRXVH JDVHV (QHUJ\
      FRQVXPSWLRQ (QHUJ\ HIILFLHQF\ DQG VSHFLILF &2 HPLVVLRQV /RDG IDFWRUV 2FFXSDQF\ UDWHV 3DVVHQJHU
      WUDQVSRUW 3DVVHQJHU WUDQVSRUW GHPDQG 3DVVHQJHU WUDQVSRUW 7(50  6SHFLILF HPLVVLRQV RI DLU SROOXWDQWV
      9HKLFOH IOHHW DQG RZQHUVKLS (XURSHDQ (QYLURQPHQW $JHQF\ &RSHQKDJHQ 
(($  ,QGLFDWRU (QHUJ\ HIILFLHQF\ IRU SDVVHQJHU DQG IUHLJKW WUDQVSRUW
      KWWSWKHPHVHHDHXLQW6HFWRUVBDQGBDFWLYLWLHVWUDQVSRUWLQGLFDWRUVWHFKQRORJ\HIILFLHQF\LQGH[BKWPO (XURSHDQ
      (QYLURQPHQW $JHQF\ &RSHQKDJHQ



                                                                              
6*6'),1$/


(($  ,QGLFDWRU 3DVVHQJHU WUDQVSRUW
      KWWSWKHPHVHHDHXLQW6HFWRUVBDQGBDFWLYLWLHVWUDQVSRUWLQGLFDWRUVGHPDQGSDVVHQJHULQGH[BKWPO (XURSHDQ
      (QYLURQPHQW $JHQF\ &RSHQKDJHQ
(($  ,QGLFDWRU 7UDQVSRUW HPLVVLRQV RI DLU SROOXWDQWV 7(50 
      KWWSWKHPHVHHDHXLQW6HFWRUVBDQGBDFWLYLWLHVWUDQVSRUWLQGLFDWRUVFRQVHTXHQFHVDLUBSROOXWDQWVLQGH[BKWPO
      (XURSHDQ (QYLURQPHQW $JHQF\ &RSHQKDJHQ
(($  ,QGLFDWRU 7UDQVSRUW HPLVVLRQV RI JUHHQKRXVH JDVHV
      KWWSWKHPHVHHDHXLQW6HFWRUVBDQGBDFWLYLWLHVWUDQVSRUWLQGLFDWRUVFRQVHTXHQFHV*+*LQGH[BKWPO (XURSHDQ
      (QYLURQPHQW $JHQF\ &RSHQKDJHQ
(($  ,QGLFDWRU 7UDQVSRUW HQHUJ\ FRQVXPSWLRQ
      KWWSWKHPHVHHDHXLQW6HFWRUVBDQGBDFWLYLWLHVWUDQVSRUWLQGLFDWRUVFRQVHTXHQFHVWUDQVSRUWBFRQVXPSWLRQLQGH[
      BKWPO (XURSHDQ (QYLURQPHQW $JHQF\ &RSHQKDJHQ
([SHUW *URXS RQ ,QIOXHQFLQJ 5RDG 7UDIILF 'HPDQG  ,QIOXHQFLQJ 5RDG 7UDYHO 'HPDQG <RX FDQ¶W UHDFK .\RWR E\
       FDU 2(&' 3DULV
,1)5$6,::  ([WHUQDO FRVWV RI 7UDQVSRUW $FFLGHQW (QYLURQPHQWDO DQG &RQJHVWLRQ &RVWV RI 7UDQVSRUW LQ
     :HVWHUQ (XURSH ,1)5$6 DQG ,:: =XULFK DQG .DUOVUXKH
2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  (QYLURQPHQWDO 2XWORRN WR  IRU WKH 7UDQVSRUW 6HFWRU %DFNJURXQG GRFXPHQW IRU WKH 2(&'
     (QYLURQPHQWDO 2XWORRN IRU &KDSWHU  7UDQVSRUW 2(&' 3DULV
2(&'  ,QGLFDWRUV IRU WKH ,QWHJUDWLRQ RI (QYLURQPHQWDO &RQFHUQV LQWR 7UDQVSRUW 3ROLFLHV 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW 2(&' 3DULV




                                                         
                                                                                                                                                                                                                                6*6'),1$/



  )LJXUH  (PLVVLRQV RI &2 DQG 12[ IURP SULYDWH SDVVHQJHU DQG IUHLJKW YHKLFOHV YHUVXV *'3 
                                                                                                                                                                        ('Ã2Ã 
                                                                                                                                                                                                            P@89Ã@ˆ…‚ƒr
                                                                                                                                                                            !




                                                                                                                                                                                $




                                                                                                                                                                                
       ('Ã2Ã 
       ('Ã2à                                                    P@89ÃU‚‡hy


           
           !
                                                                                                                                                                                $



                                                                                                     Wruvpyrx€                             B9Q
                                                                                                                                                                                
                 '
                                                                                                                                                                                       ('        ('"     ('%                ('(       ((!         (($       (('


                 %

                                                                                                                                                                      ('Ã2à                       P@89ÃI‚…‡uÃ6€r…vph
                 #
                                                                                                                                                                                !


             
             !
                                                                                                                                                                                 $


                 
             
                                                                                                                                                                                 

                 '
                                                                                                         IP‘Ã                             8P!Ã
                                                                                                                                                                              $
                                                                                                     r€v††v‚†Ã                     r€v††v‚†Ã
                 %

                                                                                                                                                                                 
                 
                 #
                                                                                                                                                                                          ('         ('"      ('%                  ('(    ((!            (($    (('
                                                                                                                        

                 !
                                                                                                                                                                                                            P@89ÃQhpvsvp
                                                                                                                                                                         ('Ã2Ã 

                                                                                                                                                                               !
                                                8P!Ãr…ÃB9Q                                                 8P!Ãr…ÃWruÃx€                                                      '
                             ('                ('"      ('%                              ('(              ((!       (($                                   (('
                                                                                                                                                                                 %
                                                WruÃF€Ãƒr…ÃB9Q
                                                                                                                                                                                 #

                                                                                                                                                                                 !

 ÃF‚…rhÃHr‘vp‚ÃhqÃTy‚‰hxÃSrƒˆiyvpÃh…rÁ‚‡Ãvpyˆqrq                                                                                                                           

                                                                                                                                                                                 '

                                                                                                                                                                                 %

                                                                                                                                                                                 #

                                                                                                                                                                                 !

                                                                                                                                                                                     

                                                                                                                                                                                           ('        ('"        ('%                ('(    ((!            (($     (('




                                                                                                                   'HFRXSOLQJ IDFWRU
                                                                                                                                                                   D



                                                    12[*'3                                                                                                                                            &2 *'3

                                                                                                                                                                                                                



                                                                                                                                                                                                                   6ˆ†‡…hyvh
             6ˆ†‡…hyvh
                                                                          6ˆ†‡…hyvh                                                     6ˆ†‡…hyvh
                                         h
                                                                                                                                                                                                                     6ˆ†‡…vh
                  6ˆ†‡…vh
                                                                           6ˆ†‡…vh                                                        6ˆ†‡…vh

                                                                                                                                                                                                                    7rytvˆ€
                 7rytvˆ€
                                                                          7rytvˆ€                                                        7rytvˆ€
                                         h
                                                                                                                                                                                                                    8hhqh
                 8hhqh                                                    8hhqh                                                        8hhqh
                                         h                                                    h
                                                                                                                                                                                                             8“rpuÃSrƒˆiyvp
       8“rpuÃSrƒˆiyvp                                              8“rpuÃSrƒˆiyvp                                                 8“rpuÃSrƒˆiyvp
                                         h
                                                                                                                                                                                                                   9r€h…x
             9r€h…x                                                      9r€h…x                                                       9r€h…x

                                                                                                                                                                                                                     Avyhq
                 Avyhq                                                   Avyhq                                                       Avyhq

                                                                                                                                                                                                                     A…hpr
                  A…hpr
                                                                           A…hpr                                                         A…hpr

                                                                                                                                                                                                                   Br…€h’
             Br…€h’                                                      Br…€h’                                                       Br…€h’

                                                                                                                                                                                                                     B…rrpr
                 B…rrpr                                                    B…rrpr                                                        B…rrpr
                                         h
                                                                                                                                                                                                                    Cˆth…’
                 Cˆth…’                                                  Cˆth…’                h                                   Cˆth…’
                                         h
                                                                                                                                                                                                                     Dpryhq
                  Dpryhq                                                  Dpryhq                                                       Dpryhq

                                                                                                                                                                                                                     D…ryhq
                  D…ryhq                                                  D…ryhq                                                        D…ryhq
                                         h
                                                                                                                                                                                                                        D‡hy’
                     D‡hy’                                                    D‡hy’                                                         D‡hy’

                                                                                                                                                                                                                      Ehƒh
                   Ehƒh                                                    Ehƒh                h                                      Ehƒh
                                         h
                                                                                                                                                                                                                      F‚…rh
                   F‚…rh                                                    F‚…rh                                                          F‚…rh
                                         h                                                    h
                                                                                                                                                                                                                Gˆ‘r€i‚ˆ…t
          Gˆ‘r€i‚ˆ…t                                                  Gˆ‘r€i‚ˆ…t                                                     Gˆ‘r€i‚ˆ…t
                                         h
                                                                                                                                                                                                                     Hr‘vp‚
                  Hr‘vp‚                                                   Hr‘vp‚                                                         Hr‘vp‚
                                         h                                                    h
                                                                                                                                                                                                                Ir‡ur…yhq†
          Ir‡ur…yhq†                                                 Ir‡ur…yhq†                                                    Ir‡ur…yhq†

                                                                                                                                                                                                               IrÃarhyhq
         IrÃarhyhq                     h                        IrÃarhyhq                                                    IrÃarhyhq

                                                                                                                                                                                                                    I‚…h’
                 I‚…h’                                                    I‚…h’                                                        I‚…h’

                                                                                                                                                                                                                     Q‚yhq
                  Q‚yhq                                                   Q‚yhq                                                         Q‚yhq
                                         h                                                    h
                                                                                                                                                                                                                    Q‚…‡ˆthy
                 Q‚…‡ˆthy                                                 Q‚…‡ˆthy                                                      Q‚…‡ˆthy

                                                                                                                                                                                                             Ty‚‰hxÃSrƒˆiyvp
       Ty‚‰hxÃSrƒˆiyvp                                             Ty‚‰hxÃSrƒˆiyvp                                            Ty‚‰hxÃSrƒˆiyvp
                                         h
                                                                                                                                                                                                                      Tƒhv
                   Tƒhv                                                     Tƒhv                                                         Tƒhv

                                                                                                                                                                                                                    Trqr
                 Trqr                                                   Trqr                                                         Trqr

                                                                                                                                                                                                                 Tv‡“r…yhq
           Tv‡“r…yhq                                                 Tv‡“r…yhq                                                   Tv‡“r…yhq

                                                                                                                                                                                                                     Uˆ…xr’
                  Uˆ…xr’                 h                               Uˆ…xr’               h                                     Uˆ…xr’

                                                                                                                                                                                                             Vv‡rqÃFvtq‚€
       Vv‡rqÃFvtq‚€                                              Vv‡rqÃFvtq‚€                                             Vv‡rqÃFvtq‚€

                                                                                                                                                                                                               Vv‡rqÃT‡h‡r†
         Vv‡rqÃT‡h‡r†                                               Vv‡rqÃT‡h‡r†                                                  Vv‡rqÃT‡h‡r†

                                                                                                                                                                                                                                                              
                                
                                                                                                                                                                  
                                                                                                                                                                                                


                     I‚Ãqrp‚ˆƒyvt        9rp‚ˆƒyvt


  Ã
h 9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

T‚ˆ…pr)ÃÃP@89ÃD@6




                                                                                                                                       
6*6'),1$/


                           )LJXUH  (PLVVLRQV RI 92&V IURP SULYDWH SDVVHQJHU FDUV DQG IUHLJKW YHKLFOHV
                                                       YHUVXV *'3 
                                                                                                                                                                   P@89Ã@ˆ…‚ƒr
                                                                                                                              ((Ã2Ã 

                                                                                                                                     #

                                                                                                                                     !

                                                                                                                                     

                                                                                                                                     '

            ((Ã2Ã
            ('Ã2à                                             P@89ÃU‚‡hy                                                         %

                                                                                                                                     #
                 
                  #                                                                                   Wruvpyrx€                    !

                                                                                                                                      

                 
                  !
                                                                                                                                              ((       ((        ((!    (("   ((#     (($    ((%    ((&    (('




                                                                                                                                                                 P@89ÃI‚…‡uÃ6€r…vph
                  
                                                                                                         B9Q
                                                                                                                                  ((Ã2Ã    

                                                                                                                                     #

                                                                                                                                     !

                  
                  '                                                                                                                 

                                                                                                                                     '

                  
                  %                                                                                      WP8†Ã
                                                                                                                                     %


                                                                                                       r€v††v‚†                     #

                                                                                                                                     !
                  
                  #
                                                                                                                                       

                                                                                                                                                 ((        ((     ((!   (("   ((#      (($   ((%    ((&        (('

                      
                      !
                                                                                                                                       P@89ÃQhpvsvp
                                                                                                                              ((Ã2Ã 

                                                                                                                                    #

                                  ((        ((         ((!       (("         ((#    (($         ((%      ((&     (('                !

                                               8P!Ãr…ÃB9Q                                  8P!Ãr…ÃWruÃx€                          

                                               WruÃF€Ãƒr…ÃB9Q                                                                       '

                                                                                                                                     %

                                                                                                                                     #
        ÃF‚…rhÃHr‘vp‚ÃTy‚‰hxÃSrƒˆiyvpÃhqÃUˆ…xr’Á‚‡Ãvpyˆqrq
                                                                                                                                     !

                                                                                                                                       

                                                                                                                                                 ((        ((     ((!   (("   ((#      (($    ((%    ((&       (('



                                                                                            'HFRXSOLQJ IDFWRU
                                                                                                                             D



                                  92&V*'3                                                                                                 92&V9HKLFOHNP

                                      6ˆ†‡…hyvh                                                                                              6ˆ†‡…hyvh

                                        6ˆ†‡…vh                                                                                                  6ˆ†‡…vh

                                        7rytvˆ€                                                                                               7rytvˆ€

                                        8hhqh                                                                                                8hhqh

                             8“rpuÃSrƒˆiyvp                                                                                         8“rpuÃSrƒˆiyvp

                                      9r€h…x                                                                                                9r€h…x

                                        Avyhq                                                                                                  Avyhq

                                        A…hpr                                                                                                   A…hpr

                                      Br…€h’                                                                                                Br…€h’

                                        B…rrpr                                                                                                B…rrpr

                                      Cˆth…’                                                                                                Cˆth…’

                                        Dpryhq                                                                                                  Dpryhq

                                         D…ryhq                                                                                                 D…ryhq

                                           D‡hy’                                                                                                    D‡hy’

                                         Ehƒh                                                                                                    Ehƒh

                                         F‚…rh                            QD                                                                    F‚…rh                              QD


                                   Gˆ‘r€i‚ˆ…t                                                                                          Gˆ‘r€i‚ˆ…t

                                        Hr‘vp‚                            QD                                                                   Hr‘vp‚                              QD

                                   Ir‡ur…yhq†                                                                                            Ir‡ur…yhq†

                                  IrÃarhyhq                                                                                         IrÃarhyhq

                                        I‚…h’                                                                                                I‚…h’

                                        Q‚yhq                                                                                                   Q‚yhq

                                      Q‚…‡ˆthy                                                                                                Q‚…‡ˆthy

                             Ty‚‰hxÃSrƒˆiyvp                             QD                                                       Ty‚‰hxÃSrƒˆiyvp                                  QD

                                          Tƒhv                                                                                                   Tƒhv

                                        Trqr                                                                                                Trqr

                                   Tv‡“r…yhq                                                                                             Tv‡“r…yhq

                                         Uˆ…xr’                          QD                                                                    Uˆ…xr’                              QD


                             Vv‡rqÃFvtq‚€                                                                                         Vv‡rqÃFvtq‚€

                                  Vv‡rqÃT‡h‡r†                                                                                       Vv‡rqÃT‡h‡r†


                                                                                                                                                                                             


                                                     I‚Ãqrp‚ˆƒyvt            9rp‚ˆƒyvt

  Ã
h 9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

T‚ˆ…pr)ÃÃP@89




                                                                                                            
                                                                                                                                                                                                         6*6'),1$/


                                                             )LJXUH  5RDG WUDQVSRUW UHODWHG HPLVVLRQV RI 12[ DQG 92&V
                                                                                LQ 2(&' (XURSH 
                                                              Qh††rtr…Ãph…†                                                                                                     A…rvtu‡Ã‰ruvpyr†




                                                                                                                                                                                    P@89Ã@ˆ…‚ƒr
                        ((Ã2à                                   P@89Ã@ˆ…‚ƒr
                                                                                                                                              ((Ã2Ã    


                                   #
                                                                                                                                                  
                                                                                                                   B9Q

                                   !                                                                                                             

                                                                                                                                                

                                   '                                                                                                             

                                   %                                                                                                             

                                   #
                                                                           IP[ Ãr€v††v‚†                WP8†Ãr€v††v‚†
                                                                                                                                                  

                                   !                                                                                                             

                                                                                                                                                  
                                              ((   ((       ((!      (("         ((#             (($   ((%   ((&    (('                                        




             ÃI‚‡ÃvpyˆqvtÃDpryhqÃD…ryhqÃGˆ‘r€i‚ˆ…tÃhqÇurÃTy‚‰hxÃSrƒˆiyvp




                                                                                                               'HFRXSOLQJ IDFWRU
                                                                                                                                                         D



                                                    Qh††rtr…Ãph…†                                                                                                             A…rvtu‡Ã‰ruvpyr†

                  IP[B9Q                                                                  WP8†B9Q                                                          IP[B9Q                                                     WP8†B9Q


                                                                                                                                   6ˆ†‡…vh                                                                6ˆ†‡…vh
             6ˆ†‡…vh                                                       6ˆ†‡…vh


                                                                                                                                  7rytvˆ€                                                                7rytvˆ€
            7rytvˆ€                                                       7rytvˆ€


                                                                                                                           8“rpuÃSrƒˆiyvp                                                         8“rpuÃSrƒˆiyvp
      8“rpuÃSrƒˆiyvp                                               8“rpuÃSrƒˆiyvp


                                                                                                                                 9r€h…x                                                                9r€h…x
           9r€h…x                                                       9r€h…x


                                                                                                                                   Avyhq                                                                Avyhq
             Avyhq                                                       Avyhq


                                                                                                                                   A…hpr                                                                 A…hpr
             A…hpr                                                        A…hpr


                                                                                                                                 Br…€h’                                                                Br…€h’
           Br…€h’                                                       Br…€h’


                                                                                                                                   B…rrpr                                                                 B…rrpr
             B…rrpr                                                        B…rrpr


                                                                                                                                  Cˆth…’                                                                Cˆth…’
            Cˆth…’                                                       Cˆth…’


                                                                                                                                                                                                          Dpryhq                       h
                                                                                                                                   Dpryhq
             Dpryhq        h                                           D pryhq       h                                                                          h


                                                                                                                                   D…ryhq                                                                D…ryhq                       h
             D…ryhq                                                       D…ryhq        h                                                                          h
                            h

                                                                                                                                      D‡hy’                                                                  D‡hy’
                D‡hy’                                                         D‡hy’


                                                                                                                              Gˆ‘r€i‚ˆ…t                                                             Gˆ‘r€i‚ˆ…t                         h
         Gˆ‘r€i‚ˆ…t                                                   Gˆ‘r€i‚ˆ…t           h                                                                         h
                            h

                                                                                                                              Ir‡ur…yhq†                                                            Ir‡ur…yhq†
         Ir‡ur…yhq†                                                  Ir‡ur…yhq†


                                                                                                                                  I‚…h’                                                                 I‚…h’
             I‚…h’                                                       I‚…h’


                                                                                                                                   Q‚yhq                                                                 Q‚yhq
             Q‚yhq                                                        Q‚yhq


                                                                                                                                  Q‚…‡ˆthy                                                               Q‚…‡ˆthy
            Q‚…‡ˆthy                                                      Q‚…‡ˆthy


                                                                                                                           Ty‚‰hxÃSrƒˆiyvp                                                        Ty‚‰hxÃSrƒˆiyvp
  Ty‚‰hxÃSrƒˆiyvp                                                  Ty‚‰hxÃSrƒˆiyvp                                                                                      h                                                            h
                            h                                                          h

                                                                                                                                    Tƒhv                                                                  Tƒhv
              Tƒhv                                                         Tƒhv


                                                                                                                                  Trqr                                                                 Trqr
            Trqr                                                        Trqr


                                                                                                                               Tv‡“r…yhq                                                            Tv‡“r…yhq
         Tv‡“r…yhq                                                   Tv‡“r…yhq


                                                                                                                                   Uˆ…xr’                                                                 Uˆ…xr’
             Uˆ…xr’                                                        Uˆ…xr’


                                                                                                                           Vv‡rqÃFvtq‚€                                                         Vv‡rqÃFvtq‚€
      Vv‡rqÃFvtq‚€                                               Vv‡rqÃFvtq‚€



                                                                                                                                                                                                                            



                                   'HFRXSOLQJ
  Ã
h 9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

T‚ˆ…pr)ÃÃP@89




                                                                                                                             
6*6'),1$/



           $*5,&8/785(

7KH LPSDFW RI DJULFXOWXUH RQ WKH HQYLURQPHQW LV RI PDMRU SXEOLF FRQFHUQ 7KH LQGLFDWRUV SUHVHQWHG LQ WKLV
VHFWLRQ VKRZ VRPH GHFRXSOLQJ RI HQYLURQPHQWDO SUHVVXUHV IURP DJULFXOWXUDO SURGXFWLRQ EXW DW WKH VDPH
WLPH DJULFXOWXUDO SURGXFWLRQ LV EHFRPLQJ PRUH VSHFLDOLVHG DQG ZLWK FKHDS DQG IDVW WUDQVSRUW FRQFHQWUDWHG
LQ DUHDV ZLWK WKH ORZHVW SURGXFWLRQ FRVWV 7KLV LV OHDGLQJ WR DQ LQFUHDVLQJ LQWHQVLILFDWLRQ RQ WKH PRVW
SURGXFWLYH ODQG DQG LQ NH\ SURGXFWLRQ DUHDV QHDU LPSRUWDQW PDUNHWV 7KH QHHG IRU DJULFXOWXUDO SURGXFWLRQ
WR NHHS SDFH ZLWK WKH HYHUJURZLQJ ZRUOG SRSXODWLRQ ± DQG DOVR EHWWHU PHHW WKH QHHGV RI WKH PLOOLRQV RI
XQGHUQRXULVKHG SHRSOH RQ HDUWK ±LV DOVR OLNHO\ WR PDNH DJULFXOWXUH PRUH LQWHQVLYH (QYLURQPHQWDO
FRQGLWLRQV DQG IDUPLQJ V\VWHPV YDU\ ZLWKLQ DQG DFURVV 2(&' FRXQWULHV DQG FRQVHTXHQWO\ EHVW IDUP
PDQDJHPHQW SUDFWLFHV YDU\ IURP RQH UHJLRQ WR DQRWKHU )DUP PDQDJHPHQW GHFLVLRQV DUH LQIOXHQFHG E\
HQYLURQPHQWDO UHJXODWLRQV DJULFXOWXUDO VXSSRUW PHDVXUHV LQYHVWPHQWV LQ UHVHDUFK HGXFDWLRQ DQG
H[WHQVLRQ VHUYLFHV DQG VLWHVSHFLILF HQYLURQPHQWDO FRQGLWLRQV
$JULFXOWXUDO DFWLYLW\ LPSRVHV PXOWLSOH SUHVVXUHV RQ WKH HQYLURQPHQW WKURXJK IRU LQVWDQFH RIIVLWH LPSDFW
IURP VHGLPHQW IORZV SROOXWLRQ RI ZDWHU ERGLHV SKRVSKDWHV DQG QLWUDWHV KDELWDW DOWHUDWLRQ GHIRUHVWDWLRQ
ORVV RI ELRGLYHUVLW\ DQG WKH HPLVVLRQ RI DPPRQLD DQG JUHHQKRXVH JDVHV 6RPH RI WKHVH SUHVVXUHV DOVR
GHJUDGH WKH SURGXFWLYH SRWHQWLDO RI WKH DJULFXOWXUDO UHVRXUFH EDVH LWVHOI IRU H[DPSOH WKURXJK VRLO HURVLRQ
ZDVWHIXO XVH DQG UHVXOWLQJ VKRUWDJHV RI ZDWHU HVSHFLDOO\ JURXQGZDWHU WKH EXLOGXS RI SHVW UHVLVWDQFH DQG
WKH ORVV RI GLYHUVLW\ RI JHQHWLF UHVRXUFHV $OWKRXJK DJULFXOWXUH FDQ DOVR SURYLGH HQYLURQPHQWDO EHQHILWV
VXFK DV WKH FDSDFLW\ WR SURYLGH D VLQN IRU JUHHQKRXVH JDVHV KHOS FRQWURO IORRGLQJ SURWHFW ODQGVFDSHV DQG
SURYLGH FHUWDLQ KDELWDWV LPSRUWDQW WR ELRGLYHUVLW\ LW LV LPSRUWDQW WR IXUWKHU GHFRXSOH HQYLURQPHQWDO
SUHVVXUHV IURP DJULFXOWXUDO RXWSXW

                                                                                                 
             6RLO VXUIDFH QLWURJHQ EDODQFH YHUVXV DJULFXOWXUDO RXWSXW

7KH 2(&' VRLO VXUIDFH QLWURJHQ EDODQFH LV WKH SK\VLFDO GLIIHUHQFH EHWZHHQ QLWURJHQ LQSXWV LQWR DQG
RXWSXWV IURP DQ DJULFXOWXUDO V\VWHP SHU KHFWDUH RI DJULFXOWXUDO ODQG 7KH PDJQLWXGH RI WKH QLWURJHQ
EDODQFH LI SRVLWLYH RU LQ VXUSOXV FDQ EH VHHQ DV D PHDVXUH RI WKH ULVN RI DLU DQG ZDWHU SROOXWLRQ RU LI
QHJDWLYH RI QXWULHQW GHSOHWLRQ RI WKH VRLO 7KH LQSXW RI QLWURJHQ LQFOXGHV WKH TXDQWLW\ RI LQRUJDQLF RU
FKHPLFDO IHUWLOLVHU QHW OLYHVWRFN PDQXUH QLWURJHQ SURGXFWLRQ LH SURGXFWLRQ  LPSRUWV ± H[SRUWV ELRORJLFDO
QLWURJHQ IL[DWLRQ DWPRVSKHULF GHSRVLWLRQ QLWURJHQ IURP UHF\FOHG RUJDQLF PDWHULDO VHZDJH VOXGJH DQG
QLWURJHQ FRQWDLQHG LQ VHHGV DQG SODQWLQJ PDWHULDOV 7KH TXDQWLW\ RI RXWSXW LQFOXGHV WKH QLWURJHQ XSWDNH LQ
WKH KDUYHVWHG FURS DQG IRGGHU SURGXFWLRQ DV ZHOO DV WKH XSWDNH E\ JUDVV IURP SDVWXUH
                                    
7KLV GHFRXSOLQJ LQGLFDWRU WDNHV D FRXQWU\¶V QDWLRQDO QLWURJHQ EDODQFH DQG GLYLGHV LW E\ WKH YDOXH RI WKDW
FRXQWU\¶V DJULFXOWXUDO RXWSXW VR WKDW WKH LQGLFDWRU WDNHV WKH GLPHQVLRQ RI NJ 186' 1DWLRQDO OHYHO VWDWLVWLFV
IRU WKLV LQGLFDWRU QHHG WR EH LQWHUSUHWHG FDUHIXOO\ EHFDXVH WKH\ FDQ EH GLVWRUWHG E\ WKH SUHVHQFH RI UHJLRQV
ZLWK KLJKO\ LQWHQVLYH DJULFXOWXUDO DFWLYLW\ VXFK DV DUHDV ZLWK D FRQFHQWUDWLRQ RI DQLPDO KXVEDQGU\
HQWHUSULVHV ,W ZRXOG WKHUHIRUH EH KHOSIXO LI QDWLRQDO VFDOH LQIRUPDWLRQ FRXOG EH FRPSOHPHQWHG E\ DQ
HYDOXDWLRQ RI WKH LQGLFDWRU IRU VSHFLILF UHJLRQV ZLWK D VLJQLILFDQW DJULFXOWXUDO SURGXFWLRQ
                                         
2I WKH  2(&' FRXQWULHV FRQVLGHUHG IRU WKLV LQGLFDWRU IRXUWHHQ VKRZ D GRZQZDUG WUHQG RI QLWURJHQ
VXUSOXVHV EXW LQ WKH VL[ RWKHUV WKHUH KDV EHHQ VRPH LQFUHDVH LQ WKH QLWURJHQ VXUSOXV )LJXUH  ,Q
2(&' $PHULFD DQG 2(&' 3DFLILF QR FOHDU WUHQG RI GHFRXSOLQJ QLWURJHQ VXUSOXVHV IURP DJULFXOWXUDO RXWSXW
LV GLVFHUQLEOH ,Q 2(&' (XURSH VRPH GHFRXSOLQJ RFFXUUHG LQ WKH ODWH VHDUO\ V EXW WKLV WUHQG GLG


$à 6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ãv†Ã‡hxrÃur…rÃh†ÃsvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ã€vˆ†Ãsh…€Ã‚…vtvÃv‡r…€rqvh‡rÃp‚†ˆ€ƒ‡v‚Ãh†Ãƒ…‚‰vqrqÃi’ÇurÃP@89
      @p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…r
$ à T‚€rÂsÇurÃvqvph‡‚…†Ãƒ…r†r‡rqÃur…rÃh…rÃhÃsv…†‡Ã†‡rƒÃ‡‚h…q†Ãv€ƒyr€r‡vtÇuróv‡r€†Ãs‚…Àrh†ˆ…r€r‡Ã‚słt…r††´Ãyv†‡rqȁqr…Çur
      †rp‚qÂiwrp‡v‰rÂsÇurÃP@89Ã@‰v…‚€r‡hyÃT‡…h‡rt’ȁqr…ÇurÃurhqvtÂsÃht…vpˆy‡ˆ…r)ÃvÃV†rÂsÃr†‡vpvqr†Ãv‡uÃy‚r…Ãr‰v…‚€r‡hy
      …v†xÃv‡r†v‡’ÂsÃr†‡vpvqrÃhqÃsr…‡vyv†r…ȆrÃhqÃqv†ƒr…†v‚Ã‚sÁˆ‡…vr‡Ã†ˆ…ƒyˆ†r†Ãhp…‚††Ãht…vpˆy‡ˆ…hyÃh…rh†0ÃvvÃTuh…rÂsÃht…vpˆy‡ˆ…hyÃh…rh
      sh…€rq…Áˆ€ir…ÂsÃsh…€r…†Ãˆ†vtÃr‰v…‚€r‡hyy’ƈ†‡hvhiyrÀhhtr€r‡Ãƒ…hp‡vpr†Ãhqq…r††vtÃvƒˆ‡Ãˆ†rÃhqÃv‡rt…h‡rqÃsh…€
      €hhtr€r‡Ãvpyˆqvt…thvpÃht…vpˆy‡ˆ…r0ÃvvvÃ6…rhÂsÃht…vpˆy‡ˆ…hyÃyhqÃh‡Ãuvtu…À‚qr…h‡rÅv†xÃs…‚€Ã†‚vyÃr…‚†v‚ÃhqÃqrt…hqh‡v‚0
      hqÃv‰ÃU…rq†ÃvÃht…vr‰v…‚€r‡hyÃr‘ƒrqv‡ˆ…r†Ãh†ÃhÆuh…rÂsƈƒƒ‚…‡Ã‡‚Ãht…vpˆy‡ˆ…r
$!à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÇurÃ8“rpuÃSrƒˆiyvpÃCˆth…’ÃDpryhqÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃIrÃarhyhq
      Q‚yhqÃQ‚…‡ˆthyÃhqÇurÃTy‚‰hxÃSrƒˆiyvpÃirphˆ†rÃqh‡hÃs‚…Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡ÇurÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ãqrsyh‡‚…Â…ÇurÃQQQà (($Ðr…r
      ‚‡Ãh‰hvyhiyr




                                                                         
                                                                                                   6*6'),1$/


QRW SHUVLVW EH\RQG WKDW 6RPH RI WKH FRXQWULHV VKRZLQJ QR GHFRXSOLQJ HJ &DQDGD KDYH D QDWLRQDO
QLWURJHQ VXUSOXV SHU KHFWDUH ZHOO EHORZ WKRVH RI VRPH FRXQWULHV WKDW KDYH PDQDJHG D FHUWDLQ GHFRXSOLQJ


        &RQWH[W LQGLFDWRU QLWURJHQ HIILFLHQF\

1LWURJHQ HIILFLHQF\ LV GHILQHG DV WKH UDWLR RI WRWDO QLWURJHQ XSWDNH RXWSXW WR WKH WRWDO QLWURJHQ DYDLODEOH
LQSXW LQ DQ DJULFXOWXUDO V\VWHP 7KLV LQWHUPHGLDWH LQGLFDWRU SURYLGHV D SK\VLFDO PHDVXUH RI WKH QLWURJHQ
XVH HIILFLHQF\ LQ DJULFXOWXUH

                             7DEOH  1LWURJHQ HIILFLHQF\ LQ DJULFXOWXUH RXWSXWLQSXW


                                                                  ('$                ((    (($     ((&

                 6ˆ†‡…hyvh                                       %#                %    %%    $(

                 6ˆ†‡…vh                                         &!                %#   &#    &#

                 7rytvˆ€                                         ##                "(   ##    #$

                 8hhqh                                          &(                (   &"    &

                 8“rpuÃSrƒˆiyvp                                  #(                $!   %    $(

                 9r€h…x                                         #                 #&   #'    #(

                 Avyhq                                         #$                #"   #%    $!

