
([SRVHGRUGLVJXLVHG"7KHKLHUDUFK\RIIRUPDQGIXQFWLRQLQFDVHVWXG\DQDO\VLVRIUHFHQWLQGXVWULDODUFKLWHFWXUHLQ/RZHU6LOHVLD
0DJGDOHQD%DERUVND1DURĪQ\
([SRVHGRUGLVJXLVHG"7KHKLHUDUFK\RIIRUPDQGIXQFWLRQLQFDVH
VWXG\DQDO\VLVRIUHFHQWLQGXVWULDODUFKLWHFWXUHLQ/RZHU6LOHVLD
7KHJUDGDWLRQRIDUFKLWHFWRQLFVHWWLQJLHIRUPDOKLHU
DUFK\DFFRUGLQJWRUHSUHVHQWDWLYHRUXWLOLWDULDQFKDUDFWHU
RI D VSDFH LV TXLWH FRPPRQ IRU DOO DUFKLWHFWXUH ,Q WKH
DUFKLWHFWXUHRIPDQXIDFWXULQJSODQWVDQGZDUHKRXVHVVXFK
KLHUDUFK\GRHVQRWDOZD\VH[LVW7KHZKROHEXLOGXSDUHD
RIDVLWHFDQEHUHJDUGHGDVVWULFWO\XWLOLWDULDQDQGUHFHLYHV
PRVW SUDJPDWLF VWDQGDUG IRUP ZLWK QR ZLOO WR VHHN IRU
9HQXVWDVEHDXW\RQHRIWKUHHIDFWRUVFRQVWLWXWLQJDUFKL
WHFWXUDOZRUNDFFRUGLQJWR9LWUXYLXV:KDWLVPRUHWKHUH
DUHPDQ\UHDVRQVIRUORFDWLQJODUJHVFDOHLQGXVWULDOEXLOG
LQJVLQELJJHUFOXVWHUV0RVWRIQHZLQGXVWULDOSUHPLVHVLQ
3RODQGDUHORFDWHGLQVSHFLDOHFRQRPLF]RQHV,IGHSULYHG
RIDQ\LQGLYLGXDOFKDUDFWHUDQGIXQFWLRQDOGLYHUVLW\WKH\
FUHDWH LQVLSLG LQDQLPDWH ]RQHV ± D EDFNXS DOLHQDWHG RI
XUEDQ FRQWH[W ,Q 3RODQG LW LV TXLWH XQLTXH WR VHW LQ D
PDVWHUSODQ DQG WKDQ HQIRUFH DQ\ FKDOOHQJLQJ UHTXLUH
PHQWV DVWRWKHDSSHDUDQFH RI EXLOGLQJV LQ VSHFLDO HFR
QRPLF]RQHV/RFDODXWKRULWLHVVHDUFKLQJWRDFTXLUHLQYHV
WRUVZKRZRXOGSURYLGHHPSOR\PHQWWRORFDOFRPPXQL
WLHVWHQGWRDYRLGGLVFRXUDJLQJREVWDFOHV,QVRPHFDVHV
KRZHYHUHQWHUSULVHVWKHPVHOYHVVKRZWKHZLOOWRDFKLHYH
VRPH DHVWKHWLF YDOXH LQ WKHLU EXLOGLQJV 2QO\ WKHQ DQ
DUFKLWHFWPD\VWULYHIRUGLIILFXOWWRGHILQHEXWREYLRXVWR
REVHUYH TXDOLW\ ZLWKLQ VSHFLILF FRQVWUDLQV RI LQGXVWULDO
DUFKLWHFWXUH
7KH DUWLFOH SUHVHQWV W\SRORJ\ RILQGXVWULDOOD\RXWVLQ
WHUPVRIKLHUDUFK\RIWKHLUIRUPDQGIXQFWLRQ7KHKLHUDU
FK\LQTXHVWLRQLVDJUDGDWLRQRIH[WHUQDOIRUPRIGLIIHUHQW
IXQFWLRQDOSDUWVDQG WKHLUH[SRVHGRU GLVJXLVHGORFDWLRQ
RQ VLWHLQWHUPVRI YLVLELOLW\ IURP WKH PDLQ URDG RUWKH
HQWUDQFH ]RQH ,W LV EDVHG RQ WKH DQDO\VLV RI VHOHFWHG
UHFHQWO\EXLOWIDFWRULHVDQGZDUHKRXVHVLQ/RZHU6LOHVLD
,WHQFRPSDVVHVOD\RXWVRIQHZJUHHQILHOGLQYHVWPHQWVDQG
H[SDQVLRQVWRH[LVWLQJIDFWRULHV
,QWURGXFWLRQ
7KHW\SRORJ\
7KH EDVLF SURJUDP IRU DOO LQGXVWULDO EXLOGLQJV
LQFOXGHVSURGXFWLRQVWRUDJHRIILFHVVRFLDODQGWHFK
QLFDOEDFNXS7KHIXQFWLRQDOFRUHRIWKHEXLOGLQJLVWKH
PDQXIDFWXUHDQGVWRUDJHDUHDZKLFKDOVRGRPLQDWHVLQ
WHUPVRILWVVXUIDFHDQG YROXPH>@/D\RXWRILQGXV
WULDO EXLOGLQJPXVW DERYH DOO HQDEOHIOXHQW SURGXFWLRQ
SURFHVVDQGIDFLOLWDWHVWUXFWXUHGRUGHURIPRYHPHQWRI
SHRSOHYDULRXVSDUWVRIDEXLOGLQJPD\KDYHUHVWULFWHG
DFFHVV $QG WKXV DQ DFFHVV WR SURGXFWLRQ KDOO LV
UHVWULFWHG WR SURGXFWLRQ HPSOR\HHV DFFHVV WR VWRUDJH
PD\ EH UHVWULFWHG WR ZDUHKRXVHPHQ DQG GHOLYHULHV
5HODWLYHO\ VPDOO RIILFHV DUHRIWHQ RSHQ WR WKH SXEOLF
FOLHQWDQGWKXVPRVWO\REWDLQH[SRVHGDQGHDVLO\DFFHV
VLEOH ORFDWLRQ RQ VLWH ,WV UHSUHVHQWDWLYH FKDUDFWHU LV
IXUWKHU UHLQIRUFHG LI LW VHUYHV DV JHQHUDO RIILFH 7KH
ORFDWLRQDQGDUFKLWHFWXUDO VHWWLQJRIWKHVRFLDOEDFNXS
DUHD GHSHQGV RQ WKH FRPSDQ\¶V SROLF\ 7KH VWUXFWXUH
DQGKLHUDUFK\RIDOOWKHHPSOR\HHVWKHPXWXDOUHODWLRQV
RIZKLWHDQGEOXHFROODUZRUNHUVDUHRIWHQZLOOLQJO\RU
XQZLOOLQJO\H[SUHVVHGWKURXJKDUFKLWHFWXUH$QFLOODU\
WHFKQLFDOEDFNXSLVWKHOHDVWYLVLWHGDQGUDUHO\GHOLEHU
DWHO\H[SRVHGSDUWRIWKHIDFWRU\
7KHDXWKRUGLVWLQJXLVKHGVL[OD\RXWW\SHVLQWHUPVRI
H[SRVLQJDQGGLVJXLVLQJGLIIHUHQW IXQFWLRQDO SDUWVRIDQ
LQGXVWULDOEXLOGLQJ
)DFXOW\RI$UFKLWHFWXUH:URFáDZ8QLYHUVLW\RI7HFKQRORJ\
0Q

0DJGDOHQD%DERUVND1DURĪQ\
&DVHVWXGLHV
7\SH±QRQHRIIXQFWLRQVIRUPDOO\H[SRVHG
$QH[DPSOHRIVXFKLQYHVWPHQWLVDUHFHQWH[SDQ
VLRQRI(OHFWUROX[SODQWLQĝZLGQLFDVXE]RQHRI:DáEU]\FK
6SHFLDO(FRQRPLF=RQH>@(OHFWUROX[LVDQLQWHUQDWLRQDO
DSSOLDQFHFRPSDQ\ZKRRZQVWKUHHSODQWVLQ/RZHU6LOHVLD
$OORIWKHPZHUHGHVLJQHGE\30*URXS3ROVND±LQWHUQD
WLRQDOSURMHFWDQGFRQVWUXFWLRQPDQDJHPHQWFRPSDQ\ZLWK
HPSOR\HHVZRUOGZLGH7KHVLWHLQĝZLGQLFDLVRQWKH
QRUWKHUQ RXWVNLUWV RI WKH FLW\ 7KH KLOO\ VXUURXQGLQJ GLV
JXLVHVWKHEXLOGLQJVORFDWHGLQDJHQWOHV\QFOLQH7KHVLWHFDQ
EH UHDFKHG IURP WZR RSSRVLWH GLUHFWLRQV WKH HPSOR\HHV
IURPWKHVRXWKDQGWKHGHOLYHULHVIURPWKHQRUWK)LJ
$SSURDFKLQJIURPWKHFLW\RQHSDVVHVE\VXEXUEDQEORFNVRI
IODWVDQGQRWLFHVLQDGLVWDQFHOLJKWJUD\DVVHPEO\RILQGXV
WULDOYROXPHVEOHQGLQJZLWKWKHEDFNJURXQGRIFORXG\VN\
7KHPRVWYLVLEOHIURPDGLVWDQFHLVWKHEUDQGORJRH[SRVHG
RQDEOLQGIDFDGHRISURGXFWLRQKDOO7KHVL]HRIWKHKDOO
