8UEDQLVP
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
&219(56,212):$7(572:(56²$1,167580(17
)25&216(59,1*+(5,7$*($66(76
$QGUHHD/RUHWD&(5&/(8;
/HFWXUHU3KG)DFXOW\RI*HRJUDSK\8QLYHUVLW\RI%XFKDUHVWHPDLO
ORUHWDFHSRLX#\DKRRFRP
)ORUHQWLQD&ULVWLQD0(5&,8
5HVHDUFKHU3K',,,7KH,QWHUGHUVFLSOLQDU\&HQWHUIRU$GYDQFHG
5HVHDUFKHVRQ7HUULWRULDO'\QDPLFV8QLYHUVLW\RI%XFKDUHVWHPDLO
NU\VWHQ#\DKRRFRP
'DQLHO3(37(1$78
/HFWXUHU3KG)DFXOW\RI*HRJUDSK\8QLYHUVLW\RI%XFKDUHVWHPDLO
SHSWHQDWX#\DKRRIU
$EVWUDFW :DWHU WRZHUV DUH V\PEROLFDO ODQGPDUNV WKDW UHIHU WR WKH
LQGXVWULDOL]DWLRQ 7KH ROGHVW ZDWHU WRZHUV DUH WHFKQLFDO DQG LQGXVWULDO
DVVHWVZKRVHFXUUHQWDQGIXWXUHHYROXWLRQLVDVHQVLWLYHPDWWHUDVDUHVXOWRI
WKHHFRQRPLFFRQWH[WWKDWEURXJKWDERXWWKHFORVLQJRIQXPHURXVLQGXVWULDO
HQWHUSULVHV DQG DEDQGRQLQJ LQIUDVWUXFWXUH DVVHWV LQFOXGLQJ ZDWHU WRZHUV
6RPH ZDWHU WRZHUV ZHUH LQFOXGHG RQ WKH QDWLRQDO FXOWXUDOKHULWDJH OLVWV
DFURVV WKH ZRUOG WKDQNV WR WKH PDQLIROG YDOXHV WKH\ LQFRUSRUDWH
WHFKQRORJLFDO KLVWRULFDO DUFKLWHFWXUDO HVWKHWLFDO DPRQJ RWKHUV ,Q WKLV
FRQWH[WLWKDVEHFRPHQHFHVVDU\WRFRQYHUWWKHPZLWKWKHWZRIROGSXUSRVH
RI FRQVHUYLQJ WKHP DQG DVVLJQLQJ WKHP D QHZ IXQFWLRQ IRU WKH ORFDO
FRPPXQLW\ PHPEHUV $OWKRXJK WKHUH DUH QXPHURXV PRGHOV IRU JRRG
SUDFWLFHLQWKHFRQYHUVLRQRIZDWHUWRZHUVLQVHYHUDO(XURSHDQFRXQWULHVLQ
5RPDQLD WKHLU UHXVH LV D GLIILFXOW SURFHVV PRVW RI WKH WLPH EXUGHQHG E\
VKRUWFRPLQJV RI OHJLVODWLRQ RU ODFN RI ILQDQFLDO VXSSRUW7KH VWXG\·VPDLQ
SXUSRVH LV WR SUHVHQW UHDVRQV IRU WKH FRQYHUVLRQ RI ZDWHU WRZHUV DQG WR
KLJKOLJKW VHYHUDO JRRG SUDFWLFH PRGHOV DV ZHOO DVWR SUHVHQWVHYHUDO ZDWHU
WRZHUVZLWKDKLJKSRWHQWLDOIRUFRQYHUVLRQ
.H\ZRUGVWHKQLFDODQGLQGXVWULDOKHULWDJHV\PEROLFYDOXHFRQVHUYDWLRQ
,QWURGXFWLRQ
7KHSUHVHQWVWXG\IRFXVHVRQWKHDQDO\VLV
RI ZDWHU WRZHUV IURP D FXOWXUDO
SHUVSHFWLYHKLJKOLJKWLQJRQWKHRQHKDQG
WKHLUTXDOLW\DVFXOWXUDODVVHWVDQGRQWKH
RWKHUKDQGWKHPXOWLSOHRSSRUWXQLWLHVIRU
WKHLUFRQYHUVLRQ
5HXVLQJ ZDWHU WRZHUV LV D IRUP RI
FRQVHUYLQJ DV ZHOO DV FDSLWDOL]LQJ LQ DQ
LPSURYHG PDQQHU IUHTXHQWO\ PHDQLQJ
DQ DOWHUQDWLYH FRXUVH RI DFWLRQ WR
GHPROLVKLQJ WKHP HYHQ PRUH VR DV
QXPHURXVZDWHUWRZHUVDUHRXWRIVHUYLFH
DQGUDWHGDVKLVWRULFDOPRQXPHQWV
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
'XULQJ WKH 5RPDQ (PSLUH WKH ZRUG
FDVWHOOXP PHDQW ZDWHUWDQNV DW JURXQG
OHYHORUVOLJKWO\DERYHJURXQGOHYHOIHG
E\ DQ DTXHGXFW DQG WKH SKUDVH ZDWHU
WRZHULVIRXQGLQ)UHQFKOLWHUDWXUHDVHDUO\
DV2OGZDWHUWRZHUVDUHFRQVLGHUHG
FXOWXUDO
JRRGV
ZLWK
PDQLIROG
VLJQLILFDQFHV KLVWRULFDO DUFKLWHFWXUDO
WHFKQRORJLFDO DQG WKHUHIRUH FXOWXUDO
7KH\ DUH IUHTXHQWO\ LQFOXGHG RQ WKH
QDWLRQDOKHULWDJHOLVWVDFURVVWKHZRUOG
:LWK WKH ELUWK RI DUFKLWHFWXUH DQG
HQJLQHHULQJ WKH LPDJLQDWLRQ DQG
LQYHQWLYHQHVVRIDUFKLWHFWVDQGHQJLQHHUV
FRPELQHG WR FUHDWH ZDWHUWRZHU PRGHOV
WKDW VWDQG RXW LQ WHUPV RI SDUWLFXODU
DUFKLWHFWXUDO FRQWRXUV GHILQHG E\ WKHLU
VWUXFWXUH DQG WHFKQLFDO LQVWDOODWLRQV
3RSHORYi
2QH DOVR UHPDUNV WKH HYROXWLRQ RI WKH
WHFKQLFDOIHDWXUHVIURPRQHDJHLQKLVWRU\
WR WKH QH[W PDWKHPDWLFDO WHFKQLTXHV
XVHGVRDVWRRSWLPL]HWKHZDWHUXVHGLQ
FRROLQJWRZHUV*RORORDQG0DMR]L
GHVLJQLQJ YDULRXV V\VWHPV WR FRRO WKH
ZDWHU XVHG LQ YDULRXV HFRQRPLF
HQWHUSULVHV 5XELR&DVWUR UHXVLQJ
ZDWHU LQ FRROLQJ WRZHUV *XR DQG /LX
&DUYDOKRHWDO
:DWHU WRZHUV DUH FRQVLGHUHG LQGXVWULDO
KHULWDJH DVVHWV 1LMKRI *iERU
6]DEyDQGWKH\DUHLQFOXGHGLQWKH
FDWHJRU\ ´VHUYLFH LQGXVWULHV PDLQO\
ZDWHUµ ,QGXVWULDO +HULWDJH 5HYLHZ RI
&RXQW\ &ODUH $FFRUGLQJ WR WKH
GHILQLWLRQ RI WKH LQGXVWULDO KHULWDJH DV
FUHDWHG E\ WKH ,QWHUQDWLRQDO &RPPLWWHH
IRU WKH &RQVHUYDWLRQ RI WKH 7HFKQLFDO
+HULWDJH7,&&,+LWFRQVLVWVRI´UHPDLQV
RI LQGXVWULDO FXOWXUH ZKLFK DUH RI
KLVWRULFDO
WHFKQRORJLFDO
VRFLDO
DUFKLWHFWXUDO DQG VFLHQWLILF YDOXHµ :DWHU
WRZHUVDUHLQFOXGHGLQWKHVDPHFDWHJRU\
WRJHWKHUZLWKWKHZRUNVKRSVZDUHKRXVHV
DQG HOHFWULF SODQWV WKH &KDUWHU IRU WKH
,QGXVWULDO+HULWDJH
:DWHU WRZHUV DUH HYLGHQFH DV WR WKH
GHYHORSPHQW RI LQGXVWU\ ERWK LQ XUEDQ
DQG UXUDO DUHDV 0RVW ZDWHU WRZHUV DUH
DVVRFLDWHGZLWKUDLOZD\VWDWLRQVDVLWLVD
NQRZQ IDFW WKDW UDLOZD\ WUDQVSRUW KDV
KDG D VLJQLILFDQW FRQWULEXWLRQ WR WKH
GHYHORSPHQWRILQGXVWU\7KHLPSRUWDQFH
RI VXSSO\LQJ ZDWHU WR WKH UDLOZD\
WUDQVSRUW V\VWHP ZDV LQLWLDOO\ OLQNHG WR
WKH IDFW WKDW LW LQFUHDVLQJO\ UHTXLUHG WKH
FRQVWUXFWLRQ RI WKH HFRQRPLFDOO\
H[HFXWDEOH DQG PDLQWDLQDEOH HOHYDWHG
ZDWHU WDQNV EHFDXVH WKHRSHUDWLRQ RI WKH
IXOO\ VWHDP GULYHQ OLQH ZDV HFRQRPLFDO
*iERU6]DEy 7KHVWRSSLQJSRLQWV
HQDEOLQJ WKH UHILOOLQJRI WKHORFRPRWLYHV·
WHQGHUV ZLWK ZDWHU ZHUH FDOOHG ZDWHU
VWDWLRQV 7KHLU GLVWULEXWLRQ DORQJ WKH
UDLOZD\ OLQHV ZHUH HODERUDWHG WDNLQJ WKH
PRVW XQIDYRXUDEOH ZDWHU FRQVXPSWLRQ
LQWRDFFRXQW*iERU6]DEy
$WWKHVDPHWLPHZDWHUWRZHUVZHUHDOVR
XVHGWRVXSSO\LQGXVWULDODUHDVDVZDWHU
ZDV QHHGHG LQ PDQXIDFWXULQJ SURFHVVHV
DQG WKH\ DUH WKH ROGHVW IRUPV RI ZDWHU
VWRUDJH EXLOW WR VXSSO\ PDMRU FLWLHV
7DUWDULQL
$VSHFLDOFDWHJRU\RIZDWHUWRZHUVXVHGWR
FRQVLVW LQ WKH SDVW RI ILUHPHQ·V
ZDWFKWRZHUVPRVWRIWKHPEHLQJWKHUHVXOW
RI FRQYHUVLRQV RI D FXOWXUDO QDWXUH DQG
ZLWK D OLPLWHG QXPEHU SUHVHUYLQJ WKHLU
RULJLQDOSXUSRVHXSWRWKHSUHVHQWWLPH
7KHVKDSHRIZDWHUWRZHUVKDVYDULHGRYHU
WLPHDQGVRGLGWKHPDWHULDOVXVHGLQWKHLU
FRQVWUXFWLRQGXULQJ²SURWRW\SHV
ZLWKLURQZDWHUWDQNV²WKHILUVW
FRQFUHWH ZDWHU WRZHUV ² WKH
GHYHORSPHQW RI PDVVLYH FRQFUHWH ZDWHU
WRZHUV²SRO\JRQDOZDWHUWRZHUV
² PXVKURRPVKDSHG WRZHUV
8UEDQLVP
²FRQLFDOZDWHUWRZHUV7KHVKDSH
ZDVOLQNHGWRWKHUHVSHFWLYHSXUSRVHRIHDFK
ZDWHUWRZHU
)URPWKHSRLQWRIYLHZRIWKHFRQVWUXFWLRQ
PDWHULDOVXVHGZHFDQLGHQWLI\LQJHQHUDO
VHYHUDOFDWHJRULHVRIZDWHUWRZHUV
EXLOWLQOLPHDQGEULFN²W\SLFDOO\LQWKH
SDVW KDUG URFN OLPH ZDV
SUHGRPLQDQWO\
XVHG
LQ
WKH
FRQVWUXFWLRQ RI ZDWHU WRZHUV EULFN
ZDV
D
FRQVWUXFWLRQ
PDWHULDO
SUHGRPLQDQWO\ XVHG IRU LQGXVWULDO
EXLOGLQJV LQ WKH WK FHQWXU\ WKH\
VWDQG RXW EHFDXVH RI WKH SDUWLFXODU
FRQVWUXFWLRQWHFKQLTXHUHVXOWLQJIURP
WKH ZD\ URFNV ZHUH MRLQHG ZKLFK
SURYLGHG ZDWHU WRZHUV ZLWK D KLJK
GHJUHH RI UHVLOLHQFH PRVW ZDWHU
WRZHUV ZHUH UHFWDQJXODU VKDSHG DQG
WKH\ZHUHDOVRXVHGDVIRUWLILFDWLRQV
EXLOWLQUHLQIRUFHGFRQFUHWH²W\SLFDOIRU
PRGHUQ ZDWHU WRZHUV ILUVW EXLOW
VWDUWLQJWKHPLGWKFHQWXU\WKH\XVH
D F\OLQGULFDOWUXQFDWHG FRQH WDQN
ZLWK D FXSROD VXSSRUWHG E\ VHYHUDO
SLOODUV WKH FXSROD FRXOG EH HLWKHU
VSKHULFDORUFRQLFDOPHQWLRQPXVWEH
PDGHRIWKHZDWHUWRZHUVLQ3RUWXJDO
EXLOW LQ +HQQHELTXH·V UHLQIRUFHG
FRQFUHWH7DYDUHV
EXLOWLQVWHHO²LWIHDWXUHVWKHEHQHILWRI
EHLQJ DQ HODVWLF PDWHULDO WKDW FDQ EH
ZHOGHG EXW LW LV YXOQHUDEOH WR
FRUURVLRQ WKH WDQNV DUH VSKHULFDO RU