                 A…hpr                                          %#                $(   %"    %&

                 Br…€h’                                         %%                %"   %'    &!

                 B…rrpr                                          $%                $"   &     &$

                 Dpryhq                                         %!                %"   %      

                 D…ryhq                                         $(                $%   $#    $%

                 D‡hy’                                           %#                %(   &"    &%

                 Ehƒh                                           #'                #&   #%    #'

                 F‚…rh                                           #"                ""   "!    "#

                 Hr‘vp‚                                          $                 $    $%    $!

                 Ir‡ur…yhq†                                     #"                #'   ##    #(

                 IrÃarhyhq                                     ('                    (&    ('

                 I‚…h’                                          %&                &$   %'    %!

                 Q‚yhq                                          %$                %"   &     &

                 Q‚…‡ˆthy                                        #!                !(   "!    "!

                 Tƒhv                                           #&                #!   "&    #

                 Trqr                                          $(                &"   &     &

                 Tv‡“r…yhq                                     $&                $'   %"    $(

                 Uˆ…xr’                                          &$                &$   '!    '!

                 Vv‡rqÃFvtq‚€                                  #!                ##   #'    #'

                 Vv‡rqÃT‡h‡r†                                   %!                $(   $"    $(

                         *                                       %!                %   $'    %
                 P@89
                                 *                               $(                $'   %     %"
                 P@89Ã@ˆ…‚ƒr

                 P@89ÃI‚…‡uÃ6€r…vph                              %#                %!   $$    %

                 P@89ÃQhpvsvp                                    %!                $(   %"    $'


                 *
                     Cˆth…’ÃGˆ‘r€i‚ˆ…tÃhqÇurÃTy‚‰hxÃSrƒˆiyvpÃh…rÁ‚‡Ãvpyˆqrq

                 T‚ˆ…pr)ÃÃP@89ÃT‚vyÃTˆ…shprÃIv‡…‚trÃ7hyhpr†Ãqh‡hih†r



*UHDWHU HIILFLHQF\ LQ WKH XVH RI FKHPLFDO IHUWLOLVHUV DQG OLYHVWRFN PDQXUH LQ DJULFXOWXUDO SURGXFWLRQ LV
HVVHQWLDO IRU UHGXFLQJ SROOXWLRQ RI ZDWHU ERGLHV IURP DJULFXOWXUDO UXQRII 2Q DYHUDJH LW LV H[SHFWHG WKDW
 RI WKH QLWURJHQ FRQWHQW RI PDQXUH IHUWLOLVHU DSSOLHG WR DJULFXOWXUDO ODQGV LV ORVW WKURXJK OHDFKLQJ
WKRXJK WKLV ILJXUH FDQ UDQJH IURP   0HWKRGV WR EHWWHU FDOLEUDWH QLWURJHQ DSSOLFDWLRQV WR SODQW
XWLOLVDWLRQ UHTXLUHPHQWV LQFOXGH VRLO WHVWLQJ WR GHWHUPLQH VRLO UHTXLUHPHQWV QXWULHQW DFFRXQWLQJ DQG
VHWWLQJ UHDOLVWLF \LHOG WDUJHWV 6HYHUDO 2(&' FRXQWULHV KDYH SROLFLHV WR SURPRWH WKH PRUH HIILFLHQW
PDQDJHPHQW RI OLYHVWRFN PDQXUH DQG UHGXFHG XVH RI QLWURJHQ IHUWLOLVHUV LQFOXGLQJ WD[HV RQ IHUWLOLVHUV
VXEVLGLHV IRU WKH XVH RI ORZLQSXW V\VWHPV IXUWKHU UHVHDUFK DQG GHYHORSPHQW DQG LQIRUPDWLRQ SURYLVLRQ
DQG DZDUHQHVV UDLVLQJ DPRQJVW IDUPHUV



                                                                   
6*6'),1$/


7KH HIILFLHQF\ RI QLWURJHQ XVH UHYHDOV PDUNHG GLIIHUHQFHV DFURVV 2(&' FRXQWULHV 2Q DYHUDJH 2(&'
         
FRXQWULHV XVH  RI WKH DQQXDO QLWURJHQ DYDLODEOH LQSXW LQ WKH DJULFXOWXUDO V\VWHP 7DEOH  )RU WKH
2(&' DV D ZKROH QR FRQVLVWHQW WUHQG WRZDUGV JUHDWHU HIILFLHQF\ LV GLVFHUQLEOH +RZHYHU 2(&' (XURSH
DSSHDUV WR KDYH LPSURYHG QLWURJHQ HIILFLHQF\ ZKHUHDV WKH SHUIRUPDQFH RI WKH RWKHU WZR UHJLRQV VHHPV WR
KDYH VOLSSHG VRPHZKDW &RQVLGHULQJ WKH GHFRXSOLQJ DQG FRQWH[W LQGLFDWRU WRJHWKHU LW LV ZRUWK QRWLQJ WKDW
FRXQWULHV ZLWK VLPLODU QLWURJHQ HIILFLHQF\ FDQ KDYH YHU\ GLIIHUHQW QLWURJHQ VXUSOXV SHU KHFWDUH OHYHOV

                                                                                                                             
           0HWKDQH DQG QLWURXV R[LGH HPLVVLRQV IURP DJULFXOWXUH YHUVXV DJULFXOWXUDO RXWSXW

0HWKDQH HPLVVLRQV RULJLQDWH PDLQO\ IURP ULFH FXOWLYDWLRQ DQG UXPLQDQW OLYHVWRFN 1LWURXV R[LGH HPLVVLRQV
RULJLQDWH PDLQO\ IURP FKHPLFDO IHUWLOLVHU DQG PDQXUH DSSOLFDWLRQV DQG LQ WKH ZDVWH GHSRVLWHG E\ JUD]LQJ
DQLPDOV 2(&'ZLGH DJULFXOWXUH FRQWULEXWHG  RI WRWDO 2(&' QDWLRQDO DQWKURSRJHQLF VRXUFHV RI *+*V LQ
 +RZHYHU WKLV VKDUH LV          RU KLJKHU IRU $XVWUDOLD 'HQPDUN ,UHODQG DQG 1HZ =HDODQG
$JULFXOWXUH DOVR HPLWV FDUERQ GLR[LGH PDLQO\ WKURXJK ELRPDVV EXUQLQJ DQG R[LGLVDWLRQ RI VRLO RUJDQLF
PDWWHU
7KLV LQGLFDWRU PHDVXUHV JURVV WRWDO DJULFXOWXUDO HPLVVLRQV RI WKH WZR PDLQ JUHHQKRXVH JDVHV *+* IURP
DJULFXOWXUH PHWKDQH &+ DQG QLWURXV R[LGH 12 H[SUHVVHG LQ &2 HTXLYDOHQWV RI JOREDO ZDUPLQJ
SRWHQWLDO &DXWLRQ LV UHTXLUHG LQ LQWHUSUHWLQJ WKLV LQGLFDWRU EHFDXVH FRQVLGHUDEOH XQFHUWDLQW\ VWLOO H[LVWV ZLWK
HVWLPDWLQJ HPLVVLRQV RI PHWKDQH DQG QLWURXV R[LGH IURP DJULFXOWXUH $OVR WKH DYDLODEOH WLPH VHULHV LV VWLOO
UDWKHU VKRUW IRU DVVHVVLQJ WKH WUHQG RI WKH LQGLFDWRU ,Q WKH ORQJHU WHUP LW ZRXOG EH GHVLUDEOH WR KDYH
UHOLDEOH HVWLPDWHV RI WKH WRWDO QHW *+* HPLVVLRQV GXH WR DJULFXOWXUH DQG DJULFXOWXUH¶V UROH DV D VLQN IRU
*+*V
6RPH GHFRXSOLQJ DSSHDUV WR KDYH RFFXUUHG GXULQJ  EHWZHHQ *+* HPLVVLRQV IURP DJULFXOWXUH DQG
                                                                       
DJULFXOWXUDO RXWSXW )LJXUH  ,Q WKH JURXS RI  2(&' FRXQWULHV FRQVLGHUHG KHUH PHWKDQH
HPLVVLRQV IHOO E\ OHVV WKDQ  DQG WKRVH RI QLWURXV R[LGH LQFUHDVHG DOPRVW   ZKLOH DJULFXOWXUDO RXWSXW
URVH E\ DOPRVW   2(&' (XURSH UHFRUGHG D VPDOO EXW DEVROXWH GHFRXSOLQJ IRU ERWK JDVHV SUREDEO\
GXH PDLQO\ WR UHGXFWLRQV LQ OLYHVWRFN QXPEHUV HVSHFLDOO\ RI SLJV DQG FDWWOH DQG FKDQJHV LQ PDQXUH
PDQDJHPHQW 7KLV SHUIRUPDQFH ZDV OHVV SURQRXQFHG LQ WKH RWKHU WZR 2(&' UHJLRQV

                                                                                                      
           $JULFXOWXUDO ZDWHU XVH SHU XQLW RI DJULFXOWXUDO DJULFXOWXUDO RXWSXW

,Q WKH 2(&' DV D ZKROH DJULFXOWXUH LV UHVSRQVLEOH IRU RYHU  RI WRWDO ZDWHU DEVWUDFWLRQV DQG LQ VRPH
FRXQWULHV LUULJDWLRQ LV VWLOO VKRZLQJ JURZWK ,QFUHDVLQJ FRPSHWLWLRQ IRU VFDUFH ZDWHU UHVRXUFHV UHLQIRUFHV WKH
QHHG WR DOORFDWH ZDWHU WR KLJKHVWYDOXH XVHV 7KLV QHHG LV JUHDWHVW LQ DULG DQG VHPLDULG UHJLRQV EXW HYHQ
ZKHUH FRPSHWLWLRQ IRU RIIVWUHDP XVHV LV OHVV VWURQJ JURZLQJ GHPDQG IRU YDULRXV LQVWUHDP XVHV HJ IRU
UHFUHDWLRQ DQG WR SUHVHUYH ZHWODQGV DQG RWKHU HFRV\VWHPV ZLOO HQFRXUDJH D JUHDWHU HIILFLHQF\ RI ZDWHU
XVH 7KLV ZLOO SDUWLFXODUO\ DIIHFW DJULFXOWXUH DV LW LV WKH PDLQ ZDWHU XVLQJ VHFWRU LQ PDQ\ FRXQWULHV 7KXV WKH
VROXWLRQ WR PDQ\ ZDWHU PDQDJHPHQW SUREOHPV LQ WHUPV RI TXDQWLW\ DV ZHOO DV TXDOLW\ LV VWURQJO\ OLQNHG WR
WKH XVH RI ZDWHU LQ DJULFXOWXUH
                                                                                     
7RWDO DJULFXOWXUDO ZDWHU XVH IRU WKH JURXS RI  2(&' FRXQWULHV FRQVLGHUHG IRU WKLV LQGLFDWRU VKRZHG
UHODWLYH GHFRXSOLQJ IURP DJULFXOWXUDO YDOXH DGGHG GXULQJ  ZDWHU XVH LQFUHDVHG E\   ZKHUHDV
YDOXH DGGHG LQFUHDVHG E\  )LJXUH  )RU VL[ FRXQWULHV QR GHFRXSOLQJ WRRN SODFH GXULQJ WKH SHULRG
FRQVLGHUHG
7KH UHVXOWV SUHVHQWHG KHUH VKRXOG QRW EH JHQHUDOLVHG WR WKH ZKROH RI WKH 2(&' DV VRPH RI WKH PDMRU
LUULJDWLRQ FRXQWULHV DUH QRW LQFOXGHG LQ WKH ILJXUHV 1HLWKHU GR WKHVH ILJXUHV LQFOXGH VRPH RI WKH 0HPEHU
FRXQWULHV ZKHUH LUULJDWLRQ KDV H[SDQGHG VWURQJO\ RYHU WKH WLPH SHULRG FRQVLGHUHG )XUWKHUPRUH LW ZRXOG

$"à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÃGˆ‘r€i‚ˆ…tÃhqÇurÃTy‚‰hxÃSrƒˆiyvp
$#à 6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ãv†Ã‡hxrÃur…rÃh†ÃsvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ã€vˆ†Ãsh…€Ã‚…vtvÃv‡r…€rqvh‡rÃp‚†ˆ€ƒ‡v‚Ãh†Ãƒ…‚‰vqrqÃi’ÇurÃP@89
    @p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…rÃPˆ‡ƒˆ‡Ãsvtˆ…r†Ãq‚Á‚‡Ã‡hxrÃhpp‚ˆ‡Ã‚s†v‡v‰r…Árth‡v‰rÃr‘‡r…hyv‡vr†
$$à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÇurÃ8“rpuÃSrƒˆiyvpÃCˆth…’ÃDpryhqÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃIrÃarhyhq
    Q‚yhqÃQ‚…‡ˆthyÃTy‚‰hxÃSrƒˆiyvpÃhqÃUˆ…xr’
$%à 6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ãv†Ã‡hxrÃur…rÃh†ÃsvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ã€vˆ†Ãsh…€Ã‚…vtvÃv‡r…€rqvh‡rÃp‚†ˆ€ƒ‡v‚Ãh†Ãƒ…‚‰vqrqÃi’ÇurÃP@89
    @p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…r
$&à 6ˆ†‡…vhÃ8hhqhÃ9r€h…xÃAvyhqÃB…rrprÃEhƒhÃTƒhvÃTrqrÃhqÇurÃVv‡rqÃFvtq‚€




                                                                    
                                                                                                          6*6'),1$/


LPSURYH WKH LQWHUSUHWDWLRQ RI WKH LQGLFDWRU LI VXEQDWLRQDO ZDWHU XVH FRXOG EH HYDOXDWHG IRU VSHFLILF
DJULFXOWXUDO UHJLRQV )LQDOO\ WKH DFFXUDF\ RI ZDWHU XVH GDWD FRXOG EH LPSURYHG LQ PDQ\ FRXQWULHV
2YHU WKH SDVW  \HDUV FRQVLGHUDEOH LPSURYHPHQWV KDYH EHHQ PDGH LQ WKH HIILFLHQF\ RI LUULJDWLRQ V\VWHPV
RI PDQ\ 2(&' FRXQWULHV 7KHVH KDYH JHQHUDOO\ EHHQ UHDOLVHG HLWKHU WKURXJK PRUH HIILFLHQW ZDWHU
FRQYH\DQFH V\VWHPV HJ UHGXFLQJ OHDNDJH RU DGYDQFHG DQG EHWWHU FDOLEUDWHG LUULJDWLRQ DSSOLFDWLRQ
V\VWHPV HJ GULS LUULJDWLRQ HWF 7KLV WUHQG LV VWLOO FRQWLQXLQJ DQG LW LV H[SHFWHG LUULJDWLRQ ZDWHU XVDJH PD\
VWDELOLVH RI HYHQ GHFOLQH LQ PDQ\ 2(&' FRXQWULHV RYHU WKH QH[W WZR GHFDGHV +RZHYHU IXWXUH WUHQGV LQ
DJULFXOWXUDO ZDWHU XVH ZLOO SDUWO\ GHSHQG RQ WKH H[WHQW RI UHIRUPV WR DJULFXOWXUDO ZDWHU FKDUJHV DQG VXSSRUW
IRU WKH FRQVWUXFWLRQ DQG PDLQWHQDQFH RI LUULJDWLRQ LQIUDVWUXFWXUH $W SUHVHQW DJULFXOWXUDO ZDWHU FKDUJHV DUH
VXEVLGLVHG LQ PRVW FRXQWULHV


           $SSDUHQW FRQVXPSWLRQ RI FRPPHUFLDO IHUWLOLVHU 13. YHUVXV ILQDO FURS RXWSXW

7KH LQWHQWLRQ RI WKLV LQGLFDWRU LV WR IRFXV RQ WKH LQSXW HIILFLHQF\ RI DJULFXOWXUH ZKHUHDV WKH LQGLFDWRU RQ WKH
QLWURJHQ EDODQFH IRFXVHG RQ SROOXWLRQ DVSHFWV 7KH LQGLFDWRU SUHVHQWV WKH DSSDUHQW FRQVXPSWLRQ VDOHV RI
13. IHUWLOLVHUV SHU XQLW RI ILQDO FURS RXWSXW 0LQHUDO IHUWLOLVHUV DUH XVXDOO\ QRW VSUHDG RQ SDVWXUH H[FHSW LQ
D IHZ 0HPEHU FRXQWULHV 6RPH FDXWLRQ LV UHTXLUHG LQ DWWULEXWLQJ DOO FKDQJHV LQ WKH YDOXH RI WKLV LQGLFDWRU WR
HIILFLHQF\ JDLQV LQ IHUWLOLVHU XVH DV FKDQJHV LQ PDUNHW SULFHV DQG VXSSRUW SROLFLHV DOVR DIIHFW IHUWLOLVHU XVH
DQG FURS SURGXFWLRQ
                                                 
)RU WKH JURXS RI  2(&' FRXQWULHV LQFOXGHG LQ WKLV LQGLFDWRU WKHUH KDV EHHQ D FOHDU DQG DEVROXWH
GHFRXSOLQJ RI WKH DSSDUHQW FRQVXPSWLRQ RI PLQHUDO IHUWLOLVHUV DQG FURS SURGXFWLRQ EHWZHHQ  DQG 
IHUWLOLVHU XVH GHFUHDVHG E\ DOPRVW  ZKLOH FURS SURGXFWLRQ JUHZ E\  )LJXUH  7KH GHFRXSOLQJ
ZDV PRVW SURQRXQFHG LQ 2(&' (XURSH ,Q 2(&' 1RUWK $PHULFD GHFRXSOLQJ DSSHDUV WR KDYH VWDUWHG LQ
WKH HDUO\ V


           $SSDUHQW FRQVXPSWLRQ RI SHVWLFLGH YHUVXV ILQDO FURS RXWSXW

$JULFXOWXUDO SHVWLFLGHV FRQWULEXWH WR DJULFXOWXUDO SURGXFWLYLW\ EXW WKH HQYLURQPHQWDO SUHVVXUHV DVVRFLDWHG
ZLWK WKH XVH RI SHVWLFLGHV LQFOXGH WKH FRQWDPLQDWLRQ RI JURXQG DQG VXUIDFH ZDWHU XVHG IRU GULQNLQJ E\ ERWK
KXPDQV DQG OLYHVWRFN DQG DGYHUVH LPSDFWV RQ WHUUHVWULDO DQG DTXDWLF KDELWDWV HJ ULVNV WR QRQWDUJHWHG
RUJDQLVPV DQG ZLOGOLIH ,Q DGGLWLRQ WKHUH DUH VHYHUDO RFFXSDWLRQDO DQG FRQVXPHU KHDOWK LVVXHV WR
FRQVLGHU
7KLV LQGLFDWRU VKRXOG EH LQWHUSUHWHG ZLWK FDXWLRQ )RU H[DPSOH WKH FRPSRVLWLRQ RI FURSV SURGXFHG DQG WKH
SHVWLFLGH SURGXFWV XVHG YDULHV RYHU WLPH 0RUHRYHU ZKLOH WKH PDMRU VKDUH RI WKH SHVWLFLGHV LQFOXGHG LQ
WKHVH VWDWLVWLFV LV XVHG IRU DJULFXOWXUDO FURS SURGXFWLRQ LQ PRVW FRXQWULHV D YDU\LQJ SURSRUWLRQ LV XVHG RQ
SDVWXUH DQG LQ IRUHVWU\ EXW WKH GDWD GR QRW SHUPLW WKLV DGMXVWPHQW ,GHDOO\ D SHVWLFLGH GHFRXSOLQJ LQGLFDWRU
VKRXOG DOVR UHODWH WKH KD]DUGV DVVRFLDWHG ZLWK SHVWLFLGH XVH WR FURS RXWSXW +D]DUGV ZLOO YDU\ GHSHQGLQJ
RQ WKH LQKHUHQW WR[LFLW\ DQG SHUVLVWHQFH RI WKH SHVWLFLGH DQG WKH FURS LQ TXHVWLRQ DQG WKH PHGLXP ZDWHU
VRLO FRQVLGHUHG 8QWLO VXFK DQ LQGLFDWRU LV DYDLODEOH WKH QXPHUDWRU RI WKH SUHVHQW LQGLFDWRU UHPDLQV WKH
RQO\ RQH IRU ZKLFK GDWD DUH DYDLODEOH IRU D UDQJH RI 0HPEHU &RXQWULHV
                                            
,Q WKH JURXS RI  2(&' FRXQWULHV FRQVLGHUHG KHUH D VLJQLILFDQW DEVROXWH GHFRXSOLQJ RFFXUUHG EHWZHHQ
WKH DSSDUHQW FRQVXPSWLRQ RI SHVWLFLGHV DQG ILQDO FURS RXWSXW GXULQJ  WKH XVH RI SHVWLFLGHV IHOO E\
PRUH WKDQ  ZKLOH ILQDO FURS RXWSXW LQFUHDVHG E\ RYHU  )LJXUH  7KH GHFRXSOLQJ ZDV DEVROXWH
IRU WHQ FRXQWULHV DQG UHODWLYH IRU D IXUWKHU WZR )RU *UHHFH DQG ,UHODQG QR GHFRXSOLQJ FDQ EH VKRZQ DV \HW
6RPH 2(&' FRXQWULHV KDYH VHW WDUJHWV WR UHGXFH WKH WRWDO TXDQWLW\ RI DJULFXOWXUDO SHVWLFLGHV XVHG RYHU D
JLYHQ WLPH SHULRG 7KH VDOH DQG XVH RI SHVWLFLGHV LQ 2(&' FRXQWULHV LV W\SLFDOO\ VXEMHFW WR SULRU VDIHW\
DVVHVVPHQW DQG DSSURYDO E\ WKH UHJXODWRU\ DXWKRULWLHV DV ZHOO DV WR PD[LPXP SHUPLVVLEOH UHVLGXH OHYHOV
ERWK IRU LQGLYLGXDO SHVWLFLGHV DQG IRU WRWDO SHVWLFLGH VXEVWDQFHV LQ IRRG DQG GULQNLQJ ZDWHU 'HQPDUN WKH

$'à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚‡ÃvpyˆqrÃqh‡hÃs‚…ÇurÃ8“rpuÃSrƒˆiyvpÃCˆth…’ÃDpryhqÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃIrÃarhyhq
    Q‚yhqÃQ‚…‡ˆthyÃTy‚‰hxÃSrƒˆiyvp
$(à 6ˆ†‡…vhÃ7rytvˆ€Ã9r€h…xÃAvyhqÃA…hprÃBr…€h’ÃB…rrprÃD…ryhqÃIr‡ur…yhq†ÃI‚…h’ÃTƒhvÃTrqrÃTv‡“r…yhqÃhqÇur
    Vv‡rqÃFvtq‚€




                                                                  
6*6'),1$/


1HWKHUODQGV DQG 6ZHGHQ IRU H[DPSOH KDYH LQWURGXFHG SURJUDPPHV WR VXEVWDQWLDOO\ UHGXFH SHVWLFLGH XVH
3HVWLFLGH XVH LV WD[HG LQ VRPH FRXQWULHV HJ 'HQPDUN 1RUZD\ 6ZHGHQ WKRXJK VWLOO VXEVLGLVHG LQ VRPH
RWKHUV HJ 0H[LFR DQG 7XUNH\ 8VXDOO\ IDUPHUV SD\ WKH PDUNHW SULFH IRU SHVWLFLGHV EXW WKHLU XVH LV DOVR
LQIOXHQFHG E\ PDUNHW SULFHV DQG VXSSRUW IRU FURS SURGXFWLRQ


        &RQWH[W LQGLFDWRU 6KDUH RI WKH WRWDO DJULFXOWXUDO DUHD XQGHU RUJDQLF IDUPLQJ

2UJDQLF IDUPLQJ JHQHUDOO\ SURGXFHV ORZHU \LHOGV WKDQ FRQYHQWLRQDO IDUPLQJ DOWKRXJK WKLV JDS LV FORVLQJ
EXW FDQ OHDG WR ORZHU SUHVVXUHV RQ WKH HQYLURQPHQW EHFDXVH QR V\QWKHWLF SHVWLFLGHV RU IHUWLOLVHUV DUH XVHG
2UJDQLF IDUPLQJ PD\ DOVR KHOS HQKDQFH ELRGLYHUVLW\ EXW QHYHUWKHOHVV JHQHUDWHV VRPH RI WKH VDPH
HQYLURQPHQWDO SUHVVXUHV DV FRQYHQWLRQDO DJULFXOWXUH HJ ZDWHU XVH QXWULHQW ORDGV :KHUHDV WKLV VKDUH
UHPDLQV UHODWLYHO\ VPDOO LQ DGGLWLRQ D ODUJHU DUHD RI ODQG LV IDUPHG XQGHU YDULRXV W\SHV RI
HQYLURQPHQWDOO\IULHQGO\ IDUPLQJ SUDFWLFHV VXFK DV LQWHJUDWHG SHVW PDQDJHPHQW ³ODQG FDUH´ VFKHPHV RU
³LUULJDWLRQ UDLVRQQpH´
7KLV LQGLFDWRU VKRZV WKH VKDUH RI WRWDO DJULFXOWXUDO ODQG XQGHU RUJDQLF IDUPLQJ 7DEOH  $ GUDPDWLF
JURZWK RFFXUUHG GXULQJ WKH V LQ DOO  FRXQWULHV IRU ZKLFK ILJXUHV DUH DYDLODEOH HYHQ LI IRU  FRXQWULHV
WKH DUHD RI ODQG XQGHU RUJDQLF IDUPLQJ LV VWLOO EHORZ  RI WRWDO DJULFXOWXUDO ODQG ,Q $XVWULD WKH VKDUH RI
RUJDQLFDOO\ IDUPHG ODQG QRZ DPRXQWV WR   7KH PRVW UHFHQW ILJXUHV DYDLODEOH IURP VRPH FRXQWULHV
VXJJHVW WKDW WKH UDSLG H[WHQVLRQ RI RUJDQLFDOO\IDUPHG ODQG LV FRQWLQXLQJ



                         7DEOH  6KDUH RI WKH WRWDO DJULFXOWXUDO ODQG XQGHU RUJDQLF
                                                    IDUPLQJ
                                                 U‚‡hyÃht…vpˆy‡ˆ…hy       Tuh…rÂs…thvphyy’Ãsh…€rqÃyhq

                                                     yhqà ((&                               È
                                                             
                                                        F€                   @h…y’Ã ((†          Gh‡rà ((†

                     6ˆ†‡…vh                           "#!!                           %!             "

                     7rytvˆ€                             # '                          (             "&

                     8“rpuÃSrƒˆiyvp                    #!&(                           '             #&

                     9r€h…x                           !%''                           "             &&

                     Avyhq                           !$$'                           !%             "($

                     A…hpr                           "'""                           !              "!

                     Br…€h’                           &"!&                           !#             !!$

                     B…rrpr                            ( "!                                        (

                     Cˆth…’                           %#($                                          "&

                     Dpryhq                             (                                          #

                     D…ryhq                           ##"!                           '             !!

                     D‡hy’                             $#'$                           $#             # $

                     F‚…rh                             ! #                                          "

                     Ir‡ur…yhq†                       ! !                           "&             %%

                     Q‚…‡ˆthy                          "(                                          &'

                     Tƒhv                            !('$                            "             #%

                     Trqr                            ""&$                             #             (

                     Tv‡“r…yhq                         $'                            !             &

                     Vv‡rqÃFvtq‚€                    &#""                            !             !'

                     Vv‡rqÃT‡h‡r†                  # '!$                            (              $


                     T‚ˆ…pr)ÃÃP@89Ã@‰v…‚€r‡hyÃDqvph‡‚…†Ãs‚…Ã6t…vpˆy‡ˆ…rÃhqÃA6P




                                                                   
                                                                                         6*6'),1$/




5HIHUHQFHV

2(&'  :DWHU 0DQDJHPHQW 3HUIRUPDQFH DQG &KDOOHQJHV LQ 2(&' &RXQWULHV 2(&' 3DULV
2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  2XWORRN IRU $JULFXOWXUH DQG WKH (QYLURQPHQW %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO
     2XWORRN IRU &KDSWHU  $JULFXOWXUH 2(&' 3DULV
2(&'  )UHVKZDWHU 2XWORRN %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN IRU &KDSWHU 
     )UHVKZDWHU 2(&' 3DULV
2(&'  (QYLURQPHQWDO ,QGLFDWRUV IRU $JULFXOWXUH 9ROXPH  0HWKRGV DQG 5HVXOWV 2(&' 3DULV
2(&'  ,PSURYLQJ WKH (QYLURQPHQWDO 3HUIRUPDQFH RI $JULFXOWXUH 3ROLF\ 2SWLRQV DQG 0DUNHW $SSURDFKHV
     2(&' 3DULV
2(&'  .H\ (QYLURQPHQWDO ,QGLFDWRUV 2(&' 3DULV
2(&'  2(&' (QYLURQPHQWDO ,QGLFDWRUV 7RZDUGV 6XVWDLQDEOH 'HYHORSPHQW  2(&' 3DULV




                                                       
6*6'),1$/



                         )LJXUH  6RLO VXUIDFH QLWURJHQ EDODQFH YHUVXV DJULFXOWXUDO RXWSXW 
                                                                                                                  ('%Ã2à                   P@89Ã@ˆ…‚ƒr
                                                                                                                        !




                                                                                                                        '



          ('%Ã2Ã    
                                               P@89ÃU‚‡hy
                                                                                                                        #
                                                                               6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡
              !

                                                                                                                        

                                                                                                                                 ('%                     ('(            ((!                (($

              

                                                                                                                                       P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                   ('%Ã2Ã 

                                                                                                                         %
              '

                                                                               Iv‡…‚trÃ†ˆ…ƒyˆ†                          !



                                                                                                                         '

              %

                                                                                                                         #



                                                                                                                             

              #                                                                                                                   ('%                    ('(            ((!                (($



                                                                                                                                              P@89ÃQhpvsvp
                                                                                                                  ('%Ã2Ã 

              !                                                                                                        !




