4 5HVXOWV
3UHVHQWDWLRQ




                                                 6mR 3DXOR 1RYHPEHU WK 


          ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
$JHQGD




                    4 +LJKOLJKWV

                    5DWLILQJ 5HVROXWLRQ 

                    4 5HVXOWV

                    DSLWDO 0DUNHW 3HUIRUPDQFH




4 5HVXOWV 3UHVHQWDWLRQ       ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
4 +LJKOLJKWV


ƒ   5DWLILQJ 5HVROXWLRQ  HVWDEOLVKLQJ WKH QHZ $QQXDO $OORZHG 5HYHQXH  5$3 IRU
    WKH QH[W PRQWK FFOH FRYHULQJ WKH SHULRG IURP -XO   WR -XQH   DQG
    DPRXQWLQJ WR 5  PLOOLRQ



ƒ   ([HUFLVLQJ RI SUHHPSWLYH ULJKWV WR ,(0* $W D PHHWLQJ KHOG RQ 6HSWHPEHU  
    7((3¶V %RDUG RI 'LUHFWRUV DSSURYHG WKH H[HUFLVLQJ RI SUHHPSWLYH ULJKWV WR WKH
    DFTXLVLWLRQ RI  RI WKH VKDUHV RI WKH VXEVLGLDU¶V FDSLWDO VWRFN



ƒ   5HYHQXH JURZWK RI 5     PLOOLRQ DV D UHVXOW RI DGGLWLRQV WR HQHUJL]HG WUDQVPLVVLRQ
    DVVHWV LQ 4



ƒ   ,Q 4 D UHVROXWLRQ ZDV DSSURYHG IRU WKH SDRXW WR VKDUHKROGHUV LQ GLYLGHQGV DQG
    LQWHUHVW RQ VKDUHKROGHUV HTXLW DPRXQWLQJ WR 5  PLOOLRQ FRUUHVSRQGLQJ WR
    5  SHU VKDUH



ƒ   ([SRPRQH  7((3 WRRN SDUW LQ WKH WK ([SRPRQH (YHQW RQ 6HSWHPEHU 
     DQG  UHFHLYLQJ WKH ³5HVSHFW IRU WKH ,QGLYLGXDO ,QYHVWRU´ DZDUG

                              ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
$JHQGD




                    4 +LJKOLJKWV

                    5DWLILQJ 5HVROXWLRQ 

                   4 5HVXOWV

                    DSLWDO 0DUNHW 3HUIRUPDQFH




4 5HVXOWV 3UHVHQWDWLRQ       ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
5DWLILQJ 5HVROXWLRQ 


                                                                                        Z d/z/E' Z^Khd/KE

 Z D                                                                                                           , E'
 dKd  Z W KE^^/KE KEdZ d

 dKd  Z W KE^^/KE KEdZ d
dKd  Z W dW

                                                                                        Z d/z/E' Z^Khd/KE

 Z D                                                                                                           , E'
            /                         E
                             E


            /                         E
dKd    :h^dDEd /E^d DEd dW


Z W dW
Z           Z       Z               D




 4 5HVXOWV 3UHVHQWDWLRQ                  ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
$JHQGD




                    4 +LJKOLJKWV

                   5DWLILQJ 5HVROXWLRQ 

                    4 5HVXOWV

                    DSLWDO 0DUNHW 3HUIRUPDQFH




4 5HVXOWV 3UHVHQWDWLRQ      ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
1HW 5HYHQXHV


                  5    PLOOLRQ
Y                    Y                            Y




ƒ 'HVSLWH WKH ž WDULII UHYLVLRQ 1HW 5HYHQXHV NHHS VWDEOH LQ UHODWLRQ WR WKH VDPH SHULRGR RI ODVW HDU DQG KDV
LQFUHDVHG E  FRPSDUHG WR 4

ƒ 6XFK LQFUHDVH LV GXH WR WKH ,*30 HYROXWLRQ DQG UHLQIRUFHPHQWV DXWKRUL]HG E $1((/ GXULQJ WKH SHULRG



4 5HVXOWV 3UHVHQWDWLRQ                ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
RVW RI 2SHUDWLQJ ([SHQVHV
   0DLQ FKDQJHV

   ƒ 7KH UHGXFWLRQ RI     LQ WKH DFWXDULDO JDLQ LQ WKH SHQVLRQ DQG KHDOWKFDUH SODQV LV GXH WR WKH
   RPSDQ¶V SUDFWLFH RI UHFRUGLQJ DQ DFWXDULDO JDLQ XS WR WKH DFWXDULDO OLDELOLW OLPLW DQG QRW UHFRJQL]LQJ
   HYHQWXDO DFWXDULDO DVVHWV

   ƒ 7KH PRVW VLJQLILFDQW LPSDFW RQ SDUROO H[SHQVHV ZDV DQ DYHUDJH  LQFUHDVH LQ VDODULHV LQ $XJXVW
    IROORZLQJ D FROOHFWLYH EDUJDLQLQJ DJUHHPHQW WRJHWKHU ZLWK D VDODU UHFODVVLILFDWLRQ

                                                                                             KDQJH      KDQJH
     RVW RI 6HUYLFHV 5
4           4           4
                                                                                            44   44

