:25/' +($/7+ 25*$1,=$7,21 (;(&87,9( %2$5' WK 6HVVLRQ $JHQGD LWHP (% -DQXDU\
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
,
$33/,&$7,216 2) $'0,66,21 ,172 (%1*2
121*29(510(17$/ 25*$1,=$7,216 )25 2)),&,$/ 5(/$7,216 5HVWULFWHG GRFXPHQWV
7KH &RPPLWWHH H[DPLQHG DSSOLFDWLRQV IURP WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU &KLOG DQG $GROHVFHQW 3V\FKLDWU\ DQG $OOLHG 3URIHVVLRQV ,$&$3$3 GRFXPHQW (%1*2 WKH ,QWHUQDWLRQDO 3KDUPDFHXWLFDO 6WXGHQWV¶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¶V VWUDWHJ\ IRU WKH FDUH RI FKLOGUHQ DQG DGROHVFHQWV ZLWK PHQWDO GLVRUGHUV ,W ZDV QRWHG WKDW :+2 KDG LQFUHDVLQJ FDOO IRU WKH H[SHUWLVH RI VXFK SURIHVVLRQDOV KRZHYHU UHVRXUFHV ZHUH ODFNLQJ 7KH $VVRFLDWLRQ¶V H[SHUWLVH ZDV WKHUHIRUH YHU\ YDOXDEOH WR :+2 %DVLF GRFXPHQWV WK HG *HQHYD :RUOG +HDOWK 2UJDQL]DWLRQ 0HPEHUV RI WKH 6WDQGLQJ &RPPLWWHH RQ 1RQJRYHUQPHQWDO 2UJDQL]DWLRQV 'U ) +XHUWD 0RQWDOYR (FXDGRU 'U = $OHPX &KDLUSHUVRQ (ULWUHD 3URIHVVRU 0\D 2R 0\DQPDU 'UD 3 $ORQVR &XHVWD DOWHUQDWH WR 'U $0 3DVWRU -XOLiQ 6SDLQ 'U $% 2VPDQ 6XGDQ !
(%
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³7KH RIILFLDO ZRUOG OLVW RI SKDUPDF\ VFKRROV´ 7KH )HGHUDWLRQ ZDV DOVR FRPPLWWHG WR D ORQJWHUP FDPSDLJQ WR HQVXUH WKDW SKDUPDF\ VFKRROV EHFRPH VPRNH IUHH :LWK UHJDUG WR WKH DSSOLFDWLRQ IURP :&2 LW ZDV QRWHG WKDW WKH 1*2 ZDV WKH SURIHVVLRQDO DVVRFLDWLRQ IRU RSWRPHWULVWV ZLWK VRPH PHPEHUV LQ VHYHUDO :+2 UHJLRQV ,W UHSUHVHQWHG D SURIHVVLRQ WKDW ZDV LPSRUWDQW LQ H\H KHDOWK FDUH DQG RQH ZKLFK :+2 SODQQHG WR FRQWLQXH FROODERUDWLQJ ZLWK ,W ZDV QRWHG WKDW WKH &RXQFLO¶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¶V WHFKQLFDO LQSXW LQWR :+2¶V ZRUN ZKLFK OHG LQWHU DOLD WR WKH SXEOLFDWLRQ ³7HUURULVW WKUHDWV WR IRRG JXLGDQFH IRU HVWDEOLVKLQJ DQG VWUHQJWKHQLQJ SUHYHQWLRQ DQG UHVSRQVH V\VWHPV´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¶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
(%
,,
5(9,(: 2) 121*29(510(17$/ 25*$1,=$7,216 ,1 2)),&,$/ 5(/$7,216 :,7+ :+2 5HVWULFWHG GRFXPHQW (%1*2:3