                                                                                                                        '

              

                          ('%                   ('(               ((!                    (($                            #




                                                                                                                            
    Ã8“rpuÃSrƒˆiyvpÃCˆth…’ÃDpryhqÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚
                                                                                                                                   ('%                   ('(             ((!                (($
    IrÃarhyhqÃQ‚yhqÃQ‚…‡ˆthyÃTy‚‰hxÃSrƒˆiyvpÁ‚‡Ãvpyˆqrq

    Iv‡…‚trÃ‡…rqÃuh†ÃirrÃphypˆyh‡rqÐv‡uÇurÃh‰r…htrÂsÃrhpuÃ"Òrh…†Ã‚‰r…ÇurÃr…v‚qà                ('$ǂà   ((&

                                                                                                                                                                          E
                                                                                                                                           9rp‚ˆƒyvtÃshp‡‚…


                                                                                                                                           Iv‡…‚trÃihyhpr6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡




                                                                                               D                                      6ˆ†‡…hyvh
                     T‚vyƈ…shprÁv‡…‚trÃihyhprÃr…ȁv‡Ã‚sÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡

                                                                                                                                         6ˆ†‡…vh


                                                                                                        9rp‚ˆƒyvtÃ
          8‚ˆ‡…’               Iv‡…‚trÃ†ˆ…ƒyˆ†                     6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ã                          E
                                                                                                                                         7rytvˆ€

                                                                                                          shp‡‚…
                                                                                                                                         8hhqh


                          6‰r…htrà                             6‰r…htrÃÃÃ
                                              (($(&ÃÃÃÃÃÃÃà                          (($(&ÃÃÃÃÃÃÃà                                   9r€h…x
                           (($(&ÃÃÃ                            (($(&ÃÃÃÃÃÃ
                                           ('$'&Ã2Ã                          ('$'&Ã2Ã 
                           ‡‚r†                               ÃVT9                                                                    Avyhq


  6ˆ†‡…hyvh                ""$#!'                       %           ! %#&                     "                     (
                                                                                                                                         A…hpr
  6ˆ†‡…vh                    (#'$%                       &&             "&'                    ($                    (

  7rytvˆ€                   !#%'(!                       (#             ##(#                        &             !                 Br…€h’


  8hhqh                    "'&$"                      !!#             (%&#                    !$                &(
                                                                                                                                         B…rrpr

  9r€h…x                   " $#                         &#             ####                        #             "$
                                                                                                                                          D…ryhq
  Avyhq                    "'                         &"              &&&                    (                    (

  A…hpr                    %!     %                    ''           "& (%                     &                    '                   D‡hy’

  Br…€h’                   $&$%#                       %'           !$#!'                     !&                #&
                                                                                                                                          Ehƒh
  B…rrpr                     &'                        $               $(%                    (                $"

  D…ryhq                   "(("'                       !'             #$%!                        &             (             Ir‡ur…yhq†

  D‡hy’                     #(%&!(                       %#           "%&("                     &                #
                                                                                                                                         I‚…h’
  Ehƒh                     %&"&(!                       '&           $'(#(                     (#                '

  Ir‡ur…yhq†               $ !'!#                       '!             !%&                    !"                ""                     Tƒhv


  I‚…h’                     &$"#                        (              &"$                    ("                   %
                                                                                                                                         Trqr
  Tƒhv                     " !&$                       %           !&"#                         %             '

  Trqr                     $(#                       %&             !"$                    (                 !%              Tv‡“r…yhq


  Tv‡“r…yhq                (%'(                       &%             "# "                                    !#
                                                                                                                                          Uˆ…xr’

  Uˆ…xr’                    #((%$&                       &$           %% &                         #             "#
                                                                                                                                 Vv‡rqÃFvtq‚€
  Vv‡rqÃFvtq‚€            #&&(#                        '              '% (                    &                !#

  Vv‡rqÃT‡h‡r†            "!&$                       !            %&(#"                     !#                !
                                                                                                                                   Vv‡rqÃT‡h‡r†

  hÃ6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ãv†Ã‡hxrÃur…rÃh†ÃsvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ã€vˆ†Ãsh…€Ã‚…vtvÃ
                                                                                                                                                  
                                                                                                                                                                                                 
  v‡r…€rqvh‡rÃp‚†ˆ€ƒ‡v‚Ãh†Ãƒ…‚‰vqrqÃi’ÇurÃP@89Ã@p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…r
                                                                                                                                                               I‚Ãqrp‚ˆƒyvt           9rp‚ˆƒyvt
  iÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@Q

  Ã2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÃ

  ‡urÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà         

  XuvyrÇur†rÃphypˆyh‡v‚†Ãuh‰rÃirrÃqr…v‰rqÃs…‚€Ãˆ†vtÃhÃv‡r…h‡v‚hyy’Ãuh…€‚v†rqÃ

  €r‡u‚q‚y‚t’Áv‡…‚trÃp‚‰r…†v‚Ãp‚rssvpvr‡†ÃphÃqvssr…Ãir‡rrÃp‚ˆ‡…vr†ÐuvpuÀh’ÃirÃ

  qˆrǂÃhÉh…vr‡’ÂsÅrh†‚†

  ÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

  T‚ˆ…pr)ÃÃP@89Ã@‰v…‚€r‡hyÃDqvph‡‚…†Ãs‚…Ã6t…vpˆy‡ˆ…rÃ@p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…r

  qh‡hih†rÃ@‰v…‚€r‡hyÃ9h‡hÃ8‚€ƒrqvˆ€




                                                                                          
                                                                                                                                                                                    6*6'),1$/


            )LJXUH  &+ DQG 12 HPLVVLRQV IURP DJULFXOWXUH YHUVXV DJULFXOWXUDO RXWSXW  
                                                                                                                                                                                         D




                                                                                                                     ((Ã2à                                   P@89Ã@ˆ…‚ƒr
                                                                                                                            #




                                                                                                                            


           ((Ã2Ã     
                                                               P@89ÃU‚‡hy
                                                                                                                            %

                 !                                                                            IPÃr€v††v‚†

                                                                                                                            !

                                                                                                                                       ((            ((         ((!    (("        ((#        (($    ((%    ((&

                 



                                                                                                                                                      P@89ÃI‚…‡uÃ6€r…vph
                                                                                                                         ((Ã2Ã      

                                                                                               8CÃr€v††v‚†                %
                 '


                              6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡                                                                           !



                                                                                                                            '
                 %


                                                                                                                            #



                                                                                                                              
                 #

                                                                                                                                          ((         ((         ((!    (("        ((#        (($    ((%    ((&




                                                                                                                                                                P@89ÃQhpvsvp
                 !                                                                                                      ((Ã2Ã 
                                                                                                                             !




                                                                                                                             '
                 

                            ((               ((         ((!      (("        ((#     (($        ((%     ((&

                                                                                                                             #



       8“rpuÃSrƒˆiyvpÃCˆth…’ÃDpryhqÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃIrÃarhyhqÃ
                                                                                                                                 
       Q‚yhqÃQ‚…‡ˆthyÃTy‚‰hxÃSrƒˆiyvpÃhqÃUˆ…xr’Á‚‡Ãvpyˆqrq
                                                                                                                                          ((          ((         ((!    (("        ((#        (($    ((%    ((&




                                                                                     'HFRXSOLQJ IDFWRU
                                                                                                                    E



                                          Hr‡uhr6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡                                                                         Iv‡…‚ˆ†Ã‚‘vqr6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡




                                                                                                                                  6ˆ†‡…hyvh
                             6ˆ†‡…hyvh



                                                                                                                                     6ˆ†‡…vh
                               6ˆ†‡…vh



                                                                                                                                     7rytvˆ€
                              7rytvˆ€



                                                                                                                                     8hhqh
                              8hhqh



                                                                                                                                  9r€h…x
                             9r€h…x



                                                                                                                                     Avyhq
                              Avyhq



                                                                                                                                     A…hpr
                               A…hpr



                                                                                                                                  Br…€h’
                             Br…€h’



                                                                                                                                     B…rrpr
                               B…rrpr



                                                                                                                                     D…ryhq
                               D…ryhq



                                                                                                                                          D‡hy’
                                  D‡hy’



                                                                                                                                      Ehƒh
                                Ehƒh



                                                                                                                            Ir‡ur…yhq†
                         Ir‡ur…yhq†



                                                                                                                                     I‚…h’
                              I‚…h’



                                                                                                                                       Tƒhv
                                Tƒhv



                                                                                                                                     Trqr
                              Trqr



                                                                                                                             Tv‡“r…yhq
                           Tv‡“r…yhq



                                                                                                                         Vv‡rqÃFvtq‚€
                      Vv‡rqÃFvtq‚€



                                                                                                                           Vv‡rqÃT‡h‡r†
                        Vv‡rqÃT‡h‡r†



                                                                                                                                                                                                           
                                                                                    


                                                        I‚Ãqrp‚ˆƒyvt       9rp‚ˆƒyvt

  Ã
h 6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ãv†Ã‡hxrÃur…rÃh†ÃsvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ã€vˆ†Ãsh…€Ã‚…vtvÃv‡r…€rqvh‡rÃp‚†ˆ€ƒ‡v‚Ãh†Ãƒ…‚‰vqrqÃi’ÇurÃP@89

@p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…r

iÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2

q…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqÃ

T‚ˆ…pr)ÃÃP@89ÃVIA888




                                                                                                   
6*6'),1$/


                                )LJXUH  $JULFXOWXUDO ZDWHU XVH YHUVXV DJULFXOWXUDO RXWSXW 
                                                                                                                                                                                  E
                                                                                                                                                     9rp‚ˆƒyvtÃshp‡‚…




                                                                                                                                           6ˆ†‡…vh




         ('Ã2à                                                                                                                          8hhqh
                                             (ÃP@89Ãp‚ˆ‡…vr†

          
                                                                                                                                       9r€h…x
                                                                               6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡

          

                                                                                                                                           Avyhq
          

                                                                                    U‚‡hyÃht…vpˆy‡ˆ…hyÃ
                                                                                       h‡r…Ȇr
                                                                                                                                           B…rrpr




            
                                                                                                                                            Ehƒh




            
                                                                                                                                            Tƒhv


            

                                                                                                                                           Trqr
             
                                                                                 

                                                                                                                                 Vv‡rqÃFvtq‚€

   Ã6ˆ†‡…vhÃ8hhqhÃ9r€ h…xÃAvyhqÃB…rrprÃEhƒhÃTƒhvÃTrqr

   hqÃVv‡rqÃFvtq‚€
                                                                                                              !                                       !                             !


                                                                                                                                                              I‚Ãqrp‚ˆƒyvt            9rp‚ˆƒyvt




                                                                              Xh‡r…Ãv‡r†v‡’


                                                                                                              h
                                                                                                                        Xh‡r…Ȇr6t…vpˆy‡ˆ…hyà                             9rp‚ˆƒyvtÃ
             8‚ˆ‡…’                 6t…vpˆy‡ˆ…hyÐh‡r…Ȇr                    6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡                                                                                            i
                                                                                                                                           ‚ˆ‡ƒˆ‡                             shp‡‚…


                                         (($ÃÃÃÃÃÃÃ           (($ÃÃÃÃÃÃÃÃ        (($ÃÃÃÃÃÃ                (($ÃÃÃÃÃÃÃ         (($ÃÃÃÃÃ                    (($ÃÃÃÃÃÃÃÃÃ
                                         %     "                                %                                           "Ã
                                        À                ('Ã2à          ÃVT9                ('Ã2à          €    VT9                   ('Ã2à      


      6ˆ†‡…vh                                                                      "      "                      "                "                           '                    !(

      8hhqh                                  "((                         $          ("                          #&                !                            &'                     '

      9r€h…x                                     !($                    %#          ##&#                          #!                &                           #$                     $$

      Avyhq                                      $                !$               &$(                         (                "                         !&(                     "      $

      B…rrpr                                  &%                       '"              '&(                        &                %#                           $%                    %%

      Ehƒh                                  $'%                                 $((''                                           ('                           (!                     '

      Tƒhv                                  !#     %                    (!         !#$%&                          (                ('                           '$                     '

      Trqr                                       "&                    ('          !"""                          (#                %                           #                    "$

      Vv‡rqÃFvtq‚€                           !!$                       "&          '&!%                          !                                                #                 !"

      U‚‡hy                                  ($    #                     "         #$'%'                           $                &"                           '(

      hÃ6t…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ãv†Ã‡hxrÃur…rÃh†ÃsvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡Ã€vˆ†Ãsh…€Ã‚…vtvÃv‡r…€rqvh‡rÃp‚†ˆ€ƒ‡v‚Ãh†Ã

      ƒ…‚‰vqrqÃi’ÇurÃP@89Ã@p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…r

      iÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã                @Q9ArqÂsÃr…v‚q@Q9A†‡h…‡Ã‚sÃr…v‚qÐur…rÃ@QÃ2Ãr‰v…‚€r‡hy

      ƒ…r††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà                                                           

      ÃÃÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

      6RXUFH )ÃÃP@89Ã@p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…rÃ9h‡hih†rÃ@‰v…‚€r‡hyÃ9h‡hÃ8‚€ƒrqvˆ€
T‚ˆ…pr)ÃP@89Ã@p‚‚€vpÃ6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…rÃ9h‡hih†rÃ@‰v…‚€r‡hyÃ9h‡hÃ8‚€ƒrqvˆ€




                                                                                        
                                                                                                                                                                6*6'),1$/



   )LJXUH  $SSDUHQW FRQVXPSWLRQ RI FRPPHUFLDO IHUWLOLVHU 13. YHUVXV ILQDO FURS RXWSXW 




                                                                                                                                                                                      D
                                                                                                                                                              9rp‚ˆƒyvtÃshp‡‚…


                  6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃp‚€€r…pvhyÃsr…‡vy†r…ÃIQFÉr…†ˆ†ÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡



                       6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sà                                                                                                                6ˆ†‡…hyvh
                                                                                                                                  9rp‚ˆƒyvtÃ
        8‚ˆ‡…’           p‚€€r…pvhyÃsr…‡vyv†r…à                AvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡ÃÃÃÃÃÃà             IQF8…‚ƒÃ‚ˆ‡ƒˆ‡ÃÃÃÃÃÃÃÃà               D
                                                                                                                                                                 6ˆ†‡…vh
                                                                                                                                   shp‡‚…
                                      IQF
                                                                                                                                                                7rytvˆ€


                                                                                                 ((&ÃÃÃÃÃ
                             ((&ÃÃÃÃÃ         ((&ÃÃÃÃÃÃÃÃ       ((&ÃÃÃÃÃ         ((&ÃÃÃÃÃÃÃÃ                       ((&ÃÃÃÃÃÃÃÃÃ
                                                                                                                                                                8hhqh


                                                                                             ‡‚r†Ã
                         ǂr†          ('$Ã2à           ÃVT9         ('$Ã2à                        ('$Ã2à                                     9r€h…x
                                                                                                 
                                                                                                 VT9
                                                                                                                                                                Avyhq
6ˆ†‡…hyvh                     ! '#                     '(          " #                $"              &                 !#          !#

6ˆ†‡…vh                         !$#                    %$            !!%               (             !                  %           #                     A…hpr


7rytvˆ€                         "&                    &"          !#!'                "              "                 $%           ##
                                                                                                                                                               Br…€h’

8hhqh                        !&!%                         &         "%&               $!             !#                 &&           !"
                                                                                                                                                                B…rrpr
9r€h…x                         #"%                    %(            %$&                            !%                 %(           "

Avyhq                         " #                    %!            &$               ((             #$                 %!           "'                     D…ryhq


A…hpr                        #('(                     ''       !#('$                    &            !                 &$           !$
                                                                                                                                                                    D‡hy’

Br…€h’                       !'$&                     $(          !$!%                $!             !"                 "(           %
                                                                                                                                                                  Ehƒh
B…rrpr                          $#                    &#          '( %                (             %                 %'           "!

D…ryhq                         %$(                    %            &(               !"             ("                 '%            #             Ir‡ur…yhq†


D‡hy’                           &%(                    '#       !$&'#                  '             &                 &'           !!
                                                                                                                                                                I‚…h’

Ehƒh                           $(                    &#       #(!"&                  ("             "                 '           !
                                                                                                                                                                  Tƒhv
Ir‡ur…yhq†                     $!                    &!          '! #                %!             %                 ##           $%

I‚…h’                          !$                    '%            %!                (&             ""                 '(                                 Trqr


Tƒhv                         !                       !!          !$"                 %                              #          #
                                                                                                                                                             Tv‡“r…yhq

Trqr                          "(                    &#            (''               '$             "                  '&            "
                                                                                                                                                                 Uˆ…xr’
Tv‡“r…yhq                       !                    %&            !%'                                               %            "(

Uˆ…xr’                          '!%                    !'       #(("!                  !&             #                                       Vv‡rqÃFvtq‚€


Vv‡rqÃFvtq‚€                  #"                    #           '$&                ('              !                 #!           $'
                                                                                                                                                        Vv‡rqÃT‡h‡r†

Vv‡rqÃT‡h‡r†                ! %$                         "       %"%#               !(              (                 ''            !
                                                                                                                                                                                          
U‚‡hy                        ##&''                     (%      "#( #                    (             "                 '
                                                                                                                                                                  I‚Ãqrp‚ˆƒyvt     9rp‚ˆƒyvt
ÃUuv†Ãvqvph‡‚…Ðvyy‰r…r†‡v€h‡rÃsr…‡vyv†r…Ãp‚†ˆ€ƒ‡v‚ÃvÃp‚ˆ‡…vr†Ãur…rÃp‚€€r…pvhyÃsr…‡vyv†r…Ãv†Ãhy†‚Ã

†ƒ…rhqÃh†‡ˆ…r

hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A           @Q9A
                                                     ((&
                                                                      Ður…rÃ@QÃ2Ãr‰v…‚€r‡hyÃ
                                                                    ('$


ƒ…r††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃ

hqà 

ÃÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

6RXUFH )ÃÃP@89Ã@p‚‚€vp†Ã6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…rÃ9h‡hih†rÃA6P



                                                                                                 
6*6'),1$/


                      )LJXUH  $SSDUHQW FRQVXPSWLRQ RI SHVWLFLGH YHUVXV ILQDO FURS RXWSXW 
                                                                                                                                                                  D
                                                                                                                                      9rp‚ˆƒyvtÃshp‡‚…




                                                                                                                                  6ˆ†‡…vh




        ('$Ã2Ã       
                                     #ÃP@89Ãp‚ˆ‡…vr†                                                                          7rytvˆ€


                                                                                        AvhyÃp…‚ƒÃ
           
                                                                                          ‚ˆ‡ƒˆ‡                             9r€h…x




                                                                                                                               Avyhq




                                                                                                                                  A…hpr

           
                                                                                                                             Br…€h’



                
                                                                                                                                  B…rrpr



                                                                             6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã
                                                                                                                                D…ryhq
                                                                                       ‚sÃr†‡vpvqr




                                                                                                                         Ir‡ur…yhq†




                                                                                                                                  I‚…h’

                
                                                                                                                                   Tƒhv



                
                                                                                                                                Trqr
                                                                   

                                                                                                                           Tv‡“r…yhq

    Ã6ˆ†‡…vhÃ7rytvˆ€Ã9r€h…xÃAvyhqÃA…hprÃBr…€h’ÃB…rrprÃD…ryhqÃIr‡ur…yhq†

    I‚…h’ÃTƒhvÃTrqrÃTv‡“r…yhqÃhqÃVv‡rqÃFvtq‚€                                                              Vv‡rqÃFvtq‚€




                                                                                                                                                                          


                                                                                                                                      I‚Ãqrp‚ˆƒyvt           9rp‚ˆƒyvt




                                      6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃr†‡vpvqrÉr…†ˆ†ÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡




                                   6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚s                                                                                                        9rp‚ˆƒyvt
            8‚ˆ‡…’                                                                AvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡               Qr†‡vpvqr8…‚ƒÃ‚ˆ‡ƒˆ‡                                    D
                                                                                                                                                                       shp‡‚…
                               ƒr†‡vpvqrÃhp‡v‰rÃvt…rqvr‡


                                                                                                                    ((&
                                      ((&                ((&                       ((&                 ((&                                      ((&
                                                                                                                 ‡‚r†
                                    ‡‚r†         ('$Ã2à                  ÃVT9                ('$Ã2à                          ('$Ã2à 
                                                                                                                    
                                                                                                                    VT9

    6ˆ†‡…vh                             "%(                        &                   !!%                 (         "                               %#                "%

    7rytvˆ€                             '% (                        ((                 !#!'                  "         "$$                              &%                !#

    9r€h…x                             "%&$                        $#                   %$&                          !!!                              $"                #&

    Avyhq                                %                       $!                   &$                 ((            ##                            $!                #'

    A…hpr                             (&(!                            !          !#('$                      &         #"(                              (%                #

    Br…€h’                            "#%#'                            $              !$!%                  $!         !&&                              &%                !#

    B…rrpr                              ("#                        !"                 '( %                  (                                             "             "

    D…ryhq                             !"!$                        !'                   &(                 !"         "!'                              #               #

    Ir‡ur…yhq†                         "(&                        $                 '! #                  %!            !&                            "                &

    I‚…h’                                &$#                       #(                   %!                  (&            !                             $                 #(

    Tƒhv                              "#!"                        '&             !$"                      %            %%                            &$                !$

    Trqr                                $!&                       #!                   (''                 '$            $$                            #(                $

    Tv‡“r…yhq                           &#&                       &                    !%'                              "'                            %$                "$

    Vv‡rqÃFvtq‚€                     "$#"!                        '&                 '$&                  ('         # "                              '(                

    U‚‡hy                            !$%%&(                         (%             ("" %                      (         !&$                              '

    hÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã            @Q9A @Q9A Ður…rÃ@QÃ2Ãr‰v…‚€r‡hy
    ƒ…r††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃ

    hqà    

    ÃUuv†Ãvqvph‡‚…Ðvyy‰r…r†‡v€h‡rÃr†‡vpvqrÃp‚†ˆ€ƒ‡v‚Ã‚Ãp…‚ƒ†Ã‡‚ÇurÃr‘‡r‡Ã‡uh‡Ãp‚†ˆ€ƒ‡v‚Ãsvtˆ…r†Ãvpyˆqr

    ˆ†rÂsÃr†‡vpvqr†ÃvÃs‚…r†‡…’ÃhqÃh†‡ˆ…r

    ÃÃÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

    6RXUFH )ÃÃP@89Ã@p‚‚€vp†Ã6pp‚ˆ‡†Ãs‚…Ã6t…vpˆy‡ˆ…rÃ9h‡hih†rÃA6P



                                                                                           
                                                                                                            6*6'),1$/



           0$18)$&785,1* ,1'8675<

7KH PDQXIDFWXULQJ LQGXVWU\ VHFWRU FRYHUV D EURDG VSHFWUXP RI PDQXIDFWXULQJ DQG SURFHVVLQJ DFWLYLWLHV
SURGXFLQJ D ZLGH UDQJH RI SURGXFWV VXFK DV FORWKLQJ FRPSXWHUV FDUV RU IXUQLWXUH 7KH WHUP LV XVHG KHUH WR
FRPSULVH 7DEXODWLRQ &DWHJRU\ ' JURXSV  RI WKH ,QWHUQDWLRQDO 6WDQGDUG ,QGXVWULDO &ODVVLILFDWLRQ RI DOO
HFRQRPLF DFWLYLWLHV ,6,& ³(QHUJ\LQWHQVLYH LQGXVWULHV´ DUH D VXEVHW RI WKH PDQXIDFWXULQJ VHFWRU DQG
FRPSULVH WKH ILYH IROORZLQJ JURXSV ZLWKLQ WKH VDPH FDWHJRU\ ' IRRG EHYHUDJHV SXOS SDSHU 
FKHPLFDO  QRQPHWDOOLF PLQHUDOV  DQG EDVLF PHWDOV >LURQ VWHHO QRQIHUURXV PHWDOV@ 
7KH PDQXIDFWXULQJ VHFWRU SXWV SUHVVXUHV RQ WKH HQYLURQPHQW E\ ZD\ RI WKH HPLVVLRQ RI SROOXWDQWV HJ
12  DQG WKH XVH RI QDWXUDO UHVRXUFHV 3ROOXWDQW HPLVVLRQV KDYH IRU ORQJ EHHQ VXEMHFW WR UHJXODWLRQ 0RUH
      ‘

UHFHQWO\ LQGXVWU\ KDV VWDUWHG SD\LQJ JUHDWHU DWWHQWLRQ WR LQFUHDVLQJ WKH HIILFLHQF\ RI UHVRXUFH XVH
HFRHIILFLHQF\ 7KH VHFWRU LV DOVR EHJLQQLQJ WR DVVXPH UHVSRQVLELOLW\ IRU PDWHULDO UHXVH DQG UHFRYHU\ RI
LWV SURGXFWV HJ IRU FDUV DQG RIILFH HTXLSPHQW $ QHZ VWDJH LQ WKH GHYHORSPHQW RI WKH PDQXIDFWXULQJ
VHFWRU ZKLFK LQ IXWXUH LV OLNHO\ WR IXQGDPHQWDOO\ DIIHFW LWV PRGXV RSHUDQGL DQG HQYLURQPHQWDO LPSDFW LV WKH
PRYH IURP VHOOLQJ SURGXFWV HJ SHVWLFLGHV DQG VROYHQWV WR SURYLGLQJ D VHUYLFH HJ SODQW SURWHFWLRQ DQG
GHJUHDVLQJ VHUYLFHV
)RXU GHFRXSOLQJ LQGLFDWRUV DUH SUHVHQWHG KHUH 7KUHH RI WKHVH FRQFHUQ SROOXWLRQ LVVXHV WKH JHQHUDWLRQ RI
LQGXVWULDO ZDVWH DQG HPLVVLRQV RI QLWURJHQ R[LGHV DQG RI FDUERQ GLR[LGHV WKH ODWWHU RQH VSHFLILFDOO\ LQ
UHODWLRQ WR HQHUJ\LQWHQVLYH LQGXVWULHV 7KH IRXUWK LQGLFDWRU UHODWHV WR WKH XVH RI ZDWHU E\ WKH
PDQXIDFWXULQJ LQGXVWU\ ,Q DOO FDVHV WKH UHOHYDQW YDOXH DGGHG ILJXUH LV VHOHFWHG DV WKH GHQRPLQDWRU 
                                                                                                                              %




             12[ HPLVVLRQV IURP PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXHDGGHG

12 HPLVVLRQV IURP WKH PDQXIDFWXULQJ LQGXVWU\ ZHUH DEVROXWHO\ GHFRXSOHG IURP PDQXIDFWXULQJ YDOXH
      ‘

DGGHG GXULQJ  IRU WKH JURXS RI  0HPEHU &RXQWULHV FRQVLGHUHG KHUH HPLVVLRQV IHOO E\ DOPRVW
                                                                                         %



 ZKHUHDV YDOXH DGGHG LQFUHDVHG E\ RYHU  )LJXUH  'HFRXSOLQJ ZDV PRVW SURQRXQFHG LQ
2(&' (XURSH ZKHUH WKH UDWLR HPLVVLRQV SHU XQLW RI YDOXH DGGHG IHOO E\  RYHU WKH SHULRG FRQFHUQHG ,Q
2(&' 1RUWK $PHULFD WKH FRUUHVSRQGLQJ ILJXUH ZDV  DQG GHFRXSOLQJ UHPDLQHG UHODWLYH
12 HPLVVLRQV IURP PDQXIDFWXULQJ DUH GRPLQDWHG E\ WKRVH HPDQDWLQJ IURP IRVVLO IXHO FRPEXVWLRQ ZLWK
      ‘

LQGXVWULDO SURFHVVHV RQO\ FRQWULEXWLQJ DERXW RQHILIWK (QHUJ\ XVH UHODWLYH WR WRWDO PDQXIDFWXULQJ RXWSXW
PHDVXUHG E\ YDOXHDGGHG KDV IDOOHQ PRUH RU OHVV FRQWLQXRXVO\ LQ PRVW 0HPEHU &RXQWULHV VLQFH WKH
V 7KH LPSURYHPHQW KDV EHHQ GXH ERWK WR VWUXFWXUDO VKLIWV DZD\ IURP HQHUJ\LQWHQVLYH SURGXFWV DQG
E\ FKDQJHV LQ LQGLYLGXDO HQHUJ\ LQWHQVLWLHV LQ HDFK PDQXIDFWXULQJ VXEVHFWRU 7KH ODWWHU KDYH EHHQ
VKRZLQJ VWHDG\ LPSURYHPHQW VLQFH WKH V 7KH DWWHQWLRQ JLYHQ E\ LQGXVWU\ LQ UHFHQW \HDUV WR DFKLHYLQJ
JUHDWHU HFRHIILFLHQF\ FDQ EH H[SHFWHG WR UHVXOW LQ IXUWKHU GHFRXSOLQJ RI 12 HPLVVLRQV IURP PDQXIDFWXULQJ
                                                                                                ‘

YDOXH DGGHG


             :DVWH JHQHUDWHG E\ PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXHDGGHG

7KH DPRXQW RI QRQKD]DUGRXV ZDVWH JHQHUDWHG E\ WKH PDQXIDFWXULQJ LQGXVWU\ LQ WKH 2(&' DUHD ZDV
HVWLPDWHG DW URXJKO\  PLOOLRQ WRQQHV LQ  DQ LQFUHDVH RI DERXW  VLQFH  2I WKLV DPRXQW
2(&' 1RUWK $PHULFD (XURSH DQG 3DFLILF DFFRXQWHG IRU    DQG   UHVSHFWLYHO\ 7UHQGV LQ
PDQXIDFWXULQJ RXWSXW DQG LQGXVWULDO ZDVWH JHQHUDWLRQ VXJJHVW WKDW IRU WKH ZKROH RI WKH 2(&' GHFRXSOLQJ
KDV QRW \HW RFFXUUHG 'XULQJ WKH SHULRG  ERWK WKH JHQHUDWLRQ RI PDQXIDFWXULQJ ZDVWH DQG LQGXVWULDO
SURGXFWLRQ LQFUHDVHG E\ DERXW  
7KLV LQGLFDWRU PLJKW EH LQWHUSUHWHG DV D SDUWLDO PHDVXUH RI WKH UHVRXUFH XVH HIILFLHQF\ RI WKH PDQXIDFWXULQJ
LQGXVWU\ 'LIIHUHQFHV LQ PDQXIDFWXULQJ ZDVWH LQWHQVLW\ DPRQJ 0HPEHU &RXQWULHV PD\ EH GXH WR GLIIHUHQFHV
LQ LQGXVWULDO VWUXFWXUH RU WR JUHDWHU RU OHVVHU SURJUHVV ZLWK LPSOHPHQWLQJ FOHDQHU SURGXFWLRQ SURFHVVHV

%à B…‚††Ã€hˆshp‡ˆ…vtˆ‡ƒˆ‡Ã€vˆ†Ãv‡…h†rp‡‚…hyDžh†hp‡v‚†ÐuvpuÃvpyˆqr†ÃhyyÃvƒˆ‡†ЂˆyqÃuh‰rÃirrÃhÅrsr……rqÃqr‚€vh‡‚…
      iˆ‡Ãv‡Ãv†Ãh‡Ã‡uv†Ã†‡htrÁ‚‡Ãsrh†viyrǂÅr†r‡Ã‡v€rÆr…vr†Ãs‚…ƈpuÃhÉh…vhiyr
% à Avtˆ…r†ÃvÃ‡uv†Ã†rp‡v‚Ãq‚Á‚ÃvpyˆqrÃqh‡hÃs‚…Ã6ˆ†‡…hyvhÃCˆth…’ÃEhƒhÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃQ‚yhqÃTy‚‰hxÃSrƒˆiyvp
      TrqrÃTv‡“r…yhqÃhqÃUˆ…xr’




                                                                          
6*6'),1$/


LQFOXGLQJ LQWHUQDO UHF\FOLQJ 0DQXIDFWXULQJ ZDVWH VWDWLVWLFV QHHG WR EH LQWHUSUHWHG ZLWK FDXWLRQ KRZHYHU
DV WKHLU TXDOLW\ LV VWLOO IDU IURP VDWLVIDFWRU\
7KH PRVW UHFHQW LQIRUPDWLRQ DYDLODEOH IRU D OLPLWHG QXPEHU RI 0HPEHU &RXQWULHV VXJJHVWV WKDW D VOLJKW
                                                                                                                  %!



