Page 1

,VVXH)ULGD\$SULO 5DE\CDO7KDDQ\$+

7KLV,VVXH

3KRWR $XVWUDOLDQ,VODPLF&ROOHJH 3ULPDU\6FKRRO&DPSXVLQ.HZGDOH .HZGDOH&DPSXV 3UHVLGHQW6WUHHW .HZGDOH:$ 7HO   )D[   (PDLOLQIR#DLFZDHGXDX

7KRUQOLH&DPSXV 7RQEULGJH:D\ 7KRUQOLH:$ 3K   )D[   (PDLOLQIR#DLFZDHGXDX

'LDQHOOD&DPSXV &OHYHODQG6WUHHW 'LDQHOOD:$ 3K   )D[   (PDLOLQIR#DLFZDHGXDX

ZZZDLFZDHGXDX


$XVWUDOLDQ,VODPLF&ROOHJH V H W

F

H O H

D U E


"QSJM

8BLF6Q$BMM*TTVF

1BHF

$ , &  3 K \ V L F D O  ( G X F D W L R Q 'HSDUWPHQWRIIWRDQ(QHUJHWLF6WDUW 7KH$XVWUDOLDQ,VODPLF&ROOHJHKDV JLYHQDQHQHUJHWLFMROWWRWKH\HDU ZLWKWKHVFKRRO\HDUKDYLQJ EHJXQMXVWRYHUWZRPRQWKVDJR WKHVFKRROV3K\VLFDO(GXFDWLRQDQG +HDOWK'HSDUWPHQWKDVEHHQEXV\ WUDLQLQJIRUDZLGHUDQJHRIVSRUWLQJ HYHQWVHVSHFLDOO\IRUVZLPPLQJIRRW EDOOLQGRRUVRFFHUWDEOHWHQQLVDQG J\P¿WQHVV  6WXGHQWVIURPDOO\HDUJURXSVKDYHHQMR\HGSDUWLFLSDWLQJLQVZLP PLQJOHVVRQVDWWKH$TXDWLFFHQWUH LQ9LFWRULD3DUNVLQFHZHHNRIWHUP 6ZLPPLQJLQDSULYDWHK\GURWKHUDS\ SRROKDVDOVREHHQUHVHUYHGIRU IHPDOHVRQO\IURP\HDUVDQGRQ ZKHUHWKH\FDQHQMR\WKHSULYDF\DQG OHDUQVZLPPLQJ  $VIRUIRRWEDOO<HDUV VWX GHQWVKDYHEHHQZRUNLQJKDUGWUDLQLQJVLQFHWK)HEUXDU\HYHU\ 0RQGD\7KHVWXGHQWVZHUHDOVROXFN\HQRXJKWROHDUQDIHZJRRGWLSVDQG VHHNPRWLYDWLRQIURPVRPHRIWKH)UHPDQWOH'RFNHU¶VEHVWSOD\HUV7KHUH KDVDOVREHHQDVWURQJDLURIFRPSHWLWLRQDVWKHVWXGHQWVJHDUHGXSWREH VHOHFWHGDPRQJVWWKHEHVWSOD\HUVWKDWUHSUHVHQWHGWKHVFKRRODWWKHLQWHU VFKRROIRRWEDOOFDUQLYDOKHOGRQWKHWK0DUFKDWWKH)UHPDQWOH2YDODQG DOOWKHSDUHQWVZHUHLQYLWHGWRVXSSRUWWKHLUNLGV

