SlideShare ist ein Scribd-Unternehmen logo
1 von 75
Downloaden Sie, um offline zu lesen
7RPZLIH7iDDQGVRQV2QGUHMD0DWHMZKRKDYHVHHQPHOHVVEHFDXVHRI
WKLVVWXG2QWKHRWKHUVLGHWKDQNVWRWKLVVWXG,KDYHVHHQPRUHDQG,
JXHVVDPDEOHWRHQULFKRXUUHODWLRQV
%UDWLVODYD'HFHPEHU
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
35()$(
/LEHUWFDQQRWEHSUHVHUYHGZLWKRXWDJHQHUDONQRZOHGJHDPRQJWKHSHRSOHZKRKDYHDULJKW
DQG GHVLUH WR NQRZ EXW EHVLGHV WKLV WKH KDYH D ULJKW DQ LQGLVSXWDEOH XQDOLHQDEOH
LQGHIHDVLEOH GLYLQH ULJKW WR WKDW PRVW GUHDGHG DQG HQYLHG NLQG RI NQRZOHGJH , PHDQ RI WKH
FKDUDFWHUVDQGFRQGXFWRIWKHLUUXOHUV
-RKQ$'$06
7KHWHQGHQFRIWKHDYHUDJHFLWL]HQPDEHWRFULWLFLVHWKHJRYHUQPHQWZKHQHYHUKHFDQWKLVLV
DQDQFLHQWKXPDQLQVWLQFWZKLFKZLOOKDSSLOFRQWLQXHLQIRUPDWLRQVHUYLFHRUQRLQIRUPDWLRQ
VHUYLFH %XW IDLUPLQGHG FLWL]HQV DOVR ZDQW WR KHDU ERWK VLGHV RI WKH FDVH DQG WKH PHGLD RI
LQIRUPDWLRQ DUH XVXDOO FRQFHUQHG WR JLYH LW 7KLV LV WKH OHJLWLPDWH RSSRUWXQLW IRU WKH
LQIRUPDWLRQVHUYLFHVWRWDNH
6LU.HQQHWK*58%%
,1)250$7,21$1''(025$
$ FRXQWU LQ ZKLFK PHGLD GHSLFW D SXEOLF FRQWLQXDOO FRPSODLQLQJ DERXW WKHLU OHDGHUV DQG
SROLFLHVLVVXUHODGHPRFUDFLIWKHPHGLDQHYHUTXHVWLRQWKHJRYHUQPHQWDQGFRQVWDQWOSUDLVH
WKHOHDGHUVKLSLWPRVWFHUWDLQOLVQRW
*UHDW'HFLVLRQV
:H XQGHUVWDQG KLJKO GHYHORSHG WZR ZD FRPPXQLFDWLRQV EHWZHHQ WKH
JRYHUQPHQWDQGWKHQDWLRQDVDEDVLFFRQGLWLRQIRUVWDELOHGHPRFUDWLFOLIHLQWKHIUHH
DQGRSHQVRFLHW7KHUHLVWKHULJKWWRNQRZZKDWJRYHUQPHQWLVGRLQJRQWKHVLGHRI
WKHSXEOLFDQGWKHGXWWRNHHSLWVFLWL]HQVLQIRUPHGZKDWLVJRLQJRQRQWKHVLGHRI
WKH JRYHUQPHQW 6XFK DQ RSHQ JRYHUQPHQW LV QRW RQO D FRQWLQXLQJ VXEMHFW RI
SXEOLF GHEDWH LQ D GHPRFUDF
 EXW DOVR  IRU LQVWDQFH  LQ SUDFWLFH RI 86 QHZ
DGPLQLVWUDWLRQFRQWLQXLQJHIIRUWRIJRYHUQPHQWLWVHOI
3URSHUO IXQFWLRQLQJ GHPRFUDF GHSHQGV RQ ZHOO LQIRUPHG DQG HQJDJHG
FLWL]HQUHOHFWRUDWH
WKLVZHOOLQIRUPHGDQGPDWXUHFLWL]HQULVWKHHDUPDUNRID
WUXOGHPRFUDWLFDQGSOXUDOLVWLFVRFLHW

)RUHZRUG ,Q 2*,/9:(%% 0 7KH *RYHUQPHQW ([SODLQV $ 6WXG RI WKH ,QIRUPDWLRQ VHUYLFHV
/RQGRQ*HRUJH$OOHQDQG8QZLQ/WGS

S

%ULWLVK*RYHUQPHQW,QIRUPDWLRQ6HUYLFHV,QIRUPDWLRQ6WXGLHV% ULHILQJHQWUDO2IILFHRI,QIRUPDWLRQ
/RQGRQS+(6667KH*RYHUQPHQW3UHVVRQQHFWLRQ:DVKLQJWRQS

6HH HIIRUW RI SUHVLGHQW OLQWRQ WR GHFODVVLI PDQ GRFXPHQWV ZKLFK ZHUH GHFODUHG DV VHFUHW EHIRUH
6WDWHPHQW E WKH 3UHVV 6HFUHWDU 1RYHPEHU    DERXW PRUH WKDQ  XQFODVVLILHG RU GHFODVVLILHG
GRFXPHQWVUHODWHGWR6DOYDGRUDQKXPDQULJKWVFDVHVGHOLYHUHGWRWKHDSLWROKLOOE7KH'HSDUWPHQWVRI6WDWHDQG
'HIHQFHDQGWKHHQWUDO,QWHOOLJHQFH$JHQF

3RZHURIWKHPHGLDKDVFRPSOLFDWHGWKHZRUNRISURIHVVLRQDOSROLWLFVLQWKHKHDOWKDQGGHVLUDEOHZDLW
GHPDQGVDKLJKHUOHYHORIRSHQQHVVDQGDFFRXQWDELOLW
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
)UHH -RXUQDOLVP LQGHSHQGHQW 0HGLD DQG LQWHOOHFWXDO DQG FXOWXUDO OLIH LQ
FRQGLWLRQV RI IUHH IORZ RI LQIRUPDWLRQ  DUH EDVLF GHPRFUDWLF LQVWLWXWLRQV DEOH WR
FRQWUROJRYHUQPHQWDQGRWKHUFHQWUHVRIVRFLDOVWDWHSRZHU
%XW WKHUH LV DOVR  NQRZOHGJH WKDW RQO PXWXDO XQGHUVWDQGLQJ FDQ LPSURYH
IXQFWLRQLQJ RI WKH VRFLDO PHFKDQLVP DQG OLIH RI WKH QDWLRQV 7KH PDLQ WRRO RI
LQIRUPLQJWKHSXEOLFDERXWJRYHUQPHQWDFWLYLWLHVLV,1)250$7,216(59,(
7KHGXWRIJRYHUQPHQWVLVQRWRQOWRGHILQHULJKWSROLFLHVDQGSXWWKHPLQWRHIIHFW
7KHLUVHFRQGDUGXWLVWRH[SODLQWKHVHSROLFLHVWRWKHSXEOLF,WLVQRWHQRXJKWR
JRYHUQDFRXQWUSURSHUO7KHSXEOLFPXVWEHFRQYLQFHGWKDWLWLVEHLQJJRYHUQHG
SURSHUO
$QGWKHUHDUHDOVRVLWXDWLRQVZKHQSXEOLFRSLQLRQPXVWEHPRELOLVHGWR
DFKLHYHJRDOVRIWKHVRFLHW
,QIRUPDWLRQ VHUYLFH DOVR KDV D GXW  DQG SRVVLELOLW  WR KHOS MRXUQDOLVWV
JHWWLQJSURSHULQIRUPDWLRQDERXWIXQFWLRQLQJRIWKHJRYHUQPHQW
)URPWKLVSRLQWRI
YLHZ WKH 3UHVV 2IILFH LV WKH MXQFWLRQ SRLQW ZKHUH WKH JRYHUQPHQW DQG WKH SUHVV
PHHW
%HVLGHVSHRSOHDUHHQWLWOHGWRNQRZKRZPRQHSDLGDVWKHLUWD[HVDUHVSHQW
ZKWKHDUHVSHQWKRZHIILFLHQWODQGKRZWKHZLOOEHQHILW
:KHQ 6LU .HQQHWK *UXEE ZURWH KLV )25(:25'
WKHUH ZDV QR
FRPSDUDWLYH VWXG RI KRZ VXFK VHUYLFHV DUH SHUIRUPHG LQ VXFK FRXQWULHV DV WKH
8QLWHG 6WDWHV RU )UDQFH
 6R IDU DV , DP DZDUH WRR WKHUH LV QR UHFHQW VWXG LQ
H[LVWHQFH 6R , DP FODLPLQJ WR SUHSDUH VROLG JURXQGV IRU VXFK VWXG WKDW VKRXOG
FRQFOXGH LQWR IXQGDPHQWDO UHFRPPHQGDWLRQV EH DEOH WR KHOS LQ GHYHORSLQJ RI
JRYHUQPHQWLQIRUPDWLRQVHUYLFHVLQFRXQWULHVEXLOGLQJXSWKHLUGHPRFUDWLFVVWHPV
7KHPDLQTXHVWLRQKHUHDOVRZDVDOUHDGSXW+2:$1*29(510(17
,1)250$7,216(59,(6(;3(772%(+($5'

(YHQWKHDQVZHUZDVDOUHDGZULWWHQLWLVRIWKHHVVHQFHRIWKHLQIRUPDWLRQ
VHUYLFHV WKDW WKH VKRXOG QHLWKHU XVXUS WKH IXQFWLRQV RI WKH IUHH PHGLD QRU
H[DJJHUDWHWKHDFKLHYHPHQWVDQGSROLFLHVZKLFKWKHDUHFRQFHUQHGWRH[SODLQ7KH
DUH WKHUHIRUH LQ WKHPVHOYHV D UHFRJQLWLRQ RI D FHUWDLQ PDWXULW LQ D GHPRFUDF
7KHWHVWLIWRWKHH[LVWHQFHRIDVRFLHWZKHUHIDFWVDUHHVVHQWLDOWRWKHIRUPDWLRQRI
YLHZV ZKHUH SUHMXGLFH LV WR EH FRPEDWHG E UHDVRQ DQG ZKHUH SROLFLHV VKRXOG
QHYHUWKHOHVVEHH[SODLQHGLIWKHDUHWREHXQGHUVWRRG
:HOOEXWLVLWFHUWDLQOVR

,QIRUPDWLRQ 2IILFHUV 3XEOLF 5HODWLRQV 2IILFHUV DQG WKH 0HGLD /RQGRQ HQWUDO 2IILFH RI ,QIRUPDWLRQ
S

6+(66ZURWHWKDW:DVKLQJWRQUHSRUWHUVFRYHULQJQDWLRQDOJRYHUQPHQWFRQWDFWSUHVVRIILFHUVRQDOPRVW
KDOIWKHLUVWRULHV7KH:DVKLQJWRQUHSRUWHUV:DVKLQJWRQ%URRNLQJV,QVWLWXWLRQS

'212%(5'25)(5RIWKH:DVKLQJWRQ3RVW+(6667KH*RYHUQPHQW3UHVVRQQHFWLRQ:DVKLQJWRQ
S

2*,/9:(%%07KH*RYHUQPHQW([SODLQVS

,ELGS

,ELGS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
620(%$6,7(506
OHDUOGHILQHGEDVLFWHUPVDUHIXQGDPHQWDOIRUJRRGXQGHUVWDQGLQJ(VSHFLDOO
ZKLOHFRPSDULQJGLIIHUHQWFRQVWLWXWLRQDOVVWHPVJRYHUQPHQWVLQIRUPDWLRQVHUYLFHV
FXOWXUHV
2QHRIWKHPRVWIUHTXHQWQRWLRQVLQWKLVVWXGZLOOEH*29(510(17
7KLVZRUGPHDQVXVXDOOLQ8.ERWKSDUOLDPHQWDQGFDELQHWDQGLQ86DOOEUDQFKHV
RIJRYHUQPHQWOHJLVODWLYHH[HFXWLYHDQGMXGLFLDO2XUDLPZLOOEHWRFRQFHQWUDWH
RXUUHPDUNVDQGFRQFOXVLRQVRQH[HFXWLYHEUDQFKFDELQHWJRYHUQPHQWLQQDUURZHU
VHQVHRIWKHZRUG
$QRWKHU YHU LPSRUWDQW QRWLRQ LV 38%/, 5(/$7,216 :H FDQ XVH
GHILQLWLRQ RI WKH %ULWLVK ,QVWLWXWH RI 3XEOLF 5HODWLRQV VDLQJ WKDW 3XEOLF 5HODWLRQ
SUDFWLFHLVWKHSODQQHGDQGVXVWDLQHGHIIRUWWRHVWDEOLVKDQGPDLQWDLQJRRGZLOODQG
PXWXDOXQGHUVWDQGLQJEHWZHHQRUJDQLVDWLRQDQGLWVSXEOLFV
'RHVQ
WPDWWHULIWKH
RUJDQLVDWLRQLV3RVW2IILFHRU*RYHUQPHQWPDLQSULQFLSOHVRIGHDOLQJZLWKGLIIHUHQW
SXEOLFVDUHWKHVDPH
+RZHYHU WKHUH LV D VOLJKW GLIIHUHQFH EHWZHHQ SXEOLF UHODWLRQV DQG WKH
LQIRUPDWLRQ VHUYLFH 3XEOLF UHODWLRQV LV D VXVWDLQHG DWWHPSW WR LQIOXHQFH SXEOLF
RSLQLRQ,QIRUPLQJDERXWJRYHUQPHQWLVWKHIDFWXDOSUHVHQWDWLRQRILWVWKLQNLQJDQG
DFWLRQV
)5((0(',$DUHHVSHFLDOOLPSRUWDQWLQIRUPHUFRPPXQLVWFRXQWULHVWR
FKHFNSHUPDQHQWOWKHLUGHYHORSPHQWWRZDUGVGHPRFUDF
7KHQHHGWRJURZDQG
PXOWLSO WR SURWHFW DQG VXVWDLQ WKHLU IOHGJOLQJ GHPRFUDWLF LQVWLWXWLRQV RI
UHSUHVHQWDWLYHJRYHUQPHQWMXGLFLDOHTXLWUXOHRIODZSURWHFWLRQRIKXPDQULJKWV
DQG IUHH PDUNHW HFRQRPLHV 0HGLD DUH IUHH ZKHQ WKH DUH LQGHSHQGHQW RI
JRYHUQPHQWFKXUFKDQSROLWLFDOSDUWDQGZKHQWKHDUHDEOHWROLYHZLWKRXWDQ
RQHVLGHGHFRQRPLFDOVXSSRUW
*HQHUDOSULQFLSOHVRIWKHIUHHPHGLD
ZLGHVWIHDVLEOHQRQGLVFULPLQDWRUDFFHVVWRLQWHUQDWLRQDOQDWLRQDOUHJLRQDODQG
ORFDOLQIRUPDWLRQ
DEVHQFHIURPGLUHFWRULQGLUHFWFHQVRUVKLS
RSHQ QRQGLVFULPLQDWRU DFFHVV WR QHZVSULQW SULQWLQJ IDFLOLWLHV GLVWULEXWLRQ
VVWHPVEURDGFDVWPHGLDDQGRSHUDWLRQRIQHZVDJHQFLHV
HGLWRULDOLQGHSHQGHQFHDQGRSHQQHVVWRDGLYHUVLWRIYLHZSRLQWV
DEVHQFH RI UHVWULFWLRQV WR HQWU LQWR WKH ILHOG RI MRXUQDOLVP RU RYHU LWV SUDFWLFH
WKURXJK DUELWUDU RU GLVFULPLQDWLQJ OLFHQVLQJ RU RWKHU FHUWLILFDWLRQ SURFHGXUHV
EDVHGXSRQSRLQWVRIYLHZ
IXOO SURWHFWLRQ RI WKH ODZ RI MRXUQDOLVWV WR EH OLNH DOO FLWL]HQV VHFXUH LQ WKHLU
SHUVRQV
MRXUQDOLVWV ZRUNLQJ LQ ZDU ]RQHV VKRXOG EH WUHDWHG DV FLYLOLDQV DQG QRW DV
FRPEDWDQWVDQGVKRXOGHQMRDOOWKHULJKWVDQGSURWHFWLRQVRIRWKHUFLYLOLDQV

-().,16)3XEOLF5HODWLRQVWKHG/RQGRQ3LWPDQ3XEOLVKLQJS

,QIRUPDWLRQ 2IILFHUV 3XEOLF 5HODWLRQV 2IILFHUV DQG WKH 0HGLD /RQGRQ HQWUDO 2IILFH RI ,QIRUPDWLRQ
S

0HGLDLVWKHZDWFKGRJRIGHPRFUDF
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
IRUHLJQMRXUQDOLVWVVKRXOGQRWEHVXEMHFWWRGLVFULPLQDWRURUDUELWUDUWUHDWPHQW
DQGVKRXOGHQMRWRWKHH[WHQWSUDFWLFDEOHWKHVDPHLQGHSHQGHQFHDQGDFFHVVWR
LQIRUPDWLRQ DQG DOO QHFHVVDU SURIHVVLRQDO PDWHULDOV DQG HTXLSPHQW DV RWKHU
MRXUQDOLVWV
,W LV XVHIXO WR GLVWLQFW WKHVH QRWLRQV 35(66 2)),( GHSDUWPHQW
20081,$7,21638%/,5(/$7,216DQG38%/,$))$,56 
35(66 2)),( GHSDUWPHQW
KDV WR NHHS FRQWDFWV ZLWK MRXUQDOLVWV  SUHVV
RIILFHUVDQVZHUWKHLULQTXLULHVVHWXSLQWHUYLHZVDQGEULHILQJVIRUWKHPZLWKVHQLRU
RIILFLDOVRIWKHDJHQFZULWHQHZVUHOHDVHVDQGIDFWVKHHWVDQGDGYLVHWKHDJHQF
KHDGRQSUHVVUHODWLRQV
20081,$7,216VHFWLRQHVSHFLDOOLQWKH86$
LVWRZULWHVSHHFKHV
IRUVHQLRUDJHQFRIILFLDOVSXWRXWDJHQFSXEOLFDWLRQVDUUDQJLQJIRUSXEOLFVHUYLFH
PHVVDJHV WR EH GLVWULEXWHG WR 79 DQG 5DGLR VWDWLRQV DQG SUHSDUH DXGLRYLVXDO
PDWHULDOIRUXVHLQFODVVURRPV
38%/,$))$,56GHSDUWPHQWVNHHSFRQWDFWEHWZHHQWKHDJHQFDQGRXWVLGH
JURXSVLPSRUWDQWWRLWSDUOLDPHQWVWDWHDQGORFDOJRYHUQPHQWDQGFRQVXPHUVDV
ZHOODVWKHQHZVPHGLD
38%/,5(/$7,21635
LVZLGHUQRWLRQ35LVVVWHPDWLFSODQQHGDQG
VXVWDLQHGDFWLYLWDLPHGWRLPSURYHPXWXDOXQGHUVWDQGLQJEHWZHHQWKHVXEMHFWRI35
RUJDQLVDWLRQLQVWLWXWLRQSHUVRQHWF
DQGLWVSXEOLF5HVXOWRIWKLVDFWLYLWLVEHWWHU
LPDJHRIWKHVXEMHFWRQEHKDOIRIZKLFK35LVFDUULHGRXWRPPXQLFDWLRQVSXEOLF
DIIDLUVSUHVVUHODWLRQVHWFDUHSDUWVRI35DVDZKROHFRPSOH[DFWLYLW

7KHRWKHUVLGHRIWKHIUHHPHGLDFRLQLVHWKLFVRIWKHPHGLDRGHVRIHWKLFVRIWKHPHGLDREYLRXVO
LQFOXGH
DYRLGLQJFRQIOLFWRILQWHUHVWQRWWRFRPSURPLVHSHUVRQDODQGSURIHVVLRQDOLQWHJULW
DFFXUDFSURWHFWLQJ
FRQILGHQWLDOVRXUFHVRILQIRUPDWLRQUHFRJQLWLRQDQGFRUUHFWLRQRIHUURUVLVVXHVRIULJKWFRQWH[WRILQIRUPDWLRQ
VHSDUDWLRQ RI QHZV DQG FRPPHQWDU UHVSRQVLELOLW LQGLYLGXDO
V ULJKW WR SULYDF +$860$1  ULVLV RI
RQVFLHQFH3HUVSHFWLYHVRQ-RXUQDOLVP(WKLFV1HZRUN+DUSHUROOLQV3XEOLVKHUVS

