ORNELLA PRIMON****. 1. Introduction ... preserving the past, marketing goals have a double function: on one hand to promote appreciation for ..... treâ, an initiative in the 2nd edition, held from the 13th to the 17th of. August, 2009, realized by ...
6WXGLH5LFHUFKHVRFLRWHUULWRULDOL 1DSROL SS[[[[
7KH:RUOG+HULWDJH3URJUDPDQGLWVPDUNHWLQJ LPSOLFDWLRQV 9$/(17,1$'(//$&257(
$/(66,23,5$6
251(//$35,021
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
/DQJXDJHHGLWLQJZDVGRQHE\3URI1DQF\3LNDUG
8QLYHUVLWjGHJOLVWXGLGL1DSROL)DFROWjGL(FRQRPLDYDOHQWLQDGHOODFRUWH#XQLQDLW
8QLYHUVLWjGHJOLVWXGLGL1DSROL)DFROWjGL(FRQRPLDDOHVVLRSLUDV#XQLQDLW
8QLYHUVLWjGHJOLVWXGLGL1DSROL)DFROWjGL(FRQRPLDRUQHOODSULPRQ#OLEHURLW
9$/(17,1$'(//$&257($/(66,23,5$6251(//$35,021
ULDOGHYHORSPHQWDGGUHVVHGWRVSHFLÀFWDUJHWV7KLVDSSURDFKDOORZVWKH LVVXHWREHDQDO\]HGLQDQLQQRYDWLYHDQGPRGHUQNH\LQRUGHUWRREWDLQ VRPHXVHIXOLQIRUPDWLRQIRUWKHPDQDJHPHQWRI WKHVHVLWHVDQGLQFUHDVH WRXULVPLQDVXVWDLQDEOHZD\ +HULWDJHWRXULVPGHYHORSPHQWDQGWKHLQVHUWLRQRI DFXOWXUDOVLWH LQWKH:+/FDQLQIDFWDFFHOHUDWHVRFLDOFKDQJHDQGWKHFXOWXUDOQHHGVRI D GHVWLQDWLRQ FRQWULEXWLQJ WR ZLGHVSUHDG WHUULWRULDO LGHQWLW\ DQG FXOWXUH ZLWKLQDFRPPXQLW\+RZHYHUVSHFLÀFDFWLRQVDUHQHFHVVDU\OHDGLQJWR IUXLWLRQLQDVXVWDLQDEOHZD\LQRUGHUWRPDNHWKHGHVWLQDWLRQPRUHFRP SHWLWLYHLQWRXULVWLFWHUPVDQGDWWKHVDPHWLPHWRVDIHJXDUGWKHOLYLQJ FRQGLWLRQVRI LWVUHVLGHQWVDQGUHWDLQWKHYDOXHVRI LWVKHULWDJH,QIDFW WUDYHO LV FKDUDFWHULVHG E\ WRXULVWV· GHVLUHV WR OHDUQ DV PXFK DV WKH\ FDQ DERXW WKH KLVWRU\ FXVWRPV KDELWV DQG FXOWXUH RI D VSHFLÀF GHVWLQDWLRQ &UDLN:HLOHUDQG+DOO:LOOLDPV $WÀ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ÀFDFWLRQ EHLQJSDUWRI LWDQGWRSRWHQWLDOFDQGLGDWHVWKDWKDYHWRUHVSHFWFHUWDLQ SULQFLSOHVWREHRQWKHOLVW7KHUHVHDUFKH[DPLQHV1DSOHV·FXOWXUDORIIHU LQJVZLWKSDUWLFXODUUHIHUHQFHWRWKHKLVWRULFDOFHQWUHZKLFKEHORQJVRQ WKH81(6&2KHULWDJHOLVW7KHPDLQUHDVRQIRUWKHFKRLFHRI WKLVFDVHVWXG\ LVWKDW1DSOHVDVDGHVWLQDWLRQKDVZLGHDQGGLYHUVHFXOWXUDORIIHULQJVWKDW PDNH LW SRWHQWLDOO\ D QDWXUDO 81(6&2 GHVWLQDWLRQ +RZHYHU WKLV LV QRW D
7KH:RUOG+HULWDJH3URJUDPDQGLWVPDUNHWLQJLPSOLFDWLRQV
VWUDWHJLFDVVHWLQLWVHOI IRUWKHGHYHORSPHQWRI WKHFLW\DVDWRXULVWGHVWLQD WLRQLI QRWDGHTXDWHO\SURPRWHGLQWHUPVRI WRXULVP 7KHDGRSWHGUHVHDUFKPHWKRGRORJ\LVGHYHORSHGDSSO\LQJERWKGH GXFWLYHDQGLQGXFWLYHDSSURDFKHV$FFRUGLQJWRGHGXFWLYHORJLFUHVHDUFK K\SRWKHVHVDUHGHÀQHG7KHPDLQDVVXPSWLRQVDUHDQDO\]HGWKURXJKWKHR UHWLFDOIUDPHZRUNIXUWKHUGHPRQVWUDWHGWKURXJKFDVHVWXG\DQDO\VLV 7KHVWDUWLQJK\SRWKHVHVDUH LQVHUWLRQLQWKH :+/FDQLQFUHDVH WKHGHVWLQDWLRQ·VLQWHUQDWLRQDOUHSXWDWLRQ LQVHUWLRQLQWKH:+/FDQHYHQ EHFRPHDQ RSSRUWXQLW\WRLPSURYHWKHFRPSHWLWLYHQHVVRI WKHGHVWLQD WLRQLI VNLOOIXOO\H[SORLWHG,QWKHRSSRVLWHFDVHLWFDQGHWHUPLQDWHDQHJD