,I'LVFRYHUHU5DPHVK9DUPD ,QGLD KDGEHHQDFDGHPLFTXDOL¿HG3K'VFLHQWLVW QRWFLWL]HQVFLHQWLVW GLVFRYHU\FODLPLQVWHDGRIEHLQJDQDGYHUWLVHPHQWZRXOGKDYHDSSHDUHG
LQDOO6FLHQFH-RXUQDOVDVSXEOLFDWLRQUHVXOWLQJWRPDNHLWYLUDODPRQJWKHFRQFHUQHG 0RGHRIQHZGLVFRYHU\LQIRUPDWLRQVHWE\WKH$FDGHPLF:RUOGLVDFXUVHRQWKHPDQNLQG
VDPHDVWUXHUHDVRQEHKLQGURWDWLRQRIWKH9HQXVLQWKH
UHYHUVHGLUHFWLRQ3ODQHW +RW-XSLWHU ZKLFKLVFORVHUWRLWV
KRVW VWDU RQO\ WKDW SODQHW +RW-XSLWHU URWDWHV LQ WKH
UHYHUVHGLUHFWLRQ6WURQJPDWHULDOLVWLFSDUWLFOHVFXUYHGUD\V
IURPWKHVWDUHQWHULQWRWKHGHQVHUDWPRVSKHUHRIWKH+RW
-XSLWHUDQGRQHQWHULQJLQWRWKHGHQVHUPHGLXPWKH\EHQG
WRZDUGVWKHQRUPDOUHVXOWLQJWRSURYLGHURWDWLRQWRWKH+RW
-XSLWHULQWKHUHYHUVHGLUHFWLRQ
:K\ VRPH +RW-XSLWHUV DOVR RUELW LQ WKH UHYHUVH
GLUHFWLRQ WKDQ WKH RWKHU SODQHWV" +RW -XSLWHU ZKLFK
URWDWHVIDVWHULQUHYHUVHGLUHFWLRQWKDQLWVKRVWVWDUOLNHO\WR
DGRSWRUELWDOPRWLRQLQWKHUHYHUVHGLUHFWLRQGXHWRLWVUHÀH[
DFWLRQ5HÀH[ DFWLRQ +RW -XSLWHU E\ LWV RZQ VWURQJ
PDWHULDOLVWLFSDUWLFOHVUD\VDWWHPSWVWRSXVKLWVKRVWVWDUWR
RUELWDURXQGLWEXWGXHWRLWV +RW-XSLWHU
V PDVVPXFK
OHVVHUWKDQWKHVWDU LWLWVHOIJHWVRUELWDOSXVKLQWKHUHYHUVH
GLUHFWLRQ 6ROLGFRUHLVRIVKDSHSURODWHVSKHURLGWKXVLWLV
WLOWHG 3ODQHWVKDYHIRUPHGIURPWKHGLVFRIGXVWDQGJDVHV
ZKLFKZHUHDURXQGWKHSURWRVXQ$OOWKHSODQHWVKDYH
PLJUDWHGIURPIDURႇWRWKHSUHVHQWORFDWLRQE\VZDOORZLQJ
SDUWLFOHV DVWHURLGV DQG HYHQ VRPH VPDOOHU SODQHWV
3ODQHWVZKLFKKDYHWKLFNJDVV\DQGOLTXLGJDVV\VKHOOV
SURYLGHVRIWODQGLQJWRWKHREMHFWVRUHYHQSODQHWVVDWHOOLWHV
ZKLFKDUHDWWUDFWHGWRZDUGVLW:LWKWKHSDVVDJHRIWLPH
DWWUDFWHGREMHFWVLQNVLQWRLWVFRUH%HFDXVHRIWKHIROORZLQJ
UHDVRQVROLGFRUHRIWKH8UDQXVLVIRUPHGRIWZRFOXEEHG
SODQHWV RU LW FDQ EH VDLG RI VKDSH SURODWH VSKHURLG
0DWHULDOLVWLFSDUWLFOHVFXUYHGUD\VIURPWKH6XQIRUPDWUDS
]RQHRIVKDSH
9
RYHULWVHTXDWRULDOSODQH7KHVWDWHGWUDS
]RQHGRHVQRWDOORZDQ\SODQHWRIVKDSHSURODWHVSKHURLGWR
