DVKLQJ WRQ ’ &
8 1 , 7 ( ’ 67 $ 7 ( 6
6( &8 5 , 7 , ( 6 $ 1 ’ ( ; &+ $ 1 * ( &2 0 0 , 66, 2 1
: DVKLQJ WRQ ’ &
) 2 5 0 .
&8 5 5 ( 1 7 5 ( 32 5 7
3XUVXDQWWR 6HFWLRQ RU G RI WKH6HFXULWLHV( [ FKDQJ H$ FWRI ’ DWHRI 5 HSRUW’ DWHRI HDUOLHVWHYHQWUHSRUWHG ’ HFHP EHU
’ ( / 8 ; ( &2 5 3 2 5 $ 7 , 2 1 ( [ DFWQDP HRI UHJ LVWUDQWDVVSHFLILHGLQLWVFKDUWHU | |||
0 1 6WDWHRURWKHUMXULVGLFWLRQ | &RP P LVVLRQ | , 5 6 ( P SOR\ HU | |
RI LQFRUSRUDWLRQ | ) LOH1 XP EHU | , GHQWLILFDWLRQ1 R | |
6 0 DUTXHWWH$ YH 0 LQQHDSROLV 0 1 | |||
$ GGUHVVRI SULQFLSDOH[ HFXWLYHRIILFHV | =LS &RGH |
5 HJ LVWUDQWVWHOHSKRQHQXP EHU LQFOXGLQJ DUHDFRGH
&KHFNWKHDSSURSULDWHER[ EHORZ LI WKH) RUP . ILOLQJ LVLQWHQGHGWR VLP XOWDQHRXVO\ VDWLVI\ WKHILOLQJ REOLJ DWLRQRI WKHUHJ LVWUDQWXQGHUDQ\ RI WKHIROORZ LQJ SURYLVLRQV Ł : ULWWHQFRP P XQLFDWLRQSXUVXDQWWR 5 XOH XQGHUWKH6HFXULWLHV$ FW &) 5
Ł 6ROLFLWLQJ P DWHULDOSXUVXDQWWR 5 XOH D XQGHUWKH( [ FKDQJ H$ FW &) 5 D
7 LWOHRI HDFKFODVV | 7 UDGLQJ V\ P EROV | 1 DP HRI HDFKH[ FKDQJ HRQZ KLFKUHJ LVWHUHG |
&RP P RQ VWRFN SDUYDOXH SHUVKDUH | ’ / ; | 1 < 6( |
Ł 3UHFRP P HQFHP HQWFRP P XQLFDWLRQVSXUVXDQWWR 5 XOH G E XQGHUWKH( [ FKDQJ H$ FW &) 5 G E Ł 3UHFRP P HQFHP HQWFRP P XQLFDWLRQVSXUVXDQWWR 5 XOH H F XQGHUWKH( [ FKDQJ H$ FW &) 5 H F 6HFXULWLHVUHJ LVWHUHGSXUVXDQWWR 6HFWLRQ E RI WKH$ FW
, QGLFDWHE\ FKHFNP ▇▇▇▇ KHWKHUWKHUHJ LVWUDQWLVDQHP HUJ LQJ J URZ WKFRP SDQ\ DVGHILQHGLQ5 XOH RI WKH6HFXULWLHV$ FWRI RI WKLVFKDSWHU RU5 XOH E RI WKH6HFXULWLHV( [ FKDQJ H$ FWRI E RI WKLVFKDSWHU
Ł ( P HUJ LQJ J URZ WKFRP SDQ\
, I DQHP HUJ LQJ J URZ WKFRP SDQ\ LQGLFDWHE\ FKHFNP DUNLI WKHUHJ LVWUDQWKDVHOHFWHGQRWWR XVHWKHH[ WHQGHGWUDQVLWLRQSHULRGIRUFRP SO\ LQJ Z LWKDQ\ QHZ RUUHYLVHGILQDQFLDO DFFRXQWLQJ VWDQGDUGVSURYLGHGSXUVXDQWWR 6HFWLRQ D RI WKH( [ FKDQJ H$ FWŁ
6 H F W L R Q ) L Q D Q F L D O , Q I R U P D W L R Q
, W H 5 P H V X O W V R I 2 S H U D W L R Q V D Q G ) L Q D Q F
’ H O X [ H & R U S R U D W J LD R Q Q L ] D WW
LK RH
Q V&VWR
