Professional Documents
Culture Documents
7R E $'$0652:'<' E
&F E
6XEMHFW 5(85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXHDP@
'DWH 0RQGD\)HEUXDU\$0
0\HGLWVDUHLQWKH DWWDFKHGZLWKWUDFNHGFKDQJHVPDUNHGRQ
8QOHVVVRPHRQHKDVDIDFWXDOFRUUHFWLRQOHW¶VJRZLWKWKLVIRURXUDP SURGXFW
*UHJ*
)URPE
6HQW6XQGD\)HEUXDU\30
7RE E *,''(16*5(*25<$'$0652:'<' E
&FE
6XEMHFW5(85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
$OO
E VXJJHVWHG,JRDKHDGDQGVXEPLWP\UHFRPPHQGHG HGLWVWKRXJKWV7KH\DUHDWWDFKHG
7KDQNV
E
)URPE
6HQW6XQ30
7RE *,''(16*5(*25<$'$0652:'<' E
&FE
6XEMHFW):85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
8SGDWHGYHVLRQIRUTXHVWLRQ%RE
)URPE
6HQW6XQ30
7RE *,''(16*5(*25<$'$0652:'<'$'$0652:'<'E
6XEMHFW5(85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
&KDQJHVWRTXHVWLRQ
)URPE
6HQW6XQGD\)HEUXDU\30
7R*,''(16*5(*25<$'$0652:'<'$'$0652:'<'E
6XEMHFW):85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
E 7RRNDVKRWDWWKH 3RQHSDJHUSOHDVHHGLWDV\RXVHHILW
6%,QHWKDVOLWWOHLIDQ\LQSXWRQIRU1RUWKHUQ%RUGHULWDSSHDUVWREHPDQSRZHUDQG7,WRPH
6KRUWSDSHURQORZWHFKVROXWLRQVWRIROORZ
E
)URP$'$0652:'<'
6HQW6XQ$0
7RE
&FE
6XEMHFW5H85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
+RZFRQILGHQWDUHZHWKDWZHFDQKLWWKHPDUN"GRHVQ
WJLYHXVPXFKWLPHWRFRUUHFWDGMXVWZLWKDDP
GHDGOLQH
,
GOLNHIRU*UHJDQG,WRVHHDGUDIWE\SPWRGD\
5RZG\
2ULJLQDO0HVVDJH
)URPE
7R$E
6HQW6XQ)HE
6XEMHFW5(85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
5RZG\,VHQWWKLVRXWUHTXHVWLQJLQSXWEDFNWRPHE\WRPRUURZ0RQGD\ZKHQ,JHWLQE ZLWKD
SDJHUIRUTXHVWLRQ3E ZLWKSDJHURQTXHVWLRQORZWHFKRSWLRQVWRVHFXUHWKHERUGHUDQGE IRUD
SDJHURQWKHWHFKQROJ\SLHFHRI1%'IRUTXHVWLRQ3OHDVHUHSO\WRDOOLI\RXZDQWWKHLULQSXWVHQWGLUHFWO\WR\RX
WRGD\DQGZKHQE
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)URP$'$0652:'<'
6HQW6XQ$0
7RE
6XEMHFW5H85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
)RONV
1RWHGXHGDWHRI$0WRPRUURZ
,DPFKHFNLQJWRVHHLIZHDUHRQWKLVDQGDEOHWRSURYLGHGUDIWVWR*UHJDQGPHIRUUHYLHZWKLVDIWHUQRRQ
