The Highcliffe Herald - July 2012

Page 1

+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


Ϯ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


<RXU /RFDO +HDULQJ $LG &HQWUH EDVHG LQ +LJKFOLIIH dŚĞ ZŝŐŚƚ ŚŽŝĐĞ &Žƌ WƌŽĨĞƐƐŝŽŶĂů ,ĞĂƌŝŶŐ ĂƌĞ &ƵůůLJ /ŶĚĞƉĞŶĚĞŶƚ &ĂŵŝůLJ ZƵŶ ƵƐŝŶĞƐƐ &ƌĞĞ ,ŽŵĞ sŝƐŝƚƐ

ͻ &Ƶůů ZĂŶŐĞ ŽĨ ƚŚĞ >ĂƚĞƐƚ ŝŐŝƚĂů ,ĞĂƌŝŶŐ ŝĚƐ ͻ ,ĞĂƌŝŶŐ dĞƐƚƐͻ ZĞƉĂŝƌƐͻ ZĞƚƵďĞƐ

ŚƌŝƐƚĐŚƵƌĐŚ ,ĞĂƌŝŶŐ ĞŶƚƌĞ ϯϱϭ >LJŵŝŶŐƚŽŶ ZŽĂĚ͕ ,ŝŐŚĐůŝĨĨĞ

ϬϭϰϮϱ ϮϳϮϳϳϭ ͬ ϮϳϮϳϭϵ

'RUVHW 'HQWXUH &OLQLF &UHDWLQJ 1DWXUDO 6PLOHV x x x x x x

1HZ GHQWXUHV 5HOLQHV +RPH YLVLWV 'HQWXUH UHSDLUV )UHH SDUNLQJ $IIRUGDEOH SULFHV

'HQWXUHV FUHDWHG ZLWKLQ WKH FOLQLF RIIHULQJ

7+( 0267 &267 ())(&7,9( 6(59,&( )25 '(1785( :($5(56 )5(( &2168/7$7,216 a )5(( '(1785( &+(&.

F /\PLQJWRQ 5RDG +LJKFOLIIH 'RUVHW %+ (1

ZZZ GRUVHWGHQWXUHFOLQLF FR XN


:HOFRPH dŽ ƚŚĞ ĨŝƌƐƚ ĞĚŝƚŝŽŶ ŽĨ ŽƵƌ ŶĞǁ ŵĂŐĂnjŝŶĞ ĨŽƌ ,ŝŐŚĐůŝĨĨĞ Ͳ ƚŚĞ ,ĞƌĂůĚ͘ dŚĞ ,ĞƌĂůĚ ŝƐ Ă ĐŽůůĂďŽƌĂƚŝŽŶ ďĞƚǁĞĞŶ ŵLJƐĞůĨ 'ĂƌLJ WƌŝŶĐĞ ĂŶĚ ŵLJ ƉĂƌƚŶĞƌ͛Ɛ ŝŶ ďƵƐŝŶĞƐƐ ^ƚĞƉŚĞŶ Θ ĞďďŝĞ ŽƌŶĞLJ͘ tĞ ŚĂǀĞ ƐŝŵŝůĂƌ ŵĂŐĂnjŝŶĞƐ ĞůƐĞǁŚĞƌĞ Ͳ ŵŝŶĞ ĂƌĞ ŝŶ ĂƌƚŽŶ Θ EĞǁ DŝůƚŽŶ ǁŚŝůƐƚ ĞďďŝĞ Θ ^ƚĞƉŚĞŶ ŚĂǀĞ ŵĂŐĂnjŝŶĞƐ ŝŶ ŚƌŝƐƚĐŚƵƌĐŚ ĂŶĚ ϵ ŽƚŚĞƌ ĂƌĞĂƐ Ͳ 'ĂƌLJ Θ ^ĂůůLJ WƌŝŶĐĞ ǁŝƚŚ ƵŐůĞ ĂŶĚ ĂƌĞ ĚĞůŝŐŚƚĞĚ ƚŽ ďĞ ďƌŝŶŐŝŶŐ ƚŚĞ ,ĞƌĂůĚ ƚŽ LJŽƵ͘ tĞ ŚĂǀĞ ůŽƚƐ ƚŽ ŝŶƚĞƌĞƐƚ LJŽƵ ŝŶ ƚŚĞ ŵĂŐĂnjŝŶĞ ŝŶĐůƵĚŝŶŐ͗ tŚĂƚ͛Ɛ KŶ Ͳ Ă ĚĞƚĂŝůĞĚ ůŝƐƚ ŽĨ ĞǀĞŶƚƐ ŝŶ ƚŚĞ ĂƌĞĂ͖ >ŽĐĂů ,ŝƐƚŽƌLJ Ͳ ǁŚŝĐŚ ƚŚŝƐ ŵŽŶƚŚ ĨĞĂƚƵƌĞƐ ĂŶ ĂƌƚŝĐůĞ ĨƌŽŵ ƚŚĞ ZĞĚ ,ŽƵƐĞ DƵƐĞƵŵ ŽŶ >ŽĐĂů KůLJŵƉŝĂŶƐ ĂŶĚ >ĞŐĂů ĂĚǀŝĐĞ ĨƌŽŵ ĞďďŝĞ Θ ^ƚĞƉŚĞŶ ŽƌŶĞLJ LJŽƵƌ ůŽĐĂů ƐŽůŝĐŝƚŽƌƐ ŝdžŽŶͲ^ƚĞǁĂƌƚ͘ dŚĞ ŵŽƐƚ ƉŽƉƵůĂƌ ĨĞĂƚƵƌĞ ĨƌŽŵ ŵLJ ŽǁŶ ŵĂŐĂnjŝŶĞƐ ŚĂƐ ďĞĞŶ /ƚ͛Ɛ Ă ŽŐ͛Ɛ ůŝĨĞ ĂŶĚ / ŚŽƉĞ LJŽƵ ƚŽŽ ǁŝůů ĞŶũŽLJ ƚŚĞ ƚĂůĞƐ ŽĨ ŽƵƌ ƌĞƐĐƵĞ ĚŽŐ ^Ăŵ͘ DĞĞƚ ƚŚĞ >ŽĐĂůƐ ǁŝůů ŚŝŐŚůŝŐŚƚ ůŽĐĂů ƉĞŽƉůĞ ƚŚĂƚ ĂƌĞ ŝŶƚĞƌĞƐƚŝŶŐ Žƌ ĨĂŵŽƵƐ Žƌ ďŽƚŚ͊ dŚŝƐ ŵŽŶƚŚ ǁĞ ĨĞĂƚƵƌĞ WĂƵů tĞƐƚŽŶ ,ŽůůLJǁŽŽĚ ƐƚƵŶƚŵĂŶ ǁŚŽ ŚĂƐ ƐƚĂƌƌĞĚ ŝŶ ŵĂŶLJ ďůŽĐŬďƵƐƚĞƌƐ ĂŶĚ ŚĂƐ ĞǀĞŶ ďĞĞŶ ƐĞƚ ĂůŝŐŚƚ ďLJ :ĂŵĞƐ ŽŶĚ͊ KŶĞ ŽĨ ŽƵƌ ĨĂǀŽƵƌŝƚĞ ůŽĐĂů ƌĞƐƚĂƵƌĂŶƚƐ ŝƐ ƚŚĞ >ŽƌĚ ƵƚĞ ĂŶĚ ƚŚŝƐ ŝƐ ƌĞǀŝĞǁĞĚ ŝŶ ƚŚŝƐ ĞĚŝƚŝŽŶ͘ dŚĞ ĐŽŵŵƵŶŝƚLJ ƉĂŐĞƐ ĨĞĂƚƵƌĞ ůŽĐĂů ŐƌŽƵƉƐ ĂŶĚ ƚŚĞŝƌ ĞǀĞŶƚƐ͕ ĚĞĨŝŶŝƚĞůLJ ǁŽƌƚŚ Ă ůŽŽŬ͖ ĂŶĚ ŝĨ LJŽƵ ĂƌĞ ƉĂƌƚ ŽĨ Ă ůŽĐĂů ŐƌŽƵƉ ĂŶĚ LJŽƵ ǁĂŶƚ ƚŽ ƉƵďůŝĐŝƐĞ ŝƚ͕ Žƌ ŽŶĞ ŽĨ ŝƚ͛Ɛ ĞǀĞŶƚƐ͕ ƉůĞĂƐĞ ůĞƚ ƵƐ ŬŶŽǁ͘ dŚĞƌĞ ĂƌĞ ŽƚŚĞƌ ƌĞŐƵůĂƌ ĨĞĂƚƵƌĞƐ ŽŶ ŚĞĂůƚŚ͕ ĐŽŵƉƵƚĞƌƐ͕ ŵŽƚŽƌŝŶŐ͕ ǁŝůĚůŝĨĞ͕ ĨŝŶĂŶĐĞ ĂŶĚ ŽĨ ĐŽƵƌƐĞ ƚŚĞ ĞǀĞƌ ƉŽƉƵůĂƌ ƉƵnjnjůĞƐ͘ dŚĞƐĞ ĂƌĞ Ăůů ůŝƐƚĞĚ ƚŽ ƚŚĞ ƌŝŐŚƚ ŽĨ ƚŚŝƐ ƉĂŐĞ͘ dŚĞ ŵĂŐĂnjŝŶĞ ĂůƐŽ ĨƵůĨŝůƐ ĂŶŽƚŚĞƌ ǀĂůƵĂďůĞ ĨƵŶĐƚŝŽŶ ĂŶĚ ƚŚĂƚ ŝƐ ĂƐ Ă ĚŝƌĞĐƚŽƌLJ ĨŽƌ ůŽĐĂů ďƵƐŝŶĞƐƐĞƐ͘ ^ŝŵƉůLJ ĨůŝĐŬ ƚŽ ƚŚĞ ŝŶƐŝĚĞ ďĂĐŬ ƉĂŐĞ ǁŚĞƌĞ LJŽƵ ǁŝůů ĨŝŶĚ Ă ƵƐĞĨƵů ŝŶĚĞdž ƚŽ ũƵƐƚ ĂďŽƵƚ ĂŶLJ ďƵƐŝŶĞƐƐ Žƌ ƚƌĂĚĞ LJŽƵ ŵŝŐŚƚ ŶĞĞĚ͘ DŽƐƚ ŽĨ ŽƵƌ ŽƚŚĞƌ ĐƵƐƚŽŵĞƌƐ ŬĞĞƉ ƚŚĞ ŵĂŐĂnjŝŶĞ ĂƐ Ă ŚĂŶĚLJ ƌĞĨĞƌĞŶĐĞ ĨŽƌ ůŽĐĂů ďƵƐŝŶĞƐƐĞƐ ĂŶĚ ǁĞ ŚŽƉĞ ƚŚĂƚ LJŽƵ ǁŝůů ĨŝŶĚ ŝƚ ũƵƐƚ ĂƐ ƵƐĞĨƵů͘ *DU\ 3ULQFH

WƵďůŝƐŚĞĚ ďLJ͗ 'ĂƌLJ WƌŝŶĐĞ Θ ĞďďŝĞ ŽƌŶĞLJ

dĞůĞƉŚŽŶĞ͗ 'ĂƌLJ ŽŶ ϬϭϰϮϱ ϲϮϵϴϰ ĞďďŝĞ ŽŶ ϬϭϮϬϮ ϴϵϰϯϵϳ ŵĂŝů͗ ŐĂƌLJΛƉƌŝŶĐĞƉƵďůŝĐĂƚŝŽŶƐ͘ĐŽ͘ƵŬ ĚĞďďŝĞΛĚŽƌƐĞƚƉƵďůŝĐĂƚŝŽŶƐ͘ĐŽ͘ƵŬ

ŽƉLJ ĚĞĂĚůŝŶĞ ĨŽƌ ƵŐƵƐƚ ĞĚŝƚŝŽŶ͗ ϭϯƚŚ :ƵůLJ ϮϬϭϮ

,Q WKLV LVVXH ϴͬϵ tŚĂƚ͛Ɛ KŶ ϭϮͬϭϯ >ŽĐĂů ,ŝƐƚŽƌLJ ϭϰ >ĞŐĂů ĚǀŝĐĞ ϮϬ DĞĞƚ ƚŚĞ >ŽĐĂůƐ Ϯϲ ,ŝŐŚĐůŝĨĨĞ ƌƚƐ &ĞůůŽǁƐŚŝƉ Ϯϴ ^ƵĚŽŬƵ ϯϬͬϯϭ ZĞƐƚĂƵƌĂŶƚ ZĞǀŝĞǁ ϰϬ ŽƌƐĞƚ tŝůĚůŝĨĞ ϰϮ EĂƚƵƌĂů ,ĞĂůƚŚ ϰϰ /ƚ͛Ɛ Ă ĚŽŐ͛Ɛ ůŝĨĞ ϰϲ EĞǁ DŝůƚŽŶ WĂŐĞĂŶƚ ŽĨ ^ƉŽƌƚ ϰϴ &ŝŶĂŶĐĞ ŵĂƚƚĞƌƐ ϱϬ ĂƐƚůĞ ŽŶ ƚŚĞ ůŝĨĨ ϱϱ WƌŝnjĞ tŽƌĚƐĞĂƌĐŚ ϱϵ DŽƚŽƌŝŶŐ ϲϬ ŽŵƉƵƚĞƌ ĚǀŝĐĞ ϲϯ EĞǁ &ŽƌĞƐƚ ^ŚŽǁ ϲϰͬϲϱ ŽŵŵƵŶŝƚLJ ƉĂŐĞƐ ϲϲ ZĞĐŝƉĞ ϳϬ /ŶĚĞdž ŽĨ ĂĚǀĞƌƚŝƐĞƌƐ ŝƐĐůĂŝŵĞƌ͗ tŚŝůƐƚ ĞǀĞƌLJ ĐĂƌĞ ŚĂƐ ďĞĞŶ ƚĂŬĞŶ ƚŽ ĞŶƐƵƌĞ ƚŚĂƚ ĚĂƚĂ ŝŶ ƚŚŝƐ ƉƵďůŝĐĂƚŝŽŶ ŝƐ ĂĐĐƵƌĂƚĞ͕ ƚŚĞ ƉƵďůŝƐŚĞƌ ĐĂŶŶŽƚ ĂĐĐĞƉƚ ĂŶLJ ůŝĂďŝůŝƚLJ ƚŽ ĂŶLJ ƉĂƌƚLJ ƚŽ ůŽƐƐ Žƌ ĚĂŵĂŐĞ ĐĂƵƐĞĚ ďLJ ĞƌƌŽƌƐ Žƌ ŽŵŝƐƐŝŽŶƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ŶĞŐůŝŐĞŶĐĞ͕ ĂĐĐŝĚĞŶƚ Žƌ ĂŶLJ ŽƚŚĞƌ ĐĂƵƐĞ͘ WƌŝŶĐĞ WƵďůŝĐĂƚŝŽŶƐ ĂŶĚ ŽƌƐĞƚ WƵďůŝĐĂƚŝŽŶƐ ĚŽ ŶŽƚ ŽĨĨŝĐŝĂůůLJ ĞŶĚŽƌƐĞ ĂŶLJ ĂĚǀĞƌƚŝƐŝŶŐ ŵĂƚĞƌŝĂů ŝŶĐůƵĚĞĚ ǁŝƚŚŝŶ ƚŚŝƐ ƉƵďůŝĐĂƚŝŽŶ͘ EŽ ƉĂƌƚ ŽĨ ƚŚŝƐ ƉƵďůŝĐĂƚŝŽŶ ŵĂLJ ďĞ ƉƌŽĚƵĐĞĚ͕ ƐƚŽƌĞĚ ŝŶ ĂŶLJ ƌĞƚƌŝĞǀĂů ƐLJƐƚĞŵƐ Žƌ ƚƌĂŶƐŵŝƚƚĞĚ ŝŶ ĂŶLJ ĨŽƌŵ͕ ǁŝƚŚŽƵƚ ƉƌŝŽƌ ƉĞƌŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ƉƵďůŝƐŚĞƌ͘

ŽǀĞƌ ƉŚŽƚŽƐ ĐŽƵƌƚĞƐLJ ŽĨ 'ƌĂŚĂŵ dƌŝŵ >ŽĐĂů ƌĞƐŝĚĞŶƚ ϰ dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ ĞƐŝŐŶ͗ ďƐŽůƵƚĞ 'ƌĂƉŚŝĐƐ


Ɖ

ŝŶ ĂŶLJ Žƌ ͘ ĂůůLJ ŽŶ͘ ŶLJ ŝŽƌ

+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


/$5*( 25 60$// :( /$< 7+(0 $//

&$53(76 9,1</ 6833/,(' ),77(' 63(&,$/,676 ,1 :,/721 &$53(76 67$,1 5(6,67$17 $1' (1*,1((5(' 2$. )/225,1*

6SHFLDO RIIHUV DW

ZZZ OHHPLOOVFDUSHWV FR XN

ϲ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


*DV 3OXPELQJ +HDWLQJ /WG ,QVWDOODWLRQ RI FHQWUDO KHDWLQJ KRW ZDWHU V\VWHPV ERLOHUV 6HUYLFLQJ UHSDLU DQG LQVWDOODWLRQ RI QDWXUDO JDV /3* RLO ILUHG DSSOLDQFHV /DQGORUG *DV 6DIHW\ LQVSHFWLRQV &RPSOHWH %DWKURRP LQVWDOODWLRQ VHUYLFH SOXPELQJ FRQVWUXFWLRQ WLOLQJ ,QVWDOODWLRQ RI VRODU WKHUPDO V\VWHPV VRODU SDQHOV F\OLQGHUV $QG DOO DVSHFWV RI JHQHUDO SOXPELQJ %RLOHU 6HUYLFHV IURP LQF 9$7

:H DUH DEOH WR SURYLGH \HDU H[WHQGHG SDUWV DQG ODERXU ZDUUDQWLHV IRU VHOHFWHG :RUFHVWHU %RVFK ERLOHUV WKDW ZH VXSSO\ DQG LQVWDOO IRU RXU FXVWRPHUV EHIRUH VW 'HFHPEHU \HDU ZDUUDQW\ IRU RWKHU :RUFHVWHU ERLOHUV

%RLOHU PXVW EH VHUYLFHG DQQXDOO\ IRU ZDUUDQW\ WR UHPDLQ YDOLG

ERLOHU VHUYLFHV H[FOXGH WKH VXSSO\LQJ ILWWLQJ RI SDUWV WR WKH ERLOHU 'LIIHUHQW VHUYLFH SULFHV DSSO\ IRU RLO ILUHG ERLOHUV EDFN ERLOHUV ZDUP DLU XQLWV

1R REOLJDWLRQ HVWLPDWHV )DVW HIILFLHQW IULHQGO\ VHUYLFH $OO ZRUN IXOO\ JXDUDQWHHG

7HO VW

IRU DQ DSSRLQWPHQW

)ORRU /RZHU $VKOH\ 5G 1HZ 0LOWRQ +DQWV %+ $'

LQIR#VWHSKHQKDUULV SOXPELQJ FRP

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϳ

7XHVGD\ -XQH %ODFN &\DQ


),/0 :+$7 72 (;3(&7 :+(1 <28¶5( (;3(&7,1* $

0RQ QG ± 7KXUV WK SP 0DWV 7XHV ± 7KXUV SP

7+($75( 7+( *$0(6 7XHV WK 7LFNHWV SP

ZZZ UHJHQWFHQWUH FR XN

ZZZ IRUHVW DUWV FR XN

086,&$/ 0$*,& 2) 7+( 086,&$/6 :HG WK 6KRZ &UHDP 7HD /XQFK 6KRZ &UHDP 7HD

7+($75( ',&.(16 :20(1 0LULDP 0DUJRO\HV :HG WK WR 7KX WK SP 7LFNHWV FRQFV

ZZZ ROGHW\PHSOD\HUV FRP

ZZZ IRUHVW DUWV FR XN

&21&(57 '(63(5$'2 ± %HVW RI 7KH (DJOHV )UL WK SP &RQFV

0$5.(7 %(67 ,1 '256(7 )25(67 )$50(56 0$5.(7 6DW DP WR SP

5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

+REXUQH %DVKOH\ +ROLGD\ &HQWUH 6ZD\ 5RDG %DVKOH\

5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

)RUHVW $UWV &HQWUH 2OG 0LOWRQ 5RDG 1HZ 0LOWRQ

)RUHVW $UWV &HQWUH 2OG 0LOWRQ 5RDG 1HZ 0LOWRQ

6WDWLRQ 5RDG 1HZ 0LOWRQ +DPSVKLUH %+ +<

ZZZ UHJHQWFHQWUH FR XN

ZZZ WKHQHZIRUHVW FR XN

&21&(57 &+$5,7< -$== 6:,1* &21&(57 6XQ SP SP )5(( 2XWGRRU

2UJDQLVHG E\ WKH 'RUVHW %OLQG $VVRFLDWLRQ

&20('< 0$5. 7+20$6 %5$92 ),*$52 :RUN LQ 3URJUHVV

0RQ WK 7LFNHWV FRQFV SP

+LJKFOLIIH &DVWOH 5RWKHVD\ 'ULYH +LJKFOLIIH

)RUHVW $UWV &HQWUH 2OG 0LOWRQ 5RDG 1HZ 0LOWRQ

5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

086,&$/ %5,1* 0( 6816+,1( 7XHV WK 6KRZ &UHDP 7HD /XQFK 6KRZ &UHDP 7HD

086,& +$// 7+( *22' 2/'( '$<6 7KXUV WK 6KRZ &UHDP 7HD /XQFK 6KRZ &UHDP 7HD

ZZZ ROGHW\PHSOD\HUV FRP

ZZZ ROGHW\PHSOD\HUV FRP

ZZZ KLJKFOLIIHFDVWOH FR XN ZZZ IRUHVW DUWV FR XN 7+($75( +$/) $ 6,;3(1&( ),/0 +LJKFOLIIH &KDULW\ 3OD\HUV 02215,6( .,1*'20 $

:HG WK ± 6DW SP 0DW 6DW SP 6XQ WK ± )UL WK SP &RQFHVVLRQV 0DWLQHH 0DWV 0RQ WK ± :HG WK SP

ZZZ UHJHQWFHQWUH FR XN

+REXUQH %DVKOH\ +ROLGD\ &HQWUH 6ZD\ 5RDG %DVKOH\

ϴ

+HUDOG -XO\ SDJH

ZZZ UHJHQWFHQWUH FR XN

+REXUQH %DVKOH\ +ROLGD\ &HQWUH 6ZD\ 5RDG %DVKOH\

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ

7XHVGD\ -XQH %ODFN &\DQ


75,%87( (/9,6 75,%87( 1,*+7 )UL WK SP SHU KHDG 3ULFH LQFOXGHV FRXUVH GLQQHU IROORZHG E\ FRIIHH

7KH 0D\IORZHU (PSLUH /DQH 6RXWKDPSWRQ

ZZZ PD\IORZHU RUJ XN &5$)7 )$,5 6800(5 &5$)7 )$,5 6DW VW DP WR SP 0HPRULDO &HQWUH 1HZ 0LOWRQ

ZZZ QHZPLOWRQHYHQWV FR XN

<

086,& $ 1,*+7 $7 7+( 029,(6 ,Q DLG RI +HOS )RU +HURHV 6ZLQJ 8QOLPLWHG %LJ %DQG 6XQ QG SP SP 8QGHU

),/0 7+( $0$=,1* 63,'(5 0$1 ' $

)UL WK 6DW WK 0RQ WK -XO\ 7KXUV QG $XJXVW SP 0DWV )UL WK 0RQ WK -XO\ 7KXUV QG $XJ SP 5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

75,%87( 7+( 5$*'2//6 7ULEXWH WR WKH -HUVH\ %R\V 6XQGD\ WK SP &RQFV 5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

ZZZ UHJHQWFHQWUH FR XN &+,/'5(16 &+,/'5(1¶6 &5$)7 $&7,9,7,(6 :HG $XJXVW DP SP $GXOW $GPLVVLRQ SOXV SHU FUDIW +LJKFOLIIH &DVWOH 5RWKHVD\ 'ULYH +LJKFOLIIH

5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

ZZZ KLJKFOLIIHFDVWOH FR XN

),/0 3520(7+(86 ' 0RQ ± 7KXUV WK SP SP

086,&$/ &20('< ',&. %$5721²63(&,$/ $*(17 1HZ )RUHVW 3OD\HUV :HG VW $XJXVW 6DW WK $XJXVW

ZZZ UHJHQWFHQWUH FR XN

ZZZ QHZIRUHVWSOD\HUV FRP

ZZZ UHJHQWFHQWUH FR XN

5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

&2817< 6+2: 1(: )25(67 +$176 &2817< 6+2: 7XH ± 7KXUV WK 1HZ )RUHVW 6KRZJURXQG

ϮϬй ŽĨĨ ĂĚǀĂŶĐĞ ƚŝĐŬĞƚƐ ĂƌĞ ĂǀĂŝůĂďůĞ ŽŶůŝŶĞ ƵŶƚŝů :ƵůLJ ϭϭƚŚ Ăƚ ǁǁǁ͘ŶĞǁĨŽƌĞƐƚƐŚŽǁ͘ĐŽ͘ƵŬ͘ Žƌ ǀŝĂ ƚŚĞ ĐƌĞĚŝƚ ĐĂƌĚ ŚŽƚůŝŶĞ ŽŶ ϬϭϱϵϬ ϲϮϮϰϬϵ͘

7+($75( $ 0,'6800(5 1,*+76 '5($0 :HG WK SP $GXOWV +LJKFOLIIH &DVWOH 5RWKHVD\ 'ULYH +LJKFOLIIH

3HUIRUPLQJ $UWV &HQWUH %DOODUG 6FKRRO 1HZ 0LOWRQ

),/0 ,&( $*( &217,1(17$/ '5,)7 ' )UL UG 6XQ WK ± 7KXUV WK $XJXVW SP 0DWV )UL UG 6DW WK 0RQ WK±7KXUV WK $XJ SP 5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

ZZZ UHJHQWFHQWUH FR XN 086,& 7+( 7,7$1,& 5(48,(0 6DWXUGD\ WK $XJ SP 5HFRUGHG E\ VDWHOOLWH RQ VFUHHQ 5R\DO 3KLOKDUPRQLF 2UFKHVWUD &KRLU 5HJHQW &HQWUH +LJK VWUHHW &KULVWFKXUFK

ZZZ KLJKFOLIIHFDVWOH FR XN ZZZ UHJHQWFHQWUH FR XN

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ ϵ +HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


*DV 0DLQWHQDQFH 6SHFLDOLVWV x *DV DSSOLDQFH VHUYLFLQJ x %UHDNGRZQ UHSDLU VHUYLFH x KRXU HPHUJHQF\ VHUYLFH GD\V D \HDU x &RYHU SODQ DYDLODEOH SHU PRQWK LQFOXGLQJ FRYHU WR \RXU FHQWUDO

KHDWLQJ SOXPELQJ V\VWHP DQ DQQXDO ERLOHU VHUYLFH

x /RFDO IDPLO\ UXQ EXVLQHVV

7 0 ZZZ WRZQ JDV FR XN

ϭϬ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


Do you yearn for more style in your home, but have no idea where to start? Do you know what will add value and what won’t? Beautiful interiors designed for you

From individual rooms to complete homes, everything is possible.

contact Val Plummer for a free initial consultation val@atno19.co.uk

01590 641804

www.atno19.co.uk

+HUDOG -XO\ SDJH

At No 19 can help to improve your property by putting forward stylish, practical schemes, tailored to your individual taste and pocket, with ideas that are ‘of the moment’ yet maintain appeal as time progresses, never forgetting the ‘saleability factor’ in the longer term. As Interior Designers we are happy to assist with everything from a single pair of curtains, to an individual room or a complete home; we will work with any preference and style, utilising your existing furnishings or start afresh with a complete redesign, in order to create a stylish and personal interior space, tailored to your unique needs. You do not have to be wealthy to utilise the services of an interior designer, but you do have to be wise – professional guidance can avoid costly mistakes and assist in ‘getting it right first time.’

