Vous êtes sur la page 1sur 4

6SULQJ

3HUFHLYHG4XDOLW\6WXG\
0DLQVWUHDPDQG/X[XU\0RGHOV
&RQVXPHUVRIWHQIRUPSHUFHSWLRQVDERXWDXWRPRELOHEUDQGVEDVHGRQYHU\OLPLWHGLQIRUPDWLRQDQGKROGRQWRWKHVHEHOLHIV
ZHOOEH\RQGWKHLUUHOHYDQFH'HVSLWHWKHHYHULQFUHDVLQJZHDOWKRIGDWDDYDLODEOHUHJDUGLQJWKHDXWRPRWLYHPDUNHWFRQVXPHU
GDWDDQGVDOHVWUHQGVRYHUZKHOPLQJO\VXSSRUWWKLVVWDWHPHQWDVDJHQHUDOUXOH)RUH[DPSOHLIFRQVXPHUVIRUPQHJDWLYHEHOLHIV
DERXWDEUDQG¶VTXDOLW\EDVHGRQRSLQLRQVIURPIULHQGVRUIDPLO\RUIURPKLJKSURILOHLQFLGHQWVLQWKHSUHVVWKH\DUHPRUH
OLNHO\WREHOLHYHWKDWDOOPRGHOVLQWKDWEUDQGKDYHSRRUTXDOLW\,QFRQWUDVWVRPHEUDQGVZLWKVWURQJHPRWLRQDODSSHDOVXFKDV
9RONVZDJHQKDYHHVWDEOLVKHGDVWURQJSHUFHSWLRQRITXDOLW\IRUDOOWKHLUPRGHOVHYHQWKRXJKPDQXIDFWXULQJTXDOLW\FRQWLQXHVWR
VLJQLILFDQWO\ODJOHDGLQJEUDQGVEDVHGRQDFWXDOTXDOLW\VXUYH\V

$/*PHDVXUHVSHUFHLYHGTXDOLW\E\DVNLQJFRQVXPHUVWRWHOOXVZKDWWKH\EHOLHYHDERXWWKHTXDOLW\RIWKHYHKLFOHVDVVRFLDWHG
ZLWKHDFKEUDQG:HGRWKLVE\SDUWQHULQJZLWK=RJE\,QWHUQDWLRQDODZHOONQRZQVXUYH\ILUPWRVXUYH\DSSUR[LPDWHO\±
86FRQVXPHUVELDQQXDOO\WRJDXJHSHUFHSWLRQVRIPDLQVWUHDPDQGOX[XU\EUDQGV

3HUFHLYHG4XDOLW\6FRUHV 346 IRU0DLQVWUHDP%UDQGVÖ7R\RWD'HFOLQHV


'UDPDWLFDOO\

7KHWDEOHRQWKHULJKWVKRZVWKHODWHVW$/*346UHVXOWV
IRUPDLQVWUHDPEUDQGV,QSDUHQWKHVLVLVWKHFKDQJHLQ
SHUFHQWYHUVXVWKHSUHYLRXVVXUYH\LQ)DOO

6LQFHWKHLQDXJXUDO$/*VXUYH\WRGHULYH3467R\RWD
KDVFODLPHGWKHWRSVSRWDPRQJPDLQVWUHDPEUDQGV
+RZHYHULQUHFHQWPRQWKV7R\RWDKDVEHHQSODJXHGE\
DEHY\RITXDOLW\LVVXHVDQGWKHHQVXLQJPHGLDVWRUP
DURXQGPDVVLYHYHKLFOHUHFDOOV$VDUHVXOW7R\RWD
LQFXUUHGDGHFOLQHLQ346RIWKHODUJHVWGURS
VLQFHWKHVXUYH\EHJDQDQGLVQRZUDQNHGWKZLWKD
VFRUHRI

$VVXPLQJQRIXUWKHUTXDOLW\LVVXHVDQGDGLPLQLVKHG
PHGLDIRFXV$/*H[SHFWV7R\RWD¶V346WRVWDELOL]H
DQGEHJLQWRLPSURYHRYHUWKHQH[WPRQWKVZLWK
UHFRYHU\RIKDOIRIWKHUHFHQWORVVHVE\WKH6SULQJ
VXUYH\+RZHYHUUHFODLPLQJWKHWRSVSRWLQ346ZLOOEH
DKHUFXOHDQWDVNIRU7R\RWD

