Sie sind auf Seite 1von 18

35(/,0,1$5< $&&2817 2) 7+( ($57+48$.

( 2) 7+( 7+ -$18$5<


,1%,+$5$1'1(3$/E\-%$XGHQDQG$01*KRVK
5(&25'62)7+(*(2/2*,&$/6859(<2),1',$9RO/;9,,,3DUW3DJH


6HOHFWHG7UDQVFULSWLRQ

%HWZHHQKPDQGKP,67RQWK-DQXDU\1RUWK%LKDUDQG1HSDOZHUH
YLVLWHGDIWHUWKHODSVHRIDFHQWXU\E\DVHYHUHHDUWKTXDNH7KHVKRFNODVWHGIRUDSHULRG
RI VRPH ILYH PLQXWHV ZLWKLQ WKH FHQWUDO WUDFW )RUWXQDWHO\ LW WRRN SODFH DW D WLPH LQ WKH
DIWHUQRRQZKHQPRVWRIWKHSHRSOHZHUHDZDNHDQGPDQ\ZHUHRXWRIWKHGRRUVVRWKDW
WKHQXPEHURIOLYHVORVWZDVQRWLQSURSRUWLRQWRWKHGDPDJHGRQHWRSURSHUW\7KHGHDWK
WROOLQFOXGLQJ1HSDOZDVRYHU/RVVRIOLIHZDVPDLQO\FRQILQHGWRWKHFURZGHG
WRZQVRI0RQJK\U0X]DIIDUSXUDQGWKH1HSDOYDOOH\7KHEXLOGLQJVLQYROYHGZHUHPRVWO\
RIEDGPDWHULDOVDQGZHUHFORVHO\SDFNHGRQERWKVLGHVRIQDUURZVWUHHWVDQG ZLQGLQJ
DOOH\V

:LWKLQ  PLQXWHV 0RQJK\U DQG %KDWJDRQ ZHUH LQ UXLQV ZKLOH WKH WRZQ RI 3DWQD %DUK
-DPDOSXU 0RWLKDUL 0X]DIIDUSXU 'DUEKDQJD .DWKPDQGX DQG 3DWDQ ZHUH VWUHZQ ZLWK
EULFNVDQGGHEULV,Q6LWDPDUKL0DGKXEDQLDQG3XUQHDKRXVHVKDGWLOWHGDQGVXQNLQWR
WKH JURXQG DQG VDQG DQG ZDWHU ZHUH HPLWWHG LQ JUHDW TXDQWLWLHV ,Q DGGLWLRQ VHULRXV
GDPDJHZDVGRQHWR'DUMHHOLQJLQ%HQJDO

7KHVKRFNZDVIHOWRYHUDQDSSUR[LPDWHDUHDRIVTXDUHPLOHV VT
NP  LQ ,QGLD DQG 7LEHW $V IDU DZD\ DV (QJODQG DFFRUGLQJ WR QHZVSDSHU UHSRUWV WKH
HDUWKTXDNH EHOO DW WKH :HVW %URPZLFK 2EVHUYDWRU\ VWRSSHG 6KRFNV ZHUH UHFRUGHG LQ
PRVW RI WKH VHLVPRORJLFDO VWDWLRQV RI WKH ZRUOG ,Q ,QGLD WKH VKRFN ZDV VR VWURQJ WKDW
QRQHRIWKHVHLVPRJUDSKVLQ&DOFXWWD$JUDRU'HKUDGXQZDVDEOHWRPDNHDFRPSOHWH
UHFRUGRIWKHHDUWKZDYHV$W&RODEDLQ%RPED\WKHHDUWKTXDNHZDVIXOO\UHFRUGHGRQO\
E\WKHHDVWZHVWFRPSRQHQWRIWKH2PRUL(ZLQJLQVWUXPHQW7KHUHFRUGLQJPHFKDQLVP
RI WKH QRUWKVRXWK FRPSRQHQW IDLOHG WR UHJLVWHU DIWHU WKH LQFLGHQFH RI WKH VHFRQGDU\
ZDYHV$UHFRUGIURP2RUJDXPLQ6RXWK,QGLDLVKRZHYHUPRUHFRPSOHWH

:LWKLQWKHOLPLWVRIWKH,QGLDQ(PSLUHWKHVKRFNZDVIHOWE\SHUVRQVDVIDUDV3HVKDZDU
LQWKHQRUWKZHVW)RUW+HUW]LQWKHHDVW$N\DELQWKHVRXWKHDVW%H]ZDGDDQG2QJROHLQ
WKH VRXWK DQG %RPED\ LQ WKH VRXWKZHVW ,Q D QRUWKHUO\ GLUHFWLRQ EH\RQG 1HSDO QR
UHSRUWV KDYH EHHQ DYDLODEOH DV WR WKH GLVWDQFH WKH VKRFN ZDV VHQVLEOH WR PDQ EXW
SLOJULPVLQ.DWKPDQGXUHSRUWHGLWVRFFXUUHQFHDW/DVKD

7KHVKRFNZDVQRWIHOWE\PRVWSHRSOHLQWKH%RPED\3UHVLGHQF\IURPVRXWKRI3RRQD
LQ 0DGUDV 3UHVLGHQF\ IURP VRXWK RI 2QJROH RU LQ 0DGUDV $ V\PSDWKHWLF VKRFN ZDV
KRZHYHUIHOWLQWKHH[WUHPHVRXWKZHVWRI,QGLDDORQJWKH 0DODEDUFRDVWRYHUDQD$
SRVVLEOHV\PSDWKHWLFVKRFNZDVIHOWQHDU0RXOPHLQLQ/RZHU%XUPD







'HVFULSWLRQRI,VRVHLVPDOV

'HOLQHDWLRQ RI ]RQHV RI LQWHQVLW\ LV DFFRUGLQJ WR WKH 0HUFDOOL PRGLILFDWLRQ RI WKH 5RVVL
)RUHO VFDOH ,VRVHLVPDO 9, WR ; DUH IURP UHJLRQV RI %LKDU 1HSDO DQG %HQJDO WKDW ZHUH
PRVWDIIHFWHGE\WKHHDUWKTXDNH7KHVHZHUHGHWHUPLQHGE\REVHUYDWLRQLQWKHILHOG7KH
LVRVHLVPDOV IRU WKH ZKROH RI ,QGLD ZHUH GHWHUPLQHG E\ DQ H[DPLQDWLRQ RI WKH UHSOLHV
UHFHLYHG ,VRVHLVPDO ,,, DQG ,9 DUH QRW VKRZQ VLQFH WKH\ FDQQRW EH DGHTXDWHO\
GLIIHUHQWLDWHG 7KH H[WHQW RI HPLVVLRQ RI VDQG IURP YHQWV DQG ILVVXUHV QRUWK RI WKH
*DQJHV LV VXIILFLHQW WR ZDUUDQW WKH LQFOXVLRQ RI WKH IDFWRU RI VDQGLQJ DV RQH RI WKH
FULWHULD,Q1RUWK%LKDUWKHHPLVVLRQRIVDQGLVUDUHRXWVLGHLVRVHLVPDOV9,,,DQGUHDFKHV
LWVPD[LPXPWKURXJKRXWWKHVOXPSEHOWZLWKLQLVRVHLVPDOV,;DQG;&RQWUDU\WRZKDWLV
JLYHQLQWKH0HUFDOOLVFDOHLWLVIRXQGLQ1HSDOWKDWODQGVOLGHVRFFXUZLWKLQ9,,,;DQGQRW
VROHO\LQ;DVLVWKHUHJLYHQ