UP SXS
RFD UWQ WI X\
HIU
D Q G H [ S H F W V W R X S G D W H L W V U HI
SH RF
UW ▇▇ ▇▇
H Q G L Q J
7 K0
HD U
&F KR P S D Q \ L V Q R W R S H U D W L Q J
U H V R X U F H V D Q G D V V H V V S H U I R U P D Q F H E
$ V R I - D Q
VX D UU
\H D O L J Q H G U H S RWU KWH D E &O RH P S VD
0 HF KU
D Q – W
S 6U HR UY YL LG FH HV V
H O H F W U R Q L F F U H G L W
P H G L X P V L ] H G U H W D L O D Q G V H U Y L F H
% % –
3 DS
\U P R H Y Q L WG VH V W U H D V X U \ P D Q D J H P H Q
U H F H L Y D E O H V P D Q D J H P H Q W S D \ P H Q W S
’ D W D
– 6 R
SO UX RW Y L L R GQ HV V G D W D G U L Y H Q P D U N
D F F R X Q W V Z L W F K L Q J W R R O V D Q G E X V
3 U– L Q S WU R Y L G H V S U L Q W H G S H U V R Q D O D Q G I U D X G D Q G V H F X U L W \ V H U Y L F H V
7 ▇ ▇ & R P S D Q \ H [ S H F W V W R S U R Y L G H L Q S H U L R G H Q G L Q J 0 D U F K
7 K L V & X U U H Q W 5 H S R U W R Q ) R U P . L
7 K L V X Q D X G L W H G X S G D W H G I L Q D Q F L D O
U H F D O F X O D W H G H V W L P D W H G D G JM LX QV W I HR GU HI
I R U W K H
7 HK
[H S H &F
RW P HS GD Q Q\
H ZD O V HR
J PS HU QR WY
VL G H G D
( % , 7 ’ $ D G M X V W H G H D U Q L Q J V S H U V K D U
7 K H H V W L P D W H V I R U I L V F D O \ H D U V
D Q W L F L S D WJ UH
RG Z WD
KG M X
DV JPQWLDWHQULG
F L( DS% QD,
W7 ’LH $FG
L S DD GWMH XG V W
& R P S D Q \ D Q G L W V H [ S H F W H G Q H Z7 K UH H SH RV
Q R P D W H U L D O D F T X L V L W L R Q V
IR HU U
G P L DV WS
HR VUV
F X U U H Q7 KW
H VH H[ S HR
FW WK
▇▇ ▇▇
L RI QD
VF W R U V D U H G
VH V F) RU
W K H \ H D U H Q G H G ’ H F H P E H U
7 K H & R P S D Q \ K D V Q R WJP
LD QUU
H F RD QG F ML XO VH WG
H GW K
F R P S D U
ID LE QO DH Q F * L $ D$ O3
P H D V X U H V E H F D X V H W K
Q H W L Q F R P H D G M X V W H G Q H W L Q F R P H D
% H F D X V H R I W K H V X E V W D Q W L D O X Q F H U W
O R R N L Q J U H F R Q F ▇▇ ▇▇
VL Q J
U LH WV
HW P U V X F W
LX QU
FL OQ XJ
G LD Q