0HVVDJHIURPWKH 3UHPLHURI :HVWHUQ$XVWUDOLD +RQ&ROLQ%DUQHWW

'HDU3ULQFLSDO 7KH3UHPLHU¶V6XPPHU 5HDGLQJ&KDOOHQJHZDVDJUHDW VXFFHVVZLWKWKRXVDQGVRI FKLOGUHQSDUWLFLSDWLQJDFURVV WKH6WDWH 7KH&KDOOHQJHDLPVWRUHLQIRUFH WHDFKHUV¶HIIRUWVWRHQVXUHWKDW HYHU\\RXQJSHUVRQEHFRPHVD SUR¿FLHQWUHDGHU $WWDFKHGIRU\RXULQIRUPDWLRQLVD OLVWRIVWXGHQWVIURP\RXUVFKRRO ZKRHQWHUHGWKHFKDOOHQJH(DFK RIWKHVHVWXGHQWVZLOOUHFHLYHD FHUWL¿FDWHDFNQRZOHGJLQJWKHLU FRPPLWPHQWWRUHDGLQJRYHUWKH VXPPHUVFKRROKROLGD\V ,HQFRXUDJH\RXWRPDNHVSHFLDO PHQWLRQRIWKHVHVWXGHQWVDW\RXU QH[WVFKRRODVVHPEO\DQGLQ\RXU VFKRROQHZVOHWWHU 7KDQN\RXIRUSURPRWLQJWKH &KDOOHQJHDW\RXUVFKRRO <RXUVVLQFHUHO\ &ROLQ%DUQHWW0/$ 35(0,(5

  

      ^  7KHEHJLQQLQJRIWKHWHUPVWDUWHGZLWKDQLQGRRUVRFFHU *D]D FRP SHWLWLRQZLWKWHDPV(DFKWHDPKDGSOD\HUVIURP<HDUDQGKDG WKHRSSRUWXQLW\WRSDUWLFLSDWHDQGLWKDVEHHQJUHDWIXQDQGFKDOOHQJLQJ  )LQDOO\J\PPHPEHUVKLSKDVEHHQ PDGHDYDLODEOHWRDOOKLJKVFKRRO VWXGHQWVDQGVWDIIZKHUHE\WKH\FDQ VSHQGWKHLUUHFHVVDQGOXQFKGRLQJVRPH OLJKWRUKHDY\ZRUNRXWVXQGHUVXSHUYL VLRQVRUFRXOGSOD\WDEOHWHQQLVJDPHV 7REHPHPEHUVVWXGHQWVKDYHWRSD\D GD\

.DZWKDU$OVDIDU $LVD'L]GDU 6HLKOD'L]GDU +DP]DK(OLDV5RML $NEDU(OLDV5RML -XZDLUL\DK+DTXH +DPHHP4DZZDP /LD4DZZDP


"QSJM

8BLF6Q$BMM*TTVF

1BHF

7RPDWR/DNH*DUGHQV 'LVFRXQWHGSULFHVRQUHPDLQLQJORWV '21¶70,667+,623325781,7< /RW1R 6L]HP3ULFH ',6&2817(' 35,&(6  62/'          62/' Â&#x2021; 62/' Â&#x2021; Â&#x2021;  62/' Â&#x2021;  81'(52))(5 Â&#x2021; 62/' 62/' 62/' 62/' 62/'     81'(52))(5 62/'  62/' 62/' 62/' 62/'  62/'  62/'  62/'   62/'    62/'    62/'  62/' 62/'    62/'   81'(52))(5 62/'  62/'    

&ORVHWRWKH&LW\DQGQHVWOHGLQDZHOOHVWDEOLVKHGVXEXUE 2QO\PHWUHVIURP7RPDWR/DNH*DUGHQV *RRG$FFHVV1RUWKDQG6RXWK(DVWDQG:HVW &ORVHWRVFKRROV &ORVHWR%HOPRQW)RUXP6KRSSLQJ&HQWUH

&217$&7$PQD+DQVLD 3K(PDLOLQIR#DLFZDHGXDX )D[


"QSJM

8BLF6Q$BMM*TTVF

.BLJOH6TFPG0VS:PVUI 7+(7(67±,Q7KLV/LIH

7+(5(:$5'±:KHQ7KHUH:LOO%H

 4XHVWLRQDQGDQVZHUV 

1RVKDGH $OODK¶V6KDGH

'HDUIULHQGVLI$OODKJLYHVXV \HDUVWROLYHWKHQLWFRPHVWRDURXQG GD\V [ $OOWKHVHGD\V

1BHF

&22.,1*&/$66(6 )25$,&678'(176

&RRNLQJFODVVHVDUHQRZUXQQLQJHYHU\ZHHNIRU WKH1HZ$UULYDOV 0DLQ6WUHDP %HFDXVH\RXWKLVWKHSULPHWLPHRI 'RQ·WPLVVWKLVRSSRUWXQLW\ \RXUOLIHWKDWLVZK\LWLVYHU\SUHFLRXV 0XPYROXQWHHUVUHTXLUHGIRU WR$OODK$OODKKDVSUHSDUHGDVKDGH

