ri 6plohv sp 6wrqh &kls &uhglw 8qlrq … · 7kh 6khoo /dnh &kdpehu ri &rpphufh...
TRANSCRIPT
7KH�6KHOO�/DNH�&KDPEHU�RI� &RPPHUFH�ZRXOG�OLNH�WR�WKDQN�
WKH�IROORZLQJ�IRU�WKHLU������������GRQDWLRQV�
$KWDKNDNRRS�7UDYHO�&OXE *REEOHV�3XWW�IRU�3DU +HDWKHU�6DUUD]LQ—5H�0D[ +HULWDJH�+RPH�%DNHU\ ,QQRYDWLRQ�&UHGLW�8QLRQ 0HPRULDO�/DNH�5HJLRQDO�3DUN 0RUULV�6DQLWDWLRQ 2XU�/DG\�RI�6PLOHV 3DUWQHUV�LQ�:RUVKLS 3HSSHUPLQW�6LJQV 5R\DO�&DQDGLDQ�/HJLRQ��%UDQFK���� 6KHOO�/DNH�*HQHUDO�6WRUH 6KHOO�/DNH�/LEUDU\ 6KHOO�/DNH�/LRQ¶V�&OXE 6KHOO�/DNH�+RWHO 6KHOO�/DNH�0XVHXP 6KHOO�/DNH�3LQH�5HVRUWV 6KHOO�/DNH�6HUYLFH 6KHOO�/DNH����3OXV 7KH�/DUN�5HVWDXUDQW� 7KLFNZRRG�+LOOV�6WXGLR�7UDLO 9LOODJH�RI�6KHOO�/DNH 9LY¶V�6W\OH�6KRSSH 0DMRU�(YHQW�6SRQVRUV� %HDX�³/DF´�)XQHUDO�+RPH� 3LQH�5LGJH�&RWWDJHV 5LFN�5HGGHNRRS�5H�0D[� 6KHDU�3UHFLVLRQ�6DORQ 6LPRQDU¶V�5HIULJHUDWLRQ 6KHOO�/DNH�&R-RS 6KHOO�/DNH�0pWLV�/RFDO����&RUS� :LOORZ�,QVXUDQFH�&RUS�
ϯϱƚŚ��ŶŶƵĂů ,ŽŵĞƐƚĞĂĚĞƌ
:ƵůLJ�ϭϰ—ϭϲ ϮϬϭϳ
&ƌŝĚĂLJ�:ƵůLJ�ϭϰ �����–������SP��%XUJHUV��+RW�'RJV��6SRQVRUHG�E\��/HJLRQ�%UDQFK�����DW�WKH�/HJLRQ�+DOO� �����-������SP�&RIIHH�����������'RQXWV��������������������������������������������������)UHH�FRIIHH�DQG�GRXJKQXWV�� 6SRQVRUHG�DQG�ORFDWHG�DW�,QQRYDWLRQ�&UHGLW�8QLRQ�
����–������SP�6WRQH�&KLS������5HSDLU
)UHH�FRIIHH��FXSFDNHV�ZKLOH�\RXU�ZLQGVKLHOG�JHWV�UHSDLUHG��6SRQVRUHG�DQG�ORFDWHG�DW�:LOORZ�,QVXUDQFH�&RUS��
����–������SP�0XVLFLDQ�-DP����6HVVLRQ���(YHU\RQH�ZHOFRPH��$GPLV�VLRQ���������6SRQVRUHG�DQG�ORFDWHG�DW�WKH�6KHOO�/DNH�/LRQV��&OXE��&RQWDFW�����(G�6LPRQDU��#����-���-����
����-������SP�&RIIHH�DQG�3LH
'XULQJ�WKH�MDP�VHVVLRQ��3LH�������DQG���FRIIHH���������6SRQVRUHG�E\�WKH�6KHOO�/DNH����3OXV�&OXE�DQG�ORFDWHG�DW�WKH�6KHOO�/DNH�/LRQ¶V�&OXE�
����–������DP�)ULGD\�'�-� 6DWXUGD\�.DUDRNH���������������������3UL]HV��6DWXUGD\�QLJKW��6SRQVRUHG�E\�6KHOO�/DNH�+RWHO��
3XEOLF��ZKHHOFKDLU�DFFHVVLEOH��ZDVKURRPV�DUH�DYDLODEOH�DW�WKH�
ORJ�RIILFH�EXLOGLQJ�QH[W�������������������WR��*D]HER�
�ůů�tĞĞŬĞŶĚ
0XVHXP�+RXUV �����–������SP�6DWXUGD\��6XQGD\ &RVW-���������SHUVRQ�RYHU����\HDUV��,QFOXGHV�0XVHXP��&DERRVH��/RJ�&DELQ�� �
3URXGO\�3UHVHQWHG�%\ 6KHOO�/DNH�&KDPEHU�RI�&RPPHUFH
� 3XEOLF��ZKHHOFKDLU�DFFHVVLEOH�ZDVKURRPV�DUH�DYDLODEOH�DW�WKH�ORJ�RIILFH�EXLOGLQJ�QH[W�
WR�*D]HER��
�����SP�0DVV� $W��2XU�/DG\�RI�6PLOHV�&DWKROLF�&KXUFK��
�����SP�2XWGRRU�0RYLH�
'RRUV�RSHQ�#������SP�ZLWK��%DFN�WR�WKH�)XWXUH�����������5DWHG�3�*����6KRZLQJ�#������SP�����$GPLVVLRQ�LV�E\�GRQDWLRQ�WR����/LWWOH��:RQGHU¶V�&OXEKRXVH��SUH-VFKRRO���%ULQJ�\RXU�RZQ�FKDLU����6QDFNV�ZLOO�EH���DYDLODEOH�IRU�SXUFKDVH��/RFDWHG�DW�WKH������*D]HER��3LQH�5LGJH�&RWWDJHV�VSRQVRUVKLS�
����DP�-����SP��%UHDNIDVW�
6SRQVRUHG�E\�$KWDKNDNRRS�7UDYHO�&OXE���/RFDWHG�DW�6HQLRU�&HQWUH�
������DP�,QWHUIDLWK��6HUYLFH���
�$W�6FDQGLD�&KXUFK—VRXWK�RQ�KLJKZD\������
������DP�-������SP�7UDGH�6KRZ
:LGH�YDULHW\�RI�YHQGRUV��$GPLVVLRQ�E\�
GRQDWLRQ�WR�IXWXUH�+H\�'D\V�HYHQWV��/RFDWHG�DW�6KHOO�/DNH�/LRQ¶V�+DOO��
������DP��+RUVHVKRH�7RXUQDPHQW��
/RFDWHG�EDFN�RI�WKH�/LRQV�+DOO���6SRQVRUHG�E\�WKH�6KHOO�/DNH�6HQLRUV�
�����-������SP�6WUDZEHUU\�7HD 6SRQVRUHG�DQG�ORFDWHG�DW�/HJLRQ�%UDQFK������$GPLVVLRQ��������
������SP��&OD\�2YHQ�&LQQDPRQ�%XQV�
������SHU�EXQ��6SRQVRUHG�E\�2XU�/DG\�RI�6PLOHV�&DWKROLF�&KXUFK��/RFDWHG�E\�WKH��
*D]HER�
������SP��%%4�RQ�WKH�'HFN�
(QMR\�VRPH�%%4�5LEV�RXWVLGH�7KH�/DUN�5HVWDXUDQW���6WHSKDQLH�5RVH�ZLOO��������������EH�VLQJLQJ�RQ�WKH�SDWLR�IURP������—��S�P�
����-�������DP�3DQFDNH������%UHDNIDVW
$GXOWV���������FKLOGUHQ���WR��������������������������XQGHU�IUHH��6SRQVRUHG�DQG�ORFDWHG�DW������3DUWQHUV�LQ�:RUVKLS�&KXUFK�
����-�������DP�)UHH�)DFH������3DLQWLQJ�DQG�EDOORRQV�IRU�DOO�FKLOGUHQ��6SRQVRUHG�DQG�ORFDWHG�DW�WKH�/LEUDU\��LQ�WKH�9LOODJH�2IILFH��
������DP—��SP��$UW�'LVSOD\��6DOH
:RUNV�RI�DUW�7KLFNZRRG�6WXGLR�7UDLO����������6SRQVRUHG�E\�7KLFNZRRG�6WXGLR�7UDLO�DQG�ORFDWHG�DW�WKH�*D]HER�
�����-������SP��+DPEXUJHUV��+RW�'RJV��6SRQVRUHG�E\�/HJLRQ�%UDQFK�����DW�WKH��/HJLRQ�+DOO�
