p. 1

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p. 2

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p. 3

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p. 4

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p. 5

5 vpl 6dodpodpd up wol [dqÖpodu y f qdeodu ued fdq 5hvsxeolndvÖ 6 kl 1d]luol l dgÖqgdq ,7 urxs 3 y rqxq ued fdqgdnÖ k pnduÖ rodq ´ùwhfd &dvsldqµ 00 ûlun wo ul w u Àqg q w ûnlo roxqdq fl ued fdq %h q o[dot 6 kl 6 ujlvl ´ µ fÖ ued fdq %h q o[dot 6wrpdwrorjl d 6 ujlvl ´6wrpdwrorj huedlmdq µ y fl

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p. 6

2iÀfldo uhhwlqj hdu /dglhv dqg hqwohphq 2q ehkdoi ri wkh 0lqlvwu ri +hdowk ri wkh 5hsxeolf ri huedlmdq zrxog olnh wr zhofrph wkh h[klelwruv dqg ylvlwruv ri wkh wk huedlmdq ,qwhuqdwlrqdo +hdowkfduh klelwlrq 6wrpdwrorj huedlmdq wkh wk huedlmdq ,qwhuqdwlrqdo 6wrpdwrorj klelwlrq dqg %hdxw huedlmdq wkh wk huedlmdq ,qwhuqdwlrqdo %hdxw dqg $hvwkhwlf 0hglflqh klelwlrq zklfk duh rujdqlvhg e ,7 urxs 3 dqg lwv huedlmdql sduwqhu ,whfd &dvsldq kdv ehhq wkh ohdglqj khdowkfduh hyhqw lq wkh vrxwkhuq &dxfdvxv dqg &dvsldq uhjlrq iru hduv 7kh h[klelwlrq dw zklfk frpsdqlhv iurp durxqg wkh zruog jdwkhu hyhu hdu kdv vhuyhg dv d phdqv iru lqwurgxflqj wkh kljktxdolw surgxfwv dqg whfkqrorjlhv ri kxqguhgv ri frpsdqlhv wr wkh huedlmdql pdunhw $v d uhvxow ri wkh vxffhvvixo vrflrhfrqrplf srolf frqgxfwhg lq rxu frxqwu qhz khdowkfduh idflolwlhv kdyh ehhq frqvwuxfwhg dqg vwdwhriwkhduw phglfdo htxlsphqw lqvwdoohg xuwkhupruh d qxpehu ri dfwlylwlhv kdyh ehhq lpsohphqwhg iru wkh frqwlqxlqj surihvvlrqdo ghyhorsphqw ri grfwruv lq rughu wr lpsuryh wkh txdolw ri khdowkfduh vhuylfhv qdwlrqzlgh 7kh vwdwhriwkh duw htxlsphqw ghprqvwudwhg dw wkh h[klelwlrq dqg wkh rxwfrphv ri wkh vkdulqj ri rslqlrqv dqg h[shulhqfhv gxulqj wkh h[klelwlrq duh xvhg lq rxu qdwlrqdo khdowkfduh vhfwru dqg ixuwkhu wkh ghyhorsphqw ri wkh khdowkfduh vhfwru erwk lq rxu frxqwu dqg lq wkh uhjlrq :khq wkh deryhphqwlrqhg lv wdnhq lqwr frqvlghudwlrq wkh vljqlÀfdqfh ri wklv h[klelwlrq lv xqghqldeoh :h eholhyh wkdw wklv h[klelwlrq zloo frqwlqxh wr khos lpsuryh wkh txdolw ri phglfdo vhuylfhv dlg wkh ghyhorsphqw ri rxu qdwlrqdo khdowkfduh vhfwru dqg fuhdwh suhuhtxlvlwhv iru wkh zlghu xvh ri qhz whfkqrorj lq phglflqh 7kh qh[w dqqxdo vhvvlrq ri wkh xurshdq 5hjlrqdo &rpplwwhh ri wkh :ruog +hdowk 2ujdql]dwlrq zklfk wdnhv sodfh rq 6hswhpehu lq %dnx lv dqrwkhu idfwru wkdw whvwlÀhv wr wkh lqfuhdvlqj vljqlÀfdqfh ri huedlmdq lq wkh lqwhuqdwlrqdo khdowkfduh vhfwru 8qghu wkh dxvslfhv ri wkh 5hjlrqdo &rpplwwhh ryhu kljkudqnlqj khdowkfduh surihvvlrqdov iurp wkh phpehu frxqwulhv ri wkh xurshdq uhjlrq ri wkh 2 zloo ylvlw huedlmdq dqg glvfxvv sodqv iru wkh frqvrolgdwlrq ri vroxwlrqv wr wkh fkdoohqjhv hqfrxqwhuhg e wkh uhjlrqdo sxeolf khdowkfduh vhfwru lqfoxglqj wkh ghyhorsphqw ri d qhz sdqxurshdq sxeolf khdowkfduh srolf zlvk hyhu vxffhvv wr doo wkh h[klelwlrq·v sduwlflsdqwv dqg ylvlwruv ovhyhu $jd hy hsxw 0lqlvwhu ri +hdowk ri wkh 5hsxeolf ri huedlmdq wk $qqlyhuvdu huedlmdq ,qwhuqdwlrqdo 87 $1 67 7 0 1 7,21 5

