)HEUXDU\
The
SHROPSHIRE
VOICE
)LUVW 3ODFH )ORFN 1$,/(
BBBBBBB 3$*(
BBBBBBB 3$*(
´*UHDW *HQHWLFV 0DNH 7KH 'LIIHUHQFHµ
5DLVLQJ 6KURSVKLUHV ZLWKRXW D VKRW RI 5LIH *HQHWLFV PLJKW EH HYHQ PRUH ULGLFX ORXV WKDQ ROG %HVVLH DW WKH SXPSV 3ODQ \RXU YLVLW WR WKH IDUP WR ORRN RYHU RXU ODWHVW PRGHOV
5DQG\ -XOLH -XVWLQ 0HOLVVD 2OLYLD =DFKDU\ (WKDQ 5LIH &OLIWRQ 5RDG <HOORZ 6SULQJV 2+ 2QO\ PLOHV VRXWK RI , ([LW
&HOO ULIHÁRFNPDVWHU#GLVKPDLO QHW ZZZ ULIHVKURSVKLUHV FRP
9ROXPH ,VVXH
)HEUXDU\
a 7+( 6+5236+,5( 92,&( a 2IÀFLDO 3XEOLFDWLRQ RI 7KH $PHULFDQ 6KURSVKLUH 5HJLVWU\ $VVRFLDWLRQ 3XEOLVKHG LQ WKH LQWHUHVW RI 6KURSVKLUH %UHHGHUV HDFK )HEUXDU\ 0D\ DQG 2FWREHU %HFN\ 3HWHUVRQ $65$ 6HFUHWDU\
%RDUG RI 'LUHFWRUV $PHULFDQ 6KURSVKLUH 5HJLVWU\ $VVRFLDWLRQ 0DUN 0F&DEH ² 3UHV
1LFNHOVRQ 5RDG 3URVSHFW 2+ PDPFFDEH #KRWPDLO FRP 'DUUHOO 'RFNWHU ² 9 3UHV
6 &DUSHQWHU 5G 6QRKRPLVK :$ GGGRFNWHU#HDUWKOLQN QHW *DU\ %URFNPDQQ
%ODNH 5RDG *DUGHQ 3UDLULH ,/ JYEURFN#DRO FRP 5H &DOO
0RKDZN 7UDLO 6KHOEXUQH 0$ GRRQ\F#QHWVFDSH QHW 5REHUW 'LQVPRUH
%URDG 5XQ 5RDG -HIIHUVRQ 0' FRG FQK#IUHG QHW &RG\ +LHPNH
:HEVWHU 6W $SW % %HUNHOH\ &$ )DPLO\ ÁRFN LV LQ :LVFRQVLQ
FMKLHPNH#KRWPDLO FRP 1RUEHUW -DFNVRQ
: 6WDWH 5RXWH $OH[DQGULD ,1 QMDFNVRQ#PDFGHUPLG FRP
5LQGD 0DGGR[ 9RLFH 3XEOLVKHU
5REHUW -RKQVRQ
6WDWH +LJKZD\ 0DUVKÀHOG 02 URNDMR #FHQWXU\WHO QHW 5DOSK /RYHO\
&ROG 6WUHDP )DUP 5G 0DGLVRQYLOOH 71 &HOO -LP 3HUFLYDO
+RRS 5RDG ;HQLD 2+ VFKRROKRXVVKURSV#DRO FRP 7LP 5REHUWV
3HQQV\OYDQLD $YH :DVKLQJWRQ 2. 5REHUWV6KHHS&R#FV FRP &DURO 5XHEHU
WK 6WUHHW 6XPQHU ,$ UXHEHUVKURSV#\DKRR FRP %LOO 6HDOV
% 6KDIHU 0RUJDQ +LOO &$ VEDUVVKHHS#FV FRP %UDG 6OXW]
2[IRUG &LUFOH 6\FDPRUH ,/ EVOXW]# VWIDUPFUHGLW FRP 6DQG\ &URVV
6KDZV 0LOO 5RDG *RUKDP 0( VFURVV#FRYHQDQWU IDLUSRLQW QHW BBBBBBB 3$*(
+WV\IK\ ][ %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR
%PP VIKMWXVEXMSRW ERH TE]QIRXW WLSYPH FI QEHI XS 8LI %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR SJ ½GI
%76% 3J½GI ,SYVW 1SRHE] 8LYVWHE] E Q XS T Q )78 1SRHE] 8LYVWHE] IZIRMRKW T Q )78
6KURSVKLUH 9RLFH $GYHUWLVLQJ 5DWHV 5DWHV HIIHFWLYH )HEUXDU\
)XOO 3DJH +DOI 3DJH 4XDUWHU 3DJH )URQW &RYHU )XOO &RORU 2WKHU &RYHUV )XOO &RORU (DFK 3KRWR 6SRW FRORUÂ&#x2021; )XOO 3DJH LQ 9RLFH DQG IRXU 0RQWKV RQ :HE VLWH %UHHGHU·V 'LUHFWRU\ 9RLFH LVVXHV DQG PRQWKV RQ WKH ZHEVLWH $GG \RXU ZHEVLWH OLQN 6SRW FRORU LV VKDUHG E\ DOO DGYHUWLVHUV DQG LV SXEOLVKHU·V FRORU FKRLFH
92,&( '($'/,1(6
)HEUXDU\ 9RLFH -DQ 0D\ 9RLFH 0DUFK 2FWREHU 9RLFH 6HSW 67(9( 5,1'$ 0$''2;
9RLFH $GYHUWLVLQJ 0DQDJHU RU 3 2 %R[ 6LGHOO ,/ VKURSVKLUHYRLFH#WKHVLGHOOUHSRUWHU FRP BBBBBBB 3$*(
7IGVIXEV] &IGO] 4IXIVWSR [MPP FI RIEV XLI SJ½GI EX QSWX SXLIV XMQIW ERH [MPP VIXYVR GEPPW EW WSSR TSWWMFPI 7LI [MPP QEOI XLI FIWX IJJSVX XS TVSGIWW VIKMWXVEXMSRW ERH XVERWJIVW [MXLMR E HE] SV X[S SJ VIGIMTX 'SRXEGX LIV EX %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR &IGO] 4IXIVWSR 7IGVIXEV] &IPP 6H 0I]HIR 1% 4LSRI *E\ ¯ 7LVSTWIG$LSXQEMP GSQ
7LVSTWLMVI :SMGI ;IFWMXI -J ]SY RIIH XS TPEGI ER EH SV RI[W MXIQ MR XLI 7LVSTWLMVI :SMGI SV SR XLI [IFWMXI WLVSTWLMVIW SVK GSRXEGX 6MRHE 1EHHS\ :SMGI 4YFPMWLIV ;IF 'SSVHM REXSV SV LIV LYWFERH 7XIZIR 1EHHS\ EHZIVXMWMRK QEREKIV 7XIZIR ERH 6MRHE 1EHHS\ 4 3 &S\ 7MHIPP -0 WLVSTWLMVIZSMGI$ XLIWMHIPPVITSVXIV GSQ
SJ½GI
LSQI
.YRMSV %GXMZMXMIW *SV UYIWXMSRW SR ER] SJ XLI NYRMSV IZIRXW JSV XLI 7LVSTWLMVI %WWSGMEXMSR GSRXEGX 1EVO 1G'EFI SV 8MQ 6SFIVXW 1EVO 1G'EFI 2MGOIPWSR 6SEH 4VSWTIGX 3,
1EQGGEFI $LSXQEMP GSQ 8MQ 6SFIVXW 4IRRW]PZERME %ZI ;EWLMRKXSR 3/ 6SFIVXW7LIIT'S$GW GSQ
%H VEXIW MRGVIEWI
&IKMRRMRK [MXL XLI 1E] MWWYI XLI GSWX XS EHZIVXMWI MR 8LI 7LVSTWLMVI :SMGI [MPP MRGVIEWI WPMKLXP] &SXL XLI *MRERGI 'SQQMX XII ERH XLI :SMGI 'SQQMXXII LEZI VIGSQ QIRHIH XLMW MRGVIEWI HYI XS XLI VMWMRK GSWXW MR TVSHYGXMSR ERH TSWXEKI 8LMW LEW FIIR HMW GYWWIH JSV WSQI XMQI 8LI &SEVH SJ (MVIG XSVW ETTVSZIH XLMW EGXMSR MR 2SZIQFIV -X MW YRHIVWXSSH XLEX 8LI 7LVSTWLMVI :SMGI MW MRHIIH XLI FMPPFSEVH SJ XLI %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR 8LI MRXIRX MW RSX XS QEOI XLI QEKE^MRI E TVS½XEFPI ZIRXYVI FYX SRP] ER IJJSVX XS GPSWI XLI KET
'SQQMXXIIW
&YHKIX ERH *MRERGI 6I 'EPP 'LEMVQER 'EVSP 6YIFIV 7ERH] 'VSWW +ISVKI &YGOLEQ :SMGI ERH 4VSQSXMSR (EVVIPP (SGOXIV 'LEMVQER &VEH 7PYX^ 6MRHE 1EHHS\ .MQ 4IVGMZEP 2%-0) 7EPI 6ERH] 6MJI 'LEMVQER 6SFIVX .SLRWSR .MQ &VERHX 7XIZI 1ENGLV^EO &IGO] 4IXIVWSR 4IVJSVQERGI 'SH] ,MIQOI 'LEMVQER 1EXXLI[ %RHIVWSR .YRMSV ERH 'PYF 0EQF 8MQ 6SFIVXW 'LEMVQER +EV] &VSGOQERR 6IFIGGE /VMRWO] 1SRMGE )FIVX *YXYVMX] 1EVO 1G'EFI 'LEMVQER 8MQ &EVRIW &MPP 7IEPW *YRH VEMWMRK 7ERH] 'VSWW 'LEMVQER 6I 'EPP &MPP 7IEPW
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¾SGO WEPI IRXVMIW IUYMTQIRX SV WYTTPMIW [MXL ER EH MR 8LI 7LVSTWLMVI :SMGI
1HZ 0HPEHUV
:HOFRPH $ERDUG 7KHVH PHPEHUV MRLQHG WKH $65$ GXULQJ .EGSF ;MPOIR %WLOYQ -0 (EZMH %ZIVMPP 2I[ 7LEVSR 1) .MQ 4VSJ½XX 6MGLQSRH 13 .SERRE ;MPWSR 1ERLEXXER /7 )PM^EFIXL ;MPWSR 1ERLEXXER /7 1EHMWSR ,IRHIVWSR 4IVV] 3/ +VIK ;IMHEYIV 7XEVFYGO 12 6I 'EPP 7LIPFYVRI *EPPW 1% 7XIZI 1ENGLV^EO *IHIVEPWFYVK 1( 7LEQVSGO *EVQW 4EX 7LIVMHER %XLIRW 3, 1SPP] *MX^TEXVMGO ;E]PERH 2= 8 &VIXX (IIHSR )YKIRI 36 4EPQIV (IIHSR )YKIRI 36 ' %RH ' *EVQW 'LVMW ,MPPMW &IPP &YGOPI 82 /EXMI *VIH 3PWSR ,EZVI 18 +EV] &VSGOQERR +EVHIR 4VEMVMI -0 /IRHEP]RR 6SGOI] 6SGO 'MX] -0 7LERI /MQ &EVRIW 7]GEQSVI 4% 0M^^] 1MPPIV /I]QEV 1( BBBBBBB 3$*(
BE PART OF A GREAT OHIO WEEKEND!
S P H O I R H S Classic RE MAY 7 & 8 â&#x20AC;˘ EATON, OHIO Bruner Arena, Preble County Fairgrounds
THE 2009 NATIONAL FUTURITY WINNERS SOLD IN LAST YEARâ&#x20AC;&#x2122;S SALE! EACH TIED FOR FIRST PLACE! All Shropshires will sell slick-sheared! Sale sponsored by the Ohio Shropshire Sheep Association. Crago Family sold their 2nd Late February Ewe Lamb to Sean Bryant, OH.
Entries close March 15!
SHOW: FRIDAY MID-AFTERNOON Following the Oxford Show
SALE: SATURDAY, 10:30 A.M. Judge: Greg Fogel, Ohio Auctioneers: Danny Westlake & Gary Saylor, Ohio
High Life Farm sold their 1st Place Intermediate February Ewe Lamb to Kaitlyn Whiting, OH.
SALE HEADQUARTERS: Holiday Inn, Richmond, IN â&#x20AC;˘ 765/966-7511 OR Fairfield Inn, New Paris, OH â&#x20AC;˘ 937/437-8009 Block code for both is: Sheep Sale Book now for special rate!
& &' '"%%' ' $ ' ' % " "%" !!!& $
BBBBBBB 3$*(
# ## $ $ #&
.ZWU \PM 8ZM[QLMV\ [EW E ZIV] IZIRXJYP ]IEV JSV XLI 7LVSTWLMVI FVIIH 3YV FVIIH´W XL ERRM ZIVWEV] GEQI XS E GPMQE\ ERH GPSWI EX 0SYMW ZMPPI 8LMROMRK EFSYX XLI 7LVSTWLMVI IZIRXW EX 2%-0) WXMPP I\GMXIW QI ¯ XLI ½VWX IZIV 7EPI SJ XLI 7XEVW 7LVSTWLMVI JIQEPI LEH XLI LMKLIWX WEPI EZIV EKI SJ EPP FVIIHW ;I EPWS LEH XLI PEVKIWX WLS[W XLEX - GER VIQIQ FIV EX 2%-0) [MXL LIEH MR XLI NYRMSV WLS[ ERH LIEH MR XLI STIR WLS[ ;I EPWS LEH 7LVSTWLMVI [IXLIVW MR XLI QEVOIX WLS[ XLEX [EW HMZMHIH MRXS X[S GPEWWIW ERH ]SYRK TISTPI MR XLI WLIIT PIEH [MXL 7LVSTWLMVIW 8LI LMKLPMKLX JSV QI [EW SYV XL ER RMZIVWEV] FERUYIX ;I LEH EXXIRH XLI FERUYIX [LMGL [EW LIPH EX XLI I\TS GIRXIV 0EVV] 1IEH WIVZIH EW SYV 1EWXIV SJ 'IV IQSRMIW ERH [I VIGSKRM^IH EPP TEWX TVIWM HIRXW % FMK XLEROW XS XLI XL ERRMZIVWEV] GSQQMXXII % WTIGMEP XLEROW XS 2ERG] 'IWW RE [LS LERH TEMRXIH WPEXIW [MXL E 7LVST WLMVI LIEH JSV IZIV] I\LMFMXSV EX 2%-0) %PP XLI IZIRXW [IRX [IPP EX 0SYMWZMPPI XLEROW XS SYV WIGVIXEV] &IGO] 4IXIVWSR 7LI GSSVHM REXIH EPP XLI IZIRXW EX 2%-0) 1SRMGE )FIVX JVSQ /ERWEW SYV NYRMSV EQFEWWEHSV LEW HSRI E KVIEX NSF 7LI LEW VITVIWIRXIH SYV FVIIH EX QER] IZIRXW EPP ]IEV 7LI WTSOI EX XLI FERUYIX ERH EXXIRH IH FSEVH QIIXMRKW ;I GSYPHR´X LEZI LEH E FIXXIV TIVWSR JSV SYV ½VWX ]IEV 8LEROW XS
<PM ;PZWX[PQZM
>W Q K M \PM WVTa UIOIbQVM X]JTQ[PML NWZ IVL WVTa IJW]\ ;PZWX[PQZM JZMMLMZ[ 5Ia Q[[]M LMILTQVM" 5IZKP
1SRMGE SR E KVIEX NSF MW LIVI ERH [MXL MX EPP 7LVSTWLMVI FVIIHIVW PSSO JSV[EVH XS XLIMV ±RI[² PEQFW 8LI I\GMXIQIRX SJ ½RHMRK XLI ½VWX PEQF SJ XLI ]IEV 8LI ERXMGMTEXMSR 8LI I\GMXIQIRX 8LI I\XVE XVMTW XS XLI FEVR %RH ½REPP] XLEX ½VWX PEQF 7LVSTWLMVI FVIIHIVW EPP EGVSWW XLI 97% JIIP XLMW [E] EFSYX XLIMV ±RI[ ERXMGMTEXIH² PEQF GVST - FIPMIZI XLI JYXYVI JSV SYV 7LVSTWLMVI FVIIH MW MRHIIH ZIV] I\GMXMRK 8LMW [MPP FI XLI ½VWX ]IEV JSV SYV =IEVPMRK )[I *YXYVMX] -X MW ER I\TERWMSR SJ SYV )[I 0EQF *YXYVMX] TVS KVEQ [LMGL LEW KVS[R IZIV] ]IEV 8LMW [MPP FI XLI RMRXL ]IEV JSV XLI JYXYVMX] TVSKVEQ *SV QSVI MRJSVQEXMSR SR XLI =IEVPMRK )[I *YXYVMX] SV XLI )[I 0EQF *YXYVMX] KS XS XLI 7LVSTWLMVI [IF WMXI WLVSTWLMVIW SVK 8LI %PP %QIVMGER .YRMSV 7LS[ [MPP FI LIPH EX 1MGLMKER 7XEXI 9RMZIVWMX] MR )EWX 0ERWMRK 1MGL SZIV XLI *SYVXL SJ .YP] [IIOIRH -J ]SY EVI E NYRMSV 7LVSTWLMVI I\LMFMXSV LSTIJYPP] ]SY GER QEOI TPERW XS EXXIRH 8LI 2EXMSR EP 7LVSTWLMVI .YRMSV 7LS[ [MPP EKEMR FI EX 2%-0) MR 2SZIQFIV 8LI -PPMRSMW 7LVSTWLMVI 7TIGXEGYPEV XLI WMXI SJ SYV 2EXMSREP 7EPI SJ JIVW E RMGI NYRMSV WLS[ MRGPYHMRK WLS[QER WLMT GPEWWIW ;I [MPP EPWS LEZI SXLIV EGXMZMXMIW JSV SYV NYRMSVW SR *VMHE] EJXIVRSSR EX XLI 7TIGXEGYPEV 8LI 7TIGXEGYPEV EX 7TVMRK½IPH -PP XLI XLMVH [IIOIRH SJ .YRI MW E RMGI JEQMP] WIXXMRK 8LI 7LVSTWLMVI 'PEWWMG 7EPI EX )EXSR 3LMS XLI WIGSRH [IIOIRH SJ 1E] [MPP FI SRI SJ XLI ½VWX WEPIW SJ XLI WIEWSR % WTIGMEP NYRMSV GPEWW JSV *YXYVMX] .YRMSV =IEVPMRK )[IW [MPP FI SJJIVIH ELIEH SJ XLI WEPI SR 7EXYVHE] QSVRMRK %PWS HSR´X JSVKIX XLI 1MH[IWX 7XYH 6EQ 7EPI EX 7IHEPME 1S XLI JSYVXL [IIOIRH SJ .YRI ,STI XS WII ERH ZMWMX [MXL ]SY EX XLI WLS[W ERH WEPIW XLMW ]IEV 1EVO 1G'EFI BBBBBBB 3$*(