WLYHHIIHFWRQWKHFLW\·VLPDJH 7KHIROORZLQJVWHSFRQFHUQVDQLQIHUHQFHDQDO\VLVIURPJHQHUDO SULQFLSOHVXSWRVSHFLÀFVROXWLRQV0RUHH[SOLFLWO\K\SRWKHVHVDUHSURYL VLRQDOH[SODQDWLRQVGHÀQHGLQVRPHFRUHFRQFHSWVWREHWHVWHGLQRUGHU WRYHULI\WKHWUXWKRI WKHDVVXPSWLRQV)URPWKLVSHUVSHFWLYHK\SRWKHVHV FDQQRWEHFRQÀUPHGE\H[SHULHQFHWKH\UHVXOWYDOLGXQWLOWKHHPHUJHQFH RI QHJDWLYHIDFWRUV 2Q WKH RWKHU KDQG LQGXFWLYH ORJLF LV EDVHG RQ WKH REVHUYDWLRQ RI VRPHSDUWLFXODUSKHQRPHQDIURPZKLFKVRPHJHQHUDOL]DWLRQVDUHGH YHORSHGWKDWDOORZDWKHRUHWLFDOIUDPHZRUNWREHUHDFKHGZKLFKFDQEH DSSOLHGWRRWKHUFDVHV ,Q RXU PL[HG LQGXFWLYHGHGXFWLYH DSSURDFK WKLV UHVHDUFK LV GH YHORSHGVWDUWLQJIURPEDFNJURXQGNQRZOHGJHLQRUGHUWRGHÀQHWKHK\ SRWKHVHV)URPWKLVGLUHFWLRQUHVHDUFKPRYHVWRZDUGD5HVRXUFHEDVHG 7KHRU\5%7 LQRUGHUWRKLJKOLJKWWKHVWUDWHJLFFXOWXUDOUHVRXUFHVLQD GHVWLQDWLRQ7KHODVWSKDVHLVWKHGHÀQLWLRQRI DIUDPHZRUNLQRUGHUWR PDWFKVSHFLÀFLPDJHDQGEUDQGZLWKGHVWLQDWLRQGHYHORSPHQW0RUHRYHU WKLVIUDPHZRUNSURSRVHGIRUWKHFLW\RI 1DSOHVFDQEHIXUWKHUDSSOLHGWR RWKHUFDVHV 7KHPDLQUHVXOWVVKRXOGSURYLGHLQWHUHVWLQJLQIRUPDWLRQERWKIRU UHVHDUFK DJHQGD DQG IRU WKHLU PDQDJHULDO LPSOLFDWLRQV LQ WHUPV RI ORFDO SROLFLHV
9$/(17,1$'(//$&257($/(66,23,5$6251(//$35,021
+HULWDJHWRXULVPGHÀQLWLRQ 7KHFRQFHSWRI KHULWDJHLVQRWHDV\WRGHÀQHEHFDXVHLWLVDWHUP WKDWLPSOLHVEURDGDQGDUWLFXODWHGLQWHUSUHWDWLRQVDQGZLWKPXOWLSOHPHDQ LQJVDVLWUHIHUVWRHYHU\WKLQJWKDWFRQFHUQVWKHSDVWLQDFRQFUHWHDQGDW WKHVDPHWLPHLQWDQJLEOHVHQVH +HULWDJHVWXGLHVKDYHDQDO\]HGRYHUWLPHDOODVSHFWVUHODWHGWRWKH FRQFHSW RI FXOWXUDO KHULWDJH WKDW FDQ KDYH D VRFLDO VFLHQWLÀF HFRQRPLF DQGSROLWLFDOPHDQLQJ +HUEHUW GHÀQHVKHULWDJHDV´WKDWZKLFKLVLQKHULWHGIURP WKHSDVWµ+HULWDJHLVWKHUHIRUHWKHDVVHWVWKDWWKHQHZJHQHUDWLRQVUH FHLYHDVDQLQKHULWDQFHIURPWKHSDVWLWUHSUHVHQWVDOOWKDWLVSUHVHUYHG SURWHFWHGDQGFROOHFWHGVRDVQRWWREHORVWZLWKWKHSDVVLQJRI WLPH 6SHFLÀFDOO\/RZHQWKDODUJXHVWKDWWKHIXQFWLRQRI KHULWDJHVWXG LHVVKRXOGEHWKDWRI DQDO\]LQJWKHSDVWDQGXSGDWLQJLWLQRUGHUWRPDNH LW XQGHUVWDQGDEOH DQG XVDEOH ERWK IRU SUHVHQW DQG IXWXUH JHQHUDWLRQV /RZHQWKDO'%LQQH\0 $ORQJZLWKWKH´VHQVHRI SDVWµRWKHU DXWKRUVKDYHDWWULEXWHGWRKHULWDJHDEURDGHUPHDQLQJSDUWLFXODUO\ZLWK UHIHUHQFHWRDWHUULWRULDOGLPHQVLRQ%RZHV WDONVDERXWWKH´VHQVH RI SODFHµZKHUHKHULWDJHLQFOXGHVERWKWKHPDLQVLWHVRULQVWLWXWLRQVDQG WKHZKROHODQGVFDSHWKDWFRQVLVWVRI DPXOWLWXGHRI ORFDOIDFWRUVDQGWUDGL WLRQV7KHUHFRJQLWLRQRI WKHVH´FXOWXUDOVLJQVµLQDWHPSRUDOIUDPHVHQVH RI SDVW GHYHORSVWKH´VHQVHRI SODFHµWKDWLVWKHVHQVHRI EHORQJLQJWRD SODFHWKHUHFRJQLWLRQRI LWVYDOXHVDQGWKHLPSRUWDQFHRI SUHVHUYLQJLW 2WKHUVFKRODUVVXFKDV+DUYH\LQGHÀQLQJKHULWDJHPRYHDZD\ IURPDGHÀQLWLRQUHODWHGWRWKHVHQVHRI EHORQJLQJDQGRI DFFXUDF\DERXW WKHSDVWDQGHPSKDVL]HWKHUROHRI SUHVHUYDWLRQDVDSRZHUWRROIRUWKH IXWXUH+HULWDJHFRQVHUYDWLRQLVUHJDUGHGDVDQHFHVVDU\DFWLRQIXOO\GH YHORSHGDWSUHVHQWWKDWVHHVWKHSDVWFRQWLQXDOO\VXEMHFWHGWRUHZRUNLQJ LQRUGHUWRPDNHLWXQGHUVWDQGDEOHDQGWUDQVPLWLWWRQHZJHQHUDWLRQV,Q IDFW+DUYH\XQGHUOLQHVWKDW´WRKHULWDJHµLVSULPDULO\DYHUEDOSUHGLFDWH ZLWKUHIHUHQFHWRWKHKXPDQDFWLRQRI WDNLQJFDUHRI DQGSUHVHUYLQJ 2WKHU DXWKRUV 7XQEULGJH DQG $VKZRUWK GHÀQH KHULWDJH
