7HVW%DQN
0XOWLSOH&KRLFH4XHVWLRQV
:KLFKLV127DQH[DPSOHRIVRFLDOHSLVRGHV”
$DWWHQGLQJFODVVHV
%PHHWLQJFODVVPDWHVLQDFDIHWHULD
&JRLQJVKRSSLQJ
‘UHDGLQJDERRN
&RQFHSWXDO
:KLFKLV127WUXHRIVRFLDOHSLVRGHV”
$7KH\DUHUHSHWLWLYH
%7KH\RFFXUDQQXDOO\
&7KH\DUHSUHGLFWDEOH
‘7KH\DUHFRPPRQ
&RQFHSWXDO
:KLFKLV127DFRPSRQHQWRIVRFLDOHSLVRGHV”
$LQWHUDFWLRQWUHDWLHV
%UXOHVRILQWHUDFWLRQ
&FXOWXUDOSDWWHUQV
‘VRFLDOUROHV
&RQFHSWXDO
7KHPHWDSKRUXVHGE\WKHDXWKRUVWRGHVFULEHFXOWXUDOSDWWHUQVLV
$DUHGURVHZLWKDVWURQJDURPD
%WLQWHGJODVVHVWKDWFRORUHYHU\WKLQJSHRSOHVHH
&DFU\VWDOEDOOWKDWDOORZVSUHGLFWDELOLW\
‘DUDLQERZZLWKEOHQGHGFRORUV
)DFWXDO
:KLFKVWDWHPHQWDERXWVRFLDOUROHVLV)$/6(“
$<RXUVRFLDOUROHLVWKHVDPHWKLQJDV\RXUVRFLDOEHKDYLRU
%<RXKDYHH[SHFWDWLRQVIRU\RXUVHOIEDVHGRQ\RXUUROHV
&<RXKDYHH[SHFWDWLRQVIRURWKHUVEDVHGRQWKHLUUROHV
‘7KHUROHWKDW\RXWDNHLQDSDUWLFXODUVRFLDOHSLVRGHVWURQJO\VXJJHVWVWR\RXWKHZD\LQ
ZKLFK\RXVKRXOGDFW
&RQFHSWXDO
5XOHVRILQWHUDFWLRQLQFOXGHZKLFKRIWKHIROORZLQJ”
$ZKDWWRZHDU
%ZKDWLVDFFHSWDEOHWRWDONDERXW
&WKHVHTXHQFHRIHYHQWV
‘DOORIWKHDERYH
&RQFHSWXDO
7KHUHFXUULQJUHSHWLWLYHWRSLFVWKDWSHRSOHWDONDERXWLQVRFLDOFRQYHUVDWLRQVDUHFDOOHG
$FXOWXUDOSDWWHUQV
%VRFLDOUROHV
&LQWHUDFWLRQVFHQHV
‘LQWHUDFWLRQFRQWH[WV
)DFWXDO
7KHVHWWLQJVRUVLWXDWLRQVZLWKLQZKLFKVRFLDOHSLVRGHVRFFXUDUHFDOOHG
$FXOWXUDOSDWWHUQV
%VRFLDOUROHV
&LQWHUDFWLRQVFHQHV
‘LQWHUDFWLRQFRQWH[WV
)DFWXDO
:KLFKRIWKHIROORZLQJLV127DQDSSURDFKWRKHDOWKFDUHDVGHVFULEHGE\/XVWLJDQG.RHVWHU”
$PDJLFRUHOLJLRXVDSSURDFK
%KROLVWLFDSSURDFK
&ELRPHGLFDODSSURDFK
‘VRFLRORJLFDODSSURDFK
&RQFHSWXDO
:KLFKDSSURDFKWRKHDOWKFDUHHPSKDVL]HVWKDWRQHPXVWPDLQWDLQDVHQVHRIEDODQFHZLWK
QDWXUH”
$PDJLFRUHOLJLRXVDSSURDFK
%KROLVWLFDSSURDFK
&ELRPHGLFDODSSURDFK
‘VRFLRORJLFDODSSURDFK
&RQFHSWXDO
7KHKHDOWKFDUHV\VWHPLQWKH8QLWHG6WDWHVWHQGVWREHEDVHGXSRQZKLFKRIWKHIROORZLQJ
DSSURDFKHVWREHOLHIVDERXWKHDOWK”
$PDJLFRUHOLJLRXVDSSURDFK
%KROLVWLFDSSURDFK
&ELRPHGLFDODSSURDFK
‘VRFLRORJLFDODSSURDFK
&RQFHSWXDO
:KLFKVWDWHPHQWDERXWWKHHGXFDWLRQDOFRQWH[WLV)$/6(“
$7KHYDOXHRIHGXFDWLRQLVVLPLODUDFURVVPRVWFXOWXUHV