GRPLQDWHVRYHUDOORWKHUEXLOGLQJV%RWKDGPLQLVWUDWLRQDQG
VRFLDOSDUWDGMRLQLQJSURGXFWLRQKDOOIDFHDQLQWHUQDOVWUHHWRI
WKHSUHPLVV¶VDQGDUHKLGGHQIRUDQRIIVLWHREVHUYHUV6RDUH
WKHVHSDUDWHHQWUDQFHVWRWKHVHSDUWVRIZKLFKWKHDGPLQLVWUD
WLRQHQWUDQFHLVYLVLEO\PRUHUHSUHVHQWDWLYHZLWKLWVGRXEOH
KLJKWH[WHQGHGFDQRS\7KHPRVWH[SRVHGORFDWLRQRQVLWHDV
VHHQIURPWKHGLUHFWLRQRIWKHFLW\LVXVHGIRUVXERUGLQDWH
IXQFWLRQV VWRUHSLWV DQG ZDVWH FRQWDLQHU FDQRS\
$GPLQLVWUDWLRQVRFLDODQG WHFKQLFDO SDUWVDUH DOO ILQLVKHG
ZLWK KRUL]RQWDOO\ PRXQWHG VDQGZLFK SDQHOV 3URGXFWLRQ
KDOOZDUHKRXVHDQGDOOWKHVHSDUDWHWHFKQLFDOEDFNXSYRO
XPHV RQ VLWH DUH DOO FRYHUHG ZLWK WUDSH]RLGDO VKHHW VWHHO
YHUWLFDOO\ PRXQWHG 7KH GLIIHUHQFH LQ ILQLVKLQJ PDWHULDO
VHHPVVXERUGLQDWHWRWKHXQLI\LQJIDFWRURIVLQJOHFRORXUXVH
)LJ7KHRYHUDOODSSHDUDQFHRIWKHIDFWRU\LVWKXVXQL
ILHG7KHIDFWRU\¶VFORVHYLFLQLW\LVDOVRRIIHUHGIRULQGXV
WULDOGHYHORSPHQWDVDSDUWRI6SHFLDO(FRQRPLF=RQH
$UDWLRQDOXQLILHGDUFKLWHFWRQLFVHWWLQJIRUDOOWKHIXQF
WLRQDOSDUWVRIWKHFRPSOH[LQGXVWULDOEXLOGLQJLVFKDUDFWHULVWLF
IRU5REHU%RVFKSODQWLQ0LUNyZQHDU:URFáDZ7KHLQWHUQD
WLRQDO%RVFK*URXSLVUHSUHVHQWHGLQ3RODQGE\IRXUFRPSD
)LJ(OHFWUROX[LQĝZLGQLFD%XLOGLQJVOD\RXWRQVLWH
E\0%DERUVND1DURĪQ\
,O(OHFWUROX[ZĝZLGQLF\8NáDGEXG\QNyZQDG]LDáFH
U\V0%DERUVND1DURĪQ\
)LJ(OHFWUROX[LQĝZLGQLFD9LHZIURPWKHPDLQHPSOR\HHVSDUN
LQJWRZDUGVWKHIDFWRU\HQWUDQFHSKRWR0%DERUVND1DURĪQ\
,O(OHFWUROX[ZĝZLGQLF\:LGRNZNLHUXQNXIDEU\NL]JáyZQHJR
SDUNLQJXGODSUDFRZQLNyZIRW0%DERUVND1DURĪQ\
7\SH±QRQHRIIXQFWLRQVIRUPDOO\H[SRVHG
7KHDUUDQJHPHQWRIEXLOGLQJVRQVLWHWKHVKDSH
DQGSURSRUWLRQVRIHDFKEXLOGLQJWKHGLVSRVLWLRQ
RIZLQGRZDQGGRRURSHQLQJVDUHDOOVXERUGLQDWHGVROHO\
WRIXQFWLRQDOUHTXLUHPHQWV3XUHSUDJPDWLVPRILQWHQWLRQV
EHKLQGWKHGHVLJQLVFOHDUO\OHJLEOH7KHUHLVQRFRPSRVL
WLRQDOJUDGDWLRQRIDUFKLWHFWRQLFVHWWLQJ
7\SH ± LQGLYLGXDO RIILFH H[SRVHG ± W\SLFDO
SURGXFWLRQKDOOGLVJXLVHG
7\SLFDO KDOO RIIHUHG DV D UHDG\ SURGXFW LQ WKH
EDFNDQDUFKLWHFWGRHVQRWLQIOXHQFHWKHIRUPGHWDLOLQJ
DQGILQLVKLQJKHPD\FKRRVHFRORXU±H[SRVHGKLJKO\
LQGLYLGXDO LQWHULRU DQG H[WHULRU RIILFH ± VRFLDO EXLOGLQJ
WHQGV WR KLGH WKH KDOO EHKLQG DW OHDVW DV VHHQ IURP WKH
HQWUDQFH]RQH6HYHUHFRQWUDVWLQIRUPILQLVKLQJPDWHULDO
GHWDLOLQJQRIRUPDOOLQNVEHWZHHQWKHWZRSDUWV
7\SH±GLDORJXHEHWZHHQH[SRVHGRIILFHDQG
PRGHVWKDOO
%RWK WKH SURGXFWLRQ KDOO DQG WKH RIILFHVRFLDO
EXLOGLQJDUHLQFOXGHGLQWRDUFKLWHFWXUDOGHVLJQ7KHKDOOLV
IXQFWLRQDOPRGHVWLQGXVWULDODUFKLWHFWXUHIHZGLVWLQFWLYH
DUFKLWHFWXUDOIHDWXUHVRQLWVH[WHULRU0RUHLQGLYLGXDOEXW
UDUHO\H[WUDYDJDQWIURQWRIILFHVRFLDOEXLOGLQJZLWKHFKRHV
RI LQGXVWULDO VW\OH RIWHQ WKH XVH RI VWHHO DV D ILQLVKLQJ
PDWHULDOEXWGLIIHUHQWWKDQWKHRQHXVHGIRUWKHKDOO)DLQW
IRUPDOOLQNVEHWZHHQWKHWZRSDUWV
7\SH±IRUPDOV\PELRVLVRIGLIIHUHQWIXQFWLRQV
%RWKIXQFWLRQDOSDUWVWKHKDOODQGRIILFHVRFLDO
EXLOGLQJIROORZFRPPRQDHVWKHWLFJXLGHOLQHV±
WRJHWKHUWKH\FUHDWHD YLVLEO\ FRKHUHQW ZKROH2IILFH LQ
IURQWGRHVQRWKLGHEXWUDWKHUVXSSOHPHQWWKHSURGXFWLRQ
KDOO
7\SH±DOOIXQFWLRQVLQDVLQJOHFXERLG
$OOIXQFWLRQVDUHDFFRPPRGDWHG ZLWKLQ D ER[
OLNHEXLOGLQJ(WHUQDOOHJLELOLW\RIGLIIHUHQWIXQF
WLRQV LV EOXUUHG 0DLQ HQWUDQFH DQG WKH RIILFH
IXQFWLRQDUHLQWKHPRVWH[SRVHGORFDWLRQ7KHLQWURGXF
WLRQ RI VXFK VLPSOH IRUP LV SDUWLFXODUO\ GHPDQGLQJ ,W
UHTXLUHVGLVFLSOLQHLQOD\RXWDQGIDFDGHGHVLJQ
7\SH±SURGXFWLRQKDOOH[SRVHG±RIILFHSDUW
GLVJXLVHGLWLVWKHSURGXFWLRQVWRUDJHKDOOWKDWLV
WKH H[SRVHG GLVWLQFWLYH DQG GRPLQDWLQJ DUFKL
WHFWXUDO HOHPHQW RI WKH ZKROH 2IILFH SDUW LV LQ OHVV
H[SRVHGORFDWLRQDQGGLVJXLVHVLQDPRUHPRGHVWIRUP

([SRVHGRUGLVJXLVHG"7KHKLHUDUFK\RIIRUPDQGIXQFWLRQLQFDVHVWXG\DQDO\VLVRIUHFHQWLQGXVWULDODUFKLWHFWXUHLQ/RZHU6LOHVLD
QLHV2QHRIWKHPLV5REHUW%RVFK6S]RRZKRRZQVDQ
DOPRVW KD JUHHQILHOG VLWH LQ 0LUNyZ 7KH ILUVW VWDJH RI
LQYHVWPHQW WKHUH ZDV GHVLJQHG LQ E\ DUFK .U]\V]WRI
7HWHUD IRUP 7HWHUD 3URMHNWRZDQLH 3U]HP\VáRZH 6S ] RR
DUFKLWHFWXUDORIILFH,WZDVIXUWKHU H[WHQGHGLQE\WKH
VDPHDUFKLWHFW7HWHUDRIILFHKDVDYDVWH[SHULHQFHLQLQGXV
WULDODUFKLWHFWXUHGHVLJQ%RVFKKDVGHYHORSHGLWVRZQDUFKL
WHFWXUDOVWDQGDUGVWKDWDOOLWVSODQWVRYHUWKHZRUOGIROORZ7KH
VWDQGDUGVFRYHULQGHWDLOYDULRXVLVVXHVOLNHPRGXODUV\VWHP
IRUFRQVWUXFWLRQDQGIDFDGHVVXEGLYLVLRQVEDVHGRQDVL[PHWHU
XQLWEXLOGLQJVKLJKWFRPSDQ\FRORXUVWKHXVHRIPDWHULDOV