$VWXG\RILVRVHLVPDOOLQHVUHYHDOVWKUHHWUDFWVZKHUHWKHLQWHQVLW\UHDFKHGWKHGHJUHH
;7KHODUJHVWRIWKHVHDIODWWHQHGEXWUHJXODUHOOLSVHRFFXSLHVDEHOWVRPHPLOHVLQ
ZLGWK VWULNLQJ:1:(6( IRU VRPH  PLOHV IURP HDVW RI 0RWLKDUL WKURXJK 6LWDPDUKL WR
0DGKXEDQL%XLOGLQJVZLWKLQWKLVDUHDZHUHGHVWUR\HGPRUHE\VOXPSLQJWKDQE\DFWXDO
FROODSVH$QRWKHUDUHDRILVRVHLVPDO;DVOLJKWO\ LUUHJXODUHOOLSVHOLHV6(RI.DWPDQGX
DQGVWULNHV:6:(1(IRUDERXWPLOHVLQFOXGLQJWKHWRZQRI%KDWJRDQ7KHWKLUGLVDW
0RQJK\U7KHWRWDODUHDLQFOXGHGZLWKLQLVRVHLVPDO;DSSUR[LPDWHVWRVTXDUHPLOHV
RU  VTNP:LWKLQ WKH DUHDV HQFORVHG E\ LVRVHLVPDO ; LQ WKH 1HSDO 9DOOH\ DQG DW
0RQJK\UWKHPDMRULW\RIWKHEXLOGLQJVZHUHSUDFWLFDOO\UD]HGWRWKHJURXQG

7KHDUHDRIYHU\VHYHUHLQWHQVLW\HTXDOWR,;RQWKHVFDOHFRYHUVDERXWVTPLOHV
RUVTNPLQ%LKDUDQG1HSDO7KHUHDUHWKUHHVXFKDUHDVWKHODUJHVWRIZKLFKLV
ERXQGHGE\DQLUUHJXODUHOOLSWLFDOFXUYHH[WHQGLQJPLOHV(6(IURPZHVWRI0RWLKDULWR
3XUQHD DQG IURP 1HSDO ERUGHU WR WKH VRXWK RI 0X]DIIDUSXU DQG 'DUEKDQJD 7KH QH[W
ODUJHRQHLVDQDUURZHORQJDWHG]RQHZKLFKH[WHQGVIURP3DWQDWR0RQJK\UFXWWLQJRII
WKHQRUWKHUQVDOLHQWVRIWKH*DQJHV,QWKH1HSDOYDOOH\DQRWKHUDUHDZLWKLQLVRVHLVPDO
,; LQFOXGHV .DWPDQGX DQG 3DWDQ %XLOGLQJV ZLWKLQ WKH FHQWUDO LVRVHLVPDO ,; ZHUH
GDPDJHGSDUWO\E\VOXPSLQJDQGSDUWO\E\DFWXDOFROODSVHDQGWXPEOLQJWRWKHJURXQG$OO
WKH WKUHH DUHDV DUH VHSDUDWHG E\ ZLGH EHOWV RI UDWKHU ORZHU LQWHQVLW\ LQ ZKLFK WKH
GDPDJHZDVHTXLYDOHQWWR9,,,RQWKH0HUFDOOLVFDOH

,VRVHLVPDO9,,,HQFORVHVDQDUHDRIVRPHVTPLOHVRUVTNPLQ%LKDU1HSDO
DQGDSRUWLRQRI%HQJDO7KHPRVWLPSRUWDQWWRZQVVLWXDWHGQHDULWVHGJHDUH%KDJDOSXU
&KDSUD DQG %HWWLDK 'DUMHHOLQJ DQG .XUVHRQJ $ QXPEHU RI ROG DQG ZHDN EXLOGLQJV
FROODSVHGZLWKLQWKLVEHOWDQGSUDFWLFDOO\HYHU\EULFNEXLOWEXLOGLQJERUHVRPHVWDPSRIWKH
HDUWKTXDNH:LWKH[FHSWLRQRIWZRSODFHVLQWKH3DWQDGLVWULFWGDPDJHGXHWRVOXPSLQJ
DQGVXEVLGHQFHZLWKLQWKLVDUHDZDVSUDFWLFDOO\QLO1RV9,,9,DQG9HPEUDFHVWLOOODUJHU
DUHDVUHVSHFWLYHO\

7KH HOOLSWLFDO WUDFHV RI WKH LVRVHLVPDOV SRLQW WR WKH OLQHDU QDWXUH RI WKH
FHQWUXP««$QRWKHU VWULNLQJ IHDWXUH RI WKH LVRVHLVPDOV ,;9, LV WKH FORVH SUR[LPLW\ WR
HDFKRWKHURIWKHFXUYHVWRWKH1:(DVWDQG6(RIWKHDUHDDIIHFWHGE\WKHHDUWKTXDNH
DQGWKHLUJUDGXDORSHQLQJRXWDWWKHZHVWHUQHQG7KHSURQRXQFHGLQGHQWDWLRQDQGWKH
FORVHVLPLODULW\RIWKHFRUYHVRQWKHLUHDVWHUQVLGHVIRUPDFRQVSLFXRXVIHDWXUH«,WZLOO
EH VHHQ WKDW LQ HDFK FDVH WKH FUHVWV RI WKH FXUYHV DUH DZD\ IURP WKH HSLFHQWUDO WUDFW
ZKHUHDV WKH WURXJKV SRLQW WRZDUGV LW 1RUWK RI WKH *DQJHV WKH EXOJH RI LVRVHLVPDO ,;
QHDU3XUQHDWKHHDVWHUQPRVWOLPLWRIWKHVOXPS]RQHLVUHSHDWHGLQLVRVHLVPDO9,1(RI
'KXEULVXJJHVWLQJDQH[WHQVLRQRIWKHIUDFWXUHG]RQHLQWKLVGLUHFWLRQ7KHSURQRXQFHG
8VKDSHGOREHRILVRVHLVPDO9,DORQJWKHZHVWHUQHGJHRIWKH*DUR+LOOVILQGVDUHSOLFD
LQ WKH ZHVWZDUG H[WHQVLRQ RI LVRVHLVPDOV 9,, DQG 9,,, ZHVW RI 'LQDMSXU DQG .DWLKDU
UHVSHFWLYHO\ 7KH FRUUHVSRQGLQJ EXOJHV RQ WKH VRXWK LQ LVRVHLVPDOV 9,,,9, DUH IRXQG
HDVWRI%KDJDOSXUZHVWRI0DOGDDQGHDVWRI1HWURNRQDUHVSHFWLYHO\

,VRVHLVPDO;

