You are on page 1of 19

7+(*5((13$3(56LVDWUHQGVDQGFRQVXPHULQVLJKWV:KLWH3DSHU

VHULHVIRFXVHGRQZKDW
VDKHDGLQFRQVXPHUFXOWXUHSURGXFHGE\7KH
*DUQHU&LUFOH35$JHQF\
7KHWUHQGVH[SHUWVGDWDDQGVWDWLVWLFVWHOOWKHVWRU\RIZKDW
V
LQIOXHQFLQJFRQVXPHUVWRGD\DQGZKDW
VVKDSLQJFXOWXUHQH[WDQGZH
KLJKOLJKWH[SHULHQFHGLQVLJKWIRUFOLHQWVDQGEUDQGV

$%2877+(*$51(5&,5&/(35
7KH*DUQHU&LUFOHLVDERXWLTXHSXEOLFUHODWLRQVOLIHVW\OHPDUNHWLQJ
DQGHYHQWH[HFXWLRQDJHQF\KHDGTXDUWHUHGLQ$WODQWDZLWKRIILFHV
ORFDWHGDURXQGWKHQDWLRQ6SHFLDOL]LQJLQIDVKLRQEHDXW\
HQWHUWDLQPHQWDQGOLIHVW\OHZZZ7KH*DUQHU&LUFOHFRP
#WJF35DJHQF\_*UHHQ3DSHUV

7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

7KH*DUQHU&LUFOHDQDO\]HGWKLVUDSLGO\JURZLQJ86FRQVXPHU
GHPRJUDSKLFZLWKDQHVWLPDWHGLQFUHDVHVIURPWULOOLRQWRD
SURMHFWHGWULOOLRQE\
 $$&RQVXPHU5HSRUW

7KHGHILQLWLRQRI*HQHUDO0DUNHW0XOWLFXOWXUDO0DUNHWDVZH
KDYHNQRZQLWIRU\HDUVKDVHYROYHGDQGWKHFRQFHSWRIDQDYHUDJH
$PHULFDQLVQRQH[LVWHQWLQWRGD\VWLPHV7KHDYHUDJH$PHULFDQKDV
EHHQUHSODFHGE\DFRPSOH[PXOWLGLPHQVLRQDOVRFLHW\WKDWGHILHV
VLPSOLVWLFODEHOLQJ7KLVLVDWUHPHQGRXVRSSRUWXQLW\IRUWKRVHVPDUW
HQRXJKWRUHFRJQL]HLWDQGEUDYHHQRXJKWRXQGHUWDNHWKH
WUDQVIRUPDWLRQRIWKHLUPRGHOV

7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

,QDUHFHQWVWXG\E\6RFLDO3V\FKRORJ\4XDUWHUO\0XOWLHWKQLF
$PHULFDQVFKDQJHWKHZD\WKH\VHOILGHQWLI\GHSHQGLQJRQZKR
WKH\
UHWDONLQJZLWKDQGWKHFXUUHQWQHHGRIEHORQJLQJDQGWKHUHLVD
JURZLQJSHUFHQWDJHRIWKHSRSXODWLRQWKDWFKRRVHQRWWRLGHQWLI\
WKHPVHOYHVE\HWKQLFLW\DWDOO
+HUHDUHRXUUHFHQWILQGLQJV
+\EULGVDUHWRGD\VWUHQGVHWWHUV7KH\OLYHDQGEUHDWKHVRFLDO
PHGLD6RFLDOVDYY\EUDQGVZLWKHQJDJLQJVRFLDOSUHVHQFHWHQGWRJHW
ORQJWHUPVXSSRUWIURP+\EULGVFUHDWLQJDWUXHDFRPPXQLW\RI
FXVWRPHUV
+\EULGVDUHWKHPRVWGLYHUVHJHQHUDWLRQLQ86KLVWRU\)RXULQWHQ
 DGXOW0LOOHQQLDOVDUH0XOWLFXOWXUDO &HQVXV$&6 
+\EULGVEHOLHYHLQWKHIXWXUHRIWRGD\VVRFLHW\ZKLFKWKH\VHHDV
HQULFKHGE\PXOWLSOHFXOWXUHV
([SHFWDGYHUWLVLQJWRUHIOHFWPRGHUQGLYHUVLW\ QRWMXVWHWKQLF
/RZQRLGHQWLILFDWLRQZLWKDVLQJXODUUDFHRQO\DSSURDFK
7KRXJKWOHDGHUVLQIRUPDWLRQVDYY\H[SHULHQWLDOWUXWKVHHNHUV
+\EULGZRPHQGRQRWZDQWWREHWDUJHWHGE\EUDQGVEXWUDWKHU
LQYLWHG
+\EULGZRPHQWUXVWPDUNHWLQJIURPDXWKHQWLFEUDQGVWKDWH[HFXWH
HQJDJLQJSURJUDPVZKHUHWKH\FDQEHHQWHUWDLQHG
7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