.ZWU \PM ;MKZM\IZa ,EZI ]SY EPP VIGSZIVIH JVSQ XLI XL# ;LEX E RIEX IZIRX MX [EW ;LIR - GEQI XS XLMW SVKERM^EXMSR MR XLI] XSPH QI XLIVI [EW KSMRK XS FI XLMW FMK TEVX] - WEMH ±,S[ [MPP MX IZIV GSQI XSKIXLIV#²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½GI HSSV JSV E [IIO XS HS SXLIV XLMRKW ERH [SRHIVIH [LIXLIV MX [EW EPP [SVXL MX %W - KSX Q] JIIX SR XLI KVSYRH EKEMR ERH XSSO GEVI SJ QIIXMRK QMRYXIW ½RERGMEP VITSVXW ERH WSVXIH XLVSYKL TLSXSW - FIKER XS KIX Q] WIGSRH [MRH =SY QMKLX ORS[ XLEX - VIGSVH EPP SJ XLI FSEVH QIIXMRKW XS LIPT [MXL XLI RSXI XEOMRK - IZIR VIGSVHIH XLI TVSGIIHMRKW SJ XLI FERUYIX -´ZI PMWXIRIH XS XLEX WIZIVEP XMQIW RS[ ERH IEGL XMQI - WE] ±+SWL [I LEH WYGL E KSSH XMQI XLEX RMKLX ² -´Q LETT] XLEX [I HSR´X LEZI XS TPER WYGL E TEVX] EKEMR JSV WSQI XMQI FYX - [EW I\GMXIH XS FI TEVX SJ MX NYWX XLI WEQI 7S LIVI [I EVI EX XLI FIKMRRMRK SJ XLI XL ]IEV 1] VIGSVHW WLS[ XLEX WLIIT [IVI VIKMWXIVIH MR QSVI XLER MR 3[RIVWLMT XVERWJIVW VIQEMRIH EFSYX XLI WEQI EX F] XLI IRH SJ XLI ]IEV *MRER GMEP VIGSVHW WLS[ XLEX XLI %76% MW HSMRK [IPP MR WTMXI SJ XLI IGSRSQ] 0EQFMRK LEW WXEVXIH MR QSWX EVIEW ERH RS QEXXIV [LEX FVIIH SRI LEW XLI ERXMGMTEXMSR SJ E KSSH PEQF GVST MW WXMPP XLI WEQI ;I PSSO JSV[EVH XS ER %PP %QIVM GER .YRMSV 7LS[ MR 1MGLMKER EW [IPP EW XLI WEPI WIEWSR ;I ERXMGMTEXI ERSXLIV KSSH ]IEV [MXL XLI *YXYVMX] IZIR I\TERHMRK MX XS EHH =IEVPMRK )[IW 1SWX SJ EPP [I PSSO JSV[EVH XS WTIRHMRK XMQI [MXL SXLIV KSSH WLIIT JSPOW &IGO] 4IXIVWSR
,QFUHDVLQJ RXU IORFN LQ e :HOFRPH %ODNH DQG .HOVH\
5\DQ :HEVWHU DQG $VKOH\ %HOO ZLWK %ODNH :LOOLDP :HEVWHU %RUQ -XO\ :HLJKLQJ LQ DW OEV R] 5\DQ VKRZHG WKH -XQLRU &KDPSLRQ DW WKH %LJ ( DQG ZDV 3UHPLHU %UHHGHU DQG ([KLELWRU
-RKQ DQG $PDQGD &URVV ZLWK .HOVH\ 0DULH &URVV %RUQ 6HSW :HLJKLQJ LQ DW OEV R]V -RKQ VKRZHG 5HVHUYH 6HQLRU &KDPSLRQ DW %LJ ( DQG KDG 6XSUHPH (ZH DQG 6KHSKHUG¶V $ZDUG DW )U\HEXUJ )DLU
;XMKQIT \PIVS[ \W ,MIV 0Ia_IZL IVL <ZI^Q[ )^MZQTT _PW _MZM JW\P I P]OM PMTX QV OM\\QVO JW\P Ã&#x2020;WKS[ ZMILa NWZ \PM ! *QO -
/RYH *UDPP\ 3DSD *UDQGPD DQG *UDQGSD BBBBBBB 3$*(
&IJSVI XLI 7XEVW SJ 0SYMWZMPPI 7EPI FIKMRW FY]IVW KIX E GLERGI XS PSSO SZIV IEGL I[I IRXV]
*MVWX 0SYMWZMPPI 7XEVW WEPI E WYGGIWW &] &IGO] 4IXIVWSR 8LI ½VWX 7XEVW SJ 0SYMWZMPPI 7LVSTWLMVI 7EPI XSSO TPEGI SR 7EXYVHE] 2SZ 8LMW IZIRX [EW XLI VIWYPX SJ XLI IJJSVXW SJ WEPI GSQQMXXII QIQFIVW 6ERH] 6MJI GLEMV +VE] &VSGOQERR &SF .SLRWSR 1EVO 1G 'EFI .MQ &VERHX ERH QEREKIV &IGO] 4IXIV WSR 4PERW LEH FIIR YRHIV[E] JSV WIZIVEP QSRXLW 8LI 2SVXL %QIVMGER [EW KVEGMSYW MR EPPS[MRK YW XS LEZI XLI ½VWX WEPI SJ XLI HE] ;I LEH LSTIH XS WIX XLI TEGI JSV XLI HE] ERH HMH [MXL E EZIVEKI 2MRIXIIR IPMXI JIQEPIW LEH FIIR GSP PIGXIH 8LI] [IVI TYX MR SVHIV F] 6SH 'VSQI [LS ½PPIH MR JSV (SR ,STOMRW [LS
[EW LSQI [MXL LMW EMPMRK JEXLIV &SF ,STOMRW JSVQIV %76% HMVIGXSV %JXIV XLI ±NYHKMRK²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
8LIVI [EW E KVIEX XYVRSYX JSV XLI ½VWX I[I WEPI LIPH SR 7EXYVHE] QSVRMRK BBBBBBB 3$*(
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´W XST .ERYEV] I[I PEQF [IRX LSQI [MXL )VMO 1VS^MRWOM SJ -RHMERE JSV )VMO XLIR GLSWI XLI WIGSRH TPEGI I[I JVSQ (SGOXIV´W ( 7LIIT 'S JSV /EXIP]R 1IPZMR SJ 3LMS KVEFFIH E PEQF EX JVSQ ,MKL 0MJI *EVQ 1SRMGE )FIVX SJ /ERWEW PIJX [MXL E 1G'EFI I[I JSV 8LI JSYV .ERYEV] I[I PEQFW EZIVEKIH 8LI 6IWIVZI 'LEQTMSR I[I [EW E &YGOLEQ *EVQW I[I JVSQ XLI *IFVYEV] GPEWW 7LI FVSYKLX JVSQ 1MGLEIP %RHIV WSR SJ -PPMRSMW .EGSF *S[PIV EHHIH E WIGSRH
%76% 7IGVIXEV] &IGO] 4IXIVWSR [IPGSQIW IZIV]SRI XS XLI STIRMRK SJ XLI XL %RRMZIVWEV] IZIRXW
6SH 'VSQI JEV VMKLX PSSOW EX E 6MJI IRXV] LIPH F] 1SRMGE )FIVX 6ERH] 6MJI WXERHW GIRXIV
PEQF EX JVSQ XLI 6MJIW 8LI X[S *IF VYEV] I[I PEQFW EZIVEKIH 8LI 1EVGL I[I PEQFW WXEVXIH EX SR E 7IER &V]ERX I[I KSMRK XS .SWL 7EVKIRX SJ 3LMS /EMXP]R 6SFMRWSR SJ %VOERWEW JSYRH E 'MX] 0MQMXW I[I WLI PMOIH JSV 3LMS´W 6ERH] ERH .YPMI 6MJI GLSWI E +PIRR ,MKL I[I JSV 8LI &V]ERXW WSPH E I[I XS 1SVKER .SLRWSR SJ 3LMS 8LI JSYV 1EVGL PEQFW EZIVEKIH 8LMW [EW E WYGGIWWJYPP] MRZMKSVEXMRK WEPI JSV XLI %QIVMGER 7LVSTWLMVI 6IKMWXV] %W WSGMEXMSR 4PERW EVI YRHIV[E] JSV E WEPI EX 2%-0) MR
;EXGLMRK JSV E RSH JVSQ XLI GVS[H MW VMRK QER 7XIZI 1ENGLV^EO EW LI LIPTW %YGXMSRIIV (ER ;IWXPEOI BBBBBBB 3$*(
2%-0) LSWXW WXVSRK ERRMZIVWEV] WLS[ &] &IGO] 4IXIVWSR 8LI XL 'IPIFVEXMSR ½RMWLIH SR 1SR HE] 2SZ [MXL XLI STIR 7LVSTWLMVI WLS[ 3J½GMEP NYHKI &VEH 4E]RI SJ ;IWXSR 1S WSVXIH 7LVSTW JSV ETTVS\MQEXIP] ½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½VWX TPEGI 0EXI .YRMSV 6EQ 0EQF 7IZIRX] VEQW [IVI IRXIVIH MR XLI WLS[ ERH VEQW [IVI WLS[R -R XLI WXVSRKIV RYQFIVIH I[I HMZMWMSR [IVI WLS[R JVSQ XLI IRXIVIH 'MX]
+EZMR &VS[R SJ -RHMERE TSMRXW XS LMW KVERHJEXLIV 2SV QER 2IIH´W REQI SR XLI PMWX SJ 7LVSTWLMVI WYTTSVXIVW [LS LEZI TEWWIH XLI PEWX ]IEVW 8LI VSGOMRK GLEMV [EW TPEGIH EX XLI IRXVERGI XS XLI WLS[ VMRK HYVMRK XLI STIR WLS[ MR LSRSV SJ XLSWI PMWXIH BBBBBBB 3$*(
0MQMXW 7LIIT *EVQ XLI 7PYX^ JEQMP] SJ 0E1SMPPI -PP KEVRIVIH V VIH S SVW XLI 'LEQTMSR )[I LSRSVW SR XLIMV .YRMSV 'LEQTMSR .ERYEV] )[I 0EQF /RITT 7LVSTWLMVIW SJ 3PH &EV L VMRKXSR -PP GEQI E[E] [MXL R R XLI 6IWIVZI 'LEQTMSR LSR TMSR SVW SR XLIMV 7IRMSV 'LEQTMSR IVZI )EVP] =IEVPMRK )[I 8LI 6IWIVZI 7IRMSV 'LEQTMSR )[I VSWIXXI [IRX XS 1M GLEIP 0 %RHIVWSR SJ 4E\XSR -PP SR LMW GPEWW [MRRMRK PEXI ]IEVPMRK I[I 8LI 6IWIVZI .YRMSV 'LEQTMSR )[I [EW XLI ½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
(EZMH 7IEPW ;)+ 7LVSTWLMVI +IRIZE 2) /EVSP ;MPPMI )YKIRI 36 7IRMSV 'LEQTMSR 6EQ ( 7LIIT 'S *EPP 6EQ 0EQF 6IWIVZI 7IRMSV 'LEQTMSR 6EQ 8MQ 6SFIVXW =IEVPMRK 6EQ )EVP] .YRMSV 6EQ 0EQF WLS[R ( 7LIIT 'S 6ERH] .YPMI 6MJI =IPPS[ 7TVMRKW 3, ;)+ 7LVSTWLMVIW 6ERH] .YPMI 6MJI &IXL ERH .EWSR 4IVGMZEP <IRME 3, 'MX] 0MQMXW 7LIIT *EVQ 'MX] 0MQMXW 7LIIT *EVQ 7IER &V]ERX *VIHIVMGOXS[R 3, 4IRGI *EVQW 3PH *SVX 3, /RITT 7LVSTWLMVIW 2SVXL &EVVMRKXSR -0 0EXI .YRMSV 6EQ 0EQF WLS[R %ZIV] 7LVSTWLMVIW &VIQIR -2 +PIRR .SER ,MKL 0I\MRKXSR 3, 6ERH] .YPMI 6MJI %ZIV] 7LVSTWLMVIW 'MX] 0MQMXW 7LIIT *EVQ ;)+ 7LVSTWLMVIW +EZMR %VZMR 'SRKIVZMPPI -0 &YGOLEQ *EVQW 7GLSSPGVEJX 1 1EXXLI[ %RHIVWSR 7IER &V]ERX 4EMV 6EQ 0EQFW WLS[R ( 7LIIT 'S 'MX] 0MQMXW 7LIIT *EVQ 6ERH] .YPMI 6MJI %ZIV] 7LVSTWLMVIW ;)+ 7LVSTWLMVIW (EZMH 7IEPW /RITT 7LVSTWLMVIW 4IRGI *EVQW +PIRR .SER ,MKL 7IER &V]ERX 7IER .YRMSV 'LEQTMSR 6EQ ( 7LIIT 'S )EVP] .V 6EQ 0EQF 6IWIVZI .YRMSV 'LEQTMSR 6EQ %ZIV] 7LVSTWLMVIW 0EXI .V 6EQ 0EQF +VERH 'LEQTMSR 6EQ ( 7LIIT 'S 7V 'LEQTMSR 6EQ 6IWIVZI +VERH 'LEQTMSR 6EQ ( 7LIIT 'S .V 'LEQTMSR 6EQ )EVP] =IEVPMRK )[I WLS[R
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Õ» BBBBBBB 3$*(
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
'EVSP]R 7XVYRO 7IER &V]ERX +EZMR %VZMR .YRMSV 'LEQTMSR )[I 'MX] 0MQMXW 7LIIT *EVQ .ER )[I 0EQF 6IWIVZI .YRMSV 'LEQTMSR )[I %ZIV] 7LVSTWLMVIW 1EVGL )[I 0EQF +VERH 'LEQTMSR )[I 'MX] 0MQMXW 7LIIT *EVQ .V 'LEQTMSR 6IWIVZI +VERH 'LEQTMSR )[I /RITT 7LVSTWLMVIW 7V 'LEQTMSR )[I +VSYT SJ 8LVII 0EQFW WLS[R 'MX] 0MQMXW 7LIIT *EVQ ( 7LIIT 'S %ZIV] 7LVSTWLMVIW 6ERH] .YPMI 6MJI 7IER &V]ERX ;)+ 7LVSTWLMVIW 8MQ 6SFIVXW )\LMFMXSV´W *PSGO WLS[R 8MQ 6SFIVXW 'MX] 0MQMXW 7LIIT *EVQ 7IER &V]ERX ;)+ 7LVSTWLMVIW XL %RRMZIVWEV] 'PEWW ¯ 1M\IH 4EMV SJ 0EQFW WLS[R 'MX] 0MQMXW 7LIIT *EVQ 8MQ 6SFIVXW %ZIV] 7LVSTWLMVIW ( 7LIIT 'S 6ERH] .YPMI 6MJI ;)+ 7LVSTWLMVIW +PIRR .SER ,MKL /EVSP ;MPPMI &;& *%617 -2' 4VIQMIV )\LMFMXSV 'MX] 0MQMXW 7LIIT *EVQ
1MPPIV (VMZI )H[EVHWZMPPI -0
Â&#x2C6; GIPP 'EPP JSV E JII GEXEPSK SV ZMWMX [[[ OIXGLEQWLIITIUYMTQIRX GSQ BBBBBBB 3$*(
%:% )DUPV ,QF
6KURSVKLUH 6KHHS 6
#f0# !-+',% -, 120-,% %:% )DUPV )DOO (ZH 6LUHG E\ ´'DQG\µ &/6) 1DWLRQDO &KDPSLRQ )>) -HYTZ UK 6OPV @V\[O ,_[YH]HNHUaH Z[ (SS (TLYPJHU 1\UPVY :OV^ Z[ 6OPV :[H[L -HPY 1\UPVY :OV^ UK 6OPV :[H[L -HPY 6WLU :OV^ [O 0UKPHUH :[H[L -HPY [O (UUP]LYZHY` 9LNPVUHS :OV^
UK 5(03, 6WLU :OV^
O 2- ** -30 &0-. 37#01 2&'1 . 12 7# 0F ,YPR 4YVaPUaRP 05 >PSSPHT )YHUK[ 6/ )Y`HU[ :OYVWZ 6/
&RPH VHH RXU IORFN WKLV VSULQJ
%DUU\ %DUU 5LFN :KLWLQJ 5DQG\ %DUU 6RUJ 5RDG *UHHQH 5RDG 6RUJ 5RDG +LOOVERUR 2+ 0DUWLQVYLOOH 2+ +LOOVERUR 2+ HPDLO XV DW EZEIDUPVLQF#YHUL]RQ QHW YLVLW XV DW ZZZ EZEIDUPVLQF FRP BBBBBBB 3$*(
&SEVH SJ (MVIGXSV´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´W VITSVX EW [EW TVIWIRXIH EX XLI %RRYEP 1IIXMRK SJ XLI QIQFIVW 8LMW VITSVX WLS[IH E RIX MRGSQI JSV XLI ½VWX QSRXLW SJ SJ -X [EW RSXIH XLEX XLIVI [SYPH FI QSVI I\TIRWIW JSV XLI 2%-0) 7LS[ ERH XLI XL XLEX [MPP WTIRH XLEX WYVTPYW ERH QSVI F] XLI IRH SJ &IGO] LEH EPWS WMRGI TEMH JSV XLI TVMRXMRK ERH TVSHYGXMSR SJ XLI 3GXSFIV :SMGI 8LIVI [MPP EPWS FI MR GSQI JVSQ XLI EHZIVXMWMRK MR XLEX MWWYI 8LIVI [EW HMWGYWWMSR VIKEVHMRK GSPPIGXMSR SJ SZIVHYI JIIW &IGO] WXEXIH XLEX XLI 1EW WEGLYWIXXW MRGSVTSVEXMSR TETIVW LEZI FIIR ½PIH ERH E 1EWWEGLYWIXXW FERO EGGSYRX GER FI STIRIH [LIR MX MW ETTVSZIH %X XLEX XMQI JYRHW [MPP FI WIX EWMHI MR E LMKLIV MRXIVIWX VEXI EGGSYRX &IGO] EPWS RSXIH XLEX WLI LEW SFXEMRIH E ±HMWLSRIWX] FSRH² XS WIGYVI XLI %76% JYRHW YRHIV LIV GEVI ;MXL RS JYVXLIV HMWGYWWMSR &VEH 7PYX^ QSZIH XS EGGITX XLI VITSVX ERH &SF .SLRWSR WIGSRHIH XLI QS XMSR 8LI VITSVX [EW EGGITXIH % JYPP VITSVX [MPP FI WYFQMXXIH XS XLI IRXMVI &SEVH ERH XLI *MRERGI 'SQQMXXII [LIR XLI ]IEV MW GSQTPIXIH &IGO] [MPP EPWS EVVERKI JSV E ½RERGMEP VIZMI[ XS XEOI TPEGI EJXIV XLI GPSWI SJ XLI ]IEV BBBBBBB 3$*(
XL %RRMZIVWEV] 2SVQ .EGOWSR VITSVXIH SR XLI GIPIFVE XMSR EW MX MW SRKSMRK 8LIVI [IVI ETTVS\M QEXIP] EXXIRHIIW EX XLI FERUYIX QSVI XLER LEH VIWIVZIH XMGOIXW 6I 'EPP QSZIH ERH 2SVQ WIGSRHIH XLEX XLI WIGVIXEV] WIRH E PIXXIV SJ ETTVIGMEXMSR XS 0EVV] 1IEH JSV LMW IRXLYWMEWXMG ERH IRXIVXEMRMRK XEPO EX XLI FERUYIX 1ER] XLEROW XS 6I 'EPP [LS LEH KEXLIVIH HSSV TVM^IW XS FI HVE[R EX XLI FERUYIX % XIVVM½G NYRMSV WLS[ XSSO TPEGI MR XLI EJXIVRSSR % WYTIV STIR WLS[ MW I\ TIGXIH JSV 1SRHE] 2SVQ GSQQIRXIH XLEX 6ERH] 6MJI [EW ZIV] LIPTJYP MR KIXXMRK MRJSV QEXMSR XSKIXLIV JSV XLI XL GIPIFVEXMSR ,I QSZIH ERH &SF .SLRWSR WIGSRHIH XLI] KMZI 6ERH] XLI XMXPI SJ ,SRSVEV] ,MWXSVMER 8LI NSF [SYPH FI EWWMWXMRK XLI SJ½GI MR KEXL IVMRK ERH LSPHMRK LMWXSVMGEP MRJSVQEXMSR 8LI QSXMSR TEWWIH YRERMQSYWP] =SYXL 8MQ 6SFIVXW WTSOI EFSYX XLI %QFEWWE HSV TVSKVEQ 8LIVI MW E VEJ¾I SR E FPSGO MRK WXERH XS VEMWI QSRI] JSV XLMW TVSKVEQ %TTVS\MQEXIP] LEPJ SJ XLI MRGSQI [MPP FI YWIH XS VIMQFYVWI XLI GYVVIRX EQFEWWEHSV 1SRMGE )FIVX JSV WSQI SJ LIV I\TIRWIW 8LI SXLIV LEPJ [MPP FI WIX EWMHI JSV XLI TVSKVEQ 8LI VEJ¾I [MPP FI HVE[R HYVMRK XLI STIR WLS[ GLEQTMSR I[I WIPIGXMSR 8LI %QFEWWEHSV *YRH ±EGGSYRX² WLSYPH FI QSZIH XS ±6IWXVMGXIH *YRHW² 8LIVI [EW HMW GYWWMSR VIKEVHMRK TVSZMHMRK MHIRXM½GEXMSR JSV XLI GYVVIRX EQFEWWEHSV .MQ 4IVGMZEP QSZIH ERH &MPP 7IEPW WIGSRHIH XLI QSXMSR XS TYV GLEWI E TIVWSREPM^IH FEHKI YWMRK WSQI SJ XLI VEJ¾I TVSGIIHW JSV XLI %QFEWWEHSV XS [IEV [LIR SYX EX WLIIT IZIRXW 8LI QSXMSR TEWWIH 8MQ MW EPWS LSTIJYP XS KIX E .YRMSV %WWSGMEXMSR EGXMZIP] KSMRK 1EVO LEH TYX XSKIXLIV XLI KYMHIPMRIW JSV XLI =IEVPMRK )[I *YXYVMX] ERH XLI] EVI TSWXIH SR XLI [IFWMXI 8LIVI [EW HMWGYW WMSR EFSYX WIXXMRK YT HMWXVMGXW JSV XLI )[I 0EQF *YXYVMX] XS KMZI FIXXIV JSSXMRK XS XLI ]SYRKWXIVW XLEX HSR´X GSQTIXI MR XLI PEVKIV GPEWWIW 'YVVIRXP] 3LMS LEW PEVKI GPEWWIW ERH QSWX SJ XLI XST [MRRIVW I\LMFMX MR 3LMS -X
