• Rezultati Niso Bili Najdeni

$!#'#$%% #%  #%&$% %%43.7

N/A
N/A
Protected

Academic year: 2022

Share "$!#'#$%% #%  #%&$% %%43.7"

Copied!
12
0
0

Celotno besedilo

(1)

RULJLQDOVFLHQWLILFDUWLFOH 8'&

UHFHLYHG

63($.(5',9(56,7<,17+(0$-25,7<0,125,7</,1*8,67,&&217(;7

&RQFK{U·*,2//$*°,1

1DWLRQDO8QLYHUVLW\RI,UHODQG*DOZD\8QLYHUVLW\5RDG*DOZD\,UHODQG HPDLOFRQFKXURJLROODJDLQ#QXLJDOZD\LH

$%675$&7

7KLVSDSHUDQDO\VHVWKHPHFKDQLVPVXQGHUSLQQLQJGLYHUVLW\LQVSHDNHUW\SHVLQDPLQRULW\OLQJXLVWLFFRQWH[W7KH FRPSDULVRQ RI VSHDNHU GLYHUVLW\ LQ WKUHH *DHOWDFKW ,ULVKVSHDNLQJDUHDV 5RV 0XF LQ &RQDPDUD &RXQW\ *DOZD\

&HDWKU{7KDLGKJLQ&RXQW\0D\RDQG5h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¢VYDULRXVVRFLDOQHWZRUNV

.H\ZRUGVODQJXDJHG\QDPLFVOLQJXLVWLFQHWZRUNVVSHHFKFRPPXQLWLHVGLYHUVLW\RIVSHDNHUW\SHVVSHDNHU LQWHUDFWLRQPLQRULW\PDMRULW\VRFLROLQJXLVWLFLQWHUDFWLRQODQJXDJHFRQWDFWOLQJXLVWLFDQWKURSRORJ\

/$',9(56,7š'(,3$5/$17,1(/&217(672'(//(/,1*8(0$**,25,7$5,(

(0,125,7$5,(

6,17(6,

/¢DUWLFRORDQDOL]]DLPHFFDQLVPLDOODEDVHGHOODGLYHUVLWiQHLWLSLGLSDUODQWLLQXQFRQWHVWRGLPLQRUDQ]DOLQJXLV WLFD,OFRQIURQWRWUDOHGLYHUVLWiGLSDUODQWLLQWUHDUHH¡*DHOWDFKW¢GRYHVLSDUODLOJDHOLFRLUODQGHVH5RV0XFQHO

&RQQHPDUDQHOODFRQWHDGL*DOZD\&HDWKU{7KDLGKJQHOODFRQWHDGL0D\RH5hWK&KDLUQQHOODFRQWHDGL0HDWK

IRUQLVFHXQDYDOXWD]LRQHGLFRPHTXHVWDYDULHWiKDLQIOXHQ]DWROHGLYHUVHUHWLOLQJXLVWLFKHQHOOHFRPXQLWiPHQ]LRQ DWH&LDVFXQDGHOOHWUHFRPXQLWiPDQLIHVWDXQPRGHOORGLYHUVRUHODWLYRDOODTXHVWLRQHGLOLQJXLVWLFDGLFRQWDWWRFRQ DVSHWWLGLIIHUHQWLGLIUDJLOLWiVRFLRFXOWXUDOHHOLYHOORGLSHULFRORGLHVWLQ]LRQHSHUODOLQJXDLQTXHVWLRQH,ULVXOWDWLGL TXHVWDULFHUFDVXJJHULVFRQRFKHSL|YDULDHFRPSOHVVDoODGLQDPLFDGLFRQWDWWRPHQRYLWDOLVDUDQQROHEDVLVRFLR OLQJXLVWLFKHSHUO¢XVRGHOJDHOLFRLUODQGHVHQHOODFRPXQLWi4XHVWRDSSURFFLRFRPSDUDWLYRPHWWHLQULVDOWRODFRUUHOD ]LRQHWUDJOLDOWLOLYHOOLGLWUDVPLVVLRQHGHOODOLQJXDDOO¢LQWHUQRGHOODIDPLJOLDHODYLWDOLWiGHOODOLQJXDPLQRULWDULDQHOOH YDULHUHWLVRFLDOL

3DUROHFKLDYHGLQDPLFDOLQJXLVWLFDUHWLOLQJXLVWLFKHFRPXQLWjOLQJXLVWLFKHGLYHUVLWjQHLWLSLGLSDUODQWLLQWHUD]LRQH WUDSDUODQWLLQWHUD]LRQHVRFLROLQJXLVWLFDWUDODPDJJLRUDQ]DHODPLQRUDQ]DFRQWDWWROLQJXLVWLFRDQWURSRORJLD

OLQJXLVWLFD

(2)

,1752'8&7,21

7KLV SDSHU SUHVHQWV VRFLROLQJXLVWLF GDWD IURP WKUHH FRQWUDVWLQJ ,ULVKVSHDNLQJ GLVWULFWV *DHOWDFKWDt 5iWK

&KDLUQ &RXQW\ 0HDWK 5RV 0XF &RXQW\ *DOZD\ DQG

&HDWKU}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

RI WKLV ILQGLQJ VXJJHVWV WKDW PLQRULW\ ODQJXDJH FRPPX QLWLHV EHFRPH PRUH UHOLDQW RQ LQVWLWXWLRQDO VXSSRUW WR SURYLGHWKHOLQJXLVWLFFRQWH[WIRUPLQRULW\ODQJXDJHXVH DVWKHVSHDNHUFDWHJRULHVEHFRPHPRUHGLYHUVHLQDOLQ JXLVWLFFRPPXQLW\,QRWKHUZRUGVDVODQJXDJHFRPPX QLWLHV EHFRPH PRUH FRPSOH[ DQG PL[HG WKH\ WHQG WR ZDUGVDQLQVWLWXWLRQDOLVDWLRQRIVSHDNLQJZKLOHWKHPD MRULW\ ODQJXDJH LQFUHDVLQJO\ FRORQLVHV WKH FRPPXQDO DQG IDPLOLDO OLQJXLVWLF QHWZRUNV ZKLFK RSHUDWH LQGH SHQGHQWO\RILQVWLWXWLRQDOLQSXWRULQWHUIHUHQFH

:KLOH WKH FRPPXQLWLHV XQGHU LQYHVWLJDWLRQ LQ WKLV VWXG\ ZRXOG SULPDULO\ DWWDFK DQ HWKQROLQJXLVWLF PHDQ LQJWRWKHXVHRIWKHWHUP*DHOWDFKWLWDOVRUHSUHVHQWVD VWDWXWRU\JHRJUDSKLFHQWLW\LQZKLFKFHUWDLQDGPLQLVWUD WLYH IXQFWLRQV DQG UHVSRQVLELOLWLHV DSSO\ &I &RPPLQV ¹ 5LDJiLQ 5iWK &KDLUQ LV D VPDOO

*DHOWDFKWFRPPXQLW\VLWXDWHGLQ WKH HDVWHUQ FRXQW\ RI 0HDWKFRQVLVWLQJRIVHYHQWRZQODQGV,WZDVHVWDEOLVKHG DV DQ ,ULVKVSHDNLQJ GLVWULFW EHWZHHQ DQG ZKHQIRUW\IDPLOLHVIURP &RQDPDUDLQ &R *DOZD\ VHW WOHGLQWKHDUHDRQIDUPVDFTXLUHGIRUWKHPE\WKH/DQG

&RPPLVVLRQ D VWDWHDJHQF\ FKDUJHG ZLWK ODQG UHGLVWUL EXWLRQ LQ WKH SRVWLQGHSHQGHQFH HUD +RZHYHU 5iWK

&KDLUQZDVQRWJUDQWHGRIILFLDOUHFRJQLWLRQDVDQRIILFLDO

*DHOWDFKWUHJLRQXQWLOIROORZLQJSROLWLFDODJLWDWLRQ E\ WKH LQKDELWDQWV 5RV 0XF RQ WKH RWKHU KDQG LV D FRDVWDOFRPPXQLW\RI&RQDPDUD&RXQW\&R*DOZD\

LQ WKH ZHVW RI ,UHODQGFRQVLVWLQJ RI QLQH WRZQODQGV ,Q FRQWUDVW WR 5iWK &KDLUQ 5RV 0XF LV D GLVWULFW RI ZKDW FRXOG EH WHUPHG WKH £RUJDQLF¤ *DHOWDFKW &RQDPDUD LQ JHQHUDO ZLWKVWRRG WKH ODQJXDJH VKLIW RI WKH QLQHWHHQWK FHQWXU\WRZKLFK&R0HDWKKDGVXFFXPEHGDOPRVWWR WDOO\E\WKHFORVHRIWKH¤V7KH QDWLYH VSHDNHUV RI ,ULVKIURP&RQDPDUDZKRHVWDEOLVKHG5iWK&KDLUQDVDQ ,ULVKVSHDNLQJ GLVWULFW KDG WR FRQWHQG ZLWK WKH VXU URXQGLQJ(QJOLVKVSHDNLQJFRPPXQLW\ZKLOH5RV0XFLV SDUW RI WKH ZLGHU ,ULVKVSHDNLQJ FRPPXQLW\ RI &R QDPDUD 6LPLODU WR 5RV 0XF WKH SHRSOH RI &HDWKU}

7KDLGKJ FRQVWLWXWH DQ £RUJDQLF¤ *DHOWDFKW FRPPXQLW\

GZHOOLQJ LQ D FRDVWDO UHJLRQ RI QRUWKZHVW &R 0D\R +RZHYHUXQOLNH5RV0XF¤VUHODWLRQVKLSZLWKWKHODUJHU ,ULVKVSHDNLQJ FRPPXQLW\ RI WKH &RQDPDUD UHJLRQ

&HDWKU}7KDLGKJLVSDUWRIWKHODUJHUJHRJUDSKLFDUHDRI ,RUUDV ZKLFK KDV VXFFXPEHG WR D ODUJH H[WHQW WR WKH SUHVVXUHV RI ODQJXDJH VKLIW GXULQJ WKH FRXUVH RI WKH WZHQWLHWK FHQWXU\(YHQ WKRXJK WKH ,RUUDV UHJLRQ LV VWLOO RIILFLDOO\UHFRJQLVHGDV D *DHOWDFKW UHJLRQ WKH &HDWKU}