7KH:RUOG+HULWDJH3URJUDPDQGLWVPDUNHWLQJLPSOLFDWLRQV
DVUHIHUULQJWRDOOWKHFRQQRWDWLRQVWKDWWKLVWHUPFDQDVVXPH$FFRUGLQJ WRWKHWHPSRUDOGLPHQVLRQKHULWDJHLVVHHQDVDSURGXFWWKDWDIIHFWVWKH SUHVHQWDQGDVDV\QRQ\PIRUSDVWWUHDVXUH0HDQZKLOHDFFRUGLQJWRWKH VRFLDOGLPHQVLRQLWLVFRQVLGHUHGDVWKHZKROHFXOWXUDODQGDUWLVWLFSURGXF WLRQRI WKHSDVW2QWKHRWKHUKDQGWKHHFRQRPLFGLPHQVLRQLVMXVWLÀHG E\WKHFRQVLGHUDWLRQRI KHULWDJHDVDQHFRQRPLFDFWLYLW\LGHQWLÀDEOHDVD ´KHULWDJHLQGXVWU\µ7XQEULGJHDQG$VKZRUWKDOVRFRQVLGHUKHULWDJHDVD SROLWLFDOWRRO7KHUHIRUHKHULWDJHEHFRPHVDVHWRI DOOWKHVHIDFWRUV $FFRUGLQJ WR WKHVH SHUVSHFWLYHV KHULWDJH WRXULVP UHSUHVHQWV D VSHFLÀ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ÀHG FXOWXUH DQG QDWXUH GHPDQGV H[LVWDQGORFDOSROLFLHVKDYHWRUHVSRQGE\RIIHULQJSURSRVDOVWKDWDUHEH FRPSDWLEOHZLWKWKHFXOWXUDOKHULWDJH )LUVWRI DOOWKHLPSOHPHQWDWLRQRI ORFDOWRXULVWSROLFLHVVKRXOGHQVXUHWKH IXWXUHRI KHULWDJHLGHQWLW\LQRUGHUWRGHYHORSHIIHFWLYHPDQDJHPHQWLQD VXVWDLQDEOHSHUVSHFWLYH ,Q WKLV RYHUYLHZ GLIIHUHQW DSSURDFKHV KDYH EHHQ SURSRVHG LQ OLWHUDWXUH LQDQDWWHPSWWRGHÀQH+HULWDJH7RXULVP3RULD PRYHVDZD\IURP WKRVHZKREHOLHYHWKDWKHULWDJHWRXULVPLVDVXEFDWHJRU\RI WRXULVPEDVHG RQO\RQWKHKLVWRULFDOKHULWDJHVLWH3HOHJJL6HDOH 5DWKHUKH DUJXHVWKDWKHULWDJHWRXULVPLVDSKHQRPHQRQEDVHGRQWKHVXEMHFWWKDW LQWHUDFWV ZLWK WKH KHULWDJH VLWH WKH IRFXV LV RQ WRXULVW SHUFHSWLRQV DQG PRWLYDWLRQVUDWKHUWKDQRQKHULWDJHVLWHDWWULEXWHV 7KHVH GHÀQLWLRQV KDYH IRFXVHG H[FOXVLYHO\ RQ WKH GHPDQG VLGH
9$/(17,1$'(//$&257($/(66,23,5$6251(//$35,021
ZLWKRXWWDNLQJLQWRDFFRXQWWKHSDUWLFLSDQWVWKDWPDNHWRXULVWH[SHULHQFH SRVVLEOHQDPHO\WKHWRXULVPLQGXVWU\HQJDJHGLQWKHFRQVWUXFWLRQRI FXO WXUDORIIHUV*DUURGDQG)\DOO FRQVLGHUWKRVHGHÀQLWLRQVDVOLPLWHG LI UHODWHGRQO\WRWRXULVWSHUFHSWLRQV 7KHGHEDWHLVEURDGDQGLW·VGLIÀFXOWWRGLVWLQJXLVKEHWZHHQFXO WXUDODQGKHULWDJHWRXULVP,QIDFWFXOWXUDOWRXULVPDQGKHULWDJHWRXULVP VKDUHPDQ\DVSHFWV)RUH[DPSOHLQDQDWWHPSWDWGHÀQLQJERWKDVSHFWV 5LFKDUGV DUJXHVWKDWWKHWHUP´FXOWXUHµZKHQLWUHIHUVWRWKHWRXU LVWPDUNHWKDVWDNHQRQDQLQÁDWHGPHDQLQJRIWHQUHIHUULQJERWKWRFXO WXUDOUHVRXUFHVDQGWRWRXULVP,QGHHGDFFRUGLQJWRWKLVDXWKRU´KHULWDJH WRXULVPµLVDVXEVHWRI FXOWXUDOKHULWDJH ,QRXUYLHZLWLVQRWRQO\DVXEVHWRI FXOWXUDOKHULWDJHEXWDOVRRI WRXULVPZLWKDQRYHUODSSLQJSHUVSHFWLYHWKDWUHTXLUHVVSHFLÀFDFWLRQVWR SURPRWHDQGHYDOXDWHFXOWXUDOUHVRXUFHVDOVRLQWHUPVRI WRXULVP 81(6&2DQGWKH:+/ 7KH FRQFHSW RI KHULWDJH ZDV FRQFHLYHG DQG