O R Q J O L Y H G D V V H W V D Q
IG L Q F D H Q U F WL DD
LO Q
P OH HD
* $ $ 3P H D V X U H V L
IV R7
UKQ WHR W
S UD RY E D D L E O O D H E O VH ▇ ▇ ZQ LL WI LK FR
H [ S H U L H Q F H F R X O G E H P D W H U L D O
7 | K H | L Q I | R | U | P | D | W | L | R | Q | L | Q | W K L V | , | W | H | P | |
( D | [ P | F $K FD WQ J HR I H Q G H G | D V | D | P | H | Q | G | H G $ QF RW U R VI | |||||||||
6 | H | F W L R Q | 5 | H | J | X O D W | L | R | Q | ) ’ | ||||||||
, | W | H 5 P H J X O D W | L R Q | ) ’ | ’ L V F | O | R | V | X | U | H | |||||||
2 | Q | ’ H F H P E H U | W | K H | & $R P F S R D S Q\ \ | |||||||||||||
& | R | P V S | D SQ U\ H¶ V V U | H | O | H | D | V | H | L | V | I | X U | Q L | V K H G D V |
7 K H & R P S D Q \ X V H G W K H P D W H U L D O V I X
L Q W H Q G V W R X V H W K H P I U RZ PZ Z G ▇▇ ▇▇ P XH [ H W RF R
7 K H L Q I R U P D W L R Q L Q W K L V , W H $P F W R I
Q R U V K D O O L W E H G H H P$ HF GW
▇▇ ▇▇
F R U S R U D W H
6 H F W L R Q ) L Q D Q F L D O 6 W D W H P H Q W V
, W H ) PL Q D Q F L D O 6 W D W H P H Q W V D Q G ( [ K L E L W G ( [ K L E L W V
1 XP EHU | ’ | H | V | F U | L | S | W L | R | Q | ||||||
3 U H V V | 5 H | O | H | D | V H | G | D | W | H G | ’ H F H P E H |
( [ KLELW
\ H D U V W K U R X J K I ’ H O X [ H & R U S R U D W L R Q V , Q Y H V W R
; ,% 1 5 6 /, Q V W D Q F H ’ R F X P H Q W – W K H L
W D J V D U H H P GE HR GF XG PH HG Q WZ L W K L Q W K
; 6% &75D+/ [ R Q R P \ ( [ W H Q V L R Q 6 F K H P D ’ R
; / %$ 75D% / [ R Q R P \ ( [ W H Q V L R Q / D E H O / L Q
; 3% 575D( / [ R Q R P \ ( [ W H Q V L R Q 3 U H V H Q W D
& R Y H U S D J H L Q W H
DU QD
GF W
FL RY
QH W DG
LD QW HD G
6 , *7 18 $5 ( 6
3 X U V X D Q W W R W $ KF HW
U R HI
T X L U H P H Q WWV K H R I U
W K H X Q G H U V L J Q H G K H U H X Q W R G X O \ D X W K ’ D W H ’ H F H P E H U
’ ( / 8 ; (
7 &, 22
15 3 2 5 $
VI U H \ - H / I & R W W H U
- IH UI H \ / & R W W H U
6 H 9QL LF
RH U
3 U H V L G H Q W