DQG GHWDLOLQJWKHXVHRIOLJKWWHFKQRORJLFDOOD\RXWVKDUHG
EXLOGLQJHQWUDQFHDQGLQGRRUVSDFHVIRUERWKRIILFHDQGSUR
GXFWLRQ HPSOR\HHV 7KH FRQVWUXFWLRQ WHFKQRORJ\ XVHG IRU
H[WHUQDOZDOOVDQGIORRUVODEVDUHGLIIHUHQWLQDGPLQLVWUDWLRQ
VRFLDOSDUWDQGSURGXFWLRQKDOO7KHVHGLIIHUHQFHVDUHQRWYLV
LEOH RXWVLGH 7KH ILQLVKLQJ PDWHULDO DQG ZLQGRZ RSHQLQJV
GHWDLOLQJLVFKDUDFWHULVWLFDQGXQLILHGDOODURXQGWKHEXLOGLQJ
6RLVWKHDWWLFKLJKWEXWLQWKHWHFKQLFDOVXSHUVWUXFWXUHRYHU
SDUWRIWKHKDOO2QO\WKHWZRWKUHHDIWHUH[WHQVLRQHTXLYD
OHQWHQWUDQFHGRRUUHFHLYHGLIIHUHQWVHWWLQJDQGWKXVEHFRPH
IRFDOSRLQWVLQWKHPPORQJHQWUDQFHIDFDGH)LJ
7KRXJKZLQGRZVGLVSRVLWLRQUHVSRQGVSULPDULO\WRIXQFWLRQDO
UHTXLUHPHQWVWKHUHVXOWLVQRWUDQGRPDVLWFRPSOLHVZLWKOHJ
LEOHVWUXFWXUHGJXLGHOLQHVRIIDFDGHOD\RXW
7KHVWDJLQJRIWKLVLQYHVWPHQWLVDQLQWHUHVWLQJFDVHRI
SUHGRPLQDQFHRIWLPHIDFWRURYHUFRPSRVLWLRQDOSUHUHTXL
VLWHVLQHFRQRP\GULYHQLQGXVWULDODUFKLWHFWXUH7KHREORQJ
VKDSHRIWKHSORWLVLUUHJXODU)LJ,WVVKRUWQRUWKVLGHLV
H[SRVHG WR WKH EXV\ VWDWHURDG 1R $V PRVW KDOOV DUH
UHFWDQJXODU WKH DUFKLWHFW DOORFDWHG WKH SDUNLQJ ORW LQ WKH
LUUHJXODUHDVWHUQSDUWWRDOORZPD[LPXPIXWXUHH[SDQVLRQ
RIWKHKDOOYROXPHWRWKHVRXWK7KHHPSOR\HHRQVLWHHQWU\
ZDVGHVLJQHGIURPWKHQRUWKZLWKDYLHZRQPRVWH[SRVHG
KDOO IDFDGH ZLWK JHQHURXV JOD]LQJ ZLWKLQ H\H OHYHO 7KH
HQWUDQFHIDFDGHZLWKWKHVDPHDUFKLWHFWXUDOGHWDLOLQJLVQH[W
WRWKHSDUNLQJVRLWWXUQVWRZDUGVHDVW7KHH[WHQVLRQSUH
VXPHGWRH[SDQG WRZDUGV WKH VRXWKLQUHVXOW FRYHUHG WKH
QRUWK DOUHDG\ GHYHORSHG SDUW RI WKH SORW VKXWWLQJ RII WKH
H[WHUQDOYLHZVIURPWKHKDOODQGUHGLUHFWLQJWKHHQWU\WRWKH
VRXWK RI WKH SORW 7KH UHDVRQ ZDV DQ XQH[SHFWHGO\ WLPH
FRQVXPLQJ SURFHGXUH RI UHORFDWLQJ DQ XQGHUJURXQG JDV
SLSHFURVVLQJWKHVLWH,QUHVXOWLWLVWKHEOLQGZDOORIWKH
ORJLVWLFVKDOOWKDWLVH[SRVHGWRZDUGVWKHQHLJKERULQJURDG
7\SH±LQGLYLGXDORIILFHH[SRVHG±W\SLFDOSURGXFWLRQ
KDOOGLVJXLVHG
6RFDOOHG³W\SLFDO´RU³V\VWHP´VWHHOKDOOVDUHVXSSOLHG
E\ QXPHURXV PRVWO\ LQWHUQDWLRQDO HQWHUSULVHV H[ $WODV
:DUG)ULVRPDW$VWURQ/OHQWDE5HPFR+XSUR3RORQH[
%RUJD%XGEHUJDQGPDQ\RWKHUV7KHLUSRSXODULW\UHIOHFWV
HQWUHSUHQHXUVH[SHFWDWLRQVUHGXFWLRQRIGHVLJQFRVW±WKH
FRVWRIKDOOGHVLJQLVLQFOXGHGLQWRWKHSULFHRIVWHHOVWUXF
WXUH IDVW RQ VLWH EXLOGLQJ SURFHVV H[SHULHQFH LQ GHVLJQ
VROXWLRQVUHVXOWLQJLQH[WHQGHGJXDUDQWHHIRUWKHSURGXFW
7KHVHUYLFHRIIHUHGXVXDOO\FRYHUVWKHGHVLJQDQGFRQVWUXF
WLRQ RIVWHHOVWUXFWXUHDQG H[WHUQDO HQYHORSH RIKDOO7KH
GHVLJQLVRIWHQVSHFLILHGZLWKRXWDQDUFKLWHFWEHWZHHQDQ
LQYHVWRUDQGFRQWUDFWRU$QDUFKLWHFWLVWKDQFRPPLVVLRQHG
FRRUGLQDWLRQRIDOOGLVFLSOLQHVQHHGHGWRHTXLSWKHKDOOZLWK
LQVWDOODWLRQVDQGDOVRWKHGHVLJQRIVRFLDODQGDGPLQLVWUDWLYH
SDUWRIWKHEXLOGLQJ+LJKO\LQGLYLGXDODUFKLWHFWRQLFVHWWLQJ
LVVRPHWLPHVJLYHQRQO\WRWKLVH[SRVHGSDUWRIWKHEXLOGLQJ
6XFK ZDV WKH GHVLJQ SURFHVV RI )RUPD IDFWRU\ LQ
ĝZLGQLFD6XE]RQHRI:DáEU]\FK 6SHFLDO (FRQRPLF=RQH
DQG6WRGLVWULEXWLRQ&HQWHULQ:URFáDZ
)RUPDIDFWRU\LQĝZLGQLFDVXE]RQHRI:DáEU]\FK6SHFLDO
(FRQRPLF=RQHZDVGHVLJQHGE\60DUFKLWHFWXUDORIILFHLQ
DQGWKDQEXLOWLQ7KHOHDGLQJDUFKLWHFWZDV3DZHá
6S\FKDáD7KHVLWHLVDWWKHHGJHRIDFXUUHQWO\GHYHORSLQJ
LQGXVWULDOFOXVWHUQH[WWRVWUHHWMXQFWLRQ,W¶VRQO\FDNP
DZD\IURPKLVWRULFFHQWHURIĝZLGQLFDEXWWKHYLHZWRZDUGV
LWLVREVFXUHGE\QHLJKERXULQJEORFNVRIIODWV7KLVLVWKHRQO\
PDQXIDFWXULQJSODQWRIWKH3ROLVK'DQLVKFRPSDQ\VSHFLDOLV
LQJLQSURGXFWLRQRIFRPSRVLWHDQGJUDQLWHWRSV7KHKDOOZDV
EXLOWZLWKLQ$WODV:DUGEXLOGLQJV\VWHPZLWKRXWGHVLJQSDU
WLFLSDWLRQRIWKHDUFKLWHFW7KHDUFKLWHFWZDVFRPPLVVLRQHG
WKHFRRUGLQDWLRQRIGHVLJQRIUHTXLUHGLQVWDOODWLRQVDQGMRLQW
EHWZHHQ WKH W\SLFDO KDOO DQG LQGLYLGXDOO\ VKDSHG VRFLDO ±
DGPLQLVWUDWLYH EXLOGLQJ 7KH 'DQLVK FRRZQHU RI )RUPD
H[SHFWHGTXDOLW\UHSUHVHQWDWLYHDUFKLWHFWXUHIRUWKLVSDUWRI
WKHEXLOGLQJ+HDOVRH[SHFWHGLQGLYLGXDOHQWUDQFH]RQHLQWH
ULRUVDQGVKDUHGIXQFWLRQVIRUDGPLQLVWUDWLRQDQGSURGXFWLRQ
HPSOR\HHV &RQFHSW GHVLJQ LQFOXGHG GRXEOH KLJKW VN\ OLW
OREE\UHFUHDWLRQURRIWHUUDFHDQGVSDFLRXVFDIHWHULDZLWKDQ
H[LWWRUHFUHDWLRQDUHDRXWVLGH2QO\WKHWHUUDFHZDVJLYHQXS
LQODWHUGHVLJQVWDJHV7KHZLOOWRDFKLHYHLPSUHVVLYHHQWUDQFH
IRUPOHGWRWRZHULQJWKHRIILFHIXQFWLRQVLQDWZRVWRU\EXLOG
LQJ)LJ6XFKGHFLVLRQZDVSXUHO\FRPSRVLWLRQDODQGQRW
)LJ%RVFKLQ0LUNyZ%XLOGLQJVDQGFRPPXQLFDWLRQOD\RXWRQVLWH
E\0%DERUVND1DURĪQ\
,O%RVFKZ0LUNRZLH8NáDGEXG\QNyZLGUyJQDG]LDáFH
U\V0%DERUVND1DURĪQ\