[EW RSXIH XLEX HSYFPI TSMRXW EVI E[EVHIH EX XLI %PP %QIVMGER .YRMSV 7LS[ ERH XLI 2%-0) .YRMSV 7LS[ WS XLEX ER] NYRMSV XLEX [ERXIH XS FI GSQTIXMXMZI MR XLI TVSKVEQ [SYPH RIIH XS EXXIRH XLSWI X[S WLS[W %JXIV QYGL HMWGYWWMSR MX [EW HIGMHIH XS PIEZI XLI TVSKVEQ EW MX MW SRI HMZMWMSR ERH XS TE] TVI QMYQW XS EPP SJ XLSWI [LS LEH WYFQMXXIH XLI VIUYMVIH TSMRX GEVHW -X [EW WS QSZIH F] &SF (MRWQSVI ERH WIGSRHIH F] 'EVSP 6YIFIV %HZIVXMWMRK ERH :SMGI (EVVIPP LEW EVVERKIH JSV ERSXLIV JYPP TEKI EH XS VYR MR XLI .ERYEV] MWWYI SJ XLI &ERRIV ,I EPWS HMWGYWWIH XLI 'PYF 0EQF 4EKI GSQ PMRO XLEX XLI %76% TYVGLEWIW %JXIV QYGL HMWGYWWMSR (EVVIPP QSZIH ERH &VEH WIG SRHIH XS HMWGSRXMRYI XLI PMRO XS 'PYF0EQFW GSQ 1SXMSR TEWWIH .MQ QSZIH ERH &MPP WIGSRHIH XS FYMPH E 'PYF 0EQF 4EKI SR XLI 7LVSTWLMVIW SVK WMXI .MQ [MPP [SVO [MXL 6MRHE XS KIX XLEX TEKI YT 4IVLETW E 'PYF 0EQF &VIIHIVW (MVIGXSV] GSYPH FI EHHIH (EVVIPP GSQQIRHIH 6MRHE ERH 7XIZI JSV XLIMV [SVO SR XLI :SMGI 8LI 3GXSFIV MWWYI
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½GMX MR XLI IRXMVI JSVIGEWXIH FYHKIX (EVVIPP QSZIH ERH 'EVSP WIGSRHIH XLI QSXMSR XS MRGVIEWI EH VEXIW XS JSV E JYPP TEKI EH JSV E LEPJ TEKI EH ERH JSV E UYEVXIV TEKI EH 4VMGIW JSV GSZIV TEKIW ERH TLSXSW [MPP VIQEMR XLI WEQI %PWS XLI QMRMQYQ JSV XLI 'IRXIVWXEKI ;IFWMXI %YGXMSR [MPP FI JSV 1S XMSR TEWWIH %R EVXMGPI [MPP FI TVMRXIH MR XLI *IFVYEV] :SMGI SYXPMRMRK XLIWI MRGVIEWIW ջ
-,0 '211$ *58(1+$*(1 -HUVH\ 5LGJH 5RDG 'DYHQSRUW ,RZD VVVKURSV#QHWLQV QHW
7KDQNV WR RXU SDVW \HDU¦V VXSSRUWHUV DW (DWRQ DQG 6SULQJILHOG 6 FKRROKRXVH 6KURSVKLUHV 2+ &UDLJ $QGUHD .LQJ 02 -DQV\Q 9DQ+RUQ .6 %UHHGLQJ TXDOLW\ 6KURSVKLUHV DV 6KURS 6LVWHUV VLQFH 2XU HQWLUH ÁRFN LV 55 45 DQG VSLGHU IUHH
'HUULFN %ROOLQJHU 3$ - %RQG ,/ :LQFKH )DUPV ,/
&RQJUDWXODWLRQV 2IV[aV >IV0WZV NZWU 3IV[I[ \P XTIKM N]\]ZQ\a TIUJ
BBBBBBB 3$*(
XS FIGSQI IJJIGXMZI JSV XLI 1E] MWWYI 7XEVW SJ 0SYMWZMPPI 7EPI &IGO] VITSVXIH SR ]IWXIVHE]´W WEPI LIEH [IVI WSPH EX ER EZIVEKI SJ 8LI KVSWW [EW 8LI IWXMQEXIH TVS½X JSV XLI WEPI [EW 8LIVI [IVI MWWYIW MR ZSPZIH MR XLI LIEPXL TETIVW JSV XLI WEPIW EW WSQI LEH XS FI VI[VMXXIR HYI XS QMWYRHIV WXERHMRKW VIKEVHMRK WXEXI TIVQMXW 8LMW [MPP LEZI XS FI GPEVM½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½GMX 8LIVI [EW E QSXMSR JVSQ (EVVIPP ERH 'EVSP XS GLEVKI XLI 97(% %4,-7 E JII XS TVSZMHI E PMWX SJ XVERWJIVVIH ERMQEPW MRZSPZIH MR E 7GVETMI XVEGIFEGO % [EMZIV [SYPH LEZI XS FI WMKRIH F] XLI FVIIHIV XS VIPIEWI XLI VIUYIWXIH MRJSVQEXMSR 8LI QS XMSR TEWWIH 7ERH] 'VSWW WYKKIWXIH XLEX E QMWGIPPE RISYW JYRH FI FYMPX MRXS XLI FYHKIX XS EPPS[ JSV SZIV I\XIRWMSRW MR GIVXEMR EVIEW 3XLIV WYKKIWXMSRW [IVI QEHI -X [EW HIGMHIH XS GVIEXI E *YRH 6EMWMRK 'SQQMXXII SJ XLVII TISTPI XS HIZIPST MRGSQI MRGVIEWMRK MHIEW 8LI GSQQMXXII [MPP FI GLEMVIH F] 7ERH] 'VSWW &MPP 7IEPW ERH 6I 'EPP [MPP EWWMWX 'SH] ,MIQOI QSZIH ERH 6EPTL 0SZIP] WIGSRHIH XS EGGITX XLI FYHKIX EW TVSTSWIH F] XLI *MRERGI 'SQQMXXII EPSRK [MXL LSTIJYP MR GSQI MRGVIEWIW ERH E 7XEVW SJ 0SYMW BBBBBBB 3$*(
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½GMEP %VXMGPIW SJ -RGSVTS VEXMSR &ERRIV 2SXIW 8LI RI\X MWWYI RSXIW EVI HYI MR IEVP] (IGIQFIV 1EVO LEH TVIZMSYWP] EKVIIH XS [VMXI XLI TSWX 0SYMWZMPPI MWWYI &IGO] [MPP [VMXI JSV XLI *IFVYEV] MWWYI .MQ 4IVGMZEP [MPP [VMXI JSV XLI TVI 'PEWWMG MWWYI ,STI JYPP] SXLIV QIQFIVW GER TMGO YT XLI WTVMRK MWWYIW 2EXMSREP 7LS[ 4VSTSWEP (MWGYWWMSR GSRXMRYIW EFSYX XLI &MK )´W VIUYIWX JSV XLI 2EXMSREP 7LS[ MR 8LI 2SVXL )EWX KVSYT LEW QIX EFSYX XLMW ERH I\XIRHW ER SJ½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½IPH 1EWW 8LIVI [EW RS QSVI HMWGYWWMSR ERH XLI QSXMSR TEWWIH 2EXMSREP 7LS[ .YHKI 7IZIVEP REQIW [IVI WYKKIWXIH JSV XLI
2EXMSREP 7LS[ NYHKI (IFF] .S ,SP QUYMWX ,IRV] 7LYPX^ 1MOI %RHIVWSR 7LE[R 6EQWI] (EZMH 'SSO ERH &MPP] ;EHI %PP WM\ [IVI HMWGYWWIH %JXIV ZSXMRK XLI PMWX [EW REVVS[IH HS[R XS XLVII MR XLI JSPPS[MRK SVHIV ,IRV] 7LYPX^ 1MOI %RHIVWSR ERH &MPP] ;EHI 8LIWI [MPP FI WYFQMXXIH XS XLI 2%-0) 'SQQMXXII MR 1EVGL 2EXMSREP 7EPI &VEH 7PYX^ QSZIH ERH +EV] &VSGO QERR WIGSRHIH XS LSPH XLI 2EXMSREP 7EPI MR 7TVMRK½IPH -PP EW TEVX SJ XLI 7LVSTWLMVI 7TIGXEGYPEV 8LI -PPMRSMW KVSYT VIGSQQIRH IH XLI JSPPS[MRK NYHKIW (ER 7TMPHI .EVIH 4S]RXIV ERH /IRX 7TMPHI 'EVSP QSZIH XS EQIRH XLI QSXMSR XS EGGITX XLI PMWX SJ NYHK IW 8LI QSXMSRW TEWWIH 3XLIV &YWMRIWW &MPP 7IEPW GSQQIRXIH SR XLI NYRMSV WLS[´W *IFVYEV] )[I 0EQF GPEWW LEZMRK IRXVMIW MR XLI VMRK ,I [SYPH PMOI XS SJJIV LMW [IWXIVR HMWXVMGX´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
[MXLSYX E HEXI SV E GPEWW 8LI TVIQMYQW [MPP FI TEMH HMVIGXP] JVSQ XLI %76% )PIGXMSR SJ 3J½GIVW &SF .SLRWSR QSZIH ERH &SF (MRWQSVI WIGSRHIH XS VIXEMR XLI GYVVIRX TVIWMHIRX JSV ERSXLIV XIVQ .MQ QSZIH ERH &SF .SLR WSR WIGSRHIH XLI QSXMSR XLEX RSQMREXMSRW FI GPSWIH ERH XLEX XLI WIGVIXEV] GEWX E YRERMQSYW FEPPSX %JXIV E FVMIJ LIEVXJIPX WM PIRGI 1EVO 1G'EFI EGGITXIH XLI SJ½GI JSV ERSXLIV ]IEV ,I HMH WE] XLEX LI [SYPH [SVO [MXL XLI :MGI 4VIWMHIRX XS WLEVI WSQI SJ XLI [SVOPSEH ERH TVITEVI JSV XLI JYXYVI 1EVO XLIR RSQMREXIH (EVVIPP (SGOXIV JSV :MGI 4VIWMHIRX &SF .SLRWSR WIGSRHIH XLI QS XMSR ERH QSZIH XLEX RSQMREXMSRW FI GPSWIH ERH 6EPTL WIGSRHIH 8LI WIGVIXEV] GEWX E FEPPSX (EVVIPP (SGOXIV [MPP VIQEMR EW :MGI 4VIWMHIRX JSV ERSXLIV ]IEV 7IGVIXEV] 'SRXVEGX 8LI WIGVIXEV] [EW EWOIH XS PIEZI XLI QIIXMRK VSSQ 6MRHE 1EHHS\ XSSO SZIV EW VIGSVHMRK WIGVIXEV] %JXIV E WLSVX HMWGYW WMSR MX [EW QSZIH F] 'EVSP 6YIFIV ERH WIG SRHIH F] 6EPTL 0SZIP] XLEX &IGO] 4IXIVWSR FI VILMVIH JSV ERSXLIV ]IEV EW %76% WIGVI XEV] [MXL RS GSRXVEGX GLERKIW 8LI QSXMSR TEWWIH F] YRERMQSYW ZSXI ;MXL RS JYVXLIV FYWMRIWW XS GSQI FIJSVI XLI &SEVH .MQ 4IVGMZEP QSZIH XS EHNSYVR ERH 6EPTL 0SZIP] WIGSRHIH 8LI QIIXMRK [EW EHNSYVRIH EJXIV E XSXEP XMQI SJ X[S LSYVW ERH QMRYXIW 6IWTIGXJYPP] WYFQMXXIH &IGO] 4IXIVWSR )\IGYXMZI 7IGVIXEV]
$/ / < ($5 /,1*6 $1' /$0%6 ) 25 6$/( $7 7+( )$50
5
8(%(5
6KURSVKLUHV 66KU 6K KKUURSVK UURURS URSV RSVK RSV SSVVVKL VKLUHV VK KLKLUH KLU L UHV UHHV HV
:OYVWZOPYLZ MYVT [OL /LHY[SHUK
(PTLL ^PSS IL NYHK\H[PUN ^P[O OLY +VJ[VY VM =L[LYPUHY` 4LKPJPUL KLNYLL K\YPUN [OL :OYVWZOPYL *SHZZPJ :HSL
&KHFN RXW 5XHEHU 6KURSVKLUHV RQ )DFHERRN IRU VKHHS SLFWXUHV [O :[ :\TULY 0( Â&#x2039; (PDLO UXHEHUVKURSV#\DKRR FRP BBBBBBB 3$*(
*MRERGMEP 6ITSVX %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR 4VS½X ERH 0SWW .ER (IG ³
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
8VERWJIVW 7XEVW SJ 0SYMWZMPPI 7EPI 3XLIV 8SXEP 7XEVW SJ 0SYMWZMPPI 7EPI 8SXEP 6IWXVMGXIH *YRHW 8SXEP -RGSQI )\TIRWI %GGSYRXMRK %HZIVXMWMRK &ERO *IIW -RXIVRIX 1MWG 3J½GI 7YTTPMIW 4SWXEP 1IXIV 3J½GI 7YTTPMIW 3XLIV 8SXEP 3J½GI 7YTTPMIW 4E]VSPP 8E\ *-'% %76% 7LEVI 1IHMGEVI %76% 7LEVI 8SXEP 4E]VSPP 8E\ 4SWXEKI SJ½GI SRP] 4VSQSXMSR 6IKMWXV] 4VSKVEQ 7EPEV] 7EPIW 8E\ 7LVSTWLMVI :3-') %H 'SQQMWWMSR 7XIZI 1EHHS\ &YPO 1EMP 0EFSV 1MWG :3-') 7EPIW 8E\ :3-') 4SWXEKI :3-') 4VMRXMRK :SMGI 7LMTTMRK 8SXEP 7LVSTWLMVI :3-') 8IPITLSRI 'SRJIVIRGI 0MRI 3J½GI 4LSRI 8SXEP 8IPITLSRI 8VEZIP %MVJEVI 'EV 6IRXEP 1SXIP 6IWIVZEXMSR *II 8SXEP 8VEZIP ;IFWMXI
=SYXL %PP %QIVMGER .YRMSV 7LS[ 6IKMSREP 7YTTSVX 7GLSPEVWLMT =SYXL 3XLIV 8SXEP =SYXL 8SXEP )\TIRWI 2IX -RGSQI &IGO] 4IXIVWSR %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR
&EPERGI 7LIIX %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR %W SJ (IG ³
%77)87 'YVVIRX %WWIXW 'LIGOMRK 7EZMRKW +VIIR½IPH 'S ST &ERO ,EVZEVH 'LIGOMRK %GGSYRX 4IXX] 'EWL 8SXEP 'LIGOMRK 7EZMRKW %GGSYRXW 6IGIMZEFPI %GGSYRXW 6IGIMZEFPI 8SXEP %GGSYRXW 6IGIMZEFPI 3XLIV 'YVVIRX %WWIXW 9RHITSWMXIH *YRHW 8SXEP 3XLIV 'YVVIRX %WWIXW 8SXEP 'YVVIRX %WWIXW *M\IH %WWIXW '( '( 8SXEP *M\IH %WWIXW 838%0 %77)87 0-%&-0-8-)7 )59-8= 0MEFMPMXMIW 'YVVIRX 0MEFMPMXMIW %GGSYRXW 4E]EFPI %GGSYRXW 4E]EFPI 8SXEP %GGSYRXW 4E]EFPI
3XLIV 'YVVIRX 0MEFMPMXMIW )QTPS]II 7LEVI *-'% 1IHMGEVI )QTPS]II 7LEVI 7XEXI 8E\ )QTPS]II 7LEVI 8SXEP 3XLIV 'YVVIRX 0MEFMPMXMIW 8SXEP 'YVVIRX 0MEFMPMXMIW 8SXEP 0MEFMPMXMIW )UYMX] 3TIRMRK &EP )UYMX] 6IXEMRIH )EVRMRKW 2IX -RGSQI 8SXEP )UYMX] 838%0 0-%&-0-8-)7 )59-8= &IGO] 4IXIVWSR
On the Cover:
8LMW ¾SGO [EW YRHIJIEXIH MR FVMRKMRK ½VWX TPEGI IZIV] [LIVI XLI] [IVI WLS[R 8LI TEMV SJ ]IEVPMRK I[IW EPWS [IVI ½VWX IZIV][LIVI WLS[R 3YV PIEH ]IEV PMRK I[I [EW 'LEQTMSR )[I EX IZIV] WLS[ I\GITX 2%-0) [LIVI WLI WXSSH XLMVH 3YV XST I[I PEQF [EW YRHIJIEXIH MR GPEWW IZ IV] [LIVI WLS[R I\GITX 2%-0) [LIVI WLI EPWS WXSSH XLMVH 8LI ]IEVPMRK VEQ [EW XLI GPEWW [MRRIV EX 2%-0) XLI SXLIV ]IEVPMRK I[I [EW XLMVH EX 2%-0) ERH XLI SXLIV I[I PEQF [EW EPWS XLMVH EX 2%-0) PEQFW [MPP KS JEWX HSR´X [EMX XSS PEXI XS GEPP JSV ]SYVW
6SFIVXW *EVQW 4IRRW]PZERME %ZI ;EWLMRKXSR 3/
'IPP VSFIVXWWLIITGS$GW GSQ
BBBBBBB 3$*(
XL %RRMZIVWEV] &ERUYIX %RRYEP 1IIXMRK SJ XLI 1IQFIVW 0SYMWZMPPI /= Â&#x2C6; 2SZ
