Page 3 - C:\Users\ANDERS~1\AppData\Local\Temp\mso4980.tmp
P. 3

&KDLUPDQoV 0HVVDJH



      7KH \HDU VLQFH RXU ODVW $QQXDO *HQHUDO 0HHWLQJ KDV FRPH WR EH RQH RI
      WKH  PRVW  LPSRUWDQW  \HDUV  LQ  VKLSSLQJ  KLVWRU\   7KH  DJUHHPHQW  RQ  WKH
      ,02 *OREDO 6WUDWHJ\ RQ *+* HPLVVLRQV LV WUXO\ KLVWRULFDO  6LPLODUO\  WKH
      GLVFXVVLRQ  QRZ  LQLWLDWHG  DW  WKH  ,02  UHJDUGLQJ  0DULWLPH  $XWRQRPRXV
      6XUIDFH 6KLSV ZLOO EH KLVWRULF LQGHHG  &ORVHU WR KRPH  VR WR VD\  ZH VDZ
      WKH  UH-HOHFWLRQ  RI  7KH  %DKDPDV  WR  WKH  ,02  &RXQFLO   VKRZLQJ  WKH
      LPSRUWDQFH DQG LQƮXHQFH RI RXU )ODJ RQ WKH GHYHORSPHQW RI VKLSSLQJ
      'XULQJ WKH SDVW \HDU ZH KDYH FRQWLQXHG ZRUN WR PDNH WKH %DKDPDV 6KLSRZQHUV $VVRFLDWLRQ
      HYHQ  PRUH  UHFRJQLVHG  DV  D  SURDFWLYH  DQG  WUXVWHG  ERG\  RQ  WKH  LQWHUQDWLRQDO  DUHQD   7KH
      $VVRFLDWLRQ KDV EHHQ UHSUHVHQWHG DQG DFWLYH LQ YDULRXV FDSDFLWLHV DW QXPHURXV PHHWLQJV ZLWK
      WKH ,02 DQG ,&6 DV ZHOO DV WKH ,/2  7KH VWUDWHJ\ ZH HPEDUNHG XSRQ WZR \HDUV DJR LV FOHDUO\
      VHWWLQJ LWV PDUN DQG , ORRN IRUZDUG WR RXU FRQWLQXHG SURJUHVV LQ WLPHV WR FRPH

