Jenman - South 2013 by Adventure Destinations

$IULFD <RXU $GYHQWXUH 2XU ([SHUWL VH

+(/3 6$9( 7+( 5+,12 6(( 3$*(

60$// *5283 6&+('8/(' 7$,/25 0$'( 35,9$7( *8,'(' /2'*( $'9(1785( [ 6$)$5,6 ,1 6287+(51 $)5,&$ 0$'$*$6&$5

ZZZ MHQPDQVDIDULV FRP

7HO 86$ &DQDGD 8. $XVWUDOLD

LQIR#MHQPDQVDIDULV FRP ZZZ DIULFDVDIDULEORJ FRP ZZZ WUDYHO PDGDJDVFDU FRP ZZZ WUDYHO ]LPEDEZH FRP $JHQWVÂ· ZHEVLWH ZZZ MHQPDQ WUDYHO

-RKDQQHVEXUJ

&DSH 7RZQ

6287+ $)5,&$

.UXJHU :LOGOLIH ([SHULHQFH *UHDWHU .UXJHU :DONLQJ 7UHN &DSH 1DWXUH DQG *DUGHQ 5RXWH +LJKOLJKWV RI 6RXWKHUQ $IULFD %RWVZDQD 8QWRXFKHG 0RELOH 6DIDUL :DONLQJ LQ 6W\OH 6RXWKHUQ $IULFD %HDFK :LOGOLIH 9R\DJHXU :RUOG LQ 2QH &RXQWU\ 1RUWKHUQ 6RXWKHUQ ([SHULHQFH 1RUWKHUQ 6RXWKHUQ ([SORUHU

0DXQ

'D\V 3DJH

%276:$1$

*DEDURQH

.KZDL %HGRXLQ &DPS 3DFNDJH %RWVZDQD /RGJH ([SORUHU %RWVZDQD 8QWRXFKHG 0RELOH 6DIDUL :DONLQJ LQ 6W\OH 6RXWKHUQ $IULFD %RWVZDQD :LOGOLIH %UHDNDZD\ 1RUWKHUQ 6RXWKHUQ 6NLHV 1RUWKHUQ 6RXWKHUQ ([SORUHU 1RUWKHUQ 6RXWKHUQ ([SHULHQFH 1RUWKHUQ 6RXWKHUQ $GYHQWXUHU *UHDW 7UDQV $IULFDQ /RGJH 6DIDUL

'D\V 3DJH

0$'$*$6&$5 $QWDQDQDULYR

)LDQDUDQWVRD

1RV\ %H %HDFK 3DFNDJH 6RXWKHUQ )ODPLQJR 3DFNDJH 0RURQGDYD %HDFK 3DFNDJH ,VOH 6W 0DULH %HDFK 3DFNDJH /X[XU\ <DFKW &KDUWHU 0DGDJDVFDU ,VODQG +RSSLQJ %DUHIRRW /X[XU\ 6RXWKHUQ ([SORUHU 9LHZV RI 0DGDJDVFDU

1$0,%,$

:LQGKRHN 6ZDNRSPXQG

/RGJH 6DIDULV LQ 6RXWKHUQ $IULFD

3DJH

'D\V 3DJH

3XUH 1DPLELD 1RUWKHUQ 6RXWKHUQ 6NLHV 1RUWKHUQ 6RXWKHUQ $GYHQWXUHU $QJROD 1RUWKHUQ 1DPLELD ([SHGLWLRQ *UHDW 7UDQV $IULFDQ /RGJH 6DIDUL 1RUWKHUQ 6RXWKHUQ ([SHULHQFH 1RUWKHUQ 6RXWKHUQ ([SORUHU

02=$0%,48( %HLUD

'D\V 3DJH

$GYHQWXUH 6DIDULV LQ 6RXWKHUQ $IULFD

3DJH

'D\V 3DJH

%HDFK :LOGOLIH 9R\DJHXU

=,0%$%:(

'D\V 3DJH

0DSXWX

+DUDUH %XODZD\R

5H GLVFRYHU =LPEDEZH $GYHQWXUH ,QWLPDWH =LPEDEZH /RGJH 6DIDUL %HDFK :LOGOLIH 9R\DJHXU %RWVZDQD :LOGOLIH %UHDNDZD\ *UHDW 7UDQV $IULFDQ /RGJH 6DIDUL

0DGDJDVFDU

3DJH

/XDQGD

+XDPER 1DPLEH

$1*2/$

$QJROD 1RUWKHUQ 1DPLELD ([SHGLWLRQ

'D\V 3DJH

(DVW $IULFD 6DIDULV

)OLS EURFKXUH

2YHU \HDUV H[SHULHQFH LQ UXQQLQJ VDIDULV

2Q VFKHGXOHG 6DIDULV ZH KDYH D VPDOO JURXS SROLF\ ZLWK D PD[LPXP RI WR FOLHQWV SHU WRXU

:H FDQ WDLORU PDNH DQ\ PRELOH VDIDUL RQ D SULYDWH EDVLV WKURXJKRXW 6RXWKHUQ (DVW $IULFD DV ZHOO DV 0DGDJDVFDU

:H RIIHU FRPSOHWH 'HVWLQDWLRQ 0DQDJHPHQW VHUYLFHV SUH DQG SRVW VDIDUL VDIDUL

&XVWRPL]HG [ VDIDUL YHKLFOHV IRU VPDOO JURXSV ZKLFK HQVXUH VDIH H DQG DGYHQWXURXV WUDYHO LQ HYHU\ VHDVRQ

&XVWRPL]HG VDIDUL WUXFNV DQG ELJJHU YHKLFOHV IRU WDLORU PDGH ODUJHU WRXUV U WRXUV

4XDOLILHG ORFDO VSHFLDO LQWHUHVW DQG ODQJXDJH JXLGHV DOO RI ZKRP DUH DUH PHPEHUV RI DSSURSULDWH JXLGLQJ DVVRFLDWLRQV

)DPLO\ UXQ FRPSDQ\ ZLWK KLJKO\ PRWLYDWHG H[SHULHQFHG VWDII DQG FHQWUDO FHQWUDO UHVHUYDWLRQ RIILFH ZLWK OHVV WKDQ KRXU UHVSRQVH WLPH

2SHUDWLRQDO RIILFHV WKURXJKRXW 6RXWKHUQ $IULFD (DVW $IULFD DQG 0DGDJDVFDU WR G W HQVXUH D KLJK VWDQGDUG RI VHUYLFH DQG LPPHGLDWH HPHUJHQF\ UHVSRQVH

5HVSRQVLEOH 7RXULVP SROLF\ ZH PDNH XVH RI HFR IULHQGO\ ORGJHV VXSSRUW VFKRROV DORQJ RXU WUDYHO URXWHV DQG KDYH D UHVSRQVLEOH UHF\FOLQJ SROLF\ DW DOO RXU RIILFHV

, IRXQGHG -HQPDQ $IULFDQ 6DIDULV LQ Â² ZLWK RQH YHKLFOH DQG P\VHOI DV WKH JXLGH UXQQLQJ ZDONLQJ VDIDULV LQ WKH ORZHU =DPEH]L 0DQD 3RROV 6LQFH WKHQ -HQPDQ 6DIDULV KDV H[SDQGHG LQWR $IULFDQ FRXQWULHV ZH KDYH HPSOR\HG PDQ\ PRUH VWDII DQG WRGD\ PRVW RI RXU SDUWQHUV NQRZ PH SHUVRQDOO\ DURXQG WKH JOREH 7UDYHO LQ $IULFD KDV DOZD\V EHHQ D SDVVLRQ RI PLQH DQG , DP OXFN\ WR EH DEOH WR FRPELQH P\ SHUVRQDO LQWHUHVW ZLWK P\ ZRUN OLIH 1HYHUWKHOHVV P\ WHDP DQG , QHYHU IRUJHW WKDW ZH DUH DUUDQJLQJ \RXU KROLGD\ Â² RIWHQ D RQFH LQ D OLIHWLPH H[SHULHQFH WKDW \RX KDYH EHHQ ORRNLQJ IRUZDUG WR IRU \HDUV LQ VRPH FDVHV 7KLV LV ZK\ RXU FRPSDQ\ VORJDQ LV $IULFD <RXU $GYHQWXUH 2XU ([SHUWLVH (YHU\ VHDVRQ WKH SRVLWLYH IHHGEDFN IURP RXU FOLHQWV DQG DJHQWV DURXQG WKH ZRUOG RYHUZKHOPV PH DQG PRWLYDWHV DOO RI XV DW -HQPDQ WR FDUU\ RQ VHWWLQJ -HQPDQ 6DIDULVÂ· TXDOLW\ VWDQGDUGV KLJKHU HDFK \HDU 7RGD\ ZH DUH QRW RQO\ RIIHULQJ DIIRUGDEOH VROXWLRQV IRU \RXU RQFH LQ D OLIHWLPH $IULFD H[SHULHQFH EXW RSHUDWH ORGJH VDIDULV FXVWRP PDGH SULYDWH VDIDULV DQG PRVW RWKHU WUDYHO UHODWHG DUUDQJHPHQWV LQ 6RXWKHUQ $IULFD (DVW $IULFD 0DGDJDVFDU , ORRN IRUZDUG WR PDQ\ PRUH \HDUV RI ZHOFRPLQJ \RX RQ DQ $IULFDQ H[SHULHQFH \RX ZLOO QHYHU IRUJHW

*DUWK -HQPDQ 'LUHFWRU

$GYHQWXUH 6DIDULV

)DPLO\ 6DIDULV

)O\ LQ 6DIDULV

3ULYDWH *XLGHG 6DIDULV

3ULYDWH /RGJH 6DIDULV

6HOI 'ULYH 6DIDULV

7KURXJKRXW WKLV EURFKXUH \RX ZLOO ILQG QXPHURXV VPDOO JURXS VFKHGXOHG VDIDULV WKDW -HQPDQ $IULFDQ 6DIDULV UXQV LQ 6RXWKHUQ $IULFD (DVW $IULFD DQG 0DGDJDVFDU <RX FDQ MRLQ RQH RI RXU VFKHGXOHG WULSV RU LI \RXÂ·G OLNH RQH RI RXU H[SHULHQFHG WUDYHO FRQVXOWDQWV FDQ WDLORU PDNH D SULYDWH VDIDUL WR PHHW \RXU GHSDUWXUH GDWH WLPH SHULRG JURXS VL]H DQG EXGJHW &RQWDFW XV IRU IXUWKHU LQIRUPDWLRQ RU WR KHOS SODQ \RXU VSHFLDO WDLORU PDGH VDIDUL

-(10$1 *52836 -HQPDQ $IULFDQ 6DIDULVÂ· *URXSV GHSDUWPHQW FRQVLVWV RI VHYHUDO ZHOO WUDYHOOHG VNLOOIXO DQG WUDLQHG FRQVXOWDQWV ZKR VSHFLDOLVH LQ KDQGOLQJ JURXS ERRNLQJV RI DQ\ VL]H )RU VHYHUDO \HDUV ZH KDYH EHHQ VXFFHVVIXOO\ RSHUDWLQJ JURXS WRXUV LQ 6RXWKHUQ $IULFD (DVW $IULFD 0DGDJDVFDU :K\ FKRRVH -HQPDQ 6DIDULVÂ· IRU \RXU JURXS ERRNLQJV" Â&#x2021;

&XVWRP EXLOW LWLQHUDULHV DFFRUGLQJ WR DJH JURXS VL]HV DQG LQWHUHVWV

Â&#x2021;

([SHULHQFH LQ UXQQLQJ ORGJH DQG FDPSLQJ JURXS VDIDULV IRU RU PRUH WKDQ \HDUV

Â&#x2021;

7DNH DGYDQWDJH RI -HQPDQ 6DIDULVÂ· H[SHULHQFHG WUDLQHG G JXLGHV LQFOXGLQJ VSHFLDO ODQJXDJH JXLGHV

Â&#x2021;

&KDUWHU -HQPDQ 6DIDULVÂ· /DQG &UXLVHUV %XVVHV DQG 7UXFNV FNV DV ZHOO DV DOO FDPSLQJ HTXLSPHQW

Â&#x2021;

:H ZLOO QHJRWLDWH FRPSHWLWLYH UDWHV ZLWK DOO \RXU FKRVHQ DFFRPPRGDWLRQ WKURXJKRXW \RXU LWLQHUDU\

Â&#x2021;

.HHS \RXU LGHQWLW\ E\ EUDQGLQJ RXU YHKLFOHV ZLWK \RXU VLJQDJH

)HHO IUHH WR VHQG XV \RXU LWLQHUDU\ VXJJHVWLRQV RU LGHDV DQG ZH ZLOO DUUDQJH \RXU SUHIHUUHG WRXU JLYLQJ \RX FRPSHWHQW DQG NQRZOHGJHDEOH DGYLFH

&86720 '(6,*1(' $1' %8,/7 ; 72<27$ /$1' &58,6(56 -HQPDQ $IULFDQ 6DIDULV RZQV D IOHHW RI FXVWRP EXLOW 7R\RWD /DQG &UXLVHUV 2XU YHKLFOHV DUH XQLTXH DQG VSHFLILFDOO\ GHYHORSHG WR HQVXUH WKH EHVW VDIDUL H[SHULHQFH LQ WKH VDIHVW PDQQHU :H SULGH RXUVHOYHV LQ RXU VDIDUL H[SHULHQFH DQG WKXV KDYH GHYHORSHG D IOHHW RI /DQG &UXLVHUV WKDW DUH XQULYDOOHG DQG XQVXUSDVVHG $OO RXU /DQG &UXLVHUV DUH [ ZKLFK DOORZV XV WR WUDYHO RII WKH EHDWHQ WUDFN

[ 7R\RWD /DQG &UXLVHU

IRUZDUG IDFLQJ VHDWV ZLWK ZLQGRZ VHDWV ODUJH VOLJKWO\ WLQWHG ZLQGRZV IRU RSWLPDO JDPH YLHZLQJ ZKLFK DOVR SURWHFW \RX IURP WKH KRW $IULFDQ VXQ

7KH VDIDUL YHKLFOHV KDYH D EHDXWLIXO FDQRS\ PRXQWHG RQ WKH VLGH ZKLFK SURYLGHV VKDGH Â² JUHDW IRU PLGGD\ SLFQLFV

9HKLFOHV KDYH D 3$ V\VWHP DOORZLQJ IRU FOHDU FRPPXQLFDWLRQ EHWZHHQ WKH VDIDUL JXLGH DQG RXU FOLHQWV

5RRI UDFN IRU \RXU OXJJDJH DQG WKH YHKLFOHV HYHQ KDYH HQRXJK VSDFH IRU \RXU KDQG OXJJDJH DQG FDPHUD EDJV LQVLGH WKH YHKLFOH

03 VWHUHR IRU VRPH PXVLF DORQJ WKH ZD\

$ VQRUNHO PRXQWHG RQ WKH /DQG &UXLVHU PHDQV WKDW \RX GRQÂ·W QHHG WR ZRUU\ ZKHQ RXU YHKLFOH FURVVHV ULYHUV DORQJ WKH ZD\

$ EUDQG QHZ IHDWXUH RQ D IHZ RI RXU /DQG &UXLVHUV DUH WKH SRS XS URRIV IRU FOLHQWV JLYLQJ WKHP EHWWHU JDPH YLHZLQJ

/LJKWLQJ ZLWK ELJ OLJKWV LQVLGH DQG KXJH IORRG OLJKW RXWVLGH WKH YHKLFOH EHFRPHV WKH RSWLPDO SODFH WR EH IRU VRPH QLJKW WLPH JDPH YLHZLQJ

1HWVWDU WUDFNLQJ V\VWHP :H DUH DEOH WR WUDFN RXU YHKLFOHV DW DOO WLPHV ZKHUH LW LV DQG KRZ IDVW LW LV JRLQJ Â² PDNLQJ RXU VDIDULV D VDIH DGYHQWXUH

:H KDYH QRW RQH EXW WZR EDWWHULHV LQ RXU YHKLFOHV PHDQLQJ WKDW IODW EDWWHULHV DUH QRWKLQJ WR ZRUU\ DERXWÂ« 6DIHW\ IHDWXUHV DLU KHOSHU VXVSHQVLRQ IRU DGGLWLRQDO FRPIRUW DV ZHOO DV VHDW EHOWV RQ HYHU\ VHDW D ILUH H[WLQJXLVKHU DQG D ILUVW DLG NLW ,I \RX DUH MRLQLQJ XV RQ RQH RI RXU FDPSLQJ VDIDULV RXU /DQG &UXLVHUV DUH DGGLWLRQDOO\ ILWWHG ZLWK D VDIDUL WUDLOHU IXOO\ HTXLSSHG ZLWK D VDIDUL NLWFKHQ DQG D IUHH]HU IRU \RXU FRQYHQLHQFH

2SHQ [ /DQG &UXLVHU IRU \RXU WUDYHOV LQ %RWVZDQDÂ·V 1DWLRQDO 3DUNV

2SHQ [ YHKLFOHV IRU PD[LPXP JDPH YLHZLQJ

/DQG &UXLVHUV FDQ EH FORVHG ZLWK FDQYDV ZDOOV DQG URRIV GXULQJ UDLQ\ GD\V RU ZKHQ WUDYHOOLQJ ORQJHU GLVWDQFHV

8S WR IRUZDUG IDFLQJ VHDWV HTXLSSHG ZLWK VHDW EHOWV

$ VQRUNHO PRXQWHG RQ WKH /DQG &UXLVHU PHDQV WKDW \RX GRQÂ·W QHHG WR ZRUU\ ZKHQ RXU YHKLFOH FURVVHV VRPH ULYHUV DORQJ WKH ZD\

72<27$ 0,1,%86 2Q RXU QRQ [ URXWHV GXULQJ WUDQVIHUV DQG RQ RXU GD\WULSV LQ DQG DURXQG &DSH 7RZQ ZH XVH HLWKHU 7R\RWD /DQG &UXLVHUV RU 7R\RWD 4XDQWXP 0LQL %XVVHV 7KH YHKLFOHV KDYH IRUZDUG IDFLQJ FRPIRUWDEOH VHDWV 7KH YHKLFOH LV DLU FRQGLWLRQHG ZLWK LQGLYLGXDO YHQWV DERYH HDFK VHDW

6($7(5 6$)$5, 9(+,&/(

IRUZDUG IDFLQJ VL]DEOH SDVVHQJHU VHDWV RI ZKLFK HLJKW DUH ZLQGRZ VHDWV SOXV WZR FUHZ VHDWV ILWWHG ZLWK VHDW EHOWV SURPRWLQJ FRPIRUW DQG VDIHW\ DORQJ \RXU $IULFDQ MRXUQH\

/DUJH VOLJKWO\ WLQWHG ZLQGRZV IRU RSWLPDO JDPH YLHZLQJ ZKLFK SURWHFW \RX IURP WKH KRW $IULFDQ VXQ $LU FRQGLWLRQLQJ DOORZV IRU FRPIRUWDEOH WUDYHO HYHQ GXULQJ WKH KRW VXPPHU PRQWKV

2WKHU VDIHW\ IHDWXUHV DUH ILUH H[WLQJXLVKHU DQG D ILUVW DLG NLW

03 VWHUHR IRU VRPH PXVLF DORQJ WKH ZD\

3$ V\VWHP DOORZLQJ IRU HDV\ FRPPXQLFDWLRQ EHWZHHQ WKH VDIDUL JXLGH DQG RXU FOLHQWV

/XJJDJH FRPSDUWPHQW ZKLFK OHDYHV WKH LQVLGH RI WKH YHKLFOH XQFOXWWHUHG EXW WKH YHKLFOHV KDYH HQRXJK VSDFH IRU \RXU KDQG OXJJDJH DQG FDPHUD EDJV LQVLGH WKH YHKLFOH

2QH ODUJH SRS XS URRI IRU FOLHQWV JLYLQJ WKHP EHWWHU JDPH YLHZLQJ

(OHFWULFLW\ LQVLGH WKH YHKLFOH DOORZ FDPHUDV WR EH FKDUJHG DQG D IULGJH DQG IUHH]HU WR UXQ

1HWVWDU WUDFNLQJ V\VWHP :H DUH DEOH WR WUDFN RXU YHKLFOHV DW DOO WLPHV ZKHUH LW LV N RXU YHKLFOHV DW DOO WLPHV ZKHUH LW LV DQG KRZ IDVW LW LV JRLQJ Â² PDNLQJ RXU VDIDULV D VDIH DGYHQWXUH V D VDIH DGYHQWXUH

(' /< )8/ ,7,21 ' 21 5 &

7KH [ IHDWXUH RI RXU YHKLFOH DOORZV XV WR WUDYHO RII WKH EHDWHQ WUDFN

)RU DOPRVW WZR GHFDGHV ZH DW -HQPDQ 6DIDULV KDYH IRFXVHG RQ GHYHORSLQJ RXU FRUH EXVLQHVV RIIHULQJ D YDULHW\ RI H[FLWLQJ KLJK TXDOLW\ GLYHUVH DQG LQWHUHVWLQJ VDIDUL WULSV DFURVV 6RXWKHUQ DQG (DVW $IULFD 2YHU WKH \HDUV ZH KDYH GHYHORSHG RXU RZQ EUDQG RI UHVSRQVLEOH DQG VXVWDLQDEOH WRXULVP PDNLQJ LW D SULRULW\ IRU XV WR PDLQWDLQ DQG QXUWXUH WKH QDWXUDO HQYLURQPHQW WKDW PDNHV $IULFD VXFK D UHPDUNDEOH GHVWLQDWLRQ :H DOVR XQGHUVWDQG WKDW ZH GRQÂ·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Â²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

-HQPDQ 6DIDULV VWDII VKHG WKHLU FORWKHV WR KHOS VDYH WKH UKLQR $W WKH WLPH WKLV EURFKXUH JRHV WR SULQW $SULO UKLQRV KDYH EHHQ SRDFKHG LQ 6RXWK $IULFD 7KLV LV PRUH WKDQ UKLQR SHU GD\ $SSDOOLQJ QHZV WKHVH WUDJLF QXPEHUV SXW XV RQ WUDFN WR VHH VRPH RI WKH JUHDWHVW ORVVHV RI WKH DQLPDOV LQ 6RXWK $IULFDQ KLVWRU\ VXUSDVVLQJ ODVW \HDUÂ·V UHFRUG QXPEHU D EDUEDULF SRDFKHG UKLQRV $FFRUGLQJ WR DFFODLPHG UKLQR VFLHQWLVWV LI SRDFKLQJ FRQWLQXHV DW LWV FXUUHQW UDWH 6RXWK $IULFDÂ·V UKLQR KHUG ZLOO JR LQWR SRSXODWLRQ GHFOLQH E\ PLG

UHVVV XU XUH YXXXOWOWX WLUH QV Y HQWLUUH PHHUOUOLQVUQQ LWV V HQ WV LWV UGVV P UV UV ]]DDUG ]]D R W R WXXUQ DQQQ R RX RXXUV V EXX] LUG KDV W WWH U WK LHUUV UULH ELUG KD EH KDDUU EHW WKHH E HV K NNLWWWHV LPHV V NL H W WLP OV WKHP KUH RZOOV U WK U W UHH V V RZ PRRYH WW P KDZN \ F DQQQQRRW OHDDVW WZR R \ FD H UH H H\ SUH OH W OH VS V DW W WWKH DW W LV W LV DW WKDDW W WK HVV RRV EL OHV J WKD J W KDW L WKD DJOH ELJ HDDJ KW W WK VR VR E LJKKW VR HH V OXGGGHH H OX UH DUH QFFOX LQF H\HHVVLJ V DU H H\ YH H RUVVÂµÂµ L LQ SWRU H\\HHVV D KDDYYH KD DSWWWRU UH\\ K UH\ DAY Â´UDDS 5D RU Â´U RI I SSUH UV 5D H\ RU SUN SU %LUGV R R SU G FRRQQGGRRUV XQQGG % RI RX URX UR %LUGV NV DQG F DUR DU N DU RN D DZ ORRRN WR OR WWR A JRRVVVKKD KHDGG WR 6 RDAY

TU AT SA 5

AY FRID

3 201

R OBE OCT

A AY RSD THU

AY DA DNES WED

DAY TUES

DAY MON

-HQPDQ $IULFDQ 6DIDULV GHFLGHG WR WDNH VRPH DFWLRQ DQG GR VRPHWKLQJ GLIIHUHQW WR VXSSRUW WKH ILJKW DJDLQVW UKLQR SRDFKLQJ 7KH EUDYH DQG ZLOGO\ DWWUDFWLYH VWDII DW -HQPDQ 6DIDULV GHFLGHG WR VKHG WKHLU FORWKHV DQG LQKLELWLRQV IRU D QHZ DSSURDFK WR UKLQR FRQVHUYDWLRQ ZLWK WKHLU ILUVW HYHU VHPL QXGH ERG\ DUW SKRWRJUDSKLF FDOHQGDU

S NOTE

e dge! ed e le l now

31 3 30

k YHHVV RhiQ OHD QWV V SODDQWV ZVHV R I\ SO RZ WV WV QQRR EEUUR DQQGG O OHHDDI\ LQR LQ HDDWV UKKLQ N U KR HD LW DFFNN UXLW D ODF IUX U ZKR HUU Z KHHVV I DD J 7KH EEOD XV JUUDD]]H \ EX KLQ R LLV KRUQ LWLH U WKR H UKLQR KLW 7KKHH Z JUDVV

,WÂ·V VH[\ LWÂ·V WDVWHIXO DQG LW KHOSV WR VDYH RXU UKLQRV 7KH IXQGV DUH GRQDWHG WR WKH $IULFDQ &RQVHUYDWLRQ 7UXVW 3URMHFW $IULFD 6DYH WKH 5KLQR IRU PXFK QHHGHG VXSSRUW WR ILJKW DJDLQVW UKLQR SRDFKLQJ

29 28

+HOS WR VDYH RXU UKLQR 2UGHU \RXU FRS\ E\ HPDLOLQJ VDYHWKHUKLQR#MHQPDQVDIDULV FRP

<285 -(10$1 6$)$5,6 *8,'( Â&#x2021; LV HLWKHU D WUDLQHG DQG UHJLVWHUHG PHPEHU RI )*$6$ RU KDV SDVVHG DQ LQGXFWLRQ FRXUVH RIIHUHG E\ .HQ\D :LOGOLIH 6HUYLFHV RU KH KROGV D FHUWLILFDWLRQ RI D UHSXWDEOH ZLOGOLIH WUDLQLQJ FRXUVH LQ 7DQ]DQLD Â&#x2021; LV D WUDLQHG DQG UHJLVWHUHG PHPEHU RI '($7 'HSDUWPHQW RI (QYLURQPHQWDO 'HYHORSPHQW DQG 7RXULVP

