princing after credit crunch
TRANSCRIPT
-
8/7/2019 Princing after credit crunch
1/32
!"#$#%&'
(%)*"*+)',-)*'.*"#/-)#/*+'
!0+)12"*3#)'2"4%$5'
'
6#$5-*7'8*-70%'
9:6;'
-
8/7/2019 Princing after credit crunch
2/32
!"#$%&'(
! )*+,"-#%+&(!! ./0#(/01(/022'&&',(0&,(3/45(
! 67#'%+&1(#+(1#0&,0*,(,'*%80#%8'(2*%-%&9(:+,'$1(!! ;"*8'(;+&1#*"-#%+&(!! ?-/+$'1(!! )'*'1#(@0#'(A+,'$1(
( (
-
8/7/2019 Princing after credit crunch
3/32
!"#$%&'()*$+&',-&.+&./-0(#+
! !"#$%&'()*$+&',-&.1+'/$(#+"2+)*22('(-$+&"34",-)*-0+5/#*#+)*6('0()+!! 7.(#(+'/$(#+#.",8)+5(+$.(+#/3(+,-)('+#$/-)/')+9-"%/'5*$'/0(:#*-08(+&,'6(;+$.("'
-
8/7/2019 Princing after credit crunch
4/32
!"#$%"&'()*++*"%,-$%$(./)012.)%"&3$-').%"&%('4)
) !"#$%&$!'(($ )*(($+&$!'(($ )*(($,-.$+&$!'(($ /0#$1'2*.$+2%3$145$ 6*77$891$
5*3&4) 67) 7) ) ) 8)
09) ) ) )
!)
)
29) ) ) ) ) 8)
5:()-*6&"#$%"&'()&..,;+%$*-)$;+
-
8/7/2019 Princing after credit crunch
5/32
!"#$%"&'()*++*"%,-$%$(./)0*1)2%)&..,3(.4)
! !55)6&.7)85*9.)&"()8"(()*8):(8&,5%)"$.;.)#*""*9)&%)?$#*")@?!A)$-)B)3*-%7.)%$3()C$.%*"$6&55>)J&";(%)5(-:$-')"&%(.)F('K)?$#*"LMMN=H)! I("$D&%$D(.)9"$%%(-)*-)%7(.()"&%(.)! !)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))G)!.)6*3+&"(:)%*)5*-'E%("3)6*33$%%(:)8,-:$-')8"*3)6&+$%&5)3&";(%.)F$(K)#*-:.)&-:)@O0.H)
-
8/7/2019 Princing after credit crunch
6/32
!"#$%&'(#")*)'+%,*%$%&-'
./)&'01"##'&2#')3"#0$)'0"#'0'4/56%70&%/7'/8'4"#$%&'07$'9%,*%$%&-'%))*#)'
+%,*%$%&-'%)'*)#$'&/'5#07:'
! !"#$%#&'(%)"%$%*+:';6%9%&-'&/'30-'9%06%9%&%#)''/33/"&*7%&%#)'!! D*7$%71'6#4/5#)'5/"#'#E3#7)%(#'=$*#'&/'9/)&')*339-'0)''
F/&2'.#"4*"%/'=GHHI>'07$'./"%7%'=GHHJ'K'GHHI>'%7(#)&%10$'&2#'#88%404-'/8'0'$.23"4*56#4+'5/$#9'&/'
#E390%7'&2#')3"#0$)'! L042'*)#'"%)@-'1#7#"%4'%7"C607@'4/*7"30"&%#)M'07$'0&5&'&/'409%6"0'&/'50"@#&'"0)'! N%539#'$#80*9&C/79-'5/$#9)'407'#E390%7'&2#')3"#0$'6#&'"#,*%"#'0'5/"#'4/539%40$'5/$#9'
' '
-
8/7/2019 Princing after credit crunch
7/32
!"#$%&'()*&+,-./"&,
-.01*1,234456,7./"&8,'9",018:,'9$',$,;.%*'"0"//"/,.
