7HVW%DQN
0XOWLSOH&KRLFH4XHVWLRQV
:LWWJHQVWHLQ¶VVWDWHPHQWWKDW³WKHOLPLWVRIP\ODQJXDJHDUHWKHOLPLWVRIP\ZRUOG´ZRXOG
EHWUXHLIRQHLV
$WUDYHOLQJLQ,WDO\ZLWKRXWDQ\NQRZOHGJHRIWKH,WDOLDQODQJXDJH
%WDONLQJZLWKDJURXSRIGRFWRUVZLWKQRSULRUEDFNJURXQGLQPHGLFDOWHUPLQRORJ\
&WDNLQJDQDGYDQFHGFRXUVHLQLQWHUFXOWXUDOFRPPXQLFDWLRQZLWKQRNQRZOHGJHRIWKH
MDUJRQDSSOLFDEOHWRWKHWRSLF
‘DOORIWKHDERYH
$SSOLHG
7RWKRVHZKRKDYHQHYHUOHDUQHGRIWKH,QWHUQHWDQDWWHPSWWRWUDQVODWHWKHVHQWHQFH
³7RQLJKW,¶PJRLQJWRVXUIWKHZHE´ZLOOOLNHO\KDYHSUREOHPVZLWKBBBBBBBBBHTXLYDOHQFH
$FRQFHSWXDO
%JUDPPDWLFDOV\QWDFWLFDO
&YRFDEXODU\
‘H[SHULHQWLDO
$SSOLHG
$YHUEDOFRGHLVDVHWRIUXOHVDERXWWKHXVHRIZRUGVLQWKHFUHDWLRQRI
$VSRNHQRUPLPHGPHVVDJHV
%VSRNHQRUZULWWHQPHVVDJHV
&RUDODQGQRQRUDOPHVVDJHV
‘DOORIWKHDERYH
)DFWXDO
:KLFKRIWKHIROORZLQJGHVLJQDWHVWKHILYHGLIIHUHQWEXWLQWHUUHODWHGVHWVRIUXOHVWKDW
FRPELQHWRFUHDWHDYHUEDOFRGH”
$SKRQRORJ\SV\FKRORJ\PRUSKRORJ\VHPDQWLFVDQGSUDJPDWLFV
%SKHQRPHQRORJ\PRUSKRORJ\VHPDQWLFVV\QWDFWLFVDQGSUDJPDWLFV
&SKRQRORJ\PRUSKRORJ\VHPDQWLFVV\QWDFWLFVDQGFKURQRORJ\
‘SKRQRORJ\PRUSKRORJ\VHPDQWLFVV\QWDFWLFVDQGSUDJPDWLFV
&RQFHSWXDO
7KHUXOHVRIDODQJXDJHWKDWWHOOVSHDNHUVZKLFKVRXQGVWRXVHDQGKRZWRRUGHUWKHPDUH
FDOOHG
$PRUSKRORJLFDOUXOHV
%SKRQRORJLFDOUXOHV
&VHPDQWLFUXOHV
‘V\QWDFWLFUXOHV
)DFWXDO
7KHVPDOOHVWXQLWVRIVRXQGLQDODQJXDJHDUHFDOOHG
$SKRQHPHV
%SUDJPHPHV
&PRUSKHPHV
‘FKURQHPHV
)DFWXDO
7KHVPDOOHVWXQLWVRIPHDQLQJLQDODQJXDJHDUHFDOOHG
$SKRQHPHV
%SUDJPHPHV
&PRUSKHPHV
‘FKURQHPHV
)DFWXDO
7KHVWXG\RIWKHPHDQLQJRIZRUGVLVFDOOHG
$V\QWDFWLFV
%VHPDQWLFV
&SUDJPDWLFV
‘SKRQHPLFV
)DFWXDO
7KHSXEOLFREMHFWLYHDQGOHJDOPHDQLQJVRIDZRUGDUHFDOOHG
$FRQVWUXFWLYHPHDQLQJV
%FRQQRWDWLYHPHDQLQJV
&GHQRWDWLYHPHDQLQJV
‘SKRQRORJLFDOPHDQLQJV
&RQFHSWXDO