EURXJKW DERXW WKURXJKWKHPHGLDWLRQRI VRPHVSHFLÀFLQWHUQDWLRQDORUJDQL]DWLRQVVXFK DV81(6&2WKDWLQLWLDWHSURJUDPVDLPHGDWWKHSUHVHUYDWLRQDQGHQKDQFH PHQWRI FXOWXUDOKHULWDJHPRQXPHQWVZLWKWKHLQWHQWLRQRI IDFLOLWDWLQJLQ WHUQDWLRQDOUHODWLRQVKLSVDQGUHGXFLQJFRQÁLFWVDPRQJGLIIHUHQWFRXQWULHV 7RWKLVRUJDQL]DWLRQWKHELUWKRI WKHFRQFHSWRI XQLYHUVDOFXOWXUDOKHULWDJH LVGXH ,Q SDUWLFXODU WKH &RQYHQWLRQ FRQFHUQLQJ WKH 3URWHFWLRQ RI WKH :RUOG&XOWXUDODQG1DWXUDO+HULWDJH:+& ZDVDGRSWHGE\WKH*HQHUDO &RQIHUHQFHRI 81(6&2KHOGLQ3DULVLQ6LQFHDQFLHQWWLPHVLQ(X URSHDQGWKH0LGGOH(DVWDQHHGWROHJLWLPL]HWKHH[LVWHQFHRI WKH´ZRQ GHUVRI WKHZRUOGµZKLFKFRQVLVWRI PRQXPHQWVFRQVWUXFWHGE\PDQWKH FRPPRQGHQRPLQDWRURI ZKLFKLVDVWURQJYLVXDOLPSDFWDQGWKHDELOLW\WR DURXVHJUHDWHPRWLRQLQWKHREVHUYHUWKH3\UDPLGVRI (J\SWWKH&RORV VXVRI 5KRGHV 7KHSULQFLSOHEHKLQGWKH :+&LVWKDWFXOWXUDOVLWHVDUH´WUHDVXUHV
7KH:RUOG+HULWDJH3URJUDPDQGLWVPDUNHWLQJLPSOLFDWLRQV
DQGULFKHVµWKDWDUH´SURSHUWLHVDQGDVVHWVµ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ÀQHVWKHNLQGRI FXOWXUDORUQDWXUDOVLWHVWKDW PD\ EH LQFOXGHG LQ WKH :RUOG +HULWDJH /LVW DQG HVWDEOLVKHV WKH GXWLHV RI WKHFRXQWULHVWKDWKDYHVLJQHGDQGDFFHSWHGWKH&RQYHQWLRQ7KDWLV QDPHO\WKHLGHQWLÀFDWLRQRI YDOXDEOHSRWHQWLDOVLWHVZLWKLQWKHLUWHUULWRU\ DQG WKHLU HQJDJHPHQW LQ WKH SURWHFWLRQ RI DOO WKH QDWLRQDO VLWHV (YHU\ WZR\HDUVWKH*HQHUDO$VVHPEO\RI 0HPEHU6WDWHVHOHFWVWKHFRPPLWWHH PHPEHUVDQGGHFLGHVRQWKHLUUHVSRQVLELOLWLHVLQWKHZKROHGHFLVLRQPDN LQJ SURFHVV ZLWK UHIHUHQFH WR WKH LPSOHPHQWDWLRQ RI DOO DVSHFWV RI WKH &RQYHQWLRQ 7KHFRPPLWWHHFRQVLVWVRI PHPEHUVWDWHVDQGFDUULHVRQWKUHH PDLQIXQFWLRQV 7KH H[DPLQDWLRQ DQG VHOHFWLRQ RI UHVRXUFHV WR LQFOXGH LQ WKH :+/DVVLVWHGE\WKHDGYLVRU\ERGLHV 7KHÀQDQFLDOPDQDJHPHQWRI WKH:RUOG+HULWDJH)XQGZKLFK SURYLGHVÀQDQFLDOVXSSRUWWRPHPEHUVWDWHVIRUVWXGLHVVSHFLDO L]HGKXPDQUHVRXUFHVSURYLVLRQRI HTXLSPHQWDQGJUDQWLQJRI ORDQV $QDQDO\VLVRI WKHVWDWHRI WKHDUWRI WKHKHULWDJHRI WKH :+/ DQGHYHQWXDOUHTXHVWVWRPHPEHUVWDWHVWRWDNHVSHFLÀFDFWLRQV WRLPSURYHWKHLUPDQDJHPHQW
9$/(17,1$'(//$&257($/(66,23,5$6251(//$35,021
7KHLQVHUWLRQSURFHVVRI DKHULWDJHVLWHLQWKH :+/RFFXUVJUDGX DOO\WKH:RUOG+HULWDJH&RPPLWWHHFRPSLOHVDQGXSGDWHVWKH:RUOG+HUL WDJH/LVWIURPOLVWVRI QRPLQDWLRQVVXEPLWWHGE\HDFKPHPEHUVWDWH,Q FOXVLRQLQWKHOLVWKRZHYHUFDQDOVRRFFXUZLWKRXWWKHDSSURYDORI WKH VWDWH $Q DGGLWLRQDO OLVW RI :RUOG +HULWDJH LQ 'DQJHU H[LVWV VSHFLÀFDOO\ IRUWKHVLWHVZKLFKDOWKRXJKDOUHDG\LQFOXGHGLQWKH :+/PD\XQGHUJR FKDQJHVLQFRQGLWLRQVRUKDYHWKHLUVDIHW\WKUHDWHQHGEHFDXVHRI FRQÁLFWV GLVDVWHUVRULOOHJDORSHUDWLRQV 7KHSDUDPHWHUVDQGVWDQGDUGVXQGHUZKLFKWKHFDQGLGDWHUHVRXUF HVPD\EHLQFOXGHGLQWKH :+/DUHFRQWDLQHGLQWKH:RUOG+HULWDJH&RQ YHQWLRQZKLFKVHWVDVWKHÀUVWHVVHQWLDOFRQGLWLRQWKDWWKHVWDWHZKLFKVXE PLWWHGWKHDSSOLFDWLRQXQGHUWDNHVWRSURWHFWDQGHQKDQFHWKHSURSRVHG