GHFRXSOLQJ KDV WDNHQ SODFH LQ WKH VHFRQG KDOI RI WKH V RI WKH JHQHUDWLRQ RI PDQXIDFWXULQJ ZDVWH IURP
PDQXIDFWXULQJ YDOXH DGGHG )RU WKH WRWDO RI WKH  FRXQWULHV FRQVLGHUHG PDQXIDFWXULQJ ZDVWH GHFUHDVHG
E\ DOPRVW  DQG YDOXH DGGHG JUHZ E\ MXVW RYHU  GXULQJ  )LJXUH  )RXU +XQJDU\ -DSDQ
.RUHD DQG 3RUWXJDO RI WKH HOHYHQ FRXQWULHV VKRZ DQ DEVROXWH GHFRXSOLQJ ZKLOH VL[ VKRZ QR GHFRXSOLQJ DW
DOO )LJXUH  7KHVH GLIIHUHQW WUHQGV DUH VXSHUSRVHG RQ XQGHUO\LQJ ZDVWH LQWHQVLWLHV PDQXIDFWXULQJ
ZDVWH SHU XQLW RI YDOXH DGGHG WKDW UDQJH YHU\ ZLGHO\ DURXQG WKH FRXQWU\ DYHUDJH RI  WRQQHV SHU
PLOOLRQ 86' RI YDOXH DGGHG


                 &2 HPLVVLRQV RI HQHUJ\LQWHQVLYH LQGXVWULHV YHUVXV YDOXH DGGHG

7KH VXEVHFWRUV RI WKH PDQXIDFWXULQJ LQGXVWU\ ZLWK WKH KLJKHVW HQHUJ\ LQWHQVLW\ DUH SXOS        SDSHU
FKHPLFDOV QRQPHWDOOLF PLQHUDOV LURQ VWHHO QRQIHUURXV PHWDOV DQG IRRG EHYHUDJHV )RU WKH JURXS RI
* FRXQWULHV  D VOLJKW DEVROXWH GHFRXSOLQJ RFFXUUHG EHWZHHQ  DQG  &2 HPLVVLRQV IURP
                         %"
                                                                                                                         !Ã

HQHUJ\LQWHQVLYH LQGXVWULHV IHOO E\ DOPRVW   ZKHUHDV WKH YDOXH DGGHG 9$ RI WKH VDPH LQGXVWULHV
LQFUHDVHG E\  )LJXUH 


                 'HFRPSRVLQJ &2 HPLVVLRQV IURP HQHUJ\ LQWHQVLYHLQGXVWULHV

7KH &2 HPLVVLRQV SHU XQLW RI 9$ IURP WKLV JURXS RI HQHUJ\LQWHQVLYH LQGXVWULHV FDQ EH GHFRPSRVHG DV
             !Ã

IROORZV
              &2 HPLVVLRQV                                     &2 HPLVVLRQV                             (QHUJ\ FRQVXPSWLRQ
                     !                                                !
                                                                                                 

               YDOXH DGGHG                                    HQHUJ\ FRQVXPSWLRQ                              YDOXH DGGHG

&2 HPLVVLRQV IURP HQHUJ\ LQWHQVLYH LQGXVWULHV SHU XQLW RI HQHUJ\ FRQVXPSWLRQ E\ WKH VDPH LQGXVWULHV IHOO
E\  IRU WKH JURXS RI * FRXQWULHV DV D ZKROH GXULQJ  DQG WKHUHIRUH FRQWULEXWHG WR WKH DERYH
GHFRXSOLQJ RI &2 HPLVVLRQV IURP WKH 9$ RI HQHUJ\LQWHQVLYH LQGXVWULHV 7DEOH 
                              !




Table 1.          Table 3.4.1 Decomposing CO2 emissions of energy-intensive industries in G7 countries versus value
                                          added of the same industries, 1995-99
                                              1999-value of ratio/1995-value
8‚ˆ‡…’                                            8PÃr€v††v‚†W6            2   r€v††v‚†rr…t’Ãp‚†ˆ€ƒ‡v‚    
                                                                                                                                           D
                                                                                                                       @r…t’Ãp‚†ˆ€ƒ‡v‚W6


8hhqh
      D                                                                     2   (&                                "


A…hpr                                             ($                        2   (&                               ('


Br…€h’                                            ($                        2   (#                                


D‡hy’                                              ($                        2   (&                               (&


Ehƒh
        E                                           !                        2                                    !


Vv‡rqÃFvtq‚€                                     ("                        2   '(                                $


Vv‡rqÃT‡h‡r†                                      ''                        2   (#                               ("


U‚‡hyÃB&Ãp‚ˆ‡…vr†                                 ("                        2   (%                               ('


I‚‡r)Ãhà ((&Ãv†Ãyh†‡Ã’rh…0Ãià (('Ãv†Ãyh†‡Ã’rh…

T‚ˆ…pr)Ã@ˆ…‚†‡h‡ÃXˆƒƒr…‡hyÃD†‡v‡ˆ‡rÃP@89D@6




7KH HQHUJ\ LQWHQVLW\ RI HQHUJ\LQWHQVLYH LQGXVWULHV SHU XQLW RI YDOXH DGGHG IHOO E\ DV PXFK DV  LQ WKH
8QLWHG 6WDWHV GXULQJ  EXW FKDQJHG PXFK OHVV LQ WKH RWKHU VL[ FRXQWULHV 7DEOH  :LWKRXW
IXUWKHU DQDO\VLV LW LV GLIILFXOW WR VD\ ZKHWKHU DQ\ RI WKHVH FKDQJHV DUH GXH WR VWUXFWXUDO GHYHORSPHQWV LQ WKH
LQGXVWU\ RU WKH UHVXOW RI HQHUJ\ HIILFLHQF\ LPSURYHPHQWV


%! 9r€h…xÃAvyhqÃCˆth…’ÃDpryhqÃD…ryhqÃD‡hy’ÃEhƒhÃF‚…rhÃIr‡ur…yhq†ÃI‚…h’ÃQ‚…‡ˆthy
%"à 8hhqhÃA…hprÃBr…€h’ÃD‡hy’ÃEhƒhÃVv‡rqÃFvtq‚€ÃVv‡rqÃT‡h‡r†




                                                                        
                                                                                            6*6'),1$/


          )UHVKZDWHU DEVWUDFWLRQ E\ PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXHDGGHG

$YHUDJH LQGXVWULDO ZDWHU XVH LQ 2(&' FRXQWULHV PDNHV XS DQ HVWLPDWHG  RI WRWDO ZDWHU DEVWUDFWLRQV
0RUH WKDQ WKUHHTXDUWHUV RI WKLV YROXPH DUH VXSSOLHG E\ GLUHFW DEVWUDFWLRQ IURP VXUIDFH RU JURXQGZDWHU
ZLWK WKH UHPDLQLQJ TXDUWHU EHLQJ VRXUFHG IURP SXEOLF ZDWHU VXSSO\ V\VWHPV
0XFK SURJUHVV KDV EHHQ PDGH LQ UHFHQW \HDUV LQ PDNLQJ PDQXIDFWXULQJ OHVV ZDWHU LQWHQVLYH (IILFLHQF\
LPSURYHPHQWV KDYH EHHQ DFKLHYHG WKURXJK WKH DGRSWLRQ RI ZDWHU VDYLQJ WHFKQRORJLHV RU WKH JUHDWHU UHXVH
RI SDUWLDOO\ WUHDWHG ³JUH\´ ZDWHU 7KH UHGXFWLRQV LQ LQGXVWULDO ZDWHU XVH DOVR UHIOHFW FKDQJHV LQ LQGXVWULDO
VWUXFWXUH ZLWK ODUJH ZDWHULQWHQVLYH LQGXVWULHV HJ PLQLQJ VWHHO FORVLQJ GRZQ ,Q JHQHUDO HIIRUWV WR
UHGXFH LQGXVWULDO ZDWHU XVH KDYH EHHQ GULYHQ E\ WKH GHVLUH WR UHGXFH WKH FRVW RI SURGXFWLRQ LQSXW ZDWHU
,QIRUPDWLRQ DERXW WKH XVH RI ZDWHU E\ WKH PDQXIDFWXULQJ LQGXVWU\ LQ  2(&' (XURSH FRXQWULHV VKRZ DQ
                                                                                                     %#



DEVROXWH GHFRXSOLQJ IURP PDQXIDFWXULQJ YDOXH DGGHG GXULQJ  )LJXUH  )RU WKH JURXS RI
 FRXQWULHV PDQXIDFWXULQJ ZDWHU XVH IHOO E\ DOPRVW  DQG PDQXIDFWXULQJ YDOXH DGGHG LQFUHDVHG E\ 
RYHU WKH VDPH SHULRG )LJXUH  7KH DPRXQWV RI ZDWHU XVHG SHU XQLW RI YDOXH DGGHG YDU\ ZLGHO\ IURP
FRXQWU\ WR FRXQWU\ DQG FRPSDULVRQV DUH GLIILFXOW DV QDWLRQDO VWDWLVWLFV VRPHWLPHV LQFOXGH WKH XVH RI FRROLQJ
ZDWHU IRU SRZHU JHQHUDWLRQ


5HIHUHQFHV

2(&'  (QYLURQPHQWDO 'DWD &RPSHQGLXP  2(&' 3DULV
2(&'  )UHVKZDWHU 2XWORRN %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN IRU &KDSWHU 
     )UHVKZDWHU 2(&' 3DULV
2(&'  (QHUJ\ DQG &OLPDWH &KDQJH 7UHQGV 'ULYHUV 2XWORRN DQG 3ROLF\ 2SWLRQV %DFNJURXQG GRFXPHQW IRU
     WKH 2(&' (QYLURQPHQWDO 2XWORRN )RU &KDSWHU  (QHUJ\ DQG &KDSWHU  &OLPDWH &KDQJH 2(&' 3DULV
2(&'  (QYLURQPHQWDO 2XWORRN WR  IRU $LU 4XDOLW\ %DFNJURXQG UHSRUW IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN
     IRU &KDSWHU  $LU 4XDOLW\ 2(&' 3DULV
2(&'  :DVWH 7UHQGV DQG 2XWORRN %DFNJURXQG GRFXPHQW IRU WKH 2(&' (QYLURQPHQWDO 2XWORRN IRU &KDSWHU
      :DVWH 2(&' 3DULV




%# 6ˆ†‡…vhÃ8“rpuÃSrƒˆiyvpÃA…hprÃDpryhqÃQ‚yhqÃTy‚‰hxÃSrƒˆiyvpÃhqÃVv‡rqÃFvtq‚€




                                                                
6*6'),1$/



    )LJXUH  12[ HPLVVLRQV IURP PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXH DGGHG 




                                                                                                                             (( Ã2Ã 
                                                                                                                                                               P@89Ã@ˆ…‚ƒr

              (( Ã2Ã                                                                                                          !
                                                     P@89ÃU‚‡hy

                                                                                       Dqˆ†‡…vhyÉhyˆrÃhqqrq                   
                   !
                                                                                                                                '


                                                                                                                                %

                   
                                                                                                                                #


                                                                                                                                !


                   '                                                                                                             

                                                                                         IP‘Ãr€v††v‚†                                     ((      ((!         (("       ((#          (($       ((%       ((&             (('




                   %                                                                                                         (( Ã2à                   P@89ÃI‚…‡uÃ6€r…vph


                                                                                                                                 #


                                                                                                                                 !
                   #

                                                                                                                                 

                                                                                                                                 '
                   !
                                                                                                                                 %


                                                                                                                                 #


                                                                                                                                !

                            ((          ((!        (("          ((#        (($        ((%         ((&        (('                   

                                                                                                                                           ((       ((!         (("       ((#             (($    ((%          ((&             (('



         Ã6ˆ†‡…hyvhÃCˆth…’ÃEhƒhÃF‚…rhÃGˆ‘r€i‚ˆ…tÃHr‘vp‚ÃQ‚yhq

         Ty‚‰hxÃSrƒˆiyvpÃTrqrÃTv‡“r…yhqÃhqÃUˆ…xr’Ãh…rÁ‚‡Ãvpyˆqrq




                                                                                                                                                                                                                         D
                             IP‘Ãr€v††v‚†ÃvÃ‡urÀhˆshp‡ˆ…vtÃvqˆ†‡…’Ãr…ȁv‡Ã‚sÉhyˆrÃhqqrq                                                                                     9rp‚ˆƒyvtÃshp‡‚…


                             IP‘Ãr€v††v‚†Ãs…‚€Ã
                                                                                                                                                                           6ˆ†‡…hyvh                          QD

                           vqˆ†‡…vhyłpr††r†Ãhqà                                                                                        9rp‚ˆƒyvtÃ
                                                                                                                                                                             6ˆ†‡…vh
         8‚ˆ‡…’                                                  Hhˆshp‡ˆ…vtÃW6                      IP‘Ãr€v††v‚†W6                             D
                             rr…t’Ãp‚€iˆ†‡v‚ÃvÃ                                                                                              shp‡‚…                      7rytvˆ€

                                      vqˆ†‡…’                                                                                                                              8hhqh


                                 (('ÃÃÃÃÃÃà       (('ÃÃÃÃÃÃÃà         (('ÃÃÃÃà       (('ÃÃÃÃÃÃà          (('ÃÃÃÃÃÃÃÃà        (('ÃÃÃÃÃÃÃà                             8“rpuÃSrƒˆiyvp

                                                                                                       
                             ǂr†          (( Ã2à         ÃVT9           (( Ã2à        ‡  VT9              (( Ã2à                                       9r€h…x


                                                                                                                                                                            Avyhq
 6ˆ†‡…vh                               "!                ("           "$!                 %                 (                    '&                  "
                                                                                                                                                                             A…hpr
 7rytvˆ€                               '                            #" &                 %                     '$                ($                 $
                                                                                                                                                                           Br…€h’
 8hhqh                              $'                  (             ( "                "&                 #!%                   '&                  "
                                                                                                                                                                            B…rrpr

 8“rpuÃSrƒˆiyvp                        $#                "#           """%                 %                     %!                "!                 %'
                                                                                                                                                                           Cˆth…’                            QD

 9r€h…x                                %                "              ($$                 %                 '                     "              "                   Dpryhq

 Avyhq                               #                 ('           !#(                 $!                     %%                %$                 "$                D…ryhq


 A…hpr                                $(                '$       ! %&                    !                 &#                   '"                  &                     D‡hy’


 Br…€h’                             !"$                 %'       "'"%                    (                 %                    &%                 !#                 Ehƒh                           QD


 B…rrpr                                $%                 !             $'(                ''                 "$!                   !&             !&                    F‚…rh                           QD


                                                                                                                                                                        Gˆ‘r€i‚ˆ…t
 Dpryhq                                                 $%             ($                $                  &&                   "%             "%                                                    QD


                                                                                                                                                                             Hr‘vp‚
 D…ryhq                                                '&           !"#&                 '#                 #                    #&                 $"                                                 QD

                                                                                                                                                                        Ir‡ur…yhq†
 D‡hy’                               !"                 %        !"&'%                                      '$                   %                  "(
                                                                                                                                                                       IrÃarhyhq
 Ir‡ur…yhq†                           %                 %$           $&(                 (                     &                $(                 #
                                                                                                                                                                            I‚…h’
 IrÃarhyhq                           #                 !!             &"                 $                 "&'                   %             %
                                                                                                                                                                             Q‚yhq                           QD

 I‚…h’                                !%                 %             !"                !%                 ! $                   ("                 &
                                                                                                                                                                           Q‚…‡ˆthy

 Q‚…‡ˆthy                              #"                !           !%%!                  $                     %"                #             #
                                                                                                                                                                  Ty‚‰hxÃSrƒˆiyvp                             QD

 Tƒhv                               !&                 (%             '&#                ((                     &#                (&                 "                 Tƒhv

 Vv‡rqÃFvtq‚€                      !!%                 '%       ! !#'                    !                      %                &&                 !"               Trqr
                                                                                                                                                                                                              QD

 Vv‡rqÃT‡h‡r†                      "$"$                 $       "%#%&                    !                 !$(                   ''                  !           Tv‡“r…yhq
                                                                                                                                                                                                              QD
         E
 U‚‡hy                              $$"#                 (&      !($$%                                           '&                ''                                     Uˆ…xr’
                                                                                                                                                                                                              QD

                                                                                                                                                                     Vv‡rqÃFvtq‚€
 hÃUurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A@Q9AÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†Ã

 urÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà                                                                                                            Vv‡rqÃT‡h‡r†


 Hhˆshp‡ˆ…vtÃvqˆ†‡…’Ãp‚€ƒ…v†r†ÃhyyÃvqˆ†‡…vr†ÃvÃ‡urÃD‡r…h‡v‚hyÃT‡hqh…qÃDqˆ†‡…vhyÃ8yh††vsvph‡v‚ÃDTD8ÃUhiˆyh‡v‚Ã8h‡rt‚…’Ã9à                                                                                      


 t…‚ˆƒ†Ã $"&                                                                                                                                                                            I‚Ãqrp‚ˆƒyvt          9rp‚ˆƒyvt

 iÃU‚‡hyDžrq†Ãphypˆyh‡rȆvtƂ€rÃP@89ÃTrp…r‡h…vh‡Ãr†‡v€h‡r†

 ÃÃÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

 6RXUFH )ÃP@89




                                                                                                          
                                                                                                                                          6*6'),1$/


)LJXUH  :DVWH JHQHUDWHG E\ PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXH DGGHG 
                                                                                                                                                     D
                                                                                                                    9rp‚ˆƒyvtÃshp‡‚…




                                                                                                                    6ˆ†‡…hyvh                     h

                                                                                                                     6ˆ†‡…vh                      h

                                                                                                                    7rytvˆ€                       h
        (($Ã2à                         ÃP@89Ãp‚ˆ‡…vr†
                                                                                                                    8hhqh                        h



          
                                                                                                            8“rpuÃSrƒˆiyvp                        h
                                                                      Hhˆshp‡ˆ…vtÉhyˆrÃ
                                                                                                                   9r€h…x
                                                                             hqqrq
                                                                                                                     Avyhq



                                                                                                                  A…hpr                       h


                                                                                                                   Br…€h’                        h


                                                                                                                     B…rrpr                       h


                                                                                                                  Cˆth…’


                                                                    Xh†‡rÃtrr…h‡rqÃi’à                              Dpryhq

                                                                   €hˆshp‡ˆ…vtÃvqˆ†‡…’                            D…ryhq


                                                                                                                        D‡hy’


                                                                                                                         Ehƒh
                                                                                                                                                  h

                                                                                                                         F‚…rh


                                                                                                               Gˆ‘r€i‚ˆ…t                       h


                                                                                                                     Hr‘vp‚
                                                                                                                                                  h

                                                                                                                 Ir‡ur…yhq†


                                                                                                            IrÃarhyhq                         h

                                                                                                                     I‚…h’


                                                                                                                     Q‚yhq                       h

                                                                                                                   Q‚…‡ˆthy


                                                                                            Ty‚‰hxÃSrƒˆiyvp                       h

                                                                                                                         Tƒhv
                                                                                                                                                  h

                                                                                                                    Trqr                        h

                                                                                                                 Tv‡“r…yhq                      h
 Ã9r€h…xÃAvyhqÃCˆth…’ÃDpryhqÃD…ryhqÃD‡hy’ÃEhƒhÃF‚…rhÃIr‡ur…yhq†ÃI‚…h’
                                                                                                                     Uˆ…xr’                       h
 hqÃQ‚…‡ˆthy
                                                                                                            Vv‡rqÃFvtq‚€                        h

                                                                                                              Vv‡rqÃT‡h‡r†                       h


                                                                                                                                                                 


                                                                                                                              I‚Ãqrp‚ˆƒyvt         9rp‚ˆƒyvt




                                    Brr…h‡v‚Ã‚sÀhˆshp‡ˆ…vtÐh†‡rÃr…ȁv‡Ã‚sÉhyˆrÃhqqrq


                             Brr…h‡v‚Ã‚sà                                                                                                               9rp‚ˆƒyvtÃÃÃÃÃÃÃ
   8‚ˆ‡…’                                                     Hhˆshp‡ˆ…vtÃW6                     Hhˆshp‡ˆ…vtÃXh†‡rW6                                         D
                       €hˆshp‡ˆ…vtÐh†‡r                                                                                                                    shp‡‚…

                                                                                                       (('ÃÃÃÃÃÃÃ
                            (('ÃÃÃÃÃÃÃ        (('ÃÃÃÃÃÃÃ       (('ÃÃÃÃÃ           (('ÃÃÃÃÃÃÃÃ                                     (('ÃÃÃÃÃÃÃÃ
                                                                                                     ‡‚r†ÃÃÃÃ
                                                             
                       ǂr†           (($Ã2à          ÃVT9         (($Ã2à                               (($Ã2à 
                                                                                                       VT9

9r€h…x                        !&'"                  (            ($$"                     &              #                          !                             !

Avyhq                        $(                   #        !#(                             $          %#                          !!                             !!

Cˆth…’                        !!'                  "        ! '(                            (          (                          !$                             &$

Dpryhq                                                          ($#                         $                                     '&                              "

D…ryhq                        $   "                 "$        !"#&                         ""             !!                                                        

D‡hy’                        !!(("                   #       !"&'$(                        ((                                        $                             $

Ehƒh                        !$#$                   ($       %&      ($                    ((              (                          ($                                    

F‚…rh                        "$&%!                   ('        %%& %                                      !                           '(                             

Ir‡ur…yhq†                    (&&(                    #       $&(!                        #              &                                                         

I‚…h’                         "#"                  "            !!(&                                   !'                          !                             !

Q‚…‡ˆthy                       !'#                  (%        !%%!#                        (             #'                          ''                              !

U‚‡hy                       !"$%"                   ('       !%!#&                        !              (                          (%

hÃÃ9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A@Q9AÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…r

ÃÃÃÃÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÂppˆ…†ÃurÃ‡urÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãƒ‚†v‡v‰r

W6Ã2ÉhyˆrÃhqqrq

Hhˆshp‡ˆ…vtÃvqˆ†‡…’Ãp‚€ƒ…v†r†ÃhyyÃvqˆ†‡…vr†ÃvÃ‡urÃD‡r…h‡v‚hyÃT‡hqh…qÃDqˆ†‡…vhyÃ8yh††vsvph‡v‚ÃDTD8Ã

Uhiˆyh‡v‚Ã8h‡rt‚…’Ã9Ãt…‚ˆƒ†Ã $"&

ÃÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

6RXUFH )ÃÃP@89




                                                                              
6*6'),1$/


         )LJXUH  &2 HPLVVLRQV IURP HQHUJ\LQWHQVLYH LQGXVWULHV YHUVXV YDOXH DGGHG 
                                                                                                                     D
                                                                                          9rp‚ˆƒyvtÃshp‡‚…




     (($Ã2Ã   
                                      B&Ãp‚ˆ‡…vr†                                              8hhqh



       

                                                                                                 A…hpr




       
                                                       WhyˆrÃhqqrq
                                                                                               Br…€h’




       
                                                                                                    D‡hy’




        
                                                                                                  Ehƒh




                                                     8PÃr€v††v‚†
        
                                                                                         Vv‡rqÃFvtq‚€




                                                                                         Vv‡rqÃT‡h‡r†




                                                                                                                
                                                                                                                                    
        
                                                                             I‚Ãqrp‚ˆƒyvt            9rp‚ˆƒyvt




                          &2 HPLVVLRQV RI HQHUJ\LQWHQVLYH LQGXVWULHV SHU XQLW RI YDOXH DGGHG


                                         &2 HPLVVLRQV RI HQHUJ\                        9DOXH DGGHG                               'HFRXSOLQJ
                   &RXQWU\
                                           LQWHQVLYH LQGXVWULHV                                                                IDFWRUD

                                            0W                                        
                                         RI &2                           86'
                                                                                     
                                                                                               
       &DQDGD                                                                                                               
       )UDQFH                                                                                                               
       *HUPDQ\                                                                                                              
       ,WDO\                                                                                                                  
       -DSDQ                                                                                                              
       8QLWHG .LQJGRP                                                                                                         
       8QLWHG 6WDWHV                                                                                                       

       D 'HFRXSOLQJ IDFWRU LV GHILQHG DV (3')(3') ZKHUH (3 HQYLURQPHQWDO SUHVVXUH DQG
       ') GULYLQJ IRUFH 'HFRXSOLQJ RFFXUV ZKHQ WKH YDOXH RI WKH GHFRXSOLQJ IDFWRU LV EHWZHHQ  DQG 
            6KDGHG ILJXUHV LQGLFDWH DEVROXWH GHFRXSOLQJ
       (QHUJ\LQWHQVLYH LQGXVWULHV LQFOXGH IRRG DQG EHYHUDJHV ,6,&  3XOS SDSHU ,6,& 
       &KHPLFDO ,6,&  1RQPHWDOOLF PLQHUDOV ,6,&  DQG %DVLF PHWDOV ,6,& 
       6RXUFH  2(&' 67, 'LUHFWRUDWH 67$1 GDWDEDVH DQG ,($




                                                                          
                                                                                                                                                  6*6'),1$/


)LJXUH  )UHVKZDWHU DEVWUDFWLRQ E\ PDQXIDFWXULQJ LQGXVWU\ YHUVXV PDQXIDFWXULQJ YDOXH DGGHG 
                                                                                                                                      D
                                                                                                       9rp‚ˆƒyvtÃshp‡‚…




                                                                                                                            6ˆ†‡…vh

                                 &ÃP@89Ã@ˆ…‚ƒrÃp‚ˆ‡…vr†

       (("Ã2Ã     
                                                                              Dqˆ†‡…vhyÉhyˆrÃ

             !                                                                   hqqrq
                                                                                                                    8“rpuÃSrƒˆiyvp




             


                                                                                                                            A…hpr




             '



                                                                   A…r†uh‡r…Ãhi†‡…hp‡v‚Ãi’Ã
                                                                                                                            Dpryhq
                                                                    €hˆshp‡ˆ…vtÃvqˆ†‡…’
             %




             #
                                                                                                                            Q‚yhq




             !


                                                                                                                    Ty‚‰hxÃSrƒˆiyvp




             

                       (("       ((#            (($        ((%          ((&          (('

                                                                                                                    Vv‡rqÃFvtq‚€




   6ˆ†‡…vhÃ8“rpuÃSrƒˆiyvpÃA…hprÃDpryhqÃQ‚yhqÃTy‚‰hxÃSrƒˆiyvpÃhq
                                                                                                                                                               

   Vv‡rqÃFvtq‚€
                                                                                                                          I‚Ãqrp‚ˆƒyvt           9rp‚ˆƒyvt




                             A…r†uh‡r…Ãhi†‡…hp‡v‚ÃvÃ‡urÀhˆshp‡ˆ…vtÃvqˆ†‡…’Ãr…ȁv‡Ã‚sÉhyˆrÃhqqrq


                                                                                                                                                               9rp‚ˆƒyvtÃ
           8‚ˆ‡…’             A…r†uh‡r…Ãhi†‡…hp‡v‚               Hhˆshp‡ˆ…vtÃW6                                 6i†‡…hp‡v‚W6                                       D
                                                                                                                                                                shp‡‚…

                                  (('ÃÃÃÃÃÃÃÃ         (('ÃÃÃÃÃÃÃ     (('ÃÃÃÃÃ           (('ÃÃÃÃÃÃÃ                  (('ÃÃÃÃÃÃÃÃÃÃÃ               (('ÃÃÃÃÃÃÃÃ
                                                                                                                  
                                  À            (("Ã2à         ÃVT9         (("Ã2à              €   VT9                        (("Ã2à 

   6ˆ†‡…vh                              "                           "$!                     $                        "& !                       '%                  #

   8“rpuÃSrƒˆiyvp                       $$                 &(          """%                 !$                            $ #                       %#                 "%

   A…hpr                              "'(                 (&       ! %&                                                '                       ''                  !

   Dpryhq                                                            ($                 !%                            #'                       &(                 !

   Q‚yhq                               ( "                 &(          %#(                                             $                        &(                 !

