Db issue 598fl

,668( -8/<

,16,'( 7+( $8'5(<6 Â&#x2021; 620(7+,1* )25 .$7( Â&#x2021; 92<$*(5

7<-- :;<-3XII KDV EHHQ JUHDWO\ SOHDVHG WKDW VR PDQ\ ORFDO &' ODXQFKHV LQ UHFHQWO\ WLPHV KDYH EHHQ VR KXJHO\ VXFFHVVIXO $QG &RXUWQH\ 5REE·V UHFHQW ODXQFK IRU ¶,Q 7KH 'DUN· DW WKH *UDFH (PLO\ DOVR WLHG LQ UDWKHU QLFHO\ ZLWK WKH IDFW WKDW RQ WKH YHU\ VDPH GD\ -XO\ LW WRSSHG 7KUHH ' 5DGLR·V 7RS FKDUW :HOO GRQH 6\GQH\ EDQG 7KH 3UHDWXUHV KDYH EHHQ UHFHLYLQJ FULWLFDO DFFODLP LQ $XVWUDOLD DQG DEURDG VLQFH 7KH\ KDYH QRZ MXVW DQQRXQFHG D KXJH WRXU ZKLFK ZLOO EULQJ WKHP WR )RZOHU·V /LYH RQ )UL $XJ ZLWK %DG 'UHHPV DQG *XQQV IRU DQ DOO DJHV VKRZ %DG 'UHHPV DUH DOVR VHHNLQJ WKH KHOS RI DQ\RQH ZKR KDV WDNHQ DQ\ YLGHR IRRWDJH RI WKHP IRU XVH LQ DQ XSFRPLQJ SURMHFW ,I \RX KDYH VRPH PDNH FRQWDFW ZLWK WKHP YLD )DFHERRN

+LQGPDUVK RQ 7KX $XJ DORQJVLGH 6WRQHILHOG DQG :D\ 2I 7KH (DJOH '-V

3,&&, '$1 68/7$1

7KH 7ULQLW\ 6HVVLRQV ORFDWHG DW &ODUHQFH 3N·V &KXUFK 2I 7KH 7ULQLW\ ZLOO EH KDYLQJ DQRWKHU :LQWHU 6HVVLRQ IURP SP RQ 6XQ -XO\ XQGHU WKH EDQQHU :LQWHU %OXHV DV LW ZLOO IHDWXUH =N\H %OXH DQG 6ZHHW %DE\ -DPHV 5RE (\HUV DV ZHOO DV 7KH +XVKHV DORQJ ZLWK ORYHO\ IRRG E\ /LWWOH 6HHGV &DWHULQJ %RRN YLD GUDPDWL[ FRP DX &RQWHPSRUDU\ GDQFH FRPSDQ\ &KXQN\ 0RYH DUH EULQJLQJ WKHLU QHZ ZRUN ¶.HHS (YHU\WKLQJ· WR WKH PDLQ WKHDWUH RI $GHODLGH &ROOHJH 2I 7KH $UWV LQ /LJKW 6T IRU ILYH SHUIRUPDQFHV RQO\ IURP :HG -XO\ XQWLO 6DW -XO\ 7KH ZRUN LV D IXVLRQ RI GDQFH DQG SHUIRUPDQFH IURP RQH RI $XVWUDOLD·V PRVW LQQRYDWLYH FKRUHRJUDSKHUV $QWRQ\ +DPLOWRQ ZKR KDV FRPELQHG IRUFHV ZLWK $5,$ DZDUG ZLQQLQJ PXVLFLDQV .LP 0R\HV DQG -XOLDQ +DPLOWRQ RI 3UHVHWV ([SHFW JUHDW FKRUHRJUDSK\ HOHFWURQLFD VSRNHQ WH[W DQG LPSURYLVHG PRYHPHQW WR WUDFH KXPDQ HYROXWLRQ IURP SULPDWHV WR URERWV DQG EDFN DJDLQ

7KH 'XQHV KDYH DQQRXQFHG D IUHH HQWU\ )ULGD\ HYHQLQJ $XJXVW UHVLGHQF\ DW WKH *UDFH (PLO\ IURP SP $QG WKHUH DUH QR OHVV WKDQ ILYH )ULGD\V LQ WKH DXJXVW PRQWK RI $XJXVW ZKLFK ZRQ·W HYHU KDSSHQ DJDLQ XQWLO 7KH 'XQHV· UHVLGHQF\ NLFNV RII RQ )UL $XJ ZLWK VSHFLDO JXHVWV )O\\LQJ &RORXUV IURP 0HOERXUQH )UL $XJ ZLWK VSHFLDO JXHVWV %XULHG )HDWKHU DOVR IURP 0HOERXUQH )UL $XJ ZLWK VSHFLDO JXHVWV *ODVV 6NLHV )UL $XJ ZLWK VSHFLDO JXHVWV 6W 0RUULV 6LQQHUV DQG RQ )UL $XJ ZLWK VSHFLDO JXHVWV %DWWOHKRXQGV $QG\ 5REHUWV LV DOVR XVLQJ WKH VDPH YHQXH WR ODXQFK D QHZ DOEXP ¶)LQVEXU\ *UHHQ· RQ 6DW -XO\ ZLWK KHOS IURP 6XUYLYLQJ 6KDUNV DQG 7KH %OHVVHG %RQHV DW D IUHH HQWU\ JLJ 'DQ 6XOWDQ UHFHQWO\ DQQRXQFHG DV 7KH *2 ZKLOH DZD\ EXW ZH LJPD RQ )UL -DQ ,W·V D )RXQGDWLRQ·V ILUVW HYHU DPEDVVDGRU LV FXUUHQWO\ WR (Q LYH \·DOO D KHDGV XS XJKW LW ZRXOG EH EHVW WR J WKRWRXULQJ WR SURPRWH WKH UHOHDVH RI ODWHVW DOEXP ¶%ODFNELUG· DQG ZLOO EH SOD\LQJ WKH *RYHUQRU

3,&&, ² &+81.< 029(

,W VHHPV WKDW 6X]L 4XDWUR LV KDQJLQJ XS KHU OHDWKHUV EXW QRW EHIRUH VKH WRXUV $XVWUDOLD RQH YHU\ ODVW WLPH 6KH ZLOO SOD\ 7KHEDUWRQ 7KHDWUH RQ 7XHV )HE DQG WLFNHWV DUH QRZ RQ VDOH YLD 9HQXH7L[ RQ 'HDG .HQQHG\V FHUWDLQO\ ZRQ·W KDYH DQ\ MHOOR ZLWK WKHP ZKHQ WKH\ SOD\ )RZOHU·V /LYH RQ 7XHV 6HSWHPEHU EXW WKH\ ZLOO KDYH VRPH EHQQLHV DV 0HOERXUQH EDQG 7KH %HQQLHV ZKR ZLOO DOVR EH SOD\LQJ &URZQ $QFKRU ZLWK 1HZ <RUNHUV 0RUQLQJ *ORU\ RQ 6XQ 6HSWHPEHU KDYH MXVW EHHQ DQQRXQFHG DV WKH QDWLRQDO VXSSRUW $QG URFNLQ· 0HOERXUQH EDQG 7KH 0HUF\ .LOOV KDYH MXVW EHHQ DQQRXQFHG DV VSHFLDO JXHVWV IRU &RXUWQH\ /RYH·V $XVWUDOLDQ ZKHQ VKH KLWV 7KHEDUWRQ 7KHDWUH RQ )UL $XJ %RRN YLD 9HQXH7L[ IRU WKDW RQH 'HDWK PHWDO PHUFKDQWV &DQQLEDO &RUSVH KDYH DQQRXQFHG DQ $XVWUDOLDQ WRXU ZKLFK ZLOO EULQJ WKHP WR )RZOHU·V /LYH IRU D OLFHQVHG DOO DJHV VKRZ RQ :HG 6HSW ,WDO\·V +RXU 2U 3HQDQFH ZLOO EH DPRQJ WKHLU VSHFLDO JXHVWV DQG WLFNHWV DUH QRZ RQ VDOH IURP 0RVKWL[ $Q $XVWUDOLDQ WRXU E\ 86 SXQN PHWDO SLRQHHUV &RUURVLRQ 2I &RQIRUPLW\ HDUOLHU WKLV \HDU KDG WR EH FDQFHOOHG EXW 3XII LV PRUH WKDQ SOHDVHG WR UHSRUW LW·V QRZ EDFN RQ DQG WKDW \RX FDQ FDWFK WKH OHJHQGV DW (QLJPD %DU RQ 6XQ -XO\ 7KHUH·V DOZD\V SOHQW\ EUHZLQ· DW 7KHEDUWRQ·V :KHDWVKHDI +RWHO ² WKH\ ODXQFK WKHLU RZQ PLFUR EUHZHU\ :KHDW\ %UHZLQJ &RUSV RQ :HG -XO\ ² DQG KDYH D SOHWKRUD RI WUHDWV FRPLQJ XS LQFOXGLQJ WKH UHJXODU $GULDQ·V 6HFRQGKDQG %RRN 6DOH IURP KLJK QRRQ RQ 6DW -XO\ DQG WKH DQQXDO 0LG :LQWHU %DOO RQ 6DW -XO\ ZLWK 7KH %DNHU 6XLWH DQG /XFLIHU·V /RXQJH -HQ &ORKHU ZLOO DOVR EH SOD\LQJ 7KH :KHDWVKHDI IURP SP RQ 6XQ -XO\ ZLWK 0D[ 6DYDJH DV SDUW RI KHU 6WRQH $JH %UDLQ QDWLRQDO WRXU 5HJXODU QHZ )ULGD\ QLJKW HYHQW 1HYUODQG KDV SURYHQ WR EH D KXJH VXFFHVV DQG FRQWLQXHV RQ )UL -XO\ DW /LJKW +RWHO ZLWK <RXQJ

2IIHQGHUV +HDGSKRQH 3LUDF\ /DFHG ,Q /XVW DQG 7KH 3RUWVLGH *HQWOHPHQ <RXQJ 2IIHQGHUV ZLOO EH XVLQJ 1HYUODQG DV D ELUWKGD\ EDVK VR H[SHFW SOHQW\ RI VKHQDQLJDQV ,W·V IUHH HQWU\ SULRU WR SP ZLWK FKHDS GULQNV DOO QLJKW DQG WKH ILUVW EDQG KLWWLQJ WKH VWDJH DW SP $GHODLGH V , .LOOHG 7KH 3URP 4XHHQ ZLOO EH KHDGOLQLQJ +4 RQ )UL 6HSW DORQJVLGH 86 EDQG 7KH *KRVW ,QVLGH ,Q +HDUWV :DNH 8.

RXWILW %XU\ 7RPRUURZ DQG +HOOLRQV WR SURPRWH ODWHVW DOEXP %HORYHG 7LFNHWV DUH QRZ RQ VDOH YLD 2]WL[

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·V 7KH %OXHERWWOHV EHIRUH ZLQGLQJ LW DOO XS RQ )UL -XO\ ZLWK 5LFRFKHW 3HWH $OO DUH IUHH HQWU\ ZLWK PXVLFDO IHVWLYLWLHV NLFNLQJ RII DW SP 3,&&, 9,//(1(77(6

.,; 6<; 6- ;/, /6<:,

7KH IRXU GD\ $GHODLGH ,QWHUQDWLRQDO *XLWDU DUNODQGV 1RUWK %\URQ 3 FXUUHQ )HVWLYDO NLFNV RII DW $GHODLGH )HVWLYDO &HQWUH

XU J \R LQ J LQ QQ EHU WR EU SHWLWLRQ UX RQ 7KX -XO\ DW ZKLFK WKHUH ZLOO EH JXLWDU 1RY 5HPHP WKH ZHDWKHU LV HD ,I

LG L LV )U WK Q UW R SR RY VH * WR VXS HOOD EHFDX XW ZH EU IDFHV IURP DURXQG WKH ZRUOG ,W DOVR ERDVW D E P D\ X QGRX Z OH QG D D VS OH )5,'$< -8/< DW KL QJ D Z UDLQFR KHDG WR EUL PLF µ UHDOO\ VWURQJ ORFDO FRQWLQJHQW ZLWK WKH OHJHQGDU\ GV XS )UL -DQ ,W·V 7KH $XGUH\V DW *RYHUQRU +LQGPDUVK LQJ WR WXUQ &RV WR (QLJPD RQ EH EHVW WR JLYH \·DOO D KHD JR

GHWDLOV OG &KULV )LQQHQ WDNLQJ SDUW ² KH·OO EH SOD\LQJ WWULEXWHG WR DUV LQ 0 WKRXJKW LW ZRX ./3 6\GQH\ DW 3LULH &R 6RFLDO &OXE TXRWH FDQ EH D UPXODWHG $IWHU PDQ\ \H V JR G QH DORQJVLGH &KDLQ OHJHQG 3KLO 0DQQLQJ ² DQG WLR HQ P IR H KD DY V K LH 7KH DIRUH HU KR V UP Z H RRWOHJ XS DQG FRPLQJ ORFDO SOD\HU &DP %ORNODQG QG &RVPLF 6WR SOD\ RQ ZRUGV WR DQQRXQF Q % OHJ VHHV H WKH ED LG OD GH H $ UH \O 6$785'$< -8/< KH 7 'DU WUDGLQJ FKRSV ZLWK 6LPRQ +RVIRUG DQG H H VW OLQLOG DU : 2VF RQ ORQJVLG WKLVW DQ RQ )UL 1RY KH\·YH JR 1LJKW *LUOV D +RO\ +RO\ 0HOE %ULV DW 3LULH &R 6RFLDO &OXE Z DW 7KH *RY 5ROODQG 5RPDQQ\ UWK %\URQ 3DUNODQGV 7 0DUFHO <DPPRXQL DV SDUW RI &RRSHUV /DWH 1R KR W V VK H[ U ZL U Q RX KR J \ HL UV Z ULQ WK QWH FWUR UR RU SX PEHU WR E )ULHQGV )RU R OH /RJLF DQG HOH DW 1LJKW 6HVVLRQV LQ 6SDFH 7KHDWUH &KHFN RXW G 1 -RV UJHQVHQ> SHWLWLRQ UXQQLQJ FXUUHQWO\ I 6DKDUD %HFN %ULVEDQH DW &KDL 7LPH *RY RQ )UL 1RY 5HPH VH WKH ZH HQ Q DQ SH LWK IDQV RI % WR RS LF HU L RW Z >3 DWK : QJ RVH ·V QL I WK XW H R YH

HE RQ H FDX LQ ·UH SRUWU WKDW DQG .HY WKH HYHQW G DGHODLGHIHVWLYDOFHQWUH FRP DX JXLWDUIHVWLYDO VXS UDLQFRDW DQG XPEUHOOD EH H LQ WR VXSSRUW WKLV LGHD ,I \RX LOO EG O Z DQ H \RX H -RKQ <DFND RXW W HDY LV G JQ XQ RP FR H F UR UH RP LOO LF µ WR XUK Z RVP '-V IRU WKH IXOO SURJUDP DQG WKHQ ERRN DW %$66 RQ UVH VXUH JRLQJ WR WXUQ & 681'$< -8/< KHDG WR EULQJVSOHQGR ,URQKR WR

HG KW DU LJ Q HS JH WKDW

%H SU V RQ VWDDP UNLP 3HH GHWDLOV $ 6OHHSOHVV 0HORG\ &DOO 7KH 6KRWV DQG 'UDZLQJ 1RUWK DW &DYHUQ &OXE HG WR H EXW

WWUL WK H D I

Q E %H VW W R FD WH DU RWH OD TX WK U S LV HG UQH UHJXOD \HDUV LQ 0HOERX UHOHDVHG K 7KH DIRUHPHQWLRQ VW DQ\

P MX WHG WHU DV $I

XOD UP K KH IR H E\ LP DYH

7 RU VW W R K P LD ZK RU FWKH HHQ KL RQDO I$ LQ 0DWW & %ULWLVK ,QG HUWD ILU WKH EDQG &RVPLF 6WRUP U· ZKLFK KDV V V· %HQ QRXQFH RWOHJ VHULHV KDV JRQH QDWL RX DQ K %R RO WR GH & UGV :('1(6'$< -8/< OL R ZR O RO 7 RQ $O & OD\ QG RQ Q H S Q D RQ LWL UH W\O SSDUL(WLR G $ &KLOG IRUG 6 3 ¶7UDQV HHV 5H WKLV 2VFDU :LOGH V H OHJ VLF DLG9LROHQW 6RKR DQG /XFD %UDVL DW *RYHUQRU +LQGPDUVK 62/' 287

ORZV ZLWK 0XPPXQLRQ ,W·V VOLJKWO\ %RQHV DQ RY RQ )UL 1RY 'DUUHQ 7KH $GHO GIHOWK DP DJ LGH EHPR 0 HUV 0QJV PH RPEH KH DOR G F 7 LQ WKH SDVW FR G XS RP DQ WKHLU QH[W VKRZ DW 7KH * U 5ROODQG 5RPDQQ\ & E >3LF %HQ-RUJHQVHQ> O LF U HO EH LUOV YH W * RQ3DLJH 5HQHH &RXUW 'DUF\ )R[ DQG ,PRJHQ &ODUN DW *UDFH (PLO\ H OD )R DU ROG . LQ HLU ZD\ R OZDUWV 7K DVGL QH SV\FKHG1LJKH\ \H 8 LUOV WK

LOOJ W·V

HW H .

H HOERXU D RY E DW / ·OO WK N VWD :RWWRQ DQG 1R )ULHQGV QJ ZLWK 0 LQ WUR URFN FDWV I WKDW WK G HOHF IDQV R H JLF DQ 6 U 3XI IRRUG HQL V I WR WK EXW HQY\ DVLGH ZH·OO LQJ DQG 7KH $P LQIRUPHGQ XV /RWR UZ HQRX :H ILQLVK WKLV F ) KDYH DQ VLFN KH XQEXW 7HQW ZLOO EH LQ VXSSRUW WKDW HY -RKQ <DFND YH RQ )UL 'H ,Q HY LDQ HYL W -L

H WKH LF G . ·V D LG KH XV 7

P GH W 5 D LV WR XG G VV HV UH D RR LVH ) RP J WR DW HWV MXVW WK VRRQ LV7+856'$< -8/< WLFN KHQ KH F IRU -DPHV

,URQKRUVH VXUH WR UHFRJQ DXWRJUDSK Z H·OO SUREDEO\ ZDQW KLV QG RXW WKH HYHQLQJ ZLWK HQ LV 6DW 1RY URX P LOO W K RQ P V Z H DQ W 'FR LY Z LJK G W Q LOO HX DW WKD VW JH )U D RQ )UL 'HF : %ODFN 6RUURZV 0HOERXUQH DW 1RUZRRG /LYH 3HUNV RQ VWD V VHULHV EHFRPH I PH VKHDFK KHDWV VX %H SUHSDUHG WR VHH WKL :DQG DV DJH RI DV D .LQD *UDQQLV 86 DW *RYHUQRU +LQGPDUVK H % FHQ VW H V DWH OLY LV O

G K HOO H DVH Z WK WK HOH V RI DG VW U DUW U D K V MX U S GH KD XOD KR UL UE\ UHJ Z &R V 6WDU DGLD DQG $ FHUWDLQ 0DWW KLFK KDV VHHQ KLP 7KH 7HPSHU 7UDS 6SDUN <RXU GLD U· Z H ,Q ORX % WLVK &R QD %UL 7R RQ DQ V VLWL : HQW UDQ (3 ¶7 WKHVH HY HQ D SDUW RI)5,'$< -8/< XV 0XPIRUG 6RQV· %HQ QG 7KH 0DJLF %RQHV &KLOGUHQ &ROOLGH KDYH EH 7KH $QJHOV DW *RYHUQRU +LQGPDUVK *XGLQVNL·V 0 EHFRPH EHGIHOORZV ZLWK PPXQLRQ ,W·V VOLJKWO\ 0HOERXUQH SV\FKHGHOLF ED EH RQ WKHLU ZD\ RYHU R F RO V &R ·OO HO XO KH\ VI VW ODE DW W SD GLH HV V WK LQ WKH FF G X LQ 8.

VX PH /RYHWW·V KDYH LQIRU V 7KH 6LQNLQJ 7HHWK 0HOERXUQH DQG *UHQDGLHUV DW -DGH 0RQNH\ P WKDW D \HDU ROG 7KH 6XQ DQG 7KH $PFDW IURP WKH DOEX VLFNHQLQJ IRU 3XII WR WKLQN HQY\ DVLGH 0DJLF%RQHV@ VRRQ WR DVVLVW 5LGH ,QWR KH ·OO 7 ZH LF >3 7KH %OXHERWWOHV 0HOERXUQH DQG 7KH 9LOOHQHWWHV DW *UDFH (PLO\ R 3XII ZLWK DQ RELWXDU\ RI 0 EXW LRQ Q KH GLW FLD LV H 7 XVL WK RY HG 1 LVK D P LQ ILQ RG W MR :H LV WKDW JR DW -LYH RQ 6D 7KH WR HV FRP V· KH HQ GR ZK ED SK KLWV ¶%DU IRU -DPHV )UHXG VWLOO ZDQW KLV DXWRJUD

HU DW WKH XVLF FDUH 6$785'$< -8/< F :H·OO SUREDEO\ ZDQW KLV IURP WKHLU KXJ )UHXG FRPPHQFHG KLV P :KHDWVKHDI RQ )UL 'H H 7HHQDJH 5DGLR WK 7KH $QJHOV DW *RYHUQRU +LQGPDUVK RI EHU HP D P 2I 6LJKW· DOEX DV

ULGHU DV ZHOO DJH RI LWK ¶, W Z KL OLDQ VWUD $X 7KH %HQQLHV 0HOERXUQH DW 3LULH &R 6RFLDO &OXE UVW U IL +LV WZR ERR 6WDUV ZKR KDG WKHL ZLWK 0LFKDHO QHG VLJ +H H EHVWVHOOH · 9R\DJHU 3HUWK &DOLJXOD V +RUVH %ULVEDQH '\VVLGLD DQG 9RURV DW (QLJPD %DU HU DE\ Z U % RX :DQQD %H <

G D

KD QG KH HO D 7 ODE UH GV D QHURRP 5HFRU +XVN\ 6\GQH\ DW -LYH VXFFXPEHG WR ERXUXVK VNLHO·V 0 GLQ 0 IURP HLU WKH KLW ¶0RGHUQ *LUO· RYHU*X WKWK J J LQ LQ DG FK HV@ RQ KH XQ F% R OD DJL OV 7KX 1RY H ZL $ E OR FDUHHU 1RY LOOO VR >3LF 7KH0 Z VIX FHV ZKR VXF H @ SO V E\ PH W HR RU -D 3 6D

W& Q QG

DW R LQ P ¶%UHDNLQJ 6LOHQFH·681'$< -8/< )UHXG LV VX :HHNH >3LF 0 5RR QR DOE XP KH 5 P KLWKH W 7IUR DVNV

UDVV DUH DVK * EDQG VP HLU KH KHHOV WK 7 ULVRQ DQG RWH Q DU ZU , GHEXW DOEXP D SP WKDW QLJH 0 KW 7RG + DQG XU HOO DV LQ\ -HQ &ORKHU 0HOERXUQH DW 7KH :KHDWVKHDI 6SOHQGR WKH Z RI

WR 7K V DV DW H QHG HU Q P MRL LV RO SH KR · DQ FK R N JKW UJ UV 6L DQ DF R 2I XW 'RR 7KH H PHOV· ¶DQG ¶2XW 2I 0 LQG 2 IHVWLYDO E U VRP *DUHWK (PHU\ 86 DW +4 SDUH IRV ¶% DUEYHDGR J WR EULQJ WKH LQXW PSW 2 SXQWHUV WR SUH KLW QLQJ DWWHLQG 0 H 2I DW XW

¶2 WK IXO KH HV HVV 7 XQ XFF LW O\ V U W K XJH P WKHLU KQG LW·V VHW WR VRPH KDSSLH IUR UP D EUHZLQ· D ´7KHUH·V D VWR 2I 6LJKW· DOEXP RKROLVP

HOERXUQH DUH 7KH $OVR KHDGLQJ RYHU IURP 0 EH ODXQFKLQJ WKHLU LOO :HHNHQG 3HRSOH ZKR Z RRP RQ 6DW 1RY R 5 GHEXW DOEXP DW 7KH 5KLQ W 7KH EDQG DVNV LJK DW Q WK SP DW HQ RS 'RRUV V PH PHODQFKRO\ DV ZHOO D SXQWHUV WR SUHSDUH IRU VR

LQJ YHQ VRPH KDSSLHU WXQHV WKDW H DQG LW·V VHW WR KLW 7KH ´7KHUH·V D VWRUP D EUHZLQ·

>3LF 0DWW&RUE\@ XU ,Q 7KH *UDVV DUH 7KH RUJDQLVHUV RI 6SOHQGR O EDFN KRPH WR WKH WLYD DWWHPSWLQJ WR EULQJ WKH IHV

\ ] Q H U )

