Europaudvalget 2007-08 (2. samling)
2830+2831 - Almindelige anl.
Offentligt
1453627_0001.png
&281&,/ 2)
7+( (8523($1 81,21
(1
3UHVVH
35(66 5(/($6(
VW &RXQFLO PHHWLQJ
*HQHUDO $IIDLUV DQG ([WHUQDO 5HODWLRQV
([WHUQDO 5HODWLRQV
%UXVVHOV
3UHVLGHQW
1RYHPEHU
0U /XtV $PDGR
0LQLVWHU RI 6WDWH 0LQLVWHU IRU )RUHLJQ $IIDLUV RI 3RUWXJDO
6RPH H[WHUQDO UHODWLRQV LWHPV ZHUH DGRSWHG ZLWKRXW GHEDWH DW WKH
*HQHUDO $IIDLUV
WK PHHWLQJ RQ
35(66
5XH GH OD /RL
% ±
%5866(/6
7HO
)D[
SUHVV RIILFH#FRQVLOLXP HXURSD HX KWWS ZZZ FRQVLOLXP HXURSD HX 1HZVURRP
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0002.png
;,
0DLQ UHVXOWV RI WKH &RXQFLO
7KH &RXQFLO KDG D VWURQJ IRFXV RQ
VHFXULW\ DQG GHIHQFH
DQG RQ
GHYHORSPHQW
LVVXHV ZLWK $IULFD
UHODWHG LVVXHV ILJXULQJ SURPLQHQWO\ WKURXJKRXW WKH DJHQGD ,Q SDUWLFXODU PLQLVWHUV UHYLHZHG
SUHSDUDWLRQV IRU WKH /LVERQ
$IULFD (8 VXPPLW
7KH &RXQFLO KHOG LWV VL[ PRQWKO\ UHYLHZ RI WKH
(XURSHDQ VHFXULW\ DQG GHIHQFH SROLF\
(6'3 ,Q
WKDW FRQWH[W LW
R
R
R
R
R
WRRN QRWH RI SUHSDUDWLRQV IRU WKH IXWXUH RSHUDWLRQ (8)25 7FKDG 5&$ LQ (DVWHUQ &KDG
DQG 1RUWKHDVWHUQ &HQWUDO $IULFDQ 5HSXEOLF
H[WHQGHG WKH PDQGDWH RI WKH (8 3ROLFH 0LVVLRQ LQ %RVQLD DQG +HU]HJRYLQD IRU DQRWKHU
WZR \HDUV XQWLO WKH HQG RI
QRWHG ZLWK VDWLVIDFWLRQ WKH SURJUHVV PDGH RQ PLOLWDU\ FDSDELOLWLHV DQG DSSURYHG WKH
3URJUHVV &DWDORJXH
ZHOFRPHG WKH IDFW WKDW PHPEHU VWDWHV KDYH FRPPLWWHG WKH UHTXLUHG (8 %DWWOHJURXS
SDFNDJHV XS WR DQG LQFOXGLQJ WKH ILUVW VHPHVWHU RI
HQGRUVHG WKH GHFODUDWLRQ RI WKH PLQLVWHULDO
&LYLOLDQ &DSDELOLWLHV ,PSURYHPHQW &RQIHUHQFH
KHOG LQ WKH PDUJLQV RI WKH &RXQFLO DQG ZHOFRPHG WKH DGRSWLRQ RI WKH &LYLOLDQ
+HDGOLQH *RDO
0HHWLQJ WRJHWKHU IRU WKH ILUVW WLPH ZLWKLQ WKH &RXQFLO GHIHQFH DQG GHYHORSPHQW PLQLVWHUV MRLQWO\
GLVFXVVHG KRZ WR DFKLHYH SROLF\ FRKHUHQFH EHWZHHQ
VHFXULW\ DQG GHYHORSPHQW
5HFDOOLQJ WKDW WKHUH
FDQQRW EH VXVWDLQDEOH GHYHORSPHQW ZLWKRXW SHDFH DQG VHFXULW\ DQG WKDW ZLWKRXW GHYHORSPHQW DQG
SRYHUW\ HUDGLFDWLRQ WKHUH ZLOO EH QR VXVWDLQDEOH SHDFH WKH &RXQFLO LQYLWHG PHPEHU VWDWHV WKH
&RPPLVVLRQ DQG WKH &RXQFLO 6HFUHWDULDW WR WDNH WKH ZRUN RQ VHFXULW\ DQG GHYHORSPHQW IRUZDUG
XQGHU WKH JXLGDQFH RI IXWXUH SUHVLGHQFLHV
2Q
.RVRYR
WKH &RXQFLO UHDIILUPHG LWV IXOO VXSSRUW WR WKH 7URLND DQG WR $PEDVVDGRU ,VFKLQJHU ,Q
YLHZ RI WKH LPPLQHQW FRQFOXVLRQ RI WKH 7URLND SURFHVV RQ
'HFHPEHU LW ORRNHG IRUZDUG WR WKH
LQWHQVLILFDWLRQ RI WKH QHJRWLDWLRQV DQG XUJHG WKH WZR SDUWLHV WR VKRZ JUHDWHU IOH[LELOLW\ WR UHVSRQG
SRVLWLYHO\ DQG FRQVWUXFWLYHO\ WR WKH 7URLND V LQLWLDWLYHV PDNLQJ HYHU\ HIIRUW WR VHFXUH D QHJRWLDWHG
VHWWOHPHQW RI WKH VWDWXV RI .RVRYR 7KH &RXQFLO FRQILUPHG WKDW WKH (8 VWDQGV UHDG\ WR SOD\ D
VLJQLILFDQW UROH LQ .RVRYR LQ WKH IXWXUH DQG LV SUHSDULQJ DFFRUGLQJO\
5HJDUGLQJ WKH
0LGGOH (DVW
WKH &RXQFLO UHLWHUDWHG LWV VWURQJ VXSSRUW IRU WKH XSFRPLQJ LQWHUQDWLRQDO
PHHWLQJ DW $QQDSROLV DQG WKH HIIRUWV RI 3DOHVWLQLDQ 3UHVLGHQW $EEDV DQG ,VUDHOL 3ULPH 0LQLVWHU
2OPHUW ,W ORRNHG IRUZDUG WR WKH DFKLHYHPHQW RI FRQFUHWH UHVXOWV OHDGLQJ WR PHDQLQJIXO ILQDO VWDWXV
QHJRWLDWLRQV ,W ZHOFRPHG WKH (8 $FWLRQ 6WUDWHJ\ VXEPLWWHG E\ WKH (8 +LJK 5HSUHVHQWDWLYH LQ IXOO
DVVRFLDWLRQ ZLWK WKH &RPPLVVLRQ ZKLFK ZLOO EH WKH EDVLV IRU IXUWKHU ZRUN E\ WKH (8 WDNLQJ LQWR
DFFRXQW WKH UHVXOWV RI WKH $QQDSROLV PHHWLQJ
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0003.png
;,
,WV VL[ PRQWKO\ UHYLHZ RI GHYHORSPHQW LVVXHV WKH &RXQFLO DGRSWHG FRQFOXVLRQV RQ WKH
HFRQRPLF
SDUWQHUVKLS DJUHHPHQWV
EHLQJ QHJRWLDWHG ZLWK $&3 FRXQWULHV DQG UHJLRQV LQ WKH UXQ XS WR WKH
'HFHPEHU
GHDGOLQH IRU FRPSOHWLRQ RI WKHVH DJUHHPHQWV
7KH &RXQFLO DGRSWHG VWUHQJWKHQHG DQG DGGLWLRQDO UHVWULFWLYH PHDVXUHV DJDLQVW
%XUPD 0\DQPDU
IROORZLQJ WKH EUXWDO UHSUHVVLRQ RI SHDFHIXO SURWHVWRUV DQG FRQWLQXLQJ KXPDQ ULJKWV YLRODWLRQV E\ WKH
%XUPHVH DXWKRULWLHV 7KH PHDVXUHV LQFOXGH DQ H[WHQVLRQ RI WKH OLVW RI SHUVRQV VXEMHFW WR DQ HQWU\
EDQ DQG IUHH]H RI DVVHWV DQG DQ H[WHQVLRQ RI WKH EDQ RQ LQYHVWPHQWV LQ %XUPHVH VWDWH RZQHG
FRPSDQLHV $GGLWLRQDO PHDVXUHV DUH WDUJHWHG DW WKH VRXUFHV RI WKH UHJLPH V UHYHQXH VXFK DV WKH
ORJJLQJ WLPEHU DQG PLQLQJ LQGXVWULHV VHH *HQHUDO $IIDLUV SUHVV UHOHDVH GRF
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0004.png
;,
&217(176
3$57,&,3$176
,7(06 '(%$7('
5(/$7,216 :,7+ &+,1$
5(/$7,216 :,7+ ,1',$
35(3$5$7,21 2) 7+( $)5,&$ (8 6800,7
(8523($1 6(&85,7< $1' '()(1&( 32/,&<
&RXQFLO FRQFOXVLRQV
3$.,67$1
0,''/( ($67
0LGGOH (DVW SHDFH SURFHVV
&RXQFLO FRQFOXVLRQV
/HEDQRQ
&RXQFLO FRQFOXVLRQV
,5$1
,5$4
:(67(51 %$/.$16
&RXQFLO FRQFOXVLRQV
*(25*,$
6(&85,7< $1' '(9(/230(17
&RXQFLO FRQFOXVLRQV
())(&7,9(1(66 2) (;7(51$/ $&7,21 7+( -2,17 (8 $)5,&$ 675$7(*<
(8 5(63216( 72 6,78$7,216 2) )5$*,/,7<
32/,&< &2+(5(1&( )25 '(9(/230(17
3ROLF\ FRKHUHQFH IRU GHYHORSPHQW
&RXQFLO FRQFOXVLRQV
0LJUDWLRQ DQG GHYHORSPHQW
&RXQFLO FRQFOXVLRQV
&OLPDWH FKDQJH DOOLDQFH ZLWK GHYHORSLQJ FRXQWULHV
&RXQFLO FRQFOXVLRQV
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
;,
(&2120,& 3$571(56+,3 $*5((0(176
&RXQFLO FRQFOXVLRQV
$'9$1&,1* $*5,&8/785( ,1 $)5,&$
&RXQFLO FRQFOXVLRQV
27+(5 %86,1(66
5DWLILFDWLRQ RI WKH UHYLVHG $&3 (8 SDUWQHUVKLS DJUHHPHQW
27+(5 ,7(06 $33529('
QRQH
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0006.png
;,
3$57,&,3$176
7KH JRYHUQPHQWV RI WKH 0HPEHU 6WDWHV DQG WKH (XURSHDQ &RPPLVVLRQ ZHUH UHSUHVHQWHG DV IROORZV
%HOJLXP
0U .DUHO '( *8&+7
0U 'LGLHU '21)87
%XOJDULD
0U ,YDLOR .$/),1
0U 9HVVHOLQ %/,=1$.29
&]HFK 5HSXEOLF
0U $OH[DQGU 921'5$
0V 9ODVWD 3$5.$129È
'HQPDUN
0U 3HU 6WLJ 0‘//(5
0U 6¡UHQ *DGH -(16(1
*HUPDQ\
0U )UDQN :DOWHU 67(,10(,(5
0U )UDQ] -RVHI -81*
(VWRQLD
0U 8UPDV 3$(7
0U -DDN $$9,.622
,UHODQG
0U 'HUPRW $+(51
0U :LOOLH 2 '($
*UHHFH
0V 'RUD %$.2<$11,
0U (YDQJHORV 0(,0$5$.,6
6SDLQ
0U 0LJXHO ÈQJHO 025$7,126
0U -RVp $QWRQLR $/2162 68È5(=
)UDQFH
0U -HDQ 3LHUUH -28<(7
0U +HUYp 025,1
,WDO\
0U 0DVVLPR ' $/(0$
0U $UWXUR 3$5,6,
&\SUXV
0V (UDWR .2=$.28 0$5&28//,6
0U &KULVWRGRXORV 3$6,$5'(6
/DWYLD
0U 0DULV 5,(.67,16
/LWKXDQLD
0U 3HWUDV 9$,7,(. 1$6
0U $QWDQDV 9$/<6
/X[HPERXUJ
0U -HDQ $66(/%251
0U -HDQ /RXLV 6&+,/7=
+XQJDU\
0V .LQJD *g1&=
0U -y]VHI %$/,
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ IRU (XURSHDQ $IIDLUV DWWDFKHG WR WKH
0LQLVWU\ RI )RUHLJQ $IIDLUV
'HSXW\ 3ULPH 0LQLVWHU DQG 0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
'HSXW\ 3ULPH 0LQLVWHU ZLWK UHVSRQVLELOLW\ IRU (XURSHDQ
$IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
)HGHUDO 0LQLVWHU IRU )RUHLJQ $IIDLUV
)HGHUDO 0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV DQG &RRSHUDWLRQ
0LQLVWHU IRU 'HIHQFH
0LQLVWHU RI 6WDWH ZLWK UHVSRQVLELOLW\ IRU (XURSHDQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
'HSXW\ 3ULPH 0LQLVWHU 0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
'HSXW\ 0LQLVWHU IRU 'HIHQFH
'HSXW\ 3ULPH 0LQLVWHU 0LQLVWHU IRU )RUHLJQ $IIDLUV DQG
,PPLJUDWLRQ
0LQLVWHU IRU &RRSHUDWLRQ DQG +XPDQLWDULDQ $FWLRQ
0LQLVWHU ZLWK UHVSRQVLELOLW\ IRU &RPPXQLFDWLRQV
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ 0LQLVWU\ RI 'HIHQFH
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0007.png
;,
0DOWD
0U $QWKRQ\ $%(/$
1HWKHUODQGV
0U 0D[LPH 9(5+$*(1
0U (LPHUW YDQ 0,''(/.223
0U )UDQFLVFXV &RUQHOLV *HUDUGXV 0DULD 7,00(50$16
$XVWULD
0V 8UVXOD 3/$661,.
0U 1RUEHUW '$5$%26
3RODQG
0U 5DGRVáDZ 6,.256.,
0U %RJGDQ ./,&+
3RUWXJDO
0U /XtV $0$'2
0U 1XQR 6(9(5,$12 7(,;(,5$
0U 0DQXHO /2%2 $1781(6
0U -RmR 0,5$ *20(6
0U -RmR *20(6 &5$9,1+2
5RPDQLD
0U $GULDQ &,252,$18
0U 7HRGRU 0(/(ù&$18
6ORYHQLD
0U 'LPLWULM 583(/
0U .DUO 9LNWRU (5-$9(&
0U -DQH] /(1$5�½,�½
6ORYDNLD
0U -iQ .8%,â
0U )UDQWLãHN .$â,&.é
)LQODQG
0U ,ONND .$1(59$
0U -\UL +b.b0,(6
0U 3DDYR 9b<5<1(1
6ZHGHQ
0U &DUO %,/'7
0V &HFLOLD 0$/0675g0
0U 6WHQ 72/*)256
8QLWHG .LQJGRP
0U 'HV %52:1(
0U -LP 0853+<
3DUOLDPHQWDU\ 6HFUHWDU\ 2IILFH RI WKH 3ULPH 0LQLVWHU
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU (XURSHDQ $IIDLUV
)HGHUDO 0LQLVWHU IRU (XURSHDQ DQG ,QWHUQDWLRQDO $IIDLUV
)HGHUDO 0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWUR GH (VWDGR 0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
6WDWH 6HFUHWDU\ IRU (XURSHDQ $IIDLUV DWWDFKHG WR WKH
0LQLVWHU IRU )RUHLJQ $IIDLUV
6WDWH 6HFUHWDU\ IRU 'HIHQFH DQG 0DULWLPH $IIDLUV
6WDWH 6HFUHWDU\ IRU )RUHLQJ $IIDLUV DQG 'HYHORSPHQW
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU RI 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
6WDWH 6HFUHWDU\ DW WKH *RYHUQPHQW 2IILFH IRU (XURSHDQ
$IIDLUV
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU 'HIHQFH
0LQLVWHU IRU )RUHLJQ 7UDGH DQG 'HYHORSPHQW
0LQLVWHU IRU )RUHLJQ $IIDLUV
0LQLVWHU IRU (XURSHDQ $IIDLUV
0LQLVWHU IRU 7UDGH
6HFUHWDU\ RI 6WDWH IRU 'HIHQFH DQG 6HFUHWDU\ RI 6WDWH IRU
6FRWODQG
0LQLVWHU RI 6WDWH IRU (XURSH
&RPPLVVLRQ
0U 2OOL 5(+1
0U /RXLV 0,&+(/
0V %HQLWD )(55(52 :$/'1(5
0U 3HWHU 0$1'(/621
0HPEHU
0HPEHU
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
1453627_0008.png
;,
,7(06 '(%$7('
5(/$7,216 :,7+ &+,1$
7KH &RXQFLO ZDV EULHIHG RQ SUHSDUDWLRQV IRU WKH
%HLMLQJ RQ
1RYHPEHU
WK (8 &KLQD VXPPLW WKDW ZLOO WDNH SODFH LQ
7KH VXPPLW LV OLNHO\ WR FRYHU &KLQD (8 UHODWLRQV LQFOXGLQJ QHJRWLDWLRQV RQ D SDUWQHUVKLS DQG
FRRSHUDWLRQ DJUHHPHQW FOLPDWH FKDQJH DQG HQHUJ\ FRRSHUDWLRQ SURGXFW VDIHW\ KXPDQ ULJKWV DQG
7DLZDQ DV ZHOO DV LQWHUQDWLRQDO DQG UHJLRQDO LVVXHV LQFOXGLQJ $IULFD %XUPD 0\DQPDU 1RUWK
.RUHD WKH 0LGGOH (DVW WKH ,UDQLDQ QXFOHDU LVVXH .RVRYR DQG WKH
$VLD (XURSH $6(0
VXPPLW
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0009.png
;,
5(/$7,216 :,7+ ,1',$
7KH &RXQFLO ZDV EULHIHG RQ SUHSDUDWLRQV IRU WKH WK (8 ,QGLD VXPPLW WKDW ZLOO EH KHOG LQ 1HZ
'HOKL RQ
1RYHPEHU
7KH VXPPLW LV OLNHO\ WR FRYHU ,QGLD (8 UHODWLRQV LQFOXGLQJ WKH ,QGLD (8 VWUDWHJLF SDUWQHUVKLS DQG
MRLQW DFWLRQ SODQ DQG WUDGH DQG HFRQRPLF UHODWLRQV DV ZHOO DV JOREDO LVVXHV LQFOXGLQJ HQHUJ\
GHYHORSPHQW DQG FOLPDWH FKDQJH WKH :72 V 'RKD 'HYHORSPHQW $JHQGD GLVDUPDPHQW DQG QRQ
SUROLIHUDWLRQ DQG FRPEDWLQJ WHUURULVP DQG LQWHUQDWLRQDO LVVXHV LQFOXGLQJ WKH 6RXWK $VLDQ
$VVRFLDWLRQ IRU 5HJLRQDO &RRSHUDWLRQ $VLD DQG WKH 3DFLILF WKH 0LGGOH (DVW DQG ZHVWHUQ $VLD
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0010.png
;,
35(3$5$7,21 2) 7+( $)5,&$ (8 6800,7
7KH &RXQFLO UHYLHZHG SUHSDUDWLRQV IRU WKH (8 $IULFD VXPPLW LQ /LVERQ RQ
DQG 'HFHPEHU
7KH VXPPLW ZLOO EH FDOOHG XSRQ WR DGRSW D MRLQW $IULFD (8 VWUDWHJ\ DQG DFWLRQ SODQ
7KH &RXQFLO QRWHG WKH GUDIW VWUDWHJ\ DQG DFWLRQ SODQ ZKLFK ZLOO EH ILQDOLVHG DW DQ $IULFD (8
PLQLVWHULDO PHHWLQJ LQ 6KDUP HO 6KHLN RQ 'HFHPEHU
7KH VWUDWHJ\ UHVWV RQ WKH SUHPLVH WKDW $IULFD DQG (XURSH DUH ERXQG WRJHWKHU E\ KLVWRU\ FXOWXUH
JHRJUDSK\ DQG D FRPPRQ IXWXUH DV ZHOO DV E\ D FRPPXQLW\ RI YDOXHV ,W DOVR VHHNV WR WDNH LQWR
DFFRXQW WKH FRQVLGHUDEOH FKDQJH WKDW KDV WDNHQ SODFH RQ ERWK FRQWLQHQWV VLQFH WKH ILUVW $IULFD (8
VXPPLW LQ &DLUR LQ
LQFOXGLQJ LQ WHUPV RI GHPRFUDWLVDWLRQ DQG UHIRUP SURFHVVHV LQ ERWK $IULFD
DQG (XURSH DQG WKH DFFHOHUDWLRQ RI LQWHJUDWLRQ SURFHVVHV RQ ERWK FRQWLQHQWV 7KH VWUDWHJ\ LV DLPHG
DW SURYLGLQJ D FRPSUHKHQVLYH IUDPHZRUN IRU (8 $IULFD UHODWLRQV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0011.png
;,
(8523($1 6(&85,7< $1' '()(1&( 32/,&<
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO LQ WKH SUHVHQFH RI GHIHQFH PLQLVWHUV KHOG LWV VL[ PRQWKO\ UHYLHZ RI GHYHORSPHQWV LQ
WKH (6'3 ,W DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
(6'3 2SHUDWLRQV DQG 0LVVLRQV
(8)25 7FKDG 5&$
)ROORZLQJ WKH XQDQLPRXV DGRSWLRQ RI 81 6HFXULW\ &RXQFLO 5HVROXWLRQ
ZKLFK
DSSURYHG WKH GHSOR\PHQW LQ &KDG DQG WKH &HQWUDO $IULFDQ 5HSXEOLF RI D PXOWLGLPHQVLRQDO
SUHVHQFH DQG DXWKRULVHG WKH (8 WR SURYLGH WKH PLOLWDU\ HOHPHQW RI LW WKH (8 GHFLGHG WR
WDNH DFWLRQ 7KH RSHUDWLRQ (8)25 7FKDG 5&$ LV WDNLQJ SODFH LQ WKH IUDPHZRUN RI D
FRPSUHKHQVLYH (8 HIIRUW WR IDFLOLWDWH D ORQJ ODVWLQJ VROXWLRQ WR WKH FRQIOLFW LQ 'DUIXU DQG WR
