Europaudvalget 2007-08 (2. samling)
2858+2859 - Almindelige anl.
Offentligt
1453652_0001.png
&281&,/ 2)
7+( (8523($1 81,21
(1
3UHVVH
3529,6,21$/ 9(56,21
35(66 5(/($6(
WK &RXQFLO PHHWLQJ
*HQHUDO $IIDLUV DQG ([WHUQDO 5HODWLRQV
*(1(5$/ $))$,56
%UXVVHOV
3UHVLGHQW
0DUFK
0U 'LPLWULM 5XSHO
0LQLVWHU IRU )RUHLJQ $IIDLUV RI 6ORYHQLD
7KH
WK PHHWLQJ RQ ([WHUQDO 5HODWLRQV LV WKH VXEMHFW RI D VHSDUDWH SUHVV UHOHDVH
35(66
5XH GH OD /RL
% ±
%5866(/6
7 HO
)D [
SUHVV RIILFH#FRQVLOLXP HXURSD HX KWWS ZZZ FRQVLOLXP HXURSD HX 1HZVURRP
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0002.png
3529,6,21$/ 9(56,21
,,,
0DLQ UHVXOWV RI WKH &RXQFLO
7KH &RXQFLO DSSURYHG D SDFNDJH RI OHJLVODWLYH SURSRVDOV RQ
IRRG LPSURYHPHQW DJHQWV
± DGGLWLYHV
HQ]\PHV DQG IODYRXULQJV ± DLPHG DW KDUPRQLVLQJ HYDOXDWLRQ SURFHGXUHV LQ DFFRUGDQFH ZLWK WKH
IDUP WR WDEOH FRQFHSW VR DV WR SURYLGH D KLJK OHYHO RI FRQVXPHU SURWHFWLRQ ZKLOVW HQVXULQJ IUHH
FLUFXODWLRQ LQ WKH (8 V LQWHUQDO PDUNHW
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0003.png
3529,6,21$/ 9(56,21
,,,
&217(176
3$57,&,3$176
,7(06 '(%$7('
35(3$5$7,21 2) 7+( 635,1* 0((7,1* 2) 7+( (8523($1 &281&,/
27+(5 ,7(06 $33529('
(;7(51$/ 5(/$7,216
±
±
$IJKDQLVWDQ
&RXQFLO FRQFOXVLRQV
3DNLVWDQ
&RXQFLO FRQFOXVLRQV
(1/$5*(0(17
±
)RUPHU <XJRVODY 5HSXEOLF RI 0DFHGRQLD $FFHVVLRQ SDUWQHUVKLS
&20021 )25(,*1 $1' 6(&85,7< 32/,&<
±
(8 FRGH RI FRQGXFW RQ DUPV H[SRUWV
75$'( 32/,&<
±
$QWL GXPSLQJ PHDVXUHV DPPRQLXP QLWUDWH PDQJDQHVH GLR[LGHV
(8523($1 (&2120,& $5($
±
$PHQGPHQWV WR WKH (XURSHDQ (FRQRPLF $UHD DJUHHPHQW
*(1(5$/ $))$,56
±
±
±
%XOJDULD DQG 5RPDQLD 0HFKDQLVP RQ FRRSHUDWLRQ DQG YHULILFDWLRQ
&RXQFLO FRQFOXVLRQV
7KH (8 LQ
$QQXDO UHSRUW
3URFHHGLQJV LQ WKH &RXQFLO V GLIIHUHQW FRQILJXUDWLRQV
y
:KHUH GHFODUDWLRQV FRQFOXVLRQV RU UHVROXWLRQV KDYH EHHQ IRUPDOO\ DGRSWHG E\ WKH &RXQFLO WKLV LV LQGLFDWHG
LQ WKH KHDGLQJ IRU WKH LWHP FRQFHUQHG DQG WKH WH[W LV SODFHG EHWZHHQ TXRWDWLRQ PDUNV
y
'RFXPHQWV IRU ZKLFK UHIHUHQFHV DUH JLYHQ LQ WKH WH[W DUH DYDLODEOH RQ WKH &RXQFLO V ,QWHUQHW VLWH
KWWS ZZZ FRQVLOLXP HXURSD HX
y
$FWV DGRSWHG ZLWK VWDWHPHQWV IRU WKH &RXQFLO PLQXWHV ZKLFK PD\ EH UHOHDVHG WR WKH SXEOLF DUH LQGLFDWHG E\
DQ DVWHULVN WKHVH VWDWHPHQWV DUH DYDLODEOH RQ WKH &RXQFLO V ,QWHUQHW VLWH RU PD\ EH REWDLQHG IURP WKH 3UHVV
2IILFH
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0004.png
3529,6,21$/ 9(56,21
$*5,&8/785(
±
)RRG LPSURYHPHQW DJHQWV
,,,
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0005.png
3529,6,21$/ 9(56,21
,,,
3$57,&,3$176
7KH JRYHUQPHQWV RI WKH 0HPEHU 6WDWHV DQG WKH (XURSHDQ &RPPLVVLRQ ZHUH UHSUHVHQWHG DV IROORZV
%HOJLXP
0U .DUHO '( *8&+7
%XOJDULD
0U ,YDLOR .$/),1
&]HFK 5HSXEOLF
0U $OH[DQGU 921'5$
0U 7RPiã 32-$5
'HQPDUN
0U 3HU 6WLJ 0‘//(5
*HUPDQ\
0U )UDQN :DOWHU 67(,10(,(5
0U *QWHU */26(5
(VWRQLD
0U 8UPDV 3$(7
,UHODQG
0U 'HUPRW $+(51
*UHHFH
0V 'RUD %$.2<$11,
0U ,RDQQLV 9$/,1$.,6
6SDLQ
0U 0LJXHO ÈQJHO 025$7,126
0U $OEHUW 1$9$552 *21=È/(=
)UDQFH
0U %HUQDUG .28&+1(5
0U -HDQ 3LHUUH -28<(7
,WDO\
0U )DPLDQR &58&,$1(//,
&\SUXV
0U 0DUNRV .<35,$128
/DWYLD
0U
1RUPDQV 3(1.(
/LWKXDQLD
0U 3HWUDV 9$,7,(. 1$6
/X[HPERXUJ
0U -HDQ $66(/%251
+XQJDU\
0V .LQJD *g1&=
0DOWD
0U 5LFKDUG &$&+,$ &$58$1$
1HWKHUODQGV
0U 0D[LPH 9(5+$*(1
0U )UDQV 7,00(50$16
$XVWULD
0V 8UVXOD 3/$661,.