H ] 3UL HU\ IURP DOF +LV WZR ERRNV RQ KLV UHFRY QIRUWXQDWHO\ H X U K HYH RZ ZHUH EHVWVHOOHUV K DQG WRRN KLV RZQ OLIH RQ VXFFXPEHG WR KLV GLVHDVH 7KX 1RY IH 6DOO\ DQG VRQV )UHXG LV VXUYLYHG E\ KLV ZL HVW ,Q 3HDFH +DUULVRQ DQG -DFNVRQ 5

,W¶V D IDLU ZD\ GRZQ WKH WUDFN EXW 6FRWV D FRS\ RI WKD DVV DV ZHOO DV EDQG S OH XE GR I EDQG %LII\ &O\UR DUH SOD\LQJ DW +4 RQ R OH H SL DUH RI WK H \HDU DQG WKH D IHZ VFDEV WR JLYH DZD\ F H LO WKH HQG RI WKSHFWV WKH\·OO E7XHV 6HSW :LQ D GRXEOH SDVV WKDQNV WR QW X IW OH V LH Q] HG Z VXV XV DQG ;/// 7RXULQJ W LW ZRXOG EH -XVW IRXU )UH 6WRUP DUH DUP XJH )UHQ]RU EHU EX

\ ] Q H U 3UL]H )

KH SLOH RI O WKH HQG RI WKH \HDU DQG W -XVW IRXU )UHQ]LHV OHIW XQWL HQ]RU VXVSHFWV WKH\·OO EH D IHZ VFDEV )U XQFODLPHG SUL]HV LV KXJH VWXIIHUV FRPH 'HFHPEHU EXW LW ZRXOG EH QJ FNL VWR DS FKH DFWXDOO\ SD\ ORRNLQJ IRU V EHKLQG EHFDXVH ZH GRQ·W LQJ WK HZ D I HIW X O \R H LI QLF P RFFDVLRQDOO\ )UHQ]RU ZH MXVW IHHG KL ` Ê >}>â iÊ Ê Õ ÞÊÓä£{ H WLPH RQ )UL SP 7ULSOH - QHZV WKHP $V XVXDO GLDO DW GLWLRQ LV H 1RY +HUH·V WKH OLVW IRU WK

/.,).% &2%.:9©

]HV LV K 'HFHP 7KH &RVPLF G DQ ROG VFKRRO URF XQFODLPHG SUL S VWRFNLQJ VWXIIHUV FRPH H ZH GRQ·W DFWXDOO\ SD\ PV DQ LVH HD XV D\Q SKHP VKRZ :LWK 7KH $XGUH\V¶ $GHODLGH VKRZ IDVW ORRNLQJ IRU FK D IHZ WKLQJV EHKLQG EHFD $PHULFDQ FRPHGLDHXQ : \RX JR WR WKDW FR H RU HI R %

IW J W RY OO\ OH QLQ 1 QD WXU RX YH LR V UH

\ DSSURDFKLQJ RQ )UL -XO\ DW WKH *RY ZH HQMR\ RFFDV QLFH LI " :H KD %UDG\ DOZULD\V WHVW H MXVW IHHG KLP G DIWHRI U ODRU VR DOEXP &R Q )D \HHLDU WKRXJKW D FRXSOH RI OXFN\ UHDGHUV PLJKW U D WK RDOL H VWU P DQ )UHQ]RU Z WL H QG HP $X D WK ND V DF Z RKQ HOD<LGH OLNH WR KHDU WKHLU ODWHVW DOEXP µ7LO 0\ 7HDUV LQ -$G SP 7ULSOH - QH RI DEVHQFH LV EDFN RI DW RQ HDOO\ ORYHO\ FKDW Z DUW 5ROO $ZD\¶ LV ZKDW LW LV DQG WKDQNV WR 530 KHE H 7 WK $V XVXDO GLDO H OLVW IRU WKLV HGLWLRQ RY DW L 1 U RQ )UWOH KDG H·YHDNL Q )ULKLV : ¶0 RZL

QJ D \ -LYH RQ 6DW 1 ZH KDYH &'V RQ KDQG +HUH·V WK DV & RZ 1RY2QFH PRUH LW¶V WKH 3UL]H )UHQ]\ ,V G

VK ( FNV SD H WK

WK UH DYH OD DW HDW H K S W 7K Z LV WR XP P DOE HV DW KH DU

DW HSUWDLQPHQW XEOH SDVVHV IRU D SU WKHUH UHDOO\ DQ\WKLQJ PRUH \RX QHHG WR D FRS\ RI WK H SDVV WR VHH 7KH & (G WK H W 8 QWH DW WK S· $ /LVW (VK GRXEOH SDVV DV ZHOO DV WR EH 2U DQG ODVWO\ KRZ DERXW D GRXEOH SDVV EO QJ 6 RX RL G J D UH YH H·V VHQW XV GR X· KD G NQRZ DERXW WKDW" 6RPH JRRG VWXII LQ WKLV \R DQ H :H E WK W +RXVH ,I " D FRXSOHU RI GRXEOH LR ZQ KUR WR JLYH DZD\ FDUH RI 5 H W WR KDY NV DQ WR VHH 7KH %ODFN 6RUURZV SOD\ 1RUZRRG 1RY WK LVVXH &DOO RQ )UL -XO\ DW SP RQ \RXU OXFN DQ\RQH WU\ RU KH QRW K\WK VVH 3V R ZZL SD H JUHDW ZD\HG VRP U ZD\ I Q\UP

/LYH RQ 7KXU -XO\ RRXU W D JK KH H D QL DU 7 UP WR ODVW EXW QRW OHDVW 5RDGVK QG 6WR QH QG LF QOL ED L VLH RQLF )U G RY-XP RYRQ 7KH &RVP VWH $XV H * HUH S R $ 7K LQW DW Z 1 KR LF

N V HH

URF V RO UL WR ) FKR V HOHVV 6HULHV G V DVVH RX·G OLNH D WR JH OH S\E QLJPD RQGEPDJD] XEPD W ( LQHFW FR P DX HXSKHPLVPV DQG DQ RO GRZ RSW LHV RI 6KDP U VKR H \ UWKH XV FVW W LRW $ RXQG FR· DS\ IX 5 ¶5 $ YH P DW KD WK EX DOO H

WR DO R F Z JR : G RX QR V ILU RQ WKH RIILFH F V\ IRON VHFLHV UWHRU 1RY %HIRUH \ H GR W WKH TXHVWLRQ WKHQ EH WKH RXDYH DLULQJ RQ 6%6 LQ Ó DVK H·V RQ WKRX LUFRS VP : H K HFW DQVZHU RQ JHW \RXU QDP RUU H F LOO WK Z RI WKHLU ODWHVW DOEXP" LWK Z

XS RU Q] )UH RVH EXW RI -RKQ <DFND DQG &R U GHP GD\ HL S )ULRP WK DW WR WKDQN IRU WK H JRW VRQJV IU KH V VDY LOO K \ D DQZQ D

Î

` Ê >}>â iÊÓxÊ Õ ÞÊÓä£{

05;,9=0,>

7

;/, (<+9,@:

)@ 96),9; +<5:;(5

KH $XGUH\V DUH FHOHEUDWLQJ WKHLU WK DQQLYHUVDU\ E\ WDNLQJ WKHLU IRXUWK DOEXP ¶7LO 0\ 7HDUV 5ROO $ZD\· RQ WKH URDG ZKLFK ZLOO DOVR KDYH WKH PXOWL $5,$ DZDUG ZLQQLQJ HQVHPEOH SOD\LQJ DV D IXOO EDQG IRU WKH ILUVW WLPH LQ D QXPEHU RI \HDUV 7KH JURXS HVVHQWLDOO\ VLQJHU 7DDVKD &RDWHV DORQJVLGH JXLWDULVW 7ULVWDQ *RRGDOO DORQJVLGH DQ HYHU UHYROYLQJ QXPEHU RI VHDVRQHG PXVLFLDQV XVHG WKHLU KLDWXV WR UHOHDVH D ER[ VHW ¶&ROOHFWHG· FRPSULVLQJ RI WKHLU ILUVW WKUHH DOEXPV WKDW LQ DQ XQSUHFHGHQWHG IHDW HDFK ZRQ $5,$ DZDUGV LQ WKH %OXHV 5RRWV FDWHJRU\ 7KH $XGUH\V· ODVW RIIHULQJ ·V ¶6RPHWLPHV 7KH 6WDUV· ZDV D VRPHZKDW SROLVKHG RIIHULQJ EXW ODWHVW DOEXP ¶7LO 0\ 7HDUV 5ROO $ZD\· LV D PXFK JULWWLHU DIIDLU ´,W ZRXOG QRZ EH IDLU WR VD\ WKDW ¶6RPHWLPHV 7KH 6WDUV· LV QRW P\ PRVW IDYRXULWH DOEXP µ &RDWHV VD\V YLD WHOHSKRQH IURP KHU KRPH LQ WKH KLOOV RI $GHODLGH ´,·G DOVR EHHQ UDWKHU UXGHO\ GXPSHG MXVW EHIRUH JRLQJ LQWR WKH VWXGLR VR WKH ZKROH WKLQJ ZDV D UHDO GRZQHU %XW WKH FKDQJH FDPH DERXW IRU WKH QHZ DOEXP EHFDXVH RI WKH ZD\ 7ULVWDQ DQG , KDG EHHQ ZULWLQJ DQG WKH ZD\

ZH·G EHHQ SOD\LQJ OLYH $QG LW ZDV JRRG WR KDYH D EUHDN ² WKDW EHLQJ PRWKHUKRRG LQ P\ FDVH ² EHFDXVH ZH FDPH EDFN WR LW ZLWK D QHZ SDVVLRQ $QG DV VRRQ DV ZH VWDUWHG SOD\LQJ D IHZ RI WKH QHZ VRQJV OLYH ZH NQHZ WKH\ IHOW UHDOO\ JRRG $QG SHRSOH OLNHG WKHP WRR :H·YH DOVR KDG VRPH JUHDW UHYLHZV IRU WKH QHZ DOEXP LQ YDULRXV PDJD]LQHV VR LW·V EHHQ JRRG µ 0XFK RI WKH DOEXP ZDV WUDFNHG DW 0L[PDVWHUV LQ $GHODLGH ZLWK SURGXFHU 6KDQH 2·0DUD ZKR KDV ZRUNHG LQ WKDW FDSDFLW\ RQ DOO 7KH $XGUH\V· DOEXPV DGGLQJ WKH ILQLVKLQJ WRXFKHV LQ 0HOERXUQH ´:H ZHUH FXWWLQJ WKH DOEXP OLYH DW 0L[PDVWHUV ZLWK 0LFN :RUGOH\ HQJLQHHULQJ EXW , KDG WR UH UHFRUG VRPH RI P\ YRFDOV µ &RDWHV VD\V ´%HFDXVH WKHUH ZDV VR PXFK QRLVH , ZDV RYHU VLQJLQJ EDGO\ RQ VRPH VRQJV DV , FRXOGQ·W TXLWH KHDU P\VHOI SURSHUO\ EXW ZH GLG NHHS P\ RULJLQDO YRFDOV RQ D FRXSOH

RI WKH PRUH URFNLHU VRQJV µ 7KH $XGUH\V ZKR KDYH MXVW VLJQHG D OLFHQVLQJ GHDO IRU WKH 86 DQG PD\ YHQWXUH WKHUH ODWHU LQ WKH \HDU KDG LQLWLDOO\ WKRXJKW WKDW DIWHU UHFRUGLQJ WKUHH DOEXPV ZLWK 2·0DUD DV SURGXFHU LW ZDV ULJKW IRU D FKDQJH ´<HDK ZH WKRXJKW WKDW ZDV HQRXJK DQG ZDV WLPH IRU VRPHWKLQJ GLIIHUHQW µ &RDWHV UHDVRQV ´EXW WKHQ 6KDQH VHQW XV D UDWKHU EOXQW WH[W VXJJHVWLQJ LW ZDV DERXW WLPH ZH JRW EDFN WRJHWKHU 6R ZH MXVW WKRXJKW ¶2ND\ +RZ·V WKH QH[W PRQWK RU VR ORRNLQJ"· 6R ZH ZHQW IURP WKHUH DQG LW WXUQHG RXW WR EH WKH ULJKW GHFLVLRQ ´:H DOVR GLG VRPHWKLQJ TXLWH GLIIHUHQW µ VKH DGGV ´LQ WKDW ZH GLGQ·W SUHVHQW WKH VRQJV WR WKH EDQG XQWLO WKH\ DUULYHG LQ WKH VWXGLR ² KRZ PHDQ LV WKDW" ² DQG WKHQ ZH FXW WKHP OLYH ZKLFK PDGH HYHU\WKLQJ VRXQG UHDOO\ IUHVK µ &RPH 2Q %DFN 7R %HG KDV D URFNDELOO\ IHHO ZLWK LWV WZDQJ\ JXLWDU ´7KDW ZDV 6KDQH·V LGHD µ &RDWHV ODXJKV ´, ZRQGHUHG LI KH ZDV VHULRXV DW ILUVW EXW LW ZRUNV VR ZHOO $QG RQ DQRWKHU VRQJ 7ULVWDQ KDG FRPH XS ZLWK D JXLWDU ULII WKDW KH WKRXJKW ,·G KDWH VR PXFK KH GLGQ·W ZDQW WR SOD\ LW WR PH DW ILUVW µ 7KH EDQG DOVR FKRVH WR UHYLVLW DQ ROGHU VRQJ &RPIRUW 0H RQ WKHLU QHZ DOEXP ´7KDW ZDV WKH RSHQLQJ VRQJ RQ RXU ODVW DOEXP EXW ZH KDG KRSHG QR RQH ZRXOG QRWLFH LI ZH GLG LW DJDLQ µ &RDWHV VLJKV ´,W ZDV D VRQJ ZH OLNHG DV GLG RXU IDQV EXW DOZD\V IHOW ZH FRXOG KDYH GRQH LW EHWWHU ² LW QHYHU UHDOO\ JRW LWV JURRYH RQ LQ WKH VWXGLR ² VR ZH JRW >0HOERXUQH·V@ 7KH 1\PSKV WR GR D QHZ DUUDQJHPHQW DQG VLQJ RQ LW DQG LW·V FRPH XS UHDOO\ ZHOO µ $V LV WKH WUHQG ¶7LO 0\ 7HDUV 5ROO $ZD\· LV WR EH UHOHDVHG RQ YLQ\O ´7KDW·V ZRUNHG ZHOO IRU XV LQ WKH SDVW EHFDXVH LW·V VRPHWKLQJ RXU IDQV UHDOO\ HPEUDFH µ &RDWHV VD\V ´:H OLNH LW DV ZHOO DQG 7RGG ZKR GRHV DOO RXU DUWZRUN JHWV D ELJ EX]] RXW RI LW DV ZHOO EHFDXVH KH ORYHV GHVLJQLQJ WKH FRYHU NQRZLQJ LW·V JRLQJ WR EH FRPLQJ RXW RQ YLQ\O $Q DOEXP FRYHU XVHG WR EH VXFK D JUHDW DUWIRUP EXW WKHQ ZLWK &'V HYHU\WKLQJ JRW VR IUHDNLQ· VPDOO µ

4HE !UDREYS PLAY THE 'OVERNOR (INDMARSH ON &RI *ULY WITH $AN ,ETHBRIDGE ` Ê >}>â iÊ Ê Õ ÞÊÓä£{Ê

{

05;,9=0,>

)0--@ *3@96

)@ (3,? >/,(;65 MXVW DV WKH\ DUH QRW DFFRUGLQJ WR SUHFRQFHLYHG QRWLRQV RI ZKDW D PRGHUQ KDUG ZRUNLQJ URFN EDQG RXJKW WR EH 3DUW RI WKH DSSHDO ² , IUHHO\ DGPLW ² OLHV LQ P\ DGPLUDWLRQ IRU WKHP WHOOLQJ D SDFN RI OLHV VWXSLG IHFNOHVV MRXUQDOLVWV DERXW WKH EDQG DQG WKH RULJLQ RI WKHLU QDPH +H JHQXLQHO\ ODXJKV RXW ORXG DW WKDW %LII\ &O\UR FRXOG EH DQ\WKLQJ LW FRXOG EH D :HOVK IRON VLQJHU RU D 6FDQGLQDYLDQ PHWDO EDQG« RU DV RQH WKH VWRULHV KDG LW D )LQQLVK IRRWEDOOHU RI WKH V ´7KLV JRHV EDFN VR ORQJ QRZ WKDW ZH VRPHWLPHV FDQ W UHPHPEHU ZKDW ZH·YH VDLG EHIRUH DQG DW WLPHV ZH·YH JRQH ¶+DQJ RQ WKLV LV JHWWLQJ WRR KDUG KHUH· µ KH ODXJKV RXW ORXG DQG IXOO\ UHFRJQL]LQJ WKH DEVXUGLW\ RI LW DOO KH QRWHV WKDW ZKHQ WKH EDQG JRW WKHLU UHFRUG GHDO WKH\ GLVFXVVHG FKDQJLQJ WKH EDQGV QDPH EXW E\ WKHQ WKH\ KDG D IDQEDVH DQG D FHUWDLQ« QRWRULHW\ VR WKH\ VWXFN WR WKHLU JXQV DQG VWXFN ZLWK WKH QDPH 6RUWHG

%

HQ -RKQVWRQ GUXPPHU ZLWK 6FRWWLVK URFN EDQG %LII\ &O\UR ´JHWV KLV FRIIHH QHHGV WRJHWKHUµ EHIRUH GHDOLQJ ZLWK PHGLD FRPPLWPHQWV IRU WKH GD\

´,·P DW KRPH LQ 6FRWODQG ,·P IURP .LOPDUQRFN RULJLQDOO\ 7KLQJV DUH JUHDW ,·P VSHQGLQJ D IHZ GD\V DW KRPH DW WKH PRPHQW ZH JR RQ 6XQGD\ DQG SOD\ VRPH JLJV LQ ,WDO\«µ ,W LV DW WKLV SRLQW WKDW , UHDOLVH QRW RQO\ DP , SHUSOH[HG E\ -RKQVWRQ·V 6FRWV DFFHQW PRUH LPSRUWDQWO\ ZH·YH EHHQ FRQQHFWHG WKURXJK WKH ZRUOG·V ZRUVW HYHU LQWHUQHW WHOHSKRQ\ VHUYLFH DQG KH VRXQGV OLNH KH PD\ DFWXDOO\ EH RQ DQRWKHU SODQHW VR DQ\WKLQJ , TXRWH DV VDLG PXVW QRW EH WDNHQ DV VDLG :H WDON DERXW $XVWUDOLD QRW EHFDXVH , ZDQWHG WR EXW EHFDXVH WKH EDQG KDYH D FRPPLWWHG GHWHUPLQDWLRQ WR ¶FUDFN· WKH PDUNHW« ´<HDK PDQ :H DEVROXWHO\ ORYH LW ,W·V JUHDW WR FRPH EDFN DJDLQ DIWHU GRLQJ WKH 6RXQGZDYH )HVWLYDO DQG LW·V WKH ILUVW WLPH ZH·OO EH FRPLQJ EDFN ZLWK D OLWWOH ELW RI PRPHQWXP LW VHHPV WR PH *HQHUDOO\ LWV \HDUV EHWZHHQ VKRZV EXW LW·V JUHDW ZKHQ \RX KDYH D JRRG VKRZ DQG FRPH EDFN ZLWK D ELW RI D UHSXWDWLRQ ´6RXQGZDYH ZDV DZHVRPH D VSHFWDFXODU OLQHXS RI EDQGV LW ZDV MXVW SHUIHFW µ KH FRQILUPV WKH PDVVLYH FURZGV WKH\ SOD\HG LQ IURQW RI DQG HYHQ WKRXJK WKH\ KDYH YDVW DXGLHQFHV RYHUVHDV WKH\·UH VWLOO ¶LQWURGXFLQJ· WKHPVHOYHV WR $XVWUDOLDQ DXGLHQFHV , PHQWLRQ WKLV WR -RKQVWRQ ZKR VD\V ´, GRQ·W ILQG LW ZHLUG DW DOO ,W·V QRW OLNH ZH VSHQG D JUHDW GHDO RI WLPH LQ $XVWUDOLD HVWDEOLVKLQJ D SUHVHQFH HHUUUP DQG WR EH D KRXVHKROG QDPH \RX KDYH WR EH WKHUH µ ,W·V DQ LQWULJXLQJ LVVXH WKDW D EDQG ZKR FDQ KHDGOLQH IHVWLYDOV LQ WKHLU RZQ ULJKW DFURVV WKH 8. DQG (XURSH FDQ FRPH WR $XVWUDOLD DQG QRW EH D KHDGOLQH DFW RQ D GD\ORQJ IHVWLYDO QRW EH D KRXVHKROG QDPH QRW DXWRPDWLFDOO\ VHOO RXW WKH ELJJHVW YHQXHV LQ HDFK FLW\ WKH\ YLVLW +H FODLPV QR HJRV DUH LQYROYHG LQ PDNLQJ WKLQJV ZRUN DQG VRXQGV JHQXLQHO\ KDSS\ WR H[SODLQ LW ´1R WKDW·V MXVW IXQ 7KDW·V WKH IXQ SDUW

:KDW \RX GR JHW LV D WKUHH SLHFH 6FRWWLVK URFN EDQG ZLWK PRUH WKDQ WKHLU IDLU VKDUH RI WDWWRRV DQG EHDUGV ZKR SOD\ LW ZLWK D UDUH GH[WHULW\ LQYROYLQJ ¶OLJKW ¶Q VKDGH· ² VRIWHU SDVVDJHV DQG ELJ KDUG VZHOOLQJ VRQJV LQWR QHDU DQWKHPLF FKRUXVHV WKDW ,·P UHPLQGHG RI HDUOLHU SURSRQHQWV ,I , ZHUH XQNLQG ,·G PHQWLRQ WKH\ UHPLQGHG PH LQ SODFHV RI V (QJOLVK URFNHUV %XVK %XW , ZRQ·W :LWK YRFDOLVW DQG JXLWDULVW 6LPRQ 1HLO DQG KLV EURWKHU -DPHV -RKQVWRQ RQ EDVV JXLWDU WKLV WKUHH SLHFH DUH D ZRQGHUIXO DQG ZHOFRPH DGGLWLRQ WR P\ SOD\OLVW

"IFFY #LYRO ARE PLAYING AT (1 ON 4UES 3EPT

XV JHWWLQJ WKHUH WKH MRXUQH\ 7KDW·V MXVW DZHVRPH ,W·V OLNH EHLQJ LQ WKH SURFHVV RI EHFRPLQJ PDVVLYH LQ WKH 6WDWHV EXW PDNLQJ WKDW FRQQHFWLRQ DQG FORVLQJ WKH FLUFOH LV ZKDW ZH DUH DERXW ,W·V FRRO WR JHW WKHUH DQG WR EH LQ D EDQG ZKR FDQ GR VR EXW LQ WHUPV RI HJR \RX FDQ·W EH LQ D EDQG LQ 6FRWODQG DQG KDYH WKDW NLQG RI WKLQJ +DYLQJ GRQH D OLWWOH UHVHDUFK DQG ZDWFKHG D EXQFK RI YLGHRV , VXJJHVW QLFHO\

WKDW %LII\ &O\UR PD\ EH D EHWWHU OLYH EDQG WKDQ D VWXGLR EDQG" ´<HDK PXFK KDSSLHU ZLWK WKDW WKDQ WKH RWKHU ZD\ URXQG \RX NQRZ LI ZH ZHUH D UHDOO\ VKLW OLYH EDQG LW ZRXOG EH D ELW GLVDSSRLQWLQJ µ KH UHIOHFWV ZLWK VWXGLHG XQGHUVWDWHPHQW ´%XW \RX NQRZ ZH FXW RXU WHHWK GRLQJ JLJV ZH·YH EHHQ GRLQJ LW VLQFH ZH ZHUH WRJHWKHU HUUU ILIWHHQ \HDUV ROG µ )URP WKH YLGHR ¶/LYH $W :HPEOH\· , QRWH %HQ -RKQVWRQ LV D SUHWW\ KDUG ZRUNLQJ GUXPPHU EXW LV KH D WHFKQLFDO GUXPPHU , SRQGHU ´,·P D EDFN DQG DUVH GUXPPHU µ KH ODXJKV $W OHDVW , WKLQN WKDW·V ZKDW KH VDLG ´, MXVW JRW D NLW ZKHQ , ZDV IRXUWHHQ \HDUV ROG DQG QR RQH VKRZHG PH KRZ WR GR LW SURSHUO\ VR , MXVW VDW GRZQ DQG JRW VWDUWHG EDVKLQJ LW DZD\ , SOD\ IURP P\ EDFN« DQG P\ ILQJHUV ZKHUHDV LW VKRXOG FRPH IURP WKH ZULVWV , KLW HYHU\WKLQJ RQ WKH NLW DQG LI \RX·UH ZDWFKLQJ \RX FDQ VHH P\ ZKROH DUP LV PRYLQJ IURP WKH VKRXOGHU GRZQ VR , SUREDEO\ XVH D ORW PRUH HQHUJ\ WKDQ , VKRXOG , DOVR DP SUREDEO\ KLWWLQJ D ORW KDUGHU WKDQ , QHHG WR VR QR , ZRXOGQ·W VD\ ,·P SDUWLFXODUO\ WHFKQLFDO 3DUW RI WKH GUDPD FRPHV IURP KRZ KDUG KH KLWV KLV F\PEDOV ZKLFK KH DGPLWV WR UHJXODUO\ EUHDNLQJ $ JRRG HQGRUVHPHQW WDNHV FDUH RI WKDW KH JHWV QHZ HTXLSPHQW WR WU\ RXW DQG LQHYLWDEO\ EUHDN ´, FUDFN WKHP DURXQG WKH EHOO (YHU\ZKHUH µ 3XWWLQJ WKLV EDQG LQWR FRQWH[W VHHPV TXLWH GLIILFXOW WKH\ VHHP WR ZDQW WR EH DFFHSWHG

x

` Ê >}>â iÊ Ê Õ ÞÊÓä£{

05;,9=0,>

;/, (5.,3:

)@ 96),9; +<5:;(5 ,W·V QR VHFUHW WKDW WKH UHODWLRQVKLS EHWZHHQ 1HHVRQ DQG KLV IRUPHU EDQG VRXUHG JUHDWO\ ZKHQ KH HOHFWHG WR OHDYH WKH JURXS LQ $ VXFFHVVIXO UHIRUPDWLRQ WRXU LQ DOVR ZHQW DZU\ DQG WKH ELFNHULQJ EHWZHHQ YDULRXV EDQG PHPEHUV ZDV KLJKOLJKWHG LQ WKH GRFXPHQWDU\ ¶1R :D\ *HW ) NHG ) N 2II · $ IHZ ZHHNV SULRU WR 1HHVRQ·V SDVVLQJ JXLWDULVW DQG RULJLQDO $QJHOV PHPEHU 5LFN %UHZVWHU VD\V WKH EDQG KDG QR TXDOPV DERXW KRZ WKH\ ZHUH SRUWUD\HG LQ %HQ 8OP·V IO\ RQ WKH ZDOO H[SRVH ´:H ZHUH KDSS\ WR GR LW HYHQ WKRXJK LW ZDV GLIILFXOW EHFDXVH LW ZDV VXFK EDUH ERQHV VWXII µ KH VD\V ´%XW ZH KDG DOO VDLG WR %HQ ULJKW DW WKH VWDUW WKDW ZH GLGQ·W ZDQW WR VHH LW EHIRUH LW JRW UHOHDVHG DQG ZHQW WR DLU :H VDLG WR KLP WKDW LI ZH VDZ LW ZH·G DOO VWDUW VD\LQJ WKDW KH KDG WR WDNH WKLV ELW RU WKDW ELW RXW ,I ZH·G KDG DQ\ NLQG RI FRQWURO RU VD\ RYHU DQ\ RI WKDW LW ZRXOG KDYH GHIHDWHG WKH ZKROH SXUSRVH RI D GRFXPHQWDU\ $QG ZH DOO NQHZ IURP WKH YHU\ EHJLQQLQJ H[DFWO\ ZKDW ZH ZHUH JHWWLQJ RXUVHOYHV LQWR µ 7KH $QJHOV KDYH KDG 'DYH *OHHVRQ RI 6FUHDPLQJ -HWV DV OHDG VLQJHU VLQFH DQG KH IHDWXUHV RQ WKH UHFHQW DOEXPV ¶7DNH ,W 7R 7KH 6WUHHWV· DQG ¶7DON 7KH 7DON· ´'DYH KDV ZRUNHG RXW UHDOO\ ZHOO DQG LW·V EHHQ DQ LQFUHGLEO\ VPRRWK WUDQVLWLRQ µ %UHZVWHU HQWKXVHV ´$QG KH·V VWLOO RXW GRLQ· VWXII ZLWK 6FUHDPLQJ -HWV DIWHU D IHZ \HDUV RII WKH URDG ´$QG IRU WKH WK DQQLYHUVDU\ WRXU ZKLOH 7KH $QJHOV ZLOO REYLRXVO\ EH SOD\LQJ DOO RXU ZHOO NQRZQ VRQJV ZH ZLOO DOVR EH ORRNLQJ IRUZDUG WR SOD\LQJ D IHZ VRQJV ZH KDYHQ·W SOD\HG IRU TXLWH D ZKLOH 6R WKDW ZLOO PDNH LW VRPHWKLQJ GLIIHUHQW $QG WKHUH ZLOO DOVR EH VRPH VRQJV IURP WKH QHZ

'

XH WR WKH UHFHQW SDVVLQJ RI IRUPHU OHDG VLQJHU 'RF 1HHVRQ LW PD\ ZHOO EH D FRXSOH RI ELWWHUVZHHW QLJKWV ZKHQ 7KH $QJHOV SOD\ WZR VKRZV LQ WKHLU KRPHWRZQ RI $GHODLGH QH[W PRQWK DV SDUW RI WKH EDQG·V WK DQQLYHUVDU\ WRXU

05;,9=0,>

)

:64,;/05. -69 2(;, ´7KH RQO\ UHDVRQ WKDW DQ\ RI WKLV LV SRVVLEOH LV EHFDXVH SHRSOH KDYH VWXFN ZLWK XV DQG , KRSH DGPLUHG WKH IDFW WKDW ZH KDYH VWXFN WR RXU JXQV :H KDYH EHHQ FRQVLVWHQWO\ LQFRQVLVWHQW« RU VRPHWKLQJ µ 7KHUH·V QR GRXEW WKDW SDUW RI WKH UHDVRQ IRU 6RPHWKLQJ )RU .DWH·V SURORQJHG VXFFHVV LV QRW MXVW WKH HYROXWLRQ RI WKHLU VRXQG EXW DOVR WR GR ZLWK WLPLQJ 7KH EDQG·V GHEXW (3 ·V ¶7KH $QVZHU 7R %RWK <RXU 4XHVWLRQV· FDPH RXW DV WKH DOWHUQDWLYH URFN ERRP KLW D SHDN DQG DV WKH EDQG·V VRXQG PDWXUHG ² IRU ZDQW RI EHWWHU PLG 3DFLILF DFFHQW FRPSDULVRQV IURP IXJD]L OLNH HDUO\ GHPRV WR D PRUH UHILQHG DQG VRSKLVWLFDWHG PXVLFDO SDOHWWH DNLQ WR PLG SHULRG 5(0 ² VR WRR GLG $XVWUDOLD·V DFFHSWDQFH RI D EDQG PDNLQJ 6HULRXV 5RFN 0XVLF +RZ GLIIHUHQW ZRXOG LW EH IRU D \HDU ROG 'HPSVH\ LQ DV RSSRVHG WR " ´,W·V KDUG WR VD\ µ KH DYHUV ´,W VHHPV WR PH LW ZRXOG EH HDVLHU LQ D ORW RI D ZD\V DQG KDUGHU LQ D ORW RI ZD\V ,W VHHPV LW·V KDUGHU IRU EDQGV WR WRXU DQG HYHQ WKRXJK WKHUH·V VR PDQ\ PRUH FKDQQHOV WR FRPPXQLFDWH GLUHFWO\ >ZLWK IDQV@ WKURXJK VRFLDO PHGLD DQG WKLQJV VXFK DV WKDW DW WKH VDPH WLPH LW VHHPV LQFUHGLEO\ GLIILFXOW WR FRQQHFW ZLWK SHRSOH DV WKH\·UH ERPEDUGHG ZLWK LQIRUPDWLRQ ´:KHQ ZH VWDUWHG RXW ZH ZRXOG VHOO D GHPR FDVVHWWH DW VKRZV DQG SHRSOH ZRXOG OLVWHQ WR WKH ZKROH WKLQJ DQG OLVWHQ WR LW VHYHUDO WLPHV DQG WKH\·G HVWDEOLVK D UHDOO\ VWURQJ FRQQHFWLRQ ZLWK LW , MXVW GRQ·W NQRZ LI WKDW KDSSHQV DV PXFK ² WKH LPSUHVVLRQ , JHW LV WKDW SHRSOH OLVWHQ WR KDOI D VRQJ DQG WKHQ ¶FOLFN· WR VRPHWKLQJ HOVH µ ,Q XQGHUJRLQJ WKLV SURFHVV RI UHPLQLVFLQJ RYHU WZHQW\ \HDUV RI KLVWRU\ LW·V FXULRXV WR NQRZ ZKHWKHU WKHUH·V EHHQ D VHQVH RI UHYLVLRQLVP WR LW ² GRHV KH ORRN EDFN DQG WKLQN RI ZKDW FRXOG KDYH EHHQ LI GLIIHUHQW GHFLVLRQV KDG EHHQ PDGH DW WKH WLPH" ´, JXHVV ,·P D ELW PRUH SKLORVRSKLFDO DERXW LW µ 'HPSVH\ VD\V ZLWK D VKUXJ ´, GRQ·W WKLQN DERXW KRZ WKLQJV FRXOG KDYH EHHQ , MXVW WKLQN DERXW KRZ WKLQJV ZHUH DQG DFFHSW WKDW WKLQJV SOD\HG RXW DV WKH\ GLG DV WKDW·V ZKHUH ZH ZHUH DW DQG WKDW·V KRZ WKLQJV ZHUH GRQH ´,·P QRW UHDOO\ VRPHRQH ZKR JHWV UHJUHWIXO RU UHPRUVHIXO DERXW WKLQJV WKDW GLGQ·W KDSSHQ

RU WZHQW\ \HDUV 6RPHWKLQJ )RU .DWH·V 3DXO 'HPSVH\ KDV EHHQ PLVUHSUHVHQWHG

+H KDV EHHQ VHHQ DV D EURRGLQJ SUHVHQFH D ODQN\ VL[ IRRW VL[ RI IXUURZHG EURZV DQG VHULRXV DQJVW ZLWK D SHUVRQDOLW\ WKDW LV VHULRXV VROHPQ DQG VHYHUH 7KH WUXWK LV DQRWKHU PDWWHU DOWRJHWKHU ² IRU WZHQW\ \HDUV RI GRLQJ SUHVV DQG VSHDNLQJ WR WKH SXEOLF 'HPSVH\ KDV DOVR EHHQ RSHQ IRUWKULJKW DQG RFFDVLRQDOO\ YHU\ IXQQ\ LQGHHG 2QH WKLQJ WKDW KH·V QHYHU UHDOO\ GRQH KDV ORRNHG EDFN DW KLV SDVW ² LQVWHDG OLNH DOO VHULRXV DUWLVWV DV RSSRVHG WR ¶VHULRXV· DUWLVWV

KH·V ORRNHG IRUZDUG DQG WULHG WR IRUHYHU NHHS VWULYLQJ WR SXVK DQG KRQH KLV RZQ VRQJZULWLQJ ,W ZDV FOHDU IURP WKH HDUOLHVW GD\V ZKHQ WKH EDQG·V E VLGHV ² WKH OLNHV RI 6OHHS ,V :RUWK 7KH :DLW &KDSHO 6W (WF DQG WKH RXWVWDQGLQJ 7HOHVFRSH ² DOO FDPH RXW LQ TXLFN VXFFHVVLRQ IROORZLQJ WKH UHOHDVH RI WKHLU GHEXW ¶(OVHZKHUH )RU 0LQXWHV· DQG DOO ZHUH ILQHU FRPSRVLWLRQV WKDQ DQ\WKLQJ WKDQ KH KDG

` Ê >}>â iÊÈÊ Õ ÞÊÓä£{

ZULWWHQ SUHYLRXVO\ ´,W·V EHHQ VXUUHDO DQG IXQQ\ DQG HPEDUUDVVLQJ µ 'HPSVH\ VD\V RI ORRNLQJ EDFN DW WZHQW\ \HDUV RI KLV SDVW $OO WKH DZNZDUGQHVV KDV EHHQ RIIVHW QR GRXEW E\ PRPHQWV RI SULGH DQG KH GHFODUHV PRPHQWV RI VXUUHDOLVP ´:KHUH WKH KHOO GLG WZHQW\ \HDUV JR"µ KH PXVHV 7KH EDQG DUH ULJKWO\ SURXG RI ZKDW WKH\ KDYH DFKLHYHG RYHU WKH ODVW WZR GHFDGHV DQG MXVWLILDEO\ VR ² WKH\·UH RQH RI IHZ $XVWUDOLDQ DFWV RYHU WKDW WLPH SHULRG WR KDYH QRW MXVW VXUYLYHG EXW SURVSHUHG ZLWK D VWULQJ RI VXFFHVVIXO DOEXPV DQG D IRUWKFRPLQJ DQQLYHUVDU\ WRXU WKDW LV VHOOLQJ OLNH KRW FDNHV ´, IHHO YHU\ SURXG WKDW ZH·YH EHHQ DURXQG IRU WKLV ORQJ DQG FRQWLQXHG WR GR WKLQJV RXU ZD\ DQG KDYH HYROYHG DV D EDQG EXW ZH KDYHQ·W FKDQJHG WR SOHDVH DQ\ERG\ HOVH DQG ZH·UH VWLOO KHUH ZLWK DQ DPD]LQJO\ OR\DO DXGLHQFH ZKR KDYH PDGH WKDW SRVVLEOH IRU XV

È

DOEXPV ´$QG ZH DOZD\V ZRQGHUHG ZKDW WKH ROG IDQV PLJKW WKLQN ZKHQ ZH VWDUWHG GRLQJ VWXII ZLWK 'DYH :RXOG WKH\ DFFHSW LW" %XW LW·V EHHQ JRRG $QG ZKLOH \RX PD\ JHW WKH RFFDVLRQDO IHZ EORNHV ZKR MXVW VWDQG WKHUH ZLWK WKHLU DUPV IROGHG DIWHU D IHZ VRQJV WKH\ DOVR JHW ULJKW LQWR LW µ ,V LW D VHQVH WR QRVWDOJLD WKDW FRQWLQXHV WR GUDZ SHRSOH WR JLJV E\ 7KH $QJHOV" ´2K ,·P VXUH ROG PHPRULHV KDYH D ORW WR GR ZLWK LW µ %UHZVWHU GHFLGHV ´3HRSOH FRPH XS WR XV DIWHU VKRZV ZLWK DOO VRUWV RI VWRULHV DERXW KRZ VRPH RI WKH VRQJV KDYH ILWWHG LQWR WKHLU OLYHV RYHU WKH \HDUV ´%XW , DOVR WKLQN ZH KDYH ORWV RI VRQJV WKDW DUH VWLOO UHOHYDQW WRGD\ EHFDXVH ZH QHYHU WHQGHG WR ZULWH ORYH VRQJV ´7KDW ZDV DOZD\V D FRQVFLRXV GHFLVLRQ ZKHQ ZH ILUVW VWDUWHG WKH EDQG \HDUV DJR µ KH FRQFOXGHV ´1RW WKDW WKHUH LV DQ\WKLQJ ZURQJ ZLWK ORYH VRQJV EXW WKH VHQWLPHQWV RIWHQ GDWH UHDOO\ TXLFNO\ ZKHUHDV D VRQJ VXFK DV 7DNH $ /RQJ /LQH LV VWLOO DV UHOHYDQW WRGD\ DV ZKDW LW ZDV EDFN LQ µ

4HE !NGELS PLAY 4HE 'OVERNOR (INDMARSH ON &RI *ULY AND 3AT *ULY

)@ (5+9,> >,(=,9 ² ZKDW KDSSHQHG LV ZKDW KDSSHQHG DQG \RX FDQ·W UHDOO\ FKDQJH WKDW VR \RX NHHS UROOLQJ IRUZDUG µ 6RPHWKLQJ )RU .DWH·V HQWLUH EDFN FDWDORJXH LV EHLQJ UH UHOHDVHG LQ GHOX[H IRUPDW &' DQG YLQ\O HGLWLRQV LQ -XO\ ZLWK D QDWLRQDO WRXU WDNLQJ SODFH WR FRPPHPRUDWH WZHQW\ \HDUV RI H[LVWHQFH

!ND THAT MEANS 3OMETHING &OR +ATE PLAY AN ALREADY SOLD OUT SHOW ON &RI !UG AT (1

05;,9=0,>

(33+(@

)@ 3,6 =(965( 6LQFH WKHQ KLS KRS KDV EHFRPH D VWDSOH RI WKH $XVWUDOLDQ PXVLF VFHQH EXW LV GXH WR IRU D QHZ LWHUDWLRQ $ QHZ JHQHUDWLRQ RI KLS KRS DUWLVWV DUH VWDUWLQJ WR HYROYH WKH JHQUH DQG RQH RI WKHVH LV 0HOERXUQH YLD $GHODLGH DUWLVW $OOGD\ 7KH \HDU ROG KDV DOUHDG\ PDGH ZDYHV ZLWK 6R *RRG JDUQHULQJ D SRVLWLYH UHVSRQVH YLD WULSOH M·V 8QHDUWKHG SURJUDP DQG D QXPEHU RI KLV (3V DQG PL[WDSHV PDNLQJ D KHDS RI QRLVH LQ WKH KLS KRS FRPPXQLW\ +LV PXFK DZDLWHG GHEXW DOEXP ¶6WDUWXS &XOW· WKURXJK 21(7:2 5HFRUGV LV ILQDOO\ XSRQ XV ´:H ZHUH MXVW NLQG RI ORRNLQJ DW RSWLRQV IRU D ODEHO µ $OOGD\ VD\V RI WKH UHDVRQLQJ EHKLQG FKRRVLQJ 21(7:2 IRU KLV GHEXW DOEXP ´7KDW JLYH PH D OLWWOH PRUH WLPH WR IRFXV RQ FUHDWLYLW\ DQG OHVV RQ WKH EXVLQHVV VLGH RI WKLQJV 21(7:2 ZHUH UHDOO\ IDLU DERXW ZKDW WKH\ RIIHUHG DQG ,OO\ >$XVWUDOLDQ KLS KRS DUWLVW DQG UHFRUG ODEHO IRXQGHU@ LV D VPDUW DQG IDLU GXGH VR LW ZDV DQ HDV\ GHFLVLRQ $QG 21(7:2 LV D VXEVLGLDU\ RI 81)' ZKLFK LV RQH RI WKH PRVW SURYHQ ODEHOV LQ WKH EXVLQHVV µ :KR ZRXOG KDYH WKRXJKW WKDW D VNLQQ\ NLG IURP %ODFNZRRG ZKR VWDUWHG RII LQ DQ LQGLH URFN EDQG EHIRUH EHFRPLQJ GLVLOOXVLRQHG ZLWK KLV PXVLFDO SDWK ZRXOG HQG XS LQ 0HOERXUQH DQG WXUQ LQWR RQH RI WKH EULJKWHVW DQG EXUJHRQLQJ $XVWUDOLDQ KLS KRS DUWLVWV" %XW KLS KRS KDV DOZD\V EHHQ D ORYH IRU $OOGD\ ZKR ILUVW WULHG KLV KDQG DW UDSSLQJ IURP WKH WHQGHU DJH RI ´%XW , RQO\ VWDUWHG SXUVXLQJ LW DV D FDUHHU DW µ $OOGD\ H[SODLQV ´,·P LQVSLUHG E\ .DQ\H :HVW·V PHVVDJHV DQG DUWLVWLF YLVLRQ /LO :D\QH·V ZRUN HWKLF (PLQHP·V O\ULFLVP 'UDNH ZLWK KLV PHORGLHV DQG -D\ = ZLWK KLV DPD]LQJ ZLIH VHOHFWLRQ ,·P RIWHQ ZULWLQJ ZLWK VSHFLILF WKLQJV LQ PLQG DQG SHRSOH VWDUWHG OLNLQJ LW VR , NHSW JRLQJ 2QH RI P\ JRDOV IRU WKH IXWXUH LV WR PDNH LW LQ $PHULFD µ ,I KH FRQWLQXHV RQ KLV FXUUHQW WUDMHFWRU\

,

Q WKH HDUO\ V $XVWUDOLD·V KLS KRS VFHQH ZDV WKULYLQJ ZLWK WKH OLNHV RI +LOOWRS +RRGV ,OO\ %OLVV 1 (VVR 7HFKQLTXHV DQG 7KH +HUG UHSUHVHQWLQJ WKH JHQUH DQG EULQJLQJ LW WR WKH FRQVFLRXVQHVV RI WKH $XV WUDOLDQ SXEOLF

/8 6A;0? *64 (<

WKHQ WKLV JRDO LV QRW WRR IDU IHWFKHG 0XFK OLNH KLV JHQHUDWLRQDO SHHUV $OOGD\ KDV D VWURQJ SUHVHQFH LQ VRFLDO PHGLD DQG KDV XVHG LW HIIHFWLYHO\ WR ZLGHO\ SURPRWH KLV ZRUN ´, P QRW UHDOO\ WRR ERWKHUHG E\ WUROOV RU QHJDWLYH FRPPHQWV µ $OOGD\ VD\V RI WKH XJO\ VLGH RI VRFLDO PHGLD ´6RPHWLPHV LI , P IHHOLQJ SDUWLFXODUO\ KXUW E\ VRPHRQH V FRPPHQW , OO FOLFN RQ WKHLU SDJH DQG KDYH D ORRN DW WKHP 6RPHWLPHV VRPHRQH ZLOO VD\ VRPHWKLQJ OLNH ¶<RX GUHVV VR VKLW · VR , KHDG WR WKHLU SDJH H[SHFWLQJ WR VHH VRPH VXDYH GXGH DQG KH V ZHDULQJ D 0RQVWHU (QHUJ\ FDS 7KDW XVXDOO\ PDNHV PH IHHO EHWWHU , MXVW PDNH PXVLF DQG , WU\ WR QRW WR EH ERULQJ RQ VRFLDO PHGLD µ $QG VR IDU VR JRRG ZLWK VRFLDO PHGLD HQDEOLQJ $OOGD\ WR IXUWKHU H[SDQG KLV IDQ EDVH E\ ZLQQLQJ WKHP RYHU QRW RQO\ PXVLFDOO\ EXW DOVR WKURXJK KLV TXLUN\ SHUVRQDOLW\ DQG XQLTXH VHQVH RI KXPRXU +H WRXWV KLPVHOI DV D ¶)DW )XFN 6XSHUVWDU· ZKR HDWV SDFNHWV RI 6NLWWOHV IRU EUHDNIDVW DV ZHOO DV RIIHULQJ D ORFN RI KLV KDLU LQ D YLDO ZLWK WKH SXUFKDVH RI ¶6WDUWXS &XOW· $OOGD\ UHFHQWO\ VFRUHG WKH VXSSRUW VORW IRU /LO\ $OOHQ·V 6SOHQGRXU ,Q 7KH *UDVV VLGHVKRZV ZKLFK LV VRPHWKLQJ KH·V H[FLWHG DERXW %XW LW VHHPV WKDW WKLV LV MXVW WKH VWDUW RI D SURPLVLQJ PXVLFDO FDUHHU +LV TXLUN\ VHOI GHSUHFDWLQJ SHUVRQDOLW\ KDV HQGHDUHG $OOGD\ WR PDQ\ EXW PRVW LPSRUWDQWO\ KLV PXVLF LVQ·W WRR EDG DV ZHOO VR H[SHFW ¶*RRG UDSV EHORZ DYHUDJH VLQJLQJ DQG D SDUW\·

!LLDAY S @3TARTUP #ULT IS OUT NOW THROUGH /.%47/ 2ECORDS

º6776:0;,:» (<:;9(30(5 ;6<9 ,+0;065 6<; 56> ?000;6<905. *64 c */<..,5;,9;(054,5; *64