Â&#x2021; KDV H[FHOOHQW GULYLQJ VNLOOV LQFOXGLQJ VSHFLDOL]HG [ WUDLQLQJ Â&#x2021; LQIRUPV DQG HGXFDWHV RXU JXHVWV RQ IORUD ORFDO FXOWXUHV KLVWRU\ JHRJUDSK\ SROLWLFV DQG D KRVW RI RWKHU VXEMHFWV Â&#x2021; LV DZDUH RI WKH JXHVWVÂ· VDIHW\ DQG FRPIRUW DW DOO WLPHV Â&#x2021; HQVXUHV QRWKLQJ GHWUDFWV IURP \RXU HQMR\PHQW RI \RXU KROLGD\ RI D OLIHWLPH HQVXUHV IUHTXHQW EUHDNV DQG \HW VWLOO JHWV \RX WR \RXU GHVWLQDWLRQ RQ WLPH WR IXOO\ DSSUHFLDWH WKH ORFDO DWWUDFWLRQV QV Â&#x2021; LV UHVSRQVLEOH IRU \RXU PHDOV RQ FDPSLQJ VDIDULV Â&#x2021; PDQDJHV ILQDQFHV GHDOV ZLWK YDULRXV ERUGHU IRUPDOLWLHV DQG PDLQWDLQV RXU YHKLFOHV Â&#x2021; GHDOV ZLWK XQSODQQHG LVVXHV RQ WKH VDIDUL DQG WKURXJK LW DOO LV DIIDEOH DWWHQWLYH DQG LQIRUPDWLYH :LWK VXFK HQRUPRXV DPRXQW RI UHVSRQVLELOLW\ UHVWLQJ RQ WKH JXLGHÂ·V VKRXOGHUV HUV LW LV QRW VXUSULVLQJ WKDW -HQPDQ $IULFDQ 6DIDULV RQO\ PDNHV XVH RI WKH EHVW JXLGHV WKDW KDW WKH LQGXVWU\ KDV WR RIIHU JXLGHV ZKR WUXO\ ORYH WKHLU ZRUN DQG KDYH D FRQVWDQW WKLUVW IRU IRU NQRZOHGJH

%22. ($5/<

%RRN DQG SD\ IRU RQH RI RXU VDIDULV PRQWKV LQ DGYDQFH DQG \RX ZLOO UHFHLYH D GLVFRXQW RI

75$9(/ ,1 $ *5283

7UDYHO WRJHWKHU ZLWK WKUHH RWKHU IULHQGV RU IDPLO\ PHPEHUV DQG \RX ZLOO HDFK UHFHLYH D GLVFRXQW RI

)5(48(17 75$9(//(5

,V WKLV \RXU VHFRQG RU WKLUG WULS ZLWK -HQPDQ $IULFDQ 6DIDULV" /HW XV NQRZ DQG \RX ZLOO UHFHLYH D GLVFRXQW RII \RXU ERRNLQJ

&20%,1( <285 75,36

&RPELQH WZR RI RXU VDIDULV WRXUV RU SDFNDJHV LQ WKLV EURFKXUH DQG \RX ZLOO UHFHLYH D GLVFRXQW RQ WKH FRVWV RI \RXU WRXU

7(// <285 )5,(1'6

$UH \RX D SDVW FOLHQW" 5HIHU \RXU IULHQGV DQG IDPLO\ WR XV DQG WKH\ ZLOO UHFHLYH D GLVFRXQW RQ WKHLU ERRNLQJ

*5((1 6($621 ',6&28176 /RRN RXW IRU WRXUV ZLWK WKLV VLJQ :H ZLOO JLYH \RX D GLVFRXQW ZKHQ WUDYHOOLQJ RQ WKH VHOHFWHG GHSDUWXUH GDWHV LQGLFDWHG LQ FRORXU GXULQJ WKH *UHHQ 6HDVRQ 3OHDVH QRWH GLVFRXQW SURJUDPV FDQQRW EH FRPELQHG RU ERRNHG LQ FRQMXQFWLRQ ZLWK DQ\ RWKHU VSHFLDOV 7HUPV DQG &RQGLWLRQV DSSO\ 'LVFRXQWV DQG VSHFLDOV RQO\ DSSO\ IRU VFKHGXOHG WRXUV 'LVFRXQWV DSSO\ WR SHU SHUVRQ WRXU SULFH DQG H[FOXGH IOLJKWV VLQJOH VXSSOHPHQWV DQG DQ\ RWKHU DGGLWLRQDO FRVWV VXFK DV ORFDO SD\PHQWV

,&216 [ YHKLFOH XVHG LQ WRXU

*XDUDQWHHG GHSDUWXUHV

1HZ WRXU

*HUPDQ JXLGHG GHSDUWXUHV

*DPH YLHZLQJ

1XPEHU RI QLJKWV LQ ORGJHV FKDOHWV RU WHQWHG FKDOHWV 1XPEHU RI QLJKWV LQ WHQW RU WHQWHG FDPS

*UHHQ 6HDVRQ 'LVFRXQW 'DWHV DUH LQGLFDWHG LQ UHG

:DONLQJ

%/'

0HDOV SURYLGHG %UHDNIDVW /XQFK 'LQQHU

/2'*( 6$)$5,6 ,1 6287+(51 $)5,&$

/RGJH 6DIDUL QR SDUWLFLSDWLRQ -HQPDQ $IULFDQ 6DIDULV UXQV VFKHGXOHG /RGJH 6DIDULV 7KHVH VDIDULV UXQ ZLWK D PD[LPXP RI RU FOLHQWV DFFRPSDQLHG HLWKHU E\ D GULYHU JXLGH RU D GULYHU DQG D JXLGH 0RVW RI WKH EUHDNIDVWV DQG GLQQHUV DUH SURYLGHG LQ WKH UHVWDXUDQWV RI WKH ORGJHV 2Q VRPH RFFDVLRQV WKH JXLGH PD\ SUHSDUH D WUDGLWLRQDO GLQQHU DURXQG WKH ILUH IRU D UHDO $IULFDQ H[SHULHQFH /XQFKHV FRQVLVW RI OXQFK SDFNV RU DUH SUHSDUHG E\ WKH JXLGH RU JXLGLQJ WHDP /RGJH 6DIDULV DUH QRQ SDUWLFLSDWLRQ VDIDULV

/RGJH 3DFNDJHV QR SDUWLFLSDWLRQ 2XU /RGJH 3DFNDJHV UXQ ZLWK D PLQLPXP RI FOLHQWV LQ 6RXWKHUQ $IULFD &OLHQWV ZRQÂ·W EH DFFRPSDQLHG E\ D WRXU JXLGH GXULQJ WKH GXUDWLRQ RI WKHLU WULS KRZHYHU ZLOO KDYH D ORFDO JXLGH DQG UDQJHUV GXULQJ JDPH GULYHV DQG RWKHU DFWLYLWLHV VXFK DV FLW\ WRXUV HWF 0HDOV DUH LQFOXGHG DV SHU LWLQHUDU\ 7KH SDFNDJHV GR QRW FDOO IRU SDUWLFLSDWLRQ

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

/RFDO 3D\PHQW 2Q VRPH RI RXU VDIDULV D IL[HG ORFDO SD\PHQW QHHGV WR EH SDLG WR WKH JXLGH EHIRUH WKH WRXU VWDUWV 7KH ORFDO SD\PHQW LV SDUW RI \RXU WRXU SULFH ,W FRYHUV RQ WKH URDG H[SHQVHV VXFK DV QDWLRQDO SDUN HQWUDQFH IHHV H[FXUVLRQV DQG DFWLYLWLHV DV ZHOO DV WKH XVH RI ORFDO JXLGHV 7KLV SURYLGHV \RXU JXLGH ZLWK VXIILFLHQW IXQGV RQ WKH URDG DQG HQVXUHV WKDW \RXU PRQH\ JRHV GLUHFWO\ WR WKH $IULFDQ FRPPXQLWLHV

9HKLFOHV -HQPDQ $IULFDQ 6DIDULV PDNHV XVH RI WKUHH GLIIHUHQW W\SHV RI YHKLFOHV LQ 6RXWKHUQ $IULFD <RX ZLOO HLWKHU EH WUDYHOOLQJ LQ RQH RI RXU FXVWRP EXLOW 7R\RWD /DQG &UXLVHUV [ VHDWHU VDIDUL YHKLFOHV RU \RX ZLOO EH JXDUDQWHHG D [ YHKLFOH 'XULQJ \RXU JDPH GULYHV LQ WKH QDWLRQDO SDUNV DQG JDPH UHVHUYHV RI -HQPDQÂ·V 7R\RWD 4XDQWXP 0LQL %XVVHV 2Q DOO WRXUV KLJKOLJKWHG ZLWK RXU [ LFRQ %RWVZDQD \RX ZLOO EH WUDYHOOLQJ LQ RSHQ [ YHKLFOHV -HQPDQ $IULFDQ 6DIDULV UHVHUYHV WKH ULJKW WR PDNH XVH RI GLIIHUHQW YHKLFOHV GXH WR XQIRUHVHHQ FLUFXPVWDQFHV RU GXULQJ KLJK VHDVRQ

=,0%$%:( %276:$1$ 1$0,%,$

6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH

%276:$1$ :,/'/,)( GD\V IURP 9LFWRULD )DOOV WR 9LFWRULD )DOOV 7KLV MRXUQH\ WDNHV XV WKURXJK VRPH RI %RWVZDQDÂ·V DQG =LPEDEZHÂ·V PRVW PDJQLILFHQW JDPH UHVHUYHV VWDUWLQJ DQG HQGLQJ DW WKH VSHFWDFXODU 9LFWRULD )DOOV Â² D VLJKW WR EH EHKROG -XVW VRPH RI WKH KLJKOLJKWV RI WKLV WULS LQFOXGH D JDPH GULYH LQ +ZDQJH 1DWLRQDO 3DUN WKH 0RUHPL *DPH 5HVHUYH .KZDL 5LYHU D GD\ 2NDYDQJR 'HOWD H[FXUVLRQ DQG WKH &KREH 1DWLRQDO 3DUN DV ZHOO DV WKH &DSULYL 6WULS

0HDOV 0HDOV LQFOXGHG DUH LQ UHVWDXUDQWV VRPH SUHSDUHG E\ JXLGH

$FWLYLWLHV ,QFOXGHG Â&#x2021; *DPH GULYH LQ +ZDQJH 1DWLRQDO 3DUN Â&#x2021; 9LVLW WR 1DWD %LUG 6DQFWXDU\ Â&#x2021; 'D\ QLJKW JDPH GULYH LQ WKH .KZDL 5LYHU DUHD Â&#x2021; 0RUHPL *DPH 5HVHUYH JDPH GULYH Â&#x2021; 2NDYDQJR 'HOWD 0RNRUR H[FXUVLRQ Â&#x2021; *DPH GULYH LQ 0DKDQJX 1DWLRQDO 3DUN Â&#x2021; %RDW FUXLVH RQ WKH &KREH 5LYHU Â&#x2021; *DPH GULYH LQ &KREH 1DWLRQDO 3DUN Â&#x2021; 9LVLW WR WKH 9LFWRULD )DOOV Â&#x2021; $LUSRUW WUDQVIHUV

'D\V Â² 9LFWRULD )DOOV WR +ZDQJH 1DWLRQDO 3DUN =LPEDEZH 7KLV PRUQLQJ ZH GHSDUW 9LFWRULD )DOOV DQG PDNH RXU ZD\ WR +ZDQJH 1DWLRQDO 3DUN ZKHUH ZH VSHQG WKH QH[W WKUHH QLJKWV 2YHU WKH IROORZLQJ WZR GD\V ZH ZLOO KDYH SOHQW\ RI WLPH WR H[SORUH WKLV YDVW ZLOGHUQHVV RQ JDPH GULYHV +ZDQJH 1DWLRQDO 3DUN LV RQH RI $IULFDÂ·V ILQHVW KDYHQV IRU ZLOGOLIH DQG LV KRPH WR YDVW KHUGV RI HOHSKDQW EXIIDOR DQG ]HEUD DQG KDV D YHU\ ODUJH FRQFHQWUDWLRQ RI JLUDIIH ,W LV DOVR KRPH WR PDQ\ SUHGDWRUV DQG HQGDQJHUHG VSHFLHV SOXV YDULHG ELUGOLIH :H ZLOO DOVR YLVLW WKH 3DLQWHG 'RJ &RQVHUYDWLRQ &HQWUH WR ZLWQHVV WKH ZRUN WKDW LV GRQH WR SURWHFW WKHVH HQGDQJHUHG VSHFLHV 2YHUQLJKW ,YRU\ /RGJH RU VLPLODU

'D\ 9LFWRULD )DOOV =LPEDEZH 2Q DUULYDO LQWR 9LFWRULD )DOOV $LUSRUW \RX ZLOO EH PHW DQG WUDQVIHUUHG WR \RXU ORGJH 7KH UHVW RI WKH DIWHUQRRQ PD\ EH VSHQW DW OHLVXUH HQMR\LQJ RQH RI WKH PDQ\ DFWLYLWLHV DYDLODEOH LQ 9LFWRULD )DOOV 7KLV HYHQLQJ \RX ZLOO PHHW \RXU JXLGH DQG WKH UHVW RI \RXU JURXS IRU \RXU SUH GHSDUWXUH PHHWLQJ 2YHUQLJKW $PDGHXV *DUGHQ *XHVWKRXVH RU VLPLODU

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Ãµ KRXU JXLGHG ZDON KRSLQJ WR VSRW HOHSKDQWV

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

-DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

'D\V 9LFWRULD )DOOV =LPEDEZH 7RGD\ ZH UHWXUQ WR 9LFWRULD )DOOV :H YLVLW WKH 9LFWRULD )DOOV 1DWLRQDO 3DUN RQ D JXLGHG WRXU DQG WKHQ KDYH WKH UHVW RI WKH GD\ DW OHLVXUH RU WR SDUWDNH LQ RQH RI WKH PDQ\ RSWLRQDO DFWLYLWLHV <RXU WRXU HQGV DIWHU EUHDNIDVW RQ GD\ ZKHQ ZH ZLOO WUDQVIHU \RX WR WKH DLUSRUW IRU \RXU GHSDUWXUH IOLJKW 2YHUQLJKW $PDGHXV *DUGHQ *XHVWKRXVH RU VLPLODU

%276:$1$ &KREH 13 2NDYDQJR 'HOWD

0RUHPL :LOGOLIH 5HVHUYH .KZDL %HGRXLQ &DPS

1[DL 3DQ 13 0DXQ

6PDOO JURXS /RGJH 6DIDUL JXLGHG QR SDUWLFLSDWLRQ [ %/' [ ' [ % Â² FOLHQWV 86 FOLHQWV 86 6LQJOH 6XSSOHPHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV 0HDOV LQFOXGHG LQ FDPS OXQFK SDFNV $FWLYLWLHV ,QFOXGHG Â&#x2021; 2NDYDQJR 'HOWD 0RNRUR H[FXUVLRQ Â&#x2021; *DPH GULYHV LQ WKH .KZDL DUHD Â&#x2021; 1LJKW JDPH GULYH LQ WKH .KZDL DUHD Â&#x2021; *DPH GULYH LQ 0RUHPL *DPH 5HVHUYH

'HSDUWV ZLWK D PLQLPXP RI FOLHQWV HYHU\ GD\ RI WKH ZHHN VXEMHFW WR DYDLODELOLW\ FDPS FORVHG EHWZHHQ 'HFHPEHU 0D\ SOHDVH HQTXLUH IRU DOWHUQDWLYHV

.+:$, %('28,1 GD\V IURP 0DXQ WR 0DXQ ([SHULHQFH %RWVZDQDÂ·V ILQHVW JDPH YLHZLQJ DUHD LQ -HQPDQ 6DIDULVÂ· %HGRXLQ VW\OH EXVK FDPS :LWK WHQ FRPIRUWDEOH WHQWV DOO ZLWK HQ VXLWH EDWKURRPV SRVLWLRQHG SULYDWHO\ WUDYHOOHUV FDQ UHOD[ LQ WKH SULYDF\ DQG WKH DXWKHQWLFLW\ RI WKH DUHD ZKLOH HQMR\LQJ WKH DVWRXQGLQJ %RWVZDQD EXVK 7KLV RQH RI LWV NLQG FDPS LV VLWXDWHG LQ WKH .KZDL 5LYHU DUHD D Ãµ KRXU GULYH IURP 0DXQ Â² \RXU JDWHZD\ WR WKH 2NDYDQJR 'HOWD DQG WR 0RUHPL 'D\ 0DXQ WR .KZDL 5LYHU $UHD %RWVZDQD 2Q DUULYDO DW 0DXQ $LUSRUW \RX ZLOO EH SLFNHG XS E\ \RXU ORFDO %RWVZDQD JXLGHV DQG WDNH D VKRUW GULYH WR WKH PRNRUR VWDWLRQ )URP KHUH ZH ZLOO IORDW LQ GXJ RXW FDQRHV WKURXJK WKH WKLFN YHJHWDWLRQ RI WKH 2NDYDQJR 'HOWD GLVFRYHULQJ D YDULHW\ RI ELUGV DQG ZLOGOLIH $IWHU WKLV VSHFWDFXODU H[FXUVLRQ ZH PDNH RXU ZD\ WR RXU FDPS :H ZLOO HQMR\ GLQQHU DQG HPEDUN RQ D QLJKW JDPH GULYH Â²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

DIWHUQRRQ LV \RXUV WR VSHQG DW OHLVXUH HLWKHU UHOD[LQJ QH[W WR WKH SRRO DW WKH ORGJH RU LI \RX DUH NHHQ IRU VRPH H[FLWHPHQW ZK\ QRW ERRN D VFHQLF IOLJKW RYHU WKH 2NDYDQJR 'HOWD 2YHUQLJKW 7KDPDODNDQH 5LYHU /RGJH RU VLPLODU 'D\ 0DXQ (QG RI 7RXU $IWHU EUHDNIDVW DQG GHSHQGLQJ RQ \RXU WLPH RI GHSDUWXUH \RX ZLOO EH WDNHQ WR 0DXQ $LUSRUW IRU \RXU RQZDUG MRXUQH\ :H GR KRSH WR ZHOFRPH \RX RQ RQH RI RXU $IULFDQ DGYHQWXUHV VRRQ

%276:$1$ 1$0,%,$ =,0%$%:(

0RUHPL *DPH 5HVHUYH 1[DL 3DQ 13

%276:$1$ /2'*( 6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % 86 6LQJOH 6XSSOHPHQW 86 )OLJKW 0DXQ .DVDQH 86

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

'D\ .KZDL 5LYHU WR 0DXQ %RWVZDQD 7KLV PRUQLQJ ZH WUDYHO WR 0DXQ WKH JDWHZD\ WR WKH 2NDYDQJR 'HOWD 7KH DIWHUQRRQ LV \RXUV WR VSHQG DW OHLVXUH HLWKHU UHOD[LQJ QH[W WR WKH SRRO DW WKH ORGJH RU LI \RX DUH NHHQ IRU VRPH H[FLWHPHQW ZK\ QRW ERRN D VFHQLF IOLJKW RYHU WKH 2NDYDQJR 'HOWD 2YHUQLJKW 7KDPDODNDQH 5LYHU /RGJH RU VLPLODU

'D\V 9LFWRULD )DOOV WR &DPS &KREH 1DPLELD 7KLV PRUQLQJ ZH GHSDUW 9LFWRULD )DOOV DQG PDNH RXU ZD\ WR &DPS &KREH RQ WKH 1DPLELDQ VLGH RI WKH &KREH 5LYHU RYHUORRNLQJ WKH &KREH 1DWLRQDO 3DN 7KLV DIWHUQRRQ ZH ZLOO HPEDUN RQ D ERDW FUXLVH RQ WKH &KREH 5LYHU ZKHUH KLSSRV FURFRGLOHV DQG D YDVW QXPEHU RI ELUGV DUH FRPPRQ VLJKWLQJV 7KH IROORZLQJ GD\ ZH JHW WR H[SORUH WKH IORRG SODLQV RQ D JXLGHG ZDON 2YHUQLJKW &DPS &KREH RU VLPLODU

'D\ .DVDQH &KREH 1DWLRQDO 3DUN %RWVZDQD <RX ZLOO EH WUDQVIHUUHG WR 0DXQ DLUSRUW IRU \RXU IOLJKW WR .DVDQH DGGLWLRQDO FRVWV PHQWLRQHG DERYH ,Q WKH DIWHUQRRQ ZH H[SORUH WKH &KREH 1DWLRQDO 3DUN RQ D JDPH GULYH DORQJ ZLWK PDQ\ VSHFLHV RI ELJ JDPH &KREH 1DWLRQDO 3DUN ERDVWV WKH ODUJHVW FRQFHQWUDWLRQ RI HOHSKDQW LQ $IULFD 2YHUQLJKW &KREH 6DIDUL /RGJH RU VLPLODU

'D\V 3ODQHW %DREDE 1[DL 3DQ %RWVZDQD :H QHHG WR JHW XS HDUO\ DV WRGD\ LV RXU ORQJHVW GULYH RI WKH VDIDUL DV ZH OHDYH 1DPLELD DQG HQWHU %RWVZDQD $IWHU VHWWOLQJ LQWR RXU DFFRPPRGDWLRQ ZH WDNH D QDWXUH ZDON ZLWK RXU JXLGH 7KH QH[W GD\ DIWHU EUHDNIDVW ZH GHSDUW IRU 1[DL 3DQ D IRVVLO ODNH WKDW LV SDUW RI WKH JUHDWHU 0DNJDGLNJDGL V\VWHP 1[DL 3DQ DWWUDFWV YDVW QXPEHUV RI

'D\V 9LFWRULD )DOOV =LPEDEZH 7RGD\ ZH OHDYH %RWVZDQD EHKLQG XV DQG FRPH WR WKH SODFH ZKHUH ZH VWDUWHG WKLV WULS IXOO RI UHDO $IULFDQ H[SHULHQFHV Â² 9LFWRULD )DOOV 6SHQG WKH UHVW RI WKH GD\ DW OHLVXUH RU WR SDUWDNH LQ RQH RI WKH PDQ\ RSWLRQDO DFWLYLWLHV 7KH QH[W PRUQLQJ DIWHU EUHDNIDVW \RXU WRXU ZLOO HQG ZLWK DQ DLUSRUW WUDQVIHU 2YHUQLJKW $PDGHXV *DUGHQ *XHVWKRXVH RU VLPLODU

IOLJKW SULFHV DUH VXEMHFW WR FKDQJH *URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUH GDWHV DYDLODEOH ZLWK QR PLQLPXP JURXS VL]H 0HDOV 0HDOV LQFOXGHG LQ UHVWDXUDQWV OXQFKHV E\ JXLGHV $FWLYLWLHV ,QFOXGHG Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

$LUSRUW WUDQVIHUV *XLGHG WRXU RI WKH 9LFWRULD )DOOV *DPH ERDW FUXLVH RQ WKH &KREH 5LYHU *DPH ZDON 1[DL 3DQ JDPH GULYH *DPH GULYH LQ WKH .KZDL DUHD *DPH GULYH LQ 0RUHPL *DPH 5HVHUYH *DPH GULYH LQ &KREH 1DWLRQDO 3DUN

-DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

=,0%$%:( 1$0,%,$ %276:$1$ 9LFWRULD )DOOV 5XQGX

(WRVKD 13

+ZDQJH 13

%XVKPDQODQG

2NDYDQJR 'HOWD 0RUHPL

:DWHUEHUJ

6ZDNRSPXQG

6HVULHP

1DWD 0DXQ

:LQGKRHN

%276:$1$ 1$0,%,$

*5($7 75$16 $)5,&$1

6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ %/ 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH 0HDOV 0HDOV LQFOXGHG DUH LQ UHVWDXUDQWV VRPH SUHSDUHG E\ JXLGH

$FWLYLWLHV ,QFOXGHG Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

9LVLW RI WKH 9LFWRULD )DOOV %RDW FUXLVH RQ WKH &KREH 5LYHU *DPH GULYH LQ &KREH 1DWLRQDO 3DUN *DPH GULYHV LQ (WRVKD 1DWLRQDO 3DUN +LPED YLVLW %XVKPDQ SDLQWLQJV 9LVLW WR 6RVVXVYOHL :DON LQ :DWHUEHUJ 3ODWHDX %XVKPDQ H[SHULHQFH 2NDYDQJR 'HOWD PRNRUR H[FXUVLRQ *DPH GULYHV DQG QLJKW GULYH LQ WKH .KZDL DUHD Â&#x2021; *DPH GULYH LQ +ZDQJH 1DWLRQDO 3DUN Â&#x2021; $LUSRUW WUDQVIHUV 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV 3OHDVH QRWH WKDW IRU WKLV GHSDUWXUH D VOLJKW LWLQHUDU\ FKDQJH PLJKW RFFXU WR EH FRQILUPHG FORVHU WR GHSDUWXUH 7KLV WRXU PLJKW VSHQG QLJKWV LQ .KZDL DQG QLJKWV LQ +ZDQJH

GD\V IURP 9LFWRULD )DOOV WR 9LFWRULD )DOOV 7KLV LV WKH XOWLPDWH $IULFDQ VDIDUL 6SHQG ZHHNV H[SORULQJ 1DPLELD %RWVZDQD DQG =LPEDEZH H[SHULHQFLQJ WKH ZLOGOLIH FXOWXUH DQG VFHQHU\ RQO\ $IULFD FDQ GHOLYHU )URP \RX ILUVW GD\ PDUYHOOLQJ DW WKH 9LFWRULD )DOOV WR WKH EUHDWK WDNLQJ PDJQLWXGH RI 1DPLELDÂ·V GXQHV DQG ELJ JDPH LQWHUDFWLRQ Â²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Â·NZD]L /RGJH 1DPLELD 2XU MRXUQH\ FRQWLQXHV ZHVW LQWR 1DPLELD DV ZH GULYH DORQJ WKH &DSULYL 6WULS WR WKH WRZQ RI 5XQGX :H PDNH RXU ZD\ WR 1Â·.ZD]L /RGJH DQG VSHQG D UHOD[LQJ HYHQLQJ DW RXU ORGJH RQ WKH EDQNV RI WKH .DYDQJR 5LYHU 2YHUQLJKW 1Â·.ZD]L /RGJH RU VLPLODU 'D\V (WRVKD 1DWLRQDO 3DUN 1DPLELD $IWHU EUHDNIDVW ZH PDNH RXU ZD\ WR 1DPLELDÂ·V ZHOO NQRZQ KLJKOLJKW RI WKH QRUWK Â² (WRVKD 1DWLRQDO 3DUN :H VSHQG WZR QLJKWV LQ WKH SDUN ZKHUH RXU GD\V DUH ILOOHG ZLWK JDPH GULYHV LQ VHDUFK RI VRPH RI WKH %LJ DV ZHOO DV FKHHWDK JLUDIIH ]HEUD DQG WKH QXPHURXV GLIIHUHQW W\SHV RI DQWHORSH WKH SDUN KDV WR RIIHU 2YHUQLJKW 1DPXWRQL 2NDXNXHMR RU VLPLODU

