באא zzÈ n «0¨ «Á Ȩ!ٮXI n ¨ǝǣǼǣȵȵǣȇƺɀ
ʫʱʼO qG Sqʼ ʼ¢ ʼ ¢y¢ª.qS g.qGʼ Gˑ°qg %
1DLV SDVDODPDWDQ QJ 83 &Δ)$/ 3KLOLSSLQHV DQJ RSLVLQD QJ 6HQWUR QJ :LNDQJ )LOLSLQR QJ 8QLEHUVLGDG QJ 3LOLSLQDV ODOR QD VL 'U -D\VRQ 3HWUDV DW *QJ .KD\H -D\PH SDUD VD SDJVDVDOLQ QJ 6'*V WXQJR VD ZLNDQJ )LOLSLQR
xƺɀɀƏǕƺ ǔȸȒȅ Ɏǝƺ (ǣȸƺƬɎȒȸ
ƫȒɖɎ Ȩ!ٮXI n ¨ǝǣǼǣȵȵǣȇƺɀ
באאǣȇ «ƺɮǣƺɯ
!ƏȵƏƬǣɎɵٮƫɖǣǼƳǣȇǕ ƬɎǣɮǣɎǣƺɀ
ƳȅǣȇǣɀɎȸƏɎǣȒȇ ƏȇƳ IǣȇƏȇƬǣƏǼ ³ɖȵȵȒȸɎ
ɖȸ ¨ƏȸɎȇƺȸɀ ³ɎƏǔǔ
x0³³ J0 I« x ÁR0 (X«0!Á « $VVXPLQJ WKH SRVW H[DFWO\ RQ WKH VW RI 6HSWHPEHU JDYH PH PL[HG IHHOLQJV RYHUZKHOPHG FKDOOHQJHG DQG H[FLWHG Ζ ZDV PRUH LPSUHVVHG E\ WKH ZRUNV RI 83 &Ζ)$/ 3KLOLSSLQHV DQG LWV SDVVLRQ IRU FRQWULEXWLQJ SRVLWLYHO\ WR ORFDO DQG JOREDO FRPPXQLWLHV WKURXJK LWV IRFXV RQ PLJUDWLRQ DQG JHQGHU HTXDOLW\ $OVR Ζ KDYH QHYHU EHHQ SURXGHU ZKHQ WKH KHDGTXDUWHUV LQ *HQHYD DQG RWKHU &Ζ)$/ &HQWHUV VSRNH YHU\ ZHOO RI WKH LQLWLDWLYHV HIIRUWV DQG KDUG ZRUN RI 83 &Ζ)$/ 3KLOLSSLQHV VLQFH LWV IRXQGLQJ LQ 7KH\ DGPLUHG KRZ WKH XQLYHUVLW\ DQG WKH &HQWHU ZRUN KDQG LQ KDQG LQ SURPRWLQJ JHQGHU HTXDOLW\ DQG RI FRXUVH IRFXVLQJ RQ PLJUDWLRQ LVVXHV ΖW LV KHDUW ZDUPLQJ WR NQRZ WKDW SHRSOH IURP RWKHU SDUWV RI WKH JOREH DSSUHFLDWH WKH HIIRUWV RI WKH &HQWHU LQ SDUWLFXODU DQG WKH 8QLYHUVLW\ LQ JHQHUDO Ζ DP JODG WR VKDUH ZLWK \RX WKDW SHUFHQW RI RXU EHQHILFLDULHV LQ ZHUH DIILOLDWHG ZLWK WKH ORFDO JRYHUQPHQW DQG DERXW SHUFHQW ZHUH FRQQHFWHG ZLWK WKH QDWLRQDO JRYHUQPHQW 7KLV PHDQV WKDW WKH &HQWHU LV GHWHUPLQHG WR IXOILOO LWV PLVVLRQ RI IXUWKHU FDSDFLWDWLQJ OHDGHUV DQG DXWKRULWLHV WR HIIHFW SRVLWLYH FKDQJHV $IWHU DOO PDNLQJ D SRVLWLYH LPSDFW RQ WKH OLYHV RI WKH SHRSOH DQG FRPPXQLWLHV OLHV DW WKH YHU\ KHDUW RI 83 &Ζ)$/ 3KLOLSSLQHV Ζ DP FRQILGHQW WKDW WKH &HQWHU ZLOO QHYHU ZDYHU LQ LWV FRPPLWPHQW WR WUDLQLQJ UHVHDUFK DQG WKH SXUVXLW RI NQRZOHGJH SURGXFWLRQ 83 &Ζ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ΖQGLJHQRXV 3HRSOHV Ζ3V WKH SULYDWH VHFWRU DQG RI FRXUVH WKH \RXQJ SHRSOH 7R OHDYH QR RQH EHKLQG LW LV P\ FRQYLFWLRQ WKDW ZH PXVW UHDFK RXW WR RWKHUV DQG ZRUN WRJHWKHU WR DFKLHYH QRW RQO\ WKH 6'*V E\ EXW DOVR OLYH D OLIH ZRUWK OLYLQJ ZLWK PHDQLQJ SXUSRVH GLJQLW\ DQG SULGH ([FLWHG WR DFFRPSOLVK JUHDW WKLQJV ZLWK \RX LQ
xǣƬǝƺǼǼƺ «ِ ¨ƏǼɖȅƫƏȸǣɎً ¨ǝِ(ِ 'LUHFWRU 83 &Δ)$/ 3KLOLSSLQHV
Ȩ!ٮXI n ¨ǝǣǼǣȵȵǣȇƺɀ 7KH &HQWUH ΔQWHUQDWLRQDO GH )RUPDWLRQ GHV $XWRULW«V HW /HDGHUV RU ΖQWHUQDWLRQDO 7UDLQLQJ &HQWUHV IRU $XWKRULWLHV DQG /HDGHUV &Ζ)$/ LV DQ LQWHUQDWLRQDO QHWZRUN SUHVHQWO\ FRPSULVHG RI JOREDO WUDLQLQJ FHQWHUV XQGHU WKH &Ζ)$/ *OREDO 1HWZRUN &*1 7KH &*1 LV FRRUGLQDWHG E\ WKH 8QLWHG 1DWLRQV ΖQVWLWXWH IRU 7UDLQLQJ DQG 5HVHDUFK 81Ζ7$5 XQGHU LWV 'HFHQWUDOL]HG &RRSHUDWLRQ 3URJUDP '&3 ΖQVWLWXWLRQV LQ WKH &Ζ)$/ *OREDO 1HWZRUN VHUYH DV KXEV IRU