$OODKJLYHVXVWRSUHSDUHIRURQHGD\RI

RQWKH'D\RI-XGJPHQWIRUWKRVHSHR

LQWHUYLHZZLWK$OODK7KDWLVRQWKH'D\

SOHZKRXVHGWRZRUVKLS$OODKLQWKHLU

\HDU JLUOVFRRNLQJFODVVHV

RI-XGJPHQW2QWKDWGD\$OODKZLOODVN \RXWK2QWKDW'D\WKHUHZLOOEHQR XVVRPHTXHVWLRQVDQG+HZDQWVVRPH

RWKHUVKDGHH[FHSWWKHVKDGHIURPWKH

FRUUHFWDQVZHUV$OODKLVVRPHUFLIXO

WKURQHRI$OODK,PDJLQHVWDQGLQJRXW

WKDW+HDOUHDG\WROGXVZKDWWKHTXHV

VLGHRQDYHU\KRWGD\XQGHUWKHVXQ

WLRQVZLOOEHWKURXJK4XUDQDQGD+D

IRUKRXUVDIWHUKRXUV<RXZRXOGGH¿

GLWK+LVPHUF\LVVRJUHDWWKDW+HHYHQ

QLWHO\ZDQWVRPHVKDGRZWRUHVWXQGHU

WROGXVWKHDQVZHUVWRWKHVHTXHVWLRQV

%XWZKDWDERXWWKDW'D\ZKHQWKHVXQ

1RZLPDJLQHDVWXGHQWJRHVWRZULWH

ZLOOEHPXFKQHDUHUWRXVDQGWKHKHDW

DQH[DP+HRSHQVKLVH[DPSDSHUDQG

ZLOOEHPXFKPRUHH[WUHPH:RXOGQ¶W

¿QGVWKHTXHVWLRQVRQRQHVLGH7KHQ

\RXZDQWVRPHVKDGHRQWKDWGD\"2I

KH¿QGVWKDWWKHDQVZHUVWRWKHTXHV

FRXUVH\RXZRXOG

WLRQVDUHRQWKHRWKHUVLGH1RZDIWHU ZULWLQJWKHH[DPLIWKLVVWXGHQWVWLOO

3(56(9(5$1&(.HHS7U\LQJ

IDLOVWKHQZKDWZRXOGZHWKLQNRIKLP"