)RUIXOOGHWDLOVRQWKHLPSDFWRI7R\RWD¶V346GHFOLQHV
SOHDVHVHH$/*¶V7R\RWD5HFDOO,PSDFWUHSRUW

$/*$'HDOHU7UDFN&RPSDQ\ YRLFH
6WDWH6WUHHW6XLWH ID[ k$/*$'HDOHU7UDFN&RPSDQ\$OO5LJKWV5HVHUYHG
6DQWD%DUEDUD&$ ZZZDOJFRP
7KHIDOORI7R\RWDOHDYHV+RQGDZLWKD
FRPPDQGLQJOHDGRISSWVDERYHDOORWKHU
PDLQVWUHDPEUDQGVFHPHQWLQJLWVSRVLWLRQDV
WKHOHDGHULQ346IRUWKHIRUHVHHDEOHIXWXUH
+RZHYHU+RQGD¶VRYHUDOO346LVGRZQVOLJKWO\
ZLWKDORVVRISSWVYVWKH6SULQJ
VXUYH\:LWKWKHWRSWZREUDQGVH[SHULHQFLQJ
GHFOLQHVLQ346DQGRIWKHEUDQGVLQWKH
VXUYH\LPSURYLQJZKDWZHVHHLVWKHTXDOLW\
SHUFHSWLRQJDSFORVLQJDPRQJPDLQVWUHDPEUDQGV7KLVWUHQGPD\DOVRUHIOHFWJURZLQJFRQILGHQFHLQWKHRYHUDOODXWRPRWLYH
LQGXVWU\

3HUFHLYHG4XDOLW\7UHQGVÖ)RUG6XUJH&RQWLQXHV.LD*DLQV7UDFWLRQ
0DQ\LQWHUQDWLRQDOSDUDGLJPVLQWKHDXWRPRWLYHPDUNHWDUHEHJLQQLQJWRFROODSVH$-DSDQHVHEUDQGRQFHKHUDOGHGIRU
LPSHFFDEOHTXDOLW\KDVEHFRPHDSDULDKLQWKHPHGLD
DGRPHVWLFEUDQGLVILOOLQJLWVWURSK\FDVHZLWKWRSWLHU
DFFRODGHVWKDQNVWRDQRQVODXJKWRIVWURQJSURGXFW
ODXQFKHVDQGD.RUHDQEUDQGLVJDLQLQJUHFRJQLWLRQ
QRWRQO\IRULWVYDOXHVWRU\EXWIRULQQRYDWLYHVW\OLQJ
LPSURYHPHQWVDQGDFWXDOTXDOLW\

7R\RWD¶VZRHVDUHGHWDLOHGDERYHDQGZLGHO\NQRZQ
EXW)RUGDQG.LD¶VLPSURYHPHQWVZKLFKKDYHODUJHO\
GHYHORSHG³XQGHUWKHUDGDU´DUHQRZKDYLQJDQLPSDFW
ZLWKFRQVXPHUV)RUQHDUO\\HDUV)RUGKDVPDGHD
FRQFHUWHGDWWHPSWWREXLOGYHKLFOHVEHWWHUDOLJQHGZLWK
FRQVXPHUGHPDQGOLPLWLQJEUDQGGDPDJLQJLQFHQWLYH
VSHQGLQJDQGGDLO\UHQWDOIOHHWVDOHV7KHVHJRDOV
KDYHEHHQVXSSRUWHGE\DQHQWLUHSRUWIROLRRIDOOQHZ
RUUHGHVLJQHGSURGXFWVWKDWKDYHEHHQZHOOUHFHLYHG
ERWKLQWKHPDUNHWSODFHDQGDPRQJDXWRPRWLYHFULWLFV
)RUGVZHSWWKH1RUWK$PHULFDQ&DUDQG7UXFNRIWKH
<HDUDZDUGVZLWKWKHIXHOVLSSLQJ)XVLRQ+\EULGDQG
FRPPHUFLDOJUDGH7UDQVLW&RQQHFWLQ-DQXDU\
3ULRUWRWKHVHDZDUGV)RUGDOVRFROOHFWHGERWKRI0RWRU
7UHQG¶VSUHVWLJLRXV&DUDQG7UXFNRIWKH<HDUDZDUGV
ZLWKWKHDIRUHPHQWLRQHG)XVLRQDQGWKH) ZKLFK
DOVRZRQLQ 

$/*$'HDOHU7UDFN&RPSDQ\ YRLFH
6WDWH6WUHHW6XLWH ID[ k$/*$'HDOHU7UDFN&RPSDQ\$OO5LJKWV5HVHUYHG
6DQWD%DUEDUD&$ ZZZDOJFRP
+LVWRULFDOO\.LD¶VVDOHVHIIRUWVLQWKH86PDUNHWZHUHKDPSHUHG
E\PDQ\IDFWRUV3URGXFWTXDOLW\GHVLJQDQGPDUNHWLQJFDPSDLJQV
ZHUHLQFRQVLVWHQWHUUDWLFDQGZHOOEHORZWKHLQGXVWU\QRUPIRU
PDQ\\HDUV:LWKRXWDEUDQGLGHQWLW\WKHPDLQGULYHURI.LD
GHPDQGZDVWKHYDOXHVWRU\6LPSO\SXWD.LDSXUFKDVHZDV
MXVWLILHGQRWQHFHVVDULO\E\WKHHPRWLRQDOGUDZWRDFRQVXPHU
EXWWKHHDVHRQWKHLUSRFNHWERRN7KDWEHJDQWRFKDQJHZLWK
WKHILUVWJHQHUDWLRQ6RUHQWRVHFRQGJHQHUDWLRQ6SRUWDJHDQG
PRUHUHFHQWO\ZLWKWKHVW\OLVK6RXODQG)RUWHOLQHXS7KHVHFRQG
JHQHUDWLRQ6RUHQWRLVMXVWKLWWLQJWKHPDUNHWIROORZHGE\WKHDOO
QHZ6SRUWDJHQH[W\HDU.LDKDVILQDOO\VHWWOHGRQDFRQVLVWHQW
GHVLJQODQJXDJHWKDWLVHQDEOLQJLWWREXLOGDEUDQGLGHQWLW\
+LVWRULFDOO\QDPHSODWHVZLWKVWURQJEUDQGLGHQWLW\KDYHEHHQDEOH
WRJHQHUDWHYDOXHDQGVXSSRUWEUDQGLPDJHE\DSSHDOLQJWRWKH
HPRWLRQDOVLGHRIFRQVXPHUV/LNHLWVFRUSRUDWHVLVWHU+\XQGDL
DQGWKH-DSDQHVHEUDQGVGHFDGHVEHIRUHLW.LDLVVWDUWLQJRII
VPDOODQG\RXQJEXLOGLQJDFXVWRPHUEDVHDURXQGHIILFLHQWDQG
FRPSDFWYHKLFOHVWKDWFDWHUWRWKHEXGJHWVDQGH[SHFWDWLRQVRI
ILUVWWLPHFDUEX\HUV