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Â² RQO\ VHUYHG ZLWKRXW FUHDP 2ZQ DFFRXQW 2YHUQLJKW +DPPHUVWHLQ /RGJH RU VLPLODU 'D\ 6RVVXVYOHL DQG :LQGKRHN 1DPLELD 7KLV PRUQLQJ ZH ZDNH XS UHDOO\ HDUO\ WR YLVLW WKH ZRUOGÂ·V KLJKHVW VDQG

GXQHV DW 6RVVXVYOHL DQG 'HDG 9OHL 7KHVH UHG VDQG GXQHV ZKLFK FDQ UHDFK D KHLJKW RI PRUH WKDQ P DUH DEVROXWHO\ VSHFWDFXODU DQG SURYLGH D IDQWDVWLF SKRWR RSSRUWXQLW\ $IWHU HQMR\LQJ EUHDNIDVW LQVLGH WKH SDUN ZLWK WKH GXQHV DV RXU EDFNGURS ZH PDNH RXU ZD\ WR WKH FDSLWDO FLW\ RI :LQGKRHN 2YHUQLJKW *XHVWKRXVH 7HUUD $IULFD 'D\ :DWHUEHUJ 3ODWHDX 1DPLELD 7RGD\ ZH OHDYH 1DPLELDÂ·V FDSLWDO EHKLQG XV DQG GULYH WR WKH :DWHUEHUJ 3ODWHDX 3DUN 2Q DUULYDO ZH JR IRU D VKRUW KLNH LQ WKH UHVHUYH WR YLHZ WKH ZLOGOLIH RQ WKH SODWHDX 2YHUQLJKW :DWHUEHUJ &DPS RU VLPLODU 'D\ *URRWIRQWHLQ 1DPLELD 'HSDUWLQJ IURP WKH :DWHUEHUJ ZH GULYH GHHS LQWR %XVKPDQODQG DQG RQ WR 5R\Â·V 5HVW &DPS DQ LGHDO VWRSRYHU WR QRUWKHUQ 1DPLELD :K\ QRW VWUHWFK \RXU OHJV RQ RQH RI WKH ZDONLQJ WUDLOV WKH FDPS KDV WR RIIHU IRU ELUG DQG JDPH ZDWFKLQJ 2YHUQLJKW 5R\Â·V 5HVW &DPS RU VLPLODU 'D\ %XVKPDQODQG Â² ZDONLQJ ZLWK WKH EXVKPDQ 1DPLELD 7RGD\ ZH ZLOO WDNH D JXLGHG YLVLW WR WKH /LYLQJ 0XVHXP RI WKH -X Â·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Â² D IDQWDVWLF RSSRUWXQLW\ WR VSRW VRPH QRFWXUQDO DQLPDOV WKDW DUH PRUH GLIILFXOW WR HQFRXQWHU GXULQJ WKH GD\ 7KH QH[W GD\ ZLOO EH VSHQW RQ D IXOO GD\ JDPH GULYH LQ WKH SULYDWH FRQFHVVLRQ RI WKH &DPS 2YHUQLJKW .KZDL %HGRXLQ &DPS RU VLPLODU

'D\V 1DWD WR +ZDQJH 1DWLRQDO 3DUN =LPEDEZH :H PDNH RXU ZD\ WR +ZDQJH 1DWLRQDO 3DUN ZKHUH ZH VSHQG WKH QH[W WZR QLJKWV 7KH IROORZLQJ GD\ ZH ZLOO KDYH SOHQW\ RI WLPH WR H[SORUH WKLV YDVW ZLOGHUQHVV RQ D JDPH GULYH +ZDQJH 1DWLRQDO 3DUN LV RQH RI $IULFDÂ·V ILQHVW KDYHQV IRU ZLOGOLIH DQG LV KRPH WR YDVW KHUGV RI HOHSKDQW EXIIDOR DQG ]HEUD DQG KDV D YHU\ ODUJH FRQFHQWUDWLRQ RI JLUDIIH ,W LV DOVR KRPH WR PDQ\ SUHGDWRUV DQG HQGDQJHUHG VSHFLHV SOXV YDULHG ELUGOLIH 2YHUQLJKW ,YRU\ /RGJH RU VLPLODU

'D\ .KZDL WR 1DWD %RWVZDQD :H WUDYHO HDVW WRZDUGV WKH 0DNJDGLNJDGL 3DQV RQFH D ODUJH ULYHU IHG ODNH WKH SDQV DUH QRZ VDOLQH DQG HPSW\ ,Q WKH DIWHUQRRQ ZH YLVLW WKH 1DWD %LUG 6DQFWXDU\ ZKHUH ZH JHW WKH RSSRUWXQLW\ WR HQMR\ WKH PDJQLILFHQW YLHZ RYHU WKH 6RZD 3DQ 2YHUQLJKW 1DWD /RGJH RU VLPLODU

'D\V 9LFWRULD )DOOV =LPEDEZH &RQWLQXLQJ RXU WULS ZH OHDYH %RWVZDQD DQG GULYH EDFN WR 9LFWRULD )DOOV LQ =LPEDEZH 7KH UHVW RI WKH GD\ PD\ EH VSHQW DW OHLVXUH RU SDUWDNLQJ LQ RQH RI WKH PDQ\ DFWLYLWLHV RQ RIIHU <RXU WRXU ZLOO HQG DIWHU EUHDNIDVW WKH QH[W GD\ 2YHUQLJKW $PDGHXV *DUGHQ *XHVW +RXVH RU VLPLODU

6287+ $)5,&$ 1$0,%,$ %276:$1$ =,0%$%:(

1257+(51 6287+(51

6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ %/ 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW =$5

*URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH 0HDOV 0HDOV LQFOXGHG DUH LQ UHVWDXUDQWV VRPH SUHSDUHG E\ JXLGH $FWLYLWLHV ,QFOXGHG 2UDQJH 5LYHU &DQRHLQJ 9LVLW WR )LVK 5LYHU &DQ\RQ 9LVLW WR 6RVVXVYOHL &DSH &URVV 6HDO &RORQ\ %XVKPHQ SDLQWLQJV +LPED H[FXUVLRQ GD\V ILOOHG ZLWK JDPH GULYHV LQ (WRVKD 1DWLRQDO 3DUN 2NDYDQJR 'HOWD PRNRUR H[FXUVLRQ 0XGXPR 1DWLRQDO 3DUN JDPH GULYH 9LVLW WR WKH 9LFWRULD )DOOV $LUSRUW WUDQVIHUV

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² PLQG WKH UDSLGV WKRXJK 2YHUQLJKW )HOL[ 8QLWH &DPS 3URYHQDQFH RU VLPLODU 'D\ $L $LV DQG )LVK 5LYHU &DQ\RQ 1DPLELD 7RGD\ ZH KHDG WR $L $LV ZKHUH ZH VWRS IRU OXQFK +HUH WKHUPDO ZDWHU ULFK LQ VXOSKDWHV DQG IOXRULGHV DQG ZLWK D WHPSHUDWXUH RI

DSSUR[ & JXVKHV IRUWK IURP WKH VSULQJV :H WKHQ SURFHHG WR RXU DFFRPPRGDWLRQ ZKLFK LV VLWXDWHG FORVH WR WKH )LVK 5LYHU &DQ\RQ WKH VHFRQG ODUJHVW FDQ\RQ RQ HDUWK 2YHUQLJKW &DQRQ 5RDG +RXVH RU VLPLODU 'D\V 6RVVXVYOHL 1DPLELD 0RYLQJ LQODQG ZH PDNH RXU ZD\ WRZDUGV WKH 1DPLE 1DXNOXIW 1DWLRQDO 3DUN 7KLV HYHQLQJ ZH HPEDUN RQ D ZLOG FDW ZDON DW WKH ORGJH 7KH QH[W PRUQLQJ ZH QHHG WR ZDNH XS HDUO\ WR YLVLW WKH ZRUOG·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

1RUWKHUQ ([SHULHQFH GHSDUWXUH GDWHV

'D\ &DSH &URVV 6HDO &RORQ\ DQG %UDQGEHUJ 1DPLELD :H IROORZ WKH EDUUHQ $WODQWLF &RDVW OLQH RQ RXU ZD\ RXW RI 6ZDNRSPXQG WR YLVLW &DSH &URVV WKH ODUJHVW EUHHGLQJ SODFH RI WKH &DSH )XU 6HDOV /HDYLQJ WKH FROG $WODQWLF FRDVWOLQH EHKLQG ZH WKHQ KHDG LQODQG DFURVV WKH GHVHUW SODLQV IRU %UDQGEHUJ WKH KLJKHVW PRXQWDLQ LQ 1DPLELD (LWKHU WKLV DIWHUQRRQ RU WKH QH[W PRUQLQJ ZH WDNH D ZDON WR YLVLW WKH Â´:KLWH /DG\Âµ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Â·.ZD]L /RGJH DQG VSHQG D UHOD[LQJ DIWHUQRRQ DW RXU ORGJH RQ WKH EDQNV RI WKH .DYDQJR 5LYHU 2SWLRQDO DFWLYLWLHV VXFK DV KRUVH ULGLQJ RU D VXQVHW FUXLVH DUH DYDLODEOH 2YHUQLJKW 1Â·.ZD]L /RGJH RU VLPLODU 'D\V .DYDQJR 5LYHU WR 2NDYDQJR 'HOWD %RWVZDQD 7RGD\ ZH WUDYHO WR WKH 2NDYDQJR 'HOWD LQ %RWVZDQD 7KH QH[W GD\ LV VSHQW H[SORULQJ WKH QHWZRUN RI ZDWHU SDWKZD\V WKURXJK WKLFN YHJHWDWLRQ LQ PRNRURV WUDGLWLRQDO GXJRXW FDQRHV GLVFRYHULQJ D YDULHW\ RI ELUGV DQG ZLOGOLIH DQG VWRS DW D VHFOXGHG LVODQG WR WDNH D Ãµ KRXU JXLGHG ZDON KRSLQJ WR VSRW HOHSKDQWV ZDWHUEXFN RU RWKHU DQLPDOV OLYLQJ LQ WKLV ZDWHU ILOOHG SDUDGLVH 2YHUQLJKW *XPD /DJRRQ &DPS RU VLPLODU 'D\ (DVWHUQ &DSULYL 1DPLELD +HDGLQJ EDFN WR 1DPLELD ZH GULYH WKURXJK WKH &DSULYL WR RXU FDPS RQ WKH EDQNV RI WKH .ZDQGR 5LYHU ,Q WKH DIWHUQRRQ \RX ZLOO JR RQ D JDPH GULYH WR WKH 0XGXPR 1DWLRQDO 3DUN ,Q FRQWUDVW WR WKH UHVW RI 1DPLELD WKH DUHD LV OXVK ZLWK ULYHULQH IRUHVW PDUVKHV GHQVH VDYDQQDK DQG PRSDQH ZRRGODQG 2YHUQLJKW &DPS .ZDQGR RU VLPLODU

1257+(51 6287+(51

-DQXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

6RXWKHUQ ([SHULHQFH GHSDUWXUH GDWHV

6KRXOG \RXU WUDYHOOLQJ WLPH EH OLPLWHG EXW \RX GRQÂ·W ZDQW WR PLVV RXW RQ WKLV DGYHQWXUH ERRN RXU GD\ 1RUWKHUQ RU 6RXWKHUQ 6NLHV 6DIDUL 7KH 1RUWKHUQ 6NLHV VWDUWV LQ 6ZDNRSPXQG DQG HQGV LQ 9LFWRULD )DOOV 7KH 6RXWKHUQ 6NLHV 6DIDUL UXQV YLFH YHUVD 6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW =$5 ,WLQHUDU\ 'D\V 6ZDNRSPXQG 1DPLELD 'D\ &DSH &URVV 6HDO &RORQ\ %UDQGEHUJ 1DPLELD 'D\ 7Z\IHOIRQWHLQ +LPED 9LOODJH 1DPLELD 'D\V Â² (WRVKD 1DWLRQDO 3DUN 1DPLELD 'D\V .DYDQJR 5LYHU 1DPLELD 'D\V 2NDYDQJR 'HOWD %RWVZDQD 'D\ &DPS .ZDQGR 1DPLELD 'D\ &KREH 1DWLRQDO 3DUN %RWVZDQD 'D\V 9LFWRULD )DOOV =LPEDEZH

-DQXDU\ )HEUXDU\ $SULO 0D\ -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

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

=,0%$%:( 0DQD 3RROV 13 &KLQKR\L /DNH .DULED

9LFWRULD )DOOV

+DUDUH 1\DQJD 13

$QWHORSH 3DUN +ZDQJH 13 *UHDW =LPEDEZH 5XLQV

%XODZD\R 0DWRSRV 13

=,0%$%:(

6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ %/ 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV 0HDOV LQFOXGHG ZKLOVW RQ VDIDUL LQ UHVWDXUDQWV

,17,0$7( =,0%$%:( GD\ /RGJH 6DIDUL WKURXJK =LPEDEZH ([SORUH WKLV 6RXWKHUQ $IULFDQ KLGGHQ VDIDUL WUHDVXUH 'LVFRYHU OXVK YHJHWDWLRQ DQG HQMR\ WKH LQFUHGLEOH NLQGQHVV RI WKH =LPEDEZHDQ SHRSOH $ WUXH LQWLPDWH H[SHULHQFH DZDLWV \RX KHUH LQ WKH KHDUW RI $IULFD 9HQWXUH WKURXJK =LPEDEZHÂ·V PRVW IDPRXV QDWLRQDO SDUNV VXFK DV +ZDQJH 1\DQJD /DNH .DULED 0DQD 3RROV GXULQJ WKH GD\ DQG EH VSRLOW E\ WKH WUXO\ $IULFDQ KRVSLWDOLW\ DW QLJKW

$FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHUV Â&#x2021; *XLGHG 7RXU RI WKH 9LFWRULD )DOOV Â&#x2021; 3DLQWHG 'RJV &HQWUH Â&#x2021; *DPH 9LHZLQJ LQ +ZDQJH 1DWLRQDO 3DUN Â&#x2021; 5KRGHV *UDYH DQG 0DWRSRV 1DWLRQDO 3DUN Â&#x2021; 9LVLW WR *UHDW =LPEDEZH 5XLQV Â&#x2021; *DPH GULYHV LQ 1\DQJD 1DWLRQDO 3DUN Â&#x2021; *DPH GULYHV LQ 0DQD 3RROV Â&#x2021; /DNH .DULED DQG 0DWXVDGRQD 1DWLRQDO 3DUN Â&#x2021; $QWHORSH 3DUN 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU

'HSDUW

5HWXUQ

'D\ 1\DQJD 1DWLRQDO 3DUN WR %XVKPDQ 5RFN =LPEDEZH :H WUDYHO WRZDUGV +DUDUH WR WKH %XVKPDQ 5RFN (VWDWH RSHUDWLRQDO VLQFH WKH PLG Â·V LW LV RQH RI WKH IHZ HVWDWH ZLQHULHV LQ WKH FRXQWU\ :H WDNH D OHLVXUHO\ JXLGHG ZDON WKURXJK WKH YLQH\DUGV WR WKH SRQWRRQ IRU D VXQGRZQHU FUXLVH 2YHUQLJKW %XVKPDQ 5RFN RU VLPLODU 'D\V 0DQD 3RROV =LPEDEZH :H FRQWLQXH RXU MRXUQH\ WR RQH RI =LPEDEZHÂ·V JUHDWHVW QDWLRQDO SDUNV Â² 0DQD 3RROV (Q URXWH ZH VWRS DW &KLQKR\L &DYHV IRU OXQFK 2QFH LQ 0DQD 3RROV ZH KDYH WKH ZKROH RI WKH QH[W GD\ DYDLODEOH WR VHDUFK IRU $IULFDQ ZLOGOLIH LQ WKH SDUN RQ JDPH GULYHV DQG RQ FDQRH H[FXUVLRQV 7KLV :RUOG +HULWDJH VLWH KDV WKH FRXQWU\Â·V ELJJHVW FRQFHQWUDWLRQ RI KLSSRV DQG FURFRGLOHV DV ZHOO DV ODUJH SRSXODWLRQV RI HOHSKDQW DQG EXIIDOR 2YHUQLJKW 1\DPHSL &DPS RU VLPLODU

'D\ 9LFWRULD )DOOV =LPEDEZH 2Q DUULYDO DW 9LFWRULD )DOOV $LUSRUW LQ =LPEDEZH \RX ZLOO EH PHW DQG WUDQVIHUUHG WR \RXU ORGJH 7KLV DIWHUQRRQ ZH H[SORUH WKH PLJKW\ 9LFWRULD )DOOV RQ D JXLGHG WRXU 2YHUQLJKW ,ODOD /RGJH RU VLPLODU 'D\V 9LFWRULD )DOOV WR +ZDQJH 1DWLRQDO 3DUN =LPEDEZH $IWHU EUHDNIDVW ZH GHSDUW 9LFWRULD )DOOV DQG PDNH RXU ZD\ WR +ZDQJH 1DWLRQDO 3DUN 7KH DIWHUQRRQ LV VSHQW RQ D JDPH GULYH ZLWK D YLVLW WR WKH 3DLQWHG 'RJV &RQVHUYDWLRQ &HQWUH +ZDQJH 1DWLRQDO 3DUN LV RQH RI $IULFDÂ·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Â·V /DNH 9LHZ 5HVRUW RU VLPLODU

'D\ *UHDW =LPEDEZH WR 1\DQJD 1DWLRQDO 3DUN =LPEDEZH 7RGD\ ZH KHDG RII WR WKH 1\DQJD 1DWLRQDO 3DUN 7KH SDUN LV VLWXDWHG LQ RQH RI WKH PRVW VFHQLF DUHDV RI =LPEDEZHÂ·V (DVWHUQ +LJKODQGV 7KLV DIWHUQRRQ DQG WKH IROORZLQJ GD\ ZH HQMR\ QDWXUH GULYHV LQ WKH DUHD 2YHUQLJKW 3LQH 7UHH ,QQ RU VLPLODU

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Â² 9LFWRULD )DOOV =LPEDEZH $IWHU EUHDNIDVW ZH GULYH EDFN WR ZKHUH \RXU VDIDUL VWDUWHG Â² 9LFWRULD )DOOV $IWHU EUHDNIDVW WKH QH[W GD\ \RX ZLOO EH WUDQVIHUUHG WR WKH DLUSRUW DQG RXU XQIRUJHWWDEOH MRXUQH\ HQGV KHUH 2YHUQLJKW ,ODOD /RGJH RU VLPLODU

6287+ $)5,&$ %276:$1$ =,0%$%:( ,PEDEDOD 9LFWRULD )DOOV &KREH 13

2NDYDQJR 'HOWD 0DXQ

&HQWUDO .DODKDUL *DPH 5HVHUYH 7XOL *DPH 5HVHUYH

.ODVHULH *UHDWHU .UXJHU 13

-RKDQQHVEXUJ

:$/.,1* ,1 67</(

6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ %/ 86 6LQJOH 6XSSOHPHQW 86 *URXS 6L]H

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Â² D IDQWDVWLF RSSRUWXQLW\ WR VSRW VRPH QRFWXUQDO DQLPDOV WKDW DUH PRUH GLIILFXOW WR HQFRXQWHU GXULQJ WKH GD\ 2YHUQLJKW .KZDL %HGRXLQ &DPS RU VLPLODU

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

0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH 0HDOV 0HDOV LQFOXGHG LQ UHVWDXUDQWV $FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHUV Â&#x2021; *DPH ZDONV JDPH GULYHV LQ *UHDWHU .UXJHU DUHD Â&#x2021; *XLGHG ZDON LQ 7XOL *DPH 5HVHUYH Â&#x2021; 1DWD %LUG 6DQFWXDU\ Â&#x2021; %XVKZDONV JDPH GULYHV LQ &HQWUDO .DODKDUL Â&#x2021; %XVKPDQ OLIHVW\OH H[SHULHQFH Â&#x2021; 0RNRUR H[FXUVLRQ Â&#x2021; *DPH GULYHV QLJKW GULYHV LQ .KZDL DUHD Â&#x2021; *DPH ZDONV JDPH GULYHV DORQJ =DPEH]L 5LYHU Â&#x2021; 6XQVHW &UXLVH RQ =DPEH]L 5LYHU LQ 9LFWRULD )DOOV Â&#x2021; *XLGHG WRXU RI 9LFWRULD )DOOV 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*XDUDQWHHG 'HSDUWXUH

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

6287+ $)5,&$ =,0%$%:(

+,*+/,*+76 2)

6WDQGDUG /RGJH 3DFNDJH /DG\ +DPLOWRQ 7LPEDYDWL 6DIDUL /RGJH $PDGHXV *DUGHQ [ % [ %' 86 6LQJOH 6XSSOHPHQW 86 0LG UDQJH /RGJH 3DFNDJH /D 6SOHQGLGD .DSDPD %XIIDOR ,ODOD /RGJH [ % [ %' %/' 86 6LQJOH 6XSSOHPHQW 86 8S PDUNHW /RGJH 3DFNDJH 9 $ +RWHO $UDWKXVD (OHSKDQW &DPS [ % [ %/' [ %' 86 6LQJOH 6XSSOHPHQW 86

*URXS 6L]H 0LQLPXP 1R PD[LPXP 0HDOV $OO EUHDNIDVWV DQG VRPH GLQQHUV OXQFKHV LQFOXGHG ZKLOVW RQ VDIDUL $FWLYLWLHV ,QFOXGHG Â&#x2021; &DSH 7RZQ FLW\ &DSH 3RLQW WRXU Â&#x2021; .UXJHU 1DWLRQDO 3DUN JDPH GULYHV Â&#x2021; =DPEH]L 5LYHU VXQVHW FUXLVH Â&#x2021; 9LFWRULD )DOOV JXLGHG WRXU Â&#x2021; $LUSRUW WUDQVIHUV

6WDQGDUG 0LG UDQJH RU 8S PDUNHW /RGJH 3DFNDJH KLJKOLJKWLQJ &DSH 7RZQ .UXJHU 1DWLRQDO 3DUN DQG WKH PLJKW\ 9LFWRULD )DOOV ([SORUH WKH WUHDVXUHV RI 6RXWKHUQ $IULFD 5HOD[ RQ D VXQVHW FUXLVH RQ WKH =DPEH]L 5LYHU OLVWHQ WR WKH WKXQGHULQJ VRXQGV RI WKH 9LFWRULD )DOOV EHFRPH D Â´%LJ Âµ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Â·V %LJ )LYH .HHS WKRVH FDPHUDV UHDG\ 'D\ .UXJHU 1DWLRQDO 3DUN WR -RKDQQHVEXUJ 6RXWK $IULFD )OLJKW IURP .UXJHU ,QWHUQDWLRQDO DLUSRUW WR -RKDQQHVEXUJ 7KH UHPDLQGHU RI WKH GD\ LV IRU \RXU OHLVXUH 'D\V -RKDQQHVEXUJ WR 9LFWRULD )DOOV =LPEDEZH $ VKXWWOH ZLOO WDNH \RX EDFN WR WKH DLUSRUW IRU \RXU IOLJKW QRW LQFOXGHG WR 9LFWRULD )DOOV =LPEDEZH (QMR\ D VXQVHW FUXLVH RQ WKH =DPEH]L 5LYHU 7KH QH[W GD\ \RX ZLOO EH WDNHQ RQ D JXLGHG WRXU RI WKH 9LFWRULD

)DOOV DQG WKH DIWHUQRRQ LV NHSW IUHH IRU WKH PDQ\ DFWLYLWLHV RIIHUHG KHUH KHOLFRSWHU IOLJKWV ZKLWH ZDWHU UDIWLQJ FDQRHLQJ EXQJHH MXPSLQJ ERDW FUXLVHV RU KRUVH ULGLQJ 'D\ (QG RI 7RXU =LPEDEZH $IWHU EUHDNIDVW \RX ZLOO EH WUDQVIHUUHG WR 9LFWRULD )DOOV DLUSRUW

6WDQGDUG /RGJH 3DFNDJH DW 7LPEDYDWL 6DIDUL /RGJH [ %/' [ ' [ % 86 6LQJOH 6XSSOHPHQW 86 0LG UDQJH /RGJH 3DFNDJH DW .DSDPD %XIIDOR &DPS [ %/' [ /' [ % 86 6LQJOH 6XSSOHPHQW 86 8S 0DUNHW /RGJH 3DFNDJH DW $UDWKXVD 6DIDUL /RGJH [ %/' [ /' [ % 86 6LQJOH 6XSSOHPHQW IURP 86

*URXS 6L]H 0LQLPXP QR PD[LPXP 0HDOV 0HDOV LQFOXGHG ZKLOVW RQ VDIDUL LQ UHVWDXUDQWV $FWLYLWLHV ,QFOXGHG Â&#x2021; *DPH GULYHV LQ .UXJHU 1DWLRQDO 3DUN RU RQ D SULYDWH FRQFHVVLRQ

.58*(5 6WDQGDUG 0LG UDQJH RU XS PDUNHW /RGJH 3DFNDJH WR .UXJHU 1DWLRQDO 3DUN .UXJHU 1DWLRQDO 3DUN LQ 6RXWK $IULFD LV EHVW NQRZQ IRU WKH Â´%LJ )LYHÂµ Â² OLRQ HOHSKDQW OHRSDUG EXIIDOR DQG UKLQR Â² DQG LV WUXO\ WKH IODJVKLS RI $IULFD DQG 6RXWK $IULFDÂ·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

