Issuu on Google+

,QWKLVQHZVOHWWHU x

x

x

x

x

+HDOLQJ6W\OHWLSV  DGYLFHIRUOXVK $XWXPQORFNV $FWUHVV0LFKHOOH &ROOLQV·KDLUGUHVVHURQ ZKLFKSURGXFWVDUHKHU IDYRXULWHV /·$1=$ZHQWWR9)HVW ZLWK'LFNLQVRQ6DORQ %LUPLQJKDP /·$1=$&KULVWPDV*LIW 6HWVIRUSHUIHFW SUHVHQWVWKLV\HDU 6WXQQLQJQHZ/·$1=$ 7UHQG&ROOHFWLRQ %HDXW\,V

$XWXPQOHDYHVRIFKDQJH³ $XWXPQOHDYHVRIFKDQJH ³IRUWKHEHWWHU IRUWKHEHWWHU $XWXPQKDVEUHH]HGLQRQXV

OHWV\RXUHIRUPDQGUHVKDSH\RXU

WKRXJKWVRQRXUZDOORUSRVW

OLNHDKXUULFDQH³ZKHUHGLGWKH

GHVLJQVZLWKFRPSOHWHSOLDELOLW\

DSKRWRRIZKDW\RX·YH

VXPPHUJR":H·UHDOUHDG\

DOORZLQJ\RXWRJRIURPDGD\

EHHQXSWRRQWKHUH"2XU

JHWWLQJUHDG\IRUWKHQHZ

ORRNWKURXJKWRWKHQLJKW

ZHEVLWHZZZODQ]D

VHDVRQ·VFRORXUVDQGVW\OHV

VHDPOHVVO\

KDLUFRXNDOVRKDVDOORIWKH

ZLWKDQHZWUHQGFROOHFWLRQWR KHOSXVDORQJWKHZD\

ODWHVWLQIRRQLWVR\RXFDQ

<RXPLJKWKDYHDOUHDG\VHHQRXU &KULVWPDV*LIW3DFNVIRUWKHIHVWLYH

¶%HDXW\,V·WKHIDQWDVWLFQHZ

VHDVRQWKDW·VMXVWDURXQGWKH

WUHQGFROOHFWLRQODXQFKHGE\

FRUQHU³ZHWKLQNLW·VEHWWHUWKDQ

WKH/·$1=$&UHDWLYH7HDPKDV

HYHUEHIRUHZLWKSURGXFWVDQG

JLYHQXVSOHQW\WRJHWH[FLWHG

SULFHSRLQWVWRVXLWHYHU\RQH

DERXWDVWKHQLJKWVGUDZLQ7KH ¶%HDXW\,V·FROOHFWLRQLVDQ LQVSLUDWLRQWRKDLUGUHVVHUV³VHH LQVLGHIRUPRUHLQIRUPDWLRQ

DQGPXFK PRUH 6RUHDGRQ HQMR\DQG

IURPDFURVVWKH8.LQWKLV

HPEUDFH

QHZVOHWWHUIURPVXPPHUIHVWLYDOV

WKH

WRFHOHEHQFRXQWHUV³ZHORYH KHDULQJDERXWZKDW/·$1=$IDQV

LQWKHSLSHOLQHIRU\RX$KRW

KDYHEHHQXSWR

QHZDGGLWLRQWRWKH+HDOLQJ 6W\OHUDQJHZHFDQ·WZDLWWR ODXQFKQHZ6KDSH3XWW\$ YHUVDWLOHQXPEHU6KDSH3XWW\

$XWXPQ 7KH

$JUHDWZD\RINHHSLQJLQWRXFKLV YLDRXU)DFHERRNDQG7ZLWWHU SDJHV:K\QRWVFULEEOH\RXU

SURGXFWVRXUODWHVWSUHVV DSSHDUDQFHV

:H·YHDOVRJRWORDGVRIXSGDWHV

:H·YHDOVRJRWDQHZSURGXFW

UHDGXSDERXWQHZ

/·$1=$ 8. 7HDP[

