11dfdfvdfv by ghnghghb

/2*/L T m 2mL T m

s/ xJŲm msďm LL2T* h *2YT L f f h LY L T m m2T ŉƅùƅ

ŝdf kk R FWvfR Jŝ WŝvH

k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ ƍŇŝŇǮ

F Q0 Q H R 0 )($56 ZHUH ODVW QLJKW JURZLQJ IRU D \HDU ROG ZRPDQ ZKR UHPDLQHG PLVVLQJ DIWHU D PDMRU KRXVH oUH LQ ,QYHUQHVV 3ROLFH VDLG WKDW WKH ZRPDQ ZDV XQDFFRXQWHG IRU DQG WKDW LQLWLDO LQTXLULHV VXJJHVWHG VKH ZDV LQVLGH KHU EXQJDORZ DW WKH WLPH RI WKH EOD]H q DQG KHU IDPLO\ KDYH EHHQ LQIRUPHG (PHUJHQF\ VHUYLFHV ZHUH FDOOHG WR WKH ILUH DW WKH SURSHUW\ LQ ,VODQG %DQN 5RDG VKRUWO\ EHIRUH DP \HVWHUGD\ PRUQLQJ DQG QHLJKERXULQJ UHVLGHQWV ZHUH VZLIWO\ HYDFXDWHG $Q LQYHVWLJDWLRQ ZDV ODXQFKHG DV oUHoJKWHUV ZRUNHG LQWR WKH DIWHUQRRQ ZKLOH ORFDO FRXQFLOORUV RI IHUHG WKHLU V\PSDWKLHV WR WKH ZRPDQ V IDPLO\ 'HWHFWLYH ,QVSHFWRU 6WH YHQ 0DFNHQ]LH VDLG k2XU LQTXLULHV DUH DW D YHU\ HDUO\ VWDJH +RZHYHU RXU LQLWLDO LQTXLULHV VXJJHVW WKDW DQ RFFXSDQW ZDV ZLWKLQ WKH SURSHUW\ DW WKH WLPH RI WKH oUH y 'ƥĠĠ ŻƏļųǤÄ d üÙ Ɣ

Q i

uØ Ý é³òØ Ý¨ ú é ® u¢u`éØ ` úEü À¢E 3ODQV WR FUHDWH 6FRWODQG V oUVW HOHFWULF KLJKZD\ DORQJ WKH $ DUH HVVHQWLDO IRU WKH WRXULVP LQGXVWU\ DFFRUGLQJ WR HQHUJ\ PLQLVWHU 3DXO :KHHOKRXVH )LUVW 0LQLVWHU 1LFROD 6WXUJHRQ XQYHLOHG WKH YLVLRQ IRU 6FRWODQG V ORQJHVW URDG LQ KHU SUR JUDPPH IRU JRYHUQPHQW HDUOLHU WKLV PRQWK 'ƥĠĠ ŻƏļųǤÄ d üÙ Ƈ

Q i

#E òé E éuØ 7kuØ Ø³òk V³¨V EééE`¡ $ PDQKXQW KDV EHHQ ODXQFKHG DIWHU D ERPE ZDV GHWRQDWHG LQ D WHUURU DWWDFN RQ D SDFNHG /RQGRQ 8QGHUJURXQG WUDLQ :LWQHVVHV GH VFULEHG VFHQHV RI WHUURU DQG SDQLF DV WKH EODVW VHQW D koUHEDOOy DQG D kZDOO RI pDPHy WKURXJK D 'LVWULFW OLQH VHUYLFH DW 3DUVRQV *UHHQ ZHVW /RQGRQ 'ƥĠĠ ŻƏļųǤÄ d üÙŻ Ň÷ įÍ Ňñ

icVeo

1E uØÝ ku uk

J Ã 'ĎųÙðüĉƏÙųŻ ÍÙ Ġ ǝĎƏĉ ƏĉÙ ļǜÙųįĎüĉƏ ðųÙ Ďį ĉļƥŻÙ Ə 0ŻĠ įÍ įĝ fļ ÍÄ 0įǜÙųįÙŻŻŝ dĉļƏļüų œĉ ¬Ǥ k įÍǤ Q¸ ļļĝ

5DQJHUV PLVVHG WKH FKDQFH WR GUDZ OHYHO ZLWK 3UHPLHUVKLS SDFH VHWWHUV &HOWLF DQG $EHUGHHQ DV WKH\ ZHUH KHOG WR D GUDZ E\ PDQ 3DU WLFN 7KLVWOH LQ D GUDPDWLF PDWFK 'ƥĠĠ ŻƏļųǤÄ ¸ĝ d üÙ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ơ S l .1).K S l 1lK S l

5³kEü ³`E¢ $uúÝ

ö ½½ 3`³éé Ý M 7 $uúÝ

½ö ö½ >³Ø¢k

öö

Ø ¨uh /¢EÝ Eé ÔùuØü EkùE`uk ÝéE uÕ é³ `³¨VEé Eü é ØuEé é³ ÀòÀ ¢Ý JvQ fWkk

òÝ uÝÝ

öð öæ /7

&75

EØ¨ /7 &75 uééuØÝ

ö±

JvQ fWkk

è & #³kEüh

é uÝ`³Øu &75

ů ċľŽƑľñĐŽŽƧÛŽş ĢºľċľĢÆÏŵƧþŽÆ ºǧ®ÛŵºŵĐĬÛÆ ºǧ®ÛŵĐıþÛıÛŵ ĢÆ ŽÛǦƧ ĢºŵĐĬÛŰ URXQG DERXW ZHDSRQV LQ VFKRROV ,W V QRW MXVW DERXW NQLYHV EXW ZHDSRQV LQ VFKRROV :H YH EHHQ ZRUN LQJ YHU\ FORVHO\ ZLWK HGX FDWLRQ WR GHYHORS WKDW DQG LPSOHPHQW WKDW DQG WKDW V DW D YHU\ DGYDQFHG VWDJH k, YH WDNHQ WKH OHDUQLQJ IURP HOVHZKHUH DQG , YH DVNHG WKH TXHVWLRQV DQG LW ZLOO WDNH XV WR D SODFH ZKHUH DOO RI XV ZLOO EH D ORW PRUH FRPIRUWDEOH y

7KH SROLFH FKLHI ZDV VSHDNLQJ LQ WKH ZHHN WKDW 'LQJZDOO $FDGHP\ EHFDPH WKH ODWHVW QRUWK VHFRQGDU\ WR ZULWH WR SDUHQWV ZDUQLQJ WKDW VRPH SXSLOV ZHUH WDN LQJ GUXJV GXULQJ VFKRRO KRXUV IROORZLQJ D VLPLODU PRYH WDNHQ E\ VFKRROV LQ ,QYHUQHVV 1DLUQ DQG 7DLQ ODVW \HDU &K 6XSW 0DF'RQDOG EDFNHG WKH GHFLVLRQ E\ VFKRROV VD\LQJ k, WKLQN HGXFDWLRQ KDYH JRW D SUHWW\ JRRG RYHUVLJKW RI ZKDW LV KDSSHQLQJ LQ VFKRROV DQG LI HGXFDWLRQ DUH FRPPXQLFDW LQJ ZLWK SDUHQWV WKDW LV D JRRG WKLQJ k7KH PRUH WKDW ZH WDON DERXW DQG WKH PRUH ZH SXEOLFLVH WKHVH WKLQJV WKH PRUH SDUHQWV DQG FKLOGUHQ JHW D EHWWHU XQGHUVWDQG LQJ RI WKH ULVNV DVVRFLDWHG ZLWK LW k:H UH GRLQJ D ORW RI ZRUN ZLWK HGXFDWLRQ LQ WHUPV RI VXSSRUWLQJ WKH GUXJV PHVVDJH LQ VFKRROV

qf ( Ã ĉÙį ĎĠÙǤ (ǝǤįįÙ ǝ Ż ĝĎĠĠÙÍ ĉ kƥœƏ Q ¸ ļį ĠÍ ǝļųĝÙÍ Ďį ¬ÙųÍÙÙį k7KHUH DUH D ZKROH KRVW RI LVVXHV DQG FKDOOHQJHV IRU \RXQJ SHRSOH $OFRKRO GUXJV F\EHU FULPH F\EHU LQ JHQHUDO VH[XDO FULPH :KDW ZH UH ZRUNLQJ ZLWK HGXFDWLRQ WR GR LV GHYHORS D SURJUDPPH WKDW FRYHUV DOO RI WKHVH LVVXHV QRW MXVW ZDUQ WKHP LQ LVRODWLRQ k%XW LI D VFKRRO KDV JRW FRQFHUQV DERXW LQIRUPD WLRQ WKH\ YH UHFHLYHG DQG WKH\ UH GRLQJ VRPHWKLQJ SURDFWLYH DERXW WKDW , FRP PHQG WKHP RQ WKDW y %LOO $OH[DQGHU +LJKODQG &RXQFLO V GLUHFWRU RI FDUH

DQG OHDUQLQJ VDLG k7KH FRXQFLO ZRUNV YHU\ FORVHO\ ZLWK SDUWQHUV LQFOXGLQJ SROLFH DQG 1+6 WR HGXFDWH FKLOGUHQ DERXW WKH GDQJHUV RI VXEVWDQFH PLVXVH DQG WKH LPSRUWDQFH RI PDNLQJ WKH ULJKW FKRLFHV k7KHUH DUH HIIHFWLYH LQ WHUYHQWLRQV WR SUHYHQW DQG UHGXFH VXEVWDQFH PLVXVH DQG ZH KDYH YHU\ VXF FHVVIXO VXEVWDQFH PLVXVH VHUYLFHV k7KH ZHOIDUH RI FKLOGUHQ LV HYHU\RQH V UHVSRQVLELOLW\ DQG HDUO\ LQWHUYHQWLRQ LV H[WUHPHO\ LPSRUWDQW y

(ÙļųüÙ Q ¸ ļį ĠÍ

i ' o

3À³Øé

$ WRS SROLFH RIoFHU ZKR ZDV ZRUNLQJ LQ $EHUGHHQ ZKHQ WHHQDJHU %DLOH\ *Z\QQH ZDV NLOOHG KDV UHYHDOHG SODQV IRU D FUDFN GRZQ RQ ZHDSRQV LQ +LJK ODQG VFKRROV &KLHI 6XSHULQWHQGHQW *HRUJH 0DF'RQDOG ZKR ZDV DSSRLQWHG GLYLVLRQDO FRPPDQGHU IRU WKH +LJK ODQGV DQG LVODQGV LQ -XQH VDLG WKH DQWL ZHDSRQ VWUDW HJ\ ZDV RQH RI WKH oUVW LV VXHV KH UDLVHG DIWHU DUULYLQJ LQ ,QYHUQHVV 7KH 3UHVV DQG -RXUQDO UHFHQWO\ UHSRUWHG WKHUH KDG EHHQ oYH LQFLGHQWV LQYROY LQJ ZHDSRQV LQ +LJKODQG VFKRROV ODVW \HDU WKUHH RI ZKLFK ZHUH NQLYHV WKH KLJKHVW QXPEHU LQ DW OHDVW D GHFDGH $VNHG ZKHWKHU KH ZDV XVLQJ KLV H[SHULHQFH IURP $EHUGHHQ ZKHUH \HDU ROG %DLOH\ ZDV VWDEEHG WR GHDWK E\ D IHOORZ SXSLO GXULQJ D oJKW DW &XOWV $FDGHP\ WZR

\HDUV DJR &K 6XSW 0DF'RQ DOG VDLG KH ZDV ZRUNLQJ ZLWK ORFDO HGXFDWLRQ FKLHIV RQ LPSOHPHQWLQJ D QHZ SROLF\ +H DGGHG k2QH RI WKH ILUVW TXHVWLRQV , DVNHG ZKHQ , DUULYHG KHUH ZDV ZKDW LV WKH FROOHFWLYH SROLF\

3ROLFH LQ WKH +LJKODQGV DUH KDYLQJ WR KHOS D YXOQHU DEOH DGXOW JHW KHOS HYHU\ WZR DQG D KDOI KRXUV RQ DYHUDJH &KLHI 6XSHULQWHQGHQW *HRUJH 0DF'RQDOG H[ SODLQHG WKH LVVXH ZDV EH FRPLQJ D kPDVVLYH FKDO

OHQJHy IRU WKH IRUFH DFURVV WKH FRXQWU\ +H VDLG k7KH UROH RI D SROLFH RIoFHU KDV FKDQJHG VLJQLoFDQWO\ LQ WKH ODVW \HDUV DQG ZH UH GHDOLQJ ZLWK QXPHURXV LQFLGHQWV RQ D GDLO\ EDVLV RI YXOQHU DELOLW\ ERWK ZLWK DGXOWV DQG ZLWK FKLOGUHQ k6RPH RI WKDW LV EHFDXVH ZH YH JRW D EHWWHU XQGHU VWDQGLQJ DERXW WKH ULVNV

RI DGXOW DQG FKLOG SURWHF WLRQ ZKLFK LV D YHU\ SRVL WLYH WKLQJ k%XW ZH UH GHDOLQJ ZLWK OLWHUDOO\ WKRXVDQGV RI FDVHV HYHU\ VLQJOH \HDU k2Q DQ DYHUDJH GD\ LQ WKH +LJKODQGV ZH UH GHDO LQJ ZLWK QLQH LQFLGHQWV LQ UHODWLRQ WR DGXOW YXOQHU DELOLW\ k,I \RX ZDQW WR EUHDN WKDW GRZQ HYHU\ WZR DQG D KDOI

KRXUV D SROLFH RIoFHU LQ WKH +LJKODQGV LV GHDOLQJ ZLWK DW WLPHV IDLUO\ FRP SOH[ LVVXHV DURXQG DGXOW YXOQHUDELOLW\ ZKLFK FRXOG PHDQ WDNLQJ VRPHRQH WR D ORFDO FRPPXQLW\ KRVSLWDO IRU VRPH NLQG RI DVVHVV PHQW LQWR WKHLU PHQWDO ZHOOEHLQJ ZKLFK LV WLPH FRQVXPLQJ k%XW RQH RI WKH EDVLFV RI SROLFLQJ LV WR SURWHFW OLIH

:H UH D RSHUDWLRQ DQG ZH FRPH DFURVV SHRSOH DW WLPHV RI FULVLV y &K 6XSW 0DF'RQDOG DOVR VSRNH DERXW KLV EHOLHI WKDW DOFRKRO ZDV D kIDU ELJ JHUy LVVXH IRU SROLFH WKDQ GUXJV +H DGGHG k'UXJV LV DQ LVVXH RI FRXUVH GUXJV LV DQ LVVXH $QG IRU WKRVH IDPL OLHV WKDW DUH LQYROYHG WKHLU FKLOGUHQ DUH LQYROYHG WKHLU

UHODWLYHV DUH LQYROYHG LQ GUXJ DEXVH DEVROXWHO\ LW V YHU\ YHU\ GLIoFXOW k%XW LQ WHUPV RI WKH OHYHO RI KDUP WKDW ZH VHH RQ D GDLO\ DQG ZHHNO\ ED VLV LQ WHUPV RI YLROHQFH FKLOG SURWHFWLRQ LVVXHV URDG VDIHW\ YXOQHUDELOLW\ LQ WHUPV RI PHQWDO KHDOWK DQG DOFRKRO DOFRKRO LV D PDVVLYH FRQWULEXWRU\ IDF WRU LQ D ORW RI RXU EXVLQHVV y

Wff q0WRkÂ qĉÙ dųÙŻŻ įÍ Fļƥųį Ġ ĎŻ ¸ļĪĪĎƏƏÙÍ Əļ ěļƥųį ĠĎŻĪ ļï ƏĉÙ ĉĎüĉÙŻƏ ŻƏ įÍ ųÍŻÄ œųļÍƥ¸Ďįü įÙǝŻœ œÙų ǝĎƏĉ ¸¸ƥų ¸ǤÄ ĉļįÙŻƏǤ įÍ ï ĎųįÙŻŻŝ Wƥų ěļƥųį ĠĎŻƏŻ ¬ĎÍÙ ¬Ǥ ƏĉÙ kļ¸ĎÙƏǤ ļï ÍĎƏļųŻŰ ļÍÙ ļï dų ¸ƏĎ¸ÙÄ ÍĪĎįĎŻƏÙųÙÍ ¬Ǥ ƏĉÙ 0įÍÙœÙįÍÙįƏ dųÙŻŻ kƏ įÍ ųÍŻ Wųü įĎŻ ƏĎļį ŕ0dkWŘŝ 0į ĪļŻƏ ¸ ŻÙŻÄ ǝÙ ¸ į ¸ļųųÙ¸Ə Ďį ¸¸ƥų ¸ĎÙŻ Ďį ƏĉÙ įÙǣƏ ĎŻŻƥÙ ļį ƏĉĎŻ œ üÙÄ ļų ƏĉÙ ųÙĠÙǜ įƏ ŻÙ¸ƏĎļįÄ Ďï œœųļœųĎ ƏÙŝ 0ï Ǥļƥ ïÙÙĠ ǝÙ ĉ ǜÙ Ī ÍÙ į ÙųųļųÄ ļų ï ĠĠÙį ¬ÙĠļǝ ļƥų ƥŻƥ Ġ ĉĎüĉ ŻƏ įÍ ųÍŻÄ œĠÙ ŻÙ ǝųĎƏÙ ƏļÄ ļų ¸ ĠĠÄ ǜĎÍ HįĎüĉƏ Ə ƏĉÙ dųÙŻŻ įÍ Fļƥųį ĠÄ J įü kƏų ¸ĉƏÄ ¬ÙųÍÙÙįÄ Ňñ Ƈ 'ŝ čĪ ĎĠ dF ļĪœĠ ĎįƏŻª ěĠŝ¸ļŝƥĝ ļų ƏÙĠÙœĉļįÙ ǮŇƠƠ÷ ƇĴǮƠƠƠŝ 'ļų ĎįïļųĪ ƏĎļį ¬ļƥƏ ƏĉÙ ļÍÙ ļï dų ¸ƏĎ¸Ù ļų 0dkWÄ ǜĎŻĎƏ ǝǝǝŝĎœŻļŝ¸ļŝƥĝÄ ÙčĪ ĎĠ ¸ļĪœĠ ĎįƏŻªĎœŻļŝ¸ļŝƥĝ ļų ¸ ĠĠ ǮƔǮǮ ŇƠƔƠƠƠǮŝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

.1).K S l 1lK S l S l ƕ

V 0ot e

/³¢ `uh Íò Ø uÝ Ýò uÝé áº üuEØ ³¢k úEÝ Ý ku Vò E¢³ú ú u Øu uØòÀéuk f0q Qd JJ

F Q0 Q H R 0 7KH PDQ LQ FKDUJH RI :HVWHUQ ,VOHV &RXQFLO ZKHQ LW ORVW DOO LWV PRQH\ LQ WKH %&&, FUDVK GLHG \HVWHUGD\ *HRUJH 0DFOHRG ZDV FKLHI H[HFXWLYH RI WKH OR FDO DXWKRULW\ ZKLFK KDG SXW PRUH WKDQ d PLO OLRQ LQ WKH %DQN RI &UHGLW DQG &RPPHUFH ,QWHUQD WLRQDO +H ZDV VDFNHG WKHQ UHLQVWDWHG VR KH FRXOG UHWLUH HDUO\ EHIRUH UXQ QLQJ D YHU\ VXFFHVVIXO HQJLQHHULQJ FRQVXOWDQF\ RQ /HZLV 0U 0DFOHRG ZKR ZDV GLHG DW KLV KRPH RQ /HZLV +H ZDV SUDLVHG E\ WKH FXUUHQW FRQYHQHU RI WKH FRXQFLO IRU GHDOLQJ ZLWK kGLIoFXOW WLPHVy 1RUPDO 0DFGRQDOG VDLG k'U *HRUJH ZDV D

$ \HDU ROG ZRPDQ UH PDLQHG PLVVLQJ ODVW QLJKW DIWHU D oUH EURNH RXW LQ D KRXVH QHDU ,QYHUQHVV FLW\ FHQWUH 3ROLFH VDLG LQLWLDO LQTXLU LHV VXJJHVWHG VKH ZDV LQ VLGH WKH EXQJDORZ DW WKH WLPH RI WKH EOD]H ZKLFK HUXSWHG DW DERXW DP \HVWHUGD\ (PHUJHQF\ VHUYLFHV ZHUH FDOOHG WR WKH oUH RQ ,VODQG %DQN 5RDG DQG QHLJKERXU LQJ UHVLGHQWV ZHUH HYDFX DWHG E\ SROLFH DPLG IHDUV WKDW WKH IODPHV FRXOG VSUHDG 7KH ZRPDQ V QH[W RI NLQ

ů2ñÛ ŵƑċÛċľƧŽÛ òŵÛĬ ǧċ ǟÛ ºĢ ĐĬÛÏƑċĐŽÏÛ ŵ Ģ ÏǧŲŽĢĐñÛŰ KDYH EHHQ PDGH DZDUH DQG HIIRUWV DUH RQJRLQJ WR FRQ oUP WKH FLUFXPVWDQFHV 1R RQH HOVH VXIIHUHG VHUL RXV LQMXU\ 'HWHFWLYH ,QVSHFWRU 6WH YHQ 0DFNHQ]LH VDLG k2XU LQTXLULHV DUH DW D YHU\ HDUO\ VWDJH k+RZHYHU RXU LQLWLDO LQTXLULHV VXJJHVW WKDW DQ RFFXSDQW ZDV ZLWKLQ WKH SURSHUW\ DW WKH WLPH RI WKH oUH k'XH WR WKH H[WHQVLYH VWUXFWXUDO GDPDJH JDLQ LQJ HQWU\ WR WKH EXLOGLQJ LV OLNHO\ WR WDNH VRPH WLPH k6WUXFWXUDO HQJLQHHUV ZLOO DVVHVV WKH EXLOGLQJ DQG DGYLVH ZKHQ LW ZLOO EH VDIH WR HQWHU

0Rev0f0 k WR(W0R(Ã 'ĎųÙðüĉƏÙųŻ ÍÙ Ġ ǝĎƏĉ ƏĉÙ ĉļƥŻÙ ¬Ġ ǪÙ ļį 0ŻĠ įÍ įĝ fļ Í Ďį 0įǜÙųįÙŻŻÄ ǝĉĎ¸ĉ ÙųƥœƏÙÍ Ə ¬ļƥƏ Ňŝññ Ī ǤÙŻƏÙųÍ Ǥ k,QTXLULHV DUH FRQWLQXLQJ ZLWK WKH 6FRWWLVK )LUH DQG 5HVFXH 6HUYLFH WR HVWDEOLVK WKH IXOO FLUFXPVWDQFHV k, ZRXOG OLNH WR WKDQN ORFDO UHVLGHQWV IRU WKHLU FR RSHUDWLRQ ZKLOH WKHVH LQTXLULHV DUH RQJRLQJ k2XU WKRXJKWV DUH ZLWK WKH IDPLO\ DQG IULHQGV RI WKRVH LQYROYHG y )LUHoJKWHUV H[WLQJXLVKHG WKH EOD]H \HVWHUGD\ EXW ZHUH VWLOO KRVLQJ GRZQ KRW VSRWV DW DERXW DP q DQG LQYHVWLJDWLRQV ZHUH EHLQJ

FDUULHG RXW GXULQJ WKH DI WHUQRRQ 7KH URRI RI WKH EXQJDORZ KRPH RI V 'RUUDQ FRQ VWUXFWLRQ ZDV FRPSOHWHO\ GHVWUR\HG DQG WKH EODFN HQHG LQWHULRUV RI HDFK URRP UHpHFWHG WKH VFDOH RI WKH oUH $ ILUH VHUYLFH VSRNHV ZRPDQ VDLG DW LWV KHLJKW IRXU DSSOLDQFHV ZHUH RQ VFHQH DQG oUHoJKWHUV ZRUH EUHDWKLQJ DSSDUDWXV ZKLOH XVLQJ KLJK SRZHUHG KRVHV WR H[WLQJXLVK WKH EOD]H

1HLJKERXULQJ ,VODQG &RXUW UHVLGHQW *HUDOGLQH &RQQDK VDLG VKH DQG KHU KXVEDQG ZHUH ZRNHQ LQ WKHLU SHQWKRXVH DSDUWPHQW DW DERXW DP E\ D NQRFN DW WKH GRRU IURP SROLFH 6KH VDLG k7KHUH ZHUH DERXW WKUHH RU IRXU DPEX ODQFHV WKHUH ODVW QLJKW k7KH\ HYDFXDWHG WKLV EXLOGLQJ EHFDXVH LW V EHKLQG WKH KRXVH DQG WKH oUH ZDV LQ GDQJHU RI EORZLQJ DFURVV k3ROLFH ZHUH UHDOO\ SUR IHVVLRQDO DQG YHU\ FDOP DQG

WKH\ ZHUH WU\LQJ WR VRUW RXW D UHIXJH IRU XV VKRXOG LW EH UHTXLUHG :H ZHUH EDFN LQ VLGH E\ DERXW DP y ,QYHUQHVV &HQWUDO ZDUG FRXQFLOORU %HW 0F$OOLVWHU VDLG k,W GRHV QRW ORRN JRRG DQG LW V YHU\ WUDJLF IRU WKH IDPLO\ k7KH KRXVH ZHQW XS VR TXLFNO\ DQG WKHUH ZDV YHU\ OLWWOH WKDW FRXOG EH GRQH k%\ WKH WLPH WKH\ ZHUH DOHUWHG DQG JRW GRZQ WKHUH WKH URRI ZDV DOUHDG\ FRP LQJ LQ y

)HOORZ ZDUG FRXQFLO ORU -DQHW &DPSEHOO VDLG k$V WKH RFFXSDQW RI WKH KRXVH UHPDLQV XQDFFRXQW HG IRU , JUHDWO\ IHDU WKDW WKH KRXVH oUH PD\ KDYH FODLPHG WKLV GHDU ODG\ V OLIH k6KRXOG WKLV EH WKH FDVH P\ KHDUW JRHV RXW WR KHU IDPLO\ DQG IULHQGV y &URZQ DQG &LW\ &HQWUH FRPPXQLW\ FRXQFLO FKDLU ZRPDQ 3DW +D\GHQ VDLG k, DP YHU\ VRUU\ WR KHDU RI WKLV VDG QHZV y

Q 0eVQP Qo 5LYHU ZRUNHUV KDYH H[ SUHVVHG FRQFHUQ IRU WKH SXULW\ RI ZLOG VDOPRQ LQ $UJ\OO DIWHU PRUH WKDQ IDUPHG oVK HVFDSHG 7KH HVFDSH IURP D 6FRW WLVK 6DOPRQ &RPSDQ\ IDUP DW *HDVJLOO RQ 0XOO ZDV UH SRUWHG WR 0DULQH 6FRWODQG DIWHU HPSOR\HHV UHFRUGHG ORZ QXPEHUV GXULQJ D URX WLQH JUDGLQJ H[HUFLVH 7KH 6FRWWLVK *DPHNHHS HUV $VVRFLDWLRQ )LVKLQJ *URXS VDLG IDUPHG

VDOPRQ HQWHUHG ULYHUV LQ FOXGLQJ WKH 5LYHU %D RQH RI WKH IHZ ULYHUV LQ WKH ZHVW

ů ċ ƑǠĐĢĢ òŽċÛŵĐÛŽ®Û ľññÛŵĐıþĐıƑċŵÛÛ ľŵñľƧŵǧÛ ŵŽūŰ RI 6FRWODQG JLYHQ D FODVV UDWLQJ IRU VDOPRQ FRQVHU YDWLRQ *LOOLHV LQ WKH DUHD KDYH RUGHUHG DQ\ IDUPHG VDOP RQ FDXJKW WR EH NLOOHG DQG

QRW UHWXUQHG WR WKH ULYHU *DPHNHHSHUV DOVR VD\ WKHUH LV kUHDO FRQFHUQy FURVV EUHHGLQJ EHWZHHQ IDUPHG VDOPRQ DQG ZLOG VDOPRQ ZLOO ZHDNHQ WKH ZLOG JHQH SRRO *UHJ 0DUVK RI WKH 6*$ )LVKLQJ *URXS ZKLFK ORRNV DIWHU RSHUDWLRQV DW 5LYHU &RODGRLU DQG /RFK 6FULGDLQ VDLG k$ FODVV ULYHU PHDQV WKH %D LV UDWHG E\ 6FRWWLVK *RYHUQPHQW VFLHQWLVWV DV KDYLQJ WKH KLJKHVW JUDG LQJ IRU FRQVHUYDWLRQ RI ZLOG VDOPRQ

k7KHUH DUH QRZ D ORW RI IDUPHG oVK WKURXJK LW DQG XS LQWR /RFK %D k:KDW HIIHFW LV WKLV JRLQJ WR KDYH RQ WKH ZLOG oVK" :KDW ZLOO oVKHULHV EH RIIHU LQJ LQ WKUHH RU IRXU \HDUV

WLPH" )LVK RI XQNQRZQ JHQHWLF SXULW\ k7KRVH RQ WKH HQYLURQ PHQWDO VLGH LQ 6FRWWLVK *RYHUQPHQW QHHG WR UDLVH JUHDWHU DZDUHQHVV RI WKH GDQJHUV WR ZLOG oVK FDXVHG E\ HVFDSHV IURP oVK IDUPV DQG VWDUW GRLQJ VRPHWKLQJ PRUH HIIHFWLYH DERXW LW y

qĉÙ ǝļųųǤ ĎŻ ¬ļƥƏ ǝĎĠÍ įÍ ï ųĪÙÍ ðŻĉ ĎįƏÙų¬ųÙÙÍĎįü

ů ċĐÛñÛǦÛºƧƑĐǟÛ ÏƧŵĐıþ ǟÛŵǧ ºċ ĢĢÛıþĐıþ ƑĐĬÛŽŰ KLJKO\ UHVSHFWHG HQJL QHHU DQG GLUHFWRU DW WKH FRXQFLO DQG DOVR VHUYHG DV FKLHI H[HFXWLYH GXU LQJ YHU\ FKDOOHQJLQJ DQG GLIoFXOW WLPHV IRU WKH FRXQFLO k+H ZDV DOVR DQ HOGHU DQG OD\ SUHDFKHU LQ 7KH )UHH &KXUFK RYHU PDQ\ \HDUV 'U *HRUJH VHUYHG KLV FRPPXQLW\ LQ PDQ\ GLIIHUHQW UROHV RYHU PDQ\ \HDUV DQG KH ZDV ZHOO NQRZQ WKURXJKRXW WKH LVODQGV DQG IDUWKHU DoHOG k2XU WKRXJKWV DQG SUD\HUV DUH ZLWK KLV ZLIH 0DLUL KLV FKLOGUHQ &KULV WLQH DQG ,DLQ KLV IULHQGV DQG DOO ZKR NQHZ KLP y 7KH FRXQFLO IODJ LQ 6WRUQRZD\ pHZ DW KDOI PDVW LQ WULEXWH 7ZR GHFDGHV RQ IURP WKH %&&, FUDVK WKH FRXQ FLO HQGHG XS PDNLQJ D d PLOOLRQ kSURoWy RXW RI WKH GLVDVWHU EHFDXVH RI IDYRXUDEOH FXUUHQF\ pXF WXDWLRQV RYHU WKH SHULRG ZKHQ LW UHFHLYHG SD\ PHQWV IURP WKH OLTXLGD WRUV :KHQ WKH :HVWHUQ ,VOHV &RXQFLO VDZ QHDUO\ DOO LWV PRQH\ GLVDSSHDU ZLWK WKH EDQN V GH PLVH LW PDUNHG RQH RI WKH EODFNHVW GD\V IRU DQ\ OR FDO DXWKRULW\ LQ %ULWDLQ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ø S l .1).K S l 1lK S l

J oe0 0o

f0q Qd JJ $ PDMRU VHFWLRQ RI WKH RYHUKHDG OLQHV WKDW KDYH FRQQHFWHG %HDXO\ WR 'RXQ UHD\ IRU PRUH WKDQ \HDUV KDYH EHHQ UHSODFHG ZLWK QHZHU PRUH HIoFLHQW FRQ GXFWRUV 7KH VWHHO WRZHUV WKDW KDYH EHHQ LQ SODFH EHWZHHQ %HDXO\ DQG /RFK %XLGKH VLQFH WKH V KDYH EHHQ JLYHQ D QHZ OHDVH RI OLIH IROORZLQJ WKH LQVWDOOD WLRQ RI QHZ KLJKHU FDSDFLW\ FRQGXFWRUV DQG ILWWLQJV

ZKLFK KDYH LQFUHDVHG WKH FDSDFLW\ RI WKH ORFDO Q H WZ R U N E \ D U R X Q G DQG HQDEOHG UHQHZ

ů2ıºŵÛ ŽÛÏƑċÛ º ŕ ºĐƑǧľñƑċÛ Ģľº ĢıÛƑǠľŵğ ®ǧƖǱŞŰ DEOH JHQHUDWLRQ WR EH WUDQV SRUWHG IURP WKH QRUWK RI 6FRWODQG 6FRWWLVK DQG 6RXWK HUQ (OHFWULFLW\ 1HWZRUNV 66(1 OHDG SURMHFW PDQ DJHU 'DU\Q /XFDV VDLG

k7KH UHSODFHPHQW RI WKHVH OLQHV KDV HQDEOHG XV WR LQ FUHDVH WKH DPRXQW RI UH QHZDEOH HQHUJ\ WKDW FDQ FRQQHFW WR RXU QHWZRUN ZLWKRXW WKH QHHG WR EXLOG PRUH WRZHUV k7KH UXUDO ORFDWLRQ RI RXU DVVHWV PHDQV WKDW ZH KDYH WR FRQVLGHU WKH VXUURXQG LQJ HQYLURQPHQW DQG ZLOG OLIH ZKHQ GRLQJ DQ\ ZRUNV k$V D UHVSRQVLEOH GH YHORSHU ZH HQJDJHG ZLWK RUQLWKRORJLVWV DW DQ HDUO\ VWDJH WR PRQLWRU QHDUE\ QHVWLQJ RVSUH\V WR HQVXUH WKDW RXU ZRUN GLG QRW FDXVH DQ\ GLVWXUEDQFH y

:RUN KDV EHHQ XQGHU ZD\ VLQFH $SULO WR UHSODFH WKUHH SKDVHV RI WKH XSJUDGHG N9 FLUFXLW WKDW HDFK VSDQ D GLVWDQFH RI NP E\ 66(1 V SULQFLSDO FRQWUDFWRU $PHF )RVWHU :KHHOHU DQG DW LWV SHDN VDZ D ZRUNIRUFH RI PRUH WKDQ HPSOR\HG RQ WKH SURMHFW 7KH FRQFOXVLRQ RI WKLV SKDVH RI WKH ZRUNV PHDQV WZR WKLUGV RI WKH %HDXO\ WR 'RXQUHD\ WUDQVPLVVLRQ OLQN LV QRZ XSJUDGHG ZLWK WKH oQDO VHFWLRQ RI ZRUNV SODQQHG IRU FRPSOHWLRQ LQ

dW f vdÃ qĉÙ ļǜÙųĉÙ Í ĠĎįÙŻ ĉ ǜÙ ¸ļįįÙ¸ƏÙÍ Ù ƥĠǤ Əļ ļƥįųÙ Ǥ ïļų ñǮ ǤÙ ųŻ

o- e

ìŰĹħ Ő ùÖ Ɲî

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

e Q J i

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k2Q P\ YLVLW WR WKH :HVWHUQ ,VOHV HDUOLHU WKLV PRQWK , KHDUG oUVW KDQG WKH EHQHoWV WKLV LQ

ů2ƑǠľƧĢÏ ®ŵĐıþċƧþÛ ÛıǟĐŵľıĬÛıƑ Ģ ®ÛıÛòƑŽŰ WHUFRQQHFWRU FRXOG EULQJ WR WKH FRPPXQLW\ k,W ZRXOG EULQJ KXJH HFRQRPLF DQG HQYL URQPHQWDO EHQHILWV WR WKH SHRSOH RI WKH :HVWHUQ ,VOHV ZLWK LQGHSHQGHQW H[SHUWV HVWL PDWLQJ LW ZRXOG DGG RYHU d PLOOLRQ WR WKH ORFDO HFRQRP\ y 063 5KRGD *UDQW 6FRW WLVK /DERXU V UXUDO DIIDLUV VSRNHVZRPDQ EDFNHG WKH FDOO k7KH :HVWHUQ ,VOHV KDV HQRUPRXV SRWHQ WLDO IRU UHQHZDEOH HQHUJ\ SURGXFWLRQ SDUWLFXODUO\ ZLWK ZLQG SRZHU %XW LQ RUGHU WR DFKLHYH LWV IXOO SRWHQWLDO WKH LVODQG PXVW KDYH DQ LQWHU FRQQHFWRU ZLWK WKH PDLQ ODQG y $ 'HSDUWPHQW IRU %XVL QHVV (QHUJ\ DQG ,QGXVWULDO 6WUDWHJ\ VSRNHVPDQ VDLG DQ DQQRXQFHPHQW ZDV LP PLQHQW k7KH 8. *RYHUQPHQW LV D JOREDO OHDGHU LQ WDFNOLQJ FOLPDWH FKDQJH DQG ZDQWV WR HQVXUH ORFDO FRPPXQL WLHV EHQHoW IURP LQYHVW PHQWV LQ RXU ORZ FDUERQ HFRQRP\ k8. (QHUJ\ 0LQLVWHU 5LFKDUG +DUULQJWRQ PHW VWDNHKROGHUV LQ $EHUGHHQ ODVW PRQWK WR GLVFXVV LV ODQG ZLQG SURMHFWV DQG ZH H[SHFW WR VHW RXW RXU SODQV RQ WKHVH VKRUWO\ y

.1).K S l 1lK S l S l ò

Íò Øüh EòÝu ³ EéE¢ E`` kué ³ `¢ é³À ò¡³úi Ý uØ kuéuØ¨ uÝ RR Q H 7KH FDXVH RI DQ DFFLGHQW DW D FOLII WRS o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kD FRQVFLHQ WLRXV ZRUNHU ZKR ZRUNHG ZLWKRXW FRPSODLQW DQG NQHZ WKH ODQG ZHOOy +H DGGHG WKDW WKHUH ZHUH kQR UHDVRQDEOH SUH FDXWLRQVy WKDW FRXOG KDYH SUHYHQWHG WKH WUDJHG\ 7KH DFFLGHQW KDSSHQHG RQ 0DUFK ZKHQ 0U 5REELQV ZKR ZDV D VKHSKHUG DW 5KLJROWHU )DUP 'XUQHVV ZDV JDWKHU LQJ \RXQJ HZHV ZKLFK KDG

DQ\ IRUPDO WUDLQLQJ LQ WKH XVH RI WKH ELNH %XW WKH VKHULII VDLG k0U 5REELQV KDG GULYHQ WKH VDPH ELNH RYHU WHUUDLQ SULRU WR WKH DFFLGHQW DQG ZRXOG OLNHO\ KDYH EHHQ UHTXLUHG WR RS HUDWH WKH EUDNHV k,Q WKH HQG JLYHQ WKDW WKH FDXVH RI WKH DFFLGHQW LV XQNQRZQ , DP XQDEOH WR VD\ ZKHWKHU WKLV GLG LQ IDFW FDXVH RU FRQWULEXWH WR WKH DFFLGHQW y 7KH VKHULII DOVR VDLG k$V TXDG ELNHV KDYH VRPH

ů ľıŽºĐÛıƑĐľƧŽ ǠľŵğÛŵǠċľ ǠľŵğÛÏǠĐƑċľƧƑ ºľĬŕĢ ĐıƑŰ

f 0 ff kqÃ k įÍǤ fļ¬¬ĎįŻ ŻƥŻƏ ĎįÙÍ ĪƥĠƏĎœĠÙ ĎįěƥųĎÙŻ Ďį ƏĉÙ ¸¸ĎÍÙįƏ įÍ ÍĎÙÍ Ġ ƏÙų Ďį ĉļŻœĎƏ Ġ VSHQW WKH ZLQWHU DW &DSH 6LGH $FKLHPRUH 7KH oHOG LQ &OLII 3DUN QHDU 'DLOO +RXVH KDV D ZLUH IHQFH ZLWK ZRRGHQ SRVWV VHW D IHZ IHHW DZD\ IURP WKH FOLII HGJH )RU DQ XQNQRZQ UHDVRQ

0U 5REELQV V TXDG ELNH KLW WKH IHQFH DQG WKH ELNH ZHQW RYHU IDOOLQJ WR WKH URFN\ EHDFK EHORZ 7KH VKHSKHUG ZDV QRW ZHDULQJ D KHOPHW DW WKH WLPH RI WKH DFFLGHQW $PEXODQFH VWDII DQG

cJ QQ0Q( 3ODQQHUV KDYH DSSURYHG QHZ KRPHV IRU $YLHPRUH DV HQYLURQPHQWDOLVWV YRLFHG PLVJLYLQJV DERXW ZKDW LW PHDQV IRU WKH IXWXUH RI WKH

DUHD &DLUQJRUP 3URSHU WLHV KDV SHUPLVVLRQ WR EXLOG pDWV DQG HLJKW WHUUDFHG KRPHV WR WKH QRUWK ZHVW RI $YLHPRUH ZKLOH $OE\Q +RXVLQJ 6RFLHW\ /LPLWHG ZLOO EXLOG VL[ KRPHV DW

'HOOPKRU EHVLGH WKH 6NL 5RDG DW ,QYHUGUXLH $ VSRNHVPDQ IRU %DG HQRFK DQG 6WUDWKVSH\ &RQVHUYDWLRQ *URXS VDLG k7KLV VHWV WKH SUHFHGHQW IRU KRXVLQJ y

D &RDVWJXDUG KHOLFRSWHU ZHUH FDOOHG WR WKH VFHQH +H ZDV ZLQFKHG DERDUG EXW HQ URXWH WR 5DLJPRUH +RVSLWDO KH VXIIHUHG D FDU GLDF DUUHVW $ GHoEULOODWRU ZDV XVHG WR UHVWDUW KLV KHDUW RQ WZR

RFFDVLRQV EXW KH ODWHU GLHG LQ KRVSLWDO 7KH LQTXLU\ KHDUG HDU OLHU WKDW WKH IURQW RIIVLGH EUDNH RI WKH TXDG ELNH ZDV LQRSHUDEOH DW WKH WLPH RI WKH DFFLGHQW DQG WKDW 0U 5REELQV GLG QRW UHFHLYH

SHFXOLDULWLHV LQ WKHLU RS HUDWLRQ DQG KDQGOLQJ LW LV RI SDUWLFXODU LPSRUWDQFH WKDW WKH\ VKRXOG RQO\ EH GULYHQ E\ SHRSOH ZKR KDYH UHFHLYHG WKH DSSURSULDWH WUDLQLQJ DQG WKDW HPSOR\ HUV VKRXOG DVVHVV WKHLU FRPSHWHQFH WR GULYH WKHP y +H FRQFOXGHG k$W WKH RXWVHW RI WKH LQTXLU\ , H[ WHQGHG P\ FRQGROHQFHV WR 0U 5REELQV V IDPLO\ , ZLVK WR IRUPDOO\ UHSHDW P\ FRQ GROHQFHV WR WKHP LQ WKLV GHWHUPLQDWLRQ y

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ƈ S l .1).K S l 1lK S l

Vteo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

MXU\ kLW LV XQFRPPRQ IRU D ZRPDQ WR EH FKDUJHG ZLWK GRPHVWLF DEXVH DJDLQVW PHQ 7KH RQO\ SHUVRQ O\ LQJ LQ WKLV FRXUW LV -RDQQH &RRPEV y %XW GHIHQFH DGYRFDWH %LOO $GDPV XUJHG WKH MXU\ WR DFTXLW EHFDXVH WKH\ VKRXOG

ůsċÛľıĢǧŕÛŵŽľı ĢǧĐıþĐıƑċĐŽ ºľƧŵƑĐŽHľ ııÛ ľľĬ®ŽŰ JWWH0R( - Ã QĎįĎŻƏÙų ïļų ƥŻĎįÙŻŻÄ 0įįļǜ ƏĎļį įÍ įÙųüǤÄ d ƥĠ ĉÙÙĠĉļƥŻÙ įįļƥį¸ÙÍ œĠ įŻ ïļų ƏĉÙ Ĵŝ dĉļƏļüų œĉ ¬Ǥ H ĪĎ qĉļĪŻļį KDYH kUHDVRQDEOH GRXEWVy DERXW ERWK PHQ V HYLGHQFH +\GUXDOLF WHFKQLFLDQ &RRPEV RI $UGFUR\ 5RDG &UR\ QHDU ,QYHUQHVV KDG KHU VHQWHQFH GHIHUUHG XQ WLO 2FWREHU IRU D EDFN JURXQG UHSRUW DQG KHU EDLO ZDV FRQWLQXHG %XW 6KHULII *RUGRQ )OHHW ZRRG WROG KHU DV VKH VWRRG LQ WHDUV LQ WKH GRFN WKDW VKH PD\ EH MDLOHG k, FDQ RQO\ VWUHVV WKDW DOO SRVVLEOH RSWLRQV DUH VWLOO RSHQ WR PH y KH VDLG

5ØEÝÀ³Øéh /¢E é³ ÝéE¢ ` EØ À³ éÝ E¢³ ¢u é ³ Ø³Ek F RR0' f Q H0 fR R kqQ0Rkq f f dWfq f

15', '5 15' ! + ( " 0 0", (# ! . ! . + # !+ ($ '" ( + ' ' , - ( +( +" + + (( " +0 " "' " . + +( 1%, + ,' ! +" (("&( " +0 " $ + ( ' ' ( +( ' + ! + 0 ' '",! . ' + " + ! , ! (,!( !

.- %

+,'! ' + +( '" ' ! ! ,' * ! +( "+ " " + "! ! ( / ,'( "! +" "' " . + , +",' " + 1%, + ) "' !+ + "! . ! () - ( + +" . + +",' + '", + (+"' !+'

'- ( " +",' ' #' ( !+ + -

5'11 00 55 *3'0 % -5- '+ $ # *& 2* + (* ++ $ !&2*$ #/* 3 #) &)2"

5''- 1,% 0%1% *3'0 % 444)(* ++ $ !&2*$ #/* 3 #) &)2" + % , 6 + ++ + 4 # +4 , 1.&2/ +'0 0 1-) 3 ! 0 0' 4 # # 06) % # ,3((# $ %0, $ 6 ((#6) + % '3+% #, % 0 '$,'% +'3( ' '$( % , 5'3# # " 0' '%0 0 6'3 '30 % 5 ' +, % , +4 , 5 0 %" $ 6 ' %0 + ,0 0' 6'3) 6 (+'4 % 6'3+ '%0 0 0 #, % $ # + ,, 5 ,,3$ 0 0 5 % '%0 0 6'3 6 (',0 % $ #)

3ODQV WR FUHDWH 6FRWODQG V o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

WRXULVP LQGXVWU\ ZKLFK KDV D JURZLQJ QHHG WR FD WHU WR YLVLWRUV LQFUHDVLQJO\ XVLQJ HOHFWULF FDUV +H VDLG k7KH SODFHV DURXQG WKH $ DUH YHU\ GHSHQGHQW RQ WRXULVP k7KH (XURSHDQ 8QLRQ LV VZLWFKLQJ RYHU WR HOHF WULF FDUV DQG ZH DUH VHH LQJ WKLV LQ ODUJH QXPEHUV LQ FRXQWULHV OLNH *HUPDQ\ DQG 1RUZD\ k(OHFWULF KLJKZD\V DUH VRPHWKLQJ YHU\ QHFHVVDU\ QRW MXVW LVRODWHG WR 6FRW ODQG EXW EHFRPLQJ D JOREDO QHHG DQG ZH ZDQW 6FRWODQG WR EH DEOH WR UHVSRQG WR WKDW QHHG y 1RUZD\ LV FXUUHQWO\ OHDG LQJ WKH ZD\ LQ HOHFWULF YHKL FOHV ZLWK PRUH WKDQ RI QHZ YHKLFOHV UHJLVWHUHG QRZ HOHFWULF 7KH 6FRWWLVK *RYHUQ PHQW ZDQWV WR NHHS SDFH DQG SODQV WR H[SDQG 6FRW ODQG V HOHFWULF FKDUJLQJ LQ IUDVWUXFWXUH ULJKW DFURVV

ĠÙ¸ƏųĎ¸ ¸ĉ ųüĎįü œļĎįƏŻ ǝĎĠĠ ¬Ù ĎįŻƏ ĠĠÙÍ Ġļįü ƏĉÙ ųļ Í XUEDQ UXUDO DQG GRPHVWLF DUHDV EHWZHHQ QRZ DQG 0V 6WXUJHRQ KDV DOVR SOHGJHG oQDQFLDO VXS SRUW IRU ORFDO VROXWLRQV DQG VPDOO VFDOH UHVHDUFK LQWR FKDOOHQJHV VXUURXQGLQJ FKDUJH SRLQWV SDUWLFXODU O\ LQ GRPHVWLF WHQHPHQW SURSHUWLHV 6FRWODQG KDV PRUH WKDQ FKDUJH SRLQWV q DURXQG RI WKH 8.

Highland Equity Release Centre Whatever your concerns or ambitions we offer

• • • •

Release tax free sums with no repayment obligations. Low interest rates, fixed for life. Automatic acceptance, no income or health requirements. Security of tenure for life, guaranteed personal consultation For more information visit www.highlandequityrelease.com John West, Mealishal House, Dores, Inverness IV2 6TR T: (01463) 751769 M: 07802 413195

WRWDO DQG WKH KLJKHVW RI DQ\ 8. UHJLRQ DQG WKH QH[W VWHS LV WR JHW D QHWZRUN RI UDSLG FKDUJ LQJ SRLQWV 0U :KHHOKRXVH DGPLW WHG WKH FKDUJLQJ SRLQWV FRXOG EH H[SHQVLYH EXW WKH FRVW ZDV GXH WR WKH WHFKQRO RJ\ QHHGHG WR DOORZ UDSLG FKDUJLQJ +H VDLG k7KHUH DUH ORZHU FRVW RSWLRQV EXW ZH QHHG YHU\ LQWHQVLYH EXUVWV RI HOHFWULFLW\ VR ZH QHHG WR HQVXUH WKH FRQQHFWLRQ LV VXIoFLHQWO\ KLJK EDQGZLGWK VR LW GRHVQ W RYHUORDG WKH ORFDO HQHUJ\ JULG k:H UH PRYLQJ WRZDUGV KLJKHU PDUNHW SHQHWUDWLRQ VR WKH SXEOLF ZLOO VWDUW WR VHH PRUH DQG PRUH FKDUJ HUV EHLQJ SXW LQ KRXVHV RIoFHV DQG VKRSV k7KHVH DUH WKH ORZHU FRVW W\SH EHFDXVH WKH\ FKDUJH RYHUQLJKW VR GRQ W QHHG DV PXFK HQHUJ\ DOO DW RQFH y

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

.1).K S l 1lK S l S l Ƅ

cVJ0o0 i

5³òØ Ý¨h 3ò``uÝÝ ³ Ø³òéu EÝ ¢uk é³ ÔéØu¨uk³òÝÕ Ø Ýu ù Ý é³Ø ò¨VuØÝ

7KH VXFFHVV RI WKH 1RUWK &RDVW GULYLQJ URXWH KDV OHG WR DQRWKHU KXJH ULVH LQ YLVLWRUV WR WKH 4XHHQ 0RWK HU V ROG +LJKODQG KRPH 7KH &DVWOH RI 0H\ KDV ZLWQHVVHG DQ LQFUHDVH RQ ODVW \HDU DV WKRXVDQGV PRUH YLVLWRUV pRFN WR WKH RQO\ KRPH WKH 4XHHQ 0XP HYHU RZQHG ,W IROORZV D ULVH ODVW \HDU ZKHQ WKH FDVWOH DWWUDFWHG WRXULVWV GXULQJ LWV VHDVRQ 7KLV \HDU V ULVH q GH VFULEHG DV kWUHPHQGRXVy E\ PDQDJHPHQW q KDV EHHQ KHOSHG E\ WKH &DLWKQHVV FDVWOH EHLQJ RQ WKH 1RUWK &RDVW GULYH 7KH ERRVW RI WKH 1& RYHU WKH ODVW WZR \HDUV IRO ORZV SUHYLRXV \HDUV RI IDOO LQJ QXPEHU RI YLVLWRUV DW WKH FDVWOH ZKLFK LV RSHQ WR WKH SXEOLF EHWZHHQ 0D\ DQG 6HSWHPEHU 7KH 1& ZDV ODXQFKHG E\ WKH 1RUWK +LJKODQG ,QL WLDWLYH q VHW XS DQG LQVSLUHG E\ 3ULQFH &KDUOHV q DQG LV

D PLOH GULYH RQ D ORRS DURXQG WKH QRUWK VWDUWLQJ DQG oQLVKLQJ LQ ,QYHUQHVV 6KLUOH\ )DUTXKDU WKH FDVWOH V PDQDJLQJ GLUHF WRU VDLG k7KH 1& KDV EHHQ D ELJ IDFWRU LQ WKLV VHDVRQ V ULVH ZKLFK LV FXU UHQWO\ DW ,W KDV EHHQ WUHPHQGRXV

qfvkq df k0 RqÃ dųĎį¸Ù ĉ ųĠÙŻ Ə ƏĉÙ ŻƏĠÙ ļï QÙǤ

ůsċÛT óǱǱ ċ Ž®ÛÛı ®Đþ ñ ºƑľŵĐıƑċĐŽ ŽÛ ŽľıŲŽŵĐŽÛŰ k7KHUH DUH D ORW PRUH FDPSHU YDQV WKLV \HDU DQG ZH KDYH PDQDJHG WR EH ZHOO XS GHVSLWH ORVLQJ YLVLWRUV IURP WKUHH FUXLVH VKLSV ZKR KDG WR FDQFHO EHFDXVH RI WKH ZHDWKHU k, WKLQN PRUH SHRSOH DUH DOVR WDNLQJ CVWD\FDWLRQV

WKLV \HDU ZLWK WKH SRXQG QRW VR VWURQJ , WKLQN PDQ\ SHRSOH DORQJ WKH URXWH DUH DOVR H[SHULHQFLQJ D JRRG VHDVRQ y

3ULQFH &KDUOHV LV SUHVL GHQW RI WKH WUXVW WKDW UXQV WKH FDVWOH QHDU -RKQ 2 *URDWV DQG VWD\V IRU D ZHHN HYHU\ $XJXVW WR NHHS XS WKH PHPRU\ RI KLV JUDQGPRWKHU

7KH 4XHHQ 0RWKHU oUVW VDZ ZKDW ZDV WKHQ NQRZQ DV %DUURJLOO &DVWOH LQ ZKLOH PRXUQLQJ WKH GHDWK RI KHU KXVEDQG .LQJ *HRUJH 9, )DOOLQJ IRU LWV LVRODWHG

FKDUP DQG KHDULQJ WKDW LW ZDV WR EH DEDQGRQHG VKH GHFLGHG WR VDYH LW +DYLQJ DFTXLUHG WKH PRVW QRUWKHUO\ LQKDELWHG FDVWOH RQ WKH %ULWLVK PDLQ ODQG WKH 4XHHQ 0RWKHU

UHQRYDWHG DQG UHVWRUHG LW DQG DOVR FUHDWHG EHDXWLIXO JDUGHQV ,W ZDV WKH RQO\ KRPH VKH DFWXDOO\ HYHU RZQHG 6KH GLHG LQ DJHG

RR Q H 2ZQHUV RI VPDOO EXVLQHVVHV LQ /RFKDEHU FDQ SXW WKHLU FRQFHUQV WR WKHLU ORFDO 03 QH[W ZHHN ,DQ %ODFNIRUG ZLOO EH WKH JXHVW DW D PHHWLQJ LQ )RUW :LOOLDP V 'XQ FDQVEXUJK 0DF,QWRVK 3DULVK &KXUFK +DOO QH[W 7XHVGD\ /RFDO EXVLQHVVZRPDQ *LOOLDQ 6ORDQ ZKR RUJDQ LVHG WKH HYHQW VDLG k7KLV LV DQ LQIRUPDO PHHWLQJ WR KHOS RXU 03 XQGHUVWDQG EHWWHU WKH GHPDQGV DQG FKDOOHQJHV IDFLQJ VPDOO EXVLQHVVHV k$Q\ EXVLQHVV UHODWHG LVVXHV FDQ EH GLVFXVVHG DQG WKHUH LV QR QHHG WR ERRN q MXVW FRPH DORQJ y 7KH PHHWLQJ ZLOO EH KHOG RQ 7XHVGD\ 6HS WHPEHU IURP SP

%! $ $ '

$$ $ & $

$ # %"# &%!

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

â S l .1).K S l 1lK S l

ØEkòEé ³Ýh /Ýü` ³¢³ ü Ýéòkué Ý À³úuØ¢ é ú³Ø¢k Øu`³Øk ³¢kuØ

kdWfq0R( JJ R Ã Żĉ kĎį¸Ġ Ďų ǝĎƏĉ ĉĎŻ ǝ ųÍ ïųļĪ ƏĉÙ -ĎüĉĠ įÍŻ įÍ 0ŻĠ įÍŻ kƏƥÍÙįƏ ŻŻļ¸Ď ƏĎļį įÍ ƏĉÙ vįĎǜÙųŻĎƏǤ ļï ƏĉÙ -ĎüĉĠ įÍŻ įÍ 0ŻĠ įÍŻ f0q Qd JJ $ UHFRUG EUHDNLQJ \HDU ROG SRZHUOLIWHU IURP WKH %ODFN ,VOH ZDV MXVW RQH RI WKH DZDUG ZLQQHUV DW WKH ,QYHUQHVV &ROOHJH 8+, JUDGXDWLRQ FHUHPRQ\ \HV WHUGD\ %6F 3V\FKRORJ\ VWXGHQW $VK 6LQFODLU ZDV SUHVHQWHG ZLWK D )XOO 6SRUWLQJ %OXH $ZDUG E\ WKH +LJKODQGV

DQG ,VODQGV 6WXGHQW $V VRFLDWLRQ +,6$ DQG WKH 8QLYHUVLW\ RI WKH +LJKODQGV DQG ,VODQGV LQ UHFRJQLWLRQ RI H[FHOOHQFH LQ VSRUWLQJ SHUIRUPDQFH 0U 6LQFODLU ZDV D oQDQFH GLUHFWRU IRU \HDUV EHIRUH UHWLULQJ oYH \HDUV DJR $Q LQWHUHVW LQ FRPSXWLQJ SURPSWHG KLP WR HQURO LQ D GLJLWDO PHGLD FRXUVH DW ,QYHUQHVV &ROOHJH 8+,

:LWK D QHZ IRXQG WKLUVW IRU NQRZOHGJH KH HQUROOHG RQ WKH %6F 3V\FKRORJ\ GH JUHH q DQG KDV QRW ORRNHG EDFN +H SLFNHG XS WKH 6SRUW LQJ %OXH $ZDUG LQ UHFRJQL WLRQ RI KLV WLWOH DV D :RUOG &KDPSLRQ LQ SRZHUOLIWLQJ 7KLV \HDU KH WRRN WKH EHQFK SUHVV ZRUOG UHFRUG IRU KLV DJH JURXS ZLWK D NJ OLIW +H DOVR KROGV

WKH 6FRWWLVK %ULWLVK DQG (XURSHDQ UHFRUGV LQ WKH NLOR ZHLJKW FODVV +H VDLG k, YH SOD\HG VSRUW DOO P\ OLIH DQG FRP SHWHG DV D SRZHUOLIWHU IRU PDQ\ \HDUV k, HQFRXUDJH SHRSOH P\ DJH WR VWD\ DFWLYH PHQWDOO\ DQG SK\VLFDOO\ ,W ZRUNV IRU PH q ZKDW V UHWLUHPHQW"y 0RUH WKDQ RI WKH FROOHJH VWXGHQWV FHOHEUDW HG WKHLU JUDGXDWLRQ DW WKH FHUHPRQ\ DW (GHQ &RXUW 7KHDWUH 7KH\ KDYH FRPSOHWHG D UDQJH RI TXDOLoFDWLRQV IURP +1& WR +1' GHJUHH KRQ RXUV GHJUHH DQG SRVWJUDGX DWH VWXG\ $OVR UHFHLYLQJ D VSHFLDO DZDUG ZDV +1& FDUH DQG DGPLQLVWUDWLYH SUDFWLFH

VWXGHQW 6KDQQRQ 0XUUD\ IURP .LQJXVVLH 6KH SLFNHG XS WKH ,QD 0DFLYHU $ZDUG SUHVHQW HG WR WKH 8QLYHUVLW\ RI WKH

ů ıºľƧŵ þÛ ŕÛľŕĢÛƑľŽƑ ǧ ºƑĐǟÛÆĬÛıƑ ĢĢǧ ıÏŕċǧŽĐº ĢĢǧŰ +LJKODQGV DQG ,VODQGV

KHDOWK RU VRFLDO FDUH VWX GHQW RI WKH \HDU +LJKHU HGXFDWLRQ SURYL VLRQ DW ,QYHUQHVV &ROOHJH 8+, JUHZ E\ DOPRVW LQ FRPSDUHG ZLWK WKH SUHYLRXV \HDU ZLWK PRUH WKDQ VWXGHQWV HQ UROOHG ZLWK WKH 8QLYHUVLW\ RI WKH +LJKODQGV DQG ,VODQGV

1HZ SULQFLSDO 3URIHVVRU &KULV 2 1HLO VDLG k, ZRXOG OLNH WR RIIHU P\ SHUVRQDO FRQJUDWXODWLRQV WR HYHU\ VWXGHQW JUDGXDWLQJ WRGD\ k7KLV LV D VSHFLDO GD\ IRU RXU VWXGHQWV DQG D WLPH WR FHOHEUDWH WKHLU DFKLHYH PHQWV ZLWK IULHQGV DQG IDPLO\ k, DP LQ QR GRXEW WKH\ ZLOO KDYH H[SHULHQFHG KLJKV DQG ORZV DORQJ WKH ZD\ q DFKLHYLQJ D KLJKHU HGXFD WLRQ TXDOLoFDWLRQ UHTXLUHV KDUG ZRUN DQG GHWHUPLQD WLRQ WR VXFFHHG k%XW WRGD\ LV DERXW UH pHFWLQJ RQ KRZ IDU WKH\ KDYH FRPH RQ WKHLU OHDUQ LQJ MRXUQH\ UHFRJQLVLQJ WKH SHRSOH ZKR KDYH KHOSHG WKHP DQG ORRNLQJ IRUZDUG WR WKH QH[W FKDSWHU y

) & ) & # ( # ! ' ' ) ) ( # # # ) & #

& # # ' + $ %%

' #

&* ((( &* & ! # "

" " "

P0J0o e

0RQWK ORQJ PDMRU ZDU JDPHV DUH WR VWDUW RII WKH 2XWHU +HEULGHV WKLV ZHHNHQG ZKLFK ZLOO VHH D PLVVLOH oUHG LQWR VSDFH 7KH 86 WK )OHHW LV WR OHDG D OLYH oULQJ H[HUFLVH DW WKH +HEULGHV 5DQJH ZKLFK LV EDVHG LQ WKH 8LVWV )RUPLGDEOH 6KLHOG ZLOO LQYROYH WKH 8. &DQD GD )UDQFH *HUPDQ\ ,WDO\ 1HWKHUODQGV DQG 6SDLQ 3DUW RI WKH H[HUFLVH ZLOO VHH WKH 1DWR DOOLHV WHVW WKHLU EDOOLVWLF PLVVLOH GHIHQFH FDSDELOLWLHV 7KH 5R\DO 1HWKHUODQGV 1DY\ LV WR DVN LWV SHUVRQ QHO WR GHWHFW DQG WUDFN

ůmƧººÛŽŽñƧĢĢǧ ƑÛŽƑÛÏĐƑŽ ® ĢĢĐŽƑĐºĬĐŽŽĐĢÛ ÏÛñÛıºÛŽǧŽƑÛĬŰ D PLVVLOH p\LQJ DW PRUH WKDQ PSK 'XULQJ WKH H[HUFLVH WKH 'XWFK DLU GHIHQFH DQG FRP PDQG IULJDWH +1/06 'H 5X\WHU ZLOO PRQLWRU WKH PLVVLOH ZKLFK ZLOO p\ WZLFH DV KLJK DQG IDU DV RQH oUHG GXULQJ DQ DW VHD GHPRQVWUDWLRQ RII WKH +HEULGHV LQ 2FWREHU 7KHQ DQ $PHULFDQ ZDUVKLS VXFFHVVIXOO\ WHVWHG LWV EDOOLVWLF PLV VLOH GHIHQFH V\VWHP q WKH oUVW VXFK WHVW LQ (XURSH 7KH 866 5RVV FDUULHG RXW WKH KLW GXULQJ D OLYH oUH GHPRQVWUDWLRQ LQ ZDU JDPHV 7KH GHVWUR\HU ILUHG DQ 60 PLVVLOH DQG VKRW GRZQ D 7HUULHU 2ULRQ EDOOLVWLF PLVVLOH p\LQJ LQ VSDFH DFFRUGLQJ WR D 86 1DY\ VWDWHPHQW 7KH )ORULGD EDVHG 866 7KH 6XOOLYDQV DOVR oUHG DQ 60 PLVVLOH DW WZR DHULDO WDUJHWV VLPX ODWLQJ DQWL VKLS FUXLVH PLVVLOHV WDUJHWLQJ WKH 5RVV 7DNLQJ SODFH EHWZHHQ WKLV FRPLQJ 6XQGD\ DQG 2FWREHU VRPH RI )RU PLGDEOH 6KLHOG ZLOO RYHU ODS ZLWK 1DWR V 8. OHG ([HUFLVH -RLQW :DUULRU ZKLFK DOVR WDNHV SODFH LQ 6FRWODQG

! ! ! # ! $ "

" & + (

' &# " * +& # & ) % ) &

# $ " , , " # ! "

- #

FORVJSJFT!FSHTDPUMBOE DP VL t XXX FSHTDPUMBOE DP VL

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ňǯ S l .1).K S l 1lK S l

# ¢ éEØüh 3³¢k uØÝ ú ¢¢ ué òÝé ³u ³òØÕÝ ³é `u ³ ¨uØ`ü ¨ ÝÝ ³ kuÀEØéòØu 0 Q H 0RUD\ VROGLHUV ZHUH RQ VWDQGE\ ODVW QLJKW WR DV VLVW PDVVLYH UHOLHI HIIRUWV LQ WKH &DULEEHDQ WR KHOS FRPPXQLWLHV GHYDVWDWHG E\ +XUULFDQH ,UPD 7URRSV EDVHG DW .LQORVV %DUUDFNV ZHUH SRLVHG WR GHSOR\ WR WKH 7XUNV DQG &DLFRV ,VODQGV ZLWKLQ MXVW RQH KRXU RI EHLQJ QRWLoHG $ERXW PHPEHUV RI )LHOG 6TXDGURQ ZHUH UHDG\ WR EH VHQW RQ WKH DLG PLVVLRQ HQWLWOHG 2SHUDWLRQ 5XPDQ WR FDUU\ RXW XUJHQW UHSDLUV WR DLUoHOGV RQ WKH %ULWLVK RYHUVHDV WHUULWRU\ 7KH WURRSV KDG EHHQ RQ D WZR KRXU QRWLFH IRU WKH ODVW ZHHN EXW WKDW KDV QRZ EHHQ VKRUWHQHG WR MXVW PLQXWHV 7KDW PHDQV WKH PHQ DQG ZRPHQ RI (QJLQHHU 5HJLPHQW QHHG WR EH FRQVWDQWO\ SUHSDUHG WR OHDYH WKH EDVH DQG VD\ JRRGE\H WR WKHLU IDPLOLHV 0DMRU 'DI\GG +RZHOOV RIILFHU FRPPDQGLQJ

)LHOG 6TQ VDLG k:H OLWHU DOO\ QHHG WR EH GHSDUWLQJ .LQORVV ZLWKLQ DQ KRXU RI JHWWLQJ WKH FDOO k:H DUH H[SHFWHG WR PRYH IURP KHUH WR ZKHU HYHU ZH QHHG WR JHW WR WR PDUU\ XS ZLWK WKH DLUFUDIW WKDW ZRXOG GHSOR\ LW FRXOG EH %UL]H 1RUWRQ RU /RVVLH PRXWK RU ZKHUHYHU 7KDW PHDQV DOO P\ YHKLFOHV DUH SDFNHG DQG UHDG\ WR PRYH 2XU SULRULW\ LV WR JHW HV

ůYƧŵŕŵĐľŵĐƑǧĐŽ ƑľþÛƑÛŽŽÛıƑĐ Ģ ŽƧŕŕĢĐÛŽƑľƑċÛ ŵÛ ññÛºƑÛÏŰ VHQWLDO VXSSOLHV RXW WR WKH DUHD DIIHFWHG y 7KH VTXDGURQ LV RUGL QDULO\ RQ D KRXU QRWLFH WKURXJKRXW WKH \HDU WR PRYH WR DQ\ ORFDWLRQ LQ WKH ZRUOG 7URRSV ZHUH HQMR\LQJ D ZHOO HDUQHG IRXU GD\ EUHDN ODVW ZHHNHQG EXW

WR kq R Ã Ɣ÷ 'ĎÙĠÍ kŨƥ Íųļį Ə ƏĉÙ ĪÙÍ ĠŻ œ ų ÍÙ Ə HĎįĠļŻŻ ǤÙŻƏÙųÍ Ǥŝ dĉļƏļüų œĉ ¬Ǥ HÙįįǤ ĠųĎ¸ĝ UXVKHG EDFN IURP OHDYH ZKHQ WKH\ ZHUH SODFHG RQ WZR KRXUV DOHUW <HVWHUGD\ 0DMRU +RZHOOV SUDLVHG WKH PHQWDOLW\ RI WKRVH XQGHU KLV FRPPDQG IRU UHWXUQ LQJ WR .LQORVV VR TXLFNO\

,I GHSOR\HG WR WKH LV ODQGV )LHOG 6TQ ZLOO EH WDVNHG ZLWK HQVXULQJ DLG FDQ ODQG DW DLUSRUWV $ SODQH ORDG RI VSHFLDOLVW HOHFWULFDO HTXLSPHQW DQG WRRO ER[HV WR o[ XQGHU

JURXQG FDEOHV DQG OLJKWV LV UHDG\ WR EH VKLSSHG WR WKH &DULEEHDQ 0DMRU +RZHOOV DGGHG k2XU UROH ZRXOG EH WR UH SDLU WKH DLUFUDIW RSHUDW LQJ VXUIDFHV q WKDW FRXOG

EH WKH PDLQ UXQZD\ DQ\ WD[LZD\V RU WHFKQLFDO DU HDV ZKHUH VHUYLFLQJ WDNHV SODFH :H FRXOG DOVR ORRN DW DFFRPPRGDWLRQ y -ƥųųĎ¸ įÙ œųĎŻļįÙųŻ ųļƥįÍÙÍ ƥœÄ d üÙ ƠƠ

Q ote

$ SURMHFW LV XQGHU ZD\ WR EULQJ EDFN YDVW DUHDV RI QDWLYH ZRRGODQG WR WKH :HVWHUQ ,VOHV 'HIRUHVWDWLRQ KDV WDNHQ SODFH IRU FHQWXULHV DFURVV WKH 2XWHU +HEUL GHV ZLWK 9LNLQJV FOLPDWH FKDQJH DQG FURS H[SDQ VLRQ DOO SDUWO\ WR EODPH %XW 7KH +HEULGHDQ $UN DLPV WR UHYLYH WKH WUHH SRSXODWLRQ DQG KDYH PRUH QDWLYH VDS OLQJV DURXQG +DUULV DQG /HZLV E\ 'DYLG 0DFND\ RI 6KDZERVW EDVHG +RU VKDGHU &RPPXQLW\ 'HYHORSPHQW KDV EHHQ OHDGLQJ WKH SURMHFW +H VDLG k:H UH WU\LQJ WR EULQJ EDFN WUHHV WKDW KDYH DOZD\V EHHQ KHUH WKH\ UH SDUW RI WKH +HEULGHV k7KH JHQHWLFV RI WKHVH WUHHV KDYH D WLPHOLQH JR LQJ EDFN \HDUV RQ WKH LVODQGV q WKH\ UH KDU G\ OLNH WKH SHRSOH KHUH y

$ #

" ! # % % ! !

! " " " " "" ! " ! " ""

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

S l ňň

H(eVtQ

ùuÝé Eé ³h 5uÝéÝ é³ k ³òé éØòu E¢ ØuÝé À¢E`u ³ E`³V éu `¢E ` u

kHvJJ v(( f Ã 0ï dųļï ĪÙ kƥÙ Ġ ¸ĝ ÍĎŻ¸ļǜÙųŻ ƏĉÙ ųÙĪ ĎįŻ Ə ųÍĠ ǝ ųÙ ƏĉļŻÙ ļï kĎĪļį 'ų ŻÙųÄ ǝĉļ ļų ǝĉ Ə ĎŻ ¬ƥųĎÙÍ Ə ƏĉÙ qļǝÙųũ

7KH PDQ NQRZQ DV WKH )R[ 6LPRQ )UDVHU WK /RUG /R YDW ZDV ERUQ DURXQG +H EHFDPH FKLHIWDLQ RI WKH &ODQ )UDVHU DQG ZDV D -DFRELWH VXSSRUWHU 6LPRQ )UDVHU VHFXUHG WKH WLWOH DQG HVWDWHV WKURXJK D IRUFHG PDUULDJH WR $PHOLD /DG\ /RYDW EXW KHU IDPLO\ ZHUH VR RXWUDJHG WKDW KH ZDV IRUFHG WR pHH WR )UDQFH 'XULQJ KLV VWD\ KH FRQ YHUWHG WR &DWKROLFLVP DQG EHFDPH SDUW RI WKH -DFRELWH FRXUW H[LOHG WKHUH +H UHWXUQHG WR 6FRWODQG IRXQG RXW DERXW D SRVVLEOH XSULVLQJ DQG SURPSWO\ EH WUD\HG WKH SORW WR WKH JRY HUQPHQW 'XULQJ WKH XSULVLQJ KH pXFWXDWHG EHWZHHQ ERWK VLGHV DQG ZDV SDUGRQHG E\ WKH JRYHUQPHQW %XW LQ KLV OXFN UDQ RXW $OWKRXJK KH SUR IHVVHG KLV VXSSRUW IRU WKH -DFRELWHV KH DJDLQ WROG WKH JRYHUQPHQW WKDW KH ZDV VXSSRUWLQJ WKHP 7KLV WLPH KH ZDV QRW EH OLHYHG DQG DIWHU WKH -DFR ELWH V GHIHDW DW &XOORGHQ 6LPRQ )UDVHU ZDV IRUFHG WR pHH IRU KLV OLIH EXW ZDV FDSWXUHG q KLGLQJ LQ D KRO ORZ RI D WUHH q QHDU 0DOODLJ

$IWHU KLV H[HFXWLRQ LW ZDV UHSRUWHG WKDW 6LPRQ )UDVHU V ZDV SODFHG RQ D VSLNH DW 7UDLWRU V *DWH DW WKH 7RZHU RI /RQGRQ 0U /XQGEHUJ VDLG k, EH OLHYH 6LPRQ )UDVHU V ERG\ LV LQ RXU FU\SW EXW ZH UHDOO\ ZDQW WR KDYH SURRI k:KHQ 3URIHVVRU %ODFN FDUULHV RXW KHU GHWDLOHG LQYHVWLJDWLRQ LW PLJKW EH GLIoFXOW WR GR D '1$ WHVW DV WKLV LV EHVW GRQH ZKHQ LW IROORZV WKH IHPDOH OLQH

kĎĪļį 'ų ŻÙųÄ JļųÍ Jļǜ Ə

RR Q H 7KH P\VWHU\ RYHU WKH EXU LDO SODFH RI DQ H[HFXWHG -DFRELWH FODQ FKLHI FRXOG EH VROYHG QH[W PRQWK E\ D UHQRZQHG IRUHQVLF H[SHUW ,W KDV ORQJ EHHQ EHOLHYHG E\ PDQ\ SHRSOH WKDW WKH UH PDLQV RI 6LPRQ )UDVHU WK /RUG /RYDW q DND kWKH )R[y q OD\ LQ D FU\SW DW :DUGODZ 0DXVROHXP DW .LUNKLOO 7KLV LV GHVSLWH RIoFLDO UHFRUGV VKRZLQJ WKH -DFR ELWH V\PSDWKLVHU ZDV EXU LHG DW WKH 7RZHU RI /RQGRQ ZKHUH KH ZDV EHKHDGHG RQ $SULO ,W LV WKRXJKW KH ZDV DURXQG ZKHQ KH EHFDPH WKH ODVW SHUVRQ WR EH H[HFXWHG E\ EHKHDGLQJ LQ %ULWDLQ

ů2®ÛĢĐÛǟÛmĐĬľı )ŵ ŽÛŵŲŽ®ľÏǧĐŽĐı ľƧŵºŵǧŕƑÆ®ƧƑǠÛ Ǡ ıƑŉǱǱŞŕŵľľñŰ %XW LI WHVWV SURYH WKH UH PDLQV LQ D FU\SW DW :DUGODZ DUH WKRVH RI 6LPRQ )UDVHU LW OHDYHV WKH TXHVWLRQ RI ZKR RU ZKDW OLHV EXULHG LQ KLV SODFH DW WKH 7RZHU 7KH LQYHVWLJDWLRQ ZLOO EH FDUULHG RXW E\ 3URIHV VRU 'DPH 6XH %ODFN RI WKH &HQWUH IRU $QDWRP\ DQG +XPDQ ,GHQWLoFDWLRQ DW 'XQGHH 8QLYHUVLW\ 3URIHVVRU %ODFN FDPH WR :DUGODZ 0DXVROHXP ODVW 2FWREHU WR GLVFXVV WKH FDVH ZLWK FXUDWRU (ULN /XQGEHUJ 7KH\ RSHQHG WKH FRIoQ DQG FRXOG VHH WKDW WKH UHPDLQV KDG QR KHDG

³éE`é òÝ R k kHk @.::" 9"99.. /'0+ =4 4( ')0 -0;( @."69 :5::". /'0+-38$+ =4 ')0 -0;( @.9"9 !!":9@ /'0 )#&+ ')0 -0;( @.9. "59 , 5" @:@5 :., "9,@

k%XW VKH ZLOO EH DEOH WR oQG RXW WKH KHLJKW RI WKH ERG\ E\ H[DPLQLQJ WKH ERQHV DQG ZLOO EH DEOH WR GLVFRYHU LI WKHUH ZHUH ROG LQMXULHV k6KH ZLOO DOVR EH DEOH WR VHH LI WKHUH DUH D[H PDUNV DW WKH WRS RI WKH YHUWHEUDH DW WKH QHFN 7KHUH LV D +R JDUWK SULQW RI 6LPRQ )UDVHU DQG VHYHUDO ERRNV DERXW KLP VR WKHUH VKRXOG EH HQRXJK LQIRUPDWLRQ WR VHH LI WKLV LV D SK\VLFDO PDWFK y

0U /XQGEHUJ VDLG LW LV WKRXJKW -DFRELWH VXS SRUWHUV EURXJKW WKH FRIoQ FRQWDLQLQJ 6LPRQ WKH )R[ EDFN WR :DUGODZ q WKH WUD GLWLRQDO EXULDO SODFH RI WKH /RYDW )UDVHUV k'XULQJ WKH UHVWRUDWLRQ RI WKH 7RZHU RI /RQGRQ LQ WKH WK FHQWXU\ YDULRXV SODTXHV IURP FRI oQV ZHUH IRXQG DQG RQH KDG 6LPRQ )UDVHU V QDPH RQ LW VR WKDW LV ZK\ WKH RIo FLDO OLQH LV WKDW KH LV EXULHG WKHUH y KH DGGHG

1u¨E Ýh ûÀuØé ùuÝé Eé³Ø 3URIHVVRU 'DPH 6XH %ODFN ZKR ZLOO EH FDUU\LQJ RXW WKH LQYHVWLJDWLRQ LQWR WKH UHPDLQV DW :DUGODZ 0DXVROHXP ZDV ERUQ LQ ,QYHUQHVV 6KH LV WKH GLUHF WRU RI WKH &HQWUH IRU $QDWRP\ DQG +X PDQ ,GHQWLoFDWLRQ DW WKH 8QLYHUVLW\ RI

WRq q Wvf JW J f dWfq f @.9,5 5@@@56 @.::" 9"".5. @.::" 9"99!" @.69. !6:,9! @.55, "5!,5:

d0 qvf k @.::" 9"99@" /'0/& 8;3 4 ')0 -0;(

'XQGHH D SURIHVVRU RI DQDWRP\ DQG IRUHQVLF DQWKURSRORJ\ DQG LV DOVR DQ H[SHUW IRUHQVLF SUDFWLWLRQHU 3URIHVVRU %ODFN VDLG k:H ZLOO ORRN DW WKH DJH DW GHDWK ZH ZLOO DVVHVV KHLJKW DQG ZH ZLOO ORRN IRU GLVHDVH DQG SDWKRORJ\ LQ WKH UHPDLQV y

vk0R kk -> "9 +# 83 $8 483& ( 3 + .! 6 8-+ ? & ) ;4&+ 44 3( 8-+ ? & ) +< 3+ 44 : 5 ;&8 4 ! , ) > + 3 ) *&+# -;4 -;8$ & ) 3&< )#&+ 9@ 6 fq0k0R( )) @.::" 6,.:.:

)) @."69 :5::@@ )) @.9"9 !!":@5 %* &) 4 ')0 -0;( -;+84 2; 3& 4 )) -;+84 -+ @.::" 9"9.66

ǝǝǝŝœųÙŻŻ įÍěļƥųį Ġŝ¸ļŝƥĝ

-WQ J0 f

@.::" 9"99!6 /'0 ;4&+ 44 ')0 -0;(

+< 3+ 44 @ @ :@::@,: )#&+ @.9"9 !!":@6 3 + @ @@ @:5!@"@

kdWfq

dWkq J kv k f0dq0WRk H 0kkv k

@.::" 9"9959 /'04/-38 ')0 -0;(

)) 3 /$-+ @ @@ 9. "60 < 34 4 ) 1"" .9 : !5!! @0 %* &) 4$-/ 8$-*4-+0 -0;( ===0 8$-*4-+4$-/0 -0;(

' fQ0R( @.::" 9"9@!. /'0 3*&+# ')0 -0;(

'0k-0R(

d F WQd q0q0WRk Q fH q0R(

)) @.::" 9"9:,@ q- df kk R FWvfR J qf J

@.::" 9"99:6 /'0 &4$&+# ')0 -0;(

-3 -;3 $-)& ? 3- $;3 4 /) 4 )) @.::" 99 @@" -3 <&4&8 ===0/3 44 + '-;3+ )83 < )0 -0;(

' qvf k

Q f - R 0k Ã f f W'' fkÃ d-WqW k J k R QWf

@.::" 9"999! ?-;3)& ')0 -0;(

) 4 )) 3 /$-+ @ @@ 9. "60 ===0/$-8-4$-/4 -8) + 0 -*

Rļ ļƏĉÙų ųÙüĎļį Ġ ƏĎƏĠÙ Ďį ƏĉÙ vH ŷÕĜĜŷ ĪļųÙ ¸ļœĎÙŻ ÙǜÙųǤ Í Ǥ Əĉ į ƏĉÙ dųÙŻŻ įÍ Fļƥųį ĠÄ ¸¸ļųÍĎįü Əļ ƏĉÙ Ġ ƏÙŻƏ ¸Ďų¸ƥĠ ƏĎļį ðüƥųÙŻ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ňơ S l

³ uØu`uh 3`³éé Ý ¢uEkuØ éu¢¢Ý E`é ù ÝéÝ é u Ø ÀEØéü Ô EÝ é u ¨³¨uéò¨Õ H qf0R vkk 6FRWWLVK /LEHUDO 'HPRFUDW OHDGHU :LOOLH 5HQQLH KDV VDLG WKH PRPHQWXP LV ZLWK KLV SDUW\ DV DFWLYLVWV JDWKHU DKHDG RI WKHLU DXWXPQ FRQ IHUHQFH :LWK WKH /LEHUDO 'HPR FUDWV LQ 6FRWODQG KDYLQJ JDLQHG WKUHH VHDWV IURP WKH 613 LQ -XQH V VQDS HOHFWLRQ 0U 5HQQLH VDLG WKHUH KDG EHHQ kVLJQLoFDQW JDLQVy +H DOVR KDLOHG QHZ 8. OHDGHU 9LQFH &DEOH DV EHLQJ DQ kLPSRUWDQW HFRQRPLF WKLQNHUy DQG D kUHDO DVVHWy WR WKH /LE 'HPV 7KH FRQIHUHQFH LQ %RXUQHPRXWK ZKLFK JHWV XQGHU ZD\ RQ 6XQGD\ ZLOO EH 0U &DEOH V oUVW VLQFH WDNLQJ RYHU WKH MRE IURP 7LP )DUURQ 0U &DEOH VDLG WKH /LE HUDO 'HPRFUDWV ZHUH QRZ kVLJQLoFDQWO\ PRUH LQpXHQ WLDO WKDQ EHIRUH WKH JHQHUDO HOHFWLRQy LQ -XQH LQ ZKLFK &RQVHUYDWLYH 30 7KHUHVD 0D\ ORVW KHU SDUW\ V &RP PRQV PDMRULW\ k:LWK D KXQJ SDUOLD

PHQW D ZHDN &RQVHUYDWLYH JRYHUQPHQW D GLYLGHG /D ERXU SDUW\ DQG WKH %UH[LW SURFHVV XQGHU ZD\ WKH /LE HUDO 'HPRFUDWV FDQ PDNH D UHDO GLIIHUHQFH WR WKH IXWXUH RI RXU FRXQWU\ y 0U &DEOH DGGHG :LWK IRXU /LE 'HP 03V HOHFWHG LQ 6FRWODQG LQ -XQH 0U 5HQQLH VDLG WKH SDUW\ ZDV kJURZLQJ DJDLQ DQG ZH KDYH PRPHQWXPy +H DGGHG k:H KDYH VRPH IDQWDVWLF QHZ HOHFWHG UHSUHVHQWDWLYHV ZKR DUH JR LQJ WR GULYH WKH SDUW\ IRU ZDUG k:H KDYH D QHZ OHDGHU LQ 9LQFH ZKRVH H[SHULHQFH DV DQ LPSRUWDQW HFRQRPLF WKLQNHU LV D UHDO DVVHW k7KH &RQVHUYDWLYHV DUH VWUXJJOLQJ LQ :HVWPLQ VWHU /DERXU LV OHDGHUOHVV LQ 6FRWODQG DQG WKH 613 DUH KHDGLQJ GRZQ WKH SROOLQJ ODGGHU /LEHUDO 'HPRFUDWV KRZHYHU FDQ PDNH D UHDO GLIIHUHQFH WR WKH IXWXUH RI RXU FRXQWU\ k*RLQJ IRUZDUG ZH ZLOO EXLOG D IUHVK EULJKW SODW IRUP IRU FKDQJH y

Q H0R( 0'' f R Ã ĎĠĠĎÙ fÙįįĎÙ ƏÙĠĠŻ ƏĉÙ JĎ¬ ÙĪ ¸ļįïÙųÙį¸Ù Əĉ Ə ƏĉÙ œ ųƏǤ ĎŻ ųÙ ÍǤ Əļ ĪļǜÙ ïļųǝ ųÍ

cVJ0o0 i

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oQGLQJV DUH FRPSDUHG ZLWK WKH HOHF WLRQ %XW WKH SROO VXJJHVWV WKH 7RULHV FRXOG EH IDOOLQJ WR WKLUG EHKLQG /DERXU ZKLFK SROOHG RQ WKH FRQVWLWXHQF\ YRWH DQG RQ WKH OLVW

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

S l ňƕ

cVJ0o0 i

/³¢ é `Ýh #3/ éE¡uÝ E ¨ Eé 3éòØ u³ 063 $QDV 6DUZDU KDV ODXQFKHG KLV 6FRWWLVK /D ERXU OHDGHUVKLS FDPSDLJQ ZLWK D SOHGJH WR GHOLYHU kHTXDOLW\ RSSRUWXQLW\ DQG IDLUQHVVy LQ SRZHU +H VSRNH RI KLV DPELWLRQ WR EHFRPH 6FRWODQG V QH[W oUVW PLQLVWHU GXULQJ WKH HYHQW KHOG LQ 1LFROD 6WXU JHRQ V *ODVJRZ 6RXWKVLGH FRQVWLWXHQF\ 7KH *ODVJRZ SROLWLFLDQ VDLG KH ZRXOG SXUVXH SROL FLHV WR kUHVFXH WKH 1+6y HQG WKH JHQGHU SD\ JDS DQG OLIW FKLOGUHQ RXW RI SRYHUW\ E\ WRSSLQJ XS FKLOG EHQHoW DV KH RXWOLQHG KLV OHDGHU VKLS SLWFK k'HVSLWH EHLQJ D *ODVJRZ

063 GHVSLWH UHSUHVHQWLQJ RQH RI WKH SRRUHVW FRP PXQLWLHV LQ RXU FRXQWU\ 1LFROD 6WXUJHRQ V 613 KDV SUHVLGHG RYHU d PLOOLRQ RI FXWV WR WKLV FLW\ y KH VDLG k+DOI RI WKH FKLOGUHQ LQ WKLV FRQVWLWXHQF\ DUH GH SULYHG 7KDW LV D QDWLRQDO GLVJUDFH $QG \HW 1LFROD 6WXUJHRQ UHIXVHV WR XVH WKH SRZHUV ZH KDYH WR KHOS WKHP k2XU SODQV WR WRS XS FKLOG EHQHILW ZRXOG EH ZRUWK PLOOLRQV RI SRXQGV WR IDPLOLHV LQ WKLV FLW\ EXW VKH IDLOV WR DFW k7KDW LV ZK\ KHUH LQ WKH *RUEDOV DW WKH VWDUW RI WKLV FDPSDLJQ ZH DUH SDUNLQJ

RXU WDQNV RQ 1LFROD 6WXU JHRQ V ODZQ 7KLV FDPSDLJQ LV QRW MXVW DERXW HOHFWLQJ D /DERXU OHDGHU LW V DERXW HOHFWLQJ WKH QH[W /DERXU oUVW PLQLVWHU y +H DGGHG k, GRQ W ZDQW WR EH D 6FRWWLVK /DERXU ZKR MXVW WDONV DERXW oJKWLQJ LQ HTXDOLW\ FUHDWLQJ RSSRUWX QLW\ DQG EXLOGLQJ D IDLUHU VRFLHW\ k, ZDQW WR GHOLYHU WKDW HTXDOLW\ RSSRUWXQLW\ DQG IDLUQHVV DV WKH QH[W oUVW PLQLVWHU RI 6FRWODQG y 0U 6DUZDU DOVR WROG /D ERXU VXSSRUWHUV WKH\ FRXOG FKRRVH kWR FRQWLQXH WR GL YLGH RU WR EULQJ RXU SDUW\ DQG RXU FRXQWU\ WRJHWKHUy

0( dJ RkÃ į Ż k ųǝ ų ĠŻļ Ż ĎÍ ĉÙ ǝļƥĠÍ œƥųŻƥÙ œļĠĎ¸ĎÙŻ Əļ ůųÙŻ¸ƥÙ ƏĉÙ R-kŰ

$ 6FRWWLVK /DERXU 0(3 KDV FDOOHG IRU WKH JURXQG ZRUN WR EH ODLG IRU D SRV VLEOH FRDOLWLRQ EHWZHHQ WKH SDUW\ DQG WKH 613 DW +RO\URRG 'DYLG 0DUWLQ VDLG ZKLOH WKH SURVSHFW PD\ VHHP kXQWKLQNDEOHy WR PDQ\ VLJQV RI LQFUHDV LQJ FR RSHUDWLRQ EHWZHHQ WKH WZR SDUWLHV KDG EHHQ JURZLQJ +H VDLG k7KHUH DUH VLJ QDOV YHU\ ZHDN VLJQDOV WKH UHDO KDWH q DQG LW ZDV KDWH q EHWZHHQ /DERXU DQG WKH 613 LV EHJLQQLQJ WR ZHDNHQ k, ZRXOG QRW TXLWH VD\ WKHUH LV D UDSSURFKHPHQW EXW WKHUH LV PRUH SRVVL ELOLW\ RI FR RSHUDWLRQ DQG ZRUNLQJ WRJHWKHU WKDQ LQ D ORQJ WLPH y $ 6FRWWLVK /DERXU VSRNHVPDQ VDLG k:H GR QRW VXSSRUW D GHDO SDFW RU FRDOLWLRQ ZLWK WKH 613 y

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

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ňø S l

ééE`¡h ³ÝÀ éE¢Ý éØuEé ð® Àu³À¢u E éuØ ØuVE¢¢ Ø ÀÝ é Ø³ò `EØØ E u %ULWDLQ LV RQ FULWLFDO WHUURU DOHUW ZLWK PLOLWDU\ WURRSV VHW WR EROVWHU SROLFH IRUFHV LQ WKH KXQW IRU WKH 3DUVRQV *UHHQ ERPEHU 3ULPH 0LQLVWHU 7KHUHVD 0D\ UDLVHG WKH WKUHDW OHY HO WR WKH KLJKHVW SRVVLEOH UDWLQJ PHDQLQJ DQRWKHU DWWDFN LV H[SHFWHG LPPL QHQWO\ $ PDQKXQW LV XQGHU ZD\ DIWHU WKH LPSURYLVHG H[SOR VLYH GHYLFH VHQW D oUHEDOO WKURXJK D SDFNHG /RQGRQ 8QGHUJURXQG WUDLQ FDUULDJH LQ VRXWK ZHVW /RQGRQ GXU LQJ \HVWHUGD\ PRUQLQJ V UXVK KRXU 7KH ,VODPLF 6WDWH ,6

WHUURU JURXS FODLPHG UH VSRQVLELOLW\ IRU WKH DWWDFN WKURXJK LWV $PDT QHZV DJHQF\ DFFRUGLQJ WR WKH 86 EDVHG 6LWH ,QWHOOLJHQFH 5LWD .DW] WKH GLUHFWRU RI 6LWH VDLG ,6 FODLPHG WKH ERPELQJ ZDV WKH ZRUN RI D kGHWDFKPHQWy UDWKHU WKDQ VLPSO\ D kVROGLHUy ZKLFK VKH VDLG LPSOLHG LW ZDV D FR RUGLQDWHG DWWDFN /DVW QLJKW $VVLVWDQW &RPPLVVLRQHU 0DUN 5RZ OH\ WKH FRXQWU\ V PRVW VHQLRU FRXQWHU WHUURULVP RIoFHU VDLG WKDW EULQJLQJ LQ WKH PLOLWDU\ ZRXOG PHDQ H[WUD SROLFH RIoFHUV ZRXOG EH RQ WKH VWUHHWV RYHU WKH ZHHNHQG LQ /RQGRQ DQG HOVHZKHUH +H DGGHG WKDW WKH SROLFH LQYHVWLJDWLRQ ZDV PDNLQJ kH[FHOOHQW SURJUHVVy DQG

XUJHG PHPEHUV RI WKH SXE OLF WR kDFW RQ WKHLU LQVWLQFWy LI WKH\ VDZ DQ\WKLQJ FRQ FHUQLQJ DQG kQRW WR KHVL WDWHy WR FDOO $ WRWDO RI SDWLHQWV QHHGHG KRVSLWDO WUHDWPHQW ZLWK D QXPEHU RI WKRVH KXUW VXIIHULQJ IURP EXUQV $V %ULWDLQ IDFHG XS WR DQ RWKHU WHUURULVW LQFLGHQW IRO ORZLQJ IRXU DWWDFNV DOUHDG\ WKLV \HDU LPDJHV HPHUJHG RQ VRFLDO PHGLD DSSHDULQJ WR VKRZ ZLUHV SURWUXGLQJ IURP D pDPLQJ EXFNHW LQ VLGH D SODVWLF /LGO FDUULHU EDJ RQ WKH pRRU RI D FDU ULDJH 5HSRUWV VXJJHVWHG WKH GHYLFH KDG D WLPHU

ů2ċÛ ŵÏ ®ľľĬ ıÏƑċÛŵÛǠÛŵÛ ÷ ĬÛŽ ĢĢ ŵľƧıÏŰ 6FRWODQG <DUG DQG WKH SULPH PLQLVWHU UHEXNHG 86 SUHVLGHQW 'RQDOG 7UXPS RYHU KLV FODLP WKH 3DUVRQV *UHHQ 7XEH ERPEHU ZDV kLQ WKH VLJKWVy RI 6FRWODQG <DUG 3ROLFH VXVSHFW WKH H[SOR VLRQ ZDV VSDUNHG ZKHQ DQ LPSURYLVHG H[SORVLYH GH YLFH ZDV GHWRQDWHG DQG ODXQFKHG D KXJH FRXQWHU WHUURULVP LQYHVWLJDWLRQ DORQJVLGH 0, 7KH GHYLFH ZDV EHLQJ IR UHQVLFDOO\ H[DPLQHG ZKLOH GHWHFWLYHV VFRXUHG &&79 DQG H[DPLQHG ZLWQHVV

f kdWRk Ã 'ĎųÙðüĉƏÙųŻ ųųĎǜÙ Ə d ųŻļįŻ (ųÙÙį ŻƏ ƏĎļį ïƏÙų ƏĉÙ ÙǣœĠļŻĎļį ļį ƏĉÙ JļįÍļį vįÍÙųüųļƥįÍ ÍƥųĎįü ųƥŻĉ ĉļƥų ǤÙŻƏÙųÍ Ǥ VWDWHPHQWV IRU SRWHQWLDO OHDGV 3ROLFH ZHUH FDOOHG DW DP IROORZLQJ UHSRUWV RI D oUH RQ WKH WUDLQ DV LW SXOOHG LQ WR WKH VWDWLRQ (PHUJHQF\ VHUYLFHV LQ FOXGLQJ DUPHG SROLFH ZHQW WR WKH VFHQH DQG FRUGRQHG RII WKH VWDWLRQ 6\OYDLQ 3HQQHF D VRIW ZDUH GHYHORSHU IURP 6RXWK oHOGV QHDU :LPEOHGRQ

ZDV DERXW PHWUHV IURP WKH VRXUFH RI WKH H[SORVLRQ ZKHQ oUH oOOHG WKH FDUULDJH k, KHDUG D ERRP DQG ZKHQ , ORRNHG WKHUH ZHUH pDPHV DOO DURXQG y KH VDLG k3HRSOH VWDUWHG WR UXQ EXW ZH ZHUH OXFN\ WR EH VWRSSLQJ DW 3DUVRQV *UHHQ DV WKH GRRU VWDUWHG WR RSHQ y +H GHVFULEHG WKH VFHQH RI SDQLF DV FRPPXWHUV VWUXJ

JOHG WR HVFDSH WKH FDUULDJH kFROODSVLQJ DQG SXVKLQJy HDFK RWKHU +H VWD\HG WR WDNH D FORVHU ORRN DW ZKDW KH EHOLHYHG ZDV WKH VRXUFH RI WKH EODVW k,W ORRNHG OLNH D EXFNHW RI PD\RQQDLVH y KH VDLG &KULV :LOGLVK ZKR ZDV RQ WKH WUDLQ VDLG KH VDZ D kGHYLFHy LQ WKH ODVW FDUULDJH +H VDLG k)ODPHV ZHUH VWLOO

FRPLQJ RXW RI LW ZKHQ , VDZ LW DQG KDG D ORW RI ZLUHV KDQJLQJ RXW RI LW y $VNHG LI LW ZDV FOHDU ZKHWKHU WKH SHUVRQ UHVSRQ VLEOH ZDV RQ WKH WUDLQ DW WKH WLPH 0U 5RZOH\ VDLG k,W V YHU\ PXFK D OLYH LQYHVWLJD WLRQ DQG ZH DUH IROORZLQJ GRZQ WKH OLQHV RI LQTXLU\ y 7KH 3UHVV DQG -RXUQDO V QRUWK QHZV HGLWRU 6DUDK

%UXFH ZDV LQ ZHVW /RQGRQ DQG ZLWQHVVHG WKH UHVSRQVH RI WKH HPHUJHQF\ VHUYLFHV k, VDZ KHOLFRSWHUV DQG SROLFH FDUV q , WKRXJKW WKHUH KDG EHHQ D UREEHU\ EHFDXVH SROLFH ZHUH RXWVLGH D EDQN DW )XOKDP %URDGZD\ EXW WKHQ VRPHRQH WROG PH ZKDW KDG KDSSHQHG y $XWKRULWLHV KDYH IRLOHG SORWV VLQFH PLG

555,1. "$ & ./,/ )1

4/, E ,1 /A !; ',)*>; $:40 4>/ 1 $A// 4 : 41 :A,;!

