English

Anuncio
$//86,21672+(127+(,60$1'02127+(,60,1
&,&(52·6%22.,,2)7+(1$785(2)7+(*2'6
$/86,21(6$/+(127(,602<(/02127(Ì602(1(//,%52,,'(
62%5(/$1$785$/(=$'(/26',26(6'(&,&(5Ð1
,6+$*$0/$7+
8QLYHUVLW\RI.HODQL\D6UL/DQNDLVKD#NOQDFON
5(&,%,'2(/'((1(52'(<$352%$'2(/'(0$5=2
5(680(1
$ OD OX] GH XQD SURIXQGD H[pJHVLV GH
OD WHRORJtD RQWROyJLFD HVWRLFD HO OLEUR
,, GH 6REUH OD QDWXUDOH]D GH ORV GLRVHV GH
&LFHUyQFRQVWLWX\HXQDLQYHVWLJDFLyQGH
OD QDWXUDOH]D GH OR GLYLQR HQ WpUPLQRV
GH VX H[LVWHQFLD VXV IXQFLRQHV \ ODV
EHQGLFLRQHV TXH FRQILHUH VREUH OD
KXPDQLGDG 3HUPLWH XQD FRPSUHQVLyQ
VXVWDQFLDOGHODWHVLVPiVDPSOLDGHXQD
MXVWLÀFDFLyQ WHyULFD GH OD HVHQFLD GH OR
GLYLQR FRQFHSWXDOL]DGD HQ OD IRUPD
GH XQ VHU VXSUHPR GLYLQR HO SULQFLSLR
TXH JRELHUQD XQ FRVPRV DUWLFXODGR GH
PDQHUDGLYLQDDOLJXDOTXHXQDVHULHGH
DUTXHWLSRV VXEVLGLDULRV TXH HPDQDQ VX
LOXPLQDFLyQ HWHUQD \ VLPXOWiQHDPHQWH
$ SHVDU GH OD GLILFXOWDG SDUD GHWHFWDU
OD H[WHQVLyQ \ ORV JUDGRV GH ORV DVXQWRV
FODYH UHODFLRQDGRV FRQ ORV FULWHULRV GH
XQD YHUGDG WHROyJLFD HQ &LFHUyQ LH OD
GHULYDFLyQ GH FRQFHSWRV SODWyQLFRV OD
LQÁXHQFLDGHODVPRGLÀFDFLRQHVRUWRGR[DV
GHORVHVWRLFRVWDUGtRV\ORVSUHFXUVRUHVGHO
QHRHVWRLFLVPR 3RVLGRQLR \ VX GHIHQVD
PHWRGROyJLFDTXHFRQÀUPDODVGRFWULQDV
HVWRLFDVHQODVTXHVREUHYLYHQDOXVLRQHVD
ORVFRQFHSWRVUHOLJLRVRVDFXxDGRVDSHQDV
HQ HO VLJOR ;9,, $' FRPR KHQRWHLVPR
\ PRQRWHtVPR HVWH DUWtFXOR H[SORUD ORV
JUDGRV GH UHÁH[LyQ GH HVWRV FRQFHSWRV
UHOLJLRVRVSRVWXODGRVHQHOPDUFRWHyULFR
GHO OLEUR ,, GH 6REUH OD 1DWXUDOH]D GH ORV
GLRVHV DO LJXDO TXH VX
FRQFHSWXDOL]DFLyQWHROyJLFDGHORGLYLQR
3$/$%5$6&/$9(
&LFHUyQ KHQRWHLVPR PRQRWHLVPR OR
GLYLQR3RVLGRQLRYHUGDGWHROyJLFD
$%675$&7
,Q WKH OLJKW RI D SURIRXQG H[HJHVLV RI
6WRLF RQWRORJLFDO WKHRORJ\ ERRN ,, RI
&LFHUR·V 7KH 1DWXUH RI WKH *RGV LV DQ
LQTXLU\ LQWR WKH QDWXUH RI WKH GLYLQH
LQ WHUPV RI LWV H[LVWHQFH IXQFWLRQV DQG
EOHVVLQJV FRQIHUUHG XSRQ KXPDQNLQG
,W SURYLGHV VXEVWDQWLDO LQVLJKW LQWR KLV
ZLGHU WKHVLV RI D WKHRUHWLFDO MXVWLÀFDWLRQ
RIWKHHVVHQFHRIWKHGLYLQHFRQFHSWXDOL]HG
LQ WKH IRUP RI D 6XSUHPH 'LYLQH %HLQJ
WKH JRYHUQLQJ SULQFLSOH LQ D GLYLQHO\
DUWLFXODWHG FRVPRV DV ZHOO DV D KRVW RI
VXEVLGLDU\DUFKHW\SHVZKRHWHUQDOO\DQG
VLPXOWDQHRXVO\HPDQDWHLWVLOOXPLQDWLRQ
'HVSLWH WKH GLIILFXOW\ LQ GHWHFWLQJ WKH
H[WHQW DQG GHJUHHV RI NH\ LVVXHV UHODWHG
WR&LFHUR·VFULWHULDRIDWKHRORJLFDOWUXWK
LH GHULYDWLRQ RI 3ODWRQLF FRQFHSWV WKH
LQIOXHQFH RI RUWKRGR[ PRGLILFDWLRQV RI
ODWHU6WRLFVDQGSUHFXUVRURI1HR6WRLFLVP
3RVHLGRQLXV DQG KLV PHWKRGRORJLFDO
GHIHQVH FRQÀUPLQJ 6WRLF GRFWULQHV WKHUH
VXUYLYHV DOOXVLRQV WR UHOLJLRXV FRQFHSWV
FRLQHG QRW EHIRUH WKH WK FHQWXU\ &(
VXFKDVKHQRWKHLVPDQGPRQRWKHLVP7KLV
SDSHUH[SORUHVWKHGHJUHHVRIUHÁHFWLRQRI
WKHVHUHOLJLRXVFRQFHSWVSRVWXODWHGZLWKLQ
WKH WKHRUHWLFDO IUDPHZRUN RI ERRN ,, RI
7KH1DWXUHRIWKH*RGVDV
ZHOO DV KLV WKHRORJLFDO FRQFHSWXDOL]DWLRQ
RIWKHGLYLQH
.(<:25'6
& L F H U R K H Q R W K H L V P P R Q R W K H L V P 3RVHLGRQLXVWKHGLYLQHWKHRORJLFDOWUXWK
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
,VKD*DPODWK
$EULHIDVVHVVPHQWRIWKHIROORZLQJFRQFHSWVLVDSUHUHTXLVLWHIRUWKH
HYROXWLRQRI&LFHUR·VWKHRORJLFDOFRQFHSWXDOL]DWLRQRIWKHGLYLQH
3RO\WKHLVPPRQRWKHLVPDQGKHQRWKHLVP
7KH (XURSHDQ VFKRODUO\ GLVSXWH RQ WKH H[SUHVVLRQ RI UHOLJLRXV
FRQFHSWVSRO\WKHLVPPRQRWKHLVPDQGKHQRWKHLVPLVDKRWO\SXUVXHG
VXEMHFW DQG FRQVLGHUDEOH DPRXQW RI UHVHDUFK LV EHLQJ FRQGXFWHG LQ
WKLV DUHD DGGUHVVLQJ WKHLU VSHFLÀF GLPHQVLRQVSUDFWLFDO WKHRORJLFDO
DQG WKHRUHWLFDO 7KH OLVW FRXOG PXOWLSO\ EXW WKHLU SULPDU\ PHDQLQJ
FRQWULEXWHV WR WKH DSSUHKHQVLRQ RI WKH SURSRUWLRQDO YDOXH RI WKH
VXE GLYLVLRQ RI WKH GLYLQH 'HULYHG IURP WKH *UHHN PRQR RQH DQG
PRQDUFKLDVLQJOHUXOHPRQRWKHLVPHQWDLOVH[FOXVLYHO\WKHZRUVKLSRI
DVLQJOHUXOLQJJRG%DUQHV0DF'RQDOG
6WDUN$WKDQDVVLDGL)UHGH7KLVDSSDUHQWO\
LV LQ FRQWUDGLVWLQFWLRQ WR SRO\WKHLVP ZKLFK SUHVXSSRVHV D SOXUDOLW\
RI JRGV $VVPDQ )RZGHQ 0DDV 7KH LQWURGXFWLRQ RI D EURDGHU SUHPLVH KHQRWKHLVP WUDQVFHQGV WKH
UKHWRULFDO DQG IXQFWLRQDO OLPLWDWLRQV RI PRQRWKHLVP DQG SRO\WKHLVP
9HUVQHO*ODGLJRFR$VVPDQ'HVSLWH
WKHWHUPLQRORJLFDOYDULDWLRQVDQGFRQIXVLQJLQÁDWLRQVLQWKHPRGHUQ
(XURSHDQDFDGHPLFFRQWH[WKHQRWKHLVPLVDQH[SUHVVLRQIRUDGLYLQH
XQLW\IRUPHGDVQRWMXVWDQDFFXPXODWLRQRIKLHUDUFKLFHQWLWLHVEXWD