HOOLSVRLGDO VKDSHG FRQQHFWHG E\ D
WUXQFDWHG FRQH WR D F\OLQGULFDO UROOHU
ZKLFK FRQWLQXHV ZLWK D WUXQFDWHG
FRQH WKDW SURYLGHV WKH RYHUDOO
VWUXFWXUHZLWKUHVLVWDQFHWRWKHZLQG
)URP WKH SRLQW RI YLHZ RI JHRPHWULFDO
VKDSH )LJ ZDWHU WRZHUV DUH GLYLGHG
LQWR WKH IROORZLQJ FDWHJRULHV D
K\EHUEROLF E FRQLFDO F FROXPQ G
PXVKURRP H VWDQGDUG I FRUEHOOLQJ J
KRXUJODVV
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
DEFGHIJ
)LJ9DULRXVJHRPHWULFZDWHUWRZHUIRUPV
6RXUFH'HEOHGDQG/HURX[
$FODVVLILFDWLRQDFFRUGLQJWRWKHFULWHULRQ
RI WKH HYROXWLRQ RI ZDWHU WRZHUV
FRQGXFWHGE\WKH$UFKLWHFWXUH8UEDQLVP
DQG (QYLURQPHQW &RXQFLO RI WKH 1RUG
'HSDUWPHQW
)UDQFH
WDNHV
LQWR
FRQVLGHUDWLRQWKHIROORZLQJJHQHUDWLRQV
D WKH ODWWHU KDOI RI WKH WK FHQWXU\ ZDWHU
WRZHUVKDYHDWRZHUOLNHORRNZKLFKHDVLO\
UHPLQGV RQH RI PHGLHYDO FRQVWUXFWLRQV
7KHWDQNLVPDGHRIVWHHOSODWHVKROORZDW
WKHLU ORZHU HQGV DIIL[HG RQ D ELJJHU
PDVRQU\ VWUXFWXUH 7KHWDQNLV VRPHWLPHV
PDVNHGE\DSODWHDQGFRYHUHG
E HDUO\ WK FHQWXU\ ² WKH ´FKDPSDJQH
FRUNµVKDSHG ZDWHU WRZHU ZKRVH ZLGH
WDQNLVRQWRSRIDQDUURZHUSHGHVWDO7KH
LGHDRI WKH XVHIXOQHVVRI D WDQN HPHUJHG
LPPHGLDWHO\ DIWHU ZKLFK OHG WR WKH
FUHDWLRQ RI WKH ,QW]H WDQN LQ WKH V
QDPHG DIWHU WKH HQJLQHHU ZKR LQYHQWHG
LWLW FRQFHQWUDWHVLWV ZHLJKWRQ D FXSROD
QDUURZHUWKDQWKHWDQNWKHVKDSHVRUWKH
QHZW\SHDUHPXOWLSOHVWHHORUUHLQIRUFHG
FRQFUHWHWDQNVEULFNRUVROLGRUSHUIRUDWHG
SHGHVWDOV HWF PDQ\ ZDWHU WRZHUVLQ WKH
HDUO\WKFHQWXU\XVHWKLVV\VWHP
FPLGWKFHQWXU\²VWDUWLQJLQWKHV
FRQFHUQV OLQNHG WR WKH DUFKLWHFWXUH DQG
HVWKHWLFV RI ZDWHU WRZHUV PHDQW WKDW
DWWHPSWVWRGLVJXLVHWKHVWUXFWXUHLQWRDQ
H[WHULRU SDFNDJLQJ EHFDPH LQFUHDVLQJO\
QXPHURXV
G ODWH WK FHQWXU\ ² PXVKURRPVKDSHG
ZDWHUWRZHUVEHFDPHYHU\SRSXODULQWKH
VV
,Q WLPH LQ RUGHU WR SUHYHQW WKHLU
UHPDLQLQJ PHUH UHOLFV RI WHFKQRORJ\
ZDWHUWRZHUVZHUHJLYHQDQHZIXQFWLRQ
EXW WKH\ GLG QRW QHFHVVDULO\ DOZD\V
XQGHUJR D FRQYHUVLRQ IRXQGDWLRQ IRU
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
UHOD\DQWHQQDVPRQXPHQWDOSDLQWLQJVRU
OLJKWLQJ'HEOHGDQG/HURX[
$WWKHLQWHUQDWLRQDOOHYHOZHFDQLGHQWLI\
VHYHUDO FDWHJRULHV RI ZDWHU WRZHUV
FRQYHUVLRQ JURXSHG LQ W\SHV FXOWXUDO
DFWLYLWLHVWRXULVPFUHDWLYHDQGGLIIHUHQW
VHUYLFHV UHVLGHQWLDO GHVWLQDWLRQV ,Q
JHQHUDO LI ZDWHU WRZHUV XQGHUZHQW D
FRQYHUVLRQ D TXLWH IUHTXHQW LQVWDQFH LV
SXEOLFEXLOGLQJV²OLYLQJTXDUWHUVKRWHOV
UHVWDXUDQWV HWF D D FRQFUHWHEXLOW ZDWHU
WRZHU LQ WKH %HOJLDQ FLW\ RI $QYHUV ZDV
FRQYHUWHG LQWR D EORFN RI IODWV ZLWK VL[
IORRUV E D ZDWHU WRZHU EXLOW LQ LQ
6XIIRON (QJODQG 7KRUSHQHVV ZDV
FRQYHUWHGLQWKHODWHVLQWRWKH+RXVH
LQ WKH &ORXGV KRWHO F D ZDWHU WRZHU LQ
9DQGRHXYUHOqV1DQF\ )UDQFH ZDV
FRQYHUWHGLQWRDSDUWPHQWV
0HWKRGRORJ\
XVLQJ WKHPRQXPHQW EULHI GUDZQ E\ WKH
PHPEHUVRIWKH1DWLRQDO6RFLHW\RI:DWHU
7RZHUVLQ+ROODQGDVWKHPRGHO$PRQJ
WKH PDLQ LGHQWLILFDWLRQ GDWD WKH 'XWFK
VSHFLDOLVWVKDYHXVHGZKHQDVVHVVLQJDQG
DQDO\]LQJ ZDWHU WRZHUV RQH PD\
PHQWLRQ GDWD RQ WKH FRQVWUXFWLRQ
DUFKLWHFWEXLOGHU
FXUUHQW
VWDWH
XVHGXQXVHGSK\VLFDOVWDWHVXJJHVWLRQV
IRUUHXVHGDWDRQWKHDUFKLWHFWXUHRIWKH
ZDWHU WRZHU VKDSH FRQVWUXFWLRQ
PDWHULDOV KHLJKW RWKHU LQIRUPDWLRQ
FRPSDULVRQVDJDLQVWRWKHUVLPLODUWRZHUV
VSHFLILF WHFKQLFDO GHWDLOV IRU LQVWDQFH
WDQNFDSDFLW\DQGVRRQ1LMKRI
&RQFHUQLQJWKHZDWHUWRZHUVLQ5RPDQLD
WKDWVHUYHGDVFDVHVWXGLHVWKHLQYHQWRU\
LQFOXGHG ERWK WKRVH UDWHG DV KLVWRULFDO
PRQXPHQWV DQG WKRVH ZLWK D KLVWRULFDO
DQG WHFKQRORJLFDO YDOXH 7KRVH LQ WKH
ODWWHU JURXS ZHUH LQYHQWRULHG DQG
DQDO\]HG ZLWK WKH SXUSRVH RI ODWHU RQ
VXJJHVWLQJ WKHLU LQFOXVLRQ RQ WKH OLVW RI
KLVWRULFDO PRQXPHQWV 6SHFLDO DWWHQWLRQ
ZDVSDLGWRWKRVHZDWHUWRZHUVWKDWKDYH
WKHSRWHQWLDOIRUDFRQYHUVLRQ
&DVH VWXGLHV IURP YDULRXV (XURSHDQ
FRXQWULHV ZHUH DOVR VHOHFWHG VR DV WR
SUHVHQWDVHULHVRIPRGHOVIRUJRRGSUDFWLFH
LQWKHFRQYHUVLRQRIZDWHUWRZHUV
6HYHUDO ZDWHU WRZHUV LQ 5RPDQLD DQG
RWKHU (XURSHDQ FRXQWULHV +XQJDU\
%XOJDULD *HUPDQ\ )UDQFH 3RUWXJDO
,WDO\ &]HFK 5HSXEOLF ZHUH LQYHQWRULHG
E\PHDQVRIVHYHUDOILHOGWULSVFRQGXFWHG
GXULQJ 3KRWRJUDSKV RI HDFK
ZDWHU WRZHU ZHUH DOVR WDNHQ LQ VLWX ,Q
DGGLWLRQ WR ILHOGZRUN UHVHDUFK DOVR
LQFOXGHG IDFWILQGLQJ DQG DUFKLYDO ZRUN
VR DV WR FDSWXUH WKH FRPSOH[LW\ RI ZDWHU
WRZHUV
IURP
WKH
WHFKQRORJLFDO
DUFKLWHFWXUDODQGKLVWRULFDOSHUVSHFWLYH
5HVHDUFK DOVR LQYROYHG WKH DQDO\VLV RI D
VLJQLILFDQWYROXPHRIGDWDREWDLQHGHLWKHU
LQWKHZDNHRIILHOGREVHUYDWLRQVPDSSLQJ
RU IURP RWKHU W\SHV RI VRXUFHV
FDUWRJUDSKLFDOWKHH[WDQWGDWDEDVHV(65,
*,6RIYDULRXVSXEOLFLQVWLWXWLRQVFLW\KDOO
WKH 0LQLVWU\RI &XOWXUH DQG WKH 1DWLRQDO
+HULWDJHWKH1DWLRQDO+HULWDJH,QVWLWXWH
7KH GDWD FROOHFWHG RQ WKH KLVWRU\ RI WKH
ZDWHU WRZHUV ZHUH LQLWLDOO\ SURFHVVHG
V\QWKHWLFDOO\ LQWR REVHUYDWLRQ UHFRUGV
5HVXOWV
5RPDQLDLVFKDUDFWHUL]HGE\DGLYHUVLW\RI
LQGXVWULDO DUFKLWHFWXUDO KHULWDJH DVVHWV
GDWLQJ EDFN WR YDULRXV SKDVHV LQKLVWRU\
0HUFLX HW DO D ZDWHU WRZHUV
VWDQGLQJRXWDPRQJWKHP9DULRXVZDWHU
WRZHUV WKDW VWDQG RXW EHFDXVH RI WKHLU
SHFXOLDU DUFKLWHFWXUH KDYH EHHQ VHOHFWHG
IRU WKLV VWXG\ PDQ\ RI WKHP UDWHG DV
KLVWRULFDO PRQXPHQWV 7KH OLVW RI
KLVWRULFDO PRQXPHQWV GUDZQ E\ WKH
0LQLVWU\ RI &XOWXUH DQG WKH 1DWLRQDO
+HULWDJH LQFOXGHV WKH IROORZLQJ ZDWHU
WRZHUV7DEOH
8UEDQLVP
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
7DEOH7KHZDWHUWRZHUVODEHOHGLQWKHORFDODQGQDWLRQDOKHULWDJH
1DPHRIKLVWRULFDO
PRQXPHQWDQGLWVLQGHQWLILFDWLRQ
QXPEHU
)LUH:DWFKWRZHU
%,,P%
7KH9ODGĥHSHü:DWHUWRZHU
%,,P%
:DWHUWRZHU
&/,,P%
:DWHUWRZHUV70,,P$
70,,P$
:DWHUWRZHU
%5,,P%
ZDWHUWRZHU
$5,,P%
)LUH:DWFKWRZHU
&-,,P$
0XU
)LUH:DWFKWRZHU
60,,P$
:DWHUWRZHU
0+,,P%
7REDFFR)DFWRU\ZDWHUWRZHU
&9,,P$
:DWHUWRZHU
,),,P$ LQVLGHWKH
ûWLUEH\3DODFHFRPSOH[
ZDWHUWRZHULQVLGHWKHPDQRURI
*KHRUJKH*ULJRUH&DQWDFX]LQR²
WKH1DERE
3+,,P$
:DWHUWRZHURQWKHSUHPLVHVRIWKH
(DVWHUQ5DLOZD\6WDWLRQ
75,,P%
:DWHUWRZHU
75,,P%
:DWHUWRZHU
96,,P%
:DWHUWRZHU
75,,P%
5DQFKLQDZDWHUWRZHURI*UHEOD
SRZHUVWDWLRQ
&6,,P$
:DWHUWRZHURIIXUQDFH
&6,,P%
:DWHUWRZHU
&7,,P%
LQVLGHRI%DVDUDELUDLOZD\VWDWLRQ
5XLQVRIWKHZDWHUWRZHU
27,,P %
:DWHUWRZHU
27,,P %
'DWHRI
FRQVWUXFWLRQ
/RFDWLRQ
1HZUHXVH
%XFKDUHVW
%XFKDUHVW
HDUO\WK
FHQWXU\
2OWHQLĦD
FLW\
7LPLüRDUD
FLW\
%UĆLOD
FLW\
$UDG
FLW\
&OXM1DSRFD
FLW\
5RPDQLDQ
)LUHPHQ·V0XVHXP
7KH1DWLRQDO2IILFH
IRU+HURHV0HPRU\
$UWPXVHXP
WK
FHQWXU\
6DWX0DUH
FLW\
'UREHWD7XUQX6HYHULQFLW\
FXOWXUDODQG
VFLHQWLILFFHQWHU
´:DWHUWRZHUµDUW
JDOOHU\
)LUHPHQ·V0XVHXP
FXUUHQWO\FORVHG
WRXULVWDWWUD FWLRQ
H[KLELWLRQVSDFH
DQGDQDUWJDOOHU\
HDUO\WK
FHQWXU\
6IkQWX*KHRUJKH
FLW\
%XIWHD
FLW\
)ORUHüWL3UDKRYDFRXQW\
WKHHDUO\WK
FHQWXU\
5RüLRULGH9HGH
7HOHRUPDQFRXQW\
HDUO\WK
FHQWXU\
6XKDLDYLOODJHRPRQLPH