   Ty‚‰hxÃSrƒˆiyvp                      %'$                 ''            $                  "'                           $($                        %"                 "&

   Vv‡rqÃFvtq‚€                       (&                  $       ! !#'                       !                         #!&                       "                 "

   U‚‡hy                               '!                  (#       $%('(                                                 ##                        '$

   Ã9rp‚ˆƒyvtÃshp‡‚…Ãv†ÃqrsvrqÃh†Ã @Q9A @Q9AÐur…rÃ@QÃ2Ãr‰v…‚€r‡hyÅr††ˆ…rÃhqÃ9AÃ2Ãq…v‰vtÃs‚…prÃÃ9rp‚ˆƒyvtÃ

   ‚ppˆ…†ÃurÃ‡urÉhyˆrÂsÇurÃqrp‚ˆƒyvtÃshp‡‚…Ãv†Ãir‡rrÃÃhqà 

   W6Ã2ÉhyˆrÃhqqrq

   Hhˆshp‡ˆ…vtÃvqˆ†‡…’Ãp‚€ƒ…v†r†ÃhyyÃvqˆ†‡…vr†ÃvÃ‡urÃD‡r…h‡v‚hyÃT‡hqh…qÃDqˆ†‡…vhyÃ8yh††vsvph‡v‚ÃDTD8Ã

   Uhiˆyh‡v‚Ã8h‡rt‚…’Ã9Ãt…‚ˆƒ†Ã $"&

   ÃÃÃÃÃÃÃTuhqrqÃsvtˆ…r†Ãvqvph‡rÃhi†‚yˆ‡rÃqrp‚ˆƒyvt

   6RXUFH )ÃÃP@89




                                                                                 
6*6'),1$/


                $33(1',;  '(&283/,1* ,1',&$7256 $1' 27+(5 ,1',&$725 6(76                                                                                         %$




                                                                                                                                         P@89         VI                  @V

                                                                                                                                                     r
                                                                                                                                               ‰      y                        y
                                                                                                                                                     i                        h
                                                                                                                                                                               ‡
                                                                                                                                                                       r
                                                                                                                                               r
                                                                                                                                               Ã
                                                                                                                                                      h                …       H
                                                                                                                                              y                      ˆ       r †
                                                                                                                                        ‰             v                           y
                                                                                                                                               h                       †
                                                                                                                                              …      h
                                                                                                                                                      ‡   ‡            †       €h
                                                                                                                                        r
                                                                                                                                        Ã
                                                                                                                                               ‚
                                                                                                                                               ‡      †               r        
                                                                                                                                        s             ˆ                …       ‚ vt
                                                                                                                                               pE         r
                                                                                                                                        ‚D †
                                                                                                                                        à      r †    T
                                                                                                                                                              F
                                                                                                                                                              †        Q
                                                                                                                                                                         G     …
                                                                                                                                                                               v T
                                                                                                                                        ‡ …           à   €            à †     ‰ 
                                                                                                                                               † …            …         …
                                                                                                                                        r ‚    à ‚
                                                                                                                                               s ‡    9   ƒ   ‚        ‰ ‚      †
                                                                                                                                        † ‡
                                                                                                                                        à h    ‚      T
                                                                                                                                                          ‚
                                                                                                                                                          y   ‡         ‡     @ r
                                                                                                                                               Ã h        r   h            h   Ã
                                                                                                                                                                                  €
                                                                                                                                        r p    † p    8       p        @ p
                                                                                                                                                                       Ã v
                                                                                                                                        … v    ‡ v        ‰   v                6 r
                                                                                                                                        ‚ q    r q    I   r   q        V q     @ u
                                                                                                                                        8 v   T v   V   9   
                                                                                                                                                              v        @ v    @ U


 (8PIPH`XD9@Ã'@8PVQGDIBÃ,I9D86UPST
 &GDH6U@Ã8C6IB@
 U‚‡hyÃt…rru‚ˆ†rÃth†ÃBCBÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9QÃhqÃr…Ãphƒv‡h

 U‚‡hyÃ8PÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9QÃhqÃr…Ãphƒv‡h


 $DSÃQPGGVUDPI
 U‚‡hyÃIP[Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q

 U‚‡hyÃTP[Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q

 U‚‡hyÃr€v††v‚†Ã‚sÃsvrÃh…‡vpˆyh‡rÀh‡‡r…Ãr…ȁv‡Ã‚sÃB9Q

 U‚‡hyÃWP8Ãr€v††v‚†Ãƒr…ȁv‡Ã‚sÃB9Q


 :6U@SÃRV6GDU`
 Q‚ƒˆyh‡v‚ÃIPUÃp‚rp‡rqǂÆrhtrDžrh‡€r‡Ãƒyh‡†Ã‰r…†ˆ†Ã‡‚‡hyƒˆyh‡v‚

 9v†puh…tr†Ã‚sÁˆ‡…vr‡†Ãs…‚€Ãu‚ˆ†ru‚yq†Ãv‡‚ÇurÃr‰v…‚€r‡Ã‰r…†ˆ†Ã‡‚‡hyƒˆyh‡v‚


 :6TU@ÃH6I6B@H@IU
 HˆvpvƒhyÐh†‡rÃt‚vtǂÃsvhyÃqv†ƒ‚†hyÉr…†ˆ†Ãƒ…v‰h‡rÃsvhyÃp‚†ˆ€ƒ‡v‚ÃQA8

      -à   HˆvpvƒhyÐh†‡rÃt‚vtǂÃsvhyÃqv†ƒ‚†hyÃr…ȁv‡Ã‚sÀˆvpvƒhyÐh†‡rÃtrr…h‡rq

      -à   HˆvpvƒhyÐh†‡rÃtrr…h‡v‚Ã‰r…†ˆ†ÃQA8Ãhqƒˆyh‡v‚

 6€‚ˆ‡Ã‚sÃtyh††ÃIPUÃp‚yyrp‡rqÃs‚…Ã…rp’pyvtÉr…†ˆ†ÃQA8


 06U@SD6GÃVT@
 9v…rp‡ÃHh‡r…vhy†ÃDƒˆ‡Ã9HDÃr…ȁv‡Ã‚sÃB9Q

 @p‚y‚tvphyÃA‚‚‡ƒ…v‡Ã€vˆ†Ãrr…t’Ãp‚€ƒ‚r‡Ãr…ȁv‡Ã‚sÃB9Q


 16UVS6GÃS@TPVS8@T
 Xh‡r…Ã…r†‚ˆ…pr†

 U‚‡hyÃs…r†uh‡r…Ãhi†‡…hp‡v‚Ãƒr…ȁv‡Ã‚sÃB9Q

      -à   A…r†uh‡r…Ãhi†‡…hp‡v‚Ãh†ÃhÆuh…rÂsÃh‰hvyhiyrÅr†‚ˆ…pr†

 A‚…r†‡†ÃhqÃs‚…r†‡Ãƒ…‚qˆp‡†

 6€‚ˆ‡Ã‚sÃhƒr…ph…qi‚h…qÃIPUÅrp’pyrqÉr…†ˆ†ÃB9Q

      -à   D‡r†v‡’ÂsȆrÃuh…‰r†‡hˆhyÃt…‚‡u

      -à   Tuh…rÂsÃyh‡h‡v‚ÃÉƈ†‡hvhiy’ÀhhtrqÃs‚…r†‡†ÃvÃ‡‚‡hyÃs‚…r†‡Ãh…rh

 Av†ur…vr†

      -à   8‚‡r‘‡Ãvs‚…€h‡v‚Ãsv†ur…vr†Ã†rp‡‚…

 7v‚qv‰r…†v‡’

 Q…r††ˆ…rÉr…†v‚Ã‚sÇurÃIh‡ˆ…hyÃ8hƒv‡hyÃDqr‘Ãr…ȁv‡Ã‚sÃB9Q




%$   I‚‡r)ÃD‡r…€rqvh‡rÃhqÃp‚‡r‘‡Ãvqvph‡‚…†Ãh…rÃvÃv‡hyvpÃs‚‡Ãà   )Ãvqvph‡‚…†Ã‡uh‡Ãh…rÃih†rqÃvqr‡vphy…Æv€vyh…Éh…vhiyr†

      hÃP@89Ã8‚…rÆr‡Ã‚sÃr‰v…‚€r‡hyÃvqvph‡‚…†0ÃiÃP@89Ær‡†Ã‚sÆrp‡‚…hyÃr‰v…‚€r‡hyÃvqvph‡‚…†Ã‡…h†ƒ‚…‡Ãrr…t’Ãht…vpˆy‡ˆ…rÃu‚ˆ†ru‚yqÃp‚†ˆ€ƒ‡v‚0ÃpÃVI

      8T9ÃGv†‡Ã‚sÃvqvph‡‚…†Ã‚sƈ†‡hvhiyrÃqr‰ry‚ƒ€r‡0ÃqÃ@ˆ…‚ƒrhÃ8‚€€v††v‚@ˆ…‚†‡h‡Ã@‰v…‚€r‡hyÅr††ˆ…rÃvqvph‡‚…†Ãs‚…ÇurÃ@ˆ…‚ƒrhÃVv‚Ã! 0Ãr

      @ˆ…‚ƒrhÃ@‰v…‚€r‡Ã6trp’ÃUur€r†Ãs‚…Ãvqvph‡‚…†ÃhqÃ@‰v…‚€r‡hyÃTvthy†Ã!ÃhqÃ! Ãrqv‡v‚




                                                                                        
                                                                                                     6*6'),1$/


                                                                                               P@89         VI             @V

                                                                                                           r
                                                                                                     ‰      y                   y
                                                                                                           i                   h
                                                                                                                                ‡
                                                                                                                        r
                                                                                                     r
                                                                                                     Ã
                                                                                                            h           …       H
                                                                                                    y                 ˆ       r †
                                                                                              ‰             v                      y
                                                                                                     h                  †
                                                                                                    …      h
                                                                                                            ‡   ‡       †       €h
                                                                                              r
                                                                                              Ã
                                                                                                     ‚
                                                                                                     ‡      †          r        
                                                                                              s             ˆ           …       ‚ vt
                                                                                                     pE         r
                                                                                              ‚D †
                                                                                              à      r †    T
                                                                                                                    F
                                                                                                                    †
                                                                                                                          G
                                                                                                                        Q †
                                                                                                                                …
                                                                                                                                v T
                                                                                              ‡ …           à   €       à …     ‰ 
                                                                                                     † …            …   
                                                                                              r ‚    à ‚
                                                                                                     s ‡    9   ƒ   ‚   ‰ ‚      †
                                                                                              † ‡
                                                                                              à h    ‚      T
                                                                                                                ‚
                                                                                                                y   ‡    ‡     @ r
                                                                                                     Ã h        r   h       h   Ã
                                                                                                                                   €
                                                                                              r p    † p    8       p   @
                                                                                                                        Ã p
                                                                                              … v    ‡ v        ‰   v       v   6 r
                                                                                              ‚ q    r q    I   r   q   V q     @ u
                                                                                              8 v   T v   V   9   
                                                                                                                    v   @ v    @ U


'@8PVQGDIBÃDI9D86UPSTÃAPSÃTQ@8DAD8ÃT@8UPST
(I@SB`
8PÃTP[ÃhqÃIP[Ãr€v††v‚†Ãs…‚€Ãrr…t’ȆrÃr…ȁv‡Ã‚sÃB9Q

   -à    @€v††v‚†Ã‰r…†ˆ†Ã‡‚‡hyÅv€h…’Ãrr…t’ƈƒƒy’ÃUQ@T

   -à    ÃUQ@TÉr…†ˆ†Ã‡‚‡hyÃsvhyÃp‚†ˆ€ƒ‡v‚ÃUA8

   -à    ÃUA8Ér…†ˆ†ÃB9Q

@r…t’…ryh‡rqÃ8PÃr€v††v‚†Ãs…‚€Ã‡urÅr†vqr‡vhyÃhqÃp‚€€r…pvhyÆrp‡‚…†Ãƒr…Æ„ˆh…rÀr‡…r

‚sÃsy‚‚…Ãh…rh

   -à    @€v††v‚†Ãƒr…ȁv‡Ã‚sÃUA8Ãi’ÇurÅr†vqr‡vhyÃhqÃp‚€€r…pvhyÆrp‡‚…†

   -à    UA8Ãi’ÇurÅr†vqr‡vhyÃhqÃp‚€€r…pvhyÆrp‡‚…†Ãƒr…Æ„ˆh…rÀr‡…rÂsÃsy‚‚…Ãh…rh

8PÃr€v††v‚†Ãs…‚€Ãryrp‡…vpv‡’Ãtrr…h‡v‚

   -à    8PÃr€v††v‚†Ãƒr…ȁv‡Ã‚sÃs‚††vyÃsˆry†ÃAAÃvƒˆ‡

   -à    AAÃvƒˆ‡Ãƒr…ȁv‡Ã‚sÃryrp‡…vpv‡’Ãtrr…h‡rqÃs…‚€ÃAA

   -à    Tuh…rÂsÃs‚††vyÃsˆry†ÃvÃryrp‡…vpv‡’Ãtrr…h‡v‚

7S6ITQPSU
@€v††v‚†Ã‚sÃ8PÃIP[ÃWP8†Ãs…‚€Ãƒh††rtr…Ãph…†ÃhqÃs…rvtu‡Ã‰ruvpyr†Ãp‚€ivrqÃr…ȁv‡

‚sÃB9Q

   -Ã                        
         @€v††v‚†Ãƒr…Éruvpyr xvy‚€r‡…r

   -Ã          
         Wruvpyr xvy‚€r‡…r†Ãƒr…ȁv‡Ã‚sÃB9Q

Qh††rtr…Ãph……ryh‡rqÃr€v††v‚†Ã‚sÃIP[ÃhqÃWP8†Ãƒr…ȁv‡Ã‚sÃB9Q

   -à @€v††v‚†Ãs…‚€Ãƒh††rtr…Ãph…†Ãƒr…ÃÅv‰h‡rÃh††rtr…xvy‚€r‡…r
   -à Tuh…rÂsÅv‰h‡rÃh††rtr…Ç…h†ƒ‚…‡ÃvÃ‡‚‡hyÃh††rtr…xvy‚€r‡…r†
   -à U‚‡hyÃh††rtr…xvy‚€r‡…r†Ãƒr…ȁv‡Ã‚sÃB9Q
A…rvtu‡Ã…‚hqDžh†ƒ‚…‡…ryh‡rqÃr€v††v‚†Ã‚sÃIP[ÃhqÃWP8†Ãƒr…ȁv‡Ã‚sÃB9Q

   -à @€v††v‚†Ãs…‚€Ãs…rvtu‡Ã‰ruvpyr†Ãƒr…Ã…‚hqǂrx€
   -ÃTuh…rÂsłhqÃs…rvtu‡Ã‡…h†ƒ‚…‡ÃvÃ‡‚‡hyÃs…rvtu‡Ã‡…h†ƒ‚…‡
   -à U‚‡hyǂrxvy‚€r‡…r†Ãƒr…ȁv‡Ã‚sÃB9Q
$ BSD8VGUVS@
T‚vyƈ…shprÁv‡…‚trÃ†ˆ…ƒyˆ†Ã‰r…†ˆ†Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡

   -à    Iv‡…‚trÃrssvpvrp’)Æuh…rÂsȃ‡hxrǂÃvƒˆ‡

Hr‡uhrÃhqÁv‡…‚ˆ†Ã‚‘vqrÃr€v††v‚†Ãs…‚€Ãht…vpˆy‡ˆ…rÉr…†ˆ†Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡

Xh‡r…Ãv‡r†v‡’)ǂ‡hyÃht…vpˆy‡ˆ…hyÐh‡r…ȆrÉr…†ˆ†Ãht…vpˆy‡ˆ…hyˆ‡ƒˆ‡

Ar…‡vyv†r…Ãv‡r†v‡’)Ãhƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃp‚€€r…pvhyÃsr…‡vyv†r…ÃIQFÉr…†ˆ†ÃsvhyÃp…‚ƒ

‚ˆ‡ƒˆ‡

Qr†‡vpvqrÃv‡r†v‡’)Ãhƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃr†‡vpvqrÉr…†ˆ†ÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡


  -à Tuh…rÂsÇurǂ‡hyÃht…vpˆy‡ˆ…hyÃh…rhȁqr…Â…thvpÃsh…€vt
06IVA68UVSDIB
IP[Ãr€v††v‚†Ãs…‚€Ã€hˆshp‡ˆ…vtÃvqˆ†‡…’Ér…†ˆ†Ã€hˆshp‡ˆ…vtÉhyˆr hqqrq     
Xh†‡rÃtrr…h‡rqÃi’Àhˆshp‡ˆ…vtÃvqˆ†‡…’Ér…†ˆ†Ã€hˆshp‡ˆ…vtÉhyˆr hqqrq     
                               
8PÃr€v††v‚†Ãs…‚€Ãrr…t’ v‡r†v‰rÃvqˆ†‡…vr†Ã‰r…†ˆ†Ã‰hyˆrhqqrq

   -à    8PÃr€v††v‚†Ã‰r…†ˆ†Ãrr…t’Ãp‚†ˆ€ƒ‡v‚

   -Ã                                     
         @r…t’Ãp‚†ˆ€ƒ‡v‚Ã‚sÃrr…t’ v‡r†v‰rÃvqˆ†‡…’Ér…†ˆ†Ã‰hyˆr hqqrq
A…r†uh‡r…Ãhi†‡…hp‡v‚Ãi’Àhˆshp‡ˆ…vtÃvqˆ†‡…’Ér…†ˆ†Ã€hˆshp‡ˆ…vtÉhyˆr hqqrq  




                                                                    
6*6'),1$/


                                                                                   7(&+1,&$/ $11(;



                                                                                    B@I@S6GÃDIAPSH6UDPI

   ½   à   8‚ˆ‡…’Ã…rtv‚Ãp‚qr†Ãˆ†rqÃh…rÃh†Ãs‚yy‚†)


           86I)       8hhqh                                                       ADI)        Avyhq                                                  QPG)   Q‚yhq

           H@Y)       Hr‘vp‚                                                       AS6)        A…hpr                                                   QSU)   Q‚…‡ˆthy

           VT6)       Vv‡rqÃT‡h‡r†                                                9@V)        Br…€h’                                                  TGP)   Ty‚‰hxÃSrƒˆiyvp

           EQI)       Ehƒh                                                        BS8)        B…rrpr                                                   @TQ)   Tƒhv

           FPS)       F‚…rh                                                        CVI)        Cˆth…’                                                  TX@)   Trqr

           6VT)       6ˆ†‡…hyvh                                                    DTG)        Dpryhq                                                  8C@)   Tv‡“r…yhq

           IaG)       IrÃarhyhq                                                  DSG)        D…ryhq                                                  UVS)   Uˆ…xr’

           6VU)       6ˆ†‡…vh                                                      DU6)        D‡hy’                                                    VF9)   Vv‡rqÃFvtq‚€

           7@G)       7rytvˆ€                                                      GVY)        Gˆ‘r€i‚ˆ…t

           8a@)       8“rpuÃSrƒˆiyvp                                               IG9)        Ir‡ur…yhq†

           9IF)       9r€h…x                                                      IPS)        I‚…h’



   ½   à   8‚ˆ‡…’Ãhtt…rth‡r†


   P@89)              6yyÃP@89ÃHr€ir…Ãp‚ˆ‡…vr†ÐuvpuÃvpyˆqrÇurÃP@89Ã@ˆ…‚ƒròÃvrÃp‚ˆ‡…vr†Ã‚sÇurÃ@ˆ…‚ƒrhÃVv‚Ã@VÃyˆ†Ã8“rpuÃSrƒˆiyvpÃCˆth…’

                      DpryhqÃI‚…h’ÃQ‚yhqÃTy‚‰hxÃSrƒˆiyvpÃTv‡“r…yhqÃhqÃUˆ…xr’òÃyˆ†Ã8hhqhÃHr‘vp‚ÇurÃVv‡rqÃT‡h‡r†ÃEhƒhÃF‚…rhÃ6ˆ†‡…hyvhÃhq

                      IrÃarhyhq



   ½   à   Tvt†


           0Áh   ‚‡Ãh‰hvyhiyr                                                à          qrpv€hyÂv‡                                            VT9    VTÃq‚yyh…

                     vy…Ártyvtviyr                                            Ãhƒƒ     ‚‡Ãhƒƒyvphiyr



   ½   à   6ii…r‰vh‡v‚†


   8A8         Ãpuy‚…‚syˆ‚…‚ph…i‚                                        H‡‚r              Àvyyv‚Ã‡‚r†Ã‚sÂvyÃr„ˆv‰hyr‡                 Q‚ƒ       ƒˆyh‡v‚

   8P          Ãph…i‚Ã€‚‚‘vqr                                           I                 Áv‡…‚tr                                         QQQ       ȅpuh†vtr…Ãh…v‡vr†

   8P!Ãph…i‚Ãqv‚‘vqr                                                     I!P               Áv‡…‚ˆ†Ã‚‘vqr                                    TP‘       ƈyƒuˆ…‘vqr†

   8C#         Àr‡uhr                                                   IP‘               Áv‡…‚trÃ‚‘vqr†                                  ‡         ǂr

   B9Q         Ãt…‚††Ãq‚€r†‡vpłqˆp‡                                    IHWP8             Á‚€r‡uhrɂyh‡vyr…thvp                     ‰rux€ Éruvpyrxvy‚€r‡…r

   BCB         Ãt…rru‚ˆ†rÃth†                                                              p‚€ƒ‚ˆq†

   C8A8        Ãu’q…‚puy‚…‚syˆ‚…‚ph…i‚                                   QA8               Åv‰h‡rÃsvhyÃp‚†ˆ€ƒ‡v‚



   ½   à   Vv‡†

                                                                                                                                                                             
   t           Ãt…h€Ã ÃtÃ2Ã"$"ˆpr†                                xXu           Ãxvy‚h‡‡Ãu‚ˆ…                                        €          ÃpˆivpÀr‡…rà À Ã2à "&(Ãpˆivp

   mt          Àvp…‚t…h€Ã à    mtÃ2à    Ãt
                                               
                                                                                              ÃxXuÃ2à "ÃÃXuÃ2Ã'$('                                     ’h…q†

                                          
   €t          Àvyyvt…h€Ã ÀtÃ2à  Ãt                                                    xvy‚phy‚…vr†                                      U‚r        ǂrÂsÂvyÃr„ˆv‰hyr‡

                                                                                                                                                                                     
   uh          Ãurp‡h…rà ÃuhÃ2à Ãx€                                  yv‡…r         à ÃyÃ2à Ãq€ Ã2à À                                          ÃU‚rÃ2à  ÃxphyÃ2Ã# '%' 

   xt          Ãxvy‚t…h€                                                  x€            Ãxvy‚€r‡…r                                                       w‚ˆyr†

                    ÃxtÃ2à ÃÃtÃ2Ã!!#%ˆq†                                           Ãx€Ã2à ÃÀÃ2Ã%! #Àvyr†                   ‡‚r      Àr‡…vpǂ

                                                                               
                                                                           x€            Ƅˆh…rÃxvy‚€r‡…r                                                 ÇÃ2à ÃÃxtÃ2Ã('#!Ãy‚tǂ
                                                                                                   
                                                                                              Ãx€ Ã2Ã"'% Ƅˆh…rÀvyr†                                 2à  !"Æu‚…‡Ã‡‚



   ½   à   Qr…Ãphƒv‡hÉhyˆr†Ãhqƒˆyh‡v‚Ãqh‡h


           6yyÃr…Ãphƒv‡hÃvs‚…€h‡v‚Ãˆ†r†ÃP@89ƒˆyh‡v‚Ãqh‡h)ÃhyyÁh‡v‚hy†Ãƒ…r†r‡ÃvÃ‚…Çr€ƒ‚…h…vy’Ãhi†r‡Ãs…‚€ÃhÃp‚ˆ‡…’ÃhqÃhyvr†Ãƒr…€hr‡y’Ær‡‡yrq

           vÃ‡urÃp‚ˆ‡…’



   ½   à   B9QÃqh‡h


           Uurà vs‚…€h‡v‚Ã ‚Ã B9Qà Q…v‰h‡rà Avhyà 8‚†ˆ€ƒ‡v‚Ã QA8à ht…vpˆy‡ˆ…hyà ‚ˆ‡ƒˆ‡Ã hqà €hˆshp‡ˆ…vtà ‰hyˆrà hqqrqà W6à ˆ†rqà vÃ ‡uv†Ã q‚pˆ€r‡Ã v†

           ih†rqà ur…rà h‰hvyhiyrà ‚Ã P@89ÃIh‡v‚hyà 6pp‚ˆ‡†Ã qh‡hà h‡Ã                      (($Åvpr†Ã hqà    (($à ƒˆ…puh†vtr…à ƒh…v‡vr†Ã QQQ†à B9Qà svtˆ…r†Ã s‚…à ‡urà 8“rpu

           Srƒˆiyvpà hqà Q‚yhqà ƒ…v‚…à ‡‚à            ((à Cˆth…’à ƒ…v‚…à ‡‚à       ((   à hqà ‡urà Ty‚‰hxà Srƒˆiyvpà ƒ…v‚…à ‡‚à   ((!à h…rà D@6à r†‡v€h‡r†Ã ih†rqà ‚Ã B9Qà t…‚‡uà …h‡r†

           s…‚€Ã‡urÃX‚…yqÃ7hx



           Uurà ˆ†rà ‚sà QQQ†Ã hƒƒrh…†Ã ƒ…rsr…hiyrà ‡‚à ‡urà ˆ†rà ‚sà r‘puhtrà …h‡r†Ã vÃ p‚wˆp‡v‚Ã v‡uà r‰v…‚€r‡hyà „ˆr†‡v‚†à h†Ã ‡urà ‚iwrp‡v‰rà ‚sà p‚€ƒh…vt

           €rh†ˆ…r†Ã ‚sÃrp‚‚€vpà hp‡v‰v‡’à †ˆpuà h†Ã B9Qà v†Ã ‡‚à …rsyrp‡Ã ˆqr…y’vtà ‰‚yˆ€r†Ã hqà ƒu’†vphyà ƒ…‚pr††r†Ã h†Ã py‚†ry’à h†Ã ƒ‚††viyrà QQQ†Ã h…rà qrsvrqà h†

           ‡urÅh‡v‚Ãir‡rrÃ‡urÃh€‚ˆ‡Ã‚sÁh‡v‚hyÃpˆ……rp’ÃhqÇurÃh€‚ˆ‡Ã‚sÃhÅrsr…rprÃpˆ……rp’ÁrrqrqǂÃiˆ’ÇurÆh€rÃiˆqyrÂsÃp‚†ˆ€ƒ‡v‚Ãt‚‚q†Ãv

           ‡urà ‡‚à p‚ˆ‡…vr†à à DÃ ‡uv†Ã ƒˆiyvph‡v‚à ‡urà …rsr…rprà pˆ……rp’à v†Ã VT9à à U’ƒvphyy’à QQQ†Ã qvssr…à s…‚€Ã r‘puhtrà …h‡r†Ã h†Ã ‡urà yh‡‡r…à …rsyrp‡Ã ‚‡Ã ‚y’

           …ryh‡v‰rà ƒ…vpr†Ã ‚sà p‚†ˆ€r…à t‚‚q†Ã iˆ‡Ã hy†‚à hà u‚†‡Ã ‚sà ‚‡ur…à shp‡‚…†à vpyˆqvtà v‡r…h‡v‚hyà phƒv‡hyà €‚‰r€r‡†à v‡r…r†‡Ã …h‡rà qvssr…r‡vhy†Ã hq

           t‚‰r…€r‡Ãv‡r…‰r‡v‚ÃÃ6†ÃhÃp‚†r„ˆrprÃr‘puhtrÅh‡r†Ãr‘uviv‡Ã€ˆpuÃt…rh‡r…Éh…vh‡v‚†Ã‚‰r…Çv€rÇuhÃQQQ†




   ½   à   9h‡hÃvpyˆ†v‚r‘pyˆ†v‚Ãƒ‚yvp’


           UurÃt…hƒu†ÃhqÇhiyr†ÃvÃ‡uv†Ãƒhƒr…Ãtrr…hyy’ÃvpyˆqrÃhyyÃp‚ˆ‡…vr†Ãs‚…ÐuvpuÃqh‡hÃh…rÃh‰hvyhiyrÃ@†‡v€h‡r†Ãr…rÀhqrÃvÃ†‚€rÃph†r†Ãs‚…ÇurÆhxrÂs

           vpyˆqvtÃh†Ã€h’Ãp‚ˆ‡…vr†Ãh†Ãƒ‚††viyrÃBhƒ†ÃvÃ‡v€rÆr…vr†Ãr…rÃsvyyrqÃi’Ãv‡r…ƒ‚yh‡v‚à XurÃ s‚…à h’à p‚ˆ‡…’à qh‡hà r…rÁ‚‡Ãh‰hvyhiyrà s‚…à ‡urà sv…†‡

           ‚…Ãyh†‡Ã’rh…ÂsÇurÇv€rÃr…v‚qÃp‚†vqr…rqÃsvtˆ…r†Ãs‚…ÇurÁrh…r†‡Ãh‰hvyhiyrÒrh…Ðr…rÇhxrÃv†‡rhqÃh†Ãy‚tÃh†ÃvÃ‡urÃTrp…r‡h…vh‡¶†Ã‰vrÃ‡urÅr†ˆy‡vt

           r……‚…à …r€hvrqà hpprƒ‡hiyrà Srhqr…†Ã v†uvtà ‡‚à x‚Ã ur…rà †ˆpuà r†‡v€h‡r†Ã r…rà €hqrà †u‚ˆyqà p‚†ˆy‡Ã ‡urà Urpuvphyà I‚‡r†Ã s‚…à vqv‰vqˆhy

           vqvph‡‚…†




                                                                                                         
                                                                                                                                          6*6'),1$/


&/,0$7( &+$1*(
Ã     6Áˆ€ir…ÂsÃth†r†Ãuh‰rÃqv…rp‡Ãrssrp‡†Ã‚Ãpyv€h‡rÃpuhtrÃhqÃh…rÃp‚†vqr…rqÅr†ƒ‚†viyrÃs‚…ÃhÀhw‚…Ãh…‡Ã‚sÃty‚ihyÐh…€vt)ÃÃph…i‚Ãqv‚‘vqrÃ8P!Àr‡uhr

       8C#Áv‡…‚ˆ†Ã‚‘vqrÃI!PÃpuy‚…‚syˆ‚…‚ph…i‚†Ã8A8†Ãu’q…‚syˆ‚…‚ph…i‚†ÃC8A8†Àr‡u’yÃi…‚€vqrÃ8C "7…Ãhqƈyƒuˆ…Ãur‘hÃsyˆ‚…vqrÃTA%ÃÃP‡ur…Ãhv…

       ƒ‚yyˆ‡h‡†ƈpuÃh†ÃIHWP8ÃIP‘ÃhqÃ8PÃuh‰rÃvqv…rp‡Ãrssrp‡†Ã‚Ãpyv€h‡rÃpuhtrÃh†Ã‡urv…Ã…rhp‡v‚†ÃvÃ‡urÃh‡€‚†ƒur…rÅr†ˆy‡ÃvÃ‡urłqˆp‡v‚Ã‚sDž‚ƒ‚†ƒur…vp

       ‚“‚rÐuvpuÃrssrp‡v‰ry’ÃhÃBCBÃÃTˆyƒuˆ…p‚‡hvvtDžhprÃth†r†Ãhy†‚Ãyh’ÃhłyrÃÃ6Àhw‚…Ãh…‡Ã‚sÇur†rÃr€v††v‚†Ã†‡r€†Ãs…‚€Ãp‚€iˆ†‡v‚Ã‚sÃs‚††vyÃsˆry†Ãhq

       iv‚€h††ÃÃP‡ur…Æ‚ˆ…pr†Ãh…rÃvqˆ†‡…vhyłpr††r†Ãht…vpˆy‡ˆ…rÃhqÃpuhtr†ÃvÃyhqȆr



     
8P Ã@HDTTDPIÃDIU@ITDUD@T


9h‡hƂˆ…pr†)à        Vv‡rqÃIh‡v‚†ÃA…h€r‚…xÃ8‚‰r‡v‚Ã‚Ã8yv€h‡rÃ8uhtrÃVIA888ÃA888T7D!                       "ÃUhiyrÃ7#


Ã       9h‡hÅrsr…Ç‚Ãr€v††v‚†Ãs…‚€Ãhyy)ÃAˆryÃp‚€iˆ†‡v‚ÃAˆtv‡v‰rÃr€v††v‚†Ãs…‚€Ãsˆry†ÃDqˆ†‡…vhyłpr††r†ÃT‚y‰r‡Ãhq‡ur…Ã…‚qˆp‡Ãˆ†rÃ6t…vpˆy‡ˆ…rÃXh†‡r

         hqÃP‡ur…


Ã       I‚Ãqh‡hÃs‚…ÃHr‘vp‚ÃF‚…rhÃhqÃUˆ…xr’


Ã       Gˆ‘r€i‚ˆ…t)ÃƂ€rÃqh‡hÃh…rÀv††vt


Ã       7rytvˆ€Ã8“rpuÃSrƒˆiyvpÃGˆ‘r€i‚ˆ…tÃhqÃQ‚yhq)ÃÃUurDžrqÆu‚Ã€h’Á‚‡ÃirÃsˆyy’Ãp‚†v†‡r‡ÆvprÃqh‡hÃs‚…ÇurÃr‡v…rÃr…v‚qÐr…rÁ‚‡Ãƒ…‚‰vqrqÃvÃ‡urÃyh‡r†‡

         †ˆi€v††v‚ÃhqÃqvssr…r‡Ã†‚ˆ…pr†Ã‚sÃqh‡hÀh’Ãuh‰rÃirrÃˆ†rq


Ã       Cˆth…’ÃhqÃQ‚yhq)ÃÃDÃhpp‚…qhprÐv‡uÃqrpv†v‚Ã(8Q!Ƃ€rÃQh…‡vr†Ãv‡uÃrp‚‚€vr†ÃvÃ‡…h†v‡v‚Ãˆ†rÃih†rÒrh…‡ur…ÇuhÃ ((ÃA‚…ÃCˆth…’Ãih†rÒrh…Ãv†Ãv

         yvrˆÃ‚sà ((ÇurÃh‰r…htrÂsà ('$ ('&ÃhqÃs‚…ÃQ‚yhqÃih†rÒrh…Ãv†Ã (''




BS@@ICPVT@ÃB6TÃ@HDTTDPIT


9h‡hƂˆ…pr†)         Vv‡rqÃIh‡v‚†ÃA…h€r‚…xÃ8‚‰r‡v‚Ã‚Ã8yv€h‡rÃ8uhtrÃVIA888ÃA888T7D!                   "ÃUhiyrÃ7   


Ã       9h‡hÅrsr…Ç‚Ãr€v††v‚†Ãs…‚€ÃhyyƂˆ…pr†Ãr‘prƒ‡ÃyhqȆrÃpuhtrÃhqÃs‚…r†‡…’


Ã       I‚Ãqh‡hÃs‚…ÃHr‘vp‚ÃF‚…rhÃhqÃUˆ…xr’


Ã       Gˆ‘r€i‚ˆ…t)ÃƂ€rÃqh‡hÃh…rÀv††vt


Ã       7rytvˆ€Ã8“rpuÃSrƒˆiyvpÃGˆ‘r€i‚ˆ…tÃhqÃQ‚yhq)ÃÃUurDžrqÆu‚Ã€h’Á‚‡ÃirÃsˆyy’Ãp‚†v†‡r‡ÆvprÃqh‡hÃs‚…ÇurÃr‡v…rÃr…v‚qÐr…rÁ‚‡Ãƒ…‚‰vqrqÃvÃ‡urÃyh‡r†‡