VWUXFWXUHGZKROHDSDQWKHRQ$OWKRXJKLWVLQWHJUDWLRQZLWKPRQRWKHLVP
LVLQHYLWDEOHLWFDQQRWEHGHYLDWHGHQWLUHO\IURPSRO\WKHLVP)URPWKH
H[WHQW DQG GHJUHHV RI LPSRVLWLRQ RI HDFK RI WKRVH UHOLJLRXV FRQFHSWV
LQWRWKHRWKHUWKH\FDQQRORQJHUEHFRPSDUWPHQWDOL]HGVWULFWO\ZLWKLQ
WKH OLPLWDWLRQV RI WKHLU SULPDU\ FKDUDFWHU :DOOUDII 1RWZLWKVWDQGLQJWKHLQWHOOHFWXDOSKLORVRSKLFDOWHQGHQF\RIWKHWKFHQ
%&(WRLQWURGXFHDQDUUD\RIWHUPLQRORJ\WRDSSUHFLDWHWKHFKDUDFWHURI
WKHGLYLQHZLWKLQWKHFRQWH[WXDOIUDPHZRUNRIWKHODWHDQWLTXHUHOLJLRXV
PLOLHXRIWKH5RPDQHDVWLWZRXOGEHDJURXQGEUHDNLQJSURMHFWWRDSSO\
WKHPLQRUGHUWRXQGHUVWDQG&LFHUR·VFRQFHSWLRQRIWKHGLYLQHZLWKLQ
KLVRZQDUWLFXODWLRQRIDWKHRORJLFDOIUDPHZRUNLQERRN,,RI7KH1DWXUH
RIWKH*RGV
6XSUHPHGLYLQHEHLQJ
%RRN,,RI&LFHUR·V7KH1DWXUHRIWKH*RGVLVDYLUWXDOHPERGLPHQWRI6WRLF
RQWRORJLFDOWKHRORJ\WKRXJKWKHH[WHQWDQGGHJUHHVRIKLVGHULYDWLRQRI
WKHFDUGLQDOWHDFKLQJVRIWKH6WRLFVLVGLIÀFXOWWRDVVHVV&LFHURSURIHVVHV
H[FHOOHQWNQRZOHGJHRIWKHSDUWLFXODUO\SDQWKHLVWLFREVHUYDWLRQVRIWKH
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
$//86,21672+(127+(,60$1'02127+(,60,1&,&(52·6%22.,,2)7+(1$785(2)7+(*2'6
SULQFLSOHH[SRQHQWVRIWKH(DUO\DQG0LGGOH6WRD=HQRDQG
&KU\VLSSXVLQWHUPVRIWKHLUFRQWULEXWLRQWRWKHNQRZOHGJH
RI WKH VWUXFWXUH RI WKH FRVPRV 7KH WUDQVIRUPDWLRQ RI WKH
WUDGLWLRQDOSDQWKHRQLQ+RPHULFFDQRQLQWRSHUFHSWLEOHFRVPLFIRUFHV
VXQPRRQVWDUVSODQHWVVHDVRQVDQGWKHFRQÁDWLRQRIWZRFRQFHSWV
IRXQGDWLRQDOWR3ODWRQLFPHWDSK\VLFVWKH:RUOG6RXODQGWKH'HPLXUJH
DQGWKHLUHYHQWXDOUHGXFWLRQLQWRDVLQJOHUHFHSWDFOHDUHIRXQGDWLRQDOIRU
WKHIRUPDWLRQRI6WRLFWZLQSULQFLSOHVWKHDFWLYH'LRJHQHV/DHUWLXV
DQGWKHSDVVLYH7KDWWKHDFWLYHLPSRVHVLWVHOIRQ
WKHSDVVLYHLVDFFHSWHGE\WKH6WRLFVZLWKUHIHUHQFHWRWKHFRQYLFWLRQWKDW
WKHZRUOGLVDQHQVRXOHGRUJDQLVP5H\GDP6FKLOOHV
&LFHURDSSOLHVWKLV6WRLFWKHRU\LQWRKLVGLVFXVVLRQLQ
RQDFFRXQWRIWKHHVVHQFHRIWKHDFWLYHSULQFLSOHFRQFHSWXDOL]HG
LQWKHIRUPRIDVXSUHPHGLYLQHEHLQJ
7KH DFWLYH LV LGHQWLÀHG DV *RG ZKR DFWV XSRQ WKH SDVVLYH LPEXLQJ
IRUP DQG TXDOLW\ +DKP %HWHJK 7KH SDVVLYH FRPSULVHV RI WUDQVGLPHQVLRQDO K\SRWKHWLFDO VHFRQGDU\
HQWLWLHV ZKRVH H[LVWHQFH DQG IXQFWLRQV LQ WKHLU HQWLUHW\ FDXVHV WKH
XQLILFDWLRQ RI WKH FRVPRV 7KH DFWLYH DQG SDVVLYH DUH
LQWHUFRQQHFWHG LQ VXFK D PDQQHU WKDW WKH\ FDQ QHLWKHU EH VHSDUDWHG
QRU EH LQGHSHQGHQW 7KH V\QWKHVL]DWLRQ RI WKLV 6WRLF SRVLWLRQ LV DQ
HSLVWHPRORJLFDOFULWHULRQSDUDPRXQWIRU&LFHUR·VSUHVXSSRVLWLRQRID
SHUHQQLDO DQG H[XOWHG VXSUHPH GLYLQH EHLQJ ZKRVH SULPDU\ GLYLQH
LQWHOOLJHQFH QRW RQO\ VXSHUVHGHV EXW DOVR JHQHUDWHV D FRQFHSWLRQ RI
D VHFRQGDU\ GLYLQH LQWHOOLJHQFH 7KLV FORVH DIÀQLW\ EHWZHHQ
&LFHUR·VFRQFHSWXDOL]DWLRQRIDSHUHQQLDOEHLQJZKRVHSUHVLGHQF\DQG
JRYHUQDQFHLVLQYLRODEOHDQGWKHFRQFHSWLRQRID*RGZKRRSHUDWHVRQ
IRUPOHVVPDWWHULVREYLRXVO\DSRLQWRIDJUHHPHQWEHWZHHQWKH6WRLFVDQG
&LFHUR'LRJHQHV/DHUWLXV,WLVSODXVLEOHWR
PDLQWDLQWKHDVVXPSWLRQWKDWZLWKLQWKLVFRQWH[WXDOIUDPHZRUNVXUYLYHV
WKHJHUPRIKHQRWKHLVPDQGPRQRWKHLVP&LFHURDWWULEXWHVDFFODPDWLRQV
DOOXGLQJWRDPRQRWKHLVWLFHQGRUVHPHQWRIDVXSUHPHGLYLQHEHLQJLQ
WHUPVRILWVVXSUHPDF\LQWKHIROORZLQJSRWHQWLDODUHDVJHQHUDWLRQ
SURYLGHQFHJRYHUQDQFHSHUIHFWLRQ
JRRGQHVVUHJXODWLRQUDWLRQDOLW\
PRWLRQZKROHQHVV
SXULW\DQGVXEWOHW\ZLVGRP7KH
GLYLQLW\RIWKHXQLYHUVHFDQEHXQGHUVWRRGLQWHUPVRIWKLVVXSUHPDF\
7KHIRFDOSRLQWRIWKLVVXSUHPDF\LVWKDWLWLVGHYRLGRIDQ\
UHIHUHQFH WR LPLWDWLRQ 7KLV DOOXVLRQ WR PRQRWKHLVP
,VKD*DPODWK
KRZHYHU FDQ EH TXHVWLRQHG LQ UHODWLRQ WR &LFHUR·V DWWULEXWLRQ RI D
VLPLODUFXUUHQWRILGHDVUXQQLQJFRXQWHUWRWKHSURJHQ\RUVHFRQGDU\
LQWHOOLJHQFHVZKRVHSRVVHVVLRQRIWKHIROORZLQJPDUNVWKHPRIIIURPWKH
VXSUHPHGLYLQJEHLQJDVVHSDUDWHHQWLWLHVGLYLQLW\KDUPRQ\EHDXW\
PRWLRQ DQG HWHUQLW\ UDWLRQDOLW\ H[FHOOHQFH JXLGDQFH LQWHOOLJHQFH
ÀUH DQG PRWLRQ %XW QRZKHUH GRHV &LFHUR DVVHUW WKDW WKLV VHSDUDWLRQ LV DQ H[LVWHQWLDO
IHDWXUHLQKLVWKHRUHWLFDOIUDPHZRUN7KLVFDQEHH[SODLQHGLQWHUPVRI
SRO\WKHLVPDQGKHQRWKHLVP7KDWFHUWDLQQRHWLFIRUPDVH[SUHVVLRQVRI
GLYLQHPDQLIHVWDWLRQVLQWKHIRUPRIFRVPLFSKHQRPHQDHPDQDWLQJIURP
VXSUDUDWLRQDOVRXUFHVRIZLVGRPVWKURXJKRXWDOORQWRORJLFDOOHYHOVRI
UHDOLW\SHUPHDWLQJHYHU\VWUDQGRIWKHFRVPRVLVDPDMRUFRPSRQHQWRI
DQFLHQWSRO\WKHLVP$VVPDQ&)3RUSK\U\'H$EVWLQHQWLD
3ORWLQXV (QQHDGV 3OXWDUFK 2Q WKH 'HFOLQH RI
2UDFOHV FG G H ,DPEOLFKXV 2Q WKH 0\VWHULHV
7KLVGHULYDWLRQLVFRQVXEVWDQWLDOZLWK
&LFHUR·VFRQFHSWXDOL]DWLRQRIDVXSUHPHGLYLQHEHLQJZKRVHLOOXPLQDWLRQ