 %DE\)DOOLQJ

)RUIXUWKHUGHWDLOVSOHDVHFRQWDFW 6U5DEDE 1$ # 6U5LHKDQD 0DLQ6WUHDP #

([FXUVLRQVWR3HUWK=RR

:HZRXOGWKLQNWKDWKHLVWKHGXPEHVW SHUVRQDURXQG:HOOWHOO\RXZKDWRQ

<RXDQG,DUHDOOZHDNLQWHUPVRI

WKH'D\RI-XGJPHQWXVSHRSOHZKR

NHHSLQJRXUGXWLHVWR$OODKDQG$OODKLV

NQHZWKHTXHVWLRQVDQGDQVZHUVZLOO

DZDUHRIWKDW$OODKZDQWVWKDWZHNHHS

VWLOOIDLO7KDWLVZK\WKLVLVWKHWLPHWR

WU\LQJWRGRRXUEHVW,IDEDE\IDOOV

ZDNHXSEHIRUHZHSURYHRXUVHOYHVWR

GRZQZKLOHZDONLQJKHWULHVWRJHWXS

EHWKHGXPEHVWRISHRSOH

DJDLQDQGZDON+HGRHVQ¶WNHHSVLWWLQJ GRZQ7KHQDGD\FRPHVZKHQKHGRHV

3/$11,1* 35(3(5$7,21±7R0HHW VWDUWWRZDON6LPLODUO\ZHVKRXOGNHHS <RXU&UHDWRU 6SRUW

WU\LQJRXUEHVWDQGQRWJLYHXS$GD\ ZLOOFRPHZKHQ,QVKDOODKZHZLOOEH

<RXWKLVWKHSULPHWLPHRIRXUOLYHV

VWURQJHQRXJKWRREH\$OODKLQHYHU\

7KLVLVZKHUHSHRSOHPDNHLPSRUWDQW

VLWXDWLRQ/HWXVPDNHDVPDOOSURPLVH

GHFLVLRQVOLNHZKDWWREHFRPHLQWKH IXWXUH7KLQJV\RXGRLQWKLVWLPHZLOO PRVWOLNHO\DIIHFW\RXWKURXJKRXWWKH UHVWRI\RXUOLIH7KDWLVZK\LWLVLP SRUWDQWWREULQJ,VODPLQWR\RXUOLIH GXULQJWKHVHGD\V0DQ\SHRSOHKDYH WKHFRQFHSWLRQWKDWZKHQWKH\JHW ROGWKHQWKH\ZLOOVWDUWSUDFWLFLQJ,V ODP3UREDEO\\RXDQGPHDOVRKDYH

:(//'21(<($5)2856

7KH<HDU)RXUVWXGHQWVIURP$,&YLV LWHG3HUWK=RRRQWK0DUFK7KH WR$OODKULJKWQRZWKDWZHZLOOVWDUWGR LQJWKHWKLQJVIRUZKLFKZHZHUHVHQW 9ROXQWHHU'RFHQWVZKRDUHRXWRQWKH ]RRJURXQGVSURYLGHGXVZLWKVRPH WRWKLVOLIH2WKHUZLVHZHZLOOEHOLNH YHU\SRVLWLYHIHHGEDFNRQ\RXUFODVV WKDWGXPEJX\ZKRZLOOIDLOWKHWHVWRQ JURXS¶VKLJKVWDQGDUGRIEHKDYLRXU WKH'D\RI-XGJPHQW :HZRXOGOLNHWRSDVVWKLVPHVVDJHRQ DQGWKDQN\RXUVWXGHQWVIRUWKHLUH[ HPSODU\EHKDYLRXU:HORRNIRUZDUGWR 0D\$OODKPDNHLWHDV\IRUXV$PHHQ VHHLQJ\RXRQIXWXUHYLVLWV .LQG5HJDUGV 3HUWK=RR(GXFDWLRQ7HDP

WKLVIHHOLQJ%XWORRNDWLWWKLVZD\,I \RXZDQWWREHFRPHDIDPRXVKRFNH\ SOD\HUWKHQ\RXZRXOGVWDUWSOD\LQJ ULJKWIURPWKH\RXWK$V\RXJURZXS \RXZLOOEHFRPHEHWWHUDQGEHWWHU%XW LI\RXWKLQNWKDW\RXZLOOVWDUWSOD\ LQJZKHQ\RXDUHDQROGPDQWKHQWKH FKDQFHVRIEHFRPLQJIDPRXVLVYLUWXDOO\ ]HUR7KDW¶VWKHUHDOLW\:KHQZHEH FRPHROGZHZRQ¶WKDYHHQRXJKHQ HUJ\WRHYHQVWDQGXSDQGSUD\

'U5REHUW+DUWODQG6U.KXUVKLGD,V ODPDQG%U*UDKDP&ODQF\WRRN<U %$1'*VWXGHQWVRQDQH[FXU VLRQWR3HUWK=RRRQUGRI)HEUXDU\ WROHDUQDERXWDQLPDODGDSWDWLRQDQG FRQVHUYDWLRQ7KH\KDYHDWWHQGHGD OHFWXUHRQDQLPDODGDSWDWLRQDQGSDU WLFLSDWHGLQVRPHKDQGVRQDFWLYLWLHV RQDQLPDODGDSWDWLRQ7KDQNVWR'U +DUWODQGIRURUJDQL]LQJWKLVYHU\HGX FDWLRQDOH[FXUVLRQ