K\EULG KDEUG 
Q
DSHUVRQSURGXFHGE\WKHLQWHUDFWLRQRUFURVVEOHQGLQJRIWZR
FXOWXUHVWUDGLWLRQVHWF
DQ\WKLQJGHULYHGIURPXQOLNHVRXUFHVRUFRPSRVHGRIGLVSDUDWHRU
LQFRQJUXRXVHOHPHQWVFRPSRVLWH
DZRUGFRPSRVHGRIHOHPHQWVRULJLQDOO\GUDZQIURPGLIIHUHQW
ODQJXDJHVDVWHOHYLVLRQZKRVHFRPSRQHQWVFRPHIURP*UHHNDQG
/DWLQ
DGM
EOHQGLQJWZRGLVWLQFWUDFHVEUHHGVYDULHWLHVRUVSHFLHV
FRPSRVLWHIRUPHGRUFRPSRVHGRIKHWHURJHQHRXVHOHPHQWV
>/DWLQK\EULGDKLEULGDDFURVVEUHGDQLPDO@
6RXUFH:HEVWHUV'LFWLRQDU\

7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

p5BAKH?C=EKBCZLHZLJ=GK?MELMJ=EC@A=LCHGB=K?JA=LA@
=GAA@ZHJCGGHN=LCNAKTKLAFKLHKLAICGRBAJA
LJ=@CLCHG=EF=JDALCGOB=KEAZLHZZ=G@?=L=ETUA=ZJAKB
=MLHGHFHMKFCG@KAL=FHGO(AGAJK=G@KLB=LCK
?=MKCGO=>EMJJCGOHZECGAK=FAJOCGOHZOAGJAK=G@=
FMELC@TG=FC?JA@AZCGCGOHZ=IIJH=?BqKL=LAK/C?HEA(=JGAJ
$&05BA(=JGAJ$CJ?EA13
#WKHJDUQHUFLUFOH
7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

",&d[ldbZcidYVnjhZ
hdX^VabZY^V
"I]ZbdhiedejaVghdX^Va
bZY^Vh^iZh[dgldbZcVgZ!
;VXZWdd`,'!E^ciZgZhi
'*VcY>chiV\gVb&+
",%D[VaahdX^VabZY^V
VXi^k^in^hYdcZWngZh^YZcih
d[i]ZX^inVhdeedhZYid
gjgVaVgZVh#
6285&(0(',$%,6752

7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

6285&(3(:5(6($5&+&(17(5

3(:5(6($5&+&(17(5

7KH7UDQVFXOWXUDO)HPDOHFRQVXPHULVDK\EULGRIFXOWXUHLQWHUHVWVDQG
VRFLRHFRQRPLFIDFWRUVWKDWFUHDWHDQHPHUJLQJDQGUDSLGO\JURZLQJPDUNHW
7KHUHDUHPDQ\IDFHVRIWKH7UDQVFXOWXUDO)HPDOHFRQVXPHUDVWKHGHILQLWLRQ
LWVHOIVSDQVRYHUPDQ\HWKQLFKHULWDJHV$IULFDQ$PHULFDQ+LVSDQLF$PHULFDQ
$VLDQ$PHULFDQDQG1DWLYH$PHULFDQFRPPXQLWLHVDOOHQFRPSDVVWKH
7UDQVFXOWXUDO)HPDOHFRQVXPHU

7KHVHFRQVXPHUVQRWRQO\PDNHXSDODUJHSRUWLRQRIWKHSRSXODWLRQEXW
DOVRKDYHODUJHVRFLDOLQIOXHQFHDQGVLJQLILFDQWEX\LQJSRZHU6HOILGHQWLILFDWLRQ
KDVEHJXQWREORRPLQWKHDUHDVRISV\FKRJUDSKLFVRYHUGHPRJUDSKLFVDQG
EHKDYLRURYHUHWKQLFLW\
,QXQGHUVWDQGLQJZKRWKLVFRQVXPHULVWKHLUSXUFKDVLQJKDELWVDQGWKHLU
PHGLDLQIOXHQFHPDUNHWLQJWRWKHPFDQEHFRPHDOHVVGDXQWLQJWDVN