         †ˆi€v††v‚ÃhqÃqvssr…r‡Ã†‚ˆ…pr†Ã‚sÃqh‡hÀh’Ãuh‰rÃirrÃˆ†rq


Ã       Cˆth…’ÃhqÃQ‚yhq)ÃÃDÃhpp‚…qhprÐv‡uÃqrpv†v‚Ã(8Q!Ƃ€rÃQh…‡vr†Ãv‡uÃrp‚‚€vr†ÃvÃ‡…h†v‡v‚Ãˆ†rÃih†rÒrh…‡ur…ÇuhÃ ((ÃA‚…ÃCˆth…’Ãih†rÒrh…Ãv†Ãv

         yvrˆÃ‚sà ((ÇurÃh‰r…htrÂsà ('$ ('&ÃhqÃs‚…ÃQ‚yhqÃih†rÒrh…Ãv†Ã (''




$,5 48$/,7<

TPYÃÃIPYÃÃWP8TÃÃQ6SUD8VG6U@TÃ@HDTTDPIT


9h‡hƂˆ…pr†)         P@89ÃVI@8@

Ã     9h‡hÅrsr…Ç‚Àh€hqrÃr€v††v‚†Ã‚y’ÃTP‘ÃhqÃIP‘Ãqh‡hÃh…rÃtv‰rÃh†Ã„ˆh‡v‡vr†Ã‚sÃTP !ÃhqÃIP!År†ƒrp‡v‰ry’

Ã     @€v††v‚†Ãs…‚€Ãv‡r…h‡v‚hyDžh†ƒ‚…‡Ãh‰vh‡v‚ÃhqÀh…vrÃh…rÃr‘pyˆqrq

Ã     9h‡hÀh’Ãvpyˆqrł‰v†v‚hyÃsvtˆ…r†ÃhqÃTrp…r‡h…vh‡Ãr†‡v€h‡r†

Ã     A‚…Ãsˆ…‡ur…Ãqr‡hvy†Ãyrh†rÅrsr…Ç‚ÃP@89Ã@‰v…‚€r‡hyÃ9h‡hòÃ8‚€ƒrqvˆ€Ã            (((


          ½
 à     Ih‡v‚hyÂiwrp‡v‰r†)Ãpˆ……r‡Ã…rqˆp‡v‚Ã‡h…tr‡†Ãh†Ã†ˆi€v‡‡rqÃi’ÇurÃQh…‡vr†Ã‡‚ÇurÃ8‚‰r‡v‚Ã‚ÃG‚tShtrÃU…h†i‚ˆqh…’Ã6v…ÃQ‚yyˆ‡v‚

86Ià          TP‘)ÃTP!y’Ã9h‡hÃs‚…à (('Årsr…†Ã‡‚à ((&ÃWP8†)Ã9h‡hÃs‚…à (('Årsr…†Ã‡‚à ((&ÃQh…‡vpˆyh‡r†)ÃÃ9h‡hÅrsr…Ç‚Ãh…‡vpˆyh‡r3&$Àvp…‚†9h‡hÃs‚…à (('Årsr…Ç‚



          ½
               ((%

VT6à          TP‘)ÃTP!y’ÃIP‘)ÃÃT‚ˆ…pr)ÃÃ@‰v…‚€r‡hyÃQ…‚‡rp‡v‚Ã6trp’ÃWP8†)ÃÃA‚…r†‡Ãvyqsv…r†Ãh…rÃr‘pyˆqrqÃQh…‡vpˆyh‡r†)ÃÃ9h‡hÅrsr…Ç‚ÃQH Ã@€v††v‚†Ãs…‚€



          ½
              h‡ˆ…hyƂˆ…pr†Ãht…vpˆy‡ˆ…rÃhqÃs‚…r†‡…’Ãsˆtv‡v‰rÃqˆ†‡År†p…virqÃiˆ…vtÃhq‡ur…Ãsv…r†Ãh…rÃr‘pyˆqrq



          ½
EQIà        Ã9h‡hÃh…rÃVIA888Ãs‚…€h‡

FPSà          TP‘)ÃTP!y’Ãr‘pyˆqvtÃvqˆ†‡…vhyłpr††r†ÃÃ9h‡hÃs…‚€Ã ('ǂà ('"Ãh…rÃTrp…r‡h…vh‡Ãr†‡v€h‡r†ÃÃIP‘)ÃÃIP!y’ÃÃ7…rhxÃvÃ‡v€rÆr…vr†ÃvÃ ((ÃqˆrǂÃh



          ½
              puhtrÃvÃ‡urÃr€v††v‚Ãp‚rssvpvr‡Ã‚sÃvqˆ†‡…vhyÃsˆryÃp‚€iˆ†‡v‚Ã9h‡hÃs…‚€Ã ('ǂà ('"Ãh…rÃTrp…r‡h…vh‡Ãr†‡v€h‡r†

6VTà          9h‡hƂˆ…pr)Ã6ˆ†‡…hyvh†ÃIh‡v‚hyÃBCBÃD‰r‡‚…’ÃIP‘)Ãr‘pyÃyhqȆrÃpuhtr†ÃhqÃs‚…r†‡…’ÃDpyÃyh…trÃh€‚ˆ‡†Ã‚sÃr€v††v‚†Ãs…‚€Ãƒ…r†p…virqÆh‰hhu



          ½
              iˆ…vt

IaGà          TP‘)ÃÃTP!y’Ã9h‡hÅrsr…Ç‚Ãr€v††v‚†Ãs…‚€Ãrr…t’Æ‚ˆ…pr†Ã‚y’Ã9h‡hÃs‚…à ('Ãv†ÃTrp…r‡h…vh‡Ãr†‡v€h‡rÃIP‘))Ã9h‡hÃs‚…à ('Ãv†ÃTrp…r‡h…vh‡Ãr†‡v€h‡r



          ½
              Qh…‡vpˆyh‡r†)ÃÃ9h‡hÅrsr…Ç‚ÃQH 



          ½
6VUà          9h‡hÃƂˆ…pr)ÃÃV€ry‡iˆqr†h€‡ÃVIA888Ã!ÃDQ88à ((%Ãtˆvqryvr†TP‘)ÃÃTP!y’



          ½
8a@à          TP‘)ÃÃTP!y’



          ½
9IFà          9h‡hÃih†rqÃ8PSDI6DSÃv‰r‡‚…vr†ÃhqÃVI@8@Ãs‚…€h‡ÃAyˆp‡ˆh‡v‚†ÃvÃr€v††v‚†Ãh…rÃqˆrǂÃv€ƒ‚…‡r‘ƒ‚…‡Ã‚sÃryrp‡…vpv‡’



          ½
ADI           8uhtrÃvÃr†‡v€h‡v‚Ã€r‡u‚q‚y‚t’ÃvÃ ((!ÃWP8†)Ãà (( (((Ãqh‡hÃh…rÃVIA888Ãs‚…€h‡Ã@@6Ãv‰r‡‚…’

AS6à          9h‡hÅrsr…Ç‚ÃVI@8@Ãs‚…€h‡0Ãr€v††v‚†Ãs…‚€Ãh‡ˆ…rÃvpyˆqrqÃTP‘)ÃÃTP!y’ÃQh…‡vpˆyh‡r†)ÃÃU‚‡hyÃr€v††v‚†Ãr‘pyˆqrÀ‚ivyrƂˆ…pr†Ã‚‡ur…ÇuhÃ…‚hqDžh†ƒ‚…‡



          ½
              9h‡hÃs‚…à (('Årsr…†Ã‡‚à ((#



          ½
9@Và           (( (((Ãqh‡hÃh…rÃs…‚€Ã³9h‡rÃ“ˆ…ÃV€ry‡ÃvÃ9rˆ‡†puyhqÃ!´ÃV€ry‡iˆqr†h€‡ÃÃTP‘ÃTP!y’



          ½
CVIà          TP‘)ÃTP!y’



          ½
DTGà          DQ88à (($Àr‡u‚q‚y‚t’ÃTP‘)ÃÃTP!y’



          ½
DSGà           ('(à ((  ((!Ãhqà ((# ((&Ãqh‡hÃh…rÃs…‚€ÃVI@8@Ã@†‡v€h‡v‚Ã€r‡u‚q‚y‚t’ÃpuhtrqÃvÃ ((@€v††v‚†Ãs…‚€Ãvqˆ†‡…vhyłpr††r†Ãh…rÃr‘pyˆqrq



          ½
DU6à          9h‡hÃh…rÃs…‚€Ã6IQ6Ã@€v††v‚†Ãs…‚€Ã‰‚yph‚r†Ãs‚…r†‡ÃhqÃt…h†yhqÃp‚‰r…†v‚Ãh…rÃr‘pyˆqrq



          ½
GVYà          9h‡hÃh…rÃs…‚€ÃVI@8@



          ½
IG9à        à 8uhtrÃvÃr†‡v€h‡v‚Ã€r‡u‚q‚y‚t’ÃvÃ ((ÃQh…‡vpˆyh‡r†)ÃÃ9h‡hÅrsr…Ç‚ÃQH Ã9h‡hÃs‚…à (('Årsr…†Ã‡‚à ((&



          ½
IPSà        à Qh…‡vpˆyh‡r†)ÃÃ9h‡hÅrsr…Ç‚ÃQH 



          ½
QPGà          TP[)ÃTP!y’



          ½
QSUà          7…rhxÃvÃ‡v€rÆr…vr†ÃvÃ ((ÃTvprà ((Ãqh‡hÃvpyˆqrÃHhqrv…hÃhqÃ6“‚…r†ÃD†yhq†ÃTP‘)ÃÃQ…r ((Ãqh‡hÅrsr…Ç‚ÃTP!y’



          ½
@TQà          TP[)ÃTP!y’Ã9h‡hÃs‚…à (('Årsr…†Ã‡‚à ((%ÃIP‘ÃhqÃWP8†)ÃÃ9h‡hà (( (((Ãh…rÃs…‚€ÃVIA888Ã@@6Ãv‰r‡‚…’



          ½
TX@à          9h‡hÃs‚…à (( (((Ãh…rÃVIA888Ãs‚…€h‡ÃTP‘)ÃÃTP!y’



          ½
8C@à          TP[)ÃTP!y’ÃQh…‡vpˆyh‡r†)ÃÃ9h‡hÅrsr…Ç‚ÃQH 



          ½
VF9à          TP‘)ÃTP!y’ÃWP8†)ÃÃ@€v††v‚†Ãs…‚€Ãs‚…r†‡†Ãh…rÃr‘pyˆqrqÃQh…‡vpˆyh‡r†)ÃÃ9h‡hÅrsr…Ç‚ÃQH 

P@89à         Trp…r‡h…vh‡Ãr†‡v€h‡r†




                                                                                       
6*6'),1$/



:$7(5 48$/,7<

X6TU@ÃX6U@SÃUS@6UH@IU


9h‡hƂˆ…pr†)           P@89

 à   U‚‡hyÆr…‰rq)ÃÁh‡v‚hyƒˆyh‡v‚Ãp‚rp‡rqǂÈiyvpÆrhtrDžrh‡€r‡Ãƒyh‡†ÃÃDpyˆqr†)ÃÅv€h…’Ç…rh‡€r‡ÃÃu’†vphyÃhqÀrpuhvphyłpr††r†ÃÐuvpu

      …r†ˆy‡ÃvÃqrph‡rqÃrssyˆr‡†ÃhqÆrƒh…h‡rÆyˆqtrÆrqv€r‡h‡v‚Ãsy‚‡h‡v‚Ãr‡p0ÃÆrp‚qh…’Ç…rh‡€r‡ÃÃiv‚y‚tvphyDžrh‡€r‡Ã‡rpu‚y‚tvr†Ãvrłpr††r†Ãuvpu

      r€ƒy‚’Ãhhr…‚ivp…Ãhr…‚ivpÀvp…‚‚…thv†€†0ÃÇr…‡vh…’Ç…rh‡€r‡ÃÃhq‰hprqDžrh‡€r‡Ã‡rpu‚y‚tvr†ÃvrÃpur€vphyłpr††r†

 à   Trr…htrÃp‚rp‡v‚Ã…h‡r†)ÃÅrsr…†Ã‡‚ƒˆyh‡v‚Ãp‚rp‡rqǂÈiyvpÆrhtrÁr‡‚…xÐv‡u…Ðv‡u‚ˆ‡Ã‡…rh‡€r‡

 à   Q‚ƒˆyh‡v‚Ã‚‡Ãp‚rp‡rq)Årsr…†Ã‡‚ÇurÃqvssr…rprÃir‡rrÃ‡‚‡hyƒˆyh‡v‚Ãhqƒˆyh‡v‚Ãp‚rp‡rqǂÈiyvpÆrhtrDžrh‡€r‡Ãƒyh‡†



86Ià     ½     ((à (($Ãhqà (('Ãqh‡hÅrsr…Ç‚à (( à ((#Ãhqà ((%ÃÃTrp‚qh…’Ȇˆhyy’Ãvpyˆqr†Ãƒ…v‰h‡rDžrh‡€r‡ÃÉÐh†‡rƇhivyv†h‡v‚Ãƒ‚q†ÃÃUr…‡vh…’)ÃÆrp‚qh…’Ðv‡u



         ½
              ƒu‚†ƒu‚…ˆ†Ã…r€‚‰hy



         ½
EQIà          U‚‡hyÃp‚rp‡rq)à (('Ãqh‡hÅrsr…†Ã‡‚à (((



         ½
FPSà           (&$Ãqh‡hÅrsr…†Ã‡‚à ('



         ½
IaGà           ('$Ãqh‡hÅrsr…†Ã‡‚à ((



         ½
6VUà           ((Ãqh‡hÅrsr…†Ã‡‚à ((!



         ½
9IFà           ('Ãqh‡hÅrsr…†Ã‡‚à ('"



         ½
9@Và           ('$à ((Ãhqà (('Ãqh‡hÅrsr…Ç‚à ('&à (( Ãhqà ((#



         ½
QSUà           (($Ãhqà (('Ãqh‡hÅrsr…Ç‚à ((#Ãhqà (((



         ½
@TQà           (($Ãhqà (('Ãqh‡hÅrsr…Ç‚à ((!Ãhqà (($

VF9à           (&$Ãhqà ('Ãqh‡hÅrsr…Ç‚à ('$ÃÃ9h‡hÅrsr…Ç‚Ã@tyhqÃhqÃXhyr†ÃhqǂÃsvhpvhyÒrh…Ã6ƒ…vyǂÃHh…pu



@HDTTDPITÃPAÃIVUSD@IUTÃUPÃX6U@S


9h‡hƂˆ…pr†)           @VSPTU6U

 à   UurÃvqvph‡‚…Ãv†ÃqrsvrqÃh†Ã‡urÃh‰r…htrÃhˆhyÃy‚hqÂsÁv‡…‚trÃIÃhqÃu‚†ƒu‚…ˆ†ÃQÃs…‚€Ãu‚ˆ†ru‚yq†Ãqv†puh…trqÃv‡‚Ãh„ˆh‡vpÃrp‚†’†‡r€†ÃUurÃvqvph‡‚…Ãv†

      r‘ƒ…r††rqÃvÃ‡‚r†Ãƒr…Ã’rh…Årƒ‚…‡rqÆrƒh…h‡ry’Ãs‚…ÃIÃhqÃQÃÃUurÃy‚hqÃs…‚€Ãu‚ˆ†ru‚yq†Ãv†Ãr†‡v€h‡rqÃi’Àrh†Ã‚sÃqh‡hÃ‚ƒˆyh‡v‚Ãp‚rp‡rqǂDžrh‡€r‡

      ƒyh‡†Ãr€v††v‚Ãshp‡‚…ÃxtÃIvuhiv‡h‡ÃxtÃQvuhiv‡h‡ÃhqÇurÇur‚…r‡vphyÃrssvpvrp’ÂsÇurDžrh‡€r‡Ãƒyh‡†ÃÃUurÃs‚yy‚vtÃh‰r…htrÃhˆhyÃr€v††v‚Ãshp‡‚…†

      uh‰rÃirrÃˆ†rqÃs‚…ˆ…È…ƒ‚†r†)



                  (&    ('    ('$      ((   ((         ((!   (("    ((#   (($    ((%

IÃr€v††v‚†
                                                    ##
p‚rssvpvr‡

QÃr€v††v‚†
                   #     #     #      !                                    
p‚rssvpvr‡



 à   9h‡hÃhp‡ˆhyDžrh‡€r‡Ãrssvpvrp’Ãh…rÆph…prÇur…rs‚…rÇurÃqrp‚ˆƒyvtÃvqvph‡‚…Ãuh†ÃirrÃphypˆyh‡rqȆvtÃhÇur‚…r‡vphyDžrh‡€r‡Ãrssvpvrp’ÃvpyˆqrqÃvÃ‡ur

      ‡hiyrÃiry‚)



                                                   U’ƒrÂsDžrh‡€r‡

                               Q…v€h…’              Trp‚qh…’                Ur…‡vh…’

Iv‡…‚trÃ…r€‚‰hy                 È                       !È                 'È

Qu‚†ƒu‚…ˆ†Ã…r€‚‰hy               $È                       !$È                 'È




      9h‡hÃhp‡ˆhyDžrh‡€r‡Ãrssvpvrp’Ãh…rÆph…prÇur…rs‚…rÇurÃqh‡hÅrsyrp‡Ã‡urÃyr‰ryÂsDžrh‡€r‡ÇurÃh‰r…htrÃy‚hqÃhqÇurÇrpuvphyÃrssvpvrp’Ã…h‡rÃ9h‡hÃq‚Á‚‡Ãhv€Ã‡‚

      qr†p…virÇurÃhp‡ˆhyÆv‡ˆh‡v‚Ãiˆ‡Ã‡urÃr€v††v‚†Ã‚sÃhÆprh…v‚Ðv‡uƂ€rÂsÇurÃsrh‡ˆ…r†Ã‚sÇurÃr‘v†‡vtÐh†‡rÐh‡r…Ç…rh‡€r‡Ã†’†‡r€




:$67(

QSDW6U@ÃADI6GÃ8PITVHQUDPIÃ@YQ@I9DUVS@


9h‡hƂˆ…pr†)           P@89

 à   Q…v‰h‡rÃsvhyÃp‚†ˆ€ƒ‡v‚Ãr‘ƒrqv‡ˆ…r)Çurƈ€Ã‚sÃvÇurˆ‡yh’†Ã‚sÅr†vqr‡Ãu‚ˆ†ru‚yq†Ã‚ÃrÃqˆ…hiyrÃhqÁ‚qˆ…hiyrÃt‚‚q†ÃhqÆr…‰vpr†Ãyr††Ã‡urv…Ár‡

      †hyr†Ã‚sÆrp‚quhqÃt‚‚q†Æp…hƒ†ÃhqÐh†‡r†0ÃvvÇurÉhyˆrÂsÃt‚‚q†ÃhqÆr…‰vpr†Ãƒ…‚qˆprqÃi’Ã…v‰h‡rÁ‚ƒ…‚sv‡Ãv†‡v‡ˆ‡v‚†Ãs‚…Ãˆ†rÃpˆ……r‡Ãhpp‚ˆ‡0

      r‘ƒ…r††rqÃh‡Ã     (($ÅvprÃyr‰ry†Ãhqȅpuh†vtr…Ãh…v‡vr†



HVID8DQ6GÃX6TU@ÃBPDIBÃUPÃADI6GÃ9DTQPT6G


9h‡hƂˆ…pr†)           P@89

 à   9v†ƒ‚†hyÃv†ÃqrsvrqÃh†Ãh’Ðh†‡rÀhhtr€r‡Ã‚ƒr…h‡v‚Ã†r…‰vt…Ãph……’vtˆ‡Ã‡urÃsvhyDžrh‡€r‡ÃhqÃqv†ƒ‚†hyÂsÐh†‡rÃD‡Ãp‚‰r…†Ã‡urÃs‚yy‚vtÀhv

      ‚ƒr…h‡v‚†)ÃsvhyDžrh‡€r‡Ãvpvr…h‡v‚Ãv‡u‚ˆ‡Ãrr…t’Ã…rp‚‰r…’Ãiv‚y‚tvphyÃu’†vphyÃpur€vphyDžrh‡€r‡Ã…r†ˆy‡vtÃvÃƒ…‚qˆp‡†Ã‚…Ã…r†vqˆr†Ã‡uh‡Ãh…rÃqv†ph…qrq

      vrÃt‚vtǂÃsvhyÃqv†ƒ‚†hyÃhqÃsvhyÃqv†ƒ‚†hyÃqrƒ‚†v‡Ãv‡‚…‡‚ÃyhqÃrtÃyhqsvyyÃvpyˆqvtƃrpvhyy’Ãrtvrr…rqÃyhqsvyyÃqrrƒÃvwrp‡v‚ƈ…shpr

      v€ƒ‚ˆq€r‡Åryrh†rÃv‡‚Ðh‡r…Ãi‚qvr†ÃhqÃr…€hr‡Ã†‡‚…htrÃ9h‡hÆu‚ˆyqÃvpyˆqrÃh€‚ˆ‡†Ãqv…rp‡y’Ç…rh‡rqÃhq‚…Ãqv†ƒ‚†rqÂsÃh†ÃryyÃh†Ãh€‚ˆ‡†Ã‡…rh‡rq

      hq‚…Ãqv†ƒ‚†rqÂsÃhs‡r…Æ‚…‡vt



         ½
         ½
H@Yà          Ghqsvyy)Ãvpyˆqr†Ã‚ƒrÃyhqsvyyÃhqÃvyyrthyÃqˆ€ƒvtà (((Ãqh‡hÅrsr…†Ã‡‚à (('



         ½
VT6à          Ghqsvyy)Ãhs‡r…Ã…rp‚‰r…’ÃhqÃvpvr…h‡v‚



         ½
FPSà           (((Ãqh‡hÅrsr…†Ã‡‚à (('



         ½
6VUà          Ghqsvyy)Ãr‘pyˆqr†Ã…r†vqˆr†Ãs…‚€Ã‚‡ur…ƒr…h‡v‚†



         ½
7@Gà           (((Ãsvtˆ…rÃv†ÃhÃr†‡v€h‡vrÃih†rqÇurǂ‡hyÂsÀˆvpvƒhyÐh†‡rÃp‚yyrp‡rqÃs‚…à (((



         ½
9@Và           (((Ãqh‡hÅrsr…†Ã‡‚à (('Ãhqà (($Ãsvtˆ…rÃv†ÃTrp…r‡h…vh‡Ãr†‡v€h‡r†



         ½
IG9à           (($Ãqh‡hÃv†ÃTrp…r‡h…vh‡Ãr†‡v€h‡r†



         ½
TX@à           (((Ãqh‡hÅrsr…†Ã‡‚à (('Ãhqà (($Ãsvtˆ…rÃv†ÃTrp…r‡h…vh‡Ãr†‡v€h‡r†



         ½
8C@à           (((Ãqh‡hÅrsr…†Ã‡‚à (('Ãhqà (($Ãsvtˆ…rÃv†ÃTrp…r‡h…vh‡Ãr†‡v€h‡r†



         ½
UVSà           (((Ãqh‡hÅrsr…†Ã‡‚à ((&

VF9à           ((%à ((&Ãqh‡hÅrsr…Ç‚Ã@tyhqÃhqÃXhyr†Ã‚y’




                                                                                               
                                                                                                                                            6*6'),1$/



HVID8DQ6GÃX6TU@


9h‡hƂˆ…pr†)         P@89

Ã     HˆvpvƒhyÐh†‡rÃv†Ãh†‡rÃp‚yyrp‡rqÃi’…Çur…qr…ÂsÀˆvpvƒhyv‡vr†ÃD‡Ãvpyˆqr†Ãh†‡r…vtvh‡vtÃs…‚€Ãu‚ˆ†ru‚yq†Ãp‚€€r…pvhyÃhp‡v‰v‡vr†ÂssvprÃiˆvyqvt†



          ½
       v†‡v‡ˆ‡v‚†Ã†ˆpuÃh†Ã†pu‚‚y†ÃhqÃt‚‰r…€r‡Ãiˆvyqvt†ÃhqƀhyyÃiˆ†vr††r†Ã‡uh‡Ãqv†ƒ‚†rÂsÐh†‡rÃh‡Ã‡urÆh€rÃshpvyv‡vr†Ãˆ†rqÃs‚…Àˆvpvƒhyy’Ãp‚yyrp‡rqÐh†‡r

86Ià          6yyÐh†‡rÃqv†ƒ‚†rqÂsÃr‘prƒ‡Ãp‚†‡…ˆp‡v‚ÃhqÃqr€‚yv‡v‚Ãh†‡rÃr‰rÃvsÁ‚‡Ãp‚yyrp‡rqÃi’Àˆvpvƒhyv‡vr†0Ãvpyˆqr†Ãsy‚†Ãqv‰r…‡rqÃs‚…Ã…rp’pyvt…Ãp‚€ƒ‚†‡vt



          ½
              Dpyˆqr†Ã†‚€rÃvqˆ†‡…vhyÐh†‡r0à ((Ãsvtˆ…rÅrsr…†Ã‡‚à (''



          ½
EQIà          @‘pyˆqrÐh†‡rÃs…‚€Ãv†‡v‡ˆ‡v‚†Ã†ˆpuÃh†Ã†pu‚‚y†ÃhqÃu‚†ƒv‡hy†



          ½
6VUà          @‘pyˆqr†Ãp‚†‡…ˆp‡v‚Ã†v‡rÐh†‡rÐuvpuÃv†ÃvpyˆqrqÃvÃh‡v‚hyÃqrsvv‡v‚



          ½
9IFà          HˆvpvƒhyÐÃqh‡hÃp‚€rÃs…‚€ÃhÁrÃ†ˆ…‰r’Ãq‚rÃvÃ‡…rh‡€r‡Ãƒyh‡†Ãr‘pyÃhi‚ˆ‡Ã(ÃÇÂsÐÃs…‚€Ãu‚†ƒv‡hy†

9@Và          Dpyˆqr†Ã†rƒh…h‡rÃp‚yyrp‡v‚Ãs‚…Ã…rp’pyvtȅƒ‚†rÃp‚qˆp‡rqˆ‡†vqrÇurÈiyvpÆrp‡‚…0Çuv†Ãƒh…‡vpˆyh…y’Ãp‚pr…†ÃƒhpxhtvtÀh‡r…vhyÃhƒr…Ãtyh††Àr‡hy†



          ½
              ƒyh†‡vp†Ãp‚yyrp‡rqÃi’ÇurÃ9ˆhyrÃT’†‡r€Ã9rˆ‡†puyhq



          ½
BS8à          U…hqv‡v‚hyÐh†‡rÃp‚yyrp‡v‚Ã‚y’à (('Ãqh‡hÅrsr…†Ã‡‚à ((&



          ½
DTGà           ((Ãqh‡hÅrsr…†Ã‡‚à ((!



          ½
GVYà          Dpyˆqr†Ã†rƒh…h‡rÃp‚yyrp‡v‚



          ½
IG9à          Dpyˆqr†Ã†rƒh…h‡rÃp‚yyrp‡v‚Ãs‚…Ã…rp’pyvtȅƒ‚†r†ƂyvqÐh†‡rÃs…‚€Ã†rr…htrÃhqƀhyyÃh€‚ˆ‡Ã‚sÀv‘rqÃiˆvyqvtÃhqÃp‚†‡…ˆp‡v‚Ãh†‡r



          ½
IaGà        à 9h‡hÅrsr…Ç‚Ãu‚ˆ†ru‚yqÐh†‡ry’



          ½
QPGà          Dpyˆqr†Ãyv„ˆvqÐh†‡rÃs…‚€Ãpr††ƒ‚‚yÃhq‡ur…Ãp‚‡hvr…†



          ½
8C@à          Dpyˆqr†Ã†rƒh…h‡ry’Ãp‚yyrp‡rqÐh†‡r



          ½
UVSà           ((Ãqh‡hÅrsr…†Ã‡‚à ('(Ãhqà (('Ãqh‡hÅrsr…†Ã‡‚à ((&

VF9à          @†‡v€h‡r†Ãih†rqÃqh‡hÃs‚…Ã@tyhqÃhqÃXhyr†



X6TU@ÃS@8`8GDIB


9h‡hƂˆ…pr†)         P@89ÃApqp…h‡v‚Ã@ˆ…‚ƒprrÃqˆÃWr……rÃq¶@€ihyyhtrÃ7…ˆ††ry†Ã8‚srqr…h‡v‚Ã‚sÃ@ˆ…‚ƒrhÃQhƒr…ÃDqˆ†‡…vr†Ã7…ˆ††ry†ÃA6P

Ã     Srp’pyvtÃv†ÃqrsvrqÃh†Ã…rˆ†rÂsÀh‡r…vhyÃvÃhłqˆp‡v‚Ãƒ…‚pr††Ã‡uh‡Ãqv‰r…‡†Ãv‡Ãs…‚€Ã‡urÐh†‡rƇ…rh€Ãr‘prƒ‡Ãs‚…Ã…rp’pyvtÐv‡uvÃvqˆ†‡…vhyÃyh‡†ÃhqÇurÅrˆ†r

       ‚sÀh‡r…vhyÃh†Ãsˆry

Ã     UurÅrp’pyvtÅh‡rÃv†Ã‡urÅh‡v‚ÂsÇurĈh‡v‡’Ãp‚yyrp‡rqÃs‚…Ã…rp’pyvtǂÇurÃhƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ãq‚€r†‡vpłqˆp‡v‚ÃÃv€ƒ‚…‡†Ãr‘ƒ‚…‡†



VT6à      ½   T‚ˆ…pr)ÃÅHˆvpvƒhyƂyvqÐh†‡rÃvÃ‡urÃVv‡rqÃT‡h‡r†)à (((Ãshp‡ÃhqÃsvtˆ…r†ÅÃÅ8uh…hp‡r…v“h‡v‚Ã‚sÃHˆvpvƒhyÃT‚yvqÃXh†‡rÃvÃ‡urÃVv‡rqÃT‡h‡r†à ((%Åà ((&

              ˆƒqh‡rÃ@Q6ÃHˆvpvƒhyÃhqÃDqˆ†‡…vhyÃT‚yvqÃXh†‡rÃ9v‰v†v‚ÃSrp’pyrÃqh‡hÃp‚……r†ƒ‚q†Ã‡‚È…puh†r†Ã‚s†‡p‚†ˆ€r…Ã…rp‚‰r…rqÀh‡r…vhyÃyˆ†Ãr‡Ãr‘ƒ‚…‡†Ãvs



          ½
              h’ÂsÇurÀh‡r…vhy

IG9à          T‚ˆ…prÃqh‡hóHvyvrˆp‚€ƒrqvˆ€Ã (((´ÃCr‡Ã€vyvrˆÃvÃpvwsr…†Ãhtrà ((Ãs…‚€Ã8r‡…hhyÃ7ˆ…rhˆÃ‰‚‚…ÃqrÃT‡h‡v†‡vrx




',5(&7 0$7(5,$/ ,1387 '0,
9h‡hƂˆ…pr†)         @VSPTU6UÃhqÃXˆƒƒr…‡hyÃD†‡v‡ˆ‡r

Ã     UurÃ9HDÀrh†ˆ…r†Ã‡urÃqv…rp‡Ãvƒˆ‡Ã‚sÀh‡r…vhy†Ãs‚…ȆrÃv‡‚ÇurÃrp‚‚€’ÃvrÃhyyÀh‡r…vhy†Ã‚sÃrp‚‚€vpÉhyˆrÇuh‡Ãh…rȆrqÃvÃƒ…‚qˆp‡v‚ÃhqÃp‚†ˆ€ƒ‡v‚

       hp‡v‰v‡vr†Ã9HDÃr„ˆhy†Ãq‚€r†‡vpȆrqÃr‘‡…hp‡v‚Ãƒyˆ†Ãv€ƒ‚…‡†

Ã     9h‡hÃh…rÃh…‡y’Ãih†rqÁh‡v‚hyÀh‡r…vhyÃsy‚Ãhpp‚ˆ‡†ÃhqÃh…‡y’Ãr†‡v€h‡rqÃs…‚€Ãv‡r…h‡v‚hyÃqh‡hƂˆ…pr†Ã@ˆ…‚†‡h‡ÃA6PÃVTÃ7PHÃr‡pÃUur…rs‚…r

       …ryvhivyv‡’ÂsÇurÅr†ˆy‡vtÃr†‡v€h‡r†Ãv†Ã‰h…vhiyrÃhp…‚††Ãp‚ˆ‡…vr†

Ã     Gˆ‘r€i‚ˆ…tÃv†Ã†u‚Ãv‡uÃ7rytvˆ€Ãh†Ã‡ur…rÐr…rÁ‚‡Ãr‚ˆtuÃqh‡hǂÃr†‡v€h‡rÃGˆ‘r€i‚ˆ…tÆrƒh…h‡ry’




:$7(5 5(6285&(6

DIU@ITDU`ÃPAÃVT@ÃPAÃX6U@SÃS@TPVS8@T


9h‡hƂˆ…pr†)         P@89ÃA6PÃX‚…yqÃSr†‚ˆ…pr†ÃD†‡v‡ˆ‡rÃXSD

Ã     6i†‡…hp‡v‚†)ÃÃhpp‚ˆ‡†Ãs‚…Ç‚‡hyÐh‡r…Ðv‡uq…hhyÐv‡u‚ˆ‡Ãqrqˆp‡vtÐh‡r…Çuh‡Ãv†Ã…rv‡…‚qˆprqÃv‡‚ÇurÁh‡ˆ…hyÃr‰v…‚€r‡Ãhs‡r…Ȇr

Ã     6i†‡…hp‡v‚†Ãh†ÃÈÂsÃh‰hvyhiyrÅr†‚ˆ…pr†)ÃÃqh‡hÅrsr…Ç‚Ç‚‡hyÃhi†‡…hp‡v‚Ãqv‰vqrqÃi’Ç‚‡hyÅrrhiyrÅr†‚ˆ…pr†Ãr‘prƒ‡Ãs‚…Ç‚‡hyÐur…rÇurÃv‡r…hyÅr†‚ˆ…pr

       r†‡v€h‡r†Ãr…rȆrqǂÃh‰‚vqÃq‚ˆiyrÃp‚ˆ‡vt

Ã     SrrhiyrÐh‡r…Ã…r†‚ˆ…pr†)ÃÁr‡Ã…r†ˆy‡Ã‚sÅrpvƒv‡h‡v‚Ã€vˆ†Ãr‰hƒ‚‡…h†ƒv…h‡v‚Ãv‡r…hyÃyˆ†Ãvsy‚Ã‡‚‡hyÃÃUuv†Ãqrsvv‡v‚Ãvt‚…r†Ãqvssr…rpr†ÃvÃ†‡‚…htr

       phƒhpv‡’ÃhqÅrƒ…r†r‡†Ã‡urÀh‘v€ˆ€Ã„ˆh‡v‡’ÂsÃs…r†uÐh‡r…Ãh‰hvyhiyrÃh‰r…htr



          ½
          ½
86Ià           ('à ('$à ((à (($Ãhqà (('Ãsvtˆ…r†Ã…rsr…Ç‚à (' à ('%à (( à (($Ãhqà (($



          ½
VT6à           (('Ãqh‡hÅrsr…Ç‚à (($



          ½
EQIà           (($Ãhqà (('Ãqh‡hÅrsr…Ç‚à ((#Ãhqà ((&



          ½
FPSà           (($Ãhqà (('Ãqh‡hÅrsr…Ç‚à ((#Ãhqà ((&



          ½
9IFà           ('$Ãhqà ((Ãqh‡hÅrsr…Ç‚à (''Ãhqà (( 



          ½
ADIà          Qh…‡vhyǂ‡hy†à (('Ãqh‡hÅrsr…Ç‚à (((



          ½
AS6à           ('Ãhqà (('Ãqh‡hÅrsr…Ç‚à (' Ãhqà ((&



          ½
9@Và           ((Ãqh‡hÅrsr…Ç‚à ('(



          ½
DTGà          Av†uÃsh…€vtÃv†ÃhÀhw‚…Ȇr…ÂsÃhi†‡…hp‡rqÐh‡r…Ãà ((Ãqh‡hÅrsr…†Ã‡‚à ((!



