Download as pdf or txt
Download as pdf or txt
You are on page 1of 6

)URP E  

7R $'$0652:'<
6XEMHFW ):0HHWLQJZLWK E  
'DWH 7KXUVGD\'HFHPEHU$0

,PSRUWDQFH +LJK

*RRGPRUQLQJ5RZG\

,QHHGWREHDWWKLVPHHWLQJ3OHDVHUHTXHVWWKDW,EHDGGHG

7KDQNV

E  
6HFXUH%RUGHU,QLWLDWLYH
86&XVWRPVDQG%RUGHU3URWHFWLRQ
E   
)RUPRUHLQIRUPDWLRQDERXWWKH6HFXUH%RUGHU,QLWLDWLYHY E  

2ULJLQDO0HVVDJH
)URP E  
6HQW7KXUVGD\'HFHPEHU$0
7R E  
6XEMHFW)Z0HHWLQJZLWK E  

2ULJLQDO0HVVDJH
)URP3$*$1'$9,'*
7R E   $'$0652:'<' E  
6(/)-())5(<' E  
&F E  
6HQW7KX'HF
6XEMHFW5(0HHWLQJZLWK E  

E  

%RUGHUPD\RUVFDOOIRULPPHGLDWHZLWKGUDZDORIGUDIW(,6

%\6WHYH7D\ORUDQG-RH\*RPH]

%52:169,//('HFHPEHU%RUGHUPD\RUVKDYHFDOOHGRQ+RPHODQG6HFXULW\6HFUHWDU\0LFKDHO
&KHUWRIIWRLPPHGLDWHO\ZLWKGUDZWKHGUDIW(QYLURQPHQWDO,PSDFW6WDWHPHQWIRUWKH5LR*UDQGH9DOOH\
ERUGHUIHQFHSODQLQWKHOLJKWRIDQHZFRQJUHVVLRQDOPDQGDWH

2Q7KXUVGD\WKH+RXVHDQG6HQDWHSDVVHGDQRPQLEXVVSHQGLQJSODQWKDWRYHUULGHVDQXPEHURIWKH
SURYLVLRQVFRQWDLQHGLQWKH6HFXUH)HQFH$FW&RQJUHVVQRORQJHUUHTXLUHVWKDWWZROD\HUVRI
IHQFLQJEHHUHFWHGDQGGRHVQRWVSHFLI\ZKHUHEDUULHUVVKRXOGEHEXLOG

7KHRPQLEXVELOODOVRVWDWHVWKDWDOWHUQDWLYHWDFWLFDOLQIUDVWUXFWXUHFDQEHFRQVLGHUHG$QG&KHUWRII
PXVWQRWRQO\HQJDJHZLWKERUGHUFRPPXQLWLHVRQWKHORFDWLRQDQGW\SHRIEDUULHUWREHHUHFWHGKH
PXVWUHSRUWEDFNWR&RQJUHVVRQKRZWKHFRQVXOWDWLRQVDUHJRLQJ,IWKLVLVQRWGRQHXSWRKDOIRIWKH
IXQGVDOORFDWHGIRUWKHIHQFHFRXOGEHZLWKKHOG

³7KHGUDIW(,6FDWHJRULFDOO\UHMHFWVDOOVXJJHVWHGDOWHUQDWLYHVWRWKHGHSDUWPHQW¶VSURSRVHGURXWHDQG
FRQVWUXFWLRQRIWKHERUGHUZDOOLQWKH5LR*UDQGH9DOOH\VHFWRU´VDLG7H[DV%RUGHU&RDOLWLRQ&KDLUDQG
(DJOH3DVV0D\RU&KDG)RVWHU

³7ROHDYHWKDWGRFXPHQWSHQGLQJ RUZRUVHWRFRQWLQXHLWVFRPSOHWLRQ GXULQJWKHFRQVXOWDWLYHSURFHVV


ZRXOGSUHGHWHUPLQHWKHRXWFRPHZKLFKVKRXOGEHXQDFFHSWDEOHWRDOOSDUWLHVLQYROYHG´

6HFWLRQRIWKH+RPHODQG6HFXULW\VHFWLRQRIWKH2PQLEXV$SSURSULDWLRQV%LOOUHDGV

+RPHODQG6HFXULW\ZLOOQRWEHUHTXLUHGWRLQVWDOOIHQFLQJEDUULHUVURDGVOLJKWLQJFDPHUDVRUVHQVRUV
LQDQ\SDUWLFXODUORFDWLRQDORQJWKHERUGHUZLWKRXWDGHWHUPLQDWLRQWKDWWKHXVHRUSODFHPHQWRIWKH
UHVRXUFHVLVQRWWKHPRVWDSSURSULDWHPHDQVWRDFKLHYHDQGPDLQWDLQRSHUDWLRQDOFRQWURORYHUWKH
ERUGHU

