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
XVHV GLYHVWPHQW JOREDOO\ WR ILJKW FOLPDWH FKDQJH 7KH $XVWUDOLDQ 6WXGHQW (QYLURQPHQW 1HWZRUN IDFLOLWDWHV HQYLUR FROOHFWLYH FROODERUDWLRQ
)LUVWO\ ZKHUH LV \RXU VHQVH RI RSWLPLVP" 7KH GLYHVWPHQW PRYHPHQW LV PDVVLYH DQG JURZV ODUJHU HYHU\ GD\ ±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± LW¶V ZURQJ WR SURILW RII VRPHWKLQJ WKDW LV FOHDUO\ XQHWKLFDO "
$SHULR *URXS KDYH UHOHDVHG D UHSRUW WKDW VXJJHVWV UHPRYLQJ WKH WRS IRVVLO IXHO FRPSDQLHV IURP DQ LQGH[HG SRUWIROLR ZRXOG LQFUHDVH WKHRUHWLFDO UHWXUQ ULVN E\ :RZ ,I WKDW VWLOO FRQFHUQV \RX FRQVLGHUHG LQ FRQWUDVW WR WKH GLUH SUHGLF WLRQV RI JOREDO ZDUPLQJ DQG ULVLQJ VHD OHYHOV « RQH ZRUG IRU \RX 3ULRULWLHV "
7KH XQLYHUVLW\¶V HQGRZPHQW LV D ORQJ WHUP LQYHVWPHQW $V VXFK LW VKRXOG SULPDULO\ FRQVLGHU ORQJ!WHUP ULVNV UDWKHU WKDQ VKRUW!WHUP UHWXUQV $V ZH KDYH VHHQ WKH FDUERQ EXEEOH VHULRXVO\ FRPSURPLVHV WKH ORQJ WHUP YLDELOLW\ RI IRVVLO IXHO LQYHVWPHQWV "
+RZHYHU PRGHOOLQJ E\ PDLQVWUHDP ILQDQFLDO LQVWLWXWLRQV FRQWLQXHV WR VXJJHVW WKDW DQ LQYHVWPHQW SRUWIROLR IUHH RI IRVVLO IXHO FRPSDQLHV GRHV QRW QHJDWLYHO\ LPSDFW RQ UHWXUQV EXW HTXDOV RU H[FHHGV WKH UHWXUQV RI VRPH RI WKH WRS SRUWIROLRV &KHFN RXW ,03$; V %H\RQG )RVVLO )XHOV UHSRUW "
)LGXFLDU\ UHVSRQVLELOLW\ RU GXW\ UHIHUV WR WKH OHJDO UHTXLUHPHQW WKDW WUXVWHHV DFW LQ WKH EHVW LQWHUHVWV RI WKH LQVWLWXWLRQ 7KLV LV RIWHQ PLVLQWHUSUHWHG WR PHDQ PD[LPLVLQJ VKRUW!WHUP UHWXUQV ± ZKLFK LV RIWHQ DW WKH H[SHQVH RI RWKHU FRQVLGHUDWLRQV ,Q IDFW ILGXFLDU\ GXW\ ZRXOG DFWXDOO\ EH H[HUFLVHG LQ FRQVLGHULQJ WKH ORQJ!WHUP YLDELOLW\ RI LQYHVWPHQWV DQG DOVR LQWHU! JHQHUDWLRQDO HTXLW\ WKDW LV WKH JRDO RI GLYHVWPHQW ± VR LI DQ\ WKLQJ LW¶V ZRUNLQJ LQ RXU IDYRXU "
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¶UH ORRNLQJ DW D ZKRSSLQJ & HYHQ DFFRXQWLQJ IRU FOLPDWH SROLF\ DOUHDG\ LQ SODFH RI GLVFRYHUHG IRVVLO IXHO UHVHUYHV PXVW VWD\ LQ WKH JURXQG IRU XV WR PDNH LW %XW ULJKW QRZ WKH RQO\ WKLQJ VWD\LQJ LQ WKH JURXQG " DUH WKH KHDGV RI RXU ZRUOG OHDGHUV " 2XU XQLYHUVLW\ PXVW KHOS WKHP ZDNH XS DQG DFW QRZ !
