• Keine Ergebnisse gefunden

)25(:25' ,

$&.12:/('*(0(176,,,

6800$5< 9

6XPPDU\RIPDMRUILQGLQJV 9

6XPPDU\RIPDMRUUHFRPPHQGDWLRQV ;,,

&RQFOXVLRQVIRUGHYHORSPHQWSROLF\ ;,9

0DLQFRQFOXVLRQVDQGOHVVRQVOHDUQW ;9,,

7$%/(2)&217(176 ;,;

/,672)$%%5(9,$7,216 ;;,,,

,1752'8&7,21

%5,()'(6&5,37,212)7+(352-(&76

&RQFHSWVDQGDFWLYLWLHV

7DEXODWHGRYHUYLHZ

*(1(5$/&21',7,216

3ROLWLFDOHFRQRPLFVRFLDODQGVRFLRFXOWXUDOIDFWRUVLQ6RXWK$IULFD

(GXFDWLRQDOSROLFLHV

+XPDQULJKWVVLWXDWLRQ

+,9$,'6

5LVNVHQGDQJHULQJWKHVXFFHVVRISURMHFWVDQGSURJUDPPHV %ULHIDQDO\VLVRIWKHVHFWRUDOWKHPH\RXWK·

$FWLYLWLHVRIRWKHUPXOWLODWHUDODQGLQWHUQDWLRQDOGRQRUVLQ

WKLVVHFWRU

*RYHUQPHQWSROLF\DQGDFWLYLWLHVRI1*2V $QDO\VLVRIWKHLQVWLWXWLRQDOIUDPHZRUNRIRUJDQLVDWLRQVDQG

SURMHFWVXQGHUUHYLHZ

&RQFOXVLRQV

;; 7$%/(2)&217(176 48$/,7<2)7+($,06$1'3/$11,1*2)7+(352-(&76

$QDO\VLVDQGDVVHVVPHQWRIDLPV

$QDO\VLVDQGDVVHVVPHQWRISODQQLQJTXDOLW\

1HHGVDQDO\VLV

'HILQLWLRQRIWDUJHWJURXSV

3DUWLFLSDWLRQRIWKHWDUJHWJURXSV

$GMXVWPHQWRISODQQLQJGXULQJSURMHFWLPSOHPHQWDWLRQ 2YHUDOODVVHVVPHQWRISURMHFWDLPVDQGSODQQLQJ 48$/,7<2)352-(&7,03/(0(17$7,21$1'67((5,1*