3HUFHLYHG4XDOLW\6FRUHV 346 IRU


/X[XU\%UDQGVÖ/H[XV/RVHV
5DQNLQJ6DDE6XIIHUV
/LNH7R\RWD/H[XVKDVVXIIHUHGIURPDVSDWRIUHFDOOVDQGPHGLDDWWHQWLRQEXWWRDPXFKOHVVHUGHJUHH1RQHWKHOHVVWKH
LPSDFWUHVXOWHGLQ/H[XVORVLQJLWVORQJKHOGSHUFKDVWKHQXPEHURQHUDQNHGOX[XU\EUDQGLQ346+RZHYHUWKHGHFOLQHVZHUH
QRWQHDUO\DVVLJQLILFDQWDV7R\RWD¶VDQGZLWKWKHWRSHLJKWEUDQGVRQO\SSWVDSDUWLQWKH6SULQJUDQNLQJVFRQVXPHUV
YLHZWKHPRVWFRPSHWLWLYHOX[XU\EUDQGVDVEHLQJYHU\FORVHLQSHUFHSWLRQRITXDOLW\

%0:DQG0HUFHGHVKDYHHTXDOO\VKDUHGWKHVSRWEHKLQG/H[XVDQGZLWKWKHGHFOLQHVLQ/H[XV¶V3460HUFHGHVKDV
QRZFODLPHGWKHWRSVSRWZLWKDPRGHVWLQFUHDVHRIRQO\SSWVYHUVXVWKH)DOOVXUYH\

6DDEZDVWKHRQO\RWKHUEUDQGLQWKHOX[XU\VHFWRUWRH[SHULHQFHDQ\VLJQLILFDQWFKDQJHVVLQFHWKHODVW$XWRPRWLYH&RQVXPHU
$WWLWXGH6XUYH\6DDEQDUURZO\HVFDSHGREVROHVFHQFHMXVWUHFHQWO\IDOOLQJLQWRWKHDUPVRIKLJKHQGVSRUWVFDUPDNHU6S\NHU
DIWHUEHLQJQHDUO\DEDQGRQHGE\*0&RQFHUQVRYHUWKHEUDQG¶VIXWXUHFRPELQHGZLWKDQLQFUHDVLQJO\ORQJLQWKHWRRWKSURGXFW
OLQHXSFRQWULEXWHGWRHURVLRQRIWKHEUDQG¶VSHUFHSWLRQRITXDOLW\7KHPXFKDQWLFLSDWHGDUULYLQJLQVKRZURRPVLQPLG
VKRXOGVHUYHDVDUHPLQGHUWRFRQVXPHUVWKDW6DDELVQRWRQO\VWLOOLQWKHPDUNHWEXWPDNLQJFRPSHWLWLYHOX[XU\SURGXFWV7KH
HFFHQWULFLWLHVRILWVQHZ'XWFKSDUHQWFRPSDQ\FRPSOHPHQWVWKHTXLUN\6FDQGLQDYLDQURRWVRI6DDEQLFHO\ZKLFKLVOLNHO\WR
DSSHDOWRFXOWOLNHIROORZHUVRIWKHEUDQG,WUHPDLQVXQFOHDUKRZHYHUZKHQDQGLI6DDEZLOOEHDEOHWRUHJDLQERWKWKHOR\DO
FXVWRPHUVLWKDVORVWLQUHFHQW\HDUVDQGWKHSUHVWLJHRID(XURSHDQOX[XU\EUDQG

$/*$'HDOHU7UDFN&RPSDQ\ YRLFH
6WDWH6WUHHW6XLWH ID[ k$/*$'HDOHU7UDFN&RPSDQ\$OO5LJKWV5HVHUYHG
6DQWD%DUEDUD&$ ZZZDOJFRP