At No 19 ...Turning houses in to homes

7XHVGD\ -XQH %ODFN &\DQ


/RFDO +LVWRU\

2XU 6SRUWLQJ *ORU\ /RFDO LQ 2O\PSLF 2XU FRPPXQLW\ WKURXJK WKH DJHV 0DSV +HURHV

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

5RGQH\ LQ KLV )O\LQJ 'XWFKPDQ &RS\ULJKW )UDQoRLV 5LFKDUG

5RGQH\ &KULV PRPHQWV DIWHU ZLQQLQJ *ROG DW .LHO LQ 3KRWR FRXUWHV\ RI 5RGQH\ 3DWWLVRQ

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·V FROODERUDWLRQ ZLWK &KULVWFKXUFK EHIRUH OHDYLQJ IRU 0HOERXUQH %RE +RDUHĐĂůů͗ ZRXOG ϭϮ ORFDO ERDW EXLOGHU dŽ ĂĚǀĞƌƚŝƐĞ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ+&&ϬϭϮϬϮ ϴϵϰϯϵϳ &RS\ULJKW $UWV 0XVHXPV 6HUYLFH 5HG +RXVH 0XVHXP

+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


.HQ 5LFKPRQG

SKRWR FRXUWHV\ RI 0U & 6DXQGHUV

WKH\ ZHUH RQO\ UHTXLUHG WR ILQLVK WR WDNH KRPH WKH *ROG PHGDO $ WUXO\ LQVSLUDWLRQDO VDLORU 0LFKDHO :KHHOHU LV DQRWKHU 2O\PSLF PHGDO KROGHU ZKR KDV OLYHG LQ DQG DURXQG &KULVWFKXUFK IRU PRVW RI KLV OLIH $ WHDFKHU DW D ORFDO VFKRRO IRU RYHU IRUW\ \HDUV 0LFKDHO ZRQ %URQ]H LQ WKH P UHOD\ UDFH DW WKH 2O\PSLFV LQ 0HOERXUQH +H WUDLQHG E\ UXQQLQJ XS DQG GRZQ WKH ¶]LJ ]DJV·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´IOLQJµ KH UHFDOOHG HQMR\LQJ WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ µDQQR\LQJ WKH \HDU ROGV RI WKH GD\ µ +HUDOG -XO\ SDJH

2WKHU ORFDO 2O\PSLDQV LQFOXGH 3HWH $OODP DQRWKHU 3RROH UHVLGHQW ZKR ZRQ %URQ]H DW WKH 2O\PSLFV LQ /RV $QJHOHV IRU WKH )O\LQJ 'XWFKPDQ GLQJK\ FODVV DQG .HQ 5LFKPRQG ZKR OLYHG KLV ODVW \HDUV LQ &KULVWFKXUFK DQG ZKR ZRQ %URQ]H LQ +HDY\ZHLJKW :UHVWOLQJ LQ +HOVLQNL LQ .HQ LV SHUKDSV EHVW NQRZ DV WKH ¶JRQJ PDQ· IRU WKH RSHQLQJ FUHGLWV RI 5DQN )LOPV $V ZHOO DV WKRVH ZKR ZRQ PHGDOV WKH JDPHV ZRXOG QRW EH SRVVLEOH ZLWKRXW WKH VXSSRUW RI RIILFLDOV IRU H[DPSOH *LOO &ODUNH ZKR XPSLUHG DW WKUHH 2O\PSLF *DPHV IRU ZRPHQ·V +RFNH\ DQG ZKRVH IDPLO\ OLYH LQ DQG DURXQG &KULVWFKXUFK WHDP VWDII VXFK DV 'RQ 5RZODQG D +LJKFOLIIH UHVLGHQW DQG %RDWPDQ WR WKH 2O\PSLF 5RZLQJ DQG &DQRHLQJ WHDPV LQ DQG D ZKROH KRVW RI RWKHU SURIHVVLRQDOV IURP DXGLWRUV DW +HQOH\ WR VDIHW\ RIILFLDOV DW 7RUED\

'RQ 0DJJLH 5RZODQG DW WKH URZLQJ FRXUVH LQ 0XQLFK &RS\ULJKW 'RQ 5RZODQG

7R ILQG RXW PRUH DERXW \RXU ORFDO 2O\PSLF KHURHV WKH JDPHV WKH\ DWWHQGHG DQG WKH PHPRULHV WKH\ EURXJKW EDFN YLVLW 2XU 6SRUWLQJ *ORU\ ZKLFK ZLOO EH RQ GLVSOD\ DW WKH 5HG +RXVH 0XVHXP LQ &KULVWFKXUFK EHWZHHQ -XQH DQG 6HSWHPEHU %U\RQ\ :DWHUPDQ $OO HIIRUWV KDYH EHHQ PDGH WR WUDFH FRS\ULJKW LI \RX KDYH DQ\

ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ SOHDVH ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ DGGLWLRQDO LQIRUPDWLRQ FRQWDFW 5HG +RXVH 0XVHXP ϭϯ 7XHVGD\ -XQH %ODFN &\DQ


%HQHILWV IRU 2OGHU 3HRSOH

%LOOLRQV RI SRXQGV LQ EHQHILWV JR XQFODLPHG HYHU\ \HDU 2OGHU SHRSOH LQ SDUWLFXODU RIWHQ PLVV RXW RQ ZKDW WKH\ VKRXOG EH JHWWLQJ GXH WR SULGH RU D ODFN RI LQIRUPDWLRQ RU DFFHVV WR DGYLFH 3HRSOH DJHG RU RYHU PD\ EH DEOH WR JHW VWDWH SHQVLRQ SHQVLRQ FUHGLW KRXVLQJ EHQHILW FRXQFLO WD[ EHQHILW ZLQWHU IXHO SD\PHQW DWWHQGDQFH DOORZDQFH GLVDELOLW\ OLYLQJ DOORZDQFH FDUHU·V DOORZDQFH 6WDWH SHQVLRQ LV D ZHHNO\ LQFRPH QRUPDOO\ SDLG DW SHQVLRQ DJH ,W LV XVXDOO\ EDVHG RQ WKH QDWLRQDO LQVXUDQFH FRQWULEXWLRQ UHFRUG RI WKH SHQVLRQHU RU WKHLU VSRXVH FLYLO SDUWQHU ,W LV WD[DEOH 7KH SHQVLRQ DJH LV IRU PHQ LQFUHDVLQJ WR E\

DQG LV JUDGXDOO\ LQFUHDVLQJ EHWZHHQ QRZ DQG IURP WR IRU ZRPHQ ,W LV SRVVLEOH WR GHIHU WDNLQJ D SHQVLRQ DQG WKLV PLJKW KDYH WD[ DGYDQWDJHV LI RWKHUZLVH UHWLUHPHQW SHQVLRQ ZRXOG SXVK VRPHRQH ZKR LV VWLOO ZRUNLQJ LQWR D KLJKHU WD[ EDQG 'HIHUULQJ \RXU SHQVLRQ LV DOVR D IRUP RI VDYLQJ WKDW LV YHU\ VHFXUH 3HQVLRQ FUHGLW LV D EHQHILW ZLWK WZR SDUWV 7KH ILUVW SDUW 3& JXDUDQWHH FUHGLW LV D PHDQV WHVWHG WRS XS WR D SHQVLRQHU·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

ϭϰ

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·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

'L[RQ 6WHZDUW 6ROLFLWRUV 6WDWLRQ 5RDG 1HZ 0LOWRQ dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ%+ /)

+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


ůŝĨĨ ,ŽƵƐĞ KƉĞŶŝŶŐ ,ŽƵƌƐ ŽĨĨĞĞ ϭϬ͘ϬϬĂŵ Ͳ ϭϭ͘ϯϬĂŵ >ƵŶĐŚ EŽŽŶ Ͳ Ϯ͘ϬϬƉŵ DŽŶĚĂLJ ƚŽ ^ƵŶĚĂLJ ĨƚĞƌŶŽŽŶ dĞĂ ϯ͘ϯϬ Ͳ ϱ͘ϯϬ ŝŶŶĞƌ ϲ͘ϯϬ Ͳ ϴ͘ϯϬƉŵ dƵĞƐĚĂLJ ƚŽ ^ĂƚƵƌĚĂLJ WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϭϱ

7XHVGD\ -XQH %ODFN &\DQ


0RRUODQG +RXVH 5HVLGHQWLDO &DUH +RPH

3ULYDWHO\ RZQHG DQG LGHDOO\ VLWXDWHG LQ %DUWRQ RQ 6HD x EHDXWLIXOO\ IXUQLVKHG DQG GHFRUDWHG EHGURRPV DOO ZLWK x

x x

HQ VXLWH IDFLOLWLHV /DUJH UDQJH RI WDVWHIXOO\ GHFRUDWHG DQG IXUQLVKHG FRPPXQDO DUHDV OHDGLQJ RXW RQWR EHDXWLIXOO\ ODQGVFDSHG JDUGHQV 6SHFLDOLVLQJ LQ $O]KHLPHUV DQG 'HPHQWLD &DUH ([WHQVLYH DFWLYLW\ DQG HQWHUWDLQPHQW SURJUDPPH 'D\ &DUH )DFLOLWLHV )UHH 7ULDO 'D\ DYDLODEOH

)RU PRUH LQIRUPDWLRQ SOHDVH FRQWDFW WKH 0DQDJHU /LQGD 0F,QGRH DW 0RRUODQG +RXVH 5HVLGHQWLDO &DUH +RPH %DUWRQ &RXUW $YHQXH %DUWRQ RQ 6HD

7HO RU YLVLW RXU ZHEVLWH ZZZ PRRUODQG KRXVH FR XN

ϭϲ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


&XUWDLQV &R FUHDWLQJ

,QVSLUDWLRQDO ,QWHULRUV )RU RYHU \HDUV

&RQWHPSRUDU\ &ODVVLF 7UDGLWLRQDO

&RPSOHWH +RPH 6W\OLQJ &XUWDLQV %OLQGV 6RIW )XUQLVKLQJV :DOOSDSHU )XUQLWXUH

2OG 0LOWRQ 5RDG 1HZ 0LOWRQ %+ '7HO FXUWDLQVDQGFR#EWFRQQHFW FRP

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϭϳ

7XHVGD\ -XQH %ODFN &\DQ


7KH 6KRH %R[

6KRHV IRU DOO WKH IDPLO\ DW DIIRUGDEOH SULFHV 0HQ·V OHDWKHU VKRHV DQG VDQGDOV IURP &KLOGUHQ·V OHDWKHU VKRHV DQG VDQGDOV IURP /DGLHV OHDWKHU VKRHV DQG VDQGDOV IURP

6WDWLRQ 5RDG 1HZ 0LOWRQ

2SSRVLWH WKH $UQHZRRG 'RFWRUV 6XUJHU\ 3URGXFH WKLV DGYHUW WR JHW D GLVFRXQW RQ QRQ VDOH LWHPV ϭϴ

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ


/RFDO IULHQGO\ VHUYLFH EDVHG LQ %DUWRQ %DUWRQ RQ RQ 6HD )RU LQVSLUDWLRQ YLHZ ZZZ KDOWRQSV FR XN

7

+$/721 3523(57< 6(59,&(6 %$7+52206 .,7&+(16 7,/,1* 3523(57< 0$,17(1$1&( +$1'<0$1 6(59,&(6

0 ( LQIR#KDOWRQSV FR XN

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϭϵ

7XHVGD\ -XQH %ODFN &\DQ


6KLUOH\ 'DYLV 3DXO :HVWRQ

:RUOG 5HQRZQHG &RVWXPH 'HVLJQHU 6WXQWPDQ Paul Weston has flown across the globe as Superman, dodged bullets and jumped from cable cars mid-air as James Bond in Moonraker, fought with Darth Vadar in Star Wars and been ‘knocked down’ by vehicles two or three times a night in a live stage show. He has appeared in hundreds of Box Office hit movies ‌ including The Dirty Dozen, Raiders of the Lost Ark, Pirates of the Caribbean, Licence to Kill, Dragon Heart, and many more. He has doubled for the likes of Roger Moore, Ryan O’Neil, Christopher Reeve and Tom Selleck. His friends have and do include big stars such as Lee Marvin, Roger Moore, Sean Connery, Ryan O’Neil and Michael Caine. Paul used to have regular Sunday lunches with playboy Hugh Heffner and Hollywood actress Zsa Zsa Gabor and has fond memories of regular dinners with David Niven, actor Billy Crystal and ‘Kojak’ Telly Savalas.

his wr i s t s and breaking a cheek bone. “It took a month to recover from that,� says Paul, “but the film makers looked after me. I was staying in a nice house and Chris Reeve came up to see me regularly.�

Another time, Paul was doubling for Ryan O’Neil in ‘A Bridge Too Far’. He was on a crane, being dropped 100ft, but his parachute didn’t have enough air in it and he dropped too fast. Yet nobody stops to look as he strolls down Lymington High “I hit the ground so hard I thought I had broken both legs and Street with his wife of 50 years – because we don’t realise my back‌ just what an exciting career he has – or the high esteem in Ryan O’Neil and Dirk Bogarde both came running over to see how I was. which he is held by the “ Ryan was being all butch World’s film industry. and asking if I was ok ‌ but Paul Weston is a stunt Dirk was saying ‘sweetheart, man and second unit darling are you ok’ . The director – and has contrast between them was ‘doubled’ for the world’s quite funny!â€? most famous actors As it turned out, Paul had including Roger Moore on smashed his heels and ended the Bond films and up walking on tip toes for a Christopher Reeve in few months. Superman 1,2 and 3. And during the filming of Star Now semi-retired he lives Wars he broke his leg. “It was in Lymington with wife great though,â€? said Paul, “the Dolly – and has two film makers put me up in a daughters and three Beverley Hills Hotel for two grandchildren all living weeks and Harrison Ford nearby in the New Forest. would come over and drive He started out as a 3DXO EHLQJ VHW DOLJKW E\ me into town, shopping!â€? photographic model in I asked Paul, whether his wife London in the sixties and 7LPRWK\ 'DOWRQ DV -DPHV %RQG Dolly, worried about him? he was sent to understudy Roger Moore on The Saints series. Shortly after he was “I didn’t really tell her exactly what I was up to ‌ because there was no point worrying her.â€? given his own part, as a villain, and was asked to do a stunt. Paul is a modest man, who recently won a lifetime achievement award from Action Fest (an action film festival in The rest, as they say, is history. North Carolina). In recent months he was invited to give a ‘The adrenaline made me feel invincible,’ he said, ‘but it is keynote speech to Bafta. He said: “I have had a fun career – I have been very something you have to learn to control. “Once or twice I’ve let it go too close to the wire and I’ve fortunate.â€? And it certainly isn’t over. thought ‘another second and I wouldn’t be here “Anyone can fall from a building ‌once. The trick is to do it He has recently been working up in Glasgow with Brad Pitt on the soon to be released movie World War Z. time and time again without killing yourself!.â€? Getting hurt is, I suppose, an occupational hazard as a “But I’m not going to give away the stunts involved – suffice stuntman. Paul smiles and admits that he has had his fair to say the film will be very exciting!â€? If you would like to know more about Paul Weston visit his share of injuries. He was doubling as Christopher Reeve in Superman when website at www.paulwestonstunts.com one of the fine piano wires used to create the effect of him $QQ +HQGHUVRQ flying suddenly snapped. He fell, headfirst, 14 ft, damaging

Ď­Ď´

dĹ˝ Ä‚ÄšÇ€ÄžĆŒĆšĹ?Ć?Äž Ä?Ä‚ĹŻĹŻÍ— ĎŹĎ­Ď°ĎŽĎą ϲώϾϴϰϭ Ĺ˝ĆŒ ÄžͲžÄ‚Ĺ?ĹŻ Ĺ?Ä‚ĆŒÇ‡Î›Ć‰ĆŒĹ?ĹśÄ?ĞƉƾÄ?ĹŻĹ?Ä?Ä‚ĆšĹ?ŽŜĆ?͘Ä?Ĺ˝Í˜ƾŏ

+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


ƉƉƌŽǀĞĚ WŝůŬŝŶŐƚŽŶ /ŶƐƚĂůůĞƌ

%XLOGLQJ 3ODVWHULQJ +RQHVW 5HOLDEOH /RFDO 7UDGHVPDQ ZLWK <HDUV ([SHULHQFH Â$OO ,QWHUQDO ([WHUQDO 3ODVWHULQJ Â$UWH[LQJ &RYLQJ Â$OO *HQHUDO EXLOGLQJ ZRUNV Â([WHQVLRQV 5HQRYDWLRQV $OWHUDWLRQV

Â3URSHUW\ PDLQWHQDQFH $OO 6WUXFWXUDO ZRUN JXDUDQWHHG IRU \HDUV

' 0R\FH &DUOWRQ $YHQXH %DUWRQ RQ 6HD

EĞǁ͗ x hWs tŝŶĚŽǁƐ Θ ŽŽƌƐ x ŽŶƐĞƌǀĂƚŽƌŝĞƐ x WŽƌĐŚĞƐ x ŽŵƉŽƐŝƚĞ ĚŽŽƌƐ

ZĞƉůĂĐĞŵĞŶƚ͗ x ,ĂŶĚůĞƐ Θ ,ŝŶŐĞƐ x ŽƵďůĞ 'ůĂnjĞĚ hŶŝƚƐ x ^ŝŶŐůĞ 'ůĂnjĞ x ĚũƵƐƚ Θ ZĞƉĂŝƌ hWs ŽŽƌƐ

ϱй ĚŝƐĐŽƵŶƚ ǁŝƚŚ ĞǀĞƌLJ ŶĞǁ Ws Ƶ ŝŶƐƚĂůůĂƚŝŽŶ

ůů ǁŝŶĚŽǁƐ Žƌ ƌĂƚĞĚ ĂƐ ƐƚĂŶĚĂƌĚ ĂŶĚ ƐƵƉƉůŝĞĚ ǁŝƚŚ ĐĞƌƚŝĨŝĐĂƚĞƐ ŽĨ ĐŽŶĨŽƌŵŝƚLJ

&ƌĞĞ ŐůĂƐƐ ƵƉŐƌĂĚĞ ƚŽ ŝŶĐůƵĚĞ ĂƌŐŽŶ ŐĂƐ ĨŝůůĞĚ ƵŶŝƚƐ

dĞů͗ ϬϭϮϬϮ ϴϮϰϰϳϱ DŽď͗ ϬϳϴϬϴ ϭϲϳϵϰϵ ŵĂŝů͗ ŝŶĨŽΛĂŵƉŵŐůĂnjŝŶŐ͘ĐŽ͘ƵŬ tĞď͗ ǁǁǁ͘ĂŵƉŵŐůĂnjŝŶŐ͘ĐŽ͘ƵŬ

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

Ϯϭ


:,6(%8<

KE^ Zs dKZ/ ^ ͗ Z WKZd^ ͗ t/E Kt^ ͗ KKZ^ ͗ WKZ , ^ ͗ & ^ / ^ ͗ W> ^d Z/E' ZKK& >d Z d/KE^ ͗ ^K&&/d^ ͗ 'hdd Z^ ͗ Z W> D Ed '> ^^ hE/d^ ͗ W d/K^

RII DOO 3URGXFWV 3ROLFH $SSURYHG SRLQW /RFNLQJ 6\VWHP RQ DOO 'RRUV 1R 6XEFRQWUDFWRUV 1R SXVK\ 6DOHV 3HUVRQV :K\ QRW XSJUDGH \RXU ROG ZLQGRZV WR QHZ ³$´ UDWHG 9(.$ IXOO\ VFXOSWXUHG 839& 9LHZ RXU UDQJH RI SURGXFWV DW ZZZ FRQVRUWZLQGRZV FRP 6DYH RQ KHDWLQJ ELOOV DQG LPSURYH \RXU FDUERQ IRRWSULQW 0DULQH *UDGH 0HWDO RQ DOO ORFNV KLQJHV DV VWDQGDUG :H QRZ RQO\ XVH WRS TXDOLW\

3/$1,7+(50 */$66

8VH \RXU ORFDO 839& ILUP DQG VDYH ¶V RYHU VKRZURRP FRPSDQLHV

DV VHHQ RQ 79

1R SD\PHQW XQWLO FRPSOHWLRQ RQ DOO RUGHUV XQGHU 6DWLVIDFWLRQ *XDUDQWHHG RQ DOO ZRUNV ,QVWDQW IUHH TXRWDWLRQV GD\ RUGHU WLPH RQ :LQGRZV 'RRUV ϮϮ

IUHHSKRQH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ

+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


1(: )25(67 '(17$/ 35$&7,&(

$IIRUGDEOH 3ULFHV +LJKHVW 6WDQGDUG RI 3ULYDWH &RVPHWLF *HQHUDO 'HQWLVWU\ 6SHFLDO &DUH IRU 1HUYRXV $Q[LRXV 3DWLHQWV 6PLOH 0DNHRYHUV 7HHWK :KLWHQLQJ

1HZ 3DWLHQWV :HOFRPH $VKOH\ 5RDG 1HZ 0LOWRQ %+ %$ 3KRQH IRU DQ DSSRLQWPHQW

<RXU )ULHQGO\ )DPLO\ 'HQWLVW

Enjoy two courses from our Set Lunch Menu for

tŚLJ ŶŽƚ ƚƌĞĂƚ LJŽƵƌƐĞůĨ

ZĞůĂdž ĂŶĚ ĞŶũŽLJ ůƵŶĐŚ ŝŶ ŽƵƌ ĐŽŶƐĞƌǀĂƚŽƌLJ͕ dĞƌƌĂĐĞ Žƌ ŝƐƚƌŽ͕ ǁŝƚŚ Ă ƐĞůĞĐƚŝŽŶ ŽĨ Receive a complimentary ĨŝŶĞ ůŽĐĂů ƉƌŽĚƵĐĞ ŽŶ ŽƵƌ glass of House Wine to ůƵŶĐŚ ƚŝŵĞ ŵĞŶƵ͘ accompany ǁĂƌĚĞĚ Ϯ ƌŽƐĞƚƚĞƐ ĨŽƌ (Offer Valid Monday – Friday. 12 – 3PM. Booking Essential. 125ml glass of wine.) ŽƵƌ ƋƵĂůŝƚLJ ĐƵŝƐŝŶĞ͘

£11.95

14-15 High Street, Lymington, Hampshire, SO41 9AA

T: 01590 677123

WWW.STANWELLHOUSE.COM

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

Ϯϯ


<E WĂŝŶƚŝŶŐ Θ ĞĐŽƌĂƚŝŶŐ WƌŽĨĞƐƐŝŽŶĂů ĂŶĚ ĨĨŽƌĚĂďůĞ YƵĂůŝƚLJ ƐƐƵƌĞĚ &ƌĞĞ ƐƚŝŵĂƚĞƐ ĂŶĚ ĚǀŝĐĞ &ƵůůLJ ŝŶƐƵƌĞĚ ZĞůŝĂďůĞ ƐĞƌǀŝĐĞ &DOO .HYLQ WRGD\ 6LOYHUGDOH %DUWRQ RQ 6HD QRRQVYLOOH#DRO FRP

+LJKFOLIIH

+RXVH &OHDUDQFH 6KRS

)XOO RU 3DUW +RXVHV &OHDUHG )XOO\ /LFHQVHG )ULHQGO\ )DPLO\ 5XQ %XVLQHVV 3UREDWH 6SHFLDOLVWV

)RU D )5(( 4XRWDWLRQ &DOO

:H 6HOO 4XDOLW\ 6HFRQG +DQG )XUQLWXUH $SSOLDQFHV ZZZ KRXVHFOHDUDQFHVKRS FRP /\PLQJWRQ 5RDG +LJKFOLIIH

Ϯϰ +HUDOG -XO\ SDJH

$ )$0,/< %86,1(66 6,1&(

63(&,$/,676 ,1 $// $63(&76 2) 75(( :25. $/62

+HGJH &XWWLQJ 6WXPS 5HPRYDO *DUGHQ &OHDUDQFHV 5XEELVK 5HPRYDO 6HUYLFH &DOO IRU D QR REOLJDWLRQ TXRWH 5XVVHOO 6WRQHV 7HO 0RE

-XOLDQ 6WRQHV 7HO 0RE

(PDLO UVWRQHV#WRXFDQVXUI FRP

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

Ϯϱ

7XHVGD\ -XQH %ODFN &\DQ


+LJKFOLIIH $UW )HOORZVKLS 1RWFKHV XS <HDUV 7KH +LJKFOLIIH $UW )HOORZVKLS LV FHOHEUDWLQJ LWV WK DQQLYHUVDU\ ZLWK WZR H[KLELWLRQV £ RI GLIIHUHQW SLFWXUHV 7KH DQQXDO H[KLELWLRQ ZLOO EH KHOG DW WKH 0 HWKRGL VW & KXUF K + DOO /\PLQJWRQ 5RDG +LJKFOLIIH DQG ZLOO UXQ WK -XO\ £ WK $XJXVW &ORVHG 6XQGD\V ,QQRYDWLRQV LQWURGXFHG ODVW \HDU LQFOXGLQJ QHZ VFUHHQV DQG OD\RXW SURYHG KLJKO\ VXFFHVVIXO DQG ZLOO EH LPSURYHG HYHQ PRUH WKLV \HDU 3URILWV IURP WKH VHOI VHUYLFH UHIUHVKPHQWV ZLOO EH GRQDWHG WR WKH &KULVWFKXUFK )RRG %DQN IRU ORFDO SHRSOH LQ QHHG 7KH ZLGH YDULHW\ RI SLFWXUHV DQG JUHHWLQJV FDUGV DUH IRU VDOH $GPLVVLRQ LV IUHH $ VHFRQG H[KLELWLRQ ZLOO EH KHOG DW +LJKFOLIIH &DVWOH WK 6HSWHPEHU £ VW 2FWREHU 0HPEHUV KDYH EHHQ VSHFLILFDOO\ UHTXHVWHG WR HQWHU RQO\ QHZ ZRUN VR WKDW WKLV H[KLELWLRQ Z L OO OR R N DQG I HHO F RPS OHWHO\ GLIIHUHQW 3LFWXUHV DQG JUHHWLQJV FDUGV ZLOO DJDLQ EH IRU VDOH 1RUPDO &DVWOH $GPLVVLRQ UDWHV DSSO\ )RU GHWDLOV SOHDVH FRQWDFW 'HQQLV )RUG RQ RU JD\H VODGH#YLUJLQ QHW

ZZZ KLJKFOLIIH DUW LQIR Ϯϲ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


&+5,67&+85&+ *$5$*( '2256

5HSDLUV WR DOO 0DNHV 1R &DOO 2XW FKDUJHV 6DPH 'D\ 5HSDLU 6HUYLFH *DUDJH 'RRU ,QVWDOODWLRQ $OO 6W\OHV DQG 'HVLJQV $XWRPDWLRQ RI ([LVWLQJ 'RRUV &DOO IRU D )5(( 4XRWDWLRQ

0DLQ $JHQWV )RU

%$6(' ,1 1(: 0,/721 -RKQ 7DUUDQW

ZZZ FKULVWFKXUFKJDUDJHGRRUV FR

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

Ϯϳ

7XHVGD\ -XQH %ODFN &\DQ


-XO\ 6X 'RNX

0HGLXP

+DUG

(67$%/,6+('

5(:,5,1* 63(&,$/,676 ),5( $/$506 1856( &$// 6<67(06 6+2:(56 6(&85,7< /,*+7,1*

+RXU (PHUJHQF\ 6HUYLFH $YDLODEOH

&+(:721 )$50 52$' +,*+&/,))( %+ 41

Ϯϴ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


[ Liposuction Cavitation Treatment

FREtiEon

installa ens & on kitch oms bathro d by ordere

st July 31

An amazing new non-invasive treatment that re-shapes those curves and melts away up to an inch of fat per session....yes, really!