URWDWHYHUWLFDOO\RYHUHTXDWRULDOSODQHRIWKH6XQ LWKDVWR
VSLQZLWKLWVD[LVDOPRVWSDUDOOHOWRWKHVDLGSODQH6RVKDSH
RI WKH VROLG FRUH RI 8UDQXV PXVW EH RI VKDSH SURODWH
VSKHURLG )LQGLQJ E\ WKH VFLHQWLVWV KDV FRQ¿UPHG VR
6FLHQWLVWVKDYHQRWLFHGWKDW8UDQXVGRHVQRWEXOJHDWLWV
HTXDWRUDVZRXOGH[SHFWIRUVXFKDFRPSRVLWLRQDQGVXFKD
UDSLGUDWHRIVSLQ LWVHTXDWRULDOGLDPHWHULVRQO\SHUFHQW
ELJJHUWKDQLWVSRODUGLDPHWHU 8UDQXV
1HZ'LVFRYHU\ 5RWDWLRQWR6XQE\LWV
PDWHULDOLVWLFSDUWLFOHVUD\V )RUPDWLRQRI8UDQXVWLOWWRLWVD[LVDQGHOOLSWLFDO
RUELW DUH EDVHG RYHU XQGHUVWRRG GLVFRYHUHG
PDWHULDOLVWLFSDUWLFOHSURSHUWLHVRIWKHUD\V$OVRVHHRYHUWKH<RX7XEH
5HDG LQ GHWDLO WKH GLVFRYHU\ FODLP
0$7(5,$/,67,&81,9(56(
RQ
ZHEVLWH ZZZQHZWRQXJHDPFRP 9LVXDOL]HGVFLHQWL¿FVWRU\RIWKHIRUPDWLRQRIWKH
SODQHW8UDQXV 'XULQJIRUPDWLRQHUDRIWKHVRODUSODQHWV
EH\RQGWKHSODQHW6DWXUQWKHUHZHUHWZRDGMDFHQWSODQHWV
VD\8UDDQG1XV%RWKSODQHWVKDGÀDWULQJVDQGWKH\ZHUH
URWDWLQJ ZLWK VRPH WLOWHG D[LV GXH WKH WKUXVW IURP
PDWHULDOLVWLFSDUWLFOHVFXUYHGUD\VRIWKH6XQIDOOLQJRQWKHLU
ÀDWULQJV%RWKSODQHWVZHUHJDLQLQJPDVVE\VZDOORZLQJ
DVWHURLGV ZLWK WKH UHVXOW WKHLU RUELWDOGLVWDQFH ZDV
GHFUHDVLQJ$PRPHQWFDPHWKDWIDUWKHUSODQHW1XVFDPH
FORVHUWRWKHSODQHW8UDDWWKHLUDOLJQPHQWZLWKWKH6XQ
7KHLUPXWXDOJUDYLW\DWWUDFWLRQWULJJHUHGWKHSKHQRPHQRQ
WRFOXEWKHPWRJHWKHU7KLFNDQGGHQVHJDVV\OLTXLGJDVV\
VKHOOV SURYLGHG FXVKLRQ IRU WKHLU VRIW FOXEELQJ :KLOH
FOXEELQJERWKJRWJUHDWHUWLOWWRWKHLUD[LVGXHWRWKHLURZQ
RXWJRLQJPDWHULDOLVWLFSDUWLFOHVFXUYHGUD\VZLWKWKHUHVXOW
6RXWK3ROHRIWKHSODQHW8UDFOXEEHGZLWKWKH1RUWK3ROHRI
WKH3ODQHW1XV,QWKHSURFHVVRIFOXEELQJPRVWULQJV
PDWWHUGULIWHGDZD\WRVSDFHE\WKHVRODUZLQGEXWODWHUDW
VWDELOL]DWLRQ RI WKH FOXEEHG SODQHW 8UDQXV ÀDW ULQJV
UHIRUPHG DQG ZHUH UHJDLQHG WKH VDPH ZD\ DV SODQHW
6DWXUQJRWLWVÀDWULQJV ([SODQDWLRQLVRQWKHZHEVLWH 3OHDVH UHSO\ WKDW ZK\ DERYH VWDWHG