)LJ%RVFKLQ0LUNyZ(QWUDQFHEXLOGLQJZLWKVRFLDODQG
DGPLQLVWUDWLRQIXQFWLRQVSKRWR0%DERUVND1DURĪQ\
,O%RVFKZ0LUNRZLH:LGRNQDEXG\QHNZHMĞFLRZ\
VRFMDOQRDGPLQLVWUDF\MQ\IRW0%DERUVND1DURĪQ\

0DJGDOHQD%DERUVND1DURĪQ\
SUDJPDWLFDODVWKHEXLOGLQJ¶VIRRWSULQWZDVQRWOLPLWHGE\WKH
SORWVL]HDQGZKDW¶VPRUHWKHDGGLWLRQDOIORRUVSDFHRQWKH
ILUVW IORRU LV H[FHVV VR IDU )LJ ,Q UHVXOW D SHUVRQ
DSSURDFKLQJWKHHQWUDQFHGRHVQRWVHHWKHSURGXFWLRQKDOO
7RVWUHQJWKHQWKHHIIHFWDPKLJKFRQFUHWHZDOOFRQWLQXHV
WKHOLQHRIWKHPDLQIDFDGHDWLWVERWKHQGV)LJ$VWKH
VL]HRIWKHGLVJXLVHGKDOOLVLQIDFWODUJHUWKDQWKHH[SRVHG
RIILFH EXLOGLQJ WKH LOOXVLRQ GRHV QRW ZRUN DOO DURXQG WKH
EXLOGLQJ±ZKHQDSSURDFKLQJWKHSORWE\WKHPDLQQHLJK
ERXULQJURDGWKHKDOOLVWKHRQO\YLVLEOHVWUXFWXUH
6WR GLVWULEXWLRQ FHQWHU LQ :URFáDZ ZDV GHVLJQHG E\
3UDFH3URMHNWRZH9HWWHU'DQXWDLQ7KHKDOOZDVEXLOW
DFFRUGLQJWR)ULVRPDWEXLOGLQJV\VWHP$QGWKHVFRSHRI
UHVSRQVLELOLW\RIWKHDUFKLWHFWZDVWKHVDPHDVZLWK)RUPD
SODQW7KHIURQWEXLOGLQJZLWKLWVV\PPHWULFDOIDFDGHYLYLG
\HOORZSODVWHUDQGH[WHQVLYHXVHRIJODVVFDWFKHVDWWHQWLRQ
GLVJXLVLQJDW\SLFDOVKHGRIWKHKDOODWWKHEDFNRIWKHSORW
7\SH±GLDORJXHEHWZHHQH[SRVHGRIILFHQDGPRGHVWKDOO
/DERULV DVPDOO 3ROLVKFRPSDQ\ VSHFLDOL]LQJLQ FRQ
YH\RU EHOW VHUYLFH ,WV ZRUNVKRS ORFDWHG DW WKH HGJH RI
%LHODQ\:URFáDZVNLHLVYHU\ZHOOH[SRVHGWRWKHQDWLRQDO
URDGLQWKHGLUHFWLRQWR:URFáDZ,WLVWKHILUVWEXLOGLQJLQ
WKH YLOODJH ,W¶V P ORQJ VLGH HOHYDWLRQ LV YLVLEOH IURP
D ORQJ GLVWDQFH 7KH EXLOGLQJ ZDV GHVLJQHG LQ E\
:RMFLHFK -DU]ąEHN IURP $5 DUFKLWHFWXUDO RIILFH >@
6LPSOHUHFWDQJOHSODQFDîPLVGLYLGHGLQWRWZRSDUWV
VHSDUDWHG E\ D ILUHZDOO ZRUNVKRS KDOO DQG D WZR VWRUH\
RIILFH ± VRFLDO EXLOGLQJ )LJ (DFK RI WKHP UHFHLYHG
DGLIIHUHQWDUFKLWHFWXUDOVHWWLQJWKDWHPSKDVL]HVKLHUDUFK\RI
IXQFWLRQV7KHRIILFH±VRFLDOSDUWIDFLQJWKHDGMDFHQWQDWLRQ
DOURDGLVDFRPSOH[FRPSRVLWLRQLQWHUPVRIFRORXUVKDSH
DQGWKHSUHFLVHO\SODQHGOD\RXWRIDOXFRERQGFODGGLQJ)LJ
,W¶VDWWLFKLJKWLVVOLJKWO\KLJKHULQWKHFODUHWVHFWLRQ,QWKH
JUH\SDUWLWVWKHVDPHDVWKHKDOO¶VDWWLF7KHKDOOLVDPRQR
FKURPHPHWDOFODGFXERLGSXQFWXUHGZLWKVWHDG\UK\WKPRI
JDWHVDQGDZLQGRZVWULS7KHFKDQJHRIVHWWLQJRQWKHHOHYD
WLRQVGRHVQ¶WOLQHXSZLWKWKHFKDQJHLQSODQ2QWKHH[SRVHG
VRXWK HOHYDWLRQ WKH³RIILFH VHWWLQJ´ VWUHWFKHVD IHZ PHWHUV
RQWRWKHKDOOSDUWDQGRQOHVVH[SRVHGQRUWKHOHYDWLRQWKH
³KDOOVHWWLQJ´VWUHWFKHVRYHUWKHVRFLDOSDUWRQWKHILUVWIORRU
7KHHQWUDQFHVIRUDGPLQLVWUDWLRQDQGZRUNVKRSHPSOR\HHV
DUHVHSDUDWHDQGOHJLEO\KLHUDUFKLFDO:KLWHFROODUVHQWUDQFH
LVORFDWHGULJKWE\WKHSDUNLQJDQGVKHOWHUHGE\FDQWLOHYHUHG
FRQIHUHQFHURRP7KHEOXHFROODUVPXVWJRURXQGWKHEXLOG
LQJWRJHWWRWKHLUPRUHPRGHVWEXWDOVRVKHOWHUHGHQWUDQFH
+HUHWRROLNHLQ)RUPDSODQWWKHDGPLQLVWUDWLRQEXLOGLQJKDV
VRPHH[FHVVIORRUVSDFHEXWDVLWZDVGHOLEHUDWHO\GHGLFDWHG
IRUUHQWLWKDVDVHSDUDWHHQWUDQFHDQGVRFLDOEDFNXS
)LJ/DERULQ%LHODQ\:URFáDZVNLH6LWHSODQ
E\0%DERUVND1DURĪQ\
,O/DERUZ%LHODQDFK:URFáDZVNLFK3ODQ]DJRVSRGDURZDQLDWHUHQX
U\V0%DERUVND1DURĪQ\
)LJ/DERULQ%LHODQ\:URFáDZVNLH([SRVHGWRZDUGVWKHDGMDFHQW
URDGHQWUDQFHEXLOGLQJFRPSULVLQJVRFLDODQGDGPLQLVWUDWLRQIXQFWLRQV
SKRWR0%DERUVND1DURĪQ\
,O/DERUZ%LHODQDFK:URFáDZVNLFK(NVSRQRZDQ\RGVWURQ\GURJL
EXG\QHNDGPLQLVWUDF\MQRVRFMDOQ\IRW0%DERUVND1DURĪQ\
)LJ)RUPDLQĝZLGQLFD6LWHSODQE\0%DERUVND1DURĪQ\
,O)RUPDZĝZLGQLF\3ODQ]DJRVSRGDURZDQLDWHUHQX
U\V0%DERUVND1DURĪQ\
)LJ)RUPDLQĝZLGQLFD$GPLQLVWUDWLRQEXLOGLQJZLWKPDLQHQWUDQFH
SKRWR0%DERUVND1DURĪQ\
,O)RUPDZĝZLGQLF\%XG\QHNDGPLQLVWUDF\MQ\]ZHMĞFLHP
JáyZQ\PIRW0%DERUVND1DURĪQ\
)LJ)RUPDLQĝZLGQLFD9LHZWRZDUGVSURGXFWLRQKDOODQGHQWUDQFH
RIILFHEXLOGLQJIURPWKHPDLQURDGSKRWR0%DERUVND1DURĪQ\
,O)RUPDZĝZLGQLF\:LGRNQDKDOĊSURGXNF\MQąLZHMĞFLRZ\EXG\QHN
DGPLQLVWUDF\MQ\RGVWURQ\GURJLJáyZQHMIRW0%DERUVND1DURĪQ\

([SRVHGRUGLVJXLVHG"7KHKLHUDUFK\RIIRUPDQGIXQFWLRQLQFDVHVWXG\DQDO\VLVRIUHFHQWLQGXVWULDODUFKLWHFWXUHLQ/RZHU6LOHVLD
$PRGHVWH[WHULRUDQGTXDOLW\LQWHULRUVERWKLQDGPLQLV
WUDWLRQDQGPDQXIDFWXULQJKDOOFKDUDFWHUL]H:H]LWHFSODQWLQ
/HJQLFDVXE]RQHRI/HJQLFND6SHFLDO(FRQRPLF=RQH>@
,WZDVGHVLJQHGLQE\.U]\V]WRI7HWHUD>@:H]LWHF
6S]RRLVD*HUPDQRZQHGIDPLO\HQWHUSULVH,WLVDGDXJK
WHU FRPSDQ\ RI:HEHU *PEK ZKR VSHFLDOL]HV LQ SODVWLFV
SURFHVVLQJ7KHRZQHUZDVYHU\PXFKLQYROYHGLQGHVLJQ
SURFHVVDQGLQWHUHVWHGLQTXDOLW\DUFKLWHFWXUHDQGVROXWLRQV
HQKDQFLQJZRUNHQYLURQPHQWWKURXJKRXWWKHEXLOGLQJ7ZR