[ Massage [ Corrective Facials [ Ambermist Airbrush Tanning [ Hopi Ear Candle Treatment [ Eyelash Perming and Tinting [ Callus Peel Treatment [ Gelish Gel Polish - Lasts 3 Weeks! ...and all your other beauty requirements

For more details or to make an appointment please contact Zena on 07765 805986 or 01425 628193 10 Wilton Gardens, New Milton, BH25 5UT

WůĞĂĆ?Äž žĞŜƚĹ?ŽŜ ƚŚĹ?Ć? žĂĹ?Ä‚ÇŒĹ?ŜĞ Ç ĹšÄžĹś Ä?ŽŜƚĂÄ?ĆšĹ?ĹśĹ? ĂŜLJ ŽĨ ƚŚĞ Ä‚ÄšÇ€ÄžĆŒĆšĹ?Ć?ÄžĆŒĆ? +HUDOG -XO\ SDJH

ĎŽĎľ

7XHVGD\ -XQH %ODFN &\DQ


dŚĞ >ŽƌĚ ƵƚĞ ZĞƐƚĂƵƌĂŶƚ ZĞǀŝĞǁ

͞zŽƵ ǁĂŶŶĂ ŐŽ ǁŚĞƌĞ ĞǀĞƌLJďŽĚLJ ŬŶŽǁƐ LJŽƵƌ ŶĂŵĞ͟ ǁĂƐ ƚŚĞ ƚŚĞŵĞ ƚƵŶĞ ƚŽ ƚŚĞ ůŽŶŐ ƌƵŶŶŝŶŐ ŵĞƌŝĐĂŶ ƐŝƚĐŽŵ ŚĞĞƌƐ͕ ƐĞƚ ŝŶ Ă ŽƐƚŽŶ Ăƌ͘ / ƚŚŝŶŬ ǁĞ ĐĂŶ Ăůů ĂŐƌĞĞ ǁŝƚŚ ƚŚŝƐ ƐĞŶƚŝŵĞŶƚ͘ ĂƐŝĐĂůůLJ ǁĞ ůŝŬĞ ƚŽ ƐŽŵĞǁŚĞƌĞ ƚŚĂƚ ŵĂŬĞƐ ƵƐ ĨĞĞů ĐŽŵĨŽƌƚĂďůĞ Ͳ dŚĞ >ŽƌĚ ƵƚĞ ŚĂƐ ƚŚĂƚ ĞĨĨĞĐƚ ŽŶ ^ĂůůLJ ĂŶĚ /͘

dŚŝƐ ŝƐ ŽƵƌ ƚŚŝƌĚ ƌĞǀŝĞǁ ŽĨ ƚŚĞ >ŽƌĚ ƵƚĞ ĂŶĚ ƚŚŝƐ ƚŝŵĞ ǁĞ ƚŽŽŬ ŵLJ ƐŽŶ ĂŶŝĞů ;ϮϲͿ ĂŶĚ ŚŝƐ ŐŝƌůĨƌŝĞŶĚ ŵĞůŝĂ͘ /ƚ ǁĂƐ ŝŶƚĞƌĞƐƚŝŶŐ ďĞĐĂƵƐĞ ĂŶŝĞů ŚĂĚ ƚŚĞ ƐĂŵĞ ƌĞĂĐƚŝŽŶ ƚŚĂƚ / ĞdžƉĞƌŝĞŶĐĞĚ ƚŽ ƚŚĞ >ŽƌĚ ƵƚĞ ǁŚĞŶ ǁĞ ĨŝƌƐƚ ǁĞŶƚ ƚŚĞƌĞ ŽǀĞƌ ƚǁŽ LJĞĂƌƐ ĂŐŽ Ͳ ŝƚ ůŽŽŬƐ ƌĞĂůůLJ ƵƉŵĂƌŬĞƚ ;ĂŶĚ ƚŚĞ ĨŽŽĚ ĂŶĚ ƐĞƌǀŝĐĞ ŝƐ ͶŵŽƌĞ ůĂƚĞƌͿ ďƵƚ ƚŚĞ ƉƌŝĐĞƐ ĂƌĞ ǀĞƌLJ ƌĞĂƐŽŶĂďůĞ͘ DLJ ƐŽŶ ǁĂƐ ǀĞƌLJ ƐƵƌƉƌŝƐĞĚ ǁŚĞŶ ŚĞ ƐĂǁ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ƐĞƚ ƉƌŝĐĞ ŵĞŶƵ ǁŚŝĐŚ ĨŽƌ ϯ ĐŽƵƌƐĞƐ ŝƐ ŽŶůLJ άϮϮ͊͘ / ĐŚŽŽƐĞ ĨƌŽŵ ƚŚĞ Ă ůĂ ĂƌƚĞ ĨŽƌ ŵLJ ƐƚĂƌƚĞƌ ĂŶĚ ŵĂŝŶ ;Ϯ ĐŽƵƌƐĞƐ άϮϵ͘ϱϬ Ͳ ϯ ĐŽƵƌƐĞƐ άϯϮ͘ϵϱͿ ďƵƚ ƚŚĞ ƌĞŵĂŝŶĚĞƌ ŽĨ ŽƵƌ ƉĂƌƚLJ ƐƚƵĐŬ ƚŽ ƚŚĞ ƐĞƚ ŵĞŶƵ ĨŽƌ ƚŚĞ ǁŚŽůĞ ŵĞĂů ǁŚŝĐŚ ŐŽĞƐ ƚŽ ƐŚŽǁ ǁŚĂƚ Ă ŐŽŽĚ ĐŚŽŝĐĞ ŝƚ ǁĂƐ͘ ĞĨŽƌĞ ŽƌĚĞƌŝŶŐ ǁĞ ǁĞƌĞ ƚƌĞĂƚĞĚ ƚŽ ĨƌĞƐŚůLJ ŵĂĚĞ ĐŽŵƉůŝŵĞŶƚĂƌLJ ďƌĞĂĚƐ͘ / ŚĂĚ ǁĂůŶƵƚ ĂŶĚ ƌĂŝƐŝŶͶŵLJ ĨĂǀŽƵƌŝƚĞ͘

ϯϬ +HUDOG -XO\ SDJH

&Žƌ ƐƚĂƌƚĞƌƐ / ĐŚŽƐĞ <ŝŶŐ WƌĂǁŶƐ ǁŚŝĐŚ ǁĞƌĞ ŶŝĐĞůLJ ĐŽŽŬĞĚ ĂŶĚ ĂĐĐŽŵƉĂŶŝĞĚ ďLJ Ă ǀĞƌLJ ƚĂƐƚLJ ĐŚŝůůŝ ĂŶĚ ůĞŵŽŶ ŐƌĂƐƐ ĚŝƉ͘ dŚĞ ƉƌĂǁŶƐ ǁĞƌĞ ŐŽŽĚ ĂŶĚ ƉůƵŵƉ ďƵƚ ƉĞƌŚĂƉƐ Ă ůŝƚƚůĞ ďůĂŶĚ ŝŶ ƚĂƐƚĞ ͘ dŚĞ ƐĂŵĞ ĐŽƵůĚ ŶŽƚ ďĞ ƐĂŝĚ ŽĨ ƚŚĞ ŽƚŚĞƌ ƐƚĂƌƚĞƌƐ͘ ^ĂůůLJ ƌĞĂůůLJ ĞŶũŽLJĞĚ ŚĞƌ ^ŵŽŬĞĚ DĂĐŬĞƌĞů ǁŝƚŚ ,ŽƌƐĞƌĂĚŝƐŚ DŽƵƐƐĞ ĂŶĚ ƐŽ ĚŝĚ ŵLJ ƐŽŶ ĂŶĚ ŚŝƐ ŐŝƌůĨƌŝĞŶĚ ƚŚĞ WƌĞƐƐĞĚ ƵĐŬ Θ WŽƌŬ ZŝůůĞƚƚĞ͘ &Žƌ ŵĂŝŶ ƚŚĞ ƉĂƌƚLJ͛Ɛ ĐŚŽŝĐĞƐ ǁĞƌĞ KƌŐĂŶŝĐ ƐĂůŵŽŶ ^ƵƉƌĞŵĞ͕ 'ƌŝůůĞĚ ZƵŵƉ ŽĨ ZŽŵƐĞLJ >Ăŵď ĂŶĚ ĂŬĞĚ ,ĂŬĞ &ŝůůĞƚ ;Ăůů ĨƌŽŵ ƚŚĞ ĨŝdžĞĚ ƉƌŝĐĞ ŵĞŶƵͿ ƚŚĞƐĞ ǁĞƌĞ Ăůů ŐŝǀĞŶ ƚŚĞ ƚŚƵŵďƐ ƵƉ ĂŶĚ / ƌĞĂůůLJ ĞŶũŽLJĞĚ ŵLJ 'ƌĞƐƐŝŶŐŚĂŵ ƵĐŬ ďƌĞĂƐƚ͘ ^ůŝŐŚƚůLJ ƚŽƵŐŚ ďƵƚ ĞǀĞƌ ƐŽ ƚĂƐƚLJ ĂŶĚ ĂĐĐŽŵƉĂŶŝĞĚ ƉĞƌĨĞĐƚůLJ ďLJ ƚŚĞ ƉĂƌƐŶŝƉ ƉƵƌĞĞ ĂŶĚ ƉůƵŵ ƐĂƵĐĞ͘ dŚĞ ǀĞƌLJ ƌĞĂƐŽŶĂďůLJ ƉƌŝĐĞĚ ŚŝůĞĂŶ DĞƌůŽƚ ĂůƐŽ ǁĞŶƚ ǁĞůů ǁŝƚŚ ƚŚĞ ƵĐŬ͘ ^ĂůůLJ ĐŚŽƐĞ ŚĞƌ ĨĂǀŽƵƌŝƚĞ EĞǁ ĞĂůĂŶĚ ^ĂƵǀŝŐŶŽŶ ůĂŶĐ ǁŚŝĐŚ ǁĞŶƚ ĞƋƵĂůůLJ ǁĞůů ǁŝƚŚ ŚĞƌ ^ĂůŵŽŶ͘ tĞ ǁĞŶƚ ŽŶ Ă &ƌŝĚĂLJ ŶŝŐŚƚ ĂŶĚ ƐƚĂƌƚĞĚ ĨĂŝƌůLJ ĞĂƌůLJ ϳϯϬƉŵ͘ LJ ƚŚĞ ƚŝŵĞ ǁĞ ǁĞƌĞ ŝŶƚŽ ŽƵƌ ŵĂŝŶƐ ƚŚĞ ƐĂdžŽƉŚŽŶŝƐƚ ŚĂĚ

ƐƚĂƌƚĞĚ ĂŶĚ / ŵƵƐƚ ĂĚŵŝƚ ƚŚĞ ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ƚŚĞ ĨŝŶĞ ĨŽŽĚ͕ ĞdžĐĞůůĞŶƚ ƐĞƌǀŝĐĞ͕ Ă ůĂƌŐĞ ŐůĂƐƐ ŽĨ ǁŝŶĞ ĂŶĚ ƚŚĞ ŵĞůůŽǁ ďĂĐŬŐƌŽƵŶĚ

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


ZĞƐƚĂƵƌĂŶƚ ƌĞǀŝĞǁ ĐŽŶƚŝŶƵĞĚ͘ ŵƵƐŝĐ ǁĞƌĞ ŚĂǀŝŶŐ Ă ŶŝĐĞůLJ ƌĞůĂdžŝŶŐ ĞĨĨĞĐƚ ŽŶ ŵĞ͘ dŚĞ ƐĞƌǀŝĐĞ ŚĂƐ ĂůǁĂLJƐ ďĞĞŶ ŐŽŽĚ Ăƚ ƚŚĞ >ŽƌĚ ƵƚĞ ĂŶĚ ƚŚŝƐ ƚŝŵĞ ǁĂƐ ŶŽ ĞdžĐĞƉƚŝŽŶ͘ tĞ ŶŽǁ ŬŶŽǁ ƚŚĞ ZĞƐƚĂƵƌĂŶƚ DĂŶĂŐĞƌ ŚŝƌŝƐ ƌĞĂƐŽŶĂďůLJ ǁĞůů ĂŶĚ ůŽŽŬ ĨŽƌǁĂƌĚ ƚŽ ŚŝƐ ĂƚƚĞŶƚŝǀĞ ƐĞƌǀŝĐĞ ƉƵŶĐƚƵĂƚĞĚ ďLJ ƐŽŵĞ ůŽǀĞůLJ ĐŽŵŝĐĂů ƋƵŝƉƐ͗ Ăƚ ŽŶĞ ƉŽŝŶƚ ĚƵƌŝŶŐ

ƚŚĞ ŵĞĂů ŵLJ ƐŽŶ ŚĂĚ ĨŝŶŝƐŚĞĚ ŚŝƐ ŐůĂƐƐ ŽĨ ǁĂƚĞƌ͖ ǁŚĞŶĨ ŝůůŝŶŐ ŝƚ ďĂĐŬ ƵƉ ĨƌŽŵ ƚŚĞ ĐŽŵƉůŝŵĞŶƚĂƌLJ ũƵŐ ŽĨ ǁĂƚĞƌ ŚƌŝƐ ũŽŬĞĚ ͞ ĂŶ LJŽƵ ƚĂŬĞ ŝƚ ƐƚĞĂĚLJ Ɛŝƌ͕ ƚŚĞ ǁĂƚĞƌ͛Ɛ ŽŶ Ă ŵĞƚĞƌ͊͟ dŽ ĨŝŶŝƐŚ ŵLJ ƐŽŶ ĐŚŽƐĞ ŚĞĞƐĞ Θ ďŝƐĐƵŝƚƐ ǁŚŝĐŚ ĨĞĂƚƵƌĞĚ Ă ŐŽŽĚ ƐĞůĞĐƚŝŽŶ ŽĨ ŶŐůŝƐŚ Θ ŽŶƚŝŶĞŶƚĂů ĐŚĞĞƐĞƐ ĂŶĚ ďŝƐĐƵŝƚƐ ĂĐĐŽŵƉĂŶŝĞĚ ďLJ ĐĞůĞƌLJ ĂŶĚ ŐƌĂƉĞƐ͘ ^ĂůůLJ ŚĂĚ ƚŚĞ /ĐĞĚ WƌĂůŝŶĞ WĂƌĨĂŝƚ ďƵƚ / ƚŚŝŶŬ ŵĞůŝĂ ĂŶĚ / ŚĂĚ ƚŚĞ ďĞƐƚ ŽĨ ƚŚĞ ůŽƚ͖ ǁĞ ĐŚŽŽƐĞ ƚŚĞ sĂŶŝůůĂ Θ tŚŝƚĞ ŚŽĐŽůĂƚĞ ƌĞŵĞ ƌƵůĞĞ ǁŚŝĐŚ ǁĂƐ ĂĐĐŽŵƉĂŶŝĞĚ ďLJ Ă ƐŚŽƌƚďƌĞĂĚ ďŝƐĐƵŝƚ͘ ŵĞůŝĂ ĂŶĚ / ƚŽŽŬ Ă ƐŝŵƵůƚĂŶĞŽƵƐ ŵŽƵƚŚĨƵů ǁŚŝĐŚ ǁĂƐ ŝŵŵĞĚŝĂƚĞůLJ ĨŽůůŽǁĞĚ ďLJ Ă ƐŝŵƵůƚĂŶĞŽƵƐ ͞ŵŵ͟ ĂŶĚ Ă ĐŽŶƐƉŝƌĂƚŽƌŝĂů ǁŝŶŬ ǁŚŝĐŚ

ƐŝŐŶĂůůĞĚ ƚŚĂƚ ǁĞ ǁĞƌĞ ǁĞůů ƉůĞĂƐĞĚ ǁŝƚŚ ŽƵƌ ĐŚŽŝĐĞ Ͳ ĚĞůŝĐŝŽƵƐ͊ tĞ ĚĞĐŝĚĞĚ ƚŽ ƉƵƐŚ ƚŚĞ ďŽĂƚ ŽƵƚ ĂŶĚ ŚĂĚ Ă ŐůĂƐƐ ŽĨ DƵƐĐĂƚ ǁŝƚŚ ŽƵƌ ĚĞƐƐĞƌƚ͘ /͛ŵ Ă ĨĂŝƌůLJ ůĂƚĞ ĐŽŶǀĞƌƚ ƚŽ ĚĞƐƐĞƌƚ ǁŝŶĞ ďƵƚ ƚƌLJŝŶŐ ƚŽ ĐĂƚĐŚ ƵƉ ĨŽƌ ůŽƐƚ ŐƌŽƵŶĚ ĂŶĚ ƚŚŝƐ ǁĞŶƚ ǀĞƌLJ ǁĞůů ǁŝƚŚ ŽƵƌ ĐŚŽŝĐĞƐ͘ tĞ ĚĞĐŝĚĞĚ ƚŽ ĨŽƌĞŐŽ ĐŽĨĨĞĞ ƚŚŝƐ ƚŝŵĞ ĂŶĚ ůĞĨƚ ĨƵůůLJ ĐŽŶƚĞŶƚ ĂĨƚĞƌ Ă ƚĂdžŝ ǁĂƐ ŽƌĚĞƌĞĚ ĨŽƌ ƵƐ ďLJ ƚŚĞ ĞǀĞƌ ŚĞůƉĨƵů ŚƌŝƐ͘ dŚĞ ƉƌŝĐĞ ŽĨ άϮϮ ĨŽƌ Ă ϯ ĐŽƵƌƐĞ ŵĞĂů ŝŶ ĂŶ ĂǁĂƌĚ ǁŝŶŶŝŶŐ ƌĞƐƚĂƵƌĂŶƚ ǁŚŝĐŚ ŚĂƐ Ϯ ĐƌŽǁŶƐ ĂŶĚ ŝƐ DŝĐŚĞůŝŶ ZĞĐŽŵŵĞŶĚĞĚ ŝƐ ĨĂŶƚĂƐƚŝĐ͘ ĚĚ ƚŽ ƚŚŝƐ ƚŚĞ ƐƚĂŶĚĂƌĚ ŽĨ ƐĞƌǀŝĐĞ ĂŶĚ ƚŚĞ ĐŽŵĨŽƌƚ ĂŶĚ ĞůĞŐĂŶĐĞ ŽĨ ƚŚĞ ƌĞƐƚĂƵƌĂŶƚ ĂŶĚ LJŽƵ ĚŽ ŐĞƚ ĨĂďƵůŽƵƐ ǀĂůƵĞ ĨŽƌ ŵŽŶĞLJ Ăƚ Ă ƋƵĂůŝƚLJ ǀĞŶƵĞ͘ /Ĩ LJŽƵ ŚĂǀĞŶ͛ƚ ďĞĞŶ ĂůƌĞĂĚLJ LJŽƵ ƐŚŽƵůĚ ŐŽ͕ LJŽƵ ǁŽŶ͛ƚ ďĞ ĚŝƐĂƉƉŽŝŶƚĞĚ͘ dŚĞ ƐĞĐŽŶĚ ůŝŶĞ ƚŽ ƚŚĞ ŚĞĞƌƐ ƚŚĞŵĞ ƐŽŶŐ

ŝƐ ͞ĂŶĚ LJŽƵ͛ƌĞ ĂůǁĂLJƐ ŐůĂĚ LJŽƵ ĐĂŵĞ͘͟ dŚŝƐ ŚĂƐ ĂůǁĂLJƐ ďĞĞŶ ƚƌƵĞ ĨŽƌ ŵĞ ĂŶĚ ŵLJ ĨĂŵŝůLJ Ăƚ ƚŚĞ >ŽƌĚ ƵƚĞ͘

'ĂƌLJ WƌŝŶĐĞ

dŚĞ >ŽƌĚ ƵƚĞ ZĞƐƚĂƵƌĂŶƚ ϬϭϰϮϱ Ϯϳϴϴϴϰ ǁǁǁ͘ůŽƌĚďƵƚĞ͘ĐŽ͘ƵŬ

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϯϭ

7XHVGD\ -XQH %ODFN &\DQ


7DRSBKHEED "THKCHMFR 3D@ 2N@C "@QSNM NM 3D@

#NLD @MC RDD NTQ VHCD Q@MFD NE G@MC OHBJDC FHESR &NQ

&QHDMCR &@LHKX @MC @KK BDKDAQ@SHNMR 6HRHS

4GD #@QC 2NNL !MC UHDV $DRHFMDQ 'QDDSHMFR #@QCR ENQ @KK /BB@RHNMR VVV BNLNIN BN TJ 7D @KRN DWGHAHS @ Q@MFD NE KNB@K @QSR @MC BQ@ESR

1HZ 0LOWRQ 7\UH &R

(VWDEOLVKHG \HDUV

7KH /RFDO 7\UH %DWWHU\ ([KDXVW ([SHUWV WKDW \RX FDQ WUXVW

)5(( 7<5( %$77(5< &+(&.6

+XQGUHGV RI )XOO\ &KDUJHG %DWWHULHV QRZ LQ VWRFN

48$/,7< (;+$867 6(59,&( 7+286$1'6 2) 7<5(6 $// /($',1* 0$.(6 $7 $0$=,1*/< /2: 35,&(6