      7R VXPPDULVH  WKH ,02 DPELWLRXV VWUDWHJ\ DLPV          7KH  %6$  RƪHUV  RZQHUV  WKH  RSSRUWXQLW\  WR  EH
      WR  FXW  WKH  WRWDO  JUHHQKRXVH  JDV  HPLVVLRQV  RI    SURDFWLYH LQ WRSLFDO LQGXVWU\ LVVXHV  LQFOXGLQJ WKH
      VKLSSLQJ  E\  DW  OHDVW       E\        FRPSDUHG  WR   GLVFXVVLRQ  RI  SURVSHFWLYH  LQWHUQDWLRQDO  SROLF\
            –  ZLWK  DQ  DJUHHG  HƯFLHQF\  JRDO   DV  DQ     DQG  OHJLVODWLYH  FKDQJHV   ZLWK  LQWHUQDWLRQDO
      DYHUDJH IRU WKH VHFWRU  IRU D     LPSURYHPHQW          PDULWLPH DXWKRULWLHV DQG DVVRFLDWLRQV  7KLV \HDU
      E\        FRPSDUHG  WR         DQG  D                  LQ RXU MRLQW GHOHJDWLRQV ZLWK WKH %0$  ZH KDYH
      LPSURYHPHQW E\       6R WKDW WKH HQWLUH VHFWRU         PHW  ZLWK  86&*   (3$   &KDPEHU  RI  6KLSSLQJ  RI
      ZLOO  EH  LQ  SRVLWLRQ  WR  GHFDUERQLVH  FRPSOHWHO\    $PHULFD   &/,$   DQG  %,0&2   7KHVH  PHHWLQJV
      FRQVLVWHQW ZLWK DFKLHYLQJ WKH    ‹ FOLPDWH FKDQJH      FRQVLVWHQWO\  SURYH  WR  EH  FRQVWUXFWLYH  DQG
      JRDO LGHQWLƬHG E\ WKH 81  7KH IXOO HƪHFWV RI WKH       SURGXFWLYH  –  DQG  WKLV  \HDU  ZDV  QR  H[FHSWLRQ  -
      VWUDWHJ\  DUH  VWLOO  WR EH  VHHQ  EXW  DV  VKLSRZQHUV   ZLWK  H[FKDQJHV  WKDW  OHDG  WR  LQVLJKWV  DQG
      ZH  FDQ  H[SHFW  WR  VHH  FKDQJHV  LQ  VKLS  GHVLJQ    HQKDQFHG  DZDUHQHVV  RQ  DOO  WRSLFV  ZLWKLQ  WKH
      RSHUDWLRQV   SURSXOVLRQ  V\VWHPV   ZLWK  WKH           UHVSHFWLYH ƬHOGV RI HQGHDYRXU DQG UHVSRQVLELOLW\
      GHYHORSPHQW RI QHZ W\SHV RI IXHOV  :KHUHDV WKH         2QH VXFK WRSLFDO LQGXVWU\ LVVXH  DQG IRFXV IRU WKH
      IRUPHU DUH PRUH WDQJLEOH  WKH ODWWHU LV VRPHZKDW       IXWXUH   LV  WKH  DIRUHPHQWLRQHG  n0$66o  –  ZKLFK
      QHEXORXV  DW  WKLV  WLPH   :KLOVW  WKHUH  LV  D  FHUWDLQ   OHDQW  LWVHOI  WR  WKH  WKHPH  RI  WKLV  \HDUoV  $*0
      VFHSWLFLVP  RI  0%0V  DV  D  PHDQV  RI  IXUWKHU        &RQIHUHQFH   n+XPDQ  (OHPHQW     $XWRPDWLRQ  DW
      LQFHQWLYLVLQJ  &2   UHGXFWLRQ   WKH\  FRXOG  KDYH  D   6HDo  )RUHFDVWV VKRZ WKDW ZH FDQ H[SHFW WR VHH
      nSDUW WR SOD\o LQ WKH IXWXUH  ,Q WKLV HYHQWXDOLW\  ,   DXWRQRPRXV  VKLSV  WUDGLQJ  LQ  WKH  QHDU  IXWXUH
      ZRXOG  DQWLFLSDWH  UHSULVLQJ  P\  UROH  DV  &KDLUPDQ   KRZHYHU  LW LV DOVR FOHDU WKHUH ZLOO EH GHJUHHV RI
      RI  WKH  ,&6  0%0  :RUNLQJ  *URXS  WRJHWKHU  ZLWK      DXWRPDWLRQ - ZLWK HYROYLQJ DXWRPDWHG SURFHVVHV
      %,0&2  ,17(57$1.2 DQG ,17(5&$5*2
                                                             DQG  GHFLVLRQ  VXSSRUW   :H  QHHG  WR  DVVHVV  WKH
      7KH  UHFRJQLWLRQ  RI  WKH  LPSRUWDQW  UROH  RI  WKH    HƪHFWV DQG LPSDFW RQ RXU VHDIDUHUV  DQG KRZ ZH
      RZQHUV  LQ  PDLQWDLQLQJ  WKH  UHJLVWU\oV  UHSXWDWLRQ   DV  VKLSRZQHUV  ZLOO  HQVXUH  V\VWHPV  RQERDUG  DUH
      DQG  VWDQGDUGV   OHG  WR  WKH  VWUDWHJLF  GHFLVLRQ  WR   GHVLJQHG ZLWK IHDVLELOLW\ DQG VDIHW\ DV D SULRULW\
      FUHDWH  WKH  %DKDPDV  6KLSRZQHUVo  $VVRFLDWLRQ         ,Q  FORVLQJ   ,  ZLVK  WR  DFNQRZOHGJH  'RPHQLFR
       %6$   7KH %6$ HQFRPSDVVHV DOO VKLSSLQJ VHFWRUV        5RJQRQL  RI  &DUQLYDO  DV  %6$  9LFH  &KDLUPDQ  DQG
      DQG  SURPRWHV  WKH  LQWHUHVWV  RI  RZQHUV  RI          KLV  DFWLYH  DQG  HƪHFWLYH  LQYROYHPHQW  ZLWK  WKH
      %DKDPLDQ  UHJLVWHUHG  YHVVHOV  DQG  IDFLOLWDWHV        %0$ %RDUG DQG %DKDPDV *RYHUQPHQW WR GDWH  ,
      FRQVXOWDWLRQ  ZLWK  WKH  %DKDPDV  0DULWLPH             DOVR H[SUHVV P\ VLQFHUH WKDQNV WR WKH %RDUG DQG
      $XWKRULW\  %0$   7KH %0$ LV RQH RI WKH ZRUOGoV         6HFUHWDULDW IRU WKHLU LQYDOXDEOH VXSSRUW
      SUHPLHU  VKLS  UHJLVWULHV  ZKRVH  JURZWK  KDV  QRW
      EHHQ DW WKH H[SHQVH RI TXDOLW\  7KH UHODWLRQVKLS
      EHWZHHQ  WKH  %6$  DQG  %0$  LV  WKH  NH\  WR  RXU     -RKQ $GDPV
      VXFFHVV   :H  DFNQRZOHGJH  %0$  %RDUG  &KDLU           &KDLUPDQ
      'HQLVH /HZLV--RKQVRQ  'HSXW\ &KDLU 3HWHU -RKQ
      *RXODQGULV   DQG  $FWLQJ  &(2     0'  &DSW   'ZDLQ
      +XWFKLQVRQ
   1   2   3   4   5   6   7   8