          ½
IG9à          Qh…‡vhyǂ‡hy†Ãr‘pyˆqvtÃhyyÃht…vpˆy‡ˆ…hyȆr†Ãà ((Ãhqà (($Ãqh‡hÅrsr…Ç‚à (( Ãhqà ((%

QPGà          U‚‡hy†ÃvpyˆqrÃhi†‡…hp‡v‚†Ãs‚…Ãht…vpˆy‡ˆ…rÐuvpuÃvpyˆqrÃh„ˆhpˆy‡ˆ…rÃh…rh†Ã‚‰r…à ÃuhÃhqÃv……vth‡v‚Ãh…hiyrÃyhqÃhqÃs‚…r†‡Ãh…rh†Ãt…rh‡r…ÇuhÃ!Ãuh0



          ½
              hv€hyłqˆp‡v‚ÃhqÃq‚€r†‡vpÁrrq†Ã‚sň…hyÃvuhiv‡h‡†Ãh…rÁ‚‡Ãp‚‰r…rq



          ½
@TQà          @‘pyˆqvtÃht…vpˆy‡ˆ…hyȆr†Ã‚‡ur…ÇuhÃv……vth‡v‚ÃÃB…‚ˆqh‡r…)ÃÃr‘pyˆqvtÃvqˆ†‡…’à (('Ãqh‡hÅrsr…Ç‚à ((&



          ½
TX@à           (('Ãqh‡hÅrsr…Ç‚à (($

UVSà           (')Ãh…‡vhyǂ‡hy†0Ãr‘pyˆqvtÃht…vpˆy‡ˆ…hyȆr†Ã‚‡ur…ÇuhÃv……vth‡v‚ÃhqÃryrp‡…vphyÃp‚‚yvtà ((Ãqh‡hÅrsr…†Ã‡‚à (( 




                                                                                        
6*6'),1$/



)25(67 5(6285&(6

DIU@ITDU`ÃPAÃVT@ÃPAÃAPS@TUÃS@TPVS8@T


9h‡hƂˆ…pr†)          P@89ÃA6PÁh‡v‚hyƇh‡v†‡vphyÒrh…i‚‚x†

   à   6ˆhyÃt…‚‡u)ÃÃt…‚††Ãvp…r€r‡



           ½
           ½
86Ià           A‚…Ãqrƒyr‡v‚ÃhqÃt…‚††Ãvp…r€r‡)Ãà (($Ãqh‡hÅrsr…Ç‚à ((#



           ½
VT6à           A‚…Ãqrƒyr‡v‚ÃhqÃt…‚††Ãvp…r€r‡)Ãà (($Ãqh‡hÅrsr…Ç‚à ((!



           ½
EQIà            (($Ãqh‡h)ÃÃ7h†vpÃQyhÃs‚…ÃA‚…r†‡ÃSr†‚ˆ…pr†



           ½
6VTà           A‚…Ãqrƒyr‡v‚ÃhqÃt…‚††Ãvp…r€r‡)Ãà (($Ãqh‡hÅrsr…Ç‚à ((#ÃU7AS6Ã!Ãqh‡hÅrsr…rprÒrh…)Ãà ((#

IaGà           9h‡hÅrsr…Ç‚Ãyh‡rqłqˆp‡v‚Ãs‚…r†‡†Ã‚y’ÃB…‚‡uÂsÁh‡ˆ…hyÃs‚…r†‡†Ãv†Ãp‚†vqr…rqǂÃirÁrh…Ór…‚Ðv‡uÃhÃt…‚‡uÅh‡rÃr„ˆhyǂÀ‚…‡hyv‡’ÃCh…‰r†‡Ãs…‚€Ãh‡ˆ…hy



           ½
               s‚…r†‡†Ãv†Ãyr††Ã‡uhÃ"ÃÈÂsÃuh…‰r†‡



           ½
6VUà           A‚…Ãqrƒyr‡v‚ÃhqÃt…‚††Ãvp…r€r‡)Ãà (($Ãqh‡hÅrsr…Ç‚à ((!



           ½
7@Gà           A‚…Ãt…‚††Ãvp…r€r‡)Ãà (($Ãqh‡hÅrsr…Ç‚à ((!



           ½
9IFà            ('Ãqh‡hÃh…rÃTrp…r‡h…vh‡Ãr†‡v€h‡r†ÃA‚…Ãqrƒyr‡v‚)Ãà ((Ãqh‡hÅrsr…Ç‚à ('(



           ½
BS8            A‚…Ãt…‚††Ãvp…r€r‡)Ãà (($Ãqh‡hÅrsr…Ç‚à ((!



           ½
GVYà           A‚…Ãt…‚††Ãvp…r€r‡)Ãà (($Ãqh‡hÅrsr…Ç‚à ((!



           ½
IG9à           9h‡hÅrsr…Ç‚Ç‚‡hyÃr‘ƒy‚v‡hiyrÃs‚…r†‡Ãà (($)Ãi…rhxÃvÃ‡v€rÆr…vr†ÃU7AS6Ã!Ãqh‡h

QPGà           9h‡hÅrsr…Ç‚ÃU7AS6Ã!Ãqrsvv‡v‚†Ã9h‡hÅrsr…Ç‚Çurà †‡ÃEhˆh…’ÃCh…‰r†‡)Ãqrp…rh†rÃvÃ ((Ðh†ÃhÅr†ˆy‡Ã‚sÃqrp…rh†rqÃqr€hqÃs‚…Ђ‚qÃvÃ‡urÃrp‚‚€vp



           ½
               ‡…h†v‡v‚Ãƒr…v‚q



           ½
QSUà            (($)ÃU7AS6Ã!Ãqh‡h0Ãi…rhxÃvÃ‡v€rÆr…vr†ÃqˆrǂÃhÃpuhtrÃvÃqrsvv‡v‚†0Ãqh‡hÅrsr…Ç‚ÃQ‚…‡ˆthyÃ8‚‡vr‡hyÃ6o‚…r†ÃhqÃHhqrv…hÃD†yhq†



           ½
@TQà           B…‚‡uÃhqÃv‡r†v‡’ÂsȆrà (')ÃÃTrp…r‡h…vh‡Ãr†‡v€h‡rÃÃA‚…Ãqrƒyr‡v‚)Ãà ((Ãqh‡hÅrsr…Ç‚à ('(



           ½
TX@à           9h‡hÅrsr…Ç‚Ç‚‡hyÃs‚…r†‡Ãvpyˆqvt‡ur…Ђ‚qrqÃyhqÃhqDžrr†Ã‚ˆ‡†vqrÇurÃs‚…r†‡†ÃA‚…Ãt…‚††Ãvp…r€r‡)Ãà (($Ãqh‡hÅrsr…Ç‚à   (("

UVSà           9h‡hÃh…rł‰v†v‚hy



           
Q6Q@S 86S97P6S9ÃIPUÃS@8PW@S@9


9h‡hƂˆ…pr†)          A6P

   à   Srp‚‰r…rqÃhƒr…)ÃȆrqÃhƒr…ÃhqÃhƒr…i‚h…q…År†vqˆr†Ãs…‚€Ãƒhƒr…Ãp‚‰r…†v‚Ã‡uh‡Ãh…rÃp‚yyrp‡rqÃs‚…Ã…rˆ†rÃh†ÃhÅhÃ€h‡r…vhyÃs‚…ÇurÀhˆshp‡ˆ…rÂsÃhƒr…

        ƒhƒr…i‚h…q…‡ur…Ã…‚qˆp‡†

   à   Qhƒr…ph…qi‚h…qÃIPUÅrp‚‰r…rqÃuh†ÃirrÃqrsvrqÃh†ÃÃs‚yy‚†)

        Qhƒr…ÃIPUÅrp‚‰r…rqÃ2ÃÃQhƒr…ÃhqÃhƒr…i‚h…qłqˆp‡v‚ÃÃIr‡Ãv€ƒ‚…‡†Ã‚sÃhƒr…ÃhqÃhƒr…i‚h…qÃÃIr‡Ãv€ƒ‚…‡†Ã‚sÅrp‚‰r…rqÃhƒr…ñÃSrp‚‰r…rqÃhƒr…

        ƒ…‚qˆp‡v‚




3   G6IU6UDPIÃ6I9ÃTVTU6DI67G`ÃH6I6B@9ÃAPS@TUT


9h‡hƂˆ…pr†)          A6PóT‡h‡rÂsÇurÃX‚…yq¶†Ãs‚…r†‡†Ã!    ´ÃUhiyrÃ!ÃhqÃ#ÃhqÇurÃA‚…r†‡ÃT‡rh…q†uvƒÃ8‚ˆpvyÃAT8ÃhqÇurÃQhÃ@ˆ…‚ƒrhÃA‚…r†‡Ã8r…‡vsvph‡v‚

                       Q@A8

   à   U‚‡hyÃs‚…r†‡Ãv†Ã‡urƈ€Ã‚sÁh‡ˆ…hyÃs‚…r†‡Ãƒyˆ†Ãƒyh‡h‡v‚†ÃhqÃy‚††r†ÃhqÃthv†ÃvÃ‡urÃh…rhÂsÁh‡ˆ…hyÃs‚…r†‡†

   à   A‚…r†‡Ãƒyh‡h‡v‚)ÃÃhÃs‚…r†‡Ãr†‡hiyv†urqÃi’Ãyh‡vtÃhq‚…ÆrrqvtÃvÃ‡urłpr††Ã‚sÃhss‚…r†‡h‡v‚Ã‚…Ã…rs‚…r†‡h‡v‚ÃD‡Ãp‚†v†‡†Ã‚sÃv‡…‚qˆprqƃrpvr†Ã‚…ÃvÃ†‚€r

        ph†r†Ãvqvtr‚ˆ†Ã†ƒrpvr†

   à   Tˆ†‡hvhiyrÃs‚…r†‡Ã€hhtr€r‡)ÃÇurƇrh…q†uvƒÃhqȆrÂsÃs‚…r†‡ÃyhqÃvÃhÐh’ÃhqÃh‡ÃhÅh‡rÇuh‡Ã€hv‡hv†Ã‡urv…Ãiv‚qv‰r…†v‡’łqˆp‡v‰v‡’Årtrr…h‡v‚

        phƒhpv‡’Év‡hyv‡’ÃhqÇurv…‡r‡vhyǂÃsˆysvyÁ‚ÃhqÃvÃ‡urÃsˆ‡ˆ…rÅryr‰h‡Ãrp‚y‚tvphyÃrp‚‚€vpÃhqƂpvhyÃsˆp‡v‚†Ãh‡Ãy‚phyÁh‡v‚hyÃhqÃty‚ihyÃyr‰ry†Ãhq

        q‚r†Ã‚‡Ãphˆ†rÃqh€htrǂ‡ur…Ãrp‚†’†‡r€†

   à   A‚…r†‡Ãpr…‡vsvph‡v‚)ÃÃv†Ã‡urłpr††Ã‚sÃv†ƒrp‡vtÃh…‡vpˆyh…Ãs‚…r†‡†Ã‚…Ђ‚qyhqǂÆrrÃvsÇur’Ãh…rÃirvtÀhhtrqÃhpp‚…qvtǂÃhÃht…rrqÆr‡Ã‚sƇhqh…q†




),6+ 5(6285&(6

ADTCÃ86U8C@TÃ6I9Ã8PITVHQUDPI


9h‡hƂˆ…pr†)          A6P

   à   U‚‡hyÃph‡pur†)ÃÃqh‡hÅrsr…Ç‚Ãphƒ‡ˆ…rÃsv†ur…vr†ÃvÃvyhqÃhqÀh…vrÐh‡r…†ÃvpyˆqvtÃs…r†uh‡r…Ãsv†uÃqvhq…‚€‚ˆ†Ãsv†uÀh…vrÃsv†uÃp…ˆ†‡hprh†À‚yyˆ†p†Ãhq

        €v†pryyhr‚ˆ†Ãh„ˆh‡vpÃhv€hy†0ÃÃr‘pyˆqr†Ãh„ˆhpˆy‡ˆ…r

   à   6„ˆhpˆy‡ˆ…r)ÃqrsvrqÃh†Ã‡urÃsh…€vtÂsÃh„ˆh‡vp…thv†€†Çuh‡Ãv†Ã†‚€rÃs‚…€Ã‚sÃv‡r…‰r‡v‚Ãv†Ãv€ƒyvrqÃvÃ‡urÅrh…vtłpr††Ã‡‚Ãruhprłqˆp‡v‚Ã†ˆpuÃh†

        …rtˆyh…Ƈ‚pxvtÃsrrqvtł‡rp‡v‚Ãs…‚€Ãƒ…rqh‡‚…†Ãyˆ†Ãvqv‰vqˆhy…Ãp‚…ƒ‚…h‡rr…†uvƒÃ‚sÇurƇ‚pxÃv†Ãv€ƒyvrq

   à   Q…‚qˆp‡v‚)ÃQ…‚qˆp‡v‚Ã†‡h‡v†‡vp†Ã…rsr…Ç‚ÇurĈh‡v‡vr†Ã‚sÅr†r…‰rqÃhqłpr††rqÃsv†ur…’Ãp‚€€‚qv‡vr†łqˆprqÃi‚‡uÃh†u‚…rÃhqi‚h…qÉr††ry†Ãˆ‡vyv†vt

        ph‡pur†Ãs…‚€Ãp‚€€r…pvhyÃsv†ur…vr†ÃhqÃh„ˆhpˆy‡ˆ…rłqˆp‡v‚ÃQ…‚qˆp‡†Ãs…‚€Ãv€ƒ‚…‡rqÅhÃ€h‡r…vhy†Ãh…rÃhy†‚Ãvpyˆqrq

   à   Av†uÃp‚†ˆ€ƒ‡v‚)ÃÃU‚‡hyÃs‚‚qƈƒƒy’Ã2łqˆp‡v‚ÃÁ‚s‚‚qȆrÃÃv€ƒ‚…‡†ÃÃr‘ƒ‚…‡†ÃƇ‚pxÉh…vh‡v‚†



           ½
           ½
7@Gà           9h‡hÃvpyˆqrÃGˆ‘r€i‚ˆ…t

9IFà           @‘pyˆqr†ÃB…rryhqÃhqÃAh…‚rÃD†yhq†




%,2',9(56,7<

I6UVS6GÃ86QDU6GÃDI9@YÃ              1&,
9h‡hƂˆ…pr†)          P@89Ã!       ó7v‚qv‰r…†v‡’Ãihpxt…‚ˆqÃq‚pˆ€r‡Ãs‚…ÇurÃP@89Ã@‰v…‚€r‡hyÃPˆ‡y‚‚xÃs‚…Ãpuhƒ‡r…à         )Ã7v‚qv‰r…†v‡’´ÃSDWHÃs‚…Æuh…rÂsƈ…shpr

                       h…rh†Ã‚sÃSˆ††vhÃArqr…h‡v‚ÃhqÃVx…hvrÇhxrÃv‡‚Ãhpp‚ˆ‡ÃvÃphypˆyh‡v‚†

   à   UurÃI8DÅr††ˆ…rÃvqr‘Ðh†Ãqr‰ry‚ƒrqÃh†ÃhÃh††r††€r‡Ã‡‚‚yÃs‚…ÇurÃ8‚‰r‡v‚ÃPÃ7v‚y‚tvphyÃ9v‰r…†v‡’Ã879Ãi’ÇurÃ9ˆ‡puÃIh‡v‚hyÃD†‡v‡ˆ‡rÂsÃQˆiyvpÃCrhy‡u

        hqÇurÃ@‰v…‚€r‡ÃSDWHÃhqÇurÃVI@QÃX‚…yqÃ8‚†r…‰h‡v‚ÃhqÃH‚v‡‚…vtÃ8r‡…rÃUurÃvqr‘Ãp‚€ƒ…v†r†Ã†r‰rÃƒh…h€r‡r…†Ã…h‡rÂsÃpyv€h‡rÃpuhtrÃuˆ€h

        ƒ‚ƒˆyh‡v‚Ãqr†v‡’Ãp‚†ˆ€ƒ‡v‚Ãhqłqˆp‡v‚Ãv†‚yh‡v‚s…ht€r‡h‡v‚Ãhpvqvsvph‡v‚Ãrˆ‡…‚ƒuvph‡v‚Ãr‘ƒ‚†ˆ…rǂÃuvtu“‚rÃp‚pr‡…h‡v‚ÃhqÇhxr†ÃhÉhyˆr

        ‚sÃir‡rrÃÃhqà     




                                                                                        
                                                                                                                                                  6*6'),1$/


Ã     UurÃI8DÃs…h€r‚…xÃhv€†Ãh‡Ãƒ…‚‰vqvtÃhĈh‡v‡h‡v‰rÃhqÀrhvtsˆyÃvp‡ˆ…rÂsÇurƇh‡rÂsÃhqDžrq†ÃvÃiv‚qv‰r…†v‡’ÃqˆrǂÃuˆ€hÃv‡r…‰r‡v‚†ǂƈƒƒ‚…‡

       ƒ‚yvp’Àhxr…†ÃvÃhÆv€vyh…Ðh’Ãh†Ã†‚pv‚rp‚‚€vpÃsvtˆ…r†Ã†ˆƒƒ‚…‡Ãƒ‚yvp’Àhxr…†ÃÃUurÃI8DÃphÃirÃhƒƒyvrqÃhyyÆphyr†Ã±h‡v‚hyÅrtv‚hyÃhqÃty‚ihyÃhqÃs‚…

       hyyÃrp‚†’†‡r€†Ãs…‚€Ãs‚…r†‡ÃhqÀh…vrǂÃht…vpˆy‡ˆ…rÃÃD‡Ãqrhy†Ãv‡uÐvyqyv‰vtƃrpvr†

Ã     UurÃI8DÃs…h€r‚…xÃp‚†vqr…†Ãiv‚qv‰r…†v‡’Ãh†ÃhÁh‡ˆ…hyÅr†‚ˆ…prÃp‚‡hvvtÃhyyƃrpvr†Ãv‡uÇurv…ƃrpvsvpÃhiˆqhprÃqv†‡…viˆ‡v‚ÃhqÁh‡ˆ…hyÃsyˆp‡ˆh‡v‚†ÃÃUur

       y‚††Ã‚sÃiv‚qv‰r…†v‡’ÃqˆrÃi‚‡uǂÃy‚††Ã‚sÃuhiv‡h‡ÃhqǂÅr††ˆ…r†Ã‚Ã‡urÅr€hvvtÃuhiv‡h‡Ãh…rÃphyyrqÇurÃy‚††Ã‚sÃrp‚†’†‡r€Ã„ˆh‡v‡’ÃhqÃrp‚†’†‡r€Ã„ˆhyv‡’

       …r†ƒrp‡v‰ry’ÃÃBv‰rÃ‡ur†rǐ‚Ãshp‡‚…†Ã‡urÃI8DÃs…h€r‚…xÃuh†ÃqrsvrqÇurÁh‡ˆ…hyÃphƒv‡hyÃh†Ã‡urłqˆp‡Ã‚sÇurÆv“rÂsÇurÅr€hvvtÃh…rhÃrp‚†’†‡r€Ã„ˆh‡v‡’

       hqÃv‡†Ã„ˆhyv‡’ÃÃ@p‚†’†‡r€Ã„ˆh‡v‡’Ãv†ÃqrsvrqÃh†Ã‡urÆv“rÂsÇurÃrp‚†’†‡r€ÃÈÃh…rhÂsÃp‚ˆ‡…’Â…Ã…rtv‚ÃhqÃrp‚†’†‡r€Ã„ˆhyv‡’Ãv†ÃqrsvrqÃh†Ã‡urÅh‡v‚Ãir‡rr

       ‡urÃpˆ……r‡ÃhqÃhÃih†ryvrƇh‡rÃÈÂsÃih†ryvrÃÃ6ÃI8DÂsÃÈÀrh†Ã‡uh‡Ã‡urÃr‡v…rÃrp‚†’†‡r€Ãuh†Ãqr‡r…v‚…h‡rqÃrv‡ur…Ãirphˆ†rÇur…rÃv†Ã‚Ãh…rhÃyrs‡…

       irphˆ†rÇurĈhyv‡’Ãv†ÃÈ…Ãi‚‡uÃÃ6ÃI8DÂsà       ÈÀrh†Ã‡uh‡Ã‡urÃr‡v…rÃp‚ˆ‡…’Ãp‚†v†‡†Ã‚sÁh‡ˆ…hyÃh…rhÂsà       ÈĈhyv‡’

Ã     UurÃI8DÃs‚…ÇurÇu…rrÅrtv‚†Ã‚sÃp‚ˆ‡…vr†Ãuh†ÃirrÃ‚i‡hvrqÃi’Ãh‰r…htvtÇurÉhyˆr†Ãs‚…Ãvqv‰vqˆhyÃp‚ˆ‡…vr†Ðrvtu‡rqÃi’Ç‚‡hyÃyhqÃh…rh




(1(5*<
     
8P Ã@HDTTDPIT


9h‡hƂˆ…pr†)         D@6P@89


Ã     9h‡hÅrsr…Ç‚Ãt…‚††Ãqv…rp‡Ãr€v††v‚†0ÃÃ8P!År€‚‰hyÃi’Ævx†Ãvqv…rp‡Ãr€v††v‚†Ãs…‚€ÃyhqȆrÃpuhtr†ÃhqÃvqv…rp‡Ãrssrp‡†Ã‡u…‚ˆtuÃv‡r…hp‡v‚†ÃvÃ‡ur

       h‡€‚†ƒur…rÃh…rÁ‚‡Ã‡hxrÃv‡‚Ãhpp‚ˆ‡

Ã     9h‡hÅrsr…Ç‚Ã8P!Ãr€v††v‚†Ãs…‚€Ãs‚††vyÃsˆryÃp‚€iˆ†‡v‚Ãh‡u…‚ƒ‚trvpÃr€v††v‚†Ãi’‡ur…Æ‚ˆ…pr†Ãvqˆ†‡…vhyłpr††r†Ãiv‚€h††Ãiˆ…vtÃh…rÁ‚‡Ãvpyˆqrq

Ã     9h‡hÃh…rÃr†‡v€h‡r†Ãih†rqÇurÃqrshˆy‡Ã€r‡u‚q†ÃhqÃr€v††v‚Ãshp‡‚…†Ãs…‚€Ã‡urÃSr‰v†rqà               ((%ÃDQ88ÃBˆvqryvr†Ãs‚…ÃIh‡v‚hyÃB…rru‚ˆ†rÃBh†ÃD‰r‡‚…vr†Ãhq

       ‚Ã‡urÃD@6P@89Ãqh‡hÃs‚…Ç‚‡hyÅv€h…’Ãrr…t’ƈƒƒy’

Ã     PvyÃhqÃth†Ãs‚…Á‚rr…t’È…ƒ‚†r†Ã†ˆpuÃh†Ãsrrq†‡‚px†ÃvÃ‡urÃpur€vphyÃhqÃr‡…‚pur€vphyÃvqˆ†‡…vr†Ãh…rÃr‘pyˆqrq

Ã     PvyÃuryqÃvÃv‡r…h‡v‚hyÀh…vrÃhqÃh‰vh‡v‚Ãiˆxr…†Ãv†Ãr‘pyˆqrqÃh‡Ãh‡v‚hyÃyr‰ry0Ђ…yqÃr€v††v‚†ÃvpyˆqrÀh…vrÃhqÃh‰vh‡v‚Ãiˆxr…†Ãh€‚ˆ‡vtǂÃ"('

       Àvyyv‚Ã‡‚r†ÃhqÃ"!!Àvyyv‚Ã‡‚r†ÃvÃ    (('

Ã     Aˆ…‡ur…Ãqr‡hvy†Ã‚Ãphypˆyh‡v‚Ã€r‡u‚q†ÃhqÃp‚‰r…†v‚Ãshp‡‚…†ÃphÃirÃs‚ˆqÃvÃD@6P@89Ã! Ã8PÃ@€v††v‚†Ãs…‚€ÃAˆryÃ8‚€iˆ†‡v‚à (&  (((



IPYÃ@HDTTDPIT


9h‡hƂˆ…pr†)         P@89


Ã     9h‡hÅrsr…Ç‚Ãr€v††v‚†Ãs…‚€ÃhyyÀh€hqrƂˆ…pr†Ã€vˆ†Ãr€v††v‚†Ãs…‚€Ãvqˆ†‡…vhyłpr††r†ÃhqÀv†pryyhr‚ˆ†



          ½
          ½
EQIà          @€v††v‚†Ãs…‚€Ãvqˆ†‡…vhyłpr††r†Ãh…rÃvpyˆqrq



          ½
ADIà          Dqˆ†‡…vhyÃsˆryÃp‚€iˆ†‡v‚Ãvpyˆqr†ÃsˆryÃp‚€iˆ†‡v‚ÃvÃvqˆ†‡…vhyr…Ãyh‡†Ãhqłpr††r†



          ½
DU6à          Dqˆ†‡…vhyłpr††r†ÃvpyˆqrÃr‡…‚yrˆ€Ã…rsvvtÃhqƂyvqÃsˆryDžh†s‚…€h‡v‚

VF9           Dqˆ†‡…vhyłpr††r†ÃvpyˆqrÃr‡…‚yrˆ€Ã…rsvvtÃyh‡†



TPYÃ@HDTTDPIT


9h‡hƂˆ…pr†)         P@89


Ã     9h‡hÅrsr…Ç‚Ãr€v††v‚†Ãs…‚€ÃhyyÀh€hqrƂˆ…pr†Ã€vˆ†Ãr€v††v‚†Ãs…‚€Ãvqˆ†‡…vhyłpr††r†ÃhqÀv†pryyhr‚ˆ†



          ½
          ½
DSGà          @€v††v‚†Ãs…‚€Ãvqˆ†‡…vhyłpr††r†Ãh…rÁ‚‡Ãvpyˆqrq

VF9           Dqˆ†‡…vhyłpr††r†ÃvpyˆqrÃr‡…‚yrˆ€Ã…rsvvtÃyh‡†



S@TD9@IUD6GÃ6I9Ã8PHH@S8D6GÃT@8UPSTÃAGPPSÃ6S@6


9h‡hƂˆ…pr†)         D@6Ã@r…t’Ã@ssvpvrp’ÃDqvph‡‚…†




@I@SB`ÃTVQQG`


9h‡hƂˆ…pr†)         D@6P@89


Ã     U‚‡hyÅv€h…’Ãrr…t’ƈƒƒy’)ÃÃvqvtr‚ˆ†Ãƒ…‚qˆp‡v‚ÃÃv€ƒ‚…‡†ÃÃr‘ƒ‚…‡†ÃÃv‡r…h‡v‚hyÀh…vrÃiˆxr…†ÃhqÓƇ‚pxÃpuhtr†ÃQ…v€h…’Ãrr…t’Ãp‚€ƒ…v†r†Ãuh…q

       p‚hyÃyvtv‡rÃhq‡ur…Æ‚yvqÃsˆry†Ãp…ˆqrÂvyÃhqÁh‡ˆ…hyÃth†Ãyv„ˆvq†Áh‡ˆ…hyÃth†ÃhqÁˆpyrh…Ãu’q…‚Ãtr‚‡ur…€hyÃhqƂyh…Ãryrp‡…vpv‡’Ã@yrp‡…vpv‡’Ç…hqrÃv†Ãhy†‚

       vpyˆqrq

Ã     U‚‡hyà svhyà p‚†ˆ€ƒ‡v‚)à à ‡urà †ˆ€Ã ‚sà p‚†ˆ€ƒ‡v‚Ã i’à ‡urà qvssr…r‡Ã rqˆ†rà †rp‡‚…†)à à vqˆ†‡…’à †rp‡‚…à ‡…h†ƒ‚…‡Ã †rp‡‚…à r‘pyˆqr†Ã v‡r…h‡v‚hyà €h…vrà iˆxr…†

       hq‡ur…Ærp‡‚…†Ãht…vpˆy‡ˆ…rÅr†vqr‡vhyÃp‚€€r…pvhyÃhqÈiyvpÆr…‰vpr†

Ã     @yrp‡…vpv‡’à ‚ˆ‡ƒˆ‡)à à ryrp‡…vpv‡’à trr…h‡rqà i’à ‡ur…€hyà ƒ‚r…à ƒyh‡†Ã h†Ã ryyà h†Ã ƒ…‚qˆp‡v‚Ã i’à ˆpyrh…à hqà u’q…‚à r‘pyˆqvtà ƒˆ€ƒrqà †‡‚…htrà ƒ…‚qˆp‡v‚

       tr‚‡ur…€hyÃr‡p

Ã     @yrp‡…vpv‡’ˆ‡ƒˆ‡Ãs…‚€Ãs‚††vyÃsˆry†)ÃÃryrp‡…vpv‡’Ãtrr…h‡rqÃi’Çur…€hyr…Ãyh‡†Ã†rƒh…h‡rqÃv‡‚Ãryrp‡…vpv‡’ÃhqÃ8CQÃyh‡†