FRPPXQH7HOHRUPDQFRXQW\
%XKĆLHüWLYLOODJH9XOWXUHüWL
FRPPXQH9DVOXLFRXQW\
7XUQX0ĆJXUHOH
FLW\
5HVLWD
&LW\
&DUDV6HYHULQFRXQW\
%RFVDFLW\
&DUDV6HYHULQFRXQW\
0XUWIDWODU&RQVWDQĦDFRXQW\
;,; WKFHQWXU\
6ODWLQDFLW\
HDUO\WK
FHQWXU\
3RLDQDYLOODJH5DGRPLUHVWL
FRPPXQH
HDUO\WK
FHQWXU\
WRXULVWDWWUD FWLRQ
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
$W WKH QDWLRQDO OHYHO HYHQ LI WKH
FRQYHVWLRQ SURFHVV LV DW WKH EHJLQQLQJ
WKH IHZ UHDOL]HG SURMHFWV FDQ EHFRPH
H[DPSOHV RI VXFFHVV IRU IXWXUH VWUDWHJLHV
RIGHYHORSPHQW
7KHUH DUH D IHZ ZDWHU WRZHUV WKDW KDYH
DOUHDG\ EHHQ FRQYHUWHG RU DUH
XQGHUJRLQJ IXQFWLRQDO FRQYHUVLRQV LQWR
FXOWXUDO DFWLYLWLHV WRXULVP FXOWXUDO
DFWLYLWLHV DQG WRXULVP RWKHU VHUYLFHV ,Q
DGGLWLRQ WR WKHVH FDWHJRULHV DOVR WKH
DXWKRUV KDYH LGHQWLILHG WKH FDWHJRU\ RI
WHFKQLFDO DQG LQGXVWULDO ZDWHU WRZHUV
ZLWKWKHSRWHQWLDOIRUDFRQYHUVLRQ
&XOWXUDODFWLYLWLHV
7KH ZDWHU WRZHU LQ WKH 3DQWHOLPRQ
ERURXJK%XFKDUHVW)LJVXSSOLHVWKH
5RPDQLDQ 'UDSHU\ DQGLW XVHG WR EH XS
WRDVKRUWWLPHDJRDFRPPRQSODFHWRZHU
WKDWIDLOHGWRVWDQGRXWLQWHUPVRIHLWKHU
VKDSH RU PDQQHU RI FRQVWUXFWLRQ LW LV
EXLOW LQ UHLQIRUFH FRQFUHWH DQG FROXPQ
VKDSHG 7KH PHPEHUV RI WKH ´0DNH D
SRLQWµ FXOWXUDO DVVRFLDWLRQ PDGH XS RI
VHYHUDO HQWHUSULVLQJ \RXQJ DUFKLWHFWV
KDYHFDPHXSZLWKWKHLGHDRIHQGLQJWKH
ZDWHUWRZHU·VDQRQ\PLW\DQGVXJJHVWHG
WKH ODXQFKLQJ RI D FRQWHVW FRQVLVWLQJ LQ
WKH FUHDWLRQ RI VHYHUDO WKHPHV IRU WKH
SDLQWLQJ RI WKH XSSHU WRZHU $IWHU WKH
FRQWHVW ZDV ODXQFKHG WKH VXJJHVWLRQV
FDPH LQ TXLFN VXFFHVVLRQ DQG YDULRXV
WKHPHV ZHUH UHFRPPHQGHG HDFK OLQNHG
WR VRPH HOHPHQWWKDW ZRXOG UHIHU WR WKH
LQGXVWULDO FRQWH[W RU WR WKH WRZHU·V
IXQFWLRQIURPDJUHHQFRORXUHGGUDSHLQ
UHPHPEUDQFH RI WKH WLPH RI WKH ROG
GUDSHU\ ² WKH LGHD WKDW ZRQ WKH
FRPSHWLWLRQ ² WR FDSWXULQJ WKH W\SLFDO
FRPPRWLRQRIDELJFLW\WRGHSLFWLQJWKH
V\VWHP VXSSO\LQJ ZDWHU WR WKH
SRSXODWLRQ WR GUDZLQJ D ERRNVKHOI
GHHPHG DQ RSSRUWXQLW\ WR GLUHFW
DWWHQWLRQ WR WKH FXOWXUDO UROH RI ERRNV
DPRQJ RWKHUV $IWHU WKH ZLQQHU RI WKH
FRPSHWLWLRQ ZDV VHOHFWHG E\ D PHDQV RI
WKH SXEOLF·V YRWH WKH WKHPH ZDV
WUDQVSRVHGRQWKHWRSRIWKHZDWHUWRZHU
WKXVFRQYHUWLQJLWLQWRDQDUWWRZHU
)LJ7KHZDWHUWRZHULQWKH3DQWHOLPRQ
%XFKDUHVWERURXJKEHIRUHDQGDIWHUSDLQWLQJ
:KHQ SDLQWLQJ WKH WRS RI WKH WRZHU ZDV
FRPSOHWHG²ZLWKWKHILQDQFLDOVXSSRUWRID
EDQN²WKHSDLQWLQJZDVFRYHUHGDQGLWZDV
UHYHDOHGWR WKHSXEOLFRQ 1HZ<HDU·V (YH
7KH LGHD WR WUDQVIRUP LW LQWR DQ DUW
WRZHUZDVQRWOLPLWHGWRSDLQWLQJWKHWLSDV
LW LQYROYHV D IXWXUH UHIXUELVKLQJ RI WKH
LQWHULRU ZLWK WKH JRDO RI KRVWLQJ FRQFHUWV
VKRZVILOPVFUHHQLQJVRUH[KLELWLRQV
7KH JRDO RI WKH DFWLRQ WR WUDQVIRUP WKH
FRPPRQSODFH ZDWHU WRZHU LQWR DQ DUW
WRZHU ZDVRQ WKHRQH KDQG JHWWLQJ WKH
ERURXJK UHVLGHQWV LQWR WKH FDPSDLJQ WR
LGHQWLI\ DQG FKHULVK WKH V\PEROLF
HOHPHQWVRIWKHORFDOFRPPXQLW\DQGRQ
WKH RWKHU KDQG WR GUDZ DWWHQWLRQ WR DQ
LQGXVWULDOKHULWDJH DVVHW WKDW VHUYHV DV D
ZLWQHVV WR WKH SUHVHQFH RIWKH LQGXVWULDO
HQWHUSULVH DFWLYH HYHU VLQFH 7KH
WRZHUZLOOFRQWLQXHWRVHUYHWKHGUDSHU\
EXWLWZLOODOVREHFRPHRQHRIWKHFXOWXUDO
DWWUDFWLRQV RI WKH FLW\ DQG RI DERURXJK
QRWVRULFKLQFXOWXUDODWWUDFWLRQV7KHDUW
WRZHU ZLOO EHFRPH WKH ERURXJK·V PDLQ
WRXULVWDWWUDFWLRQ,QDGGLWLRQLQRUGHUWR
HDVHYLVLWLQJLWDODGGHUZLOOEHLQVWDOOHG
DURXQG WKH WRZHU ZKLFK YLVLWRUV ZRXOG
EH DEOH WR FOLPE WR WKH WRS IRU D JUDQG
YLHZRIWKHFLW\
8UEDQLVP
7KHZDWHUWRZHULQ$UDGHQWHUHGVHUYLFH
LQZLWKWKHJRDORIVXSSO\LQJWKHFLW\
ZLWK ZDWHU DQG VHUYLFHV DV D ILUHZDWFK
WRZHU $W WKH WLPH RILWV FRQVWUXFWLRQ LW
ZDV WKH WDOOHVW EXLOGLQJ LQ WRZQ P
7KH ZDWHU WRZHU ZDV XVHG WR VXSSO\
ZDWHUWRWKHFLW\XQWLO6LQFHWKH
ZDWHU WRZHU KDV EHHQ SULYDWH SURSHUW\
KRVWLQJ WKH ´:DWHU WRZHUµ DUW JDOOHU\ D
SHUPDQHQWZDWHUWKHPHGH[KLELWLRQDQG
RWKHUWKHPHGDQGDUWH[KLELWLRQV
7KHZDWHUWRZHULQ,DüLORFDWHGFORVHWR
WKH EXVLHVW SHGHVWULDQ ZDONZD\ LQ ,DüL
WKDWLVWKH0DLQ5DLOZD\6WDWLRQERURXJK
XQGHUZHQW D FRQYHUVLRQ RYHU DRQH\HDU
VSDQ DV SDUW RI DQ XUEDQ UHJHQHUDWLRQ
SURMHFWFDOOHG´2XU7RZHU´
7KH FRQYHUVLRQ EHJXQ LQ ZKHQ D
,DüLWHDPRIDUFKLWHFWVZRQDFRPSHWLWLRQ
ZLWKD86SUL]HRIIHUHGE\DVRIW
GULQNV SURGXFHU WR FDSLWDOL]H RQ WKH
EXLOGLQJDWWKHWLPHLQDQDGYDQFHGVWDWH
RIGHWHULRUDWLRQ
7KHFRQYHUVLRQDFKLHYHGE\PHDQVRIWKH
FRQVROLGDWLRQ DQG PRGHUQL]DWLRQ RI WKH
ZDWHUWRZHUZDVFRPSOHWHGLQDQG
WKH UHVXOWV RI WKH SURMHFW FRQVLVW LQ
LQVFULELQJRQ WKH IDoDGH D SKUDVH XUJLQJ
WR WKH GHYHORSPHQW RI WKH FRPPXQLW\
VSLULWVXPPDUL]HGLQWKUHHYHUEV´ORYH
´GDUH DQG ´EXLOG7KLV LQWHUYHQWLRQ LV
DQ H[DPSOHRI FDUH IRUWKH SXEOLF VSDFH
ZKHUHLGHQWLW\RIWKHSODFHWULHVWRHQGXUH
DQG WR EHFRPH LQFUHDVLQJO\ YLVLEOH ERWK
OLWHUDOO\WKHGHFLVLRQZDVPDGHWROLWXS
WKHZRUGVDWQLJKWDQGILJXUDWLYHO\
$OWKRXJK WKHLQWHUYHQWLRQ LQ WKH FDVH RI
WKH ZDWHU WRZHU LQ ,DüL GLG QRW KDYH D
SXUHO\FXOWXUDOUROHEXWUDWKHUWKHUROHRI
UDLVLQJ WKH DZDUHQHVV RI WKH SRSXODWLRQ
DERXW WKH LPSRUWDQFH RI WKH FLW\·V
DUFKLWHFWXUDO DQG FXOWXUDO SDVW WKH
H[DPSOHV RI ZDWHU WRZHUV DEURDG WKDW
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
ZHUHJLYHQDQHZFXOWXUDOIXQFWLRQDUH
QXPHURXV
2QH RWKHU H[DPSOH ZRXOG EH WKH ZDWHU
WRZHUVLQWKH,WDOLDQWRZQRI%XGULRWKH
(PLOLD 5RPDJQD UHJLRQ EXLOW LQ DQGUHQRYDWHGGXULQJWRVHUYH
YDULRXV FUHDWLYH LQGXVWULHV FRQFHUWV
WKHDWHU FRQWHPSRUDU\ DUW JDOOHULHV WKH\
DUH D UHPDUNDEOH H[DPSOH RI FXOWXUDO
FDSLWDOL]DWLRQ RI LQGXVWULDOKHULWDJH
DVVHWV
7KHQHZIXQFWLRQRIWKHWZRZDWHUWRZHUV
ZDV VHOHFWHG LQ WKH ZDNH RI DQ
DUFKLWHFWXUH FRQWHVW FDOOHG ´3UHPLR
&HQWRFLWWjµ µWKH &LWLHV $ZDUGµ $W
WKH HGLWLRQ WKH VXJJHVWLRQ WR
FRQYHUW GHFRPPLVVLRQHG ZDWHU WRZHUV
LQWR D G\QDPLF VSDFH DQG D
PXOWLIXQFWLRQDO FHQWHUUHVSHFWLYHO\ ZRQ
WKH FRPSHWLWLRQ DQG WKH PLOOLRQ HXUR
SUL]H 7KH FRQYHUVLRQ RI WKH WZR ZDWHU
WRZHUV LQYROYHG ODUJHVFDOH UHVWRUDWLRQ
ZRUN GRQH E\ DUFKLWHFW $QGUHD 2OLYD
7KH WRZHUV ZHUH LQ D VWDWH RI DGYDQFHG
GHWHULRUDWLRQ WKHUH ZHUH ODUJH DUHDV
ZKHUH WKH FHPHQW VWUXFWXUH ZDV HURGHG
EHFDXVH RI WKH DJH UHVWRUDWLRQ ZRUN
LQYROYHG XVLQJ RQFH DJDLQ WKH RULJLQDO
FRQVWUXFWLRQPDWHULDOVWKHROGLURQLQVLGH
WKH VWUXFWXUDO IUDPH ZDV WUHDWHG ZLWK
VWDELOL]HUV 1HZ FRQVWUXFWLRQ PDWHULDOV
ZHUH XVHG WRR JODVV RQH RI WKH ZDWHU
WRZHUVZDV´FRDWHGµLQJODVVZKLFKJDYH
LW D VSHFLDO HVWKHWLF ORRN 7KH SURMHFW LV
RQH IRUP RI FUHDWLYH DQG IXQFWLRQDO
UHFODPDWLRQRIWKHROGZDWHUWRZHUV
7RXULVP
7KH GHVWLQDWLRQ FKRVHQ IRU WKH WZR
LGHQWLFDOZDWHUWRZHUVLQ7LPLVRDUDEXLOW
LQWKHHDUO\WKFHQWXU\DWWKH
HQGV RI WKH ZDWHUGLVWULEXWLRQ QHWZRUNV
DQG VHUYLQJ WR FRSH ZLWK WKH SHDN ZDWHU
FRQVXPSWLRQ GXULQJ WKH GD\ HDFK ZLWK D
FDSDFLW\RIFXELFPHWHUVLVWKHWRXULVW