GLVFRYHUHGIDFWVDUHQRWFRUUHFW (OOLSWLFDORUELWRIWKHSODQHW8UDQXVLVEHFDXVHRILWV
ÀDWULQJVZKLFKDUHDOPRVWYHUWLFDOWRLWVRUELWDOSODQH:KHQ
VXUIDFHRIWKHÀDWULQJVIDFHVWKH6XQ LWJHWVJUHDWHUWKUXVW
PDJQLWXGHIURPWKHPDWHULDOLVWLFSDUWLFOHVFXUYHGUD\VRI
WKH6XQWKXV8UDQXVDGRSWVZLGHURUELWDOGLVWDQFHWKDQ
ZKHQHGJHRIWKHÀDWULQJVIDFHVWKH6XQ'XHWRWKHVWDWHG
IDFWVRUELWDOSDWKRIWKH8UDQXVLVHOOLSWLFDO 0RRQ (DUWKZHUHDGMDFHQWSODQHWV
+RZ GLG WKH (DUWK FDSWXUH LW GXH WR
UHODWLYHVORZRUELWDOPRWLRQ"-XSLWHUDQG+RW-XSLWHUV
:K\LVFHQWUHRIWKHVROLGFRUHRIWKH-XSLWHUQRWDV
GHQVHDVLWZDVXQGHUVWRRG" 2ULJLQRIWKHSURWRFRUHRI
WKH-XSLWHUZDVDWIDURႇIURPWKHSUHVHQWORFDWLRQ,WKDV
PLJUDWHG GXH WRDGGLWLRQ RIPDVVDVVWDWHGDERYH$V
-XSLWHUJDLQHGPDVVLWVKRUWHQHGLWVRUELWDOGLVWDQFH(YHU\
QH[WVKHOOIRUPHGRIWKHVROLGPDVVRYHUWKHFRUHZDV
GHQVHUWKDQWKHH[LVWLQJFRUH WKDWLVZK\FHQWUHRIWKHFRUH
RIWKH-XSLWHULVOHVVGHQVHWKDQWKHXSSHUVROLGVKHOOV
+RZ GLG -XSLWHU JHW HQULFKHG LQ KHDY\ HOHPHQWV
FRPSDUHG WR WKH 6XQ" $V SHU WKH GLVFRYHU\ FODLP
QXFOHXV RI WKH FRPHWV KDYH IRUPHG IURP WKH GHQVHU
HOHPHQWVZKLFKZHUHLQWKHÀDWGLVFEHWZHHQWKH6XQDQG
WKHSODQHW0HUFXU\)RUPDWLRQPHFKDQLVPRIWKH-XSLWHU
VWDWHG DERYH VXJJHVWV WKDW GXH WR KLJK JUDYLW\ SXOO
VZDOORZLQJRISDVVLQJE\FRPHWVLQWKHSDVWKLVWRU\ZRXOG
KDYHHQULFKHG-XSLWHUZLWKKHDY\HOHPHQWV:KDW UHODWLRQVKLS GR WKH 7URMDQV KDYH ZLWK WKH
-XSLWHU" +LJK SRZHUHG VHOIJHQHUDWHG PDWHULDOLVWLF
SDUWLFOHVFXUYHGUD\VIURPWKH-XSLWHUNHHSDJURXSRI
DVWHURLGVDZD\ZLWKWKHLUWKUXVW2QWKHRWKHUVLGHWKUXVW
SXVKHVDQRWKHUJURXSRIDVWHURLGVWRRUELWIDVWHUWKDQWKH
UHVWRIWKHDVWHURLGVUHVXOWLQJWRIRUP7URMDQV
DFFXPXODWLRQVRIDVWHURLGV IURPWKHDVWHURLGEHOWRQERWK
VLGHVZKLFKPRYHDORQJDVWKH-XSLWHURUELWV:K\VRPH+RW-XSLWHUVZKLFKDUHFORVHUWRWKHLUKRVW
VWDUVURWDWHLQWKHUHYHUVHGLUHFWLRQ" 5HDVRQLVWKH6XUIDFHRIWKHVROLGPDWWHUZRXOGQRWEHSHUIHFWO\VPRRWK
DQG URXQG LW ZRXOG EH SDUWLDOO\ LPEHGGHG ZLWK VRPH
