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BDLeasing

DEPARTMEI{I TED DTSCLOSURE PlMa 3dFloor,?hilippineSlockExchdlge Ay.la Trimgh, AyalaArdue

Attltlonr MS.JANEIA. ENCAINAqION artn al Eead,Disclot ureDep

Flffi 6nd tbeSEClom 17-QofBDO L@silg andFimn@,lnc (BDOID for lhe quaner ending S?tmbd 30,2013.

FO

i lIil]ilil1 ilil ilililil] ililililililililililil111illllll llllllllll lllll lllll

AND EXCHANGE COMMISSION SECURITIES


re (6rt5nsrbsFl es3 153225

hasbEe. edeived: Thfollowins docun6nt Rocolvlng Oftcr/Encodr : Madles S. GuevarE Recslvlng BEnch SECHead Office Recerpt o.to.nd Trm. Novembe. 13 2013035303AM R.ivd Fom HeadOfiice

BDOLEASING AND FINANCE NC

17 O (FORM11 O OUARTERLY REPORT/FS)

COVER SHEET

T
N

s
(BusnessAddres / P'ov nces Ns o .S L r e rrC y/ T o w n

GEORGIANA A. GAMBOA CompanyTlephone Ntrmber

f.ft

frtTt
Secondary L.enseType fapp cable

a AmenJed ArrLes Ntrmber/ Se.


L1,133
TolalNo.ofSrockho ders To beaccomp ished by SEc Personne concened

SECURITIES AI{OEXCTIANGE COMMISSION

sEcFoRM 17-a
REPORT PURSUAN QU^RTERLY

ULE17(2Xb)THEREUNDER

priodended r. Forthe quarteny 2. commisson identiliction number 097369


3. BIRTai ldentfi@tion No. 000-436-050'000

4. Era.tnanof issuer assp*indin t5 charer 9Qq!E45lj!_&l!!4!eqlxq Phili'l)jne 5. Prcvin@, country orotherjurisdidion ofincorporatioi ororganization 6. Indu*ry cb$n@tioncode: f J /sEcueonly)
1100 Postalcode

Bpo L.asim centrc. corinbia. cardens, ortidas Ave,, o, c, 7. AddEsor i$ue''sprincipal off're

3. rssue/s telephon numbr, incudino area dde 632/ 635-6416,63s-s417,34o-7ooQ 9. Former name, irmraddresandformer fis6lyear, if.hanqed sinc lastrepoft!/A pu6uanttoS.tonssand 10.S4uiti6 reqistered 12of thecbd, or s.crions4 ano3 0f the RsAt!/4

andamountot debt outstandino

l1 Areanyor all ol the securities listedon a sto.k Flchanse? Y 6 [ x l N o t l lr ye5,5tatthe name or suchStock lxchang andthe c ass/s of sec

mark whether thercqistEnt; 12. hdr@te by.hck (a) hasfed all reporE r.quired to be filedby +ction 17ofthe codeandsRc Rule17 - r thereunder, 26and141 andSPctions ll ot theRsA andRsA Rue11/a) thremderor sctions cbdeof th PhiliPpinesi dunnq the precnng twev(12)nonths(or rorsucrl orthe Corporation shoter periodthe Esistrantwasrequredto file suchpofs)

