Professional Documents
Culture Documents
7R E )/2660$1/25(1 E
&F E
6XEMHFW 5(&KDQJH0DQDJHPHQW3URFHVV
'DWH 7XHVGD\'HFHPEHU30
E
:HKDYHDFKDQJHPDQDJHPHQWIRUPWKDWZDVGHYHORSHGE\E 7KHUHLVDOVRDSURFHVV
6LQFHE LVRXW WKLVZHHNLKDYHDVNHGE WRVHDUFK WKH ILOHVKHUH DQGJHW \RXZKDW\RX
QHHGE LI\RXNQRZZKHUHWKH\DUHORFDWHGOHWXVNQRZ:HIRXQGWKH VOLGHZLWKWKH SURFHVVEXW
WRORFDWHWKH IRUPE LI\RXFRPHGRZQ WRP\RIILFHLFDQJLYH\RXWKH SURFHVV
DUHXQDEOH
WKDQNVE
)URPE
6HQW7XHVGD\'HFHPEHU30
7RE )/2660$1/25(1:
&FE
6XEMHFW&KDQJH0DQDJHPHQW3URFHVV
/RUHQE DQGE
,ZRXOGOLNHWRWHVWRXUFKDQJHPDQDJHPHQWSURFHVV(O&HQWUR ZDQWVWKH %VHJPHQWSODFHGLQWR
9)IURP3)3OHDVHDGYLVHRIKRZZHZDQWWKLVKDQGOHG7KDQNV
E
$VVLVWDQW&KLHI
+HDGTXDUWHUV86%RUGHU3DWURO
E
)URPE
6HQW7XHVGD\'HFHPEHU30
7RE
&FE
6XEMHFW5(4XHVWLRQV
E
7KH%VHJPHQWZDVRULJLQDOO\DSURMHFW XQGHUERWK3)DQG9%7KH(O&HQWUR 6HFWRUKDV
UHTXHVWHGWKDWWKH %VHJPHQWEHSODFHGVROHO\DVD9%SURMHFW DVWKH 1RUPDQG\VW\OHEDUULHULV
IDUPRUHVXLWDEOHWRWKH WHUUDLQDQGRSHUDWLRQDOQHHGIRUWKDWDUHD
7KH%EVHJPHQWDQVZHULVVLPSOH7KHUHPXVWEHDVSHFLDOGHVLJQVROXWLRQDVWKH WRROER[VROXWLRQV
VLPSO\ZLOO QRW ZRUNIRUERWK<XPDDQG(/&LQWKH ,PSHULDO6DQGGXQHV ,UHJUHWWKDW6%,QRZIHHOV
WKDWDVSHFLDOGHVLJQZRXOGEHWRR FXPEHUVRPHRUEH\RQGWKHLUFDSDELOLWLHV
,KDYHEHHQLQYROYHGZLWK6%,)HQFHODEDQG6%,QHW 3)VLQFHWKH ILHOGUHSUHVHQWDWLYHVZHUHILUVW
FDOOHGLQHDUO\WKLV\HDU%RWK<80DQG(/&KDYHSRLQWHGRXW WKDWWKH ,PSHULDO6DQGGXQHVZRXOG
UHTXLUHDVLWHVSHFLILFVROXWLRQ$VWKLVKDVEHHQDQRQJRLQJWRSLFRIGLVFXVVLRQ,DP SHUSOH[HG E\WKH
VXGGHQRSSRVLWLRQWRDVLWHVSHFLILFGHVLJQDQGWURXEOHGE\WKH DWWLWXGHWKDWWKLVUHTXHVWZRXOGEHWRR
FXPEHUVRPHRUEH\RQG6%,QHW FDSDELOLWLHV
E(
E(
E
)URPE
6HQW0RQGD\'HFHPEHU$0
7RE
&FE
6XEMHFW4XHVWLRQV
,PSRUWDQFH+LJK
E
7KHUHDUHWZRTXHVWLRQVWKDW,QHHGDQVZHUHGWRFRPSOHWHDFRXSOHRIWDVNLQJVWKDW,KDYHEHHQJLYHQ
7KHILUVWRQHFRQFHUQVVHJPHQW%,ZDVWROGWKDWWKLVSURMHFW ZDVRULJLQDOO\XQGHU3)EXW LV
QRZXQGHU9%,ZDQWHGWRYHULI\ WKDWWKLVLVFRUUHFWDQGWRIXUWKHUDVNLIWKLVZDVDVHFWRUUHTXHVW
,IWKLVZDVDVHFWRUUHTXHVWZH2%3QHHGWRLQLWLDWHDFKDQJHPDQDJHPHQWSURFHVVDQGUXQLW
WKURXJKWKH HVWDEOLVKHGSDWK,I LWZDVQRW DVHFWRUUHTXHVWZHZLOO QHHGWRILQGRXW ZKRLQLWLDWHGWKLV
FKDQJHDQGIRUZKDWUHDVRQ2QFH ZHNQRZPRUHGHWDLOVDERXWWKLVZHFDQHQVXUHWKDWZHVXEPLW
WKHSURSHUSDSHUZRUN :HZLOO WDNHFDUHRIWKDW
7KHRWKHUTXHVWLRQGHDOV ZLWKWKH %%VHJPHQW,ZDVDVNHGE\WKH 6%,QHW RIILFH WRLQTXLUH ZLWK\RX
DERXWZKDW\RXURSWLRQZRXOGEHLIWKH\ZHUHQRW DEOHWRDFFRPPRGDWH\RXUVHFWRUZLWKDVSHFLDO
GHVLJQRWKHUWKDQWKH WRROER[:RXOG\RXFKRRVHRQHRIWKH IHQFHGHVLJQVWKDWLVDOUHDG\LQWKH
WRROER[RUZRXOG\RXJRZLWKRXWDQ\IHQFHDWDOO IRUWKDWSDUWLFXODUVHJPHQW"7KH 6%,QHW RIILFH VWDWHG
WKDWWKH\ZRXOGWU\WRDFFRPPRGDWH\RXUUHTXHVWEXW WKDWWKH\IHOWWKDWLWZRXOGEHDKDUG WKLQJWRGR
DQGWKDWWKH\FRXOG QRW JXDUDQWHHWKDW\RXUSURSRVDOZRXOGJHW GRQH
E
SBInet
E