VZDOORZHGELJVROLGREMHFWVDQGSODQHWVGXHWRZKLFKXSSHU
FLUFXODWLQJJDVV\PDWWHUIRUPVHGGLHV 3ODQHWVZKLFKKDYH
GHQVHU DQG WKLFN JDVV\ DQG OLTXLG JDVHV VKHOO SURYLGH
JHQWOH DQG VRIW ODQGLQJ LQVWHDG RI FUDVK LPSDFW WR WKH
DWWUDFWHGREMHFWVDQGSODQHWV )RUIXUWKHUFODUL¿FDWLRQUHDG
DKHDGIRUPDWLRQRIWKHSODQHW8UDQXV -XSLWHURIWKHVRODUV\VWHPDQG+RW-XSLWHUVLQVSDFH
KDYH QXPHURXV P\VWHULHV ZKLFK FDQQRW EH XQGHUVWRRG
FRUUHFWO\XQOHVVWKHFRQFHUQHGXQGHUVWDQGIRUPDWLRQDQG
ZRUNLQJ PHFKDQLVP RI WKH VRODU V\VWHP EDVHG RYHU
XQGHUVWRRG GLVFRYHUHG PDWHULDOLVWLFSDUWLFOHSURSHUWLHVRI
WKHUD\V IRUGHWDLOHGH[SODQDWLRQUHDGRQWKHZHEVLWH +RZGRHVWKHLQWHULRUDQGH[WHULRURI-XSLWHUURWDWH"
*HQHUDWHG PDWHULDOLVWLF SDUWLFOHV FXUYHG UD\V ZKLFK
HPHUJHIURPWKHFHQWUHWRHVFDSHURWDWHWKHOLTXLGDQG
FORXG\PDWWHUEHVLGHVURWDWLRQWRLWVVROLGPROWHQFRUH6ROLG
FRUHZRXOGURWDWHLQWKHVDPHGLUHFWLRQLQZKLFKWKH6XQ
URWDWHV ZKHUHDV LQWHQVLW\ RI JHQHUDWHG PDWHULDOLVWLF
SDUWLFOHV FXUYHG UD\V DQG GHQVLW\ RI WKH PHGLXP
GHWHUPLQHV URWDWLRQ FLUFXODWLQJ VSHHG DQG URWDWLRQ
FLUFXODWLQJ GLUHFWLRQ RI WKH -XSLWHU
V OLTXLG DQG JDVV\
PDWWHU-XSLWHU :K\-XSLWHULVWKHELJJHVWSODQHW" 'XULQJ
IRUPDWLRQRIWKHSODQHWVIURPWKHÀDWGLVFRIGXVWDQGJDVHV
DURXQGWKHSURWRVXQJUDYLW\DQGIRUZDUGWKUXVWRYHUWKH
SDUWLFOHVE\WKHPDWHULDOLVWLFSDUWLFOHVFXUYHGUD\VIURPWKH
6XQDORQJZLWKRWKHUVRODUHMHFWVKDYHDUUDQJHGSDUWLFOHVRI
WKHGLVF'HQVHUDQGELJJHUQHDUHUWRWKH6XQDQGRWKHUVDW
IDU Rႇ 7KH VDLG XQGHUVWRRG IDFWRU KDV DFFXPXODWHG
PD[LPXPPDVVRIWKHGLVFSDUWLFOHVDWWKHFHQWUHIURP
ZKLFKWKHSODQHW-XSLWHUKDVEHHQIRUPHG7KHSURWRFRUHRI
-XSLWHUVWDUWHGLWVMRXUQH\DWDGLVWDQFHIDUDZD\IURPWKH
SUHVHQWORFDWLRQ'XHWRWKHVWDWHGIDFWLWLVWKHELJJHVW
SODQHW'XULQJPLJUDWLRQIURPIDURႇWRSUHVHQWORFDWLRQ
-XSLWHU VZDOORZHG WKRXVDQGV RI ELJ REMHFWVDVWHURLGV
FRPHWV DQG QXPEHU RI SODQHWV WRR 5HFHQWO\ LW KDV
VZDOORZHGWZRDVWHURLGVDQGZLWKWKHSDVVDJHRIWLPHLW