$ G P L Q I LL VF
WH U
D WD
LQ YG H
* H Q H U D O & R X Q V H O
( [ KLELW
&RQWDFW
%ULDQ$ QGHUVRQ 9 3 6 WUDWHJ \ ,QYHVWRU5 HODWLRQV . HLWK 1 HJ ULQ 9 3 &RP P XQLFDWLRQV
EULDQ DQGHUVRQ# GHOX[ H FRP NHLWK QHJ ULQ# GHOX[ H FRP
’ HOX[ H + LJ KOLJ KWV 0 XOWL<HDU6 WUDWHJ \ 9 DOXH &UHDWLRQ ’ ULYHUV DQG ( [ HFXWLRQ ) RFXV DW,QYHVWRU’ D\
’ ( $ 7 , / 6 1$
25 5
7, +,1
92,
(76 , 7’ $75 , 9 (
$ / , 1 & 5 ( 0 ( 1 07 , / / ,
2 ) 5 7 8 ( 1
) 55
$( ( & $ 6 + ) / 2 : % <
5 HDIILUP V RXWORRN
3 URYLGHV J XLGDQFH VLJ QDOLQJ FRQWLQXDWLRQ RI VWURQJ RSHUDWLQJ OHYHUDJ H
6 KDUHVOLQH RI EXVLQHVVVWUDWHJ LHV LQFOXGLQJ J URZ WK RXWORRNWKURXJ K ’ HWDLOVH[ HFXWLRQ SODQVYLD HQWHUSULVH Z LGH 1 RUWK 6 WDUSURJ UDP
0 LQQHDSROLV – ’ H F H –P7RGED\ LHQ 1 HUZ <RUN&LW\ ’ HOX[ H 1 < 6 ( ’ / ; D 7 UXVWHG 3 D\ P HQWVDQG ’ DWD FRP SDQ\ LVKRVWLQJ LWV
,QYHVWRU’ D\ IHDWXULQJ P HP EHUVRI WKH FRP SDQ\ ¶VH[ HFXWLYH OHDGHUVKLS WHDP ( / 7 $ QDO\ VWVDQG LQYHVWRUVZ LOOMRLQ 3 UHVLGHQWDQG &( 2 %DUU\
0 F&DUWK\ DQG WKH ( / 7 ERWK LQ SHUVRQ DQG YLD OLYH Z HEFDVWWR OHDUQ P RUH DERXWWKH FRP SDQ\ ¶VSODQVWR GULYH VXVWDLQHG SURILWDEOH RUJ DQLF J URZ W DQG LQFUHDVHG IUHH FDVK IORZ WKURXJ K YLD WKH UHFHQWO\ LQWURGXFHG 1 RUWK 6 WDUP XOWL\ HDUH[ HFXWLRQ SODQ
7 KH IRUP DOSUHVHQWDWLRQVZ LOOEHJ LQ DW DP ( 6 7 DQG Z LOOFRQFOXGH DWDSSUR[ LP DWHO\ DP ( 6 7 $ Z HEFDVWRI WKH OLYH SRUWLRQ RI WKH HYHQWDQG WKH DFFRP SDQ\ LQJ SUHVHQWDWLRQ VOLGHVZ LOOEH DFFHVVLEOH DWZ Z Z LQYHVWRUVGHOX[ H FRP $ UHSOD\ RI WKH Z HEFDVWZ LOOEH DYDLODEOH IROORZ LQJ WKH HYHQWDQG DFFHVVLEOH IURP WKH FRUSRUDWH Z HEVLWH
7 KH FRP SDQ\ Z LOOUHDIILUP LWVH[ LVWLQJ J XLGDQFH IRU DQG SURYLGH SUHOLP LQDU\ J XLGDQFH IRU IRUHFDVWLQJ FRP SDUDEOH DGMXVWHG ( %,7 ’ $ DQG FRP SDUDEOH DGMXVWHG ( 3 6 J URZ WK WR RXWSDFH UHYHQXH J URZ WK UDWHV FRQVLVWHQWZ LWK ERWK \ HDUWR GDWH 4 ¶ UHVXOWVDQG LWV RXWORRN DV IROORZ V DOOILJ XUHVDUH DSSUR[ LP DWH
3 UHOLP LQDU\ RXWORRN
5 HYHQXH RI WR ELOOLRQ
$ GMXVWHG ( %,7 ’ $ RI WR P LOOLRQ