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p. 7

5 vpl 6dodpodpd up wol 6 ujl ùûwludnoÖoduÖ y 4rqdtoduÖ 6l]l ued fdq 5hvsxeolndvÖ 6dklenduodu 7 ûnlodwoduÖ 0lool .rqihghudvl dvÖ dgÖqgdq ´ µ fl ued fdq %h q o[dot 6 kl 6 ujlvl ´6wrpdwrorj huedlmdqµ fÖ ued fdq %h q o[dot ´6wrpdwrorjl dµ 6 ujlvl y ´%hdxw huedlmdqµ fl

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p. 8

2iÀfldo uhhwlqj hdu klelwlrq 3duwlflsdqwv dqg xhvwv zrxog olnh wr frqjudwxodwh rx rq ehkdoi ri wkh 1dwlrqdo &rqihghudwlrq ri qwuhsuhqhxuv· psor huv· 2ujdql]dwlrqv ri huedlmdq 5hsxeolf rq wkh rshqlqj ri wkh wk ,qwhuqdwlrqdo +hdowkfduh klelwlrq wkh wk ,qwhuqdwlrqdo 6wrpdwrorj klelwlrq 6wrpdwrorj huedlmdq dqg wkh wk $qqlyhuvdu ,qwhuqdwlrqdo %hdxw dqg $hvwkhwlf 0hglflqh klelwlrq %hdxw huedlmdq dqg zhofrph rx wr huedlmdq 7rgd wkh khdowkfduh vhfwru lq huedlmdq lv h[shulhqflqj d shulrg ri jurzwk qhz khdowk lqvwlwxwlrqv duh ehlqj frpplvvlrqhg dqg prghuq wuhdwphqw whfkqrorjlhv dqg phglfdo htxlsphqw duh ehlqj lqwurgxfhg wr rxu frxqwu %hlqj wkh odujhvw khdowkfduh hyhqw lq wkh &dxfdvldq uhjlrq wkh ´ µ h[klelwlrq dqg ´6wrpdwrorj huedlmdqµ h[klelwlrq riihu d xqltxh rssruwxqlw wr ghprqvwudwh wkh ydvw udqjh ri phglfdo dqg ghqwdo surgxfwv dqg vhuylfhv dv zhoo dv wkh odwhvw dfklhyhphqwv lq wkh khdowkfduh vhfwru ,w dovr eulqjv wrjhwkhu vshfldolvwv iurp wklv vhfwru dqg wkh pdqxidfwxuhuv dqg glvwulexwruv ri phglfdo dqg ghqwdo htxlsphqw dqg wrrov dqg skdupdfhxwlfdov 7klv ehlqj wkh Àiwk hdu ri %hdxw huedlmdq klelwlrq dqg wkh hduo h[sdqvlrq ri wkh h[klelwlrq duh erwk lqglfdwruv ri wkh ghyhorsphqw ri wkh ehdxw lqgxvwu lq huedlmdq 7kh suhvhqfh ri d qxpehu ri iruhljq frpsdqlhv dprqj wkh h[klelwruv dovr looxvwudwhv wkh jurzwk lq wkh lqwhuhvw ri lqwhuqdwlrqdo frpsdqlhv lq wkh ghyhorsphqw ri wklv lqgxvwu lq huedlmdq zlvk hyhu vxffhvv dqg iuxlwixo phhwlqjv wr wkh rujdql]huv sduwlflsdqwv dqg ylvlwruv ri wkh h[klelwlrq 0dppdg 0xvd hy 3uhvlghqw ri wkh 1dwlrqdo &rqihghudwlrq ri qwuhsuhqhxuv· psor huv· 2ujdql]dwlrqv ri huedlmdq 5hsxeolf wk $qqlyhuvdu huedlmdq ,qwhuqdwlrqdo 87 $1 67 7 0 1 7,21 7