Ç

` Ê >}>â iÊÇÊ Õ ÞÊÓä£{

4,;(3 5,>: ,Q D IROORZ XS WR DQ LWHP LQ ODVW IRUWQLJKW·V FROXPQ D MXGJH KDV GLVPLVVHG WKH FDVH DJDLQVW RQH RI WKH WZR PHPEHUV RI )OLQW 0LFKLJDQ EDVHG PHWDO RXWILW .LQJ UHFHQWO\ DUUHVWHG IRU DVVDXOW 2II WKH KRRN LV YRFDOLVW 'DYLG *XQQ DOWKRXJK EDVV SOD\HU (XJHQH *LOO FRXOG VWLOO EH FKDUJHG 7KH DWWDFN WKH SDLU ZHUH DUUHVWHG RYHU WRRN SODFH RXWVLGH D EDU LQ WKH EDQG·V KRPH FLW\ ODVW \HDU DQG OHIW WKH YLFWLP DQ XQQDPHG PDQ LQ D FULWLFDO FRQGLWLRQ *LOO IDFHV WKH SURVSHFW RI EHLQJ FKDUJHG ZLWK ´DVVDXOW ZLWK LQWHQW WR GR JUHDW ERGLO\ KDUP OHVV WKDQ PXUGHUµ RU PRUH VLPSO\ ´DVVDXOW *%+µ D FULPH WKDW FDUULHV D PD[LPXP SHQDOW\ RI WHQ \HDUV LQ SULVRQ DV ZHOO DV D ILQH RI XS WR LI WKH DFFXVHG LV MXGJHG WR EH D KDELWXDO RIIHQGHU KRZHYHU KH IDFHV OLIH LQ SULVRQ :KLOH *XQQ·V DQG *LOO·V DUUHVWV SUHVXPDEO\ SXW WKH N\ERVK RQ WKH EDQG·V SODQV WR SHUIRUP DW WKLV \HDU·V 'RZQORDG )HVWLYDO LQ WKH 8. WKH\ VWLOO KRSH WR WDNH SDUW LQ WKH 5RFNVWDU (QHUJ\ 'ULQN 0D\KHP )HVWLYDO ² D 86 WRXU WDNLQJ SODFH WKLV PRQWK ² DV ZHOO DV UHOHDVH WKHLU GHEXW IXOO OHQJWK DOEXP ¶0HPRLUV 2I $ 0XUGHUHU· LQ $XJXVW ,Q PRUH QHZV IURP WKH *UHDW /DNHV UHJLRQ RI WKH 86 D QX PHWDO RXWILW IURP &KLFDJR FDOOHG 1R 2QH DUH PRXUQLQJ WKH GHDWK RI WKHLU YRFDOLVW %RE %LHODU] ZKR GLHG LQ D ERDWLQJ DFFLGHQW RQ WKH QLJKW RI )UL -XQH 7KH ERDW LQ ZKLFK %LHODU] ZDV WUDYHOOLQJ FROOLGHG ZLWK D PXFK ODUJHU YHVVHO DQG FDSVL]HG UHVXOWLQJ LQ %LHODU] DQG WKUHH RWKHU SDVVHQJHUV DPRQJ

)@ 1(4,: )9(A,3

LUDQRQ#RSWXVQHW FRP DX

0DQVRQ RQ 7ZLWWHU ´:K\ DUH WKH SHRSOH WKDW SURFODLP WKDW PXVLF LQVSLUHV YLROHQFH WKH RQHV WKDW FUHDWH VXFK HQWURS\"µ &UDGOH 2I )LOWK KDYH SDUWHG ZD\V ZLWK JXLWDULVW 3DXO $OOHQGHU ZKR OHDYHV WKH EDQG DIWHU VRPH IRXUWHHQ \HDUV· VHUYLFH +LV GHSDUWXUH ZDV D IDLUO\ ORZ NH\ DIIDLU EDQG IURQW PDQ 'DQL )LOWK UHDO QDPH 'DQLHO 'DYH\ PHQWLRQLQJ LW LQ D UHFHQW LQWHUYLHZ ´:H ZHUHQ·W SODQQLQJ RQ LW EHFDXVH LW ZDV WKH NLQG RI WKLQJ WKDW KDV EHHQ NLQG RI EUHZLQJ IRU WKH ODVW \HDU RU VR µ KH VDLG ´1RW VR PXFK RQ D SHUVRQDO OHYHO EXW >KLP@ OLYLQJ LQ $PHULFD >LQ 0LQQHVRWD@ DQG WKHQ KLP GRLQJ KLV VLGH SURMHFW >:KLWH (PSUHVV@ DQG JHWWLQJ NLQG RI ORVW LQ WKDW µ $VNHG LI WKH EDQG KDG IRXQG D UHSODFHPHQW )LOWK ZDV HYDVLYH VLPSO\ VD\LQJ ´:HOO WKDW·V WKH WKLQJ :H RQO\ UHDOO\ KDG RQH JXLWDULVW IRU WKH ODVW WZR DOEXPV 3DXO KDG D YHU\ VWURQJ RSLQLRQ DERXW GRLQJ WKDW DQG ZH·UH D WZR JXLWDU EDQG 6R WKDW PD\ EH RQH RI WKH WKLQJV WKDW NLQG RI RSHQHG WKH ILVVXUH D ELW µ ,Q D VLOOLHU ELW RI QHZV D PDQ IURP ,GDKR LQ WKH 86 KDG WKH XQIRUWXQDWH H[SHULHQFH RI EHLQJ KDQGFXIIHG GHWDLQHG DQG LQWHUURJDWHG DW JXQSRLQW E\ SROLFH VLPSO\ IRU PHQWLRQLQJ 1LFNHOEDFN LQ SXEOLF 7KH LQGLYLGXDO TXHVWLRQ \HDU ROG '\ODQ 6ZLQIRUG ZDV RYHUKHDUG E\ D FRXSOH RI SDVVLQJ SROLFH RIILFHUV PHQWLRQLQJ WKH QDPH RI WKH &DQDGLDQ PHWDO URFN RXWILW WR KLV FRPSDQLRQ \HDU ROG 5LNHU 0RUURZ WKLQNLQJ KH DFWXDOO\ VDLG ´QLFNHO VDFNµ DQG

WKHP KLV \HDU ROG ZLIH 9LHQJVDYDQK JRLQJ PLVVLQJ 9LHQJVDYDQK·V ERG\ ZDV WKH ILUVW WR EH UHFRYHUHG ZKLOH WKH ERGLHV RI %RE DQG RQH RI WKH RWKHU PLVVLQJ SDVVHQJHUV ZHUH GLVFRYHUHG D VKRUW WLPH ODWHU %RE·V EURWKHU *UHJ GHVFULEHG WKH GHFHDVHG DV D ´ELJ GXGHµ ZKR ´ZRUNHG RXW D ORWµ DQG DOVR VDLG KH ZDV DQ LURQ ZRUNHU PXVLFLDQ DQG DUWLVW 5HJDUGLQJ WKH DFFLGHQW LQ ZKLFK KLV EURWKHU ZDV LQYROYHG KH VDLG ´7KH\ JR RXW ERDWLQJ HYHU\ ZHHN KDYH IXQ 7KH\ NQRZ WKHUH·V EDUJHV WKH\ NQRZ WKH GDQJHUV EXW WKLQJV KDSSHQ µ 5HOHDVLQJ DQ DOEXP LQ DQG SHUIRUPLQJ DW 2]]IHVW WKH VDPH \HDU 1R 2QH EURNH XS LQ RYHU D ODFN RI FRPPHUFLDO VXFFHVV EXW UH IRUPHG DQG EHJDQ SHUIRUPLQJ DJDLQ LQ ,W·V QRW FOHDU ZKDW HIIHFW %LHODU]·V GHDWK ZLOO KDYH RQ WKHLU IXWXUH SODQV 6KRFN URFNHU 0DULO\Q 0DQVRQ FRQWLQXHV WR VWLU XS FRQWURYHUV\ WKLV WLPH LQ 5XVVLD ZKHUH SURWHVWV E\ UHOLJLRXV JURXSV DQG D ERPE WKUHDW FDXVHG WKH FDQFHOODWLRQ RI WZR VKRZV KH ZDV VHW WR GR WKHUH 2QH VKRZ LQ 0RVFRZ ZDV UHSRUWHGO\ FDQFHOOHG DW WKH ODVW PLQXWH DIWHU D ERPE WKUHDW ZDV FDOOHG LQ ´UHOLJLRXV IDQDWLFVµ ZHUH DOVR VDLG WR KDYH DVVDXOWHG PHPEHUV RI 0DQVRQ·V HQWRXUDJH RXWVLGH WKH EDQG·V KRWHO LQ WKH 5XVVLDQ FDSLWDO 7KH VHFRQG VKRZ GXH WR KDYH WDNHQ SODFH LQ 1RYRVLELUVN 5XVVLD·V WKLUG ODUJHVW FLW\ ZDV FDQFHOOHG DIWHU KXQGUHGV RI SURWHVWRUV DFFXVHG 0DQVRQ RI LQVXOWLQJ WKH 5XVVLDQ 2UWKRGR[ &KXUFK DQG SURPRWLQJ VDGRPDVRFKLVP DW KLV VKRZV 6DLG D GHVSDLULQJ

=6@(.,9

ZDV GLVFXVVLQJ D GUXJ GHDO WKH RIILFHUV SXOOHG 0RUURZ IURP WKH YHKLFOH KH ZDV LQ DW WKH WLPH DQG FXIIHG KLP RQH RI WKH RIILFHUV DOVR SXOOLQJ RXW KLV JXQ $IWHU UHDOL]LQJ WKHLU PLVWDNH WKH RIILFHUV OHW WKH SDLU JR ZLWKRXW FKDUJH 0RUURZ UHFRUGHG WKH ZKROH LQFLGHQW DQG SRVWHG LW WR <RX7XEH DQG WKH DIIDLU KDV SURPSWHG DQ LQWHUQDO LQYHVWLJDWLRQ &RPSODLQHG D IULHQG RI ERWK \RXQJ PHQ 1DQF\ 7D\ORU ´7KH RQH TXHVWLRQ , UHDOO\ ZDQW DQVZHUHG WKH PRVW LV KRZ DUH RXU \RXQJ SHRSOH VXSSRVHG WR UHVSHFW ODZ HQIRUFHPHQW ZKHQ WKH\ GRQ·W UHVSHFW RXU \RXQJ SHRSOH"µ ,Q DQRWKHU VLOO\ ELW RI QHZV D FUXVW EODFN PHWDO RXWILW IURP &KDUORWWH 1RUWK &DUROLQD FDOOHG <RXQJ ,Q WKH :D\ KDYH QR GRXEW PDGH WKHPVHOYHV SRSXODU ZLWK D UHVWDXUDQW DQG EUHZHU\ IURP WKHLU KRPH VWDWH DIWHU D EORRG\ VWXQW WKH\ SHUIRUPHG DV SDUW RI D VKRZ WKHUH IRUFHG WKH SODFH WR FORVH GRZQ IRU WKUHH GD\V 8QNQRZQ WR HLWKHU WKH YHQXH RU SURPRWHUV WKH EDQG SODQQHG WR GRZVH WKH VWDJH DQG DXGLHQFH ZLWK SLJ·V EORRG GXULQJ WKHLU SHUIRUPDQFH WKHLU DFWLRQV UHSRUWHGO\ OHDYLQJ WKH URRP ZKHUH WKH\ SOD\HG ´D GLVDVWHU ]RQHµ $OWKRXJK WKH YHQXH WKH /H[LQJWRQ $YHQXH %UHZHU\ FORVHG YROXQWDULO\ LQ RUGHU WR FOHDQ XS WKH PHVV KHDOWK DXWKRULWLHV VDLG WKDW WKH EORRG GLG QRW SRVH D KHDOWK ULVN SDUWLFXODUO\ DV LW GLG QRW JHW LQWR WKH YHQXH·V NLWFKHQ

)@ 1(4,: 4J2,5A0,

9

R\DJHU KDYH MXVW UHOHDVHG WKHLU ILIWK VWXGLR DOEXP ¶9· D JORULRXV DQG KRRN ILOOHG FROOHFWLRQ RI SULVWLQH SURJ PHWDO 6SHDNLQJ IURP &DQEHUUD ZKHUH WKH EDQG DUH NLFNLQJ RII D QDWLRQDO WRXU LQ VXSSRUW RI WKH DOEXP EHIRUH KHDGLQJ WR (XURSH IRU WKH SUHVWLJLRXV 3URJ3RZHU )HVWLYDO 9R\DJHU·V VLQJHU VRQJZULWHU NH\ERDUG SOD\HU DQG IRXQGHU 'DQLHO (VWULQ LV MXVWLILDEO\ SURXG RI ¶9· DQG WKH UHVSRQVHV VR IDU ´,W·V EHHQ FDOOHG RXU EHVW DOEXP \HW VR , JXHVV , FDQ·W DUJXH ZLWK WKDW <RX KDYH WKDW VHQVH RI WUHSLGDWLRQ DV \RX DZDLW WKH ILUVW IHZ UHYLHZV EXW LW·V EHHQ YHU\ JRRG VR IDU ,W·V MXVW KDUG WR NQRZ KRZ ZH·UH JRLQJ WR WRS WKLV RQH WR EH KRQHVW 7KH H[SHFWDWLRQ·V KLJK µ :KHUHDV SUHGHFHVVRU ¶7KH 0HDQLQJ RI ,· ZDV D UHODWLYHO\ GDUN DQG PRRG\ DOEXP ¶9· LV UDWKHU PRUH XSEHDW D SURJUHVVLRQ WKDW (VWULQ UHDGLO\ DFNQRZOHGJHV ´7KH ODVW DOEXP ZDV D OLWWOH ELW LQWURVSHFWLYH DQG VHOI LQGXOJHQW , PXVW DGPLW LQ WHUPV RI \RXU RZQ SHUVRQDO MRXUQH\ DQG ILQGLQJ PHDQLQJ %XW WKLV ODWHVW DOEXP KDV ERXJKW LQWR GLIIHUHQW O\ULFDO WKHPHV MXVW ORRNLQJ DW WKH ZRUOG ZLWK D VHQVH RI ZRQGHU DQG DVNLQJ ZK\ ZH GR WKH WKLQJV ZH GR KRZ ZH FR H[LVW DQG KRZ WKLV ZRUOG FDPH WR EH 2Q D FRXSOH RI WKH WUDFNV ,·YH HYHQ YHQWXUHG RXW LQWR SROLWLFDO FRPPHQWDU\ *LYHQ RXU FXUUHQW SROLWLFDO HQYLURQPHQW , FRXOGQ·W UHVLVW <RX 7KH 6KDOORZ LV LQGLFDWLYH RI WKH ORFDO SROLWLFDO DSDWK\ WKDW ZH VDZ DW WKH ODVW HOHFWLRQ µ

+DYLQJ KLV EDQG FROOHDJXHV PRUH LQYROYHG LQ WKH ZULWLQJ SURFHVV DOVR PDGH DQ LPSDFW ´7KLV WLPH LW ZDV YHU\ PXFK D FROODERUDWLYH HIIRUW LQ WKDW WKLV LV PRUH JXLWDU EDVHG DQG PRUH JURRYH RULHQWHG ,W·V DERXW VWUXFWXULQJ WKH VRQJV DQG WKH FDWFK\ PHORGLHV WKDW , NLQG RI H[FHO DW ZLWK VRPH RI WKH DPD]LQJ ULIIDJH WKDW WKH RWKHU JX\V DUH VR JRRG DW µ ¶9· ZDV IXQGHG LQ SDUW E\ D FURZG IXQGLQJ FDPSDLJQ DQ LQFUHDVLQJO\ SRSXODU SUDFWLFH DQG RQH ZKLFK 9R\DJHU IRXQG WR EH ERWK VXFFHVVIXO UHDFKLQJ WKHLU WDUJHW ZLWKLQ WKUHH GD\V DQG JUDWLI\LQJ ´&HUWDLQO\ ZH IRXQG WKH SURFHVV WR EH UHODWLYHO\ HDV\ ,I \RX DUH D EDQG WKDW HQJDJHV ZLWK \RXU IDQV DQ\ZD\ LW GRHV EHFRPH HDVLHU WR GR LW +DYLQJ VDLG WKDW WKHUH LV WKH DIWHUPDWK RI GRLQJ WKLQJV OLNH VHQGLQJ RXW DOO WKH &'V DQG VKLUWV ,W LV D ORW RI ZRUN µ ,W LV D PHDVXUH RI 9R\DJHU·V LQWHUQDWLRQDO SURILOH WKDW D ODUJH SURSRUWLRQ RI WKH IXQGLQJ FDPH IURP DEURDG ´$EVROXWHO\ LQ IDFW ILIW\ SHUFHQW RI WKH SOHGJHV ZHUH IURP RYHUVHDV ZLWK D VXEVWDQWLDO

FRPSRQHQW IURP 1RUWK $PHULFD %XW SUREDEO\ WKH PRVW REVFXUH SOHGJH ZDV WKLV PDQ IURP 3DQDPD <RX VHH WKDW DQG \RX MXVW WKLQN ¶KRZ KDV WKLV SHUVRQ HYHQ KHDUG RI XV"· 6R LW·V D SUHWW\ KXPEOLQJ H[SHULHQFH DQG D SUHWW\ HQFRXUDJLQJ RQH DV ZHOO µ :KLOH 9R\DJHU KDYH SOD\HG LQ $GHODLGH D QXPEHU RI WLPHV WKH FXUUHQW WRXU ZLOO VHH WKHP KHDGOLQLQJ KHUH IRU WKH ILUVW WLPH ´:H KDYH QHJOHFWHG $GHODLGH IRU VRPH WLPH IRU ZKLFK , GR ZKROH KHDUWHGO\ RQ EHKDOI RI WKH EDQG DSRORJLVH %XW LW LV RQH RI WKRVH WKLQJV ZKHUH LW LV H[SHQVLYH WR GR LW DQG \RX KDYH WR NLQG RI

ZHLJK XS \RXU RSWLRQV WR PDNH VXUH \RX DUH KLWWLQJ WKH SODFHV WKDW DUHQ·W JRLQJ WR FRPSOHWHO\ GHVWUR\ WKH EDQN <RX GR KDYH DQ H[FHOOHQW VFHQH RYHU WKHUH ,W·V D JUHDW SODFH« SHRSOH EDJ $GHODLGH RXW DQG WKH\ EDJ 3HUWK RXW DV ZHOO EXW WKH\·UH WZR FLWLHV WKDW KDYH D ORW WR JLYH HVSHFLDOO\ LQ WHUPV RI OLYH PXVLF µ :LWK 9R\DJHU·V FDUHHU QRZ VSDQQLQJ ILIWHHQ \HDUV DQG ILYH DOEXPV ,·P NHHQ WR KHDU ZKDW NHHSV WKH ILUHV EXUQLQJ 7KH UHVSRQVH LV VLPSOH EXW WHOOLQJ ´,Q D OLYH VHWWLQJ FRPLQJ RII VWDJH DQG WKDW HODWHG IHHOLQJ« \RX MXVW FDQ·W GHVFULEH WKDW WR DQ\RQH 7KDW·V WKH WKLQJ WKDW DOZD\V NHHSV PH JRLQJ GHVSLWH WKH IDFW WKDW \RX PLJKW EH VOHHSLQJ LQ D EHGEXJ LQIHVWHG EHG WKH QH[W QLJKW )URP DQ DOEXP SHUVSHFWLYH DQG LW PLJKW EH D ELW VHOI LQGXOJHQW EXW \RX OLVWHQ WR \RXU RZQ VWXII LQ WKH FDU DQG \RX WKLQN ¶<HDK WKLV LV DZHVRPH WKLV LV WKH VWXII WKDW , ZDQW WR PDNH DQG , ZDQW WR OLVWHQ WR · $QG LW·V DQ DZHVRPH IHHOLQJ WR NQRZ WKDW \RX·UH PDNLQJ LW SULPDULO\ IRU \RXUVHOI DQG WKH DQFLOODU\ HIIHFW LV WKDW SHRSOH VHHP WR ORYH LW ZKLFK LV DZHVRPH ,W·V PRUH WKDQ DQ\ PXVLFLDQ FRXOG DVN IRU µ

6OYAGER PLAY 4HE %NIGMA "AR ON 3AT *ULY WITH "RISBANE S #ALIGULA S (ORSE AND LOCALS $YSSIDIA AND 6OROS IN SUPPORT @6 IS AVAILABLE NOW ON "IRD S 2OBE 2ECORDS

` Ê >}>â iÊ Ê Õ ÞÊÓä£{

n

05;,9=0,>

;/, )3(*2 :6996>:

)@ 96),9; +<5:;(5 %OXH· LV RQH RI WKRVH UHFRUGV $QG , KDG D ORW RI VRQJV VR , WKUHZ WKH EHVW RI WKHP RQ WKH YLQ\O DQG DGGHG WKH UHVW WR WKH &' µ +H WKHQ VD\V LW JRW WULFN\ SLFNLQJ WKH UXQQLQJ RUGHU IRU WKH YLQ\O UHOHDVH ´$QG WKDW·V EHFDXVH \RX DUH SUHWW\ PXFK OLPLWHG WR D PD[LPXP RI PLQXWHV SHU VLGH µ &DPLOOHUL QRWHV ´, KDG D FHUWDLQ IORZ KDSSHQLQJ LQ P\ KHDG EXW KDG WR FKDQJH WKH RUGHU WR PDNH HDFK VLGH DURXQG PLQXWHV ORQJ µ &DPLOOHUL·V QH[W RIIHULQJ ZLOO EH VRPHWKLQJ WKDW LV DOUHDG\ LQ WKH FDQ DQG ZKLFK ZLOO DOVR RQO\ EH LVVXHG RQ YLQ\O ´,W·V D UHFRUG RI GHDG SHRSOH·V VRQJV ² \·NQRZ PXVLFLDQV ZKR DUH QR ORQJHU ZLWK XV DQ\PRUH µ KH UHYHDOV ´7KDW ZDV JRLQJ WR EH WKH VHFRQG UHFRUG RI ¶&HUWLILHG %OXH· EXW DV , VDLG , ZDV WDONHG RXW RI GRLQJ WKDW %XW LW·V DOUHDG\ GRQH DQG UHDG\ WR JR IRU ODWHU LQ WKH \HDU µ

4HE "LACK 3ORROWS PLAY .ORWOOD ,IVE ON 4HUR *ULY

$

UPHG ZLWK D QHZ UHFRUG ¶&HUWLILHG %OXH· ORQJ UXQ QLQJ 0HOERXUQH HQVHPEOH 7KH %ODFN 6RUURZV DUH FXUUHQWO\ WRXU LQJ WKH FRXQW\ WR SUHVHQW VRQJV IURP LW DV ZHOO DV ROGHU IDYRXULWHV 6D[RSKRQH SOD\HU DQG VLQJHU -RH &DPLOOHUL KDV EHHQ WKH EDQG·V RQO\ FRQVWDQW PHPEHU VLQFH WKH\ IRUPHG \HDUV DJR DV DQ DFRXVWLF EDQG WR SOD\ 0HOERXUQH FDIpV VR LW ZDV ILWWLQJ WKDW , VKRXOG FKDW WR KLP DERXW ¶&HUWLILHG %OXH· D YLQ\O RQO\ UHOHDVH WKDW FRPHV ZLWK D ORQJHU &' YHUVLRQ LQ D VOLSFDVH ´,·G RULJLQDOO\ ZDQWHG WR UHOHDVH ¶&HUWLILHG %OXH· DV D GRXEOH YLQ\O DOEXP EXW TXLFNO\ JRW WDONHG RXW RI WKDW LGHD µ &DPLOOHUL VD\V DV KH VWRNHV WKH ILUH LQ WKH GLQLQJ URRP RI D ORFDO KRWHO SULRU WR D VRXQGFKHFN IRU D JLJ ZLWK /HR 6D\HU 5RVV :LOVRQ 5XVVHOO 0RUULV DQG 5LFKDUG &ODSWRQ ODWHU WKDW HYHQLQJ DW DQ HVWDEOLVKPHQW MXVW RYHU WKH URDG &DPLOOHUL ZKR KDG MXVW UHWXUQHG IURP D ZHHN ORQJ WRXU RI 1RUZD\ ZLWK 7KH %ODFN 6RUURZV JRHV RQ WR VD\ WKDW KH QRZ SODQV WR RQO\ UHOHDVH DOEXPV RQ YLQ\O ´3HRSOH VD\ ¶%XW , MXVW ZDQW WKH &'· VR , WHOO WKHP LW FRPHV ZLWK D &' ZLWK H[WUD VRQJV µ KH VLJKV ´$QG WKH\ VWLOO VD\ ¶, GRQ·W ZDQW WKH YLQ\O ² ,·YH JRW QRWKLQJ WR SOD\ LW RQ ² , MXVW ZDQW WKH &'· 6R ZKDW GR \RX GR" %XW LI WKH\ WKHQ JR RXW DQG EX\ D WXUQWDEOH LW·V D JRRG WKLQJ $QG HYHQ DW WKLV WLPH RI OLIH DIWHU \HDUV LQ WKH EXVLQHVV , JHW H[FLWHG DERXW UHOHDVLQJ YLQ\O µ 0XFK KDV EHHQ PDGH UHFHQWO\ RI WKH IDFW &DPLOOHUL KDV EHHQ LQYROYHG LQ WKH PXVLF VFHQH VLQFH ´, GRQ·W ZDQW WR PDNH D ELJ KRR KD DERXW LW µ KH VD\V ´EHFDXVH WKHUH DUH RWKHUV 5RVV :LOVRQ IRU H[DPSOH ZKR KDYH EHHQ DURXQG IRU MXVW DV ORQJ , GRQ·W HYHU OLNH WR ORRN EDFN DQG WKLQN ¶2K ZDVQ·W , JUHDW \HDUV DJR· RU ¶*HH VRPHRQH VKRXOG KDYH WROG PH QRW WR VLQJ OLNH ZD\ RQ WKDW -R -R =HS UHFRUG· EXW WKH UHDVRQ \RX JR RQ PDNLQJ UHFRUGV DW P\ DJH LV WKDW \RX ZDQW WR YDOLGDWH \RXU EHOLHI WKDW ZKDW \RX DUH GRLQJ LV VWLOO UHOHYDQW ´$QG WKH UHVSRQVH WR ¶&HUWLILHG %OXH· KDV EHHQ JUHDW EXW ZKHWKHU WKDW·V MXVW EHFDXVH SHRSOH OLNH WKH IDFW ,·P VWLOO DURXQG DQG KDYLQJ D FUDFN , GRQ·W UHDOO\ NQRZ µ KH DGGV ´, MXVW NQRZ WKDW PRVW SHRSOH OLNH WKH QHZ UHFRUG DQG UHDOO\ DSSUHFLDWH WKH WKRXJKW WKDW ZHQW LQWR WKH ZKROH WKLQJ ZLWK WKH YLQ\O SDFNDJH DQG WKH JUHDW DUWZRUN DQG HYHU\WKLQJ %XW DOO \RX FDQ GR UHDOO\ LV PDNH D QHZ UHFRUG DQG MXVW KRSH WKDW SHRSOH ZLOO OLNH LW µ $V H[SHFWHG ¶&HUWLILHG %OXH· LV D PL[ RI KRUQ ODGHQ EOXHV DQG 5 % ZLWK D FHUWDLQ 1HZ 2UOHDQV IODYRXU LQ SDUWV ZLWK VRPH FRXQWU\ PXVLF LQIOXHQFHV ´6RPHWLPHV \RX FDQ PDNH D UHFRUG WKDW SHRSOH ZLOO OLNH ZLWKRXW SXQFKLQJ WKHP RYHU WKH KHDG ZLWK LW WRR PXFK µ &DPLOOHUL UHDVRQV ´7KDW·V QRW WR VD\ LW·V D FRS RXW EXW ¶&HUWLILHG