3OHDVHDGYLVH
7KDQNV
5RZG\
2ULJLQDO0HVVDJH
)URPE
7R$'$0652:'<'
6HQW6DW)HE
6XEMHFW)Z85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
)\LKHUHLVWKHIRUPDOWDVNLQJIURPE 1RWHWKDW&)2SURYLGHGWKHLQIRUPDOKHDGVXSE
6%,%XGJHW'LUHFWRU
2ULJLQDO0HVVDJH
)URPE
7R E
*,''(16*5(*25<
6HQW6DW)HE
6XEMHFW)Z85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
*RRGDIWHUQRRQ
:HKDYHDWDVNHUWKDWLVGXHWRE E\DPRQ0RQGD\)HEUXDU\WK3OHDVHSURYLGH\RXUDQVZHUVDV
VRRQDVSRVVLEOH,I\RXKDYHDQ\TXHVWLRQVRUFRQFHUQVSOHDVHOHWPHNQRZ7KDQNV
E
2ULJLQDO0HVVDJH
)URPE
7R E
&F E
6HQW6DW)HE
6XEMHFW85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@
7DVNHU1DPH
5(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\
/HDG2IILFHV
6%,2)22)%3
5HTXLUHG&RRUGLQDWLRQ
3URGXFW
$QVZHUWKHTXHVWLRQVEHORZDVVLJQHGWR\RXRIILFHLQD4DQG$EXOOHWIRUPDWQRPRUHWKDQRQHSDJH
1RWHV
:RUNLQJZLWK&RQJUHVVLRQDOVWDIIHUV2/$KDVGHYHORSHGDOLVWRIOLNHO\TXHVWLRQVWREHDVNHGE\PHPEHUVRI
WKH+RXVH 6HQDWHKRPHODQGVHFXULW\FRPPLWWHHVLQKHDULQJVQH[WZHHN6KRZQDWWKHDWWDFKPHQWVDQGEHORZDUH
WKHTXHVWLRQVZLWK2/$¶VEHVWHVWLPDWHDVWRZKLFK'+6FRPSRQHQWLVLQWKHEHVWSRVLWLRQWRDQVZHUWKHTXHVWLRQV
&RPSRQHQWKHDGVRUUHSUHVHQWDWLYHVDWWHQGLQJWKHSUHSVHVVLRQZLWK60RQGD\PRUQLQJPXVWEHSUHSDUHGWR
DGYLVHWKH6HFUHWDU\RQWKHDSSURSULDWHUHVSRQVHIRUHDFKTXHVWLRQOLVWHGDVWKHLUUHVSRQVLELOLW\
:K\DUH\RXWKURZLQJPRUHPRQH\DW3ZKHQLWKDVEHHQVXFKDIDLOXUHDQGWKHUHDUHVRPDQ\SUREOHPV
WKDWQHHGWREHIL[HG"6%,2)
:KDWNLQGVRI³ORZWHFK´RSWLRQVLVWKH'HSDUWPHQWFRQVLGHULQJWRVHFXUHWKHERUGHU"6%,
,UHFHQWO\ZHQWWRWKHERUGHUDQGPHWZLWK&%37KH\WHOOPHWKH\GRQ¶WKDYHWKHUHVRXUFHVWRGRWKHLUMREV
7KLVEXGJHWRQO\JRHVSDUWRIWKHZD\KRZDUHZHJRLQJWRJHWWKHQXPEHURISDWUROVZHQHHGRQWKHIURQWOLQHDQG
KRZDUHZHJRLQJWRVWDIIWKH32(¶V"2)2%32)
:KDWLVWKHEUHDNGRZQLQWKH)<EXGJHWUHTXHVWIRUERUGHUSDWURODJHQWVDWWKH1RUWKHUQ%RUGHUYVWKH
6RXWKHUQ%RUGHU"+RZGRHVWKLVILWZLWKSODQVIRUFRQVWUXFWLRQRIWKHIHQFHDQGRWKHULQIUDVWUXFWXUHUHTXHVWV"
2)6%,%3
:K\GRHVWKHEXGJHWQRWLQFOXGHOLQHLWHPIXQGLQJWRSURYLGH&%3RIILFHUVZLWK/DZ(QIRUFHPHQW2IILFHU