:LWKLQ WKH 6LWDPDUKL 0DGKXEDQL DUHD D JHQHUDO VXEVLGHQFH RI WKH JURXQG WRRN SODFH
JLYLQJULVHWRZLGHVSUHDGILVVXULQJDQGWRGHVWUXFWLRQRIEXLOGLQJVE\WLOWLQJDQGEUHDNLQJ
XS RI WKH IRXQGDWLRQV ,Q WKH ODUJH VXEGLYLVLRQDO WRZQV VXFK DV 6LWDPDUKL DQG
0DGKXEDQL PDQ\ EXLOGLQJV VOXPSHG ERGLO\ RU LQGLYLGXDO ZDOOV VOXPSHG UHODWLYHO\ WR
DGMDFHQW ZDOOV $OWKRXJK WKH DFWXDO FROODSVH RI KRXVHV LQWKH VHQVH RIWXPEOLQJWRWKH
JURXQGZDVQRWH[FHVVLYHQRWDKRXVHRIDQ\ZHLJKWZLWKLQWKLVDUHDHVFDSHGWLOWLQJDQG
VLQNLQJDQGIHZDUHLQKDELWDEOHHVSHFLDOO\DW6LWDPDUKL«)LVVXULQJRIWKHJURXQGLQWKLV
EHOWLVVHYHUHDQGHPLVVLRQRIVDQGUHDFKHGLWVPD[LPXPILOOLQJXSKRXVHVVWUHHWVDQG
GUDLQV LQ WRZQV DQG FRYHULQJ WKH FRXQWU\VLGH ZLWK WKLFN PDQWOHV RI VDQG :HOOV DUH
FKRNHGZLWKVDQGDOPRVWWRWKHEULP)LVVXUHVDQGVDQGYHQWVWKUHZRXWVDQGWKUHHWR
IRXU IHHW GHHS WKH WKLFNQHVV G\LQJ RXW DZD\ IURP WKH FHQWHUV RI HMHFWLRQ 6DQG DQG
ZDWHU YHQWV DQG FUDWHU OLNH GHSUHVVLRQV OD\ LQ SURIXVLRQ LQ WKH ORZODQGV 7KH ZDOOV RI
KHDY\EXLOGLQJVVXFKDVWKH5DMDRI'DUEKDQJD¶VSDODFHDW5DMQDJDUZHUHGLVVHFWHGE\
JDSLQJ FUDFNV D IRRW RU PRUH ZLGH 2YHU FRQVLGHUDEOH VHFWLRQV LQ WKLV DUHD URDGV DQG
FDXVHZD\VVXEVLGHGHPEDQNPHQWVRULJLQDOO\VL[IHHWKLJKZHUHIRXQGDWJURXQGOHYHO
DQGERUURZSLWVDORQJVLGHWKHURDGVZHUHRIWHQILOOHGZLWKVDQG7KHPDMRULW\RIPDVRQU\
EULGJHVRQWKHYDULRXVURDGVKDGHLWKHUFROODSVHGRUZDVVHYHUHO\GDPDJHG6FUHZSLOH
EULGJHVIDUHGEHWWHUDOWKRXJKPDQ\RIWKHPZHUHVHYHUHO\WZLVWHGDQGEXFNOHG

0RQJK\U LV DQ ROG WRZQ EXLOW ERWK RQ DOOXYLXP DQG RQ $UFKDHDQ URFNV 7KLV ZDV WKH
ZRUVW DIIHFWHGWRZQ LQ %LKDU DQG KHUH WKH GHYDVWDWLRQ ZDV PRVW VSHFWDFXODU DVIDU DV
FROODSVHRIEXLOGLQJZDVFRQFHUQHG7KHGHYDVWDWLRQZDVJUHDWHUDWWKH&KDXNVHFWLRQRI
0RQJK\UED]DDUZKHUHKRXVHVFROODSVHGZKROHVDOHDQGVFDUFHO\DEXLOGLQJRUZDOOZDV
OHIW VWDQGLQJ 7KHUHPDLQGHU RI WKH ED]DDU ZDV KRZHYHU PXFK OHVV DIIHFWHG $V D UXOH
EXLOGLQJVRQURFNRXWFURSVZHUHGDPDJHGOHVVWKDQWKRVHRQDOOXYLXP7KH1:FRUQHU
RI WKH WRZQ ZLWKLQ WKH )RUW VXIIHUHG EXW VOLJKWO\ 7KH PDLQ GDPDJH WR SXFFD EXLOGLQJV
RFFXUUHG DORQJ WKH QRUWK ZDOO RIWKH )RUW SDUWLFXODUO\ DW WKH HDVWHUQ HQGWKDW LV RQWKH
DOOXYLXPDWWKHHGJHRIWKHKLJKJURXQGZKHUHDOOWKHEXLOGLQJVZHUHGHVWUR\HG,WZLOOEH
DSSDUHQWWKHUHIRUHWKDWRQO\DSRUWLRQRI0RQJK\UFDQEHSODFHGLQLVRVHLVPDO;7KH
GDPDJHGRQHWREXLOGLQJVDW0RQJK\UZDVHQWLUHO\GXHWRVHYHUHVKDNLQJZKLFKWKHWRZQ
UHFHLYHG QHLWKHU ILVVXUHV QRU VOXPSLQJ RI WKH JURXQG ZHUH QRWLFHDEOH H[FHSW QHDU WKH
HGJHRIWKHULYHURQWKHQRUWK

7KH DUHD LQ WKH 1HSDO YDOOH\ HQFORVHG E\ LVRVHLVPDO ; UXQV (1( :6: WKURXJK
%KDWJDRQ +DULVLGKL .KRNDQD DQG %DJPDWL %KDWJDRQ VKRZV DERXW D  FROODSVH RI
KRXVHV ZKLOH DW +DULVLGKL .KRNDQD DQG %DJPDWL WKHUH KDV EHHQ WRWDO GHVWUXFWLRQ
'HVWUXFWLRQLQ%KDWJDRQLVQRWXQLIRUPFRXQWVDORQJWKHVWUHHWVVKRZLQJVL[RXWRIVL[
VHYHQ RXW RI QLQH ILYH RXW RI VL[ DQG WZR RXW RI ILYH KRXVHV GHVWUR\HG 7HPSOHV KDYH
VXIIHUHGOHVVDQGKRXVHVEXLOWRISROLVKHGEULFNQHDWO\DQGFORVHO\ILWWLQJKDYHJHQHUDOO\
HVFDSHG7KHIDPRXV1\DWSRODWHPSOHILYHVWRULHVKLJKLVVXUSULVLQJO\XQGDPDJHG7KH
9KDLUDEDWHPSOHKDVFROODSVHG7KHFRQGLWLRQDW+DULVLGKL.KRNDQDDQG%DJPDWLLVRQH
RI FRPSOHWH UXLQ $WWKHWLPH RI YLVLW RQH PRQWKDIWHU WKH HDUWKTXDNH ERGLHV ZHUH VWLOO
EHLQJUHFRYHUHGDQGLWZDVRIWHQLPSRVVLEOHWRGLVWLQJXLVKVWUHHWIURPKRXVH,QVSLWHRI
WKLVGHVWUXFWLRQRIKRXVHVWKHUHLVOLWWOHLQWKHFRQGLWLRQRIWKHJURXQGWRVXJJHVWDYLROHQW
HDUWKTXDNH(YHQDORQJWKHHGJHVRIWKHULYHUWHUUDFHVWKHUHKDVEHHQOLWWOHVOLSSLQJ7KH
RQO\ REVHUYHG RFFXUUHQFH RI D VDQG YHQW LQ WKH 1HSDO YDOOH\ ZDV QHDU +DULVLGKL
6XEVLGHQFH RI WKH JURXQG DQG WLOWLQJ DQG VOXPSLQJ RI WKH KRXVHV DUH HQWLUHO\ DEVHQW
7KHW\SHRIGDPDJHLVVLPLODUWRWKDWDW0RQJK\U