0 & 1' 1 0+ 5% :%5$ +< ' = 1,)*>; 4,,"* % 7"& )31 &)5 $$ ). 6)3. )+6

++& < 73 -5 ( 0 1+ <+8 +)/5 (%11 +85

8 % 9 )580 1 < 1,)*>; .)% 4*7*

/,)*>; & >/ 1>,; *! /0 0 8-#0 5+ 4 =-$ ' + 0 0 11 5+ .8 9 )580 5 0- 0& + $ +15 $ ( 01 .8 0%8( 1 6:,B >! >: 1;$!:; 8(( 0 $+'% < '% +0)% 08%1%)#5F 1,)*>; .)% 4*6* /,)*>; @ 1,)*>; ( 8 1 : 1 ,; 4 *4>!/ :A,;! 0!:, 04>4:*40! C,>* 0,/! )! 5 1,)*> ? 4; 1)!/!; *4>!/ (-5%)# $ %' ) < 1,)*>; .)% 4,=7* /,)*>; ( 8 !1> : : 1 ! * !;4:> 0A, :! .$ ;> 6:,B >! >: 1;$!:;

) -3 $" 6 ). 1 "/ )3&1 )$" 6/ %3/1 "& $3 1 $ /1 " 1/ 0 &" 1/ )%%) 1")& & + .1 15 & 2' 3& ! 22 3 28* , $$ 13. /3%% . )$" 6/ 4 1 "/ )3&1 ++$" & . / )& 15) 3$1/ 2 "$ . & 1. 4 $$"& 1) 1 .,

@=& 55 =

!1, / G > .4/48 G 1>4:,13 G 4>4; G 6/,> G

$ 8(( 0 1 '

)1 + $+% 0+( +80 08%1 (

$ +0 ' 11

)/1)& $)." .)% 5 ).# $" ).&" .)%

)&)%6

3/"& //

46 7 46 *( 4633( 46*6(

4,"22 4, 2 4,"",( 4,*=

8;80< +'% <1 0 9 ''%)# %) 81%) 11 ' 11 4/, E ,1 /A !; A;,1!;; / ;; ',)*>; $:40 4>/ 1 >*! C4:/ 9; %1!;> *4>!/;

$ %' ) :%) )50 5F 1,)*>; 477** ( 8 1).4. *4>!/ & *A.!> :!;4:> C,>* :! .$ ;> 6:,B >! >: 1;$!:;

!< 0+( ' 1#+:

3 " ". 1

"$ & .)%

.1 6 & 6

4""6 4 ," 433 4267

$ 6/" .)% )31 ." .)% $ )3.& 5 $ & .)%

4 ,7 4 * 42,6 4233

5( @ ?

:, !; :! 6!: 6!:;41 ;! 41 >C,1 ;* :! ,1 /A ,1) ',)*>; ;A -! > >4 B ,/ ,/,>E7 /, $4: ;!/! >! !6 :>A:!; ,1 >*! 1!D> = C!!.; !D !6> 5 4B + 5@ !

' ;% %'%5< '8 +) +80 0%9 5 +801 1 !6!1 !1> 4: $A//E )A, ! >4A:,1) C,>* 6:4$!;;,41 / :,B!:; 1)/,;* ;6! .,1) )A, !;7 4A:; ,1 /A ! // ',)*>; 1 ! ! ;,/E 6>! !D>!1 !

) % /1 +' ) 0% )#' ,1 !6!1 !1> >4A:,1) " E; 4 **( !/*, - * / - ;>* 1 # :,B >! : :,B!: %#$'%#$51 + % 5) ( $A//E )A, ! >4A:,1) " E; 4,67* 14, /41) E 4, 1 4/ >4C1 # :,B >! : )A, ! @"(

@ ?

5F 1 + @" ! 5+?5 : 35 E + @" A1 @2 A1 + @@ A) @ A/>; @ *,/ :!1 0A;> >: B!/ >4)!>*!:7

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

S l ňò >

ī İÎ Rďġġ Ŵ L Ǡ mľºĐÛƑǧ ľñ mºľƑĢ ıÏ ľƧıºĐĢ SÛĬ®Ûŵ

qĉÙ ÍÙǜĎ¸ÙÄ ƏĉļƥüĉƏ Əļ ¬Ù Ďį Ī Ǥļįį ĎŻÙ ¬ƥ¸ĝÙƏ

Å QǤ œ ųƏįÙų įÍ 0 ĉ ǜÙ Ǥļƥįü ï ĪĎĠǤ įÍ ïÙÙĠ Əĉ Ə ǝÙ ŻĉļƥĠÍ ĉ ǜÙ ļƥų ǝĎĠĠŻ Íų ǝį ƥœŝ ïųĎÙįÍ ĪÙįƏĎļįÙÍ Əĉ Ə ŻĉÙ Íļį ƏÙÍ ƏĉÙ ïÙÙ ïļų ĉÙų ǝĎĠĠ Əļ ¸ĉ ųĎƏǤÄ ¸ į Ǥļƥ ĉÙĠœũ

Å Q ĝĎįü ǝĎĠĠ ĎŻ ļįÙ ļï ƏĉÙ ĪļŻƏ ĎĪœļųƏ įƏ ƏĉĎįüŻ Ǥļƥ ¸ į Íļ è ïƏÙų ĠĠ ĎƏ ÍÙƏÙųĪĎįÙŻ ǝĉ Ə ǝĎĠĠ ĉ œœÙį Əļ Ǥļƥų ĪļŻƏ œÙųŻļį Ġ įÍ ĉ ųÍčÙ ųįÙÍ œļŻŻÙŻŻĎļįŻŝ

ǜĎ¸ƏĎĪ œļŻƏŻ ĎĪ üÙŻ ļï ĉĎŻ ¸ĉ ųųÙÍ ĉ Ďų ļį qǝĎƏƏÙų

òØ uÝh é Ek uEé VòØÝ 7KH EXUQV VXIIHUHG E\ YLFWLPV RI WKH 3DUVRQV *UHHQ WHUURU DWWDFN ZLOO GHSHQG RQ KRZ FORVH WKH\ ZHUH WR WKH H[SORVLRQ DQ H[SHUW KDV VDLG ,VREHO .HDUO QDWLRQ DO WUDLQLQJ RIoFHU IRU 6W -RKQ $PEXODQFH VDLG pDVK EXUQV DUH

FDXVHG E\ LQWHQVH KHDW RU OLJKW RU ERWK 6KH VDLG k7KH pDVK LV XVXDOO\ RYHU YHU\ TXLFNO\ EXW WKH EXUQ FDQ ODVW ORQJHU +RZ HYHU D pDVK EXUQ FDQ DOVR FDXVH EOLVWHUV k)ODVK EXUQV DUH XVXDOO\ DVVRFLDWHG ZLWK H[SORVLRQV y

0RFvf Ã ǝļĪ į ĎŻ ŻŻĎŻƏÙÍ ¬Ǥ œļĠĎ¸Ù ļïð¸Ùų ïƏÙų ųÙ¸ÙĎǜĎįü ĪÙÍĎ¸ Ġ ƏƏÙįƏĎļį ïļĠĠļǝĎįü ƏĉÙ ¬Ġ ŻƏ

e o0VQ

3DVVHQJHUV FDXJKW XS LQ WKH 3DUVRQV *UHHQ WHUURU DWWDFN ZHUH VHHQ kWDNLQJ VHOoHVy DV FRPPXWHUV pHG DPLG WKH kFKDRVy LW KDV EHHQ FODLPHG :LWQHVV 5\DQ %DUQHWW VDLG VHYHUDO SHRSOH ZHUH DOVR WDNLQJ SKRWRJUDSKV IROORZLQJ WKH H[SORVLRQ DW WKH VRXWK ZHVW /RQGRQ VWDWLRQ GXULQJ WKH )ULGD\ PRUQLQJ UXVK KRXU %XW KH VDLG KH ZDV VKRFNHG WR VHH VRPH SDXV LQJ IRU VHOoHV LQ WKH VWDP SHGH 7KH \HDU ROG ZKR ZRUNV LQ SROLWLFV DQG KDG

EHHQ WUDYHOOLQJ WR KLV RIoFH VDLG k7KHUH ZHUH D ORW RI SHRSOH WDNLQJ SKRWRV 7KHUH ZDV D FRXSOH RI SHRSOH WDN LQJ VHOoHV DQG , WKRXJKW C:KDW LV WKH ZRUOG FRPLQJ WR"y

'HVFULELQJ WKH PRPHQWV LPPHGLDWHO\ DIWHU WKH EODVW 0U %DUQHWW VDLG k3HRSOH ZHUH IDOOLQJ RYHU SHRSOH IDLQWLQJ FU\LQJ WKHUH ZHUH OLWWOH NLGV FOLQJLQJ RQ WR WKH EDFN RI PH k,W LV DEVROXWH FKDRV LW ZDV TXLWH VFDU\ EHFDXVH DW RQH VWDJH ZH WKRXJKW ZH PLJKW EH WUDSSHG WKHUH q , KHDUG D SUHJQDQW ZRPDQ ORVW KHU VKRHV DQG KDG IDOOHQ RYHU y

e o0VQ

ųĪÙÍ œļĠĎ¸Ù ǝÙųÙ ļƥƏ Ďį ïļų¸Ù ïļĠĠļǝĎįü ƏĉÙ Ďį¸ĎÍÙįƏ

0įǜÙŻƏĎü ƏĎįü ļïð¸ÙųŻ ŻƏ įÍ ļį ƏĉÙ ŻƏ ƏĎļįŰŻ œĠ ƏïļųĪ

7KHUHVD 0D\ KDV UHEXNHG 'RQDOG 7UXPS RYHU KLV FODLP WKH SHUSHWUDWRUV RI WKH 3DUVRQV *UHHQ 7XEH ERPELQJ KDG EHHQ kLQ WKH VLJKWVy RI 6FRWODQG <DUG $IWHU FKDLULQJ D PHHWLQJ RI WKH *RYHUQPHQW V &REUD HPHUJHQFLHV FRPPLWWHH WKH SULPH PLQLVWHU VDLG LW ZDV QRW kKHOSIXOy WR VSHFX ODWH RQ ZKDW ZDV DQ RQJR LQJ LQYHVWLJDWLRQ 6KH VDLG WKH SROLFH DQG VHFXULW\ VHUYLFHV ZHUH VWLOO ZRUNLQJ WR LGHQWLI\ WKRVH UHVSRQVLEOH IRU WKH DWWDFN RQ WKH SDFNHG FRPPXWHU WUDLQ 7KH SUHVLGHQW V LQWHUYHQ WLRQ WKUHDWHQHG WR SODFH IUHVK VWUDLQ RQ WKH 86 8. LQWHOOLJHQFH VKDULQJ UHOD WLRQVKLS ZKLFK KDV FRPH

XQGHU SUHVVXUH D QXPEHU RI WLPHV VLQFH KH HQWHUHG WKH :KLWH +RXVH ,Q D WUDGHPDUN WZHHW LV VXHG ZLWKLQ KRXUV RI WKH EODVW 0U 7UXPS ZURWH k$QRWKHU DWWDFN LQ /RQGRQ E\ D ORVHU WHUURULVW k7KHVH DUH VLFN DQG GH PHQWHG SHRSOH ZKR ZHUH LQ WKH VLJKWV RI 6FRWODQG <DUG 0XVW EH SURDFWLYH y 7KH 0HWURSROLWDQ 3ROLFH VDLG WKH 86 SUHVLGHQW V FRPPHQWV q ZKLFK GLG QRW FRUUHVSRQG ZLWK DQ\ LQIRU PDWLRQ UHOHDVHG E\ WKH 8. DXWKRULWLHV q ZHUH kXQKHOS IXOy DQG kSXUH VSHFXODWLRQy 7KH ODWHVW VSDW FRPHV DI WHU %ULWLVK SROLFH WHPSRUDU LO\ VXVSHQGHG LQWHOOLJHQFH VKDULQJ ZLWK WKH 86 LQ WKH ZDNH RI WKH 0DQFKHVWHU $UHQD ERPELQJ IROORZLQJ OHDNV WR $PHULFDQ PHGLD

0Ə ĎŻ ÍǜĎŻ ¬ĠÙ Əļ ¸ļįŻƥĠƏ ŻļĠĎ¸ĎƏļų ¬ÙïļųÙ ÍÙ¸ĎÍĎįü ǝĉ Ə Əļ œƥƏ Ďį Ǥļƥų ǝĎĠĠŝ 0Ə ĎŻ ļïƏÙį ŻĎĪœĠÙų œųļ¸ÙŻŻ Əĉ į ÙǣœÙ¸ƏÙÍÄ ¬ƥƏ Ī Ǥ ĎįǜļĠǜÙ ¸ļĪœĠĎ¸ ƏÙÍ ųų įüÙĪÙįƏŻ įÍ ðį į¸Ď Ġ ïï ĎųŻÄ Żƥ¸ĉ Ż ĎįĉÙųĎƏ į¸Ù Ə ǣ č ĠĠ ƏĉÙ ĪļųÙ ųÙ Żļį Əļ ÙįŻƥųÙ ƏĉÙǤ ųÙ Íų ǝį ƥœ ¬Ǥ Ũƥ ĠĎðÙÍ ŻļĠĎ¸ĎƏļųŝ 0Ə ĎŻ œ ųƏĎ¸ƥĠ ųĠǤ ĎĪœļųƏ įƏ Əļ ĠÙ ǜÙ ĎįŻƏųƥ¸ƏĎļįŻ Ďï Ǥļƥ ųÙ œųļœÙųƏǤ ļǝįÙų įÍ Ǥļƥ ¸ į ĠŻļ ƥŻÙ Ǥļƥų ǝĎĠĠ Əļ įļĪĎį ƏÙ üƥ ųÍĎ į Əļ Ə ĝÙ ¸ ųÙ ļï Ǥļƥų ¸ĉĎĠÍųÙįŝ ļƥų ǝĎĠĠ ŻĉļƥĠÍ ĠŻļ ĎÍÙįƏĎïǤ į ÙǣÙ¸ƥƏļų è ųÙĠ ƏĎǜÙÄ ïųĎÙįÍ ļų œÙųĉ œŻ ŻļĠĎ¸ĎƏļų ǝĉļ ǝĎĠĠ ¬Ù ųÙŻœļįŻĎ¬ĠÙ ïļų ĠļļĝĎįü ïƏÙų ƏĉÙ ÍĎŻƏųĎ¬ƥƏĎļį ļï Ǥļƥų ŻŻÙƏŻŝ ĎĠĠŻ ¸ į ĠŻļ ¬Ù ƥŻÙÍ Əļ Ī ĝÙ ïƥįÙų Ġ ųų įüÙĪÙįƏŻ č ĠƏĉļƥüĉ ĎƏ ĎŻ ĎĪœļųƏ įƏ Əĉ Ə ¸ĠļŻÙ ïųĎÙįÍŻ ļų ï ĪĎĠǤ ĠŻļ ƥįÍÙųŻƏ įÍ Ǥļƥų œųÙïÙųÙį¸ÙŻŝ qĉųļƥüĉļƥƏ ƏĉÙ ǤÙ ųÄ ŻļĪÙ ŻļĠĎ¸ĎƏļųŻ Ə ĝÙ œ ųƏ Ďį ĎįĎƏĎ ƏĎǜÙŻ ǝĉÙųÙ ƏĉÙǤ ļïïÙų ïųÙÙ ǝĎĠĠ ǝųĎƏĎįü ŻÙųǜĎ¸Ù Ďį ųÙƏƥųį ïļų Íļį ƏĎļį Əļ ¸ĉ ųĎƏǤŝ ĎĠĠ fÙĠĎÙïÄ ïļų Ùǣ ĪœĠÙÄ ųƥįŻ Əĉųļƥüĉ kÙœƏÙĪ¬Ùų įÍ ĎĠĠ ĎÍÄ ĎŻ Ďį RļǜÙĪ¬Ùųŝ ÙƏ ĎĠŻ ļï œ ųƏĎ¸Ďœ ƏĎįü ŻļĠĎ¸ĎƏļųŻ ¸ į ¬Ù ïļƥįÍ ļį ƏĉÙ Ż¸ĉÙĪÙŻŰ ǝÙ¬ŻĎƏÙŻ Ə ǝǝǝŝǝĎĠĠųÙĠĎÙïŻ¸ļƏĠ įÍŝ ¸ļŝƥĝ įÍ ǝǝǝŝǝĎĠĠ ĎÍŝļųüŝƥĝ qļ ðįÍ ŻļĠĎ¸ĎƏļų Ďį Ǥļƥų ųÙ Ä ¸ĉÙ¸ĝ ƏĉÙ J ǝ kļ¸ĎÙƏǤ ļï k¸ļƏĠ įÍŰŻ ǝÙ¬ŻĎƏÙÃ ǜǜǜŜğ ǜź·ĻƎŜĻŲûŜƤĜƊ ïĮÌČ ČźĻğč·čƎĻŲƊ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ňƈ S l

Ø ¡uØ ú³¡u òÀ ú é uEØ E ³

$ GULQNHU DZRNH IURP D QLJKW RXW WR oQG KLV HDU KDQJLQJ RII DQG ERG\ SRFNPDUNHG ZLWK EUXLV HV q EXW QR PHPRU\ RI ZKDW KDSSHQHG 'HYRQ DQG &RUQ ZDOO 3ROLFH VDLG 3HWHU :LONLQVRQ UHTXLUHG VWLWFKHV IRU KLV OHIW HDU WR EH VRZQ EDFN WR JHWKHU EXW UHPHPEHUHG QRWKLQJ EHWZHHQ OHDY LQJ D EDU DQG DUULYLQJ KRPH $Q LQYHVWLJDWLRQ KDV EHHQ ODXQFKHG WR HVWDE OLVK ZKHWKHU KH ZDV DW WDFNHG

uEé h ³kü ³òk E éuØ Ý uØ¨E ØuÀ³ØéÝ Ýuu ØuÀé ¢u EééE`¡ ¨Ei ð 7ULEXWHV KDYH EHHQ SDLG WR D kWDOHQWHG HQHUJHWLF DQG GHGLFDWHGy MRXUQDOLVW ZKR ZDV UHSRUWHGO\ NLOOHG E\ D FURFRGLOH ZKLOH RQ KROLGD\ LQ 6UL /DQND )LQDQFLDO 7LPHV UHSRUWHU 3DXO 0F&OHDQ ZDV VDLG WR KDYH EHHQ ZDVKLQJ KLV KDQGV LQ D ULYHU ZKHQ KH ZDV DWWDFNHG E\ WKH UHSWLOH

7KH \HDU ROG 2[ IRUG 8QLYHUVLW\ JUDGXDWH LV WKRXJKW WR KDYH EHHQ VWD\LQJ ZLWK IULHQGV DW WKH (DVW %HDFK 6XUI 5HVRUW QHDU (OHSKDQW 5RFN LQ WKH VRXWK HDVW RI WKH LVODQG 6WDII DW WKH SDSHU KDYH EHHQ OHIW kKHDUWEURNHQ E\ WKH WUDJLF DQG XQWLPHO\ GHDWKy D VWDWHPHQW VDLG

¸ųļ¸ļÍĎĠÙ ĎŻ ƏĉļƥüĉƏ Əļ ĉ ǜÙ ĝĎĠĠÙÍ d ƥĠ Q¸ ĠÙ į

$ VHDUFK RSHUDWLRQ ZDV ODXQFKHG DQG LW LV XQGHU VWRRG 0U 0F&OHDQ V ERG\ KDV QRZ EHHQ UHFRYHUHG 0U 0F&OHDQ RULJLQDOO\ IURP 7KDPHV 'LWWRQ LQ 6XU UH\ ZDV kD WDOHQWHG HQHU JHWLF DQG GHGLFDWHG \RXQJ MRXUQDOLVWy KH VDLG DGGLQJ WKDW KH KDG kD JUHDW FDUHHU DKHDG RI KLP DW WKH )7y 7KH MRXUQDOLVW ZKR GH VFULEHG KLPVHOI RQ KLV 7ZLW WHU SURoOH DV D kORQJ VXI IHULQJ (YHUWRQLDQy ZRUNHG RQ WKH SDSHU V IDVW)7 GHVN DQG KDG EHHQ EDVHG IRU D WLPH LQ %UXVVHOV UHSRUWLQJ RQ %UH[LW DQG WKH (8 +H ZDV GHVFULEHG E\ .D WLH 0DUWLQ KHDG RI IDVW)7 DV kD ZDUP IXQQ\ SHUVRQ DQG D WDOHQWHG \RXQJ MRXU QDOLVW ZLWK D FXULRXV PLQGy DQG kD MR\ WR EH DURXQG

- (

"$- '$!

.'+&

*#(

' '

*()#

- (

"$- '$!

. "

*%0 (

/ $&

*))

" $

$&$"+$

*) )

*),)

+" !

*)#-

(

* ,00&&

, .*),#

* )-(&&

) - +) #

5 EÕÝ éòØuk ³ Vü Ø kuØÝ

ůq J Rq ŰÃ WǣïļųÍ vįĎǜÙųŻĎƏǤ üų Íƥ ƏÙ d ƥĠ Q¸ ĠÙ į ǝ Ż ļį ĉļĠĎÍ Ǥ Ďį kųĎ J įĝ WUXO\ ZLWK DQ LPSLVK VHQVH RI KXPRXUy 0U 0F&OHDQ ZDV VHHQ E\ D ORFDO oVKHUPDQ EHLQJ

0U /DIHHU DGGHG WKDW LW LV kDOPRVW XQKHDUG RIy IRU WKH UHSWLOHV WR FRPH VR FORVH WR WKH EHDFK

iot 7KH DYHUDJH KRPH RZQHU PRYHV SURSHUWLHV HYHU\ \HDUV DQDO\VLV KDV IRXQG 6FRWODQG LV KRPH WR WKH PRVW IUHTXHQW PRYHUV LQ %ULWDLQ WKH UHVHDUFK VXJ JHVWV ZLWK WKH DYHUDJH KRPH RZQHU VWD\LQJ SXW IRU DURXQG DQG D KDOI \HDUV 3HRSOH LQ :DOHV UHPDLQ LQ WKHLU KRPH WKH ORQJHVW WDNLQJ DQ DYHUDJH RI \HDUV WR PRYH 3URSHUW\ ZHEVLWH =RR

SOD PDGH WKH oQGLQJV DI WHU ZRUNLQJ ZLWK DQDO\VWV +RPHWUDFN 7KH UHVHDUFK ORRNHG DW VDOHV oJXUHV DFURVV %ULWDLQ DQG FRPSDUHG WKHP ZLWK WRWDO KRXVLQJ VWRFN OHYHOV WR ZRUN RXW KRZ RIWHQ SHRSOH W\SLFDOO\ PRYH XVLQJ /DQG 5HJLVWU\ DQG 5HJLVWHUV RI 6FRWODQG GDWD 5HVLGHQWV LQ 0LGORWKLDQ 6FRWODQG DUH SDUWLFXODUO\ OLNHO\ WR PRYH IUHTXHQWO\ q DIWHU MXVW XQGHU \HDUV RQ DYHUDJH WKH UHVHDUFK VXJJHVWV

$W WKH RWKHU HQG RI WKH VSHFWUXP UHVLGHQWV RI 3RZ\V LQ PLG :DOHV RQO\ PRYH DURXQG RQFH HYHU\ \HDUV 5HVHDUFKHUV VDLG WKH IUHTXHQF\ RI KRPH RZQ HUV PRYLQJ KDV pXFWXDWHG LQ UHFHQW \HDUV $ VHSDUDWH UHSRUW IURP /OR\GV %DQN KDV IRXQG WKDW WKH DYHUDJH FRVW RI PRY LQJ KRPH LQFOXGLQJ VWDPS GXW\ UHPRYDO FRVWV DQG YDULRXV IHHV LV QRZ RYHU d q ULVLQJ WR d LQ /RQGRQ

i 0 Q

# " " # & % !' " & " % " " $ & " # $ $ # " & " " & & # " & " & $ " "

kGUDJJHG LQWR WKH ULYHUy E\ WKH FURFRGLOH VDLG )DZDV /DIHHU RZQHU RI 6DID 6XUI 6FKRRO

$ PXOWL MDE WKDW FRXOG SDFNDJH WKH ZKROH UDQJH RI FKLOGKRRG YDFFLQHV LQ D VLQJOH LQMHFWLRQ PD\ EH RQ WKH ZD\ 6FLHQWLVWV IURP WKH 0DV VDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\ LQ WKH 86 DUH GHYHORSLQJ D QHZ PHWKRG RI FRQWDLQLQJ YDFFLQHV LQ

PLFURVFRSLF VHDOHG kFRIIHH FXSVy 7KH\ DUH GHVLJQHG VR WKDW WKHLU kOLGVy GHJUDGH DW VSHFLoF WLPHV DOORZLQJ WKH FRQWHQWV WR VSLOO RXW 7KH WHFKQRORJ\ FRXOG OHDG WR FROOHFWLRQV RI YDF FLQHV EHLQJ LQFRUSRUDWHG LQWR D VLQJOH MDE LQFOXGLQJ ERRVWHUV WKDW DUH UHOHDVHG DIWHU D VSHFLoF WLPH SHULRG

7KH UHVHDUFKHUV GH YHORSHG WKH kFXSVy IURP 3/*$ D ELRFRPSDWLEOH SODVWLF OLNH SRO\PHU DOUHDG\ DSSURYHG IRU XVH LQ PHGLFDO GHYLFHV VXFK DV LPSODQWV DQG SURVWKHWLF GHYLFHV 7KH UHVHDUFKHUV DUH QRZ WHVWLQJ WKH GHOLYHU\ SDUWLFOHV ZLWK D YDULHW\ RI GUXJV LQFOXGLQJ H[LVWLQJ YDFFLQHV

)RUPHU FKDUW WRSSHU 7LQD 7XUQHU KDV GXEEHG kJULQGLQJy SRS VWDUV D kWXUQ RIIy 7KH VLQJHU VDLG WKDW VWDUV ZHUH FRPSHW LQJ ZLWK HDFK RWKHU WR UHPRYH PRUH FORWKHV k,W UHDOO\ FDQ EH D WXUQ RII y VKH DGGHG k2QH GRHV LW DQG HYH U\RQH GRHV LW 7KH FRV WXPHV EHFRPH OHVV DQG OHVV , MXVW WDNH D GHHS EUHDWK DQG VD\ C:KHQ LV LW RYHU" y

³`uØ ³ùuØ E`uV³³¡ EkÝ )DFHERRN LV WR UHYLHZ LWV DGYHUWLVLQJ WDUJHW LQJ V\VWHP DIWHU LW ZDV UHYHDOHG DGV FRXOG EH GLUHFWHG DW WKRVH ZKR H[SUHVVHG KDWHIXO RSLQ LRQV RQ WKH VLWH $Q LQYHVWLJDWLRQ E\ 3UR3XEOLFD IRXQG WKDW DGYHUWLVHUV RQ WKH VRFLDO QHWZRUN FRXOG WDUJHW DGYHUWV DW SHRSOH ZKR KDG LGHQWLoHG WKHP VHOYHV DV kKDWLQJy -HZV RQ WKHLU SURoOHV

Øu k ÝØòÀéÝ òÝé³ éØE Ý /RQGRQ (XVWRQ UDLOZD\ VWDWLRQ ZDV KLW E\ PDMRU GLVUXSWLRQ DW UXVK KRXU \HVWHUGD\ IROORZLQJ D oUH DW D WLPEHU \DUG $ WUDFNVLGH ZDOO ZDV GDPDJHG LQ WKH EOD]H DQG KDG WR EH GLVPDQ WOHG DQG PDGH VDIH EH IRUH VHUYLFHV EHWZHHQ 0LOWRQ .H\QHV DQG (XVWRQ FRXOG UHVXPH

+) >$ "+$ + ;A , 4 $'$)!4

2 - * #. % 8 $ 2' 7 9'5 ..# - '# 9 % 2 2 % #5 . %'2 7 % - ## 2' 8'--9 '52 8 % 9'5 . $ -" 2 . )* '-25% 2 #9 - 2 7 #5 '$ . . .2 % - '% '5- -5 . .* ' 7 9'5 7 % $'- ) ' $ % ''" %'8 % 8 ,## 7 9'5 5) - 2' ## % #5. 7 - %". '% 8 ' ' 4:( . # % . % #5 % 2 %2 % 2 % - - . #'8* +<2'' )%+@ 4 ' 9 "+<4 >$) 4 @ 9" !' 44 4 ' 9 34 4-$3$94 ) 4+ 9 3$)&4 '' @ ) = )$)! >$9"+<9 " =$)! 9+ - @ - ))@ (+3 0 +<2'' 4 =$)! 9"3+<!"+<9 $) 9" 34 '+<)! 4 ) 3 49 <3 )94 3+44 9" 4"$-0

' ?$)! '' 9" > @ 9" 924 >" 9 "+'$ @ >$9" 3 0 '4 ) $4 '' +<90

7 2 '-8 % !'- .

-$ % 2 -8 9.

% % 7 2 2 -. 5-

$'% . ' '# 2 5 % #.

;79" @ ;A, A )$!"94

+4@9" A A , ,:

:,49 @ ;A, A )$!"94

+4@9" A A , ,

*9" <) ;A, A )$!"94

+4@9" A A , ,

:A9" <) ;A, A )$!"94

+4@9" A A , ,6

, , +, # #*/ 1 / , . + ,+ ,# +#! # , !#+, " ", " #* " ,,* , #"+( ## #-, #* , + "+ , #" -* * , * " 0% #* , ,1 # * "(

0% * " +,* " # ,+ #" " " " , + % , , #! " + ", " +, " , #"+ / , + " *- + " # + 2 * +,* , / , */ 1+ " - " , " (

+ , #% " ")+ #" ,,

*! "")+ ! . #/" , ! +, % + # , , *+ -* -+ -! " ,# # ! " " + #(

0% * " - ,-* - + " " + " %, . , " +,#*1 / , ,+ " - " "" * " #-+ , , * ## ,, + " # , ,#-* *#-" ! . ",(

< - 1 < !'-

- $ % &#. *" ,' < < / < " -% $6% ( < $ 5-

< ') % % ## %% +,#" < 2 2 -. 5- &#. *" ,' < 2' " '#$ '2 % 5-* < .#'

%28 -) &#. *" ,' %2 -! < $.2 - $

3<$4 3+( 10 &))

3<$4 3+( 1( :&&))

3<$4 3+( 1( /&&))

3<$4 3+( 1 &&))

$9" 3$)&4 -!3

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

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ňâ S l

/Ø³ u`éh 1u³úuk ÝéØò`éòØu EÝ Vuu `¢uEuki ØuÀE éuk Ek Ø é V¢EÝéuk F Q0 Q H R 0 (QJLQHHUV ZLOO VKRUWO\ FRPSOHWH WKH d PLOOLRQ UHIXUELVKPHQW RI D ODQG PDUN UDLOZD\ YLDGXFW LQ WKH +LJKODQGV 7KH )LQGKRUQ YLDGXFW DW 7RPDWLQ KDV EHHQ XSJUDGHG RYHU WKH ODVW PRQWKV DV SDUW RI WKH UDLO RSHUDWRU V 8. ZLGH 5DLOZD\ 8SJUDGH 3ODQ )LQGKRUQ LV ZLGHO\ UH JDUGHG DV RQH RI %ULWDLQ V oQHVW UDLOZD\ YLDGXFWV DQG LW ZDV GHVLJQHG E\ UHQRZQHG UDLOZD\ HQJL QHHU -RKQ )RZOHU ZKR IDPRXVO\ GHVLJQHG WKH )RUWK %ULGJH 7KH QLQH VSDQ \DUG JUDGH % OLVWHG VWUXFWXUH ZKLFK VWDQGV RQ JUDQLWH SLHUV QHDUO\ IW DERYH WKH 5LYHU )LQGKRUQ KDV EHHQ JULW EODVWHG FOHDQHG UHSDLUHG DQG UHSDLQWHG 7KH VFDIIROGLQJ ZLOO EH UHPRYHG DQG WKH VLWH FRP SRXQG FOHDUHG E\ WKH HQG RI 2FWREHU -HUHP\ 6SHQFH 1HWZRUN 5DLO SURMHFW PDQDJHU IRU )LQGKRUQ YLDGXFW VDLG k:H DUH MXVW DERXW WR FRP SOHWH ZRUN RQ ZKDW KDV EHHQ D IDQWDVWLF SURMHFW WR UHSDLU DQG UHIXUELVK WKLV VSHFWDFXODU YLDGXFW k:H WDNH VHULRXVO\ RXU UHVSRQVLELOLW\ WR PDLQWDLQ DQG SUHVHUYH WKHVH KLVWRULF VWUXFWXUHV QRW MXVW IRU WKH VDIH DQG HIoFLHQW RSHUDWLRQ

R f0R( WQdJ q0WRÃ qĉÙ 'ĎįÍĉļųį ǜĎ Íƥ¸Ə ĉ Ż ƥįÍÙųüļįÙ Ī ěļų ųÙįļǜ ƏĎļį Ġ ŻƏĎįü Ňá ĪļįƏĉŻ

Qkd Fļĉį 'ĎįįĎÙÄ ĠÙïƏÄ įÍ Ī į üÙų RÙĎĠ - ųųĎŻļį

kƏÙ Ī ÙįüĎįÙŻ üļ ¸ųļŻŻ ƏĉÙ ǜĎ Íƥ¸Ə ǤÙŻƏÙųÍ Ǥ

RI WKH UDLOZD\ EXW DOVR KRZ WKH\ ORRN LQ WKHLU VHWWLQJ IRU WKRVH WUDYHOOLQJ RQ WKH UDLOZD\ RU YLVLWRUV WR WKH

D EULGJH DQG WKH H[SHULHQFH RI ZRUNLQJ KHUH RYHU WKH ODVW PRQWKV KDV EHHQ WUHPHQGRXV

DUHD HQMR\LQJ WKH EHDXWL IXO YLHZV k,W LV KDUG WR LPDJLQH D PRUH VWXQQLQJ ORFDWLRQ IRU

9;.#

: , +/ /,/:(/- & 6 - - =5(-% 6 (- :(/- /5 , -A / =6 - /, (- ?(:& :& ?/- 5 =+ 6 - 5A / /:+ - (: /, 6 =:: 5+A (55 6(6:( + 2 & / (: : , 5 (- 5/, /5: (++( , :/ ++ (% (6 /- / :& +/-% 6: 6: ,' & =+ 5 (+ )/=5- A6 > (+ + (- 5(: (-2 +6/ 6 (+ /:& > 5+ A 5=(6 / & :5(- /- :& (5 +: 5 /:: - : * =-(3= / : )/=5- A /- :& +*(5* & +2

#% # & # & $ #! !# # # # # # % %# % '! # & ' # ## # # " # # & ! # # #

((

$URXQG SHRSOH LQ WKH 8. PD\ KDYH KDG WKHLU LQIRUPDWLRQ VWROHQ IROORZLQJ D F\EHU VHFXULW\ EUHDFK DW FUHGLW PRQLWRU LQJ oUP (TXLID[ 7KH 86 FRPSDQ\ VDLG D ILOH FRQWDLQLQJ 8. FRQVXPHU LQIRUPDWLRQ kPD\ SRWHQWLDOO\ KDYH EHHQ DFFHVVHGy ,W LQ FOXGHV QDPHV GDWHV RI ELUWK H PDLO DGGUHVVHV DQG SKRQH QXPEHUV EXW QRW SRVWDO DGGUHVVHV SDVVZRUGV RU oQDQFLDO LQIRUPDWLRQ (TXLID[ GLVFRYHUHG WKH KDFN LQ -XO\ 7R SURYLGH UHDVVXUDQFH LW VDLG LW ZDV XQOLNHO\ SHRSOH ZRXOG EH KLW E\ kLGHQWLW\ WDNHRYHUy ,W ZLOO FRQWDFW WKHP LQ ZULWLQJ WR RIIHU DG YLFH DQG D IUHH LGHQWLW\ SURWHFWLRQ VHUYLFH PRQL WRULQJ WKHLU SHUVRQDO LQ IRUPDWLRQ DQG GDWD (TXLID[ DOHUWHG WKH SXEOLF WR WKH F\EHU DW WDFN RQ 6HSWHPEHU 7KH GDWD RI PLOOLRQ SHRSOH ZDV EUHDFKHG LQ $PHULFD (TXLID[ VDLG WKH LQIRUPD WLRQ RI %ULWLVK FRQVXPHUV PD\ KDYH EHHQ DFFHVVHG EHFDXVH RI D SURFHVV IDLO XUH LQ ZKLFK VDZ D kOLPLWHG DPRXQWy RI 8. GDWD VWRUHG RQ WKH $PHUL FDQ V\VWHP EHWZHHQ DQG

<. <B07

<$ <B07

9.<#

/(- =6 (- & :+ - (- -= 5A /5 :& 1 ++A 6:(> + /- 'A 5+A (->/ :(// " , - 6:(>(:A ?& - (*(-%6 : * /> 5 :& 6+ 1A & :+ - 6 % : ? A 6=5 :/ 1=: !5 (- :& ++A2

0; <B07

k,W JLYHV \RX JUHDW UH VSHFW IRU WKRVH ZKR EXLOW WKLV VWUXFWXUH PRUH WKDQ D FHQWXU\ DJR DQG ZH KRSH

WKDW RXU ZRUN RQ WKHLU EULGJH GRHV MXVWLFH WR WKH OHJDF\ WKDW ZH KDYH EHHQ OHIW E\ WKH 9LFWRULDQ UDLOZD\ SLRQHHUV y 7R GHOLYHU WKH ZRUN VDIHO\ D EHVSRNH VXVSHQGHG VFDIIROG V\VWHP ZDV SXW LQ SODFH DFFHVVHG E\ WZR OLIWV WR FDUU\ SHRSOH DQG PDWHUL DOV IURP JURXQG WR EULGJH OHYHO 7KH EULGJH ZDV DOVR kHQFDSVXODWHGy WR SURYLGH WKH ULJKW ZRUNLQJ HQYLURQ PHQW LQ WKH H[SRVHG ORFD WLRQ DV ZHOO DV WR VWRS DQ\ FRQWDPLQDQWV IURP OHDNLQJ LQWR WKH DLU DQG ULYHU EHORZ q SDUWLFXODUO\ GXULQJ JULW EODVWLQJ 7KH VWHHOZRUN RQ WKH EULGJH LV EHLQJ SDLQWHG EODFN WR PDWFK WKH RULJLQDO FRORXU XVLQJ D WKUHH FRDW V\VWHP ZKLFK SURWHFWV WKH H[LVWLQJ DQG QHZ PHWDO ZRUN IURP FRUURVLRQ DQG SURYLGHV D KLJK TXDOLW\ DHVWKHWLF oQLVK 7KH UHIXUELVKPHQW RI WKH EULGJH HQVXUHV LW QRW QHHG DQ\ VLJQLoFDQW PDLQ WHQDQFH IRU DERXW \HDUV 7KHUH ZDV DOVR D UHTXLUH PHQW WR GHWHU ELUGV IURP QHVWLQJ LQ WKH VWUXFWXUH DW WKH VWDUW RI ZRUN WR DYRLG GHOD\LQJ WKH FRQWUDFWRUV IURP JRLQJ RQ VLWH $ FDVW RI IDOFRQV ZDV HQOLVWHG WR GR WKLV ZKLOH D QHVW ZDV EXLOW RQ D VHFWLRQ RI EULGJH ZKHUH QR ZRUN ZDV SODQQHG

'0Q Q 0 J

9#.#

& - /::(6& 6: A :(/- , -6 ? *(-% =1 (- :& +=@=5A / %5 - &/: + 5 (-% /5 5/6:A ? +*6 /++/? A ? 5,(-% 5 , A 5 *+(-% !5 ' ?& : ,/5 /=+ A/= ? -:4

0//

B0<<$ ;; BB$

+2'1 % * ', $ # ,' 2, - ), -- % !'2,% #1, 3 #* '*2"

B0;;$ 8#70## +2'1 %

???215 66 - )/=5- +:5 > +2 /2=*

, % - 5 , 14 1 , '# 5- 66(. & * % # ,''$ -2))# $ %1- ))#5* 2 ! 1 1' 3 # # 15* , % '2,% #- '$-'% % 1- ,'2) ' '$) % - 4'2# # " 1' '%1 1 5'2 '21 % 4 ' ,- % - ,3 - 4 1 %" $ 5 ' %1 , -1 1' 5'2* 5 ),'3 % 5'2, '%1 1 1 #- % $ # , -- 4 --2$ 1 1 4 % '%1 1 5'2 5 )'-1 % $ #*

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

S l ňĵ - Jo-

$ GUXJ XVHG WR HDVH MHW ODJ FRXOG EH XVHG WR WDFNOH WKH kGHYDVWDWLQJy LPSDFW RI SDLQIXO VLGH HI IHFWV IURP FDQFHU PHGL FLQHV UHVHDUFK VXJJHVWV 6FLHQWLVWV IRXQG WKH GUXJ q NQRZQ DV PH ODWRQLQ q DSSHDUHG WR SUHYHQW SDLQ FDXVHG E\ FKHPRWKHUDS\ GDPDJH WR QHUYHV EORFNLQJ KDUPIXO HIIHFWV RQ QHUYH KHDOWK 3URIHVVRU +HOHQ *DO OH\ RI $EHUGHHQ 8QLYHU VLW\ VDLG k7KHVH UHVXOWV DUH SURPLVLQJ HVSHFLDOO\ DV PHODWRQLQ WUHDWPHQW LV NQRZQ WR EH VDIH LQ RWKHU FRQGLWLRQV y

f k v Ã 0ƏŰŻ įļƏ ¸ĠÙ ų ǝĉÙƏĉÙų ƏĉÙ Ġ ųüÙ ųÙœƏĎĠÙÄ į ĪÙÍ 0üüǤ ¬Ǥ k¸ļƏƏĎŻĉ kd ŻƏ ïïÄ ĉ Í ÙŻ¸ œÙÍ ļų ǝ Ż ¬ įÍļįÙÍ ǝĉÙį ĎƏ ǝ Ż ïļƥįÍ Ə ƏĉÙ ŻĎÍÙ ļï ƏĉÙ ƃǮƠ

¨E¢Ýh é ¢³ ØuÀé ¢u k Ý`³ùuØuk Vü ¨u¨VuØ ³ ÀòV¢ ` $ JLDQW LJXDQD PRUH WKDQ IW ORQJ LV EHLQJ FDUHG IRU E\ DQLPDO ZHOIDUH H[SHUWV DIWHU KH ZDV UHVFXHG IURP D OD\ E\ 7KH 6FRWWLVK 63&$ ZDV FDOOHG RXW RQ 7XHVGD\ DIWHU D PDQ IRXQG WKH UHSWLOH LQ D OD\ E\ QH[W WR WKH $ LQ WKH %RUGHUV 7KH FUHDWXUH ZDV FROG DQG FDOP VR WKH PDQ ZDV

DEOH WR SLFN KLP XS DQG SXW KLP LQ D ER[ KH KDG LQ KLV YHKLFOH +H WKHQ WRRN WKH UHSWLOH WR QHDUE\ %URXJKWRQ 3UL PDU\ 6FKRRO WR ZDUP XS DQG WR EH SLFNHG XS E\ DQ DQLPDO UHVFXH RIoFHU ,W LV QRZ EHLQJ FDUHG IRU DW WKH 6FRWWLVK 63&$ V FHQ WUH LQ /DQDUNVKLUH ZKHUH VWDII KDYH QDPHG KLP ,JJ\

$QLPDO 5HVFXH 2IoFHU 'DZQ 9DOH /RZGRQ ZKR FROOHFWHG ,JJ\ VDLG k:H ZHUH DOHUWHG WR WKH OL]DUG DIWHU LW ZDV GLVFRYHUHG E\ D PHPEHU RI WKH SXEOLF 'H VSLWH KDYLQJ D IHZ EXPSV KH ZDV DOO ULJKW RQFH KH KDG EHHQ ZDUPHG XS k,I QR RQH FRPHV IRUZDUG IRU KLP ZH OO NHHS KLP LQ RXU FDUH XQWLO ZH FDQ oQG

KLP D VXLWDEOH IRUHYHU KRPH y ,W LV QRW NQRZQ ZKHWKHU ,JJ\ HVFDSHG RU ZDV DEDQ GRQHG 6FRWWLVK 63&$ &KLHI ,Q VSHFWRU )LRQD +HQGHUVRQ VDLG k*UHHQ LJXDQDV DUH NHSW FRPPRQO\ DV SHWV 7KH\ UHTXLUH D ORW RI FDUH VXFK DV 89 OLJKWV KHDW LQJ DQG D ELJ YLYDULXP LV

QHHGHG WR NHHS WKHP FRP IRUWDEOH

ů ÛŽŕĐƑÛ ñÛǠ ®ƧĬŕŽċÛǠ Ž ĢĢ ŵĐþċƑľıºÛċÛċ Ï Ǡ ŵĬÛÏƧŕŰ k,JJ\ V WDLO DORQH LV DW OHDVW IW VR KH V YHU\ ODUJH y

Vteo $ PDQ KDV DGPLWWHG NLOO LQJ D WZR \HDU ROG JLUO LQ D 6FRWWLVK WRZQ DIWHU KLV FDU PRXQWHG WKH SDYHPHQW +DUORZ (GZDUGV ZDV ZDONLQJ DORQJ WKH SDYH PHQW ZLWK WZR RWKHU FKLO GUHQ q DJHG VL[ DQG DW WKH WLPH q ZKHQ WZR FDUV FUDVKHG RQ WKH URDG FORVH WR WKHP LQ &RXSDU $QJXV QHDU 3HUWK RQ 2FWREHU ODVW \HDU $ )RUG )RFXV EHLQJ GULY HQ E\ /XNH 3LULH PRXQWHG WKH SDYHPHQW KLWWLQJ DOO WKUHH LQVWDQWO\ NLOOLQJ +DUORZ DQG WKURZLQJ WKH RWKHUV RYHU D URDGVLGH ZDOO $W WKH +LJK &RXUW LQ (GLQEXUJK \HVWHUGD\ \HDU ROG 3LULH DGPLWWHG

FDXVLQJ GHDWK E\ GDQJHU RXV GULYLQJ +H KDG SDVVHG KLV GULYLQJ WHVW MXVW D \HDU EHIRUH DQG ZDV VDLG WR EH kZRUNHG XSy DQG DQJU\ DV KH OHIW KLV ZRUN DW 6FRQH $LUSRUW LQ 3HUWK WR WUDYHO WR KLV SDUWQHU V KRXVH LQ 0RQWURVH $GYRFDWH GHSXWH ,DLQ 0F6SRUUDQ 4& VDLG 3LULH ZDV VHHQ VSHHGLQJ WKURXJK &RXSDU $QJXV DQG KDG XVHG KLV PRELOH IRU FDOOV WH[WV DQG D )DFHWLPH EHIRUH WKH FUDVK &&79 VKRZHG WKH )RFXV VSHHGLQJ EHKLQG D OLQH RI WUDIILF PRPHQWV EHIRUH WKH FUDVK SURPSWLQJ VLJKV IURP WKH (GZDUGV IDPLO\ LQ FRXUW 7KH FDUV LQ IURQW KDG VORZHG DV D &LWURHQ VLJ

JƥĝÙ dĎųĎÙ ǝ Ż Ďį ¬ Í ĪļļÍ Ż ĉÙ ǝ Ż ÍųĎǜĎįü QDOOHG WR WXUQ ULJKW EXW 3LULH SXOOHG RXW DQG WULHG WR RYHUWDNH WKH WUDIoF FRO OLGLQJ ZLWK WKH &LWUHRQ DW PSK DV LW EHJDQ WR WXUQ +DUORZ VXIIHUHG kPXOWL SOH VHYHUH LQMXULHVy ZKLOH

WKH \HDU ROG VXIIHUHG EOHHGLQJ RQ WKH EUDLQ DQG D VSLQDO IUDFWXUH 7KH RWKHU FKLOG VXIIHUHG D VNXOO IUDFWXUH DQG SHUPD QHQW VFDUULQJ $ YLFWLP LPSDFW VWDWH PHQW IURP +DUORZ V PRWKHU 6DUD ZDV UHDG WR WKH FRXUW LQ ZKLFK VKH VDLG VKH KDG EHHQ kUREEHG RI D OLIHWLPH RI PHPRULHVy 3L ULH ZDV UHPDQGHG ZLWK WKH FDVH DGMRXUQHG WR 2FWREHU IRU VHQWHQFLQJ 7KH FRXUW KHDUG 3L ULH ZKR VDW ZLWK KLV KHDG ERZHG WKURXJK RXW WKH KHDULQJ KDG HDUOLHU EHHQ DJLWDWHG E\ SKRQH FDOOV ZLWK KLV SDUWQHU ZKLOH DW ZRUN DQG VHW RII WR GULYH WR KHU KRXVH 5HFRUGV VKRZHG KH KDG

XVHG KLV PRELOH LQ WKH FDU EXW WKHUH ZDV QR HYLGHQFH LW ZDV EHLQJ XVHG DW WKH WLPH RI WKH FUDVK $W WKH VFHQH RI WKH FRO OLVLRQ ZLWQHVVHV FODLPHG WKH \HDU ROG VDLG LW ZDV

ůsċÛŵÛǠ Žıľ ÛǟĐÏÛıºÛċĐŽ Ĭľ®ĐĢÛǠ Ž®ÛĐıþ ƧŽÛÏ ƑƑċÛƑĐĬÛŰ QRW KLV IDXOW WKH $GYRFDWH 'HSXWH WROG WKH FRXUW 7KH FRXUW KHDUG WKH DF FXVHG KDV SUHYLRXV FRQ YLFWLRQV IRU YLROHQFH DQG GLVRUGHU DQG ZDV RQ EDLO VHUYLQJ D FRPPXQLW\ SD\ EDFN RUGHU ZKHQ WKH FUDVK RFFXUUHG

(, "& 5(2, -/ ," & * (, % #"& (% $ $"# (% * (, "& / , 4 & 5(2 $ (4&* (, 3 ,5 -/,(# & 3 ,5 2 * (, $$ / $(3 / 5 "3 * (, // ,- * (, 3 ,*

// ,- ( - /- (% 4(2$ $(3 /( $$ 5(2 /( / $# (2/ / % 6"& " , & 5(2 3 % & (4 5(2, & & " $ -2))(,/ & $) %(, ( - & /-* $ - - , 5(2, / $ ) (& &2% , " 5(2+, ))5 (, 2- /( (&/ / 5(2 "& / "- 4 5* // ,- ( - /- (% 4(2$ $"# /( (&/ / 5(2 5 )(-/ "& 2/2, (2/ (4 5(2, & & " $ -2))(,/ & $) (2, ( - & /-* 5(2 ( &(/ 4"- /( (&/ / )$ - $ / 2- #&(4 5 4,"/"& (& / "- (,% (, 2-"& / (&/ / / "$- $(4* 2))(,/ , ,3" - (&/ / / "$- , )(-/ ! ! // ,- ( - /- (% // ,- ,# (

(& (& % "$ 2& , "-"& // ,- *(, *2#

"-/ , ,"/5 (* 17.0' *

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ơǯ S l

ééE`¡h 5uuE uØ ` EØ uk E éuØ ÀòÀ ¢ Ýò uØÝ ÝuØ ³òÝ òØ uÝ é³ Ý E`u $ WHHQDJHU KDV EHHQ FKDUJHG DIWHU D \HDU ROG ER\ ZDV VODVKHG ZLWK D NQLIH DW D VHFRQGDU\ VFKRRO 7KH ER\ ZDV WDNHQ WR 6W -RKQ V +RVSLWDO LQ /LY LQJVWRQ IRU WUHDWPHQW WR D VHULRXV IDFLDO LQMXU\ IROORZ LQJ WKH DWWDFN ZKLFK KDS SHQHG DW D VFKRRO LQ :HVW /RWKLDQ VKRUWO\ EHIRUH DP \HVWHUGD\ 3ROLFH FRQoUPHG DQRWKHU WHHQDJH ER\ DJHG KDV QRZ EHHQ FKDUJHG LQ FRQHF WLRQ ZLWK WKH DVVDXOW $ UHSRUW ZLOO EH VHQW WR WKH FKLOGUHQ V UHSRUWHU DQG WKH SURFXUDWRU oVFDO RIoF HUV VDLG 6XSHULQWHQGHQW &UDLJ 6PLWK RI 3ROLFH 6FRWODQG VDLG k9LROHQW LQFLGHQWV RI WKLV QDWXUH DUH WKDQN IXOO\ UDUH LQ :HVW /RWKLDQ VFKRROV DQG ZH DUH FRQ WLQXLQJ WR ZRUN ZLWK :HVW /RWKLDQ &RXQFLO WR UHDVVXUH SXSLOV DQG WKH ZLGHU FRP PXQLW\ y 7KHUH ZLOO EH D FRQWLQ XHG SROLFH SUHVHQFH DW WKH VFKRRO IRU WKH WLPH EHLQJ ZLWK DGGLWLRQDO VXSSRUW LQ SODFH IRU SXSLOV ZKHQ WKH\ UHWXUQ WR VFKRRO KH VDLG

VSRNHVPDQ VDLG k:H KDYH EHHQ ZRUNLQJ ZLWK 3ROLFH 6FRWODQG RQ D QXPEHU RI LQLWLDWLYHV WR SURPRWH SX SLO VDIHW\ LQ RXU VFKRROV UH FHQWO\ LQFOXGLQJ GHOLYHULQJ WKH 1R .QLYHV %HWWHU /LYHV FDPSDLJQ WR HGXFDWH \RXQJ SHRSOH RQ WKH FRQVHTXHQFHV RI NQLIH FULPH k,W LV QRW DSSURSULDWH WR VD\ PRUH y )LRQD +\V ORS 063 IRU /LQOLWKJRZ VDLG k, DP YHU\ FRQ

³¨uÝé ` k³ Ý Ô¢³Ý Eéu Ý¡ ¢¢ÝÕ 'RPHVWLF GRJV PD\ KDYH ORVW VRPH RI WKHLU LQQDWH DQLPDO VNLOOV ZKHQ WKH\ FDPH LQ IURP WKH ZLOG UHVHDUFK VXJJHVWV ,Q D VWXG\ FRPSDULQJ ZROYHV DQG GRJV OLYLQJ LQ QHDU LGHQWLFDO HQYL URQPHQWV ZROYHV ZHUH EHWWHU DW ZRUNLQJ VRPH WKLQJV RXW SDUWLFXODUO\ DW JUDVSLQJ WKH QRWLRQ RI FDXVH DQG HIIHFW 7KH WHVWV LQYROYHG WKH DQL PDOV KDYLQJ WR FKRRVH EHWZHHQ WZR REMHFWV q RQH FRQWDLQLQJ KLG GHQ IRRG DQG WKH RWKHU HPSW\

ů ĐľĢÛıƑ ĐıºĐÏÛıƑŽľñ ƑċĐŽı ƑƧŵÛ ŵÛ Ƒċ ığñƧĢĢǧŵ ŵÛŰ

0R kq0( q0WRÃ kƏ HÙįƏĎüÙųįŰŻ ¸ ÍÙĪǤ Ďį Ġ ¸ĝ¬ƥųįÄ ǝĉÙųÙ Ň÷čǤÙ ųčļĠÍ œƥœĎĠ ǝ Ż ŻĠ ŻĉÙÍ ǤÙŻƏÙųÍ Ǥ $Q\ SXSLOV RU SDUHQWV ZLWK FRQFHUQV DUH EHLQJ XUJHG WR FRQWDFW VFKRRO VWDII RU WKHLU ORFDO SROLFH

VWDWLRQ +DQQDK %DUGHOO 03 WKH 613 UHSUHVHQWDWLYH IRU /LYLQJVWRQ VDLG k7KLV LV D VHULRXV EXW WKDQNIXOO\

H[WUHPHO\ UDUH LQFLGHQW :HVW /RWKLDQ &RXQFLO DQG WKH SROLFH DUH ZRUNLQJ ZLWK WKH VFKRRO DQG WKRVH

LQYROYHG DQG , ZLOO EH VHHN LQJ D PHHWLQJ ZLWK WKHP DV D PDWWHU RI XUJHQF\ y $ :HVW /RWKLDQ &RXQFLO

FHUQHG WR KHDU DERXW WKH LQFLGHQW DW 6W .HQWLJHUQ V $FDGHP\ P\ WKRXJKWV DUH ZLWK WKH VWXGHQW DQG IDPLO\ DIIHFWHG DQG , ZLOO EH VHHN LQJ D PHHWLQJ ZLWK :HVW /RWKLDQ &RXQFLO WKH VFKRRO DQG SROLFH k, NQRZ SDUHQWV DQG FKLO GUHQ DW 6W .HQWLJHUQ V ZLOO EH YHU\ FRQFHUQHG WKDW LV ZK\ LW LV YLWDO WKDW WKHUH LV D IXOO LQYHVWLJDWLRQ DQG OHV VRQV OHDUQHG y

ZKRUH DQG WROG PH WR JHW RXW RI WKHUH y 0V 7ROPLH 0F*UDQH ZKR QRZ ZRUNV LQ 1RU ZD\ DV D SV\FKRORJLVW OHIW WKH LQVWLWXWLRQ DW WKH DJH RI DQG ZHQW RQ WR VWXG\ DW *ODVJRZ 8QLYHUVLW\ 6KH FODLPHG DEXVH DW WKH RUSKDQDJH ZDV ZLGHVSUHDG VD\LQJ k(YHU\ FKLOG ZDV EHDWHQ SXQLVKHG ORFNHG

0Q io0( o0VQ $ ZRPDQ KDV FODLPHG VKH ZDV DEXVHG DW DQ RUSKDQ DJH UXQ E\ QXQV ZKHUH WKH ERGLHV RI KXQGUHGV RI FKLOGUHQ ZHUH kEXULHGy LQ D PDVV JUDYH 7KHUHVD 7ROPLH 0F*UDQH WROG WKH %%& VKH VXIIHUHG PHQWDO SK\VLFDO DQG VH[XDO DEXVH DW 6P\OOXP 3DUN 2U SKDQDJH LQ /DQDUN LQ WKH V $Q LQYHVWLJDWLRQ IRXQG WKDW DW OHDVW FKLOGUHQ IURP WKH LQVWLWXWLRQ DUH WKRXJKW WR EH EXULHG LQ DQ XQPDUNHG JUDYH DW WKH WRZQ V 6W 0DU\ V &HPHWHU\ 7KH RUSKDQDJH UXQ E\ WKH 'DXJKWHUV RI &KDULW\ RI 6W 9LQFHQW GH 3DXO ZDV KRPH WR PRUH WKDQ FKLOGUHQ EHWZHHQ RSHQLQJ LQ DQG FORVLQJ LQ $ VSRNHVPDQ VDLG LW ZDV kVKRFNHG DQG VDGGHQHGy E\ WKH DEXVH DOOHJDWLRQV 0V 7ROPLH 0F*UDQH DU ULYHG DW WKH RUSKDQDJH DW WKH DJH RI VL[ LQ DQG VDLG VKH ZDV oUVW VH[XDOO\ DEXVHG E\ D SULHVW ZKHQ VKH ZDV HLJKW

qĉÙųÙŻ Ə ÙĎüĉƏÄ ƏĉÙ üÙ ŻĉÙ ǝ Ż ðųŻƏ ¬ƥŻÙÍ Ə 6KH VDLG k, KDG D OLWWOH SDUW WLPH MRE FOHDQLQJ WKH SHZV LQ WKH FKXUFK DQG WKLV SDUWLFXODU SULHVW ZRXOG DU ULYH HDUO\ DQG KH ZRXOG DVN PH WR JR LQWR D SDUWLFXODU URRP ZLWK KLP DQG KH ZRXOG DVN PH WR VLW RQ KLV ODS DQG IRQGOH KLP y 2Q RQH RFFDVLRQ VKH VDLG WKDW D QXQ ZDONHG LQ WR oQG WKH SULHVW DEXVLQJ KHU 6KH VDLG k,QVWHDG RI EH LQJ DQJU\ DW KLP VKH JRW UHDOO\ DQJU\ DW PH 6KH \DQNHG PH E\ WKH OHIW DUP VR KDUG DQG pXQJ PH DFURVV WKH URRP DQG FDOOHG PH D

ů ǟÛŵǧºċĐĢÏ Ǡ Ž®Û ƑÛıÆ ŕƧıĐŽċÛÏÆĢľºğÛÏ Đı Ï ŵğŵľľĬŰ LQ D GDUN URRP PDGH WR HDW WKHLU RZQ YRPLW DQG , ZRXOG VD\ WKDW PRVW RI XV KDG RXU PRXWKV ULQVHG RXW ZLWK FDUEROLF VRDS y 3URVHFXWRUV KDYH VDLG WKHUH LV QR HYLGHQFH WKDW D FULPH KDV EHHQ FRPPLWWHG DW WKH RUSKDQDJH LQ UHODWLRQ WR UHSRUWV RI WKH PDVV JUDYH 6P\OOXP 3DUN 2USKDQ DJH LV RQH RI WKH LQVWLWX WLRQV EHLQJ H[DPLQHG E\ WKH 6FRWWLVK &KLOG $EXVH ,Q TXLU\

³³k VE¡Ý EØu ÔòÀ¢ é Õ &RQVHUYDWLYH 03 -DFRE 5HHV 0RJJ KDV EHHQ FULWLFLVHG IRU FRPPHQWV VXJJHVWLQJ WKDW WKH ULVH LQ WKH QXPEHU RI IRRG EDQNV ZDV kUDWKHU XS OLIWLQJy 'XULQJ DQ LQWHUYLHZ KH VDLG k7R KDYH FKDUL WDEOH VXSSRUW JLYHQ E\ SHRSOH YROXQWDULO\ WR VXSSRUW WKHLU IHOORZ FLWL ]HQV , WKLQN LV UDWKHU XS OLIWLQJ DQG VKRZV ZKDW D JRRG FRPSDVVLRQDWH FRXQWU\ ZH DUH y

EÝ ³ >uu¡ ³`òÝ ³ Ý Āu 6RPH RI WKH ELJJHVW QDPHV LQ IDVKLRQ DUH XQYHLOLQJ WKHLU ODWHVW FROOHFWLRQV DW /RQGRQ )DVKLRQ :HHN DV D PRYH WR HQG WKH XVH RI VL]H ]HUR PRGHOV FRPHV LQWR HIIHFW ,W FRPHV GD\V DIWHU IDVKLRQ JLDQWV /90+ DQG .HULQJ DQQRXQFHG WKH\ DUH EDQQLQJ WKH XVH RI VL]H ]HUR PRGHOV XQGHU D QHZ kZHOO EHLQJ FKDUWHUy

E`¡¢EÝ é³ ¢¨ `EÝé )LOPPDNHUV KDYH EHHQ FULWLFLVHG IRU FDVWLQJ -DNH *\OOHQKDDO LQ WKH OHDGLQJ UROH RI GRXEOH DPSXWHH -HII %DXPDQ LQ QHZ PRYLH 6WURQJHU q UDWKHU WKDQ DQ DFWRU ZLWK GLVDELOLWLHV &DPSDLJQHUV VDLG WKH RSSRUWXQLW\ WR FDVW D GLVDEOHG DFWRU IRU WKH SDUW ZDV kRYHUORRNHGy

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

S l ơň

i 0 Q

3éòküh E`¡ é³ EØé ³Ø ÔÝÀE`u ¨ ÝÝ ³Õ ÝòV u`éÝ

R Ż č¬ ¸ĝÙÍ Żœ ¸Ù œŻǤ¸ĉļĠļüǤ ųÙŻÙ ų¸ĉ Żƥ¬ěÙ¸ƏŻ ǝ Ġĝ ¸ųļŻŻ Ġ ǜ ðÙĠÍ ļį ųÙĪļƏÙ - ǝ ĎĎ ǜļĠ¸ įļÄ ǝĉÙųÙ ƏĉÙǤ ĉ ǜÙ ¬ÙÙį ĠĎǜĎįü ïļų ÙĎüĉƏ ĪļįƏĉŻ Ďį ĎŻļĠ ƏĎļįÄ ļį ŻƏƥÍǤ ÍÙŻĎüįÙÍ Əļ ƥįÍÙųŻƏ įÍ ƏĉÙ œŻǤ¸ĉļĠļüĎ¸ Ġ ĎĪœ ¸ƏŻ ļï ĠļįüčƏÙųĪ ĪĎŻŻĎļį Əļ Żœ ¸Ùŝ qĉÙǤ ųÙ ÍƥÙ Əļ ÙĪÙųüÙ ïųļĪ ƏĉÙĎų Q ųŻčĠĎĝÙ ĉ ¬ĎƏ Ə ƏļĪļųųļǝ

$ SLRQHHULQJ VSDFHFUDIW WKDW KDV WUDQVIRUPHG RXU NQRZOHGJH RI 6DWXUQ DQG LWV PRRQV KDV HQGHG LWV PLVVLRQ ZLWK D VSHFWDFXODU VXLFLGH GLYH LQWR WKH ULQJHG SODQHW V DWPRVSKHUH $PHULFDQ VSDFH DJHQF\ 1DVD FDUULHG RXW WKH GH VWUXFWLRQ RI &DVVLQL WR EULQJ WR D FORVH ZKDW LW FDOOHG kD WKULOOLQJ HSRFKy LQ VSDFH H[SORUDWLRQ )RU \HDUV WKH IW QX FOHDU SRZHUHG SUREH KDG EHHQ JDWKHULQJ D WUHDVXUH WURYH RI LPDJHV DQG GDWD IURP WKH 6DWXUQLDQ V\VWHP $W SP 8. WLPH DOO FRPPXQLFDWLRQ ZLWK WKH

( (#

$ " # + *# $ $ ( ( # ( +"

FUDIW ZDV ORVW DV &DVVLQL WXPEOHG WR LWV GRRP PLOHV DERYH 6DWXUQ V FORXG WRSV 3OXPPHWLQJ DW PSK LW WRRN OHVV WKDQ D PLQXWH WR GLVLQWH JUDWH LQWR IUDJPHQWV DQG EXUQ XS 0LVVLRQ FRQWUROOHUV DW 1DVD V -HW 3URSXOVLRQ /DERUDWRU\ LQ 3DVDGHQD &DOLIRUQLD FODSSHG DQG KXJJHG HDFK RWKHU ZKHQ WKH HQG RI UDGLR FRQWDFW ZDV FRQoUPHG 6FLHQWLVWV WDONHG RI D kELWWHU VZHHWy PL[WXUH RI HPRWLRQV ERWK VDGQHVV DW &DVVLQL V ORVV DQG LQWHQVH SULGH LQ ZKDW WKH\ KDG DFKLHYHG

# ' ,, ( ' ,,,

: #7/!'%/ % / ))#;

- ,

1uÝ`òuh E¢¢Ý ³Ø ¨ÀØ³ùuk Øu `Øuú éØE 6SHFLDOLVW oUH FUHZV ZHUH GHVSDWFKHG IURP VWDWLRQV DFURVV 7D\VLGH DQG )LIH LQ D GRRPHG ELG WR VDYH D VLQJOH $EHUGHHQ VKHHS )LYH FUHZV ZHUH VHQW WR D FOLII VLGH QHDU 1LJJ %D\ LQ $EHUGHHQ WR WU\ WR UHVFXH WKH VWUDQGHG DQLPDO RQO\ IRU LW WR EH VKRW GHDG RQ WKH DGYLFH RI D YHW 6FRWWLVK )LUH DQG 5HVFXH VDLG LWV ORFDO FUHZV GLG QRW KDYH WKH URSH UHVFXH VNLOOV UHTXLUHG WR XQGHUWDNH WKH SRWHQWLDOO\ GDQJHURXV RS HUDWLRQ 0LG 6FRWODQG DQG )LIH &RQVHUYDWLYH 063 0XUGR )UDVHU VDLG WKH HQWLUH HSL VRGH kVRXQGHG OLNH WKH SORW RI D V VLWFRPy

+H FDOOHG IRU oUH FUHZV WR EH WUDLQHG LQ DV PDQ\ GLIIHUHQW PHDQV RI UHVFXH DV SRVVLEOH WR DYRLG OHDYLQJ DUHDV ZLWK UHGXFHG FRYHU 7KH LQFLGHQW WRRN SODFH

ů2ƑŽċľƧĢÏ®Û ºľŵÛÛĢÛĬÛıƑ ľñòŵÛºŵÛǠ Ƒŵ ĐıĐıþŰ ODVW PRQWK ZKHQ WKH DQL PDO EHFDPH VWUDQGHG RQ D FOLII DW 1LJJ DIWHU LW VWUD\HG IURP QHDUE\ oHOGV $ IDUPHU QRWLoHG 6FRW WLVK )LUH DQG 5HVFXH WR WKH SOLJKW RI WKH VKHHS DW DURXQG SP &UHZV LQL

WLDOO\ KRSHG WR FDUU\ RXW D UHVFXH ZLWK WKH DLG RI D &RDVWJXDUG WHDP +RZHYHU DV oUH FUHZV IURP 3HUWK 'XQGHH /RFK JHOO\ DQG ,QYHUQHVV PDGH WKHLU ZD\ WR WKH VFHQH D YHW ZDV OLDLVLQJ ZLWK &RDVW JXDUG FUHZV DQG GHFLGHG WKH UHVFXH DWWHPSW ZDV WRR ULVN\ 7KH &RDVWJXDUG FRQ ILUPHG WKH DQLPDO KDG kIDOOHQ WRR IDU GRZQ WKH FOLII DQG LW ZRXOG KDYH SXW FUHZV DW ULVN WR WU\ DQG UHVFXH LWy ,QVWHDG D GHFLVLRQ ZDV WDNHQ E\ WKH YHW WR kGLV SDWFKy WKH DQLPDO DQ DF WLRQ WKDW ZDV XQGHUWDNHQ kXVLQJ D oUHDUPy E\ WKH RZQHU RI WKH DQLPDO

0U )UDVHU VDLG WKH LQFL GHQW LOOXVWUDWHG WKH QHHG IRU PRUH H[WHQVLYH WUDLQ LQJ RI oUH FUHZV WR SURWHFW VHUYLFHV ORFDOO\ +H DGGHG k&DOOLQJ RXW PXOWLSOH GLIIHUHQW oUH FUHZV DQG WKH &RDVWJXDUG WR KHOS UHVFXH D VLQJOH VKHHS RQO\ IRU LW WR EH VKRW VRXQGV OLNH WKH SORW RI D V VLWFRP DQG QRW PRGHUQ GD\ HPHUJHQF\ VHUYLFHV LQ 6FRWODQG k,I UHVFXLQJ VWUDQGHG RU LQMXUHG OLYHVWRFN LV WR EH WKH UHVSRQVLELOLW\ RI WKH oUH DQG UHVFXH VHUYLFH LW VKRXOG EH D FRUH HOHPHQW RI oUH FUHZ WUDLQLQJ k7KLV LQFLGHQW LOOXVWUDWHV JDSV LQ NQRZOHGJH H[LVW DFURVV WKH FRXQWU\ y

cVJ0 )RUPHU IRRWEDOOHU &ODUNH &DUOLVOH KDV EHHQ IRXQG VDIH SROLFH VDLG /DQFDVKLUH 3ROLFH VDLG WKH IRUPHU %XUQOH\ SOD\HU SLFWXUHG ULJKW ZDV IRXQG LQ /LYHUSRRO DQG WKDQNHG WKH

SXEOLF IRU VKDULQJ D PLVVLQJ SHUVRQV DSSHDO 7KH \HDU ROG KDG ODVW EHHQ VHHQ E\ D IDPLO\ PHP EHU LQ 3UHVWRQ RQ 7KXUV GD\ DIWHUQRRQ VSDUNLQJ FRQFHUQ 7KH IRUPHU 3URIHVVLRQDO )RRWEDOOHUV $VVRFLDWLRQ

FKDLUPDQ ZKR PDGH PRUH WKDQ DSSHDUDQFHV IRU QLQH FOXEV GXULQJ KLV SOD\ LQJ FDUHHU KDV D KLVWRU\ RI PHQWDO LOOQHVV DQG KDG WULHG WR WDNH KLV RZQ OLIH LQ 'HFHPEHU ZKHQ KH MXPSHG LQWR WKH SDWK RI D WRQQH ORUU\ RQ WKH $

;'7 8 ) %/!'%/ 9!4 %7$ . ' ! . %4 ).'8! ./ 4 " #'/ . '%4.'# ' ;'7. . 4!. $ %4 / 8!% / ; .!% !% 4 $ 4' 4 . !% ! #!4; # %8 /4 ./'% # %/!'% *

+, . %/ . ;'7. ) %/!'%/ 4' 7/ % $ % 4 $ ## !% '% / 7. '%#!% '7%4, .% 3(<< 4' 3( <<< / " ! ;'7 ))#; ; $ . 6<(0 * : #7/!'%/ % / ))#;+, 9!## %'4 . ;'7 4' 4. %/ . 4' 7/, ;'7 . . :!4 / 9 9!## . !$ 7./ ;'7 7) 4' 3 << * / ))#;+, 8 #7 ' !%8 /4$ %4/ % ' '9% / 9 ## / 7) /' ;'7 $ ; %'4 4 " 4 $'7%4 ;'7 '.! !% ##; !%8 /4, '7 %%'4 %'.$ ##; // $'% ; !%

7%4!# , %/!'% 4. %/ ./ % '$)# : % /'$ 4;) / ' ) %/!'% !% ) .4! 7# . 4 '/ 9!4 7 . %4 % 4/ /7 / % % 4 / $ / % ) %/!'%/ 9!4 / 7 . % 4/ . %'4 #! ! # '. 4 !/ ' ., 8!/ 4. %/ ./ % . . !/4. 4!'%/ . %'4 #! ! # '. 4 !/ ' .,

# / . '7. ) %/!'% 4. %/ . 4/ 4 4 / " / % :!4 / / 9 ! . 8 !# # 4 #!4;, ',7"2 / ",

+ ( (+" "* &

*$ # # # ( , ,, ))) , $ % + ( # + % (*# +!

//7 ; !% % ! # $!%!/4. 4!'% .8! / !$!4 74 '.!/ % . 7# 4 ; 4 !% % ! # '% 7 4 74 '.!4;, ! #!4; ! #!4; %4 .% 4!'% # 4 !. #' '/ % /;$ '# . 4. $ ."/ ' !$!4 , <&(026<1(52 6 2 (6(0

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ơơ XgK S l

$³Øé ³ØuEh >³Ø¡ Ek ³ ¢ ÝE`é ³Ý ÀEÝÝuk Vòé Eé ³Ý éØuEk `EØu ò¢¢ü :DVKLQJWRQ KDV FDOOHG RQ DOO QDWLRQV WR WDNH QHZ PHDVXUHV DJDLQVW 1RUWK .R UHD DIWHU 3\RQJ\DQJ VHQW DQ LQWHUPHGLDWH UDQJH ZHDSRQ KXUWOLQJ RYHU -DSDQ LQWR WKH QRUWKHUQ 3DFLoF 2FHDQ 6HFUHWDU\ RI VWDWH 5H[ 7LOOHUVRQ VDLG ODWHVW 81 6H FXULW\ &RXQFLO UHVROXWLRQV kUHSUHVHQW WKH pRRU QRW WKH FHLOLQJ RI WKH DFWLRQV ZH VKRXOG WDNHy +H VDLG &KLQD DQG 5XVVLD kPXVW LQGLFDWH WKHLU LQWRO HUDQFH IRU WKHVH UHFNOHVV PLVVLOH ODXQFKHV E\ WDNLQJ GLUHFW DFWLRQV RI WKHLU RZQy 7KH UHVROXWLRQV SURKLELW DQ\ FRXQWU\ IURP DXWKRULV LQJ QHZ ZRUN SHUPLWV IRU 1RUWK .RUHDQ ZRUNHUV DQG FDS 3\RQJ\DQJ V LPSRUWV RI FUXGH RLO DQG UHoQHG SHWUROHXP SURGXFWV $ VSRNHVPDQ IRU 5XVVLD V SUHVLGHQW 3XWLQ VDLG 0RV FRZ kUHVROXWHO\ FRQGHPQVy VXFK PRYHV DQG VDLG WKH PLVVLOH WHVW ZLOO kOHDG WR WKH IXUWKHU JURZWK RI WHQVLRQV DQG WKH IXUWKHU HVFDODWLRQ RI WHQVLRQV RQ WKH .RUHDQ

SHQLQVXODy 5XVVLD EDFNHG WKH UHVROX WLRQV SDVVHG WKLV ZHHN EXW WKH .UHPOLQ KDV DOVR EHHQ FULWLFDO RI FDOOV IURP WKH 86 WR UDPS XS WKH VDQFWLRQ SUHVVXUH RQ 1RUWK .RUHD &KLQD V IRUHLJQ PLQLVWU\ FDOOHG IRU DOO VLGHV WR VHHN GLDORJXH WR UHGXFH WHQ VLRQV 6SRNHVZRPDQ +XD &KXQ\LQJ VDLG WKH VLWXDWLRQ UHPDLQV kFRPSOH[ VHQVLWLYH DQG VHYHUHy 6KH XUJHG DOO SDUWLHV WR

$ KLJK UDQNLQJ SULHVW ZRUNLQJ DW WKH 9DWLFDQ V HPEDVV\ LQ :DVKLQJWRQ KDV EHHQ UHFDOOHG DIWHU 86 SURVHFXWRUV DVNHG IRU KLP WR EH FKDUJHG WKHUH DQG IDFH WULDO LQ D FKLOG SRUQRJUDSK\ LQYHVWLJDWLRQ 7KH GLSORPDW ZDV VXVSHFWHG RI SRVVHVVLQJ FKLOG SRUQ LQFOXGLQJ LP DJHV RI SUH SXEHVFHQW FKLOGUHQ 7KH 9DWLFDQ VDLG KH ZDV EDFN LQ 9DWLFDQ &LW\ DQG WKDW 9DWLFDQ SURV HFXWRUV KDG ODXQFKHG WKHLU RZQ SUREH

3ÀE ÝéE¢¢Ý ³ kuÀuku`u

q-f qÃ ÙŻƏÙųÍ ǤŰŻ ƏÙŻƏ ĎŻ ƏĉļƥüĉƏ Əļ ĉ ǜÙ ¬ÙÙį -ǝ ŻļįüčŇƠ ¬ ĠĠĎŻƏĎ¸ ĪĎŻŻĎĠÙÄ ŻÙÙį ĉÙųÙ ¬ÙĎįü Ġ ƥį¸ĉÙÍ Ə į ƥįÍĎŻ¸ĠļŻÙÍ Ġļ¸ ƏĎļį DYRLG DFWLRQV WKDW PLJKW LQpDPH WKH VLWXDWLRQ ZKLOH DGGLQJ WKDW &KLQD 1RUWK .RUHD V FKLHI HFRQRPLF SDUWQHU DQG GLSORPDWLF DOO\ GLG QRW KROG WKH NH\ WR UHVROYLQJ WKH LVVXH &KLQD RQH RI oYH SHU PDQHQW YHWR ZLHOGLQJ PHPEHUV RI WKH 81 6HFX ULW\ &RXQFLO DJUHHG WR WKH ODWHVW VDQFWLRQV 6RXWK .RUHDQ SUHVLGHQW 0RRQ -DH LQ D OLEHUDO ZKR LQLWLDOO\ SXVKHG IRU WDONV

ZLWK 1RUWK .RUHD VDLG 3\RQJ\DQJ V WHVWV FXUUHQWO\ PDNH GLDORJXH kLPSRVVL

ůsċÛŽĐƑƧ ƑĐľı ĐŽºľĬŕĢÛǦÆ ŽÛıŽĐƑĐǟÛ ıÏ ŽÛǟÛŵÛŰ EOHy DGGLQJ WKDW VDQFWLRQV ZRXOG SXVK 1RUWK .RUHD WRZDUGV WKH SDWK RI kJHQX LQH GLDORJXHy +H DGGHG

k,I 1RUWK .RUHD SURYRNHV XV RU RXU DOOLHV ZH KDYH WKH VWUHQJWK WR VPDVK WKH DWWHPSW DW DQ HDUO\ VWDJH DQG LQpLFW D OHYHO RI GDP DJH LW ZRXOG EH LPSRVVLEOH WR UHFRYHU IURP y 0U 0RRQ VSRNH RQ WKH SKRQH ZLWK -DSDQHVH SULPH PLQLVWHU 6KLQ]R $EH DERXW WKHLU UHVSRQVH $ VSRNHVPDQ VDLG WKH WZR OHDGHUV DJUHHG WR FR RS HUDWH LQ LGHQWLI\LQJ kVWHUQ DQG HIIHFWLYH PHDVXUHVy

-tee0 Q

įüĎįÙÙųŻ ïųļĪ Ơ÷ ļĪĪ įÍļ fļǤ Ġ įüĎįÙÙųŻ ¸ ųųǤ ļƥƏ ųÙœ ĎųŻ ǤÙŻƏÙųÍ Ǥ Əļ Ī ĝÙ ĠŻ Ī (ĉƥƏ ě ĎĠ ŻÙ¸ƥųÙ 9LUJLQ ,VODQGV LV H[WUHPHO\ JUDWHIXO WR WKH SROLFH DQG PLOLWDU\ SHUVRQQHO IRU WKHLU WLUHOHVV HIIRUWV ZKLFK KDYH UHVXOWHG LQ D WKRURXJK DQG

H[WUHPHO\ VXFFHVVIXO RS HUDWLRQ k, H[WHQG RXU JUDWLWXGH WR WKH 8. DQG &D\PDQ ,V ODQG JRYHUQPHQWV IRU WKHLU

SURYLVLRQ RI SHUVRQQHO 7KLV VLJQDOV D KXJH VWHS LQ DOO RI RXU HIIRUWV WR UHEXLOG WKLV IDQWDVWLF WHUULWRU\ y 7KH QHZV FRPHV DIWHU %ULWLVK 9LUJLQ ,VODQGHUV VDLG WKH\ ZHUH kWHUULoHGy RI WKH SULVRQHUV ZKR HV FDSHG EHFDXVH RI WKH GDP DJH FDXVHG E\ ,UPD 7KH\ VDLG ORRWLQJ KDG EHHQ kWHUULEOHy DQG FODLPHG HVFDSHG SULVRQ HUV KDG FRPPLWWHG D UDSH ZKLOH RQ WKH ORRVH )RUHLJQ PLQLVWHU 6LU $ODQ 'XQFDQ VDLG RQ 7XHVGD\ WKDW WKH FRQYLFWV SRVHG D kVHULRXV WKUHDW RI WKH FRPSOHWH EUHDNGRZQ RI ODZ DQG RUGHUy

6SDQLVK SULPH PLQLVWHU 0DULDQR 5DMR\ DERYH KDV UHMHFWHG FDOOV E\ &DWDODQ RIILFLDOV IRU QHJRWLDWLRQV RQ D UHI HUHQGXP RQ WKH UHJLRQ V LQGHSHQGHQFH VD\LQJ WKH ODZ GRHV QRW DOORZ LW 2IoFLDOV LQ &DWDOR QLD DQG WKH FDSLWDO %DUFHORQD DVNHG LQ D OHWWHU RQ )ULGD\ IRU IUHVK GLDORJXH RQ KROGLQJ WKH YRWH ZLWK WKH JRYHUQ PHQW V SHUPLVVLRQ

&ùuØ zĂ kuEk Ý Ý EééE`¡

qĉÙ kļƥƏĉ HļųÙ į ųĪǤ ļį ÙǣÙų¸ĎŻÙ Ə ƏĉÙ ¬ļųÍÙų

! " """ 0RUH WKDQ SULVRQHUV KDYH EHHQ FDSWXUHG DIWHU HVFDSLQJ IURP D MDLO RQ WKH %ULWLVK 9LUJLQ ,VODQGV IRO ORZLQJ +XUULFDQH ,UPD 7KH JRYHUQRU RI WKH LV ODQGV VDLG WKH SULVRQHUV RI %DOVDP *KXW SULVRQ LQ 7RUWROD KDG EHHQ FDSWXUHG RQ 7KXUVGD\ ,W IROORZHG DQ RSHUDWLRQ E\ %ULWLVK 9LUJLQ ,VODQG DQG &D\PDQ ,VODQG SROLFH RIoF HUV DORQJVLGH WKH %ULWLVK 5R\DO 0DULQHV DQG SROLFH *XV -DVSHUW WKH JRYHU QRU RI WKH %ULWLVK 9LUJLQ ,VODQGV VDLG k7KH JRY HUQPHQW RI WKH %ULWLVK

=Eé `E Øu`E¢¢Ý ÀØ uÝé ³ùuØ À³Ø ÀØ³Vu

P QP e $ERXW FKLOGUHQ KDYH pHG 0\DQPDU V 5DNK LQH VWDWH LQWR QHLJKERXULQJ %DQJODGHVK RYHU WKH ODVW WKUHH ZHHNV DFFRUGLQJ WR D 81 DJHQF\ 7KH oJXUH q DPRXQWLQJ WR RI DQ HVWLPDWHG 5RKLQJ\D UHIXJHHV q LQFOXGHV DERXW FKLOGUHQ XQGHU D \HDU ROG VDLG 8QLFHI VSRNHVZRPDQ 0DUL[LH 0HUFDGR 0V 0HUFDGR VDLG WKH oJ XUHV LQFOXGH DERXW XQ DFFRPSDQLHG PLQRUV ZKR FURVVHG RYHU WKH SDVW ZHHN 6KH VSRNH DW D UHJXODU

EULHILQJ LQ *HQHYD WKDW LQFOXGHG FRPPHQWV IURP PDQ\ 81 DJHQFLHV DGGUHVV LQJ WKH FULVLV LQ %DQJODGHVK 0V 0HUFDGR VDLG k$V HYHU\ERG\ KHUH LV JRLQJ WR WHOO \RX WKH QHHGV DUH VHHPLQJO\ HQGOHVV DQG WKH VXIIHULQJ LV GHHSHQLQJ y $ 5RKLQJ\D LQVXU JHQW JURXS DWWDFNHG SROLFH SRVWV LQ 5DNK LQH RQ $XJXVW DQG WKH PLOWDU\ RI 0\DQPDU q DOVR NQRZQ DV %XUPD q UHVSRQGHG ZLWK kFOHDUDQFH RSHUDWLRQVy )OHHLQJ 5RKLQJ\D VD\ VHFXULW\ IRUFHV VKRW LQGLV FULPLQDWHO\

7KH GHDWK WROO KDV ULVHQ WR PRUH WKDQ DIWHU DQ ,VODPLF 6WDWH FODLPHG DWWDFN LQ VRXWKHUQ ,UDT WDUJHWLQJ D UHVWDXUDQW IUHTXHQWHG E\ 6KLLWH 0XVOLP SLOJULPV ,UDTL RIoFLDOV VDLG $ WRWDO RI SHRSOH ZHUH NLOOHG DQG LQMXUHG LQ WKH DWWDFN LQ 1DVLUL\DK 7KL 4DU SURYLQFH DFFRUGLQJ WR SURYLQFLDO JRYHUQRU <DK\D DO 1DVVLUL

u EééE`¡ ³ Ý³¢k uØ )UDQFH KDV ODXQFKHG D WHUURULVP LQYHVWLJD WLRQ DIWHU DQ DWWHPSWHG NQLIH DWWDFN RQ D VROGLHU SDWUROOLQJ D ODUJH 3DULV VXEZD\ LQWHUFKDQJH 3ROLFH VDLG D NQLIH ZLHOGLQJ DVVDLODQW WULHG WR DWWDFN D VROGLHU \HV WHUGD\ PRUQLQJ EXW ZDV TXLFNO\ DUUHVWHG DQG QR RQH ZDV KXUW

ti0Q ii

) Ƒ ĢĐƑǧďñŵÛÛǧÛ ŵ ñĐŵŽƑ ñľŵ ŵĐƑĐŽċ ñĐŽċĐıþŽÛºƑľŵş fƢƅ

ƥŻĎįÙŻŻ ÙÍĎƏļųÃ fÙ¬Ù¸¸ ƥ¸ĉ į ǮŇƠƠ÷ Ɣ÷ƔƔñƔ ÙčĪ ĎĠÃ fÙ¬Ù¸¸ ŝ ƥ¸ĉ įª ěĠŝ¸ļŝƥĝ ļų œěŝ¬ƥŻĎįÙŻŻª ěĠŝ¸ļŝƥĝ 0įǜÙųįÙŻŻ ļïð¸ÙÃ ǮŇ÷ƇƔ ƠƃƠƠǮǮ qļ ÍǜÙųƏĎŻÙÃ ǮŇƠƠ÷ Ɣ÷ƔƔƠĴ

`u > ` uÝ kuE¢ ùuÝ E¢¨³ØE¢ Ø³òÀ ÝéE¡u

ceV'0J

éØuÀØuuòØÝh çºĂ¨ ¢¢ ³ E Øuu¨ué é³ ÔÀØ³ù ku ÝéEV ¢ éüÕ E¨ k k³úéòØ

-LP 0LOQH VHULDO HQWUHSUHQHXU DQG IRXQGHU DQG FKDLUPDQ RI %DOPRUDO *URXS KDV PDGH DQG ORVW IRUWXQHV 7KH \HDU ROG V FDUHHU VSDQV oYH GHFDGHV DQG EHJDQ LQ D PXVKURRP VKHG $ FUXPEOLQJ 1LJH ULDQ PDUNHW IRUFHG KLP WR SXW RQH RI KLV HDUO\ EXVLQHVVHV $EHUJOHQ LQWR UHFHLYHUVKLS %XW KLV DELOLW\ WR UH LQYHQW HYHQWXDOO\ VDZ KLP SRVLWLRQ %DOPRUDO *URXS DV D PDMRU LQ WHUQDWLRQDO IRUFH DQG HDUOLHU WKLV \HDU LW ZDV QDPHG WKH IDVWHVW JURZLQJ FRPSDQ\ LQ 6FRWODQG

H 0q- '0R J 7ZR RI WKH QRUWK HDVW V EHVW NQRZQ HQWUHSUHQHXUV KDYH VWUXFN D d PLOOLRQ GHDO JLYLQJ RQH RI WKHP D VWDNH LQ WKH RWKHU V EXVL QHVV 6HOI PDGH EXVLQHVV PDQ -LP 0LOQH FKDLUPDQ DQG PDQDJLQJ GLUHFWRU DW $EHUGHHQ EDVHG %DOPRUDO *URXS LV QRZ FKDLUPDQ RI $FH :LQFKHV q EDVHG DW 7RZLH %DUFOD\ :RUNV QHDU

ů ľŵğƑľþÛƑċÛŵ ƑľĬ ǦĐĬĐŽÛ þĢľ® Ģ ľŕŕľŵƑƧıĐƑĐÛŽŰ 7XUULII q DIWHU %DOPRUDO V DFTXLVLWLRQ RI DQ XQGLV FORVHG VWDNH $FH V IRXQGHU DQG FKLHI H[HFXWLYH LV $OoH &KH\QH ZKR OHIW VFKRRO ZLWK IHZ TXDOLoFDWLRQV EXW ZHQW RQ WR GHYHORS KLV HQJLQHHULQJ oUP LQWR D VXFFHVVIXO LQWHU QDWLRQDO EXVLQHVV %XW WKH FRPSDQ\ KDV KDG D JULP WLPH RI LW VLQFH WKH RLO SULFH SOXQJH VXIIHULQJ SUH WD[ ORVVHV RI PRUH WKDQ d PLOOLRQ LQ DQG IRUFHG WR D[H MREV ,W FXU UHQWO\ HPSOR\V SHRSOH $FFRXQWV IRU KDYH \HW WR EH ILOHG DW

H(eVtQ

R kq fqÃ 'ųļĪ ĠÙïƏÄ ĠÙųĎÙ ĉÙǤįÙÄ ĠðÙ ĉÙǤįÙÄ FĎĪ QĎĠįÙ įÍ ĎĠĠ Q Ďį ųÙ ÙǣœÙ¸ƏĎįü ¬ųĎüĉƏÙų ïƥƏƥųÙ ïļų ¸Ù Ďį¸ĉÙŻ &RPSDQLHV +RXVH ZLWK WKH GHFN PDFKLQHU\ VSHFLDOLVW KDYLQJ PLVVHG D GHDGOLQH RI -XO\ %DOPRUDO ZLWK PRUH WKDQ SHRSOH RQ LWV SD\UROO KDV EHHQ SURYLG LQJ HQJLQHHUHG SURGXFWV DQG VHUYLFHV WR WKH HQHUJ\ HQJLQHHULQJ PDULQH EXLOG

LQJ SRO\PHU HQJLQHHULQJ DQG SURFHVVLQJ VHFWRUV VLQFH ,WV ODWHVW LQYHVWPHQW ZLOO kSURYLGH VWDELOLW\ IRU $FH :LQFKHVy JRLQJ IRUZDUG 0U 0LOQH VDLG \HVWHUGD\ +H DGGHG k,W LV RXU KRSH WKH ZRUNIRUFH FDQ EH DGGHG WR LQ WKH \HDUV DKHDG y

%DOPRUDO V oQDQFH GLUHF WRU %LOO 0DLQ DOVR MRLQV WKH $FH ERDUG DV D QRQ H[HFX WLYH GLUHFWRU 7KH WZR oUPV DLP WR kZRUN WRJHWKHU WR PD[LP LVH JOREDO RSSRUWXQLWLHV LQ WKH RIIVKRUH UHQHZDEOHV DQG GHFRPPLVVLRQLQJ PDUNHWVy %DOPRUDO VDLG

LQ D VWDWHPHQW 0U 0LOQH DGGHG k$FH :LQFKHV KDV EXLOW D YHU\ VWURQJ UHSXWD WLRQ IRU SURYLGLQJ ZRUOG FODVV GHFN PDFKLQHU\ DQG OLIWLQJ VROXWLRQV DQG ZH UHFRJQLVH WKH SRWHQWLDO LQ WKH FRPSDQ\ y 0U &KH\QH VDLG k%RWK $FH :LQFKHV DQG %DOPRUDO

*URXS KDYH H[WHQVLYH H[SH ULHQFH RI RSHQLQJ XS QHZ PDUNHWV k:H VHH WKH UHQHZDEOHV DQG GHFRPPLVVLRQLQJ VHF WRUV LQ SDUWLFXODU RIIHULQJ VWURQJ JURZWK SRWHQWLDO ERWK LQ WKH LPPHGLDWH DQG ORQJHU WHUP y ļĪĪÙįƏÄ d üÙ ƠĴ

Ýé³Øüh Ø¨ Øuú EÝé Ø³¨ ³ uØ ³¨u Ø³ú Ý ¢uué ÝòÀÀ³Øé é³ ¢³VE¢ u uuØ Ý³¢òé ³Ý $FH :LQFKHV ZDV IRXQGHG DW 0RQWEOHW WRQ QHDU %DQII LQ E\ FKLHI H[HFXWLYH $OoH &KH\QH DQG KLV ZLIH 9DOHULH ,W ZDV VHW XS DV D VPDOO HQJLQHHULQJ UHSDLU ZRUNVKRS WR FDUU\ RXW VHUYLFLQJ

EÝxxÝ âÅE°â «E°Ă nx`Enxâ

DQG UHSDLUV IRU WKH 6FRWWLVK oVKLQJ pHHW 7KH oUP JUHZ TXLFN O\ ,W KDG HPSOR\HHV LQ PRQWKV DQG PDGH D EUHDNWKURXJK LQWR WKH PDQXIDFWXUH RI GHFN PDFKLQHU\ ZLWK D ZLQFK EXLOW IRU WKH 6FRWWLVK )LVKHULHV

0DULQH /DERUDWRU\ YHVVHO 6FRWLD 'HFOLQH LQ WKH oVK LQJ LQGXVWU\ IURP EURXJKW D QHZ VHW RI FKDOOHQJHV DQG SURPSWHG D FKDQJH LQ GLUHFWLRQ LQWR QHZ PDUNHWV VXFK DV RLO DQG JDV RIIVKRUH