FDSDFLW\ EXLOGLQJ DQG NQRZOHGJH VKDULQJ DPRQJ ORFDO DQG UHJLRQDO DXWKRULWLHV LQWHUQDWLRQDO RUJDQL]DWLRQV WKH SULYDWH VHFWRU DQG FLYLO VRFLHW\ (DFK &Ζ)$/ FHQWHU KDV LWV RZQ WKHPDWLF IRFXV DUHDV WKDW IDOO XQGHU WKH EURDG FDWHJRULHV RI XUEDQ JRYHUQDQFH DQG SODQQLQJ HFRQRPLF GHYHORSPHQW VRFLDO LQFOXVLRQ DQG HQYLURQPHQWDO VXVWDLQDELOLW\ DOO ZLWKLQ WKH UXEULF RI WKH $JHQGD IRU 6XVWDLQDEOH 'HYHORSPHQW ΖQ WKH 3KLOLSSLQHV &Ζ)$/ LV KRVWHG E\ WKH 8QLYHUVLW\ RI WKH 3KLOLSSLQHV ΖW ZDV HVWDEOLVKHG E\ YLUWXH RI D &RRSHUDWLRQ $JUHHPHQW EHWZHHQ WKH 8QLYHUVLW\ DQG 81Ζ7$5 VLJQHG E\ IRUPHU 83 3UHVLGHQW $OIUHGR ( 3DVFXDO DQG 81Ζ7$5 ([HFXWLYH 'LUHFWRU 1LNKLO 6HWK 7KH 83 %RDUG RI 5HJHQWV DSSURYHG WKH FUHDWLRQ RI WKH FHQWHU RQ 0DUFK DQG LW ZDV IRUPDOO\ ODXQFKHG GXULQJ WKH UG *OREDO 0D\RUDO )RUXP KHOG LQ 1RYRWHO +RWHO 4XH]RQ &LW\ RQ 6HSWHPEHU 83 &Ζ)$/ 3KLOLSSLQHV FRQGXFWV FDSDFLW\ EXLOGLQJ DQG UHVHDUFK RQ WKH LQWHUZRYHQ WKHPHV RI WKH $JHQGD IRU 6XVWDLQDEOH 'HYHORSPHQW DQG VSHFLILFDOO\ PLJUDWLRQ DQG JHQGHU HTXDOLW\
!XI n JǼȒƫƏǼ zƺɎɯȒȸǸ 7KH &Ζ)$/ *OREDO 1HWZRUN LV FRPSRVHG RI ΖQWHUQDWLRQDO 7UDLQLQJ &HQWUHV IRU $XWKRULWLHV DQG /HDGHUV DOO FRRUGLQDWHG E\ 81Ζ7$5ȇV 6RFLDO 'HYHORSPHQW 3URJUDPPH 7KH VWUDWHJLF ORFDWLRQV RI WKH FHQWUHV ZKLFK FDQ EH IRXQG DFURVV $VLD 2FHDQLD $IULFD (XURSH WKH $PHULFDV DQG WKH &DULEEHDQ HQVXUH D JOREDO RXWUHDFK (DFK &Ζ)$/ FHQWUH SURYLGHV LQQRYDWLYH WUDLQLQJ DQG VHUYHV DV D KXE IRU WKH H[FKDQJH RI NQRZOHGJH DPRQJVW JRYHUQPHQW RIILFLDOV DFDGHPLF LQVWLWXWLRQV WKH SULYDWH VHFWRU DQG FLYLO VRFLHW\ 7KH FHQWUDO SXUSRVH RI WKH &Ζ)$/ WUDLQLQJ SURJUDPV LV WR GHYHORS DQG VWUHQJWKHQ KXPDQ FDSDFLWLHV WR EHWWHU UHVSRQG WR GHYHORSPHQW FKDOOHQJHV DQG WR IDFLOLWDWH &LW\ WR &LW\ & & SDUWQHUVKLSV 7KH &Ζ)$/ DOOLDQFH SURYLGHV D SODWIRUP IRU GLDORJXH DQG NQRZOHGJH WUDQVIHU RQ NH\ GHYHORSPHQW UHODWHG LVVXHV 7KURXJK NQRZOHGJH PDQDJHPHQW PHWKRGRORJLHV &Ζ)$/V SURYLGH QHWZRUNLQJ RSSRUWXQLWLHV WKDW OHDG WR FROODERUDWLRQ IDFLOLWDWLRQ RI SHHU WR SHHU OHDUQLQJ DQG H[FKDQJH RI EHVW SUDFWLFHV
(VWDEOLVKHG LQ WKH 8QLWHG 1DWLRQV ΖQVWLWXWH IRU 7UDLQLQJ DQG 5HVHDUFK 81Ζ7$5 LV D WUDLQLQJ DUP RI WKH 81 6\VWHP VHUYLQJ VRPH EHQHILFLDULHV DQQXDOO\ E\ FRQGXFWLQJ FORVH WR FDSDFLW\ GHYHORSPHQW DQG UHVHDUFK DFWLYLWLHV DURXQG WKH ZRUOG 7KH PLVVLRQ RI 81Ζ7$5 LV WR GHYHORS WKH FDSDFLWLHV RI LQGLYLGXDOV RUJDQL]DWLRQV DQG LQVWLWXWLRQV WR HQKDQFH JOREDO GHFLVLRQ PDNLQJ DQG WR VXSSRUW FRXQWU\ OHYHO DFWLRQ IRU VKDSLQJ D EHWWHU IXWXUH