0LQLVWHU IRU )RUHLJQ $IIDLUV
'HSXW\ 3ULPH 0LQLVWHU DQG 0LQLVWHU IRU )RUHLJQ $IIDLUV
'HSXW\ 3ULPH 0LQLVWHU ZLWK UHVSRQVLELOLW\ IRU (XURSHDQ
$IIDLUV
)LUVW 'HSXW\ 0LQLVWHU IRU )RUHLJQ $IIDLUV ZLWK
UHVSRQVLELOLW\ IRU ELODWHUDO UHODWLRQV
0LQLVWHU IRU )RUHLJQ $IIDLUV
)HGHUDO 0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU RI 6WDWH 0LQLVWU\ RI )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV DQG &RRSHUDWLRQ
6WDWH 6HFUHWDU\ IRU WKH (XURSHDQ 8QLRQ
0LQLVWHU IRU )RUHLJQ DQG (XURSHDQ $IIDLUV
0LQLVWHU RI 6WDWH IRU (XURSHDQ $IIDLUV
6WDWH 6HFUHWDU\ IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ 0LQLVWU\ RI )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
'HSXW\ 3ULPH 0LQLVWHU 0LQLVWHU ZLWK UHVSRQVLELOLW\ IRU
)RUHLJQ $IIDLUV DQG ,PPLJUDWLRQ
0LQLVWHU IRU )RUHLJQ $IIDLUV
3HUPDQHQW 5HSUHVHQWDWLYH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU (XURSHDQ $IIDLUV
)HGHUDO 0LQLVWHU IRU (XURSHDQ DQG ,QWHUQDWLRQDO $IIDLUV
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0006.png
3529,6,21$/ 9(56,21
3RODQG
0V *UD \QD %(51$72:,&=
3RUWXJDO
0U /XtV $0$'2
0U 0DQXHO /2%2 $1781(6
5RPDQLD
0U $GULDQ &,252,$18
6ORYHQLD
0U 'LPLWULM 583(/
0U 0DWMDå â,1.29(&
6ORYDNLD
0U -iQ .8%,â
)LQODQG
0U ,ONND .$1(59$
0V $VWULG 7+256
6ZHGHQ
0U &DUO %,/'7
0V &HFLOLD 0$/0675g0
8QLWHG .LQJGRP
0U 'DYLG 0,/,%$1'
0U -LP 0853+<
,,,
'HSXW\ 6WDWH 6HFUHWDU\ 0LQLVWU\ RI )RUHLJQ $IIDLUV
0LQLVWUR GH (VWDGR 0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ IRU (XURSHDQ $IIDLUV DWWDFKHG WR WKH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 0LJUDWLRQ DQG (XURSHDQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU (XURSHDQ $IIDLUV
6HFUHWDU\ RI 6WDWH IRU )RUHLJQ DQG &RPPRQZHDOWK $IIDLUV
0LQLVWHU RI 6WDWH IRU (XURSH
&RPPLVVLRQ
0V 0DUJRW :$//675g0
0U 2OOL 5(+1
0V %HQLWD )(55(52 :$/'1(5
9LFH 3UHVLGHQW
0HPEHU
0HPEHU
*HQHUDO 6HFUHWDULDW RI WKH &RXQFLO
0U -DYLHU 62/$1$
6HFUHWDU\ *HQHUDO +LJK 5HSUHVHQWDWLYH IRU WKH &)63
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0007.png
3529,6,21$/ 9(56,21
,7(06 '(%$7('
35(3$5$7,21 2) 7+( 635,1* 0((7,1* 2) 7+( (8523($1 &281&,/
,,,
7KH &RXQFLO H[DPLQHG GUDIW FRQFOXVLRQV SUHSDUHG E\ WKH SUHVLGHQF\ IRU WKH VSULQJ PHHWLQJ RI WKH
(XURSHDQ &RXQFLO WR EH KHOG LQ %UXVVHOV RQ
DQG
0DUFK
7KH (XURSHDQ &RXQFLO ZLOO ODXQFK D QHZ WKUHH \HDU F\FOH RI WKH /LVERQ VWUDWHJ\ IRU JURZWK DQG
MREV WR FRYHU WKH
SHULRG DQG ZLOO DOVR IRFXV RQ FOLPDWH FKDQJH DQG HQHUJ\ SROLF\ DV ZHOO
DV WKH VWDELOLW\ RI ILQDQFLDO PDUNHWV ,W ZLOO UHYLHZ WKH LQWHUQDWLRQDO VLWXDWLRQ LI QHFHVVDU\
2Q WKH /LVERQ VWUDWHJ\ WKH PDLQ HPSKDVLV RI WKH QHZ WKUHH \HDU F\FOH ZLOO EH RQ LPSOHPHQWDWLRQ
DQG GHOLYHU\ RI UHIRUPV JLYHQ WKDW LW LV QRZ FRQVLGHUHG WR EH GHOLYHULQJ RQ LWV REMHFWLYHV 7KH
FXUUHQW SULRULWLHV DJUHHG DW WKH
VSULQJ (XURSHDQ &RXQFLO FRQWLQXH WR EH YDOLG $QG ZKLOVW
HYROYLQJ FKDOOHQJHV QHHG WR EH DGGUHVVHG HFRQRPLF DQG HPSOR\PHQW JXLGHOLQHV DUH VHHQ QRW WR
QHHG DQ RYHUKDXO 7KH (XURSHDQ &RXQFLO ZLOO VWUHVV WKH LPSRUWDQFH RI LQYHVWPHQW LQ NQRZOHGJH DQG
LQQRYDWLRQ XQORFNLQJ WKH EXVLQHVV SRWHQWLDO SDUWLFXODUO\ RI 60(V LQYHVWPHQW LQ SHRSOH DQG WKH
PRGHUQLVDWLRQ RI ODERXU PDUNHWV
$V UHJDUGV FOLPDWH FKDQJH DQG HQHUJ\ SROLF\ WKH (XURSHDQ &RXQFLO ZLOO GLVFXVV WKH LPSDFW RI
FOLPDWH FKDQJH RQ LQWHUQDWLRQDO VHFXULW\ DQG VWDELOLW\ RQ WKH EDVLV RI D SDSHU SUHSDUHG E\ +LJK
5HSUHVHQWDWLYH -DYLHU 6RODQD DQG WKH &RPPLVVLRQ ,W ZLOO DOVR UHLWHUDWH LWV FRPPLWPHQW WR GHOLYHULQJ
RQ WKH DPELWLRXV JRDOV LW VHW ODVW \HDU FRQILUPLQJ LWV LQWHUQDWLRQDO OHDGHUVKLS LQ ZRUNLQJ WRZDUGV DQ
DPELWLRXV DQG FRPSUHKHQVLYH FOLPDWH FKDQJH DJUHHPHQW IRU WKH SRVW
SHULRG
5HJDUGLQJ WKH VWDELOLW\ RI ILQDQFLDO PDUNHWV WKH (XURSHDQ &RXQFLO ZLOO UHDIILUP LWV UHDGLQHVV WR DFW
UHFRJQLVLQJ WKDW ILQDQFLDO V\VWHPV UHPDLQ IUDJLOH IROORZLQJ WKH UHFHQW WXUEXODQFH DQG WKDW
WUDQVSDUHQF\ QHHGV WR EH LPSURYHG LQ RUGHU WR HQVXUH JUHDWHU VWDELOLW\
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0008.png
3529,6,21$/ 9(56,21
27+(5 ,7(06 $33529('
(;7(51$/ 5(/$7,216
$IJKDQLVWDQ
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
,,,
,Q OLQH ZLWK LWV SUHYLRXV FRQFOXVLRQV WKH &RXQFLO UHDIILUPV WKH (8 V FRPPLWPHQW WR ORQJ WHUP
VXSSRUW IRU WKH SHRSOH DQG JRYHUQPHQW RI $IJKDQLVWDQ DQG WKH FRUH SULQFLSOHV RI SURPRWLQJ $IJKDQ
OHDGHUVKLS JRRG JRYHUQDQFH UHVSRQVLELOLW\ DQG RZQHUVKLS DQG IRVWHULQJ WKH GHYHORSPHQW RI D
GHPRFUDWLF VHFXUH DQG VXVWDLQDEOH $IJKDQ 6WDWH ZLWK UHVSHFW IRU KXPDQ ULJKWV DQG WKH UXOH RI ODZ