$ GMXVWHG ( 3 6 RI WR
) UHH FDVK IORZ RI WR P LOOLRQ
7 KH FRP SDQ\ Z LOODOVR SURYLGH HVWLP DWHVIRUWKH UHVXOWVRI RSHUDWLRQVIRULWVEXVLQHVVHVWKURXJ K DVIROORZ V
5 HYHQXH $ GMXVWHG ( %,7 ’ $ 0 DUJ LQ
&RP SRXQG $ QQXDO* URZ WK 5 DWH
7RWDO’ HOX[ H
0 HUFKDQW6 HUYLFHV
% % 3 D\ P HQWV ’ DWD 6 ROXWLRQV 3 ULQW
,QIRUP DWLRQ UHJ DUGLQJ WKH FRP SDQ\ VDQWLFLSDWHG XSGDWHG VHJ P HQWVWUXFWXUH HIIHFWLYH VWDUWLQJ LQ FDQ EH IRXQG LQ WKH FRP SDQ\ V&XUUHQW 5 HSRUWRQ ) RUP . WR EH ILOHG Z LWK WKH 6 ( & RQ ’ HFHP EHU LQFOXGLQJ IXUQLVKHG H[ KLELWV
1 RWH WKDWWKH UHYHQXH RXWORRNJ XLGDQFH IRU GRHVQRWLQFOXGH UHYHQXH IURP WKH SD\ UROOEXVLQHVV Z KLFK WKH FRP SDQ\ KDVGHFLGHG WR H[ LW
%HFDXVH FXVWRP HUVDUH H[ SHFWHG WR FRQYHUWWR DOWHUQDWH SURYLGHUVWKURXJ KRXW WKH FRP SDQ\ LVQRWDEOH WR HVWLP DWH WKLVUHYHQXH 7 KH
FRP SDQ\ KDVDOVR QRWUHFRQFLOHG WKH DGMXVWHG ( %,7 ’ $ DGMXVWHG ( %,7 ’ $ P DUJ LQ DGMXVWHG ( 3 6 RUIUHH FDVK IORZ RXWORRNJ XLGDQFH WR WKH GLUHFWO\ FRP SDUDEOH * $ $ 3 ILQDQFLDOP HDVXUHVEHFDXVH WKH FRP SDQ\ GRHVQRWSURYLGH RXWORRNJ XLGDQFH IRUQHWLQFRP H RUWKH UHFRQFLOLQJ LWHP VEHWZ HHQ QHWLQFRP H DGMXVWHG QHWLQFRP H DQG DGMXVWHG ( %,7 ’ $ DQG FHUWDLQ RI WKHVH UHFRQFLOLQJ LWHP VLP SDFWFDVK IORZ VIURP RSHUDWLQJ DFWLYLWLHV
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
$ ERXW’ HOX[ H &RUSRUDWLRQ
’ HOX[ H D 7 UXVWHG 3 D\ P HQWVDQG ’ DWD FRP SDQ\ FKDP SLRQVEXVLQHVVVR FRP P XQLWLHVWKULYH 2 XUVROXWLRQVKHOS EXVLQHVVHVSD\ DQG J HWSDLG DFFHOHUDWH J URZ WK DQG RSHUDWH P RUH HIILFLHQWO\ ) ▇▇▇ ▇▇▇ WKDQ \ HDUV ’ HOX[ H FXVWRP HUVKDYH UHOLHG RQ RXUVROXWLRQVDQG SODWIRUP VDWDOO VWDJ HVRI WKHLUOLIHF\ FOH IURP VWDUWXS WR P DWXULW\ 2 XUSRZ HUIXOVFDOH VXSSRUWVP LOOLRQVRI VP DOOEXVLQHVVHV WKRXVDQGVRI YLWDOILQDQFLDOLQVWLWXWLRQ DQG KXQGUHGVRI WKH Z RUOG¶VODUJ HVWFRQVXP HUEUDQGV 2 XUUHDFK VFDOH DQG GLVWULEXWLRQ FKDQQHOVSRVLWLRQ ’ HOX[ H WR EH RXUFXVWRP HUV¶P RVW WUXVWHG EXVLQHVVSDUWQHU 7R OHDUQ KRZ Z H FDQ KHOS \ RXUEXVLQHVV YLVLWXVDWZ Z Z G H OZ XZ [Z IH D F F H R E P R R N