%$OOSHRSOHEULQJWKHLUFXOWXUDOSDWWHUQVWRWKHHGXFDWLRQDOFRQWH[W
&,QGLYLGXDOLVWLFFXOWXUHVWHQGWRHQFRXUDJHVWXGHQWVWRVSHDNRXWLQFODVV
‘&ODVVURRPSDUWLFLSDWLRQSDWWHUQVYDU\DFURVVFXOWXUHV
&RQFHSWXDO
:LWKLQDEXVLQHVVFRQWH[WZKLFKVWDWHPHQWDERXWFROOHFWLYLVWLFFXOWXUHVLV)$/6(“
$,WLVYLWDOWKDWEXVLQHVVSHRSOHHVWDEOLVKFRUGLDOLQWHUSHUVRQDOUHODWLRQVKLSV
%$JURXSRIUHSUHVHQWDWLYHVZRXOGOLNHO\EHLQYROYHGLQQHJRWLDWLRQV
&(PSOR\HHVDUHPRWLYDWHGE\JURXSVXSSRUWDQGVROLGDULW\ZLWKRQH¶VFROOHDJXHV
‘2UJDQL]DWLRQVHPSRZHUWKHLUQHJRWLDWRUVWRPDNHGHFLVLRQVZLWKRXWFROOHFWLYH
FRQVXOWDWLRQ
&RQFHSWXDO
9DULDWLRQVLQLQGLYLGXDOLVPFROOHFWLYLVPDVVRFLDWHGZLWKLQWHUFXOWXUDOFRPPXQLFDWLRQLQFOXGH
$:KRVSHDNVIRUWKHRUJDQL]DWLRQ”
%:KRGHFLGHVIRUWKHRUJDQL]DWLRQ”
&:KDWPRWLYDWHVSHRSOHWRZRUN”
‘$OORIWKHDERYH
&RQFHSWXDO
:KLFKVWDWHPHQWDERXWWKHEXVLQHVVFRQWH[WLV758(“
$&XOWXUHVGLIIHULQWKHSUHIHUUHGIORZRIEXVLQHVVQHJRWLDWLRQV
%0H[LFDQVSUHIHULQIRUPDODQGPLQLPDOVWDWXVGLIIHUHQFHVLQWKHLUEXVLQHVVUHODWLRQVKLSV
&,Q&KLQHVHRUJDQL]DWLRQVVXSHULRUVURXWLQHO\GHOHJDWHGHFLVLRQPDNLQJWRVXERUGLQDWHV
‘7KH86HPSOR\HHVRQRYHUVHDVDVVLJQPHQWVKDYHJHQHUDOO\EHHQDGHTXDWHO\SUHSDUHG
&RQFHSWXDO
:KLFKRIWKHIROORZLQJDUHFXOWXUDOEHOLHIVDERXWHGXFDWLRQIURPWKH(XURSHDQ$PHULFDQSHUVSHFWLYH
$&KLOGUHQDUHQDWXUDOO\FXULRXVDQGZDQWWROHDUQ
%0LVWDNHVDUHDQDWXUDOSDUWRIOHDUQLQJDQGVKRXOGEHLQWHJUDWHGLQWRWKHFODVVURRPH[SHULHQFH
&&KLOGUHQVKRXOGGHYHORSDSHUVRQDOSRLQWRIYLHZDERXWWKHZRUOG
‘$OORIWKHDERYH
&RQFHSWXDO
:KLFKRIWKHIROORZLQJLV127DFXOWXUDOEHOLHIDERXWHGXFDWLRQIURPWKH(XURSHDQ$PHULFDQ
SHUVSHFWLYH”
$&KLOGUHQDUHQDWXUDOO\FXULRXVDQGZDQWWROHDUQ
%&KLOGUHQVKRXOGQRWTXHVWLRQZKDWDGXOWVWHOOWKHPHYHQLIWKH\GRQRWXQGHUVWDQGLWZHOO
&0LVWDNHVDUHDQDWXUDOSDUWRIOHDUQLQJDQGVKRXOGEHLQWHJUDWHGLQWRWKHFODVVURRPH[SHULHQFH
‘&KLOGUHQVKRXOGGHYHORSDSHUVRQDOSRLQWRIYLHZDERXWWKHZRUOG
&RQFHSWXDO
$FFRUGLQJWR%DQW]ZKHQZRUNLQJLQPXOWLFXOWXUDODQGLQWHUQDWLRQDOJURXSVLQFUHDVHGDWWHQWLRQDQG
HIIRUWVWRWKHIROORZLQJDUHDVLVPRVWXVHIXO
$*DWKHULQJLQIRUPDWLRQDERXWWKHPXOWLSOHSHUVSHFWLYHVWKDWZLOOLQHYLWDEO\EHSUHVHQW