"QSJM "QSJM1SBZFS5JNFT 'D\$SULO+LMUL)DMU6XQULVH'KXKU$VU0DJKULE,VKD

:HG 7KX

8BLF6Q$BMM*TTVF

1BHF

3523+(708+$00$' 3%8+

<286+28/'.12:7+,60$1 6LU*HRUJH%HUQDUG6KDZLQµ7KH*HQXLQH,VODP¶9RO1R

)UL 6DW 6XQ 0RQ

,EHOLHYHWKDWLIDPDQOLNHKLPZHUHWRDVVXPHWKHGLFWDWRUVKLSRIWKHPRGHUQZRUOGKH ZRXOGVXFFHHGLQVROYLQJLWVSUREOHPVLQDZD\WKDWZRXOGEULQJLWWKHPXFKQHHGHG SHDFHDQGKDSSLQHVV ,KDYHVWXGLHGKLPWKHZRQGHUIXOPDQDQGLQP\RSLQLRQIRUIURPEHLQJDQDQWL&KULVW KHPXVWEHFDOOHGWKH6DYLRURI+XPDQLW\´

7XH :HG 7KX )UL 6DW 6XQ 0RQ

3URSKHW08+$00$' 3%8+ ZDVERUQLQ$UDELDLQWKH\HDUVWDUWHGKLVPLVVLRQRI SUHDFKLQJWKHUHOLJLRQ³6XEPLVVLRQ7R$//$+7KH2QH7UXH*RG´DWWKHDJHRIIRUW\ DQGGHSDUWHGIURPWKLVZRUOGDWWKHDJHRIVL[W\WKUHH

+LV0LVVLRQ 'XULQJWKLVVKRUWSHULRGRI\HDUVDV$//$+¶V0HVVHQJHU3URSKHW08+$00$' 3%8+ FKDQJHGWKHFRPSOHWH$UDELDQSHQLQVXOD

7XH :HG

)URPSDJDQLVPDQGLGRODWU\WR68%0,66,21WRWKH2QH7UXH*RG

7KX

)URPWULEDOTXDUUHOVDQGZDUVWRQDWLRQDOVROLGDULW\DQGFRKHVLRQ

)UL

)URPGUXQNHQQHVVDQGGHEDXFKHU\WRVREULHW\DQGSLHW\

6DW

)URPODZOHVVQHVVDQGDQDUFK\WRGLVFLSOLQHGOLYLQJ

6XQ

)URPXWWHUEDQNUXSWF\WRWKHKLJKHVWVWDQGDUGVRIPRUDOH[FHOOHQFH

0RQ 7XH :HG

+XPDQKLVWRU\KDVQHYHUNQRZQVXFKDFRPSOHWHWUDQVIRUPDWLRQRIDVRFLHW\RUDSODFH EHIRUHRUVLQFH±DQG,0$*,1(DOOWKHVHXQEHOLHYDEOHZRQGHUV LQ-86729(57:2'(&$'(6

7KX

6XQ

7RGD\DIWHUDODSVHRIIRXUWHHQFHQWXULHVWKHOLIHDQGWHDFKLQJVRI08+$00$' 3%8+ KDYHVXUYLYHGZLWKRXWWKHVOLJKWHVWORVVDOWHUDWLRQRULQWHUSRODWLRQ 7KH\RIIHUWKHVDPHXQG\LQJKRSHIRUWUHDWLQJPDQNLQG¶VPDQ\LOOVZKLFKWKH\GLG ZKHQKHZDVDOLYH7KLVLVQRWDFODLPRI0XKDPPDG¶V 3%8+ IROORZHUVEXWDOVR

0RQ

WKHLQHVFDSDEOHFRQFOXVLRQIRUFHGXSRQE\DFULWLFDODQGXQELDVHGKLVWRU\

)UL 6DW

7XH :HG 7KX

0++DUW7+($5$1.,1*2)7+(0267,1)/8(17,$/3(56216,1 +,6725<1HZ<RUNS +HUDQNHG3URSKHW08+$00$' 3%8+ ¿UVWLQWKHOLVWZKRFRQWULEXWHGWRZDUGV WKHEHQH¿WDQGXSOLIWRIPDQNLQG ´0\FKRLFHRI0XKDPPDGWROHDGWKHOLVWRIWKHZRUOG¶VPRVWLQÃ&#x20AC;XHQWLDOSHUVRQV PD\VXUSULVHVRPHUHDGHUVDQGPD\EHTXHVWLRQHGE\RWKHUVEXWKHZDVWKH RQO\PDQLQKLVWRU\ZKRZDVVXSUHPHO\ VXFFHVVIXORQERWKWKHUHOLJLRXV DQGVHFXODUOHYHOV´