7KDLGKJ FRPPXQLW\ SHUVHYHUHV LQ D VLPLODU OLQJXLVWLF FRQWH[W WR WKDW RI WKH 5iWK &KDLUQ FRPPXQLW\ LQ WKDW WKH\ ERWK UHSUHVHQW LVODQGV RI ,ULVKVSHDNLQJ LQ D SUH GRPLQDQWO\(QJOLVKVSHDNLQJFRQWH[WRIWKHEURDGHUJHR JUDSKLFXQLWLQZKLFKWKH\H[LVW

*$7+(5,1*7+('$7$

7KHGDWDSUHVHQWHGKHUHZDVJDWKHUHGZLWKWKHKHOS RIDFTXDLQWDQFHVLQWKHWKUHHGLVWULFWVGXULQJYDULRXVSH ULRGV RI ILHOG ZRUN EHWZHHQ 'HFHPEHU DQG WKH VXPPHU RI , FKRVH 5iWK &KDLUQ 5& 5RV 0XF 50DQG&HDWKU}7KDLGKJ&7IRUWKHSXUSRVHVRIWKLV FRPSDUDWLYH VWXG\ EHFDXVH WKH\ DUH FRPSDUDEOH LQ WHUPVRIJHRJUDSKLFVL]HDQGSRSXODWLRQEXWZLWKFRQ WUDVWLQJ KLVWRULFDO DQG JHRJUDSKLFDO FLUFXPVWDQFHV SHU WDLQLQJ7KLVUHVHDUFKLGHQWLILHVWKH5&FRPPXQLW\FRQ VLVWLQJ RI SHRSOH WKDW RI 50 FRPSULVLQJ SHR

0Q>OAMQAJPNAOA=N?D KILNADAJOERA)EJCQEOPE?0PQ@UKBPDA2OAKB&NEODEJPDA$=AHP=?DP!#EJ=H/ALKNP ¯$EKHH=C¹EJAP=HD=O

@AIKJOPN=PA@ PD=P ?D=JCAO EJ PDA @AIKCN=LDE? I=GAQL KB PDA $=AHP=?DP LKLQH=PEKJ D=RA ?KJPNE>QPA@ OECJEBE?=JPHU PK PDA OK?EKHEJCQEOPE?ANKOEKJKB&NEODEJPDAENPN=@EPEKJ=HJAPSKNGO

1KSJH=J@OEJ&NAH=J@NABANPKOI=HHDEOPKNE?=HOQ>@EREOEKJOKBH=J@SDE?DI=GAQLAHA?PKN=H@EOPNE?POKN>=NKJEAOSDAJ?KI>EJA@SEPD

=@F=?AJPPKSJH=J@O

3=NEKQO=OLA?POKBPDADEOPKNUKB/¹PD D=ENJ=NA@EO?QOOA@EJ KOPEC=J¯ QNN=KEJ „*=?!KJJ?D= „¯

EKO¹EJ „¯ KJCD=EHA ¯$EKHH=C¹EJ „=J@0PAJOKJ „

%EJ@HAU @EOIEOOAOPDAJKPEKJKBPDA/¹PD D=ENJ>AEJC=J&NEODOLA=GEJC?KIIQJEPU"¯$EKHH=C¹EJ†O @EO?QOOEKJKB PDAOK?EKHEJCQEOPE?I=GAQLKBPDA/¹PD D=ENJ?KIIQJEPU=NNERAO=P=IKNA?EN?QIOLA?PFQ@CAIAJP

IKNA?KILNADAJOERA@EO?QOOEKJKBIUNAOA=N?DEJ/ EOLNAOAJPA@EJ¯$EKHH=C¹EJ "EJPDA?=OAKB/*EJ¯$EKHH=C¹EJ "

=@AP=EHA@LNAOAJP=PEKJKBPDA 1NAOA=N?DEO>AEJC?QNNAJPHULNAL=NA@

(3)

SOHDQGSHRSOHPDNLQJXSWKH&7FRPPXQLW\7KLV DPRXQWV WR KRXVHKROGV LQ WKH FDVH RI 5& LQ 50DQGLQ&7

7KH5iWK&KDLUQFRPPXQLW\LVIDUPRUHPL[HGIURP D VRFLRHFRQRPLF SHUVSHFWLYH WKDQ WKDW RI 5RV 0XF RU

&HDWKU}7KDLGKJDQGLQFOXGHVDVLJQLILFDQWPLGGOHFODVV HOHPHQW :KLOH XQHPSOR\PHQW H[LVWV LQ DOO WKUHH FRP PXQLWLHV WKH QXPEHUV RI XQHPSOR\HG LQ 5RV 0XF DQG

&HDWKU} 7KDLGKJ UHSUHVHQW D YHU\ VLJQLILFDQW SRUWLRQ RI WKH ORFDO SRSXODWLRQ HVSHFLDOO\ DPRQJ PLGGOHDJHG PHQ5RV0XFLVDQLVRODWHGUXUDOGLVDGYDQWDJHGFRP PXQLW\ &HDWKU} 7KDLGKJ LV VLPLODUO\ DQ LVRODWHG UXUDO GLVWULFWEXWWKHOHYHORIGLVDGYDQWDJHLVQRWDVVHYHUHDVLV WKH FDVH LQ 5RV 0XF EHFDXVH RI WKH PL[ RI HFRQRPLF DFWLYLW\LQWKHDUHD:KLOHWKHUHLVDUHODWLYHO\KLJKOHYHO RI GHSHQGHQF\ RQ VRFLDO ZHOIDUH DVVLVWDQFH KRXVHKROG LQFRPHVLQ&7FDQEHVXSSOHPHQWHGE\VHDVRQDOILVKLQJ DQG HDUQLQJV IURP DJULFXOWXUDO DFWLYLWLHV RQ PDUJLQDO KROGLQJV ,Q FRQWUDVW WR WKH WZR FRDVWDO FRPPXQLWLHV PDQ\RI5iWK&KDLUQ¤VSRSXODWLRQFDQDVSLUHWRDTXDVL VXEXUEDQ OLIHVW\OH EHFDXVH RI UHODWLYH SURVSHULW\ DQG SUR[LPLW\WRWKHFDSLWDO5iWK&KDLUQNLORPHWUHVIURP 'XEOLQFLW\IDOOVZLWKLQWKHFDSLWDO¤VFRPPXWHUEHOW

7(50,12/2*<$1'$%%5(9,$7,216 1DWLYH6SHDNHU

7KH XVH RI WKH WHUP £QDWLYH VSHDNHU¤ 1DW 6S KHUH FRQIRUPV WR WKH JHQHUDOO\ DFFHSWHG XVDJH WKDW RI D FRPSHWHQW VSHDNHU RI ,ULVK ZKR DFTXLUHV WKH ODQJXDJH ZLWKLQDIDPLOLDOFRPPXQDOVHWWLQJ7KHXVHRIWKHWHUP KHUH DOVR FRUUHVSRQGV WR WKH QRUPDO *DHOWDFKW XQGHU VWDQGLQJ RI D QDWLYH VSHDNHU RI ,ULVK D SHUVRQ RI *DHO WDFKWRULJLQZKRZDVUDLVHGWKURXJKWKHPHGLXPRI,ULVK LQD*DHOWDFKWDUHD

1HRQDWLYH6SHDNHU

$ QHRQDWLYH VSHDNHU 1HRQDW DOVR DFTXLUHV WKH ODQJXDJH LQ D IDPLOLDOFRPPXQDO VHWWLQJ EXW LVWKH RII VSULQJRIFRVSHDNHUVRI,ULVKZKRDUHQRWQDWLYHVSHDN HUVEXWVSHDN,ULVKDVWKHLUKRXVHKROGODQJXDJH

6HPLVSHDNHU

6HPLVSHDNHUV 6HPLVS WHQG WR HPHUJH IURP D PL[HG OLQJXLVWLF HQYLURQPHQW ZKHUH L RQH SDUHQW LV D ELOLQJXDO1DW6SRI,ULVKDQGWKHRWKHULVDPRQROLQJXDO VSHDNHURI(QJOLVKDQGZKHQLLWKH1DW6SVSHDNV,ULVK SURGXFWLYHO\WRWKHFKLOGUHQDVDVHFRQGKRXVHKROGODQ JXDJH7KHXVHRIWKHWHUP£VHPLVSHDNHU¤KHUHGLIIHUVWR WKH PDQQHU LQ ZKLFK 'RULDQ DQG )LVKPDQ HPSOR\ WKH WHUP,WV XVH KHUH LV UHVWULFWHG WR WKRVHZKRDFTXLUHDKLJKOHYHORIOLQJXLVWLFFRPSHWHQFH SULPDULO\ WKURXJK IDPLOLDOFRPPXQDO HIIRUW UDWKHU WKDQ VROHO\ UHO\LQJ RQ IRUPDO SHGDJRJLFDO RU LQVWLWXWLRQDO VXSSRUW7KHPRUHFRPSHWHQWVSHDNHUVLQWKLVOLQJXLVWLF JURXSLQJ DFTXLUH D FRPSHWHQF\ DNLQ WR QDWLYH VSHDNHU DELOLW\

7KHWHUPVHPLVSHDNHULVDQRWKHUOLQJXLVWLFFDWHJRU\

ZKLFKKDVXQGHUJRQHFULWLFDOUHYLVLRQ&IIRUH[DPSOH

%DNHU3U\V-RQHV(GZDUGV0DUWLQ -RQHV 5RPDLQH 5RPDLQH 6NXWQDEE.DQJDV EXW LV QRW HP SOR\HG KHUH LQD SHMRUDWLYH VHPLOLQJXDO VHQVH ,W LQGL FDWHV WKH FRPSOH[LW\ RI WKH WUDQVPLVVLRQ SURFHVV LQ D PL[HG VRFLROLQJXLVWLF VFHQDULR ZKHUH D PLQRULW\ ODQ JXDJH LV SDUWLDOO\ WUDQVPLWWHG LQ WKH IDPLOLDOFRPPXQDO FRQWH[WDJDLQVWWKHEDFNGURSRI DJHQHUDO VRFLHWDOFRQ WH[W ZKHUH WKH PDMRU ODQJXDJH LV SHUYDVLYH 6HPL VSHDNHUVFRQVWLWXWHDVLJQLILFDQWVRFLROLQJXLVWLFFDWHJRU\