Z Z Z O L Q N H G L QRUZ Z F Z RW PZ F L RWF P RW P HGS UHD
OQ X\
[ HG H O X [ H
) RUZ DUG / RRNLQJ 6 WDWHP HQWV
6 WDWHP HQWVP DGH LQ WKLVUHOHDVH FRQFHUQLQJ ’ HOX[ H WKH FRP SDQ\ ¶VRUP DQDJ HP HQW¶VLQWHQWLRQV H[ SHFWDWLRQV RXWORRNRUSUHGLFWLRQVDERXW IXWXUH UHVXOWVRUHYHQWVDUH ‡IRUZ DUG ORRNLQJ VWDWHP HQWV· Z LWKLQ WKH P HDQLQJ RI WKH 3 ULYDWH 6 HFXULWLHV/ LWLJ DWLRQ 5 HIRUP $ FWRI 6 XFK
VWDWHP HQWVUHIOHFWP DQDJ HP HQW¶VFXUUHQWLQWHQWLRQVRUEHOLHIVDQG DUH VXEMHFWWR ULVNVDQG XQFHUWDLQWLHVWKDWFRXOG FDXVH DFWXDOUHVXOWVRUHYHQWV WR YDU\ IURP VWDWHG H[ SHFWDWLRQV Z KLFK YDULDWLRQVFRXOG EH P DWHULDODQG DGYHUVH ) DFWRUVWKDWFRXOG SURGXFH VXFK D YDULDWLRQ LQFOXGH EXWDUH QR OLP LWHG WR WKH IROORZ LQJ SRWHQWLDOFRQWLQXLQJ QHJ DWLYH LP SDFWVIURP SDQGHP LF KHDOWK LVVXHV DORQJ Z LWK WKH LP SDFWRI UHODWHG J RYHUQP HQW UHVWULFWLRQVRUVLP LODUGLUHFWLYHVRQ RXUIXWXUH UHVXOWVRI RSHUDWLRQVDQG RXUIXWXUH ILQDQFLDOFRQGLWLRQ FKDQJ HVLQ ORFDOUHJ LRQDOQDWLRQDODQG LQWHUQDWLRQDOHFRQRP LF RUSROLWLFDOFRQGLWLRQV LQFOXGLQJ WKRVH UHVXOWLQJ IURP KHLJ KWHQHG LQIODWLRQ ULVLQJ LQWHUHVWUDWHV D UHFHVVLRQ RULQWHQVLILHG LQWHUQDWLRQDOKRVWLOLWLHV DQG WKH LP SDFWWKH\ P D\ KDYH RQ WKH FRP SDQ\ LWVFXVWRP HUVRUGHP DQG IRUWKH FRP SDQ\ ¶VSURGXFWVDQG VHUYLFHV WKH HIIHFWRI SURSRVHG DQG HQDFWHG OHJ LVODWLYH DQG UHJ XODWRU\ DFWLRQVDIIHFWLQJ WKH FRP SDQ\ RUWKH ILQDQFLDOVHUYLFHVLQGXVWU\ DVD Z ▇▇▇▇ FRQWLQXLQJ FRVWLQFUHDVHVDQG RUGHFOLQHVLQ WKH DYDLODELOLW\ RI P DWHULDOVDQG RWKHUVHUYLFHV WKH FRP SDQ\ ¶VDELOLW\ WR H[ HFXWH LWVWUDQVIRUP DWLRQDOVWUDWHJ \ DQ WR UHDOL] H WKH LQWHQGHG EHQHILWV WKH LQKHUHQWXQUHOLDELOLW\ RI HDUQLQJ V UHYHQXH DQG FDVK IORZ SUHGLFWLRQVGXH WR QXP HURXVIDFWRUV P DQ\ RI Z KLFK DUH EH\ RQG WKH FRP SDQ\ ¶VFRQWUROGHFOLQLQJ GHP DQG IRUWKH FRP SDQ\ ¶VFKHFNV FKHFN UHODWHG SURGXFWVDQG VHUYLFHVDQG EXVLQHVVIRUP V ULVNV WKDWWKH FRP SDQ\ ¶VVWUDWHJ LHVLQWHQGHG WR GULYH VXVWDLQHG UHYHQXH DQG HDUQLQJ VJ URZ WK