PDULQH DQG PRUH UH FHQWO\ UHQHZDEOHV 7R GDWH WKH FRP SDQ\ KDV GHOLYHUHG HQ JLQHHUHG GHFN VHUYLFHV IRU PRUH WKDQ SURMHFWV LQ SOXV FRXQWULHV $V ZHOO DV WZR 4XHHQ V $ZDUGV WKH

oUP DQG LWV &(2 KDYH ZRQ D VWULQJ RI KRQ RXUV RYHU WKH \HDUV 7KHUH ZHUH FHOHEUD WLRQV IRU 0U &KH\QH DQG KLV ZRUNIRUFH LQ 6HSWHPEHU ZKHQ WKH oUP RI oFLDOO\ RSHQHG LWV QHZ KHDGTXDUWHUV DW

7RZLH %DUFOD\ :RUNV QHDU 7XUULII DIWHU DQ LQYHVWPHQW RI DERXW d PLOOLRQ $ KLJKOLJKW ZDV D YLVLW E\ WKH 3ULQFHVV 5R\DO WR RSHQ WKH VLWH DQG SUHVHQW WKH FRP SDQ\ ZLWK LWV VHFRQG 4XHHQ V $ZDUG

Ù EÝn ÝE îÚ ¤xĂ ¶Ý ¶ø°nxÝ 7KH WHUP VHOI PDGH PDQ FRXOG QRW EH DQ\ PRUH DSW IRU $OILH &KH\QH WKH PDQ EHKLQG DZDUG ZLQQLQJ $FH :LQFKHV 'HVSLWH QRW KDYLQJ KDG PXFK RI D IRUPDO HGXFDWLRQ KH MRLQHG WKH UDQNV RI WKH QRUWK HDVW V OHDGLQJ HQWUH SUHQHXUV WKURXJK KDUG JUDIW DQG DQ LQVWLQFWLYH EXVLQHVV EUDLQ +H RQFH VDLG KH ZDV ERUQ WR RYHUFRPH FKDO OHQJHV WKURXJK kVKHHU SHUVHYHUDQFHy DQG ZRUNLQJ DOO KRXUV +H JUHZ XS DQG ZHQW WR VFKRRO DW 7XUULII ZKHUH KLV ODWH IDWKHU DOVR $OoH UDQ D KDXODJH oUP

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ơø wl1S ll

7éu` 0 ¢uEùuÝ ³òÝé³ ³Ø VEÝu ØE éu éü

QVeo-i

& Ý ³Øuh 3Àu` E¢ Ýé ¨E¡uÝ uú EÀÀ³ é¨uéÝ EÝ ÀEØé ³ ÝéØEéu ` Øuù uú

Q fH J QQ

J R k-0 J k 2IIVKRUH VXUYH\ VSHFLDOLVW 8WHF KDV VKLIWHG LWV JOREDO KHDGTXDUWHUV IURP +RX VWRQ LQ WKH 86 WR $EHUGHHQ DV SDUW RI D VWUDWHJLF UHYLHZ RI RSHUDWLRQV 7KH QHZ FRUSRUDWH +4 LV KRXVHG LQ RIoFHV RI WKH SDUHQW VXEVHD VHUYLFHV oUP $FWHRQ *URXS LQ %ULGJH RI 'RQ 8WHF ZKLFK GHOLYHUV D ZLGH UDQJH RI RIIVKRUH DQG RQVKRUH VXUYH\ VHU YLFHV WR WKH HQHUJ\ LQGXVWU\ DQG HPSOR\V SHRSOH ZRUOGZLGH KDV DOVR PDGH D QXPEHU RI QHZ DSSRLQW PHQWV /RQJ WHUP HPSOR\

ůhÛĬ ĐıĐıþ ñľºƧŽÛÏľı ŕŵľǟĐÏĐıþľƧŵ ºĢĐÛıƑŽǠĐƑċ ŪƧ ĢĐƑǧŽÛŵǟĐºÛŰ HHV &RU\ *RRG\HDU 0LFN (OPVOLH DQG -RQDWKDQ :DWW DUH QRZ GLUHFWRUV IRU WKH FRPSDQ\ V $PHULFDV DQG (XURSH $IULFD EXVLQHVV XQLWV $QQRXQFLQJ WKH SURPR WLRQV FKLHI H[HFXWLYH 6WXDUW &DPHURQ VDLG k3URYLGLQJ H[SHULHQFHG HPSOR\HHV ZLWK WKH RSSRUWXQLW\ WR PRYH LQWR QHZ SRVLWLRQV KDV DOORZHG XV WR DGG VWUHQJWK DQG GHSWK WR WKH

FW0Rq ''WfqÃ Fļį Əĉ į ƏƏÄ ĠÙïƏÄ įÍ QĎ¸ĝ ĠĪŻĠĎÙÄ ¬ƥŻĎįÙŻŻ ƥįĎƏ ÍĎųÙ¸ƏļųŻ ļï ƥųļœÙ įÍ ïųĎ¸ Ə vƏÙ¸ RUJDQLVDWLRQ ZKLFK ZLOO KHOS GULYH 8WHF LQWR QHZ WHFKQRORJLFDO DQG JHR JUDSKLFDO DUHDV k8WHF FRQWLQXHV WR EH RQH RI WKH ODUJHVW JOREDO VXUYH\LQJ EXVLQHVVHV ZLWK WKH DGGLWLRQ RI PRUH WKDQ SHRSOH WR RXU RQVKRUH DQG RIIVKRUH RUJDQLVDWLRQ WKLV \HDU 7RJHWKHU ZLWK

WKH QHZ OHDGHUVKLS WHDP , ORRN IRUZDUG WR EXLOGLQJ RQ 8WHF V JOREDO SUHVHQFH ZKLOH UHPDLQLQJ IRFXVHG RQ SURYLGLQJ RXU FOLHQWV ZLWK D TXDOLW\ VHUYLFH y 0U *RRG\HDU ZKR SUHYL RXVO\ KHDGHG XS WKH (XURSH DQG $IULFD EXVLQHVV XQLW LV PRYLQJ WR +RXVWRQ WR WDNH RYHU WKH UROH RI EXVL

QHVV XQLW GLUHFWRU RI WKH $PHULFDV +H UHSODFHV 'DYH 5RVV ZKR KDV OHG WKH +RXVWRQ RIoFH IRU WKH SDVW GHFDGH DQG LV QRZ UHWLULQJ IURP WKH EXVLQHVV 0U *RRG\HDU KDV ZRUNHG IRU 8WHF IRU \HDUV DQG LV DOUHDG\ IDPLOLDU ZLWK RSHUD WLRQV LQ +RXVWRQ KDYLQJ

The right to choose... in association with

Independent Schools Features 'ųĎÍ Ǥ kÙœƏÙĪ¬Ùų ƠƠįÍ qĉÙ ¸ĉļĎ¸Ù ĎŻ ǤļƥųŻ

'ļų ïƥųƏĉÙų ÍÙƏ ĎĠŻ ¸ļįƏ ¸Ə fĻÌ Ø ƎƎčØ ļį ǮŇƠƠ÷ Ɣ÷ƔŇƇƔ ļų ÙĪ ĎĠ ųļÍŝ¬Ù ƏƏĎÙª ěĠŝ¸ļŝƥĝ

SUHYLRXVO\ KHOG WKH UROH RI JHQHUDO PDQDJHU 0HDQZKLOH 0U (OPVOLH DQG 0U :DWW KDYH EHHQ DSSRLQWHG WR OHDG RSHUD WLRQV LQ (XURSH DQG $IULFD DV MRLQW EXVLQHVV XQLW GL UHFWRUV 0U (OPVOLH KDV EHHQ ZLWK 8WHF IRU VHYHQ \HDUV ZRUN LQJ RQ SURMHFWV RSHUDWLRQV

DQG ODWHU DV EXVLQHVV GHYHO RSPHQW OHDG LQ WKH FRP SDQ\ V $XVWUDOLDQ RIoFH (DUOLHU WKLV \HDU KH PRYHG WR $EHUGHHQ DQG KDV VSHQW WKH SDVW VL[ PRQWKV DV SURMHFWV GLUHFWRU IRU WKH (XURSH DQG $IULFD UH JLRQ 0U :DWW MRLQHG 8WHF ODVW 'HFHPEHU LQ WKH UROH RI JOREDO FRPPHUFLDO PDQ DJHU KDYLQJ ZRUNHG HOVH ZKHUH LQ $FWHRQ *URXS IRU WKH SDVW WZR \HDUV 8WHF KDV RSHUDWLRQV LQ WKH 8. DQG RYHUVHDV OR FDWLRQV LQFOXGLQJ WKH 86 0H[LFR &DQDGD *KDQD 1LJHULD $XVWUDOLD %UD]LO &DQDGD ,QGRQHVLD 1RU ZD\ 6LQJDSRUH DQG WKH 0LGGOH (DVW 1RUZLFK EDVHG $F WHRQ DQQRXQFHG LWV QHDU d PLOOLRQ DFTXLVLWLRQ RI WKH oUP LQ 6HSWHPEHU $FWHRQ V SRUWIROLR RI VXEVHD EXVLQHVVHV DOVR LQ FOXGHV $TXDWLF &OD[WRQ - 6XEVHD 6HDWURQLFV DQG 7HDP (QHUJ\ 5HVRXUFHV DOO RI ZKLFK KDYH OLQNV WR WKH $EHUGHHQ DUHD $FWHRQ LV RZQHG E\ 86 SULYDWH HTXLW\ JLDQW ..5 DQG KDV MXVW WZR GLUHFWRUV q 0U +LJKDP DQG oQDQFH FKLHI .HYLQ 2YHQGHQ q DPRQJ LWV oYH VWURQJ VHQLRU PDQDJHPHQW WHDP ,WV FRPSDQLHV DUH LQ YROYHG DW HYHU\ VWDJH LQ WKH OLIH RI DQ RLO oHOG

$xĀ î¶¶¥ ÙâEÿxâ î «xj «¶°xĂÚ V0J Q ( i &RUURVLRQ VSHFLDOLVW 3UHVVHUY LV H[SHFWLQJ D d PLOOLRQ ERRVW LQ WKH oUVW \HDU RI D QHZ GHDO ZLWK 86 oUP 6SRQJH -HW 1RUZHJLDQ RZQHG 3UHV VHUY VDLG LW ZDV DZDUGHG H[FOXVLYH 6FRWODQG DQG RIIVKRUH 8. GLVWULEXWLRQ ULJKWV IRU DQ LQQRYDWLYH DEUDVLYH EODVWLQJ WHFKQRO RJ\ ZKLFK VDYHV RSHUDWRUV WLPH DQG PRQH\ 8. VDOHV PDQDJHU 6WXDUW 5HQQLH VDLG k6SRQJH -HW LV DQ LQFUHGLEOH WRRO WKDW KDV UHYROXWLRQLVHG WKH ZD\ VXU IDFHV FDQ EH SUHSDUHG IRU

FRUURVLRQ SURWHFWLRQ DQG ZH DUH WKULOOHG WR EH DEOH WR RIIHU LW WR WKH 6FRWWLVK DQG RIIVKRUH 8. HQHUJ\ LQGXVWULHV k7KH 6SRQJH -HW ORZ GXVW DQG ORZ UHERXQG WHFKQRO RJ\ PHDQV WKDW VXUIDFH SUHSDUDWLRQ FDQ FRQWLQXH DORQJVLGH RWKHU WUDGHV k,Q WKH RLO DQG JDV LQ GXVWU\ WLPH LV PRQH\ VR EHLQJ DEOH WR FRQWLQXH ZRUN ZKLOH EODVWLQJ LV WDNLQJ SODFH LV D KXJH DGYDQWDJH IRU RSHUDWRUV y 6WDYDQJHU KHDGTXDUWHUHG 3UHVVHUY KDV D EUDQFK RIoFH LQ 2VOR DQG VXEVLGLDULHV LQ $EHUGHHQ DQG %UD]LO

Ýâ¤ °x x¥nÚâ ÝxâîEÝî nx¥EĂxn 6HULFD (QHUJ\ VDLG \HV WHUGD\ WKH (UVNLQH oHOG V UHWXUQ WR SURGXFWLRQ KDG EHHQ GHOD\HG XQWLO WKH HQG RI WKLV PRQWK 7KH H[SORUDWLRQ DQG SURGXFWLRQ FRPSDQ\ KDG H[SHFWHG WR UHVWDUW SUR GXFWLRQ IURP WKH 1RUWK 6HD oHOG RQ 6HSWHPEHU 2XWSXW ZDV VXVSHQGHG RQ -XO\ IRU IDFLOLWLHV PDLQWHQDQFH WR EH FDU ULHG RXW 7KH (UVNLQH oHOG SUR GXFHV YLD DQ XQPDQQHG SODWIRUP ZLWK SURGXF WLRQ EHLQJ FRQWUROOHG IURP WKH QHDUE\ /RPRQG LQVWDOODWLRQ /RQGRQ EDVHG 6HULFD VDLG UHSDLUV VWLOO KDG WR EH FRPSOHWHG RQ /R PRQG FXUUHQWO\ RSHU DWHG E\ 6KHOO 6HULFD DOVR VDLG WKH RS HUDWRU RI WKH )RUWLHV 3LSH OLQH 6\VWHP )36 KDG DVNHG IRU H[WUD FKHFNV WR EH FDUULHG RXW DIWHU D WUHDWPHQW XVHG WR FOHDU ZD[ GHSRVLWV LQ WKH /R PRQG WR (YHUHVW SLSHOLQH

ůYƧƑŕƧƑǠ Ž ŽƧŽŕÛıÏÛÏ ñľŵñ ºĐĢĐƑĐÛŽ Ĭ ĐıƑÛı ıºÛŰ 6HULFD FKDLUPDQ 7RQ\ &UDYHQ :DONHU DGGHG k7KH PRQLWRU LQJ UHTXLUHG E\ WKH )36 RSHUDWRU DQG WKH QHHG WR XQGHUWDNH FDLVVRQ UHSDLUV RQ /R PRQG DIIHFWV WKH UH VWDUW RI (UVNLQH SURGXF WLRQ EXW LV QRW H[SHFWHG WR PDWHULDOO\ DIIHFW IRUZDUG SURGXFWLRQ SODQV y 3URGXFWLRQ IURP (U VNLQH ZDV LQWHUUXSWHG IRU VL[ PRQWKV LQ E\ D SLSHOLQH EORFNDJH 7KH VKXW LQ FRQWULE XWHG WR D GURS LQ 6HULFD V SUH WD[ SURoWV ZKLFK WRWDOOHG d PLO OLRQ ODVW \HDU $OWHUQDWLYH ,QYHVW PHQW 0DUNHW OLVWHG 6HU LFD KROGV DQ LQWHUHVW LQ (UVNLQH PLOHV HDVW RI $EHUGHHQ &KHYURQ RSHUDWHV DQG RZQV ZKLOH 6KHOO KDV /RPRQG ZLOO WUDQV IHU WR &KU\VDRU RQFH LWV SXUFKDVH RI D SDFNDJH RI 1RUWK 6HD DVVHWV IURP 6KHOO JRHV WKURXJK

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

QH0Q(

x Òø ĆĆxn ¶ÿxÝ â`E°nE¥ R WW k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

ů2ŽŽƧÛÏSŵ mƑ ĢÛǧǠĐƑċ ñľŵĬ ĢǠŵĐƑƑÛı ŵÛŕŵĐĬ ıÏŰ 7KH )&$ DQG 35$ DUH LQYHVWLJDWLQJ 0U 6WDOH\ V FRQGXFW DQG VHQLRU PDQDJHU UHVSRQ VLELOLWLHV UHODWLQJ WR WKH OHQGHU V ZKLVWOHEORZLQJ SURJUDPPH $QRQ\PRXV OHWWHUV VHQW WR WKH ERDUG DQG DQ H[HFXWLYH ODVW \HDU UDLVHG FRQFHUQV DERXW D QHZO\ UHFUXLWHG VHQLRU HPSOR\HH DQG 0U 6WDOH\ V UROH LQ WKH UHFUXLWPHQW +DYLQJ EHHQ JLYHQ D FRS\ RI WKH oUVW OHWWHU DQG PDGH DZDUH RI D VHFRQG 0U 6WDOH\ LQLWLDOO\ UH TXHVWHG %DUFOD\V LQIRU PDWLRQ VHFXULW\ WHDP WU\ WR LGHQWLI\ WKH DXWKRUV RI WKH OHWWHUV DV KH FRQVLG HUHG WKH\ ZHUH DQ kXQIDLU SHUVRQDO DWWDFNy RQ WKH HPSOR\HH %DUFOD\V KDV LVVXHG 0U 6WDOH\ ZLWK D IRUPDO ZULW WHQ UHSULPDQG DQG PD\ PDNH D kYHU\ VLJQLoFDQW FRPSHQVDWLRQ DGMXVW PHQWy WR KLV ERQXV 7KH DPRXQW ZLOO EH GHFLGHG RQFH WKH )&$ DQG 35$ LQYHVWLJDWLRQV DUH RYHU

wl1S ll ơò

EØØ Ý 5úuuk ÔùuØü ÝéØ³ Õ kuÝÀ éu kØ³À

-Vic0o J0o

5uûé ¢uÝh E Ø¨E òÀVuEé EÝ éòØ³ùuØ E¢¢Ý EÀE k³úéòØ

f R f k Q -

' QWvk f R Ã - ųųĎŻ qǝÙÙÍ -Ù¬ųĎÍÙŻ ĎŻ ǝļųĝĎįü ļį Ùǣœ įÍĎįü ĎƏŻ Ż ĠÙŻ Ďį ƥųļœÙ ïƏÙų Ż ĠÙŻ Ďį F œ į ÍÙ¸ųÙ ŻÙÍ H 0q- '0R J +DUULV 7ZHHG +HEULGHV +7+ FKDLUPDQ %ULDQ :LO VRQ LQVLVWHG \HVWHUGD\ WKH EXVLQHVV UHPDLQHG VWURQJ GHVSLWH PDQDJHPHQW H[SHF WDWLRQV RI D SRVVLEOH IDOO LQ QHW SURoWV WKLV \HDU 7KH IRUPHU HQHUJ\ PLQLVWHU ZDV VSHDNLQJ DIWHU DFFRXQWV IURP &RP SDQLHV +RXVH VKRZHG WKH oUP JUHZ SUH WD[ SURoWV RQ ORZHU WXUQRYHU GXULQJ 0U :LOVRQ ZKR ZDV GUDIWHG LQ DV FKDLUPDQ DW WKH oUP V ODXQFK QHDUO\ \HDUV DJR VDLG SHUIRU PDQFH ZDV LPSDFWHG E\ D GRZQWXUQ LQ WKH -DSDQHVH PDUNHW -DSDQ LV WKH FRPSDQ\ V ELJJHVW LPSRUWHU RI +7+ KDQG ZRYHQ ZRROOHQV EXW 0U :LOVRQ VDLG WKH FRXQ

WU\ V FODPRXU IRU DXWKHQWLF +DUULV 7ZHHG KDG ZDQHG DV D UHVXOW RI PRUH PDQX IDFWXUHUV WU\LQJ WR IHHG GHPDQG +H DGGHG k,I VRPHWKLQJ EHFRPHV YHU\ SRSXODU \RX ULVN VRPH GLOXWLRQ RI WKH VWDWXV RI WKH SURGXFW 7KHUH KDV PD\EH MXVW EHHQ WRR PXFK RI LW DERXW DQG QRW DOZD\V DW WKH KLJK HQG y 6DOHV LQ WKH 8. ZHUH kYHU\ VWURQJy DQG +7+ ZDV kZRUNLQJ RQ RWKHU PDUNHWV y KH VDLG 7KH oUP LV RQ WKH YHUJH RI DQQRXQFLQJ D PDMRU FRO ODERUDWLRQ DLPHG DW JURZ LQJ VDOHV WR RWKHU SDUWV RI (XURSH 0U :LOVRQ VDLG k7KHUH DUH SODFHV ZKLFK DUH FXUUHQW O\ GLIoFXOW IRU XV WR UHDFK FRXQWULHV ZKHUH ZH VKRXOG KDYH D PDUNHW EXW DUH QRW GLUHFWO\ UHSUHVHQWHG y

%UH[LW PD\ LQWHUIHUH ZLWK HIIRUWV WR JURZ VDOHV LQ WKH (XURSHDQ 8QLRQ KRZHYHU DQG 0U :LOVRQ VDLG WKH FRPSDQ\ GLG QRW ZLVK WR VHH EDUULHUV WR WUDGH 'HVSLWH WKH FRPSDQ\ ZDUQLQJ RI D SRVVLEOH GURS

ůƏƢşùĬĐĢĢĐľı ĐıǟÛŽƑĬÛıƑĐı ÛǦŕ ıŽĐľı ıÏ ŵÛċľŕĐıþƑľŽÛÛ ƑċÛ®ÛıÛòƑŽŰ LQ WXUQRYHU DQG SURoWV LQ LWV FKDLUPDQ VDLG +7+ ZDV kLQ D YHU\ VWURQJ SODFHy k:H YH MXVW FRPSOHWHG D d PLOOLRQ LQYHVWPHQW LQ H[SDQVLRQ DQG DUH KRSLQJ WR VHH WKH EHQHoWV RI WKDW y KH DGGHG +DUULV 7ZHHG FDQ RQO\

EH SURGXFHG LQ WKH 2XWHU +HEULGHV E\ ZHDYHUV ZRUN LQJ LQ WKHLU RZQ KRPHV 7KH FORWK LV WKHQ oQLVKHG LQ LV ODQG PLOOV +7+ LV WKH ODUJHVW SUR GXFHU HPSOR\LQJ DERXW SHRSOH DW LWV PLOO DW 1RUWK 6KDZERVW DQG SURYLGLQJ ZRUN IRU D IXUWKHU KRPH EDVHG ZHDYHUV 7KH PLOO KDG EHHQ LQ PRWKEDOOV EHIRUH 6FRW WLVK RLO HQWUHSUHQHXU ,DQ 7D\ORU IXQGHG WKH UHVWDUW RI SURGXFWLRQ E\ +7+ LQ ODWH ZLWK 0U :LOVRQ FRPLQJ LQ DV FKDLUPDQ 5HFHQW H[SDQVLRQ RI WKH VLWH LQFOXGHG D QHZ G\H KRXVH DQG XSJUDGHV WR ZDUHKRXVH IDFLOLWLHV DQG HTXLSPHQW +7+ V DFFRXQWV VKRZ SUH WD[ SURILWV URVH WR d PLOOLRQ ODVW \HDU IURP d PLOOLRQ LQ

%XW WXUQRYHU IHOO WR d PLOOLRQ LQ WKH ODWHVW SHULRG IURP d PLOOLRQ SUHYLRXVO\ 7KH FRPSDQ\ LV FRQ WUROOHG E\ 0U 7D\ORU ZKR LV ERWK FKDLUPDQ DQG FKLHI H[HFXWLYH RI d ELOOLRQ WXUQRYHU HQHUJ\ DQG FRP PRGLW\ WUDGLQJ FRPSDQ\ 9LWRO ,Q KLV DQQXDO EXVLQHVV UHYLHZ IRU +7+ 0U 7D\ ORU VDLG WKH oUP EHQHoWHG IURP FRQWLQXHG GHPDQG IRU +DUULV 7ZHHG LQ DOO LWV PDMRU PDUNHWV %XW KH DGGHG k7KH FRPSDQ\ FRQWLQXHV WR IDFH LQFUHDVHG SULFH FRPSHWL WLRQ DQG PDLQWDLQLQJ RXWSXW RII VHDVRQ LV FKDO OHQJLQJ k7KLV FRXOG OHDG WR D UH GXFWLRQ LQ WXUQRYHU DQG QHW SURoW LQ EXW WKH EXVLQHVV UHPDLQV VWURQJ y

$xĀ EÅÅ¶ °î«x°î âîÝx° î x°â âøÅÅ¶Ýî 'VV Q e0QH H 0q- '0R J

6FRWODQG )RRG 'ULQN 6)' KDV DQQRXQFHG WKH DSSRLQWPHQW RI DQ ,QYHU QHVV EDVHG EXVLQHVV GHYHO RSPHQW PDQDJHU WR KHOS VWUHQJWKHQ LWV VXSSRUW IRU WKH +LJKODQGV DQG LVODQGV 1HZ UHFUXLW -RKQ 0XUUD\ LV EDVHG LQ WKH +LJKODQG DQG ,VODQGV (QWHUSULVH +,( ,QYHUQHVV RIoFH

3XEOLF SULYDWH SDUWQHU VKLS 6)' VDLG KH EURXJKW kD ZHDOWK RI NQRZOHGJH DQG H[SHULHQFH RI 6FRWODQG V EXVLQHVV ODQGVFDSHy 0U 0XUUD\ KDV MRLQHG D WHDP RI IRXU EXVLQHVV GHYHO RSPHQW PDQDJHUV FRYHULQJ WKH ZKROH RI 6FRWODQG +H ZLOO ZRUN FORVHO\ ZLWK H[LVWLQJ DQG QHZ PHPEHUV RI 6)' LQ WKH QRUWK WR DG YLVH DQG VXSSRUW FRPSDQLHV ORRNLQJ WR GULYH EXVLQHVV JURZWK

7KH IRUPHU UHWDLOHU VDLG k7KH UHJLRQ KDV PDQ\ IDQ WDVWLF IRRG DQG GULQN EXVL QHVVHV k, P GHOLJKWHG WR EH ZRUNLQJ ZLWK 6FRWODQG )RRG 'ULQN WR EULQJ P\ H[SHULHQFH LQ UHWDLO WR WKLV QHZ UROH y (ODLQH -DPLHVRQ KHDG RI IRRG DQG GULQN DW +,( VDLG k6FRWODQG )RRG 'ULQN DUH LQFUHDVLQJ WKHLU FRP PLWPHQW WR EXVLQHVVHV LQ WKH +LJKODQGV DQG LVODQGV

WKURXJK WKH DSSRLQWPHQW -RKQ ZLOO HQVXUH IRRG DQG GULQN FRPSDQLHV RI DOO VL]HV DFFHVV WKH ZLGH UDQJH RI EHQHoWV SURYLGHG E\ WKH LQGXVWU\ OHDGHUVKLS JURXS DQG ZLOO EH NH\ WR WDNLQJ IRUZDUG FROODERUDWLYH LQL WLDWLYHV ZLWK +,( k7KH LQGXVWU\ KDV VHW D EROG YLVLRQ IRU JURZWK DQG ZH ZHOFRPH WKH RSSRUWX QLW\ WR FROODERUDWH ZLWK 6FRWODQG )RRG DQG 'ULQN RQ WKLV DSSRLQWPHQW y

œœļĎįƏÙÍÃ Fļĉį Qƥųų Ǥ

/øV Ý« V¶ââ îâ ¶øî Eî 7 ¶¥ EÝ` â -' :HWKHUVSRRQ V %UH[LW EDFNLQJ FKDLUPDQ WRRN DLP DW (8 kROLJDUFKVy DV WKH SXE oUP SRVWHG UHVXOWV VKRZLQJ ULVLQJ VDOHV DQG SURoWV 5HYHQXH URVH WR d ELOOLRQ LQ WKH PRQWKV WR -XO\ DV WKH JURXS ERRNHG SUH WD[ SURoWV RI d PLOOLRQ D \HDU RQ \HDU LQFUHDVH RI /LNH IRU OLNH VDOHV URVH LQ WKH SHULRG ZLWK :HWKHUVSRRQ VD\LQJ FRPSDUDEOH VDOHV KDG LQFUHDVHG E\ VLQFH $XJXVW &KDLUPDQ 7LP 0DUWLQ VDLG k7KLV LV D SRVLWLYH VWDUW EXW LV IRU D IHZ ZHHNV RQO\ DQG LV YHU\ XQOLNHO\ WR FRQWLQXH IRU WKH UHVW RI WKH \HDU k&RPSDULVRQV ZLOO EHFRPH PRUH VWUHWFK LQJ DQG VDOHV ZKLFK ZHUH YHU\ VWURQJ LQ WKH VXP PHU KROLGD\V DUH OLNHO\ WR UHWXUQ WR PRUH PRGHVW OHYHOV k,W LV DQWLFLSDWHG WKDW OLNH IRU OLNH VDOHV RI

ůfŵÛǟĐľƧŽĢǧ ººƧŽÛÏƑċÛ x ľñ®ƧĢĢǧĐıþƑċÛ xJľǟÛŵ ŵÛǦĐƑŰ DURXQG ZLOO EH UH TXLUHG LQ RUGHU WR PDWFK ODVW \HDU V SURoW EHIRUH WD[ y 0U 0DUWLQ KDV SUHYL RXVO\ DFFXVHG WKH (8 RI EXOO\LQJ WKH 8. RYHU %UH[LW +H KDV DOVR ODVKHG RXW DW IRUPHU FKDQFHO ORU *HRUJH 2VERUQH WKH ,QWHUQDWLRQDO 0RQ HWDU\ )XQG WKH %DQN RI (QJODQG WKH &%, *ROG PDQ 6DFKV 0RUJDQ 6WDQOH\ DQG 3Z& ZKR KH FODLPHG ZHUH DOO WRR QHJDWLYH DERXW %UH[LW <HVWHUGD\ KH VDLG k3ROLWLFLDQV IURP WKH 8. DUH GHDOLQJ ZLWK XQ HOHFWHG ROLJDUFKV IURP WKH (8 $V D UHVXOW RI WKHLU FXUUHQW SRVWXULQJ DQG WKUHDWV (8 QHJR WLDWRUV DUH LQHYLWDEO\ HQFRXUDJLQJ LPSRUWHUV OLNH :HWKHUVSRRQ WR ORRN HOVHZKHUH IRU VXSSOLHV y :HWKHUVSRRQ V ELJ JHVW HYHU VLQJOH LQYHVW PHQW LV JRLQJ LQWR WKH (8 WKURXJK D QHZ SXE DQG EHGURRP KRWHO LQ 'XEOLQ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ơƈ wl1S ll

5EÝ¡ ³Ø`u é³ `¢³Ýu 7 u`³³¨ ` ØuÝò¢éÝ EÀ

P eH o

5 x Ý âx E°n Ý âx ¶ î x Å¶ø°n R WW k

Eò` h 3òÀÀ³Øé ³Ø 3`³éé Ý VòÝ uÝÝ

H 0q- '0R J 6FRWWLVK 6HFUHWDU\ 'DYLG 0XQGHOO KDV ODXQFKHG D kEXVLQHVV WDVNIRUFHy WR DG YLVH WKH 8. *RYHUQPHQW RQ HFRQRPLF DQG LQGXVWULDO SROLF\ QRUWK RI WKH ERUGHU )RUPHU 6FRWODQG 2IoFH PLQLVWHU /RUG 'XQORS ZLOO FKDLU D JURXS RI OHDGLQJ oJ XUHV ZLWK H[SHUW NQRZOHGJH RI 6FRWODQG V EXVLQHVV DQG HFRQRP\ 0U 0XQGHOO VDLG \HVWHUGD\ DGGLQJ WKH PHPEHUVKLS ZRXOG EH DQ QRXQFHG kVKRUWO\y +H DGGHG k7KH 8. *RYHUQPHQW V QHZ 6FRW WLVK EXVLQHVV WDVNIRUFH ZLOO SURYLGH H[SHUW DGYLFH DQG JXLGDQFH RQ KRZ EHVW WR VWUHQJWKHQ 6FRWODQG V HFRQRP\ k:H NQRZ WKDW 6FRWODQG V HFRQRPLF SHUIRUPDQFH ODJV

EHKLQG WKH UHVW RI 8. DQG ZH QHHG WR FORVH WKDW JDS k$V ZH GHYHORS RXU DP ELWLRXV LQGXVWULDO VWUDWHJ\ DQG QHJRWLDWH QHZ WUDGH GHDOV ZLWK (XURSH DQG DURXQG WKH ZRUOG WKLV H[SHUW SDQHO ZLOO SURYLGH LQVLJKW IURP D UDQJH RI 6FRWWLVK EXVLQHVV VHFWRUV y +H PDGH WKH DQQRXQFH PHQW DKHDG RI D WULS WR 3DUDJXD\ DQG $UJHQWLQD WR SURPRWH 6FRWWLVK EXVLQHVV LQWHUHVWV DQG EXLOG FXOWXUDO DQG HGXFDWLRQDO OLQNV 6FRWWLVK oUPV DOUHDG\ GR VXEVWDQWLDO EXVLQHVV LQ 6RXWK $PHULFD q 6FRWFK ZKLVN\ IRU H[DPSOH H[ SRUWV PRUH WKDQ d PLO OLRQ DQG d PLOOLRQ D \HDU WR 3DUDJXD\ DQG $UJHQWLQD UHVSHFWLYHO\ 7KHUH DUH DOVR 6FRWWLVK FRPSDQLHV NHHQ WR WDNH

DGYDQWDJH RI RSSRUWXQL WLHV LQ 3DUDJXD\ V G\QDPLF DJULFXOWXUDO VHFWRU 0U 0XQGHOO VDLG k$V ZH SUHSDUH WR OHDYH WKH (8 ZH ZDQW WR EXLOG DQG VWUHQJWKHQ RXU WUDGH UH ODWLRQVKLSV ZLWK IULHQGV DQG SDUWQHUV ROG DQG QHZ DQG , DP FHUWDLQ 6FRWWLVK FRPSDQLHV ZLOO EH DW WKH IRUHIURQW RI WKLV k6FRWODQG V VNLOOV SURG XFWV DQG VHUYLFHV DUH KLJKO\ UHJDUGHG JOREDOO\ DQG ZH FDQ EXLOG RQ WKDW DV ZH VWULNH DPELWLRXV QHZ WUDGH GHDOV DURXQG WKH ZRUOG k, DP WUDYHOOLQJ WR 6RXWK $PHULFD WR EDQJ WKH GUXP IRU 6FRWWLVK EXVL QHVVHV WDNLQJ WKH PHV VDJH WR WKHVH PDUNHWV WKDW 6FRWODQG V FRPSDQLHV KDYH WKH VNLOOV SURGXFWV DQG H[ SHUWLVH WKH\ QHHG y

H0R(Ã ǜĎÍ QƥįÍÙĠĠ ǝ įƏŻ Əļ ů¬ įü ƏĉÙ ÍųƥĪŰ ïļų k¸ļƏƏĎŻĉ ¬ƥŻĎįÙŻŻÙŻ

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oWV 6KDUHV VRDUHG PRUH WKDQ RU d WR d 7KH ELJJHVW IDOOHUV ZHUH &DUQLYDO GRZQ d WR d 3URYLGHQW )LQDQFLDO RII S DW d )HUJXVRQ GRZQ d WR d DQG 3HDUVRQ RII S DW S %UHQW RLO ZDV KLJK HU DW D EDUUHO RQ IRUH FDVWV RI LQFUHDVHG GHPDQG DQG UHSRUWV RI 86 UHoQHULHV NLFNLQJ EDFN LQWR JHDU

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

wl1S ll ơƄ

Ý ÕÝ EéE¢ éü Øuu üuEØ û`¢òÝ ùuh $³ `EÝòE¢é uÝ ¢EÝé ºð ¨³é Ý E Ýé³Ø ` ØÝé ³Ø 7 kòÝéØü H 0q- '0R J $Q LQGXVWU\ ORQJ UHJDUGHG DV RQH RI WKH PRVW KD]DUG RXV LQ 6FRWODQG KDV JRQH D IXOO \HDU ZLWKRXW D IDWDOLW\ 7KH 0DULQH ,QYHVWLJD WLRQ %UDQFK ZKLFK LQYHV WLJDWHV DFFLGHQWV LQYROYLQJ 8. YHVVHOV ZRUOGZLGH DQG DOO ERDWV LQ %ULWDLQ V WHUULWR ULDO ZDWHUV FRQoUPHG ZKDW LV EHOLHYHG WR EH D KLVWRULF oUVW $V RI \HVWHUGD\ WKHUH KDG EHHQ QR IDWDOLWLHV UHFRUGHG IRU WKH ZKROH 8. oVKLQJ

'f k f vf(- è J įÍĎįüŻ ǤÙŻƏÙųÍ Ǥ ïųļĪ ŻĎǣ ¬ļ ƏŻ ƏļƏ ĠĠÙÍ ƇƠĴ ¬ļǣÙŻ ļï ǝĉĎƏÙ ðŻĉŝ ƏļƏ Ġ ļï ƇƃƔ ¬ļǣÙŻ ļï œų ǝįŻ ǝÙųÙ ĠŻļ Ġ įÍÙÍŝ - ÍÍļ¸ĝ ųļƥįÍ ƍŇŝƠñÄ üƥƏƏÙÍ ƍŇŝƇǮčƍƠŝŇǮƂ ǝĉĎƏĎįü ųļƥįÍ ƍŇŝñǮčƍŇŝƃǮÄ üƥƏƏÙÍ ƍŇŝƇǮčƍƠƂ ¸ļÍ Ġ ųüÙ ƍƠŝáǮčƍƔƂ ĪļįĝŻ ƍƔŝñǮčƍ÷ŝñǮƂ ¸ļĠÙǤ Ġ ųüÙ ƍŇŝƠǮčƍŇŝáǮƂ œĠ Ď¸Ù ñǮœčáǮœƂ ǝĎƏ¸ĉÙŻ ƠǮœčáǮœƂ ĠÙĪļį ŻļĠÙ ƍƠčƍ÷Ƃ ĠĎįü ƍƠčƍƠŝŇǮƂ ĉ ĝÙ ƍƠƂ ŻŨƥĎÍ ƍƠčƍñƂ ĪÙüųĎĪ ƍƠčƍ÷ ŕĝüŘŝ ļ ƏŻ è 'fƔñĴ kƥįųĎŻÙÄ W Ɣá fÙ¬Ù¸¸ F įÙÙįÄ 'ŇǮƇ ÙįĎƏĉÄ RŇǮƠ ĎĠĠĎįü J ÍÄ 'fáƇ ǤŻƏ ų įÍ 'fĴƠá W¸Ù į dĎļįÙÙųŝ d q f- è J įÍĎįüŻ ǤÙŻƏÙųÍ Ǥ ïųļĪ ŇƔ ¬ļ ƏŻ įÍ ļįÙ ¸ļįŻĎüįĪÙįƏ ƏļƏ ĠĠÙÍ ƇÄŇǮ÷ ¬ļǣÙŻŝ ļÍ Ġ ųüÙ ƍƔŝƔǮčƍ÷ŝƠǮÄ ĪÙÍĎƥĪ ƍƔčƍƔŝƇǮÄ ŻÙĠÙ¸ƏÙÍ ƍƔčƍƔŝñǮÄ ŻĪ ĠĠ ƍƠŝƠǮč ƍƔŝƠǮƂ ĉ ÍÍļ¸ĝ Ġ ųüÙ ƍƠŝáǮčƍƔŝƠñÄ ĪÙÍĎƥĪ ƍƠŝáǮčƍƔŝñǮÄ ŻÙĠÙ¸ƏÙÍ ƍƠŝáǮčƍƔŝñǮÄ ŻÙÙÍ ƍŇŝƇǮčƍƠŝƠñÄ ¸ĉĎœœÙųŻ ƍŇŝƠǮčƍƠÄ ĪÙƏųļŻ áǮœčƍŇŝñǮÄ ųļƥįÍ ƍŇŝŇǮčƍŇŝƔǮƂ ǝĉĎƏĎįü ƍŇŝ÷ǮčƍƠÄ ųļƥįÍ ƍŇčƍŇŝƃñƂ ĠÙĪļį ŻļĠÙ ƍƠŝñǮčƍñŝñǮƂ ĪļįĝŻ Ġ ųüÙÄ ĪÙÍĎƥĪ įÍ ŻÙĠÙ¸ƏÙÍ ƍƔŝáǮčƍ÷ŝƇǮƂ ¸ļĠÙǤ Ġ ųüÙ ƍŇŝƔǮčƍŇŝáǮÄ ĪÙÍĎƥĪ ƍŇŝ÷ñčƍŇŝƃñÄ ŻÙĠÙ¸ƏÙÍ ƍŇŝƔǮčƍŇŝƃñÄ ŻĪ ĠĠ ƍŇŝƔǮčƍŇŝñǮƂ ĪÙüųĎĪ ƍƠčƍƇƂ œĠ Ď¸Ù áǮœčƍƠƂ ĉ ĝÙ ƍƠčƍƔŝáǮƂ ǝĎƏ¸ĉÙŻ ƇǮœčƍŇŝñǮƂ ĠĎįü ƍƠčƍƠŝññƂ ŻŨƥĎÍ ƍƔčƍĴŝñǮƂ Ī ¸ĝÙųÙĠ ƍŇŝñǮčƍŇŝáǮ ŕĝüŘŝ ļ ƏŻ è W¸Ù į fÙ œÙųÄ Ď¸ƏļųǤ fļŻÙÄ Wƥų J ŻŻÄ ĪƥĠ ƏļųÄ ƏĠ įƏĎ¸ ĉ ĠĠÙįüÙÄqų įŨƥĎĠĎƏǤÄ W¸Ù į - ųǜÙŻƏÄ - ųǜÙŻƏÙųÄ 'ĎŻĉÙų ļǤŻÄ ÙĠÙŻƏĎ Ġ ǝįÄ ƏƏ ĎįÄ Qļų Ǥ įÍÙ ǜļƥų įÍ ŻƏĠǝļļÍŝ ļįŻĎüįÙÍ è ĠÙÍļįĎ ŝ

ůYǠıÛŵŽ ıÏ ŽğĐŕŕÛŵŽĐÏÛıƑĐñǧ ıÏ ÏľŕƑ Ž ñÛŵǠľŵğĐıþ ŕŵ ºƑĐºÛŽŰ IOHHW VLQFH 6HSWHPEHU ODVW \HDU ,QGXVWU\ FKLHIV KDLOHG LW DV D kIDQWDVWLF DFKLHYH PHQWy IRU DQ kLQKHUHQWO\ GDQJHURXV EXVLQHVVy IRO ORZLQJ FRQFHUWHG HIIRUWV WR LPSURYH VDIHW\ DW VHD 6LPRQ 3RWWHQ KHDG RI VDIHW\ DQG WUDLQLQJ DW VHD IRRG LQGXVWU\ ERG\ 6HDoVK VDLG GDWD JRLQJ EDFN WR VXJJHVWHG WKH IDWDOLW\ IUHH \HDU ZDV XQSUHFHGHQWHG LQ DW OHDVW WKH SDVW \HDUV +LJKHU FDVXDOW\ QXPEHUV LQ WKH OHVV VDIHW\ FRQVFLRXV WLPHV EHIRUH UHFRUGV EHJDQ

Ý ÀØ `uÝ

k ' q '0fkqÃ 0ĪœųļǜÙĪÙįƏŻ Ďį Ż ïÙų ǝļųĝĎįü œų ¸ƏĎ¸ÙŻ ļį ðŻĉĎįü ǜÙŻŻÙĠŻ ĉ ǜÙ ĠÙÍ Əļ ƏĉÙ ƥįœųÙ¸ÙÍÙįƏÙÍ ųÙ¸ļųÍ ļï įļ ï Ə ĠĎƏĎÙŻ Ďį ǤÙ ų PHDQ WKH PLOHVWRQH LV XQ OLNHO\ WR KDYH EHHQ DFKLHYHG EHIRUH WKHQ 0U 3RWWHQ VDLG k7KHUH DUH HQFRXUDJLQJ VLJQV WKDW WKH 8. oVKLQJ LQGXVWU\ LV EHFRPLQJ VDIHU k(YHU\ ILVKLQJ YHVVHO RZQHU VNLSSHU DQG FUHZ PHPEHU VKRXOG IHHO MXVWL oDEO\ SURXG RI WKH FRQWUL EXWLRQ WKH\ KDYH PDGH WR DFKLHYH WKLV PLOHVWRQH DQG ZDQW WR H[WHQG LW IXUWKHU y

+H DGGHG WKDW LQGXVWU\ ZLGH PHVVDJHV DERXW WKH QHHG IRU VDIHU ZRUNLQJ SUDFWLFHV VHHPHG WR EH JHWWLQJ WKURXJK WR RZQHUV VNLSSHUV DQG FUHZ $QG MRLQW LQLWLDWLYHV E\ oVKLQJ RUJDQLVDWLRQV 6HDI LVK WKH 51/, WKH )LVKHU PHQ V 0LVVLRQ DQG RWKHUV ZHUH DOVR KHOSLQJ WR UDLVH DZDUHQHVV KH FRQWLQXHG 5HFHQW LQLWLDWLYHV LQ FOXGH WKH SURPRWLRQ DQG

GLVWULEXWLRQ RI FRQVWDQW ZHDU SHUVRQDO IORWDWLRQ GHYLFHV WR KHOS SUHYHQW PDQ RYHUERDUG IDWDOLWLHV q WKH ELJJHVW VLQJOH FDXVH RI GHDWK DPRQJ oVKHUPHQ q DQG VXEVWDQWLDO IXQGLQJ WR VXSSRUW oVKHUPHQ ZDQWLQJ WR XSGDWH RU GHYHORS WKHLU VNLOOV DQG NQRZOHGJH 6HDoVK FKLHI H[HFXWLYH 0DUFXV &ROHPDQ VDLG k7KLV LV D IDQWDVWLF DFKLHYH PHQW E\ WKH oVKLQJ LQGXV

WU\ DQG JRHV WR VKRZ ZKDW FDQ EH DFKLHYHG ZKHQ RZQ HUV DQG VNLSSHUV LGHQWLI\ DQG DGRSW VDIHU ZRUNLQJ SUDFWLFHV k+RZHYHU WKHUH LV VWLOO PXFK WKDW FDQ EH GRQH WR PDNH oVKLQJ VDIHU DQG ZH ZLOO FRQWLQXH RXU HIIRUWV WR VXSSRUW WKH LQGXVWU\ RQ WKLV y 6FRWWLVK )LVKHUPHQ V )HGHUDWLRQ FKLHI H[HFXWLYH %HUWLH $UPVWURQJ VDLG k$

\HDU ZLWKRXW IDWDOLWLHV LQ WKH LQGXVWU\ LV REYLRXVO\ D SRVLWLYH RXWFRPH EXW oVK LQJ LV DQ LQKHUHQWO\ GDQJHU RXV EXVLQHVV DQG QR RQH ZLOO EH FRPSODFHQW y 7KH QLQH 8. oVKHUPHQ ZKR GLHG LQ ZHUH ORVW LQ DFFLGHQWV EHWZHHQ $SULO DQG 6HSWHPEHU ZKHQ /HH 5HQQH\ ZDV GUDJJHG RYHU ERDUG IURP WKH SRWWHU 3DXO LQH 0DU\ RII +DUWOHSRRO ļĪĪÙįƏÄ d üÙ ƠĴ

v H0 è J įÍĎįüŻ ƏĉĎŻ ǝÙÙĝ ïųļĪ ƠƠ ¬ļ ƏŻ ƏļƏ ĠĠÙÍ ŇÄ÷ƇƔ ¬ļǣÙŻ ļï ðŻĉÄ œų ǝįŻ įÍ ŻŨƥĎÍ įÍ Ĵñ ¬ üŻ ļï ¸Ġ ĪŻŝ ļ ƏŻ è ų į Əĉ Ä qǝ (ļųÍļįŻÄ ųųļǝÄ JĎĠǤ W ĝÄ k ĠƏĎųÙÄ J ÍǤ dÙ ųĠÄ ĉĠļ ĠĠ Ä f įüÙųÄ WųĝĠ Ä dųÙǜ ĎĠÄ ų įį ¬ÙĠÄ 0ŻĠ įÍÙųÄ įÍƥų į¸ÙÄ ĪÙųǤĉ Ä Qļų Ǥ įÍÙ ǜļƥųÄ f ÍĎ į¸ÙÄ ÙÙŻĎÍÙÄ k¸ļƏĎ Ä qų įŻ¸ÙįÍÄ ĪĪ F įÙÄ FÙ įįĎÙ kƏÙĠĠ įÍ ĠƥÙ kĝǤŝ 'f k f vf(- è J įÍĎįüŻ ƏĉĎŻ ǝÙÙĝ ïųļĪ Ɣ÷ ¬ļ ƏŻ ƏļƏ ĠĠÙÍ ƔÄññƠ ¬ļǣÙŻ ļï ǝĉĎƏÙ ðŻĉ įÍ ƠÄƠĴ÷ ¬ļǣÙŻ ļï œų ǝįŻŝ d q f- è J įÍĎįüŻ ƏĉĎŻ ǝÙÙĝ ïųļĪ ÷÷ ¬ļ ƏŻ įÍ ÷Ơ ¸ļįŻĎüįĪÙįƏŻ ƏļƏ ĠĠÙÍ ƠĴÄáñƃ ¬ļǣÙŻŝ qǝļ œÙĠ üĎ¸ ¬ļ ƏŻ Ġ įÍÙÍ ĉÙųųĎįüŝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ơâ ( rwg l

3`³éé Ý ¢ u

3uØ¨³

YH DOZD\V UHVSHFWHG .DWH $GLH DQG UH PHPEHU KHU ZKHQ VKH ZDV D ZDU FRUUH VSRQGHQW GXULQJ WKH %DONDQ DQG .RVRYR FRQpLFWV ,Q KHU DXWRELRJUDSK\ VKH WHOOV RI DQ HQFRXQWHU ZLWK VRPH YLOODJH IRON VWDQGLQJ LQ ERPEHG DQG EXUQHG RXW YLOODJH UXLQV 7KH\ ZHUH ZDWFKLQJ DQ LURQ SODWH ODLG RYHU D VPDOO oUH 7KHLU H\HV ZHUH ULYHWHG RQ WKH SODWH RQ ZKLFK VL]]OHG D WLQ\ KHDS RI FKRSSHG XS SRWDWR WKHQ DQ HJJ ZDV EURNHQ RQ WR WKH IHDVW 6KH ZDV PRYHG E\ WKH KXQJHU DQG DQWLFLSDWLRQ RI WKH RQORRNHUV FOHDUO\ VHHLQJ WKHLU oUVW PHDO LQ GD\V 7KHQ VKH ZULWHV k7KH PL[WXUH ZDV GHIWO\ GLYLGHG LQ WZR E\ WKH ZRPDQ XVLQJ D ELW RI FDUGERDUG VOLGLQJ WKH \HOORZ\ OXPSV RQ WR LW :LWK D JHVWXUH ERUQ RI QDWXUDO KDELW VKH WXUQHG DQG RIIHUHG LW WR XV :H ZHUH VWXQQHG ZLWK HPEDUUDVVPHQW WKDW NLQGQHVV WR VWUDQJHUV H[WHQGV WKLV IDU y , YH QHYHU IRUJRWWHQ WKDW SKUDVH NLQGQHVV WR VWUDQJHUV +RVSLWDOLW\ LV D GHHSO\ KXPDQ JHQWO\ KXPDQH DQG SURIRXQGO\ KXPDQLVLQJ JHVWXUH 7KH RIIHU RI ZHOFRPH WKH LQYLWD WLRQ WR WUXVW WKH VKDULQJ RI IRRG DUH HDFK D UHFRJQLWLRQ RI WKH ZRUWK DQG JLIW WKDW LV WKH QHLJKERXU 7KH *RRG 6DPDULWDQ SDUDEOH LV D VWRU\ PHDQW WR WUDQVIRUP WKH ZD\ ZH VHH DQG WUHDW RWKHU SHRSOH HVSHFLDOO\ WKH YXOQHU DEOH VWUDQJHU

ò ³Ø ¢òV - dd 0fq- qWÃ qļÍ ǤÃ ǤįÙ Q ĎƏĠ įÍ ŕáŘÄ fļŻÙĉÙ ųƏǤŝ qļĪļųųļǝÃ -ÙĎÍĎ QļĎų ŕĴŘÄ HÙĎƏĉƂ k ÍĎÙ fļ¬¬ ŕáŘÄ ¬ÙųÍÙÙįƂ J ¸ÙǤ ĉÙǤįÙ ŕ÷ŘÄ Q ¸Íƥïïŝ qļ Żƥ¬ĪĎƏ œĉļƏļ ïļų ƏĉÙ d F ěƥįĎļų ¸Ġƥ¬Ä ŻÙįÍ ĎƏ Ďį Íǜ į¸ÙÄ Ġļįü ǝĎƏĉ Ǥļƥų ¸ĉĎĠÍŰŻ į ĪÙÄ ÍÍųÙŻŻ įÍ Í ƏÙ ļï ¬ĎųƏĉÄ Əļ ǤļƥųĠĎïÙª ěĠŝ¸ļŝƥĝ ļų œĉļįÙ ǮŇƠƠ÷ Ɣ÷ƔƔƔñŝ

dļųƏŻļǤ ĉ ų¬ļƥųŝ dĎ¸ƏƥųÙ ¸ļƥųƏÙŻǤ ļï ǜĎÍ q ĠĝÙų ļï dųÙĪį ǤÄ ¬ÙųÍÙÙįŻĉĎųÙ

*:(72? &# 3 *:7 ,7:2#( (72 * 2 / -5. >#& 7* & < 7! *:(72? 7 >#7 -5. ! '? ( & 33 '*:(7 * 2 3#37 ( -8. # 7! ? & < =#&&#( &?0 -). #&#( 7! * ( *( :3 -9 8. $ 7 * ( =3, , 2 *&:'( -4. 3,? &# ! :3 * <#<# *&*:2 -++. 2( 2( (*#3? =! 713"!#3"( ' -9"8"9. ? 7* &* % 7! *2 # ( = 7! 2 - . *: !&? 7 2 3& * *2( ' (7 & ' 7 2# & -). < 2" ( #( ( 2 & 3 7* 3 2 , -8. ! , (#3! ! < 2 :& 2 (:' 2 *2 7 ' -5. 3 2 372: &#( 2: *:7 -5.

7 3!*=3 ,2 33:2 #3 (*7!#( 7* 7! & & ,2* 33#*( -5.

2 (73 = 37#( 7#' *( 3&*, 3 - . &# !7 ? 2 '&#% 37 7 #( 7! ( -). 7:2( * ,:2,*3 *2 3 22*= -8. * !#( =#7!*:7 37 = * :',&#( 3 -4. *&&*= 7* ' % 27 #( :7 (*7 2# !7 - . 3 72*:, '*<#( 7* ' 2 ( ? >#7 -5 . <(67(5'$<¶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

', 37:*:3 -5. ,*27#( < (: - . (3, # ,& -). 2 "3! && 2:#7 -8. #@@#( 33 2*' ! # !73 -4. 7 % , 213 *77 - . *7 =*2%#( :3 & 33 -++. (7 * #( && #2 7#*(3 -). ! %*:7 *, 2 7*2 -4. < &2? 77 % -5. /:#&7 - . & 3 - %(*7. - . (*' -8.

qĉÙ dųÙŻŻ įÍ Fļƥųį Ġ ŕ Ī Ġü Ī ƏĎįü ¬ÙųÍÙÙį 'ųÙÙ dųÙŻŻ įÍ ¬ÙųÍÙÙį ĎĠǤ Fļƥųį ĠŘŝ dųĎįƏÙÍ įÍ œƥ¬ĠĎŻĉÙÍ ¬Ǥ ¬ÙųÍÙÙį Fļƥųį ĠŻ JĎĪĎƏÙÍ ļï J įü kƏų ¸ĉƏÄ Q ŻƏųĎ¸ĝÄ ¬ÙųÍÙÙįÄ Ňñ Ƈ 'ŝ qØğØŒĈĻĮØÂ ǮŇƠƠ÷ ƇĴǮƠƠƠ ØČĩ čğÂ œěŝÙÍĎƏļųª ěĠŝ¸ļŝƥĝ 0ĮƎØŲĮØƎÂ ǝǝǝŝœųÙŻŻ įÍěļƥųį Ġŝ¸ļŝƥĝ fÙüĎŻƏÙųÙÍ Ż įÙǝŻœ œÙų Ə ƏĉÙ dļŻƏ Wïð¸Ù Rļŝ ñǮÄƇƃƃ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

( rwg l ơĵ

uééuØÝ é³ é u uk é³Ø

5 u =³ `u ³ é u $³Øé

ųĎƏÙ ƏļÃ JÙƏƏÙųŻ Əļ ƏĉÙ ÙÍĎƏļųÄ qĉÙ dųÙŻŻ įÍ Fļƥųį ĠÄ J įü kƏų ¸ĉƏÄ ¬ÙųÍÙÙįÄ Ňñ Ƈ 'ŝ ÙčĪ ĎĠÃ œěŝĠÙƏƏÙųŻª ěĠŝ¸ļŝƥĝ ĠĠ ĠÙƏƏÙųŻ ųÙ Żƥ¬ěÙ¸Ə Əļ ÙÍĎƏĎįü įÍ ĪƥŻƏ Ďį¸ĠƥÍÙ Ǥļƥų ïƥĠĠ ÍÍųÙŻŻ įÍ Í ǤƏĎĪÙ ƏÙĠÙœĉļįÙ įƥĪ¬Ùų ïļų ǜÙųĎð¸ ƏĎļįŝ qĉ įĝ Ǥļƥ

ùu é u VE¡ Ýu`é³Ø ú³ò¢k V¢òÝ 6,5 q 7KHUH LV D JODULQJ UHG pDJ ZLWK WKH FXUUHQW UHJLPH RI RLO DQG WD[ LQ WKH 8. 3URGXFWLRQ LQ 6FRWODQG URVH ODVW \HDU ZLWK PLOOLRQ WRQQHV H[WUDFWHG PDUNHW SULFH d ELOOLRQ q KRZ HYHU GHVSLWH SURGXFWLRQ ULVLQJ WR LWV KLJKHVW OHYHO LQ VL[ \HDUV WKH WUHDVXU\ DUH 0,186 d PLOOLRQ GRZQ 6HHNLQJ WR KHDG RII ZKDW ZDV D SUHFLSLWRXV FROODSVH LQ WKH RLO SULFH q DQG WKH UHVXOWLQJ MRE ORVVHV WKDW KDV HQWDLOHG q WKH 8. *RYHUQPHQW LV SUHVLGLQJ RYHU D SURJUDPPH RI FRUSRUDWH ZHOIDUH WKDW ZRXOG PDNH HYHQ WKH EDQNLQJ VHFWRU EOXVK HJJHG RQ HDJHUO\ E\ WKH 613 LW PXVW EH VDLG ZKR ZDQWHG HYHQ PRUH VWDWH DVVLVWDQFH 6KHOO UHFHLYHG D UHEDWH ZRUWK d PLOOLRQ GHVSLWH PDNLQJ D d ELOOLRQ SURoW /LNHZLVH %3 SRFNHWHG d PLOOLRQ RI \RXU FDVK HYHQ WKRXJK LW PDGH d ELOOLRQ 7KH RLO LQGXVWU\ KDV WKH JRYHUQ PHQW ZUDSSHG URXQG LWV oQJHUV q NQRZLQJ PLQLVWHUV ERWK 6FRWWLVK DQG 8. DUH WHUULoHG WKH LQGXVWU\ ZLOO VODVK MREV LI WKH UHEDWHV VWRS ,W LV WLPH IRU WKH SXEOLF VXEVLG\ WR HQG DQG IRU WKH RLO LQGXVWU\ WR VWDUW SD\LQJ LWV GXHV 7KH 1RUWK 6HD LV QRZ D KLJKO\ FRPSHWLWLYH EDVLQ RQFH PRUH VR WKLV FRUSRUDWH ZHOIDUH LV RQO\ VHUYLQJ WR HQULFK VKDUHKROGHUV DQG H[HFXWLYHV 7KH 8. *RYHUQPHQW QHHGV WR VWDUW DWWDFKLQJ VWULQJV WR WKH UHEDWHV QR MRE FXWV MRE VHFXULW\ HWF RU VODSSLQJ ZLQGIDOO WD[HV RQ SURoWV fĎ¸ĝǤ kĎĪœŻļįÄ Q ĎįŻ ĎÙǝÄ ÙŻƏĉĎĠĠ

5Øü ³òé é u éØE Ý ØÝéi é u òk u 6,5 q 5HJDUGLQJ WKH CQHZ WUDLQV IRU WKH QRUWK HDVW SOHDVH GRQ W SDVV MXGJPHQW RQ WKHP XQWLO KDYLQJ KDG D FKDQFH WR WU\ WKHP RXW 7KH V KDYH EHHQ D JUHDW VXFFHVV VWRU\ RYHU WKH \HDUV UHOLDEOH VSHHG\ FRPIRUWDEOH EXW ZLWK WZR PDLQ LVVXHV WKH ROG IDVKLRQHG WRLOHWV ZKLFK pXVK RQ WR WKH WUDFN DQG WKH VODP GRRUV 7KH GULYLQJ YHKLFOHV RQH DW HDFK HQG DUH FDSDEOH RI EHLQJ UH HQJLQHG DQG KDYH EHHQ RQ VHYHUDO RFFDVLRQV LQ WKH SDVW DQG WKH FDUULDJHV DUH DPHQDEOH WR EHLQJ XSJUDGHG )RU GHFDGHV WKH V FDUULDJHV KDYH SURYLGHG WKH PRVW FRPIRUWDEOH VHDWV RQ WKH UDLOZD\ DQG CD ZLQGRZ VHDW KDV LQGHHG PHDQW CD VHDW E\ D ZLQGRZ , DP ORRNLQJ IRUZDUG WR WU\LQJ WKHP RXW DQG ZLOO UHPDLQ RSWLPLVWLF XQWLO SHUVRQDO H[SHUL HQFH RI WKHP SRVVLEO\ FDXVHV PH WR IHHO RWKHUZLVH f ĎĠŻļįÄ ļųįĉĎĠĠ fļ ÍÄ ¬ÙųÍÙÙį

¢òV `³ò¢k Vòü ¢Ek uEØ ÝéEk ò¨ 6,5 q $Q\RQH ZKR LV IDPLOLDU ZLWK

uuØÝ é³ é u ÝÀ Ø é ³ `³¢¢EV³ØEé ³

#u¨³Ø uÝ ³ #E¢¢EØkÝ Ek #uØ¢ Ý 6,5 q ,W EURXJKW D ZU\ VPLOH WR UHDG WKH UHSRUW DQG HGLWRULDO UH WKH LQWURGXFWLRQ RI ROG DOEHLW UHIXUELVKHG WUDLQV LQ WKH QRUWK HDVW 7KLV LV IDU IURP EHLQJ QHZ \HDUV DJR WKH IDPRXV EXW WKHQ FLUFD \HDU ROG $ 3DFLoFV RI ZKLFK k0DOODUGy LV RQH RI WKH FODVV ZHUH WUDQVIHUUHG IURP .LQJV ; WR $EHUGHHQ DW WKH UHTXHVW RI -DPHV 1HVV WKH 6FRWWLVK 5HJLRQ *HQHUDO 0DQDJHU WR VSHHG XS WKH *ODVJRZ VHUYLFH IURP WKH WKHQ WR KUV UXQ WR KUV EHWZHHQ WKH WZR FLWLHV 7KH\ ZHUH QRW UHIXUELVKHG EXW ZHUH PDJQLoFHQW HQJLQHV ZKLFK

VRFFHU HOVHZKHUH PXVW ZRQGHU ZK\ WKH QHZ $)& VWDGLXP LV QRW EHLQJ EXLOW DW 3LWWRGULH 7KHUH VHHPV QR UHDVRQ ZK\ $)& VKRXOG QRW EXLOG PRVW RI LWV VWDGLXP RQ DGMDFHQW ODQG EHIRUH EULHp\ FORVLQJ WKH H[LVWLQJ VWDGLXP WR oQLVK WKH FRQVWUXFWLRQ DV 7RWWHQKDP +RWVSXU DUH GRLQJ DW :KLWH +DUW /DQH 7KHUH LV DPSOH ODQG WR WKH VRXWK RI WKH H[LVWLQJ VWDGLXP DW 3LWWRGULH ZKLFK WKH FOXE FRXOG EX\ 0ŝ Qŝ FļĉįŻļįÄ ÙÙ¸ĉǝļļÍ ( ųÍÙįŻÄ ÙŻƏĉĎĠĠ

¨ÀØ³ùu¨ué ÝÕé ¡uuÀ ÝéEéòÝ Íò³ 6,5 q 7KH SLHFH RQ k1HZ KLJK VSHHG WUDLQVy 3UHVV DQG -RXUQDO 6HSWHPEHU PDNHV LQWHUHVWLQJ UHDGLQJ /HDYLQJ DVLGH WKH GLVFXVVLRQ RYHU ZKHWKHU WKH WUDLQV DUH kQHZy RU kUHIXUELVKHGy WKHUH DUH VWLOO D QXPEHU RI SRLQWV WKDW EHDU IXUWKHU H[DPLQDWLRQ )LUVW LI , UHFDOO FRUUHFWO\ $EHOOLR ZKHQ WKH\ WRRN RYHU WKH 6FRW5DLO IUDQFKLVH SURPLVHG QHZ DQG EHWWHU WUDLQV <HW 6FRW5DLO $OOLDQFH PDQDJLQJ GLUHFWRU $OH[ +D\QHV KDV QRZ VDLG k, FDQ DEVROXWHO\ JXDUDQWHH WKDW LW ZLOO EH QR :256( WKDQ LW LV WRGD\y 7KLV LV VLPSO\ QRW JRRG HQRXJK

FDUULHG RXW WKH WDVN ZHOO XQWLO VHUYLFHV ZHUH GLHVHOLVHG LQ +XQGUHGV RI UDLO HQWKXVLDVWV YLVLWHG WKH DUHD WR UHFRUG WKHLU DFWLRQV LQ SKRWRJUDSK DQG oOP GXULQJ WKHVH \HDUV 3HUKDSV WKH LQWHUFLW\ QHZO\ UHIXU ELVKHG WUDLQV VKRXOG EH JLYHQ D IDLU FKDQFH , DSSHQG D SKRWRJUDSK , WRRN RI $ k0HUOLQy LQ )HEUXDU\ VWRUPLQJ LQWR $EHUGHHQ oYH PLQXWHV HDUO\ RQ WKH YHU\ oUVW WHVW WUDLQ UXQ WR HVWDEOLVK LI WKH QHZ KU VHUYLFH ZDV IHDVLEOH Ġ į k įüŻƏÙųÄ Q Ďį kƏųÙÙƏÄ ųƥÍÙį Ǥ

WKH SURPLVH ZDV IRU LPSURYHPHQWV QRW D PDLQWHQDQFH RI WKH VWDWXV TXR 6HFRQGO\ H[LVWLQJ +67 WUDLQV DUH EHWWHU WKDQ '08V EHFDXVH WKH\ KDYH PRUH WRLOHW SURYLVLRQ OHJURRP DQG ELNH VSDFH 6FRW5DLO SODQV WR DGG PRUH VHDWV WR WKH FDUULDJHV E\ UHPRYLQJ WRLOHWV DQG GHFUHDVLQJ ELNH VSDFH DQG SRVVLEO\ OHJURRP q ZRXOG LW QRW EH EHWWHU WR DGG DQ H[WUD FDUULDJH DQG UHWDLQ WKH WRLOHWV OHJURRP DQG ELNH VSDFH" )LQDOO\ ZKLOH WKH OLPLWHG LPSURYHPHQWV RQ WKH $EHUGHHQ WR ,QYHUQHVV *ODVJRZ DQG (GLQEXUJK MRXUQH\V DUH WR EH ZHOFRPHG DOZD\V DVVXPLQJ WKDW WKHVH MRXUQH\V DUH FRYHUHG E\ WKH +67 pHHW ZKDW RI WKRVH FRPPXWLQJ IURP VD\ +XQWO\ ,QYHUXULH 6WRQHKDYHQ DQG /DXUHQFHNLUN WR $EHUGHHQ" :LOO WKH\ DOZD\V VHH +67V RU ZLOO WKH FODVV '08V VROGLHU ZHDULO\ RQ" $EHOOLR SURPLVHG JUHDW WKLQJV IRU 6FRW5DLO SDVVHQJHUV DQG ZKLOH WKH *ODVJRZ DQG (GLQEXUJK UDLO XVHUV PD\ EH DERXW WR VHH VRPH RI WKHVH WKLQJV DUULYH $EHUGHHQ DQG WKH QRUWK HDVW DUH DV XVXDO OHIW ZDLWLQJ RQ WKH SODWIRUP (ų ĉ Ī ųųļįÄ kļƥƏĉǜĎÙǝÄ ųƥĪ ļï ųƏĠÙ

&¢ u ù uúÝ 0DQ VXEMHFWHG ZLIH WR WKUHH GHFDGHV RI kGHSUDYHG DQG FUXHOy EHKDYLRXU :KDW D QDVW\ PDQ DQG WR XVH WKDW YRZ DGGHG E\ WKH &KULVWLDQ FKXUFK DW PDUULDJH WKDW D ZRPDQ PXVW REH\ D PDQ DQG KRZ GDUH KH XVH LW DJDLQVW KLV ZLIH LQ FRXUW :LOO WKLV TXDVK KLV VHQWHQFH ZLOO WRGD\ V FRXUW DJUHH ZLWK WKH FKXUFK V YRZ" /\QQH 'LJE\ :RW D KRUULEOH EHDVW KRSH WKH SRRU ZRPDQ FDQ oQG D ZD\ WR JHW RQ ZLWK KHU OLIH JHWV KHOS WR UHFRYHU IURP WKH PHQWDO WRUWXUH +HOHQ &DPSEHOO -XVW UHDG DERXW LW LQ WKH SDSHU DP VXUSULVHG VKH LV VWLOO OLYLQJ DIWHU ZKDW WKLV HYLO PDQ SXW KHU WKURXJK 1LF 7XUQEXOO 1R ZRUGV FDQ GLVFULEH WKLV PDQ 3RRU ZRPDQ +RSH VKH JHWV MXVWLFH ,UHQH &DUROLQH +LQJVWRQ %ODFN ' ·Ø«ĻĻĜÂ î ·Ø«ĻĻĜŜ·ĻĩƊ qĈØdŲØźź ĮÌFĻƤŲĮ ğƊ qǜčƎƎØŲÂ ©ŒŲØźźĚĻƤŲĮ ğ

PXOWLPLOOLRQ SRXQG GHDO DJUHHG E\ WZR RI WKH QRUWK HDVW V EHVW NQRZQ HQWUH SUHQHXUV KLJKOLJKWV WUDGLWLRQDO VWUHQJWK DQG QHZO\ DFTXLUHG YXOQHUDELOLW\ LQ WRGD\ V RLO DQG JDV LQGXVWU\ %DOPRUDO *URXS V -LP 0LOQH KDV LQYHVWHG d PLOOLRQ LQ $OoH &KH\QH V $FH :LQFKHV LQ D PXWXDOO\ EHQHoFLDO DUUDQJHPHQW ZKLFK SRWHQ WLDOO\ RSHQV QHZ PDUNHWV JOREDOO\ ,Q UHWXUQ 0U 0LOQH DQG KLV oQDQFLDO GLUHF WRU ZLOO RFFXS\ NH\ SODFHV RQ WKH $FH ERDUG %DOPRUDO V oQDQFLDO PXVFOH DQG JURXS VWDELO LW\ RIIHUV D OLIHOLQH WR $FH DIWHU D WXUEXOHQW SH ULRG IRU WKH FRPSDQ\ ZKLFK KDV ORVW MREV 7KHUH DUH FRPSHOOLQJ UHDVRQV IRU WKH WLH XS JLYHQ WKH V\QHUJ\ EH WZHHQ WKH FRPSDQLHV EXW WKHUH DUH RWKHU JRRG UHDVRQV q WKDW LV WKH QXPEHU RI MREV ZKLFK GHSHQG RQ WKH IXWXUH GHFLVLRQV RI ERWK PHQ 7KH RLO DQG JDV VXSSO\ FKDLQ LV MXVW DV YXOQHU DEOH WR WKH GRZQWXUQ DV WKH PDMRU 1RUWK 6HD SOD\HUV LQ H[SORUDWLRQ DQG SURGXFWLRQ $FH LV D SHUIHFW H[DP SOH RUGHUV IRU PDQXIDFWXUHG GHFN DQG OLIWLQJ JHDU KDYH VKUXQN DORQJ ZLWK WKH PDUNHW IRUFLQJ WKH oUP LQWR D URXJK SDWFK \HW LWV H[SHUWLVH DQG ZRUOGZLGH UHVSHFW IRU LWV SURGXFWV LV WRR LPSRUWDQW WR ORVH %DOPRUDO V PDVVLYH FDVK LQMHFWLRQ DQG SRROHG UHVRXUFHV PHDQV LW VKRXOG ULGH RXW WKH VWRUP DQG HYROYH LQ UHDGLQHVV IRU D VWURQJ FRPHEDFN DV WKH PDUNHW LPSURYHV %RWK FRPSDQLHV KDYH GHHS UHVHUYRLUV RI WDO HQW LQ WKH QRUWK HDVW EXW DUH JOREDO EUDQGV ZLWK WUHPHQGRXV ZRUOGZLGH SRWHQWLDO WR H[SORLW 7KH VDPH FDQ EH VDLG RI WKH RIIVKRUH VHFWRU LQ JHQHUDO RYHU WKH QH[W \HDUV

ů/ĐþċĢĐþċƑŽ Ƒŵ ÏĐƑĐľı Ģ ŽƑŵÛıþƑċ ıÏıÛǠĢǧď ºŪƧĐŵÛÏ ǟƧĢıÛŵ ®ĐĢĐƑǧ ĐıľĐĢ ıÏþ Ž ĐıÏƧŽƑŵǧŰ

5 u ¨uÝÝE u Ý uéé é Ø³ò

H ZLOO DOO EH GHOLJKWHG DQG KXJHO\ UHOLHYHG WKDW WKH oVKLQJ LQGXVWU\ KDV QRW KDG D VLQJOH IDWDOLW\ LQ WKH SDVW \HDU ([SHUWV EHOLHYH LW LV WKH oUVW WLPH WKDW WKLV KDV EHHQ DFKLHYHG LQ WKH SDVW TXDUWHU RI D FHQ WXU\ ZKLFK JLYHV D FOHDU LQGLFDWLRQ RI ZKDW DQ H[WUDRUGLQDU\ VWHS IRUZDUG WKLV LV IRU WKH LQ GXVWU\ 6HD oVKLQJ LV TXLWH SRVVLEO\ WKH PRVW GDQJHURXV MRE LQ %ULWLVK LQGXVWU\ ZLWK WKH WKUHDW RI VXGGHQ GHDWK OXUNLQJ LQ DOO GLUHFWLRQV IRU WKH HQWLUH MRXUQH\ 7U\ WR LPDJLQH ZRUNLQJ LQ WKDW HQYLURQPHQW DQG XQGHU VXFK WKUHDW IRU KRXUV D GD\ DQG RIWHQ LQ KRUUHQGRXV VHD FRQGLWLRQV +RZHYHU WKH KXPDQ ERG\ DQG PLQG FDQ DGDSW WR WKH PRVW VKRFNLQJ ULVNV DQG SUHVVXUHV DQG SHUKDSV EHFRPH FRPSODFHQW RU HYHQ EODVH DERXW WKH GDQJHU +HQFH WKH QXPEHU RI oVKLQJ DFFLGHQWV WKDW KDYH EHHQ DWWULEXWHG LQ RIoFLDO UHSRUWV WR KXPDQ HUURU RU IDLOXUH WR IROORZ EDVLF VDIHW\ UXOHV &UHZV KDYH EHHQ EDWWHUHG FRQVWDQWO\ ZLWK ZDYHV RI VDIHW\ ZDUQLQJV IURP LQGXVWU\ OHDGHUV DQG ZDWFKGRJV DQG LW ORRNV OLNH WKH PHVVDJH LV JHWWLQJ WKURXJK DW ODVW /RQJ PD\ LW FRQWLQXH EHFDXVH WRR PDQ\ IDPLOLHV KDYH VXIIHUHG XQWROG JULHI

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ƕǯ Xwg l

Vte i

VVH Vte VQJ0Q À

òü éÆ 3u¢¢ éÆ 5u¢¢ éÆ

EÝ uØ é³ À `¡ òÀi EØkuØ é³ Àòé k³ú

ĎŻĎƏ ļƥų ǝÙ¬ŻĎƏÙ Ə ǝǝǝŝœųÙŻŻ įÍěļƥųį Ġŝ¸ļŝƥĝƋ¬ļļĝļįĠĎįÙ

P 0J Vte À

c-VQ Vte À

cVio Vte À

- Q 0Q Vte À

Ī ĎĠ Vte ƏļÃ

Wƥų ÍǜĎŻļųŻ ųÙ ĉÙųÙ Əļ ĉÙĠœ Ǥļƥ ǝļųÍ Vte ŝ dĉļįÙ ƥŻ ļįÃ

kÙįÍ Ďį Vte ¬Ǥ œļŻƏ ƏļÃ

q ĝÙ Vte Ġļįü Ďį œÙųŻļį ƏļÃ

¬ÙųÍÙÙį Fļƥųį ĠŻ JƏÍÄ ļƥų ÍŻÄ dŝWŝ ļǣ ÷ƔÄ J įü kƏų ¸ĉƏÄ Q ŻƏųĎ¸ĝÄ ¬ÙųÍÙÙį Ňñ Ƈ ' kƏļįÙǤðÙĠÍ ƥŻĎįÙŻŻ d ųĝÄ kƏļįÙǤðÙĠÍÄ 0įǜÙųįÙŻŻ 0 Ơ ƃd kƥĎƏÙŻ ñ ĴÄ ĠÙǣ įÍÙų 'ĠÙĪĎįü -ļƥŻÙÄ á kļƥƏĉðÙĠÍ ųĎǜÙÄ ĠüĎį 0 ƔǮ Ƈ(f

¬ÙųÍÙÙį Fļƥųį ĠŻ JƏÍÄ ļƥų ÍŻÄ dŝWŝ ļǣ ÷ƔÄ J įü kƏų ¸ĉƏÄ Q ŻƏųĎ¸ĝÄ ¬ÙųÍÙÙį Ňñ Ƈ '

Ǥļƥų ÍŻª ěĠŝ¸ļŝƥĝ

¬ÙųÍÙÙį

dĠÙ ŻÙ ųÙĪÙĪ¬Ùų Əļ üĎǜÙ Ǥļƥų į ĪÙÄ ÍÍųÙŻŻÄ œļŻƏ¸ļÍÙ įÍ ƏÙĠÙœĉļįÙ įƥĪ¬Ùųŝ

ĠüĎį 0įǜÙųįÙŻŻ

ǮŇƠƠ÷ ƇĴŇƠŇƠ ǮŇƔ÷Ɣ ññ÷ƠǮƃ ǮŇ÷ƇƔ ƠƃƠƔƔƔ

Wƥų ĠĎįÙŻ ųÙ ļœÙįÃ Qļį Əļ 'ųĎ áŝƔǮ Ī č ñŝƔǮœĪ kƥį Rļļį č ƔœĪ

Ù ųÙ ļœÙįÃ Qļį Əļ 'ųĎ Ĵ Ī č ñœĪ

' ħċĝǡ QĹƌċµÖŸ

" # " " " $ " " " !! !% "

! & ! $ $ & $ $ $ & $ ! $ & &!$ %) " $ $ ' $ ! & ' $ ! $$ ! !$ &$ & & $ $ ' $ !

! $ $ $ $( ! $

$ # &'%

, / ! ,&' /

#* & " +0"( * & ! ##/ '! / &' !- . ! * * !& $ & '* $ $ $ -!* !- !* & ! ! & !& ! ! & !* & . & * $ , & #& - * * & !. & %, '*$ $ #& % ' 0 !* & + ,1 ( & 0 . -' -& " 0# & ' / 0 & ' - 0 $ - & ' &. * - %' ! & & ' 0 ! $

!* & ,1 * / $ . & & / 0'$

$ ( & ) ( &% #

% ( # $) ' ! ( # % ( (

## ' %

# # # #

# % & & #

$ #'' !#)( % - 0 * & ' !&* '' * &$ & 0%' !'# * ! -&' 0 #* & " ,1"( !& *- &* 1 0 &' !& & 0 ! & 0 *& * !'' !-* !. / ! * * !& ! & 0 !. - ! ! * * *- &* & !* & / ! & / !. & 0 ! ! 0 $ - & ' &. *! / & ' & & '# * - 0 . * * . ! '! ! - & ! *!

! !'' !-* ! ' 0 #* & ,1 * "$+1 #$ $ * & * & *! !'' !-* * &0$ 0 !/ &' ! 0 # ' $

' * ' * $ ( ) ' ! $ & &+ " ' $ * ' * ++ $' * $ &% $ $ ) $ * $! * !

) , & & " ## , & " (. $ # $ #& , " * )# - & " " & " & & ) " , " " & " + ) & " " ! ) " " , & " " * " & " ) " # , & " (. & (!'. ! ! & + " & * # " # " " # & ) , * & ! + "# # ! & # ) # " , & & " & " ) " &

&" # " !

! % 0 3 # #! %- ( * - ( ) #(- ! ))& #1 2 # - -

# ! ! 0 #1 ) )- ( ) )- ( ! 2 0!- ( - 0!- ( - ( - 0!- # #- ( ! ( ! & ( - #! %( 1 - & ! ) 1 ! ( ') % !-) $ " #! 0 ) 3 $*

-# ( .&.4& 3 #2 () #! 3& #! - #!) ) ( -# #(-0! !-( #

! ( %3 #( -# +# - ( 0! ( ( -#() $// 0! ( # ) 3 !-) $ #( #! ! 222& - (& #&0

- 0 * -* ' -&* &&0

-&' 0 "* & ! ,1!( ! 0 &'# . -' * * 0 - . - * * & * & / *& "& - & && & * # # $- '' * * & & *%'

# # -& *& ' " ' 0 * & ,1 * !1#11 * & * & * & & . & * & - & * !!#+1 * / & * . ' & ' & & '" * - 0 . * # 0 / &' 0 " ' * ' ' & 0 * * -& & * / & ' & '' '#

' + $ ! + $ % &- " *

+ ' + + $ , ( '!

' (

) ! ( +

' ! ( + ! !

* - ( $

- $ $- " ( $ ).!& ( $ % $( %% %% $ % $ , $% , * ) (( $ $ $ *% $ * - & - $%# $ - + * %( $ ( $ % %( $ $- + , -% + - $ $ ( -# % - %% # * $ % $+ % - "( $ ). ( !) ( * $ # $ % $ * *(

+ $ %% ( $ ( $ ( $ ( $-# $ % $ %" ( * + ( # , $% , # ( % % $ $ ( % $*%( - + ( ( % $+ $ $ , $ ( ( * $ $ ( $%#

) , )' ) , ' % ' $ ( ,

%% ,% ' '$ ' # * $' $ $ ' $ % ' )' $ ! ) " %% ) * $ ' $ % # ) $ % $* + ' ' )$ ' '$ '

) % , ' $ ' + , ' ' $ ' ' $ ' $,# $ % $ % ' ) , * ' , + $% , % ' % % % $ , * ' ' )$ $ + , $ )$, %% ' ' '$ #

oĆÖǡ ǚ Ĭƌ ƌĹ ĚĬĹǚ qÙĠĠ ųÙĠ ƏĎǜÙŻ įÍ ïųĎÙįÍŻ ¬ļƥƏ į Ùįü üÙĪÙįƏÄ Ī ųųĎ üÙ ļų ¬ĎųƏĉ

ĝĝ ǫńƝƝôƄıńƝńƝĹŰǫńôƄƑ ƝƀƝƑƑƑ

$ & ' & )& % ! ! 0 ** * $ %* ! * 0 % $ 0 * 0 $ % .!$ ! , % !$ * $ !- $. %,""!$* !$ * !. $% $ % %% % $ - * * % - $0 % * # $* * * % *!

- * $ % !$ * !- 0 % $- *! * 1 * !$ * !- 0 * %# " * % *! / $ , ! , $ $ *!$% *! $ %" 0 !$ % ! " %% ! * $ ** * ! *! - $0 * 0 *! . ! " * $ %* $ %" *% * * ,$ * $0 ! * * %, ! ) &+'# ' *! ! $# ,$ . % 0 %% # # $ ( & % ! ! % * ( " % ' * % ! "% " ! ! % % ! % ' " ! " &!" "% ! " % ( ! & " ( ' ) ! "" % ! "* % * " * ! ( *" &! % ' !* "& "" & ' &" % ! ( ! & % * & % % ! !" ( % ! ( % %

%! ( !!* ! % & % " % % * "%! % &!" " % % ! % ( % %! " ( % % " % %% # !& ! &

! % " % % "% %

& * ! ( ! ! ! % ( " % * & % !% " % % !% ! " "% " ! ' !* ! % ( ! " !% % ( ( % % * % " ! ' % & ! " ! " &% ( ! ' ! &! !%"

$ % / ) ) # # ) $ # / ) # ) , $ # $ +#$ # ) .!# $$ $ $/ ! ) / # , ! #$ / / # $ ) ! $ ) # # ) $ $$" ! ) $ ) ) ) ) # $ * & * % # ) # # " # ) + ) $ ) ," # $ +! ) $ #, # + # ) . ) ) $ / ) ) $ - ! ) # $) # $! )$ ) ) +# # , $ # +$ / ) ( " * ) "

$ ( & % ! $ )" ' " $ $ "$ " ! )

' & ( ! "" $ ! ") $ ) " ) ' )" %! $ ! $ " "" ) ! ) & $ ! ' ! $ " $ $ ' ! % "$ $ ) ' ! ! $ ! ( $ ! %! $ "$ " ( $ " ! $ % $ " $ ) " "$ ! " $

" $ !$

"$ ! $ !

"" "$

$ ( & %

& ! ! $ ! ! ! # " ! % & ! & %! ! ! & $ & " ! " ! " # # !

! & $ ! ! ! ! ! " " ! ! ! #

! ! $ ! ! $ $ ! ! & ! ! ! ! # ! "

QĎŻŻÙÍ į įįļƥį¸ÙĪÙįƏ Ďį ƏĉÙ

ce ii Q FVteQ JŦ (ļ Əļ

ǚǚǚŚŐŰÖŸŸ ĬÊĘĹƢŰĬ ĝŚµĹŚƢĚƈ ì ħċĝǡ ĬĬĹƢĬµÖħÖĬƌŸ

+ # ) $ & & # $ # & ( $ # && & ' # & $ $ '# !& # # & + # $ ) $ $" & #& & # & &' & (" ( && (" # ( # (" # '$ #&$ # ! & ( ' # $ #( & & ! #$ " # $ # & ' #& & ( & #+ & # ) # &

# $! & ' &+ '#$ $ # '# # & * & # # # ( & # ' '& $ $$" $ & ' & )& %

"* ""* " % * ( & % ( " * % " # &"# " % % & % & ) " ## # #* % * # ( % % * ( * # ' * ( "# " # % % # ' "* # % !

% # % &" * " % " ' # %# % * ( ' % ( " #%" % % &# ! " % & % # % % " %% % "# &"# # % " % % " " # ( % *!

% # %

" " "% # "' " " ## % ) " ) " & & " " % "# " % " & #& "% % " #* % % % "" %# % % " # " &" #&" %" " % ' * % # * % ( % " #% " # %# % % % " ' # ! ' "* # * ## !

# " $ * # $ # , * ' ' - # $ * $ # ' # + #, $$ $* #' + # ' $' , , $ # ' # '' ' "$ * # ! ' ' # ' ' *$ , $ * #'! # ' $ ' # , *# *# ' ' + # # $ #' $ + #+ ' # $ '' , # ' $ # ' # $$ # , ' ## *' ' * # ## '$! - * ' - * ' , $ # *$ ' ' ' & ) ( # *# $ # '- "$ #-!

$ ( & % & $ # # !# ! ( # % ! ! $ ! # ( # $ # $ ' ! ! ! !( # ( '# # ! ( & (! $ # $! # ! % # # $ # # ! # $ # # $ # ! # # ( # & # # $ ! # # ! !# # ( ( # ! ! !

!# % ! % ! # # ! !$ # ! % ( # & # !# ! #! # $ # $ $ ( $ ( & % ( ( & $ # # !# ! ( # % ! ! $ ! # ( # $ # $ ' !! ! !( # ( '# # # ! ( & (! $ # # ! !! ( % $! # & # $ # ! # # ( # ! # # $ ! ! # !! # # % & ! % ! # # !$ # ! % ( # & # !# ! #! # (# # # # ( $ ( & % ! ) ' % $ $ "$ " ! )

! $ & " ! " %!" ! $ ( ! " " " ") $ ) ($ $ $ ) ' ) ! " ' !" %! $ ! ! $ " "" ( ! (

! ) & %" $ ! ' !

! $ ! ! $ % $ " $ $ ) $ ! ' $

"$ $ % !" ! $ ! % $) " $ ! $ ! $ ! & ! ! !$ ! "%

!$ " !& $

' $ ! "$ ! " $" $ $ ! & $ " !&

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

Xwg l ƕň

-ĹĝċÊ ǡŸ

QĹƌċµÖ Ĺ ŰÊ QĹƌċµÖ Ĺ ŰÊ įįĎǜÙųŻ ųĎÙŻ ĎųƏĉÍ ǤŻ ļįüų ƏƥĠ ƏĎļįŻ ļįƏų ¸ƏŻ įÍ qÙįÍÙųŻ Íƥ¸ ƏĎļį įÍ qƥƏļųĎįü 'ĎįÍ 'ųĎÙįÍ

ñ Ɣ Ƈ

ŇƔ Ĵ ŇŇ

JļŻƏ įÍ 'ļƥįÍ dÙųŻļį Ġ dÙųŻļį Ġ kÙųǜĎ¸ÙŻ dƥ¬ĠĎ¸ RļƏĎ¸ÙŻ kœÙ¸Ď Ġ QÙŻŻ üÙŻ qĉ įĝ ļƥ ÙÍÍĎįüŻ ÙÍÍĎįü kÙųǜĎ¸ÙŻ

ŇǮ ƃ á Ň÷ Ơ Ň ÷ ŇƠ

(&/ ! 4773

! $ ####

'6"% $ $'," - ' -) " # 5$ ,2% , , % $

* +

! # ###

*% 5 5+

* +

! $ " ###

% " !" ! " !& $ ! $ $ $ "" $ ) & !$ " $ $ $ $ % " ! $ $ & !$ " $ "

!! $ "" $

7 07 0 ! (.07&047(/

7 07 0(& ! (.07&047(/

*%7 (6 (+ 23 .

) !$' ! $ ! ! $" $ ! $ ! " "% $ ' $ & !$ " $" " "% $ $ $ ! & $ % " !" " ' ! $ $ ! ! $ ! $ ! & $ $ $ % $ "% ! $ " ) $ ! $ ) $

! $ ##

# # $& # $ $ # ( $ & # & # $& & # $ ) & & $$ $&$ # & + !& #&' & $ $" #&' & & ( $' ) # ' ) & # $ # & # ( $ & #$ # & # , #& ( ' ) $ & # # & # $ & $

# ! # $

% " !" " $

! ) !! ! "" ! %! ) % " & !$ " $" ! $ ) $ ) $) ! ) "" ' $ & !$ " ! ) $ & %" ) ) "% !! ! "" ! %! )

! ##

% " !" ! $ % " ! $ " $ $ $ $" ! "" %! ! " !& $ % ! $ $ ! %" $ % " & !$ " $ ! $ ! "%" ) & !$ " $ ! ' ! ! " $ & !) " ' $ %$ "$ $ ) ! " " ! "

oĹùÖƌǡĹƢŰc FĆĹħÖÊÖĝċǙÖŰÖÊĹŰ ŸÖĬƌƌĹǡĹƢŰǚĹŰĚŐĝ µÖÁµĹĬƌ µƌÀ

! %! " $ $ ! !" $ ! % ' %" ) %! ! $ ! "$! $ %"$ ! " !& " $ ! $ ! $ ' $ ! & ) %! $ " $ $ ! $ ! !$ " % "" ! % ! ) ' ) $ $ ) % ) $ ! ( $ $ ) % ' %$ $ ! ! % $" " !& " ! ! $ " ' ) $ ! "$ $ ) % % $ " %! $ " $ $ $ %!

, '

(4,' %- 1 + (6 2

'! 1, "1 -1,# $ , ' ) /

'' 15', 1 '5 15'

.,'%

&'# # & &$ # # '#

% &$ &

# ' + ' ) * '#$ $

& & *& + % &$

#( $ & '# # # $ & & (

5'11 00 55

*3'0 % -'0 '+ $ # *& 2* + (* ++ $ !&2*$ #/* 3 #) &)2"

-ĹĝċÊ ǡŸ ¸ƏĎǜĎƏǤ ųÙ ĝŻ ŇƔ ĎųœļųƏ d ųĝĎįü ÷ ų ǜ įįĎįü ŇŇ ĎƏǤ ųÙ ĝŻ á 'ĠĎüĉƏŻ Ɣ -ļĠĎÍ ǤŻ ¬ųļ Í Ň -ļĠĎÍ Ǥ WïïÙųŻ ŇƠ -ļĠĎÍ ǤŻ vH ñ -ļƏÙĠŻ ƃ kÙĠï ƏÙųĎįü ŇǮ kĉļųƏ ųÙ ĝŻ Ĵ qĎĪÙŻĉ ųÙ Ƈ qļƥųŻ įÍ ųƥĎŻÙŻ Ơ ÙÙĝÙįÍ ųÙ ĝŻ Ň÷

" "

# ! ! " #

#&# '

% % # %

# $ # ( ! ( " "!

qļ ¬ļļĝ Ǥļƥų ÍǜÙųƏ ŻĎĪœĠǤ ¸ ĠĠ

ǫńƝƝô ƄıńƝńƝ

ĆƢŰµĆQĹƌċµÖŸ

+$ ) ! $ ). " // &

---"%)

4' 7 *1 & , ). "// $ $% , $ $% '"// , $% . , ) $ $ ) ) + $, ) $ % )

$#% ) $ - ) ) ) $ $

)) "

) $ "*/ ) "*/ .

qļ ĎįŻÙųƏ Ǥļƥų įļƏĎ¸Ù

ĠĠ

ǫńƝƝôƄıńƝńƝ

# % (4, 4' 7 1

' "! ,1" (&&4'#17 '1, , #!# 5 , , - '1 ,1"

eÖµŰƢċƌħÖĬƌ

# # ! " !

% 8)33 .2232) (, 8. 2/ 2) )

qļ ¬ļļĝ Ǥļƥų ÍǜÙųƏ ¸ ĠĠÃ f R

ǭņƟƟö Ɔĳöðņņ 0R fR kk

ǭņöƆƓ ƟƂƟƟĳƆ

+ (&

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ƕơ Xwg l

eÖƌ ċĝiĆĹŐ

)# $ . # 0 # 0 ) $ ! 0 ! # ) )# $ . #" # $ )) $ , ! . # " - - $ . $ # $ $ "

! ) # " $ . / , ) ) ) # # ) # $ ! ) $" ( 1%%&1 *&*+%

! " " ! #

# ! " ! # #

" ' ! ! ) ' (" * ' ' & + ++ +# +#++$

! !

## ( &

% # & ' % #

" ) ) $

# " " % % ! " $ "

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

;8;2 * 3 :/38 8. 2 # %''=-1+)% #++6%)" 26 6 ' 6+ %) '9

; '' 1= +1 ' %) %': 1 %) 91)%691 - % '%26 ' 2

%'%6 1% %2#%)" /9%-( )6 91 ' %)6%)"2 )6%/9 1% ) ++&2 6

( " 2 6 '+"9 2 ) % ; 6

===18 >*.23' ; 8(.,31 .+

91 '9 12 1 : ' #1+9"#+96 +6' ) : 1= & +9' +26 ' 2 + %2 922 +22% ' %2%6 ) +)$ # 1" 2%2.

"" 231

+ % % 0( 0(6* 3 ,

eÖƌ ċĝ iĆĹŐ įƏĎŨƥÙŻ įÍ ļĠĠÙ¸Ə ¬ĠÙŻ ƥ¸ƏĎļįŻ ¬ĎÙŻ įÍ ĉĎĠÍųÙį ļļĝŻÄ qļǤŻ įÍ -ļ¬¬ĎÙŻ ĉĎĠÍųÙįŻǝÙ ų ļĪœƥƏÙųŻ įÍ ( ĪĎįü ļĪÙŻƏĎ¸ œœĠĎ į¸ÙŻ 'ļļÍ įÍ ųĎįĝ 'ƥųįĎƏƥųÙ ŕ(ÙįÙų ĠŘ ( ųÍÙįŻ įÍ 0 -Ù ĠƏĉ įÍ dÙųŻļį Ġ ųÙ -Ù ƏĎįü -ļĪÙ ƥŻĎįÙŻŻ -ļĪÙ 'ƥųįĎƏƥųÙ įÍ 'ƥųįĎŻĉĎįüŻ FƥĪ¬ĠÙÄ ų ļļƏ įÍ ( ų üÙ k ĠÙŻ HĎƏ¸ĉÙįŻ įÍ ƏĉųļļĪŻ QÙįŻǝÙ ų įÍ ¸¸ÙŻŻļųĎÙŻ QĎŻ¸ÙĠĠ įÙļƥŻ QƥŻĎ¸ Ġ 0įŻƏųƥĪÙįƏŻ dÙƏŻ įÍ ¸¸ÙŻŻļųĎÙŻ kļƥįÍÄ ĎŻĎļį įÍ ļĪĪƥįĎ¸ ƏĎļį kœļųƏŻ įÍ JÙĎŻƥųÙ qĎ¸ĝÙƏ k ĠÙŻ įÍ įƏŻ įƏÙÍ ÙÍÍĎįüŻ ļĪ įŻǝÙ ų įÍ ¸¸ÙŻŻļųĎÙŻ

Ơ Ň ƠǮ ŇƠ Ňƃ Ň÷ ÷ ƠƠ Ƈ Ĵ ŇŇ á Ňñ Ɣ Ơñ ñ Ňá Ơ÷ ƃ ŇǮ ŇƔ ŇƇ ƠƔ ƠƇ ŇĴ ƠŇ

! " <( =

8 $" & ( . $ "&. 4;4 ;)4 4 2; 2.888- &% 031- (-6#

$ ( &3"/6 1 & ($$ 3" $ (3(0 0 7" 13 "&3"& 1 3

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

$ ;)4 4 2; 2 (0 9 ;)4 4 ''5;

0 "1"3(60 "3 3888- &% 031- (-6# (0

! " # # #

& # & # # ' # # %( # % # "$ ) )

% ;%)" 1% = ,>$ -( 691 = 1+( > 7>. 2 + 2 +9 ) ;% # 2 %'' +' ) 1% = = # .

/ 8& .< + 2 %) 91)%691 )6 1%+1 ' + 1- 62 %)6%)"2 6 +1 ' %) #%2&= +=2 6

* ?/9#

4:9994

-! #!&- -4# 2& - & -! !&-4

# &&4 0 #!&- -4# 2& - & 1!&4 *2 & # '- ' $ " (5%' ! $ 3 - ! - ! 3 2!& !& & - ' ! & ! $ # !-!'$ , 5 ! ! 5(()5 .)./(

* ?4 /$ #:$5

) $ $ $ $$

$) ' $ !! * & $ ( # + + ! !%%

$ ( & ' # ( ! % ! !