VWRUH\DGPLQLVWUDWLRQDQGVLQJOHVWRUH\VRFLDOYROXPHIRUP
WRJHWKHUIURQWEXLOGLQJH[SRVHGDKHDGRIWKHKDOODVVHHQ
IURPWKHDGMDFHQWURDGDQGWKHHQWUDQFH]RQH,WLVGLVWLQ
JXLVKHGWKURXJKSDUWVZLWKIXOOKLJKWJOD]LQJGLIIHUHQWFODG
GLQJDOXFRERQGRQWKHIURQWEXLOGLQJDQGFRUUXJDWHGSODWHV
RQWKHKDOODQGORZHUDWWLFKLJKWIURPWKHPDQXIDFWXULQJ
KDOO7KHUH DUH KRZHYHU OHJLEOH IRUPDO OLQNV EHWZHHQ WKH
WZR VLPSOH UHFWDQJXODU IRUPV JUD\ VKDGHV RI WKH PHWDO
FODGGLQJSURSRUWLRQVDQGFRORXUDFFHQWVRIZLQGRZVWULSV
%RWKWKHIURQWEXLOGLQJDQGWKHKDOODUHHTXLSSHGZLWKDWULD
2QHDWULXPFUHDWHVYLVXDOOLQNEHWZHHQWKHOREE\DGPLQLV
WUDWLRQDQGWKHSURGXFWLRQ7KHRWKHULVORFDWHGLQVLGHWKH
SURGXFWLRQKDOO,WDGPLWVGD\OLJKWDQGIXQFWLRQVDVRXWVLGH
UHFUHDWLRQDUHDIRUSURGXFWLRQHPSOR\HHV6SHFLDOFDUHZDV
JLYHQWRGD\OLJKWGLVWULEXWLRQLQWKHKDOO$VKHGURRIZLWK
QRUWKLQFOLQHGJOD]LQJDGPLWVLQWRWKHKDOOGLVSHUVHGGD\OLJKW
ZLWKRXWJODUH7KHUHDUHDOVRDGGLWLRQDOZLQGRZVDWH\HOHYHO
DOORZLQJH[WHUQDOYLHZV6HSDUDWHHQWUDQFHZLWKKLHUDUFKLFDO
VHWWLQJXVXDOO\VXJJHVWLQJKLHUDUFK\RIEOXHDQGZKLWHFRO
ODUVVHHPVWREHPLVOHDGLQJLQWKLVSODQWDVRWKHUDUFKLWHF
WXUDO IHDWXUHV SURYH WKHLU HTXDO VWDWXV %RWK SDUWV RI WKH
EXLOGLQJZHUHH[WHQGHGLQ7KHH[WHQGHGSDUWRIWKH
KDOOLVHTXLSSHGZLWKGRPHVN\OLJKWVLQVWHDGRIVKHGURRI
7KHH[WHQVLRQZDV DOVR GHVLJQHG E\ .U]\V]WRI7HWHUD ,Q
DIXUWKHUH[WHQVLRQRIWKLVIDFWRU\LVEHLQJGHVLJQHGE\
WKHVDPHDUFKLWHFW
$OD\HUHGIRUPDOUHODWLRQRIPDQXIDFWXUHDQGDGPLQLV
WUDWLRQEXLOGLQJFKDUDFWHUL]HV$GHR6FUHHQSODQWZLWKKHDG
TXDUWHUVLQ=áRWRU\MDVXE]RQHRI/HJQLFND6SHFLDO(FRQRPLF
=RQH>@7KH,WDOLDQRZQHGFRPSDQ\PDQXIDFWXUHVSUR
MHFWLRQVFUHHQV,WZDVGHVLJQHGLQE\2]RQHDUFKLWHF
WXUDORIILFH>@7KHHORQJDWHGUHFWDQJXODUJUHHQILHOGVLWHLV
E\DORFDOURDGIDFLQJWRWKHQRUWKWKHRXWVNLUWVRIWRZQLQ
DGLVWDQFHRIFDNLORPHWHU)LJ7KHZKROHSUHPLVHLV
ZHOOH[SRVHGVRIDUDVWKHQHLJKERULQJSORWVDUHVWLOOQRWEXLOW
XS7KHSULYLOHJHGORFDWLRQE\WKHURDGQH[WWRRQVLWHHQWU\
LVUHVHUYHGIRURIILFHV7KHDUFKLWHFWXUHVHWWVXQGRXEWHGKLHU
DUFK\RIIXQFWLRQV6RFLDODQGWHFKQLFDOEDFNXSLVLQFOXGHG
LQWRWKHPDLQKDOO7KHVRFLDOSDUWLVGHSULYHGRIZLQGRZV
6HHQIURPWKHFDUSDUNLWVDUFKLWHFWXUHLVSXUHO\UDWLRQDODQG
PRGHVW ZLWK QR YLVXDO UHIHUHQFH WR WKH RIILFH EXLOGLQJ
9HUWLFDOO\ PRXQWHG PHWDO VDQGZLFK SDQHOV DQG JOD]HG
HPSOR\HH HQWUDQFH GRRU ZLWK PHWDO FDQRS\ FRQVWLWXWH WKH
IDFDGH7KHDGPLQLVWUDWLRQLVDVHSDUDWHWKUHHVWRUH\YROXPH
ZLWK PRUHFRPSOH[ DQG ODYLVK GHVLJQ JHQHURXVO\ JOD]HG
GRXEOH KLJKW OREE\ FDQWLOHYHUHG FRQIHUHQFH URRP RQ WKH
ILUVWIORRU GRXEOHIDFDGHRIVWHHOPHVKVFUHHQLQJFRYHUHG
ZDONZD\)LJ,QEHWZHHQWKHWZREXLOGLQJVWKHUHLVDQ
H[WHUQDOVWDLUFDVHDQGDJOD]HGOLQNRQJURXQGOHYHO7KHKDOO
)LJ$GHRLQ=áRWRU\MD6LWHSODQE\0%DERUVND1DURĪQ\
,O$GHRZ=áRWRU\L3ODQ]DJRVSRGDURZDQLDWHUHQX
E\0%DERUVND1DURĪQ\
)LJ$GHRLQ=áRWRU\MD9LHZWRZDUGVWKHDGPLQLVWUDWLRQEXLOGLQJV
SKRWR0%DERUVND1DURĪQ\
,O$GHRZ=áRWRU\L:LGRNQDEXG\QHNDGPLQLVWUDF\MQ\
IRW0%DERUVND1DURĪQ\
)LJ&ULYDOLQ-HOF]/DVNRZLFH6LWHSODQ
E\0%DERUVND1DURĪQ\
,O&ULYDOZ-HOF]X/DVNRZLFDFK3ODQ]DJRVSRGDURZDQLDWHUHQX
U\V0%DERUVND1DURĪQ\
)LJ&ULYDOLQ-HOF]/DVNRZLFH$VPRRWKEOHQGRIDGPLQLVWUDWLRQ
VRFLDOEXLOGLQJZLWKSURGXFWLRQKDOOSKRWR0%DERUVND1DURĪQ\
,O&ULYDOZ-HOF]X/DVNRZLFDFK3á\QQHSU]HMĞFLHSRPLĊG]\
EXG\QNLHPDGPLQLVWUDF\MQRVRFMDOQ\PDKDOąSURGXNF\MQą
IRW0%DERUVND1DURĪQ\

0DJGDOHQD%DERUVND1DURĪQ\
DQGDGPLQLVWUDWLRQFXERLGGLIIHULQKLJKWILQLVKLQJPDWHUL
DOVGHWDLOLQJRSDTXHQHVVFRORXUVDSSOLHG:KHQREVHUYHG
IURPWKHVRXWKKRZHYHUWKHFRQWUDVWPRGHUDWHV7KHIURQW
EXLOGLQJ¶VVRXWKIDFDGHOHVVLVFRPSOH[LQWHUPVRIILQLVKLQJ
LWVRSDTXHSDUWVDUHFRYHUHGZLWKFRUUXJDWHGVWHHORQO\7KH
PDQXIDFWXULQJKDOORQWKHFRQWUDU\EHFRPHVPRUHHODERUDWH
VDQGZLFKPHWDOSDQHOVFRH[LVWZLWKYHUWLFDOVWULSVRIFRUUX
JDWHGVWHHODQGJOD]LQJ$XQLI\LQJIDFWRURIVDPHPDWHULDOV
VHWWV D IRUPDO GLDORJ EHWZHHQ WKH H[SRVHG DGPLQLVWUDWLRQ
EXLOGLQJDQGZLWKGUDZQKDOO
7\SH±IRUPDOV\PELRVLVRIGLIIHUHQWIXQFWLRQV
$OOWKUHHSODQWVLOOXVWUDWLQJIRUPDOV\PELRVLVRIGLIIHU
HQWIXQFWLRQVDUH,WDOLDQJUHHQILHOGLQYHVWPHQWVORFDWHGLQ
-HOF]/DVNRZLFH6XE]RQHRI:DáEU]\FK6SHFLDO(FRQRPLF
=RQH>@7KHDQDO\]HGSODQWVDUHFDNPDZD\IURPWKH
FHQWHURIWRZQ&ULYDODQG(SSSODQWVERWKGHVLJQHGE\
3DZHá0LNRáDMF]DNDQG$UNDGLXV]6XPLVáDZVNLIURP60
DUFKLWHFWXUDORIILFHDUHORFDWHGRQQHLJKERXULQJVLWHV>@
,WDOPHWDOSODQWGHVLJQHGE\ 2]RQHDUFKLWHFWXUDORIILFHLV
FDPQRUWKRI(33>@
&ULYDOZDVGHVLJQHGLQ7KH,WDOLDQRZQHGFRP
