Transcript
Page 1: &RJ1RWHV · 3ohdvh eulqj d mdu ri shdqxw exwwhu wr hyhu\ iluvw 7kxuvgd\ phhwlqj &dwk\ 'duuhoo zloo wudqvsruw rxu grqdwlrqv wr &lw\7hdp )heuxdu\ 6shdnhu -rvk 7zhuvn\ frqwlqxhg iurp

&RJ1RWHV

7KH�5RWDU\�&OXE�RI�6ZDUWKPRUH 3�2��%R[����6ZDUWKPRUH��3$������

)HEUXDU\���������

7RGD\¶V�3URJUDP�

7DEOH�*UDFH

5RWDU\�,QWHUQDWLRQDO�3UHVLGHQW��������,DQ�5LVHOH\ 'LVWULFW������*RYHUQRU� 'DZQ�'H)XULD $VVLVWDQW�*RYHUQRU� )UDQF\�&URVV

����-�����%RDUG 3UHVLGHQW� �-R\�&KDUOWRQ 3UHVLGHQW-(OHFW�����������������������������������������&UDLJ�)DYD�

,PPHGLDWH�3DVW�3UHVLGHQW� /LVD�/HH�

6HFUHWDU\����������������������������������������*HRUJH�:KLWILHOG

7UHDVXUHU��%XGJHW� *ODG\V�6QLYHO\

(-6HFUHWDU\�:HEPDVWHU %ULDQ�&DVH\

&RPPXQLW\�6HUYLFH���� 7KHUHVD�+DUW]HOO

&OXE�6HUYLFH %LOO�+DOH

0HPEHUVKLS &UDLJ�)DYD�

,QWHUQDWLRQDO�6HUYLFH� /RUL�0DUNXVIHOG

1HZ�*HQHUDWLRQV�6HUYLFH�������������������0DULD�=LVVLPRV

)RXQGDWLRQV�6HUYLFH������������������������������6WHYH�/D[WRQ

&KDULWDEOH�7UXVW� 0DUW\�6SLHJHO

3XEOLF�5HODWLRQV 3HUUL�(YDQVRQ

&RPLQJ�3URJUDPV��(YHQWV �$OO�PHHWLQJV�DW�7KH�,QQ�XQOHVV�RWKHUZLVH�QRWHG� )HEUXDU\�����'U��-RKQ�'DYLHV��:LGHQHU�8QLYHUVLW\��ZLOO�WDON�DERXW�KRZ�*HRUJH�:DVKLQJWRQ�DFFLGHQWDOO\�JRW�XV�LQWR�WKH�)UHQFK�DQG�,QGLDQ�:DU� $SULO���-�����'LVWULFW�&RQIHUHQFH� � -XQH���-�����5,�&RQYHQWLRQ��� 7RURQWR��&DQDGD� $SULO������$QQXDO��.LFN�RXW�3ROLR��8QLRQ�6RFFHU�0DWFK� � .QRZ�VRPHRQH�ZKR�KDV�DQ�LQWHUHVW�LQ�DQ\�RI�WKHVH�WRSLFV"�,QYLWH�WKHP�WR�WKH�PHHWLQJ�

)HEUXDU\���������6SHDNHU�� -RVK�7ZHUVN\� E\�5LFK�6KLPNR ,� WKLQN�-RVK�7ZHUVN\�ZDV�EUDYH� WR� WDON�DERXW� WKH�FRQWURYHUVLDO�QHZ� WD[� ODZ�VR�VRRQ� DIWHU� WKH� ODZ� ZDV� SDVVHG�� � -RVK�VWDUWHG�KLV�WDON�E\�VWDWLQJ��´$Q\RQH�ZKR�WHOOV� \RX� WKH\� NQRZ�ZKDW� LV� LQ� WKH� ODZ��WKH\�DUH�ZURQJ�´� � ,Q�VSLWH�RI� WKDW�FDYHDW��SOXV�D�IHZ�RWKHUV�DERXW�QR�VXSSRUWLQJ�UHJXODWLRQV�ZULWWHQ�\HW��-RVK�WROG�XV�D�JUHDW�GHDO�DERXW�WKH�QHZ� ODZ�� �+H�VDLG� LW�DSSHDUV�PRUH�RI�XV�ZLOO�EH� WDNLQJ� WKH�VWDQGDUG�GHGXFWLRQ�LQVWHDG�RI�LWHPL]LQJ���7KLV�LV�D�JRRG�QHZV�EDG�QHZV�VRUW�RI�WKLQJ���VLPSOHU�WD[�UHWXUQV��PD\EH�KLJKHU�WD[HV���$V�\RX�KDYH�SURED�EO\�KHDUG�E\�QRZ��WKH�QHZ�WD[�ODZ�JLYHV�XV�PRQH\�RQ�RQH�KDQG�DQG�WDNHV�LW�DZD\�ZLWK�WKH�RWKHU���<RXU�YLHZ�RI�WKH�ODZ�OLNHO\�GHSHQGV�RQ�KRZ�PXFK�\RX�KDYH�LQ�\RXU�KDQG�DW�WKH�HQG��� ��������������������������������������������FRQWLQXHG�RQ�UHYHUVH�

)HEUXDU\�LV�:RUOG�8QGHUVWDQGLQJ�0RQWK

dŚĞ�WůĞĚŐĞ�ŽĨ �ůůĞŐŝĂŶĐĞ

,PSURYLQJ�/LYHV�LQ�&RPPXQLWLHV /RFDOO\�DQG�$URXQG�WKH�:RUOG�IRU�RYHU����<HDUV

7KDQNV�WR�\RX��/RUG��IRU�WKLV�GD\�RI�OLIH�DQG�IRU�WKH�EHDXW\�RI�LW��&HUWDLQO\�ZH�FDQQRW�WDNH�FUHGLW�IRU�LW��,Q�IDFW��ZH�WHQG�WR�WDNH�IRU�JUDQWHG�WRR�PXFK��7KHUH�DUH�SHRSOH��SDLG�RU�XQ�SDLG��XSRQ�ZKRP�ZH�GHSHQG��DQG�WR�ZKRP�ZH�RZH�VR�PXFK��7HDFK�XV�WR�EH�WUXO\�JUDWHIXO�DQG�HVSHFLDOO\�KHUH�IRU�5RWDU\�ZLWK�LWV�ULFK�UHZDUGV�IRU�ERG\��PLQG��DQG�VSLULW��$PHQ� 5HY��'U��)UHGHULFN�(��&KULVWLDQ�

)RXU�:D\�7HVW� 2I�WKH�WKLQJV�ZH�WKLQN��VD\�DQG�GR� ����,V�LW�WKH�7587+" �� ,V�LW�)$,5�WR�DOO�

FRQFHUQHG"

�� :LOO�LW�EXLOG�*22'� :,//�DQG�%(77(5� )5,(1'6+,36"

�����:LOO�LW�EH�%(1(),&,$/�WR�DOO� ��&RQFHUQHG"

*XHVWV�� 9LFN\� 7ZHUVN\� �-RVK¶V� ZLIH��� DQG�.HLUQHQ�)DYD��&UDLJ¶V�VRQ�

)ROORZ�XV�RQOLQH�DW� ZZZ�6ZDUWKPRUH5RWDU\�RUJ ZZZ�)DFHERRN�FRP�6ZDUWKPRUH5RWDU\ ZZZ�6ZDUWKPRUH)DLU�RUJ ZZZ�)DFHERRN�FRP�6ZDUWKPRUH)XQ)DLU ZZZ�WZLWWHU�FRP�6ZDUWKPRUH5&

6ZDUWKPRUH�%RURXJK�0DQDJHU�-DQH�%LOOLQJV

Page 2: &RJ1RWHV · 3ohdvh eulqj d mdu ri shdqxw exwwhu wr hyhu\ iluvw 7kxuvgd\ phhwlqj &dwk\ 'duuhoo zloo wudqvsruw rxu grqdwlrqv wr &lw\7hdp )heuxdu\ 6shdnhu -rvk 7zhuvn\ frqwlqxhg iurp

+DSS\�'ROODUV�����-��� ��������� ����-�����WRWDO�������� ����-�����WRWDO�������� ����-�����WRWDO�������� ����-���WRWDO������������ ��������&KLOGUHQ�,PPXQL]HG�

$OO�3URFHHGV��JR�WRZDUGV��������������������������������3ROLR�(UDGLFDWLRQ�

��5RWDU\�&HOHEUDWLRQV�

%LUWKGD\���

5D\�+RSNLQV�������� 'DQ�+RQLJ�������

���� 0HPEHU�$QQLYHUVDU\͗��

-HDQLH�%HQJWVRQ�������������\UV� 6XVDQ�/DUVRQ�����������\UV���

:HGGLQJ�$QQLYHUVDU\���

EŽŶĞ��

6HUYLFH�4XRWDWLRQ� ³7+26(�:+2�%5,1*�6816+,1(�72�7+(�/,9(6�2)�27+(56�&$1127�.((3�,7�)520�7+(06(/9(6´ �- �-�0��%DUULH��E�0D\��������—������ FUHDWRU�RI�3HWHU�3DQ��

3($187�%877(5�'$<� :KHQ��(YHU\��VW�7KXUVGD\�RI�WKH�PRQWK 3OHDVH�EULQJ�D�MDU�RI�SHDQXW�EXWWHU�WR�HYHU\�ILUVW�7KXUVGD\�PHHWLQJ��&DWK\�'DUUHOO�ZLOO�WUDQVSRUW�RXU�GRQDWLRQV�WR�&LW\7HDP��

)HEUXDU\���������6SHDNHU��-RVK�7ZHUVN\� �FRQWLQXHG�IURP�IURQW�� *UHJ�%URZQ�WROG�XV�KLV�FRQFHUQ�DERXW�WKH�LPSDFW�RI�WKH�QHZ�ODZ�RQ�RUJDQL]DWLRQV� WKDW� DFFHSW� FKDULWDEOH� FRQWULEXWLRQV�� VXFK� DV�6ZDUWK�PRUH�&ROOHJH�DQG�5RWDU\�� �&RQWULEXWRUV�PD\�QRW�EH�DEOH� WR�GHGXFW�WKHLU�GRQDWLRQV�DQG�WKHUHIRUH�ZLOO�OLNHO\�GRQDWH�OHVV���:H�PD\�QRW�OLNH�WKH�QHZ�WD[�ODZ��EXW�ZH�FDQ�VWLOO�KRSH�WKDW�WKH�&ROOHJH��5RWDU\��DQG�ZH�LQGLYLGXDOO\��ZLOO�QRW�H[SHULHQFH�WRR�PXFK�GDPDJH�LQ�WKH�HQG�

'DYLG�6PLWK�)HDWXUHG�RQ�

7KH�3XOVH� $Q�LQWHUYLHZ�ZLWK�6ZDUWKPRUH�5RWDULDQ�'DYLG�6PLWK��WR�EH�DLUHG�WRPRUURZ��)ULGD\��)HEUXDU\�����RQ�7KH�3XOVH��:+<<��ZLOO�H[SORUH�WKH�LVVXHV�DQG�LQWULJXH�DURXQG�KLV�DZDUG-ZLQQLQJ�ERRN�RQ�WKH�LPSOHPHQWDWLRQ�RI�0HGLFDUH�LQ�WKH�����V� :KLOH�GRLQJ�WKH�ERRN�'DYLG�ORRNHG�LQWR�WKH�P\VWHULRXV�GHDWK�RI�D�\RXQJ��EULOOLDQW�SK\VLFLDQ�LQ�0RELOH��$OD�EDPD��6KH�KDG�EHHQ�KHOSLQJ�)HGHUDO�RIILFLDOV�LPSOHPHQW�0HGLFDUH�

E\�LQWHJUDWLQJ�ORFDO�KRVSLWDOV� 1RZ�FRQVLGHUHG�D�FROG�FDVH��'DYLG�KDV�HQOLVWHG�WKH�KHOS�RI�5RWDULDQ��&KLHI�%ULDQ�&UDLJ��WR�KHOS�IDFLOLWDWH�FRQWDFWV�ZLWK�WKRVH�ZKR�FDQ�DVVLVW�ZLWK�WKH�VWDUW�RI�D�FROG�FDVH�LQYHVWLJDWLRQ���

:H�KRSH�WR�SURYLGH�D�SRGFDVW�OLQN�ODWHU���$QG�«�DW�6ZDUWKPRUH�5RWDU\��ZH�ORRN�IRUZDUG�WR�XSGDWHV�RQ�WKH�SURJUHVV�RI�WKH�LQYHVWLJDWLRQ���

&KLHI�&UDLJ�

'DYLG�6PLWK

$Q� 8SGDWH� IURP� -R\�RQ�WKH�&&6$ )XQGUDLVHU 7KDQNV� WR� WKH� JHQHURVLW\� RI� FOXE�PHPEHUV�DW�ODVW�ZHHNV�PHHWLQJ�--�

GHPRQVWUDEO\� HQFRXUDJHG� E\� .HQV� HQWKXVLDVWLF� FROOHFWLRQ� WHFK�QLTXH� --�ZH� UDLVHG�DQRWKHU������IRU� WKH�&&6$�NLQGHUJDUWHQ�SUR�MHFW�� 7KDW� SXWV� XV� ZHOO� EH\RQG� WKH� ������� WDUJHW�� 0\� KHDUWIHOW�WKDQNV�WR�DOO��2QH�PRUH�VKRXW-RXW�WR�WKRVH�ZKR�LQYHVWHG�FRQVLGHU�DEOH�WLPH�DQG�HIIRUW�WR�RUJDQL]H�WKH�+HGJHURZ�7KHDWHU�HYHQW�� LQ�FOXGLQJ� /LVD� /HH� DQG� 3HQHORSH� 5HHG�� %DUEDUD� $PVWXW]�� /RUL�0DUNXVIHOG��DQG�+HDWKHU�6DXQGHUV��7KDQN�\RX�WR�WKH�PDQ\�PRUH�ZKR� FRQWULEXWHG� IRRG�� GULQN�� IORZHUV�� DQG� VHW-XS�FOHDQ-XS� WLPH��2XU�FOXE�LV�DZHVRPH� �--�-R\


Recommended