381&785( 5(3$,56

(;3(57 :+((/ %$/$1&,1* )5(( :+((/ $/,*10(17 &+(&.6

$//2< :+((/6

2OG 0LOWRQ 5RDG ZZZ QHZPLOWRQW\UHV FR XN ϯϮ

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ


6WHYH 6TXH /RFDO IULHQGO\ DQG SURIHVVLRQDO

3DLQWLQJ 'HFRUDWLQJ 3DSHU +DQJLQJ *HQHUDO UHSDLUV *XWWHULQJ

)HQFLQJ 5HIHUHQFHV DYDLODEOH )XOO\ LQVXUHG &DOO QRZ IRU D QR REOLJDWLRQ TXRWH

%DUWRQ &URIW %DUWRQ RQ 6HD

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

ϯϯ


7LOHV 0LUURUV QW LV ' FRX

$FFHVVRULHV &DELQHWV

&OLIIH 7HUUDFH %DUWRQ RQ 6HD %+ ($

.LWFKHQV

%HGURRPV

IRU +HUD OG 5HDGHUV

%DWKURRPV

<RXU &RPSOHWH 'HVLJQ &HQWUH 6XSSO\ ,QVWDOODWLRQ DQG )UHH 'HVLJQ

t Ed

t Ed

t Ed

t Ed

/^dZ/ hdKZ^ t Ed

t Ed

ϯϰ +HUDOG -XO\ SDJH

t Ed

t Ed

t Ed

t Ed

/Ĩ LJŽƵ ĂƌĞ ůŽĐĂů ƚŽ ,ŝŐŚĐůŝĨĨĞ ĂŶĚ ǁĂŶƚ ƚŽ ĞĂƌŶ Ă ůŝƚƚůĞ ĞdžƚƌĂ ŵŽŶĞLJ ŐŝǀŝŶŐ ŽƵƚ Ă ĨĞǁ ŚƵŶĚƌĞĚ ŵĂŐĂnjŝŶĞƐ Ă ŵŽŶƚŚ ;Žƌ ŵŽƌĞͿ͕ ƚŚĞŶ ƉůĞĂƐĞ ĐĂůů ĞďďŝĞ ŽŶ ϬϭϮϬϮ ϴϵϰϯϵϳ Žƌ 'ĂƌLJ ŽŶ ϬϭϰϮϱ ϲϮϵϴϰϭ͘ tĞ ĂƌĞ ůŽŽŬŝŶŐ ƚŽ ĞdžƉĂŶĚ ŽƵƌ ƚĞĂŵ ĂŶĚ ǁĞ ǁŽƵůĚ ůŽǀĞ ƚŽ ŚĞĂƌ ĨƌŽŵ LJŽƵ͘

t Ed

t Ed

t Ed

)DQWDVWLF 6HUYLFH

t Ed

t Ed

8QEHDWDEOH 9DOXH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


3HUIHFW 3ODVWHULQJ 3OXPELQJ +RPH ,PSURYHPHQW 6SHFLDOLVW 1HZ ZDOOV FHLOLQJ

)RU 5HSDLUV 6HUYLFLQJ 6DOHV 2Q DOO PDNHV PRGHOV

:DVKLQJ 0DFKLQHV :DVKHU 'U\HUV 'LVKZDVKHUV )ULGJHV )UHH]HUV &RRNHUV 2YHQV +REV *DV (OHFWULF

SODVWHUHG ',< 'LVDVWHUV 3ODVWHUERDUG DQG 3DUWLWLRQ :DOOV 3ODVWHULQJ $UWH[ 3OXPELQJ 3UREOHPV 1HZ %DWKURRP 6XLWH V VXSSOLHG ILWWHG 1HZ (Q VXLWH V DQG FORDNURRP V :DOO )ORRU 7LOLQJ 3DLQWLQJ 'HFRUDWLQJ .LWFKHQV LQVWDOOHG 5HSODFHPHQW WDSV UDGLDWRUV

ZZZ GDEDSSOLDQFHV FR XN HQTXLULHV#GDEDSSOLDQFHV FR XN

)RU D IUHH HVWLPDWH IURP D ORFDO IULHQGO\

5(&(,9( 2)) $1< 5(3$,5 25 385&+$6( :,7+ 7+,6 $'9(57

(YHQLQJV DQG ZHHNHQGV DW QR H[WUD FKDUJH

SURIHVVLRQDO QR MRE WRR ODUJH RU VPDOO &DOO 0LNH RU

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϯϱ

7XHVGD\ -XQH %ODFN &\DQ


ϯϲ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϯϳ

7XHVGD\ -XQH %ODFN &\DQ


ϯϴ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϯϵ

7XHVGD\ -XQH %ODFN &\DQ


4ALKING ABOUT WILDLIFE WITH

0LANT &OLKLORE

4HROUGHOUT HISTORY PLANTS HAVE APPEARED IN FOLKTALES ACQUIRING SACRED MEANINGS AND BEING ASSOCIATED WITH MYSTICAL POWERS FAIRIES AND WITCHES DIVINE SPIRITS AND DEMONS &EWER PEOPLE NOWADAYS ARE AS SUPERSTITIOUS AS OUR ANCESTORS BUT OLD TALES STILL CIRCULATE AND PLANTS STILL MAINTAIN SYMBOLIC VALUE 2AGWORT A POISONOUS WEED SEVERELY TOXIC TO ANIMALS IS COMMONLY LINKED TO FAIRIES IN F O L K L O R E 4R AD I T I O N A L L E GE N D S F RO M 3COTLAND SPEAK OF HOW FAIRIES CAN RIDE FROM ONE ISLAND TO ANOTHER USING THE STEMS &AIRIES WILL ALSO USE THE RAGWORTmS LEAVES TO SHELTER FROM THE RAIN ON STORMY NIGHTS %VEN MORE MAGICAL IS THE )RISH MYTH THAT HORSE SPIRITS RISE FROM THE REMAINS OF RAGWORT WHICH HAS BEEN TRODDEN ON AFTER SUNSET 0ARSLEY HAS DARK ASSOCIATIONS IN FOLKLORE

PERHAPS ON ACCOUNT OF THE 'REEKS WHO USED IT AS A FUNERAL FLOWER )N (AMPSHIRE

GIVING AWAY THE ROOT OF THIS HERB IS SUPPOSED TO CAUSE BAD LUCK 3IMILARLY

FOLK IN $EVON HAVE SAID THAT MOVING PARSLEY WILL OFFEND THE GUARDIANS OF THESE PLANTS THE TRANSPLANTER WILL BE PUNISHED WITHIN A YEAR )N OTHER REGIONS FOLK USED TO SAY THAT THE ROOTS OF PARSLEY REACH DOWN TO HELL AND THE DEVIL THIS WAS USED TO EXPLAIN WHY CROPS REFUSED TO GROW IN "UCKINGHAMSHIRE AND /XFORDSHIRE IN THE S 4HE YEW IS ONE OF THE WORLDmS MOST ANCIENT TREES %ACH TREE CAN LAST THOUSANDS OF YEARS AND DROOPING BRANCHES WILL TAKE ROOT IN THE GROUND AND SPROUT NEW TRUNKS )T CONSEQUENTLY REAPPEARS IN FOLKLORE AS A SYMBOL OF DEATH REBIRTH AND IMMORTALITY IT WAS AN IMPORTANT

ϰϬ +HUDOG -XO\ SDJH

SYMBOL IN #ELTIC CULTURE AND LATER IN THE #HRISTIAN ERA WHEN IT WAS PLANTED IN CHURCHYARDS WITH THE DECEASED (UNDREDS OF CHURCHYARDS IN %NGLAND CONTAIN YEW TREES WHICH ARE OLDER THAN THE BUILDING ITSELF IT IS ESTIMATED THAT SOME YEWS MAY BE UP TO YEARS OLD BUT OTHERS HAVE BEEN PLANTED BESIDE CHURCHES TO MAINTAIN THE OLD TRADITION &OR MORE INFORMATION ABOUT WILDLIFE AND PLANTS TO SEE GO ONLINE AT DORSETWILDLIFETRUST ORG UK WILDLIFE THIS MONTH HTML

"Y *UDY 'ODSALL

#OMING UP TH *ULY PM TO PM 4HE &OLKLORE OF 0LANTS q A 7EDNESDAY 7ALK AT +INGCOMBE -EADOWS WITH LEADER .ICK 'RAY ,EARN ABOUT THE FASCINATING FOLKLORE OF THE MANY PLANTS THAT HAVE GROWN IN THE MEADOWS FOR GENERATIONS THE ORIGINS OF THEIR NAMES AND THEIR HEALING POWERS } PER PERSON TO INCLUDE TEA AND CAKE AFTER THE WALK &OR MORE INFORMATION RING $74mS +INGCOMBE #ENTRE ON +INGCOMBE -EADOWS

0HOTO BY 4 "ATES

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


:DUWV DQG DOO

:KHQ \RX ILUVW ORRN DW WKH PHGLFDO LQGLFDWLRQV RI %ORRGURRW 6DQJXLQDULD FDQDGHQVLV \RX PD\ WKLQN LW LV QRW SDUWLFXODUO\ VSHFLDO ,W KDV EHHQ XVHG DV DQ H[SHFWRUDQW DQ DQWL VHSWLF IRU DVWKPD DQG DV D VWLPXODQW IRU WKH FLUFXODWLRQ WR ZDUP XS FROG KDQGV DQG IHHW %XW WKHQ \RX QRWLFH WKDW WKHUH KDV EHHQ VFLHQWLILF UHVHDUFK GRQH WKDW SURYHV LW LV XVHIXO IRU WXPRXUV DQG VDUFRPDV 6R GRHV WKLV KHUE VWDQG ZLWK RWKHU DQWL WXPRXU JUHDWV OLNH 0LVWOHWRH &DWV FODZ EDUN (FKLQDFHD 6ZHHW 9LROHW DQG 3HULZLQNOH" 3HUKDSV %XW %ORRGURRW KDV VRPHWKLQJ HOVH WR RIIHU WKDW WKH RWKHUV GRQ¶W LW FDQ EH DSSOLHG WR KHOS WKH UHPRYDO RI ZDUWV PROHV SVRULDVLV DQG QDVDO SRO\SV ,W LV LQ H[WHUQDO ORWLRQV DQG FUHDPV I R U W K H V H FRQGLWLRQV WKDW , KDYH VHHQ D ORW RI VDWLVIDFWLRQ %XW WR EH PRUH ULJRURXV , UHFRPPHQG DQ LQWHUQDO KHUEDO PHGLFLQH WR EH WDNHQ DV ZHOO DV XVLQJ WKH H[WHUQDO UHPHG\ 'RHV WKLV SODQW UHDOO\ KHOS

ϰϮ +HUDOG -XO\ SDJH

UHPRYH ZDUWV DQG DOO" ,¶OO OHW P\ SDWLHQWV GR WKH WDONLQJ ³'HDU 0U +RSNLQJ ZH DUH PDNLQJ SURJUHVV ZLWK RXU UHVSHFWLYH SRO\SV >XVLQJ \RXU QDVDO SRO\SV GURSV FRQWDLQLQJ %ORRGURRW@ &KULV FDQ EUHDWKH WKURXJK ERWK QRVWULOV QRZ 0XFXV LV PRVWO\ FOHDU RU ZKLWH QRZ RFFDVLRQDOO\ KH JHWV D ELW RI UXEEHU RXW 2QH RI P\ QRVWULOV LV VWLO SDUWLDOO\ EORFNHG EXW WKH VZHOOLQJ ZKHUH WKH SRO\S VLWV KDV JRQH GRZQ D ORW DOUHDG\ 6DOXWDWLRQV $QQHWWH )ORWWZHOO´ ³+HOOR 0U +RSNLQJ , DP WKH QXUVH DW WKH ORFDO 1+6 6XUJHU\ , VHH ORWV RI SDWLHQWV ZKR KDYH XVHG \RXU ZDUW PHGLFLQH DQG ORWLRQ ZKR UHSRUW WKHLU HIIHFWLYHQHVV WKDW , QRZ UHIHU SDWLHQWV WR \RXU FOLQLF UDWKHU WKDQ KDYH OLTXLG QLWURJHQ WUHDWPHQW ZKLFK LV VR RIWHQ LQHIIHFWLYH ´ 1XUVH QDPH ZLWKHOG &KULVWFKXUFK 'RUVHW 8. ³, KDYH QHYHU KDG DQ\WKLQJ OLNH WKLV EHIRUH <RXU SVRULDVLV FUHDP LV UHDOO\ UHDOO\ KHOSLQJ 0\ SVRULDVLV LV DOPRVW JRQH , FDQ W UHFRPPHQG WKLV FUHDP HQRXJK ´ 0UV &KULVWLQH .LQJVODQG , KDYH EHHQ XVLQJ \RXU EORRGURRW QDVDO GURSV IRU SRO\SV LQ P\ QRVH IRU MXVW D IHZ ZHHNV DQG , ILQG , FDQ DOUHDG\ EUHDWKH D OLWWOH EHWWHU 7KH WLQFWXUH ILUVW PDGH PH IHHO OLNH WKURZLQJ XS %XW ZLWK \RXU DGYLFH WR UHGXFH WKH GRVH , IHHO ILQH

WDNLQJ LW , WKLQN , P RQ WKH ZD\ WR EHWWHU KHDOWK 7KDQN \RX 3KLOOLSH 6 ³'HDU 0U +RSNLQJ 0\ \RXQJ VRQ KDG ZDUWV GRWWHG DOO RYHU KLV IDFH +H ZDV JHWWLQJ MLEHV IURP RWKHU ER\V DQG ZDV EHFRPLQJ LQWURYHUWHG :H XVHG \RXU :DUW/HVV 7RQLF DQG WKH :DUW /RWLRQ DV \RX KDG LQVWUXFWHG DQG DIWHU MXVW D IHZ ZHHNV WKH VPDOOHU ZDUWV EHJDQ WR JR :H NHSW XS WKH PHGLFDWLRQ \RX JDYH XV DQG QRZ KH KDV D FRPSOHWHO\ FOHDU IDFH :H DUH DOO VR SOHDVHG QRW OHDVW RXU VRQ 7KDQN \RX VR PXFK ´ 0UV $ - <RX VXSSOLHG XV ZLWK RLQWPHQW DQG WKH OLTXLG YHUVLRQ ODVW 2FWREHU 7KH WUHDWPHQW ZDV YHU\ VXFFHVVIXO WKH ODUJH VDUFRLG GURSSHG RII ZLWKLQ DERXW WZR ZHHNV 4XLWH D UHPDUNDEOH RXWFRPH DQG ZH ZHUH YHU\ SOHDVHG 7KH VDUFRLG ZHQW FROG DV DSSDUHQWO\ WKH EORRG VXSSO\ ZDV FXW RII DQG D FRXSOH RI GD\V DIWHU WKDW LW FDPH RII )UDQN &

%ORRGURRW KDV D EHDXWLIXO IORZHU DQG D YHU\ RUDQJH WR UHG URRWVWRFN LW LV QDWLYH WR &DQDGD

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


6WHYH $GDPV )ORRU &RYHULQJV /WG

/RFDO IDPLO\ UXQ EXVLQHVV VSHFLDOLVLQJ LQ VXSSO\LQJ DQG ILWWLQJ TXDOLW\

&$53(76 9,1</ .$51'($1 $07,&2

)UHH TXRWDWLRQV ZLWK QR REOLJDWLRQ VDPSOHV RQ UHTXHVW 5HVLGHQWLDO RU &RPPHUFLDO .H\VZRUWK $YHQXH %DUWRQ RQ 6HD IORRUFRYHULQJV#EWLQWHUQHW FRP WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϰϯ

7XHVGD\ -XQH %ODFN &\DQ


:+$7 %281'$5,(6" ^Ăŵ ĐĂŵĞ ŝŶƚŽ ŽƵƌ ůŝǀĞƐ ŽŶ Ă ďƌŝŐŚƚ ƐƵŶŶLJ ĞĂƌůLJ &ĞďƌƵĂƌLJ dƵĞƐĚĂLJ ŝŶ ϭϵϵϵ͘ tĞ ŚĂĚ ďĞĞŶ ƚĂůŬŝŶŐ ĂďŽƵƚ ĂĐƋƵŝƌŝŶŐ Ă ĚŽŐ ĨŽƌ ƐŽŵĞ ƚŝŵĞ ĂŶĚ ƚŚĞ ĚĞďĂƚĞ ŚĂĚ ŽĨ ĐŽƵƌƐĞ ĐŽǀĞƌĞĚ ƚŚĞ ƚLJƉĞ ŽĨ ĚŽŐ ĂŶĚ ƚŚĞ ƐŝnjĞ͘ tĞ ĨŝŶĂůůLJ ĂŐƌĞĞĚ ƚŽ ǀŝƐŝƚ ͚:ƵƐƚ ĨŽƌ ŽŐƐ͛ ŝŶ ĞƌďLJƐŚŝƌĞ͘ tĞ ĂƌƌŝǀĞĚ ůĂƚĞ ŵŽƌŶŝŶŐ ĂŶĚ ƚŚĞ ƉƌŽƉƌŝĞƚŽƌ ŐĂǀĞ ƵƐ Ă ƚŽƵƌ ŽĨ ƚŚĞ ŬĞŶŶĞůƐ ʹ ƚŚĞƌĞ ǁĞƌĞ Ăůů ĚŝĨĨĞƌĞŶƚ ƐŝnjĞƐ͕ ŵŽƐƚ ũƵŵƉŝŶŐ ĂŶĚ ďĂƌŬŝŶŐ ďƵƚ ƚŚĞ ŽŶĞ ƚŚĂƚ ĐĂƵŐŚƚ ŽƵƌ ĂƚƚĞŶƚŝŽŶ ǁĂƐ Ă ŚĂŶĚƐŽŵĞ ZŽƚƚǁĞŝůĞƌͬ ůƐĂƚŝĂŶ ĐƌŽƐƐ ǁŚŽ ũƵƐƚ ƐĂƚ ĂŶĚ ůŽŽŬĞĚ Ăƚ ƵƐͶ ƚŚĞ ĚĞĐŝƐŝŽŶ ǁĂƐ ŵĂĚĞ͊ ^Ăŵ ǁĂƐ Ă ĐŽŶƐƚĂŶƚ ƐŽƵƌĐĞ ŽĨ ĞŶƚĞƌƚĂŝŶŵĞŶƚ ĂŶĚ ůŽǀĞ ĨƌŽŵ ƚŚĂƚ ĚĂLJ͕ ĂůƚŚŽƵŐŚ ŚĞ ǁĂƐ ŶŽƚ ǁŝƚŚŽƵƚ ŚŝƐ ĨĂƵůƚƐ͘ Ɛ ĐŽŶƐĐŝĞŶƚŝŽƵƐ ŶĞǁ ŽǁŶĞƌƐ ǁĞ ĚƵůLJ ĞŶƌŽůůĞĚ ŝŶ ĚŽŐ ƚƌĂŝŶŝŶŐ ĐůĂƐƐĞƐ ĂŶĚ ǁĞŶƚ ƚŚƌŽƵŐŚ ƚŚĞ ǁŚŽůĞ ĐŽƵƌƐĞ ʹ ƚǁŝĐĞ͊ /ƚ ǁŽƵůĚ ďĞ ǁƌŽŶŐ ƚŽ ƐĂLJ ƚŚĂƚ ^Ăŵ ĚŝĚ ŶŽƚ ƵŶĚĞƌƐƚĂŶĚ ƚŚĞ ĐŽŵŵĂŶĚƐ ʹ ďƵƚ ůŝŬĞ ŵŽƐƚ ŵĂůĞƐ ŚĞ ǁŽƵůĚ ĨĞŝŐŶ ƚĞŵƉŽƌĂƌLJ ĚĞĂĨŶĞƐƐ ĂŶĚ ƚŚĞŶ ŚĞ ǁĂƐ ŽĨĨ͊​͊​͊

. .OLSSHUV 'RJ *URRPLQJ :H RIIHU D FRPSUHKHQVLYH 'RJ JURRPLQJ VHUYLFH WR PHHW DOO \RXU UHTXLUHPHQWV 3HW /RJ 4XDOLILHG 0LFURFKLS ,PSODQWHU

dŚĞ ĨŝƌƐƚ ƚŝŵĞ ƚŚĂƚ ŚĞ ƌĂŶ ŽĨĨ ǁĞ ƚŽŽŬ ŝƚ ƉĞƌƐŽŶĂůůLJ͕ ďƵƚ ĂĨƚĞƌ ƚŚŝƐ ŚĂĚ ŚĂƉƉĞŶĞĚ ƐĞǀĞƌĂů ƚŝŵĞƐ ǁĞ ƌĞĂůŝƐĞĚ ƚŚĂƚ ŚĞ ũƵƐƚ ŶĞĞĚĞĚ ŚŝƐ ƐƉĂĐĞ͖ ƚŚĞ ŽŶĞ ƚŚŝŶŐ ƚŚĂƚ ŵĂĚĞ ƵƐ ƌĞĂůŝƐĞ ƚŚĂƚ ŚĞ ǁĂŶƚĞĚ ƚŽ ĐŽŵĞ ŚŽŵĞ ǁĂƐ ƚŚĂƚ ŚĞ ƐŽŽŶ ǁŽƌŬĞĚ ŽƵƚ ƚŚĂƚ ŽŶĐĞ ŚĞ ŚĂĚ ĞŶŽƵŐŚ ŽĨ ĐŚĂƐŝŶŐ ƌĂďďŝƚƐ͕ ĨŽdžĞƐ͕ ƐǁĂŶƐ ĞƚĐ͕ Ăůů ŚĞ ŚĂĚ ƚŽ ĚŽ ǁĂƐ ĂƚƚĂĐŚ ŚŝŵƐĞůĨ ƚŽ ĂŶŽƚŚĞƌ ŚƵŵĂŶ ďĞŝŶŐ ĂŶĚ ƚŚĞŶ ĞŝƚŚĞƌ 'ĂƌLJ Žƌ / ǁŽƵůĚ ƚƵƌŶ ƵƉ ƚŽ ĨĞƚĐŚ Śŝŵ͘ ǀĞƌLJ ƚŝŵĞ ǁĞ ǁŽƵůĚ ďĞ ŐƌĞĞƚĞĚ ǁŝƚŚ Ă ƐŚĞĞƉŝƐŚ ůŽŽŬ ĂŶĚ Ă ǁĂŐŐLJ ƚĂŝů͊ dŚĞƌĞ ĂƌĞ ŵĂŶLJ ƚĂůĞƐ ƚŽ ƚĞůů ŽĨ ŚŝƐ ĞƐĐĂƉĞƐ͕ ŵĂŶLJ ĂƉŽůŽŐŝĞƐ ŽǁĞĚ ĂŶĚ ŵĂŶLJ ƚŚĂŶŬƐ ƚŽ ďĞ ŐŝǀĞŶ ďƵƚ ĨŽƌ ŶŽǁ / ǁŝůů ũƵƐƚ ĂƉŽůŽŐŝƐĞ ƚŽ ĂŶLJŽŶĞ ǁŚŽ ĨŽƵŶĚ ^Ăŵ ŝŶ ƚŚĞŝƌ ďĂĐŬ ŐĂƌĚĞŶ ĂŶĚ ƐĂLJ ŵĂŶLJ ƚŚĂŶŬƐ ƚŽ ŽƵƌ ĨƌŝĞŶĚƐ͕ ŶĞŝŐŚďŽƵƌƐ ĂŶĚ ĨĞůůŽǁ ĚŽŐ ǁĂůŬĞƌƐ ǁŚŽ ŽŶ ŽĐĐĂƐŝŽŶ ďƌŽƵŐŚƚ ^Ăŵ ŚŽŵĞ ĨƌŽŵ ŽŶĞ ŽĨ ŚŝƐ ĞdžƉĞĚŝƚŝŽŶƐ͘ Ɛ Ăůů ǁŚŽ ŵĞƚ Śŝŵ ŬŶĞǁ͕ ŚĞ ǁĂƐ ŶŽƚ ĂƐ ƐĐĂƌLJ ĂƐ ŚĞ ůŽŽŬĞĚ͊ 6DOO\ 3ULQFH

)RUHVW 5HIOH[LRQV 5HIOH[RORJ\ DQG ZHOO EHLQJ LQ %DUWRQ RQ 6HD ZLWK $OL 5HHYHV 0$5

6XH 5LKR\ %DUWRQ /DQH %DUWRQ RQ 6HD ZZZ IRUHVWUHIOH[LRQV FR XN 7HO ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ ϰϰ dŽ ĂĚǀĞƌƚŝƐĞ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ +HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


:HQG\ -RKQVRQ '& 00&$ &KLURSUDFWRU 5HOLHI IURP %DFN 1HFN 6KRXOGHU -RLQW SDLQ 0LJUDLQH a 1HXUDOJLD a $UWKULWLF SDLQ &KLURSUDFWLF FDQ KHOS ZLWK DJH UHODWHG DQG SUHJQDQF\ UHODWHG SDLQ WRR

1DWXUDO 7KHUDS\ &HQWUH 0DQRU 5RDG 1HZ 0LOWRQ 7HOHSKRQH

2WKHU WKHUDSLHV DYDLODEOH LQFOXGH $TXD 'HWR[ 2UWKRWLFV 5HIOH[RORJ\ +RSL (DU &DQGOLQJ 5HLNL +HDOLQJ DQG 6FHQDU 7KHUDS\

/(1781(

3523(57< 6(59,&(6 /7' .LWFKHQ %DWKURRP ,QVWDOODWLRQ 1HZ (Q VXLWH &RQVWUXFWLRQ )ORRU :DOO 7LOLQJ 'HFRUDWLQJ &DUSHQWU\ &RPSOHWH 5HIXUELVKPHQWV )RU )UHH (VWLPDWHV $GYLFH 3OHDVH &DOO 0DUN -RQHV 0RELOH PDUN#OHQWXQH RUJ XN ZZZ OHQWXQH RUJ XN

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϰϱ

7XHVGD\ -XQH %ODFN &\DQ


1HZ 0LOWRQ 3DJHDQW RI 6SRUW 5HVLGHQWV DQG YLVLWRUV DOLNH ZLOO ILQG PXFK WR HQWKXVH WKHP DW D GLVSOD\ RI WKH WRZQ·V YDULRXV VSRUWLQJ FOXEV FRPLQJ WR WKH : DU 0H PR U L DO 5HFUHDWLRQ *URXQG RQ 6DWXUGD\ VW -XO\ 7KH GD\ ZLOO VWDUW DW DP ZLWK D FKLOGUHQ·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·V IDFH SDLQWLQJ WHQW WR NHHS WKH OLWWOH RQHV DPXVHG (QWUDQFH LV IUHH DQG WKH HYHQW UXQV WKURXJKRXW WKH GD\ XQWLO SP

ILW DQG VWD\LQJ ILW ,W PD\ EH WKDW \RX XVHG WR SOD\ +RFNH\ DW VFKRRO EXW KDYH VLQFH IRUJRWWHQ ZKDW LW IHHOV OLNH WR VFRUH D JRDO« RU KDYH KHDUG VR PXFK DERXW 7DL &KL RU =XPED DQG ZRXOG OLNH WR NQRZ PRUH«« &RPH DORQJ WR WKH 3$*($17 2) 63257 DQG VHH LI ZH FDQ WHPSW \RX LQWR D QHZ ILWQHVV UHJLPH ,W FRXOG EH WKH VWDUW RI D QHZ \RX 2UJDQLVHG E\ 1HZ 0LOWRQ 7RZQ &RXQFLO 1HZ 0LOWRQ 7RZQ 3DUWQHUVKLS /LRQV &OXE 5RWDU\ &OXE DQG WKH 5HVLGHQWV $VVRFLDWLRQ

7KH SXUSRVH RI WKH HYHQW LV WR KHUDOG WKH UHWXUQ RI WKH 2O\PSLF *DPHV WR WKH 8. JLYLQJ ϰϲRSSRUWXQLW\ WR LQYLJRUDWH dŽ ĂĚǀĞƌƚŝƐĞ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ WKH LQWHUHVWĐĂůů͗ LQ JHWWLQJ +HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


%/2&.(' '5$,16 72,/(76 6,1.6 %$7+6 *877(56 *8//,(6 %/2&.(' 0$1+2/(6 +,*+ 35(6685( -(77,1* &$0(5$ 6859(< 5(3$,56 *8$5$17((' /2&$//< %$6(' )$0,/< 581 %86,1(66

tŚĂƚĞǀĞƌ ƚŚĞ ŽĐĐĂƐŝŽŶ͕ ƌŝƚĂŶŶŝĂ dŚĂŝ ŽĨĨĞƌƐ ĨĂŶƚĂƐƚŝĐ ǀĂůƵĞ ĨŽƌ ŵŽŶĞLJ͕ ƚŚĞ ĨŝŶĞƐƚ dŚĂŝ ĚŝŶŝŶŐ ĂŶĚ Ă ƐƚLJůŝƐŚ dŚĂŝ ƌĞƐƚĂƵƌĂŶƚ ĞdžƉĞƌŝĞŶĐĞ ƚŚĂƚ LJŽƵ ǁŝůů ŶŽƚ ĨŽƌŐĞƚ ŝŶ Ă ŚƵƌƌLJ͘

ϮϬй ŽĨĨΎ dĂŬĞĂǁĂLJ ŵĞĂůƐ

ϭϱй ŽĨĨΎ

&ŽŽĚ ǁŚĞŶ ĚŝŶŝŶŐ ŝŶ ΎtŝƚŚ ƚŚŝƐ ĂĚǀĞƌƚ͘ EŽƚ ƚŽ ďĞ ƵƐĞĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ĂŶLJ ŽƚŚĞƌ ŽĨĨĞƌ͘

&$// 72'$< 72 &/$,0 <285 )5(( 12 2%/,*$7,21 9,68$/ (/(&75,&$/ 6$)(7< &+(&.