LQ WKDW WKH\ KDYH DFTXLUHG D KLJKHU OHYHO RI OLQJXLVWLF SURILFLHQF\ DQG H[SHULHQFH JUHDWHU IDPLOLDO EDFNXS WR

1DAEJ@ERE@Q=H@=P=LNAOAJPA@DANAIENNKNOPDANAOE@AJPLKLQH=PEKJKB/*†OJEJAPKSJH=J@O1DAOP=PEOPE?OBKN/ DKSARAN@KJKP EJ?HQ@A@=P=BNKIPDAAJPENACAKCN=LDE?LKLQH=PEKJ"&D=RAAT?HQ@A@@=P=BNKI=>KQPKJADQJ@NA@DKQOADKH@OI=EJHU@SAHHEJCKJPDA LANELDANUKBPDAKBBE?E=H$=AHP=?DPSDKSKQH@>A?KJOE@ANA@=OL=NPKBPDAOQNNKQJ@EJC"JCHEODOLA=GEJC*A=PD?KIIQJEPUN=PDANPDA L=NPE?EL=JPOEJPDA/ ?KIIQJEPU1DAR=OPI=FKNEPUKBPDAOADKQOADKH@OSKQH@JKPD=RA>AAJL=NPKBPDAKBBE?E=H$=AHP=?DPLNEKNPKPDA ATPAJOEKJKBPDA$=AHP=?DP>KQJ@=NEAOEJ/ EJ

1DAJKPEKJKBPDAJ=PERAOLA=GAND=OQJ@ANCKJAOKIA?NEPE?=HO?NQPEJUNA?AJPHU ?BBKNAT=ILHA!=REAO>QPEPEOAILHKUA@

LNEI=NEHUDANAPKNABANPKPDAHEJCQEOPE?PN=JOIEOOEKJKB&NEODEJPDAB=IEHE=H?KJPATP

B!KNE=J „!h2JHEGAPDAKH@AN$=AHE?@KIEJ=JP>EHEJCQ=HOPDAOAIEOLA=GANO=NAJKPBQHHULNKBE?EAJPEJ$=AHE?1DAU OLA=GEPSEPDR=NUEJC@ACNAAOKBHAOOPD=JBQHHBHQAJ?U=J@PDAENCN=II=N =J@QOQ=HHU=HOKPDAENLDKJKHKCUEOI=NGA@HU=>ANN=JPEJ PANIOKBPDABHQAJPOLA=GANJKNI+

#EODI=J†O :OAIEOLA=GAN†=L=NPE=HHU?KILAPAJPOLA=GANSKQH@>A?HKOANPKPDAQOAKBPDAPANI:?KOLA=GAN†AILHKUA@EJ PDEOOPQ@U

1DEOL=LAN@KAOJKP=BBKN@PDAO?KLAPKAJC=CAEJ=@AMQ=PA@EO?QOOEKJKBPDA?KJ?ALPKBPDAOAIEOLA=GAN>QPIQ?DKBPDA@EO?QOOEKJ D=O>AAJ?D=N=?PANEOA@>U=JE@AKHKCE?=H@EOP=OPASEPDPDALAN?AERA@LAFKN=PERAJ=PQNAKBPDAPANI=J@SEPDPDAJKPEKJKB=OK?E=HHU

>E=OA@?KJ?ALPKBHEJCQEOPE??KILAPAJ?A%KSARANIQ?DKBPDA@EO?QOOEKJD=OB=EHA@PK=@@NAOO=@AMQ=PAHUDKSOAIEOLA=GANOKLAN=PA EJ NAH=PEKJ PK PDA H=JCQ=CA @UJ=IE?O SDE?D LANP=EJ PK PDA IEJKNEPUI=FKNEPU H=JCQ=CA ?KJP=?P EOOQAO AOLA?E=HHU EJ PDA IEJKNEPU H=JCQ=CA?KIIQJEPUSDANAPDAOAIEOLA=GAN=?MQENAODEOKNDAN?KILAPAJ?AEJPDAI=FKNEPUH=JCQ=CAIKNAN=LE@HUPD=J?KILAPAJ?A EJPDAIEJKNEPUH=JCQ=CA&SKQH@OQCCAOPPD=POQ?D=J=J=HUPE?=HAJ@A=RKQNIECDPUEAH@=IKNABNQEPBQHHEJAKBAJMQENUBKNOLA?E=HEOPOEJ IEJKNEPUH=JCQ=CAOPD=JBK?QOOEJCKJLAN?AERA@OHECDPO=>KQP=OK?EKHEJCQEOPE?LA?GEJCKN@AN

(4)

DFW LQ DFFRUGDQFH ZLWK WKH ODQJXDJH G\QDPLFV RI WKH QDWLYHVSHDNHUVRI,ULVKDVRSSRVHGWRWKHODQJXDJHXVH SDWWHUQVRI*DHOWDFKWFRVSHDNHUV7KHFDWHJRU\RIVHPL VSHDNHU LQ JHQHUDO UHSUHVHQWV D KDOIZD\ VWDJH ERWK LQ WHUPV RI SURILFLHQF\ DQG ODQJXDJH G\QDPLFV EHWZHHQ WKH QDWLYH VSHDNHU DQG WKH FRVSHDNHU 6LPSO\ SXW

*DHOWDFKW VHPLVSHDNHUV GR QRW SDUWLFLSDWH LQ ,ULVK VSHDNLQJOLQJXLVWLFQHWZRUNVLQDVLPLODUIDVKLRQWRWKDW RI HLWKHU WKH QDWLYH VSHDNHUV RU WKH FRVSHDNHUV DQG WKHUHIRUH WKH\ PXVW EH FRQVLGHUHG DQ LQGHSHQGHQW VR FLROLQJXLVWLF FDWHJRU\ ,W LV QRW XQUHDVRQDEOH IURP DQ DQDO\WLFDOSHUVSHFWLYHWRLGHQWLI\WKHPDVDVHSDUDWHVR FLROLQJXLVWLFFDWHJRU\LILQJHQHUDOWKH\DFWDQGWDONLQD GLIIHUHQWPDQQHUWRWKDWRIWKHRWKHUVSHDNHUFDWHJRULHV

$PELOLQJXDO6SHDNHU

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jYLV WKH RWKHU VSHDNHU FDWHJRULHV LQ WKH VRFLDO QHW ZRUNVRIWKH\RXQJLWLVGLIILFXOWWRUHVLVWWKHFRQFOXVLRQ WKDWWKHYHU\FRQFHSWRID\RXQJQDWLYHVSHDNHURI,ULVK LV DW EHVW D KLJKO\ FRPSOH[ VRFLROLQJXLVWLF FDWHJRU\

DQGDWZRUVWDJUDYHO\WKUHDWHQHGVRFLRFXOWXUDOHQWLW\,W LV QRZ XQXVXDO LQ WKH SUHVHQW VRFLROLQJXLVWLF HQYLURQ PHQWWRHQFRXQWHUDQDWLYHVSHDNHURI,ULVKLQWKH*DHO WDFKW ZKR KDV QRW DFTXLUHG D UHODWLYHO\ FRPSHWHQW IOX HQF\ LQ (QJOLVK E\ WKH DJH RI IRXUILYH $GGLWLRQDOO\

PDQ\*DHOWDFKWSDUHQWVRIQDWLYHVSHDNHUVKDYHDVVHUWHG WKH FODLP GXULQJ WKH FRXUVH RI P\ UHVHDUFK WKDW WKHLU FKLOGUHQ¤V DELOLW\ LQ (QJOLVK VXUSDVVHV WKHLU DELOLW\ LQ ,ULVK WKHLU KRXVHKROG ODQJXDJH E\ WKH WLPH WKH\ DUH

HOHYHQWZHOYH \HDUV ROG ,Q RWKHU ZRUGV WKH FRQGLWLRQV RIUHFHVVLYHELOLQJXDOLVPSUHYDLOLQWKHFDVHRIWKHQDWLYH ODQJXDJH OLQJXLVWLF DWWULWLRQ LQ WHUPV RI D VSHDNHU¤V FRPSHWHQFH LV PLUURULQJ WKH VRFLDO PDUJLQDOLVDWLRQ RI WKHFDWHJRU\RIQDWLYHVSHDNHULQWKH*DHOWDFKW

2I WKH WKUHH DUHDV VWXGLHG KHUH WKLV FDWHJRU\ RI DPELOLQJXDO VSHDNHUV LV RQO\ LGHQWLILHG LQ &HDWKU}

7KDLGKJ

&RVSHDNHU

&RVSHDNHUV &RVS DFTXLUH ,ULVK WKURXJK VRPH PHWKRG RI IRUPDO LQVWUXFWLRQ PDLQO\ E\ PHDQV RI WKH ,ULVKPHGLXP VFKRRO V\VWHP LQ WKH WKUHH DUHDV &R VSHDNHUVGLIIHUIURPWKHSUHYLRXVFDWHJRULHVRIVSHDNHUV LQ WKDW WKHLU FRPSHWHQF\ LQ WKH ODQJXDJH LV DFKLHYHG SULPDULO\RXWVLGHWKHIDPLOLDOFRPPXQDOFRQWH[W,WJHQ HUDOO\UHTXLUHVWKUHHRUIRXU\HDUVRIIRUPDOVFKRROLQJIRU WKHFRVSHDNHUWRDFTXLUHDFRPIRUWDEOHOHYHORIIOXHQF\

WR IDFLOLWDWH LQWHUDFWLRQ LQ ,ULVK ZLWK WKH RWKHU VSHDNHU FDWHJRULHV

(QJOLVKVSHDNHU

(QJOLVK VSHDNHUV UHIHUUHG WR LQ WKLV VWXG\ DUH QDWLYH VSHDNHUV RI (QJOLVK ZLWK QR RU D YHU\ OLPLWHG FRPSH WHQF\LQ,ULVK$IHZQRQQDWLRQDOVZKRDUHDOOFRPSH WHQW VSHDNHUV RI (QJOLVK UHVLGH LQ DOO WKUHH DUHDV DQG VRPHKDYHDOVRDFKLHYHGDIOXHQF\LQ,ULVK,KDYHDOVR LQFOXGHGDVPDOOFDWHJRU\RIOHDUQHUVRI,ULVKLQWKHFDVH RI 5& ZKR KDYH DFTXLUHG D SDUWLDO IOXHQF\ LQ WKH ODQ JXDJH 7KLV FDWHJRU\ LV DOPRVW HQWLUHO\ FRPSRVHG RI DGXOW OHDUQHUV DWWHQGLQJ ODQJXDJH FRXUVHV RUJDQLVHG E\

