9CNMOGVGT XVLQJ *RRJOH $FWLYLW\ 5HFRJQLWLRQ $3,
May 12, 2015
9CNMOGVGTXVLQJ�*RRJOH�$FWLYLW\�5HFRJQLWLRQ�$3,�
$FWLYLW\�WUDFNHUV�DUH�H[SHQVLYH
)LWELW�2QH൘�����
83�E\�-DZERQH൘�����
%XW�ZK\�ZRXOG�SHRSOH�EX\�WKHP"
0LFURPD[�%ROW�$��൘�����
)LWELW�2QH
$Q\�$QGURLG�SKRQH
+DV���D[LV�DFFHOHURPHWHU <HV <HV
%XW�ZK\�ZRXOG�SHRSOH�EX\�WKHP"
0LFURPD[�%ROW�$��൘�����
)LWELW�2QH
$Q\�$QGURLG�SKRQH
+DV���D[LV�DFFHOHURPHWHU <HV <HV
&DQ�PDNH�FDOOV 1R <HV
&DQ�VXUI�LQWHUQHW 1R <HV
3HRSOH�FDUU\�DURXQG�DOUHDG\
1R <HV
&DQW�EHOLHYH�WKHUH�DUH�DOPRVW�QR�DFWLYLW\�WUDFNHUV�RQ�WKH�3OD\�6WRUH�
Ɣ ,WV�VR�HDV\�
:DLW��ZK\�KDYHQW�SHRSOH�EHHQ�GRLQJ�WKLV"
:DLW��ZK\�KDYHQW�SHRSOH�EHHQ�GRLQJ�WKLV"
:DLW��ZK\�KDYHQW�SHRSOH�EHHQ�GRLQJ�WKLV"
Ɣ ,VVXH�GDWLQJ�EDFN�IURP�$XJ�����������)LUVW�UHSRUWHG�RQ�+7&�*�
Ɣ 6WLOO�DQ�LVVXH�RQ�a����SKRQHV
2IILFLDO�DQVZHU�IURP�/*�,Q�P\�NQRZOHGJH�IURP�'HY��7HDP��7KDW�LVQ¶W�EXJ��7KDW�LV�D�OLPLWDWLRQ�RI�WKLV�SKRQH�EHFDXVH�RI�+�:�DUFKLWHFWXUH��:H�QHHG�WR�UHGHVLJQ�WKH�+$/�DUFKLWHFWXUH�DQG�GHYLFH�GULYHU�WR�VXSSRUW�\RXU�UHTXHVW��%XW��DV�\RX�NQRZ�WKDW�LV�WRR�GLIILFXOW�GXH�WR�ODFN�RI�UHVRXUFH��:H�DUH�WU\LQJ�WR�KHOS�\RX�ZLWK�RXU�DOO�HIIRUWV�EXW�ZH�FDQQRW�VXSSRUW�\RXU�UHTXHVW�DV�,�PHQWLRQHG��
�6HDQ�.LP��/*�
6RXUFH��KWWS���VWDFNRYHUIORZ�FRP�TXHVWLRQV���������DQGURLG�DFFHOHURPHWHU�QRW�ZRUNLQJ�ZKHQ�VFUHHQ�LV�WXUQHG�RII
$FWLYLW\5HFRJQLWLRQ�$3,
Ɣ -XVW�UHOHDVHG�DW�*RRJOH�,�2�����Ɣ 3DUW�RI�*RRJOH�3OD\�6HUYLFHV���DYDLODEOH�RQ�
DOO�SKRQHV�ZLWK�$QGURLG�����DQG�XS
6HW�XS
Ɣ 8VH�6'.�0DQDJHU�WR�LQVWDOO�*RRJOH�3OD\�6HUYLFHV
Ɣ ,PSRUW�*RRJOH�3OD\�6HUYLFHV�DV�D�5HIHUHQFH�IRU�\RXU�SURMHFW
Ɣ $GG�DQGURLG�Y��VXSSRUW�MDU�WR�%XLOG�3DWK�Ɣ ,PSRUW�FRP�JRRJOH�DQGURLG�JPV�ORFDWLRQ�
LQ�\RXU�$FWLYLWLHV��6HUYLFHV
<RXUH�JRRG�WR�JR�
(VWDEOLVK�FRQQHFWLRQ�ZLWK�$FWLYLW\5HFRJQLWLRQ�
Ɣ *HW�LQVWDQFH�RI�$FWLYLW\5HFRJQLWLRQ&OLHQW$FWLYLW\5HFRJQLWLRQ&OLHQW�&RQWH[W�*RRJOH3OD\6HUYLFHV&OLHQW�&RQQHFWLRQ&DOO%DFNV�*RRJOH3OD\6HUYLFHV&OLHQW�2Q&RQQHFWLRQ)DLOHG/LVWHQHU�
&DOO�FRQQHFW���RQ�LW�
2Q&RQQHFWHG��
Ɣ &UHDWH�3HQGLQJ,QWHQW�ZLWK�\RXU�,QWHQW6HUYLFH�DV�UHFLHYHU
Ɣ FDOO�UHTXHVW$FWLYLW\8SGDWHV�/RQJ�LQWHUYDO��3HQGLQJ,QWHQW�\RXU,QWHQW�
Ɣ FDOO�GLVFRQQHFW��
1RZ�WKH�$FWLYLW\5HFRJQLWLRQ�KDV�EHHQ�DFWLYDWHG�DQG�ZLOO�JLYH�FDOOEDFNV�DIWHU�HYHU\�LQWHUYDO�
2Q&RQQHFWLRQ)DLOHG��
6KRZ�'LDORJ�IRU�XVHU�WR�XSGDWH�JRRJOH�SOD\�VHUYLFHV�
0HDW�RI�WKH�PDWWHU���,QWHQW6HUYLFH
Ɣ 5HFHLYH�FDOOEDFN�LQWHQWVƔ ZLWKLQ�RQ+DQGOH,QWHQW�,QWHQW�Ɣ FKHFN�ZKHWKHU�LQWHQW�KDV�
$FWLYLW\5HFRJQLWLRQ5HVXOW�REMHFWƔ ([WUDFW�UHVXOWƔ *HW�0RVW3UREDEOH$FWLYLW\
([HFXWH�/RJLF�RQ�WKH�5HVXOW�GDWD
$FWLYLW\5HFRJQLWLRQ5HVXOW�0HWKRGV
Ɣ KDV5HVXOW�,QWHQW�LQWHQW�Ɣ H[WUDFW5HVXOW�,QWHQW�LQWHQW�Ɣ JHW3UREDEOH$FWLYLWLHV��Ɣ UHVXOW�JHW0RVW3UREDEOH$FWLYLW\��Ɣ 'HWHFWHG$FWLYLW\�JHW7\SH��Ɣ 'HWHFWHG$FWLYLW\�JHW&RQILGHQFH��
$FWLYLW\5HFRJQLWLRQ5HVXOW
Ɣ (DFK�FDOOEDFN�UHWXUQV�DQ�$55�REMHFW�ZKLFK�KDV�D�OLVW�RI�DOO�SUREDEOH�DFWLYLWLHV�DQG�FRUUHVSRQGLQJ�FRQILGHQFHV
Ɣ &RQILGHQFHV�DGG�WR�KXQGUHG�Ɣ ([DPSOH�
ż VWLOO�����ż XQNQRZQ�����ż WLOWLQJ����
Ɣ W\SHV�LQFOXGH�XQNQRZQ��WLOWLQJ��VWLOO��RQBIRRW��RQBELF\FOH��LQBYHKLFOH
:KDW�ZH�JHW
:KDW�ZH�ZDQW
:DONPHWHU�DOJRULWKP
�� ��PLQXWH�EXFNHWV�� :LWKLQ�EXFNHW�RQ�HYHU\�FDOOEDFN��LI�LQFRPLQJ�
DFWLYLW\�FRQILGHQFH�LV�JUHDWHU�WKDQ�SUHYLRXVO\�VWRUHG�DFWLYLW\�FRQILGHQFH�FKDQJH�0RVW3UREDEOH�$FWLYLW\�IRU�WKDW�EXFNHW�
�� $W�WKH�HQG�RI�EXFNHW�FKHFN�03$FWLYLW\�IRU�EXFNHW��,I�03$FWLYLW\� �RQBIRRW�DGG�WR��PLQXWH�FRXQW�
�� 8SGDWH�%XFNHW�6WDUW�WLPH�� &KHFNV�WR�VHH�ZKHWKHU�GD\�KDV�FKDQJHG�
,Q�VXPPDU\
3XEOLVKHG�RQ�*RRJOH�3OD\JRR�JO��E++O��RU�VHDUFK�IRU��:DONPHWHU��
����$FFXUDF\���%HWWHU�ILOWHULQJ"
6RXUFH�&RGH�RQ�*LW+XE�a�����OLQHV�EXVLQHVV�FRGH
KWWSV���JLWKXE�FRP�9LEKDY-RVKL�:DONPHWHU
7KDQN�<RX�
$Q\�4XHVWLRQV�RU�3RLQWHUV"