VLWHE\IXQGLQJOHJLVODWLRQDQGPDQDJHPHQWSODQV,QDGGLWLRQWKH&RQ YHQWLRQHVWDEOLVKHVDGLVWLQFWLRQEHWZHHQFXOWXUDOQDWXUDODQGPL[HGVLWHV ,QWKLVVHQVHLQVFULSWLRQWRWKH:+/HQWDLOVQRWRQO\WKHDSSOLFDWLRQ IRUFDQGLGDF\ZLWKDGHWDLOHGGHVFULSWLRQRI WKHSURSRVHG´VLWHµEXWDOVR GUDIWLQJWKHPDQDJHPHQWSODQLQZKLFKWKHPDLQDFWRUVRI WKHV\VWHP ERWKSXEOLFDQGSULYDWHDUHLQYROYHG7KLVSODQUHSUHVHQWVDVWUDWHJLFLQ VWUXPHQWHVVHQWLDODQGLPSHUDWLYHEHFDXVHLWFRQWDLQVWKHPDLQVKRUWDQG ORQJ WHUP REMHFWLYHV SUHVHUYDWLRQ HQKDQFHPHQW RI WKH SURPRWHG VLWH ZLWKWKHDLPRI GHPRQVWUDWLQJDQGDVVXULQJWKHIHDVLELOLW\LPSOHPHQWDWLRQ DQGRSHUDWLRQRI WKHRYHUDOOSURFHVVDQGWKHQSUHVHUYDWLRQIRUSRVWHULW\ RI WKH´VLWHµLQDVXVWDLQDEOHZD\ 7KH :RUOG +HULWDJH &HQWUH KHOSV WR RUJDQL]H WKH H[DFW GRFX PHQWDWLRQWKDWPXVWDFFRPSDQ\WKHQRPLQDWLRQVWKHQWUDQVPLWWHGWRWKH &RPPLWWHH7KLVERDUGH[DPLQHVQRPLQDWLRQVRQWKHEDVLVRI À[HGFULWH ULD7KHVHDUHRUJDQL]HGDURXQGGHÀQHGRSHUDWLRQDOOLQHVVWDUWLQJIURPHYDO XDWLRQVH[SUHVVHGE\WKHDGYLVRU\ERGLHV0RUHRYHUWKH :+&FDQGHFLGH WRHLWKHULQFOXGHDQDVVHWRUUHTXLUHWKHVWDWHFRQFHUQHGWRSURYLGHPRUH LQIRUPDWLRQDERXWWKHVWUDWHJLHVRI SURWHFWLRQRUHYHQUHMHFWWKHDSSOLFD WLRQ
7KH:RUOG+HULWDJH3URJUDPDQGLWVPDUNHWLQJLPSOLFDWLRQV
&ULWHULDIRULQFOXVLRQLQWKH:+/ )URP D FRPSDUDWLYH DQDO\VLV E\ WKH &RQYHQWLRQ DQG WKH +HULW DJH /LVW LW DSSHDUV WKDW WKH YDOXHV RQ ZKLFK WKH HYDOXDWLRQ SDUDPHWHUV DUHIRXQGHGDUHJHQHUDODQGVRPHWLPHVDUELWUDU\7KHVHFULWHULDUHÁHFWDQ HODERUDWLRQZKLFKLVSUREDEO\LQVXIÀFLHQWDQGFHUWDLQO\RXWGDWHG ,Q IDFW LQ WKH FDVH RI VRFDOOHG ´FXOWXUDOµ VLWHV WKH QXPEHU RI ZKLFKLVSUHGRPLQDQWWKHVLWHLVMXGJHGDVSRVVLEOHWRLQFOXGHLQWKHOLVW RQO\LI LWDQVZHUVWKHSULQFLSOHRI DXWKHQWLFLW\LQWKHFDVHRI QDWXUDOVLWHV WKHSULQFLSOHRI LQWHJULW\LVDSSOLHG7KHVHYDOXHFULWHULDKDYHEHHQVWURQJ O\TXHVWLRQHGE\FRQWHPSRUDU\FULWLFV&OLIIRUG8UU\$LPH ERWKDWDQDQWKURSRORJLFDO²VRFLRORJLFDOOHYHODQGDWDFXOWXUDODQG WRXULVWLFOHYHO 0RUHRYHUWKH81(6&2HYDOXDWLRQSULQFLSOHVSUREDEO\UHÁHFWDFRQ FHSWRI FXOWXUDOYDOXHZKLFKUHYHDOVDUDWKHU(XURFHQWULFFDQRQZKLFKFDQ EHHDVLO\GLVSXWHG,QIDFWLWLVHDV\WRQRWLFHWKDWPRVWRI DOO81(6&2VLWHV DUHORFDWHGLQWKH:HVWDERYHDOO6SDLQ,WDO\DQG)UDQFHZKLFKDUHWKH WKUHHQDWLRQVZLWKWKHJUHDWHVWQXPEHURI VLWHVZULWWHQLQWKHOLVW 7KHUHIRUH LW VHHPV GLIÀFXOW WR ÀQG KRPRJHQRXV SULQFLSOHV RI MXGJHPHQWDQGWRXQGHUVWDQGWKHPDLQFKRLFHVWKDWOHDGWRWKHLQFOXVLRQ RI VRPHVLWHVRUSODFHVUDWKHUWKDQRWKHUV:LWKRXWGRXEWWKHPDQDJH PHQWDFWLYLW\RI ORFDOJRYHUQPHQWRUJDQL]DWLRQVVHHPVWREHRI JUHDWLP SRUWDQFH7KHUHIRUHLQVSLWHRI WKHOLPLWDWLRQVRI FULWHULDLPSRVHGE\VXE MHFWLYLW\LWLVFHUWDLQWKDW81(6&2GHVWLQDWLRQVDUHLQVRPHZD\FRPSHOOHG WR PDQDJH WKH WHUULWRU\ DFFRUGLQJ WR VRPH VSHFLÀF VWUDWHJLF JXLGHOLQHV $FFRUGLQJWRWKHVHFXOWXUDOUHVRXUFHVZKHQSURSRVHGWRWKHSXEOLFIRU DGLIIHUHQWXVHKDYHWREHSUHVHUYHGDQGWKDWDVWUDWHJLFDQGRSHUDWLRQDO SODQQLQJSURFHVVLVQHFHVVDU\7KHVSHFLÀFSROLWLFDOSDUW\LQSRZHULVXQ LPSRUWDQWWKHSURFHVVKDVWREHFRQGXFWHGE\ZKLFKHYHUSROLWLFDOSDUW\LV HOHFWHGWRPDQDJHWKHWHUULWRU\ 7KHUROHRI 81(6&2LQWKHSURPRWLRQRI DGHVWLQDWLRQ &RQFHUQLQJWKHWRXULVWVHFWRULQFOXVLRQLQWKH81(6&2KHULWDJHRI