/·$1=$#9)HVWLYDO 6DORQ'LFNLQVRQZDVDWWKLV

FDPSHUVDQGWKH\FDQ·WZDLWWR

ELJJHVWPXVLFIHVWLYDOVWREULQJ

JHWDVORWLQWKH9)HVW/·$1=$

UHWXUQQH[W\HDUWRWDNHIHVWLYDO

JODPRXUFKLFWRFDPSLQJ

6DORQ'HVSLWHVRPHOHQJWK\

JODPWRDQRWKHUOHYHO6DORQ

TXHXHVODGLHVDQGJHQWVDOLNH

'LFNLQVRQDLPVWRRSHUDWHDQ

SDWLHQWO\ZDLWHGWRKDYHDKDLU

HYHQELJJHUSLWFKQH[W\HDUWR

ZDVKDQGILQLVKWRJHWDVDORQ

NHHSHYHU\RQHORRNLQJDQG

JODPEORZGU\DQGWRORRNWKH

IHHOLQJIDQWDVWLFZLWKKHDOWK\

SDUWIRUWKHPDVVLYHIHVWLYDO

KHDOHG/·$1=$KDLU

,WZDVLPSRUWDQWIRU'LFNLQVRQV 6DORQ'LFNLQVRQNLWWHGRXWZLWK /·$1=$EDFNZDVKDQGVW\OLQJ SURGXFWVORRNHGIDQWDVWLFDQG PDGHIRUVRPHKDSS\FDPSHUV

DQGERG\SDLQWLQJZKLFKPHDQW FRSHZLWKWKHGHPDQGRIWKH

\HDUV·9)HVWLYDORQHRIWKH8.·V WKDWIHVWLYDOJRHUVZHUHNHHQWR

WRKDYH/·$1=$RQVLWHDW9)HVW EHFDXVHLW·VDEUDQGWKDWFOLHQWV NQRZDQGWUXVWDQGWKH\ UHFRJQLVHWKDW/·$1=$GHOLYHUV UHVXOWVWKDWODVW²HYHQZKHQ

7KHPDUTXHHFRPHVDORQ

\RX·UHFDPSLQJDWDPXVLF

ZDVDKLYHRIDFWLYLW\ZLWK

IHVWLYDO

VW\OLVWVXVLQJ/·$1=$WR

'LFNLQVRQVKDVKHOGDVDORQIRU WKUHH\HDUVDW9)HVWZLWK GHPDQGLQFUHDVLQJ\HDURQ

GHOLYHUDQH[WUDIHHOJRRG IDFWRUWRFOLHQWVDWWKH IHVWLYDO

\HDU$IXQN\DGGLWLRQWRWKH

(PPD·VVWURQJWHDP

VW\OLVWVDORQWKLV\HDUZDVIDFH

ZRUNHGLQWHQVLYHO\WR


1HZVOHWWHU

&HOHEULW\+DLUGUHVVHU &HOHEULW\+DLUGUHVVHU

1HZORRNIRUEHVW 1HZORRNIRUEHVWVHOOHU VHOOHU $ILUPIDYRXULWHMXVWJRWHYHQEHWWHU7KHPXFKORYHG DQGXVHG/·$1=$8UEDQ0ROGLQJ3DVWHKDVKDGDFRRO DQGVRSKLVWLFDWHGPDNHRYHU 

+HDOLQJ6W\OH0ROGLQJ3DVWHUHPDLQV H[DFWO\WKHVDPHLQVLGHDQGZLOOVWLOO JLYHWKLFNQHVVDQGGHQVLW\WRWKH KDLU7KHYHUVDWLOHSDVWHJLYHVDJUHDW OLJKWWH[WXUHDQGVHSDUDWLRQIRUVRPH IDQWDVWLFVW\OLQJ 

:HWKLQNWKHVLOYHUORRNILWVLQ SHUIHFWO\ZLWKWKHZKROH +HDOLQJ6W\OHUDQJHDQGZH FDQ·WZDLWWRVHHLWRQVDORQ DQGEDWKURRPVKHOYHVDOLNH DFURVVWKH8. 