SURPRWH UHJLRQDO VWDELOLW\
7KH GHSOR\PHQW RI (8)25 7FKDG 5&$ LV D FRQFUHWH H[SUHVVLRQ RI WKH (8 V
FRPSUHKHQVLYH FRPPLWPHQW WR DFWLYHO\ ZRUN IRU WKH LPSURYHPHQW RI WKH VHFXULW\ VLWXDWLRQ
LQ (DVWHUQ &KDG DQG 1RUWK (DVWHUQ &HQWUDO $IULFDQ 5HSXEOLF E\ FRQWULEXWLQJ WR WKH
SURWHFWLRQ RI UHIXJHHV DQG ,'3V IDFLOLWDWLQJ WKH GHOLYHU\ RI KXPDQLWDULDQ DVVLVWDQFH
KHOSLQJ WR FUHDWH WKH FRQGLWLRQV IRU GLVSODFHG SHRSOH WR UHWXUQ WR WKHLU SODFHV RI RULJLQ
YROXQWDULO\ DV ZHOO DV FRQWULEXWLQJ WR HQVXUH WKH 8QLWHG 1DWLRQV 0LVVLRQ LQ WKH &HQWUDO
$IULFDQ 5HSXEOLF DQG &KDG 0,185&$7 VHFXULW\ DQG IUHHGRP WR RSHUDWH
7KH &RXQFLO UHFDOOV WKH DSSRLQWPHQW RI *HQHUDO 3DWULFN 1DVK DV 2SHUDWLRQ &RPPDQGHU
DQG VXSSRUWV KLV HIIRUWV WR FRPSOHWH WKH RSHUDWLRQDO SODQQLQJ SKDVH IRU D EULGJLQJ PLOLWDU\
RSHUDWLRQ LQ (DVWHUQ &KDG DQG 1RUWK (DVWHUQ &HQWUDO $IULFDQ 5HSXEOLF (8)25
7FKDG 5&$ LQ WKH IUDPHZRUN RI WKH (XURSHDQ 6HFXULW\ DQG 'HIHQFH 3ROLF\ IRU D SHULRG
RI RQH \HDU IURP WKH GDWH WKDW LWV LQLWLDO RSHUDWLRQDO FDSDELOLW\ LV GHFODUHG (8)25
7FKDG 5&$ LV QHXWUDO PXOWLQDWLRQDO DQG LQGHSHQGHQW DQG GHSOR\PHQW KDV EHHQ ZHOFRPHG
E\ ERWK WKH *RYHUQPHQWV RI &KDG DQG RI WKH &HQWUDO $IULFDQ 5HSXEOLF
7KH &RXQFLO HPSKDVLVHG WKDW WKH SODQQLQJ RI WKH RSHUDWLRQ LV WDNLQJ SODFH LQ IXOO
FRRUGLQDWLRQ ZLWK WKH 81 DQG LQ FRQVXOWDWLRQ ZLWK $IULFDQ SDUWQHUV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
1RQ (8 (XURSHDQ 1$72 PHPEHUV DQG RWKHU FRXQWULHV ZKLFK DUH FDQGLGDWHV IRU DFFHVVLRQ
WR WKH (8 KDYH EHHQ LQIRUPHG RQ WKH (8 LQWHQWLRQV FRQFHUQLQJ WKH RSHUDWLRQ IURP WKH
HDUOLHVW VWDJHV RI &RXQFLO GLVFXVVLRQV E\ PHDQV RI 6* +5 OHWWHUV DQG WKURXJK H[FKDQJHV
RI YLHZV LQ PHHWLQJV ZLWK WKH 36& 2WKHU WKLUG 6WDWHV LQFOXGLQJ (XURSHDQ SDUWQHUV
UHFHLYHG LQIRUPDWLRQ IURP WKH &RXQFLO 6HFUHWDULDW DV DSSURSULDWH 7KH &RXQFLO ORRNHG
IRUZDUG WR WKLUG 6WDWHV FRQWULEXWLRQV WR WKH RSHUDWLRQ
7KH &RXQFLO ZHOFRPHG WKH &RPPLVVLRQ V LQWHQWLRQ WR FRQWULEXWH VXEVWDQWLDOO\ WR WKH 81
SURJUDPPH IRU WKH HVWDEOLVKPHQW RI WKH 81 3ROLFH IRUFH DQG IROORZLQJ WKH UHTXHVWV PDGH
E\ WKH JRYHUQPHQWV RI &KDG DQG WKH &HQWUDO $IULFDQ 5HSXEOLF WR LPSOHPHQW WUDQVLWLRQDO
SURJUDPPHV RI UHFRYHU\ DQG UHKDELOLWDWLRQ FRYHULQJ UHFRQFLOLDWLRQ RULHQWHG DFWLYLWLHV
VXSSRUW WR WKH YROXQWDU\ UHWXUQ RI ,'3V DQG WR WKH UHKDELOLWDWLRQ LQ WKHLU SODFHV RI RULJLQ
DQG VXSSRUW WR ORFDO JRYHUQDQFH
&LYLO PLOLWDU\ VXSSRUWLQJ DFWLRQ IRU $0,6 LQ 6XGDQ 'DUIXU
7KH (8 UHDIILUPHG WKDW LW VWURQJO\ VXSSRUWV WKH 8QLWHG 1DWLRQV 81 DQG WKH $IULFDQ
8QLRQ $8 RQJRLQJ HIIRUWV WR VROYLQJ WKH FRQIOLFW LQ 'DUIXU ZLWKLQ D FRPSUHKHQVLYH DQG
UHJLRQDO DSSURDFK DQG ZHOFRPHG WKH VHWWLQJ XS RI WKH 81 $8 K\EULG RSHUDWLRQ LQ 'DUIXU
81$0,'
7KH &RXQFLO QRWHG WKDW LW LV FUXFLDO WKDW $0,6 UHFHLYHV WKH VXSSRUW LW QHHGV IURP WKH
LQWHUQDWLRQDO FRPPXQLW\ WR HQDEOH LW WR FDUU\ RQ LWV PLVVLRQ GXULQJ WKH WUDQVLWLRQ WR
81$0,' ,Q WKLV FRQWH[W WKH &RXQFLO UHDIILUPHG WKH (8 V LQWHQWLRQ WR HQVXUH WKH
FRQWLQXDWLRQ RI LWV FXUUHQW VXSSRUW WR $0,6 XS WR WKH WUDQVIHU RI DXWKRULW\ WR 81$0,'
5' &RQJR
7KH &RXQFLO QRWHG WKDW WKH UH ODXQFKLQJ RI WKH GLVDUPDPHQW GHPRELOLVDWLRQ DQG
UHLQWHJUDWLRQ SURFHVV VWDOOHG VLQFH 'HFHPEHU
GLG QRW PDWHULDOLVH GXULQJ WKH ODVW
PRQWKV 7KH &RXQFLO WKHUHIRUH HQFRXUDJHG DOO LQYROYHG DFWRUV WR PDNH HYHU\ HIIRUW WR
VXUPRXQW FXUUHQW REVWDFOHV DQG ILQG VROXWLRQV HQDEOLQJ LQ SDUWLFXODU WKH FRPSOHWLRQ RI WKH
GHPRELOLVDWLRQ SURFHVV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
)XUWKHU SURJUHVV LQ VHFXULW\ VHFWRU UHIRUP 665 UHPDLQV QHFHVVDU\ WR UHDFK D VXVWDLQDEOH
VWDELOLW\ LQ WKH 'HPRFUDWLF 5HSXEOLF RI &RQJR :KLOVW WKH VHFXULW\ FRQFHUQV LQ WKH (DVW RI
WKH FRXQWU\ UHTXLUH LPPHGLDWH DWWHQWLRQ LQ GHSWK UHIRUPV DFURVV WKH ZKROH VHFXULW\ VHFWRU
GHIHQFH SROLFH MXVWLFH VKRXOG UHPDLQ D SULRULW\ LQ RUGHU WR DOORZ D ORQJ WHUP VWDELOLW\
DQG UHWXUQ WR QRUPDOLW\ ,PSURYHG VHFXULW\ FRQGLWLRQV DV ZHOO DV WKH LPSOHPHQWDWLRQ RI
QDWLRQDO GHYHORSPHQW VWUDWHJLHV FRQWLQXH WR EH HVVHQWLDO WR UHVWRULQJ FRQILGHQFH DPRQJ
HFRQRPLF DFWRUV DQG LQYHVWRUV
&RQFHUQLQJ WKH UHIRUP RI WKH GHIHQFH VHFWRU WKH &RXQFLO XQGHUOLQHG WKH LPSRUWDQFH RI
HODERUDWLQJ D GHWDLOHG FRQFHSW IRU WKH IXWXUH DUPHG IRUFHV WKDW LV VXVWDLQDEOH ,Q WKH ILHOG
VKRUW WHUP UHFRQVWUXFWLRQ RI WKH GHIHQFH VHFWRU VKRUW WHUP SULRULWLHV VKRXOG EH
LPSOHPHQWHG WDNLQJ LQWR DFFRXQW WKH EURDGHU UHTXLUHPHQWV IRU UHIRUPLQJ WKH GHIHQFH VHFWRU
DV LGHQWLILHG E\ WKH &RQJROHVH DXWKRULWLHV DVVLVWHG E\ WKHLU SDUWQHUV LQ SDUWLFXODU WKH (6'3
PLVVLRQ (86(& 5' &RQJR
7KH &RXQFLO UHFDOOHG LWV VXSSRUW WR WKH ZRUN FRQGXFWHG E\ (86(& 5' &RQJR
(832/ 5' &RQJR WKH QHZ (6'3 SROLFH PLVVLRQ DQG LWV LQWHUIDFH ZLWK MXVWLFH VHFWRU WRRN
RYHU IURP (832/ .LQVKDVD ZKLFK ZDV VXFFHVVIXOO\ FRQFOXGHG RQ
WK
-XQH
7KH
&RXQFLO QRWHG WKDW WKH PLVVLRQ LV DVVLVWLQJ WKH &RQJROHVH DXWKRULWLHV LQ WKH UHIRUP DQG
UHVWUXFWXULQJ RI WKH ³3ROLFH 1DWLRQDOH &RQJRODLVH´ DQG LQ WKH LPSURYHPHQW RI WKH RYHUDOO
IXQFWLRQLQJ RI WKH FULPLQDO MXVWLFH V\VWHP WKURXJK D MXVWLFH LQWHUIDFH 7KH &RXQFLO
H[SUHVVHG LWV DSSUHFLDWLRQ IRU WKH IDFW WKDW WKH PLVVLRQ LV DOVR FRQWULEXWLQJ WR WKH RYHUDOO
HIIRUWV LQ VXSSRUW RI WKH 6HFXULW\ 6HFWRU 5HIRUP 665 LQ '5& LQ FORVH FRRUGLQDWLRQ ZLWK
WKH RWKHU DFWRUV HQJDJHG LQ 665 HVSHFLDOO\ WKH RWKHU (6'3 PLVVLRQ (86(& 5' &RQJR
DQG WKH (XURSHDQ &RPPXQLW\ DFWLYLWLHV 7KH &RXQFLO IXUWKHU XUJHG WKH &RQJROHVH
DXWKRULWLHV WR PRYH IRUZDUG RQ UHIRUP RI WKH SROLFH DQG RI WKH MXVWLFH V\VWHP
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
*XLQHD %LVVDX
7KH &RXQFLO QRWHG WKDW IROORZLQJ DQ LQLWLDO MRLQW &RXQFLO &RPPLVVLRQ LQIRUPDWLRQ
JDWKHULQJ PLVVLRQ LQ 0D\
WR *XLQHD %LVVDX FRQVLGHUDWLRQ KDV EHHQ JLYHQ WR D
SRVVLEOH RSWLRQ IRU DQ (6'3 DGYLFH DQG DVVLVWDQFH PLVVLRQ FRQVLVWLQJ RI D VPDOO QXPEHU
RI FLYLOLDQ DQG PLOLWDU\ WHFKQLFDO H[SHUWV LQ VXSSRUW RI WKH QDWLRQDO 6HFXULW\ 6HFWRU 5HIRUP
SURFHVV 7KH &RXQFLO FRQVLGHUHG WKDW DQ (6'3 DFWLRQ LQ WKH ILHOG RI 6HFXULW\ 6HFWRU
5HIRUP LQ *XLQHD %LVVDX ZRXOG EH DSSURSULDWH LQ FRKHUHQFH ZLWK DQG FRPSOHPHQWDU\ WR
(XURSHDQ 'HYHORSPHQW )XQG DQG RWKHU &RPPXQLW\ DFWLYLW\ 7KH &RXQFLO ZHOFRPHG WKH
SURJUHVV RQ SODQQLQJ LQFOXGLQJ WKH HODERUDWLRQ RI WKH GUDIW *HQHUDO &RQFHSW IROORZLQJ D
)DFW )LQGLQJ 0LVVLRQ WKDW WRRN SODFH LQ PLG 2FWREHU
(832/ $)*+$1,67$1
(832/ $)*+$1,67$1 ODXQFKHG RQ
WK
-XQH
DLPV DW FRQWULEXWLQJ WR WKH
HVWDEOLVKPHQW XQGHU $IJKDQ RZQHUVKLS RI VXVWDLQDEOH DQG HIIHFWLYH FLYLOLDQ SROLFLQJ
DUUDQJHPHQWV WKDW HQVXUH DSSURSULDWH LQWHUDFWLRQ ZLWK WKH ZLGHU FULPLQDO MXVWLFH V\VWHP
)XUWKHUPRUH WKH 0LVVLRQ VXSSRUWV WKH UHIRUP SURFHVV WRZDUGV D WUXVWHG DQG HIILFLHQW SROLFH
VHUYLFH ZKLFK ZRUNV LQ DFFRUGDQFH ZLWK LQWHUQDWLRQDO VWDQGDUGV ZLWKLQ WKH IUDPHZRUN RI
WKH UXOH RI ODZ DQG UHVSHFW IRU KXPDQ ULJKWV 7KH &RXQFLO QRWHG WKDW WKH 0LVVLRQ LV
FXUUHQWO\ LQ D EXLOG XS SKDVH DQG ZLOO UHDFK LWV IXOO RSHUDWLRQDO FDSDELOLW\ E\ 0DUFK
%L+ 2SHUDWLRQ $/7+($
7KH &RXQFLO ZHOFRPHG WKH VXFFHVVIXO UHFRQILJXUDWLRQ RI 2SHUDWLRQ $OWKHD LQ %RVQLD DQG
+HU]HJRYLQD %L+ 7KH IRUFH QRZ QXPEHUV VRPH
WURRSV RQ WKH JURXQG EDFNHG XS
E\ RYHU WKH KRUL]RQ UHVHUYHV 7KH &RXQFLO ZHOFRPHG WKH FRQWULEXWLRQ RI WKH (XURSHDQ
*HQGDUPHULH )RUFH WR WKH ,QWHJUDWHG 3ROLFH 8QLW RI 2SHUDWLRQ $OWKHD :KLOH QRWLQJ WKDW WKH
VHFXULW\ VLWXDWLRQ UHPDLQV VWDEOH WKH &RXQFLO IROORZV ZLWK FRQFHUQ UHFHQW SROLWLFDO
GHYHORSPHQWV LQ %L+ 7KH &RXQFLO UHLWHUDWHG WKDW (8)25 FRQWLQXHV WR SURYLGH UHDVVXUDQFH
DQG UHPDLQV UHDG\ WR UHVSRQG WR SRVVLEOH VHFXULW\ FKDOOHQJHV WKURXJKRXW WKH FRXQWU\ 7KH
&RXQFLO ZHOFRPHG WKH FRQWLQXLQJ H[FHOOHQW FR RSHUDWLRQ EHWZHHQ WKH YDULRXV (8 DFWRUV LQ
WKH ILHOG ,W QRWHG WKDW FR RSHUDWLRQ ZLWK 1$72 LQ UHVSHFW RI 2SHUDWLRQ $/7+($
FRQWLQXHG WR ZRUN ZHOO
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO UHLWHUDWHG WKDW DV SDUW RI WKH (8 V RYHUDOO HQJDJHPHQW LQ %L+ WKH (8 ZRXOG
UHWDLQ D PLOLWDU\ SUHVHQFH LQ WKH FRXQWU\ IRU DV ORQJ DV QHFHVVDU\ LQ RUGHU WR FRQWLQXH WR
FRQWULEXWH WR WKH PDLQWHQDQFH RI D VDIH DQG VHFXUH HQYLURQPHQW
(830
7KH (8 3ROLFH 0LVVLRQ LQ %RVQLD DQG +HU]HJRYLQD (830 KDV PDGH SURJUHVV LQ
GHYHORSLQJ VXVWDLQDEOH SROLFLQJ DUUDQJHPHQWV XQGHU %L+ RZQHUVKLS LQ WKH SDVW \HDUV ,WV
DLP WKURXJK PHQWRULQJ PRQLWRULQJ DQG LQVSHFWLQJ LV WR HVWDEOLVK LQ %L+ D VXVWDLQDEOH
SURIHVVLRQDO DQG PXOWLHWKQLF SROLFH VHUYLFH RSHUDWLQJ LQ DFFRUGDQFH ZLWK (XURSHDQ DQG
LQWHUQDWLRQDO VWDQGDUGV &RQVLGHULQJ WKDW DW WKH HQG RI (830¶V VHFRQG PDQGDWH WKH
GHVLUHG HQG VWDWH ZLOO QRW KDYH EHHQ IXOO\ UHDFKHG WKH &RXQFLO KDV GHFLGHG WR H[WHQG WKH
0LVVLRQ XQWLO WKH VW 'HFHPEHU
(837 .RVRYR
7KH &RXQFLO ZHOFRPHG WKH SURJUHVV PDGH LQ SODQQLQJ IRU D SRVVLEOH (6'3 5XOH RI /DZ
0LVVLRQ LQ .RVRYR 7KH &RXQFLO GHFLGHG WKH H[WHQVLRQ RI (837¶V PDQGDWH XQWLO VW
0DUFK
(832/ &2336
7KH &RXQFLO FRQILUPHG LWV VXSSRUW WR WKH 3DOHVWLQLDQ &LYLO 3ROLFH 3&3 WKURXJK WKH
UHHQJDJHPHQW RI WKH (832/ &2336 7KH PDLQ JRDO RI WKLV PLVVLRQ LV WR FRQWULEXWH WR WKH
HVWDEOLVKPHQW RI VXVWDLQDEOH DQG HIIHFWLYH SROLFLQJ DUUDQJHPHQWV XQGHU 3DOHVWLQLDQ
RZQHUVKLS LQ DFFRUGDQFH ZLWK EHVW LQWHUQDWLRQDO VWDQGDUGV 7KH &RXQFLO FDOOV RQ ,VUDHO WR
SURYLGH DFFUHGLWDWLRQ WR WKH 0LVVLRQ ZLWKRXW GHOD\
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0016.png
;,
(8%$0 5DIDK
7KH &RXQFLO UHLWHUDWHG LWV FRPPLWPHQW WR WKH (8 %RUGHU $VVLVWDQFH 0LVVLRQ IRU WKH 5DIDK
&URVVLQJ 3RLQW (8%$0 5DIDK WR WKH $JUHHPHQWV FRQFOXGHG DQG WR WKH UHJLRQ LQ
SDUWLFXODU WKH *D]D SRSXODWLRQ ,W XQGHUOLQHG WKH LPSRUWDQFH RI WKH LPSOHPHQWDWLRQ RI WKH
$JUHHPHQW RQ 0RYHPHQW DQG $FFHVV E\ DOO SDUWLHV 7KH &RXQFLO QRWHG WKDW WKH 0LVVLRQ
GHVSLWH WKH FORVXUH RI WKH 5DIDK &URVVLQJ 3RLQW VLQFH -XQH
SUHVHUYHV LWV
RSHUDWLRQDO DELOLW\ WR UHGHSOR\ DW VKRUW QRWLFH
(8-867 /(;
7KH (8 KDV EHHQ FRQWULEXWLQJ WRZDUGV VWUHQJWKHQLQJ WKH UXOH RI ODZ LQ ,UDT DQG SURPRWLQJ
KXPDQ ULJKWV WKURXJK LWV ,QWHJUDWHG 5XOH RI /DZ 0LVVLRQ IRU ,UDT (8-867 /(; VLQFH
-XO\
E\ SURYLGLQJ WUDLQLQJ FRXUVHV DQG ZRUN H[SHULHQFH VHFRQGPHQWV LQ (8 PHPEHU
6WDWHV IRU VHQLRU ,UDTL SROLFH MXGLFLDO DQG SHQLWHQWLDU\ SHUVRQQHO 7KH &RXQFLO ZHOFRPHG
WKH H[WHQVLRQ RI (8-867 /(; ZKLFK ZLOO FRQWLQXH LWV ZRUN LQ SDUWQHUVKLS ZLWK ,UDTL
$XWKRULWLHV DQG LQWHUQDWLRQDO ERGLHV XQWLO
WK
-XQH
0LOLWDU\ &DSDELOLWLHV
7KH &RXQFLO QRWHG ZLWK JUHDW VDWLVIDFWLRQ WKH SURJUHVV PDGH LQ LPSOHPHQWLQJ WKH
TXDOLWDWLYH DSSURDFK WR WKH (8 PLOLWDU\ FDSDELOLWLHV GHYHORSPHQW SURFHVV LQ WKH IUDPHZRUN
RI WKH +HDGOLQH *RDO
7KH &RXQFLO DSSURYHG WKH 3URJUHVV &DWDORJXH
3&
7KLV FDWDORJXH LV EDVHG RQ WKH
UHTXLUHPHQWV VHW LQ WKH 5HTXLUHPHQWV &DWDORJXH
5&
DQG RQ 0HPEHU 6WDWHV
VFUXWLQLVHG FRQWULEXWLRQV IRU
JDWKHUHG LQ WKH )RUFH &DWDORJXH
)&
,Q
DGGLWLRQ WR D EURDG FRQILUPDWLRQ RI WKH ILQGLQJV RI WKH +HOVLQNL 3URJUHVV &DWDORJXH
+3&
LW SURYLGHV D VWUXFWXUHG DVVHVVPHQW RI FDSDELOLWLHV DQG RIIHUV D V\VWHPDWLF
HYDOXDWLRQ RI WKH LGHQWLILHG FDSDELOLW\ VKRUWIDOOV 7KH PRVW FULWLFDO VKRUWIDOOV UHODWH WR WKH
DUHDV RI IRUFH SURWHFWLRQ GHSOR\DELOLW\ DQG LQIRUPDWLRQ VXSHULRULW\ ,Q DGGLWLRQ 3&
SUHVHQWV DQ H[SUHVVLRQ RI SRWHQWLDO RSHUDWLRQDO ULVNV IRU (6'3 RSHUDWLRQV ZLWK DQ LQLWLDO
RULHQWDWLRQ EDVHG RQ WKH VHYHULW\ RI WKH LPSDFW RI WKH FDSDELOLW\ VKRUWIDOOV ,W FRQFOXGHV WKDW
WKH (8 FDQ FRQGXFW WKH IXOO VSHFWUXP RI PLOLWDU\ (6'3 RSHUDWLRQV ZLWKLQ WKH SDUDPHWHUV RI
WKH 6WUDWHJLF 3ODQQLQJ $VVXPSWLRQV ZLWK GLIIHUHQW OHYHOV RI ULVN FDXVHG E\ WKH UHFRJQLVHG
VKRUWIDOOV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO XUJHG WDNLQJ IRUZDUG WKH IROORZ RQ ZRUN UHFRPPHQGHG LQ 3&
LQFOXGLQJ
WKH QHHG IRU DGGLWLRQDO LQIRUPDWLRQ RQ RQJRLQJ SODQV DQG LQLWLDWLYHV ,W HQFRXUDJHG
0HPEHU 6WDWHV WR XQGHUWDNH WKH DSSURSULDWH DFWLRQV LQ RUGHU WR DGGUHVV WKH LGHQWLILHG
FDSDELOLW\ VKRUWIDOOV LQFOXGLQJ WKURXJK JRRG XVH RI RSSRUWXQLWLHV IRU FR RSHUDWLRQ DLPLQJ
DW LPSURYLQJ WKH (8 V FDSDELOLW\ WR DFW DQG WKH (XURSHDQ 'HIHQFH $JHQF\ ('$ WR