$QDO\VLVRIWKHTXDOLW\RISURMHFWLPSOHPHQWDWLRQ

,QVWLWXWLRQDOEDFNJURXQG

&XUULFXODDQGHGXFDWLRQDOPHWKRGV

+,9$,'6PDLQVWUHDPLQJ

3DUWLFLSDWLRQRIWDUJHWJURXSV

2EVWDFOHVIRUSDUWLFLSDWLRQ

*XLGDQFHDQGFRXQVHOOLQJLQVHHNLQJHPSOR\PHQW $SSURDFKHVWRVXSSRUW\RXQJSHRSOHLQEHFRPLQJVHOI

HPSOR\HG

8VHRIUHVRXUFHVLQVWLWXWLRQVDQGH[SHUWVDYDLODEOHLQ

SDUWQHUFRXQWU\

$YHQXHVIRUFRRSHUDWLRQZLWKORFDOSULYDWHEXVLQHVVDQG

LQGXVWU\

3HUVRQQHOWUDLQLQJIRUWKHSDUWQHUVLGH $QDO\VLVDQGDVVHVVPHQWRIWKHTXDOLW\RISURMHFWPDQDJHPHQW

6WHHULQJLQVWUXPHQWV

0RQLWRULQJRIDFWLYLWLHVDQGLPSDFW

'LIILFXOWLHVRILPSDFWPRQLWRULQJ

$VVLVWDQFHQHHGHGWRLPSURYHLPSDFWPRQLWRULQJ 2YHUDOODVVHVVPHQWRISURMHFWLPSOHPHQWDWLRQDQGVWHHULQJ

7$%/(2)&217(176 ;;,

'(9(/230(1732/,&<())(&7,9(1(66

$1'6,*1,),&$1&(2)352-(&76

3URMHFWUHVXOWVDQGDFKLHYHPHQWRIDLPV

$VVHVVPHQWRIFRVWEHQHILWUDWLRDQGSURILWDELOLW\

5HFRUGLQJDQGDVVHVVPHQWRIHFRQRPLFDQGVRFLDOLPSDFWV $VVHVVPHQWRISRYHUW\RULHQWDWLRQ

FRQWULEXWLRQWRWKHLQWHUQDWLRQDOGHYHORSPHQWJRDOV

DQGWRWKHJRDOVRIWKH$FWLRQ3URJUDPPH

6XVWDLQDELOLW\

*HQHUDOFRQGLWLRQV

3URMHFWH[HFXWLQJDJHQF\SDUWQHU

7DUJHWJURXS

*HQHUDODVVHVVPHQWRISURMHFWHIIHFWLYHQHVVLQGHYHORSPHQWWHUPV DQGRIVXVWDLQDELOLW\DQGVLJQLILFDQFH &21&/86,216$1'5(&200(1'$7,216

3URMHFWUHODWHGUHFRPPHQGDWLRQV

*HQHUDOFRQFOXVLRQVIRU\RXWKSURMHFWVLQ6RXWK$IULFD

&RQFOXVLRQVIRUGHYHORSPHQWSROLF\

&RQFOXVLRQVDQGUHFRPPHQGDWLRQVRQSURFHGXUHVDQGLQVWUXPHQWV

$11(;

0LQXWHVRIWKH,PSDFW:RUNVKRSWK$XJXVW

([DPSOHVRIHYDOXDWLRQIRUPV

%,%/,2*5$3+<

$%%5(9,$7,216 ;;,,,

/LVWRIDEEUHYLDWLRQV

$$ $XVZlUWLJHV$PW0LQLVWU\RI)RUHLJQ$IIDLUV

$%(7 $GXOW%DVLF(GXFDWLRQ7UDLQLQJ

$1& $IULFDQ1DWLRQDO&RQJUHVV

%0= %XQGHVPLQLVWHULXP IU :LUWVFKDIWOLFKH =XVDPPHQDUEHLW XQG (QWZLFNOXQJ )HGHUDO 0LQLVWU\ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW

&$)'$ &DSH)ODWV'HYHORSPHQW$VVRFLDWLRQ

&$7$' &HQWUH IRU $GYDQFHG 7UDLQLQJ LQ $JULFXOWXUDO DQG 5XUDO 'HYHORSPHQW

&26$78 &RQJUHVVRI6RXWK$IULFDQ7UDGH8QLRQV

&3) &RPPXQLW\3ROLFH)RUXP

&3: &RPPXQLW\3HDFH:RUNHU

&9 &XUULFXOXP9LWDH

&:' &DWKROLF:HOIDUHDQG'HYHORSPHQW

'(' 'HXWVFKHU(QWZLFNOXQJVGLHQVW*HUPDQ'HYHORSPHQW6HUYLFH ((' (YDQJHOLVFKHU (QWZLFNOXQJVGLHQVW $QJOLFDQ 'HYHORSPHQW

6HUYLFH

(74$ (GXFDWLRQDQG7UDLQLQJ4XDOLW\$VVXUDQFH%RG\

)$2 )RRGDQG$JULFXOWXUH2UJDQLVDWLRQRIWKH8QLWHG1DWLRQV

*($5 6WUDWHJ\IRU*URZWK(PSOR\PHQWDQG5HGLVWULEXWLRQ

*7= *HVHOOVFKDIW IU 7HFKQLVFKH =XVDPPHQDUEHLW $JHQF\ IRU 7HFKQLFDO&RRSHUDWLRQ

+22& +DQGVRIRXU&KLOGUHQ

,'$6$ ,QVWLWXWHIRU'HPRFUDF\LQ6RXWK$IULFD ,.6 ,QWHUQDWLRQDO.ROSLQJ6RFLHW\

,/2 ,QWHUQDWLRQDO/DERXU2UJDQLVDWLRQ .6$ .ROSLQJ6RFLHW\6RXWK$IULFD 1'$ 1DWLRQDO'HYHORSPHQW$JHQF\

1*2 1RQ*RYHUQPHQWDO2UJDQLVDWLRQ 14) 1DWLRQDO4XDOLILFDWLRQV)UDPHZRUN 16$ 1DWLRQDO6NLOOV$XWKRULW\

17% 1DWLRQDO7UDLQLQJ%RDUG

;;,9 $%%5(9,$7,216 1:) 1HZ:RUOG)RXQGDWLRQ

1<& 1DWLRQDO<RXWK&RPPLVVLRQ 3'3 3HDFHDQG'HYHORSPHQW3URMHFW

5'3 5HFRQVWUXFWLRQDQG'HYHORSPHQW3URJUDPPH 5'63 5XUDO'HYHORSPHQW6XSSRUW3URJUDPPH 6$&& 6RXWK$IULFDQ&RXQFLORI&KXUFKHV 6$1*2&2 6RXWK$IULFDQ1*2&RDOLWLRQ

6$36 6RXWK$IULFDQ3ROLFH6HUYLFH

6$4$ 6RXWK$IULFDQ4XDOLILFDWLRQ$XWKRULW\$FW 6$6 6RXWK$IULFDQ6ROXWLRQV

6(. 6(. 6R]LDO XQG (QWZLFNOXQJVKLOIH GHV .ROSLQJZHUNV 6RFLDO DQG'HYHORSPHQW$LGRIWKH.ROSLQJ6RFLHW\

6(7$ 6HFWRUDO(GXFDWLRQ7UDLQLQJ$XWKRULW\

6, 6DOHVLDQ,QVWLWXWH

600( 6PDOOPHGLXPDQGPLFURHQWHUSULVHV 75& 7UXWKDQG5HFRQFLOLDWLRQ&RPPLVVLRQ 8&03 8UEDQ&RQIOLFW0DQDJHPHQW3URMHFW 8&7 8QLYHUVLW\RI&DSH7RZQ

80$& <RX0DQDJLQJ&RQIOLFW 81 8QLWHG1DWLRQV

81'3 8QLWHG1DWLRQV'HYHORSPHQW3URJUDPPH

81(6&2 81(GXFDWLRQDO6FLHQWLILFDQG&XOWXUDO2UJDQLVDWLRQ 81,&() 8QLWHG1DWLRQV&KLOGUHQ·V)XQG

:&6&) :HVWHUQ&DSH6WUHHW&KLOGUHQ)RUXP :+2 :RUOG+HDOWK2UJDQLVDWLRQ

:23 :RUN2SSRUWXQLW\3URJUDPPH

<8 <RXWK8QOLPLWHG

,1752'8&7,21

,QWURGXFWLRQ

6LQFHWKHVWKH8QLWHG1DWLRQV81SROLFLHVDQGVWUDWHJLHVDVZHOODV WKRVHRIQDWLRQDODQGLQWHUQDWLRQDOGHYHORSPHQWDJHQFLHVKDYHVWUHVVHGWKH LPSRUWDQFHRIUHFRJQLVLQJWKHSUREOHPVDQGSRWHQWLDORI\RXWK7KH$JHQGD RI WKH 5LR :RUOG 6XPPLW FDOOHG IRU ´DFWLYLWLHV DLPHG DW UHGXFLQJ FXUUHQWOHYHOVRI\RXWKXQHPSOR\PHQWµDQGXUJHGQRQJRYHUQPHQWDORUJDQL VDWLRQV 1*2V WR ´GHYHORS HGXFDWLRQ DQG DZDUHQHVV SURJUDPPHV VSHFLIL FDOO\WDUJHWHGDWWKH\RXWKSRSXODWLRQRQFULWLFDOLVVXHVµDVDSUHUHTXLVLWHIRU VXVWDLQDEOHGHYHORSPHQW7KHPDLQDUJXPHQWVIRUDVWURQJHULQYROYHPHQWLQ SROLFLHVDQGVWUDWHJLHVWDUJHWLQJ\RXQJSHRSOHDUHDVIROORZV