9$/(17,1$'(//$&257($/(66,23,5$6251(//$35,021
PRQXPHQWVRUVLWHVUHSUHVHQWVDSRZHUIXODWWUDFWLRQIDFWRUDQGDOVRIRU WKLV UHDVRQ WRXULVP SOD\V D IXQGDPHQWDO UROH LQ WKH SURWHFWLRQ DQG HQ KDQFHPHQWRI 81(6&2VLWHV 7KLVDSSURDFKFDQKHOSGHVWLQDWLRQVWREHFRPHFDQGLGDWHVWRKRVW ELJHYHQWVWRDWWUDFWLQYHVWPHQWVDQGLQFUHDVHWKHÁ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ÀF UHIHUHQFH WR DQLQFUHDVHGLQWHUHVWLQFXOWXUDODQGH[FHSWLRQDOVLWHVWKHDXWKHQWLFLW\DQG XQLYHUVDO YDOXH RI WKH UHFRJQLWLRQ RI FXOWXUDO JRRGV FDQ RQO\ EH D SOXV IRU WKH GHVWLQDWLRQ ,Q WKLV SHUVSHFWLYH ´3ODFHV RI :RQGHU 'LVFRYHU\µ FRQWULEXWHVWRWKHSURPRWLRQRI WRXULVWVLWHVWKDWKDYHHQWHUHGWKH :+/ ,QVFULSWLRQLQWKH:RUOG+HULWDJH/LVWWKHUHIRUHSURYLGHVDVWURQJSUR PRWLRQDOWRRODQGDUHFRJQL]DEOHEUDQG%XFNOH\+DOODQG3LJJLQ DEOHWRGHWHUPLQHDGLIIHUHQWLDWHGSRVLWLRQLQJLQWKHPDUNHW+DOO ,QWKLVGLUHFWLRQWKHUHLVZLGHOLWHUDWXUHRQWRXULVWEUDQGLQJ+DQ NLQVRQ0RUJDQ3ULWFKDUGDQG3ULGH.RWOHUHW*HUQHU
$VODWHDV8QHVFR:RUG+HULWDJH&HQWHUZLWKWKHFRRSHUDWLRQRI WKHHGLWRURI
´2XU3ODFHµSXEOLVKHGDVHULHVRI WHQERRNV3ODFHVRI :RQGHU'LVFRYHU\ 7KLVHGLWLRQ LQFOXGHVRULJLQDOSKRWRVRI :RUOG+HULWDJHVLWHVLQFRXQWULHV
7KH:RUOG+HULWDJH3URJUDPDQGLWVPDUNHWLQJLPSOLFDWLRQV
%UDQGUHSUHVHQWVDJXDUDQWHHZKHQLWLVDQH[SUHVVLRQRI WKHRUL JLQDQGTXDOLW\RI WKHDVVHW7RXULVPFKDUDFWHUL]HGE\VWURQJKHWHURJHQH LW\DQGWKHLQWDQJLELOLW\RI VHUYLFHWKURXJKWKLVJXDUDQWHHFDQUHGXFHWKH LPSDFW RI WKHVH VDPH DVSHFWV 'H 5X\WHU :HW]HOV DQG .OHLMQHQ 7KHQEUDQGFDQHQFRXUDJHWKHFRQVXPHUDQGLQÁXHQFHWRXULVWFKRLFHV VLPSOLI\LQJWKHLUGHFLVLRQV6WHUQ=LQNKDQHW*UDQGIDWKHU0RUJDQ 3ULWFKDUGDQG3LJJRW &RQVLGHULQJWKHVHFKDUDFWHULVWLFVWKHLQFOX VLRQRI DVLWHLQWKH :+/LVVLPLODUWRDSURFHVVRI EUDQGLQJ7KLVEUDQG LQJLVDGLVWLQFWLYHVLJQUHDVVXULQJWRXULVWVRI WKHYDOXHRI DGHVWLQDWLRQ 7KHSUHVWLJHDVVRFLDWHGZLWK :+/FUHGLELOLW\LVDVVXUHGE\81(6&2DQGLWV H[SHUWVDQGE\WKHIDFWWKDWWKHVHVLWHVPXVWPHHWVSHFLÀFTXDOLW\FULWHULD VXFKDVXQLTXHQHVVH[FHSWLRQDELOLW\DQGXQLYHUVDOYDOXH7KHVHTXDOLWLHV DUHH[FHOOHQWLQSURPRWLQJWRXULVWDWWUDFWLRQWRUHFRJQL]HGVLWHV+DOODQG 3LJJLQ +RZHYHUHYHQLI LQVFULSWLRQLQWKH:+/UHSUHVHQWVDSURPRWLRQDO WRROIRUDGHVWLQDWLRQZKLFKKRVWVWKHKHULWDJHVLWHLQSUDFWLFHRQO\DIHZ ZHVWHUQFLWLHVXVHWKLVWRROLQWKHLUSURPRWLRQDOVWUDWHJLHVDQGYHU\IHZ FRPSDQLHVUHIHUWRLWLQWKHLUWUDGHSROLFLHV%HFN+DOODQG3LJJLQ 0DUFRWWHDQG%RXUGHDX 6RPHUHVHDUFKXQGHUOLQHVDFRUUHODWLRQEHWZHHQHQUROOPHQWLQWKH :+/DQGDQLQFUHDVHLQWKHÁRZRI WRXULVWV/D]]DURWWL7KRUVHOOHW 6LJDW\ +RZHYHUWKHDELOLW\RI