+(666*RYHUQPHQW3UHVVRQQHFWLRQ:DVKLQJWRQS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
2167,787,21$/)5$0(:25.
*5($7%5,7$,1
8QLWHG.LQJGRPRI*UHDW%ULWDLQDQG1RUWKHUQ,UHODQGKDVQRWFRQVWLWXWLRQLQ
FODVVLFIRUPRIVLQJOHGRFXPHQW)RUPHGSDUWOEVWDWXWHSDUWOEFRPPRQODZ
DQG SDUWO E FRQYHQWLRQ LW FDQ EH DOWHUHG E $FW RI 3DUOLDPHQW RU E JHQHUDO
DJUHHPHQW WR FUHDWH YDU RU DEROLVK D FRQYHQWLRQ 7KH %ULWLVK FRQVWLWXWLRQ WKXV
DGDSWVUHDGLOWRFKDQJLQJSROLWLFDOFRQGLWLRQVDQGLGHDV
7KH6WDWHLQ8.LVSHUVRQLILHGE+HU0DMHVW7KH4XHHQ,QODZVKHLVKHDG
RI WKH H[HFXWLYH DQ LQWHJUDO SDUW RI WKH OHJLVODWXUH KHDG RI WKH MXGLFLDU WKH
FRPPDQGHULQFKLHIRIDOODUPHGIRUFHVRIWKHURZQDQGWKHVXSUHPHJRYHUQRURI
WKHHVWDEOLVKHGKXUFKRI(QJODQG%XWLQIDFW%ULWDLQLVJRYHUQHGE+HU0DMHVW
V
*RYHUQPHQWLQWKHQDPHRIWKH4XHHQ7KH4XHHQKHUVHOIDFWVRQWKHDGYLFHRIKHU
PLQLVWHUV,WLVUHVXOWRIDORQJSURFHVVRIHYROXWLRQGXULQJZKLFKWKHPRQDUFK
V
DEVROXWHSRZHUKDVEHHQSURJUHVVLYHOUHGXFHG
%WUDGLWLRQWKHOHDGHURIWKHPDMRULW3DUWLVDVNHGEWKH6RYHUHLJQWRIRUP
D JRYHUQPHQW DQG DERXW  RI LWV PHPEHUV LQ WKH +RXVH RI RPPRQV DQG WKH
+RXVH RI /RUGV UHFHLYH PLQLVWHULDO DSSRLQWPHQWV LQFOXGLQJ DSSRLQWPHQW WR WKH
DELQHW
RQWKHDGYLFHRIWKH3ULPH0LQLVWHU7KHODUJHVWPDMRULWSDUWEHFRPHVWKH
RIILFLDO2SSRVLWLRQZLWKLWVRZQOHDGHUDQGVKDGRZFDELQHW
7KH IXQFWLRQV RI WKH DELQHW DUH WKH LQLWLDWLRQ DQG ILQDO GHWHUPLQDWLRQ RI
SROLFLHV WKH VXSUHPH FRQWURO RI JRYHUQPHQW DQG WKH FRRUGLQDWLRQ RI JRYHUQPHQW
GHSDUWPHQWV7KHH[HUFLVHRIWKHVHIXQFWLRQVLVYLWDOODIIHFWHGEWKHIDFWWKDWWKH
DELQHWLVDJURXSRISDUWUHSUHVHQWDWLYHVGHSHQGLQJXSRQPDMRULWVXSSRUWLQWKH
+RXVHRIRPPRQV
*(50$1
)HGHUDO 5HSXEOLF RI *HUPDQ )5*
ZDV FUHDWHG RQ WK 6HSWHPEHU 
$FFRUGLQJWRLWVRQVWLWXWLRQ)5*LVDIHGHUDOVWDWHZLWKSDUOLDPHQWDUJRYHUQPHQW
VVWHP,QGLYLGXDOVWDWHVXQLWHGWRWKHIHGHUDWLRQKDYHWKHLURZQFRQVWLWXWLRQVDQG
FRQVWLWXWLRQDORUJDQV7KHVHVWDWHVKDYHDXWRQRPLQFHUWDLQILHOGVIRULQVWDQFHLQ
HGXFDWLRQFXOWXUHHWF
)HGHUDO 3UHVLGHQW KDV SUHYDLOLQJ UHSUHVHQWDWLYH IXQFWLRQ +H LV HOHFWHG IRU 
HDUV E WKH )HGHUDO $VVHPEO +H UHSUHVHQWV *HUPDQ RXWZDUGO +H QDPHV
IHGHUDOMXGJHVSXEOLFVHUYDQWVHWF
)HGHUDO3DUOLDPHQWH[HFXWHVOHJLVODWLYHSRZHUHOHFWV)HGHUDOKDQFHOORU3ULPH
0LQLVWHU
DQG FKHFNV WKH *RYHUQPHQWDELQHW 6HFRQG FKDPEHU RI WKH IHGHUDO

%ULWDLQ$QRIILFLDOKDQGERRN)RUHLJQDQGRPPRQZHDOWK2IILFHS

,ELGS

,ELGS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
SDUOLDPHQW LV )HGHUDO RXQFLO %XQGHVUDW
IRUPHG IURP FRQVWLWXHQFLHV RI WKH
GLIIHUHQWUHJLRQDOJRYHUQPHQWV
)HGHUDO *RYHUQPHQWDELQHW LV KHDGHG E WKH KDQFHOORU +H KDV ULJKW WR
SURSRVHWRWKH3UHVLGHQWRI)5*PHPEHUVRIWKHDELQHW0LQLVWHUV
WRQDPHRU
UHFDOO
86$
8QLWHG6WDWHVRI$PHULFDZHUHGHFODUHGDVIUHHDQGLQGHSHQGHQWVWDWHVRQ
-XO86RQVWLWXWLRQZDVRIILFLDOODSSURYHGRI0DUFK
$FFRUGLQJ WKH 86 RQVWLWXWLRQ WKHUH DUH WKUHH EUDQFKHV RI WKH JRYHUQPHQW
/HJLVODWLYHRQJUHVV
([HFXWLYH3UHVLGHQW
DQG-XGLFLDORXUWV
RQJUHVV SDUOLDPHQW
KDV WZR FKDPEHUV  7KH 6HQDWH DQG 7KH +RXVH RI
5HSUHVHQWDWLYHVRQJUHVVLVWKHRQOSRZHUDOORZHGWRFUHDWHIHGHUDOODZVSURSRVH
IHGHUDOWD[HVGHFODUHWKHZDURUWRUDWLILQWHUQDWLRQDOWUHDWLHV
0DLQ H[HFXWLYH VXEMHFW LV 3UHVLGHQW RI WKH 86$ 3UHVLGHQW DQG KLV GHSXW 
9LFHSUHVLGHQW  DUH  HOHFWHG WRJHWKHU RQH WLFNHW
IRU IRXU HDUV WKH PD EH
HOHFWHGWRVHUYHRQOWZRFRQVHFXWLYHWHUPVHDUV
3UHVLGHQWLVHOHFWHGEWKH
(OHFWRUDO ROOHJH QRW E WKH SRSXODU YRWH 9LFHSUHVLGHQW LV DW WKH VDPH WLPH
KDLUPDQRIWKH6HQDWH+HLVDOORZHGWRYRWHWKHUHLQWKHFDVHRIHTXDOLWRIYRWHV
RQO
3RZHUVRIWKH863UHVLGHQWDUHH[WHQVLYHEXWQRWXQOLPLWHG3UHVLGHQWDVPDLQ
FUHDWRURIQDWLRQDOSROLFRIWHQSURSRVHVWRRQJUHVVOHJLVODWLYHFKDQJHV+HDOVR
KDVDULJKWRIYHWRLWPHDQVKHFDQVD1RWRDQELOODSSURYHGEWKHRQJUHVV
7KLVYHWRFDQEHRYHUFRPHRQOEWZRWKLUGVRIYRWHVLQERWKKRXVHVRI$PHULFDQ
SDUOLDPHQW
3UHVLGHQWDVPDLQUHSUHVHQWDWLYHRIKLVSROLWLFDOSDUWDQGZLWKGLUHFWDFFHVVWR
PDVVPHGLDKDVJUHDWRSSRUWXQLWLHVWRLQIOXHQFHSXEOLFRSLQLRQFRQFHUQLQJOHJLVODWLYH
DQGFKDQJHVZKLFKKHWKLQNVDUHLPSRUWDQW
3UHVLGHQWKDVSRZHUWRDSSRLQWIHGHUDOMXGJHVWRIUHHSODFHVLQFOXGLQJPHPEHUV
RIWKH6XSUHPHRXUWZLWKDGYLFHDQGFRQVHQWRIWKH6HQDWH
,QH[HFXWLYHSRZHU3UHVLGHQWKDVFRQVLGHUDEOHULJKWVWRLVVXHUHJXODWLRQVDQG
GLUHFWLYHVFRQFHUQLQJH[HFXWLRQLQPDQIHGHUDODJHQFLHVDQGLQVWDWHDGPLQLVWUDWLRQ
+HLVKHDGRI$PHULFDQDUPHGIRUFHVDVZHOO
3UHVLGHQW DSSRLQWV GLUHFWRUV DQG FKLHI H[HFXWLYH RIILFHUV RI VWDWH DJHQFLHV
+RZHYHU D KXJH PDMRULW RI IHGHUDO HPSORHHV DUH FKRVHQ IURP QRQSROLWLFDO
VVWHPRIFLYLOVHUYLFH
0DLQPLQLVWULHVGHSDUWPHQWVRI$PHULFDQH[HFXWLYHEUDQFKRIJRYHUQPHQWKDYH
RQWRSDSSRLQWHGVHFUHWDULHVZKRIRUP3UHVLGHQW
VDELQHW
5HFHQWO DELQHW  FRQVLVWV RI  KHDGV RI H[HFXWLYH GHSDUWPHQWVPLQLVWULHV
ZKLFKDUHKHDGHGEVHFUHWDULHVWKHKHDGRIWKH'HSDUWPHQWRI-XVWLFHLV$WWRUQH
*HQHUDO
DQG  RWKHU LPSRUWDQW SHUVRQV VXFK DV 81 DPEDVVDGRU  86 WUDGH
UHSUHVHQWDWLYH GLUHFWRU RI WKH 2IILFH DQG 0DQDJHPHQW ERWK IURP  WKH ([HFXWLYH
2IILFH RI WKH 3UHVLGHQW
(QYLURQPHQWDO 3URWHFWLRQ $JHQF DGPLQLVWUDWRU DQG
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
FKDLUPDQ RI WKH RXQFLO RI (FRQRPLF $GYLVHUV RI WKH ([HFXWLYH 2IILFH RI WKH
3UHVLGHQW
7KHUHDUHDOVRRWKHUDJHQFLHVLQWKH3UHVLGHQW
VDGPLQLVWUDWLRQWKH([HFXWLYH
2IILFH RI WKH 3UHVLGHQW 7KH :KLWH +RXVH 2IILFH 2IILFH RI 0DQDJHPHQW DQG
%XGJHWRXQFLORI(FRQRPLF$GYLVHUV1DWLRQDO6HFXULWRXQFLODQG2IILFHRIWKH
86 7UDGH 5HSUHVHQWDWLYH
DQG LQGHSHQGHQW HVWDEOLVKPHQWV HQWUDO ,QWHOOLJHQFH
$JHQF(QYLURQPHQWDO3URWHFWLRQ$JHQFDQG8QLWHG6WDWHV,QIRUPDWLRQ$JHQF
:DVKLQJWRQLVVHDWRIPRUHWKDQVXEDELQHWDJHQFLHV
$FFRUGLQJWKHRQVWLWXWLRQ3UHVLGHQWRIWKH86$LVSULPDULOUHVSRQVLEOHIRU
IRUHLJQDIIDLUV+HDSSRLQWVDPEDVVDGRUVDQGRWKHURIILFLDOUHSUHVHQWDWLYHVZKRDUH
DSSURYHGE6HQDWH:LWKWKH6HFUHWDURIWKH6WDWH3ULPH0LQLVWHUDQG0LQLVWHURI
IRUHLJQDIIDLUV
FUHDWHVDQGPDQDJHV86IRUHLJQSROLF

$PHULFNêSROLWLFNêVVWpP$PHULFDQSROLWLFDOVVWHP
86,6%UDWLVODYD6ORYDN5HSXEOLFS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
*29(510(17$%,1(7$1'7+(
,1)250$7,21
3UHVV6SRNHVSHUVRQVUHODWLRQVKLSLVEDVHGRQPXWXDOQHFHVVLWPXWXDOGHSHQGHQFHDQGPXWXDO
GLVVDWLVIDFWLRQ
0HJ*5((1),(/'
1HZVSHRSOHIHHODVSHFLDOPLVVLRQOLNH6KDNHVSHDUH
V0DUN$QWRQ!WREXUDHVDUQRWR
SUDLVHKLP$QGOLNH%UXWXVWKHFODLPWKDWWKHLUFULWLFLVPLVQRWGLVORDOW7KHGRQRWORYH
WKHJRYHUQPHQWOHVVWKHRQOORYHWKHQDWLRQPRUH
'$*5$%(5
*5($7%5,7$,1
,W LV HVVHQWLDO WR JRRG DGPLQLVWUDWLRQ XQGHU D GHPRFUDWLF VVWHP WKDW WKH SXEOLF VKDOO EH
DGHTXDWHOLQIRUPHGDERXWWKHPDQPDWWHUVLQZKLFK*RYHUQPHQWDFWLRQGLUHFWOLPSLQJHVRQ
WKHLUGDLOOLYHVDQGLWLVLQSDUWLFXODULPSRUWDQWWKDWDWUXHDQGDGHTXDWHSLFWXUHRI%ULWLVK
SROLF%ULWLVKLQVWLWXWLRQVDQGWKH%ULWLVKZDRIOLIHVKRXOGEHSUHVHQWHGRYHUVHDV
OHPHQW$77/((
,QWKH%ULWLVK7UHDVXUDSSRLQWHGDSUHVVVSRNHVPDQDQGLQWKHSRVW
2IILFHLQLWVILUVWDQQXDOUHSRUWGHFODUHGWKHQHFHVVLWRIH[SODLQLQJLWVVHUYLFHVWR
WKHSXEOLF
7KHVHZHUHWKHRULJLQVRI3XEOLF5HODWLRQVRQWKHJURXQGRIJRYHUQPHQW
RURQWKHJURXQGFRQQHFWHGYHUQDUURZOZLWKWKHJRYHUQPHQW
,QZHUHVHWXSD+RPH2IILFH,QIRUPDWLRQ%XUHDXDQGD:DU3URSDJDQGD
%XUHDX 7KHVH FRPPLWWHHV FODLPHG WR DGYLVH RQ LQIRUPDWLRQ DQG WR RUJDQLVH ZDU
SURSDJDQGD UHVSHFWLYHO (DUO  ZDV VHW XS 'HSDUWPHQW RI ,QIRUPDWLRQ WR
FRRUGLQDWHDQGH[WHQGWKHZRUNRIWKHVHWZRFRPPLWWHHVUHVSRQVLEOHSDUWOWRWKH
3ULPH0LQLVWHUDQGSDUWOWRWKH)RUHLJQ2IILFH,QLWZDVPDGHLQWRD0LQLVWU
RI,QIRUPDWLRQXQGHU/RUG%HDYHUEURRN7KHVHFRQGERGWKH1DWLRQDO:DU$LPV
RPPLWWHH VWDUWHG RXW D SULYDWH RUJDQLVDWLRQ WR FDUU RXW SDWULRWLF SURSDJDQGD LQ
%ULWDLQ7KHWKLUGUHZH+RXVHRPPLWWHH
XQGHUWKHFKDLUPDQVKLSRI/RUG
1RUWKFOLIIH WR RUJDQLVH SURDOOLHG SXEOLFLW LQ HQHP FRXQWULHV
 0LQLVWU RI
,QIRUPDWLRQIXQFWLRQHGIURPXQWLORQOGXULQJWKHZDUSHULRG


6KRWJXQ0DUULDJH1HZVZHHN-XOS

0DVV0HGLDDQG$PHULFDQ3ROLWLFV:DVKLQJWRQS

%ULWLVK 3ULPH PLQLVWHU 0U OHPHQW $WWOHH WR WKH +RXVH RI RPPRQV RQ WK 'HFHPEHU 
+$16$5'+'(%
F

-().,16)3XEOLF5HODWLRQVWKHG3LWPDQ3XEOLVKLQJS

2*,/9:(%%0*RYHUQPHQW([SODLQVS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
7KHDELQHWPHHWVLQSULYDWHDQGLWVSURFHHGLQJVDUHFRQILGHQWLDO,WVPHPEHUV
DUHERXQGEWKHLURDWKDV3ULYRXQVHOORUVQRWWRGLVFORVHLQIRUPDWLRQDERXWLWV
SURFHHGLQJVDOWKRXJKDIWHUDELQHWSDSHUVKDYHEHHQLQH[LVWHQFHIRUHDUVWKH
PDEHPDGHDYDLODEOHIRULQVSHFWLRQLQWKH3XEOLF5HFRUG2IILFHDW.HZ6XUUH
,WLVLQWHUHVWLQJWKDWDOWKRXJKEWUDGLWLRQFLYLOVHUYDQWVIURPWKH3ULPH0LQLVWHU
V
2IILFHDQGWKHDELQHW2IILFHDWWHQGDELQHW0HHWLQJVWRWDNHQRWHVIRUWKHUHFRUG
WKH3ULPH0LQLVWHU
V3UHVV6HFUHWDUGRHVQRW
7KH3UHVV6HFUHWDUKRZHYHUVLWV
LQRQPDQPHHWLQJVZLWKWKH3ULPH0LQLVWHUDQG0LQLVWHUVZKHQLWLVDSSURSULDWH

,ELGS

$:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUV/RQGRQ,QIRUPDWLRQ2IILFHU0DQDJHPHQW8QLW
DELQHW2IILFHS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
$'0,1,675$7,21
0,1,67(5,$/'(3$570(176
,1)250$7,21
%ULHILQJ6HFWLRQ 3XEOLFLW6HFWLRQV 3UHVV2IILFH
HQWUDO2IILFHRI,QIRUPDWLRQ+HU0DMHVWV6WDWLRQHU2IILFH
,1)250$7,21,1%5,7$,1
',5(725
2),1)250$7,21
7KHSUHVHQWJRYHUQPHQWGRHVQRWFRQVLGHUWKDWDVWDWXWRUULJKWRIDFFHVVWR
LQIRUPDWLRQ ZRXOG EH DSSURSULDWH ,QVWHDG LWV SROLF LV WR PDNH DYDLODEOH WR
3DUOLDPHQW DQG WKH SXEOLF DV PXFK LQIRUPDWLRQ DV SRVVLEOH ZKLOH SUHVHUYLQJ WKH
FRQILGHQWLDOLW HVVHQWLDO WR QDWLRQDO VHFXULW DQG WR WKH HIIHFWLYH ZRUNLQJ RI
JRYHUQPHQW
$QRWKHUVLWXDWLRQLVDWOHYHORI/RFDO*RYHUQPHQW7KHSXEOLFLQFOXGLQJWKH
SUHVV
DUHDGPLWWHGWRFRXQFLOFRPPLWWHHDQGVXEFRPPLWWHHPHHWLQJVDQGKDYHD
ULJKWRIDFFHVVWRDJHQGDVUHSRUWVDQGPLQXWHVRIPHHWLQJVDQGFHUWDLQEDFNJURXQG
SDSHUV/RFDODXWKRULWLHVPDH[FOXGHWKHSXEOLFIURPPHHWLQJVDQGZLWKKROGWKHVH
SDSHUVRQOLQOLPLWHGFLUFXPVWDQFHVVSHFLILHGEOHJLVODWLRQ
%ULWDLQ KDV YHU ZHOO GHYHORSHG LQIRUPDWLRQ VVWHP FDOOHG *29(510(17
,1)250$7,216(59,(*,6
ZLWKDERXWPHGLDVSHFLDOLVWVHPSORHGLQ
PRUHWKDQGLIIHUHQWGHSDUWPHQWVRIILFHVDQGDJHQFLHVGXULQJWKH6HFRQG:RUOG
:DU LW ZDV QHDUO  SHRSOH
7KLV VVWHP LV UHVSRQVLEOH IRU H[SODLQLQJ
JRYHUQPHQW OHJLVODWLRQ SROLFLHV DQG PHDVXUHV WR WKH %ULWLVK SXEOLF DQG VXSSRUWV
%ULWDLQ
VGLSORPDWLFDQGFRPPHUFLDODLPVDEURDGDVZHOO
7KHUHLVQR0LQLVWURI,QIRUPDWLRQLQ8.7KH*RYHUQPHQWGRHVQRWRZQDQ
QHZVSDSHU QHZV DJHQF RU WHOHYLVLRQ RU UDGLR VWDWLRQ (DFK PDMRU JRYHUQPHQW
GHSDUWPHQW KDV DQ LQIRUPDWLRQ GLYLVLRQ WR PDLQWDLQ UHODWLRQV ZLWK WKH SUHVV
WHOHYLVLRQDQGUDGLRDQGWRSODQDQGH[HFXWHSXEOLFLWFDPSDLJQV7KHJRYHUQPHQW
PLQLVWHULQFKDUJHRIWKHGHSDUWPHQWLVUHVSRQVLEOHWR3DUOLDPHQWIRULWVLQIRUPDWLRQ
SROLF7KHQDWXUHRI%ULWLVKFRQVWLWXWLRQUHTXLUHV0LQLVWHUVUDWKHUWKDQDSSRLQWHG
XQHOHFWHGRIILFLDOVWREHVHHQDQGKHDUG
7KHKHDGRIWKHLQIRUPDWLRQGLYLVLRQLV
JHQHUDOOWKHFKLHIVSRNHVSHUVRQRIWKHGHSDUWPHQWDQGDOVRDGYLVHVPLQLVWHUVDQG
VHQLRU RIILFLDOV RQ SUHVHQWDWLRQ DQG SXEOLFLW ,QIRUPDWLRQ GLYLVLRQV ZRUN FORVHO
ZLWK WKH (175$/ 2)),( 2) ,1)250$7,21 2,
DQG +HU 0DMHVW
V
6WDWLRQHU 2IILFH +062
7KHVH ERGLHV DUH DEOH WR SHUIRUP PXFK LQIRUPDWLRQ
IXQFWLRQVFHQWUDOODVD FRPPRQ VHUYLFH
7KLVFHQWUDOLVDWLRQHQDEOHVLQPDQFDVHV
KLJKHUFRVWHIIHFWLYHQHVV
,Q :DOHV 2, FRRSHUDWHV ZLWK WKH :HOVK 2IILFH ,Q 6FRWODQG DQG 1RUWKHUQ
,UHODQGZLWKWKHLULQIRUPDWLRQRIILFHV6FRWWLVK,QIRUPDWLRQ2IILFHDQGLQ1RUWKHUQ
,UHODQGZLWKLW
V*RYHUQPHQW,QIRUPDWLRQ6HUYLFHDWWDFKHGWRWKHDELQHW2IILFHV
1RUWKHUQ,UHODQGKDVLWVRZQFRUSRUDWHLYLO6HUYLFH
%ULWLVK*RYHUQPHQW,QIRUPDWLRQ6HUYLFHV,QIRUPDWLRQ6WXGLHV%ULHILQJ2,S