7KH &RXQFLO VXSSRUWV WKH DSSURDFK ODXQFKHG DW WKH -RLQW &R RUGLQDWLRQ DQG 0RQLWRULQJ %RDUG LQ
7RN\R RQ
)HEUXDU\ WR SUHSDUH DQ LQWHUQDWLRQDO FRQIHUHQFH WR EH KHOG LQ 3DULV LQ -XQH WR UHYLHZ
SURJUHVV LQ LPSOHPHQWDWLRQ RI WKH $IJKDQLVWDQ &RPSDFW UHDIILUP WKH FRPPLWPHQW RI WKH
LQWHUQDWLRQDO FRPPXQLW\ WR $IJKDQLVWDQ DQG GLVFXVV WKH ZD\ IRUZDUG 7KH &RXQFLO FDOOV RQ WKH
*RYHUQPHQW RI $IJKDQLVWDQ WR PDNH IXUWKHU SURJUHVV RQ KXPDQ ULJKWV DQG JRRG JRYHUQDQFH
LQFOXGLQJ WKURXJK HVWDEOLVKPHQW RI DQ LQGHSHQGHQW 6HQLRU $SSRLQWPHQW PHFKDQLVP DQG WKH
LPSOHPHQWDWLRQ RI WKH QDWLRQDO DQWL FRUUXSWLRQ VWUDWHJ\ DQG WKH DSSURYDO RI D PHGLD ODZ FRQVLVWHQW
ZLWK IUHHGRP RI H[SUHVVLRQ 7KH (8 UHPDLQV FRPPLWWHG WR ZRUNLQJ ZLWK WKH *RYHUQPHQW RI
$IJKDQLVWDQ WR VWUHQJWKHQ LWV KXPDQ ULJKWV LQVWLWXWLRQV DQG PHFKDQLVPV 7KH &RXQFLO UHFDOOV LWV
XUJHQW DSSHDO WR KDOW DQ\ IXWXUH H[HFXWLRQV DQG WR UH HVWDEOLVK D GH IDFWR PRUDWRULXP RQ WKH XVH RI
WKH GHDWK SHQDOW\ DQG WR HQKDQFH LWV LPSOHPHQWDWLRQ RI WUDQVLWLRQDO MXVWLFH DFWLRQ SODQ
7KH &RXQFLO XQGHUOLQHV WKH FRQWLQXHG HQJDJHPHQW RI WKH (8 LQ $IJKDQLVWDQ LQFOXGLQJ WKURXJK
WKH ELODWHUDO FRRSHUDWLRQ SURJUDPPHV RI (8 0HPEHU 6WDWHV DV ZHOO DV WKURXJK (& V DVVLVWDQFH
VWUDWHJ\ ZKLFK FRQWDLQV VXEVWDQWLDO PXOWL \HDU FRPPLWPHQW XQWLO
DQG IRFXVHV RQ JRYHUQDQFH
DQG UXOH RI ODZ SDUWLFXODUO\ RQ WKH MXGLFLDU\ DQG SROLFH DQG RQ UXUDO GHYHORSPHQW DQG KHDOWK 7KH
&RXQFLO ORRNV IRUZDUG WR WKH ILQDOLVDWLRQ ODXQFK DQG LPSOHPHQWDWLRQ RI WKH $IJKDQLVWDQ 1DWLRQDO
'HYHORSPHQW 6WUDWHJ\ DQG ZHOFRPHV WKH SDUWLFLSDWRU\ SURFHVV WKLV KDV LQYROYHG WR GDWH
7KH &RXQFLO ZHOFRPHV WKH SURJUHVV RI WKH (8 SROLFH PLVVLRQ LQ $IJKDQLVWDQ WRZDUGV IXOO
GHSOR\PHQW DW FHQWUDO UHJLRQDO DQG SURYLQFLDO OHYHO E\ WKH HQG RI 0DUFK 7KH PLVVLRQ LV VXSSRUWLQJ
WKH GHYHORSPHQW RI WKH $IJKDQ SROLFH IRUFH XQGHU ORFDO RZQHUVKLS UHVSHFWLQJ KXPDQ ULJKWV DQG
RSHUDWLQJ ZLWKLQ WKH IUDPHZRUN RI WKH UXOH RI ODZ 7KH (8 UHPDLQV FRPPLWWHG WR DGGUHVVLQJ WKH
PXOWLSOH FKDOOHQJHV O\LQJ DKHDG LQ FORVH FRRSHUDWLRQ ZLWK WKH $IJKDQ DXWKRULWLHV DQG LQWHUQDWLRQDO
SDUWQHUV 7KH &RXQFLO H[SUHVVHV LWV UHDGLQHVV WR FRQVLGHU IXUWKHU HQKDQFHPHQW RI (8 HQJDJHPHQW
SDUWLFXODUO\ LQ WKH ILHOG RI SROLFH DQG ZLGHU UXOH RI ODZ
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0009.png
3529,6,21$/ 9(56,21
,,,
7KH (8 XQGHUOLQLQJ LWV RYHUDOO FRKHUHQFH LQ REMHFWLYHV ZLWK 81 DQG 1$72 RQ WKH EDVLV RI
$IJKDQLVWDQ &RPSDFW UHDIILUPV LWV UHDGLQHVV WR FORVHO\ ZRUN ZLWK 81$0$ DQG ,6$)
LQWHU DOLD
WKURXJK (832/ $IJKDQLVWDQ LQ RUGHU WR VWUHQJWKHQ RYHUDOO FRRUGLQDWLRQ RI WKH LQWHUQDWLRQDO
FRPPXQLW\ LQ $IJKDQLVWDQ 7KH &RXQFLO ZLOO FRQWLQXH WR IROORZ GHYHORSPHQWV ZLWK UHJDUGV WR
$IJKDQLVWDQ FORVHO\ LQFOXGLQJ DW WKH IRUWKFRPLQJ 1$72 VXPPLW LQ %XFKDUHVW
7KH &RXQFLO ZLOO NHHS WKH (8 V SROLF\ WRZDUGV $IJKDQLVWDQ XQGHU UHYLHZ LQ WKH FRPLQJ PRQWKV
LQ DGYDQFH RI WKH 3DULV FRQIHUHQFH
7KH &RXQFLO ZHOFRPHV WKH DSSRLQWPHQW RI 0U .DL (LGH DV 6SHFLDO 5HSUHVHQWDWLYH RI WKH 81
6HFUHWDU\ *HQHUDO IRU $IJKDQLVWDQ
3DNLVWDQ
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
7KH &RXQFLO WDNHV QRWH WKDW WKH SDUOLDPHQWDU\ DQG SURYLQFLDO HOHFWLRQV ZKLFK WRRN SODFH LQ
3DNLVWDQ RQ
)HEUXDU\
ZHUH FRPSHWLWLYH GHVSLWH VLJQLILFDQW SUREOHPV ZLWK WKH HOHFWLRQ
IUDPHZRUN DQG HQYLURQPHQW 7KH HOHFWLRQV ZHUH DQ LPSRUWDQW VWHS LQ WKH GHPRFUDWLF GHYHORSPHQW
RI 3DNLVWDQ
7KH (8 UHPDLQV FRPPLWWHG WR VXSSRUWLQJ 3DNLVWDQ LQ EXLOGLQJ D SURVSHURXV DQG VWDEOH VRFLHW\ EDVHG
RQ WKH SULQFLSOHV RI GHPRFUDF\ WKH UXOH RI ODZ DQG KXPDQ ULJKWV 7KH (8 ZLOO VXSSRUW 3DNLVWDQ LQ
VWUHQJWKHQLQJ GHPRFUDWLF LQVWLWXWLRQV SURPRWLQJ KXPDQ ULJKWV DQG IXQGDPHQWDO IUHHGRPV DV ZHOO
DV FRPEDWLQJ H[WUHPLVP 7KH (8 FRQWLQXHV WR VXSSRUW GHYHORSPHQW DQG HFRQRPLF JURZWK LQ
3DNLVWDQ 7KH (8 ZLOO FRQWLQXH WR H[SORUH ZD\V WR HQKDQFH LWV WUDGH ZLWK 3DNLVWDQ DQG WUDGH ZLWKLQ
WKH 6RXWK $VLD UHJLRQ
:KLOH XQGHUOLQLQJ WKH LPSRUWDQFH WKH (8 DWWDFKHV WR LWV UHODWLRQVKLS ZLWK 3DNLVWDQ DQG 3DNLVWDQ V
FRQWULEXWLRQ WR UHJLRQDO SHDFH DQG VHFXULW\ WKH &RXQFLO ORRNV IRUZDUG WR FRQWLQXHG HQJDJHPHQW
ZLWK 3DNLVWDQ RQ D VKDUHG DJHQGD EDVHG RQ WKH
&RRSHUDWLRQ $JUHHPHQW DQG WKH
(8
3DNLVWDQ -RLQW 'HFODUDWLRQ 7KH (8 ZLOO UHYLHZ LWV SROLF\ WRZDUGV 3DNLVWDQ
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0010.png
3529,6,21$/ 9(56,21
(1/$5*(0(17
)RUPHU <XJRVODY 5HSXEOLF RI 0DFHGRQLD $FFHVVLRQ SDUWQHUVKLS
,,,
7KH &RXQFLO DGRSWHG D UHJXODWLRQ DPHQGLQJ UHJXODWLRQ
RQ WKH HVWDEOLVKPHQW RI