&] &IGO] 4IXIVWSR 3ZIV 7LVSTWLMVI IRXLYWMEWXW KEXL IVIH SR 7EXYVHE] MR 0SYMWZMPPI JSV XLI XL %RRMZIVWEV] &ERUYIX % RMGI FYJJIX QIEP SJ GMXVYW GLMGOIR [EW WIVZIH 1ER] XLEROW KS XS XLI GEXIVMRK WIVZMGI [LS [EW TVSQTX MR WSPZMRK XLI ZIV] KSSH TVSFPIQ SJ LEZMRK RSX IRSYKL WIEXMRK ;LIR XLI QIEP [EW ½RMWLIH XLVII VI GIRX TEWX TVIWMHIRXW [IVI WYVTVMWIH [MXL XLI TVIWIRXEXMSR SJ KEZIPW 3YXKSMRK TVIWMHIRXW LEH VIGIMZIH WYGL XSOIRW SJ ETTVIGMEXMSR JVSQ XLI %76% FYX XLIVI LEH FIIR E VIGIRX KET ERH XLI XL GSQQMXXII ERH XLI &SEVH SJ (MVIGXSVW WE[ XLMW EW E ½XXMRK XMQI XS HS WSQI GEXGLMRK YT 7S XLERO ]SY XS +ISVKI &YGOLEQ &MPP 7IEPW ERH &SF .SLRWSR JSV ]SYV ]IEVW SJ WIVZMGI XS XLI 7LVSTWLMVI FVIIH 8LI WTIGMEP KYIWX ERH WTIEOIV JSV XLI IZIRMRK [EW 0EVV] 1IEH SJ XLI JSVQIV 7LIIT
8LI GEXIVIH FERUYIX JSSH [EW RSX SRP] FIEYXMJYPP] HMWTPE]IH FYX [EW HIPMGMSYW EW [IPP BBBBBBB 3$*(
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¾] XS XLI KVSYT EFSYX XLI TVSKVIWWMSR SJ XLI FVIIH 0EVV] EPWS TSMRXIH SYX /IRX *PSVE TVIWMHIRX ,I JSPPS[IH [MXL QSVI VIGIRX QIR MRGPYHMRK 1MOI %RHIV WSR 2SVFIVX .EGOWSR +ISVKI &YGOLEQ &MPP 7IEPW ERH &SF .SLRWSR 0EVV] EPWS RSXIH JSYV TEWX TVIWMHIRXW WXMPP PMZMRK [LS [IVI YREFPI XS EXXIRH (SYKPEW 'LEQFIVW
*VIHIVMGO +VSZIVQER /IRRIXL .SVWXEH ERH 8MQ &EVRIW
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´W VITSVX 8LI FEPERGI WLIIX EW SJ 3GXSFIV WLS[IH XLEX XLI ,EVZEVH &ERO GLIGOMRK EGGSYRX FEPERGI [EW 4IXX] GEWL SR LERH EQSYRXIH XS 8[S '(´W MR XLI ,EVZEVH &ERO XSXEPIH 1MRSV EGGSYRXW VIGIMZEFPI XS XEPIH FVMRKMRK XLI XSXEP EWWIXW SJ XLI
,SRSVIH EX XLI LIEH XEFPI SJ XLI XL FERUYIX JVSQ PIJX .ERIX ERH :MGI 4VIWMHIRX (EVVIPP (SGOXIV 7IGVIXEV] &IGO] 4IXIVWSR 4VIWMHIRX 1EVO 1G'EFI 0EVV] 1IEH +PIRR ERH .SER ,MKL
%76% XS 7LI XLIR TVIWIRXIH XLI 4VS½X ERH 0SWW 7XEXIQIRX EW SJ 3GXSFIV
7IGVIXEV]´W RSXI 7MRGI XLI IRXMVI ½ RERGMEP VITSVX MW TYFPMWLIH TT MR XLMW MWWYI QMRMQEP ½RERGMEP HIXEMPW TVIWIRXIH EX XLI QIIXMRK EVI VITIEXIH MR XLIWI QMRYXIW 8SXEP -RGSQI [EW MRGPYHMRK VIKMWXV] SJ½GI MRGSQI EHZIVXMWMRK MRGSQI EGGSYRX MRXIVIWX IEVRIH HSREXMSRW 2%-0) IRXV] JIIW XL %RRMZIVWEV] JYRH VEMWMRK ERH JYXYVMX] RSQMREXMSR JIIW 8SXEP I\TIRHMXYVIW EQSYRXIH XS MRGPYHMRK EGGSYRX MRK JIIW EHZIVXMWMRK I\TIRWI MRXIVRIX ERH XIPITLSRI TSWXEKI SJ½GI WYTTPMIW TE]VSPP XE\ WIGVIXEV]´W WEPEV] :SMGI TVMRXMRK ERH QEMP MRK WIGVIXEV]´W XVEZIP I\TIRWI [IFWMXI QEMR XIRERGI ERH WYTTSVX SJ ]SYXL EGXMZMXMIW 8LMW PIEZIW E RIX MRGSQI SJ SR 3GX &IGO] TSMRXIH SYX XLEX XLI 3GXSFIV MW WYI SJ XLI :SMGI LEH WMRGI FIIR TEMH JSV EW [IPP EW WIZIVEP I\TIRWIW VIPEXIH XS XLI XL %RRMZIVWEV] ERH 2%-0) EGXMZMXMIW 8LIVI EVI ]IX XS FI 2%-0) IRXV] JIIW GSPPIGXIH EW [IPP EW XLI EHZIVXMWMRK MRGSQI JSV XLMW :SMGI MWWYI 2SXMRK XLEX 2SZIQFIV MW E ZIV] I\TIRWMZI QSRXL XLI ]IEV MW I\TIGXIH XS IRH [MXL E HI½GMX FYX RSX EW KVIEX EW SVMKMREPP] ERXMGMTEX IH &IGO] VITSVXIH SR XLI VIKMWXV] WXEXMWXMGW JSV XLI ½VWX QSRXLW SJ XLI ]IEV ERH EPP EVIEW WLS[IH WPMKLX MRGVIEWIW SJ FIX[IIR ERH 2S UYIWXMSRW VIKEVHMRK XLI XVIE WYVIV´W VITSVX GEQI JVSQ XLI ¾SSV (IRRMW %ZIV] QSZIH XS EGGITX XLI VITSVX ERH .MQ 4IVGMZEP WIGSRHIH XLI QSXMSR 8LI VITSVX [EW EGGITXIH 1EVO GSQQIRXIH SR XLI RI[ =SYXL %QFEWWEHSV 4VSKVEQ 8LI ½VWX %QFEWWEHSV
MW 1SRMGE )FIVX SJ 7X +ISVKI /ERWEW 1SR MGE [EW TVIWIRX ERH WTSOI FVMI¾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ջ
2SVQ .EGOWSR 'LEMVQER SJ XLI XL 'SQQMXXII WTIEOW EX XLI FERUYIX BBBBBBB 3$*(
8LIVI [IVI SZIV TISTPI MR EXXIRHERGI EX XLI XL %RRMZIVWEV] &ERUYIX )RNS]MRK XLIQWIPZIW EX XLMW XEFPI JVSQ PIJX .MQ ERH 2ERG] 'IWWRE (IRRMW %ZIV] 6MGO ERH &VIRHE %HEQW ERH .SLR (MVPEQ
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
1EWXIV SJ 'IVIQSR] 0EVV] 1IEH IRXIVXEMRIH XLI GVS[H [MXL LMW WYTIVPEXMZI QIQSV] ERH NSGYPEV [MX BBBBBBB 3$*(
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½GMEPP] TEWWIH 1EVO XLIR HMWGYWWIH WSQI SJ XLI WYTTSVX XLEX XLI %76% KMZIW XS XLI ]SYRK TISTPI MRXIVIWXIH MR 7LVSTWLMVIW 8LI *YXY VMX] 4VSKVEQ MW FSSQMRK ERH MW I\TERHMRK MR XS MRGPYHI E =IEVPMRK )[I HMZMWMSR ,I MW I\GMXIH EFSYX XLI MRGVIEWI MR VIKMWXVEXMSRW ERH WXVSRK RYQFIVW EX XLI WXEXI JEMVW /EVIR .SLRWSR WTSOI XS GSQQIRH 1EVO JSV EPP SJ LMW IJJSVXW SJ XLI TEWX XLVII ]IEVW 1EVO WTSOI EFSYX XLI TSWWMFMPMX] SJ XLI
2EXMSREP 7LS[ FIMRK SR XLI )EWX 'SEWX EX XLI &MK ) MR 8LI %PP %QIVMGER .YRMSV 7LS[ [MPP FI LIPH MR 0ERWMRK 1MGL MR 8LIVI [EW RS SXLIV SPH FYWMRIWW XS GSQI FIJSVI XLI QIQFIVWLMT 1EVO GEPPIH JSV RI[ FYWMRIWW MXIQW 4EWX 4VIWMHIRX &SF .SLRWSR VIQEVOIH XLEX XLIVI EVI X[S ±*MVWX ,YRHVIH =IEVW² 'IR XIRRMEP LMWXSV] FSSOW MR XLI WMPIRX EYGXMSR EX XLI 7LVSTWLMVI HMWTPE] FSSXL /EVIR .SLRWSR VITIEXIH XLI VIUYIWX SJ XLI QIQFIVWLMT XS WYFQMX E WLSVX WXSV] EFSYX XLIMV JEQMP]´W MR ZSPZIQIRX [MXL 7LVSTWLMVI WLIIT 1ER] SJ XLIWI [MPP FI MRGPYHIH MR XLI :SMGI ERH TIV LETW E TYFPMGEXMSR GIPIFVEXMRK XLI XL ER RMZIVWEV] 1EVO GSQQIRHIH 6MRHE JSV LIV I\GIPPIRX [SVO SR XLI :SMGI ERH EPWS JSV LIV [SVO [MXL XLI 7LVSTWLMVI [IFWMXI FSXL SJ [LMGL EVI LMKLP] EHQMVIH 6ERH] 6MJI WTSOI FVMI¾] EFSYX XLI WYGGIWWJYP WEPI LIPH IEVPMIV MR XLI HE] ERH XLEROIH IZIV]SRI JSV XLIMV LIPT MR QEOMRK MX WS &IGO] XLIR VIQMRHIH XLI QIQFIVWLMT EFSYX XLI JYRH VEMWMRK JSV XLI %QFEWWEHSV *YRH [LMGL [EW E VEJ¾I JSV E /IXGLEQ XVMQ
QMRK WXERH XS FI HVE[R EJXIV XLI 2EXMSREP 3TIR 7LS[ 8LIVI MW EPWS E VEJ¾I JSV XLI %%.7 8LIVI MW WXMPP E WXVSRK WYTTP] SJ XL %RRMZIVWEV] 8 WLMVXW W[IEXWLMVXW ERH LEXW XS FI WSPH XS LIPT WYTTSVX XLI EGXMZMXMIW SJ XLI XL %RRMZIVWEV] *MREPP] 6I 'EPP LEH GSPPIGX IH WIZIVEP HSSV TVM^IW JVSQ XLI 2SVXL )EWX EVIE )EGL TIVWSR TVIWIRX LEH E XMGOIX -RHM ERE &S 4IIT /]PMI (LSREY LIPTIH XS HVE[ XLI XMGOIXW ERH QER] TISTPI [IRX LSQI [MXL WTIGMEP MXIQW 6I 8LERO ]SY ZIV] QYGL 8LI XMQI ½REPP] GEQI JSV XLI TVM^IW ERH PEYKLW XS VYR SYX ERH XLIVI [EW RS JYVXLIV FYWMRIWW XS GSQI FIJSVI XLI QIQFIVW &MPP &V]ERX ERH .E] 4IRGI QSZIH XS EHNSYVR XLI 1IIXMRK SJ XLI 1IQFIVW
+WVOZI\]TI\QWV[ :QKS )LIU[ WN 14
NWZ _QVVQVO \PM )UJI[[ILWZ .]VLÌ&#x2030; ZIQ[MZ JTWKSQVO [\IVL LWVI\ML Ja 3M\KPIU ;PMMX -Y]QXUMV\ _I[ ZIQ[ML NWZ \PM N]VL
'LUODP 6KURSVKLUHV 0RRUHVYLOOH ,1
,QGLDQD 6WDWH )DLU VW 3ODFH /DWH 6SULQJ (ZH /DPE PHPEHU VW 3DLU -U 6KRZ DQG VW 3ODFH 2SHQ ,QGLDQD &ODVV
/RRN IRU XV DW WKH IDLUV LQ BBBBBBB 3$*(
*YXYVMX] IRHW MR XMI TSMRXW JSV 7IER &V]ERX ERH /EMXPMR ;LMXMRK &] 1EVO 1G'EFI
QEHI XLI IMKLXL ]IEV JSV XLI 7LVST WLMVI )[I 0EQF *YXYVMX] ERH E TYVWI SJ 8LI 7LVSTWLMVI *YXYVMX] LEW KVS[R IZIV] ]IEV WMRGI MX [EW WXEVXIH 8LI 7LVST WLMVI FVIIHIVW LEZI VIEPP] WYTTSVXIH XLI JYXYVMX] ERH XLMW ]IEV XLIVI [IVI RSQM REXIH 4SMRX GEVHW [IVI XYVRIH MR JSV RSQMREXIH I[I PEQFW I\LMFMXIH F] HMJJIV
6ERO 4XW BBBBBBB 3$*(
IRX NYRMSV I\LMFMXSVW 3RP] ½ZI TSMRX XSXEPW GSYRXIH ERH SRP] X[S I[I PEQFW TIV I\LMFMXSV [IVI IPMKMFPI JSV TE]QIRX 2%-0) NYRMSV TSMRXW [IVI HSY FPI ERH XLI TPEGMRKW FVSOI XMIW *SV XLI ½VWX XMQI IZIV [I LEH E XMI JSV ½VWX E XLVII [E] XMI [MXL E TSMRX XSXEP 7S IZIR [MXL XLI XMI FVIEOIV MR TPEGI XLIVI WXMPP [EW E XMI 7IER &V]ERX´W I[I PEQF 'VEKS ERH /EMXPMR ;LMXMRK´W ,MKL 0MJI *EVQ FSXL TPEGIH
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
3, 3, 3, 3, 3, 3, 1( 3, () /7 2, () () 3/ 3, 3, 1( 3, 2, () 3, /7 4% 13 1( 3, 3, 2= 3/ 1( -0 -0 -2 3, /7
,MKL 0MJI 'VEKS &EVRIW 0EH] 'VIEQIV %ZIV]´W 1EHEQ 6MJI &EVRIW 0EH] 6SPPMRK ,MPPW ,MKL *EVQW * 77 7LVSTW 1VS^MRWOM 6MJI ,MKL 0MJI *EVQW ;LMXXEOIV 6S/E.S 6S/E.S &V]ERX &V]ERX ;EWLFYVR %ZIV] &V]ERX 6MJI 6SPPMRK ,MPPW &V]ERX 7GLSSPLSYWI * ; ,IEXSR &VERHX 'MX] 0MQMXW 6MJI 6SPPMRK ,MPPW 'MX] 0MQMXW 7GLSSPLSYWI 1 %RHIVWSR 7GLSSPLSYWI 6MJI
7LS[W
;MRRMRKW
7IER &V]ERX VMKLX [MXL 1EVO 'VEKS XLI FVIIHIV SJ LMW *YXYVMX] )[I PEQF
/EMXPMR ;LMXMRK [MXL (EZMH ,MKL XLI FVIIHIV SJ LIV *YXYVMX] )[I PEQF
½JXL MR XLIMV NYRMSV WLS[ GPEWW EX 2%-0) -X [EW E ZIV] GSQTIXMXMZI *YXYVMX] 7LS[ WIE WSR ERH GSRKVEXYPEXMSRW XS EPP SYV NYRMSV I\ LMFMXSVW ERH XS EPP XLI 7LVSTWLMVI FVIIHIVW [LS RSQMREXIH I[I PEQFW 8LI 1ENGLV^EO JEQMP] 7XIZI &IXL %WL PI] ERH 8]PIV SJ *IHIVEPWFYVK 1 ( WTSRWSV WMPZIV FIPX FYGOPIW XS XLI I[I PEQF JYXYVMX] XST [MRRIV IEGL ]IEV 1ER] XLEROW XS XLI 1ENGLV^EO JEQMP] JSV XLIMV WYTTSVX
=IEVPMRK )[IW XS NSMR )[I 0EQF *YXYVMX]
+WZZMK\QWV
5WWZM¼[ +PIUXQWV _I[ ¹*Z]\][º ,IVQMTTM 5WWZM¼[ /ZIVL +PIUXQWV :IU WN \PM 7XMV ;PW_ I\ \PM 5IZaTIVL ;\I\M .IQZ _I[ WV *?* .IZU[ :IU 668 :: ¹*Z]\][ º <PM ZIU _I[ QVKWZZMK\Ta VIUML QV \PM 7K\WJMZ ! Q[[]M
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
8LI WLS[ VMRK ½PPW YT [MXL IRXLYWMEWXMG NYRMSV I\LMFMXSVW EW .YHKI 0EVV] 7LVS]IV FIKMRW XS PSSO SZIV XLI GPEWW
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
XLI &SF .SLRWSR JEQMP] ERH 1EXXLI[ ERH
'LVMWXMI %RHIVWSR 8LERO ]SY EPWS XS 2ERG] 'IWWRE JSV TEMRXMRK XLI 6IWIVZI 'LEQTMSR GSSPIV E[EVHW ERH WPEXIW JSV XLI GPEWW [MRRIVW )EVP] .YRMSV 6EQ 0EQF WLS[R /EXIP]R 1IPZMR 1SYRX 7XIVPMRK 3, (IRE 7LEJIV 7SYXL &IRH -2 'EXLIVMRI 1VS^MRWOM 6SPPMRK 4VEMVMI -2 'EPIF *VMX^ 'EPIF 1YVJVIIWFSVS 82 %P]WWE 4IRGI 3PH *SVX 3, 7IER &V]ERX *VIHIVMGOXS[R 3, &VMERRE &VSGOQERR +EVHIR 4VEMVMI -0 'EQVIR 1EMIVPI .EGOWSRXS[R 3, %WLPI] *YWW *VIHIVMGO 1( %QERHE &EGSR 4VEMVMI +VSZI %6
,ERREL ERH 2MGO 'VSWW PIJX [EXGL XLI NYHKI EW ½ZI ]IEV SPH &VSGO 8VI[ [EMXW LMW XYVR BBBBBBB 3$*(
1EVMWWE &MP]IY KIXW LIPT [MXL LIV PEQF´W JIIX MR XLI .ERYEV] )[I 0EQF 'PEWW
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
(EPXSR ERH %YWXMR ,MGOW WLS[ XLIMV 0EXI =IEVPMRK )[I
)PM 7EQTPI %RRETSPMW 13 6SFIVX 4IEO 3GSII 82 6MPI] 4IEO 3GSII 82 7IRMSV )[I 0EQF WLS[R &VMERRE &VSGOQERR 7IER &V]ERX 1SRMGE )FIVX 1EVMEL 7LIEVIV %PI\ERHVME -2 &VMERRE &VSGOQERR .ERYEV] )[I 0EQF WLS[R 8]PIV &VYLMR %P]WWE 4IRGI 8VIZSV ( ,MKL 1G(IVQSXX 3, 7IER &V]ERX 1EXX (MVPEQ %P]WWE 4IRGI &VMERRE &VSGOQERR .SWL 7EVKIRX &VEHJSVH 3, 1EXX (MVPEQ (EPXSR ,MGOW *IFVYEV] )[I 0EQF WLS[R &VMERRE &VSGOQERR 'EXLIVMRI 1VS^MRWOM 8VIZSV ( ,MKL Õ»
+EZMR %VZMR LSPHW LMW PEQF EW .YHKI 0EVV] 7LVS]IV JIIPW HS[R LMW FEGO MR XLI 0EXI .YRMSV 6EQ 0EQF 'PEWW BBBBBBB 3$*(
7IER &V]ERX /EMXPMR ;LMXMRK 1EVXMRWZMPPI 3, %P]WWE 4IRGI 1IKER ,EVHIWX] .SIP *PERHIVW 2SFPIWZMPPI -2 'EPIF *VMX^ 1YVJVIIWFSVS 82 (EPXSR ,MGOW 7XMPP[EXIV 3/ 1EVGL )[I 0EQF 1EVGL WLS[R +EZMR %VZMR 7IER &V]ERX &VMERRE &VSGOQERR 'EXLIVMRI 1VS^MRWOM (EPXSR ,MGOW 1SRMGE )FIVX 1SRMGE )FIVX ,ERREL 'VSWW /RS\ZMPPI 82 'EPIF *VMX^ >EGO 7LITTEVH 3PWFYVK /7 +VERH 'LEQTMSR )[I 7IER &V]ERX )EVP] =IEVPMRK )[I