DQGLQIXVLRQRIORZHUOHYHOVRIUHDOLW\LQWKHPDQQHUPRVWDSSURSULDWH
IRUHDFKUHVSHFWLYHUHDOPIRUPVDKLHUDUFK\LQWKHFRVPRV([LVWHQFH
RIDKLHUDUFK\QDWXUDOO\GHVLJQDWHVWKHFRQFHSWLRQRIKLJKHUDQGORZHU
UHDOPV7KHLGHQWLÀFDWLRQRIWKHFRQÁDWLRQRIWKHVHUHDOPVFXOPLQDWLQJLQ
V\QFUHWLFLVPOHQGVYDOXHWRWKHFRQFHSWLRQRIWKHGHVFHQWDQGDFTXLVLWLRQ
RIWKHHIÀFDF\RIWKHVXSUHPHGLYLQHEHLQJ7KDWWKLVEHLQJHPERGLHVDQ
XQPLWLJDWHGXQLYHUVDOODZHQVKULQLQJWKHHQWLUHFHOHVWLDOFLUFXLWFDQEH
WUDFHGHOVHZKHUHLQ&LFHUR/DZV5HSXEOLF'H
2IÀFLLV%XWLWLVLQERRN,,RI7KH1DWXUHRIWKH*RGVWKDWKH
SRVWXODWHVDFRQWH[WFRUUHVSRQGLQJWRKHQRWKHLVPQRWZLWKVWDQGLQJLWV
VWURQJSRO\WKHLVWLFLPSOLFDWLRQV7KHXQLYHUVDOLW\RIFHOHVWLDOJRYHUQDQFH
DVVXUHGO\WUDQVFHQGVWKHQDUURZOLPLWDWLRQVRIDQLGHDOL]HGYHUVLRQRI
PRQRWKHLVP
6LQJOHPLQG
7KH UHÁHFWLRQ RI WKH GLYLQH DW YDULRXV OHYHOV RI WKH JUDGHG FRVPRV
WKURXJKRXWERRN,,RI7KH1DWXUHRIWKH*RGVLVVXJJHVWLYHRIDQLQHYLWDEOH
KLHUDUFKL]DWLRQDQGDVXEVHTXHQWV\QFUHWLFLVP%DOEXVPRXWKSLHFHRI
&LFHURUHSUHVHQWVWKLVLGHDZLWKFODULW\LQRQHRIKLVVSHHFKHV
7KH XQLYHUVH LWVHOI LV WKH RULJLQ VHHG DQG SDUHQW VR WR
VSHDNRIHYHU\WKLQJZKLFKLVVXEMHFWWRWKHQDWXUDOODZ,W
QRXULVKHVDQGHPEUDFHVDOOWKLQJVDVDERG\GRHVLWVRZQ
OLPEVDQGSDUWV
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
$//86,21672+(127+(,60$1'02127+(,60,1&,&(52·6%22.,,2)7+(1$785(2)7+(*2'6
&LFHUR·VFRQWULYDQFHRIDVLQJOHPLQGFRQWUROOLQJWKHSOXUDOLW\RIWKH
GLYLQH KLHUDUFKLF DQG V\QFUHWLVWLF DYRZHGO\ FRQWDLQV DOOXVLRQV WR
ERWKPRQRWKHLVPDQGSRO\WKHLVP,QWHUPVRIPRQRWKHLVPWKLVVLQJOH
PLQGIXQFWLRQVLQWKHIRUPRIDQ¶RULJLQ·¶VHHG·¶SDUHQW·RUVLPSO\DV
WKHSULPDU\GLYLQHIRUFHWKDWFDXVHVWKHULVHRIDOOFRVPLFSKHQRPHQD,W
DEVRUEVDQGHQYLVDJHVDOOVHFRQGDU\LQWHOOLJHQFHVRU¶OLPEV·DQG¶SDUWV·VR
WKDWWKLVJUDGHGFRVPRVUHSUHVHQWVDQXQH[SODLQDEOHWRWDOLW\ZKROHQHVV
IXOOQHVV7KLVFDQEHXQGHUVWRRGLQWHUPVRISRSXODU6WRLFDQDORJ\
&LFHURUHIHUVWR¶QDYLJDWLRQ·
FXOWLYDWLRQ WKH VXQGLDO WR FRQÀUP KLV WKHRORJLFDO
VWDQGSRLQWZLWKLQZKLFKVXUYLYHVVFRSHIRUWKHXQGHUVWDQGLQJRIWKLV
WRWDOLW\ %XW KH DOPRVW XQFRQVFLRXVO\ VKHGV VXEVWDQWLDO OLJKW RQ DQ
LGHDOL]HGPRQRWKHLVPZKHQKHUHIHUVWRWKLVVLQJOHPLQGDV*RGQDWXUH
DQGSURYLGHQFH
6XFKWHUPLQRORJ\UHIHUVWRDXQLTXHDQGSUHRUGDLQHGVXSUHPDF\VRWKDW
WKHUHUHPDLQVQRÁDZVVHWEDFNVGLVFUHSDQFLHV
,QWKHIRUPRIDVLQJOHPLQGWKHVXSUHPHGLYLQHEHLQJLQÁLFWVLWVIDU
JUHDWHU DQG VXSHULRU SURSXOVLRQ LQ WKH IRUP RI FRVPLF V\PSDWK\
,WLVIHDVLEOHWRDUJXH
DW WKLV MXQFWXUH WKDW &LFHUR GRHV LQ QR ZD\ DGYRFDWH·V PRQRWKHLVP
V\QRQ\PRXVZLWKWKHVFULSWXUDOVWULFWQHVVUHSUHVHQWDWLYHRIFKULVWLDQLW\
,WLVPRQRWKHLVWLFLQWKHVHQVHWKDWLQWKHIRUPRIDVLQJOHPLQGLWUXOHV
HDFKDQGHYHU\SKHQRPHQRQRIWKHGLYLQHKLHUDUFK\EXWZLWKDEVROXWHO\
QRRYHUZKHOPLQJDXWKRULW\RYHUWKHP$IWHUDOOWKHGLYLQHKLHUDUFKLHV
DUHGHVFULEHGDVKHDYHQO\ERGLHVZKRDUH
&UHDWHGRXWRIWKHSXUHVWDQGWKHPRVWDFWLYHHOHPHQWVRI
WKHDHWKHUZLWKQRDGPL[WXUHRIDQ\EDVHUVXEVWDQFHEXW
DUHDOOKHDWDQGÀUH6RWKDWWKH\WRRPD\YHU\SURSHUO\
EH GHVFULEHG DV OLYLQJ EHLQJV FRQVFLRXV DQG LQWHOOLJHQW
,QIHULRU ZKHQ FRPSDUHG WR WKH VXSHULRULW\ RI WKH VLQJOH PLQG WKHVH
¶FRQVFLRXV·DQG¶LQWHOOLJHQW·QRHWLFHQWLWLHVWKDWDUHPDQLIHVWHGDVFHOHVWLDO
IRUFHV ZLWKLQ &LFHUR·V FRQFHSWXDO IUDPHZRUN DUH WRSRJUDSKLFDOO\
FRQÀQHGWRWKHLUUHVSHFWLYHGRPDLQV%XWWKH\GRGHSHQGRQWKHVLQJOH
PLQG XQGHU ZKRVH SUHVLGHQF\ DQG JRYHUQDQFH WKH\ DUH H[SHFWHG WR
H[LVWDQGHQJDJHLQYDULHGIXQFWLRQV7KLVUHTXLUHVDYLUWXDOQHJRWLDWLRQ
DPRQJWUDQVGLPHQVLRQDOGRPDLQV5DWLÀHGDQGIXUWKHUMXVWLÀHGZLWK
UHIHUHQFHWRJHRPHWU\LQDQGWKH6WRLFKRVWLOLW\WR(SLFXUHDQV
,VKD*DPODWK
LQPDGHE\4XLQWXV/XFLOLXV%DOEXV&LFHURGHPRQVWUDWHVWKH
FKDUDFWHURIVSKDHUDRUVSKHUHDQGN\NORVRUFLUFOHDVDFUHGLEOHH[SODQDWLRQ
IRUWKHHTXDOLW\RIWKHGLVWDQFHIURPHYHU\SDUWRIWKHFLUFXPIHUHQFH
WKH PRGHO RI SHUIHFW V\PPHWU\ 'XELRXVO\ K\SRWKHWLFDO DV LW PD\
DSSHDURQDVXSHUÀFLDOOHYHOWKLVLVDSHUIHFWLQGLFDWLRQRIWKHHTXDOLW\
DQG V\PPHWU\ RI FRVPLF V\PSDWK\ 7KLV FRXOG EH PRUH VSHFLÀFDOO\
GHPRQVWUDWHGLQWHUPVRIWKHVXQOLJKWWKDWIDOOVXSRQWKHJUDGHGFRVPRV
5HIHUHQFHWRWKHVXQDQGVXQOLJKWLVQXPHURXVLQERRN,,RI7KH1DWXUH
RI WKH *RGV ,WV ÀUH PRWLRQ OLJKW HQJHQGHU DQ LQHIIDEOH VXSHULRULW\ DQDORJRXV WR
WKH VXSHULRULW\ RI WKH VLQJOH PLQG 7KLV DVWUDO SKHQRPHQD
RFFXS\LQJWKHKLJKHVWHWKHUHDOSODQHUHSUHVHQWVWKHYDULHGSRVLWLRQVRI
OLJKWGLVWLOOHGIURPWKHKLJKHVWVRXUFHRIOLJKWWKHVXSUHPHVWVRXUFHRI
UDGLDQFHWKHXQLYHUVDOÀUHSHUHQQLDOVXEVWDQFHRIFRVPLFLOOXPLQDWLRQ