Yes txj

No I I

(90) nineq days (b)has subjed to such rilnsrequirements rorrhepast ben N o t l

PARTI-.f INAIlCIALINFOiMATION

rtem 1H rr A!!l!a!5IAtElr!E{E .llle finan.ialstatments hc. andSubsidiary are prepared and of B0OLeasinq & Finance, psented FEmewo*. rnaaodance withPhlippine FinancialReporting poli.i6 and methods of mmputallon used Th ac@untnq D{ember31, 2012wer statments as or andror lhe yearended Adoption of New InterpteEtiont Rensions atd Anendoents to PFRS and nteprtations to Tlrercare newPFRS, rcvlsions, amendments, annualmp@vements to 2012 Management hasinitay tor perods subsequeit existinq $ndards rhai are effective y wil app n a(ordance withtheir ^edthe rollow n9 ponoun@ment/ whch tlreCbmpany determ tsflnancia statenenG. tEnsironarp6visons,tobercevantto PFRS9, Fi'aa.tat hsttunenrr (efte.tte from )anuary 1, 2015). PAs 39 wl be in phases. Ine mainplrases arc 9 in iL,entirety whchis benqissued replacd by PFRS (wtha sepate prcject d@ling witlrdeBoqnition): Phase 1: Cass fi@tion andMsurefre^t Mthodo ogy Phase 2r lmpaiment Phase 3r HedqeAc@unthg
.a$ lcaton, measurenrenl Io date,the chaptets deainq wth re@qniton, and dereoqnton or finan.ia laNary 1, 2015. other .haptec dealinowith ffctive for annual pe.iodsbqinning mparmantmethonooqy and hedqeac@untnqare n I ben9 ddoped. Managemenr of rodduded a study on the impactof an eary adoption on the company! Audted statnentsour asse$hedl was based on the po$ible fnancia ny ako cnnductd evaluaton and adopt PFR9 9 unt its mpactof PFR5 9. The Grcupnoe5noi exp.t lo mplement havbeenptrblish0d effcuve dateor untr al .haot c of thc newstandard

PAs 27 (Amendment), Sepa.raeFi@n.ial SEEnqts

- aoplidbte

Ths revised standard now overe the requrcme.ts pertaininq eely to seFrate nmn.ia statements aner the rclevantdiscussions on conko newnajor chaiqes reatin9 to sepaate financalstatenents have beenntrcdu@d asa renrtoftbe revsion fte crcup s curcntiy reviewing theinpact onltsRnancialstatements orthc amendment {hich wi beeffeciive from January 1,2013
PAs 23 (Amndmnt), t ver.de,6 n Attu.iale and raint vcntue

PFRS r. first-hme Adoption of PrRs on covqnnent loaDs- not apphtabte PFRS 7 (Amendment), fimncial InsnunenE: - aooliabte hhardbl AsseLs OisctEue - Tra,sfers or

Tbe amendment reqlnesaddltionai dis.osues lhal r, , o, usersof finanoa statemenGto undeEtand the re 6tionship betwee n transferred financia assetsthat are not derecoqnted in theirent rcty andthe a$ociated labilitiesj andito da uk the mture orl aid risk a$o.ated wth any.ontinunq invovemenr the rpoftiiq entity in finan.,a or a$ets that are defe.ognized h theireitty. Tie Gdup did nol a$et invovingthis qpe of aftangement; F.n.e, the amendment did not rcsujtitr atry siqnfiGntchange in the Goup'sdcclosures n its financia statements. PFRS10, Corcolid2Ed Firardbl StaEnqE - aootidble

This standardbuildson erstnq pfincipl* of consodation by identifoing the onceptofcontrclasthe detrmininq fa.tor nwhetheranentqshouldbirdudedwithn finaociastatements. the @n5oidated The staddadas provi.les additionalguidance to assistin deiemding conlml wherethis ls !ffcult to a$ess. The Grcup 5 curenty reV]ewigthempactonits'i^ad.ia5|abement5ofthsafre.dme^tw PEiS It Joint AnansehenE - ,ot applt:@ble

PERS|)aDE.|osUeofhtercst PF?s 13, Fair vatse t1@sutne,t(efie.tive from ranoary 1, 2073) - autiabt.

This standad aims to lmprcve onshtenc-y and reduccompxity by povidinq a 5 nqlesource of rar va ue measure rcqunements for useacos PFRS quidane on how it shoud be applied accountinq but provide nhere its use is arcady requned is ii the pr or permttd by otherstandads r"ranagement vauaroi m.tirodorogi.s rdr conform ry wth the new requiemenrs a the mpactofthener{and3rdonlhecroup!finan.arslatements.