FRQWLQXH EHLQJ DFWLYHO\ LQYROYHG LQ FDSDELOLW\ GHYHORSPHQW LQ FORVH FRRSHUDWLRQ ZLWK WKH
(8 0LOLWDU\ &RPPLWWHH (80&
7KH &RXQFLO QRWHG WKDW WKH 3& DQG WKH IROORZ RQ ZRUN RQ SULRULWLVDWLRQ ZLOO EH XVHG DV D
VLJQLILFDQW LQSXW WR WKH &DSDELOLW\ 'HYHORSPHQW 3ODQ &'3 ZKLFK SDUWLFLSDWLQJ 0HPEHU
6WDWHV DUH HODERUDWLQJ WKURXJK WKH (XURSHDQ 'HIHQFH $JHQF\ ('$ DQG WKH (8 0LOLWDU\
&RPPLWWHH (80& 7KH &RXQFLO ZHOFRPHG WKH DFWLYH FR RSHUDWLRQ EHWZHHQ WKH (80&
DQG WKH ('$ SDUWLFXODUO\ WKHLU MRLQW HIIRUW DLPLQJ DW VXSSRUWLQJ WKH GHYHORSPHQW RI WKH
&DSDELOLW\ 'HYHORSPHQW 3ODQ DV D WRRO WR RULHQWDWH WKH 0HPEHU 6WDWHV LQ WKHLU LQYHVWPHQWV
WR LPSURYH WKHLU PLOLWDU\ FDSDELOLWLHV
7KH &RXQFLO ORRNHG IRUZDUG WR D SRVVLEOH ZD\ DKHDG WR EH DJUHHG E\ WKH HQG RI
WKH UHPDLQLQJ (XURSHDQ &DSDELOLWLHV $FWLRQ 3ODQ 3URMHFW *URXSV LQFOXGLQJ WKHLU
GHOLYHUDEOHV
IRU
7KH &RXQFLO UHFRJQLVHG WKH FRQWLQXHG QHHG IRU FRRSHUDWLRQ EHWZHHQ (8 DQG 1$72 DW
GLIIHUHQW OHYHOV LQFOXGLQJ RQ LVVXHV RI PLOLWDU\ FDSDELOLW\ GHYHORSPHQW 7KH (8 1$72
&DSDELOLW\ *URXS FRQWLQXHG WR SURYLGH D IRUXP IRU H[FKDQJLQJ LQIRUPDWLRQ RQ WKH
GHYHORSPHQW RI PLOLWDU\ FDSDELOLWLHV LQ WKH (8 DQG 1$72 ZKHUH UHTXLUHPHQWV RYHUODS $OO
0HPEHU 6WDWHV ZHUH LQIRUPHG RI WKHVH LVVXHV 7KH &RXQFLO ZHOFRPHG WKDW DW WKH LQLWLDWLYH
RI WKH 3UHVLGHQF\ WKH 36& KDG FRQFOXGHG ZRUN RQ ILQGLQJ ZD\V WR LPSURYH WKH PRGDOLWLHV
RI IXQFWLRQLQJ RI WKH &DSDELOLW\ *URXS ZKLOH QRWLQJ WKDW WKH SDUWLFLSDWLRQ RI DOO (8
0HPEHU 6WDWHV WR WKH *URXS ZRXOG IXUWKHU IDFLOLWDWH WKH H[FKDQJH RI LQIRUPDWLRQ EHWZHHQ
WKH WZR RUJDQLVDWLRQV LQ WKH GRPDLQ RI PLOLWDU\ FDSDELOLWLHV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO QRWHG WKH ZRUN RQ ,QIRUPDWLRQ ([FKDQJH 5HTXLUHPHQWV ,(5 LQFOXGLQJ D
*OREDO 2YHUYLHZ DQG D 5RDGPDS QRWHG E\ WKH 36& LQ -XO\
DLPHG DW GHILQLQJ
RSHUDWLRQDO UHTXLUHPHQWV IRU H[FKDQJLQJ LQIRUPDWLRQ EHWZHHQ DOO HQWLWLHV ERWK FLYLOLDQ DQG
PLOLWDU\ WKDW PD\ LQWHUDFW LQ VXSSRUW RI (6'3 RSHUDWLRQV ZLWK D YLHZ WR D FRPSUHKHQVLYH
DSSURDFK $OO VWDNHKROGHUV DUH HQFRXUDJHG WR WDNH IRUZDUG ZRUN RQ LGHQWLI\LQJ DQ DJUHHG
VHW RI ,(5 LQ FORVH FR RUGLQDWLRQ ZLWK WKH ZRUN XQGHUWDNHQ RQ WKH 1HWZRUN (QDEOHG
&DSDELOLWLHV 1(& IRU FRQVLGHUDWLRQ E\ WKH &RXQFLO ERGLHV LQFOXGLQJ WKH 36&
(806 DELOLW\ WR FRQGXFW SODQQLQJ DW WKH VWUDWHJLF OHYHO
7KH &RXQFLO ZHOFRPHG WKH UHSRUW E\ WKH 6* +5 RQ WKH (8 0LOLWDU\ 6WDII V DELOLW\ WR
FRQGXFW SODQQLQJ DW WKH VWUDWHJLF OHYHO IRU (8 OHG RSHUDWLRQV DV UHTXHVWHG E\ WKH &RXQFLO
LQ 0D\
DQG DSSURYHG WKH UHFRPPHQGDWLRQV WR LPSOHPHQW DV D SDFNDJH WKH IRXU
PHDVXUHV WRJHWKHU ZLWK WKH DFWLRQV LGHQWLILHG LQ WKH PLOLWDU\ DGYLFH
7KH &RXQFLO ZLOO UHYHUW WR WKLV LVVXH DV VRRQ DV SUDFWLFDEOH GXULQJ WKH FRXUVH RI
LQFOXGLQJ WKH QHHG IRU DQ\ DGGLWLRQDO SHUVRQQHO RQ WKH EDVLV RI DQ HYDOXDWLRQ RI WKH
HIIHFWLYHQHVV DQG HIILFLHQF\ RI WKH LPSOHPHQWDWLRQ RI WKH PHDVXUHV DQG DFWLRQV LQ
UHVSRQGLQJ WR WKH &RXQFLO UHTXHVW WR WKH 6* +5
(8 2SHUDWLRQV &HQWUH
7KH &RXQFLO QRWHG ZLWK VDWLVIDFWLRQ WKDW WKH (8 2SHUDWLRQV &HQWUH ZKLFK UHDFKHG
RSHUDWLRQDO FDSDELOLW\ RQ -DQXDU\
KDV EHHQ VXFFHVVIXOO\ DFWLYDWHG IRU WKH ILUVW WLPH
GXULQJ 0,/(; LQ -XQH
,W ZHOFRPHG WKH LQLWLDO OHVVRQV OHDUQHG DQG ORRNHG IRUZDUG
WR WKH VXEVHTXHQW LGHQWLILFDWLRQ RI SRVVLEOH DFWLRQV WR EH WDNHQ IRU LPSURYLQJ WKLV
FDSDELOLW\ WDNLQJ LQWR DFFRXQW WKH LPSDFW RI WKH DFWLYDWLRQ RI WKH 2SHUDWLRQV &HQWUH LQ WKH
GDLO\ ZRUN RI WKH (806 WKH ZHDNQHVVHV RI WKH (8 2SHUDWLRQV &HQWUH PDQQLQJ PRGHO DQG
WKH 6* +5 UHSRUW RQ WKH PLOLWDU\ VWUDWHJLF SODQQLQJ FDSDFLW\ RI WKH (806 DV DSSURSULDWH
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0019.png
;,
5DSLG 5HVSRQVH
7KH &RXQFLO QRWHG ZRUN RQ D SRVVLEOH UHYLVLRQ RI WKH (8 0LOLWDU\ 5DSLG 5HVSRQVH
&RQFHSW IURP D MRLQW SHUVSHFWLYH DQG IROORZLQJ D FRPSUHKHQVLYH DSSURDFK WR FULVLV
PDQDJHPHQW EHDULQJ LQ PLQG WKH (8 V OHYHO RI DPELWLRQ DV ODLG GRZQ LQ WKH +HDGOLQH *RDO
SURFHVV 7KLV UHYLHZ VKDOO EH FRQFOXGHG LQ
,W ZLOO WDNH GXH DFFRXQW RI WKH
%DWWOHJURXS FRQFHSW DQG WKH RQJRLQJ ZRUN RQ WKH 0DULWLPH 5DSLG 5HVSRQVH DQG $LU 5DSLG
5HVSRQVH &RQFHSWV 7KH DIRUHPHQWLRQHG FRQFHSWV KDYH WR EH FRKHUHQW ZLWK WKH
RYHUDUFKLQJ (8 0LOLWDU\ 5DSLG 5HVSRQVH &RQFHSW 7KH UHYLVHG (8 0LOLWDU\ 5DSLG
5HVSRQVH &RQFHSW VKRXOG EH WHVWHG DQG H[HUFLVHG
7KH &RXQFLO ZHOFRPHG WKH RXWFRPH RI WKH %DWWOHJURXSV &R RUGLQDWLRQ &RQIHUHQFH
%*&& RQ
2FWREHU ZKHUH 0HPEHU 6WDWHV KDYH FRPPLWWHG WKH UHTXLUHG %DWWOHJURXS
SDFNDJHV XS WR DQG LQFOXGLQJ ILUVW VHPHVWHU
7KH SHULRG LV IXUWKHU FRQVROLGDWHG E\
FRQILUPDWLRQ RI WKH (/ %* 52 &< %DWWOHJURXS 7KH &RXQFLO HQFRXUDJHG YROXQWHHULQJ
0HPEHU 6WDWHV WR PDNH QHZ RIIHUV DW QH[W %*&& LQ $SULO
DQG ILOO LQ SDUWLFXODU WKH
YDFDQW VORW LQ VHFRQG VHPHVWHU RI
7KH &RXQFLO ORRNHG IRUZDUG WR VXJJHVWLRQV RQ
VWDQGDUGLVDWLRQ LQ VXSSRUW RI 0HPEHU 6WDWHV OHG SUHSDUDWRU\ DFWLYLWLHV EDVHG RQ D
PHWKRGRORJ\ DQG D URDGPDS ZKLFK ZHUH DJUHHG E\ WKH (80& LQ 2FWREHU
&LYLOLDQ &DSDELOLWLHV
7KH &RXQFLO ZHOFRPHG WKH DGRSWLRQ RI WKH &LYLOLDQ +HDGOLQH *RDO
DQG XQGHUOLQHG WKH
LPSRUWDQFH SODFHG RQ FRQWLQXLQJ WR GHYHORS WKH FLYLOLDQ FULVLV PDQDJHPHQW FDSDELOLWLHV LQ
SDUWLFXODU WR VWUHQJWKHQ LQWHUQDO (8 FR RUGLQDWLRQ ,W H[SUHVVHG VDWLVIDFWLRQ IRU WKH
VXFFHVVIXO FRQFOXVLRQ RI WKH &LYLOLDQ +HDGOLQH *RDO
DV SDUW RI WKH IXUWKHU RSHUDWLRQDO
GHYHORSPHQW RI (6'3 ,W HQGRUVHG WKH 3ROLF\ 3DSHU RQ D &LYLOLDQ (6'3 &DSDELOLW\
3ODQQLQJ 3URFHVV 7KH &RXQFLO DOVR HQGRUVHG WKH 0LQLVWHULDO 'HFODUDWLRQ RI WKH &LYLOLDQ
&DSDELOLWLHV ,PSURYHPHQW &RQIHUHQFH
7KH &RXQFLO H[SUHVVHG VDWLVIDFWLRQ IRU WKH SURJUHVV PDGH LQ WKH LPSOHPHQWDWLRQ RI WKH
*XLGHOLQHV IRU &RPPDQG DQG &RQWURO 6WUXFWXUH IRU (8 &LYLOLDQ 2SHUDWLRQV LQ &ULVLV
0DQDJHPHQW DQG LQ SDUWLFXODU WKH HVWDEOLVKPHQW RI WKH &LYLOLDQ 3ODQQLQJ DQG &RQGXFW
&DSDELOLW\
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0020.png
;,
('$
7KH &RXQFLO QRWHG WKH UHSRUW E\ WKH +HDG RI WKH $JHQF\ RI LWV DFWLYLWLHV DQG ZHOFRPHG WKH
UHVXOWV DFKLHYHG LQ SDUWLFXODU LQ WKH DUHDV WDUJHWHG LQ WKH &RXQFLO *XLGHOLQHV IRU WKH ('$¶V
ZRUN LQ
7KH &RXQFLO DSSURYHG WKH JXLGHOLQHV IRU WKH $JHQF\ V ZRUN LQ
7KH &RXQFLO QRWHG ZLWK VDWLVIDFWLRQ WKH UHVXOWV DFKLHYHG LQ GHYHORSLQJ ORQJ WHUP
VWUDWHJLHV
±
FRQWLQXHG SURJUHVV RQ WKH HODERUDWLRQ RI D &DSDELOLW\ 'HYHORSPHQW 3ODQ ZLWK
DJUHHPHQW RQ D 0HWKRGRORJ\ DQG D 5RDGPDS IRU WKLV SXUSRVH 7KH &'3 ZLOO DLP DW
LGHQWLI\LQJ SULRULWLHV IRU FDSDELOLW\ LPSURYHPHQW DQG DW EULQJLQJ RXW RSSRUWXQLWLHV WR
SRRO UHVRXUFHV DQG WR FRRSHUDWH 0RUH SDUWLFXODUO\ GHFLVLYH SURJUHVV ZDV PDGH RQ
WKH WZR VWUDQGV XQGHU WKH $JHQF\¶V OHDG ZRUN RQ WKH LGHQWLILFDWLRQ RI ORQJHU WHUP
WUHQGV EH\RQG WKH +HDGOLQH *RDO
DQG FROOHFWLRQ RI S06¶ QDWLRQDO SODQV DQG
SURJUDPPHV LQ D FRPPRQ GDWDEDVH LQ YLHZ RI LGHQWLI\LQJ HDUO\ RSSRUWXQLWLHV IRU
FROODERUDWLRQ
LPSOHPHQWDWLRQ RI WKH VWUDWHJ\ IRU GHYHORSLQJ D (XURSHDQ 'HIHQFH 7HFKQRORJLFDO
DQG ,QGXVWULDO %DVH ('7,% ZLWK DJUHHPHQW RQ URDGPDSV LQFOXGLQJ FOHDU
PLOHVWRQHV RQ LVVXHV VXFK DV HQVXULQJ 6HFXULW\ RI 6XSSO\ LQFUHDVLQJ FRPSHWLWLRQ
DQG FRRSHUDWLRQ LGHQWLI\LQJ WKH NH\ LQGXVWULDO FDSDFLWLHV WR GHYHORS RU SUHVHUYH LQ
(XURSH HWF
DGRSWLRQ RI D )UDPHZRUN IRU GHYHORSLQJ D (XURSHDQ 'HIHQFH 5HVHDUFK DQG
7HFKQRORJ\ ('57 VWUDWHJ\ E\ WKH 6WHHULQJ %RDUG RQ
1RYHPEHU
DJUHHPHQW RQ HQDEOHUV IRU HQKDQFLQJ FRRSHUDWLRQ WR XQGHUSLQ WKH $UPDPHQWV
VWUDWHJ\ WR EH GHYHORSHG LQ
±
±
±
)XUWKHUPRUH WKH &RXQFLO HQFRXUDJHG WKH ('$ WR FRQVLGHU RSSRUWXQLWLHV IRU SURSRVLQJ WKH
HVWDEOLVKPHQW RI FRRSHUDWLYH DUPDPHQW SURJUDPPHV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO DOVR ZHOFRPHG WKH SURJUHVV PDGH LQ D QXPEHU RI SROLFLHV
SURJUDPPHV SURMHFWV DQG LQLWLDWLYHV
±
JHQHUDOO\ HIIHFWLYH IXQFWLRQLQJ RI WKH UHJLPH RQ GHIHQFH SURFXUHPHQW RSHUDWHG
WKURXJK WKH (OHFWURQLF %XOOHWLQ %RDUG ZLWK D JRRG GHJUHH RI WUDQVSDUHQF\ DPRQJ
VXEVFULELQJ 0HPEHU 6WDWHV 7KH &RXQFLO XQGHUOLQHG WKH LPSRUWDQFH RI HQVXULQJ WKDW
PRUH FURVV ERUGHU FRQWUDFWV DUH DZDUGHG
DGRSWLRQ E\ WKH 6WHHULQJ %RDUG LQ 1DWLRQDO $UPDPHQWV 'LUHFWRUV¶ IRUPDWLRQ RI D
&RGH RI &RQGXFW IRU SURPRWLQJ WUDQVSDUHQF\ DQG HQFRXUDJLQJ FRRUGLQDWLRQ RI
LQYHVWPHQWV LQ WKH ILHOG RI GHIHQFH WHVW DQG HYDOXDWLRQ IDFLOLWLHV LQ RUGHU WR LPSURYH
FRRSHUDWLRQ DPRQJ S06 DQG UHGXFH RYHUFDSDFLWLHV
VXFFHVVIXO LPSOHPHQWDWLRQ RI WKH ILUVW 'HIHQFH 5HVHDUFK DQG 7HFKQRORJ\ -RLQW
,QYHVWPHQW 3URJUDPPH LQ WKH DUHD RI )RUFH 3URWHFWLRQ ± ZLWK ILYH SURSRVDOV DOUHDG\
VHOHFWHG E\ FRQWULEXWLQJ 0HPEHUV IRU FRQWUDFWLQJ
FRQWLQXHG SURJUHVV WRZDUGV WKH LGHQWLILFDWLRQ RI FRPPRQ GHIHQFH FDSDELOLW\
UHTXLUHPHQWV LQ DVVRFLDWLRQ ZLWK WKH FRPSHWHQW &RXQFLO ERGLHV LQ SDUWLFXODU LQ WKH
DUHD RI 1HWZRUN (QDEOHG &DSDELOLWLHV 1(& 2SHUDWLRQDO ,QWHOOLJHQFH LQVWDOODWLRQ
RI WKH 7DFWLFDO ,PDJHU\ ([SORLWDWLRQ 6WDWLRQ 7,(6 GHPRQVWUDWRU DW WKH (8 6DWHOOLWH
&HQWUH
VW &HQWXU\ 6ROGHU 6\VWHPV DJUHHPHQW RQ D QHZ FDWHJRU\ % SURJUDPPH
IRU &RPEDW (TXLSPHQW 'LVPRXQWHG 6ROGLHU VWUDWHJLF WUDQVSRUW ZRUN LQLWLDWHG WR
LGHQWLI\ VROXWLRQV IRU LPSURYLQJ WKH IXWXUH FDSDELOLW\ RI WKH (8
WKH DSSURYDO E\ WKH 6WHHULQJ %RDUG RI FROOHFWLYH EHQFKPDUNV UHJDUGLQJ
H[SHQGLWXUHV RQ HTXLSPHQW SURFXUHPHQW DQG GHIHQFH UHVHDUFK DQG WHFKQRORJ\
LQFOXGLQJ (XURSHDQ FROODERUDWLYH H[SHQGLWXUHV 7KHVH EHQFKPDUNV FDQ EH XVHG IRU
QDWLRQDO WDUJHW VHWWLQJ RQ D YROXQWDU\ EDVLV DQG ZLWKRXW WLPHOLQHV
±
±
±
±
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0022.png
;,
7KH &RXQFLO QRWHG ZLWK LQWHUHVW WKH $JHQF\¶V HIIRUWV WR VHHN V\QHUJLHV EHWZHHQ PLOLWDU\
DQG FLYLOLDQ DFWLYLWLHV LQ FRQVXOWDWLRQ DQG FRRUGLQDWLRQ ZLWK WKH (XURSHDQ &RPPLVVLRQ LQ
UHODWLRQ WR LWV UHVHDUFK DFWLYLWLHV HVSHFLDOO\ LQ WKH DUHDV RI 6'5 RQJRLQJ HIIRUWV WR
GHYHORS D QH[W JHQHUDWLRQ 6'5 V\VWHP 8$9 LQLWLDWHG ZRUN RQ WKHLU ,QVHUWLRQ LQ *HQHUDO
$LU 7UDIILF DQG 0DULWLPH 6XUYHLOODQFH
7KH &RXQFLO LQYLWHG WKH $JHQF\ WR FRQWLQXH WKHLU VXSSRUW IRU FROOHFWLQJ WKH ,(5
,QIRUPDWLRQ ([FKDQJH 5HTXLUHPHQWV IRU (6'3 RSHUDWLRQV
([HUFLVHV
7KH &RXQFLO ZHOFRPHG WKH SUHSDUDWRU\ ZRUN XQGHUWDNHQ IRU WKH (8 FULVLV PDQDJHPHQW
H[HUFLVH WR EH KHOG LQ
&0(
ZKLFK SURYLGHV D JRRG RSSRUWXQLW\ WR H[HUFLVH DQG
HYDOXDWH D UDQJH RI (8 FULVLV PDQDJHPHQW VWUXFWXUHV SURFHGXUHV DQG FRQVXOWDWLRQV
DUUDQJHPHQWV LQ WKH FRQWH[W RI D FULVLV PDQDJHPHQW RSHUDWLRQ ZLWKRXW UHFRXUVH WR 1$72
FRPPRQ DVVHWV DQG FDSDELOLWLHV 7KLV H[HUFLVH LV XQGHUWDNHQ ZLWK D YLHZ WR LPSURYLQJ WKH
(8 FDSDFLW\ LQFOXGLQJ WKH (8 GHFLVLRQ PDNLQJ SURFHVV WR PDQDJH FULVHV ZLWK FLYLOLDQ DQG
PLOLWDU\ LQVWUXPHQWV LQFOXGLQJ WKHLU FRRUGLQDWLRQ ZLWKLQ WKH (8 7KH (8 2+4 IRU WKLV
H[HUFLVH ZLOO EH DW 0RQW 9DOpULHQ DQG ZLOO EH SURYLGHG E\ )UDQFH 7KLV ZLOO EH WKH ILUVW
WLPH WKDW WKH &LYLOLDQ 3ODQQLQJ DQG &RQGXFW &DSDELOLW\ ZLOO EH SDUWLFLSDWLQJ LQ DQ H[HUFLVH
7KH &RXQFLO ZHOFRPHG WKH VXFFHVVIXO FRQGXFW RI WKH (8 PLOLWDU\ ([HUFLVH
0,/(;
7KLV VHFRQG (8 PLOLWDU\ H[HUFLVH WRRN SODFH IURP WR
-XQH
DQG IRFXVHG
PDLQO\ RQ WKH LQWHUDFWLRQ EHWZHHQ WKH (8 2SHUDWLRQV &HQWUH LQ %UXVVHOV DQG WKH (8 )RUFH
+HDGTXDUWHUV LQ (QN|SLQJ SURYLGHG E\ 6ZHGHQ
7KH &RXQFLO ZHOFRPHG WKH SUHSDUDWRU\ ZRUN XQGHUWDNHQ IRU WKH (8 0LOLWDU\ ([HUFLVH WR EH
KHOG LQ
0,/(;
IRFXVLQJ RQ PLOLWDU\ DVSHFWV RI FULVLV PDQDJHPHQW DW WKH
PLOLWDU\ VWUDWHJLF DQG RSHUDWLRQDO OHYHO IRU DQ HQYLVDJHG (8 OHG FULVLV PDQDJHPHQW
RSHUDWLRQ ZLWKRXW UHFRXUVH WR 1$72 FRPPRQ DVVHWV DQG FDSDELOLWLHV 7KH 2+4 IRU WKLV
H[HUFLVH ZLOO EH DW 5RPH DQG ZLOO EH SURYLGHG E\ ,WDO\
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0023.png
;,
+XPDQ 5LJKWV ,VVXHV DQG *HQGHU ,VVXHV
7KH &RXQFLO ZHOFRPHG WKH IDFW WKDW +XPDQ 5LJKWV LVVXHV DQG *HQGHU LVVXHV FRQWLQXHG WR
EH V\VWHPDWLFDOO\ LQFOXGHG LQ WKH SODQQLQJ DQG FRQGXFW RI DOO (6'3 RSHUDWLRQV DQG
VXEVHTXHQWO\ HYDOXDWHG LQ WKH OHVVRQV OHDUQHG SURFHVV ,W UHFDOOHG WKH LPSRUWDQFH RI +XPDQ
5LJKWV LVVXHV DQG *HQGHU PDLQVWUHDPLQJ DQG FDOOHG IRU UHLQIRUFHPHQW RI HIIRUWV LQ WKH
LPSOHPHQWDWLRQ RI 816&5
DQG 816&5
DQG UHOHYDQW (8 GRFXPHQWV RQ KXPDQ