%0DLQWDLQLQJIOH[LELOLW\DQGDZLOOLQJQHVVWRDGDSWWRGLIIHULQJVLWXDWLRQVLVVXHVDQGQHHGV
&&OHDUO\LGHQWLI\LQJDQGHPSKDVL]LQJPXWXDOORQJWHUPJRDOV
‘$OORIWKHDERYH
&RQFHSWXDO
&ODVVURRPVLQFROOHFWLYLVWFXOWXUHVDUHFKDUDFWHUL]HGE\
$6WXGHQWVZKRVSHDNRXWDQGDVNTXHVWLRQV
%6WXGHQWVZKRDUHPRUHDFFHSWLQJRIPHVVDJHVDERXWDSSURSULDWHFODVVURRPEHKDYLRUV
&6WXGHQWVZKRYROXQWHHUWRDQVZHUTXHVWLRQV
‘6WXGHQWVZKRSUHIHUWRDSSURDFKOHDUQLQJDVFRPSHWLWLRQ
)DFWXDO
7UXH)DOVH
$VRFLDOUROHLVDVHWRIH[SHFWHGEHKDYLRUVWKDWLVDVVRFLDWHGZLWKSHRSOHLQDSDUWLFXODU
SRVLWLRQ
)DFWXDO
6RPHWLPHVEUHDNLQJWKHUXOHVRILQWHUDFWLRQWKDWJRYHUQDVRFLDOHSLVRGHPDNHRQH
FRQVFLRXVO\DZDUHRIWKRVHUXOHV
$SSOLHG
7KHPHDQLQJVWKDWDUHDVVLJQHGWRSDUWLFXODUEHKDYLRUVDUHQRWGHSHQGHQWXSRQWKHFRQWH[WRI
WKHLQWHUDFWLRQ
&RQFHSWXDO
,QWKHPDJLFRUHOLJLRXVDSSURDFKWRKHDOWKFDUHKXPDQVDUHWKRXJKWWRGHVLUHWRPDLQWDLQD
VHQVHRIKDUPRQ\ZLWKWKHIRUFHVRIQDWXUH
)DFWXDO
,QWKHKROLVWLFDSSURDFKWRKHDOWKFDUHKXPDQVGHVLUHWRPDLQWDLQDVHQVHRI
KDUPRQ\ZLWKWKHIRUFHVRIQDWXUH
)DFWXDO
,QVRPHFXOWXUHVKHDOWKFDUHSURYLGHUVDUHH[SHFWHGWRWDONDERXWWKHQDWXUHRIWKHLOOQHVVDQG
LWVSURJQRVLVZLWKIDPLO\PHPEHUVEXWQRWZLWKWKHSDWLHQW
)DFWXDO
,GLRPDWLFODQJXDJHLQWKHKHDOWKFDUHFRQWH[WFDQFUHDWHPLVXQGHUVWDQGLQJ
&RQFHSWXDO
,QWKHHGXFDWLRQDOFRQWH[WFXOWXUDOGLIIHUHQFHVPD\OHDGWRGLVVLPLODULWLHVLQWKHH[SHFWDWLRQV
DERXWFRPSHWHQWEHKDYLRUVIRUVWXGHQWVDQGWHDFKHUV
)DFWXDO
,QLQGLYLGXDOLVWLFFXOWXUHVHPSOR\HHVDUHOLNHO\WREHPRWLYDWHGE\JURXSVXSSRUWDQG
VROLGDULW\ZLWKRQH¶VFROOHDJXHV
&RQFHSWXDO
2UJDQL]DWLRQVZLWKLQFROOHFWLYLVWLFFXOWXUHVW\SLFDOO\HPSRZHUWKHLUQHJRWLDWRUVWRPDNH
GHFLVLRQVZLWKRXWFRQVXOWDWLRQ
)DFWXDO
(VVD\6KRUW$QVZHU4XHVWLRQV
:KDWDUHLQWHUDFWLRQVFHQHV”([SODLQKRZWKHVHVFHQHVFDQGLIIHUIURPRQHFXOWXUHWRDQRWKHU
/LVWDQGH[SODLQWKHILYHFRPSRQHQWVRIVRFLDOHSLVRGHV”
:KDWLVWKHFXOWXUDOGLPHQVLRQRIXQLYHUVDOLVPSDUWLFXODULVP“+RZGREXVLQHVVSUDFWLFHVYDU\EDVHG
RQWKLVFXOWXUDOGLPHQVLRQ”
([SODLQKRZFXOWXUDOSDWWHUQVLQIOXHQFHIDPLO\DQGJHQGHUUROHVLQWKHKHDOWKFDUHFRQWH[W
’HVFULEHKRZWKHGLPHQVLRQVRIFRPPXQLFDWLRQWLPHDQGWHDPFRXOGLPSDFWEXVLQHVVQHJRWLDWLRQVLQ
DQLQWHUFXOWXUDOVHWWLQJ