ZRXOG VZDOORZ WKH HQWLUH DVWHURLG EHOW -XSLWHU ZLWK DQ
DWWHPSW WR EHFRPH KRW -XSLWHU ZRXOG VZDOORZ DOO WKH
WHUUHVWULDOSODQHWV+RW-XSLWHUV +RZ+RW-XSLWHUVIRUP" 7KHSURFHVVWR
IRUP+RW-XSLWHULVWKHVDPHDVVWDWHGDERYHIRUWKH-XSLWHU
EXWWRIRUP+RW-XSLWHUVWDUDQGVWDUV\VWHPELJJHUWKDQWKH
6XQDQGVRODUV\VWHPLVDPXVWDWWHPSWHGDWWHPSWVWRNHHSLWDZD\EXWIHHEOHPDWHULDOLVWLF
SDUWLFOHVUD\VIURPWKH0RRQFDQQRWGRWKDW6RPRVWRIWKH
ELJLPSDFWV FUDWHUV DUHWRZDUGVWKHVLGHRIWKH0RRQ
ZKLFKLVDZD\IURPWKH(DUWK)ORDWLQJVSDFHSDUWLFOHVDUH
GULIWHG WRZDUGV WKH 0RRQ E\WKH PDWHULDOLVWLF SDUWLFOHV
FXUYHG UD\V RI WKH (DUWK ZKHUHDV IHHEOH PDWHULDOLVWLF
SDUWLFOHVUD\VRIWKH0RRQFDQQRWGULIWWKHP SDUWLFOHV
DZD\6RWKH¿QHGXVWSDUWLFOHVKDYH¿OOHGWKHDOUHDG\
H[LVWLQJFUDWHUVDQGQHZO\IRUPHGWRRZKLFKDUHWRZDUGV
WKHVLGHRIWKH0RRQIDFLQJWKH(DUWK 0RVW0\VWHULHVVROYHG :K\-XSLWHUURWDWHVIDVWHU" -XSLWHULVIDURႇIURPWKH6XQ
VRLWVPROWHQFRUHGRHVQRWSXWUHWDUGDWLRQWRLWVURWDWLRQ
VSHHGDVPROWHQFRUHVRIWKHSODQHWV0HUFXU\DQG9HQXV
GRHV )XUWKHU -XSLWHU JHQHUDWHV JUHDW TXDQWXP RI
PDWHULDOLVWLFSDUWLFOHVFXUYHGUD\VZKLFKRQWKHLUHVFDSH
SURYLGHIDVWHUURWDWLRQWRLWGXHWRWKHLUEDFNWKUXVW %RWKFOXEEHGWRJHWKHUDWDGLVWDQFHDQGGXHWRWKHLU
FOXEEHGPDVVPRYHGFORVHUWRWKH6XQ
2QFHURWDWLRQRIWKH0RRQZDVVWRSSHGJUDYLW\RIWKH
(DUWKJRWWKHRSSRUWXQLW\WRSXOOWKHGHQVHUFRUHRIWKH
0RRQWRZDUGVLWWRORFNURWDWLRQRIWKH0RRQSHUPDQHQWO\E\
PDNLQJLWHFFHQWULF)XUWKHUFRQWLQXRXVSXOOE\WKHJUDYLW\
RIWKH(DUWKIRUPLOOLRQVRI\HDUVRYHU0RRQ
VGHQVHUFRUH
PDGHWKHPDQWOHVKHOOEHWZHHQWKHFRUHDQGVXUIDFHRIWKH
0RRQWKLQQHU (DUWK
VJUDYLW\WUDQVIRUPHGVSKHULFDOFRUHWR
DQHJJRUSHDUVKDSHGFRUHKDYLQJSRLQWHGVLGHWRZDUGV
WKH(DUWKZKLFKPDGHPDQWOHHYHQWKLQQHU
7KH0RRQSULRUWREHFRPLQJVDWHOOLWHRIWKH(DUWKZDV
DOVRURWDWLQJOLNH(DUWK7KH0RRQZKLOHRUELWLQJDURXQGWKH
(DUWKKDGWRFRPHFORVHUWRWKHSODQHW9HQXVZKHQWKH
SODQHW9HQXVRYHUWDNHVWKH(DUWKZKLOHRUELWLQJDURXQGWKH