ULJKWV LVVXHV DQG JHQGHU LVVXHV LQ (6'3 SDUWLFXODUO\ ZLWK D YLHZ WR DFKLHYLQJ PRUH
FRQFUHWH SURJUHVV LQ WKLV ILHOG RQ WKH JURXQG
7KH &RXQFLO DOVR FDOOHG IRU FORVHU FR RSHUDWLRQ RQ WKHVH LVVXHV ZLWK (8 6SHFLDO
5HSUHVHQWDWLYHV (865V ZKRVH PDQGDWHV QRZ FRQWDLQ VSHFLILF SURYLVLRQV WR DGGUHVV
+XPDQ 5LJKWV LVVXHV DQG *HQGHU LVVXHV 7KH &RXQFLO UHFDOOHG LWV LQYLWDWLRQ WR 0HPEHU
6WDWHV LQ WKLV FRQWH[W WR QRPLQDWH PRUH IHPDOH FDQGLGDWHV IRU &)63 (6'3 VHQLRU
PDQDJHPHQW SRVLWLRQV LQFOXGLQJ IRU (865V DV ZHOO DV IRU (6'3 PLVVLRQV DQG RSHUDWLRQV
LQ JHQHUDO
(8 81
7KH &RXQFLO ZHOFRPHG UHFHQW VWHSV WR HQVXUH JUHDWHU PXWXDO XQGHUVWDQGLQJ RI WKH GHFLVLRQ
PDNLQJ DQG SODQQLQJ SURFHVVHV RI WKH (8 DQG 81 LQ SDUWLFXODU WKH RQJRLQJ
LPSOHPHQWDWLRQ RI WKH -RLQW VWDWHPHQW RQ 81 (8 &R RSHUDWLRQ LQ &ULVLV 0DQDJHPHQW
VLJQHG RQ -XQH
)XUWKHUPRUH WKH &RXQFLO ZHOFRPHG WKH FRQWLQXHG FORVH FR RSHUDWLRQ EHWZHHQ WKH (8 DQG
WKH 81 UHJDUGLQJ VXSSRUW WR WKH $8 0LVVLRQ LQ 'DUIXU 6XGDQ $0,6 LQFOXGLQJ WKH
RQJRLQJ LPSOHPHQWDWLRQ RI WKH 81 VXSSRUW SDFNDJH WR $0,6 DQG WKH WUDQVLWLRQ WR D K\EULG
PLVVLRQ 81$0,' 7KH &RXQFLO DFNQRZOHGJHG WKDW WKLV FORVH FR RSHUDWLRQ ZLOO DOVR EH
RI FUXFLDO LPSRUWDQFH LQ WKH FRQWH[W RI (8)25 7FKDG 5&$
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0024.png
;,
7KH &RXQFLO UHSHDWHG WKDW WKH (8 LV FRPPLWWHG WR IXUWKHU VWUHQJWKHQLQJ FR RSHUDWLRQ ZLWK
WKH 81 RQ FULVLV PDQDJHPHQW EXLOGLQJ LQ SDUWLFXODU RQ H[SHULHQFH JDLQHG VR IDU DQG LQ
WKLV FRQWH[W ZHOFRPHG UHFHQW KLJK OHYHO GLDORJXH EHWZHHQ WKHP 7KH &RXQFLO H[SUHVVHG
LWV LQWHQWLRQ WR IXUWKHU HQKDQFH UHJXODU SROLWLFDO GLDORJXH DQG H[FKDQJHV RI YLHZV EHWZHHQ
VHQLRU RIILFLDOV DQG H[SHUWV LQFOXGLQJ LQ WKH DUHD RI 665
(8 $8 &RRSHUDWLRQ 6WUHQJWKHQLQJ $IULFDQ &DSDELOLWLHV
7KH &RXQFLO UHDIILUPHG WKH LPSRUWDQFH LW DWWDFKHV WR FRRSHUDWLRQ ZLWK $IULFDQ SDUWQHUV LQ
WKH IUDPHZRUN RI WKH (8 $IULFD 6WUDWHJLF 3DUWQHUVKLS DQG XQGHUOLQHG LWV ZLVK WR VHH LWV
IXUWKHU GHYHORSPHQW LQ WKH FRQWH[W RI WKH IRUWKFRPLQJ (8 $IULFD 6XPPLW WR EH KHOG LQ
/LVERQ RQ DQG 'HFHPEHU 2QH RI WKH PDLQ REMHFWLYHV RI WKLV VWUDWHJ\ ZLOO EH WR
SURPRWH SHDFH VHFXULW\ VXVWDLQDEOH GHYHORSPHQW GHPRFUDWLF JRYHUQDQFH DQG KXPDQ
ULJKWV DQG UHJLRQDO DQG FRQWLQHQWDO LQWHJUDWLRQ LQ $IULFD 7KH &RXQFLO ZHOFRPHG WKH
IRUWKFRPLQJ RSHQLQJ RI WKH (8 GHOHJDWLRQ WR WKH $IULFDQ 8QLRQ ZKLFK ZLOO EH DQ
LPSRUWDQW VWHS WR DFKLHYH WKH (8¶V FRPSUHKHQVLYH SROLF\ REMHFWLYHV LQ UHODWLRQ ZLWK WKH
$8
7KH &RXQFLO HQFRXUDJHG DOO VWDNHKROGHUV LQYROYHG LQ WKH $FWLRQ 3ODQ RQ VWUHQJWKHQLQJ WKH
SDUWQHUVKLS EHWZHHQ $IULFD DQG WKH (8 LQ WKH ILHOG RI $IULFDQ FDSDELOLWLHV IRU WKH
SUHYHQWLRQ PDQDJHPHQW DQG UHVROXWLRQ RI FRQIOLFWV DGRSWHG E\ WKH &RXQFLO LQ 0D\
WR PDNH DOO QHFHVVDU\ HIIRUWV ZLWK D YLHZ WR LWV HIIHFWLYH DQG WLPHO\ LPSOHPHQWDWLRQ 7KLV
LQFOXGHV WKH GHYHORSPHQW RI (852 5(&$03 ZKLFK ZLOO SOD\ D NH\ UROH LQ WKH
LPSOHPHQWDWLRQ RI WKH $IULFDQ 6WDQGE\ )RUFH $6) 7UDLQLQJ 3ODQ 7KH (852 5(&$03
F\FOH ZLOO IRFXV RQ WKH GHYHORSPHQW RI WKH $8 3HDFH 6XSSRUW 2SHUDWLRQ 'HSDUWPHQW
FDSDFLWLHV DQG ZLOO SURYLGH D &RPPDQG 3RVW ([HUFLFH LQ
DW D FRQWLQHQWDO OHYHO LQ
RUGHU WR VXSSRUW WKH $8 UHYLHZ SURFHVV RI WKH $6)
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0025.png
;,
0HGLWHUUDQHDQ 3DUWQHUV
7KH &RXQFLO ZHOFRPHG IXUWKHU HQKDQFHPHQW RI WKH GLDORJXH DQG FR RSHUDWLRQ DPRQJ WKH
(XUR 0HGLWHUUDQHDQ 3DUWQHUV RQ (6'3 0LQLVWHUV RI 'HIHQFH DW WKHLU LQIRUPDO PHHWLQJ LQ
eYRUD RQ
6HSWHPEHU GLVFXVVHG WKH FR RSHUDWLRQ ZLWK 0HGLWHUUDQHDQ SDUWQHUV RQ
(6'3 DQG ZHUH EULHIHG RQ WKH PXOWLODWHUDO FR RSHUDWLRQ LQ WKH IUDPHZRUN RI WKH ,QLWLDWLYH
SUHVHQWHG WR WKHP DW D VHVVLRQ LQYROYLQJ 0LQLVWHUV IRU 'HIHQFH IURP $OJHULD /LE\D
0DXULWDQLD 0RURFFR DQG 7XQLVLD 8QGHU WKH DHJLV RI WKH (XURSHDQ 6HFXULW\ DQG 'HIHQFH
&ROOHJH D VSHFLDO HGLWLRQ RI WKH (6'3 2ULHQWDWLRQ &RXUVH ZLWK D VSHFLILF IRFXV RQ (6'3
DQG VHFXULW\ LQ WKH 0HGLWHUUDQHDQ DUHD %DUFHORQD SURFHVV QHZ FKDOOHQJHV LQVWDELOLW\ DQG
WKUHDWV WR VHFXULW\ LQ WKH 0HGLWHUUDQHDQ DUHD WUDQVQDWLRQDO FRPPXQLWLHV DQG VHFXULW\ LQ WKH
0HGLWHUUDQHDQ DUHD ZDV FR RUJDQLVHG E\ &\SUXV )UDQFH *UHHFH 3RUWXJDO 6ORYHQLD DQG
6SDLQ ZLWK WKH VXSSRUW RI ,WDO\ LQ %UXVVHOV IURP WR 1RYHPEHU LQYROYLQJ SDUWLFLSDQWV
IURP 0HGLWHUUDQHDQ SDUWQHUV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0026.png
;,
3$.,67$1
$W OXQFK PLQLVWHUV KHOG DQ H[FKDQJH RI YLHZV RQ UHFHQW GHYHORSPHQWV LQ 3DNLVWDQ H[SUHVVLQJ
FRQFHUQ DW WKH VLWXDWLRQ DQG FDOOLQJ IRU WKH OLIWLQJ RI HPHUJHQF\ UXOH LQ OLQH ZLWK D UHFHQW (8
SUHVLGHQF\ GHFODUDWLRQ ,Q WKDW GHFODUDWLRQ WKH SUHVLGHQF\ DVNHG WKH 3DNLVWDQL DXWKRULWLHV WR WDNH
XUJHQW DFWLRQ WR UHVWRUH WKH &RQVWLWXWLRQ WR KROG IUHH DQG IDLU SDUOLDPHQWDU\ HOHFWLRQV RQ VFKHGXOH
WR UHOHDVH DOO SROLWLFDO SULVRQHUV WR SXUVXH UHFRQFLOLDWLRQ ZLWK WKH RSSRVLWLRQ WR UHOD[ UHVWULFWLRQV RQ
WKH PHGLD DQG WR KRQRXU 3UHVLGHQW 0XVKDUUDI V FRPPLWPHQW WR VWHS GRZQ DV FKLHI RI WKH DUPHG
IRUFHV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0027.png
;,
0,''/( ($67
0LGGOH (DVW SHDFH SURFHVV
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
7KH &RXQFLO UHLWHUDWHV LWV VWURQJ VXSSRUW IRU WKH XSFRPLQJ LQWHUQDWLRQDO PHHWLQJ DW $QQDSROLV DQG
WKH HIIRUWV RI 3DOHVWLQLDQ 3UHVLGHQW $EEDV DQG ,VUDHOL 3ULPH 0LQLVWHU 2OPHUW ,W ORRNV IRUZDUG WR WKH
DFKLHYHPHQW RI FRQFUHWH UHVXOWV OHDGLQJ WR PHDQLQJIXO ILQDO VWDWXV QHJRWLDWLRQV 7KHVH VKRXOG UHVXOW
LQ D WZR VWDWH VROXWLRQ ZLWK WKH HVWDEOLVKPHQW RI DQ LQGHSHQGHQW GHPRFUDWLF DQG YLDEOH 3DOHVWLQLDQ
VWDWH OLYLQJ VLGH E\ VLGH LQ SHDFH DQG VHFXULW\ ZLWK ,VUDHO DQG LWV RWKHU QHLJKERXUV 7KH &RXQFLO
UHDIILUPV WKDW WKLV LV D FUXFLDO RSSRUWXQLW\ IRU UHJLRQDO DQG LQWHUQDWLRQDO SDUWQHUV WR HIIHFWLYHO\
VXSSRUW D MXVW ODVWLQJ DQG FRPSUHKHQVLYH SHDFH LQ WKH 0LGGOH (DVW ,Q WKLV FRQWH[W WKH &RXQFLO FDOOV
IRU D FRQWLQXHG EURDG DQG SRVLWLYH LQYROYHPHQW E\ $UDE SDUWQHUV EXLOGLQJ RQ WKH $UDE 3HDFH
,QLWLDWLYH
7KH &RXQFLO H[SUHVVHV LWV IXOO FRPPLWPHQW WR IXUWKHU VXSSRUW WKH SDUWLHV LQ WKHLU RQJRLQJ
QHJRWLDWLRQV DQG VXEVHTXHQW LPSOHPHQWDWLRQ ,Q WKLV FRQWH[W WKH &RXQFLO ZHOFRPHV WKH (8 $FWLRQ
6WUDWHJ\ VXEPLWWHG E\ WKH (8 +LJK 5HSUHVHQWDWLYH LQ IXOO DVVRFLDWLRQ ZLWK WKH &RPPLVVLRQ ZKLFK
ZLOO EH WKH EDVLV IRU IXUWKHU ZRUN E\ WKH (8 WDNLQJ LQWR DFFRXQW WKH UHVXOWV RI WKH $QQDSROLV
,QWHUQDWLRQDO PHHWLQJ
,Q RUGHU WR FRQVROLGDWH SURJUHVV DFKLHYHG VR IDU DQG WR IXOILO WKH SRWHQWLDO RI WKH FXUUHQW SURFHVV WKH
&RXQFLO XUJHV ERWK SDUWLHV WR WDNH DGGLWLRQDO VWHSV WR PHHW SUHYLRXV FRPPLWPHQWV LQFOXGLQJ WKRVH
XQGHU WKH 5RDG 0DS DQG WKH $JUHHPHQW RQ 0RYHPHQW DQG $FFHVV 7KH &RXQFLO FDOOV XSRQ WKH
SDUWLHV WR GHVLVW IURP DQ\ DFWLRQV WKDW WKUHDWHQ WKH YLDELOLW\ RI D FRPSUHKHQVLYH MXVW DQG ODVWLQJ
VHWWOHPHQW LQ FRQIRUPLW\ ZLWK LQWHUQDWLRQDO ODZ
7KH &RXQFLO DOVR HPSKDVL]HV WKH LPSRUWDQFH RI WKH 3DULV 'RQRUV¶ &RQIHUHQFH LQ 'HFHPEHU DQG
VXSSRUWV LWV JRDOV RI VHFXULQJ IXQGLQJ IRU WKH EXLOGLQJ RI WKH LQVWLWXWLRQV DQG HFRQRP\ RI WKH IXWXUH
3DOHVWLQLDQ VWDWH ,Q WKLV FRQWH[W WKH &RXQFLO FDOOV IRU WKH PRELOLVDWLRQ RI VLJQLILFDQW LQWHUQDWLRQDO
ILQDQFLDO VXSSRUW
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
/HEDQRQ
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
7KH &RXQFLO H[SUHVVHV LWV JURZLQJ FRQFHUQ WKDW LW KDV QRW \HW EHHQ SRVVLEOH WR HOHFW D QHZ
3UHVLGHQW LQ /HEDQRQ DQG WKH SDUOLDPHQWDU\ VHVVLRQ KDV EHHQ SRVWSRQHG IRU WKH WKLUG WLPH
XQWLO 1RYHPEHU VW ,W ZHOFRPHV KRZHYHU WKH VSLULW RI GLDORJXH WKDW KDV EHHQ REVHUYHG
LQ UHFHQW ZHHNV DQG UHDIILUPV WKH GHVLUH IRU VXFFHVVIXO /HEDQHVH 3UHVLGHQWLDO HOHFWLRQV ,W
UHLWHUDWHV LWV FDOO IRU WKH KROGLQJ RI IUHH DQG IDLU SUHVLGHQWLDO HOHFWLRQV ZLWKRXW IRUHLJQ
LQWHUIHUHQFH DQG LQ FRQIRUPLW\ ZLWK WKH DJUHHG VFKHGXOH DQG WKH &RQVWLWXWLRQ
7R WKLV HQG WKH &RXQFLO VWURQJO\ HQFRXUDJHV WKH /HEDQHVH SDUWLHV WR UHDFK D VROXWLRQ
WKURXJK GLDORJXH DQG LQ D VSLULW RI FRQVHQVXV DQG LQ IXOO UHVSHFW RI WKH /HEDQHVH
GHPRFUDWLF LQVWLWXWLRQV DQG FRQVWLWXWLRQDO QRUPV 6XFK D VROXWLRQ LV WKH RQO\ ZD\ WR EUHDN
WKH SROLWLFDO GHDGORFN LQ WKH FRXQWU\
7KH &RXQFLO UHFDOOV SUHYLRXV VWDWHPHQWV DQG UHPDLQV GHWHUPLQHG WR UHLQIRUFH /HEDQRQ¶V
VRYHUHLJQW\ LQGHSHQGHQFH WHUULWRULDO LQWHJULW\ XQLW\ DQG VWDELOLW\ DFFRUGLQJ QRWDEO\ WR
816& 5HVROXWLRQV
DQG
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0029.png
;,
,5$1
$W OXQFK PLQLVWHUV GLVFXVVHG GHYHORSPHQWV UHJDUGLQJ WKH ,UDQLDQ QXFOHDU LVVXH IROORZLQJ WKH
,QWHUQDWLRQDO $WRPLF (QHUJ\ $JHQF\ GLUHFWRU JHQHUDO V
1RYHPEHU UHSRUW DQG RQ WKH EDVLV RI D
EULHILQJ E\ KLJK UHSUHVHQWDWLYH -DYLHU 6RODQD RQ KLV FRQWDFWV ZLWK WKH ,UDQLDQV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0030.png
;,
,5$4
0LQLVWHUV GLVFXVVHG WKH VLWXDWLRQ LQ ,UDT DQG KHOG DQ H[FKDQJH RI YLHZV ZLWK ,UDTL IRUHLJQ PLQLVWHU
+RVK\DU =HEDUL
7KH &RXQFLO DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
7KH &RXQFLO ZDUPO\ ZHOFRPHV WKH DWWHQGDQFH RI )RUHLJQ 0LQLVWHU RI ,UDT + ( +RVK\DU
=HEDUL DQG WKH RSSRUWXQLW\ WR HQKDQFH WKH SROLWLFDO HQJDJHPHQW RI WKH (8 ZLWK ,UDT DQG WR
UHLWHUDWH WKH FRPPLWPHQWV PDGH E\ WKH (8 WR VXSSRUW ,UDT )ROORZLQJ GLVFXVVLRQV ZLWK )0
=HEDUL DQG WDNLQJ LQWR DFFRXQW WKH YLHZV RI WKH *RYHUQPHQW RI ,UDT WKH &RXQFLO UHFDOOLQJ
LWV FXUUHQW DFWLRQV DJUHHG WKDW WKH (8 VKRXOG ZRUN FORVHO\ ZLWK WKH 81 WR IXUWKHU LGHQWLI\
DQG GHOLYHU VXSSRUW IRU LW WR IXOILO LWV UROH DV VHW RXW LQ 816&5
LGHQWLI\ IXUWKHU
FRQWULEXWLRQV WR KHOS DOOHYLDWH WKH KXPDQLWDULDQ VLWXDWLRQ LQ ,UDT DQG WKH UHJLRQ LGHQWLI\
DQG WDNH RSSRUWXQLWLHV WR SURYLGH IXUWKHU KXPDQ ULJKWV VXSSRUW DQG DVVLVW WKH ,UDTL
DXWKRULWLHV LQ PHHWLQJ WKHLU UHVSRQVLELOLWLHV LQ DFFRUGDQFH ZLWK WKH ,QWHUQDWLRQDO &RPSDFW
ZLWK ,UDT ,&, DQG LGHQWLI\ DQG SURYLGH IXUWKHU VXSSRUW
7KH (8 ZHOFRPHV WKH KROGLQJ RI WKH ([SDQGHG 0LQLVWHULDO &RQIHUHQFH RI WKH
1HLJKERXULQJ &RXQWULHV RI ,UDT LQ ,VWDQEXO RQ
1RYHPEHU
7KH &RXQFLO
XQGHUOLQHV WKH LPSRUWDQFH RI FRQWLQXLQJ WKH GLDORJXH DQG FR RSHUDWLRQ EHWZHHQ ,UDT DQG LWV
QHLJKERXUV DQG QRWHV ZLWK VDWLVIDFWLRQ WKDW WKH QH[W 0LQLVWHULDO &RQIHUHQFH ZLOO EH KHOG LQ
.XZDLW ,W UHFDOOV WKDW FRQVWUXFWLYH HQJDJHPHQW RI ,UDT V QHLJKERXUV DQG SDUWQHUV LQ WKH
UHJLRQ UHPDLQV HVVHQWLDO WR DFKLHYH SHDFH DQG VWDELOLW\ LQ ,UDT DQG LQ WKH UHJLRQ DV D ZKROH
DQG HQFRXUDJHV DOO SDUWQHUV LQ WKH UHJLRQ WR OLYH XS WR WKH FRPPLWPHQWV PDGH LQ WKH )LQDO
&RPPXQLTXp RI WKH ,VWDQEXO PHHWLQJ 7KH (8 UHPDLQV UHDG\ WR RIIHU LWV VXSSRUW LQ WKLV
HQGHDYRXU
7KH &RXQFLO HPSKDVLVHV WKH REOLJDWLRQ RI QHLJKERXULQJ FRXQWULHV WR FRQWULEXWH WR WKH
SROLWLFDO VWDELOLVDWLRQ RI ,UDT ZKRVH WHUULWRULDO LQWHJULW\ VKRXOG EH SUHVHUYHG ,W HQFRXUDJHV
WKH *RYHUQPHQW RI ,UDT WR XQGHUWDNH DOO QHFHVVDU\ PHDVXUHV WR SURPRWH VWDELOLW\ WKURXJK
DQ HIIHFWLYH QDWLRQDO UHFRQFLOLDWLRQ SURFHVV
7KH &RXQFLO ZHOFRPHV WKH GHFLVLRQ E\ WKH *RYHUQPHQW RI ,UDT WR IRUP DQ DG KRF
H[SDQGHG QHLJKERXUV VXSSRUW PHFKDQLVP WR GHDO ZLWK VXEVWDQWLYH WHFKQLFDO DQG
RUJDQL]DWLRQDO LVVXHV FRQFHUQLQJ WKLV SURFHVV DQG WKH HQGRUVHPHQW RI WKLV GHFLVLRQ E\ WKH
0LQLVWHULDO &RQIHUHQFH LQ ,VWDQEXO 7KH &RXQFLO H[SHFWV WKH 1HLJKERXUV SURFHVV DQG LQ
SDUWLFXODU WKLV VXSSRUW PHFKDQLVP WR UHVXOW LQ FRQFUHWH VWHSV IRUZDUG DQG HPSKDVLVHV WKH
FUXFLDO UROH RI FRQVWUXFWLYH UHODWLRQV EHWZHHQ ,UDT DQG LWV QHLJKERXUV DW WKH SROLWLFDO DQG
WHFKQLFDO OHYHO
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO HPSKDVL]HV WKH LPSRUWDQFH RI WKH HVVHQWLDO LQSXW DQG UHFRPPHQGDWLRQV
SURYLGHG E\ WKH WKUHH ZRUNLQJ JURXSV RQ HQHUJ\ VHFXULW\ DQG UHIXJHHV DQG LQWHUQDOO\
GLVSODFHG SHUVRQV ZKLFK ZHUH HVWDEOLVKHG E\ WKH ([SDQGHG 0LQLVWHULDO &RQIHUHQFH RQ
0D\ LQ 6KDUP (O 6KHLNK ,W QRWHV ZLWK VDWLVIDFWLRQ WKH GHFLVLRQ E\ WKH 0LQLVWHULDO
&RQIHUHQFH RI ,VWDQEXO WR FRQYHQH WKH QH[W VHVVLRQV RI WKHVH JURXSV DQG FDOOV IRU WKRVH
PHHWLQJV WR EH KHOG DV VRRQ DV SRVVLEOH ,W HQFRXUDJHV DOO QHLJKERXULQJ FRXQWULHV WR