6IWIVZI +VERH 'LEQTMSR )[I 'LVMW ;LMXXEOIV 0EXI =IEVPMRK )[I 7LS[QERWLMT .YRMSVW .EGSF *S[PIV 7EPIWZMPPI 3, (EPXSR ,MGOW 6EGLIP *PERHIVW %P]WWE 4IRGI 1EVMWWE &MP]IY 7LS[QERWLMT -RXIVQIHMEXI 8]PIV 1ENGLV^EO .SIP *PERHIVW 8E]PSV ( ,MKL 6IFIOEL 4IEVWSR 7I]QSYV 82 /EMXP]R *YWW 7LS[QERWLMT 7IRMSVW 8]PIV &VYLMR 'EXLIVMRI 1VS^MRWOM .SWL 7EVKIRX /EMXPMR /PEMV ;MPQMRKXSR () 1EXX (MVPEQ
/IRRIH] %PKMVI SJ *VIHIVMGOXS[R 3LMS TPEGIH ½JXL MR XLI 'SWXYQI 'PEWW PIEHMRK 7IER &V]ERX´W I[I 'VEKS /IRRIH] MW XLI HEYKLXIV SJ %RR %PKMVI ERH RMIGI SJ &MPP &V]ERX SJ 3LMS BBBBBBB 3$*(
7LVSTWLMVI %QFEWWEHSV 'SRXIWX %VI ]SY ER IRXLYWMEWXMG NYRMSV QIQFIV [LS MW I\GMXIH EFSYX XLI 7LVSTWLMVI FVIIH# (S ]SY LEZI PSXW SJ PIEHIVWLMT WOMPPW PSZI XS WTIEO XS KVSYTW PMOI XS XVEZIP ERH LEZI E TEWWMSR XS TVSQSXI SYV FVIIH# -J WS XLMW MW JSV ]SY 8LI %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWS GMEXMSR MW PSSOMRK JSV XLIMV WIGSRH %QFEWWE HSV XS TVSQSXI ERH VITVIWIRX XLI FVIIH EX IZIRXW XLVSYKLSYX XLI 9RMXIH 7XEXIW
%QFYVKI] WLS[W 'LEQTMSR ;IXLIV 8LI I\LMFMXSV SJ XLI 'LEQTMSR 7LVST WLMVI ;IXLIV [EW &V]GI %QFYVKI] SJ 1X 7XIVPMRK /] 8LI PEQF GEQI JVSQ XLI LIEZ] [IMKLX PF GPEWW &V]GI VIGIMZIH XLI WMPZIV FYGOPI HSREXIH F] .MQ ERH 'LEVPIRI 1EVXMR SJ 'SYRXV] 7MPZIV +MJXW SJ 3VSZMPPI 'EPMJ 8LI 1EVXMRW QEHI EPP WM\ SJ XLI FYGOPIW KMZIR MR XLI NYRMSV WLS[ FYX WTSRWSVIH XLEX TEVXMGYPEV SRI
&V]GI %QFYVKI] [MXL LMW 'LEQTMSR ;IXLIV
8LMW MW E SRI ]IEV XIVQ XS FI KMR EX XLI 3LMS 7LVSTWLMVI 'PEW WMG 7EPI XS FI LIPH MR 3LMS MR 1E] 8LI WIPIG XMSR TVSGIWW [MPP GSRWMWX SJ ER ET TPMGEXMSR ERH MR XIVZMI[ TVSGIWW 3RGI WIPIGXIH 1SRMGE )FIVX XLI ½VWX %QFEW XLI EQFEWWEHSV WEHSV WTIEOW EX XLI %RRYEP [MPP FI VIUYMVIH 1IIXMRK SJ XLI 1IQFIVW XS EXXIRH XLI JSP PS[MRK JYRGXMSRW 3LMS 7LVSTWLMVI 'PEWWMG
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½GI ERH EVI HYI FEGO XS XLI SJ½GI F] %TVMP TSWXQEVOIH F] XLMW HEXI [MPP FI EG GITXIH *MREPMWXW XS FI MRXIVZMI[IH EX XLI 7LVST WLMVI 'PEWWMG [MPP FI RSXM½IH F] %TVMP BBBBBBB 3$*(
Zz Ed
^, ZK W^ 'VEKS ;MRRIV SJ ´ 2%8-32%0 *9896-8= ERH 'PEWW ;MRRIV ´ 3TIR /-0)
&V]ERX ',%14-3 2 6%1 ´ 3TIR /-0 )
WX =IEVPMRK )[I 'PEWW 6IKMSREP 7LS[ ´ -RHMERE 7XEXI *EMV 6IWIVZI 7V 'LEQTMSR ERH 6IWIVZI +VERH 'LEQTMSR ´ -RHMERE 7XEXI *EMV ',%14-32 );) ´ :MVKMRME 7XEXI *EMV
&V]ERX RR 2 6%1 4I -3 4 1 % , 6)7 ' *EVQ 7LS[ H
LQG\ ,UYLQ
WLRQV 0 &RQJUDWXOD
&;& 1SXS[R ',%14-32 6%1 ',%14-32 6%1 ´ (IPE[EVI =SYXL )\TS
BBBBBBB 3$*(
&V]ERX 6 2 %1 ',%14-3 S[ L ´ /-0) .V 7 R 6EQ 6IW 'LEQTMS ) ´ 3TIR /-0 /DPEV ZLOO EH /DPEV ZLOO EH VLUHG E\ +Cooper +Nickels +Motown +Buck Naked +Adams + +Big Daddy +Bryant 09-61
&V]ERX ',%14-3 2 );) ´ (IPE[EVI =SYXL )\TS
Premier Exhibitor DQG Breeder â&#x20AC;&#x2122;09 Open KILE &V]ERX 6)7 ',% 14-32 );) ´ 3TIR /-0 ) 7LS[ 7SPH MR 7XEVW SJ 0SYMWZMPPI 7EPI ',%14-32 );) ´ 2EXMSREP 2%-0) .V 7LS[ ',%14-32 );) ´ /-0) .V 7LS[ 6)7 ',%14-32 );) ´ (IPE[EVI =SYXL )\TS
&V]ERX 6 2 %1 ',%14-3 .V 7LS[ XI *EMV ´ 3LMS 7XE %1 14-32 6 6)7 ',% IR ´ /-0) 3T
7KDQNV WR DOO K N OO EX\HUV DW 6WDUV EEX\HUV DW 6WDUVV RI /RXLVYLOOH I
WX 0EXI =IEVPMRK )[I ´ 3LMS 7XEXI *EMV ',%14-32 );) 3LMS 7XEXI *EMV 3TIR 7LS[ ',%14-32 );) ´ 3TIR /-0)
%,// %5<$17 -5 %U\DQW 5RDG 3 2 %R[ )UHGHULFNWRZQ 2+ Â&#x2021; &HOO EU\DQWE #KRWPDLO FRP EU\DQWVKHHSDQGKRUVHV FRP BBBBBBB 3$*(
&/6) 55113
FNNM #6+10#. *#/2+10 9' 2XU (ZH 5HVXOWV Â&#x2021;&KDPSLRQ (ZH 2KLR &ODVVLF Â&#x2021;&KDPSLRQ (ZH 1DWLRQDO 6DOH Â&#x2021;&KDPSLRQ (ZH 0LGZHVW 5HJLRQDO Â&#x2021;&KDPSLRQ (ZH 1$,/( Â&#x2021;5HV &KDPSLRQ (ZH ,/ 6WDWH )DLU Â&#x2021;5HV &KDPSLRQ (ZH :LV 6WDWH )DLU 7RP 6OXW] /D0RLOOH ,/
&RQWDFW XV IRU DOO RI \RXU VKRZLQJ DQG EUHHGLQJ QHHGV
%UDG 6OXW] 6\FDPRUH ,/
ZZZ FLW\OLPLWVVKHHSIDUP FRP BBBBBBB 3$*(
+RZ 7KH 6WDWHV 5DWHG :LWK 1XPEHU RI 5HJLVWUDWLRQV )LVFDO <HDU 2FWREHU 6HSWHPEHU 2KLR ,OOLQRLV ,QGLDQD 3HQQV\OYDQLD 2NODKRPD :LVFRQVLQ 0LVVRXUL 1HZ <RUN 7HQQHVVHH 2UHJRQ 0DU\ODQG &DOLIRUQLD ,RZD .DQVDV 1HEUDVND 0DVVDFKXVHWWV 0DLQH :DVKLQJWRQ &RQQHFWLFXW 0RQWDQD 0LFKLJDQ 0LQQHVRWD 1HYDGD ,GDKR 1HZ +DPSVKLUH 9LUJLQLD 'HODZDUH $UNDQVDV /RXLVLDQD 7H[DV
2KLR ,OOLQRLV ,QGLDQD 3HQQV\OYDQLD :LVFRQVLQ 2NODKRPD 1HZ <RUN 2UHJRQ 7HQQHVVHH 0DU\ODQG 0LVVRXUL &DOLIRUQLD ,RZD 1HEUDVND 0DLQH .DQVDV 0DVVDFKXVHWWV :DVKLQJWRQ 0LFKLJDQ &RQQHFWLFXW 0RQWDQD 1HZ +DPSVKLUH 0LQQHVRWD 9HUPRQW ,GDKR 'HODZDUH $UNDQVDV /RXLVLDQD 1RUWK &DUROLQD 7H[DV
2KLR ,OOLQRLV ,QGLDQD 3HQQV\OYDQLD :LVFRQVLQ 2NODKRPD &DOLIRUQLD 7HQQHVVHH 0LVVRXUL 2UHJRQ 0DU\ODQG ,RZD 1HZ <RUN 1HEUDVND &RQQHFWLFXW 0DLQH .DQVDV 0DVVDFKXVHWWV 0LFKLJDQ :DVKLQJWRQ 1HZ +DPSVKLUH 9HUPRQW 0RQWDQD 'HODZDUH /RXLVLDQD 0LQQHVRWD $UNDQVDV 1HYDGD
7RWDO
7RWDO
7RWDO BBBBBBB 3$*(
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´W WGLSPEWXMG VIGSVH PIEHIVWLMT I\XVE GYVVMGYPEV EGXMZMXMIW ERH MRZSPZIQIRX [MXL XLI WLIIT MRHYWXV] ERH MR TEVXMGYPEV XLI 7LVSTWLMVI FVIIH %R SJ½GMEP XVERWGVMTX SJ EPP LMKL WGLSSP ERH GSPPIKI [SVO GSQTPIXIH QYWX EGGSQ
I TER] XLI ETTPMGEXMSR 8LI ETTPMGERX WLSYPH LEZI X[S PIXXIVW SJ VIGSQ QIRHEXMSR JSV[EVHIH XS XLI SJ½GI SJ 8LI %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWS H GMEXMSR *SVQW EVI TVSZMHIH JSV XLIWI PIXXIVW %R ETTPMGE XMSR [MPP RSX FI GSRWMHIVIH GSQTPIXI YRXMP XLI PIXXIVW SJ VIGSQQIRHEXMSR EVI VIGIMZIH 8LI IZEPYEXSV WLSYPH GSQQIRX SR XLI ET TPMGERX´W EGEHIQMG EFMPMX] PIEHIVWLMT WOMPPW MRZSPZIQIRX [MXL I\XVE GYVVMGYPEV EGXMZMXMIW ERH MRZSPZIQIRX [MXL XLI WLIIT MRHYWXV] 8LI GSQTPIXIH ETTPMGEXMSR EZEMPEFPI SRPMRI EX WLVSTWLMVIW SVK SJ½GMEP XVERWGVMTXW SJ EPP LMKL WGLSSP ERH GSPPIKI [SVO GSQ TPIXIH ERH X[S PIXXIVW SJ VIGSQQIRHEXMSR QYWX FI VIXYVRIH F] .92) XS 1EVO % 1G'EFI 4VIWMHIRX %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR 2MGOIPWSR 6SEH 4VSWTIGX 3LMS
0&&$%( 6+5236+,5(6
0F&DEH¶V %HFN\ 5HV -XQLRU &KDPSLRQ &ODVVLF 6DOH
:H¶OO EH VHOOLQJ HZH ODPEV DQG UDP ODPEV DW VDOHV WKLV \HDU ± DOO ZLOO KDYH JRRG EUHHG FKDUDFWHU DQG EH RI VKRZ TXDOLW\ $OO HZH ODPEV ZLOO EH IXWXULW\ QRPLQDWHG
&KHFN RXW RXU ZHEVLWH PFFDEHVKURSVKLUHV FRP 0$5. 0$5,/<1 -$1,&( $1' $1'5(: 0F&$%( 1LFNHOVRQ 5RDG 3URVSHFW 2KLR (PDLO PDPFFDEH #KRWPDLO FRP BBBBBBB 3$*(
BBBBBBB 3$*(
6
KURSVKLUHV
:H ZLOO EH RIIHULQJ VHYHUDO RI WKHVH \HDUOLQJV IRU VDOH RII WKH IDUP DQG DQG DW WKH 2KLR &ODVVLF DQG WKH 6KURSVKLUH 6SHFWDFXODU 6DOHV
4VIQMIV &VIIHIV -2 7XEXI *EMV 4VIQMIV )\LMFMXSV -2 7XEXI *EMV
(O
EXU\ -T[J]Za.IZU[ KWU
- 6 /ZMMVÃ&#x2026;MTL 16
5QSM 3IZMV -T[J]Za .IUQTa
1IEH XS 7TSRWSV 'EWL %[EVH JSV 7YTVIQI 'LEQTMSRW 8LI TPERW JSV XLI ½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±+IXXMRK 0EVV]´W WYTTSVX SR XLMW IZIRX IWTIGMEPP] MR WYGL E LYKI [E] MW KSMRK XS QEOI EPP XLI HMJJIVIRGI MR XLI [SVPH ,I LEW VIEPP] WXSSH YT ERH XSPH SYV NYRMSV QIQFIVW XLEX XLI] QEXXIV 8LEX XLI] EVI MQTSVXERX XS
/LIHªV 0RVW ,PSRUWDQW 4XHVWLRQV :K\ GRQªW VKHHS VKULQN LQ WKH UDLQ"
BBBBBBB 3$*(
XLMW MRHYWXV] ²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±- EQ [SVOMRK XS GSZIV XLI FEWMGW - [ERX IZIV] OMH XS FI EFPI XS WLS[ XLIMV WLIIT *VSQ XLEX TSMRX MX MW YT XS XLI FVIIH EWWSGMEXMSRW ERH TVSHYGIVW XS QEOI XLIMV FVIIH WXERH SYX - LSTI XLI FVIIHIVW VIEPM^I XLI ZEPYI SJ XLMW IZIRX ERH XEOI XLI STTSV XYRMX] XS TVSQSXI XLIMV TVSHYGXW ² WE]W /EXI 0EQFIVX *SV MRJSVQEXMSR SR I\LMFMXMSR EW XLMW IZIRX XS VIGIMZI IRXV] MRJSVQEXMSR SV XS WTSRWSV XLI IZIRX TPIEWI GSRXEGX /EXI 0EQ FIVX EX SV 1MWWSYVM8YRMW$ LSXQEMP GSQ :MWMX XLI [IFWMXI SJ XLI 1MW WSYVM 8YRMW %WWSGMEXMSR JSV QSVI MRJSVQEXMSR SR XLMW IZIRX EX LXXT QSXYRMW [IIFP] GSQ
EFFERS J LIVESTOCK
www.jefferslivestock.com Your complete resource for products related to Beef and Dairy Cattle, Swine, Poultry, Llamas, Rabbits, Sheep, Goats and Horses.
Privermectin™ Sheep Drench (First Priority) Ivermectin .08%. FDA approved dewormer for sheep. One 960 mL bottle provides treatment for 8300 lbs of body weight. Administer orally at a dose of 3.0 mL per 26 lb of body weight. Can be used with any standard dose drenching equipment. For oral use in sheep only.
FQ-C2, 960 mL
$48.95
Case-Bac™ Corynebacterium Pseudotuberculosis Bacterin-Toxoid - For use in healthy sheep to aid in the prevention and control of caseous lymphadenitis, a disease characterized by localized collections of pus in the tissues of the body caused by Corynebacterium Pseudotuberculosis. Inject 2 mL SQ, then repeat 4 wks later. Annual booster
recommended.
C8-C5, 10 ds
$5.49
C8-C6, 50 ds
Visit www.jefferslivestock.com, www.jefferspet.com or www.jeffersequine.com
$23.90
Call 1.800.JEFFERS (1.800.533.3377) to receive a FREE Catalog!
T AKE $10 00 OFF YOUR NEXT ORDER OF $49 00 OR MORE When ordering, mention code ZZ-7A. Limit 1 per customer. Offer expires 10.31.2009. *Not valid with any other promotional discounts. BBBBBBB 3$*(
V
$QGHU RQ
KURSV
Introducing “Fifth Quarter” 5HVHUYH *UDQG &KDPSLRQ 5DP 1$,/( 7KDQN \RX WR 'DUUHOO DQG -DQHW 'RFNWHU IRU DOORZLQJ PH WR SXUFKDVH WKLV JUHDW VWXG SURVSHFW ,¶OO EH FRQVLJQLQJ WR WKH 6KURSVKLUH &ODVVLF DQG 6SHFWDFXODU
0LFKDHO / $QGHUVRQ 1 ( 3D[WRQ ,/ BBBBBBB 3$*(
Plan Now To Attend!
Held in conjunction with the
FRIDAY, JUNE 18 Sale Show: 8:00 a.m. Judge: Dan Spilde, WI
SATURDAY, JUNE 19 Sale: 9:00 a.m.
Auctioneer: Curt Overcash, Dixon, IL
All Shrops show & sell slick sheared.
2009 National Sale Champion Ram Consigned by Erik Mrozinski, IN & sold to Peiter Shrops, MO.
Illinois State Fairgrounds
SPRINGFIELD, IL Download your entry forms at www.bannersheepmagazine.com
ENTRIES CLOSE
APRIL 7
2009 National Sale Champion Ewe Consigned by City Limits Shrops, IL & sold to Bishop & Bishop, NY.
7 6 )V_ Â&#x2039; *\IH 03 Â&#x2039; -H_! ^^^ IHUULYZOLLWTHNHaPUL JVT
Watch for the complete sale catalog in May in The Banner and on the web at www.bannersheepmagazine.com!