%ULWDLQ$QRIILFLDOKDQGERRN)RUHLJQDQGRPPRQZHDOWK2IILFHS 5GGCNUQ.QECN
#WVJQTKV[2WDNKEKV[+PVGTKO4GRQTVQHVJG%QOOKVVGGQH+PSWKT[KPVQVJG%QPFWEVQH.QECN#WVJQTKV[$WUKPGUU
EJCKTGFD[/TCXKF9KFFKEQODG3%#PQVGUWDOKVVGFD[VJG%CDKPGV1HHKEGVQVJG%QOOKVVGGQPUV/C[

,1*+$0%.LOOWKH0HVVHQJHU/RQGRQ+DUSHUROLQV3XEOLVKHUVS

6HHDOVR6WDWHPHQWRQ*RYHUQPHQW,QIRUPDWLRQVHUYLFHVQHZRUJDQLVDWLRQ
EWKH3ULPH0LQLVWHU0U
OHPHQW$WWOHH
WRWKH+RXVHRIRPPRQVRQWK'HFHPEHU+$16$5'+'(%
F

2*,/9:(%%0*RYHUQPHQW([SODLQVS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
7KH2,LVDQH[HFXWLYHDJHQFUHVSRQVLEOHWRWKHKDQFHOORURIWKH'XFKRI
/DQFDVWHUDQGKHDGHGEDFKLHIH[HFXWLYH,WSURYLGHVSXEOLFLWVHUYLFHVWRPHHW
KRPH DQG RYHUVHDV LQIRUPDWLRQ UHTXLUHPHQWV RI GHSDUWPHQWV DQG RWKHU SXEOLFO
IXQGHGRUJDQLVDWLRQV+062LVDOVRDQH[HFXWLYHDJHQFDQGSURYLGHVSULQWLQJDQG
SXEOLVKLQJVHUYLFHVWRJRYHUQPHQWGHSDUWPHQWVDQGWKH+RXVHVRI3DUOLDPHQW
$FFHVVWR7HOHYLVLRQDQG5DGLR
7KHSURFHHGLQJVRIERWK+RXVHVRI3DUOLDPHQWPDEHEURDGFDVWRQWHOHYLVLRQ
DQG UDGLR HLWKHU OLYH RU PRUH XVXDOO LQ UHFRUGHG RU HGLWHG IRUP
 7KHVH
SURFHHGLQJVDUHUHFRUGHGURXQGWKHFORFNEWKH%%IRULWVSDUOLDPHQWDUVRXQG
DUFKLYH
,Q-XO+RXVHRIRPPRQVGHFLGHGWRDOORZWHOHYLVLQJRILWVSURFHHGLQJV
SHUPDQHQWO 7KH DUH UHFRUGHG E DQ LQGHSHQGHQW FRPSDQ DSSRLQWHG E WKH
+RXVHRIRPPRQV%URDGFDVWLQJ8QLWZKLFKPDNHVWHOHYLVLRQSLFWXUHVDYDLODEOHWR
WKH%%,QGHSHQGHQW7HOHYLVLRQ1HZVDQGRWKHUDSSURYHGEURDGFDVWHUVIRUXVHLQ
QHZV DQG FXUUHQW DIIDLUV SURJUDPPHV 7HOHYLVLRQ UHSRUWLQJ RI WKH RPPRQV
SURFHHGLQJV LV VXEMHFW WR VWULFW UXOHV DERXW ZKDW FDQ EH VKRZQ DQG FRYHUDJH LV
RYHUVHHQEDVHOHFWFRPPLWWHHRIWKH+RXVHRIRPPRQV6HUYLFHLVILQDQFHGE
EURDGFDVWHUV3URFHHGLQJVRIWKH+RXVHRI/RUGVKDYHEHHQWHOHYLVHGVLQFH

7KH*RYHUQPHQWKDVQRSULYLOHJHGDFFHVVWRQDWLRQDODQGORFDOWHOHYLVLRQDQG
UDGLR7KHEURDGFDVWLQJDXWKRULWLHV7KH%ULWLVK%URDGFDVWLQJRUSRUDWLRQ%%
DQG WKH ,QGHSHQGHQW %URDGFDVWLQJ $XWKRULW ,%$
KDYH FRPSOHWH HGLWRULDO
LQGHSHQGHQFH2QSROLWLFDODQGRWKHUPDWWHUVWKHPXVWKRZHYHUHQVXUHDFFXUDF
DQG LPSDUWLDOLW VR WKDW GLIIHUHQW SRLQWV RI YLHZ FDQ EH H[SUHVVHG *RYHUQPHQW
PLQLVWHUV RIILFLDO 2SSRVLWLRQ UHSUHVHQWDWLYHV DQG RWKHU SROLWLFLDQV DUH IUHTXHQWO
LQYLWHGWRWDNHSDUWLQQHZVEURDGFDVWVDQGRWKHUWHOHYLVLRQDQGUDGLRSURJUDPPHV
3DUWSROLWLFDOEURDGFDVWVDUHWUDQVPLWWHGSHULRGLFDOORQWHOHYLVLRQDQGUDGLR
XQGHU UXOHV DJUHHG EHWZHHQ WKH PDMRU SROLWLFDO SDUWLHV WKH %% DQG ,%$ 7KH
SDUWLHV KDYH HGLWRULDO UHVSRQVLELOLW IRU WKHLU FRQWHQW 'XULQJ D JHQHUDO HOHFWLRQ
FDPSDLJQ D VHULHV RI SDUW HOHFWLRQ EURDGFDVWV LV WUDQVPLWWHG RQ WHOHYLVLRQ DQG
UDGLR DFFRUGLQJ WR DUUDQJHPHQWV DJUHHG E D FRPPLWWHH FRPSULVLQJ WKH OHDGLQJ
SROLWLFDO SDUWLHV DQG WKH EURDGFDVWLQJ DXWKRULWLHV 7KH SDUW LQ JRYHUQPHQW
FXVWRPDULOVSHDNVILUVWDQGODVW
$IWHUWKH*RYHUQPHQW
VDQQXDOEXGJHWKDVEHHQDQQRXQFHGLQ3DUOLDPHQWWKH
KDQFHOORURIWKH([FKHTXHULVJLYHQWLPHWREURDGFDVWDQRXWOLQHRIKLVSURSRVDOV
$ VSRNHVPDQ IRU WKH RIILFLDO 2SSRVLWLRQ EURDGFDVWV RQ WKH QH[W GD DQG D
VSRNHVPDQIRUWKHWKLUGODUJHVWSDUOLDPHQWDUJURXSLQJEURDGFDVWVRQWKHGDDIWHU
WKDW

%ULWLVK*RYHUQPHQW,QIRUPDWLRQ6HUYLFHV,QIRUPDWLRQ6WXGLHV%ULHILQJHQWUDO2IILFHRI,QIRUPDWLRQ
S

%ULWDLQ$QRIILFLDOKDQGERRN)RUHLJQDQGRPPRQZHDOWK2IILFHS

,ELGS

%ULWLVK*RYHUQPHQW,QIRUPDWLRQ6HUYLFHV,QIRUPDWLRQ6WXGLHV%ULHILQJ2,S
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
3DUOLDPHQWDUSURFHHGLQJVDUHWHOHYLVHGWKHUHFRUGLQJVDUHWUDQVPLWWHGHLWKHU
OLYH RU PRUH XVXDOO LQ UHFRUGHG H[WUDFWV LQ QDWLRQDO DQG ORFDO WHOHYLVLRQ QHZV
SURJUDPPHV 6RXQG UHFRUGLQJV DUH XVHG IRU UDGLR QHZV DQG FXUUHQW DIIDLU
SURJUDPPHV ,Q DGGLWLRQ WR GHEDWHV LQ ERWK +RXVHV WKH SURFHHGLQJV RI VHOHFW
RPPLWWHHVPDEHUHFRUGHGEDQLQGHSHQGHQWFRPSDQDSSRLQWHGED+RXVHRI
RPPRQVEURDGFDVWLQJXQLWZKLFKSURYLGHVWKHWHOHYLVLRQSLFWXUHVWREURDGFDVWHUV
3ROLWLFDO DGYHUWLVLQJ LV QRW SHUPLWWHG RQ LQGHSHQGHQW WHOHYLVLRQ DQG UDGLR
VWDWLRQVZKLFKDUHILQDQFHGEDGYHUWLVLQJUHYHQXH7LPHIRUJRYHUQPHQWDGYHUWLVLQJ
FDPSDLJQVLVSXUFKDVHGRQWKHVDPHEDVLVDVWKDWERXJKWEFRPPHUFLDODGYHUWLVHUV
7KH%%GRHVQRWFDUUDQSDLGDGYHUWLVLQJ
 6KRUWSXEOLFVHUYLFHLWHPVRQKHDOWKZHOIDUHDQGVDIHWWKHPHVDUHSURGXFHGE
WKH2,DQGWUDQVPLWWHGIUHHRIFKDUJHRQWHOHYLVLRQDQGUDGLREWKH%%DQGWKH
,%$
1R,QIRUPDWLRQ6HUYLFH
6LQFH WKH 3ULPH 0LQLVWHU KDV XOWLPDWH UHVSRQVLELOLW LQ DOO DUHDV RI SROLF LW
IROORZVWKDWWKH3UHVV2IILFHDW'RZQLQJ6WUHHWDOVRKDVDZLGHUUHVSRQVLELOLW
WKDQ'HSDUWPHQWDO3UHVV2IILFHVEHLQJFKDUJHGZLWKH[SODLQLQJWKRVHSROLFLHVRQD
PDFUROHYHO
7KHPDLQWDUJHWDXGLHQFHRI1R3UHVV2IILFHDUHWKHPHPEHUVRIWKH/REE
RUUHVSRQGHQWV$VVRFLDWLRQWKH/REEMRXUQDOLVWVRSHUDWLQJRQDIDLUOVKRUW
WLPHKRUL]RQVHHNLQJWRDQWLFLSDWHQHZVVWRULHVDQGORRNLQJIRUWKHSROLWLFDODQJOHV
WRWKHP
7KH3UHVV2IILFHLVKHDGHGEWKH3ULPH0LQLVWHU
V3UHVV6HFUHWDU
EDFNHGE
D 'HSXW 3UHVV 6HFUHWDU DQG IRXU 6HQLRU ,QIRUPDWLRQ 2IILFHUV 2QH RI WKHP LV
XVXDOO D GLSORPDW RQ VHFRQGPHQW IURP WKH )RUHLJQ 2IILFH EDFNJURXQG LQ
LQIRUPDWLRQ ZRUN KDV FKDUJH RI WKH )RUHLJQ GHVN DQG GHIHQFH PDWWHUV
RWKHUV
VSOLW +RPH DQG 7UHDVXU LQWR WKH VRFLDO DQG HFRQRPLF 'HSDUWPHQWV
DOWKRXJKDOZDVUHPDLQLQJIXOOEULHIHGRQWKHRWKHUVUHVSRQVLELOLWLHV
6LQFH WKH 3ULPH 0LQLVWHU
V 3UHVV 6HFUHWDU KDV WKH FORVHVW OLQNV KH LV EHVW
VXLWHGWRSDVVLQJWKH3ULPH0LQLVWHU
VYLHZVWRMRXUQDOLVWVWKURXJKWKH/REEZKLOH
WKH'HSXW3UHVV6HFUHWDUILOOVWKHUROHRIXQGHUVWXG:KHQWKH3UHVV6HFUHWDU
DFFRPSDQLHVWKH3ULPH0LQLVWHUDEURDGIRULQVWDQFHDQG3DUOLDPHQWLVVLWWLQJWKH
'HSXW 3UHVV 6HFUHWDU ZLOO EULHI WKH /REE 7KH SUHVHQW FRQYHQWLRQ LV WKDW WKH
ZKROHRIWKH3UHVV2IILFHLVSUHVHQWDW/REEEULHILQJVVRWKDWDOOLWVRIILFHUVFDQ
NHHSDEUHDVWRIWKHYDULRXVVXEMHFWVRILQWHUHVWWRMRXUQDOLVWV
KLHI3UHVV6HFUHWDULHVLQ%ULWDLQDUHJHQHUDOOQHLWKHUVHHQQRUKHDUGDWZRUN
EWKHSXEOLF7KH3ULPH0LQLVWHU
V3UHVV6HFUHWDULVWKXVFRQFHUQHGQRWVRPXFK
ZLWKSROLFDQQRXQFHPHQWVDVZLWKEULQJLQJWKHZRUNRIWKH*RYHUQPHQWWRJHWKHULQ

7KH SRVW RI WKH %ULWLVK 3ULPH 0LQLVWHU
V 3UHVV 6HFUHWDU ZDV FUHDWHG LQ  E 5DPVD 0DF'RQDOG
%ULWDLQ
V ILUVW /DERXU 3ULPH 0LQLVWHU 7KH ILUVW 3UHVV 6HFUHWDU ZDV *HRUJH 6WHZDUG +$55,6 5 *RRG DQG
)DLWKIXO6HUYDQW7KHXQDXWKRULVHG%LEOLRJUDSKRI%HUQDUG,QJKDP/RQGRQ%RVWRQ)DEHUDQG)DEHU

$:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVS

,ELGS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
RQHSUHVHQWDWLRQDOZKROHDQGVHUYLQJDVDQLQWHUSUHWHUIRUWKHPHGLDRQWKHLPSRUW
IRUWKHFRQGXFWRI*RYHUQPHQWRIWKH3ULPH0LQLVWHU
VDSSURDFK+HQFHWKHKLHI
3UHVV 6HFUHWDU
V PHHWLQJV ZLWK MRXUQDOLVWV DUH QRW VR PXFK SUHVV FRQIHUHQFHV DV
EDFNJURXQGEULHILQJV
:KHQ 3DUOLDPHQW LV VLWWLQJ WKH 3ULPH 0LQLVWHU
V 2IILFH QRUPDOO EULHIV WKH
/REEMRXUQDOLVWVWZLFHDGDDWDPPDLQOIRUHYHQLQJSDSHUVDJHQFLHV79
DQG UDGLR
DQG  SP 7R WKLV HQG 'HSDUWPHQWDO ,QIRUPDWLRQ 'LYLVLRQV VKRXOG
DGYLVH1REDWWKHODWHVWRIDQDQQRXQFHPHQWVWREHPDGHWKDWGDRU
VSHHFKHVWREHJLYHQE0LQLVWHUVDVZHOODVWKHOLQHEHLQJWDNHQLQUHVSRQVHWRDQ
VWRULHVWKDWPDKDYHEURNHQWKDWPRUQLQJ%WUDGLWLRQZKHQWKH/REEUHTXHVWVD
EULHILQJRIWKH3ULPH0LQLVWHU
V3UHVV2IILFHLQWKHPRUQLQJZKHQWKH+RXVHLVQRW
VLWWLQJLWVPHPEHUVDUHLQYLWHGWR1R,QWKHDIWHUQRRQZKHQWKH+RXVHLVVLWWLQJ
WKH /REE LQYLWHV WKH 3UHVV 2IILFH WR EULHI LWV PHPEHUV LQ WKH $VVRFLDWLRQ
V RZQ
URRPLQWKH+RXVH
7KHUHLVQRUHJXODUDIWHUQRRQEULHILQJRIWKH/REERQ)ULGDVDOWKRXJKWKH
6XQGD QDWLRQDO QHZVSDSHUV DUH QRUPDOO EULHIHG DW WKDW WLPH 7KH GDLO
DQQRXQFHPHQWVDWWKHVH/REEEULHILQJVDUHTXRWDEOHEXWRQODV1RVRXUFHV
ZKLOHWKHUHVWRIWKHEXVLQHVVLVQRQDWWULEXWDEOH
7KH3ULPH0LQLVWHU
V3UHVV2IILFHDOVRPHHWVRQFHDZHHNZLWKWKH)RUHLJQ
3UHVV$VVRFLDWLRQXVXDOO0RQGDDIWHUQRRQPRVWO(XURSHDQMRXUQDOLVWV
DQGWKH
$PHULFDQFRUUHVSRQGHQWVXVXDOO:HGQHVGDPRUQLQJV
'HSDUWPHQWDO,QIRUPDWLRQ6HUYLFHV
7KH KHDG RI WKH GHSDUWPHQW
V LQIRUPDWLRQ GLYLVLRQ LV WKH FKLHI VSRNHVPDQ RU
VSRNHVZRPDQIRUWKHGHSDUWPHQWDVZHOODVWKHFKLHIDGYLVHUWRPLQLVWHUVDQGVHQLRU
RIILFLDOVRQLQIRUPDWLRQPDWWHUV(DFKGLYLVLRQFRQWDLQVDSUHVVRIILFHDQGDSXEOLFLW
VHFWLRQDQGLQVRPHFDVHVWKHUHLVDQHGLWRULDODQGEULHILQJVRFDOOHG,QWHOOLJHQFH
FROOHFWLQJ LQIRUPDWLRQ IRU WKH XVH RI WKHLU RZQ RU RWKHU GHSDUWPHQWV
VHFWLRQ
1RUPDOO D 'HSDUWPHQW
V 3UHVV 2IILFH DQG 3XEOLFLW 2IILFH DUH VHSDUDWH DQG PD
HYHQEHLQGLIIHUHQWEXLOGLQJV%XWLWLVYLWDOWKDWWKHPDLQWDLQFORVHOLQNVDQGNHHS
HDFKRWKHULQIRUPHGRIWKHLUYDULRXVDFWLYLWLHV
7KHZULWLQJHGLWLQJDQGSURGXFWLRQRIUHJXODU'HSDUWPHQWDOSXEOLFDWLRQVDQG
KRXVHMRXUQDOVPDZHOOEHRQHRIWKHUHVSRQVLELOLWLHVRIDQ,QIRUPDWLRQ'LYLVLRQ,Q
VRPH 'HSDUWPHQWV WKLV GLYLVLRQ PD EH DOVR UHVSRQVLEOH IRU GHDOLQJ ZLWK
FRUUHVSRQGHQFHRUWHOHSKRQHHQTXLULHVIURPWKHSXEOLF
1DWXUDOOJRYHUQPHQWSUHVVRIILFHUVJLYHDVHUYLFHKRXUVDGDVHYHQGDV
D ZHHN HVSHFLDOO ZKHQ D ELJ VWRU EUHDNV  WKH PXVW EH SUHSDUHG WR DQVZHU
TXHVWLRQVDQGFDOOVIURPDOORYHUWKHZRUOG