RQHDVWKH\DUHWREHVRRQLQFOXGHGLQRQH
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
RIWKHFLW\·VWRXULVWFLUFXLWV7KHWZRZDWHU
WRZHUV ORFDWHG LQ WKH )DEULF DQG ,RVHILQ
ERURXJKV ZHUH JXDUGHG URXQGWKHFORFN
ZLWKHPSOR\HHV·TXDUWHUVORFDWHGLQVLGHWKH
YHU\SUHPLVHV,QWKHZDNHRIWKHODWH
LQLWLDWLYHRIWKH$TXDWLPFRPSDQ\VHYHUDO
VXJJHVWLRQV ZHUH GUDIWHG ZLWKWKH JRDORI
ILQGLQJ D QHZ GHVWLQDWLRQ IRU WKLV
DEDQGRQHG DQG VWHDGLO\GHWHULRUDWLQJ
VSDFH$PRQJWKHVXJJHVWLRQVWKHUHZHUH
WZRZLWKDFXOWXUDOSXUSRVHIRUWKHZDWHU
WRZHULQWKH,RVHILQERURXJKZDWHUWRZHU
DD0XVHXPRI6FLHQFHDQG7HFKQRORJ\LQ
WKH %DQDW ZKLFK VKRXOG LQFOXGH DPHGLD
FDIp D FKLOGUHQ·V SOD\JURXQG DQG DW WKH
WRSDJUDQGYLHZVSRWZKHUHYLVLWRUVFRXOG
DGPLUH WKH FLW\ E\ PHDQV RI YDULRXV
LQVWUXPHQWVED:DWHU0XVHXPZKHUHD
WHDKRXVH DQG D UHVWDXUDQW ZRXOG EH
RSHQHG RQ WKH JURXQG IORRU DORQJVLGH D
VLGHZDONSXERSHQLQVXPPHUWLPHDQGD
SODFH WR GLVSOD\ UHPRWHFRQWUROOHG VFDOH
PRGHOV RI WKH VKLSV WKDW XVHG WR VDLO WKH
%HJD ULYHU LQ WKH LQWHUZDU \HDUV RU DQ
$TXDULXP
7KH LPSRUWDQFH RI ZDWHU WRZHUV LQ WKH
FLW\ RQ WKH %HJD 5LYHU LV EDVLFDOO\ DQ
HFRQRPLF RQH DV HYLGHQFHG E\ WKH IDFW
WKDW 7LPLVRDUD ZDV WKH ILUVW FLW\ LQ
5RPDQLD WR EH VXSSOLHG E\ PHDQV RI D
ZDWHU WRZHU DQ DFKLHYHPHQW DOVR
UHSUHVHQWHG LQ WKH FLW\ KHUDOGU\ RQ LWV
FRDWRIDUPV
7KH)LUHZDWFK7RZHU)LJZDVEXLOWLQ
DFFRUGLQJ WR WKH SODQV RI WKH
FKLHIDUFKLWHFWRIWKH%XFKDUHVW&LW\+DOO
*HRUJH0DQGUHD%HULQGHLDQG%RQLIDFLX
7KH FRQVWUXFWLRQ RI WKH ODVW
)LUHZDWFK7RZHULQ%XFKDUHVWLWHQWHUHG
VHUYLFH LQ ZDV JURXQGHG LQ
HFRQRPLF UHDVRQV DQG LW ZDV PHDQW WR
VROYH WZR SUREOHPV WKDW WKH FLW\
DGPLQLVWUDWLRQ ZDV FRQFHUQHG ZLWK D
HQDEOLQJ WKH ILUH EULJDGH WR FRQWLQXH LWV
RYHUZDWFKDQGILUHDODUPGXWLHVDIWHUWKH
GHPROLWLRQ RI WKH &ROWHD 7RZHU LQ WKH ROGHVW ILUHZDWFK WRZHU LQ %XFKDUHVW
EXLOW LQ E PRGHUQL]LQJ ZDWHU
VXSSOLHV LQ WKH (DVWHUQ SDUW RI WKH FLW\
&RPSDUHG WR WKH SUHVHQW ORRN RI WKH
EXLOGLQJLWZDVLQLWLDOO\SODQQHGDVD
PHWHUKLJK EXLOGLQJ ZLWK DQ XQJDLQO\
DUFKLWHFWXUHGHVLJQHGWREHDEOHWREHDUD
PóZDWHUWDQN
)LJ7KH)LUHZDWFK7RZHU%XFKDUHVW
7KHILUVWIORRUZDVPHDQWIRUWKHHQJLQHHUV
DQG HPSOR\HHV RI WKH ZDWHUQHWZRUN
VHUYLFH DQG WKH VHFRQG IORRU ZDV XVHG DV
WKH EDUUDFNVRI WKH ILUHEULJDGH LQ FKDUJH
ZLWKRYHUORRNHGWKHFLW\2Q)HEUXDU\
WKH &LW\ +DOO RIILFLDOO\ UHFHLYHG WKH
EXLOGLQJ DVFHUWDLQLQJ WKH TXDOLW\ RI WKH
FRQVWUXFWLRQZRUNEXWDOVRWKHIDFWWKDWWKH
:DWHU 3ODQW KDG QRW UHFHLYHG WKH QHZ
LPSURYHGFDSDFLW\SXPSVDEOHWRUDLVHWKH
ZDWHUWRWKHWDQN·VKHLJKW)RUWKDWUHDVRQ
RQ$SULOWKH&LW\+DOOWUDQVIHUUHG
WKHHQWLUHEXLOGLQJWRWKH)LUH%ULJDGH7KH
JURXQGIORRUZDVPRGLILHGWRKRVWWKHILUH
EULJDGH·V FRDFKHV DQG KRUVHV 7KH ILUVW
IORRU ZDV FRQYHUWHG LQWR WKH EULJDGH·V
EDUUDFNV DQG WKH VHFRQGIORRUZDVPHDQW
IRU WKH EULJDGH FRPPDQGLQJ RIILFHU 7KH
WRZHU VHUYHG DV D ILUHORRNRXW XQWLO ZKHQ DXWKRULWLHV VZLWFKHG WR D V\VWHPRI
QRWLILFDWLRQVRIILUHVE\SKRQH,QWKH
ILUH EULJDGH UHORFDWHG WR D QHZ EDUUDFNV
DQG WKH EXLOGLQJ ZDV DVVLJQHG VHYHUDO
IXQFWLRQV LQ VXFFHVVLRQ XQWLO ZKHQLW
EHFDPH WKH )LUHZDWFK 7RZHU ² WKH
5RPDQLDQ)LUHPHQ·V 0XVHXP ,WVLQWHULRU
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
8UEDQLVP
VHUYHVWRGLVSOD\YDULRXVDQFLHQWILUHPHQ·V
XQLIRUPVYDULRXVROGLPSOHPHQWVXVHGE\
WKHILUHEULJDGHVFDOHPRGHOVRIWKHYDULRXV
ILUHILJKWLQJ HTXLSPHQW D VFDOH PRGHO RI
WKHILUVWIRUFHSXPSLQYHQWHGE\&WHVLELXV
RI $OH[DQGULD LQ WKH UG FHQWXU\ %&
EOXHSULQWV GRFXPHQWV DQG PHGDOV
SKRWRJUDSKV WURSKLHV ZRQ E\ ILUHPHQ
GXULQJ
WKH
YDULRXV
LQWHUQDWLRQDO
FRPSHWLWLRQV
7KH PXVHXP·V YDOXDEOH FROOHFWLRQV DUH
GLVSOD\HG FKURQRORJLFDOO\ IURP WKH
ROGHVW ² GDWLQJ WR WKH 0LGGOH $JHV ² WR
WKH PRGHUQ DQG FRQWHPSRUDU\ DJH DQG
WKH\ DOVR PHQWLRQ VHYHUDO DVSHFWV
FRQFHUQLQJ WKHWUDQVIRUPDWLRQRI WKH ILUH
VHUYLFH LQWR DQ LQVWLWXWLRQ RU UHODWHG WR
WKH SDUWLFLSDWLRQ RI WKH ILUH EULJDGH WR
VRPHRIWKHPRVWVLJQLILFDQWPRPHQWVLQ
WKHQDWLRQDOKLVWRU\WKHUHYROXWLRQ
WKHLQGHSHQGHQFHZDU
LPSRUWDQWWRXULVWDWWUDFWLRQLQWKHUHJLRQ
DQG DW WKH VDPH WLPH YHU\ KLJK²UDWHG
DPRQJWHFKQLFDOKHULWDJHDVVHWV,WLVEXLOW
LQUHLQIRUFHGFRQFUHWHRQIRXUIORRUVDQG
LQDFODVVLFDODUFKLWHFWXUHVW\OH
7KLV FDWHJRU\ PD\ EH GHHPHG WR DOVR
LQFOXGH WKH ZDWHU WRZHU LQ 2OWHQLĦD
KRVWLQJWKH2OWHQLĦD$UW0XVHXP
&XOWXUDODFWLYLWLHVDQGWRXULVP
$FDWHJRU\WKDWPHUJHVWKHSUHYLRXVWZR
FXOWXUDO DFWLYLWLHV DQG WRXULVP PLJKW
DOVR EH WDNHQ LQWR FRQVLGHUDWLRQ LQ WKH
FDVHRIVHYHUDOZDWHUWRZHUVLQ5RPDQLD
SXWWLQJWREHVWXVHWKHH[SHULHQFHRIRWKHU
FRXQWULHV)RULQVWDQFHWKH:DWHU7RZHU
RQ WKH 0DUJDUHW,VODQG %XGDSHVW )LJ
VLWXDWHG RQ 0DUJDUHW ,VODQG RQH RI
WKHPRVWEHDXWLIXOLVODQGVRIWKH'DQXEH
ZDVEXLOWLQLQ$UW1RXYHDXVW\OH
7KHZDWHUWRZHULQ%XIWHD,OIRYFRXQW\
FLUFD NP 1RUWK:HVW RI %XFKDUHVW
)LJ ZDV EXLOW DIWHU WKH SODQV RI WKH
DUFKLWHFW$QJKHO6DOLJQ\LQ
)LJ7KHZDWHUWRZHURQ0DUJDUHWDLVODQG
%XGDSHVW
7RGD\ LW LV 81(6&2 PRQXPHQW DQG
KRXVHV GLIIHUHQW FUHDWLYH LQGXVWULHV
H[KLELWLRQ KDOO VKRZV FRQFHUWV $W WKH
RULJLQ LW ZDV DQ LQGXVWULDO PRQXPHQW
EXLOW LQRFWRJRQDO IRUP ,W LV FRQVLGHUHG
WKH ILUVW EXLOGLQJLQ +XQJDU\ ZKHUH WKH
QHZ WHFKQRORJ\ RI UHLQIRUFHG FRQFUHWH
ZDV XVHG 7KLV UHYROXWLRQDU\ EXLOGLQJ
KDV ORVW WRGD\ LWV SUHYLRXV IXQFWLRQ
ZKLFK ZDV WR SURYLGH IRU WKH ZDWHU
VXSSO\RI0DUJDUHW,VODQG:LWKDKHLJKW
DERYH JURXQG PHWUHV D GLDPHWHU RI
WKH EDVLQ RI PHWUHV DQG D YROXPH RI
PWKHZDWHUWRZHUFDQEHYLVLWHGXS
)LJ7KHZDWHUWRZHULQ%XIWHD
7RGD\LWLVDQLPSRUWDQWWRXULVWDWWUDFWLRQ
IRU WKH 6WLUEH\ GRPDLQH DQG WKH WRZQ
IURPDUFKLWHFWXUDODQGKLVWRULFDOSRLQWRI
YLHZ 7KH ZDWHU WRZHU LV ORFDWHG LQ WKH
1RUWK(DVWHUQ SDUW RI WKH 6WLUEH\ SDUN
DQGLWZDVLQLWLDOO\XVHGWRVWRUHWKHZDWHU
QHHGHGE\WKH6WLUEH\IDPLO\/DWHURQLWV
VSHFLDO DUFKLWHFWXUH WXUQHG LW LQWR DQ
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
WLOO WKH IRUWK IORRU RI WKH WRZHU ZKLFK LV
PHWUH KLJK ,Q LW ZDV OLVWHG
DPRQJVW WKH DQFLHQW PRQXPHQWV RI
WRZQVFDSH UDQN )URP LW KDV EHHQ
RSHUDWHG E\ WKH 2SHQDLU 7KHDWUH DQG
VHUYHV DV DQ H[KLELWLRQ KDOO IRU WKRVH
YLVLWLQJ %XGDSHVW 0DUJDUHW ,VODQG DQG
WKH%XGDSHVW6XPPHU)HVWLYDO
,Q %XFKDUHVW WKH 9ODG ĥHSHü )RUWUHVV
SHUIHFWO\PDWFKHVWKLVODVWFDWHJRU\9ODG
ĥHSHü&LWDGHO)LJLVWKHUHSURGXFWLRQ
RI 3RHQDUL FLWDGHO DQG ZDV EXLOWLQ 7RGD\ KHUH LV 7KH 1DWLRQDO 2IILFH IRU
+HURHV 0HPRU\ VLQFH 7KH LQLWLDO
GHVWLQDWLRQRIWKHEXLOGLQJZDVDVDZDWHU
WRZHUEXWEHFDXVHRIWKHXQVLJKWO\IRUP
RI WKH WDQNV WKDW IDLOHG WR PHHW WKH
UHTXLUHPHQWVRINLQJ&DURO,RI5RPDQLD
WKH LQLWLDO LGHD ZDV
DEDQGRQHG DQG WKH SURMHFW ZDV
FRQYHUWHG LQWR D UHSURGXFWLRQ RI WKH
3RHQDULIRUWUHVVEXLOWLQ$UJHüFRXQW\E\
9ODGĥHSHüUXOHURI:DOODFKLDLQWKHWK
FHQWXU\ )RU D SHULRG RI WLPH WKH ZDWHU