4827( 5HI )9&

5HZLUHV ([WHQVLRQV 6KRZHUV

6HFXULW\ /LJKWLQJ *HQHUDO 0DLQWHQDQFH /DQGORUG &HUWLILFDWHV

+RXU &DOO 2XW ,QVSHFWLRQ 7HVWLQJ 1R &DOO 2XW &KDUJHV 3DUW 3 $SSURYHG )UHH (VWLPDWHV 6RODU ,QVWDOODWLRQ

0RE ZZZ GLEEHQHOHFWULFDO FR XN WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

ϰϳ


)LQDQFH 0DWWHUV ZLWK 0DUN 7UHKRUQ WKDW D ¶FDXWLRXV· IXQG FDQ KROG XS WR ¶(\H RI QHZW ZLQJ RI EDW · DVVHWV" $ ¶PHGLXP· ULVN XS WR 5LVN LV D VXEMHFW LQYHVWRUV TXLWH XQGHUVWDQGDEO\ JHW YHU\ FRQFHUQHG DERXW EXW IUHTXHQWO\ PLVXQGHUVWDQG 5LVN LV SDUW RI HYHU\ VLQJOH LQYHVWPHQW HYHQ FDVK %HOLHYH LW RU QRW \RX FDQ VWLOO LQYHVW DQG KDYH D UHVWIXO VOHHS DW QLJKW %XW KRZ GR IXQG PDQDJHUV UHGXFH ULVN WR LQYHVWRU·V PRQH\ DQG KRZ PXFK ¶ULVN· VKRXOG \RX WDNH ZKHQ LQYHVWLQJ" )XQG PDQDJHUV PRUH DFFXUDWHO\ FDOOHG DVVHW PDQDJHUV UHGXFH ULVN E\ LQYHVWLQJ SHRSOH·V PRQH\ DFURVV GLIIHUHQW W\SHV RI DVVHWV 7KHVH ¶DVVHWV·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¶EUHZ· WR \RXU GHVLUHG DSSURDFK WR ULVN DQG UHZDUG VR WKDW \RX DUH WDNLQJ QR PRUH ULVN WKDQ \RX IHHO FRPIRUWDEOH ZLWK %XW KRZ GR \RX GHFLGH ZKDW ¶FRPIRUWDEOH· IHHOV OLNH IRU \RX" 'LG \RX NQRZ

ϰϴ +HUDOG -XO\ SDJH

LQ YRODWLOH

0RGHUQ ,)$V XVH VRSKLVWLFDWHG ULVN SURILOH TXHVWLRQQDLUHV ZKHQ DVVHVVLQJ SHRSOH·V DWWLWXGH WR LQYHVWPHQW ULVN 7KHVH PDUU\ NQRZQ SV\FKRORJLFDO EHKDYLRXUV DQG LQYHVWPHQW VFHQDULRV WR GHWHUPLQH ZKDW DSSURDFK ZRXOG EHVW VXLW \RX 7HUPV OLNH ¶ORZ ULVN· DQG ¶FDXWLRXV· DUH ORQJ JRQH DV WKH\ PHDQ GLIIHUHQW WKLQJV WR GLIIHUHQW SHRSOH DQG VD\ QRWKLQJ DERXW WKH PL[ RI DVVHWV ZLWKLQ \RXU LQYHVWPHQW DQG KRZ \RX FDQ H[SHFW LW WR SHUIRUP )XQGV WRGD\ DUH PRUH FRUUHFWO\ FDOOHG ¶PL[HG DVVHW· IXQGV DQG FODVVLILHG E\ WKH SHUFHQWDJH RI YRODWLOH DVVHWV WKH\ FRQWDLQ 7KLV PHDQV WKDW FXVWRPHUV VKRXOG EH ORRNLQJ EH\RQG MXVW WKH ·EUDQG QDPH· RI D IXQG ZKHQ GHFLGLQJ WR LQYHVW DQG DVN WKHLU DGYLVHU WR H[SODLQ ZKDW PL[ RI DVVHWV WKHLU LQYHVWPHQW FRQWDLQV DQG KRZ LW ZRUNV XQWLO WKH\ DUH KDSS\ 1R ,)$ LV H[SHFWLQJ \RX WR EH DQ H[SHUW RU XQGHUVWDQG HYHU\WKLQJ FRPSOHWHO\ WKDW·V ZKDW ZH DUH KHUH IRU EXW ¶IDPLOLDULW\ EUHHGV FRQWHQW· DQG WKLV FDQ RQO\ EH D JRRG WKLQJ ,I \RX DUH FRQWHPSODWLQJ D ORQJ WHUP LQYHVWPHQW DQG QHHG KHOS GHFLGLQJ ZKDW LV ULJKW IRU \RX FRQWDFW DQ ,QGHSHQGHQW )LQDQFLDO $GYLVHU ZKR ZLOO EH KDSS\ WR WDON \RX WKURXJK \RXU ¶ULVN DQG UHZDUG· RSWLRQV RYHU D VWHDPLQJ ¶EUHZ· 1RZ ZKHUH GLG , SXW WKDW EOLQG QHZW " )RU D ¶JHQXLQHO\· LQGHSHQGHQW YLHZ RI \RXU ILQDQFLDO VLWXDWLRQ ZK\ QRW FRQWDFW PH DW 0DUN 7UHKRUQ )LQDQFLDO 6HUYLFHV 7HO

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


6WHYH *RUPDQ

3ODVWHULQJ &RQWUDFWRU

ůů ĂƐƉĞĐƚƐ ŽĨ ƉůĂƐƚĞƌŝŶŐ Θ ƌĞŶĚĞƌŝŶŐ ƚŽ ŝŶĐůƵĚĞ͗ x ^dh tKZ< W Zd/d/KE/E' x W> ^d Z K Z /E' x Zz >/E/E' x Kd Θ /E' x W > ^, x >W/E x d Zz> E x &>KKZ ^ Z ^͕ d ͘ ůů ǁŽƌŬ ĐĂƌƌŝĞĚ ŽƵƚ ďLJ ƚƌĂĚĞƐŵĂŶ ǁŝƚŚ ŽǀĞƌ ϯϬ LJĞĂƌƐ ĞdžƉĞƌŝĞŶĐĞ

)RU D SROL VKHG S UR IHVV LR ILQLV QDO K

6SHFLDOLVWV LQ 6ROLG 2DN :LGH (QJLQHHUHG )ORRUV $GYLFH LV IUHH

)/225 025(

EŽ ũŽď ƚŽŽ ďŝŐ Žƌ ƐŵĂůů ͻ ZĞĨĞƌĞŶĐĞƐ ĂǀĂŝůĂďůĞ ͻ &ƌĞĞ ĞƐƚŝŵĂƚĞƐ

&Žƌ Ă ƉƌŽŵƉƚ Θ ƌĞůŝĂďůĞ ƐĞƌǀŝĐĞ͕ ƉůĞĂƐĞ ĐĂůů͗

^ƚĞǀĞ ŽŶ ϬϳϳϴϬ ϵϮϭϰϱϱ

1HZ 0LOWRQ 1LJHO ZZZ IORRUDQGPRUH FR XN

Kƌ ĞŵĂŝů ŐŽƌŵĂŶŝƚƌĂĚŝŶŐΛŚŽƚŵĂŝů͘ĐŽ͘ƵŬ

6SHFLDOLVWV LQ /RQJ 'LVWDQFH $LUSRUW DQG &UXLVH 6KLS 7UDQVIHUV ZH DOVR SURYLGH &KDXIIHXU GULYHQ YHKLFOHV IRU :HGGLQJV %XVLQHVV 7ULSV DQG DOO 6SHFLDO RFFDVLRQV

&RPSHWLWLYH 5DWHV &KDXIIHU 6HUYLFHV

LQIR#FRDVWDOSULYDWHKLUH FR XN

6DORRQ (VWDWHV 039V $LU 6HDSRUW 7UDQVIHUV &RQWUDFW :RUN %XVLQHVV $FFRXQWV

&5(',7 &$5'6 $&&(37(' ZZZ FRDVWDOSULYDWHKLUH FR XN

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

ϰϵ


7KH &DVWOH RQ WKH FOLII DĞŶƚŝŽŶ ŽĨ ƚŚĞ ǁŽƌĚƐ ͞ ĂŵĞůŽƚ͕͟ ͞ ĂƐƚůĞ͟ ĂŶĚ ͞dŝŶƚĂŐĞů͟ ;ďŝƌƚŚƉůĂĐĞ ŽĨ ŽƵƌ ǀĞƌLJ ŽǁŶ 'ĂƌLJ WƌŝŶĐĞ͊Ϳ ƚŽ ŵŽƐƚ ǁŝůů ĐŽŶũƵƌĞ ƵƉ ŝŵĂŐĞƐ ŽĨ <ŝŶŐ ƌƚŚƵƌ͕ ŬŶŝŐŚƚƐ ĂŶĚ ǁŝnjĂƌĚƐ͘ tŚŝůƐƚ ƚŚĞ ƌƵŝŶƐ ŽĨ Ă ĐĂƐƚůĞ ĨĂďůĞĚ ƚŽ ďĞ ƚŚĂƚ ŽĨ <ŝŶŐ ƌƚŚƵƌ ĂƌĞ ƚŽ ŝŶĚĞĞĚ ďĞ ƐĞĞŶ Ăƚ dŝŶƚĂŐĞů͕ ƚŚĞƌĞ ŝƐ ĂůƐŽ ĂŶ ĂůƚŽŐĞƚŚĞƌ ĚŝĨĨĞƌĞŶƚ ƉůĂĐĞ ƚŽ ďĞ ĨŽƵŶĚ ƚŚĞƌĞ͙ ĂŵĞůŽƚ ĂƐƚůĞ͘ EŽƚ ŽŶůLJ ƚŚĞ ŚŽŵĞ ŽĨ :ŽŚŶ Θ /ƌŝŶĂ DĂƉƉŝŶ ĂŶĚ ĂƌƚŝƐƚ dĞĚ ^ƚŽƵƌƚŽŶ͕ ƚŚŝƐ ŝƐ ĂůƐŽ ĂŶ ŝĚLJůůŝĐ͕ ĚŽŐͲĨƌŝĞŶĚůLJ ŚŽƚĞů͘ WĞƌĐŚĞĚ ĂƚŽƉ ƚŚĞ ĐůŝĨĨƐ ŽǀĞƌůŽŽŬŝŶŐ ƚŚĞ ƌƵŝŶƐ͕ ƚŚĞ ďƌĞĂƚŚͲƚĂŬŝŶŐ ƐĐĞŶĞƌLJ ĂĚĚƐ ƚŽ ƚŚĞ ƉĞĂĐĞ ĂŶĚ ƚƌĂŶƋƵŝůůŝƚLJ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞƌĞ ŝƐ Ă ĚĞĞƉ ƉƵƌƉŽƐĞ ďĞŚŝŶĚ ƚŚŝƐ ĂŵĂnjŝŶŐ ůŽĐĂƚŝŽŶ͘ ͞KƵƌ ƉƵƌƉŽƐĞ ŝŶ ĐƌĞĂƚŝŶŐ ĂŵĞůŽƚ ĂƐƚůĞ ŝƐ ƚŽ ŚĂǀĞ Ă ƉůĂĐĞ ǁŚĞƌĞ ĂŶLJŽŶĞ ǁŚŽ ĂŐƌĞĞƐ ƚŚĂƚ ůŝĨĞ ĐĂŶ ďĞ ĞŶŚĂŶĐĞĚ ďLJ ŶĂƚƵƌĂů ďĞĂƵƚLJ ĂŶĚ Ăƌƚ ĐĂŶ ĐŽŵĞ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ƚŚĂƚ ĞŶŚĂŶĐĞŵĞŶƚ ŝŵŵĞĚŝĂƚĞůLJ ĂŶĚ ĨŝƌƐƚ ŚĂŶĚ͘ ĂŵĞůŽƚ ĂƐƚůĞ ƉƌŽǀŝĚĞƐ Ă ƵŶŝƋƵĞ ƐƉĂĐĞ ǁŚĞƌĞ ƉĞŽƉůĞ ĐĂŶ ĐŽŵĞ ƚŽ ƐŚĂƌĞ ďŽƚŚ ŝŶ ƚŚĞ ĞdžƚƌĂŽƌĚŝŶĂƌLJ ŶĂƚƵƌĂů ďĞĂƵƚLJ ŽĨ ŽƵƌ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ŝŶ ƚŚĞ ĞdžƚƌĂŽƌĚŝŶĂƌLJ ƐƚƌĞŶŐƚŚ ĐƌĞĂƚĞĚ ǁŚĞŶ ƉĞŽƉůĞ ŽĨ ŐŽŽĚǁŝůů ƐŚĂƌĞ ƚŚĞŝƌ ŝĚĞĂƐ ĂŶĚ ǀŝƐŝŽŶ͘ ͞/Ŷ Đ͘ϴϬϬ ͘ ͘ ,ĂƌƌŽŶĂ ZĂĐŚŝĚ͕ ƚŚĞ ƐƵƉƌĞŵĞ ƌƵůĞƌ ŽĨ ĂŐŚĚĂĚ͕ ŐŽǀĞƌŶĞĚ ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚĞĚ ƚŚĞ ĞŶƚŝƌĞ ƌĂď ǁŽƌůĚ͘ ƚ ƚŚĂƚ ƚŝŵĞ͕ ,ĂƌƌŽŶĂ ZĂĐŚŝĚ͕ ƚŚĞ ĐŽŶĐĞƉƚƵĂů ĂƌĐŚŝƚĞĐƚ ŽĨ ƚŚĞ ĨŝƌƐƚ ͞'ŽůĚĞŶ ŐĞ͕͟ ƉĂƐƐĞĚ Ă ůĂǁ͘ dŚĂƚ ůĂǁ ƐƚĂƚĞĚ͕ ƚŚĂƚ ĞǀĞƌLJ dŚ Ƶ ƌ ƐĚ ĂLJ ͕ Ğǀ ĞƌLJ DĂ ƐƚĞ ƌ ŽĨ Ğ ǀĞ ƌLJ ŝŶƚĞůůĞĐƚƵĂů Žƌ ƉŚLJƐŝĐĂů ĚŝƐĐŝƉůŝŶĞ͕ ďĞ ŝƚ DĂƚŚĞŵĂƚŝĐƐ͕ ƌĐŚŝƚĞĐƚƵƌĞ͕ ZĞůŝŐŝŽŶ͕ WŽůŝƚŝĐĂů͕ Žƌ ƌĞĂƚŝǀĞ ŵƵƐƚ ĂƚƚĞŶĚ ĐŽƵƌƚ ĂŶĚ ZĂĐŚŝĚ ƐƚĂƚĞĚ ƚŚĂƚ͕ ďLJ ůĂǁ͕ ƚŚĞLJ ƐŚŽƵůĚ ĂŶĚ ŵƵƐƚ ƐŚĂƌĞ ƚŚĞŝƌ ŝĚĞĂƐ͘ dŚŝƐ ŽŶĞ ĂĐƚ ĐĂƵƐĞĚ Ă ƌŝƉƉůĞ ŽĨ ŝŶŶŽǀĂƚŝŽŶ ĂŶĚ ŶĞǁ ŝĚĞĂƐ ƚŚĂƚ ƐƉƌĞĂĚ ĂĐƌŽƐƐ ƚŚĞ ƌĂďŝĐ

ϱϬ +HUDOG -XO\ SDJH

ĂŵĞůŽƚ ĂƐƚůĞ ďĂƐŬŝŶŐ ŝŶ ƚŚĞ ƐƵŶƐŚŝŶĞ ǁŽƌůĚ ĂŶĚ DĞƐŽƉŽƚĂŵŝĂŶ ĐƵůƚƵƌĞ ƵƉ ƚŚƌŽƵŐŚ ^ƉĂŝŶ ĂŶĚ ŚĂůĨ ŽĨ ƵƌŽƉĞ͘ /ŶĚĞĞĚ͕ ŝĚĞĂƐ ƚŚĂƚ ŽĐĐƵƌƌĞĚ ƚŚĞŶ ĂƌĞ Ɛƚŝůů ǀŝƐŝďůĞ ƚŽĚĂLJ ĂĐƌŽƐƐ ƚŚĞ ĐŝǀŝůŝƐĞĚ ǁŽƌůĚ͘ ͞tŚĂƚ ǁĂƐ ŽŶůLJ ŬŶŽǁŶ ďLJ Ă ŚĂŶĚĨƵů ŽĨ ƉĞŽƉůĞ ƵŶƚŝů ƚŽĚĂLJ ǁĂƐ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ,ĂƌŽŶŶĂ ZĂĐŚŝĚ ĂůƐŽ ŝƐƐƵĞĚ ĞǀĞƌLJ ůĂǁ ĂŶĚ ĞǀĞƌLJ ŽƌĚĞƌ ƚŽ ŚŝƐ ĞŵƉŝƌĞ ƵƐŝŶŐ &ŽƌŵĂů ƌĂďŝĐ WŽĞƚƌLJ͘ Ɛ ĞĂƌůLJ ĂƐ ϴϬϬ ͘ ͘ ,ĂƌƌŽŶĂ ZĂĐŚŝĚ ŚĂĚ ŝƐŽůĂƚĞĚ ƚŚĞ ƉŽǁĞƌ ŽĨ ƚŚĞ ƵƐĞ ŽĨ ĂĞƐƚŚĞƚŝĐƐ ĂŶĚ ďĞĂƵƚLJ ŝŶ ĐĂƌƌLJŝŶŐ Ă ŵĞƐƐĂŐĞ ĂĐƌŽƐƐ ƚŚŽƵƐĂŶĚ ŽĨ ŵŝůĞƐ ĂŶĚ ŐƌĞĂƚ ĚŝƐƚĂŶĐĞƐ͘ &Žƌ ƚŚŝƐ ƌĞĂƐŽŶ͕ ƚŚĞ ƉŽĞƚƐ ĂŶĚ ĂƌƚŝƐƚƐ ŽĨ ĂŐŚĚĂĚ ǁĞƌĞ ƐŽŵĞ ŽĨ ƚŚĞ ŐƌĞĂƚĞƐƚ ƚŚĂƚ ƚŚĞ ǁŽƌůĚ ŚĂƐ ĞǀĞƌ ŬŶŽǁŶ͘ dŚĞ ƌĂďŝĂŶ EŝŐŚƚƐ ǁĞƌĞ ǁƌŝƚƚĞŶ ŝŶ ŚŝƐ ŚŽŶŽƵƌ ĂŶĚ ,ĂƌƌŽŶĂ ŝƐ ŝŵŵŽƌƚĂůŝnjĞĚ ŝŶ ƚŚĞŵ͘ ,ĂƌƌŽŶĂ ZĂĐŚŝĚ ǁĂƐ ƉƌŽďĂďůLJ ŽŶĞ ŽĨ ƚŚĞ ŐƌĞĂƚĞƐƚ ĐŚĂŵƉŝŽŶƐ ŽĨ ĐƌĞĂƚŝǀŝƚLJ ƚŚĂƚ ƚŚĞ ǁŽƌůĚ ŚĂƐ ĞǀĞƌ ƐĞĞŶ͘

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


͞dŚĞƌĞ ĂƌĞ ƚǁŽ ŽƚŚĞƌ ǁĞůů ŬŶŽǁŶ ŶŽŶͲ ƌĞůŝŐŝŽƵƐ ŽĐĐĂƐŝŽŶƐ ŝŶ ƌĞĐĞŶƚ ŚŝƐƚŽƌLJ͕ ǁŚĞŶ ŵĞŶ ŚĂǀĞ ƌŝƐĞŶ ƚŽ ƚŚŝƐ ĞdžƚƌĂŽƌĚŝŶĂƌLJ ůĞǀĞů ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƚLJ ĂŶĚ ǁŝƐĚŽŵ͘ dŚĞ ĨŝƌƐƚ ǁĂƐ ƚŚĞ ĨŽƌŵĂƚŝŽŶ ŽĨ ƚŚĞ ZŽƵŶĚ dĂďůĞ Ăƚ ƚŚĞ ŽƵƌƚ ŽĨ ƌƚŚƵƌ WĞŶĚƌĂŐŽŶ ŽŶ ƚŚĞ ĂĚǀŝĐĞ ŽĨ DĞƌůŝŶ͕ ǁŚŝĐŚ ĐƌĂĐŬĞĚ ƚŚĞ ƐƵƉƉƌĞƐƐŝŽŶ ŽĨ ƚŚĞ ĚĂƌŬ ĂŐĞƐ ĂĐƌŽƐƐ ƵƌŽƉĞ͘ dŚĞ ŽƚŚĞƌ ǁĂƐ ƚŚĞ ƐƚƌƵ ĐƚƵ ƌĞ ĂŶĚ ĐŽĚ ŝĨŝĐĂƚŝŽŶ ŽĨ ƚŚ Ğ ŵĞƌŝĐĂŶ ŽŶƐƚŝƚƵƚŝŽŶ ďLJ ƚŚĞ &ŽƵŶĚŝŶŐ &ĂƚŚĞƌƐ͘ ͞dŚĞ &ŽƵŶĚĞƌƐ ŽĨ ĂŵĞůŽƚ ŚĂǀĞ ďĞĞŶ ĂďůĞ ƚŽ ƌĞƐĞĂƌĐŚ ĚĞĞƉĞƌ ŝŶƚŽ ƚŚĞ ǁŝƐĚŽŵƐ ŽĨ ƚŚĞ ĞĂƐƚ ƚŚĂŶ ĞǀĞƌ ďĞĨŽƌĞ͘ dŚĞLJ ŚĂǀĞ ďĞĞŶ ĂďůĞ ƚŽ ĚƌĂǁ ŽŶ ƚŚĞ ŵŽĚĞƌŶ ĂŶĚ ǁŽƌŬĂďůĞ ǁŝƐĚŽŵ ĞŵďŽĚŝĞĚ ŝŶ ƚŚĞ ĨƌĞĞĚŽŵƐ ĞƐƚĂďůŝƐŚĞĚ ĂŶĚ ŵĂŝŶƚĂŝŶĞĚ ďLJ ƚŚĞ hŶŝƚĞĚ ^ƚĂƚĞƐ͘ ŶĚ͕ ƚŚƌŽƵŐŚ ƵŶŝƋƵĞ ĂĐĐĞƐƐ ĂŶĚ ĨƌŝĞŶĚƐŚŝƉƐ ŝŶ ƚŚĞ DŝĚĚůĞ ĂƐƚ ƚŚĞ &ŽƵŶĚ ĞƌƐ ŚĂǀĞ ŝƐŽůĂƚĞĚ ƐŽŵĞ ƉƌĞǀŝŽƵƐůLJ ƵŶŐƵĞƐƐĞĚ Ăƚ ŝŵƉŽƌƚĂŶĐĞƐ͕ ŚĞƌĂůĚĞĚ ďLJ ƌĂďŝĐ ĐƵůƚƵƌĞ͕ ƚŚĂƚ ǁŝůů ĞĨĨĞĐƚ ƚŚĞ ĞŶƚŝƌĞ ĨƵƚƵƌĞ ŽĨ ŵĂŶŬŝŶĚ͘ ͞^Ž ǁŚĞŶ LJŽƵ ǀŝƐŝƚ ƵƐ Ăƚ ĂŵĞůŽƚ ĂŶĚ ƐŚĂƌĞ LJŽƵƌ ŝĚĞĂƐ ŚĞƌĞ Ăƚ ŽƵƌ ƌŽƵŶĚ ƚĂďůĞ͕ ƌĞĂůŝƐĞ ƚŚĂƚ LJŽƵ ĂƌĞ ďĞŝŶŐ ĂŶĚ ďĞĐŽŵŝŶŐ ƉĂƌƚ ŽĨ Ă ƉƵƌƉŽƐĞ ůŝŶĞ ƚŚĂƚ ŝƐ ŝŶĚĞĞĚ ďŽƚŚ ĂŶĐŝĞŶƚ ĂŶĚ ŽĨ ƚŚĞ ĨƵƚƵƌĞ͘ &Žƌ ƚŚĞƐĞ ƉƵƌƉŽƐĞƐ ĂƌĞ ǁŽǀĞŶ ƚŚƌŽƵŐŚ ƚŚĞ ǀĞƌLJ ĨĂďƌŝĐ ĂŶĚ ƚŚĞ ƐƚƌƵĐƚƵƌĞ ŽĨ ŽƵƌ ƐŽĐŝĞƚŝĞƐ͘