SDQ\ PDQXIDFWXUHV PHWDO SDUWV IRU KRPH DSSOLDQFHV$OO
IXQFWLRQVDUHGLVWULEXWHGLQRQHVWRUH\EXLOGLQJ$VLQPRVW
LQGXVWULDOSODQWVWKHERG\RIWKHSURGXFWLRQKDOORXWZHLJKV
WKHYROXPHRIWKHDGPLQLVWUDWLRQDQGVRFLDOEXLOGLQJ)LJ
7KHVPDOOHUEXLOGLQJORFDWHGLQPRVWH[SRVHGSDUWRI
WKHSORWLVOHVVWKDQKDOIWKHKLJKWDQGRQO\DIUDFWLRQRI
IORRUVSDFHRIWKHKDOO7KLVGLVSURSRUWLRQLVGLVJXLVHGE\
VPDUW GHVLJQ 7KHUH LV QR IRUPDO GLVWLQFWLRQ RI EORFNV
KRXVLQJGLIIHUHQWIXQFWLRQV,QVWHDGWKH\EOHQG7KHSOLQWK
RIWKHKDOOUHDFKHVWKHKLJKWRIWKHDWWLFRIDGPLQLVWUDWLRQ
VRFLDOEXLOGLQJ)LJ%RWKDUHUHQGHUHGLQZKLWHSODV
WHU 7KH XSSHU SODQHV RI KDOO ZDOOV DUH DQWKUDFLWH JUH\
VDQGZLFKSDQHOV7KHFRORXUDQGPDWHULDOFRQWUDVWRIWKH
WZROHYHOVEHFRPHVWKHPDLQYLVLEOHIHDWXUHDQGWKXVWKH
ORZHURQHEHFRPHVXQLWHGWKHIURQWEXLOGLQJWXUQVWREH
DSDUWRIDVWULSFRQWLQXHGDURXQGWKHKDOO
(33SODQWGHVLJQHGDQGFRQVWUXFWHGLQVSHFLDOL]HVLQ
LQMHFWLRQPRXOGLQJRISODVWLFPDWHULDOVIRUKRPHDSSOLDQFHV
7KH3ROLVKEUDQFKEHORQJVWR,WDOLDQFRPSDQ\(XURSODVWLFD
*URXS7KHVLWHLQ-HOF]/DVNRZLFHLVDQHORQJDWHGWUDSH]RLG
DGMDFHQWWRDORFDOURDGZLWKLWVVKRUWZHVWHUQHGJH)LJ
7KHPRVWH[SRVHGORFDWLRQRQVLWHDGMRLQLQJKDOOVZHVWHUQ
IDFDGHVLVGHYRWHGWRDGPLQLVWUDWLRQ$OPRVWDVZHOOH[SRVHG
LVVRFLDOEXLOGLQJE\WKHKDOO¶VVRXWKHUQZDOO(DFKRIWKHWZR
IXQFWLRQVLVKRXVHGLQVHSDUDWHEXWYHU\VLPLODUGRXEOHVWRUH\
YROXPH)LJ7KH\DUHERWKIUDPHGZLWKWKHEXONRIWKH
KDOO 2QH VWRUH\ WHFKQLFDO EDFNXS LV KLGGHQ E\ WKH VRFLDO
EXLOGLQJ6RXWKHUQQDYHVRIVWHHOKDOOLVPORQJ7KHWZR
QRUWKHUQRQHVDUHPORQJDQGDUHSODQQHGWREHH[WHQGHG
7KHGHVLJQRIWKHIDFWRU\LVEDVHGRQGHOLEHUDWHFRQWUDVWRI
VL]HFRORXUVKDSHRIZLQGRZRSHQLQJVDQGILQLVKLQJPDWHUL
DOV([WHUQDOZDOOVRIWKHGRPLQDWLQJYROXPHRIPKLJK
KDOODUHYHUWLFDOO\PRXQWHGJUHHQVDQGZLFKSDQHOV7KHWZR
VPDOOHUYROXPHVDUHILQLVKHGZLWKDQWKUDFLWHJUD\KRUL]RQ
WDOO\PRXQWHGWUDSH]RLGDOVKHHWLQWKHJURXQGIORRUOHYHODQG
SODVWHUZKLWHRQWKHXSSHUIORRU7KHRQO\YLVLEOHXQLI\LQJ
IHDWXUHDUHURXQGHGYHUWLFDOHGJHVRIHDFKFXERLG
,WDOPHWDOZDVGHVLJQHGLQDQGEHJDQSURGXFWLRQLQ
,QLWVPDQXIDFWXUHKDOOZDVIXUWKHUH[WHQGHGE\
WKH VDPH DUFKLWHFWXUDO RIILFH 7KH FRPSDQ\ LV D SDUW RI
)LJ(33LQ-HOF]/DVNRZLFH6LWHSODQE\0%DERUVND1DURĪQ\
,O(33Z-HOF]X/DVNRZLFDFK3ODQ]DJRVSRGDURZDQLDWHUHQX
U\V0%DERUVND1DURĪQ\
)LJ(33LQ-HOF]/DVNRZLFH3URGXFWLRQKDOOZLWKDGMDFHQWVHSD
UDWHIXQFWLRQDOSDUWVDGPLQLVWUDWLRQDQVVRFLDO
SKRWR0%DERUVND1DURĪQ\
,O(33Z-HOF]X/DVNRZLFDFK+DODSURGXNF\MQD]SU]\OHJá\PL
RGUĊEQ\PLF]ĊĞFLDPLDGPLQLVWUDF\MQąLVRFMDOQą
IRW0%DERUVND1DURĪQ\
)LJ(WRPDJQHWLFLQ:URFáDZ6LWHSODQ
E\0%DERUVND1DURĪQ\
,O(WRPDJQHWLFZH:URFáDZLX3ODQ]DJRVSRGDURZDQLDWHUHQX
U\V0%DERUVND1DURĪQ\
)LJ(WRPDJQHWLFLQ:URFáDZ7KHHQWUDQFHIDoDGH
SKRWR0%DERUVND1DURĪQ\
,O(WRPDJQHWLFZH:URFáDZLX(OHZDFMDIURQWRZD
IRW0%DERUVND1DURĪQ\

([SRVHGRUGLVJXLVHG"7KHKLHUDUFK\RIIRUPDQGIXQFWLRQLQFDVHVWXG\DQDO\VLVRIUHFHQWLQGXVWULDODUFKLWHFWXUHLQ/RZHU6LOHVLD
,WDOLDQIDPLO\RZQHG*LUDUGLQL*URXSVUO,WVPDLQVFRSHRI
DFWLYLW\LVPHWDOSURFHVVLQJIRUDXWRPRWLYHDQGKRXVHKROG
EUDQFKSURGXFHUV7KHZHOOH[SRVHGDOPRVWVTXDUH,WDOPHWDO
VLWHLVDGMDFHQWWRORFDOURDGVMXQFWLRQ7KHEXLOGLQJLVVXU
URXQGHGE\RWKHULQGXVWULDOKDOOV$OOIXQFWLRQVDUHKRXVHGLQ
WZRYROXPHVRIWKHVLPLODUDWWLFKLJKW1HDUWKHFRUQHUWKHUH
LV DWKUHH VWRUH\KLJKDGPLQLVWUDWLRQ VRFLDODQG WHFKQLFDO
EXLOGLQJZLWKH[SRVHGH[WHUQDOVWHHOVWDLUFDVH7KLVYHUWLFDO
FRPPXQLFDWLRQHOHPHQWLVWUHDWHGDVDVFXOSWXUH(QFORVHG
LQWRDVWHHOIUDPHUHDFKLQJWKHDWWLFOHYHOFRYHUHGZLWKSRO\
FDUERQDWHFDQRS\SDUWO\VKDGHGE\/X[DORQPHWDOSDQHOV
HTXLSSHGZLWKZRRGHQUDLOLQJVLWVLJQLILHVWKHLPSRUWDQFHRI
WKH XSSHU IORRUV ,QGHHG WKH DGPLQLVWUDWLRQ LV ORFDWHG RQ
SLDQRQRELOH*URXQGIORRULVUHVHUYHGIRUVRFLDODQGWHFKQL
FDO EDFNXS ZLWK HQWUDQFHVRQ RSSRVLWH IDFDGHV )LQLVKLQJ
PDWHULDOVXVHGDUHFXUWDLQJOD]LQJDQGSODVWHULQIURQWEXLOG
LQJKRUL]RQWDOO\PRXQWHGPHWDOVDQGZLFKSDQHOVDQGSRO\
FDUERQDWHSDQHOVLQWKHKDOODQGPHWDOFODGGLQJDQG/X[DORQ
SDQHOVLQERWKSDUWV3UHYDLOLQJFRORXUVDUHGLIIHUHQWVKDGHV
RIJUD\DQGRUDQJH$OORIWKHVHFRPELQHWRUHVXOWLQDOD\
HUHGFRPSRVLWLRQRIWZRYROXPHVZLWKPXWXDOUHIHUHQFHVRI
FRORUDQGPDWHULDOXVH
7\SH±DOOIXQFWLRQVLQDVLQJOHFXERLG
$OOIXQFWLRQVHQFORVHGLQDPRQXPHQWDOFXERLGIRUP
VXFK LV (WR 0DJQHWLF SODQW LQ :URFáDZ VXE]RQH RI
:DáEU]\FK 6SHFLDO (FRQRPLF =RQH ,W ZDV GHVLJQHG LQ
E\7HWHUD>@DUFKLWHFWXUDORIILFHLQFROODERUDWLRQZLWK
*HUPDQ$,3&RQVXOWLQJ*PEKDWFRQFHSWGHVLJQVWDJH(WR