N <RXWKSRYHUW\XQHPSOR\PHQWDQGH[FOXVLRQIURPGHFLVLRQPDNLQJSURF HVVHVDUHZLGHVSUHDGDQGLQWHQVLI\LQJ$FFRUGLQJWRHVWLPDWHVRIWKH,Q WHUQDWLRQDO /DERXU 2UJDQLVDWLRQ ,/2 PRUH WKDQ SHUFHQW RI WKH WRWDO XQHPSOR\HGSRSXODWLRQDUHFXUUHQWO\\RXQJSHRSOH,/2

N 7KH +,9$,'6 LQIHFWLRQ UDWH LV HVSHFLDOO\ KLJK DPRQJ \RXQJ SHRSOH LQ FUHDVLQJORQJWHUPSRYHUW\ULVNVIRUVRFLHWLHVRQDORFDODQGQDWLRQDOOHYHO N &KLOGUHQDQG\RXWKDUHRIWHQYLFWLPVRIDEXVHH[SORLWDWLRQDQGYLROHQFH

$WWKHVDPHWLPHKRZHYHUWKH\DUHDOVRSURJUHVVLYHO\LQYROYHGLQYLROHQW DQGFULPLQDOEHKDYLRXULQH[WUHPHFDVHVDVFKLOGVROGLHUVRUJDQJPHP EHUV

N ,QGHYHORSLQJFRXQWULHVLQSDUWLFXODU\RXQJSHRSOHUHSUHVHQWDODUJHSUR SRUWLRQRIWKHWRWDOSRSXODWLRQ$VDUHVXOWRIWKHLUHQRUPRXVSRWHQWLDOIRU KXPDQDQGVRFLDOGHYHORSPHQWWKH\DUHUHJDUGHGDV¶SDUWRIWKHVROXWLRQ UDWKHUWKDQWKHSUREOHP·DQGDVSRWHQWLDO·FKDQJHDJHQWV·

,Q WKH VWUDWHJLHV IRU SRYHUW\ UHGXFWLRQ DQG VXVWDLQDEOH GHYHORSPHQW LQ WKH 81 0LOOHQQLXP 'HFODUDWLRQ VSHFLDO DWWHQWLRQ ZDV JLYHQ WR FKLOGUHQ DQG

\RXWK 6RPH RI WKH0LOOHQQLXP 'HYHORSPHQW *RDOV DGGUHVV FKLOGUHQ DQG

\RXWK GLUHFWO\ VXFK DV WKH LPSURYHPHQW RI HGXFDWLRQ DQ LQFUHDVH LQ HP SOR\PHQWRSSRUWXQLWLHVSURPRWLRQRIJHQGHUHTXDOLW\DQG+,9$,'6SUHYHQ WLRQ7KH<RXWK(PSOR\PHQW1HWZRUNZDVFRQYHQHGXQGHUWKHOHDGHUVKLSRI

&KDSWHUZZZGHYHORSPHQWJRDOVRUJ

/D&DYD/\WOH

ZZZGHYHORSPHQWJRDOVRUJ

,1752'8&7,21 WKH:RUOG%DQNDQG,/2WRGHYHORS¶LPDJLQDWLYHDSSURDFKHV·WRWKHLVVXHVRI

\RXWKXQHPSOR\PHQW

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·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

6LQFHWKHHQGRIWKHV*HUPDQGHYHORSPHQWFRRSHUDWLRQKDVDOVRHP SKDVLVHGWKHLPSRUWDQFHRI\RXWKSURPRWLRQLQLWVSURMHFWVDQGSURJUDPPHV ,Q WKH)HGHUDO 0LQLVWU\ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW

%0=WKH*HUPDQ$JHQF\IRU7HFKQLFDO&RRSHUDWLRQ*7=DQG1*2VSXE OLVKHGDVWUDWHJ\SDSHUVWDWLQJWKDW´WKHLQWHUHVWVRIFKLOGUHQDQG\RXQJSHR SOHVKDOOEHFRQVLGHUHGDJHQHUDOFURVVFXWWLQJWDVNRI'HYHORSPHQW&RRS HUDWLRQµ*7=,QLWV$FWLRQ3URJUDPPH%0=IRUPXODWHVWHQ VWUDWHJLHVIRUKDOYLQJH[WUHPHSRYHUW\ZRUOGZLGHE\WKH\HDU