LVLOOXVWUDWLYHRIWKHYDU\LQJSRVLWLRQV
RIWKHPRRQDQGWKHSODQHWVFRQFHLYHGDVSRVLWLRQHGLQWKHORZHVWVWUDWD
RIWKHJUDGHGFRVPRVLQUHODWLRQWRWKHVXQZKLFK
5HÁHFWVXSRQWKHHDUWKWKHOLJKWVKHGRQLWE\WKHVXQD
OLJKWWKDWYDULHVZLWKLWVRZQSKDVHV:KHQWKHPRRQLV
GLUHFWO\EHORZDQGRSSRVLWHWKHVXQLWWRWDOO\REVFXUHVLWV
UDGLDQFH6RPHWLPHVWRWKHPRRQZKHQLWLVRSSRVLWHWKH
VXQSDVVHVLQWRWKHVKDGRZRIWKHHDUWKVRWKDWLWVRZQOLJKW
LVVXGGHQO\HFOLSVHG,QWKHVDPHFRXUVHVWKHSODQHWVFLUFOH
DURXQGWKHHDUWKDQGLQWKHVDPHZD\WKH\UDLVHDQGVHWQRZ
TXLFNHUDQGQRZVORZHULQWKHLUPRWLRQVDQGVRPHWLPHV
DOWRJHWKHUVWLOO
7KHOLQHVUHÁHFWDQDIÀQLW\WRKHQRWKHLVPGHVLJQDWLQJDKDUPRQLRXV
XQLWDU\SDWWHUQLQWKHDUUDQJHPHQWRIKHDYHQO\ERGLHV7KHWHUPLQRORJ\
XVHGWRGHVFULEHWKHHIÀFDF\RIWKHVLQJOHPLQGLQWHUPVRILWVSRVLWLRQ
DQG PRWLRQ TXDOLÀHV KHQRWKHLVP WR D JUHDWHU GHJUHH WKDQ LW GRHV
PRQRWKHLVP7KHGHÀQDEOHDQGNQRZDEOHGHLWLHVFRQFHSWXDOL]HGDVWKH
PRRQDQGSODQHWVDUHRIWHQUHIHUUHGWRLQPRGHUQWKHRORJLFDOUHVHDUFKDV
´H[HFXWRUVDQGPDQLIHVWDWLRQVRIGLYLQHZLOOUDWKHUWKDQLQGHSHQGHQWSULQFLSOHV
RIUHDOLW\µ$WKDQDVLVLDGL)UHGH7KH\FROOHFWLYHO\UHSUHVHQW
WKHGLYLQHZLOOZKLFKDSSDUHQWO\LGHQWLI\WKHVXSUHPHGLYLQHEHLQJRQO\
7KHVH¶H[HFXWRUV·RQO\UHVHPEOHWKHVXSUHPHGLYLQHEHLQJLQPLQLDWXUH
7KHLUIXQFWLRQVGRQRWGLVUXSWWKHFRVPLFRUJDQL]DWLRQ
$GGLWLRQDOO\&LFHURH[FOXGHVDQ\UHIHUHQFHWRFKDQFH
IURPKLVFRVPLFFRQVWUXFWLRQ7KLVZRXOGEHDGHOLEHUDWH
PHDVXUHWDNHQWRFRQÀUPWKHSRO\WKHLVWLFOHJDF\RIWKHGLVFXVVLRQZLWKLQ
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
$//86,21672+(127+(,60$1'02127+(,60,1&,&(52·6%22.,,2)7+(1$785(2)7+(*2'6
ERRN,,RI7KH1DWXUHRIWKH*RGV,WVFRUUHVSRQGHQFHZLWKKHQRWKHLVP
EHFRPHVDOOWKHPRUHREYLRXVZKHQ&LFHURDFNQRZOHGJHVWKDWLWLVWKH
GHVLJQRIWKLVIRXQWDLQKHDGRILQWHOOLJHQFHWKLVVLQJOHXQIDWKRPDEOH
GLYLQHSRZHUHPEHGGHGLQWKHRQWRORJLFDOO\SHUFHLYHGUHJLRQGLUHFWLQJ
WKH FRXUVH RI SKHQRPHQDO YDULDWLRQV ZKRVH JRYHUQDQFH UHJXODWHV
SHULRGLFIXQFWLRQV
+RZHOVHZRXOGLWEHSRVVLEOHIRUWKHHDUWKWREORVVRPDW
RQHWLPHDQGWREHDGHVHUWDWDQRWKHU"2UKRZFRXOGWKH
FRPLQJDQGJRLQJRIWKHVXQLVVLJQDOHGE\VXFKDYDULHW\
RIWUDQVIRUPDWLRQVE\VXFKDYDULHW\RIWUDQVIRUPDWLRQVDV
ZLQWHUFRPHVDQGVXPPHUJRHV"2UKRZFRXOGWKHRFHDQ
WLGHVDQGFXUUHQWVRIWKHQDUURZVHDVLVJRYHUQHGE\WKH
PRWLRQV RI WKH PRRQ" 2U KRZ FRXOG WKH FRXUVHV RI WKH
GLIIHUHQWVWDUVEHSUHVHUYHGZLWKLQWKHPLJKW\UHYROXWLRQV
RIWKHZRUOGFUHDWLRQ"
7KRXJKQRWLVRODWHGIURPDQ\VHFRQGDU\SKHQRPHQDWKHVLQJOHPLQG
VXEVXPHVLQWRDFRKHUHQWXQLW\7KLVFRKHUHQFH
IXOÀOOV&LFHUR·VUHTXLUHPHQWRIDFRQFHSWLRQRIDVLQJOHPLQGRQZKRP
GHSHQGVWKHIXQFWLRQVDQGRSHUDWLRQVRIWKHGLYLQHJRYHUQPHQWLQLWV
WRWDOLW\ D ERG\ RI FRQVWLWXHQWV DSSOLFDEOH WR KLV RZQ REVHVVLRQ RI D
XQLYHUVDOOHJLVODWLRQ/DZV5HSXEOLF'H2IÀFLLV
$GPLQLVWUDWLRQ
7KH DUJXPHQWDWLRQ IURP WR DFNQRZOHGJH DQ H[XOWHG
VXSUHPHGLYLQHEHLQJDVDSRWHQWLDOHQWLW\DFTXDLQWLQJWKHWUDGLWLRQDO
FDQRQL]DWLRQ RI WKH GLYLQH LPEXLQJ GHQRPLQDWLRQV 7KH PXWXDO
FRUUHVSRQGHQFHEHWZHHQWKHVLQJOHPLQGDQGVXERUGLQDWHRQWRORJLFDO
VRXUFHVRIUHDOLW\UHÁHFWLQJDV\PEROLFDODPDOJDPDWLRQEHWZHHQKLJKHU
DQG ORZHU GLYLQH KLHUDUFKLHV WKURZV PXFK OLJKW RQ WKH FRQFHSWXDO
RSHUDWLRQDPRQJWUDQVGLPHQVLRQDOFRVPLFVWUDQGV,W
DOVRGLVWLQJXLVKHVPRQDUFKLDVLQJOHUXOHIURPRFKRORNUDWLDUXOHRIPDQ\
$UXOHXQGHUWKHSUHVWLJHRXVVXSUHPDF\RIDQDUFKHJHWDVRUNDWKHJHPRQ
OHDGHURIDFRPPXQLW\UHSUHVHQWVDSHUIHFWMXULVSUXGHQFHSHUVRQDOO\
DGPLUHGE\&LFHURDVDVROXWLRQWRWKHFKDOOHQJHVKHKLPVHOIIDFHGLQ
WKH5RPDQSROLWLFDODUHQDDVDKRPRQRYXVDQHZPDQRUDPDQZLWKRXW
WKHPXFKUHTXLUHGDULVWRFUDWLFOLQHDJH&)3RZHODQG3DWWHUVRQ
0D\7KHWKHRORJLFDOFRQFHSWXDOL]DWLRQRI
WKHVXSUHPHGLYLQHEHLQJLVDSHUIHFWVXEVWLWXWHWRÀOOXSWKHODPHQWDEOH
,VKD*DPODWK
YRLG LQ 5RPDQ OHJLVODWLRQ DV ZHOO DV WKH WHUULWRULDO H[SDQVLRQ RI WKH
HPSLUH 7KH HQIRUFHPHQW RI D XQLYHUVDO OHJLVODWLRQ FRQFHQWUDWLQJ RQ
WKH FXOWLYDWLRQ RI MXVWLFH FRPSHOOLQJ HYLO DV SRVWXODWHG ZLWKLQ WKH
WKHRORJLFDOIUDPHZRUNRIERRN,,RI7KH1DWXUHRIWKH*RGVLVLQGLFDWLYH
RI&LFHUR·VSURJUDPPDWLFLQWHQWLRQV
+HUHIHUVWRDQDUUD\RISKHQRPHQDDQGLQFLGHQWVLQQDWXUHQRXULVKPHQW
RI YHJHWDWLRQ DQG DQLPDOV UHDULQJ RI DQLPDOV
ELUGV DQG DPSKLELDQV FOLPDFWLF FRQGLWLRQV GLYLVLRQRIJHQGHUFXULQJGLVHDVHVDPRQJDQLPDOV
SURWHFWLRQRIYHJHWDWLRQPRGHVRISRVWXUHVRIDQLPDOV
)LQDOO\ KH DUULYHV DW WKH FRQFOXVLRQ WKDW ´HYHU\WKLQJ LQ
WKH ZRUOG LV PDUYHORXVO\ RUGHUHG E\ GLYLQH SURYLGHQFH DQG ZLVGRP IRU WKH