,VRVHLVPDO,;

$V LQ WKH FDVH RI LVRVHLVPDO ; WKHUH DUHWKUHHDUHDV HQFORVHG E\ ,;7KH ODUJHVW DUHD
OLHVLQ1RUWK%LKDUDQGDORQJWKH7HUDLDQGVRXWKHUQUDQJHVRI1HSDO7KHSUHVHQFHRI
WRZQV DORQJ WKH HDVWHUQ VRXWKHUQ DQG ZHVWHUQ ERUGHUV RI WKLV DUHD HQDEOHG D IDLUO\
DFFXUDWHGHPDUFDWLRQWREHPDGHLQWKHVHGLUHFWLRQV7RWKHQRUWKLQ1HSDOWRZQVDUH
DEVHQW 8GDLSXU *DUKL LV RQO\ D YLOODJH  DQG WKH ERXQGDU\ WKHUH LV VRPHZKDW
K\SRWKHWLFDO7KHVOXPSEHOWLVFRPSOHWHO\HQFORVHGE\WKLVLVRVHLVPDO:LWKLQWKHSDUWRI
WKLVEHOWLQFOXGHGZLWKLQ,;WKHGDPDJHZDVRQWKHZKROHVLPLODUWREXWOHVVLQWHQVHWKDQ
WKDWLQWKHPRUHORFDOL]HGUHJLRQRILVRVHLVPDO;2XWVLGHWKHVOXPSEHOWLQSODFHVVXFK
DV 0X]DIIDUSXU DQG 'DUEKDQJD WKHUH ZDV ZLGHVSUHDG VKDNLQJ DQG FROODSVH EXW OHVV
WLOWLQJ DQG VXEVLGHQFH 3URPLQHQW ILVVXUHV DQG IDXOWV LQ WKH DOOXYLXP ZHUH JHQHUDOO\
FRQILQHG WR WKH YLFLQLW\ RI VXFK GHSUHVVLRQV DV ULYHUV DQG ODNHV (PLVVLRQ RI VDQG DQG
ZDWHUZDVDOVRSURPLQHQWZLWKLQSDUWVRILVRVHLVPDO,;QRWLQFOXGHGZLWKLQWKHVOXPSEHOW
EXWZDVPRUHRUOHVVLQGHSHQGHQWRIVOXPSLQJ

.XWFKDSXFFD EXLOGLQJVVXIIHUHG PRUH GDPDJH WKDQ SXFFD EXLOGLQJV RUPXG KXWV:HOO
EXLOWPDVRQU\VWUXFWXUHVHVSHFLDOO\LIRIWZRRUPRUHVWRULHVGLGQRWKRZHYHUHVFDSHDV
LV ZLWQHVVHG E\ WKH GHVWUXFWLRQ RI WKH $JULFXOWXUDO 5HVHDUFK ,QVWLWXWH DW 3XVD DQG WKH
SDODFHV RI WKH 'DUEKDQJD 5DM DW 'DUEKDQJD $ IHDWXUH RI WKH GDPDJH LQ WKH UHJLRQ
HQFORVHGE\WKLVLVRVHLVPDODQGWKDWRI;LVWKHQXPEHURIHDUWKTXDNHVKDGRZVSUHVHQW
%HWZHHQ0X]DIIDUSXUDQG6LWDPDUKLWKHUHDUHDWOHDVWWZR]RQHVDORQJZKLFKGHVWUXFWLRQ
LVVPDOO7KHGDPDJHWREXLOGLQJVLQDQ\RQHWRZQDOVRSUHVHQWVDQRPDOLHV

'DPDJH WR 5DLOZD\V ZLWKLQ ,;  ; 2I WKH  PLOHV FRPSULVLQJ WKH %HQJDO DQG 1:
DQG 7LUKXW V\VWHP LW PD\ EH VDLG WKDW RQ  PLOHV WUDYHUVLQJ 1RUWK %HKDU DQG WKH
HDVWHUQ8QLWHG3URYLQFHVKDUGO\DPLOHRIWUDFNZDVXQGLVWXUEHGHPEDQNPHQWVVHWWOHG
DQG HYHQ GLVDSSHDUHG HQWLUHO\ WKH UDLOV UHPDLQLQJ VXVSHQGHG HOVHZKHUH WKH\ ZHUH
UDLVHG RU VKLIWHG PDQ\ IHHW ODWHUDOO\ 6R VHYHUH LV WKH GLVWRUWLRQ LQ SODFHV WKDW D WUROO\
FRXOG QRW VDIHO\ WDNHQ URXQG WKH NLQNV 1RW D EULGJH UHPDLQHG XQGDPDJHG IURP PLQRU
FUDFNV LQ DUFKHV ZLQJ ZDOOV DQG DEXWPHQWV GLVSODFHG SLHUV DQG JLUGHUV WR FRPSOHWH
GHVWUXFWLRQ

$QDUURZ]RQHRIKLJKLQWHQVLW\UHDFKLQJWKHGHJUHHRI,;RQWKH0HUFDOOLVFDOHH[WHQGV
IURP 3DWQD HDVWZDUGV WR 0RQJK\U FXWWLQJ RII WKH QRUWKHUQ VDOLHQW RI WKH *DQJHV 7KH
LPSRUWDQW WRZQV DIIHFWHG ZLWKLQ WKLV ]RQH DUH 3DWQD %DUK 0RQJK\U DQG -DPDOSXU ,Q
3DWQD WKH ZRUVW GDPDJH WRRN SODFH DORQJ WKH ULYHU IURQW %RWK ROG DQG ILQH PRGHUQ
EXLOGLQJVVHYHUHO\GDPDJHG6LPLODUO\DW%DUKWKHHIIHFWVRIWKHHDUWKTXDNHZHUHPRUH
SURQRXQFHG DSSURDFKLQJ WKH ULYHU 7KH GHVWUXFWLRQ DW 0RQJK\U ZDV SHUKDSV PRUH
VHYHUH WKDQ LQ DQ\ RWKHU ODUJH WRZQ LQ %LKDU LQ WKH &KDXN VHFWLRQ RI WKH ED]DDU
SUDFWLFDOO\HYHU\EXLOGLQJZLWKLQDQDUHDRIDFUHVZDVFRPSOHWHO\UD]HGWRWKHJURXQG
7KRVHEXLOGLQJVHUHFWHGRQWKHKLJKJURXQGRI$UFKHDQRXWFURSVZHUHRQWKHZKROHWKH
OHDVWGDPDJHG$W-DPDOSXUWKHED]DDUDUHDDQGUDLOZD\TXDUWHUVQHDUWKHVWDWLRQZHUH
PRVW VHYHUHO\ GDPDJHG EXW QHZHU EXLOGLQJV WRZDUGV WKH RXWVNLUWV RI WKH WRZQ RQ WKH
HDVWDQGVRXWKVLGHVZHUHVFDUFHO\DIIHFWHG