PDJQHWLF6S]RRLVDGLYLVLRQRI*HUPDQEDVHGLQWHUQD
WLRQDO PDQXIDFWXUHU RI HOHFWURPDJQHWLF FRPSRQHQWV IRU
YHKLFOHDQGLQGXVWU\,WLVDSDUWRI(WR*UXSSH,WVIDFWRULHV
LQ *HUPDQ\ VKRZ HPSKDVLV SODFHG RQ DFKLHYLQJ TXDOLW\
LQGLYLGXDODUFKLWHFWXUH7KHVLWHLQ:URFáDZLVZLWKLQFXU
UHQWO\ GHYHORSLQJ LQGXVWULDO FOXVWHU ULJKW QH[W WR KRXVLQJ
GHYHORSPHQWVDQGWKHERXQGDU\RIWKHFLW\$PDVWHUSODQ
IRU WKH FOXVWHU ZDV EDVHG RQ WKH ZLQQLQJ HQWU\ E\$5
DUFKLWHFWXUDORIILFHWRDQXUEDQFRPSHWLWLRQ>@$PRQJRWK
HUVWKHPDVWHUSODQLQGLFDWHGFDUSDUNORFDWLRQWKHSUHYDLO
LQJIDFDGHPDWHULDOEXLOGLQJKLJKWDQGEXLOWXSDUHDERUGHU
OLQHVWKHUHTXLUHPHQWRISODQWLQJWUHHV)LJ7KHVLWH¶V
ORFDWLRQLVSULYLOHJHGZLWKLQWKHFOXVWHUDVLWLVDGMDFHQWWR
WKHQRUWKWRDSODQQHGSXEOLFUHFUHDWLRQDUHD(WR0DJQHWLF
SODQWZRQWKHILUVWSUL]HLQ³%HDXWLIXO:URFáDZ´FRPSHWL
WLRQIRUWKHEHVWLQGXVWULDOEXLOGLQJGHOLYHUHGLQ,WV
XQLTXHQHVVDPRQJRWKHUSODQWVEXLOWLQ3RODQGGHULYHVIURP
RXWRIWKHRUGLQDU\LQWHUSUHWDWLRQRIPDQGDWRU\ILUHSURWHF
WLRQVWDQGDUGV7KHSUHYDLOLQJLQWHUSUHWDWLRQUHJDUGVDGPLQ
LVWUDWLRQSDUWDVDILUH]RQHVHSDUDWHIURPWKHSURGXFWLRQ±
VWRUDJH7KDWHQIRUFHVWKHSODFHPHQWRIILUHZDOOLQEHWZHHQ
WKHWZRSDUWV,WUHVWULFWVWKHPXWXDOFRQWDFWDQGPRVWRIWHQ
OHDGVWRH[WHUQDOYLVXDODOORFDWLRQRIDGPLQLVWUDWLRQEXLOG
LQJ,Q(WR0DJQHWLFSODQWDOOIXQFWLRQVFRQVWLWXWHRQHILUH
]RQH7KHVRFLDO±DGPLQLVWUDWLRQ±ZRUNVKRSGRXEOHVWRUH\
VHFWLRQLVLQVHUWHGDVDVHSDUDWHVWUXFWXUHLQWRWKHPDLQYRO
XPH RI VWHDO KDOO ,Q EHWZHHQ WKLV LQVHUW DQG JHQHURXVO\
JOD]HGIURQWIDoDGHWKHUHLVDGRXEOHKLJKWFRPPXQLFDWLRQ
VSDFHDQGOREE\$OODGMDFHQWIXQFWLRQVDUHIXOO\JOD]HGZLWK
RSHQDEOHZLQGRZV7KHPDLQHQWUDQFHLVRQWKHV\PPHWU\
D[LVRIWKHIURQWIDFDGH)LJ7KHH[WHUQDODSSHDUDQFH
RIFDîîPFXERLGLVPRQXPHQWDODQGFRKHUHQWXQL
ILHGFRORXUILQLVKLQJPDWHULDOVXEGLYLVLRQVSUHFLVHGHWDLO
LQJFKDUDFWHUL]HVDOOIDoDGHV0LUURUV\PPHWU\LVWKHHPL
QHQWGHVLJQJXLGHOLQHRIFOHDUIXQFWLRQDOOD\RXWLQSODQDQG
IDoDGHGHVLJQ7KHORFDWLRQRIERUGHUEHWZHHQSURGXFWLRQ
DQGVRFLDO±DGPLQLVWUDWLRQ]RQHLVEOXUUHGDVVHHQIURPWKH
RXWVLGH7KHV\PPHWULFDOEDFNIDoDGHZLWKGHOLYHU\GRFNV
HFKRHVWKHVKDSHRIIURQWJOD]LQJWKURXJKVOLJKWUHFRLORI
PHWDO FODGGLQJ ,WV V\PPHWULFDO GLVSRVLWLRQ SURYHV WKHUH
ZDVQRLQWHQWLRQWRGLVJXLVHWKLVVHFWLRQRIWKHEXLOGLQJ7KH
DGMDFHQWSORWVDUHQRWEXLOWXSMHWDQGVRWKH(WR0DJQHWLF
SODQWLVZHOOH[SRVHGIURPGLVWDQWYLHZVDQGGLIIHUHQWGLUHF
WLRQV $OWKRXJK EXLOGLQJ SHUPLWV DUH DOUHDG\ KDQGHG IRU
QHZIDFWRULHVDURXQGWKHUHLVDQHZURDGSODQQHGSDUDOOHOWR
WKHH[LVWLQJRQHDWWKHEDFNRIWKHSORW7KXVWKHEDFNRIWKH
EXLOGLQJZLOOEHDVH[SRVHGDVLWVIURQW
7\SH±SURGXFWLRQKDOOH[SRVHG±RIILFHSDUWGLVJXLVHG
,03&RPIRUWSODQWLQĝZLGQLFDLVDUDUHH[DPSOHRIOD\
RXWZHUHSURGXFWLRQKDOOZLWKWHFKQLFDOEDFNXSLVH[SRVHG
DQGWKHRIILFHSDUWLVGLVJXLVHGIURPWKHYLHZRIDPDLQURDG
SDVVHU E\ 7KH SODQW PDQXIDFWXUHV WH[WLOHV LPSOHPHQWLQJ
LQQRYDWLYHVXVWDLQDEOHSURGXFWLRQSURFHVVHV,WZDVGHVLJQHG
E\3LRWU/HZLFNLDQG.D]LPLHU]àDWDNIURP/HZLFNLàDWDN
DUFKLWHFWXUDORIILFHLQ>@7KHVLWHLVZLWKLQWKHXUEDQ
DUHDRIĝZLGQLFDLQDFXUUHQWO\GHYHORSLQJLQGXVWULDOFOXVWHU
FDNPDZD\IURP WKH 3HDFH &KXUFK LQVFULEHGLQWRWKH
8QHVFR/LVWRI:RUOG+HULWDJH6LWHV0DNLQJWKHEHVWRIWKH
DWWUDFWLYHYLHZWRZDUGVWKHĝZLGQLFDROGWRZQZDVWKHGHFL
VLYHIDFWRULQIXQFWLRQDOGLVSRVLWLRQRIWKHEXLOGLQJRQVLWH
,03&RPIRUWEHORQJVWR,WDOLDQ,QGXVWULH0DXUL]LR3HUX]]R
FRPSDQ\ 3HUX]]R *URXS RZQV DOVR %HWRQH[ LQ %LHOVNR
)LJ,03&RPIRUWLQĝZLGQLFD6LWHSODQ
E\0%DERUVND1DURĪQ\
,O,03&RPIRUWZĝZLGQLF\3ODQ]DJRVSRGDURZDQLDWHUHQX
U\V0%DERUVND1DURĪQ\
)LJ,03&RPIRUWLQĝZLGQLFD3URGXFWLRQKDOOVHHQIURP
WKHPDLQURDGSKRWR0%DERUVND1DURĪQ\
,O,03&RPIRUWZĝZLGQLF\+DODSURGXNF\MQD±ZLGRN
RGGURJLJáyZQHMIRW0%DERUVND1DURĪQ\

0DJGDOHQD%DERUVND1DURĪQ\
%LDáD ± PDQXIDFWXUHU RI SUHIDEULFDWHG FRQFUHWH EXLOGLQJV
7KHFRQVWUXFWLRQRI,03&RPIRUWWH[WLOHSODQWLQĝZLGQLFD
ZDVDFKDQFHIRU%HWRQH[WRJDLQUHIHUHQFHEXLOGLQJSUHVHQW
LQJWKHVFRSHRISURGXFWVRIIHUHG7KHEXLOGLQJLVDFXERLG
îîPZLWKORZHUDGGLWLRQVDWVRXWKHUQDQGQRUWKHUQ
IDFDGHV ,WV IUDPH VWUXFWXUH H[WHUQDO ZDOOV URRI VODE DQG
IORRUV LQ WZR VWRUH\ VRFLDO ± DGPLQLVWUDWLRQ ± ODERUDWRU\
EXLOGLQJ DUH PDGH RI SUHFDVW FRQFUHWH ([WHUQDO ZDOOV DUH
VPRRWKSUHFDVWSDQHOVLQVXODWHGZLWK(36IRDP±PRGXODU
DQGUHSHWLWLRXV1HYHUWKHOHVVWKHFRQFUHWHEXLOGLQJVDSSHDU
DQFHLVIDUIURPGXOODQGSRQGHURXV,WVFRQFUHWHVXUIDFHLV