VDIHW\DQGSURWHFWLRQRIXVDOOµ6LPLODUUHIHUHQFHVWRWKHFDUH
RI WKH VXSUHPH GLYLQH EHLQJ DUH DOVR PDGH DW 6XFK GLYLQH JRYHUQDQFH WKHQ LV DSSOLFDEOH IRU
&LFHUR·VOHJLVODWLYHUHTXLUHPHQWVSURYLGHGWKDWLWHOLPLQDWHVDOOWKDWLV
PDOHÀFHQWHYLOHJRLVWLF,WDOVREULQJVWROLJKWDFRQFXUUHQFHEHWZHHQ
WKHGHFLGHGO\PRQRWKHLVWLFDQGKHQRWKHLVWLFSRVLWLRQZLWKLQERRN,,RI
KLVFRUSXVLQWKHVHQVHWKDWWKHIRUPHUDOLJQVWRDVWULFWVLQJOHUXOHZKLOH
WKHODWWHUÀQGVDIÀQLWLHVZLWKDKDUPRQLRXVUXOHRIDOOWKHFRQVWLWXHQWV
RIWKHFRVPRVWKXVIRUPLQJDXQLW\DPLGVWWKHWRWDOLW\7KHIRUPHULV
HPSKDWLFDOO\ LGHDOL]HG ZKLOH WKH ODWWHU GHYLDWHV LWVHOI IURP DQ\ VXFK
OLPLWDWLRQVDQGIXQFWLRQVPRUHLQDFFRUGDQFHZLWK&LFHUR·VWKHRORJLFDO
VWDQGSRLQWJLYLQJULVHWRWKHFRQFHSWLRQRIDFRPPRQODZJHQHUDWLQJ
DXQLYHUVDOOHJLVODWLRQIRUWKHFRVPLFSURJHQ\7KLVFRXOGEHH[SODLQHG
LQWHUPVRIWKHDGPLQLVWUDWLRQRIWKHVLQJOH0LQGDQGDGPLQLVWUDWLYH
GHYLFHVGHVLJQHGDVDWRWDOLW\RIWKHJRYHUQDQFHPDQLIHVWHGDVLWVRZQ
H[SUHVVLRQV
7KHDUFKHW\SDOSULQFLSOHVUHVLGLQJLQKLHUDUFKLFOHYHOVRIWKHFRVPRVDV
YDU\LQJH[SUHVVLRQVRIWKHVXSUHPHGLYLQHEHLQJIXOÀOOWKHLUGHPLXUJLF
UROHVDVVLJQHGWRWKHPDVDPDUNRIVXEPLVVLRQWRGLYLQHODZ
7KH DVVLJQDWLRQ RI GXWLHV LV
SURYLGHQWLDOO\GRQHZLWKWKHLQYROYHPHQWRIWKHVXSUHPHGLYLQHEHLQJ
FRQFHSWXDOL]HG DV QDWXUH 7KH NLQVKLS
EHWZHHQWKHYDULHGDUFKHW\SDOHQWLWLHVZLWKWKHFHQWUDOGLYLQHSRZHU
LVSUHRUGDLQHG7KLVLQFLGHQWDOO\LVDYLWDOTXDOLÀFDWLRQRI
SRO\WKHLVPWKDWOLHVDWWKHURRWRIKHQRWKHLVP8VWLQRYD
DOVR,RQEG0HQRFG
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
$//86,21672+(127+(,60$1'02127+(,60,1&,&(52·6%22.,,2)7+(1$785(2)7+(*2'6
7KDWWKHFLFHURQLDQDUFKHW\SDOSULQFLSOHVZKRGHULYHPRWLRQ
PLQGRUGHUSRZHUIURPWKH
KLJKHVWRQWRORJLFDOVRXUFHRIZLVGRPUHDVRQDQGSRZHUFRQFHSWXDOL]HG
DVDVXSUHPHGLYLQHEHLQJFROOHFWLYHO\HVWDEOLVKWKHSHUSHWXDWLRQRIWKH
FRVPRVLVDGHTXDWHWHVWLPRQ\IRU&LFHUR·VKHQRWKHLVWLFFODLPVZLWKLQ
ERRN ,, RI 7KH 1DWXUH RI WKH *RGV ,Q GHWHUPLQLQJ WKH
GHJUHHVRIDOOXVLRQVWRKHQRWKHLVPZLWKLQLWVWKHRORJLFDOIUDPHZRUNLWLV
QHFHVVDU\WRH[DPLQHWKHH[WHQWWRZKLFK&LFHURDFFHSWVWKHSRO\WKHLVWLF
SDQWKHRQ-XSLWHU-XQR.URQRV1HSWXQH3HUVHSKRQHDQG9HVWD
'HVSLWH WKH WHUPLQRORJLFDO YDULDWLRQV LQ WKHLU UHVSHFWLYH QDPHV WKH\
GHPRQVWUDWHWKHLUFRPPXQLFDWLRQZLWKWKHRULJLQDOVRXUFHRIJHQHUDWLRQ
DQGZLVGRP7KLVVRXUFHLVFRQFHDOHGWKRXJKLWSHUSHWXDWHV
WKHFRVPLFVWUXFWXUH7KLVFDQEHFODULÀHGLQWHUPVRIWKHLU
DEVRUSWLRQ RI WKH SULPRUGLDO ÀUH 7KH QDPHV RI WKH SODQHWV
UHSUHVHQWWKLVDEVRUSWLRQ6DWXUQLVWKHVKLQLQJRQH-XSLWHUWKHEOD]LQJ
RQH0HUFXU\WKHJOHDPLQJRQH9HQXVWKHOLJKWEHDUHU
7KLVFODULÀFDWLRQOHQGVVXSSRUWWRWKHK\SRWKHVLVWKDWHDFKSODQHWDU\
HQWLW\LVGUHQFKHGZLWKWKHFRVPLFV\PSDWK\WKDWHYROYHVWKURXJKRXW
WKHFRVPLFFLUFXLWLQWKHIRUPRIÀUHDQGOLJKW
&LFHUR SURFHHGV WR VWDWH WKDW WKH QDPHV RI SRO\WKHLVWLF GHLWLHV ZKR
UHSUHVHQW WKH WRWDOLW\ RI WKH FRVPRV 7KH\ VWDQG IRU VHYHUDO YLWDO
UHTXLUHPHQWV&HUHVIRUFRUQ/LEHUIRUZLQH6ROIRUVXQIRU
FHOHVWLDO SKHQRPHQD 'LDQD 'LDQD 2PQLYDJD /XFLIHUD /XFLQD DUH
LQ FKDUJH RI QLJKW DQG FKLOGELUWK IRU KXPDQ TXDOLWLHV DQG
HPRWLRQV IDLWK UHDVRQ KRSH VDOYDWLRQ SOHDVXUH GHVLUH 6XERUGLQDWHWKRXJKWKHVHHQWLWLHVGHVHUYHZRUVKLS
1RHQWLW\LVLQSRVVHVVLRQRIDQLOOXPLQDWLRQLQDJUHDWHUGHJUHHWKDQWKH
RWKHUVLQFHHDFKLVDVVLJQHGDFHUWDLQDPRXQWRIIXQFWLRQVWRSHUIRUP
$Q H[SORUDWLRQ LQWR WHVWLÀHV WKDW QR SODQHW LV PDOHÀFHQW
DVLWVGLYLQHSRWHQF\LVLQWHQVLÀHGWKURXJKWKHFRQFHQWULFVSKHUHVLQ
YDU\LQJGHJUHHV7KHVHGHJUHHVGRQRWUHSUHVHQWDGHPDUFDWLRQEHWZHHQ
KLJKHUDQGORZHUVLQFH&LFHUR·VWKHRORJLFDOGHIHQVHRIWKHFRQWH[WXDO
IUDPHZRUNZLWKLQERRN,,RI7KH1DWXUHRIWKH*RGVGRHVQRWSHUPLWD
VWULFWSRODUL]DWLRQEHWZHHQWKHVXSUHPHGLYLQHEHLQJDQGWKHVHFRQGDU\
LQWHOOLJHQFHV 'HULYDWLRQ RI FRVPLFOXPLQRVLW\ LV D PRVW FRQVSLFXRXV
IHDWXUH RI DQFLHQW SRO\WKHLVP DQG WKH GHJUHHV RI LWV HIÀFDF\ LV PRVW
,VKD*DPODWK
YLYLGO\ UHSUHVHQWHG LQ PRGHUQ VFKRODUO\ UHVHDUFK 9HWHUDQ VFKRODU
$QJHOD9RVVLQYHVWLJDWHV6DWXUQ·VLQPRVWSRWHQWLDOIRUWKHGLVFRYHU\
RILQWHOOHFWXDOJHQLXVDVZHOODVVXEVHTXHQWVWDJHVRIGLYLQHUHFHSWLRQ
9RVV7KHHIÀFDF\RIWKHUHFHSWLRQRIGLYLQH
V\PEROVZLWKLQDSRO\WKHLVWLFFRQWH[WWUDQVFHQGVDOOOHYHOVRIUHFHSWLRQRI
GLYLQHZLVGRPEHFDXVHLWLVDQH[SUHVVLRQRIWKHPDQLIROGSUHSRVLWLRQV
RIWKHXOWLPDWHFHOHVWLDOZLVGRP*DPODWK,WDOVRLQGLFDWHV
WKDWWKHGHULYDWLRQRIFRVPLFHIÀFDF\LVYDULHG
>«@WKHSODQHWVUHSUHVHQWDV\PSKRQ\RIGLIIHUHQWPRWLRQV
ZKHUHLQ6DWXUQDERYHIUHH]HVZLWKFROG0DUVÁDPHVZLWK