7KH 8QLYHUVLW\ RI WKH 3KLOLSSLQHV 83 LV WKH FRXQWU\ȇV QDWLRQDO XQLYHUVLW\ 7KLV SUHPLHU LQVWLWXWLRQ RI KLJKHU OHDUQLQJ ZDV HVWDEOLVKHG LQ WKURXJK $FW 1R RI WKH 3KLOLSSLQH $VVHPEO\ ΖQ 5HSXEOLF $FW 1R Ȋ$Q $FW WR 6WUHQJWKHQ WKH 8QLYHUVLW\ RI WKH 3KLOLSSLQHV DV WKH 1DWLRQDO 8QLYHUVLW\ ȋ ZDV VLJQHG LQWR ODZ DPHQGLQJ $FW 1R DQG HVWDEOLVKLQJ 83 DV WKH FRXQWU\ȇV QDWLRQDO XQLYHUVLW\ ΖW LV QRZ D XQLYHUVLW\ V\VWHP FRPSRVHG RI HLJKW FRQVWLWXHQW XQLYHUVLWLHV ORFDWHG LQ FDPSXVHV DOO RYHU WKH DUFKLSHODJR 1RZ WKH 8QLYHUVLW\ LV KRVW WR &Ζ)$/ 3KLOLSSLQHV
7KH &Ζ)$/ *OREDO 1HWZRUN LV 81Ζ7$5 V QHWZRUN RI DIILOLDWHG FHQWUHV GHGLFDWHG WR SURYLGH FXWWLQJ HGJH WUDLQLQJ WR VWUHQJWKHQ WKH FDSDFLWLHV RI JRYHUQPHQW DXWKRULWLHV DQG NH\ FKDQJH DJHQWV DW WKH ORFDO DQG VXEQDWLRQDO OHYHOV WR GHVLJQ DQG LPSOHPHQW LQQRYDWLYH VROXWLRQV WR JOREDO FKDOOHQJHV 7KH &Ζ)$/ *OREDO 1HWZRUN LV FRPSRVHG RI ΖQWHUQDWLRQDO 7UDLQLQJ &HQWUHV IRU $XWKRULWLHV DQG /HDGHUV 7KHVH &Ζ)$/ FHQWUHV DUH ORFDWHG DFURVV $VLD $IULFD $XVWUDOLD (XURSH WKH $PHULFDV DQG WKH &DULEEHDQ
באאȒƏȸƳ Ȓǔ «ƺȵȸƺɀƺȇɎƏɎǣɮƺɀ
$WW\ $QJHOR $ -LPHQH]
*XVWDYR *RQ]£OH]
+RQ (QULTXH 0DQDOR
3UHVLGHQW 8QLYHUVLW\ RI WKH 3KLOLSSLQHV
81 5HVLGHQW &RRUGLQDWRU LQ WKH 3KLOLSSLQHV
6HFUHWDU\ 'HSDUWPHQW RI )RUHLJQ $IIDLUV
+RQ -R\ %HOPRQWH
$WW\ )UDQFLV 7RP 7HPSURVD
0D\RU 4XH]RQ &LW\
'LUHFWRU Δ9 +XPDQ 5LJKWV (GXFDWLRQ DQG 3URPRWLRQ 2IILFH &RPPLVVLRQ RQ +XPDQ 5LJKWV
'U 0DUXMD $VLV 'LUHFWRU 6FDODEULQL 0LJUDWLRQ &HQWHU
(OYLQ ΖYDQ < 8\
-RVHSK 2PDU $ &DVWLOOR
$QWRQLR Ȋ7RQ\ȋ * /DPELQR ΖΖ
([HFXWLYH 'LUHFWRU 3KLOLSSLQH %XVLQHVV IRU 6RFLDO 3URJUHVV
&KDLUPDQ 3KLOLSSLQHV $LU$VLD ΔQF
3UHVLGHQW $\DOD )RXQGDWLRQ ΔQF
0LFKHOOH 5 3DOXPEDULW 3K ' 'LUHFWRU 83 &Δ)$/ 3KLOLSSLQHV H[ RIILFLR
Ȩ!ٮXI n ¨RXnX¨¨Xz0³
באאXz «0àX0á
באאXz zÈx 0«³
אהًד
WRWDO EHQHILFLDULHV UHDFKHG $FDGHPH
ۏה
1DWLRQDO *RYHUQPHQW
IHPDOHV
ۏחב PDOHV
/RFDO *RYHUQPHQW
E\ JHQGHU
E\ VHFWRU
ב
WRWDO FDSDFLW\ EXLOGLQJ DFWLYLWLHV KHOG LQ
/HDUQLQJ 3URIHVVLRQDO FRXUVHV DQG WUDLQLQJV ZLWK FHUWLILFDWLRQ
חא
1RQ OHDUQLQJ :HELQDUV &RQIHUHQFHV :RUNVKRSV &DPSDLJQV
!ƏȵƏƬǣɎɵ ɖǣǼƳǣȇǕ ƬɎǣɮǣɎǣƺɀ
¨ȸȒǔƺɀɀǣȒȇƏǼ !Ȓɖȸɀƺ Ȓȇ áƏɎƺȸ JȒɮƺȸȇƏȇƬƺ ٢¨!áJ٣ $ERXW WKH &RXUVH 7KH 3URIHVVLRQDO &RXUVH RQ :DWHU *RYHUQDQFH 3&:* SU RYLGHV D KROLVWLF IUDPHZRUN WKDW DGGUHVVHV WKH LVVXHV VXUURXQGLQJ ZDWHU VXVWDLQDELOLW\ DQG LWV UHODWLRQV WR LQWHJUDWHG ZDWHU UHVRXUFH XVH 7KH FRXUVH DOLJQV ZLWK WKH 8QLWHG 1DWLRQV 6XVWDLQDEOH 'HYHORSPHQW *RDOV 6'*V SDUWLFXODUO\ WR *RDO &OHDQ :DWHU DQG 6DQLWDWLRQ GHDOV ZLWK WKH FRPSOH[ LVVXHV RI ZDWHU JRYHUQDQFH DQG H[SORUHV KRZ DGDSWLYH VROXWLRQV PLJKW EH H[SORUHG DQG SXUVXHG LQ WKH ORFDO FRQWH[W
3&:* *UDGXDWHV )LUVW EDWFK )HEUXDU\ WR $SULO JUDGXDWHV