0HDQLQJVWKDWDUHPRUHSHUVRQDOHPRWLRQDOO\FKDUJHGSULYDWHDQGVSHFLILFWRDSDUWLFXODU
SHUVRQDUHFDOOHG
$GHQRWDWLYHPHDQLQJV
%FRQQRWDWLYHPHDQLQJV
&VHPDQWLFPHDQLQJV
‘V\QWDFWLFDOPHDQLQJV
&RQFHSWXDO
7KHVWXG\RIWKHUXOHVWKDWFRQWUROWKHVHTXHQFLQJRIZRUGVWRIRUPVHQWHQFHVLVFDOOHG
$V\QWDFWLFV
%VHPDQWLFV
&SUDJPDWLFV
‘SKRQHPLFV
)DFWXDO
$FFRUGLQJWRWKH³ILUP´YHUVLRQRIWKH6DSLU:KRUI+\SRWKHVLVRQH¶VILUVWODQJXDJH
BBBBBBBRQH¶VSDWWHUQRIWKLQNLQJ
$LQIOXHQFHV
%KDVQRHIIHFWRQ
&GHWHUPLQHV
‘KDVDQXQSUHGLFWDEOHHIIHFWRQ
&RQFHSWXDO
219
7KHVWXG\RIWKHHIIHFWVRIODQJXDJHRQKXPDQSHUFHSWLRQVDQGEHKDYLRUVLVFDOOHG
$V\QWDFWLFV
%VHPDQWLFV
&SUDJPDWLFV
‘SKRQHPLFV
)DFWXDO
$FFRUGLQJWRWKH³VRIWHU´YHUVLRQRIWKH6DSLU:KRUI+\SRWKHVLVRQH¶VILUVWODQJXDJH
BBBBBBBRQH¶VSDWWHUQRIWKLQNLQJ
$VKDSHVDQGLQIOXHQFHV
%KDVQRHIIHFWRQ
&GHWHUPLQHV
‘KDVDQXQSUHGLFWDEOHHIIHFWRQ
&RQFHSWXDO
,QWHUSUHWDWLRQUHIHUVWRWKH
$LQQDWHKXPDQDELOLW\WRPDNHVHQVHRXWRIHYHU\GD\FRQYHUVDWLRQ
%DVVLJQLQJRIPHDQLQJWRRUDOGLVFRXUVH
&XVHRIYHUEDOVLJQVRIRQHODQJXDJHWRPDNHVHQVHRIWKHYHUEDOVLJQVLQDQRWKHUODQJXDJH
‘SURFHVVRIRUDOO\PRYLQJIURPRQHODQJXDJHFRGHWRDQRWKHU
)DFWXDO
7UDQVODWLRQUHIHUVWRWKH
$LQQDWHKXPDQDELOLW\WRPDNHVHQVHRXWRIHYHU\GD\FRQYHUVDWLRQ
%DVVLJQLQJRIPHDQLQJWRRUDOGLVFRXUVH
&XVHRIYHUEDOVLJQVRIRQHODQJXDJHWRPDNHVHQVHRIWKHYHUEDOVLJQVLQDQRWKHUODQJXDJH
‘SURFHVVRIRUDOO\PRYLQJIURPRQHODQJXDJHFRGHWRDQRWKHU
)DFWXDO
9HUVLRQVRIDODQJXDJHZLWKGLVWLQFWLYHYRFDEXODU\JUDPPDUDQGSURQXQFLDWLRQZKLFKDUH
VSRNHQE\SDUWLFXODUJURXSVRISHRSOHZLWKLQVSHFLILFJHRJUDSKLFDOUHJLRQVDUHFDOOHG
$GLDOHFWV
%DFFHQWV
&MDUJRQ
‘DUJRW
)DFWXDO
220
’LVWLQJXLVKDEOHPDUNVRISURQXQFLDWLRQDUHFDOOHG
$GLDOHFWV
%DFFHQWV
&MDUJRQ
‘DUJRW
)DFWXDO
)RUYRFDEXODU\HTXLYDOHQFHRQHVKRXOGILQGZRUGVLQWKHWDUJHWODQJXDJHWKDWKDYHWKHVDPH
BBBBBBBBBBBDVWKHVRXUFHODQJXDJH
$JUDPPDWLFDOVWUXFWXUH
