Você está na página 1de 8

)URP E  

7R E   $'$0652:'< E   
&2/%851521$/'
&F 6(/)-())5(<  E  

6XEMHFW 5()HQFH0DS

'DWH 0RQGD\0DUFK30

*RRGDIWHUQRRQ

,KDYHJRRGDQGEDGQHZV

,¶PDIUDLGWKH LQIRUPDWLRQRQIHQFHVHJPHQWVZHKDYHLVOLPLWHGWR3),¶PVRUU\EXW ,ZLOO EH
XQDEOHWRSURYLGHVHJPHQWGHVFULSWLRQVIRUH[LVWLQJ IHQFH

7KHIROORZLQJDUHWKH EUHDNRXWV IRUIHQFHE\VWDWHZKLFKDOLJQZLWKRWKHUSURMHFWVDFFRUGLQJWRWKH
VDPH0DUFKDVRIGDWH

&DOLIRUQLD
3)
9)

$UL]RQD
3)
9)

1HZ0H[LFR
3)
9)

7H[DV
3)
9)


E  
6HFXUH%RUGHU ,QLWLDWLYH
86&XVWRPVDQG%RUGHU 3URWHFWLRQ
E  
)RUPRUHLQIRUPDWLRQDERXW WKH6HFXUH%RUGHU ,QLWLDWLYHYLVLWZZZFESJRYVELRUFRQWDFWXVDW6%,BLQIR#GKVJRY

)URP E  
6HQW0RQGD\0DUFK$0
7R E   $'$0652:'<
' E   &2/%851521$/'6
&F6(/)-())5(<' E  

6XEMHFW5H)HQFH0DS


,WKLQNWKDWFRXOGEHYHU\KHOSIXO

E 

3OHDVHOLQNXSZLWK E  WRGD\IRUWKHLQIR2QFHZHKDYHDFRPSOHWHSDFNDJHRIYLVXDODQGZULWWHQZHVKRXOGEH

JRRGWRJR$GGLQJRQDVZHGHSOR\IRUHIHQFHZLOOEHUHODWLYHO\HDV\RQFHZHKDYHWKHGDWDDQGIRUPDW
HVWDEOLVKHG
7KDQNV

E 

2ULJLQDO0HVVDJH
)URP E  
7R E  

&2/%851521$/'6 E   Y!
&F6(/)-())5(<' E  

6HQW0RQ0DU
6XEMHFW5()HQFH0DS

*RRGPRUQLQJ

$VSDUWRIRXURWKHUSURMHFWV6%,KDVVKRUWGHVFULSWLRQVRIIHQFHVHJPHQWVWKDWPD\KHOSSURYLGHWKHEXOOHWVDVZHOO
DVWKHPLOHDJHQXPEHUVE\VWDWH

,ILWZLOOKHOSZHFDQSURYLGHWKDWLQIRUPDWLRQODWHUWKLVPRUQLQJ

E  SOHDVHFRPHVHHPHWRGLVFXVV


7KDQNV

E  

6HFXUH%RUGHU,QLWLDWLYH

86&XVWRPVDQG%RUGHU3URWHFWLRQ

E  

)RUPRUHLQIRUPDWLRQDERXWWKH6HFXUH%RUGHU,QLWLDWLYHYLVLWZZZFESJRYVELKWWSZZZFESJRYVEL!RU
FRQWDFWXVDW6%,BLQIR#GKVJRYPDLOWR6%,BLQIR#GKVJRY!

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP E  
6HQW6DWXUGD\0DUFK$0
7R E   $'$0652:'<' E  
&2/%851521$/'6
&F6(/)-())5(<' E   
E  
6XEMHFW5()HQFH0DS

7KLVORRNVPXFKEHWWHU,IZHFDQFRPELQHWKHVHYLVXDOVZLWKVRPHEXOOHWVJLYLQJYHUEDOGHVFULSWLRQVRIHDFKSLHFH
;;PLOHVRISHGHVWULDQIHQFHLQWKHGRZQWRZQDUHDRI1RJDOHV$UL]RQD;;PLOHVRIYHKLFOHIHQFHDORQJWKH
RSHQGHVHUWDUHDLQ7XFVRQ6HFWRUV:HVW'HVHUWHWF DQGPDNHVXUHWKHQXPEHUVPDWFKWKHWRWDOQXPEHUZKHQ
DGGHGWRJHWKHUWKDWZRXOGEHWKHLGHDOVLWXDWLRQ

'RZHKDYHWKHLQIRLQWKDWOHYHORIGHWDLO"

,NQRZWKLVVHHPVOLNHDORWRIZRUNIRUZKDWVKRXOGEHSUHWW\VLPSOHLQIRUPDWLRQEXWLWVFULWLFDOWKDWZHJHWLW
DEVROXWHO\ULJKWDQGSDLQWWKHDSSURSULDWHSLFWXUH