SDUWLFLSDWH FRQVWUXFWLYHO\ LQ WKLV ZRUN DQG UHLWHUDWHV LWV UHDGLQHVV WR SDUWLFLSDWH DVVLVW DQG
SURYLGH H[SHUWLVH WR WKHVH ZRUNLQJ JURXSV
7KH &RXQFLO UHFDOOV WKH REOLJDWLRQ RI WKH *RYHUQPHQW RI ,UDT LWV QHLJKERXULQJ FRXQWULHV
DQG WKH LQWHUQDWLRQDO FRPPXQLW\ DV H[SUHVVHG LQ ,VWDQEXO WR SURWHFW DQG DVVLVW GLVSODFHG
,UDTLV E\ DGGUHVVLQJ WKHLU LPPHGLDWH DQG IRUHVHHDEOH QHHGV DQG HQVXUH WKHLU VDIHW\ ,W FDOOV
XSRQ WKH ,UDTL *RYHUQPHQW WR DVVLVW YXOQHUDEOH JURXSV LQFOXGLQJ UHIXJHHV DQG LQWHUQDOO\
GLVSODFHG SHUVRQV DQG WR SURPRWH WKH SURWHFWLRQ RI KXPDQ ULJKWV 7KH (8 UHLWHUDWHV WKDW LW
VWDQGV UHDG\ WR VXSSRUW WKH ,UDTL DXWKRULWLHV LQ WKH ILHOG RI KXPDQ ULJKWV DQG IXQGDPHQWDO
IUHHGRPV XQGHUOLQLQJ WKH QHHG WR SURWHFW WKH ULJKWV RI DOO ,UDTLV LQFOXGLQJ WKRVH RI ZRPHQ
DQG SHUVRQV EHORQJLQJ WR UHOLJLRXV DQG HWKQLF PLQRULWLHV 7KH &RXQFLO FDOOV XSRQ WKH ,UDTL
*RYHUQPHQW WR VXVSHQG WKH SUDFWLFH RI WKH GHDWK SHQDOW\ DV D VWHS WRZDUGV DEROLWLRQ 7KH
(8 HVSHFLDOO\ ZHOFRPHV ZRUN RI 81$0, LQ WKH ILHOG RI KXPDQ ULJKWV DQG FDOOV XSRQ DOO
UHOHYDQW SDUWLHV WR VXSSRUW 81$0, LQ WKLV HQGHDYRXU 7KH (8 ZLOO FRQWLQXH WR LGHQWLI\ LQ D
FRQFHUWHG ZD\ SRVVLELOLWLHV IRU IXUWKHU DVVLVWDQFH WR WKH ,UDTL UHIXJHHV LQ QHLJKERXULQJ
FRXQWULHV DQG LQWHUQDOO\ GLVSODFHG SHUVRQV ,W UHFDOOV WKH FRPPLWPHQW PDGH E\ SDUWLFLSDQWV
LQ WKH ,VWDQEXO &RQIHUHQFH WR GHOLYHU DVVLVWDQFH LQ FRRUGLQDWLRQ ZLWK WKH *RYHUQPHQW RI
,UDT DOVR E\ FRQWULEXWLQJ WR WKH ,QWHUQDWLRQDO 5HFRQVWUXFWLRQ )XQG )DFLOLW\ IRU ,UDT ,5)),
7KH &RXQFLO LV HQFRXUDJHG E\ DQG FRQVLGHUV RI XWPRVW LPSRUWDQFH WKH FRQWLQXHG GLDORJXH
DQG FR RSHUDWLRQ EHWZHHQ ,UDT DQG 7XUNH\ RQ WKH FRPEDW RI WHUURULVP ,W FDOOV RQ WKH ,UDTL
*RYHUQPHQW DQG WKH .XUGLVWDQ 5HJLRQDO *RYHUQPHQW WR WDNH WKH DSSURSULDWH PHDVXUHV WR
HQVXUH UHVSHFW IRU WKH 7XUNLVK ERUGHU DQG JXDUDQWHH WKDW WKH ,UDTL WHUULWRU\ LV QRW XVHG IRU
YLROHQW DFWLRQ DJDLQVW LWV QHLJKERXUV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0032.png
;,
:(67(51 %$/.$16
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO UHYLHZHG WKH VLWXDWLRQ LQ WKH :HVWHUQ %DONDQV IRFXVLQJ RQ .RVRYR DQG %RVQLD DQG
+HU]HJRYLQD ,W DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
.26292
7KH &RXQFLO ZHOFRPHG WKH IDFW WKDW HOHFWLRQV LQ .RVRYR WRRN SODFH LQ DQ RUGHUO\ DQG SHDFHIXO
PDQQHU DQG WKDW WKH &RXQFLO RI (XURSH (OHFWLRQ 2EVHUYDWLRQ PLVVLRQ LQ LWV SUHOLPLQDU\ VWDWHPHQW
KDV DVVHVVHG WKDW WKH HOHFWLRQV ZHUH FRQGXFWHG JHQHUDOO\ LQ OLQH ZLWK LQWHUQDWLRQDO DQG (XURSHDQ
VWDQGDUGV IRU GHPRFUDWLF HOHFWLRQV 7KH &RXQFLO H[SUHVVHG LWV GLVDSSRLQWPHQW RI WKH ORZ RYHUDOO
YRWHU WXUQRXW ,W UHJUHWWHG WKH ORZ SDUWLFLSDWLRQ E\ WKH .RVRYR 6HUE FRPPXQLW\ DQG %HOJUDGH V FDOO
IRU D ER\FRWW DQG VWUHVVHG WKH LPSRUWDQFH RI WKH LQFOXVLRQ RI DOO FRPPXQLWLHV LQ SROLWLFDO OLIH LQ
.RVRYR 7KH &RXQFLO ORRNHG IRUZDUG WR DQ HDUO\ IRUPDWLRQ RI D QHZ *RYHUQPHQW WR VWUHQJWKHQ WKH
UHIRUP DJHQGD WR WKH EHQHILW RI DOO FRPPXQLWLHV LQ .RVRYR
7KH &RXQFLO ZDV EULHIHG E\ $PEDVVDGRU :ROIJDQJ ,VFKLQJHU WKH (8 UHSUHVHQWDWLYH LQ WKH 7URLND
IDFLOLWDWLQJ QHJRWLDWLRQV EHWZHHQ %HOJUDGH DQG 3ULVWLQD RQ WKH IXWXUH VWDWXV RI .RVRYR RQ WKH VWDWH
RI SOD\ RI WKH SURFHVV
5HDIILUPLQJ LWV IXOO VXSSRUW WR WKH 7URLND DQG WR $PEDVVDGRU ,VFKLQJHU DQG LQ YLHZ RI WKH LPPLQHQW
FRQFOXVLRQ RI WKH 7URLND SURFHVV RQ
'HFHPEHU WKH &RXQFLO ORRNHG IRUZDUG WR WKH LQWHQVLILFDWLRQ
RI WKH QHJRWLDWLRQV DQG XUJHG WKH WZR SDUWLHV WR VKRZ JUHDWHU IOH[LELOLW\ WR UHVSRQG SRVLWLYHO\ DQG
FRQVWUXFWLYHO\ WR WKH 7URLND V LQLWLDWLYHV PDNLQJ HYHU\ HIIRUW WR VHFXUH D QHJRWLDWHG VHWWOHPHQW RI WKH
VWDWXV RI .RVRYR 7KH &RXQFLO UHLWHUDWHG WKH QHFHVVLW\ RI UDSLGO\ ILQGLQJ D VROXWLRQ WR WKH .RVRYR
VWDWXV LVVXH 7KH &RXQFLO FRQILUPHG WKDW WKH (8 VWDQGV UHDG\ WR SOD\ D VLJQLILFDQW UROH LQ .RVRYR LQ
WKH IXWXUH DQG LV SUHSDULQJ DFFRUGLQJO\
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
%261,$ $1' +(5=(*29,1$
7KH &RXQFLO ZHOFRPHG WKH 6WDWHPHQW RI WKH 3,& PHHWLQJ RQ
DQG
2FWREHU
7KH &RXQFLO
H[SUHVVHG JUDYH FRQFHUQ RYHU WKH GHWHULRUDWLQJ SROLWLFDO VLWXDWLRQ LQ %RVQLD DQG +HU]HJRYLQD ,W
XQGHUOLQHG WKH UHVSRQVLELOLW\ RI WKH SROLWLFDO OHDGHUV RI WKH FRXQWU\ WR VWRS XQGHUPLQLQJ WKH
IRXQGDWLRQV RI WKH 6WDWH WR HQVXUH WKH IXOO IXQFWLRQLQJ RI 6WDWH LQVWLWXWLRQV DQG WR DGYDQFH UHIRUPV
ZKLFK DUH HVVHQWLDO IRU %RVQLD DQG +HU]HJRYLQD WR PRYH IRUZDUG 7KH &RXQFLO UHLWHUDWHG LWV IXOO
VXSSRUW IRU +5 (865 0LURVODY /DMFDN DQG XQGHUOLQHG WKH QHHG IRU DOO SDUWLHV LQFOXGLQJ WKRVH LQ
WKH 5HSXEOLND 6USVND WR IXOO\ UHVSHFW DQG SURPSWO\ LPSOHPHQW KLV GHFLVLRQV
7KH &RXQFLO ZHOFRPHG WKH 0RVWDU 'HFODUDWLRQ RI 2FWREHU
ZKLFK FDQ VHUYH DV WKH VWDUWLQJ
SRLQW IRU D SRVLWLYH UH HQJDJHPHQW RI WKH JRYHUQPHQW FRDOLWLRQ SDUWLHV DQG XUJHG WKH VLJQDWRULHV WR
WDNH WKH QHFHVVDU\ IROORZ XS DFWLRQ
5HFDOOLQJ LWV FRQFOXVLRQV RI 2FWREHU
WKH &RXQFLO UHLWHUDWHG WKDW SROLFH UHIRUP UHPDLQV WKH
NH\ SULRULW\ DQG RQH RI WKH IRXU QHFHVVDU\ FRQGLWLRQV IRU D 6WDELOLVDWLRQ DQG $VVRFLDWLRQ
$JUHHPHQW
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0034.png
;,
*(25*,$
7KH &RXQFLO KHOG DQ H[FKDQJH RI YLHZV RQ UHFHQW GHYHORSPHQWV LQ *HRUJLD LQ WKH UXQ XS RI
SUHVLGHQWLDO HOHFWLRQV DQG D UHIHUHQGXP RQ HDUO\ SDUOLDPHQWDU\ HOHFWLRQV DV DQQRXQFHG E\ 3UHVLGHQW
6DNDVKYLOL IRU -DQXDU\
:KLOH WKH VWDWH RI HPHUJHQF\ KDV EHHQ OLIWHG PHGLD IUHHGRP
UHPDLQV RI FRQFHUQ 7KH LPSRUWDQFH RI HQVXULQJ DOO WKH FRQGLWLRQV IRU GXH GHPRFUDWLF SURFHVV
UHJDUGLQJ WKH HOHFWRUDO FDPSDLJQ DQG WKH FRQGXFW RI WKH HOHFWLRQV ZDV XQGHUOLQHG 7KH &RXQFLO ZLOO
FRQWLQXH WR NHHS WKH VLWXDWLRQ XQGHU FORVH UHYLHZ
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0035.png
;,
6(&85,7< $1' '(9(/230(17
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO GLVFXVVHG LQ WKH SUHVHQFH RI GHYHORSPHQW DQG GHIHQFH PLQLVWHUV KRZ WR DFKLHYH
FRKHUHQFH EHWZHHQ VHFXULW\ DQG GHYHORSPHQW LQ SROLF\ DQG FRQFUHWH WHUPV ,W DGRSWHG WKH IROORZLQJ
FRQFOXVLRQV
7KH
(XURSHDQ 6HFXULW\ 6WUDWHJ\ DQG WKH
(XURSHDQ &RQVHQVXV RQ 'HYHORSPHQW
DFNQRZOHGJH WKDW WKHUH FDQQRW EH VXVWDLQDEOH GHYHORSPHQW ZLWKRXW SHDFH DQG VHFXULW\ DQG
WKDW ZLWKRXW GHYHORSPHQW DQG SRYHUW\ HUDGLFDWLRQ WKHUH ZLOO EH QR VXVWDLQDEOH SHDFH
7KH &RXQFLO ILUPO\ EHOLHYHV WKDW WKLV QH[XV EHWZHHQ GHYHORSPHQW DQG VHFXULW\ VKRXOG
LQIRUP (8 VWUDWHJLHV DQG SROLFLHV LQ RUGHU WR FRQWULEXWH WR WKH FRKHUHQFH RI (8 H[WHUQDO
DFWLRQ ZKLOVW UHFRJQLVLQJ WKDW WKH UHVSRQVLELOLWLHV DQG UROHV RI GHYHORSPHQW DQG VHFXULW\
DFWRUV DUH FRPSOHPHQWDU\ EXW UHPDLQ VSHFLILF
7KH &RXQFLO UHFDOOV WKDW WKH (8 DV DQ LPSRUWDQW JOREDO DFWRU FDQ DYDLO LWVHOI RI D ZLGH
DUUD\ RI LQVWUXPHQWV WR FRQWULEXWH WR ORQJ WHUP GHYHORSPHQW DQG SRYHUW\ HUDGLFDWLRQ WR
SUHYHQW DQG PDQDJH YLROHQW FRQIOLFW DQG WR EXLOG SHDFH LQ GHYHORSLQJ FRXQWULHV 7KH (8
ZLOO HQGHDYRXU WR LPSURYH WKH FRKHUHQFH HIILFLHQF\ DQG YLVLELOLW\ RI LWV H[WHUQDO SROLFLHV
DQG EXLOG V\QHUJLHV EHWZHHQ WKHP ZLWK GXH UHJDUG IRU FURVV FXWWLQJ LVVXHV VXFK DV KXPDQ
ULJKWV JHQGHU LQFOXGLQJ WKH LPSOHPHQWDWLRQ RI 816&5
RQ :RPHQ 3HDFH DQG
6HFXULW\ SURPRWLRQ RI GHPRFUDF\ JRYHUQDQFH WKH UXOH RI ODZ DQG HQYLURQPHQWDO
VXVWDLQDELOLW\
7KH &RXQFLO IXOO\ UHFRJQLVHV WKH LPSRUWDQW UROH RI WKH 81 LQ VWUHQJWKHQLQJ WKH LQWHU
OLQNDJHV EHWZHHQ VHFXULW\ GHYHORSPHQW DQG KXPDQ ULJKWV 7KH &RXQFLO DOVR XQGHUOLQHV WKH
FRQWULEXWLRQV RI RWKHU LQWHUQDWLRQDO DQG UHJLRQDO RUJDQLVDWLRQV LQ WKLV ILHOG DQG WKH QHHG WR
HQVXUH FRKHUHQFH EHWZHHQ ZRUN XQGHUWDNHQ E\ WKH (8 DQG WKRVH RUJDQLVDWLRQV
7KH &RXQFLO XQGHUOLQLQJ WKDW FRQIOLFW SUHYHQWLRQ VKRXOG EH SXUVXHG DV D SULRULW\ JRDO LQ
SDUWLFXODU E\ IRVWHULQJ DQG VWUHQJWKHQLQJ GHYHORSPHQW FRRSHUDWLRQ LQYLWHV WKH &RPPXQLW\
ZLWKLQ WKH UHVSHFWLYH FRPSHWHQFHV RI LWV ,QVWLWXWLRQV WR IXUWKHU HQODUJH DQG LPSURYH
FKDQQHOV RI GLDORJXH DQG FRRSHUDWLRQ ZLWK FLYLO VRFLHW\ 1*2V ORFDO DXWKRULWLHV DQG WKH
SULYDWH VHFWRU
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
,QFUHDVLQJ FRKHUHQFH EHWZHHQ VHFXULW\ DQG GHYHORSPHQW ERWK DW D SROLF\ DQG DQ
RSHUDWLRQDO OHYHO LV D SURFHVV WKDW UHTXLUHV VKRUW WHUP LPSURYHPHQWV DQG ORQJHU WHUP
DFWLRQ $V D VWHS LQ WKLV SURFHVV WKH &RXQFLO KDV LGHQWLILHG LQLWLDO SUDJPDWLF DFWLRQV IRU
LQFUHDVHG FRKHUHQFH LQ VRPH RI WKH DUHDV VSDQQLQJ WKH VHFXULW\ GHYHORSPHQW QH[XV
VWUDWHJLF SODQQLQJ 6HFXULW\ 6HFWRU 5HIRUP SDUWQHUVKLSV ZLWK UHJLRQDO DQG VXE UHJLRQDO
RUJDQLVDWLRQV DQG KXPDQLWDULDQ DLG DQG VHFXULW\ 7KLV LV ZLWKRXW SUHMXGLFH WR RWKHU
LPSRUWDQW DUHDV RI WKH QH[XV ZKHUH ZRUN DOVR VKRXOG EH WDNHQ IRUZDUG LQ WKH IXWXUH
,Q DGGUHVVLQJ WKHVH DUHDV WKH &RXQFLO DOVR UHFDOOV LWV &RQFOXVLRQV RQ DQ (8 UHVSRQVH WR
VLWXDWLRQV RI IUDJLOLW\
,
3UDJPDWLF $FWLRQV
6WUDWHJLF 3ODQQLQJ
7KH (8 LV DGGUHVVLQJ LQVHFXULW\ DQG FRQIOLFWV DQG WKHLU URRW FDXVHV WKURXJK D ZLGH UDQJH
RI LQVWUXPHQWV ,QWHU OLQNDJH EHWZHHQ VHFXULW\ DQG GHYHORSPHQW VKRXOG EH VHHQ DV DQ
LQWHJUDO SDUW RI WKH RQJRLQJ (8 HIIRUWV LQFOXGLQJ WKRVH WR HQKDQFH &LYLO 0LOLWDU\
&RRUGLQDWLRQ &0&2 LQ RUGHU WR DGGUHVV FRPSOH[ FULVHV LQ D FRKHUHQW PDQQHU
7R HQKDQFH FRKHUHQFH DQG FRQVLVWHQF\ WKH &RXQFLO FDOOV IRU IXUWKHU LQWHQVLILHG FRRSHUDWLRQ
ZLWKLQ DQG EHWZHHQ &RXQFLO ERGLHV &RPPLVVLRQ VHUYLFHV DQG 0HPEHU 6WDWHV LQ SDUWLFXODU
E\ LPSURYLQJ WKH VHTXHQFLQJ LQ WKH VWUDWHJLF SODQQLQJ RI WKHLU VKRUW WHUP DQG ORQJHU WHUP
DFWLRQV 7KLV VKRXOG EH SURPRWHG E\
±
D PRUH V\VWHPDWLF FRQVLGHUDWLRQ E\ WKH UHOHYDQW &RXQFLO ERGLHV RI WKH SRWHQWLDO
V\QHUJLHV EHWZHHQ VHFXULW\ DQG GHYHORSPHQW IRU H[DPSOH WKURXJK MRLQW PHHWLQJV
ZKHUH DSSURSULDWH LQFOXGLQJ DFURVV SLOODUV
V\VWHPDWLFDOO\ FDUU\LQJ RXW VHFXULW\ FRQIOLFW VHQVLWLYH DVVHVVPHQWV DQG FRQIOLFW
DQDO\VLV ZKHUH DSSURSULDWH LQ WKH SUHSDUDWLRQ RI FRXQWU\ DQG UHJLRQDO VWUDWHJLHV DQG
SURJUDPPHV
±
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0037.png
;,
±
WDNLQJ LQWR DFFRXQW WKH GHYHORSPHQW GLPHQVLRQ LQ WKH SUHSDUDWLRQ RI &)63 (6'3
DFWLYLWLHV DQG WDNLQJ LQWR DFFRXQW VHFXULW\ DVSHFWV LQFOXGLQJ WKH &)63 (6'3
GLPHQVLRQ LQ WKH SUHSDUDWLRQ RI GHYHORSPHQW DFWLYLWLHV
HQJDJLQJ LQ LQ GHSWK FRQVXOWDWLRQV VWUDWHJLF SROLWLFDO DQG FRQIOLFW DQDO\VHV DQG
VFUHHQLQJV ZLWK D YLHZ WR SODQQLQJ DQG DFWLQJ FRQVLVWHQWO\ RQ HDUO\ VLJQV RI WHQVLRQ
LQVWDELOLW\ DQG IUDJLOLW\
HQVXULQJ FRRUGLQDWLRQ DFURVV WKH SLOODUV WKURXJK FRQVLVWHQW SODQQLQJ DUUDQJHPHQWV
0HPEHU 6WDWHV &RPPLVVLRQ DQG *HQHUDO 6HFUHWDULDW RI WKH &RXQFLO *6&
VHTXHQFLQJ DQG LPSOHPHQWDWLRQ DUUDQJHPHQWV LQFOXGLQJ MRLQW )DFW )LQGLQJ 0LVVLRQV
DQG WKH MRLQW HVWDEOLVKPHQW RI D &ULVLV 0DQDJHPHQW &RQFHSW &0& IRU D JLYHQ
FULVLV ZKHUH DSSURSULDWH
SURPRWLQJ MRLQW WUDLQLQJ FRXUVHV DQG MRLQW $VVHVVPHQW 0LVVLRQV
LQWHQVLI\LQJ FRRSHUDWLRQ ZLWK LQWHUQDWLRQDO LQVWLWXWLRQV LQ SDUWLFXODU WKH 81 GXULQJ
WKH VWUDWHJLF SODQQLQJ SURFHVV HVSHFLDOO\ RQ WKH EDVLV RI WKH -RLQW 6WDWHPHQW RQ (8
81 &RRSHUDWLRQ LQ &ULVLV 0DQDJHPHQW
±
±
±
±
6HFXULW\ 6HFWRU 5HIRUP 665
2QJRLQJ 665 DFWLYLWLHV KDYH GHPRQVWUDWHG WKH QHHG IRU ZKROH RI JRYHUQPHQW FRRUGLQDWLRQ
EHWZHHQ VKRUW DQG ORQJ WHUP SODQQLQJ DQG DFWLRQV %DVHG RQ WKH (8 3ROLF\ )UDPHZRUN IRU
665 DQG WDNLQJ LQWR DFFRXQW WKH ZRUN XQGHUWDNHQ LQ WKH 2(&' '$& UHJDUGLQJ WKH ZKROH
RI JRYHUQPHQW DSSURDFK WKH &RXQFLO FDOOV RQ 0HPEHU 6WDWHV WKH &RPPLVVLRQ DQG WKH
*6& WR IXUWKHU LPSURYH FRRUGLQDWLRQ DQG LQIRUPDWLRQ H[FKDQJH DQG WR SXUVXH MRLQW
DVVHVVPHQWV E\
5HIHUHQFH LV PDGH WR WKH UHFHQW H[SHULHQFH LQ SUHSDULQJ IRU WKH &KDG PLVVLRQ
(8 3ROLF\ )UDPHZRUN IRU 6HFXULW\ 6HFWRU 5HIRUP GRF
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
±
HQKDQFLQJ LQIRUPDWLRQ IORZV RQ SROLF\ GHYHORSPHQWV DQG RQJRLQJ DQG SODQQHG 665
DFWLYLWLHV
SXUVXLQJ ILHOG FRRUGLQDWLRQ EHWZHHQ DOO DFWRUV LQFOXGLQJ QRQ (8 DFWRUV
ZKHQ DSSURSULDWH FDUU\LQJ RXW MRLQW DVVHVVPHQWV DQG DQDO\VHV FRYHULQJ DOO QHFHVVDU\
FRPSRQHQWV LQ WKH DUHD RI 665 WR HQVXUH WLPHO\ DQG ZHOO FRRUGLQDWHG HQJDJHPHQW LQ
WKH EURDGHU FRQWH[W RI GHPRFUDWLF JRYHUQDQFH
VKDULQJ H[SHULHQFH RQ SRROHG IXQGLQJ DQG PHFKDQLVPV IRU UDSLG GHSOR\PHQW RI