7KHJUHDWHUSDUWRIWKHORZO\LQJDUHDVLQWKH1HSDOYDOOH\LVLQFOXGHGZLWKLQLVRVHLVPDO
,;7KHWRZQVRI.DWPDQGX3DWDQ7KLPLDQG7KDQNRWZHUHVHYHUHO\GDPDJHGVKRZLQJ
DSSUR[LPDWHO\DFROODSVHRIKRXVHV7KDQNRWOLHVLQDVPDOODUHDRILVRVHLVPDO,;
ZKLFKLVVHSDUDWHGIURPWKHPDLQDUHDE\DFRQWLQXDWLRQRIWKH.LUWLSXUULGJH

7KH DFWXDO SRVLWLRQ RI LVRVHLVPDO ,; LV GHWHUPLQHG E\ WKH UHODWLRQVKLS EHWZHHQ WKH VRIW
XQFRQVROLGDWHGIOXYLDWLOHDQGODFXVWULQHVHGLPHQWVZKLFKPDNHXSWKHORZO\LQJSRUWLRQV
RIWKHYDOOH\DQGWKHROGHUKDUGHUSUH7HUWLDU\URFNVZKLFKIRUPDQLUUHJXODUULPWRWKH
YDOOH\«« ,W ZDV IRXQG WKDW GDPDJH WR SURSHUW\ RQ WKH UHFHQW ORRVHO\ FRPSDFWHG
VHGLPHQWV RI WKH YDOOH\ EHDUV OLWWOH UHODWLRQVKLS WR WKH QDWXUH RI WKH VHGLPHQWV ORFDOO\
SUHVHQW*UDYHOVVDQGVDQGFOD\VSURYHGHTXDOO\LQHIIHFWLYHLQGDPSLQJWKHVKRFNV


,VRVHLVPDO9,,,

7KHLVRVHLVPDOHQFORVHVDQDUHDRIVTPLOHV VTNP LQ%LKDU%HQJDODQG
1HSDO 7KH IRUP RI WKH OLQH QHDU .DWPDQGX LV LQIOXHQFHG E\ ORFDO WRSRJUDSKLFDO DQG
SUHVXPDEO\JHRORJLFDOFRQGLWLRQV&KDLQSXUDQG7DSOHMXQJLQGLFDWHDQLQWHQVLW\RIDERXW
9,,,7KHLPSRUWDQWWRZQVDIIHFWHGZLWKLQWKLV]RQHDUH'KDQNXWD'DUMHHOLQJ%KDJDOSXU
.KDJDULD6DPDVWLSXU&KDSUDDQG%HWWLDK

&ROODSVHRIROGKRXVHVLVJHQHUDO'DPDJHLVVHHQDOVRLQWKHXSSHUVWRULHVZLQJVDQG
SRUFKHV RI QHZHU KRXVHV DQG IDOO RI WHPSOH VSLUHV DQG PRVTXH PLQDUHWV 0DQ\ PXG
KRXVHV LQ WKH %HJX 6DUDL VXEGLYLVLRQ QRUWK RI 7HJKUD ZHUH UD]HG WR WKH JURXQG
'HVWUXFWLRQ ZDV SDUWLFXODUO\ SUHYDOHQW QHDU WKH ZHVWHUQ EDQN RI WKH *DQGDN LQ 6DUDQ
GLVWULFWZKLFKLVFORVHWRWKHVOXPSEHOW

)LVVXUHVDQGVDQGYHQWVRFFXUVSRUDGLFDOO\ZLWKLQWKHDUHDHQFORVHGE\LVRVHLVPDO9,,,
ZKLFKOLHVQRUWKRIWKH*DQJHVEXWDUHFRQVLGHUDEO\OHVVLQLPSRUWDQFHWKDQZLWKLQWKH
KLJKHU LVRVHLVPDOV )HZ ZHOOV LQ WKLV DUHD ZHUH UHSRUWHG WR KDYH EHHQ FKRFNHG ZLWK
VDQG

5DLOZD\EULGJHVDQGSHUPDQHQWZD\VQRUWKRIWKH*DQJHVVXIIHUHGFRQVLGHUDEO\WKRXJK
QRWWRWKHVDPHH[WHQWDVWKRVHZLWKLQLVRVHLVPDOV;DQG,;7ZRIHHWJLUGHUVRIWKH
,QFKFDSHEULGJHRQWKH*RJUDZHVWRI&KDSUDZHUHWKURZQGRZQVHYHUDOSLHUVRIWKH
%XU*DQGDNEULGJHQHDU5XVKHUD*KDWZHUHIUDFWXUHGDQGKDGJLUGHUVGLVSODFHGDSLHU
RIWKH%XU*DQGDNEULGJHQHDU.KDJDULDZDVVKHDUHGDQGWKHIHHWVSDQVRIWKH%XU
*DQGDNEULGJHQHDU6DPDVWLSXUKDGRYHUULGGHQWKHUROOHUEHDULQJV

$]RQHRIUDWKHUKLJKLQWHQVLW\DWWKH66:FRUQHURIWKHLVRVHLVPDOVWUHWFKHVIRURYHU
PLOHVLQD:1:(6(GLUHFWLRQIURPVRXWKZHVWRI$UUDKWRHDVWRI%LKDUZKHUHPDQ\RI
WKHEXLOGLQJVZHUHVHYHUHO\IUDFWXUHG1RUWKRIWKLVEHOWDQGVRXWKRILVRVHLVPDO,;WKH
GDPDJHLVGLVWLQFWO\OHVV7KLVEHOWKDVEHHQVHSDUDWHGIURPWKHQRUPDOLVRVHLVPDO9,,,
E\GRWWHGOLQHVDQGLVGHVLJQDWHG9,,,)LVVXHUVDQGVHQGYHQWVZHUHIRUPHGDW%LNUDP
VRXWK RI +LOVD QRUWK RI /XFNHH 6DUDL DQG QRUWKHDVW RI 6LWDNXQG $W %LNUDP WKH\ ZHUH
DFFRPSDQLHGE\VXEVLGHQFHRIEXLOGLQJV,QJHQHUDOILVVXUHVDQGVDQGYHQWVDUHDEVHQW
VRXWKRIWKH*DQJHV

7KHHDVWZDUGFRQWLQXDWLRQRILVRVHLVPDO9,,,LQFOXGHVWKHKLOOVWDWLRQVRI'DUMHHOLQJDQG
.XUVHRQJ 0U :DGLD UHSRUWV WKDW LQ 'DUMHHOLQJ VHYHUDO KRXVHV KDYH WRWDOO\ FROODSVHG
2WKHUV ZHUH GDPDJHG E\ WKH FUDVKLQJ RI KHDY\ PDVRQU\ FKLPQH\V WKURXJK URRIV DQG
XSSHUIORRUV*URXQGILVVXUHVZHUHSUHVHQWDWVHYHUDOSODFHVLQ'DUMHHOLQJ7LQGKDULDDQG
WKH1HSDOKLOOYLOODJHV