BBBBBBB 3$*(
$9(5< 6+5236+,5(6
6622 6IWIVZI .V 'LEQTMSR 6EQ 2%-0)
´3LORWµ
4MPSX MW WMVIH F] &IGLXSPH ;I [MPP LEZI PEQFW JSV WEPI XLMW WTVMRK SYX SJ XLI &IGLXSPH VEQ
,MKL 0MJI *EVQW ±3YXPE[² ¯ 6IWIVZI 'LEQTMSR 6EQ 3LMS 7XEXI *EMV ;I [MPP LEZI PEQFW JSV WEPI XLMW WTVMRK SYX SJ ±3YXPE[ ² 6622 6IWIVZI .V 'LEQTMSR )[I 2%-0) 4VMRGIWW MW WMVIH F] ±.YMGI ² ;I [MPP EPWS LEZI PEQFW JSV WEPI XLMW WTVMRK SYX SJ ±.YMGI ²
BBBBBBB 3$*(
´3ULQFHVVµ
=SYV WSYVGI JSV UYEPMX] 7LVSTWLMVIW %ZIV] 6622 ;I [SYPH PMOI XS XLERO )VMO 1VS^MRWOM JSV TYVGLEWMRK ±0EH]² EX XLI 7XEVW SJ 0SYMWZMPPI 7EPI JSV 0EH] MW WMVIH F] ±.YMGI² ERH SYX SJ E (EVVIPP (SGOXIV I[I
;I [SYPH PMOI XS [IPGSQI E RI[ 7LVSTWLMVI FVIIHIV ±/; 7LVSTWLMVIW² MR /YRE -( /MQ MW XLI KVERHHEYKLXIV SJ Q] FVSXLIV *PS]H [LS RS[ PMZIW MR /YRE
´/DG\µ
+MZI YW E GEPP JSV ]SYV 7LVSTWLMVI RIIHW (IRRMW 2ERG] %ZIV] &VIQIR -RH 'IPP *PS]H 7LEVSR %ZIV]
BBBBBBB 3$*(
&EVRIW REQIH 1EWXIV 7LITLIVH 'SPYQFYW 3LMS 37-% ¯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±8MQ LEW FIIR TVMQEVMP] MRZSPZIH MR TYVI FVIH WLIIT TVSHYGXMSR ERH LEW LIPH QER] WLIIT MRHYWXV] PIEHIVWLMT TSWMXMSRW JSV QER] ]IEVW ± WEMH 6SKIV % ,MKL )\IGYXMZI (MVIGXSV SJ XLI 3LMS 7LIIT -QTVSZIQIRX %WWSGMEXMSR ERH 3LMS 7LIIT ERH ;SSP 4VS KVEQ ±8MQ LEW FIIR E XMVIPIWW PIEHIV JSV XLI 3LMS EW [IPP EW REXMSREP WLIIT SVKERM^EXMSRW JSV QER] ]IEVW ,I MW SRI SJ XLSWI PIEHIVW
*VSQ PIJX 6SKIV ,MKL 3LMS 7LIIT -QTVSZIQIRX %WWS GMEXMSR )\IGYXMZI (MVIGXSV 0MRHWI] ,MPP %&2 6EHMS ERH 8MQ &EVRIW 'LEVPIW &S]PIW 1EWXIV 7LITLIVH %[EVH [MRRIV
XLEX ]SY GER EP[E]W KS XS [LIR WSQIXLMRK RIIHW HSRI 8MQ LEW FIIR WYGGIWWJYP [MXL LMW WLIIT STIVEXMSR ERH LMW PEVKI GVST ERH W[MRI JEVQ FIGEYWI LI LEW QEHI RIGIWWEV] QSHIVR GLERKIW MR XLIWI STIVEXMSRW ERH LEW OITX YT [MXL XLI MRHYWXV] XVIRHW SZIV E PSRK TIVMSH SJ XMQI ² 8MQ MW E QIQFIV SJ XLI 3LMS 7LIIT -Q TVSZIQIRX %WWSGMEXMSR ,I LEW WIVZIH EW
4LSXS TVSZMHIH GSYVXIW] SJ 3LMS´W 'SYRXV] .SYVREP
*VSQ PIJX 8MQ &EVRIW ERH LMW [MJI (IFFMI XLIMV WSRW ERH HEYKLXIV MR PE[W 'LEH ERH 1SPP] &EVRIW 7LERI ERH /MQ &EVRIW ERH 8MQ´W QSXLIV ;ELRIXE &EVRIW BBBBBBB 3$*(
XLI 37-% 4VIWMHIRX JSV X[S HMJJIVIRX XIVQW ERH MW XLI PSRKIWX WIVZMRK FSEVH QIQFIV SR XLI ]IEV SPH 3LMS 7LIIT ERH ;SSP 4VS KVEQ 3LMS´W 'LIGO SJJ 4VSKVEQ 8MQ LEW EP[E]W FIIR SR XLI JSVIJVSRX SJ QER] EVIEW SJ WLIIT TVSHYGXMSR ERH FYWMRIWW QEREKI QIRX MRGPYHMRK FYX RSX PMQMXIH XS KIRIXMGW RYXVMXMSR QEVOIXMRK VITVSHYGXMSR ERH PIEH IVWLMT 8LI 3LMS 7LIIT -QTVSZIQIRX %WWSGME XMSR [EW TPIEWIH XS LSRSV 8MQ EW XLI VIGMTMIRX SJ XLI E[EVH ERH [MWLIH LMQ QER] QSVI ]IEVW SJ WIVZMGI XS XLI 3LMS 7LIIT -RHYWXV] 8LI E[EVH [EW WTSRWSVIH F] %&2 6EHMS 0MRHWI] ,MPP SJ %&2 TVIWIRXIH 8MQ &EVRIW [MXL E WGYPTXYVI SJ E I[I 8LI E[EVH MW EPWS WTSRWSVIH MR TEVX F] XLI 3LMS 7LIIT -QTVSZIQIRX %WWSGMEXMSR ERH XLI 3LMS 7LIIT ERH ;SSP 4VSKVEQ
'IWWRE 4IVGMZEP KIX (MWXMRKYMWLIH 7IVZMGI %[EVHW (YVMRK XLI &YGOI]I 7LITLIVH´W 7]QTS WMYQ %[EVH´W 4VSKVEQ (IG XLI 3LMS 7LIIT -QTVSZIQIRX %WWSGMEXMSR ERH 3LMS 7LIIT ERH ;SSP 4VSKVEQ E[EVHIH WM\ TISTPI XLI (MWXMRKYMWLIH 7IVZMGI %[EVH X[S SJ [LMGL EVI 7LVSTWLMVI FVIIHIVW 8LMW E[EVH LSRSVW XLSWI TISTPI XLEX LEZI QEHI WMKRM½GERX GSRXVMFYXMSRW XS XLI 3LMS 7LIIT
-RHYWXV] SZIV XLI ]IEVW 8LI 3LMS 7LIIT -QTVSZI QIRX %WWSGMEXMSR &SEVH SJ (MVIGXSVW WIPIGXW XLIWI TIS TPI XS FI LSRSVIH SR ER ERRYEP FEWMW ERH XLI E[EVH MW KMZIR SYX EX XLI &YGOI]I 7LIT LIVH´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
3LMS´W 'LIGO SJJ TVSKVEQ .MQ MW XIVQ PMQ MXIH SR XLI 3LMS 7LIIT ERH ;SSP 4VSKVEQ ,I MW GYVVIRXP] :MGI 4VIWMHIRX SJ XLI 3LMS 7LIIT -QTVSZIQIRX %WWSGMEXMSR
0DQXIDFWXUHUV RI 4XDOLW\ /LYHVWRFN (TXLSPHQW ´$OZD\V VWULYLQJ WR LPSURYHµ
/,9(672&. (48,30(17 6RXWK :HVW 7UDIDOJDU ,1 )D[ ( PDLO PDLOWR WRZQVHQGVDOHV#IUDQNOLQLVS QHW :HE $GGUHVV WRZQVHQGHTXLSPHQW FRP
$ IXOO OLQH RI KLJK TXDOLW\ VKHHS HTXLSPHQW«EXLOW WR ODVW .HQQHWK 7RZQVHQG 2ZQHU
RU WROO IUHH 3KRQH
BBBBBBB 3$*(
-RHYWXV] GLERKIW XLI TEWX ]IEVW ;LIVI EVI [I LIEHIH XLI RI\X ]IEVW#
&] +PIRR ,MKL 4VIWIRXIH EX XLI XL %RRMZIVWEV] &ERUYIX ;LEX GLERKIW LEZI - WIIR MR XLI 7LVST WLMVI FVIIH SZIV XLI TEWX ]IEVW# 8LEX UYIWXMSR [EW TSWIH XS QI F] SYV GYVVIRX TVIWMHIRX 1EVO 1G'EFI HYVMRK E XIPITLSRI GEPP SR 3GX - LEZI TSRHIVIH XLMW UYIWXMSR WMRGI XLEX IZIRMRK 8LI ]IEV TVIGIHMRK XLI ]IEV ERRM ZIVWEV] MR JSVQIV 7LVSTWLMVI FVIIHIV ERH IRXLYWMEWX (SYK 'LEQFIVW [SVOIH HMPMKIRXP] SR E LMWXSV] SJ XLI ½VWX ]IEVW SR XLI %QIVMGER 7LVSTWLMVI 6IKMWXV] ;MXL QER] MHIEW VYRRMRK XLVSYKL Q] LIEH SZIV XLI RI\X WIZIVEP HE]W SR TSWMXMZIW ERH RIKE XMZIW SJ XLI TEWX ]IEVW - HYK YT Q] GST] SJ XLI LMWXSV] FSSO XS VI¾IGX SR XLI TEWX 1ER] XLMRKW TVIWIRXIH MR XLEX FSSO WXMPP ETTP] XSHE] [I GSRXMRYI XS JSPPS[ XLI TEWX SJ SYV 7LVSTWLMVI WXSGOQIR JSVIJEXLIVW JSP PS[MRK XLI I\XVIQIW ERH JEHW SJ XLI WLS[ VMRK ERMQEP - [SYPH IRGSYVEKI EPP QIQFIVW XS VIEH XLMW LMWXSV] SJ LS[ 7LVSTWLMVI´W JSP PS[IH XLI XVIRHW JEX 7SYXLHS[RW MR IEVP] ´W FIGEYWI 7SYXLHS[RW [IVI [MRRMRK XLI JEX GPEWWIW 8LIR XLVSYKL XLI WIZIR XMIW XLI 7YJJSPO´W VIJIVVIH XS EW XLI ±&PEGO /RMKLX² F] 1V 'LEQFIVW FIGEQI XLI WY TVIQI FVIIH XS JSPPS[ -J ]SY VIEH 'LETXIV SJ XLI ½VWX ]IEVW FSSO ]SY [MPP VIEH SJ XLI IQIVKIRGI SJ SXLIV FVIIH MR¾YIRG IW XS GLERKI XLI WX]PI ERH ETTIEVERGI SJ 7LVSTWLMVIW UYMGOP] SZIV E WLSVX TIVMSH SJ XMQI 3ZIV XLI TEWX ]IEVW [I EW E FVIIH QE] LEZI IRHYVIH QSVI GLERKI ERH LIEVX EGLI XLER XLI ½VWX ]IEVW -R QER] [E]W MX [EW XLI ±&PEGO /RMKLX´W² MRXVSHYGXMSR ERH MR¾YIRGI XLEX GEYWIH XLI TVSFPIQW XLEX [I LEH XS KS FEGO ERH XV] XS ½\ [LEX FVIIH IVW LEH FVIH MRXS XLI WLIIT XLEX [IVI VIK MWXIVIH EW 7LVSTWLMVIW ;I LEZI LEH XS HIEP BBBBBBB 3$*(
[MXL FEXXPIW SJ IPMQMREXMRK WGVETMI XLVSYKL KIRIXMG XIWXMRK ERH WIPIGXMZI FVIIHMRK ;I LEZI FEXXPIH FVIIH X]TI MWWYIW XLEX WXMPP I\ MWX XSHE] IZIR [MXL XLI TIVWMWXIRX IJJSVXW EQSRK QYGL GSRXVSZIVW] - QYWX GSQQIRH TEWX TVIWMHIRX (V &MPP 7IEPW JSV TYXXMRK FVIIH X]TI MR XLI JSVIJVSRX SJ XLI FVIIH HYVMRK LMW XIRYVI EW TVIWMHIRX +SMRK FEGO XS XLI ±&PEGO /RMKLX² [LMGL MR¾YIRGIH WM^I MR XLI FVIIH MX EPWS KEZI YW XLI FEXXPI SJ ±WTMHIV W]RHVSQI² [LMGL [I WXMPP QYWX FI E[EVI FI GEYWI XLI KIRI WXMPP I\MWXW ERH MW WXMPP LMHHIR MR QER] SJ SYV MR¾YIRXMEP 7LVSTWLMVI ¾SGOW XSHE] ;I LEZI EPWS LEH XS QEOI GLERKIW MR WX]PI XS QIIX XLI HIQERHW SJ RI[ ½XXMRK WX]PIW [LIVI [SSP GER RSX GSZIV JEYPXW EW [I SRGI EKEMR JSPPS[IH 7SYXLHS[R´W EW [I QSZIH XS XLI RI[ IVE SJ WPMGO WLIEVMRK %W E FVIIH [I LEZI JEGIH XLIWI GLEP PIRKIW ERH EVI RS[ EW E FVIIH TVIWIRXMRK QSVI ERMQEPW MR QER] WLS[ EVIREW XLER ER] SXLIV FVIIH 3ZIV XLI TEWX ]IEVW - [ERX XS EPWS GSQQIRH XLI &SEVH SJ (MVIGXSVW IWTIGMEPP] 1EVO 1G'EFI ERH HIGIEWIH TEWX WIGVIXEV] (V (EPI &PEGOFYVR JSV XLIMV IQTLEWMW SR ]SYXL ERH XLI TVSQSXMSR SJ ]SYXL EGXMZMXMIW 8LI JYXYVMX] RS[ MR MXW RMRXL ]IEV GVIEXIW IRXLYWMEWQ JSV FSXL XLI ]SYXL EW XLI] [SVO XS WIPIGX JIIH ½X ERH WLS[ ER ERMQEP XS MXW LMKLIWX EFMPMX] ERH XLI FVIIHIV SJ XLI ERMQEP [MXL XLI I\GMXIQIRX SJ JSPPS[MRK E ]SYRK JI QEPI JVSQ XLIMV ¾SGO XLVSYKLSYX XLI WLS[ WIEWSR 3ZIV Q] ]IEVW SJ S[RMRK ERH VIKMW XIVMRK 7LVSTWLMVI WLIIT - LEZI WIIR W[IIT MRK GLERKIW WSQI JSV XLI FIXXIV ERH WSQI JSV XLI [SVWI 3R 1SRHE] MR XLI WLS[ VMRK [I [MPP WII QER] HMJJIVIRXMEXMRK FSH] WX]PIW ERH FVIIH X]TIW NYWX PMOI ]IEVW EKS GSR WMWXIRG] MR XLIWI X[S EVIEW MW LEVH XS ½RH MR XLI 7LVSTWLMVI FVIIH 6IGIRXP] (V *VIH +VSZIVQER WIRX QI E TMGXYVI SJ E KVSYT SJ ]IEVPMRK I[IW -X MW SRI SJ XLI TVIXXMIWX TMGXYVIW SJ E KVSYT SJ 7LVSTWLMVI JIQEPIW XLEX - LEZI WIIR MR VIGIRX ]IEVW 8LI I[IW EVI GSRWMWXIRX MR XLIMV FSH] WX]PI ERH FVIIH
GLEVEGXIV 7SQI MR¾YIRXMEP 7LVSTWLMVI WLS[ ¾SGO S[RIVW LEZI ZIVFEPP] EXXEGOIH XLIWI WLIIT GEPPMRK XLIQ ±4SHYRO´W² XLEX GERRSX GSQTIXI EX XLI REXMSREP PIZIP MR XLI WLS[ EVIRE - TIVWSREPP] ETTPEYH (V +VSZIVQER´W ¾SGO GSRWMWXIRG] ERH EWWYVI ]SY XLEX LMW WLIIT LEZI E TSWMXMZI TPEGI MR SYV REXMSREP ¾SGO VIKMWXV] %PXLSYKL - QE] FI XSS SPH ERH GPSWIH QMRHIH XLI MRXIVRIX ERH XIGLRSPSK] MW GVI EXMRK RI[ EHZIVXMWMRK WXVEXIKMIW ERH GSQ QYRMGEXMSR PMRIW RSX SRP] JVSQ FVIIHIV XS FVIIHIV FYX XS RI[ FVIIHIVW ERH FVIIHIVW SJ HMJJIVIRX FVIIHW SJ WLIIT 1E]FI QSVI MQTSVXERXP] XLER XLI TEWX SV ]IEVW MW [LIVI MW SYV FVIIH LIEH MRK MR XLI JYXYVI MR XLI 9RMXIH 7XEXIW# - GLEP PIRKI ]SY [MXL XLIWI UYIWXMSRW Â&#x201E; 'ER [I [SVO EW E KVSYT JSV XLI FIX XIVQIRX SJ E QSVI GSRWMWXIRX FVIIH# 2I[ FVIIHIVW WXMPP EWO XLI WEQI UYIWXMSRW EW XLI] HMH FEGO MR XLI IEVP] ´W ±;LEX X]TI SJ 7LVSTWLMVIW WLSYPH - FI VEMWMRK#² 4EKI 'IRXYV] ,MWXSV] FSSO Â&#x201E; 'ER [I TVSHYGI E QSVI GSRWMWXIRX TVSHYGX EW QSVI %QIVMGERW EVI MRXIVIWXIH MR IEXMRK KSSH XEWXMRK %QIVMGER PEQF [LEX MW SYV ½REP TVSHYGX WYTTSWIH XS FI# Â&#x201E; %VI [I TVSQSXIVW SJ SRP] SYV ¾SGO SV EVI [I TVSQSXIVW SJ XLI 7LVSTWLMVI FVIIH ERH UYEPMX] %QIVMGER PEQF TVSHYGXW# Â&#x201E; ;MXL MRHYWXV] WXERHEVHW FIMRK WIX EX TSYRH ½RMWLIH PEQF HS [I RIIH TPYW MRGL ]IEVPMRK VEQW# Â&#x201E; 'ER [I TVSQSXI SYV FVIIH EW E WY TIVMSV FVIIH JSV QIEX UYEPMX] WS [I LEZI ER EHZERXEKI MR GSQQIVGMEP ¾SGOW# Â&#x201E; ;LEX EHZERXEKI [MPP 7LVSTWLMVI´W LEZI SRGI SXLIV FVIIHW W[E] XS XLI XVIRHW SJ WPMGO WLSVR WLS[ WLIIT# 3V [MPP [I FI PSSO E PMOIW XS XLSWI FVIIHW# ;LEX WIXW YW ETEVX# Â&#x201E; ;L] EVI SXLIV FVIIHW WYGL EW 8YRMW ERH (SVTIVW WS TSTYPEV# ,S[ EVI XLI] TVS QSXMRK XLIMV FVIIH# Â&#x201E; 3YV LMWXSV] VIZIEPW XLEX WMRGI XLI FIKMRRMRK SJ SYV VIKMWXV] XLI WLS[ VMRK NYHK IW LEZI HMGXEXIH [LIVI SYV FVIIH [MPP KS 7LSYPH [I VIUYMVI NYHKIW SJ QENSV REXMSREP
+PIRR ,MKL VIEHW XLMW WTIIGL XS XLI EYHMIRGI HYVMRK XLI XL %RRMZIVWEV] FERUYIX