3URILOH RI OHDUQHUV /HDUQHU SDUWLFLSDQWV FRPH IURP YDULRXV JRYHUQPHQW DJHQFLHV LQ WKH 3KLOLSSLQHV VXFK DV WKH 0HWURSROLWDQ :DWHUZRUNV DQG 6HZHUDJH 6\VWHP WKH 'HSDUWPHQW RI (QYLURQPHQW DQG 1DWXUDO 5HVRXUFHV %XUHDX RI 6RLOV DQG :DWHU 0DQDJHPHQW WKH 1DWLRQDO (FRQRPLF DQG 'HYHORSPHQW $XWKRULW\ DQG WKH 1DWLRQDO :DWHU 5HVRXUFH %RDUG DV ZHOO DV ORFDO ZDWHU GLVWULFWV LQFOXGLQJ WKH 4XH]RQ 0HWURSROLWDQ :DWHU 'LVWULFW WKH 0HWURSROLWDQ 7XJXHJDUDR :DWHU 'LVWULFW +LPDPD\ODQ :DWHU 'LVWULFW DQG WKH ΖQIDQWD 4XH]RQ :DWHU 'LVWULFW 7KH 3&:* DOVR KDV OHDUQHUV IURP WKH DFDGHPH VXFK DV WKH 83 /DZ &HQWHU 5RPEORQ 6WDWH 8QLYHUVLW\ DQG WKH &DUORV +LODGR 6WDWH 8QLYHUVLW\ DQG WKH DFDGHPH
Ȩ!ٮXI n ¨ǝǣǼǣȵȵǣȇƺɀ RȒɀɎɀ kƺȇɵƏټɀ ¨ȸǣȇƬǣȵƏǼ ³ƺƬȸƺɎƏȸɵ ǔȒȸ (ǣƏɀȵȒȸƏ ǔǔƏǣȸɀ ɎȒ 0ȇǝƏȇƬƺ xǣǕȸƏɎǣȒȇ ³ɎȸƏɎƺǕǣƺɀ
$XJXVW ȃ83 &Ζ)$/ 3KLOLSSLQHV &HQWUH ΖQWHUQDWLRQDO GH )RUPDWLRQ GHV $XWKRULW«V HW /HDGHUV D KXE IRU WUDLQLQJ DGYRFDF\ DQG UHVHDUFK RQ WKH LQWHUZRYHQ WKHPHV RI WKH $JHQGD IRU 6XVWDLQDEOH 'HYHORSPHQW PLJUDWLRQ DQG JHQGHU HTXDOLW\ SOD\HG KRVW WR 5RVHOLQH 1MRJX 3ULQFLSDO 6HFUHWDU\ IRU 'LDVSRUD $IIDLUV RI .HQ\D DQG 'HOHJDWLRQ LQ D FROODERUDWLYH HIIRUW WR VWUHQJWKHQ PLJUDWLRQ VWUDWHJLHV DQG NQRZOHGJH H[FKDQJH 7KH YLVLW DLPHG WR WDS LQWR WKH &HQWUHȇV H[WHQVLYH H[SHUWLVH LQ PDQDJLQJ PLJUDWLRQ LVVXHV DQG H[SORUH DYHQXHV IRU MRLQW HIIRUWV LQ HQKDQFLQJ PLJUDWLRQ VWUDWHJLHV LQ DQ DFDGHPLF VHWWLQJ 'XULQJ KHU YLVLW 36 1MRJX WRJHWKHU ZLWK WKH .HQ\DQ GHOHJDWLRQ FRPSRVHG RI +RQ /\GLD +DLND 0QHQH 0HPEHU RI 3DUOLDPHQW DQG &KDLUSHUVRQ RI WKH 'LDVSRUD DQG 0LJUDQW :RUNHUV &RPPLWWHH 0U /DZUHQFH 0XULWKL :DZHUX 'LUHFWRU RI 'LDVSRUD $IIDLUV 0V ΖUHQH :DQJDUL .DUDUL 'HSXW\ 'LUHFWRU RI 'LDVSRUD $IIDLUV 0U -DFNVRQ 1\DJDND 2QNRED &KDUJ« Gȇ$IIDLUHV DL .HQ\D (PEDVV\ -DNDUWD 'U 'RURWK\ &KHEHW 5RWLFK $VVLVWDQW 'LUHFWRU $VLD 'LUHFWRUDWH RI WKH 6WDWH 'HSDUWPHQW IRU )RUHLJQ $IIDLUV 0V 0DXULQH $WLHQR $EXQJX &RPPHUFLDO $WWDFK« RI WKH .HQ\D (PEDVV\ -DNDUWD DQG 0V )LGOL]DK 6DPED 0ZDJRJR &OHUN $VVLVWDQW ΖΖΖ RI WKH 3DUOLDPHQW PHW ZLWK 'U 1RHO &KULVWLDQ $ 0RUDWLOOD 'HSXW\ 'LUHFWRU RI WKH 83 2IILFH RI ΖQWHUQDWLRQDO /LQNDJHV DQG VWDII PHPEHUV RI WKH 83 &Ζ)$/ 3KLOLSSLQHV
ΖQ D QRWDEOH JHVWXUH 83 3UHVLGHQW $WW\ $QJHOR $ -LPHQH] MRLQHG WKH PHHWLQJ YLD =RRP DQG H[WHQGHG D ZDUP ZHOFRPH WR WKH GHOHJDWLRQ WKURXJK DQ RQOLQH PHVVDJH UHDIILUPLQJ WKH 8QLYHUVLW\ȇV FRPPLWPHQW WR IRVWHULQJ LQWHUQDWLRQDO FROODERUDWLRQ DQG NQRZOHGJH VKDULQJ 'LVFXVVLRQV UHYROYHG DURXQG WKH FKDOOHQJHV DQG RSSRUWXQLWLHV SUHVHQWHG E\ GLDVSRUD HQJDJHPHQW UHPLWWDQFHV DQG SROLF\ IUDPHZRUNV 7KH FROODERUDWLYH H[FKDQJH RI LQVLJKWV VRXJKW WR EHQHILW ERWK QDWLRQV DV .HQ\D ORRNV WR OHYHUDJH WKH 3KLOLSSLQHVȇ H[SHULHQFH WR VWUHQJWKHQ LWV RZQ FDSDFLW\ EXLOGLQJ LQLWLDWLYHV DPRQJ XQLYHUVLWLHV LQ .HQ\D 7KH YLVLW FRQFOXGHG ZLWK DQ RSWLPLVWLF QRWH SDYLQJ WKH ZD\ IRU IXWXUH FROODERUDWLRQV EHWZHHQ .HQ\D DQG WKH 3KLOLSSLQHV LQ WKH UHDOP RI PLJUDWLRQ DQG GLDVSRUD DIIDLUV $V ERWK QDWLRQV VWULYH WR HQKDQFH WKHLU VWUDWHJLHV WKH SDUWQHUVKLS SURPLVHV WR \LHOG LQQRYDWLYH VROXWLRQV DQG ODVWLQJ EHQHILWV IRU WKHLU UHVSHFWLYH FRPPXQLWLHV