$ ! ! ! # % # $ &

& " "# & % & ! $ " " "

' # #$

79??1

% $ ! # ' $ $ ' $ & $ $

$$ # ( ( % !

1'. !( #" 4 ( . '+ ".."! * & '"# # ' " ! #" 4 (. '+ ".."! 1' . !( 1 . " "1' 2 . ( # ' . # .$ 1'. ! (1' ( %3* % '"#$ ! # . . # ! $ ! $ 3 !. "! . "! 1 ." ! "! "'. ! 2 ! "2 !" " "1' ! ' ( 4 1! ' $ " ! # . ' " $ ! # "."($ -05 "!" 5))*5 /*/0)

$ " % "

# ! & &

# " $ ! !% % ! &' #

' & & #

( * ) % " # * $ $%

$ ' # # ' #

& # # ' # & " ( $ %($( & ' ' % #

# " (( ( $ %($( # ' # # #

& " % ( $ $% !

! !

" !! # $ $

! !

! $ # ! !!

% % " "#

* ?/9$5 #5/:$ = 2 .;2

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

Xwg l ƕƕ

eÖƌ ċĝiĆĹŐ

" " " $ ! " # # " " $

% =1(18 2 (71 )/ & $% '$ )%%* 6$'6 /' 6. )&

! ! " # # " ! $$ # "

5 = % =*221 !28812

$/'

9' )6 9 )/ '< )& $' 6$)'

# $ " ! # # # ! ! ! ! " $$

58 === ).'.). % =*88! 212!1

0 %% 51== ).'.). % =11 ! !! 82=

" # #

""" !

$ /$0# 66 / +9++$ 0

51 = % =*21! 22=!((3 =11=2 =21===

, )'6/)0 -

)06 52 === ' ; 0 %% )/ 58 == ).'.) %$: /< ' // '" % =*11( 218*8

& # & % & " & # $ ! $ & "

$ $ $ $

$ % && # & & ! & !

/ ' =*88! ! 8 = ': /' 00 =*!27 8 = =

6;+3

* ( " " #( , * ,

+ , " #( # ( + ')! ! -$ % - %

:< -

.', >7 !.6 ! 7;'? ;6 ; ', ., ., ; )',$ ', B 6)57 ',; 6 ., 6* , ? ,; , ;' ) ; ;. ;% ,,' ;% ;6 06. > ;'., *.,$ @';% 06 &;% ;6 + *1 ,(.B ;% 6 7; .! B.>6 ;'+ ', ;% ';B ;. A0*.6 ; B.>6 .@, 0 & '7 .? 6 @.6* ! +.>7 * , + 6)7 .6 . 70.; .! %6'7;+ 7 7%.00',$1

=# =C/8 <

:=/-

.6) '7 6 ,.@, !.6 ';7 .+ , ')',$ , + ' ? * % 6'; $ , * 6 ; !.6 A2>'7'; 6 %'; ;>6 1 % * , + 6) +',7; 6 '7 ;6>*B + 7; 60' , 7.*>; 4+>7; 7 51 % ';B '7 @ 7% @';% ,.7; *$' @% , ;% ; ' %.* 7 B6 $ ;7 >, 6@ B @';% .*.>6!>* 7; **7 6.* 7',$ 67 , >7) 67 6 ;',$ ;6>*B ' ) ,7' , ! 7;'? ;+.70% 6 1 > 6 ,; ;. $ ; B.> ', ;% %6'7;+ 7 +..

// =C/8

.1,' ( " ., 2 % ,(& '2 ,1,# , ' (, .(' " 2 '

:<8- ! B.> % ? ,5; B ; + B.>6 0* ,7 !.6 @ 6 @%B ,.; (.', >7 !.6 70 ' * , @ .!! 6 & .$+ , B %.; * 6 ) ., ;% ,)7 .!

. % .+., 3 @ 0 ;% 7@ 6+',$ 7;6 ;7 ', ;.@,7 , ';' 7 !.6 +.6 ;6 ,2>'* 7 ;;',$ @';% ! ,; 7;' +'A;>6 .! ;6 ';'., * .;;'7% , ',$ +>7' !.. , .! .>67 ;% . 6 + .! @%'7)B

2#-#. .( ." (,$ . # "(% - 5, ' , .#& #' (,$ #.5 '., (& (,. % ( " ., 2 % .",(1!"(1. ,2# - ( "(%# 5 "(-.

07*4#(! / / *1 ' #& 1* "71 2 ,1 22 ( $*71( &41 8 &/ */7%

C/#/ <8# =#9" 07*4#(!

@@@106 77 , (.>6, *;6 ? *1 .1>)

)5) #

0 '#!".-+ "(. % (&&( .#(' -. 5#'! . ." 1, '$ % (. % (' #'' , ' , $ -. -#-

C/==# << CC#

.1,' ., 2 % 2 #% % ,(& '2 ,1,# , ' (, .(' " 2 ' '#!".-+ "(. % (&&( .#(' 3#." #'' , #-#. .( 5 ,$ #'. , (' ,% ' ' .# $ . (, ." ''# -. ' *,( 1 .#(' , .#& #' (' ('

)53

<C =C/8

.1,' ., 2 % 2 #% % ,(& '2 ,1,# , ' (, .(' " 2 ' / '#!".-+ #'' , ' , $ -. . ." ,,( " , (. % (,'#'! 4 1,-#(' %('! ( " (&(' ' ." ,(-- " '. ,. #'& '. 3#." &1-# ' ' #'! , & ( 3"#-$5 .( 3 % (& 06)

) 6

*71 *1! (#2 : & (4*( *&# :2 - ,1*4 4 ./ #(!& 1**' 27,,& ' (42 ,,&: ( 8 #& #&#4: ( &#'#4 / && 4*712 27 $ 4 4* 8 #& #&#4:/ 1 ( *71( &2 "*'2*( ( #42 !1*7, * *', (# 2 9*7& &#% 4* *(4 4 :*7 *74 ( 9 * 12 ( 2 18# 2 9 4"#(% ' : * #(4 1 24 4* :*7/ : ,1*8# #(! :*71 *(4 4 4 #&2 ( ' #& 1 22 9 227' 4" 4 9 ( *(4 4 :*7 : ,*24 ( ' #&/

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ƕø Xwg l

eÖƌ ċĝiĆĹŐ

$%% "

! &&&

# ! && # && & &

"" ### ! ## # #

' & !

$ ! $ $ ! ! ( % % $ #) ) ## " ""

" "# " &

$ ! ' '

)"& * + & . ) ! " ( //

// , * - " ! (// -" + ! ! - "- * ) )"& / " " !* ) ! , ' , (# & $/ " &

8: ;AA ) A5!;. ,65A:,

+ 4-+( / 7%"9 " "4 $ % - $ #* "&4 $$" &4 74' (;*( - ' &"4"'& (69 :''% 6 %% 8" $ &.* - * 5+ . - &* . & %' . ,)'"&4 . ''4, ')4"'&* 1 - - .' 48 - $ . % &7 $ - ")4* * '9 * %'# ) 4 - '% * & % "$ ) '4'.* 3 '&' ! ;//0; 505 6/ & % " "

" $ " ! ' ' ## # & % # # & & " ' ' $$ <+(9 ! " ! # #

%/#% , % ( 4 ( " % $ $ ' 4 / 2)/ )/( %) " # ! " %/#% #!% (/! "/& 2 6 2) #" !2 / %# / " 3 ( #( % % ()& 2! (#2) 7 %% %# /) " 1' 5% " %/ & ) " 4 / )!# ( #! & " ! % # /#)& .18 #&"&# # 8**+8 0+01*

$ % " $ $ " " !# & & &&

& $ $

' $ # %(

#%( (! !

% " ( $ )) "" %

& " "

! ) # $)#)

" "

( &

& " ) * ! %'+ +# #

% %

% &'

, "

) ) (+ *

% $ - % $ - -! " - "

! " "

! ! ! " # # $ "

% "

& " ! ' !#' ' #

;

! ! " && % && $

# ! && & "" & & & "" & &

# $ $ $

Q -VP i ©ÖŰÊÖÖĬ ĬÊiƢ©ƢŰ©Ÿ

$ ' $ ' $ % ) ' '

$ ' ( # *

* % !%& ! '

% ! & ' % $ ! # ( " #("(

# & ' # ) ' " % * $ %*$*

) A5,55 .;,5.5

! %

# ' %! # # # ! & #

$ ! ! $ '

& $ ! ! '

<< ( ' 4 )& 4.

, . 4 0=4 B6!;7 ;7/%/1 04 B1<71 !71%$$

&)5: 4 @0=4 ).: 4 5:

).&(5)A $ >),, ?):' 0= , & 4 &

+ . 4 0=4 =), 453 03=+

).#0 *.# > ,02- .:53 0-

©ĹǡĬÖ

& ! !

9;!$ BBB3

( # ' ! ' ! ! #%

!#% ! # # # ! !% $ ! '

, 5 .#04- :)0. .:4 02 . #40- 11 -($2 4) @( 0. @ 04 0.: : B6!!1 /%<;<; 0- 5 : 0@. 5:, 0@. 4 .5')4 ;% $

*# $ # ( (#-" (# ( + ( , ( $ !! (# $! #( $" # # ( # + ( $ + # (( ( " " (( + # # " ! $( # " + #* $($" )%& %. & ..&. .). * ,

8:6A / * ) A.;;% !,A:!%

(! " !* ) * ! % % ! ( (% %! "% ! % (! %* %!* % " ( %" " '+ # +#' +&+

86AA /2 2* /)<4 -+ *-+9' /-4(92 ) A5,,, $5;66,

! ! $ ! ! % # "& &

$ " # % !

9!<$ BBB3

, B1<<% !766<$ 0.'=45: :

'' ! )" # " ) )" # " ' '"-! )# " # # # ' )# '" + - ( ) " # # " ) -% " ' - ' " " '" ! , " * # ' ' ) ) " ' # + " " ! " * + -! " " ' " ! " ! )' # " * " '" #' ' ! " #'" ' ) " ((. $% .%(.( " - '

8. ;AA / 3 *-+9' 0+ &-9( ) 1 A556, 6!6!:6

-ĹƢŸÖìĹŰŸ ĝÖŦ ļįƏ ¸Ə ƏĉÙ dųļœÙųƏǤ qÙ Ī ļį

©ÖŰÊÖÖĬǫńƝƝôƄƄƑƝıń ļų ǫńƝƝôƄƄƑÞǫƄ

ĹƢŰ ÊŸ

$ " $ $ ! $ & % !

! ! ' # "#'

$ !! # # ! ' # ! & !#% ! & '!

+ .3 4 0=4 : 0.. :3 0-

Vte i

" $ "

" % !#

! & # $ ! &

! ( ((( !

ǫńƝƝô ƄıńƝńƝ

" (( ! ! !

2 ! # ! ! # ! $ % "

) A.55. 6$:5:A

©ÖŰÊÖÖĬŸĆċŰÖ

)) 8%AA2

$1 $

)) #-3 #<39' 3 9 ()42

0ĬǙÖŰƢŰċÖ

),,) 5? ,,5 0

eÖŸċÊÖĬƌċ ĝcŰĹŐÖŰƌǡ

©ÖŰÊÖÖĬ ĬÊiƢ©ƢŰ©Ÿ

% ( ( &&! " ))"' )&

B1;;/! !666! 5:, * 5 0:, . 3 0-

Ć ŐÖĝƌĹĬ # % $ ! & % % # ( #

# ' ' ' ( ! "

0- 5 : 0@. 5:, 0@. 4 .5')4 ;% $ ???3 * 5 0:, . 3 0-

,3 B1;;/ !!666! - ),

$ ' %

' 2 ,:0. * 5 0:, . 3 0-

5 9%%/ /$B 0? 9;// /$B

) ?).& @ ).#04- , 220).:- .:

B1%77 6/%;BB 5 , 5 > 40.'0- 53 03=+ ???3 > 40.'0- 53 03=+

0ĬǙÖŰƢŰċÖ

0.: : =5 .0? :0 - + . 220).:- .: , B6!;1 <<</!/ 04 B661$ 17/67; ???3 .-04 > ,02- .:53 0-

- ), ).#0 .-04 > ,02- .:53 0-

©ÖŰÊÖÖĬŸĆċŰÖ cÖƌÖŰĆÖ Ê

+ (" ) ) % ! % , " * ! " ! " ! % ) ! (! " ! % %! % "% ! , ! ! , % , ! % % , -# '&'&

0- 5 : 3 0@. 5:, 0@. 4 .5')4 ;% $ ???3 * 5 0:, . 3 0-

: 4' %< < $ (? /3( 8.6, ,$A

# % # / ( ) <** 3 ## 3

, B1;;/ !!666! # )4 0),, * 5 0:, . 3 0-

& "$((( # # #

-> 8.66 ,6A 4 3= #-3 -+)@ 8,,"

, B166/ !<111$ 5 , 5 , @-04 '0- 53 03=+

, B6$1/ ;%/B%7

# %'

???3 > 40.'0- 53 03=+ 2 : 4' 5 , 5 > 40.'0- 5 3 03=+

B166/ %!6<7< B6677 %1$B7%

# & #

! ! $ % & # !

-- ) : .:4@ ). .:)> 5 > ), ,

;

, B166/ !<111$ 5 , 5 , @-04 '0- 53 03=+

, B166/ !<111$

4-5 . 0. ):)0. 4 . &0:) , 3

" ' " '

0.: : 4 ' . 3 ,3 B667% !<7//!

, B66;% %%7;$7

96$B 2 -

5 , 5 , @-04 '0- 53 03=+

$ .0? 4 , 5 , 5: # ? 4 - ).).& &)5: 4 0=4 .: 4 5: , B166/ !<111$ 5 , 5 , @-04 '0- 53 03=+

┬іXwg g кЋ├▓

┬єVte e

c ( i V' PVoVe0Q( io eo - e

cJti├ђ Q ┬ђ F c - eVH VQ o io

d┼│├Ў┼╗┼╗ ┬њ─»├Ї F─╝кЦ┼│─»┬њ─а ─а┬њ┼╗┼╗─ј├░├Ў├Ї ├ЇКю├Ў┼│кЈ─ј┼╗─ј─»├╝ '┬њКБ├Ѓ К«┼Єкака├и кћ├и├и┼Є┼Є├▒ q├Ў─а├Ѓ К«┼Єкака├и кћ├икћкакЃ├и ─а├╝─ј─»├Ѓ К«┼Єкћ├икћ ├▒├икћкћкЄкЄ 0─»Кю├Ў┼│─»├Ў┼╗┼╗├Ѓ К«┼Є├икЄкћ кЃ┼Є┼Є┼Є─┤ка

XGL KDV UHYHDOHG D OLPLWHG HGLWLRQ UHDU ZKHHO GULYH YHUVLRQ RI LWV 5 VXSHUFDU DW WKH )UDQNIXUW 0RWRU 6KRZ 7KH 5 9 5:6 q ZKLFK VWDQGV IRU 5HDU :KHHO 6HULHV q LV WKH oUVW UHDU ZKHHO GULYH 5 SUR GXFHG ,W ZLOO EH DYDLODEOH LQ ERWK FRXSH DQG 6S\GHU IRUPV ZLWK RQO\ XQLWV EHLQJ PDGH LQ WRWDO 3RZHU FRPHV IURP WKH VDPH OLWUH QDWXUDOO\

DVSLUDWHG 9 XVHG LQ WKH WRS RI WKH UDQJH 5 7KLV PHDQV D SRZHU RXW SXW RI EKS DQG D WRUTXH oJXUH RI OE IW DOORZLQJ IRU D PSK WLPH RI VHFRQGV LQ WKH FRXSH DQG VHFRQGV LQ WKH 6S\GHU %RWK FDUV KDYH D WRS VSHHG MXVW VK\ RI PSK :LWK QR 4XDWWUR DOO ZKHHO GULYH V\VWHP LQ SODFH WKH 5 9 5:6 FRXSH LV NJ OLJKWHU WKDQ WKH VWDQGDUG 5 DW NJ $ UHYLVHG FKDVVLV VHW XS

DQG FRQWURO V\VWHPV DOORZ GULYHUV WR SHUIRUP kFRQ WUROOHG GULIWVy ZKHQ LQ WKH '\QDPLF GULYLQJ PRGH DQG ZLWK WKH HOHFWULF VWDELOLVD WLRQ FRQWURO V\VWHP VHW WR 6SRUW 6W\OLQJ ZLVH WKH 5 5:6 JDLQV DQ RSWLRQDO UHG VWULSH WKDW UXQV WKH OHQJWK RI WKH FDU ZKLOH D QHZ PDWW EODFN JULOOH DQG DLU DSHU WXUHV KDYH EHHQ DGGHG DW WKH IURQW DQG UHDU 7KH LQFK FDVW DOXPLQLXP ZKHHOV DUH DOVR oQLVKHG LQ EODFN

6WHSKDQ :LQNHOPDQQ &(2 RI $XGL 6SRUW VDLG k7KH 5 9 5:6 LV PDGH IRU SXULVWV $ OLPLWHG HGLWLRQ VSHFLDO PRGHO IRU FXVWRPHUV ZLWK DQ DSSUHFLDWLRQ IRU HVVHQWLDO GULYLQJ HQMR\ PHQW WKH 5 9 5:6 LV DQ DEVROXWHO\ H[FOXVLYH RIIHU k:LWK LWV PLG PRXQWHG 9 HQJLQH DQG UHDU ZKHHO GULYH LW VXFFHVVIXOO\ EULQJV WKH GULYLQJ FRQFHSW RI RXU 5 /06 UDFLQJ FDU WR WKH VWUHHWV y

DJXDU KDV UHYHDOHG DQ HOHFWULoHG YHUVLRQ RI WKH FODVVLF ( 7\SH 1DPHG ( 7\SH =HUR WKH KLVWRULF URDGVWHU IHDWXUHV D EHVSRNH HOHFWULF GULYHWUDLQ DQG ZDV GLVSOD\HG DW -DJ XDU /DQG 5RYHU V UHFHQW 7HFK )HVW HYHQW LQ /RQGRQ 7KH FDU D 6HULHV ( 7\SH ZDV UHVWRUHG DQG FRQYHUWHG E\ -DJXDU /DQG 5RYHU &ODVVLF :RUNV LQ &RYHQWU\ $Q HOHFWULF PRWRU SUR

GXFLQJ N: PHDQV WKH FODVVLF VSRUWV FDU LV FDSD EOH RI DFFHOHUDWLQJ IURP PSK LQ VHFRQGV D VHFRQG TXLFNHU WKDQ ZLWK WKH RULJLQDO LQWHUQDO FRP EXVWLRQ HQJLQH $ UHDO ZRUOG UDQJH RI PLOHV LV FODLPHG E\ -DJXDU ZLWK DQ HVWLPDWHG VL[ WR VHYHQ KRXU FKDUJH WLPH 7KH EHVSRNH SRZHUWUDLQ KDV EHHQ EXLOW WR PDWFK WKH GLPHQVLRQV RI WKH RULJLQDO UXQQLQJ JHDU PHDQLQJ QR

PRGLoFDWLRQV KDYH EHHQ PDGH WR WKH FKDVVLV WR DF FRPPRGDWH LW $V D UHVXOW WKH SHWURO HQ JLQH DQG PDQXDO JHDUER[ FDQ EH UHoWWHG DW DQ\ WLPH ZKLOH WKH HOHFWULF UXQQLQJ JHDU FRXOG EH oWWHG WR DQ\ -DJXDU PRGHOV RI WKH VDPH SHULRG q QDPHO\ WKH ;. 0N DQG ;- -DJXDU VD\V WKH FDU VWLOO KDQGOHV ULGHV DQG EUDNHV H[DFWO\ OLNH DQ RULJLQDO ( 7\SH

! !!

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ƕƈ Xwg l

"' .1 !%&

% "

" " % " 4$1 # .. + ! !, 3 + 3 *!! 2 4$1 "

"' ! &0 !

%' $ +

! $

! !&+ 0

(-# %'5 . !1 $. $# . $# ! +

6 ! 1 *, 6 . +!!+& 6 .1 + / 7 +1 , $#.+$) 7 + + # #,$+

6 %. & ! +%!) 6 . +!!+ 7 4,. * 7 # #,$/ 7 + $#

(( .1 &+%

"' . + !

%' %-2 % 5 ! . 2 +

'-#

%' 4# " (1 2 +

! $

6 + 1 6 . +!!+ 7 . .0 7 ! .+ ( 7 . + #. + $+

6 + 1 6 . +!!+ 7 + # #,$+0 7 , 7 05) !!$4,

"' 2. ,3

" 2. ,

%'5 2 +

! ' $

! !&+ 0

0'5 + " 1" + 1.$

! #

6 ! 1 *, 6 + / 7 !1 .$$.& 7 +1 , $#.+$) 7 + + # #,$+

6 + 1 6 !0 7 !1 .$$.& 7 +1 , $#.+$) 7 . + #. + $+

"' !% % & + .&+!

"' 2. ,3

0'5 %/5&0 $3 $$ '*'. #

# !

%'5 +

& $. +3 !!

/ $

! !&+ 0

6 % #+.,-. 6 % !+ 6 %! + ! '%&/. 7 4. " 1## # '%&10 7 1, # ,, , , #!4

! $

6 . +!!+& 6 %. & ! +%! 7 + + # #,$/ 7 , 7 + $#

% ! % # ! ) &+ . % + / % && + $1+ $

' # '

/ % && + $1+ $

' # '#

# # " ! ! ! ! # ! # #

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

,, 51# 6 !#& + $ , , $

Xwg l ƕƄ

&& .

,+(/

*#0 . $

%" #

#!5

& %!2% 6 * $

%3 !

#!5

7 % 4 -0 7 . 2 5 + ( (% 5 $+ % ($ ( 5

&+ 51# 6 !#& + $ , , +% %% $

7 )1 * %#.)%) 7 ) %# 5 0 *)0 . 5 ($ $ ( -%

!# 0 $

#!5

$&(& %" #

+. $ $($

7 % 4 ) $ 7 . 2 5 + ( (% 5 $+ % ($ ( 5 $ -'&*$ % $

,, 1 %. 066

(+ %" #

#!5

&, %!2% +6 !1 .%%.

!#' + !*0 ( , $

#!5

7 % 4 ) $ 7 %3 ! 5 + ( (% 5 $+ % ($ ( 5 $ %% %(

&, '

, (+ %" #

,, 1 %. /6

/(& %" #

!#' + !00 ( , $

+,(/ %" #

#!5

7 % 4 -/ 7 5! ** #.)5 5 ( 1 5 + ( (% 5 $+ % ($

7 ) %+ 7 ! " . %#.)%! 5 ( $ $$ $. 5 ($ $ ( -%

7 ) ** *0 7 / ! 5 ) 5 + 5 -'&*$ % $. 5 /( 0**&*$ &$%/.

7 % 4 ) $ 7 !1 .%%. 5 $+ % ($ ( 5 5 + $

&+ 51# 1 *%#

&, . 2

&, %!2% ,6

&+ 1 %. 06

,&(+ !#& + $ , " $( ( %" # $ *

!#* !!0 $

#!5

+(+ %" #

#!5

$(, 0. , $ %" # $($

7 % 4 -/ 7 !1 .%%. 5 5 $ * 5 /( 0**&*$ &$%/.

7 !1 .%%.& 7 )1 * %#.)%! 5 % - 5 $ %% %/ 5

&+ 51# +0

&, 1-$.

, %!2% $6

+(&

!#' $

%" #

#!5

!1 .%%.

7 . 2 7 !1 .%%. 5 $+ % ($ ( 5 ( $ ( $ - 5 % $

7 % 7 ) %# 5 /( 0**&*$ &$%/. 5 $ ( $ &$%/.

*#0 % $ "( $ $($

7 !1 .%%.& 7 )1 * %#.)%! 5 5 + $ * 5 -'&*$ % $%

&, 1 %. 66

(+ %" #

#!5

,0( %" #

#!5

7 !1 .%%.& 7 ) ) 2 5 ! ** 5 $+ % ($ ( 5 ( $ ( $ - 5 % $

*#* + $ , - + $

!# +$ * +$ $

!#' + !*0 +$ $

, (0 %" #

#!5

7 !1 .%%.& 7 )1 * %#.)%! 5 % - 5 5 + $

7 % 4 -/ 7 . 2 5 + ( (% 5 $+ % ($ ( 5 -'&*$ % $%

#2 )# ** $ +$

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ƕâ Xwg l

! ! !

t '*/"/$& "7"*-"#-& t "/:5)*/( $0/4*%&3&% '03 1"35 &9$)"/(&

%, $ ) #+$ # ) #$ #'$ ) "( $ # #$ #$ * +$ * ( ( $!

'03 " 7"-6"5*0/ 0/ :063 7&)*$-& 1-&"4&

' $

(!! & "%% "

64&% -"/% 307&34 '03 4"-& 7*4*5 063 /&8 8&#4*5&

, (6 < %( ( =%8# ?0 5 .5 6 *8 8%<

= 9$6 5% 6 % 6 ( 6 (,,* * 8,;5%*" ), (6 =%8# ?0 ,5 (%)%8 8%) ,*(? 8#%6 %6 5 8# 5 6. % ( ,..,58;*%8? *,8 8, )%66 1 ,*8 8 ;6 *,= ,5 ;58# 5 8 %(6 ,5 8+ 22 )" ) =8 ) 8 38 2%< 1 *%*" < (; 8 ,#* ( 5' 1

9:?

99 =

5,) 7:** . 5 ),*8# 5,) 7:** ;68,) 5 .,6%8 74 :9,15, .,6%8 ,*85% ;8%,*

5,) 795* . 5 ),*8# 5,) 795* ;68,) 5 .,6%8 7 4:91 : .,6%8 ,*85% ;8%,*

((%*"8,* , 68 ;((,6 5 * -: 9 @-::! +!7 @:

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

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

Xwg g ƕĵ

Q e eV o ioÀ G e . gXI

-HHS V oIWK JHQHUDWLRQ &KHUR NHH KDV EHHQ KDXOHG ULJKW XS WR GDWH ZLWK WKH UDQJH QRZ PDLQO\ EDVHG DURXQG DQ HIoFLHQW OL WUH 0XOWL-HW GLHVHO HQJLQH -HHS RIIHUV WZR )LDW GHULYHG GLHVHO HQJLQH FKRLFHV SOXV D UDUH OLWUH SHWURO 9 IRU WRS 7UDLOKDZN YDULDQWV :H OO FRQFHQWUDWH RQ WKH GLHVHO UDQJH KHUH ZKHUH HQWU\ OHYHO EX\HUV JHW D EKS OLWUH 0XOWL-HW XQLW ZLWK D VL[ VSHHG PDQXDO ER[ DQG D FKRLFH RI

HLWKHU :' RU :' VHW XSV 2IIHUHG RQO\ ZLWK :' LV WKH SUHIHUDEOH DQG PRUH PRGHUQ OLWUH 0XOWL-HW HQJLQH DYDLO DEOH RQO\ ZLWK D QLQH VSHHG DXWR JHDUER[ :KDW PDNHV WKLV FDU D OLWWOH PRUH HIIHFWLYH LQ WKH VOXVK WKDQ WKH XQUHPDUNDEOH FODVV QRUP LV WKH ZD\ WKLV VHW XS FRPELQHV ZLWK -HHS V FOHYHU 6HOHF 7HUUDLQ V\VWHP q GHVLJQHG WR EH OLNH KDY LQJ DQ RII URDG H[SHUW VLWWLQJ QH[W WR \RX DV \RX GULYH

ti e eV o ioÀ K( gXR X R1rX ŒƝǫńǫĊńôŕ

3ULFHV VWDUW DW MXVW RYHU d IRU WKH OLWUH /RQJLWXGH VL[ VSHHG YDULDQW ULVLQJ WR DURXQG d IRU WKH WRS OLWUH EKS /LPLWHG DXWR PDWLF :' PRGHO 3URJUHVV ,W LVQ W DOZD\V ZHO FRPH EXW VRPHWLPHV LW V QHF HVVDU\ ,W V ZKDW V FUHDWHG WKLV oIWK JHQHUDWLRQ -HHS &KHURNHH D FDU WKDW V VLPSO\ KDG WR HYROYH XQGHU WKH WZLQ SUHVVXUHV RI YHU\ GLIIHUHQW EUDQG RZQHUVKLS DQG PDUNHW GHPDQG

7KDW 0L7R QDPH LV D FOHYHU SOD\ RQ ZRUGV FRPELQLQJ DV LW GRHV WKH oUVW WZR OHWWHUV RI 0LODQ ZKHUH $OID 5RPHR ZDV FRQFHLYHG DQG 7XULQ q RU LQ ,WDOLDQ C7RULQR ZKHUH WKH FDUV DUH PDGH <HV WKLV FDU LV D ORW FKHDSHU WKDQ WKH ODUJHU $OID 5RPHRV \RX PD\ KDYH EHHQ XVHG WR EXW LW V DOVR VWLOO SUHWW\ SURoWDEOH JLYHQ WKDW WKH PRQH\ WR GHYHORS LWV XQ GHUSLQQLQJV DQG HQJLQHV ZDV DOUHDG\ VSHQW D IHZ \HDUV EHIRUH WKLV FDU V RULJLQDO ODXQFK RQ LWV FORVH FRXVLQ )LDW V 3XQWR )RUWX

QDWHO\ IRU SRWHQWLDO EX\HUV WKH WZR FDUV KDYH D YHU\ GLIIHUHQW IHHO WKDQNV WR WKH 0L7R VSHFLoF VWHHULQJ VHDWLQJ VXVSHQVLRQ DQG EUDNHV 0RVW FDUV KDYH VRPH NLQG RI VW\OLQJ EUDQG LGHQWLW\ EXW ZLWK DQ $OID WKH ZKROH VKDSH KDV D XQLTXH ORRN WKDW FRXOG EHORQJ WR QR RWKHU PDUTXH IURP WKH VHUSHQW HDWLQJ EDE\ EDGJH RQ WKH VKLHOG VKDSHG IURQW JULOOH WR WKH URXQGHG MHZHO OLNH /(' WDLO OLJKWV 7KH 0L7R KDV D UHOLDELOLW\ UHFRUG WKDW V DW WKH ORZHU HQG RI DFFHSW

DEOH ,Q D YHU\ FRPSUHKHQVLYH UHYLHZ LQ WKH *HUPDQ 7X9 RUJDQLVDWLRQ ORRNHG DW DOO WZR WR WKUHH \HDU ROG XVHG FDUV DQG UDQNHG WKHP LQ RUGHU IURP RQH WR 7KH 0L7R UDQNHG WK ZKLFK LVQ W D VWHOODU VFRUH EXW D IHZ \HDUV DJR \RX G KDYH SXW PRQH\ RQ D XVHG $OID EHLQJ LQ WKH ERWWRP VR WKDW V SURJUHVV RI D VRUW ,I \RX SUHIHU D ELW PRUH YHUYH DQG VW\OH LQ \RXU OLIH WKH $OID 5RPHR 0L7R FRXOG ZHOO EH D YHU\ VPDUW FKRLFH HVSHFLDOO\ LQ SRVW JXLVH

VQŭoP0ii e Q i 0Q o- ce ii Q FVteQ J

Vte e

Q i

cVei - e JiQ e Q( ĊoVcc0Q( QQ ote V

Vte Q0ii Q P0 e '0'o- ( Q e o0VQ

cJti

Q - 0e'Ve 'Ve eiV Q ei Jt

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

øǯ Xwg l

-B+ F-1*< 3& E5 B3 ADJJJ 31 3F$; D(J ;<

4> >> 3;# 3 E< 49( -B 1-E0 # - ( 33;

4> 4> EH+ // -1<-*1- D9J ;- #B- H, -1$ F ( 33;

4J 4J - $1* C 49) ( 33;

4( 4( 3;# ; 1# , H 49> -B 1-E0 # - = $ B

4) >C -<< 1 3B$ 49( $.1 ( 33;

$ $# 44"C2% -/$<" 31F$1-$1 $ ." $ ; -$G 0$; " $ B$# -1#< ;$$1" /E$B33B+" ;E-<$ 31B;3/" <3'H

;-//- 1B +-B$ " ;H BI/-1* ." /-0 B$ 31B;3/" ;-F I / <<" /E$B33B+" #-3" ;E-<$ 31B;3/" %"D(J -/$<

/ 1$B /E$" (C")24 -/$<" -; 31#-B-31-1*" //3I +$$/<" <3'H" /$ B;- E1;33&" $, 03B$ $1B; / 3 .-1*9

$$5 05 B /E$" ;E-<$ 31B;3/? # 5B-F$ 5$$# -0-B$;" $ B$# ;31B ;$$1" $ ; ;.-1* $1<3;<" #-3" >"%)J -/$<

1B$1<$ /E$" D%2>4 -/$<9 //3I +$$/<" B$//-B$ F-* B-31" /E$B33B+" ;31B ;.-1* $1<3;<" $ ; ;.-1* 0$;

< A4>"222 F$ A4"JJJ

< A4=")22 F$ AD"JJJ

< A("222 F$ A4"JJJ

< A4)"222 F$ AD"JJJ

< A2"222 F$ A4"JJJ

4> 4> -<< 1 E.$ 49( $1B - ( 33;

4D >D E#- 4 49D &<- 53;B ( 33; 53;B .

4( >( 3;# 3 E< D9J B,C D(J < ( 33;

4D >D 3/.<G *$1 -*E 1 D9J 53;B 4=J #- ) 3B-31

4> >> - B (JJ 49D 35 B ; C 33;

B3;0 +-B$" /-0 B$ 31B;3/" ;E-<$ 31B;3/" /E$B33B+" 5$1, -; / << 33&" 311$ B-31 2"(2D -/$<

/3;$B -/F$;" /E$B33B+" 53;B< $ B< + <<-<" <3'H" -; 31#-B-31-1*" 3- $ B-F B-31 4="(DJ -/$<

$$5 05 B /E$ " -BI ." #-3" $ ; ;.-1* $1<3;<" 53;B + <<-<" ; B-31 31B;3/" /$ B;31- B -/-BI ;3*; 00$" 4J"(>2 -/$<

$$5 / . " #-3" ;. <<-<B" 53;B E<5$1<-31" 53;B< $ B<" ; B-31 31B;3/" /E$B33B+" CD"2CJ -/$<

3<< 3F +-B$" -; 31#-B-31-1*" //3I +$$/<" -// 3/#" 15EB"

IB-0$ E11-1*

-*+B<" >">4D -/$<9

< A4C"(22 F$ A4"4JJ

< A44"222 F$ A4"JJJ

A4D")22

A4J"222

< AD4")22 F$ A4"(JJ

< A4>")22 F$ A4"(JJ

< A2"222 F$ A4"JJJ

4( 4( .3# 5-# 5 $ . 49> $ $ + #- ;

4) 4) EH+ // <B; 49> ( 33;

4C >D EH+ // 3;< 49D $ ( 33;

$$5 / . " /E$, B33B+" #-3" ; B-31 31B;3/" /$ B;31- B -/-BI ;3*; 00$" ;E-<$ 31B;3/" ("D%> -/$<

$$5 .I /E$" C))DJ -/$<9 //3I +$$/<" -*+B -*+B ." <3'H" -; 319 ;E-<$ 31B;3/

E;1B ; 1*$" -1B$; ." ;3B$ B-31 ." -*+B -*+B ." $ +1- / ." ; B-31 31B;3/" D="=%% -/$<

< A4D"222 F$ A4"(JJ

< A%"222 F$ A4"JJJ

A)"222

3G A4(")22

A4D"222

A42"222

< A=")22 F$ A4"(JJ

A="222

PĹƌĹŰŸ

ǣÙ¸ƥƏĎǜÙÄ dÙųïļųĪ į¸Ù įÍ ļĠĠÙ¸Ə ¬ĠÙ Ơ 'Ďį į¸Ù įÍ 0įŻƥų į¸Ù ƠŇ -ĎüĉĠ įÍ įÍ (ų ĪœĎ į QļƏļųĎįü ƠǮ QļƏļų¸Ǥ¸ĠÙŻ įÍ eƥ ÍŻ Ĵ QļƏļųŻ ƥ¸ƏĎļįŻ Ňñ dÙųŻļį ĠĎŻÙÍ RƥĪ¬Ùų dĠ ƏÙŻ Ňá dĎ¸ĝ Wï qĉÙ ÙÙĝ Ň kÙųǜĎ¸ÙŻ įÍ QļqŻ ŇƔ kœ ųÙŻ įÍ ¸¸ÙŻŻļųĎÙŻ ŇƠ ĠÙƏĎįü ƠƠ ÙĉĎ¸ĠÙŻ 'ļų -ĎųÙ ŇƇ

Ɣ ŇŇ ŇǮ ÷ ñ Ƈ ƃ Ň÷ á Ňƃ ŇĴ

!! " "

$ # ((( " & % " $( ' " %

$ % %%% $ ! "

# $ " $ "

# " # # # # # "

qļ ¬ļļĝ

Vte i Ďį ƏĉÙ

PĹƌĹŰŸiÖµƌċĹĬ ĠĠ

ǫńƝƝôƄıńƝńƝ

%% %

" $ #

$;0< 1# 31#-B-31< 55/I

$/! :)) 6J74)>= >D( (DD ,0 -/! -1&3 - 1#.03B3;<9 39E. GGG9- 1#.03B3;<9 39E.

!& " ! " !& " # % ! $

-*+ /$;$ E<-1$<< ;." 1F$;E;-$" (4 (

A("222

" !

/E< E5 B3 C $ ;< J8 $5;$<$1B B-F$ 31 $F$;I ;

A%"222

A4)"222

A44")22

÷ǣ÷ įÍ dĎ¸ĝčvœŻ ļ ƏŻ įÍ ƏÙųŻœļųƏŻ ų ǜ įŻ įÍ QļƏļųĉļĪÙŻ ųŻ WǜÙų ƍŇǮÄǮǮǮ ųŻ ƍñǮǮǮčƍŇǮÄǮǮǮ ųŻ ƍŇǮǮǮčƍñǮǮǮ ųŻ vįÍÙų ƍŇǮǮǮ ųŻ įƏÙÍ ļĪĪÙų¸Ď Ġ ÙĉĎ¸ĠÙŻ Ī üÙÍ fÙœ Ďų ¬ĠÙ ųĎǜĎįü qƥĎƏĎļį

A%"222

3G A4("222

# % # % & #

$ ! % % % " "

## # " ! " " "

# $ * ( #)

' ( & %* # #

( # ) ( #

( ( ! ' )

& #

qļ ¬ļļĝ Vte iĎį ƏĉÙ PĹƌĹŰŸiÖµƌċĹĬ ĠĠ ǫńƝƝôƄıńƝńƝ

! ! ! ! ! !

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

Xwg l øň

$ "

t ! t ! ! # % t ! $ t ! % " t t !

# $ # $

t ! t ! ! # % t ! $ t ! % " t t !

# $

t ! t ! ! # % t ! $ t ! % " t t !

"""

# $ $

$ $

t ! t ! ! # % t ! $ t ! % " t t !

"""

" $

t ! t ! ! # % t ! $ t ! % " t t !

# $

t ! t ! ! # % t ! $ t ! % " t t !

"""

t ! t ! ! # % t ! $ t ! % " t t !

"""

t ! t ! ! # % t ! $ t ! % " t t !

# $

t ! t ! ! # % t ! $ t ! % " t t !

"""

0 ' ,$0 ",+&# +

# " (, "

(, '

)

...$% /* $ $-

& " & ' + +

))) ! *% (

!+'&+ ,$0 , ", 0#

)!,

...$% /* $ $-

& )

)!!

"$## - ) (

*** ! +& )

! '& !$& ",0 # +

% (

#$# - - (

+++ ! ,' *

"""

+++ ! ,' *

,1" '+ ,#1 "&&

! " """ !

-%* $$ . ! 0 )"' $ $ -% %% $ *!$

1" '& '+ 111 ///# $ . % %# !#-

qļ ¬ļļĝ Vte i Ďį ƏĉÙ

PĹƌĹŰŸiÖµƌċĹĬ ĠĠ ǫńƝƝôƄıńƝńƝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

øơ Xwg l

QĹƌÖc Ê 0ƏÙĪÃ qÙĠÃ 0ƏÙĪÃ qÙĠÃ 0ƏÙĪÃ qÙĠÃ 0ƏÙĪÃ qÙĠÃ 0ƏÙĪÃ qÙĠÃ 0ƏÙĪÃ qÙĠÃ 0ƏÙĪÃ qÙĠÃ 0ƏÙĪÃ qÙĠÃ vŻÙ ƏĉĎŻ ĉ įÍǤ Żœ ¸Ù Əļ ųÙ¸ļųÍ ƏÙĠÙœĉļįÙ įƥĪ¬ÙųŻ įÍ ĎƏÙĪŻ ïļų Ż ĠÙ

+ "

(6)

!'' % % "

! ''' & $ % $ " % %

58 7==/ ( =22-3 87"+==

5- ===/

555*-1 & , 5-%'1',!'% -* '*4# $ 6(22 / .3 .

%" " !' % $ & ''' " #

5-+ !== ,/:/*/,/ ,*6 6 9( ,* =2 !" -8-!32/

t t t =-7! 2--8-7

*< ) ' )&( # ,0 ,* &6&,*/ &* * ( 0 / ) < . <) *6/ ,) 6, <,9/ , $ 11( /

5- 8==/ ( =-7"3 !-7 8!

Ďį ƏĉÙ

:( %8< &$56 ; ¶6 $1' 9$16

Vte i

ǫńƝƝôƄıńƝńƝ

(( =22 ! !" -22

qļ ¬ļļĝ

ĠĠ

-8

( =-7"3 !-7 8!

PĹƌĹŰŸ iÖµƌċĹĬ

8=== % 8=-!

# !

" ! $

,*6 6 &' ,* =2"3+ 272=8 ,0 ) &( 6,;* * ,9*6<(6 ,96(,,'/ ,)

qļ ¬ļļĝ

Vte i Ďį ƏĉÙ

PĹƌĹŰŸiÖµƌċĹĬ ĠĠ

ǫńƝƝôƄıńƝńƝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

Xwg l øƕ

(( 7 !! 1/ ).!2 ((6 ,6< =. . 5 )&*?< .(?6 C,?5 .$,* ,). *C46 66 $ 5# (( 7 !! 1/ ).!2 <, ,(( < C,?5 ) 66 # 6 ,* . 5 A '1 ,5 &<&,* ( ) 66 # ,(% ( <&,* (( 7)7/ ++) 2 ./ ;-1!D . 5 )&*?< .(?6 C,?5 .$,* ,). *C46 66 $ 5# 1

B< ,((,A C 6. <$ * C,?5 6 * <, 7+71 !D. . 5 < B< 5 &@ 1 , * ( <$&6 6 5@& < B< <, 7+7

&6< * 5 .(C <, 6 (( 7)7/ ++) 2 .2 ;-1!D . 5 )&*?< .(?6 C,?5 .$,* ,). *C46 66 $ 5#

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

,5 96#%./ ,:/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ <B-8 8

%* 5%*" 5 %"#: :, 6? . ) , )A :/ =6: # > ",, (,,'6 '%* ,*6% 5 : 5%*" ;!$ ! / ,5 A/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ 8-;8<8 5 *$ A (, 4844 (,* # %5 (,> 6 *%) (6 ) (6 ,=:/ '%*" ?%:#

?#, ? *:6 :# 6 ) / 5 */ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ -++- B ( 5" 5 =%( *&,A6 ),>% 6 )=6% ",, ,, / !B$ ,5 / *> 5* 66/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ <; B<<

(' ," ,?* 5 ),:# 5 "5 * ),:# 5 *&,A6 # 5%:A 6#,.6 5 ,,: 6 ( 6 * :# > 5A A 6%).( :#%*"6 %* (% / 6%)%( 5 :, 6# 5 (% ?%:#/ A6% / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,*$ ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ ;<887

,=*"$(,,'%*" '%* (," 473 *96 (%' 6 5: )=6% " 5 *%*" :5 > ( ,,'%*"/ '6 *96 ,5 596#%./ %> ) (( ,*4: %: =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ !B+-B7 ) 5: " *=%* A,=*"$(,,'%*" ' *&,A6 A6 ,=: 5 ,,: 6 ( 6/ ,5 96#%./ =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ -7 !-B *=%* '* *,*$ 5%*' 5 *96 6 '%*"

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

%=)$ =%(: (! 4<44 *&,A6 )=6% ? ('%*" :# :5 %* ) (( :# " * 5 ( :#%*"6 %* (% / *96 ( : B6 $ 5(A 8B6 ,5 96#%. #,. =((A ( %*" :, 596#%./ *"=6/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ <8B;<!

::5 :%> ! 5' # %5 *% 6)%( (,> 6 #,56 6 ,"6 * %*" ,=:6% /

?#, ? *: :, " : :, '*,?/ % / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ 88 -<<

# % ,? ( 4 44 (%' 6 ," ? ('%*" 5%>%*" :%*" ,=: :# %* ) / *96 6%)%( 5$ " ,5 ,=:%*"6 96#%./ =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ !- +-;

*=%* '," *&,A6 6, % ( 5%*' :# %* ) " *=%* 6%)%( 5 " ,5 96#%. ) A 596#%./ =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ !+-

(= $ A (* *96 ",, ,). *A 6:%(( *&,A6 # 5 &, : (( 6:A(%6# 6A$ ",%*" ?#, *&,A6 ,*> 56 :%,* :, &,%* # 5 ,5 ((5,,) * %*"/ =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ ;7;;;

%* 4!44/ ,,'%*" ,5 '%* 5 6. :$ =( " *=%* ,5 96#%. :, 6. * :%) ?%:# :, ", * %*" ?%:#/ % / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ ! <!7

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

( - %$(" *' (

5(A ,&/ ,,'%*" ,5 ) :=5 ,5 96#%. =* :%) 6/ ,:/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ 7; 7B8

84 (= A 6 #=*'A =%( ,5%"%* ($ (A 5,) :# 6: * , ,* ,*/ ,5 96#%. 596#%./ 5 *6#%5 / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ ! 8+++

, %: *&,A6 ),6: :#%*"6 ,=: ,,56 %* #,) %6 A :# 6#,5 6: , 6: * 5 'A =: * 6,) ,* :, 6# 5 %: ((/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ 7-8+7

(! 4844 : ,?* 5 (%' 6 *%) (6 ) (6 ,=:/ ,5 (,> 96#%./ 5 */ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ !<B- !

5 * : (( ( ( ' # %5 "5 A A 6 ) %=) =%( ",, (,,'%*" =* (,>%*" " *:( *&,A6 *%"#:6 %*9,=:/ ,5 96#%. 596#%./ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ !+< +8 !+< +8 ,=*"$ :$# 5: (' )=6% * :% *&,A6 ",%*" ,=: ) :%*" . ,.( / ",, $ * :=5 *96 / 5 */ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ ;+ <+<

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

( 6:%(( ?,5'%*" (%' 6 *%) (6 ",%*" ,=: 5%>%*" (( :# =6= ( :#%*"6/ 6%)%( 5 / 5 *6#%5 / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6$ : *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ <B88;

84<44 >" =%( 6# > # %* $ . * *: %*: ((%" *:/ ? (( .5 6 *:$ (, ( ,5 A6 ,=: ),5 / 5 */ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,*$ ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ +-+B8

84-44 ) %=) =%( *&,A6 :# ,=:$ ,,56/ 5%*" > 5A =* 56: * %*" ",, $(,,'%*" 6(%) :, ) %=) =%( ; $ ! ,5 96#%. 596#%./ 5 */ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ;7B+BB ,@ ;7B+BB

,*4- $-0 ( 0* 0# & 0 -0 - (( D+D9 --+ > 89 ;-1!D . 5 )&*?< 2 66 $ 5# ,=( :# ( A ?#, 5 .(% :, =( ! =: ",: =: , ,5 6# ( : # 5 : ( .#,* *=) 5 .( 6 (( '/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ -!B8;; #

( -< 6:,* *&,A6 ",( ,=*:5A 5%> 6 :# , 6: #,(% A6 5, / : ?,=( *% :, ) : ,5 96#%. 596#%./ :%5(%*"/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,*$ ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ 8! ! !

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

( : ,& : (( *&,A6 :5 > ( :# ,=*:5A$ 6% =55 *: %56/ * %* . * $ *: :, 6. * :%) ?%:#/ 5 */ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ +; +

' *96 *&,A6 )=6% ,=*:5A ,=:%*"6 ? ('%*"/ =. :, 7 ,5 96#%.0/ *:5 (9 ,5:# 5 *6#%5 / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ ;B +7<

:%> (, *&,A6 )=6 =)6 6:( 6 #%6$ :,5A ? ' * 6 ? A ? ('%*" ) (6 ,=:/ '6 :, *&,A :%) ?%:# ,5 596#%./ ,5 5/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ 7B!;!!

*=%* (+%& A,=*" *96 *&,A6 ? ('$ %*" ?%( (% :# ,=: ,,56 " 5 *%*" ( 66% ( )=6% 5 %*"/ 6%)%$ ( 5 :, )A6 ( ,5 (,>%*" / 5:#/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ 8 8!7 5%*" # ..A () 4!44 *% (,,'%*" : $ :,: ( *96 *&,A6 ? ('%*" ?%( (% %() ' . %: 6: " 5 ) / *% # ..A / =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ ;;- ;

,> (A ' *&,A6 ? ('%*" * %*" 6 %() ",, ,*> 56 :%,*/ ,5 96#%. 96#%. 596#%./ =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ <8B!

$ *=%* (, *&,A6 :# :# :5 , / ) :=5 ,5 =* 96#%. ) (6 ,=: ) A A6 ? A/ =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ !- 8 *=%* ! (%' 6 (,,'%*" ,5 ,( ,%*6 )=6 =)6 %* ) ) (6 ,=:/ '6 ?%:# 6%) %*:6 ,5 / 5:#/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ 7 + <

# :%> ') 6:%(( ?,5'%*" =. , : ('%*" :, :# ? ((/ / #,. :#%6 6#,5: ) 6$ 6 " %* 6 5% * ,=: :# 5 / % / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ B;B

(( *&,A6 )=6% #,(% A6 %* :# 6=* 6, % (%6%*"/ *% 8<$7B ,5 96#%. ) A ),5 / =* / %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ <+7 $ % 5%*" (* ,(' )=6% 6%*" 5 *&,A6 : ('%*" ,::%6# #%6:,5A ? ('%*" )=6 $ =)6/ *96 $8 ,5 96#%. 5,) * / A6% 9 *"=6/ %' ?# : A,= # > 5 6, 52 # * ?#A *,: %* ,=: ),5 A (%6: *%*" :, )A . 56,* ( >,% "5 :%*" ,* B+B8 --+ < 7< * ' A %* ,@ ;788;

<&*# 6 @& &* 7)7/ 277 +71/ ,).( &*<6 5@& 5,@& 5 7117 111 /)!/ ((6 <, D+D9> ,6< ;-1-D . 5 )&*?< .(?6 C,?5 .$,* ,) .*C46 66 $ 5#

E 55 *# ) <&*#6 &* .? (& .( 6 # 5 6< ?5 *<6 .? 6 < *,< &* C,?5 $,) E ,*4< #&@ C,?5 5 66 ?*<&( C,? 5 6?5 <$ < C,? A *< <, ,*<&*? <$ 5 ( <&,*6$&. E 5?6< C,?5 &*6<&* <6 * ,*4< ) < # &* & C,? $ @ *C ,? <61 E #* C,?5 &56< ) <&*# &< &6 6< <, ) ' C,?5 ,A* A C <, * 5,) <$ @ *? 1 < &6 6< *,< <, .< * , 5 , <5 *6.,5<1 E @ < &(6 , C,?5 ) <&*# A&<$ )&(C ,5 5& * 6 A$ * 6 &*# 5 6.,* *< ,5 <$ &56< <&) 1 $ 6 .,&*<6 ) C 6 ) ,@ 5% ?<&,?6 ?< & <$ . 56,* C,? ) < &6 # *?&* <$ C A&(( ?* 56< * 1 ,? )?6< $ @ <,? $%<,* .$,* 1 $&6 &6 ,*(C 6 5@& 1 . . 5)&<<&*# C,?5 @ 5< 6$,?( 5?* ,5 ?. <, ,?5 A '6 &* $ 5 * ,?5* (61 5 6 5@ <$ 5&#$< <, .? (&6$ 5 ?6 ,5 &< *C @ 5< < ,?5 &6 5 <&,*1 5<& &. *<6 )?6< ,@ 5 <$ # , - * 6&*#( 1 &6 ( &) 5 $ 5 * ,?5* (6 66?) 6 *, (& &(&<C ,5 <$ ,*< *< , ,5 *C 5 .(C <, *C . 56,* ( @ 5<&6 ) *<1 $ @ 5<&6 5 66?) 6 ,)% .( < (& &(&<C ,5 <$ ,*< *< , (( 5 .(& 6 <, *C @ 5<&6 ) *< ,5 5 ,5 ) 66 # * ,5 *C ( &)6 ) # &*6< $ 5 * ,?5* (6 6 5 6?(< <$ 5 , 1 $ @ 5<&6 5 #5 6 <, &* )*& C * $,( $ 5 * ,?5* (6 $ 5)( 66 5,) (( ,6<6 B. *6% 6 /&* (? &*# 5 6,* ( 6,(& &<,56 60 (& &(&<& 6 * ) # 6 5 6?(<&*# 5,) ,5 ?6 C <$ .? (& <&,* ,5 5 ,5 &*# .( C <$ @ 5<&6 5 ,5 *C 5 .(C <, *C 6? $ @ 5<&6 ) *<1 C ?6&*# < C C <$ @ 5<&6 5 #5 6 *,< <, ( @ $&6:$ 5 < ( .$,* *?) 5 6?5* ) ,5 5 66 &* $&6:$ 5 @,& #5 <&*#1 ,?5 ) C .. 5 &* 66, & < ) & 1 5@& .5,@& C @ * ( ,) 5@& 6 ! < ,$*46 * ,* ,* - "

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

øø leXgr e 0Q(e oteQi - kq f ƠŝŇñ è Ň kœƥÍ 'ŝ RļųƏļį ƔǮčŇǮǮ ï ǜƂ Ơ Q įļų d ųĝ ŇƇčŇƂ Ɣ fÙüƥĠ ų 0į¸ļĪÙ ƔƔčŇŝ Ƈ ų įŝ ĎŻƏÃ Ňñ ŇŇƋ÷ŝ qų ĎįÙÍ qļĪ Ż¸ļĪ¬Ùŝ qļƏÙÃ ǝĎį ƍŇŝŇǮƂ œĠ ¸ÙŻ ƍŇŝǮƠÄ ƍƔŝĴǮŝ ƠŝñǮ è Ň ĉ Ď ĉ Ď ǜĎÍ dųļ¬ÙųƏ ÷čŇƂ Ơ Q üįƥŻ ŕ0f Ř ƃčƠ ï ǜƂ Ɣ HįļǝĎįü (Ġ į¸Ù ŕ0f Ř ƇčŇŝ á ų įŝ ĎŻƏÃ ŇƔƋ÷ ÷ŇƋƠŝ qų ĎįÙÍ ŝ Qŝ ĠÍĎįüŝ qļƏÙÃ ǝĎį ƍ÷ŝŇǮƂ œĠ ¸ÙŻ ƍŇŝƔǮÄ ƍŇŝñǮÄ ƍƠŝŇǮŝ ƔŝƠñ è Ň ĠÙǣ įÍÙų Q 'ŝ RļųƏļį ÷čŇƂ Ơ R ƏĎǜÙ dųļŻœÙ¸Ə ƔčŇƂ Ɣ R Əĉ į ÷čñ ï ǜŝ ÷ ų įŝ ĎŻƏÃ ĉÍ ŇƋƠŝ qų ĎįÙÍ Qŝ FļĉįŻƏļįŝ qļƏÙÃ ǝĎį ƍ÷ŝ Ɣŝññ è Ň ǣœĠ Ďį Fŝ dŝ kƥĠĠĎǜ į ÷čŇƂ Ơ JƥĎŻ Ǫ Ù qļųųÙŻ ŇƇčŇƂ Ɣ dÙįǝļųƏĉ Ī ƔčŇ ï ǜŝ Ĵ ų įŝ ĎŻƏÃ ŇŇƋƠ ŇƋƠŝ qų ĎįÙÍ QųŻ fŝ ųųŝ qļƏÙÃ ǝĎį ƍ÷ŝŇǮƂ œĠ ¸ÙŻ ƍŇŝƇǮÄ ƍ÷ŝƃǮÄ ƍŇŝƠǮŝ

÷ŝƔǮ è Ň kļįü Q ĝÙų dŝ Q ĝĎį ŇñčáƂ Ơ ( ĝĝƥ ñč÷ ï ǜƂ Ɣ fĎǜÙų 0¸ļį ÷čŇŝ á ų įŝ ĎŻƏÃ įĝ ƠŇƋƠŝ qų ĎįÙÍ ŝ œœĠÙ¬Ǥŝ qļƏÙÃ ǝĎį ƍƠŝƃǮƂ œĠ ¸ÙŻ ƍŇŝŇǮÄ ƍŇŝŇǮÄ ƍŇŝƠǮŝ ñŝǮñ è Ň ųƏǤ Īœ¬ÙĠĠ ĎĠĠĎ Ī ļǣ ŇƔčƠƂ Ơ dÙųïÙ¸Ə kƥĪĪÙų ŕ0f Ř ŇŇčŇƂ Ɣ HÙǤ ĎÍ áčŇƔ ï ǜŝ ñ ų įŝ ĎŻƏÃ įĝ ŇŇƋ÷ŝ qų ĎįÙÍ ŝ Fŝ JĠÙǝÙĠĠǤįŝ qļƏÙÃ ǝĎį ƍƇŝƔǮƂ œĠ ¸ÙŻ ƍƠŝƔǮÄ ƍƔŝ÷Ǯŝ dĠ ¸ÙœļƏÃ ƍŇñĴŝƠǮŝ ñŝ÷Ǯ è Ň ųĝ ÙǜĎĠ ĎĠĠǤ ( ųųĎƏƏǤ ĴčƠƂ Ơ QĎ ų ŇŇčŇƂ Ɣ Qų fÙÍ Ġƥ¬Ż ŇƠčŇŝ ŇŇ ų įŝ ĎŻƏÃ ŇƋƠ ñŝ qų ĎįÙÍ fŝ ŝ ' ĉÙǤŝ qļƏÙÃ ǝĎį ƍ÷ŝƇǮƂ œĠ ¸ÙŻ ƍŇŝáǮÄ ƍƔŝñǮÄ ƍƔŝ÷Ǯŝ WR kq f ŇŝƠǮ è Ň qĎœ qǝļ Ďį ŝ HĎų¬Ǥ ŇŇčƠƂ Ơ qĎüųÙ Íƥ qÙųųÙ Ňñčá ï ǜƂ Ɣ Ũ ¬ ĉ ƃčƠŝ á ų įŝ ĎŻƏÃ Ơ įĝŝ qų ĎįÙÍ fŝ ŝ qÙ Ġŝ qļƏÙÃ ǝĎį ƍñŝƃǮƂ œĠ ¸ÙŻ ƍŇŝƃǮÄ ƍŇŝŇǮÄ ƍŇŝƇǮŝ ŇŝñǮ è Ň QƥŻĎ¸ ļǣ ŕ0f Ř fŝ Jŝ QļļųÙ áčŇƂ Ơ ƏÙųį ĠĠǤ ƇčŇƂ Ɣ qļĪǤųĎŻ ŇŇčƠŝ ŇƔ ų įŝ

ĎŻƏÃ Ň ŇƋƠŝ qų ĎįÙÍ ŝ dŝ WŰ ųĎÙįŝ qļƏÙÃ ǝĎį ƍƃŝƇǮƂ œĠ ¸ÙŻ ƍƠŝ÷ǮÄ ƍƠŝƠǮÄ ƍƠŝƔǮŝ ƠŝƠñ è Ň -Ù ųƏ ¸ĉÙ fŝ Jŝ QļļųÙ Ƈč÷Ƃ Ơ - ǜ į (ųÙǤ ÙǜÙįŻ ï ǜƂ Ɣ Q Ǥ (ĎųĠ ŇǮčŇŝ Ĵ ų įŝ ĎŻƏÃ ŇƋƠ ÷ŇƋƠŝ qų ĎįÙÍ ŝ (ŝ ļǣŝ qļƏÙÃ ǝĎį ƍƠŝñǮƂ œĠ ¸ÙŻ ƍŇŝŇǮÄ ƍŇŝǮƠÄ ƍƠŝĴǮŝ ƔŝǮ è Ň qĎĪÙ qļ kƏƥÍǤ dŝ Q¸ ļį ĠÍ ŇŇčá ï ǜƂ Ơ Ǥųļį 'ĠǤÙų ƇčŇƂ Ɣ kĉųÙǝÍ ĴčŇŝ ƃ ų įŝ ĎŻƏÃ ĉÍ ñŝ qų ĎįÙÍ Qŝ FļĉįŻƏļįŝ qļƏÙÃ ǝĎį ƍƠŝŇǮƂ œĠ ¸ÙŻ ƍŇŝ÷ǮÄ ƍƠŝ÷Ǯŝ ƔŝƔñ è Ň ÙŻÙųƏ kĝǤĠĎįÙ kŝ Ù kļƥŻ ƠčŇ ï ǜƂ Ơ qĉļĪ Ż -ļ¬Żļį ÷čŇƂ Ɣ kĉÙĎĝĉǪ ǤÙÍųļ Í ñčŇŝ Ĵ ų įŝ ĎŻƏÃ ŇŇƋƠ ĉÍŝ qų ĎįÙÍ ŝ fŝ ŝ ĠŻǝļųƏĉŝ qļƏÙÃ ǝĎį ƍƠŝƇǮŝ ÷ŝǮñ è Ň ĠƥÙ J ƥųÙ ƏÙ ŝ HĎų¬Ǥ ŇƇčŇƂ Ơ kĉ J J J JÙÙ ŇǮčŇƂ Ɣ (ĉ ĎǤǤ Əĉ Ƈčñ ï ǜŝ ŇǮ ų įŝ ĎŻƏÃ ÷ŇƋƠ ƔƋ÷ŝ qų ĎįÙÍ ŝ (ŝ ļǣŝ qļƏÙÃ ǝĎį ƍŇƔŝáǮƂ œĠ ¸ÙŻ ƍƔŝƔǮÄ ƍƠŝ÷ǮÄ ƍŇŝŇǮŝ ÷ŝƔñ è Ň Ī Ǫļƥų F ĪÙŻ ļǤĠÙ ĴčƠƂ Ơ QƥįƏ Í ¬ ƔčŇ ï ǜƂ Ɣ ļƥü į ĴčƠŝ ƃ ų įŝ ĎŻƏÃ Żĉ ĉÍ ŇƋƠŝ qų ĎįÙÍ 0ŝ Qļĉ ĪĪÙÍŝ qļƏÙÃ ǝĎį ƍ÷ŝáǮƂ œĠ ¸ÙŻ ƍƠŝƇǮÄ ƍƠŝŇǮŝ

oV ŭii J o0VQi

EG+ CRTZ_X F< +3-2+ +SSH KSSH XS WSJX MR TPEGIW

- kq fÃ ŇŝƔǮ ÙŻÙųƏ ¸ÙÄ ƠŝǮñ ĎŻ¸ļƥįƏ JļïƏƥŻÄ Ơŝ÷Ǯ QǤ fÙǝ ųÍÄ ƔŝŇñ į qųļļœÄ ƔŝñǮ dĎ¸ƏƥųÙ Rļ kļƥįÍÄ ÷ŝƠñ qĉĎŻƏĎĪÙįÙǣƏǤÙ ųÄ ñŝǮ ÙŻƏ ųĎǜÙŝ WR kq fÃ ŇŝñǮ kƏ ĝÙ ¸¸Ġ ĎĪÄ ƠŝƠñ ¸Ġ ĎĪÄ ƔŝǮ ųÙ Ī qļÍ ǤÄ ƔŝƔñ kqf 0 f0vk ŕį œŘÄ ÷ŝŇǮ ÙŻƏÙųĠ įÍÄ ÷ŝ÷ñ ƏƏÙųÙÍÄ ñŝññ ( ĪÙ kƏ ųƏÙųŝ Qvkk J vf(-Ã Ơŝññ -ǤœįļƏĎ¸ į¸ÙųÄ ƔŝƔǮ ( ĪÙŻƏÙųŻ 0¸ļįÄ ÷ŝǮñ kÙƏ 0į kƏļįÙÄ ÷ŝ÷Ǯ d įƏÙų RÙüų Ä ñŝŇñ ĪÙĠĎ ųÙ ĪÄ ñŝ÷ñ fÙÍ 'ļųÙǜÙųÄ ƇŝŇñ ļŻĪĎ¸ kĝǤÄ Ƈŝ÷ñ kƏ ƏÙ fÙŻĎÍÙį¸Ùŝ Wv J Ã kƏų ÍĎǜ ųĎƥŻ įÍ ųÙ Ī qļÍ Ǥŝ kqJ ( q Űk k J q0WR Q J0 f Q ŕQƥŻŻÙĠ¬ƥųüĉ ñŝŇñŘ

&2$67 72 &2$67 1856(5< &/$66 DGGHG <2 RQO\ I 3HQDOW\ 9DOXH

, !:,!5 ! ! ! # ))+) * 4 0000000000000000000000 +2(' ? .4/ : 99A ! & ! 1 2 * 9 000000000000000 ;"# ) .4/ ,A 9 955 ! ( ! 1 2 * 900000000000000000000000000000000 +' ) 9 ! A: 9 A &! 22+'' * :000000000000000000000000000000000000000000000000000 (%'8+) ,, A:59AA ! ! '"' %3# * :00000000000000000000000 ))%)" ,! 5 A9A ! (! 38 2 ? * , 000000 # ' % # 2 3+) .9/ ,9 4 A!!:!! " &! ( 28 * A 000000000000000000000000000000000000000000000000 8+88 AA!59 '! %)&' 2 ,9 00000000000000000000000000000000000000000 +;3 5 * 5A

&(! + 3 ,: 000000000000000000000000000000000000000 ;'2 )) ) 4 ,A A A " ' ! ; 38 000000000000000000000000000000000 3' ? : ,, A !: ! ' ! '"' %3# 400000000000000000000000 ;'' ) ,: ,: A5 A A ''! +' % !000000000000000000000000000000 #%' ))%3 .9/ * ,9 A55 ! % "' ? : 00000000000000000000000000000000000000 2 % , ,! AA A $! +' % A 000000000000000000000000000000000000000 + +?' !

,%= B + 8%. -5 -> B/+-;& + 5 .<%= B6-+46 &5) 7%. 3> 5 .D%. -;$ 562

, : 9 !

8%" ; + ;-+ "%. -+; +;* +; 8%. & +&; *> 5 6 .<%= +? 5* 5 .D%. & + ) -5 ? 5 B ) A + 5 (-))-+; &2

/* 3+$50$&< /7' /8&.< *$//23 (%) 0$,'(1 67$.(6 3/86 &/$66 DGGHG <2 RQO\ P 3HQDOW\ 9DOXH

! +#)38+) * 00000000000000000000000000000000000000000000 +;3 ! ! ''! ;%)) * 00000000000000000000000000000000000 ; ''? A: ! ( 28 * A 0000000000000000000000000000000000 ;'2 )) ) !9 ! +#)38+) * A0000000000000000000000000000000000000000000 ))%)"

, : 9 !

7%" * 6; 56 -+ !%= > & */&5 <%. )&) - ,%= &) 5 52

67$//,216 %5((',1* :,11(56 6&277,6+ 35(0,(5 6(5,(6 ),//,(6· +$1',&$3 &/$66

(%) DGGHG <2 3/86 P 3HQDOW\ 9DOXH , 9A!9!5 ! ! #%'' )3

* ,:00000000000000000000 ;'2 )) )

EG+ CRTZ_X F< +3-2+ 7SJX LIEZ] MR TPEGIW

7+(0%1$7($0 +$1',&$3 &/$66 DGGHG <2 3/86 I 3HQDOW\ 9DOXH

, AAAA:A ! ! '38+) 5 * 400000000000000000000000 + 2%"; @ . / ,, : A9 9A$ & (! ! 2%88 %) * 00000000000000000 %)"3 +8 ,: 9 !,9,,A ' ! ! ! ))% ) '%3# ! * 00000000000000000 +28+) : ! ,A5::: ! ' ! ! 2 %) 5 * 0000000000000000000000000000000 < 3 9 A!: 5 ! ! ! # = * 000000000000000000000 8# 23 ! 5 5A55A ! ! ! 1 2 9 * 0000000000000000000000000000 +3# +?' .9/ 4 4 !9:A:, ! ! ! )@% 3 * ! 000000 +) ' 95,,:A ! ' ! ! ;8' 2 * !00000000 +3 -#%) +2 +) 5 * AA,9 ! '! ! % "' ? ,: * ! 0000000000000000000000000000000 ,A ,A ! 9,:: ! ! ! ! 1 2 ! * , 00000000000000000000000 &%) , ,, 5AA9:

' ! ! ! # ? * ,00000000000000000000000000 ) " ) ,: , !A &#! ! '38+) ,,0000000000000000000000000000000000 2' ? *

,%= 6 5; !%. )) 6; 5-6 8%. + &+# &#$; 7%. - $ *-5 */ 5; .D%. -* + ? $-@ ) ."%. &)? +>6 )&;$ /&5&; /; &+ 56 .8%. -;$ 562

: !A,5,, ! ' ! ! # ) # ) . / 9 * ,:00000 +88 . / : 9 !AA,A5

! ' ! ! #%'' )3 4 * * +2(' ? .4/ 4 ! A5 A ! (! +#) ) . / ! * 000000000000 +' ) , : $,:5 # ! "" 3 9 * ! 00000000000000000000000000000000000000 ))%)" 5 5 A9 ! ! ! # ? ! * : 00000000000000000000000000000000000000 (%'8+) 9 4 !A !! ! $! '"' %3# ! ,9 0000000000000000000000 ;'' ) !

5(' &$6,12 1856(5< &/$66 DGGHG <2 RQO\ I 3HQDOW\ 9DOXH

, ,9A:!: " ' ! ! # ? * 4000000000000000000000000000000 ) " ) : ,A, ! '#! ! +#)38+) * 00000000000000000000 +28+) : 9 5!,: ! ' ! ! 2% %8#3 * 9 000000000000000000000000 '' ) 5 ! :,!,9A ! '&! ! 1 2 * ,0000000000000000000000000000000000 &%) 4 A,A

! ' ! ! ? ) ,90000000000000000000000000000000000000 < 3 ! 5 A:: ! '! 8# '' ,A000000000000000000000000000000 +) ' * 4 A,!A: $! ! 23 %''% (3+) 000 +))+2 ;28 "# .4/ ,A :9A:, ! '! ! ! 3 +( 00000000000 %)"3 +8 , * 9!A '&! 38 2 ? 5 000000000000000000000000000000000000 8# 23 9 ,A :5, ! &! ! 2 %) 9 000000000000000000000 +3 -#%) +2 +) ,, :9!59 ! (! < )3 : 0000000000000000000000000000000000 <% " ) .9/ ,,

<%. &6 ->+; - ;>6 ..%= 55-# ; 8%. ) )) %. +# ) -5 -5 $B 5;B &**B46 -/6$-/ .D%. ) .=%. - #-#- $ ; >5+ =D%. -;$ 562

67$1' &83 67$.(6 /,67(' &/$66

DGGHG <2 3/86 P I 3HQDOW\ 9DOXH 5(' &20 , A, !:, ! ! 38 2 ? * 500000000000000000000000000000000000000 '' ) ! : ,9$ AA ! ' ! ! %2 8+;8 ! * 9 00000000 ;2 ) 9 9 :: ,$9 '#! ! ' %)" * 9000000000000000000000000000000000000000000000 : ! ,A:9,A ! ' ! ! +#)38+) ! * 90000000000000000 +28+) , A$!! A ! ! & 88 9 0000000000000000000 +3 -#%) +2 +)

.<% >5 ;;- ..%" 5-66 $ ; 56 7%= -) & 5 + ;&-+ 8%. & $ # B .D%. B @ 5 2

5(' &20 +$1',&$3 &/$66 DGGHG <2 3/86 P 3HQDOW\ 9DOXH

, :!A, : ,9 :!9 9 ,AA:AA ! $A9A 5 AA,5A5 5 99,9:,

" ! &! ! 22+) ! * ,,.5 >/ 0000000000 ;28%3 ! ! ! ! 3 +( ! * ,A00000 %)"3 +8 ,: " ! ! %2 ? * ,A000000000000000000000 + 2%"; @ . / ,, ! '! ! ;38 5 * * 000000000000000000000000000000000 8 5 ! $! ! ! <% +;"#) ) * * +3 -#%) +2 +) * ! ' ! ! %)8' ! * 400000000000000000000000 %''% ( +> .4/ !

'(8&+(56 ,3$ +$1',&$3 &/$66 DGGHG <2 RQO\ P I 3HQDOW\ 9DOXH

, : 9 ! 5 4 * ,A ,, ,: ,9

:5,! !!$:,! !$:,A9 A,,$9 $AA!55 ,9, 9 99 A, $:A,,9 , 9A , A5!:A $A , A A A ,! $:A95!

! $! ! 1 2 * * 00000000000000000000000000000000000000000 +' ) , ! '(! 2% ) * 400000000000000000000000000000000000000000 +;3 ,9 ! '(! ? ) * 4 0000000000000000000000000000 8+88 * ! #! ! "" 3 * ! 00000000000000000000000 ))%)" 4

! &! ! '"' %3# * , 000000000000000000000 3' ? !

' ! ! 38 2 ? * , 0 # ' % # 2 3+) .9/ ! ' ! ;2& * A0000000000000000000000000000000000 .9/ : ! ! ! 22+) * A0000000000000000 ,: ! ! # ) # ) . / ,:0 +88 . / & ! ! 2 %) ,:00000000000000000000 ;'2 )) ) 5 ! '! # ? ,:00000000000000000000000000000000 (%'8+) ,, ! & ! (%8# *00000000000000000000000000000 +2(' ? .4/ ,A ! ! %33 ""+88 :00000000000000000000 2 ) # 9

4 * ,A ,, ,:

$,,:, AAAAA: 5A,9AA AA:!AA !!,!A AA9:AA

! ! # ? 9 * 50000000000000000000000 +))+2 ;28 "# .4/ , ! &! ! ! 1 5 * 50000000000 22%88? ! #! ! 2+=) 4 * ! 0000000000000000 +3# +?' .9/ : ! ' ! ! ? ) ! ,90000000000000000000000 2 ? 9 $! +" 2 '' ! ,:0000000000000000000000000000000000000000000000 +28+) 4 ! ! ! # ? ,A 00000000 ) " ) ,A

"%. +6;-+ ,%= + 5--/ 8%. &+#46 ?&)&-+ 7%. )& %. +6; +; ;;5 ;&-+ .D%. ) ' + 5- .=%. ) 5 5&+ @-) 5& ) $ &# 5 .8%. -;$ 562

, : 9 ! 5 4 * ,A ,, ,:

,11263(& (%) 67$//,216 129,&( 67$.(6 3/86 &/$66 DGGHG <2 RQO\ I 3HQDOW\ 9DOXH

! ! 3 +( * : 0000000000000000000000000000000000000000000 %)"3 +8 ! ! ' ! 38 2 ? * :000000000000000000000000000000000000000000000 '' ) ,: A ! '! 3 +( * :000000000000000000000000000 %'' ? . / 9 ! ! 1 2 * :0000000000000000000000 &%) ! # ? * : 00000000000000000000000000000000000 22%88? * A ! ' ! % # 2 - ) 2 * : 0000000000000000000000000 ;2 ) !!! ! ' ! ! # ? * :0000000000000000 ,, A ! ! %' ? ,, 00000000000000000000000000 +3 -#%) +2 +) 4 AA '! -%'' 2 ,, 00000000000000000000000000000000000 ;28%3 : A

&! 23 %''% (3+) ,, 00000000 +))+2 ;28 "# .4/ ,A 9:9 9 '(! ;'' ) ? ,, 000000000000000000000000000 +) ' , !: ! (! +" 2 '' ,, 000000000000000000000000000000000000000000000 +28+) 5

,%" $ B !%. 5& ) $ &+; 8%. >5 &;;) -+B 7%. &++&-+ -A & 5 .D%. 5 ->5 ) 5& )6 +;>5&-+ .8%. ) 5 *6 $- =D%. -;$ 562

,'($/ 5(&58,7 +$1',&$3 &/$66 DGGHG <2 3/86 P I 3HQDOW\ 9DOXH

, $::AAA ' ! <% 3 5 * *00000000000000000000000000000000000000000000 ( 3 9 : A!!955 ! ;2& * * 000000000000000000000000000000000 +) ' ,A 9 A!AAAA '(! ! %33 '' = ? ! * 00000000 +3 -#%) +2 +) : ! ,!!5!A ! ! ! # ? 4 * 0000000000000000000000000 8# 23 AA!9A5 ! ' ! ! 22+) * 4 000000000000000000 ;28%3 4 5 A A9 A " ! ' ! ! # ? 4 * 5 0000000000000000000 ) " ) ,, 4 !A,! &'! % # 2 - ) 2 9 * 000000000 ))? += '' . / ,: A :95A ! 2 %) ! * 9 00000000000000000000000000000000000000000000000000000 &%) * * 99$A!

! & ! -%'' 2 9 * : 0000000000000000000000000000000 ;2 ) 5 ,A !:99!A ' ! < )3 ! * , 00000000000000000000000000000 <% " ) .9/ ,, ::99AA '! ! +#)38+) 9 * A0000000000000000000000000000000000 +28+) , ,: :AA9 A ! '! 2+=) ,9 0000000000000000000 +3# +?' .9/ !

,%= ) 6; ;&-+ !%. $5- () B 7%. $&6;&* + A;B 5 %. $ * --+ .D%. ; -)) # 5& )46 ( >; ( )> + 5#& -A ;;-5& >) 6 .=%. -;$ 562

3$57,(6 :,7+ +256(5$',6+ &$7(5,1* +$1',&$3 &/$66 DGGHG <2 3/86 P I &+5,670$6 3HQDOW\ 9DOXH , $!, , ! &&! ! ! 2% ) ! * 4 0000000000000000000 %8 # '' 9 : 9::,,A ! & ! ! 38 5 * 00000000000000000000000 +3 -#%) +2 +) 4 9 9A:5A5 ! ! +#)38+) 4 * 000000000000000000000000000 +28+) : ! 9A !AA " ! ! ! ! # ? * 9 00000000000000000 ) " ) 5 $,A5:, " ! ! ' %)" ! * 9000000000000000000000000000000 %''% ( +> .4/ ! 5 !:!5,A ' ! ' = ''?) ,9 000000000000000 <% " ) .9/ , 4 ,A:::: ! ' ! ! ? ) ! ,90000000000000000000000000000000000000000 < 3 * A5!,:A ! ! ' = ''?) ,:00000000000000000000000000000 +) ' * !!A!A5 " ! ! ! # ? *00000000000000000000000 8# 23

..%" 6; 5&? ,%= 55 $5& !%. ; 5B46 8%. ' (& %. )B*->;$ ->+ .D%. 5& )46 &+# .=%. -;$ 562

ñŝŇǮ è Ň dĎǜļĎįÙ fŝ Jŝ QļļųÙ Ĵč÷ ï ǜƂ Ơ J ǝĠÙŻŻ kÙ¸ųÙƏ ŇŇč÷Ƃ Ɣ qĉųÙÙ ƥ¸ĉÙŻŻÙŻ ĴčŇŝ á ų įŝ ĎŻƏÃ ŇƋƠ ƔŇƋ÷ŝ qų ĎįÙÍ kĎų QĎ¸ĉ ÙĠ kƏļƥƏÙŝ qļƏÙÃ ǝĎį ƍƔƂ œĠ ¸ÙŻ ƍŇŝ÷ǮÄ ƍŇŝ÷ǮÄ ƍƠŝñǮŝ k J0k vf ÷ŝƠñ è Ň ĠƏÙųį ƏĎǜÙ ' ¸Ə HĎÙų į kĉļÙĪ ųĝ ÷čŇƂ Ơ ÙǤ ųį ƃč÷ ï ǜƂ Ɣ ÙŻƏ¬ųļļĝ ÙųƏĎÙ ƔƔčŇŝ Ň÷ ų įŝ ĎŻƏÃ Ƈ Ɣŝ qų ĎįÙÍ ŝ ŝ Jŝ ƥįĠļœŝ qļƏÙÃ ǝĎį ƍƔŝĴǮƂ œĠ ¸ÙŻ ƍŇŝƃǮÄ ƍŇŝŇǮÄ ƍŇǮŝ ñŝǮ è Ň Wě Ġ d ÍÍǤ ų ÍĠÙǤ áčŇƂ Ơ ĠŻĉ ĉ ŇǮčŇƂ Ɣ ĠĎï ǣ ÷čŇŝ Ƈ ų įŝ ĎŻƏÃ ŇŇƋ÷ ƠŇƋƠŝ qų ĎįÙÍ kŝ ļǝŝ qļƏÙÃ ǝĎį ƍĴŝĴǮƂ œĠ ¸ÙŻ ƍ÷ŝĴǮÄ ƍ÷ŝáǮŝ ñŝƔǮ è Ň qǝĎĠĎüĉƏ kœĎųĎƏ qļĪ Q ųŨƥ įÍ ƇčŇƂ Ơ ĎǣÙį ĴčƠƂ Ɣ ĎļĠÙƏŰŻ J ÍŻ ƠñčŇŝ Ňñ ų įŝ ĎŻƏÃ įŻ Ɣŝ qų ĎįÙÍ ŝ ŝ ųųļĠĠŝ qļƏÙÃ ǝĎį ƍƃŝñǮƂ œĠ ¸ÙŻ ƍ÷ŝŇǮÄ ƍƠŝ÷ǮÄ ƍƃŝƃǮŝ ƇŝǮñ è Ň ÍÍĎÙŻ (ĎųĠ kŝ Fŝ ųļǝįÙ ñčŇƂ Ơ ĠĎÍ Əļų ŇŇč÷ ï ǜƂ Ɣ qų ǜÙĠ¸ ųÍ ƃčƠŝ ƃ ų įŝ

ĎŻƏÃ ƠŇƋƠ ƔƋ÷ŝ qų ĎįÙÍ ŝ fŝ QĎĠĠĪ įŝ qļƏÙÃ ǝĎį ƍƃƂ œĠ ¸ÙŻ ƍƔŝƠǮÄ ƍŇŝƃǮŝ ƇŝƔñ è Ň Wį qļ Ď¸ƏļųǤ qļĪ Q ųŨƥ įÍ áčŇŇ ï ǜƂ Ơ ƏƏÙųŻÙ ƔčŇƂ Ɣ JƥŻƏųļƥŻ JĎüĉƏ ŇƠčŇŝ Ƈ ų įŝ ĎŻƏÃ ƠŇƋƠ ƔŇƋ÷ŝ qų ĎįÙÍ ǜÙ FļĉįŻļį -ļƥüĉƏļįŝ qļƏÙÃ ǝĎį ƍŇŝƇǮƂ œĠ ¸ÙŻ ƍŇŝñǮÄ ƍŇŝ÷Ǯŝ ƃŝǮñ è Ň 0Ə ĠĎ į -ÙĎųÙŻŻ -Ù¸Əļų ųļƥ¸ĉ ƔčŇƂ Ơ ěĪ į HĎįü áčŇŇ ï ǜƂ Ɣ qų įŨƥĎĠ kƏ ų ŇŇčƠŝ Ƈ ų įŝ ĎŻƏÃ ƔƋ÷ ŇŇƋƠŝ qų ĎįÙÍ ŝ (ŝ ļǣŝ qļƏÙÃ ǝĎį ƍƔŝƇǮƂ œĠ ¸ÙŻ ƍƠŝŇǮŝ ƍŇŝŇǮŝ dĠ ¸ÙœļƏÃ ƍŇǮáŝĴǮŝ k R W R ŇŝƔǮ è Ň kǝĎįü WƥƏ kĎŻƏÙų kŝ -ĎƏ¸ĉ¸ļƏƏ ÷čŇƂ Ơ ïÙÙų ñčƠ ï ǜƂ Ɣ qĎĪÙ 'ļų ĎįÙ ƔčŇŝ ŇƠ ų įŝ ĎŻƏÃ Ň įŻŝ qų ĎįÙÍ ŝ (ŝ ļǣŝ qļƏÙÃ ǝĎį ƍ÷ŝƇǮƂ œĠ ¸ÙŻ ƍŇŝƇǮÄ ƍŇŝ÷ǮÄ ƍŇŝƇǮŝ ƠŝǮ è Ň F ŻĉĪ kŝ ŝ HÙĠĠǤ ĴčƠƂ Ơ q ěƥ¬ ƠǮčŇƂ Ɣ QÙųÍļį ŻƏĠÙ ŇƇčŇŝ ŇǮ ų įŝ ĎŻƏÃ Ň Żĉ ĉÍŝ qų ĎįÙÍ fŝ -ƥüĉÙŻŝ qļƏÙÃ ǝĎį ƍ÷ŝĴǮƂ œĠ ¸ÙŻ ƍŇŝƃǮÄ ƍñŝ÷ǮÄ ƍ÷ŝƠǮŝ ƠŝƔñ è Ň ųļŻŻÙÍ Əļį - ųųǤ ÙįƏĠÙǤ ƠčŇ

,%= + 5 -+;5-) 8%. 6 6 7%. B C .!%= $ ; -+ 56 ? .D%. -;$ 562

,, AAAA #! +' % 9 5000000000000000000000000000000000000000000 + +?' ,: 5A5A5A

! #! '"' %3# 9 500000000000000000000000000 ;'' ) ,A

7%= -5 ? 5 "%. +- ( * +B + 6 !%. 5*-+; 8%. @ +;B6?+;$) + 56 %. $-5+ B 5&+ 66 .D%. -;$ 562

&$/('21,$1 &83 +$1',&$3 &/$66 DGGHG <2 RQO\ P I 3HQDOW\ 9DOXH

, 99,:,A ' ! ! ! 2 %) * 400000000000000000000000000000000000000000000 +2(' ? .4/ 5 : ,$A : ! ! +#)38+) * 500000000000000000000000000 2 ) # 9 9 $:,!,: (! ! "" 3 * 0000000000000000000000000000000000 ; ''? 4 ! ,,:,:A ! ' ! ! ! +#)38+) * 0000000000000000000000 ))%)" , 5A9!!: ! #! %2 2 3 +88 * 00000000000000000000000000000 +22%3 5 ,:!99 ' ! # ))+) 0000000000000000000000000000000000 +;3 ! 4 9: 99 ' ! '"' %3# ! 0000000000000000000000000000000000 ;'' ) :

.!% -)- &66&-+ !%= &-+ 5;-@+ 8%. -*&+ ;&+# %. -5 ; 5 $ 6; .D%. * )& 5 * ."%. -*+ * >)&6;2 ."%. 07%.=1 ) $ @$ + 5& + -? 5 = ->; ; -5( .* 8 <B- $ / D%.D! 0=1 # &+ >#>6;2 !%. 0 %71 ) 5& + = ->; $ -? 5 . ->; ; 6 -; .* " $ / D%,! 0<1 6 ;2 8%! ? 0,%"1 ) . =+ - 7 <9") $&+ -B ) 6 5? 0,%..1 ; */;-+ .* " $ / D% D 0"1 6; 2 <<%. 07%.=1 &+ ;-> $ -+ ->;6& ; -5( .* 8 <B- $ / D%.D! 0=1 # &+ >#>6;2 "%. 0 %.=1 &+ ;-> $ />6$ )-+# < ->; +-; 3>&; 5 $ @&++ 5 =+ - 7 $ $&+ $ 5;$ 5 0,%71 ; */;-+ .* < $ / D% D 0"1 /-)2 .=%. 0 %,1 $ ) >/ &+ ;-> $ )-6; =+ + 5 &+&6$ <5 - 8 ") $&+ B & 0,%"1 ; $ 6; 5 .* ! <B$ / D% ! 0"1 # &+ >#>6;2 .8%. 0,%<1 ) >+;&) -? 5 < ->; ; &/-+ .* " <B- $ / D%7! 0!1 # &+ >#2

7+5(( +23 +$1',&$3 &/$66 DGGHG <2 3/86 I 3HQDOW\ 9DOXH

, : 9 !

$! ! 38%( ) * * 40000000000 +;3 : ! ! % "' ? ! * 400000000000000 ;'2 )) ) * ! #! ! '"' %3# 4 * 5000000000000 +88 . / , ! %33 22 88 9 * : 0000000000000000000000000000000000000000 +' ) 9 ! ! ! %33 ""+88 4 * , 0000000000 2 ) # ,, ! ! ))? +#)3+) 5 ,: 000000000000000000000000 (%'8+) 5 ! ! ! %)=2%"#8 4 ,,00000 8+88 ,: ! +' % *00000000000000000000000000000000000000000 #%' ))%3 .9/ 4 $! ! ;8# 28 5 000000000 # ' % # 2 3+) .9/ ! ! "; 5 4 00000000000000000000000 2 % !

