Professional Documents
Culture Documents
6LUV
7KHDSSHDUDQFHRIPRUHIHQFLQJLVDFWXDOO\ DOLPLWDWLRQRIERWKWKH VRIWZDUHZHXVHDQGWKH VFDOHDW
ZKLFKWKH PDSLVUHTXHVWHG:KHQGLVSOD\LQJPLOHVRIIHQFHDWDVRXWKZHVWERUGHUVFDOHIRUD
PDSWKDWZLOO OLNHO\DSSHDUDVDLQFKE\LQFKVHFWLRQRIDQHZVDUWLFOHLVYHU\GLIILFXOW 7\SLFDOO\WKH
IHQFHZRXOGQ¶WEHYLVLEOHDWWKLVVFDOHVRZHDUHIRUFHGWRHQODUJHWKH VL]HRIWKH V\PEROUHSUHVHQWLQJ
WKHIHQFHWRPDNHLWYLVLEOH
0DNLQJVHYHUDOVPDOOHUPDSVZRXOGUHVROYHWKH LVVXHWRDFHUWDLQ H[WHQWEXW RQO\DVDIDFWRURIWKH
VFDOH,IZHLQFUHDVHWKH VFDOHORRNLQJDVPDOOHUDUHD VXFKDVDVWDWHFRXQW\RUVWUHHWOHYHOPDSZH
JHWDPXFKPRUHDFFXUDWHUHSUHVHQWDWLRQ+RZHYHUWKLVEULQJVXSWKH TXHVWLRQDVWRKRZPDQ\PDSV
WKH&KULVWLDQ6FLHQFH0RQLWRULQWHQGVRQGLVSOD\LQJLQWKHLUDUWLFOH
,IZHFDQGHOD\ WKH ILQLVKHGSURGXFWWLOOWRPRUURZZHFDQH[SHULPHQWZLWKVRPHGLIIHUHQWVFDOHVWRVHH
LIWKLVUHVROYHVWKH LVVXH+RZHYHULIZHLQFUHDVHWKH VFDOHWRR PXFKZHZRXOGHQGXSJLYLQJWDFWLFDO
OHYHOGHWDLO DVWRWKH VWDUWDQGVWRSSRLQWVRIWKH YDULRXVVHFWLRQVRIIHQFLQJ
:HKDYHDOUHDG\EHJXQWKLVSURFHVVDQGZLOO IRUZDUGWKH FRSLHVDVVRRQDVSRVVLEOH
7KDQN\RX
E H
$VVLVWDQW&KLHI3DWURO$JHQW*,6
2IILFHRI%RUGHU 3DWURO
%XUHDXRI&XVWRPVDQG%RUGHU 3URWHFWLRQ
3HQQV\OYDQLD$YH 1:
5RRP(
:DVKLQJWRQ'&
E
)URP
E
6HQW)ULGD\0DUFK30
7RE
$'$0652:'<'E
&2/%851521$/'6
&F6(/)-())5(<'E
6XEMHFW5()HQFH0DS
6LU
,DJUHH:KHQORRNLQJDWLWRQHRIWKH WKLQJVWKDWMXPSVRXW LVWKH ORRNRIWKH $=ERUGHU
,OLNHWKH LGHDRIHLWKHUVWDWHRUVHFWRUPDSVLQRUGHUWRJLYHLWPRUHFODULW\DQGGHILQLWLRQ
7KDQNV
E
)URPE
6HQW)ULGD\0DUFK30
7RE $'$0652:'<'E &2/%851521$/'
6
&F6(/)-())5(<'E
6XEMHFW5()HQFH0DS
1RZWKDWZH¶YHGRQHRXUYHWWLQJSURFHVVIRUWKH DFWXDOQXPEHUVWHUPVDQGVXFK ,¶OOH[SUHVVD
FRQFHUQ,KDYHRYHUWKH PDSGHSLFWLRQ
:HWHOOIRONVWKDWZHHPSOR\IHQFLQJSHGHVWULDQ DQGYHKLFOHIRUVSHFLILFSXUSRVHV DQGWKDWWKH WRWDO
DPRXQWGRHVQ¶WUHDOO\ DPRXQWWRDORWRIPLOHVZKHQ FRPSDUHGZLWKWKH PLOHVRIERUGHU,I \RXWHOO
VRPHRQHWKDWRXW RIQHDUO\PLOHVRIVRXWKZHVWERUGHUZHKDYHPLOHVRISHGHVWULDQIHQFH
DQGPLOHVRIYHKLFOHIHQFHDQGWKDWWKH IHQFLQJLVSODFHGDWVSHFLILFVWUDWHJLFDQGWDFWLFDO
ORFDWLRQVDORQJWKH ERUGHUWKDWFUHDWHVD³PLQGV H\H´YLVXDORIRQO\VPDOOVHFWLRQVRIIHQFHLQNH\
ORFDWLRQV
,ZRXOGH[SHFWWKDWHYHQZKHQ ZH¶UH GRQHZLWKWKH IHQFLQJWKH DPRXQWVRIWRWDOIHQFHSURMHFWHGDW
OHVVWKDQPLOHVRISHGHVWULDQDQGYHKLFOHFRPELQHGZLWKDVLPLODUGHVFULSWLRQZRXOGVWLOOSUHVHQW
WKDW³PLQGV H\H´LPSUHVVLRQRIQRW EHLQJRYHUZKHOPLQJ
+RZHYHUZKHQ GHSLFWHGLQWKH PDQQHU WKDWWKLVPDSGRHVHYHQWKH VPDOODPRXQWZHKDYHWRGD\
DSSHDUVWREHPXFKPRUHWKDQLVDFWXDOO\ LV, NQRZWKLVLVWRXJKEXW VKRXOGZHVKRZSHGHVWULDQ
IHQFHDQGYHKLFOHIHQFHDVGLIIHUHQWFRORUVDVRSSRVHGWRGLIIHUHQWVKDGHVRIWKH VDPHFRORUDQGLV
WKHUHDZD\WRPDNHWKH PDUNVRQWKH PDSPRUHFOHDUO\VKRZWKH JDSVEHWZHHQWKH IHQFHV"'RZH
QHHGWRFRQVLGHUHLWKHUEUHDNLQJWKH YLVXDOGRZQ WRPRUHWKDQRQHPDSE\ VWDWHRUHYHQE\VHFWRU
WRJHW JUHDWHU³JUDQXODULW\´RUSODFLQJYHU\VPDOO³PDUNHUV´RQWKH PDSDQGXVLQJ YHUELDJH;PLOHV
WRWKH HDVWDQGZHVWRI(O3DVR3RUWRI(QWU\WRGHVFULEHWKH EDUULHU"
,¶PFRQFHUQHGWKDWWKH YLVXDOWKDWWKLVPDSSUHVHQWVZLOO DFWXDOO\ OHQGLWVHOIWREHXVHGE\WKRVHZKR
FODLPZH¶UH EXLOGLQJDZDOODFURVVWKH ERUGHU
7KRXJKWV"
E
)URPE
6HQW)ULGD\0DUFK30
7RE 52:'<'E &2/%851521$/'6
&F6(/)-())5(<'E
6XEMHFW5()HQFH0DS
6HHDWWDFKHGXSGDWH
E
$VVLVWDQW&KLHI3DWURO$JHQW*,6
2IILFHRI%RUGHU 3DWURO
%XUHDXRI&XVWRPVDQG%RUGHU 3URWHFWLRQ
3HQQV\OYDQLD$YH 1:
5RRP(
:DVKLQJWRQ'&
E