-
8/7/2019 Princing after credit crunch
8/32
!"#$#%&'"(%&()*"+#%&,%-")%'*%."/*%-,01#*+%,2%3.*%!"#$%&'()(%4)*5"3$/*%#()*"+%6*3'**2%78&%"2+%/")$,1#%9$6,)#:%
;.*%5*%?1))*20@%!"#$#%&'"(#%
! *>A%B%CDE%FGH#%*G0."2>*#%9$6,)FI%-,)%J9$6,)HI%K%#()*"+L%-,)%CD%@*")#%;.*#*%#()*"+#%)*()*#*23%4)$#=M2*13)"5:%*G(*03"3$,2#%,-%-131)*%#(,3%6"#$#%#()*"+#%
! 82$3$"55@N%3.*#*%#()*"+#%0"))$*+%,25@%3.*%()*/"$5$2>%#(,3%6"#$#%4$*A%#()*"+#%+*0"@*+%3,%O*),:%! !13%3.*%
-
8/7/2019 Princing after credit crunch
9/32
!"##$%&'()*+,-'%+*)./0 -12(3(-*3(-+*4"3*$-5"%(30-*+,-0($$(30-67-5*0.0-.+-42(-)*38(4-
! !"#$"#%&'()'*+,*-9-:74(+-/"046)(30-3(;".3(-)6+42$%-3(#*%)(+40-
-
8/7/2019 Princing after credit crunch
10/32
!"#$%&'()*(+*,,#)&-#,.'&/()-#/&'(!*,,#)&-#,(#%-&&0&$)'(1)23.+#,,2(4.#()"&(5678(!-&/.)(6933*-)(8$$&:;(3-*4./&(+-&/.)()"&(+*,,#)&-#,(
!*9$)&-3#-)2(
8(
!*9$)&-3#-)2(
D(!"#$
!%#$
!$
K3&$.$%(D#,#$+&1F;(O(!,*'.$%(D#,#$+&1F
-
8/7/2019 Princing after credit crunch
11/32
!"#$%&'()*(+*,,#)&-#,.'&/()-#/&'(0"&(1#-2&)(.'($*3(1.%-#).$%()*()"&(456(+7-8&(9*-(/.'+*7$).$%()-#/&'(+*8&-&/(:;(+*,,#)&-#,(#%-&&1&$)'((
0"&(1*).8#).*$(.'(+*$'.')&$+;(3.)"(.$)&-&')(#++-7#,(*$()"&(+*,,#)&-#,((#$$*7$+&/(.)(3#'(.$()"&(
-
8/7/2019 Princing after credit crunch
12/32
!
!
"#$%&!
"'()*$#+*,'(! !
-
8/7/2019 Princing after credit crunch
13/32
!"#$%#&'()#**"+#(,)-,.)'/012&"3)'2)/+&)#&&.%*&'/$)&+)%+0.4)(".0'&54'61'0'&3).7*4'('&43)
8/2&.#09).7'2&'/$)(1":.)%.&,+0+4+$'.2)#".);.'/$)%+0'J';+")
-
8/7/2019 Princing after credit crunch
14/32
!"#$%&!'()*#"+*,'(&-)&./0.1)2&*3%#%&,)&.&0,4%&$.#,%*1&'5&+'()*#"+*,'(&6%*3'4'/'7,%)&,(&*%#6)&'5&
! 8()*#"6%(*&+'(*%(*&! 8(*%#9'/.*,'(&.(4&%:*#.9'/.*,'(&*%+3(,;"%)&!
-
8/7/2019 Princing after credit crunch
15/32
!"#$%&'()$!"#$%&'$()**$!"#$+&,-).$-,$/01$2)34$"%567$
)+,-$!"#$+&,-).$-,$801$2)34$6')9,:7$;$?9,'$/@A$9BC?C$CDBEC$-,$/01$
! F,-)*$GBC?C$CDBEC$&C)$B:$5'?-HI)-?J$5()'B3)$?:C-)B.$,K$!()':?3H-$":.)L?:3$$
.),-$!"#$+&,-).$-,$M1$$/1$2GN,,I9)'3$HBC$J,IE,C?-)C$+&,-)C$-,$O$P)B'C7$
! G&-$D)$:)).$-H)$!"#$J&'()$-,$/01$$Q01$!! F,-)*$RH?C$?C$,:)$,K$-H)$IB?:$H&'.N)C$K,'$>%S4%N)B':)-$! RD,$BEE',BJH)C$!! TC)$U%%1$CDBEC$-,$?IENP$5TV$!"#$K',I$T#V$!"#$J&'()$2J,:C?C-):-$D?-H$J,NNB-)'BN$E,C-?:37$!! WL-'BE,NB-)$-H)$K,'DB'.$
-
8/7/2019 Princing after credit crunch
16/32
!