5 4 * ,A

99,AA, !A9AA9 555AAA !!A59 : 5 A 5$:AAA A A:,: !, 9! AA$:A9 A!AA9

+3-2+ +SSH XS WSJX KSSH MR TPEGIW SR 7XVEMKLX GSYVWI

:,//,$0 +,// 3257/$1' +$1',&$3 &/$66

DGGHG <2 3/86 I \GV 3HQDOW\ 9DOXH

,A, ,A: ,A9 ,A! ,A ,A5 ,A4 ,A ,A* ,,A ,,, ,,: ,,9 ,,! ,, ,,5 ,,4 ,, ,,* ,:A ,:, ,::

! $! ! ! <+2? 4 * ,A00000000000 88+2% : $! ! 2% %8#3 * * 0000000000000 %)' ? 23# . / ,4

! ! ! % "' ? 4 * 000000000000000 %3%) ;2-#? ! ! 23 22 4 * !0000000000000000000000000 ;''%< ) ,, ! '$! ! <+2? * ! 00000000000000000000 %)38+) ,A ! ' ! ! # ? 5 * 900 ( ( 2 .9/ 5

& ! ! ! ? ) 5 * A00000000000000000000 ++2 , ' ! ! ! ) ? ! * A 00000000000000000000000000 %2 ? '! & 2 ,900000000000000000000000000000 # ' ) 4 ! $ ! ! --' ? ,9 000000000000000000000 (;) 3 .9/ ,* ' ! ! %''3 ! ,:00000000000000000000 2+=' ? :A ! ! 2% ) ! ,:000000000000000000000000000 8@ )% * ' ! ! '' 9 ,A00000000000000000000000000000000000000000000 ++ .9/ , ! $! ! '& 2 * 000000000000 2+ 28 ,5 ! ! ! 1 2 ? * 0000000000000000000 ?) 3 ::

! ' ! ! 22+'' 9 0000000000000 2 3; , ! ! 22%3 ! 0000000000000000000000000 %8 # +88 9 ! '! ! ! 1 2 ! 00000000000 # '' ? %2& 88 .9/ :, #! ! 38 2 ? ! 40000000000000000000000000000000000000000 28 ,9 ' ! ! += '' 9 4 00000000000000000000000000000000000 ?' ? ;2) 2 ! ' ! ! 1 2 * 5 0000000000000000000000000000 ( 3 ,! ! ! '' "# 2 00000000000000000000000000000000 =? 2 ,:

%. & 5 +; $-5 6 .D%. -* +;- * + 66 /5&+# - -*/ 6 -- & A&+#;-+ B .=%. >6; +-;$ 5 -;;) /; &+ -) B ; ( ) &* 5)&+ &/ 56 -; ."%. -;$ 562

$/$1 :22' 3/80%,1* $1' +($7,1* 3$5. 67$.(6 *5283 &/$66 DGGHG <2 3/86 I 3HQDOW\ 9DOXH

:A, :A: :A9 :A! :A :A5 :A4 :A

! ' ! ! %( + & 4 * 40000000000000000000 8@ )% ! ! ! ! ! * ! 00000000000000000000000000000 %3%) ;2-#? ! $! ! '( 2 * ! 000000000 ( 3 +?' ! $! ! 1 2% ) . / 9 * !00 ++2 , '(! ! ' %)" ! * ! 00000000000000000000 2+ 28 4 ! ! ! +3 ) ! * ,000000000000000000000000000000000000 88+2% 9 ! $'! 1 2% ) . / 9 * ,0000000000000 2) ) : ! ' ! ! '3=+28# 9 * , 00000000000000000000 2+=' ? 5

!%= -* $ 5 ? ..%" ) &* !%. 5 ;-+ - ( ;$5 %. /&5&; - )-5 .=%. &5 + )-; =D%. +?-B &6 ->+; 5 & ) 2

.D%< 5 ? ) !%. ;& ++ 5 5 5 ; -) & %. -6*& (B .D%. )& &C 5 $&/ / 5 +CB .=%. -;$ 562

$// 1(: 5$&,1*8. &20 +$1',&$3 ',9 &/$66 DGGHG <2 3/86 I 3HQDOW\ 9DOXH

, !9! A9

#! ! 38 * * 4000000000000000000000000000000000000000 +22%3 ,: : AAA AA &#! ))? +#)3+) 5 * 9 000000000000000000000000000000 3- '' 9 $AAA,A ! ! +2 88 4 * :000000000000000000000000000000000000000 ?) 3 ! ! 9, 9 ! ! 1 2 9 * , 000000000000000000000000 +' ) 9 AA!$A '(! ; 38 9 * A 00000000000000000000000000 3' ? 5 5 9!9A! ! ' ! # ? 9 * A00000000000000000000 (%'8+) 4 4 AA5 A ! ! ! + #;)8 2 ,A *0000000000000000000000 2 % * 9AAAAA ! ' ! ! 22+'' 5 *00000000 #%' ))%3 .9/ : * !5A$A9 ! ! #%'' )3 ,: 000000000000000000000000 +88 . / ,, ,A AA9A ! ! & ! 23 % ! 40000000000000000000000000000000 ;'' ) ! ,, :AAA5A ! ' ! %33 ""+88 9 5 0000000000000000 2 ) # ,A ,: AA 955 ! & ! '"' %3# 9 00000000000000000000000 ))%)" ,

7%= ; ; 6& + "%. $ */&-+ 5 ->5 !%. &)) * ..%= ) 5 .D%. )&+ 5-* @&6;6 + ;>5+6 .=%. -5 ) 5&+ 66 ."%. 5 56 -@ &/-+& + =D%. -;$ 562

:,//,$0 +,// 67 /(*(5 67$.(6 *5283 %5,7,6+ &+$03,216 6(5,(6 &/$66 DGGHG <2 RQO\ P I \GV 3HQDOW\ 9DOXH

!A, !A: !A9 !A! !A !A5 !A4 !A !A* !,A !,,

! ##! 1 2% ) . / * , 00000000000000000000000000000000 ++2 * ' ! ! ' %)" * , 0000000000000000000000000000 %3%) ;2-#? '! %2 8+;8 * ,00000000000000000000000000000000000 2+=' ? , ! ' ! 2% ) * , 00000000000000000000000000000000000000000000000000 8@ )% : ' ! 1 2% ) . / * , 000000000 ( 2 ! $ ! # ) * ,00000000000000000000000000000000 %2 ? ,, ' ! +3 -# 1 2% ) . / * ,00000000000000000000000 1 2% ) ,A ! $! +3 ) * , 00000000000000000000000000000 ( 3 +?' 5 ! ##! 1 2% ) . / * ,000000000000000000000000 ;33 ? ! ! ' ! 1 2% ) . / * ,00000000000000 2) ) 9 '&! +3 ) ,:00000000000000000000000000000000000000000000000000 88+2% 4

9$!95, 9$, :: :$,99, A$,,,, $:,A ! !$:9!, $,!A,: ,$,:,, A$,9AA ,,A9: $9 ,!:

7%= 5B6; ) + "%. - /5& 8%. -5-+ ; %. ;5 &? 5&>6 .D%. (&+ )&+# +& $ .=%. -;$ 562

A, A: A9 A! A A5

,,,A :,A:: ,A, ,9, 5:,, ,5 ,A

1$32/(216 &$6,126 5(67$85$176 1856(5< 675 &/$66 DGGHG <2 RQO\ P 3HQDOW\ 9DOXH ! ! +#)38+) * 4 00000000000000000000 %3%) ;2-#? ! +3 ) * A0000000000000000000000000000000000000000000000 88+2% ! ' ! # ))+) ,9 0000000000000000000000000000000000000000 8@ )% ! ! ! ))+) ,:0000000000000000000000000000 2+=' ? ! &$! %''3 ,,0000000000000000000000000000000000000000 2+=) ! '&! # ? 0000000000000000000000000000 ;"#

! 9 : , 5

=%. 6; 5) + 7%= #&* +; "%. (6 !%. $-6+ &#5 7%. +;>5 +&#$; .=%. +;>5 5 #-+2

5A, 5A: 5A9 5A! 5A 5A5 5A4 5A 5A* 5,A

A:$5AA $ AA9A A6AAA$ A,AAA A$A A A A59 ,9 ,: !$9,:, $:A!A9 ,!5

: ! 4 , 9 5

" ! $ ! ! ;2& 5 * ,A 0000000000 1 )'+) .4/ ,A &'! = ) ;22+=3 ! * 4 0000000000000000000000000000000000000 2+=' ? : ! &&$! ! 2 "+)%)" * 4000000000 ?' ? ;2) 2 ! ! ! ! %''( ) 5 * 0000000 %3%) ;2-#? * ! &'! ? ) * :000000000000000000000000 %2 ? , ! ! ! ;%2 4 * A 0000000000000000000000000000000000000 +38 ''+ 5 ''! "" 3 9 ,9 00000000000000000000000000000000000000 ++2 #! ! 22? 9 ,A 0000000000000000000000000000000000 % +' ;22% .4/ 4 ! '(! ! );%3% 2 ,A0000000000000 %)' ? 23# . / 9

' ! ! 38 2 ? ! ,A000000000000000000000000000000000000000000 28

7%" ;; 5 !%. &# C 8%. 5B/;-6 7%. &+ -+& ;; >+; C $ ."%. >6; &66 6; 5 5/ +; 5 .8%. -;$ 562

,1'8675,$/ 6833/,(6 &+$03$*1( 67$.(6 *5283 &/$66 DGGHG <2 RQO\ +2:&52)7 I 3HQDOW\ 9DOXH 9A, , ! ''! ! +#)38+) * A0000000000000000000 %3%) ;2-#? 9A: !:,A ! $ ! +> * A 0000000000000000000000000000000000000000 %2 ? 9A9 A,A,, ' ! ! 8 * A0000000000000000000000000000000000000000 28%) 2' ? 9A! A! ! 23 %) * A00000000000000000000000000000000000000000 ++ 9A A, ! & ! 1 2% ) . / * A 00000000000000000 ++2 9A5 ,, ! & ! ! --' ? * A 00000000000000000 ( 3 +?' 9A4 ,: ' ! ! ! 2%3 +2 * A000000000000000000000000000000000000000 8@ )% 9A , ! $! 1 2% ) . / * A 0000000000000000000000000 1 2% )

$// 1(: 5$&,1*8. &20 +$1',&$3 ',9 &/$66 DGGHG <2 3/86 I 3HQDOW\ 9DOXH

- 72:(< &216758&7,21 /7' +$1',&$3 675

DGGHG <2 3/86 P 3HQDOW\ 9DOXH 3 &/$66

$9 9,! ,$5A5: :A$,,: A5:,A 5,,A9 A9$59: A$!AAA 5A:A

, !AA A

! ' ! ! ! ; 38 * * 400000000000000000000000 3' ? : 5A5: A &'! %)&' 2 * 500000000000000000000000000 #%' ))%3 .9/ ,: 9 5!,!AA ! ' ! ! 23 ;88? * * ,00000 (( ;88? . / ! ,$,AAA ! ! + ) 3 ! * A00000000000000000000000000000000000 +' ) , A:,9!A ' ! ! 38%( ) ,9 0000 +;3 : 5 AAAAA '$! ? ) 9 ,9 000000000000000000000000000000000000000000000 8+88 9 4 5A5, $! ! 38 2 ? 9 ,,0000000000 # ' % # 2 3+) .9/ 4 A$55AA ! ' ! ! 1 2 000 & # 8' ? .4/ 5 * 5$A5 5 ! $! '"' %3# 9 00000000000000000000 ))%)" ,A ,A !A6 $ ! ! 2 )8 4000000000000000000000000000000000000 ;'' ) ! ,, 5 9A!5 ! #%'' )3 4 0000000000000000000000000000000 +88 . / ,, ,: 9 AA5 ! $! +#) ) . / 9 000000000000000000000000 +22%3 *

=%. B;$& ) #& 7%= 5 * - B "%. &6; !%. B * + %. + )66-$+ .=%. $ +# =D%. 5 + --+; .DD%. 6) + ->+ 2

EG+ 2EC

:!A, AA AA ,,AAA 99!:A :5A,9 9:AAA :$::!9 $5,:A: :AAAA ,AA!: !99:! :A,, ,,:,9 $:AAAA !A: 9 9,AA! :A,,5 A9,:$A ,:A: ::, 9 AA AA 9::A,

ï ǜƂ Ơ kƏÙœĉÙįŻļįŻ fļ¸ĝÙƏ Ň÷čŇƂ Ɣ ŻŻĎįĎ ĴčƠŝ Ň÷ ų įŝ ĎŻƏÃ Ň Ơŝ qų ĎįÙÍ Fŝ -ŝ Qŝ (ļŻÍÙįŝ qļƏÙÃ ǝĎį ƍƔƂ œĠ ¸ÙŻ ƍŇŝ÷ǮÄ ƍƔŝƠǮÄ ƍŇŝƇǮŝ ƔŝŇǮ è Ň qĉÙ (ų œÙ Ż¸ œÙ kŝ Qŝ JÙǜÙǤ ƇčŇƂ Ơ kĉ ųě ųĎÍüÙ Ĵč÷ ï ǜƂ Ɣ ĠĪļųÙ¬ áčŇŝ ŇƔ ų įŝ ĎŻƏÃ ĉÍ Ɣŝ qų ĎįÙÍ fŝ - įįļįŝ qļƏÙÃ ǝĎį ƍƇŝáǮƂ œĠ ¸ÙŻ ƍƠŝƔǮÄ ƍŇŝƔǮÄ ƍƠŝƃǮŝ Ɣŝ÷ñ è Ň ų ïƏǤ Q Í Ī kŝ -ĎƏ¸ĉ¸ļƏƏ ƃčŇƂ Ơ Ġǝ ǤŻ qĉ įĝïƥĠ ƃčŇƂ Ɣ kįļǝ kŨƥ ǝ ñčŇŝ á ų įŝ ĎŻƏÃ ƠƔƋ÷ ĉÍŝ qų ĎįÙÍ ŝ (ŝ ļǣŝ qļƏÙÃ ǝĎį ƍáŝñǮƂ œĠ ¸ÙŻ ƍƠŝñǮÄ ƍƠŝƇǮÄ ƍŇŝĴǮŝ ÷ŝŇñ è Ň ' ŻƏ ų ĉ ųĠÙŻ ĎŻĉļœ ƃčŇƂ Ơ ÍÙįŻ¸ļƏĉ ŇƠčŇƂ Ɣ ĠĠ QÙ (ųƥĪœǤ ŇǮčƔ ï ǜŝ Ň÷ ų įŝ ĎŻƏÃ Ň ŇƋƠŝ qų ĎįÙÍ ŝ Fŝ QÙÙĉ įŝ qļƏÙÃ ǝĎį ƍĴƂ œĠ ¸ÙŻ ƍƠŝáǮŝ ƍƔŝƃǮŝ ƍŇŝáǮŝ dĠ ¸ÙœļƏÃ ƍƇ÷ŝƔǮŝ ÷ŝ÷ñ è Ň œƏļį 'ų į ÙųųǤ ŇǮčƔ ěƏčï ǜƂ Ơ kœ ųƏÙ eƥÙų¸ƥŻ ƃčƠƂ Ɣ ' Ďų dļǝÙų ŇŇčŇŝ ŇǮ ų įŝ ĎŻƏÃ ƠŇƋ÷ ŇƋƠŝ qų ĎįÙÍ -ŝ įÍǤŝ qļƏÙÃ ǝĎį ƍ÷ŝƠǮƂ œĠ ¸ÙŻ ƍŇŝƇǮÄ ƍŇŝƔǮÄ ƍƠŝáǮŝ

A, A: A9 A! A A5

$AA,99 A9 A A :!A 59 :$,, $95A,A !A!,,$

0$55$ )$/&216 +$1',&$3 &/$66 DGGHG <2 3/86 P I 3HQDOW\ 9DOXH ! ' ! ! 2% ) * ,A 0000000000000000000000000000 8@ )% 9 & ! ;%2 * 5 0000000000000000000000000000000000000000000000000000 %2 ? ! ! ! ! 1 2 * ! 00000000000000000000000000000000000 2+=' ? 5 ! &! %) ;2++2 9 * , 000000000000000000 %3%) ;2-#? : ! ''! ! ;)'+- ! ,, 0000000000000000000000 2+ 28 , ! ! ''%3+) ! ,A 000000000000000000 ) + %)3+) . /

? +6 * ; 5; 5 7%= &+# -) ; !%. & ;C6 $ .D%. @ .=%. * C&+# ."%. 6;-5 52

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

e itJoi eVtQ Ċtc k JJ

Q FWf J (v è ųĎǪļį Ď ĪļįÍ¬ ¸ĝŻ ƃÄ ļĠļų Íļ fļ¸ĝĎÙŻ ǮƂ ļŻƏļį fÙÍ kļǣ ƇÄ W ĝĠ įÍ ƏĉĠÙƏĎ¸Ż ƠƂ ĉĎ¸ üļ ƥ¬Ż Ň÷Ä RÙǝ ļųĝ QÙƏŻ ƇƂ ĠÙǜÙĠ įÍ 0įÍĎ įŻ ƔÄ H įŻ Ż ĎƏǤ fļǤ ĠŻ ƠƂ ÙƏųļĎƏ qĎüÙųŻ ƃÄ ĉĎ¸ üļ ĉĎƏÙ kļǣ ŇƃƂ -ļƥŻƏļį ŻƏųļŻ ñÄ JļŻ įüÙĠÙŻ įüÙĠŻ ƠƂ QĎįįÙŻļƏ qǝĎįŻ ƔÄ qļųļįƏļ ĠƥÙ F ǤŻ ƠƂ RÙǝ ļųĝ įĝÙÙŻ ŇƔÄ ĠƏĎĪļųÙ WųĎļĠÙŻ ñƂ dĉĎĠ ÍÙĠœĉĎ dĉĎĠĠĎÙŻ ŇǮÄ QĎ ĪĎ Q ųĠĎįŻ ǮƂ kƏ JļƥĎŻ ųÍĎį ĠŻ ñÄ Ďį¸Ďįį ƏĎ fÙÍŻ ƠƂ qÙǣ Ż f įüÙųŻ ÷Ä kÙ ƏƏĠÙ Q ųĎįÙųŻ ŇǮƂ ŻĉĎįüƏļį R ƏĎļį ĠŻ ñÄ ƏĠ įƏ ų ǜÙŻ Ơŝ

W J0R(

¬ÙųÍÙÙį kƏ ÍĎƥĪ ųÙŻƥĠƏŻÃ Fŝ 0kk q k R0WfkŰ J (v è ĎǜĎŻĎļį Ɣ fÙÍÃ Fŝ Qƥųų Ǥ ŇƇÄ fŝ Jŝ kƏÙǝ ųƏ ƃƂ Fŝ ŝ ( ƥĠÍ Ň÷Ä ŝ kŝ 'ǤïÙ ÷Ƃ ŝ ŝ - ĠĠ ŇñÄ dŝ įÍÙųŻļį ŇǮƂ ŝ Hŝ d ųĝĎįŻļį ƠŇÄ 0ŝ -ŝ -ļüü áƂ ŝ (ŝ WŻǝ ĠÍ ŇƠÄ (ŝ kĎĪœŻļį Ĵŝ ĎǜĎŻĎļį ÷ fÙÍÃ (ŝ 'ų ŻÙų ŇƔÄ ŝ QļųųĎŻļį áƂ Qŝ WųÍ ŇǮÄ Fŝ JÙŻĠĎÙ ĴƂ fŝ R œĎÙų ƠƔÄ 0ŝ ŝ fļ¬ÙųƏŻļį ƇƂ Fŝ Q ųƏĎį ŇƔÄ ŝ ĠƥįƏ ŇǮŝ ĎǜĎŻĎļį Ɣ ĠƥÙÃ ŝ Fŝ d ƏÙųŻļį ŇĴÄ ŝ ƏƏ ŇǮƂ fŝ ŝ WŻǝ ĠÍ ƠǮÄ ŝ qŝ QÙų¸ĉ įƏ ƇƂ ŝ QƥųœĉǤ Ơ÷Ä Rŝ ƥüƥĎÍ ƃƂ ŝ - ĪœƏļį ƠŇÄ fŝ kĎĪœŻļį ŇǮƂ ŝ F ĪĎÙŻļį ŇƇÄ (ŝ ŝ kƏų ¸ĉ įÄ ŻÙį áŝ ĎǜĎŻĎļį ÷ ĠƥÙÃ ŝ Q¸ ǜļǤ ŇƔÄ ŝ ųļǝį ŇǮƂ ŝ d Əļį ŇĴÄ 0ŝ Hŝ -ÙįÍÙųŻļį ÷Ƃ ŝ ĠĠ į Ň÷Ä Fŝ 'ŝ fÙ œÙų ŇǮƂ Fŝ Ù¬ŻƏÙų ŇŇÄ Fŝ (ŝ ŝ ƏŻļį ĴƂ (ŝ ƥƏĠÙų ŇƃÄ Fŝ ĉųĎŻƏĎÙ ŇŇŝ R q0WR J Q0 qf0dJ k è Qŝ kƏÙœĉÙį Ň÷Ä Jŝ Qŝ QÙ ųįŻ ŇƔƂ Rŝ įÍÙųŻļį ŇƠÄ kŝ įüƥŻ ŇŇƂ (ŝ ŝ ųļǝį ŇǮÄ ŝ ( ĠĠ į ĴƂ ĎĠÙÙįŝ ļį ĠÍ ŇƔÄ Qŝ RĎ¸ļĠŻļį ŇƠŝ 'ų ŻÙų¬ƥųüĉ ĎįÍļļų ųÙŻƥĠƏŻÃ WQ RŰk RWQ0R q 'Wvfk è 0ŝ ĎĠĝÙį ŇƠÄ kŝ Q¸JÙ į ƃŝ WQ RŰk 'Wvfk J (v è 0ŝ ĎĠĝÙį ŇƠÄ kŝ Q¸ĠÙ į ƃŝ

H Q 'VVo JJ k qvf J fWH k k Wqq0k- df Q0 fk-0d è ¬ÙųÍÙÙį ǜ HĎĠĪ ųįļ¸ĝÄ ÙĠƏĎ¸ ǜ fļŻŻ ļƥįƏǤÄ ƥįÍÙÙ ǜ kƏ FļĉįŻƏļįÙÄ - ĪĎĠƏļį ǜ -Ù ųƏŻÄ -Ď¬ÙųįĎ į ǜ QļƏĉÙųǝÙĠĠŝ J fWH k k Wqq0k- - Qd0WRk-0d è ĠÙǤ qĉĎŻƏĠÙ ǜ JĎǜĎįüŻƏļįÄ ƥĪ¬ ųƏļį ǜ ųÙ¸ĉĎįÄ ƥįïÙųĪĠĎįÙ ǜ kƏ QĎųųÙįÄ ' ĠĝĎųĝ ǜ ƥįÍÙÙ vƏÍÄ eƥÙÙį ļï ƏĉÙ kļƥƏĉ ǜ QļųƏļįŝ J fWH k k Wqq0k- J (v Ň è ĎųÍųĎÙļįĎ įŻ ǜ ŻƏ 'ĎïÙÄ Ġ¬Ďļį ǜ kƏų įų ÙųÄ Ǥų ǜ ĠĠļ Ä 'ļųï ų ǜ ų¬ųļ ƏĉÄ eƥÙÙįŰŻ d ųĝ ǜ f ĎƏĉ J fWH k k Wqq0k- J (v Ơ è įį į ƏĉĠÙƏĎ¸ ǜ kƏÙįĉļƥŻÙĪƥĎųÄ ÙųǝĎ¸ĝ ǜ ĠüĎįÄ ĠǤÍÙ ǜ ÍĎį¬ƥųüĉ ĎƏǤÄ ļǝÍÙį¬Ù Əĉ ǜ dÙƏÙųĉÙ ÍÄ QļįƏųļŻÙ ǜ kƏĎųĠĎįüŝ R(J0k- df Q0 f J (v è ųǤŻƏ Ġ d Ġ ¸Ù ǜ kļƥƏĉ ĪœƏļį ŕŇƠŝƔǮŘÄ -ƥÍÍÙųŻðÙĠÍ ǜ JÙĎ¸ÙŻƏÙų ĎƏǤÄ JĎǜÙųœļļĠ ǜ ƥųįĠÙǤÄ RÙǝ¸ ŻƏĠÙ ǜ kƏļĝÙ ĎƏǤÄ qļƏƏÙįĉ Ī -ļƏŻœƥų ǜ kǝ įŻÙ ŕñŝƔǮŘÄ ƏïļųÍ ǜ Q į¸ĉÙŻƏÙų ĎƏǤÄ ÙŻƏ ųļĪ ǜ ÙŻƏ - Īŝ kH q - Qd0WRk-0d è ųįŻĠÙǤ ǜ ŻƏļį ĎĠĠ ŕñŝƔǮŘÄ ĎųĪĎįüĉ Ī ĎƏǤ ǜ dųÙŻƏļį RļųƏĉ įÍÄ ųÙįƏïļųÍ ǜ fÙ ÍĎįüÄ ųĎŻƏļĠ ĎƏǤ ǜ Ùų¬Ǥ ļƥįƏǤÄ ƥųƏļį Ġ¬Ďļį ǜ 'ƥĠĉ ĪÄ ųÍĎïï ǜ kĉÙïðÙĠÍ ÙÍįÙŻÍ ǤÄ -ƥĠĠ ĎƏǤ ǜ kƥįÍÙųĠ įÍÄ 0œŻǝĎ¸ĉ ǜ ļĠƏļįÄ QĎÍÍĠÙŻ¬ųļƥüĉ ǜ edfÄ QĎĠĠǝ ĠĠ ǜ JÙÙÍŻ vįĎƏÙÍÄ RļƏƏĎįüĉ Ī 'ļųÙŻƏ ǜ ļĠǜÙŻÄ kĉÙïðÙĠÍ vƏÍ ǜ RļųǝĎ¸ĉ ĎƏǤŝ

leXgr øò RWQ0R q Q0 qf0dJ k è fŝ 'ŝ Ġ ųĝ ŇñÄ ŝ ųļǝį ŇƔƂ fŝ Ġ ųĝ ŇƔÄ ŝ ųƥĎ¸ĝŻĉ įĝ ƠƠŝ ( ųĎļ¸ĉ ĎįÍļļų ųÙŻƥĠƏŻ Ə 0įǜÙųƥųĎÙÃ k R0Wf Wd R qf0dJ k è ĎǜĎŻĎļį ŇÃ Fŝ Jļǝ ĴÄ (ŝ kĎÙǜÙǝųĎüĉƏ ƠǮƂ (ŝ Í ĪŻ ŇƇÄ ŝ ƏŻļį ƇƂ Qŝ Q¸ ļį ĠÍ ŇƇÄ Fŝ fÙĎÍ ƃƂ Fŝ ļƥƏƏŻ ĴÄ ŝ Q Ďų ŇƠŝ ĎǜĎŻĎļį ƠÃ kŝ kœÙį¸Ù ƠƔÄ 0ŝ ǜĎÍŻļį ƔƂ ŝ (ļųÍļį ÷Ä ŝ ŻœÙǤ Ň÷Ƃ ŝ fĎƏ¸ĉĎÙ ŇǮÄ ŝ HÙÙį į ĴƂ (ŝ ļƥƏƏŻ ƠƃÄ Fŝ Jŝ Í ĪŻ ŇǮŝ

J0R(

v 0 qWvf W' RQ fH è JÙ ÍĎįü œļŻĎƏĎļįŻ ïƏÙų kƏ üÙ ÷ ŕf įÍÙųŻ Əļ f įÍÙųŻ ŕ0qqŘÄ ŇƃŝáĝĪŘÃ Ň Qŝ ų įÍĠÙ ŕ ƥƏŘ qųÙĝčkÙü ïųÙÍļ ƠǮĪĎį ñƃŻÙ¸Ƃ Ơ Qŝ qļïƏ Q ÍŻÙį ŕ ÙįŘ -kč ĠĪÙ¬ļųü ļųįĉļĠĪ Ə Ɣ÷ŻÙ¸Ƃ Ɣ Qŝ ĠüųÙį įÍÙųŻÙį ŕ ÙįŘ ŻƏ į dųļ qÙ Ī Ə ƔƇŻÙ¸Ƃ ÷ Qŝ dÙÍÙųŻÙį ŕ ÙįŘ qųÙĝč kÙü ïųÙÍļ Ə ƔƃŻÙ¸Ƃ ñ Qŝ HųĎü¬ ƥĪ ŕ ÙįŘ ļĠļŨƥĎ¸ĝč ƥĠƏ Ə ñƠŻÙ¸Ƃ Ƈ Rŝ J ųŻÙį ŕ ÙįŘ qÙ Ī ĎųƏƥ Ǥ¸ĠĎįü Ə ñƔŻÙ¸Ƃ ƃ Qŝ ĠŻ¸ĉÙĎÍ ŕ(ÙųŘ qÙ Ī kƥįǝÙ¬ Ə ñƃŻÙ¸Ƃ á ŝ dÙÍÙųŻÙį ŕ ÙįŘ qÙ Ī (Ď įƏč ŻƏÙĠĠĎ Ə ñáŻÙ¸Ƃ Ĵ qŝ ÙǤĉÙ ŕ ÙįŘ ļĠļŨƥĎ¸ĝč ƥĠƏ Ə ŇĪĎį ƠŻÙ¸Ƃ ŇǮ Qŝ QļƏÙųįŻÙį ŕ ÙįŘ ļĠļŨƥĎ¸ĝč ƥĠƏ Ə ŇĪĎį áŻÙ¸Ƃ ŇŇ ŝ fÙĎįÍÙųŻ ŕ-ļĠŘ fļļĪœļƏčRÙÍÙųĠ įÍŻÙ JļƏÙųĎě Ə ŇĪĎį ŇŇŻÙ¸Ƃ ŇƠ Qŝ -ƥĠü ųÍ ŕ ÙįŘ -kč ĠĪÙ¬ļųü ļųįĉļĠĪ Ə ŇĪĎį ŇƠŻÙ¸Ƃ ŇƔ Rŝ ü ŕ ÙįŘ qÙ Ī ĎųƏƥ Ǥ¸ĠĎįü Ə ŇĪĎį ŇƔŻÙ¸Ƃ Ň÷ fŝ (ƥĠÍĉ ĪĪÙų ŕ ÙįŘ qÙ Ī ĎųƏƥ Ǥ¸ĠĎįü Ə Ż ĪÙ ƏĎĪÙƂ Ňñ ŝ J œļųƏÙ ŕ'ų Ř ļðÍĎŻÄ kļĠƥƏĎļįŻ ųÙÍĎƏŻ Ə ŇĪĎį ŇáŻÙ¸Ƃ ŇƇ ŝ Hų üĉ įÍÙųŻÙį ŕ ÙįŘ qÙ Ī dļŻƏįļųÍ įĪ ųĝ Ə ŇĪĎį ƠŇŻÙ¸Ƃ Ňƃ ŝ (ųƥǪÍÙǜ ŕH ǪŘ ŻƏ į dųļ qÙ Ī Ə ŇĪĎį ƠƠŻÙ¸Ƃ Ňá Qŝ H įƏÙų ŕ(ÙųŘ qÙ Ī kƥįǝÙ¬ Ə ŇĪĎį ƠƔŻÙ¸Ƃ ŇĴ Qŝ ų¬ÙĠ kǜÙįÍü ųÍ ŕ ÙįŘ qÙ Ī ĎųƏƥ Ǥ¸ĠĎįü Ə ŇĪĎį ƠƃŻÙ¸Ƃ ƠǮ ŝ į (ļÙƏĉÙĪ ŕ-ļĠŘ fļļĪœļƏčRÙÍÙųĠ įÍŻÙ JļƏÙųĎě Ə ŇĪĎį ƔŇŻÙ¸ŝ

4 ; ( 0 * % 4X 'IPXMG %FIVHIIR 6ERKIVW 7X .SLRWXSRI 1SXLIV[IPP ,MFIVRMER ,EQMPXSR ,IEVXW 6SWW 'SYRX] 4EVXMGO /MPQEVRSGO (YRHII R(J0k- df Q0 f J (v è ļƥųįÙĪļƥƏĉ ƠÄ ųĎüĉƏļį Ňŝ FvR0Wfk Q¸ WWH0 ŝ WQ '0fkq 0 0k0WR ŕ ŻƏŘ è JļįüŻĎÍÙ JÄ (ĠÙįƏ į ų Jŝ

(WJ'

ŕk Ř ƃ÷Ä ƃǮƂ Qŝ ļŻ¸ĉ ŕ-ļĠŘ ƃ÷Ä ƃǮƂ kŝ ǤŻļį ƃƃÄ ƇƃƂ Rŝ ĠǜĎų ŕkœ ĎįŘ ƃǮÄ ƃ÷Ƃ kŝ qĎĠÙǤ ƃƔÄ ƃŇƂ Rŝ ÙųƏ ŻĎļ ŕ0Ə ĠǤŘ ƃǮÄ ƃ÷ŝ dĠ Ǥ ŻƥŻœÙįÍÙÍ ÍƥÙ Əļ ï ÍĎįü ĠĎüĉƏŝ WQ RŰk 0 R - Qd0WRk-0d ŕ ǜĎ į JÙŻ ĎįŻÄ 'ų į¸ÙŘ è 'ĎųŻƏ ųļƥįÍÃ ŕ( įÍ 0ųÙĠ įÍ ƥįĠÙŻŻ ŻƏ ƏÙÍŘ è ƇƔ kƥįü -Ǥƥį d ųĝ ŕHļųÙ Řŝ Ƈñ Qŝ FƥƏ įƥü ųį ŕqĉ ĎŘŝ ƇƇ ŝ RļųÍŨǜĎŻƏ ŕkǝÙŘÄ Hŝ HĎųĝ ŕ ƥŻŘŝ Ƈƃ Qŝ ĠÙǣ ŕvkŘÄ 0į HǤƥįü HĎĪ ŕHļųÙ ŘÄ Fŝ HļųÍ ŕvkŘŝ Ƈá ŝ QĎǤ Ǫ Əļ ŕF œ įŘÄ ŝ ųįŻƏ ŕvkŘÄ (ŝ - ĠĠÄ fŝ WŰqļļĠÙ ŕvkŘÄ kŝ k¸ĉƥ¬ÙųƏ ŕ ĪŘ ŕvkŘÄ Jŝ Hļ ŕR ŘÄ ŝ vÙĉ ų ŕF œ įŘÄ QĎ Fƥįü -ƥų ŕHļųÙ Řŝ ƇĴ Fŝ 0įĝŻƏÙų ŕvkŘÄ QĎ -Ǥ įü JÙÙ ŕHļųÙ ŘÄ Fŝ HĠ ƏƏÙį ŕ'ų ŘÄ -ǤÙ FĎį ĉļĎ ŕHļųÙ ŘÄ ŝ HÙųų ŕvkŘÄ Hŝ kĉļį ŕvkŘÄ kŝ dÙƏƏÙųŻÙį ŕRļųŘÄ Qŝ JÙÙ ŕ ƥŻŘÄ Rŝ ŝ J ųŻÙį ŕ ÙįŘÄ ŝ kƏ įïļųÍ ŕvkŘÄ -ŝ RļĪƥų ŕF œ įŘÄ dÙĎčǤƥį ĉĎÙį ŕ ĉĎį ŘÄ Jŝ ǜĎÙŻÄ kĉ įŻĉ į 'Ùįü ŕ ĉĎį Řŝ ƃá ŝ Q ƏƏĉÙǝŝ RWfq- fR WvRq0 k vd ŕQļų Ǥ (ļĠï Ġƥ¬Ä JļŻŻĎÙĪļƥƏĉŘ è 'ĎųŻƏ ųļƥįÍ è R Ďųį Ơ ¬Ù Ə R Ďųį ƥį¬ ų Ň ¬Ǥ ÷ ĉļĠÙŻ ŕFŝ Q ¸ĎįƏļŻĉÄ Jŝ (ĎĠĠĎŻ ñÄ (ŝ ƥųįÙƏƏÄ ŝ ųųļį ǮƂ ŝ k¸ļƏƏÄ -ŝ Q¸ ļĠĪ ǮÄ 'ŝ ųļǝįÄ ŝ ƏŻļį ŇŘƂ WųĝįÙǤ Ň ¬Ù Ə 'ļųųÙŻ Ơ ¬Ǥ ÷ ĉļĠÙŻ ŕkŝ fÙįÍÙĠĠÄ ŝ ļįįÙų áÄ Fŝ ųœÙįƏÙųÄ ŝ kƏÙǜÙįŻļį ǮƂ dŝ Q¸HĎįĠ ǤÄ ŝ fÙįÍÙĠĠ ǮÄ ŝ q ǤĠļųÄ Hŝ q ǤĠļų ÷ŘƂ ƥïï -ļƥŻÙ fļǤ Ġ ¬Ù Ə R Ďųį ƥį¬ ų Ơ ¬Ǥ Ň ĉļĠÙ ŕFŝ Q ¸H ǤÄ 0ŝ įüƥŻ ǮÄ ŝ dĎƏ¸ĉïļųƏĉÄ 0ŝ FļĉįŻƏļįÙ ŇƂ 0ŝ QƥƏ¸ĉÄ Jŝ ÙŻƏ ƠÄ ŝ QƥįųļÄ Hŝ Īœ¬ÙĠĠ ǮŘƂ qƥųųĎïï ųÙ¸ÙĎǜÙÍ ¬ǤÙ ĎįƏļ ŻÙ¸ļįÍ ųļƥįÍƂ fļǤ Ġ ¬ÙųÍÙÙį Ơ ¬Ù Ə RÙǝĪ ¸ĉ ų ¬Ǥ Ɣ ĉļĠÙŻ ŕ0ŝ QĎÍÍĠÙƏļįÄ ŝ dƥųÍĎÙ ñÄ Fŝ fļŻŻÄ ŝ ĉÙǤįÙ ǮƂ Fŝ ų ĪļįÍÄ ŝ ƥ¸ĉ į ǮÄ Fŝ ĎĠŻļįÄ ŝ kĎĪœŻļį ƔŘƂ Qļų Ǥ Ơ ¬Ù Ə 'ļųƏųļŻÙ įÍ fļŻĪ ųĝĎÙ ¬Ǥ Ɣ ĉļĠÙŻ ŕHŝ qĉļĪŻļįÄ Fŝ Íǝ ųÍŻ ƇÄ ŝ ĪÙųļįÄ Jŝ fÙĎÍ ǮÄ Fŝ k¸ļƏƏÄ 0ŝ Q üüÙƏƏ ǮÄ Qŝ Q ¸ ļį ĠÍÄ ŝ ( ĎƏƏÙįŻ ƔŘƂ Qƥų¸ ų ųÙ¸ÙĎǜÙÍ ¬ǤÙ ĎįƏļ ŻÙ¸ļįÍ ųļƥįÍƂ 'ļųųÙŻ Ň ¬Ù Ə q Ďį ¬Ǥ Ơ ĉļĠÙŻ ŕQŝ ĎĠŻļįÄ fŝ dųļ¸Əļų ǮÄ Qŝ 'ÙųųĎŻÄ kŝ HÙįįÙÍǤ ƠƂ Fŝ ųĎüĉƏÄ Qŝ FļįÙŻ ÷Ä ŝ 'ÙųųĎŻÄ (ŝ vųŨƥĉ ųƏ ǮŘƂ 0įǜÙųįÙŻŻ ¬Ù Ə WųĝįÙǤ Ơ ¬Ǥ ŇĴ ĉļĠÙŻ ŕFŝ 'ļų¬ÙŻÄ Hŝ Q ¸ĝ Ǥ áÄ ŝ fÙÙǜÙÄ Fŝ fƥŻŻÙĠĠ ǮƂ ŝ FļÙĠÄ ŝ qĉļĪŻļį ŇŇÄ dŝ

HÙĪœÄ ŝ ļį ĠÍŻļį ǮŘƂ QƥĎų ļï WųÍ ¬Ù Ə 'ų ŻÙų¬ƥųüĉ ¬Ǥ Ɣ ĉļĠÙŻ ŕkŝ qĉļĪŻļįÄ (ŝ QÙĠĠĎŻ ƔÄ ŝ ļįÍÄ Qŝ Q¸JÙ į ǮƂ kŝ 'ļų¬ÙŻÄ qŝ RĎ¸ĉļĠŻļį ǮÄ 'ŝ QĎĠįÙÄ (ŝ kĪĎƏĉ ǮŘƂ fļǤ Ġ ļųįļ¸ĉ Ň ¬Ù Ə ųƥÍÙį Ǥ Ň ¬Ǥ Ɣ ĉļĠÙŻ ŕ ŝ Q ĎĠĠÙǤÄ ŝ vųŨƥĉ ųƏ ǮÄ Jŝ dĉĎĠĠĎœŻÄ ŝ ƏŻļį ŇƂ ŝ Q ¸ ļį ĠÍÄ Jŝ Q¸JÙļÍ ÷Ä kŝ Q¸ ƥĠĠļ¸ĉÄ Qŝ ĉųĎŻƏĎÙ ǮŘƂ ĠüĎį Ň ¬Ù Ə ųĎŻĝ Ǥ ĉĎŻĝǤ ( ĠļųÙ ¬Ǥ ŇƇ ĉļĠÙŻ ŕ ŝ Íǝ ųÍŻÄ 0ŝ (ųÙÙį ƠÄ qŝ -ĎįÍÙÄ Hŝ fļŻŻ ǮƂ ŝ -Ù¸ƏļųÄ ŝ 'ĎŻĝÙ Ň÷Ä ŝ QļųųĎŻļįÄ Qŝ kœÙį¸Ù ǮŘƂ Qļų Ǥ Ň ¬Ù Ə kƏų ƏĉœÙïïÙų ¬Ǥ ÷ ĉļĠÙŻ ŕQŝ Jŝ Q ¸JÙĪ įÄ kŝ q ƏƏÙųŻ ñÄ (ŝ fļŻŻÄ Fŝ dĎųĎÙ ǮƂ Hŝ (ļÍŻĪ įÄ (ŝ Qƥųų Ǥ ǮÄ Hŝ ųƏĠÙƏƏÄ kŝ ƥïï ŇŘƂ į¸ĉļųǤ ¬Ù Ə ÙÙŻĎÍÙ Ə ƠǮƏĉ ŕ ŝ ų įÍÄ kŝ kƏų ¸ĉ į ƔÄ ŝ -ÙįÍÙųŻļįÄ Fŝ - ĠĠ ǮƂ ŝ JĎįÍŻ ǤÄ Jŝ kĪ ųƏ ǮÄ ŝ Ġ ¸ĝÄ ŝ Q ¸HĠĎį ƔŘƂ qĉÙ R Ďųį Ň ¬Ù Ə fļǤ Ġ ļųįļ¸ĉ Ơ ¬Ǥ á ĉļĠÙŻ ŕfŝ ųļĪ ųƏǤÄ fŝ ųÙĪįÙų ñÄ ŝ dÙ ųŻļįÄ Rŝ Īœ¬ÙĠĠ ǮƂ 'ŝ 'ļƏĉÙųĎįüĉ ĪÄ 'ŝ ŻĉÙų ƔÄ Qŝ k¸ĉĎįĝÙĠÄ Rŝ Qƥįųļ ǮŘƂ fļǤ Ġ ¬ÙųÍÙÙį Ň ¬Ù Ə ųƥÍÙį Ǥ Ơ ¬Ǥ Ňƃ ĉļĠÙŻ ŕQŝ - ĠĠĎÍ ǤÄ ŝ Q ¸ įÍųÙǝ ŇǮÄ Jŝ ųƥĎ¸ĝŻĉ įĝÄ (ŝ Q ¸ ļį ĠÍ ǮƂ Rŝ Q ¸ įÍųÙǝÄ ŝ JÙĎƏĉ ƃÄ ŝ HĎįüÄ (ŝ ǜ įŻ ǮŘŝ

qvff0'' è QÙÍ Ġ ŕ kk ƃƠŘ è Ġ ŻŻ Ơ è qŝ HÙųų ŕŇñŘ ƃǮƂ ŝ qĉļĪœŻļį ŕŇǮŘ ƃŇƂ 0ŝ ƥįĠļœ ŕŇƠŘ ƃƇŝ Ġ ŻŻ Ɣ è Hŝ Qƥųų Ǥ ŕƠƠŘ ƃ÷Ƃ (ŝ kƏÙǝ ųƏ ŕƠǮŘÄ kŝ ļƥįüŻļį ŕƠƠŘ ƃƃŝ ƥƏƥĪį ĪÙÍ Ġ ŕ kk ƃǮŘ è Ġ ŻŻ Ň è Rŝ ųÙĪįÙų ŕƃŘ ƇƇƂ kŝ Jļǝ ŕƃŘ ƇáƂ ŝ ĠÙǣ įÍÙų ŕƇŘ ƃǮŝ Ġ ŻŻ Ơ è fŝ ĉ ĠĪÙųŻ ŕŇ÷Ř ƇƃƂ (ŝ fÙįįĎÙ ŕŇŇŘÄ fŝ Qƥųų Ǥ ŕŇƠŘ ƇĴŝ Ġ ŻŻ Ɣ è Fŝ ĎĠĠĎ ĪŻļį ŕŇƃŘ ƃ÷Ƃ ŝ kĪĎƏĉ ŕŇƃŘ ƃñƂ kŝ (Ď¬Żļį ŕŇƇŘ ƃĴŝ ļĪÙįŰŻ įÍ ĪÙįŰŻ (ųÙÙįĝÙÙœÙųŰŻ kĉĎÙĠÍ ŕ kk ƃŇŘ è ŝ - ĠĠ ŕŇƔŘ Ƈ÷Ƃ (ŝ kƏÙǝ ųƏ ŕƠŇŘ ƃŇƂ (ŝ 'ų ŻÙų ŕŇƃŘ ƃƠŝ FƥįĎļųŻŰ (ųÙÙįĝÙÙœÙųŰŻ kĉĎÙĠÍ ŕ kk ƇĴŘ è ŝ dƥųÍĎÙ ŕŇƇŘ ƇáƂ kŝ dƥųÍĎÙ ŕƔƔŘ ƃƠƂ ŝ dƥųÍĎÙ ŕƃŘ ƃƔŝ ļĪÙįŰŻ ĪÙÍ Ġ ŕ kk ƃ÷Ř è (ŝ Ġ ųĝ ŕƠǮŘ ƃƃƂ Hŝ ųÍ ŕƠƃŘ áŇƂ ŝ (ų įƏ ŕƠǮŘ áŇŝ kÙįĎļųŻŰ ŻƏ ¬ĠÙïļųÍ ļœÙį ŕ kk ƃŇŘ è Ġ ŻŻ Ň è Qŝ 'ų üÙĠĠ ŕŇŇŘ ÷ǮœƏƂ kŝ ųĪĎ¸ĉ ÙĠ ŕ÷Ř ƔáƂ Fŝ QƥųÍļ¸ĉ ŕŇŇŘÄ Rŝ fļĠï ŕŇƠŘÄ Qŝ ƏƏ ŕƇŘ Ɣñŝ Ġ ŻŻ Ơ è ŝ ųļǝį ŕŇƇŘ ƔƃœƏƂ Hŝ ĉ œĪ į ŕƠñŘ ƔƇƂ (ŝ Q ųƏĎį ŕŇƇŘ ƔñƂ ŝ kƏų ¸ĉ į ŕŇƇŘÄ ŝ QĎĠįÙ ŕƠǮŘ Ɣ÷ŝ kÙįĎļų ǝļĪÙįŰŻ ŻƏ ¬ĠÙïļųÍ ļœÙį ŕ kk ƃƔŘ è ŝ QÙ ųįŻ ŕŇĴŘ ƔƠœƏƂ ŝ Q¸HĎĠĠĎü į ŕƔǮŘ ƠĴƂ Hŝ ļǝĎÙ ŕƠƠŘ Ơáŝ

(WJ' f qvfRk

fv(

J fWH k k Wqq0k- df Q0 fk-0d è d ųƏĎ¸ĝ ƠÄ f įüÙųŻ Ơŝ

vfWd R qWvf HJQ Wd R ŕkœĎěĝÄ -ļĠĠ įÍŘ è kÙ¸ļįÍ ųļƥįÍÃ ŕ( įÍ 0ųÙĠ įÍ ƥįĠÙŻŻ ŻƏ ƏÙÍŘ è ŇƔƠ Fŝ kƏ ĠƏÙų ŕ'ų Ř ƇñÄ Ƈƃŝ ŇƔƔ Hŝ œĉĎ¬ ųįų Ə ŕqĉ ĎŘ ƇáÄ Ƈñŝ ŇƔ÷ kŝ -ÙĎŻÙĠÙ ŕ(ÙųŘ ƇƇÄ Ƈáŝ ŇƔñ Jŝ ÙŻƏǝļļÍ ƃǮÄ Ƈñŝ ŇƔƇ Qŝ Q į ŻŻÙųļ ŕ0Ə ĠǤŘ ƇáÄ ƇáƂ Qŝ ųųÙį ƇĴÄ Ƈƃŝ ŇƔá fŝ Ġ įÍ ƃŇÄ ƇƃƂ Qŝ HĎÙïïÙų ŕ(ÙųŘ ƇĴÄ ƇĴƂ ŝ ěļųĝ ŕkǝÙŘ ƃƔÄ ƇñƂ fŝ ĎįǝĎÍÍĎÙ ƇĴÄ ƇĴƂ dŝ Q ÍÍǤ ƇĴÄ ƇĴƂ Qŝ HļųĉļįÙį ŕ'ĎįŘ ƇƃÄ ƃŇƂ dŝ įüĠÙŻ ŕkœ ĎįŘ ƇáÄ ƃǮƂ Fŝ k¸ųĎǜÙįÙų ŕ ƥŻŘ ƃǮÄ ƇáƂ Fč'ŝ JĎĪ ŕdļųŘ ƃǮÄ Ƈáŝ ŇƔĴ ŝ ÙŻŻÙĠĎįü ŕ-ļĠŘ ƃǮÄ ƇĴƂ Qŝ 0ĠļįÙį ŕ'ĎįŘ ƇĴÄ ƃǮƂ ŝ - įŻļį ƇáÄ ƃŇƂ Fŝ ĠƏÙųŻ ŕk Ř ƃƠÄ ƇƃƂ kŝ Q įĠÙǤ ƃŇÄ ƇáƂ ŝ 'ųĎƏƏÙĠĠĎ ŕk Ř ƃǮÄ ƇĴƂ ŝ dĎüÙĪ ŕkœ ĎįŘ ƃƠÄ Ƈƃŝ Ň÷Ǯ Qŝ ŝ ųĠŻŻļį ŕkǝÙŘ ƃƠÄ ƇáƂ 'ŝ įļƏƏĎ ŕd ųŘ ƃǮÄ ƃǮƂ ŝ -ƥĎǪĎįü ŕ-ļĠŘ ƇĴÄ ƃŇƂ kŝ ų ǪÙĠ ŕ ƥŻŘ ƃƔÄ Ƈƃŝ Ň÷Ň fŝ 'ĎŻĉÙų ƃƔÄ ƇáƂ kŝ (ųļŻ ŕ'ų Ř ƃñÄ ƇƇƂ qŝ ÙƏųǤ ŕ ÙĠŘ ƃñÄ ƇƇƂ ŝ Ùų ųÍļ ŕ'ų Ř ƇĴÄ ƃƠƂ qŝ kĎįįļƏƏ ŕ ƥŻŘ ƇáÄ ƃƔŝ Ň÷Ơ ŝ ƥųĪÙŻƏÙų ŕk Ř ƃƃÄ ƇñƂ Fŝ ' ĉų¬ųĎįü ŕkǝÙŘ ƇĴÄ ƃƔƂ dŝ ƥįįÙ ƃ÷Ä ƇáƂ fŝ f ĪŻ Ǥ ƃǮÄ ƃƠƂ ŝ WųĪŻ¬Ǥ ŕ ƥŻŘ ƃ÷Ä ƇáƂ dŝ - ųųĎįüƏļį ƃƠÄ ƃǮƂ Fŝ ųĠŻŻļį ŕkǝÙŘ ƃñÄ Ƈƃŝ Ň÷Ɣ fŝ fļ¸ĝ ƃ÷Ä ƇĴƂ kŝ kļÍÙų¬Ùųü ŕkǝÙŘ ƇƃÄ ƃƇƂ Fŝ ĎįƏĉÙų ŕ ÙįŘ ƃ÷Ä ƇĴƂ ŝ JÙÙ ƃƔÄ ƃǮƂ ŝ 'ųĎƏŻ¸ĉ ŕ įŘ ƃƠÄ ƃŇƂ kŝ Hĉ į ƃƔÄ ƃǮŝ Ň÷÷ 'ŝ üƥĎĠ ų ŕ ĉĎĠÙŘ ƃ÷Ä ƃǮƂ ŝ kƥĠĠĎǜ į ƃŇÄ ƃƔƂ qŝ ĎĝÙį

J (v WR è Ġ ¸ĝ¬ƥųį ǜ ' ĎĪ¬ĠÙÍļįÄ Ġ ¸ĝœļļĠ ǜ WǣïļųÍ vƏÍÄ ų ÍïļųÍ ǜ fļƏĉÙųĉ ĪÄ ƥųǤ ǜ dĠǤĪļƥƏĉÄ (ĎĠĠĎįüĉ Ī ǜ ĉ ųĠƏļįÄ QĎĠƏļį HÙǤįÙŻ ļįŻ ǜ fļ¸ĉÍ ĠÙÄ WĠÍĉ Ī ǜ kĉųÙǝŻ¬ƥųǤÄ dļųƏŻĪļƥƏĉ ǜ 'ĠÙÙƏǝļļÍ qļǝįÄ kļƥƏĉÙįÍ ǜ RļųƏĉ ĪœƏļįÄ ĠŻ ĠĠ ǜ dÙƏÙų¬ļųļƥüĉÄ Ďü į ǜ ųĎŻƏļĠ fļǜÙųŻŝ J (v q W è Ī¬ųĎÍüÙ vƏÍ ǜ ļǜÙįƏųǤÄ ųĠĎŻĠÙ ǜ ųįÙƏÄ ĉÙĠƏÙįĉ Ī ǜ ļĠ¸ĉÙŻƏÙųÄ ĉÙŻƏÙųðÙĠÍ ǜ ¸¸ųĎįüƏļį kƏ įĠÙǤÄ ų ǝĠÙǤ qļǝį ǜ RļƏƏŻ ļƥįƏǤÄ ǣÙƏÙų ǜ ųÙǝÙÄ (ųĎĪŻ¬Ǥ ǜ ÙļǜĎĠÄ JĎį¸ļĠį ĎƏǤ ǜ Q įŻðÙĠÍ ŕŇŝǮŘÄ QļųÙ¸ Ī¬Ù ǜ RÙǝœļųƏ ļƥįƏǤÄ dļųƏ ĠÙ ǜ 'ļųÙŻƏ (ųÙÙįÄ kǝĎįÍļį ǜ kƏÙǜÙį üÙÄ Ǥ¸ļĪ¬Ù ǜ JƥƏļįŝ df kk R FWvfR J -0(-J R J (v è 'ļųĪ ųƏĎįÙ vįĎƏÙÍ ǜ HÙĎƏĉÄ 'ļųƏ ĎĠĠĎ Ī ǜ ÙǜÙųļįǜ ĠÙÄ -ƥįƏĠǤ ǜ Ġ ¸ĉį ¸ƥÍÍĎįÄ 0įǜÙųƥųĎÙ Jļ¸ļŻ ǜ 'ļųųÙŻ QÙ¸ĉ įĎ¸ŻÄ JļŻŻĎÙĪļƥƏĉ ǜ 'ų ŻÙų¬ƥųüĉÄ R Ďųį ļƥįƏǤ ǜ ļǜÙ f įüÙųŻÄ kƏų ƏĉŻœÙǤ qĉĎŻƏĠÙ ǜ ƥ¸ĝĎÙ qĉĎŻƏĠÙÄ qƥųųĎïï vįĎƏÙÍ ǜ ųļų f įüÙųŻÄ Ď¸ĝ ¸ ÍÙĪǤ ǜ fļƏĉÙŻŝ FvR0Wfk ŕƠœĪŘ (f0JJ J (v vd è eƥ ųƏÙųčðį ĠŻÃ ƥĠƏÙų ǜ į¸ĉļųǤ kƏ qÙųį įÄ Ǥ¸Ù FƥįĎļųŻ ǜ 'ų ŻÙų¬ƥųüĉ vįĎƏÙÍÄ QļįƏųļŻÙ fļŻÙĠÙ ǜ Q ƥÍÄ kƏļįÙĉ ǜÙį ǜ 0ŻĠ ǜ ĠÙŝ ( R(0R f0R( 0Rq fčf (0WR J vd è 'ĎųŻƏ ųļƥįÍÃ ƥųüĉÙ Í qĉĎŻƏĠÙ ǜ ÙǜÙųļįŻĎÍÙÄ 0įǜÙųįÙŻŻ ĎƏǤ ǜ ĠĠļį vįĎƏÙÍÄ RÙǝ ĠüĎį ǜ įĝŻ ļŰ ÙÙÄ kƏļįÙǤǝļļÍ d ųĝǜ ĠÙ ǜ ŻƏ įÍŝ WQ0RWŰk d0 RWfq- f (0WR J vd è 'ĎųŻƏ ųļƥįÍÃ JÙǝĎŻ vįĎƏÙÍ ǜ ƥïïƏļǝįÄ RÙǝ¬ƥųüĉ qĉĎŻƏĠÙ ǜ ĉĎƏÙĉĎĠĠŻÄ kƥįįǤ¬ įĝ ǜ -ÙųĪÙŻŝ

Q¸ WWH0 ŝ WQ kvd fJ (v è ļĠļįǤ d ųĝ ǜ - ĠĠ fƥŻŻÙĠĠ vįĎƏÙÍ Q¸ WWH0 ŝ WQ '0fkq 0 0k0WR ŕ ŻƏŘ è ųƥÍÙį Ǥ ǜ ¬ÙųÍÙÙį vįĎǜÙųŻĎƏǤÄ RÙǝĪ ¸ĉ ų vįĎƏÙÍ ǜ ƥ¸ĉ įĉ ǜÙį -Ù ųƏŻŝ Q¸ WWH0 ŝ WQ '0fkq 0 0k0WR ŕ ÙŻƏŘ è ƥ¸ĝĎÙ fļǜÙųŻ ǜ R Ďųį kƏ RĎįĎ įÄ kœÙǤ ĠĠÙǤ vįĎƏÙÍ ǜ 'ļųųÙŻ qĉĎŻƏĠÙŝ f Rk-0f Q q vfk ŕƠŝǮŘ f 0R W 0q q 0k ' qfWd- è 'ĎųŻƏ ųļƥįÍÃ kƏ Q ųį įŻ ǜ 'ÙųųǤĉĎĠĠÄ f 0R W 0q q 0k df Q0 f qfWd- è ĠĠļį Ī ƏÙƥųŻ ǜ f(vŝ RWfq- kq kdWfqk R JJ Q QWf 0J0 kkW 0 q0WR qfWd- è 'ĎųŻƏ ųļƥįÍÃ ƥųüĉĪƥĎų ǜ WĠÍ ¬ÙųÍļįĎ įŻÄ kƏļįÙǤǝļļÍ ŻƏ įÍ ǜ kƏ J ƥųÙį¸ÙÄ ÙŻƏĉĎĠĠ ǜ q ųǜÙŻŝ f 0R W 0q q 0k -0q vd è 'ĎųŻƏ ųļƥįÍÃ (ĠÙįÍ ĠÙ ǜ ļį ¸¸ļųÍ ĎƏǤŝ RWfq- kq kdWfqk R JJ Q QWf 0J0 0 H0 qfWd- è 'ĎųŻƏ ųļƥįÍÃ dļǝĎŻ ǜ (ĠÙįƏ į ų fÙõÙǣÄ qļųœĉĎįŻ ǜ ļĠļįǤ d ųĝŝ f 0R W 0q q 0k kqJ fW fk vd è 'ĎųŻƏ ųļƥįÍÃ dļŻƏ Ġ ǜ vįĎǜÙųŻĎƏǤ kƏųļĠĠÙųŻŝ kW f WfJ è dųÙĪĎÙų ĎǜĎŻĎļįÃ ļǜÙ qĉĎŻƏĠÙ ǜ RÙǝƏļįĉĎĠĠÄ ļǝĎÙ qĉĎŻƏĠÙ ǜ vįĎǜÙųŻĎƏǤÄ ¸ĉƏ ǜ ļļÍŻĎÍÙŝ kW f WfJ è 'ĎųŻƏ ĎǜĎŻĎļį ŕRļųƏĉŘÃ Ù ¸ļį f įüÙųŻ ǜ kĉÙÍÍļ¸ĝŻĠÙǤÄ HĎį¸ļųƏĉ ǜ f ƏƏų ǤŰŻ 0Ä RĎ¸ļĠĠŻ Ī ƏÙƥųŻ ǜ ÙųǜĎÙ ĠÙÍļįĎ įÄ qļųųǤ Ī ƏÙƥųŻ ǜ RÙǝ¬ƥųüĉ qĉĎŻƏĠÙŝ kW f WfJ è 'ĎųŻƏ ĎǜĎŻĎļį ŕ ŻƏŘÃ

QĎĠĠ 0įį ǜ Ġ ¸ĝ¬ƥųįÄ ĠïļųÍ ǜ ÙŻƏÍǤ¸ÙÄ ųĎÍüÙ ļï ļį ǜ - ĠĠĎ¬ƥųƏļįÄ 0įŻ¸ĉ ǜ (ų įĎƏÙ ĎƏǤÄ H ĎĪĉĎĠĠ vįĎƏÙÍ ǜ ĠĠļį qĉĎŻƏĠÙÄ ÙŻƏÍǤĝÙ ǜ ļį ƏĉĠÙƏĎ¸ŝ kW f WfJ è kÙ¸ļįÍ ĎǜĎŻĎļį ŕRļųƏĉŘÃ ' ĎƏĉĠĎÙ vįĎƏÙÍ ǜ Fk ĠÄ HĎįƏļųÙ ǜ qƥųųĎïï qĉĎŻƏĠÙÄ ¬ÙųüÙĠÍĎÙ ǜ ĠĪÙÍĎÙÄ ÙŻƏ įÍ ǜ ļįƏĎįÙįƏ Ġŝ kW f WfJ è kÙ¸ļįÍ ĎǜĎŻĎļį ŕ ŻƏŘÃ Ǥ¸Ù 0 q -ǤÍų ƥĠĎ¸Ż ǜ ¬ļǤįÙÄ J ÍŻ Ġƥ¬ Ī ƏÙƥųŻ ǜ ' dļĠŻĝ Ä qļĠ¬ļļƏĉ ǜ ƥ¸ĉį ü ƏƏ ųļįŻÄ vįĎǜÙųŻĎƏǤ ļĠƏŻ ǜ (ųÙ Ə ÙŻƏÙųį vįĎƏÙÍŝ kW f WfJ è qĉĎųÍ ĎǜĎŻĎļįÃ HÙĪį Ǥ Ī ƏÙƥųŻ ǜ (ĠÙįÍ ĠÙ ļƥƏĉÄ FÙŻƥŻ -ļƥŻÙ ǜ 'ÙƥüĉŻĎÍÙÄ QĎÍÍĠÙðÙĠÍ ŻœŻ ǜ ' QƥųÍļŻÄ qĉÙļĠļüĎ įŻ ǜ (ų ĪĪ ų 'dŻÄ ÙŻƏ įÍ vįĎƏÙÍ ǜ qĉÙļĠļüĎ įŻŝ f R 0kqf0 q Fv R0J k ŇĴŻ ŕƠŝǮŘ Qvff vd è kÙ¸ƏĎļį ŇÃ HÙĪį Ǥ ǜ J ƏĉĠÙƏĎ¸Ä ÙŻƏÍǤĝÙ ǜ 'ų ŻÙų¬ƥųüĉ JĎįĝčvœŝ kÙ¸ƏĎļį Ơ œĠ ǤčļïïÃ ļǜÙ ǜ dÙƏÙųĉÙ Í dĉļÙįĎǣŝ kÙ¸ƏĎļį ƔÃ įĝŻ ļŰ ÙÙ Ġ¬Ďļį ǜ į¸ĉļųǤ üĠÙŻ ŕƔŝǮŘŝ J (v è ĠĠļį QÙ ÍļǝŻ ǜ ƥĠƏÙų ļĠƏŻÄ 0įǜÙųƥųĎÙ Jļ¸ļŻ ǜ ƥĠƏÙų ļǤŻŝ J (v è ÙųǜĎÙ ĠÙǤ ǜ QĎÍÍĠÙðÙĠÍ ŻœŻÄ kƏļįÙĉ ǜÙį ǜ -ƥįƏĠǤŝ ŇƃŻ ŕƠŝǮŘ J (v è ļĠļįǤ d ųĝ ǜ ÙŻƏÍǤĝÙÄ ļǜÙ ļƥƏĉ ǜ 'ų ŻÙų¬ƥųüĉ JĎįĝčvœÄ (ĠÙįƏ į ų ǜ ÙŻƏÍǤĝÙ qĉĎŻƏĠÙÄ JÙǝĎŻ vįĎƏÙÍ ļƥƏĉ ǜ įĝŻ ļŰ ÙÙ Ġ¬ĎļįÄ dÙƏÙųĉÙ Í ǜ ƥĠƏÙų ļǤŻŝ

kvR df Q0 f J (v è ĉÙĠŻÙ ǜ ųŻÙį Ġ ŕŇŝƔǮŘÄ Q į¸ĉÙŻƏÙų vƏÍ ǜ ǜÙųƏļį ŕ÷ŝǮŘŝ kH q J (v WR è ļį¸ ŻƏÙų ǜ k¸ƥįƏĉļųœÙŝ f R R 0kqf0 q Fv R0J k ŇñŻ ŕŇƠŝƔǮŘ k ' - JJ R( vd è dųÙĠĎĪĎį ųǤ ųļƥįÍÃ Ǥųļį QĎĠ į ǜ RÙǝƏļįĉĎĠĠŝ J (v è įĝŻ ļŰ ÙÙ Ġ¬Ďļį ǜ Ǥ¸ÙÄ 'ļųĪ ųƏĎįÙ vįĎƏÙÍ ǜ dÙƏÙųĉÙ Í F üŻÄ ÙŻƏ įÍ fÙÍŻ ǜ ÙǜÙųļįǜ ĠÙÄ ÙŻƏÍǤĝÙ ǜ -ĎĠƏļįŝ J (v è ÙÙ ǜ (ĠÙįƏ į ųÄ ĠĠļį QÙ ÍļǝŻ ǜ RÙǝĪ ¸ĉ ų vįĎƏÙÍÄ QĎįƏĠ ǝ ļǤŻ ǜ ' k ƠǮǮƔÄ kƏļįÙĉ ǜÙį ĎƏǤ ǜ 'ų ŻÙų¬ƥųüĉ JĎįĝčvœŝ J (v è ļǜÙ ǜ HĎįƏļųÙ vįĎƏÙÍÄ

ļįŻĎÍÙ FƥǜÙįĎĠÙ ǜ ÙŻƏ įÍ vįĎƏÙÍÄ -ƥįƏĠǤ ǜ ļįŻĎÍÙ vįĎƏÙÍÄ kƏļįÙĉ ǜÙį vįĎƏÙÍ ǜ ļĠļįǤ ļĠƏŻŝ Ň÷Ż ŕŇǮŝƔǮŘ J (v è į¸ĉļųǤ ļǤŻ ǜ kƏļįÙĉ ǜÙį Q ÍųĎÍÄ Ǥ¸Ù ǜ 'ų ŻÙų¬ƥųüĉ JĎįĝčvœÄ 'ļųĪ ųƏĎįÙ vįĎƏÙÍ ǜ ÙŻƏÍǤĝÙÄ JÙǝĎŻ vįĎƏÙÍ ļƥƏĉ ǜ įĝŻ ļŰ ÙÙ Ġ¬ĎļįÄ ÙŻƏÍǤĝÙ qĉĎŻƏĠÙ ǜ qĉĎŻƏĠÙŝ J (v è ļĠļįǤ d ųĝ ǜ dÙƏÙųĉÙ ÍÄ ƥĠƏÙų ļǤŻ ǜ QĎÍÍĠÙðÙĠÍ ŻœŻÄ ļįŻĎÍÙ FƥǜÙįĎĠÙ ǜ ÙŻƏ įÍÄ (ĠÙįƏ į ų ǜ ƥĠƏÙų vįĎƏÙÍÄ RÙǝƏļįĉĎĠĠ ǜ RļųƏĉŻƏ ųŝ J (v è kÙ¸ƏĎļį ŇÃ ¬ÙųÍļį ǜ RĎ¸ļĠĠŻ ļƥƏĉÄ Ǥųļį ļįŻ ǜ QƥüĎÙĪļŻŻ ļƥƏĉÄ RÙǝĪ ¸ĉ ų vįĎƏÙÍ ǜ ' ų ǜÙ üĠÙŻÄ ÙŻƏ įÍ ' fÙÍŻ ǜ ļǜÙŝ kÙ¸ƏĎļį ƠÃ ƥĠƏÙų fļ¬ fļǤ ǜ ĎƏǤ ļƥƏĉÄ ÙǜÙųļįǜ ĠÙ ǜ dļųƏĠÙƏĉÙį vįĎƏÙÍÄ HÙĪį Ǥ ǜ ĠĠļį QÙ ÍļǝŻŝ ŇƔŻ ŕŇǮŝƔǮŘ f (0WR J J (v vd è kÙ¸ƏĎļį ŇÃ Ġ ¸ĝ¬ƥųį ǜ -ƥįƏĠǤŝ kÙ¸ƏĎļį áÃ ÙÙ ǜ ÙŻƏÍǤĝÙŝ J (v è įĝŻ ļŰ ÙÙ Ġ¬Ďļį ǜ ĠĎƏÙÄ ÙǜÙųļįǜ ĠÙ ǜ JÙǝĎŻ vįĎƏÙÍ ļƥƏĉÄ ĠĠļį QÙ ÍļǝŻ ǜ 'ļųĪ ųƏĎįÙ vįĎƏÙÍÄ QĎÍÍĠÙðÙĠÍ ŻœŻ ǜ Ǥ¸Ùŝ J (v è ļĠļįǤ d ųĝ ǜ ÙŻƏÍǤĝÙ qĉĎŻƏĠÙÄ ƥĠƏÙų vįĎƏÙÍ ǜ į¸ĉļųǤ ļǤŻÄ 'ų ŻÙų¬ƥųüĉ JĎįĝčvœ ǜ ļįŻĎÍÙ FƥǜÙįĎĠÙÄ dÙƏÙųĉÙ Í ǜ kƏļįÙĉ ǜÙįŝ J (v è kÙ¸ƏĎļį ŇÃ HĎįƏļųÙ vįĎƏÙÍ ǜ 0įŻ¸ĉ ĎŻƏųĎ¸ƏÄ QĎįƏĠ ǝ ǜ RļųƏĉŻƏ ų Wų įüÙÄ RÙǝĪ ¸ĉ ų vįĎƏÙÍ ǜ HÙĪį Ǥŝ kÙ¸ƏĎļį ƠÃ ļĠļįǤ ļĠƏŻ ǜ ÙǜÙųļįǜ ĠÙ fÙÍŻÄ (ĠÙįƏ į ų ǜ RļųƏĉŻƏ ųÄ ƥĠƏÙų ÙÙŻĎÍÙ ǜ qƥųųĎïï vįĎƏÙÍŝ

'Ň ŇǮŝ÷ñ ĪÄ ĉ įįÙĠ ÷ ŇǮŝññ ĪƂ Ũƥ ĠĎïǤĎįü è ĉ įįÙĠ ÷ ŇƠŝññœĪÄ kĝǤ kœļųƏŻ 'Ň ŇœĪŝ J0R(Ã 0Īœ įĎŻč į dÙƏÙüÙĪ è ƥųļŻœļųƏ Ň ƠŝŇñœĪŝ -Wfk f 0R(Ã kƏ JÙüÙų ĪÙÙƏĎįü è kq ŇŝƔǮœĪŝ W 0R(Ã W QĎÍÍĠÙǝÙĎüĉƏ ƏĎƏĠÙÄ ĎĠĠǤ FļÙ k ƥįÍÙųŻ ǜ ĎĠĠĎÙ QļįųļÙ Fų è q kœļųƏ Ň áŝƔǮœĪŝ QWqWf J0R(Ã ļųĠÍ kƥœÙų¬ĎĝÙŻÄ Ũƥ ĠĎïǤĎįü įÍ ų ¸Ù ļįÙ ïųļĪ dļųƏƥü Ġ è ƥųļŻœļųƏ Ơ ŇǮŝ÷ñ Īŝ ųĎƏĎŻĉ kƥœÙų¬ĎĝÙŻÄ Ũƥ ĠĎïǤĎįü ïųļĪ WƥĠƏļį d ųĝ è ƥųļŻœļųƏ Ơ ÷œĪŝ qf0 q-JWRÃ ļųĠÍ (ų įÍ 'Ďį Ġ ïųļĪ fļƏƏÙųÍ Ī è Ơ ŇƠŝ÷ñœĪŝ q J q RR0kÃ ƥųļœÙ į qÙ Ī ĉ ĪœĎļįŻĉĎœŻ è ƥųļŻœļųƏ Ň ĴŝƔǮ Īŝ fqkÃ d ĉ ĪœĎļįŻ JÙ üƥÙ è Ň ŇŝŇñœĪ įÍ Ơ Ƈŝ÷ñœĪŝ

qĻĩĻŲŲĻǜ 'WWq JJÃ dųÙĪĎÙų JÙ üƥÙÄ ĉÙĠŻÙ ǜ ųŻÙį Ġ è kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ įÍ kĝǤ kœļųƏŻ dųÙĪĎÙų JÙ üƥÙ ŇƠŝƔǮœĪƂ Q į¸ĉÙŻƏÙų vįĎƏÙÍ ǜ ǜÙųƏļį è kĝǤ kœļųƏŻ dųÙĪĎÙų JÙ üƥÙ įÍ kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ ƔŝƔǮœĪŝ kÙųĎÙ Ä (Ùįļ ǜ J ǪĎļ è q kœļųƏ Ň ƃŝƔǮœĪŝ ƥįÍÙŻĠĎü Ä -ļïïÙįĉÙĎĪ ǜ -ÙųƏĉ ÙųĠĎį è q kœļųƏ Ơ ŇƠŝŇñœĪƂ ǤÙų JÙǜÙųĝƥŻÙį ǜ 'ųÙĎ¬ƥųü è q kœļųƏ Ơ ƠŝƔǮœĪƂ ļųƥŻŻĎ ļųƏĪƥįÍ ǜ ļĠļüįÙ è q kœļųƏ Ơ ÷ŝ÷ñœĪŝ JĎüƥÙ ŇÄ d ųĎŻ kƏ (ÙųĪ Ďį ǜ JǤļį è q kœļųƏ Ơ ƃŝ÷ñœĪŝ fv( vR0WRÃ dųÙĪĎÙųŻĉĎœÄ ŻœŻ ǜ - ųĠÙŨƥĎįŻ è q kœļųƏ Ň ƠŝƔǮœĪŝ qļœ Ň÷Ä f ¸Ďįü ĴƠ ǜ WǤļįį ǣ è kĝǤ kœļųƏŻ ¸ƏĎļį ŇŇŝƠñ Īŝ f0 H qÃ WįÙč Ǥ 0įƏÙųį ƏĎļį ĠÄ

0įÍĎ ǜ ƥŻƏų ĠĎ è kĝǤ kœļųƏŻ ųĎ¸ĝÙƏ áŝñǮ Īŝ (WJ'Ã J ÍĎÙŻ ƥųļœÙ į qļƥųÄ ǜĎ į ĉ ĪœĎļįŻĉĎœ è kĝǤ kœļųƏŻ (ļĠï ŇŇŝƔǮ Īŝ ƥųļœÙ į qļƥųÄ HJQ WœÙį è kĝǤ kœļųƏŻ (ļĠï ÷ŝƔǮœĪŝ d( qļƥųÄ Q ĉ ĪœĎļįŻĉĎœ è kĝǤ kœļųƏŻ (ļĠï ñœĪŝ q RR0kÃ q Ä F œ į ļĪÙįŰŻ WœÙį è q kœļųƏ Ň Ƈ ĪƂ (ƥ įüǪĉļƥ WœÙį è q kœļųƏ Ơ Ɣ ĪƂ qļų Ǥ d į d ¸Ďð¸ è q kœļųƏ Ň ÷ŝƔǮ Īŝ 'WfQvJ WR Ã kĎįü œļųÙ (ų įÍ dųĎǣÄ ų ¸Ù è kĝǤ kœļųƏŻ 'Ň ŇƠŝƔǮœĪŝ QWqWfkdWfqÃ ųĎƏĎŻĉ qļƥųĎįü ųŻ ïųļĪ kĎĠǜÙųŻƏļįÙ è 0q ÷ ŇŇ Īŝ 0įÍǤ ųÄ (ļdųļ (ų įÍ dųĎǣ ļï kļįļĪ è q kœļųƏƋƋ kdR ŇŝƔǮœĪŝ ųĎƏĎŻĉ kƥœÙų¬ĎĝÙŻ ïųļĪ WƥĠƏļį d ųĝ è ƥųļŻœļųƏ Ơ ŇœĪ įÍ ÷œĪŝ J0R(Ã fļ Í ļųĠÍ

ĉ ĪœĎļįŻĉĎœŻ ïųļĪ Rļųǝ Ǥ è ƥųļŻœļųƏ Ň ŇŇ Ī įÍ ƠŝƔǮœĪŝ QWqWf J0R(Ã ļųĠÍ kƥœÙų¬ĎĝÙŻ ïųļĪ dļųƏƥü ĠÄ ų ¸Ù Əǝļ è ƥųļŻœļųƏ Ơ ŇǮŝ÷ñ Īŝ fqkÃ d ĉ ĪœĎļįŻ JÙ üƥÙ è Ơ ŇœĪ įÍ ƇŝƔǮœĪŝ (f0 0fWRÃ R'JÄ RÙǝ WųĠÙ įŻ k ĎįƏŻ ǜ RÙǝ įüĠ įÍ d ƏųĎļƏŻ è kĝǤ kœļųƏŻ ¸ƏĎļį ñŝƔǮœĪ įÍ kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ ƃœĪƂ ÙįǜÙų ųļį¸ļŻ ǜ ĠĠ Ż ļǝ¬ļǤŻ è kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ įÍ kĝǤ kœļųƏŻ ¸ƏĎļį ĴœĪƂ ƏĠ įƏ ' Ġ¸ļįŻ ǜ (ųÙÙį Ǥ d ¸ĝÙųŻ è kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ įÍ kĝǤ kœļųƏŻ ¸ƏĎļį Ň Ī ŕQļįÍ ǤŘŝ k JJÃ QJ Ä ĠÙǜÙĠ įÍ 0įÍĎ įŻ ǜ H įŻ Ż ĎƏǤ fļǤ ĠŻ è q kœļųƏƋƋ kdR ƇœĪƂ ŻĉĎįüƏļį R ƏĎļį ĠŻ ǜ JļŻ įüÙĠÙŻ ļÍüÙųŻ è q kœļųƏ Ň Ň Ī ŕQļįÍ ǤŘŝ

'WWq JJ

f R J 0 k è ƥƏƥĪį ĪÙÙƏĎįü ŕ kk áǮ fWŘ è kĎĠǜÙų ÍĎǜĎŻĎļį è ĠüļǝįĎÙ è k¸ų Ə¸ĉ è kŝ ļļÍ áƠƂ 'ŝ kÙÙÍĉļƥŻÙ ááŝ - įÍĎ¸ œ è (ŝ WŰ ļįįÙĠĠ ŕŇƃŘ áƠƂ Jŝ Q ųįļ¸ĉ ŕŇŇŘ áƔŝ ųļįǪÙ ÍĎǜĎŻĎļį ç kĎĠǜÙų¬ƥųį ¸ļƥųŻÙ ŕ kk Ƈƃ fWŘ è k¸ų Ə¸ĉ è Jŝ kĎĪœŻļįÄ QÄ ÍĎÙ ĴƇÄ - įÍĎ¸ œ è Fŝ Ġ ĎĝĠļ¸ĝ ŕƠƠŘÄ ŝ QĎĠĠĎü į ŕƔǮŘ ƃñŝ kƏųļĝÙ üüųÙü ƏÙŻ ŕkœųĎįü įÍ ƥƏƥĪį ĪÙÙƏĎįüŻŘ è kœÙį¸Ù k ĠǜÙų è kĎĠǜÙų Ż¸ų Ə¸ĉ è kŝ ļļÍ ŇƇƃŝ HÙįį ǝ Ǥ qųļœĉǤ è kĎĠǜÙų ĉ įÍĎ¸ œ è 'ŝ kÙÙÍĉļƥŻÙ ŕñŘ ŇƇ÷ŝ kƏļƏƏ qųļœĉǤ è ųļįǪÙ Ż¸ų Ə¸ĉ è Fŝ Ġ ĎĝĠļ¸ĝ Ňá÷ŝ HÙįį ǝ Ǥ qųļœĉǤ è ųļįǪÙ ĉ įÍĎ¸ œ è Fŝ Ġ ĎĝĠļ¸ĝ ŕƠƠŘ Ň÷Ǯŝ Q¸ ļį ĠÍ ÙƏÙų įŻ qųļœĉĎÙŻ è kĎĠǜÙų ÍĎǜĎŻĎļį è JļǝÙŻƏ ĉ įÍĎ¸ œ è kŝ ļļÍ ŕŇŘ áŇŝ ųļįǪÙ ÍĎǜĎŻĎļį è JļǝÙŻƏ Ż¸ų Ə¸ĉ è Jŝ kĎĪœŻļį ĴƇŝ ĉ ĠĠÙįüÙ ļǝĠ è kĎĠǜÙų¬ƥųį ¸ļƥųŻÙ ŕ kk ƇƇŘ è Jŝ Q¸RĎǜÙį ŕŇƇŘ ƇñƂ Qŝ ļį ĠÍ ŕŇĴŘ ƇƇŝ

J (v è į¸ĉļųǤ - ǝĝŻ ǜ -ƥįƏĠǤÄ Ǥųļį ě ǣ ǜ -ĎĠƏļįÄ ĠĠļį QÙ ÍļǝŻ ǜ 'ļųĪ ųƏĎįÙ vįĎƏÙÍÄ JļįüŻĎÍÙ ǜ ļĠļįǤ ļĠƏŻÄ QĎÍÍĠÙðÙĠÍ ŻœŻ ǜ kƏļįÙĉ ǜÙįŝ ŇƇŻ ŕƠŝǮŘ J (v è įĝŻ ļŰ ÙÙ Ġ¬Ďļį ǜ ļįŻĎÍÙ FƥǜÙįĎĠÙ ŕįļļįŘÄ ÙǜÙųļįǜ ĠÙ ǜ QĎÍÍĠÙðÙĠÍ ŻœŻÄ 'ų ŻÙų¬ƥųüĉ JĎįĝčvœ ǜ į¸ĉļųǤ dƥĪ ŻÄ JÙǝĎŻ vįĎƏÙÍ ļƥƏĉ ǜ ļĠļįǤ d ųĝ ŕįļļįŘŝ J (v è Ǥųļį qĉĎŻƏĠÙ ǜ HÙĪį ǤÄ ļĠļįǤ ļĠƏŻ ǜ RÙǝĪ ¸ĉ ų vįĎƏÙÍÄ ļǜÙ ǜ HĎįƏļųÙ vįĎƏÙÍÄ (ĠÙįƏ į ų ǜ ÙŻƏÍǤĝÙÄ JļįüŻĎÍÙ ǜ dļųƏĠÙƏĉÙį ŕįļļįŘŝ J (v è ƥĠƏÙų ļ¬ų Ż ǜ (ųÙǤĉļœÙ ļǤŻÄ ÙǜÙųļįǜ ĠÙ ļĠƏŻ ǜ ƥĠƏÙų qĉĎŻƏĠÙÄ qƥųųĎïï vįĎƏÙÍ ǜ kƏļįÙĉ ǜÙį vįĎƏÙÍŝ

(v0RR kk dfWŇ÷ è ÍĎį¬ƥųüĉ ŇƃÄ ÙįÙƏƏļį qųÙǜĎŻļ ƠǮƂ RÙǝœļųƏ (ǝÙįƏ ų üļįŻ ƠŇÄ ļįį ¸ĉƏ áƂ vĠŻƏÙų ƠƃÄ k¸ ųĠÙƏŻ ƠǮŝ

kRWWH f

0R 0 R Wd R ŕ ĎŻĉ ĝĉ œ Əį ĪŘ è qĉĎųÍ ųļƥįÍÃ ŝ Q¸(ĎĠĠ ŕk¸ļŘ ¬Ù Ə -ŝ ŝ ǤļƥųĎ ŕ0ų įŘ ÷čŇƂ ĉ įü įÍ ŕ ĉĎį Ř ¬Ù Ə Hŝ ļĉÙųƏǤ ŕ ĎųÙŘ ÷čƔƂ Qŝ HĎįü ŕ įüŘ ¬Ù Ə kŝ Ďįüĉ Ī ŕ įüŘ ÷čƔƂ ƥ kĎ ŕ ĉĎį Ř ¬Ù Ə fŝ ĠÍÙį ŕ įüŘ ÷čƔƂ Fŝ -ĎüüĎįŻ ŕk¸ļŘ ¬Ù Ə Qŝ -ļĠƏ ŕ įüŘ ÷čŇƂ ŝ (ĎĠ¬ÙųƏ ŕ įüŘ ¬Ù Ə Qŝ ĠĠÙį ŕR0Ř ÷čŇƂ ŝ kĠÙŻŻļų ŕ įüŘ ¬Ù Ə kŝ QƥųœĉǤ ŕ įüŘ ÷čŇƂ Jŝ -ĎüĉðÙĠÍ ŕ įüŘ ¬Ù Ə ŝ kļįüŻÙųĪŻ ǝ Í ŕqĉ ĎŘ ÷čƠŝ eƥ ųƏÙųčðį ĠŻÃ Q¸(ĎĠĠ ¬Ù Ə ĉ įü įÍ ÷čǮƂ ƥ kĎ ¬Ù Ə (ĎĠ¬ÙųƏ ÷čǮƂ -ĎüüĎįŻ ¬Ù Ə -ĎüĉðÙĠÍ ÷čǮƂ HĎįü ¬Ù Ə kĠÙŻŻļų ÷čƠŝ

H Q (t0 oVicVeoiVQo J 0i0VQ qĻÌ ǣ 'WWq JJÃ dųÙĪĎÙų JÙ üƥÙÄ ųǤŻƏ Ġ d Ġ ¸Ù ǜ kļƥƏĉ ĪœƏļį è kĝǤ kœļųƏŻ dųÙĪĎÙų JÙ üƥÙ ŇŇŝƔǮ ĪƂ qļƏƏÙįĉ Ī ǜ kǝ įŻÙ ĎƏǤ è q kœļųƏ Ň ñœĪŝ ĉ ĪœĎļįŻĉĎœÄ ųįŻĠÙǤ ǜ ŻƏļį ĎĠĠ è kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ ñŝŇñœĪŝ R ƏĎļį Ġ JÙ üƥÙÄ JÙǤƏļį WųĎÙįƏ ǜ - ųƏĠÙœļļĠ è q kœļųƏ Ň įļļįŝ kÙųĎÙ Ä fļĪ ǜ -ÙĠĠ Ż Ùųļį è q kœļųƏ Ơ ƃŝƔǮœĪŝ ƥįÍÙŻĠĎü Ä f JÙĎœǪĎü ǜ ļųƥŻŻĎ Qļį¸ĉÙįüĠ Í¬ ¸ĉ è q kœļųƏ Ơ ñŝŇñœĪŝ f0 H qÃ qǝÙįƏǤƠǮ 0įƏÙųį ƏĎļį ĠÄ įüĠ įÍ ǜ ÙŻƏ 0įÍĎÙŻ è kĝǤ kœļųƏŻ ųĎ¸ĝÙƏ ƇœĪ įÍ kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ ƃŝ÷ǮœĪŝ fv( vR0WRÃ fƥü¬Ǥ ĉ ĪœĎļįŻĉĎœÄ RÙǝ Ù Ġ įÍ ǜ kļƥƏĉ ïųĎ¸ è kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ įÍ kĝǤ kœļųƏŻ ¸ƏĎļį á ĪƂ ƥŻƏų ĠĎ ǜ ųüÙįƏĎį č kĝǤ

kœļųƏŻ Q Ďį ǜÙįƏ įÍ kĝǤ kœļųƏŻ ¸ƏĎļį ŇǮŝ÷ñ Īŝ dųÙĪĎÙųŻĉĎœÄ JÙĎ¸ÙŻƏÙų ǜ (Ġļƥ¸ÙŻƏÙų è q kœļųƏ Ơ ƠŝƔǮœĪŝ dfWŇ÷Ä WŻœųÙǤŻ ǜ QƥįŻƏÙų è kĝǤ kœļųƏŻ ¸ƏĎļį ƔœĪƂ ųÍĎïï ĠƥÙŻ ǜ (Ġ Żüļǝ ųųĎļųŻ è k÷ ƃŝŇñœĪŝ qļœ Ň÷Ä ĠÙųĪļįƏ ƥǜÙųüįÙ ǜ ųĎǜÙ è kĝǤ kœļųƏŻ ¸ƏĎļį ƃŝ÷ǮœĪŝ fv( J (v Ã kƥœÙų JÙ üƥÙÄ ĎÍįÙŻ ǜ JļįÍļį è kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ ƔŝŇñœĪŝ (WJ'Ã J ÍĎÙŻ ƥųļœÙ į qļƥųÄ ǜĎ į ĉ ĪœĎļįŻĉĎœ è kĝǤ kœļųƏŻ (ļĠï ŇŇŝƔǮ Īŝ ƥųļœÙ į qļƥųÄ HJQ WœÙį è kĝǤ kœļųƏŻ (ļĠï ñŝƔǮœĪŝ d( qļƥųÄ Q ĉ ĪœĎļįŻĉĎœ è kĝǤ kœļųƏŻ (ļĠï ƇœĪ įÍ kĝǤ kœļųƏŻ Q Ďį ǜÙįƏ ŇǮœĪŝ q RR0kÃ q Ä F œ į ļĪÙįŰŻ WœÙį è q kœļųƏ Ň Ƈ Īŝ 'WfQvJ WR Ã kĎįü œļųÙ (ų įÍ dųĎǣ œų ¸ƏĎ¸Ù è kĝǤ kœļųƏŻ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

øƈ leXgr $ VHOO RXW 'XUKDP FURZG ZLOO EH GHQLHG D UHPDWFK EHWZHHQ %HQ 6WRNHV DQG KLV :RUOG 7ZHQW\ FRQ TXHURU &DUORV %UDWKZDLWH WRGD\ EXW (QJODQG FDSWDLQ (RLQ 0RUJDQ LQVLVWV UHVWLQJ WKH DOOURXQGHU LV WKH ULJKW GHFLVLRQ 7KH FRXQW\ KDV H[FHHG HG H[SHFWDWLRQV E\ oOOLQJ HYHU\ VHDW LQ WKH KRXVH IRU D VWDQGDORQH PDWFK WKDW OD\V EDUH WKH ODFN RI FRQWH[W EHGHYLOOLQJ WKH IRUPDW DW LQWHUQDWLRQDO OHYHO ZLWK DOPRVW WKUHH \HDUV EHIRUH WKH QH[W JOREDO WRXUQDPHQW 0DQ\ RI WKH DW WKH (PLUDWHV 5LYHUVLGH ZRXOG KDYH EHHQ DQWLFLSDWLQJ ZLW QHVVLQJ 6WRNHV UHQHZLQJ 7ZHQW\ KRVWLOLWLHV ZLWK WKH PDQ ZKR FOXEEHG KLP IRU IRXU KXJH V WR ZLQ WKH oQDO LQ .RONDWD LQ ,QGLD ODVW $SULO EXW KH KDV LQVWHDG EHHQ KDQGHG D EUHDWKHU ,Q VWDQGLQJ 6WRNHV GRZQ IURP GXWLHV DW &KHVWHU OH 6WUHHW WKH VHOHFWRUV KDYH QRW RQO\ VFXSSHUHG D JUDQG KRPHFRPLQJ IRU D PDQ ZKRVH VWRFN SURoOH DQG ZHDOWK KDYH VRDUHG VLQFH KLV QDGLU LQ (GHQ *DUGHQV EXW DOVR TXDVKHG D FRPSHO OLQJ QDUUDWLYH LQ D FRQWHVW FU\LQJ RXW IRU RQH %XW 0RUJDQ XQGHUVWDQGV WKDW WKH VKRUWHVW IRUPDW PXVW SOD\ LWV SDUW LQ (QJ ODQG V ORQJ JDPH SDUWLFX ODUO\ ZLWK DQ $XVWUDOLD WRXU RQ WKH KRUL]RQ

ųĎÙï œœÙ ų į¸ÙÃ 'ļų ÙŻƏ 0įÍĎÙŻ ¸ œƏ Ďį ųĠļŻ ų Əĉǝ ĎƏÙ

k, FDQ VHH ERWK VLGHV RI LW RI FRXUVH SHRSOH ZDQW WR VHH KLP SOD\ y KH VDLG k$QG LI WKHUH ZDVQ W DQ LQMXU\ ULVN GRZQ WKH OLQH RU D KXJH $VKHV WRXU FRPLQJ XS SRWHQWLDOO\ KH PLJKW EH DEOH WR SOD\ ,W V XQIRUWXQDWH LW KDV WR EH D JDPH DW KLV KRPH JURXQG EXW ZH KDYH WR VWD\ VWURQJ ZLWK WKH GH FLVLRQV DQG WKH SODQV ZH KDYH VR GRZQ WKH OLQH ZH GRQ W UHJUHW SOD\LQJ KLP LQ D RQH RII JDPH y 7KH 'XEOLQHU EUXVKHG DVLGH VXJJHVWLRQV 6WRNHV YHUVXV %UDWKZDLWH PHDQW DQ\WKLQJ ZLWK WKH SDLU KDYLQJ DOUHDG\ IDFHG RII LQ RYHU FULFNHW VLQFH WKHLU PRVW IDPRXV PHHWLQJ k,W V QRWKLQJ WR XV y KH VDLG k,W V D ORQJ WLPH DJR %HQ KDV OHDUQHG D ORW

E`u ³ Øuùu u 3 ° EÅ¶Ýx âĀ ° Åøîâ ³ ³¢k ³Ø 3é³¡uÝ î î¥x ÝE`x ¶`øâ ¶° 'VePtJ VQ

Ø `¡uéh ¢Ek ØuÝé E¢¢Ø³òkuØ ³Ø 5úuéüðĂ

ůxıñľŵƑƧı ƑÛ ĐƑċ ŽƑľ®Û þ ĬÛ ƑċĐŽ ċľĬÛþŵľƧıÏŰ VLQFH WKHQ EHFRPH D PRUH VHQLRU PRUH H[SHULHQFHG SOD\HU DQG KH V EHWWHU IRU WKH H[SHULHQFH k:H SOD\HG :HVW ,QGLHV LQ 0DUFK DQG %HQ ERZOHG DW &DUORV DQG KH JRW KLP RXW LQ WKH ODVW JDPH y %UDWKZDLWH PD\ KDYH HWFKHG KLPVHOI LQWR 7ZHQ W\ KLVWRU\ ZLWK KLV EUXWDO ODVW RYHU DVVDXOW \HW ZKLOH 6WRNHV KDV EHFRPH RQH RI WKH JDPH V JUHDW DOOURXQG HUV DQG DQ ,QGLDQ 3UHPLHU /HDJXH 093 WR ERRW WKLQJV KDYH KDUGO\ WDNHQ RII IRU WKH ELJ KLWWLQJ %DMDQ +H LV QRW FXUUHQWO\ SDUW RI WKH RQH GD\ LQWHUQDWLRQDO VTXDG DQG ZLOO p\ KRPH DIWHU FDSWDLQLQJ WKLV VROL WDU\ PDWFK DQG KDV RQO\ UDUHO\ IRXQG KLV EHVW IRUP VLQFH ZLQQLQJ WKH WURSK\ IRU KLV FRXQWU\ k,W V VRPHWKLQJ , FDQ W JHW DZD\ IURP WKH\ HYHQ KDYH XV SOD\LQJ DW KLV KRPH JURXQG y KH VDLG k6RFLDO PHGLD ZRQ W OHW PH IRUJHW LW WKHUH V EHHQ D IHZ YLGHRV JRLQJ DURXQG RI ODWH ,W ZDVQ W MXVW D ERXQG DU\ RU D LW ZDV IRXU LQ D URZ ,W ZDV RQ WKH VWDJH LW

FvQd qW 0qÃ įüĠ įÍ ¸ œƏ Ďį ļĎį Qļųü į Ďį Əų ĎįĎįü Ə ĉÙŻƏÙųčĠÙčkƏųÙÙƏ ǤÙŻƏÙųÍ Ǥ ZDV LW ZDV DJDLQVW (QJODQG DQG LQ ,QGLD k,W LVQ W VRPHWKLQJ WKDW ZLOO EH IRUJRWWHQ IRU D OLWWOH ZKLOH EXW , NQRZ LW SURE DEO\ ZLOO QHYHU KDSSHQ DJDLQ VR LW V DERXW PH EHLQJ DV FRQVLVWHQW DV , FDQ QRZ k, VWLOO FDQ W EHOLHYH LW KDSSHQHG EXW WKDQNIXOO\

ZH KDYH D 7ZHQW\ :RUOG &XS DQG , KDYH D IDQWDVWLF VWRU\ WR WHOO P\ NLGV ZLWK WKH YLGHR IRRWDJH WR SURYH , P QRW WHOOLQJ D OLH k, MXVW ZDQW WR PRYH RQ LQ P\ FDUHHU ,W ZDV D IDQ WDVWLF DFKLHYHPHQW DQG , P SULYLOHJHG , ZDV WKH RQH WR PDNH LW SRVVLEOH EXW WKH

FDUHHU JRHV RQ ORQJ DIWHU WKDW y -DVRQ 5R\ LV H[SHFWHG WR RSHQ IRU (QJODQG SXVKLQJ KLV FDVH IRU D UHWXUQ WR WKH RYHU VLGH IRU WKH oUVW WLPH VLQFH EHLQJ GURSSHG LQ WKH &KDPSLRQV 7URSK\ 7KHUH ZLOO DOVR EH DQ RWKHU FKDQFH IRU 6XUUH\ V

7RP &XUUDQ WR VKRZ KLV LQWHUQDWLRQDO FUHGHQWLDOV DIWHU WDNLQJ oYH ZLFNHWV LQ KLV oUVW GRXEOH KHDGHU DJDLQVW 6RXWK $IULFD <RUNVKLUH OHJ VSLQQHU $GLO 5DVKLG ZLOO DOVR UHWXUQ WR FHQWUH VWDJH KDYLQJ EHHQ DEVHQW IURP WKH 7HVW PDWFK WHDP DOO VXPPHU

Eî xÝ E°n â¶° ° 1¶ÿxÝâ «xnE¥ ø°î E E °âî ° øââ x i-0Qo )RUPHU 2EDQ &DPDQDFKG VWDOZDUW 6WHYHQ 6ORVV KDV PDGH D FRPHEDFN VR KH FDQ SOD\ DORQJVLGH KLV \HDU ROG VRQ 'DQLHO %RWK ZLOO SOD\ IRU /RFK VLGH 5RYHUV DJDLQVW .LQJ XVVLH LQ WRGD\ V $EHUGHLQ &RQVLGLQH 6XWKHUODQG &XS oQDO DW )RUW :LOOLDP k6WHYHQ SOD\HG ZKHQ 2EDQ ZRQ WKH &DPD QDFKG &XS LQ DQG WKHQ JDLQHG D 6XWKHUODQG

&XS ZLQQHU V PHGDO D \HDU ODWHU y VDLG 5RYHUV PDQDJHU *DUHWK (YDQV k1RZ RQ WKH WK DQQLYHUVDU\ RI /RFKVLGH V ODVW ZLQ LQ WKH WRXUQDPHQW KH V EDFN DQG ZLOO SOD\ IXOO EDFN 1LQH \HDUV DJR 6WHYHQ JDYH XS WKH JDPH ZKHQ KH ZDV EXW ZH UH GHOLJKWHG WR KDYH KLP EDFN DQG KH V PDGH D PDVVLYH GLIIHUHQFH WR XV k+H ZDQWHG WR SOD\ ZLWK 'DQLHO ZKR LV JRLQJ WR EH D UHDOO\ WHUULoF SOD\HU ,W ZRXOG EH JUHDW LI WKH\ FRXOG SLFN XS PHGDOV WRJHWKHU y

0LFKDHO 0DF4XHHQ KDG GULIWHG RXW RI VKLQW\ EXW (YDQV SHUVXDGHG KLP EDFN WKUHH \HDUV DJR DQG QRZ KH LV FDSWDLQ DV 5RYHUV JR IRU WKHLU oUVW 6XWKHUODQG VXFFHVV VLQFH EHDWLQJ *OHQ JDUU\ LQ WKH oQDO DO WKRXJK WKH\ ZHUH UXQQHUV XS WZR \HDUV DJR k0LFKDHO DQG 6WHYHQ DUH ZLWK ,DLQ 0DFPLOODQ RXU WKUHH ROG KHDGV EXW WKH UHVW RI RXU SOD\HUV DUH XQGHU y VDLG (YDQV 'DQLHO 0DF&XLVK DQ 2EDQ &DPDQDFKG UHJXODU

( ųÙƏĉ ǜ įŻ EXW HOLJLEOH DV KH LV VWLOO DQG \HDU ROG &UDLJ 0RU ULVRQ DQG /HZLV %XFKDQDQ

ZLOO OLQH XS IRU /RFKVLGH KDOI RI ZKRVH WHDP DUH LQ WKH XQGHU VLGH .LQJXVVLH PDQDJHU $OO\ 0DFOHRG KDV IRXU \HDU ROGV q '\ODQ %RUWKZLFN KLV FRXVLQ /LDP %RUWKZLFN .LHUDQ 0DF3KHUVRQ DQG %UDGOH\ +DUYH\ +H FDQ DOVR FDOO RQ WZR VRPHWKLQJV IRUPHU oUVW WHDP IDYRXULWHV 5RU\ )UDVHU DQG .HYLQ 7KDLQ ZKR DUH OLNHO\ WR oJXUH IURP WKH EHQFK 5RU\ V \HDU ROG VRQ 6RPKDLUOH ZLOO FDSWDLQ WKH

VLGH DQG SOD\ DW ZLQJ EDFN )LUVW WHDP IRUZDUGV =DQGHU 0LFKLH 5RGG\ <RXQJ DQG 5XDULGK $QGHUVRQ DUH DOO DQG KDYH JDLQHG UHPDUN DEOH VHQLRU H[SHULHQFH IRU WKHLU DJH DQG WKH\ ZLOO EH D PDMRU WKUHDW WR /RFKVLGH KRSHV %HDWHQ E\ 1HZWRQ PRUH LQ ODVW \HDU V oQDO WKH .LQJXVVLH \RXQJVWHUV DUH RXW WR WDNH WKH WURSK\ EDFN WR WKH 'HOO DIWHU D oYH \HDU ZDLW 7KH\ KDYH ZRQ WKH WURSK\ QLQH WLPHV WR /RFKVLGH V VHYHQ

E« ¥î¶°

&KDPSLRQVKLS OHDGHU /HZLV +DPLOWRQ FRXOG RQO\ FORFN WKH WKLUG IDVWHVW WLPH LQ 6LQJDSRUH DV $XVWUDOLDQ 'DQLHO 5LFFLDUGR FRPSOHWHG D SUDFWLFH GRXEOH RQ DQ LPSUHVVLYH GD\ IRU KLV 5HG %XOO WHDP 5LFFLDUGR VHW WKH IDVWHVW ODS LQ RSHQLQJ SUDFWLFH EHIRUH KH ZHQW HYHQ TXLFNHU XQGHU WKH OLJKWV RI WKH 0DULQD %D\ FLUFXLW WR o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oUVW WLPH WKLV VHDVRQ IROORZLQJ KLV WULXPSK DW WKH ,WDOLDQ *UDQG 3UL[ D IRUWQLJKW DJR ZDV UHOLHYHG WR KDYH VHHQ 9HWWHO EHKLQG KLP ZLWK 0HUFHGHV EUDFHG IRU D GLIoFXOW ZHHNHQG RI GULYLQJ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

leXgr øƄ

>uÝéú³³k uEÝuÝ é³ é é¢u ØE¨u òØ³ÀuE 5³òØh @³ò Øu` ¨E 3éE¢éuØ uEkÝ # u¢k E éuØ Ekk ¨ÀØuÝÝ ùu ãá /HH :HVWZRRG PRYHG LQWR FRQWHQWLRQ DW WKH ./0 2SHQ ZLWK D ERJH\ IUHH VHF RQG URXQG RI ZKLFK OHIW KLP WKUHH VWURNHV RII WKH OHDG DW WKH KDOIZD\ VWDJH :HVWZRRG FDUGHG VL[ ELUGLHV WR oQLVK RQ VHYHQ XQGHU SDU DV )UHQFKPDQ -RHO 6WDOWHU DGGHG D WR KLV RSHQLQJ URXQG WR HPHUJH DV WKH FOHDU OHDGHU :LWK EDG ZHDWKHU KDYLQJ FDXVHG DQ HDUO\ VXVSHQVLRQ RI SOD\ RQ 7KXUVGD\ RUJDQ LVHUV VWUXJJOHG WR FDWFK XS ZLWK KDOI WKH oHOG XQDEOH WR FRPSOHWH WKHLU VHFRQG URXQGV GXH WR GDUNQHVV 5RRNLH 6WDOWHU LV QRZ LQ D VWURQJ SRVLWLRQ WR FODLP KLV ILUVW (XURSHDQ 7RXU WLWOH RQH VWURNH DKHDG RI 7KDLODQG V .LUDGHFK $SKLEDUQUDW ZLWK *HUPDQ 6HEDVWLDQ +HLVHOH D IXUWKHU VWURNH EDFN 6WDOWHU FDUGHG VHYHQ

0Q iiV 0 o0VQ 0o-

ELUGLHV DV KH FRPSOHWHG KLV RSHQLQJ URXQG HDUO\ \HVWHUGD\ PRUQLQJ ZLWK KLV VROLWDU\ EOHPLVK FRP LQJ ZLWK D ERJH\ RQ WKH oQDO KROH 7KH 'XWFKPDQ UHFRY HUHG WR SURGXFH DQ LQFUHDV LQJO\ VWURQJ VKRZLQJ LQ WKH VHFRQG URXQG RYHUKDXOLQJ $SKLEDUQUDW V OHDG ZLWK

ů2ŕĢ ǧÛÏŵÛ ĢĢǧ ŽľĢĐÏ ıÏĐƑǠ Ž ƑľƧþċ ƑƑċÛ ®ÛþĐııĐıþŰ D UXQ RI VL[ ELUGLHV LQ KROHV 6WDOWHU VDLG k, SOD\HG UH DOO\ VROLG DQG LW ZDV WRXJK DW WKH EHJLQQLQJ , JDYH XS WZR VKRWV EXW WKHQ , UHDOO\ JRW LW EDFN VWURQJ k,W V WRR EDG EHFDXVH , PD\EH FRXOG KDYH KDG D FRXSOH PRUH ELUGLHV DW WKH HQG EXW LW ZDV D UHDOO\ JRRG URXQG DQG , P UHDOO\ SURXG RI P\VHOI EHFDXVH LW ZDV D UHDOO\ ORQJ GD\ k, YH EHHQ LQ WKLV VLWXD WLRQ EHIRUH VR , NQRZ ZKDW

0Qdf kk0 f qvfRÃ 'ųļĪ k¸ļƏĠ įÍŰŻ Q ų¸ ųųÙįÄ ǝĉļ ĉ Ż ŻƏųƥüüĠÙÍ ļį ƏĉÙ ƥųļœÙ į qļƥų ƏĉĎŻ ŻÙ Żļį WR H[SHFW IRU WKH ZHHNHQG EXW WKH JRDO LV WR EH RQ WRS RI WKH OHDGHUERDUG RQ 6XQGD\ y 6FRWODQG V 0DUF :DUUHQ JXDUDQWHHG KLPVHOI ZHHN

HQG ZRUN IRU RQO\ D VHYHQWK RFFDVLRQ WKLV VHDVRQ WKDQNV D URXVLQJ +LV HIIRUW HQGHG D UXQ RI WZR PLVVHG FXWV DV :DUUHQ ZKR KDV VOXPSHG WR ZRUOG

QXPEHU KDV QRZ PDGH WKH FXW LQ MXVW VHYHQ RI 7RXU HYHQWV WKLV VHDVRQ $SKLEDUQUDW VDLG k, P VWDUWLQJ WR UHDOO\ IHHO WKH EHQHoW RI ZRUNLQJ ZLWK

0LNH :DONHU DQG 3HWH &RZ DQ , KDYH EHHQ ZRUNLQJ ZLWK WKHP VLQFH WKH VWDUW RI WKH \HDU DQG KDYH PDGH VR PDQ\ JRRG FKDQJHV k7KH\ QHDUO\ UXLQHG PH

EÅîE °Úâ ÅÝ nx Eâ M ¥xEn (VJ'QVo i &DSWDLQ $OEHUW 0DF .HQ]LH ZDV SURXG RI KLV *UHDW %ULWDLQ DQG ,UHODQG VLGH DIWHU WKH\ VXUJHG LQWR WKH OHDG DW WKH HQG RI WKH oUVW GD\ RI WKH 3*$ &XS DW )R[ KLOOV &OXE DQG 5HVRUW LQ 6XUUH\ 7KH *% , FDSWDLQ ZDWFKHG LQ GHOLJKW DV KLV VLGH RYHUWXUQHG D GHoFLW IURP WKH PRUQLQJ V IRXUEDOO SOD\ GHOLYHULQJ D OHDG DIWHU WKH DIWHUQRRQ V IRXUVRPHV DFWLRQ %DQFKRU\ V *UHLJ +XWFKHRQ SDUWQHUHG ,UHODQG V 'DPLHQ 0F*UDQH WR GHIHDW LQ WKH PRUQLQJ IRXUEDOO PDWFK DW WKH KDQGV RI 5RG 3HUU\ DQG -DPLH %URFH DQG 0DF.HQ]LH IURP +RSHPDQ VDLG k, P YHU\ SURXG RI WKH SOD\HUV 6HVVLRQ WZR ZDV JRLQJ WR EH SLYRWDO DIWHU ZKDW KDSSHQHG WKLV PRUQLQJ y 3DUN 6XQJ K\XQ WRRN DGYDQWDJH RI D UHSULHYH ZKHQ WKH (YLDQ FKDPSLRQVKLS oQDOO\ JRW JRLQJ 7KH 6RXWK .RUHDQ ZDV VL[ RYHU DIWHU oYH KROHV ZKHQ EDG ZHDWKHU DW

(YLDQ OHV %DLQV )UDQFH IRUFHG WKH DEDQGRQ PHQW RI WKH oUVW URXQG RQ 7KXUVGD\ 2IoFLDOV VXEVHTXHQW O\ GHFLGHG DOO VFRUHV VKRXOG EH HUDVHG DQG IRU WKH HYHQW WKH oQDO PDMRU RI WKH \HDU WR EH UHVWDUWHG DV D KROH FRPSHWLWLRQ 3DUN IDUHG PXFK EHW WHU VHFRQG WLPH DURXQG DV VKH FDUGHG VHYHQ ELUGLHV DQG DQ HDJOH WR WDNH D WZR VKRW OHDG ZLWK DQ HLJKW XQGHU SDU 3HWHUKHDG V 5RVV &DPHURQ ZDV WKH RQO\ QRUWK HDVW SOD\HU WR oJXUH DPRQJ WKH VL[ 6FRWV ZKR DGYDQFHG WR VWDJH WZR IURP WKH (XURSHDQ 7RXU 4XDOLI\ LQJ 6FKRRO HOLPLQDWRUV DW 5R[EXUJKH +RWHO DQG )OHHVHQVHH LQ *HUPDQ\ \HVWHUGD\ +H VHFXUHG KLV SODFH LQ WKH WRS ZLWK D oQDO URXQG RI IRU D WRWDO RI oYH XQGHU SDU DIWHU HDUOLHU VFRUHV RI DQG 3KLOLS 0F/HDQ DOVR IURP 3HWHUKHDG DQG %DQFKRU\ V &KULV 5REE 0HOGUXP +RXVH

PLVVHG RXW ZLWK WKHLU MRLQW VW oQLVK RQ WZR XQGHU

7KH 1DLUQ WHDP RI -DPLH 0DFLQWRVK /R JDQ *LOOLHV &DOXP 6FRWW DQG +DPLVK 0F&ROP EHDW WKH KROGHUV 1DLUQ 'XQEDU E\ IRXU KROHV LQ WKH oUVW URXQG RI WKH 1RUWKHUQ &RXQWLHV &XS WRXUQDPHQW DW 0RUD\ *ROI &OXE /RVVLHPRXWK 7KH 1DLUQ SDLULQJ RI 0DFLQWRVK DQG *LOOLHV ZRQ WKH ODVW oYH KROHV WR JR oYH XS DQG ZHUH OHYHO SDU DW WKH oQLVK LQ KRUUHQGRXV FRQGLWLRQV ZKLOH 6FRWW DQG 0F&ROP ORVW E\ KROH 2WKHU JRRG ZLQV IRU VHFRQG WHDPV ZHUH 5R\ DO $EHUGHHQ EHDWLQJ 1HZPDFKDU DQG 0RUD\ EHDWLQJ )RUWURVH DQG 5RVHPDUNLH WKH ZLQQHUV -DPHV *UDQW WKH KRVW FOXE FDSWDLQ DQG LQ KLV oUVW VHDVRQ DV D VHQLRU q ZRQ WKH 1RUWK 'LVWULFW VHQLRUV FKDP SLRQVKLS IRU WKH 0DFDO ODQ 7URSK\ DW %RDW RI *DUWHQ *ROI &OXE +H KHDGHG D oHOG RI ZLWK D VFUDWFK URXQG RI WR ZLQ E\ WZR VWURNHV IURP /DXULH &KDQFHOORU ,QYHUQHVV WZLFH WKH ZLQQHU LQ WKH SDVW WKUHH \HDUV ZLWK $OLVWDLU $GDP 1DLUQ

WKLUG ZLWK D

# &! $ ! " $ # !

# !

# # #

$ !