H[SHUWV DQG IOH[LEOH VXSSRUW
ERRVWLQJ &RPPLVVLRQ DQG *6& LQ KRXVH 665 H[SHUWLVH LQFOXGLQJ WKURXJK MRLQW
WUDLQLQJ DQG VHFRQGPHQW RI QDWLRQDO H[SHUWV WR DVVHVVPHQW PLVVLRQV
SXUVXLQJ MRLQW HIIRUWV WR EXLOG 665 FDSDFLW\ LQ UHJLRQDO RUJDQLVDWLRQV
±
±
±
±
±
7KH &RXQFLO QRWHV WKDW 'LVDUPDPHQW 'HPRELOLVDWLRQ DQG 5HLQWHJUDWLRQ ''5 LV FORVHO\
OLQNHG WR 665 DQG WKH (8 VKRXOG FRQWLQXH LWV ZRUN RQ VWUHQJWKHQLQJ WKH (8V VXSSRUW WR
''5 RQ WKH EDVLV RI WKH (8 -RLQW &RQFHSW
3DUWQHUVKLSV ZLWK UHJLRQDO DQG VXEUHJLRQDO RUJDQLVDWLRQV
7KH &RXQFLO FRPPHQGV WKH ZRUN XQGHUWDNHQ LQ WKH IUDPHZRUN RI WKH (8 $IULFD
3DUWQHUVKLS DV D ZD\ IRUZDUG IRU D FRKHUHQW DQG KROLVWLF DSSURDFK WRZDUGV VHFXULW\ DQG
GHYHORSPHQW FKDOOHQJHV ,W LV EXLOW RQ WKH SDUWQHUVKLS ZLWK D UHJLRQDO RUJDQLVDWLRQ DQG
EDVHG RQ WKH SULQFLSOH RI RZQHUVKLS ZKLOH SXUVXLQJ UHVSHFWLYH VHFXULW\ SULRULWLHV 7KH
FRPSOHPHQWDULW\ EHWZHHQ (8 VHFXULW\ DQG GHYHORSPHQW SULRULWLHV LV VXSSRUWHG E\ WKH
QHFHVVDU\ LQWHUDFWLRQ ZLWK RWKHU SROLF\ DUHDV OLNH JRYHUQDQFH RU UHJLRQDO LQWHJUDWLRQ DOO
DFWLQJ LQ D PXWXDOO\ UHLQIRUFLQJ ZD\
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO WKHUHIRUH XQGHUOLQHV WKDW IUDPHZRUNV DJUHHG ZLWK UHJLRQDO DQG VXEUHJLRQDO
RUJDQLVDWLRQV VKRXOG EH FRQVLGHUHG ZKHQ GHVLJQLQJ IXWXUH DFWLRQV UHODWHG WR VHFXULW\ DQG
GHYHORSPHQW ,Q WKLV FRQWH[W WKH &RXQFLO VWUHVVHV WKH LPSRUWDQFH RI WKH IUDPHZRUN RI WKH
IXWXUH -RLQW (8 $IULFD 6WUDWHJ\ DQG LWV $FWLRQ 3ODQ SDUWLFXODUO\ WKH 3HDFH DQG 6HFXULW\
FOXVWHU
+XPDQLWDULDQ DLG DQG VHFXULW\
7KH &RXQFLO UHFDOOV WKDW WKH (XURSHDQ &RQVHQVXV RQ +XPDQLWDULDQ $LG VHWV RXW WKH
SULQFLSOHV DQG LQWHUQDWLRQDOO\ DJUHHG QRUPV DQG JXLGHOLQHV DSSOLFDEOH WR (8 KXPDQLWDULDQ
DLG ZKLFK FRQWDLQV LQWHU DOLD HOHPHQWV IRU GHYHORSLQJ IXWXUH DFWLRQ 7KH &RXQFLO
XQGHUOLQHV WKDW ZKLOH KXPDQLWDULDQ GHYHORSPHQW DQG PLOLWDU\ VHFXULW\ DFWRUV KDYH
GLIIHUHQW EXW FRPSOHPHQWDU\ UROHV DQG PDQGDWHV LQWHUDFWLRQ DQG FRRSHUDWLRQ PXVW EH
HQVXUHG 7KH &RXQFLO EHOLHYHV WKDW WKH LPSDUWLDOLW\ KXPDQLW\ QHXWUDOLW\ DQG LQGHSHQGHQFH
RI WKH KXPDQLWDULDQ DFWLRQ LQ VXFK FLUFXPVWDQFHV PXVW DQG FDQ EH VDIHJXDUGHG DQG WKDW WKH
HIIHFWLYHQHVV RI WKH UHVSHFWLYH LQWHUYHQWLRQV FDQ EH LPSURYHG E\
±
FRQVXOWLQJ KXPDQLWDULDQ DFWRUV IURP WKH RXWVHW GXULQJ WKH SODQQLQJ SURFHVV DQG
IROORZ XS RI PLOLWDU\ PLVVLRQV
HQVXULQJ FRRUGLQDWLRQ ZLWK KXPDQLWDULDQ DFWRUV LQ WKH ILHOG LQFOXGLQJ WKURXJK
FRRUGLQDWLRQ PHFKDQLVPV ZKHQ PLOLWDU\ DFWLYLWLHV DUH QHHGHG WR VHFXUH WKH
KXPDQLWDULDQ VSDFH LQ WKLV UHJDUG FLYLO PLOLWDU\ FRRUGLQDWLRQ DQG OLDLVRQ RIILFHUV
VKRXOG EH GHSOR\HG ZKHUH DQG ZKHQ QHHGHG
±
,,
:D\ IRUZDUG
7KH &RXQFLO XQGHUOLQHV WKDW WKH LPSRUWDQFH RI WKH VHFXULW\ DQG GHYHORSPHQW QH[XV
ZDUUDQWV LWV SDUWLFXODU DWWHQWLRQ LQ WKH IXWXUH 7KH &RXQFLO WKHUHIRUH LQYLWHV 0HPEHU 6WDWHV
WKH &RPPLVVLRQ DQG WKH *6& WR WDNH WKH ZRUN RQ VHFXULW\ DQG GHYHORSPHQW IRUZDUG XQGHU
WKH JXLGDQFH RI IXWXUH 3UHVLGHQFLHV LQFOXGLQJ LQ WKH IUDPHZRUN RI 3ROLF\ &RKHUHQFH IRU
'HYHORSPHQW 3&'
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO FDOOV RQ WKH &RPPLVVLRQ DQG WKH *6& LQ FORVH FRRSHUDWLRQ ZLWK 0HPEHU
6WDWHV WR SUHSDUH DQ $FWLRQ 3ODQ ZLWK D YLHZ WR LPSOHPHQWLQJ WKH DFWLRQV VHW RXW LQ WKHVH
&RQFOXVLRQV DQG WR VXEPLW WKLV 3ODQ WR WKH &RXQFLO
7KH &RXQFLO ILUPO\ EHOLHYHV WKDW OHVVRQV OHDUQHG IURP SDVW H[SHULHQFHV DQG FRQFUHWH VWHSV
LQ D IHZ VSHFLILF FRXQWULHV DUH QHHGHG WR LQIRUP WKH $FWLRQ 3ODQ DQG IXWXUH SROLFLHV 7KH
&RXQFLO WKHUHIRUH FDOOV IRU DQ DQDO\VLV IRFXVLQJ RQ FRXQWULHV ZKHUH (6'3 PLVVLRQV DQG
RSHUDWLRQV DUH EHLQJ SODQQHG RU FRQGXFWHG RU ZKHUH &)63 &RPPXQLW\ DQG ELODWHUDO
0HPEHU 6WDWH DFWLYLWLHV DUH EHLQJ FRQGXFWHG ZLWK D YLHZ WR ILQGLQJ ZD\V WR LPSURYH WKH
VHTXHQFLQJ DQG FRRUGLQDWLRQ RI (8 DFWLYLWLHV 7KLV VKRXOG EH GRQH ZLWK GXH UHJDUG IRU WKH
(8 &RGH RI &RQGXFW RQ &RPSOHPHQWDULW\ DQG 'LYLVLRQ RI /DERXU LQ 'HYHORSPHQW 3ROLF\
7KLV ZRUN VKRXOG VWDUW LQ
DQG EH UHSRUWHG WR WKH &RXQFLO LQ D WLPHO\ PDQQHU
)LQDOO\ WKH &RXQFLO EHOLHYHV WKDW IXWXUH ZRUN RQ VHFXULW\ DQG GHYHORSPHQW VKRXOG LQFOXGH
D PRUH GHWDLOHG DSSURDFK WR WKH GHYHORSPHQW SHUVSHFWLYH RI VHFXULW\ FKDOOHQJHV GLDORJXH
SURFHVVHV SROLWLFDO GLDORJXH PHGLDWLRQ KXPDQ ULJKWV SURPRWLRQ JRYHUQDQFH GHPRFUDF\
VXSSRUW ''5 DQG WKH LQWHU OLQNDJHV ZLWK 665 WKH VHFXULW\ DQG GHYHORSPHQW LPSOLFDWLRQV
RI FOLPDWH FKDQJH HQYLURQPHQWDO DQG QDWXUDO UHVRXUFH PDQDJHPHQW LVVXHV DQG PLJUDWLRQ
DV ZHOO DV DVSHFWV UHODWHG WR ILQDQFLQJ ,Q WKLV FRQWH[W SDUWLFXODU DWWHQWLRQ VKRXOG EH SDLG WR
$IULFDQ OHG SHDFH VXSSRUW RSHUDWLRQV ZLWKRXW SUHMXGLFH WR LQLWLDWLYHV LQ RWKHU UHJLRQV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0041.png
;,
())(&7,9(1(66 2) (;7(51$/ $&7,21 7+( -2,17 (8 $)5,&$ 675$7(*<
7KH &RXQFLO KHOG LWV DQQXDO SROLF\ GHEDWH RQ WKH HIIHFWLYHQHVV RI (8 H[WHUQDO DFWLRQ ZKLFK WKLV \HDU
IRFXVHG RQ LPSOLFDWLRQV IRU WKH (8 V GHYHORSPHQW FRRSHUDWLRQ SROLF\ RI WKH MRLQW (8 $IULFD
VWUDWHJ\ DQG DFWLRQ SODQ ZKLFK DUH GXH WR EH ILQDOLVHG DW DQ (8 $IULFD PLQLVWHULDO PHHWLQJ LQ
6KDUP (O 6KHLN RQ
'HFHPEHU DQG DGRSWHG DW WKH (8 $IULFD VXPPLW LQ /LVERQ RQ
'HFHPEHU
7KH &RXQFLO KHOG DQ H[FKDQJH RI YLHZV RQ WKH EDVLV RI D SDSHU SUHSDUHG E\ WKH SUHVLGHQF\ WKDW
KLJKOLJKWV WKH IROORZLQJ LVVXHV
±
FRQVHTXHQFHV RI WKH QHZ MRLQW VWUDWHJ\ DQG DFWLRQ SODQ IURP WKH SHUVSHFWLYH RI
GHYHORSPHQW PLQLVWHUV
WKH V\QHUJLHV WR EH HVWDEOLVKHG UHJDUGLQJ WKH LQVWLWXWLRQDO IUDPHZRUN DQG ILQDQFLDO
LQVWUXPHQWV IRU GHYHORSPHQW FRRSHUDWLRQ SROLF\
WKH SURPRWLRQ RI SROLF\ FRKHUHQFH WR HQVXUH DQ LQWHJUDWHG DQG JOREDO YLVLRQ RI WKH (8
$IULFD GLDORJXH
±
±
6LQFH LW ZDV ILUVW PRRWHG E\ WKH (XURSHDQ &RXQFLO DW (YLDQ LQ -XO\
WKH DQQXDO SROLF\ GHEDWH
KDV VHUYHG WR UHYLHZ WKH FRKHUHQFH RI WKH 8QLRQ V H[WHUQDO SROLFLHV DQG DVVLVWDQFH WR FRQVLGHU KRZ
WKH HIIHFWLYHQHVV RI (8 H[WHUQDO DFWLRQ PLJKW EH HQKDQFHG DQG WR SURSRVH JXLGHOLQHV IRU WKH \HDU
DKHDG
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0042.png
;,
(8 5(63216( 72 6,78$7,216 2) )5$*,/,7<
0LQLVWHUV GLVFXVVHG WKH (8 V UHVSRQVH WR VLWXDWLRQ RI IUDJLOLW\ DQG KHOG DQ H[FKDQJH RI YLHZV ZLWK
5REHUW =RHOOLFN SUHVLGHQW RI WKH :RUOG %DQN 7KH &RXQFLO DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
7KH &RXQFLO XQGHUOLQHV WKDW VLWXDWLRQV RI IUDJLOLW\ FRQVWLWXWH D PDMRU FKDOOHQJH WR
VXVWDLQDEOH GHYHORSPHQW DQG SHDFH )UDJLOLW\ PD\ H[DFHUEDWH WKH ULVN RI IDLOLQJ WR UHDFK WKH
0LOOHQQLXP 'HYHORSPHQW *RDOV DQG DOVR LQYROYH UHJLRQDO DQG JOREDO VHFXULW\ ULVNV
7KHUHIRUH LW LV RI SDUDPRXQW LPSRUWDQFH WKDW WKH (8 GHYHORSV D UHVSRQVH WR VLWXDWLRQV RI
IUDJLOLW\ ZLWKLQ WKH IUDPHZRUN RI WKH (XURSHDQ &RQVHQVXV RQ 'HYHORSPHQW
7KH &RXQFLO DFNQRZOHGJHV WKDW IUDJLOLW\ UHIHUV WR ZHDN RU IDLOLQJ VWUXFWXUHV DQG WR
VLWXDWLRQV ZKHUH WKH VRFLDO FRQWUDFW LV EURNHQ GXH WR WKH 6WDWH V LQFDSDFLW\ RU XQZLOOLQJQHVV
WR GHDO ZLWK LWV EDVLF IXQFWLRQV PHHW LWV REOLJDWLRQV DQG UHVSRQVLELOLWLHV UHJDUGLQJ WKH UXOH
RI ODZ SURWHFWLRQ RI KXPDQ ULJKWV DQG IXQGDPHQWDO IUHHGRPV VHFXULW\ DQG VDIHW\ RI LWV
SRSXODWLRQ SRYHUW\ UHGXFWLRQ VHUYLFH GHOLYHU\ WKH WUDQVSDUHQW DQG HTXLWDEOH PDQDJHPHQW
RI UHVRXUFHV DQG DFFHVV WR SRZHU 7KH &RXQFLO UHFRJQL]HV WKDW VLWXDWLRQV RI IUDJLOLW\
LQFOXGLQJ DW 6WDWH OHYHO GLIIHU DQG SUHVHQW VSHFLILF IHDWXUHV ZKLFK UHTXLUH DGDSWHG SROLF\
UHVSRQVHV
,Q DGGUHVVLQJ VLWXDWLRQV RI IUDJLOLW\ WKH &RXQFLO KLJKOLJKWV WKH LPSRUWDQFH RI GHPRFUDWLF
JRYHUQDQFH UXOH RI ODZ UHVSHFW RI KXPDQ ULJKWV DQG IXQGDPHQWDO IUHHGRPV DQG WKH
HUDGLFDWLRQ RI SRYHUW\ DV ZHOO DV RI FOLPDWH FKDQJH DQG PLJUDWLRQ LVVXHV
7KH &RXQFLO ZHOFRPHV WKH &RPPLVVLRQ &RPPXQLFDWLRQ 7RZDUGV DQ (8 UHVSRQVH WR
VLWXDWLRQV RI )UDJLOLW\ HQJDJLQJ LQ GLIILFXOW HQYLURQPHQWV IRU VXVWDLQDEOH GHYHORSPHQW
VWDELOLW\ DQG SHDFH ZKLFK WDNHV LQWR DFFRXQW WKH RQJRLQJ LQWHUQDWLRQDO GHEDWH LGHQWLILHV
PDMRU LVVXHV DQG SURSRVHV OLQHV IRU DFWLRQ
7KH &RXQFLO HQGRUVHV RQ EHKDOI RI WKH (8 WKH 3ULQFLSOHV IRU *RRG ,QWHUQDWLRQDO
(QJDJHPHQW LQ )UDJLOH 6WDWHV DQG 6LWXDWLRQV HPSKDVL]HV WKH QHHG IRU D ZKROH RI
JRYHUQPHQW DSSURDFK ZKHQ DGGUHVVLQJ IUDJLOLW\ DQG LQYLWHV WKH &RPPXQLW\ DQG LWV
0HPEHU 6WDWHV WR DGDSW DQG FRRUGLQDWH WKHLU DSSURDFKHV LQ OLQH ZLWK WKHVH 3ULQFLSOHV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO H[SUHVVHV LWV DSSUHFLDWLRQ IRU WKH ZRUN RQ VLWXDWLRQV RI IUDJLOLW\ EHLQJ FDUULHG
RXW E\ WKH 8QLWHG 1DWLRQV LQ SDUWLFXODU WKH 3HDFH %XLOGLQJ &RPPLVVLRQ WKH :RUOG %DQN
DQG WKH $IULFDQ 'HYHORSPHQW %DQN XQGHUOLQLQJ WKDW WKH (8 ZLOO VHHN WR IXUWKHU VWUHQJWKHQ
LWV VWUDWHJLF SDUWQHUVKLSV ZLWK WKH 81 DQG RWKHU PXOWLODWHUDO DFWRUV GHDOLQJ ZLWK LVVXHV RI
IUDJLOLW\
7KH &RXQFLO UHFRJQLVHV WKDW WKH (8 VKRXOG PDNH PRUH HIIHFWLYH XVH RI WKH IXOO UDQJH RI
H[LVWLQJ (8 SROLF\ WRROV DQG H[WHUQDO DFWLRQ LQVWUXPHQWV WR DGGUHVV LQ D FRKHUHQW DQG
WLPHO\ PDQQHU VLWXDWLRQV RI IUDJLOLW\ LQ SDUWQHU FRXQWULHV 7KH (8 UHVSRQVH VKRXOG
WKHUHIRUH FRPELQH SROLWLFDO GLSORPDWLF GHYHORSPHQW VHFXULW\ DQG KXPDQLWDULDQ
LQVWUXPHQWV
)RU VSHFLILF IHDWXUHV RI IUDJLOLW\ UHODWHG WR KXPDQLWDULDQ DLG DQG VHFXULW\ SDUWLFXODUO\ LQ
VLWXDWLRQV RI FULVLV DQG FRQIOLFW WKH &RXQFLO UHIHUV LQ SDUWLFXODU WR WKH (XURSHDQ &RQVHQVXV
RQ +XPDQLWDULDQ $LG DQG WKH &RQFOXVLRQV RQ 6HFXULW\ DQG 'HYHORSPHQW
)RU RWKHU IHDWXUHV RI IUDJLOLW\ WKH &RXQFLO VWURQJO\ EHOLHYHV WKDW GHYHORSPHQW DQG SROLWLFDO
LQVWUXPHQWV KDYH DQ HTXDOO\ LPSRUWDQW UROH WR SOD\ ZLWK D YLHZ WR HQVXULQJ HIIHFWLYH
SUHYHQWLYH UHVSRQVHV DQG DGGUHVVLQJ VLWXDWLRQV RI IUDJLOLW\ 7KH (8 VKRXOG VWD\ HQJDJHG
ZLWK WKH DSSURSULDWH FRPELQDWLRQ RI (8 LQVWUXPHQWV ZKLOH UHVSHFWLQJ WKH SULQFLSOH RI
RZQHUVKLS
,Q VLWXDWLRQV RI IUDJLOLW\ SROLWLFDO GLDORJXH LV HVSHFLDOO\ LPSRUWDQW DQG VKRXOG EH IXUWKHU
GHYHORSHG DQG UHLQIRUFHG :KHUH QR VXFK GLDORJXH H[LVWV FRQILGHQFH EXLOGLQJ PHDVXUHV
VKRXOG EH FRQVLGHUHG 7KH &RXQFLO DOVR EHOLHYHV WKDW D GLDORJXH VKRXOG EH SXUVXHG ZLWK
FLYLO VRFLHW\ DQG ORFDO DXWKRULWLHV
7KH &RXQFLO FRQILUPV WKDW LVVXHV FRQFHUQLQJ IUDJLOLW\ VKRXOG EH SDUW RI WKH GLDORJXH ZLWK
HPHUJLQJ GRQRUV LQFOXGLQJ LQ WKH IUDPHZRUN RI ERWK (8 DQG ELODWHUDO GLDORJXH ZLWK WKRVH
FRXQWULHV ZLWK UHJLRQDO DQG VXE UHJLRQDO DFWRUV WKDW FDQ EULQJ D SRVLWLYH LQIOXHQFH WR EHDU
DQG ZLWK RWKHU LQWHUQDWLRQDO DFWRUV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0044.png
;,
3UHYHQWLQJ DQG DGGUHVVLQJ VLWXDWLRQV RI IUDJLOLW\
7KH &RXQFLO XQGHUOLQHV WKDW WKH FRPSUHKHQVLYH DQG IRUZDUG ORRNLQJ XVH RI &RPPXQLW\
DQG 0HPEHU 6WDWHV¶ GHYHORSPHQW LQVWUXPHQWV LV UHTXLUHG WR SURJUHVV LQ DFKLHYLQJ WKH
0'*V DQG LQ SUHYHQWLQJ DQG DGGUHVVLQJ VLWXDWLRQV RI IUDJLOLW\ LQFOXGLQJ WKH IROORZLQJ
LVVXHV
±
±
$GGUHVV GHPRFUDWLF JRYHUQDQFH DV D NH\ HOHPHQW WR SUHYHQW DQG RYHUFRPH IUDJLOLW\
6XSSRUW WKH VWUHQJWKHQLQJ RI WKH FDSDELOLWLHV RI 6WDWHV WR IXOILO WKHLU FRUH IXQFWLRQV DV
ZHOO DV WKH VWUHQJWKHQLQJ RI FRQVWUXFWLYH OLQNDJHV EHWZHHQ 6WDWH LQVWLWXWLRQV DQG
VRFLHW\ LQFOXGLQJ 1RQ 6WDWH $FWRUV 16$ ZLWK D YLHZ WR EXLOGLQJ HIIHFWLYH DQG
OHJLWLPDWH SROLWLFDO V\VWHPV
,PSURYH H[LVWLQJ GLDJQRVWLF DQG DVVHVVPHQW WRROV LQ SDUWLFXODU WKURXJK MRLQW DQDO\VLV
EDVHG IRU H[DPSOH RQ WKH &RPPXQLW\ *RYHUQDQFH SURILOH WKH &RPPXQLW\ URRW
FDXVHV RI FRQIOLFW FKHFNOLVW DQG RWKHU WRROV DQG H[FKDQJH RI LQIRUPDWLRQ EHWZHHQ
0HPEHU 6WDWHV WKH &RPPLVVLRQ DQG WKH *HQHUDO 6HFUHWDULDW RI WKH &RXQFLO *6&
5HFRJQLVH WKH HVVHQWLDO UROH SOD\HG E\ ZRPHQ DQG SURPRWH JHQGHU HTXDOLW\ LQ
SDUWLFXODU E\ SURPRWLQJ WKH LQWHJUDWLRQ RI ZRPHQ LQWR GHFLVLRQ PDNLQJ SURFHVVHV LQ
RUGHU WR LPSURYH WKHLU SROLWLFDO VRFLDO DQG HFRQRPLF HPSRZHUPHQW
$GGUHVV JHQGHU EDVHG DQG VH[XDO YLROHQFH LQ SDUWLFXODU E\ SD\LQJ FRQWLQXHG
DWWHQWLRQ WR WKH YLRODWLRQ RI WKH ULJKWV RI ZRPHQ DQG FKLOGUHQ LQ FRQIOLFW VLWXDWLRQV
DQG VXSSRUW WKH SUHYHQWLRQ DQG SURVHFXWLRQ RI UHODWHG FULPHV
$GGUHVV FOLPDWH FKDQJH DQG PLJUDWLRQ LVVXHV
7DNH LQWR DFFRXQW DQG DGGUHVV VSHFLILF QHHGV RI YXOQHUDEOH JURXSV
±
±
±
±
±
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