!
"#$%&'(%)*#+,!
! !
-
8/7/2019 Princing after credit crunch
17/32
!"#$%#&%'%(&)*#")*('+&),)$-'
!.++/0('1('2#*('#$'#00("'1)"2'+&),(' '34)(5%)$-'#',/$")$./.0'%)*)%($%'#"' 6'1)"2'&(#571/&5%'
%4$#8),0'
'
#$%'1('1)02'"/'*#5.('#'%(&)*#")*('1&)""($'/$'"2('#00("'3%($/"(%'94' 6'
:$('#++&/#,2')0'"/',/$0"&.,"'#'!"#$%$&'(')&'* '+/&";/5)/',/$0)0")$-'/;
-
8/7/2019 Princing after credit crunch
18/32
!"#$%#&%'%(&)*#")*('+&),)$-'
./'#++0/)$-'1'(23#")$-'"(&45'#$%'5("")$-' 1'6('-("'"7('5"#$%#&%'.0#,89!,7:0(5';
-
8/7/2019 Princing after credit crunch
19/32
!"#$#%&'(#)*'$+,,-)."-,'
!#)."/-"&'012324'&.%."-,#5.5')*.'6+7.,')+'-$$+8%)'9+"')*.'$+,,-)."-,#5-)#+%'+9')*.'7."#:-)#:.'
;.'-5586.5')*.'6-"'?*.'"-).'-$$"8.7'/@')*.'$+,,-)."-,'0#.A')*.'$-5*'"-).4'! >'?*.'".B+'"-).'9+"')*.'8%7.",@#%&'-55.)'0#.A'98%7#%&'5.$8".7'/@')*.'-55.)'#)5.,94'! >'?*.'8%5.$8".7'98%7#%&'"-).'0.&A')".-58"@'98%7#%&'"-).4'
C%.'(+8,7'.DB.$)'078.')+'$".7#)'$+%$."%54'
'
?*.'$-5*'-6+8%)'#5'%+('5B,#)'#%)+')*"..'$+"".5B+%7#%&'-$$+8%)5'
! '*.,7'-5'$+,,-)."-,'-&-#%5)')*.'7."#:-)#:.'!! E$$"8#%&'#%).".5)'-)')*.'"-).'+9' '
! '/+""+(.7=,.%)')+'98%7')*.'B8"$*-5.=5-,.'+9' '-55.)'8%#)5'!! E$$"8#%&'#%).".5)'-)')*.'"-).'+9' '
! '/+""+(.7=,.%)'8%5.$8".7'0.&A'9"+6')".-58"@4'!! E$$"8#%&'#%).".5)'-)')*.'"-).'+9' '
-
8/7/2019 Princing after credit crunch
20/32
!"#$#%&'(#)*'$+,,-)."-,'
/#)*')*#0'&.%."-,#0-)#+%1')*.'2,-$345$*+,.0'!67'8.$+9.0'
!:'-0'8+)*'
!-%;'
!(*.".')*.'.".' '(*.".'
'
'
' '
-
8/7/2019 Princing after credit crunch
21/32
!"#$%&'$%"()#$*$+,(-$'.(&+/(-$'.01'(*022&'"#&2(
3."#"("('-0(*&4"4(05(4)"*$5$*($+'"#"4'6(
! !"##$%#'()*'#+,'(+&-$./0123( (!
!( -."#"( ($4('."("7)"*'&'$0+(1+/"#('."(50#-/(8"&41#"(/"5$+"/(9:('."(+18"#&$#"(
(
! 4&$%#'()*'#+,'(+&-$.4&$/0123( (!!