BooLENING&aNAN.E,rcANosUoslDlARY (A suEici'ry of BDounibank rn..)

oQr)

uiiArt.de'

d06t

qoayiia6L{orsrhysh

BDOIEASING& FINANCE, INC, AND SUASIDIARY (a subsidiaryof BDo unibant,In..) OFINCOME SIATEMENTS -

Fortbe nire nonths ended INCOME income Serylce fees & other EXPENSES hterest andfinancing charqes Occupancy andequlpment rc ated expenses Compensation andfringe beneiits Provislon forlmpa rment andcreditosses Liuqauon/asseG dcquired expenses Fees r4anagement & other Enterta nnenl Amusement andReqeation Tfave ing& transportation expenss Postage, Teephone & Telegraplr lniormation & Technoloqy expenies

30, September 30, September 2013 2012


951.3 2591 130.3 943.4 153.3 132.5

391.2 318.6 249,9 r39.7 113.6

279.3

125.2 97.2 16.9 13,2

15.4 13.2 5.6 0.2 19.0


933.2 403.0 93.2 309.3

12.4 4.2 20.6 901.5 375.8

INCOME BEFOREINCOMETAx PROWSION FOR INCOME TAX


NETINCOME OTHER COI"IPREHENSWE INCOi4E unearizd Fairvajue 3inl(toss)on aFs-ner TOTAL COMPREHENSMINCOME/(tO55) BASICEARNINGS PERSHARE++ DILUTED EARiIINGS PERSHARET+

2973

(62.0)

a.A

Litqatioi/assets a.qu d exFnses

unrarld f:tv'ru

Gain/(1o55) on AE net

TOTAL COMPREHENSWE INCOMF/II O5S)

E TOTAL N!|18ER OF OUTSTAND

3 0dq
: eaF

ii
9 3

s
I

&a
! A

1 5 U E'a , ?
|.

6 R6

!.

H:Fi4
d :

qil: rii.;g

sqg:.

s 8!q : eon
9 4+;

:
4

3i

i. a4;

- : a ' z

6 ! ; 4

I
6-

6-Fb5 6 J3

ga
I

n{
d
g

_fiii
*tEi!
q {.4::

BOO LEASING A DN ANCE/ IIIC,AND sUBSIDIARY subsidhry ot BDo unibanri, h6) {r

Adjlstmenb ture@idhmme berorc Eome hx

t $(caii) .i sae orprcplir!and Elipmsl Lrt(qz 0 ons e ofiinmst popeds n ops.l nqasis and rabiljs: Clrdqes oense (iide*) n nresnentsor: timrc dsrewb6rrdloms indFdvab*indad Imde ldmse) inhe anounts or: Aiom6!iy.b|!frdoh'iabIls dd etc+ pm, by(u*df)opGlmt

7l 116,263,3?0

0,32|m,r]&4)

Jnoreialspad
CIIH FIOWS fROM INIESN GACIIIInES (irq!.troi) Net d spoq oriiFtuet pdpe(i$ [d arqGt@ ataEhbe ro,$e ilestn$t NlrqlclthN ofpoftdy .rd eq!prum etashsedn o*lrru ectNrbs

i165,614,t3.?)

____l]!1r.9!!,!g.a

(252,4r3,?5.9 01!66?i3x.7) 000i43i6141) ____u,1t1E&1!!I

clsHtrows FRofi fIt{AcrNG amvTnEs

(da\h ptuvdedb/fuedm) iimonqad!rB


(DICREASE) NIT]NCREISE IN CASII ANO CrlH CISH AND CASH EAUIVAIENTS AT CA5H AI1D C1SH EAUIV^LNTS AT

(Asobtidiary or 8Dounrbaik, hc)

Losr(Ga O onsae of prcpeiry dellpmed Lost(qa n) ons e of tustmentpropedes D{,eae (,iddse) n rheamouis of:

(416,315) 14s3,73a,

(334,!r?) (r,s0e,460)

IBeae (dedease) n theamouib of: Netc+ provded by (u*d ii) operaroc


Nd c.h Drouded by (!sed ,n) opsBin,rad \ er

(t,16r,7r5,144) 43,411,72])

14725a12e1) (4n,076i706)

(66r,60r,s74) 6cror9lid

(s0,741,r6t r r0at

G!,lt!,!gL _____l?!,9.!53E

tiet d spo' (a.qu8 pmpeniE tion)of invedmert Neta.qutstons of prcpedy andequipmart

ffi

Gl!,!4,!2

____1.!:.q!J!z)

d4'.oo,rxi

Netcsheovided by(used ri) nnan.nq dd / tcs


NntNcRas. (DECREASE) rN cAsH ANo cAsH

CASH ANDCASHEAUryALEN'S AT

cAsH aND casllEaorArErsar

l!e!!Lr.

!A!AGE!

SSJOII AND ANALYqS OJ FINANCIALCOXDIDON

inomeof P309.3 mi ionlof thequader ending september Gc$ revenues for the qua'1er amounted Pr/391.2 m rionian increase by 3 7590 Trcm Pr,279.3 m lionlastyear. This was

of financinq charces on bonowngs of P315.41 m lionandinterest expnse on eakd deoosts or P3.19m lion, Flnancing chaqeson borcwnss d{reased by p0,25millon comparcd to sepbmber 2012t P340.11 miion, despite the incase id sils Payabe rromP13.311 b ltionn septefrber2012toP14.3l4 bl ionin Septembef 2013 dtre to thedecrease n interesr rate frcm4% in 2012 rr 2.solo in 2013. Thein@sed levelolbils payable Fsufted tn triqher taxes & ticnses oi P11r.60 mi ion, or whi.bPs6 63mirron isattributabte to retared do.d Povision for rmpaiment & credr Losses increased nom ast yearby p5.02 m tionor occupanq andequpmeit reatedxpenses as oTSeptembe. 2013amounted ro p249 9 mi on,an ocrease of P33 50 mi ionnon 2012tPt6t.30 m rion. Thernaease h aribrtab/eto Lrre P74 36 mi on ln(ease in the deorc.iatiod on lea5ed a$ec fromnewbo.keC ases rDfthc tli rd quad* or 2013.ompared perodof astyear to same anddeprec atioi expens frcn RopA. .hafte s ahoudtinq P17.64M. Litiqaton/assets acqu red expenses d(reasedby p17.1milionin 2013aqainst 2012 pfmariy dueto thebddiigfeated to rhesae of a mortgaqed popeityin 2012. Tnereisnomateria movehent n [lanagemenrand othr fees. Other erpenssshowed a d.rease or 7,77% fromP20 6 mrlion n 2012 to P19.0 m ttonin .]]ris 2013. camefrcm a P4.9miliondecrease in far valueoss on rcsiduar varue or reased year. equiphent ffomaewblokinq5 rast Tota a$etsmtreased by P1.3slbiron rrcmtastyea/5p21.490 bi ionto p22.343 b on rh6 yeaf,mainry dueto th rncre vabesof p1.6ll b ion.The poido companyt netlease io Lvent porrfo up by P3141bionwh ret non.e.se io dedeased by P1.37r b Lion. Prope4, PanrandE 7 mi ionr.omp626 7 ion et leased asseta of BDoRentat. Gsh & cash ouivaerl5 wenr Lp ro Pr17r m lion frDm P74 6m 374.n m rioi, same peiod ast yea..rhc 4.2304 decritre ii ner invnlnenr prcpeiry 5 many brouqht abotrt by the sae of repo5se55ed rea esbte prcpefrL.s rromOctober 2012 to september 20rr Avaiabe for sate investments, wenrdoLvn rroma totaror P32sl b ion in sprember 2012ro P2.034 broi for the sameo

b@kinq of vaious RoPA-ch.ttel, ncreae of PrepidVAT and et up or Ppaid Interest on Sills Bin5 Payable in.reased by P511.33 bi ion in 2013 milllon fiom P13.792 bilon to P14.303 primariy growtb b finan.btrs ness and the inc@snq volume of BLF! podfo o. Aco0nts Payable, aB0ed erienses mainly duto lowerms@laneousabiliti6 in zotl fdm RMllacounts.

