+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW

+RPH 'RFXPHQWV ,Q)RFXV ,Q)RFXV$UWLFOH

+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW
$XJXVW
+LVWRU\
7KH1RQ$OLJQHG0RYHPHQW1$0ZDVFUHDWHGDQGIRXQGHGGXULQJWKHFROODSVHRIWKHFRORQLDOV\VWHPDQGWKHLQGHSHQGHQFH
VWUXJJOHVRIWKHSHRSOHVRI$IULFD$VLD/DWLQ$PHULFDDQGRWKHUUHJLRQVRIWKHZRUOGDQGDWWKHKHLJKWRIWKH&ROG:DU'XULQJ
WKHHDUO\GD\VRIWKH0RYHPHQWLWVDFWLRQVZHUHDNH\IDFWRULQWKHGHFRORQL]DWLRQSURFHVVZKLFKOHGODWHUWRWKHDWWDLQPHQWRI
IUHHGRPDQGLQGHSHQGHQFHE\PDQ\FRXQWULHVDQGSHRSOHVDQGWRWKHIRXQGLQJRIWHQVRIQHZVRYHUHLJQ6WDWHV7KURXJKRXWLWV
KLVWRU\WKH0RYHPHQWRI1RQ$OLJQHG&RXQWULHVKDVSOD\HGDIXQGDPHQWDOUROHLQWKHSUHVHUYDWLRQRIZRUOGSHDFHDQGVHFXULW\
:KLOHVRPHPHHWLQJVZLWKDWKLUGZRUOGSHUVSHFWLYHZHUHKHOGEHIRUHKLVWRULDQVFRQVLGHUWKDWWKH%DQGXQJ$VLDQ$IULFDQ
&RQIHUHQFH LV WKH PRVW LPPHGLDWH DQWHFHGHQW WR WKH FUHDWLRQ RI WKH 1RQ$OLJQHG 0RYHPHQW 7KLV &RQIHUHQFH ZDV KHOG LQ
%DQGXQJRQ$SULODQGJDWKHUHG+HDGVRI6WDWHVEHORQJLQJWRWKHILUVWSRVWFRORQLDOJHQHUDWLRQRIOHDGHUVIURP
WKH WZR FRQWLQHQWV ZLWK WKH DLP RI LGHQWLI\LQJ DQG DVVHVVLQJ ZRUOG LVVXHV DW WKH WLPH DQG SXUVXLQJ RXW MRLQW SROLFLHV LQ
LQWHUQDWLRQDOUHODWLRQV
7KH SULQFLSOHV WKDW ZRXOG JRYHUQ UHODWLRQV DPRQJ ODUJH DQG VPDOO QDWLRQV NQRZQ DV WKH 7HQ 3ULQFLSOHV RI %DQGXQJ ZHUH
SURFODLPHG DW WKDW &RQIHUHQFH 6XFK SULQFLSOHV ZHUH DGRSWHG ODWHU DV WKH PDLQ JRDOV DQG REMHFWLYHV RI WKH SROLF\ RI QRQ
DOLJQPHQW7KHIXOILOOPHQWRIWKRVHSULQFLSOHVEHFDPHWKHHVVHQWLDOFULWHULRQIRU1RQ$OLJQHG0RYHPHQWPHPEHUVKLSLWLVZKDW
ZDVNQRZQDVWKHTXLQWHVVHQFHRIWKH0RYHPHQWXQWLOWKHHDUO\V
,QLQWKHOLJKWRIWKHUHVXOWVDFKLHYHGLQ%DQGXQJWKHFUHDWLRQRIWKH0RYHPHQWRI1RQ$OLJQHG&RXQWULHVZDVJLYHQD
GHFLVLYHERRVWGXULQJWKH)LIWHHQWK2UGLQDU\6HVVLRQRIWKH8QLWHG1DWLRQV*HQHUDO$VVHPEO\GXULQJZKLFKQHZ$IULFDQDQG
$VLDQFRXQWULHVZHUHDGPLWWHG$NH\UROHZDVSOD\HGLQWKLVSURFHVVE\WKHWKHQ+HDGVRI6WDWHDQG*RYHUQPHQW*DPDO$EGHO
1DVVHURI(J\SW.ZDPH1NUXPDKRI*KDQD6KUL-DZDKDUODO1HKUXRI,QGLD$KPHG6XNDUQRRI,QGRQHVLDDQG-RVLS%UR]7LWR
RI<XJRVODYLDZKRODWHUEHFDPHWKHIRXQGLQJIDWKHUVRIWKHPRYHPHQWDQGLWVHPEOHPDWLFOHDGHUV
6L[ \HDUV DIWHU %DQGXQJ WKH 0RYHPHQW RI 1RQ$OLJQHG &RXQWULHV ZDV IRXQGHG RQ D ZLGHU JHRJUDSKLFDO EDVLV DW WKH )LUVW
6XPPLW &RQIHUHQFH RI %HOJUDGH ZKLFK ZDV KHOG RQ 6HSWHPEHU   7KH &RQIHUHQFH ZDV DWWHQGHG E\  FRXQWULHV
$IJKDQLVWDQ $OJHULD <HPHQ 0\DQPDU &DPERGLD 6ULODQND &RQJR &XED &\SUXV (J\SW (WKLRSLD *KDQD *XLQHD ,QGLD
,QGRQHVLD,UDT/HEDQRQ0DOL0RURFFR1HSDO6DXGL$UDELD6RPDOLD6XGDQ6\ULD7XQLVLD<XJRVODYLD
7KH )RXQGHUV RI 1$0 KDYH SUHIHUUHG WR GHFODUH LW DV D PRYHPHQW EXW QRW DQ RUJDQL]DWLRQ LQ RUGHU WR DYRLG EXUHDXFUDWLF
LPSOLFDWLRQVRIWKHODWWHU
7KH PHPEHUVKLS FULWHULD IRUPXODWHG GXULQJ WKH 3UHSDUDWRU\ &RQIHUHQFH WR WKH %HOJUDGH 6XPPLW &DLUR  VKRZ WKDW WKH
0RYHPHQWZDVQRWFRQFHLYHGWRSOD\DSDVVLYHUROHLQLQWHUQDWLRQDOSROLWLFVEXWWRIRUPXODWHLWVRZQSRVLWLRQVLQDQLQGHSHQGHQW
PDQQHUVRDVWRUHIOHFWWKHLQWHUHVWVRILWVPHPEHUV
KWWSPHDJRYLQLQIRFXVDUWLFOHKWP"+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW





+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW

7KXVWKHSULPDU\RIREMHFWLYHVRIWKHQRQDOLJQHGFRXQWULHVIRFXVHGRQWKHVXSSRUWRIVHOIGHWHUPLQDWLRQQDWLRQDOLQGHSHQGHQFH
DQGWKHVRYHUHLJQW\DQGWHUULWRULDOLQWHJULW\RI6WDWHVRSSRVLWLRQWRDSDUWKHLGQRQDGKHUHQFHWRPXOWLODWHUDOPLOLWDU\SDFWVDQGWKH
LQGHSHQGHQFHRIQRQDOLJQHGFRXQWULHVIURPJUHDWSRZHURUEORFNLQIOXHQFHVDQGULYDOULHVWKHVWUXJJOHDJDLQVWLPSHULDOLVPLQDOO
LWV IRUPV DQG PDQLIHVWDWLRQV WKH VWUXJJOH DJDLQVW FRORQLDOLVP QHRFRORQLDOLVP UDFLVP IRUHLJQ RFFXSDWLRQ DQG GRPLQDWLRQ
GLVDUPDPHQWQRQLQWHUIHUHQFHLQWRWKHLQWHUQDODIIDLUVRI6WDWHVDQGSHDFHIXOFRH[LVWHQFHDPRQJDOOQDWLRQVUHMHFWLRQRIWKHXVH
RUWKUHDWRIXVHRIIRUFHLQLQWHUQDWLRQDOUHODWLRQVWKHVWUHQJWKHQLQJRIWKH8QLWHG1DWLRQVWKHGHPRFUDWL]DWLRQRILQWHUQDWLRQDO
UHODWLRQV VRFLRHFRQRPLF GHYHORSPHQW DQG WKH UHVWUXFWXULQJ RI WKH LQWHUQDWLRQDO HFRQRPLF V\VWHP DV ZHOO DV LQWHUQDWLRQDO
FRRSHUDWLRQRQDQHTXDOIRRWLQJ
6LQFH LWV LQFHSWLRQ WKH 0RYHPHQW RI 1RQ$OLJQHG &RXQWULHV KDV ZDJHG D FHDVHOHVV EDWWOH WR HQVXUH WKDW SHRSOHV EHLQJ
RSSUHVVHGE\IRUHLJQRFFXSDWLRQDQGGRPLQDWLRQFDQH[HUFLVHWKHLULQDOLHQDEOHULJKWWRVHOIGHWHUPLQDWLRQDQGLQGHSHQGHQFH
'XULQJWKHVDQGVWKH0RYHPHQWRI1RQ$OLJQHG&RXQWULHVSOD\HGDNH\UROHLQWKHVWUXJJOHIRUWKHHVWDEOLVKPHQWRI
DQHZLQWHUQDWLRQDOHFRQRPLFRUGHUWKDWDOORZHGDOOWKHSHRSOHVRIWKHZRUOGWRPDNHXVHRIWKHLUZHDOWKDQGQDWXUDOUHVRXUFHV
DQGSURYLGHGDZLGHSODWIRUPIRUDIXQGDPHQWDOFKDQJHLQLQWHUQDWLRQDOHFRQRPLFUHODWLRQVDQGWKHHFRQRPLFHPDQFLSDWLRQRI
WKHFRXQWULHVRIWKH6RXWK
'XULQJLWVQHDUO\\HDUVRIH[LVWHQFHWKH0RYHPHQWRI1RQ$OLJQHG&RXQWULHVKDVJDWKHUHGDJURZLQJQXPEHURI6WDWHVDQG
OLEHUDWLRQ PRYHPHQWV ZKLFK LQ VSLWH RI WKHLU LGHRORJLFDO SROLWLFDO HFRQRPLF VRFLDO DQG FXOWXUDO GLYHUVLW\ KDYH DFFHSWHG LWV
IRXQGLQJSULQFLSOHVDQGSULPDU\REMHFWLYHVDQGVKRZQWKHLUUHDGLQHVVWRUHDOL]HWKHP+LVWRULFDOO\WKHQRQDOLJQHGFRXQWULHV
KDYHVKRZQWKHLUDELOLW\WRRYHUFRPHWKHLUGLIIHUHQFHVDQGIRXQGDFRPPRQJURXQGIRUDFWLRQWKDWOHDGVWRPXWXDOFRRSHUDWLRQ
DQGWKHXSKROGLQJRIWKHLUVKDUHGYDOXHV
7KHWHQSULQFLSOHVRI%DQGXQJ
 5HVSHFWRIIXQGDPHQWDOKXPDQULJKWVDQGRIWKHREMHFWLYHVDQGSULQFLSOHVRIWKH&KDUWHURIWKH8QLWHG1DWLRQV
 5HVSHFWRIWKHVRYHUHLJQW\DQGWHUULWRULDOLQWHJULW\RIDOOQDWLRQV
 5HFRJQLWLRQRIWKHHTXDOLW\DPRQJDOOUDFHVDQGRIWKHHTXDOLW\DPRQJDOOQDWLRQVERWKODUJHDQGVPDOO
 1RQLQWHUYHQWLRQRUQRQLQWHUIHUHQFHLQWRWKHLQWHUQDODIIDLUVRIDQRWKHUFRXQWU\
 5HVSHFWRIWKHULJKWRIHYHU\QDWLRQWRGHIHQGLWVHOIHLWKHULQGLYLGXDOO\RUFROOHFWLYHO\LQFRQIRUPLW\ZLWKWKH&KDUWHURIWKH
8QLWHG1DWLRQV
 $1RQXVHRIFROOHFWLYHGHIHQVHSDFWVWREHQHILWWKHVSHFLILFLQWHUHVWVRIDQ\RIWKHJUHDWSRZHUV
%1RQXVHRISUHVVXUHVE\DQ\FRXQWU\DJDLQVWRWKHUFRXQWULHV
 5HIUDLQLQJIURPFDUU\LQJRXWRUWKUHDWHQLQJWRFDUU\RXWDJJUHVVLRQRUIURPXVLQJIRUFHDJDLQVWWKHWHUULWRULDOLQWHJULW\RU
SROLWLFDOLQGHSHQGHQFHRIDQ\FRXQWU\
 3HDFHIXOVROXWLRQRIDOOLQWHUQDWLRQDOFRQIOLFWVLQFRQIRUPLW\ZLWKWKH&KDUWHURIWKH8QLWHG1DWLRQV
 3URPRWLRQRIPXWXDOLQWHUHVWVDQGRIFRRSHUDWLRQ
 5HVSHFWRIMXVWLFHDQGRILQWHUQDWLRQDOREOLJDWLRQV
(YROXWLRQ
7KHFUHDWLRQDQGVWUHQJWKHQLQJRIWKHVRFLDOLVWEORFNDIWHUWKHGHIHDWRIIDVFLVPLQ:RUOG:DU,,WKHFROODSVHRIFRORQLDOHPSLUHV
WKHHPHUJHQFHRIDELSRODUZRUOGDQGWKHIRUPDWLRQRIWZRPLOLWDU\EORFNV1$72DQGWKH:DUVDZ3DFWEURXJKWDERXWDQHZ
KWWSPHDJRYLQLQIRFXVDUWLFOHKWP"+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW





+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW

LQWHUQDWLRQDOFRQWH[WWKDWOHGWRWKHQHFHVVLW\RIPXOWLODWHUDOFRRUGLQDWLRQIRUDEHWZHHQWKHFRXQWULHVRIWKH6RXWK
,Q WKLV FRQWH[W WKH XQGHUGHYHORSHG FRXQWULHV PRVW RI WKHP LQ $VLD DQG $IULFD IHOW WKH QHHG WR MRLQ HIIRUWV IRU WKH FRPPRQ
GHIHQVH RI WKHLU LQWHUHVWV WKH VWUHQJWKHQLQJ RI WKHLU LQGHSHQGHQFH DQG VRYHUHLJQW\ DQG WKH FXOWXUDO DQG HFRQRPLF UHYLYDO RU
VDOYDWLRQRIWKHLUSHRSOHVDQGDOVRWRH[SUHVVDVWURQJFRPPLWPHQWZLWKSHDFHE\GHFODULQJWKHPVHOYHVDVQRQDOLJQHGIURP
HLWKHURIWKHWZRQDVFHQWPLOLWDU\EORFNV
,QRUGHUWRIXOILOOWKHDLPVRIGHEDWLQJRQDQGDGYDQFLQJDVWUDWHJ\GHVLJQHGWRDFKLHYHVXFKREMHFWLYHVWKH%DQGXQJ$VLDQ
$IULFDQ &RQIHUHQFH ZDV KHOG LQ ,QGRQHVLD LQ $SULO  ,W ZDV DWWHQGHG E\  +HDGV RI 6WDWH DQG *RYHUQPHQW RI WKH ILUVW
SRVWFRORQLDOJHQHUDWLRQRIOHDGHUVDQGLWVH[SUHVVHGJRDOZDVWRLGHQWLI\DQGDVVHVVZRUOGLVVXHVDWWKHWLPHDQGFRRUGLQDWH
SROLFLHVWRGHDOZLWKWKHP
$OWKRXJKWKH$VLDQDQG$IULFDQOHDGHUVZKRJDWKHUHGLQ%DQGXQJPLJKWKDYHKDGGLIIHULQJSROLWLFDODQGLGHRORJLFDOYLHZVRU
GLIIHUHQWDSSURDFKHVWRZDUGWKHVRFLHWLHVWKH\DVSLUHGWREXLOGRUUHEXLOGWKHUHZDVDFRPPRQSURMHFWWKDWXQLWHGWKHPDQG
JDYHVHQVHWRDFORVHUFRRUGLQDWLRQRISRVLWLRQV7KHLUVKDUHGSURJUDPLQFOXGHGWKHSROLWLFDOGHFRORQL]DWLRQRI$VLDDQG$IULFD
0RUHRYHUWKH\DOODJUHHGWKDWWKHUHFHQWO\DWWDLQHGSROLWLFDOLQGHSHQGHQFHZDVMXVWDPHDQVWRDWWDLQWKHJRDORIHFRQRPLF
VRFLDODQGFXOWXUDOLQGHSHQGHQFH
7KH%DQGXQJPHHWLQJKDVEHHQFRQVLGHUHGDVWKHPRVWLPPHGLDWHDQWHFHGHQWRIWKHIRXQGLQJRIWKH0RYHPHQWRI1RQ$OLJQHG
&RXQWULHVZKLFKILQDOO\FDPHLQWREHLQJVL[\HDUVODWHURQDZLGHUJHRJUDSKLFDOEDVLVZKHQWKH)LUVW6XPPLW&RQIHUHQFHZDV
KHOGLQ%HOJUDGHRQ6HSWHPEHU7KLVJDWKHULQJZDVDWWHQGHGE\WKH+HDGVRI6WDWHDQG*RYHUQPHQWRIFRXQWULHV
DQGREVHUYHUVIURPDQRWKHUWKUHHQDWLRQV
7KLV)LUVW6XPPLWRIWKH0RYHPHQWRI1RQ$OLJQHG&RXQWULHVZDVFRQYHQHGE\WKHOHDGHUVRI,QGLD,QGRQHVLD(J\SW6\ULDDQG
<XJRVODYLD 2Q $SULO   WKH 3UHVLGHQWV RI WKH $UDE 5HSXEOLF RI (J\SW 1DVVHU DQG <XJRVODYLD 7LWR DGGUHVVHG WKH