,VRVHLVPDO9,,

,VRVHLVPDO 9,, KDV EHHQ SUHSDUHG IURP WKH DQVZHUV WR WKH HDUWKTXDNH 4XHVWLRQQDLUH
:LWKLQ LVRVHLVPDO 9,,, WKH HIIHFWV RI WKH HDUWKTXDNH ZHUH VXIILFLHQWO\ VWURQJ WR LQYLWH
JHQHUDO DWWHQWLRQ ZKHUHDV ZLWKLQ 9,, D GHWDLOHG HQTXLU\ KDG WR EH PDGH EHIRUH WKH
YLROHQFHRIWKHVKRFNFRXOGEHJDXJHG,QFRXUVHRIKLVLQYHVWLJDWLRQVDW*RUDNKSXUWKH
VHFRQG DXWKRU ZRXOG QRW KDYH QRWLFHG DQ\ GDPDJH ZURXJKW E\ WKH HDUWKTXDNH EXWIRU
LQIRUPDWLRQIURP ORFDO UHVLGHQWV7KH RXWZDUG QRUPDO DSSHDUDQFH RI EXLOGLQJV JDYH QR
KLQWWKDWDQHDUWKTXDNHKDGWDNHQSODFH1HYHUWKHOHVVVHYHUDOODUJHWRZQVVLWXDWHGRQ
WKH EDQNV RI WKH *DQJHV VXFK DV 0LU]DSXU %HQDUDV DQG $OODKDEDG HYLQFHG D FHUWDLQ
DPRXQWRIPDMRUGDPDJHRIWKHQDWXUHRIFROODSVHGKRXVHVIDOOHQFKLPQH\VDQGVHYHUH
FUDFNLQJRIZDOOV

7KHGHOLQHDWLRQRIWKHVRXWKHUQERXQGDU\RIWKLVLVRVHLVPDOLVWKHUHVXOWRIWKHYLVLWRI'U
'XQQ WR VRXWK %LKDU DQG WKH +D]DULEDJK GLVWULFW 7ZR LVRODWHG DUHDV RI LQFUHDVHG
LQWHQVLW\ UXQQLQJ DSSUR[LPDWHO\ :1: (6( RFFXU ZLWKLQ WKLV LVRVHLVPDO 7KH PRUH
ZHVWHUO\RIWKHWZRLQFOXGHV*D\D7KHRWKHULVLQWKH6DQWKDO3DUJDQDVEHWZHHQ-DVLGLK
DQG'XPND
/2&$7,212)(3,&(17(5$XGHQ *KRVK  
5(&25'62)7+(*(2/2*,&$/6859(<2),1',$9ROXPH/;9,,,3DUW
3DJH

7KH SRVLWLRQ RI WKH HSLFHQWHU DV GHWHUPLQHG E\ WKH LQWHUSUHWDWLRQ RI WKH
VHLVPRJUDSKLFUHFRUGVGRHVQRWDJUHHH[DFWO\ZLWKRXUILHOGZRUN)URPWKH.HZ
DQG &RODED VHLVPRJUDPV .HZ 2EVHUYDWRU\ FDOFXODWHG WKDW WKH HSLFHQWHU OD\
q1q('U6&5R\IL[HVLWDWq1q(7KHVHWZRORFDWLRQVDUHLQ
1HSDOWKHIRUPHUQHDU1LSDQLD *XUGKDPLQ- WKHODWWHUMXVWVRXWKRI6LUKD
%RWK DUH VRXWK RI WKH6LZDOLN KLOOV LQ WKH 1HSDO WHUDL DQG ZLWKLQ RXU LVRVHLVPDO
,; 7KH UHFRUGV DW $JUD DQG 'HKUD 'XQ JDYH ORFDWLRQV RI  DQG  PLOHV
UHVSHFWLYHO\ ZKLFK DUH ZHVW RI WKH DUHD RI PD[LPXP GDPDJH 7KHUH LV VRPH
GRXEW KRZHYHU DERXW WKH LQWHUSUHWDWLRQ RI WKHVH UHFRUGV ,QIRUPDWLRQ VXSSOLHG
E\WKH8QLYHUVLW\2EVHUYDWRU\2[IRUGJLYHVWKHIROORZLQJIXUWKHUUHVXOWV

&KLQIHUJDQG0DQLODq1q(PLOHVVRXWKZHVWRI0RQJK\U
)ORULVVDQW q1q( PLOHVQRUWKRI%DUK
7DLNRKX q1q(PLOHVVRXWKHDVWRI/DKHULD6DUDL
6WUDVEXUJq1q(PLOHVQRUWKRI8GDLSXULQ1HSDO


(DUWKTXDNH QRW SULPDULO\ FRQQHFWHG ZLWK YLVLEOH +LPDOD\DQ 7KUXVWV
$XGHQ *KRVK  
5(&25'6 2) 7+( *(2/2*,&$/ 6859(< 2) ,1',$ 9ROXPH /;9,,, 3DUW 
3DJH

2Q SODWH  WKH LVRVHLVPDO OLQHV DUH VKRZQ LQ UHG IRU ZKROH RI ,QGLD ZKLOH WKH
JUHHQOLQHUHSUHVHQWVWKHFRXUVHRIWKHPDLQERXQGDU\IDXOW7KHDUHDHQFORVHG
E\LVRVHLVPDO;OLHVVRPHPLOHVIURPWKHPDLQERXQGDU\IDXOWDQGPLOHVRU
VRIURPWKHQHDUHVWRXWFURSRIWKH6LZDOLNURFNV

:KLOH WKH GDPDJH WR 8GDLSXU *DUKL DQG 'KDUDQ LV FHUWDLQO\ JUHDW LW FDQQRW EH
VWDWHG WKDW WKH DFXWHQHVV DW WKHVH SODFHV EHDUV DQ\ GHILQLWH UHODWLRQVKLS WR WKH
ERXQGDU\IDXOWRUWKUXVWSODQH1RVLJQVRIPRYHPHQWZHUHVHHQDORQJWKHWKUXVW
SODQHZKHUHLWLVH[SRVHGQHDU8GDLSXU*DUKL7KHKRXVHVDW8GDLSXU*DUKLDQG
'KDUDQEHLQJRIYHU\XQVWDEOHFRQVWUXFWLRQKDYHQDWXUDOO\FROODSVHGPRUHWKDQ
WKHEDPERRPXGKXWVRIWKHYLOODJHVLQWKHSODLQVMXVWEHORZ5RFNIDOOVDUHQRW
FRQILQHGWRWKHYLFLQLW\RIWKHWKUXVWSODQHEXWVFDUWKHKLOOVLGHVDURXQG8GDLSXU
*DUKLIRUPLOHVWRWKHQRUWKDQGVRXWK:KDWHYHUPRYHPHQWPD\KDYHRFFXUUHG
DORQJ WKLV WKUXVW SODQH EHORZ WKH VXUIDFH QRWKLQJ UHPDUNDEOH KDSSHQHG DW LWV
RXWFURSZLWKWKHVXUIDFH,WLVPRUHSUREDEOHWKDWWKHPRYHPHQWVUHVSRQVLEOHIRU
WKH HDUWKTXDNH RULJLQDWHG IXUWKHU VRXWK DORQJ WKUXVW SODQHV WKDW DUH QRZ
FRQFHDOHGE\WKH*DQJHWLFDOOXYLXP