L.5e depsitswentuprromP2.301billon in 2012 io P3.597 b lionin 2Ol3 stckho deE' equitystoodat Pr.631brrrior asor seprembr 2013.

T\e Conpca/! file 15)re, plforror' d r d.aorr d e id lollor !.

Seplember?013 Seplember?012 cnenrRalo riu.la$etEro Debi IoEquily Rar o Ner Prcfr MaQ i Relum onEquily 0 501 047:1 333:1 22.27'h 9 0l% 0421 0.401 379:1 2324't; 3 33%

Curent ctio a s "6Eoo a,nr Debt to eqoity Nelprcil nd34 Retunonave. equity

= = =

curcntAssets overcurent Ltabitiiies cuFd rkorr'+ an.r a.tstsdc. TotalLabilti6 overTota stockhordeBi Equity Nelin@Te o?e'Crc\,Pe/4 F. Annualzed Netio@me overAve. Stockhade6'Equity

ForotherF nancial pl6se se Att .hheit 1. Ratios,

Rerated PartyT6is..trons (AntunE in Mnlians af Philippitu Pe@) In theordinary @ue of businessi tneGrdp ente6intotransactons wth BDoUnbank Under poiq, rhese the croup's lfansadDns aremade 5ubstanua ty dviduak andbus nssesofomparabe isks padies fie crcupt andParent cdmpany's rerated iicudeBDoUnibaik andaff i;t6 as

p s siqn pates rnSeptember lne summaryofthe Grcu fiiG nt transactions withits related 30,2013, o<ehber31,2012 andSptsber30/2012 arcasfolrows;

.&!&q&r!_93!ss9!t

seprember D4ember3r,

nlercsl expense onBis P3vabe 31

seplember oeember3l

A) ]lre Group mantains evinqsanddemand deposit acounrswith sDo Uiibank. A5or september 30,2013, D{ember31,2012 a^d september 30i 2012, savnqs afd demand deposit accorntr maintaimd wth BDounibank areinctdded under cashandcashEquivaents aaountin position. the statements af financiar Interst incom eandon dep.s rs in september 30,201r, De@mber 31, 2012 andseptember 30,2012 is incuded under rnterest andDG.ounc a5partof Rvenues in thestatements of@mprchensve in.ome, Thecrcupobtains short term,unsecured bodowings frcn BDoU outstanding frcmb.rcwings as of sptember r0, 2013, Dftefrber 31,2012andSeotember 30, 2012is presentd under Silk Payable a..ountin the state, rentsof financaposition. lnteren expense incurcdon thesebis payabein septmber 30, 2013iDecember 31, zolz and September 30,2012 is itrcuded unde.lnterest andfi.ancing charcs aaountaspartor Operat rc costs and Expenses accountin the statements or comprehenst inome. Aho, the Parent gits shofr company trm,unse.ured loans to BDoRenbl. There5 no oucta4dinq batan.e

as or september andD@nber 31, 2012,Totalintere5l ahiig frcm thist ansacuon 30, 2013 n september 30, 2012is n.udedunder paft rnrerest andDiscounc as of R
On ]3nBry 4, 2010,