VWDWXVZKHQODQJXDJHZDVLQFOXGHGLQWKH$SSURSULDWLRQVELOOWRGRMXVWWKDW"2)
,VHQRXJKPRQH\EHLQJVSHQWWRVHFXUHRXU1RUWKHUQ%RUGHU"2)
:K\ZDVLWQHFHVVDU\WRPDNHWKHUHFHQW-DQXDU\VWFKDQJHHQGLQJRUDOGHFODUDWLRQVRIFLWL]HQVKLSDWRXU
ERUGHUVDQGZK\DUH\RXLPSOHPHQWLQJ:+7,ZKHQ&RQJUHVVGLUHFWHG\RXWRGHOD\LWXQWLO-XQH",DP
FRQFHUQHGDERXWWKHLPSDFWWKHVHFKDQJHVZLOOKDYHRQ$ODVNDUHVLGHQWV2)2
:KDWLVWKHVWDWXVRIWKH$XVWULDQFLWL]HQE ZKRZDVGHSRUWHGIURP6HDWWOHDIWHUWU\LQJWRUHWXUQWR
)DLUEDQNVRQDYLVD"2)2
$PHULFDKDVDERXWODQGSRUWVRIHQWU\DQGLWKDVEHHQPRUHWKDQ\HDUVVLQFHZHODXQFKHGDPDMRU
HIIRUWWRXSJUDGHLQIUDVWUXFWXUHDWWKRVHSRUWV:HWRRNDQLPSRUWDQWVWHSWRZDUGVDGGUHVVLQJWKDWSUREOHPLQODVW
\HDU¶V+RPHODQG6HFXULW\$SSURSULDWLRQVELOOZKHQZHUHTXLUHG\RXU'HSDUWPHQWDQG*6$WRUHSRUWWR&RQJUHVV
RQRXUODQGSRUWRIHQWU\QHHGVDQGYXOQHUDELOLWLHVDWOHDVWHYHU\RWKHU\HDU:KHUHLV\RXU'HSDUWPHQWLQSUHSDULQJ
WKLVDVVHVVPHQW"+RZGRHV\RXU'HSDUWPHQW¶V)<EXGJHWUHTXHVWDGGUHVVRXUODQGSRUWRIHQWU\QHHGV"
2)2)2
,KDYHEHHQH[WUHPHO\HQFRXUDJHGE\\RXUHIIRUWVWRLPSURYHERUGHUVHFXULW\VLQFH\RXEHFDPH6HFUHWDU\RI
+RPHODQG6HFXULW\DQG,WKDQN\RXIRUWKHDVVHWVUHTXHVWHGIRUERUGHUVHFXULW\LQ\RXU)<EXGJHW:LOO\RX
WHOOXVDELWDERXW\RXUUHTXHVWIRUERUGHUSDWUROIDFLOLWLHVDQGZK\PRUHIDFLOLWLHVDUHLPSRUWDQWDVZHLQFUHDVHWKH
QXPEHURIDJHQWVSDWUROOLQJRXUERUGHUV":LOO\RXWDONWRXVDERXWRWKHUQHHGVDVVRFLDWHGZLWKLQFUHDVHG
PDQSRZHURQWKHERUGHUOLNHDGGLWLRQDOYHKLFOHVDQGHTXLSPHQWIRURXUERUGHUSDWURODJHQWV"%32)
'XHWR&%37DVNLQJ
1/7$00RQGD\)HEUXDU\
SOHDVHQRWHLQQRZD\LVWKLVGXHGDWHIOH[LEOH
5HTXLUHG&RRUGLQDWRUV3OHDVHSURYLGHLQSXWWRWKHOHDGRIILFHDVVRRQDVSRVVLEOH
7DVNHULQIRUPDWLRQFRQWDFWOLVWVDQGWHPSODWHVFDQEHIRXQGRQOLQHDWKWWSFESQHW[SFESQHWRFRHVWDVNHUBLQIR
KWWSFESQHWFESGKVJRY[SFESQHWRFUHVRXUFHVWDVNHUBLQIR!3OHDVHHQVXUHWKDW\RXUUHVSRQVHDGKHUHVWRWKH
JXLGHOLQHVVHWIRUWKLQWKH&%36W\OH%RRNZKLFKFDQEHIRXQGDWKWWSFESQHW[SFESQHWRFRHV
KWWSFESQHW[SFESQHWRFRHV!3OHDVHGRQRWPRGLI\VXEMHFWOLQHVDVZHXVHWKHPIRUWUDFNLQJSXUSRVHV
3OHDVHQRWHLI\RXUHFHLYHDGXSOLFDWHWDVNLQJIURP&%5,(),1*67$))SOHDVHFFWKHPRQ\RXUUHVSRQVHWRXV
7KDQN\RX