WLS[W XS FI GIVXM½IH XS SFXEMR GSRWMWXIRG] RIIHIH [MXL MR SYV FVIIH# 3ZIV XLI TEWX ]IEVW SYV FVIIH LEW TVSKVIWWIH MR QER] TSWMXMZI [E]W -R - LSTI XLMW FVIIH XLEX LEW FIIR XLI GIRXIV WXEKI SJ Q] JEQMP] JEVQ JSV ]IEVW LEW IR HYVIH ERSXLIV ]IEVW 8LI TSWMXMZI MQTEGX SJ FVIIHIVW [MXL XLI YXQSWX MRXIKVMX] SR XLI FVIIH EW 7LVSTWLMVI TVSHYGIVW GER LIPT XS IPIZEXI XLI FVIIH XS LMKLIV WXERHEVHW EW E PIEHIV MR XLI WLIIT ERH IRXMVI PMZIWXSGO MR HYWXV] MRWXIEH SJ E JSPPS[IV SJ TEXXIVRW SJ [LEX SXLIV FVIIHW EVI HSMRK *YVXLIVQSVI [I HSR´X RIIH XS KS SYX PSSOMRK JSV XLI ±&PEGO /RMKLX ² FYX MRWXIEH FY] SYXWXERHMRK WMVIW ERH HEQW JVSQ [MXLMR XLI FVIIH XS MR XIRWMJ] XLI GSRWMWXIRG] SJ XLI TVSHYGX [I EPP IRNS] TVSHYGMRK - [ERX XS PIEZI ]SY [MXL XLMW ½REP XLSYKLX JVSQ (V *VIH +VSZIVQER´W IQEMP FEGO MR 2SZIQFIV [LIR XEPOMRK EFSYX XLI IRXLYWMEWQ XLEX [EW WXMVVIH F] FVIIH X]TI IZEPYEXMSRW ±;L] [SYPH ER]SRI [SVO MR XLI QYH ERH GSPH XS XIRH LMW SV LIV ¾SGO YRPIWW XLI] LEH E TEWWMSR JSV ERMQEPW ERH XLIMV FVIIH#² BBBBBBB 3$*(
BBBBBBB 3$*(
$GDPV 6KURSVKLUHV “Your Foundation For Quality”
.QHSS :H SXUFKDVHG WKLV WRS VHOOLQJ HZH DW WKH ÀUVW 6WDUV RI /RXLVYLOOH 6DOH IURP .QHSS 6KURSVKLUHV 7KDQNV WR $VKOH\ )XVV RI )UHGHULFNVEXUJ 0' IRU SXUFKDVLQJ RXU HZH DW WKH 6WDUV RI /RXLVYLOOH 6DOH
5LFN DDQG %%UDG $$GDPV 5LFN DQG %UDG $GDPV 6 : 5G &KHEDQVH ,/ UDGDPV #KRWPDLO FRP DGDPVVKURSVKLUHV FRP BBBBBBB 3$*(
a ,Q 0HPRU\ a &%2'63*8 ; ±&9>>² ,)2()6732 &ERGVSJX ;MRWPS[ ,IRHIVWSR .V HMIH SR 3GX MR :IVS &IEGL *PE ,I [EW FSVR 3GX MR 1SRXGPEMV 2 . XLI WSR SJ XLI PEXI &ERGVSJX ; ,IR HIVWSR 7V ERH )QQE 1E] -WPI] ,IRHIVWSR ,I MW WYVZMZIH F] LMW [MJI 0IWPI] %RRI ,IRHIVWSR 8SKIXLIV XLI] [IVI EZMH 2I[ )RKPERH FSEX IVW EFSEVH XLIMV ,EXXIVEW ±0EQF 'LST ² ERH [IVI WYGGIWWJYP FVIIH IVW SJ 7LVSTWLMVI WLIIT [MRRMRK XST LSR SVW [MXL XLI GLEQTMSR ¾SGO XLVSYKLSYX XLI 9 7 ERH XLI 'LMGEKS -RXIVREXMSREP 0MZIWXSGO 7LS[ ,I LEH WIZIVEP LSFFMIW MRGPYHMRK GSP PIGXMRK 2ETSPISRMG 7SPHMIVW ERH XLI FYMPHMRK SJ ½RI WLMT QSHIPW ,I [EW E PMJIXMQI QIQFIV SJ XLI %QIV MGER .IVWI] 'EXXPI 'PYF 4EWX 4VIWMHIRX SJ XLI %QIVMGER 7LVSTWLMVI 6IKMWXV] %WWSGMEXMSR ERH WIVZIH WIZIR ]IEVW EW XLI TVIWMHIRX SJ XLI 7SYXLIVR 6LSHI -WPERH %RMQEP 6IWGYI 0IEKYI ,I LEW E HMWXMRKYMWLIH GEVIIV EW JEGYPX] QIQFIV SJ XLI 9RMZIVWMX] SJ 6LSHI -WPERH MR XLI (ITEVXQIRX SJ %RMQEP 7GMIRGI JSV ]IEVW ,I VIXMVIH MR EW 4VSJIWWSV ERH 4EWX 'LEMVQER SJ XLI (ITEVXQIRX ,I TYF PMWLIH RYQIVSYW 7GMIRXM½G .SYVREP EVXMGPIW ERH MW E QIQFIV SJ %PTLE >IXE ,SRSV 7SGM IX] ,I LSPHW HIKVIIW SJ &7 -S[E 7XEXI 9RM ZIVWMX] 17 9RMZIVWMX] SJ 6LSHI -WPERH ERH 4L( 6YXKIVW 9RMZIVWMX] ,I WIVZIH EX 4SMRX .YHMXL =EGLX 'PYF ERH XLI 4S[IV 7UYEHVSR MR 6LSHI -WPERH ERH [EW E QIQFIV SJ XLI (YRIW 'PYF EPP MR 2EVVEKERWIXX 6 - -R XLI] VIXMVIH JVSQ 6LSHI -WPERH ERH NSMRIH XLI :IVS &IEGL &SEX 'PYF ERH XLI :IVS &IEGL =EGLX 'PYF ±&Y^^² [EW XLI GS JSYRHIV SJ XLI GPYF´W ±&PIWWMRK SJ XLI *PIIX² MREYKYVEXIH MR ERH [EW XLI JSYRHIV SJ XLI ±7OMTTIVW´ 8EFPI ² ,I WIVZIH EW 'SQQS HSVI SJ XLI =EGLX 'PYF MR ERH [EW E BBBBBBB 3$*(
QIQFIV ERH 'LETXIV 4EWX 4VIWMHIRX SJ XLI -RXIVREXMSREP 3VHIV SJ XLI &PYI +EZIP 4EWX 'SQQSHSVI´W 3VKERM^EXMSR ,I MW WYVZMZIH F] LMW FIWX JVMIRH ERH [MJI 0IWPI] GLMPHVIR &ERGVSJX ; ,IRHIVWSR --- SJ %WLZMPPI 2 ' ERH [MJI .ERI 6SHIVMGO ,IRHIVWSR SJ ;EV[MGO 6 - ERH [MJI +EMP *VERO 'VSSO 0SRK SJ 2EVVEKERWIXX 6 - 6SFIVX % 0SRK SJ &VSSOPMRI 1EWW ERH 1EV] .ERI 0SRK SJ ;EOI½IPH 6 - RMRI KVERHGLMP HVIR ERH JSYV KVIEX KVERHGLMPHVIR 1IQSVMEP GSRXVMFYXMSRW QE] FI QEHI XS XLI ,YQERI 7SGMIX] SJ :IVS &IEGL 4 3 &S\ :IVS &IEGL *0 SV XLI :MWMX MRK 2YVWI %WWSGMEXMSR ERH ,SWTMGI *SYRHE XMSR XL 0ERI :IVS &IEGL *0 MR QIQSV] SJ &Y^^ % QIQSVMEP WIVZMGI [EW LIPH SR 3GX EX 7X 1EVO´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
TEVIRXW ERH FVSXLIV .SLR 0MZIRKSSH ,I [EW E KVEHYEXI SJ *SRXERIX ,MKL 7GLSSP ERH E KVEHYEXI SJ 4YVHYI 9RMZIVWMX] [LIVI LI [EW E QIQFIV SJ %PTLE +EQQE 6LS JVEXIVRMX] ERH ER EPYQRM EWWS GMEXMSR PMJI QIQFIV ,I WIVZIH EW ER SJ½GIV MR ZEVMSYW REXMSREP WXEXI ERH GSYRX] IHYGE XMSR EWWSGMEXMSRW MRGPYHMRK XLI :MKS 'SYRX] 8IEGLIV´W %WWSGMEXMSR ERH XLI -RHMERE 6I XMVIH 8IEGLIV´W %WWSGMEXMSR ,I [EW EPWS VIG SKRM^IH EW E :MKS 'SYRX] 8IEGLIV SJ XLI =IEV MR ERH E ½REPMWX EX XLI WXEXI PIZIP ,I VIGIMZIH XLI ;8,- 8: +SPHIR %TTPI %[EVH JSV XIEGLMRK MR ERH [EW E[EVHIH E 8IVVI %[EVH JSV ZSPYRXIIVMWQ MR XLI ;EFEWL :EPPI] ,I [EW EGXMZI MR , EW E ]IEV QIQFIV ERH GSRXMRYIH WIVZMGI EW E :MKS 'SYRX] 4YVHYI )\XIRWMSR &SEVH TVIWMHIRX :MKS 'SYRX] *EMV &SEVH (MVIGXSV ERH PMJI QIQFIV ERH :MKS 'SYRX] *EMV 7LIIT WYTIV MRXIRHIRX ,I WIVZIH MR XLI 9 7 %VQ] JVSQ XS ERH [EW E GYVVIRX QIQFIV SJ &IXLER] 9RMXIH 'LYVGL SJ 'LVMWX MR ;IWX
8IVVI ,EYXI ,MW MRXIVIWXW MRGPYHIH LSFF] JEVQMRK LMW /EXELHMR WLIIT LIVH [SSH[SVOMRK ERH LSYWI FYMPHMRK LEZMRK VIWXSVIH ER EYXLIRXMG W PSK GEFMR EW LMW VIXMVIQIRX LSQI ,I [EW E QIQFIV SJ XLI %QIVMGER 7LVSTWLMVI &SEVH SJ (MVIGXSVW ERH [EW E JSVQMHEFPI TVIWIRGI MR XLI WLS[ VMRK HYVMRK XLI ´W ,I HIITP] IRNS]IH WTIRHMRK XMQI [MXL LMW KVERHGLMPHVIR ERH SXLIV ]SYRK TISTPI XIEGLMRK XLIQ JEVQ ERH PMJI WOMPPW ,I [MPP FI KVIEXP] QMWWIH F] LMW JEQMP] JIPPS[ XIEGL IVW JEVQ JVMIRHW ERH ±GSJJII FYHHMIW² [MXL [LSQ LI WTIRX QER] QSVRMRKW HYVMRK LMW WLSVX VIXMVIQIRX *YRIVEP WIVZMGIW [IVI 3GX EX 1EXXS\ ;SSH *YRIVEP ,SQI MR 2SVXL 8IVVI ,EYXI [MXL 4EWXSV 7XIZI 1SSVI SJ½GMEXMRK &YVMEP [EW EX 6SWIPE[R 1IQSVMEP 4EVO MR 8IVVI ,EYXI *SV XLSWI [LS [MWL XLI JEQMP] VIUYIWXW QIQSVMEP GSRXVMFYXMSRW FI QEHI XS 4YVHYI 'SSTIVEXMZI )\XIRWMSR 7IVZMGI 3LMS 7X 8IVVI ,EYXI -2 [LIVI E , WGLSPEVWLMT [MPP FI IWXEFPMWLIH MR LMW REQI
XL %ZI 7YMXI +VIIPI] '3
*E\
LXXT [[[ KIRIGLIGO GSQ KIRIGLIGO$KIRIGLIGO GSQ
(2% 8IWXMRK ¯ ]IEVW SJ )\TIVMIRGI MR 7LIIT (2% XIWXMRK 6IPMEFPI©*EWX©*VMIRHP] Scrapie Susceptibility*
Combined Testing
Codon 171 or Codon 136 .....................$11
Codon 171 or Codon 136 & Spider Gene on same sample ........ $22 Codon 171, 136 & Spider Gene on same sample ........................................ $30
QQ, QR, RR
AA, AV, VV
Codon 171 and 136 ............................... $20 (Codon 154 also available, but generally not necessary. Call for information).
Spider Gene* Spider Lamb Syndrome ........................$13
Ovine Progressive Pneumonia (OPP) ............................................... $5 Johneâ&#x20AC;&#x2122;s ............................................ $5
Be prepared for the testing season with Gene Check DNA Collection Ear Tags or DNA Collection Only samplers. The easy, affordable way to DNA test. BBBBBBB 3$*(
±,SX %MV²©½VWX HSWI &] 6ERH] 6MJI %76% ,MWXSVMER =SYV 7LVSTWLMVI &SEVH LEW ETTSMRXIH QI EW XLI ±3J½GMEP ,MWXSVMER² SJ SYV FVIIH 8S JYP½PP XLMW HYX] - VIUYIWXIH WSQI WTEGI MR IEGL ±:SMGI² XS TVSZMHI LMWXSVMGEP MRJSVQE XMSR XLEX LSTIJYPP] [MPP FI SJ MRXIVIWX =SYV MR TYX ERH GSQQIRXW EVI QSWX [IPGSQI EW XLI KSEP MW XS WXMQYPEXI IRXLYWMEWQ XS VIEH EFSYX XLI WMKRM½GERX VSPP SJ SYV 7LVSTWLMVI FVIIH XLVSYKL XLI ]IEVW 1] WSYVGI JSV XLI JSPPS[MRK GSQIW JVSQ XLI SVMKMREP :SPYQIW SJ ±8LI %QIVMGER 7LVST WLMVI 7LIIT 6IGSVHW² TYFPMWLIH F] SYV %WWS GMEXMSR HYVMRK XLI ´W 8LIWI [SVOW [IVI IHMXIH ERH GSQTMPIH F] 1SVXMQIV 0IZIVMRK XLI ½VWX 2EXMSREP 7IGVIXEV] JVSQ LMW SJ½GI MR 0E*E]IXXI -RH - [ERX XS XLERO (IRRMW %Z IV] JSV PSERMRK QI XLIWI FSSOW ,I EGUYMVIH XLIQ JVSQ )ZIP]R (SPTL WIZIVEP ]IEVW EKS [LIR LI FSYKLX XLI PEWX SJ XLI (SPTL ¾SGO 8LIWI FSSOW´ SVMKMREP S[RIV [EW 'ETXEMR % ; (SPTL SJ 8IIKEVHIR -RH 'ETXEMR (SPTL MW ½VWX PMWXIH EW E QIQFIV SJ XLI 7LVSTWLMVI %W WSGMEXMSR MR :SPYQI : JSV XLI ]IEV )\GIVTXW JVSQ ER MRXVSHYGXMSR F] 1V 0IZIVMRK MR :SPYQI - HEXIH %YKYWX 8MXPIH ±7LVSTWLMVI 7LIIT ² ±8LI QIVMXW SJ 7LVSTWLMVI 7LIIT ERH XLIMV WYTIVMSVMX] MR QER] VIWTIGXW SZIV EPP FVIIHW RIIH RS TVEMWI EX XLMW XMQI 7LVST WLMVIW EVI GSQTEVEXMZIP] E RI[ FVIIH MR %QIVMGE 8LI ½VWX MQTSVXEXMSR SJ [LMGL [I LEZI ER] ORS[PIHKI [EW QEHI MRXS :MVKMRME EFSYX FYX HYVMRK XLI PEWX HIGEHI QER] XLSYWERHW LEZI FIIR FVSYKLX JVSQ XLIMV RE XMZI LMPPW MR )RKPERH ERH XLIMV EHETXEFMPMX] XS EPP OMRHW SJ TEWXYVI PERH LEVHMRIWW XS [MXL WXERH SYV ZEVMEFPI GPMQEXI GPSWI SMP] [SSP XS WLMIPH XLIQ JVSQ JVIUYIRX WRS[W ERH WPIIXW LEZI QEHI XLIQ XLI QSWX TSTYPEV FVIIH SJ WLIIT SJ XLI TVIWIRX HE] ±8LI] RIIH RS GSQQIRHEXMSR XS XLI JEVQIV XS MRHYGI LMQ XS TYVGLEWI XS WII XLIQ MR WYJ½GMIRX ERH XLI XSS LMKL TVMGI MW BBBBBBB 3$*(
XLI SRP] LMRHVERGI XLEX TVIZIRXW IZIV] WLIIT FVIIHIV JVSQ S[RMRK SRI SV QSVI (YVMRK XLI TEWX JSYV ]IEVW XLI 7LVSTWLMVIW LEZI FIIR [MHIP] HMJJYWIH XLVSYKLSYX XLI 9RMXIH 7XEXIW ERH 'EREHE ERH XLIMV KVIEX TSTYPEVMX] LEW MRHYGIH MQTSVXIVW XS FVMRK MRXS QEVOIX SXLIV FVIIHW GPSWIP] VIWIQFPMRK XLIQ ±7MQYPXERISYWP] JVSQ EPP TEVXW SJ XLI GSYRXV] GEQI XLI UYIWXMSR ±,S[ EVI [I XS ORS[ XLI HMWXMRKYMWLMRK GLEVEGXIVMWXMGW SJ SYV 7LVSTWLMVI WLIIT#² ERH XLI HIQERH JSV E VIKMWXV] [EW ETTEVIRX XS EPP FVIIHIVW [LIVIF] S[RIVW QMKLX ORS[ XLI JSYRHEXMSR SJ XLIMV ¾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±-RUYMVMIW VIKEVHMRK XLI SVMKMR SJ 7LVST WLMVIW XLER FIKER XS TSYV MR )RKPERH MW XLI REXMZI LSQI SJ XLMW FVIIH ERH JVSQ [VMXIVW ERH XLSWI QSWX MRXIVIWXIH XLIVI [I QYWX KEMR SYV MRJSVQEXMSR 7LVSTWLMVIW EVI ½VWX QIRXMSRIH F] 7QMXL MR LMW LMWXSV] SJ ;SSP ERH ;SSPIR 1ERYJEGXYVIVW TYFPMWLIH MR MR [LMGL LI UYSXIW XLI TVMGI SJ 7LVST WLMVI [SSP MR XLI ]IEV XLI] EVI EKEMR VIJIVVIH XS MR %RHIVWSR´W 3VMKMR SJ 'SQ QIVGI KMZMRK GSQTEVEXMZI TVMGIW SJ )RKPMWL [SSP MR ©-R )RKPERH XLI XYVRMRK TSMRX [MXL 7LVSTWLMVI WLIIT [EW MR XLI 6S]EP 7LS[ =EVH EX +PSYGIWXIV MR [LIR XLIMV KIR IVEP WYTIVMSVMX] [EW VIGSKRM^IH©-R XLI ]IEV SJ XLI FVIIH [EW E[EVHIH E TPEGI SR XLI 4VM^I 7LIIX SJ XLI 6S]EP %KVMGYPXYVEP 7S GMIX] EW E VIGSKRM^IH ERH HMWXMRGX FVIIH EX [LMGL XMQI 7LVSTWLMVIW [IVI I\LMFMXIH
[MXL QEVOIH WYGGIWW ±1V %PJVIH 1ERWIPP SJ 'SPPIKI ,MPP 7LVI[WFYV] )RKPERH XLI VIGSKRM^IH EYXLSV MX] SR 7LVSTWLMVI LMWXSV] [VMXIW ³7MRGI HIWTMXI XLI KVIEX TVINYHMGI ERH STTSWMXMSR SJ I\LMFMXSVW SJ SXLIV FVIIHW XLI] LEZI WXIEHMP] MRGVIEWIH MR RYQFIVW EX XLI 6S]EP WLS[W GYPQMREXMRK MR XLMW ]IEV´W KVIEX HMWTPE] EX 7LVI[WFYV] [LIR 7LVSTWLMVIW [IVI I\LMFMXIH EKEMRWX 7SYXLHS[RW ,EQTWLMVIW 0MRGSPRW 0IMGIWXIVW 'SXW[SPHW 1SYRXEMR ERH EPP SXLIV FVIIHW FIMRK GSR WMHIVEFP] QSVI XLER HSYFPI XLI RYQFIV SJ EPP SXLIV FVIIHW ERH HIQSRWXVEXMRK ZIV] GSRGPYWMZIP] XLEX XLI 7LVSTWLMVIW MW E WLIIT XLEX QIIXW VIUYMVIQIRXW SJ XLI HE] © ERH F] I\TIVMIRGI SJ SXLIVW [LS LEZI WIIR XLI FVIIH ¾SYVMWLMRK MR IZIV] GSYRX] MR )RKPERH 7GSXPERH -VIPERH XLI 9RMXIH 7XEXIW 7SYXL %QIVMGE 'EREHE XLI 'SPSRMIW *VERGI +IV QER] +VIIGI ERH QSWX SXLIV 'SRXMRIRXEP GSYRXVMIW©XLI VIGSKRM^IH JEZSVMXI SZIV XLI [LSPI KPSFI [LEX LEW KMZIR MX XLMW YRTVIG IHIRXIH TSTYPEVMX]#© 7LVSTWLMVIW EVI XLI QSWX TVSPM½G SJ EPP WLIIT ERH [MXL TVSTIV GEVI SJ VEQW [LMPI FVIIHMRK ERH KSSH QER EKIQIRX SJ XLI I[IW XLVSYKL XLI [MRXIV EX