7KHORFDWLRQRIWKHIHQFHZLOOEHGHWHUPLQHGE\WKH+RPHODQG6HFXULW\6HFUHWDU\EDVHGXSRQD
GHWHUPLQDWLRQRIZKHUHLWZRXOGEH³PRVWSUDFWLFDODQGHIIHFWLYHLQGHWHUULQJVPXJJOHUVDQGDOLHQV
DWWHPSWLQJWRJDLQLOOHJDOHQWU\´

1RORQJHUUHTXLUHOD\HUVRIIHQFLQJ

%HIRUHEXLOGLQJWKHIHQFHWKH'HSDUWPHQWRI+RPHODQG6HFXULW\PXVWQRZFRQVXOWZLWK³WKH6HFUHWDU\
RIWKH,QWHULRUWKH6HFUHWDU\RI$JULFXOWXUH6WDWHVORFDOJRYHUQPHQWV,QGLDQWULEHVDQGSURSHUW\
RZQHUV«WRPLQLPL]HWKHLPSDFWRQWKHHQYLURQPHQWFXOWXUHFRPPHUFHDQGTXDOLW\RIOLIHIRUWKH
FRPPXQLWLHVDQGUHVLGHQWVORFDWHGQHDUWKHVLWHVDWZKLFKVXFKIHQFLQJLVWREHFRQVWUXFWHG´

6WDWHVORFDOJRYHUQPHQWVDQGRWKHUSHRSOHDIIHFWHGE\WKHIHQFHZLOOQRWORVHDQ\ULJKWRIOHJDO
DFWLRQGXHWRWKHQHZOHJLVODWLRQ
7KHFKDQJHVGHOLJKWHGWKH7%&ZKLFKFRPSULVHVERUGHUPD\RUVFRXQW\MXGJHVDQGEXVLQHVVOHDGHUV
IURP(O3DVRWR%URZQVYLOOH$VVRRQDV&RQJUHVVSDVVHGWKHRPQLEXVELOO)RVWHUILUHGRIIDOHWWHUWR
&KHUWRIIGHPDQGLQJWKDW'+6FRPSO\ZLWKWKHQHZFRQVXOWDWLRQUHTXLUHPHQWV

9DOOH\OHDGHUVKDYHFRPSODLQHGELWWHUO\WKDW%RUGHU3DWUROGHYHORSHGDSODQWREXLOGPLOHVRIIHQFLQJ
LQWKH9DOOH\ZLWKRXWDQ\LQSXWIURPHOHFWHGRIILFLDOV1RWRZQKDOOPHHWLQJVKDYHWDNHQSODFHDQGWKH
WKUHHUHFHQW³RSHQKRXVH´HYHQWVVWDJHGE\'+6LQ%URZQVYLOOH0F$OOHQDQG5LR*UDQGH&LW\KDYH
EHHQGHULGHGDVOLWWOHPRUHWKDQDSXEOLFLW\VWXQW

)RVWHUVDLGWKH7%&ZDQWVDVFRSLQJPHHWLQJZLWK'+6RIILFLDOVLQ:DVKLQJWRQ'&GXULQJWKHZHHNRI
-DQIROORZHGE\DVHULHVRIPHHWLQJVEHJLQQLQJWKHILUVWZHHNRI)HEUXDU\LQHDFKRIWKH
FRXQWLHVDIIHFWHGE\WKHSURSRVHGZDOO$WWKHHQGRIWKDWFRQVXOWDWLRQSURFHVVLQ$SULO)RVWHUVDLG7%&
ZDQWVDPHHWLQJEHWZHHQ'+6HOHFWHGRIILFLDOVDQGVWDWHSHUPLWWLQJDJHQFLHVLQ$XVWLQ

³:HKDYHORQJFRQWHQGHGWKDWLWZRXOGEHFRXQWHUSURGXFWLYHIRU:DVKLQJWRQWRGLFWDWHWKHGHVLJQDQG
ORFDWLRQRIDPLOHIHQFHZLWKRXWFRQVXOWDWLRQZLWKVWDWHDQGORFDORIILFLDOVRUFRQVLGHUDWLRQRIYLDEOH
DOWHUQDWLYHV´)RVWHUZURWHLQKLVOHWWHUWR&KHUWRII

)RVWHUSRLQWHGRXWWKDWRYHUWKHSDVWVHYHUDOPRQWKVERUGHUFRPPXQLWLHVKDYHSURSRVHGDQXPEHURI
DOWHUQDWLYHVWRLPSURYHERUGHUVHFXULW\³ZLWKRXWLQFXUULQJWKHFRVWDQGKHDGDFKHVWKDWD:DVKLQJWRQ
GLFWDWHGVROXWLRQZRXOGFUHDWHRYHUSULYDWHSURSHUW\ULJKWVDQGHQYLURQPHQWDOFRQFHUQV´