ĞďďŝĞ ĂŶĚ ,ĂLJĚĞŶ Ăƚ ƚŚĞ ƌŽƵŶĚ ƚĂďůĞ

,ĂLJĚĞŶ ƚĂŬŝŶŐ >ĂĚLJ ŽĐŽ ĨŽƌ Ă ǁĂůŬ ͞dŚĞLJ ĂƌĞ ƚŚĞ ǁĞĨƚ ĂŶĚ ǁĂƌƉ ŽĨ ĐƌĞĂƚŝǀŝƚLJ͘ dƌƵƚŚĨƵůůLJ͕ ƚŚĞƌĞ ŚĂƐ ŶĞǀĞƌ ďĞĞŶ Ă ƚŝŵĞ ŝŶ ƚŚĞ ǁŽƌůĚ ǁŚĞŶ ƚŚĞ ƐŚĂƌŝŶŐ ŽĨ ŝĚĞĂƐ ĂĐƌŽƐƐ ƚŚĞ ǁŽƌůĚ ŝƐ ŵŽƌĞ ŝŵƉŽƌƚĂŶƚ ƚŚĂŶ ƌŝŐŚƚ ŚĞƌĞ ƌŝŐŚƚ ŶŽǁ͘ ͞dŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ŽƵƌ ĂƌƚŝƐƚƐ ƚŽ ŽƵƌ ƐŽĐŝĞƚLJ ŚĂƐ ďĞĞŶ ŐƌŽƐƐůLJ ƵŶĚĞƌĞƐƚŝŵĂƚĞĚ ĂŶĚ ŝƚ ŝƐ ƚŝŵĞ ƚŚĂƚ ǁĞ ďĞŐĂŶ ƚŽ ǀĂůƵĞ ƚŚĞ ĐŽŶƚƌŝďƵƚŝŽŶ ƚŚĂƚ ŽƵƌ ŽǁŶ ĐƌĞĂƚŝǀŝƚLJ ĐĂŶ ŵĂŬĞ͘ ĂŵĞůŽƚ ŝƐ ŚĞƌĞ ƚŽĚĂLJ ƐŽ ƚŚĂƚ LJŽƵ ĐĂŶ ĞdžƉĞƌŝĞŶĐĞ͕ ƚĂƉ ŝŶƚŽ ĂŶĚ ďĞ͕ LJŽƵƌ ĐƌĞĂƚŝǀŝƚLJ͘ ǀĞŶ ƚŚĞ ŐƌĞĂƚĞƐƚ ďĂƌƌŝĞƌƐ ƐƵƌƌĞŶĚĞƌ ƚŽ ƚŚĞ ĐƌĞĂƚŝǀŝƚLJ ŽĨ ŵĂŶ͘ ͞KƵƌ ƉƵƌƉŽƐĞ ŝƐ ĨŽƌ LJŽƵ ƚŽ ĐƌĞĂƚĞ LJŽƵƌƐĞůĨ ĂŶĚ ƚŚƵƐ͕ ƚŽ ĞŶŚĂŶĐĞ Ăůů ůŝĨĞ͘͟ ĞďďŝĞ͕ ,ĂLJĚĞŶ ĂŶĚ / ǁĞƌĞ ĨŽƌƚƵŶĂƚĞ ĞŶŽƵŐŚ ƚŽ ďĞ ŝŶǀŝƚĞĚ ƚŽ ƐƚĂLJ ďLJ ƚŚĞ ŽǁŶĞƌƐ ĂŶĚ ĞŶũŽLJĞĚ Ă ĨĂŶƚĂƐƚŝĐ ǀŝĞǁ ŽĨ ƚŚĞ ĐŽĂƐƚůŝŶĞ ĂŶĚ ƌƵŝŶƐ ĨƌŽŵ ŽƵƌ ƌŽŽŵ͘ dŚĞ ĨŽŽĚ ĂŶĚ ƐĞƌǀŝĐĞ Ăƚ ƚŚĞ ŚŽƚĞů ǁĞƌĞ ŽƵƚƐƚĂŶĚŝŶŐ ĂŶĚ ,ĂLJĚĞŶ ƚŚŽƌŽƵŐŚůLJ ĞŶũŽLJĞĚ ƚĂŬŝŶŐ ƚŚĞ ŽǁŶĞƌ͛Ɛ ĚŽŐƐ ĨŽƌ ǁĂůŬƐ ŝŶ ƚŚĞ ŐƌŽƵŶĚƐ͘ / ŚŝŐŚůLJ ƌĞĐŽŵŵĞŶĚ Ă ǀŝƐŝƚ ĂŶĚ ŝƚ ŝƐ Ă ůŽƚ ĐůŽƐĞƌ ƚŚĂŶ LJŽƵ ŵŝŐŚƚ ƚŚŝŶŬ͊ ^ƚĞƉŚĞŶ ŽƌŶĞLJ

ZZZ FDPHORWFDVWOH FRP

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϱϭ

7XHVGD\ -XQH %ODFN &\DQ


7+( 3$,17(' /$',(6

.LWFKHQ %DWKURRP ,QVWDOODWLRQ 6HUYLFHV

3$,17(56 '(&25$7256

1R 9$7

)8//< ,1685(' )5(( 4827(6 $'9,&( /2&$/ 5(/,$%/( &216&,(17,286

/<1'$ /,=

6SLULW /HYHO )HQFLQJ

$OO ERXQGDU\ VROXWLRQV UDQJLQJ IURP

3DQHOV )HDWKHU (GJH 3LFNHW &KDLQ /LQN 3RVW $QG 5DLO $QG 0DQ\ 0RUH :H FDQ EHDW DQ\ OLNH IRU OLNH TXRWDWLRQ HQVXULQJ RXU IHQFLQJ LQVWDOODWLRQ DQG PDWHULDOV DUH RI WKH KLJKHVW TXDOLW\

)RU \RXU IUHH TXRWDWLRQ SOHDVH FDOO $QGUHZ RQ

3DXO 0 /RQJGHQ

\HDUV H[SHULHQFH RI .LWFKHQ %DWKURRP 'HVLJQ DQG ,QVWDOODWLRQ $OO ZRUNV IXOO\ ,QVXUHG *XDUDQWHHG

5HFRPPHQGHG LQVWDOOHU IRU %DWKVWRUH FRP ,QVWDOOHU RI +RZGHQ¶V )LWWHG .LWFKHQV 'HVLJQ 3OXPELQJ 3ODVWHULQJ :DOO )ORRU 7LOLQJ (Q 6XLWH &RQYHUVLRQV :HW )ORRUV

&RQWDFW 3DXO RQ

SP ORQJGHQ#JPDLO FRP

ZZZ VRXWKFRDVW NLWFKHQ EDWKURRP FR XN

2/,9(5 &+,01(< 6:((3 &OHDQ SURIHVVLRQDO WLG\ DQG UHOLDEOH FKLPQH\ VZHHSV 2IIHULQJ D ZLGH UDQJH RI VHUYLFHV 0HPEHUV RI WKH *XLOG RI 0DVWHU 6ZHHSV

$OVR DYDLODEOH IRU WUDGLWLRQDO JRRG OXFN DSSHDUDQFHV DW ZHGGLQJV

LQIR#ROLYHU FKLPQH\ VZHHSV FR XN ZZZ ROLYHU FKLPQH\ VZHHSV FR XN

ϱϮ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϱϯ

7XHVGD\ -XQH %ODFN &\DQ


7KH 2OG 7\PH 3OD\HUV 3URIHVVLRQDO 3URGXFWLRQV ƉƌĞƐĞŶƚ

ZZZ UHJHQWFHQWUH FR XN

7HO :+$7·6 21 $7 7+( 5(*(17"

^W Z K ʹ ĞƐƚ ŽĨ dŚĞ ĂŐůĞƐ &ƌŝĚĂLJ ϲ :ƵůLJ ϳ͘ϯϬƉŵ

dŝĐŬĞƚƐ͗ άϭϳ͘ϱϬ͕ ŽŶĐĞƐƐŝŽŶƐ͗ άϭϲ͘ϱϬ

DKKEZ/^ </E' KD ;ϭϮ Ϳ

^ƵŶ ϴ ʹ &ƌŝ ϭϯ :ƵůLJ ϳ͘ϯϬƉŵ DĂƚƐ͗ DŽŶ ϵ ʹ tĞĚ ϭϭ Ϯ͘ϯϬƉŵ

ƌƵĐĞ tŝůůŝƐ͕ dŝůĚĂ ^ǁŝŶƚŽŶ Θ &ƌĂŶĐĞƐ DĐ ŽƌŵĂŶĚ ŝŶ Ă ƚĂůĞ ŽĨ LJŽƵŶŐ ůŽǀĞ ŝŶ ϭϵϲϬ͛Ɛ EĞǁ ŶŐůĂŶĚ

, >& ^/yW E

,ŝŐŚĐůŝĨĨĞ ŚĂƌŝƚLJ WůĂLJĞƌƐ

tĞĚ ϭϴ ʹ ^Ăƚ Ϯϭ :ƵůLJ ϳ͘ϯϬƉŵ DĂƚ͗ ^Ăƚ Ϯ͘ϯϬƉŵ

dŝĐŬĞƚƐ͗ άϭϯ͘ϱϬ͕ ŽŶĐƐ͗ άϭϮ͘ϱϬ͕ DĂƚŝŶĞĞ͗ άϭϭ͘ϱϬ

E/',d d d, DKs/ ^ ʹ /Ŷ ĂŝĚ ŽĨ ,ĞůƉ &Žƌ ,ĞƌŽĞƐ

"A Y y 2 l "ØÆ YA Æ

dŚĞ ^ŽƵƚŚΖƐ ůĞĂĚŝŶŐ ƉƌŽĨĞƐƐŝŽŶĂů dŚĞĂƚƌĞ ŽŵƉĂŶLJ ŝƐ ďĂĐŬ ďLJ ƉŽƉƵůĂƌ ĚĞŵĂŶĚ ǁŝƚŚ ƚŚĞŝƌ ŚŝŐŚůLJ ƐƵĐĐĞƐƐĨƵů ƉƌŽĚƵĐƚŝŽŶ͕ ΖDĂŐŝĐ ŽĨ ƚŚĞ DƵƐŝĐĂůƐ͘Ζ /Ĩ LJŽƵ ůŽǀĞ ƐŽŶŐƐ ĨƌŽŵ dŚĞ DƵƐŝĐĂůƐ ƚŚĞŶ LJŽƵ ǁŝůů ŶŽƚ ďĞ ĚŝƐĂƉƉŽŝŶƚĞĚ ǁŝƚŚ ƚŚŝƐ ƐŚŽǁ͘ dŚĞLJ ŚĂǀĞ ƉŝĐŬĞĚ Ă ƐĞůĞĐƚŝŽŶ ŽĨ ǁĞůů ŬŶŽǁŶ ƚƌĂĚŝƚŝŽŶĂů ŚŝƚƐ ĨƌŽŵ ƚŚŽƐĞ ǁĞůů ůŽǀĞĚ tĞƐƚ ŶĚ Θ ƌŽĂĚǁĂLJ ƉƌŽĚƵĐƚŝŽŶƐ͘ DĂƌLJ WŽƉƉŝŶƐ͕ 'ŝŐŝ͕ ^ŽƵŶĚ ŽĨ DƵƐŝĐ͕ KůŝǀĞƌ Θ &ŝĚĚůĞƌ ŽŶ ƚŚĞ ZŽŽĨ ĂƌĞ ďƵƚ Ă ĨĞǁ ŽĨ ƚŚĞ ŵƵƐŝĐĂů ƚƌĞĂƚƐ ŝŶ ƚŚŝƐ ƐƉĂƌŬůŝŶŐ ŶĞǁ ƉƌĞƐĞŶƚĂƚŝŽŶ͘ KĨ ŽƵƌƐĞ͕ ďĞŝŶŐ ΖdŚĞ KůĚĞ dLJŵĞ WůĂLJĞƌƐΖ͕ ƚŚĞLJ ŚĂǀĞ ƉƵƚ ƚŚĞŝƌ ŽǁŶ ƵŶŝƋƵĞ ĐŽŵŝĐĂů ƚǁŝƐƚ ŽŶ ŽŶĞ Žƌ ƚǁŽ ŽĨ ƚŚĞ ƐŽŶŐƐ͊ dŚŝƐ ƐŚŽǁ ŚĂƐ ďĞĞŶ ƉůĂLJŝŶŐ ƚŽ ƐĞůů ŽƵƚ ŚŽƵƐĞƐ ƐŽ Ŭ ĞĂƌůLJ ĂŶĚ ƉƌĞƉĂƌĞ ƚŽ ďĞ ĞŶƚĞƌƚĂŝŶĞĚ͘

^ǁŝŶŐ hŶůŝŵŝƚĞĚ ŝŐ ĂŶĚ

^ƵŶ ϮϮ :ƵůLJ ϯƉŵ Θ ϳ͘ϯϬƉŵ

dŝĐŬĞƚƐ͗ άϭϯ͘ϱϬ͕ ŽŶĐƐ͗ άϭϭ͘ϱϬ͕ hŶĚĞƌ ϭϲ͗ άϵ͘ϱϬ

WZKD d, h^ ;ϭϱͿ Ͷ Ϯ

DŽŶ Ϯϯ ʹ dŚƵ Ϯϲ :ƵůLJ Ϯ͘ϯϬƉŵ Θ ϳ͘ϯϬƉŵ

d, D /E' ^W/ Z D E Ͷ Ϯ ;ϭϮ Ϳ

&ƌŝ Ϯϳ͕ ^Ăƚ Ϯϴ Θ DŽŶ ϯϬ :ƵůLJ Ͳ dŚƵ Ϯ ƵŐƵƐƚ ϳ͘ϯϬƉŵ DĂƚƐ͗ &ƌŝ Ϯϳ Θ DŽŶ ϯϬ :ƵůLJ Ͳ dŚƵ Ϯ ƵŐ Ϯ͘ϯϬƉŵ

d, Z ' K>>^ ʹ dƌŝďƵƚĞ ƚŽ ƚŚĞ :ĞƌƐĞLJ ŽLJƐ

^ƵŶĚĂLJ Ϯϵ :ƵůLJ ϳ͘ϯϬƉŵ

,ŝƚƐ ŽĨ &ƌĂŶŬŝĞ sĂůůŝ Θ dŚĞ &ŽƵƌ ^ĞĂƐŽŶƐ dŝĐŬĞƚƐ͗ άϭϲ͕ ŽŶĐĞƐƐŝŽŶƐ͗ άϭϱ

/ ' ϰ͗ KEd/E Ed > Z/&d Ϯ ;d Ϳ

&ƌŝ ϯ Θ ^ƵŶ ϱ ʹ dŚƵƌƐ ϵ ƵŐƵƐƚ ϳ͘ϯϬƉŵ DĂƚƐ͗ &ƌŝ ϯ͕ ^Ăƚ ϰ н DŽŶ ϲ ʹ dŚƵƌƐ ϵ ƵŐ Ϯ͘ϯϬƉŵ

ϱϰ

dŝĐŬĞƚƐ ƚŽ ƐĞĞ DĂŐŝĐ ŽĨ dŚĞ DƵƐŝĐĂůƐ ƚŽ ďĞ ǁŽŶ ŝŶ ƚŚĞ WƌŝnjĞ tŽƌĚƐĞĂƌĐŚ ŽƉƉŽƐŝƚĞ͊

+HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


dล ล ฦ ลตลฝลถฦ ล อ ฦ ฦ ฦ ล ว ฤ ล ฦ ฤ ฦ ฤ ล ฦ ลฝฤจ ฦ ล ฤ ลฌฤ ฦ ฦ ฦ ลฝ ฦ ฤ ฤ Dฤ ล ล ฤ ลฝฤจ dล ฤ Dฦตฦ ล ฤ ฤ ลฏฦ ฤ ฦ dล ฤ Zฤ ล ฤ ลถฦ ฤ ลถฦ ฦ ฤ ฤ ฦ ฯฎอ ฯฏฯฌฦ ลต ลฝลถ dฦตฤ ฦ ฤ ฤ ว ฯฎฯญฦ ฦ ฦตล ฦตฦ ฦ อ ฦ ลฝ ฤ ลฝลตฦ ลฏฤ ฦ ฤ ฦ ล ล ฦ ฦ ฤ ล ฤ ฤ ว ฯฎฯฑฦ ล :ฦตลฏว ฤ ลถฤ ฦ ฤ ลถฤ ฦ ลฝอ

:ฦตลฏว Wฦ ล ว ฤ tลฝฦ ฤ ฦ ฤ ฤ ฦ ฤ ล dล ฤ ,ล ล ล ฤ ลฏล ฤจฤจฤ ,ฤ ฦ ฤ ลฏฤ อ ฯญ Dลฝลฝฦ ลฏฤ ลถฤ ฦ Zล ฦ ฤ อ tฤ ฦ ฦ Dลฝลฝฦ ฦ อ &ฤ ฦ ลถฤ ลฝว ลถอ ,ฯฎฯฎ ฯฌ:Z

Eฤ ลตฤ อ ฤ ฤ ฦ ฤ ฦ ฦ อ

dฤ ลฏฤ ฦ ล ลฝลถฤ อ

อบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ อบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ อบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ อบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ อบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบอบ

Wลฏฤ ฤ ฦ ฤ ลตฤ ลถฦ ล ลฝลถ ฦ ล ล ฦ ลตฤ ล ฤ ว ล ลถฤ ว ล ฤ ลถ ฤ ลฝลถฦ ฤ ฤ ฦ ล ลถล ฤ ลถว ลฝฤจ ฦ ล ฤ ฤ ฤ ว ฤ ฦ ฦ ล ฦ ฤ ฦ ฦ +HUDOG -XO\ SDJH

ฯฑฯฑ

7XHVGD\ -XQH %ODFN &\DQ


ϱϲ +HUDOG -XO\ SDJH

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


4XDOLW\ ORFDO EXLOGHUV IRU DOO \RXU EXLOGLQJ QHHGV ([WHQVLRQV DOWHUDWLRQV FRQVHUYDWRULHV JDUGHQ ZDOOV SDWLRV EORFN SDYLQJ NLWFKHQV EDWKURRPV *DUGHQ FOHDUDQFH DOO DVSHFWV RI ODQGVFDSLQJ SURSHUW\ PDLQWHQDQFH )XOO\ LQVXUHG DOO ZRUN JXDUDQWHHG IRU \HDUV <HDUV H[SHULHQFH LQ EXLOGLQJ )XOO DUFKLWHFWXUDO SODQQLQJ VHUYLFH RIIHUHG 1R MREV DUH WRR ELJ RU VPDOO &XVWRPHU VDWLVIDFWLRQ JXDUDQWHHG 6PDOO IDPLO\ UXQ EXVLQHVV ZLWK H[FHOOHQW UHIHUHQFHV

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϱϳ

7XHVGD\ -XQH %ODFN &\DQ


ϱϴ

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ


DOO QHZ IODJVKLS VDORRQ WKDW LV 7+( 237,0$ LV WKH DOO WKH ODWHVW PRGHO WR EH ODXQFKHG LQ .LD·V GHVLJQ GHVLJQ OHG SURGXFW RIIHQVLYH ,W ZHQW RQ VDOH LQ WKH 8. LQ )HEUXDU\ EULQJLQJ IDQWDVWLF GHVLJQ KLJK OHYHOV RI VWDQGDUG VSHFLILFDWLRQ DQG ORZ UXQQLQJ FRVWV 7KH .LD 2SWLPD LV D FUHGLEOH FDU IRU EXVLQHVV ,W ORRNV VKDUS DQG KDQGOHV DQ\ FRPPXWH DGPLUDEO\ 7KH VWHHULQJ ODFNV IHHO VR \RX GRQ·W JHW PXFK VHQVH RI FRQQHFWLRQ ZLWK WKH URDG VXUIDFH EXW WKH FDU LV FRPIRUWDEOH KDV HQRXJK SRZHU DQG LV HDV\ WR OLYH ZLWK ,W LV VROG RQO\ ZLWK D GLHVHO HQJLQH ² D QHZ EKS YHUVLRQ RI .LD·V VPRRWK DQG HIILFLHQW OLWUH &5'L ¶8 · SRZHU XQLW ²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·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

(PHUJHQF\ 6WRS 6LJQDOOLQJ V\VWHP (66 LV DOVR ILWWHG 7KLV IODVKHV WKH EUDNH OLJKWV UDSLGO\ WR ZDUQ IROORZLQJ GULYHUV ,Q DGGLWLRQ WKH 2SWLPD LV ILWWHG ZLWK IURQW VLGH DQG FXUWDLQ DLUEDJV SOXV DFWLYH IURQW VHDW KHDG UHVWUDLQWV WR PLQLPLVH WKH ULVN RI ZKLSODVK LQMXULHV 7KH PDQXDO YHUVLRQ RI WKH 2SWLPD IHDWXUHV .LD·V (FR'\QDPLFV IXHO VDYLQJ &2 UHGXFLQJ PHDVXUHV LQFOXGLQJ ,QWHOOLJHQW 6WRS *R DQG DHURG\QDPLF GUDJ UHGXFLQJ PHDVXUHV 7KH GLHVHO HQJLQH GHYHORSV VLPLODU SRZHU DQG WRUTXH WR WKH OLWUH XQLWV LQ (XURSHDQ DQG -DSDQHVH ULYDOV EXW IURP D VPDOOHU FDSDFLW\ $FFHOHUDWLRQ IURP PSK WDNHV VHFRQGV DQG WKH FDU FDQ UHDFK D WRS VSHHG RI PSK %HWWHU VWLOO WKH 2SWLPD FDQ DFKLHYH PLOHV SHU JDOORQ DQG LW RQO\ SXPSV RXW &2 HPLVVLRQV RI J NP 7KH 2SWLPD·V ULGH SURYLGHV WKH SHUIHFW FRPELQDWLRQ RI VWDELOLW\ ZLWK UHILQHPHQW RQ WKH ORQJ PRWRUZD\ GULYHV WKDW DUH D IDFW RI OLIH IRU PDQ\ EXVLQHVV GULYHUV ([WHQVLYH QRLVH UHGXFWLRQ PHDVXUHV HQVXUH PLQLPDO WUDQVPLVVLRQ RI HQJLQH DQG URDG VRXQG ZKLOH WKH ORZ FR HIILFLHQW RI GUDJ QRW RQO\ KHOSV IXHO HFRQRP\ EXW DOVR PLQLPLVHV ZLQG WXUEXOHQFH $V ZLWK DOO .LDV WKH 2SWLPD FRPHV ZLWK WKH 6RXWK .RUHDQ FRPSDQ\·V XQLTXH VHYHQ \HDU RU PLOH ZDUUDQW\ ZKLFK LV IXOO\ WUDQVIHUDEOH WR VXEVHTXHQW RZQHUV

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

+HUDOG -XO\ SDJH

ϱϵ

7XHVGD\ -XQH %ODFN &\DQ


<285 &20387(5 48(67,216 $16:(5(' E\ /HVOH\ IURP 3& $VVLVW

+2: '2 , 0$.( $ 3+272 6/,'( 6+2: 6&5((1 6$9(5"

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

&20387(5 5(3$,56 /DSWRS 3& UHSDLUV 'DWD UHFRYHU\ ,QN SDSHU &DEOHV /DSWRS FKDUJHUV 9LUXV UHPRYDO 3HULSKHUDOV 1HZ 3&V ODSWRSV

1(: 0,/721 &20387(56 2/' 0,/721 52$' %+ 'ZZZ QHZPLOWRQFRPSXWHUV FR XN

%URDGEDQG SUREOHPV (PDLO QRW ZRUNLQJ 6RIWZDUH SUREOHPV %URDGEDQG VHWXS &RPSXWHU WXLWLRQ 1HZ 3& LQVWDOO L3DG WXLWLRQ :LUHOHVV SULQWHUV

3& $66,67

0RELOH &RPSXWHU 6HUYLFHV ZZZ SFDRQOLQH FR XN

RQĂĚǀĞƌƚŝƐĞ ĐĂůů͗ &DOOŽƌ /HVOH\ ϲϬ &DOO 'DYLGdŽ ϬϭϰϮϱ ϲϮϵϴϰϭ ϬϭϮϬϮ ϴϵϰϯϵϳ +HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


5$< :+,7/2&. %XLOGLQJ &RQWUDFWRU 2YHU \HDUV H[SHULHQFH 1+%& UHJLVWHUHG $YDLODEOH IRU DOO \RXU EXLOGLQJ QHHGV IURP H[WHQVLRQV WR JDUGHQ ZDOOV 5HIHUHQFHV DYDLODEOH )ULHQGO\ UHOLDEOH VHUYLFH )DUP /DQH 1RUWK %DUWRQ %DUWRQ RQ RQ 6HD

839& *XWWHULQJ 6RIILW )DVFLD

*XWWHUV &OHDQHG &OHDUHG 7RQ\ &XWOHU 3URSULHWRU

([DPSOHV RI ZRUN FDQ EH YLHZHG )UHH (VWLPDWH )ULHQGO\ 6HUYLFH *HQHUDO 0DLQWHQDQFH

0LOOHU &ORVH 1HZ 0LOWRQ %+ $7

(VWDEOLVKHG \HDUV 027·V 6HUYLFLQJ 5HSDLUV $OO 0DNHV 0RGHOV 027¶V 'LHVHO 3HWURO 027 :HOGLQJ (QJLQH 7XQLQJ &OXWFKHV ([KDXVWV %UDNHV 7\UHV )UHH /RFDO &ROOHFWLRQ 'HOLYHU\ %XGJHW )L[HG 3ULFH 6HUYLFLQJ +DPLOWRQ :D\ *RUH 5RDG ,QG (VW 1HZ 0LOWRQ