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p. 9

5 vpl 6dodpodpd up wol v ujl lûwludnoÖoduÖ y ]l du wolo u %h q o[dot v ujl w ûnlodwoÖvÖ ´,7 urxs 3 µ y rqxq ued fdqgdnÖ w u igdûÖ ´,whfd &dvsldqµ ûlun wo ul dgÖqgdq vl]o ul ´%hdxw huedlmdq µ ²fl

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p. 10

2iÀfldo uhhwlqj hdu klelwruv dqg 9lvlwruv 2q ehkdoi ri ,7 urxs 3 wkh lqwhuqdwlrqdo h[klelwlrq rujdqlvhu dqg ,whfd &dvsldq lwv huedlmdql sduwqhu zh duh yhu sohdvhg wr zhofrph rx wr %hdxw huedlmdq wkh wk $qqlyhuvdu huedlmdq ,qwhuqdwlrqdo %hdxw dqg $hvwkhwlf 0hglflqh klelwlrq $v wkh olylqj vwdqgdugv ri wkh huedlmdql shrsoh lpsuryh wkh ghpdqg iru wkh surgxfwv dqg vhuylfhv ri wkh ehdxw lqgxvwu lqfuhdvhv qhz frvphwlfv dqg shuixphv duh ehlqj eurxjkw lqwr wkh frxqwu dqg qhz ehdxw vdorqv vsdv dqg dhvwkhwlf phglflqh fhqwuhv hvwdeolvkhg 7kh %hdxw huedlmdq h[klelwlrq lv dq lqglfdwru ri wkh g qdplf ghyhorsphqw ri wkh ehdxw lqgxvwu dqg lw fhuwdlqo jlyhv lpshwxv wr lwv ixwxuh ghyhorsphqw 2yhu wkh odvw Àyh hduv %hdxw huedlmdq kdv jdlqhg wkh vwdwxv ri dq dqqxdo surihvvlrqdo iruxp zklfk eulqjv wrjhwkhu ehdxw lqgxvwu vshfldolvwv dqg frqvxphuv xqghu rqh urri 7kh h[klelwlrq kdv ghprqvwudwhg hdurq hdu jurzwk erwk lq whupv ri wkh qxpehu ri h[klelwruv dqg wkh h[klelwlrq vsdfh uhtxluhg $qg wklv idfw whvwlÀhv wr wkh uhdo ghpdqg iru wkh surmhfw 7kh suhvhqwdwlrqv zrunvkrsv dqg pdvwhufodvvhv lqyroylqj ohdglqj vshfldolvwv iurp wkh lqgxvwu zklfk wdnh sodfh gxulqj wkh wkuhh gd v ri %hdxw huedlmdq frqwulexwh wr wkh dsshdo ri wkh h[klelwlrq dqg ixuwkhu vwlpxodwh lqwhuhvw lq wkh hyhqw :h zrxog olnh wr h[suhvv rxu ghhs judwlwxgh wr wkh 0lqlvwu ri +hdowk ri wkh 5hsxeolf ri huedlmdq 1dwlrqdo &rqihghudwlrq ri qwuhsuhqhxuv· psor huv· 2ujdql]dwlrqv ri wkh 5hsxeolf ri huedlmdq huedlmdq sruw dqg ,qyhvwphqw 3urprwlrq rxqgdwlrq 35202 dqg Àqdoo wr wkh pdqdjhphqw ri %dnx sr &hqwuh iru wkhlu vxssruw dqg fr rshudwlrq

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p. 11

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p. 12

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p. 13

3dylo rqxq sodqÖ 12

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p. 14

orrusodq ri wkh 3dylolrq ùú7ù5 d 5 7256 5 6 87 81 50 1 0 8$1 21 &6 95 1 525 3 17 =1 0 6 3$8 0,7 0$57,1 87 67 7 6 0 ù 0 3 3 3 3 3 3 3 %287,48 8 %5$1 0 1 63 1 257+2 217 -2851 42,67 6 21 35 3 75 -2851 3$66 0 1 ,03566 /7 2 5 1 13

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p. 15

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