DGHVWLQDWLRQ·VUHVRXUFHVWRDWWUDFW EHIRUHDQGDIWHU:+/LQVHUWLRQLVRIWHQGLIÀFXOWWRHYDOXDWH0RUULV .XKQ 7KHQDOVREUDQGVDVVRFLDWHGZLWKLQWDQJLEOHIDFWRUVWKHGLV WLQFWLRQ EHWZHHQ WKH LQWULQVLF DWWUDFWLYHQHVV RI D VLWH DQG WKDW UHVXOWLQJ IURPWKHDWWULEXWLRQRI :RUOG+HULWDJH6WDWXVVRPHWLPHVUHPDLQVREVFXUH 7KLVLVVXHLVQRWDSSOLFDEOHWRVPDOOVLWHVQRWVRZHOONQRZQZKLFKDUH LQFOXGHGLQWKH:+/DQGXVHLWDVDVWURQJSURPRWLRQDOWRRO%HFN ,QIDFWLQUHFHQW\HDUVWKHWUHQGRI 81(6&2LQGLFDWHVDVWHDG\LQFUHDVHLQ WKHVLWHVOLVWHGLQWKH:+/ZLWKWKHULVNRI ORVLQJWKHXQLTXHFKDUDFWHURI LQVHUWHGVLWHV
9$/(17,1$'(//$&257($/(66,23,5$6251(//$35,021
(PSLULFDOUHVXOWVWKH&DVHRI 1DSOHV ,Q 1DSOHV ZDV GHFODUHG E\ 81(6&2 DV D ´:RUOG +HULWDJH VLWHµDQGLQVHUWHGLQWKHOLVWRI PRQXPHQWVWRSUHVHUYHZLWKWKHIROORZ LQJ PRWLYDWLRQ 1DSOHV LV RQH RI WKH PRVW DQFLHQW (XURSHDQ FLWLHV LWV DFWXDOWRZQSODQQLQJUHWDLQVWKHIDFWRUVRI LWVVSHFLDOSDWKULFKLQHYHQWV ,WVURDGVV\VWHPWKHULFKQHVVDQGYDULHW\RI LWVKLVWRULFDOEXLOGLQJVFRQ VWUXFWHGLQGLIIHUHQWWLPHSHULRGVDQGLWVORFDWLRQRQWKHJXOI RI 1DSOHV JLYHLWDVSHFLDODQGXQLTXHYDOXHZKLFKVSUHDGVLWVLQÁXHQFHLQ(XURSH DQGEH\RQG,QWKHFLW\ULVNHGEHLQJFDQFHOOHGIURPWKHOLVWVLQFHWKH :RUOG +HULWDJH &RPPLWWHH SHULRGLFDO UHSRUW LQGLFDWHG ZHDN SURWHFWLRQ DQGQRQHQKDQFHPHQWRI WKHVLWH $FWXDOO\LWKDVQRWEHHQORQJVLQFHXUEDQDQGWHUULWRULDOPDUNHWLQJ FRQFHSWV KDYH EHJXQ WR JDLQ PRUH LPSRUWDQFH LQ SXEOLF DGPLQLVWUDWLRQ DFWLYLWLHVJLYHQWKHJURZLQJFRPSHWLWLRQEHWZHHQWHUULWRULHVWKDWFRQWHQG IRUWKHEHVWSRVLWLRQVLQDWWUDFWLQJLQYHVWPHQWVDÁRZRI WRXULVWVDQGELJ HYHQWV ,WEHFRPHVIXQGDPHQWDOIRUWKHSDUWLFLSDQWVLQDORFDOV\VWHPWR EHLQIRUPHGEHDEOHWRPDNHGHFLVLRQVDQGLGHQWLI\UHVRXUFHVDQGVNLOOV LQFUHDVHWKHLUYDOXHE\LQQRYDWLYHSURMHFWVDQGHYDOXDWHLQWKLVZD\ODQG PDUNHWLQJDVDQLQGLVSHQVDEOHLQVWUXPHQWWRRIIHUDQGXVH +HQFH ZLWK UHIHUHQFH WR WKLV ÀHOG SDUWLFXODUO\ FRQVLGHULQJ WKH VSKHUHRI KHULWDJHUHVRXUFHVODVW\HDU·VDQDO\VLVFRXOGEHFRQVLGHUHGXVH IXO7KLVVWXG\ZDVH[HFXWHGE\WKH/DQG0DUNHWLQJ$UHDRI 1DSOHVDQG LVEDVHGRQWKHLQLWLDWLYHVRI WKHDFWXDOXUEDQSODQIRFXVLQJRQWKHSRWHQ WLDOLWLHVRI WKHVLWHUHODWHGWRLWVKLVWRULFDOFHQWUH,QSDUWLFXODULWSURSRVHV DUHVWUXFWXULQJSURMHFWRI WKHFRUHDUHDIRUWKHIUXLWLRQRI WKH1HDSROLWDQ KHULWDJH,WIRUHVHHV 7KHHOLPLQDWLRQRI GHJUDGHGSODFHVWKHGHPROLVKHGEXLOGLQJV LQWKHKLVWRULFDOFHQWUHZLOOEHUHFRQVWUXFWHGE\SULYDWHFLWL]HQV 7KHUHFRYHU\RI ´DWWLFVµXVLQJWKHDWWLFVRI EXLOGLQJVLQWKHKLV WRULFDOFHQWUHIRUUHVLGHQWLDOSXUSRVHVEHFRPHVSRVVLEOHE\ORZ HULQJWKHÁRRUVDQGRSHQLQJZLQGRZVGLUHFWO\RQWRWKHURRIV
7KH:RUOG+HULWDJH3URJUDPDQGLWVPDUNHWLQJLPSOLFDWLRQV