` Ê >}>â iÊ Ê Õ ÞÊÓä£{

05+<:;9@ 5,>:

)@ */90:;0, ,30,A,9 3! -!.!'%23 '%4 3%%$ '2!.43 7KH 6HHG·V VXFFHVVIXO DQG FDUHHU FKDQJLQJ

0DQDJHPHQW :RUNVKRS UHWXUQV DIWHU D \HDU·V KLDWXV ZLWK PDQDJHUV IURP DURXQG WKH FRXQWU\ )URP 6RXWK $XVWUDOLD DUH 2ZHQ )LHOG -LPEODK $GULDQ .HOO\ *UHQDGLHUV 7K\ $UW LV 0XUGHU &RQIHVVLRQ DQG /XF\ &DPSEHOO 7KH $YHV 7KH QHZ ,W·V $OO $ERXW 7KH 6RQJ FDWHJRU\ ZKLFK WHDPV HPHUJLQJ DFWV ZLWK SURGXFHUV VHHV 6\GQH\ SRS DFW &ULVWLDQ &DPSDQR ZLWK 7RQ\ %XFKHQ 6WHYH 6FKUDP ZLWK %ULVEDQH·V )R[ $QG )RZO DQG -RKQ &DVWOH ZLWK %ULVEDQH·V :DILD ,Q DQRWKHU FDWHJRU\ WKUHH PDQDJHUV JHW VXSSRUW RI XS WR WR VXSSOHPHQW WKHLU ZDJHV RU SD\ IRU DQ DVVLVWDQW GXULQJ D WLPH RI KHDY\ ZRUNORDG DQG OLPLWHG FRPPLVVLRQ

&/52 .%7 #/523%3 &/2 6%4 02/'2!0XVLF 6$·V 9(7 PXVLF FRXUVH SURJUDP KDV IRXU QHZ FRXUVHV ² &HUWLILFDWH ,,, LQ 0XVLF DND VRQJZULWLQJ DQG UHFRUGLQJ \RXU RULJLQDO PXVLF IHDWXULQJ JHQUHV RI ('0 KLS KRS SRS URFN DQG IRON 6HH WKH 0XVLF 6$ VLWH

3#!,! ,!5.#(%3 3/.' #/-0%4)4)/.

7KH 6RQJZULWHUV &RPSRVHUV $QG /\ULFLVWV $VVRFLDWLRQ 6&$/$ KDV ODXQFKHG LWV )220 6RQJ &RPSHWLWLRQ 6HW XS LQ LW KDV JURZQ IURP LWV RULJLQDO WKUHH FDWHJRULHV WR LWV FXUUHQW VL[ ² /LYH 6WXGLR 2SHQ 6WXGLR ,QVWUXPHQWDO 'HPR 2SHQ 'HPR ,QVWUXPHQWDO DQG /\ULFV 2QO\ 7KH LGHD RI WKH FRPS LV WR HQFRXUDJH WKH FUHDWLRQ RI RULJLQDO PDWHULDO DQG JHW LW RXW WKURXJK D 6&$/$ &' DQG 03 UHOHDVH :LQQLQJ SUL]HV LQFOXGH UHFRUGLQJ DQG PDVWHULQJ RI ZLQQLQJ WUDFNV DQG FDVK *R WR KWWS ZZZ VFDOD RUJ DX

9/545"% $%,!93 $2/00).' ).$)% #,)03 $IWHU 8. LQGLH WUDGH ERG\ ,03$/$ DGYLVHG WKH (XURSHDQ &RPPLVVLRQ RYHU <RX7XEH·V SODQV WR GURS YLGHRV E\ LQGLH ODEHOV ZKLFK KDYHQ·W VLJQHG LWV QHZ OLFHQVLQJ WHUPV <RX7XEH KDV VWDOOHG WKH PRYH XQWLO QHJRWLDWLRQV ILQLVK

*534)#% #2%7 -!+%3 #(!24 ()34/29 :LWK WKHLU QRZ WULSOH SODWLQXP 4XH 6HUD VWD\LQJ DW IRU D QLQWK ZHHN VLQFH LWV GHEXW DW LQ 0D\ 6\GQH\ KLS KRS JURXS -XVWLFH &UHZ KDYH WKH ORQJHVW UXQ DW WKH WRS RI WKH $5,$ VLQJOHV E\ DQ $XVWUDOLDQ VLQFH WKH $5,$ FKDUW FDPH LQWR EHLQJ LQ 7KH WUDFN HTXDOV .DW\ 3HUU\ V 5RDU DQG /0)$2 V 6H[\ $QG , .QRZ ,W DV WKLUG ORQJHVW VWD\ DW WKH WRS RI WKH FKDUW WKLV GHFDGH

4()3 7%%+ 3 #%24)&)#!4)/.3 ,OO\·V ¶7LJKWURSH· 1LFR 9LQ]·V ¶6WD\ +LJK· DQG 7RYH /R·V ¶6WD\ +LJK· +DELWV 5HQL[

ZHQW SODWLQXP « ,JJ\ $]DOHD·V ¶)DQF\· DQG KHU JXHVW VSRW RQ $ULDQD *UDQGH·V ¶3UREOHP· ERWK ZHQW [ SODWLQXP « 7KH 0DGGHQ %URV· ¶:H $UH 'RQH· KLW JROG « 2Q WKH DOEXP VLGH 6HFRQGV RI 6XPPHU·V VHOI WLWOHG GHEXW ZHQW JROG DV LW GHEXWHG DW LW V WKH WKLUG DOEXP ZLWK D LQ LWV WLWOH WKH RWKHUV EHLQJ 3RZGHUILQJHU·V ¶2G\VVH\ 1R · DQG ¶*OHH 7KH 0XVLF 9ROXPH · « &KHW )DNHU·V ¶%XLOW 2Q *ODVV· DOVR ZHQW JROG

-/2% 7/-%. /. !-0 0!.%, $IWHU FULWLFLVP DERXW JHQGHU LQHTXDOLW\ LQ WKH &RRSHUV $XVWUDOLDQ 0XVLF 3UL]H MXGJLQJ SDQHO WKH QXPEHU RI ZRPHQ KDV EHHQ XPP DPSHG XS -HQ &ORKHU PHGLD·V 6DUDK 6PLWK DQG %U\JHW &KULVILHOG DQG D IRXUWK QDPH DUH QHZ -HW %ODFN &DW 0XVLF V 6KDQQRQ /RJDQ UHPDLQV 5HQHH *H\HU WDNHV D EUHDN

4().'3 7% (%!2 $XVVLHV $EURDG ,JJ\ $]DOHD PDGH FKDUW KLVWRU\ LQ WKH 86 ZKHQ KHU )DQF\ VWD\HG DW IRU VL[ ZHHNV PDNLQJ LW WKH ` Ê >}>â iÊ Ê Õ ÞÊÓä£{

£ä

ORQJHVW VWD\ DW WKH WRS E\ D IHPDOH UDSSHU « 9DQFH -R\·V 5LSWLGH HQWHUHG WKH 86 7RS « 7KH 3UHDWXUHV PDGH D VWLU DW WKH *ODVWRQEXU\ DQG %RQQDURR IHVWLYDOV PDNLQJ IDQV IURP 10( WR PRGHO $O\V +DOH DQG %ULDQ -RQHVWRZQ 0DVVDFUH« $ JUDQW IRU %ULVEDQH·V %HF /DXJKWRQ IURP WKH /RUG 0D\RU V <RXQJ (PHUJLQJ $UWLVWV )HOORZVKLS ZLOO VHH KHU ZRUN LQ WKH 6WDWHV ZLWK *UDPP\ ZLQQLQJ EDVVLVW DQG SURGXFHU 0LFKDHO /HDJXH RI 1HZ <RUN EDVHG 6QDUN\ 3XSS\ 2Q $%& 79·V ¶$XVWUDOLDQ 6WRU\· WKLV ZHHN 0HJDQ :DVKLQJWRQ UHYHDOHG KRZ VKH KDV OLYHG ZLWK D GHELOLWDWLQJ VWXWWHU $V /RUGH ZRUNV RQ QHZ GHPRV LQ 1HZ =HDODQG VKH FRPSODLQV WKDW ´JKRVWVµ LQ WKH VWXGLR DUH FUHDWLQJ KXPV RQ WKH UHFRUGLQJV (G 6KHHUDQ V ¶;· LV WKH 8.·V IDVWHVW VHOOLQJ DOEXP WKLV \HDU ZLWK FRSLHV LWV ILUVW ZHHN ,W EHDW &ROGSOD\·V DFKLHYHPHQW IRU ¶*KRVW 6WRULHV· LQ 0D\ E\ 6\GQH\·V 3DSD 9V 3UHWW\ KDYH VSOLW DIWHU WZR DOEXPV WKURXJK (0, &ROGSOD\·V &KULV 0DUWLQ JDYH XS EHLQJ D YHJHWDULDQ DIWHU KLV PDUULDJH VSOLW /RX 5HHG OHIW D PLOOLRQ IRUWXQH PLOOLRQ RI ZKLFK ZDV JDWKHUHG E\ KLV PDQDJHU DIWHU KLV GHDWK ODVW \HDU +LV ZLIH /DXULH $QGHUVRQ JHWV PLOOLRQ KLV PLOOLRQ 0DQKDWWDQ DSDUWPHQW DQG D P SURSHUW\ LQ WKH H[FOXVLYH +DPSWRQV DUHD RI /RQJ ,VODQG $V SDUW RI DQ LQVWDOODWLRQ H[KLELW E\ 3RUWXJXHVH DUWLVW -RmR 2QRIUH 8. GHDWK PHWDO EDQG 8QIDWKRPDEOH 5XLQDWLRQ ZLOO SOD\ IRU WKUHH QLJKWV D ZHHN XQWLO $XJXVW LQ DQ DLU WLJKW VRXQGSURRI FXEH XQWLO WKH\ UXQ RXW RI R[\JHQ 3DSHUEDFN 5LRWHUV 7KH %HGURRP 3KLORVRSKHU -XVWLQ +HD]OHZRRG

ODXQFKHV KLV ERRN ¶)XQHPSOR\HG· ,W ORRNV DW WKH UHDOLW\ RI WKH ZRUNLQJ PXVLFLDQ LQ $XVWUDOLD ZLWK LQSXW IURP DFWV LQFOXGLQJ *RW\H $PDQGD 3DOPHU DQG &ODLUH %RZGLWFK 0HDQWLPH IRUPHU 7ULSOH - 0DJD]LQH (GLWRU -HQQ\ 9DOHQWLVK UHOHDVHG KHU ILUVW ERRN · &KHUU\ %RPE· EDVHG DURXQG 1LQD 'DOO RI ILFWLRQDO 6\GQH\ SXQN EDQG 7KH 'ROOV )HVWLYDO IDYH -XOLD 5RVH ZLOO HPEDUN RQ WRXUV RI $XVWUDOLD -DSDQ DQG &DQDGD EHKLQG QHZ VLQJOH &RPH :KDW 0D\ ODWHU LQ WKURXJK +XPDQ 5HFRUGV ,W ZDV SURGXFHG E\ KHU PDQDJHU *X\ &RRSHU %XHQD 9LVWD 6RFLDO &OXE 1HZWRQ )DXONQHU 7KH YLGHR IHDWXUHV )HOLFLW\ /DZOHVV 'DQLHO +LW]NH -XO] 3DUNHU +XVV\ +LFNV DQG KHU VLVWHU && WKH &DW ,Q 0D\ VKH ZDV DZDUGHG 3HUIRUPHU RI WKH <HDU DW WKH 3ULGH )HVWLYDO 4XHHQV %DOO $ZDUGV

!00/).4-%.43 !4 !02! !-#/3 $35$ $0&26 PDGH 0DWWKHZ )DFNUHOO WKH 'LUHFWRU RI %XVLQHVV &KDQJH &DWKHULQH *LXOLDQR WDNHV RYHU KLV IRUPHU UROH RI 'LUHFWRU RI 5HFRUGHG 0XVLF /LFHQVLQJ )UDFNUHOO ZLOO ZRUN RQ QHZ FRUH WHFKQRORJ\ SODWIRUP &/() &RS\ULJKW DQG /LFHQVLQJ (QWHUSULVH )DFLOLW\

ZLWK WKH WHFKQLFDO WHDP 'HSXW\ 'LUHFWRU :ULWHU 6HUYLFHV -DQD *LEVRQ LV QRZ 'HSXW\ 'LUHFWRU RI &RPPXQLFDWLRQV DQG (YHQWV

#!2,4/. $29 ',/"!, '2!.4 /0%.3 ,QGLH ODEHO DVVRFLDWLRQ $,5 DQG &DUOWRQ 'U\ RSHQHG DSSOLFDWLRQV IRU WKH &DUOWRQ 'U\ *OREDO 0XVLF *UDQW 6HOI UHOHDVHG DFWV RU WKRVH VLJQHG WR DQ LQGLH FDQ RQO\ XVH WKH PRQH\ WR WRXU VKRZFDVH UHFRUG RU UHORFDWH 0RUH LQIR ZZZ DLU RUJ DX GHDGOLQH LV 6HSW /DVW \HDU·V ZLQQHU .LQJ *L]]DUG 7KH /L]DUG :L]DUG XVHG WKH JUDQW WR WRXU 1RUWK $PHULFD DQG UHQWHG D KRXVH LQ XSVWDWH 1HZ <RUN WR ZULWH VRQJV IRU D PRQWK

7!..! 7/2+ !4 7/-!$%,!)$% :RPDGHODLGH LV ORRNLQJ IRU SURGXFWLRQ VWDII IRU LWV HYHQW 7KHVH LQFOXGH D SURGXFWLRQ PDQDJHU SURGXFWLRQ FRRUGLQDWRU DUWLVW LQIUDVWUXFWXUH SURGXFWLRQ FRRUGLQDWRU ORJLVWLFV VLWH FRRUGLQDWRU ORJLVWLFV DVVLVWDQW VLWH FRRUGLQDWRU DQG VWDOOV FRRUGLQDWRU DGPLQLVWUDWRU )RU IXOO MRE GHVFULSWLRQV DQG SD\ LQIR FRQWDFW LVFRELH#DUWVSURMHFWV FRP DX

7!..! 0,!9 ! '2!.4 ).&/ .)'(4 7KH $UWV &HQWUH DW 3RUW 1RDUOXQJD QHHGV D \RXQJ VROR DUWLVW XQGHU WR SHUIRUP IRU PLQXWHV DW LWV PXVLF JUDQWV DQG LQIR QLJKW RQ 7KXUV $XJ 7KHUH LV D SHUIRUPDQFH IHH DQG SUHIHUHQFH ZLOO EH JLYHQ WR \RXQJ DUWLVWV OLYLQJ LQ WKH &LW\ RI 2QNDSDULQJD FRXQFLO DUHD (PDLO /XF\ 7KXUOH\ D OLQN WR DQ RULJLQDO VRQJ DQG D VKRUW ELR DW OXFWKX#RQNDSDULQJD VD JRY DX E\ )UL -XO\

#!2#,%7 02/*%#4 !.$ $%6%,/0-%.4 '2!.43 (DFK \HDU &DUFOHZ SURYLGHV WZR URXQGV RI JUDQWV WR KHOS \RXQJ DUWLVWV DQG XQGHU

WR GHYHORS FUHDWLYH SURMHFWV SXUVXH FDUHHU GHYHORSPHQW DFFHVV FXOWXUDO KHULWDJH HPSRZHU DUWLVWV WR JHW PHQWRUVKLSV DQG SDUWLFLSDWH LQ ZRUNVKRSV PDVWHUFODVVHV DQG VXPPHU VFKRROV 7KH JUDQWV FDQ DOVR EH XVHG WRZDUG SURMHFWV E\ DQG RU IRU FKLOGUHQ DQG RU \RXQJ SHRSOH RU QRQ SURILW RUJDQLVDWLRQV 7KHUH·V D IUHH LQIR VHVVLRQ RQ 7KXUV -XO\ IURP SP DW &DUFOHZ DW -HIIFRWW 6WUHHW 1RUWK $GHODLGH

,)&%,).%3 %RUQ GDXJKWHU $PHOLD WR 0L[ 3' DQG EUHDNIDVW DQFKRU %UHQGRQ :KLSS\ 'DQJDU ,OO 1HLO <RXQJ DQG &UD]\ +RUVH·V ORQJ WLPH EDVVLVW %LOO\ 7DOERW KDG WR SXOO RXW RI WKHLU (XURSHDQ WRXU DIWHU KH KDG D PLOG VWURNH 5HFRYHUHG RQH WLPH :X 7DQJ &ODQ DIILOLDWHG UDSSHU &KULVW %HDUHU ZKR FXW RII KLV GLFN ZKHQ RQ 3&3 VD\V LW·V QRZ UHDWWDFKHG DQG KH SODQV WR VKRZ LW·V LQ IXOO ZRUNLQJ RUGHU E\ GRLQJ DQ DGXOW ILOP $UUHVWHG WZR ,GDKR FRSV RYHUKHDULQJ WZR PHQ WDONLQJ DERXW WKHLU IDYH EDQG 1LFNHOEDFN PLVKHDUG LW DV ´QLFNHO VDFNµ D PDULMXDQD UHIHUHQFH 'LHG $XVWUDOLDQ $ 5 H[HF 3HWHU 'DZNLQV DIWHU D IDOO DW KLV KRPH $V KHDG RI $ 5 DW (0, &%6 DQG )HVWLYDO KH VLJQHG DQG SURGXFHG KLWV IRU 'UDJRQ 0DWW )LQLVK 0L 6H[ $LU 6XSSO\ 5XVVHOO 0RUULV DQG 2] &UDZO 'LHG $XVWUDOLDQ SURGXFWLRQ DQG URDG FUHZ WHFKQLFLDQ $QGUHZ ¶/XUFK· 0F'RQDOG IURP SDQFUHDWLF FDQFHU DW KLV KRPH RQ WKH *ROG &RDVW +H ZRUNHG ZLWK EDQGV DV .XVK 'DYH :DUQHU 7KH ([SUHVVLRQ DV ZHOO DV 6DP 0XVLF LQ 0HOERXUQH 3XUYLV &RQFHUW 6\VWHPV LQ 3HUWK DQG DW 'DUZLQ &DVLQR 'LHG 7DUHH 0D[ )0 EURDGFDVWHU RI QLQH \HDUV 7KH 'LFHPDQ UHDO QDPH &UDLJ +XWK

DIWHU D VWURNH +H ZDV NQRZQ IRU KLV JUHJDULRXV SHUVRQDOLW\ DQG KLV FRPPLWPHQW WR IXQG UDLVLQJ IRU ORFDO FKDULWLHV 'LHG EXVLQHVVPDQ *UHJ &RRWH RQH WLPH '$< )0 GLUHFWRU DQG 3UHVLGHQW DQG &(2 RI 9LOODJH 5RDGVKRZ IURP FDQFHU +H ZDV DOVR 0DQDJLQJ 'LUHFWRU RI 7(1 1HWZRUN DQG KHDGHG WKH ILOP GLYLVLRQ RI &ROXPELD 7UL6WDU 'LHG 86 PXVLF MRXUQDOLVW -HII 5HVQHU FRPSOLFDWLRQV IURP KHDUW GLVHDVH +H ZURWH IRU ¶5ROOLQJ 6WRQH· ¶7LPH· ¶86 :HHNO\· DQG ¶7KH +ROO\ZRRG 5HSRUWHU·

!5$)/ .%47/2+ "593 !533)% 35"3)$)!29 8. EDVHG $XGLR 1HWZRUN ZKLFK SURYLGHV PXVLF IRU ILOP 79 DQG YLGHR KDV ERXJKW RXW $XGLR 1HWZRUN $XVWUDOLD &R IRXQGHU /LQGD 7L]DUG ZKR VHW XS WKH ORFDO FRPSDQ\ LQ MRLQWO\ ZLWK WKH 8. SDUHQW KDQGHG RYHU PDQDJHPHQW WR WZR RI KHU WHDP +HDG RI VDOHV &KDUOHV &XWELOO EHFRPHV 6DOHV 'LUHFWRU +HDG RI &UHDWLYH 6HUYLFHV -HVV 2VVLQJWRQ WDNHV RQ 2SHUDWLRQV 'LUHFWRU

7/2,$ &)234 &/2 02%3%43 6)$%/ 7KH YLGHR IRU 7KH 3UHVHWV· QHZ VLQJOH 1R )XQ FODLPV D ZRUOG ILUVW DV D VL[ VLGHG LQWHUDFWLYH FOLS ,W KDV VL[ IXOO OHQJWK PXVLF YLGHRV HDFK ZLWK WKHLU RZQ GLVWLQFW QDUUDWLYH WR UXQ RQ VL[ VLGHV RI WKH ¶&XEH· DOORZLQJ YLHZHUV WR WZLVW WXUQ DQG PDQLSXODWH \RXU RZQ DXGLRYLVXDO H[SHULHQFH RI 1R )XQ LQ UHDO WLPH

!,,!. #!37%,, ,/3%3 !,!"!-! "!44,% $XVWUDOLDQ VLQJHU VRQJZULWHU $OODQ &DVZHOO ORVW D \HDU OHJDO EDWWOH DJDLQVW 86 FRXQWU\ URFN EDQG $ODEDPD +H VXHG VD\LQJ WKDW KLV VRQJ 2Q 7KH ,QVLGH ZDV VLPLODU WR WKHLU VLQJOH $ODEDPD &KULVWPDV 2Q 7KH ,QVLGH VXQJ E\ /\QQH +DPLOWRQ ZDV WKH WKHPH VRQJ

IRU WKH ¶3ULVRQHU· 79 VHULHV UHDFKLQJ LQ $XVWUDOLD DQG LQ %ULWDLQ ,URQLFDOO\ ERWK VRQJV ZHUH SXEOLVKHG E\ 6RQ\ $79 ZKRP &DVZHOO DOVR LQFOXGHG LQ KLV VXLW &DVZHOO VDLG LQ D SRVWLQJ RI WKH 6XSUHPH &RXUW GHFLVLRQ ´7KHUH ZHUH KROHV LQ WKHLU GHIHQFH WKDW \RX FRXOG GULYH D WUXFN WKURXJKµ DQG VXJJHVWHG KH PLJKW DSSHDO

!7-% #/.&%2%.#% #!,, /543 $:0( LV DFFHSWLQJ SURSRVDOV IURP LQGXVWU\ DVVRFLDWHV ZKR ZDQW WR VXJJHVW DQG SUHVHQW UHOHYDQW WRSLFV DQG VSHDNHUV IRU WKH &RQIHUHQFH 3URJUDP (DFK VHVVLRQ ODVWV IRU QR PRUH WKDQ DQ KRXU ZLWK D PD[LPXP RI IRXU VSHDNHUV 'HDGOLQH LV 7KXUV -XO\ VHH $:0( VLWH