UHVSLWH RQ D KRW DIWHUQRRQ 'LQQHU LV VHUYHG DURXQG DQ RSHQ ILUH LQ WKH WUDGLWLRQDO RXWGRRU ERPD DQG LV SUHVHQWHG LQ KHDY\ $IULFDQ FRRNLQJ SRWV 7KH XS PDUNHW $UDWKXVD 6DIDUL /RGJH RIIHUV WKDWFKHG OX[XU\ FKDOHWV 7UDYHOOHUV VHHNLQJ WKH %LJ )LYH VDIDUL H[SHULHQFH ZLOO FHUWDLQO\ ILQG LW DW $UDWKXVD :LWK H[FHSWLRQDO VLJKWLQJV RI OHRSDUG XVXDOO\ WKH PRVW HOXVLYH RI FDWV OLRQV DQG UKLQR LQ WKH ILHOG D FDPHUDÂ·V YLHZILQGHU LV FRQWLQXRXVO\ ILOOHG ZLWK FORVH FRQWDFW ZLOGOLIH LQWHUDFWLRQV

6287+ $)5,&$

*5($7(5 .58*(5 RU GD\ :DONLQJ 6DIDUL WKURXJK WKH *UHDWHU .UXJHU IURP -RKDQQHVEXUJ 7KLV ORGJH DFFRPPRGDWHG ZDONLQJ VDIDUL WKURXJK WKH *UHDWHU .UXJHU 1DWLRQDO 3DUN JLYHV \RX WKH RSSRUWXQLW\ WR IROORZ WKH URXWHV RI WKH Â´%LJ )LYHÂµ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Â·V H[SHULHQFHV RYHU D SUH GLQQHU GULQN IROORZHG E\ GLQQHU DW WKH ORGJH

GD\ VPDOO JURXS :DONLQJ 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ ' [ % 86 &RQFHVVLRQ )HH =$5 GD\ VPDOO JURXS ZDONLQJ VDIDUL QR SDUWLFLSDWLRQ [ %/' [ ' [ % 86 &RQFHVVLRQ )HH =$5 *URXS 6L]H 0LQLPXP PD[LPXP 0HDOV 0HDOV LQFOXGHG ZKLOVW RQ VDIDUL LQ UHVWDXUDQW RU SLFQLF $FWLYLWLHV ,QFOXGHG Â&#x2021; *DPH GULYHV DQG ZDONLQJ VDIDULV WKURXJKRXW \RXU VWD\ Â&#x2021; 7UDQVIHUV IURP WR -RKDQQHVEXUJ 'DLO\ VXEMHFW WR DYDLODELOLW\

'D\ RI 'HSDUWXUH 6RXWK $IULFD 2Q WKH GD\ RI GHSDUWXUH \RX ZLOO VWLOO HQMR\ RQH ODVW ZDON 6QLIILQJ WKH W\SLFDO VFHQWV RI WKH EXVK \RXÂ·OO UHDOL]H KRZ PXFK \RXÂ·YH OHDUQHG DOUHDG\ $IWHU EUHDNIDVW LWÂ·V WLPH WR SDFN XS DQG ZH VD\ RXU JRRGE\HV DQG WUDQVIHU \RX EDFN WR WKH FLW\

6287+ $)5,&$

6PDOO JURXS /RGJH 6DIDUL JXLGHG QR SDUWLFLSDWLRQ [ % Â² FOLHQWV 86 FOLHQWV 86 6LQJOH 6XSSOHPHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV

&$3( 1$785( GD\V &DSH 7RZQ DQG WKH *DUGHQ 5RXWH 7KLV LV DQ DGYHQWXURXV /RGJH WRXU FLUFOLQJ IURP &DSH 7RZQ WKURXJK 2XGWVKRRUQ 3OHWWHQEHUJ %D\ $OEHUWLQLD DQG +HUPDQXV DQG HQGLQJ EDFN LQ &DSH 7RZQ ,Q ILYH GD\V ULGH DQ RVWULFK KLNH DORQJ WKH 6WRUPV 5LYHU PRXWK DQG WDVWH GHOLFLRXV ZLQHV DV \RX WUDYHO IURP &DSH 7RZQ DORQJ WKH ZRUOG IDPRXV *DUGHQ 5RXWH

%UHDNIDVWV LQFOXGHG $FWLYLWLHV ,QFOXGHG Â&#x2021; 9LVLW RI &DQJR &DYHV Â&#x2021; )HDWKHUEHG (FR ([SHULHQFH .Q\VQD Â&#x2021; +LNLQJ LQ 7VLWVLNDPPD 1DWLRQDO 3DUN Â&#x2021; *DPH GULYH DW *DUGHQ 5RXWH *DPH /RGJH Â&#x2021; :LQH WDVWLQJ Â&#x2021; 9LVLW RI +DUROG 3RUWHU %RWDQLFDO *DUGHQV Â&#x2021; 6WRQ\ 3RLQW 3HQJXLQ &RORQ\ 'DLO\ VXEMHFW WR DYDLODELOLW\

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

'D\ &DSH 7RZQ 6RXWK $IULFD $IWHU D KHDUW\ EUHDNIDVW ZH HQMR\ VRPH ZLQH WDVWLQJ DW WKH ORFDO YLQH\DUGV 2XU QH[W KLJKOLJKW LV WKH +DUROG 3RUWHU %RWDQLFDO *DUGHQV ZKLFK LV KRPH WR D VSHFWDFXODU YDULHW\ RI )\QERV 7KH ODVW VWRS IRU WKH GD\ LV DW 6WRQ\ 3RLQW WR VHH WKH $IULFDQ 3HQJXLQV :H DUULYH EDFN LQWR &DSH 7RZQ ODWHU WKLV HYHQLQJ

6287+ $)5,&$ 6:$=,/$1' /(627+2

+OXKOXZH

6W /XFLD

&UDGRFN .DURR

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Â·V IDPRXV &DQJR &DYHV DQG WDVWH GHOLFLRXV ZLQHV LQ 6WHOOHQERVFK WKH FKDQFH WR H[SHULHQFH WUDGLWLRQDO %DVRWKR OLIH D QDWLRQ ZLWK VROLG WUDGLWLRQV EHOLHIV DQG FXVWRPV 1R YLVLW WR /HVRWKR ZRXOG EH FRPSOHWH ZLWKRXW D SRQ\ WUHN 2YHUQLJKW 0DOHDOHD /RGJH RU VLPLODU 'D\ &UDGRFN 6RXWK $IULFD /HDYLQJ /HVRWKR EHKLQG XV RXU MRXUQH\ WDNHV XV WR WKH KLVWRULFDO .DURR WRZQ RI &UDGRFN EHVW NQRZQ IRU LWV QDWXUDO VXOSKXU VSULQJ 2YHUQLJKW 'LH 7XLVKXLVH RU VLPLODU

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Â·V ILUVW :RUOG +HULWDJH 6LWH +HUH ZH HQMR\ D ERDW FUXLVH RQ WKH 6W /XFLD HVWXDU\ JHWWLQJ XS FORVH WR WKH KLSSRV DQG FURFRGLOHV WKDW LQKDELW WKH ODNH 7KH IROORZLQJ GD\ ZH H[SORUH WKH +OXKOXZH 8PIROR]L *DPH 5HVHUYH RQ D JDPH GULYH LQ RXU YHKLFOH 2YHUQLJKW (O]XZLQL /RGJH RU VLPLODU 'D\V 'UDNHQVEHUJ 6RXWK $IULFD 0RYLQJ IXUWKHU LQODQG ZH VSHQG WKH QH[W WZR QLJKWV DW WKH &DYHUQ ZKLFK LV VLWXDWHG LQ KHFWDUHV RI SULYDWH PRXQWDLQ UHVHUYH DGMDFHQW WR WKH 5R\DO 1DWDO 1DWLRQDO 3DUN Â² SDUW RI DQRWKHU :RUOG +HULWDJH 6LWH QDPHO\ WKH X.KDKODPED 'UDNHQVEHUJ 3DUN 2YHUQLJKW 7KH &DYHUQ RU VLPLODU 'D\V /HVRWKR 7RGD\ ZH FURVV WKH ERUGHU LQWR WKH .LQJGRP RI /HVRWKR D FRXQWU\ ULFK LQ QDWXUDO EHDXW\ IORUD IDXQD DQG FXOWXUDO KHULWDJH :H KDYH

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Â¶7KH +HDGVÂ· LQ .Q\VQD ZH KHDG WR WKH WRZQ RI 2XGWVKRRUQ (QMR\ DQ DGYHQWXURXV WULS WR WKH IDPRXV &DQJR &DYHV 2YHUQLJKW 7KH 3HDUO RI 2XGWVKRRUQ RU VLPLODU 'D\V &DSH 7RZQ 6RXWK $IULFD (Q URXWH WR &DSH 7RZQ ZH YLVLW WKH SUHWW\ XQLYHUVLW\ WRZQ RI 6WHOOHQERVFK IRU ZLQH WDVWLQJ DQG D FHOODU WRXU 2QFH LQ &DSH 7RZQ ZH JHW WR H[SORUH WKH PDQ\ DWWUDFWLRQV WKH Â¶0RWKHU &LW\Â· KDV WR RIIHU RQ RXU &DSH 3RLQW WRXU 7KHUH LV SOHQW\ RI WLPH WR HQMR\ WKH IDEXORXV EHDFKHV RU LQGXOJH LQ VRPH ODVW PLQXWH VKRSSLQJ DW WKH 9 $ :DWHUIURQW :K\ QRW WDNH DQ RSWLRQDO H[FXUVLRQ WR 5REEHQ ,VODQG 2YHUQLJKW /DG\ +DPLOWRQ RU VLPLODU

6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ % 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW =$5 *URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH 0HDOV %UHDNIDVW LQFOXGHG $FWLYLWLHV ,QFOXGHG Â&#x2021; 9LVLW WR 3RWKROHV DW %O\GH 5LYHU &DQ\RQ Â&#x2021; *DPH GULYHV LQ .UXJHU 1DWLRQDO 3DUN Â&#x2021; *DPH GULYHV LQ 0OLOZDQH *DPH 5HVHUYH Â&#x2021; &XOWXUDO H[SHULHQFH Â&#x2021; %RDW FUXLVH LQ 6W /XFLD Â&#x2021; *DPH GULYH LQ +OXKOXZH *DPH 5HVHUYH Â&#x2021; +LNLQJ LQ WKH 'UDNHQVEHUJ Â&#x2021; 3RQ\ 7UHNNLQJ LQ /HVRWKR Â&#x2021; *DPH GULYHV LQ $GGR (OHSKDQW 1DWLRQDO 3DUN Â&#x2021; +LNLQJ LQ 7VLWVLNDPPD Â&#x2021; 9LVLW WR &DQJR &DYHV Â&#x2021; :LQH WDVWLQJ Â&#x2021; &DSH 3RLQW 7RXU Â&#x2021; $LUSRUW WUDQVIHU RQ 'D\ -DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

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

3DUWLFLSDWLRQ 2Q WKH DERYH PHQWLRQHG WRXUV D FHUWDLQ DPRXQW RI SDUWLFLSDWLRQ LV UHTXLUHG PHDQLQJ JHWWLQJ LQYROYHG LQ JHQHUDO FDPS GXWLHV Â² LWÂ·V DOO SDUW RI WKH DGYHQWXUH 7KLV PHDQV WKDW WUDYHOOHUV ZLOO EH UHVSRQVLEOH IRU SHUIRUPLQJ DQG KHOSLQJ ZLWK FHUWDLQ WDVNV VXFK DV VHWWLQJ XS DQG EUHDNLQJ GRZQ RI RYHUQLJKW FDPSV SDFNLQJ DQG XQSDFNLQJ WKH YHKLFOH DVVLVWLQJ ZLWK SUHSDUDWLRQ RI VRPH PHDOV DQG FOHDQLQJ GLVKHV RQ D URWDWLRQDO EDVLV :H FDQ DOVR WDLORU PDNH \RXU FDPSLQJ VDIDUL WR D QRQ SDUWLFLSDWLRQ VDIDUL 6HPL SDUWLFLSDWLRQ Â² KHOS RXW ZLWK DOO FDPS GXWLHV /LPLWHG SDUWLFLSDWLRQ Â² RQO\ VHWWLQJ XS RI \RXU RZQ WHQW LV UHTXLUHG

FP FP

9HKLFOHV -HQPDQ $IULFDQ 6DIDULV PDNHV XVH RI WKUHH GLIIHUHQW W\SHV RI YHKLFOHV LQ 6RXWKHUQ $IULFD <RX ZLOO HLWKHU EH WUDYHOOLQJ LQ RQH RI RXU FXVWRP EXLOW 7R\RWD /DQG &UXLVHUV RU [ VHDWHU VDIDUL YHKLFOHV 'XULQJ \RXU JDPH GULYHV LQ WKH QDWLRQDO SDUNV DQG JDPH UHVHUYHV RI

\RX ZLOO EH JXDUDQWHHG D [ %RWVZDQD \RX ZLOO EH WUDYHOOLQJ LQ RSHQ [ YHKLFOHV 2Q DOO WRXUV KLJKOLJKWHG ZLWK RXU [ LFRQ YHKLFOH -HQPDQ $IULFDQ 6DIDULV UHVHUYHV WKH ULJKW WR PDNH XVH RI GLIIHUHQW YHKLFOHV GXH WR XQIRUHVHHQ FLUFXPVWDQFHV RU GXULQJ KLJK VHDVRQ

1$0,%,$ (SXSD (WRVKD 13

3DOPZDJ

6ZDNRSPXQG

:LQGKRHN 6RVVXVYOHL

385(

6PDOO JURXS &DPSLQJ 6DIDUL VHPL SDUWLFLSDWLRQ [ %/' [ % [ %/ 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW =$5

GD\ &DPSLQJ 6DIDUL IURP DQG WR :LQGKRHN 7ZR ZHHNV RI ZLOGOLIH DQFLHQW WULEHV XQIRUJHWWDEOH VDQG GXQHV DQG H[FHOOHQW 1DPLELD KRVSLWDOLW\ 7KLV WULS LQFOXGHV DEXQGDQW ZLOGOLIH DW (WRVKD 1DWLRQDO 3DUN D IDVFLQDWLQJ LQVLJKW LQWR WKH +LPED WULEH D YLVLW WR WKH UHPRWH DUHD RI (SXSD )DOOV DQG D ZDON LQ VHDUFK RI WKH HOXVLYH GHVHUW HOHSKDQW $ YLVLW WR WKH TXDLQW *HUPDQ WRZQ RI 6ZDNRSPXQG DQG WKH VDQG GXQHV DW 6RVVXVYOHL DUH QRW WR EH PLVVHG

*URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH 0HDOV

RQ WKH 8QLHE 5LYHU 7KH VXUURXQGLQJ DUHD LV KRPH WR WKH XQLTXH GHVHUW HOHSKDQW DQG ZH ZLOO WDNH D ZDON WR WU\ DQG ILQG WKHVH PDMHVWLF DQLPDOV ZKRVH IHHW KDYH EHHQ VSHFLDOO\ DGDSWHG WR ZDONLQJ SULPDULO\ RQ VRIW VDQG 2YHUQLJKW &DPSLQJ DW 3DOPZDJ RU VLPLODU 'D\V 3DOPZDJ WR 6SLW]NRSSH 1DPLELD 2XU GHVWLQDWLRQ WRGD\ LV 6SLW]NRSSH NQRZQ DV WKH Â¶0DWWHUKRUQ RI 1DPLELDÂ· GXH WR LWV VWULNLQJ RXWOLQHV DQG QXPHURXV URFN DUW VLWHV WKLV JUDQLWH IRUPDWLRQ LV D KLNHUÂ·V SDUDGLVH 2YHUQLJKW &DPSLQJ DW 6SLW]NRSSH &DPSVLWH RU VLPLODU 'D\V 6ZDNRSPXQG 1DPLELD 7RGD\ ZH YLVLW &URVV 6HDO &RORQ\ EHIRUH ZH FRQWLQXH WR WKH FKDUPLQJ FRDVWDO WRZQ RI 6ZDNRSPXQG +HUH \RX ZLOO KDYH WKH RSSRUWXQLW\ WR SDUWDNH LQ D IHZ RI WKH PDQ\ RSWLRQDO DFWLYLWLHV RU MXVW VRDN XS WKH DWPRVSKHUH RI WKLV OLWWOH TXDLQW *HUPDQ WRZQ 2YHUQLJKW +RWHO $ /D 0HU RU VLPLODU

'D\ :LQGKRHN 1DPLELD 2Q \RXU DUULYDO DW :LQGKRHN $LUSRUW \RXÂ·OO EH SLFNHG XS DQG WUDQVIHUUHG WR \RXU DFFRPPRGDWLRQ 7KH UHVW RI WKH GD\ LV VSHQW DW OHLVXUH 2YHUQLJKW *XHVW +RXVH 7HUUD $IULFD RU VLPLODU 'D\ :LQGKRHN WR 2XWMR 1DPLELD $IWHU DQ RULHQWDWLRQ FLW\ WRXU ZH OHDYH :LQGKRHN DQG GULYH WR 2XWMR LQ WKH .XQHQH 5HJLRQ ,Q WKH DIWHUQRRQ WKHUH LV WLPH WR WDNH D VHOI JXLGHG ZDON RQ WKH ORGJHV KLNLQJ WUDLO 2YHUQLJKW &DPSLQJ DW 6DVD 6DIDUL &DPS RU VLPLODU 'D\V 'ULYH WR (WRVKD 1DWLRQDO 3DUN 1DPLELD :H PDNH RXU ZD\ WR 1DPLELDÂ·V ZHOO NQRZQ KLJKOLJKW RI WKH QRUWK Â² (WRVKD 1DWLRQDO 3DUN :H VSHQG WZR QLJKWV LQ WKH SDUN ZKHUH RXU GD\V DUH VSHQW RQ JDPH GULYHV LQ WKH KRSHV RI VSRWWLQJ VRPH RI WKH ELJ ILYH DV ZHOO DV FKHHWDK JLUDIIH ]HEUD DQG PXFK PRUH 2YHUQLJKW &DPSLQJ DW 2NDXNXHMR RU VLPLODU 'D\ (WRVKD WR 2SXZR :H H[LW (WRVKD 1DWLRQDO 3DUN YLD D SUHYLRXVO\ UHVWULFWHG SDUW RI WKH SDUN HQ URXWH WR RXU FDPS DW 2SXZR WKH JDWHZD\ WR WKH .DRNRYHOG UHJLRQ 2YHUQLJKW &DPSLQJ DW 2SXZR &RXQWU\ +RWHO RU VLPLODU

'D\V 6RVVXVYOHL 1DPLELD 1DPLE 1DXNOXIW 1DWLRQDO 3DUN LV FRQVLGHUHG WR EH WKH ROGHVW GHVHUW LQ WKH ZRUOG 7KDW HYHQLQJ ZH HPEDUN RQ D ZLOG FDW ZDON DW WKH ORGJH 7KH QH[W PRUQLQJ ZH QHHG WR ZDNH XS HDUO\ WR YLVLW WKH ZRUOGÂ·V KLJKHVW VDQG GXQHV DW 6RVVXVYOHL DQG 'HDGYOHL 7KH GXQHV ZKLFK FDQ UHDFK KHLJKWV RI RYHU P DUH DEVROXWHO\ VSHFWDFXODU DQG SURYLGH IRU D IDQWDVWLF SKRWR RSSRUWXQLW\ 2YHUQLJKW &DPSLQJ DW 6HVULHP &DPSVLWH RU VLPLODU 'D\V :LQGKRHN 1DPLELD :H WUDYHO EDFN WR :LQGKRHN 7KH DIWHUQRRQ FDQ EH VSHQW DW OHLVXUH DQG GLQQHU FDQ EH HQMR\HG LQ RQH RI WKH PDQ\ IDEXORXV UHVWDXUDQWV LQ WKH FLW\ 7KH QH[W PRUQLQJ \RXU VDIDUL HQGV DIWHU EUHDNIDVW 2YHUQLJKW *XHVWKRXVH 7HUUD $IULFD RU VLPLODU

0HDOV LQFOXGHG RQ VDIDUL SUHSDUHG E\ JXLGH $FWLYLWLHV ,QFOXGHG Â&#x2021; :LQGKRHN FLW\ WRXU Â&#x2021; *DPH GULYHV LQ (WRVKD 1DWLRQDO 3DUN Â&#x2021; +LPED H[SHULHQFH Â&#x2021; 9LVLW WR (SXSD Â&#x2021; :DON LQ VHDUFK RI WKH GHVHUW HOHSKDQW Â&#x2021; 9LVLW WR 6SLW]NRSSH Â&#x2021; &DSH &URVV 6HDO &RORQ\ YLVLW Â&#x2021; 6HVULHP 6RVVXVYOHL Â&#x2021; $LUSRUW WUDQVIHUV -DQXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

'D\V 2SXZR WR (SXSD 1DPLELD 7KLV PRUQLQJ ZH FRQWLQXH QRUWK WR (SXSD ZKLFK IRUPV WKH ERUGHU ZLWK $QJROD :H YLVLW RQH RI WKH VPDOO +LPED YLOODJHV LQ WKH UHJLRQ WR OHDUQ DERXW WKH OLIH RI WKLV QRPDGLF WULEH :DWFKLQJ WKH VXUURXQGLQJ GHVHUW H[SORGH LQ FRORXUV DQG IDVFLQDWLQJ VKDGRZV GXULQJ VXQVHW ZKLOH RYHUORRNLQJ (SXSD )DOOV ZLOO EH WKH KLJKOLJKW RI WKH QH[W GD\ 2YHUQLJKW &DPSLQJ DW (SXSD &DPS RU VLPLODU 'D\ 3DOPZDJ 1DPLELD :H OHDYH WKH 1RUWKHUQ SDUW RI 1DPLELD DQG GULYH WR 3DOPZDJ VLWXDWHG

6287+ $)5,&$ 1$0,%,$ %276:$1$ =,0%$%:(

1257+(51 6287+(51

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² PLQG WKH UDSLGV WKRXJK 2YHUQLJKW )HOL[ 8QLWH &DPS 3URYHQDQFH RU VLPLODU 'D\ $L $LV DQG )LVK 5LYHU &DQ\RQ 1DPLELD 7RGD\ ZH KHDG WR $L $LV ZKHUH ZH VWRS IRU OXQFK +HUH WKHUPDO ZDWHU ULFK LQ VXOSKDWHV DQG IOXRULGHV DQG ZLWK D WHPSHUDWXUH RI

DSSUR[ & JXVKHV IRUWK IURP WKH VSULQJV :H WKHQ SURFHHG WR RXU DFFRPPRGDWLRQ ZKLFK LV VLWXDWHG FORVH WR WKH )LVK 5LYHU &DQ\RQ WKH VHFRQG ODUJHVW FDQ\RQ RQ HDUWK 2YHUQLJKW &DPSLQJ DW &DQRQ 9LOODJH RU VLPLODU 'D\V 6RVVXVYOHL 1DPLELD 0RYLQJ LQODQG ZH PDNH RXU ZD\ WRZDUGV WKH 1DPLE 1DXNOXIW 1DWLRQDO 3DUN 7KLV HYHQLQJ ZH HPEDUN RQ D ZLOG FDW ZDON DW WKH ORGJH 7KH QH[W PRUQLQJ ZH QHHG WR ZDNH XS HDUO\ WR YLVLW WKH ZRUOG·V KLJKHVW VDQG GXQHV DW 6RVVXVYOHL DQG 'HDGYOHL $W VXQULVH DQG VXQVHW WKHVH GXQHV ZKLFK FDQ UHDFK KHLJKWV RI RYHU P DUH DEVROXWHO\ VSHFWDFXODU DQG SURYLGH IRU D IDQWDVWLF SKRWR RSSRUWXQLW\ 2YHUQLJKW &DPSLQJ DW 6HVULHP &DPS RU VLPLODU 'D\V 1DPLE 1DXNOXIW 1DWLRQDO 3DUN WR 6ZDNRSPXQG 1DPLELD 7KH GD\ LV VSHQW GULYLQJ WKURXJK WKH 1DPLE 1DXNOXIW 1DWLRQDO 3DUN RQ RXU ZD\ WR 6ZDNRSPXQG ZKHUH \RX ZLOO KDYH WKH RSSRUWXQLW\ WR SDUWDNH LQ D IHZ RI WKH PDQ\ RSWLRQDO DFWLYLWLHV WKDW DUH RIIHUHG RYHU WKH QH[W WZR GD\V $OWHUQDWLYHO\ MXVW VRDN XS WKH DWPRVSKHUH RI WKLV OLWWOH TXDLQW *HUPDQ WRZQ DQG HQMR\ LWV EHDXW\ DQG EHDFKHV 2YHUQLJKW +RWHO $ /D 0HU RU VLPLODU

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Â·.ZD]L /RGJH DQG VSHQG D UHOD[LQJ DIWHUQRRQ DW RXU ORGJH RQ WKH EDQNV RI WKH .DYDQJR 5LYHU 2SWLRQDO DFWLYLWLHV VXFK DV KRUVH ULGLQJ RU D VXQVHW FUXLVH DUH DYDLODEOH DOWHUQDWLYHO\ MXVW UHOD[ E\ WKH SRRO ZLWK D VXQGRZQHU OLVWHQLQJ WR WKH VRXQGV RI 0RWKHU 1DWXUH 2YHUQLJKW &DPSLQJ DW 1Â·.ZD]L /RGJH RU VLPLODU 'D\V .DYDQJR 5LYHU WR 2NDYDQJR 'HOWD %RWVZDQD 7RGD\ ZH WUDYHO WR WKH 2NDYDQJR 'HOWD LQ %RWVZDQD 7KH QH[W GD\ LV VSHQW H[SORULQJ WKH QHWZRUN RI ZDWHU SDWKZD\V WKURXJK WKLFN YHJHWDWLRQ LQ PRNRURV WUDGLWLRQDO GXJRXW FDQRHV GLVFRYHULQJ D YDULHW\ RI ELUGV DQG ZLOGOLIH DQG ZLOO VWRS DW D VHFOXGHG LVODQG WR WDNH D Ãµ KRXU JXLGHG ZDON KRSLQJ WR VSRW HOHSKDQWV ZDWHUEXFN RU RWKHU DQLPDOV OLYLQJ LQ WKLV ZDWHU ILOOHG SDUDGLVH 2YHUQLJKW &DPSLQJ DW *XPD /DJRRQ &DPS RU VLPLODU

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

1257+(51 6287+(51

1RUWKHUQ ([SORUHU GHSDUWXUH GDWHV -DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

6RXWKHUQ ([SORUHU GHSDUWXUH GDWHV

'HSDUW

)HEUXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU *HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

5HWXUQ

6PDOO JURXS KDOI DFFRPPRGDWHG 6DIDUL VHPL SDUWLFLSDWLRQ [ %/' [ % [ %/ 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW =$5