8QLWHG1DWLRQV

/D&DYD/\WOH

,1752'8&7,21 7KHVHLQFOXGH

N ´ERRVWLQJ WKH HFRQRP\ DQG HQKDQFLQJ WKH DFWLYH SDUWLFLSDWLRQ RI WKH SRRUµDPRQJRWKHUVE\VXSSRUWLQJVHOIHPSOR\PHQWSRWHQWLDOVRI\RXWK N ´JXDUDQWHHLQJ EDVLF VRFLDO VHUYLFHV ² VWUHQJWKHQLQJ VRFLDO SURWHFWLRQµ

DPRQJRWKHUVWKURXJK+,9$,'6SUHYHQWLRQ N ´IRVWHULQJJHQGHUHTXDOLW\µ

N ´HQVXULQJWKHSDUWLFLSDWLRQRIWKHSRRU²VWUHQJWKHQLQJJRRGJRYHUQDQFHµ DQG

N ´UHVROYLQJ FRQIOLFW SHDFHIXOO\ ² IRVWHULQJ KXPDQ VHFXULW\ DQG GLVDUPD PHQWµ )HGHUDO 0LQLVWU\ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW

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

$SSURDFKHVWRUHGXFH\RXWKSRYHUW\LQ6RXWK$IULFD

7KH HYDOXDWLRQ ¶$SSURDFKHV WR UHGXFH \RXWK SRYHUW\ LQ &DSH 7RZQ 6RXWK

$IULFD·LVRQHRIIRXULQWKHVHULHVHYDOXDWLRQRQ·&RPEDWLQJ<RXWK3RYHUW\·

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

*7=H

,1752'8&7,21 7KHREMHFWLYHVRIWKHVHULHVHYDOXDWLRQIRUPXODWHGE\WKH%0=DQGVXSSOH PHQWHGE\SUHSDUDWRU\VHVVLRQUHVXOWVIURPWK0D\ZHUHWRDQDO\VH DQG DVVHVV JRDOV DQG DFKLHYHPHQWV RI WKH SURMHFWV DQG SURJUDPPHV WKHLU UHVXOWVDQGWKHLULQWHQWLRQDODQGXQLQWHQWLRQDOLPSDFWVVXFKDV

N FRQWULEXWLRQWRWKHVXVWDLQDEOHUHGXFWLRQRI\RXWKSRYHUW\DQGWKHSUHYHQ WLRQPDQDJHPHQWRIFRQIOLFWVDQGYLROHQFHLQXUEDQDUHDV

N DSSURSULDWHQHVV RI GHYHORSPHQW DSSURDFKHV LQ WHUPV RI PHHWLQJ QHHGV VXVWDLQDELOLW\ DQG EURDGEDVHG SRYHUW\ UHGXFWLRQ JRRG DQG EHVW SUDF WLFHVOHVVRQVOHDUQW

N HIIHFWLYHQHVVRILQQRYDWLYHPHWKRGVLQ\RXWKZRUN N HIIHFWLYHQHVVRI+,9$,'6PDLQVWUHDPLQJ

N RSSRUWXQLWLHV IRU \RXWK SDUWLFLSDWLRQ LQ GHFLVLRQPDNLQJ SURFHVVHV DWGLI IHUHQW OHYHOV DQG REVWDFOHV WR WKHLU SDUWLFLSDWLRQ DFFRXQWLQJ IRU JHQGHU DVSHFWV

N DGHTXDF\ RI WKH LQVWLWXWLRQDO VHWXS FRRUGLQDWLRQ DQG FRRSHUDWLRQ EH WZHHQSURMHFWVVSHFLILFDWLRQRIFRRSHUDWLRQZHDNQHVVHVDQGUHFRPPHQ GDWLRQVIRULPSURYHPHQWV

