(AGENPARL) – lun 17 ottobre 2022 
DV VRRQ DV SRVVLEOH $V PDQ EXVLQHVVHV DUH RQ WKH YHUJH RI FROODSVH DOO RSWLRQV WR HDVH HQHUJ
SURGXFWLRQ VKRXOG EH FRQVLGHUHG LQFOXGLQJ WHPSRUDU OHJLVODWLYH DGDSWDWLRQV RU LPSOHPHQWDWLRQ
PRUDWRULD
:KLOH PRYLQJ IRUZDUG ZLWK H[FHSWLRQDO WHPSRUDU DQG VKRUWWHUP PHDVXUHV ZH VKRXOG
QRW ORVH
VLJKW RI RXU GHFDUERQLVDWLRQ JRDO
 (XURSH QHHGV WR UHYHUW DV VRRQ DV SRVVLEOH WR D IXQFWLRQLQJ
HQHUJ PDUNHW ZKLFK LQFHQWLYLVHV LQYHVWPHQWV LQ ORZFDUERQ WHFKQRORJLHV JULGV DQG
LQWHUFRQQHFWRUV
 *XLGDQFH DQG VXSSRUW IRU FRPSDQLHV RQ VDQFWLRQV OLQNHG WR LQYDVLRQ RI 8NUDLQH
(XURSHDQ
EXVLQHVV LV VWDQGLQJ IXOO EHKLQG WKH VDQFWLRQV
WKDW ZHUH DGRSWHG DV D UHVSRQVH WR
5XVVLD¶V LQYDVLRQ RI 8NUDLQH 0DQ FRPSDQLHV KDYH GHFLGHG WR JR HYHQ IXUWKHU WKDQ ZKDW ZDV
OHJDOO UHTXLUHG 7R HQVXUH JRRG FRPSOLDQFH DQG KDUPRQLVHG LPSOHPHQWDWLRQ DFURVV WKH VLQJOH
PDUNHW FRPSDQLHV QHHG FOHDU JXLGDQFH DQG VXSSRUW IURP WKH (XURSHDQ &RPPLVVLRQ DQG
JRYHUQPHQWV LQ LPSOHPHQWLQJ WKH OHJLVODWLRQ
(XURSHDQ
FRPSDQLHV DUH DOVR YHU HQJDJHG LQ VXSSRUWLQJ 8NUDLQH
 0DQ FRPSDQLHV UHPDLQHG
LQ WKH FRXQWU GHVSLWH WKH YHU GLIILFXOW VLWXDWLRQ DQG RWKHUV DUH ZLOOLQJ WR JR EDFN RQFH FRQGLWLRQV
DOORZ 8NUDLQH LV DW ZDU VR ZH XQGHUVWDQG WKDW VRPH HPHUJHQF PHDVXUHV PLJKW EH MXVWLILDEOH
+RZHYHU LW LV LPSRUWDQW WKDW WKH FRXQWU FRQWLQXHV LQ WKH SDWK IRU
FORVHU LQWHJUDWLRQ DQG
DOLJQPHQW ZLWK WKH (8
DV WKLV ZLOO EH FULWLFDO LQ WKH DFFHVVLRQ SURFHVV DV ZHOO DV WR DWWUDFW LQYHVWRUV
 &ORVHU DQG GHHSHU WLHV ZLWK WUDGH SDUWQHUV WR GLYHUVLI VXSSO FKDLQV
,Q YLHZ RI WKH FKDOOHQJLQJ JHRSROLWLFDO HQYLURQPHQW LW LV QDWXUDO IRU WKH (8 WR ZRUN PRUH FORVHO DQG
GHYHORS
GHHSHU UHODWLRQV ZLWK SDUWQHUV WKDW VKDUH FRPPRQ JRDOV
RI SHDFH VWDELOLW
GHPRFUDF DQG WKH UXOH RI ODZ +RZHYHU WR UHPDLQ D JOREDO SODHU DQG OHYHUDJH LWV HFRQRPLF FORXW
WKH (8 QHHGV WR
FRQWLQXH HQJDJLQJ ZLWK FRXQWULHV DURXQG WKH ZRUOG
LQFOXGLQJ WKRVH WKDW ZH
FRQVLGHU VVWHPLF ULYDOV OLNH &KLQD $W WKH VDPH WLPH WR PLWLJDWH ULVNV DQG EXLOG PRUH UHVLOLHQFH LQ
RXU VXSSO FKDLQV ZH QHHG XUJHQWO WR
GLYHUVLI PDUNHWV DQG VRXUFHV RI VXSSO
QDPHO WKURXJK
WUDGH SROLF DQG WUDGH DJUHHPHQWV
 &RQFUHWH PHDVXUHV WR HDVH WKH EXUGHQ RQ FRPSDQLHV
7KH FXPXODWLYH HIIHFW RI KLJK HQHUJ SULFHV VXSSO FKDLQV GLVUXSWLRQV ODERXU VKRUWDJHV DQG ULVLQJ
LQWHUHVW UDWHV SXW DQ HQRUPRXV VWUDLQ RQ (XURSHDQ EXVLQHVVHV RI DOO VL]HV DQG HQGDQJHU WKH MREV
WKH SURYLGH,PPHGLDWH DFWLRQ LV QHHGHG WR
HDVH WKH EXUGHQ RQ FRPSDQLHV

,Q DGGLWLRQ WR FRQVLGHULQJ WHPSRUDU OHJLVODWLYH DGDSWDWLRQV RU LPSOHPHQWDWLRQ PRUDWRULD WR HDVH
HQHUJ SURGXFWLRQ LQ (XURSH DQG WR SURYLGLQJ JXLGDQFH RQ KRZ WR FRPSO ZLWK VDQFWLRQV LW LV
HVVHQWLDO WR DYRLG XQZRUNDEOH SURYLVLRQV RQ GXH GLOLJHQFH RU DQ XQQHFHVVDU UHYLVLRQ RI WKH
(XURSHDQ :RUNV &RXQFLOV GLUHFWLYH :H UHJUHW WKDW WKH DQQRXQFHG ³RQH LQ RQH RXW´ SULQFLSOH KDV
QRW HW SURGXFHG DQ WDQJLEOH UHVXOWV
%XVLQHVV(XURSH FDOOV RQ WKH (XURSHDQ &RXQFLO WR
WDNH WKH QHFHVVDU GHFLVLRQV WR WDFNOH WKH
HQHUJ FULVLV
DQG MRLQ IRUFHV ZLWK WKH &RPPLVVLRQ DQG WKH (XURSHDQ 3DUOLDPHQW WR
ZRUN WR HDVH
WKH OHJLVODWLYH EXUGHQV IRU FRPSDQLHV DYRLGLQJ XQQHFHVVDU UHYLVLRQV
RI (8 ODZ DQG WDNLQJ
LQWR DFFRXQW WKH FXPXODWLYH HIIHFW RI (8 OHJLVODWLRQ
WR JLYH SRVLWLYH VLJQDOV WR FRPSDQLHV LQ WKLV
YHU GLIILFXOW SHULRG DQG LPSURYH JURZWK DQG HPSORPHQW SURVSHFWV LQ (XURSH %XVLQHVV(XURSH
VWDQGV UHDG WR DVVLVW WKH (8 LQVWLWXWLRQV LQ WKLV HQGHDYRXU