WRZHU ZDV DVVLJQHG D FXOWXUDO IXQFWLRQ
KRVWLQJDVHULHVRIDUWZRUNV
ZLWK )UDQFH $WKHQV DQG 5RPH 3DUXVL
%HIRUHLWVSUHVHQWGD\XVHDV7KH
1DWLRQDO 2IILFH IRU +HURHV 0HPRU\ WKH
WRZHUZDVDOVRXVHGDVDQDUP\EDUUDFNVLQ
WKH LQWHUZDU \HDUV OLYLQJ TXDUWHUV IRU WKH
WURRS JXDUGLQJ WKH 8QNQRZQ 6ROGLHU
0HPRULDODQGVLQFHDVWKHJXDUGSRVW
IRUDJHQGDUPHXQLW2WKHUWRZHUVWKDWFDQ
EH LQFOXGHG LQ WKLV FDWHJRU\ DUH DQG WKH
ZDWHU WRZHUV LQ %UĆLOD DQG LQ 'UREHWD
7XUQX6HYHULQ)LJ
7KHZDWHUWRZHULQ'UREHWD7XUQX6HYHULQ
EXLOW LQ VR DV WR HQVXUH WKH FLW\·V
VXSSO\ZLWKZDWHUIURPWKH'DQXEHLWZDV
UHFHQWO\UHQRYDWHGDQGIXUELVKHGE\PHDQV
RI D PRGHUQL]DWLRQ DQG FRQVHUYDWLRQ
SURMHFWIXQGHGE\WKH,3$5RPDQLD6HUELD
FURVVERUGHU FRRSHUDWLRQ SURMHFW 7KH
ZDWHU WRZHU LQ 'UREHWD 7XUQX 6HYHULQ
FLW\ZLOOKRVWDWRXULVWLQIRUPDWLRQFHQWHU
DQ H[KLELWLRQ VSDFH DQG DQ DUW JDOOHU\ D
PXVHXP SUHVHQWLQJ WKH KLVWRU\ RI WKH
WRZQ·V ZDWHU VXSSO\ VHUYLFHV D
SKRWRJUDSK DQG VFXOSWXUH H[KLELWLRQ D
OLWHUDU\FDIpDQGDJUDQGYLHZVSRW
)LJ7KH:DWHUWRZHULQ'UREHWD7XUQX6HYHULQ
DEHIRUHUHVWRUDWLRQEDIWHUUHVWRUDWLRQ
)LJ7KH9ODGĥHSHüWRZHU%XFKDUHVW
/DWHURQWKHPHWHUKLJKFXELFPHWHU
ZDWHUWRZHUEHFDPHDVSRWRIIHULQJDVFHQLF
YLHZRI %XFKDUHVW LWV DUFKLWHFWXUHEHLQJ D
SDUWLFXODURQHEOHQGLQJFUHQHOODWLRQVDQGD
VPDOOHUVL]HGWRZHUEXLOWRQWRSRIWKHPDLQ
WRZHU ,W·V LQWHUHVWLQJ WR QRWH LWV IXQFWLRQ
GXULQJ:RUOG :DU , DVD KRVWRIWKH ILUVW
ZLUHOHVVWHOHJUDSKSRVWLQ5RPDQLDDNZ
WUDQVPLWWHU XVHG WR PDLQWDLQ FRQQHFWLRQ
7KHZDWHUWRZHULQ%UĆLODFLW\ZDVEXLOWLQ
DW P LW ZDV WKH KLJKHVW
FRQVWUXFWLRQ RI WKLV W\SH LQ 5RPDQLD DW
WKDW WLPH ,Q WKH ZDWHU WRZHU ZDV
KDQGHG RYHU WR WKH &RQVXPFRRS VWDWH
HQWHUSULVH
IRU
UHIXUELVKLQJ
DQG
FRQYHUVLRQ LQWR D SXEOLF HDWLQJ KRXVH D
KLJKULVHUHVWDXUDQWZDVLQDXJXUDWHG
8UEDQLVP
,W LV VFKHGXOHG WR HQWHU D SURFHVV WR
FRQVHUYH WKH VWUXFWXUDO IUDPH DQG WR
UHKDELOLWDWH WKH LQWHULRU E\ FRPSOHWHO\
UHGRLQJ WKH LQWHULRU DQG H[WHULRU
ILQLVKLQJ DV LW LV WR EH FRQYHUWHG LQWR D
FXOWXUDO DQG VFLHQWLILF FHQWHU WKDW ZRXOG
KRVWH[KLELWLRQVDWWKHORZHUIORRUVDQGDQ
DVWURQRPLF REVHUYDWRU\ HTXLSSHG ZLWK
IRXU WHOHVFRSHV DW WKH ODVW IORRU WKH
ELJJHVW SDUWRI WKHLQYHVWPHQW ZRXOG EH
IXQGHG E\ (XURSHDQ IXQGV ZLWK WKH
GLIIHUHQFHFRPLQJIURPWKHFLW\KDOO
2WKHUVHUYLFHV
7KH UDQJH RI ZDWHU WRZHUV WKDW ZHUH
JLYHQDXVHLQWKHVHUYLFHDQGWUDGHVHFWRU
LV DQRWKHU FDWHJRU\ RI SRVLWLYH
WUDQVIRUPDWLRQ RI FHUWDLQ FRQVWUXFWLRQV
WKDW HLWKHU IHDWXUH D UHPDUNDEOH
DUFKLWHFWXUH RU KDYH SOD\HG DQ HVVHQWLDO
UROH LQ WKH KLVWRU\ RI FHUWDLQ SODFHV ,W
GRHV KDSSHQ LQGHHG WKDW XQOLNH
SUHYLRXV FDWHJRULHV WKLV RQH LV OHVV
IUHTXHQW DPRQJ WKH DWWHPSWV DW D
IXQFWLRQDO FRQYHUVLRQ FRQVHUYDWLRQ
DQGRU SURPRWLRQ RI VXFK FRQVWUXFWLRQV
LQ 5RPDQLD 7KH VROXWLRQPD\ EH OLQNHG
WR WKH WULYLDOL]DWLRQ WKH\ PLJKW EH
EXUGHQHG ZLWK LQ WKH ZDNH RI VXFK
´GLVILJXUHPHQWµ DOWKRXJK WKLV LV QRW
DOZD\VWKHFDVH
)LJ7KHROGZDWHUWRZHULQ3RWVGDP
7KHROGZDWHUWRZHULQ3RWVGDP)LJ
LV DQ H[DPSOH RI DUFKLWHFWXUH DQG
HVWKHWLFVDVLWLVHQWLUHO\EXLOWLQEULFN
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
$WWKHVDPHWLPHWKHIRUPHUZDWHUWRZHU
ORFDWHGFORVHWRWKHFHQWUDOUDLOZD\VWDWLRQ
LQ 3RWVGDP ZDV FRQYHUWHG LQWR D YHU\
EXV\SXEOLFUHVWDXUDQW
2QH RWKHU H[DPSOHRI QRQFXOWXUDO UHXVH
RIWKHZDWHUWRZHUVLVWKHZDWHUWRZHURI
WKH IRUPHU '\QDPLW1REHO IDFWRU\ LQ
%UDWLVODYD IRXQGHG E\ IDPRXV 6ZHGLVK
LQYHQWRU $OIUHG 1REHO LQ 7KH ROG
ZDWHU WRZHUEXLOW LQ ZDV FRQYHUWHG
LQWRDQRIILFHVSDFHE\WKHUHSUHVHQWDWLYHV
RI D ZHOONQRZQ DUFKLWHFWXUH ILUP LQ
6ORYDNLDDSURMHFWWKDWZDVFRPSOHWHGLQ
%DUWRåRYi 7KH WRZHU ZDV
UHORFDWHG IURP WKH IDFWRU\ SUHPLVHV DQG
WKH\ DWWHPSWHG WR SUHVHUYH WKH LQLWLDO
LQGXVWULDO ORRN 7KH PRVW LPSRUWDQW
FKDQJHV ZHUH GRQH RQ WKH LQVLGH WKH
FHQWUDO DUHD SUHYLRXVO\ RFFXSLHG E\ D
VSLUDO VWDLUFDVHLV QRZDGD\VRFFXSLHG E\
WKH HOHYDWRU 7KH ZDWHU WDQN KDV EHHQ
FRQYHUWHG LQWR RIILFH VSDFH FDUYLQJ XS
QHZ ZLQGRZV VR DV WR VXSSO\ QDWXUDO
OLJKW%DUWRåRYi
7KH ZDWHU WRZHU LQ 5LJD $OLVH
FRPPLVVLRQHG LQ VWDQGV RXW
EHFDXVHRILWVSHFXOLDUDUFKLWHFWXUHLWZDV
WKH ZRUNRI DUFKLWHFW :LOKHOP %RFNVODII
7KH WRZHU ZDV EXLOWE\ 6,$ 5LJD :DWHU
ZLWKWKHSXUSRVHRIVXSSO\LQJWKHZDWHU
QHFHVVDU\WRWKHSRSXODWLRQRIWKHFDSLWDO
,Q WLPH SRSXODWLRQ JURZWK UHTXLUHG DQ
LQFUHDVH LQ WKH ZDWHUVXSSO\ FDSDFLW\
7KH WRZHU ZDV VXEVHTXHQWO\ UDLVHG E\
DQRWKHUPLQDQGDVHFRQGZDWHU
WRZHU ZDV EXLOW FORVH E\ $W WKH VDPH
WLPH WKH XSSHU SDUW RI WKH WRZHU
XQGHUZHQW FHUWDLQ PRGLILFDWLRQV EHORZ
WKH WRZHU URRI VSHFLDO FKDPEHUV ZHUH
PDGH LQ WKH ZDOO WR LQVHUW MDFNV 7KH
ROGHVW ZDWHU WRZHU KDV DQ LPSUHVVLYH
VWUXFWXUHGXHWRLWVKHLJKWRIPWRWKH
PWKLFNEULFNZDOOVDVZHOODVDVW\OLVHG
YHUVLRQ RI 5LJD·V FRDW RI DUPV DERYH WKH
HQWUDQFH 7KH ZDWHU WRZHU RI 5LJD KDV
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
XQGHUJRQH D IRUP RI FRQYHUVLRQ UHODWHG
WRFUHDWLYHLQGXVWULHVGXULQJLW
ZDVXVHGDOVRDVXQGHUJURXQGUHFRUGLQJ
VWXGLRFDOOHG¶7RUQLV·
7HFKQLFDODQGLQGXVWULDOZDWHUWRZHUV
ZLWKDSRWHQWLDOIRUFRQYHUVLRQ
2QHVKRXOGQRWGLVUHJDUGWKHDQDO\VLVRI
WKLVILQDOFDWHJRU\EHFDXVHWHFKQLTXHDQG
LQGXVWU\DUHEOHQGHGLQWRWKHKLVWRU\RID
VSDFH QRW PHUHO\ IURP WKH HFRQRPLF
SRLQWRIYLHZEXWDOVRXUEDQLVPRUVRFLDO
SHUVSHFWLYH
$ SRVLWLYH H[DPSOH LV WKH 'UXPXO
7DEHUHL ZDWHU WRZHU )LJ ORFDWHG LQ
RQH RI %XFKDUHVW·V SHULSKHUDO ERURXJKV
DQGEXLOWLQWKHHDUO\WKFHQWXU\
)LJ7KHZDWHUWRZHULQWKH'UXPXO7DEHUHL
ERURXJK%XFKDUHVW
,QWKHODWHVLWZDVGHFRPPLVVLRQHG
DQGDWWKHVDPHWLPHLWZDVFRQYHUWHGWR
KRVW D IRRG VWRUH RQ WKHJURXQGOHYHO DV
HDUO\ DV WKH FRPPXQLVW SHULRG -XVW WKH
ZD\ WKH VWRUH VWLOO GRHV EXVLQHVV
QRZDGD\V WKH VDPH ZD\ WKHLGHQWLW\ RI
WKH ERURXJK FRQWLQXHV WR EH GHILQHG E\
WKH SUHVHQFH RI D ZDWHU WRZHU EXW ZLWK
DQ DUFKLWHFWXUH DSDUW FRDWHG LQ EULFN
ZKLFKJLYHVLWDQHOHJDQWQRWHDQGKHOSV
LW VWDQG RXW LQ PDVV RI EORFNV RI IODWV
W\SLFDORIDSDVWDJH
7KH KLVWRU\ RI WKH ZDWHU WRZHU DW WKH
QRZFORVHG7REDFFR)DFWRU\%HOYHGHUH
LQ %XFKDUHVW LV ERXQG WR WKH KLVWRU\ RI
WKDWSODFHZKRVHEHJLQQLQJVDUHIRXQGLQ
WKH HDUO\ WK FHQWXU\ ,Q D SDODFH
ZDVEXLOWRQWKHSUHPLVHVRIDODUJHHVWDWH
LQ WKH :HVWHUQ SDUW RI %XFKDUHVW LW ZDV
NQRZQ DV WKH WRZHU KRXVH RU ODWHURQ DV
WKH%HOYHGHUHSDODFH7KHHVWDWHZDVVROG
WR WKH 5RPDQLDQ VWDWH DW WKH HQG RI WKH
WK FHQWXU\ 3DUXVL 1RZDGD\V
WKH ZDWHU WRZHU LQFOXGHG RQ WKH OLVW RI
KLVWRULFDO PRQXPHQWV LQ %XFKDUHVW DOVR
IXQFWLRQV DV D ZDUHKRXVH IRU D
K\SHUPDUNHWLQ%XFKDUHVW%ULFRVWRUH6$
7KLV ZKROHVDOH GLVWULEXWRU RQ WKH
5RPDQLDQ PDUNHW JRW LQYROYHG LQ WKH
FRQVHUYDWLRQ RI WKH WRZHU E\
VXUURXQGLQJLWZLWKDIHQFHWKXVSRVVLEO\
FRQWULEXWLQJWRUHVFXLQJLWDWDWLPHZKHQ
ZRUNVWRLPSURYHURDGLQIUDVWUXFWXUHLQ
WKH DUHD ZDV SDUWLFXODUO\ LQWHQVH WKH