6KRXOG \RXU WUDYHOOLQJ WLPH EH OLPLWHG EXW \RX GRQÂ·W ZDQW WR PLVV RXW RQ WKLV DGYHQWXUH ERRN RXU GD\ 1RUWKHUQ RU 6RXWKHUQ $GYHQWXUHU 6DIDUL 7KH 1RUWKHUQ 6NLHV VWDUWV LQ 6ZDNRSPXQG DQG HQGV LQ 9LFWRULD )DOOV 7KH 6RXWKHUQ $GYHQWXUHU 6DIDUL UXQV YLFH YHUVD ,WLQHUDU\ 'D\V 6ZDNRSPXQG 1DPLELD 'D\ &DSH &URVV 6HDO &RORQ\ %UDQGEHUJ 1DPLELD 'D\ 7Z\IHOIRQWHLQ +LPED 9LOODJH 1DPLELD 'D\V Â² (WRVKD 1DWLRQDO 3DUN 1DPLELD

'D\V .DYDQJR 5LYHU 1DPLELD 'D\V 2NDYDQJR 'HOWD %RWVZDQD 'D\ &DPS .ZDQGR 1DPLELD 'D\ &KREH 1DWLRQDO 3DUN %RWVZDQD 'D\V 9LFWRULD )DOOV =LPEDEZH

6287+ $)5,&$ %276:$1$ =,0%$%:(

%276:$1$ 81728&+(' 6PDOO JURXS &DPSLQJ 6DIDUL OLPLWHG SDUWLFLSDWLRQ [ %/' [ % [ %/ [ /' 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW =$5

*URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH

GD\V IURP -RKDQQHVEXUJ WR 9LFWRULD )DOOV ([SORUH %RWVZDQDÂ·V ILQHVW 1DWLRQDO 3DUNV GXULQJ WKLV GD\ VDIDUL 6WDUW \RXU WRXU E\ H[SHULHQFLQJ WKH 7XOL %ORFN .KDPD 5KLQR 6DQFWXDU\ DQG WKH 0DNJDGLNJDGL 3DQV 6HH JLUDIIH HOHSKDQW ]HEUD OLRQ DQG ZLOGHEHHVW LQ WKH 0RUHPL *DPH 5HVHUYH DQG .KZDL DUHD IURP \RXU RSHQ [ YHKLFOH 'LVFRYHU WKH 2NDYDQJR 'HOWD LQ WUDGLWLRQDO GXJ RXW FDQRHV DQG HQMR\ WKH &KREH 1DWLRQDO 3DUNÂ·V ZLOGOLIH RQ D ERDW FUXLVH RQ WKH &KREH 5LYHU 'D\ 2NDYDQJR 'HOWD .KZDL %RWVZDQD $IWHU EUHDNIDVW ZH ZLOO EH SLFNHG XS E\ RXU ORFDO %RWVZDQD JXLGHV DQG WDNH D VKRUW GULYH WR WKH PRNRUR VWDWLRQ )URP KHUH ZH ZLOO IORDW LQ GXJ RXW FDQRHV WKURXJK WKH WKLFN YHJHWDWLRQ RI WKH 2NDYDQJR 'HOWD GLVFRYHULQJ D YDULHW\ RI ELUGV DQG ZLOGOLIH $IWHU WKLV VSHFWDFXODU H[FXUVLRQ ZH PDNH RXU ZD\ WR RXU FDPS :H VHWWOH LQWR RXU FDPS HQMR\ GLQQHU DQG HPEDUN RQ D QLJKW JDPH GULYH Â² D IDQWDVWLF RSSRUWXQLW\ WR VSRW VRPH QRFWXUQDO DQLPDOV WKDW DUH PRUH GLIILFXOW WR HQFRXQWHU GXULQJ WKH GD\ 2YHUQLJKW .KZDL %HGRXLQ &DPS RU VLPLODU

0HDOV 0HDOV LQFOXGHG DUH SUHSDUHG E\ WKH JXLGH $FWLYLWLHV ,QFOXGHG Â&#x2021; *DPH GULYH LQ WKH 7XOL %ORFN Â&#x2021; .KDPD 5KLQR 6DQFWXDU\ JDPH GULYH Â&#x2021; 0DNJDGLNJDGL 3DQV Â&#x2021; *DPH GULYHV LQ 0RUHPL *DPH 5HVUYH .KZDL DUHD Â&#x2021; 6DYXWL *DPH 'ULYH Â&#x2021; 2NDYDQJR 'HOWD PRNRUR H[FXUVLRQ Â&#x2021; &KREH 1DWLRQDO 3DUN JDPH GULYH ERDW FUXLVH Â&#x2021; *XLGHG WRXU RI WKH 9LFWRULD )DOOV Â&#x2021; $LUSRUW WUDQVIHUV

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Â¶PXVW VHHÂ· IRU D %RWVZDQD 6DIDUL 2YHUQLJKW .KZDL %HGRXLQ &DPS RU VLPLODU

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

'D\ .XEX ,VODQG WR 0DXQ %RWVZDQD 7KLV PRUQLQJ ZH KHDG RII IRU 0DXQ WKH JDWHZD\ WR WKH 2NDYDQJR 'HOWD 7KH QDPH 0DXQ LV GHULYHG IURP WKH 6DQ ZRUG Â´PDXQJÂµ ZKLFK PHDQV Â´WKH SODFH RI VKRUW UHHGVÂµ 7KH DIWHUQRRQ LV \RXUV WR VSHQG DW OHLVXUH HLWKHU UHOD[LQJ QH[W WR WKH SRRO DW WKH ORGJH RU LI \RX DUH NHHQ IRU VRPH H[FLWHPHQW ZK\ QRW ERRN D VFHQLF IOLJKW RYHU WKH 2NDYDQJR 'HOWD 2YHUQLJKW &DPSLQJ DW &URF &DPS RU VLPLODU

-DQXDU\ )HEUXDU\ 0DUFK 0D\ -XQH $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

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

=,0%$%:(

9LFWRULD )DOOV

=,0%$%:( $QWHORSH 3DUN +ZDQJH 13

&KLQPDQLPDQL 13

*UHDW =LPEDEZH 5XLQV

0DWRSRV +LOOV

5( ',6&29(5 =,0%$%:(

6PDOO JURXS &DPSLQJ 6DIDUL VHPL SDUWLFLSDWLRQ [ %/' [ % 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH

GD\ &DPSLQJ 6DIDUL IURP WR 9LFWRULD )DOOV 9HQWXUH D OLWWOH IXUWKHU UH GLVFRYHU =LPEDEZH ([SORUH WKH ZLOGOLIH LQ +ZDQJH 1DWLRQDO 3DUN DQG VHH ZKDW WKH OHJHQGDU\ (DVWHUQ +LJKODQGV RI =LPEDEZH DUH UHDOO\ DERXW &RPELQH \RXU VDIDUL H[SHULHQFH ZLWK VRPH KLVWRU\ DQG YLVLW WKH *UHDW =LPEDEZH 5XLQV DQG WDNH WKH RSSRUWXQLW\ WR ZDON ZLWK OLRQV RU VZLP ZLWK HOHSKDQWV DW $QWHORSH 3DUN LQ *ZHUX /HW =LPEDEZHÂ·V :RUOG +HULWDJH 6LWHV VXUSULVH \RX DQG DZDNHQ \RXU SDVVLRQ IRU $IULFD

0HDOV 0HDOV LQFOXGHG DUH LQ UHVWDXUDQWV VRPH SUHSDUHG E\ JXLGH

WKH (DVWHUQ +LJKODQGV RI WKH FRXQWU\ WKLV QDWLRQDO SDUN LV DQ DQFLHQW EDUULHU RI MDJJHG JUDQLWH URFN IRUPLQJ WKH ERUGHU ZLWK 0R]DPELTXH :H VSHQG WZR QLJKWV LQ WKLV SULVWLQH HQYLURQPHQW ZKHUH ZH ZLOO HQMR\ QDWXUH ZDONV WR WKH %ULGDO )DOOV DV ZHOO DV WKH RWKHU ZDWHUIDOOV DQG SRROV WKDW FRYHU WKH DUHD :LOGOLIH VSHFLHV IRXQG LQ WKH SDUN LQFOXGH HODQG VDEOH EXVKEXFN EOXH GXLNHU NOLSVSULQJHU DQG DQ RFFDVLRQDO OHRSDUG 2YHUQLJKW &DPSLQJ DW &KLPDQLQPDQL RU VLPLODU

$FWLYLWLHV ,QFOXGHG Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

$LUSRUW WUDQVIHUV 9LVLW WR 9LFWRULD )DOOV 0DWRSRV 9LVLW WR *UHDW =LPEDEZH 5XLQV &KLPDQLPDQL 1DWLRQDO 3DUN $QWHORSH 3DUN 9LVLW WR WKH 3DLQWHG 'RJV &HQWUH *DPH GULYHV LQ +ZDQJH 1DWLRQDO 3DUN

0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU

'HSDUW

5HWXUQ

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Â·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Â·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Â·V /DNH 9LHZ 5HVRUW RU VLPLODU

'D\V *UHDW =LPEDEZH WR &KLPDQLPDQL 1DWLRQDO 3DUN =LPEDEZH 7RGD\ ZH PDNH RXU ZD\ WR &KLPDQLPDQL 1DWLRQDO 3DUN 6LWXDWHG ZLWKLQ

'D\V +ZDQJH 1DWLRQDO 3DUN WR 9LFWRULD )DOOV =LPEDEZH 7KH ODVW GD\ RI RXU VDIDUL LV VSHQW LQ 9LFWRULD )DOOV 7KHUH LV WLPH WR SDUWDNH LQ RQH RI WKH QXPHURXV DFWLYLWLHV RQ RIIHU GR VRPH ODVW PLQXWH FXULR VKRSSLQJ RU VLPSO\ UHOD[ DW WKH ORGJH D SHUIHFW HQGLQJ WR DQ DGYHQWXUH ILOOHG VDIDUL <RXU VDIDUL HQGV WKH QH[W GD\ DIWHU EUHDNIDVW 2YHUQLJKW /RNXWKXOD /RGJHV RU VLPLODU

=,0%$%:( 02=$0%,48( 6287+ $)5,&$ 9LFWRULD )DOOV

=,0%$%:( 0XWDUH

02=$0%,48(

+ZDQJH 13 0DWRSRV 13

*UHDW =LPEDEZH 5XLQV

%XODZD\R

.UXJHU 13

0DVVLQJLU

9LODQFXORV

,QKDPEDQH

-RKDQQHVEXUJ

6287+ $)5,&$

%($&+ :,/'/,)( GD\ DGYHQWXUH VDIDUL IURP 9LFWRULD )DOOV WR -RKDQQHVEXUJ WKURXJK =LPEDEZH 0R]DPELTXH DQG 6RXWK $IULFD (PEDUN RQ \RXU RZQ $IULFDQ DGYHQWXUH DV \RX WUDYHO LQ D [ VDIDUL YHKLFOH WKURXJK =LPEDEZH 0R]DPELTXH DQG 6RXWK $IULFD 7KLV VDIDUL KDV WKH SHUIHFW PL[ RI DGYHQWXUH DQG OHLVXUH DV \RX WDNH LQ EHDXWLIXO EHDFKHV FDSWLYDWLQJ ZLOGOLIH DQG IDVFLQDWLQJ FXOWXUHV )URP WKH ZRUOG UHQRZQHG 9LFWRULD )DOOV \RX ZLOO YLVLW ZLOG DQG UHPRWH QDWLRQDO SDUNV 0R]DPELTXHÂ·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Â·V ILQHVW KDYHQV IRU ZLOGOLIH DQG LV KRPH WR YDVW KHUGV RI HOHSKDQW EXIIDOR DQG ]HEUD DQG KDV D YHU\ ODUJH FRQFHQWUDWLRQ RI JLUDIIH ,W LV DOVR KRPH WR PDQ\ SUHGDWRUV DQG HQGDQJHUHG VSHFLHV SOXV YHU\ ODUJH DQG YDULHG ELUGOLIH 7KH ZKROH RI WKH QH[W GD\ LV VSHQW H[SORULQJ WKLV PDJQLILFHQW DUHD 2YHUQLJKW &DPSLQJ DW ,YRU\ /RGJH RU VPLOLDU

'D\V 9LODQFXORXV WR ,QKDPEDQH 0R]DPELTXH $IWHU EUHDNIDVW ZH GULYH DORQJ WKH FRDVW YLD WKH VOHHS\ DQG QHDW WRZQ RI ,QKDPEDQH ZKHUH JUDFHIXO GKRZV RQ WKH XVXDOO\ WUDQTXLO ZDWHU DUH RQH RI WKH PRVW REYLRXV IHDWXUHV :H FRQWLQXH WKURXJK D FRFRQXW JURYH WR RXU VWRS IRU WKH QH[W WZR QLJKWV Â² 7RIR +LVWRULFDOO\ D VPDOO FRDVWDO ILVKLQJ YLOODJH LW LV QRZ SRSXODU IRU LWV GHVHUWHG NP ORQJ EHDFK 2YHUQLJKW &DPSLQJ DW %DPERR]L %HDFK /RGJH RU VLPLODU

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Â·V /DNH 9LHZ 5HVRUW RU VLPLODU 'D\ *UHDW =LPEDEZH WR 0XWDUH =LPEDEZH 7RGD\ ZH OHDYH *UHDW =LPEDEZH DQG GULYH WR 0XWDUH /RFDWHG KLJK LQ WKH PRXQWDLQV RI WKH (DVWHUQ +LJKODQGV 0XWDUH LV RQ WKH ERUGHU RI 0R]DPELTXH DQG LV =LPEDEZHÂ·V JDWHZD\ WR WKH VHD ,Q WKLV DUHD NQRZQ DV WKH (DVWHUQ +LJKODQGV RQH HQMR\V ULJRURXV PRXQWDLQ WHUUDLQ DQG OXVK JUHHQ IRUHVWV :KLOH VLJKWVHHLQJ LQ WKH DUHD \RXÂ·OO ILQG RXWVWDQGLQJ YLHZV DQG UXVKLQJ PRXQWDLQ VWUHDPV WHDPLQJ ZLWK IUHVK PRXQWDLQ WURXW 2YHUQLJKW ,QQ RQ WKH 9XPED RU VLPLODU 'D\V 0XWDUH WR 9LODQFXORXV 0R]DPELTXH :H KDYH WR JHW XS HDUO\ DV WRGD\ LV WKH ORQJHVW GULYH RQ RXU VDIDUL :H FURVV WKH ERUGHU LQWR 0R]DPELTXH DQG KHDG VRXWKZDUGV WR WKH FRDVWDO WRZQ RI 9LODQFXORXV ZKLFK LV WKH JDWHZD\ WR WKH %D]DUXWR $UFKLSHODJR 7KH YLOODJH 9LODQFXORXV LV FORVH WR WKH EHDFK DQG MXVW DERXW KDOIZD\ EHWZHHQ 0DSXWR DQG %HLUD +HUH \RXÂ·OO ILQG EX]]LQJ PDUNHWV UHVWDXUDQWV SXEOLF SKRQHV EDQNV DQG TXDLQW VXSHUPDUNHWV 7KH QH[W GD\ LV DW OHLVXUH WR H[SORUH WKH YLOODJH RU MXVW WR UHOD[ RQ WKH EHDFK 2YHUQLJKW %OXH :DWHUV %HDFK 5HVRUW RU VLPLODU

6PDOO JURXS KDOI DFFRPPRGDWHG 6DIDUL VHPL SDUWLFLSDWLRQ [ %/' [ % [ %/ 86 6LQJOH 6XSSOHPHQW 86 /RFDO 3D\PHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH 0HDOV 6RPH PHDOV LQ UHVWDXUDQWV RWKHUV SUHSDUHG E\ JXLGH $FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHUV Â&#x2021; *XLGHG WRXU RI WKH 9LFWRULD )DOOV Â&#x2021; *DPH YLHZLQJ LQ +ZDQJH 1DWLRQDO 3DUN 3DLQWHG 'RJV &HQWUH Â&#x2021; 6FHQLF KLOOV LQ WKH 0DWRSRV DUHD Â&#x2021; *UHDW =LPEDEZH 5XLQV Â&#x2021; (DVWHUQ +LJKODQGV Â&#x2021; %HDFKHV RI 9LODQFXORXV DQG ,QKDPEDQH Â&#x2021; 0DVVLQJLU 'DP DQG /LPSRSR 7UDQVIURQWLHU 1DWLRQDO 3DUN Â&#x2021; *DPH GULYHV LQ .UXJHU 1DWLRQDO 3DUN $SULO 0D\ -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU

'D\ ,QKDPEDQH WR 0DVVLQJLU 0R]DPELTXH :H OHDYH WKH 0R]DPELTXH FRDVWOLQH SDUDGLVH EHKLQG XV DQG GULYH LQ D QRUWK ZHVWHUO\ GLUHFWLRQ WRZDUGV 0DVVLQJLU :H VHW XS FDPS FORVH WR WKH 0DVVLQJLU 'DP 2YHUQLJKW $OEXIHLUD &DPS RU VLPLODU

'HSDUW

5HWXUQ

*XDUDQWHHG 'HSDUWXUH 'DWHV

'D\V 0DVVLQJLU WR .UXJHU 1DWLRQDO 3DUN 6RXWK $IULFD $Q HDUO\ PRUQLQJ JHWDZD\ WDNHV XV EDFN LQWR 6RXWK $IULFD WKURXJK WKH *LUL\RQGR JDWH LQWR WKH ZRUOG UHQRZQHG .UXJHU 1DWLRQDO 3DUN 6RXWK $IULFDÂ·V PRVW IDPRXV DQG ELJJHVW JDPH UHVHUYH 7KH IROORZLQJ GD\ ZH GHSDUW WKH FDPS DW VXQULVH IRU D IXOO GD\ RI JDPH YLHZLQJ LQ WKH SDUN ZLWK WKH FKDQFH RI VSRWWLQJ WKH Â¶%LJ Â· ZKLOVW PDNLQJ RXU ZD\ WR RQH RI WKH VRXWKHUQ FDPSV 2YHUQLJKW /HWDED 6NXNX]D &DPS RU VLPLODU 'D\ .UXJHU 1DWLRQDO 3DUN WR -RKDQQHVEXUJ 6RXWK $IULFD 7RGD\ LV RXU ODVW GD\ RI WKLV LQFUHGLEOH VDIDUL :H DUULYH LQ -RKDQQHVEXUJ ODWH DIWHUQRRQ 2YHUQLJKW 6DIDUL &OXE RU VLPLODU 'D\ -RKDQQHVEXUJ (QG RI 7RXU 6RXWK $IULFD 7KH WRXU HQGV DIWHU EUHDNIDVW WKLV PRUQLQJ ZKHQ \RXU JXLGH ZLOO ELG \RX IDUHZHOO :H KRSH WR ZHOFRPH \RX RQ RQH RI RXU DGYHQWXUHV DJDLQ VRRQ

$1*2/$ 1$0,%,$ %DLD GDV 3LSDV

2VKLNDQJR

6PDOO JURXS &DPSLQJ ([SHGLWLRQ VHPL SDUWLFLSDWLRQ [ %/' [ %/ [ % 86 6LQJOH 6XSSOHPHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV 0HDOV LQFOXGHG RQ H[SHGLWLRQ SUHSDUHG E\ JXLGH

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Â«

$FWLYLWLHV ,QFOXGHG Â&#x2021; [ GULYLQJ WKURXJKRXW WKH WRXU Â&#x2021; &KHHWDK 7RXU Â&#x2021; 9LVLW RI D +LPED 9LOODJH Â&#x2021; Ãµ GD\V JDPH YLHZLQJ LQ (WRVKD 1DWLRQDO 3DUN Â&#x2021; $LUSRUW WUDQVIHUV 0D\ -XQH -XO\ 2FWREHU

'HSDUW

'D\ ,RQD 1DWLRQDO 3DUN YLD (VSLQKHLUD

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

5HWXUQ

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

'D\V ,RQD 1DWLRQDO 3DUN $QJROD 7RGD\ LV D ORQJ DQG VORZ GULYH ZLWK VRPH H[FLWLQJ [ GULYLQJ 7KH VFHQHU\ FKDQJHV GUDPDWLFDOO\ IURP 0RSDQH IRUHVWV WR ODUJH RSHQ SODLQV 7KHUH DUH PRUH RSSRUWXQLWLHV WR H[SHULHQFH WLPH ZLWK +LPED SHRSOH ORRN DW VRPH LQWHUHVWLQJ URFN IRUPDWLRQV 2YHUQLJKW %XVK FDPSLQJ

'D\ )ODPLQJR /RGJH WR %DLD GDV 3LSDV 9LD 1DPLEH $QJROD 'HSDUWLQJ IURP )ODPLQJR /RGJH ZH WDNH D GULYH LQWR WKH QHDUE\ FDQ\RQ WR KLNH H[SORUH Â²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Â²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

0$'$*$6&$5 3$&.$*(6 72856 7$,/25 0$'( 75$9(/ ZZZ WUDYHO PDGDJDVFDU FRP 3KRWRJUDSK 'RQ 3LQQRFN

0DGDJDVFDU LV WUXO\ DQ H[FLWLQJ DQG DGYHQWXURXV GHVWLQDWLRQ &KRRVH IURP RQH RI RXU VSHFLDOLVHG SDFNDJHV RU WHOO XV \RXU KROLGD\ LGHDOV DQG DOORZ XV WR EXLOG \RXU GUHDP JHWDZD\ 'KRZ 6DIDULV &XOWXUDO 7RXUV %HDFK 3DFNDJHV )LVKLQJ 3DFNDJHV /HPXU 7RXUV ,VODQG +RSSLQJ DQG 'LYLQJ 3DFNDJHV

7RS UHDVRQV WR YLVLW 0DGDJDVFDU Â&#x2021;

7DNH SDUW LQ DGYHQWXURXV DFWLYLWLHV OLNH VXUILQJ GLYLQJ VQRUNHOOLQJ NLWH VXUILQJ ND\DNLQJ GKRZ WULSV KLNLQJ ILVKLQJ ELUG ZDWFKLQJ DQG HYHQ VHDVRQDO ZKDOH ZDWFKLQJ

Â&#x2021;

RI WKH DQLPDOV RQ 0DGDJDVFDU DUH IRXQG QRZKHUH HOVH LQ WKH ZRUOG

Â&#x2021;

7KHUH DUH RYHU GLIIHUHQW VSHFLHV RI OHPXUV DORQH WKH VPDOOHVW EHLQJ WKH PRXVH OHPXU DERXW WKH VL]H RI D ILVW DQG WKH ODUJHVW EHLQJ WKH ,QGUL DERXW KDOI WKH VL]H RI D FKLPSDQ]HH

Â&#x2021;

6HYHQ RI WKH ZRUOGÂ·V HLJKW VSHFLHV RI EDREDE DUH IRXQG RQ WKH LVODQG DQG WR GDWH RYHU VSHFLHV RI RUFKLGV 9LVLW %DREDE $OOH\ LQ 0RURQGDYD WR VHH WKHVH JLDQWV RI WKH IORUDO NLQJGRP

Â&#x2021;

(QMR\ WKH ULFK FXOWXUDO KHULWDJH DQG KLVWRU\ ZLWK IDVFLQDWLQJ DQG XQXVXDO WULEHV

0$'$*$6&$5

MADAGASCAR Antananarivo

Andasibe NP

Antisirabe Fianarantsoa Ifaty Tulear

Ranomafana NP

Isalo NP

6PDOO JURXS /RGJH RU SULYDWH WRXU QR SDUWLFLSDWLRQ [ % FOLHQWV 86 FOLHQWV 86 6LQJOH 6XSSOHPHQW 86 )XUWKHU GLVFRXQWV IRU ODUJHU JURXSV 6XUFKDUJH IRU XS PDUNHW DFFRPPRGDWLRQ 86 6LQJOH 6XSSOHPHQW 86

9,(:6 2) GD\V IURP DQG WR $QWDQDQDULYR 7KLV LV DQ LVODQG ZDLWLQJ WR EH H[SORUHG 'LVFRYHU WKH EHVW RI 0DGDJDVFDU LQ WKLV IDVFLQDWLQJ HOHYHQ GD\ WRXU ZLWK OHPXUV FRORXUIXO WULEHV WURSLFDO EHDFKHV EXVWOLQJ PDUNHWV DQG HYHU FKDQJLQJ VFHQHU\ %HJLQ \RXU DGYHQWXUH LQ 7DQD DQG WUDYHO WKURXJK XQVSRLOW QDWXUH WKH GHQVH IRUHVWV RI $QGDVLEH WKH HURGHG KLOOV RI $QWVLUDEH )LDQDUDQWVRD ,VDOR 1DWLRQDO 3DUN ,IDW\ DQG 7XOHDU

*URXS 6L]H 0LQLPXP 0D[LPXP 0LQLPXP RQ VFKHGXOHG GHSDUWXUHV

0HDOV %UHDNIDVWV LQFOXGHG ZKLOVW RQ WRXU $FWLYLWLHV ,QFOXGHG Â&#x2021; $QGDVLEH QLJKW ZDON Â&#x2021; 9LVLW WR 1DWXUDO 5HVHUYH RI $QGDVLEH Â&#x2021; 9LVLW WR /HPXU ,VODQG Â&#x2021; 9LVLW WR 5DQRPDIDQD 1DWLRQDO 3DUN Â&#x2021; 9LVLW WR SDSHU IDFWRU\ DQG ZLQH LQGXVWU\ Â&#x2021; 9LVLW RI $QMD 3ULYDWH 5HVHUYH Â&#x2021; +LNH LQ ,VDOR 1DWLRQDO 3DUN Â&#x2021; $LUSRUW WUDQVIHUV 3ULYDWH GHSDUWXUHV HYHU\ GD\ RI WKH ZHHN RU RQ WKH IROORZLQJ VFKHGXOHG GHSDUWXUHV ZLWK D PLQLPXP RI WUDYHOOHUV 6WDQGDUG $FFRPPRGDWLRQ 'HSDUW $SULO 0D\ -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU

5HWXUQ

8SJUDGHG $FFRPRGDWLRQ $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU

'HSDUW

5HWXUQ

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Â·V ZRRG FDUYLQJ LQGXVWU\ $PERVLWUD EHIRUH WDNLQJ D WXUQ RII IURP WKH PDLQ URDG WR UHDFK RXU GHVWLQDWLRQ IRU WKH GD\ 5DQRPDIDQD 1DWLRQDO 3DUN 2YHUQLJKW &HQWUHVW RU VLPLODU 'D\ 5DQRPDIDQD 1DWLRQDO 3DUN 0DGDJDVFDU 3DUF 1DWLRQDO GH 5DQRPDIDQD ZLWK LWV UDLQ IRUHVWHG KLOOV DQG DEXQGDQW ZLOGOLIH KDV ORQJ EHHQ FRQVLGHUHG RQH RI 0DGDJDVFDUÂ·V KLJKOLJKWV DQG LV RQH RI WKH PRVW KHDYLO\ YLVLWHG RI WKH FRXQWU\Â·V QDWLRQDO SDUNV <RX ZLOO JR IRU ZDONV LQ WKH 1DWLRQDO 3DUN IRU VHYHUDO KRXUV VSRWWLQJ VRPH RI WKH HQGHPLF OHPXUV FKDPHOHRQV ELUGV DQG UHSWLOHV 2YHUQLJKW &HQWUHVW RU VLPLODU 'D\ )LDQDUDQWVRD WR ,VDOR 0DGDJDVFDU )LDQDUDQWVRD LV WKH JDWH WR WKH 6RXWK DQG WKH FDSLWDO RI WKH %HWVLOHR WULEHV 2XU QH[W VWRS LV DW $PEDODYDR WR YLVLW D ZLQH LQGXVWU\ IRU ZLQH WDVWLQJ 6WLOO LQ $PEDODYDR ZH YLVLW WKH Â¶$QWHLPRUR 3DSHU )DFWRU\Â· D YHVWLJH RI WKH $UDELDQ FLYLOLVDWLRQ LQ WKH LVODQG :H DUULYH LQ ,VDOR ODWH LQ WKH DIWHUQRRQ 2YHUQLJKW ,VDOR 5DQFK RU VLPLODU 'D\ ,VDOR 0DGDJDVFDU 9LVLW WR ,VDOR 1DWLRQDO 3DUN 7KH SDUN FRYHUV DQ DUHD RI KD FRPSULVLQJ RI WKH HQWLUH VWUHWFK RI WKH ,VDOR PDVVLI 7KLV KXJH PRXQWDLQ LV YHU\ VSHFWDFXODU ZLWK LWV HURGHG VDQGVWRQH PRXQWDLQ $IWHU D PLQXWH GULYH IURP 5DQRKLUD YLOODJH ZH SDUN RXU FDU DQG ZDON DERXW Ãµ KRXUV WR UHDFK WKH 1DWXUDO 6ZLPPLQJ 3RRO 2YHUQLJKW ,VDOR 5DQFK RU VLPLODU 'D\ ,VDOR WR ,IDW\ 0DGDJDVFDU 7KH GULYH WR 7XOHDU EULQJV XV QHZ VFHQHU\ DPRQJ WKH GU\ IRUHVWV RI WKH ZHVW DQG WKH VSLQ\ GHVHUW RI WKH VRXWK 2Q WKH ZD\ ZH DGPLUH WKH GLIIHUHQW Â¶0DKDIDO\ WRPEVÂ· DQG WKH Â¶$QWDQGUR\ WRPEVÂ· $IWHU D VKRUW YLVLW RI 7XOpDU ZH KHDG IRU ,IDW\ 2YHUQLJKW +RWHO GH OD 3ODJH RU VLPLODU

'D\ ,IDW\ 0DGDJDVFDU ,IDW\ OLHV RQ WKH EHDFK LW LV DQ LGHDO SODFH IRU GLYLQJ DQG VQRUNHOOLQJ DQG D SRSXODU SODFH IRU ELUGZDWFKHUV +HUH \RX FDQ DOVR H[SHULHQFH WKH 9H]R )LVKHUPHQÂ·V OLIH 0DQ\ H[FXUVLRQV DUH SRVVLEOH 2YHUQLJKW +RWHO GH OD 3ODJH RU VLPLODU 'D\ ,IDW\ WR 7XOHDU WR $QWDQDQDULYR 0DGDJDVFDU (DUO\ LQ WKH PRUQLQJ DURXQG K ZH WUDQVIHU WR WKH DLUSRUW IRU WKH IOLJKW EDFN WR 7DQD 7UDQVIHU WR WKH KRWHO ZLWK \RXU DIWHUQRRQ IUHH 2YHUQLJKW 5HVLGHQFH /DSDVRD RU VLPLODU 'D\ $QWDQDQDULYR 0DGDJDVFDU 7UDQVIHU WR WKH DLUSRUW IRU \RXU RQZDUG IOLJKW

0$'$*$6&$5

02521'$9$

0RURQGDYD

GD\V IURP DQG WR $QWDQDQDULYR 0DGDJDVFDU KDV VHYHQ GLIIHUHQW %DREDE VSHFLHV Â² YLVLW WKH ZRUOG IDPRXV %DREDE DOOH\ WR PDUYHO DW VRPH RI WKHVH JLDQW WUHH VSHFLHV (QMR\ D YLVLW WR WKH .LULQG\ 5HVHUYH ZKHUH \RX KDYH WKH RSSRUWXQLW\ WR VHH GLIIHUHQW OHPXU VSHFLHV %RRN WKLV SDFNDJH DV DQ DGG RQ WR \RXU URXQG WULS RU D FRPELQDWLRQ ZLWK \RXU EHDFK KROLGD\ 'D\ $QWDQDQDULYR Â² 0RURQGDYD 0DGDJDVFDU <RX ZLOO EH WUDQVIHUUHG WR WKH DLUSRUW IRU \RXU IOLJKW WR 0RURQGDYD ZKHUH \RX ZLOO EH PHW DQG WUDQVIHUUHG WR WKH FLW\ 0RURQGDYD LV VLWXDWHG LQ WKH KHDUW RI 6DNDODYD WHUULWRU\ DQG LV NQRZQ IRU WKH UR\DO VFXOSWHG WRPEV RI WKH 0HQDEH DQFHVWRUV 7KHVH WRPEV DUH IUHTXHQWO\ GHFRUDWHG ZLWK ZHOO H[HFXWHG RIWHQ HURWLF IXQHUDU\ FDUYLQJV UHSUHVHQWLQJ OLIH DQG IHUWLOLW\ 2YHUQLJKW +RWHO 5HQDOD DX 6DEOH GÂ·2U RU VLPLODU

'D\ 0RURQGDYD $QWDQDQDULYR 0DGDJDVFDU 7RGD\ \RX ZLOO EH WUDQVIHUUHG WR WKH DLUSRUW IRU \RXU IOLJKW EDFN WR

6PDOO *URXS /RGJH 7RXU QR SDUWLFLSDWLRQ [ % FOLHQWV 86 FOLHQWV 86 6LQJOH 6XSSOHPHQW 86 )XUWKHU GLVFRXQWV IRU ODUJHU JURXSV *URXS 6L]H 0LQLPXP 0D[LPXP

'D\ 0RURQGDYD Â² .LULQG\ Â² 0RURQGDYD 0DGDJDVFDU 7RGD\ ZH VHW RXW IRU D GD\ H[FXUVLRQ WR WKH .LULQG\ UHVHUYH ZKHUH \RX ZLOO KDYH WKH FKDQFH WR VHH VSHFLHV RI OHPXUV LQFOXGLQJ WKH IDW WDLOHG OHPXU DQG WKH WLQ\ 3\JP\ 0RXVH OHPXU EHOLHYHG WR EH WKH ZRUOGÂ·V VPDOOHVW SULPDWH 2Q RXU ZD\ EDFN WR 0RURQGDYD ZH ZLOO VWRS WR DGPLUH WKH EHDXW\ RI WKH IDPRXV %DREDE $YHQXH DW LWV EHVW WLPH Â² 6XQVHW 2YHUQLJKW +RWHO 5HQDOD DX 6DEOH GÂ·2U RU VLPLODU 'D\ 0RURQGDYD 0DGDJDVFDU 7KLV GD\ LV VSHQW DW OHLVXUH 2YHUQLJKW +RWHO 5HQDOD DX 6DEOH GÂ·2U RU VLPLODU

.LULQG\ 5HVHUYH

0HDOV %UHDNIDVW LQFOXGHG

$QWDQDQDULYR ZKHUH \RX ZLOO EH PHW DQG WUDQVIHUUHG WR WKH FLW\ 2YHUQLJKW 5HVLGHQFH /DSDVRD RU VLPLODU 'D\ $QWDQDQDULYR 7RXU HQGV 0DGDJDVFDU $IWHU EUHDNIDVW \RX ZLOO EH WUDQVIHUUHG WR WKH DLUSRUW IRU \RXU IOLJKW EDFN KRPH :H KRSH WR ZHOFRPH \RX LQ 0DGDJDVFDU DJDLQ YHU\ VRRQ

$FWLYLWLHV ,QFOXGHG Â&#x2021; 9LVLW WR .LULQG\ 5HVHUYH Â&#x2021; 9LVLW WR %DREDE $OOH\ Â&#x2021; $LUSRUW WUDQVIHUV 'DLO\ VXEMHFW WR DYDLODELOLW\

7XOHDU

1RV\ 9H

$QDNDR

$PEROD

6287+(51

7VLPDQDPSHWVRWVD 13 $PEROD

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Â·$PEROD RU VLPLODU 'D\ /DNH 7VLPDQDPSHWVRWVD 1DWLRQDO 3DUN 0DGDJDVFDU 7RGD\ ZH VHW RXW IRU D GD\ H[FXUVLRQ WR WKH 7VLPDQDPSHWVRWVD 1DWLRQDO 3DUN ZKHUH \RX ZLOO KDYH WKH FKDQFH WR VHH WZR RI WKH IRXU VSHFLHV RI OHPXUV WKH YHU\ UDUH *UDQGLGLHUÂ·V PRQJRRVH DQG RWKHU DQLPDOV KRZHYHU PRVW IDPRXVO\ WKH FRORQ\ RI *UHDWHU )ODPLQJRHV 2YHUQLJKW 'RPDLQH GÂ·$PEROD RU VLPLODU 'D\ $QDNDR 0DGDJDVFDU 7KLV GD\ VHHV \RX WUDQVIHU WR $QDNDR Â² D SUHWW\ 9H]R ILVKLQJ YLOODJH ZLWK EHDXWLIXO EHDFKHV 6SHQG \RXU GD\ KHUH DW OHLVXUH 6RDN XS WKH VXQ DQG HQMR\ WKH SULVWLQH ZKLWH EHDFKHV 2YHUQLJKW 3ULQFH $QDNDR RU VLPLODU 'D\ ([FXUVLRQ WR 1RV\ 9H 0DGDJDVFDU 7RGD\ \RX ZLOO YLVLW WKH WUDQTXLO LVODQG RI 1RV\ 9H D VDFUHG ORFDWLRQ WR WKH 9H]R SHRSOH ZKHUH HDFK \HDU ORFDOV VDFULILFH ]HEX DFFRUGLQJ WR WUDGLWLRQDO ULWXDOV :LWK H[FHOOHQW VLJKWLQJV RI WKHVH ELUGV FRXSOHG

ZLWK VWXQQLQJ ZKLWH EHDFKHV DQG H[FHOOHQW VQRUNHOOLQJ WKLV LVODQG YLVLW ZLOO EH D KLJKOLJKW RI \RXU WRXU 2YHUQLJKW 3ULQFH $QDNDR RU VLPLODU

6PDOO JURXS /RGJH 7RXU QR SDUWLFLSDWLRQ [ % [ %' FOLHQWV 86 FOLHQWV 86 6LQJOH 6XSSOHPHQW 86 )XUWKHU GLVFRXQWV IRU ODUJHU JURXSV

'D\ $QDNDR WR 7XOHDU WR $QWDQDQDULYR 0DGDJDVFDU $IWHU EUHDNIDVW \RX ZLOO EH WUDQVIHUUHG E\ ERDW WR 7XOHDU DQG WKHQ RQWR WKH DLUSRUW IRU \RXU IOLJKW EDFN WR $QWDQDQDULYR

*URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV %UHDNIDVW DQG VRPH GLQQHUV LQFOXGHG $FWLYLWLHV ,QFOXGHG Â&#x2021; %RDW WUDQVIHU WR $PEROD Â&#x2021; 'D\ H[FXUVLRQ WR 7VLPDQDPSHWVRWVD 1DWLRQDO 3DUN Â&#x2021; ([FXUVLRQ WR 1RV\ 9H Â&#x2021; $LUSRUW WUDQVIHU RQ 'D\ 'HSDUWV GDLO\ VXEMHFW WR DYDLODELOLW\

0$'$*$6&$5 6WDQGDUG /RGJH %HDFK 3DFNDJH DW 9DQLYROD [ % [ %' 86 6LQJOH 6XSSOHPHQW 86 8S PDUNHW /RGJH %HDFK 3DFNDJH DW 3ULQFHVV %RUD /RGJH [ % [ %' )URP 86 6LQJOH 6XSSOHPHQW IURP 86

*URXS 6L]H 0LQLPXP QR PD[LPXP 0HDOV %UHDNIDVWV DQG ILYH GLQQHUV DUH LQFOXGHG 'HSDUWV HYHU\ GD\ RI WKH ZHHN GHSHQGLQJ RQ IOLJKW DYDLODELOLW\

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

/RGJH %HDFK 3DFNDJH [ % )URP 86 6LQJOH 6XSSOHPHQW IURP 86 *URXS 6L]H 0LQLPXP QR PD[LPXP 0HDOV %UHDNIDVWV LQFOXGHG 'HSDUWV GDLO\ VXEMHFW WR DYDLODELOLW\

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

'D\V 1RV\ %H 0DGDJDVFDU $V RQH RI WKH PRVW SRSXODU GHVWLQDWLRQV LQ 0DGDJDVFDU 1RV\ %H KDV PXFK WR RIIHU EHDXWLIXO EHDFKHV YLHZV IURP WKH SHDN RI 0RQW 3DVVRW VFXED GLYLQJ DQG DQ <ODQJ <ODQJ GLVWLOOHU\ WR QDPH MXVW D IHZ ([FXUVLRQV DUH RIIHUHG WR WKH VPDOOHU VXUURXQGLQJ LVODQGV RII 1RV\ %H VXFK DV 1RV\ .RPED ZLWK D FKDQFH WR YLHZ WKH VHPL WDPH %ODFN /HPXUV 1RV\ 7DQLNHO\ WR H[SHULHQFH H[FHSWLRQDO VQRUNHOOLQJ

DQG VFXED GLYLQJ RII WKH LVODQG RI 1RV\ 6DNDWLD $OO H[FXUVLRQV DUH ERRNHG LQ \RXU RZQ WLPH DQG DUH WR \RXU RZQ H[SHQVH 2YHUQLJKW 9DQLOD +RWHO RU VLPLODU 'D\ 1RV\ %H Â² $QWDQDQDULYR 0DGDJDVFDU $IWHU D OHLVXUHO\ EUHDNIDVW WUDQVIHU WR WKH DLUSRUW IRU \RXU GHSDUWLQJ IOLJKW WR $QWDQDQDULYR 8SRQ DUULYDO \RX ZLOO EH PHW DW WKH DLUSRUW DQG WUDQVIHUUHG WR \RXU KRWHO 2YHUQLJKW ,& +RWHO RU VLPLODU 'D\ $QWDQDQDULYR 7RXU HQGV 0DGDJDVFDU $IWHU EUHDNIDVW ZH ZLOO WUDQVIHU \RX EDFN WR $QWDQDQDULYR DLUSRUW ZKHUH \RX ZLOO FKHFN LQ IRU \RXU IOLJKW KRPH

0$'$*$6&$5 $QWDQDQDULYR

0DQDILDI\ %HDFK DQG 5DLQIRUHVW /RGJH

$QWDQGUR\ 6SLQ\ )RUHVW

0DQGUDUH 5LYHU &DPS

%$5()227 /8;85< 6287+(51 GD\V IURP $QWDQDQDULYR WR 0DQDILDI\ /RRNLQJ IRU VRPHWKLQJ YHU\ UHDO YHU\ WUXH DQG YHU\ UDUH" $W 0DQGUDUH 5LYHU OX[XU\ VHFOXGHG HQ VXLWH WHQWV DIIRUG LQWLPDWH DFFHVV DQG LQVLJKW WR WKH VSLQ\ IRUHVW KRPH WR DQ DEXQGDQFH RI XQLTXH ZLOGOLIH DQG WKH IDVFLQDWLQJ $QWDQGUR\ WULEH 6SDUNOLQJ EOXH VHDV YHUGDQW UDLQIRUHVWV DQG DEXQGDQW ZLOGOLIH RIIHU D WDVWH RI VHUHQLW\ DW 0DQDILDI\ &DPS ZKHUH \RXÂ·OO VSHQG WKH ODVW IRXU GD\V RI WKV LQWLPDWH DQG XS PDUNHW VDIDUL H[SHULHQFH LQ WKH VRXWK RI 0DGDJDVFDU

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

6PDOO JURXS /RGJH 3DFNDJH [ %/' [ % $SULO -XQH 1RY 'HF 86 6LQJOH 6XSSOHPHQW 86 -XQH Â² 1RY 'HF Â² -DQ 86 6LQJOH 6XSSOHPHQW 86 *URXS 6L]H 0LQLPXP 0D[LPXP

'D\ $UULYDO LQ $QWDQDQDULYR 0DGDJDVFDU 8SRQ DUULYDO LQ $QWDQDQDULYR 0DGDJDVFDUÂ·V FDSLWDO \RX ZLOO EH PHW DQG ZHOFRPHG E\ DQ (QJOLVK VSHDNLQJ JXLGH EHIRUH WUDQVIHUULQJ WR \RXU KRWHO LQ WKH FLW\ FHQWUH 2YHUQLJKW 3DYLOOLRQ GH OÂ·(P\UQH RU VLPLODU 'D\ $QWDQDQDULYR WR )RUW 'DXSKLQ 0DGDJDVFDU $IWHU EUHDNIDVW DW \RXU KRWHO \RX ZLOO EH WUDQVIHUUHG EDFN WR ,YDWR DLUSRUW IRU \RXU WZR KRXU IOLJKW WR )RUW 'DXSKLQ RQ WKH VRXWK HDVWHUQ FRDVW RI 0DGDJDVFDU 8SRQ DUULYDO \RX ZLOO EH PHW E\ \RXU JXLGH DQG ZLOO WDNH OXQFK LQ )RUW 'DXSKLQ EHIRUH GULYLQJ ZHVW WRZDUGV $QWDQGUR\ 6SLQ\ )RUHVW 7KH WKUHH KRXU MRXUQH\ RIIHUV D FRQWUDVW RI ODQGVFDSHV UDQJLQJ IURP WKH ULFH SDGGLHV RI WKH HDVWHUQ VHDERDUG RYHU WKH OXVK WURSLFDO SODWHDX WR WKH GULHU DULG UHJLRQ RI VLVDO SODQWDWLRQV DQG Â´VSLQ\ IRUHVWÂµ <RX ZLOO DUULYH DW \RXU OX[XU\ WHQWHG FDPS LQ WKH ODWH DIWHUQRRQ DOORZLQJ \RX WR VHWWOH LQWR \RXU DFFRPPRGDWLRQ DQG HQMR\ WKH EUHDWK WDNLQJ YLHZV DFURVV WKH 0DQGUDUH 5LYHU 2YHUQLJKW 0DQGUDUH 5LYHU &DPS

)RUW 'DXSKLQ

0HDOV )XOO ERDUG IURP 'D\V $FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHUV Â&#x2021; 9LVLW WR $QWDQGUR\ IRUHVW Â&#x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

'HSDUWV HYHU\ GD\ RI WKH ZHHN ZLWK D PLQLPXP RI

0$'$*$6&$5

Nosy Sakatia Ambatoloaka Nose Tanga

NOSY BE Hell-ville

Ambatoloaka Lokobe

Nosy Tany Kely

NOSY KOMBA

3ULYDWH ,VODQG +RSSLQJ /RGJH 3DFNDJH [ %/' [ % [ ' )URP 86 6LQJOH 6XSSOHPHQW IURP 86

0$'$*$6&$5

*URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV )XOO ERDUG ZLWK PHDOV LQ UHVWDXUDQWV $FWLYLWLHV ,QFOXGHG Â&#x2021; %HDFK SLFQLF DW 1RV\ 7DQLNHO\ 0DULQH 5HVHUYH Â&#x2021; 9LVLW WR /RNREH 5HVHUYH ZLWK WUDQVIHU LQ D WUDGLWLRQDO SLURJXH Â&#x2021; 6QRUNHOOLQJ GXULQJ \RXU VWD\ RQ WKH LVODQGV Â&#x2021; *XLGHG ZDON RQ 6DNDWLD ,VODQG Â&#x2021; 'D\WULS WR 1RV\ 7DQLNHO\ 1RV\ .RPED Â&#x2021; 'D\WULS WR /RNREH 5HVHUYH Â&#x2021; $LUSRUW WUDQVIHUV

GD\ 0DGDJDVFDU ,VODQG +RSSLQJ $Q LVODQG KRSSLQJ WRXU DURXQG 1RV\ %H DUFKLSHODJR YLVLWLQJ 1RV\ %H 1RV\ 6DNDWLD 1RV\ .RPED 1RV\ 7DQLNHO\ DQG /RNREH 5HVHUYH 'R \RX ZDQW WR H[SHULHQFH WKH FRPIRUW DQG KRVSLWDOLW\ RI 0DGDJDVFDUÂ·V QDWLRQ ZKLOH H[SORULQJ VRPH RI WKH PRVW GLYHUVH DQG SLFWXUHVTXH LVODQGV" 1RV\ %H DQG LWV VXUURXQGLQJV RIIHU WKH SHUIHFW EHDFK JHWDZD\ 6RDN XS 0DGDJDVFDUÂ·V VXQ RQ ZKLWH VDQG\ EHDFKHV VQRUNHO LQ WKH ZDUP ,QGLDQ 2FHDQ DQG OHW OHPXUV MXPS RQ \RXU VKRXOGHUV LQ 1RV\ .RPED /XVK UDLQ IRUHVW DZDLWV \RX LQ /RNREH 1DWXUH 5HVHUYH Â² WDNH D VWUROO DQG H[SHULHQFH WKH YDULHW\

'D\ 'D\ 7ULS WR /RNREH 1DWXUH 5HVHUYH 0DGDJDVFDU :H GHSDUW IRU WKH /RNREH 1DWXUH 5HVHUYH Â²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

'HSDUWV GDLO\ VXEMHFW WR DYDLODELOLW\

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

'D\V 1RV\ %H WR 6DNDWLD 2Q DUULYDO DW 1RV\ %H DLUSRUW \RX ZLOO EH PHW DQG WUDQVIHUUHG E\ WD[L WR &KDQW\ EHDFK DQG WKHQ E\ VSHHGERDW WR 6DNDWLD /RGJH ZKLFK LV VLWXDWHG RQ D VPDOO SULYDWH EHDFK 7KH QH[W WKUHH GD\V PD\ EH VSHQW VQRUNHOOLQJ H[SORULQJ WKH EHDFK DQG WKH VWXQQLQJ WURSLFDO JDUGHQ DV ZHOO DV ZDONLQJ RQ WKH LVODQG DQG JHQHUDOO\ UHOD[LQJ ZKLOVW VRDNLQJ XS WKH VDQG VHD DQG VXQ $ JXLGHG ZDON RI 6DNDWLD ,VODQG LV LQFOXGHG RQ GD\ DQG RQ GD\ D JXLGHG WRXU RI WKH LVODQGÂ·V FRDVWOLQH RQ D WUDGLWLRQDO SLURJXH LV LQFOXGHG DORQJ ZLWK D EHDFK OXQFK 2YHUQLJKW 6DNDWLD /RGJH Â² 2FHDQ %XQJDORZ RU VLPLODU 'D\ 6DNDWLD ,VODQG WR 1RV\ %H 0DGDJDVFDU $IWHU QLJKWV DW 6DNDWLD /RGJH \RX ZLOO WUDQVIHU WKH VKRUW KRS RYHU WKH RFHDQ WR 1RV\ %H ZKHUH \RX ZLOO EH GURSSHG LQ IURQW RI WKH 9DQLOD KRWHO RQ WKH EHDFK &KHFN LQWR \RXU KRWHO EHIRUH HQMR\LQJ OXQFK DW WKH 9DQLOD +RWHO LQFOXGHG 7KH UHVW RI WKH GD\ LV DW OHLVXUH 2YHUQLJKW 9DQLOD +RWHO 2FHDQ 5RRPV RU VLPLODU

'D\ 'D\ 7ULS WR 1RV\ 7DQLNHO\ DQG 1RV\ .RPED 0DGDJDVFDU $IWHU EUHDNIDVW ZH HPEDUN RQ D GD\ H[FXUVLRQ ZLWK D ERDW OXQFK WR 1RV\ .RPED DQG 1RV\ 7DQLNHO\ 0DULQH 5HVHUYH Â² IDPHG IRU LWV ZRUOG FODVV VQRUNHOOLQJ DQG GLYLQJ 2YHUQLJKW 9DQLOD +RWHO 2FHDQ 5RRPV RU VLPLODU

0$'$*$6&$5 1RV\ 0LWVHR

1RV\ %H

5XVVLDQ %D\ 1RV\ ,UDQMD

/8;85< GD\ <DFKW &KDUWHU LQ 1RV\ %H 6DLO DFURVV WKH ZDUP WXUTXRLVH EOXH ZDWHUV RI WKH ,QGLDQ 2FHDQ LQ WKH QRUWK RI 0DGDJDVFDU RQ \RXU H[FOXVLYH \DFKW (QMR\ WKH OX[XU\ RI MXVW UHOD[LQJ DQG VSHQG \RXU GD\V VQRUNHOOLQJ WDNLQJ EHDFK ZDONV ILVKLQJ RU MXVW VRDNLQJ XS WKH ZDUP VXQ ZKLOH H[SORULQJ YDULRXV UHPRWH LVODQGV

1RV\ .RPED 1RV\ 7DQLNHO\

/X[XU\ <DFKW &KDUWHU [ %/' [ % [ ' FOLHQWV 86 FOLHQWV 86 5DWHV VKRZQ DERYH DUH D VWDUWLQJ SULFH :H KDYH DFFHVV WR D IOHHW RI \DFKWV HDFK ZLWK GLIIHUHQW SULFHV 5DWHV VKRZQ DUH VXEMHFW WR \DFKW DYDLODELOLW\ 5DWHV YDOLG XQWLO VW 2FWREHU *URXS 6L]H 0D[LPXP 0HDOV 3UHSDUHG E\ FUHZ

