%XW%HDPHVZDUQVWKDWWKH86LVODJJLQJIDUEHKLQG&KLQDDQGRWKHUFRXQWULHV
ZKLFKFRXOGEHGHWULPHQWDOWRRXUFRPPHUFLDOVSDFHLQGXVWU\DQGRXUIXWXUH
QDWLRQDOVHFXULW\³:H¶UHPRYLQJWRDQHUDZKHUHWKH86QDWLRQDOVHFXULW\VSDFH
LVJRLQJWREHUHOLDQWRQWKHFRPPHUFLDO>VHFWRU@WKH\¶UHWKHRQO\RQHVWKDW¶OOEH
DEOHWRGRLW ́VD\V%HDPHV³%XWZHPD\QRWKDYHRQHEHFDXVHLW¶OOEHSXWRXWRI
EXVLQHVVE\FRPSHWLWLRQEHFDXVHRXUJRYHUQPHQWLVQRWVXSSRUWLQJLW ́
:LWKWKHPLOLWDU\DVDFXVWRPHUDFRPSDQ\PXVWEHSUHSDUHGQRWMXVWIRUGDWD
SLOIHULQJRUKDFNLQJEXWDOVRIRUGLUHFWFRXQWHUVSDFHPHDVXUHV6HFXULW\LQ
VSDFHERWKGLJLWDODQGSK\VLFDOLVWLHGWRQDWLRQDOVHFXULW\WKH¿UVWWKLQJDQ
RSSRQHQWZRXOGZDQWWRGRHVSHFLDOO\DQXQGHUGRJVWDWHRUWHUURULVW
RUJDQL]DWLRQLVWRWDNHRXWWKH86¶VFRPPXQLFDWLRQVLQWHOOLJHQFHDQG
QDYLJDWLRQDELOLWLHV²DOORIZKLFKDUHKRXVHGSULPDULO\RQVDWHOOLWHV%HFDXVH
WDUJHWLQJV\VWHPVDUHVRH̆HFWLYHLQPRGHUQZDUIDUHWKHZLQQHULQDFRQÀLFW
ZLOOEHWKHRQHWKDWVWD\VKLGGHQDQGVWULNHV¿UVW
7KH86'HIHQVH,QWHOOLJHQFH$JHQF\DQDUPRIWKH'HSDUWPHQWRI'HIHQVH
UHOHDVHGDUHSRUWLQ-DQXDU\RIWKLV\HDUWKDWGHWDLOVWKHW\SHVDQGVRXUFHVRI
WKUHDWVIDFLQJERWKPLOLWDU\DQGFRPPHUFLDOVDWHOOLWHV³/RQJVWDQGLQJ
WHFKQRORJLFDODQGFRVWEDUULHUVWRVSDFHDUHIDOOLQJHQDEOLQJPRUHFRXQWULHVDQG
FRPPHUFLDO¿UPVWRSDUWLFLSDWHLQVDWHOOLWHFRQVWUXFWLRQVSDFHODXQFKVSDFH
H[SORUDWLRQDQGKXPDQVSDFHÀLJKW ́ZURWHWKHDXWKRUV³$OWKRXJKWKHVH
DGYDQFHPHQWVDUHFUHDWLQJQHZRSSRUWXQLWLHVQHZULVNVIRUVSDFHHQDEOHG
VHUYLFHVKDYHHPHUJHG ́