39$.%9 3 0)!./ 2//"%#/-%3 345$)/ 7KH VLWH RFFXSLHG E\ WKH 3LDQR 5RRP LQ .LQJV &URVV LV EHLQJ WXUQHG LQWR D EURDGFDVW VWXGLR 5RQ &UHHYH\ ZKR IRXQGHG RQH RI WKH FRXQWU\·V ILUVW LQWHUQHW VHUYLFH 0DJQD 'DWD KDV VHW XS D VWXGLR ZKLFK LV RSHQ WR DQ\RQH ZKR ZDQWV WR UHFRUG KROG D OLYH HYHQW RU EURDGFDVW UDGLR 79 DQG RQOLQH

-!+%2 3)'.3 .)#+9 .)'(4 4)-% 1LFN\ 1LJKW 7LPH VLJQHG ZLWK WKH 0DNHU DJHQF\ KRPH RI $QQD /XQRH &DVVLDQ *ROGHQ )HDWXUHV 0RWH] 1LQD /DV 9HJDV 6DPSRORJ\ :KDW 6R 1RW DQG 7DPH ,PSDOD 'LUHFWRU IRXQGHU $ODVWDLU *UHHQ VDLG ´,·YH KDG D ORQJ KLVWRU\ RI PDQDJLQJ KLV 1LFN 5RXWOHGJH ERRNLQJV DV 9DQ 6KH DQG 9DQ 6KH 7HFK 1LFN\ KDV WKH UDZ WDOHQW XQGHUVWDQGLQJ DQG GULYH WR JR DOO WKH ZD\ µ +H KDV D UHFRUG GHDO ZLWK 2QH/RYH +LV VLQJOH (YHU\ERG\ 7RJHWKHU LV JHWWLQJ DLUSOD\ DQG FKDUW DFWLRQ JOREDOO\ DQG KH·V GRLQJ KLV ILUVW $XVVLH WRXU

9/5 45"% 350%234!2 !../5.#%3 %-) $%!, <RX7XEH VXSHUVWDU 7UR\H 6LYDQ DQQRXQFHG WKDW KH VLJQHG WR (0, $XVWUDOLD ODVW \HDU DQG DERXW WR UHOHDVH DQ (3 75;<( QH[W PRQWK 7KH \HDU ROG·V PLOOLRQ VXEVFULEHUV QRWFKHG XS PLOOLRQ YLHZV WR KLV <RX7XEH FKDQQHO

2%)#(!2$4 !4 ) &/2'%4 3/229 3URGXFHU PXOWL LQVWUXPHQWDOLVW 5HLFKDUGW MRLQHG 6\GQH\·V , )RUJHW 6RUU\ FROOHFWLYH +DYLQJ ZRUNHG ZLWK 7LP +DUW %R\ %HDU

DQG %OLVV 1 (VR KH VWHSV LQWR WKH VROR VSRWOLJKW ZLWK KLV GHEXW VLQJOH 6XQIORZHU IHDWXULQJ +DUW

.)#% %6%.43 '%43 3,)-%$ 1LFH (YHQWV D QHZ FRPSDQ\ VHW XS E\ .LOOURFNVWDU (QWHUWDLQPHQW DQG %LJ'RJ &UHDWLYH DLPHG DW IDPLO\ DQG \RXWK HQWHUWDLQPHQW ZLOO ZRUN ZLWK 1LFNHORGHRQ RQ WKH WKLUG 6OLPHIHVW ,W LV D NLGV· PXVLF FRQFHUW ZLWK '-V WKURXJK 6HSWHPEHU 7KLV \HDU LW H[SDQGV IURP 6\GQH\ WR 0HOERXUQH

#//+).' 6).9, 4%!-3 7)4( 2!:/2 4)% &RRNLQJ 9LQ\O $XVWUDOLD ZLOO UHOHDVH 1HZ <RUN ODEHO 5D]RU 7LH PHWDO DQG URFN VLJQLQJV LQ $XVW DQG 1= &9$·V 6WX +DUYH\ VDLG ´5D]RU 7LH KDYH EXLOW RQH RI WKH PRVW LPSUHVVLYH URFN URVWHUV LQ WKH 86 µ ,W LQFOXGHV <HOORZFDUG $OO 7KDW 5HPDLQV 6WDUVHW 6XFK *ROG DQG 7KH 6ZRUG

4%,342!

30,%.$/52 7/2+ /54 4)&& %\URQ %D\·V 6SOHQGRXU ,Q WKH *UDVV IHVWLYDO TXLW QHJRWLDWLRQV RYHU 7HOVWUD·V FKDUJH IRU VXSSO\LQJ D * WRZHU ,W ZHQW RQ WR XQOHDVK VRFLDO PHGLD SRZHU SRVWLQJ WKDW 7HOVWUD ZRXOG QRW MRLQ RWKHU PRELOH WHOFRV LQ VXSSO\LQJ D &HOO RQ :KHHOV WRZHU &2: WR H[SDQG FRYHUDJH 6HHWKLQJ 7HOVWUD FXVWRPHUV ZDUQHG WKH\·G VZLWFK WR 2SWXV 7HOVWUD PDGH WZR &2:6 DYDLODEOH DGGLQJ WKHVH ZHUH DOZD\V WR EH VXSSOLHG ,W VDLG LW ZDV ´VXUSULVHGµ E\ 6SOHQGRXU·V SRVW EHFDXVH WKH QHJRWLDWLRQV KDG EHHQ RYHU D SHUPDQHQW * WRZHU ££

` Ê >}>â iÊ Ê Õ ÞÊÓä£{

(3)<4 9,=0,>:

"OB -OULD "EAUTY !ND 2UIN -ERGE %RE 0RXOG LV HQMR\LQJ VRPHWKLQJ RI D UHQDLVVDQFH $IWHU VSHQGLQJ WKH EHVW SDUW RI WZR GHFDGHV VHHPLQJO\ EHQW RQ GHQ\LQJ KLV SDVW³RU PRUH NLQGO\ DWWHPSWLQJ WR QHYHU UHSHDW KLPVHOI³LQ WKH SDVW FRXSOH RI \HDUV KH VHHPV WR KDYH JLYHQ LQ WR WKH IDFW WKDW SHRSOH ORYHG KLV EDQG +XVNHU 'X ODWH V SXQN SRS LQGLH SLRQHHUV DQG WKDW KLV ¶&RSSHU %OXH· DOEXP ZLWK KLV WKHQ QHZ EDQG 6XJDU LV ZLGHO\ UHFRJQL]HG DV DQ LQGLH URFN PDVWHUSLHFH $IWHU VHYHUDO VW\OLVWLF GHWRXUV LQ WKH \HDUV VLQFH 6XJDU EURNH XS 0RXOG ILQDOO\ NLFNHG EDFN LQ WKH WXUER DQG UHFRUGHG ¶6LOYHU $JH· HIIHFWLYHO\ WKH YHUVLRQ RI ¶&RSSHU %OXH· ,Q WKH VDPH \HDU KH EHJDQ WRXULQJ ¶&RSSHU %OXH· LQ LWV HQWLUHW\ WR FHOHEUDWH LWV WK DQQLYHUVDU\ $QG \HD WKH JUHDW XQZDVKHG ZHUH JUDWHIXO DQG SOHDVHG DJDLQ« $QG QRZ FRPHV WKH IROORZ XS ¶%HDXW\ $QG 5XLQ· LV 0RXOG·V UHVSRQVH WR KLV IDWKHU·V GHDWK D VRQJ F\FOH LQ ZKLFK KH GHDOV ZLWK KLV UHODWLRQVKLS ZLWK KLV IDWKHU DQG KLV JULHI RYHU KLV SDVVLQJ OHDGLQJ WR KLV XOWLPDWH FRQFOXVLRQ WKDW LWV DFWXDOO\ RN WR ORYH WR EH ORYHG DQG EH RSWLPLVWLF 7KH ODWWHU LV D PDVVLYH GHSDUWXUH IURP 0RXOG·V VWDQGDUG F\QLFDO DQG QHJDWLYH YLHZ LQGHHG LW·V DOPRVW MDUULQJ LI QRW XQZHOFRPH WR KHDU 0RUH IDPLOLDU KRZHYHU DUH WKH GULYLQJ JXLWDUV DQG HQGXULQJ PHORGLHV WKDW PDGH LWV SUHGHFHVVRU VXFK D ZHOFRPH UHWXUQ )LUH ,Q 7KH &LW\ 7RPRUURZ 0RUQLQJ DV ZHOO DV MR\RXV VWDEV RI SRZHUSRS WKDW FRXOG KDYH HDVLO\ EHHQ IRXQG LQ ODWH HUD +XVNHU 'X , 'RQ·W .QRZ <RX $Q\PRUH +H\ 0U *UH\ %XW WKHUH DUH DOVR VRPH ZHDN SRLQWV DQG WKHVH KDSSHQ WR EH RQ WKH SXUH SRS DFRXVWLF PRPHQWV )RUJLYHQHVV /HW 7KH %HDXW\ %H ZKHUH WKH VWUXFWXUH DQG PHORGLHV DUH XQFKDUDFWHULVWLFDOO\ XQRULJLQDO 1RQHWKHOHVV SXW WKHVH DVLGH DQG ¶%HDXW\ $QG 5XLQ· VHHV 0RXOG FRQWLQXLQJ KLV VWURQJ UHFHQW UXQ

3HWHU 6WUHODQ

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¶6WDUWXS &XOW· KDV EHHQ PXFK DQWLFLSDWHG )RU WKRVH IDPLOLDU ZLWK $OOGD\·V SUHYLRXV ` Ê >}>â iÊ Ê Õ ÞÊÓä£{

RIIHULQJV ¶6WDUWXS &XOW· EULQJV VRPHWKLQJ HOVH WR WKH WDEOH ,W LV D PXFK PRUH VRXOIXO DQG ODLGEDFN DIIDLU UHIOHFWLQJ KLV ORYH RI QHR VRXO U·Q·E VR $OOGD\·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·V VWURQJ RFNHU DFFHQW FDQ EH GLIILFXOW WR JHW XVHG WR DW ILUVW EXW KLV FULVS SURGXFWLRQ DQG DFFHVVLEOH IORZ PRUH WKDQ PDNHV XS IRU LW :KLOVW ¶6WDUWXS &XOW· GRHVQ·W LPPHGLDWHO\ FDOO RXW LQVWDQW KLS KRS FODVVLF LW LV VWLOO D IDLUO\ HQMR\DEOH DOEXP DQG ZLOO PDNH VWULGHV ERWK LQ KLS KRS DQG SRS PXVLF DUHQDV

>, 302,+ 0; (5+ @6< >033 ;66

"LUES 0ILLS "LUES 0ILLS .UCLEAR "LAST 2IOT $IWHU WHPSWLQJ XV ZLWK D VWXGLR (3 LQ IROORZHG E\ D OLYH (3 HDUOLHU WKLV \HDU WKH \RXQJ DQG PXFK K\SHG 6ZHGLVK )UHQFK $PHULFDQ RXWILW %OXHV 3LOOV KDYH UHOHDVHG WKHLU KLJKO\ DQWLFLSDWHG GHEXW DOEXP $QG ,·P SOHDVHG WR VD\ WKDW LW KDV EHHQ ZRUWK WKH ZDLW 7KH TXDUWHW FRPSULVLQJ VLQJHU (OLQ /DUVVRQ KRWVKRW JXLWDULVW 'RULDQ 6RUULDX[ EDVVLVW =DFN $QGHUVRQ DQG GUXPPHU &RU\ %HUU\ EHOLH WKHLU \RXWK WR FUHDWH WLPHOHVV PXVLF WKDW LV GHHSO\ VWHHSHG LQ WKH KHDY\ EOXHV DQG SV\FK VRXQGV RI WKH ODWH ¶VL[WLHV (FKRHV RI %LJ %URWKHU 7KH +ROGLQJ &RPSDQ\ &UHDP %OXH &KHHU WKH RULJLQDO

)OHHWZRRG 0DF WKH *URXQGKRJV DQG PRUH FDQ EH KHDUG DFURVV WKH WHQ WUDFNV KHUH 0XFK KDV EHHQ PDGH RI /DUVVRQ·V VRXOIXO JULWW\ DQG SRZHUIXO VLQJLQJ VW\OH ZKLFK KDV ULJKWIXOO\ GUDZQ FRPSDULVRQV ZLWK WKH OLNHV RI -DQLFH -RSOLQ $UHWKD )UDQNOLQ DQG $QQ :LOVRQ )URP VWRPSLQJ URFNHUV OLNH +LJK &ODVV :RPDQ WKURXJK WKH IXQNHG XS DQG IX]]HG RXW -XSLWHU WR WKH VORZ EXUQLQJ FORVHU /LWWOH 6XQ WKHUH LV PXFK WR OLNH KHUH (OVHZKHUH 'HYLO 0DQ DQG 5LYHU DUH UH UHFRUGHG DQG LQ WKH ODWWHU·V FDVH H[WHQGHG YHUVLRQV RI VRQJV WKDW DSSHDUHG RQ WKH VWXGLR (3 ZKLOH %ODFN 6PRNH DQG $VWUDOSODQH VHH %OXHV 3LOOV EHJLQ WR VWUHWFK WKHLU FUHDWLYH ZLQJV D ELW IXUWKHU :LWK DOO WKH WUDFNV FRPLQJ LQ DW DURXQG ILYH PLQXWHV RU OHVV WKH EDQG KDYH NHSW WKLQJV VKDUS DQG FRQFLVH ZKLFK RQ EDODQFH LV SUREDEO\ D JRRG WKLQJ DOWKRXJK , SHUVRQDOO\ ZRXOGQ·W PLQG KHDULQJ VRPH H[WHQGHG MDPPLQJ JLYHQ WKH EDQG·V XQGRXEWHG PXVLFDO SHGLJUHH :LWK ZDUP RUJDQLF SURGXFWLRQ FRXUWHV\ RI 'RQ $OVWHUEHUJ *UDYH\DUG 6RXQGWUDFN 2I 2XU /LYHV WKLV LV D ILQH DOEXP LQ LWV RZQ ULJKW EXW RQH ZKLFK DOVR FRQWDLQV FOHDU VLJQDOV WKDW WKHUH LV HYHQ EHWWHU WR FRPH LQ WKH IXWXUH $QG MXVW D TXLFN ZRUG DERXW WKH DOEXP·V DUWZRUN ² LW·V VWXQQLQJ DQG EHVW HQMR\HG OLNH WKH PXVLF LQ WKH DXWKHQWLF YLQ\O IRUPDW

/HR 9DURQD

,INKIN 0ARK 4HE (UNTING 0ARTY 7ARNER

-DPHV 0F.HQ]LH

/LQNLQ 3DUN KDYH GHFLGHG WR UHWXUQ WR WKH KDUG URFN VW\OH RI WKHLU HDUOLHU PDWHULDO VKHGGLQJ WKHLU HOHFWURQLF VLGH RQ WKHLU VL[WK DOEXP 7KH +XQWLQJ 3DUW\ 7KH UHFRUG LV QDPHG DV VXFK DV WKH EDQG FODLP WKH\ DUH WKH KXQWLQJ SDUW\ ORRNLQJ WR VHDUFK DQG GHVWUR\ WKH ZHDN URFN EDQGV RI WKH FXUUHQW GD\ ,W VKRXOG EH QRWHG DW WKLV SRLQW WKDW /LQNLQ 3DUN V ILUVW WRXU IRU WKLV DOEXP LV ZLWK 6HFRQGV 7R 0DUV 0D\EH WKH DUH MXVW WU\LQJ WR JHW FORVH WR WKH HQHP\ 7KH DOEXP RSHQV ZLWK WKH EDQG VRXQGLQJ OLNH WKHLU 7UDQVIRUPHU EXGGLHV RQ D YRFDO KRRN WKDW H[SORGHV LQWR D SXQN URFN SDFHG MDP WLWOHG .H\V 7R 7KH .LQJGRP D VRQJ WKDW VHHPV OLNH D QDWXUDO NLQG RI KHDY\ WKDW WKH EDQG KDVQ W H[SORUHG EHIRUH 1RW WKH IDX[ KHDY\ RI QX PHWDO EXW D UHDO JDUDJH EDQG VRXQG ZLWK WRXFKHV RI JURRYH LQ 0LNH 6KLQRGD V YHUVH WKDW RIIVHWV WKH EDFNLQJ JXLWDU ULII QLFHO\ 7KH JURXS UHTXHVW WKH VHUYLFHV RI +HOPHW V 3DJH +DPLOWRQ RQ $OO )RU 1RWKLQJ D FRRO PRYH DQG D UHDO URFN OHJHQG WR KHOS ZLWK WKHLU URFN FUXVDGH EXW +DPLOWRQ LV JLYHQ WKH /3 PDNHRYHU PDNLQJ KLP VRXQG OHVV OLNH KLPVHOI DQG PRUH OLNH WKH UHVW RI WKH KXQWLQJ SDUW\ 7KH JXHVWV FRPH LQ KDUG DQG IDVW RQ WKH UHFRUG ZLWK D %RG\ &RXQW OLNH UDS IURP 5DNLP RQ *XLOW\ $OO 7KH 6DPH DQG VRPH PRUH URFN YHWHUDQV DORQJ IRU WKH ULGH ZLWK 6\VWHP RI D 'RZQ V 'DURQ 0DODNLDQ DQG WKH PLJKW\ 7RP 0RUHOOR DOWKRXJK WKH LQSXW WKDW KH KDV RQ 'UDZEDU RQH RI WKH PHOORZHVW WUDFNV RQ WKH UHFRUG LV XQFOHDU 7KH UHFRUG FORVHV ZLWK VRPH PRUH SXQN VW\OH EODVWV EHDWV LQ WKH IDVW SDFHG DQG HQHUJHWLF $ /LQH ,Q 7KH 6DQG ZKLFK WDNHV D OLWWOH ZKLOH WR EXLOG XS DQG WKHQ H[SORGHV ZLWK FKXJJLQJ PHWDO ULIIV DQG PDUFKLQJ VW\OH VQDUH GUXPV 7KLV WUDFN RQFH DJDLQ KDV WKH RUJDQLF URFN IHHO WKDW UXQV UDPSDQW WKURXJKRXW WKH UHFRUG LW V ZKDW QX PHWDO /3 ZRXOG VRXQG OLNH LI WKLV ZDV WKHLU ILUVW DOEXP DJDLQ LQ WRGD\ V ZRUOG ,W LV XQFOHDU RQ ZKHWKHU RU QRW /LQNLQ 3DUN KDYH WDXJKW DOO WKRVH RWKHU URFN EDQG V RXW WKHUH WRGD\ D OHVVRQ ZLWK 7KH +XQWLQJ 3DUW\ DV ZDV WKHLU DLP EXW WKH\ FHUWDLQO\ KDYH PDGH D SUHWW\ VROLG URFN UHFRUG

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

/XNH &DUOLQR £Ó

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

1R &RDVW PD\ ZHOO EH D YHUVLRQ RI %UDLG WKDW ZLOO DSSHDO WR D JUHDWHU QXPEHU RI SHRSOH 6WUDQJH DV SOHQW\ RI EDQGV VRXQG OLNH WKLV EXW WKHVH JX\V FDPH ILUVW KRZHYHU ZURWH WKLV UHFRUG ZHOO DIWHU OLNH VRPH ZHLUG FKLFNHQ RU WKH HJJ WKHRU\ &RQVLGHULQJ WKH DPRXQW RI WLPH EHWZHHQ UHOHDVHV %UDLG KDYH HVVHQWLDOO\ SLFNHG XS ZKHUH WKH\ OHIW RII VL[WHHQ \HDUV DJR DQG ZKLOVW 1R &RDVW LVQ W VDYLQJ WKH VFHQH RU UHYROXWLRQLVLQJ DQ\WKLQJ LW LV D JRRG UHPLQGHU RI WKH JHQUH V HDUO\ GD\V DQG DQ HQWHUWDLQLQJ OLVWHQ

/XNH &DUOLQR

;/, -90+.,

>,+ 1<3@ ;<, 1<3@

7ED *ULY $YRFD +RWHO ± /LYH 6HVVLRQV '- '0+ %DU 2Q *RXJHU ± /RXQJH 1LJKW &RRSHUV $OHKRXVH # 7KH (DUO ± 'DUUHQ &DUPHQ &XPEHUODQG $UPV ± G¶Q¶E ZLWK '-V 6ZLIW DQG 6WU\NH 'DQLHO 2¶&RQQHOO +RWHO ± 2SHQ 0LF (DUWK ± )ODVKEDFN 3HUIHFW 0DWFK (PSLUH 3RRO /RXQJH ± '- 2UEH *RYHUQRU +LQGPDUVK +RWHO ± :HHNHQG :DUULRUV 2SHQ 0LF 1LJKW +4 ± µ)ODVKGDQFH¶ 0DUV %DU ± '-. ([SHULHQFH 0LFN 2¶6KHD¶V ,ULVK 3XE ± &HOWLF &RQQHFWLRQ 6HDIRUG +RWHO ± .DUDRNH ZLWK 6X]DQQH )RUG 6 %DU ± &RPSOHWH 7ULYLD ZLWK 'HV 6XSHUPLOG ± &RUH\ '- ()7326 JXHVWV 7KH *RRG\ +RWHO ± '- 0LNH 0& 3DXO &XUUDQ :KHDWVKHDI +RWHO ± ODXQFK RI :KHDW\ %UHZLQJ &RUSV

4HURS *ULY $UNDED +RWHO ± +LJKZD\ -RQHV IHDWXULQJ 6HDQ 5REHUWVRQ $OPD 7DYHUQ ± '- $EH $XVWUDO +RWHO ± 6&$/$ %DU 2Q *RXJHU ± /RXQJH 1LJKW %RPED\ %LF\FOH &OXE ± '- &RQWDFW &XPEHUODQG $UPV +RWHO ± 5Q% ZLWK '- :HOO (DUWK ± 7KLUVW\ 7KXUVGD\V (G &DVWOH ± '- 0LNH\ (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL (O\VLXP /RXQJH ± *XHVW '-V (PSLUH 3RRO /RXQJH ± '- 2UEH )LQQ 0DF&RRO¶V ± 2SHQ 0LF 1LJKW *DVOLJKW 7DYHUQ ± -DP ZLWK 7KH *DVOLJKW +RXVH %DQG *RYHUQRU +LQGPDUVK ± )URQW %DU *XPER 5RRP %OXHV -DP ZLWK KRVW %LOO\ %RE *UDQG %DU ± '- 3HWHU 1REOH +HDYHQ ± 6KDJ 7KXUVGD\V +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO ± +LOLIH '-V 0DUV %DU ± 1DXJKW\ 1LFH ZLWK '- $VWUR 3DODLV 6HPDSKRUH

± 6RXQG 0HFKDQLFV 6D[ '- 'XR 3RUWODQG +RWHO 3W $GHODLGH

± '-V %UHQGDQ '\QDPLF +RXVH U¶Q¶E 3URGXFHUV ± 7XFNHG ZLWK $PHOLD 9RQ :KHHOV 5HG 6TXDUH ± 5RDGKRXVH '- 0DUN & 6 %DU ± /DGLHV 1LJKW ZLWK 0& &RVL 6KRW] ± )UHVK 7KXUVGD\V ZLWK 2EVLGLDQ 5DGLR JXHVWV 6WLUOLQJ +RWHO ± 5HVLGHQW 15* 7UDQFH '-V 6XSHUPLOG ± +HOWHU 6NHOWHU '- -HVVH DQG JXHVWV 7KH (G &DVWOH ± OLYH EDQGV IURP SP 7KH *RRG\ +RWHO ± 6KLQH 9LOODJH 7DYHUQHU ± &OXE 9LOODJH '-V :RUOGVHQG ± IUHH OLYH PXVLF

&RI *ULY $UNDED +RWHO ± 'LPLWUD $OPD 7DYHUQ ± $OPD 7DYHUQ

5RFN 2XW :LWK <RXU & FN 2XW 1DW 3LNH 0U %X]]\ ZLWK 0U %X]]\ '- +ROO\ZRRG '-

7R %H $GYLVHG 1DW 3LNH $UFKHU +RWHO ± 'RZQVWDLUV '- +XGG\ 8SVWDLUV '- 5HHOD[ $UNDED +RWHO ± 7DYHUQ -D\D '- 7UR\ %DU 2Q *RXJHU ± 5DQGRP +HUR %RKR %DU ± '- 3DWW\ 5RYLQJ 0DJLFLDQ %XVKPDQ +RWHO *DZOHU