'D\ $UULYDO WR 1RV\ %H 0DGDJDVFDU $UULYLQJ LQWR 1RV\ %H \RX ZLOO EH ZHOFRPHG DQG WUDQVIHUUHG WR &UDWHU %D\ ZKHUH \RX ZLOO ERDUG WKH \DFKW EHIRUH ZH SXOO DQFKRU DQG VHW RII IRU RXU ILUVW LVODQG GHVWLQDWLRQ 2YHUQLJKW 2Q ERDUG WKH &DWDPDUDQ 'D\V 9DULRXV LVODQGV Â² WDLORUHG WR \RXU LQWHUHVWV 0DGDJDVFDU %HFDXVH WKH \DFKW LV FKDUWHG SULYDWHO\ IRU \RXU JURXS RU IDPLO\ WKH LWLQHUDU\ LV FRPSOHWHO\ IOH[LEOH DQG WDLORUHG WR \RXU LQWHUHVWV 7KHUH DUH VRPH LVODQGV ZH FDQÂ·W UHVLVW WDNLQJ \RX WR VXFK DV 1RV\ 7DQLNHO\ 1RV\ .RPED 1RV\ ,UDQMD DQG RWKHUV D OLWWOH IXUWKHU DILHOG ZKLFK DUH DOVR SRVVLEOH RQ FKDUWHU Â² 7KH 0LWVLR DUFKLSHODJR WKH 5DGDPDÂ·V DUFKLSHODJR HWF 7KH VNLSSHU ZLOO GLVFXVV WKH UHFRPPHQGHG URXWH ZLWK \RX RQ DUULYDO 1RV\ 7DQLNHO\ 0DULQH UHVHUYH 1RV\ 7DQLNHO\ /LWWOH /DQG ,VODQG LV NP ZHVW RI 1RV\ .RPED DQ LVODQG VRXWK HDVW RI 1RV\ %H ,W LV D SURWHFWHG PDULQH UHVHUYH DQG WKHUHIRUH RQH RI WKH EHWWHU VLWHV IRU GLYLQJ DQG VQRUNHOOLQJ ([SHFW VWXQQLQJ KDUG DQG VRIW FRUDOV OREVWHUV HHOV UHHI ILVK DQG RFFDVLRQDO WXUWOHV 2WKHU DWWUDFWLRQV LQFOXGH EHDFKHV WLGH SRROV DQG D YDULHW\ RI WURSLFDO ELUG VSHFLHV 1RV\ .RPED 1RV\ .RPED ,VODQG RI OHPXUV LV D VPDOO YROFDQLF LVODQG O\LQJ PLGZD\ EHWZHHQ 1RV\ %H DQG WKH PDLQODQG RI 0DGDJDVFDU 7KH LVODQG RIIHUV VHYHUDO ZDONLQJ WUDLOV DQG DQ H[FHOOHQW RSSRUWXQLW\ WR REVHUYH OHPXU EHKDYLRU IURP WKH VHPL WDPH EODFN OHPXUV VPDOO IHH WR FOLHQWV RZQ FRVW 1RV\ ,UDQMD %HDXWLIXO 1RV\ ,UDQMD ,VODQG RI 7XUWOHV OLHV VRXWK ZHVW RI 1RV\ %H MXVW EH\RQG WKH HQWUDQFH WR 5XVVLDQ %D\ 1RV\ ,UDQMD LV PDGH XS RI WZR LVODQGV 7KH LVODQGV DUH FRQQHFWHG E\ D NP ORQJ VDQG EDQN ZKLFK FDQ EH FURVVHG DW ORZ WLGH WR YLVLW HLWKHU RI WKH LVODQGV 7KH SULVWLQH ZKLWH EHDFKHV DQG FOHDU WXUTXRLVH ZDWHU PDNH IRU DQ H[FHOOHQW SODFH WR UHOD[ DQG HQMR\ IDEXORXV VQRUNHOOLQJ 2XU FUHZ FDQ WDNH \RX RQ D JXLGHG ZDON WKURXJK WKH VPDOO YLOODJH XS WKH KLOO WR WKH ROG GHFRPPLVVLRQHG OLJKWKRXVH Â² GHVLJQHG E\ *XVWDY (LIIHO DOPRVW \HDUV ROG

$FWLYLWLHV ,QFOXGHG Â&#x2021; 5HWXUQ DLUSRUW WUDQVIHUV Â&#x2021; <DFKW KLUH WKURXJKRXW \RXU MRXUQH\ 7RXU GHSDUWV GDLO\ VXEMHFW WR DYDLODELOLW\ EHWZHHQ $SULO DQG -DQXDU\

LVODQGV DQG FRQWDLQV VPDOO IDUPLQJ YLOODJHV 1RV\ $QNDUHD LV VXUURXQGHG E\ FRUDO UHHIV ZKLOVW /HV 4XDWUH )UHUHV FRQVLVWV RI IRXU LPSRVLQJ VLOYHU EDVDOW URFNV FRYHUHG E\ KXQGUHGV RI QHVWLQJ VHDELUGV <RX DUH OLNHO\ WR HQFRXQWHU 0DQWD UD\V LQ WKHVH ZDWHUV 7KHVH LVODQGV DUH ZLOG DQG XQSUHGLFWDEOH DQG DUH VHHQ DV WKH FUqPH GH OD FUqPH IRU GHGLFDWHG GLYHUV ZKR ZLVK WR H[SORUH WKH QXPHURXV DQG YDULHG VLWHV .DODNDMRUR SDUW RI WKH 5DGDPDÂ·V /RFDWHG NP VRXWK ZHVW RI 1RV\ %H WKH 5DGDPD $UFKLSHODJR FRQVLVWV RI IRXU LVODQGV RI ZKLFK .DODNDMRUR LV WKH PRVW QRUWKHUQ DQG WKH VPDOOHVW +HUH \RX ZLOO ILQG GHVHUWHG EHDFKHV ILVK HDJOHV EHDXWLIXO FRUDO EHGV DQG VSHFWDFXODU ILVKLQJ -XVW NP RII WKH EHDFK \RX ZLOO ILQG D FRQWLQHQWDO GURS RII ZLWK DEXQGDQW 7XQD %DUUDFXGD 6DLOILVK DQG *LDQW .LQJILVK 'D\ 1RV\ %H HQG RI \RXU MRXUQH\ 0DGDJDVFDU 'XULQJ EUHDNIDVW ZH PDNH RXU ZD\ EDFN WR 1RV\ %H LVODQG ZKHUH \RX ZLOO EH WUDQVIHUUHG WR WKH DLUSRUW IRU \RXU IOLJKW WR $QWDQDQDULYR

5XVVLDQ %D\ $OVR NQRZQ DV $PEDYDWRU\ %D\ WKLV LV D EHDXWLIXO DQG UHPRWH SODFH RSSRVLWH WKH 1RV\ %H DUFKLSHODJR (QMR\ WKH IDQWDVWLF PDULQH OLIH IRU VQRUNHOOLQJ DQG ILVKLQJ DQG PD\EH \RX PLJKW VSRW D ZKDOH LQ VHDVRQ Â²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

'HSDUWV HYHU\ GD\ RI WKH ZHHN ZLWK D PLQLPXP RI

',6&29(5 -(10$1 6$)$5,6 (;7(16,9( '(67,1$7,21 %52&+85(6 2UGHU \RXU IUHH FRS\ QRZ HPDLO LQIR#MHQPDQVDIDULV FRP

$)$5,6 =,0%$%:( 6

EDSHUEWLVHZH =LP HO 7UDY XU ([ =LPEDEZH <RXU $GYHQWXUH 2

0DGDJDVFD

U <RXU $GYHQ

ZZZ WUDYHO

RGJH DQ H DQG WDLORU PDGH O 6FKHGXOHG SULYDW DWV FDQRH VDIDULV Ã·VKLQJ KRXVH ER

G FDPSLQJ VDIDULV

WLVH

7UDYHO 0DGDJDVFD U

]LPEDEZH FRP

WXUH 2XU ([SHU

ZZZ WUDYHO PDGD

JDVFDU FRP 'KRZ VDIDULV <DFKW &KDUWHUV )LVKLQJ +RQH\PRRQV .LWH V 6HD ND\DNLQJ 6FXED XUILQJ GLYLQJ %HDFK OHP XU WRXUV DQG WDLORU P DGH WUDYHO

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

6HFXUH 7UDQVSRUW 7R VWUHQJWKHQ DQG LPSURYH SXEOLF WUDQVSRUWDWLRQ $37$ VHUYHV DQG OHDGV LWV GLYHUVH PHPEHUVKLS WKURXJK DGYRFDF\ LQQRYDWLRQ DQG LQIRUPDWLRQ VKDULQJ $37$ DQG LWV PHPEHUV DQG VWDII ZRUN WR HQVXUH WKDW SXEOLF WUDQVSRUWDWLRQ LV DYDLODEOH DQG DFFHVVLEOH IRU DOO $PHULFDQV LQ FRPPXQLWLHV DFURVV WKH FRXQWU\

<RXU *XLGHV )*$6$ 7KH )LHOG *XLGHV $VVRFLDWLRQ RI 6RXWKHUQ $IULFD ZDV IRUPDOO\ HVWDEOLVKHG LQ ,W LV D QRQ SURILW RUJDQLVDWLRQ UHSUHVHQWLQJ LQGLYLGXDO ILHOG JXLGHV WUDFNHUV DQG RUJDQLVDWLRQV LQYROYHG LQ RIIHULQJ SURIHVVLRQDO ILHOG JXLGLQJ VHUYLFHV WR PHPEHUV RI WKH SXEOLF )*$6$ DLPV WR SURPRWH D FXOWXUH RI SURIHVVLRQDO JXLGLQJ EDVHG RQ D VWURQJ HWKLFDO ZHOO LQIRUPHG VDIHW\ FRQVFLRXV DSSURDFK WR SURYLGH WKH YLVLWRU WR WKH $IULFDQ EXVK ZLWK D SOHDVDQW DQG PHPRUDEOH H[SHULHQFH )*$6$ QXPEHU

6XVWDLQDEOH 7RXULVP $77$ $IULFDQ 7UDYHO DQG 7RXULVP $VVRFLDWLRQ FUHDWHV D KXE IRU WKH SRVLWLYH GHYHORSPHQW RI WUDYHO DQG WRXULVP LQ $IULFD :LWK RYHU PHPEHUV WKH $IULFDQ 7UDYHO DQG 7RXULVP $VVRFLDWLRQ $77$ LV (XURSHÂ·V ODUJHVW WUDGH DVVRFLDWLRQ SURPRWLQJ $IULFD

6HFXULW\ 4XDOLW\ 7UDYHOOHUV DUH IDFHG ZLWK D P\ULDG RI DOWHUQDWLYHV DV WR WUDQVSRUWDWLRQ DFFRPPRGDWLRQV DQG RWKHU WUDYHO VHUYLFHV 7UDYHOOHUV PXVW GHSHQG RQ WUDYHO DJHQFLHV DQG RWKHUV LQ WKH LQGXVWU\ WR JXLGH WKHP KRQHVWO\ DQG FRPSHWHQWO\ 7KH $GYHQWXUH 7UDYHO 7UDGH $VVRFLDWLRQ H[LVWV WR UHVSRQVLEO\ SURPRWH SXEOLFLVH VXVWDLQDEOH DGYHQWXUH WUDYHO DQG RSHUDWHV D WUDYHOOHUÂ·V JXLGH WR KLJK TXDOLW\ WUXVWHG WRXU RSHUDWRUV

(7+,23,$

Gonder Lake Tana Bahir Dar

Simien Mountain NP Lalibela Dese Abuve Meda

Addis Abeba

ETHIOPIA

6PDOO JURXS +RWHO DFFRPPRGDWHG WRXU QR SDUWLFLSDWLRQ [ %/' [ %' [ % )URP 86 SOHDVH QRWH UDWH LV SS VKDULQJ EDVHG RQ SHRSOH UDWHV H[FOXGH LQWHUQDWLRQDO DQG QDWLRQDO IOLJKWV *URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV )XOO ERDUG H[FHSW GD\ PHDOV SURYLGHG LQ UHVWDXUDQWV

$FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHUV Â&#x2021; 9LVLW WR %OXH 1LOH )DOOV Â&#x2021; 9LVLW RI $]ZD 0DULDP 8UD .LGDQH 0LKUHW Â&#x2021; 9LVLW WR 6LPLHQ 0RXQWDLQ 1DWLRQDO 3DUN Â&#x2021; 6LJKWVHHLQJ LQ $[XP YLOODJHV RI WKH 7LJUH SHRSOH Â&#x2021; 9LVLW WR /DOLEHOD Â&#x2021; 6LJKWVHHLQJ LQ +DUDU Â&#x2021; 9LVLW WKH YLOODJHV RI WKH +DUDUJKH 2URPR SHRSOH Â&#x2021; 0DUNHW LQ $GGLV $EDED 'HSDUWV GDLO\ ZLWK D PLQLPXP RI

(7+,23,$ +,6725,& GD\ /RGJH 6DIDUL IURP DQG WR $GGLV $EDED 'LVFRYHU WKH WUXH QDWXUH RI (WKLRSLD LWÂ·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Â·V PRVW DVWRXQGLQJ VDFUHG VLWHV URFN KHZQ FKXUFKHV HDFK FDUYHG HQWLUHO\ RXW RI D VLQJOH EORFN RI JUDQLWH ZLWK LWV URRI DW JURXQG OHYHO 2YHUQLJKW 5RKD +RWHO RU VLPLODU 'D\ /DOLEHOD (WKLRSLD 7KLV PRUQLQJ ZH ZDON RU ULGH RQ WKH EDFN RI D PXOH WR WKH KLOO WRS VHPL PRQROLWKLF FKXUFK RI $VKHWRQ 0DULDP \WK &HQWXU\ $' +HUH ZH HQMR\ D ELUGÂ·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Â² WKH *HODGD %DERRQ RU WKH EOHHGLQJ KHDUW EDERRQ 2YHUQLJKW 6LPLHQ /RGJH RU VLPLODU

'D\ $GGLV WR 'LUH 'DZD WR +DUDU (WKLRSLD 7RGD\ ZH IO\ HDVW WR 'LUH 'DZD DQG GULYH WR WKH ZDOOHG WRZQ RI +DUDU ZKLFK ZDV WKH 0XVOLP &DSLWDO RI (WKLRSLD LQ WKH PHGLHYDO WLPHV 2Q RXU ZD\ WR +DUDU YLVLW WKH YLOODJHV RI WKH +DUDUJKH 2URPR SHRSOH $W +DUDU ZH YLVLW WKH KRXVH RI WKH IDPRXV )UHQFK SRHW Â² $UWKXU 5LPEDXG ZKR OLYHG LQ +DUDU LQ WKH WK &HQWXU\ WKH FXOWXUDO PDUNHW RI +DUDU ZKHUH \RX FDQ YLVLW WKH SHRSOH RI $GHUH +DUDUL 2URPR DQG $PKDUD WRJHWKHU DQG LQ WKH HYHQLQJ GULYH WR RQH RI WKH JDWHV RI +DUDU WR YLVLW WKH Â¶+\HQD 0DQÂ·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

'D\V $[XP (WKLRSLD 'ULYH WKURXJK WKH UHPDUNDEOH 7HNH]]H *RUJH WR WKH HDUOLHVW FDSLWDO RI (WKLRSLD Â²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

8*$1'$

8*$1'$ 8*$1'$

.DPSDOD

%ZLQGL 13

GD\ *RULOOD DGYHQWXUH IURP DQG WR .DPSDOD 8JDQGD FDOOHG WKH SHDUO RI $IULFD RIIHUV JUHDW RSSRUWXQLWLHV IRU \RXU JRULOOD DGYHQWXUH /RRNLQJ LQWR WKH Â¶VR KXPDQÂ·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Â²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

ZLWK WKH WURRSV DQG PD\EH HYHQ D 6LOYHUEDFN ZLOO EH DQ H[KLODUDWLQJ H[SHULHQFH 2YHUQLJKW %XKRPD /RGJH RU VLPLODU 'D\ 5HWXUQ WR .DPSDOD HQG RI WRXU 8JDQGD 7KLV PRUQLQJ ZH KDYH DQ HDUO\ VWDUW DQG KHDG EDFN WR .DPSDOD :H HQMR\ D SLFQLF OXQFK HQ URXWH DQG DUULYH LQ .DPSDOD ODWH DIWHUQRRQ

8JDQGD *RULOOD 7UHNNLQJ [ %/' [ %/ [ ' Â² FOLHQWV )URP 86 FOLHQWV )URP 86 3DUN )HHV )URP 86 6LQJOH 6XSSOHPHQW )URP 86 3DUN IHHV DUH VXEMHFW WR FKDQJH *URXS 6L]H

0LQLPXP 0D[LPXP SHU YHKLFOH

0HDOV 0HDOV LQFOXGHG LQ UHVWDXUDQWV $FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHUV Â&#x2021; 6WRS DW WKH HTXDWRU Â&#x2021; *RULOOD LQWHUDFWLRQ SHUPLW 'HSDUWV GDLO\ VXEMHFW WR DYDLODELOLW\

=$1=,%$5 0LG UDQJH 5HVRUW +RWHO [ %' [ ' [ % )URP 86 0LG UDQJH %RXWLTXH +RWHO [ %' [ ' [ % )URP 86 /X[XU\ 5HVRUW +RWHO [ %' [ ' [ % )URP 86 /X[XU\ %RXWLTXH +RWHO [ %/' [ ' [ % )URP 86

=$1=,%$5

5DWHV SXEOLVKHG DUH IRU ORZ VHDVRQ SHU SHUVRQ VKDULQJ IRU FOLHQWV WUDYHOOLQJ VHDVRQDO UDWH LQFUHDVH

GD\ %HDFK 3DFNDJH ,QGXOJH \RXU VHQVHV LQ D GD\ EHDFK EUHDNDZD\ 5HOD[ RQ SDOP IULQJHG EHDFKHV GLYH SULVWLQH FRUDO UHHIV RU H[SORUH 6WRQH 7RZQÂ·V H[RWLF DWPRVSKHUH DQG IDVFLQDWLQJ DUFKLWHFWXUH

*URXS 6L]H 0LQLPXP QR PD[LPXP 0HDOV +DOI ERDUG PHDOV LQ UHVWDXUDQWV LQFOXGHG ZKLOVW RQ WRXU

:LWK -HQPDQ $IULFDQ 6DIDULV \RX FDQ FKRRVH \RXU SHUIHFW EHDFK KROLGD\ 6WD\ LQ PLG UDQJH RU OX[XU\ DFFRPPRGDWLRQ DQG KDYH WKH FKRLFH EHWZHHQ D UHVRUW RU ERXWLTXH KRWHO

'HSDUWV GDLO\ VXEMHFW WR DYDLODELOLW\

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

.(1<$

/DNH 1DNXUX 13 /DNH (OHPHQWDLWD 1DURN

.(1<$

$PEURVHOL 1DWLRQDO 3DUN

6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ /' [ %/' [ %/ 86 3DUN )HHV 86 6LQJOH 6XSSOHPHQW 86 3DUN IHHV DUH VXEMHFW WR FKDQJH *URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV )XOO ERDUG WKURXJKRXW \RXU VDIDUL 0HDOV LQ UHVWDXUDQWV $FWLYLWLHV ,QFOXGHG Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

$LUSRUW WUDQVIHUV *DPH ZDON DW /DNH (OHPHQWDLWD )XOO GD\ JDPH GULYH DW /DNH 1DNXUX *DPH GULYHV LQ WKH 0DVDL 0DUD *DPH 5HVHUYH

-DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

&/$66,& GD\V IURP DQG WR 1DLUREL ([SORUH WKH EHVW RI 0DJLFDO .HQ\D GXULQJ WKLV GD\ ORGJH VDIDUL 'LVFRYHU VDYDQQDKV ULFK ZLWK ELJ JDPH DQG WLPHOHVV FXOWXUHV XQFKDQJHG E\ WKH PRGHUQ ZRUOG 7KLV VDIDUL WDNHV \RX WR /DNH 1DNXUX WKH 0DVDL 0DUD *DPH 5HVHUYH IRU H[WHQVLYH JDPH YLHZLQJ 'D\ $UULYDO LQ 1DLUREL DQG /DNH (OHPHQWDLWD .HQ\D 2Q DUULYDO \RX ZLOO EH PHW DW 1DLURELÂ·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

WRSL JD]HOOH LPSDOD DQG HOHSKDQW +LSSRSRWDPXV DQG FURFRGLOH DUH SOHQWLIXO LQ WKH ULYHUV KHUH DQG WKH ELUG OLIH LV DOVR DEXQGDQW 2YHUQLJKW (OHQJDWD 2OHUDL &DPS RU VLPLODU 'D\ 0DVDL 0DUD *DPH 5HVHUYH WR 1DLUREL .HQ\D :H KHDG IRU D ODVW JDPH GULYH LQWR WKH *DPH 5HVHUYH EHIRUH ZH WUDQVIHU EDFN WR 1DLUREL LQ WLPH WR FDWFK \RXU RQZDUG IOLJKW

*XDUDQWHHG GHSDUWXUHV

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Â²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

-DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

'D\V 0DVDL 0DUD .HQ\D 7RGD\ ZH VSHQG WKH ZKROH GD\ JDPH YLHZLQJ LQ WKH ZRUOG IDPRXV 0DVDL 0DUD 1DWLRQDO 3DUN 7KH YDULRXV KDELWDWV DUH KRPH WR D JUHDW YDULHW\ RI JDPH +LSSRSRWDPXVHV DQG FURFRGLOHV DUH SOHQWLIXO LQ WKHVH ULYHUV DQG WKH ELUG OLIH LV DOVR DEXQGDQW 2YHUQLJKW 0DVDL 0DUD (GHQ 7HQWHG &DPS RU VLPLODU 'D\ 0DVDL 0DUD Â² 1DLUREL .HQ\D :H KHDG RII WRZDUGV 1DLUREL WKH FDSLWDO FLW\ RI .HQ\D :H KDYH WKH DIWHUQRRQ DW OHLVXUH RU WR H[SORUH WKH FLW\ 2YHUQLJKW 2OH 6HUHQL +RWHO RU VLPLODU 'D\V 1DLUREL Â² $PERVHOL .HQ\D $IWHU EUHDNIDVW ZH PDNH RXU ZD\ WRZDUGV $PERVHOL :H KDYH VXQGRZQHUV RQ D GHFN RYHUORRNLQJ D ZDWHUKROH DQG WKHQ SURFHHG RQ D QLJKW JDPH GULYH 7KH QH[W GD\ LV VSHQW RQ D IXOO GD\ JDPH GULYH LQ $PERVHOL 1DWLRQDO 3DUN 2YHUQLJKW $PERVHOL 3RULQL &DPS RU VLPLODU 'D\ $PERVHOL Â² $UXVKD 7DQ]DQLD $IWHU FRIIHH ZH GR DQ HDUO\ PRUQLQJ ZDONLQJ VDIDUL LQ WKH FRQVHUYDWLRQ DUHD EHIRUH ZH VWDUW PDNLQJ RXU ZD\ WR WKH ERUGHU DQG WKHQ RQWR $UXVKD 2YHUQLJKW 0RLYDUR .,$ /RGJH RU VLPLODU 'D\ $UXVKD 7DQ]DQLD 7KH WRXU HQGV DIWHU EUHDNIDVW

.(1<$ 7$1=$1,$ 1DLUREL ,NRPD 6HUHQJHWL 13 1GXWX

.(1<$

0DDVDL 0DUD 13

$PERVHOL 13

1JRURQJRUR &RQVHUYDWLRQ $UHD

$UXVKD

/DNH 0DQ\DUD 13 7DUDQJLUH 13

7$1=$1,$

6PDOO JURXS 3UHPLHU /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ ' 86 3DUN )HHV 86 6LQJOH 6XSSOHPHQW 86 3DUN IHHV DUH VXEMHFW WR FKDQJH *URXS 6L]H 0LQLPXP 0D[LPXP 0HDOV %UHDNIDVWV DQG GLQQHUV DW UHVWDXUDQWV RI DFFRPPRGDWLRQ SLFQLF OXQFKHV

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

$FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHUV Â&#x2021; *DPH GULYH LQ 0DQ\DUD 1DWLRQDO 3DUN Â&#x2021; )XOO GD\ JDPH GULYH LQ 7DUDQJLUH 1DWLRQDO 3DUN Â&#x2021; *DPH GULYH LQ 1JRURQJRUR &UDWHU Â&#x2021; *DPH GULYH DW /DNH 1GXWX Â&#x2021; *DPH ZDON DW /DNH 1GXWX Â&#x2021; )XOO GD\ JDPH GULYH LQ 6HUHQJHWL 1DWLRQDO 3DUN 9LVLW RI 0DVDL 9LOODJH *DPH YLHZLQJ LQ 0DVDL 0DUD 1LJKW IXOO GD\ JDPH GULYH LQ $PERVHOL :DONLQJ VDIDUL LQ SULYDWH FRQFHVVLRQ E\ $PERVHOL

'D\ $UXVKD Â²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

Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

'D\ 1JRURQJRUR &UDWHU DQG /DNH 1GXWX 7DQ]DQLD :H KDYH DQ HDUO\ GHSDUWXUH IRU D JDPH GULYH LQ WKH ZRUOG UHQRZQHG 1JRURQJRUR &UDWHU )RU PDQ\ WKLV ZLOGOLIH VSHFWDFOH LV WKH SLQQDFOH RI VDIDUL H[SHULHQFHV $IWHU OXQFK ZH KHDG WRZDUGV /DNH 1GXWX DQG RXU ORGJH ZKLOH GRLQJ D JDPH GULYH LQ WKH &RQVHUYDWLRQ $UHD 2YHUQLJKW 1GXWX 6DIDUL /RGJH RU VLPLODU 'D\ 1JRURQJRUR &RQVHUYDWLRQ $UHD 7DQ]DQLD :H GR D PRUQLQJ JDPH GULYH DURXQG /DNH 1GXWX DIWHU EUHDNIDVW :H UHWXUQ WR WKH ORGJH IRU OXQFK DQG JR IRU D JXLGHG JDPH ZDON LQ WKH DIWHUQRRQ 2YHUQLJKW 1GXWX 6DIDUL /RGJH RU VLPLODU

7$1=$1,$ :,/'/,)( GD\V IURP DQG WR $UXVKD 7KLV LV DQ DGYHQWXURXV FDPSLQJ VDIDUL WKURXJK WKH QRUWKHUQ SDUNV RI 7DQ]DQLD 'HSDUWLQJ IURP $UXVKD ZH ZLOO H[SORUH 7DUDQJLUH 1DWLRQDO 3DUN DQG WU\ DQG ILQG WKH HOXVLYH WUHH FOLPELQJ OLRQV RI 0DQ\DUD 1DWLRQDO 3DUN 2I FRXUVH JDPH GULYHV DQG RYHUQLJKWV LQ WKH 6HUHQJHWL DQG WKH 1JRURQJRUR &RQVHUYDWLRQ DUH QRW WR EH PLVVHG DQG EULQJ \RX DV FORVH WR QDWXUH DV SRVVLEOH