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¶V UHYLHZ RI 1*2V DOUHDG\ LQ RIILFLDO UHODWLRQV ZLWK :+2 7KH SXUSRVH RI VXFK FULWHULD ZRXOG EH WR EHWWHU HQDEOH WKH &RPPLWWHH WR PDNH DQ LQIRUPHG DVVHVVPHQW DV WR ZKHWKHU WKH 1*2V FRQWLQXH WR VDWLVI\ WKH FULWHULD IRU DQ 1*2 WR EH LQ RIILFLDO UHODWLRQV ZLWK :+2 'XULQJ WKH GLVFXVVLRQ RI (%1*2:3 WKH &RPPLWWHH VRXJKW FODULILFDWLRQ FRQFHUQLQJ KRZ ³LQWHUQDWLRQDO´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¶V UHTXHVW WR DWWHQG WKH :RUOG +HDOWK $VVHPEO\ LQ WKH FDSDFLW\ RI DQ REVHUYHU KDG EHHQ DFFHSWHG DQG WKDW WKH 8QLRQ KDG LQIRUPHG :+2 WKDW LW ZLVKHG WR ³ZLWKGUDZ IURP LWV VWDWXV DV D QRQJRYHUQPHQWDO RUJDQL]DWLRQ´ LQ RIILFLDO UHODWLRQV ZLWK :+2 7KH &RPPLWWHH DJUHHG WR UHFRPPHQG WKDW QRWH EH WDNHQ RI WKH GHFLVLRQ WR LQYLWH WKH 8QLRQ WR WKH :RUOG +HDOWK $VVHPEO\ DV DQ REVHUYHU DQG LQ DFFRUGDQFH ZLWK WKH 8QLRQ¶V UHTXHVW GLVFRQWLQXH RIILFLDO UHODWLRQV ,Q WKH DEVHQFH RI UHSRUWV RQ FROODERUDWLRQ WKH &RPPLWWHH ZDV XQDEOH WR UHYLHZ UHODWLRQV ZLWK WKH IROORZLQJ 1*2V &0& ± &KXUFKHV¶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
(%
6RFLHW\ RI %ORRG 7UDQVIXVLRQ ,QWHUQDWLRQDO 6RFLHW\ RI &KHPRWKHUDS\ ,QWHUQDWLRQDO 8QLRQ RI 3XUH DQG $SSOLHG &KHPLVWU\ :RUOG $VVRFLDWLRQ RI 6RFLHWLHV RI 3DWKRORJ\ DQG /DERUDWRU\ 0HGLFLQH DQG WKH :RUOG )HGHUDWLRQ RI 1XFOHDU 0HGLFLQH DQG %LRORJ\ 7KH &RPPLWWHH UHFRPPHQGHG WKDW LQ YLHZ RI WKH DEVHQFH RI WKH UHSRUWV WKH UHYLHZ RI UHODWLRQV ZLWK WKHVH 1*2V EH GHIHUUHG XQWLO WKH %RDUG¶V WK VHVVLRQ 7KH &RPPLWWHH WKHQ FRQVLGHUHG UHSRUWV FRQFHUQLQJ IROORZXS WR LWV GHFLVLRQ (%
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¶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¶V WK VHVVLRQ RIILFLDO UHODWLRQV ZLOO EH GLVFRQWLQXHG ,Q WKH PHDQWLPH WKH &RPPLWWHH GHFLGHG WR UHFRPPHQG WKDW WKH UHYLHZ RI UHODWLRQV ZLWK WKHVH QLQH 1*2V EH GHIHUUHG XQWLO WKH %RDUG¶V WK VHVVLRQ 7KH UHSRUW IURP WKH $VVRFLDWLRQ RI WKH ,QVWLWXWHV DQG 6FKRROV RI 7URSLFDO 0HGLFLQH LQ (XURSH ZDV FRQVLGHUHG ,W ZDV QRWHG WKDW WKH $VVRFLDWLRQ KDG UHVWUXFWXUHG GXULQJ WKH SHULRG XQGHU UHYLHZ DQG WKDW WKLV KDG WHQGHG WR DIIHFW LWV DELOLW\ WR ZRUN FROODERUDWLYHO\ +RZHYHU ERWK SDUWLHV HQYLVDJHG WKH UHHVWDEOLVKPHQW RI FRRSHUDWLRQ ,Q YLHZ RI WKLV WKH &RPPLWWHH DJUHHG WR UHFRPPHQG WKDW WKH $VVRFLDWLRQ EH PDLQWDLQHG LQ RIILFLDO UHODWLRQV )LQDOO\ WKH UHSRUW IURP WKH ,QWHUQDWLRQDO /HDJXH RI $VVRFLDWLRQV IRU 5KHXPDWRORJ\ ZDV UHYLHZHG ,W ZDV QRWHG WKDW GXULQJ WKH SHULRG XQGHU UHYLHZ WKH /HDJXH DPHQGHG LWV FRQVWLWXWLRQ DQG 'RFXPHQW (%5(& SS !