,1*+$0%.LOOWKH0HVVHQJHUS%HUQDUG,QJKDPIRUPHU3UHVV6HFUHWDUWRWKH/DG7KDWFKHU
ZURWH$KLHI3UHVV6HFUHWDULQ1XPEHUKDVWKUHHPDMRUWDVNV7KHDUHWRVHUYHDVVSRNHVPDQIRUWKH
3ULPH0LQLVWHUDQGDVWKHRFFDVLRQUHTXLUHVLWWKH*RYHUQPHQWDVDZKROHDFWDVDGYLVHUWRWKH3ULPH0LQLVWHU
RQKLVRUKHUSUHVHQWDWLRQDOSURJUDPPHDQGWRWKH*RYHUQPHQWDVDZKROHRQWKHRYHUDOOSUHVHQWDWLRQRILWVSROLFLHV
DQGPHDVXUHVDQGWRFRRUGLQDWHDWRIILFLDODVGLVWLQFWIURP0LQLVWHULDOOHYHOWKH*RYHUQPHQW
VFRPPXQLFDWLRQ
RUFKHVWUD,ELGS

$:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
:KHUHDV3UHVV2IILFHVGHDOLQIUHHLQIRUPDWLRQSDVVHGRQWRWKHSUHVVUDGLR
DQG 79 LQIRUPDWLRQ SXW RXW E 'HSDUWPHQWV WR WKH SXEOLF WKURXJK DGYHUWLVLQJ
H[KLELWLRQV YLGHRV SXEOLFDWLRQV GLUHFW PDUNHWLQJ DQG SURPRWLRQV LQ WKH IRUP RI
SDLGSXEOLFLWLVWKHUHVSRQVLELOLWRI3XEOLFLW6HFWLRQVRU3DLG3XEOLFLW8QLWV
(DFK 'HSDUWPHQW KDV LWV RZQ REMHFWLYHV DQG WDVNV DQG WKH ZD WKH DUH
WDFNOHG GHSHQGV WR VRPH H[WHQW DOVR RQ WKH SHUVRQDOLW RI WKH KLHI ,QIRUPDWLRQ
2IILFHU0LQLVWHUDQGVWDIIEXWDPRQJPDLQREMHFWLYHVDUH
7RFUHDWHDQGPDLQWDLQDQLQIRUPHGRSLQLRQDERXWWKH
VXEMHFWVZLWKZKLFKHDFK'HSDUWPHQWGHDOV
7RXVHDOOWKHPHWKRGVRISXEOLFLWZKHUHVXLWDEOHWR
KHOSWKH'HSDUWPHQWDFKLHYHLWVSXUSRVH
7RDVVLVWDQGDGYLVHLQDOOPDWWHUVEHDULQJRQUHODWLRQV
EHWZHHQWKH'HSDUWPHQWDQGLWVSXEOLFDQG
7RDGYLVHWKH'HSDUWPHQWRIWKHSXEOLF
VUHDFWLRQWRWKH
SROLFLHVRUDFWLRQVRIWKH'HSDUWPHQW
6RWKHSUHVVRIILFHNHHSVWKHSUHVVDQGEURDGFDVWLQJRUJDQLVDWLRQVLQIRUPHG
DERXWWKHGHSDUWPHQW
VSROLFLHVDQGPHDVXUHVEIRUH[DPSOHLVVXLQJSUHVVQRWLFHV
DQGWH[WVRIPLQLVWHULDOVSHHFKHVDQGVWDWHPHQWV3UHVVRIILFHUVSURYLGHWKHPHGLD
ZLWKEDFNJURXQGPDWHULDOWRVXSSOHPHQWSDUOLDPHQWDUDQGRWKHUVWDWHPHQWV2QFH
JRYHUQPHQW GHFLVLRQV KDYH EHHQ WDNHQ WKH H[SODLQ WKH UHDVRQLQJ EHKLQG WKHVH
GHFLVLRQV 7KH DQVZHU TXHVWLRQV SXW WR WKHP E WKH QHZV PHGLD DQG RWKHU
RUJDQLVDWLRQVDERXWWKHLUGHSDUWPHQW
VSROLFLHVDQGDFWLRQV3UHVVRIILFHUVRUJDQLVH
PLQLVWHULDOQHZVFRQIHUHQFHVDQGDUUDQJHGHSDUWPHQWDOEULHILQJVIRUFRUUHVSRQGHQWV
$ PDMRU LQIRUPDWLRQ WDVN LV WR H[SODLQ WR WKH SXEOLF WKH HIIHFWV RI QHZ ODZV DQG
UHJXODWLRQV 7KH *RYHUQPHQW DOVR XVHV SXEOLFLW WR HQFRXUDJH WKH SURSHU XVH RI
VRFLDO DQG RWKHU SXEOLF VHUYLFHV 6SHFLDO PXOWLPHGLD FDPSDLJQV DUH PRXQWHG RQ
VXFKLVVXHVDVWKHSURPRWLRQRIURDGVDIHWFULPHSUHYHQWLRQDQGILUHVDIHW2WKHU
FDPSDLJQVDUHGHVLJQHGWRUHFUXLWPHPEHUVRIWKHDUPHGIRUFHVDQGFLYLOLDQVHUYLFHV
IRUH[DPSOHQXUVHVSROLFHRUSULVRQRIILFHUV7KHUHLVDOVRDQHHGWRH[SODLQQHZ
VRFLDO VHFXULW WD[DWLRQ RU KRXVLQJ UHJXODWLRQV 7KHVH FDPSDLJQV RIWHQ LQYROYH D
FRPELQDWLRQ RI H[KLELWLRQV ILOPVYLGHRV SULQWHG PDWHULDO DQG DGYHUWLVLQJ 7R XVH
WKHVH PHGLD HIIHFWLYHO GHSDUWPHQWV XVXDOO ZRUN LQ FORVH FRRSHUDWLRQ ZLWK WKH
2, 6PDOOHU GHSDUWPHQWV DUH SDUWLFXODUO GHSHQGHQW RQ 2, VHUYLFHV $OWKRXJK
VRPH GHSDUWPHQWV ZLWK PXFK KLJKHU SXEOLFLW H[SHQGLWXUH RIWHQ HPSOR VRPH
SURIHVVLRQDOVWDIILQIRULQVWDQFHSXEOLFDWLRQVDQGH[KLELWLRQVZRUNPRVWPDNHXVH
RIWKH2,
VVSHFLDOLVWVHUYLFHVDQGDGYLFH0RVWQDWLRQDOFDPSDLJQVDUHDUUDQJHG
WKURXJKWKH2,
$PRQJ WKH WDVNV RI 'HSDUWPHQWDO LQIRUPDWLRQ VHUYLFHV DOVR DUH WR SURMHFW D
VRXQG LPDJH DW KRPH DQG DEURDG WKURXJK QHZV IHDWXUHV YLVLWV SUHVV UHOHDVHV
SXEOLFDWLRQVH[KLELWLRQVDQGWDONVWRDGYLVHPLQLVWHUVDQGRIILFLDOVD
RQKRZWR

3UHVVDQG3XEOLFLWDUHHUV*RYHUQPHQW,QIRUPDWLRQ6HUYLFH/RQGRQS

$ :RUNLQJ *XLGH IRU *RYHUQPHQW ,QIRUPDWLRQ 2IILFHUV S  6HH DOVR 2*,/9:(%% 0 7KH
*RYHUQPHQW([SODLQVS

,ELGS6HHDOVR2*,/9:(%%07KH*RYHUQPHQW([SODLQVS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
DSSURDFKWKHSXEOLFE
WRSUHGLFWUHDFWLRQWRSURSRVHGSROLFLHVF
WRKHOSSUHSDUH
VSHHFKHVDQGSROLFVWDWHPHQWVG
WRSUHSDUHLPPHGLDWHGLJHVWVRI3UHVVFRYHUDJH
DQGUHDFWLRQ
,Q*UHDW%ULWDLQWKHFHQWUDOSRVLWLRQRI3DUOLDPHQWLVVDIHJXDUGHGWRWKHH[WHQW
WKDWWKHUHLVJHQHUDOUXOLQJWKDWPDWWHUVZKLFKDUHVXEMHFWWR3DUOLDPHQWDUSULYLOHJH
DUH QRW SURSHU TXHVWLRQV IRU LQIRUPDWLRQ RIILFHUV WR GHDO ZLWK ,W LV SURSHU IRU
LQIRUPDWLRQ RIILFHUV WR DUJXH WKH PHULWV RI DQQRXQFHG *RYHUQPHQW SROLF HYHQ
EHIRUH LW LV DSSURYHG E 3DUOLDPHQW EXW WKH GR QRW IRU H[DPSOH DQWLFLSDWH D
0LQLVWHULDO DQVZHU WR D 3DUOLDPHQWDU 4XHVWLRQ $OVR VSHHFKHV GHOLYHUHG WR WKH
3DUOLDPHQWDUHHPEDUJRHGXQWLOGHOLYHULQJ
7KHHQWUDO2IILFHRI,QIRUPDWLRQ
7KHHQWUDO2IILFHRI,QIRUPDWLRQ2,
ZDVHVWDEOLVKHGLQ$SULO
DIWHU
WKH GHPLVH RI WKH ZDUWLPH 0LQLVWU R ,QIRUPDWLRQ ZKHQ UHVSRQVLELOLW IRU
LQIRUPDWLRQSROLFZDVUHVXPHGEGHSDUWPHQWDO0LQLVWHUV3URGXFWLRQGLYLVLRQVRI
WKHIRUPHU0LQLVWURI,QIRUPDWLRQEHFDPHWKHQXFOHXVRI2,
$IWHUWKLVSRVWZDU
UHRUJDQLVDWLRQ RI WKH JRYHUQPHQW LQIRUPDWLRQ VHUYLFHV 2, EHFDPH D FRPPRQ
VHUYLFHDJHQFFRQFHQWUDWLQJWHFKQLFDONQRZOHGJHDQGH[SHUWLVHWRDYRLGDZDVWHIXO
GXSOLFDWLRQRIVSHFLDOLVWVWKURXJKRXW:KLWHKDOODQGWDNLQJDGYDQWDJHRIFHQWUDOLVHG
SXUFKDVLQJ  ,Q $SULO  WKH WKHQ 3ULPH 0LQLVWHU DSSURYHG WKH PRYH WR D
UHSDPHQWVHUYLFHZKLFKZDVLQWURGXFHGRQ$SULO2Q$SULO2,
EHFDPHD9RWHIXQGHGH[HFXWLYHDJHQFDQGRQ$SULO2,EHFDPHDWUDGLQJ
IXQGXQGHUWKHHQWUDO2IILFHRI,QIRUPDWLRQ7UDGLQJ)XQG2UGHU
,WVVHUYLFHV
UHDFK IURP DGYHUWLVLQJ WKURXJK FRQIHUHQFHV GLUHFW PDUNHWLQJ SURPRWLRQV
H[KLELWLRQV DQG GLVSODV ILOP DQG WHOHYLVLRQ QHZV GLVWULEXWLRQ VHUYLFH SLFWXUHV
SUHVVDQGSXEOLFUHODWLRQVSXEOLFDWLRQVUDGLRUHJLRQDOVHUYLFHVUHVHDUFKWUDLQLQJWR
WUDQVODWLRQV
7KH2,DVQRQPLQLVWHULDOQRQSROLFPDNLQJQRQSUHVVUHODWLRQVLQWKH
VHQVHRIQRWUHODWLQJFHUWDLQGHSDUWPHQWZLWKMRXUQDOLVWVEXWZRUNLQJRQEHKDOIPRUH
GHSDUWPHQWV
QRQSROLWLFDOLHQRWDSDUWLQVWUXPHQW
ERGSURYLGHVVSHFLDOLVW
SXEOLFLWVHUYLFHVH[FOXVLYHOIRUJRYHUQPHQWGHSDUWPHQWVDQGRWKHUSXEOLFERGLHV
'HSDUWPHQWV IRU WKHLU SDUW DUH QRW REOLJHG WR JR WR WKH 2, IRU WKHLU VHUYLFHV 
H[FHSWIRUDGYHUWLVLQJQHZVGLVWULEXWLRQDQGUHJLRQDOVHUYLFHV+HUHWKH7UHDVXU
KDVLQVWUXFWHGWKDW'HSDUWPHQWVPXVWXVHWKH2,
VVHUYLFHVDVWKHSURYLGHJUHDWHVW
YDOXH IRU PRQH )RU RWKHU SXEOLFLW VHUYLFHV 'HSDUWPHQWV DUH IUHH WR FKRRVH
ZKHWKHURUQRWWRXVHWKH2,DQGPDDVNLWWRWHQGHUIRUZRUN
$OWKRXJKLWV
FOLHQWVDUHIUHHWRFKRRVHZKHWKHURUQRWWREXQRQDGYHUWLVLQJ2,VHUYLFHVWKH
2, KDQGOHV DERXW WKUHHTXDUWHUV RI WKHLU WRWDO SXEOLFLW HIIRUW XVWRPHU
GHSDUWPHQWVSDWKH2,IRUWKHFRVWRILWVVHUYLFHV7KH2,SURYLGHVDGYLFHRQ

2*,/9:(%%07KH*RYHUQPHQW([SODLQVS

/$5.)7KHHQWUDO2IILFHRI,QIRUPDWLRQ/RQGRQ*HRUJH$OOHQDQG8QZLQ/WGS

2,$QQXDO5HSRUWDQG$FFRXQWVS

/$5.)7KHHQWUDO2IILFHRI,QIRUPDWLRQS

$:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
KRZ WR DFKLHYH SXEOLFLW REMHFWLYHV REWDLQV RU SURFXUHV SXEOLFLW LQ DOO PHGLD
PDQDJHV FDPSDLJQV RQ EHKDOI RI FOLHQWV DQG SURYLGHV SXEOLFLW DQG LQIRUPDWLRQ
VHUYLFHVWRFOLHQWVZKHUHLWLVFRVWHIIHFWLYHWRGRVR
7KH 2, LV UHVSRQVLEOH IRU PDQDJLQJ JRYHUQPHQW DGYHUWLVLQJ FDPSDLJQV RQ
EHKDOI RI GHSDUWPHQWV DQG IRU HQVXULQJ WKDW WKH DUH SODQQHG DQG ERXJKW ZLWK
PD[LPXPHFRQRP,QGLYLGXDOFRQWUDFWVDUHQHJRWLDWHGZLWKFRPPHUFLDODJHQFLHV
QRPLQDWHGEWKHLQGHSHQGHQW$GYLVRURPPLWWHHRQ$GYHUWLVLQJ$FHQWUDOLVHG
SXUFKDVLQJVVWHPVHFXUHVKLJKOFRPSHWLWLYHPHGLDGLVFRXQWVIRUFOLHQWV7KH2,
V
GLUHFWPDUNHWLQJVHUYLFHDGYLVHVFOLHQWVRQKRZWRWDUJHWWKHLUSXEOLFLWPHVVDJHV
$QRWKHULPSRUWDQW2,VHUYLFHLVSODQQLQJGHVLJQDQGPDQDJHPHQWRI%ULWLVK
JRYHUQPHQWH[KLELWLRQVLQ%ULWDLQDQGLQRWKHUFRXQWULHV
$ZDUGZLQQLQJILOPDQGWHOHYLVLRQPDWHULDOLVSURGXFHGEWKH2,IRUXVHLQ
%ULWDLQDQGRYHUVHDV,WKDVLWVRZQSURGXFHUVZULWHUVDQGRWKHUWHFKQLFDOVWDII,WV
SURGXFWLRQV DUH EDFNHG E HIIHFWLYH GLVWULEXWLRQ DQG PDUNHWLQJ DUUDQJHPHQWV
'RFXPHQWDUDQGPDJD]LQH
SURJUDPPHVDUHVROGEWKH2,WRWHOHYLVLRQVWDWLRQV
LQRYHUFRXQWULHV7KH2,
VUDGLRRXWSXWLVXVHGLQRYHUFRXQWULHV$IDVW
QHZV VHUYLFH XVLQJ VDWHOOLWH DQG WHOHYLVLRQ OLQNV UHODV OLYH YRLFH H[WUDFWV RI
VWDWHPHQWVEPLQLVWHUVDQGRWKHUQHZVPDNHUVWKHDLPLVWRSURYLGHDQLPPHGLDWH
%ULWLVKSHUVSHFWLYHRQELJQDWLRQDODQGLQWHUQDWLRQDOVWRULHV
1HZVVWRULHVIHDWXUHDUWLFOHVDQGRWKHUPDWHULDOIRUUHSURGXFWLRQLQQHZVSDSHUV
DQG SHULRGLFDOV LQ RYHUVHDV FRXQWULHV DUH SURYLGHG E WKH 2,
V /RQGRQ 3UHVV
6HUYLFH $ VSHFLDOLVHG LQGXVWULDO VHUYLFH LQFOXGHV VWRULHV DERXW QHZ SURGXFWV DQG
SURFHVVHV7KH/RQGRQ3LFWXUH6HUYLFHSURGXFHVFDSWLRQHGSKRWRJUDSKVIRUSUHVV
UHSURGXFWLRQ
$FRPSUHKHQVLYHSKRWRJUDSKLFVHUYLFHLVDYDLODEOHIRUFOLHQWV,WFRPPLVVLRQV
DQG RUGHUV SULQWV FKRRVHV SKRWRJUDSKHUV KDQGOHV FRQWUDFWV DQG RUJDQLVHV
GHYHORSLQJSULQWLQJDQGGLVWULEXWLRQ
$ ODUJH SXEOLFDWLRQV VHUYLFH LV SURYLGHG IRU KRPH GHSDUWPHQWV DQG IRU WKH
)RUHLJQ DQG RPPRQZHDOWK 2IILFH 2, VWDII ZULWH HGLW DQG GHVLJQ PDWHULDO
FRYHULQJ PDQ DVSHFWV RI JRYHUQPHQW SROLF LQFOXGLQJ H[SODQDWLRQ RI QHZ
OHJLVODWLRQ 3ULQW SURGXFWLRQ VSHFLDOLVWV HQVXUH WKDW WKH PRVW SUDFWLFDO DQG
FRVWHIIHFWLYH SURGXFWLRQ PHWKRGV DUH XVHG 0DJD]LQHV RI JHQHUDO LQWHUHVW DERXW
%ULWDLQ SRVWHUV ERRNOHWV DQG EURFKXUHV DUH SURGXFHG  IRU XVH RYHUVHDV 7KHVH
LQFOXGHWKHDQQXDO%ULWDLQ+DQGERRNDPRQWKO6XUYHRIXUUHQW$IIDLUVDQG
IDFWXDOGRFXPHQWV7UDQVODWLRQZRUNLVFRPPLVVLRQHGDQGFKHFNHG
7KH 2, GLVWULEXWHV SUHVV PDWHULDO RQ EHKDOI RI JRYHUQPHQW GHSDUWPHQWV WR
QHZV DJHQFLHV WKH SUHVV UDGLR DQG WHOHYLVLRQ 7KH PDLQ GHOLYHU PHWKRG LV DQ
HOHFWURQLF VHUYLFH $ PDMRU FRQWULEXWLRQ LV PDGH E WKH 2, WR WKH KRVWLQJ RI
LQWHUQDWLRQDO FRQIHUHQFHV LQ %ULWDLQ DQG WR WKH DVVRFLDWHG VHUYLFHV IRU WKH PHGLD
VXFK DV DFFRPPRGDWLRQ WHOHSKRQHV DFFUHGLWDWLRQ UHFHSWLRQ DQG UHJLVWUDWLRQ
3UHVHQWDWLRQUHTXLUHPHQWVDUHDOVRKDQGOHG
7KH 2,
V QHWZRUN RI VHYHQ UHJLRQDO RIILFHV LQ (QJODQG PDLQWDLQ UHJXODU
FRQWDFW ZLWK WKH UHJLRQDO DQG ORFDO PHGLD REWDLQ ORFDO SXEOLFLW RQ EHKDOI RI
GHSDUWPHQWV DQG PDNH SUHVV DUUDQJHPHQWV IRU 5RDO 9LVLWV DQG RIILFLDO YLVLWV E