7KH VLJQLILFDQFH RI WKH VOXPS EHOW DQG RI WKH DUHD RI DSSDUHQW VXEVLGHQFH
GHWHUPLQHG E\ 6XUYH\ RI ,QGLD LV DOPRVW FHUWDLQO\ WKDW WKH DOOXYLXP WKHUH KDV
UHFHLYHG D PRVW VHYHUH VKDNLQJ LQ D YHUWLFDO GLUHFWLRQ DV D UHVXOW RI O\LQJ
LPPHGLDWHO\DERYHWKHPDLQ]RQHRIGLVWXUEDQFH

6(,6020(75,&678'<6&52<  
0(02,562)7+(*(2/2*,&$/6859(<2),1',$9ROXPH3DJH

6HOHFWHG7UDQVFULSWLRQ

$Q DFFRXQW LV JLYHQ RI D VHLVPRPHWULF VWXG\ RI WKH GLVDVWURXV HDUWKTXDNH RI
%LKDUDQG1HSDORQ-DQXDU\WKDQGRQHRILWVDIWHUVKRFNVRQ-DQXDU\WK
EDVHG PDLQO\ RQ WKH UHFRUGV RI WKH ,QGLDQ VWDWLRQV QDPHO\ $OLSXU $JUD
'HKUDGXQ &RODED 2RUJDXP .RGDLNDQDO DQG &RORPER 7KH REVHUYDWLRQV DW
WKHVH VWDWLRQV DSSHDU WR ORFDWH WKH HSLFHQWHU RI WKH PDLQ VKRFN RI -DQXDU\
WKQHDUqqcc1DQGqqcc(>1(@ZLWKWKHWLPHRIRULJLQK
PV>*07@7KLVORFDWLRQLVLQJHQHUDODFFRUGZLWKWKHLVRVHLVPDOPDSRIWKH
HDUWKTXDNHSXEOLVKHGLQ5HF*6,9RO/;9,,,3DUW7KHHSLFHQWUDOWUDFW
HQFORVHGE\,VRVHLVW;LVDQHORQJDWHGDUHDDERXWNPZLGHDQGNPORQJ
UXQQLQJ HDVWZHVW²WKH PDMRU D[LV RI WKH REORQJ SDVVLQJ URXJKO\ WKURXJK
6LWDPDUKL>qc1qc(@RQWKHZHVWDQG0DGKXEDQL>qc1qc
(@LQWKHHDVWDQGWKHFHQWUDOUHJLRQRIWKHWUDFWO\LQJQHDUqc1qc(
7KHVHLVPRPHWULFFHQWHUIRXQGLQWKHSUHVHQWVWXG\IDOOVQHDUWKHHDVWHUQHGJHRI
WKH WUDFW QHDU 0DGKXEDQL $ SUHOLPLQDU\ H[DPLQDWLRQ RI WKH VHLVPRJUDPV RI
H[WUD ,QGLDQ VWDWLRQV ZLWK HSLFHQWUDO GLVWDQFHV XS WR DERXW  NP VKRZ WKDW
REVHUYDWLRQV ZLWKLQ WKLV UDQJH DUH QRW LQ GLVDJUHHPHQW ZLWK WKH ORFDWLRQ RI WKH
HSLFHQWHUQHDUqqcc1DQGqqcc(

«««7KHVHLVPRPHWULFFHQWHUVRIERWKWKHPLQRUDQGPDMRUVWDJHVLQVWHDGRI
O\LQJ PRUH FHQWUDOO\ RQ WKH HSLFHQWUDO WUDFW IDOO RQ LWV HDVWHUQ HGJH QHDU
0DGKXEDQL$Q\DSSUHFLDEOHVKLIWLQJRIWKHHSLFHQWHUWRZDUGVWKHFHQWUDOUHJLRQ
RIWKHWUDFWJLYHVV\VWHPDWLFDOO\KLJKVSHHGVRIVHLVPLFZDYHVWRVWDWLRQVWRWKH
HDVW DQG V\VWHPDWLFDOO\ ORZ VSHHGV WR VWDWLRQV WR WKH ZHVW $FFHSWLQJ WKHUHIRUH
WKHVHLVPRPHWULFHYLGHQFHIRUDQLQLWLDOPLQRUIDLOXUHQHDUqqcc1DQGqqcc
(OHDGLQJWKURXJKDQLQWHUPHGLDWHVWDJHWRWKHPDMRUFUDVKQHDUqqcc1DQG
qq cc ( > 1  (@ DIWHU DERXW  V LW LV QDWXUDO WR HQTXLUH LI RWKHU
FUDVKHVFRXOGQRWKDYHVXEVHTXHQWO\RFFXUUHGLQWKHVDPHIDXOWVXUIDFHRULQWKH
QHLJKERXULQJ IDXOWV ZLWK WKH WUDQVIHUHQFH RI WKH HODVWLF VWUHVVHV QR ORQJHU
VXSSRUWHG DW WKH VFHQH RI WKH PDMRU FUDVK 6XFK DQ RFFXUUHQFH DSSHDUV YHU\
SUREDEOHEXWWKHWUDQVIHURIHODVWLFVWUHVVIURPSRLQWWRSRLQWLVQRWVLPXOWDQHRXV
EXWUHTXLUHVWLPHGHSHQGLQJRQWKHHODVWLFLW\DQGWKHGHQVLW\RIWKHURFN,WLVQRW
WKHUHIRUH SRVVLEOH IRU VWUHVVHV DQG KHQFH IUDFWXUHV WR H[WHQG DW D UDWH JUHDWHU
WKDQ WKDW RI WKH IDVWHVW HODVWLF ZDYHV ZKLFK DUH RI WKH FRPSUHVVLRQDO W\SH ,W
IROORZV WKDW ZKHQ VHYHUDO FUDVKHV RFFXU DW GLIIHUHQW SDUWV RI D IDXOW RU LQ WKH
QHLJKERXULQJ IDXOWV WKH VHLVPLF ZDYHV WKDW ZLOO DUULYH ILUVW DW D VWDWLRQ QRW YHU\
FORVHWRWKHHSLFHQWHUZLOOEHWKRVHUDGLDWLQJIURPWKHHDUOLHVWFUDVKHYHQLIWKH
VWDWLRQEHQHDUHUWKHRULJLQRIWKHODWHUFUDVKHV«,WLVWKXVFOHDUWKDWLIWKHODWHU
FUDVKHVZHUHFRPSDUDWLYHO\OHVVVHYHUHWKHZDYHVRULJLQDWLQJIURPWKHPZRXOG
EH PDVNHG E\ WKRVH IURP WKH PDMRU FUDVK DQG ZRXOG QRW EH HDVLO\
GLVWLQJXLVKDEOH RQ WKH VHLVPRJUDPV ,W LV RI LQWHUHVW WR QRWH WKDW ERWK WKH ILHOG
REVHUYDWLRQVDQGWKHVHLVPRPHWULFREVHUYDWLRQVDJUHHLQVKRZLQJWKDWDIWHUWKH
PDMRUFUDVKQHDU0DGKXEDQLWKHWUDQVIHURIWKHXQVXSSRUWHGVWUHVVHVRFFXUUHG
PRUHWRWKH:1:WRZDUGV6LWDPDUKLUDWKHUWKDQWRWKH(6(WRZDUGV3XUQHD