'RXEOH %ODFN 3DUW\ '- 6WHYH 5HHFH &KLFKL ± '-V 6PRRWK 7UD[ *%+ &RRSHU¶V $OHKRXVH # 7KH (DUO ± '- 6HPWH[ &XPEHUODQG $UPV +RWHO ± )XQN\ /RXQJH ZLWK '- %RVV (OHFWULF /LJKW +RWHO ± 6\NH 1LJKW (O\VLXP /RXQJH ± 6RXO )XQN .XEULN '-V +HPLORYH GH1RUWKZRGH *RYHUQRU +LQGPDUVK ± 0DLQ 5RRP 7KH $XGUH\V DQG 'DQ /HWKEULGJH 6DORRQ %DU ,ULVK 6HVVLRQV )URQW %DU $SSDODFKLDQ 6HVVLRQV *UDFH (PLO\ +RWHO ± 7KH 9LOOHQHWWHV DQG .LWFKHQ :LWFK *UDQG %DU ± µ*UDQG %DU )ULGD\V¶ '- 6WUDZEV 0& 'DYH (DVRQ 8QGHUFRYHU 'XR +DKQGRUI ,QQ ± '- '\QDPLF +HQOH\ 6DQGEDU ± '- 0DWW +LJKODQGHU +RWHO ± +LMLQNV +LOWRQ +RWHO +LOWRQ ± µ%RRJLH 1LJKWV LQ 0\%DU¶ '- &DSLWDO ' 0& '9 +ROGIDVW +RWHO ± :DVDEL +\DWW 5HJHQF\ $GHODLGH ± :DYHV 1LJKWFOXE 0LDPL 1LJKWV ,ULVK &OXE ± 6XQVHW %OXVK ,VR %DU ± 6RXQG 0HFKDQLFV U¶Q¶E XUEDQ ZLWK '- .ULVS '- 6RN -R &DVWHOO .LQJV +HDG ± ,Q +RXVH '-V /DFKODQ 3HQGHU ' /X[ 9,3 /DUJV 3LHU ± 6RXQG 0HFKDQLFV )XQN\ 0RWRZQ 2OG 6FKRRO /RFNOH\V +RWHO ± '- 7RRSLH 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )XVLRQ JXHVWV 0LFN 2¶6KHD¶V ,ULVK 3XE ± (QXI 6DLG 3LHU 2QH %DU ± '- 6NRW +ROGHU 3LULH &R 6RFLDO &OXE ± 6RXO 6DIDUL 5DPVJDWH +RWHO ± /LYH %DQGV 5HG 6TXDUH ± µ*ORVV )ULGD\V¶ 'HFNHU 'HI 6WDUU '- %UHQGRQ -XQLRU 0& -D]] 6WRRS .LG 5RE 5R\ +RWHO ± $OO $ERXW +HU SOXV '- 6PLOH\ 5RELQ +RRG +RWHO ± µ)ULGD\ 1LJKW¶V 7KH 3LDQRPDQ¶ ZLWK 'HQLV )HUUDUR DW WKH SLDQR 5R\DO 2DN +RWHO ± *URRY\ /RXQJH ZLWK '- 'HUHN /DQJ IULHQGV 6DYY\ ± *URRY\ '-V 6HDIRUG +RWHO ± µ3DUW\ +DUG¶ '- '0+ 6HPDSKRUH :RUNHUV &OXE ± OLYH EOXHV 6KRUHV &RPSOH[ ± %RRJDORR /DWLQR /RXQJH '- HO 3DSL &KLFR 6RXWKHUQ +RWHO *DZOHU ± &OXE 6 '- 'HHOLWH 6DQGUD 6WDPIRUG 3OD]D ± 6ZLVK 0& 3HWHU 1REOH '- 9 6WRFNDGH +RWHO ± )XHO '- 1DWKDQ 6XSHUPLOG ± '- *XPVKRH JXHVWV 7KH (G &DVWOH ± OLYH EDQGV DQG '-V LQ WKH IURQW EDU IURP SP 7KH *RRG\ +RWHO ± '- 6WUDZEV 7KH 6WRFNDGH ± )R[[\ * :DUUDGDOH +RWHO ± 6WRQH V 7KURZ

:DWHUPDUN +RWHO ± ( QXI 6DLG 7RSD] %DU )LQGRQ +RWHO ± '- 'HPL]H 8QL%DU 7UDQVPLVVLRQ '-V 7KH :DUP *XQV 9LFWRULD +RWHO ± '- .RQWURO '- 1LFN )RUG 0F .ULV :KHDWVKHDI ± %ULDQ 5XL] 7KH 1DWLYHV DQG 7KH 6WHIDQ +DXN %DQG

7KH (G &DVWOH ± OLYH EDQGV DQG '-V IURP SP 7KH *RRG\ +RWHO ± '- $KPHHG 7KH 6WDJ ± '- +XGG\ 9LFWRULD +RWHO 2¶+DOORUDQ +LOO ± '- 6SRRQ\ORYH 9LOODJH 7DYHUQ ± &OXE ;6 '-V :DUUDGDOH +RWHO ± .7& 'XR :KHDWVKHDI +RWHO ± 0RQLTXH %UXPE\ 0HOERXUQH &RXUWQH\ 5REE DQG (PLO\ $ 6PLWK

3AT *ULY $OPD 7DYHUQ ± µ0HWUR5HWUR¶ '- &DSLWDO ' 0& 7LPP\ 3LQH $SRWKHFDU\ ± 'HHS +RXVH ZLWK %HQVXQ %XQGL $UFKHU +RWHO ± '-V 'DYLG -DPHV -DNL $UNDED +RWHO ± 7DYHUQ 3RS 6XH\ 7RS URRP 0U %X]]\ %DU 2Q *RXJHU ± 5DQGRP +HUR %HQWOH\¶V &ODUH ± '- %HQ %RKR %DU ± '- 3DXO\ )ODYHOOD WKH 6QDNH 'DQFHU %XVKPDQ +RWHO ± µ, /RYH 5HWUR ¶ Z '- 9 &DYDQ +RWHO ± .DUQLYDO ZLWK OLYH EDQGV &KLFKL ± '-V 6PRRWK 7UD[ *%+ &OXE ± +RXVH 5HWUR 'DQFH &XPEHUODQG $UPV +RWHO ± 'DQFH ZLWK '- +DUO] (DUWK ± .DUPD (OHFWULF &LUFXV ± '-V 3DXO *OHQQ ' /X[ (PSLUH 3RRO /RXQJH ± 0DWW 'HFNHU 2UE 7RQH] *DUDJH ± '- /XNH /RPEH *HUPDQ $UPV ± '- 6HPWH[ *RYHUQRU +LQGPDUVK ± 0DLQ 5RRP +LJK 9ROWDJH )URQW %DU -DPHV $EEHUOH\ *UDQG %DU ± µ*UDQG %DU 6DWXUGD\V¶ '- '0+ '- 5XSKHR *UD\V ,QQ 0W %DUNHU ± '- '\QDPLF '- %L] *ULI¿Q V +HDG ± '-V +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO ± +LJKODQGHU 6DWXUGD\V +LOWRQ +RWHO +LOWRQ

± µ5(9,9( # 0\%DU¶ '- )HPPH '- 1DWKDQ +DUULVRQ 0& 'DYH (DVRQ -LYH ± *RVK ZLWK '- &UDLJ .LQJV +HDG ± 6PLN 6DWXUGD\V :DGH & 9,3 0DGQHVV /DNHV 5HVRUW ± &KHUU\ 6RGD 'XR 5HÀHFWLRQV %DU &RROPLQWV 'XR /RQGRQ 7DYHUQ ± '- '\QDPLF 0DQVLRQV ± 0DQVLRQV 6DWXUGD\V '- 0LFKDHO &RQVWDQW '- 6WHYH 5HHFH 0& (JJR 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )UDVHU JXHVWV 1RUZRRG +RWHO ± '-V 6DP *OHQ 3LHU 2QH %DU ± '- 6NRW +ROGHU 4XLHW :DWHUV ± %HOO\ 'DQFLQJ ZLWK 6KDPLUD 5DPVJDWH +RWHO ± $FRXVWLF 6HVVLRQV 5HG 6TXDUH ± 5HG 6TXDUH 6DWXUGD\V 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV 6DYY\ ± 3URIHVVRU ; :DGH & 9,3 +HQU\ +DLQV 6HDIRUG +RWHO ± 6HDIRUG /LYH 6KRW] ± '- &KULV 3LNH JXHVWV 6WDPIRUG 3OD]D ± 6ZLVK '- '0+ '- 0DWW\ 0& 'DYH (DVRQ µ6WDPIRUG 3OD]D &DVFDGHV¶ ZLWK 'RXEOH 9LVLRQ 6WRFNDGH 7DYHUQ ± )XHO %DU '- '\QDPLF £Î

3UN *ULY $UNDED +RWHO ± 9RJXH 'XR

$OPD 7DYHUQ ± 6XQGD\ 6FKRRO %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± *HQHUDO *LVW *UDFH (PLO\ +RWHO ± 6KLW 'LVFR *UDQG %DU ± µ*UDQG %DU 6XQGD\V¶ $XGLR =RR '- '\ODQ 0DQRY '- 6WHYH 5HHFH 0& 3DXO &XUUDQ *RYHUQRU +LQGPDUVK ± 9RLFHV )RU 0XVFXODU '\VWURSK\ +HQOH\ 6DQGEDU ± '- 0DUN 0F/DXJKODQ +LOWRQ +RWHO ± #µ0\%DU¶ 5HLG -RQHV 6D[ 3HUFXVVLRQ

/DNHV 5HVRUW ± .7& 'XR 0LFN 2¶6KHD¶V ,ULVK 3XE ± $FRXVWLFDOO\ 5DZ 1RRN 1RVK ± $3 '¶$QWRQLR 3URGXFHUV ± %HHU *DUGHQ .DUDRNH ZLWK %LJ $O 3LHU 2QH %DU ± '-V -D\VH 6FRWW 5DPDGD 3LHU +RWHO ± '-V -XVWLFH &DSLWDO ' PRUH 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV SP 6DYY\ ± 6XQVHW +HQU\ +DLQV 6DQMLL 7KH (G &DVWOH ± DFRXVWLF 6XQGD\V LQ WKH EHHU JDUGHQ IURP SP IUHH HQWU\ 7KH *RRG\ +RWHO ± µ6XQGD\

` Ê >}>â iÊ Ê Õ ÞÊÓä£{

;/, -90+., 6HVVLRQV¶ 7KH 2[IRUG +RWHO ± 0LOHV DQG 3DXO 7RQVOH\ ± 6RSKLH 0D\ 0HWFDOIH :HVW 7KHEDUWRQ +RWHO ± .DUDRNH :KHDWVKHDI +RWHO ± 2OG 6RXWK %OXHJUDVV IURP SP

-ON *ULY

6XQ -XO\ 0LG <HDU 0D\KHP %XULHG ,Q 9HURQD )UL $XJ 7KH 3UHDWXUHV 6DW $XJ %DVHPHQW )UL 6HSW 1HFN 'HHS 6WDWH &KDPSV

$UFKHU +RWHO ± '- 2FN\ $UNDED ± 7DYHUQ 7HUUL¿F 7ULYLD %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± )RUWXQH 7HOOHU *RYHUQRU +LQGPDUVK ± 7KH &ULPVRQ 3URMHF.7 8. 86

*UDFH (PLO\ +RWHO ± %LOO\ %RE V %%4 -DP *UDQG %DU ± ,QGXVWULH 1LJKW ZLWK '- 5XSKHR 2DNV (PEDVV\ 1RUWK 7FH

± .DUDRNH ZLWK $QQLH 6KDJJ\ 5HG 6TXDUH ± &KLOO '- 6HPOHU 7KH 'HOL ± '- 0DWW 5HLQHU :RUOGVHQG ± 6 )RROV , 3XGGOH :KHDWVKHDI ± &20$ 6HVVLRQV -DPHV 0XOOHU MD]]

4UES *ULY

7XHV 6HSW 3URWHVW 7KH +HUR :HG 6HSW &DQQLEDO &RUSVH 6DW 1RY 7R[LF +RORFDXVW ,URQ 5HDJDQ

$UNDED ± 7RS 5RRP *DYLQ %DVNHUYLOOH %DU 2Q *RXJHU ± /RXQJH 1LJKW &RRSHUV $OH +RXVH ± &ULNH\ $Q $XVVLH 1LJKW 2XW 'DQLHO 2 &RQQHOO +RWHO ± ,ULVK 6HVVLRQV 'XNH 2I <RUN +RWHO ± 3XE )OLFNV (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL (OHSKDQW %ULWLVK 3XE ± 7KH -DP 1LJKW ZLWK &RUH *DVOLJKW 7DYHUQ ± %OXHV /RXQJH %OXHV -DP *RYHUQRU +LQGPDUVK ± $GHODLGH 8NXOHOH $SSUHFLDWLRQ 6RFLHW\ 2[IRUG +RWHO ± (¶1XI 6DLG 6 %DU ± %LQJR )XQN\ +RXVH ZLWK %HQ -DPHV 7KH 7RQVOH\ ± 'ULYH '-V '0+ $GDP 'D]H

7ED *ULY $UNDED +RWHO ± 7DYHUQ '- +XJR 6DOFHGR 7RS 5RRP 6DOVD 'DQFH &ODVVHV $YRFD +RWHO ± /LYH 6HVVLRQV '- '0+ %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± /XFLIHU¶V /RXQJH %RPED\ %LF\FOH &OXE ± 6HDQ 5REHUWVRQ &RORQHO /LJKW +RWHO ± '- &KRPER &RRSHUV $OHKRXVH # 7KH (DUO ± 'DUUHQ &DUPHQ &XPEHUODQG $UPV ± G¶Q¶E ZLWK '-V 6ZLIW DQG 6WU\NH (DUWK ± )ODVKEDFN ` Ê >}>â iÊ Ê Õ ÞÊÓä£{

>,+ 1<5, ;<,: 1<3@

3HUIHFW 0DWFK (G &DVWOH ± '- $QWRQ\ 2I 7KH )XWXUH (O\VLXP /RXQJH ± &KLOOHG %HDWV (PSLUH 3RRO /RXQJH ± '- 2UEH *RYHUQRU +LQGPDUVK +RWHO ± 0DLQ 5RRP 9LROHQW 6RKR 62/' 287

)URQW %DU :HHNHQG :DUULRUV 2SHQ 0LF 1LJKW *UDFH (PLO\ ± 3DLJH 5HQHH &RXUW 'DUF\ )R[ DQG ,PRJHQ &ODUN +HDYHQ ± 'LUW\ +DUU\ +4 ± µ)ODVKGDQFH¶ .LQJV +HDG ± '- 'ULOOHU 0DUV %DU ± '-. ([SHULHQFH 0LFN 2µ6KHD¶V ,ULVK 3XE ± &HOWLF &RQQHFWLRQ 6HDIRUG +RWHO ± .DUDRNH ZLWK 6X]DQQH )RUG 6 %DU ± &RPSOHWH 7ULYLD ZLWK 'HV 6XSHUPLOG ± &RUH\ '- ()7326 JXHVWV 7KH *RRG\ +RWHO ± '- 0LNH 0& 3DXO &XUUDQ :RUOGVHQG ± )UHH $FRXVWLF 0XVLF

4HURS *ULY $OPD 7DYHUQ ± '- $EH $UNDED +RWHO ± 7DYHUQ )ODPLQJ 6DPEXFDV $XVWUDO +RWHO ± 6&$/$ %DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± '- 3DXOLH %RPED\ %LF\FOH &OXE ± '- &RQWDFW &XPEHUODQG $UPV +RWHO ± 5Q% ZLWK '- :HOO 'DQLHO 2¶&RQQHOO +RWHO ± 7ULYLD QLJKW (DUWK ± 7KLUVW\ 7KXUVGD\V 8S $QG &RPLQJ '-V $GULDQ 9 2G\HVV\ %DQVKHH 0LVV (P JXHVWV (G &DVWOH ± '- 0LNH\ (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL (O\VLXP /RXQJH ± *XHVW '-V (PSLUH 3RRO /RXQJH ± '- 2UEH )LQQ 0DF&RRO¶V ± 2SHQ 0LF 1LJKW *RYHUQRU +LQGPDUVK ± )URQW %DU *XPER 5RRP %OXHV -DP ZLWK KRVW %LOO\ %RE *DVOLJKW 7DYHUQ ± -DP ZLWK 7KH *DVOLJKW +RXVH %DQG *UDQG %DU ± µ20* ¶ '- 5XSKHR +HDYHQ ± 6KDJ 7KXUVGD\V +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO ± +LOLIH '-V 0DUV %DU ± 1DXJKW\ 1LFH '- $VWUR 1RUZRRG /LYH ± 7KH %ODFN 6RUURZV 3DODLV 6HPDSKRUH

± 6RXQG 0HFKDQLFV 6D[ '- 'XR 3- 2¶%ULHQV ± 7KH 2¶%ULHQ V 3RUWODQG +RWHO 3W $GHODLGH ± '-V %UHQGDQ '\QDPLF £{

+RXVH U¶Q¶E 3URGXFHUV ± 7XFNHG ZLWK $PHOLD 9RQ :KHHOV 5HG 6TXDUH ± 5RDGKRXVH '- 0DUN & 5R\DO 2DN +RWHO ± )XQN 6RXO ZLWK '- $QW :LOOLDPV 6 %DU ± /DGLHV 1LJKW ZLWK 0& &RVL 6KRW] ± )UHVK 7KXUVGD\V ZLWK 2EVLGLDQ 5DGLR JXHVWV 6WLUOLQJ +RWHO ± 5HVLGHQW 15* 7UDQFH '-V 6XSHUPLOG ± +HOWHU 6NHOWHU '- -HVVH JXHVWV 7KH (G &DVWOH ± OLYH EDQGV IURP SP 7KH *RRG\ +RWHO ± 6KLQH :RUOGVHQG ± )UHH /LYH 0XVLF

&RI *ULY $OPD 7DYHUQ ± µ5RFN 2XW :LWK <RXU & FN 2XW¶ '- $EH $QLPDO +RXVH $UFKHU +RWHO ± 'RZQVWDLUV '- +XGG\ 8SVWDLUV '- 5HHOD[ $UNDED +RWHO ± 8QLWRSLD %DU 2Q *RXJHU ± 5DQGRP +HUR %RKR %DU ± '- 3DXOLH *XHVWV &KLFKL ± '-V 6PRRWK 7UD[ *%+ &RRSHU¶V $OHKRXVH # 7KH (DUO ± '- 6HPWH[ &XPEHUODQG $UPV +RWHO ± )XQN\ /RXQJH ZLWK '- %RVV 'XNH 2I <RUN +RWHO ± '-V 7RP 5RDVW\ IULHQGV (DUWK &OXE ± $OWLWXGH (O\VLXP /RXQJH ± 6RXO DQG )XQN *DUDJH ± '-V )LOWK\ 5LFK 0DWW 3HDUFH *RYHUQRU +LQGPDUVK ± 0DLQ 5RRP 7KH $QJHOV 6ROG 2XW

6DORRQ %DU ,ULVK 6HVVLRQV )URQW %DU $SSDODFKLDQ 6HVVLRQV *UDFH (PLO\ ± 7KH 9LOOHQHWWHV DQG 7KH %OXHERWWOHV 9LF

*UDQG %DU ± µ)ODVKEDFN )ULGD\V¶ '- +ROO\ZRRG 0& 'DYH (DVRQ 8QGHUFRYHU 'XR +DKQGRUI ,QQ ± '- '\QDPLF +HQOH\ 6DQGEDU ± '- 0DWW +LJKODQGHU +RWHO ± +LMLQNV +LOWRQ +RWHO +LOWRQ

± µ%RRJLH 1LJKWV LQ 0\%DU¶ '- &DSLWDO ' 0& '9 '- 6SLQEDG +\DWW 5HJHQF\ $GHODLGH ± :DYHV 1LJKWFOXE 0LDPL 1LJKWV ,VR %DU ± 6RXQG 0HFKDQLFV U¶Q¶E XUEDQ ZLWK '- .ULVS '- 6RN -R &DVWHOO .LQJV +HDG ± ,Q +RXVH '-V /DFKODQ 3HQGHU ' /X[ 9,3 /DUJV 3LHU ± 6RXQG 0HFKDQLFV )XQN\ 0RWRZQ 2OG 6FKRRO /RFNOH\V +RWHO ± '- 7RRSLH 0DQVLRQV ± µ0DQVLRQV )ULGD\¶ '- .

0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )XVLRQ JXHVWV 3LHU 2QH %DU ± '- 6NRW +ROGHU 5DPVJDWH +RWHO ± /LYH %DQGV 5HG 6TXDUH ± *ORVV )ULGD\V 5HG 6TXDUH 5HYHUVH 'HFNHU '- %UHQGRQ -XQLRU 0& -D]] 6WRRS .LG 5RE\ 5R\ +RWHO ± 8VXDO 6XVSHFWV SOXV '- 6PLOH\ 5R\DO 2DN +RWHO ± *URRY\ /RXQJH ZLWK '- 'HUHN /DQJ IULHQGV 6DYY\ ± *URRY\ '-V 6HDIRUG +RWHO ± µ3DUW\ +DUG¶ '- '0+ 6KRUHV &RPSOH[ ± %RRJDORR /DWLQR /RXQJH '- HO 3DSL &KLFR 6RXWKHUQ +RWHO *DZOHU ± &OXE 6 '- 'HHOLWH 6DQGUD 6WDPIRUG 3OD]D ± 6ZLVK 0& 7LPP\ 3LQH '- 9 6WRFNDGH +RWHO ± )XHO '- 1DWKDQ 6XSHUPLOG ± '- *XPVKRH JXHVWV 7HD 7UHH *XOO\ +RWHO ± '- 0LFKDHO &RQVWDQW 0& .ULV 7KH (G &DVWOH ± OLYH EDQGV IURP SP 7KH *RRG\ +RWHO ± '- *H[ 7KH 6WRFNDGH ± )R[[\ * 7RSD] %DU )LQGRQ +RWHO ± '- 'HPL]H 9LFWRULD +RWHO ± '- .RQWURO '- 1LFN )RUG 0& 0LVFKLHI

3AT *ULY $OPD 7DYHUQ ± 0HWUR5HWUR 3DUW\ '- &DSLWDO ' 0& 7LPP\ 3LQH $SRWKHFDU\ ± 'HHS +RXVH ZLWK %HQVXQ %XQGL $UFKHU +RWHO ± '-V 'DYLG -DPHV -DNL %DU 2Q *RXJHU ± 5DQGRP +HUR %HQWOH\¶V &ODUH ± '- %HQ %RKR %DU ± '- 3DXOLH *XHVWV %XVKPDQ +RWHO ± µ, /RYH 5HWUR ¶ '- 6LOYHU &DYDQ +RWHO ± .DUQLYDO ZLWK OLYH EDQGV &DYHUQ &OXE ± *ODP 5RFN 1LJKW &KLFKL ± '-V 6PRRWK 7UD[ *%+ &OXE ± +RXVH 5HWUR 'DQFH &XPEHUODQG $UPV +RWHO ± 'DQFH ZLWK '- +DUO] 'DQLHO 2¶&RQQHOO +RWHO ± 3DQLF (DUWK ± .DUPD (OHFWULF &LUFXV ± '-V 3DXO *OHQQ ' /X[ (O\VLXP /RXQJH ± +RXVH ZLWK '-V .DHOHH 6HDPOHVV 6YHQ -XGGR (PSLUH 3RRO /RXQJH ± 0DWW 'HFNHU 2UE 7RQH] *DUDJH ± '- /XNH /RPEH *HUPDQ $UPV ± '- 6HPWH[ *RYHUQRU +LQGPDUVK ± 0DLQ

5RRP 7KH $QJHOV )URQW %DU 5R\DO *DOD *UDQG %DU ± *UDQG %DU 6DWXUGD\V '- '0+ '- 5XSKHR 0DWW % *UD\V ,QQ 0W %DUNHU ± '- '\QDPLF '- %L] *ULI¿Q V +HDG ± '-V +DKQGRUI ,QQ ± '- $EH 0& &UDLJ (JDQ +HQOH\ 6DQGEDU ± '- 0DWW 0F/DXJKOLQ +LJKODQGHU +RWHO ± +LJKODQGHU 6DWXUGD\V +LOWRQ +RWHO +LOWRQ ± µ5(9,9( # 0\%DU¶ '- 1LFN )RUG 0& 3DXO &XUUDQ ,VR %DU ± 6RXQG 0HFKDQLFV U¶Q¶E XUEDQ ZLWK '- .ULVS '- 6RN -R &DVWHOO -LYH ± *RVK ZLWK '- &UDLJ .LQJV +HDG ± 6PLN 6DWXUGD\V :DGH & 9,3 0DGQHVV /RQGRQ 7DYHUQ ± '- '\QDPLF 0DQVLRQV ± µ0DQVLRQV 6DWXUGD\V¶ '- 0LFKDHO &RQVWDQW '- 6WHYH 5HHFH 0& (JJR 0DUV %DU ± 0DLQ 5RRP '-V %HH-D\ JXHVWV )ORRUVKRZ VWDUULQJ 5RFKHOOH )L¿ FDVW .LWFKHQ %DU '- )UDVHU JXHVWV 3LHU 2QH %DU ± '- 6NRW +ROGHU 4XLHW :DWHUV ± %HOO\ 'DQFLQJ ZLWK 6KDPLUD 5DPVJDWH +RWHO ± $FRXVWLF 6HVVLRQV 5HG 6TXDUH ± µ5HG 6TXDUH 6DWXUGD\V¶ 'HFNHU '- )HPPH '- /D]\ % '- 5\OH\ .ULVS\ 0& -D]] 0& '9 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV 6DYY\ ± 3URIHVVRU ; :DGH & 9,3 +HQU\ +DLQV 6HDIRUG +RWHO ± 6HDIRUG /LYH 6 %DU ± 6FKRROLHV 0& &RVL 6 %DU 6ODYHV 6KRW] ± '- &KULV 3LNH JXHVWV 6WDPIRUG 3OD]D ± µ6ZLVK 6DWXUGD\V¶ '- '0+ '- 0DWW\ % 0& 'DYH (DVRQ µ6WDPIRUG 3OD]D &DVFDGHV¶ ZLWK $FRXVWLFDOO\ 5DZ 6WRFNDGH 7DYHUQ ± )XHO %DU '- '\QDPLF 7HD 7UHH *XOO\ +RWHO ± '- 9 7KH (G &DVWOH ± OLYH EDQGV DQG SDUW\ '-V IURP SP 7KH *RRG\ +RWHO ± '- $KPHHG 7KH 6WDJ ± '- +XGG\ 9LFWRULD +RWHO 2¶+DOORUDQ +LOO

