Академический Документы
Профессиональный Документы
Культура Документы
7R E
6XEMHFW 5H7KHSRVVLELOLW\WKDWWKHERUGHUZDOOZLOOLQWHQVLI\IORRGLQJLQWKH5*9GXH72'$<
'DWH 0RQGD\'HFHPEHU30
E
,VSRNHGLUHFWO\WRWKHSHUVRQLQFKDUJHRI*,6IRUWKH86$&(DQGVKHVDLGWKDWKDYHQRWFUHDWHGRU
KDYHDPDSZLWKWKDWLQIRUPDWLRQ,WZRXOGPRVWOLNHO\KDYHWREHGRQHE\DSURIHVVLRQDOK\GURORJLVW
FRPSDQ\LILWZHUHFUHDWHG'RHVWKDWDQVZHU\RXUTXHVWLRQV"$IWHUUHDGLQJWKHHPDLOLWDSSHDUVWKH\
EHOLHYHZHDUHEXLOGLQJRQWKHOHYHHZKLFKRXUSURSRVHGOD\GRZQLVQRW/HWPHNQRZLI,FDQKHOS
PRUH
E
2ULJLQDO0HVVDJH
)URPE !
7RE !
6HQW0RQ'HF
6XEMHFW):7KHSRVVLELOLW\WKDWWKHERUGHUZDOOZLOOLQWHQVLI\IORRGLQJLQWKH5*9GXH72'$<
,ZRXOGDVVXPHQRW"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)URPE
6HQW0RQGD\'HFHPEHU30
7RE
6XEMHFW):7KHSRVVLELOLW\WKDWWKHERUGHUZDOOZLOOLQWHQVLI\IORRGLQJLQWKH5*9GXH72'$<
,PSRUWDQFH+LJK
E
'RZHKDYHDQ\PDSVWKDWE VUHIHUHQFLQJEHORZ"+HZRXOGOLNHDQ\DYDLODEOHPDSV72'$<
E
$VVLVWDQW&KLHI2IILFHRI%RUGHU3DWURO
&%32IILFHRI&RQJUHVVLRQDO$IIDLUV
E
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)URPE
6HQW0RQGD\'HFHPEHU30
7RE
6XEMHFW):7KHSRVVLELOLW\WKDWWKHERUGHUZDOOZLOOLQWHQVLI\IORRGLQJLQWKH5*9
,PSRUWDQFH+LJK
E
$UHWKHUHVXFKPDSVEHORZ
³:HKDYHFLUFXPVWDQWLDOHYLGHQFHWRLQGLFDWHWKDWDGLJLWL]HGJHRUHIHUHQFHG*,6PDSLVORFDWHGLQWKH
RIILFHRIE 86$UP\'LVWULFW&RPPDQGHU)RUW:RUWK'LVWULFW2IILFHLQ)RUW
:RUWK7H[DV´
E
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)URPE
6HQW0RQGD\'HFHPEHU30
7RE
&FE
6XEMHFW):7KHSRVVLELOLW\WKDWWKHERUGHUZDOOZLOOLQWHQVLI\IORRGLQJLQWKH5*9
E 7KLVLVLQWHUHVWLQJ&DQZHJHWWKH*,6IORRGPDSV"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)URPE
6HQW0RQGD\'HFHPEHU30
7RE R
&FE
6XEMHFW):7KHSRVVLELOLW\WKDWWKHERUGHUZDOOZLOOLQWHQVLI\IORRGLQJLQWKH5*9
7HDP±WDNHDORRNDWWKHEHORZWKDQNV
5HJDUGV
E
BBBBBBBBBBBBBBBBBBBBBBBBBBBB
E
$UHD&RRUGLQDWRU
E
86&RQJUHVVPDQ+HQU\&XHOODU7;
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)URPE