Ã     A‚††vy†Ãsˆry†Ãvƒˆ‡)ÃÃD@6ÃTrp…r‡h…vh‡Ãr†‡v€h‡r†

Ã     †rrÃD@6à   (('((Ã@r…t’Ã7hyhpr†Ã‚sÃP@89Ã8‚ˆ‡…vr†Ãs‚…Ãp‚‰r…†v‚Ãshp‡‚…†Ãs…‚€Ã‚…vtvhyȁv‡†Ã‡‚ÃU‚rÃs‚…ÇurÉh…v‚ˆ†Ãrr…t’Æ‚ˆ…pr†ÃhqÃs‚…Ãqrsvv‡v‚†

Ã     Sr†vqr‡vhyÃhqÃp‚€€r…pvhyÆrp‡‚…Ãsy‚‚…Ãh…rh†Ãp‚€rÃs…‚€ÃD@6Ã@r…t’Ã@ssvpvrp’ÃDqvph‡‚…†Ãv‡r…hyÃqh‡hih†r




                                                                                          
6*6'),1$/



75$163257

     
8P Ã@HDTTDPIT


9h‡hƂˆ…pr)          D@6




IPYÃ@HDTTDPIT


9h‡hƂˆ…pr)          P@89

Ã    9h‡hÅrsr…Ç‚Ãr€v††v‚†Ãs…‚€Ã…‚hqÀ‚‡‚…Éruvpyr†



         ½
         ½
EQI          9h‡hÃs‚…Ç‚‡hyDžh†ƒ‚…‡

FPS          9h‡hÃs‚…Ç‚‡hyDžh†ƒ‚…‡




WP8Ã@HDTTDPIT


9h‡hƂˆ…pr)          P@89

Ã    9h‡hÅrsr…Ç‚Ãr€v††v‚†Ãs…‚€Ã…‚hqÀ‚‡‚…Éruvpyr†



VF9      ½   S‚hqDžh†ƒ‚…‡Ãvpyˆqr†Ãr‰hƒ‚…h‡v‰rÃhqÃp‚€iˆ†‡v‚Ãr€v††v‚†



SP69ÃUS6AAD8


9h‡hƂˆ…pr†)         P@89ÃD‡r…h‡v‚hyÃS‚hqÃArqr…h‡v‚ÃDSAÁh‡v‚hyÒrh…i‚‚x†

Ã    U…hssvpɂyˆ€r†Ãh…rÃr‘ƒ…r††rqÃvÃivyyv‚†Ã‚sÃÃxvy‚€r‡…r†ÃDžh‰ryyrqÃi’Ã…‚hqÉruvpyr0Çur’Ãh…rȆˆhyy’Ãr†‡v€h‡r†ÃhqÅrƒ…r†r‡Ã‡urÃh‰r…htrÃhˆhyÃqv†‡hprÃp‚‰r…rqÃi’

      ‰ruvpyr†ÃvÃxvy‚€r‡…r†Àˆy‡vƒyvrqÃi’ÇurÁˆ€ir…ÂsÉruvpyr†ÃvÃ‚ƒr…h‡v‚ÃÃDÃƒ…vpvƒyrÇurÃqh‡hÅrsr…Ç‚ÇurÐu‚yrÃqv†‡hprDžh‰ryyrqÇurÐu‚yrÁr‡‚…xÃv†vqrÇur

      h‡v‚hyÃi‚ˆqh…vr†Ãi’Áh‡v‚hyÉruvpyr†Ðv‡uÃr‘prƒ‡v‚Ã‚sǐ‚ÃhqÇu…rrurryrqÉruvpyr†Ãph…h‰h†ÃhqDžhvyr…†


         ½
 à    9h‡hÃvpyˆqrÃTrp…r‡h…vh‡Ãr†‡v€h‡r†



         ½
VT6          U…hssvpÃi’Ãy‚phyÃhqȅihÃiˆ†r†Ãv†Ãr‘pyˆqrq



         ½
EQI          U…hssvpÃi’Ãyvtu‡Ã‰ruvpyr†Ãv†Ãr‘pyˆqrq



         ½
7@G          DpyˆqvtÀ‚‡‚…Éruvpyr†Ãv‡uÃ!…Ã"Ðurry†Ãhi‚ˆ‡Ã È



         ½
8a@          @‘pyˆqr†Ãiˆ†r†



         ½
9@V          @‘prƒ‡Ãs‚…Àvyv‡h…’Éruvpyr†DžhssvpÃi’ƃrpvhyÉruvpyr†Ãv†Ãvpyˆqrq



         ½
BS8          9h‡hÅrsr…Ç‚Ãv‡r…pv‡’Ç…hssvpy’



         ½
DTG          U…hssvpÃi’Ãy‚phyÃhqȅihÃiˆ†r†Ãv†Ãr‘pyˆqrq



         ½
DU6          U…hssvpÃi’Çu…rrurryrqÃt‚‚q†Ã‰ruvpyr†Ãv†Ãvpyˆqrq



         ½
IG9          U…hssvpÃi’Ç…h€†Ãhqƈih’†Ãv†Ãvpyˆqrq



         ½
@TQ          9h‡hÅrsr…y’Ç‚Ç…hssvpÀ‚‡‚…h’†ÃhqÁh‡v‚hyłhq†

TX@          9h‡hÃvpyˆqrDžhssvpÃi’ÃTrqv†uÃh††rtr…Ãph…†Ãhi…‚hqÃÃU…hssvpÃi’Ãt‚‚q†Ã‰ruvpyr†Ãv‡uÃhÃy‚hqÃphƒhpv‡’ȁqr…Ã!ǂr†Ãv†Ãr‘pyˆqrqÃVƒÃ‡‚à (''y’ÇurÈiyvp

             r‡‚…xÃv†Ãvpyˆqrq0Ãhs‡r…à ('(Çurǂ‡hyÁr‡‚…xÃv†Ã‡hxrÃv‡‚Ãhpp‚ˆ‡



Q6TT@IB@SÃ86SÃ6I9ÃUPIÃFHÃS@G6U@9Ã@HDTTDPITÃPAÃIPYÃ6I9ÃWP8T


9h‡hƂˆ…pr†)         @ˆ…‚ƒrhÃ@‰v…‚€r‡Ã6trp’Ã@U86@Ã!ÃhqÃ@VSPTU6UÃ!                

Ã    @VSPTU6UÃhqÃ9BÃU…h†ƒ‚…‡Ãh…rÃw‚v‡y’Ãqr‰ry‚ƒvtÃhÃqh‡hih†rƒ†‡r€ÃUS@I9TÇuh‡Ãyvx†Ã‡…h†ƒ‚…‡Ãhq‡ur…Ãqh‡hÐv‡uÀr‡u‚q‚y‚tvr†Ãs‚…Ãr†‡v€h‡vt

      r€v††v‚†Ãhq‡ur…Ãr‰v…‚€r‡hyÅr††ˆ…r†ÃÃ6Ãv€ƒ‚…‡h‡Ãhv€Ãv†Ã‡‚Ã…‚qˆprÃhÃp‚†v†‡r‡Ã†r‡Ã‚sÃr†‡v€h‡r†Ã‡‚ÃirȆrqÃs‚…Ã@VÂyvp’È…ƒ‚†r†ÃvpyˆqvtÃU@SH

      U…h†ƒ‚…‡ÃhqÃ@‰v…‚€r‡Ã…rƒ‚…‡vtÃHrpuhv†€

Ã    @€v††v‚Ã‚sÃhv…Âyyˆ‡h‡†Ãƒr…Ç…h†ƒ‚…‡Ãˆv‡)Ãqv†‡vtˆv†uvtÃi’Ç’ƒrÃs…rvtu‡Ã‚…Ãh††rtr…À‚qrÃhqÉruvpyrÃph‡rt‚…’

Ã    Pppˆƒhp’Ã…h‡rÃh‰r…htrÁˆ€ir…ÂsÃh††rtr…†ÃvÃhÉruvpyrÃs‚…Ãph…†ÃhqÃy‚hqÃshp‡‚…Ã…h‡v‚ÂsÇurÃh‰r…htrÃy‚hqǂǂ‡hyÉruvpyrÃs…rvtu‡Ãphƒhpv‡’Ãs‚…Ç…ˆpx†Ãƒyh’

      hÃv€ƒ‚…‡h‡Ã…‚yrÐv‡uÅr†ƒrp‡Ã‡‚ƃrpvsvpÃr€v††v‚†

Ã    UurÃh‰r…htrÃhtrÂsÇurÉruvpyrÃsyrr‡Ãv†Ã‚sÃt…rh‡Ãv€ƒ‚…‡hprÃs‚…ƃrpvsvpÃr€v††v‚†Ã‚sÇurÐu‚yrÉruvpyrÃsyrr‡Ãh†Ãv‡Ã…rsyrp‡†Ã‡urÇrpu‚y‚t’Ãyr‰ry



             TƒrpvsvpÃr€v††v‚†Ãs‚…Ãph…†Ã@V $      TƒrpvsvpÃr€v††v‚†Ãs‚…Ç…ˆpx†Ã@V $

                     tƒh††rtr…x€                              t‡‚x€

                 WP8                  IP‘                  WP8                   IP‘

 ((                  '$(               ((                    %$&               !#&

 (($                  $&                %'                   %%                '(&

 ((%                  $ &               %!%                   $($                '%"

 ((&                  #%&               $&#                   $%                 &$&

 (('                  #!               $!#                   $!$                %"(




$*5,&8/785(

6QQ6S@IUÃ8PITVHQUDPIÃPAÃIQFÃA@SUDGDT@ST


9h‡hƂˆ…pr†)à        P@89ÃA6PÃD‡r…h‡v‚hyÃAr…‡vyv“r…ÃDqˆ†‡…’Ã6††‚pvh‡v‚Áh‡v‚hyƇh‡v†‡vphyÒrh…i‚‚x†ÃVI@8@ÃVI@Q

Ã    6ƒƒh…r‡Ãp‚†ˆ€ƒ‡v‚Ã‚sÃIQFÃsr…‡vyv†r…†)ÃÃqh‡hÅrsr…Ç‚ÇurÁv‡…‚trÃIÃhqÃu‚†ƒu‚…vpÃhpvqÃQ!P$Ãp‚‡r‡Ã‚sÁv‡…‚tr‚ˆ†ÃhqÃu‚†ƒuh‡rÃsr…‡vyv†r…†Ãhqǂ

      ‡urÃF!PÃp‚‡r‡Ã‚sÃp‚€€r…pvhy‡h†uÀˆ…vh‡rÁv‡…h‡rÃhqƈyƒuh‡rÂs‡h†uÀhˆ…rÆhy‡†Ãxhvv‡ÃhqÁv‡…h‡rÂsƂqh‡h†uÃ9h‡hÅryh‡rǂÃhƒƒh…r‡

      p‚†ˆ€ƒ‡v‚Ãqˆ…vtÇurÃsr…‡vyv†r…Ã’rh…Ãtrr…hyy’à         ÃEˆy’Ç‚Ã"ÃEˆr

Ã    9h‡hÃvpyˆqr†Ãr†‡v€h‡r†

Ã    Qu‚†ƒuh‡rÃsr…‡)ÃÃvpyˆqr†Ãt…‚ˆqłpxÃu‚†ƒuh‡r†



         ½
         ½
VT6          Dpyˆqr†Ãqh‡hÃs‚…ÃQˆr…‡‚ÃSvp‚

7@G          9h‡hÃs‚…Ã7rytvˆ€ÃvpyˆqrÃGˆ‘r€i‚ˆ…tÃQu‚†ƒuh‡rÃsr…‡)ÃÃr‘pyˆqr†Ã‚‡ur…Ãpv‡…h‡rƂyˆiyrÃu‚†ƒuh‡r†




                                                                                     
                                                                                                                                                   6*6'),1$/


         ½
         ½
9IF          Ar…‡vyv†r…Ã’rh…)ÃÃ6ˆtˆ†‡Eˆy’



         ½
AS6          Qu‚†ƒuh‡rÃsr…‡)ÃÃsr…‡vyv†r…Ã’rh…)ÃÃHh’6ƒ…vy



         ½
BS8          Ar…‡vyv†r…Ã’rh…)ÃÃphyrqh…Ã’rh…



         ½
@TQ          Ar…‡vyv†r…Ã’rh…)ÃÃphyrqh…Ã’rh…



         ½
TX@          Ar…‡vyv†r…Ã’rh…)ÃÃEˆrHh’ÃIv‡…‚trÃsr…‡)ÃÃqh‡hÃvpyˆqrÃs‚…r†‡Ãsr…‡vyv†h‡v‚



         ½
UVS          Ar…‡vyv†r…Ã’rh…)ÃÃphyrqh…Ã’rh…

VF9          Ar…‡vyv†r…Ã’rh…)ÃÃEˆrHh’



IDUSPB@IÃ76G6I8@T


9h‡hƂˆ…pr†)à         P@89

Ã   Iv‡…‚trÃihyhpr)ÇurÃhˆhyǂ‡hyĈh‡v‡’ÂsÃvƒˆ‡†Ãvpyˆqr†Ã€hvy’Ãyv‰r†‡‚pxÀhˆ…rÃhqÃpur€vphyÃsr…‡vyv†r…†ÃUurÃhˆhyǂ‡hyĈh‡v‡’Âsˆ‡ƒˆ‡†Ãvpyˆqr†

     €hvy’Ãp…‚ƒ†ÃhqÃs‚…htrÃUurÃvqvph‡‚…Ã…‚‰vqr†Ãvs‚…€h‡v‚Ã‚Ã‡ur‡r‡vhyÃy‚††Ã‚sÁv‡…‚trÃ‡‚ÇurƂvyÇurÃhv…Ãhqǂƈ…shpr…Ãt…‚ˆqh‡r…ÃC‚r‰r…

     v‡…‚trÃy‚††Ã‡u…‚ˆtuÇurɂyh‡vyv†h‡v‚Ã‚sÃh€€‚vhǂÇurÃh‡€‚†ƒur…rÃs…‚€Ãyv‰r†‡‚pxÃu‚ˆ†vtÃhqƇ‚…rqÀhˆ…rÃv†Ãr‘pyˆqrqÃs…‚€Ã‡urÃphypˆyh‡v‚

Ã   Iv‡…‚trÃrssvpvrp’)ÃvÃht…vpˆy‡ˆ…rÀrh†ˆ…r†Ã‡urÃu’†vphyÁv‡…‚trÃvƒˆ‡‚ˆ‡ƒˆ‡Ã…h‡v‚



         ½
         ½
GVY          I‚Ãqh‡h

TWF          I‚Ãqh‡h

A‚…À‚…rÃqr‡hvy†Ã‚ÃrhpuÃp‚ˆ‡…’…Ãqrsvv‡v‚†Årsr…Ç‚ÇurÃP@89ÐriÆv‡r)ÃА‚rpq‚…tht…r‰vqvph‡‚…†u‡€



@8PIPHD8Ã688PVIUTÃAPSÃ6BSD8VGUVS@


9h‡hƂˆ…pr)à          P@89


Ã       AvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡)ÃÃvpyˆqrÃpr…rhy†ÅvprÈy†r†ł‚‡Ãp…‚ƒ†Ãvqˆ†‡…vhyÃp…‚ƒ†Ãs…r†uÉrtr‡hiyr†Ãs…r†uÃs…ˆv‡Ãpv‡…ˆ†Ãs…ˆv‡Ãt…hƒr†ÐvrÇhiyrÂyv‰rÂyv‰rÂvy‡ur…Ãp…‚ƒ†




         ½
         hqÃp…‚ƒÃƒ…‚qˆp‡†Ãhq‡ur…Ã@‘ƒ…r††rqÃh‡Ã         (($ÅvprÃyr‰ry†Ãhqȅpuh†vtr…Ãh…v‡vr†




         ½
86I          8…‚ƒÃ‚ˆ‡ƒˆ‡Ã (('Ãqh‡hÅrsr…†Ã‡‚à ((&

EQI          8…‚ƒÃ‚ˆ‡ƒˆ‡Ã (('Ãqh‡hÅrsr…†Ã‡‚à ((&



Ã       AvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡)ÃÃvpyˆqrÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡ÃsvhyÃhv€hyˆ‡ƒˆ‡ÃhqÀv†pryyhr‚ˆ†ÃÃPˆ‡ƒˆ‡Ã‚sÃt‚‚q†Ã‡‚ÃirÅrp‚…qrqÐurÃ‡urłqˆp‡v‚Ãƒ…‚pr††Ãv†

         p‚€ƒyr‡rqÃÃAvhyˆ‡ƒˆ‡Ãv†Ãr„ˆhyÇurÃt…‚††Ãƒ…‚qˆp‡v‚Ãyr††Ãh†‡rȆhiyrłqˆp‡v‚Ãyˆ†Ãvv‡vhyƇ‚px†Ã…r†‚ˆ…pr†Ãyr††Ãv‡…hi…hpuÃp‚†ˆ€ƒ‡v‚ÃÃpuhtrÃv

         †‡‚px†ÃqrƒrqvtÃsvhyƇ‚px†ÃÃUurÃsvhyˆ‡ƒˆ‡Çuˆ†Àrh†ˆ…r†Ã‡urÉhyˆrÂsÃht…vpˆy‡ˆ…hyłqˆp‡†Ãh‰hvyhiyrÃs‚…Ãr‘ƒ‚…‡p‚†ˆ€ƒ‡v‚Ãs…rrÂsÃv‡…hi…hpu

         p‚†ˆ€ƒ‡v‚Ã@‘ƒ…r††rqÃh‡Ã (($ÅvprÃyr‰ry†Ãhqȅpuh†vtr…Ãh…v‡vr†


Ã       6t…vpˆy‡ˆ…hyÉhyˆrÃhqqrq)ÃÃsvhyÃht…vpˆy‡ˆ…hyˆ‡ƒˆ‡ÃuvpuÃvpyˆqrÃsvhyÃp…‚ƒÃ‚ˆ‡ƒˆ‡ÃsvhyÃhv€hyˆ‡ƒˆ‡ÃhqÀv†pryyhr‚ˆ†Àvˆ†Ãv‡r…€rqvh‡rÃp‚†ˆ€ƒ‡v‚Ãuvpu

         vpyˆqrÃhyyÃt‚‚q†ÃhqÆr…‰vpr†Ãp‚†ˆ€rqÃvÃ‡urłqˆp‡v‚Ãƒ…‚pr††ÃÃUuv†Ãv†Ã‡urƇhqh…qÀrh†ˆ…rÃs‚…Ãh††r††vtłqˆp‡v‰v‡’Ã@‘ƒ…r††rqÃh‡Ã               (($ÅvprÃyr‰ry†




         ½
         hqȅpuh†vtr…Ãh…v‡vr†




         ½
86I          6t…vpˆy‡ˆ…hyÉhyˆrÃhqqrqà (('Ãqh‡hÅrsr…†Ã‡‚à ((&

EQI          6t…vpˆy‡ˆ…hyÉhyˆrÃhqqrqà (('Ãqh‡hÅrsr…†Ã‡‚à ((&



             
8C Ã6I9ÃI PÃ@HDTTDPITÃASPHÃ6BSD8VGUVS@


9h‡hƂˆ…pr)à          VIA888


Ã       I‚Ãqh‡hÃs‚…ÃHr‘vp‚ÃF‚…rhÃhqÃUˆ…xr’


Ã       Gˆ‘r€i‚ˆ…t)ÃƂ€rÃqh‡hÃh…rÀv††vt


Ã       7rytvˆ€Ã8“rpuÃSrƒˆiyvpÃGˆ‘r€i‚ˆ…tÃhqÃQ‚yhq)ÃÇurDžrqÆu‚Ã€h’Á‚‡ÃirÃsˆyy’Ãp‚†v†‡r‡ÆvprÃqh‡hÃs‚…ÇurÃr‡v…rÃr…v‚qÐr…rÁ‚‡Ãƒ…‚‰vqrqÃvÃ‡urÃyh‡r†‡

         †ˆi€v††v‚ÃhqÃqvssr…r‡Ã†‚ˆ…pr†Ã‚sÃqh‡hÀh’Ãuh‰rÃirrÃˆ†rq


Ã       Cˆth…’ÃhqÃQ‚yhq)ÃÃDÃhpp‚…qhprÐv‡uÃqrpv†v‚Ã(8Q!Ƃ€rÃQh…‡vr†Ãv‡uÃrp‚‚€vr†ÃvÃ‡…h†v‡v‚Ãˆ†rÃih†rÒrh…‡ur…ÇuhÃ                    ((ÃA‚…ÃCˆth…’Ãih†r

         ’rh…Ãv†ÃvÃyvrˆÃ‚sà   ((ÇurÃh‰r…htrÂsà   ('$    ('&ÃhqÃs‚…ÃQ‚yhqÃih†rÒrh…Ãv†Ã    (''




DIU@ITDU`ÃPAÃVT@ÃPAÃQ@TUD8D9@T


9h‡hƂˆ…pr†)à         P@89ÃA6PÁh‡v‚hyƇh‡v†‡vphyÒrh…i‚‚x†Ã@ˆ…‚ƒrhÃ8…‚ƒÃQ…‚‡rp‡v‚Ã6††‚pvh‡v‚

Ã   Vyr††Ã‚‡ur…v†rƃrpvsvrqÃqh‡hÅrsr…Ç‚Ãhp‡v‰rÃvt…rqvr‡†

Ã   Vyr††Ã‚‡ur…v†rƃrpvsvrqÃqh‡hÅrsr…Ç‚Ç‚‡hyÃp‚†ˆ€ƒ‡v‚Ã‚sÃr†‡vpvqr†ÐuvpuÃvpyˆqr)Ãv†rp‡vpvqr†Ãhph…vpvqr†À‚yyˆ†pvpvqr†Ár€h‡‚pvqr†ÃhqÀvr…hyÂvy†

     sˆtvpvqr†Ãihp‡r…vpvqr†ÃhqÆrrqDžrh‡€r‡†Ãur…ivpvqr†Ãqrs‚yvh‡†ÃhqÃqr†vpph‡†Ãhq‡ur…Ãr†‡vpvqr†Ãƒyh‡Ãt…‚‡uÅrtˆyh‡‚…†Ãhqłqr‡vpvqr†



         ½
         ½
7@Gà         9h‡hÃvpyˆqrÃGˆ‘r€i‚ˆ…t



         ½
9IFà         Thyr†Ãs‚…ȆrÃvÃƒyh‡Ãƒ…‚qˆp‡v‚ÃvÃ‚ƒrÃht…vpˆy‡ˆ…r



         ½
ADIà         9h‡hÃvpyˆqrÃs‚…r†‡Ãƒr†‡vpvqr†ÃhqÅrsr…Ç‚Æhyr†



         ½
AS6à         9h‡hÅrsr…ǂĈh‡v‡vr†Ã†‚yqǂÃht…vpˆy‡ˆ…r



         ½
9@Và         9h‡hÅrsr…Ç‚Æhyr†



         ½
BS8à         9h‡hÅrsr…Ç‚Æhyr†



         ½
IG9à         9h‡hÅrsr…Ç‚Æhyr†Ã‚sÃpur€vphyÃr†‡vpvqr†Ã9h‡hÃvpyˆqrƂvyÃqv†vsrp‡h‡†ÐuvpuÃp‚……r†ƒ‚qǂÃhi‚ˆ‡Ã‡urÃuhysÂsÇurǂ‡hyÃp‚†ˆ€ƒ‡v‚



         ½
IPSà         9h‡hÅrsr…Ç‚Æhyr†



         ½
@TQà         9h‡hÅrsr…Ç‚Æhyr†



         ½
TX@à         6ƃrpvhyÆhyr†Ã‡h‘Ãuh†ÃirrÃhƒƒyvrqǂÃr†‡vpvqr†Ã†vprà ('&ÃÃ6‚‡ur…Çh‘Ðh†ÃhƒƒyvrqÃvÃ (($ÃÃ9h‡hÅrsr…Ç‚Æhyr†



         ½
8C@à         9h‡hÅrsr…Ç‚Æhyr†ÃhqÃuh‰rÃirrÃr†‡v€h‡rqǂÅrƒ…r†r‡Ã($Ãr…Ãpr‡Ã‚sÇurǂ‡hyÀh…xr‡Ã‰‚yˆ€r0ÃÃGvrpu‡r†‡rvÃvpyˆqrq

VF9          B…rh‡Ã7…v‡hvÃ‚y’ÃÃ9h‡hÃvpyˆqrƈyƒuˆ…vpÃhpvqÐuvpuÅrƒ…r†r‡†Ãhƒƒ…‚‘Ã#Èà (($ÂsÇurǂ‡hy



6BSD8VGUVS6GÃX6U@SÃVT@


9h‡hƂˆ…pr)à          P@89




         ½
         ½
86Ià         9h‡hÃs‚…à ('à ('$à ((Ãhqà (($Årsr…Ç‚à (' à ('%à ('(Ãhqà (( 



         ½
EQIà         9h‡hÃs‚…à (($Årsr…†Ã‡‚à ((#



         ½
6VUà         9h‡hÃs‚…à (($Årsr…†Ã‡‚à (("

9IFà         9h‡hÃs‚…à ('$Ãhqà ((Årsr…Ç‚à (''Ãhqà (( ÃDpyˆqr†Ãh‡r…ȆrÃvÃsv†uÃsh…€vt




                                                                                          
6*6'),1$/


         ½
         ½
ADIà         9h‡hÃs‚…à ('Ãhqà (($Årsr…Ç‚à ('$Ãhqà ((#



         ½
AS6à         9h‡hÃs‚…à (($Årsr…†Ã‡‚à ((#ÃDpyˆqr†ÃhyyÃht…vpˆy‡ˆ…rȆr†



         ½
BS8à         9h‡hÅrsr…†Ã‡‚Ãv……vth‡v‚Ã‚y’



         ½
@TQà         9h‡hÃs‚…à ((Årsr…†Ã‡‚à ('(Ã9h‡hÅrsr…†Ã‡‚Ãv……vth‡v‚Ã‚y’

VF9          @tyhqÃhqÃXhyr†Ã‚y’




0$18)$&785,1*

0   6IVA68UVSDIBÃW6GV@Ã699@9


Ã    Hhˆshp‡ˆ…vtÉhyˆrÃhqqrq)ÃÃphypˆyh‡rqÃh†Ã‡urÃqvssr…rprÃir‡rrÃƒ…‚qˆp‡v‚ÃhqÃv‡r…€rqvh‡rÃvƒˆ‡†ÃÃHhˆshp‡ˆ…vtÃvqˆ†‡…’Ãvpyˆqr†ÃhyyÃvqˆ†‡…vr†ÃvÃ‡ur

      D‡r…h‡v‚hyÃT‡hqh…qÃDqˆ†‡…vhyÃ8yh††vsvph‡v‚ÃDTD8ÃSr‰Ã"Ã8h‡rt‚…’Ã9Ãt…‚ˆƒ†Ã     $"&0Ãr‘ƒ…r††rqÃh‡Ã   (($ÅvprÃyr‰ry†Ãhqȅpuh†vtr…Ãh…v‡vr†



IPYÃ@HDTTDPITÃASPHÃH6IVA68UVSDIBÃDI9VTUS`


9h‡hƂˆ…pr†)à       P@89


Ã       IP[Ã@€v††v‚†Ãs…‚€ÃDqˆ†‡…vhyłpr††r†ÃhqÃvqˆ†‡…vhyÃsˆryÃp‚€iˆ†‡v‚




         ½
         ½
86I          9h‡hÃs‚…à ((&Ãhqà (('Ãh…rÃP@89ÃTrp…r‡h…vh‡Ãr†‡v€h‡r†



         ½
Ia           Dqˆ†‡…vhyÃsˆryÃp‚€iˆ†‡v‚Ãvpyˆqr†Ãr€v††v‚Ãs…‚€Ãƒ‚r…Ƈh‡v‚†



         ½
DU6          Dqˆ†‡…vhyłpr††r†ÃvpyˆqrÃr‡…‚yrˆ€Ã…rsvvtÃhqƂyvqÃsˆryDžh†s‚…€h‡v‚



         ½
@TQ          Dqˆ†‡…vhyÃsˆryÃp‚€iˆ†‡v‚Ãvpyˆqr†Ãr€v††v‚†Ãs…‚€Ã‚ss…‚hqÀhpuvr…’

VF9          Dqˆ†‡…vhyłpr††r†ÃvpyˆqrÃr‡…‚yrˆ€Ã…rsvvtÃyh‡†



     
8P Ã@HDTTDPITÃASPHÃ@I@SB`ÃDIU@ITDW@ÃDI9VTUSD@T


9h‡hƂˆ…pr†)à       D@6


Ã       @r…t’Ãv‡r†v‰rÃvqˆ†‡…vr†ÃvpyˆqrÃs‚‚qÃhqÃir‰r…htr†ÃDTD8à $ÃQˆyƒÃÉÃhƒr…ÃDTD8Ã! Ã8ur€vphyÃDTD8Ã!#ÃI‚Ã€r‡hyyvpÀvr…hy†ÃDTD8Ã!%ÃhqÃ7h†vpÀr‡hy

         DTD8Ã!&



B@I@S6UDPIÃPAÃH6IVA68UVSDIBÃX6TU@


9h‡hƂˆ…pr)à        P@89

Ã    Xh†‡rłqˆprÃi’ÇurÀhˆshp‡ˆ…vtÃvqˆ†‡…’ÐuvpuÃp‚€ƒ…v†r†ÃhyyÃvqˆ†‡…vr†ÃvÃ‡urÃD‡r…h‡v‚hyÃT‡hqh…qÃDqˆ†‡…vhyÃ8yh††vsvph‡v‚ÃDTD8ÃSr‰Ã"Ãph‡rt‚…’Ã9

      t…‚ˆƒ†Ã   $"&



         ½
         ½
EQI          9h‡hÃs‚…à (($Ãhqà ((%Ãh…rÃP@89Ãr†‡v€h‡r†



         ½
FPS          9h‡hÃvpyˆqrÃDTD8à !à  #Ã#ÃhqÃ# 



         ½
ADI          9h‡hÃs‚…à (('Årsr…†Ã‡‚à ((&



         ½
CVI          9h‡hÃr‘pyˆqrÃuh“h…q‚ˆ†Ãh†‡r0Ðh†‡rÃs…‚€Ãƒ…v‰h‡v†rqÃr‡r…ƒ…v†r†Ã€h’Á‚‡ÃirÃsˆyy’Ãp‚‰r…rqà (($Ãqh‡hÅrsr…Ç‚à ((%



         ½
DTG          H‚†‡y’Ðh†‡rÃs…‚€Ã†yhˆtu‡r…u‚ˆ†r†



         ½
QSU          Dpyˆqry’Ãuh“h…q‚ˆ†Ãh†‡r



         ½
DU6          9h‡hÃs‚…à (('Årsr…†Ã‡‚à ((&



         ½
IG9          9h‡hÃs‚…à (($Ãv†ÃhÃP@89Ãr†‡v€h‡r

IPS          9h‡hÃs‚…à (('Ãv†ÃhÃP@89Ãr†‡v€h‡r



AS@TCX6U@SÃ67TUS68UDPIÃ7`ÃH6IVA68UVSDIBÃDI9VTUS`




         ½
9h‡hƂˆ…pr)à        P@89




         ½
AS6           (('Ãqh‡hÅrsr…†Ã‡‚à ((&

VF9          @tyhqÃhqÃXhyr†Ã‚y’




                                                                               

								
To top