N VWUHQJWKVDQGZHDNQHVVHVRIJRYHUQPHQWDODQGQRQJRYHUQPHQWDORUJDQL VDWLRQV

N DQDO\VLVRIWKHPHWKRGVDSSOLHGIRUDVFHUWDLQLQJLPSDFWVDQGIRUPRQLWRU LQJDQGHYDOXDWLRQSUDFWLFDOUHFRPPHQGDWLRQVIRULPSURYHPHQWVSDUWLFX ODUO\IRUWKHSURMHFWVXSSRUWHGE\WKH*7=

N UHFRPPHQGDWLRQV IRU FRQFHSWXDO GHYHORSPHQW LQ FRPEDWLQJ \RXWK SRY HUW\ IRU %0= SURJUDPPHV DQG SULRULW\ SROLF\PDNLQJ EDVHG RQ DQDO\VLV DQGDVVHVVPHQWDQG

N VXVWDLQDELOLW\RIPHDVXUHV

7KH IROORZLQJ RUJDQLVDWLRQV DQG SURMHFWV LQ WKH &DSH 7RZQ DUHD DQG LQ 6RVKDQJXYH3UHWRULDZHUHHYDOXDWHG

N 8UEDQ &RQIOLFW 0DQDJHPHQW 3URMHFW 8&03 SUHYLRXVO\ HQWLWOHG 3HDFH DQG 'HYHORSPHQW 3URMHFW :HVWHUQ &DSH *7= 3URMHFW QR ZLWKSURMHFWORFDWLRQVLQ1\DQJD&URVVURDGV&DSH7RZQDQG 6RVKDQJXYH3UHWRULD

,1752'8&7,21 N :RUN 2SSRUWXQLW\ 3URJUDPPH.ROSLQJ 6RFLHW\ 6RXWK $IULFD VXSSRUWHG

E\6R]LDOXQG(QWZLFNOXQJVKLOIHGHV.ROSLQJZHUNV6(.

N 3URPRWLRQ RI \RXWK VRFLDO ZRUN E\&DWKROLF :HOIDUH DQG 'HYHORSPHQW

&:'DSURMHFWVXSSRUWHGE\&DULWDV,QWHUQDWLRQDO

N 6DOHVLDQ ,QVWLWXWH SURMHFWV IRU VWUHHW \RXWK VXSSRUWHG E\&DULWDV ,QWHUQD WLRQDO

$Q(YDQJHOLVFKHU(QWZLFNOXQJVGLHQVW(('VXSSRUWHGFRPPXQLW\FHQWUHHQ WLWOHGWKH1HZ:RUOG)RXQGDWLRQZDVLQFOXGHGDVDUHIHUHQFHSURMHFW

(DFK RI WKH HYDOXDWHG SURMHFWV LPSOHPHQWHG D EURDG DUUD\ RI PHDVXUHV ,Q DGGLWLRQWRSRYHUW\UHGXFWLRQWKHHYDOXDWLRQWKHUHIRUHIRFXVHGRQWKHIROORZ LQJ WKHPDWLF FRPSRQHQWV WKDW ILJXUH LQ DOO SURMHFWV FRQIOLFW SUHYHQWLRQDQG PDQDJHPHQW SUHSDUDWLRQ IRU HPSOR\PHQW YRFDWLRQDO DQG WHFKQLFDO HGXFD WLRQ SURPRWLRQ RI VHOIFRQILGHQFH WKURXJK OLIHVNLOOV WUDLQLQJ DQG +,9$,'6 PDLQVWUHDPLQJ

5HVHDUFKPHWKRGV

'XULQJ WKH SUHSDUDWRU\ SKDVH LQ %HUOLQ WKH WHDP HYDOXDWHG SURMHFW GRFX PHQWVGLVFXVVHGOLWHUDWXUHUHOHYDQWWRWKHDQDO\VLVRI\RXWKSRYHUW\LQ6RXWK