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϲϭ

7XHVGD\ -XQH %ODFN &\DQ


/$1'6&$3,1*

63(&,$/,676 ,1 3$7,26 %/2&. 3$9,1* '5$,1$*( 6($/,1*

'5,9(:$<6 6/$%%,1* &/($1,1* )(1 )(1&,1* &,1*

+$5' /$1'6&$3,1* :25. *8$5$17((' )RU D IUHH TXRWDWLRQ FDOO

VRXWKSRLQWODQGVFDSLQJ#WDONWDON QHW

$6+/(<

75(( 685*(216

,1&25325$7,1* )(1&,1* /$1'6&$3,1* x 75(( 685*(5< %6 x 75(( 6859(<6 %6 x $// 7<3(6 2) )(1&,1* &200(5&,$/ '20(67,& x +$5' /$1'6&$3,1* x 67803 *5,1',1* x +('*( &877,1* x /2/(5 ,163(&7,216 x 0,1, ',**(5 '803(5 +,5( x 08&+ 08&+ 025( )RU PRUH LQIRUPDWLRQ RQ WKH VHUYLFH ZH SURYLGH SOHDVH YLVLW

ZZZ DVKOH\WUHHVXUJHRQV FR XN

2U WHOHSKRQH %DUU\ (YDQV RQ

IRU D )5(( TXRWDWLRQ

:H KDYH RYHU \HDUV H[SHULHQFH DQG DOO RXU ZRUN LV FDUULHG RXW E\ IXOO\ LQVXUHG IXOO\ TXDOLILHG VWDII

/2*6 :22'&+,36 $9$,/$%/(

ϲϮ

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ


dŚĞ EĞǁ &ŽƌĞƐƚ Θ ,ĂŵƉƐŚŝƌĞ ŽƵŶƚLJ ^ŚŽǁ ϮϰƚŚ ʹ ϮϲƚŚ :ƵůLJ /Ŷ ŬĞĞƉŝŶŐ ǁŝƚŚ ƚŚĞ :ƵďŝůĞĞ ĐĞůĞďƌĂƚŝŽŶƐ ƚŚŝƐ LJĞĂƌ͕ ƚŚĞ ƚŚĞŵĞ ĨŽƌ dŚĞ EĞǁ &ŽƌĞƐƚ Θ ,ĂŵƉƐŚŝƌĞ ŽƵŶƚLJ ^ŚŽǁ ;E&, ^Ϳ ƚŚŝƐ LJĞĂƌ ŝƐ ͚dŚĞ ĞƐƚ ŽĨ ƌŝƚŝƐŚ͛͘ ĞůŝŐŚƚĞĚ ƚŚĂƚ ůĂŶ dŝƚĐŚŵĂƌƐŚ ŝƐ ƚŚĞ WƌĞƐŝĚĞŶƚ ƚŚŝƐ LJĞĂƌ͕ ŚĞ ǁŝůů ďĞ ǀŝƐŝƚŝŶŐ Ăůů ƉĂƌƚƐ ŽĨ ƚŚĞ ^ŚŽǁŐƌŽƵŶĚ ƚŽ ĞŶũŽLJ ƚŚĞ ƐƉĞĐƚĂĐůĞ͘ dŚĞ ^ŚŽǁ ĂůƌĞĂĚLJ ŚŝŐŚůŝŐŚƚƐ ƚŚĞ ďĞƐƚ ŽĨ ůŽĐĂů ŐŽŽĚƐ ĂŶĚ ƉƌŽĚƵĐĞ ďƵƚ ƚŚŝƐ ǁŝůů ŶŽǁ ďĞ ĞdžƚĞŶĚĞĚ ƚŽ ĞŶĐŽŵƉĂƐƐ ĞǀĞƌLJ ƉĂƌƚ ŽĨ ƌŝƚĂŝŶ͕ ĂŶĚ ǁŝůů ŝŶĐůƵĚĞ Ă ďƌĂŶĚ ŶĞǁ ͚ ĞƐƚ ŽĨ ƌŝƚŝƐŚ͛ WĂǀŝůŝŽŶ ĚĞĚŝĐĂƚĞĚ ƚŽ ĚĞŵŽŶƐƚƌĂƚŝŽŶƐ ĂŶĚ ŝŶƚĞƌĂĐƚŝǀĞ ĞǀĞŶƚƐ͘

ůƌĞĂĚLJ ĐŽŶĨŝƌŵĞĚ ŝƐ ůĞĐ <ŝŶĂŶĞ͕ ŚĂŶĚ ĐĂƌǀŝŶŐ ƌŽĐŬŝŶŐ ŚŽƌƐĞƐ͖ sŝǀŝĞŶ ^ŚĞƌŝĨĨ ƚŚĞ ƌĞŶŽǁŶĞĚ ŵŝůůŝŶĞƌ ; ŚĂƐ ŵĂĚĞ ŚĂƚƐ ĨŽƌ <ĂƚĞ ĂŶĚ WŝƉƉĂ DŝĚĚůĞƚŽŶͿ͖ DĂŶĚLJ 'ŽŽĚŚĂůů ŵĂŬŝŶŐ ƐĐƵůƉƚƵƌĞƐ ŽƵƚ ŽĨ ƚŚĂƚĐŚŝŶŐ ǁŝƌĞ͖ ĂŶĚ ^ŚŝƌůĞLJ ĂǀŝƐ ĚĞŵŽŶƐƚƌĂƚŝŶŐ ŵĂƐŬ Θ ŚĞĂĚĚƌĞƐƐ ŵĂŬŝŶŐ͕ ƚŽ ŶĂŵĞ ũƵƐƚ Ă ĨĞǁ͕ ƐŽ ƚŚŝƐ ǁŝůů ďĞ Ă ǀĞƌLJ ĞdžĐŝƚŝŶŐ ŶĞǁ ĂĚĚŝƚŝŽŶ ƚŽ ƚŚĞ ^ŚŽǁ͘ ŐƌŝĐƵůƚƵƌĂů ^ŚŽǁƐ ĂƌĞ ĨĂŵŽƵƐ ĨŽƌ ƚŚĞŝƌ ůŝǀĞƐƚŽĐŬ ĂŶĚ ƌƵƌĂů ĂĐƚŝǀŝƚŝĞƐ ĂŶĚ ŽĨ ĐŽƵƌƐĞ ƚŚŝƐ ƌĞŵĂŝŶƐ ƚŚĞ ĐĞŶƚƌĂů ĂƚƚƌĂĐƚŝŽŶ͕ ĞƐƉĞĐŝĂůůLJ ĂƐ ƚŚĞ ^ŚŽǁ ŝƐ ƉĂƌƚŝĐƵůĂƌůLJ ĨĂŵŽƵƐ ĨŽƌ ŝƚƐ ŚŽƌƐĞ ĐŽŵƉĞƚŝƚŝŽŶƐ ŝŶĐůƵĚŝŶŐ ŝŶƚĞƌŶĂƚŝŽŶĂů ƐŚŽǁ ũƵŵƉŝŶŐ ƉůƵƐ ŽǀĞƌ ϯϱ ͚,ŽƌƐĞ ŽĨ ƚŚĞ zĞĂƌ͛ YƵĂůŝĨLJŝŶŐ ůĂƐƐĞƐ͘ /Ŷ Ăůů ŽǀĞƌ ϯϬϬϬ ĂŶŝŵĂůƐ ǁŝůů ďĞ Ăƚ ƚŚĞ ^ŚŽǁ ƚŚŝƐ LJĞĂƌ͕ ǁŝƚŚ ŵŽƌĞ ƚŚĂŶ ϳϬ ƚƌĂĚŝƚŝŽŶĂů ĐƌĂĨƚƐ ƐŚŽǁŶ ǁŝƚŚ ŵĂŶLJ ĚĞŵŽŶƐƚƌĂƚĞĚ ĨŽƌ ƚŚĞ ƉƵďůŝĐ͛Ɛ ĞŶũŽLJŵĞŶƚ͕ ƉůƵƐ ŵŽƵƚŚǁĂƚĞƌŝŶŐ ĐŽŽŬŝŶŐ ĚĞŵŽŶƐƚƌĂƚŝŽŶƐ ĂŶĚ ǁŝŶĞ ƚĂƐƚŝŶŐ ͚ůŝǀĞ͛ ŽŶ ƚŚĞ ƐŚŽǁŐƌŽƵŶĚ͘ /Ĩ LJŽƵ ĂƌĞ ůŽŽŬŝŶŐ ĨŽƌ ŝŶƐƉŝƌĂƚŝŽŶ ĨŽƌ LJŽƵƌ ŐĂƌĚĞŶ ƚŚĞŶ ƚĂŬĞ Ă ƚƌŝƉ ƚŽ ƚŚĞ ĨůŽǁĞƌ ƐŚŽǁ ǁŚĞƌĞ LJŽƵ ǁŝůů ĨŝŶĚ ĂŶ ĂƌƌĂLJ ŽĨ ďĞĂƵƚŝĨƵů ďůŽŽŵƐ ƚŽ ĐĂƉƚŝǀĂƚĞ LJŽƵƌ ƐĞŶƐĞƐ͕ ĂĚĚŝƚŝŽŶĂůůLJ LJŽƵ ĐĂŶ ǁŽŶĚĞƌ Ăƚ ƚŚĞ ĂŵĂnjŝŶŐ ŐŝĂŶƚ ǀĞŐĞƚĂďůĞƐ ĂŶĚ ĞŶũŽLJ ƚŚĞ ƐƚƵŶŶŝŶŐ ĨůŽƌĂů ĂƌƌĂŶŐĞŵĞŶƚ ĚŝƐƉůĂLJƐ͘ ůů ƚŚŝƐ ŝŶ Ă ŶĞǁ ǀĞŶƚŝůĂƚĞĚ ŚŽƌƚŝĐƵůƚƵƌĂů ŵĂƌƋƵĞĞ ƚŽ ŵĂŬĞ ůŝĨĞ Ă ůŽƚ ŵŽƌĞ ĐŽŵĨŽƌƚĂďůĞ ĨŽƌ ƚŚĞ ƉůĂŶƚƐ͕ ĞdžŚŝďŝƚŽƌƐ ĂŶĚ ǀŝƐŝƚŽƌƐ͊ dŚŝƐ ^ŚŽǁ͛Ɛ ĂŝŵƐ ĂƌĞ ƐŽ ŵƵĐŚ ŵŽƌĞ ƚŚĂŶ ũƵƐƚ ĂŐƌŝĐƵůƚƵƌĞ͕ ŽĨĨĞƌŝŶŐ ƚŚĞ ŽƉƉŽƌƚƵŶŝƚLJ ƚŽ ůĞĂƌŶ ĂďŽƵƚ ĞǀĞƌLJƚŚŝŶŐ ƚŽ ĚŽ ǁŝƚŚ ƚŚĞ ĐŽƵŶƚƌLJƐŝĚĞ͕ ƐŚŽǁĐĂƐŝŶŐ

ůŽĐĂů ĐŚĂƌŝƚŝĞƐ ĂŶĚ E Ğ ǁ & Ž ƌ Ğ Ɛ ƚ ŽƌŐĂŶŝƐĂƚŝŽŶƐ ďƵƚ ŵŽƐƚ ŽĨ Ăůů ƉƌŽǀŝĚŝŶŐ ŐƌĞĂƚ ĞŶƚĞƌƚĂŝŶŵĞŶƚ ĨŽƌ Ăůů ĂŐĞ ŐƌŽƵƉƐ ĂŶĚ Ăůů ŵĂŶŶĞƌ ŽĨ ƚĂƐƚĞƐ͘ ƚƚƌĂĐƚŝŽŶƐ ƚŚŝƐ LJĞĂƌ ǁŝůů ŝŶĐůƵĚĞ ƚŚĞ ĞdžĐŝƚŝŶŐ ^ŚĞƚůĂŶĚ 'ƌĂŶĚ EĂƚŝŽŶĂů͕ dŚĞ ^ŽůĞŶƚ ŽŐ ŐŝůŝƚLJ ĚŝƐƉůĂLJƐ͕ ^ŚĞĞƉĚŽŐ ŚĞƌĚŝŶŐ ĂƐ ǁĞůů ĂƐ ƚŚĞ ĨĂŵŽƵƐ ĂŶĚ ƵŶŝƋƵĞ ,ĞĂǀLJ ,ŽƌƐĞ DƵƐŝĐĂů ƌŝǀĞ Ͳ ĂŶĚ ƐŽ ǀĞƌLJ ŵƵĐŚ ŵŽƌĞ͘ ZĞŵĞŵďĞƌ ƚŚĞƌĞ ĂƌĞ ĂůƐŽ ŽǀĞƌ ϲϬϬ ƚƌĂĚĞ ƐƚĂŶĚƐ ƉƌŽǀŝĚŝŶŐ ŽŶĞ ŽĨ ƚŚĞ ŵŽƐƚ ǀĂƌŝĞĚ ĂŶĚ ƵŶƵƐƵĂů ƌĂŶŐĞ ŽĨ ŐŽŽĚƐ ĂŶĚ ƉƌŽĚƵĐĞ ʹ ĚĞĨŝŶŝƚĞůLJ ƚŚĞ ƉůĂĐĞ ƚŽ ŐĞƚ ƚŚĂƚ ƐƉĞĐŝĂů ƉƵƌĐŚĂƐĞ͘ dŽ ŵĂŬĞ ƐŚŽƉƉŝŶŐ ĞǀĞŶ ĞĂƐŝĞƌ ƚŚĞƌĞ ŝƐ Ă ^ŚŽƉ ͛Ŷ ƌŽƉ ĨĂĐŝůŝƚLJ ďLJ ƚŚĞ ŵĂŝŶ ƉƵďůŝĐ ĞŶƚƌĂŶĐĞ ƌƵŶ ďLJ ƚŚĞ ĐŚĂƌŝƚLJ dŚĞ &ŽƌƚƵŶĞ ĞŶƚƌĞ͕ ǁŚĞƌĞ LJŽƵ ĐĂŶ ůĞĂǀĞ LJŽƵƌ ƉƵƌĐŚĂƐĞƐ ĂŶĚ ĐŽŶƚŝŶƵĞ ƚŽ ĞŶũŽLJ ƚŚĞ ^ŚŽǁ͘ DĂŶLJ ŽĨ ƚŚĞ &ŽŽĚ ,Ăůů ƐƚĂŶĚƐ ŽĨĨĞƌ ƌĞĨƌŝŐĞƌĂƚĞĚ ƐƚŽƌĂŐĞ ĂƐ ǁĞůů͘ ŽŵĞ ƚŽ ƚŚĞ ^ŚŽǁ ĂŶĚ ŚĂǀĞ Ă ǁŽŶĚĞƌĨƵů ĚĂLJ LJŽƵ ǁŝůů ĂůǁĂLJƐ ƌĞŵĞŵďĞƌ ϮϬй ŽĨĨ ĂĚǀĂŶĐĞ ƚŝĐŬĞƚƐ ĂƌĞ ĂǀĂŝůĂďůĞ ŽŶůŝŶĞ ƵŶƚŝů :ƵůLJ ϭϭƚŚ Ăƚ ǁǁǁ͘ŶĞǁĨŽƌĞƐƚƐŚŽǁ͘ĐŽ͘ƵŬ͘ Žƌ ǀŝĂ ƚŚĞ ĐƌĞĚŝƚ ĐĂƌĚ ŚŽƚůŝŶĞ ŽŶ ϬϭϱϵϬ ϲϮϮϰϬϵ͘

dŚĞ EĞǁ &ŽƌĞƐƚ Θ ,ĂŵƉƐŚŝƌĞ ŽƵŶƚLJ ^ŚŽǁ ŚĞůƉƐ ƌĂŝƐĞ ĨƵŶĚƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ EĞǁ &ŽƌĞƐƚ ŐƌŝĐƵůƚƵƌĂů ^ŚŽǁ ^ŽĐŝĞƚLJ ĂŶĚ ŽƚŚĞƌ ůŽĐĂů ĂŶĚ ŶĂƚŝŽŶĂů ĐŚĂƌŝƚĂďůĞ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ dŚĞ EĞǁ &ŽƌĞƐƚ ŐƌŝĐƵůƚƵƌĂů ^ŚŽǁ ^ŽĐŝĞƚLJ ŝƐ Ă ƉƌŝǀĂƚĞ ĐŽŵƉĂŶLJ ůŝŵŝƚĞĚ ďLJ ŐƵĂƌĂŶƚĞĞ͘ ŽŵƉĂŶLJ EƵŵďĞƌ ϮϲϰϲϬϵϬ ŚĂƌŝƚLJ EƵŵďĞƌ ϭϬϬϰϮϱϱ͘

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

ϲϯ


)5(( 3$*( IRU ORFDO FKDULWLHV DQG QRQ SURILW PDNLQJ RUJDQLVDWLRQV

%DUWRQ 0HWKRGLVW &KXUFK 2Q 6DWXUGD\ WK -XO\ %DUWRQ 0HWKRGLVW &KXUFK ZLOO EH KROGLQJ D 7DEOH 7RS 6DOH IURP DP XQWLO QRRQ WR UDLVH PRQH\ IRU WKHLU 3URSHUW\ 'HYHORSPHQW )XQG 7R ERRN D WDEOH IRU 3KRQH 0LNH RQ 5HIUHVKPHQWV ZLOO EH DYDLODEOH :HGQHVGD\ WK -XO\ %DUWRQ /DFH *URXS SP WR SP 1HZ 0LOWRQ -XQLRU 6FKRRO 2OG 0LOWRQ 5RDG SHU VHVVLRQ &RQWDFW -DFNLH %DUWRQ

:HGQHVGD\ WK -XO\ )ULHQGV RI 1 0 +HDOWK &HQWUH 6SHQFHU 5G &RIIHH 0RUQLQJ DP WR QRRQ

1(: 0,/721 527$5< &$5 %227 WK -XO\ )$:&(776 ),(/' %+ 4) 6(//(56 DP %8<(56 DP 3,7&+(6 )5(( (175$1&( '21$7,21 :28/' %( $335(&,$7(' 352&(('6 72 527$5< 6833257(' &+$5,7,(6

+LJKFOLIIH &RPPXQLW\ $VVRFLDWLRQ DUH KROGLQJ D 9LVXDO $UWV ([KLELWLRQ FHOHEUDWLQJ WKH 'LDPRQG -XELOHH RQ 6DW DQG 6XQ WK WK -XO\ IURP DP SP DW *UH\VWRQHV +RXVH :DWHUIRUG 5RDG /LJKW UHIUHVKPHQWV DYDLODEOH )UHH DGPLVVLRQ 1(,*+%285&$5( 1(: 0,/721 3URYLGHV PHGLFDOO\ UHODWHG WUDQVSRUW DQG DVVLVWDQFH ZLWK VKRSSLQJ DW YHU\ FRPSHWLWLYH FKDUJHV 3KRQH D P WR S P 0RQGD\ WKURXJK )ULGD\

6W 0DU\ 0DJGDOHQH 3DULVK &KXUFK )HWH

ϲϰ

6DWXUGD\ WK -XO\ IURP S P LQ WKH 5HFWRU\ *DUGHQ &KXUFK /DQH 1HZ 0LOWRQ %+ 41 WR EH RSHQHG E\ &KULV -DUYLV RI &%HHELHV 6KRZ 0H 6KRZ 0H 6WLOW :DONHU 0DJLFLDQ ERXQF\ FDVWOH UHIUHVKPHQWV dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ HWF

+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


)5(( 3$*( IRU ORFDO FKDULWLHV DQG QRQ SURILW PDNLQJ RUJDQLVDWLRQV

51/, &5($0 7($

7KXUVGD\ -XO\ SP &RPPXQLW\ $VVRFLDWLRQ 2VERUQH 5G 1HZ 0LOWRQ 7LFNHWV IURP :HOGRQ .LQJ (VWDWH $JHQWV 6WDWLRQ 5G 02'(/ 5$,/:$< (;+,%,7,21

6DW VW -XO\ 6XQ QG -XO\ IURP DP WR SP $W 7KH $UQHZRRG 6FKRRO *RUH 5RDG 1HZ 0LOWRQ ZZZ VRXWKFRDVWPRGHOUDLOZD\FOXE FR XN IRU GHWDLOV (QWU\ SURFHHGV WR EH VKDUHG ZLWK :DYH ¶V &DVK IRU .LGV &KDULW\ Ŝ Ŝ ſ ƀ Ŝ ſ Ŝƀ ɰŜɨɬ ɨɩŜɨɬ Ŝ Ŝ ɥɨɫɩɬŞɭɨɩɥɮɬŜ Ŝ ɩɮŜɭŜɩɥɨɩ Ŝ ś ř ř Ŝ

7KH 5DLOZD\ &OXE RI WKH 1HZ )RUHVW

PHHW RQ )ULGD\ WK -XO\ LQ WKH 52%(57 +2/( +$// /\PLQJWRQ &RPPXQLW\ &HQWUH &DQQRQ 6W 0LFKDHO +& %DNHU SUHVHQWV ³7KH 'LGFRW 6WRU\´ $UULYH IURP SP VWDUW DW SP 9LVLWRUV DUH YHU\ ZHOFRPH DW WKH GRRU 1HZ 0LOWRQ +RUWLFXOWXUDO 6RFLHW\ 2XU -XO\ PHHWLQJ ZLOO EH 6WUHVV )UHH *DUGHQLQJ E\ 0UV -XOLH :DOVK %DWRU\ RQ :HGQHVGD\ WK -XO\ 7KH PHHWLQJ VWDUWV DW SP DW WKH &RPPXQLW\ &HQWUH LQ 2VERUQH 5RDG 1HZ 0LOWRQ 9LVLWRUV DUH DOZD\V ZHOFRPH VR ZK\ QRW FRPH DORQJ DQG JHW VRPH JDUGHQLQJ WLSV 7KH 6RFLHW\ V $XWXPQ 6KRZ ZLOO WDNH SODFH RQ 6DWXUGD\ WK 6HSWHPEHU DW WKH &RPPXQLW\ &HQWUH IURP SP

1(: 0,/721 5(&25'(' 086,& 62&,(7< 'R \RX HQMR\ FODVVLFDO PXVLF" &RPH DQG MRLQ XV DW 6W 0DU\ 0DJGHOHQH &KXUFK +DOO :H DUH D IULHQGO\ JURXS DQG ZH PHHW WZLFH D PRQWK RQ 7KXUVGD\ HYHQLQJV DW SP )RU IXUWKHU GHWDLOV SOHDVH FRQWDFW %ULDQ 6WHYHQVRQ 6HFUHWDU\ RQ RU HPDLO E M VWHYHQVRQ #EWLQWHUQHW FRP &RPH IRU D IUHH ³WDVWHU´ DQG VHH LI \RX ZRXOG OLNH WR MRLQ XV WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ <RX ZLOO ǁŚĞŶ EH YHU\ĐŽŶƚĂĐƚŝŶŐ ZHOFRPH ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ ϲϱ +HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


6GUUCŏU ZĞƐƚĂƵƌĂŶƚ

23(1 78(6'$< 72 681'$< DP WR SP %UHDNIDVW 6HUYHG 8QWLO DP /XQFK 6HUYHG )URP 1(: /81&+ 35,&(6 0DLQ &RXUVH DQG 'HVVHUW ZLWK 7HD RU &RIIHH 7UDGLWLRQDO 6XQGD\ 5RDVW WR SP 0DLQ FRXUVH DQG 'HVVHUW ZLWK 7HD RU &RIIHH %RRNLQJ HVVHQWLDO /HW XV FDWHU IRU \RXU *URXS 6RFLHW\ RU )DPLO\ )XQFWLRQ 'D\ 7LPH RU (YHQLQJV 6HDWLQJ IRU XS WR DQG IXOO\ OLFHQVHG 7KH 0HQX &DQ EH $GDSWHG 7R 6XLW <RXU 5HTXLUHPHQWV VR FRPH DQG GLVFXVV GHWDLOV ZLWK 7HVVD DQG *O\Q

d >͘ ϬϭϰϮϱ ϲϭϬϬϴϭ ϱϴ >zD/E'dKE ZK ͕ E t D/>dKE

dĞƐƐĂ͛Ɛ ZĞĐŝƉĞ Ͳ dŝƌĂŵŝƐƵ dĞƐƐĂ͛Ɛ ZĞĐŝƉĞ Ͳ &ƌƵŝƚ &ůĂƉũĂĐŬƐ

PO WVS ULFK URDVW FRIIHH JUDQXOHV ,QJUHGLHQWV PO WEVS 7LD 0DULD J EXWWHU J R] 3KLODGHOSKLD /LJKW VRIW J GHPHUDUD VXJDU FKHHVH J JROGHQ V\UXS PO WVS

J UROOHGFDVWHU RDWV VXJDU PO IO R] ZKLSSLQJ J GULHG DSULFRWV FKRSSHGFUHDP VOLFHV 0DGHLUD &DNH J VWRQHG GDWHV FKRSSHG PO WVS SUXQHV FRFRD SRZGHU J VWRQHG FKRSSHG J R] UDVSEHUULHV 3UHKHDW RYHQ WR &

0L[ FRIIHH ZLWK PO ERLOLQJ %XWWHUWKH D VKDOORZ WLQ PHDVXULQJ DERXW ZDWHU XQWLO GLVVROYHG $GG PO RI 7LD [ [ FP 0DULD 3XW EXWWHU VXJDU DQG V\UXS LQWR D ODUJH

XQWLO VWDQGLQJ VRIW SHDNV KDOI RYHU EDVH RILQWLQ WR IRUP D WKLQ OD\HU

3UHVV ZLWK WKH EDFN RI D VSRRQ WR ILUP DQG

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

VDXFHSDQ D 3ODFH WKH VWLU VRIWFRQWLQXRXVO\ FKHHVH LQRYHU D ERZO ZLWK FUHDP 5H FXW LIVTXDUHV GHVLUHG WKHQ OLIW RXW ZLWK D VPDOO PRGHUDWH KHDW XQWLO PHOWHG WKH FDVWHU VXJDU :KLVN LQ WKH SDOHWWH NQLIH 6WLU RDWV LQWR PHOWHG ĂĚǀĞƌƚŝƐĞ PL[WXUH WKHQ ϲϲ ĐĂůů͗VSUHDG ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ UHPDLQLQJ 7LD dŽ 0DULD DQG WKH FUHDP +HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