)$&76 7KHUHDUHILYHSLOODUVRISUDFWLFHLQ,VODP 7KHVHSUDFWLFHVPXVWEHXQGHUWDNHQZLWKWKH EHVWRIHIIRUWLQRUGHUWREHFRQVLGHUHGDWUXH 0XVOLP  6KDKDGDK±GHFODUDWLRQRIIDLWKLQWKHRQH QHVVRI*RGDQGWKDW 0XKDPPDGLVWKHODVWSURSKHWRI*RG  )RUPDOSUD\HUILYHWLPHVDGD\  )DVWLQJGXULQJWKHGD\OLJKWKRXUVLQWKH PRQWKRI5DPDGDQ  &KDULW\±RIRQH¶VVDYLQJVJLYHQWRWKH QHHG\DWWKHHQGRIHDFK\HDU 3LOJULPDJH WR0HFFDDWOHDVWRQFHLISK\VLFDOO\DQGILQDQ FLDOO\DEOH

$OSKRQVHGH/D0DUWDLQHLQµ+LVWRULHGHOD7XUTXLH¶3DULV ³3KLORVRSKHU2UDWRU$SRVWOH/HJLVODWRU&RQTXHURURI,GHDV5HVWRUHURI5DWLRQDO EHOLHIV7KHIRXQGHURIWZHQW\WHUUHVWULDOHPSLUHVDQGRIRQHVSLULWXDOHPSLUHWKDWLV 0XKDPPDG$VUHJDUGVDOOVWDQGDUGVE\ZKLFKKXPDQJUHDWQHVVPD\EHPHDVXUHG

ZHPD\ZHOODVNLVWKHUHDQ\PDQJUHDWHUWKDQKH"´

9,6,77+($,&:(%6,7(

ZZZDLFZDHGXDX


'FCSVBSZ "QSJM

8BLF6Q$BMM*TTVF 8BLF6Q$BMM*TTVF

1BHF

','<28.12:" 2XUKHDUW SXPSVDERXW OLWHUV RIEORRGSHU GD\7DNHFDUH RILW

´7KHKXPDQNLGQH\V ILOWHUDERXW OLWHUVRIEORRGHYHU\ GD\WKURXJKRQH PLOOLRQVPDOO ILOWHULQJXQLWV

&KLOGUHQ'LG\RXHYHUZRQGHU" v + R Z  G L G  W K H  X Q L Y H U V H  I R U P " w  v + R Z  G L G  W K H  V X Q  D Q G  W K H  P R R Q  E H J L Q  W R  H [ L V W " w  v + R Z  G L G  W K H  V H D V   W U H H V  DQGDQLPDOVFRPHDERXW"wv+RZGRWKHFRORXUIXODQGORYHO\VFHQWHGIUXLWVWKDWZHORYHVXFKDVED Q D Q D V   F K H U U L H V   S O X P V  D Q G  V W U D Z E H U U L H V   H P H U J H  I U R P  W K H  G D U N  V R L O "  : K R  J L Y H V  W K H P  W K H L U  F R O R X U V  D Q G V F H Q W V " w  v < R X U  P R W K H U  J D Y H  E L U W K  W R  \ R X   % X W  W K H  I L U V W  K X P D Q  F R X O G Q u W  K D Y H  K D G  D  P R W K H U  R U  D  I D W K H U   6 R K R Z  G L G  W K H  I L U V W  K X P D Q  D O O  R I  D  V X G G H Q  D S S H D U " w  ' R  \ R X  N Q R Z  Z K D W  W K L V  F R U U H F W  D Q V Z H U  L V "  ( Y H U \ W K L Q J W K D W  \ R X  V H H  D U R X Q G  \ R X   L Q F O X G L Q J  \ R X U V H O I   \ R X U  I U L H Q G V   \ R X U  S D U H Q W V   W K H  H D U W K   W K H  V X Q   W K H  I R R G  W K D W \ R X  O R Y H   E D Q D Q D V   F K H U U L H V   V W U D Z E H U U L H V   F R O R X U I X O  U R V H V   Y L R O H W V   E H D X W L I X O  V F H Q W V   K X P D Q  E H L Q J V   F D W V  GRJVDQWVEHHVKRUVHVELUGVDQGEXWWHUIOLHVLQVKRUWHYHU\WKLQJZDVFUHDWHGE\$OODK