±
'HYHORS HDUO\ ZDUQLQJ PHFKDQLVPV RQ WKH EDVLV RI LQIRUPDWLRQ UHODWHG WR GHPRFUDWLF
JRYHUQDQFH LVVXHV UXOH RI ODZ KXPDQ ULJKWV SRYHUW\ OHYHOV DQG XVH FRQIOLFW
VHQVLWLYH DSSURDFKHV 7KH FRQWULEXWLRQ IURP FLYLO VRFLHW\ LQ WKLV FRQWH[W LV LPSRUWDQW
6WUHQJWKHQ WKH UROH RI &RXQWU\ 6WUDWHJ\ 3DSHUV &63V LQ OLQH ZLWK QDWLRQDO
GHYHORSPHQW VWUDWHJLHV DV WKH SUHIHUUHG IUDPHZRUN WR SUHYHQW DQG DGGUHVV IUDJLOLW\
0DNH EHWWHU XVH RI WKH (') DQG WKH &RPPXQLW\ ILQDQFLQJ LQVWUXPHQWV '&, (13,
,I6 (,'+5 LQ SDUWLFXODU E\
±
$SSO\LQJ VSHFLILF PRUH QHHGV EDVHG FRXQWU\ DQG UHJLRQDO DOORFDWLRQ FULWHULD
DQG HQVXULQJ WKDW XQIRUHVHHQ QHHGV FDQ EH PHW DGHTXDWHO\
,QWHJUDWLQJ IUDJLOLW\ LQ WKH UHYLHZ SURFHVV RI WKH *RYHUQDQFH ,QLWLDWLYH IRU $&3
FRXQWULHV DQG GHYHORSLQJ VLPLODU WRROV IRU '&, FRXQWULHV
0DNLQJ ILQDQFLDO WRROV DQG SURFHGXUHV PRUH IOH[LEOH DQG FDSDEOH WR SURYLGH
TXLFN UHVSRQVHV
±
±
±
±
±
(QKDQFH WKH ³/LQNLQJ 5HOLHI 5HKDELOLWDWLRQ DQG 'HYHORSPHQW´ /55' VWUDWHJLF
IUDPHZRUN LQ SDUWLFXODU E\ LQWHJUDWLQJ GHPRFUDWLF JRYHUQDQFH DQG LQVWLWXWLRQDO
GHYHORSPHQWV
0DNH XVH RI WKH (8 &RGH RI &RQGXFW RQ &RPSOHPHQWDULW\ DQG 'LYLVLRQ RI /DERXU
LQ SDUWLFXODU ZLWK UHJDUG WR
±
$JUHHLQJ RQ WKH PRVW VXLWDEOH RSWLRQ WR FKDQQHO H[WUD IXQGLQJ WR 6WDWHV LQ D
VLWXDWLRQ RI IUDJLOLW\ LQ SDUWLFXODU ³DLG RUSKDQV´
±
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0046.png
;,
±
,GHQWLI\LQJ VXEVWDQWLDO RYHUODSV DQG JDSV DW FRXQWU\ OHYHO LQ RUGHU EHWWHU
DOORFDWH H[LVWLQJ DQG DGGLWLRQDO IXQGV
(QVXULQJ SUHGLFWDEOH DQG VXVWDLQDEOH IXQGLQJ
$GGUHVVLQJ SRYHUW\ DV ZHOO DV VRFLDO DQG JHQGHU LQHTXDOLWLHV E\ DGDSWLQJ
H[LVWLQJ LQVWUXPHQWV ZLWK D YLHZ WR KHOSLQJ WR DFKLHYH WKH 0'*V LQ VLWXDWLRQV
RI IUDJLOLW\ H J WR HQVXUH GRQRUV HQJDJHPHQW LQ VRFLDO VHFWRUV
7HVWLQJ WKH (8 UHVSRQVH WR VLWXDWLRQV RI IUDJLOLW\ LQ SLORW FDVHV
±
±
±
2UJDQLVDWLRQDO LVVXHV
7KH (8 DV D ZKROH QHHGV WR HQVXUH WKDW LWV VXSSRUW WR SDUWQHUV HIIRUWV LQ DGGUHVVLQJ
IUDJLOLW\ LV PRUH UHVSRQVLYH TXLFNHU DQG PRUH IOH[LEOH 7KH DSSURDFK VKRXOG EH WDLORU
PDGH DUWLFXODWHG DQG KROLVWLF FRPELQLQJ GLSORPDWLF DFWLRQ KXPDQLWDULDQ DLG
GHYHORSPHQW FRRSHUDWLRQ DQG VHFXULW\ 7KLV UHTXLUHV
±
5HJXODU DQG LQFUHDVHG FRRUGLQDWLRQ EHWZHHQ WKH &RPPLVVLRQ WKH *6& DQG 0HPEHU
6WDWHV DW KHDGTXDUWHUV OHYHO DQG LQ WKH ILHOG
5HJXODU H[FKDQJHV RI ULVN DQDO\VHV DQG UHOHYDQW UHVSRQVHV DW WKH ILHOG OHYHO WKURXJK
(8 +HDGV RI 0LVVLRQ PHHWLQJV DQG DW KHDGTXDUWHUV WKURXJK GHVN WR GHVN GLDORJXHV
EHWZHHQ ,QVWLWXWLRQV DQG 0HPEHU 6WDWHV DQG DFURVV &RXQFLO JURXSV
$Q LPSURYHG IUDPHZRUN IRU MRLQW DQDO\VLV DQG H[FKDQJH RI LQIRUPDWLRQ ERWK DW
KHDGTXDUWHUV OHYHO DQG LQ WKH ILHOG
±
±
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
±
$Q DQDO\VLV RI GRQRUV FRPSDUDWLYH DGYDQWDJHV VKRXOG EH FRQGXFWHG LQ WKH
IUDPHZRUN RI WKH &RGH RI &RQGXFW RQ &RPSOHPHQWDULW\ DQG 'LYLVLRQ RI /DERXU
$GDSWLQJ VWDII PDQDJHPHQW LQ SDUWLFXODU WKURXJK MRLQW WUDLQLQJ DQG DSSURSULDWH
LQFHQWLYHV WR ZRUN LQ IUDJLOH VLWXDWLRQV
±
)XUWKHUPRUH WKLV VKRXOG LQYROYH WKH HVWDEOLVKPHQW RI DG KRF ³&RXQWU\ DQG 7KHPDWLF
7HDPV´ &77V LQYROYLQJ &RPPLVVLRQ 0HPEHU 6WDWHV DQG *6& ZLWK WKH &RPPLVVLRQ
DFWLQJ DV IDFLOLWDWRU 6XFK &77V FRXOG VWDUW DV VRRQ DV SRVVLEOH IRU D QXPEHU RI ³SLORW´
FDVHV DQG DGGUHVV VSHFLILF VLWXDWLRQV RI IUDJLOLW\ ZLWK D YLHZ WR
±
:RUNLQJ WRZDUGV PRUH FRKHUHQW DQG FRRUGLQDWHG DFWLRQ DW FRXQWU\ OHYHO LQ SDUWLFXODU
E\ PDNLQJ XVH RI DOO SRVVLELOLWLHV IRU D MRLQW DQDO\VLV DQG IRU MRLQW SURJUDPPLQJ DV
SURYLGHG IRU LQ WKH &RPPRQ IUDPHZRUN IRU &RXQWU\ 6WUDWHJ\ 3DSHUV &)&63
(QVXULQJ WKDW &63V DUH UHJXODUO\ UHYLHZHG DQG DGDSWHG WR WKH HYROXWLRQ RI WKH
VLWXDWLRQ
,GHQWLI\LQJ PRGDOLWLHV RI EXGJHW VXSSRUW LQ VLWXDWLRQV RI IUDJLOLW\
$GGUHVVLQJ ³SRVW FULVLV UHFRQVWUXFWLRQ´ ZLWK IRFXV RQ WKH /55' VWUDWHJLF
IUDPHZRUN
8VLQJ *RYHUQDQFH SURILOHV
([SORULQJ WKH SRVVLELOLWLHV RI WRSSLQJ XS &63V LQFOXGLQJ WKURXJK D JRYHUQDQFH
OLQNHG LQFHQWLYH ³WUDQFKH´
±
±
±
±
±
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0048.png
;,
)ROORZ XS
7KH &RXQFLO FDOOV RQ WKH &RPPLVVLRQ LQ FORVH FRRSHUDWLRQ ZLWK WKH 0HPEHU 6WDWHV DQG WKH
*6& WR PDS &RPPXQLW\ DQG ELODWHUDO ILQDQFLDO LQVWUXPHQWV DV ZHOO DV 0HPEHU 6WDWHV
LQWHUYHQWLRQ SRVVLELOLWLHV
7KH &RXQFLO UHTXHVWV WKH &RPPLVVLRQ WR SUHVHQW E\
DQ LPSOHPHQWDWLRQ SODQ EDVHG RQ
WKH DERYH &RQFOXVLRQV RQ DQ (8 UHVSRQVH WR VLWXDWLRQV RI IUDJLOLW\ DQG RQ WKH H[SHULHQFH
DFTXLUHG WKURXJK WKH &77V DQG WKH SLORW FDVHV 7KLV SODQ VKRXOG EH SUHSDUHG LQ FORVH
FRRSHUDWLRQ ZLWK 0HPEHU 6WDWHV DQG WKH *6& WDNLQJ LQWR DFFRXQW WKH ZRUN EHLQJ FDUULHG
RXW RQ IUDJLOLW\ E\ LQWHUQDWLRQDO RUJDQLVDWLRQV DQG LQ GLDORJXH ZLWK FLYLO VRFLHW\ DQG RWKHU
VWDNHKROGHUV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0049.png
;,
32/,&< &2+(5(1&( )25 '(9(/230(17
3ROLF\ FRKHUHQFH IRU GHYHORSPHQW
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO KHOG DQ H[FKDQJH RI YLHZV RQ SROLF\ FRKHUHQFH IRU GHYHORSPHQW 3&' ,W DGRSWHG
FRQFOXVLRQV GHDOLQJ ZLWK JHQHUDO DQG RUJDQLVDWLRQDO 3&' LVVXHV LQFOXGLQJ D UHYLHZ RI
LPSOHPHQWDWLRQ LQ
DUHDV ZKHUH WKH (8 KDV FRPPLWWHG LWVHOI WR SXUVXLQJ 3&' REMHFWLYHV DV ZHOO
DV JXLGHOLQHV RQ KRZ WR EULQJ WKH 3&' DJHQGD IRUZDUG
7KH &RXQFLO DOVR DGRSWHG FRQFOXVLRQV RQ WZR 3&' DUHDV FRQVLGHUHG DV SULRULWLHV E\ WKH SUHVLGHQF\
QDPHO\ PLJUDWLRQ VHH SDJH
DQG FOLPDWH FKDQJH VHH SDJH
WKH ODWWHU RQ WKH EDVLV RI D
FRPPXQLFDWLRQ IURP WKH &RPPLVVLRQ RQ WKH EXLOGLQJ RI D JOREDO FOLPDWH FKDQJH DOOLDQFH EHWZHHQ
WKH (XURSHDQ 8QLRQ DQG SRRU GHYHORSLQJ FRXQWULHV PRVW YXOQHUDEOH WR FOLPDWH FKDQJH
,W DOVR DGRSWHG LQ WKH SUHVHQFH RI ERWK GHIHQFH DQG GHYHORSPHQW PLQLVWHUV FRQFOXVLRQV RQ D WKLUG
3&' SUHVLGHQF\ SULRULW\ DUHD QDPHO\ VHFXULW\ DQG GHYHORSPHQW
3ROLF\ FRKHUHQFH IRU GHYHORSPHQW LV EDVHG RQ DUWLFOH RI WKH (8 WUHDW\ DQG RQ DUWLFOH
RI WKH
7UHDW\ RQ WKH (XURSHDQ &RPPXQLW\ ,W LV RQH RI WKH NH\ HOHPHQWV UHTXLUHG WR KHOS IXOILO ERWK
LQWHUQDWLRQDO DQG (8 FRPPLWPHQWV RQ SRYHUW\ HUDGLFDWLRQ 7KH (8 KDV DOUHDG\ H[SUHVVHG D VWURQJ
FRPPLWPHQW WR GHDOLQJ ZLWK 3&' FKDOOHQJHV PRVW QRWDEO\ LQ WKH
(8 MRLQW GHYHORSPHQW
SROLF\ VWDWHPHQW WKH (XURSHDQ FRQVHQVXV IRU GHYHORSPHQW
,Q FRQFOXVLRQV DGRSWHG LQ 0D\
RQ WKH 81 V PLOOHQQLXP GHYHORSPHQW JRDOV WKH &RXQFLO
LGHQWLILHG DUHDV IRU ZKLFK WKH (8 FRPPLWWHG LWVHOI WR SXUVXLQJ 3&' REMHFWLYHV LQ RUGHU WR
HQKDQFH WKH HIIHFWLYHQHVV RI (8 GHYHORSPHQW SROLF\ 7KHVH SROLF\ DUHDV DUH WUDGH HQYLURQPHQW
FOLPDWH FKDQJH VHFXULW\ DJULFXOWXUH ILVKHULHV WKH VRFLDO GLPHQVLRQ RI JOREDOL]DWLRQ HPSOR\PHQW
DQG GHFHQW ZRUN PLJUDWLRQ UHVHDUFK DQG LQQRYDWLRQ LQIRUPDWLRQ VRFLHW\ WUDQVSRUW DQG HQHUJ\
'RF
3UHVVH
DQQH[
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0050.png
;,
,Q RUGHU WR DVVHVV SURJUHVV RQ 3&' LPSOHPHQWDWLRQ WKH &RXQFLO DVNHG WKH &RPPLVVLRQ LQ LWV
FRQFOXVLRQV DGRSWHG LQ 2FWREHU
WR SUHSDUH ELHQQLDO UHSRUWV RQ WKH DSSOLFDWLRQ RI 3&' DQG IRU
WKH ILUVW WLPH LQ
7KH &RPPLVVLRQ SUHVHQWHG WKH ILUVW ELHQQLDO (8 UHSRUW RQ 3&' RQ
7KH &RXQFLO V FRQFOXVLRQV FDQ EH IRXQG LQ GRFXPHQW
6HSWHPEHU
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0051.png
;,
0LJUDWLRQ DQG GHYHORSPHQW
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG FRQFOXVLRQV RQ FRKHUHQFH EHWZHHQ (8 PLJUDWLRQ DQG GHYHORSPHQW SROLFLHV
RQ WKH EDVLV RI WKH &RPPLVVLRQ V ELHQQLDO UHSRUW RQ LPSOHPHQWDWLRQ RI SROLF\ FRKHUHQFH IRU
GHYHORSPHQW 3&' REMHFWLYHV
,Q LWV FRQFOXVLRQV WKH &RXQFLO LGHQWLILHV DUHDV ZKHUH HQKDQFHG DFWLRQ LV UHTXLUHG LQ RUGHU WR
LQFUHDVH WKH FRKHUHQFH DQG HIILFLHQF\ RI WKH (8 V PLJUDWLRQ DQG GHYHORSPHQW SROLFLHV QDPHO\
±
VXSSRUW WR GHYHORSLQJ FRXQWULHV LQ VWUHQJWKHQLQJ WKHLU PLJUDWLRQ PDQDJHPHQW FDSDFLWLHV
ZLWK D YLHZ WR LPSURYLQJ WKHLU SHUIRUPDQFH LQ DVSHFWV VXFK DV SURWHFWLQJ WKH KXPDQ ULJKWV
RI PLJUDQWV DQG WDFNOLQJ LOOHJDO PLJUDWLRQ DQG WKH WUDIILFNLQJ RI KXPDQ EHLQJV
DGGUHVVLQJ PRELOLW\ LQFOXGLQJ ZHOO PDQDJHG OHJDO PLJUDWLRQ LQLWLDWLYHV RI FLUFXODU
PLJUDWLRQ DQG WKH SURPRWLRQ RI GHFHQW ZRUN
IDFLOLWDWLQJ WKH WUDQVIHU RI UHPLWWDQFHV DQG SURPRWLQJ D PRUH UHOHYDQW UROH RI GLDVSRUD DQG
PLJUDQW FRPPXQLWLHV LQ WKH GHYHORSPHQW RI WKHLU FRXQWULHV RI RULJLQ
IXUWKHU GHYHORSLQJ YROXQWDU\ WRROV DQG PHFKDQLVPV LQWHQGHG WR LQFUHDVH FRKHUHQFH
EHWZHHQ PLJUDWLRQ DQG GHYHORSPHQW SROLFLHV VXFK DV PLJUDWLRQ SURILOHV FRRSHUDWLRQ
SODWIRUPV PLJUDWLRQ REVHUYDWRULHV FR GHYHORSPHQW LQLWLDWLYHV DQG PRELOLW\ SDUWQHUVKLSV
±
±
±
7KH (8 LV SD\LQJ LQFUHDVHG DWWHQWLRQ WR WKH LQWHUUHODWLRQVKLS EHWZHHQ PLJUDWLRQ DQG GHYHORSPHQW ,W
FRQVLGHUV WKDW PLJUDWLRQ LV DQ LQWHJUDO SDUW RI WKH GHYHORSPHQW DJHQGD DQG WKDW WKH GHYHORSPHQW
DVSHFWV DUH DQ LPSRUWDQW HOHPHQW LQ PLJUDWLRQ SROLFLHV 7KH OLQNV DUH FRPSOH[ EXW PLJUDWLRQ ZKHQ
PDQDJHG HIIHFWLYHO\ FDQ KDYH D VXEVWDQWLDO SRVLWLYH LPSDFW ERWK RQ WKH FRXQWU\ RI GHVWLQDWLRQ DQG
WKH FRXQWU\ RI RULJLQ
0LJUDWLRQ LV RQH RI WZHOYH SROLF\ DUHDV LGHQWLILHG LQ FRQFOXVLRQV DGRSWHG 0D\
ZKHUHE\ WKH
&RXQFLO FRPPLWWHG LWVHOI WR SXUVXLQJ 3&' REMHFWLYHV VHWWLQJ SULRULWLHV IRU DFWLRQ DV D PHDQV IRU
FRQWULEXWLQJ WR SRYHUW\ UHGXFWLRQ DQG WR DFKLHYLQJ WKH 81 V PLOOHQQLXP GHYHORSPHQW JRDOV
7KH &RXQFLO V FRQFOXVLRQV FDQ EH IRXQG LQ GRFXPHQW
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0052.png
;,
&OLPDWH FKDQJH DOOLDQFH ZLWK GHYHORSLQJ FRXQWULHV
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG FRQFOXVLRQV RQ D FRPPXQLFDWLRQ IURP WKH &RPPLVVLRQ RQ WKH EXLOGLQJ RI D
JOREDO FOLPDWH FKDQJH DOOLDQFH EHWZHHQ WKH (XURSHDQ 8QLRQ DQG SRRU GHYHORSLQJ FRXQWULHV PRVW
YXOQHUDEOH WR FOLPDWH FKDQJH LQ SDUWLFXODU WKH OHDVW GHYHORSHG FRXQWULHV DQG VPDOO LVODQG GHYHORSLQJ
VWDWHV
7KH SURSRVHG DOOLDQFH ZLOO SURYLGH D SODWIRUP IRU GLDORJXH DQG H[FKDQJH DV ZHOO DV WDUJHWHG
FRRSHUDWLRQ LQ WKH IROORZLQJ DUHDV DGDSWDWLRQ WR FOLPDWH FKDQJH UHGXFLQJ HPLVVLRQV IURP
GHIRUHVWDWLRQ HQKDQFLQJ SDUWLFLSDWLRQ LQ WKH FOHDQ GHYHORSPHQW PHFKDQLVP SURPRWLQJ GLVDVWHU
ULVN UHGXFWLRQ DQG LQWHJUDWLQJ FOLPDWH FKDQJH LQWR SRYHUW\ UHGXFWLRQ HIIRUWV
2Q WKH ILQDQFLQJ RI WKH JOREDO DOOLDQFH WKH &RXQFLO FRQFOXVLRQV UHFRJQLVH WKDW LQ RUGHU WR PHHW WKH
WZRIROG FKDOOHQJH RI DGDSWDWLRQ DQG PLWLJDWLRQ WKH QHHGV RI WKH SRRUHVW DQG PRVW YXOQHUDEOH
FRXQWULHV DUH VXFK WKDW VLJQLILFDQW UHVRXUFHV PXVW EH PRELOLVHG DV VRRQ DV SRVVLEOH LQFOXGLQJ
WKURXJK WKH HIILFLHQW XVH RI H[LVWLQJ IXQGV 7KH FRQFOXVLRQV WKHUHIRUH ZHOFRPH DQ LQLWLDO DGGLWLRQDO
DOORFDWLRQ E\ WKH &RPPLVVLRQ RI (85
PLOOLRQ IRU WKH VWDUW XS RI WKH LQLWLDWLYH
7KH FRQFOXVLRQV HPSKDVLVH WKDW VXSSRUW WR WKH DOOLDQFH ZLOO EH FRPSOHPHQWDU\ WR 8QLWHG 1DWLRQV
IXQGV WKH JOREDO HQYLURQPHQW IDFLOLW\ WKH OHDVW GHYHORSHG FRXQWULHV IXQG DQG WKH VSHFLDO FOLPDWH
FKDQJH IXQG 7KH LQLWLDWLYH VKRXOG EH VHHQ LQ WKH EURDGHU FRQWH[W RI SROLF\ FRKHUHQFH IRU
GHYHORSPHQW ZKLFK LV DLPHG DW HQKDQFLQJ V\QHUJLHV EHWZHHQ GHYHORSPHQW FRRSHUDWLRQ DQG RWKHU
SROLFLHV
(8 FRRUGLQDWHG DFWLRQ LQ WKH IUDPHZRUN RI WKH JOREDO DOOLDQFH ZLOO EH LQ OLQH ZLWK H[LVWLQJ
LQLWLDWLYHV RQ DLG HIIHFWLYHQHVV DQG WKH FRGH RI FRQGXFW RQ WKH GLYLVLRQ RI ODERXU 7KH FRQFOXVLRQV
DUH D FRQWULEXWLRQ WR WKH (8 V SDUWLFLSDWLRQ LQ WKH 81 FOLPDWH FKDQJH FRQIHUHQFH WR EH KHOG LQ %DOL
IURP WR 'HFHPEHU
7KH &RXQFLO V FRQFOXVLRQV FDQ EH IRXQG LQ GRFXPHQW
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0053.png
;,
(&2120,& 3$571(56+,3 $*5((0(176
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO UHYLHZHG SURJUHVV LQ WKH QHJRWLDWLRQ RI HFRQRPLF SDUWQHUVKLS DJUHHPHQWV ZLWK WKH
$IULFDQ &DULEEHDQ DQG 3DFLILF JURXS RI VWDWHV DQG UHJLRQV LQ WKH UXQ XS WR WKH 'HFHPEHU
GHDGOLQH IRU FRPSOHWLRQ RI WKHVH DJUHHPHQWV ,W DGRSWHG WKH IROORZLQJ FRQFOXVLRQV
7KH &RXQFLO FRQILUPV LWV FRPPLWPHQW WR WKH RQJRLQJ QHJRWLDWLRQV RQ WKH (FRQRPLF
3DUWQHUVKLS $JUHHPHQWV (3$V DV H[SUHVVHG LQ LWV &RQFOXVLRQV RQ (3$V RI $SULO
DQG 0D\
DQG UHLWHUDWHV LWV SRVLWLRQ RI (3$V DV EHLQJ GHYHORSPHQW LQVWUXPHQWV (3$V