ÀUH LQ WKH PLGGOH DQG EHWZHHQ WKHP -XSLWHU VKHGV KLV
JHQLDOOLJKW%HORZ0DUVDUHWZRRWKHUVZKLFKDUHVDWHOOLWHV
RIWKHVXQ7KHVXQLWVHOIVKHGVLWVUDGLDQFHRYHUWKHZKROH
ZRUOGDQGWKHPRRQZLWKLWVUHÁHFWHGOLJKWSUHVLGHVRYHU
SUHJQDQFLHVDQGELUWKVDQGEULQJVDOOWKLQJVWRIUXLWLRQLQ
GXHVHDVRQ
7KHRUGHURISUHFHGHQFHLQHQOLJKWHQPHQWGHSHQGVRQWKHVXFFHVVLYH
PDQLIHVWDWLRQVRIWKHOLJKWRIWKHVXQ
(DUWKWKHORZHVWUHDOPLQWKHFRVPLFVWUXFWXUHDQGIDUWKHVWDZD\IURP
&LFHUR·VVXSUHPHGLYLQHEHLQJ7KHGHJUHHRIUHFHSWLRQ
RI FRVPLF V\PSDWK\ RI WKRVH UHVLGLQJ RQ HDUWK LV IDU LQIHULRU WR WKDW
RIWKHHQWLWLHVRFFXS\LQJWKHÀQHUUHDOPV5HODWHGOLWHUDWXUH
SURYLGHVLQYDOXDEOHWHVWLPRQ\IRUWKRVHGHJUHHVRIUHFHSWLRQRIFRVPLF
LOOXPLQDWLRQ3OXWDUFKGEDO3RUSK\U\
'H$EVWLQHQWLD3OXWDUFK&RQFHUQLQJWKHIDFHZKLFKDSSHDUVLQ
WKHRUERIWKH0RRQG,DPEOLFKXV7KHVHGHJUHHV
RIUHFHSWLRQHQGXUHWKHFULWLTXHRIQRQSDJDQDSRORJLVWVOLNH$XJXVWLQH
RI +LSSR IURP ZKRVH SURPRWLRQ RI DQ H[WUHPH W\SH RI PRQRWKHLVP
DELGLQJE\VDFUHGVFULSWXUHVLVH[DFWO\WKHSRLQWRI&LFHUR·VGHSDUWXUH
&LW\ RI *RG L[L[ 2Q )UHH :LOO , ,, , $XJXVWLQH·V
FRQGHPQDWLRQ RI GLYLQH KLHUDUFKLHV DQG WKH GLYLQH GLYLVLRQ RI ODERU
GLVWLQJXLVKWKHFXOWRIWKHRQHRUWKHDXWKRULW\RIDVLQJOHPLQGIURP
RSHUDGLHRUIDOVHJRGV&LW\RI*RG+HUHMHFWVWKHFLFHURQLDQ
FRQFHSWLRQRIDVLQJOHFRPPRQZHDOWKZLWKLWVFODLPRQWKHZHOIDUHRIWKH
HPSLUHLQWHUPVRIDPRQRWKHLVWLFIRXQGHU*RGZKRVHGLYLQHDXWKRULW\
HQVXUHVWKHULVHRIKXPDQNLQGIURPWKHLUGHSORUDEOHHDUWKO\VWDWHDQGWKH
ZRUVKLSRIHYDQHVFHQWGHPRQV*RGLVXQLTXHLQWHUPVRILWV
YLUWXHDQGLPSOLFDWLRQWKDWWKHH[WUHPHW\SHRIYLUWXHLVQRQHRWKHUWKDQ
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
$//86,21672+(127+(,60$1'02127+(,60,1&,&(52·6%22.,,2)7+(1$785(2)7+(*2'6
WKH&KULVWLDQ[LY7KHPRQRWKHLVWLFHQWLW\WKDW$XJXVWLQHDFFHSWV
DVWKHPRVWVXEOLPHLVE\QRPHDQVLQFRPSDWLEOHZLWKWKDWRIWKHOHVVHU
HQWLWLHV$SRLQWRIDJUHHPHQWLQFORVHSDUDOOHOWRWKHHPLVVLRQRI
FRVPLFV\PSDWK\LQWKHIRUPRIKHDWDQGOLJKWWKXVFRPPLQJOLQJGLYLQH
KLHUDUFKLHVRFFXS\LQJKLJKHUDQGORZHUFRVPLFUHJLRQVLQDV\QFUHWLFLVP
LVUHDFKHGLQ$XJXVWLQHV·GHSROHUL]DWLRQRIPRQRWKHLVPDQGSRO\WKHLVP
7KLVLVFODULÀHGZKHQKHPHQWLRQVRIDQJHOLFHQWLWLHVWKDWKDYHDFFHVV
WRDQGDUHDGHTXDWHO\LOOXPLQDWHGE\WKHÀQHVWRIGLYLQHOLJKW
2QO\ +H DQG QRERG\ HOVH GHVHUYH VDFULÀFH DQG YHQHUDWLRQ [ $XJXVWLQH·V DGPLUDWLRQ LV FRQÀQHG WR WKH DOPLJKW\ VXSUHPH FUHDWRU
ZKRSUHYHQWVWKHZLFNHGWRDV[L[
+HUHMHFWVWKHFRQVWLWXHQWFRPSRQHQWVRIWKHFRVPRV6WLOOKHFODVVLÀHV
WZR EURDG OLPLWDWLRQV LQ KLV PRQRWKHLVWLF IUDPHZRUN ZKLFK DUH
V\QRQ\PRXVZLWKKHQRWKHLVPDQGSRO\WKHLVPWKH&UHDWHURU2QH*RG
&LW\RI*RG*DQGWKH&UHDWHGRUPDQ\JRGV&LW\
RI*RG7KLVFODVVLÀFDWLRQHQJHQGHUV$XJXVWLQH·VDWWHPSW
WRPLQLPL]HWKHFRQWUDSRVLWLRQEHWZHHQPRQRWKLHVWVLQODWHDQWLTXLW\
DQGQHRSODWRQLFSDJDQV$WKDQDVULDGLDQG)UHGH:KDWHYHU
WKHSURJUDPPDWLFGHVLJQVRI$XJXVWLQH·VDUH&LFHURLVQRDQWDJRQLVWRI
SRO\WKHLVP$GHWDLOHGVXFFHVVLRQRIGXWLHVHSLSKDQLHVHSLWKHWVDQG
UHZDUGVFRQIHUUHGXSRQPDQNLQGE\SRO\WKHLVWLFGHLWLHVIURP
DQGFRQÀUPVLW7KDWKHFRQVWUXFWVKLVWKHRORJLFDOSRVLWLRQLQWR
DFRKHUHQWV\VWHPDVVRFLDWLQJERWKPRQRWKHLVPDQGKHQRWKHLVPXSRQ
WKHHVWDEOLVKHGD[LRPVEHFRPHVFOHDUHULQKLVGHFODUDWLRQRIP\WKRORJLFDO
DQGDOOHJRULFDOFRQÀJXUDWLRQVRIWKHGLYLQH
6RZHRXJKWWRZRUVKLSDQGUHYHUHWKHVHJRGVHDFKLQWKHLU
RZQSHUVRQDQGWKHLURZQQDWXUHXQGHUWKHQDPHVZKLFK
FXVWRP KDV EHVWRZHG XSRQ WKHP 6XFK ZRUVKLS RI WKH
JRGVLVWKHEHVWRIDOOWKLQJVIXOORISXULW\DQGKROLQHVVDQG
SLHW\LIRXUUHYHUHQFHLVDOZD\VWUXHDQGZKROHDQGSXUH
LQZRUGDQGWKRXJKW,WZDVQRWRQO\WKHSKLORVRSKHUVEXW
DOVRRXURZQDQFHVWRUVZKRWKXVGLVWLQJXLVKHGEHWZHHQ
WUXHUHOLJLRQDQGWKHIROOLHVRIVXSHUVWLWLRQ
7KHGLVWLQFWLRQEHWZHHQ¶WUXHUHOLJLRQ·DQG¶VXSHUVWLWLRQ·MXVWLÀHVWKH
H[LVWHQFHDQGIXQFWLRQRIWKHVXSUHPHGLYLQHEHLQJZLWKLQDWKHRORJLFDO
FRQWH[W,WWUDQVFHQGVWKHH[LVWHQFHDQGIXQFWLRQRIWKHFRQJUHJDWLRQRI
SRO\WKHLVWLFGHLWLHV%\UHFRJQL]LQJWKHGHÀQDEOHDQGNQRZDEOHJRGV
ZKRDUHUHSUHVHQWHGDVVXQPRRQVWDUVVHDVRQVSODQHWVGD\DQGQLJKW
,VKD*DPODWK
RQHLVDSWWRKRQRUWKHXOWLPDWHÀUVWFDXVHWKHKHLVWKHRVRUKHLVK\VLVWRV
FRQFHSWXDOL]HGDVWKHVXSUHPHGLYLQHEHLQJ
5HZDUGV
7KH LQWHU UHODWLRQ EHWZHHQ &LFHUR·V WKHRORJLFDO DSSUHKHQVLRQ RI D
VXSUHPH GLYLQH EHLQJ DQG WKH UHZDUGV FRQIHUUHG XSRQ KXPDQNLQG
DSSOLHV PRUH WR KHQRWKHLVP WKDQ WR PRQRWKHLVP 7KH &OHDQWKHDQ
FDWHJRUL]DWLRQRIWKHIRXULQVWDQFHVLVWHVWLPRQ\IRUGLYLQHSUHVHQFH
SURJQRVWLFDWLRQVDPLDEOHQDWXUDOSKHQRPHQDWHUULI\LQJPRYHPHQWVRI
KHDYHQDQGHDUWKDQGWKHUHJXODUO\RIWKHPRYHPHQWVRIKHDYHQO\ERGLHV