7KDQNV

E 


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP E  
6HQW6DWXUGD\0DUFK$0
7R E   $'$06
52:'<' E   &2/%851521$/'6
&F6(/)-())5(<' E  

6XEMHFW5()HQFH0DS

6LUV

$WWDFKHGLVDQHZGUDIWZLWKIHQFLQJEURNHQRXWE\VWDWH

:HPD\VWLOOQHHGWRFDOFXODWHWKHPLOHDJHE\VWDWHRQFHWKHUHLVDJUHHPHQWRQWKHGHOLYHU\IRUPDWRIWKHSURGXFW,W
ORRNVOLNHWKHZRUG([LVWLQJZDVLQDGYHUWHQWO\OHIWRXWDVZHOO

7KDQN\RX
E  

$VVLVWDQW&KLHI3DWURO$JHQW *,6

2IILFHRI%RUGHU3DWURO

%XUHDXRI&XVWRPVDQG%RUGHU3URWHFWLRQ

3HQQV\OYDQLD$YH1:

5RRP(

:DVKLQJWRQ'&

E  

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP E  
6HQW)ULGD\0DUFK30
7R E   $'$0652:'<' E  
&2/%851521$/'6
&F6(/)-())5(<' E  

6XEMHFW5()HQFH0DS

E  

E 


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP E  
6HQW)ULGD\0DUFK30
7R E   $'$0652:'<' E  
&2/%851521$/'6
&F6(/)-())5(<' E  
6XEMHFW5()HQFH0DS

E  

0HGLDDWWKLVSRLQWLVYHU\KDSS\ZLWKZKDWHYHUZH¶OOJLYHWKHP,IZHKDYHLWEURNHQRXWE\VWDWHWKDWVHHPVOLNH
LW¶GEHILQH

7KRXJKWV"

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP E  
6HQW)ULGD\0DUFK30
7R E   $'$0652:'<' E  
&2/%851521$/'6
&F E  

6XEMHFW5()HQFH0DS

6LUV

7KHDSSHDUDQFHRIPRUHIHQFLQJLVDFWXDOO\DOLPLWDWLRQRIERWKWKHVRIWZDUHZHXVHDQGWKHVFDOHDWZKLFKWKHPDS
LVUHTXHVWHG:KHQGLVSOD\LQJPLOHVRIIHQFHDWDVRXWKZHVWERUGHUVFDOHIRUDPDSWKDWZLOOOLNHO\DSSHDUDV
DLQFKE\LQFKVHFWLRQRIDQHZVDUWLFOHLVYHU\GLIILFXOW7\SLFDOO\WKHIHQFHZRXOGQ¶WEHYLVLEOHDWWKLVVFDOHVR
ZHDUHIRUFHGWRHQODUJHWKHVL]HRIWKHV\PEROUHSUHVHQWLQJWKHIHQFHWRPDNHLWYLVLEOH

0DNLQJVHYHUDOVPDOOHUPDSVZRXOGUHVROYHWKHLVVXHWRDFHUWDLQH[WHQWEXWRQO\DVDIDFWRURIWKHVFDOH,IZH
LQFUHDVHWKHVFDOH ORRNLQJDVPDOOHUDUHDVXFKDVDVWDWHFRXQW\RUVWUHHWOHYHOPDS ZHJHWDPXFKPRUHDFFXUDWH
UHSUHVHQWDWLRQ+RZHYHUWKLVEULQJVXSWKHTXHVWLRQDVWRKRZPDQ\PDSVWKH&KULVWLDQ6FLHQFH0RQLWRULQWHQGVRQ
GLVSOD\LQJLQWKHLUDUWLFOH

,IZHFDQGHOD\WKHILQLVKHGSURGXFWWLOOWRPRUURZZHFDQH[SHULPHQWZLWKVRPHGLIIHUHQWVFDOHVWRVHHLIWKLV
UHVROYHVWKHLVVXH+RZHYHULIZHLQFUHDVHWKHVFDOHWRRPXFKZHZRXOGHQGXSJLYLQJWDFWLFDOOHYHOGHWDLODVWR
WKHVWDUWDQGVWRSSRLQWVRIWKHYDULRXVVHFWLRQVRIIHQFLQJ
:HKDYHDOUHDG\EHJXQWKLVSURFHVVDQGZLOOIRUZDUGWKHFRSLHVDVVRRQDVSRVVLEOH

7KDQN\RX

E  

$VVLVWDQW&KLHI3DWURO$JHQW *,6

2IILFHRI%RUGHU3DWURO

%XUHDXRI&XVWRPVDQG%RUGHU3URWHFWLRQ

3HQQV\OYDQLD$YH1:

5RRP(

:DVKLQJWRQ'&

E  

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP E   @
6HQW)ULGD\0DUFK30
7R E   $'$0652:'<' E  
&2/%851521$/'6
&F6(/)-())5(<' E  

6XEMHFW5()HQFH0DS

6LU

,DJUHH:KHQORRNLQJDWLWRQHRIWKHWKLQJVWKDWMXPSVRXWLVWKHORRNRIWKH$=ERUGHU

,OLNHWKHLGHDRIHLWKHUVWDWHRUVHFWRUPDSVLQRUGHUWRJLYHLWPRUHFODULW\DQGGHILQLWLRQ

7KDQNV

E 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP E  
6HQW)ULGD\0DUFK30
7R E   $'$0652:'<' E   &2/%851
521$/'6
&F6(/)-())5(<' E  

6XEMHFW5()HQFH0DS

1RZWKDWZH¶YHGRQHRXUYHWWLQJSURFHVVIRUWKHDFWXDOQXPEHUVWHUPVDQGVXFK,¶OOH[SUHVVDFRQFHUQ,KDYHRYHU
WKHPDSGHSLFWLRQ

:HWHOOIRONVWKDWZHHPSOR\IHQFLQJ SHGHVWULDQDQGYHKLFOH IRUVSHFLILFSXUSRVHVDQGWKDWWKHWRWDODPRXQW


GRHVQ¶WUHDOO\DPRXQWWRDORWRIPLOHVZKHQFRPSDUHGZLWKWKHPLOHVRIERUGHU,I\RXWHOOVRPHRQHWKDWRXWRI
QHDUO\PLOHVRIVRXWKZHVWERUGHUZHKDYHPLOHVRISHGHVWULDQIHQFHDQGPLOHVRIYHKLFOHIHQFH
DQGWKDWWKHIHQFLQJLVSODFHGDWVSHFLILFVWUDWHJLFDQGWDFWLFDOORFDWLRQVDORQJWKHERUGHUWKDWFUHDWHVD³PLQGVH\H´
YLVXDORIRQO\VPDOOVHFWLRQVRIIHQFHLQNH\ORFDWLRQV

,ZRXOGH[SHFWWKDWHYHQZKHQZH¶UHGRQHZLWKWKHIHQFLQJWKHDPRXQWVRIWRWDOIHQFH SURMHFWHGDWOHVVWKDQ
PLOHVRISHGHVWULDQDQGYHKLFOHFRPELQHG ZLWKDVLPLODUGHVFULSWLRQZRXOGVWLOOSUHVHQWWKDW³PLQGVH\H´
LPSUHVVLRQRIQRWEHLQJRYHUZKHOPLQJ

+RZHYHUZKHQGHSLFWHGLQWKHPDQQHUWKDWWKLVPDSGRHVHYHQWKHVPDOODPRXQWZHKDYHWRGD\DSSHDUVWREH
PXFKPRUHWKDQLVDFWXDOO\LV,NQRZWKLVLVWRXJKEXWVKRXOGZHVKRZSHGHVWULDQIHQFHDQGYHKLFOHIHQFHDV
GLIIHUHQWFRORUVDVRSSRVHGWRGLIIHUHQWVKDGHVRIWKHVDPHFRORUDQGLVWKHUHDZD\WRPDNHWKHPDUNVRQWKHPDS
PRUHFOHDUO\VKRZWKHJDSVEHWZHHQWKHIHQFHV"'RZHQHHGWRFRQVLGHUHLWKHU  EUHDNLQJWKHYLVXDOGRZQWR
PRUHWKDQRQHPDS E\VWDWHRUHYHQE\VHFWRU WRJHWJUHDWHU³JUDQXODULW\´RU  SODFLQJYHU\VPDOO³PDUNHUV´RQ
WKHPDSDQGXVLQJYHUELDJH ;PLOHVWRWKHHDVWDQGZHVWRI(O3DVR3RUWRI(QWU\ WRGHVFULEHWKHEDUULHU"

,¶PFRQFHUQHGWKDWWKHYLVXDOWKDWWKLVPDSSUHVHQWVZLOODFWXDOO\OHQGLWVHOIWREHXVHGE\WKRVHZKRFODLPZH¶UH
EXLOGLQJDZDOODFURVVWKHERUGHU

7KRXJKWV"

E 


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)URP E  
6HQW)ULGD\0DUFK30
7R E   $'$0652:'<' E   &2/%851
521$/'6
&F6(/)-())5(<' E  

6XEMHFW5()HQFH0DS

6HHDWWDFKHGXSGDWH

E  

$VVLVWDQW&KLHI3DWURO$JHQW *,6

2IILFHRI%RUGHU3DWURO

%XUHDXRI&XVWRPVDQG%RUGHU3URWHFWLRQ

3HQQV\OYDQLD$YH1:

5RRP(

:DVKLQJWRQ'&

E  

Você também pode gostar