)URP E

7R $'$0652:'< E
&F E 
6XEMHFW 5(85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXHDP@
'DWH 6XQGD\)HEUXDU\$0
,PSRUWDQFH +LJK

3OHDVHDFNQRZOHGJHE\HPDLO 1/7QRRQWRGD\WKDW\RXFDQFRPSOHWHGUDIW 4 $IRUPDWZLWKEXOOHWV

QRPRUHWKDQSDJHE\WKLVDIWHUQRRQ6HQGGUDIW UHVSRQVHVWRE DQGPH DQGZH
OOJHW
WKHGUDIWVWR5RZG\DQG*UHJ E

)URP$'$0652:'<'
6HQW6XQ$0
7RE

&FE
6XEMHFW5H85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@

+RZFRQILGHQWDUHZHWKDWZHFDQKLWWKHPDUN"GRHVQ
WJLYHXVPXFKWLPHWRFRUUHFWDGMXVWZLWKD
DPGHDGOLQH

,
GOLNHIRU*UHJDQG,WRVHHDGUDIWE\SPWRGD\

5RZG\

2ULJLQDO0HVVDJH
)URPE 
7R$'$0652:'<' E

6HQW6XQ)HE 
6XEMHFW5(85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@

5RZG\,VHQWWKLVRXWUHTXHVWLQJLQSXWEDFNWRPHE\WRPRUURZ0RQGD\ZKHQ,JHWLQE
ZLWKDSDJHUIRUTXHVWLRQ3E ZLWKSDJHURQTXHVWLRQORZWHFKRSWLRQVWRVHFXUHWKH
ERUGHUDQGE IRUDSDJHURQWKHWHFKQROJ\SLHFHRI1%'IRUTXHVWLRQ3OHDVHUHSO\WRDOOLI\RX


ZDQWWKHLULQSXWVHQWGLUHFWO\WR\RXWRGD\DQGZKHQ E

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URP$'$0652:'<'
6HQW6XQ$0
7RE 
6XEMHFW5H85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@

)RONV

1RWHGXHGDWHRI$0WRPRUURZ
,DPFKHFNLQJWRVHHLIZHDUHRQWKLVDQGDEOHWRSURYLGHGUDIWVWR*UHJDQGPHIRUUHYLHZWKLV
DIWHUQRRQ

3OHDVHDGYLVH

7KDQNV
5RZG\

2ULJLQDO0HVVDJH
)URPE 
7R$'$0652:'<'
6HQW6DW)HE
6XEMHFW)Z85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@

)\LKHUHLVWKHIRUPDOWDVNLQJIURPE 1RWHWKDW&)2SURYLGHGWKHLQIRUPDOKHDGVXSE
6%,%XGJHW'LUHFWRU 

2ULJLQDO0HVVDJH
)URPE 
7RE 
&FE *,''(16*5(*25<
6HQW6DW)HE
6XEMHFW)Z85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@

*RRGDIWHUQRRQ

:HKDYHDWDVNHUWKDWLVGXHWR&%3WDVNLQJE\DPRQ0RQGD\)HEUXDU\WK3OHDVHSURYLGH\RXU
DQVZHUVDVVRRQDVSRVVLEOH,I\RXKDYHDQ\TXHVWLRQVRUFRQFHUQVSOHDVHOHWPHNQRZ7KDQNV

E

2ULJLQDO0HVVDJH
)URPE 
7RE

&F E

6HQW6DW)HE
6XEMHFW85*(175(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\>GXH
DP@

7DVNHU1DPH

5(48,5('5($',1*DQG35(3$5$7,21IRU6+HDULQJ3UHSRQ0RQGD\


/HDG2IILFHV
6%,2)22)%3


5HTXLUHG&RRUGLQDWLRQ




3URGXFW

$QVZHUWKHTXHVWLRQVEHORZDVVLJQHGWR\RXRIILFHLQD4DQG$EXOOHWIRUPDWQRPRUHWKDQRQH
SDJH


1RWHV

:RUNLQJZLWK&RQJUHVVLRQDOVWDIIHUV2/$KDVGHYHORSHGDOLVWRIOLNHO\TXHVWLRQVWREHDVNHGE\
PHPEHUVRIWKH+RXVH 6HQDWHKRPHODQGVHFXULW\FRPPLWWHHVLQKHDULQJVQH[WZHHN6KRZQDWWKH
DWWDFKPHQWVDQGEHORZDUHWKHTXHVWLRQVZLWK2/$¶VEHVWHVWLPDWHDVWRZKLFK'+6FRPSRQHQWLVLQWKH
EHVWSRVLWLRQWRDQVZHUWKHTXHVWLRQV&RPSRQHQWKHDGVRUUHSUHVHQWDWLYHVDWWHQGLQJWKHSUHSVHVVLRQ
ZLWK60RQGD\PRUQLQJPXVWEHSUHSDUHGWRDGYLVHWKH6HFUHWDU\RQWKHDSSURSULDWHUHVSRQVHIRU
HDFKTXHVWLRQOLVWHGDVWKHLUUHVSRQVLELOLW\

:K\DUH\RXWKURZLQJPRUHPRQH\DW3ZKHQLWKDVEHHQVXFKDIDLOXUHDQGWKHUHDUHVRPDQ\
SUREOHPVWKDWQHHGWREHIL[HG"6%,2)

:KDWNLQGVRI³ORZWHFK´RSWLRQVLVWKH'HSDUWPHQWFRQVLGHULQJWRVHFXUHWKHERUGHU"6%,
,UHFHQWO\ZHQWWRWKHERUGHUDQGPHWZLWK&%37KH\WHOOPHWKH\GRQ¶WKDYHWKHUHVRXUFHVWRGR
WKHLUMREV7KLVEXGJHWRQO\JRHVSDUWRIWKHZD\KRZDUHZHJRLQJWRJHWWKHQXPEHURISDWUROVZH
QHHGRQWKHIURQWOLQHDQGKRZDUHZHJRLQJWRVWDIIWKH32(¶V"2)2%32)