,QDGGLWLRQWRWKHPDLQHSLFHQWUDOWUDFWEHWZHHQ0DGKXEDQLDQG6LWDPDUKLWKHUH
DUHWZRVPDOODUHDVRQWKHLVRVHLVPDOPDSRIWKHHDUWKTXDNHRI-DQXDU\WK±
RQH DURXQG 0RQJK\U DQG WKH RWKHU LQ WKH 1HSDO YDOOH\ WR WKH 6( RI
.DWPDQGX««7KH DSSDUHQW KLJK LQWHQVLW\ LQ WKH 1HSDO 9DOOH\ DQG 0RQJK\U
DUHD PD\ EH GXH RQO\ WR WKH QDWXUH RI WKH JHRORJLF PDWHULDO WKHUH 7KH
VHLVPRPHWULFHYLGHQFHLVFOHDUO\DJDLQVWWKHRULJLQRIDQ\LQGHSHQGHQWVKRFNVLQ
WKRVHDUHDVEHIRUHRUVLPXOWDQHRXVO\ZLWKWKHRULJLQRIWKHPDMRUFUDVKEXWGRHV
QRWSUHFOXGHWKHSRVVLELOLW\RIFRPSDUDWLYHO\OHVVVHYHUHUXSWXUHVRFFXUULQJWKHUH
VXEVHTXHQWO\

$IWHUVKRFNRI-DQXDU\WK

$QXPEHURIDIWHUVKRFNVKDYHEHHQUHJLVWHUHGE\WKHVHLVPRJUDSKVDW$OLSXUDQG
$JUDEXWZLWKWKHH[FHSWLRQRIWKHRQHRI-DQXDU\WKQRQHRIWKHPZHUHVWURQJ
HQRXJKWREHUHFRUGHGIXOO\IURPWKHEHJLQQLQJRIWKHQRUPDO3ZDYH7KLVVKRFN
ZDVVXIILFLHQWO\VWURQJWREHUHFRUGHGIXOO\DOVRE\WKH0LOQH6KDZLQVWUXPHQWV
DW &RODED:LWK FRPSOHWH UHFRUGV DW WKUHH VWDWLRQV WKH RULJLQ RI WKLV DIWHUVKRFN
HVWLPDWHG ZLWK D IDLU GHJUHH RI FRQILGHQFH 7KH RULJLQ WLPH FDOFXODWHG
KPV>*07@DQGHSLFHQWHUORFDWHGQHDUqqcc1DQGqqcc(>1
(@

$OWKRXJK LW LV QRW SRVVLEOH WR HVWLPDWH WKH H[DFW RULJLQ RI WKH RWKHU DIWHUVKRFNV
ZLWKRXWDIXOOHUVFUXWLQ\RIWKHVHLVPRJUDPVRI$OLSXUDQG$JUDDFRPSDULVRQRI
WKHUHFRUGVRIWKHVHVWDWLRQVHQDEOHVRQHWRVRUWRXWWKHDIWHUVKRFNVRIWKH%LKDU
HDUWKTXDNHRI-DQXDU\WK$OLVWLVJLYHQEHORZRIWKRVHDIWHUVKRFNVZKLFKZHUH
UHJLVWHUHGE\LQVWUXPHQWVERWKDW$OLSXUDQG$JUD

'DWH 1XPEHURI$IWHUVKRFNV
-DQXDU\ 
 
 
 
 
)HEUXDU\ 
  
  
$SULO 
  


$IWHU $SULO QR DIWHUVKRFN DSSHDUV WR KDYH EHHQ VXIILFLHQWO\ VWURQJ WR EH
UHJLVWHUHG ERWK DW $OLSXU DQG $JUD 7KH OLVW JLYHQ LV D VHOHFWLYH RQH EXW LW
LQGLFDWHVFOHDUO\WKDWWKHIUHTXHQF\RIDIWHUVKRFNVUHJLVWHUDEOHE\LQVWUXPHQWVDW
D GLVWDQFH RI  NP GHFOLQHG YHU\ UDSLGO\ 7KH UDSLG GHFOLQH DSSHDUV WR
VXJJHVW WKDW QHDUO\ FRPSOHWH UHOLHI ZDV SURYLGHG E\ WKH PDLQ VKRFN RI -DQXDU\
WK

'HSWKRI)RFXV

,WVKRXOGEHPDGHFOHDUDWWKHYHU\RXWVHWWKDWWKHZRUGVµIRFXV¶DQGµIRFDOGHSWK¶
DUHXVHGKHUHLQDUHVWULFWHGVHQVHDQGWKDWWKH\UHIHUWRWKHSRLQWRUUDWKHUWKH
OLPLWHGDUHDZKHUHWKHLQLWLDOPLQRUIDLOXUHOHDGLQJWRWKHGLVDVWURXVHDUWKTXDNHRI
-DQXDU\ WK RFFXUUHG 7KH HQRUPRXV H[WHQW RI WKH HSLFHQWUDO WUDFW DQG WKH
H[LVWHQFH RI VHFRQGDU\ DUHDV RI KLJK LQWHQVLW\ WRJHWKHU ZLWK WKH FRPSOLFDWHG
QDWXUHRIWKHVHLVPRJUDPVOHGWKHZULWHUWRH[DPLQHWKHUHFRUGVRIH[WUD,QGLDQ
VWDWLRQV ZLWK D YLHZ WR ILQGLQJ RXW LI SKDVHV FKDUDFWHULVWLF RI GHHS IRFXV
HDUWKTXDNHVDUHSUHVHQWLQWKHP7KHDWWHPSWKDVSURYHGXQVXFFHVVIXODQGWKH
ZULWHU LV RI RSLQLRQ WKDW QR GHHSIRFXV LQWHUSUHWDWLRQ RI WKH UHFRUGV LV SRVVLEOH
7KH GHYHORSPHQW RI /ZDYHV RQ WKH UHFRUGV RI WKH %LKDU HDUWKTXDNH VKRZQ
FOHDUO\ E\ WKH VHLVPRJUDP RI 2RUJDXP  FRQVWLWXWHV WKHUHIRUH IXUWKHU SURRI
DJDLQVW DQ\ GHHSIRFXV LQWHUSUHWDWLRQ 2Q WKH RWKHU KDQG WKH SKDVHV LGHQWLILHG
RQ WKH ,QGLDQ UHFRUGV LI FRUUHFW VKRZ GHILQLWHO\ WKDW WKH PDLQ HDUWKTXDNH RI
-DQXDU\WKDQGLWVDIWHUVKRFNRI-DQXDU\WKKDGWKHLURULJLQLQWKHXSSHUPRVW
OD\HURIWKHHDUWK¶VFUXVW««7KHIRFDOGHSWKHVWLPDWHGLVNP

27+(5'(5,9('3$5$0(7(56

 9HORFLW\ 9HORFLW\ 7KLFNQHVV NP  %XON0RGXOXV
&RPSUHVVLRQDO 'LVWRUWLRQDO
ZDYH NPV  ZDYH NPV 
*UDQLWLF/D\HU    
%DVDOWLF/D\HU    
8OWUDEDVLF/D\HU    














Das könnte Ihnen auch gefallen