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´1DSROLµLQWRXULVWLPDJHU\7KLVREMHFWLYHLVYLDEOHFRQVLGHULQJODQGPDU NHWLQJSROLFLHVZKLFKFDQLPSOHPHQWWKHZKROHSURGXFWLRQFLUFXLWFKDU DFWHUL]HGE\LQWDQJLEOHEXWUHOHYDQWDVSHFWVVXFKDVIRONORUHDQGXUEDQ UHYDOXDWLRQLQWKHIUXLWLRQRI FXOWXUDOKHULWDJH&XOWXUDOPDUNHWLQJRQWKH RWKHUKDQGLVFRQVLGHUHGDVDPHWKRGRORJ\WREHGHYHORSHGDORQJZLWK FXOWXUDOKHULWDJHZLWKPRUHDWWHQWLRQRQSURPRWLRQ 'XULQJ´:HOFRPH)HUUDJRVWR²,WLQHUDULHVLQWKH+LVWRULFDO&HQ WUHµDQLQLWLDWLYHLQWKHQGHGLWLRQKHOGIURPWKHWKWRWKHWKRI $XJXVWUHDOL]HGE\WKH&LW\7RXULVW'HSDUWPHQWZLWKWKHFRRSHUD WLRQRI WKH'HSDUWPHQWRI 7UDGHLQWHUYLHZVZHUHJLYHQWRWRXULVWV DVNLQJDERXWFRQGLWLRQVRI WKHKLVWRULFDOFHQWUH7KHLQWHUYLHZVLQGLFDWHV WKDWWKH1DSOHVKLVWRULFDOFHQWUHLVDSSUHFLDWHGE\WRXULVWVDOWKRXJKWKH\ XQGHUOLQHGVRPHGHJUDGHGFRQGLWLRQVLQWKHDUHD $OVRSXEOLFDQGSULYDWHWRXURSHUDWRUVZHUHDVNHGWRFRPSOHWHDQ
9$/(17,1$'(//$&257($/(66,23,5$6251(//$35,021
DUWLFXODWHGTXHVWLRQQDLUH([SHUWVLQYROYHGIROORZHGWKH'HOSKLPHWKRGD TXDOLWDWLYHDQGSDUWLFLSDWRU\DQDO\VLVFRPSDULQJYDULRXVSRLQWVDVRUWRI ´YLUWXDOGHEDWHµ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ÁHFWVWKHH[SHFWDWLRQVRI WRXULVWVRQO\ZLWKUHIHUHQFH WRLWVKLVWRULFDODUWLVWLFDQGFXOWXUDOUHVRXUFHV7KHRUJDQL]DWLRQRI WKHVH UHVRXUFHVLVVWLOOQRWDGHTXDWH 7KH SDUDPHWHUV XVHG HVWDEOLVKHG VRPH FRQQHFWLRQ EHWZHHQ LQ VHUWLRQ LQ WKH :+/ DQG WKH GHYHORSPHQW RI WRXULVP ,Q VSLWH RI D OLWWOH PDUNHWLQJ DFWLRQ DW LQGXFWHG OHYHO VXFK DV ´:HOFRPH )HUUDJRVWRµ RU ´0D\RI 0RQXPHQWVµSURPRWHGE\WKH0XQLFLSDOLW\RI 1DSOHVZKLFK DUH XQGRXEWHGO\ XVHIXO LQLWLDWLYHV WKH UHVXOWV KDYH QRW EHHQ VR VDWLVIDF WRU\EHFDXVHRI GLIÀFXOWLHVDWWKHRUJDQLFOHYHOWKDWLVLQWKHSKDVHRI WKH SURYLVLRQRI VHUYLFHV,QIDFWWKHSUREOHPVRI VXSSO\LQJVHUYLFHVJRDORQJ ZLWKGLIÀFXOWPDQDJHPHQWRI WKHDUHDZKLFKVKRXOGEHVXSHUYLVHGFRQ WLQXDOO\6XUYHLOODQFHDQGVXSHUYLVLRQFRXOGSUHYHQWWKHGHIDFLQJRI ZDOOV FDXVHGE\JUDIÀWLDQGGLUW\LQJLQVRPHSDUWVRI WKHFHQWUHDVKLJKOLJKWHG E\LQWHUYLHZVZLWKWRXULVWVDQGRSHUDWRUV 7KHPRGHOLVEDVHGRQSDUDPHWHUVGHSLFWHGLQWKHIROORZLQJÀJ XUHÀJ 7KHUHODWLRQDPRQJWKHVHWKUHHSDUDPHWHUVFDQSURYLGHLPSRU WDQWLPSOLFDWLRQVIRUWHUULWRULDOGHYHORSPHQW
7KH:RUOG+HULWDJH3URJUDPDQGLWVPDUNHWLQJLPSOLFDWLRQV
)LJ
6RXUFHSHUVRQDOHODERUDWLRQ
7KHQ E\ DSSO\LQJ 6:27 DQDO\VLV 6WUHQJWK :HDNQHVV 2SSRU WXQLWLHV DQG 7KUHDWV LQ WKH 5%7 SHUVSHFWLYH 5HVRXUFHG%DVHG 7KHRU\ WKURXJK 95,2IUDPHZRUN9DOXH5DUH,QLPLWDELOLW\2UJDQL]DWLRQ WRWKH DUHDRXUUHVHDUFKKDVVKRZQWKHIROORZLQJUHVXOWVWDE 7DE2SSRUWXQLWLHVDQG7KUHDWV 23325781,7,(6
SRVVLEOHGHYHORSPHQWRI ORZFRVWWUDQ VSRUWDWLRQIRUWKHZKROH5HJLRQ
7+5($76
KLJKSULFHFRPSHWLWLRQLQWKHJOREDO PDUNHW
HXURSHDQDQGQDWLRQDOIXQGLQJIRUWKHGH PDUNHWVFULVLV YHORSPHQWRI WRXULVWÀUPVDQGSURMHFWV HQYLURQPHQWDOFULVLVRI WKHUHJLRQDQG ORVVRI DSRVLWLYHLPDJH 6RXUFHHODERUDWLRQIURP'HOOD&RUWH DQG6FLDUHOOL
9$/(17,1$'(//$&257($/(66,23,5$6251(//$35,021
7DE7KH95,2IUDPHZRUNDQG6WUHQJWKVDQG:HDNQHVVHVLQWKH5%7SHU VSHFWLYHRI WKHDUHD 5(6285&(6
&XOWXUDO KHULWDJH
9