/LVWHQLQJ ,16758&7,21672&$1','$76 'RQRWRSHQWKLVTXHVWLRQSDSHUXQWLO\RXDUHWROGWRGRVR 8VHDVHSDUDWHVKHHWRISDSHUDV\RXUDQVZHUVKHHW :ULWH\RXUDQVZHUVRQWKHDQVZHUVKHHWWRJH
Trang 1
/LVWHQLQJ
,16758&7,21672&$1','$7(6
'RQRWRSHQWKLVTXHVWLRQSDSHUXQWLO\RXDUHWROGWRGRVR
8VHDVHSDUDWHVKHHWRISDSHUDV\RXUDQVZHUVKHHW
:ULWH\RXUDQVZHUVRQWKHDQVZHUVKHHWWRJHWKHUZLWKWKHQXPEHURIHDFKTXHVWLRQ
<RXPD\ZULWH\RXUDQVZHUVRQWKHTXHVWLRQSDSHUZKLOH\RXDUHOLVWHQLQJ<RXZLOOKDYHWLPH DWWKHHQGRIWKHWHVWWRFRS\\RXUDQVZHUVRQWR\RXUDQVZHUVKHHW
/LVWHQFDUHIXOO\WRWKHLQVWUXFWLRQVIRUHDFKSDUWRIWKHSDSHU
$QVZHUDOOWKHTXHVWLRQV
$WWKHHQGRIWKHWHVWKDQGLQERWKWKLVTXHVWLRQSDSHUDQG\RXUDQVZHUVKHHW
,1)250$7,21)25&$1','$7(6
7KHUHDUHIRXUSDUWVWRWKHWHVWDQG\RXZLOOKHDUHDFKUHFRUGLQJWZLFH
(DFKTXHVWLRQFDUULHVRQHPDUN
7KH&'ZLOOEHSDXVHGDWYDULRXVSRLQWVWRJLYH\RXWLPHWRUHDGWKHTXHVWLRQVDQGWRZULWH DQGFKHFN\RXUDQVZHUV3OHDVHQRWHWKDW\RXGRQRWQHFHVVDULO\QHHGWRZULWHDQDQVZHU HDFKWLPHWKH&'LVSDXVHG
7KLVTXHVWLRQSDSHUFRQVLVWVRISULQWHGSDJHVDQGEODQNSDJHV
Trang 2
3DUW
<RXZLOOKHDUWKUHHGLIIHUHQWH[WUDFWV
)RUTXHVWLRQV±FKRRVHWKHDQVZHU $%RU& ZKLFKILWVEHVWDFFRUGLQJWRZKDW\RXKHDU
7KHUHDUHWZRTXHVWLRQVIRUHDFKH[WUDFW
<RXKHDUDPDQWDONLQJDERXWDQHZSURMHFWEHLQJODXQFKHGLQDJURXSRIVPDOO$WODQWLFLVODQGV
:KDWLVWKHPDLQREMHFWLYHRIWKHSURMHFW"
$ WRUDLVHHQYLURQPHQWDODZDUHQHVV
% WRHQFRXUDJHWRXULVPLQWKHLVODQGV
& WRIROORZWKHPRYHPHQWVRIWLGHV
:KDWLVWKHVSHDNHU¶VRSLQLRQRIWKHQHZSURMHFW"
$ 7KHLGHDLVRYHUDPELWLRXV
% 7KHDSSURDFKLVLQQRYDWLYH
& 7KHH[SHULPHQWLVXQVFLHQWLILF
<RXKHDUSDUWRIDQLQWHUYLHZZLWKDQDUWFULWLFLQZKLFKDQH[KLELWLRQIHDWXULQJWKHODWHVWZRUNRI
SKRWRJUDSKHU7LP)LW]JHUDOGLVGLVFXVVHG
:KDWLVWKHDUWFULWLF¶VRSLQLRQRI)LW]JHUDOG¶VODWHVWZRUN"
$ ,WGHPRQVWUDWHVKLVODFNRIDUWLVWLFUDQJH
% ,WFRPSDUHVIDYRXUDEO\ZLWKKLVSUHYLRXVZRUN
& ,WVKRZVKLVSRRUXQGHUVWDQGLQJRIUHODWLRQVKLSV
7KHDUWFULWLFVD\VWKDW)LW]JHUDOG¶VSLFWXUHVLQWKHFXUUHQWVKRZ
$ DUHXQVXLWDEOHIRUURXQGLQJRIIWKHH[KLELWLRQ
% GRQRWPDQDJHWRHQJDJHWKHYLVLWRU¶VLQWHUHVW
& ODFNDUWLVWLFRULJLQDOLW\
Trang 3
7XUQRYHUŹ
([WUDFW7KUHH
<RXKHDUDZRPDQWDONLQJRQWKHUDGLRDERXWKHUIDYRXULWHSLHFHRIPXVLF
+RZGRHVWKHVSHDNHUVD\VKHIHHOVZKHQOLVWHQLQJWRKHUIDYRXULWHSLHFHRIPXVLF"
7KHVSHDNHUEHOLHYHVWKDWFULWLFVRIKHUIDYRXULWHPXVLFDUHZURQJWR
& XQGHUUDWHLWIRULWVZLGHDSSHDO
Trang 4
3DUW
<RXZLOOKHDUDQXWULWLRQLVWWDONLQJDERXWWKHSURGXFWLRQDQGXVHVRIPDVWLFDVSLFHWKDWLVIRXQGLQ WKH0HGLWHUUDQHDQDUHD