(XJXÁ n Ȩ!ٮXI n ¨ǝǣǼǣȵȵǣȇƺɀ ƬƺǼƺƫȸƏɎƺɀ ¨ȸǣƳƺ xȒȇɎǝ ɯǣɎǝ ¨ȸǣƳƺ áǣɎǝȒɖɎ ȒȸƳƺȸɀ
:$7&+ +(5(
ΖQ KRQRU RI 3ULGH 0RQWK 83 &Ζ)$/ 3KLOLSSLQHV SUHVHQWHG 3ULGH :LWKRXW %RUGHUV D GLJLWDO FDPSDLJQ WKDW VKRQH D VSRWOLJKW RQ WKH YLEUDQW VWRULHV DQG MRXUQH\V RI TXHHU )LOLSLQR PLJUDQWV 7KLV FDPSDLJQ ZDV QRW MXVW DERXW FHOHEUDWLRQ LWȇV D FRPPLWPHQW WR WKH 8QLWHG 1DWLRQV 6XVWDLQDEOH 'HYHORSPHQW *RDOV 6'*V 6SHFLILFDOO\ ZH VXSSRUW *RDO $FKLHYH JHQGHU HTXDOLW\ DQG HPSRZHU DOO ZRPHQ DQG JLUOV DQG *RDO 5HGXFH LQHTXDOLW\ ZLWKLQ DQG DPRQJ FRXQWULHV 7RJHWKHU OHWȇV FUHDWH D PRUH LQFOXVLYH DQG HTXDO ZRUOG 3ULGH :LWKRXW %RUGHUV LV LQ SDUWQHUVKLS ZLWK WKH 8QLYHUVLW\ RI WKH 3KLOLSSLQHV &HQWUH IRU :RPHQȇV DQG *HQGHU 6WXGLHV )LOLSLQR /*%7 (XURSH DQG 3$17$<
! x¨ XJz³ Ȩ!ٮXI n ¨ǝǣǼǣȵȵǣȇƺɀ ǝǣǕǝǼǣǕǝɎɀ ɵȒɖɎǝ ƏƬɎǣȒȇ ɎǝȸȒɖǕǝ çȒɖɎǝ JȒɎ Áǝƺ ¨Ȓɯƺȸ
:$7&+ +(5(
7KURXJK HGXFDWLRQ DQG HQJDJHPHQW LW LV SLYRWDO WKDW \RXQJ SHRSOH DUH JLYHQ WKH SODWIRUP WR EXLOG WKHLU VHQVH RI RZQHUVKLS DQG FRQWLQXH PRPHQWXP IRU JOREDO DFWLRQ WR HQVXUH WKDW QR RQH LV OHIW EHKLQG :LWK WKH \RXWK DW WKH IRUHIURQW WKH ZRUOG UHFRJQL]HV WKHLU UROH LQ DOO 6XVWDLQDEOH 'HYHORSPHQW *RDOV DQG VSHFLILFDOO\ FRQWULEXWHV WR *RDO HQFRXUDJLQJ HIIHFWLYH SDUWQHUVKLSV ΖQ FHOHEUDWLRQ RI 81ȇV ΖQWHUQDWLRQDO <RXWK 'D\ RQ $XJXVW 83 &Ζ)$/ 3KLOLSSLQHV RUJDQL]HV WKH <RXWK *RW 7KH 3RZHU 6KRZFDVLQJ <RXWK $FWLRQ 7RZDUGV WKH 6'*V GLJLWDO FDPSDLJQ WR VKRZFDVH ORFDO \RXWK RUJDQL]DWLRQV WKDW WDNH DFWLRQ LQ RUGHU WR KLJKOLJKW WKH NH\ UROH RI \RXWK LQ DFKLHYLQJ WKH $JHQGD
Ȩ!ٮXI n ¨ǝǣǼǣȵȵǣȇƺɀً ¨ƏȸɎȇƺȸɀ ƳƳȸƺɀɀ Ɏǝƺ XȇɎƺȸɀƺƬɎǣȒȇ Ȓǔ xǣǕȸƏɎǣȒȇً ǕƺǣȇǕً ƏȇƳ !Əȸƺ ǣȇ nƏȇƳȅƏȸǸ IȒȸɖȅ 1RYHPEHU ȃ2Q 2FWREHU DQ HQOLJKWHQLQJ DQG LPSDFWIXO IRUXP WLWOHG 0LJUDWLRQ $JHLQJ DQG WKH )XWXUH RI &DUH WRRN SODFH DGGUHVVLQJ FULWLFDO LVVXHV VXUURXQGLQJ WKH LQWHUVHFWLRQ RI PLJUDWLRQ DJHLQJ DQG WKH SURYLVLRQ RI FDUH 7KH HYHQW RUJDQL]HG E\ 8QLYHUVLW\ RI WKH 3KLOLSSLQHV 83 &Ζ)$/ 3KLOLSSLQHV LQ FROODERUDWLRQ ZLWK WKH 83 3RSXODWLRQ ΖQVWLWXWH WKH 83 $VLDQ &HQWHU 4XH]RQ &LW\ 3XEOLF (PSOR\PHQW 6HUYLFH 2IILFH 4& 3(62 DQG WKH 1DWLRQDO &RPPLVVLRQ RI 6HQLRU &LWL]HQV 1&6& GUHZ SDUWLFLSDQWV DQG H[SHUWV WR HQJDJH LQ WKRXJKW SURYRNLQJ GLVFXVVLRQV ΖQWHUQDWLRQDO 2EOLJDWLRQV 0RQLWRULQJ 'LYLVLRQ Ζ20' &KLHI 0DUL]HQ 6DQWRV RI WKH &RPPLVVLRQ RQ +XPDQ 5LJKWV &+5 RSHQHG WKH IRUXP WRSLF LQ WKH FRQWH[W RI WKH 81 &RQYHQWLRQ IRU WKH 5LJKWV RI WKH 2OGHU 3HUVRQV 7KH ILUVW SDQHO VHVVLRQ GHOYHG LQWR WKH FDVH RI UHWLUHG UHWXUQLQJ DQG UHLQWHJUDWLQJ ROGHU 2YHUVHDV )LOLSLQR :RUNHUV 2):V ΖQ PDQ\ KLJK LQFRPH FRXQWULHV WKH LQFUHDVLQJ ROGHU SRSXODWLRQ GHSHQGV RQ PLJUDQW ZRUNHUV WR PHHW WKH GHPDQG IRU FDUH ZRUN 6LPXOWDQHRXVO\ ORZ WR PLGGOH LQFRPH FRXQWULHV VWUXJJOLQJ ZLWK