-."#"( ($4('."("7)"*'&'$0+(1+/"#('."(!"#$%&50#-/(8"&41#"(/"5$+"/(9:('."(+18"#&$#"(
(
( (
-
8/7/2019 Princing after credit crunch
22/32
!"#$%#&'(#)*+,'%-&'*"-.+/)01'
2"-,)&+#'%'3"#$%#&'*"-0#%*0'$)04'3"#$%#&'(#)*+' '5)+6' 7'
8+(+-&)-9'"-'$4+04+#'"#'-"0'*"::%0+#%:'),'(",0+&'04+'.%:;+'"3'04+'*"-0#%*0'),'+)04+#'
'
"#'
'
-
8/7/2019 Princing after credit crunch
23/32
!
"#$$%&'(%$)*'+!
,-&'('*&!.%&'!/'()0%&)0'*!
-
8/7/2019 Princing after credit crunch
24/32
!"#$%&%$#'#()"*)+*&%),$-#()"*-.%/$0*
!#*(0*")1*-2$'%*3)1*#)*("#$%&%$#*+)%1'%4*%'#$0*#'5$"*+%)6*#3$*&%),$-#()"*-.%/$0*
73$*6.2#(8-.%/$*/'2.'#()"*)+*'*!"#$%$&%'"()*+,*9:;
-
8/7/2019 Princing after credit crunch
25/32
!"#$%&'(')*$
+,-).-&./0-&12,$!"#$(3),&-(,4$42,,52$')/-.6-)(2$-((3&.')*$,3$3)2$37$,83$(3)62),'3)49$
$
-).$
$
:)$,;2$3)2/(
-
8/7/2019 Princing after credit crunch
26/32
!"#$%&'()*+*,-'!.,/*0%)'"!+"#$%&'.,' 12*3.)'4*&5'#"61.77'
'
85%'+"#$%&/'9"$:%'"&'!';:,0%)'&5%' 17.)4")0'
-
8/7/2019 Princing after credit crunch
27/32
!"#$%&'()$*&+&(,)-'")+'(.&/0*)#)$#10*)."#$%&'()$#1&(,)#%)%&20) )
)
"30*0)
)
&.)%30)40504)67(+%&'()#(/)
)
&.)%30)6#&*)."#$)*#%08)
930)5#470)'6)%30)."#$%&'()7(/0*)%30)."#$)20#.7*0):/06&(0/);1)%30)(720*#&*0) )"0),0%)
)
6'*).'20)5'4#%&4&%1) ):#,#&(>)'6)7(.$0+&6&+0/)'*&,&(
-
8/7/2019 Princing after credit crunch
28/32
!"#$%&'(%)*+&'$,*-&./&0*/*%(-1&2*&/**,&+$&3$,*-&
! &+4*&5$%2(%,&!"#$%&6789:&%(+*&&;$
-
8/7/2019 Princing after credit crunch
29/32
!"#$%&'()*%+,-.'/$#-0#,1'234546'.077$.8.'+1&$99,*7'8:$'."#$%&';,8:'5
-
8/7/2019 Princing after credit crunch
30/32
!"#$%&'$%"()#$*$+,(-$'.(&+/(-$'.01'(*022&'"#&2(
30($+(4155('."(&))#0&*.('0()#$*$+,(&+/(#"%&21&'$0+($47(
! !"#$%&'()**+',-**#.%"#*/&%$'0/.1',#&17(!"#$%&'()*(+*%,)'"+-.()/%&0(1&%()*%21',2)&3%!! !$4*01+'(-$'.(893(*1#%"(!! :0#"*&4'(-$'.(;&4$4;00'4'#&))"/(-$'.(893(*1#%"(=0#(/$4*01+'$+,?(!! :$#4'(8#/"#7(@0##"*'(50+"6+"44(14$+,(;&4$44'&'$**04'
-
8/7/2019 Princing after credit crunch
31/32
!"#"$"%&"'(!"#$!%&'()*)+%,$-%.$/%(,)0.'*.)1$.+23$*22022&0,)$+,$/.04+)$
'%.)-%5+%2(
)*$+,$-.(/0,$(123435((
6$7"'(123435(,4+,6$!%2)27$!%(,)0.'*.)1$8+23$*,4$
(
8"$&*$79(1233:5(.();99
-
8/7/2019 Princing after credit crunch
32/32
!"#$$%&&'()*+*%,'-#./'0%12"'
!"#$$%&&'()*+*34','-#./'561#&'
!778'()**94','-#./':;2;