6HQW0RQGD\'HFHPEHU30
7RE
6XEMHFW7KHSRVVLELOLW\WKDWWKHERUGHUZDOOZLOOLQWHQVLI\IORRGLQJLQWKH5*9
2XUJURXSKDVYHU\JUDYHFRQFHUQVWKDWWKHSURSRVHGERUGHUZDOOFRXOGGHVWDELOL]HRXUOHYHHV\VWHP
LQWHUIHUHZLWKZDWHUIORZDQGVXEMHFWODUJHDUHDVLQVRXWKHUQ7H[DVDQGQRUWKHDVWHUQ0H[LFRWR
H[WHQVLYHIORRGLQJLQWKHHYHQWRIDPDMRUKXUULFDQH$IWHUUHDGLQJWKH5LR*UDQGH9DOOH\³7DFWLFDO
,QIUDVWUXFWXUH´'UDIW(QYLURQPHQWDO,PSDFW6WDWHPHQWFDUHIXOO\DQGFRQVXOWLQJVHYHUDOH[SHUWVZHDUH
GHHSO\WURXEOHGWKDWWKHFRQVXOWLQJILUPUHVSRQVLEOHIRUFRPSOHWLQJWKH(,6DSSDUHQWO\GLGQRPHDQLQJIXO
K\GURORJLFDOVWXGLHVWRHYDOXDWHWKLVSRVVLELOLW\DQGIDLOHGWRDFFRXQWIRUWKHIDFWWKDWWKH5LR*UDQGH
9DOOH\LVLQDKXUULFDQH]RQH,QGHHGRXULQYHVWLJDWLRQUHYHDOHGWKDWWKH\KDYHQRWREWDLQHGWKHGDWD
QHFHVVDU\IRUK\GURORJLFDOVWXGLHVIURPWKHDSSURSULDWHDJHQFLHV
'HVSLWHWKLVODFNRIHYLGHQFHWKH'UDIW(,6VWDWHVGHILQLWLYHO\WKDWWKHLPSDFWRIWKHERUGHUZDOORQWKH
IORRGSODLQZLOOEH³PLQRU´6HFWLRQ7KH'UDIW(,6GLVPLVVHVDQ\SRWHQWLDOGHWULPHQWDOHIIHFWVRID
ZDOOEDVHGRQWKHFRQWHQWLRQWKDWLWLVDZDWHUSHUPHDEOHEDUULHU+RZHYHUGXULQJDIORRGLQJHYHQW
GHEULVDFFXPXODWHVLQHYHQDFKDLQOLQNIHQFHDQGWKHPHVKRIWKHERUGHUZDOOLVH[SHFWHGWREHPXFK
ILQHU:KHQDSHUPHDEOHEDUULHUEHFRPHVVROLGLWEHFRPHVFDSDEOHRIFKDQQHOLQJZDWHUDQGFUHDWLQJ
FXUUHQWV6LQFHWKHSODQQHGZDOOZLOOKDYHQXPHURXVJDSVWKRVHFXUUHQWVFRXOGEHFKDQQHOHGDZD\
IURPWKHULYHULQXQSUHGLFWDEOHZD\VWKUHDWHQLQJOLIHDQGSURSHUW\,QDGGLWLRQIHZVWUXFWXUHVFDQ
ZLWKVWDQGWKHPLOHDQKRXUZLQGVRIDOHYHOKXUULFDQHRUWKHPLOHDQKRXUZLQGVRIWKH
WRUQDGRHVVSDZQHGE\DKXUULFDQH,IWKHZDOOWRSSOHVDQGLWVEDVHLVXSURRWHGZDWHUFRXOGIORZLQWR
WKHWUHQFKWKLVFUHDWHVDQGXQGHUPLQHWKHQHDUE\IORRGFRQWUROOHYHHMXVWZKHQLWLVQHHGHGPRVW
7KH5LR*UDQGH9DOOH\LVLQDKXUULFDQH]RQHDQGZHFDQGHILQLWHO\H[SHFWRQHRUPRUHPDMRU
KXUULFDQHVLQWKHIXWXUH7KHGHYDVWDWLRQEURXJKWE\+XUULFDQH.DWULQDLQ1HZ2UOHDQVKLJKOLJKWHGWKH
SRWHQWLDOHIIHFWVRIVXFKDODUJHVWRUPRQDORZO\LQJDUHD<HWWKHZRUGV³KXUULFDQH´³WURSLFDOVWRUP´