+HDGVRI6WDWHDQG*RYHUQPHQWRIQRQ$OLJQHGFRXQWULHVDQGVXJJHVWHGWKDWWDNLQJUHFHQWZRUOGHYHQWVDQGWKHULVHRI
LQWHUQDWLRQDO WHQVLRQV LQWR DFFRXQW D &RQIHUHQFH VKRXOG EH KHOG WR SURPRWH DQ LPSURYHPHQW LQ LQWHUQDWLRQDO UHODWLRQV D
UHVLVWDQFHWRSROLFLHVRIIRUFHDQGDFRQVWUXFWLYHVHWWOHPHQWRIFRQIOLFWVDQGRWKHULVVXHVRIFRQFHUQLQWKHZRUOG
7KH0RYHPHQWSOD\HGDQLPSRUWDQWUROHLQWKHVXSSRUWRIQDWLRQVZKLFKZHUHVWUXJJOLQJWKHQIRUWKHLULQGHSHQGHQFHLQWKH7KLUG
:RUOGDQGVKRZHGJUHDWVROLGDULW\ZLWKWKHPRVWMXVWDVSLUDWLRQVRIKXPDQLW\,WFRQWULEXWHGLQGLVSXWDEO\WRWKHWULXPSKLQWKH
VWUXJJOHIRUQDWLRQDOLQGHSHQGHQFHDQGGHFRORQL]DWLRQWKXVJDLQLQJFRQVLGHUDEOHGLSORPDWLFSUHVWLJH
$VRQH6XPPLWDIWHUDQRWKHUZDVKHOGLQWKHVDQGVQRQDOLJQPHQWWXUQHGDOUHDG\LQWRWKH0RYHPHQWRI1RQ
$OLJQHG&RXQWULHVWKDWLQFOXGHGQHDUO\DOO$VLDQDQG$IULFDQFRXQWULHVZDVEHFRPLQJDIRUXPRIFRRUGLQDWLRQWRVWUXJJOHIRUWKH
UHVSHFWRI WKH HFRQRPLF DQG SROLWLFDO ULJKWV RI WKH GHYHORSLQJ ZRUOG $IWHU WKH DWWDLQPHQW RI LQGHSHQGHQFH WKH &RQIHUHQFHV
H[SUHVVHGDJURZLQJFRQFHUQRYHUHFRQRPLFDQGVRFLDOLVVXHVDVZHOODVRYHUVWULFWO\SROLWLFDOPDWWHUV
6RPHWKLQJ WKDW DWWHVWHG WR WKDW ZDV WKH ODXQFKLQJ DW WKH $OJLHUV &RQIHUHQFH LQ  RI WKH FRQFHSW RI D QHZ LQWHUQDWLRQDO
HFRQRPLFRUGHU
%\WKHHQGRIWKHVWKH0RYHPHQWZDVIDFLQJWKHJUHDWFKDOOHQJHEURXJKWDERXWE\WKHFROODSVHRIWKHVRFLDOLVWEORFN7KH
HQGRIWKHFODVKEHWZHHQWKHWZRDQWDJRQLVWLFEORFNVWKDWZDVWKHUHDVRQIRULWVH[LVWHQFHQDPHDQGHVVHQFHZDVVHHQE\
VRPHDVWKHEHJLQQLQJRIWKHHQGIRUWKH0RYHPHQWRI1RQ$OLJQHG&RXQWULHV
7KH0RYHPHQWRI1RQ$OLJQHG&RXQWULHVFRXOGQRWVSDUHLWVHOIGLIILFXOWLHVWRDFWHIIHFWLYHO\LQDQDGYHUVHLQWHUQDWLRQDOSROLWLFDO
VLWXDWLRQPDUNHGE\KHJHPRQLFSRVLWLRQVDQGXQLSRODULW\DVZHOODVE\LQWHUQDOGLIILFXOWLHVDQGFRQIOLFWVJLYHQWKHKHWHURJHQHLW\
RILWVPHPEHUVKLSDQGWKXVLWVGLYHUVHLQWHUHVWV
1HYHUWKHOHVVDQGLQVSLWHRIVXFKVHWEDFNVWKHSULQFLSOHVDQGREMHFWLYHVRIQRQDOLJQPHQWUHWDLQWKHLUIXOOYDOLGLW\DQGIRUFHDW
KWWSPHDJRYLQLQIRFXVDUWLFOHKWP"+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW





+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW

WKHSUHVHQWLQWHUQDWLRQDOMXQFWXUH7KHSULPDU\FRQGLWLRQWKDWOHGWRWKHHPHUJHQFHRIWKH0RYHPHQWRI1RQ$OLJQHG&RXQWULHV
WKDWLVQRQDOLJQPHQWIURPDQWDJRQLVWLFEORFNVKDVQRWORVWLWVYDOLGLW\ZLWKWKHHQGRIWKH&ROG:DU7KHGHPLVHRIRQHRIWKH
EORFNV KDV QRW GRQH DZD\ ZLWK WKH SUHVVLQJ SUREOHPV RI WKH ZRUOG 2Q WKH FRQWUDU\ UHQHZHG VWUDWHJLF LQWHUHVWV EHQW RQ
GRPLQDWLRQJURZVWURQJHUDQGHYHQDFTXLUHQHZDQGPRUHGDQJHURXVGLPHQVLRQVIRUXQGHUGHYHORSHGFRXQWULHV
'XULQJ WKH WK 6XPPLW RI WKH 1RQ$OLJQHG 0RYHPHQW LQ +DYDQD &XED LQ 6HSWHPEHU  WKH +HDGV RI 6WDWHV DQG
*RYHUQPHQWV RI WKH PHPEHU FRXQWULHV UHDIILUPHG WKHLU FRPPLWPHQW WR WKH LGHDOV SULQFLSOHV DQG SXUSRVHV XSRQ ZKLFK WKH
PRYHPHQWZDVIRXQGHGDQGZLWKWKHSULQFLSOHVDQGSXUSRVHVHQVKULQHGLQWKH8QLWHG1DWLRQV&KDUWHU
7KH+HDGVRI6WDWHVDQG*RYHUQPHQWVVWDWHGWKHLUILUPEHOLHIWKDWWKHDEVHQFHRIWZRFRQIOLFWLQJEORFVLQQRZD\UHGXFHVWKH
QHHG WR VWUHQJWKHQ WKH PRYHPHQW DV D PHFKDQLVP IRU WKH SROLWLFDO FRRUGLQDWLRQ RI GHYHORSLQJ FRXQWULHV ,Q WKLV UHJDUG WKH\
DFNQRZOHGJHG WKDW LW UHPDLQV LPSHUDWLYH WR VWUHQJWKHQ DQG UHYLWDOL]H WKH PRYHPHQW 7R GR VR WKH\ DJUHHG WR VWUHQJWKHQ
FRQFUHWHDFWLRQXQLW\DQGVROLGDULW\EHWZHHQDOOLWVPHPEHUVEDVHGRQUHVSHFWIRUGLYHUVLW\IDFWRUVZKLFKDUHHVVHQWLDOIRUWKH
UHDIILUPDWLRQRIWKHLGHQWLW\DQGFDSDFLW\RIWKHPRYHPHQWWRLQIOXHQFH,QWHUQDWLRQDOUHODWLRQV
7KH\DOVRVWUHVVHGWKHQHHGWRSURPRWHDFWLYHO\DOHDGLQJUROHIRUWKHPRYHPHQWLQWKHFRRUGLQDWLRQRIHIIRUWVDPRQJPHPEHU
VWDWHVLQWDFNOLQJJOREDOWKUHDWV
,QVSLUHG E\ WKH SULQFLSOHV DQG SXUSRVHV ZKLFK ZHUH EURXJKW WR WKH 1RQ$OLJQHG 0RYHPHQW E\ WKH %DQGXQJ SULQFLSOHV DQG
GXULQJWKH)LUVW1$06XPPLWLQ%HOJUDGHLQWKH+HDGVRI6WDWHVDQG*RYHUQPHQWVRIWKHPHPEHUFRXQWULHVRIWKH1RQ
$OLJQHG 0RYHPHQW DGRSWHG LQ WKHLU WK 6XPPLW LQ +DYDQD WKH IROORZLQJ SXUSRVHV DQG SULQFLSOHV RI WKH PRYHPHQW LQ WKH
SUHVHQW,QWHUQDWLRQDOMXQFWXUH
,3XUSRVHV
D7RSURPRWHDQGUHLQIRUFHPXOWLODWHUDOLVPDQGLQWKLVUHJDUGVWUHQJWKHQWKHFHQWUDOUROHWKDWWKH8QLWHG1DWLRQVPXVWSOD\
E7RVHUYHDVDIRUXPRISROLWLFDOFRRUGLQDWLRQRIWKHGHYHORSLQJFRXQWULHVWRSURPRWHDQGGHIHQGWKHLUFRPPRQLQWHUHVWVLQWKH
V\VWHPRILQWHUQDWLRQDOUHODWLRQV
F 7R SURPRWH XQLW\ VROLGDULW\ DQG FRRSHUDWLRQ EHWZHHQ GHYHORSLQJ FRXQWULHV EDVHG RQ VKDUHG YDOXHV DQG SULRULWLHV DJUHHG
XSRQE\FRQVHQVXV
G7RGHIHQGLQWHUQDWLRQDOSHDFHDQGVHFXULW\DQGVHWWOHDOOLQWHUQDWLRQDOGLVSXWHVE\SHDFHIXOPHDQVLQDFFRUGDQFHZLWKWKH
SULQFLSOHVDQGWKHSXUSRVHVRIWKH81&KDUWHUDQG,QWHUQDWLRQDO/DZ
H 7R HQFRXUDJH UHODWLRQV RI IULHQGVKLS DQG FRRSHUDWLRQ EHWZHHQ DOO QDWLRQV EDVHG RQ WKH SULQFLSOHV RI ,QWHUQDWLRQDO /DZ
SDUWLFXODUO\WKRVHHQVKULQHGLQWKH&KDUWHURIWKH8QLWHG1DWLRQV
I7RSURPRWHDQGHQFRXUDJHVXVWDLQDEOHGHYHORSPHQWWKURXJKLQWHUQDWLRQDOFRRSHUDWLRQDQGWRWKDWHQGMRLQWO\FRRUGLQDWHWKH
LPSOHPHQWDWLRQ RI SROLWLFDO VWUDWHJLHV ZKLFK VWUHQJWKHQ DQG HQVXUH WKH IXOO SDUWLFLSDWLRQ RI DOO FRXQWULHV ULFK DQG SRRU LQ WKH
LQWHUQDWLRQDOHFRQRPLFUHODWLRQVXQGHUHTXDOFRQGLWLRQVDQGRSSRUWXQLWLHVEXWZLWKGLIIHUHQWLDWHGUHVSRQVLELOLWLHV
J7RHQFRXUDJHWKHUHVSHFWHQMR\PHQWDQGSURWHFWLRQRIDOOKXPDQULJKWVDQGIXQGDPHQWDOIUHHGRPVIRUDOORQWKHEDVLVRIWKH
SULQFLSOHVRIXQLYHUVDOLW\REMHFWLYLW\LPSDUWLDOLW\DQGQRQVHOHFWLYLW\DYRLGLQJSROLWLFL]DWLRQRIKXPDQULJKWVLVVXHVWKXVHQVXULQJ
WKDWDOOKXPDQULJKWVRILQGLYLGXDOVDQGSHRSOHVLQFOXGLQJWKHULJKWWRGHYHORSPHQWDUHSURPRWHGDQGSURWHFWHGLQDEDODQFHG
PDQQHU
K7RSURPRWHSHDFHIXOFRH[LVWHQFHEHWZHHQQDWLRQVUHJDUGOHVVRIWKHLUSROLWLFDOVRFLDORUHFRQRPLFV\VWHPV

KWWSPHDJRYLQLQIRFXVDUWLFOHKWP"+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW





+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW

L7RFRQGHPQDOOPDQLIHVWDWLRQVRIXQLODWHUDOLVPDQGDWWHPSWVWRH[HUFLVHKHJHPRQLFGRPLQDWLRQLQLQWHUQDWLRQDOUHODWLRQV
M7RFRRUGLQDWHDFWLRQVDQGVWUDWHJLHVLQRUGHUWRFRQIURQWMRLQWO\WKHWKUHDWVWRLQWHUQDWLRQDOSHDFHDQGVHFXULW\LQFOXGLQJWKH
WKUHDWVRIXVHRIIRUFHDQGWKHDFWVRIDJJUHVVLRQFRORQLDOLVPDQGIRUHLJQRFFXSDWLRQDQGRWKHUEUHDFKHVRISHDFHFDXVHGE\
DQ\FRXQWU\RUJURXSRIFRXQWULHV
N7RSURPRWHWKHVWUHQJWKHQLQJDQGGHPRFUDWL]DWLRQRIWKH81JLYLQJWKH*HQHUDO$VVHPEO\WKHUROHJUDQWHGWRLWLQDFFRUGDQFH
ZLWKWKHIXQFWLRQVDQGSRZHUVRXWOLQHGLQWKH&KDUWHUDQGWRSURPRWHWKHFRPSUHKHQVLYHUHIRUPRIWKH8QLWHG1DWLRQV6HFXULW\
&RXQFLOVRWKDWLWPD\IXOILOOWKHUROHJUDQWHGWRLWE\WKH&KDUWHULQDWUDQVSDUHQWDQGHTXLWDEOHPDQQHUDVWKHERG\SULPDULO\
UHVSRQVLEOHIRUPDLQWDLQLQJLQWHUQDWLRQDOSHDFHDQGVHFXULW\
O7RFRQWLQXHSXUVXLQJXQLYHUVDODQGQRQGLVFULPLQDWRU\QXFOHDUGLVDUPDPHQWDVZHOODVDJHQHUDODQGFRPSOHWHGLVDUPDPHQW
XQGHUVWULFWDQGHIIHFWLYHLQWHUQDWLRQDOFRQWURODQGLQWKLVFRQWH[WWRZRUNWRZDUGVWKHREMHFWLYHRIDUULYLQJDWDQDJUHHPHQWRQD
SKDVHG SURJUDP IRU WKH FRPSOHWH HOLPLQDWLRQ RI QXFOHDU ZHDSRQV ZLWKLQ D VSHFLILHG IUDPHZRUN RI WLPH WR HOLPLQDWH QXFOHDU
ZHDSRQVWRSURKLELWWKHLUGHYHORSPHQWSURGXFWLRQDFTXLVLWLRQWHVWLQJVWRFNSLOLQJWUDQVIHUXVHRUWKUHDWRIXVHDQGWRSURYLGH
IRUWKHLUGHVWUXFWLRQ
P7RRSSRVHDQGFRQGHPQWKHFDWHJRUL]DWLRQRIFRXQWULHVDVJRRGRUHYLOEDVHGRQXQLODWHUDODQGXQMXVWLILHGFULWHULDDQGWKH
DGRSWLRQRIDGRFWULQHRISUHHPSWLYHDWWDFNLQFOXGLQJDWWDFNE\QXFOHDUZHDSRQVZKLFKLVLQFRQVLVWHQWZLWKLQWHUQDWLRQDOODZLQ
SDUWLFXODUWKHLQWHUQDWLRQDOOHJDOO\ELQGLQJLQVWUXPHQWVFRQFHUQLQJQXFOHDUGLVDUPDPHQWDQGWRIXUWKHUFRQGHPQDQGRSSRVH
XQLODWHUDOPLOLWDU\DFWLRQVRUXVHRIIRUFHRUWKUHDWRIXVHRIIRUFHDJDLQVWWKHVRYHUHLJQW\WHUULWRULDOLQWHJULW\DQGLQGHSHQGHQFHRI
1RQ$OLJQHGFRXQWULHV
Q7RHQFRXUDJH6WDWHVWRFRQFOXGHDJUHHPHQWVIUHHO\DUULYHGDWDPRQJWKH6WDWHVRIWKHUHJLRQVFRQFHUQHGWRHVWDEOLVKQHZ
1XFOHDU:HDSRQV)UHH=RQHVLQUHJLRQVZKHUHWKHVHGRQRWH[LVWLQDFFRUGDQFHZLWKWKHSURYLVLRQVRIWKH)LQDO'RFXPHQWRI
WKH)LUVW6SHFLDO6HVVLRQRIWKH*HQHUDO$VVHPEO\GHYRWHGWRGLVDUPDPHQW662'DQGWKHSULQFLSOHVDGRSWHGE\WKH
81 'LVDUPDPHQW &RPPLVVLRQ LQFOXGLQJ WKH HVWDEOLVKPHQW RI D 1XFOHDU :HDSRQV )UHH =RQH LQ WKH 0LGGOH (DVW 7KH
HVWDEOLVKPHQWRI1XFOHDU:HDSRQV)UHH=RQHVLVDSRVLWLYHVWHSDQGLPSRUWDQWPHDVXUHWRZDUGVVWUHQJWKHQLQJJOREDOQXFOHDU
GLVDUPDPHQWDQGQRQSUROLIHUDWLRQ
R7RSURPRWHLQWHUQDWLRQDOFRRSHUDWLRQLQWKHSHDFHIXOXVHVRIQXFOHDUHQHUJ\DQGWRIDFLOLWDWHDFFHVVWRQXFOHDUWHFKQRORJ\
HTXLSPHQWDQGPDWHULDOIRUSHDFHIXOSXUSRVHVUHTXLUHGE\GHYHORSLQJFRXQWULHV
S7RSURPRWHFRQFUHWHLQLWLDWLYHVRI6RXWK6RXWKFRRSHUDWLRQDQGVWUHQJWKHQWKHUROHRI1$0LQFRRUGLQDWLRQZLWK*LQWKH
UHODXQFKLQJ RI 1RUWK6RXWK FRRSHUDWLRQ HQVXULQJ WKH IXOILOOPHQW RI WKH ULJKW WR GHYHORSPHQW RI RXU SHRSOHV WKURXJK WKH
HQKDQFHPHQWRILQWHUQDWLRQDOVROLGDULW\
T7RUHVSRQGWRWKHFKDOOHQJHVDQGWRWDNHDGYDQWDJHRIWKHRSSRUWXQLWLHVDULVLQJIURPJOREDOL]DWLRQDQGLQWHUGHSHQGHQFHZLWK
FUHDWLYLW\ DQG D VHQVH RI LGHQWLW\ LQ RUGHU WR HQVXUH LWV EHQHILWV WR DOO FRXQWULHV SDUWLFXODUO\ WKRVH PRVW DIIHFWHG E\
XQGHUGHYHORSPHQWDQG SRYHUW\ ZLWK D YLHZ WR JUDGXDOO\ UHGXFLQJ WKH DE\VPDO JDS EHWZHHQ WKH GHYHORSHG DQG GHYHORSLQJ
FRXQWULHV
U7RHQKDQFHWKHUROHWKDWFLYLOVRFLHW\LQFOXGLQJ1*2VFDQSOD\DWWKHUHJLRQDODQGLQWHUQDWLRQDOOHYHOVLQRUGHUWRSURPRWHWKH
SXUSRVHVSULQFLSOHVDQGREMHFWLYHVRIWKH0RYHPHQW
,,3ULQFLSOHV
D5HVSHFWIRUWKHSULQFLSOHVHQVKULQHGLQWKH&KDUWHURIWKH8QLWHG1DWLRQVDQG,QWHUQDWLRQDO/DZ
E5HVSHFWIRUVRYHUHLJQW\VRYHUHLJQHTXDOLW\DQGWHUULWRULDOLQWHJULW\RIDOO6WDWHV
KWWSPHDJRYLQLQIRFXVDUWLFOHKWP"+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW





+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW

F5HFRJQLWLRQRIWKHHTXDOLW\RIDOOUDFHVUHOLJLRQVFXOWXUHVDQGDOOQDWLRQVERWKELJDQGVPDOO
G3URPRWLRQRIDGLDORJXHDPRQJSHRSOHVFLYLOL]DWLRQVFXOWXUHVDQGUHOLJLRQVEDVHGRQWKHUHVSHFWRIUHOLJLRQVWKHLUV\PEROV
DQGYDOXHVWKHSURPRWLRQDQGWKHFRQVROLGDWLRQRIWROHUDQFHDQGIUHHGRPRIEHOLHI
H5HVSHFWIRUDQGSURPRWLRQRIDOOKXPDQULJKWVDQGIXQGDPHQWDOIUHHGRPVIRUDOOLQFOXGLQJWKHHIIHFWLYHLPSOHPHQWDWLRQRIWKH
ULJKWRISHRSOHVWRSHDFHDQGGHYHORSPHQW
I5HVSHFWIRUWKHHTXDOLW\RIULJKWVRI6WDWHVLQFOXGLQJWKHLQDOLHQDEOHULJKWRIHDFK6WDWHWRGHWHUPLQHIUHHO\LWVSROLWLFDOVRFLDO
HFRQRPLFDQGFXOWXUDOV\VWHPZLWKRXWDQ\NLQGRILQWHUIHUHQFHZKDWVRHYHUIURPDQ\RWKHU6WDWH
J5HDIILUPDWLRQRIWKHYDOLGLW\DQGUHOHYDQFHRIWKH0RYHPHQWVSULQFLSOHGSRVLWLRQVFRQFHUQLQJWKHULJKWWRVHOIGHWHUPLQDWLRQRI
SHRSOHVXQGHUIRUHLJQRFFXSDWLRQDQGFRORQLDORUDOLHQGRPLQDWLRQ
K 1RQLQWHUIHUHQFH LQ WKH LQWHUQDO DIIDLUV RI 6WDWHV 1R 6WDWH RU JURXS RI 6WDWHV KDV WKH ULJKW WR LQWHUYHQH HLWKHU GLUHFWO\ RU
LQGLUHFWO\ZKDWHYHUWKHPRWLYHLQWKHLQWHUQDODIIDLUVRIDQ\RWKHU6WDWH
L5HMHFWLRQRIXQFRQVWLWXWLRQDOFKDQJHRI*RYHUQPHQWV
M5HMHFWLRQRIDWWHPSWVDWUHJLPHFKDQJH
N&RQGHPQDWLRQRIWKHXVHRIPHUFHQDULHVLQDOOVLWXDWLRQVHVSHFLDOO\LQFRQIOLFWVLWXDWLRQV
O5HIUDLQLQJE\DOOFRXQWULHVIURPH[HUWLQJSUHVVXUHRUFRHUFLRQRQRWKHUFRXQWULHVLQFOXGLQJUHVRUWLQJWRDJJUHVVLRQRURWKHU
DFWVLQYROYLQJWKHXVHRIGLUHFWRULQGLUHFWIRUFHDQGWKHDSSOLFDWLRQDQGRUSURPRWLRQRIDQ\FRHUFLYHXQLODWHUDOPHDVXUHWKDW
JRHVDJDLQVW,QWHUQDWLRQDO/DZRULVLQDQ\ZD\LQFRPSDWLEOHZLWKLWIRUWKHSXUSRVHRIFRHUFLQJDQ\RWKHU6WDWHWRVXERUGLQDWHLWV
VRYHUHLJQULJKWVRUWRJDLQDQ\EHQHILWZKDWVRHYHU
P 7RWDO UHMHFWLRQ RI DJJUHVVLRQ DV D GDQJHURXV DQG VHULRXV EUHDFK RI ,QWHUQDWLRQDO /DZ ZKLFK HQWDLOV LQWHUQDWLRQDO
UHVSRQVLELOLW\IRUWKHDJJUHVVRU
Q5HVSHFWIRUWKHLQKHUHQWULJKWRILQGLYLGXDORUFROOHFWLYHVHOIGHIHQVHLQDFFRUGDQFHZLWKWKH&KDUWHURIWKH8QLWHG1DWLRQV
R &RQGHPQDWLRQ RI JHQRFLGH ZDU FULPHV FULPHV DJDLQVW KXPDQLW\ DQG V\VWHPDWLF DQG JURVV YLRODWLRQV RI KXPDQ ULJKWV LQ
DFFRUGDQFHZLWKWKH81&KDUWHUDQG,QWHUQDWLRQDO/DZ
S 5HMHFWLRQ RI DQG RSSRVLWLRQ WR WHUURULVP LQ DOO LWV IRUPV DQG PDQLIHVWDWLRQV FRPPLWWHG E\ ZKRPHYHU ZKHUHYHU DQG IRU
ZKDWHYHUSXUSRVHVDVLWFRQVWLWXWHVRQHRIWKHPRVWVHULRXVWKUHDWVWRLQWHUQDWLRQDOSHDFHDQGVHFXULW\,QWKLVFRQWH[WWHUURULVP
VKRXOGQRWEHHTXDWHGZLWKWKHOHJLWLPDWHVWUXJJOHRISHRSOHVXQGHUFRORQLDORUDOLHQGRPLQDWLRQDQGIRUHLJQRFFXSDWLRQIRUVHOI
GHWHUPLQDWLRQDQGQDWLRQDOOLEHUDWLRQ
T3URPRWLRQRISDFLILFVHWWOHPHQWRIGLVSXWHVDQGDEMXULQJXQGHUDQ\FLUFXPVWDQFHVIURPWDNLQJSDUWLQFRDOLWLRQVDJUHHPHQWV
RUDQ\RWKHUNLQGRIXQLODWHUDOFRHUFLYHLQLWLDWLYHLQYLRODWLRQRIWKHSULQFLSOHVRI,QWHUQDWLRQDO/DZDQGWKH&KDUWHURIWKH8QLWHG
1DWLRQV
U'HIHQVHDQGFRQVROLGDWLRQRIGHPRFUDF\UHDIILUPLQJWKDWGHPRFUDF\LVDXQLYHUVDOYDOXHEDVHGRQWKHIUHHO\H[SUHVVHGZLOORI
SHRSOHWRGHWHUPLQHWKHLURZQSROLWLFDOHFRQRPLFVRFLDODQGFXOWXUDOV\VWHPVDQGWKHLUIXOOSDUWLFLSDWLRQLQDOODVSHFWVRIWKHLU
OLIH