ZKDW¶V WKH :H DOO NQRZ WKDW WKH FDUERQ HPLWWHG IURP WKH H[WUDFWLRQ DQG SURFHVVLQJ RI FRDO RLO DQG JDV LV IXHOOLQJ JOREDO GHDOLR ZLWK ZDUPLQJ DW D GLVDVWURXV UDWH EXW WKLV RQO\ WKH WLS RI WKH PHOWLQJ LFHEHUJ 7KH IRVVLO IXHO LQGXVWU\ FRQVLVWHQWO\ LJQRUHV LQGLJHQRXV VRYHUHLJQW\ DQG GHPRQVWUDWHV FRQWHPSW IRU LQGLJHQRXV NQRZOHGJH 0LQLQJ KDV D KLVWRU\ RI EHLQJ SULRULWLVHG RYHU FXOWXUDO VLJQLILFDQFH DQG KDV EHHQ D GULYHU RI LQGLJHQRXV GLVSRVVHVVLRQ LQ $XVWUDOLD !
³)RU P\ SHRSOH WKH LQMXVWLFHV JR EH\RQG WKH FOLPDWH LPSDFWV 7KH IRVVLO IXHO ! LQGXVWU\ KDV EHHQ SXWWLQJ VWUHVV RQ ! RXU ODQG FXOWXUH ! DQG RXU FRPPXQLWLHV IRU ! GHFDGHV ´ " $PHOLD 7HOIRUG %XQGMDOXQJ ZPDQ!
GLYHVWPHQW" 'LYHVWPHQW ! QRXQ
7KH SURFHVV RI VHOOLQJ RII DVVHWV! RU VKDUHKROGLQJV IURP D SDUWLFXODU ! FRPSDQ\ RU JURXS 7KLV PD\ EH IRU ILQDQFLDO HWKLFDO RU VRFLDO UHDVRQV !
:K\ GLYHVW"!
'LYHVWPHQW LV QRZ D JURZLQJ PRYHPHQW DURXQG WKH ZRUOG ZKHUH WKH SHRSOH DUH DVN LQJ WKHLU ORFDO SXEOLF LQVWLWXWLRQV WR FHDVH LQYHVWLQJ LQ IRVVLO IXHOV 7KLV LV IRU D ZLGH ³:H NQRZ WKDW FOLPDWH FKDQJH SRVHV VFRSH RI UHDVRQV EXW ZKDW FRQWLQXHV WR EH HFKRHG LV WKDW ZH FDQ ¶W FRQWLQXH RQ ZLWK DV WKH ELJJHVW WKUHDW WR KXPDQ KHDOWK WKLV FHQWXU\ EXVLQHVV DV XVXDO LI LW¶V ZURQJ WR ZUHFN WKH SODQHW WKHQ LW LV ZURQJ WR ILQDQFLDOO\ VXS 0RYLQJ DZD\ DQG GLYHVWLQJ IURP IRVVLO IXHOV LV FULWLFDO SRUW DQG JDLQ SURILW IURP WKLV ZUHFNDJH 'LYHVWPHQW FDPSDLJQV KDYH EHHQ VXFFHVVIXO IRU RXU KHDOWK DQG ZHOOEHLQJ ´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
FRUUXSWLRQ 7KH WKLUG ZRUOG KHUH LW V DOO WKH VDPH 7KH\ UH MXVW UXEEHU ! VWDPSLQJ LW , YH ORVW DOO IDLWK LQ ! WKH SROLWLFDO SURFHVV ! 7KDW V KRZ , VHH LW QRZ ! " 0LFKDHO DQ DFWLYH UHVLGHQW LQ *ORXFHVWHU ILJKWLQJ WKH ! 5RFN\ +LOO &RDO 0LQH !