Par.nrcompany. ror a fe as aqrcen by the Parent comoany andthe 5e eE or the rarbrpd r{etabres. under the seruce Aq payment a .o e.tonsmade duedates of the factared receivabes, rcmitto theparent Company erpensecharged to theParcnt andseMmonthly statement or ac TlrerelJted opetatng costs andExpeNes Company based onthe SenceAqrement5lncuded under Other payable andrecelvabe frcmth s transa.tion asof september 30,2013, December3l,2012 and TheParent comoanv leases its head ofiice orcmises andcerta n branch offces fromBDo Llnibaik rorsu.h lor terms Gn9ing fromoneto liveyea6,renflable wlththePantComFny and and@nntons.smaybeag@d upon
D)

presented as pat of occupancy and equipmenfreated expenses underopGtinq cosE and Expenss account n the statemenE of comprehensve ncom.0n the otlrerhandithe pa,ent ror thesprces Company charqes 8DORenta thatthe latter o(u Rent.harqed to BDo Rentbin 2013and 2012 me. Therc arenoouatandigre.eivable andpayable onthese ra4sadions as.fthe endof september 10,2013, De.ember 31,2012 atrd septembef 30,2012. E) In ,0t2, the Parent acfrpany ntered level wth BDO inroa servi@ aq.eement Unibank whe.e n BDO Uniba.k win.haroe rhe Pa.ent for.efran manaqement sencesthatthe company pad by thePatil cbdpany romefpovdesto the lattef. Manageneft rees to BDoUn,bank is showras partof otheropeFting costsandElpenses in the 2012 statemit ol conprehensive inc.me.Aso,theParent companycharges BDoRentarfor thenanagement *nices t rc^de6 to 9D0 Renta.Tlris is Dreserted as paftof othe,hcomein the 2013 statement ol comphedsve n.omeof the Parent Company, Thereare no outstaM n9 Eceivabe aid payabe on these F) The Parcnt Company engaged th setocd ot BDocapita (BDocapital), a wholyowned subsidiary of BDoUnbanlfor undetutingsetoi.es latedro rhe pad by thePafentcompany Parent issuance Company's or blls payab e in 2013.Prcfe$lonalt*s to BDOGpita rcl"ted is ncuded as partof other operaiinq costsand Erpenses n the September 2013and2012statement of omprehensive income.There is no ouBbnd ^9 payab e relaten on|h s
_ l e G ' o r p " . o q "r " d dr\"d.r.e rod or "' 1-0' c d,0l

commitmentr and continqencies

In the oil mry .ouEe or bu5ine5s, the company may lncurcontnqentiabiles aid comnhenG sucri as9ua6ntees andpeiding ritisation frcmn arisiig panyinq fnancia natement5. uanaqemenl doesnotantcipate theseommitments and adveEey atredthe

Management is.ontirousy dartratinq the curent Dusii.$ clmateand the inrpadof the perdtons orthe ompany As the needanses, the.onpad/ wil recognizerelatedeffects i. the ensui.q f nancia statemenb.

we a$es*d tirennancia nskexpos0rc of the company and subsdares pafri.ua'y on lhat wouldmare.ially cuirenq,lnterest, crcdit, na*et andlquidity tuks.]]rerc wereno changes affect theflnancia condton andr Risk Manaqement of the .ompany!credirnsk, na{et hsks,lrquidity isks, and phiasophy. G an e$entialpart of the c.mpany! orean;btional structure and The operationaLrcrs prc6s pcess rsk management is ssentiaLly a topnown that emanates tom the Bcld of risk pdli.iesand Direc{oE. llre Board app@6 the oveGl institutiona I toleG ncefor .isk, dclud'nq companY. r sk Phil6o0hy or the

PlaE for tne NextQuarter rketoufpmdu.tsi especiany $ru BDoLasinqa Fnanct bnches Aho,dror lheextnsiv bEn.hnehao ofthe3DoUnibankl Inc.wl beDursud to boost feralsandultimate v oufbusin6s voltrmer. presence we willdeveop equpmentvendotsuppier ue upsto expand market and qrowth we w lerpand andoptmzou. solrces b nat h ou. asser and of funds help manage ourfunding msts puEued Conto lver opBt nqexpenses sha laso b@ntnuously to ensur that tlreseremain at a levelwhichis compatib e withthe levelof volume bookings
s lmprovments thrcuqhvarols initativesn oder to imprde on sdics toourvadous stakeholdeB

we winasore$ velytap the qisting@'rocte a@ounts Institutona of the BDO 8aikn0c6up fof possibre rease rcqunements.