1HZORRN6LOYHU8UEDQ0ROGLQJ3DVWH

6FRWW%HVZLFNRI1HOOLH -R

6WUHHWDQGKDVDOVRMXVWJRWEDFN

KDLUGUHVVLQJ<RUNVKLUHKDVEHHQ

IURPJODPRURXV6W7URSH]ZKHUH

SDPSHULQJWKHVWDUVRQFHDJDLQ

WKH\ZHUHVKRRWLQJIRUWKH%ULWLVK(OOH

&HOHEVMXVWORYH6FRWW·VVW\OHDQG WHFKQLTXH+HRIWHQZRUNVRQ79 VHWVDQGIRUDZDUGVKRZVEHKLQG WKHVFHQHVGRLQJKDLUDQGPDNH XSWRHQVXUHWKDWHYHU\RQHLV ORRNLQJDQGIHHOLQJEHDXWLIXOZLWK /·$1=$KHDOWK\KHDOHGKDLU $ELJXVHURI/·$1=$SURGXFWV

PDJD]LQH6FRWWRIWHQZRUNVZLWK DFWUHVV0LFKHOOH&ROOLQVZKR6FRWW VD\V ´DEVROXWHO\ ORYHV /·$1=$·V UDQJHRI +HDOLQJ 9ROXPH

6FRWWKDVUHFHQWO\ZRUNHGRQWKH79 SURGXFWVµ &KRLFH$ZDUGVIRU,79·V&RURQDWLRQ

6KDSH\RXU6W\OHZLWK3XWW\ 6KDSH\RXU6W\OHZLWK3XWW\ /·$1=$EULQJV\RXQHZ+HDOLQJ

\RXUVW\OHWLHGGRZQRUORFNHGLQ

([WUDFWIRUWKHUPDOSURWHFWLRQ

6W\OH6KDSH3XWW\

<RXFDQJRIURPGD\WRQLJKWZLWK

IURPKHDWWRROVRIXSWRq

$OLJKWZHLJKWKDLUGHILQHUWKLV XQLTXHSURGXFWHQKDQFHV WH[WXUHVHSDUDWHVDQGGHWDLOV WKHKDLUZLWKRXWZHLJKLQJLW GRZQ ,WVYHOYHW\FRQVLVWHQF\KDVD OLJKWFUHDP\IHHODQG3XWW\KDV DNLFNRIH[WUDKROGDQGJULSWR 'RQ·WZDQWWRFRPPLW"1R JLYHFRPSOHWHSOLDELOLW\ QHHGWRNHHS\RXUVW\OHWLHG WKURXJKRXWWKHGD\ GRZQ³UHIRUP UHYLYHDOOGD\ 6RWKHUH·VQRQHHGWRNHHS ORQJZLWKQHZ6KDSH3XWW\

6KDSH3XWW\5HYLYHDQGUHIRUP \RXUGHVLJQVZKLOVW/·$1=$GRHV WKHKDUGZRUNRIKHDOLQJ\RXUKDLU DWWKHVDPHWLPH

7U\WKLVQHZSURGXFWZLWKUDLQIRUHVW ERWDQLFDOVVXFKDV0XUXPXUX %XWWHUDQG%UD]LOLDQ1XW2LOWR PRLVWXUL]HDQGFRQGLWLRQZLWK

<HVWKDW·VULJKW³DOO+HDOLQJ6W\OH

$FDFLD6HQHJDO*XPWRKROG

SURGXFWVFRQWDLQWKHH[FOXVLYH

GHVLJQV

.HUDWLQ+HDOLQJ6\VWHPWRKHDO

1(:

GDPDJHZKLFKDOVRPHDQVWKDW

6KDSH3XWW\

KDLUFRORXULVORFNHGLQDQGIDGLQJ

$YDLODEOH

LVUHGXFHG3OXV+HDOLQJ6W\OH

IURP

SURGXFWVJLYHWULSOH89SURWHFWLRQ

1RYHPEHU

DJDLQVW89UD\VDVZHOODV&DFWXV



*HWLQVW\OH³ *HWLQVW\OH³ZLWK/·$1=$+HDOLQJ6W\OH ZLWK/·$1=$+HDOLQJ6W\OH 7HOOXVDERXW\RXUIDYRXULWH+HDOLQJ 6W\OHSURGXFWIRUDFKDQFHWRZLQ /·$1=$JRRGLHV