,ELGS

%ULWDLQ$QRIILFLDOKDQGERRN)RUHLJQDQGRPPRQZHDOWK2IILFHS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
PLQLVWHUV 7KH FDQ DOVR DUUDQJH WRXUV E RIILFLDO YLVLWRUV IURP RYHUVHDV ([SRUW
SXEOLFLW IRU ORFDO LQGXVWU LV DQRWKHU LPSRUWDQW IXQFWLRQ ,Q 6FRWODQG :DOHV DQG
1RUWKHUQ,UHODQGWKHLQIRUPDWLRQVHUYLFHVDFWRQEHKDOIRIWKH2,LQUHVSHFWRI
PDWWHUVFRQFHUQLQJ%ULWDLQDVDZKROH7KH2,DOVRKDVDQRIILFHDWWKH1DWLRQDO
([KLELWLRQHQWUHLQ%LUPLQJKDPZKLFKSURYLGHVDSXEOLFHQTXLUVHUYLFHIRUDOO
JRYHUQPHQWGHSDUWPHQWVDQGGLVWULEXWHVSXEOLFLWPDWHULDO
2WKHU2,VHUYLFHVLQFOXGHUHVHDUFKGHVLJQHGWRDVVHVVJRYHUQPHQWSXEOLFLW
DQG WR DLG WKH SODQQLQJ RI FDPSDLJQV RXUVHV RQ PHGLD VNLOOV DUH RUJDQLVHG IRU
LQIRUPDWLRQRIILFHUVRI%ULWLVKJRYHUQPHQWGHSDUWPHQWVRYHUVHDVJRYHUQPHQWVDQG
IRU %ULWLVK 'LSORPDWLF 6HUYLFH RIILFHUV WDNLQJ XS LQIRUPDWLRQ SRVWV RYHUVHDV 7KH
0HGLD $GYLVRU 6HUYLFH KDV EHHQ FUHDWHG WR SURYLGH LPPHGLDWH DQG FRQWLQXRXV
DGYLFHWRWKHPHGLDLQWLPHRIWHQVLRQRUZDU
5HFHQWODKXJHSUHVVXUHWRZDUGVKLJKHUHIILFLHQFRQDOOOHYHOVRIJRYHUQPHQW
VHUYLFHV LV HYROYHG $ RQVHUYDWLYH *RYHUQPHQW SKLORVRSK LV :KDW PXVW ZH
NHHS :KDW LV WKH LQHVFDSDEOH FRUH RI JRYHUQPHQW *RYHUQPHQW LQWHQWV WR
ZLWKGUDZ IURP SURYLGLQJ VHUYLFHV WR SHRSOH ,QVWHDG LW ZRXOG EH D SXUFKDVHU
EXLQJVHUYLFHVIURPWKHSXEOLFDQGSULYDWHVHFWRUVDOLNHRQEHKDOIRIWKHFRXQWU
7KLVQHZSKDVHRIJRYHUQPHQW
VSULYDWLVDWLRQSURJUDPPHZLOORSHQXSWKHMREVRI
VRPHFLYLOVHUYDQWVLQFOXGLQJLQIRUPDWLRQRIILFHUVWRRXWVLGHFRPSHWLWLRQ
7KHDLPLVWRFXWWLQJEDFNWKHVWDWHWRDPXFKVPDOOHUFRUH0LQLVWHUVEHOLHYHWRVDYH
DERXWSHUFHQWRUPLOOLRQSRXQGVRIWKHWRWDOELOO

7KLV WHQGHQF LV XQGHUVWRRG LQ 2, YHU ZHOO VR LW FODLPV WR ZRUN PRUH
HIILFLHQWOZLWKOHVVVSDFHURRPVEXLOGLQJVDQGSHRSOHWRR7RUHDFKWKHVHDLPVLV
LPSRVVLEOH ZLWKRXW VHULRXV DSSURDFK WR TXDOLW RI HYHU ZRUN DQG DFWLRQ ,Q
1RYHPEHU2,ODXQFKHGLWVTXDOLWSURJUDPPHDVDFXVWRPHUEDVHGDSSURDFK
WR DOO ZRUN
 ,W PHDQV WR FUHDWH DQG PDLQWDLQ DQ RUJDQLVDWLRQ GHGLFDWHG WR D
FRQWLQXRXVGHVLUHWRPHHWFXVWRPHUVUHDVRQDEOHH[SHFWDWLRQVLQWHUPVRITXDOLW
SULFHGHOLYHUDQGVWDQGDUGVRIVHUYLFH7KHPDLQOHYHUWRUHDFKVXFKRUJDQLVDWLRQLV
7RWDO 4XDOLW 0DQDJHPHQW HQGHDYRXU FRYHULQJ HYHU SURFHVV  IURP WKH LQLWLDO
GHVLJQ RI ZRUN VVWHP WKURXJK SURGXFWLRQ WR ILQDO GHOLYHU RI WKH SURGXFW RU
VHUYLFH 7KHUH LV YHU LPSRUWDQW DOVR HYDOXDWLRQ DQG IHHGEDFN IURP WKH FXVWRPHU
ZKLFKPXVWHQVXUHWKDWFXVWRPHUVDWLVIDFWLRQLVDOZDVDFKLHYHG

%ULWLVK*RYHUQPHQW,QIRUPDWLRQ6HUYLFHV,QIRUPDWLRQ6WXGLHV%ULHILQJ2,S

:22'1LYLOVHUYDQWVIDFHKDUVKUHDOLWLHVRIPDUNHWSODFH7KH7LPHVWK1RYHPEHU

'(9(5($8 0 RQWLQXRXV LPSURYHPHQW LV RXU WDUJHW 2, 4XDOLW 6SHFLDO VXSSOHPHQW WR 2,
,QIRUPS

2,4XDOLWS
,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ
VRPH1$72RXQWULHV%5$7,6/$9$
6WDIILQJDQG5HFUXLWPHQW
6WDII HQJDJHG LQ LQIRUPDWLRQ ZRUN DUH QRUPDOO PHPEHUV RI WKH ,QIRUPDWLRQ
2IILFHU *URXS RI WKH +RPH LYLO 6HUYLFH 7KH SUHVHQW SURIHVVLRQDO KHDG RI WKH
*URXSLVWKHKLHI([HFXWLYHRI2,WKHODUJHVW*,6HPSORHU,QIRUPDWLRQVWDII
XVXDOOKDYHDEDFNJURXQGRISURIHVVLRQDOH[SHULHQFHLQVXFKDUHDVDVMRXUQDOLVP
SXEOLVKLQJRUWHOHYLVLRQ6WDIIHPSORHGEWKH2,KDYHSUHYLRXVH[SHULHQFHLQ
WKHVH DQG RWKHU PHGLD VXFK DV DGYHUWLVLQJ ILOP SURGXFWLRQ H[KLELWLRQV JUDSKLF
GHVLJQSKRWRJUDSKUDGLRRUPDUNHWUHVHDUFK
,QWKHFDVHRIWKH)RUHLJQDQGRPPRQZHDOWK2IILFH)2
PRVWLQIRUPDWLRQ
ZRUNLVXQGHUWDNHQEPHPEHUVRIWKH'LSORPDWLF6HUYLFHLQ%ULWDLQDQGRYHUVHDV,W
HPSORV D VPDOO JURXS RI SURIHVVLRQDO LQIRUPDWLRQ VWDII KRZHYHU WR KDQGOH
VSRQVRUHG YLVLWV WR %ULWDLQ H[KLELWLRQV ILOPV SXEOLFDWLRQV DQG ZRUN IRU RYHUVHDV
PHGLDFRUUHVSRQGHQWVLQ/RQGRQ
7KH,QIRUPDWLRQ2IILFHU0DQDJHPHQW8QLW,208

Weitere ähnliche Inhalte

Was ist angesagt?

The rarionale behind gender mainstreaming
The rarionale behind gender mainstreamingThe rarionale behind gender mainstreaming
The rarionale behind gender mainstreamingsheila cesario
 
Quotes & gems of wisdom
Quotes & gems of wisdomQuotes & gems of wisdom
Quotes & gems of wisdomRaj Luitel
 
Santa Clarita real estate update by remax of Valencia paris911 team week 2 Se...
Santa Clarita real estate update by remax of Valencia paris911 team week 2 Se...Santa Clarita real estate update by remax of Valencia paris911 team week 2 Se...
Santa Clarita real estate update by remax of Valencia paris911 team week 2 Se...Connor T. MacIVOR
 
En contemporary issues
En contemporary issuesEn contemporary issues
En contemporary issuesLoveofpeople
 
personality develope
personality developepersonality develope
personality developesethuilan
 
Excel vba course notes 1 macro basics
Excel vba course notes 1   macro basicsExcel vba course notes 1   macro basics
Excel vba course notes 1 macro basicsnecromen
 
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.Abdulsalam Taha
 
Expense Reduction Categories
Expense Reduction CategoriesExpense Reduction Categories
Expense Reduction CategoriesNaushad Moolla
 
Horticultura en argentina
Horticultura en argentinaHorticultura en argentina
Horticultura en argentinaWalther Vargas
 
Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos
Sfantul Nectarie, Sfantul Iubirii, Iosif D  AgapitosSfantul Nectarie, Sfantul Iubirii, Iosif D  Agapitos
Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitossokoban
 
GFI LanGuard SDK - Technical DataSheet
GFI LanGuard SDK - Technical DataSheetGFI LanGuard SDK - Technical DataSheet
GFI LanGuard SDK - Technical DataSheetAndre Muscat
 
Balzac et la petite tailleuse chinoise
Balzac et la petite tailleuse chinoiseBalzac et la petite tailleuse chinoise
Balzac et la petite tailleuse chinoisedreamytang
 

Was ist angesagt? (20)

The rarionale behind gender mainstreaming
The rarionale behind gender mainstreamingThe rarionale behind gender mainstreaming
The rarionale behind gender mainstreaming
 
Quotes & gems of wisdom
Quotes & gems of wisdomQuotes & gems of wisdom
Quotes & gems of wisdom
 
Santa Clarita real estate update by remax of Valencia paris911 team week 2 Se...
Santa Clarita real estate update by remax of Valencia paris911 team week 2 Se...Santa Clarita real estate update by remax of Valencia paris911 team week 2 Se...
Santa Clarita real estate update by remax of Valencia paris911 team week 2 Se...
 
2nd book dr rahul & heena tiwari- how to write an article and publish it - c...
2nd book  dr rahul & heena tiwari- how to write an article and publish it - c...2nd book  dr rahul & heena tiwari- how to write an article and publish it - c...
2nd book dr rahul & heena tiwari- how to write an article and publish it - c...
 
1st book dr rahul & heena tiwari- periooral soft tissue & orthognathic surgery
1st book  dr rahul & heena tiwari- periooral soft tissue & orthognathic surgery1st book  dr rahul & heena tiwari- periooral soft tissue & orthognathic surgery
1st book dr rahul & heena tiwari- periooral soft tissue & orthognathic surgery
 
Contemporary Issues
Contemporary IssuesContemporary Issues
Contemporary Issues
 
Twitter Traffic
Twitter TrafficTwitter Traffic
Twitter Traffic
 
En contemporary issues
En contemporary issuesEn contemporary issues
En contemporary issues
 
personality develope
personality developepersonality develope
personality develope
 
Fiqh-us-Sunnah: Essentials of Everyday Worship
Fiqh-us-Sunnah: Essentials of Everyday WorshipFiqh-us-Sunnah: Essentials of Everyday Worship
Fiqh-us-Sunnah: Essentials of Everyday Worship
 
Excel vba course notes 1 macro basics
Excel vba course notes 1   macro basicsExcel vba course notes 1   macro basics
Excel vba course notes 1 macro basics
 
Just one-message eng
Just one-message engJust one-message eng
Just one-message eng
 
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
Emergency thoracotomy for cardiac or great vessel injuries: a report of 5 cases.
 
Razonamientomatematico
RazonamientomatematicoRazonamientomatematico
Razonamientomatematico
 
Expense Reduction Categories
Expense Reduction CategoriesExpense Reduction Categories
Expense Reduction Categories
 
Horticultura en argentina
Horticultura en argentinaHorticultura en argentina
Horticultura en argentina
 
Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos
Sfantul Nectarie, Sfantul Iubirii, Iosif D  AgapitosSfantul Nectarie, Sfantul Iubirii, Iosif D  Agapitos
Sfantul Nectarie, Sfantul Iubirii, Iosif D Agapitos
 
Islam Perfectly Complete
Islam Perfectly CompleteIslam Perfectly Complete
Islam Perfectly Complete
 
GFI LanGuard SDK - Technical DataSheet
GFI LanGuard SDK - Technical DataSheetGFI LanGuard SDK - Technical DataSheet
GFI LanGuard SDK - Technical DataSheet
 
Balzac et la petite tailleuse chinoise
Balzac et la petite tailleuse chinoiseBalzac et la petite tailleuse chinoise
Balzac et la petite tailleuse chinoise
 

Ähnlich wie Conditions and System of Government/Official Information in some NATO Countries

CSR and Global Citizenship in the global business
CSR and Global Citizenship in the global businessCSR and Global Citizenship in the global business
CSR and Global Citizenship in the global businessDr. Rakesh Ainapur
 
Sfantul nectarie sfintul iubirii, minuni necunoscute
Sfantul nectarie   sfintul iubirii, minuni necunoscuteSfantul nectarie   sfintul iubirii, minuni necunoscute
Sfantul nectarie sfintul iubirii, minuni necunoscutegedeona19
 
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...CLOVE Dental OMNI Hospitals Andhra Hospital
 
how to write an article and publish it - complete book
how to write an article and publish it - complete bookhow to write an article and publish it - complete book
how to write an article and publish it - complete bookDrHeena tiwari
 
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly 100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly P6P
 
Seneca -de_la_brevedad_de_la_vida[1]
Seneca  -de_la_brevedad_de_la_vida[1]Seneca  -de_la_brevedad_de_la_vida[1]
Seneca -de_la_brevedad_de_la_vida[1]Rafael
 
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdf
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdfLos derechos de los animales - Hector Hidalgo (2xhoja36).pdf
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdfyenifferdenisseoband1
 
A Note On Phillips Curve (The Phillips Curve Was Simply A Set of Observations...
A Note On Phillips Curve (The Phillips Curve Was Simply A Set of Observations...A Note On Phillips Curve (The Phillips Curve Was Simply A Set of Observations...
A Note On Phillips Curve (The Phillips Curve Was Simply A Set of Observations...ayshaayyoob2003
 

Ähnlich wie Conditions and System of Government/Official Information in some NATO Countries (14)

Module 1.pdf
Module 1.pdfModule 1.pdf
Module 1.pdf
 
The Ideal Muslim
The Ideal MuslimThe Ideal Muslim
The Ideal Muslim
 
The Ideal Muslim
The Ideal MuslimThe Ideal Muslim
The Ideal Muslim
 
9146art9
9146art99146art9
9146art9
 
CSR and Global Citizenship in the global business
CSR and Global Citizenship in the global businessCSR and Global Citizenship in the global business
CSR and Global Citizenship in the global business
 
Sfantul nectarie sfintul iubirii, minuni necunoscute
Sfantul nectarie   sfintul iubirii, minuni necunoscuteSfantul nectarie   sfintul iubirii, minuni necunoscute
Sfantul nectarie sfintul iubirii, minuni necunoscute
 
Orografía 4
Orografía 4Orografía 4
Orografía 4
 
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...
2nd Book- Dr Rahul & Heena Tiwari- How to Write an Article and Publish it - C...
 
how to write an article and publish it - complete book
how to write an article and publish it - complete bookhow to write an article and publish it - complete book
how to write an article and publish it - complete book
 
Fiqh us sunnah_zakat_fasting
Fiqh us sunnah_zakat_fastingFiqh us sunnah_zakat_fasting
Fiqh us sunnah_zakat_fasting
 
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly 100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
100 Ways of Greening your Life - Walk Cheerfully, Step Lightly
 
Seneca -de_la_brevedad_de_la_vida[1]
Seneca  -de_la_brevedad_de_la_vida[1]Seneca  -de_la_brevedad_de_la_vida[1]
Seneca -de_la_brevedad_de_la_vida[1]
 
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdf
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdfLos derechos de los animales - Hector Hidalgo (2xhoja36).pdf
Los derechos de los animales - Hector Hidalgo (2xhoja36).pdf
 
A Note On Phillips Curve (The Phillips Curve Was Simply A Set of Observations...
A Note On Phillips Curve (The Phillips Curve Was Simply A Set of Observations...A Note On Phillips Curve (The Phillips Curve Was Simply A Set of Observations...
A Note On Phillips Curve (The Phillips Curve Was Simply A Set of Observations...
 

Mehr von Ivan Zary

Pokoj a rozvahu 1989
Pokoj a rozvahu 1989Pokoj a rozvahu 1989
Pokoj a rozvahu 1989Ivan Zary
 
Michal Truban
Michal TrubanMichal Truban
Michal TrubanIvan Zary
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastovIvan Zary
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastovIvan Zary
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastovIvan Zary
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastovIvan Zary
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastovIvan Zary
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastovIvan Zary
 
Šéfovská zostava - foto
Šéfovská zostava - fotoŠéfovská zostava - foto
Šéfovská zostava - fotoIvan Zary
 
Moja istá cesta k úspechu 2019
Moja istá cesta k úspechu 2019Moja istá cesta k úspechu 2019
Moja istá cesta k úspechu 2019Ivan Zary
 
Phsr bukovec
Phsr bukovecPhsr bukovec
Phsr bukovecIvan Zary
 
Art de la_rue
Art de la_rueArt de la_rue
Art de la_rueIvan Zary
 
Protipovodnová opatrení
Protipovodnová opatreníProtipovodnová opatrení
Protipovodnová opatreníIvan Zary
 
Protipovodnová opatrení
Protipovodnová opatreníProtipovodnová opatrení
Protipovodnová opatreníIvan Zary
 
Jak Ukladat Do Mraznicky
Jak Ukladat Do MraznickyJak Ukladat Do Mraznicky
Jak Ukladat Do MraznickyIvan Zary
 
Tlacova Informacia Pre 21 Storocie
Tlacova Informacia Pre 21 StorocieTlacova Informacia Pre 21 Storocie
Tlacova Informacia Pre 21 StorocieIvan Zary
 
News Release For 21st Century
News Release For 21st CenturyNews Release For 21st Century
News Release For 21st CenturyIvan Zary
 
Facebook Cookbook
Facebook CookbookFacebook Cookbook
Facebook CookbookIvan Zary
 
Government In The Sunshine
Government In The SunshineGovernment In The Sunshine
Government In The SunshineIvan Zary
 
Mind The Comp
Mind The  CompMind The  Comp
Mind The CompIvan Zary
 

Mehr von Ivan Zary (20)

Pokoj a rozvahu 1989
Pokoj a rozvahu 1989Pokoj a rozvahu 1989
Pokoj a rozvahu 1989
 
Michal Truban
Michal TrubanMichal Truban
Michal Truban
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastov
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastov
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastov
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastov
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastov
 
Život bez plastov
Život bez plastovŽivot bez plastov
Život bez plastov
 
Šéfovská zostava - foto
Šéfovská zostava - fotoŠéfovská zostava - foto
Šéfovská zostava - foto
 
Moja istá cesta k úspechu 2019
Moja istá cesta k úspechu 2019Moja istá cesta k úspechu 2019
Moja istá cesta k úspechu 2019
 
Phsr bukovec
Phsr bukovecPhsr bukovec
Phsr bukovec
 
Art de la_rue
Art de la_rueArt de la_rue
Art de la_rue
 
Protipovodnová opatrení
Protipovodnová opatreníProtipovodnová opatrení
Protipovodnová opatrení
 
Protipovodnová opatrení
Protipovodnová opatreníProtipovodnová opatrení
Protipovodnová opatrení
 
Jak Ukladat Do Mraznicky
Jak Ukladat Do MraznickyJak Ukladat Do Mraznicky
Jak Ukladat Do Mraznicky
 
Tlacova Informacia Pre 21 Storocie
Tlacova Informacia Pre 21 StorocieTlacova Informacia Pre 21 Storocie
Tlacova Informacia Pre 21 Storocie
 
News Release For 21st Century
News Release For 21st CenturyNews Release For 21st Century
News Release For 21st Century
 
Facebook Cookbook
Facebook CookbookFacebook Cookbook
Facebook Cookbook
 
Government In The Sunshine
Government In The SunshineGovernment In The Sunshine
Government In The Sunshine
 