7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

7+(<($52)7+(6(/),(
"CZVgan

b^aa^dc

>chiV\gVbh]dihlZgZcVbZY
hZa[^ZH`nBV\Vo^cZ

"I]ZldgYhZa[^ZlVhVYYZY
idi]ZDm[dgY9^Xi^dcVgn

"I]ZhZa[^Z]VhegdkZcidWZ
i]ZcZmi\gZViaZkZaZg^c
hdX^VabZY^V

"]nWg^YldbZcYdb^cViZ
jhV\Zdci]Z^chiV\gVb
eaVi[dgb

7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

5J=GK?MELMJ=LCHGCK=LAJF?HCGA@>T$M>=G=GLBJHIHEHOCKL'AJG=G@H
0JLCUCG8:LH@AK?JC>ALBAIBAGHFAGHGHZFAJOCGO=G@
?HGNAJOCGO?MELMJAK
5J=GK?MELMJ=LCHGAG?HFI=KKAKFHJALB=GLJ=GKCLCHGZJHFHGA?MELMJA
LH=GHLBAJ CL@HAKGHL?HGKCKLFAJAETHZ=?QMCJCGO=GHLBAJ?MELMJA
=??MELMJ=LCHGHJHZEHKCGOHJMIJHHLCGO=IJANCHMK?MELMJA
@A?MELMJ=LCHG3=LBAJCLFAJOAKLBAKA?HG?AILK=G@=@@CLCHG=EET
?=JJCAKLBAC@A=HZLBA?HGKAQMAGL?JA=LCHGHZGAR?MELMJ=E
IBAGHFAG=GAH?MELMJ=LCHG8:
7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

$VWKHFRQVXPHUPHGLDDQGWHFKQRORJ\ODQGVFDSHVHYROYH
RYHUWKHQH[WGHFDGHPDUNHWHUVDQGDJHQFLHVZLOOFRQWLQXHWRFUHDWH
QHZUROHVWRDGGUHVVWKHVHFKDQJHV$FFRUGLQJWR)RUEHV0DJD]LQH
7KHIXWXUHZLOOFDOOXSRQ7UDQVFXOWXUDO$QWKURSRORJLVW%URDG
GHPRJUDSKLFFDWHJRULHVOLNHEODFNZKLWHDQGKLVSDQLFZLOOFRQWLQXH
WRORVHLQWHUHVW5HVHDUFKHVZLOOEHPRUHIRFXVHGRQXQGHUVWDQGLQJ
SRFNHWVRIJOREDOFXOWXUHWKDWLQIOXHQFHDQGUHPL[ZLWKHDFKRWKHU
([SHFWWRVHHPRUHEULHIVWKDWDLPDWK\EULGDXGLHQFHVOLNH/*%7%
%DOO)DQDWLFVRU/DWLQD.3RS(QWKXVLDVWV

7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

(QWHUWDLQPHQWDQGPDUNHWLQJLFRQ6WHYH6WRXWHJRHVIXUWKHU
WRGHVFULEHWKLVWUDQVFXOWXUDOK\EULGEHKDYLRUDVWDQQLQJ6WRXWH
VWDWHV7DQQLQJLVWKHFDWDO\WLFIRUFHPDMHXUHWKDWJRHVEH\RQG
PXVLFDODQGJHQUHERXQGDULHVDQGLQWRWKHSV\FKHRI\RXQJ$PHULFD
EOXUULQJFXOWXUDODQGGHPRJUDSKLFOLQHVVRSHUPDQHQWO\WKDWLWOD\VWKH
IRXQGDWLRQIRUDWUDQVIRUPDWLRQ
7KLVWDQQLQJSKHQRPHQRQWKHSRVLWLYHSRZHUIXOSRWHQWLDO
RIXUEDQFXOWXUHWKDWZKHQKDUQHVVHGSURSHUO\FDQEULQJGLVSDUDWH
JURXSVRISHRSOHWRJHWKHUUDLVHGWKHJHQHUDWLRQRIEODFN+LVSDQLF
ZKLWHDQG$VLDQFRQVXPHUVZKRKDYHWKHVDPH
PHQWDOFRPSOH[LRQ

EDVHGRQVKDUHGH[SHULHQFHVDQGYDOXHV7RGD\
VFRQVXPHULVD
PLQGVHWQRWDUDFHDQGZKHQEXVLQHVVHVJHWLWULJKWDQGKDYHD
SURSHUXQGHUVWDQGLQJRIWDQQLQJVXFFHVVLVLPPLQHQW