SDUWQHUVKLSV LQ WKH IUDPHZRUN RI WKH VWDELOLVDWLRQ DQG DVVRFLDWLRQ SURFHVV IRU WKH :HVWHUQ %DONDQV
7KH UHJXODWLRQ LV DPHQGHG IROORZLQJ WKH GHFLVLRQ RI WKH (XURSHDQ &RXQFLO LQ 'HFHPEHU
WR
JUDQW WKH VWDWXV RI FDQGLGDWH FRXQWU\ WR WKH IRUPHU <XJRVODY 5HSXEOLF RI 0DFHGRQLD )<520
&RQVHTXHQWO\ WKH QDPH RI WKH SDUWQHUVKLS ZLWK I<520 ZLOO EH FKDQJHG IURP (XURSHDQ
SDUWQHUVKLS WR DFFHVVLRQ SDUWQHUVKLS
,Q DGGLWLRQ WKH UHJXODWLRQ LV DPHQGHG WR WDNH LQWR DFFRXQW WKH IDFW WKDW 6HUELD DQG 0RQWHQHJUR DUH
WZR LQGHSHQGHQW VWDWHV VLQFH -XQH
&20021 )25(,*1 $1' 6(&85,7< 32/,&<
(8 FRGH RI FRQGXFW RQ DUPV H[SRUWV
7KH &RXQFLO DGRSWHG DQ XSGDWHG YHUVLRQ RI WKH FRPPRQ OLVW RI PLOLWDU\ HTXLSPHQW FRYHUHG E\ WKH
(8 FRGH RI FRQGXFW RQ DUPV H[SRUWV
75$'( 32/,&<
$QWL GXPSLQJ PHDVXUHV DPPRQLXP QLWUDWH PDQJDQHVH GLR[LGHV
7KH &RXQFLO DGRSWHG UHJXODWLRQV
x
LPSRVLQJ D GHILQLWLYH DQWL GXPSLQJ GXW\ DQG FROOHFWLQJ GHILQLWLYHO\ WKH SURYLVLRQDO GXW\ LPSRVHG
RQ LPSRUWV RI FHUWDLQ PDQJDQHVH GLR[LGHV RULJLQDWLQJ LQ 6RXWK $IULFD
x
WHUPLQDWLQJ WKH SDUWLDO LQWHULP UHYLHZ SXUVXDQW WR DUWLFOH
RI UHJXODWLRQ
RI WKH
DQWL GXPSLQJ GXW\ RQ LPSRUWV RI VROXWLRQV RI XUHD DQG DPPRQLXP QLWUDWH RULJLQDWLQJ LQ 5XVVLD
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0011.png
3529,6,21$/ 9(56,21
x
WHUPLQDWLQJ WKH SDUWLDO LQWHULP UHYLHZ SXUVXDQW WR DUWLFOH
RI UHJXODWLRQ
DQWL GXPSLQJ GXW\ RQ LPSRUWV RI DPPRQLXP QLWUDWH RULJLQDWLQJ LQ 5XVVLD
,,,
RI WKH
DQG
x
WHUPLQDWLQJ WKH SDUWLDO LQWHULP UHYLHZ SXUVXDQW WR DUWLFOH
RI UHJXODWLRQ
RI WKH
DQWL GXPSLQJ GXW\ RQ LPSRUWV RI DPPRQLXP QLWUDWH RULJLQDWLQJ LQWHU DOLD LQ 8NUDLQH
7KH &RXQFLO DOVR DSSURYHG D GUDIW GHFLVLRQ WR EH DGRSWHG E\ WKH &RPPLVVLRQ WHUPLQDWLQJ WKH DQWL
GXPSLQJ SURFHHGLQJ FRQFHUQLQJ LPSRUWV RI SRO\YLQ\O DOFRKRO RULJLQDWLQJ LQ &KLQD DQG 7DLZDQ DQG
UHOHDVLQJ WKH DPRXQWV VHFXUHG E\ ZD\ RI WKH SURYLVLRQDO GXWLHV LPSRVHG
(8523($1 (&2120,& $5($
$PHQGPHQWV WR WKH (XURSHDQ (FRQRPLF $UHD DJUHHPHQW
7KH &RXQFLO DSSURYHG D GUDIW GHFLVLRQ WR EH DGRSWHG E\ WKH (XURSHDQ (FRQRPLF $UHD (($ -RLQW
&RPPLWWHH DPHQGLQJ WKH (($ DJUHHPHQW VR DV WR H[WHQG FRRSHUDWLRQ WR WKH &RPPXQLW\ DFWLRQ
SURJUDPPH LQ WKH ILHOG RI KHDOWK
7KH &RXQFLO DOVR DSSURYHG D GUDIW GHFLVLRQ WR EH DGRSWHG E\ WKH (($ -RLQW &RPPLWWHH DPHQGLQJ
DQQH[ ,, WHFKQLFDO UHJXODWLRQV VWDQGDUGV WHVWLQJ DQG FHUWLILFDWLRQ WR WKH (($ DJUHHPHQW
*(1(5$/ $))$,56
%XOJDULD DQG 5RPDQLD 0HFKDQLVP RQ FRRSHUDWLRQ DQG YHULILFDWLRQ
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
5HDIILUPLQJ LWV FRQFOXVLRQV RI 2FWREHU
DQG
-XO\
WKH &RXQFLO ZHOFRPHV WKH
,QWHULP UHSRUWV IURP WKH &RPPLVVLRQ RQ 3URJUHVV LQ 5RPDQLD DQG %XOJDULD XQGHU WKH &RRSHUDWLRQ
DQG 9HULILFDWLRQ 0HFKDQLVP 7KH &RXQFLO VKDUHV WKH DQDO\VLV RI WKH &RPPLVVLRQ FRQWDLQHG LQ WKH
UHSRUWV
7KH &RXQFLO ZHOFRPHV WKH FRPPLWPHQW H[SUHVVHG E\ %XOJDULD DQG 5RPDQLD DQG DFNQRZOHGJHV WKH
HIIRUWV PDGH E\ WKHVH WZR 0HPEHU 6WDWHV WRZDUGV IXOILOOLQJ WKH REMHFWLYHV RI WKH PHFKDQLVP DQG WKH
JRRG OHYHO RI FR RSHUDWLRQ ZLWK WKH &RPPLVVLRQ DQG WKH RWKHU 0HPEHU 6WDWHV
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0012.png
3529,6,21$/ 9(56,21
,,,
7KH &RXQFLO HQFRXUDJHV %XOJDULD DQG 5RPDQLD WR VWHS XS WKHLU HIIRUWV LQ SDUWLFXODU ZLWK UHJDUG WR
DUHDV KLJKOLJKWHG LQ WKH FRQFOXVLRQV RI WKH ,QWHULP UHSRUWV
,Q WKH OLJKW RI WKH DERYH WKH &RXQFLO ORRNV IRUZDUG WR WKH &RPPLVVLRQ UHSRUWV WR EH WDEOHG LQ WKH
VXPPHU
LQWHU DOLD WDNLQJ LQWR FRQVLGHUDWLRQ WKH H[SHULHQFH JDLQHG IURP WKH IXQFWLRQLQJ RI WKH
PHFKDQLVP
7KH (8 LQ
$QQXDO UHSRUW
7KH &RXQFLO DSSURYHG D GUDIW UHSRUW RQ SURJUHVV RI WKH (XURSHDQ 8QLRQ LQ
ZLWK D YLHZ WR LWV
HQGRUVHPHQW E\ WKH (XURSHDQ &RXQFLO RQ
0DUFK 7KH UHSRUW ZLOO WKHQ EH VXEPLWWHG WR WKH
(XURSHDQ 3DUOLDPHQW SXUVXDQW WR DUWLFOH RI WKH (8 WUHDW\
3URFHHGLQJV LQ WKH &RXQFLO V GLIIHUHQW FRQILJXUDWLRQV
7KH &RXQFLO WRRN QRWH RI D UHSRUW IURP WKH SUHVLGHQF\ RQ SURFHHGLQJV LQ LWV GLIIHUHQW FRQILJXUDWLRQV
$*5,&8/785(
)RRG LPSURYHPHQW DJHQWV
7KH &RXQFLO DGRSWHG D FRPPRQ SRVLWLRQ RQ D SDFNDJH RI OHJLVODWLYH SURSRVDOV RQ IRRG
LPSURYHPHQW DJHQWV ZKLFK ZLOO EH IRUZDUGHG WR WKH (XURSHDQ 3DUOLDPHQW IRU D VHFRQG UHDGLQJ LQ
DFFRUGDQFH ZLWK WKH FRGHFLVLRQ SURFHGXUH
$''
$''
$'' DQG
$''
7KH 3DUOLDPHQW GHOLYHUHG LWV ILUVW UHDGLQJ RSLQLRQ RQ -XO\
RQ WKH ZKROH SDFNDJH DQG WKH
&RPPLVVLRQ IRUZDUGHG DPHQGHG SURSRVDOV RQ 2FWREHU PHQWLRQLQJ WKH DPHQGPHQWV WKDW LW
FRXOG DFFHSW
)RRG DGGLWLYHV IRRG HQ]\PHV DQG IRRG IODYRXULQJV
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0013.png
3529,6,21$/ 9(56,21
,,,