KWWSPHDJRYLQLQIRFXVDUWLFOHKWP"+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW





+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW

V3URPRWLRQDQGGHIHQVHRIPXOWLODWHUDOLVPDQGPXOWLODWHUDORUJDQL]DWLRQVDVWKHDSSURSULDWHIUDPHZRUNVWRUHVROYHWKURXJK
GLDORJXHDQGFRRSHUDWLRQWKHSUREOHPVDIIHFWLQJKXPDQNLQG
W6XSSRUWWRHIIRUWVE\FRXQWULHVVXIIHULQJLQWHUQDOFRQIOLFWVWRDFKLHYHSHDFHMXVWLFHHTXDOLW\DQGGHYHORSPHQW
X7KHGXW\RIHDFK6WDWHWRIXOO\DQGLQJRRGIDLWKFRPSO\ZLWKWKHLQWHUQDWLRQDOWUHDWLHVWRZKLFKLWLVDSDUW\DVZHOODVWRKRQRU
WKH FRPPLWPHQWV PDGH LQ WKH IUDPHZRUN RI LQWHUQDWLRQDO RUJDQL]DWLRQV DQG WR OLYH LQ SHDFH ZLWK RWKHU 6WDWHV Y 3HDFHIXO
VHWWOHPHQWRIDOOLQWHUQDWLRQDOFRQIOLFWVLQDFFRUGDQFHZLWKWKH&KDUWHURIWKH8QLWHG1DWLRQV
Z 'HIHQVH DQG SURPRWLRQ RI VKDUHG LQWHUHVWV MXVWLFH DQG FRRSHUDWLRQ UHJDUGOHVV RI WKH GLIIHUHQFHV H[LVWLQJ LQ WKH SROLWLFDO
HFRQRPLFDQGVRFLDOV\VWHPVRIWKH6WDWHVRQWKHEDVLVRIPXWXDOUHVSHFWDQGWKHHTXDOLW\RIULJKWV
[6ROLGDULW\DVDIXQGDPHQWDOFRPSRQHQWRIUHODWLRQVDPRQJQDWLRQVLQDOOFLUFXPVWDQFHV
\5HVSHFWIRUWKHSROLWLFDOHFRQRPLFVRFLDODQGFXOWXUDOGLYHUVLW\RIFRXQWULHVDQGSHRSOHV
7KHPRYHPHQWKDVVXFFHHGHGWRFUHDWHDVWURQJIURQWRQWKH,QWHUQDWLRQDOOHYHOUHSUHVHQWLQJFRXQWULHVRIWKHWKLUGZRUOGLQWKH
,QWHUQDWLRQDORUJDQL]DWLRQVRQWRSRIZKLFKWKH8QLWHG1DWLRQV
&XUUHQW&KDOOHQJHVIDFLQJWKH1$0LQFOXGHWKHQHFHVVLW\RISURWHFWLQJWKHSULQFLSOHVRI,QWHUQDWLRQDOODZHOLPLQDWLQJZHDSRQV
RIPDVVGHVWUXFWLRQFRPEDWLQJWHUURULVPGHIHQGLQJKXPDQULJKWVZRUNLQJWRZDUGPDNLQJWKH8QLWHG1DWLRQVPRUHHIIHFWLYHLQ
PHHWLQJWKHQHHGVRIDOOLWVPHPEHUVWDWHVLQRUGHUWRSUHVHUYH,QWHUQDWLRQDO3HDFH6HFXULW\DQG6WDELOLW\DVZHOODVUHDOL]LQJ
MXVWLFHLQWKHLQWHUQDWLRQDOHFRQRPLFV\VWHP
2QWKHRWKHUKDQGWKHORQJVWDQGLQJJRDOVRIWKH0RYHPHQWUHPDLQWREHUHDOL]HG3HDFHGHYHORSPHQWHFRQRPLFFRRSHUDWLRQ
DQGWKHGHPRFUDWL]DWLRQRILQWHUQDWLRQDOUHODWLRQVWRPHQWLRQMXVWDIHZDUHROGJRDOVRIWKHQRQDOLJQHGFRXQWULHV
,Q FRQFOXVLRQ 7KH 1RQ$OLJQHG 0RYHPHQW IDFHG ZLWK WKH JRDOV \HW WR EH UHDFKHG DQG WKH PDQ\ QHZ FKDOOHQJHV WKDW DUH
DULVLQJLVFDOOHGXSRQWRPDLQWDLQDSURPLQHQWDQGOHDGLQJUROHLQWKHFXUUHQW,QWHUQDWLRQDOUHODWLRQVLQGHIHQVHRIWKHLQWHUHVWV
DQGSULRULWLHVRILWVPHPEHUVWDWHVDQGIRUDFKLHYHPHQWRISHDFHDQGVHFXULW\IRUPDQNLQG

&RQWHQW2ZQHGE\0LQLVWU\RI([WHUQDO$IIDLUV*RYHUQPHQWRI,QGLD

KWWSPHDJRYLQLQIRFXVDUWLFOHKWP"+LVWRU\DQG(YROXWLRQRI1RQ$OLJQHG0RYHPHQW