'ƌƵĨĨĂůŽ dƌĂŝů ŶŽǁ ŽƉĞŶ

Ăƚ DŽŽƌƐ sĂůůĞLJ ŽƵŶƚƌLJ WĂƌŬ ĂŶĚ &ŽƌĞƐƚ

dŚŝƐ ƐƵŵŵĞƌ ǀŝƐŝƚŽƌƐ ƚŽ DŽŽƌƐ sĂůůĞLJ ĐĂŶ ĞdžƉůŽƌĞ ƚŚĞ &ŽƌĞƐƚ ŽŶ Ă ƐƉĞĐŝĂů ƐĞůĨͲůĞĚ dƌĂŝů ǁŝƚŚ ĐŚĂƌĂĐƚĞƌƐ ĨƌŽŵ ƚŚĞ ǁĞůůͲůŽǀĞĚ ĐŚŝůĚƌĞŶ͛Ɛ ƐƚŽƌLJ ʹ dŚĞ 'ƌƵĨĨĂůŽ͘ ŚŝůĚƌĞŶ Ăůů ŽǀĞƌ ƚŚĞ ĐŽƵŶƚƌLJ ǁŝůů ŝŶƐƚĂŶƚůLJ ƌĞĐŽŐŶŝƐĞ ƚŚĞ ƐƉĞůůďŝŶĚŝŶŐ ĐŚĂƌĂĐƚĞƌƐ ĨƌŽŵ dŚĞ 'ƌƵĨĨĂůŽ͖ :ƵůŝĂ ŽŶĂůĚƐŽŶ ĂŶĚ džĞů ^ĐŚĞĨĨůĞƌ͛Ɛ ďĞƐƚ ƐĞůůŝŶŐ ĐŚŝůĚƌĞŶ͛Ɛ ƉŝĐƚƵƌĞ ďŽŽŬ͘ ZĞĐĞŶƚůLJ ĚĞƐĐƌŝďĞĚ ďLJ dŚĞ KďƐĞƌǀĞƌ ĂƐ Ă ͚ŵŽĚĞƌŶ ĐůĂƐƐŝĐ͕͛ dŚĞ 'ƌƵĨĨĂůŽ ƚĞůůƐ ƚŚĞ ŵĂŐŝĐĂů ƚĂůĞ ŽĨ Ă ŵŽƵƐĞ ǁŚŽ ƚĂŬĞƐ Ă ǁĂůŬ ƚŚŽƵŐŚ ƚŚĞ ǁŽŽĚƐ ŝŶ ƐĞĂƌĐŚ ŽĨ Ă ŶƵƚ͘ ŶĐŽƵŶƚĞƌŝŶŐ ƚŚƌĞĞ ƉƌĞĚĂƚŽƌƐ ǁŚŽ Ăůů ǁŝƐŚ ƚŽ ĞĂƚ Śŝŵ Ͳ Ă ĨŽdž͕ ĂŶ Žǁů ĂŶĚ Ă ƐŶĂŬĞ Ͳ ƚŚĞ ƉůƵĐŬLJ ŵŽƵƐĞ ŚĂƐ ƚŽ ƵƐĞ ŚŝƐ ǁŝƚƐ ƚŽ ƐƵƌǀŝǀĞ͕ ĐƌĞĂƚŝŶŐ ĂŶ ŝŵĂŐŝŶĂƌLJ ŵŽŶƐƚĞƌ ǁŚŽ ƚŚĞŶ ƚƵƌŶƐ ŽƵƚ ƚŽ ďĞ ŽŶůLJ ƚŽŽ ƌĞĂů͘ ĚƵĐĂƚŝŽŶ ZĂŶŐĞƌ dƌĂĐLJ ^ƚĂŶĚŝƐŚ ƐĂŝĚ͕ ͞tĞ ĂƌĞ ƚŚƌŝůůĞĚ ƚŽ ďĞ ŐŝǀĞŶ ƉĞƌŵŝƐƐŝŽŶ ƚŽ ďƌŝŶŐ ƚŚĞ ĐůĂƐƐŝĐ ĐŚŝůĚƌĞŶ͛Ɛ ƚĂůĞ ƚŽ ŽƵƌ ŽǁŶ ͚ĚĞĞƉ ĚĂƌŬ ǁŽŽĚ͛ Ăƚ DŽŽƌƐ sĂůůĞLJ ǁŚĞƌĞ ǁĞ ŚĂǀĞ ǁŝůĚ ǀĞƌƐŝŽŶƐ ŽĨ ĞĂĐŚ ŽĨ ƚŚĞ ĂŶŝŵĂů ĐŚĂƌĂĐƚĞƌƐ͘ ͞tĞ ĂƌĞ ŬĞĞŶ ƚŽ ƉƌŽŵŽƚĞ ƚŚĞ ǀĂůƵĞ ŽĨ Ă ǁĂůŬ ŝŶ ƚŚĞ ǁŽŽĚƐ ĂŶĚ ƐŽŵĞ ŽĨ ŽƵƌ ǁŽŶĚĞƌĨƵů ƌŝƚŝƐŚ ǁŝůĚůŝĨĞ͘͟ dŚĞ ƐĞůĨͲŐƵŝĚĞĚ ƚƌĂŝů ǁŝůů ŝŶĐůƵĚĞ ƋƵĞƐƚŝŽŶƐ ƚŽ ƚĞƐƚ ďŽƚŚ ŬŶŽǁůĞĚŐĞ ŽĨ ƚŚĞ ƐƚŽƌLJ ĂŶĚ ŶĂƚƵƌĞ ƵƐŝŶŐ ƐŽŵĞ ŽĨ džĞů ^ĐŚĞĨĨůĞƌ͛Ɛ ĐůĂƐƐŝĐ ĂƌƚǁŽƌŬ͘ WůƵƐ ƚŚĞƌĞ ǁŝůů ĂůƐŽ ďĞ ƚŚĞ ĐŚĂŶĐĞ ƚŽ ƚƌLJ ŽƵƚ ƐŽŵĞ ĂĐƚŝǀŝƚŝĞƐ ĂůŽŶŐ ƚŚĞ ǁĂLJ ʹ ĐĂŶ LJŽƵ ŵĂŬĞ Ă ŚŽƵƐĞ ĨŽƌ Ă ŵŽƵƐĞ Žƌ ĐŽůůĞĐƚ Ă ŶĂƚƵƌĂů ĐŽůŽƵƌ ƚŽ ŵĂƚĐŚ ĞĂĐŚ ŽĨ ƚŚĞ ƐƚŽƌLJ ĐŚĂƌĂĐƚĞƌƐ͍ ŐƌĞĂƚ ǁĂLJ ƚŽ ĞŶũŽLJ Ă ĨĂŵŝůLJ ǁĂůŬ͕ ŬĞĞƉŝŶŐ ĐŚŝůĚƌĞŶ ĞŶƚŚƵƐĞĚ ĂŶĚ ĞŶƚĞƌƚĂŝŶĞĚ ĂůŽŶŐ ƚŚĞ ǁĂLJ ǁŚŝůƐƚ ĞŶũŽLJŝŶŐ ĨƌĞƐŚ Ăŝƌ͕ ǀŝƐŝƚŽƌƐ ĐĂŶ ũŽŝŶ ƚŚĞ 'ƌƵĨĨĂůŽ dƌĂŝů Ăƚ DŽŽƌƐ sĂůůĞLJ ĚĂŝůLJ ƵŶƚŝů ϮŶĚ ^ĞƉƚĞŵďĞƌ ϮϬϭϮ͘ :ƵƐƚ ƉŝĐŬ ƵƉ Ă ƚƌĂŝů ĐĂƌĚ ;άϮͿ ĨƌŽŵ ƚŚĞ sŝƐŝƚŽƌ ĞŶƚƌĞ ĂŶLJƚŝŵĞ ďĞƚǁĞĞŶ ϭϬ͘ϯϬĂŵ ĂŶĚ ϱ͘ϬϬƉŵ ǀĞƌLJŽŶĞ ƚĂŬŝŶŐ ƉĂƌƚ ǁŝůů ĂůƐŽ ďĞ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ƉƌŝnjĞ ĚƌĂǁ ƚŽ ǁŝŶ Ă ǁŚŽůĞ ŚŽƐƚ ŽĨ 'ƌƵĨĨĂůŽ ĂŶĚ DŽŽƌƐ sĂůůĞLJ ŐŽŽĚŝĞƐ͘ &Žƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ĨŽƌƚŚĐŽŵŝŶŐ ĞǀĞŶƚƐ ǀŝƐŝƚ ƚŚĞ DŽŽƌƐ sĂůůĞLJ ǁĞďƐŝƚĞ Ăƚ ǁǁǁ͘ŵŽŽƌƐͲ ǀĂůůĞLJ͘ĐŽ͘ƵŬ Žƌ ĐĂůů ϬϭϰϮϱ ϰϳϬϳϮϭ͘

2QH :HHN

7KXUV WR 0RQ KLUH ZZZ SDUW\WXEKLUH FR XN 3OHDVH FDOO

IRU VSHFLDO RIIHUV

/RQJ WHUP UHQWDO DOVR DYDLODEOH RQ UHTXHVW

-RKQ /HYHU )ORRULQJ tŚLJ ƉĂLJ ƐŚŽƉ ƉƌŝĐĞƐ͍ ŚŽŽƐĞ ŝŶ ƚŚĞ ĐŽŵĨŽƌƚ ŽĨ LJŽƵƌ ŽǁŶ ŚŽŵĞ͘ tŝĚĞ ƌĂŶŐĞ ŽĨ ĨůŽŽƌŝŶŐ ĂǀĂŝůĂďůĞ͘ &ƵůůLJ ƋƵĂůŝĨŝĞĚ ĨŝƚƚŝŶŐ ƐĞƌǀŝĐĞ͘ &DOO -RKQ RQ

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

ϲϳ


&XW PH RXW DQG 6$9( 0( <RX¶OO QHYHU NQRZ ZKHQ \RX PLJKW 1((' 0(

',< 3DLQWLQJ 'HFRUDWLQJ 7LOLQJ +DQG\PDQ 6HOI DVVHPEO\ IXUQLWXUH 1LJJO\ OLWWOH MREV 6WHYH 7XGGHQKDP IXOO\ LQVXUHG

)RU DOO \RXU FOHDQLQJ QHHGV XVH \RXU ORFDO VSHFLDOLVW 8VLQJ QRQ WR[LF QRQ FDXVWLF FKHPLFDOV $OVR +REV ([WUDFWRUV %%4¶V 0LFURZDYHV

839& :DVK GRZQ :LQGRZ FOHDQLQJ 6RIILWV )DFLD ERDUGV JXWWHUV ZLQGRZ IUDPHV JDUDJH GRRUV FRQVHUYDWRULHV JUHHQKRXVHV

+LJK UHDFK JXWWHU FOHDQLQJ XVLQJ JXWWHU YDFXXP V\VWHP QR QHHG IRU ODGGHUV

&DOO -DPHV RQ ZZZ XOWUDFOHDQ KDPSVKLUH FR XN

ϲϴ +HUDOG -XO\ SDJH

WK/Ed/E' YƵĂůŝƚLJ WŽŝŶƚŝŶŐ ĂŶĚ Ăůů ƌŝĐŬ ǁŽƌŬ ĂŶĚ ƌĞƉĂŝƌƐ Ͳ WĂƚŝŽƐ ĂŶĚ WĂƚŚǁĂLJƐ͘ &ƌĞĞ ŶŽ ŽďůŝŐĂƚŝŽŶ ƋƵŽƚĞƐ͘

DĂůĐŽůŵ &ůŝŶƚ ϬϭϰϮϱ ϲϮϲϰϮϳ Ϭϳϳϯϵ ϱϰϬϰϳϲ

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ 7XHVGD\ -XQH %ODFN &\DQ


)LRQD &DQQ

%6F +RQV 3RG 0&KV

9LVLWLQJ &KLURSRGLVW

$OO QDLO DQG IRRW FDUH 1+6 WUDLQHG $OO LQVWUXPHQWV VWHULOLVHG +3& UHJLVWHUHG 7HO IRU DQ DSSRLQWPHQW

1(: 0,/721 /2&.60,7+6

RII )XOO RYHQ FOHDQ 8QWLO HQG $XJ

/2&.6 &+$1*(' 5(3/$&(' 83*5$'(' '2256 23(1(' $// :25. )8//< *8$5$17((' 2)),&( +2856

25

%XV\ %HD &OHDQLQJ 6HUYLFHV 'RPHVWLF &RPPHUFLDO &OHDQLQJ

3URIHVVLRQDO (IILFLHQW 6HUYLFH $OO HPSOR\HHV XQLIRUPHG DQG IXOO\ LQVXUHG /RFDOO\ EDVHG LQ %DUWRQ RQ 6HD &DOO %XV\ %HD IRU D IUHH TXRWH

0 7

EHDWULFH#EXV\EHDFOHDQ FRP ZZZ EXV\EHDFOHDQ FRP

ĚǀĞƌƚŝƐĞ zKhZ ƵƐŝŶĞƐƐ ,ĞƌĞ͊​͊ &ƌŽŵ ĂƐ ůŝƚƚůĞ ĂƐ άϭϱ ƉĞƌ ŵŽŶƚŚΎ

Ύ ĂƐĞĚ ŽŶ Ă ƚŚƌĞĞ ŵŽŶƚŚ ƉĂĐŬĂŐĞ ǁŝƚŚ Ă ƐŝŶŐůĞ ŝŶǀŽŝĐĞ ƵƉĨƌŽŶƚ

WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ +HUDOG -XO\ SDJH

ϲϵ

7XHVGD\ -XQH %ODFN &\DQ


/ŶĚĞdž ŽĨ ĚǀĞƌƚŝƐĞƌƐ

ƵŝůĚŝŶŐ Θ dƌĂĚĞƐ ůĂŶ &ĂƌƌĂƌ Θ ^ŽŶ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϵ ůůǁĂLJƐ &ĞŶĐŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϭ ĂŝůĞLJ ƵŝůĚŝŶŐ ^ĞƌǀŝĐĞƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϱϳ Θ Z ůĞĐƚƌŝĐĂů͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϴ ƌŽǁŶŝŶŐ ůĞĐƚƌŝĐĂů ^ĞƌǀŝĐĞƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϴ ŚĂƐƚŶĞLJ ůĞĐƚƌŝĐĂů ŽŶƚƌĂĐƚŽƌƐ ͘​͘​͘​͘​͘​͘ Ϯϴ ŚƌŝƐƚĐŚƵƌĐŚ 'ĂƌĂŐĞ ŽŽƌƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϳ ŝďďĞŶ ůĞĐƚƌŝĐĂů ŽŶƚƌĂĐƚŽƌƐ ͘​͘ ϰϳ ĞĐŽƌ ŝĚ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϴ 'D ƵŝůĚŝŶŐ Θ WůĂƐƚĞƌŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϭ &ŝƌƐƚ ŚŽŝĐĞ WůƵŵďŝŶŐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϭ &ŽƌĞƐƚ 'ĂƌĂŐĞ ŽŽƌƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϯ ,ĂůƚŽŶ WƌŽƉĞƌƚLJ ^ĞƌǀŝĐĞƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϵ :W DƵƌƉŚLJ ůĞĐƚƌŝĐĂů͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϵ <Θ /ŶƐƚĂůůĂƚŝŽŶƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϵ <E WĂŝŶƚŝŶŐ ĂŶĚ ĞĐŽƌĂƚŝŶŐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϰ >ĞŶƚƵŶĞ WƌŽƉĞƌƚLJ ^ĞƌǀŝĐĞƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϱ >ŽĨƚ ^ĞƌǀŝĐĞƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϯ DĂůĐŽůŵ &ůŝŶƚ WŽŝŶƚŝŶŐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϴ D tĂůĞ ĂƌƉĞŶƚƌLJ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϯ DŝŬĞ ZŝĐŬŵĂŶ ZŽŽĨŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϱ DZ ZŽŽĨŝŶŐ Θ ĂƌƉĞŶƚƌLJ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϴ EĞŝů WƌŝŶĐĞ WůƵŵďŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϴ EĞǁ DŝůƚŽŶ 'ůĂƐƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϱ WĂŝŶƚĞĚ >ĂĚŝĞƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϱϮ WĂƵů >ŽŶŐĚĞŶ ĂƚŚƌŽŽŵ /ŶƐƚĂůůĂƚŝŽŶ ͘ ϱϮ WĞƌĨĞĐƚ WůĂƐƚĞƌŝŶŐ Θ WůƵŵďŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘ ϯϱ ZĂLJ tŚŝƚůŽĐŬ ƵŝůĚŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϭ ZŽď ^ŵŝƚŚ ƵŝůĚŝŶŐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϱϯ ^ŽƵƚŚƉŽŝŶƚ >ĂŶĚƐĐĂƉŝŶŐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϮ ^ƚĞǀĞ 'ŽƌŵĂŶ WůĂƐƚĞƌŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϵ ^ƚĞǀĞ ^ƋƵĞ WĂŝŶƚĞƌ Θ ĞĐŽƌĂƚŽƌ͘​͘​͘​͘​͘​͘ ϯϯ ^ƚĞǀĞŶ ,ĂƌƌŝƐ WůƵŵďŝŶŐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϳ d ƵƚůĞƌ 'ƵƚƚĞƌŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϭ dŽǁŶ 'ĂƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϬ dǁŽ ŽƵŶƚŝĞƐ WƌŽƉĞƌƚLJ ^ĞƌǀŝĐĞƐ ͘​͘​͘​͘​͘​͘ ϲϵ ĂƌĚƐ Θ 'ŝĨƚƐ KDK:K ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϮ ĂƌĞ ^ĞƌǀŝĐĞƐ Θ ĂƌĞ ,ŽŵĞƐ &ŽƌĞƐƚ ĂƌĞ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϮ /ŶƚĞƌ ŽƵŶƚLJ ĂƌĞ ^ĞƌǀŝĐĞƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϱϯ DŽŽƌůĂŶĚ ,ŽƵƐĞ ĂƌĞ ,ŽŵĞ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϲ ŽŵƉƵƚĞƌ ^ĞƌǀŝĐĞƐ EĞǁ DŝůƚŽŶ ŽŵƉƵƚĞƌƐͬW ƐƐŝƐƚ ͘​͘​͘ ϲϬ

ϳϬ

ŽƵƌŝĞƌͬ ŚĂƵĨĨĞƵƌͬdĂdžŝ ^ĞƌǀŝĐĞ ŽĂƐƚĂů WƌŝǀĂƚĞ ,ŝƌĞ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϰϵ WƌŽĐƚŽƌ WƌŝǀĂƚĞ ,ŝƌĞ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϯϱ

ŽŶƐĞƌǀĂƚŽƌŝĞƐ ĂŶĚ tŝŶĚŽǁƐ D WD 'ůĂnjŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϭ tŝƐĞďƵLJ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϮϮ &ŝŶĂŶĐŝĂů ^ĞƌǀŝĐĞƐ DĂƌŬ dƌĞŚŽƌŶ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϴ 'ĂƌĚĞŶ WƌŽĚƵĐƚƐ Θ ^ĞƌǀŝĐĞƐ ĚǀĂŶƚĂŐĞ dƌĞĞ ĂƌĞ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘Ϯϰ ƐŚůĞLJ dƌĞĞ ^ƵƌŐĞŽŶƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϲϮ >ŝƚƚůĞ ĞĂƌ ,ŝĚĞĂǁĂLJƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϲͬϳ KĂŬůĞLJ 'ĂƌĚĞŶ ^ĞƌǀŝĐĞƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϰϱ 'ƌĂƉŚŝĐ ĞƐŝŐŶ ďƐŽůƵƚĞ 'ƌĂƉŚŝĐƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϲϴ ,ĞĂůƚŚ Θ ĞĂƵƚLJ ŚƌŝƐƚĐŚƵƌĐŚ ,ĞĂƌŝŶŐ ĞŶƚƌĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯ K KZ ,Ăŝƌ Θ ĞĂƵƚLJ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϭϲ ŽƌƐĞƚ ĞŶƚƵƌĞ ůŝŶŝĐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯ &ŝŽŶĂ ĂŶŶ ŚŝƌŽƉŽĚŝƐƚ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϲϵ &ŽƌĞƐƚ ZĞĨůĞĐƚŝŽŶƐ ZĞĨůĞdžŽůŽŐLJ͘​͘​͘​͘​͘​͘​͘​͘​͘ϰϰ ,ĞƌďĂĐƚŝǀĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϮ ,ŝŐŚĐůŝĨĨĞ ŚŝƌŽƉŽĚLJ ůŝŶŝĐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϰϭ ,ŽǁŝĞ Θ dŝĐŬŶĞƌ KƉƚŝĐŝĂŶƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϯϳ DĂŶĂƉƵƌĂ ŚŝƌŽƉƌĂĐƚŝĐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϰϱ EĞǁ &ŽƌĞƐƚ ĞŶƚĂů WƌĂĐƚŝĐĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘Ϯϯ ĞŶĂ ĞĂƵƚLJ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϵ ,Žƚ dƵď ,ŝƌĞ WĂƌƚLJ dƵď ,ŝƌĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϲϳ ,ŽƵƐĞ Θ ,ŽŵĞ ƉŽůůŽ ůŝŶĚƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϱϳ ůů ƌĂŝŶƐ ůĞĂƌĞĚ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϰϳ ƐŚůĞLJ ůŝŶĚƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯ ƚ EŽ ϭϵ /ŶƚĞƌŝŽƌ ĚĞƐŝŐŶ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϭϭ ĂƚŚƌŽŽŵ ĞƐŝŐŶ ĞŶƚƌĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϯϰ ƵƐLJ ĞĂ ůĞĂŶŝŶŐ ^ĞƌǀŝĐĞƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϲϵ ƵƌƚĂŝŶƐ Θ Ž ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϳ ƉƉůŝĂŶĐĞƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϯϱ ĐŽŶŽŵLJ ĞƌŝĂůƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϯ &ůŽŽƌ Θ DŽƌĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϰϵ ,ĂƌĚLJΖƐ ůĞĐƚƌŝĐĂů ^ƚŽƌĞ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ϭϬ

,ŝŐŚĐůŝĨĨĞ ,ŽƵƐĞ ůĞĂƌĂŶĐĞ ^ŚŽƉ ͘​͘​͘​͘ Ϯϰ :ŽŚŶ >ĞǀĞů &ůŽŽƌŝŶŐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϳ :ƵƐƚ &ůŽŽƌďŽĂƌĚƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϵ <ŝƚĐŚĞŶ Θ ĞĚƌŽŽŵ ^ŚŽǁƌŽŽŵ͘​͘​͘​͘​͘​͘​͘ ϱ >ĞĞ DŝůůƐ ĂƌƉĞƚƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲ >ƵƐŚ ZĞƐƚŽƌĂƚŝŽŶ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϮ EĞǁ DŝůƚŽŶ >ŽĐŬƐŵŝƚŚƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϵ KǀĞŶĐůĞĂŶ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϵ W > <ŝƚĐŚĞŶƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϳϭ ^ƚĞǀĞ ĚĂŵƐ &ůŽŽƌ ŽǀĞƌŝŶŐƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϯ hůƚƌĂĐůĞĂŶ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϴ tĂƐŚ Ƶƚ Θ ůĞĂŶ ǁĂLJ tŝŶĚŽǁ ůĞĂŶĞƌƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϵ :ŽďƐ ŝƐƚƌŝďƵƚŽƌƐ tĂŶƚĞĚ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϰ DŽƚŽƌŝŶŐ ĂǀĞ :ŽŶĞƐ Θ ^ŽŶ YƵĂůŝƚLJ DŽƚŽƌ ^ĞƌǀŝĐĞƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϳ <ĞŝƚŚ DŽƚŽƌƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯ DĂƌƚŝŶ WŝůůĞLJ ^ĞƌǀŝĐĞƐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϳϮ EĞǁ &ŽƌĞƐƚ ƐƚĂƚĞƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϱϴ EĞǁ DŝůƚŽŶ DŽƚŽƌ ^ĞƌǀŝĐĞƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϭ EĞǁ DŝůƚŽŶ dLJƌĞ ŽŵƉĂŶLJ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϮ dŚĞ DŽƚŽƌŝƐƚƐ ĞŶƚƌĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϱ dŝĚLJ ĂƌƐ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϱϴ WĞƚƐ <ϵ <ůŝƉƉĞƌƐ ŽŐ 'ƌŽŽŵŝŶŐ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϰ ZĞƐƚĂƵƌĂŶƚƐͬ&ŽŽĚ ƌŝƚĂŶŶŝĂ dŚĂŝ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϰϳ KK< ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϯ ůŝĨĨ ,ŽƵƐĞ ,ŽƚĞů ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϱ ^ƚĂŵǁĞůů ,ŽƵƐĞ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ Ϯϯ dĞƐƐĂ͛Ɛ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϲϲ ^ĐŚŽŽůƐ Θ dƵŝƚŝŽŶ ƋƵĂ ^ǁŝŵ ^ĐŚŽŽů͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϵ ƵƌůƐƚŽŶ ŽƵƌƚ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϯϵ ^ŚŽĞƐ dŚĞ ^ŚŽĞ Ždž ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϴ ^ŽůŝĐŝƚŽƌƐ ŝdžŽŶ ^ƚĞǁĂƌƚ ͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘​͘ ϭϰ

dŽ ĂĚǀĞƌƚŝƐĞ ĐĂůů͗ ϬϭϰϮϱ ϲϮϵϴϰϭ Žƌ ϬϭϮϬϮ ϴϵϰϯϵϳ


WůĞĂƐĞ ŵĞŶƚŝŽŶ ƚŚŝƐ ŵĂŐĂnjŝŶĞ ǁŚĞŶ ĐŽŶƚĂĐƚŝŶŐ ĂŶLJ ŽĨ ƚŚĞ ĂĚǀĞƌƚŝƐĞƌƐ

ϳϭ


+HUDOG -XO\ SDJH

7XHVGD\ -XQH %ODFN &\DQ


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.