OLPLWHG HPSOR\PHQW RSSRUWXQLWLHV ORZ ZDJHV DQG ULVLQJ LQIODWLRQ UHO\ RQ PLJUDQW ZRUNHUV SDUWLFXODUO\ LQ WKH KHDOWK DQG FDUH VHFWRUV DV D VWRSJDS VROXWLRQ 7KLV GXDO GHSHQGHQFH KDV IDU UHDFKLQJ LPSOLFDWLRQV IRU WKH IXWXUH RI FDUH 'U 0LFKHOOH * 2QJ RI WKH 'HSDUWPHQW RI 3V\FKRORJ\ DW WKH 8QLYHUVLW\ RI WKH 3KLOLSSLQHV 'LOLPDQ VWUHVVHG RQ WKH LPSRUWDQFH RI UHLQWHJUDWLQJ DJHLQJ 2):V 2QH VWULNLQJ H[DPSOH KLJKOLJKWHG GXULQJ WKH IRUXP LV WKH VLJQLILFDQW UROH SOD\HG E\ )LOLSLQR PLJUDQW ZRUNHUV ZKR VXSSO\ FDUH ZRUN LQ PDQ\ KLJK LQFRPH FRXQWULHV +RZHYHU XSRQ UHWXUQLQJ WR WKHLU KRPH FRXQWU\ WKHVH ZRUNHUV RIWHQ IDFH FKDOOHQJHV LQFOXGLQJ LQDGHTXDWH VRFLDO SURWHFWLRQ LQ WKH IRUP RI KHDOWK LQVXUDQFH SHQVLRQ DQG RWKHU ZHOIDUH DVVLVWDQFH
0V '\DQQH GH 2FDPSR RI WKH 4& 3(62 0LJUDQW 5HVRXUFH &HQWHU VKRZFDVHG WKHLU LQLWLDWLYHV WKDW SURYLGH VXSSRUW IRU UHSDWULDWHG PLJUDQW ZRUNHUV LQFOXGLQJ SUH PLJUDWLRQ RULHQWDWLRQ MRE IDLUV VNLOOV WUDLQLQJ ILQDQFLDO SODQQLQJ DQG DVVLVWDQFH LQ GLIIHUHQW SKDVHV RI PLJUDWLRQ $GGLWLRQDOO\ $VVLVWDQW 6HFUHWDU\ IRU 5HLQWHJUDWLRQ 9HQHFLR /HJDVSL RI WKH 'HSDUWPHQW RI 0LJUDQW :RUNHUV GLVFXVVHG WKH JRYHUQPHQWȇV HIIRUWV WR FUHDWH D IXOO F\FOH UHLQWHJUDWLRQ SURJUDP WKDW FRYHUV SUH GHSOR\PHQW RQ VLWH DQG SRVW UHWXUQ SKDVHV 0RUHRYHU WKHUH LV D JURZLQJ QXPEHU RI ROGHU SDUHQWV FDULQJ IRU WKH FKLOGUHQ RI 2):V DGGLQJ DQRWKHU OD\HU RI FRPSOH[LW\ WR WKH LVVXH 'XULQJ WKH VHFRQG VHVVLRQ 'U *UDFH 7 &UX] RI WKH 83 3RSXODWLRQ ΖQVWLWXWH H[SORUHG WKH LPSOLFDWLRQV RI DQ DJHLQJ 3KLOLSSLQH SRSXODWLRQ WKH UROH RI ROGHU )LOLSLQRV DV FDUHJLYHUV DQG FKDOOHQJHV LQFOXGH KHDOWK LVVXHV DQG SRWHQWLDO ȊFDUH GUDLQ ȋ 0V 'LYLQD 2FR RI WKH 1DWLRQDO $QWL 3RYHUW\ &RPPLVVLRQ 1$3& DQG 0V 0D /RUHOHL 0 6DOYDGRU RI WKH 6RFLDO 6HUYLFHV 'HYHORSPHQW 'HSDUWPHQW 66'' RI WKH 4XH]RQ &LW\ /RFDO *RYHUQPHQW VWUHVVHG RQ WKH IDFWRUV WKDW OHDG JUDQGSDUHQWV WR WDNH RQ WKH UHVSRQVLELOLW\ RI UDLVLQJ WKHLU JUDQGFKLOGUHQ DQG GLVFXVVHG WKH VWUHQJWKV DQG ZHDNQHVVHV RI JUDQGSDUHQWV DV FDUHJLYHUV DQG HPSKDVL]HV WKH RSSRUWXQLWLHV WKH\ EULQJ LQ EXLOGLQJ VWURQJ IDPLO\ ERQGV ȋ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
Ȩ!ٮXI n ¨R RǣǕǝǼǣǕǝɎɀ XȅȵȒȸɎƏȇƬƺ Ȓǔ JȒȒƳ JȒɮƺȸȇƏȇƬƺ ǣȇ nƺƏƳǣȇǕ ³Əǔƺ ³ȵƏƬƺɀ IȒȸɖȅ 'HFHPEHU ȃ83 &Ζ)$/ 3KLOLSSLQHV KHOG D FRPSHOOLQJ IRUXP HQWLWOHG /HDGLQJ 6DIH 6SDFHV 7KH 5ROH RI *RRG *RYHUQDQFH LQ (QGLQJ 9LROHQFH $JDLQVW :RPHQ IRFXVHG RQ WKH UROH RI JRRG JRYHUQDQFH LQ FUHDWLQJ VDIH VSDFHV DQG HUDGLFDWLQJ JHQGHU EDVHG YLROHQFH *%9 LQ WKH 3KLOLSSLQHV $ORQJVLGH WKH IRUXP D IDLU IHDWXULQJ RUJDQL]DWLRQV FKDPSLRQLQJ ZRPHQȇV ULJKWV VXFK DV /XQDV &ROOHFWLYH 6DJLS %DEDH )RXQGDWLRQ DQG 6DQJJXQLDQ &RPPLVVLRQ RQ $QWL 6H[XDO 0LVFRQGXFW DQG 9LROHQFH ZDV VKRZFDVHG DW WKH HYHQW 7KH IRUXP DQG