# !

&! ! & # # $ ! $ ! " $ # !

! # !

! # %% $

% %% ! =Z_Vd `aV_ ) R^ ' a^ >`_URj e` 7cZURj R_U * R^ & a^ `_ DRefcURjd

$$$ # @WWVc dfS[VTe e` RgRZ]RSZ]Zej R_U `aV_ e` F< cVRUVcd `_]j A]VRdV R]]`h #) URjd W`c UV]ZgVcj @WWVc T]`dVd $! "! "(

ZLWK DOO WKH ZRUN , KDYH KDG WR GR EXW QRZ LW LV VWDUWLQJ WR IHHO UHDOO\ JRRG , QHHG WR QRZ VWDUW DLPLQJ KLJK DQG ZLQQLQJ WRXUQDPHQWV PRUH RIWHQ y

" %

" $ !

! #

! %%

!! # # &! %

" $ $ !

$ ! # !

# $ $ #

! %

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

øâ leXgr

'0eio ' oÀ 0Q te(-' JJoV-VP oe 0iVJVii ÍĎį¬ƥųüĉ ŻƥïïÙųÙÍ ƏĉÙĎų ðųŻƏ ÍÙïÙ Ə ļï ƏĉÙ dųļŇ÷ ¸ Īœ Ďüį ǝĉÙį ƏĉÙǤ ǝÙųÙ ¬Ù ƏÙį ƠǮčŇƃ Ə ĉļĪÙ ¬Ǥ ÙįÙƏƏļį qųÙǜĎŻļŝ ÍĎį¬ƥųüĉ ĠÙÍ Ə ĉ ĠïčƏĎĪÙ Əĉųļƥüĉ ¬ų ¸Ù ļï ƏųĎÙŻ ïųļĪ ĉųĎŻ Ù įÄ ¬ļƏĉ ¸ļįč ǜÙųƏÙÍ ¬Ǥ ƥį¸ į ÙĎųÄ ǝĉĎĠÙ ƏĉÙ ǜĎŻĎƏļųŻ ųÙŻœļįÍÙÍ ǝĎƏĉ Əļƥ¸ĉÍļǝį ïųļĪ įüÙĠļ ŻœļŻĎƏļÄ ǝĉĎ¸ĉ 0 į Q¸HĎįĠÙǤ ¸ļįǜÙųƏÙÍ ¬ÙïļųÙ ÍÍĎįü œÙį ĠƏǤŝ ŻœļŻĎƏļ Ī ÍÙ ĎƏ Íļƥ¬ĠÙ Ďį ƏĉÙ ŻÙ¸ļįÍ ĉ Ġï įÍ Q¸HĎįĠÙǤ ÍÍÙÍ ƏĉÙ ¸ļįǜÙųŻĎļį Ż ǝÙĠĠ Ż œÙį ĠƏǤ Əļ ĉ įÍ ÙįÙƏƏļį į Íǜ įƏ üÙ ǝĉĎ¸ĉ ǝ Ż ¸ƥƏ Əļ ƏĉųÙÙ œļĎįƏŻ ïļĠĠļǝĎįü ÙĎų œÙį ĠƏǤŝ ÍĎį¬ƥųüĉ ĉ Í ÙįěļǤÙÍ ƏĉÙ ƏÙųųĎƏļųĎ Ġ Íǜ įƏ üÙ ¬ƥƏ ĎƏ ǝ Ż ƏĉÙ ŇáƏĉ ĪĎįƥƏÙ ¬Ùč ïļųÙ ƏĉÙǤ ðį ĠĠǤ ¸ļįǜÙųƏÙÍ Əĉ Ə ŻƥœÙųĎļųč ĎƏǤ ĎįƏļ œļĎįƏŻŝ fļ¬¬ĎÙ 'ųƥÙ į ų ¸ÙÍ ĎįƏļ Żœ ¸Ù įÍ ïųÙÙÍ Ù į ǝĎƏĉ ¬ƥĠĠÙƏ œ ŻŻŝ ÙĎų ¬ įüÙÍ ļǜÙų ƏĉÙ Əļƥ¸ĉĠĎįÙ ¸ļįǜÙųč ŻĎļįŝ qĉÙ Ə ĠĠǤ Íļƥ¬ĠÙÍ ŻĎǣ ĪĎįƥƏÙŻ

RW q-fWv(-Ã ÍĎį¬ƥųüĉŰŻ fļŻŻ 'ļųÍ ¸ įįļƏ üÙƏ œ ŻƏ ƏĉÙ Ī ŻŻÙÍ ų įĝŻ ļï ƏĉÙ ÙįÙƏƏļį qųÙǜĎŻļ ÍÙïÙį¸Ù

( .

! !(

! !& ! ! ! !& $!! ! ! ! ! 4 - % $ ! % ! ! $! !

' & ! '! !& % ( $ ! %

! ! & ! ) # # " "" ! "# " " " * #

(* #

. &" "" &."" .8*5#( & ) ' #( 1 *, ( '" ,' 2 ;1 : %- & 1 ! 9 ;*80 0 #53 #5 0 5 #&1 5* ! ( &&1 *15 +6,3'#( ,&81 ;*80 ,!*( *', (;/1 11 ! 0 -

$ %% !+$ ! $ & ) ' !- & $ ! ) )

,,,# $ !+$ ! $%# !#+ ' -----------------------------------------------------------------------------------------------

0 11 --------------------------------------------------------------------------------------------

:( !#(*1 0 ,!#5 !#(*1 9; !#(*1 #015 #0 *( #0

---------------------------------------------------------------------------------------------------------------------------------------------------------------- *15 * ---------------------------------- & ,!*( ---------------------------------------------------------------------------------------- ' #& 0 11 ----------------------------------------------------------------------------------

*15 %#( *5 & *15 0 0

+ + + + + +

3 3 3 3 3

47 -)) 47 -)) 47 -)) " 4 <-<<

4 -

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

Ġ ƏÙų ÙĎų ÍÙĠĎǜÙųÙÍ ƏĉÙ Ż¸ļųĎįü œ ŻŻ ïļų Ù į Əļ Í ųƏ Ďį ïļų ŻÙ¸ļįÍ ƏĎĪÙÄ ƏĉÙį ÍÍÙÍ ƏĉÙ ¸ļįǜÙųŻĎļįŝ qĉÙ 0Ə ĠĎ įŻŰ ðųŻƏ ŻƥŻƏ ĎįÙÍ ŻŻ ƥĠƏ ļį ƏĉÙ ĉļĪÙ ÍÙïÙį¸Ù ǤĎÙĠÍÙÍ ƏųǤ Ż ŻœļŻĎƏļ ¸ų ŻĉÙÍ ļǜÙųŝ ÙįÙƏƏļį ÙįÍÙÍ ƏĉÙ ĉ Ġï ǝĎƏĉ Ň÷ ĪÙį ïƏÙų įüěÙĠ Q ĝÙĠ ų ǝ Ż ǤÙĠĠļǝ ¸ ųÍÙÍ ¬ƥƏ ƏųĎĪĪÙÍ ƏĉÙ ÍÙð¸ĎƏ Əļ ïļƥų œļĎįƏŻ ǝĎƏĉ ¸ĠļŻÙčų įüÙ œÙį ĠƏǤ ¬Ǥ Q¸HĎįĠÙǤŝ ÙįÙƏƏļį ĪļǜÙÍ Əļ ǝĎƏĉĎį œļĎįƏ ǝĉÙį Q¸HĎįĠÙǤ Ġ įÍÙÍ ĉĎŻ ŻÙ¸ļįÍ œÙį ĠƏǤ ïƏÙų Q üįƥŻ ų Í¬ƥųǤ Ù ųįÙÍ ǤÙĠĠļǝ ïļų ĝĎ¸ĝĎįü ƏĉÙ ¬ ĠĠ Ďį ųƥ¸ĝŝ qĉÙ ǜĎŻĎƏļųŻ ĪļǜÙÍ Ďį ïųļįƏ ïƏÙų ñŇ ĪĎįƥƏÙŻŝ œƏ Ďį Ù į ƥÍÍ ¸ ųųĎÙÍ ƏĉÙ ¬ ĠĠ ĎįƏļ ¸ļįƏ ¸Ə įÍ ǝĉÙį ĎƏ ǝ Ż ųÙ¸Ǥ¸ĠÙÍÄ ĠļļœĎįü œ ŻŻ ïļƥįÍ ŻœļŻĎƏļ Ďį Żœ ¸Ù įÍ ƏĉÙ ǝĎįüÙų ŻœųĎįƏÙÍ Ďį ïļų ¸ļįǜÙųƏÙÍ ƏųǤŝ ÍĎį¬ƥųüĉ ¸Ġ ǝÙÍ ¬ ¸ĝ ƏĉųÙÙ œļĎįƏŻ ǝĎƏĉ œÙį ĠƏǤ ¬Ǥ ÙĎų įÍ ĪļƥįƏÙÍ ŻƏųĎįü ļï ƏƏ ¸ĝŻ Əĉ Ə ųÙœÙ ƏÙÍĠǤ ïļƥįÍč ÙųÙÍ ÍÙŻœĎƏÙ ǤÙĠĠļǝ ¸ ųÍŻ ïļų ĉÙųĎï qų ļųÙ įÍ Ġ¬ÙųƏļ Ù Q ų¸ĉĎŝ

³Ý ú 3uü¨³òØ Ý VE`¡ ØEü ³Ø ¢EÝ ³ú /Ø³º h 3`³é¢Ek éuØEé ³E¢ Ýué ³Ø ØÝé ÝéEØé ³ ÝuEÝ³ ³Ø >EØØ ³ØÝ 6FRWODQG LQWHUQDWLRQDO 7RPP\ 6H\PRXU ZLOO PDNH KLV oUVW DSSHDUDQFH RI WKH VHDVRQ ZKHQ *ODVJRZ WU\ WR FRQWLQXH WKHLU UHFRUG LQ WKH 3UR LQ &DUGLII WRQLJKW 7KH %ULWLVK DQG ,ULVK /LRQV ZLQJ ZKR ZDV JLYHQ H[WUD WLPH RII IROORZLQJ KLV VXPPHU H[HUWLRQV LQ 1HZ =HDODQG MRLQV /HH -RQHV DQG $EHUGRQLDQ 5XDULGK -DFNVRQ LQ WKH EDFN WKUHH +HDG FRDFK 'DYH 5HQ QLH VDLG k,W V JUHDW WR KDYH 7RPP\ EDFN +H V D UHDOO\ JRRG oQLVKHU D JUHDW FRP PXQLFDWRU DQG LV FHUWDLQO\ YHU\ FRPSHWLWLYH k+H V EHHQ ZRUNLQJ KDUG LQ WUDLQLQJ DQG QRZ KH JHWV WKH FKDQFH WR JHW RXW DQG SOD\ D ELW RI IRRW\ EDFN LQ WKH MHUVH\ y /RFN 7LP 6ZLQVRQ ZLOO PDNH KLV WK :DUULRUV DSSHDUDQFH KDYLQJ SUHYL RXVO\ UDFNHG XS JDPHV IRU 3UHPLHUVKLS FOXE 1HZ FDVWOH 5HQQLH VDLG k,W V D JUHDW RFFDVLRQ IRU 7LP DQG KLV IDPLO\ 7R SOD\ JDPHV

fÙ ÍǤ Əļ ŻƏ ųƏÃ (Ġ ŻüļǝŰŻ qļĪĪǤ kÙǤĪļƥų IRU WZR FOXEV LV D KHFN RI DQ DFKLHYHPHQW DQG VKRZV KLV GXUDELOLW\ k+LV SK\VLFDOLW\ DQG FRPSHWLWLYH HGJH LV PDVVLYH IRU WKH UHVW RI WKH SOD\HUV DQG LW V JUHDW WKDW KH JHWV WR MRLQ D SUHWW\ HOLWH FOXE y )ODQNHU 0DWW )DJHUVRQ FRPHV LQ IRU FDSWDLQ 5\DQ :LOVRQ IROORZLQJ ODVW ZHHN HQG V YLFWRU\ DJDLQVW 2VSUH\V ZLWK +HQU\ 3\UJRV WDNLQJ WKH DUPEDQG ZKLOH 1LFN *ULJJ FRPHV LQWR PLG oHOG 5HSODFHPHQWV 1LNR 0DWDZDOX $OH[ $OODQ DQG &KULV )XVDUR DUH LQYROYHG IRU WKLV oUVW WLPH WKLV VHD

VRQ 5HQQLH VDLG k1LNR KDV EHHQ D UHDO KDQGIXO RQ WKH WUDLQLQJ SLWFK VLQFH FRP LQJ EDFN k+H V JRW D JUHDW SHU VRQDOLW\ DQG WKH SOD\HUV ORYH KLP DQG LW LV JUHDW WR VHH KLP EDFN LQ *ODVJRZ FRORXUV k:H HQGHG XS ZLQQLQJ ZHOO ODVW ZHHN EXW ZH ZHUH VORZ LQ RXU FRQWDFW VXSSRUW DQG GLGQ W GHIHQG LQGLYLGX DOO\ DV ZHOO DV ZH QHHG WR VR WKH\ YH EHHQ ELJ IRFXVHV WKLV ZHHN k,I ZH JHW WKDW ULJKW DQG LPSURYH WKRVH DUHDV ZH OO EH LQ ZLWK D JRRG FKDQFH RI ZLQQLQJ WKH JDPH y

leXgr øĵ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

³ Ýé³u ¨ k Ýué ³ 3E éÝ Ø³¨ ùuØü ÝéEØé

#` EØ¨ kh ³ØúEØk k kÕé uuk é³ é ¡ éú `u EV³òé ³

icVeoidt0

:KHUH GRHV *UHDW %ULWDLQ UDQN LQ WKH RYHUDOO PHGDO WDEOH DFURVV DOO 6XPPHU 2O\PSLF *DPHV" :LWK UXQV ZKR KROGV WKH UHFRUG IRU KLJKHVW LQGLYLGXDO RQH GD\ FULFNHW VFRUH DW /RUG V" :KR GLG $PHULFDQ WHQQLV SOD\HU 6ORDQH 6WHSKHQV GHIHDW LQ WKLV \HDU V 86 2SHQ oQDO" :KDW LV WKH KLJKHVW FKHFN RXW XVLQJ WKUHH GDUWV" :KR GLG 1RWWLQJKDP )RUHVW GHIHDW LQ

kĠļ įÙ kƏÙœĉÙįŻ WKH (XURSHDQ &XS oQDO"

VQo-0i 0QicVeo

įÍųÙǝ 'ĠĎįƏļïï

ƠǮǮ÷ è vįĎƏÙÍ kƏ ƏÙŻ fǤÍÙų ƥœ ¸ œƏ Ďį - Ġ kƥƏƏļį œ ĎųÙÍ qĎüÙų ļļÍŻ įÍ dĉĎĠ QĎ¸ĝÙĠŻļį ƏļüÙƏĉÙų ïļų ƏĉÙ ļœÙįĎįü ïļƥų¬ ĠĠŻ ļï ƏĉÙ ÙǜÙįƏ Ə W ĝĠ įÍ -ĎĠĠŻŝ ƥųļœÙ ǝÙįƏ ļį Əļ ųÙƏ Ďį ƏĉÙ ƏĎƏĠÙŝ ƠǮŇǮ è ĠĠųļƥįÍÙų įÍųÙǝ 'ĠĎįƏļïï įįļƥį¸ÙÍ ĉĎŻ ųÙƏĎųÙĪÙįƏ ïųļĪ ĠĠ ¸ųĎ¸ĝÙƏ ÍƥÙ Əļ ĝįÙÙ œųļ¬č ĠÙĪŻŝ 'ĠĎįƏļïï ųÙƏƥųįÙÍ Əļ ¸ƏĎļį Ďį ƠǮŇ÷ŝ ƠǮŇƔ è kįļļĝÙųŰŻ ïļųĪÙų ǝļųĠÍ įƥĪ¬Ùų ðǜÙ kƏÙœĉÙį JÙÙ ǝ Ż ïļƥįÍ üƥĎĠƏǤ ļï ŻÙǜÙį Ī Ə¸ĉčðǣĎįü ļïïÙį¸ÙŻŝ

icVeo0Q( 0eo- i įÍǤ 0ųǜĎįÙ ŕųƥü¬Ǥ ƥįĎļįŘ è 'ļųĪÙų k¸ļƏĠ įÍ įÍ ųĎƏĎŻĉ JĎļįŻ ïƥĠĠ ¬ ¸ĝÄ ¬ļųį ŇĴñŇŝ Q įƥÙĠ dÙĠĠÙüųĎįĎ ŕïļļƏč ¬ ĠĠŘ è 'ļųĪÙų Q į¸ĉÙŻƏÙų ĎƏǤ Ī į üÙųÄ ¬ļųį ŇĴñƔŝ RÙǜĎĠĠÙ kļƥƏĉ ĠĠ ŕïļļƏč ¬ ĠĠŘ è 'ļųĪÙų ǜÙųƏļį įÍ ĠÙŻ üļ ĠĝÙÙœÙųÄ ¬ļųį ŇĴñáŝ HÙǜĎį ļƥįü ŕ ƏĉĠÙƏĎ¸ŻŘ è ŇĴĴƠ WĠǤĪœĎ¸ ÷ǮǮĪÙƏųÙŻ ĉƥųÍĠÙŻ ¸ĉ ĪœĎļį ïųļĪ vk Ä ¬ļųį ŇĴƇƇŝ

įÍǤ 0ųǜĎįÙ

dtVo V'o-

ųǤŻƏ Ġ d Ġ ¸Ù Ī į üÙų fļǤ -ļÍüŻļį

ŭ Ż ¬ļǤ Ďï ŻļĪÙļįÙ ƏļĠÍ ĪÙ 0 ǝļƥĠÍįŰƏ ĉ ǜÙ ¬ÙÙį üļļÍ Ùįļƥüĉ Əļ œĠ Ǥ ïļų d Ġ ¸ÙÄ ¬ƥƏ 0ŰÍ ¬Ù üļļÍ Ùįļƥüĉ Əļ Ī į üÙ ƏĉÙĪÄ 0ŰÍ Ə ĝÙ Əĉ Ə 0 ǝ Ż ĉÙ ųƏÙįÙÍ ¬Ǥ ǝĉ Ə 0 Ż ǝ ļį q Ďį ƏĉÙ ƥųįĠÙǤ ü ĪÙŝ 0 Ż ǝ ƏÙ Ī Əĉ Ə ÍļĪĎį ƏÙÍ ƏĉÙ ü ĪÙ įÍ ÍÙïÙįÍÙÍ ǝÙĠĠŝ qĉÙ ĠÙ ŻƏ 0 ¸ į ĉļœÙ ïļų ĎŻ Əļ ųÙœųļÍƥ¸Ù Əĉ Əŝ qĉÙųÙ ĎŻ įļ Íļƥ¬Ə Ďį ĪǤ œĠ ǤÙųŻŰ ĪĎįÍŻ ¬ļƥƏ ƏĉÙ ĎĪœļųƏ į¸Ù ļï ƏĉÙ ü ĪÙ įÍ ĉļǝ Īƥ¸ĉ ĎƏ ǝļƥĠÍ ¬Ù üļļÍ ü ĪÙ Əļ ǝĎįŝŮ

dt0 Qi ei Ň qĉĎųÍÄ Ơ RļƏƏĎįüĉ ĪŻĉĎųÙŰŻ ĠÙǣ - ĠÙŻÄ Ɣ Q ÍĎŻļį HÙǤŻÄ ÷ ŇƃǮÄ ñ Q ĠĪļŝ

'XQGHH PD\ KDYH EHHQ NHHQ WR EULQJ 'HQQ\ -RKQ VWRQH WR 'HQV 3DUN EXW WKH IRUPHU &HOWLF DWWDFNHU RQO\ KDG H\HV IRU 6W -RKQVWRQH 7RPP\ :ULJKW LV D ORQJ WLPH DGPLUHU RI WKH IRUZDUG ZKR EXLOW KLV UHS XWDWLRQ RQ D JRDOVFRULQJ VSUHH ZLWK 0RUWRQ LQ WKH &KDPSLRQVKLS $QG ZKHQ WKH 3HUWK PDQDJHU PDGH KLV SLWFK WR WDNH WKH \HDU ROG WR 0F'LDUPLG 3DUN IRU WKH VHDVRQ IURP &ROFKHVWHU 8QLWHG KLV PLQG ZDV PDGH XS SUHWW\ TXLFNO\ k7KHUH ZDV VRPH LQWHUHVW LQ PH IURP 'XQGHH y VDLG -RKQVWRQH ZKR LV SXVKLQJ KDUG IRU D VWDUW LQ WRGD\ V 7D\VLGH GHUE\ k%XW , KHDUG DERXW 6W -RKQVWRQH V LQWHUHVW HDUO\ RQ VR WKLV ZDV WKH FOXE , ZDQWHG WR FRPH WR , KDG P\ PLQG VHW RQ FRPLQJ KHUH k, GLGQ W NQRZ DW WKH WLPH WKH PDQDJHU KDG WULHG WR JHW PH ZKHQ , ZDV DW &HOWLF +H RQO\ WROG PH GXU LQJ WDONV EHIRUH GHDGOLQH GD\ DQG WKDW ZDV D PDVVLYH LQpXHQFH RQ P\ GHFLVLRQ ,W V D ELJ IDFWRU LQ FRPLQJ WR D FOXE ZKHQ \RX NQRZ WKH PDQDJHU UHDOO\ ZDQWV \RX y -RKQVWRQH LV VWLOO ZDLW LQJ IRU KLV FKDQFH WR LP SUHVV :ULJKW IURP WKH oUVW ZKLVWOH EXW KH LV KDSS\ ZLWK WKH ZD\ KH KDV oWWHG LQ DW 6DLQWV RQ KLV UHWXUQ QRUWK RI WKH ERUGHU k7KH SOD\HUV KDYH EHHQ oUVW FODVV ZLWK PH y KH VDLG k,W IHHOV OLNH , KDYH EHHQ KHUH D ORW ORQJHU WKDQ MXVW WKUHH ZHHNV , KDYH UHDOO\ VHWWOHG LQ TXLFNO\ ,W V JRRG WR EH EDFN LQ 6FRWODQG k:H KDYH KDG WZR ELJ

JDPHV DJDLQVW &HOWLF DQG +LEV VLQFH , FDPH LQ DQG , KDYH EHHQ WU\LQJ WR FRP SDUH WKH VWDQGDUG WR GRZQ VRXWK k,W LV D GLIIHUHQW VW\OH IURP LQ (QJODQG EXW WKH VWDQGDUG KDV EHHQ JRRG DQG ZH KDYH KDG WZR SRVL WLYH UHVXOWV k, WKLQN , DP JHWWLQJ FORVHU WR D VWDUW , KDYH EHHQ WU\LQJ WR PDNH DQ LPSUHV VLRQ FRPLQJ RII WKH EHQFK DQG LQ WUDLQLQJ +RSHIXOO\ LI , JHW LQ WKH WHDP , ZLOO EH DEOH WR NHHS P\ SODFH k%HIRUH , FDPH KHUH , NQHZ , ZRXOG KDYH WR ZDLW IRU P\ FKDQFH EHFDXVH WKH SOD\HUV KDYH GRQH VR ZHOO k7KH PDQDJHU KDV WR EH IDLU WR WKH SOD\HUV ZKR KDYH

ů2ċ ǟÛŵÛ ĢĢǧ ŽÛƑƑĢÛÏĐıŪƧĐºğĢǧş 2ƑŲŽþľľÏƑľ®Û ® ºğĐımºľƑĢ ıÏŰ PDGH VXFK D JRRG VWDUW , KDYH WR EH SDWLHQW EXW LW V JRRG FRPLQJ WR D ZLQQLQJ FOXE ZKHUH FRQILGHQFH UHYHUEHUDWHV DURXQG WKH SODFH y -RKQVWRQH DGGHG k&RQ oGHQFH LV WKH ELJJHVW WKLQJ IRU PH k/DVW \HDU ZDVQ W HQWLUHO\ SURGXFWLYH VR PD\EH , ORVW D ELW DORQJ WKH ZD\ k, GLG ZHOO DW 0RUWRQ ZKHUH , ZDV JLYHQ IUHH GRP WR JR DQG SOD\ P\ RZQ JDPH , WKLQN WKDW ZDV D ELJ WKLQJ k7KLV LV D oUVW IRU PH , KDYHQ W SOD\HG DW 'HQV EH IRUH DQG EHLQJ D GHUE\ LW LV D ELJ JDPH IRU ERWK FOXEV y (YHQ WKLV HDUO\ LQ WKH VHD VRQ 6DLQWV KDYH DQ RSSRU

WXQLW\ WR OLIW WKHPVHOYHV SRLQWV DZD\ IURP WKH 3UH PLHUVKLS V EDVHPHQW FOXE k:H DUH ORRNLQJ WR SXW GLVWDQFH EHWZHHQ XV DQG FOXEV DURXQG WKH ERWWRP HDUO\ y VDLG -RKQVWRQH k:H KDYH KDG D JUHDW VWDUW DQG ZDQW WR SXVK RQ k:H ORRN DW JDPHV DV ZLQQDEOH DQG WKLV LV GHILQLWHO\ RQH RI WKHP *HWWLQJ DZD\ IURP WKH ERWWRP KDVQ W UHDOO\ EHHQ GLVFXVVHG 7KH ODGV GRQ W WKLQN WKHUH VKRXOG EH DQ\ EDUULHUV DERXW KRZ ZHOO ZH FDQ GR k, WKLQN WKH SOD\HUV JR LQWR HYHU\ JDPH WKLQNLQJ WHDPV ZLOO VWUXJJOH WR EHDW XV 7KDW LV WKH YLEH , KDYH JRW VLQFH FRPLQJ LQ KHUH ,W ZDV FOHDU IURP GD\ RQH EHIRUH ZH ZHQW DQG JRW D GUDZ DW &HOWLF y 7KHUH FRXOG EH D IDPLOLDU IDFH LQ WKH 'XQGHH GHIHQFH IRU -RKQVWRQH k, NQRZ -DFN +HQGU\ IURP RXU WLPH DW &HOWLF y KH VDLG k:H ZHUH LQ WKH VDPH \RXWK WHDP XS WR XQGHU EHIRUH KH PRYHG WR (QJODQG k/LNH PH -DFN ZHQW GRZQ VRXWK EXW KH V EDFN ORRNLQJ WR SOD\ HYHU\ ZHHN 7KDW V WKH PRVW LPSRUWDQW WKLQJ IRU DQ\ SOD\HU 7KHUH DUH D ORW RI SOD\HUV ZKR KDYH OHIW &HOWLF DQG KDYH JRQH RQ WR KDYH YHU\ JRRG FDUHHUV /RRN DFURVV WKH OHDJXH DQG WKHUH DUH WHDP PDWHV IURP P\ WLPH WKHUH GRLQJ ZHOO DW RWKHU FOXEV <RX JHW D JRRG JURXQGLQJ WKHUH DW WKH DFDGHP\ k'DUUHQ 2 'HD PLJKW FRPH EDFN LQ DQG KH KDV D ORW RI H[SHULHQFH SOD\LQJ DW WKLV OHYHO ,W ZLOO EH D JRRG WHVW IRU XV y

dvk-0R( 'Wf kq fqÃ k ĎįƏŻŰ ÙįįǤ FļĉįŻƏļįÙ

$¶ ¤ nn ° j #` E°° ÝEîxâ « n x¥nxÝ 3Åx°`x tQ /HZLV 6SHQFH NQRZV 'XQGHH PDQDJHU 1HLO 0F&DQQ KDV EHHQ D ELJ EHOLHYHU LQ KLV TXDOLWLHV DV D SOD\HU HYHU VLQFH KH ZDV D WHHQDJHU VWDUWLQJ RXW DW 'XQIHUPOLQH +RZHYHU ZKHQ KH UH FHLYHG D FDOO IURP WKH 'XQGHH PDQDJHU DVNLQJ KLP WR VLJQ IRU WKH 'DUN %OXHV KH ZDV VXUH LW ZDV D SUDQN 0F&DQQ WKRXJK ZKR

NQHZ 6SHQFH IURP D VSHOO FRDFKLQJ ZLWK WKH 3DUV ZDV VHULRXV DQG VKRZHG KLV IDLWK LQ WKH PLGoHOGHU RQFH DJDLQ ODVW ZHHN ZKHQ KH KDQGHG KLP KLV 3UHPLHU VKLS GHEXW DJDLQVW 5DQ JHUV LQ IURQW RI VXS SRUWHUV DW ,EUR[ 7KH \HDU ROG ZDV XQ DEOH WR SUHYHQW KLV VLGH ORVLQJ EXW KH JDYH DQ DV VXUHG SHUIRUPDQFH WKDW KH KRSHV ZLOO ZLQ KLP WKH QRG RQFH PRUH WKLV DIWHUQRRQ LQ WKH 7D\VLGH GHUE\ DW 'HQV DJDLQVW 6W -RKQVWRQH

6SHQFH VDLG k, ZDV SOD\ LQJ ZLWK WKH XQGHU V DW 'XQIHUPOLQH DQG 1HLO DQG WKH PDQDJHU -LP -HIIHULHV EURXJKW PH LQ DERXW WKH oUVW WHDP +H 0F&DQQ

ZDV DOZD\V WU\LQJ WR KHOS DQG HQFRXUDJH PH VD\LQJ KH EHOLHYHG LQ PH k7KHQ DIWHU KH JRW WKH MRE DW 'XQGHH , UHFHLYHG D FDOO RXW RI WKH EOXH IURP KLP VD\LQJ KH ZDV NHHQ WR EULQJ PH WR 'XQGHH $W oUVW , WKRXJKW LW ZDV D SUDQN FDOO , KDGQ W UHDOO\ NLFNHG D EDOO IRU D FRXSOH RI \HDUV

JÙǝĎŻ kœÙį¸Ù VR IRU D 3UHPLHUVKLS FOXE WR FRPH DORQJ ZDQWLQJ WR VLJQ PH ZDV D VXUSULVH

k, KDG EHHQ WDONLQJ ZLWK %UHFKLQ DV , KDG EHHQ WKHUH EHIRUH RQ ORDQ DQG , IHOW WKDW , MXVW QHHGHG JDPH WLPH LQ WKH &KDPSLRQVKLS k, KDG DJUHHG WHUPV ZLWK WKHP WR JR SDUW WLPH EXW KDGQ W VLJQHG DQ\WKLQJ k7KDQNIXOO\ %UHFKLQ KHOSHG PH ZLWK WKH GHDO ZLWK 'XQGHH %UHFKLQ PDQ DJHU 'DUUHQ 'RGV DQG KLV DVVLVWDQW /HH %DLOH\ ZHUH NHHQ IRU PH WR FRPH KHUH DV ZHOO DV WKH\ NQHZ LW ZDV D ELJJHU DQG EHWWHU PRYH IRU PH y

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

òǯ leXgr

éü Øu`³ùuØü ¨³ku E éuØ é ¢ué `ÕÝ Ý ³`¡ é³ ÝüÝéu¨ 5 ¨u¢ü ³¢éh #` ³ùuØ ¢³³¡ ³Ø ØuéòØ é³ ³Ø¨ E éuØ E ¢³ÝÝ d vJ q-0f (OJLQ &LW\ FDSWDLQ -RQ 3DXO 0F*RYHUQ EHOLHYHV IDPLOL DULW\ LV WKH NH\ WR EULQJLQJ VXFFHVV WR %RURXJK %ULJJV WKLV VHDVRQ -LP :HLU V VLGH KDV UHFRY HUHG IURP D ZRHIXO %HWIUHG &XS FDPSDLJQ ORVLQJ DOO IRXU JURXS JDPHV E\ PDN LQJ D VWURQJ VWDUW LQ /HDJXH DQG 0F*RYHUQ VD\V WKH WRXJK FXS UHVXOWV FDQ EULQJ D ORQJ WHUP EHQHoW +H VDLG k:H KDG D UH DOO\ KDUG SUH VHDVRQ GXH WR SOD\HUV JHWWLQJ WR NQRZ HDFK RWKHU EXW WKH PDQ DJHU KDV IRXQG D V\VWHP ZKLFK VXLWV WKH SOD\HUV DQG WKDW V EHHQ VKRZQ LQ WKH UHVXOWV ZH YH EHHQ JHWWLQJ y 7KH %ODFN DQG :KLWHV

IRXU JDPH ZLQQLQJ VWUHDN ZDV EURXJKW WR DQ HQG E\ D KRPH GHIHDW WR $QQDQ ODVW ZHHN EXW 0F*RYHUQ LQVLVWV FRQoGHQFH KDV QRW EHHQ GHQWHG +H VDLG k7KH oUVW KDOI ODVW ZHHN ZDV DV SRRU DV ZH KDYH SOD\HG WKLV VHDVRQ EXW LQ WKH VHFRQG KDOI ZH FUHDWHG HQRXJK FKDQFHV WR ZLQ WZR JDPHV k7KDW V QR GLVUHVSHFW WR $QQDQ $WKOHWLF LW V D UHpHF WLRQ RI KRZ ZHOO ZH SOD\HG LQ WKH VHFRQG KDOI DQG DO WKRXJK WKH ORVV EURXJKW RXU UXQ RI ZLQV WR DQ HQG ZH UH NHHQ WR NHHS WKH PRPHQ WXP JRLQJ y &LW\ WUDYHO WR %HUZLFN WRGD\ DLPLQJ WR JHW EDFN WR ZLQQLQJ ZD\V DQG FORVH WKH JDS RQ OHDGHUV 6WLUOLQJ $OELRQ ZKR KDYH D RQH SRLQW DGYDQWDJH RQ 6WHQ KRXVHPXLU DW WKH WRS

%HUZLFN QRZ PDQDJHG E\ 5REELH +RUQ DUH VLWWLQJ HLJKWK LQ WKH WDEOH ZLWK RQO\ VL[ SRLQWV IURP WKHLU RSHQLQJ oYH o[WXUHV EXW 0F*RYHUQ LV ZDU\ RI WKH 6KLHOoHOG 3DUN VLGH 0F*RYHUQ VDLG k%HU ZLFN ZLOO EH WRXJK HVSH FLDOO\ DZD\ IURP KRPH 5HVXOWV KDYH VKRZQ HYHU\ JDPH LV KDUG LQ WKLV OHDJXH DQG \RX MXVW QHHG WR ORRN DW &O\GH EHDWLQJ 6WLUOLQJ $OELRQ ODVW 6DWXUGD\ WR VHH KRZ GLIoFXOW WKH GLYLVLRQ LV JRLQJ WR EH WKLV VHDVRQ k7KH\ OO EH KRSLQJ WR JHW WKHLU VHDVRQ JRLQJ EXW ZH ZDQW WR VKRZ WKH $QQDQ UHVXOW ZDV D EOLS E\ JHWWLQJ DOO WKUHH SRLQWV y

ůsċÛòŵŽƑċ Ģñ Ģ ŽƑǠÛÛğǠ Ž Žŕľľŵ ŽǠÛ ċ ǟÛŕĢ ǧÛÏŰ 7KH IRUPHU &HOWLF DQG 6ZLQGRQ GHIHQGHU ZKR MRLQHG WKH FOXE IURP &O\GH LQ WKH VXPPHU KDV VHWWOHG TXLFNO\ DQG KRSHV KH FDQ KHOS &LW\ ZLQ SURPRWLRQ WKLV WHUP 7KH \HDU ROG VDLG k, P ORYLQJ LW DW (OJLQ 7KH PRYH KHUH KDV EHHQ HYHU\ WKLQJ , KRSHG LW ZRXOG EH DQG PRUH , P KRSLQJ P\ H[SHULHQFH LV EHQHoWLQJ WKH WHDP DQG , G OLNH WR WKLQN , P FRQWULEXWLQJ RQ WKH SLWFK DV ZHOO k, YH MRLQHG D UHDOO\ JRRG JURXS RI SOD\HUV DQG , EHOLHYH ZH FDQ FKDOOHQJH WKLV \HDU y

q-0RH0R( Wvq dfWQWq0WRÃ ĠüĎį ¸ œƏ Ďį Fļįčd ƥĠ Q¸(ļǜÙųį ĎŻ ŻÙƏƏĎįü ĉĎŻ ŻĎüĉƏŻ ĉĎüĉ ƏĉĎŻ ŻÙ Żļį

>x Ý E « ° î¶ ¤ `¤ ¶ E°¶î xÝ Ā °° ° Ýø° Eî xÝĀ `¤ o- P Q ( e d vJ q-0f (OJLQ &LW\ PDQDJHU -LP :HLU LV VHDUFKLQJ IRU D ZLQQLQJ IRUPXOD DJDLQ DIWHU KLV VLGH V UXQ RI YLFWRULHV FDPH WR DQ HQG ODVW 6DWXUGD\ 7KH %ODFN DQG :KLWHV

KRSHV RI D oIWK ZLQ LQ D URZ ZHUH HQGHG E\ $QQDQ $WKOHWLF DW %RURXJK %ULJJV ZKHUH WKH YLVLWRUV WRRN DOO

WKUHH SRLQWV FRXUWHV\ RI D ZLQ :HLU LV IUXVWUDWHG E\ WKH ORVV ZKLFK LV IHHOV ZDV D FKDQFH PLVVHG E\ KLV VLGH DQG VDLG k:H IHHO ZH ZHUH XQOXFN\ QRW WR WDNH VRPHWKLQJ IURP WKH JDPH :H FHU WDLQO\ FUHDWHG HQRXJK FKDQFHV LQ WKH VHFRQG KDOI EXW MXVW FRXOGQ W SXW WKH EDOO LQ WKH EDFN RI WKH QHW k,W V VKDSLQJ XS WR EH D OHDJXH ZKHUH HYHU\ RQH RQ WKHLU GD\ LV

FDSDEOH RI EHDWLQJ WKHLU RSSRQHQWV DQG oQGLQJ FRQVLVWHQF\ LV JRLQJ WR EH NH\ ,W V GLIoFXOW WR SXW oYH ZLQV LQ D URZ WRJHWKHU EXW ODVW ZHHNHQG V UHVXOW ZDV XQH[SHFWHG IRU XV DQG ZH IHHO DV LI ZH OHW DQ RSSRUWXQLW\ WR FORVH WKH JDS RQ WKH WHDPV DERYH XV SDVV XV E\ k:H UH DOO ORRNLQJ IRU WKH IRUPXOD RI ZLQQLQJ UHJXODUO\ DQG LW V WRXJK LQ ZKDW LV D YHU\ FRP SHWLWLYH OHDJXH y

FĎĪ ÙĎų &LW\ WUDYHO WR %HUZLFN 5DQJHUV WRGD\ KRSLQJ WR JHW EDFN WR ZLQQLQJ

ZD\V DQG :HLU KDV ZDUQHG KLV SOD\HUV WKH\ IDFH D VLGH ZKLFK ZLOO QRW EH ODFNLQJ LQ PRWLYDWLRQ +H VDLG k:H YH DOZD\V IRXQG LW KDUG GRZQ DW %HUZLFN k:H YH KDG JRRG UHVXOWV DQG VRPH EDG RQHV WKHUH LQ WKH SDVW DQG , P VXUH WKH\ ZLOO EH ORRNLQJ DW WKH JDPH DV D FKDQFH WR ERXQFH EDFN IURP WKHLU UHFHQW SRRU UXQ k7KH\ DUH EHORZ XV LQ

WKH OHDJXH DQG WKLV LV DQ RSSRUWXQLW\ IRU WKHP WR PRYH DERYH XV DQG WKH\ OO EH IRFXVHG RQ WU\LQJ WR GR WKDW k%XW , EHOLHYH LW V DERXW ZKDW ZH GR :H NQRZ ZH DUH FDSDEOH RI ZLQQLQJ WKHUH DQG ZH OO JR WKHUH WU\LQJ WR GR WKDW y )RUZDUG $OL 6XWKHU ODQG UHPDLQV RQ WKH VLGHOLQHV EXW :HLU KRSHV WKH IRUPHU &DOH\ 7KLVWOH DWWDFNHU ZLOO UHWXUQ QH[W ZHHN

-0 eQ0 Q

¶°îE °x ¶° Vâ â nx¥ °xâ ¶Ý î Ýxx «¶°î â +LEHUQLDQ GHIHQGHU /LDP )RQWDLQH ZLOO EH RXW IRU XS WR WKUHH PRQWKV DIWHU UHTXLULQJ VXUJHU\ RQ DQ DQNOH SUREOHP 7KH \HDU ROG VXIIHUHG WKH LQMXU\ SOD\LQJ LQ D UHFHQW XQGHU V JDPH IRU WKH (GLQEXUJK FOXE 7R DGG WR WKH GHIHQVLYH ZRHV IRU PDQDJHU 1HLO /HQ QRQ )RQWDLQH V IHOORZ FHQ WUH EDFN 'DUUHQ 0F*UHJRU FRXOG EH RXW IRU XS WR VL[ ZHHNV DIWHU DQ RSHUDWLRQ RQ KLV NQHH LQMXU\ $KHDG RI WRGD\ V KRPH 3UHPLHUVKLS JDPH DJDLQVW 0RWKHUZHOO /HQQRQ VDLG k,W ZDV SUHWW\ LQQRFXRXV LQ WKH JDPH EXW WKH VFDQ VKRZHG WKH OLJDPHQW KDV FRPH DZD\ IURP WKH ERQH VR KH QHHGV VXUJHU\ ,W LV SUHWW\ VLPLODU WR WKH LQMXU\ KH KDG ODVW \HDU VR KH LV JRLQJ WR EH RXW IRU WR ZHHNV k'DUUHQ 0F*UHJRU KDG KLV VXUJHU\ RQ 0RQGD\ VR KH LV IRXU WR VL[ ZHHNV KRSH IXOO\ k6R WKDW LV D UHDO EORZ ZLWK /LDP EXW WKH UHVW RI WKH VTXDG LV KHDOWK\ :H KDYH JRRG GHSWK LQ WKH VTXDG DQG (IH $PEURVH DQG 3DXO +DQORQ ZHUH H[FHOOHQW ODVW ZHHN VR , P KRSLQJ IRU PRUH RI WKH VDPH y +LEV ODVW JDPH DW KRPH HQGHG LQ D ORVV WR +DP LOWRQ WKHLU RQO\ GHIHDW RI WKH VHDVRQ VR IDU EXW /HQ QRQ KDV EHHQ HQFRXUDJHG E\ VXEVHTXHQW GUDZV RQ WKH URDG DJDLQVW 'XQGHH DQG 6W -RKQVWRQH +H VDLG k:H KDYH EHHQ SOD\LQJ UHDOO\ ZHOO , ZDV GHOLJKWHG ZLWK WKH SHU IRUPDQFHV LQ WKH ODVW WZR DZD\ JDPHV DQG ZH ZHUH XQIRUWXQDWH QRW WR KDYH ZRQ WKHP k6R LI ZH FDQ UHSOLFDWH WKDW DW KRPH ZH KDYH D YHU\ JRRG FKDQFH RI ZLQQLQJ WKH JDPH k+RZHYHU 0RWKHUZHOO FRPH LQWR WKH JDPH RQ WKH EDFN RI WKUHH ZLQV ZKLFK LV H[FHOOHQW IRUP k7KH\ KDYH WXUQHG WKHLU VHDVRQ DURXQG YHU\ TXLFNO\ VR WKH JDPH LV D JRRG FKDO OHQJH IRU XV k:H FRXOG DQG VKRXOG KDYH PRUH SRLQWV RQ WKH ERDUG EXW LW LV ZKDW LW LV DQG LI ZH oQG WKH IRUP RI WKH ODVW WZR JDPHV , DP SUHWW\ VXUH ZH ZLOO VWDUW ZLQQLQJ PRUH WKDQ ORVLQJ y

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

leXgr òň

u é` ØuEkü é³ Ý ³ú ¢òu 5³³ÕÝ é é¢u `Øukué E¢Ý

- eoi

¶°`E¥ÿxâ Ýx`¤¶°â ÝE î Ā ¥¥ Vx ¤xĂ ¶Ý E«V¶â $WWDFNHU ,VPD *RQFDOYHV KDV DGPLWWHG +HDUWV SOD\HUV ODFNHG oWQHVV LQ WKH HDUO\ VWDJHV RI WKH VHDVRQ $ QXPEHU RI SOD\HUV DW 7\QHFDVWOH KDYH KLQWHG DW D SRRU oWQHVV UHJLPH XQGHU WKH ZDWFK RI IRUPHU KHDG FRDFK ,DQ &DWKUR EXW WKDW LV DOO FKDQJLQJ XQGHU WKH QHZ PDQDJHPHQW )LUVW -RQ 'DO\ DQG QRZ &UDLJ /HYHLQ KDYH EHHQ TXLFN WR DGGUHVV WKH SUREOHP DQG *RQFDOYHV VXJJHVWHG WKH ODFN RI oWQHVV PD\ KDYH EHHQ KROG LQJ +HDUWV EDFN +H VDLG k$OO WKH SOD\HUV KDYH VDLG LW ZH DUH ZRUNLQJ PRUH QRZ EHFDXVH , WKLQN ZH ZHUH QRW oW HQRXJK VR ZH DUH ZRUNLQJ PRUH RQ WKDW QRZ y :KHQ DVNHG LI KH SHUVRQ DOO\ KDG IHOW XQGHUSUHSDUHG KH DGGHG k$ OLWWOH ELW DOO WKH SOD\HUV GLG k1RZ ZH DUH ZRUNLQJ PRUH ZH FDQ VHH D GLIIHU HQFH IURP EHIRUH k(YHU\ERG\ ZDQWV WR SOD\ VR LI \RX ZDQW WR SOD\ \RX KDYH WR GR ZKDW WKH PDQDJHU VD\V y /HYHLQ KDV ZDVWHG QR WLPH LQ VKDNLQJ XS WKH

uE òu ðh éé¢u Ý`³Àu ³Ø uØØ³Ø E éuØ ØòÝéØEé ÝéEØé é³ ÀØ³¨³é ³ ÀòÝ RR J 3HWHUKHDG DUH DOUHDG\ oYH SRLQWV DGULIW RI /HDJXH OHDGHUV 6WLUOLQJ $OELRQ EXW PLGoHOGHU -DFN /HLWFK IHHOV KLV VLGH LV PRUH WKDQ FDSDEOH RI FKDOOHQJLQJ IRU WKH WLWOH 7 K H % O X H 7R R Q FRQFHGHG D ODVW PLQXWH HTXDOLVHU DJDLQVW VHFRQG SODFHG 0RQWURVH ODVW ZHHN HQG ZKHQ WRZHULQJ IRUZDUG &KULV 7HPSOHPDQ VFRUHG D ODWH OHYHOOHU WR FDQFHO RXW /HLWFK V oUVW JRDO IRU 3HWHUKHDG -LP 0F,QDOO\ V VLGH EHJDQ WKH VHDVRQ DV IDYRXU LWHV IRU WKH WLWOH EXW KDYH WDNHQ RQO\ VHYHQ SRLQWV IURP WKHLU RSHQLQJ ILYH JDPHV LQFOXGLQJ GHIHDWV E\ 6WHQKRXVHPXLU DQG 6WLU OLQJ $OELRQ DQG \HDU ROG /HLWFK VDLG k7KDW JDPH DJDLQVW 0RQWURVH ZDV DFWX DOO\ WKH EHVW ZH KDYH SOD\HG DQG ZH VKRXOG KDYH VFRUHG D ORW PRUH k7R FRQFHGH DQ HTXDO LVHU LQ WKH ODVW PLQXWH ZDV KXJHO\ GLVDSSRLQWLQJ ZH FRXOGQ W GR WRR PXFK DERXW LW DV LW ZDV D JUHDW FURVV LQWR WKH ER[ DQG WKHLU IRUZDUG LV KXJH LW LV GLIoFXOW WR VWRS KLP ZKHQ KH JHWV WKH ULJKW GHOLYHU\ k%XW , IHHO ZH FDQ WDNH D

ORW RI HQFRXUDJHPHQW IURP WKH ZD\ ZH SOD\HG DQG ZH DUH FRQoGHQW ZH ZLOO EH XS WKHUH SXVKLQJ IRU SURPR WLRQ FRPH WKH HQG RI WKH VHDVRQ k, NQRZ ZH KDYH ORVW D FRXSOH RI JDPHV EXW , GRQ W WKLQN ZH KDYH DQ\WKLQJ WR IHDU :H NQRZ ZH DUH JRLQJ WR IDFH VRPH GLIoFXOW JDPHV WKURXJKRXW WKH VHDVRQ EXW ZH KDYH HQRXJK TXDOLW\ LQ WKH WHDP WR EH ULJKW XS WKHUH y 7KH PLGoHOGHU WKH HOGHVW VRQ RI IRUPHU 0RWKHUZHOO FDSWDLQ 6FRWW EHJDQ KLV

ů Ûċ ǟÛıŲƑ ŽƑ ŵƑÛÏƑċÛ ŽÛ Žľı ŽǠÛĢĢ ŽǠÛǠľƧĢÏ ċ ǟÛĢĐğÛÏŰ FDUHHU ZLWK WKH 6WHHOPHQ +H PDGH KLV GHEXW LQ WKH FOXE V VXUSULVH 6FRW WLVK &XS GHIHDW E\ $OELRQ 5RYHUV +H VXIIHUHG D FUXFLDWH OLJ DPHQW LQMXU\ WKDW FXUWDLOHG KLV LQYROYHPHQW GXULQJ WKH FDPSDLJQ DQG ZDV UHOHDVHG E\ WKH FOXE DW WKH HQG RI WKH IROORZLQJ VHDVRQ DIWHU PDNLQJ DS SHDUDQFHV IRU WKH 6FRWWLVK 3UHPLHUVKLS WHDP

/HLWFK PRYHG WR $LU GULH DW WKH VWDUW RI ODVW VHDVRQ VFRULQJ RQH JRDO LQ DSSHDUDQFHV IRU WKH 'LDPRQGV +H MRLQHG 3HWHUKHDG RQ D RQH \HDU GHDO ODVW PRQWK DQG LV UHOLVKLQJ WKH RS SRUWXQLW\ WR SOD\ IRU WKH %DOPRRU VLGH ZKR DUH DW WHPSWLQJ WR ZLQ SURPRWLRQ EDFN WR /HDJXH 2QH DW WKH oUVW WLPH RI DVNLQJ IROORZ LQJ GHPRWLRQ WKURXJK WKH SOD\ RIIV ODVW WHUP /HLWFK ZKR LV RSWLPLV WLF KH ZLOO VKUXJ RII D NQHH LQMXU\ WR IHDWXUH DJDLQVW &RZGHQEHDWK WRGD\ DGGHG k, KDYH UHDOO\ HQMR\HG P\ WLPH DW 3HWHUKHDG VR IDU DQG WKH SOD\HUV DQG WKH PDQ DJHU KDYH EHHQ UHDOO\ JRRG ZLWK PH 7KH PDQDJHU VROG PH RQ WKH PRYH WR 3HWHU KHDG , OLNHG WKH DPELWLRQ KH KDV IRU WKH FOXE DQG LW VHHPHG OLNH LW ZRXOG EH D JRRG oW IRU PH k:H KDYHQ W VWDUWHG WKH VHDVRQ DV ZHOO DV ZH ZRXOG KDYH OLNHG LQ WKH OHDJXH EXW , IHHO ZH FDQ EXLOG RQ ODVW ZHHN V GUDZ ZLWK 0RQWURVH k&RZGHQEHDWK KDYH ORVW D IHZ JDPHV LQ D URZ UHFHQWO\ EXW ZH ZRQ W EH WDNLQJ WKHP OLJKWO\ +RSH IXOO\ ZH FDQ VWDUW D ZLQQLQJ UXQ WKLV ZHHNHQG DQG VWDUW PRYLQJ XS WKH WDEOH y

ů/Ûċ Ž ÏĐññÛŵÛıƑǠ ǧľñ ƑċĐığĐıþ ®ľƧƑ ñľľƑ® ĢĢŰ

- JJ R( Ã 'ļų dÙƏÙųĉÙ Í Ī į üÙų F ¸ĝ JÙĎƏ¸ĉ ǝĎƏĉ ƏĉÙ ĠĪļļų ¸Ġƥ¬

¶«Å¥E`x°`Ă Ýx«E °â nE° xÝ E E °âî î¶ ¥ ° ¥øx ÝEĆ ¥ o- P Q ( e RR J &RZGHQEHDWK KDYH ORVW IRXU PDWFKHV LQ D URZ EXW 3HWHUKHDG PDQDJHU -LP 0F,QDOO\ KDV ZDUQHG KLV SOD\HUV QRW WR H[SHFW DQ HDV\ DIWHUQRRQ DJDLQVW WKH %OXH %UD]LO 7KH %DOPRRU PHQ DUH ORRNLQJ WR ERXQFH EDFN IURP ODVW ZHHN V GUDZ ZLWK 0RQWURVH ZLWK D YLF WRU\ DW &HQWUDO 3DUN DQG

0F,QDOO\ VDLG k&RZGHQ EHDWK GRQ W ORVH PDQ\ JRDOV 7KHLU ODVW WKUHH JDPHV KDYH DOO oQLVKHG k, WKLQN D ORW RI WKDW LV GRZQ WR WKHLU PDQDJHU %LOO\ %URZQ KH LV D UHDOO\ JRRG RUJDQLVHU DQG &HQWUDO 3DUN LV QHYHU DQ HDV\ SODFH WR JR k:H GHVHUYHG WKUHH SRLQWV ODVW ZHHN DJDLQVW 0RQWURVH EXW WKDW FDQ KDSSHQ LQ IRRWEDOO ZH ZLOO SOD\ ZRUVH DQG ZLQ y 0F,QDOO\ KDV D QXPEHU RI LQMXU\ ZRUULHV EXW WKH

%OXH 7RRQ PDQDJHU VWLOO EHOLHYHV KH KDV HQRXJK SOD\HUV DYDLODEOH WR SLFN XS DOO WKUHH SRLQWV 5RU\ 0F$OOLVWHU WKLJK 'DYLG 0F&UDFNHQ $FKLO OHV -DPLH 6WHYHQVRQ KDPVWULQJ 1LFN\ 5LOH\ FDOI DQG -DFN /HLWFK NQHH DUH DPRQJ WKRVH ZKR FRXOG PLVV RXW EXW PLGoHOGHU -RUGRQ %URZQ LV EDFN DYDLODEOH DIWHU VXI IHULQJ D VWUHVV IUDFWXUH RI WKH oEXOD DJDLQVW $QQDQ $WKOHWLF RQ WKH RSHQLQJ GD\ RI WKH VHDVRQ

FĎĪ Q¸0į ĠĠǤ 0F,QDOO\ DGGHG k2XU LQMXU\ VLWXDWLRQ LV TXLWH EDG , ZLOO SUREDEO\ QHHG

D FRXSOH RI WKHP WR JR RQ WKH EHQFK LQMXUHG EXW ZH MXVW QHHG WR JHW RQ ZLWK LW k, KDYH EDVLFDOO\ RQO\ JRW RU oW SOD\HUV WR FKRRVH IURP k:H DUH GRZQ WR WKH EDUH ERQHV DQG LW ZLOO EH D FKDOOHQJH EXW ZH VWLOO IHHO ZH KDYH HQRXJK SOD\HUV DYDLODEOH WR JHW D UHVXOW :H SOD\HG D FRXSOH RI FXS WLHV WKLV \HDU ZKHUH ZH FKDQJHG RXU WHDP GUDPDWLFDOO\ DQG VWLOO ZRQ DQG WKHUH ZLOO EH QR H[FXVHV IURP XV k7KH SOHDVLQJ DVSHFW LV

ZH KDYH -RUGRQ EDFN DYDLO DEOH k:H JRW KLV OHJ VFDQQHG D IRUWQLJKW DJR EXW ZH KDYH RQO\ MXVW UHFHLYHG WKH UHVXOWV +RSHIXOO\ WKH UHVW ZLOO KDYH GRQH KLP JRRG k-RUGRQ LV NHHQ WR JHW EDFN LQYROYHG DV TXLFNO\ DV SRVVLEOH ZKLFK LV ZK\ KH ZDV RQ WKH EHQFK ODVW ZHHN %XW WKH LQMXU\ KDVQ W IXOO\ KHDOHG \HW VR ZH MXVW QHHG WR EH FDXWLRXV ZLWK KLP k+RSHIXOO\ LW ZRQ W EH WRR ORQJ EHIRUH ZH UH FORVHU WR IXOO VWUHQJWK

WUDLQLQJ VFKHGXOH IRU KLV SOD\HUV DQG WKH QHZ IRFXV KDV EHHQ ZHOFRPHG E\ 3RUWXJXHVH IRUZDUG *RQFDOYHV +H VDLG k,W V EHHQ D GLI IHUHQW ZHHN ZH KDYH EHHQ ZRUNLQJ PRUH SK\VLFDOO\ DQG IURP 7KXUVGD\ DQG )ULGD\ ZH ZRUNHG WDFWLFDOO\ ZKLFK LV GLIIHUHQW EXW LW KDV EHHQ JRRG EHFDXVH , WKLQN ZH QHHGHG WR ZRUN PRUH SK\VLFDOO\ k+H KDV D GLIIHUHQW ZD\ RI WKLQNLQJ DERXW IRRWEDOO KH OLNHV WKH SOD\HUV WR EH oW DQG VFUDS EHIRUH HYHU\ WKLQJ DQG WKHQ WR SOD\ y +HDUWV WUDYHO WR +DPLO WRQ WRGD\ KRSLQJ WR SLFN XS WKHLU VHFRQG ZLQ RI ZKDW KDV EHHQ D WXUEXOHQW VHD VRQ VR IDU DQG *RQFDOYHV UHFRJQLVHV WKH LPSRUWDQFH RI WKH o[WXUH k,W V D JDPH WKDW ZH KDYH WR ZLQ DQG ZH ZLOO GR HYHU\WKLQJ ZH FDQ WR ZLQ y KH VDLG

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

òơ leXgr

#EÝÝ³ `³ ku`u ³ùu

Ý¶` Úâ

¶Ā x uEkuØÝh # k u¢kuØ ÝòØu Ý Ý ku `E Ek¢u ÀØuÝÝòØu ³ Vu ÀE`uÝuééuØÝ ¤xxÅ ° xxî ¶° Ý¶ø°n

RR J

&RYH 5DQJHUV PLGoHOGHU -DPLH 0DVVRQ LV FRQoGHQW KLV VLGH ZLOO WKULYH XQGHU WKH SUHVVXUH RI OHDGLQJ WKH +LJKODQG /HDJXH 0DQDJHU -RKQ 6KHUDQ V PHQ KROG D WZR SRLQW OHDG DW WKH WRS RI WKH WDEOH KDY LQJ VFRUHG PRUH JRDOV q q DQG FRQFHGHG IHZHU q IRXU q WKDQ DQ\ WHDP LQ WKH GLYLVLRQ )RUPHU 'RQV SOD\HU 0DV VRQ UHFNRQV FRQoGHQW &RYH ZKR DOVR KDYH D JDPH LQ KDQG RI QHDUHVW FKDOOHQJ HUV )UDVHUEXUJK FDQ FKDON XS D oIWK OHDJXH ZLQ LQ D URZ DJDLQVW 1DLUQ &RXQW\ DW 6WDWLRQ 3DUN WRGD\ 7KH

ů ľıòÏÛıƑ ıÏ þľĐıþĐıƑľÛǟÛŵǧ þ ĬÛñÛÛĢĐıþ ǠÛº ıǠĐıŰ \HDU ROG VDLG k:H DUH SOD\LQJ UHDOO\ ZHOO DQG ZLOO ORRN WR NHHS LW JRLQJ DJDLQVW 1DLUQ :H KDYH D EUHDN QH[W 6DWXUGD\ DQG , WKLQN WKDW ZLOO EH JRRG IRU XV DV ZH KDYH SOD\HG D ORW RI JDPHV DOUHDG\ WKLV VHDVRQ k:H NQRZ LI ZH DUH JRLQJ WR oQLVK ZKHUH ZH ZDQW WKLV VHDVRQ ZH FDQ W DIIRUG WR GURS PDQ\ SRLQWV DQG ZH JR LQWR HYHU\ JDPH DLPLQJ IRU DOO WKUHH SRLQWV :H DUH SOD\LQJ IXOO RI FRQ oGHQFH DQG JR LQWR HYHU\ JDPH IHHOLQJ ZH FDQ ZLQ k2QH RI WKH UHDVRQV , FDPH WR &RYH ZDV , NQHZ WKHUH ZHUH D ORW RI SOD\HUV DW WKH FOXE VXFK DV 0LWFK 0HJJLQVRQ DQG 5\DQ 6WUD FKDQ ZKR DUH YHU\ FRPIRUW DEOH RQ WKH EDOO y 1DLUQ V PLGZHHN WULS WR 5RWKHV IHOO YLFWLP WR WKH ZHW ZHDWKHU DQG &RYH PDQDJHU

df kkvf dW0RqkÃ 'ļų ļǜÙ f įüÙųŻ ĪĎÍðÙĠÍÙų F ĪĎÙ Q ŻŻļį įÍ ĉĎŻ ƏÙ ĪčĪ ƏÙŻ ǝĉļ ųÙ ƏĉÙ -ĎüĉĠ įÍ JÙ üƥÙ œ ¸ÙŻÙƏƏÙųŻ 6KHUDQ LV ZDU\ RI 5RQQLH 6KDUS V PHQ ZKR KDYH ZRQ VL[ RI WKHLU SUHYLRXV HLJKW OHDJXH PDWFKHV +H VDLG k:H KDG WZR UHDOO\ WRXJK JDPHV DJDLQVW 1DLUQ ODVW VHDVRQ 7KH\ DUH ZHOO RUJDQLVHG DQG WKH\ SUHVV KLJK XS WKH SLWFK 7KH\ KDYH D VOLJKW DGYDQWDJH DV WKHLU JDPH ZDV SRVWSRQHG VR WKH\ ZLOO EH IUHVK y ,QYHUXULH /RFRV PDQ DJHU 1HLO &RRSHU ZDQWV PRUH KXQJHU IURP KLV VLGH DIWHU LWV UHFHQW JRRG UXQ LQ WKH OHDJXH ZDV EURXJKW

RÙĎĠ ļļœÙų

WR DQ HQG E\ )UDVHUEXUJK LQ PLGZHHN /RFRV ORVW DW %HOOVOHD DQG &RRSHU ZDQWV D UHDF WLRQ ZKHQ )RUUHV 0HFKDQ LFV YLVLW +DUODZ 3DUN WRGD\ +H VDLG k:H GLGQ W ZDQW LW DV PXFK DV )UDVHUEXUJK DQG , WROG WKH SOD\HUV WKDW DIWHU WKH JDPH +RSHIXOO\ ZH FDQ JHW EDFN RQ WKH UDLOV DJDLQVW )RUUHV :H KDG EHHQ RQ D JRRG UXQ DQG , KRSH KRPH DGYDQWDJH FDQ KHOS XV WU\ WR EXLOG PRPHQ WXP DJDLQ k,W ZDV D GLVDSSRLQW LQJ UHVXOW RQ :HGQHVGD\

5\DQ %URDGKXUVW KXUW KLV KDPVWULQJ LQ WKH oUVW KDOI ZKLOH 0DUN 6RXWHU VXIIHUHG D FXW RQ KLV KHDG EXW KRSH IXOO\ ERWK ZLOO EH oQH IRU WKH JDPH k:H PLVVHG 1HLO *DXOG DW )UDVHUEXUJK +H V EHHQ LQ IDQWDVWLF IRUP IRU XV WKLV VHDVRQ DQG KRSHIXOO\ KH ZLOO EH DYDLODEOH y 7KH 3DXO /DZVRQ HUD EHJLQV DW 1RUWK /RGJH 3DUN WRGD\ ZKHQ WKH SOD\HU PDQDJHU WDNHV FKDUJH RI )RUPDUWLQH 8QLWHG IRU WKH oUVW WLPH DJDLQVW .HLWK /DZVRQ ZKR ZLOO EH DV

VLVWHG E\ IRUPHU $EHUGHHQ FDSWDLQ 5XVVHOO $QGHUVRQ ZLOO EH KRSLQJ WR VHH KLV VLGH EXLOG RQ LWV ZLQ DJDLQVW /RVVLHPRXWK LQ PLGZHHN +XQWO\ ELG WR DYRLG D IRXUWK KRPH GHIHDW LQ D URZ ZKHQ WKH\ KRVW &ODFK DW &KULVWLH 3DUN 0LGoHOGHU &DOYLQ 5RGGLH LV VXVSHQGHG IRU +XQWO\ IRO ORZLQJ KLV UHG FDUG DJDLQVW 'HYHURQYDOH ODVW ZHHN 7KH /LO\ZKLWHV KDYH QR IUHVK LQMXU\ ZRUULHV IROORZ LQJ WKHLU PLGZHHN ORVV DW %URUD 5DQJHUV

#` Ý nx îx¥¥â 5øÝÝ î¶ ÝE âx E«x î¶ Eÿ¶ n E°¶î xÝ Ý¶øî 7XUULII 8QLWHG GHIHQGHU 5XVVHOO 0F%ULGH IHDUV KLV VLGH ZLOO EH RQ WKH ZURQJ HQG RI DQRWKHU WKUDVKLQJ XQOHVV WKHUH LV D YDVW LP SURYHPHQW LQ SHUIRUPDQFH DJDLQVW %URUD 5DQJHUV WKLV DIWHUQRRQ 5RVV -DFN V WHDP ZHQW GRZQ DJDLQVW +LJK ODQG /HDJXH OHDGHUV &RYH 5DQJHUV LQ D RQH VLGHG HQ FRXQWHU DW +DUODZ 3DUN RQ :HGQHVGD\ QLJKW 0F%ULGH ZDV ELWWHUO\ GLVDSSRLQWHG ZLWK 7XUULII V VKRZLQJ DJDLQVW WKH +LJK

ODQG /HDJXH OHDGHUV DQG KDV ZDUQHG KLV WHDP PDWHV RI WKH FRQVHTXHQFHV RI DQ RWKHU EHORZ SDU GLVSOD\ 7KH IRUPHU )UDVHUEXUJK FDSWDLQ VDLG k,I ZH SOD\ DV SRRUO\ DV ZH GLG RQ :HGQHVGD\ WKHQ ZH ZLOO JHW WKXPSHG DJDLQ k&RYH 5DQJHUV DUHQ W WRS RI WKH OHDJXH E\ FKDQFH WKH\ DUH D JUHDW WHDP EXW ZH JDYH WKHP IDU WRR PXFK UHVSHFW k:H KDYH WR OHW WHDPV OLNH WKDW UHDOLVH WKH\ DUH LQ D JDPH ZKHQ WKH\ FRPH XS

DJDLQVW XV &RYH FRXOG KDYH VFRUHG VL[ RU VHYHQ LQ WKH oUVW PLQXWHV DJDLQVW XV ZH FKDQJHG WKH VKDSH DW KDOI WLPH EXW LW MXVW VHHPHG WR EH ZDYH DIWHU ZDYH RI DWWDFN k7KH SOD\HUV KDYH WR UHDOLVH ZKHQ LW JRHV OLNH WKDW WKH\ QHHG WR NHHS SOD\ LQJ DQG OLPLW WKH GDPDJH k7KH VFRUH GLGQ W pDWWHU &RYH 7KH\ GHVHUYHG WKHLU oYH JRDOV y 7KLQJV GR QRW JHW HDVLHU IRU 7XUULII DQG 0F%ULGH DGGHG k:H KDYH %URUD DQG

fƥŻŻÙĠĠ Q¸ ųĎÍÙ WKHQ )RUPDUWLQH 8QLWHG WKH IROORZLQJ ZHHN LQ WKH 6FRW WLVK &XS

k,W LV D WRXJK UXQ RI o[ WXUHV DQG ZH QHHG HYHU\ RQH RI WKH SOD\HUV WR VWHS XS DV ZH ZHUH VR IDU RII WKH SDFH DJDLQVW &RYH LW ZDV XQ EHOLHYDEOH :H QHHG WR KDYH PRUH EHOLHI LQ RXUVHOYHV y %URUD 5DQJHUV PLGoHOGHU 0DUN 1LFROVRQ KRSHV WR JHW RQH RYHU KLV IRUPHU (OJLQ PDQDJHU 5RVV ZKR ZLOO EH LQ WKH RSSRVLWLRQ GXJRXW WKLV DIWHUQRRQ 7KH &DWWDFKV PDGH LW IRXU ZLQV RQ WKH VSLQ DIWHU GHIHDWLQJ &ODFK LQ PLGZHHN DQG 1LFROVRQ

VDLG k&ODFK GHIHQGHG ZHOO DQG PDGH LW GLIoFXOW IRU XV EXW , IHOW ZH GHVHUYHG WKH ZLQ DV ZH SOD\HG YHU\ ZHOO LQ WKH VHFRQG KDOI 7XUULII ZLOO ZDQW WR ERXQFH EDFN WKLV ZHHNHQG DIWHU ORVLQJ DJDLQVW &RYH k, NQRZ 5RVV -DFN YHU\ ZHOO KDYLQJ SOD\HG XQGHU KLP DW (OJLQ &LW\ IRU oYH \HDUV 7KLV LV WKH oUVW WLPH , KDYH FRPH XS DJDLQVW RQH RI KLV WHDPV VR , NQRZ KH ZLOO KDYH WKHP oUHG XS EXW ZH DUH RQ D JRRG UXQ DQG ZH ZDQW WR NHHS WKDW JRLQJ y

2QH JDPH DW D WLPH PXVW EH WKH PDQWUD IURP )UDVHU EXUJK V SOD\HUV DV WKH\ WU\ WR NHHS WKH SUHVVXUH RQ OHDJXH OHDGHUV &RYH 5DQ JHUV ZKHQ WKH\ WUDYHO WR /RVVLHPRXWK WRGD\ 7KH %URFK KDYH ORVW MXVW RQH RI WKHLU RSHQLQJ OHDJXH JDPHV DQG DUH WKURXJK WR WKH VHPL oQDOV RI WKH (YHQLQJ ([SUHVV $EHUGHHQVKLUH &XS EXW PDQDJHU 0DUN &RZLH LV UHIXVLQJ WR JHW FDUULHG DZD\ DQG VDLG k:H UH RQ D JRRG UXQ MXVW QRZ EXW ZH NQRZ KRZ TXLFNO\ WKLV JDPH FDQ WXUQ k:H NQRZ ZH YH JRW TXDO LW\ WKURXJK WKH WHDP DQG ZH UH VKRZLQJ LW MXVW QRZ :H QHYHU JHW LW HDV\ DW /RVVLH 7KH\ KDYHQ W KDG WKH JUHDWHVW RI VWDUWV VR WKH\ ZLOO EH VFUDSSLQJ IRU HYHU\WKLQJ DQG ZDQWLQJ WR WXUQ WKHLU VHDVRQ DURXQG EXW ZH KDYH WR FRQFHQWUDWH RQ RXUVHOYHV y /RVVLH PDQDJHU $OO\ (ZHQ ZLOO EH KRSLQJ IRU D UHVSRQVH IURP KLV SOD\HUV DIWHU WKHLU PDXOLQJ E\ )RUPDUWLQH LQ PLGZHHN +LJKODQG /HDJXH FKDP SLRQV %XFNLH 7KLVWOH ZLOO EH KRSLQJ WR JHW EDFN WR ZLQQLQJ ZD\V ZKHQ WKH\ WUDYHO WR 6WUDWKVSH\ 7KLVWOH 0LGoHOGHU -D\ &KH\QH ZLOO PLVV WKH WULS WR 6HDoHOG 3DUN IROORZLQJ KLV UHG FDUG LQ WKH GHIHDW DW %URUD D ZHHN DJR EXW 6KDXQ &DUURO FRXOG IHDWXUH DIWHU EHLQJ UHFDOOHG IURP KLV ORDQ WR 'HYHURQYDOH 'HYHURQYDOH JR LQ VHDUFK RI WKHLU WKLUG ZLQ LQ D URZ ZKHQ WKH\ WUDYHO WR )RUW :LOOLDP 0DQDJHU 6WHYH 'RODQ VDLG k:H UH SOD\LQJ H[FLW LQJ IRRWEDOO DW WKH PRPHQW DQG WKH VXSSRUWHUV KDYH EHHQ HQWHUWDLQHG LQ UHFHQW JDPHV k:H UH VWLOO D ZRUN LQ SUR JUHVV EXW ZH YH ZRUNHG RQ RXU oWQHVV D ORW GXULQJ SUH VHDVRQ DQG LW VKRZV y 0LGoHOGHU &KULV %ODFN KDOO LV VXVSHQGHG IRU 9DOH IROORZLQJ KLV GLVPLVVDO LQ WKH ZLQ DW +XQWO\ 5RWKHV SOD\HU DVVLVWDQW PDQDJHU 'DQLHO 0RRUH ZLOO EH XQDEOH WR KHOS KLV VLGH RQ WKH oHOG DW PDQDJHUOHVV :LFN $FDGHP\ DV KH VHUYHV D VXVSHQVLRQ IROORZLQJ KLV UHG FDUG LQ WKH GHIHDW DW 7XUULII 8QLWHG ODVW ZHHNHQG :LFN DUH ZLWKRXW $ODV GDLU 6WDUN DQG $LGDQ :LO VRQ DIWHU WKH RQ ORDQ GXR UHWXUQHG WR &DOH\ 7KLVWOH

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

leXgr òƕ

5 é¢u ØE`u Ýé ¢¢ òÀ ³Ø ØEVÝ

E¨À ³Ý Àh = òØÝ `³ù `uk ³ ³u éuE¨ ú ¢¢ k³¨ Eéu é Ý ÝuEÝ³ 0LGoHOGHU ,DLQ 9LJXUV LV PRUH FRQYLQFHG QRZ WKDQ KH ZDV LQ WKH VXPPHU WKDW &DOH\ 7KLVWOH FDQ PRXQW D SRZHUIXO &KDPSLRQVKLS WLWOH FKDOOHQJH 7KH $EHUGRQLDQ KDV WDNHQ JUHDW KHDUW QRW RQO\ IURP SURPLVLQJ VLJQV LQ KLV RZQ WHDP V GLVSOD\V EXW IURP WKH ODFN RI D GRPLQDQW VLGH LQ WKH GLYLVLRQ $PLG HDUO\ VHDVRQ WHHWK LQJ WURXEOHV &DOH\ 7KLV WOH KDYH VHFXUHG MXVW IRXU SRLQWV IURP WKH oUVW oYH PDWFKHV DQG DOUHDG\ VLW HLJKW EHKLQG OHDGHUV 6W 0LUUHQ DQG VL[ DGULIW RI WKH SDFN RI WKUHH FXUUHQWO\ oOOLQJ WKH SURPRWLRQ SOD\ RII SODFHV 9LJXUV WKRXJK EHOLHYHV WKHUH LV JUHDW VFRSH IRU LPSURYHPHQW DW &DOH\ 7KLVWOH ZKLOH RWKHU WHDPV VHHP FHUWDLQ WR UHJXODUO\ WDNH SRLQWV IURP HDFK RWKHU 7KH \HDU ROG VDLG k(YHU\ JDPH KDV EHHQ KDUG LQ WKH &KDPSLRQVKLS EXW , YH DOVR WDNHQ D ORW RI FRQ oGHQFH IURP WKH IDFW WKHUH V QRW EHHQ DQ\ WHDP WKDW KDV EORZQ PH DZD\ k, NQRZ ZKHQ ZH UHDOO\ VWDUW WR JHO DQG JHW WKH PL[ ULJKW EHWZHHQ GHIHQGLQJ DQG DWWDFNLQJ ZH FDQ KDYH D ULJKW JRRG JR DW LW WKLV VHDVRQ k:H KDYH D ORW RI QHZ SOD\HUV FRPLQJ WRJHWKHU DQG D ORW RI \RXQJ SOD\HUV ZLWKRXW D JUHDW GHDO RI H[ SHULHQFH 2QFH HYHU\RQH LV XS WR VSHHG ZH GHoQLWHO\ FDQ SXW WRJHWKHU D VWURQJ FKDOOHQJH DQG KRSHIXOO\ D FKDUJH WRZDUGV WKH WLWOH k,Q WKH 'XQIHUPOLQH JDPH ZH ORVW EXW IRU PH ZH ZHUH HTXDOO\ DV EDG DV WKH\ ZHUH JRRG VR PXFK RI WKDW ZDV GRZQ WR KRZ SRRU ZH ZHUH k$SDUW IURP WKDW WKHUH V QRW UHDOO\ EHHQ D WHDP WKDW KDV VWRRG RXW

k7KH VHWEDFNV KDYH FRPH PRUH IURP RXU PLVWDNHV OLNH ZH VDZ RQ 6DWXUGD\ DJDLQVW 6W 0LUUHQ 7KH IRXU JRDOV ZH FRQFHGHG ZHUH DOO SUHYHQWDEOH ,W V MXVW DERXW FXWWLQJ RXW WKRVH PLVWDNHV y 9LJXUV SURPLQHQFH LQ -RKQ 5REHUWVRQ V WHDP KDV JURZQ ZLWK WKH GHSDU WXUH RI H[SHULHQFHG FDP SDLJQHUV VXFK DV 5RVV 'UDSHU QRZ DW 5RVV &RXQW\ +H DSSHDUV WR EH WKULYLQJ RQ WKH LQFUHDVHG UHVSRQVL ELOLW\ VFRULQJ WKUHH JRDOV IURP PLGoHOG VR IDU DQG LPSRVLQJ KLPVHOI RQ WKH PDMRULW\ RI PDWFKHV %XW 9LJXUV VWUHVVHG HYHU\ JDPH ZDV D FKDOOHQJH IRU D WHDP LQ WUDQVLWLRQ +H VDLG k2XU DLP LV WR SLFN XS WKUHH SRLQWV HYHU\ JDPH ZH SOD\ EXW DV ZH YH VHHQ LQ WKLV OHDJXH WKHUH DUH QR HDV\ JDPHV

ů ÛÏÛòıĐƑÛĢǧ º ıŕƧƑƑľþÛƑċÛŵ ŽƑŵľıþ ºċ ĢĢÛıþÛ k:H GRQ W ORRN EH\RQG WKH QH[W RSSRQHQW ZH UH XS DJDLQVW k:H UH MXVW ORRNLQJ WR UHFWLI\ ORVLQJ SRLQWV ODVW ZHHN :H QHHG WR JHW WKUHH SRLQWV JHW EDFN LQ WKH UDFH DQG EDFN XS WKH WDEOH (YHQ WKRXJK ZH GLG SOD\ VRPH JRRG VWXII ODVW ZHHN WKH IRXU JRDOV ZH FRQFHGHG ZHUH QRW JRRG HQRXJK k,Q VRPH JDPHV ZH YH GH IHQGHG ZHOO EXW QRW EHHQ DV VWURQJ XS WRS :KHQ ZH YH VFRUHG JRDOV ZH YH WHQGHG WR FRQFHGH WRR k/LYLQJVWRQ , P WROG DUH D YHU\ KDUG WHDP WR EHDW YHU\ ZHOO GULOOHG k,W ZLOO EH D WRXJK JDPH k:H YH VHW RXW KRZ ZH UH JRLQJ WR SOD\ DJDLQVW WKHP DQG ZH UH UHDG\ IRU ZKDW V FRPLQJ y

Ɲ Ɲ

5DQJHUV PLVVHG WKH FKDQFH WR GUDZ OHYHO ZLWK 3UHPLHU VKLS SDFHVHWWHUV &HOWLF DQG $EHUGHHQ DV WKH\ ZHUH KHOG WR D GUDZ E\ PDQ 3DUWLFN 7KLVWOH DW WKH (Q HUJ\ &KHFN 6WDGLXP $OIUHGR 0RUHORV JDYH WKH /LJKW %OXHV WKH SHUIHFW VWDUW ZLWK KLV HLJKWK JRDO LQ VL[ JDPHV HDUO\ LQ WKH ILUVW SHULRG %XW *HUV PDQDJHU 3HGUR

&DL[LQKD V KRSHV RI UHFRUG LQJ WKUHH VWUDLJKW ZLQV IRU WKH ILUVW WLPH VLQFH KLV 0DUFK DSSRLQWPHQW ZHUH ZUHFNHG ZKHQ %ODLU 6SLWWDO DQG &KULV (UVNLQH VFRUHG IRU WKH )LUKLOO KRVWV (UVNLQH V UHG FDUG IRU D OXQJH RQ 0RUHORV KDQGHG WKH LQLWLDWLYH EDFN WR *HUV DQG -DJV ZHUH GHQLHG WKHLU oUVW ZLQ RI WKH VHDVRQ ZKHQ *UDKDP 'RUUDQV HTXDOLVHG ZLWK PLQXWHV OHIW %XW WKHUH ZDV QR ZLQQHU IRU 5DQJHUV ZLWK &DL[LQKD DJDLQ VHW WR IDFH VRPH GLI

3HS *XDUGLROD KDV ZDUQHG KLV 0DQFKHV WHU &LW\ SOD\HUV WKH\ PXVW ZLQ JDPHV OLNH WRGD\ V DW :DWIRUG WR SURYH WKH\ FDQ MRLQ WKH (XURSHDQ HOLWH &LW\ RSHQHG WKHLU &KDPSLRQV /HDJXH FDPSDLJQ ZLWK DQ HPSKDWLF YLFWRU\ DW )H\HQRRUG LQ PLG ZHHN EXW *XDUGLROD V PHQ ZRQ MXVW WZR RI WKH VL[ 3UHPLHU /HDJXH JDPHV WKDW LPPHGLDWHO\ IRO ORZHG D &KDPSLRQV /HDJXH JURXS JDPH ODVW VHDVRQ DQG WKH &LW\ PDQDJHU VDLG k,W ZLOO EH D GHPDQG LQJ JDPH HVSHFLDOO\ FRPLQJ MXVW WKUHH GD\V ODWHU k:H KDYH WR KDQGOH WKDW LI ZH ZDQW WR EHFRPH D JRRG WHDP LQ WKH QH[W \HDUV :H KDYH WR KDQGOH WKHVH VLWXDWLRQV ZKHQ RQH WHDP KDV RQH ZHHN WR SUHSDUH DQG ZH GRQ W KDYH WKH WLPH y

³k Ý³ ³ k³òVéÝ

-0(- -Wd kÃ 'ļų ĠÙǤ qĉĎŻƏĠÙ ĪĎÍðÙĠÍÙų 0 Ďį ĎüƥųŻ ÍÙŻœĎƏÙ ÍĎïð¸ƥĠƏ ŻƏ ųƏ Əļ ƏĉÙ ŻÙ Żļį

1E° xÝâ « ââ ` E°`x î¶ £¶ ° ÅE`xâxîîxÝâ E îxÝ Ý ¥¥ nÝEĀ c eo0 Ho-0ioJ e Q( ei

òEØk ³¢E úEéÝ éü `³Ý Ýéu`ü

oFXOW TXHVWLRQV DV KLV VLGH KDV GURSSHG VHYHQ SRLQWV IURP LWV oUVW VL[ JDPHV RI WKH FDPSDLJQ 7KH HDUO\ VWDJHV ZHUH FDJH\ DV ERWK VLGHV ORRNHG IRU DQ RSHQLQJ EXW 0RUHORV QHHGHG QHHGHG MXVW KDOI D FKDQFH WR EUHDN WKH GHDG ORFN -RVK :LQGDVV KDG KLV VKRW EORFNHG E\ 'DQQ\ 'HYLQH V KHDG %ODLU 6SLW WDO KDG WKH FKDQFH WR FOHDU WKH GDQJHU IRU 7KLVWOH EXW ZKHQ KHVLWDWHG IRU D VHF RQG LW JDYH -DFN KLV FKDQFH

WR VWHDO SRVVHVVLRQ 7KH IRUPHU $EHUGHHQ SOD\HU IHG 0RUHORV DQG ZKLOH WKH DQJOH ZDV DJDLQVW WKH &R ORPELDQ LW PDGH QR GLIIHU HQFH DV KH GURYH WKH RSHQHU SDVW 5\DQ 6FXOO\ :LQGDVV SDVVHG XS D GH FHQW FKDQFH ODWH LQ WKH KDOI DV KLV oQLVK IURP -DPHV 7DYHUQLHU V GHHS FURVV VTXLUPHG ZLGH 5DQJHUV pXIIHG DQRWKHU FKDQFH ZKHQ 'DQLHO &DQ GLHDV VFXIIHG KLV VKRW MXVW PRPHQWV LQWR WKH VHFRQG SHULRG DQG -DJV VRRQ WRRN

DGYDQWDJH RI WKH YLVLWRUV

SURpLJDF\ DV WKH\ OHYHOOHG )DELR &DUGRVVR ZDV SH QDOLVHG IRU FOLPELQJ RYHU 6WRUH\ DQG 6SLWWDO JRW OXFN\ ZKHQ KLV WKH 3RUWX JXHVH GHIHQGHU V FRPSD WULRW %UXQR $OYHV KHOSHG KLV IUHH NLFN SDVW )RGHULQJKDP DV WKH *HUV ZDOO FDPH DSDUW %\ WKH KRXU PDUN 7KLV WOH ZHUH DKHDG :LWK *HUV IDLOLQJ WR SUHVV TXLFNO\ (G ZDUGV IHG WKH XQPDUNHG 6SLWWDO RXW ZLGH DQG SOD\HG RQ VLGH E\ 7DYHUQLHU KH ZDV

DEOH WR oQG (UVNLQH IRU D VLPSOH WDS LQ %XW MR\ WXUQHG WR GHVSDLU oYH PLQXWHV ODWHU IRU (U VNLQH DV UHIHUHH :LOOLH &RO OXP pDVKHG KLP D VWUDLJKW UHG DV KH ORVW FRQWURO RI WKH EDOO EHIRUH WKURZLQJ KLP VHOI VWXGV oUVW DW 0RUHORV 7KH PDQ DGYDQWDJH JDYH 5DQJHUV D UHQHZHG VHQVH RI XUJHQF\ DIWHU D ODERXUHG VSHOO IROORZLQJ WKH EUHDN DQG WKH\ JRW WKHLU UHZDUG RQ PLQXWHV DV 'RUUDQV VZHSW KRPH D GHOLFLRXV HTXDOLVHU IURP \DUGV RXW

5R\ +RGJVRQ LQVLVWV KH KDV JRW RYHU WKH GLVDSSRLQWPHQW RI WKH ZD\ KLV UHLJQ DV (QJODQG PDQ DJHU HQGHG DQG WKH KXPEOLQJ GHIHDW E\ ,FHODQG DW (XUR QHYHU RQFH OHG WR KLP TXHVWLRQLQJ KLV DELOLWLHV 7KH \HDU ROG ZLOO WRGD\ RYHUVHH KLV oUVW o[WXUH DV &U\VWDO 3DODFH PDQ DJHU ZKHQ WKH\ KRVW 6RXWKDPSWRQ LQ WKH 3UHPLHU /HDJXH +RGJVRQ VDLG k7KDW WLPH KDV JRQH 7KDW FKDSWHU LV oQLVKHG , P IRFXVHG RQ WKH QH[W RQH DQG LW V DOO DERXW &U\VWDO 3DODFH y

Ø é Ý k³uÝ é E E $ER\QH V &DUPHQ *ULIoWKV ZRQ WKH $EHUGHHQVKLUH JLUOV VFUDWFK FKDPSLRQ VKLS IRU WKH VHFRQG \HDU LQ D URZ ZLWK D VFRUH RI RYHU WKH 1HZPDFKDU *ROI &OXE 6ZDLOHQG FRXUVH &DLWOLQ )UDVHU 7DUODQG SOD\LQJ RII ZRQ WKH JLUOV

KDQGLFDS WLWOH IRU WKH WKLUG \HDU LQ D URZ ZLWK D QHW

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

òø leXgr

> `¡ Ýué é³ òùu ¢ uú ¨EE uØ +LJKODQG /HDJXH FOXE :LFN $FDGHP\ ZLOO DQQRXQFH WKHLU QHZ PDQDJHU WKLV ZHHNHQG q EXW 'DYLH .LUNZRRG LV QRW VHW IRU D UHWXUQ WR +DUPVZRUWK 3DUN 7KH \HDU ROG ZKR ZDV :LFN PDQ DJHU IURP WR EHIRUH PRYLQJ WR %URUD 5DQJHUV KDG EHHQ OLQNHG ZLWK WKH YDFDQW SRVLWLRQ IROORZLQJ *RUGRQ &RQQHOO\ V GHSDUWXUH ODVW PRQWK %XW .LUNZRRG GLG QRW DSSO\ IRU WKH SR VLWLRQ DQG FKDLUPDQ -DPHV ,QQHV VDLG k:H KRSH WR PDNH DQ DQQRXQFHPHQW WKLV ZHHNHQG y

1³³uü Eé &¢k 5ØE ³Øk

kq R Wvq d f'WfQ fÃ ļįŻ Ġļ į ĪĎÍðÙĠÍÙų fǤ į ĉųĎŻƏĎÙ ĉ Ż ¬ÙÙį Ùǣ¸ÙĠĠÙįƏ ïļų Ī į üÙų ÙųÙĝ Q¸0įįÙŻ ƏĉĎŻ ŻÙ Żļį

/ éé³kØ u ³Ø /EØ¡ uEki é u uûÀu`éEé ³Ý ØuË ÝEü h ³E ¨ k u¢kuØ Ø Ýé u EÀÀü é³ ÈØØü úu é ³ ÝòÀÀ³ØéuØ ÀØuÝÝòØu RR J 'RQV PLGILHOGHU 5\DQ &KULVWLH EHOLHYHV WKH H[SHF WDWLRQ WR ZLQ HYHU\ PDWFK LV MXVW WKH VDPH DW $EHUGHHQ DV LW LV DW SDUHQW FOXE &HOWLF 7KH \HDU ROG ZKR UHWXUQHG WR 3LWWRGULH IRU D VHFRQG ORDQ VSHOO LQ WKH VXPPHU KDV EHHQ RQH RI WKH VWDQGRXW SHUIRUPHUV IRU 'HUHN 0F,QQHV VLGH VR IDU WKLV VHDVRQ 7KH 'RQV DUH OHYHO RQ SRLQWV ZLWK OHDGHUV &HOWLF DW WKH WRS RI WKH WDEOH DIWHU WDNLQJ SRLQWV IURP D SRVVLEOH LQ WKH RSHQ

LQJ oYH o[WXUHV DQG WDNH RQ VWUXJJOLQJ .LOPDUQRFN DW 3LWWRGULH WRGD\ 'HVSLWH WKH ILQDQFLDO DGYDQWDJHV HQMR\HG E\ WKH +RRSV RYHU HYHU\ RWKHU WHDP LQ 6FRWODQG V WRS pLJKW &KULVWLH IHHOV WKH 'RQV SOD\HUV DUH XQGHU WKH VDPH SUHVVXUH WR ZLQ HYHU\ JDPH DQG VDLG k, ZRXOGQ W VD\ WKHUH DUH DQ\ GLIIHU HQFHV ,W V VLPLODU LQ WHUPV RI WKH H[SHFWDWLRQV WR ZLQ KHUH 7KDW V QR GLIIHUHQW HVSHFLDOO\ DW KRPH k$Q\ JDPH ZH JR LQWR QR PDWWHU ZKR ZH UH SOD\LQJ RI FRXUVH ZH ZDQW WR ZLQ

EXW WKHUH V DQ H[SHFWDWLRQ WR ZLQ DV ZHOO k,W V JUHDW IRU SOD\HUV OLNH PH WR OHDUQ DQG SOD\ LQ WKDW HQYLURQPHQW DV , WKLQN LW EULQJV HYHU\ERG\ RQ DQG LPSURYHV \RXU JDPH RQ D 6DWXUGD\ k%HLQJ RQ ORDQ LW JLYHV PH WKDW H[SHULHQFH ZKLFK LV WKH VDPH DW &HOWLF RI WKH H[SHFWDWLRQ WR ZLQ ZHHN LQ ZHHN RXW :H KDYH WKDW DWWLWXGH KHUH k:KHQ , GHFLGHG WR FRPH EDFN KHUH WKDW ZDV RQH RI WKH IDFWRUV k$EHUGHHQ DUH D FOXE WKDW SXVK WKHPVHOYHV VR