Mind The Comp
Mind The  CompMind The  Comp
Mind The Comp
 

Conditions and System of Government/Official Information in some NATO Countries

  •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
  •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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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
  •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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 9. IRUHLJQMRXUQDOLVWVVKRXOGQRWEHVXEMHFWWRGLVFULPLQDWRURUDUELWUDUWUHDWPHQW DQGVKRXOGHQMRWRWKHH[WHQWSUDFWLFDEOHWKHVDPHLQGHSHQGHQFHDQGDFFHVVWR LQIRUPDWLRQ DQG DOO QHFHVVDU SURIHVVLRQDO PDWHULDOV DQG HTXLSPHQW DV RWKHU MRXUQDOLVWV ,W LV XVHIXO WR GLVWLQFW WKHVH QRWLRQV 35(66 2)),( GHSDUWPHQW
  • 11. KDV WR NHHS FRQWDFWV ZLWK MRXUQDOLVWV SUHVV RIILFHUVDQVZHUWKHLULQTXLULHVVHWXSLQWHUYLHZVDQGEULHILQJVIRUWKHPZLWKVHQLRU RIILFLDOVRIWKHDJHQFZULWHQHZVUHOHDVHVDQGIDFWVKHHWVDQGDGYLVHWKHDJHQF KHDGRQSUHVVUHODWLRQV 20081,$7,216VHFWLRQHVSHFLDOOLQWKH86$
  • 12. LVWRZULWHVSHHFKHV IRUVHQLRUDJHQFRIILFLDOVSXWRXWDJHQFSXEOLFDWLRQVDUUDQJLQJIRUSXEOLFVHUYLFH PHVVDJHV WR EH GLVWULEXWHG WR 79 DQG 5DGLR VWDWLRQV DQG SUHSDUH DXGLRYLVXDO PDWHULDOIRUXVHLQFODVVURRPV 38%/,$))$,56GHSDUWPHQWVNHHSFRQWDFWEHWZHHQWKHDJHQFDQGRXWVLGH JURXSVLPSRUWDQWWRLWSDUOLDPHQWVWDWHDQGORFDOJRYHUQPHQWDQGFRQVXPHUVDV ZHOODVWKHQHZVPHGLD 38%/,5(/$7,21635
  • 15. DFFXUDFSURWHFWLQJ FRQILGHQWLDOVRXUFHVRILQIRUPDWLRQUHFRJQLWLRQDQGFRUUHFWLRQRIHUURUVLVVXHVRIULJKWFRQWH[WRILQIRUPDWLRQ VHSDUDWLRQ RI QHZV DQG FRPPHQWDU UHVSRQVLELOLW LQGLYLGXDO V ULJKW WR SULYDF +$860$1 ULVLV RI RQVFLHQFH3HUVSHFWLYHVRQ-RXUQDOLVP(WKLFV1HZRUN+DUSHUROOLQV3XEOLVKHUVS +(666*RYHUQPHQW3UHVVRQQHFWLRQ:DVKLQJWRQS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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VXSUHPHJRYHUQRURI WKHHVWDEOLVKHGKXUFKRI(QJODQG%XWLQIDFW%ULWDLQLVJRYHUQHGE+HU0DMHVW V *RYHUQPHQWLQWKHQDPHRIWKH4XHHQ7KH4XHHQKHUVHOIDFWVRQWKHDGYLFHRIKHU PLQLVWHUV,WLVUHVXOWRIDORQJSURFHVVRIHYROXWLRQGXULQJZKLFKWKHPRQDUFK V DEVROXWHSRZHUKDVEHHQSURJUHVVLYHOUHGXFHG %WUDGLWLRQWKHOHDGHURIWKHPDMRULW3DUWLVDVNHGEWKH6RYHUHLJQWRIRUP D JRYHUQPHQW DQG DERXW RI LWV PHPEHUV LQ WKH +RXVH RI RPPRQV DQG WKH +RXVH RI /RUGV UHFHLYH PLQLVWHULDO DSSRLQWPHQWV LQFOXGLQJ DSSRLQWPHQW WR WKH DELQHW
  • 17. RQWKHDGYLFHRIWKH3ULPH0LQLVWHU7KHODUJHVWPDMRULWSDUWEHFRPHVWKH RIILFLDO2SSRVLWLRQZLWKLWVRZQOHDGHUDQGVKDGRZFDELQHW 7KH IXQFWLRQV RI WKH DELQHW DUH WKH LQLWLDWLRQ DQG ILQDO GHWHUPLQDWLRQ RI SROLFLHV WKH VXSUHPH FRQWURO RI JRYHUQPHQW DQG WKH FRRUGLQDWLRQ RI JRYHUQPHQW GHSDUWPHQWV7KHH[HUFLVHRIWKHVHIXQFWLRQVLVYLWDOODIIHFWHGEWKHIDFWWKDWWKH DELQHWLVDJURXSRISDUWUHSUHVHQWDWLYHVGHSHQGLQJXSRQPDMRULWVXSSRUWLQWKH +RXVHRIRPPRQV *(50$1 )HGHUDO 5HSXEOLF RI *HUPDQ )5*
  •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
  • 19. DQG FKHFNV WKH *RYHUQPHQWDELQHW 6HFRQG FKDPEHU RI WKH IHGHUDO %ULWDLQ$QRIILFLDOKDQGERRN)RUHLJQDQGRPPRQZHDOWK2IILFHS ,ELGS ,ELGS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 20. SDUOLDPHQW LV )HGHUDO RXQFLO %XQGHVUDW
  • 21. IRUPHG IURP FRQVWLWXHQFLHV RI WKH GLIIHUHQWUHJLRQDOJRYHUQPHQWV )HGHUDO *RYHUQPHQWDELQHW LV KHDGHG E WKH KDQFHOORU +H KDV ULJKW WR SURSRVHWRWKH3UHVLGHQWRI)5*PHPEHUVRIWKHDELQHW0LQLVWHUV
  • 26. KDV WZR FKDPEHUV 7KH 6HQDWH DQG 7KH +RXVH RI 5HSUHVHQWDWLYHVRQJUHVVLVWKHRQOSRZHUDOORZHGWRFUHDWHIHGHUDOODZVSURSRVH IHGHUDOWD[HVGHFODUHWKHZDURUWRUDWLILQWHUQDWLRQDOWUHDWLHV 0DLQ H[HFXWLYH VXEMHFW LV 3UHVLGHQW RI WKH 86$ 3UHVLGHQW DQG KLV GHSXW 9LFHSUHVLGHQW DUH HOHFWHG WRJHWKHU RQH WLFNHW
  • 27. IRU IRXU HDUV WKH PD EH HOHFWHGWRVHUYHRQOWZRFRQVHFXWLYHWHUPVHDUV
  •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
  •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
  • 30. DQG RWKHU LPSRUWDQW SHUVRQV VXFK DV 81 DPEDVVDGRU 86 WUDGH UHSUHVHQWDWLYH GLUHFWRU RI WKH 2IILFH DQG 0DQDJHPHQW ERWK IURP WKH ([HFXWLYH 2IILFH RI WKH 3UHVLGHQW
  • 31. (QYLURQPHQWDO 3URWHFWLRQ $JHQF DGPLQLVWUDWRU DQG ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 32. FKDLUPDQ RI WKH RXQFLO RI (FRQRPLF $GYLVHUV RI WKH ([HFXWLYH 2IILFH RI WKH 3UHVLGHQW 7KHUHDUHDOVRRWKHUDJHQFLHVLQWKH3UHVLGHQW VDGPLQLVWUDWLRQWKH([HFXWLYH 2IILFH RI WKH 3UHVLGHQW 7KH :KLWH +RXVH 2IILFH 2IILFH RI 0DQDJHPHQW DQG %XGJHWRXQFLORI(FRQRPLF$GYLVHUV1DWLRQDO6HFXULWRXQFLODQG2IILFHRIWKH 86 7UDGH 5HSUHVHQWDWLYH
  • 33. DQG LQGHSHQGHQW HVWDEOLVKPHQWV HQWUDO ,QWHOOLJHQFH $JHQF(QYLURQPHQWDO3URWHFWLRQ$JHQFDQG8QLWHG6WDWHV,QIRUPDWLRQ$JHQF
  •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
  • 38. XQGHUWKHFKDLUPDQVKLSRI/RUG 1RUWKFOLIIH WR RUJDQLVH SURDOOLHG SXEOLFLW LQ HQHP FRXQWULHV 0LQLVWU RI ,QIRUPDWLRQIXQFWLRQHGIURPXQWLORQOGXULQJWKHZDUSHULRG 6KRWJXQ0DUULDJH1HZVZHHN-XOS 0DVV0HGLDDQG$PHULFDQ3ROLWLFV:DVKLQJWRQS %ULWLVK 3ULPH PLQLVWHU 0U OHPHQW $WWOHH WR WKH +RXVH RI RPPRQV RQ WK 'HFHPEHU +$16$5'+'(%
  • 40. 7KHDELQHWPHHWVLQSULYDWHDQGLWVSURFHHGLQJVDUHFRQILGHQWLDO,WVPHPEHUV DUHERXQGEWKHLURDWKDV3ULYRXQVHOORUVQRWWRGLVFORVHLQIRUPDWLRQDERXWLWV SURFHHGLQJVDOWKRXJKDIWHUDELQHWSDSHUVKDYHEHHQLQH[LVWHQFHIRUHDUVWKH PDEHPDGHDYDLODEOHIRULQVSHFWLRQLQWKH3XEOLF5HFRUG2IILFHDW.HZ6XUUH ,WLVLQWHUHVWLQJWKDWDOWKRXJKEWUDGLWLRQFLYLOVHUYDQWVIURPWKH3ULPH0LQLVWHU V 2IILFHDQGWKHDELQHW2IILFHDWWHQGDELQHW0HHWLQJVWRWDNHQRWHVIRUWKHUHFRUG WKH3ULPH0LQLVWHU V3UHVV6HFUHWDUGRHVQRW 7KH3UHVV6HFUHWDUKRZHYHUVLWV LQRQPDQPHHWLQJVZLWKWKH3ULPH0LQLVWHUDQG0LQLVWHUVZKHQLWLVDSSURSULDWH ,ELGS $:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUV/RQGRQ,QIRUPDWLRQ2IILFHU0DQDJHPHQW8QLW DELQHW2IILFHS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$ $'0,1,675$7,21 0,1,67(5,$/'(3$570(176 ,1)250$7,21 %ULHILQJ6HFWLRQ 3XEOLFLW6HFWLRQV 3UHVV2IILFH HQWUDO2IILFHRI,QIRUPDWLRQ+HU0DMHVWV6WDWLRQHU2IILFH ,1)250$7,21,1%5,7$,1 ',5(725 2),1)250$7,21
  • 41. 7KHSUHVHQWJRYHUQPHQWGRHVQRWFRQVLGHUWKDWDVWDWXWRUULJKWRIDFFHVVWR LQIRUPDWLRQ ZRXOG EH DSSURSULDWH ,QVWHDG LWV SROLF LV WR PDNH DYDLODEOH WR 3DUOLDPHQW DQG WKH SXEOLF DV PXFK LQIRUPDWLRQ DV SRVVLEOH ZKLOH SUHVHUYLQJ WKH FRQILGHQWLDOLW HVVHQWLDO WR QDWLRQDO VHFXULW DQG WR WKH HIIHFWLYH ZRUNLQJ RI JRYHUQPHQW $QRWKHUVLWXDWLRQLVDWOHYHORI/RFDO*RYHUQPHQW7KHSXEOLFLQFOXGLQJWKH SUHVV
  •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
  • 46. 7KHVH ERGLHV DUH DEOH WR SHUIRUP PXFK LQIRUPDWLRQ IXQFWLRQVFHQWUDOODVD FRPPRQ VHUYLFH 7KLVFHQWUDOLVDWLRQHQDEOHVLQPDQFDVHV KLJKHUFRVWHIIHFWLYHQHVV ,Q :DOHV 2, FRRSHUDWHV ZLWK WKH :HOVK 2IILFH ,Q 6FRWODQG DQG 1RUWKHUQ ,UHODQGZLWKWKHLULQIRUPDWLRQRIILFHV6FRWWLVK,QIRUPDWLRQ2IILFHDQGLQ1RUWKHUQ ,UHODQGZLWKLW V*RYHUQPHQW,QIRUPDWLRQ6HUYLFHDWWDFKHGWRWKHDELQHW2IILFHV 1RUWKHUQ,UHODQGKDVLWVRZQFRUSRUDWHLYLO6HUYLFH
  • 51. 7KH2,LVDQH[HFXWLYHDJHQFUHVSRQVLEOHWRWKHKDQFHOORURIWKH'XFKRI /DQFDVWHUDQGKHDGHGEDFKLHIH[HFXWLYH,WSURYLGHVSXEOLFLWVHUYLFHVWRPHHW KRPH DQG RYHUVHDV LQIRUPDWLRQ UHTXLUHPHQWV RI GHSDUWPHQWV DQG RWKHU SXEOLFO IXQGHGRUJDQLVDWLRQV+062LVDOVRDQH[HFXWLYHDJHQFDQGSURYLGHVSULQWLQJDQG SXEOLVKLQJVHUYLFHVWRJRYHUQPHQWGHSDUWPHQWVDQGWKH+RXVHVRI3DUOLDPHQW $FFHVVWR7HOHYLVLRQDQG5DGLR 7KHSURFHHGLQJVRIERWK+RXVHVRI3DUOLDPHQWPDEHEURDGFDVWRQWHOHYLVLRQ DQG UDGLR HLWKHU OLYH RU PRUH XVXDOO LQ UHFRUGHG RU HGLWHG IRUP 7KHVH SURFHHGLQJVDUHUHFRUGHGURXQGWKHFORFNEWKH%%IRULWVSDUOLDPHQWDUVRXQG DUFKLYH ,Q-XO+RXVHRIRPPRQVGHFLGHGWRDOORZWHOHYLVLQJRILWVSURFHHGLQJV SHUPDQHQWO 7KH DUH UHFRUGHG E DQ LQGHSHQGHQW FRPSDQ DSSRLQWHG E WKH +RXVHRIRPPRQV%URDGFDVWLQJ8QLWZKLFKPDNHVWHOHYLVLRQSLFWXUHVDYDLODEOHWR WKH%%,QGHSHQGHQW7HOHYLVLRQ1HZVDQGRWKHUDSSURYHGEURDGFDVWHUVIRUXVHLQ QHZV DQG FXUUHQW DIIDLUV SURJUDPPHV 7HOHYLVLRQ UHSRUWLQJ RI WKH RPPRQV SURFHHGLQJV LV VXEMHFW WR VWULFW UXOHV DERXW ZKDW FDQ EH VKRZQ DQG FRYHUDJH LV RYHUVHHQEDVHOHFWFRPPLWWHHRIWKH+RXVHRIRPPRQV6HUYLFHLVILQDQFHGE EURDGFDVWHUV3URFHHGLQJVRIWKH+RXVHRI/RUGVKDYHEHHQWHOHYLVHGVLQFH 7KH*RYHUQPHQWKDVQRSULYLOHJHGDFFHVVWRQDWLRQDODQGORFDOWHOHYLVLRQDQG UDGLR7KHEURDGFDVWLQJDXWKRULWLHV7KH%ULWLVK%URDGFDVWLQJRUSRUDWLRQ%%
  • 52. DQG WKH ,QGHSHQGHQW %URDGFDVWLQJ $XWKRULW ,%$
  •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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 54. 3DUOLDPHQWDUSURFHHGLQJVDUHWHOHYLVHGWKHUHFRUGLQJVDUHWUDQVPLWWHGHLWKHU OLYH RU PRUH XVXDOO LQ UHFRUGHG H[WUDFWV LQ QDWLRQDO DQG ORFDO WHOHYLVLRQ QHZV SURJUDPPHV 6RXQG UHFRUGLQJV DUH XVHG IRU UDGLR QHZV DQG FXUUHQW DIIDLU SURJUDPPHV ,Q DGGLWLRQ WR GHEDWHV LQ ERWK +RXVHV WKH SURFHHGLQJV RI VHOHFW RPPLWWHHVPDEHUHFRUGHGEDQLQGHSHQGHQWFRPSDQDSSRLQWHGED+RXVHRI RPPRQVEURDGFDVWLQJXQLWZKLFKSURYLGHVWKHWHOHYLVLRQSLFWXUHVWREURDGFDVWHUV 3ROLWLFDO DGYHUWLVLQJ LV QRW SHUPLWWHG RQ LQGHSHQGHQW WHOHYLVLRQ DQG UDGLR VWDWLRQVZKLFKDUHILQDQFHGEDGYHUWLVLQJUHYHQXH7LPHIRUJRYHUQPHQWDGYHUWLVLQJ FDPSDLJQVLVSXUFKDVHGRQWKHVDPHEDVLVDVWKDWERXJKWEFRPPHUFLDODGYHUWLVHUV 7KH%%GRHVQRWFDUUDQSDLGDGYHUWLVLQJ 6KRUWSXEOLFVHUYLFHLWHPVRQKHDOWKZHOIDUHDQGVDIHWWKHPHVDUHSURGXFHGE WKH2,DQGWUDQVPLWWHGIUHHRIFKDUJHRQWHOHYLVLRQDQGUDGLREWKH%%DQGWKH ,%$ 1R,QIRUPDWLRQ6HUYLFH 6LQFH WKH 3ULPH 0LQLVWHU KDV XOWLPDWH UHVSRQVLELOLW LQ DOO DUHDV RI SROLF LW IROORZVWKDWWKH3UHVV2IILFHDW'RZQLQJ6WUHHWDOVRKDVDZLGHUUHVSRQVLELOLW WKDQ'HSDUWPHQWDO3UHVV2IILFHVEHLQJFKDUJHGZLWKH[SODLQLQJWKRVHSROLFLHVRQD PDFUROHYHO 7KHPDLQWDUJHWDXGLHQFHRI1R3UHVV2IILFHDUHWKHPHPEHUVRIWKH/REE RUUHVSRQGHQWV$VVRFLDWLRQWKH/REEMRXUQDOLVWVRSHUDWLQJRQDIDLUOVKRUW WLPHKRUL]RQVHHNLQJWRDQWLFLSDWHQHZVVWRULHVDQGORRNLQJIRUWKHSROLWLFDODQJOHV WRWKHP 7KH3UHVV2IILFHLVKHDGHGEWKH3ULPH0LQLVWHU V3UHVV6HFUHWDU EDFNHGE D 'HSXW 3UHVV 6HFUHWDU DQG IRXU 6HQLRU ,QIRUPDWLRQ 2IILFHUV 2QH RI WKHP LV XVXDOO D GLSORPDW RQ VHFRQGPHQW IURP WKH )RUHLJQ 2IILFH EDFNJURXQG LQ LQIRUPDWLRQ ZRUN KDV FKDUJH RI WKH )RUHLJQ GHVN DQG GHIHQFH PDWWHUV
  • 55. RWKHUV VSOLW +RPH DQG 7UHDVXU LQWR WKH VRFLDO DQG HFRQRPLF 'HSDUWPHQWV DOWKRXJKDOZDVUHPDLQLQJIXOOEULHIHGRQWKHRWKHUVUHVSRQVLELOLWLHV 6LQFH WKH 3ULPH 0LQLVWHU V 3UHVV 6HFUHWDU KDV WKH FORVHVW OLQNV KH LV EHVW VXLWHGWRSDVVLQJWKH3ULPH0LQLVWHU VYLHZVWRMRXUQDOLVWVWKURXJKWKH/REEZKLOH WKH'HSXW3UHVV6HFUHWDUILOOVWKHUROHRIXQGHUVWXG:KHQWKH3UHVV6HFUHWDU DFFRPSDQLHVWKH3ULPH0LQLVWHUDEURDGIRULQVWDQFHDQG3DUOLDPHQWLVVLWWLQJWKH 'HSXW 3UHVV 6HFUHWDU ZLOO EULHI WKH /REE 7KH SUHVHQW FRQYHQWLRQ LV WKDW WKH ZKROHRIWKH3UHVV2IILFHLVSUHVHQWDW/REEEULHILQJVVRWKDWDOOLWVRIILFHUVFDQ NHHSDEUHDVWRIWKHYDULRXVVXEMHFWVRILQWHUHVWWRMRXUQDOLVWV KLHI3UHVV6HFUHWDULHVLQ%ULWDLQDUHJHQHUDOOQHLWKHUVHHQQRUKHDUGDWZRUN EWKHSXEOLF7KH3ULPH0LQLVWHU V3UHVV6HFUHWDULVWKXVFRQFHUQHGQRWVRPXFK ZLWKSROLFDQQRXQFHPHQWVDVZLWKEULQJLQJWKHZRUNRIWKH*RYHUQPHQWWRJHWKHULQ 7KH SRVW RI WKH %ULWLVK 3ULPH 0LQLVWHU V 3UHVV 6HFUHWDU ZDV FUHDWHG LQ E 5DPVD 0DF'RQDOG %ULWDLQ V ILUVW /DERXU 3ULPH 0LQLVWHU 7KH ILUVW 3UHVV 6HFUHWDU ZDV *HRUJH 6WHZDUG +$55,6 5 *RRG DQG )DLWKIXO6HUYDQW7KHXQDXWKRULVHG%LEOLRJUDSKRI%HUQDUG,QJKDP/RQGRQ%RVWRQ)DEHUDQG)DEHU $:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVS ,ELGS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 56. RQHSUHVHQWDWLRQDOZKROHDQGVHUYLQJDVDQLQWHUSUHWHUIRUWKHPHGLDRQWKHLPSRUW IRUWKHFRQGXFWRI*RYHUQPHQWRIWKH3ULPH0LQLVWHU VDSSURDFK+HQFHWKHKLHI 3UHVV 6HFUHWDU V PHHWLQJV ZLWK MRXUQDOLVWV DUH QRW VR PXFK SUHVV FRQIHUHQFHV DV EDFNJURXQGEULHILQJV :KHQ 3DUOLDPHQW LV VLWWLQJ WKH 3ULPH 0LQLVWHU V 2IILFH QRUPDOO EULHIV WKH /REEMRXUQDOLVWVWZLFHDGDDWDPPDLQOIRUHYHQLQJSDSHUVDJHQFLHV79 DQG UDGLR