%DVDUDERYHUSDVV
$QRWKHU ZDWHU WRZHU ZLWK DQRXWVWDQGLQJ
DUFKLWHFWXUHLVORFDWHGRQWKHSUHPLVHVRIWKH
IRUPHU 0DWFK )DFWRU\LQ %XFKDUHVW )LJ
ZKRVH FRQVWUXFWLRQ EHJDQ LQ RQ
WKH)LODUHW+LOOSODWIRUPFORVHWRWKH6WDPS
)DFWRU\DQGWKH)LODUHWUDLOZD\VWDWLRQ7KH
IDFWRU\ZDVLQDXJXUDWHGLQ
)LJ7KHZDWHUWRZHURQWKHSUHPLVHVRIWKH
IRUPHUPDWFKIDFWRU\%XFKDUHVW
1RZDGD\VWKHIDFWRU\LVRXWRIXVHDVLW
VWRSSHG IXQFWLRQLQJ LQ 7KH ZDWHU
WRZHU D KLVWRULFDO PRQXPHQW LQ LWVHOI
IHDWXUHV D SDUWLFXODU DUFKLWHFWXUH DQG LWV
8UEDQLVP
SUHVHQFH LQ RQH RI WKH FDSLWDO·V ROG
ERURXJKV ZKRVH DWPRVSKHUH LV LPEXHG
ZLWK JHQXLQH YDOXHV IRU %XFKDUHVW·V
HFRQRPLF SDVW EDFNHG E\ WKH
DUFKLWHFWXUDO YDOXH RI WKH DUHD WXUQ LQWR
REYLRXVDUJXPHQWVWRSUHVHUYHWKHWRZHU
DQG PRUHRYHU WR ODXQFK D SURFHVV RI
IXQFWLRQDO UHFRQYHUVLRQ DV LW KDSSHQHG
ZLWKDQRWKHUEXLOGLQJLQWKHYLFLQLW\WKH
&RPPRGLW\ ([FKDQJH ZKLFK KRVWV D
VHULHV RI DGYHUWLVLQJ FRPPHUFLDO DQG
XUEDQ GHVLJQ YHQWXUHV HWF &HUFOHX[ HW
DO
7KH ZDWHU WRZHU LQ 'UĆJĆüDQL 9kOFHD
FRXQW\ZDVEXLOWDWWKHVDPHWLPHDVWKH
WRZQ·V ILVK DQG PHDWPDUNHW WKDWLV WKH
WKFHQWXU\LQWKHFHQWUDOERURXJKFORVH
WRWKHPDUNHWDQGWRWKHWRZQKDOO,WKDV
D VSHFLDO ORRN DQG LW ZDV UHFHQWO\
UHQRYDWHG *UDFH WR LWV DUFKLWHFWXUH DQG
LPSRUWDQFHLQWKHKLVWRU\RIWKHFLW\WKLV
ZDWHU WRZHU ZRXOG IXOILOO WKH FULWHULD IRU
DQ HYHQWXDO IXQFWLRQDO FRQYHUVLRQLQ WKH
FXOWXUDOILHOG
2WKHU WRZHU WKDW FDQEHLQFOXGHG LQ WKLV
FDWHJRU\LVWKHZDWHUWRZHULQ7kUJX-LX
EXLOWLQORFDWHGLQWKHWRZQ·VSXEOLF
JDUGHQUHFHQWO\UHQRYDWHG)LJ
)LJ7KH:DWHUWRZHULQ7kUJX-LX
'LVFXVVLRQ
7KH FXUUHQW 5RPDQLDQ ODZ RQ WHFKQLFDO
DQGLQGXVWULDOSDWULPRQ\GHILQHVLWDVWKH
ZKROH RI PRELOH LPPRELOH JRRGV DQG
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
VRPH RI WKH FRPSOH[HV WKH\ PDNH XS
UHSUHVHQWLQJVLJQLILFDQWWHVWLPRQLHVRIWKH
WHFKQLFDO DQG SURGXFWLRQ YHQWXUHV WKDW
ZHUH WKH IRXQGDWLRQ RI WKH VRFLR
HFRQRPLF HYROXWLRQV RI KXPDQ VRFLHW\
IURP
WKH
ILUVW
SUHLQGXVWULDO
PDQLIHVWDWLRQV DQG XS WR WKH SUHVHQW
/DZQR
7KHZDWHUWRZHUVUHSUHVHQWDQLPSRUWDQW
HOHPHQW RI WKH LQGXVWULDO KHULWDJH LQ
5RPDQLD $OWKRXJK ZDWHU WRZHUV DUH
FRQVLGHUHG LVRODWHG LQGXVWULDO HOHPHQWV
*URVVDQGVHOIVXIILFLHQWVWUXFWXUHV
3RSHORYi LW LV QHFHVVDU\ WR
FRQVHUYHWKHPHYHQPRUHVRDVWKH\DUH
V\PEROVRIWKHLQGXVWULDODFWLYLW\
1RZDGD\V WKH ZDWHU WRZHUV DUH PRUH
DQG PRUH HQFRXQWHUHG LQ WKH SROLFLHV RI
WHUULWRULDO SODQQLQJ 7KH WUDQVIRUPDWLRQ
VRQHFHVVDU\RIWKHDQFLHQWWHFKQLFDODQG
LQGXVWULDO EXLOGLQJV LQ IXWXUHV VWUDWHJLHV
IRUWKHVRFLRHFRQRPLFORFDOHYROXWLRQFDQ
ILQG LWV DQVZHU LQ WKH QHZ IXQFWLRQV RI
WKHZDWHUWRZHUV
7KH SHUIRUPDWLYLW\ RI EXLOGLQJV VKRXOG
DOVREHPHQWLRQHGLQFRQQHFWLRQZLWKWKH
UHXVH
RI
LQGXVWULDO
EXLOGLQJV
3HUIRUPDWLYLW\EULQJVOLIHWREXLOGLQJVDV
ZHOO DV WR WKH SXEOLF VSDFH DQG FKDQJHV
WKHP LQ WKH PRVW G\QDPLF PDQQHU
%ĆUEXLFĆ)URPWKLVSRLQWRIYLHZ
RQH FRXOG PHQWLRQ WKH ILUHPHQ·V
ZDWFKWRZHUV ZKLFK LQ WKH ZDNH RI
PHDVXUHV WR FRQVHUYH WKH RULJLQDO IRUP
ZHUH
FRQYHUWHG
LQWR
PXVHXPV
%XFKDUHVW&OXM6DWX0DUHVWDQGLQJRXW
LQ WKH SUHVHQW XUEDQ ODQGVFDSH DV
LPSRUWDQWFXOWXUDODWWUDFWLRQV
,Q WKH SDVW IHZ \HDUV WKHUH KDV EHHQ D
FKDQJH LQYLVLRQLQ WKH IXUELVKLQJ RI WKH
FXUUHQWWHFKQLFDOPXVHXPVE\FRQYHUWLQJ
DEDQGRQHG LQGXVWULDO VLWHV LQWR PXVHXP
VSDFHV 7KLV LV D QHZ SKDVH LQ WKH
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
HYROXWLRQ RI PXVHXPV LH UHWDLQLQJ WKH
´YLWDOLW\µ RI GHFRPPLVVLRQHG HFRQRPLF
FHQWHUV WXUQLQJ WKHP LQWR WKH LPDJH RI
WKHORFDOFXOWXUH0HUFLXHWDOE
,QYHVWPHQWV LQ FXOWXUDO KHULWDJH FDQ
JHQHUDWH SRVLWLYH HIIHFWV IRU WKH ORFDO
HFRQRP\ %DUDEDVK QRW RQO\ LQ
WHUPVRIFXOWXUDOFRQVXPSWLRQEXWDOVRLQ
WKH IRUP RI LQFUHDVHG HPSOR\PHQW DQG
LQFRPH%RZLW]DQG,EHQKROW
,QWHUHVW
LQ
SUHVHUYLQJ
LQGXVWULDO
DEDQGRQHGVLWHVLVQRWRQO\VFLHQWLILFDOO\
EXWDOVRHFRQRPLF/DQJVWUDDWDQG
KHULWDJH LVVXH 2UDQJH IRUUHJLRQV
ZKLFK DUH QRZ VHYHUHO\ DIIHFWHG E\
LQGXVWULDOUHVWUXFWXULQJSURFHVV
7KH XVH RI WKH LQGXVWULDO KHULWDJH
SUHGRPLQDQWO\ DV DQ HFRQRPLF UHVRXUFH
GLVUHJDUGLQJ LWV FRQQHFWLRQV ZLWK WKH
ORFDO PHPRU\ DQG LGHQWLW\ VKRXOG EH
DYRLGHG'HO3R]RDQG*RQ]DOHV
,Q WKH SDVW IHZ \HDUV ZDWHU WRZHUV LQ
5RPDQLD ZKRVH LQLWLDO IXQFWLRQ ZDV DQ
LQGXVWULDO RQH KDYH EHHQ XQGHUJRLQJ D
SKDVH RI IXQFWLRQDO FRQYHUVLRQ D
WUDQVIRUPDWLRQ WKDW HQGHG ZLWK WKHLU
DFTXLULQJ
FRPSOHWHO\
GLIIHUHQW
VLJQLILFDQFHVIURPWKHLQLWLDORQHV:KLOH
LQJHQHUDOWKHLUPHWDPRUSKRVLVRFFXUUHG
ZLWKLQWKHVFRSHRIFXOWXUDODQGWRXULVWLF
DFWLYLWLHV QRZDGD\V WKH UDQJH RI
FRQYHUVLRQV WHQGV WR EHFRPH HYHU PRUH
GLYHUVLILHG
7KH HYROXWLRQ RI WKH LQGXVWULDO ZDWHU
WRZHUV RI WKH 3DQWHOLPRQ 'UDSHU IURP
%XFKDUHVW RU WKH ,DüL WRZHU LV VLPLODU WR
WKH HYROXWLRQ DOUHDG\ XQGHUJRQH E\
VHYHUDOZDWHUWRZHUVDEURDGIRULQVWDQFH
LQ )UDQFH LQ WKH ZDWHU WRZHU LQ
6DLQW0DUWLQHQ&DPSDJQH
ZDV
FDPRXIODJHG E\ PHDQV RI D UXUDO
ODQGVFDSH 2WKHU H[DPSOHV LQFOXGH
%pPpFRXUW /D &RXWXUH %RXVVH\ 6DLQW
$QWRLQHOD)RUrW DOVR LQ )UDQFH OLJKWLQJ
² WKH ZDWHU WRZHULQ &KkWHOHW 6HQWH DX[
/DSLQV LQ &DQWHOHX WKH WKHPH FKRVHQ
EHLQJDOLJKWKRXVHUHFDOOLQJDOLJKWKRXVH
WKDW XVHG WR EH LQ VHUYLFH FORVH WR WKH
5RXHQKDUERU
7KH W\SRORJ\ RI WKH WKHPHV FKRVHQ WR
GHFRUDWH ZDWHU WRZHUV LV YHU\ YDULHG
DFURVVWKHZRUOG)RULQVWDQFHLQ)UDQFH
VHYHUDO WKHPHV FKRVHQ DUH FORVHO\
FRQQHFWHGWR
D LGHQWLW\ DQG WKH ORFDO HFRQRP\ LQ WKH
0DLQH HW /RLUH GHSDUWPHQW JUDSHV ²
0DUWLJQp%ULDQG JUDSHV DQG D ZHOFRPH
VLJQ²7LOOLqUHVURVH²'RXpOD)RQWDLQH
EDVLJQZHOFRPLQJYLVLWRUVWRWRZQDOVRLQ
WKH0DLQHHW/RLUHGHSDUWPHQW0RQWUHXLO
%HOOD\DQG/H/RQJHURQ
F DGYHUWLVLQJ VSDFH 7RUIRX DOVR LQ WKH
0DLQHHW/RLUHGHSDUWPHQW
G ZDU KHUR PHPRULDOV WKH ZDWHU WRZHU LQ
%XOOHFRXUW LQ 3DV GH&DODLV GHSDUWPHQW
6WpSKDQH ZKRVH ZDOOV GHSLFW
)UDQFH *UHDW %ULWDLQ DQG $XVWUDOLD LQ
PHPRU\RI WKRVHNLOOHG LQ :RUOG :DU ,
WKH ZDWHU WRZHU LQ 3R]LqUHV 3LFDUGLH
)UDQFH LV GHFRUDWHG ZLWK LPDJHV WKDW
EULQJEDFNWRPLQGWKH$XVWUDOLDQDUP\·V
YLFWRU\RYHUWKH*HUPDQV
H ODQGVFDSHV PDULQH ² WKH %OpULRW3ODJH
ZDWHU WRZHU LQ WKH 3DV GH &DODLV
GHSDUWPHQW ZKHUH D VHDVFDSH DQG D
VHDJXOODUHGHSLFWHG/H&URWR\3LFDUGLH
)UDQFH VHDVFDSH ILHOG ODQGVFDSHV ² WKH
&UqYHF±XUOH*UDQG
ZDWHU
WRZHU
3LFDUGLH ² ILHOGV DQG ZLQGPLOO WKH
ZDWHU WRZHU LQ 3HWLW&RXURQQH +DXWH
1RUPDQGLH )UDQFH ²ODQGVFDSH DQG WKH
6HLQHULYHUFRXUVH
,W VKRXOG QRWEHRYHUORRNHG WKDWKLVWRU\
WUDGLWLRQV RU ORFDO LGHQWLW\ GR QRW
QHFHVVDULO\ EHFRPH V\PEROV WR UHSUHVHQW
RQ WKH ZDWHU WRZHUV· ZDOOV EXW SROOV
FRQGXFWHG DPRQJ WKH SRSXODWLRQ LQ WKH
8UEDQLVP
DUHD GHWHUPLQH VHOHFWLRQRI WKH WKHPH WR
EHUHSUHVHQWHG
9LVLWLQJ ZDWHU WRZHUV RQ VSHFLDO
RFFDVLRQV LV D ZD\ WR SURPRWH WKHP WKH