7$1=$1,$

7DUDQJLUH 13

6PDOO JURXS &DPSLQJ 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ ' 86 3DUN )HHV 86 6LQJOH 6XSSOHPHQW 86 3DUN IHHV DUH VXEMHFW WR FKDQJH *URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH

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Â·V ODUJHVW XQEURNHQ FDOGHUD IRU WKH PRVW ZRQGHUIXO GD\ RI JDPH YLHZLQJ :H ZLOO KDYH OXQFK DW WKH GHVLJQDWHG SLFQLF VLWH DW WKH VLGH RI WKH KLSSR SRRO DQG JR DKHDG ZLWK D JDPH GULYH DV ZH GULYH XS WKH FUDWHU ULP 2YHUQLJKW 1JRURQJRUR 6LPED $ &DPSVLWH 'D\ 1JRURQJRUR WR $UXVKD 7DQ]DQLD $IWHU EUHDNIDVW ZH H[SORUH WKH FRORXUIXO WRZQ RI 0WR ZD 0EX IRU VRPH ODVW PLQXWH SLFWXUHV DQG FXULR VKRSSLQJ $IWHUZDUGV ZH KHDG WR $UXVKD ZKHUH WKH WRXU ZLOO HQG DW RXU RIILFHV

0HDOV $OO PHDOV SUHSDUHG E\ FUHZ $FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHU RQ 'D\ Â&#x2021; *DPH GULYH LQ 7DUDQJLUH 1DWLRQDO 3DUN Â&#x2021; *DPH GULYH LQ 0DQ\DUD 1DWLRQDO 3DUN Â&#x2021; 1JRURQJRUR &UDWHU WRXU Â&#x2021; *DPH GULYHV LQ 6HUHQJHWL 1DWLRQDO 3DUN Â&#x2021; 9LVLW RI 2OGXYDL *RUJH -DQXDU\ )HEUXDU\ 0DUFK 0D\ -XQH -XO\ $XJXVW 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUH *XDUDQWHHG GHSDUWXUHV

7$1=$1,$

7DUDQJLUH 13

6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ ' 86 3DUN )HHV 86 6LQJOH 6XSSOHPHQW 86 3DUN IHHV DUH VXEMHFW WR FKDQJH *URXS 6L]H 0LQLPXP 0D[LPXP *XDUDQWHHG GHSDUWXUHV ZLWK QR PLQLPXP JURXS VL]H DYDLODEOH 0HDOV 0HDOV LQFOXGHG DUH LQ UHVWDXUDQWV $FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHU RQ 'D\ Â&#x2021; *DPH GULYH LQ 7DUDQJLUH 1DWLRQDO 3DUN Â&#x2021; *DPH GULYH LQ 0DQ\DUD 1DWLRQDO 3DUN Â&#x2021; 1JRURQJRUR &UDWHU WRXU Â&#x2021; *DPH GULYHV LQ 6HUHQJHWL 1DWLRQDO 3DUN Â&#x2021; 9LVLW RI 2OGXYDL *RUJH -DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

7$1=$1,$ :,/'/,)( GD\V IURP $UXVKD WR $UXVKD 7KLV MRXUQH\ WDNHV \RX WR VRPH RI QRUWKHUQ 7DQ]DQLDÂ·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

ZDOO OHDGV XV WR WKH HQWUDQFH RI WKLV PDJQLILFHQW ZLOGOLIH VDQFWXDU\ ZKHUH ZH VSHQG VHYHUDO KRXUV H[SORULQJ WKH IORRU RI WKH FUDWHU $IWHU OXQFK ZH GHSDUW IURP WKH FUDWHU DQG KHDG IRU WKH 6HUHQJHWL 1DWLRQDO 3DUN JDPH GULYLQJ DORQJ WKH ZD\ 2YHUQLJKW ,NRPD 6HUHQJHWL &DPS RU VLPLODU 'D\ 6HUHQJHWL 1DWLRQDO 3DUN 7DQ]DQLD $Q HDUO\ VWDUW DV ZH KHDG RXW IRU D JDPH GULYH DIWHU EUHDNIDVW LQ WKH 6HUHQJHWL 1DWLRQDO 3DUN :H UHWXUQ IRU OXQFK DW WKH ORGJH DQG VSHQG WKH DIWHUQRRQ RQ D JDPH ZDON EHIRUH ZH JR IRU D QLJKW JDPH GULYH UHWXUQLQJ WR FDPS IRU GLQQHU 2YHUQLJKW ,NRPD 6HUHQJHWL &DPS RU VLPLODU 'D\ 6HUHQJHWL 1DWLRQDO 3DUN WR 0DQ\DUD 7DQ]DQLD 7RGD\ ZH UHWUDFH RXU VWHSV ZLWK D PRUQLQJ JDPH GULYH WKURXJK WKH 6HUHQJHWL IROORZHG E\ OXQFK EHIRUH ZH FRQWLQXH RXU JDPH GULYH WKURXJK WKH 1JRURQJRUR &RQVHUYDWLRQ $UHD (Q URXWH ZH YLVLW 2OGXYDL *RUJH DQG WKH PXVHXP 2YHUQLJKW 0RLYDUR 0LJXQJD /RGJH RU VLPLODU 'D\ 0DQ\DUD WR $UXVKD 7RXU (QGV 7DQ]DQLD $IWHU EUHDNIDVW ZH H[SORUH WKH FRORXUIXO WRZQ RI 0WR ZD 0EX IRU VRPH ODVW PLQXWH SLFWXUHV DQG FXULR VKRSSLQJ $IWHUZDUGV ZH KHDG WR $UXVKD ZKHUH WKH WRXU ZLOO HQG DW RXU RIILFHV

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

/RGJH 6DIDUL -DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

+DOI DFFRPPRGDWHG 6DIDUL -DQXDU\ )HEUXDU\ 0D\ -XO\ $XJXVW 2FWREHU 1RYHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV 7KLV LV WKH WUDGLWLRQDO ODQG RI WKH 0DVDL SHRSOH QRPDGLF KHUGHUV ZKR FKRRVH D WUDGLWLRQDO OLIHVW\OH DQG ZKR DUH SHUPLWWHG WR JUD]H WKHLU FDWWOH LQ WKLV DUHD 7KH QH[W GD\ LV VSHQW JDPH YLHZLQJ LQ WKH ZRUOG IDPRXV 0DVDL 0DUD 1DWLRQDO 3DUN 2YHUQLJKW 0DVDL 0DUD (GHQ 7HQWHG &DPS RU VLPLODU 'D\ 0DVDL 0DUD Â² 1DLUREL .HQ\D $IWHU EUHDNIDVW ZH KHDG RII WRZDUGV 1DLUREL WKH FDSLWDO FLW\ RI .HQ\D :H KDYH WKH DIWHUQRRQ DW OHLVXUH RU WR H[SORUH WKH FLW\ 2YHUQLJKW 2VRLWD /RGJH RU VLPLODU 'D\V 1DLUREL Â² $PERVHOL .HQ\D $IWHU EUHDNIDVW ZH H[SORUH 1DLUREL DQG VWRFN XS RQ VXSSOLHV EHIRUH ZH PDNH RXU ZD\ WR $PERVHOL 7KH IROORZLQJ GD\ \RX ZLOO H[SHULHQFH D IXOO GD\ JDPH GULYH LQ $PERVHOL 1DWLRQDO 3DUN 2YHUQLJKW .LER 6DIDUL &DPS RU VLPLODU 'D\ $PERVHOL Â² $UXVKD 7DQ]DQLD $IWHU D OD]\ EUHDNIDVW ZH PDNH RXU ZD\ WRZDUGV $UXVKD $ORQJ WKH ZD\ ZH SDVV WKURXJK WKH WRZQ RI 0RVKL RQ WKH IRRWKLOOV RI .LOLPDQMDUR 2YHUQLJKW 0RLYDUR .,$ /RGJH RU VLPLODU 'D\ $UXVKD 7RXU HQGV 7DQ]DQLD 7KH WRXU HQGV DIWHU EUHDNIDVW .,$ /RGJH LV ORFDWHG ULJKW QH[W WR WKH .LOLPDQMDUR ,QWHUQDWLRQDO $LUSRUW IRU HDV\ FRQQHFWLRQ WR \RXU GHSDUWXUH IOLJKW DOWHUQDWLYHO\ \RX ZLOO EH GURSSHG DW RXU RIILFHV IRU RQZDUG DUUDQJHPHQWV

.(1<$ 7$1=$1,$ 1DLUREL ,NRPD

.(1<$

0DDVDL 0DUD 13

$PERVHOL 13

6HUHQJHWL 13 JRURQJRUR &RQVHUYDWLRQ $UHD

$UXVKD

/DNH 0DQ\DUD 13 7DUDQJLUH 13

7$1=$1,$

6PDOO JURXS KDOI DFFRPPRGDWHG 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ %/ 86 3DUN )HHV 86 6LQJOH 6XSSOHPHQW 86 Ä&#x201E; Â&#x2026; 6PDOO JURXS /RGJH 6DIDUL QR SDUWLFLSDWLRQ [ %/' [ % [ %/ [ ' 86 3DUN )HHV 86 6LQJOH 6XSSOHPHQW 86 3DUN IHHV DUH VXEMHFW WR FKDQJH

*URXS 6L]H

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

0LQLPXP 0D[LPXP 0HDOV 0HDOV SUHSDUHG E\ FUHZ ZKLOVW RQ VDIDUL $FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHUV Â&#x2021; *DPH GULYH LQ 7DUDQJLUH 1DWLRQDO 3DUN Â&#x2021; )XOO GD\ JDPH GULYH LQ 0DQ\DUD 1DWLRQDO 3DUN Â&#x2021; *DPH GULYH LQ 1JRURQJRUR &UDWHU Â&#x2021; )XOO GD\ JDPH GULYH LQ 6HUHQJHWL 1DWLRQDO 3DUN Â&#x2021; *DPH GULYH LQ ,NRPD :LOGOLIH 0DQDJHPHQW $UHD Â&#x2021; :DONLQJ 6DIDUL ,NRPD

Â&#x2021; *DPH YLHZLQJ LQ 0DVDL 0DUD Â&#x2021; )XOO GD\ JDPH GULYH LQ $PERVHOL

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

'D\V 1JRURQJRUR DQG 6HUHQJHWL 1DWLRQDO 3DUN 7DQ]DQLD :H KDYH DQ HDUO\ GHSDUWXUH IRU D JDPH GULYH LQ WKH ZRUOG UHQRZQHG 1JRURQJRUR &UDWHU )RU PDQ\ WKLV ZLOGOLIH VSHFWDFOH LV WKH SLQQDFOH RI VDIDUL H[SHULHQFHV $IWHU OXQFK ZH KHDG WRZDUGV WKH 6HUHQJHWL WKURXJK WKH VWXQQLQJ 6RXWKHUQ 3ODLQV 7KH QH[W GD\ ZLOO EH VSHQW RQ D IXOO GD\ JDPH GULYH LQ WKH 6HUHQJHWL 2YHUQLJKW .DQDQJD 6SHFLDO 7HQWHG &DPS RU VLPLODU 'D\V 6HUHQJHWL 1DWLRQDO 3DUN ,NRPD 7DQ]DQLD :H PRYH IXUWKHU QRUWK WRZDUGV ,NRPD WR H[SORUH D GLIIHUHQW SDUW RI WKH 6HUHQJHWL :LWK PRUH YHJHWDWLRQ DQG SHUPDQHQW ZDWHU WKLV DUHD RI WKH 6HUHQJHWL LV UHQRZQHG IRU LWV UHVLGHQW ZLOGOLIH SRSXODWLRQ :H KDYH OXQFK DW RXU FDPS DQG VHWWOH LQ EHIRUH ZH GR D QLJKW JDPH GULYH LQ WKH ,NRPD :LOGOLIH 0DQDJHPHQW $UHD $ ZDONLQJ VDIDUL LV RXU DFWLYLW\ IRU WKH QH[W PRUQLQJ 2YHUQLJKW 0RLYDUR ,NRPD 7HQWHG &DPS RU VLPLODU 'D\V ,NRPD Â² 0DVDL 0DUD .HQ\D 7KLV PRUQLQJ ZH FRQWLQXH RXU MRXUQH\ QRUWKZDUGV DQG FURVV WKH ERUGHU LQWR .HQ\D EHIRUH KHDGLQJ WR WKH 0DVDL 0DUD 1DWLRQDO 3DUN

7$1=$1,$ :,/'/,)( &8/785$/ GD\V IURP $UXVKD WR $UXVKD 7KLV H[WUDRUGLQDU\ VDIDUL OHWV \RX WR H[SHULHQFH 7DQ]DQLD DW LWV EHVW ZLWK LWV VSHFWDFXODU ZLOGOLIH DQG KLVWRULFDOO\ ZHDOWK\ FXOWXUH <RX ZLOO YLVLW ZHOO NQRZQ JDPH UHVHUYHV DQG VLJKWV LQFOXGLQJ 7DUDQJLUH 1DWLRQDO 3DUN 0DQ\DUD 1DWLRQDO 3DUN WKH 1JRURQJRUR &UDWHU 1JRURQJRUR &RQVHUYDWLRQ $UHD /DNH 1GXWX WKH 6HUHQJHWL /DNH 1DWURQ DQG 2O 'RLQ\R /HQJDL ZKLFK LV EHWWHU NQRZQ DV Â´7KH 0RXQWDLQ RI *RGÂµ

6HUHQJHWL 13 /DNH 1GXWX 1JRURQJRUR &RQVHUYDWLRQ $UHD

7$1=$1,$

/DNH 1DWURQ

$UXVKD

/DNH 0DQ\DUD 13 7DUDQJLUH 13

7$1=$1,$

$FWLYLWLHV ,QFOXGHG Â&#x2021; $LUSRUW WUDQVIHU RQ 'D\ Â&#x2021; *DPH GULYH LQ 7DUDQJLUH 1DWLRQDO 3DUN Â&#x2021; *DPH GULYH LQ 0DQ\DUD 1DWLRQDO 3DUN Â&#x2021; *DPH GULYH LQ 1JRURQJRUR &UDWHU Â&#x2021; *DPH GULYH DW /DNH 1GXWX Â&#x2021; *DPH GULYHV LQ 6HUHQJHWL 1DWLRQDO 3DUN Â&#x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Â·V *DWH +HUH ZH OHDYH WKH 6HUHQJHWL EHKLQG DQG HQWHU WKH 0DVDL UHJLRQ RI /ROLRQGR :H PDNH RXU ZD\ WKURXJK WKLV UHJLRQ WRZDUG /DNH 1DWURQ DQG 2O 'RLQ\R /HQJDL Â´7KH 0RXQWDLQ RI *RGÂµ Â² DQ DFWLYH YROFDQR ZKLFK ODVW HUXSWHG LQ 7KH IROORZLQJ GD\ LV VSHQW H[SORULQJ WKLV LQWHUHVWLQJ DUHD ZKLFK LV D KDYHQ IRU WKRXVDQGV RI OHVVHU IODPLQJRV DQG LV RQH RI WKH PRVW LPSRUWDQW IODPLQJR EUHHGLQJ JURXQGV RQ HDUWK $FWLYLWLHV LQFOXGH D ZDON WR D QHDUE\ ZDWHUIDOO DV ZHOO DV D YLVLW WR /DNH 1DWURQ WR VHH WKH IODPLQJRV 2YHUQLJKW 0RLYDUR 1DWURQ 7HQWHG &DPS RU VLPLODU 'D\ 'ULYH WR $UXVKD WRXU HQGV 7DQ]DQLD $IWHU EUHDNIDVW ZH PDNH RXU ZD\ WR $UXVKD ZKHUH WKH WRXU ZLOO HQG DW RXU RIILFHV

'D\ 1JRURQJRUR &RQVHUYDWLRQ $UHD WR /DNH 1GXWX 7DQ]DQLD 2XU VDIDUL WDNHV XV WKURXJK WKH 1JRURQJRUR &RQVHUYDWLRQ $UHD WRZDUGV /DNH 1GXWX 6LWXDWHG LQ WKH 6RXWK HDVWHUQ SDUW RI WKH 6HUHQJHWL HFRV\VWHP 1GXWX 6DIDUL /RGJH LV VXUURXQGHG E\ LQGLJHQRXV WUHHV DQG VKUXEV ZKLFK HQFRXUDJH D KRVW RI ELUGV DQG PDPPDOV WR FRPH ULJKW WR \RXU IURQW GRRU $IWHU OXQFK ZH KHDG RXW IRU DQ DIWHUQRRQ JDPH GULYH DURXQG WKH /DNH 2YHUQLJKW 1GXWX 6DIDUL /RGJH RU VLPLODU

-DQXDU\ )HEUXDU\ 0DUFK $SULO 0D\ -XQH -XO\ $XJXVW 6HSWHPEHU 2FWREHU 1RYHPEHU 'HFHPEHU

'HSDUW

5HWXUQ

*HUPDQ JXLGHG GHSDUWXUHV *XDUDQWHHG GHSDUWXUHV

6$)$5,6 ,1 ($67 $)5,&$ -HQPDQ $IULFDQ 6DIDULV LV DQ ,QERXQG 7RXU 2SHUDWRU VSHFLDOLVLQJ LQ VPDOO JURXS VFKHGXOHG VDIDULV DQG SULYDWH JXLGHG WRXUV LQ 6RXWKHUQ $IULFD (DVW $IULFD DQG 0DGDJDVFDU ,Q (DVW $IULFD -HQPDQ $IULFDQ 6DIDULV UXQV WKH IROORZLQJ VFKHGXOHG VPDOO JURXS VDIDULV $Q\ RI RXU WRXUV FDQ EH ERRNHG DV D SULYDWHO\ JXLGHG VDIDUL

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

/RGJH 6DIDULV -HQPDQ $IULFDQ 6DIDULV DOVR UXQV ORGJH VDIDULV LQ (DVW $IULFD 7UDYHOOHUV ZLOO EH VWD\LQJ LQ PLG UDQJH WR XS PDUNHW ORGJHV FKDOHWV DQG WHQWHG FDPSV DOO ZLWK HQ VXLWH EDWKURRPV ZLWKLQ D QDWLRQDO SDUN RQ WKH EDQNV RI D ULYHU RU RWKHU SODFHV RI LQWHUHVW 7\SLFDO (DVW $IULFDQ VW\OH EUHDNIDVWV DQG GLQQHUV DUH HQMR\HG LQ WKH UHVWDXUDQW RI \RXU DFFRPPRGDWLRQ <RXU JXLGH ZLOO SUHSDUH SLFQLF OXQFKHV IRU \RX ZKLOVW RQ VDIDUL RU WUDYHOOLQJ

,I \RX DUH MRLQLQJ XV RQ RQH RI RXU FDPSLQJ VDIDULV RXU /DQG &UXLVHUV DUH DGGLWLRQDOO\ ILWWHG ZLWK D VDIDUL WUDLOHU IXOO\ HTXLSSHG ZLWK D VDIDUL NLWFKHQ DQG D IUHH]HU IRU \RXU FRQYHQLHQFH

6DIHW\ IHDWXUHV VHDW EHOWV RQ HYHU\ VHDW D ILUH H[WLQJXLVKHU DQG D ILUVW DLG NLW

:H KDYH QRW RQH EXW WZR EDWWHULHV LQ RXU YHKLFOHV PHDQLQJ WKDW IODW EDWWHULHV DUH QRWKLQJ WR ZRUU\ DERXW

1HWVWDU WUDFNLQJ V\VWHP :H DUH DEOH WR WUDFN RXU YHKLFOHV DW DOO WLPHV ZKHUH LW LV DQG KRZ IDVW LW LV JRLQJ Â² PDNLQJ RXU VDIDULV D VDIH DGYHQWXUH

3RS XS URRI IRU EHWWHU JDPH YLHZLQJ

5DGLR IRU PXVLF DORQJ WKH ZD\

5RRI UDFN IRU \RXU OXJJDJH DQG WKH YHKLFOHV HYHQ KDYH HQRXJK VSDFH IRU \RXU KDQG OXJJDJH DQG FDPHUD EDJV LQVLGH WKH YHKLFOH

IRUZDUG IDFLQJ VHDWV ZLWK ZLQGRZ VHDWV ODUJH ZLQGRZV RSWLPDO JDPH YLHZLQJ

(' /< )8/ ,7,21 1' &2

$,5

[ 6($7(5 6$)$5, 9(+,&/(

1HWVWDU WUDFNLQJ V\VWHP :H DUH DEOH WR WUDFN RXU YHKLFOHV DW DOO WLPHV ZKHUH LW LV DQG KRZ IDVW LW LV JRLQJ Â² PDNLQJ RXU VDIDULV D VDIH DGYHQWXUH

(OHFWULFLW\ LQVLGH WKH YHKLFOH DOORZ FDPHUDV WR EH FKDUJHG DQG D IULGJH DQG IUHH]HU WR UXQ

2QH ODUJH SRS XS URRI IRU FOLHQWV JLYLQJ WKHP EHWWHU JDPH YLHZLQJ

/XJJDJH FRPSDUWPHQW ZKLFK OHDYHV WKH LQVLGH RI WKH YHKLFOH XQFOXWWHUHG EXW WKH YHKLFOHV KDYH HQRXJK VSDFH IRU \RXU KDQG OXJJDJH DQG FDPHUD EDJV LQVLGH WKH YHKLFOH

3$ V\VWHP DOORZLQJ IRU HDV\ FRPPXQLFDWLRQ EHWZHHQ WKH VDIDUL JXLGH DQG RXU FOLHQWV

03 VWHUHR IRU VRPH PXVLF DORQJ WKH ZD\

2WKHU VDIHW\ IHDWXUHV DUH ILUH H[WLQJXLVKHU DQG D ILUVW DLG NLW

/DUJH VOLJKWO\ WLQWHG ZLQGRZV IRU RSWLPDO JDPH YLHZLQJ ZKLFK SURWHFW \RX IURP WKH KRW $IULFDQ VXQ $LU FRQGLWLRQLQJ DOORZV IRU FRPIRUWDEOH WUDYHO HYHQ GXULQJ WKH KRW VXPPHU PRQWKV

IRUZDUG IDFLQJ VL]DEOH SDVVHQJHU VHDWV RI ZKLFK DUH ZLQGRZ VHDWV SOXV WZR FUHZ VHDWV ILWWHG ZLWK VHDW EHOWV SURPRWLQJ FRPIRUW DQG VDIHW\ DORQJ \RXU $IULFDQ MRXUQH\

7KH [ IHDWXUH RI RXU YHKLFOH DOORZV XV WR WUDYHO RII WKH EHDWHQ WUDFN

Â´$IWHU KDYLQJ EHHQ HPSOR\HG DW -HQPDQ 6DIDULVÂ· KHDG RIILFH LQ &DSH 7RZQ , KDYH MXVW UHFHQWO\ UHWXUQHG WR (DVW $IULFD DQG DP QRZ PDQDJLQJ WKH RSHUDWLRQV RI -HQPDQ $IULFDQ 6DIDULVÂ· (DVW $IULFD VDIDULV , KDYH OLYHG DQG ZRUNHG LQ 7DQ]DQLD IRU VHYHUDO \HDUV DQG DP UHDOO\ SDVVLRQDWH DERXW RQH RI WKH FRXQWU\Â·V KLJKOLJKWV Â²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Â² WKLV YLUWXDOO\ JXDUDQWHHV WKDW \RX ZLOO VHH WKHP Âµ

2 REHU 2FW U 1R 1 1 YHPEHU EHU 0DVDL 0DUD 1DWLRQDO 3DUN ,NRPD $X XVWW $XJ 6HSWHPEHU

1DLUREL

.(1<$

- \ -XO \ $XJXV J W /DNH 1DWURQ

6HUHQJHWL 1DWLRQDO 3DUN

$PERVHOL 1DWLRQDO 3DUN

1JRURQJRUR &RQVHUYDWLRQ $UHD

-XQH

.LOLPDQMDUR

'HFHPE P HU 0D\ /DNH 0DQ\DUD 1DWLRQDO 3DUN

$UXVKD

-RKDQ 3IDKO 2SHUDWLRQV 0DQDJHU -HQPDQ (DVW $IULFD 6DIDULV )URP 'HFHPEHU WR $SULO WKH PLJUDWLRQ VSUHDGV RXW RYHU WKH 6RXWKHUQ 3ODLQV RI WKH 6HUHQJHWL 'HSHQGLQJ RQ WKH UDLQV WKH\ PRYH IURP WKH *RO .RSMHV LQ WKH (DVW WR WKH 0RUX .RSMHV LQ WKH ZHVW 7KLV DUHD LV HDVLO\ DFFHVVLEOH IURP WKH FHQWUDOO\ ORFDWHG 6HURQHUD :H VWD\ LQ WKH VSHFWDFXODU .DQDQJD 6SHFLDO 7HQWHG &DPS

7DUDQJLUH 1DWLRQDO 3DUN

7$1=$1,$

7LPH RI P PLJU L DWLRQ

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

$UXVKD

'DU HV 6DODDP

7$1=$1,$

=DQ]LEDU 3DFNDJH 7DQ]DQLD :LOGOLIH %UHDNDZD\ 7DQ]DQLD :LOGOLIH $GYHQWXUHU 7DQ]DQLD :LOGOLIH &XOWXUDO ([SORUHU (DVW $IULFD 0LJUDWLRQ 'LVFRYHUHU %HVW RI (DVW $IULFD

.(1<$ 1DLUREL 0RPEDVD

&ODVVLF .HQ\D (DVW $IULFD 0LJUDWLRQ 'LVFRYHUHU %HVW RI (DVW $IULFD

(7+23,$

'D\V 3DJH

(WKLRSLD +LVWRULF 'LVFRYHU\

8*$1'$

'D\V 3DJH

8JDQGD *RULOOD $GYHQWXUH

EAST AFRICAN SAFARIS

(DVW $IULFD <RXU $GYHQWXUH 2XU ([SHUWL VH

60$// *5283 6&+('8/(' 7$,/25 0$'( 35,9$7( *8,'(' '(' /2'*( $'9(1785( [ 6$)$5,6 ,1 ($67 $)5,&$

7HO 86$ &DQDGD 8. $XVWUDOLD

LQIR#MHQPDQVDIDULV FRP ZZZ DIULFDVDIDULEORJ FRP $JHQWVÂ· ZHEVLWH ZZZ MHQPDQ WUDYHO

ZZZ MHQPDQVDIDULV FRP