7KH/·$1=$+HDOLQJ6W\OHUDQJHMXVWJHWV EHWWHUDQGEHWWHU:LWKDQRWKHUQHZ DGGLWLRQWRWKHUDQJHWKLV$XWXPQ WKHUH·VQRFHOHEORRNRUVW\OHWKDWFDQ·W EHDFKLHYHGZLWK+HDOLQJ6W\OH 

%ORJJHUVDQGKDLUGUHVVHUVDOLNHORYH %HDFK6SUD\IRULWVQDWXUDOZDY\VH[\ ORFNV³ZLWKQRHIIRUWUHTXLUHG:H·UH WKLQNLQJRIDFHUWDLQ6-3 

6SUD\*HOZDVUHFHQWO\ UHFRPPHQGHGE\<RXU+DLU PDJD]LQHWKHSHUIHFWSURGXFW IRU¶UHGFDUSHWZRUWK\KDLU· 

:HORYH8OWLPDWH);KDLUVSUD\ DVXSHUKROGPLVWWRNHHS HYHU\WKLQJLQSODFHZLWKQR 3DJH

FUDFNLQJRUIODNLQJ³DQGLWKHDOVWKHKDLUDW WKHVDPHWLPH 

6RZKLFKSURGXFWLV\RXUIDYH" 7HOOXVZKLFK+HDOLQJ6W\OHSURGXFW\RX /29(PRVWRQRXU)DFHERRNSDJHWRHQWHU DSUL]HGUDZDQGPD\EHZLQDZKROHWRWH EDJRI/·$1=$JRRGLHV &KHFNRXWRXU)%SDJHIRUPRUHLQIR