&RPKDUFKXPDQQ5iWK&KDLUQ ,1',9,'8$/'$7$

/LQJXLVWLF&RPSHWHQFLHVLQ5&50DQG&7 )LJ EHORZ LQGLFDWHV WKH FRPSDUDWLYH OLQJXLVWLF FRPSHWHQFLHVWKDWH[LVWLQ5&50DQG&7/LQJXLVWLFDOO\

50LVDIDUOHVVFRPSOH[FRPPXQLW\WKDQWKHRWKHUWZR FRPPXQLWLHVZLWKRIWKHSHRSOHVXUYH\HGEHLQJ QDWLYHVSHDNHUV7KHRWKHUFDWHJRULHVLQ50DPRXQWWR 1HRQDW6HPLVS&RVS(QJ6S &HDWKU} 7KDLGKJ¤V QDWLYH VSHDNHU SRSXODWLRQ UHSUHVHQWV RI WKHWRWDO SRSXODWLRQ :KHQ WKLV FDWHJRU\RIVSHDNHULVFRPELQHGZLWKWKHRWKHUFDWHJRULHV LQ&7$PELOLQJ6HPLVS&RVS (QJ6SZHDUHSUHVHQWHGZLWKDPRUHFRPSOH[

FRPPXQLW\IURPDVRFLRLQJXLVWLFSHUVSHFWLYHWKDQWKH VSHDNHUFRQILJXUDWLRQVLQ50

B%=HHE@=UAP=H !:0KIA>EHEJCQ=HOLA=GANOEJ?HQ@EJCOKIASDK=NA=I>EHEJCQ=H?=J>AO=E@PKD=RAPSK K??=OEKJ=HHU IKNAJ=PERAH=JCQ=CAO†

1DA?KIIQJEPU?KKLAN=PERAKNC=JEO=PEKJEJ/

(5)

&RPSDUDEOH SHUFHQWDJHV IRU 5& SUHVHQW DQ HYHQ PRUH PL[HG DQG FRPSOH[ OLQJXLVWLF VFHQDULR ZLWK WKH WKUHHFDWHJRULHVRI1DW6S&RVSDQG (QJ6S EHLQJ RI VLPLODU SURSRUWLRQV 1HRQDW UHSUHVHQW6HPLVSDQG/HDUQHUV

/LQJXLVWLF3URILOHE\$JHIRU5gWK&KDLUQ&R0HDWK

$ GHWDLOHG GLVFXVVLRQ RI WKH GDWD RI 5&¤V OLQJXLVWLF SURILOHLVQRWIHDVLEOHZLWKLQWKHVFRSHRIWKLVSDSHUEXW WKUHHUHDGLO\UHFRJQLVDEOHVRFLROLQJXLVWLFIHDWXUHVRIWKH 5&FRPPXQLW\ FDQ EH FOHDUO\ LGHQWLILHG LQ WKH GDWD L PRQROLQJXDO (QJOLVK VSHDNHUV H[LVW LQ HYHU\ DJH FRKRUW DQG DUH DVLJQLILFDQW VHFWLRQ RI WKH RYHUDOO FRPPXQLW\

DVZHKDYHVHHQDERYHDWRIWKHVSHDNHUVVXUYH\HG LQ 5& LL ZKLOH QDWLYH VSHDNHUV RI ,ULVK DUH WKH ODUJHVW FDWHJRULHV RI VSHDNHUV RYHUDOO WKH FRPPXQLW\ KDV DQ REYLRXV GLIILFXOW\ LQ UHSURGXFLQJ WKHLU QXPEHUV LQ WKH

\RXQJHU FRKRUWV DV HYLQFHG LQ WKH ILUVW IRXU GDWD EDUV WKH FKLOGKRRGDGROHVFHQW FRKRUWV ZKHUH QDWLYH VSHDNHUV RQO\ UHSUHVHQW RI WKH WRWDO LQ WKHVH IRXU FRKRUWVLLLFRVSHDNHUVDWDUHWKHPRVWSURGXF WLYHFDWHJRU\LQWKHIRXU\RXQJHVWFRKRUWV DQG WKH GDWD IRU WKLV FDWHJRU\ HVSHFLDOO\ LQ WKH SULPDU\ DQG VHFRQ

GDU\FRKRUWVLQGLFDWHVDOHYHORILQVWLWXWLRQDOVXFFHVVRQ WKH SDUW RI WKH ,ULVKPHGLXP VFKRRO LQ WKH DUHD LQ SUR GXFLQJ ,ULVKVSHDNHUV (QJOLVKVSHDNHUV DPRXQW WR RIWKHWRWDOLQWKHIRXU\RXQJHVWFRKRUWV

)LJ 5RV 0XF5hWK &KDLUQ&HDWKU| 7KDLGKJ /LQ JXLVWLFFRPSHWHQFH

6O5RV0XF5hWK&KDLUQ&HDWKU|7KDLGKJ-H]LNRYQH NRPSHWHQFH

,QIDQWV 3ULPDU\

HGXFDWLRQ 6HFRQGOHYHO UGOHYHO 7HHQVWZHQWLHV ¤V ¤V ¤V ¤V ¤V ¤V

1DWVS

1HRQDW

6HPLVS

&RVS

/HDUQHU

(QJVS

)LJ5hWK&KDLUQ/LQJXLVWLF3URILOHE\$JH 6O5hWK&KDLUQ-H]LNRYQLSURILOJOHGHQDMH]LN

1DA:N@ HARAH† >=N NABANO PK PAAJ=CANO =J@ LAKLHA EJ PDAEN PSAJPEAO EJRKHRA@ EJ PDEN@ HARAH A@Q?=PEKJ =J@ PDA:PAAJOPSAJPEAO† >=N NALNAOAJPOPDA@=P=KBPDKOAEJPDAO=IA=CACNKQLSDK=NAJKHKJCANAJC=CA@EJBKNI=HA@Q?=PEKJ

&PEOLKOOE>HABKN?DEH@NAJHEREJCSEPDEJPDAKBBE?E=H$=AHP=?DP>KQJ@=NEAOPK=PPAJ@"JCHEODIA@EQIO?DKKHOEJPDAOQNNKQJ@EJCNACEKJ

(6)

,QIDQWV 3ULPDU\

HGXFDWLRQ 6HFRQGOHYHO UGOHYHO 7HHQVWZHQWLHV ¤V ¤V ¤V ¤V ¤V ¤V

1DW6S

1HRQDW

6HPLVS

&RVS

(QJ6S

)LJ5RV0XF/LQJXLVWLF3URILOHE\$JH 6O5RV0XF-H]LNRYQLSURILOJOHGHQDMH]LN

/LQJXLVWLF3URILOHE\$JHIRU5RV0XF&R*DOZD\

7KHGDWDIURP50¤VOLQJXLVWLFSURILOHLQGLFDWHVFOHDUO\

DPDMRUVRFLDOGLIILFXOW\DQGKLJKOLJKWVDQHPHUJLQJVR FLROLQJXLVWLF FKDOOHQJH WR WKLV SUHGRPLQDQWO\ ,ULVK VSHDNLQJFRPPXQLW\7KH50GDWDIRUWKHIRXU\RXQJHVW FRKRUWV ZRXOG VXJJHVW WKDW WKH FRPPXQLW\ KDV WR FRQ WHQG ZLWK WKH VRFLDO IDOORXW RI VLJQLILFDQW GHPRJUDSKLF GHFOLQHLQWKHDUHD$QREYLRXVQHJDWLYHVRFLROLQJXLVWLF FRQVHTXHQFHRIWKLVGHFOLQHFDQEHVHHQLQWKHGDWDIRU 50¤VLQIDQWFRKRUWZKHUHPRQROLQJXDO(QJOLVKVSHDNHUV RXWQXPEHU WKH QDWLYH VSHDNHUV RI ,ULVK LQ WKLV FRKRUW (QJ6SŸ1DW6SŸ+RZHYHUXQOLNH5&

WKHVFKRROJRLQJFDWHJRULHVLQGLFDWHWKDW50VXFFHHGVLQ GLPLQLVKLQJ (QJOLVK PRQROLQJXDOLVP FRPSOHWHO\ LQ WKH FDVH RI VFKRRO FKLOGUHQ ,Q DGGLWLRQ WR WKH VRFLRHFR QRPLFDQGGHPRJUDSKLFGLIILFXOWLHVWKH50FRPPXQLW\

QRZ VHHV LWVHOI FRQIURQWHG ZLWK PDMRU VRFLROLQJXLVWLF FKDOOHQJHVGHVSLWHQRWKDYLQJFRQFHQWUDWHGWRWKHVDPH H[WHQW DV WKH 5& FRPPXQLW\ RQ GHYHORSLQJ FRPPXQDO DQGFRRSHUDWLYHVWUXFWXUHVDQGUHVRXUFHV

/LQJXLVWLF3URILOHE\$JHIRU&HDWKUz7KDLGKJ

&R0D\R

7KHGDWDE\DJHSURILOHIRU&HDWKU}7KDLGKJLQGLFDWHV WKDWWKHFRPPXQLW\WKHUHLVDOVRH[SHULHQFLQJGHPR JUDSKLFGHFOLQHWKRXJKQRWDVVHYHUHO\DVLVWKHFDVHLQ