6XQ 'XH WR UHWURJUDGH URWDWLRQ RI WKH 9HQXV LWV
PDWHULDOLVWLFSDUWLFOHVFXUYHGUD\VLQWHQGWRURWDWHWKH0RRQ
LQWKHUHYHUVHGLUHFWLRQ7KH0RRQZLWKIHHEOHJHQHUDWHG
PDWHULDOLVWLFSDUWLFOHVFXUYHGUD\VFRXOGQRWRSSRVHWKH
PRYHRIWKH9HQXVZKLFKUHVXOWHGWRKDOWLWVURWDWLRQ)URP
WKDWPRPHQWWKH0RRQKDVWKHVDPHIDFHWRZDUGVWKH
(DUWKDQGLQDGGLWLRQWRLWDQRWKHUIDFWRUVWRSSHGURWDWLRQRI
WKH0RRQ*UDYLW\RIWKH(DUWKNHSWRQSXOOLQJGHQVHVW
HOHPHQWVIURPWKHPROWHQFRUHRIWKH0RRQWRZDUGVLW
UHVXOWLQJWRVORZHUURWDWLRQVSHHGDQG¿QDOO\WRORFNLWVVSLQ
0RVWP\VWHULHVUHODWHGWRWKH0RRQ0\VWHULHVRIWKH0RRQ
0\VWHULHV :K\ WKH 0RRQ NHHSV WKH VDPH IDFH
WRZDUGV(DUWK":K\DUHWKHYROFDQLFHUXSWLRQVDQGPDULD
RYHUWKH0RRQFRQFHQWUDWHGRQWKHVLGHQHDUWRWKH(DUWK"
:K\GRPHWHRUVZKLFKVWULNHRYHUWKH0RRQKDYHVRPH
SDWWHUQDFFRUGLQJWRWKHLUVL]HV":KDWFDXVHVP\VWHULRXV
TXDNHVWKDWYLEUDWHWKURXJKOXQDUURFNVRYHUWKHVLGHRIWKH
0RRQZKLFKLVDZD\IURPWKH(DUWK":K\LVWKH0RRQ
FORVHUWRWKH(DUWKZKHQLWLVFORVHWRWKH6XQDQGIDUWKHU
DZD\ZKHQDZD\IURPWKH6XQ"
*UDYLW\RIWKH(DUWKKDVSXOOHGPROWHQDQGGHQVHUODYD
IURPWKHPROWHQFRUHRIWKH0RRQGXHWRWKLQQLQJRIWKH
PDQWOHZKLFKIDFHVWKH(DUWK 2YHUWKH(DUWKYROFDQRHV
HUXSWGXHWRSUHVVXUHRIWKHJDVHVIURPLQVLGHWKH(DUWKEXW
YROFDQRHVRYHUWKH0RRQZHUHGXHWRWZRIDFWRUV RQH
VLPLODUWRWKH(DUWKDQGDQRWKHUDGGLWLRQDOLHSXOOE\WKH
JUDYLW\RIWKH(DUWKRYHUWKHPROWHQPDWWHUH[LVWLQJEHQHDWK
WKHWKLQPDQWOHRIWKH0RRQ
)RUZDUGWKUXVWIURPWKHVRODUZLQG PDWHULDOLVWLFSDUWLFOHV
FXUYHGUD\VDORQJZLWKRWKHUVRODUHMHFWV RQWKHFOXEEHG
IRUPDWLRQKDVWLOWHGURWDWLRQD[LVRIWKH(DUWK2UELWDOSODLQ
RIWKH0RRQWRRFKDQJHGZLWKUHVSHFWWRRUELWDOSODQHRIWKH
6XQGXHWRWLOWRIWKH(DUWK)RUZDUGWKUXVWE\WKHVRODUZLQG
LVDOVRNHHSLQJWKH0RRQFORVHUWRWKH(DUWKZKHQLWLVFORVH
WRWKH6XQDQGIDUWKHUDZD\ZKHQDZD\IURPWKH6XQ
KDYHQRZEHHQVROYHG7KH0RRQKDGVRPHFUDWHUVSULRUWRLWVFDSWXUHE\WKH(DUWK
EXWDIWHUEHFRPLQJDVDWHOOLWHRIWKH(DUWKSDWWHUQRIWKH