2FWREHU

+DLU$WWLWXGHFKDULW\IXQGUDLVLQJHYHQW +DLU$WWLWXGHFKDULW\IXQGUDLVLQJHYHQW $PDVVLYHZHOOGRQHJRHVRXWWR

´:HVKDYHGRIID\RXQJJLUOV·

.HQ%XUJR\QH/·$1=$·V6DORQ

WKH+DLU$WWLWXGHWHDPLQ7KH

KDLUWRKHOSUDLVHPRQH\IRUD

5HSUHVHQWDWLYHIRUWKH1RUWK

:LUUDOIRUWKHLUODWHVWIXQGUDLVLQJ

6W-RKQ·V+RVSLFH6KHGLGWKH:HVWMRLQHG+DLU$WWLWXGHIRUWKH

HIIRUWV

VSRQVRUHGKHDGVKDYHLQ

HYHQLQJDQGKHOSHGRXWE\

KRQRXURIKHUJUDQGPRWKHU

VHUYLQJGULQNVDQGUXQQLQJWKH

ZKRVKHORVWWRFDQFHUDWMXVW

UDIIOH

\HDUVROG6KHZDVVREUDYH GRQ·W\RXWKLQN"µ 7KHWHDPDOVRRUJDQLVHGD

$VPDVKLQJÂ&#x2026;ZDVUDLVHG ZKLFK+DLU$WWLWXGHGRQDWHGWR 6W-RKQ·V+RVSLFHRQ7KH:LUUDO

IXQN\FDWZDONVKRZZLWKDQ &RQJUDWXODWLRQVWRWKHZKROH LQWHUQDWLRQDOWKHPHWRLW(DFK

WHDPIRUVXFKDSRVLWLYHUHVXOW

PRGHOZDVVW\OHGDFFRUGLQJWR

$ERYH9LFNLGRLQJWKHGHHG³ VKDYLQJDZKROHKHDGRIKDLUWR KHOSUDLVHIXQGVIRUFKDULW\

WKHLUFKRVHQFRXQWU\IRU H[DPSOH$IULFDZLWKDWULEDO +DLU$WWLWXGHKHOGDQHYHQLQJ

IHHORU+DZDLLIURPWKHWURSLFV

UHFHQWO\WRFHOHEUDWHQRWRQO\

:KDWZHQWGRZQUHDOO\ZHOO

WKHLUVHFRQG\HDULQEXVLQHVVEXW

ZLWKJXHVWVZDVDIXQSKRWR

DOVRWRUDLVHPRQH\IRUFKDULW\

ERRWKIRUJXHVWVWRXVH

9LFNL'HVRX]DWKHVDORQ·VRZQHU H[SODLQV

/HIW7KHWHDPDW+DLU $WWLWXGHZLWK.HQ %XUJR\QH/·$1=$·V 6DORQ5HSUHVHQWDWLYH IRUWKH1RUWK:HVW

7KHZKROHHYHQLQJZDVDUHDOO\ SRVLWLYHLQVSLUDWLRQDOHYHQW

%HDXW\,V«<28 %HDXW\,V«<28 %HDXW\LV GHILQHGE\ WKHEHKROGHU DQGWKH ZRPDQZKR HPERGLHVLW  %HDXW\LV \RX   %HDXW\LVH[SORUHGLQ/·$1=$·VODWHVW VWXQQLQJWUHQGFROOHFWLRQ%HDXW\,V /·$1=$·V$UWLVWLF7HDPKDYH FROODERUDWHGWKHLUWDOHQWVWREULQJ WKUHHLQGHSHQGHQWVW\OHVGHVLJQHGWR LQVSLUH\RXUYLVLRQRIEHDXW\   0DWW6ZLQQH\ 2VFDUDQG :HQG\%RQG DQGIULHQGV EHOLHYHWKDW EHDXW\LVWKH SHUVRQLILFDWLRQRI LQGLYLGXDO H[SUHVVLRQ,QWKLV IUHVKQHZ FROOHFWLRQ EROGFRORXUV DQGFXWV FRPELQHWR 3DJH

FUHDWHSDUDOOHOLGHDOVRIEHDXW\IRU HYHU\ZRPDQ  5RFNHU&KLFHPERGLHVWKHIUHH VSLULWHGZRPDQZKRFUHDWHVKHURZQ IDVKLRQ6KHZDQWVWREHQRWLFHGEXW QHYHUVHHNVDSSURYDO+HUSRZHULV LQGHSHQGHQFH6KHUHOLHVRQQRRQH  *ODPRXU&KLFLVVH[\IOLUWDWLRXVDQG H[RWLF6KH·VRQWKHSXOVHRIOLIH³ IDEXORXVDQGIODZOHVVDWDOOWLPHV 6HGXFWLYHE\QDWXUHVKHJHWVZKDW VKHZDQWVXQWLOVKHQRORQJHUZDQWV LW  &RQILGHQWSDVVLRQDWH  DQGGHWHUPLQHGLV /·$1=$·V7RPER\ &KLF6KHFDSWXUHV WKHYHU\HVVHQFHRI FRQILGHQFH7RGD\·V 7RPER\LVFRPIRUWDEOHLQKHU RZQVNLQ7RKHUIDVKLRQLV DERXWWKHVRXODQG FRQQHFWLQJZLWKWKH ZRUOGDURXQGKHU/LIH LVDSHUVRQDOMRXUQH\ WREHH[SHULHQFHG QRWSRVVHVVHG 

6RZKLFKRQHDUH \RX"

'DPLDQ3RWWVDPHPEHURI/·$1=$ 8.·V$UWLVWLF7HDPUHFHQWO\WUDYHOOHG WR+ROODQGWRZRUNRQWKLVWUHQG FROOHFWLRQ+HVD\VWKDWKH´ORYHVWKH IDFWWKDWWKLVFROOHFWLRQLVEDVHGRQ HYHU\FOLHQWV·IDYRXULWHLQVSLUDWLRQ WKHFHOHEULW\EXWQRZWKHORRNFDQ EHDGDSWHGDQGDSSOLHGWRWKH FOLHQWWRRµ  7RWHDFK\RXPRUHDERXWWKHVH ORRNV'DPLDQLVDYDLODEOHIRULQVDORQ HGXFDWLRQRQWUHQGVSOHDVHDVN +HDG2IILFHIRUPRUHLQIRUPDWLRQRQ  



L'ANZA Autumn Winter Newsletter 2011