WKH5RV0XFFRQWH[W7KHJHQHUDOSDWWHUQLQ&7HPHUJLQJ IURPWKLVSURILOHLVWKDWWKHVRFLROLQJXLVWLFPDNHXSRIWKH FRPPXQLW\EHFRPHVPRUHPL[HGDVWKHIRFXVGHVFHQGV WKURXJKWKHYDULRXVDJHJURXSV)URPWKHILIWLHVDJH JURXSGRZQWKHQDWLYHVSHDNHUSURSRUWLRQRIHDFKDJH FRKRUWEHFRPHVOHVVVLJQLILFDQWLQUHODWLRQWRWKHFRP PXQLW\¤VVSHDNHUFRQILJXUDWLRQV:RUU\LQJO\IRUWKHVR FLROLQJXLVWLFSURVSHFWVRI&7DVDQ,ULVKVSHDNLQJFRP PXQLW\WKHQXPEHURIPRQROLQJXDO(QJOLVKVSHDNHUVLQ WKHLQIDQWFRKRUWLVWZLFHWKDWRIWKH,ULVKQDWLYHVSHDNHUV DQGWKH\VWLOORXWQXPEHUWKHQDWLYHVSHDNHUVZKHQWKH QDWLYHVSHDNHUVDUHFRPELQHGZLWKWKHDPELOLQJXDOVSH DNHUVRI,ULVK7KHFDWHJRU\RIVHPLVSHDNHULVWKHPRVW VLJQLILFDQWFDWHJRU\RIWKHIRXU\RXQJHVWDJHJURXSVLQ IDQWVŸWKLUGOHYHOVWXGHQWVDWRIWKLVVHFWLRQRIWKH FRPPXQLW\7KLVVWDWLVWLFLQGLFDWHVDVWURQJDGKHUHQFHWR WKH*DHOWDFKWKHULWDJHRI&HDWKU}7KDLGKJLQWKHOLQJXL VWLFDOO\PL[HGKRXVHKROGVEXWSURGXFWLYHXVHRI,ULVK DPRQJWKHVHPLVSHDNHUVVHHPVWREHDOPRVWH[FOXVLYHO\

UHVWULFWHGWRWKHIDPLOLDOFRQWH[WDQGWKHLQVWLWXWLRQDOVHW WLQJRIWKH,ULVKPHGLXPSULPDU\VFKRROLQWKHDUHD(YHQ IRUWKHQDWLYHVSHDNHUDQGWKHDPELOLQJXDOVSHDNHU,ULVK VSHDNLQJQHWZRUNVKDYHQRWHPHUJHGDPRQJWKH\RXQJ WRIDFLOLWDWHSURGXFWLYHXVHRI,ULVKEH\RQGWKHKRPHDQG WKHVFKRRO6LPLODUWR5&DQG50WKHVFKRROSURYLGHVWKH RQO\,ULVKVSHDNLQJGRPDLQIRUWKHYDVWPDMRULW\RI&7¤V FRVSHDNHUV7KHHYLGHQFHLQ&7VXJJHVWVWKDWGHVSLWH WKHIDPLOLDOWUDQVPLVVLRQRI,ULVKKRZHYHUPL[HGRUSDU WLDOLQWKHFDVHRIWKHVHPLVSHDNHUV WKH\ RSHUDWH LQ

(7)

,QIDQWV 3ULPDU\

HGXFDWLRQ 6HFRQGOHYHO UGOHYHO 7HHQV7ZHQWLHV V V V V V V

1DW6S

$PELOLQJ

6HPLVS

&RVS

(QJ6S

)LJ&HDWKU|7KDLGKJ/LQJXLVWLF3URILOHE\$JH 6O&HDWKU|7KDLGKJ-H]LNRYQLSURILOJOHGHQDMH]LN DVLPLODUIDVKLRQWRWKHDUHD¤VFRVSHDNHULQUHODWLRQWRWKH PDQQHULQZKLFK(QJOLVKLVHVWDEOLVKHGDVWKHODQJXDJHRI WKH VRFLDO QHWZRUNV RI WKH \RXQJ 7KH QDWLYH DQG DPELOLQJXDOVSHDNHUFDWHJRULHVDUHWRRVPDOODVDSURSRU WLRQRIWKH\RXQJHUDJHJURXSVWREHDEOHWRLQIOXHQFHWKH ODQJXDJHRIWKHLUVRFLDOQHWZRUNVHIIHFWLYHO\

7KHREYLRXVFKDOOHQJHIRUWKH*DHOWDFKWFRPPXQLW\

LQ &7 LV WR GHYLVH VRFLDO VWUDWHJLHV WR HQFRXUDJH WKH

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

DGGUHVV WKH LVVXH RI WKH ODFN RI WKH SURGXFWLYH XVH RI ,ULVKDPRQJWKH\RXQJ7KHPL[HGIDPLOLDOWUDQVPLVVLRQ SURFHVVHV FRPELQHG ZLWK VWURQJ LQVWLWXWLRQDO VXSSRUW IURPWKHSULPDU\VFKRRODUHQRWDGHTXDWHWRWKHWDVNRI SUHVHUYLQJ WKH GLVWLQFWLYH OLQJXLVWLF DVSHFWV RI &HDWKU}

7KDLGKJ*DHOWDFKWKHULWDJH

5HJLRQDO%DFNJURXQGRI6SHDNHUV6XUYH\HGLQ5&

50DQG&7

7KH IROORZLQJ ILJXUH LQGLFDWHV WKH UHJLRQDO EDFN JURXQGRIDOOWKHVSHDNHUVVXUYH\HGLQWKHWKUHHDUHDVLU UHVSHFWLYHRIOLQJXLVWLFFRPSHWHQFH7KH50GDWDLQWKLV UHJDUGLQGLFDWHVDKLJKO\KRPRJHQHRXVFRPPXQLW\ZLWK RI WKH 50 FRPPXQLW\ HLWKHU EHLQJ QDWLYHV RI 5RV 0XFRURIWKHVXUURXQGLQJ&RQDPDUDFRPPXQLW\5&LV PXFKPRUHYDULHG LQ WKLV UHJDUG 7KH GDWD KHUH IRU 5&

KHOSVWRVRPHH[WHQWWRXQUDYHOWKHOLQJXLVWLFFRPSOH[

LW\RIWKHDUHD,QWKHFDVHRIWKH5&FRPPXQLW\DVLGHQ WLILHG KHUH DUH 5& QDWLYHV RI &RQDPDUD DQFHVWU\

FDQ WUDFH WKHLU RULJLQV WR WKH (QJOLVKVSHDNLQJ 0HDWKFRPPXQLW\DQGUHVLGHQWVLQ5&RIQHLWKHU*DHO WDFKW5&QRU0HDWKRULJLQQRQORFDODPRXQWWRRI WKHFRPPXQLW\WKHUH7KHGDWDRQWKHEDFNJURXQGRIWKH

&7 FRPPXQLW\ UHVHPEOHV WKH KRPRJHQHRXV QDWXUH RI WKH50FRPPXQLW\ZLWKRIWKHSHRSOHVXUYH\HGLQ WKLVVWXG\EHLQJQDWLYHVRI&7:KHQWKLVSHUFHQWDJHLV FRPELQHG ZLWK &7 UHVLGHQWV RULJLQDOO\ IURP WKH ZLGHU ,RUUDV UHJLRQ WKH SHUFHQWDJH ULVHV WR RI WKH UHVL GHQWVKDYLQJRULJLQVLQWKHORFDOUHJLRQ+RZHYHUVLQFH 50 LV SDUW RI WKH ODUJHU ,ULVKVSHDNLQJ UHJLRQ RI &R QDPDUD&7ZRXOGEHPRUHOLQJXLVWLFDOO\LVRODWHGLQWKDW ,RUUDVLVQRZODUJHO\DQ(QJOLVKVSHDNLQJUHJLRQ

(8)

)LJ5HJLRQDO%DFNJURXQGRI6SHDNHUV 6O5HJLRQDOQRR]DGMHJRYRUFHY

+286(+2/''$7$

3URILOHRI+RXVHKROG/DQJXDJHIRU5gWK&KDLUQ :KLOH LQ RYHUDOO WHUPV ,ULVKVSHDNLQJ KRXVHKROGV DPRXQW WR RI DOO WKH KRXVHKROGV WKH SHUFHQWDJH EUHDNGRZQ IRU WKH FULWLFDO £IDPLO\¤ FDWHJRU\ IURP D VRFLROLQJXLVWLFSHUVSHFWLYHSRUWUD\VDPRUHSUREOHPDWLF VWDWLVWLFDO FRPSDULVRQ IRU 5& DV D GHVLJQDWHG ,ULVK VSHDNLQJ GLVWULFW RU DQ RIILFLDO *DHOWDFKW 7KH (QJOLVK VSHDNLQJ KRXVHKROGV RI WKH WRWDO KRXVHKROGV LQ

)LJ5hWK&KDLUQ+RXVHKROGODQJXDJH 6O5hWK&KDLUQ-H]LNJRVSRGLQMVWYD

WKLV £IDPLO\¤ FDWHJRU\ DUH IDU PRUH QXPHURXV WKDQ WKHLU ,ULVKVSHDNLQJ HTXLYDOHQWV DW RI WKH WRWDO KRXVH KROGVVXUYH\HGLQ 5& 7KH VLJQLILFDQFH RI WKH £VROH RF FXSDQF\¤FDWHJRU\WRWKHFRQILJXUDWLRQRI,ULVKVSHDNLQJ KRXVHKROGV VNHZV WKH SLFWXUH VRPHZKDW 7KHVH KRXVH KROGVDUHSUHGRPLQDQWO\PDGHXSRIHOGHUO\SHRSOHOLY LQJ DORQH 7KH ,ULVKVSHDNLQJ SHUFHQWDJH IRU WKLV FDWH JRU\ UHSUHVHQWV RI WKH WRWDO ZKLOH LV WKH HTXLYDOHQW(QJOLVKVSHDNLQJILJXUH(QJOLVKLVFOHDUO\WKH GRPLQDQW KRXVHKROG ODQJXDJH LQ 5& HVSHFLDOO\ LQ WKH FULWLFDO £IDPLO\¤ FDWHJRU\ IURP ZKLFK 5&¤V \RXQJHVW JHQHUDWLRQ LV HPHUJLQJ $SSUR[LPDWHO\ D WKLUG RI WKH FKLOGUHQ WKH ,ULVKVSHDNLQJ £IDPLO\¤ FDWHJRU\ DUH EHLQJ UDLVHGDVVHPLVSHDNHUV