LQGXVWU\ LQ $XVWUDOLD LV DFFHOHUDWLQJ WKH UDWH RI ELRGLYHUVLW\ ORVV LQ FRXQWOHVV ZD\V IURP WKH !GLVSRVDO RI FKHPLFDO FRDO VHDP JDV ZDWHU WR WKH HUDGLFDWLRQ RI HQGDQJHUHG HFRV\VWHPV IRU PLQHV DQG LQIUDVWUXFWXUH !!
,PSDFW! :H DUH DVNLQJ WKH XQLYHUVLW\ WR GLYHVW WR VWHS XS EH WKH OHDGHUV WKH\ FODLP WR EH $O UHDG\ RWKHU XQL¶V IURP DURXQG WKH JOREH DUH WDNLQJ WKH ILUVW VWHSV E\ GLYHVWLQJ 7KH XQL YHUVLW\ FDQ KDYH D VLJQLILFDQW VRFLDO DQG SROLWLFDO LPSDFW E\ FKRRVLQJ WR GLYHVW WKLV FDQ EH D JDPH FKDQJHU LQ RXU VWUXJJOH ZLWK FOLPDWH FKDQJH 'LYHVWPHQW LV D SRZHUIXO WRRO LQ FKDQJLQJ VRFLDO GLVFRXUVH DURXQG IRVVLO IXHOV ZKHUH WKHLU FRQWLQXHG XVH DQG HQ GRUVHPHQW ZLOO EH VWLJPDWLVHG DV GDQJHURXV UHJUHVVLYH DQG XQYLDEOH ,W ¶V REYLRXV ZH FDQ¶W ZDLW DURXQG IRU WKH JRYHUQPHQW WR DFW LQVWHDG LQVWLWXWLRQV OLNH XQLYHUVLWLHV DQG EXVLQHVVHV DOLNH QHHG WR OHDG !
(DFK XQLYHUVLW\ KDV D SRW RI PRQH\ FDOOHG DQ HQGRZ
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´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
(DFK XQLYHUVLW\ KDV D SRW RI PRQH\ FDOOHG DQ HQGRZ
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´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
ZKDW¶V WKH :H DOO NQRZ WKDW WKH FDUERQ HPLWWHG IURP WKH H[WUDFWLRQ DQG SURFHVVLQJ RI FRDO RLO DQG JDV LV IXHOOLQJ JOREDO GHDOLR ZLWK ZDUPLQJ DW D GLVDVWURXV UDWH EXW WKLV RQO\ WKH WLS RI WKH PHOWLQJ LFHEHUJ 7KH IRVVLO IXHO LQGXVWU\ FRQVLVWHQWO\ LJQRUHV LQGLJHQRXV VRYHUHLJQW\ DQG GHPRQVWUDWHV FRQWHPSW IRU LQGLJHQRXV NQRZOHGJH 0LQLQJ KDV D KLVWRU\ RI EHLQJ SULRULWLVHG RYHU FXOWXUDO VLJQLILFDQFH DQG KDV EHHQ D GULYHU RI LQGLJHQRXV GLVSRVVHVVLRQ LQ $XVWUDOLD !
³)RU P\ SHRSOH WKH LQMXVWLFHV JR EH\RQG WKH FOLPDWH LPSDFWV 7KH IRVVLO IXHO ! LQGXVWU\ KDV EHHQ SXWWLQJ VWUHVV RQ ! RXU ODQG FXOWXUH ! DQG RXU FRPPXQLWLHV IRU ! GHFDGHV ´ " $PHOLD 7HOIRUG %XQGMDOXQJ ZPDQ!
GLYHVWPHQW" 'LYHVWPHQW ! QRXQ
7KH SURFHVV RI VHOOLQJ RII DVVHWV! RU VKDUHKROGLQJV IURP D SDUWLFXODU ! FRPSDQ\ RU JURXS 7KLV PD\ EH IRU ILQDQFLDO HWKLFDO RU VRFLDO UHDVRQV !