PXFK DQG WKH\ UH DOZD\V RQ WKH XS k,W V JUHDW FOXE WR EH D SDUW RI DQG WKH DWWLWXGH LV FRUUHFW IRU PH WR FRPH LQ DQG OHDUQ DQG KRSHIXOO\ JHW H[SHULHQFH LQ D FOXE WKDW DOZD\V ZDQWV WR EH VXF FHVVIXO y &KULVWLH ZKR LV XQ GHU FRQWUDFW DW 3DUNKHDG XQWLO WKH VXPPHU RI VD\V WKH +RRSV KDYH EHHQ PRQLWRULQJ KLV SURJUHVV DW 3LWWRGULH FORVHO\ +H VDLG k7KH\ YH EHHQ LQ WRXFK D IHZ WLPHV k$IWHU WKH (XURSHDQ JDPHV WKH\ ZHUH LQ WRXFK

WR VD\ ZHOO GRQH ZKLFK ZDV JRRG EHFDXVH , ZDQWHG (XURSHDQ H[SHULHQFH DV ZHOO ,W V JRRG ZKHQ WKH\ FKHFN LQ ,W JLYHV PH WKDW IHHOLQJ WKDW WKH\ UH VWLOO ZDWFKLQJ PH DQG VHHLQJ KRZ , P GRLQJ ,W V VWLOO XS WR PH WR SOD\ ZHOO ZKHQ WKH\ DUH ZDWFKLQJ y 7KH IRUPHU &DOH\ 7KLVWOH SOD\HU PHDQZKLOH GRHV QRW H[SHFW WKH +RRSV WR VXIIHU D SURORQJHG &KDPSLRQV /HDJXH KDQJRYHU IROORZLQJ WKHLU PLGZHHN GUXEELQJ E\ 3DULV 6W *HUPDLQ %UHQGDQ 5RGJHUV WHDP ZLOO ORRN WR UHWXUQ WR ZLQ

QLQJ ZD\V DIWHU WKHLU ORVV WR WKH ELJ VSHQGLQJ )UHQFK VLGH ZKHQ WKH\ KRVW 5RVV &RXQW\ WRGD\ &KULVWLH DGGHG k7KH UHDOLW\ LV WKDW &HOWLF KDYH VR PDQ\ JRRG SOD\HUV DQG VXFK D ELJ VTXDG WKDW LW GRHVQ W FRPH LQWR LW k7KH\ OO EH ORRNLQJ WR ERXQFH EDFN DQG PDNH VXUH WKH\ GRQ W VOLS k,W FRPHV GRZQ WR KDY LQJ D ELJ VTXDG DQG WKH\ ORRN DIWHU WKHPVHOYHV ZHOO 7KH\ UH DOO DWKOHWHV DW WKDW FOXE WKDW V IRU VXUH 7KH\ OO JR LQWR WKH ZHHNHQG KDYLQJ IRUJRWWHQ DERXW PLGZHHN y

#E°E xÝ #` ø¥¥¶` ¥EĂâ î ¶° ¥ °x ¶Ý î¶ ¥ ° ¥«EÝ°¶`¤ ce P0 ei-0c .LOPDUQRFN PDQDJHU /HH 0F&XOORFK WROG VRPH KRPH WUXWKV DIWHU ODVW ZHHN V GHIHDW DW 0RWKHUZHOO $ ORVV DW )LU 3DUN OHIW 0F&XOORFK V VLGH ZLWK MXVW RQH SRLQW IURP LWV RSHQLQJ oYH 3UHPLHUVKLS PDWFKHV 7KH 5XJE\ 3DUN PDQ DJHU ZDV QRW KDSS\ ZLWK KLV VLGH V VHFRQG KDOI FROODSVH DQG KDV OHW KLV SOD\HUV NQRZ KH H[SHFWV EHWWHU LQ D VHULHV RI PHHW

LQJV WKLV ZHHN k$IWHU WKH 0RWKHUZHOO JDPH D IHZ KRPH WUXWKV ZHUH WROG VR , P SUHWW\ SOHDVHG ZLWK WKH ZD\ WUDLQLQJ ZHQW WKLV ZHHN y 0F&XOORFK VDLG DKHDG RI WRGD\ V WULS WR $EHUGHHQ k:H VSRNH DIWHU WKH JDPH RQ 6DWXUGD\ DQG WKHQ oUVW WKLQJ 0RQGD\ PRUQLQJ ZH KDG D WHDP PHHWLQJ DQG LQGLYLGXDO PHHWLQJV ZLWK HYHU\ SOD\HU k:H ZHUHQ W JUHDW LQ WKH oUVW KDOI DJDLQVW 0RWKHU ZHOO EXW QRW WHUULEOH HLWKHU

DQG , WKLQN LW ZDV D SUHWW\ JDPH k,Q WKH VHFRQG KDOI ZKHQ ZH ORVW WKH JRDO WKH ERG\ ODQJXDJH ZDV EDG DQG WKH KHDGV ZHQW GRZQ DQG WKDW ZDV ZKDW DQQR\HG PH WKH PRVW k:H YH EHHQ VWUHVVLQJ DOO ZHHN ZH KDYH WR SOD\ WR WKH oQDO ZKLVWOH y 0F&XOORFK VXJJHVWHG VRPH SOD\HUV KDG EHHQ FUXLVLQJ GXULQJ WKH HDUO\ VWDJHV RI WKH VHDVRQ ZKLOH GHIHQGHU *RUGRQ *UHHU TXHVWLRQHG WKH HIIRUW RI

JÙÙ Q¸ ƥĠĠļ¸ĉ VRPH RI KLV WHDP PDWHV DIWHU WKH PDWFK 7KH PDQDJHU VDLG k)URP

WKH oUVW GD\ , FDPH LQ , VDLG WR WKH SOD\HUV , ZRXOG JLYH WKHP KRQHVW\ DQG , IHHO WKDW V ZKDW , YH GRQH LQ WKH PHHWLQJV k7KHUH V QR SRLQW GRLQJ LW LQ D WHDP PHHWLQJ WR WU\ WR HPEDUUDVV DQ\ERG\ k, YH JRW P\ YHUVLRQ RI WKH WUXWK DQG ZKDW , UHTXLUH IURP WKH SOD\HUV WR SOD\ IRU WKLV FOXE DQG WKHUH V QRW RQH SODFH LQ WKLV WHDP WKDW V QDLOHG GRZQ k0D\EH WKHUH ZHUH D IHZ WKLQNLQJ WKDW EXW FHUWDLQO\ DIWHU WKH PHHWLQJV ZLWK WKH

SOD\HUV WKH\ ZRQ W EH WKLQN LQJ WKDW QRZ k,W ZDV MXVW DERXW WHOOLQJ WKH SOD\HUV WKH WUXWK y +H DGGHG k7KHUH ZHUH WKUHH RU IRXU LQ PLQG WKDW , WKRXJKW ZHUH VWLOO SOD\ LQJ ZLWKLQ WKHPVHOYHV DQG QHHGHG WR FRPH RXW RI WKHLU VKHOOV DQG VWDUW H[SUHVVLQJ WKHPVHOYHV D ELW PRUH k:H VSRNH DERXW WKDW DV ZHOO k7KH SURRI LV LQ WKH SXG GLQJ FRPH PDWFK GD\ ZH ZLOO VHH KRZ ZH JR EXW LW V QRW IRU WKH ZDQW RI WU\LQJ y

:D\QH 5RRQH\ ZLOO EH ZHOFRPHG ZKHQ KH UHWXUQV WR 2OG 7UDIIRUG WRPRU URZ DFFRUGLQJ WR 0DQFKHVWHU 8QLWHG PDQDJHU -RVH 0RXULQKR (QJODQG V UHFRUG JRDOVFRUHU OHIW 8QLWHG WR UHWXUQ WR ER\KRRG FOXE (YHUWRQ WKLV VXPPHU DIWHU VXFFHVVIXO \HDUV ZLWK WKH 5HG 'HYLOV +H UHWXUQV WR WKH FOXE ZKHUH KH VFRUHG D UHFRUG JRDOV LQ DSSHDUDQFHV 0RXULQKR H[SHFWV WKH 2OG 7UDIIRUG IDLWKIXO WR VKRZ WKH \HDU ROG WKH DSSUHFLDWLRQ KH GHVHUYHV

³u¨E Ý ú³ØØ uk ¨E $ ZRUULHG (YHUWRQ PDQDJHU 5RQDOG .RHPDQ ZLOO KROG D PHHWLQJ ZLWK KLV SOD\HUV DQG ZLOO XUJH H[SHULHQFHG SOD\ HUV VXFK DV :D\QH 5RRQH\ WR GUDJ WKHP RXW RI WKHLU UXW 7KH 7RIIHHV KDYH ORVW WKUHH JDPHV LQ D URZ WKH PRVW UHFHQW RI ZKLFK ZDV 7KXUVGD\ V GHIHDW WR $WDODQWD LQ WKH (XURSD /HDJXH ZKHQ .RHPDQ SXEOLFO\ SXW WKH RQXV RQ KLPVHOI .RHPDQ VDLG k, WKLQN LW V WKH WLPH IRU WKH H[SHULHQFHG SOD\ HUV WR VWDQG XS , P ZRUULHG ZLWK ZKDW , VDZ RQ 7KXUVGD\ y

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

³òé ³ À³ Ýuk ³Ø 1ukÝ ØuéòØ /LYHUSRRO PLGoHOGHU 3KLOLSSH &RXWLQKR LV UHDG\ WR VWDUW DJDLQVW %XUQOH\ WRGD\ DQG oOO WKH YRLG OHIW E\ WKH VXVSHQVLRQ RI 6DGLR 0DQH 7KH 6HQHJDO LQWHU QDWLRQDO LV DERXW WR VWDUW D WKUHH PDWFK EDQ IRU KLV GLVPLVVDO LQ WKH GHIHDW DW 0DQFKHVWHU &LW\ DQG &RXWLQKR ZRXOG DS SHDU WR EH WKH LGHDO oW WR UHSODFH KLP k+H VKRXOG EH UHDG\ WR VWDUW y 5HGV PDQDJHU -XUJHQ .ORSS VDLG

>u uØ ³ é³ ÝE`é ³Ý $UVHQDO PDQDJHU $UVHQH :HQJHU EH OLHYHV LW ZRXOG EH XQIDLU IRU WKH FOXE WR EH KLW ZLWK VDQFWLRQV IROORZLQJ 7KXUV GD\ QLJKW V (XURSD /HDJXH PDWFK DJDLQVW &RORJQH 8HID DQQRXQFHG LW KDG RSHQHG GLVFLSOL QDU\ SURFHHGLQJV DIWHU WKH FURZG WURXEOH ZKLFK RYHUVKDGRZHG WKH PDWFK EHWZHHQ WKH WZR VLGHV DW WKH (PLU DWHV 6WDGLXP 7KH *URXS + WLH LQ ZKLFK $UVHQDO HYHQWXDOO\ UDQ RXW DV ZLQQHUV ZDV GHOD\HG E\ DQ KRXU DV WLFNHWOHVV &RORJQH VXSSRUWHUV WULHG WR JHW LQWR WR WKH JURXQG :HQJHU VDLG k0RVW RI WKH SURE OHPV FDPH IURP WRXWV VHOOLQJ WLFNHWV RXWVLGH WKH VWDWLRQV :H DUH FRPSOHWHO\ RSHQ WR KDYLQJ DQ LQ TXLU\ EXW RQ RXU VLGH , WKLQN ZH ZRUNHG YHU\ KDUG WR RUJDQLVH WKH JDPH ZHOO y

5³òØu ³ú ³³ÀÝ `³E` .ROR 7RXUH KDV WDNHQ XS D FRDFKLQJ UROH DW &HOWLF 7KH IRUPHU $UVH QDO DQG /LYHUSRRO GHIHQGHU DJHG PDGH DSSHDUDQFHV IRU &HOWLF DIWHU EHLQJ UHXQLWHG ZLWK IRUPHU $QoHOG PDQDJHU %UHQGDQ 5RGJHUV ODVW VXPPHU DQG KDG EHHQ KRSLQJ WR H[WHQG KLV SOD\LQJ FDUHHU +H KDV EHHQ GRLQJ VRPH ZRUN ZLWK 5RGJHUV DQG KLV EDFNURRP VWDII LQ UHFHQW ZHHNV

leXgr òò

³Ø¨uØ u¢é ³ú ÝéØE uØ /EØEk Ýu

³òéüh 3éE u &Õ Ø u éE¡uÝ éØ À k³ú ¨u¨³Øü ¢Eu é Ý E éuØ³³ -LP 2 %ULHQ V WULS WR 3DUD GLVH LV DOVR D MRXUQH\ GRZQ PHPRU\ ODQH 7KH 5RVV &RXQW\ PLG oHOGHU JUHZ XS VXSSRUW LQJ WKH *ODVJRZ FOXE DQG ZDV D VHDVRQ WLFNHW KROGHU EHIRUH KLV SOD\LQJ WDOHQWV WRRN KLP WKURXJK KLV ER\ KRRG FOXE V \RXWK WHDPV DQG RII WR GLYHUVH FRUQHUV RI WKH FRXQWU\ +DYLQJ OHIW VHFRQG FOXE 0RWKHUZHOO LQ 2 %ULHQ KRSHV WR VHW IRRW RQ 3DUNKHDG V WXUI IRU WKH oUVW WLPH LQ VHYHQ \HDUV DIWHU VWLQWV ZLWK %DUQVOH\ &RYHQ WU\ &LW\ 6FXQWKRUSH 8QLWHG DQG 6KUHZVEXU\ 7RZQ 7KH \HDU ROG IURP $OH[DQGULD LV GHWHUPLQHG WR LQpLFW IUHVK KXUW RQ WKH WHDP KH KDV VXSSRUWHG IRU DV ORQJ DV KH FDQ UHPHP EHU 5HFRYHUHG IURP D FRP SOH[ KDPVWULQJ SUREOHP WKDW NHSW KLP RXW RI WKH WHDP DJDLQVW 3DUWLFN 7KLV WOH ODVW ZHHN 2 %ULHQ VDLG k7KHUH V D EX]] GHoQLWHO\ IRU PH JRLQJ EDFN WR &HOWLF DV , XVHG WR KDYH D VHDVRQ WLFNHW WKHUH , ZDV WKHUH IRU WKH ODVW JDPH RI ODVW VHDVRQ ZKHQ WKH\ SOD\HG +HDUWV DQG VR PXFK KDV

FKDQJHG ,W V QRW WKH 3DUN KHDG , NQHZ HYHQ WKRXJK LW LV WKH VDPH VWDGLXP EXW WKHUH V GHoQLWHO\ D UHDO WLQ JOH RI H[FLWHPHQW GULYLQJ XS WR WKH VWDGLXP DQG SOD\LQJ LQ IURQW RI SHRSOH k$OO RI P\ PDWHV ZLOO EH WKHUH DV ZHOO VXSSRUW LQJ &HOWLF ,W V D JRRG GD\ DQG RQH WR WHVW RXUVHOYHV DJDLQVW WKH EHVW SOD\HUV LQ WKH FRXQWU\ y 2 %ULHQ ZDWFKHG &HOWLF V FUXVKLQJ GHIHDW WR 3DULV 6W *HUPDLQ RQ 7XHVGD\ QLJKW RQ WHOHYLVLRQ ZLWK WHDP

ů2ƑŲŽıľƑƑċÛ f ŵğċÛ Ï2ğıÛǠÆ ÛǟÛıƑċľƧþċĐƑĐŽ Ž ĬÛŽƑ ÏĐƧĬŰ PDWH 0LFKDHO *DUG\QH DQG KRSHV EXW GRHVQ W H[SHFW IDWLJXH IURP WKH JDPH ZLOO PDNH OLIH PDUJLQDOO\ HDVLHU IRU &RXQW\ 2 %ULHQ VWUHVVHG k6RPH WLPHV \RX YH MXVW JRW WR KROG \RXU KDQGV XS DQG VD\ ZRZ k3DULV 6W *HUPDLQ ZHUH LQFUHGLEOH DQG KRSHIXOO\ &HOWLF ZLOO EH D OLWWOH ELW WLUHG EXW ZH NQRZ WKH\ ZLOO EH KXUWLQJ DQG ZLOO

VHQG RXW D VWURQJ WHDP 2Q 7XHVGD\ , ZDV VD\LQJ WR P\ PDWHV WKDW V KRZ LW IHHOV IRU HYHU\RQH HOVH LQ 6FRWODQG &HOWLF QRZ NQRZ KRZ LW IHHOV IRU WKH UHVW RI XV k7KH\ OO EH KXUWLQJ DQG ZLOO ZDQW D SRVLWLYH UHVXOW VWUDLJKW DZD\ k(YHQ DPRQJ WKRVH ZKR KDYHQ W EHHQ VWDUW LQJ WKHUH DUH WKH OLNHV RI &DOOXP 0F*UHJRU DQG 7RP 5RJLF RQ WKH EHQFK ZKR DUH IUHVK 7KH\ KDYH HQRXJK GDQJHURXV SOD\HUV WR IUHVKHQ LW XS DQG 0RXVVD 'HPEHOH FRXOG EH EDFN DV ZHOO k%XW ZH UH ORRNLQJ IRU ZDUG WR WKH JDPH 7KH ERRNLHV DQG HYHU\RQH HOVH ZLOO H[SHFW D SRRU GD\ IRU XV EXW ZH ZDQW WR VKRZ KRZ ZHOO ZH FDQ SOD\ DJDLQVW &HOWLF y 2 %ULHQ FDQ GUDZ HQ FRXUDJHPHQW IURP &RXQW\ V KRPH GUDZ ZLWK &HOWLF LQ 'LQJZDOO ODVW VHDVRQ DGG LQJ k, HQMR\HG WKDW JDPH :H IUXVWUDWHG WKHP *RLQJ GRZQ WKHUH ZH ZDQW WR WU\ WR GR WR WKHP ZKDW WKH\ GLG QRW GR WR 36* WKH RWKHU QLJKW q JHW LQ WKHLU IDFHV DQG IUXVWUDWH WKHP DJDLQ y

d fH- Q QWf0 kÃ FĎĪ WŰ ųĎÙį ĎŻ ¬ ¸ĝ Ə ĉĎŻ ¬ļǤĉļļÍ ¸Ġƥ¬

1¶n xÝâ nx«E°nâ ÝxâÅ¶°âx Jo0 0DQDJHU %UHQGDQ 5RG JHUV DGPLWV &HOWLF V SULGH VXIIHUHG D EORZ LQ PLG ZHHN DQG LV ORRNLQJ IRU D UHVSRQVH DJDLQVW 5RVV &RXQW\ WRGD\ 7KH +RRSV GHIHDW WR 3DULV 6W *HUPDLQ LQ WKHLU &KDPSLRQV /HDJXH RSHQHU RQ 7XHVGD\ ZDV WKHLU KHDYL HVW DW KRPH LQ D (XURSHDQ FRPSHWLWLRQ 7KH 6FRWWLVK FKDPSLRQV KRZHYHU UHPDLQ XQEHDW HQ RQ WKH GRPHVWLF IURQW VLQFH 0D\ DQG 5RG JHUV ZDQWV WR JHW EDFN WR ZLQQLQJ ZD\V LQ WKH 3UHPLHUVKLS PDWFK DJDLQVW WKH 6WDJJLHV DW 3DUNKHDG k2XU SURIHVVLRQDO SULGH KXUWV y VDLG WKH 1RUWKHUQ ,ULVKPDQ UHIHUULQJ WR WKH

ųÙįÍ į fļÍüÙųŻ 36* JDPH k:H DUH XVHG WR ZLQQLQJ JDPHV DQG ZH DUH XVHG WR , VXSSRVH LQIOLFWLQJ WKDW W\SH RI SHUIRUPDQFH RQ RSSR QHQWV k7KDW LV D VHWEDFN DJDLQVW RQH RI WKH JUHDW WHDPV EXW WKH EHDXW\ LV ZH OHDUQ IURP LW WKDW LV NH\ DQG ZH KDYH DOZD\V VKRZQ WKDW k 7KH SOD\HUV ZHUH

JUHDW LQ WUDLQLQJ DQG YHU\ IRFXVHG RQ WKHLU QH[W JDPH k:H DUH DOZD\V SUHSDU LQJ IRU WKH QH[W JDPH LQ IRRWEDOO k5RVV &RXQW\ ZLOO EH D GLIoFXOW JDPH D GLIIHUHQW FKDOOHQJH IRU XV y &DOOXP 0F*UHJRU KRSHV &HOWLF V UHVSRQVH WR WKHLU KDUVK (XURSHDQ OHVVRQ LV DV SRVLWLYH DV LW ZDV IROORZ LQJ ODVW VHDVRQ V &DWDODQ FDODPLW\ 7KH \HDU ROG PLG oHOGHU ZKR VLJQHG D QHZ FRQWUDFW XQWLO WZR GD\V DIWHU WKH KDPPHULQJ E\ WKH )UHQFK FOXE UHIHUUHG EDFN WR WKH WKUDVKLQJ E\ %DUFHORQD DW WKH VWDUW RI WKH WRXUQDPHQW ZKLFK ZDV WKH *ODVJRZ FOXE V KHDYLHVW GHIHDW LQ (XURSH

Complimentary Monthly Business Magazine

/) " )) ( ) " -1#( "

"0 (" )) #" " )- - /! / ) 2 .*- %- ! ( ! $3 !

( 1 " (2

#( "0 (" )) (" "# " -( - )% 2

%# - ) # 0 " " -) ,$3 ' & # ## " ) ( ( )) " #/("

k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

icVeo

ŵĐıþĐƑľıÅ ľıŽ ĬĐÏñĐÛĢÏÛŵ ċŵĐŽƑĐÛ ÛĬ®ŵ ºÛŽfĐƑƑľÏŵĐÛ ŕŵÛŽŽƧŵÛŕľĐıƑŽşfóù

kœļųƏ ÙÍĎƏļųÃ ĠÙǣ Q ųƏĎį ǮŇƠƠ÷ Ɣ÷ƔƔƃƔ ÙčĪ ĎĠÃ œěŝŻœļųƏª ěĠŝ¸ļŝƥĝ

uúEØu u¢é ` VE`¡¢EÝ /Øu¨ uØÝ Àh ³òéü ¨EE uØ #` éüØu Vu¢ uùuÝ /3 ¨Eò¢ ú ¢¢ ³é u¢À Ý éuE¨

1¶VxÝîâ¶° âî ÝÝxn VĂ x` ¶xâ ¶ ÅEâî ÿ «Eî` xâ

5RVV &RXQW\ PDQDJHU -L P 0F ,Q W\ U H I H D U V &HOWLF V FUXVKLQJ PLGZHHN KXPLOLDWLRQ DJDLQVW 3DULV 6W *HUPDLQ ZLOO PDNH QRW RQH RXQFH RI GLIIHUHQFH WR WKH VFDOH RI WDVN IDFLQJ KLV WHDP WRGD\ 0F,QW\UH SUHSDULQJ IRU WKH VL[WK 3DUNKHDG WULS RI KLV 'LQJZDOO PDQDJHULDO FDUHHU KDV WZLFH VHFXUHG GUDZV DQG LV \HW WR EH EHDWHQ E\ PRUH WKDQ WZR JRDOV LQ WKH HDVW HQG RI *ODVJRZ 'HVSLWH WKDW GHFHQW UH FRUG 0F,QW\UH LV EUDFHG IRU D EDFNODVK IROORZLQJ WKH &KDPSLRQV /HDJXH JURXS VWDJH KDPPHULQJ LQpLFWHG RQ %UHQGDQ 5RGJHUV WHDP 0F,QW\UH VDLG k, UHDOO\ GRQ W WKLQN WKHUH ZLOO EH DQ\ KDQJRYHU IRU &HOWLF 7KH\ ZLOO MXVW SXW WKDW WR RQH VLGH DQG OHDUQ IURP LW WKHQ JHW UHDG\ IRU WKH QH[W JDPH k:KDW KDV EHHQ KLJK

ů/ ǟÛƑľ®Û ºľĬŕ ºƑÆċ ŵÏƑľ þÛƑƑċŵľƧþċ ıÏ ®ŵÛ ğÏľǠıŰ OLJKWHG UHFHQWO\ LV ZKHQ &HOWLF PDNH D QXPEHU RI FKDQJHV LW LV TXLWH VHDP OHVV 7KDW LV WKH VLJQ RI D UHDOO\ JRRG VTXDG DQG RQH WKDW LV YHU\ FRQoGHQW LQ ZKDW WKH\ UH GRLQJ k6R WKH JDPH GRHVQ W EH FRPH DQ\ GLIIHUHQW IRU XV DW DOO EDVHG RQ WKH RWKHU QLJKW V VFRUHOLQH 2XU RE MHFWLYHV VWD\ WKH VDPH :H NQRZ ZH DUH JRLQJ WR KDYH WR EH FRPSDFW KDUG WR JHW WKURXJK DQG EUHDN GRZQ k%XW ZH DOVR QHHG WR JHW WKH EDODQFH ULJKW RI EHLQJ DEOH WR FRXQWHU DWWDFN ZHOO k7KH ELJJHVW WKLQJ LQ WU\ LQJ WR JHW D UHVXOW DW 3DUN KHDG LV QRW MXVW HYHU\ERG\ SOD\LQJ ZHOO LW LV FRQFHQ WUDWLRQ OHYHOV :H YH JRW WR KDQGOH WKDW EXW HTXDOO\ ZH YH JRW VRPH UHDOO\ JRRG SOD\HUV KHUH ZKR DUH YHU\

J q k-W Ã f įüÙųŻŰ (ų ĉ Ī ļųų įŻÄ ųĎüĉƏÄ ¸ÙĠÙ¬ų ƏÙŻ Ż¸ļųĎįü ĉĎŻ ŻĎÍÙŰŻ ŻÙ¸ļįÍ üļ Ġ

o-e0JJi Q ic0JJiÀe Q( eiiQ o -cV0Qo'eVPńǫĊP Qc eo0 Ho-0ioJ f įüÙųŻ ĪĎŻŻÙÍ ƏĉÙ ¸ĉ į¸Ù Əļ Íų ǝ ĠÙǜÙĠ ǝĎƏĉ dųÙĪĎÙųŻĉĎœ œ ¸ÙčŻÙƏƏÙųŻ ÙĠƏĎ¸ įÍ ¬ÙųÍÙÙį Ż ƏĉÙǤ ǝÙųÙ ĉÙĠÍ Əļ ƠčƠ Íų ǝ ¬Ǥ ŇǮčĪ į d ųƏĎ¸ĝ qĉĎŻƏĠÙ Ə ƏĉÙ įÙųüǤ ĉÙ¸ĝ kƏ ÍĎƥĪŝ

JRRG RQ WKH EDOO q DQG ZH UH JRLQJ WR QHHG WKDW y 6WDWLVWLFV VKRZ &HOWLF UDUHO\ ORVH RQ D UHWXUQ IURP (XURSHDQ WR GRPHVWLF IRRW EDOO EXW 6W -RKQVWRQH GLG WDNH D SRLQW DW 3DUNKHDG LQ WKH DIWHUPDWK RI WKH +RRSV

JURXS VWDJH TXDOLoFDWLRQ JDPH DJDLQVW $VWDQD 0F,QW\UH DGGHG k:H KDYH WR PDNH VXUH ZH

dųļĠĎð¸ ƏƏ ¸ĝÙų ĠïųÙÍļ QļųÙĠļŻ ü ǜÙ ƏĉÙ JĎüĉƏ ĠƥÙŻ ƏĉÙ œÙųïÙ¸Ə ŻƏ ųƏ ǝĎƏĉ ĉĎŻ ÙĎüĉƏĉ üļ Ġ Ďį ŻĎǣ ü ĪÙŻ Ù ųĠǤ Ďį ƏĉÙ ðųŻƏ œÙųĎļÍŝ ƥƏ (ÙųŻ Ī į üÙų dÙÍųļ Ďǣč Ďįĉ ŰŻ ĉļœÙŻ ļï ųÙ¸ļųÍĎįü ƏĉųÙÙ

RIIHU WKDW WKUHDW MXVW OLNH 6W -RKQVWRQH GLG UHFHQWO\ LQ WKH oUVW KDOI DJDLQVW &HOWLF (TXDOO\ WKHQ WKHLU JRDO NHHSHU KDG WR PDNH VRPH UHDOO\ JRRG VDYHV LQ WKH VHF RQG KDOI DQG WKH ZRRGZRUN KHOSHG WKHP RXW D FRXSOH RI WLPHV k*RLQJ WR 3DUNKHDG ZH GR QHHG D ELW RI OXFN EXW E\ WKH VDPH WRNHQ ZH YH EHHQ

ŻƏų ĎüĉƏ ǝĎįŻ ïļų ƏĉÙ ðųŻƏ ƏĎĪÙ ŻĎį¸Ù ĉĎŻ Q ų¸ĉ œœļĎįƏĪÙįƏ ǝÙųÙ ǝųÙ¸ĝÙÍ ǝĉÙį Ġ Ďų kœĎƏƏ Ġ įÍ ĉųĎŻ ųŻĝĎįÙ Ż¸ļųÙÍ ïļų ƏĉÙ 'ĎųĉĎĠĠ ĉļŻƏŻŝ ųŻĝĎįÙ ƏĉÙį Ż ǝ ųÙÍ ïļų

WKHUH EHIRUH DQG SLFNHG XS SRVLWLYH UHVXOWV k7KHUH V QR UHDVRQ ZK\ ZH FDQ W GR LW DJDLQ y 0F,QW\UH ZKR ZRUNHG ZLWK 5RGJHUV DW 5HDGLQJ XQGHU 7RPP\ %XUQV KROGV KLV FRXQWHUSDUW LQ KLJK UH JDUG DQG NQRZV &HOWLF RQ WKHLU GD\ FRXOG HDVLO\ GR D 36* VW\OH MRE RQ &RXQW\ 0F,QW\UH VDLG k7KHUH

¬ Í ïļƥĠ įÍ ƏĉÙ (ÙųŻ ÙǜÙįƏƥ ĠĠǤ Ī ÍÙ ƏĉÙ ĪļŻƏ ļï ƏĉÙĎų įƥĪÙųĎ¸ Ġ Íǜ įƏ üÙ ǝĉÙį k¸ļƏĠ įÍ ĎįƏÙųį č ƏĎļį Ġ ĪĎÍðÙĠÍÙų (ų ĉ Ī ļųų įŻ ÙŨƥ ĠĎŻÙÍ ǝĎƏĉ ŇƔ ĪĎįƥƏÙŻ ĠÙïƏ ļï ƏĉųĎĠĠĎįü Ī Ə¸ĉŝ

KDYH EHHQ JDPHV EHWZHHQ XV DQG &HOWLF ZKHUH LW KDV EHHQ FORVH DOWKRXJK &HOWLF JHQHUDOO\ GRPLQDWH SRV VHVVLRQ WKH ZD\ 36* GLG DJDLQVW WKHP WKH RWKHU QLJKW k%XW WHDPV ORVH JDPHV )RRWEDOOHUV DUHQ W URERWV 6RPHWLPHV \RX JR LQWR WKH OLRQ V GHQ DQG SLFN XS UHVXOWV

k7KH EHOLHI LV WKHUH IURP XV ZH DUH FDSDEOH RI JRLQJ WKHUH DQG SLFNLQJ XS D UH VXOW EXW ZH QHHG WR SOD\ UHDOO\ ZHOO DQG FRQFHQWUDWH IRU WKH IXOO PLQXWHV SOXV k&HOWLF DUH UHOHQWOHVV 7KH\ DUH QRQ VWRS LQ WKH ZD\ WKH\ NHHS JRLQJ k7KDW V WKH FKDOOHQJH WKDW OLHV LQ IURQW RI HYHU\ WHDP WKDW JRHV WKHUH y

7KH\ PD\ EH VHSDUDWHG E\ PLOHV GRZQ WKH $ EXW &DOH\ 7KLVWOH PDQDJHU -RKQ 5REHUWVRQ UHFNRQV WRGD\ V KRPH &KDPSLRQVKLS PDWFK DJDLQVW /LYLQJVWRQ LV D GHUE\ IRU KLV SOD\HUV $ WUDGLWLRQ RI oHUFH FRQIURQWDWLRQ DFURVV HYHU\ RQH RI 6FRWODQG V IRXU GLYLVLRQV FUHDWHG DQ LQJUDLQHG ULYDOU\ ZKLFK LV UHNLQGOHG WRGD\ DW WKH &DOHGRQLDQ 6WDGLXP 7KH IRUPHU +HDUWV IRUZDUG VDLG k, YH JRW oUVW KDQG NQRZOHGJH RI WKH GHSWK RI ULYDOU\ IURP WKH /LYLQJVWRQ HQG k:KLOH LW LVQ W D GHUE\ JDPH IRU WZR FOXEV VR IDU DSDUW JHRJUDSKLFDOO\ WKH\ VKDUH D ORW RI SDVW KLVWRU\ k,W V EHHQ D ULYDOU\ IRU WLWOHV DOO WKH ZD\ WKURXJK %RWK FOXEV KDYH KDG JRRG GD\V LQ WKH 3UHPLHUVKLS DQG XQIRUWXQDWHO\ QRZ oQG WKHPVHOYHV LQ WKH &KDPSLRQVKLS k%XW WKHUH V EHHQ VRPH HQWHUWDLQLQJ JDPHV RYHU WKH \HDUV DQG , P SUHWW\ VXUH WKLV RQH ZLOO EH WKH VDPH y

k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

EØ¨

³ùu ÝòVÝ kü ÝòÀÀ³Øé À¢uk u mƑľŵǧÆf þÛƖ

Ɲ $uúÝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

EØ¨

³éE`é ' ųĪĎįü ÙŻĝÄ qĉÙ dųÙŻŻ įÍ Fļƥųį ĠÄ dW ļǣ ÷ƔÄ J įü kƏų ¸ĉƏÄ ¬ÙųÍÙÙį Ňñ Ƈ ' d F ' ųĪĎįü ļį ' ¸Ù¬ļļĝ įÍ ªd įÍF' ųĪĎįü ļį qǝĎƏƏÙų

0qWf0 J (ÙĪĪ Q ¸ĝÙįǪĎÙÄ ' ųĪĎįü ÍĎƏļųÄ qĉÙ dųÙŻŻ įÍ Fļƥųį Ġ qÙĠÃ ť÷÷ ŕǮŘŇƠƠ÷ Ɣ÷ƔǮñŇ üÙĪĪ ŝĪ ¸ĝÙįǪĎÙª ěĠŝ¸ļŝƥĝ ļų ÙčĪ ĎĠÃ œěŝï ųĪĎįüª ěĠŝ¸ļŝƥĝ

ƏƏųĎ¸ĝ ¬ļǜÙ įÍ ÙǤļįÍ ŻļĠÍ ïļų ÷ÄƇǮǮüį

fq0k0R( R kdWRkWfk-0d sľ òıÏ ľƧƑ ®ľƧƑ ÏǟÛŵƑĐŽĐıþ ıÏ ŽŕľıŽľŵŽċĐŕ ľŕŕľŵƑƧıĐď ƑĐÛŽ ǠĐƑċĐı ) ŵĬĐıþ ıÏ ƑċÛ þŵĐºƧĢƑƧŵ Ģ ŕ þÛŽ ľñ ƑċÛ fŵÛŽŽ ıÏ HľƧŵı Ģ ıÏ sċÛ ľƧŵĐÛŵÆ ºľıƑ ºƑÅ HÙųųĎÙ ¬Ùų¸ųļĪ¬ĎÙ sÛĢÅ ŧùù ŗǱŚŉƢƢù ƖƖãǱƖƢ ÛďĬ ĐĢÅ ğÛŵŵĐÛş ®ÛŵºŵľĬ®ĐÛ¬ ĝĢşºľşƧğ ĎĠĠǤ Ďį¸ÙįƏ sÛĢÅ ŧùù ŗǱŚ ŉƖãƢ óƅóóƉĶ ÛďĬ ĐĢÅ ®ǟĐıºÛıƑ¬ÏºƑċľĬď ŽľışºľşƧğ 0įǜÙųįÙŻŻ ļïð¸Ù sÛĢÅ ŧùù ŗǱŚ ŉùƉƖ ƢƅƢƖǱƅ

' fQ0R( Rqk 2ñ ǧľƧ ŵÛ ľŵþ ıĐŽĐıþ ĬÛÛƑď ĐıþÆ ÛǟÛıƑ ľŵ ŽċľǠÆƑċÛı ĢÛƑ ƧŽ ğıľǠ ƑċÛ Ï ƑÛÆ ƑĐĬÛ ıÏ ǟÛıƧÛ ıÏ ǠÛ ǠĐĢĢ ĐıºĢƧÏÛ ƑċÛ ÏÛƑ ĐĢŽ Đı ƑċÛ Đ ŵǧş ÛďĬ ĐĢÅ ŕĝşñ ŵĬĐıþ¬ ĝĢşºľşƧğ

0 f pĺË ǣ ê m ĢÛ ľñ ƅǱǱ ǠÛ ıÛÏ º ĢǟÛŽÆ ĐıþǠ ĢĢ ıÏ /ĐþċĢ ıÏ S ŵƑŽÆ Ûı TÛǟĐŽ ƧºƑĐľı S ŵƑÆ )ľŵƑ ĐĢĢĐ Ĭş QĺĭË ǣ ê m ĢÛ ľñ ŉÆóǱǱ ǠÛ ıÛÏ º ĢǟÛŽÆ ĐıþǠ ĢĢ ıÏ /ĐþċĢ ıÏ S ŵƑŽÆ fľŵƑŵÛÛ ƧºƑĐľı S ŵƑÆ mğǧÛş pƣ×ŹË ǣ ê ııƧ Ģ ŽċľǠ ıÏ Ž ĢÛ ľñ ŕÛÏĐþŵÛÛ ŵ ĬŽÆ ®ÛŵÏÛÛı ıÏ TľŵƑċÛŵı S ŵƑŽÆ sċ ĐıŽƑľıÛ ÛıƑŵÛÆ 2ıǟÛŵƧŵĐÛş ×Ëĭ×ŹË ǣ ê mċľǠ ıÏ Ž ĢÛ ľñ ŽƑľŵÛ º ƑƑĢÛÆ ĐıþǠ ĢĢ ıÏ /ĐþċĢ ıÏ S ŵƑŽÆ ĐıþǠ ĢĢş

S r I hÛ Ï ®ľƧƑ ŽľĬÛľñ ƑċÛñ ŵĬŽ ñľŵŽ ĢÛĐı ŵÛþĐľı

k J qWdd fÃ k¸ļƏŻĪ į ǜĎ¸ĎĎ ŻļĠÍ ïļų ƏĉÙ Əļœ œųĎ¸Ù ļï ñÄƠǮǮüį

Ġ ŻÍ Ďų Q ¸ĠÙ įŰŻ ÙĠƏÙǣ ĠÙ ÍÙų ŻļĠÍ ïļų ƠÄ÷ǮǮüį

3`³éÝ¨E ¢³`¡ ¢uEkÝ úEü J Rk J fH 5DP ODPE DYHUDJHV ZHUH XS d RQ WKH \HDU IRU PRUH VROG DW WKH 6FRWWLVK 7H[HO &OXE V VDOH DW /DQDUN ,W ZDV D GD\ WR UHPHP EHU IRU $EHUGHHQVKLUH V 6FRWW 0LFKLH ZKR ZRUNV IRU WKH +RZLHV DW :HVW .QRFN )DUP 6WXDUWoHOG +H RZQV MXVW RQH HZH LQ KLV 6FRWVPDQ pRFN ZKLFK KH pXVKHG VXFFHVVIXOO\ ODVW \HDU SURGXFLQJ DPRQJ RWKHUV KLV WKUHH /DQDUN HQWULHV q 6FRWVPDQ $YLFLL 6FRWVPDQ $SROOR DQG 6FRWV

PDQ $FH $, VRQV RI WKH d 6WUDWKERJLH 7HUPL QDWRU RXW RI DQ 2EHUVWRZQ 8VDLQ %ROW GDXJKWHU WKH\ VROG DW JQ JQ DQG JQ DOO DFURVV WKH ZDWHU WR 1RUWKHUQ ,UHODQG $YLFLL DQG $FH ERWK VROG WR WKH VDPH JURXS LQFOXG LQJ 3DXO 2 &RQQRU 'UXP JRRODQG $OLVWDLU *DXOW )RUNLQV 5RGJHU 6WUDZ EULGJH 7DPQDPRQH\ DQG 6DP 0F$XOH\ :KLWHSDUN ZKLOH $SROOR ZDV NQRFNHG GRZQ WR 6WHZDUW )HUULV 'URPRUH &R 'RZQ $FKLHYLQJ WKH GD\ V VHF

RQG WRS SULFH RI JQ ZDV (WWULFN $ERYH $QG %H\RQG IURP *RUGRQ DQG 'DYLG *UD\ V 6HONLUN EDVHG pRFN $ VRQ RI WKH JQ

ů/ÛľǠıŽĝƧŽƑ ľıÛÛǠÛĐıċĐŽ mºľƑŽĬ ı÷ľºğŰ &OLQWHUW\ <XJD .KDQ KH VROG LQ D WZR ZD\ VSOLW WR ,DLQ 0LQWR 7RZQKHDG 'ROSKLQWRQ DQG 0HLNOH -DFNVRQ :ROIFO\GH %LJJDU

7KH &ODUN IDPLO\ V *DUQJRXU FRQVLJQPHQW IURP /HVPDKDJRZ WRSSHG DW JQ ZLWK *DUQJRXU $OODGLQ E\ +DOEHDWK 9,3 VHOOLQJ WR &DPHURQ *DXOG &DLUQDP $XFKWHUDUGHU 5REELH :LOVRQ 1RUWK 'RUODLWKHUV 7XUULII DFKLHYHG D WRS RI JQ IRU 0LOQEDQN $OO\ FDW D 6WUDWKERJLH <HV 6LU VRQ ZKLFK VROG WR 1 0\OHV %DOO\VKDQQRQ &R 'RQHJDO *UDKDP 0RUULVRQ V 'HYHURQYDOH ODPEV IURP &RUQKLOO %DQII VROG WR JQ IRU DQRWKHU 6WUDWK

ERJLH <HV 6LU VRQ 'HYHURQ YDOH $UHR ZKLFK ZHQW WR 5LFKDUG &XUULH V 7XOODJK pRFN DW %DOO\PHQD /HDGLQJ WKH ZD\ DW WKH %HOWH[ 6FRWODQG VKRZ DQG VDOH DW /DQDUN ZDV D VKHDU OLQJ UDP IURP $ODVGDLU 0D FOHDQ V 7LUHH EDVHG pRFN VHOOLQJ DW JQ %\ &DOODFUDJ :LVH &UDFN KH VROG WR , .QLJKW 6WHSK QH\ )DUP &XPEULD $EHUGHHQVKLUH V 6WXDUW :RRG VROG :RRGLHV &RO OLVLRQ D *OHQNHHQ 6DQG HUV VRQ IRU JQ WR WKH +DPLOWRQV DW 0LG

6KDZWRQKLOO &KDSHOWRQ 6WUDWKDYHQ 2YHUDOO FKDPSLRQ DW WKH SUH VDOH VKRZ ZDV %ODFN -DFN %ODGH D JLPPHU IURP 5RVV DQG .LUVW\ :LOOLDPV 8SSHU 7XOORFKEHJ +XQWO\ 7KLV /XJDWH $UH[ GDXJKWHU VROG DW JQ WR . 3UHV WRQ 2PDJK &R 7\URQH 7KH UHVHUYH RYHUDOO FKDPSLRQ ZDV WKH JLP PHU 0XLUWRQ %ULFN +DUG IURP -LPP\ <RXQJ 0XLU WRQ &RUVH $OIRUG ZKLFK VROG DW JQ WR 0DWWKHZ %XUOHLJK (QQLVNLOOHQ &R )HUPDQDJK

1 îâ Å¥xn x ¶Ý Ā¶«x° ° EÝ« ° ( QQ Q H R 0 5XUDO (FRQRP\ 6HFUHWDU\ )HUJXV (ZLQJ KDV SOHGJHG WR GR DOO KH FDQ WR HQVXUH ZRPHQ KDYH WKH VDPH ULJKWV DQG RSSRUWXQLWLHV DV PHQ LQ IDUPLQJ +H PDGH WKH FRPPHQWV IROORZLQJ WKH oUVW PHHWLQJ RI WKH 6FRWWLVK *RYHUQ PHQW V :RPHQ LQ $JULFXO WXUH WDVNIRUFH /DXQFKHG DW WKH +LJKODQG 6KRZ WKH WDVNIRUFH LV OHG E\ 6XWKHUODQG IDUPHU -R\FH &DPSEHOO RI $UPDGDOH )DUP 0U (ZLQJ VDLG WKH FUHDWLRQ RI WKH WDVNIRUFH PDUNHG WKH ILUVW VWHS

WRZDUGV WDFNOLQJ WKH LQ HTXDOLWLHV IRU ZRPHQ LQ IDUPLQJ +H VDLG D UHVHDUFK UHSRUW KLJKOLJKWHG WKH FKDOOHQJHV SUHYHQWLQJ ZRPHQ IURP SDUWLFLSDWLQJ IXOO\ LQ WKH IDUPLQJ VHFWRU k(QVXULQJ ZRPHQ KDYH WKH VDPH ULJKWV DQG RSSRU WXQLWLHV DV PHQ LQ IDUP LQJ LV QRW RQO\ D PDWWHU RI HTXDOLW\ EXW LV DOVR YLWDO WR HQVXULQJ WKH ORQJ WHUP VXVWDLQDELOLW\ RI WKH VHFWRU y VDLG 0U (ZLQJ k:H QHHG WR UHDOLVH WKH IXOO SRWHQWLDO RI ZRPHQ V VNLOOV NQRZOHGJH DQG HQ WKXVLDVP WR KHOS FUHDWH D WKULYLQJ UXUDO HFRQRP\ y

EØ¨

$uúÝ Ƒ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

³ùu À¢uk u ³ ¢uùu¢Ý ³ ÝòVÝ kü ÝòÀÀ³Øé

vH 'f Q WfHÃ Ùïų kÙ¸ųÙƏ ųǤ QĎ¸ĉ ÙĠ (ļǜÙ Ə ƏĉÙ F ĪÙŻ -ƥƏƏļį 0įŻƏĎƏƥƏÙÄ ¬ÙųÍÙÙįÄ ǤÙŻƏÙųÍ Ǥŝ cĆĹƌĹùŰ ŐĆ ©ǡ H ħċ oĆĹħŸĹĬ ( QQ Q H R 0 6XEVLG\ VXSSRUW IRU IDUPHUV DQG FURIWHUV ZLOO FRQWLQXH IRU WKH IRUH VHHDEOH IXWXUH 'HIUD 6HFUHWDU\ 0L FKDHO *RYH FRQoUPHG \HVWHUGD\ 6SHDNLQJ IROORZLQJ PHHWLQJV ZLWK PHPEHUV RI WKH IDUPLQJ DQG oVKLQJ FRPPXQLWLHV DW WKH -DPHV +XWWRQ ,QVWLWXWH LQ $EHUGHHQ 0U *RYH VDLG k7KHUH ZLOO GHoQLWHO\ EH VXEVLG\ VXSSRUW SRVW y *RYHUQPHQW KDV DOUHDG\ FRQ oUPHG WKH FRQWLQXDWLRQ RI FXU UHQW VXEVLG\ OHYHOV XQWLO DQG 0U *RYH VDLG VXSSRUW ZRXOG EH DYDLODEOH EH\RQG WKDW GDWH WR KHOS kSURWHFW SURGXFWLYLW\y DQG WKH HQ YLURQPHQW +H ZDV XQDEOH WR SURYLGH FRQ FUHWH GHWDLOV RQ WKH VKDSH RI IXWXUH DJULFXOWXUDO SROLF\ EXW VDLG KH HQYLVDJHG DQ RYHUDUFKLQJ 8. ZLGH IUDPHZRUN DV ZHOO DV VSHFLoF

SROLFLHV IRU 6FRWODQG (QJODQG :DOHV DQG 1RUWKHUQ ,UHODQG k:H DUH KRSLQJ WR VD\ PRUH EH IRUH &KULVWPDV DERXW WKH IXWXUH GLUHFWLRQ RI WUDYHO DQG ZH ZDQW WR EULQJ IRUZDUG DQ (QJOLVK DJULFXO WXUH %LOO LQ WKH ODWH VSULQJ RI QH[W

ů ÛǠ ıƑƑľ®ŵĐıþ ñľŵǠ ŵÏ ı ıþĢĐŽċ þŵĐºƧĢƑƧŵÛ ĐĢĢŰ \HDU y VDLG 0U *RYH k,Q GHVLJQLQJ WKDW %LOO LW ZLOO KDYH DQ LPSDFW RQ WKH RWKHU SDUWV RI WKH 8. y +H VDLG WKH (QJOLVK %LOO ZRXOG RXWOLQH VRPH RI WKH SULQFLSOHV DERXW KRZ JRYHUQPHQW KRSHG WR DOORFDWH DJULFXOWXUDO IXQGLQJ LQ WKH IXWXUH +RZHYHU WKLV FRXOG RQO\ EH DFKLHYHG RQFH DOO SDUWLHV LQYROYHG

IURP DFURVV WKH 8. KDG UHDFKHG DJUHHPHQW RQ IXWXUH SODQV k,W ZLOO ZRUN EHVW LI ZH KDYH UHDFKHG D EURDG DJUHHPHQW RQ ZKDW VKRXOG EH H[HUFLVHG DW D 8. OHYHO DQG D GHYROYHG DGPLQLVWUD WLRQ OHYHO y DGGHG 0U *RYH k, KDYH QR ZLVK WR GR DQ\WKLQJ RWKHU WKDQ VHH WKH 6FRWWLVK *RY HUQPHQW FRQWLQXH WR KDYH WKH SRZHUV LW KDV DQG LQ GXH FRXUVH WDNH RQ PRUH UHVSRQVLELOLWLHV y 0U *RYH VDLG IXWXUH SROLF\ VKRXOG EH VKDSHG E\ WKRVH DW WKH kVKDUS HQGy SURGXFLQJ DQG SUR FHVVLQJ IRRG DQG QRW MXVW JRYHUQ PHQW RIoFLDOV 2Q WKH WKRUQ\ LVVXH RI FRQYHU JHQFH XSOLIW 0U *RYH VHHPHG UHOXFWDQW WR SXUVXH SURPLVHV E\ KLV SUHGHFHVVRUV WR UHVROYH WKH LVVXH &RQYHUJHQFH XSOLIW LV PRQH\ WR WDOOLQJ DURXQG d PLOOLRQ ZKLFK

ZDV DOORFDWHG WR WKH 8. IURP WKH (8 WR EULQJ 6FRWODQG V SHU KHFWDUH VXEVLG\ VXSSRUW oJXUH PRUH LQ OLQH ZLWK WKH (XURSHDQ DYHUDJH 6FRWWLVK *RYHUQPHQW DQG LQGXVWU\ KDYH ORQJ DUJXHG WKDW 'HIUD IDLOHG WR JLYH WKH PRQH\ WR 6FRWODQG 0U *RYH VDLG KH XQGHUVWRRG WKH IUXVWUDWLRQV IHOW E\ WKH 6FRW WLVK IDUPLQJ LQGXVWU\ EXW KLQWHG LW PD\ QRW EH SRVVLEOH WR GHOLYHU WKH PRQH\ WR 6FRWODQG k,W V YHU\ GLIoFXOW WR XQVFUDPEOH DQ RPHOHWWH y VDLG 0U *RYH k, XQGHUVWDQG ZK\ SHRSOH IHHO WKDW WKH SRVLWLRQ ZDV QRW ULJKW 7KDW ZDV LQ WKH SDVW DQG WKDW PRQH\ KDV EHHQ EDNHG LQWR WKH FXUUHQW V\VWHP , ZDQW WR PDNH VXUH WKDW ZH EHDU LQ PLQG WKDW 6FRWWLVK IDUPHUV IHHO WKDW ZD\ ZKHQ ZH GHYHORS DQ\ QHZ PHWKRG RI VXSSRUW y

3xVEĂ â xEÝ¥ ° î¶Åâ $

âE¥x Eî ì jĈĈĈ ( QQ Q H R 0 1RUWK &RXQWU\ &KHYLRWV VROG WR D WRS RI d DW 4XR\EUDH \HVWHUGD\ 7KH VDOH OHDGHU ZDV WKH FKDPSLRQ MXGJHG E\ $ODQ 6PLWK 8SSHU &RUQTXR\ +ROP 2UNQH\ DQG (DQQ %URZQ $GUDG\ )DUPKRXVH ,VOD\ 7KH VKHDUOLQJ q 6H ED\ 9HUPRXQW E\ 2OGoHOG 6XQULVH q ZDV SXW IRUZDUG E\ - 6 %DLOOLH DQG &R 6HED\ )DUP 7DQNHUQHVV

2UNQH\ +H VROG MRLQWO\ WR ' 1 &DPSEHOO DQG 6RQV %DUGQDFODYDQ DQG - DQG - 6PLWK 8SSHU &RUQTXR\ +ROP 2UNQH\ 5HVHUYH ZDV DQRWKHU 2OGoHOG 6XQULVH VKHDUOLQJ VRQ QDPHG 6HED\ 9DPSLUH IURP 6HED\ )DUP +H VROG IRU d WR ' - DQG 0 $OODQ 'XUUDQ 0DLQV 0HDQZKLOH WKH FKDPSL RQ 6XIIRON LQ WKH &DLWKQHVV 6KHHS %UHHGHUV $VVRFLDWLRQ VDOH VROG IRU d WR $ +

0DFND\ :HVW *UHHQODQG &DVWOHWRZQ +H ZDV D VKHDU OLQJ IURP : %DUQHWVRQ DQG 6RQV /\QHJDU :DWWHQ 7KH 7H[HO FKDPSLRQ q D VKHDUOLQJ IURP ' :HEVWHU /RZHU 5HLVV )DUP VROG IRU d WR $UQRWW &RJKLOO 6NLQQHW +DONLUN &KDP SLRQ LQ WKH %RUGHU /HLFHV WHU VHFWLRQ ZDV D VKHDUOLQJ IURP $ 0LOOHU DQG 6RQV $LPVWHU 7KXUVR VHOOLQJ IRU d WR ' 0LOOHU %XFNLHV )DUP 7KXUVR

kÙ¬ Ǥ ÙųĪļƥįƏ ƏļœœÙÍ ƏĉÙ Ż ĠÙ Ə ƍñÄǮǮǮ

( PP P H Q 0

KH ODXQFK RI D QHZ JRYHUQPHQW EDFNHG ORDQ VFKHPH IRU IDUP VXEVLG\ SD\PHQWV LV ZHOFRPH QHZV IRU IDUPHUV DQG FURIWHUV DFURVV 6FRWODQG 7KH QHHG IRU WKH VFKHPH LV IXUWKHU SURRI WKDW WKH JRYHUQPHQW V d PLOOLRQ ,7 V\VWHP WR DGPLQLVWHU &RPPRQ $JULFXOWXUDO 3ROLF\ &DS SD\PHQWV LV VWLOO QRW oW IRU SXUSRVH :KHWKHU LW ZLOO HYHU ZRUN SURSHUO\ UHPDLQV WR EH VHHQ EXW PRDQLQJ DERXW LW LV QRW JRLQJ WR UHVXOW LQ D PLUDFXORXV ,7 o[ ,Q DQ H[FOXVLYH LQWHUYLHZ ZLWK WKH 3UHVV DQG -RXUQDO ODVW ZHHN 0U (ZLQJ DGPLWWHG KLPVHOI WKDW WKH &DS ,7 V\VWHP ZDV VWLOO QRW ZRUNLQJ SURSHUO\ ,W ZRUNV EXW QRW TXLFNO\ HQRXJK KH VDLG 'HWDLOV RI WKH ODWHVW ORDQ VFKHPH ZKLFK LV WKH oIWK WR EH ODXQFKHG DV D UHVXOW RI SD\PHQW GHOD\V FDXVHG E\ WKH EHOHDJXHUHG ,7 V\VWHP HPHUJHG ZKHQ 0U (Z LQJ UHYHDOHG GHWDLOV RI D &DS 3ODQ IRU 6WDELOLVDWLRQ WR +RO\URRG RQ 7XHVGD\ 0U (ZLQJ V SROLWLFDO RSSRQHQWV ZHUH TXLFN WR FULWL FLVH KLP ZLWK PDQ\ FRLQLQJ WKH VFKHPH DQ kDGPLVVLRQ RI IDLOXUHy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oUVW WZR ZHHNV RI 1RYHPEHU 7KH UHPDLQGHU ZLOO EH SDLG LQ 0DUFK QH[W \HDU 0U (ZLQJ KDV FDOOHG IRU D kVZLIW UHVSRQVHy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q 0U (ZLQJ DOVR UHYHDOHG DPELWLRXV SODQV WR LPSURYH WKH kFXVWRPHU VHUYLFHy H[SHULHQFH IRU IDUPHUV DSSO\LQJ IRU VXEVLG\ VXSSRUW , DSSODXG WKH ORDQ EXW LPSURYHPHQWV WR FXVWRPHU VHUYLFH DUH WRR OLWWOH WRR ODWH

ô $uúÝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

>u é³ ³ ú é uú VE¢uØ ØE u ( QQ Q H R 0 &ODDV KDV UHYHDOHG GHWDLOV RI D QXPEHU RI QHZ RS WLRQV EHLQJ PDGH DYDLODEOH QH[W VHDVRQ IRU LWV 4XDG UDQW DQG EDOHUV 7KLV LQFOXGHV WKH DYDLO DELOLW\ RI DQ LQWHJUDWHG EDOH ZHLJKLQJ DQG KLJK HQG /(' OLJKWLQJ V\VWHP DQG WKH DGGLWLRQ RI WKH SXOO RXW NQLIH GUDZHU DV DQ RSWLRQ IRU WKH PRGHO k,QWHJUDWHG EDOH ZHLJK LQJ LV D IXQFWLRQ WKDW ZLOO DSSHDO WR DOO IDUP HUV DQG FRQWUDFWRUV ZKR ZDQW WR NHHS D FORVH H\H RQ EDOH TXDOLW\ GXULQJ WKH EDOLQJ RSHUDWLRQ y VDLG &ODDV

(DFK EDOH LV ZHLJKHG DX WRPDWLFDOO\ ZKLOH LW LV EHLQJ PDGH XVLQJ VFDOHV oWWHG LQ WKH EDOH UDPS %DOHV FDQ EH ZHLJKHG DW YHKLFOH VSHHGV RI XS WR NP SHU KRXU DQG WKH PD[LPXP PHDV

ůJÛÛŕ ºĢľŽÛ ÛǧÛľıŪƧ ĢĐƑǧ ÏƧŵĐıþƑċÛ® ĢĐıþ ľŕÛŵ ƑĐľıŰ XUHPHQW YDOXH HUURU XQGHU QRUPDO ZRUNLQJ FRQGLWLRQV LV SOXV RU PLQXV NJ 7KH ZHLJKW RI HDFK EDOH LV YLV LEOH WR WKH GULYHU LQ WKH FDE DQG ZHLJKWV DUH DOVR VDYHG DFFRUGLQJ WR MRE RU DUHD &ODDV VDLG RSHUDWRUV XV LQJ LWV 7HOHPDWLFV V\VWHP

ZRXOG DOVR EH DEOH WR XVH WKH EDOH ZHLJKW GDWD WR JHQ HUDWH WKH WRWDO DUHD \LHOG DQG WKH \LHOG GLVWULEXWLRQ E\ LQGLYLGXDO oHOG VKRZLQJ WKH EDOH ORFDWLRQ LQGLYLGXDO ZHLJKWV DQG PRLVWXUH OHYHO 7KH QHZ RSWLRQDO /(' OLJKWLQJ V\VWHP FRPSULVHV VHYHQ DGGLWLRQDO KLJK TXDOLW\ OLJKWV oWWHG RQ NH\ RSHUDWLQJ FRPSRQHQWV RI WKH EDOHU LQFOXGLQJ WKH GUDZEDU DQG IHHG UDNH /DVWO\ &ODDV VDLG WKH RSWLRQ WR DGG WKH SXOO RXW NQLIH GUDZHU WR WKH PRGHO RIIHUHG KXJH EHQHoWV WR FRQWUDFWRUV ,W UHGXFHV WKH WLPH UH TXLUHG IRU NQLIH FOHDQLQJ RU WR FRPSOHWHO\ FKDQJH RYHU NQLYHV IURP RQH KRXU WR PLQXWHV

sŵ ºƑľŵŽ ĬľǟÛ Ƨŕ þÛ ŵ &DVH ,+ KDV DGGHG D QHZ HLJKW VSHHG VHPL SRZ HUVKLIW WUDQVPLVVLRQ WR LWV 0D[[XP WUDFWRU UDQJH $YDLODEOH RQ 0D[[XP 0XOWLFRQWUROOHU PRGHOV $FWLYH'ULYH SURYLGHV D WRWDO RI VSHHGV LQ ERWK IRUZDUG DQG UHYHUVH k7KH WUDQVPLVVLRQ LQFRU SRUDWHV D QXPEHU RI IHD WXUHV GHVLJQHG WR PDNH WKH WUDFWRU PRUH HIoFLHQW DQG WKH GULYHU PRUH UHOD[HG y VDLG &DVH ,+

)ľºƧŽ ľı ºÛıƑÛı ŵǧ

HR0' qf Ã qĉÙ Ġ Ż eƥ Íų įƏ ÷ƠǮǮ ¬ ĠÙų ĉ Ż į ļœƏĎļį Əļ ÍÍ œƥĠĠčļƥƏ ĝįĎïÙ Íų ǝÙų ļïïÙųĎįü ĉƥüÙ ¬ÙįÙðƏŻ Əļ ¸ļįƏų ¸ƏļųŻ

111' " %1# ", ' %'/!

004

EØ¨

1* "%+. 2 *+ . ! # '*% 1 . 2 .* .%* 2 *

"! ( #' (

" % ( %(

#$$ (((

( " &%

# (((

# (( #'

)

#! !((

%ULWLVK WUDFWRU PDQX IDFWXUHU 1HZ +ROODQG LV UXQQLQJ D SKRWR FRPSHWLWLRQ WR FRPPHPR UDWH WKH EUDQG V FHQWHQDU\ 3HRSOH DUH DVNHG WR VXEPLW SKRWRV RI WKHLU ZRUNLQJ 1HZ +ROODQG WUDFWRUV WR EH LQ ZLWK WKH FKDQFH RI ZLQQLQJ d ZRUWK RI 1HZ +ROODQG YRXFKHUV 7KH GHDGOLQH IRU HQWULHV LV 2FWREHU

)' 8 '8

1/ 388 (*&*(* $ 8...' )')44) NEW HOLLAND TF46 COMBINE FOR SALE

qļ œĠ ¸Ù

# # #! ((

Ǥļƥų ÍǜÙųƏ

&&& % ' %

Ďį

3' 4 8) /' ./84)8 666* % (,#$" 2-* (*5#

' ŰħċĬù ĠĠ

% ! "'' & !

( " ) # ( %( %# 2# 3* . $ 3. ( " ) , ( "" # 3*$* 3& .*. #),%# /) # )) (! #0 (/( & " 3& +* +.& $ (! , "" # /),( " ), , /(( - " 3& -3 33

#' ! $ # ''' $

# 1+.* ! +. . 1 * % * - , ! 4& -/ ,4 $&

333(+ %. ( %(1

#' " ! $ # $ "#'' $ #' # ! "'# % ! $ ! '' $ #' ' ! $ # $ #'' $

$$ 5-

#''" ! $ "# ! !

(, +5(2 2( 7

qļ œĠ ¸Ù

ĹƢŰ ÊŸ Ďį ' ŰħċĬù

ĠĠ ¬ÙųÍÙÙį ǫńƝƝôƄıôǫƝî ļų 0įǜÙųįÙŻŻ ǫńôƄƑƝƀƝƝıƄ

¬ÙųÍÙÙį

#' ! # #'' '' $

0 % &*0

(&2 2

(& 8. 8 !.4!!

ǫńƝƝô ƄıôǫƝî ļų 0įǜÙųįÙŻŻ

( /# $ $+!! (( - ( $ ( $ #,

t /# ( # ( $ #, $ t + # - (/# $ ( $+ ( , $ t (( #/ #, $ t . +$($ $+!! (( t ( ## # # $ # ))

$ (/# $ / " "+

ǫńôƄƑ ƝƀƝƝıƄ

EØ¨

$uúÝ î

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

`³¨ÀEü é³ÀÝ ³Ø ³³k EØ¨ ÀØE`é `u ( QQ Q H R 0

7KH ODUJHVW HJJ SDFNHU LQ WKH QRUWK RI 6FRWODQG KDV EHHQ QDPHG DV WKH ZLQ QHU RI WKH 5R\DO 1RUWKHUQ $JULFXOWXUDO 6RFLHW\ V JRRG IDUPLQJ SUDFWLFH DZDUG 7KH DZDUG ZKLFK LV VSRQVRUHG E\ $EHUGHHQ VKLUH &RXQFLO FHOHEUDWHV D IDUPHU LQ WKH UHJLRQ ZKR LV VKRZLQJ JRRG SUDFWLFH LQ KLV RU KHU IDUPLQJ EXVLQHVV 7KLV \HDU V ZLQQHU LV WKH &KDSPDQ IDPLO\ q 5REHUW DQG (WKHO DQG WKHLU VRQ ,DLQ q ZKR UXQ )DUPOD\ (JJV DW :HVWHU &RFNPXLU )DUP QHDU 6WULFKHQ 7KH UXQQHU XS DZDUG ZHQW WR WKH :LOOLV IDPLO\ V RUJDQLF GDLU\ IDUPLQJ HQ WHUSULVH DW *ODVJRIRUHVW .LQHOODU

'ųļĪ ĠÙïƏÄ fR k œųÙŻĎÍÙįƏ fļ¬¬ĎÙ RÙǝĠ įÍŻÄ įįÙ ĎĠĠĎŻ įÍ ĎĠĠĎ Ī ĎĠĠĎŻ

7KH DZDUG V MXGJH q ZHOO NQRZQ DJULFXOWXUDO FRQ VXOWDQW DQG 1)8 6FRWODQG WUHDVXUHU *HUDOG %DQNV q VDLG LW ZDV D FORVHO\ IRXJKW FRQWHVW k%RWK EXVLQHVVHV VKRZHG IDQWDVWLF PDQDJHPHQW DQG

ů ľƑċ®ƧŽĐıÛŽŽÛŽ ŽċľǠÛÏñ ıƑ ŽƑĐº Ĭ ı þÛĬÛıƑŰ IDQWDVWLF DWWHQWLRQ WR GHWDLO (YHU\RQH ZDV D IDQWDVWLF H[DPSOH RI IDUP PDQDJH PHQW y VDLG 0U %DQNV 3UHVHQWLQJ WKH DZDUGV DW :HVWHU &RFNPXLU $EHU GHHQVKLUH &RXQFLO SURYRVW %LOO +RZDWVRQ SUDLVHG ERWK IDUPLQJ IDPLOLHV +H VDLG k7KH JRRG IDUP

LQJ SUDFWLFH DZDUGV DUH SUREDEO\ PRUH LPSRUWDQW QRZ WKDQ WKH\ HYHU ZHUH EHIRUH EHFDXVH ZH DUH IDF LQJ VRPH FKDOOHQJHV DV ZH KHDG WRZDUGV %UH[LW k:KDW ZH DUH FOHDU DERXW LV WKH OHDGHUVKLS DQG WKH LQVSLUDWLRQ WKDW ERWK WKH ZLQQHUV DUH PDNLQJ DQG WKDW FRQWULEXWLRQ LV HQFRXU DJLQJ 7KHVH H[HPSODU EXVL QHVVHV ZLOO EH YLWDO WR VKDSH IDUPLQJ LQ WKH IXWXUH y 7KH &KDSPDQ IDPLO\ V ZLQQLQJ EXVLQHVV SDFNV DURXQG PLOOLRQ HJJV D ZHHN IRU 0RUULVRQV $OGL DQG /LGO LQ 6FRWODQG 7KH IDPLO\ DOVR VXSSOLHV WKH $E HUGHHQVKLUH &KRLFH UDQJH RI HJJV LQWR 7HVFR VWRUHV -XVW XQGHU KDOI WKH HJJV DUH SURGXFHG DW :HVWHU &RFNPXLU ZLWK WKH UHPDLQ

GHU VRXUFHG IURP D JURXS RI PRUH WKDQ FRQWUDFW SURGXFHUV IURP DFURVV $EHUGHHQVKLUH 0RUD\ DQG .LQFDUGLQH 7KH IDPLO\ UHFHQWO\ LQ YHVWHG d PLOOLRQ LQ D QHZ JUDGLQJ IDFLOLW\ FRPSOHWH ZLWK oYH URERWV ZKLFK KDV LQFUHDVHG HIoFLHQF\ 0HDQZKLOH :LOOLDP :LO OLV PLONV FRZV RQ DQ RUJDQLF V\VWHP DW *ODVJR IRUHVW DORQJVLGH KLV PRWKHU $QQH DQG EURWKHU $QJXV $ FORVH IRFXV RQ JUDVV KDV UHVXOWHG LQ PRUH WKDQ KDOI RI WKH KHUG V DYHUDJH OLWUHV SHU FRZ \LHOG EHLQJ SURGXFHG IURP IRU DJH 7KH IDPLO\ LV FXUUHQWO\ LQ WKH SURFHVV RI LQVWDOOLQJ DQ RQ IDUP YHQGLQJ PDFKLQH IRU XQSDVWXHULVHG PLON

.& ,..'

%)) (%+ () ( +(" $ ( $) "( %$ ,/ $ $ + +% 1,/%# + %,, +%/ +, 3 + "%4 " 1, +, % + +% $ 1 ! / %3 2 + #%2 %$/% / +/ " /4 %+#, 3 $ / '+% 1 / 3 , " 1$ $ 05&-( ) 2 $ ,1 ,, 1""4 1, $ / +/ " /4 %+#, %$ %1+ ,/% ! /% "' %$/ $1 /% %# / %%/ "/ ,,1 , $ "' /% / +/ " /4 $ %1+ % !(*

( (%' %'-#

Ƅ $uúÝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

EØ¨

>ué úuEé uØ Àòé E kE¨ÀuØ ³ EØùuÝé ú é V kuØ d q f kQ JJ

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

EDU DQG RQFH WKURXJK WKH EXQFKHU VKHDYHV ZRXOG EH WDQJOHG WR WKH RQHV LQ IURQW DQG EHKLQG WKH RQH EHLQJ WLHG 7 KHQ WKH \ KDG WR EH VWRRNHG DQG KRSH IXOO\ ULSHQHG EHIRUH WKH\ ZHUH GU\ HQRXJK WR FDUW KRPH 3URORQJHG ZHW VSHOOV PHDQW WKH UH VHWWLQJ RI

ů ċ ŵǟÛŽƑĢĐğÛ ƑċĐŽƅǱǧÛ ŵŽ þľ ǠľƧĢÏıľƑċ ǟÛ ®ÛÛıñƧıŰ VWRRNV DQG WKH FDOO IURP WKH IDUP JULHYH LQ WKH PRUQLQJ ZDV kIRU WKRVH ZLWK JOD]HG MDFNHWV WR JR RXW DQG UH VHW VWRRNV DQG WKRVH ZLWKRXW JOD]HG MDFNHWV WR MXVW JR RXW DQG KHOS WKHPy $ ODFN RI D ZHDWKHU ZLQ GRZ WR ULSHQ DQG oQDOO\ FDUW WKH VKHDYHV KRPHV IRU VWDFNLQJ OHG WR UDSLG UHGXF

WLRQV LQ \LHOG TXDOLW\ DQG XOWLPDWHO\ VDOHDELOLW\ WKXV ORZ SURo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

0R f f0d Ã ĎŻŻÙƏ ŻÙĪĎčĪļƥįƏÙÍ ¬ĎįÍÙų Ďį ų ƏĉÙų Ə įüĠÙÍ ¸ųļœ ĉļǝÙǜÙų ƏĉĎŻ Żƥį ĎŻ ŻĉĎįĎįü ļį ƏĉĎŻ ļ¸¸ ŻĎļį

EØ¨

$uúÝ ƀ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

¢³VE¢ Eé

EÝu Ýé ¢¢ ¢ü

$ø x¥n 5 Ýxx E ` Å ¶ ¶¥n V¥¶`¤ d q f kQ JJ ,W VHHPV VR VLPSOH q WR FUHDWH D VPDOOHU WUDFWRU HQJLQH \RX FXW RII WKH IRXUWK F\OLQGHU WR UHGXFH WKH SRZHU 7KLV LV ZKDW KDSSHQHG ZLWK WKH 1XIoHOG 8QLYHUVDO 7KUHH LQ 7KH F\OLQGHU EORFNV ZHUH FDVW VHSDUDWHO\ EXW WKHUH ZDV FRPPRQDO LW\ RI LQWHUQDO FRPSRQHQWV WR NHHS SURGXFWLRQ FRVWV ORZ DQG VHUYLFHDELOLW\ VLPSOH 1XIoHOG OLNH )RUGVRQ KDG RIIHUHG ODUJHU WUDFWRUV VXFK DV WKH IRXU F\OLQGHUHG 8QLYHUVDO DQG WKH )RUG VRQ 0DMRU +RZHYHU WKH VDOHV GHSDUWPHQWV RI ERWK WKHVH FRQFHUQV DQG WKDW RI 'DYLG %URZQ DQG ,QWHUQDWLRQDO KDG EHHQ SXVKLQJ IRU D VPDOOHU WUDFWRU WR FRPSHWH ZLWK WKH )HUJXVRQ 7 DQG WUDFWRUV ZKLFK KDG WDNHQ KXJH FKXQNV RI WKH PDUNHW

d q f kQ JJ 7KLV \HDU WKH &DVH ,+ URDG VKRZ KDV EHHQ DSSHDULQJ WKURXJKRXW WKH FRXQWU\ WR PDUN LWV WK DQQLYHUVDU\ ,W KDV KDG D ORQJ DQG LO OXVWULRXV SDVW EXW LWV RULJLQV DUH WKH VWXII RI OHJHQG ,W EHJDQ LQ ZKHQ LWV IRXQGHU -HURPH ,QFUHDVH &DVH EHJDQ KLV FXVWRP WKUHVKLQJ RSHUDWLRQ LQ $PHULFD V 0LG :HVW 'XULQJ KDUYHVW LQ &DVH ERXJKW VL[ 3LWWV *URXQGKRJ WKUHVKHUV DQG KHDGHG ZHVW WR 5RFKHVWHU LQ :LVFRQVLQ ZKHUH KH VROG oYH RI WKHP DQG VWDUWHG WR FRQWUDFW WKUHVK ZLWK WKH UHPDLQLQJ PDFKLQH 7KDW ZLQWHU KH EHJDQ WR EXLOG KLV RZQ WKUHVK LQJ PDFKLQH DQG GXULQJ KDUYHVW LW SHUIRUPHG ZHOO $W WKLV SRLQW WKUHVKHUV

ů2ƑŽĢ ŵþÛŵŽĐǭÛ Ĭ ÏÛĐƑŽ ñÛŵ ıÏĬľŵÛ ®ĢÛľı ŽĢľŕĐıþþŵľƧıÏŰ

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

(J - k J R Ã üÙįƥĎįÙ ¸ ŻƏ ŻÙ Ù üĠÙ ÙĪ¬ĠÙĪ ïųļĪ ïļųĪÙų ŻÙ ÍÙ ĠÙų Ďį ƏĉÙ kƏ ƏÙŻ ŻĎƏŻ œųļƥÍĠǤ Ďį ƏĉÙ ĠÍÙų¬ƥųį ¸ļĠĠÙ¸ƏĎļį įÙ ų kƏ įÍųÙǝŻ

$OO IRXU ZHUH ZRUNLQJ RQ QHZ WUDFWRUV DQG 1XIoHOG ODXQFKHG WKH 8QLYHUVDO 7KUHH ZLWK LWV WKUHH F\OLQ GHU GLHVHO HQJLQH LQ $XJXVW 7KH 8QLYHUVDO 7KUHH ZDV UDWHG DW KRUVHSRZHU DQG ZKLOH GHILQLWHO\ D VPDOOHU WUDFWRU LQ KRUVH SRZHU WHUPV WKH VDPH FRXOG QRW EH VDLG DERXW LWV GLPHQVLRQV q LW ZDV VWLOO ODUJHU WKDQ LWV PDLQ FRP SHWLWRUV 7KLV FDXVHG LW WR VHOO ZHOO LQ KLOO\ DUHDV ZKHUH LWV ODUJHU VL]H PDGH LW VDIHU DQG PRUH DEOH RQ VORSLQJ JURXQG ,W DOVR KDG WKH EHQHoW RI EHLQJ DEOH WR XVH PDQ\ LPSOHPHQWV XVHG RQ WKH ODUJHU 8QLYHU VDO )RXU $W D SULFH RI d IRU WKH EDVLF PRGHO LW ZDV D GHFHQW VHOOHU EXW VDOHV ZHUH RIWHQ DW WKH H[ SHQVH RI WKH 8QLYHUVDO )RXU DQG XOWLPDWHO\ LW GLGQ W LPSDFW PXFK RQ VDOHV RI )HUJXVRQV DQG WKH QHZ )RUGVRQ 'H[WD 7KH 8QLYHUVDO 7KUHH ZDV EXLOW XQWLO ZKHQ LW ZDV VXSHUVHGHG E\ WKH HTXDO VL]HG DQG VW\OHG PRGHO 0RUH WKDQ PRGHOV ZHUH EXLOW

RQO\ WKUHVKHG VR &DVH oWWHG D IDQ VR WKH\ FRXOG FOHDQ WKH VDPSOH ZKLOH WKUHVKLQJ 6XFFHVV IROORZHG IURP WKH KDUYHVW RI ZKHQ WKH QHZ FOHDQLQJ W\SH WKUHVKHUV ZHQW WR ZRUN DQG E\ &DVH ZDV D ELJ HPSOR\HU ZLWK D VWHDP SRZHUHG SODQW DQG IRXQGU\ )XUWKHU LPSURYHPHQWV ZHUH PDGH RYHU WKH \HDUV DQG LQ &DVH WRRN RQ 0DVVHQD (UVNLQH 5REHUW %DNHU DQG 6WHSKHQ %XOO DV SDUWQHUV ,Q WKH oUVW &DVH VWHDP SRZHUHG SRUWDEOH HQJLQH WR GULYH D WKUHVKHU ZDV SURGXFHG 7KLV VWDUWHG D ORQJ SHULRG RI SURGXFLQJ VWHDP HQJLQHV RI PDQ\ W\SHV WR KHOS GULYH &DVH DQG RWKHU WKUHVKHUV 7KH FRPSDQ\ EHFDPH WKH ODUJHVW PDQXIDFWXUHU RI VWHDP HQJLQHV LQ WKH 86 XQWLO LW PRYHG WR LQWHUQDO

( ) '

!% !!

% ) !

' %' '!% ' ! % !! ! %! % ! % !' % * ' ( ' ' %! '! % * % !

b $ "/% 5 T $ T BQQMZ

) ) %! ! ' ! & # + "" # &""" ))) ( '

,BSDIFS 4UPSF 5IBJOTUPOF $FOUSF */7&363*& "# 9; t 5FM %VGG 4USFFU "# "9 t 5FM XXX BQXD FV JOGP!UBQMUE DP VL

Þ $uúÝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

EØ¨

VuØkuu òÝ Ýé ¢¢ VØuuk ³Ø 0 (0JJ R fk 7KH PRGHUQ $EHUGHHQ $QJXV FDQ FRP SHWH RQ SHUIRUPDQFH ZLWK DQ\ RI WKH &RQWLQHQWDO EUHHGV DQG WKH SUHPLXP IRU oQLVKHG FDWWOH PDNHV WKHP PRUH SURoWDEOH DFFRUGLQJ WR OHDGLQJ oQLVKHU ,DQ (PVOLH /LWWOH %DUUDV /DXUHQFHNLUN 0U (PVOLH KDV VWXFN E\ WKH $EHUGHHQ $QJXV WKURXJK JRRG WLPHV DQG EDG IRU \HDUV DQG QRZ ZLWK KLV ZLIH 0DUJD UHW DQG VRQ -RKQ oQLVKHV KHDG D \HDU q PRVWO\ KHLIHUV q WR 6FRWEHHI %ULGJH RI $OODQ IRU 0DUNV DQG 6SHQFHU 7KH FDWWOH HDUQ D SUHPLXP RI S D NJ GHDGZHLJKW EXW WKLV FDQ VRPHWLPHV EH DV KLJK DV S +H ZLOO EH LQ KLV XVXDO SODFH DW WKH ULQJVLGH DW 7KDLQVWRQH &HQWUH RQ 7XHV GD\ ZKHQ $EHUGHHQ DQG 1RUWKHUQ 0DUWV KRSH WR KDYH $EHUGHHQ $QJXV RQ RIIHU DW WKHLU DQQXDO DXWXPQ VKRZ DQG VDOH RI QDWLYH EUHHGV VWRUH FDWWOH k:H oQLVK PRVWO\ KHLIHUV DQG WKH $EHUGHHQ $QJXV KHLIHU RI WRGD\ LV D GLIIHUHQW SURSRVLWLRQ WR WKH $EHUGHHQ

ůTľŕľĐıƑċľĢÏĐıþľıƑľ ıǧº ƑƑĢÛǠċĐºċ ŵÛıľƑ ŕÛŵñľŵĬĐıþŰ $QJXV RI \HDUV DJR y VDLG ,DQ k7KH EUHHG KDV FKDQJHG FRPSOHWHO\ +HLI HUV QR ORQJHU EHFRPH RYHUIDW EHIRUH UHDFKLQJ DQ HFRQRPLF VODXJKWHU ZHLJKW DV WKH\ XVHG WR :H DUH oQLVKLQJ KHLI HUV WRGD\ DW DURXQG NJ OLYHZHLJKW FRPSDUHG ZLWK NJ DW WKH VDPH DJH LQ WKH ROG GD\V y 7KH (PVOLHV VFRXU WKH ZKROH RI 6FRWODQG IRU $EHUGHHQ $QJXV KHLIHUV EX\LQJ VWRUHV IURP PDUWV XS DQG GRZQ WKH FRXQWU\ DQG GLUHFW E\ SULYDWH WUHDW\ IURP UHJXODU VXSSOLHUV 0DQ\ FRPH IURP 2UNQH\ DQG 0U (PVOLH FDQ EH IRXQG DW WKH ULQJVLGH DW .LUNZDOO 0DUW PRVW 0RQGD\V DW WKLV WLPH RI \HDU DV ZHOO DV 7KDLQVWRQH RQ D )ULGD\ &DWWOH DUH EDWFKHG RQ DUULYDO RQ WKH IDUP DQG PDLQWDLQHG LQ WKH VDPH EDWFK RQ DQ kDOO LQ DOO RXWy V\VWHP $Q DYHUDJH RI FDWWOH D ZHHN DUH VHQW WR 6FRWEHHI WKURXJKRXW WKH \HDU EXW RYHU WKH QH[W WZR ZHHNV FDWWOH D ZHHN ZLOO JR ZLWK D ODUJH EDWFK GXH WR oQLVK

f Rč R(vk Rq-vk0 kqkÃ qĉÙ ƏÙ Ī Ə JĎƏƏĠÙ ųų Ż è 0 į įÍ Q ųü ųÙƏ ĪŻĠĎÙ ǝĎƏĉ Żļį Fļĉį k:H PDUNHW WKH ZKROH EDWFK DW WKH VDPH WLPH DV WKHUH LV QR SRLQW KROGLQJ RQ WR DQ\ FDWWOH ZKLFK DUH QRW SHUIRUP LQJ DV WKH\ ZRQ W LPSURYH ZLWK DJH y VDLG ,DQ +HLIHUV DUH IDVW oQLVKHG RYHU WR GD\V DOWKRXJK VPDOOHU FDWWOH JRLQJ WR JUDVV PD\ EH RQ WKH IDUP IRU XS WR GD\V $YHUDJH GHDGZHLJKW LV NJ DQG PRVW JUDGH 5 IRU FRQIRUPDWLRQ DOWKRXJK PRUH DUH DFKLHYLQJ 8 JUDGH WKHVH GD\V k:HLJKWV WHQG WR EH YDULDEOH EXW WKH DEDWWRLU LV SUHSDUHG WR DFFHSW WKLV DV ZH DLP WR PDUNHW WKH FDWWOH DW WKH ULJKW GHJUHH RI oQLVK y VDLG ,DQ k6FRWEHHI OLNH FDWWOH ZLWK PRUH oQLVK DQG WKLV PDNHV IRU EHWWHU HDWLQJ TXDOLW\ ZKLFK LV ZKDW 0DUNV DQG 6SHQFHU DUH ORRNLQJ IRU y

2WKHU DEDWWRLUV DUH HQFRXUDJLQJ IDUPHUV WR UHGXFH WKH PD[LPXP ZHLJKW RI oQLVKHG FDWWOH E\ SHQDOLVLQJ FDU FDVHV RYHU NJ 7KLV GRHVQ W DIIHFW WKH (PVOLHV ZLWK WKHLU $EHUGHHQ $QJXV EXW WKH\ DOVR oQLVK DQRWKHU &RQ WLQHQWDO FURVV FDWWOH ZKLFK 0U (PVOLH UHFNRQV DUH IDLOLQJ WR UHDFK WKH ULJKW JUDGH IRU FRQIRUPDWLRQ EHFDXVH RI WKH ZHLJKW UHVWULFWLRQ k,W V DOO ZURQJ EHFDXVH LW PHDQV WKH HDWLQJ TXDOLW\ RI WKH EHHI LV OHVV WKDQ RSWLPXP y VDLG ,DQ $ IHDWXUH RI WKH EHHI RSHUDWLRQ DW %DUUDV LV WKH ORZ FRVW oQLVKLQJ V\V WHP ZKLFK LV EDVHG RQ JUDVV GXULQJ WKH VXPPHU DQG D ZLQWHU GLHW RI KRPH JURZQ EDUOH\ DQG ZKHDW DQG ERXJKW LQ E\SURGXFWV VXFK DV EURFN SRWDWRHV WXUQLSV FDUURWV DQG SDUVQLSV ZKLFK

DUH FUXVKHG DQG PL[HG ZLWK GUDII 1R VLODJH LV PDGH RQ WKH DFUHV RI JUDVV DOWKRXJK LV VRPHWLPHV ERXJKW LI WKH SULFH LV ULJKW DQG QHLWKHU PLQHUDOV QRU FRQFHQWUDWHV DUH IHG :DVWH YHJHWDEOHV DUH ERXJKW IURP UHJXODU VXSSOLHUV DQG GXULQJ WKH ZLQWHU

ů Û ĐĬƑľĬ ŵğÛƑ ƑċÛº ƑƑĢÛ ƑƑċÛŵĐþċƑ ÏÛþŵÛÛľñòıĐŽċŰ WRQQHV RI SRWDWRHV DQG WRQQHV RI FDUURWV DUH UHTXLUHG HDFK ZHHN -RKQ VDLG k7KH FDWWOH JHQHUDOO\ KDYH WKH IUDPHV RQ WKHP ZKHQ ZH EX\ WKHP DV VWRUHV DQG GRQ W QHHG D KLJK SURWHLQ GLHW WR oQLVK 7KH\ JHW DOO WKH WUDFH

HOHPHQWV WKH\ QHHG IURP WKH VRLO RQ WKH YHJHWDEOHV y $UDEOH FURSSLQJ FRPSULVHV DFUHV RI EDUOH\ DQG ZKHDW DOO RI ZKLFK LV IHG RQ WKH IDUP 7KH FDWWOH SURYLGH DQ DEXQGDQFH RI PXFN IRU WKH DUDEOH FURSSLQJ DQG PLQLPLVHV WKH QHHG IRU DUWLoFLDO IHUWLOLVHU 2QH DFUH oHOG KDV EHHQ LQ FRQWLQXRXV ZKHDW IRU \HDUV DQG KDV UHFHLYHG QR FRPSRXQG IHUWLOLVHU RQO\ IDUP\DUG PDQXUH )<0 6XUSOXV )<0 LV WUDGHG IRU VWUDZ ZLWK QHLJKERXUV 0DUJDUHW VDLG k(YHU\WKLQJ ZH VHOO RII WKH IDUP JRHV RQ IRXU OHJV y 7KH ZKROH RSHUDWLRQ LV UXQ E\ ,DQ ZKR ORRNV DIWHU WKH EX\LQJ VSHQGLQJ PXFK RI KLV ZHHN DW PDUWV DQG -RKQ ZKR UXQV WKH IDUP DQG LV UHVSRQVLEOH IRU WKH PDUNHWLQJ RI WKH VWRFN EXW DOVR

EØ¨

$uúÝ ı

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

Ø ¨ui ÝEüÝ Vuu EØ¨uØ

qĉÙ ĪŻĠĎÙ ï ĪĎĠǤ ðįĎŻĉ ĪļųÙ Əĉ į ƠÄǮǮǮ ¬ÙųÍÙÙįč įüƥŻ ¸ ƏƏĠÙ ǤÙ ų Ə JĎƏƏĠÙ ųų Ż KHOSV ZLWK WKH EX\LQJ SDUWLFXODUO\ DW 7KDLQVWRQH DORQJ ZLWK RQH RWKHU HP SOR\HH 0DUJDUHW XQGHUWDNHV WKH YLWDO MRE RI HQVXULQJ SDVVSRUWV DUH LQ SODFH DQG -RKQ V ZLIH -DQLFH GRHV DOO WKH FRPSXW HU ZRUN RQ D SDUW WLPH EDVLV LQFOXGLQJ LQSXWWLQJ DOO EX\LQJ DQG VHOOLQJ SULFHV WR NHHS D FORVH ZDWFK RQ PDUJLQV ,Q DGGLWLRQ WR 6FRWEHHI WKH (PVOLHV KDYH D PDUNHW IRU WZR $EHUGHHQ $QJXV FDWWOH D ZHHN WR D ORFDO EXWFKHU %DQQHU PDQV RI ,QYHUEHUYLH ZKLFK LV SURYLQJ D JUHDW VXFFHVV ,DQ VDLG k%DQQHUPDQV OLNH $EHU GHHQ $QJXV KHLIHUV EHFDXVH LW LV WKH EHVW EHHI LQ WKH ZRUOG IRU HDWLQJ TXDOLW\ ,W LV ZRUWK WKH MRXUQH\ WR ,QYHUEHUYLH WR WU\ LW y +H ZRXOG OLNH WR VHH WKH SUHVHQW

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k7KH DELOLW\ RI WKH EUHHG WR WKULYH DQG JURZ RQ D ORZ FRVW IHHG LQJ UHJLPH DQG FRPPDQG DQ DWWUDFWLYH SUHPLXP PDNHV WKH $EHUGHHQ $QJXV WKH LGHDO FRPPHUFLDO EHHI DQLPDO y

0 į ĪŻĠĎÙ ĠļļĝŻ ïƏÙų ƏĉÙ ¬ƥǤĎįüÄ ŻœÙįÍĎįü Īƥ¸ĉ ļï ĉĎŻ ǝÙÙĝ Ə Ī ųƏŻ

P 0Q i Voo

W WKLV EXV\ WLPH RI \HDU PDQ\ EHPRDQ WKH ODFN RI DYDLODELOLW\ RI ZLOOLQJ DQG WUDLQHG RU DW OHDVW WUDLQDEOH VWDII 0RVW EXVLQHVVHV FDQ FRSH ZLWK WKH GD\ WR GD\ EXW WKHUH V QRW PXFK RI 0RUD\ V ODQG EDVHG VHFWRU q ZKLFK FRQWULEXWHV d PLOOLRQ WR RXU ORFDO HFRQRP\ DQG HPSOR\V RI RXU ODERXU IRUFH q WKDW GRHVQ W QHHG VRPH DGGLWLRQDO KHOS IURP WLPH WR WLPH

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q LQFOXGLQJ WKH ODQG EDVHG LQGXVWULHV 7KHVH FDQ WDNH SODFH DW DQ\ SRLQW EHWZHHQ WKH DJHV RI WKUHH DQG q DW ZKLFK SRLQW SXSLOV FDQ WKHQ HQJDJH LQ UHOHYDQW TXDOLoFDWLRQV LQ WKH SXUVXLW RI WKHLU FDUHHUV 7KHUH V D JUHDW RSSRUWXQLW\ WR VKRZ DJULFXOWXUH DQG WKH ZLGHU ODQG EDVHG VHFWRU DV WKH YLEUDQW FKDOOHQJ LQJ DQG UHZDUGLQJ FDUHHU DQG ZD\ RI OLIH ZH NQRZ LW WR EH :H QHHG ODQG EDVHG FDUHHUV WR EH D JR WR FKRLFH IRU RXU XSFRPLQJ ZRUNIRUFH q FDQ \RX UHO\ RQ EHLQJ DEOH WR EUHHG DOO RI RXU RZQ UHSODFHPHQWV" 7R WKULYH WKH ODQG EDVHG VHFWRU QHHGV WR EH OHDGLQJ WKH ZD\ DQG QRW GZDUIHG E\ WKH RWKHU VHFWRUV OLNH HQJLQHHULQJ DQG FRQVWUXFWLRQ , FDQ KHDU ZKDW \RX UH WKLQNLQJ q D FRXQFLO VWUDWHJ\ WKDW ZLOO VROYH RXU ODERXU SUREOHPV q \HDK ULJKW ,W V KLJKO\ OLNHO\ WKDW VWUDWHJ\ ZLOO GR QRWKLQJ RQ LWV RZQ 0DQ\ RI \RX ZLOO EH VLWWLQJ UHDGLQJ WKLV WKLQNLQJ RI SUHYLRXV \RXWK WUDLQLQJ DQG HPSOR\PHQW VWUDWHJLHV IURP WKH SDVW WKDW PHW ZLWK YDULHG VXFFHVV EXW WKLV KDV WKH RSSRUWXQLW\ WR EH GLIIHUHQW q LQGXVWU\ KDV WKH RSSRUWXQLW\ WR OHDG WKLV DQG WR VKDSH LW WR PHHW WKH QHHGV RI RXU ORFDO HFRQRP\ -XVW DV \RX FDQ W UHO\ RQ SURGXFLQJ DOO \RXU RZQ ODERXU ZH FDQ W WKHQ H[SHFW RWKHU SHRSOH WR EH DEOH WR GR LW DOO HLWKHU -XVW KRZ ZRXOG VRPHRQH ZKR PLJKW EH LQWHUHVWHG LQ UXUDO LQGXVWULHV EXW KDV QR IDPLO\ RU IULHQGV LQYROYHG JHW WR VHH ZKDW \RX GR" $QG KRZ FDQ , DOEHLW ZLWK D VWURQJ IDUPLQJ DQG HGXFDWLRQDO EDFNJURXQG ZULWH D VWUDWHJ\ WKDW SUHGLFWV WKH QHHG RI \RXU LQGXVWU\" ,Q WHUPV RI kVHOOLQJy WKH DJULFXOWXUDO DQG UXUDO LQ GXVWULHV UHVHDUFK VXJJHVWV ZH QHHG WR KDYH FDSWXUHG WKH LPDJLQDWLRQV RI WKH QH[W JHQHUDWLRQ EHIRUH WKH\ UH HLJKW \HDUV ROG 6R ZKDW GR \RX QHHG WR GR" :H QHHG WR HQDEOH \RX WR H[FLWH SRVVLEO\ ORWV RI UHDOO\ \RXQJ FKLOGUHQ DERXW \RXU EXVLQHVVHV FDSWLYDWLQJ WKHP DQG WKHQ JLYLQJ WKHP RSSRUWXQLWLHV WR FRPH EDFN DV WKH\ DQG \RXU EXVLQHVVHV FKDQJH :H QHHG WR HQJDJH DQG LQVSLUH D IXWXUH JHQHUDWLRQ DQG VKRZ WKHP WKH UDQJH RI VNLOOV QHHGHG q LW V EHHQ D ORQJ WLPH VLQFH DJULFXOWXUH FRXOG UHO\ RQ ODERXU ZLWK QR PDWKV HQJL QHHULQJ VFLHQFH RU ,7 VNLOOV $QG IRU WKRVH LQ 0RUD\ ZKR DUH LQWHUHVWHG LQ WKH IXWXUH RI DJ ULFXOWXUH DQG WKH UXUDO VHFWRU q \RX FRXOG GR ZRUVH WKDQ JHW LQ WRXFK ZRUNH[SHULHQFH# PRUD\ JRY XN Q ǣĎįÙ k¸ļƏƏ ĎŻ į ÙÍƥ¸ ƏĎļį ŻƥœœļųƏ ļïð¸Ùų Ə Qļų Ǥ ļƥį¸ĎĠ

ńǫ $uúÝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

EØ¨

3éEV ¢ ÝuØ VØuuk ¨E¡uÝ éÝ ¨EØ¡ R R R0 WJkWR $Q LPSRUWHG kEUHHGy RI FDW WOH NQRZQ DV 6WDELOLVHUV LV TXLHWO\ PDNLQJ LWV PDUN RQ 6FRWWLVK EHHI SURGXFWLRQ 3XULVWV DUH VXVSLFLRXV RU HYHQ GLVPLVVLYH RI WKLV FRPSRVLWH DQLPDO WKDW VHOOV LWVHOI RQ VWDWLVWLFV \HW VXS SRUWHUV FODLP LW LV WKH IDVW HVW JURZLQJ EUHHG LQ WKH 8. ZLWK PRUH WKDQ FRZV LQ KHUGV 7KH 6WDELOLVHU V RULJLQV DUH LQ D 86 'HSDUWPHQW RI $JULFXOWXUH GHVLJQHG IRXU ZD\ FURVV WKDW FRPELQHV 5HG $QJXV 6LPPHQWDO *HOEYHLJK DQG +HUHIRUG JH QHWLFV WR SURGXFH DQ DQLPDO WKDW EHQHoWV IURP K\EULG YLJRXU 7KH <RUNVKLUH EDVHG %HHI ,PSURYHPHQW *URXS LQJ /WG %,* RZQV WKH 6WD ELOLVHU WUDGHPDUN LQ WKH (8 DQG KDV EHHQ VHOOLQJ WKH JHQHWLFV KHUH VLQFH ,QGLYLGXDO OLQHV DUH SUR

GXFHG LQ WKH 8QLWHG 6WDWHV H[SRUWHG DV HPEU\RV WKHQ PXOWLSOLHG E\ QXFOHXV EUHHGHUV LQ WKH 8. %XOO VDOHV DUH FRQWUROOHG E\ WKH EUHHGLQJ FRPSDQ\ 6LUHV FRVW d d ZLWK SULFHV EDVHG RQ D EXOO V JH QHWLF PHULW RU (VWLPDWHG %UHHGLQJ 9DOXH (%9 7KH 6WDELOLVHU PRYHPHQW LV SRSXODU LQ WKH 86 DQG IDUPHUV LQ WKH 8. ZKR XVH WKH FDWWOH VZHDU E\ WKHLU UHVXOWV SDUWLFXODUO\ DV DQ HIoFLHQW VXFNOHU FRZ (DUO\ FRQYHUWV LQFOXGH WKH 1RUULH IDPLO\ ZKR IDUP DW 'HQKHDG RI $UELUORW QHDU $UEURDWK 7KH\ DUH VR FRQ YLQFHG E\ WKH EUHHG WKH\ DUH KRVWLQJ D IDUP ZDON DQG WDON E\ EUHHG PDVWHUPLQG /HH /HDFKPDQ QH[W ZHHN 'RXJODV )UDQN DQG 5RELQ 1RUULH ZHUH DPRQJVW WKH oUVW LQ 6FRWODQG WR LP SRUW 6WDELOLVHUV LQ WKH ODWH V RULJLQDOO\ WR XVH DV

D PDWHUQDO OLQH WR SXW WR &KDURODLV EXOOV EXW LQ WKH\ ERXJKW D 6WDELOLVHU EXOO DQG QRZ UXQ D FORVHG KHUG RI DQLPDOV k:H ZHUH FHUWDLQO\ WKH IDUWKHVW QRUWK 6WDELOLVHU EUHHGHU LQ WKRVH HDUO\ GD\V DQG DW WKDW WLPH RXU KHUG ZDV PDGH XS RI FRZV RI YDULHWLHV ZKLFK ZH KDG ERXJKW RXW RI DXFWLRQ PDUWV DV EXOOLQJ KHLIHUV RU ZLWK FDOYHV DW IRRW y VDLG 'RXJODV 1RUULH k7KDW ZDVQ W ZRUN LQJ IRU XV DQG RQH RI WKH PDLQ UHDVRQV ZDV WKH QHHG WR JHW ULG RI GLVHDVHV SDU WLFXODUO\ %9' DQG -RKQH V :H MRLQHG WKH +, +HDOWK 6FKHPH DQG DUH QRZ RQ WRS RI WKRVH GLVHDVH LVVXHV y 7KH 1RUULHV VHOO 6WDEL OLVHU FDOYHV DV EXOO EHHI DW PRQWKV ROG DQG VXU SOXV \HDUOLQJ EXOOLQJ KHLIHUV DUH PDUNHWHG IRU EUHHGLQJ 7KH\ DUH QRZ GHYHORSLQJ D VPDOO VXE KHUG RI JUDGHG

XS WR kSXUHy 6WDELOLVHUV ZLWK ZKLFK WKH\ LQWHQG WR SURGXFH EXOOV IRU VDOH XQ GHU WKH MXULVGLFWLRQ RI WKH EUHHGLQJ FRPSDQ\ 5RELQ 1RUULH VDLG KH IRFXVHG SULPDULO\ RQ WKH EUHHG V JHQHWLFV DQG WKH ERWWRP OLQH ILJXUHV EXW VDLG LW ZDV VWLOO LPSRUWDQW WR ORRN DW D EXOO V ORFRPR WLRQ DQG WHPSHUDPHQW 'RXJODV 1RUULH DGGHG k:H XVHG WR ZRUU\ DERXW KHLIHUV QRW EHLQJ JRRG PRWKHUV EXW 6WDELOLVHUV DUH YHU\ PDWHUQDO &DOYHV KDYH ORZ ELUWK ZHLJKWV RI NJ 7KDW PHDQV ZH KDYHQ W KDG WR GR D &DH VDULDQ LQ \HDUV DQG YHU\ UDUHO\ KDYH WR JHW WKH YHW y $ IDUP ZDON DQG FRQIHU HQFH WDNHV SODFH DW 'HQ KHDG RI $UELUORW $UEURDWK RQ 0RQGD\ 5HJLVWUDWLRQ LV DW SP IROORZHG E\ D IDUP ZDON RI WKH 'HQKHDG RI $U ELUORW KHUG

vk Wf0(0RkÃ fļ¬Ďį RļųųĎÙ ǝĎƏĉ ŻļĪÙ ļï ƏĉÙ kƏ ¬ĎĠĎŻÙų ¸ļǝŻ ǝĎƏĉ ¸ ĠǜÙŻ Ə ïļļƏ è ƏĉÙ

ùŰċµƢĝƌƢŰÖ #<"##1 3<A+#<1 <A= 6 0#0 #< 3& <3D5 A"7 + -1=A31# #1A<# 9 1E#<D<-# 9 (4 ( I4)?> ?CB>4I 9 10 <A= 10*<3D58 38D. 9 FFF8 10 <A=8 38D.