)RUTXHVWLRQV±FRPSOHWHWKHVHQWHQFHVZLWKDZRUGRUVKRUWSKUDVH
0DVWLFLVFROOHFWHGIURPDWUHHZKLFKORRNVOLNHDVPDOOHUIRUPRIWKH
0DVWLFUHVLQZLOO RQO\LQWKHUHJLRQDURXQGWKH
0HGLWHUUDQHDQ
%DVLFWRROVOLNH DUHHPSOR\HGWRUHPRYHLPSXULWLHV
IURPWKHPDVWLF
&U\VWDOVRIPDVWLFKDYHEHHQUHIHUUHGWRDV LQ
OLWHUDWXUH
7KHVDOHRIPDVWLFFU\VWDOVLVKDQGOHGE\D WRHQVXUH
WKDWWKHJURZHUVJHWDIDLUGHDO
,WLVWKRXJKWWKDWPDVWLFZDVILUVWXVHGDV E\
DQFLHQWSHRSOHV
PHOWLQJ
SURFHVV
)ODYRXUHGGULQNVDUHPDGHLQ ZKLFKKDYHKDGPDVWLF
EXUQHGXQGHUWKHP
6RPHSHRSOHEHOLHYHWKDWPDVWLFFDQKHOSLQWKHWUHDWPHQWRIKHDOWKSUREOHPVHVSHFLDOO\VRPH
Trang 5
7XUQRYHUŹ
3DUW
<RXZLOOKHDUDGLVFXVVLRQLQZKLFKWZRPDULQHELRORJLVWV*LQD.HOVRDQG7KRPDV/XQGPDQWDON DERXWDQDZDUGZLQQLQJWHOHYLVLRQILOPWKH\PDGHDERXWZLOGOLIHLQ$QWDUFWLFD
)RUTXHVWLRQV±FKRRVHWKHDQVZHU $%&RU' ZKLFKILWVEHVWDFFRUGLQJWRZKDW\RXKHDU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
*LQD¶VLQWHUHVWLQPDULQHELRORJ\GDWHVIURP
$ KHUHDUOLHVWUHFROOHFWLRQVRIOLIHLQ$IULFD
& WKH\HDUVVKHVSHQWVWXG\LQJLQ(QJODQG
7KHILUVWZLOGOLIH79VHULHVWKH\ERWKZRUNHGRQ
& ZDVQRWLQWHQGHGWREHWDNHQWRRVHULRXVO\
+RZGLG7KRPDVIHHOZKHQKHZDVDVNHGWRSURGXFHWKHSURJUDPPHVDERXW$QWDUFWLFD"
& XQFHUWDLQKRZZHOOKHZRXOGJHWRQZLWKWKHWHDP
:KHQWKH\ZHUHLQ$QWDUFWLFDWKH\ZRXOGKDYHDSSUHFLDWHG
& DFORVHIULHQGWRVKDUHWKHLUIHHOLQJVZLWK
:KDWZDVPRVWLPSUHVVLYHDERXWWKHZKDOHVWKH\ILOPHG"
& KRZORQJWKHZKDOHVVWD\HGIHHGLQJLQRQHDUHD
Trang 6
3DUW
<RXZLOOKHDUILYHVKRUWH[WUDFWVLQZKLFKGLIIHUHQWSHRSOHDUHWDONLQJDERXWWDNLQJDJDS\HDU± WKHWLPH ZKLFKVRPH\RXQJSHRSOHWDNHRIIIURPWKHLUVWXGLHVWRJDLQRWKHUH[SHULHQFH
7$6.21(
)RUTXHVWLRQV±FKRRVHIURPWKHOLVW $±+ ZKDWHDFKVSHDNHUGLGGXULQJWKHLUJDS\HDU
)RUH[DPSOHLI\RXWKLQN6SHDNHUWUDYHOOHGZLGHO\ZULWH%IRU4XHVWLRQ
<RXZLOOKHDUWKHUHFRUGLQJWZLFH:KLOH\RXOLVWHQ\RXPXVWFRPSOHWHERWKWDVNV
$ WDXJKWDODQJXDJH
% WUDYHOOHGZLGHO\
& ZRUNHGLQDQRIILFH
' GLGYROXQWDU\ZRUN
( WDXJKWDVSRUW
) ZRUNHGLQDKRWHO
* ZRUNHGDVDWRXUJXLGH
+ ZHQWRQDQRUJDQLVHGH[SHGLWLRQ
7$6.7:2
)RUTXHVWLRQV±FKRRVHIURPWKHOLVW $±+ ZKLFKEHQHILWRIKDYLQJDJDS\HDUHDFKVSHDNHU
PHQWLRQV
$ PDNLQJORQJODVWLQJIULHQGVKLSV
% RYHUFRPLQJILQDQFLDOSUREOHPV
& LQFUHDVHGLQGHSHQGHQFH
' LPSURYHGOLQJXLVWLFVNLOOV
( GHDOLQJZLWKGLVDSSRLQWPHQW
) DUHQHZHGVHQVHRIDGYHQWXUH
* DPRUHPDWXUHDSSURDFKWRVWXG\LQJ
+ DFKDQFHWRFRQVLGHUIXWXUHSODQV
Trang 7
%/$1.3$*(
Trang 8
%/$1.3$*(