$PRQJWKRVHDOWHUQDWLYHVDUHDFRPELQHGOHYHHIHQFHSODQWKDWZRXOGDOVRIL[WKH9DOOH\¶VFUXPEOLQJ
OHYHHVDQGWKHGHYHORSPHQWRIWKH%URZQVYLOOH:HLUSURMHFW

7KH7%&LVODUJHO\JLYLQJFUHGLWIRUWKHFKDQJHVWRWKHERUGHUIHQFHSURYLVLRQVLQWKHRPQLEXVELOOWR
866HQ.D\%DLOH\+XWFKLVRQ57H[DVDQG865HS&LUR5RGULJXH]'6DQ$QWRQLR%RWKDUHRQ
WKHLUUHVSHFWLYHDSSURSULDWLRQVFRPPLWWHHV

5RGULJXH]WRRNSDUWLQDSULYDWHWHOHFRQIHUHQFHFDOOZLWK7%&PHPEHUV:HGQHVGD\DIWHUQRRQ$OVR
WDNLQJSDUWZHUH+XWFKLVRQVWDIIHU%HWR&DUGHQDVDQG7H[DV¶+RPHODQG6HFXULW\'LUHFWRU6WHYH0F&UDZ

$PRQJWKHERUGHUOHDGHUVRQWKHFRQIHUHQFHFDOOZHUH)RVWHU(O3DVR0D\RU-RKQ&RRN'HO5LR0D\RU
(IUDLQ9DOGH]0F$OOHQFLW\PDQDJHU0LNH3HUH]DQGWKHFRFKDLURIWKH7%&¶VLPPLJUDWLRQFRPPLWWHH
0F$OOHQEXVLQHVVZRPDQ0RQLFD:HLVEHUJ6WHZDUW

³,WZDVDYHU\SRVLWLYHFRQIHUHQFHFDOODQGZHWKDQNHG&RQJUHVVPDQ5RGULJXH]DQG6HQDWRU+XWFKLVRQ
IRUWKHLUKHOSLQFKDQJLQJWKHERUGHUZDOOODQJXDJH´VDLGRQHSDUWLFLSDQWLQWKHFRQIHUHQFHFDOO³:H
DOVRDSSUHFLDWHWKHIDFWWKDWWKH\DUHJRLQJWRJHWDVWXG\GRQHRQERUGHUZDLWWLPHVDQGFRQJHVWLRQDW
RXUSRUWVRIHQWU\´7KDWSHUVRQDVNHGIRUDQRQ\PLW\

'XULQJWKHFRQIHUHQFHFDOO)RVWHUVDLGWKH7%&VWRRGEHKLQGWKHILQGLQJVRID&RQJUHVVLRQDO
$FFRXQWDELOLW\2IILFHUHSRUWZKLFKVDLGPRUHFXVWRPVRIILFHUVZHUHQHHGHGDWERUGHUSRUWVRI
HQWU\7KHRPQLEXVELOOLQFOXGHVIXQGLQJIRUDQH[WUD

+XWFKLVRQRIIHUHGKHUWKRXJKWVRQWKHFKDQJHVWRWKHERUGHUIHQFHOHJLVODWLRQYLDDVDWHOOLWHOLQNWR
ERUGHUPHGLDRXWOHWV:HGQHVGD\
³,EHOLHYHWKH%RUGHU3DWUROLVGRLQJDJUHDWMRELQZRUNLQJZLWKORFDOFRPPXQLWLHVDQGODQGRZQHUVWR
PDNHVXUHWKH\DUHFRQVXOWHGDERXWWKHW\SHVRIIHQFLQJDQGZKHUHWKHIHQFLQJZLOOJR:HDUHDOO
FRPPLWWHGWRERUGHUVHFXULW\DQGZHQHHGWREULQJRXUORFDOJRYHUQPHQWVDQGFLWL]HQVLQWRWKHSURFHVV
DQGWKDWLVZKDWZLOOEHDVVXUHGZLWKWKHODQJXDJHWKDWLVLQWKHELOO´

$VNHGE\UHSRUWHUVLQ:DVKLQJWRQ'&ZK\+XWFKLVRQKDGSXVKHGKHUDPHQGPHQW+XWFKLVRQ
VSRNHVPDQ0DWW0DFNRZLDNVDLG³6HQDWRU+XWFKLQVRQEHOLHYHVWKDWORFDOFXVWRPVDQGERUGHURIILFLDOV
NQRZEHWWHUZKDWZHQHHGWRVHFXUHWKHERUGHUWKDQDFRQJUHVVPDQIURP0DLQHZRXOG´