$SSHDUV LQ $QQH[ IROORZHG E\ DQ DVWHULVN
(%
FRQWLQXHG WR SXUVXH D SURJUDPPH RI YDOXDEOH DFWLYLWLHV +RZHYHU WKLV SURJUDPPH ZDV QRW SXUVXHG ZLWK :+2 )RU LWV SDUW :+2 GLG QRW HQYLVDJH ZRUNLQJ LQ D SODQQHG IDVKLRQ ZLWK WKH /HDJXH ,Q YLHZ RI WKLV WKH &RPPLWWHH DJUHHG WR UHFRPPHQG WKH GLVFRQWLQXDWLRQ RI RIILFLDO UHODWLRQV ZLWK WKH ,QWHUQDWLRQDO /HDJXH RI $VVRFLDWLRQV IRU 5KHXPDWRORJ\
,,, 352326(' '5$)7 5(62/87,21 $1' '(&,6,21 'UDIW UHVROXWLRQ 7KH ([HFXWLYH %RDUG +DYLQJ H[DPLQHG WKH UHSRUW RI LWV 6WDQGLQJ &RPPLWWHH RQ 1RQJRYHUQPHQWDO 2UJDQL]DWLRQV '(&,'(6 WR DGPLW LQWR RIILFLDO UHODWLRQV ZLWK :+2 WKH ,QWHUQDWLRQDO $VVRFLDWLRQ IRU &KLOG DQG $GROHVFHQW 3V\FKLDWU\ DQG $OOLHG 3URIHVVLRQV ,QWHUQDWLRQDO 3KDUPDFHXWLFDO 6WXGHQWV¶ )HGHUDWLRQ :RUOG &RXQFLO RI 2SWRPHWU\ ,QWHUQDWLRQDO &RXQFLO RI *URFHU\ 0DQXIDFWXUHUV $VVRFLDWLRQV DQG WKH &RQIHGHUDWLRQ RI WKH )RRG DQG 'ULQN ,QGXVWULHV RI WKH (8 '(&,'(6 DW WKH UHTXHVW RI WKH ,QWHU3DUOLDPHQWDU\ 8QLRQ WR GLVFRQWLQXH RIILFLDO UHODWLRQV ZLWK WKH 8QLRQ DQG QRWHV WKDW WKH 8QLRQ¶V UHTXHVW WR DWWHQG WKH :RUOG +HDOWK $VVHPEO\ DV DQ REVHUYHU KDV EHHQ DFFHSWHG '(&,'(6 WR GLVFRQWLQXH RIILFLDO UHODWLRQV ZLWK WKH ,QWHUQDWLRQDO /HDJXH RI $VVRFLDWLRQV IRU 5KHXPDWRORJ\
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¶V REMHFWLYHV DQG WKDW RQ WKH EDVLV RI LWV UHYLHZ RI WKHLU UHSRUWV RI FROODERUDWLRQ GHFLGHG WR PDLQWDLQ WKHP LQ RIILFLDO UHODWLRQV ZLWK :+2 ,Q WKH DEVHQFH RI UHSRUWV PDNLQJ LW SRVVLEOH WR XQGHUWDNH D UHYLHZ WKH %RDUG GHFLGHG WR GHIHU UHYLHZ RI UHODWLRQV ZLWK WKH IROORZLQJ 1*2V XQWLO LWV WK VHVVLRQ &0& ± &KXUFKHV¶ $FWLRQ IRU +HDOWK &RPPRQZHDOWK 3KDUPDFHXWLFDO $VVRFLDWLRQ )HGHUDWLRQ IRU ,QWHUQDWLRQDO &RRSHUDWLRQ RI +HDOWK 6HUYLFHV DQG 6\VWHPV 5HVHDUFK &HQWHUV ,QWHUQDWLRQDO &DWKROLF &RPPLWWHH RI 1XUVHV DQG 0HGLFR6RFLDO $VVLVWDQWV ,QWHUQDWLRQDO &RXQFLO IRU 6FLHQFH ,QWHUQDWLRQDO )HGHUDWLRQ IRU 0HGLFDO DQG %LRORJLFDO (QJLQHHULQJ ,QWHUQDWLRQDO 6RFLHW\ RI %ORRG 7UDQVIXVLRQ ,QWHUQDWLRQDO 6RFLHW\ RI 'RFXPHQW (%