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

1DA@=P=?=PACKNU:B=IEHU†BKNPDALQNLKOAOKBPDEOOPQ@UNABANOPK=JQ?HA=NB=IEHUSEPDKBBOLNEJCAJC=CA@EJ=JUKBPDAPDNAAHARAHOKB BKNI=HA@Q?=PEKJ1DA?=PACKNU:CAJAN=PEKJO†EOLNA@KIEJ=JPHU?KJOPEPQPA@KBI=PQNADKQOADKH@QJEPO?KJOEOPEJCKB=JAH@ANHUL=NAJP OD=NEJC=DKQOASEPDQJI=NNEA@I=PQNAKBBOLNEJC>QPDKQOADKH@O?KJOEOPEJCKBPDNAACAJAN=PEKJO=J@OEJCHAL=NAJPB=IEHEAO=NA=HOK EJ?HQ@A@EJPDEO?=PACKNU

(9)

PDGHLQ 5& WR IRVWHU WKH FRPPXQDO XVH RI ,ULVK +RZ HYHULWLVGLIILFXOWWRHQYLVDJH KRZ WKH HIIRUWV ZLOO EHDU IUXLW LQ D VRFLROLQJXLVWLF VHQVH LI WKH LVVXH RI WKH FRQ WLQXLQJ FRQWUDFWLRQ RI WKH IDPLO\EDVHG WUDQVPLVVLRQ LV QRWDGHTXDWHO\DGGUHVVHG

3URILOHRI+RXVHKROG/DQJXDJHIRU5RV0XF 7KHKRXVHKROGODQJXDJHGDWDIRU5RV0XFGLVSOD\VD PRUHUREXVW ,ULVKVSHDNLQJFRQILJXUDWLRQ LQFRPSDULVRQ WR 5& EXW RPLQRXVO\ WKH SUHGRPLQDQWO\ PLGGOHDJHG HOGHUO\ £VROH RFFXSDQF\¤ FDWHJRU\ Ÿ RI WKH WRWDO KRXVHKROGV DOWKRXJK HQWLUHO\ ,ULVKVSHDNLQJ FRUUH VSRQGVDOPRVWH[DFWO\LQSHUFHQWDJHWHUPVWRWKH£IDPLO\¤

FDWHJRU\ERWK,ULVKDQG(QJOLVKVSHDNLQJDWRIWKH WRWDO (QJOLVKVSHDNLQJ £IDPLOLHV¤ FRQVWLWXWH RI WKH WRWDO IRU 50 LQ FRPSDULVRQ WR WKH ,ULVKVSHDNLQJ £IDPL OLHV¤ ZKR PDNH XS RI WKH WRWDO KRXVHKROGV 'H VSLWH WKH UHODWLYHO\ ORZ SURSRUWLRQ RI (QJOLVKVSHDNLQJ KRXVHKROGV RI WKH KRXVHKROGV VXUYH\HG LQ 50 DFURVVDOOWKH FDWHJRULHV(QJOLVKVSHDNLQJ QHWZRUNV DUH QRWLFHDEO\ URRWHG LQ WKH SUHVFKRRO DQG WKH SULPDU\

OHYHO FKLOGUHQ¤V DJH JURXS 7KH HYLGHQFH KHUH LV LQGL FDWLQJ WKDW WKH 50 FRPPXQLW\ LV DW D FULWLFDO VRFLROLQ JXLVWLFVWDJHLQWKDWWKHFRQGLWLRQVIRUODQJXDJHVKLIWDUH EHLQJ HVWDEOLVKHG E\ D UHODWLYHO\ VPDOO SURSRUWLRQ RI KRXVHKROGVLQZKLFK(QJOLVKSUHGRPLQDWHV7KH(QJOLVK VSHDNLQJKRXVHKROGVLQWKHFULWLFDO£IDPLO\¤FDWHJRU\GH VSLWH EHLQJ VLJQLILFDQWO\ VPDOOHU LQ WKH FRPPXQDO FRQ WH[W WKDQ WKHLU ,ULVKVSHDNLQJ FRXQWHUSDUWV H[HUW D GLV SURSRUWLRQDWH LQIOXHQFH RQ WKH ZD\ WKH ODQJXDJH QHW ZRUNV RI WKH \RXQJ DUH HVWDEOLVKHG EHFDXVH QDWLYH VSHDNHUV RI ,ULVK EHFRPH IXQFWLRQDOO\ ELOLQJXDO DW D PXFKPRUHUDSLGUDWHWKDQWKHQDWLYHVSHDNHUVRI(QJOLVK LQWKH*DHOWDFKW,QPDQ\FDVHV*DHOWDFKWQDWLYHVSHDN HUVRI,ULVKKDYHDFTXLUHGDUHODWLYHO\FRPSHWHQWIOXHQF\

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

VRFLROLQJXLVWLFFRQVLGHUDWLRQVZRXOGVLPSO\EHDVXSHU ILFLDO UHVSRQVH WR D PXFK PRUH FRPSOH[ DQG GHHSHU SKHQRPHQRQ

3URILOHRI+RXVHKROG/DQJXDJHIRU&HDWKUz7KDLGKJ

&R0D\R

2QDVXSHUILFLDOOHYHORIDQDO\VLVWKHKRXVHKROGODQ JXDJH GDWD SRUWUD\ D UHODWLYHO\ SRVLWLYH VRFLROLQJXLVWLF SURILOH WKH ,ULVKVSHDNLQJ DQG WKH VHPLVSHDNLQJDPEL OLQJXDOKRXVHKROGVDPRXQWWRRIWKHWRWDODFURVVDOO KRXVHKROGFDWHJRULHVEXWVLPLODUWRWKHKRXVHKROGSUR ILOH LQ 50 WKH SUHGRPLQDQWO\ HOGHUO\ £VROH RFFXSDQF\¤

,ULVKVSHDNLQJ KRXVHKROGV UHSUHVHQW WKH ODUJHVW KRXVHKROG W\SH LQ &7 7KH VHPLVSHDNLQJ £IDPLO\¤

)LJ5RV0XF+RXVHKROGODQJXDJH 6O5RV0XF-H]LNJRVSRGLQMVWYD

)LJ&HDWKU|7KDLGKJ+RXVHKROGODQJXDJH 6O&HDWKU|7KDLGKJ-H]LNJRVSRGLQMVWYD

0AIEOLA=GEJCEO?KJBEJA@PKPDNAADKQOADKH@OEJPDA:B=IEHU†?=PACKNUEJ/*

OAIEOLA=GEJC?=PACKNUEO@EOLH=UA@DANABKNPDA 1DKQOADKH@H=JCQ=CA@=P=>A?=QOAKBEPOOECJEBE?=J?APKCAJAN=HOK?EKHEJCQEOPE?

LNKBEHAKBPDA=NA=0AIEOLA=GEJC?KJOPEPQPAO=IKNAI=NCEJ=H?=PACKNUEJ/ =J@AOLA?E=HHUEJ/*

(10)

KRXVHKROGVFRQVWLWXWHWKH QH[W ODUJHVW KRXVHKROG FDWHJRU\ (QJOLVKVSHDNLQJ £IDPLO\¤ KRXVHKROGV FRQVWL WXWH WKH WKLUG ODUJHVW KRXVHKROG FDWHJRU\ ZLWK RQO\ RI WKH KRXVHKROGV EHORQJLQJ WR WKH ,ULVK VSHDNLQJ£IDPLO\¤FDWHJRU\7KH(QJOLVKVSHDNLQJ£IDPLO\¤

KRXVHKROGVFRUUHVSRQGWRRIWKH£IDPLO\¤FDWHJRU\

7KHVH SHUFHQWDJH FRPSDULVRQV LQGLFDWH WKDW WKH QRQ LQVWLWXWLRQDOXVHRI,ULVKLQ&7LVLQJHQHUDOOLPLWHGWRWKH PLGGOHDJHGDQG HOGHUO\ SRSXODWLRQ FRKRUWV DQG WR WKH IDPLO\EDVHGVHPLVSHDNLQJFRQWH[WVDPRQJWKH\RXQJ

&21&/86,216

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¤V SURILOHLQGLFDWHVDPLQRULW\ODQJXDJHFRPPXQLW\ZKHUH ,ULVKVSHDNLQJQHWZRUNVDUHDOPRVWH[FOXVLYHO\UHVWULFWHG WRWKHPLGGOHDJHGDQGHOGHUO\DJHFRKRUWV7KHXVHRI ,ULVKDPRQJWKH\RXQJHUDJHFRKRUWVLQ&7LVPDQLIHVWHG LQ QRQFRPPXQDO FRQWH[WV VXFK DV WKH LQVWLWXWLRQDO VFKRROVHWWLQJRUOLPLWHGWRXVHLQWKHKRPHPDLQO\LQD PL[HG VHPLVSHDNLQJ FRQWH[W 5&¤V SURILOH SRUWUD\V D VLPLODU FRQWUDVW EHWZHHQ ODQJXDJH XVH SDWWHUQV LQ WKH

\RXQJHUDQGROGHUDJHFRKRUWV EXW LW DOVR LQGLFDWHV DQ HYHQPRUHVLJQLILFDQWLQVWLWXWLRQDOLVHGDVSHFWWRWKHXVH RI,ULVKDPRQJWKH\RXQJLQWKDWFRVSHDNHUVDUHE\IDU WKHPRVWQXPHURXVVSHDNHUFDWHJRU\DPRQJWKH\RXQJHU DJHFRKRUWV

7KHVH ODQJXDJH SURILOHVDQG WKH FRPSDUDWLYHO\ KLJK OHYHOVRIOLQJXLVWLFDELOLW\LQ,ULVKLQWKHVHWKUHHFRPPX QLWLHVSRVHWKHTXHVWLRQZK\LVWKHXVHRI,ULVKLQWKHVH FRPPXQLWLHVEHFRPLQJDPDUJLQDOHQGHDYRXU"7KHGDWD KHUHVXJJHVWWKDWPLQRULW\ODQJXDJHFRPPXQLWLHVUHTXLUH DYHU\KLJKOHYHORIIDPLO\EDVHGODQJXDJHWUDQVPLVVLRQ LQ D SDUWLFXODU ORFDOLW\ LQ RUGHU WR ZLWKVWDQG WKH VR FLROLQJXLVWLF SUHVVXUHV WKH PDMRULW\ ODQJXDJH VSHDNHUV H[HUW RQ WKH VRFLDO QHWZRUNV ([WUDSRODWLQJ IURP WKH