7KHODVWLVHPLQHQWLQWHUPVRILWVRQWRORJLFDOJHQHVLV
LQWHJUDWHGLQWRGLYLQDWLRQ,QYDOXDEOHVLJQLÀFDQFHLV
DZDUGHGWRGLYLQDWLRQLQDQFLHQWVRXUFHV,DPEOLFKXV2QWKH0\VWHULHV
[ +HUPHLDV ,Q 3KDHGUXP IU 3URFOXV (OHPHQWV RI 7KHRORJ\ ,W KDV EHHQ WKH WRSLF RI GLVFXVVLRQ DPRQJ VFKRODUV ZKR QRWLFH LWV
LQVSLUDWLRQDOGLPHQVLRQVVHH0D]XU6KDZ
%DUWRQ)ROORZLQJDVLPLODUFXUUHQWRIWKRXJKW
&LFHURHQJDJHVLQDGHWDLOHGGLVFXVVLRQRIWKHEHQHÀWVFRQIHUUHGXSRQ
KXPDQNLQGIURPWR+HQH[WGUDZVDWWHQWLRQWRWKH
SRVLWLRQDQGVWUXFWXUHRIWKHKXPDQH\HVWKDWJUDQWWKHSRVVLELOLW\RI
REVHUYDWLRQRIWKHEHDXW\RUGHUDQGSURSULHW\RIWKHUHYROXWLRQRIWKH
FRVPRVWKHPHGLXPRIGLVSHQVLQJGLYLQDWLRQ
:LWKSRVLWLYHDOOXVLRQVWR7LPDHXVFEDQGEG&LFHURDSSHDUV
WREHYLUWXDOO\SDUDSKUDVLQJ3ODWRDVIDUDVWKHVLJQLÀFDQFHDZDUGHGWR
KXPDQ YLVLRQ $ FRUROODU\ DSSHUWDLQLQJ WR KXPDQ YLVLRQ
LVWKHFRQWHPSODWLRQRIGLYLQHSUHVHQFHLQWKHIRUPRISURSKHF\DQG
UHYHODWLRQVWKURXJKWKHPHGLXPRIGLYLQDWLRQ7KHVWXG\RI
DVWURQRP\DVDIRUPRIGLYLQDWLRQLVLQYHVWLJDWHGZLWKLQWKHFRQWH[WRI
DQG7KHIROORZLQJLVLQGLFDWLYHRIKLVUHIXWDWLRQRI
GLYLQHSURSKHF\LQWHUPVRILWVVXEOLPLW\HIÀFDF\VXSHULRULW\
0DQ\ WKLQJV KDYH EHHQ UHYHDOHG WR VHHUV DQG UHWROG E\
SURSKHWV0DQ\HYHQWVKDYHEHHQIRUHVKDGRZHGE\RUDFOHV
VRRWKVD\LQJVGUHDPVDQGRPHQV0HQKDYHRIWHQGHULYHG
EHQHÀWIURPNQRZOHGJHRIWKHVHDUWVDQGDYRLGHGPDQ\
GDQJHUV7KHSRZHURUDUWRUQDWXUDOJLIWRISURSKHF\KDV
EHHQ FRQIHUUHG XSRQ 0DQ DORQH E\ WKH LPPRUWDO JRGV
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
$//86,21672+(127+(,60$1'02127+(,60,1&,&(52·6%22.,,2)7+(1$785(2)7+(*2'6
,QUHODWLRQWRWKLVSRLQW&LFHURFRQWHQGVWKDWGLYLQDWLRQLVDPRQJPHDQV
RIDFTXLULQJHWKLFDOJRRGQHVVGLVWLOOHGIURPWKHVXSUHPHGLYLQHEHLQJ
$V D SURYLGHQWLDO DQG VLQJXODU SULQFLSOH HQFDSVXODWLQJ
HYHQ WKH ORZHVW KLHUDUFKLF HQWLW\ KXPDQNLQG WKLV VXSUHPH GLYLQH
EHLQJSHUPLWVV\QFURQL]DWLRQRIWKHVRXOVRWKDWDQDJRJLFXQLRQWXUQV
RXWWREHDUHDOLW\7KHDVFHQWRIWKHKXPDQVRXOE\PHDQVRIGLYLQDWLRQ
LVDEHQHÀWEHVWRZHGXSRQKXPDQNLQG0DQWLNH
WHFKQH GLYLQDWLRQ DQG KHWKHLD PDQWLNH RU GLYLQH SURSKHF\ ILJXUH
V\PEROLFDOO\LQDQDJRLFVWDJHV5HIHUHQFH
WRYLVLRQDVDGLYLQHJLIWLVPDGHLQ7LPDHXVFGEG'/
3KDHGUXVFF7KHGLYLQHJLIWRIYLVLRQWKDWSURYLGHQWLDOO\
VXSSOHPHQWFRPPXQLRQZLWKWKHSHUIHFWDQGÀQHVWVRXUFHVRIZLVGRP
EHQHÀWWKHPRUHFRQWHPSODWLYHPLQGVZKRVHQDWXUHWUDQVFHQGWKRVH
ZKRVHPDWHULDOGLVSRVLWLRQVDUHSURPLQHQW6XFKPLQGVDUHVLPLODUWR
SKLORVRSKHUVRUORYHURIZLVGRP'H0\VWULHV
6\PSRVLXP FH 5HSXEOLF DE 7KDHWHWXV EF
7LPDHXVFG3KDHGUXVFF
7KLVFRPPXQLFDWLRQLVDQDORJRXVWRWKH6WRLFFRQFHSWLRQRIWKHOLIHRI
WKHJRGVDQGWKHVXEVHTXHQWDFTXLVLWLRQRIKDSSLQHVV$IWHU
DOOPDQLVLQPDQ\UHVSHFWVLPSHUIHFW3HUIHFWLRQFDQRQO\EH
DFFRPSOLVKHGWKURXJKPHDQVRIFRQWHPSODWLRQRIWKHGLYLQHWKURXJKWKH
PHGLXPRIGLYLQDWLRQO'LYLQDWLRQLVDYLWDO
HQWHUSULVHWKDWFRXOGEHDSSOLHGIRUWKHUHGXFWLRQRIWKHLQVHSDUDEOHJXOI
EHWZHHQWKHKXPDQDQGFHOHVWLDOUHDOP6WUXPVD&RUQHOLXV
6KHSKDUG$WKDQDVVLDGL&LFHUR
KDGHOVHZKHUHQRWHGWKHVDFUHGFKDUDFWHURIGLYLQDWLRQZKDWFRXOGEH
HIIHFWLYHO\DSSOLHGIRUWKLVUHGXFWLRQ'H'LYLQDWLRQH,,[L
7KHUH VXUYLYHV VFRSH ZLWKLQ WKH WKHRORJLFDO FRQWH[WXDOL]DWLRQ RI
WKH GLYLQH LQ ERRN ,, RI 7KH 1DWXUH RI WKH *RGV IRU PXOWLIDFHWHG DQG
PXOWLGLPHQVLRQDO HQWLWLHV ZKR DUH DZDUGHG HTXDO LPSRUWDQFH 7KLV
HTXDOLW\HQFDSVXODWHVDIUDPHZRUNRIWKRXJKWLQNHHSLQJZLWKDOOXVLRQV
WRKHQRWKHLVP7KLVIUDPHZRUNLVLQWHUSUHWHGVRDVWRGHQ\WKHKRVWLOH
FRPPHQWV RI $XJXVWXV ZKRVH YLUXOHQW DWWDFN RQ &LFHUR LV EDVHG RQ
KLV RZQ VXVSLFLRQ RI DQRPDOLWLHV DWWULEXWLRQ RI WKH FKDLQ RI HYHQWV
WRIDWH&LW\RI*RGHTXDWLRQRIIDWHRUGHVWLQ\WR-XSLWHUZKRLV
SUHVXSSRVHGDVWKHVXSUHPHJRGGHQLDORIVXSHUVWLWLRQ
ZKLFKRQRWKHURFFDVLRQVLVDGPLWWHGDVUHOLJLRXVWUXWKGHQLDO
RIVWDUVFRQWDLQLQJFHOHVWLDONQRZOHGJH
,VKD*DPODWK
$OOWKLVFRPPHQWV$XJXVWLQHFRQWULEXWHVWR&LFHUR·VDFNQRZOHGJHPHQW
RIWKHLJQRUDQFHRIVHFRQGDU\GLYLQHKLHUDUFKLHV$XJXVWLQH·VGHULVLRQ
RI&LFHUR·VUHSUHVHQWDWLRQRIWKHGLYLQHLVEURXJKWRXWLQKLVDSSDUHQW
GHPRQL]DWLRQRISDJDQGHLWLHV,WLVWKLVPLVFRQFHSWLRQWKDW
VHYHUHO\ FRQWUDGLFWV &LFHUR·V WKHRORJLFDO DVVHVVPHQW RI WKH GLYLQH
ZKLFKKDVDOOXVLRQVPRUHWRKHQRWKHLVPWKDQWRWKHW\SHRIVFULSWXUDO
PRQRWKHLVPDGYRFDWHGE\$XJXVWLQH
7KHFOLPD[RIWKHFLFHURQLDQFRQFHSWLRQRIWKHGLYLQHZKLFKDOOXGHVWR
KHQRWKHLVPUHÁHFWVDIHDWXUHXQLTXHWRLWVUHOLJLRXVIHUPHQWDWLRQDQGWKLV
LVQRQHRWKHUWKDQDVWUDOLPPRUWDOLW\RUWKHDVFHQWRIWKHSXULÀHGVRXO
WRLWVSULVWLQHRULJLQ