ZRUOGZDWHUGD\LQWKHWKHPHZDV
ZDWHU DQG FRRSHUDWLRQ WKH GH 6FU\
ZDWHUWRZHULQ7LQORW%HOJLXPKHULWDJH
GD\V WKH ZDWHU WRZHU LQ $UDG ² WKHPHG
DQG DUW H[KLELWLRQV FRQFHUWV DQG VKRZV
PDUNLQJWKH´(XURSHDQ+HULWDJH'D\Vµ
WKH DUW IHVWLYDO DVVRFLDWHG WR WKH ZDWHU
WRZHULQ6RILD²´:DWHU7RZHU$UW)HVWµ
DW LWV VHYHQWK HGLWLRQ LQ ZKHQ
DUWLVWVIURPDOORYHUWKHZRUOGDUHLQYLWHG
WR DWWHQG VR DV WR WDNH SDUW LQ
FRQWHPSRUDU\ DUW HYHQWV UHQRYDWLQJ WKH
ZDWHU WRZHU LQ 6RILD DQG FKRRVLQJLW DV
WKH PDLQ SUHPLVHV IRU DQ LQWHUQDWLRQDO
FXOWXUDO HYHQW ZDV PRWLYDWHG WR EULQJ
EDFNOLIHWRDQDEDQGRQHGVSDFHWKDWVWLOO
KDGDORWWRRIIHU
,W LV QRW D FRLQFLGHQFH WKDW WKH :RUOG
7RXULVP 'D\ LQ KDV WKH WKHPH
´7RXULVP DQG :DWHU ² 3URWHFWLQJ 2XU
&RPPRQ)XWXUHµHPSKDVL]LQJWRXULVP·V
UHVSRQVLELOLW\ LQ WKH FRQVHUYDWLRQ RI WKH
SODQHW·V YLWDO ZDWHU UHVRXUFHV DQG WKH
QHHGIRUPDNLQJDSOHGJHLQWKLVUHVSHFW
7KH WKHPH FRPSOLHV ZLWK WKH 8QLWHG
1DWLRQV· GHFODULQJ ,QWHUQDWLRQDO
<HDU RI :DWHU &RRSHUDWLRQ RIIHULQJ D
ZRUOGZLGH RSSRUWXQLW\ WR KLJKOLJKW WKH
VKDUHG UHVSRQVLELOLW\ RIYDULRXV ILHOGV LQ
JHQHUDOVXVWDLQDELOLW\JRDOV
7KHOLQNEHWZHHQWKHWZRHYHQWVLVSDUWO\
WKH UHVXOW RI WKH ZDWHUUHODWHG KHULWDJH
IRXQG ERWK LQ QDWXUDO ODQGVFDSH DVVHWV
'HOWDW\SH ZHWODQGV ODNHV RU FXOWXUDO
KLVWRULFDO KHULWDJH DVVHWV ZDWHU ZRUNV
EULGJHV EDWKV DQG DTXDULXPV DQG ODVW
EXWQRWOHDVWLQGXVWULDODVVHWV
,Q WKLV UHVSHFW RQH VKRXOG PHQWLRQ WKH
ROGHVW ZDWHU ZRUNV LQ 5RPDQLD VRPH RI
WKHP FRQYHUWHG LQWR PXVHXPV WKH
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
ZDWHUZRUNV LQ )ORUHVWL &OXM FRXQW\ WKH
ZDWHUZRUNV LQ WKH FLW\ RI 7LPLVRDUD
7LPLV FRXQW\ WKH *UHEOD K\GURSRZHU
SODQW LQ WKH FLW\ RI 5HVLWD&DUDV6HYHULQ
FRXQW\WKHZDWHUZRUNVLQ6XFHDYDFLW\
7KH:DWHU0XVHXPLQ)ORUHVWLFRPPXQH
&OXM FRXQW\ ZDV LQDXJXUDWHG LQ PDUNLQJ WKH WK DQQLYHUVDU\ RI WKH
FUHDWLRQ RI WKH&OXM :DWHU DQG 6HZHUDJH
:RUNV DW WKH LQLWLDWLYH RI WKH &RXQW\
:DWHU &RPSDQ\ ,W LV WKH ILUVW DQG RQO\
:DWHU0XVHXPLQ5RPDQLD
7KH PXVHXP ZDV FUHDWHG LQVLGH WKH
EXLOGLQJ RI WKH ILUVW XQGHUJURXQGZDWHU
SXPS KRXVH ZKLFK KDG HQWHUHG VHUYLFH
LQ 7KH PXVHXP DQG WKH RXWHU
SUHPLVHVGLVSOD\QXPHURXVLWHPVUHODWHG
WR WKH DFWLYLW\RI WKH ZDWHUZRUNV GXFWV
SXPSV SLSHV WRROV DQG PDFKLQHV DQG
DUFKLYH PDWHULDO PDSV WHFKQLFDO SODQV
SKRWRJUDSKV
7KHZDWHUZRUNVLQ6XFHDYDLVDODQGPDUN
DVVHW IRU ERWK WKH LQGXVWULDO KHULWDJH RI
6XFHDYD FRXQW\ DQG QDWLRQZLGH ,W LV
LQFOXGHG XQGHU WKH QDPHRI ´WKH IRUPHU
ZDWHUZRUNVµ RQ WKH OLVW RI WKH KLVWRULFDO
PRQXPHQWV LQ WKH FLW\ RI 6XFHDYD LW
FXUUHQWO\KRVWVWKHRIILFHVRIWKH´6XFHDYD
:DWHUZRUNVµ DUFKLWHFWXUH XUEDQ FXOWXUH
DQG ODQGVFDSLQJ FHQWHU ZLWK WKH 1RUWK
(DVWHUQEUDQFKRIWKH2UGHURI5RPDQLDQ
$UFKLWHFWVDVLWVFRRUGLQDWRU
7KHZDWHUZRUNVKRVWHGWKHXUEDQFXOWXUH
GD\V DQ HYHQW DW LWV VHFRQG H GLWLRQ LQ
ZLWK WKH WKHPH 5HJHQHUDWLRQ RI WKH UHFHQW KHULWDJH DOVR PHDQV WKH \HDUDQQLYHUVDU\RIWKHFRPPLVVLRQLQJRI
WKHIRUPHUZDWHUZRUNV
,Q 5RPDQLD ZDWHU WRZHUV DUH GHVSLWH
FHUWDLQ SRVLWLYH H[DPSOHV D IUHTXHQWO\
GLVUHJDUGHG SDUW RI WKH WHFKQLFDO DQG
LQGXVWULDOKHULWDJH5DLVLQJWKHDZDUHQHVV
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
RIWKHSRSXODWLRQEHFRPHVHVVHQWLDOHYHQ
PRUH VR DV ZDWHU WRZHUV DUH SDUWRI WKH
WHVWLPRQLDOV RI WKH SDVW DQG WKHUHIRUH
WKH\ VKRXOG FRQWLQXH WR UHPDLQ LQ WKH
PLQGRIWKHSRSXODWLRQ
:KLOHLQWKHSDVWZDWHUWRZHUVXVHGWREH
VSDWLDO ODQGPDUNV IRU WKH ORFDO
SRSXODWLRQ LQ WKH XUEDQ RU UXUDO
ODQGVFDSH QRZDGD\V WKH\ DUH EHFRPLQJ
PRUH RI WHPSRUDO UDWKHU WKDQ VSDWLDO
ODQGPDUNV8QIRUWXQDWHO\WKHDEVHQFHRI
VWHSV WR LQYHQWRU\RU SURWHFW WKHPRIWHQ
OHDGV WR WKH GHVWUXFWLRQ RI VRPHRI WKHP
HJGHPROLWLRQRIWKHZDWHUWRZHUEXLOW
LQDIWHUWKHSODQVRI9LUJLQLD+DUHW
WKH ILUVW ZRPDQ DUFKLWHFW LQ 5RPDQLD
DOWKRXJK WKH\ DUH QRW VLPSOH EXLOGLQJV
PRQXPHQWV EXW WKH\ KDYH D KLJKHU
YDOXH DV WKH\ PDWWHU WR WKH KLVWRU\ RI
WHFKQRORJ\ ,Q DGGLWLRQ ZDWHU WRZHUV
PDUNHG LQ VHTXHQFH WKH HYROXWLRQ RI
ODQGVFDSHV
,Q WKLV YLHZ DORQJVLGH WKH SDUWLFLSDWLRQ
RI WKH YDULRXV DVVRFLDWLRQV IRXQGDWLRQV
UHVHDUFK
FHQWHUV
DQG
LQGLYLGXDO
SDUWLFLSDWLRQWKHFRQWULEXWLRQRIUHOHYDQW
LQVWLWXWLRQV WKDW FDQ JHW LQYROYHG LQ
SURWHFWLQJ ZDWHU WRZHUV EHFRPHV
HVSHFLDOO\ LPSRUWDQW VR WKDW WKH WRZHUV
PD\EHSUHVHUYHGIRUWKHDSSUHFLDWLRQRI
IXWXUHJHQHUDWLRQV
,Q )UDQFH WKH :DWHU 7RZHUV RI )UDQFH
$VVRFLDWLRQ ZDV FUHDWHG LQ ZKRVH
JRDOVDUHFUHDWLQJDGDWDEDVHRIWKHZDWHU
WRZHUVLQ)UDQFHFROOHFWLQJSKRWRJUDSKV
GRFXPHQWV SODQV RI WKH ZDWHU WRZHUV
WDNLQJ SDUW WR WKH FRQVHUYDWLRQ DQG
YDORUL]DWLRQ RI WKH KHULWDJH DFWLRQV WR
LQIRUP HGXFDWH DQG WUDLQ WKH \RXQJ
VXEPLWWLQJ
VXJJHVWLRQV
IRU
WKH
LPSURYHPHQW RI WKH OLYLQJ VSDFH RI WKH
ORFDOSRSXODWLRQ
,Q +ROODQG WKH 1DWLRQDO :DWHU7RZHU
6RFLHW\ ZDV FUHDWHG ZLWK WKH PDLQ
PLVVLRQ RI LQYHQWRU\LQJ FRQVHUYLQJ DQG
SURPRWLQJ ZDWHU WRZHUV 1LMKRI 7KH SUHVHQFH RI WKHVH DVVRFLDWLRQV LQ
YDULRXV FRXQWULHVLV SURRI WKDWWKHUHLV D
GHILQLWH LQWHUHVW DW (XURSHDQ OHYHO LQ WKH
RSWLPDO FRQVHUYDWLRQ DQG YDORUL]DWLRQ RI
ZDWHUWRZHUVDVFXOWXUDOUHVRXUFHV
+RZHYHUPHQWLRQVKRXOGEHPDGHRIWKH
ORZ QDWLRQDO LQWHUHVW LQ FRQVHUYLQJ
FXOWXUDO DVVHWV LUUHVSHFWLYH RI WKH
FDWHJRU\WKH\IDOOLQDVZHOODVWKHVPDOO
SURJUHVVPDGHWRZDUGVFRQVHUYDWLRQDQG
FRQYHUVLRQRIZDWHUWRZHUV
$OWKRXJK WKH ZDWHU WRZHUV EXLOW LQ
FRQFUHWH DUH SUHGRPLQDQW LQ WHUPV RI
QXPEHU DFURVV 5RPDQLD DQG WKH ILUVW
JODQFH LPSUHVVLRQ WKH\ PDNH LV DQ
DEVHQFH RI DQ\HVWKHWLFDO RU DUFKLWHFWXUDO
YDOXHWKH\FDQEHUHXVHGLQVHYHUDOZD\V
VR WKDW WKHLU WUDQVIRUPDWLRQ FDQ KDYH
SRVLWLYH HIIHFWV IRU LQVWDQFH WKH ZDWHU
WRZHU
LQ
3DQWHOLPRQ
ERURXJK
%XFKDUHVW7KHDFWLRQRI´VKDSLQJµLWE\
SDLQWLQJ LW LQWR DQ DUW WRZHU UHYHDOV LWV
FDSDFLW\WREHFRPHLQDGGLWLRQWREHLQJD
FLW\ ODQGPDUN LQ WHUPV RI ZKDW WKH
DFWLYLW\ RI WKH GUDSHU\ XVHG WR PHDQ DQ
H[DPSOHRI WKH HVWKHWLFVRI WKH EHDXWLIXO
6RPHRI WKH OHVV HVWKHWLFDOODQGVFDSHV RU
REMHFWV WKDW ZHUH FRQYHUWHG E\ PHDQV RI
DUW KDYH QRW DOZD\V EHHQ DFFHSWHG DV
DUWZRUNVIURPWKHYHU\VWDUWIRULQVWDQFH
DW WKH WLPHRI LWV FRQVWUXFWLRQ WKH (LIIHO
7RZHU ZDV GHHPHG XQDHVWKHWLFDO E\ WKH
SRSXODWLRQRI3DULV
&RQFOXVLRQV
7KHFXUUHQWFRQYHUVLRQVRIZDWHUWRZHUV
ERWK LQ 5RPDQLD DQG DFURVV WKH ZRUOG
DUHQRWDOZD\VXQDQLPRXVO\DFFHSWHGE\
HYHU\RQH 6RPHWLPHV WKH\ DUH FULWLFL]HG
E\WKHSXEOLFDQGWKHSRLQWVRIYLHZPD\
GLIIHU PRVW RI WKH WLPH FRQFHUQLQJ WKH
DUFKLWHFWXUH DQG IXQFWLRQDOLW\ RI WKH
ZDWHUWRZHUV
8UEDQLVP
7KH PDQLIROG VLJQLILFDQFHV RI ZDWHU
WRZHUV MXVWLI\ WKHLU VWDWXV RI FXOWXUDO
DVVHWV LQ WKH FDWHJRU\ RI LQGXVWULDO
KHULWDJH DVVHWV DV ZHOO DV WKHLU
FRQVHUYDWLRQ DQG YDORUL]DWLRQ E\PHDQV
RIYDULRXVFRQYHUVLRQVFXOWXUDOWRXULVWLF