:K\ GLYHVW"!
'LYHVWPHQW LV QRZ D JURZLQJ PRYHPHQW DURXQG WKH ZRUOG ZKHUH WKH SHRSOH DUH DVN LQJ WKHLU ORFDO SXEOLF LQVWLWXWLRQV WR FHDVH LQYHVWLQJ LQ IRVVLO IXHOV 7KLV LV IRU D ZLGH ³:H NQRZ WKDW FOLPDWH FKDQJH SRVHV VFRSH RI UHDVRQV EXW ZKDW FRQWLQXHV WR EH HFKRHG LV WKDW ZH FDQ ¶W FRQWLQXH RQ ZLWK DV WKH ELJJHVW WKUHDW WR KXPDQ KHDOWK WKLV FHQWXU\ EXVLQHVV DV XVXDO LI LW¶V ZURQJ WR ZUHFN WKH SODQHW WKHQ LW LV ZURQJ WR ILQDQFLDOO\ VXS 0RYLQJ DZD\ DQG GLYHVWLQJ IURP IRVVLO IXHOV LV FULWLFDO SRUW DQG JDLQ SURILW IURP WKLV ZUHFNDJH 'LYHVWPHQW FDPSDLJQV KDYH EHHQ VXFFHVVIXO IRU RXU KHDOWK DQG ZHOOEHLQJ ´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
FRUUXSWLRQ 7KH WKLUG ZRUOG KHUH LW V DOO WKH VDPH 7KH\ UH MXVW UXEEHU ! VWDPSLQJ LW , YH ORVW DOO IDLWK LQ ! WKH SROLWLFDO SURFHVV ! 7KDW V KRZ , VHH LW QRZ ! " 0LFKDHO DQ DFWLYH UHVLGHQW LQ *ORXFHVWHU ILJKWLQJ WKH ! 5RFN\ +LOO &RDO 0LQH !
LQGXVWU\ LQ $XVWUDOLD LV DFFHOHUDWLQJ WKH UDWH RI ELRGLYHUVLW\ ORVV LQ FRXQWOHVV ZD\V IURP WKH !GLVSRVDO RI FKHPLFDO FRDO VHDP JDV ZDWHU WR WKH HUDGLFDWLRQ RI HQGDQJHUHG HFRV\VWHPV IRU PLQHV DQG LQIUDVWUXFWXUH !!
,PSDFW! :H DUH DVNLQJ WKH XQLYHUVLW\ WR GLYHVW WR VWHS XS EH WKH OHDGHUV WKH\ FODLP WR EH $O UHDG\ RWKHU XQL¶V IURP DURXQG WKH JOREH DUH WDNLQJ WKH ILUVW VWHSV E\ GLYHVWLQJ 7KH XQL YHUVLW\ FDQ KDYH D VLJQLILFDQW VRFLDO DQG SROLWLFDO LPSDFW E\ FKRRVLQJ WR GLYHVW WKLV FDQ EH D JDPH FKDQJHU LQ RXU VWUXJJOH ZLWK FOLPDWH FKDQJH 'LYHVWPHQW LV D SRZHUIXO WRRO LQ FKDQJLQJ VRFLDO GLVFRXUVH DURXQG IRVVLO IXHOV ZKHUH WKHLU FRQWLQXHG XVH DQG HQ GRUVHPHQW ZLOO EH VWLJPDWLVHG DV GDQJHURXV UHJUHVVLYH DQG XQYLDEOH ,W ¶V REYLRXV ZH FDQ¶W ZDLW DURXQG IRU WKH JRYHUQPHQW WR DFW LQVWHDG LQVWLWXWLRQV OLNH XQLYHUVLWLHV DQG EXVLQHVVHV DOLNH QHHG WR OHDG !