7KH SDFNDJH RQ IRRG LPSURYHPHQW DJHQWV LV DLPHG DW KDUPRQLVLQJ DFURVV WKH ERDUG LQ DFFRUGDQFH
ZLWK WKH IDUP WR WDEOH FRQFHSW WKH HYDOXDWLRQ SURFHGXUH IRU DXWKRULVLQJ IRRG LPSURYHPHQW DJHQWV
DQG FHUWDLQ UHTXLUHPHQWV FRQFHUQLQJ WKHLU ODEHOOLQJ LQ RUGHU WR JXDUDQWHH D KLJK OHYHO RI SURWHFWLRQ
RI KXPDQ OLIH DQG KHDOWK DQG WKH LQWHUHVWV RI FRQVXPHUV ZKLOVW HQVXULQJ WKH SURSHU RSHUDWLRQ RI WKH
LQWHUQDO PDUNHW
)RU GHWDLOV RQ WKH UHVSHFWLYH DLPV RI WKH SDFNDJH VHH SUHVV UHOHDVH RI 'HFHPEHU
KWWS UHJLVWHU FRQVLOLXP HXURSD HX SGI HQ
VW VW
UH HQ SGI
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0014.png
&281&,/ 2)
7+( (8523($1 81,21
(1
3UHVVH
3529,6,21$/ 9(56,21
35(66 5(/($6(
WK &RXQFLO PHHWLQJ
*HQHUDO $IIDLUV DQG ([WHUQDO 5HODWLRQV
(;7(51$/ 5(/$7,216
%UXVVHOV
3UHVLGHQW
0DUFK
0U 'LPLWULM 5XSHO
0LQLVWHU IRU )RUHLJQ $IIDLUV RI 6ORYHQLD
6RPH H[WHUQDO UHODWLRQV LWHPV ZHUH DGRSWHG ZLWKRXW GHEDWH DW WKH
*HQHUDO $IIDLUV
WK PHHWLQJ RQ
35(66
5XH GH OD /RL
% ±
%5866(/6
7 HO
)D [
SUHVV RIILFH#FRQVLOLXP HXURSD HX KWWS ZZZ FRQVLOLXP HXURSD HX 1HZVURRP
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0015.png
3529,6,21$/ 9(56,21
,,,
0DLQ UHVXOWV RI WKH &RXQFLO
7KH &RXQFLO GLVFXVVHG WKH VWDWH RI SOD\ LQ WKH
:72
'RKD 'HYHORSPHQW $JHQGD ''$
QHJRWLDWLRQV DKHDG RI SRVVLEOH :72 PLQLVWHULDO GLVFXVVLRQV LQ *HQHYD ,W UHFRQILUPHG WKH
LPSRUWDQFH RI DFKLHYLQJ D FRPSUHKHQVLYH DPELWLRXV DQG EDODQFHG ILQDO RXWFRPH ZLWKLQ DQG DFURVV
DOO RI WKH DUHDV RI WKH ''$ LQ DJULFXOWXUH DQG QRQ DJULFXOWXUDO PDUNHW DFFHVV DQG DOVR LQFOXGLQJ
VHUYLFHV UXOHV WUDGH IDFLOLWDWLRQ DQG JHRJUDSKLFDO LQGLFDWLRQV ,W DOVR UHFRQILUPHG LWV FRPPLWPHQW
WR D VXFFHVVIXO UHVXOW PHHWLQJ WKH PDLQ REMHFWLYHV RI WKH (8 DQG WKH QHHGV DQG LQWHUHVWV RI
GHYHORSLQJ FRXQWULHV LQ SDUWLFXODU /'&V 7R WKDW HQG LW XUJHG :72 SDUWQHUV WR PDNH PHDQLQJIXO
FRQWULEXWLRQV WR WKH QHJRWLDWLRQV FRPPHQVXUDWH ZLWK WKHLU OHYHO RI GHYHORSPHQW )RU HPHUJLQJ
HFRQRPLHV LQ LQGXVWULDO WDULIIV LQ SDUWLFXODU WKLV UHTXLUHV JUDQWLQJ DGGLWLRQDO PDUNHW DFFHVV ,Q WKLV
FRQWH[W WKH &RXQFLO H[SUHVVHG LWV VXSSRUW IRU WKH &RPPLVVLRQ LQ VHHNLQJ WKH IXUWKHU LPSURYHPHQWV
RI WKH &KDLUV QHJRWLDWLQJ WH[WV QHHGHG WR PRYH WKH QHJRWLDWLRQV IRUZDUG DORQJVLGH IXUWKHU SURJUHVV
RQ WKH 6LQJOH 8QGHUWDNLQJ DV D ZKROH LQFOXGLQJ VHUYLFHV DQG JHRJUDSKLFDO LQGLFDWLRQV
7KH &RXQFLO H[SUHVVHG FRQWLQXHG FRQFHUQ DERXW WKH KXPDQLWDULDQ SROLWLFDO DQG HFRQRPLF VLWXDWLRQ
LQ
=LPEDEZH
DQG FRQGLWLRQV RQ WKH JURXQG ZKLFK PD\ HQGDQJHU WKH KROGLQJ RI IUHH DQG IDLU
SDUOLDPHQWDU\ DQG SUHVLGHQWLDO HOHFWLRQV RQ
0DUFK ,W QRWHG WKDW QR IRUPDO LQYLWDWLRQ KDV EHHQ
PDGH WR WKH (XURSHDQ 8QLRQ WR VHQG DQ RIILFLDO (8 REVHUYDWLRQ PLVVLRQ ,W XUJHG WKH JRYHUQPHQW RI
=LPEDEZH WR HQVXUH WKDW WKH IRUWKFRPLQJ HOHFWLRQV PHHW LQWHUQDWLRQDO QRUPV DQG VWDQGDUGV
,Q WKH FRQWH[W RI LWV JHQHUDO DIIDLUV VHVVLRQ VHH SUHVV UHOHDVH
x
WKH &RXQFLO
WRRN QRWH RI WKH IDFW WKDW WKH SDUOLDPHQWDU\ DQG SURYLQFLDO HOHFWLRQV LQ
3DNLVWDQ
RQ
)HEUXDU\ ZHUH FRPSHWLWLYH GHVSLWH VLJQLILFDQW SUREOHPV ZLWK WKH HOHFWLRQ IUDPHZRUN DQG
HQYLURQPHQW 7KH HOHFWLRQV ZHUH DQ LPSRUWDQW VWHS LQ WKH GHPRFUDWLF GHYHORSPHQW RI
3DNLVWDQ 7KH (8 &RXQFLO UHDIILUPHG WKH (8 V FRPPLWPHQW WR VXSSRUWLQJ 3DNLVWDQ LQ
EXLOGLQJ D SURVSHURXV DQG VWDEOH VRFLHW\ EDVHG RQ WKH SULQFLSOHV RI GHPRFUDF\ WKH UXOH RI
ODZ DQG KXPDQ ULJKWV
UHDIILUPHG WKH (8 V FRPPLWPHQW WR ORQJ WHUP VXSSRUW IRU WKH SHRSOH DQG JRYHUQPHQW RI
$IJKDQLVWDQ
DQG VXSSRUWHG WKH DSSURDFK WDNHQ WRZDUGV DQ LQWHUQDWLRQDO FRQIHUHQFH WR EH
KHOG LQ 3DULV LQ -XQH WR UHYLHZ SURJUHVV LQ LPSOHPHQWDWLRQ RI WKH $IJKDQLVWDQ &RPSDFW DQG
UHDIILUP WKH LQWHUQDWLRQDO FRPPXQLW\ V FRPPLWPHQW WR WKH FRXQWU\ 7KH &RXQFLO DOVR
ZHOFRPHG WKH SURJUHVV RI WKH (8 SROLFH PLVVLRQ LQ $IJKDQLVWDQ WRZDUGV IXOO GHSOR\PHQW DW
FHQWUDO UHJLRQDO DQG SURYLQFLDO OHYHO E\ WKH HQG RI 0DUFK DQG H[SUHVVHG LWV UHDGLQHVV WR
FRQVLGHU IXUWKHU HQKDQFHPHQW RI (8 HQJDJHPHQW SDUWLFXODUO\ LQ WKH ILHOG RI SROLFH DQG
ZLGHU UXOH RI ODZ
x
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0016.png
3529,6,21$/ 9(56,21
,,,
&217(176
3$57,&,3$176
,7(06 '(%$7('
:25/' 75$'( 1(*27,$7,216 ± '2+$ '(9(/230(17 $*(1'$
&RXQFLO
FRQFOXVLRQV
:(67(51 %$/.$16
&RXQFLO FRQFOXVLRQV
*(25*,$
=,0%$%:(
&RXQFLO FRQFOXVLRQV
,5$1
0,''/( ($67 3($&( 352&(66
(8 86 6800,7 67$7( 2) 35(3$5$7,216
27+(5 ,7(06 $33529('
QRQH
y
:KHUH GHFODUDWLRQV FRQFOXVLRQV RU UHVROXWLRQV KDYH EHHQ IRUPDOO\ DGRSWHG E\ WKH &RXQFLO WKLV LV LQGLFDWHG