VHUYLFHV
7KH SUHVHQW VWXG\ ZLOO EH VXSSOHPHQWHG
E\ D GHWDLOHG DQDO\VLV RI ZDWHU WRZHUV
DFURVV 5RPDQLD DV D UHVXOW RI WKHLU
FRPSOH[ QDWXUH JLYHQ E\ WKH PDQLIROG
VLJQLILFDQFHV WKH\ KDYH DFTXLUHG
KLVWRULFDO WHFKQRORJLFDO DUFKLWHFWXUDO
FXOWXUDO
,Q DGGLWLRQ D JRDO WREH SXUVXHG LQ WKH
IXWXUH LV WKH FUHDWLRQ RI D GDWDEDVH DQG
WKH FRQILJXUDWLRQ RI DQ LQIRUPDWLRQDO
JHRJUDSKLF V\VWHPWKDW ZRXOG DOORZE\
PHDQV RI VHYHUDO OD\HUV RI FDUWRJUDSKLF
LQIRUPDWLRQ WR UHIOHFW WKH ORFDWLRQ RI
ZDWHU WRZHUV LGHQWLI\ FHUWDLQ GHWDLOV
UHODWHG WR WKHLU KLVWRU\ WKHLU SDVW DQG
SUHVHQW GHVWLQDWLRQ HOHPHQWV WKDW ZRXOG
HQDEOH YLVLWRUV WR SHUFHLYH ZDWHU WRZHUV
DVEHLQJPXFKPRUH´WDQJLEOHµ
5()(5(1&(6
$GHYĆUXO -RXUQDO :DWHU WRZHU FRPHV WR OLIH
>LQ
5RPDQLDQ@
DGHYDUXOURORFDOHLDVLFDVWHOXODSD
DSURSLHUHJDUDPDUHSULQGHYLDWDYH]L
PHVDMHWUDQVPLWHLHVHQLORU
BDHHDFGDDFGLQGH[KWPO
%DUDEDVK 2 9 7KHRU\ DQG SUDFWLFH RI FXOWXUDO IDFWRUV LQIOXHQFH XSRQ HFRQRPLF
DFWLYLW\ $FWXDO 3UREOHPV RI (FRQRPLFV
%DUWRåRYi 1 ,VVXHV RI LQGXVWULDO KHULWDJH LQ
FRQWHPSRU\ %UDWLVODYD LQ 3URFHHGLQJV RI &RQIHUHQFH RQ 6XVWDLQDEOH &RQVWUXFWXLRQ RI
%XLOGLQJV :RUN 3DSHUV &RQVWUXFWLRQ RQ
EURZQILHOV3UDJXH&]HFK5HSXEOLF&]HFK
7HKQLFDO 8QLYHUVLW\ LQ 3UDJXH SS %ĆUEXLFĆ / 3HUIRUPDWLYLW\ RI SXEOLF VSDFH
6WUDWHJLHV UHODWHG WR LQGXVWULDO KHULWDJH >LQ
5RPDQLDQ@
8UEDQLVP
$UKLWHFWXUĆ
&RQVWUXFĠLL
&RQYHUVLRQRIZDWHUWRZHUV‡$/&HUFOHX[)&
0HUFLX'3HSWHQDWX
%HULQGHL ' %RQLIDFLX 6 %XFKDUHVW ² JXLGH
>LQ 5RPDQLDQ@ 6SRUW7RXULVP 3XEOLVKLQJ
+RXVH%XFKDUHVW
%RZLW] ( ,EHQKROW . (FRQRPLF LPSDFW RI FXOWXUDO KHULWDJH ² UHVHDUFKHV DQG
SHUVSHFWLYHV -RXUQDO RI &XOWXUDO +HULWDJH
&DUYDOKR ' ' 0DFKDGR ) %HUQDUGR - :DWHU UHXVH IRU FRROLQJ WRZHUV ² FRQFHSWXDO VWXG\ 5LR GH -DQHLUR ,QWHUQDWLRQDO $LUSRUW
$FWD 6FLHQWLDUXP7HFKQRORJ\ &HUFOHX[$/0HUFLX)&0HUFLX*/
0RGHOVRIWHFKQLFDODQGLQGXVWULDOKHULWDJHUH
XVH LQ 5RPDQLD LQ 3ĆWUX , 3ĆWURHVFX 0
,RMĆ&,5R]\ORZLFV/(GLWRUV3URFHGL D
(QYLURQPHQWDO 6FLHQFHV 3URFHHGLQJV RI
,QWHUQDWLRQDO
&RQIHUHQFH
/DQGVFDSH
(QYLURQPHQW (XURSHDQ ,GHQWLW\ 1RYHPEHU
%XFKDUHVW 5RPDQLD (OVHYLHU SS
'HEOHG ( /HURX[ < 7KH ZDWHU WRZHUV DQ HYROYLQJ KHULWDJH" >LQ )UHQFK@ 0DVWHU +LVWRU\ +HULWDJH DQG $UWV 0RGXOH ©$Q (YROYLQJ +HULWDJHª 8)5 /HWWHUV DQG
+XPDLQ 6FLHQFHV 8QLYHUVLW\ RI 5RXHQ
SS
'HO 3R]R 3D] % *RQ]DOHV$ 3 ,QGXVWULDO
KHULWDJH DQG SODFH LGHQWLW\ LQ 6SDLQ IURP PRQXPHQWV WR ODQGVFDSHV *HRJUDSKLFDO
5HYLHZ
'RPHQLXO ûWLUEH\ :DWHU WRZHU
KWWSZZZSDODWXOVWLUEH\URHQORFDWLL
SDJH:DWHU7RZHU
*iERU6]DEy = 5DLOZD\ :DWHU 7RZHUV LQ
6]ROQRN
3HULRGLFD 3RO\WHFKQLFD $UFKLWHFWXUH
*iERU6]DEy=\HDUROGZDWHUWRZHUVRI WKH =LHOLQVNL HQJLQHHUV· EXUHDX 3HULRGLFD 3RO\WHFKQLFD&LYLO(QJLQHHULQJ
*ROROR . 9 0DMR]L 7 &RPSOH[ FRROLQJ
ZDWHU V\VWHPV RSWLPL]DWLRQ ZLWK SUHVVXUH
GURS FRQVLGHUDWLRQ ,QGXVWULDO DQG
(QJLQHHULQJ &KHPLVWU\ 5HVHDUFK *URVV / ) ,QGXVWULDO KHULWDJH DQG
GHLQGXVWULDOLVDWLRQ WKH FKDOOHQJH RI RXU
IXWXUH
$XVWUDODVLDQ
+LVWRULFDO $UFKDHRORJ\
*XR < /LX = < 6WXG\ RI FRROLQJ ZDWHU
V\VWHPVZLWKPXOWLSOHFRROLQJZDWHUVXSSOLHV
$GYDQFHG 0DWHULDOV 5HVHDUFK +HULWDJH (QYLURQPHQW )HGHUDWLRQ :DWHU
WRZHUV
RI
)UDQFH
KWWSFKDWHDXGHDXIUHHIU
8UEDQLVP$UKLWHFWXUĆ&RQVWUXFĦLL‡9RO‡1U‡‡
2UDQJH + ,QGXVWULDO DUFKDHRORJ\ LWV SODFH
ZLWKLQ WKH DFDGHPLF GLVFLSOLQH WKH SXEOLF
UHDOP DQG WKH KHULWDJH LQGXVWU\ ,QGXVWULDO
$UFKDHRORJ\5HYLHZ
2YHUEORJ :DWHU WRZHUV GHFRUDWHG >LQ )UHQFK@
KWWSZZZRYHU
EORJFRPFRP
&KDWHDX[BGHDXBGHFRUHVKWPO
3DUXVL * %XFKDUHVW WLPHOLQH 6HSWHPEHU 'HFHPEHU WKH GD\V WKH
DFWLRQVWKHSHRSOHRI WKHFDSLWDOFLW\ RYHU \HDUV
>LQ
5RPDQLDQ@
&RPSDQLD
3XEOLVKLQJ +RXVH %XFKDUHVW ,6%1
3RSHORYi/7KHV\PEROLFDHVWKHWLFGLPHQVLRQ
RI LQGXVWULDO DUFKLWHFWXUH DV D PHWKRG RI FODVVLILFDWLRQ DQG HYDOXDWLRQ WKH H[DPSOH RI
EULGJHVWUXFWXUHVLQWKH&]HFK5HSXEOLF$FWD
3RO\WHKQLFD
5RPDQLDQ 3DUOLDPHQW /DZ QR RQ WKH
UHJLPH RI WHFKQLFDO DQG LQGXVWUDO KHULWDJH
0RQLWRUXO2ILFLDOSDUW,
5XELR&DVWUR ( 6HUQD*RQ]DOHV 0 3RQFH
2UWHJD - 0 (O+DOZDJL 0 6\QWKHVLV RI FRROLQJ ZDWHU V\VWHPV ZLWK
PXOWLSOH FRROLQJ WRZHUV $SSOLHG 7KHUPDO
(QJLQHHULQJ
6WpSKDQ H + 7KH ZDWHU WRZHU RI
+X FK RQ :D\ V DQ G Y RL FH RI KHU L WDJH >L Q
) UHQ FK @ %XOO HWLQ RI
1RU WK
' HSDU WPH QW 7DUWDULQL-')RUDQLQWHUQDWLRQDOQHWZRUNRI
ZDWHU DQG ZDWHUZRUNV PXVHXPV %XOOHWLQ RI
WKH ,QWHUQDWLRQDO &RPPLWWHH IRU WKH &RQVHUYDWLRQ RI WKH ,QGXVWULDO +HULWDJH 7DYDUHV $ 7KH HIIHFWV RI FRQFUHWH RQ 3RUWXJXHVH DUFKLWHFWXUH WKH 0RUHLQD GH 6i
DQG WKH 0DOHYH] &DVH LQ
'XQNHOG 0 &DPSEHOO - /RXZ +
7XWWRQ 0 $GGLV % 7KRUQH 5 (GLWRUV 3URFHHGLQJV RI WKH 6HFRQG ,QWHUQDWLRQDO &RQJUHVV RQ &RQVWUXFWLRQ +LVWRU\ 0DUFK
$SULO 4XHHQV·&ROOHJH &DPEULGJH
8QLYHUVLW\ &DPEULGJH 8QLWHG .LQJGRP
KWWSZZZDUFWFDPDFXN'RZQORDGV
LFKVYRO WDYDUHVSGI
:DWHU WRZHUV RI %HOJLXP :DWHU WRZHUV RI %HOJLXP
>LQ
)UHQFK@
KWWSZZZZD WHUWRZHUVRI
EHOJLXPQHW
,QWHUQDWLRQDO &RPPLWWHH IRU &RQVHUYDWLRQ RI
,QGXVWULDO +HULWDJH 7KH 1L]KQ\
7DJLO &KDUWHU IRU WKH ,QGXVWULDO +HULWDJH LQ
;,,WK ,QWHUQDWLRQDO&RQJUHVVRI7,&&,+-XO\
0RVFRZ5XVVLDSS
/DQJVWUDDW - : 7KH XUEDQ UHJHQHUDWLRQ
LQGXVWU\ LQ /HHGV PHDVXULQJ VXVWDLQDEOH
XUEDQ UHJHQHUDWLRQ SHUIRUPDQFH (DUWK (
QYLURQPHQW
/DWYLD1DWXUDO*DV&RPSDQ\7RZHUVLQWKH
5RXQG 6,$ 5LJD :DWHU ´7RZHUVµ
KWWSULJDWKHFHORWDMVFRP7RXULQJ
5LJD/DWYLD7RZHUVLQWKH5RXQG6,$
5LJD:DWHU
(&7RZHUV( 'SKS
/HWFK $ 7KH ZDWHU WRZHU /RZHU %XUQKDP
5RDG/DWFKLQJGRQ(VVH[+LVWRULFDO%XLOGLQJ
5HFRUGLQJ )LHOG $UFKDHRORJ\ 8QLW (VVH[
&RXQW\ &RXQFLO FR &RXQW\ +DOO
&KHOPVIRUG
(VVH[
SS
KWWSDUFKDHRORJ\GDWDV HUYLFHDFXNDUFKLYHVY
LHZJUH\OLW
0HUFLX)&&HUFOHX[$/3HSWHQDWX'0HUFLX
* / 'UĆJKLFL & 3LQWLOLL 5 E 7KH
UROH RI WHKQLFDO PXVHXPV LQ WKH UHJHQHUDWLRQ
RI
IXQFWLRQDOO\UHVWUXFWXUHG
UHJLRQV
5RPDQLD *HRJUDSKLFD 3DQQRQLFD 0HUFLX ) & 0HUFLX * / 6WRLDQ ' D
5RPDQLDQ DUFKLWHFWXUDO LQGXVWULDO KHULWDJH ² SDVWDQGSUHVHQW>LQ5RPDQLDQ@8UEDQLVP
$UKLWHFWXUĆ&RQVWUXFĦLL
0LQLVWU\RI&XOWXUHDQG1DWLRQDO+HULWDJH/LVW
RI +LVWRULFDO 0RQXPHQWV >LQ 5RPDQLDQ@
%XFKDUHVWSS
1DWLRQDO 2IIL FH IRU +HURHV 2 IILFH 12+0
7KH
ĥHSHü
&DVWOH
KWWSZZZRQFHURHQJOH]DFDVWHOXOBWH
SHVSKS
1LMKRI 3 ,QGXVWULDO KHULWDJH LQ WKH
1HWKHUODQGV WKH ZDWHUWRZHUV LQ &XOWXUDO
KHULWDJH $UFKLWHFWXUDO KHULWDJH LQYHQWRU\
DQG GRFXPHQWDWLRQ PHWKRGV LQ (XURSH 3URFHHGLQJV RI (XURSHDQ &ROORTX\ 2FWREHU
&RXQFLO RI (XURSH 3UHVV 1DQWHV )UDQFH SS ,6%1 SS
2·&RQQRU * ,QGXVWULDO +HULWDJH 5HYLHZ RI
&RXQW\ &ODUH LPSOHPHQWHG XQGHU WKH
&ODUH +HULWDJH 3ODQ &ODUH
&RXQW\ &RXQFLO &ODUH +HULWDJH )RUXP
7KH +HULWDJH &RXQFLO &RXQW\ &ODUH
,UHODQGSS
5HFHLYHG6HSWHPEHU‡5HYLVHG2FWREHU‡$FFHSWHG1RYHPEHU