IDLU ZHUH KHOG LQ VXSSRUW RI WKH 'D\ &DPSDLJQ WR (QG 9LROHQFH $JDLQVW :RPHQ 9$: DQG ZDV FRQGXFWHG LQ SDUWQHUVKLS ZLWK %D\L ΖQF )(8 'HSDUWPHQW RI ΖQWHUQDWLRQDO 6WXGLHV /XQDV &ROOHFWLYH 0DQLOD %XOOHWLQ 7KH $GDPVRQ &KURQLFOH 7DQJODZ 7KH &DWDO\VW 7KH 0DQLOD &ROOHJLDQ 83 $VLDQ &HQWHU DQG 83 &HQWHU IRU :RPHQȇV DQG *HQGHU 6WXGLHV 7KH PDLQ SURJUDP ZDV GLYLGHG LQWR WZR SDUWV D WZR SDUW WDON SURYLGLQJ DQ RYHUYLHZ RI WKH VWDWXV RI *%9 LQ WKH 3KLOLSSLQHV DV ZHOO DV WKH ODZV DQG SROLFLHV LQ WKH 3KLOLSSLQHV JHDUHG WRZDUGV HQGLQJ 9$: DQG D SDQHO GLVFXVVLRQ IRFXVLQJ RQ WKH UROH RI JRRG JRYHUQDQFH LQ HOLPLQDWLQJ 9$: DQG *%9
0V +LPD\D 7DPD\R ([HFXWLYH 'LUHFWRU RI %D\L ΖQF SURYLGHG GHWDLOV RQ WKH VWDWXV TXR RI *%9 LQ WKH FRXQWU\ 6KH QRWHG WKDW LQ WKH 3KLOLSSLQHV DORQH RXW RI )LOLSLQR ZRPHQ DJHG IURP WR H[SHULHQFH YLROHQFH LQIOLFWHG E\ WKHLU KXVEDQGV RU SDUWQHUV DQG WKHVH QXPEHUV EORDWHG GXULQJ WKH SDQGHPLF 0RUHRYHU 0V 6DQGUD 0RQWDQR FRQVXOWDQW RI WKH 4XH]RQ &LW\ 3URWHFWLRQ &HQWHU IRU 9LFWLPV RI *HQGHU EDVHG 9LROHQFH DQG $EXVH GLVFXVVHG QLQH SROLFLHV DQG SURJUDPV JHDUHG WRZDUG HQGLQJ 9$: DQG *%9 LQ WKH 3KLOLSSLQHV )ROORZLQJ WKH WDONV D SDQHO GLVFXVVLRQ WDFNOLQJ WKH UROH RI JRRG JRYHUQDQFH LQ HQGLQJ YLROHQFH DJDLQVW ZRPHQ WRRN SODFH 3DQHO GLVFXVVDQWV LQFOXGHG *DEULHOD :RPHQȇV 3DUW\ &KDLUSHUVRQ (PPL 'H -HVXV 8QLYHUVLW\ RI WKH 3KLOLSSLQHV 'LOLPDQ 2IILFH RI $QWL 6H[XDO +DUDVVPHQW &RRUGLQDWRU 3URI 7HUHVD 3DXOD GH /XQD /XQDV &ROOHFWLYH )RXQGHU DQG ([HFXWLYH 'LUHFWRU $VVW 3URIHVVRU 6DEULQD /D\D *DFDG DQG 0HQ 2SSRVHG WR 9LROHQFH $JDLQVW :RPHQ (YHU\ZKHUH 029( 3KLOLSSLQHV ([HFXWLYH 9LFH &KDLUSHUVRQ 5LFN\ %XQDR DQG FRQVXOWDQW 0LFKDHO 3DVWRU 3URI $XURUD -DYDWH 6HQLRU 3URMHFW 'LUHFWRU RI 0LULDP &ROOHJH :RPHQ DQG *HQGHU ΖQVWLWXWH SURYLGHG WKH V\QWKHVLV IRU WKH IRUXP HPSKDVL]LQJ WKDW ZKLOH ZH DUH QHDU HUDGLFDWLQJ 9$: ZH DUH FXUUHQWO\ WDNLQJ VLJQLILFDQW VWHSV WR UHDFK WKLV JRDO 6KH DOVR XQGHUVFRUHG WKDW ERWK PHQ DQG ZRPHQ VKRXOG ZRUN WRJHWKHU WR FUHDWH HQYLURQPHQWV IRU LQFOXVLYH WUDQVIRUPDWLRQ
!ƏȵƏƬǣɎɵ ɖǣǼƳǣȇǕ ƬɎǣɮǣɎǣƺɀ IȒƬɖɀ JȸȒɖȵ (ǣɀƬɖɀɀǣȒȇɀ ٢IJ(٣ zƺƺƳɀ ɀɀƺɀɀȅƺȇɎ ǔȒȸ Ɏǝƺ !ǝǣǼƳȸƺȇ Ȓǔ xǣǕȸƏȇɎɀ ƏȇƳ Ɏǝƺǣȸ !ƏȸƺǕǣɮƺȸɀ -XQH ȃ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Ȃ \HDUV ROG &KLOGUHQ RI 0LJUDQWV Ȃ \HDUV ROG &KLOGUHQ RI 0LJUDQWV Ȃ \HDUV ROG &DUHJLYHUV SDUHQWV VSRXVH OHIW EHKLQG DQG &DUHJLYHUV QRQ SDUHQWV
7KH IDFLOLWDWRUV RI WKH )*' ZHUH IURP WKH 'HSDUWPHQW RI 3V\FKRORJ\ WKH &ROOHJH RI 6RFLDO :RUN DQG &RPPXQLW\ 'HYHORSPHQW DQG WKH &ROOHJH RI +RPH (FRQRPLFV 6WDII IURP 83 &Ζ)$/ 3KLOLSSLQHV VHUYHG DV FRRUGLQDWRUV DQG GRFXPHQWHUV WR WKH )*' 7KLV HYHQW LV LQ OLQH ZLWK WKH SDUWQHUVKLS ZLWK WKH 4XH]RQ &LW\ 3XEOLF (PSOR\PHQW 6HUYLFH 2IILFH 4& 3(62 DQG WKHLU SURMHFW 60$5W &KLOG H +DELOLQ 7KHVH VLPXOWDQHRXV )*'V DLPHG WR DVVHVV WKH QHHGV RI WKH &KLOGUHQ RI 0LJUDQWV DQG WKHLU &DUHJLYHUV LQ 'LVWULFW RI 4XH]RQ &LW\ WR SURYLGH WLPHO\ DQG DSSURSULDWH LQWHUYHQWLRQV DFFRUGLQJ WR WKHLU QHHGV