:KDWLVWKHEUHDNGRZQLQWKH)<EXGJHWUHTXHVWIRUERUGHUSDWURODJHQWVDWWKH1RUWKHUQ
%RUGHUYVWKH6RXWKHUQ%RUGHU"+RZGRHVWKLVILWZLWKSODQVIRUFRQVWUXFWLRQRIWKHIHQFHDQGRWKHU
LQIUDVWUXFWXUHUHTXHVWV"2)6%,%3

:K\GRHVWKHEXGJHWQRWLQFOXGHOLQHLWHPIXQGLQJWRSURYLGH&%3RIILFHUVZLWK/DZ(QIRUFHPHQW
2IILFHUVWDWXVZKHQODQJXDJHZDVLQFOXGHGLQWKH$SSURSULDWLRQVELOOWRGRMXVWWKDW"2)

,VHQRXJKPRQH\EHLQJVSHQWWRVHFXUHRXU1RUWKHUQ%RUGHU"2)
:K\ZDVLWQHFHVVDU\WRPDNHWKHUHFHQW-DQXDU\VWFKDQJHHQGLQJRUDOGHFODUDWLRQVRI
FLWL]HQVKLSDWRXUERUGHUVDQGZK\DUH\RXLPSOHPHQWLQJ:+7,ZKHQ&RQJUHVVGLUHFWHG\RXWRGHOD\LW
XQWLO-XQH",DPFRQFHUQHGDERXWWKHLPSDFWWKHVHFKDQJHVZLOOKDYHRQ$ODVNDUHVLGHQWV2)2

:KDWLVWKHVWDWXVRIWKH$XVWULDQFLWL]HQE ZKRZDVGHSRUWHGIURP6HDWWOHDIWHUWU\LQJ
WRUHWXUQWR)DLUEDQNVRQDYLVD"2)2

$PHULFDKDVDERXWODQGSRUWVRIHQWU\DQGLWKDVEHHQPRUHWKDQ\HDUVVLQFHZH
ODXQFKHGDPDMRUHIIRUWWRXSJUDGHLQIUDVWUXFWXUHDWWKRVHSRUWV:HWRRNDQLPSRUWDQWVWHSWRZDUGV
DGGUHVVLQJWKDWSUREOHPLQODVW\HDU¶V+RPHODQG6HFXULW\$SSURSULDWLRQVELOOZKHQZHUHTXLUHG\RXU
'HSDUWPHQWDQG*6$WRUHSRUWWR&RQJUHVVRQRXUODQGSRUWRIHQWU\QHHGVDQGYXOQHUDELOLWLHVDWOHDVW
HYHU\RWKHU\HDU:KHUHLV\RXU'HSDUWPHQWLQSUHSDULQJWKLVDVVHVVPHQW"+RZGRHV\RXU
'HSDUWPHQW¶V)<EXGJHWUHTXHVWDGGUHVVRXUODQGSRUWRIHQWU\QHHGV"2)2)2

,KDYHEHHQH[WUHPHO\HQFRXUDJHGE\\RXUHIIRUWVWRLPSURYHERUGHUVHFXULW\VLQFH\RXEHFDPH
6HFUHWDU\RI+RPHODQG6HFXULW\DQG,WKDQN\RXIRUWKHDVVHWVUHTXHVWHGIRUERUGHUVHFXULW\LQ\RXU
)<EXGJHW:LOO\RXWHOOXVDELWDERXW\RXUUHTXHVWIRUERUGHUSDWUROIDFLOLWLHVDQGZK\PRUH
IDFLOLWLHVDUHLPSRUWDQWDVZHLQFUHDVHWKHQXPEHURIDJHQWVSDWUROOLQJRXUERUGHUV":LOO\RXWDONWRXV
DERXWRWKHUQHHGVDVVRFLDWHGZLWKLQFUHDVHGPDQSRZHURQWKHERUGHUOLNHDGGLWLRQDOYHKLFOHVDQG
HTXLSPHQWIRURXUERUGHUSDWURODJHQWV"%32)

'XHWR&%37DVNLQJ

1/7$00RQGD\)HEUXDU\

SOHDVHQRWHLQQRZD\LVWKLVGXHGDWHIOH[LEOH



5HTXLUHG&RRUGLQDWRUV3OHDVHSURYLGHLQSXWWRWKHOHDGRIILFHDVVRRQDVSRVVLEOH

7DVNHULQIRUPDWLRQFRQWDFWOLVWVDQGWHPSODWHVFDQEHIRXQGRQOLQHDW
KWWSFESQHW[SFESQHWRFRHVWDVNHUBLQIR
KWWSFESQHWFESGKVJRY[SFESQHWRFUHVRXUFHVWDVNHUBLQIR!3OHDVHHQVXUHWKDW\RXUUHVSRQVH
DGKHUHVWRWKHJXLGHOLQHVVHWIRUWKLQWKH&%36W\OH%RRNZKLFKFDQEHIRXQGDW
KWWSFESQHW[SFESQHWRFRHVKWWSFESQHW[SFESQHWRFRHV!3OHDVHGRQRWPRGLI\VXEMHFW
OLQHVDVZHXVHWKHPIRUWUDFNLQJSXUSRVHV

3OHDVHQRWHLI\RXUHFHLYHDGXSOLFDWHWDVNLQJIURP&%5,(),1*67$))SOHDVHFFWKHPRQ\RXU
UHVSRQVHWRXV7KDQN\RX