  •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
  • 60. 'HSDUWPHQWDO,QIRUPDWLRQ6HUYLFHV 7KH KHDG RI WKH GHSDUWPHQW V LQIRUPDWLRQ GLYLVLRQ LV WKH FKLHI VSRNHVPDQ RU VSRNHVZRPDQIRUWKHGHSDUWPHQWDVZHOODVWKHFKLHIDGYLVHUWRPLQLVWHUVDQGVHQLRU RIILFLDOVRQLQIRUPDWLRQPDWWHUV(DFKGLYLVLRQFRQWDLQVDSUHVVRIILFHDQGDSXEOLFLW VHFWLRQDQGLQVRPHFDVHVWKHUHLVDQHGLWRULDODQGEULHILQJVRFDOOHG,QWHOOLJHQFH FROOHFWLQJ LQIRUPDWLRQ IRU WKH XVH RI WKHLU RZQ RU RWKHU GHSDUWPHQWV
  •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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 62. :KHUHDV3UHVV2IILFHVGHDOLQIUHHLQIRUPDWLRQSDVVHGRQWRWKHSUHVVUDGLR DQG 79 LQIRUPDWLRQ SXW RXW E 'HSDUWPHQWV WR WKH SXEOLF WKURXJK DGYHUWLVLQJ H[KLELWLRQV YLGHRV SXEOLFDWLRQV GLUHFW PDUNHWLQJ DQG SURPRWLRQV LQ WKH IRUP RI SDLGSXEOLFLWLVWKHUHVSRQVLELOLWRI3XEOLFLW6HFWLRQVRU3DLG3XEOLFLW8QLWV (DFK 'HSDUWPHQW KDV LWV RZQ REMHFWLYHV DQG WDVNV DQG WKH ZD WKH DUH WDFNOHG GHSHQGV WR VRPH H[WHQW DOVR RQ WKH SHUVRQDOLW RI WKH KLHI ,QIRUPDWLRQ 2IILFHU0LQLVWHUDQGVWDIIEXWDPRQJPDLQREMHFWLYHVDUH 7RFUHDWHDQGPDLQWDLQDQLQIRUPHGRSLQLRQDERXWWKH VXEMHFWVZLWKZKLFKHDFK'HSDUWPHQWGHDOV 7RXVHDOOWKHPHWKRGVRISXEOLFLWZKHUHVXLWDEOHWR KHOSWKH'HSDUWPHQWDFKLHYHLWVSXUSRVH 7RDVVLVWDQGDGYLVHLQDOOPDWWHUVEHDULQJRQUHODWLRQV EHWZHHQWKH'HSDUWPHQWDQGLWVSXEOLFDQG 7RDGYLVHWKH'HSDUWPHQWRIWKHSXEOLF VUHDFWLRQWRWKH SROLFLHVRUDFWLRQVRIWKH'HSDUWPHQW 6RWKHSUHVVRIILFHNHHSVWKHSUHVVDQGEURDGFDVWLQJRUJDQLVDWLRQVLQIRUPHG DERXWWKHGHSDUWPHQW VSROLFLHVDQGPHDVXUHVEIRUH[DPSOHLVVXLQJSUHVVQRWLFHV DQGWH[WVRIPLQLVWHULDOVSHHFKHVDQGVWDWHPHQWV3UHVVRIILFHUVSURYLGHWKHPHGLD ZLWKEDFNJURXQGPDWHULDOWRVXSSOHPHQWSDUOLDPHQWDUDQGRWKHUVWDWHPHQWV2QFH JRYHUQPHQW GHFLVLRQV KDYH EHHQ WDNHQ WKH H[SODLQ WKH UHDVRQLQJ EHKLQG WKHVH GHFLVLRQV 7KH DQVZHU TXHVWLRQV SXW WR WKHP E WKH QHZV PHGLD DQG RWKHU RUJDQLVDWLRQVDERXWWKHLUGHSDUWPHQW VSROLFLHVDQGDFWLRQV3UHVVRIILFHUVRUJDQLVH PLQLVWHULDOQHZVFRQIHUHQFHVDQGDUUDQJHGHSDUWPHQWDOEULHILQJVIRUFRUUHVSRQGHQWV $ PDMRU LQIRUPDWLRQ WDVN LV WR H[SODLQ WR WKH SXEOLF WKH HIIHFWV RI QHZ ODZV DQG UHJXODWLRQV 7KH *RYHUQPHQW DOVR XVHV SXEOLFLW WR HQFRXUDJH WKH SURSHU XVH RI VRFLDO DQG RWKHU SXEOLF VHUYLFHV 6SHFLDO PXOWLPHGLD FDPSDLJQV DUH PRXQWHG RQ VXFKLVVXHVDVWKHSURPRWLRQRIURDGVDIHWFULPHSUHYHQWLRQDQGILUHVDIHW2WKHU FDPSDLJQVDUHGHVLJQHGWRUHFUXLWPHPEHUVRIWKHDUPHGIRUFHVDQGFLYLOLDQVHUYLFHV IRUH[DPSOHQXUVHVSROLFHRUSULVRQRIILFHUV7KHUHLVDOVRDQHHGWRH[SODLQQHZ VRFLDO VHFXULW WD[DWLRQ RU KRXVLQJ UHJXODWLRQV 7KHVH FDPSDLJQV RIWHQ LQYROYH D FRPELQDWLRQ RI H[KLELWLRQV ILOPVYLGHRV SULQWHG PDWHULDO DQG DGYHUWLVLQJ 7R XVH WKHVH PHGLD HIIHFWLYHO GHSDUWPHQWV XVXDOO ZRUN LQ FORVH FRRSHUDWLRQ ZLWK WKH 2, 6PDOOHU GHSDUWPHQWV DUH SDUWLFXODUO GHSHQGHQW RQ 2, VHUYLFHV $OWKRXJK VRPH GHSDUWPHQWV ZLWK PXFK KLJKHU SXEOLFLW H[SHQGLWXUH RIWHQ HPSOR VRPH SURIHVVLRQDOVWDIILQIRULQVWDQFHSXEOLFDWLRQVDQGH[KLELWLRQVZRUNPRVWPDNHXVH RIWKH2, VVSHFLDOLVWVHUYLFHVDQGDGYLFH0RVWQDWLRQDOFDPSDLJQVDUHDUUDQJHG WKURXJKWKH2, $PRQJ WKH WDVNV RI 'HSDUWPHQWDO LQIRUPDWLRQ VHUYLFHV DOVR DUH WR SURMHFW D VRXQG LPDJH DW KRPH DQG DEURDG WKURXJK QHZV IHDWXUHV YLVLWV SUHVV UHOHDVHV SXEOLFDWLRQVH[KLELWLRQVDQGWDONVWRDGYLVHPLQLVWHUVDQGRIILFLDOVD
  • 63. RQKRZWR 3UHVVDQG3XEOLFLWDUHHUV*RYHUQPHQW,QIRUPDWLRQ6HUYLFH/RQGRQS $ :RUNLQJ *XLGH IRU *RYHUQPHQW ,QIRUPDWLRQ 2IILFHUV S 6HH DOVR 2*,/9:(%% 0 7KH *RYHUQPHQW([SODLQVS ,ELGS6HHDOVR2*,/9:(%%07KH*RYHUQPHQW([SODLQVS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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
  •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
  • 71. ERGSURYLGHVVSHFLDOLVW SXEOLFLWVHUYLFHVH[FOXVLYHOIRUJRYHUQPHQWGHSDUWPHQWVDQGRWKHUSXEOLFERGLHV 'HSDUWPHQWV IRU WKHLU SDUW DUH QRW REOLJHG WR JR WR WKH 2, IRU WKHLU VHUYLFHV H[FHSWIRUDGYHUWLVLQJQHZVGLVWULEXWLRQDQGUHJLRQDOVHUYLFHV+HUHWKH7UHDVXU KDVLQVWUXFWHGWKDW'HSDUWPHQWVPXVWXVHWKH2, VVHUYLFHVDVWKHSURYLGHJUHDWHVW YDOXH IRU PRQH )RU RWKHU SXEOLFLW VHUYLFHV 'HSDUWPHQWV DUH IUHH WR FKRRVH ZKHWKHURUQRWWRXVHWKH2,DQGPDDVNLWWRWHQGHUIRUZRUN $OWKRXJKLWV FOLHQWVDUHIUHHWRFKRRVHZKHWKHURUQRWWREXQRQDGYHUWLVLQJ2,VHUYLFHVWKH 2, KDQGOHV DERXW WKUHHTXDUWHUV RI WKHLU WRWDO SXEOLFLW HIIRUW XVWRPHU GHSDUWPHQWVSDWKH2,IRUWKHFRVWRILWVVHUYLFHV7KH2,SURYLGHVDGYLFHRQ 2*,/9:(%%07KH*RYHUQPHQW([SODLQVS /$5.)7KHHQWUDO2IILFHRI,QIRUPDWLRQ/RQGRQ*HRUJH$OOHQDQG8QZLQ/WGS 2,$QQXDO5HSRUWDQG$FFRXQWVS /$5.)7KHHQWUDO2IILFHRI,QIRUPDWLRQS $:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 74. 6WDIILQJDQG5HFUXLWPHQW 6WDII HQJDJHG LQ LQIRUPDWLRQ ZRUN DUH QRUPDOO PHPEHUV RI WKH ,QIRUPDWLRQ 2IILFHU *URXS RI WKH +RPH LYLO 6HUYLFH 7KH SUHVHQW SURIHVVLRQDO KHDG RI WKH *URXSLVWKHKLHI([HFXWLYHRI2,WKHODUJHVW*,6HPSORHU,QIRUPDWLRQVWDII XVXDOOKDYHDEDFNJURXQGRISURIHVVLRQDOH[SHULHQFHLQVXFKDUHDVDVMRXUQDOLVP SXEOLVKLQJRUWHOHYLVLRQ6WDIIHPSORHGEWKH2,KDYHSUHYLRXVH[SHULHQFHLQ WKHVH DQG RWKHU PHGLD VXFK DV DGYHUWLVLQJ ILOP SURGXFWLRQ H[KLELWLRQV JUDSKLF GHVLJQSKRWRJUDSKUDGLRRUPDUNHWUHVHDUFK ,QWKHFDVHRIWKH)RUHLJQDQGRPPRQZHDOWK2IILFH)2
  • 75. PRVWLQIRUPDWLRQ ZRUNLVXQGHUWDNHQEPHPEHUVRIWKH'LSORPDWLF6HUYLFHLQ%ULWDLQDQGRYHUVHDV,W HPSORV D VPDOO JURXS RI SURIHVVLRQDO LQIRUPDWLRQ VWDII KRZHYHU WR KDQGOH VSRQVRUHG YLVLWV WR %ULWDLQ H[KLELWLRQV ILOPV SXEOLFDWLRQV DQG ZRUN IRU RYHUVHDV PHGLDFRUUHVSRQGHQWVLQ/RQGRQ 7KH,QIRUPDWLRQ2IILFHU0DQDJHPHQW8QLW,208
  • 76. RIIHUVFDUHHUDGYLFHWRDOO PHPEHUV RI WKH *,6 DQG LV UHVSRQVLEOH IRU UHFUXLWPHQW WUDLQLQJ DQG FDUHHU GHYHORSPHQW7KH,208DOVRRUJDQLVHVFHQWUDOSURPRWLRQSDQHOVIRUPHPEHUVRI WKH *,6 6LGHZDV PRYHV DQG VHFRQGPHQWV WKURXJKRXW WKH *,6 DUH DUUDQJHG IRU VWDIIWRZLGHQWKHLUH[SHULHQFH7KHUHFUXLWPHQWVVWHPLQYROYHVZULWWHQWHVWVJURXS H[HUFLVHVDQGWZRLQWHUYLHZV *,6LVORRNLQJIRUDQXPEHURITXDOLWLHVDQGLGDWHVPXVWEH JRRGDWFRPPXQLFDWLQJ UHVLOLHQWVHOIFRQILGHQWDQGDGDSWDEOH JRRGDWVROYLQJSUREOHPVDQGGHYHORSLQJWKHLUVNLOOV 3UHVVDQG3XEOLFLWDUHHUV*RYHUQPHQW,QIRUPDWLRQ6HUYLFH/RQGRQS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$ (175$/2)),(2),1)250$7,21 KLHI([HFXWLYH ' H S X W ( )LQDQFHDQG 0DQDJHPHQW 6HUYLFHV*URXS OLHQW6HUYLFHV * U R X S (PHUJHQF 3ODQQLQJDQG 5HJLRQDO1HWZRUN *URXS 3XEOLFDWLRQV 3UHVVDQG ([KLELWLRQV *URXS DPSDLJQV *URXS 3HUVRQQHODQG 2IILFH6HUYLFHV 7UDLQLQJDQG740 )LOPV795DGLR DQG 0DUNHWLQJ
  • 77. 7KH ,208 KDV HVWDEOLVKHG OLQNV ZLWK KLJKHU HGXFDWLRQ LQVWLWXWLRQV WR PDNH VWXGHQWVDZDUHRIWKHZRUNRIWKH*,6DQGWRHQFRXUDJHJUDGXDWHVDQGRWKHUVWR PDNHDFDUHHULQLW LYLO VHUYDQWV LQ *UHDW %ULWDLQ DUH VHUYDQWV RI WKH URZQ )RU DOO SUDFWLFDO SXUSRVHVWKHURZQLQWKLVFRQWH[WPHDQVDQGLVUHSUHVHQWHGEWKH*RYHUQPHQWRI WKHGD7KHGXWRIWKHLQGLYLGXDOFLYLOVHUYDQWLVILUVWDQGIRUHPRVWWRWKH0LQLVWHU RIWKHURZQZKRLVLQFKDUJHRIWKH'HSDUWPHQWFRQFHUQHG$FKDQJHRIPLQLVWHU IRUZKDWHYHUUHDVRQGRHVQRWLQYROYHDFKDQJHRIVWDII +HU0DMHVW V6WDWLRQHU2IILFH 7KLVRIILFHSURYLGHVQRWRQOJRYHUQPHQWGHSDUWPHQWVEXWDOVR3DUOLDPHQWDQG VRPH RWKHU SXEOLF VHFWRU RUJDQLVDWLRQV ZLWK VWDWLRQHU RIILFH PDFKLQHU SULQWLQJ DQG SXEOLVKLQJ VHUYLFHV RI +062 V SURFXUHPHQW ZRUN LV ERXJKW IURP FRPPHUFLDOSULQWLQJILUPV7KHYDOXHRI+062EXVLQHVVLVRYHUPLOOLRQSRXQGV DHDU +062SXEOLVKHVDURXQGQHZWLWOHVDHDUDQGWKHUHDUHDERXWLQ SULQW,WLVWKHH[FOXVLYHSXEOLVKHUIRU3DUOLDPHQWDQGWKHUHVWRILWVWLWOHVIRUVDOHDUH VSRQVRUHGEJRYHUQPHQWGHSDUWPHQWVRURWKHUSXEOLFERGLHV 7KHSXEOLVKLQJVHUYLFHSURYLGHVHGLWRULDODGYLFHGHVLJQIDFLOLWLHVSURJUHVVLQJ DQG FKHFNLQJ SURGXFWLRQ RI HDFK WLWOH GLVWULEXWLRQ DQG PDUNHWLQJ 7LWOHV DUH GLVWULEXWHGDQGVROGEWKH3XEOLFDWLRQVHQWUHLQ/RQGRQVHYHUDOWKRXVDQGRUGHUVD GDEHLQJSURFHVVHGEFRPSXWHUVVWHPV7KHVL[UHWDLOERRNVKRSVDQGDERXW DFFUHGLWHGDJHQWVDUHWKHPDLQVDOHVSRLQWVIRUWKHSXEOLF0RVWJRRGERRNVHOOHUV FDQDOVRRUGHUWLWOHVRQEHKDOIRIWKHLUFXVWRPHUV$PRQJ+062 VSXEOLFDWLRQVDUH %LOOV DQG $FWV RI 3DUOLDPHQW :KLWH 3DSHUV VHWWLQJ RXW JRYHUQPHQW SURSRVDOV IRU OHJLVODWLRQWKHGDLOSURFHHGLQJVRIERWK+RXVHVRI3DUOLDPHQWDQGWKHUHSRUWVRI 3DUOLDPHQWDU6HOHFWRPPLWWHHV +062 V+DQVDUG3UHVVSULQWVYHUEDWLPWKHGHEDWHVRIWKH+RXVHRIRPPRQV DQGWKH+RXVHRI/RUGV:KHQ3DUOLDPHQWLVVLWWLQJWKHGDLORXWSXWRIWKH+RXVHRI RPPRQV +DQVDUG LV FRSLHV DQG FRS LV FROOHFWHG HYHU KRXU GXULQJ RPPRQVVLWWLQJV6RPHFRSLHVRIWKH+RXVHRI/RUGV+DQVDUGDUHSULQWHG 3URGXFWLRQFRQWLQXHVWKURXJKRXWWKHQLJKWDQGSULQWHGFRSLHVRIWKHSUHYLRXVGD V SURFHHGLQJV DUH DYDLODEOH LQ WKH PRUQLQJ $GYDQFHG RQOLQH FRPSXWHULVHG WHFKQRORJLVXVHG$3DUOLDPHQWDU3UHVVKDVEHHQHVWDEOLVKHGUHFHQWOWRSULQWWKH LQFUHDVLQJDPRXQWRIRWKHUSDUOLDPHQWDUPDWHULDO +062LVDQH[HFXWLYHDJHQFRSHUDWLQJXQGHUILQDQFLDOGLVFLSOLQHVDSSOLQJWR FRPSDQLHVLQWKHSULYDWHVHFWRUOLNHWKHP+062KDVWRHQVXUHWKDWLWVFXVWRPHUV DUHJHWWLQJYDOXHIRUPRQHDQGKDVWRUHFRYHULWVFRVWV,WDOVRKDVWRSURGXFHDQ RSHUDWLQJVXUSOXVHTXLYDOHQWWRDUHDOUHWXUQRIRQDYHUDJHQHWDVVHWVEHIRUHWKH SDPHQWRILQWHUHVWRQORQJWHUPERUURZLQJV *RYHUQPHQWUHVSRQVLELOLWIRUHQWUDO2IILFHRI,QIRUPDWLRQDQGDOVRIRU+HU 0DMHVW V6WDWLRQHU2IILFHUHVWVZLWKWKHKDQFHOORURIWKH'XFKRI/DQFDVWHU %ULWDLQ$QRIILFLDOKDQGERRN)RUHLJQDQGRPPRQZHDOWK2IILFHS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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