$IULFDRUJDQLVHGLQWHUYLHZVZLWKUHVRXUFHSHUVRQVDQGGHYHORSHGWKHPHWK RGRORJLFDOFRQFHSWIRUWKHVWXG\$VSDUWRIDQ,QFHSWLRQ5HSRUWRQEHKDOIRI WKH%0=K\SRWKHVHVRQSURMHFWDQGSURJUDPPHLPSDFWZHUHIRUPXODWHGRQ IRXU OHYHOV WDUJHW JURXSV LPSOHPHQWLQJH[HFXWLQJ DJHQFLHV VHFWRU \RXWK SROLFLHV6RXWK$IULFDQVRFLHW\0DLQK\SRWKHVHVZHUH

N 7KHSURMHFWVDQGSURJUDPPHVKDYHDQLPSDFWRQWDUJHWJURXSOHYHOSUR MHFWSDUWLFLSDQWVFRPPXQLWLHV,PSDFWPHDVXUHPHQWHYHQRQWKLVOHYHOLV GLIILFXOWEHFDXVHRIWKHPXOWLWXGHRILQIOXHQFLQJIDFWRUVRXWVLGHSODQQHGLQ WHUYHQWLRQV

N $OOHYDOXDWHGRUJDQLVDWLRQVDQGSURMHFWVLQFUHDVHGWKHLUFDSDFLWLHVIRUWKH LPSOHPHQWDWLRQRISURMHFWVWRUHGXFH\RXWKSRYHUW\LQWKHODVW\HDUV

N 7KHSURMHFWVDQGSURJUDPPHVKDYHDQLPSDFWRQVRFLHW\DQG\RXWKVHFWRU OHYHODVSDUWRIWKHHIIRUWVWRWUDQVIRUPWKH6RXWK$IULFDQVRFLHW\KRZ HYHUSDUWLFXODUO\RQWKHVHOHYHOVODUJHDWWULEXWLRQJDSVH[LVW

,1752'8&7,21 7KHIROORZLQJUHVHDUFKPHWKRGVZHUHDSSOLHGGXULQJWKHILHOGZRUNSKDVHLQ 6RXWK$IULFD

N LQWHUYLHZV ZLWK UHVRXUFH SHUVRQV LH RIILFLDOV RI WKH'HSDUWPHQW RI

&RPPXQLW\6DIHW\6RXWK$IULFDQ3ROLFH6HUYLFHDFDGHPLFVIURPWKH8QL YHUVLW\RI&DSH7RZQDQGUHSUHVHQWDWLYHVRI1*2VLQWHUYLHZV

N SDUWLFLSDQWREVHUYDWLRQYLVLWVWR\RXWKDQGFRPPXQLW\FHQWUHVSDUWLFLSD WLRQLQFRXUVHVZRUNVKRSVDQGSURMHFWDFWLYLWLHV

N HYDOXDWLRQRIWUDLQLQJPDQXDOVDQGRWKHUSURMHFWGRFXPHQWV

N LQWHUYLHZV ZLWK SURMHFW FRRUGLQDWRUV DQG SURMHFW VWDII VRFLDO ZRUNHUV WHDFKHUV ZRUNVKRS LQVWUXFWRUV YROXQWHHUV DQG IDFLOLWDWRUV XVLQJ VHPL VWUXFWXUHGTXHVWLRQQDLUHVDQGLQWHUYLHZJXLGHOLQHVLQWHUYLHZV

N LQGLYLGXDO DQG JURXS LQWHUYLHZV ZLWK FXUUHQW DQG IRUPHU FRXUVH SDUWLFL SDQWVVHPLVWUXFWXUHGDQGELRJUDSKLFDOLQWHUYLHZVLQWHUYLHZV

N GLVFXVVLRQV DQG ZRUNVKRSV ZLWK FXUUHQW DQG IRUPHU FRXUVH SDUWLFLSDQWV LQFOXGLQJWKHHODERUDWLRQRIUHVRXUFHDQGPLQGPDSVDQG

N LQWHUYLHZV ZLWK FRPPXQLW\ PHPEHUV RI 1\DQJD&URVVURDGV LQWHU YLHZV

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

VHHSURWRFRORIWKHZRUNVKRSLQWKHDQQH[

352-(&7'(6&5,37,21

%ULHIGHVFULSWLRQRIWKHSURMHFWV