QHZO\IRUPHGFUDWHUVFKDQJHG0RVWELJFUDWHUVIRUPHG
RYHUWKHVLGHZKLFKLVDZD\IURPWKH(DUWK:KHQDQ\
PHWHRUGDVKHGWRZDUGVWKHFOXEEHGIRUPDWLRQ (DUWKDQG
WKH0RRQ PDWHULDOLVWLFSDUWLFOHVFXUYHGUD\VIURPWKH(DUWK
$OO VROYHG P\VWHULHV DUH EH\RQG WKH SXUYLHZ RI
FRPSXWHU PRGHOOLQJ WR NQRZ WKH VHFUHWV EHKLQG WKH
SKHQRPHQD 2QO\ YLVXDOLVDWLRQ E\ WKH KXPDQ EUDLQ DQG
FRPSXWLQJ RI WKH IDFWXDO GDWD UHODWHG WR WKH 0RRQ
$VWURQRP\ DQG VRPH VFLHQWL¿F ODZV FDQ UHYHDO WKH
DQVZHUV %HORZ LV WKH VFLHQWL¿F VWRU\ RI WKH 0RRQ WKDW
SURYLGHVWKHDQVZHUVWRWKHIROORZLQJP\VWHULHV GHWDLOHG
H[SODQDWLRQRIVWDWHGP\VWHULHVDQGVRPHRWKHUVLVRQWKH
ZHEVLWH
6RPHQHZGLVFRYHU\FODLPV
1RWH 3UHYLRXV 1HZ 'LVFRYHU\ &ODLP DGYHUWLVHPHQWV
SXEOLVKHG )HEUXDU\ 5RWDWLRQRIWKH6XQ 0DUFK
1HZ'LVFRYHU\ 2ULJLQRIWKH0RRQ $SULO %LJ
%DQJ WR ZKLFK H[WHQW LV LW FRUUHFW" 0D\ :KDW
VXJJHVWVPHDQGHQVLWLHVRISODQHWV0HUFXU\DQG9HQXV"
-XQH :RUNLQJ0HFKDQLVPRI6RODU6\VWHP -XO\
*DOD[\%ODFNKROHDQG3XPSLQJKROH QHZQDPH
1HZ'LVFRYHU\ 2ULJLQRIWKH0RRQKDVDOUHDG\EHHQ 9LVXDOL]HG 6FLHQWL¿F VWRU\ ,Q WKH SDVW KLVWRU\
\RXQJ(DUWKDQG\RXQJ0RRQZHUHDGMDFHQWSODQHWV7KH\
RQJDLQLQJPDVVIURPWKHGLVFRISDUWLFOHVDQGDVWHURLGV
ZKLFK ZHUH DURXQG WKH 6XQ VKRUWHQHG WKHLU RUELWDO
GLVWDQFH:LWKWKHUHVXOW\RXQJ0RRQFDPHFORVHUWRWKH
\RXQJ(DUWKDWWKHLUDOLJQPHQWZLWKWKH6XQ'XHWRPXWXDO
JUDYLW\DWWUDFWLRQ\RXQJ(DUWKSXOOHGWKH\RXQJ0RRQZKLOH
LWZDVSDVVLQJQHDUE\7KH\RXQJ0RRQJRWGHUDLOHGIURP
WKHRUELWDURXQGWKH6XQDQGDGRSWHGQHZRUELWDURXQGWKH
(DUWKDQGEHFDPHDVDWHOOLWHRIWKH(DUWK
DGYHUWLVHGLQWKH0DUFKLVVXH &RUHRIHYHU\SODQHWLVPROWHQREYLRXVO\FRUHRIWKH
0RRQWRRZRXOGEHPROWHQLQWKHSDVW&RQWLQXRXVJUDYLW\
SXOOE\WKH(DUWKRYHUWKHFRUHRIWKH0RRQKDVSXOOHG
GHQVHUPROWHQPDVVWRZDUGVLW (DUWK DQGJDVHVZHUH
SXVKHGRSSRVLWHWRZDUGVWKHVLGHRIWKHFRUHZKLFKLVDZD\
IURPWKH(DUWK(VFDSHRIWKHJDVHVWKURXJKFUDFNVRIWKH
URFNVFDXVHVPRRQTXDNHVUHVXOWLQJWRYLEUDWHWKHURFNV