7KH XQLYHUVLW\¶V HQGRZPHQW LV D ORQJ WHUP LQYHVWPHQW $V VXFK LW VKRXOG SULPDULO\ FRQVLGHU ORQJ!WHUP ULVNV UDWKHU WKDQ VKRUW!WHUP UHWXUQV $V ZH KDYH VHHQ WKH FDUERQ EXEEOH VHULRXVO\ FRPSURPLVHV WKH ORQJ WHUP YLDELOLW\ RI IRVVLO IXHO LQYHVWPHQWV "
+RZHYHU PRGHOOLQJ E\ PDLQVWUHDP ILQDQFLDO LQVWLWXWLRQV FRQWLQXHV WR VXJJHVW WKDW DQ LQYHVWPHQW SRUWIROLR IUHH RI IRVVLO IXHO FRPSDQLHV GRHV QRW QHJDWLYHO\ LPSDFW RQ UHWXUQV EXW HTXDOV RU H[FHHGV WKH UHWXUQV RI VRPH RI WKH WRS SRUWIROLRV &KHFN RXW ,03$; V %H\RQG )RVVLO )XHOV UHSRUW "
)LGXFLDU\ UHVSRQVLELOLW\ RU GXW\ UHIHUV WR WKH OHJDO UHTXLUHPHQW WKDW WUXVWHHV DFW LQ WKH EHVW LQWHUHVWV RI WKH LQVWLWXWLRQ 7KLV LV RIWHQ PLVLQWHUSUHWHG WR PHDQ PD[LPLVLQJ VKRUW!WHUP UHWXUQV ± ZKLFK LV RIWHQ DW WKH H[SHQVH RI RWKHU FRQVLGHUDWLRQV ,Q IDFW ILGXFLDU\ GXW\ ZRXOG DFWXDOO\ EH H[HUFLVHG LQ FRQVLGHULQJ WKH ORQJ!WHUP YLDELOLW\ RI LQYHVWPHQWV DQG DOVR LQWHU! JHQHUDWLRQDO HTXLW\ WKDW LV WKH JRDO RI GLYHVWPHQW ± VR LI DQ\ WKLQJ LW¶V ZRUNLQJ LQ RXU IDYRXU "
:H DUH FDOOLQJ IRU WKH XQLYHUVLW\ WR FHDVH LQYHVWLQJ LQ IRVVLO IXHOV DQG VWRS SURILWLQJ IURP FOLPDWH FKDQJH 0RVW $XVWUDOLDQ XQLYHUVLWLHV LQYHVW VLJQLILFDQWO\ LQ FRDO RLO DQG JDV 7KHVH ILQDQFLDO KROGLQJV PHDQ WKDW RXU EHVW HGXFDWLRQDO DQG UHVHDUFK LQVWLWXWLRQV DUH LQH[WULFDEO\ WLHG XS ZLWK FRPSDQLHV FXUUHQWO\ GRLQJ WKHLU EHVW WR EULQJ DERXW FDWDVWURSKLF FOLPDWH FKDQJH GRRP IRU HYHU\RQH " &XUUHQWO\ RXU XQLYHUVLW\ KDV D SURILW LQFHQWLYH WR DYRLG WKH MXVW WUDQVLWLRQ DZD\ IURP IRVVLO IXHOV QHFHVVDU\ WR DYRLG WKH ZRUVW HIIHFWV RI FOLPDWH FKDQJH "%\ GLYHVW LQJ RXU XQLYHUVLW\ FDQ WDNH DQ RSSRUWXQLW\ WR GHPRQ VWUDWH OHDGHUVKLS RQ RQH RI WKH PRVW SUHVVLQJ LVVXHV RI RXU WLPH ! 7R DYRLG WKH ZRUVW HIIHFWV RI FOLPDWH FKDQJH ZH PXVW NHHS JOREDO ZDUPLQJ XQGHU & &XUUHQWO\ ZH ¶UH ORRNLQJ DW D ZKRSSLQJ & HYHQ DFFRXQWLQJ IRU FOLPDWH SROLF\ DOUHDG\ LQ SODFH RI GLVFRYHUHG IRVVLO IXHO UHVHUYHV PXVW VWD\ LQ WKH JURXQG IRU XV WR PDNH LW %XW ULJKW QRZ WKH RQO\ WKLQJ VWD\LQJ LQ WKH JURXQG " DUH WKH KHDGV RI RXU ZRUOG OHDGHUV " 2XU XQLYHUVLW\ PXVW KHOS WKHP ZDNH XS DQG DFW QRZ !