DUH JRLQJ WR EH :72 FRPSDWLEOH DJUHHPHQWV VXSSRUWLQJ UHJLRQDO LQWHJUDWLRQ DQG
SURPRWLQJ WKH JUDGXDO LQWHJUDWLRQ RI WKH $&3 HFRQRPLHV LQWR WKH UXOHV EDVHG ZRUOG WUDGLQJ
V\VWHP WKHUHE\ IRVWHULQJ WKHLU VXVWDLQDEOH GHYHORSPHQW DQG FRQWULEXWLQJ WR WKH RYHUDOO
HIIRUW WR HUDGLFDWH SRYHUW\ DQG WR HQKDQFH WKH OLYLQJ FRQGLWLRQV LQ WKH $&3 FRXQWULHV
7KH &RXQFLO UHFDOOV WKH QHHG WR FRQFOXGH QHJRWLDWLRQV LQ WLPH IRU WKH HQWU\ LQWR IRUFH RI WKH
(3$V E\ -DQXDU\
LQ DFFRUGDQFH ZLWK $UWLFOH
RI WKH &RWRQRX $JUHHPHQW DQG
WDNLQJ LQWR DFFRXQW WKH H[SLUDWLRQ RI WKH FXUUHQW SUHIHUHQWLDO WUDGH SURYLVLRQV DSSOLHG XQGHU
D :72 ZDLYHU ,Q WKLV UHVSHFW WKH &RXQFLO UHFDOOV DQG ZHOFRPHV WKH HQGRUVHPHQW E\ WKH
$&3 (& &RXQFLO RI 0LQLVWHUV RQ
0D\
RI WKH 5HYLHZ RI WKH QHJRWLDWLRQV SXUVXDQW
WR $UWLFOH
RI WKH &RWRQRX $JUHHPHQW ZLWK WKH H[SUHVVLRQ RI WKH SROLWLFDO FRPPLWPHQW
E\ WKH SDUWLHV WR WKH DERYH UHIHUUHG GHDGOLQH
7KH &RXQFLO H[SUHVVHV LWV FRQFHUQ RYHU WKH VORZ SDFH RI WKH QHJRWLDWLRQV LQ VRPH UHJLRQV
ZKLOH ZHOFRPLQJ WKH VLJQLILFDQW SURJUHVV PDGH LQ WKRVH UHJLRQV WKDW DUH FORVH WR
FRQFOXGLQJ DQ (3$ ,W XQGHUOLQHV WKDW WKH FRQFOXVLRQ RI PXWXDOO\ VDWLVIDFWRU\ (3$V FDQ
RQO\ EH WKH UHVXOW RI D MRLQW HIIRUW ZKLFK UHTXLUHV VWURQJ SROLWLFDO FRPPLWPHQW IURP DOO
SDUWLHV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO FRQVLGHUV WKDW WKH &RPPLVVLRQ &RPPXQLFDWLRQ RQ WKH (FRQRPLF 3DUWQHUVKLS
$JUHHPHQWV SURYLGHV D XVHIXO DVVHVVPHQW RI SURJUHVV DQG FKDOOHQJHV DW D FUXFLDO VWDJH RI
WKH QHJRWLDWLRQV DQG LV D SUDJPDWLF LQGLFDWLRQ RI WKH EHVW ZD\ IRUZDUG ZLWK UHVSHFW WR
:72 UHTXLUHPHQWV 7KH &RXQFLO HQGRUVHV WKH WZR VWHS DSSURDFK SURSRVHG LQ WKH
&RPPXQLFDWLRQ WR QHJRWLDWH :72 FRPSDWLEOH DJUHHPHQWV LQFOXGLQJ PDUNHW DFFHVV IRU
JRRGV DV DQ LQWHULP VROXWLRQ IRU $&3 UHJLRQV RU VXE UHJLRQV ,Q WKLV UHJDUG UHFDOOLQJ WKDW
(3$V DLP DW HVWDEOLVKLQJ :72 FRPSDWLEOH DJUHHPHQWV EHWZHHQ WKH SDUWLHV RQ WKH EDVLV RI
WKH GHYHORSPHQW REMHFWLYHV RI WKH &RWRQRX $JUHHPHQW WKH &RXQFLO ZLOO H[DPLQH LQ YLHZ
WR LWV DGRSWLRQ WKH GUDIW 5HJXODWLRQ SURSRVHG E\ WKH &RPPLVVLRQ DLPLQJ DW DSSO\LQJ DV RI
-DQXDU\
DV D ILUVW VWHS WKH DUUDQJHPHQWV IRU JRRGV RULJLQDWLQJ LQ FHUWDLQ VWDWHV ZKLFK
DUH SDUW RI WKH $IULFD &DULEEHDQ DQG 3DFLILF *URXS RI 6WDWHV $&3 SURYLGHG LQ
DJUHHPHQWV HVWDEOLVKLQJ RU OHDGLQJ WR WKH HVWDEOLVKPHQW RI (FRQRPLF 3DUWQHUVKLS
$JUHHPHQWV
7KH &RXQFLO PDLQWDLQV WKDW LQ RUGHU WR PD[LPLVH WKH GHYHORSPHQW SRWHQWLDO RI WKH (3$V
DOO :72 FRPSDWLEOH IOH[LELOLW\ PXVW EH DOORZHG IRU WKH $&3 OLEHUDOLVDWLRQ SURFHVVHV ,Q
WKLV FRQWH[W LW HPSKDVLVHV WKDW DQ\ (3$ VKRXOG DOORZ DV\PPHWU\ EHWZHHQ $&3 DQG (8
PDUNHW DFFHVV FRPPLWPHQWV LQFOXGLQJ LQ WKH SURYLVLRQ RI DSSURSULDWHO\ ORQJ WUDQVLWLRQ
SHULRGV DQG LQ YHU\ H[FHSWLRQDO FDVHV HYHQ ORQJHU SHULRGV ZKLFK WDNH DFFRXQW RI WKH
GHYHORSPHQW QHHGV RI WKH $&3 FRXQWULHV 7KH &RXQFLO IXUWKHU UHFRJQLVHV WKH QHHG IRU
LPSURYHG 5XOHV RI 2ULJLQ LQ (3$V PDNLQJ WKHP VLPSOHU PRUH WUDQVSDUHQW HDVLHU
LPSURYHG DQG SUHGLFWDEOH LQ RUGHU WR HQVXUH WKDW $&3 6WDWHV FDQ IXOO\ EHQHILW IURP
SUHIHUHQWLDO PDUNHW DFFHVV ZKLOVW SUHYHQWLQJ FLUFXPYHQWLRQ
7KH &RXQFLO UHVSHFWV WKH ULJKW RI DOO $&3 6WDWHV DQG UHJLRQV WR GHWHUPLQH WKH EHVW SROLFLHV
IRU WKHLU GHYHORSPHQW DQG LW DFNQRZOHGJHV WKDW WKH DPELWLRQ IRU WKH VFRSH RI DQ (3$ PD\
GLIIHU IURP RQH UHJLRQ WR WKH RWKHU $W WKH VDPH WLPH WKH &RXQFLO LQ FRQIRUPLW\ ZLWK LWV
&RQFOXVLRQV RI 0D\
FRQVLGHUV WKDW WKH (3$V VKRXOG LQFOXGH WUDGH LQ VHUYLFHV
LQYHVWPHQW DQG RWKHU WUDGH UHODWHG DUHDV ,W EHOLHYHV WKDW VXFK DJUHHPHQWV IXOILO WKH
REMHFWLYHV RI HFRQRPLF DQG WUDGH FRRSHUDWLRQ DV VHW RXW LQ WKH &RWRQRX $JUHHPHQW DQG
FRQWULEXWH WR UHOHDVH WKH IXOO GHYHORSPHQW EHQHILWV RI (3$V 7KH &RXQFLO VXSSRUWV D
IOH[LEOH DQG SKDVHG DSSURDFK LQ WUDGH UHODWHG DUHDV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO IXUWKHU UHFDOOV WKDW LQ OLJKW RI &RWRQRX REOLJDWLRQV QHZ WUDGLQJ DUUDQJHPHQWV
VKRXOG EH HVWDEOLVKHG E\ -DQXDU\
LQ RUGHU WR LPSURYH WKH VLWXDWLRQ IRU $&3
FRXQWULHV DQG WR DYRLG QHJDWLYH HIIHFWV RQ WKH WUDGH IORZV EHWZHHQ WKHP DQG WKH (8
+HQFH ZKLOH LW DSSHDOV RQ DOO SDUWLHV WR DGYDQFH DV PXFK DV SRVVLEOH LQ DOO DVSHFWV RI WKH
(3$ WKH &RXQFLO XUJHV WKHP WR IRFXV WKHLU QHJRWLDWLQJ HIIRUWV HVSHFLDOO\ RQ WKH VHJPHQW RI
WUDGH LQ JRRGV 7KH &RXQFLO FRQVLGHUV WKDW DQ LQWHULP DJUHHPHQW FRYHULQJ :72
FRPSDWLEOH WUDGH LQ JRRGV DJUHHPHQWV DQG RWKHU DVSHFWV WKDW KDYH DOUHDG\ EHHQ DJUHHG DW
WKLV VWDJH VKRXOG EH FRQVLGHUHG DV D ILUVW VWHS LQ D SURFHVV WKDW VKRXOG OHDG WR D IXOO (3$
,Q WKLV UHVSHFW LW XQGHUOLQHV LWV SRVLWLRQ WKDW DOO SDUWLHV VKRXOG DJUHH WR SXUVXH QHJRWLDWLRQV
ZLWKLQ DJUHHG WLPHIUDPHV LQ RXWVWDQGLQJ DUHDV LI DJUHHPHQW RQ WKHVH LVVXHV FDQQRW EH
UHDFKHG EHIRUH WKH HQG RI
7KH &RPPLVVLRQ VKRXOG LQIRUP WKH &RXQFLO RQ UHJXODU
EDVLV RQ WKH SURJUHVV DFKLHYHG RQ WKHVH LVVXHV
7KH &RXQFLO DFNQRZOHGJHV WKH VSHFLILF LQWHUHVWV RI WKH RXWHUPRVW UHJLRQV ,W DVVXUHV WKDW
WKHVH LQWHUHVWV ZLOO EH WDNHQ LQWR DFFRXQW LQ WKH ILQDO VWDJH RI WKH (3$ QHJRWLDWLRQV
2QH RI WKH PDLQ REMHFWLYHV RI WKH (3$V LV WR VXSSRUW DQG IRVWHU UHJLRQDOO\ RZQHG
LQWHJUDWLRQ SURFHVVHV 7KH &RXQFLO DFNQRZOHGJHV WKDW WKH OHYHO RI H[LVWLQJ UHJLRQDO
LQWHJUDWLRQ YDULHV ZLWKLQ WKH VL[ $&3 UHJLRQV DQG WKDW LQ VRPH UHJLRQV QRW DOO FRXQWULHV DUH
\HW LQ D SRVLWLRQ WR HQWHU LQWR DQ (3$ LQ WKH DJUHHG WLPHIUDPH $W WKH VDPH WLPH WKH
&RXQFLO ILUPO\ KROGV WKDW (3$V DV GHYHORSPHQW DQG UHJLRQDOO\ LQFOXVLYH LQVWUXPHQWV FDQ
VHUYH WKH LQWHUHVW RI DOO $&3 6WDWHV PRUH WKDQ DQ\ RWKHU :72 FRPSDWLEOH RSWLRQ FXUUHQWO\
DFFHVVLEOH ,Q WKLV FRQWH[W LQ WKRVH FDVHV ZKHUH WKH RQO\ SRVVLEOH RSWLRQ WR FRQFOXGH DQ
DJUHHPHQW ZLWKLQ WKH PDQGDWRU\ GHDGOLQH LV WR VLJQ DW VXE UHJLRQDO OHYHO LQ RUGHU WR DYRLG
QHJDWLYH LPSDFWV RQ DQ\ $&3 FRXQWU\ WKH &RXQFLO HPSKDVLVHV WKDW VXFK DJUHHPHQWV
VKRXOG LQFOXGH DFFHVVLRQ FODXVHV WKDW HQVXUH WKH IXOO SRVVLELOLW\ WR MRLQ LQ IRU DOO FRXQWULHV
RI WKH UHJLRQ ZLOOLQJ WR SDUWLFLSDWH DW D ODWHU VWDJH 7KHVH DJUHHPHQWV VKRXOG EH FRQVLVWHQW
ZLWK UHJLRQDO HFRQRPLF DQG SROLWLFDO LQWHJUDWLRQ SURFHVVHV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO VWUHVVHV WKH LPSRUWDQFH RI UHPDLQLQJ HQJDJHG LQ KHOSLQJ WKH $&3 DGMXVW WR WKH
FKDQJHV OLQNHG WR (3$V DQG HQKDQFH UHJLRQDO LQWHJUDWLRQ WR VHL]H WKH QHZ WUDGH
RSSRUWXQLWLHV WKH\ EULQJ 7KH &RXQFLO LV WKHUHIRUH GHWHUPLQHG WR HQVXUH RSWLPDO LQWHUDFWLRQ
DQG FRKHUHQFH EHWZHHQ (3$V DQG GHYHORSPHQW FRRSHUDWLRQ 7KH &RXQFLO QRWHV WKDW LW KDV
EHHQ DJUHHG ZLWK DOO UHJLRQV WKDW GHYHORSPHQW FRRSHUDWLRQ SURYLVLRQV VKRXOG EH LQFOXGHG
LQ WKH (3$V DQG WKDW WKH SURJUDPPLQJ RI WKH WK (XURSHDQ 'HYHORSPHQW )XQG (')
RIIHUV D XQLTXH RSSRUWXQLW\ WR V\QFKURQLVH WUDGH SROLF\ GHFLVLRQV WDNHQ LQ WKH (3$V DQG
SURJUDPPLQJ RI (') UHVRXUFHV 7KH &RXQFLO UHFRPPHQGV WKDW SULRULW\ LV JLYHQ WR ILQDOLVH
ZLWK WKH $&3 FRXQWULHV DQG UHJLRQV WKH LGHQWLILFDWLRQ RI NH\ DFFRPSDQ\LQJ PHDVXUHV DQG
SURJUDPPHV XVLQJ WR WKH PD[LPXP H[WHQW SRVVLEOH WKH RXWFRPH RI WKH ZRUN RI WKH
5HJLRQDO 3UHSDUDWRU\ 7DVN )RUFHV 2I SDUWLFXODU FRQFHUQ ZLOO EH WKDW HDFK $&3 UHJLRQ LV
JLYHQ DGHTXDWH VXSSRUW EDVHG RQ QHHGV SULRULWLVHG E\ WKH UHJLRQ )RU WKRVH UHJLRQV
FRQFOXGLQJ LQWHULP DJUHHPHQWV WKH &RXQFLO UHFRJQL]HV WKDW GHYHORSPHQW ILQDQFH ZLOO EH
QHHGHG DOUHDG\ DW WKLV VWDJH WR DFFRPSDQ\ DGMXVWPHQW OLQNHG WR OLEHUDOLVDWLRQ DQG DV D
FRPSOHPHQWDU\ LQVWUXPHQW DPSOLI\LQJ WKH GHYHORSPHQW GLPHQVLRQ RI WKH DJUHHPHQWV
7KH &RXQFLO UHFDOOV WKH DGRSWLRQ LQ 2FWREHU
RI WKH (8 VWUDWHJ\ RQ $LG IRU 7UDGH 7KH
VWUDWHJ\ PDGH D FRPPLWPHQW WKDW LQ WKH FRQWH[W RI HIIRUWV WR LQFUHDVH WKH FROOHFWLYH (8
WUDGH UHODWHG DVVLVWDQFH WR ¼ ELOOLRQ DQQXDOO\ E\
LQ WKH UDQJH RI
RI WKH LQFUHDVH
ZLOO EH DYDLODEOH IRU WKH QHHGV SULRULWLVHG E\ WKH $&3 FRXQWULHV 7KH SURYLVLRQ RI
LQFUHDVHG KLJK TXDOLW\ $LG IRU 7UDGH $I7 KDG EHHQ SURPLVHG E\ WKH (8 LQ RUGHU WR
VXSSRUW $&3 UHJLRQV FRXQWULHV DQG ORFDO FRPPXQLWLHV LQFOXGLQJ VPDOO SURGXFHUV WR WDNH
IXOO DGYDQWDJH RI LQFUHDVHG WUDGH RSSRUWXQLWLHV DQG PD[LPLVH WKH EHQHILWV RI WUDGH UHIRUPV
LQFOXGLQJ WKRVH RI WKH (3$V ZKLOH WKH FROOHFWLYH (8 GHOLYHU\ RI $I7 GRHV QRW GHSHQG RQ
WKH RXWFRPH RI WKH QHJRWLDWLRQV 7KH &RXQFLO XQGHUOLQHV WKDW DOO $&3 UHJLRQV VKRXOG
UHFHLYH D IDLU VKDUH RI WKLV RYHUDOO DPRXQW
7KH &RXQFLO XUJHV DOO SDUWLHV WR UHGRXEOH WKHLU HIIRUWV LQ RUGHU WR UHDFK DJUHHPHQW RQ WKHVH
QHJRWLDWLRQV LQ WKLV ODVW FUXFLDO SHULRG ,Q WKLV FRQWH[W LW XQGHUOLQHV WKH QHHG WR DJUHH
EHIRUH WKH HQG RI WKH \HDU :72 FRPSDWLEOH VROXWLRQV LQ DFFRUGDQFH ZLWK WKH &RWRQRX
$JUHHPHQW WKDW SURYLGH WR QRQ /'& $&3 FRXQWULHV LPSURYHG DFFHVV LQWR WKH (8 PDUNHW
DQG JXDUG DJDLQVW WUDGH GLVUXSWLRQ 7R WKDW HQG WKH *HQHUDO $IIDLUV DQG ([WHUQDO 5HODWLRQV
&RXQFLO ZLOO UHYHUW WR WKLV LVVXH LQ 'HFHPEHU
RQ WKH EDVLV RI D UHSRUW DQG
UHFRPPHQGDWLRQV IURP WKH &RPPLVVLRQ
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
;,
7KH &RXQFLO XQGHUOLQHV WKDW VXLWDEOH UHYLHZ FODXVHV DV ZHOO DV FODXVHV WKDW HVWDEOLVK
DSSURSULDWH PHFKDQLVPV IRU PRQLWRULQJ DQG UHYLHZ LPSOHPHQWDWLRQ DV ZHOO DV GHYHORSPHQW
LPSDFWV ZLWK VSHFLDO DWWHQWLRQ WR WKH PRVW YXOQHUDEOH $&3 FRXQWULHV DQG FRPPXQLWLHV ZLOO
EH D NH\ SDUW RI WKH (3$¶V WH[WV ,Q RUGHU WR XSKROG WKH GHYHORSPHQW GLPHQVLRQ RI WKH
(3$V WKH PRQLWRULQJ V\VWHP VKRXOG EH EDVHG RQ REMHFWLYH DQG WUDQVSDUHQW FULWHULD DJUHHG
WKURXJK D EURDG DQG LQFOXVLYH SDUWLFLSDWRU\ DSSURDFK LQFOXGLQJ 3DUOLDPHQWV DQG QRQ 6WDWH
DFWRUV IURP ERWK $&3 VWDWHV DQG WKH (8 2YHUVHHLQJ DQG PRQLWRULQJ VKRXOG EH D LQWHJUDO
IXQFWLRQ RI WKH (3$ LQVWLWXWLRQV
7KH VLJQDWXUH RI WKH (3$V ZLOO EH WKH EHJLQQLQJ RI D SURFHVV ZLWK D YLHZ WR UHLQIRUFLQJ
UHJLRQDO LQWHJUDWLRQ DQG SURPRWLQJ WKH DGYDQFHPHQW RI WKH $&3 HFRQRPLHV 7KH &RXQFLO
ZLOO FRQWLQXH WR IROORZ WKLV PDWWHU LQ RUGHU WR HQVXUH WKDW (3$V HIIHFWLYHO\ FRQWULEXWH WR
LPSURYH SURVSHFWV IRU GHYHORSPHQW LQ WKH $&3 FRXQWULHV
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0058.png
;,
$'9$1&,1* $*5,&8/785( ,1 $)5,&$
&RXQFLO FRQFOXVLRQV
7KH &RXQFLO DGRSWHG FRQFOXVLRQV RQ D FRPPXQLFDWLRQ IURP WKH &RPPLVVLRQ RQ DJULFXOWXUH LQ
$IULFD ZHOFRPLQJ WKH REMHFWLYHV DQG SULQFLSOHV VHW RXW IRU FRRSHUDWLRQ RQ DJULFXOWXUDO GHYHORSPHQW
DW UHJLRQDO DQG FRQWLQHQWDO OHYHOV LQ $IULFD
$JULFXOWXUH LV WKH PDLQ HFRQRPLF EDVH IRU WKH PDMRULW\ RI $IULFDQV DQG DFFRXQWV IRU DERXW RQH WKLUG
RI $IULFD V JURVV GRPHVWLF SURGXFW 7KH &RXQFLO V FRQFOXVLRQV UHFRJQLVH WKH FUXFLDO LPSRUWDQFH RI
EURDG EDVHG VXVWDLQDEOH DJULFXOWXUDO JURZWK IRU SRYHUW\ UHGXFWLRQ DQG IRRG VHFXULW\ DQG IRU
DWWDLQLQJ WKH 81 V PLOOHQQLXP GHYHORSPHQW JRDOV LQ $IULFD 7KH\ ZHOFRPH WKH GHFLVLRQ E\ $IULFDQ
KHDGV RI VWDWH WR LQFUHDVH WKH VKDUH RI QDWLRQDO EXGJHWV DOORFDWHG WR DJULFXOWXUH DQG UXUDO
GHYHORSPHQW DQG DSSHDO WR WKHP WR KRQRXU WKHLU FRPPLWPHQWV
7KH FRQFOXVLRQV ZHOFRPH WKH LQFUHDVHG DWWHQWLRQ JLYHQ WR DJULFXOWXUH IRRG VHFXULW\ DQG UXUDO
GHYHORSPHQW IRU $IULFD XQGHU WKH (8 V WK (XURSHDQ GHYHORSPHQW IXQG :LWK UHVSHFW WR
FRRSHUDWLRQ RQ DJULFXOWXUDO GHYHORSPHQW DW WKH FRQWLQHQWDO DQG UHJLRQDO OHYHOV WKH FRQFOXVLRQV
HQGRUVH WKH &RPPLVVLRQ FRPPXQLFDWLRQ 6SHFLILF DUHDV RQ ZKLFK WR IRFXV FROODERUDWLRQ ZLOO EH
GHFLGHG LQ FRQVXOWDWLRQ EHWZHHQ WKH (8 DQG WKH $IULFDQ 8QLRQ
7KHVH FRQVLGHUDWLRQV ZLOO EH UHIOHFWHG LQ WKH MRLQW VWUDWHJ\ DQG DFWLRQ SODQ WR EH DGRSWHG DW WKH
(8 $IULFD VXPPLW LQ /LVERQ RQ DQG 'HFHPEHU DV UHJDUGV LPSOHPHQWDWLRQ RI WKH (8 $IULFD
VWUDWHJLF SDUWQHUVKLS
7KH &RXQFLO V FRQFOXVLRQV FDQ EH IRXQG LQ GRFXPHQW
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0059.png
;,
27+(5 %86,1(66
5DWLILFDWLRQ RI WKH UHYLVHG $&3 (8 SDUWQHUVKLS DJUHHPHQW
0LQLVWHUV RYHU OXQFK ZHUH EULHIHG E\ WKH &RPPLVVLRQ RQ WKH VWDWH RI UDWLILFDWLRQ RI WKH UHYLVHG
$&3 (8 SDUWQHUVKLS DJUHHPHQW DQG DQ (8 LQWHUQDO DJUHHPHQW RQ WKH WHQWK (XURSHDQ GHYHORSPHQW
IXQG
3UHVVH
(1
PDF to HTML - Convert PDF files to HTML files
1453627_0060.png
;,
27+(5 ,7(06 $33529('
3UHVVH
(1