LQ WKH KHDGLQJ IRU WKH LWHP FRQFHUQHG DQG WKH WH[W LV SODFHG EHWZHHQ TXRWDWLRQ PDUNV
y
'RFXPHQWV IRU ZKLFK UHIHUHQFHV DUH JLYHQ LQ WKH WH[W DUH DYDLODEOH RQ WKH &RXQFLO V ,QWHUQHW VLWH
KWWS ZZZ FRQVLOLXP HXURSD HX
y
$FWV DGRSWHG ZLWK VWDWHPHQWV IRU WKH &RXQFLO PLQXWHV ZKLFK PD\ EH UHOHDVHG WR WKH SXEOLF DUH LQGLFDWHG E\
DQ DVWHULVN WKHVH VWDWHPHQWV DUH DYDLODEOH RQ WKH &RXQFLO V ,QWHUQHW VLWH RU PD\ EH REWDLQHG IURP WKH 3UHVV
2IILFH
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0017.png
3529,6,21$/ 9(56,21
,,,
3$57,&,3$176
7KH JRYHUQPHQWV RI WKH 0HPEHU 6WDWHV DQG WKH (XURSHDQ &RPPLVVLRQ ZHUH UHSUHVHQWHG DV IROORZV
%HOJLXP
0U .DUHO '( *8&+7
%XOJDULD
0U ,YDLOR .$/),1
&]HFK 5HSXEOLF
0U $OH[DQGU 921'5$
0U 7RPiã 32-$5
'HQPDUN
0U 3HU 6WLJ 0‘//(5
*HUPDQ\
0U )UDQN :DOWHU 67(,10(,(5
0U *QWHU */26(5
0U 3HWHU +,17=(
(VWRQLD
0U 8UPDV 3$(7
,UHODQG
0U 'HUPRW $+(51
0U -RKQ 0F*8,11(66
0LQLVWHU IRU )RUHLJQ $IIDLUV
'HSXW\ 3ULPH 0LQLVWHU DQG 0LQLVWHU IRU )RUHLJQ $IIDLUV
'HSXW\ 3ULPH 0LQLVWHU ZLWK UHVSRQVLELOLW\ IRU (XURSHDQ
$IIDLUV
)LUVW 'HSXW\ 0LQLVWHU IRU )RUHLJQ $IIDLUV ZLWK
UHVSRQVLELOLW\ IRU ELODWHUDO UHODWLRQV
0LQLVWHU IRU )RUHLJQ $IIDLUV
)HGHUDO 0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU RI 6WDWH 0LQLVWU\ RI )RUHLJQ $IIDLUV
3DUOLDPHQWDU\ 6WDWH 6HFUHWDU\ WR WKH )HGHUDO 0LQLVWHU IRU
(FRQRPLF $IIDLUV DQG 7HFKQRORJ\
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU RI 6WDWH ZLWK VSHFLDO UHVSRQVLELOLW\ IRU 7UDGH DQG
&RPPHUFH DW WKH 'HSDUWPHQW RI (QWHUSULVH 7UDGH DQG
(PSOR\PHQW
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV DQG &RRSHUDWLRQ
6WDWH 6HFUHWDU\ IRU WKH (XURSHDQ 8QLRQ
0LQLVWHU IRU )RUHLJQ DQG (XURSHDQ $IIDLUV
0LQLVWHU RI 6WDWH IRU (XURSHDQ $IIDLUV
6WDWH 6HFUHWDU\ IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ 0LQLVWU\ RI )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
'HSXW\ 3ULPH 0LQLVWHU 0LQLVWHU ZLWK UHVSRQVLELOLW\ IRU
)RUHLJQ $IIDLUV DQG ,PPLJUDWLRQ
0LQLVWHU IRU )RUHLJQ $IIDLUV
3HUPDQHQW 5HSUHVHQWDWLYH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU (XURSHDQ $IIDLUV
*UHHFH
0V 'RUD %$.2<$11,
0U ,RDQQLV 9$/,1$.,6
6SDLQ
0U 0LJXHO ÈQJHO 025$7,126
0U $OEHUW 1$9$552 *21=È/(=
)UDQFH
0U %HUQDUG .28&+1(5
0U -HDQ 3LHUUH -28<(7
,WDO\
0U )DPLDQR &58&,$1(//,
&\SUXV
0U 0DUNRV .<35,$128
/DWYLD
0U
1RUPDQV 3(1.(
/LWKXDQLD
0U 3HWUDV 9$,7,(. 1$6
/X[HPERXUJ
0U -HDQ $66(/%251
+XQJDU\
0V .LQJD *g1&=
0DOWD
0U 5LFKDUG &$&+,$ &$58$1$
1HWKHUODQGV
0U 0D[LPH 9(5+$*(1
0U )UDQV 7,00(50$16
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0018.png
3529,6,21$/ 9(56,21
$XVWULD
0V 8UVXOD 3/$661,.
3RODQG
0V *UD \QD %(51$72:,&=
3RUWXJDO
0U /XtV $0$'2
0U 0DQXHO /2%2 $1781(6
5RPDQLD
0U $GULDQ &,252,$18
0U 6WHIDQ ,05(
6ORYHQLD
0U 'LPLWULM 583(/
0U 0DWMDå â,1.29(&
6ORYDNLD
0U -iQ .8%,â
)LQODQG
0U ,ONND .$1(59$
0U 3DDYR 9b<5<1(1
0V $VWULG 7+256
6ZHGHQ
0U &DUO %,/'7
0V &HFLOLD 0$/0675g0
0V (ZD %-g5/,1*
8QLWHG .LQJGRP
0U 'DYLG 0,/,%$1'
0U -LP 0853+<
,,,
)HGHUDO 0LQLVWHU IRU (XURSHDQ DQG ,QWHUQDWLRQDO $IIDLUV
'HSXW\ 6WDWH 6HFUHWDU\ 0LQLVWU\ RI )RUHLJQ $IIDLUV
0LQLVWUR GH (VWDGR 0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ IRU (XURSHDQ $IIDLUV DWWDFKHG WR WKH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
6HFUHWDU\ RI 6WDWH IRU 7UDGH
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ 7UDGH DQG 'HYHORSPHQW
0LQLVWHU IRU 0LJUDWLRQ DQG (XURSHDQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU (XURSHDQ $IIDLUV
0LQLVWHU IRU 7UDGH
6HFUHWDU\ RI 6WDWH IRU )RUHLJQ DQG &RPPRQZHDOWK $IIDLUV
0LQLVWHU RI 6WDWH IRU (XURSH
&RPPLVVLRQ
0U 2OOL 5(+1
0V %HQLWD )(55(52 :$/'1(5
0HPEHU
0HPEHU
*HQHUDO 6HFUHWDULDW RI WKH &RXQFLO
0U -DYLHU 62/$1$
6HFUHWDU\ *HQHUDO +LJK 5HSUHVHQWDWLYH IRU WKH &)63
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0019.png
3529,6,21$/ 9(56,21
,7(06 '(%$7('
:25/' 75$'( 1(*27,$7,216 ± '2+$ '(9(/230(17 $*(1'$
&RXQFLO
FRQFOXVLRQV
,,,
0LQLVWHUV KHOG D ZRUNLQJ GLQQHU RQ 0DUFK WR GLVFXVV WKH ODWHVW GHYHORSPHQWV LQ QHJRWLDWLRQV
XQGHU WKH :RUOG 7UDGH 2UJDQLVDWLRQ V 'RKD 'HYHORSPHQW $JHQGD ''$ DV ZHOO DV WKH WKHPH RI
HQHUJ\ DQG WUDGH
7KH &RXQFLO ZDV EULHIHG E\ FRPPLVVLRQHU 3HWHU 0DQGHOVRQ RQ WKH ''$ QHJRWLDWLRQV DKHDG RI
SRVVLEOH :72 PLQLVWHULDO GLVFXVVLRQV LQ *HQHYD LQ $SULO DQG KHOG DQ H[FKDQJH RI YLHZV
,W DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
7KH &RXQFLO KHDUG DQ XSGDWH IURP WKH &RPPLVVLRQ RQ WKH VWDWH RI SOD\ LQ WKH :72 ''$
QHJRWLDWLRQV DKHDG RI SRVVLEOH :72 0LQLVWHULDO GLVFXVVLRQV LQ *HQHYD 5HFDOOLQJ DOO LWV