E:olanation for ea.n infordationwhercdiscrosure orsu.h is not a.oli.able . in ourinteiam finan.ialstatenents

B.

Erpland.ry.onme.tsaboullheseasonalilyorclclicalitlolrnlerimoperal,onsfhe Company is not afre.aed tt seatudalitf or cycli@tity factors when lt prcducts ot @tuiet @m6 to iotedm ti@nqbl Eportidg sine there auo

c.

The nature and amountof itehs affe.tjng as*ts, I abil ties, equty, net income,or .ashfows thatareunusual b@0* oftheirnature, size, or lncidenis.

D.

Thenature andamountorchanges n esnmats of amounts reported n pflorinterm perjods nnancia! yearor changes oi the current in estmates of amounts reportd ln pror financayeau/ if thosechan!$ haven mate a effedtd the cuiieDtinterm

E.

ksuancs, repurchases, repayfrents ofdebtandequtysecuriUes; For the thi.d q@.te. ol 2013/ the Compary has isued bi s payable amounting to P2rtO6,OM aad made total pzymenE o, iE bils payzble anoudtitg to

F.

paid( aggrlate Dividends or pr sha ) separatey fof orlmaryshares andothe. On Apil 17. 2013. the BOD zpptuved the declzration of dsh dividends at PO.IS per shate. amouDting to P324.4 frillion, The April 2013 dividends |9ere de.laed in lavo. of stockholders of retud ds of May 7Z 2013 aad eid ditidends we.e paid subsequentlf on JuDe 13/ 2013, Therc were no dividuds paid on othe. ,hares as the Compary onty hac dndcn shaet as outstanding stxk,

selmenl rcvenueand sgmentresut for busnessseqmnls or 9eoqraph6 Plase see attached.

l-1.

Material eventssubsequent tc lhe eid of the nteih pe.od that havenct ben refle.ted rn the lnancial statemnts for the nterrmDeriod

I.

perod, Jhe etrect of changs ln tiE compositon of the ssuer durinq the nterim in.udnq bu!ne$ combnation, acqu ston or disposal of subsidiares and onqtem

Chanqes in continqent liabllts or continqnt 3ssets.

K.

Existence of materal@ntngencles and any othereventsor kansactons that are materia to an undeGtandinq of thecurent inter m perod.

ITEM2 M!naaement'sDiscusio. and Analvsis(MDAI ofFinan.ial Condition and Rsultsor oper.tions l(part ru, par, (A)(2Xb)] 3. Discussion andanay5is of matrialevent/s anduncerta nts known to managem.nt past that woud address the and wouldhavean impacton futureopeEtions of the

A.

Any knawn trends, deMndS rannitnenq mte.ial inpa.t an the istuer's tquidtt.

evenE q unenainties that wit have a

B.

Any evaE that Ml ttigget dred o, antingert nnancjalobigaiian tnat E nDtetiat ta the @npany, includingany defauttar acreleratian of an obligatian;

c.

A11natenal aff-balane sheet lohe.tlons a.Engerents, abliqahahs (octuling .annngent obtigah:anr,and othet rclab:anshps of the cangany wth unanntttated enh.h6at othd petnns .rcated du.ing the rcpaningperiad

D.

Any naEnal .onnttnehts fo, capital expehdtuE, the generat pupase of stch @nnttnenE antl the exp{Ed sau@ ot rundskt su.h erpen.ltutes

a.

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BDO LEASTI'IG & FINAI{CE, II'IC.

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