  •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 /REE RI WKH +RXVH RI RPPRQV ZKHUH WKH FDQ WDON SULYDWHO WR JRYHUQPHQWPLQLVWHUVDQGRWKHUPHPEHUVRIWKH+RXVH/REEFRUUHVSRQGHQWVWHQG WREHPRUHFRQFHUQHGZLWKLQWHUSUHWDWLRQDQGFRPPHQWWKDQDUHRWKHUSDUOLDPHQWDU DQGVSHFLDOLVWMRXUQDOLVWVZKRFRQFHQWUDWHPRUHRQIDFWXDODQGGHVFULSWLYHUHSRUWLQJ RISDUOLDPHQWDUSURFHHGLQJVDQGJRYHUQPHQWSROLF $V/REEFRUUHVSRQGHQWVGR 2*,/9:(%%07KH*RYHUQPHQW([SODLQVS ,ELGS $:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVS %ULWLVK*RYHUQPHQW,QIRUPDWLRQ6HUYLFHV,QIRUPDWLRQ6WXGLHV%ULHILQJ2,S ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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VSHHFKHVRQDSDUWSODWIRUP IRUH[DPSOHPXVWEHLVVXHGEWKHDSSURSULDWHSROLWLFDOSDUWRIILFHDQGQRWEWKH *,6,IDPLQLVWHULQFOXGHVLQDQRWKHUZLVHQRQSDUWVSHHFKDQDWWDFNRQSROLWLFDO RSSRQHQWVWKLVZRXOGEHRPLWWHGIURPWKHRIILFLDOUHOHDVHEWKHGHSDUWPHQW VSUHVV RIILFHRUWKHZKROHWH[WZRXOGEHLVVXHGEWKHPLQLVWHU VRZQSDUWSXEOLFLWRIILFH ,ILWZHUHLVVXHGRIILFLDOOEKLVGHSDUWPHQWDO3UHVV2IILFHVXFKDFWLRQZRXOGRSHQ WKHPLQLVWHUDQGKLVRUKHU'HSDUWPHQWWRWKHFKDUJHRIXVLQJWD[SDHUVPRQHIRU DSDUWSROLWLFDOSXUSRVH 'XULQJ JHQHUDO HOHFWLRQ FDPSDLJQV WKH *,6 ODUJHO VXVSHQGV LWV GRPHVWLF RSHUDWLRQV IURP WKH GD ZKHQ FDQGLGDWHV KDYH WR EH QRPLQDWHG WR WKH GD DIWHU SROOLQJKDVWDNHQSODFH'HSDUWPHQWDOH[KLELWLRQVDUHQRWRSHQHGRUNHSWRSHQLQ 2*,/9:(%%07KH*RYHUQPHQW([SODLQVS %ULWDLQ$QRIILFLDOKDQGERRN)RUHLJQDQGRPPRQZHDOWK2IILFHS $:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVS ,ELG 6HHIRULQVWDQFH+$55,65*RRGDQG)DLWKIXO6HUYDQWS $:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 82. SXEOLFKDOOVQRSULQWHGPDWHULDOLVGLVWULEXWHGDGYHUWLVLQJLVSRVWSRQHGWKHQXPEHU RISXEOLFVHUYLFHILOPVVKRZQRQ79LVOLPLWHG :KHQ VSDFH LV ERXJKW IRU RIILFLDO SUHVV DGYHUWLVLQJ WKH VHOHFWLRQ RI WKH QHZVSDSHUV DQG SHULRGLFDOV LV PDGH RQ WKH EDVLV RI FRVW HIIHFWLYHQHVV ZLWKRXW UHJDUGWRWKHLUSROLWLFDORUHGLWRULDOSROLF 1DWXUDOO QRW HYHQ WKLV ZLOOLQJQHVV LV DEOH WR HOLPLQDWH DOO DGYDQWDJHV IRU SROLWLFDOSDUWLQSRZHU+RZHYHULPSDUWLDOFLYLOVHUYDQWVDUHDQGKRZHYHUPXFK WKHWUWRDYRLGSROLWLFDOHQWDQJOHPHQWZKHWKHUWKHLVVXHSODLQVWDWHPHQWVRIIDFW RUH[SODLQSROLFWKHH[LVWHQFHRIWKHLQIRUPDWLRQVHUYLFHVXQGRXEWHGOKHOSVWKH JRYHUQPHQWRIWKHGDDQGKHOSVWRJHWLWVSROLFDFFHSWHG,WPHDQVWKDWWKHSDUW LQ RIILFH KDV D PHDQV RI SXWWLQJ RXW LQIRUPDWLRQ ZKLFK LV QRW DYDLODEOH WR WKH 2SSRVLWLRQ %XW WKLV LV D UHDO PHFKDQLVP RI GHPRFUDF DQG *RYHUQPHQW KDV WR KDYHWKHVHPHDQVWREHDEOHWRJRYHUQHIIHFWLYHODQGUHDFKLWVJRDOV 6RPH0LQLVWHUVGRQRWQHFHVVDULOVHHGLVWLQFWLRQVEHWZHHQIXUWKHULQJWKHLU 'HSDUWPHQW V REMHFWLYHV DQG WKHLU RZQ LPDJHV :KDW WR GR LI WKH GHPDQG JRRG SHUVRQDOSXEOLFLW$:RUNLQJ*XLGHIRU*RYHUQPHQW,QIRUPDWLRQ2IILFHUVRIIHUV WKLV VROXWLRQ LW LV SDUW RI WKH ,QIRUPDWLRQ 'LYLVLRQ V MRE WR HQVXUH WKDW LWV 0LQLVWHUVJHWWKHEHVWSRVVLEOHSUHVVDWDOOWLPHV7KLVLQYROYHVVHHNLQJJRRGSUHVV FRYHUDJHRID0LQLVWHU V VSHHFKHV DQG RIILFLDO DFWLYLWLHV DQG HYHQ WKH XVH RI QHZVSDSHU GLDULHV JRVVLS FROXPQV DQG RWKHU PHGLD RSSRUWXQLWLHV WR NHHS WKH 0LQLVWHU LQ WKH SXEOLF HH -RXUQDOLVW ZLOO QRW GLVFULPLQDWH EHWZHHQ RIILFLDO DQG SULYDWHDFWLYLWLHVZKLFKPHDQVWKDW3UHVV2IILFHUVZLOOILQGWKHPVHOYHVGHDOLQJZLWK LQTXLULHV DERXW 0LQLVWHU V KROLGDV WKHLU IDPLO DIIDLUV WKHLU KREELHV DQG WKHLU SULYDWHLQWHUHVWV,ID0LQLVWHUZLVKHVWRFRRSHUDWHZLWKWKHPHGLDLQWKLVIRUPRI SXEOLFLW WKHQ LW LV WKH 3UHVV 2IILFHU V MRE WR DGYLVH DQG PDNH WKH QHFHVVDU DUUDQJHPHQWVS
  • 83. 3ULQFLSOHV RI LYLO 6HUYDQWV ORDOW DUH GHVFULEHG LQ GRFXPHQW ,9,/ 6(59$176'87,(6$1'5(63216,%,/,7,(6 7KLVQRWHRIJXLGDQFHZDV LVVXHGE6LU5REHUW$UPVWURQJ+HDGRIWKH+RPHLYLO6HUYLFHLQ)HEUXDU VHH$11(;
  •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
  •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
  • 87. RI1RUGUKHLQ:HVWIDOLDPHHWVLQSULYDWHDQG LWV SURFHHGLQJV DUH FRQILGHQWLDO 6SRNHVPDQ LV DOZDV SUHVHQW EXW DIWHU UHJXODU %(. 5 6DFKZ|UWHUEXFK GHU SROLWLN QG HG 6WXWWJDUW $OIUHG .U|QHU 9HUODJ S '5(+6/(5 + +,//,*(1 : 1(80$11 ) *HVVHOVFKDIW XQG 6WDDW /H[LNRQ GHU 3ROLWLN WK HG %DGHQ%DGHQS 52(*(/(2%HWDO3XEOLF2SLQLRQ%RQQ3UHVVDQG,QIRUPDWLRQ2IILFHRIWKH*RYHUQPHQWRIWKH )HGHUDO5HSXEOLFRI*HUPDQS %(.56DFKZ|UWHUEXFKGHUSROLWLN,ELG ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 89. QRLQIRUPDWLRQDERXWWKHDELQHWVHVVLRQLV UHOHDVHG 7KHUH DUH KRZHYHU UHJXODU SUHVV FRQIHUHQFHV RQ QH[W :HGQHVGDV PRUQLQJ*RYHUQPHQWDELQHWLWVHOIVDVZKLFKPLQLVWHUZLOOLQIRUPMRXUQDOLVWVRQ WKH RWKHU GD 0LQLVWHU H[SODLQV RQH PDLQ WRSLF RWKHU WRSLFV RI WKH GD EHIRUH DELQHWVHVVLRQDUHH[SODLQHGEWKHVSRNHVSHUVRQ )HGHUDO 5HSXEOLF RI *HUPDQ LV FRPSRVHG RI LQGLYLGXDO VWDWHV ODQGHV 7KHVH VWDWHV KDYH WKHLU RZQ SUHVV DQG LQIRUPDWLRQ RIILFHV VR FDOOHG /DQGHVSUHVVHXQG,QIRUPDWLRQVDPW 7KHDUHXVXDOOGHSDUWPHQWVRI2IILFHV RI 3ULPH 0LQLVWHUV %HVLGHV WKHUH DUH DOVR VSHFLDO SUHVV GHSDUWPHQWV LQ GLIIHUHQW PLQLVWULHVIRULQVWDQFHLQ1RUGUKHLQ:HVWIDOHQWKHUHDUHRIWKHP
  •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VVHOGRUIWKHWDNHSDUWLQWKHSDUOLDPHQWEXLOGLQJ/DQGWDJ
  • 91. 0RUHWKDQMRXUQDOLVWVDUHXVXDOOSUHVHQWHDFKZHHN,QGLYLGXDOPLQLVWHUVDUH LQYLWHGEMRXUQDOLVWVDQGWKHLURUJDQLVDWLRQ/DQGHVSUHVVHNRQIHUHQ] 2QWKHRWKHUKDQGPLQLVWHUVWKHPVHOYHVVRPHWLPHVLQYLWHMRXUQDOLVWVLQWRWKHLU RIILFHVWRUHOHDVHLQIRUPDWLRQDERXWZKDWWKHFRQVLGHUWREHLPSRUWDQW 3ULPH 0LQLVWHU PHHWV ZLWK MRXUQDOLVWV WZRWKUHH WLPHV D HDU XVXDOO DW WKH EHJLQQLQJRIWKHHDUDIWHUVXPPHUKROLGDVHWF 2QFHRUWZLFHDHDUDWRXURIIRUHLJQRUIURPRWKHU*HUPDQVWDWHVMRXUQDOLVWV JURXS LV RUJDQLVHG WR VKRZ WKHP OLIH LQ 1RUGUKHLQ:HVWIDOHQ ,I WKLV VWDWH KDV VRPHWKLQJLQWHUHVWLQJWRVDWKHFDQWUDYHOWR%RQQZKHUHIRUHLJQMRXUQDOLVWVDUH DFFUHGLWHGDQGLQIRUPWKHPRQWKHIHGHUDOOHYHOWKURXJKVRFDOOHG$XVODQGVSUHVVH )RUHLJQ3UHVV
  • 97. 2IILFHRIWKH 6HFWLRQ,6HFWLRQ,,6HFWLRQ,,,6HFWLRQ,9 /DZ R Q V W L W X W L R Q )RUHLJQ*RYHUQPHQW3UHVVDQG,QIRUPDWLRQ2IILFH RQVWLW(XURSHRRUGLQDWLRQ 0HGLD 'HSXW6SRNHVPDQ 3UHVVDQG 3XEOLF5HODWLRQV 3UHVV DQG 3XEOLF5HODWLRQV ,QWHUYLHZV $UWLFOHV 3UHVVFRQIHUHQFHV +HDGRI6HUYLFH 7RSLFDO,QIRUPDWLRQ $QVZHULQJSKRQH TXHVWLRQV /RFDO,QIRUPDWLRQ 35IRUWKH*RYW 3KRWRJUDSK6HFW $GYHUWLVLQJ 3XEOLFDWLRQV ([KLELWLRQV (YHQWV LQFOXGLQJDXGLRYLVXDO PHGLD
  •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
  •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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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
  •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
  •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
  • 104. ILQDO RSLQLRQV LQFOXGLQJ FRQFXUULQJ DQG GLVVHQWLQJ RSLQLRQV DV ZHOO DV RUGHUV PDGH LQ WKH DGMXGLFDWLRQRIFDVHV %
  • 117. 'XULQJWKHHUDRI3UHVLGHQW%XVKKLV3UHVV6HFUHWDU0DUOLQ)LW]ZDWHUKDG GHSXWLHVRQHIRUIRUHLJQDIIDLUVDQGWZRIRUGRPHVWLFRQHV 3UHVV 6HFUHWDU DQG 6SHFLDO $VVLVWDQW WR WKH 3UHVLGHQW %LOO OLQWRQ 0V 'HH 'HH0HHUVKDVWZRGHSXWLHV $QRWKHULPSRUWDQWGHSDUWPHQWVDUH:KLWH+RXVH3KRWR2IILFH2IILFHRIWKH 3UHVV6HFUHWDUIRUWKH)LUVW/DGSUHVVVHFUHWDU0V/LVDDSXWRDQGGHSXW SUHVVVHFUHWDULHVZRPHQ
  • 120. EHWZHHQ WKH SUHVLGHQW DQG JURXSV RI HGLWRUV SXEOLVKHUV DQG UHSRUWHUVIURPYDULRXVSDUWVRIWKHFRXQWU:DVKLQJWRQSUHVVFRUSVLVH[FOXGHG WKHJHWWUDQVFULSWVDIWHULQYLWHGKDGILQLVKHGWKHLUVWRULHV
  • 121. 1RZQHZPHGLDSHRSOH LQWKH:KLWH+RXVHWUWRHVWDEOLVKPRUHUHOD[HGFXVWRPVKDYLQJLQPLQGLGHDORI JUHDWHURSHQQHVVVRPHWKLQJVLPLODUWR*RUEDFKHY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V7KLV RIILFHKDVEHHQFRQWLQXHGE1L[RQVVXFFHVVRUVZLWKPLQRUSHUPXWDWLRQV8QGHU3UHVLGHQW5HDJDQDVHSDUDWHRIILFH ZDVFUHDWHGWRKDQGOHRXWRIWRZQUHSRUWHUV6RPHRWKHUSUHVLGHQWVKDYHDOVRDVVLJQHGDQDVVLVWDQWSUHVVVHFUHWDU WRKDQGOHWKHQHHGVRIIRUHLJQUHSRUWHUV,QUHFHQWHDUVDOOILUVWODGLHVKDYHKDGWKHLURZQSUHVVVHFUHWDUDQGRQ RFFDVLRQWKHQDWLRQDOVHFXULWDGYLVHUKDVKDGDSUHVVVHFUHWDUDVZHOO 6RPH UHDUUDQJHPHQWV VRPHWLPHV KDYH EHHQ XVHG WR VROYH VWLFN SHUVRQQHO SUREOHPV IRU H[DPSOH WKH IULFWLRQEHWZHHQ'DYLG*HUJHQDQG/DUU6SHDNVWKDWGHYHORSHGDIWHU3UHVLGHQW5HDJDQVSUHVVVHFUHWDU-DPHV %UDGZDVVKRWLQ+(6667KH*RYHUQPHQW3UHVVRQQHFWLRQ:DVKLQJWRQS *5$%(5'$0DVV0HGLDDQG$PHULFDQ3ROLWLFV UG HG:DVKLQJWRQ43UHVVS ,YDQäiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  •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
  • 123. WUDQVFULSWVRI3UHVLGHQW V UHPDUNVRURI:KLWH+RXVHEULHILQJV 'XULQJ%XVK VDGPLQLVWUDWLRQ7KH:KLWH+RXVHEULHILQJVZHUHKHOGWZRWLPHV DOPRVWHDFKGD$WDPHVSHFLDOOIRUIDVWHULQIRUPDWLRQIRU79QHWZRUNVDQG DQ (XURSHDQ PHGLD 7KLV HDUO EULHILQJ ZDV DOVR DLPHG RQ LPSULQWLQJ RQ QHZV VWRULHV DSSHDULQJ LQ WKH PRUQLQJ QHZVSDSHUV RU QR WKH ZLUHV DQG RQ VHWWLQJ WKH DGPLQLVWUDWLRQ OLQH HDUO LQ WKH GD VR WKDW WKH 6WDWH 'HSDUWPHQW WKH 3HQWDJRQ 0LQLVWU RI 'HIHQFH
  • 124. DQG WKH +LOO SDUOLDPHQW
  • 125. NQHZ WKH :KLWH +RXVH YLHZV RQ WRSLFDO LVVXHV 6HFRQG EULHILQJ ZDV XVXDOO KHOG DW 7KLV VWUXFWXUH ZDV GHYHORSHGE/DUU6SHDNHV3UHVLGHQW5HDJDQ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2OGPHGLDXQHDVDERXWQHZPHGLDDSSURDFKRIWKHOLQWRQSUHVLGHQF$61( %XOOHWLQ-DQXDU)HEUXDUS 7KLVQHZDSSURDFKWRWKHPHGLDVKRZHG%LOOOLQWRQKLPVHOIGXULQJKLVSUHVLGHQWLDOHOHFWLRQFDPSDLJQ +HXVHGWRWDNHSDUWQRWRQOLQFODVVLFDOPDVVPHGLDSURJUDPPHVVXFKDV79QHZVEXWDOVRLQ79WDONVVKRZV WR079WRPRYLHVDQG79VLWFRPVWKDWGHDOZLWKUHODWLRQVKLSVDQGSHUVRQDOSUREOHPVOLQWRQVIDPRXVSODLQJD VD[RSKRQHIRUWKH$UVHQLR+DOODXGLHQFHLVDOVRIURPWKLVFDWHJRURIWKHQHZDSSURDFKWRWKHLPDJHPDNLQJRIWKH SUHVLGHQW 1DWLRQDO3HUIRUPDQFH5HYLHZUHY
  •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
  • 128. )RUWKLVUHYLHZLVUHVSRQVLEOH1HZV$QDOVLVGHSDUWPHQW5HYLHZLV DYDLODEOHDWWKHVRXWKZHVWJDWHZKHUHLWLVSLFNHGXSEWKHFKDXIIHXUVRIFDELQHW PHPEHUVDQGWKHPRVWH[DOWHGSUHVLGHQWLDODGYLVHUV/HVVHUPHPEHUVRIWKH:KLWH +RXVHVWDIIPXVWZDLWXQWLODPZKHQDQRWKHUFRSLHVDUHGLVWULEXWHG0RVW JRYHUQPHQWH[HFXWLYHVUHDGZKDWLVEHLQJZULWWHQDERXWWKHPWKHLUDJHQFLHVDQG WKHLU HQHPLHV WKURXJK WKHVH LQWHUQDO FRPSHQGLXPV 6LPLODU XSGDWHG RQH LV SURGXFHGDOVRDWDQGDW 7KH :KLWH +RXVH FRPPXQLFDWLRQV DJHQF SUHSDUHV D FRPSRVLWH WDSH RI WKH WKUHH QHWZRUNV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
  • 130. ,WLVXVXDOOSRVVLEOHWRJHWLQIRUPDWLRQDOVREWKHSKRQH(YHQLQWHUYLHZ 7KHODVWTXHVWLRQVPDEHSXWDWWKHHQGRIWKHZHHNZKHQ3UHVLGHQWOHDYHVWKH :KLWH+RXVHIRUZHHNHQG,QWKHQRLVHRIVWDUWLQJKHOLFRSWHUHQJLQHVMRXUQDOLVWVFDQ DVN ZKDW WKH ZDQW 3UHVLGHQW ZDONLQJ RQ WKH ODZQ DQVZHUV ZKDW KH FRQVLGHUV VKRXOGEHDQVZHUHG 'XULQJWKHHDUVWKHUHZHUHGHYHORSHGVSHFLDOUXOHVKRZWRFRYHUSUHVLGHQWLDO WULSV7ULSVZHUHGLYLGHGLQWRLQWRZQZLWKLQWKH86$DQGDEURDG6RFDOOHGLQ WRZQ SRRO WULSV LQ :DVKLQJWRQ '
  • 131. FRQVLVWHG RI PHPEHUV RI WKH :KLWH +RXVH SUHVV FRUSV UHSRUWHUV IURP $3 83, 5HXWHUV SKRWRJUDSKHUV IURP WKRVH WKUHH SOXV $)3 RQH QHZVSDSHU UHSRUWHU RQH PDJD]LQH SKRWRJUDSKHU RQH 79 UHSRUWHU RQH 79 FDPHUD RSHUDWRU RQH 79 VRXQG WHFKQLFLDQ RQH 79 OLJKWLQJ WHFKQLFLDQ DQG RQH UDGLR UHSRUWHU
  •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
  •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äiURQGLWLRQVDQG6VWHPRI*RYHUQPHQW2IILFLDO,QIRUPDWLRQLQ VRPH1$72RXQWULHV%5$7,6/$9$
  • 135. LQWHJUDWLRQ :KHQ GHDOLQJ GLUHFWO ZLWK RYHUVHDV PHGLD DQG DXGLHQFHV WKH 'HSDUWPHQW V 2IILFHRI3XEOLF'LSORPDFZRUNVWKURXJK86,$UHVSHFWLQJWKHLQWHUQDOFRQWUROVRI WKDWDJHQF:KLOHWKHURXWLQHSXEOLFDIIDLUVQHZVEULHILQJVDWWKH'HSDUWPHQWKDYH KLVWRULFDOOLQYROYHGIRUHLJQSUHVVRXWVLGH86,$VSXUYLHZDOOEULHILQJVDQGPHGLD HYHQWVZLWKIRUHLJQZLWKLQWKHFRQWH[WRIDSXEOLFGLSORPDFVWUDWHJDUHDUUDQJHG DQG PDQDJHG E WKH DSSURSULDWH 86,$ HOHPHQW WKH )RUHLJQ 3UHVV HQWHUV 86,$79HWF7KHRIILFLDOZULWWHQPDQGDWHRIWKH2IILFHRI3XEOLF'LSORPDFLWV FRPSRQHQW VWDIIV DQG WKH MRE GHVFULSWLRQV RI DOO LWV RIILFHUV LQFOXGH D SKUDVH HPSKDVLVLQJWKHUHTXLUHPHQWWRZRUNLQFRRSHUDWLRQZLWK86,$ZKHQGHDOLQJZLWK IRUHLJQPHGLDDQGSXEOLFV 7KH 2IILFH RI 3XEOLF 'LSORPDF DOVR VHUYHV DV D IDFLOLWDWRU RI 86,$V SURJUDPPLQJEDGYLVLQJ'HSDUWPHQWSULQFLSDOVWRXVHWKHSXEOLFGLSORPDFWRROV SURYLGHGE86,$DQGESUHSDULQJWKHPIRUVXFKDSSHDUDQFHV 3UHVV 2IILFH RI WKH 6WDWH 'HSDUWPHQW FRQVLVWV RI VSRNHVPDQ 0LFKDHO 0FXUU
  • 136. GHSXW VSRNHVPDQ GLUHFWRU RI QHZ RSHUDWLRQV DQG SUHVV RIILFHUV DOWRJHWKHUDERXWSHRSOH