DQG³WRUUHQWLDOUDLQV´DSSHDUQRZKHUHLQSDJH'UDIW(,6UHYHDOLQJWKDWWKLVYHU\OLNHO\VFHQDULRZDV
QRWHYHQFRQVLGHUHG
,IWKHUHLVDQ\SRVVLELOLW\WKDWWKHERUGHUZDOOZLOOSUHGLVSRVHDUHDVRQHLWKHUVLGHRIWKH5LR*UDQGHWR
IORRGLQJWKHJRYHUQPHQWPXVWSRVWSRQHFRQVWUXFWLRQXQWLOLWVVDIHW\KDVEHHQGHILQLWLYHO\HVWDEOLVKHG
)XUWKHUPRUHWKH'HSDUWPHQWRI+RPHODQG6HFXULW\WKH$UP\&RUSVRI(QJLQHHUVDQG&XVWRPVDQG
%RUGHU3URWHFWLRQKDYHGHPRQVWUDWHGDUXVKWREXLOGWKHZDOODQGDZLOOLQJQHVVWRLJQRUHDQGWRIDLOWR
UHSRUWSRVVLEOHQHJDWLYHRXWFRPHVDVVRFLDWHGZLWKLWVFRQVWUXFWLRQ%HFDXVHWKHLQWHJULW\RIWKHVH
DJHQFLHVKDVEHHQFRPSURPLVHGLQUHJDUGVWRWKHZDOOSURMHFWZHDUHFDOOLQJIRUDWKRURXJK
LQYHVWLJDWLRQLQWRWKHVDIHW\RIWKHSURSRVHGERUGHUZDOOE\DQLQGHSHQGHQWHQWLW\:HUHVSHFWIXOO\DVN
WKDW\RXMRLQXVLQWKLVFDOODQGKHOSHQVXUHWKHVDIHW\RI\RXUFRQVWLWXHQWV
,QWKHFRXUVHRIRXULQYHVWLJDWLRQVZHZHUHDGYLVHGWKDWGHVSLWHWKHUHFHQWFODLPVRI%RUGHU3DWURO
DQG+RPHODQG6HFXULW\RIILFLDOVGHVSLWHWKHVXSSRVHGSUHOLPLQDU\QDWXUHRIWKHSURMHFWLQWKH'UDIW(,6
DQGGHVSLWHWKHIDFWWKDWDSXEOLFFRPPHQWSHULRGLVRSHQXQWLO'HFHPEHUDGHILQLWLYHDQGILQDOPDS
RIWKH5LR*UDQGH9DOOH\%RUGHU:DOOH[LVWV:HKDYHFLUFXPVWDQWLDOHYLGHQFHWRLQGLFDWHWKDWD
GLJLWL]HGJHRUHIHUHQFHG*,6PDSLVORFDWHGLQWKHRIILFHRIE 86$UP\'LVWULFW
&RPPDQGHU)RUW:RUWK'LVWULFW2IILFHLQ)RUW:RUWK7H[DV:HUHTXHVWWKDW\RXDWWHPSWWRREWDLQD
FRS\RIWKLVPDSDQGUHOHDVHLWWRWKHSXEOLFSULRUWRWKHSXEOLFRSHQKRXVHPHHWLQJVLQ0F$OOHQ
%URZQVYLOOHDQG5LR*UDQGH&LW\RQ'HFHPEHU
7KLVSRVVLEOLW\ZDVEURXJKWWRP\DWWHQWLRQE\DQXPEHURILQGLYLGXDOVZLWKDJUHDWGHDORIH[SHUWLVHLQ
IORRGPRGHOLQJZKRDUHH[WUHPHO\FRQFHUQHGDERXWWKHZDOO
VLPSDFWRQIORRGLQJ8QIRUWXQDWHO\WKH\
DUHDOVRDIUDLGWKDWLIWKH\VSHDNRXWSXEOLFO\WKH\PD\ORVHWKHLUMREV7KLVLVZK\LWLVYLWDOIRUWKH
&RQJUHVVPDQWRLQYHVWLJDWHWKLVLVVXHDQGWREULQJLWEHIRUHWKHSXEOLFDQGWKHSUHVV
,ZRXOGDSSUHFLDWHLWLI\RXZRXOGFRQWDFWPHWRGLVFXVVWKLVIXUWKHU0\QXPEHULVE
7KDQN\RX
E
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1HYHUPLVVDWKLQJ0DNH<DKRR\RXUKRPHSDJH
KWWSXVUG\DKRRFRPHYW
KWWSZZZ\DKRRFRPUKV!