*DHOWDFKWFRQWH[WPLQRULWLVHGODQJXDJHVFOHDUO\H[KLELW H[WUHPHIUDJLOLW\ZKHQLQFRQWDFWZLWKWKHPDMRULW\ODQ JXDJH (YHQ ORZ OHYHOV RI VRFLDO LQWHJUDWLRQ RI WKH PD MRULW\ ODQJXDJH HVSHFLDOO\ LQ IDPLO\EDVHG WUDQVPLVVLRQ LQ D JLYHQ DUHD FDQ GLVSURSRUWLRQDWHO\VXSSRUW WKH IRU

PDWLRQRIPDMRULW\ODQJXDJHQHWZRUNV(QJOLVKVSHDNLQJ QHWZRUNV LQ WKH FDVH RI WKH *DHOWDFKW ,Q RWKHU ZRUGV IRU PLQRULW\ODQJXDJH FRPPXQLWLHV WR PDLQWDLQ WKHLU VRFLROLQJXLVWLFQHWZRUNVDFURVVWKHIXOOVSHFWUXPRIDJH FRKRUWV WKH\ UHTXLUH D FRQFHQWUDWHG OHYHO RI IDPLO\

EDVHGWUDQVPLVVLRQ(IIRUWVWRLQWHJUDWHPDMRULW\PLQRULW\

ODQJXDJHV DW FRPPXQLW\ OHYHO DSSHDU WR EH FRXQWHU SURGXFWLYH WRZDUGV WKH PDLQWHQDQFH RI WKH PLQRULW\

ODQJXDJH QHWZRUNV ,Q VXFK D PL[HG FRQWH[W WKH PD MRULW\ ODQJXDJH WHQGV WR GRPLQDWH LQ WKH IRUPDWLRQ RI OLQJXLVWLFQHWZRUNV3XWVLPSO\WKHHPHUJHQFHRIPDMR ULW\ODQJXDJH VRFLDO QHWZRUNV LQ D PLQRULW\ODQJXDJH GLVWULFW SURJUHVVHV LQ D IDVKLRQ FRQVLVWHQW ZLWK WKH FR ORQLVLQJG\QDPLFDVPDOOIRRWKROGRIPDMRULW\ODQJXDJH IDPLO\EDVHG ODQJXDJH WUDQVPLVVLRQ LQ DQ DUHD FDQ UDSLGO\WUDQVIRUPWKHODQJXDJHG\QDPLFVRIWKH\RXQJ

$V WKH VRFLDO PDUJLQDOLVDWLRQ RI WKH PLQRULW\ ODQ JXDJHLQFUHDVHVWKHFRPPXQLW\UDSLGO\DUULYHVDWDVR FLROLQJXLVWLF ZDWHUVKHG ZKHUH WKH FRPPXQDO OLQN EH WZHHQ WKH XVH RI WKH ODQJXDJH LQ WKH KRPH DQG LQ WKH FRPPXQLW\LVEURNHQ,QWKLVFRQWH[WWKHFLUFXPVWDQFHV IRU WKH VRFLDOLVDWLRQ RI WKH PLQRULW\ ODQJXDJH LQ WKH FRPPXQLW\EHFRPHVUHFHVVLYHIRUWKRVHZKRKDYHEHHQ VRFLDOLVHG LQ WKH PLQRULW\ ODQJXDJH LQ WKH KRPH ZLWK WKHPLQRULW\ODQJXDJHQRORQJHUSRVVHVVLQJWKHFRPPX QDO PHFKDQLVP WR VRFLDOLVH WKH DUHD¤V SRSXODWLRQ WKURXJKWKHPHGLXPRIWKHLUKLVWRULFDOODQJXDJH

7KH LQWHJUDWLRQ RI WKH PDMRULW\ ODQJXDJH LQ WKHVH

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

ODQJXDJHVSHDNHUQHWZRUNV7KHFKDOOHQJHIRUWKHWKUHH

*DHOWDFKWFRPPXQLWLHVVWXGLHGKHUHLVWRFUHDWHWKHVR FLROLQJXLVWLF FRQGLWLRQV LQ ZKLFK WKH UHVRFLDOLVDWLRQ RI ,ULVKFDQRFFXU

(11)

5$=12/,.267*2925&(990$1-É,1-6.29(à,16.(0-(=,.291(0.217(.678

&RQFK{U·*,2//$*°,1

1DFLRQDOQDXQLYHU]D,UVNHY*DOZD\X8QLYHUVLW\5RDG*DOZD\,UHODQG HPDLOFRQFKXURJLROODJDLQ#QXLJDOZD\LH

329=(7(.

9SULVSHYNXMHSUHGVWDYOMHQSRVNXVUD]YRMDDQDOLWLßQHJDRNYLUDVSRPRßMRNDWHUHJDELODKNREROMHUD]XPHOLPH KDQL]PHNLSRGSLUDMRUD]QROLNRVWWLSRYJRYRUFHYYNRQWHNVWXPDQMÈLQMVNHJDMH]LND1DßLQLQDNDWHUHWLUD]OLßQLWLSL JRYRUFHYLQWHUDJLUDMR]ODVWQRVNXSQRVWMRLQ]YHßLQVNRMH]LNRYQRVNXSQRVWMRQDND]XMHMR SRWUHER SR YHßSODVWQHP SULVWRSX N ]DGHYDP NL VH WLßHMR MH]LNRYQHJD QDßUWRYDQMD ÇWXGLMD SUHGVWDYOMD DQDOL]R UD]QROLNRVWL JRYRUFHY NL VH SRMDYOMDMRQDWUHKLUVNRJRYRUHßLKREPRßMLKDOL*DHOWDFKW5RV0XFY&RQDPDULYJURILML*DOZD\&HDWKU{7KDLGKJ YJURILML0D\RLQ5hWK&KDLUQYJURILML0HDWKWHUSRQXMDRFHQRRYSOLYXWHUD]QROLNRVWLQDUD]OLßQDMH]LNRYQDRPUHÊMD YGRWLßQLKVNXSQRVWLKLQSUHNRQMLKQDYLWDOQRVWLUÈßLQHNRWVNXSQHJDMH]LND

7ULVNXSQRVWLL]ND]XMHMRUD]OLßQHY]RUFHYRGQRVXGRSUREOHPRYNL]DGHYDMRELOLQJXDOQLVRFLROLQJYLVWLßQLNRQ WDNW LQ UD]OLßQH VSUHPHQOMLYH YLGLNH VRFLDOQRNXOWXUQH NUKNRVWL LQ MH]LNRYQH RJURÊHQRVWL ,]VOHGNL SULßXMRßH ÈWXGLMH QDND]XMHMRGDEROMNRW MH GLQDPLND VWLNRY UD]QROLND LQNRPSOHNVQD PDQM YLWDOQD ER VRFLROLQJYLVWLßQD SRGODJD ]D XSRUDERPDQMÈLQMVNHJDMH]LNDYVNXSQRVWLYSULPHUX*DHOWDFKWWRUHMXSRUDEDLUÈßLQH3ULPHUMDOQLSULVWRSRVYHWOMXMH NRUHODFLMR PHG YLVRNR UDYQLMR SUHQRVD PDQMÈLQVNHJD MH]LND ]QRWUDM GUXÊLQH LQ YLWDOQRVWMR PDQMÈLQMVNHJD MH]LND Y UD]OLßQLKVRFLDOQLKRPUHÊMLKYVNXSQRVWL'RGDWQLL]VOHGNLÈWXGLMHQDND]XMHMRGD]QDUDÈßDQMHPUD]QROLNRVWLNDWHJRULM JRYRUFHYXSRUDEDPDQMÈLQMVNHJDMH]LNDYVNXSQRVWLQDJLEDNLQVWLWXFLRQDOL]DFLMLQDSULPHUNXSRUDELYÈRODK

,]VOHGNL WH ÈWXGLMH RVYHWOMXMHMR ]DQLPLY SRMDY NL EL PX ODKNR UHNOL VRFLROLQJYLVWLßQL SDUDGRNV VNXSQRVW 5hWK

&KDLUQ NMHU Y SUL]DGHYDQMD ]D RKUDQMDQMH MH]LND YODJDMR QDMYHß QDSRURY LQ NMHU MH R]DYHÈßHQRVW JOHGH MH]LNRYQH SROLWLNHLQOLQJYLVWLßQHLGHRORJLMHPHGSUHGVWDYQLNLVNXSQRVWLQDMYHßMDMHYVRFLROLQJYLVWLßQHPR]LUXPDQMXVSHÈQD NRWVNXSQRVW5RV0XFNMHUVHSUDYQDVSURWQRVRRßDMR]YHßMLPLVRFLDOQRHNRQRPVNLPLL]]LYLNRWYVNXSQRVWL5hWK

&KDLUQ 1DGDOMH VNXSQRVW &HDWKU{ 7KDLGKJ ] R]LURP QD YLWDOQRVW L]ND]XMH GUXJDßQH SUREOHPH NRW GUXJL GYH RE PRßML =D UD]PHURPD XJRGQLP GUXÊEHQRJRVSRGDUVNLP SURILORP *DHOWDFKW 5hWK &KDLUQ WD VNXSQRVW VNULYD YHßMH WHÊDYHSRYH]DQH]GUXÊEHQRNUKNRVWMRLQMH]LNRYQRRJURÊHQRVWMR9QDVSURWMXVWHPVH]GL]DVWDUHORVWMH]LNDVND WHURVHVRRßDMRYVNXSQRVWLK5RV0XFLQ&HWKU{7KDLGJKQDSUYLSRJOHGVLFHUPDQMUHVQDDMHSUHSOHWHQDLQSULNULWD ]QHßLPNDUELODKNRUD]XPHOLNRWEROMSHUHßLSUREOHPLVRFLDOQRHNRQRPVNHJD]DRVWDQNDLQREUREQRVWL3ULßXMRßL UD]LVNRYDOQL SURMHNW QDND]XMH GD QDßUWRYDQMH MH]LNRYQLK LQWHUYHQFLM QD LQVWLWXFLRQDOQL UDYQL QH ]DJRWDYOMD PHKD QL]PDNLEL RGWHKWDOÈLENRVW SUL SUHQDÈDQMX PDQMÈLQMVNHJD MH]LND Y GRPDßHP RNROMX LQ QHY]SRVWDYOMD GUXÊEHQLK UD]PHU]DQMHJRYRXSRUDERYVNXSQRVWL