FRYHUHG ZLWK VWULSV RI YLYLG FRORXUV DUUDQJHG LQ PLVFHOOD
QHRXVVHTXHQFH)LJ7KHFRQILJXUDWLRQZDVHODERUDWHG
LQ FROODERUDWLRQ ZLWK JUDSKLF GHVLJQHU .RQUDG *ORV 7KH
FRORXUVFKHPHDSSOLHGSHUIHFWO\GLVJXLVHVWKHUHSHWLWLYHSXOVH
RI HTXDO VL]H SDQHOV DQG ZLQGRZ RSHQLQJV >@ 2QO\ WKH
DGPLQLVWUDWLRQDQGVRFLDOSDUWRIWKHEXLOGLQJLVPRQRFKURPH
ZLWK³ULQVHVWRQH´ILQLVKRIWKHFRQFUHWHSDQHOV,QUHVXOWWKH
HQWUDQFHSDUWLVWKHOHDVWOLYHO\,WLVKRZHYHUREVFXUHGIURP
DUDQGRPREVHUYHU7KHUHFWDQJXODUSORWLVQH[WWRVWUHHWMXQF
WLRQZLWKLWVVKRUWVLGHDGMDFHQWWRWKHPDLQURDGDQGORQJVLGH
DGMRLQLQJDEOLQGDOOH\)LJ7KHLQYHVWRUSUHIHUUHGWR
VHH WKHVN\OLQHRIĝZLGQLFDROGWRZQ IURPWKHRIILFHSDUW
LQVWHDGRIWKHWUDIILFRQWKHPDLQURDG7KHPDLQHQWUDQFHLV
WKXVORFDWHGLQWKHEDFNPRVWSDUWRIWKHSORWZLWKPDLQHQWU\
DQGSDUNLQJQH[WWRWKHEOLQGDOOH\
.H\ZRUGVLQGXVWULDODUFKLWHFWXUHLQGXVWULDODUFKLWHFWXUHW\SRORJ\
6áRZD NOXF]RZH DUFKLWHNWXUD SU]HP\VáRZD W\SRORJLD DUFKLWHNWXU\
SU]HP\VáRZHM
>@ DUFKLYHRI$56S]RR
>@ DUFKLYHRI/HZLFNLàDWDN6S]RR
>@ DUFKLYHRI2]RQH6S]RR
>@ DUFKLYHRI303ROVND6S]RR
>@ DUFKLYHRI606XPLVáDZVNL0LNRáDMF]DN6S]RR
>@ DUFKLYHRI7HWHUD3URMHNWRZDQLH3U]HP\VáRZH6S]RR
>@ %DERUVND1DURĪQ\0%U]H]LFNL0(VWHW\NDLWHFKQLNDZDUFKL
WHNWXU]H SU]HP\VáRZHM ± Z\EUDQH SUREOHP\ QD SU]\NáDGDFK ] ODW
±:URFáDZ
>@ %DERUVND1DURĪQ\ 0 3U]HP\VáyZND UR]ZDĪQD L URPDQW\F]QD
=DZyG$UFKLWHNW1RSS±
>@%XFKDQDQ3 &RQVWUXFWLQJ 2UGHU 7LFLQR /XLJL 6QRFFL DQG /LYLR
9DFFKLQL³7KH$UFKLWHFWXUDO5HYLHZ´1RS±
>@.RSS $ 5RWW + 5R]\QVNL ' ,QGXVWULDO %XLOGLQJ 7\SRORJ\
'HWDLO1RSS±
>@3RQLNáR7.OXVND50LQLPDOQD'DZND7\JRGQLN3RZV]HFKQ\
1RSS±
>@ZZZLQYHVWSDUNFRPSO
>@ZZZOVVHHX
5HIHUHQFHV
(NVSRQRZDQHF]\XNU\WH"+LHUDUFKLDIRUP\LIXQNFMLZQDMQRZV]\FKUHDOL]DFMDFK
DUFKLWHNWXU\SU]HP\VáRZHM'ROQHJRĝOąVND
$UW\NXá SUH]HQWXMH W\SRORJLĊ ]DáRĪHĔ SU]HP\VáRZ\FK SRG NąWHP
KLHUDUFKLLLFKIRUP\LIXQNFML2PDZLDQDKLHUDUFKLDZ\UDĪDVLĊZUyĪQL
FRZDQLXIRUP\]HZQĊWU]QHMRGPLHQQ\FKIXQNFMRQDOQLHF]ĊĞFLEXG\QNX
RUD] LFK HNVSRQRZDQHM OXE XNU\WHM ORNDOL]DFML QD G]LDáFH ] SXQNWX
ZLG]HQLDSU]\OHJDMąF\FKGUyJLVWUHI\ZHMĞFLRZHM7\SRORJLDED]XMHQD
DQDOL]LHZ\EUDQ\FKRVWDWQLRZ\EXGRZDQ\FKQD'ROQ\PĝOąVNXIDEU\N
LPDJD]\QyZ2EHMPXMHRQDXNáDG\SRZVWDMąFHQDWHUHQDFKGRWąGQLH]D
EXGRZDQ\FKMDNWHĪUR]EXGRZ\]HVSRáyZLVWQLHMąF\FK
5RPDQ.OXVND RQFHD YHU\VXFFHVVIXO3ROLVKEXVLQHVV
PHQ FODLPV WKDW XWPRVW SUDJPDWLVP LV WKH PRVW EHDXWLIXO
WKLQJLQUHDOEXVLQHVV>@7KDWLGHDLVVKDUHGE\PRVWLQGXV
WULDOEXLOGLQJVLQYHVWRUV6WURQJPDUNHWRIW\SLFDOFDWDORJXH
LQGXVWULDOKDOOVVHHPVWRSURYHLW2QWKHRWKHUKDQGVRPH
VXFFHVVIXODUFKLWHFWVOLNH/LYLR9DFFKLQL DQG/XLJL6QRFFL
GHILQH DUFKLWHFWXUHDVD XVHOHVVWKLQJ WKDW HPHUJHV RQO\LI
ERXQGDULHVRIWULYLDOXVHIXOQHVVDUHFURVVHG>@$UFKLWHFWXUH
DVDZKROHEXWLQSDUWLFXODULQGXVWULDODUFKLWHFWXUHHPERGLHV
WKHWHQVLRQ EHWZHHQHFRQRPLFJXLGHOLQHVDQG DQ DHVWKHWLF
GULYHWRHVFDSHWKHXWPRVWSUDJPDWLVP7KHEULHIWKHEXGJHW
DQG OHJDO UHTXLUHPHQWV DUH VWDUWLQJ SRLQWV LQ HVWDEOLVKLQJ
RUGHUGHOLEHUDWHFRPSRVLWLRQLQGLYLGXDOIRUPDQGGHWDLOLQJ
7KH SUHVHQWHG W\SRORJ\ GLVWLQJXLVKHV VL[ GLIIHUHQW GHVLJQ
VWUDWHJLHVLQWHUPVRIH[SRVLQJDQGGLVJXLVLQJFHUWDLQIXQF
WLRQDOSDUWV7KHUHDUHVLJQLILFDQWGLIIHUHQFHVLQQXPEHURI
EXLOGLQJVWKDWFRXOGEHDVFULEHGWRHDFKRIWKHP
(FRQRPLFDO JXLGHOLQHV RQO\ H[FHSWLRQDOO\ DOORZ WKH
GRPLQDWLQJKDOOVGHVLJQWREHPRUHFRPSOH[WKDQWKHQHFHV
VDU\PLQLPXP,QPRVWFDVHVWKHKDOOVDSSHDUDQFHLVLQGXV
WULDO FRPPRQ DQG PRUH FRPSOH[ GHVLJQ LI H[LVWV DW DOO
FRQFHQWUDWHVRQVPDOOHUDGPLQLVWUDWLRQ7KXVW\SHDQG
FRYHUPRVWRIFRQVWUXFWHGEXLOGLQJV7\SHDQGUHTXLUHV
H[FHHGLQJWKHWKUHVKROGRIPLQLPXPGHVLJQHIIRUWSXWLQWR
DUFKLWHFWXUDOVHWWLQJRIWKHKDOODQGWKXVLVOHVVFRPPRQ,Q
3ROLVKLQGXVWULDODUFKLWHFWXUHHFRQRPLFDOO\EDVHGDOORFDWLRQ
RIIRUPDQGIXQFWLRQLVUHLQIRUFHGE\WKHGRPLQDWLQJLQWHU
SUHWDWLRQRIPDQGDWRU\ ILUH VDIHW\ UXOHVDVLWGLVWLQJXLVKHV
DGPLQLVWUDWLRQDVDVHSDUDWHILUH]RQH,QUHVXOWWKHUHDUHYHU\
IHZW\SHEXLOGLQJV LQ3RODQG$QLQWHUHVWLQJIDFWLV WKDW
PRVWRIWKHVHDUHH[FHSWLRQDOTXDOLW\ DUFKLWHFWXUHHJ(WR
0DJQHWLFLQ:URFáDZE\7HWHUD,QGXVWULDO'HVLJQ)UDEDLQ
6áXELFHE\%H/2VWHUYLJQHDU:DUVDZE\$3$.XU\áRZLF]
7\SHLVUDUHERWKLQ3ROLVKDQGZRUOGDUFKLWHFWXUHDQGXVX
DOO\LVDUHVXOWRIDVSDWLDOFRQWH[WVHQVLWLYHGHVLJQH[,03
&RPIRUW LQ ĝZLGQLFD E\ /HZLFNL àDWDN (UFR 3 LQ
/XGHQVFKHLG E\ 6FKQHLGHU6FKPDFKHU 7UHYLVLRQ LQ
*URVKRIOHLQE\4XHUNUDIW
&RQFOXVLRQV