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
XVHV GLYHVWPHQW JOREDOO\ WR ILJKW FOLPDWH FKDQJH 7KH $XVWUDOLDQ 6WXGHQW (QYLURQPHQW 1HWZRUN IDFLOLWDWHV HQYLUR FROOHFWLYH FROODERUDWLRQ
)LUVWO\ ZKHUH LV \RXU VHQVH RI RSWLPLVP" 7KH GLYHVWPHQW PRYHPHQW LV PDVVLYH DQG JURZV ODUJHU HYHU\ GD\ ±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± LW¶V ZURQJ WR SURILW RII VRPHWKLQJ WKDW LV FOHDUO\ XQHWKLFDO "
$SHULR *URXS KDYH UHOHDVHG D UHSRUW WKDW VXJJHVWV UHPRYLQJ WKH WRS IRVVLO IXHO FRPSDQLHV IURP DQ LQGH[HG SRUWIROLR ZRXOG LQFUHDVH WKHRUHWLFDO UHWXUQ ULVN E\ :RZ ,I WKDW VWLOO FRQFHUQV \RX FRQVLGHUHG LQ FRQWUDVW WR WKH GLUH SUHGLF WLRQV RI JOREDO ZDUPLQJ DQG ULVLQJ VHD OHYHOV « RQH ZRUG IRU \RX 3ULRULWLHV "
2QFH XSRQ D WLPH WKHUH ZDV D JURXS RI VWXGHQWV FDOOHG WKH 816: (QYLUR &ROOHFWLYH )RU D ORQJ WLPH WKH\ KDG EHHQ NHHSLQJ DQ H\H RQ WKHLU IULHQG 816: DQG WKHLU SDUWQHU WKH )RVVLO )XHO ,QGXVWU\ ,W VRRQ EHFDPH DSSDUHQW WKDW WKH )) ,QGXVWU\ ZDV FRQVLVWHQWO\ GLUW\ DUURJDQW VHOILVK DQG GHWHUPLQHG WR VDERWDJH WKH IXWXUH RI 816: DQG WKH HQWLUH ZRUOG ± TXLWH IUDQNO\ LW ZDV QRW D VXVWDLQDEOH UHODWLRQVKLS ,W ZDV WLPH WR LQWHUYHQH«! 7KH (QYLUR &ROOHFWLYH LQ ! FRQMXQFWLRQ ZLWK $UF FRQGXFWHG D UHIHUHQGXP RI VWDII DQG VWXGHQWV DW WKH XQLYHUVLW\ LQ VHPHVWHU ILQGLQJ D PDVVLYH RI UHVSRQGHQWV IXOO\ VXSSRUW GLYHVWPHQW ! 7KLV ZDV QRW HQRXJK WR GLVVXDGH 816: VR WKH\ IDFLOLWDWHG DQ RSHQ OHWWHU IURP DFDGHPLF VWDII LQ VXSSRUW RI GLYHVWPHQW ZKLFK UHFHLYHG VLJQDWXUHV UHSUHVHQWLQJ HYHU\ IDFXOW\ RI WKH XQLYHUVLW\ ! :LOO WKLV EH WKH \HDU WKDW 816: OLVWHQV WR LWV IULHQGV DQG ILQDOO\ HQGV LWV WR[LF UHODWLRQVKLS ZLWK IRVVLO IXHOV" 6WD\ WXQHG
0HHWLQJV LQ WKH $UF 2IILFHV HYHU\ :HG !
(PDLO IRVVLO IUHH XQVZ#OLYH FRP DX WR JHW LQYROYHG