.OMXÞQHEHVHGHMH]LNRYQDGLQDPLNDOLQJYLVWLáQDRPUHÌMDJRYRUQHVNXSQRVWLUD]QROLNRVWWLSRYJRYRUFHYLQWHUDNFLMD JRYRUFHYPDQMÊLQVNRYHáLQVNDVRFLROLQJYLVWLáQDLQWHUDNFLMDMH]LNRYQLNRQWDNWOLQJYLVWLáQDDQWURSRORJLMD

$%%5(9,$7,216 1DW6S 1DWLYH6SHDNHU 1HRQDW 1HRQDWLYH6SHDNHU

$PELOLQJ $PELOLQJXDO6SHDNHU 6HPLVS 6HPLVSHDNHU

&RVS &RVSHDNHU (QJ6S (QJOLVK6SHDNHU

*DHOW *DHOWDFKW,ULVKVSHDNLQJ'LVWULFWV

1RQO 1RQORFDO

1RQO,QWHUQDW 1RQORFDO,QWHUQDWLRQDO 1RQO 2IIVSULQJRI1RQORFDO

&7 &HDWKU}7KDLGKJ&R0D\R 5& 5iWK&KDLUQ&R0HDWK

50 5RV0XF&R*DOZD\

%,%/,2*5$3+<

%DNHU&3U\V-RQHV6(QF\FORSHGLDRI%LOLQ JXDOLVP DQG %LOLQJXDOLVP (GXFDWLRQ &OHYHGRQ 0XOWL OLQJXDO0DWWHUV

&RPPLQV 3 6RFLRHFRQRPLF GHYHORSPHQW DQG ODQJXDJH PDLQWHQDQFH LQ WKH *DHOWDFKW 7KH ,QWHUQD WLRQDO-RXUQDORIWKH6RFLRORJ\RI/DQJXDJH%HUOLQŸ

1HZ<RUNŸ

&RVWLJDQ%¶&XUUDRLQ6'H*KODVFKQRLFDQ 2LOHiLQ%HDWKDDJXV6DRWKDU0KiLUWtQ8t&KDGKDLQ&Ox ,DU&KRQQDFKWD,QGUHDEKiQ&R*DOZD\

'DYLHV$7KH1DWLYH6SHDNHU0\WKDQG5HDO LW\&OHYHGRQ0XOWLOLQJXDO0DWWHUV

(12)

'RULDQ1/DQJXDJH'HDWK7KH/LIH&\FOHRID 6FRWWLVK *DHOLF 'LDOHFW 3KLODGHOSKLD 8QLYHUVLW\ RI 3HQQV\OYDQLD3UHVV

(GZDUGV-0XOWLOLQJXDOLVP2[IRUG5RXWOHGJH )LVKPDQ-$5HYHUVLQJ/DQJXDJH6KLIW&OHYH GRQ0XOWLOLQJXDO0DWWHUV

+DOOLGD\ 0 $ . 0F,QWRVK $ 6WUHYHQV 3 7KH 8VHUV DQG 8VHV RI /DQJXDJH ,Q )LVKPDQ - HG 5HDGLQJV LQ WKH 6RFLRORJ\ RI /DQJXDJH 7KH +DJXH 0RXWRQŸ

+LQGOH\ 5 7KH 'HDWK RI WKH ,ULVK /DQJXDJH /RQGRQ5RXWOHGJH

.LUN-¶%DRLOO3HGV/DQJXDJH/LWHUDWXUH DQG 6RFLROLQJXLVWLFV 1RUWKHUQ ,UHODQG WKH 5HSXEOLF RI ,UHODQG DQG 6FRWODQG %HOIDVW 6WXGLHV LQ /DQJXDJH

&XOWXUH DQG 3ROLWLFV %HOIDVW &Ox 2OOVFRLO QD %DQ UtRQD

0DF 'RQQFKD 3 5iWK &DLUQ OH EOLDQWD EHDJD DQXDV ,Q ¹ &RQJKDLOH 0 *DHOWDFKW 5iWK &DLUQ &R

*DOZD\&Ox,DU&KRQQDFKWD,QGUHDEKiQŸ

0DUWLQ-RQHV 0 5RPDLQH 6 6HPLOLQJXDOLVP

$ +DOI%DNHG 7KHRU\ RI &RPPXQLFDWLYH &RPSHWHQFH

$SSOLHG/LQJXLVWLFV2[IRUGŸ

¶ &LRVgLQ d $Q WeLUHDQQDFK 'XEOLQ $Q

&OxFKRPKDU

¶&RQJKDLOH0HG*DHOWDFKW5iWK&DLUQ&R

*DOZD\&Ox,DU&KRQQDFKWD,QGUHDEKiQ

¶ *LROODJgLQ & HG ¹Q 0iLPtQ JR 5iWK

&KDLUQ6WDLUVKHDQFKDV0KLFLO&KRQUDt&R*DOZD\&Ox ,DU&KRQQDFKWD,QGUHDEKiQ

¶ *LROODJgLQ & 6FDJDGK DU UDQQ} FDLQWHRLUt FRPKDLPVHDUWKD *DHOWDFKWD JQpLWKH G¤DQWUDLSHRODtRFKW WHDQJHRODtRFKWDSKREDO5iWK&DLUQ7KH,ULVK-RXUQDORI

$QWKURSRORJ\0D\QRRWK7KH1DWLRQDO8QLYHUVLW\RI ,UHODQGŸ

¶ *LROODJgLQ & *QpLWKH G¤DQWUDLSHRODtRFKW WKHDQJHRODtRFK SKREDO 5RV 0XF &R QD *DLOOLPKH ,Q .LUN-¹%DRLOO3(GV/HJLVODWLRQ/LWHUDWXUHDQG6R FLROLQJXLVWLFV1RUWKHUQ,UHODQG WKH 5HSXEOLF RI ,UHODQG DQG 6FRWODQG %HOIDVW 6WXGLHV LQ /DQJXDJH &XOWXUH DQG 3ROLWLFV%HOIDVW&Ox2OOVFRLOQD%DQUtRQDŸ

¶*LROODJgLQ&0DF'RQQDFKD61q6KmDJKGKD$

1q &KXDOgLQ ) 2¡%ULHQ 0 6WDLGpDU &XLP VLWKHDFK 7HDQJHRODtRFK DU ¼ViLG QD *DHLOJH VD *KDHO WDFKW7XDUDVFiLO&KUtRFKQDLWKHDFK&RPSUHKHQVLYH/LQ JXLVWLF6WXG\ RI WKH 8VH RI ,ULVK LQ WKH *DHOWDFKW )LQDO 5HSRUW'XEOLQ7KH6WDWLRQHU\2IILFH

¶ 5LDJgLQ 3 /DQJXDJH 3ROLF\ DQG 6RFLDO 5H SURGXFWLRQ,UHODQGŸ2[IRUG2[IRUG8QLYHU VLW\3UHVV

5RPDLQH6>@%LOLQJXDOLVP2[IRUG%ODFN ZHOO5RPDLQH6>@/DQJXDJHLQ6RFLHW\$Q,Q WURGXFWLRQWR6RFLROLQJXLVWLFV2[IRUG2[IRUG8QLYHUVLW\

3UHVV

6NXWQDEE.DQJDV7%LOLQJXDORU1RW7KH(GX FDWLRQRI0LQRULWLHV&OHYHGRQ0XOWLOLQJXDO0DWWHUV 6WHQVRQ 1 /DQJXDJH 5HSRUW 5iWK &DLUQ 7KH

<RXQJHVW*DHOWDFKWeLUH,UHODQG'XEOLQŸ

Reference

POVEZANI DOKUMENTI

7KLVDUWLFOHLQWHQGVWRSUHVHQWVRPHPLFURWRSRQ\PVILHOGVDQGSDVWXUHVRIÇLÈDQRQHRIWKHYLOODJHVZKHUHLWLV VWLOO SRVVLEOH WR KHDU WKH ORFDO DQFLHQW ,VWULRW GLDOHFW SUHVHUYHG RQO\ LQ WKH 6RXWK RI

,Q WKH IXUWKHU WH[W DFFRUGLQJ WR P\ RZQ VHOHFWLRQ , VKDOO FLWH FHUWDLQ LPSRUWDQW DUFKLYDO GDWD ZKLFK LOOXVWUDWH WKH VLJQLILFDQFH RI 9HQLFH DV D SODFH VHW LQ D

7KHUHIRUHLWZDV.RSHULQFRPSDULVRQZLWK3LUDQWR SD\DYHU\KLJKSULFHIRU LWV VWDWXV RI FDSLWDO $OWKRXJK VRPH EXGJHWDU\ PHDQV IURP WKH UHYHQXH RIILFH IORZHG LQWR WKH .RSHU FRPPXQDO WUHDVXU\

3UHXßHYDQMHXJOHGDLPLGÊDLQLGHQWLWHWHSRGMHWLMVHMHNRWVDPRVWRMQRUD]LVNRYDOQRSRGURßMHL]REOLNRYDORÈHOHY ]DGQMHP GHVHWOHWMX 3R GRVHGDQMLK L]VOHGNLK XJOHG SRGMHWLM QLPD HQRYLWHJD R]DGMD

7UDQVLWLRQ PHWDO FRPSOH[HV DUH RQH RI WKH PRVW VWXGLHG PDWHULDOV IRU DQDO\VLV RI PDJ QHWRVWUXFWXUDO FRUUHODWLRQV GXH WR WKHLU UHODWLYHO\ VLPSOH PDJQHWLF VWUXFWXUH ZLWK RQO\ IHZ

WLYHO\ 7KH + DQG + K\GURJHQ DWRPV RI 2 + DQG 2 + K\GUR[\O JURXSV DUH VLWXDWHG LQ FKDQQHO ZKLOH LQ FKDQQHO WKH XQFRRUGLQDWHG ZDWHU PROHFXOH + 2 DW KDOI RFFXSLHG e VSHFLDO SRVLWLRQV

Hoivever, this is merely one side ofthe battle they have started; the other concerns their relation to the institution, because atleast in this country the very modus operandi

Če smo lahko na eni strani ponosni, da se povečujejo količine zbrane odpadne embalaže, na drugi strani žal to tudi pomeni, da se v rumenih vrečah in zabojnikih pojavlja vse