&IU'UHDPRI6FLSLR7KHDWWXQHPHQW
RU V\QFKURQL]DWLRQ RI WKH KXPDQ VRXO ZLWK WKH VXEWOH UHDOP RI WKH
SV\FKRSK\VLFDOGRPDLQWKXVOLWHUDOO\HQIRUPLQJWKHWRWDOLW\RIFRVPLF
V\PSDWK\UHÁHFWV&LFHUR·VUHSUHVHQWDWLRQRIWKHFKDUDFWHURIWKHGLYLQH
LQWHUPVRIWKHEHQHÀWVDQGUHZDUGFRQIHUUHGXSRQKXPDQNLQG
7KLVFDUHWKLVDWWHQWLRQEHVWRZHGXSRQKXPDQNLQGLVSURRIRI
WKHSODXVLELOLW\RIWKHVRXO·VV\QFUHWLFLVPZLWKWKHKLJKHVWGLYLQHVRXUFH
RIZLVGRPVXSUHPHGLYLQHEHLQJLWVVLQJOHPLQGDQGLWVDGPLQLVWUDWLRQ
DQGLWVJLIWV$OOWKHVHFRQWULEXWHWRWKHUHIXWDWLRQRIWKHGLYLQHPRUHLQ
UHODWLRQWRKHQRWKHLVPZLWKLQERRN,,RI7KH1DWXUHRIWKH*RGV
7KH DXWKRU WKDQNV 3DXO 6FDGH DQG &U\VWDO $GGH\ 8. IRU WKHLU
LQYDOXDEOHVXSSRUWLQSURGXFLQJWKLVSDSHU
5()(5(1&(6
$660$1-0DSLVQRWWHUULWRU\/HLGHQ%ULOO
BBBBBBBB´0RQRWKHLVPDQG3RO\WKHLVPµ,Q-2+167216/
(G 5HOLJLRQV RI WKH DQFLHQW ZRUOG &DPEULGJH 7KH %HONQDS 3UHVV RI
+DUYDUG8QLYHUVLW\3UHVV
$7+$1$66,$',3´'UHDPVWKHXUJ\DQGIUHHODQFHGLYLQDWLRQ
WKHWHVWLPRQ\RI,DPEOLFKXVµ,Q-RXUQDORI5RPDQ6WXGLHV1R/RQGRQ
6RFLHW\IRUWKH3URPRWLRQRI5RPDQ6WXGLHV
$7+$1$66,$', 3 )5('( 0 3DJDQ PRQRWKHLP LQ ODWH
$QWLTXLW\2[IRUG8QLYHUVLW\3UHVV
$8*867,1(&LW\RI*RG%HWWHQVRQ+7U8QLWHG.LQJGRP
%XQJD\DQG6XIIRON
%$51(6 7 ´0RQRWKHVWLV DOO"µ ,Q 3KRHQL[ 7RURQWR
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
$//86,21672+(127+(,60$1'02127+(,60,1&,&(52·6%22.,,2)7+(1$785(2)7+(*2'6
&DVVLFDO$VVRFLDWLRQRI&DQDGD
%$57217$QFLHQW$VWURORJ\/RQGRQDQG1HZ<RUN5RXWOHGJH
%(7(*+ * ´&RVPRORJLFDO HWKLFV LQ WKH 7LPDHXV DQG HDUO\
VWRLFLVPµ ,Q 2[IRUG VWXGLHV LQ DQFLHQW SKLORVRSK\ 9RO ;;,9 2[IRUG
8QLYHUVLW\3UHVV
&,&(52 'H 'LYLQDWLRQH )DOFRQ 1 $ 7U &DPEULGJH
8QLYHUVLW\3UHVV
BBBBBBBB 5HSXEOLF .H\HV & $ 7U 1HZ <RUN +DUYDUG
8QLYHUVLW\3UHVV
BBBBBBBB/DZV.H\HV&$7U1HZ<RUN+DUYDUG8QLYHUVLW\
3UHVV
BBBBBBBB´'UHDPRI6FLSLRµ,Q2QWKHJRRGOLIH5LHX97U
/RQGRQ3HQJXLQ%RRNV/WG
BBBBBBBB´'HRIÀFLLVµ,Q2QWKHJRRGOLIH*UDQW07U%XFNV·
/WG
BBBBBBBB7KH1DWXUHRIWKH*RGV+RUDFH&0F*UHJRU37UV
8QLWHG.LQJGRP+D]HOO:DWVRQDQG9LQH\
&251(/,(86 * 0RPHQW RI DVWURORJ\ RULJLQ LQ GLYLQDWLRQ
/RQGRQ3HQJXLQ%RRNV/WG
)2:'(1 * ´&RQVWDQWLQH·V SRUSK\U\ FROXPQ WKH HDUOLHVW
OLWHUDU\DOOXVLRQµ,Q-RXUQDORI5RPDQVWXGLHV/RQGRQ6RFLHW\IRUWKH
3URPRWLRQRI5RPDQ6WXGLHV
*$0/$7+ , 5HFHSWLRQ DQG WKH UHFHSWLYH LQ ,DPEOLFKXV 2Q WKH
P\VWHULHV,QGLD'LY\DGDQ
*$0/$7+ , $''(< & IRUWKFRPLQJ ´'DLPRQHV
GLYLQDWLRQDQGSRO\WKHLVPLQ3OXWDUFK·VPRUDOLDµ3DSHUSUHVHQWHGDW
WKH7KHRORJ\DQG5HOLJLRXV6WXGLHV3RVWJUDGXDWH'D\&RQIHUHQFH(QJODQG
8QLYHUVLW\RI%ULVWRO
*/$',*2:%3RO\WKHLVP6WXWWJDUW%HUOLQ.ROQ
+$+1 ' 7KH RULJLQV RI 6WRLF FRVPRORJ\ 2KLR 2KLR 6WDWH
8QLYHUVLW\3UHVV
,$0%/,&+862QWKHP\VWHULHV&ODUNH(&'LOORQ-07UV
$WODQWD+HUVKEHOO
0$$6 0 5HDGLQJV LQ ODWH DQWLTXLW\ D VRXUFHERRN 1HZ <RUN
+DUYDUG8QLYHUVLW\3UHVV
0$&'21$/'1´7KHRULJLQRIPRQRWKHLVPLQHDUO\-HZLVK
DQG &KULVWLDQ PRQRWKHLVPµ ,Q 678&.(1 %58&. / 1257+
: (GV (DUO\ -HZLVK DQG &KULWLDQ PRQRWKHLVP /RQGRQ 77 &ODUN
,QWHUQDWLRQDO
0$<-´&LFHURµ,Q&ODVVLFDO5HYLHZ/RQGRQ7KH&ODVVLFDO
$VVRFLDWLRQ
,VKD*DPODWK
0$=81=´8QLRPDJLFD,,3ORWLQXVWKHXUJ\DQGWKHTXHVWLRQ
RIULWXDOµ,Q'LRQ\VRV&DQDGD
3253+<5< 2Q WKH DEVWLQHQFH RI DQLPDO IRRG 7D\ORU 7 7U
/RQGRQ&HQWDXU3UHVV
32:(/ - 3$77(5621 - &LFHUR WKH DGYRFDWH 2[IRUG
8QLYHUVLW\3UHVV
3/$72'LDORJXHVRI3ODWR-RZHWW-7U1HZ<RUN&ODUHQGRQ
8QLYHUVLW\3UHVV
3/27,186(QQHDGV7D\ORU77U/RQGRQ
3/87$5&+2QWKHGHFOLQHRIRUDFOHV%DEELW)&7U/RQGRQ
+DUYDUG8QLYHUVLW\3UHVV
6+$:*´(URVDQGDULWKPRV3\WKDJRUHDQWKHXUJ\µ,Q2[IRUG
6WXGLHVLQ$QFLHQW3KLORVRSK\1R2[IRUG8QLYHUVLW\3UHVV
6+(33$5'$´,DPEOLFKXVRQ,QVSLUDWLRQ'H0\VWHULHVµ
,Q%/8(0(17+$/+-&/$5.(*(GV7KH'LYLQH,DPEOLFKXV
3LORVRSKHUVDQGPDQRIJRGV/RQGRQ%ULVWRO&ODVVLFDO3UHVV
67$5.52QH7UXH*RG+LVWRULFDOFRQVHTXHQFHVRIPRQRWKHLVP
1HZ-HUVH\3ULQFHWRQ8QLYHUVLW\3UHVV
6752806$*´6KDSLQJWKHSHUVRQLQHDUO\&KULVWLDQWKRXJKWµ
,Q %DUEDULDQ SKLORVRSK\ 7KH UHOLJLRXV UHYROXWLRQ RI HDUO\ FKULVWLDQLW\
7ELQJHQ0RKU6LHEHFN
9(561(/+,QFRQVLVWHQFLHVLQ*UHHNDQG5RPDQUHOLJLRQ9RO,
/HLGHQ%ULOO
9266$´$VWURORJ\RI0DUVLOLR)LFLQRGLYLQDWLRQRUVFLHQFH"µ,Q
&XOWXUHDQG&RVPRV%ULVWRO6RSKLD&HQWUHIRUWKH6WXG\RI&XOWXUDO
$VWURQRP\DQG$VWURORJ\
BBBBBBBB´3RZHURIPHODQFKRO\KXPRXUµ,Q(VVD\RQDVWURORJ\
DQGGLYLQDWLRQ&DPEULGJH6FKRODUV3UHVV
:$/5$)) 0 3DJDQ PRQRWKLVP LQ ODWH DQWLTXLW\ UHPDUNV RQ D
UHFHQWSXEOLFDWLRQ,WDO\0HGLWHUUDQH$QWLFR
'LVFXVLRQHV)LORVyÀFDV$xR1žHQHUR²MXQLRSS
Descargar