     3HUVRQQHO
0DWHULDO
6HUYLFHV
'HSUHFLDWLRQ
/HDVHV DQG UHQWDO
2WKHU
7RWDO
*HQHUDO DQG $GPLQLVWUDWLYH ([SHQVHV                                                     KDQJH      KDQJH
                                                4           4           4
     5
44   44

     3HUVRQQHO

Pres 3 q10

  • 1.
    4 5HVXOWV 3UHVHQWDWLRQ 6mR 3DXOR 1RYHPEHU WK ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 2.
    $JHQGD 4 +LJKOLJKWV 5DWLILQJ 5HVROXWLRQ 4 5HVXOWV DSLWDO 0DUNHW 3HUIRUPDQFH 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 3.
    4 +LJKOLJKWV ƒ 5DWLILQJ 5HVROXWLRQ HVWDEOLVKLQJ WKH QHZ $QQXDO $OORZHG 5HYHQXH 5$3 IRU WKH QH[W PRQWK FFOH FRYHULQJ WKH SHULRG IURP -XO WR -XQH DQG DPRXQWLQJ WR 5 PLOOLRQ ƒ ([HUFLVLQJ RI SUHHPSWLYH ULJKWV WR ,(0* $W D PHHWLQJ KHOG RQ 6HSWHPEHU 7((3¶V %RDUG RI 'LUHFWRUV DSSURYHG WKH H[HUFLVLQJ RI SUHHPSWLYH ULJKWV WR WKH DFTXLVLWLRQ RI RI WKH VKDUHV RI WKH VXEVLGLDU¶V FDSLWDO VWRFN ƒ 5HYHQXH JURZWK RI 5 PLOOLRQ DV D UHVXOW RI DGGLWLRQV WR HQHUJL]HG WUDQVPLVVLRQ DVVHWV LQ 4 ƒ ,Q 4 D UHVROXWLRQ ZDV DSSURYHG IRU WKH SDRXW WR VKDUHKROGHUV LQ GLYLGHQGV DQG LQWHUHVW RQ VKDUHKROGHUV HTXLW DPRXQWLQJ WR 5 PLOOLRQ FRUUHVSRQGLQJ WR 5 SHU VKDUH ƒ ([SRPRQH 7((3 WRRN SDUW LQ WKH WK ([SRPRQH (YHQW RQ 6HSWHPEHU DQG UHFHLYLQJ WKH ³5HVSHFW IRU WKH ,QGLYLGXDO ,QYHVWRU´ DZDUG ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 4.
    $JHQGD 4 +LJKOLJKWV 5DWLILQJ 5HVROXWLRQ 4 5HVXOWV DSLWDO 0DUNHW 3HUIRUPDQFH 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 5.
    5DWLILQJ 5HVROXWLRQ Z d/z/E' Z^Khd/KE Z D , E' dKd Z W KE^^/KE KEdZ d dKd Z W KE^^/KE KEdZ d dKd Z W dW Z d/z/E' Z^Khd/KE Z D , E' / E E / E dKd :h^dDEd /E^d DEd dW Z W dW Z Z Z D 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 6.
    $JHQGD 4 +LJKOLJKWV 5DWLILQJ 5HVROXWLRQ 4 5HVXOWV DSLWDO 0DUNHW 3HUIRUPDQFH 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 7.
    1HW 5HYHQXHV 5 PLOOLRQ
  • 8.
    Y Y Y ƒ 'HVSLWH WKH ž WDULII UHYLVLRQ 1HW 5HYHQXHV NHHS VWDEOH LQ UHODWLRQ WR WKH VDPH SHULRGR RI ODVW HDU DQG KDV LQFUHDVHG E FRPSDUHG WR 4 ƒ 6XFK LQFUHDVH LV GXH WR WKH ,*30 HYROXWLRQ DQG UHLQIRUFHPHQWV DXWKRUL]HG E $1((/ GXULQJ WKH SHULRG 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 9.
    RVW RI 2SHUDWLQJ([SHQVHV 0DLQ FKDQJHV ƒ 7KH UHGXFWLRQ RI LQ WKH DFWXDULDO JDLQ LQ WKH SHQVLRQ DQG KHDOWKFDUH SODQV LV GXH WR WKH RPSDQ¶V SUDFWLFH RI UHFRUGLQJ DQ DFWXDULDO JDLQ XS WR WKH DFWXDULDO OLDELOLW OLPLW DQG QRW UHFRJQL]LQJ HYHQWXDO DFWXDULDO DVVHWV ƒ 7KH PRVW VLJQLILFDQW LPSDFW RQ SDUROO H[SHQVHV ZDV DQ DYHUDJH LQFUHDVH LQ VDODULHV LQ $XJXVW IROORZLQJ D FROOHFWLYH EDUJDLQLQJ DJUHHPHQW WRJHWKHU ZLWK D VDODU UHFODVVLILFDWLRQ KDQJH KDQJH RVW RI 6HUYLFHV 5
  • 10.
    4 4 4 44 44 3HUVRQQHO
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
    *HQHUDO DQG $GPLQLVWUDWLYH([SHQVHV KDQJH KDQJH 4 4 4 5
  • 18.
    44 44 3HUVRQQHO