%PHDQLQJ
&LGLRPV
‘V\QWDFWLFDOVWUXFWXUH
)DFWXDO
:KLFKWHUPUHIHUVWRDVSHFLDOL]HGODQJXDJHWKDWLVXVHGE\DODUJHJURXSZLWKLQDFXOWXUHVXFKDVD
JDQJWRGHILQHWKHLUERXQGDULHVIURPRWKHUVZKRDUHSHUFHLYHGDVKROGLQJPRUHSRZHUIXO
SRVLWLRQVLQVRFLHW\”
$GLDOHFWV
%DFFHQWV
&MDUJRQ
‘DUJRW
&RQFHSWXDO
7UXH)DOVH4XHVWLRQV
)RUWKHPRVWSDUWILUVWODQJXDJHVDUHOHDUQHGXQFRQVFLRXVO\DQGZLWKRXWDZDUHQHVV
&RQFHSWXDO
,QWHUFXOWXUDOFRPSHWHQFHUHTXLUHVNQRZOHGJHPRWLYDWLRQDQGDFWLRQVWKDWUHFRJQL]HWKH
FULWLFDOUROHYHUEDOFRGHVSOD\LQKXPDQLQWHUDFWLRQ
&RQFHSWXDO
9HUEDOFRGHVLQFOXGHERWKRUDODQGQRQRUDOODQJXDJH
&RQFHSWXDO
7KHEDVLFVRXQGXQLWVRIDODQJXDJHDUHFDOOHGPRUSKHPHV
&RQFHSWXDO
’HQRWDWLYHPHDQLQJVDUHSHUVRQDOHPRWLRQDOO\FKDUJHGSULYDWHDQGVSHFLILFWRDSDUWLFXODU
SHUVRQ
)DFWXDO
:KHQFKLOGUHQDUHILUVWOHDUQLQJKRZWRFRPELQHZRUGVLQWRSKUDVHVWKH\DUHEHLQJ
LQWURGXFHGWRWKHVHPDQWLFVRIWKHLUODQJXDJH
&RQFHSWXDO
7KHEDVLFPHDQLQJXQLWVRIDODQJXDJHDUHFDOOHGPRUSKHPHV
&RQFHSWXDO
7KHZRUG³FRPIRUWHG´FRQWDLQVWKUHHPRUSKHPHV
&RQFHSWXDO
7UDQVODWLRQ LVWKHXVHRIYHUEDOVLJQVWRXQGHUVWDQGWKHYHUEDOVLJQVRIDQRWKHUODQJXDJH
)DFWXDO
)URPWKHDXWKRUV¶SHUVSHFWLYHWKH³ILUP´RUGHWHUPLQLVWLFYHUVLRQRIWKH6DSLU:KRUI
&RQFHSWXDO+\SRWKHVLVLVWUXH
6KRUW$QVZHU(VVD\4XHVWLRQV
([SODLQWKHGLIIHUHQFHVEHWZHHQWKHIROORZLQJGLDOHFWVDFFHQWVMDUJRQDQGDUJRW
&RQQRWDWLYHPHDQLQJVDUHSHUVRQDOHPRWLRQDOO\FKDUJHGSULYDWHDQGVSHFLILFWRDSDUWLFXODUSHUVRQ
ZKLOHGHQRWDWLYHPHDQLQJVWHOOXVZKDWZRUGVPHDQVXEMHFWLYHO\8VLQJDZRUG\RXHQFRXQWHURQD
UHJXODUEDVLVJLYHDQH[DPSOHRIHDFKW\SHRIPHDQLQJ
:K\PXVWDSHUVRQGHYHORSDQXQGHUVWDQGLQJRIWKHFRQQRWDWLYHPHDQLQJVRIDSDUWLFXODUFXOWXUHWR
DFKLHYHLQWHUFXOWXUDOFRPSHWHQFH”
:KDWLVWKHGLIIHUHQFHEHWZHHQWUDQVODWLQJDQGLQWHUSUHWLQJODQJXDJHV”
([SODLQWKH6DSLU±:KRUIK\SRWKHVLVJLYLQJH[DPSOHVWRH[SODLQWKHILUPDQGVRIWYLHZV