6F@1'A F8 "' &J1A'& "M '&6'A& M 9H 6886=

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

D553<A#" H

11D / +3F= 1" /#= 3& >?I 0= 1" 0 0 = 1 ==3 - 31 F-A+ 3<A+ =A D'3/. /D ! +# 3<A+ 3& 3A/ 1" #G#/ /D ! +# 3<"#< #- #=A#< +##5 3 -#AH 1" A+# <- =+ + <3// -= +##5 3 -#AH C>I D'3/. 0= I&.16. $ (=OO 5 $ 4' $ 16. 8 H F 7=GO 5 85:@1A16. 6& 16 A 4' 8@&'@ GOO /' @416.A% H-O 5 5"A BII #G#/ 0= I&.16. $ 9O=OO 5 $ 4' $ 16. 8 G F 9H 6886 85:@1A16. 6& 16 A 4' 8@&'@ 99O /' @416.A% 97O 5 5"A CI /D#& #" #- #=A#< 0= I&.16. $ (=GO 5 $ 4' $ 16. 8 G F 9O=OO 5 85:@1A16. 6& 16 A 4' 8@&'@ 9O /' @416.A% 9O 5 5"A 3//3F#" H CB 3<"#< #- #=A#< 0= I&.16. $ 7=OO 5 $ 4' $ 16. 8 G 85:@1A16. 6&16A 4'8@&'@C /' @416.A%9D 5 5"A (I + <3// -= 0= I&.16. $ 7=GO 5 $ 4' $ 16. 8 G 85:@1A16. 6& 16 A 4' 8@&'@ H, /' @416.A% H, 5 5"A 2I #/A#G! /D# #G#/! 3D*#! #1"##1 1" 31 1#1A / <3== <#" 85:@1A16. 6& 16 A 4' 8@&'@ ,O /' @416.A% -O 5 5"A I&.16. $ 99=OO 5 $ 4' $ 16. 8 H F H=OO:5 H

#"1#=" H CIA+ #5A#0 #< # 31" /# 3& 3F1 <3==! /& <#"! +#E-3A! +#E-3A@ D/#! D/#! 31 1#1A / -00#<= /# 3& +#A/ 1"@ +#E-3A -00#<= ##./H /# 3& A3<# 0 =! +#A/ 1" 0 =! <##"-1* F#=! ##"-1* F#= 1" 0= @'A'6F '6F@1'A 16# A3<# 0 = , HOOO 1@'#F )@85 /'F4 6&B <##"-1* +##5 , -00#<= , 9HOO I4' -OO 86 6'6F 4% H,O /FE /J 1@'#F )@85 /'F4 6&% H,O 'LL /FE#/J 6& /F 155'@A ' +'4& '@K1#3 D// "E#<A D#=" H

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

1A<-#= /3=# #"1#=" H 4C 331 D#=" H C?A+ #5A#0 #< 11D / +3F 1" /# 3& 300#< - / <##"-1* /#

@'A'6F 6F@1'A 16# $ #-&#<=@ 3F= F-A+ /E#= A &33A , ,, 15 #@ K1F/ 15 # 4J'A 8K1'58@'% GO 15E 15 K1F/ 15 # 4J'A I#/FM. 44% GO 15 #@ K1F/ 15 # 4J'A 8AF @5% HH 15 L K1F/ 15E 15 # 4J'A 8IF/ 4 #/@1'% 9- 15 L K1F/ 15 # 4J'A F )88F% @&/I6# @F% ( 15 #@ 8KA K1F/ 15E /8 # 4J'A% AF'@ @&68B 1 /& #-&#< , GO 15 #@ A# 66'& 16 # 4) F8 15 I44 &I' 8JE '# #3/144 '.. B # <1#H 30# <0 -=5#<= / , ,O 15 % 15E 15 #@ 16# '&1.@'' 15 8K K1F/ :@16. 8@6 4J'A% H 15% 9 15 F8#3 I44A% : @ #I4 @A F8 )8448K

#"1#=" H C>A+ #5A#0 #< : - + #/ -< /#; / .& # F# 0 =! -00#<=! 3D1* 1" =A F#=! A3<# 0 =! <##"-1* +##5! ##"-1* F#= 1" 0=

-=-A FFF8 10 <A=8 38D. &3< = /# -1&3<0 31! A /3*D#=! <#53<A=! 31/-1# D 31= 1" -""-1*

<-" H C2A+ #5A#0 #< 5# - / /# 3& #=A -*+/ 1" # 1#" 1" D ./#" /E#=! <* 1- A3<# 1" <##"-1* /#! +#A/ 1" <3== 0 =

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

'6'@ F8@A% ' 5A% / #3'@ 4 F'A% # *84&16.% #@8 #3A% '4&'@A% F'@ I5:% 1@& # @'@% F/14 K% I 6 FM #@ : 'F 4% AI 4 '4'# 86 8) 6& 884A= -#F-1* 5:4'5'6F )@85 @1& M HH6& $ 6& 884A 86 & M 8) A 4' 864MB A#<-1* ! /MF' -<# 31= 1)' 8 .' 1A A1FI F'& 2IAF 8* F/' 5 16 7O9 '1F/E I 8K6 @8 &= #<0= =+ 31 " H 3& = /#

1 AD<" H CB<" #5A#0 #< A 4I8BI 0 A //=F#//=! 311H.#//H! #F -A=/-*3 )B ? 6 1=A<D A#" H #==<= -1A317 9779 GH 85"16' 9,?#IF% HOO, 84J8 9-O @ #3 1..'@ GDO '.@'' 4'K% HOOH 8/6 ''@' DDHO -K& @ #F8@ #EK G-O 8 &'@% 977( 'IFN -G9 @ #F8@% 97(, 6F'@6 86 4 7,D -K& @ #F8@% 9777 ,O 8 &'@% I4 9H #I"' I" 1L'@% F'K @F ( @ 16 @ 14'@% AF'@"M (

@ 16 @ 14'@% - 'J 48I./% : &' 5"@1&.' 844'@A D=G5F@% 5 N86' -5F@ 6' AA @144% '@ 41A'@ :@' &'@% '@F/8I& H-5F@ @ 14'& :@ M'@% @&1 (O 4486 :@ M'@% 8668@ 6 16' @ AA 8::'@% M"8"% D-- '4F 4'@% D-( '4F 4'@% H L 4' :13'A )8@ @86F 163 .'% H L - 4' @@1'@A% K8A' 4' F #3'@% @86F '1./F --O3.A% @86F @'AA% I'4 8KA'% I 4 6& 8K #@8: /''4A% 44'F 8@3A% 8' : I#3'F% I#3'F @IA/% I6. @ 1:% G L 1..'@ I#3'FA% 8"14' @1'@ 8::'@% 9H? )8@ 1441 5A 4' 48 F% 31 1D#" 3E#</# &

8@F'>I1: ''&'@ @ 14'@% G L 8@F'>I1: 4) @'': ''&'@A% - L ''& 8::'@A% 9 L HO 84 AA'A 63 #EK AF 6&% 9 L 9O%OOO F@ F'@ 63% 4) '/8@616. @ F'% H 44 1>I1& ''&'@% H L 'K @5 F'@ @'AAI@' A/'@A%

'6'@ F8@ H-O = I 6 FM K@ ::'& @ AA 6& @ "4' 14 .'= 64M A5 44 A'4'# 86 8) A: @'A 'F# F F/' AF @F 8) F/' A 4'= /' A 4' K144 "' #86&I#F'& 58AF4M 16A1&'= -#F-1* @1& M HH6& ':F'5"'@ 8@ "M @@ 6.'5'6F A#<-1* /1AF4' F'@16. $ D 31##< 8@@1A86 #<0= =+ 31 " H 3& = /#

I42(( ?C4B?B B!)II 31" H 4$A+ #5A#0 #< B!)II +3F /# 3& -00#<= /# 3& A3<# 0 =! <##"-1* F#= 0=! ##"-1* F#= 0=

6#8@:8@ 6. I6"' F/% ' M/144% 8@A16 @& ! 8@F/0 'AF IF/'@4 6& @' A 85:@1A16.$ 9%9,O /'J18F% 'L'4% I4'% 8@A'F% % K @"% /'JE I4'% 144 /'J18F% /'F% I*843 !

155'@AB 9%G,O @''&16. K'A ! 5AB COO F8@' 5"AB HOO ''&16. K'A ! 5A 16#$ 1A:'@A 4 4' 8) H, /'J18F 9 @8: K'A% 99 /'J18F HEG @8: K'A ! H, /'J18F 155'@A )@85 ! 6.IA% 4&+'4&B G, : @F /'J18F

K'A '.I4 @ .'A% 9H /'J18F 144 K'A '.I4 @ .'A% 9H 'LL K'A '.I4 @ .'A% H, K'A '.I4 @ .'A )@85 'AA@A # &1' 9 3 144B '&I# 86 A 4' )@85 I66'F% 1@J1'K% 431@3 8) , 'L'4 155'@A 6& -, '.I4 @ .'A @8AA K'AB '&I# 86 A 4' )@85 #3 M CH F@ F/M 'AF 8) 9HO /'J18F K'A '.I4 @ .'AB @F &1A:'@A 4 A 4' 8) -O 9% H% G #@8: K' )@85 #3 M% @ 6F4'"'.

31" H C(A+ #5A#0 #< +3F /# 3& A3<# /#

531=3<#" H /# 1 <0 <3"D A=! 5#H H! 3< H

6F@1'A #48A' '&6'A& M HOF/ F 9H=OO 6886

31" H C1" A3 #< /# 3& <-0# 0 =! A3<# 0 =! <##"-1* +##5! ##"-1* F#= 0=

6F@1'A A/8I4& 68K "' &J1A'&

I4B)B ()>I)> D#=" H B<" A3 #< 5# - / /# 3& 1" A3<# 1" <##"-1* +##5

EØ¨

$uúÝ ńń

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

@¶ø° EÝ«xÝâÚ îÝE`î¶Ý xÿx°îâ Åø¥¥ ° `Eâ ¶Ý ¶øÝ ` EÝ î xâ ( QQ Q H R 0

RļųųĎÙŻ ŻÙĠĠ ƏĉÙ ¸ ĠǜÙŻ Ż ¬ƥĠĠ ¬ÙÙï Ə ŇƔčŇ÷ ĪļįƏĉŻ ļĠÍ

<RXQJ IDUPHUV IURP DFURVV WKH QRUWK DQG QRUWK HDVW RI 6FRWODQG KDYH WDNHQ SDUW LQ YDULRXV WUDFWRU FKDOOHQJHV WR UDLVH IXQGV IRU FKDULW\ )LUVW XS D JURXS RI PHPEHUV IURP DOO WKUHH \RXQJ IDUPHUV FOXEV LQ 2UNQH\ WRRN SDUW LQ D WUDF WRU SXOO IURP 6WURPQHVV WR .LUNZDOO ,W WRRN WKH JURXS oYH KRXUV WR SXOO WKH )RUGVRQ 'H[WD 7UDFWRU DORQJ WKH PLOH MRXUQH\ $ JURXS RI SXOOHG WKH WUDFWRU DW DQ\ JLYHQ WLPH ZLWK SXOO LQJ DW WKH IURQW DQG WKUHH SXVKLQJ DW WKH EDFN k,W UDLQHG D ORW RI WKH ZD\ EXW GLGQ W GDPSHQ RXU VSLULWV (YHU\WKLQJ ZHQW VPRRWKO\ WKURXJKRXW WKH GD\ ZLWK QR KLFFXSV DW DOO y VDLG 2UNQH\ 'LVWULFW FOXE VHFUHWDU\ (ULQ 6WRXW k7KHUH ZHUH D IHZ WRXJK HU SDUWV ZKHUH ZH KDG WR WUDYHO XS EUDHV EXW WKH PD MRULW\ RI WKH ZD\ ZDV TXLWH pDW :KHQ ZH PDGH LW WR .LUNZDOO DURXQG SP ZH WKHQ ZHQW XS WKH VWUHHW WR

WųĝįÙǤ Ǥļƥįü ï ųĪÙųŻ ļį ƏĉÙ Əų ¸Əļų œƥĠĠ ¸ĉ ĠĠÙįüÙ FDWFK VKRSSHUV DQG WRXULVWV IURP WKH FUXLVH OLQHU WKDW ZDV LQ RQ WKH GD\ 'HVSLWH MXVW KDYLQJ ZDONHG PLOHV WKH PHPEHUV WRRN D EXUVW RI UXQQLQJ DV WKH\ FDPH XS %URDG 6WUHHW , WKLQN HYHU\RQH ZDV SUHWW\ DFK\ DIWHU WKH GD\ EXW LW ZDV ZHOO ZRUWK LW IRU WKH DPRXQW WKDW ZH KDYH UDLVHG y ,Q WRWDO WKH 2UNQH\ \RXQJ IDUPHUV UDLVHG MXVW RYHU d IRU WZR FKDUL WLHV q UXUDO KDUGVKLS FKDU LW\ 56$%, DQG ORFDO PHQWDO KHDOWK FKDULW\ WKH 2UNQH\ %OLGH 7UXVW

0HDQZKLOH WKH QRUWK UHJLRQ RI WKH 6FRWWLVK $VVRFLDWLRQ RI <RXQJ )DUPHUV &OXEV 6$<)& WRRN SDUW LQ D YLQWDJH WUDF WRU UHOD\ WR UDLVH IXQGV IRU FKDULWLHV 7KH IRXU GD\ GULYH LQ FOXGHG oYH YLQWDJH WUDF WRUV HDFK WDNLQJ SDUW LQ D VHFWLRQ RI WKH URXWH IURP /DXUHQFHNLUN WR .LUNZDOO q WUDYHOOLQJ PRUH WKDQ PLOHV LQ WRWDO 7KH GULYHUV ZKR WRRN SDUW LQ WKH FKDOOHQJH LQ FOXGHG 'HUHN $QGHUVRQ IURP 0HDUQV -$& 6WHSKHQ

(GGLH IURP 9DOH RI $OIRUG -$& $LGDQ 6WHZDUW IURP 6WUDWKERJLH -$& 0LFKDHO *XQQ IURP )RUVV <)& *UHJ 5REHUWVRQ DQG 0XUUD\ &RJKLOO IURP %RZHU <)& DQG &DPHURQ /LQNODWHU IURP 6DQGZLFN <)& 6$<)& QRUWK UHJLRQ FKDLUZRPDQ .LP 7D\ORU VDLG k$ KXJH SDUW RI 6$<)& LV HQJDJLQJ ZLWK WKH ORFDO FRPPXQLW\ DQG WKLV LV ZK\ ZH GHFLGHG WR KROG WKH WUDF WRU UXQ IURP /DXUHQFHNLUN WR .LUNZDOO UDLVLQJ PRQH\ IRU &DVK IRU .LGV DQG $UH (ZH 2N q 6$<)& V PHWDO KHDOWK FDPSDLJQ ZKLOH UDLVLQJ WKH SURoOH RI <RXQJ )DUPHUV LQ WKH QRUWK k7KH UXQ LWVHOI ZDV YHU\ VXFFHVVIXO 7KH ZHDWKHU PRVWO\ KHOG RXW IRU XV DQG WKDQNIXOO\ WKHUH ZHUH QR EUHDNGRZQV k,W ZDV JUHDW WR JHW D WRRW RU D ZDYH IURP IHOORZ URDG XVHUV 6R IDU PRUH WKDQ d KDV EHHQ UDLVHG )XUWKHU GRQDWLRQV FDQ EH PDGH RQOLQH DW KWWSV P\GRQDWH EW FRP HYHQWV QRUWKWUDFWRUUXQ

ùŰċµƢĝƌƢŰÖ

# + ' * * " / #! #

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

- $ + .! $ 52 @ &*2 @1 : 2 ) 5# +=* 5 - :$ -> +:5A ? &#$ "!B%8!B(#2

5 << . .

6, ,<.<< . . % 5 << 2 2 $ >&-: ? 6 + #&** 56 &+ :$ +- (#) 66 &6/ 56 ) - ..B $ >&-: #&** 56 + ? 6 )6- , << ?&6 + 6) + ) * 62

65 % 9%4#%) %)" , 6$-? + 6 ) - !,2 = -)( + -+:&+ +: ) 5 *6 + 56 * ) 6 06$-? : 2BB 2*2 (&+ )A 6/-+6-5 A 2 6 ) : .B2BB 2*21 -*/5&6&+# &+ -5 5 - 6 ) 05 *6 -))-? A 5 * ) * 61 % 8 ) = &+ . ? 5: ) 6 .; $ 5-)) &6 <; ): @ ..7 = -)( .7B @ ) )= @ ) 8B )= & 6: 5 " -56 : -)) << 5-66 + 9%4#%) %)" 6 % 8B 2 2 $ >&-: 5( + &)) 5 *6 06$-? : ..2BB 2*2 6 ) : .< --+1 )6- , +-+ 5 *6 + 1 * ) 62

<< 61 ,<.<< . . % 6$-? + 6 ) - << ? + )> 6 + A 5)&+#6 0 $-? : 2;B 2*2 (&+ )A 6/-+6-5 A & 5-6 $ 5? )) : : 21 &+ )= &+# 6$-? + 6 ) - + -:$ 5 + :&> 5 62 +:5& 6 &+ )= +> 5 $ 55-+ "! 0)&*2 @1 =&6$ $ + "B 0 $ 52 @ &*2 @ &*2 @1 5=& */) ;! 0 $ 52 @ @ @1 )) 5* <! 0 $ 52 @1 -5:$) ( <! 0 $ 52 @1 $) A <. 0 @ @1 =+* #) 66 .! 0 &*2 @1 : 2

6 ,<.<< . . $ << 2 2 $ >&-: ? 6 + #&** 56 &+ 2 ( A - 6: &6/ 56 ) - ;BB $ >&-: ? 6 #&** 562

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

66 ,<.<< . 2 0+-: 6: 5: :&* 1 % ;BBB ) * 6 + ? 62 4# ,<.<< . 2 % 0+-: 6: 5: :&* 1 % ? 6 + ) * 62

, <<

, *.<< . . % 6$-? + 6 ) - , << ? + )> 6 06$-? : 2;B 2*212 $ * '-5&:A 6/5&+# + 5)A 6=** 5 -5+ -+:&+ +: ) 5-66 62

6 ,<.<< . . % )) ) 66 6 - ) * 6 + ? 6

6 $ ) * 6 + ? 62

4. <,5!* 256 6

) 0 ; 6<4# -4 ( / 4 ,, ( $ ( $$ $ .. . ( -"% ! * .2 6 . & %.

#7/0 ; 6,04 -4 ( / 4 ,< ( * " $ $ ( - "& 2(- ! * "& $4 "& "& . $ (- - )999 $ # "%% -. 6 . & 6 % 099 4$ "%% -. 3 9 &8 2! - - "%% -. /99 6 . 0 9 4$ 6 % . ($$(6 8 )399 2(- % .

47/ ; 65/ -4 ( / 4 ,< ( 4$2" - !(6 $ ( - "2 (& - "2 %. % % . "& $4 "& 9 4 ($# ! -$"& . 9 4 ($# % % . ))9 7 $ ! -$"& . )99 7 $ % % . /9 $4 " .2 - ! -$"& . 9 ! -($ ". $2 7 $8 & (-. 2 "& $8 .*(&.(- 8 !"$$"* -"2 !

999. %)"9 ''( /4. +.7&

**' * - ' ' (* ' "(( . * &, */ ' , ( - "$ * "$$"'*, * ( !( ) ) 2 ! !( 0# -! 1 !-)& 3- ) -! " &. ( ) !( - ( 4 $* &5 - ( )%& ( / .&" ( & ( # (!#) ( 4 2 - ! ) ( # & 1 !0) 0 !-) 1 & - ) ! # # ( )) ! ) 1 ! ( '0 )-& 2 ) (( 2 - ) -&

' " $$ * "

#+9 ( ' ,< ( #7/0 ; 6 4# -4 ( / 4 ,< ( - 2 &&4 $ !(6 & $ ( + (*, 4$$( #. & " -. "& $8 .*(&.(- !"$$"* -"2 !

7 0 ; 5/ 4+ / 4 ,< ( $ ( 6 . "%% -. %. 2 "$. 9) 00 /'3) &2-" . $(. ( 8

) 0 ; 6<4# -4 ( / (& $ ( 3 99 $$ $ .. . % . & ! * (- 2- 5 $ -- & % &2. (&2 2 (--".(& 9///) 0 9/

' ' ' ' ,'&, '*% " ...%,'&, '*$'"$ '*/% "

) !(( ) ( & ""* "/" -( - !(( ) .+ " 5".5 +*//"+

'' 4;- 0 -' %) 9+/) +74

)4 /%( /" )% +90 '. +) <111! *!*<*1 +) <11** 26521 +/ <,!22 1!<6,* )"/ ( 04 +( ' ";

6 $ 5 * 6 ) 5 % 6:-5 5 &+# + ::) 2

8 +/ 0 ' ,6 %/" 4;- 0# /'%)"0 ) :4 4 4 7)4'; /4. '' ; 04' / )4 %/ ' +#) ' &# '' +)

# " # $$$

$ $! !

ńƝ $uúÝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

ØEkòEéuÝ ³ `³¢¢u u EÝ éØE uuÝ ( QQ Q H R 0 6FRWODQG V 5XUDO &ROOHJH 658& KDV ODXQFKHG D QHZ JUDGXDWH WUDLQHH SUR JUDPPH IRU DJULFXOWXUDO FRQVXOWDQWV 7KH oUVW WZR VWXGHQWV RQ WKH SURJUDPPH KDYH MXVW EHJXQ WKHLU WZR \HDU SODFHPHQWV DW WKH FROOHJH V FRQVXOWLQJ DUP 6$& &RQ VXOWLQJ ,RQD %ULVEDQH DQG 0DLP LH 6ORDQ ZHUH VHOHFWHG RXW RI JUDGXDWHV ZKR DS SOLHG IRU WKH VFKHPH $V SDUW RI WKH VFKHPH WKH WZR JUDGXDWHV ZLOO VSHQG IRXU VL[ PRQWK SODFH PHQWV DFURVV 6$& &RQVXOW LQJ V QHWZRUN EHIRUH EHLQJ JLYHQ D SRVLWLRQ DW WKH RU

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

EOH IRU WKH VFKHPH VDLG k7KLV QHZ JUDGXDWH WUDLQHH SURJUDPPH LV LQWHQGHG WR GHYHORS DQG QXUWXUH VWDII WR PHHW RUJDQLVDWLRQDO GHPDQGV DV RSSRVHG WR oOOLQJ YDFDQFLHV XSRQ UH TXLUHPHQW y 7KH RUJDQLVDWLRQ V PDQ DJLQJ GLUHFWRU 0LNH :LMQ EHUJ VDLG k6$& &RQVXOWLQJ LV D SHRSOH EXVLQHVV DQG ZH UHFRJQLVH WKDW GHYHO RSLQJ WDOHQW DW DOO OHYHOV LQ RXU EXVLQHVV LV LPSRU WDQW IRU RXU IXWXUH 7KH LQLWLDWLRQ RI WKLV SUR JUDPPH UHSUHVHQWV RQH HOHPHQW LQ D ZLGHU SRUW IROLR RI DFWLYLW\ WR EXLOG FDSDFLW\ DQG FDSDELOLW\ LQ 6$& &RQVXOWLQJ IRU WKH IXWXUH y

EØ¨

1øÝE¥ nÝ ÿx îEÝ xîâ ¥Ăî ÅÅxÝâ

qf 0R k - Q Ã 'ųļĪ ĠÙïƏÄ (ÙļųüÙ ĎĝĎÙÄ 0ļį ųĎŻ¬ įÙÄ Q ĎĪĎÙ kĠļ į įÍ QĎĝÙ Ďěį¬Ùųü

/DQGRZQHUV ERG\ 6FRW WLVK /DQG DQG (VWDWHV 6/( KDV ODXQFKHG D QHZ FDPSDLJQ DLPHG DW WDFNOLQJ p\WLSSLQJ DQG OLWWHULQJ LQ UXUDO 6FRWODQG 7KH &DUH IRU WKH &RXQWU\VLGH LQLWLDWLYH XUJHV PHPEHUV RI WKH SXEOLF WR UHSRUW LQFL GHQWV RI UXEELVK GXPS LQJ ZKLOH DOVR KLJKOLJKW LQJ WKH FRVW LPSOLFDWLRQV IRU UXUDO EXVLQHVVHV ZKR IDOO YLFWLP WR p\WLSSLQJ RQ WKHLU ODQG 6/( SROLF\ RIILFHU .DUHQ 5DPRR VDLG k%\ SURPRWLQJ UHVSRQVLEOH DFFHVV WR UXUDO DUHDV WKURXJK WKH &DUH IRU WKH &RXQWU\VLGH FDPSDLJQ ZH KRSH WKDW LW ZLOO LQ FUHDVH DZDUHQHVV DERXW WKH SUREOHPV RI p\WLS SLQJ DQG DOVR HQFRXU DJH WKH SXEOLF WR UHSRUW GXPSLQJ DQG OLWWHULQJ ZKHUH WKH\ VHH LW WDNLQJ SODFH y

ùŰċµƢĝƌƢŰÖ

! " !& "

&& *" ) " # % " &# " %% " & & # ## # % " " %%

# 7(227 ((2.( '+ 7- 3 .(-7&.

GREENWELL EQUIPMENT LTD

## 5 ' #, !% 1' " $'%,1+ 1!'%, 4 !# #

& &

+# # ' ( $ !

7- 7. (-

# 7-&. 3 3 -2

'%1 1 # !+ '%

7-- 2 723

&& # / &% & 1 / /1+ ##5 + 1##,

qļ œĠ ¸Ù Ǥļƥų ÍǜÙųƏ Ďį

' ŰħċĬù

ĠĠ ǫńƝƝôƄıôǫƝî ļų ǫńôƄƑƝƀƝƝıƄ

% ! "!

$ # % " ! % % ! !

(3 '% '+"!% + +

$ #

% ! "!%

03 77

# 7- 2 3(&&.. '+1,'6

JOHN DEERE

975 Combine table lifters only done 30 acres.

)$*

# 7--- 3&-327

# 7-&-7 & 7&

# 7- (3 2((-2 '+ 7(. ( (-

# 7--.3 &2&2(& '+ 7( .2 -733

! ! !

+ #&&" % &+ ,/& "( +,&% /& #&&" / + &1+ ' 7 ,/+&% ,1 "# + &3 + ) ((# %/ $1,/ ( ,, &% / &1/ / + +&# # /& $ %/ % + &+ , % 3&+" 1% + / + &3% % / / 2 ) / + +&&$ &1, , 2 # # 3 / / !& ) # 2 3 / % / + 2 % &$$1% /5 3 / (+ $ +5 , &&# % + 5)

% + 3 +*1 +,&% %6 % ,/ / %6 % % &+5 + %, + 0' - &+ $ # % + 3 %6 %) &$

" # % & ! & $$$ $ " " $ " "

&+ 1,5 $ 4 +$ % 1, % ,, % + %, + ) % 1/ , /& ,, ,/ % #5 +1%% % & ,(+ % % 1/1$% #2 % + % &$$ + # , ( & " 3 / &((&+/1% /5 &+ % + , + ,(&%, # /5) 1,/ , # $&/ 2 / % # /& 3&+" &% &3% % , ( +/ & / $) " $ + + / ' &0 ".' / % &%/ / 1( ,# #( (! "& 1# )) ( 1(! $ # $ . & +#-- + + & +% "

& ! !# # ! % ! $ % ! $ #$ &

! # ! $## % !

# % !! ! !# # ! # !

$ $ ## $ # # ! ! % # ! ! # ! # ! !# ! # $ ! $ ! #! $ & ! $ ' $! !

# 7(&- .3((&

EØ¨

$uúÝ ńƑ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

1E u ³ éE`é `Ý é³ `òØV ú³Ø¨uØ ØuÝ ÝéE`u é ØuEé ( QQ Q H R 0 )DUPHUV DQG FURIWHUV DUH EHLQJ JLYHQ DGYLFH RQ KRZ WR GHYHORS D ZRUP FRQWURO SODQ IRU WKHLU VKHHS 4XDOLW\ 0HDW 6FRWODQG 406 KDV WHDPHG XS ZLWK LWV FRXQWHUSDUWV LQ (QJODQG DQG :DOHV WR SXEOLVK WKH IUHH SDJH :RUP &RQWURO LQ 6KHHS JXLGH ,W VHWV RXW WKH VWHSV VKHS KHUGV VKRXOG WDNH WR HQVXUH DQ\ QHZ RU UHWXUQLQJ VKHHS FRPLQJ RQ WR WKHLU IDUP RU FURIW GR QRW EULQJ UHVLVWDQW ZRUPV ZLWK WKHP 406 VDLG WKH LQIRUPD WLRQ LQ WKH JXLGH ZDV SDU WLFXODUO\ UHOHYDQW QRZ DW D WLPH ZKHQ PDMRU VKHHS VDOHV DUH WDNLQJ SODFH DFURVV WKH FRXQWU\ DQG WKRXVDQGV RI VKHHS DUH EHLQJ PRYHG WR QHZ ORFDWLRQV 7KH RUJDQLVDWLRQ V NQRZOHGJH WUDQVIHU VSH FLDOLVW +HDWKHU 0F&DOPDQ VDLG LW ZDV KRSHG WKH JXLGH

ZRXOG KHOS PLQLPLVH WKH SRWHQWLDO EXLOG XS RI ZRUP HU UHVLVWDQFH DOVR NQRZQ DV DQWKHOPLQWLF UHVLVWDQFH LQ WKH 6FRWWLVK VKHHS LQGXVWU\ k7KHUH DUH LQFUHDVLQJ OHYHOV RI DQWKHOPLQWLF UH VLVWDQFH UHVXOWLQJ ERWK IURP LQWHQVLYH JUD]LQJ RI CVKHHS RQO\ SDVWXUHV DQG IURP D UHOLDQFH RQ KHDY

ů2ıºŵÛ ŽĐıþ ĢÛǟÛĢŽ ľñ ıƑċÛĢĬĐıƑĐº ŵÛŽĐŽƑ ıºÛŰ LO\ XVHG SURGXFWV y VDLG 0V 0F&DOPDQ k7KHUH DUH D UDQJH RI WDFWLFV WR XVH q IURP WKH FOHDQ DQG VDIH JUD]LQJ RI IHUHG E\ VLODJH DIWHUPDWKV VLPSO\ JURXSLQJ ODPEV E\ DJH DQG WKH XVH RI ELRDF WLYH IRUDJHV OLNH FKLFRU\ q ZKLFK FDQ DOO FRQWULEXWH WR D VWUDWHJLF DSSURDFK WR

DQWKHOPLQWLF WUHDWPHQW DQG ZRUP FRQWURO y 7KH ZRUPHU JXLGH HP SKDVLVHV WKH LPSRUWDQFH RI FKRRVLQJ WKH ULJKW SURG XFW IRU WKH ULJKW DQLPDO DW WKH ULJKW WLPH ,W DOVR SURYLGHV DGYLFH RQ PDQDJLQJ ZRUPV WKURXJK JUDVVODQG PDQDJHPHQW DQG KRZ EHVW WR DVVHVV DQG UH GXFH SDVWXUH ULVN $QGUHZ %DLOOLH RI &DUVWDLUV 0DLQV )DUP LQ /DQDUNVKLUH KDV VXFFHVV IXOO\ XVHG JUD]LQJ PDQDJH PHQW DQG IDHFDO HJJ FRXQWV )(&V WR UHGXFH WKH QHHG IRU DQWKHOPLQWLFV %\ XVLQJ UHJXODU )(&V DV D WRRO WR UHGXFH WKH QXP EHU RI WLPHV ODPEV ZHUH WUHDWHG 0U %DLOOLH VDYHG d LQ DQWKHOPLQWLFV IRU WKH ODPEV DQG WKH HZHV LQ WKH oUVW \HDU RI DGRSWLQJ WKLV SUDFWLFH ZKLOVW PDLQWDLQLQJ DYHU DJH ODPE JURZWK UDWHV RI J SHU GD\

J R (f 0R(Ã ' ųĪÙų įÍųÙǝ ĎĠĠĎÙ ĉ Ż ųÙÍƥ¸ÙÍ ƏĉÙ įÙÙÍ ïļų įƏĉÙĠĪĎįƏĎ¸Ż

E ÝĂ ø° îâ ÿ x ¶Ý î¶Å EĀEÝn $ VKRUWOLVW RI IRXU GDLU\ IDUPV KDV EHHQ UHYHDOHG IRU WKH SUHVWLJLRXV $J UL6FRW 6FRWWLVK 'DLU\ )DUP RI WKH <HDU DZDUG -XGJH 'RQDOG 0LOODU ZKR ZRQ WKH DZDUG ODVW \HDU VHOHFWHG WKH IRXU IURP D OLVW RI GDLU\ IDUPV UDQNHG WKH EHVW LQ 6FRWODQG EDVHG RQ SHU IRUPDQFH GHWDLOV VXFK DV FDOYLQJ DJH VRPDWLF FHOO FRXQW DQG ORQJHYLW\ 0U 0LOODU ZLOO QRZ YLVLW HDFK RI WKH IRXU IDUPV EHIRUH GHFLGLQJ RQ WKH ZLQQHU ZKLFK ZLOO EH UHYHDOHG DW $JUL6FRW RQ 1RYHPEHU 7KH IRXU oQDOLVWV DUH $ &ROTXKRXQ /WG 'HQ GROGUXP ,QYHUEHUYLH : 0 +DPLOWRQ DQG 6RQ 0HOGUXP %ODLUGUXP PRQG 6WLUOLQJ .6+ )DUPHUV .HQQHWVLGH KHDGV (FFOHV .HOVR DQG 7 DQG $ :DGVZRUWK %LJ %DOFUDLJ :KDXSKLOO 1HZWRQ 6WHZDUW

ùŰċµƢĝƌƢŰÖ 88387 +(% $ ) 06 9%/ + / 2 1

< $%/ ! 6 78 6 < ,> 6 /+( 5, >> /%+90 =+960

/ %) - /0 /+- +/) 6/ 6 $ %'( 6 / +: /0 6 & 60 9/ %) / &0 9 %'0 / 0 0 ) %)# 6 /% '03 6 0 ' / - /0 +)6 6

'. >,"21 278217

+)6 6 +'%) +9)# 06 + 06 %) /0. '. >, 2* 1">18> +/ (+ %' >117> >>7,8>

'%06 %/ '& 66 + >11"1 > , ,

t t t

# " !

( " $ %$( ! ! ! ' ! &

!$ !$$ $$ ! # "

'' +/ +) )+; +) ' >1 >, 7* " "

>1122 ,*21 " >,"22 1">1 >

+: )6/= +/ ) %)# >,12" 228*,,

SHEEP GRAZING

' >,7 1877"* +/ >1171 *,>1,

Grass, stubble or forage rape. Any acreage, any area. Tel: 07761 683243 or 07751 129944

/+( ,06 +:. ' >1 > 117 ""

qļ œĠ ¸Ù

ĹƢŰ ÊŸ

' ŰħċĬù

Ďį ĠĠ ¬ÙųÍÙÙį

ǫńƝƝôƄıôǫƝî ļų 0įǜÙųįÙŻŻ

ǫńôƄƑƝƀƝƝıƄ

# # !

qļ œĠ ¸Ù

ĹƢŰ ÊŸ

' ŰħċĬù

Ďį ĠĠ ¬ÙųÍÙÙį

ǫńƝƝôƄıôǫƝî ļų 0įǜÙųįÙŻŻ

ǫńôƄƑƝƀƝƝıƄ

ńô $uúÝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

òØ¢ü E¡ Ýuéé¢uÝ Ek ùu ¨ òéuÝ ³ 5= E¨u

W LV IHHOLQJ GLVWLQFWO\ DX WXPQDO WRGD\ DV , ZULWH DOWKRXJK QRW LQ D GU\ FULVS ZD\ XQIRUWXQDWHO\ 7KH ZLQGV DUH KRZOLQJ DQG WKH UDLQ LV WRUUHQWLDO 7KH VLOYHU OLQLQJ RI WKH UHFHQW SRRU ZHDWKHU IRU P\VHOI DQG WKH JLUOV DW OHDVW ZDV WKDW 1LFN GLG QRW VSHQG WKH ZHHNHQG KDUYHVWLQJ KLV VSULQJ EDUOH\ 1DWXUDOO\ KH DQG IDWKHU 'HUHFN DUH KRSLQJ IRU D JRRG GU\ VSHOO VRRQHU UDWKHU WKDQ ODWHU VR WKDW WKH oHOGV DW 'DYLRW LQ SDUWLFXODU DUH FOHDU IRU WKH DQQXDO 6WUDWKQDLUQ 9LQWDJH 7UDFWRU 5DOO\ RQ 6HSWHPEHU oQG RXW PRUH DW GDYL RWYLQWDJH FR XN (OVHZKHUH RQ WKH IDUP 1LFN KDV PDQDJHG WR oQG D UHSODFHPHQW IRU RXU %ULWLVK %OXH EXOO ZKR ZH ORVW WR LQMXU\ ODVW PRQWK WKLV WLPH D EXUO\ 6LPPHQWDO EXOO JR

ů2ƑǠ ŽƑċÛºľǠŽ Ƒċ ƑǠÛŵÛ ñƑÛŵ ®ĐƑľñ/ ığďǧ ŕ ığǧŰ LQJ E\ WKH SHGLJUHHG QDPH RI +DQN DOWKRXJK 'DLV\ SUHIHUV %HUQDUG 7KH KRQH\ FRORXUHG FKDS IURP &DLWKQHVV SURYHG UDWKHU SRSXODU ZLWK WKH ODGLHV ZKHQ OHW ORRVH ZLWK WKHP IRU WKH oUVW WLPH ODVW ZHHN DOWKRXJK LW ZDV WKH FRZV WKDW ZHUH DIWHU D ELW RI +DQN \ SDQN\ , PXVW JLYH FUHGLW IRU WKLV OLWWOH MRNH WR P\ RWKHU KDOI UDWKHU WKDQ WKH RWKHU ZD\ URXQG 7KH\ FKDVHG KLP DOO RYHU WKH oHOG XQWLO KH oQDOO\ FOLPEHG XS WKH GXQJ KHDS WR HVFDSH GLVDSSHDULQJ GRZQ WKH RWKHU VLGH 7KDQNIXOO\ KH ZDV QRW KXUW 7KH KHUG FRQWLQXHV WR PLON ZHOO XQGHU WKH QHZ UR ERWLF V\VWHP DQG WKDQNV WR WKH FRQWLQXHG VXFFHVV DQG JURZWK RI +LJKODQG )LQH &KHHVH RZQHG DQG UXQ E\ 5RU\ 6WRQH DOPRVW DOO RI 5RRWoHOG V PLON LV QRZ JR LQJ WR WKH 7DLQ EDVHG IRRG SURGXFHU :H RQO\ XVH D IUDFWLRQ RI

EØ¨

þŵĐºƧĢƑƧŵ Ģ ǟÛċĐºĢÛŽ º ı ƧŽÛ ®ŵĐÏþÛ )DUPHUV DQG FURIWHUV ZLOO EH SHUPLWWHG WR GULYH DJUL FXOWXUDO YHKLFOHV DFURVV WKH QHZ 4XHHQVIHUU\ &URVVLQJ LQ WKH VKRUW WHUP )DUPHUV XQLRQ 1)8 6FRWODQG ZHOFRPHG WKH QHZV ,W KDV QRZ FDOOHG IRU DJ ULFXOWXUDO YHKLFOHV WR EH DO ORZHG WR XVH WKH )RUWK 5RDG %ULGJH RQFH WKH 4XHHQV IHUU\ &URVVLQJ DFKLHYHV PRWRUZD\ VWDWXV 7KH XQLRQ V OHJDO DQG WHFKQLFDO FRPPLWWHH FKDLU PDQ -DPLH 6PDUW VDLG k'LVFXVVLRQV DUH RQJRLQJ EXW WKH XQLRQ LV VHHNLQJ DFFHVV WR WKH )RUWK 5RDG %ULGJH ZLWKRXW WKH QHHG IRU FXPEHUVRPH EXUHDXFUDF\ RU XQQHFHVVDU\ OHYHOV RI SDSHUZRUN IRU WKH IDUPHUV ORRNLQJ WR XVH WKDW URXWH y

ŵ ğÛŽ ľı Ƒŵ ºƑľŵ Ž ĢÛŽ

WKH PLON SURGXFHG KHUH WR PDNH RXU LFH FUHDP QDWX UDO \RJKXUW DQG XQKRPRJ HQLVHG PLON ZLWK WKH UHVW JRLQJ WR 5RU\ 7KH GLIIHU HQFH QRZ LV WKDW *UDKDP V QR ORQJHU EDODQFH WKH H[ FHVV PLON 5RU\ XVHG WR KDYH EHFDXVH KH QHHGV LW DOO WR XSVFDOH KLV SURGXFWLRQ RI FKHGGDU EOXH WUDGLWLRQDO FURZGLH DQG EULH VW\OH FKHHVHV LQ SUHSDUDWLRQ IRU &KULVWPDV 1LFN LV GHOLJKWHG WKDW KH FROODERUDWHG ZLWK 5RU\ DOPRVW WZR \HDUV DJR DQG WKDW RXU PLON LV WUDYHOOLQJ VXFK D VKRUW GLVWDQFH WR EH FUDIWHG LQWR D UDQJH RI DZDUG ZLQQLQJ ORFDO SURGXFWV :KDW V PRUH 1LFN KDV KDSSLO\ DGGHG D IXUWKHU $\UVKLUH FRZV WR WKH KHUG LQ WKH ODVW PRQWK WR EHWWHU PHHW 5RU\ V PLON FRQVWLWXHQWV UHTXLUHPHQWV IRU FKHHVH PDNLQJ

7KH YROXPH RI PLON SURGXFHG E\ WKH EHDXWL IXO FKHVWQXW DQG LYRU\ $\UVKLUHV LV OHVV WKDQ WKH +ROVWHLQV EXW WKH DOO LPSRUWDQW EXWWHUIDW DQG SURWHLQ FRQWHQW LV KLJKHU 2EYLRXVO\ WKLV ZRUNV ZHOO IRU RXU SURFHVVLQJ DUP RI WKH EXVLQHVV WRR ,Q WKH SDVW IHZ ZHHNV 1LFN DQG WKH JLUOV KLV ERYLQH JLUOV WKDW LV KDYH EHHQ HQMR\LQJ WKHLU oYH PLQXWHV RI IDPH LQ D 79 FRPPHUFLDO DQG D YLGHR VKRUW WR SURPRWH D QHZ ORFDO IRRG ZHEVLWH :HOO ZKHQ , VD\ kHQMR\LQJy WKDW LV QRW VWULFWO\ WUXH 1LFN LV QRW DW DOO FRPIRUWDEOH LQ IURQW RI WKH FDPHUD EXW \RX ZRXOGQ W NQRZ LW 0XFK WR P\ VHOI FRQ VFLRXV KXVEDQG V UHOLHI LQ WKH WHOHYLVLRQ FRPPHUFLDO DW OHDVW RQO\ WKH FRZV HQG HG XS RQ VFUHHQ q LW ZDV DQ

LQWHUYLHZ ZLWK 5RU\ 6WRQH E\ +HDUW )0 IRU $OGL +RZ HYHU WKH 7UDQVLWLRQ %ODFN ,VOH YLGHR ZDV DQ LQWHUYLHZ ZLWK 1LFN LQ WKH PLGGOH RI D oHOG VXUURXQGHG E\ WKH UDWKHU QRLV\ KHUG 7UDQVLWLRQ %ODFN ,VOH WUDQVLWLRQEODFNLVOH RUJ XN LV D JURXS RI OLNH PLQGHG PHPEHUV ZKR DUH ZRUNLQJ WR FUHDWH kPRUH VHOI UHOLDQW FRPPXQLWLHV WKURXJK DFWLYLWLHV VXFK DV JURZLQJ IRRG UHXVLQJ DQG UHF\FOLQJ FXWWLQJ HQHUJ\ XVH OHDUQLQJ SUDFWLFDO VNLOOV DQG DUWV DQG FUDIWVy 7R WKLV HQG WKH\ KDYH FUHDWHG DQ RQOLQH GLUHFWRU\ RI SURGXFHUV DQG VXSSOLHUV RI ORFDO IRRG RQ WKH %ODFN ,VOH FDOOHG 2XU /RFDO /DU GHU %\ WKH WLPH \RX UHDG WKLV 1LFN DQG , ZLOO KDYH DWWHQG HG WKH RIoFLDO ODXQFK RI WKH ZHEVLWH LQ RXU ORFDO YLOODJH

fļųǤ kƏļįÙÄ ļï -ĎüĉĠ įÍ 'ĎįÙ ĉÙÙŻÙŻÄ ǝĎƏĉ ļįÙ ļï ƏĉÙ ĪĎǣĎįü ǜ ƏŻ

0XLU RI 2UG RQ 7KXUVGD\ IHDWXULQJ D SKRWRJUDSKLF H[KLELWLRQ ORFDO QLEEOHV DQG WKH ZHEVLWH LWVHOI EODFNLVOHODUGHU RUJ <RX OO oQG P\ VXSHUVWDU IDUPHU LQ WKH 0HHW WKH 6XS SOLHU VHFWLRQ DORQJVLGH WKUHH RWKHU ORFDO IRRG FKDPSLRQV $QRWKHU H[FLWLQJ YHQWXUH FHOHEUDWLQJ WKH YLEUDQW IRRG FXOWXUH LQ RXU QHFN RI WKH ZRRGV LV +LJKODQG )RRG

ůsċÛǧċ ǟÛ ºŵÛ ƑÛÏ ıľıĢĐıÛ ÏĐŵÛºƑľŵǧľñ ŕŵľÏƧºÛŵŽŰ )OLQJ KLJKODQGIRRGpLQJ ZRUGSUHVV FRP +LJKODQG )RRG )OLQJ LV D IDQWDVWLF UHDO WLPH UHVRXUFH IRU IRRGLHV ZKR OLYH KHUH RU DUH SODQQLQJ WR YLVLW IHDWXU LQJ IRRG KHURHV IURP WKH +LJKODQG DQG 0RUD\ DUHD 9LD D WULR RI VRFLDO PHGLD SODWIRUPV DQG D EORJ +LJK ODQG )RRG )OLQJ V LQQRYD WLYH FUHDWRU (YH :HEVWHU SRVWV GHWDLOV RI XSFRPLQJ HYHQWV VHDVRQDO SURGXFH UHFLSHV WUHQGV LQWHUHVWLQJ QHZVSDSHU DUWLFOHV DV ZHOO DV IHDWXULQJ IRRG KHURHV DQG PDNHUV RI WKH PRQWK FDIHV UHVWDXUDQWV IDUPHUV

PDUNHWV SRS XSV DQG ZHOO MXVW DERXW DQ\WKLQJ WKDW V JRLQJ RQ WR GR ZLWK IRRG LQ WKH DUHD $V \RX NQRZ , P QRW D SUROLoF FRQVXPHU RI VRFLDO PHGLD EXW ZLWK LWV UHOHYDQW LQIRUPDWLRQ FKDWW\ SURVH

DQG JRUJHRXV SKRWRJUDSK\ +LJKODQG )RRG )OLQJ FRXOG FRQYHUW HYHQ D OXGGLWH OLNH P\VHOI VR IDU , YH OLNHG LW DQG DP QRZ IROORZLQJ LW RQ )DFHERRN GRQ W DVN PH DERXW 7ZLWWHU DQG ,QVWD JUDP %RWK 2XU /RFDO /DUGHU DQG +LJKODQG )RRG )OLQJ DUH VXFK ZHOFRPH UHVRXUFHV DQG IDQWDVWLF DW UDLVLQJ WKH SURoOH RI ORFDO IRRG DQG GULQN ZH DUH D ELW ELDVHG RI FRXUVH EHLQJ IHDWXUHG RQ ERWK SODWIRUPV $W KRPH WKH JLUOV DQG , KDYH EHHQ GRLQJ RXU ELW RQ WKH ORFDO IRRG IURQW E\ KDU YHVWLQJ IURP D VXUSULVLQJO\ DEXQGDQW FURS RI DSSOHV IURP RXU JDUGHQ q WKHUH ZHUH QRQH ODVW \HDU :H KDYH VL[ WUHHV DOO KHUH EH IRUH RXU WLPH EXW RQO\ RQH RI WKHP EHDUV HDWLQJ DSSOHV VR WKH UHVW DUH GHVWLQHG WR EH PDGH LQWR SHDFK\ KXHG MHOO\ SLHV FUXPEOHV DQG FKXWQH\V , VXVSHFW KRZHYHU LW ZRQ W EH ORQJ EHIRUH ZH DUH DOO DSSOHG RXW VR WKH H[FHVV ZLOO EH EDJJHG DQG SRSSHG LQWR WKH KRQHVW\ VKRS RU GHSRVLWHG DW WKH SURGXFWLRQ NLWFKHQ WR EH PDJLFNHG LQWR LFH FUHDP E\ 5RVLH DQG WKH WHDP 1(;7 0217+ )RRG $VVHPEOLHV DQG SXPSNLQ WLPH DJDLQ fļļƏðÙĠÍ ' ųĪ ĎŻ ļį ƏĉÙ Ġ ¸ĝ 0ŻĠÙÄ ŇǮ ĪĎĠÙŻ įļųƏĉ ļï 0įǜÙųįÙŻŻÄ ǝĉÙųÙ Fļ ĠĎǜÙŻ ǝĎƏĉ ĉƥŻ¬ įÍ RĎ¸ĝÄ ïļƥųƏĉč üÙįÙų ƏĎļį Í ĎųǤ ï ųĪÙųÄ ƏĉÙĎų Í ƥüĉƏÙųŻ ĎŻǤ įÍ QļĠĠĎÙÄ įÍ ŇñǮ ¸ļǝŻ

7UDFWRU VDOHV LQ $XJXVW ZHUH GRZQ IRU WKH ILUVW WLPH LQ HLJKW PRQWKV DF FRUGLQJ WR WKH $JULFXOWXUDO (QJLQHHUV $VVRFLDWLRQ $ WRWDO RI WUDFWRUV RYHU KRUVHSRZHU ZHUH UHJLVWHUHG LQ WKH 8. ODVW PRQWK 7KLV LV GRZQ RQ $XJXVW k7KLV GLG IROORZ D YHU\ KHDOWK\ OHYHO RI UHJLVWUD WLRQV LQ -XO\ DQG PD\ EH SDUWO\ H[SODLQHG E\ WKH IDFW WKDW WKHUH ZHUH oYH 0RQ GD\V LQ $XJXVW ODVW \HDU EXW oYH 0RQGD\V LQ -XO\ WKLV \HDU y VDLG WKH $($ k,Q DGGLWLRQ LW ZDV DW WKLV SRLQW LQ ZKHQ VLJQLoFDQW LQFUHDVHV ZHUH EHJLQQLQJ WR EH VHHQ VR ZH DUH FRPSDULQJ ZLWK KLJKHU OHYHOV RQH \HDU DJR y

hÛÏƧºĐıþ Ģ ®ľƧŵ ºľŽƑŽ )XWXUH RSSRUWXQLWLHV IRU DXWRPDWLRQ LQ KRUWLFXOWXUH LV WKH VXEMHFW RI D QHZ UH VHDUFK VXUYH\ E\ IDUP OHY\ ERG\ $+'% $ VXUYH\ KDV EHHQ VHQW WR JURZHUV WR DVFHUWDLQ ZKDW WHFKQRORJ\ LV FXUUHQWO\ XVHG DQG WR VHH ZKHUH WKH\ WKLQN IXWXUH LQYHVWPHQW LQ QHZ WHFKQRORJLHV VKRXOG EH PDGH $+'% VDLG k:LWK WKH 1DWLRQDO /LYLQJ :DJH GULY LQJ XS ODERXU FRVWV DQG WKH XQFHUWDLQW\ RI WKH IXWXUH DYDLODELOLW\ RI PLJUDQW ZRUNHUV DIWHU %UH[LW LGHQWL I\LQJ WHFKQRORJLHV WKDW FDQ KHOS UHGXFH ODERXU FRVWV DQG SUHVVXUHV IRU EXVL QHVVHV ZLOO EHFRPH PRUH FULWLFDO y

EØ¨

$uúÝ ńî

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

K1 jpW I J f 0 H è kĉÙƏĠ įÍ JĎǜÙŻƏļ¸ĝ Q ųĝÙƏĎįü (ųļƥœÄ Ďį ¸ļįěƥį¸ƏĎļį ǝĎƏĉ ¬ÙųÍÙÙį įÍ RļųƏĉÙųį Q ųƏŻÄ ĉ Í ƠÄ÷áá Ġ Ī¬Żŝ ĠĠ ¸Ġ ŻŻÙŻ ¬ ųÙĠǤ Ī ĎįƏ ĎįÙÍ Ġ ŻƏ ǝÙÙĝŰŻ üļļÍ Əų ÍÙ ¬ƥƏ ǝÙųÙ ŻƏĎĠĠ ŻĉļųƏ ļï ųÙŨƥĎųÙĪÙįƏŻŝ qĉÙųÙ ǝÙųÙ Əǝļ Ī ĎįĠ įÍ ¬ƥǤÙųŻ œųÙŻÙįƏ Ďį ÍÍĎƏĎļį Əļ ƏĉÙ ųÙüƥĠ ų ¬ƥǤÙųŻ ǝĉļ ÙǣÙ¸ƥƏÙ ļųÍÙųŻ ïļų ƏĉļŻÙ Əĉ Ə ¸ įįļƏ ƏƏÙįÍŝ kļĪÙ ŇÄŇǮǮ Ġ Ī¬Ż ǝÙųÙ œƥų¸ĉ ŻÙÍ ¬Ǥ ¬ƥǤÙų ïųļĪ ƏĉÙ ļųÍÙųŻŝ JÙ ÍĎįü œųĎ¸ÙŻ ïļų Ġ Ī¬ŻÃ kƥïï č ƍƇñ įÍ ƍƇǮ k įÍĠļÍüÙ ' ųĪƂ ƍƇŇ (ųĎįÍĎŻ¸ĉļļĠƂ ƍƇǮŝƠǮ ĎüƏļį ' ųĪ įÍ ƥųĝĠÙƂ ƍƇǮ (ĎųĠŻƏ -ļƥŻÙ įÍ 0ŻĠÙŻǜĎÙǝƂ ƍñĴŝñǮ QĎĠĠĎįüŻļƥįÍŻ įÍ (ƥįįĎŻƏ Ƃ ƍñĴŝƠǮ Q ĎĠ įÍ įÍ HĎųĝ ¬ĎŻƏÙųƂ ƍñĴ - ǤüųÙÙį įÍ Q ƥįÍÙǜĎĠĠÙŝ qÙǣ č ƍƇ÷ŝñǮ įÍ ƍñĴ QĎĠĠĎįüŻļƥįÍŻƂ ƍñĴ ƥųĝĠÙƂ ƍñáŝƠǮ k įÍĠļÍüÙŝ ĉÙǜĎļƏ č ƍ÷ĴŝñǮ Əį ĉļƥĠĠÄ kÙƏƏÙų ' ųĪƂ ƍ÷áŝƠǮ (ĎųŻƏ -ļƥŻÙƂ ƍ÷á JĎǜļųį Ä ƥŻƏ ŝ evW f è ¬ÙųÍÙÙį įÍ RļųƏĉÙųį Q ųƏŻÄ ƥįÍÙų ƏĉÙ ƥŻœĎ¸ÙŻ ļï ƏĉÙ RļųƏĉ ļƥįƏųǤ ĉÙǜĎļƏ kĉÙÙœ kļ¸ĎÙƏǤ įÍ ŻœļįŻļųÙÍ ¬Ǥ R Əƥų Ġ kƏļ¸ĝ¸ ųÙÄ ŻļĠÍ ƇƔ ų ĪŻ Əļ ǜÙų üÙ ƍƃáĴŝŇƃÄ ü ĎįŻƏ ƍƃǮ÷ŝƔƇ ïļų Ƈñ Ġ ŻƏ ǤÙ ųÄ įÍ įĎįÙ üĎĪĪÙųŻ Əļ ǜÙų üÙ ƍ÷ƇŇŝŇŇ ü ĎįŻƏ ƍ÷ǮǮ ïļų ŇǮ Ġ ŻƏ ǤÙ ųŝ qĉÙ ¸ĉ ĪœĎļįÄ ěƥÍüÙÍ ¬Ǥ Ġ į kĪĎƏĉÄ vœœÙų ļųįŨƥļǤÄ -ļĠĪÄ WųĝįÙǤÄ įÍ įį ųļǝįÄ Íų ÍǤ ' ųĪĉļƥŻÙÄ 0ŻĠ ǤÄ ǝ Ż ŻĉÙ ųĠĎįüÄ kÙ¬ Ǥ ÙųĪļƥįƏ ¬Ǥ WĠÍðÙĠÍ kƥįųĎŻÙÄ ïųļĪ Fŝ kŝ ĎĠĠĎÙ įÍ ļÄ kÙ¬ Ǥ ' ųĪÄ q įĝÙųįÙŻŻÄ WųĝįÙǤÄ įÍ ŻļĠÍ ïļų ƍñÄǮǮǮ Əļ ŝ Rŝ Īœ¬ÙĠĠ įÍ kļįŻÄ ųÍį ¸Ġ ǜ įÄ įÍ Fŝ įÍ Fŝ kĪĎƏĉÄ vœœÙų ļųįŨƥļǤÄ -ļĠĪÄ WųĝįÙǤŝ fÙŻÙųǜÙ ǝ Ż ŻĉÙ ųĠĎįüÄ kÙ¬ Ǥ ĪœĎųÙ ¬Ǥ WĠÍðÙĠÍ kƥįųĎŻÙÄ ĠŻļ ïųļĪ kÙ¬ Ǥ ' ųĪ įÍ ŻļĠÍ ïļų ƍ÷ÄǮǮǮ Əļ ŝ Fŝ įÍ Qŝ ĠĠ įÄ ƥųų į Q ĎįŻÄ ŻƏĠÙƏļǝįŝ ÙŻƏ ų Ī Ġ Ī¬ ǝ Ż ƥĠĠ ü F ¸ĝ ¬Ǥ kÙ¬ Ǥ kƥœÙųĪ į ïųļĪ ŝ Īœ¬ÙĠĠÄ qĉÙ Q ĠƏĎįüŻÄ ļƥœÙų kŨƥ ųÙÄ qĉƥųŻļÄ įÍ ŻļĠÍ ïļų ƍƠñǮ Əļ ŝ dļĠŻļįÄ kĪÙųĠĎÙÄ JǤ¬ŻƏÙųŝ ÙŻƏ üĎĪĪÙų ǝ Ż ļįÙ ¬Ǥ ĎüüĎįŻ RļǜÙĠ ïųļĪ ŝ įÍ 0ŝ įüƥŻÄ WĠÍðÙĠÍ ' ųĪÄ qĉƥųŻļÄ įÍ ŻļĠÍ ïļų ƍƇñǮ Əļ įÍųÙǝ (ƥįįÄ Ɣ vœœÙų ļƥįųÙ ǤÄ qĉƥųŻļŝ JÙ ÍĎįü œųĎ¸ÙŻÃ ĎüüĎįŻÄ ƍƔÄƠǮǮ Əļ ŝ Q ¸ĝ ǤÄ kļƥƏĉ ĠĝÙĎƏĉÄ q ĎįÄ ƍŇÄ÷ǮǮ Əļ ŝ ŝ fļ¬ÙųƏŻÄ ĠÙŻÄ ƍŇÄƠǮǮ ƏǝĎ¸Ù Əļ Fŝ įÍ Qŝ Q ¸Íļį ĠÍ įÍ ŝ Q įŻļį įÍ kļįŻÄ kĝ ĎĠĠÄ ļƥįųÙ ǤƂ ųÍį ¸Ġ ǜ įÄ ƍƠÄƇǮǮ Əļ ŝ Q ¸ĝ ǤÄ ƍŇÄáǮǮ ƏǝĎ¸Ù Əļ Fŝ įÍ Qŝ Q ¸Íļį ĠÍÄ qļųĪļųÙÄ ƥį¬Ù ƏĉÄ įÍ (ŝ ļųĪ ¸ĝ įÍ kļįŻÄ ÙŻƏÙųÄ ƥįįÙƏÄ qĉƥųŻļÄ ƍŇÄñǮǮ Əļ Ä Ä - ųųĎÙŻÄ ĠÙŻƂ ĎųįŻĎÍÙ ƍŇÄƠñǮ Əļ -ŝ QĎĠĠÄ ¸ĉŻ¸ų ¬ŻƏÙųÄ ÙŻƏðÙĠÍÄ qĉƥųŻļŝ JÙ ÍĎįü õļ¸ĝ ǜÙų üÙŻÃ kÙ¬ Ǥ Əļœ œųĎ¸Ù ƍñÄǮǮǮÄ ǜÙų üÙ ƍŇÄƇƃŇŝ÷Ɣ ïļų ŻÙǜÙį ŕƍŇÄƠƔƔŝƔƔ ïļų ŻĎǣ Ġ ŻƏ ǤÙ ųŘƂ ĎüüĎįŻ ƍƔÄƠǮǮÄ ǜÙų üÙ ƍŇÄƠƔŇŝƠñ ïļų ÙĎüĉƏ ŕƍáƃñ ïļų ÙĎüĉƏŘƂ ųÍį ¸Ġ ǜ į ƍƠÄƇǮǮÄ ǜÙų üÙ ƍŇÄƠǮñ ïļų ŇǮ ŕƍáññ ïļų ŇǮŘƂ ƥųų į Q ĎįŻ ƍĴǮǮÄ ǜÙų üÙ ƍƃƔƃŝñǮ ïļų ïļƥų ŕƍŇÄŇƃñ ïļų ŻĎǣŘƂ ĎųįŻĎÍÙ ƍŇÄƠñǮÄ ǜÙų üÙ ƍñƔáŝƔƔ ïļų ŻĎǣ ŕƍƔŇ÷ŝƠá ïļų ŻÙǜÙįŘŝ (ĎĪĪÙųŻÃ WĠÍðÙĠÍ ' ųĪ ƍƇǮǮ Əļ Fŝ ųƥÍÙį įÍ kļįŻÄ kƏ įÍĎįüŻƏļįÙŻÄ Ǥ¸ÙÄ ƍññǮ Əļ ŝ kŝ (ŝ ǜĎÙŻÄ ĠÙŻÄ ƍ÷ñǮ ƏǝĎ¸Ù Əļ ŝ kŝ (ŝ ǜĎÙŻ įÍ Fŝ Q¸¸ĠǤĪļįƏÄ ÙĪǤŻŻ ŻƏĠÙ -ļĪÙ ' ųĪŝ evW f è ¬ÙųÍÙÙį įÍ RļųƏĉÙųį Q ųƏŻ ŻļĠÍ ĴƔ ų ĪŻ ƥįÍÙų ƏĉÙ ƥŻœĎ¸ÙŻ ļï ƏĉÙ ĎƏĉįÙŻŻ

kĉÙÙœ ųÙÙÍÙųŻ ŻŻļ¸Ď ƏĎļį įÍ ŻœļįŻļųÙÍ ¬Ǥ -fR qų ¸ƏļųŻŝ ĉ ĪœĎļį ļųÍÙų JÙĎ¸ÙŻƏÙųÄ ěƥÍüÙÍ ¬Ǥ QĎ¸ĉ ÙĠ kĉÙ ųÙųÄ JǤƏĉĪļųÙÄ ÙŻƏðÙĠÍÄ ǝ Ż ŻĉÙ ųĠĎįü ïųļĪ ŝ QĎĠĠÙų įÍ kļįŻÄ ĎĪŻƏÙųÄ qĉƥųŻļÄ įÍ ŻļĠÍ ïļų ƍññǮ Əļ ŝ QĎĠĠÙųÄ ƥ¸ĝĎÙŻ ' ųĪÄ qĉƥųŻļŝ fÙŻÙųǜÙ ǝ Ż ŻĉÙ ųĠĎįü ïųļĪ 'ŝ įÍÙųŻļįÄ WŻ¸Ġ ǤÄ 'ų į¸ĎŻ kƏųÙÙƏÄ Ď¸ĝÄ įÍ ŻļĠÍ ïļų ƍ÷ǮǮ ĠŻļ Əļ ŝ QĎĠĠÙųŝ ĉ ĪœĎļį qÙǣÙĠÄ ěƥÍüÙÍ ¬Ǥ ųįļƏƏ ļüĉĎĠĠÄ kĝĎįįÙƏÄ - ĠĝĎųĝÄ ǝ Ż ŻĉÙ ųĠĎįü ïųļĪ ŝ Ù¬ŻƏÙųÄ JļǝÙų fÙĎŻŻ ' ųĪÄ įÍ ŻļĠÍ ïļų ƍĴǮǮ Əļ ƏĉÙ ěƥÍüÙŝ fÙŻÙųǜÙ ǝ Ż ų Ī Ġ Ī¬ ïųļĪ ŝ įÍ ŝ (ƥįįÄ -ĎĠĠ ļï 'ļųŻŻÄ qĉƥųŻļÄ įÍ ŻļĠÍ ïļų ƍáǮǮ Əļ Fŝ fŝ ƥųüÙŻŻÄ JļǝÙų -ļƥŻÙÄ -ĎĠĠǝÙĠĠÄ kĉÙƏĠ įÍŝ ĉ ĪœĎļį kƥïïļĠĝŝ ěƥÍüÙÍ ¬Ǥ įÍųÙǝ QļųųĎŻÄ WĠųĎü Q ĎįŻÄ ŻƏĠÙƏļǝįŝ ǝ Ż ŻĉÙ ųĠĎįü ïųļĪ ŝ ųįÙƏŻļį įÍ kļįŻÄ JǤįÙü ųÄ ƏƏÙįŝ įÍ ŻļĠÍ ïļų ƍŇÄƠǮǮ Əļ ŝ -ŝ Q ¸ĝ ǤÄ ÙŻƏ (ųÙÙįĠ įÍÄ ŻƏĠÙƏļǝįŝ fÙŻÙųǜÙ ǝ Ż ŻĉÙ ųĠĎįü ïųļĪ ŝ kǝ įŻļįÄ ŻƏ QƥųĝĠÙÄ qĉƥųŻļÄ įÍ ŻļĠÍ ïļų ƍƇñǮ ĠŻļ Əļ ŝ -ŝ Q ¸ĝ Ǥŝ ĉ ĪœĎļį Ďį ƏĉÙ ļƏĉÙų ¬ųÙÙÍŻ ŻÙ¸ƏĎļįÄ ěƥÍüÙÍ ¬Ǥ QĎ¸ĉ ÙĠ kĉÙ ųÙųÄ ǝ Ż ĠƥÙï ¸ÙÍ JÙĎ¸ÙŻƏÙų ŻĉÙ ųĠĎįü ïųļĪ ŝ Ù¬ŻƏÙųÄ JļǝÙų fÙĎŻŻÄ Ď¸ĝÄ įÍ ŻļĠÍ ïļų ƍ÷ñǮ Əļ Fŝ fŝ ƥųüÙŻŻŝ JÙ ÍĎįü œųĎ¸ÙŻ įÍ ǜÙų üÙŻÃ ļųÍÙų JÙĎ¸ÙŻƏÙų è ĎĪŻƏÙų Əļœ œųĎ¸Ù ƍƇǮǮÄ ǜÙų üÙ ƍñƠñ ïļų ïļƥų ŕƍñƇƇŝƇƇ ïļų ƏĉųÙÙ Ġ ŻƏ ǤÙ ųŘŝ 'ĎǜÙ ŻĉÙ ųĠĎįüŻ ǜÙų üÙÍ ƍñǮǮ ŕƍñƇƇŝƇƇ ïļų Ɣ Ġ ŻƏ ǤÙ ųŘŝ qÙǣÙĠ è -ĎĠĠ ļï 'ļųŻŻ ƍáǮǮ ïļų ļįÙ ŕį¸ŘƂ JǤįÙü ų ƍƃñǮÄ ǜÙų üÙ ƍƇƃñ ïļų Əǝļ ŕƍ÷ñǮ ïļų ļįÙŘƂ JļǝÙų fÙĎŻŻ ƍĴǮǮÄ ǜÙų üÙ ƍñáǮ ïļų ïļƥų ŕƍñƇƇŝƇƇ ïļų įĎįÙŘƂ ųÍį ¸Ġ ǜ į ƍáǮǮÄ ǜÙų üÙ ƍ÷áǮ ïļų ðǜÙ ŕį¸ŘƂ kƏ ĎįĠ įÍ įÍ kĎ¬ĪĎŻƏÙų ' ųĪŻ ƍƃǮǮÄ ǜÙų üÙ ƍ÷ƃáŝƔƔ ïļų ŻĎǣ ŕƍñǮƃŝŇ÷ ïļų ŻÙǜÙįŘŝ qļƏ Ġ ļï ÷á ŻĉÙ ųĠĎįüŻ ǜÙų üÙÍ ƍ÷ƃǮŝƇ÷ ŕƍ÷ñáŝƔƇ ïļų ññŘŝ WįÙ ų Ī Ġ Ī¬ ƍáǮǮ ŕį¸Řŝ kƥïïļĠĝ è JǤįÙü ų ƍŇÄƠǮǮÄ ǜÙų üÙ ƍƃŇƃ ïļų ŇǮ ŕƍñƇƠŝñǮ ïļų ÙĎüĉƏŘƂ JļǝÙų fÙĎŻŻ ƍƇñǮÄ ǜÙų üÙ ƍƇñǮ ïļų ļįÙ ŕƍñǮǮ ïļų ļįÙŘƂ kĝ ĎĠĠ ƍƇñǮÄ ǜÙų üÙ ƍñƠŇŝƇƃ ïļų ŻĎǣ ŕƍ÷ƃñ ïļų ƏǝļŘƂ ŻƏ QƥųĝĠÙ ƍƇñǮÄ ǜÙų üÙ ƍñǮǮ ïļų ïļƥų ŕƍ÷÷ƇŝƇƇ ïļų ŻĎǣŘƂ kƏ ĎįĠ įÍ įÍ kĎ¬ĪĎŻƏÙų ' ųĪŻ ƍƃǮǮÄ ǜÙų üÙ ƍ÷Ĵ÷ŝ÷÷ ïļų įĎįÙ ŕƍññǮ ïļų ÙĎüĉƏŘƂ qĉƥŻƏÙų Q ĎįŻ ƍññǮÄ ǜÙų üÙ ƍ÷áƃŝñǮ ïļų ïļƥų ŕƍ÷ǮǮ ïļų ïļƥųŘƂ ųÍį ¸Ġ ǜ į ƍñǮǮÄ ǜÙų üÙ ƍ÷ƇƇŝƇƃ ïļų ƏĉųÙÙ ŕƍñǮáŝƔƔ ïļų ŻĎǣŘŝ ƏļƏ Ġ ļï ÷Ǯ ŻĉÙ ųĠĎįüŻ ǜÙų üÙÍ ƍññǮŝƠƇ ŕƍ÷ƇŇŝñƇ ïļų ÷ñŘŝ WįÙ ÙĠƏÙǣ ŻĉÙ ųĠĎįü ƍƔǮǮ ŕį¸Řŝ qĉųÙÙ ĠƥÙï ¸ÙÍ JÙĎ¸ÙŻƏÙų ŻĉÙ ųĠĎįüŻ ǜÙų üÙÍ ƍƔƃñ ŕį¸Řŝ q- 0RkqWR è WųĝįÙǤ įÍ kĉÙƏĠ įÍ ¸ļįŻĎüįÙÍ Ġ Ī¬Ż ŕƠÄáĴáŘ ŻļĠÍ Əļ ƍƃĴ ïļų qÙǣ ïųļĪ (ĠÙįĎŻĠ Ä (ƥĠ¬ÙųǝĎ¸ĝŝ 0ŻĠ įÍ ŻĉÙÙœ ŕƠƔƔŘ ŻļĠÍ Əļ ƍƃƇ ïļų qÙǣ ÙǝÙŻ ïųļĪ (ĠÙįĎŻĠ ŝ 0ŻĠ įÍ J Ī¬ŻÃ Ġĝ è kļƥƏĉ ļĠĠ ðųƏĉÄ WĠĠ ¬ÙųųǤÄ ƍƃñŝñǮƂ kƥï è kļƥƏĉ ļĠĠ ðųƏĉÄ HĎųĝĉļƥĠĠÄ ƥĠĠĎǜļÙÄ ƍƇáƂ ĉǜ è vǤÙ -ļƥŻÙÄ RļųƏĉ fļÙÄ ƍƇƃƂ qÙǣ è (ĠÙįĎŻĠ ƍƇƇƂ kƥï è kļƥƏĉ JÙ ĎÍĠĎį ƍƇƇƂ ĉǜ è 'Ďųǜ Ä k¸ļƥŻ¬ƥųüĉÄ ƍƇƇƂ ļįƏ è ÙŻƏ 0ųÙĠ įÍÄ ĎüƏļįÄ ƍƇñŝñǮƂ ļǝį è kļƥƏĉ ļĠĠ ðųƏĉ ƍƇñŝñǮƂ ļǝį è ĎųÍĎïǤÙĠĠÄ kƥĠĠļĪÄ kļƥƏĉ k¸ļųÍÄ Qƥ¸ĝĠÙÄ ¬ƥųįÄ Qƥ¸ĝĠÙÄ ƍƇñƂ ļįƏ è fĎįüÙŻƏ Ä eƥÙįÍ ĠÙÄ ƍƇƔŝñǮƂ qÙǣ è (ĠÙįĪļļųÄ J ǣļÄ ƍƇƔƂ kĉ¸ è fļį Ä WĠĠ ¬ÙųųǤÄ ƍ÷ĴŝñǮŝ 0ŻĠ įÍ ÙǝÙŻÃ ǝ è vǤÙ -ļƥŻÙ ƍƇƃƂ ĉǜ è 'Ďųǜ ƍƇǮƂ qÙǣ è kļƥƏĉ JÙ ƍƇǮŝ 0ŻĠ įÍ ų ĪŻÃ JĠÙǤ è ÙŻƏ 0ųÙĠ įÍ ƍƇǮŝñǮƂ qÙǣ è Q ĎĠĠ įÍÄ k įÍ ƍƇǮƂ kƥï è k įÍĠļÍüÙÄ k įÍǝĎ¸ĝ ƍƇǮŝ

(

j. d

ª ƍƍĺČűŹ ǝÙÙĝÙįÍĎįüĴƋĴƋŇƃ

ƣ¶ƍČĺĭŹ Ĩ űƍŹ ǝÙÙĝÙįÍĎįüŇƔƋĴƋŇƃ

ÖÖì ŐŰċµÖŸ ŐƈĚù

iµĹƌĝ ĬÊ

6WHHUV GZW

Ć ĬùÖ

Ĭùĝ ĬÊÁ ĝÖŸ Ć ĬùÖ

+HLIHUV GZW

<RXQJ EXOOV GZW

6WHHUV

+HLIHUV

<RXQJ EXOOV

iĆÖÖŐ ŐŰċµÖŸ QĹŰƌĆ ŐƈĚù iµĹƌĝ ĬÊ

Ć ĬùÖ

iµĹƌĝ ĬÊ

Ć ĬùÖ

/DPEV

(ZHV OZW KHDG

/DPEV

(ZHV

6KHHS QXPEHUV

1XPEHUV

ƣ¶ƍČĺĭŹ ǝÙÙĝÙįÍĎįüŇƔƋĴƋŇƃ

) ª ƍƍĺČű őűČ¶×Ź ǝÙÙĝÙįÍĎįüĴƋĴƋŇƃ

ÖÖì ŐŰċµÖŸ ŐƈĚù

QĹŰƌĆ iµĹƌĝ ĬÊ

Ć ĬùÖ

iµĹƌĝ ĬÊ

Ć ĬùÖ

6WHHUV OZW

+HLIHUV OZW

<RXQJ EXOOV OZW

&XOO FRZV

ńƝĊńƄĚù

Ć ĬùÖ

ńƄŚîĊƝńŚîĚù

Ć ĬùÖ

5 / S NJ

d1)j ) ª ƍƍĺČűŹ ǝÙÙĝÙįÍĎįüĴƋĴƋŇƃ

1XPEHUV 6WHHUV

+HLIHUV

<RXQJ EXOOV

&XOO FRZV

$OO SLJV 633

cŰÖǙċĹƢŸ ǚÖÖĚ

cŰÖǙċĹƢŸ ǡÖ Ű

) Ë× Ëǜ×Čúćƍ őČúŹ ǝÙÙĝÙįÍĎįüĴƋĴƋŇƃ

× Ëǜ×Čúćƍ ¶ ƍƍĞ× ǝÙÙĝÙįÍĎįüĴƋĴƋŇƃ eôJ ŐƈĚù

iƌÖÖŰŸ

-ÖċìÖŰŸ

ĹƢĬù ƢĝĝŸ

6FRWODQG

(QJODQG :DOHV

,UHODQG

PÖƌĆĹÊ ń ĬÊ Ɲ

Ć ĬùÖ

S NJ GZW

XS WR N

NJ DQG RYHU

0į ŻŻļ¸Ď ƏĎļį ǝĎƏĉ

× Ëǜ×Čúćƍ ¶ƣĞĞ ¶ĺǜŹ ǝÙÙĝÙįÍĎįüŇǮƋĴƋŇƃ ǫƑ ŐƈĚù Êǚƌ

,UHODQG

uI K1 f df1 j f ő×Ź××Ë ƍ œÙų ƏļįįÙ č œųĎ¸ÙŻ Ż Ə 'ųĎÍ ǤÄ kÙœƏÙĪ¬Ùų ŇñÄ ƠǮŇƃ

df1Q jpW I dųĎ¸ÙŻ įÍ ƏĉųļƥüĉœƥƏŻ Ə ƥ¸ƏĎļįŻ ļį 'ųĎÍ Ǥ i VoJ Q

'ŰċÊ ǡ

Ć ĬùÖ

ƑƑĢÛ

ǟÛŵ þÛ ıƍ

TÛǠ mÛ Žľı L Ĭ®Ž ǟÛŵ þÛ ıƍ

(ĠÙ ÍÙĠĠ Ī į üĎįü ÍĎųÙ¸Əļų ǜĎÍ kĉÙœœ ųÍ ¸ļĪĪÙįƏŻ ļį ƏĉÙ ǝĉÙ Ə Ī ųĝÙƏÃ qĉÙ Ġ ƏÙŻƏ vk Ùœ ųƏĪÙįƏ ļï üųĎ¸ƥĠƏƥųÙ ųÙœļųƏ ¸ ĪÙ ƥœ ǝĎƏĉ ïÙǝ ŻƥųœųĎŻÙŻ ïļų ǝĉÙ Əŝ -ĎüĉÙų fƥŻŻĎ į ŻƥœœĠĎÙŻ įÍ ĠļǝÙų ƥŻƏų ĠĎ į ¸ųļœ ÙŻƏĎĪ ƏÙŻ ǝÙųÙ ƏĉÙ Ī Ďį ïÙ ƏƥųÙŻÄ Ż üĠļ¬ Ġ ÙįÍčŻÙ Żļį ŻƏļ¸ĝŻ ǝÙųÙ ÙŻƏĎĪ ƏÙÍ Ə ƠƇƔĪĎĠĠĎļį ƏļįįÙŻŝ ŻƏĎĪ ƏÙŻ ļï 'ųÙį¸ĉ ǝĉÙ Ə œųļÍƥ¸ƏĎļį ǝÙųÙ ų ĎŻÙÍ Əļ ěƥŻƏ ƥįÍÙų ƔáĪĎĠĠĎļį ƏļįįÙŻ è ŇǮĪĎĠĠĎļį ĪļųÙ Əĉ į Ďį ƠǮŇƇŝ qĉÙ 'ųÙį¸ĉ įÙÙÍ Əļ ÙǣœļųƏ ĪļųÙ Əĉ į ŇǮĪĎĠĠĎļį ƏļįįÙŻ ļƥƏŻĎÍÙ ƏĉÙ v ƏĉĎŻ ŻÙ ŻļįÄ Íļƥ¬ĠÙ ƏĉÙ ĪļƥįƏ ŻĉĎœœÙÍ Ġ ŻƏ ŻÙ Żļįŝ qĉĎŻ ųÙœųÙŻÙįƏŻ ¸ĉ ĠĠÙįüÙ Ďį ƏĉÙ ï ¸Ù ļï ĉƥüÙÄ ¸ļĪœÙƏĎƏĎǜÙĠǤ œųĎ¸ÙÍ fƥŻŻĎ į ¸ųļœ įÍ ƏĉÙ ĠĎĪĎƏÙÍ įƥĪ¬Ùų ļï ÍÙŻƏĎį ƏĎļįŻ ǝĉÙųÙ 'ųÙį¸ĉ ǝĉÙ Ə ĎŻ œųÙïÙųųÙÍŝ JÙŻŻ Əĉ į ñŜ ļï ƏĉÙ vH ¸ųļœ ųÙĪ ĎįŻ Ďį ƏĉÙ ðÙĠÍÄ ¬ƥƏ ƏĉÙ ǝÙ ƏĉÙų ĉ Ż ¬ÙÙį ï ų ïųļĪ ĝĎįÍ įÍ ǝÙ įÙÙÍ ǝÙÙĝ ļï ÍųǤ ǝÙ ƏĉÙų Əļ üÙƏ ƏĉÙ ųÙŻƏ ļï ĉ ųǜÙŻƏ ÍļįÙŝ vH ¸ųļœ ÙŻƏĎĪ ƏÙŻ ų įüÙ ¬ÙƏǝÙÙį Ň÷ŝñ įÍ ŇñĪĎĠĠĎļį ƏļįįÙŻÄ ǝĉĎ¸ĉ ĠÙ ǜÙŻ ŻĪ ĠĠ ÙǣœļųƏ ¬ĠÙ ŻƥųœĠƥŻÄ įÍ ųÙĠ ƏĎǜÙĠǤ ƏĎüĉƏ vH Ī ųĝÙƏŝ qĉÙųÙ ÍļÙŻ œœÙ ų Əļ ¬Ù Ùįļƥüĉ üļļÍ ĪĎĠĠĎįü ǝĉÙ Ə ļï Żƥïð¸ĎÙįƏ Ũƥ ĠĎƏǤ Əļ ĪÙÙƏ ÍÙĪ įÍÄ ĠƏĉļƥüĉ Ďį ŻļĪÙ ųÙ Ż ĪĎĠĠŻ ǝĎĠĠ ĉ ǜÙ Əļ Í œƏ ĎįƏ ĝÙ ¸ųĎƏÙųĎ Əļ ¸¸ļĪĪļÍ ƏÙ ǜ ĎĠ ¬ĠÙ ŻƥœœĠĎÙŻŝ 0į ŻƥĪĪ ųǤÄ ƏĉÙ vH Ī ųĝÙƏ ĎŻ ų įüÙ ¬ļƥįÍ įÍ ƏĉÙ Ī ěļų ĎįõƥÙį¸ÙŻ ųÙ ¸ƥųųÙį¸ǤÄ ǝĉÙųÙ ŻƏÙųĠĎįü ĉ Ż ðųĪÙÍ ïļĠĠļǝĎįü ƏĉÙ Ġ ƏÙŻƏ ĪÙÙƏĎįü ļï ƏĉÙ įĝ ļï įüĠ įÍŰŻ ĪļįÙƏ ųǤ œļĠĎ¸Ǥ ¸ļĪĪĎƏƏÙÙ įÍ Ī ųĝÙƏ œÙų¸ÙœƏĎļį Əĉ Ə vH ĎįƏÙųÙŻƏ ų ƏÙŻ Ī Ǥ ųĎŻÙ ŻļļįÄ įÍ ƏĉÙ Ġ ųüÙ ŻƥųœĠƥŻ ¸ųļŻŻ ƏĉÙ ĉ įįÙĠ Əĉ Ə įÙÙÍŻ Əļ ðįÍ Ī ųĝÙƏŝ

µĆ ĬùÖ

Öµ ńƀ

µĆ ĬùÖ

'Ö© ńÞ

µĆ ĬùÖ

ƖƢùşǱǱ

ďãşóǱ

ƖƢóşǱǱ

ıº

ƖƢƉşóǱ

ďĶşǱǱ

mºľƑƑĐŽċ fľŵƑŽ

ıƍ

uI ×Ǣőĺűƍ úű ČĭŹ ĠĠ œųĎ¸ÙŻ Ż ƏÃ qƥÙŻÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƔÄ ƠǮŇƃ

0įïļųĪ ƏĎļį ïųļĪ - QÙ Ə kÙųǜĎ¸ÙŻ

)f 1R Q fI pj

QĹǙ ńƀ xJ

oŰÖĬÊ

PĹĬƌĆŒŸŕ Ĺì ĝĹ ÊċĬù

cŰċµÖ¦

Ć ĬùÖ ĹĬ ŐŰÖǙċĹƢŸ

ŸċŸ

)ÛÛÏ ǠċÛ Ƒ

ıƍ

ş ľ ŽƑ ê ƢÆóǱǱǱƑ

mÛŕƑ

ŉƢĶşóǱ

ďǱşóǱ

ş ľ ŽƑ ê ƢÆóǱǱǱƑ

ĠļŻĎįüœųĎ¸ÙŻļį JļįÍļį'ƥƏƥųÙŻ

cŰċµÖ

Ć ĬùÖ

Tľǟ

ƏŉƖĶşƅó

ďùóŕ

H ı ƢǱŉã ƏŉùŉşƉó

Ƨıºċ

S ŵ

ƏŉùƖşƉǱ

Ƨıºċ

S ǧ

ƏŉùóşóǱ

ďƉóŕ

HƧĢ

ƏŉùƅşƢǱ

Ƨıºċ

Tľǟ

Əŉùó

ďãóŕ

H ı ƢǱŉã ƏŉùƉşƖǱ

Ƨıºċ

S ŵ

ƏŉùãşƖǱ

Ƨıºċ

S ǧ

ƏŉùãşĶǱ

Ƨıºċ

Tľǟ

ƏŉùƅşƉó

Ƨıºċ

0įïļųĪ ƏĎļį ïųļĪ Q 0įǜÙŻƏļų kÙųǜĎ¸ÙŻ 0įƏÙųį ƏĎļį Ġ

0į ŻŻļ¸Ď ƏĎļį ǝĎƏĉ

(Ű ċĬ

(upuf j ĆÖ ƌ

ƍ œÙų ƏļįįÙ

)ÛÛÏ ŵĢÛǧ

dWp pW j qĉÙųÙ ¸ļįƏĎįƥÙŻ Əļ ¬Ù ĪļųÙ ïųÙÙč¬ƥǤ Əų ÍÙ ¸ļĪĎįü ļį Əļ ƏĉÙ Ī ųĝÙƏÄ ƏĉĎŻ ĎŻ Ďį Əƥųį œųÙŻŻƥųĎįü ¬ļƏĉ ƏĉÙ ïųÙÙč¬ƥǤ įÍ ƏĉÙ ļǜÙų ĠĠ ǜÙų üÙ œųĎ¸ÙŻŝ f Ďį ¸ųļŻŻ Īƥ¸ĉ ļï ųĎƏ Ďį ĉ Ż ÍÙĠ ǤÙÍ ĉ ųǜÙŻƏ įÍ ¬ƥųįĎįü ļïï ļï ¸ųļœŻ ¸ļįƏĎįƥÙŻŝ qĉÙ Ī ěļųĎƏǤ ļï œƥų¸ĉ ŻÙŻ Ďį ƏĉÙ įüĠĎŻĉ œ ¸ĝĎįü Ī ųĝÙƏ ĉ ǜÙ Ə ĝÙį œĠ ¸Ù ƥįÍÙų ¸ļįƏų ¸Ə ƏĉĎŻ ǝÙÙĝ ǝĎƏĉ ĪĎįĎĪ Ġ ïųÙÙč¬ƥǤ ÍÙĪ įÍ ¬ÙĎįü ųÙœļųƏÙÍŝ 0į ƏĉÙ k¸ļƏƏĎŻĉ œ ¸ĝĎįü Ī ųĝÙƏ

0į ŻŻļ¸Ď ƏĎļį ǝĎƏĉ

ĪļŻƏ Əų ÍÙ ¸ļįƏĎįƥÙŻ Əļ Ə ĝÙ œĠ ¸Ù ƥįÍÙų ¸ļįƏų ¸Əŝ 'ųÙÙč¬ƥǤ ŻƥœœĠǤ ųÙĪ ĎįŻ ĠĎĪĎƏÙÍŝ įǤ ŻƥųœĠƥŻ ïųļĪ ¸ļįƏų ¸ƏÙÍ ¸ųļœŻ Əĉ Ə ǤĎÙĠÍÙÍ ĉĎüĉÙų Əĉ į ÙǣœÙ¸ƏÙÍ ǝÙųÙ ¬ÙĎįü ĪļǜÙÍ Ż ŨƥĎ¸ĝĠǤ Ż œļŻŻĎ¬ĠÙ Əļ œųÙǜÙįƏ ƏĉÙ įÙÙÍ Əļ ŻƏļųÙŝ

Đŵǧ òŵĬ ľŕÛıŽ ıÛǠ ĢľþĐŽƑĐºŽ ñ ºĐĢĐƑǧ Đı ıľŵƑċďÛ ŽƑ

űĺő ××ěĞǣ ÖÖĚ ƌĹ iÖŐƌ ÞÁ Ɲǫńƀ

Ć ĬùÖ

* ÛÛğĢǧ ǟÛŵ þÛ

ƏŉùƖşƢƖ

ďƏĶşǱó

)ŵÛÛď®Ƨǧ ǟÛŵ þÛ

ƏŉǱŉşóó

ďƏƖşƉŉ

oŰÖĬÊ

ńƄ $uúÝ

q- df kk R FWvfR J k ƏƥųÍ ǤÄ kÙœƏÙĪ¬Ùų ŇƇÄ ƠǮŇƃ

EØ¨

EØ¨ EØü Ľ ǥĽƦ Ċ ǝÚ İ ÚǝÚİƐ ǥĽƦ ǞĽƦġÎ ġďĞÚ Ʀż ƐĽ ¹ĽǝÚŴŪ $ ) ) $ $/ $ %% ,$ )$ ) $ ! &

" $/ # #, " 0!++ * ** +'* **&

",$ % ) " ) % 0!++ * ***+ $ - % ) ...#" ) % "% ) #

EÝ«xÝâ xî ¥¶Ān¶Ā° ¶° ¥¶¶nâ E°n xÝ¶â ¶°

įÍųÙǝ Q¸ ļųįĎ¸ĝÄ Jļųį d ƏÙųŻļį įÍ įÍųÙǝ ƥÙų

)DUPHUV IURP DFURVV WKH QRUWK HDVW JDWKHUHG DW WKH /RFKWHU $FWLYLW\ &HQ WUH QHDU 2OGPHOGUXP IRU D VSHFLDO PHHWLQJ DERXW PDQDJLQJ pRRGV DQG HURVLRQ 2UJDQLVHG E\ IDUP HUV XQLRQ 1)8 6FRWODQG DQG HQYLURQPHQW DJHQF\ 6HSD LW ZDV RUJDQLVHG WR KHOS IDUPHUV XQGHUVWDQG ZKDW WKH\ FDQ DQG FDQ QRW GR WR PDQDJH WKHLU GUDLQV GLWFKHV EXUQV DQG ULYHUV 1)8 6FRWODQG UHJLRQDO PDQDJHU IRU WKH QRUWK HDVW /RUQD 3DWHUVRQ VDLG k.QRZOHGJHDEOH DQG DSSURDFKDEOH 6HSD VWDII ZHUH RQ KDQG WR H[SODLQ WKH FXUUHQW UXOHV

LQFOXGLQJ GHVFULELQJ WKH DFWLYLWLHV ZKLFK IDUPHUV GRQ W QHHG D SHUPLW IRU k6HSD DOVR H[SODLQHG IRUWKFRPLQJ FKDQJHV WKDW ZLOO VLJQLoFDQWO\ UHGXFH WKH FRVW DQG SDSHUZRUN LQYROYHG LQ SURWHFWLQJ YDOXDEOH IDUPODQG IURP HURVLRQ E\ ULYHUV DQG EXUQV y 6KH VDLG IDUPHUV LQ DW WHQGDQFH DW WKH PHHWLQJ ZHUH DOVR DGYLVHG DERXW VLPSOH UHJLVWUDWLRQV DV ZHOO DV WKH PRUH FRPSOH[ FROODERUDWLYH OLFHQFHV ZKLFK DUH DYDLODEOH LQ RUGHU WR WDFNOH WKH HIIHFWV RI pRRGLQJ DQG LQ VRPH FDVHV PLWLJDWH DQG KHOS SUHYHQW IXUWKHU ULYHUEDQN HURVLRQ

k įÍǤ ƥ¸ĉ įÄ ÙųƏ Q¸0įƏļŻĉ įÍ JÙÙ ĠĝÙų

dÙƏÙų dļĠĠ ųÍÄ FƥĠĎÙ -ļĠĪÙŻ įÍ F ĪĎÙ kĪĎƏĉ

k įÍǤ -ÙįÍÙųŻļįÄ f ǤĪļįÍ kĉ ųœ įÍ k įÍǤ qƥĠĠļ¸ĉ

fļ¬ÙųƏ įÍ FļǤ¸Ù -ƥĠĠ įÍ k įÍǤ kƏų ƏƏļį

k įÍǤ kĉ įÍÄ Q įÍǤ 'ų ŻÙų įÍ (ÙļųüÙ ļųÍĎÙ