HDUOLHU FRQFOXVLRQV RQ WKLV PDWWHU WKH &RXQFLO UHLWHUDWHG WKH FUXFLDO LPSRUWDQFH WKDW WKH (8
KDV DWWDFKHG WR WKH ''$ QHJRWLDWLRQV VLQFH WKHLU LQFHSWLRQ LQ
DQG UHFDOOHG WKH
VXEVWDQWLDO FRQWULEXWLRQ WKDW WKH (8 KDV PDGH WKURXJKRXW WKH QHJRWLDWLRQV
7KH &RXQFLO UHFRQILUPHG WKH LPSRUWDQFH RI DFKLHYLQJ D FRPSUHKHQVLYH DPELWLRXV DQG
EDODQFHG ILQDO RXWFRPH ZLWKLQ DQG DFURVV DOO RI WKH DUHDV RI WKH ''$ LQ DJULFXOWXUH DQG
QRQ DJULFXOWXUDO PDUNHW DFFHVV DQG DOVR LQFOXGLQJ VHUYLFHV UXOHV WUDGH IDFLOLWDWLRQ DQG
JHRJUDSKLFDO LQGLFDWLRQV LQ FRQIRUPLW\ ZLWK WKH QHJRWLDWLQJ GLUHFWLYHV DV GHILQHG LQ LWV
SUHYLRXV FRQFOXVLRQV ,W DOVR UHFRQILUPHG LWV FRPPLWPHQW WR D VXFFHVVIXO UHVXOW PHHWLQJ
WKH PDLQ REMHFWLYHV RI WKH (8 DQG WKH QHHGV DQG LQWHUHVWV RI GHYHORSLQJ FRXQWULHV LQ
SDUWLFXODU /'& V 7R WKDW HQG WKH &RXQFLO XUJHG :72 SDUWQHUV WR PDNH PHDQLQJIXO
FRQWULEXWLRQV WR WKH QHJRWLDWLRQV FRPPHQVXUDWH ZLWK WKHLU OHYHO RI GHYHORSPHQW )RU
HPHUJLQJ HFRQRPLHV LQ LQGXVWULDO WDULIIV LQ SDUWLFXODU WKLV UHTXLUHV JUDQWLQJ DGGLWLRQDO
PDUNHW DFFHVV
,Q WKLV FRQWH[W WKH &RXQFLO H[SUHVVHG LWV VXSSRUW IRU WKH &RPPLVVLRQ LQ VHHNLQJ WKH IXUWKHU
LPSURYHPHQWV RI WKH &KDLUV QHJRWLDWLQJ WH[WV QHHGHG WR PRYH WKH QHJRWLDWLRQV IRUZDUG
DORQJVLGH IXUWKHU SURJUHVV RQ WKH 6LQJOH 8QGHUWDNLQJ DV D ZKROH LQFOXGLQJ VHUYLFHV DQG
JHRJUDSKLFDO LQGLFDWLRQV
7KH &RXQFLO DJUHHG WKDW D VSHFLDO VHVVLRQ RI WKH &RXQFLO DV ZHOO DV PHHWLQJV RI WKH $UWLFOH
&RPPLWWHH ZRXOG EH FRQYHQHG LQ WKH PDUJLQV RI WKH SRVVLEOH :72 ''$ PLQLVWHULDO
QHJRWLDWLRQV LQ *HQHYD 7KH GDWH ZLOO EH GHWHUPLQHG E\ WKH 3UHVLGHQF\ LQ WKH OLJKW RI
GHYHORSPHQWV
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0020.png
3529,6,21$/ 9(56,21
:(67(51 %$/.$16
&RXQFLO FRQFOXVLRQV
,,,
$W OXQFK PLQLVWHUV GLVFXVVHG WKH VLWXDWLRQ LQ WKH :HVWHUQ %DONDQV SDUWLFXODUO\ GHYHORSPHQWV
UHJDUGLQJ .RVRYR VLQFH WKHLU ODVW PHHWLQJ RQ )HEUXDU\ ZKHQ WKH\ QRWHG WKH DGRSWLRQ RQ
)HEUXDU\ E\ WKH .RVRYR $VVHPEO\ RI D UHVROXWLRQ GHFODULQJ .RVRYR WR EH LQGHSHQGHQW
7KH &RXQFLO DOVR DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
%261,$ $1' +(5=(*29,1$
7KH &RXQFLO QRWHG WKH RXWFRPH RI WKH ODVW VHVVLRQ RI WKH 3HDFH ,PSOHPHQWDWLRQ &RXQFLO 3,&
6WHHULQJ %RDUG WKDW WRRN SODFH LQ %UXVVHOV RQ
)HEUXDU\
7KH &RXQFLO ZHOFRPHG WKH 3,&
6WHHULQJ %RDUG V XQDQLPRXV GHFLVLRQ WKDW WKH 2IILFH RI WKH +LJK 5HSUHVHQWDWLYH 2+5 ZLOO UHPDLQ
LQ SODFH DQG FRQWLQXH WR FDUU\ RXW LWV PDQGDWH XQGHU WKH 'D\WRQ 3DULV 3HDFH $JUHHPHQW XQWLO
QHFHVVDU\ REMHFWLYHV DQG FRQGLWLRQV DV VHW RXW LQ WKH 3,& 6WHHULQJ %RDUG 'HFODUDWLRQ DUH PHW 7KH
&RXQFLO VKDUHG WKH 3,& 6WHHULQJ %RDUG V FRQFHUQ RYHU FKDOOHQJHV WR WKH 'D\WRQ 3DULV 3HDFH
$JUHHPHQW 7KH &RXQFLO FRQILUPHG LWV DJUHHPHQW WR WKH JRDOV RI WUDQVLWLRQ DQG RZQHUVKLS DQG
UHLWHUDWHG LWV UHDGLQHVV WR FRQWLQXH LWV HQJDJHPHQW
7KH &RXQFLO QRWHG WKDW %RVQLD DQG +HU]HJRYLQD %L+ KDV PDGH SURJUHVV ZLWK UHJDUG WR WKH
6WDELOLVDWLRQ DQG $VVRFLDWLRQ $JUHHPHQW 6$$ ,W XUJHG %L+ DXWKRULWLHV WR PDNH IXUWKHU HIIRUWV WR
HQVXUH VZLIW DQG HIIHFWLYH IXOILOPHQW RI DOO WKH IRXU FRQGLWLRQV QHFHVVDU\ IRU VLJQLQJ WKH 6$$
)XUWKHUPRUH WKH &RXQFLO QRWHG WKDW LPSRUWDQW XQGHUO\LQJ SUREOHPV UHPDLQ DQG FDOOHG XSRQ DOO
SDUWLHV LQ %L+ WR ZRUN WRJHWKHU LQ RUGHU WR RYHUFRPH WKHP DV VRRQ DV SRVVLEOH
7KH &RXQFLO UHLWHUDWHG LWV IXOO VXSSRUW WR %L+ V (XURSHDQ SHUVSHFWLYH 5HFDOOLQJ LWV FRQFOXVLRQV RI
-DQXDU\
WKH &RXQFLO ZHOFRPHG WKH LQWHQWLRQ RI WKH (XURSHDQ &RPPLVVLRQ WR ODXQFK VRRQ D
YLVD GLDORJXH ZLWK %L+
67$%,/,7< 3$&7 5(*,21$/ &2 23(5$7,21 &281&,/
7KH &RXQFLO XQGHUOLQHG WKH LPSRUWDQFH RI UHJLRQDO FR RSHUDWLRQ LQ 6RXWK (DVWHUQ (XURSH DQG
ZHOFRPHG WKH VXFFHVVIXO RXWFRPH RI WKH MRLQW PHHWLQJ RI WKH ILQDO 5HJLRQDO 7DEOH RI WKH 6WDELOLW\
3DFW IRU 6RXWK (DVWHUQ (XURSH DQG WKH LQDXJXUDO PHHWLQJ RI WKH 5HJLRQDO &R RSHUDWLRQ &RXQFLO
5&& RQ )HEUXDU\
LQ 6RILD ZKLFK PDUNHG WKH IRUPDO KDQGRYHU IURP WKH 6WDELOLW\ 3DFW WR
WKH 5&& 7KH HVWDEOLVKPHQW RI WKH 5&& LV SURRI RI VXEVWDQWLDO SURJUHVV LQ UHJLRQDO FR RSHUDWLRQ RQ
GHPRFUDWLF HFRQRPLF DQG VHFXULW\ LVVXHV
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0021.png
3529,6,21$/ 9(56,21
,,,
7KH 6WDELOLW\ 3DFW KDV JHQHUDWHG EURDG DFFHSWDQFH RI WKH YLHZ WKDW UHJLRQDO FR RSHUDWLRQ LV
QHFHVVDU\ DQG KDV FUHDWHG VKDUHG XQGHUVWDQGLQJ DQG VWUDWHJLHV IRU FRPPRQ LVVXHV LQ SDUWLFXODU LQ
WKH ILHOGV RI HQHUJ\ WUDGH UHIXJHH UHWXUQ DQG ERUGHU FRQWURO 7KH 5&& ZLOO EXLOG RQ WKHVH
DFKLHYHPHQWV DV D PRUH UHJLRQDOO\ RZQHG VWUHDPOLQHG DQG HIIHFWLYH UHJLRQDO FR RSHUDWLRQ