,QD:DVKLQJWRQ7LPHVVWRU\)ULGD\KHDGOLQHG³6SHQGLQJELOOVKULQNVERUGHUIHQFH´+RXVH0LQRULW\
/HDGHU-RKQ$%RHKQHUDQ2KLR5HSXEOLFDQEODVWVWKHERUGHUIHQFHSODQFKDQJHV

³7KHIDFWWKDWWKLVZDVEXULHGLQDEORDWHGSDJHRPQLEXVVSHDNVYROXPHVDERXWWKH'HPRFUDWV

XQVHULRXVDSSURDFKRQERUGHUVHFXULW\DQGLOOHJDOLPPLJUDWLRQ´%RHKQHUVDLG³*XWWLQJWKH6HFXUH)HQFH
$FWZLOOPDNHRXUERUGHUVOHVVVHFXUHEXWLW
VFRQVLVWHQWZLWKWKHSDWWHUQRIEHKDYLRUZH
YHVHHQDOO\HDU
IURPWKLVPDMRULW\´


2ULJLQDO0HVVDJH
)URP E  
6HQW7KXUVGD\'HFHPEHU$0
7R3$*$1'$9,'* E   $'$0652:'<' E  
6(/)-())5(<' E  
&F E  
6XEMHFW5H0HHWLQJZLWK E  

E  

2ULJLQDO0HVVDJH
)URP3$*$1'$9,'*
7R E   $'$0652:'<' E  
6(/)-())5(<' E  
&F E  
6HQW7KX'HF
6XEMHFW5(0HHWLQJZLWK E  

)<,VRPHDGGHGFRQWH[WIRUWRPRUURZ
VPHHWLQJ

%RUGHUJURXSXUJHVFRQVXOWDWLRQUHTXLUHGLQVSHQGLQJELOO

$VVRFLDWHG3UHVV $3 $XVWLQ%XUHDX
:$6+,1*721B7KH7H[DV%RUGHU&RDOLWLRQLVXUJLQJ+RPHODQG6HFXULW\6HFUHWDU\0LFKDHO&KHUWRIIWR
FRQVXOWZLWKWKHPDQGRWKHUJRYHUQPHQWDJHQFLHVRQDERUGHUIHQFHDVUHTXLUHGLQDVSHQGLQJELOO
&RQJUHVVDSSURYHGWKLVZHHN

7KHJURXSVD\VLWLVVHQGLQJDOHWWHUZLWKWKHUHTXHVWVKRUWO\DIWHUWKH+RXVHJDYHILQDODSSURYDOWRWKH
VZHHSLQJVSHQGLQJELOO:HGQHVGD\

7KDWELOOUHTXLUHVWKHGHSDUWPHQWWRFRQVXOWZLWKORFDOFRPPXQLWLHVDQGRIILFLDOVJRYHUQPHQWDJHQFLHV
DQG,QGLDQWULEHVRQZD\VWRUHGXFHWKHHQYLURQPHQWDODQGFXOWXUDOLPSDFWRIWKHIHQFH

7KHERUGHUJURXSLVDVNLQJIRUDVHULHVRIFRQVXOWDWLRQPHHWLQJVZLWK&KHUWRIIWREHJLQ-DQXDU\VWDQG
HQGLQ$SULO
7KHJURXSVD\VLWDOVRZDQWV&KHUWRIIWRZLWKGUDZDGUDIWHQYLURQPHQWDOLPSDFWVWDWHPHQWIRUWKHIHQFH
WRHQVXUHWKHFRQVXOWDWLRQZLOOEHDXWKHQWLF

%XVKKDVVLJQDOHGKHZLOOVLJQWKHELOO

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP E  
6HQW:HGQHVGD\'HFHPEHU30
7R3$*$1'$9,'* E   $'$0652:'<' E  
6(/)-())5(<' E  
&F E  
6XEMHFW0HHWLQJZLWK E  

*RRG$IWHUQRRQ$OO

3OHDVHPDUN\RXUFDOHQGDUVIRUDPHHWLQJZLWKWKH&KLHIRI6WDIIUH'LVFXVVLRQRI3)6WDNHKROGHU
,QSXW&XUUHQW6WDWXVDQG1H[W6WHSVRQ)ULGD\'HFDWDP RUDIWHU6HQLRU6WDII 7KLVPHHWLQJ
ZLOOEHLQWKH6PDOO&RQIHUHQFH5RRP

3DUWLFLSDQWV

E  

'DYLG3DJDQ

E  

5RZG\$GDPV

E  

-HII6HOI

E  

)RUDQ\RQHXQDEOHWRDWWHQGSOHDVHDGYLVH

7KDQN\RX

E  

2IILFHRIWKH&KLHIRI6WDII&%3
E  

You might also like