(%
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¶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¶V WK VHVVLRQ RIILFLDO UHODWLRQV ZLOO EH GLVFRQWLQXHG ,W ZDV QRWHG WKDW UHODWLRQV ZLWK WKH ,QWHU3DUOLDPHQWDU\ 8QLRQ DQG ,QWHUQDWLRQDO /HDJXH RI $VVRFLDWLRQ IRU 5KHXPDWRORJ\ DOVR OLVWHG LQ WKH $QQH[ WR WKH UHSRUW ZHUH WKH VXEMHFW RI D UHVROXWLRQ
(%
$11(; /,67 2) 121*29(510(17$/ 25*$1,=$7,216 ,1 2)),&,$/ 5(/$7,216 5(9,(:(' %< 7+( (;(&87,9( %2$5' $7 ,76 7+ 6(66,21 $IULFDQ 0HGLFDO DQG 5HVHDUFK )RXQGDWLRQ $JD .KDQ )RXQGDWLRQ $VVRFLDWLRQ RI WKH ,QVWLWXWHV DQG 6FKRROV RI 7URSLFDO 0HGLFLQH LQ (XURSH &0& ± &KXUFKHV¶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¶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
(%
$QQH[
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
%DVHG RQ UHSRUWV RI MRLQW FROODERUDWLRQ IRU WKH SHULRG XQGHU UHYLHZ WKH 6WDQGLQJ &RPPLWWHH RQ 1RQJRYHUQPHQWDO 2UJDQL]DWLRQV UHFRPPHQGHG WKH PDLQWHQDQFH RI RIILFLDO UHODWLRQV ZLWK WKRVH QRQJRYHUQPHQWDO RUJDQL]DWLRQV ZKRVH QDPHV DUH IROORZHG E\ DQ DVWHULVN RWKHU QRQJRYHUQPHQWDO RUJDQL]DWLRQV DUH WKH VXEMHFW RI VSHFLILF GHFLVLRQV RU D UHVROXWLRQ %RGLHV ZLWK ZKRP :+2 UHJLRQDO RIILFHV UHSRUW FROODERUDWLRQ ! "Ã # $
3UHYLRXVO\ NQRZQ DV ,QWHUQDWLRQDO $VVRFLDWLRQ RI 0HGLFDO /DERUDWRU\ 7HFKQRORJLVWV 3UHYLRXVO\ NQRZQ DV ,QWHUQDWLRQDO )HGHUDWLRQ RI &OLQLFDO &KHPLVWU\ 3UHYLRXVO\ NQRZQ DV ,QWHUQDWLRQDO 8QLRQ RI 3KDUPDFRORJ\
3UHYLRXVO\ NQRZQ DV 7KH 1HWZRUN &RPPXQLW\ 3DUWQHUVKLSV IRU +HDOWK WKURXJK ,QQRYDWLYH (GXFDWLRQ 6HUYLFH DQG 5HVHDUFK