6285&(7$11,1*2)$0(5,&$

$FFRUGLQJWRWKH$$&RQVXPHU5HSRUW$IULFDQ$PHULFDQ
ZRPHQPDNHXSRIWKHEX\LQJSRZHUIRUWKH$IULFDQ$PHULFDQ
SRSXODWLRQDVWKHRYHUDOO$IULFDQ$PHULFDQEX\LQJSRZHULQFUHDVHV
IURPWULOOLRQWRDSURMHFWHGWULOOLRQE\7KHEX\LQJSRZHU
IRU86+LVSDQLFVKDVDOUHDG\UHDFKHGWKHWULOOLRQPDUNDQGLV
DOVRRQWKHULVH$UHFHQW1LHOVHQVWXG\UHSRUWHGWKDWLQWKH86
RI/DWLQDVDUHWKHSULPDU\VKRSSHUVLQWKHLUKRXVHKROGV7KH
WUDQVFXOWXUDOIHPDOHK\EULGIRUFHVPDUNHWHUVWRJREH\RQGWKHGDWDRI
FHQVXVUHSRUWVDQGVWXG\EHKDYLRU7KLVJURXSGRHVQRWDQVZHUWRWKH
WLWOHVRI\HVWHU\HDUDQGFDQQRWEHVRHDVLO\OXPSHGLQWRJHQHULF
FDWHJRULHV
7KHVHODUJHQXPEHUVFDQRQO\PHDQRQHWKLQJIRUPDUNHWHUV
DQGEUDQGVDOLNHWKHWUDQVFXOWXUDOIHPDOHFRQVXPHULVDYDOXDEOH
DVVHWDQGZRUWKFDWHULQJWR,WLVXVHIXOIRUFRUSRUDWLRQVORRNLQJWR
H[SDQGLQWRWKHWUDQVFXOWXUDOPDUNHWWRXQGHUVWDQGWKHHYHUFKDQJLQJ
PLQGVHWRIWKHVHFRQVXPHUV0DQ\RIZKLFKDUHORRNLQJIRUEUDQGV
WKDWDUHQRWRQO\NQRZOHGJHDEOHDERXWWKHLUEHKDYLRUVDQGKDELWVEXW
DOVRFHOHEUDWHWKHPLQDQDXWKHQWLFZD\

7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

6285&(%520/(<

6285&(%520/(<

7KH7UDQVFXOWXUDO)HPDOH+\EULGLVDZRPDQQRWFRQILQHGE\VRFLHW\
VERXQGDULHV6KHLVQRWGHILQHGE\DKRPRJHQHRXVUDFHDFRORURUD
FKHFNHGER[6KHHPEUDFHVFKDQJHDVKHUOLIHVW\OHPLUURUVKHU
LGHQWLW\ZLWKPXOWLSOHFXOWXUHVDQGKHUFKRLFHWRGLVUXSWWKHVWDWXV
TXR7KHORQJHYLW\DQGVXFFHVVRIHVWDEOLVKHGDQGVWDUWXSEUDQGV
UHVSHFWLYHO\ZLOOEHGHWHUPLQHGE\WKHLUH[HFXWLRQWRXQGHUVWDQG
DQGUHDFKRXWWRDQHZJHQHUDWLRQRIFRQVXPHUV7KLVUHTXLUHVPRUH
WKDQQHZIDFHVLQDGSODFHPHQWVEXWDQHQWLUHO\UHGHYHORSHG
PDUNHWLQJVWUDWHJ\DQG35FDPSDLJQWKDWFDWHUVWRFRQVXPHUVRI
VKDUHGEHKDYLRUVDQGQRWHWKQLFLWLHVWKH7UDQVFXOWXUDO)HPDOH
+\EULG
5DFH*HQGHU&ODVVDQDO\VLVLQYLWHVXVWRGLVWLQJXLVKEHWZHHQ
WKLQNLQJFRPSDUDWLYHO\DQGWKLQNLQJUHODWLRQDOO\3HRSOHWKLQN
FRPSDUDWLYHO\ZKHQWKH\OHDUQDERXWH[SHULHQFHVRWKHUWKDQWKHLU
RZQDQGEHJLQFRPSDULQJDQGFRQWUDVWLQJWKHH[SHULHQFHVRI
GLIIHUHQWJURXSV7KLVLVDVWHSEH\RQGFHQWHULQJRQHVRZQWKLQNLQJ
RQDVLQJOHJURXS W\SLFDOO\RQHVRZQ EXWLVQRQHWKHOHVVOLPLWHG
$QGHUVHQ0DUJDUHW/DQG3DWULFLD+LOO&ROOLQV VRXUFH 

3+21(
(0$,/35#7KH*DUQHU&LUFOH&RP
:(%7KH*DUQHU&LUFOHFRP
)$&(%22.&207KH*DUQHU&LUFOH35
7,*#WJF35DJHQF\

*5((13$3(56
7KH*DUQHU&LUFOH&RP*UHHQ3DSHUV
*UHHQ3DSHUV

3URSHUW\RI7KH*DUQHU&LUFOH//&7KLVGRFXPHQWFRQWDLQVLQIRUPDWLRQIURP7KH*DUQHU&LUFOHZKLFKPD\EH
FRQILGHQWLDORUSULYLOHJHG5HFLSLHQWVVKRXOGQRWILOHFRSLHVRIWKLVHPDLOZLWKSXEOLFO\DFFHVVLEOHUHFRUGVRUUHSULQW
ZLWKRXWSHUPLVVLRQDQGSURSHUFUHGLWDWWULEXWLRQ
7KH7UDQVFXOWXUDO)HPDOH+\EULG_7KH*DUQHU&LUFOH35

You might also like