&5266:25'

&/8(6

7+(2675,&+

$&5266

7KHRVWULFKLVDELUG

7KHQXPEHURIWLPHVZHSUD\HDFK

WKDWUXQVH[WUHPHO\

GD\

IDVW,WFDQUXQDW

7KH$UDELFIRUIDLWK

VSHHGVRIXSWR

7KH¿UVWOHWWHURIWKHDUDELFDOSKD

NLORPHWUHV PLOHV 

EHW

SHUKRXU7KHRVWULFK

2XUEHORYHGSURSKHW"

KDVRQO\WZRWRHVRQ

:HSUD\WKLVHYHU\GD\

HDFKRILWVIHHWDQG

7KLVSURSKHWKDGDVRQQDPHG

RQHRIWKHVHWRHV

,VPDLO DV  '2:1 *LYHPRQH\WRWKHQHHG\ 7KHWUXHUHOLJLRQ <RXDUHDBBBBBBBBBB

7HDFKHU,I\RXKDGRQHGROODUDQG \RXDVNHG\RXUIDWKHUIRUDQRWKHU KRZPDQ\GROODUVZRXOG\RXKDYH" 3XSLO2QHGROODU 7HDFKHU<RXGRQuWNQRZ\RXU DULWKPHWLF 3XSLO<RXGRQuWNQRZP\IDWKHU

<2856+287 7KLQN\RX¶YHJRWZKDWLWWDNHV WRDSSHDULQWKH:DNH8S .LGV3DJH":K\QRWVHQGLQDGUDZ LQJVWRU\MRNHRUDQ\WKLQJFUHDWLYHWR

PDKLU#DLFZDHGXDX

&2/2850(,1

LVPXFKODUJHUWKDQ WKHRWKHURQH7KHXQLTXHQHVVRIWKH RVWULFKLVLWVDELOLW\WRUXQRQO\RQLWV ELJWRH

($6<&22.,1* $SFBN$PSO &XSIUHVKRUIUR]HQFRUQ ó&XSKDOIDQGKDOIFUHDP 7DEOHVSRRQVEXWWHURUPDUJDULQH 7DEOHVSRRQVVXJDU òWHDVSRRQVDOW ,QVDXFHSDQFRPELQHDOOLQJUHGLHQWVDQGEULQJ WRDERLO5HGXFHKHDWDQGVLPPHUXQFRYHUHG IRUPLQXWHV

+$9($*52:183+(/3<28:,7+7+( %2,/,1*


"QSJM

8BLF6Q$BMM*TTVF

1BHF

5&&3&46-5$0.1"3*40/ "45&"%:*.1307&.&/5*/3&46-5407&35)&:&"34

$0/(3"56-"5*0/450 "--45"''456%&/54 RIRXUVWXGHQWVDFKLHYHGDVFRUHRI

RIRXUVWXGHQWVVFRUHGDERYH RIRXUVWXGHQWVVFRUHGDERYH

326,7,219$&$17 %XV'ULYHUV 3OHDVHDSSO\DW.HZGDOH&ROOHJH $SSOLFDWLRQVVKRXOGEHIRUZDUGHGWR 7KH'LUHFWRU$XVWUDOLDQ,VODPLF&ROOHJH 32%R[&ORYHUGDOH:$ 3KRQH  )D[   (PDLOLQIR#DLFZDHGXDX

ZZZDLFZDHGXDX

Issue158  

...

Read more
Read more
Similar to
Popular now
Just for you