± '- 6SRRQ\ORYH 9LOODJH 7DYHUQ ± &OXE ;6 '-V :KHDWVKHDI ± 0LG :LQWHU %DOO 7KH %DNHU 6XLWH DQG /XFLIHU¶V /RXQJH

3UN *ULY $OPD 7DYHUQ ± 6XQGD\ 6FKRRO

%DU 2Q *RXJHU ± /RXQJH 1LJKW %RKR %DU ± *URRYH (ODWLRQ *DVOLJKW 7DYHUQ ± 7KH ,JXDQD /RXQJH *UDQG %DU ± µ*UDQG %DU 6XQGD\V¶ 7ZR 6WURNH -RKQQ\ '- '\ODQ 0DQRY '- 1LFN )RUG 0& 3DXO &XUUDQ +LOWRQ +RWHO 0\%DU ± 7LP %RV '- 6D[ +HQOH\ 6DQGEDU ± '- 0DUN 0F/DXJKODQ +4 ± *DUGHQ *URRYHV 3LHU 2QH %DU ± '-V -D\VH 6FRWW 3URGXFHUV ± %HHU *DUGHQ .DUDRNH ZLWK %LJ $O 5DPDGD 3LHU +RWHO ± '-V -XVWLFH &DSLWDO ' PRUH 6DOW ± )XQN\ -D]] +RXVH E\ 6RXQG 0HFKDQLFV SP 6DYY\ ± 6XQVHW +HQU\ +DLQV 6DQMLL 7KH (G &DVWOH ± DFRXVWLF 6XQGD\V LQ WKH EHHU JDUGHQ IURP SP IUHH HQWU\ 7KH *RRG\ +RWHO ± µ6XQGD\ 6HVVLRQV¶ /XNH %URFN 7ULQLW\ 6HVVLRQV ± 7KH +XVKHV =N\H %OXH DQG 6ZHHW %DE\ -DPHV :HVW 7KHEDUWRQ +RWHO ± .DUDRNH :KHDWVKHDI ± -HQ &ORKHU 9LF DQG 0D[ 6DYDJH

-ON *ULY $UFKHU +RWHO ± '- 2FN\ %DU 2Q *RXJHU ± /RXQJH 1LJKW *UDFH (PLO\ +RWHO ± %LOO\ %RE V %%4 -DP *UDQG %DU ± ,QGXVWULH 1LJKW '- 5XSKHR 2DNV (PEDVV\ 1RUWK 7FH

± .DUDRNH ZLWK $QQLH 6KDJJ\ 5HG 6TXDUH ± &KLOO '- 6HPOHU 7KH 'HOL ± '- 0DWW 5HLQHU :KHDWVKHDI ± &20$ :LQWHU 6HVVLRQV MD]]

4UES *ULY %DU 2Q *RXJHU ± /RXQJH 1LJKW &RRSHUV $OH +RXVH ± &ULNH\ $Q $XVVLH 1LJKW 2XW 'DQLHO 2 &RQQHOO +RWHO ± ,ULVK 6HVVLRQV 'XNH 2I <RUN +RWHO ± 3XE )OLFNV (GLQEXUJK +RWHO ± '-V %HQ -DPHV 0DUW\ 5DVKL *RYHUQRU +LQGPDUVK ± $GHODLGH 8NXOHOH $SSUHFLDWLRQ 6RFLHW\ *UDFH (PLO\ ± .HQR 6 %DU ± %LQJR )XQN\ +RXVH ZLWK %HQ -DPHV

K) *(:; *9,>

*05,4(

3XEOLVKLQJ (GLWRU $UQD (\HUV :KLWH DUQD#GEPDJD]LQH FRP DX 0DQDJLQJ (GLWRU $OH[ :KHDWRQ DOH[#GEPDJD]LQH FRP DX 0XVLF (GLWRU 5REHUW 'XQVWDQ UREHUWGXQVWDQ #JPDLO FRP /D\RXW %HUWUR 6WDQGXQ

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·%ULHQ -DPHV 2·&RQQRU *HPPD 2SLH $QWKRQ\ 3D[WRQ $VKOH\ 3ULJHQW /RXLV 5DQNLQ &D] 5LFH %HQ 5HYL &DUO 5RELQVRQ 3HWHU 6WUHODQ /HR 9DURQD 0DWW 9HVOH\ 6DP 9LQDOO $QGUHZ :HDYHU %LDQFD :HLOHU 0HUFHGHV :KLEOH\ -DVRQ :K\WH 5\DQ :LQWHU 3KRWRJUDSKHUV 7DUD &DQQHOO 0DWW &DUW\ $ODVWDLU &ROOLQV 5RGQH\ 0DJD]LQRYLF 6DUDK 0DXQGHU .DWH 0XUSK\ -XOLH 5LFKDUGV $ODQ 5LOH\ 'DQ 6FPLGW %HQ 6HDUF\ $QGUHZ 6WDFH 3HWHU 7KXUPHU

'HDGOLQHV $G &RS\ )ULGD\ -XO\ SP

DUW#GEPDJD]LQH FRP DX 7KH )ULGJH 6XQGD\ -XO\ 1RRQ

IULGJH#GEPDJD]LQH FRP DX 3XEOLVKLQJ 'DWH ,VVXH :HGQHVGD\ -XO\ &RQWDFW $OH[ :KHDWRQ $57:25. DUW#GEPDJD]LQH FRP DX 3267 32 %R[ 6WDWLRQ $UFDGH 6$

*UMP 3TREET $IRECTORS 0HIL ,ORD #HRISTOPHER -ILLER 2ATED 0' .OW SCREENING $IWHU WKH VXFFHVV RI LWV ILUVW RXWLQJ LW ZDV D JLYHQ · -XPS 6WUHHW· ZRXOG VSDZQ D VHTXHO 7KDW GRHVQ·W PHDQ LW ZDV DQ\ JRRG ² MXVW WKDW LW PDGH SOHQW\ RI PRQH\ WR SOHDVH ILOP H[HFXWLYHV · -XPS 6WUHHW· IROORZV WKH VDPH DFWLRQ FRPHG\ IRUPXOD ZLWK WRQV RI JXQ SOD\ DQG SXHULOH KXPRXU )DQV RI WKH 79 VKRZ XSRQ ZKLFK WKLV VHULHV LV EDVHG PD\ ZRQGHU ZK\ LWV FRQFHSW ZDV VR UDGLFDOO\ DOWHUHG EXW ZKHUH +ROO\ZRRG LV FRQFHUQHG VXFK WKLQJV DUH WULYLDO ZLWK WKLV VHTXHO SURYLQJ UDNLQJ LQ GROODUV LV IDU PRUH YLWDO WKDQ FRQMXULQJ TXDOLW\ )DPHG IRU WKHLU H[SORLWV LQ D SUHYLRXV PLVVLRQ RIILFHUV -HQNR &KDQQLQJ 7DWXP

DQG 6FKPLGW -RQDK +LOO DUH VHQW EDFN WR -XPS 6WUHHW 5HSRUWLQJ WR WKHLU ERVV &DSWDLQ 'LFNVRQ ,FH &XEH WKH\ DUH JLYHQ WKHLU ODWHVW DVVLJQPHQW *RLQJ XQGHUFRYHU WR EXVW D GUXJ ULQJ WKH\ WKLQN LW ZLOO EH D EUHH]H 7KHLU ZD\ZDUG ZD\V EHFRPH UXGHO\ VKDNHQ ZKHQ WKH\ FRPEDW DQ DUP\ HDJHU WR SURWHFW WKHLU WXUI :KLOVW RFFDVLRQDOO\ KDYLQJ VRPH IXQ DQG VKRZLQJ JHQXLQH ZLW · -XPS 6WUHHW· WDNHV WKH HDV\ ZD\ RXW ,QVWHDG RI SURYLGLQJ FKDUDFWHU GHYHORSPHQW DQG ZRUNLQJ KDUG DW FUHDWLQJ ODXJKV WKH SURGXFHUV RSW IRU PLQLPDO FKDUDFWHULVDWLRQ DQG FUXGLW\ &RPHGLHV XVHG WR EH IDU PRUH VRSKLVWLFDWHG ZLWK WKH SRWHQWLDO WR PDNH WKLV DV WLPHOHVV DV PDQ\ RWKHUV ORVW 7DWXP DQG +LOO GLVSOD\ VRPH JRRG FKHPLVWU\ DOWKRXJK WKHLU EDQWHU PLUURULQJ WKRVH IURP WKH ¶/HWKDO :HDSRQ· VHULHV EHFRPHV WLUHVRPH 7R WKHLU FUHGLW GLUHFWRUV 3KLO /RUG DQG &KULVWRSKHU 0LOOHU SXW VRPH HGJH WR WKH PDWHULDO 7KHLU VNHZHULQJ RI W\SLFDO VHTXHO FRQYHQWLRQV ZRUNV DQG WKH\ KDQGOH WKH DFWLRQ VHTXHQFHV ZHOO ,W·V D VKDPH WKH KXPRXU LV PRVWO\ PLVKDQGOHG ZLWK WKH RULJLQDO 79 VKRZ·V HWKRV GLVFDUGHG IRU WKH VDNH RI FKHDS JDJV · -XPS 6WUHHW· KDV IHZ QHZ HOHPHQWV WR GLIIHUHQWLDWH LWVHOI IURP LWV IRUHEHDU 6HTXHOV VKRXOG DW OHDVW PDWFK RU EHWWHU WKH RULJLQDO RXWLQJ EXW · -XPS 6WUHHW· IDLOV :KLOVW LWV KXPRXU PD\ KDYH IDQV LW EDUHO\ UHJLVWHUV RQ WKH PHPRU\ ZLWK LWV SURMHFWHG WKLUG RIIHULQJ VRPHWKLQJ RQO\ LWV PRQH\ PDNLQJ SURGXFHUV ZRXOG ZHOFRPH

3DWULFN 0RRUH

4RANSFORMERS !GE /F %XTINCTION $IRECTOR -ICHAEL "AY 2ATED NOW SCREENING G% 0$*$=,1( 3W\ /WG LV DQ LQGHSHQGHQW SXEOLFDWLRQ DQG ZKLOVW WKH SXEOLVKHUV DUH WHUULEO\ EURDG PLQGHG ZH GRQ·W KDSSHQ WR DJUHH ZLWK HYHU\WKLQJ WKDW·V SXEOLVKHG KHUHLQ :H GR SRLQW RXW KRZHYHU WKDW DOO ZRUN LV VXEMHFW WR FRS\ULJKW DQG PD\ QRW EH UHSULQWHG LQ DQ\ ZD\ VKDSH RU IRUPDW ZLWKRXW WKH SXEOLVKHU·V SHUPLVVLRQ 7KDW·V XV 8QVROLFLWHG FRQWULEXWLRQV DUH ZHOFRPH EXW WKHUH LV QR JXDUDQWHH RI SXEOLFDWLRQ VR GRQ·W EH UXGH DERXW LW ,W·V QRW SHUVRQDO 3XEOLVKHG E\ G% 0DJD]LQH 3W\ /WG 32 %R[ 6WDWLRQ $UFDGH ZZZ GEPDJD]LQH FRP DX

/RQH 6XUYLYRU ZRUNV DV D VPDOO WLPH LQYHQWRU DQG VLQJOH IDWKHU ZKR VWXPEOHV XSRQ ZDU UHPDLQV ZKLFK ZLOO EULQJ ERWK WKH JRYHUQPHQW DQG $XWRERWV XSRQ WKHP 6WDQOH\ 7XFFL 7KH +XQJHU *DPHV DQG .HOVH\ *UDPPHU )UDVHU

HQWHU WKH IUDQFKLVH LQ UROHV WKDW VHH D ODUJH URERWLFV FRUSRUDWLRQ DQG WKH 86 *RYHUQPHQW FRPELQH LQ DQ HIIRUW WR ULG DOO RI WKH 86 RI DQ\ DOLHQ OLIH $GPLWWHGO\ 7UDQVIRUPHUV KDV QHYHU EHHQ D PXOWLOD\HUHG FRQFHSW ,W·V TXLWH VLPSO\ D VWRU\ RI EDG DOLHQ URERWV ILJKWLQJ JRRG DOLHQ URERWV WKDW IRU VRPH VKDGRZ RI D UHDVRQ EHOLHYH WKDW LW·V WKHLU PLVVLRQ WR GHIHQG HDUWK <HV WKHUH LV VRPH JRRG LQ WKH ILOP 2SWLPXV 3ULPH IXOILOV KLV GXW\ DV HYHU\ NLG·V KHUR DQG 0DUN :DKOEHUJ DV WKH KXPDQ OHDG EULQJV PDVFXOLQLW\ WR WKH UROH WKDW KDV EHHQ ODFNLQJ LQ DOO RI WKUHH SUHGHFHVVRUV 7KH VSHFLDO HIIHFWV DUH VWDWH RI WKH DUW DQG D QHZ HQHP\ LV LQWURGXFHG WKDW FRXOG JLYH 0HJDWURQ D UXQ IRU KLV PRQH\ 8QIRUWXQDWHO\ ZKHUH WKHUH LV JRRG WKHUH DOZD\V VHHPV WR EH EDG 0LFKDHO %D\ KDV RQH VW\OH RI ILOP PDNLQJ DQG LW LQYROYHV IDU WRR PDQ\ OHQV IODUHV IDU WRR PDQ\ PDQ\ VWHUHRW\SLFDO ¶KRW FKLFNV· DQG IDU WRR PDQ\ DWWHPSWV DW KXPRXU WKDW GLH TXLFNHU WKDQ WKLV PRYLH VKRXOG KDYH 7KH EHVW DGYLFH D EHVW IULHQG ZLOO HYHU JLYH LV XVXDOO\ DORQJ WKH OLQHV RI ´GRQ·W KDQJ RXW ZLWK \RXU H[µ ,W·V QRW MXVW EHFDXVH \RX·OO UHWXUQ IURP WKH HQFRXQWHU RQO\ PRUH XSVHW DQG GLVWUDXJKW WKHQ EHIRUH EXW LW·V EHFDXVH DW VRPH SRLQW WKH F\FOH PXVW EH EURNHQ ,Q WKLV LQVWDQFH PRYLHJRHUV VKRXOG HQFRXUDJH RQH DQRWKHU WR DYRLG WKLV ILOP UROO RXW DQG EUHDN WKH F\FOH ,W·V IRU WKH EHVW

&DUO 5RELQVRQ

4HE 4WO &ACES /F *ANUARY $IRECTOR (OSSEIN !MINI 2ATED 0ALACE .OVA .OW SCREENING , KDYHQ W UHDG DQ\ 3DWULFLD +LJKVPLWK QRYHOV VR P\ RQO\ DFFHVV WR KHU KDV EHHQ WKURXJK ILOP ¶7KH 7DOHQWHG 0U 5LSOH\· ERUHG PH WR GHDWK EXW WKH +LWFKFRFN FODVVLF ¶6WUDQJHUV 2Q $ 7UDLQ· LV RQH RI P\ IDYRXULWH +LWFKFRFN ILOPV DQG WKH SORW LV RQH RI WKH EHVW SUHPLVHV IRU D WKULOOHU LQ KLVWRU\ ¶7KH 7ZR )DFHV 2I -DQXDU\· LV RQH RI +LJKVPLWK V OHDVW NQRZQ QRYHOV EXW WKHUH DUH VRPH VLPLODULWLHV EHWZHHQ LW DQG ¶6WUDQJHUV«· DQG ZULWHU GLUHFWRU +RVVHLQ $PLQL KDV FUDIWHG DQ H[FHOOHQW ILOP WKDW PD\ HQFRXUDJH PDQ\ WR UHGLVFRYHU WKH QRYHO $PHULFDQ WRXULVWV &KHVWHU 0DFIDUODQG 9LJJR 0RUWHQVHQ DQG KLV ZLIH &ROHWWH .LUVWHQ 'XQVW DUH HQMR\LQJ WKH 3DUWKHQRQ ZKHQ &KHVWHU QRWLFHV WRXU JXLGH 5LGHOO 2VFDU ,VDDF

FRQQLQJ KLV QDwYH \RXQJ IHPDOH FXVWRPHUV ,QWULJXHG &KHVWHU JHWV &ROHWWH WR DSSURDFK 5LGHOO ZKR LV LPPHGLDWHO\ VPLWWHQ ZLWK KHU DQG DJUHHV WR VKRZ WKH FRXSOH WKH VLJKWV RI $WKHQV

$Q DGXOW·V IHHOLQJ WRZDUGV WKH 7UDQVIRUPHUV ILOP VHULHV FDQ EH OLNHQHG WR WKDW RI D FRIIHH FDWFK XS ZLWK D KLJK VFKRRO VZHHWKHDUW (YHU\ VR RIWHQ \RX JHW WRJHWKHU IRU WKH VDNH RI ROG WLPHV SHUKDSV HYHQ ZLWK D IOXWWHU LQ \RXU KHDUW EXW XSRQ DUULYDO \RX·UH UHPLQGHG \HW DJDLQ RI KRZ WKH\·YH PRUSKHG LQWR D YLROHQWO\ RIIHQVLYH PLVUHSUHVHQWDWLRQ RI HYHU\WKLQJ WKH\ RQFH ZHUH« DQG LW EUHDNV \RXU KHDUW ¶7UDQVIRUPHUV $JH 2I ([WLQFWLRQ· LV 0LFKDHO %D\·V ODWHVW LQWHUSUHWDWLRQ RI D FDUWRRQ VHULHV PDGH IDPRXV LQ WKH ·V ZKLFK ZDV UHODXQFKHG DV D OLYH DFWLRQ SOXV &*, ILOP LQ 7KLV FXUUHQW HYROXWLRQ EULQJV LQ D FRPSOHWH QHZ KXPDQ FDVW DV 0DUN :DKOEHUJ £x

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¶6WUDQJHUV«· DQG WKH RQJRLQJ 5LSOH\ F\FOH RI QRYHOV IRU WKDW PDWWHU &KHVWHU VHHV KLPVHOI LQ 5LGHOO WKH \RXQJ YDJDERQG HVWUDQJHG IURP KLV IDPLO\ DQG GRHVQ W WUXVW KLP RQH ELW ZKLOH 5LGHOO DGPLUHV ZKDW &KHVWHU KDV DFTXLUHG +RZHYHU WKH JDS EHWZHHQ JRRG DQG HYLO LQ WKLV ILOP LV QDUURZHU WKDQ EHWZHHQ WKH IRROLVK *X\ DQG WKH SV\FKRSDWKLF %UXQR +RVVHLQL EXLOGV WKH VXVSHQVH VNLOIXOO\ DV 5LGHOO DQG &KHVWHU EHFRPH PRUH FRPSHWLWLYH EXW WKH SORW MXVW LVQ W TXLWH DV WDVW\ DV ¶6WUDQJHUV 2Q $ 7UDLQ· DQG WKH ILOP IDOOV VKRUW RI +LWFKFRFN V PDVWHUSLHFH :LWK KLV PDWXUH PDWLQHH LGRO ORRNV 9LJJR 0RUWHQVHQ LV FDVW SHUIHFWO\ DV &KHVWHU 2VFDU ,VDDN LV WKH LGHDO IRLO DQG .LUVWHQ 'XQVW GRHV KHU EHVW ZLWK D WKDQNOHVV UROH DV WKH QDwYH ZLIH RU WKH ZLIH LQ GHQLDO ZKLFKHYHU \RX SUHIHU +RVVHLQL GRHVQ W KDYH +LWFNFRFN V ZLFNHG EODFN VHQVH RI KXPRXU EXW KH GRHV ZHOO ZLWK OHVVHU PDWHULDO 6SHFLDO PHQWLRQ VKRXOG JR WR WKH JDQJ RI ILYH UHVSRQVLEOH IRU WKH DUW GLUHFWLRQ IRU PDNLQJ WKH SHULRG *UHHN DQG 7XUNLVK ORFDWLRQV ORRN VR ULFK DQG DXWKHQWLF 7KH HQGLQJ ZDV D OLWWOH WRR FORVH WR ¶6WUDQJHUV«· IRU FRPIRUW EXW WKLV FRPSDFW QLQHW\ ILYH PLQXWH SV\FKRORJLFDO MRXUQH\ LV D UHPLQGHU RI WKH TXDOLW\ RI +LJKVPLWK V VWRU\WHOOLQJ

0DO %\UQH

*ERSEY "OYS $IRECTOR #LINT %ASTWOOD 2ATED .OW SCREENING 2QH RI WKH ILUVW VWDJH VKRZV FODLPLQJ WKH PDQWOH RI ¶MXNHER[ PXVLFDO· ZDV ¶0DPPD 0LD· %DVHG DURXQG $%%$ WXQHV LWV WKUHDGEDUH SORW ZDV VHFRQGDU\ WR WRH WDSSLQJ VRQJV DQG SDUW\ OLNH DWPRVSKHUH 6LQFH WKHQ PDQ\ KDYH WULHG WR WDNH D VOLFH RI WKLV SURILWDEOH SLH 2QH RI WKHP ZDV ¶-HUVH\ %R\V· ² DERXW WKH ULVH RI $PHULFDQ KDUPRQ\ JURXS ¶7KH )RXU 6HDVRQV· +DYLQJ VHHQ WKH VKRZ DQG )RXU 6HDVRQV VLQJHU )UDQNLH 9DOOL LQ FRQFHUW , FDQ DWWHVW WR WKH SRZHU RI WKHLU VRQJV :KLOVW WKH ILOP DGDSWDWLRQ IROORZV D YHU\ IDPLOLDU ELRJUDSKLFDO SDWK LW UHWDLQV VRPH RI WKH JURXS·V G\QDPLF P\VWLTXH )UDQNLH -RKQ /OR\G <RXQJ %RE (ULFK %HUJHQ 1LFN 0LFKDHO /RPHQGD DQG 7RPP\ 9LQFHQW 3LD]]D DUH VLQJHUV ORRNLQJ IRU D EUHDN 5DLVHG LQ WKH URXJK VWUHHWV RI 1HZ -HUVH\ WKH\ DLP WR XVH WKHLU WDOHQWV WR EHWWHU WKHLU OLYHV (YHQWXDOO\ IRUPLQJ WKH JURXS 7KH )RXU 6HDVRQV WKHLU VNLOOV VZLIWO\ VHHV WKHP ULVH WR WKH WRS $OO LVQ·W SODLQ VDLOLQJ ZLWK PDUULDJHV GLYRUFH DQG PRE FRQQHFWLRQV FRQVSLULQJ WR WHDU WKHP DSDUW 7KHLU SDVVLRQ IRU PXVLF UHPDLQV FRQVWDQW DV WKH\ DWWHPSW WR FHPHQW WKHLU OHJDF\ IRU IXWXUH JHQHUDWLRQV 7KH VHFRQG PXVLFDO ELRJUDSK\ GLUHFWHG E\ &OLQW (DVWZRRG DIWHU ·V ¶%LUG· ¶-HUVH\ %R\V· LV WKH EHVW RI KLV UHFHQW ZRUN 0RUH IRFXVVHG ZLWK D FRPSHOOLQJ VWRU\ LW·V DQ HQJURVVLQJ ORRN DW WKH FUHDWLRQ RI D SRSXODU JURXS 8QOLNH VRPH ELRJUDSKLHV (DVWZRRG PDQDJHV WR UHWDLQ WKH WKHDWULFDO VKRZ·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¶-HUVH\ %R\V· WKHQ WKDW·V D JRRG WKLQJ 7KH ILOP DGDSWDWLRQ LV JHQHUDOO\ IDLWKIXO WR LWV VRXUFH DQG PD\ PDNH QHZ IROORZHUV RI D JURXS ZKRVH PXVLFDO DOOXUH ZLOO IRUHYHU UHPDLQ

3DWULFN 0RRUH ` Ê >}>â iÊ Ê Õ ÞÊÓä£{