Ȩً (xá IȒȸǕƺ ¨ƏȸɎȇƺȸɀǝǣȵ ɎȒ 0ȇǝƏȇƬƺ xǣǕȸƏɎǣȒȇ JȒɮƺȸȇƏȇƬƺ 'HFHPEHU ȃΖQ D ODQGPDUN PRYH WRZDUGV SURPRWLQJ HIIHFWLYH PLJUDWLRQ JRYHUQDQFH DQG VDIHJXDUGLQJ WKH ULJKWV RI PLJUDQW ZRUNHUV WKH 8QLYHUVLW\ RI WKH 3KLOLSSLQHV 83 WKURXJK WKH 83 &Ζ)$/ 3KLOLSSLQHV DQG WKH 'HSDUWPHQW RI 0LJUDQW :RUNHUV '0: KDYH VLJQHG D 0HPRUDQGXP RI $JUHHPHQW 0R$ WR IRUPDOL]H WKHLU FROODERUDWLYH HIIRUWV 7KH VLJQLQJ FHUHPRQ\ WRRN SODFH RQ 'HFHPEHU DW WKH %RDUG RI 5HJHQWV 5RRP LQ 4XH]RQ +DOO EULQJLQJ WRJHWKHU NH\ VWDNHKROGHUV GHGLFDWHG WR WKH ZHOO EHLQJ DQG SURWHFWLRQ RI PLJUDQW ZRUNHUV 7KH SDUWQHUVKLS EHWZHHQ WKH 8QLYHUVLW\ RI WKH 3KLOLSSLQHV DQG WKH 'HSDUWPHQW RI 0LJUDQW :RUNHUV VLJQLILHV D FRPPLWPHQW WR FROODERUDWH RQ UHVHDUFK FDSDFLW\ EXLOGLQJ DQG RWKHU UHODWHG DFWLYLWLHV IRFXVHG RQ ODERU PLJUDWLRQ DQG GHYHORSPHQW JHQGHU HTXDOLW\ DQG WKH $JHQGD IRU 6XVWDLQDEOH 'HYHORSPHQW 7KH PHPRUDQGXP RI DJUHHPHQW VLJQDWRULHV ZHUH 83 3UHVLGHQW $QJHOR -LPHQH] DQG '0: 2IILFHU LQ &KDUJH +DQV /HR &DFGDF ZLWK $VHF 0DULR 3HUSHWXR 6RFRUUR 7 =LQDPSDQ $VVW 6HFUHWDU\ IRU 3ROLF\ DQG ΖQWHUQDWLRQDO &RRSHUDWLRQ UHSUHVHQWLQJ 86HF 3DWULFLD <YRQQH &DXQDQ DQG $VHF 9HQHFLR 9 /HJDVSL $VVW 6HFUHWDU\ IRU 5HLQWHJUDWLRQ ZLWQHVVLQJ VXFK D PRPHQWRXV RFFDVLRQ 'U 0LFKHOOH 3DOXPEDULW 'LUHFWRU RI 83 &Ζ)$/ 3KLOLSSLQHV H[SUHVVHG HQWKXVLDVP DERXW WKH FROODERUDWLRQ 2Ζ& +DQV /HR &DFGDF HFKRHG WKHVH VHQWLPHQWV HPSKDVL]LQJ WKH LPSRUWDQFH RI D PXOWL VWDNHKROGHU DSSURDFK DQG WKH JRYHUQPHQWȇV FRPPLWPHQW WR WKH IXOO SURWHFWLRQ RI RYHUVHDV )LOLSLQR ZRUNHUV 2):V 7KH VLJQLQJ RI WKLV 0R$ PDUNV D VLJQLILFDQW VWHS WRZDUGV D PRUH FRRUGLQDWHG DQG FRPSUHKHQVLYH DSSURDFK WR DGGUHVVLQJ WKH QHHGV DQG ULJKWV RI PLJUDQW ZRUNHUV 7KH SDUWQHUV ORRN IRUZDUG WR D IUXLWIXO FROODERUDWLRQ WKDW ZLOO FRQWULEXWH WR WKH FUHDWLRQ RI D PRUH KXPDQH MXVW DQG VXVWDLQDEOH PLJUDWLRQ V\VWHP
ɖȸ ¨ƏȸɎȇƺȸɀ
³ɎƏǔǔ 7RQL 6HUUDQR 6RULDQR -XQLRU 3URMHFW 0DQDJHU
6HQLRU 3URMHFW 2IILFHU
SUHVHQW
SUHVHQW
(ORUD 0DH $WRV
$QGUHDQD *DEULHOOH 'DYLG
6HQLRU 3URMHFW 2IILFHU
-XQLRU 3URMHFW $VVRFLDWH
SUHVHQW
SUHVHQW
0DUN 9LQFHQW 0HUFHQH
0LOOH *UD]LHOOD /LVVH :\
SUHVHQW
SUHVHQW
/DQFH )HUGLQDQG (YDQJHOLVWD
0DULDQQH =HQ 7KHUHVH 'H -HVXV
SUHVHQW
SUHVHQW
-XQLRU 3URMHFW $VVLVWDQW
-XQLRU 3URMHFW $VVLVWDQW
1RUPLWD 4XLEX\HQ
6HQLRU 2IILFH $LGH SUHVHQW
6WHSKDQLH 1LFROH &UX]
-XQLRU 3URMHFW $VVLVWDQW
-XQLRU 3URMHFW $VVLVWDQW
³ɎȸƺȇǕɎǝƺȇǣȇǕ ǝɖȅƏȇ ƬƏȵƏƬǣɎǣƺɀ ɎȒ ƏƳɮƏȇƬƺ ɀɖɀɎƏǣȇƏƫǼƺ ƳƺɮƺǼȒȵȅƺȇɎ
¨ƏȸɎȇƺȸ ɯǣɎǝ ɖɀ !XI n¨RXnX¨¨Xz0³۬Ȩِ0(Èِ¨R &Ζ)$/3+Ζ/Ζ33Ζ1(6
&Ζ)$/3+
&Ζ)$/ 83 ('8 3+