GHVSLWH WKH FRQWLQXLQJ GHFOLQH LQ FKHFNVDQG IRUP V DUH GHOD\ HG RUXQVXFFHVVIXOLQWHQVH FRP SHWLWLRQ FRQWLQXHG FRQVROLGDWLRQ RI ILQDQFLDOLQVWLWXWLRQVDQG RUEDQNIDLOXUHV WKHUHE\ UHGXFLQJ WKH QXP EHU RI SRWHQWLDOFXVWRP HUVDQG UHIHUUDOVRXUFHVDQG LQFUHDVLQJ GRZ QZ DUG SUHVVXUH RQ WKH FRP SDQ\ ¶VUHYHQXH DQG J URVVSURILWULVNVUHODWHG WR DFTXLVLWLRQV LQFOXGLQJ LQWHJ UDWLRQ UHODWHG ULVNVDQG ULVNVWKDWIXWXUH DFTXLVLWLRQVZ LOOQRWEH FRQVXP P DWHG ULVNVWKDWDQ\ VXFK DFTXLVLWLRQVGR QR SURGXFH WKH DQWLFLSDWHG UHVXOWVRUV\ QHUJ LHV ULVNVWKDWWKH FRP SDQ\ ¶VFRVWUHGXFWLRQ LQLWLDWLYHVZ LOOEH GHOD\ HG RUXQVXFFHVVIXOULVNVUHODWHG WR DQ\ GLYHVWLWXUHVFRQWHP SODWHG RUXQGHUWDNHQ E\ WKH FRP SDQ\ SHUIRUP DQFH VKRUWIDOOVE\ RQH ▇▇▇ ▇▇▇ RI WKH FRP SDQ\ ¶VP DMRUVXSSOLHUV OLFHQVRU RUVHUYLFH SURYLGHUV FRQWLQXLQJ VXSSO\ FKDLQ DQG ODERUVXSSO\ LVVXHV XQDQWLFLSDWHG GHOD\ V FRVWVDQG H[ SHQVHVLQ WKH GHYHORSP HQWDQG
P DUNHWLQJ RI SURGXFWVDQG VHUYLFHV LQFOXGLQJ Z HE VHUYLFHVDQG ILQDQFLDOWHFKQRORJ \ DQG WUHDVXU\ P DQDJ HP HQWVROXWLRQV WKH IDLOXUH RI VXFK SURGXFWVDQG VHUYLFHVWR GHOLYHUWKH H[ SHFWHG UHYHQXHVDQG RWKHUILQDQFLDOWDUJ HWV ULVNVUHODWHG WR VHFXULW\ EUHDFKHV FRP SXWHUP DOZ DUH RURWKH F\ EHUDWWDFNV ULVNVRI LQWHUUXSWLRQVWR WKH FRP SDQ\ ¶VZ HEVLWH RSHUDWLRQVRULQIRUP DWLRQ WHFKQRORJ \ V\ VWHP V DQG ULVNVRI XQIDYRUDEOH RXWFRP HV DQG WKH FRVWVWR GHIHQG OLWLJ DWLRQ DQG RWKHUGLVSXWHV 7 KH FRP SDQ\ ¶VIRUZ DUG ORRNLQJ VWDWHP HQWVVSHDNRQO\ DVRI WKH WLP H P DGH DQG
P DQDJ HP HQWDVVXP HVQR REOLJ DWLRQ WR SXEOLFO\ XSGDWH DQ\ VXFK VWDWHP HQWV $ GGLWLRQDOLQIRUP DWLRQ FRQFHUQLQJ WKHVH DQG RWKHUIDFWRUVWKDWFRXO FDXVH DFWXDOUHVXOWVDQG HYHQWVWR GLIIHUP DWHULDOO\ IURP WKH FRP SDQ\ ¶VFXUUHQWH[ SHFWDWLRQVDUH FRQWDLQHG LQ WKH FRP SDQ\ ¶V) RUP . IRUWKH
\ HDUHQGHG ’ HFHP EHU DQG RWKHUILOLQJ VP DGH Z LWK WKH 6 ( & 7 KH FRP SDQ\ XQGHUWDNHVQR REOLJ DWLRQ WR XSGDWH RUUHYLVH DQ\ IRUZ DUG ORRNLQJ VWDWHP HQWVWR UHIOHFWVXEVHTXHQWHYHQWV QHZ LQIRUP DWLRQ RUIXWXUH FLUFXP VWDQFHV