IUDPHZRUN 7KH 5&& FDQ SOD\ LWV IXOO UROH RQO\ LI WKH HQWLUH UHJLRQ LV FRPPLWWHG WR UHJLRQDO FR
RSHUDWLRQ DQG LI DOO SDUWV RI WKH UHJLRQ WDNH DQ DFWLYH VWDQG LQ LWV DFWLYLWLHV 5HJLRQDO FR RSHUDWLRQ LV
LPSRUWDQW IRU WKH (XURSHDQ SHUVSHFWLYH RI WKH :HVWHUQ %DONDQV
7KH (8 LV FRPPLWWHG WR VXSSRUW WKH 5&& FR RSHUDWLQJ LQ WKH FRQWH[W RI WKH 6((&3 6RXWK (DVW
(XURSHDQ &R RSHUDWLRQ 3URFHVV DQG ORRNV IRUZDUG WR WKH 5&& SURYLGLQJ WKH IUDPHZRUN IRU
LQFUHDVHG RZQHUVKLS DQG OHDGHUVKLS E\ 6RXWK (DVWHUQ (XURSHDQ FRXQWULHV ZKLOH UHSUHVHQWLQJ D
IRUXP IRU WKH FRQWLQXHG LQYROYHPHQW RI WKH GRQRU FRPPXQLW\
7KH &RXQFLO WKDQNHG 6SHFLDO &R RUGLQDWRU RI WKH 6WDELOLW\ 3DFW 'U (UKDUG %XVHN DQG H[SUHVVHG LWV
VXSSRUW IRU WKH 6HFUHWDU\ *HQHUDO RI WKH 5&& 0U +LGR %LãþHYLü DQG WKH IXWXUH DFWLYLWLHV RI WKH
5&&
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0022.png
3529,6,21$/ 9(56,21
*(25*,$
,,,
7KH &RXQFLO KDG DQ H[FKDQJH RI YLHZV RQ WKH VLWXDWLRQ LQ *HRUJLD LQ SDUWLFXODU UHJDUGLQJ WKH
XSFRPLQJ *HRUJLDQ SDUOLDPHQWDU\ HOHFWLRQV LQ 0D\
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0023.png
3529,6,21$/ 9(56,21
=,0%$%:(
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
,,,
7KH &RXQFLO UHPDLQV YHU\ FRQFHUQHG DERXW WKH KXPDQLWDULDQ SROLWLFDO DQG HFRQRPLF
VLWXDWLRQ LQ =LPEDEZH DQG FRQGLWLRQV RQ WKH JURXQG ZKLFK PD\ HQGDQJHU WKH KROGLQJ RI
IUHH DQG IDLU 3DUOLDPHQWDU\ DQG 3UHVLGHQWLDO HOHFWLRQV 7KH &RXQFLO QRWHV WKDW QR IRUPDO
LQYLWDWLRQ KDV EHHQ PDGH WR WKH (XURSHDQ 8QLRQ WR VHQG DQ RIILFLDO (8 2EVHUYDWLRQ
0LVVLRQ
7KH &RXQFLO WKHUHIRUH XUJHV WKH JRYHUQPHQW RI =LPEDEZH WR HQVXUH WKDW WKH IRUWKFRPLQJ
HOHFWLRQV PHHW LQWHUQDWLRQDO QRUPV DQG VWDQGDUGV LQFOXGLQJ WKH $IULFDQ &KDUWHU RQ
'HPRFUDF\ (OHFWLRQV DQG *RYHUQDQFH DQG WKH 6RXWKHUQ $IULFDQ 'HYHORSPHQW &RPPXQLW\
6$'& SULQFLSOHV DQG JXLGHOLQHV FRQFHUQLQJ HOHFWLRQV RI ZKLFK =LPEDEZH LV D VLJQDWRU\
7KH &RXQFLO UHFRJQLVHV WKH HIIRUWV RI 3UHVLGHQW 0EHNL RQ EHKDOI RI 6$'& WR LPSURYH
UHODWLRQV EHWZHHQ WKH *RYHUQPHQW RI =LPEDEZH DQG WKH RSSRVLWLRQ DQG WKH SURJUHVV
DFKLHYHG VR IDU 7KH &RXQFLO KRSHV WKLV SURFHVV ZLOO FRQWLQXH LQ RUGHU WR VHWWOH IXQGDPHQWDO
LVVXHV DQG WKDW WKH FKDQJHV DJUHHG WKHUHE\ ZLOO EH LPSOHPHQWHG LQ VXFK D ZD\ DV WR DOORZ
IRU WKH KROGLQJ RI IUHH DQG IDLU HOHFWLRQV 7KH &RXQFLO FDOOV RQ WKH 6$'& FRXQWULHV WR
UHPDLQ DFWLYHO\ HQJDJHG
7KH &RXQFLO UHFDOOV LWV FRQWLQXHG FRPPLWPHQW WR WKH SHRSOH RI =LPEDEZH DQG HPSKDVLVHV
WKDW WKH (8 UHPDLQV WKH PRVW LPSRUWDQW GRQRU WR =LPEDEZH 7KH &RXQFLO UHLWHUDWHV WKDW LWV
WDUJHWHG PHDVXUHV FRQVLVWLQJ RI D YLVD EDQ DQ DVVHWV IUHH]H DQG DQ DUPV HPEDUJR DUH
H[FOXVLYHO\ DLPHG DW WKRVH OHDGLQJ ILJXUHV UHVSRQVLEOH IRU =LPEDEZH¶V FULVLV RI JRYHUQDQFH
DQG KXPDQ ULJKWV DEXVHV DQG GR QRW SHQDOLVH WKH =LPEDEZHDQ SRSXODWLRQ
7KH (8 ZLOO FRQWLQXH WR FORVHO\ PRQLWRU WKH VLWXDWLRQ LQ =LPEDEZH DQG VXSSRUW HIIRUWV
WRZDUGV HQVXULQJ GHPRFUDF\ VWDELOLW\ HFRQRPLF UHFRYHU\ DQG UHVSHFW IRU KXPDQ ULJKWV
7KH &RXQFLO DOVR ZLVKHV WR FRQILUP LWV ZLOOLQJQHVV WR FRQWLQXH WR PDNH XVH RI DQ\
RSSRUWXQLW\ SURYLGHG WR FDUU\ RQ WKH GLDORJXH ZLWK WKH *RYHUQPHQW RI =LPEDEZH DQG DV
VRRQ DV FRQGLWLRQV DOORZ WR EHJLQ ZRUNLQJ WRZDUGV WKH UHVXPSWLRQ RI IXOO FRRSHUDWLRQ
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0024.png
3529,6,21$/ 9(56,21
,5$1
,,,
$W OXQFK PLQLVWHUV KDG DQ H[FKDQJH RI YLHZV RQ ,UDQ IROORZLQJ WKH DGRSWLRQ RQ 0DUFK RI D WKLUG
UHVROXWLRQ E\ WKH 81 6HFXULW\ &RXQFLO UHJDUGLQJ WKH QXFOHDU LVVXH ,W ZDV QRWHG WKDW WKH DGRSWLRQ RI
6HFXULW\ &RXQFLO UHVROXWLRQ
ZDV D FOHDU VLJQDO RI WKH LQWHUQDWLRQDO FRPPXQLW\ V XQLW\ $W WKH
VDPH WLPH WKH UHSUHVHQWDWLYHV RI &KLQD )UDQFH *HUPDQ\ 5XVVLD WKH 8. DQG WKH 8QLWHG 6WDWHV
DOVR H[SUHVVHG RQ 0DUFK WKHLU FRQWLQXHG FRPPLWPHQW WR DQ HDUO\ QHJRWLDWHG VROXWLRQ DQG
UHDIILUPHG WKHLU FRPPLWPHQW WR D GXDO WUDFN DSSURDFK
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0025.png
3529,6,21$/ 9(56,21
0,''/( ($67 3($&( 352&(66
,,,
$W OXQFK PLQLVWHUV GLVFXVVHG WKH VLWXDWLRQ UHJDUGLQJ WKH 0LGGOH (DVW SHDFH SURFHVV DV ZHOO DV
/HEDQRQ QRWDEO\ RQ WKH EDVLV RI D EULHILQJ E\ +LJK 5HSUHVHQWDWLYH -DYLHU 6RODQD RQ KLV UHFHQW YLVLW
WR WKH UHJLRQ IURP WR 0DUFK
(8 86 6800,7 67$7( 2) 35(3$5$7,216
$W OXQFK PLQLVWHUV ZHUH EULHIHG RQ WKH (8 PLQLVWHULDO WURLND GLQQHU ZLWK 86 6HFUHWDU\ RI 6WDWH 5LFH
KHOG RQ 0DUFK
3UHVVH
(1
 PDF to HTML - Convert PDF files to HTML files
1453652_0026.png
3529,6,21$/ 9(56,21
27+(5 ,7(06 $33529('
6HH SUHVV UHOHDVH
,,,
3UHVVH
(1