������DP�&KLOGUHQV�3DUDGH�����������%LNHV��WULNHV��ZDJRQV��VWUROOHUV��FDUULDJHV��SHWV��0HHW�LQ�6KHOO�/DNH�/LRQ¶V�+DOO����3DUNLQJ�/RW�#�������DP��(DFK�SDUWLFLSDQW�ZLOO�UHFHLYH�D�YRXFKHU��6SRQVRUHG�E\�WKH�6KHOO�/DNH���*HQHUDO�6WRUH�
������DP�3DUDGH��5RXWH
�:H�ZLOO�HQWHU�0DLQ�6WUHHW�IURP�&DUO�����(ULFNVRQ�$YH��GRZQ�WR�WKH�&R-RS�DQG�WXUQ�OHIW�RQ��QG�$YH��IROORZ��WR��)LUVW�6WUHHW�:HVW�WXUQ�ULJKW�RQ�WR��0HPRULDO�'ULYH�WXUQ��SDVW��WKH�9LOOD�DQG�WXUQ�ULJKW�RQ��QG��$YH���7KHQ�EDFN�RQ�WR�PDLQ�VWUHHW�DQG�IROORZ��GRZQ�WR�ZKHUH��SDUDGH������EHJDQ�
������-�������SP���0LQL�)HUULV�:KHHO�5LGHV
&KLOGUHQ�ULGH�IRU�IUHH��6SRQVRUHG�E\�WKH�6KHOO�/DNH�&R-RS��ORFDWHG�E\�WKH�*D]HER
������-������SP���-�3HWWLQJ�=RR
/RFDWHG�EHKLQG�+HULWDJH�+RPH�%DNHU\�����$GPLVVLRQ�E\�GRQDWLRQ�WR��/LWWOH�:RQGHUV�&OXEKRXVH�
�����–������SP�'LPH�7RVV�
6SRQVRUHG�DQG�ORFDWHG�DW�WKH�6KHOO�/DNH�0HWLV�+DOO��
�����-������SP�%RXQF\�&DVWOHV
)UHH�$GPLVVLRQ��/RFDWHG�E\�WKH�*D]HER��6SRQVRUHG�E\�6KHOO�/DNH�0pWLV�/RFDO������DQG�:LOORZ�,QVXUDQFH�
�����SP�3DJHV�IURP�WKH�3DVW� &RPH�DQG�HQMR\�D�IUHH�FRIIHH�DQG�D�³ZDON�GRZQ�PHPRU\�ODQH��´�6SRQVRUHG�E\�WKH�6KHOO�/DNH����3OXV�&HQWHU��
/RFDWHG�DW��6SRQVRUHG�E\�*REEOH¶V�3XWW�IRU�3DU���
�����-���SP��6WRU\WHOOHU�DQG�%DOORRQ�7ZLVLWLQJ��E\�'DQLFD�/RUHU�E\�WKH�*D]HER���6SRQVRUHG�E\�5LFN�5HGGHNRRS��%HDX³/DF´��)XQHUDO�+RPH��6LPRQDU¶V�5HIULJHUDWLRQ�DQG�6KHOO�/DNH�&R-RS���
������SP�0RQH\�3LW
&KLOGUHQ�����XQGHU�FRPH�GLJ�IRU�FDVK��)LQG�HLWKHU�VSHFLDO�FRLQ��UHFHLYH������/RFDWHG�DW�6KHOO�/DNH�3LQH�5HVRUWV��6SRQVRUHG�E\�6KHOO�/DNH�6HUYLFH�DQG�6KHOO�/DNH�3LQH�5HVRUWV��
3DUDGH�,QIRUPDWLRQ 3OHDVH�SUH-UHJLVWHU�ZLWK��9LY�6SULJJV���RU�DW�WKH�FRUQHU�RI���VW�$YH���VW�6W�(DVW�WKDW�PRUQLQJ�DQG�JDWKHU��DORQJ�WKH�ROG�VNDWLQJ�ULQN��0DLQ�VWUHHW�ZLOO�EH�EORFNHG�RII��7KH��SD�UDGH�ZLOO�EH�FRPLQJ�EDFN�GRZQ�PDLQ�VWUHHW�VR�SOHDVH�VWD\�WLOO�SDUDGH�LV�RYHU��)RU�WKH�VDNH�RI�VDIHW\��QR�WUHDWV�ZLOO�EH�GLVWULEXWHG�GXULQJ�WKH�SDUDGH