PIEWX TIV GIRX SJ I[IW [MPP TVSHYGI X[MRW ERH QER] XVMTPIXW [LMPI XLI I[IW EVI WYGL KSSH QSXLIVW EW XS VIEWSREFPI MRWYVI XLIMV VEMWMRK EPP XLI PEQFW©8LI] EVI SJ HSGMPI XIQTVIQIRX UYMIX HS RSX JVMKLXIR IEWMP] 8LIMV QYXXSR MW IUYEP XS XLEX SJ XLI 7SYXL HS[R [MXL E PEVKI TVSTSVXMSR SJ PIER QIEX [LMPI XLI GEVGEWW MW IUYEP MR [IMKLX XS XLEX SJ XLI PEVKIWX FVIIHW MR WLIIT©8LI] EVI RSXIH JSV XLIMV WXVSRK GSRWXMXYXMSR ERH LEVHMRIWW ´ ² 8LI JSPPS[MRK EVI E JI[ SJ XLI TVMGIW TEMH JSV XLI WIVZMGI SJ VIRXIH VEQW MR )RK PERH JSV SRI WIEWSR
I[IW SRP] XS KS XS IEGL SRI 8LI 6IGXSV 1SRXJSVH ,IVS (YOI SJ 'PEVIRGI (YHQEWXSR ,IVS 0SVH 6MTSR
8S WIVZI I[IW 8LI 4EXVMSX 1MRXSR´W 4VMHI 4VMRGI 6IKIRX 8LIWI ½KYVIW EVI KMZIR XS WLS[ XLI ETTVIGMEXMSR SJ XLMW ZEPYEFPI FVIIH F] XLI FVIIHIVW MR )RKPERH [LIVI XLIWI WLIIT ջ BBBBBBB 3$*(
EVI QSWX RYQIVSYW ERH FIWX ORS[R ©ERH RS[ XLIWI I\GIVTXW JVSQ :SPYQI -±7LVSTWLMVI 7LIIT MR )RKPERH ERH %QIVMGE² &] . 0 7XSRI SJ ;EZIVP] 4E 7IGVIXEV] SJ XLI 0EGOE[ERRE &VIIHIVW %WWSGMEXMSR (IPMZIVIH FIJSVI XLI 4IRRW]PZERME &SEVH SJ %KVMGYPXYVI EX 7GVERXSR .YRI 8S XLI %QIVMGER JEVQIV E VMHI EGVSWW )RKPERH MW ½PPIH [MXL KVIEX MRXIVIWX IWTIGMEPP] WLSYPH LI TEWW XLVSYKL XLI ½RIV EKVMGYPXYVEP VIKMSRW ;LMGLIZIV [E] LI PSSOW LI MW VI QMRHIH XLEX LI MW RSX MR LMW S[R REXMZI PERH 8LI EWTIGX SJ XLI GSYRXV] XLI ETTIEVERGI SJ XLI WSMP XLI LIHKMRK MRWXIEH SJ JIRGIW XLI EKVMGYPXYVEP MQTPIQIRXW XLI XIEQW LMXGLIH XERHYQ ERH IZIR XLI PEFSVIVW XLIQWIPZIW EPP ETTIEV WXVERKI &YX YRPIWW LI MW WS GSRGIMXIH EW XS FI PMIZI XLEX HMJJIVIRGI RIGIWWEVMP] MQTPMIW MRJI VMSVMX] LI ZIV] UYMGOP] HMWGSZIVW XLEX XLSYKL XLMRKW WIIQ WXVERKI LI MW EQSRK E TISTPI XLEX ORS[ LS[ XS XMPP XLI WSMP ;LEXIZIV LMW TVINYHMGIW ERH ½VWX MQTVIWWMSRW QE] FI LI MW WYVI XS GSQI XS XLMW GSRGPYWMSR EW LI ZMWMXW JVSQ JEVQ XS JEVQ 3RI SJ XLI ½VWX JEGXW XLEX MQTVIWWIW LMQ
BBBBBBB 3$*(
MW XLEX XLIVI EVI RS [EWXI TPEGIW IZIV] EZEMP EFPI JSSX SJ PERH MW FVSYKLX MRXS YWI -J MX MW RSX WYMXIH XS [LIEX MX [MPP FVMRK KVEWW MJ XSS WXIIT JSV XMPPEKI MX GER FI XIVVEGIH ERH TPERX IH XS XVIIW SV WLVYFW XLI ¾S[IVW SJ XLI PEX XIV ]MIPHMRK E VIZIRYI TVSFEFP] IUYEP XS XLI JVYMX SJ XLI JSVQIV 8LI EHETXEXMSR SJ WSMP SV WMXYEXMSR XS TEVXMGYPEV TVSHYGXW LEW FIIR GEVIJYPP] WXYH MIH ERH IZIV] IRHIEZSV MW QEHI XS QEOI XLI QSWX SJ IZIV]XLMRK 2SV MW LI EX E PSWW XS EGGSYRX JSV XLMW EW LI SFWIVZIW XLI HIRWMX] SJ TSTYPEXMSR ERH PIEVRW XLI ZEPYI SJ PERHW ERH XLI ERRYEP VIRXEP GLEVKIH JSV XLIQ 8LI EFYRHERGI SJ WXSGO IZIV][LIVI EX XVEGXW EXXIRXMSR ERH GSRXVEWXW [MXL XLI XSS TVIZEPIRX %QIVMGER MHIE XLEX KVE^MRK ERH WXSGO KVS[MRK GER SRP] FI TVS½XEFPI TYVWYIH SR GLIET SV VSYKL PERHW 8LI LMKLIV XLI TVMGI SJ PERH XLI QSVI WXSGO QYWX MX FI QEHI XS GEVV] SV MRZIVWIP] WXEXIH XLI QSVI WXSGO XLEX E XVEGX MW GETEFPI SJ WYWXEMRMRK TIV EGVI XLI KVIEXIV MXW ZEPYI EKVMGYPXYVEPP] GSRWMHIVIH -X MW RSX WXVERKI XLIR XLEX YRHIV WYGL ER MRXIRWMZI W]WXIQ SJ EKVMGYPXYVI QYGL GEVI WLSYPH FI FIWXS[IH YTSR XLI UYEPMX] SJ XLI
WXSGO TVSHYGIH ERH MXW EHETXEXMSR XS XLI VI UYMVIQIRXW SJ XLI ZEVMSYW GMVGYQWXERGIW YR HIV [LMGL MX MW VEMWIH +VIEX &VMXXEMR LEH TVSHYGIH QSVI ZEPY EFPI FVIIHW SJ LSVWIW GEXXPI WLIIT ERH W[MRI XLER ER] SXLIV GSYRXV] ERH WS JEV EW %QIVMGE MW GSRGIVRIH QSVI XLER EPP SXLIV REXMSRW GSQFMRIH -X MW JSVIMKR XS Q] TYVTSWI XS QIRXMSR EPP XLIWI ZEVMSYW FVIIHW SJ HSQIWXMGEXIH ERMQEPW XLEX LEZI EXXVEGXIH XLI EXXIRXMSR SJ XLI EKVM GYPXYVEP [SVPH QYGL QSVI XS IRXIV MRXS XLIMV LMWXSV] ERH HIWGVMTXMSR - [MPP SRP] TEYWI XS WE] XLEX GLEVEGXIVMWXMGW SJ IEGL FVIIH WIIQW XS LEZI FIIR HIXIVQMRIH F] XLI REXYVI SJ MXW WYVVSYRHMRKW MR XLI [E] SJ WSMP GPMQEXI JSSH ERH W]WXIQ SJ LYWFERHV] XLI HIQERHW SJ XLI QEVOIXW ERH XLI MHIEP MR XLI QMRHW SJ MXW MQ TVSZIVW - HIWMVI XS GEPP ]SYV EXXIRXMSR© XS SRI SJ )RKPERH´W FVIIHW SJ WLIIT XLEX LEW EXXVEGX IH QYGL EXXIRXMSR MR %QIVMGE HYVMRK XLI TEWX HIGEHI ¯ ZM^ XLI 7LVSTWLMVI 8LI EHZIRX SJ XLI 7LVSTWLMVIW MR XLMW GSYR XV] MW SJ GSQTEVEXMZIP] VIGIRX HEXI :MVKMRME LEW XLI LSRSV SJ VIGIMZMRK XLI ½VWX MQTSVXE XMSR SJ [LMGL [I LEZI ER] EGGSYRX MR FYX RSX XMPP [MXLMR XLI PEWX HIGEHI LEZI PEVKI
RYQFIVW FIIR FVSYKLX JVSQ XLIMV REXMZI LMPPW XS XV] SYV ZEVMEFPI GPMQEXI©8LI WMQMPEVMX] SJ 7LVSTWLMVIW XS SXLIV HEVO JEGIH FVIIHW LEH QEHI MX IEW] JSV GEVIPIWW SV YRTVMRGMTPIH FVIIHIVW XS HITEVX JVSQ XLI PMRI SJ TYVI FVIIHMRK [MXLSYX EXXVEGXMRK XLI EXXIRXMSR SJ XLI YRMRJSVQIH -X WSSR FIGEQI ETTEVIRX XLEX XS TVIWIVZI XLI FVIIH MR MXW TYVMX] E W]W XIQ SJ VIKMWXV] [EW RIGIWWEV] %GGSVHMRKP] MR *IFVYEV] EX 0E *E] IXXI -RH ER SVKERM^EXMSR [EW JSVQIH YRHIV XLI REQI SJ ±8LI %QIVMGER 7LVSTWLMVI 6IK MWXV] %WWSGMEXMSR ² % GSRWXMXYXMSR [EW HVE[R YT WXVMRKIRX VYPIW SJ IRXV] [IVI TVITEVIH ERH E WXERHEVH SJ TSMRXW SJ I\GIPPIRGI [EW EHSTXIH 8LI ½VWX ZSPYQI SJ XLI 6IGSVH GSRXEMRMRK TIHM KVIIW LEW FIIR TYFPMWLIH %W ER IZMHIRGI SJ XLI WXVMRKIRG] SJ XLI VYPIW SJ IRXV] ERH XLI XLSVSYKL [SVO HSRI F] XLI I\EQMRMRK GSQ QMXXII - [MPP WXEXI XLEX YT XS XLI TVIWIRX XMQI WSQI JSYV XLSYWERH ½ZI LYRHVIH ETTPMGEXMSRW JSV VIKMWXV] LEZI FIIR QEHI FYX SRP] SJ XLIQ EGGITXIH &VIIHIVW QE] GSRKVEXYPEXI XLIQWIPZIW XLEX XLIMV JEZSVMXI FVIIH MW RS[ XS FI TVIWIVZIH MR MXW TYVMX] ERH I\GIPPIRGI 8LIVIJSVI - TVIHMGX E KPSVMSYW JYXYVI JSV XLI 7LVSTWLMVI
BBBBBBB 3$*(
*ZMMLMZ¼[ 1VLM` 8LI JSPPS[MRK FVIIHIV´W PMWX MW E TEMH WYFWGVMTXMSR TYFPMWLIH FSXL MR XLI :SMGI ERH SR XLI WLVSTWLMVIW SVK ;IF WMXI
$GDPV 6KURSVKLUHV 6 : 5RDG &KHEDQVH ,/ UDGDPV #KRWPDLO FRP DGDPVVKURSVKLUHV FRP $JUDOO /HZLV 5 5 %R[ $WKHQV ,/ $QGHUVRQ )DUPV 0DWWKHZ &KULVWLH (PLO\ $QGUHZ 1 WK 6WUHHW %ODLU 1( DQGHUVRQBIDUPV#KRWPDLO FRP $QGHUVRQ 0LFKDHO / 1 ( 3D[WRQ ,/ &HOO PLNH DQGHUVRQ #YHUL]RQ QHW $YHU\ 6KURSVKLUHV 'HQQLV 1DQF\ $YHU\ 'RXJODV 5RDG %UHPHQ ,1 GDYHU\#HWSURGXFWV FRP )OR\G 6KDURQ $YHU\ 7LP 'HE %DUQHV %DUQHV )DUPV 0RRQH\ 5RDG 5DGQRU 2+ &HOO WUR\WRQJUQ#DFF QHW FRP EDUQHVIDUPV FRP
BBBBBBB 3$*(
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
%U\DQW 6KURSVKLUHV %LOO %U\DQW %U\DQW 5RDG )UHGHULFNWRZQ 2+ &HOO EU\DQWE #KRWPDLO FRP EU\DQWVKHHSDQGKRUVHV FRP %XFNKDP )DUPV :HVW 5 $YHQXH 6FKRROFUDIW 0, EXFNKDPIDUPV#\DKRR FRP %XUOLQJDPH -LP 6WHYH %XUOLQJDPH )DUP %XUOLQJDPH 5RDG 'DQLHOVRQ &7 -LP IMEXUOLQJDPH#PVQ FRP 6WHYH VMEXUOLQJDPH#VQHW QHW ZZZ EXUOLQJDPHIDUP FRP %:% )DUPV ,QF *UHHQ 5RDG 0DUWLQVYLOOH 2+ 5DQG\ %DUU 5LFN :KLWLQJ %DUU\ %DUU EZEIDUPVLQF#YHUL]RQ QHW ZZZ EZEIDUPVLQF FRP &DOO 'RQ 5H 0RKDZN 7UDLO 6KHOEXUQH 0$ GRRQ\F#QHWVFDSH QHW &DOYHUW 5REHUW ( )DPLO\ 1 3HUU\ +Z\ 0HUFHU 3$ &HVVQD -LP 1DQF\ &HVVQD )DUPV -HUU\ &LW\ 5RDG &\JQHW 2+ MKFHVVQD#GDFRU QHW
&UDJR %URWKHUV 6KURSVKLUHV 6WHYH /RXLVH &UDJR 6RQV +LDWW 5RDG &ODUNVYLOOH 2+ &UDJR 0DUN -HQQLIHU )DPLO\ 0DNL +LOO 5G &ROXPEXV 07 &HOO &UHDPHU 5 - )DPLO\ &HQWHUYLOOH 1HZPDQV 5G 3URVSHFW 2+ FUHDPHU#PDULRQ QHW ZZZ FUHDPHUVKURSVKLUHV FRP 'LHKO - / * / 6W 5W 'HHUÃ&#x20AC;HOG 2+ 'LUODP - 1 6RQV 0DWW 'LUODP 1 %HWKHVGD 5G 0RRUHVYLOOH ,1 GLUODPMG#DRO FRP 'RFNWHU 'DUUHOO -DQHW 6WDF\ -DVRQ ' 6KHHS &RPSDQ\ 6 &DUSHQWHU 5RDG 6QRKRPLVK :$ &HOO GGGRFNWHU#HDUWKOLQN QHW ZZZ GVKHHSFRPSDQ\ FRP 'RXJODV 'RQQD $SULO $LUH )DUPV 3OHDVDQW 9DOOH\ 5RDG :RRGVWRFN ,/ (EHUW -HII .HUUL &KULVWLQH 0RQLFD (EHUW 6KHHS )DUP )OXVK 5G 6W *HRUJH .6 +RPH &HOO HEHUWM#ZDPHJR QHW ZZZ FOXEODPESDJH FRP HEHUWYDQKRUQ LQGH[ KWP
BBBBBBB 3$*(
(OVEXU\ 0LNH (OVEXU\Ò&#x2039;V 6KURSVKLUHV ( 1 *UHHQÃ&#x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
BBBBBBB 3$*(
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Ã&#x20AC;HOG 02 URNDMR #FHQWXU\WHO QHW
.LSS /H5R\ %R[ 1RUWK 3UDLULH :,
0F1HDO 5REHUW - 6 ( 6WUHHW %DWWOH *URXQG :$
.QHSS 6KURSVKLUHV 'RQDOG .QHSS 2OG %DUULQJWRQ 5G %DUULQJWRQ ,/ WUEHDU#PF QHW
0LOOHU (GLWK %U\DQ )DELROD 5LGJH 5RDG 'DPDVFXV 0' EU\DQ PLOOHU#VKURSVKLUHV LQIR ZZZ VKURSVKLUHV LQIR
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
0LOOHU 6DP ' )DPLO\ 0LOOHUÒ&#x2039;V %DFN $FKHUV ( 5XVN 5RDG 7UR\ 2+ UNPLOOHU #KXJKHV QHW 0RWWHU -DQ /DQHÒ&#x2039;V (QG )DUP : 5W -HUVH\ 6KRUH 3$ 0UR]LQVNL (ULN ( 1 5RDG 3 2 %R[ 5ROOLQJ 3UDLULH ,1 HPUR]LQV#SXUGXH HGX 0XPP 0HJDQ &5 1 :KLWH +HDWK ,/ 2HKOHU 1HOOLH 2HKOHU )DPLO\ 6KURSVKLUHV 6: :HVW +LOOV 5RDG &RUYDOOLV 25 3HLWHU 6KURSV 6KHOE\ 6KHOE\YLOOH 02
BBBBBBB 3$*(
3HQFH )DUPV : &R 5G 7LIÀQ 2+ 0LNH 'RXJ -D\
5REHUWV 7LP 5REHUWV )DUPV 3HQQV\OYDQLD $YHQXH :DVKLQJWRQ 2. &HOO UREHUWVVKHHSFR#FV FRP
3HSSPHLHU &KULVWLQH 6DUD 3HSSPHLHU )DPLO\ 6KURSVKLUHV 6: /DQG +LOO 5RDG 6KHUZRRG 25 SHSSPHLHU#GLUHFWY QHW
5RJHUV 'DQQ\ &\QWKLD 5RJHUV 6KURSVKLUHV : 0F&UDFNHQ 5RDG 0RQURYLD ,1 GFURJHUV #\DKRR FRP
3HUFLYDO -LP 'HQLVH 6FKRROKRXVH 6KURSVKLUHV +RRS 5RDG ;HQLD 2+ VFKRROKRXVVKURSV#DRO FRP ZZZ VFKRROKRXVHVKURSVKLUHV FRP 3LSHVWRQH 9HW &OLQLF 6 +Z\ %R[ 3LSHVWRQH 01 ZZZ SLSHYHW FRP 3URIÀWW -LP %UDG\ &UHHN 5RDG 5LFKPRQG 02 MSURIÀWW #JPDLO FRP 5LGGLFN 'DQLHO 0D\R 0RXQWDLQ 6KHHS &RPSDQ\ 0D\R 5RDG +XQWLQJWRQ 97 ULGGLFNV#DWW QHW 5LIH 5DQG\ -XOLH 5LIH 6KURSVKLUHV &OLIWRQ 5G <HOORZ 6SULQJV 2+ ULIHÁRFNPDVWHU#GLVKPDLO QHW ZZZ ULIHVKURSVKLUHV FRP
BBBBBBB 3$*(
5XHEHU &DURO $LPHH 5XHEHU 6KURSVKLUHV WK 6W 6XPQHU ,$ UXHEHUVKURSV#\DKRR FRP 6DUJHQW 7RP 7RP 6DUJHQW )DPLO\ *UDQGYLHZ 'U %UDGIRUG 2+ WHUU\ #\DKRR FRP 6HDOV )DPLO\ 6 %DU 6 5DQFK % 6KDIHU $YH 0RUJDQ +LOO &$ &HOO VEDUVVKHHS#FV FRP 6FKLPP .DWLH :LQWHUEDXHU $YH $WKHQV ,/ 6LOYHUWRS )DUP :HVW )RXQWDLQ 5RDG 3RQFD &LW\ 2. PDUFKRGJVRQ#7KH6LOYHUWRS FRP 6OXW] 7RP &LW\ /LPLWV 6KHHS )DUP 3 2 %R[ 6 0DLQ 6W /D0RLOOH ,/ &HOO WFVOXW]#J PDLO FRP ZZZ FLW\OLPLWVVKHHSIDUP FRP
6PLWK 6LVWHUV 6KURSVKLUHV WK $YH 5XVVHOO 01 OEVPLWK#ZRRGVWRFNWHO QHW 6PLWK *RUGRQ $O\FH &HGDU %HQG )DUP 1 8 6 +LJKZD\ (ONKRUQ :, FHGDUEHQGIDUP#HONQHW QHW 5RJHU 6Q\GHU )DPLO\ 86 +Z\ 0RQPRXWK ,/ &HOO 6WHYHQ 6SD\G (OP 7UHH 5G 0DQKHLP 3$ 6ZLW]HU -DQH ( 6ZLW]HU 6KURSVKLUHV 6 : 5HGNH\ ,1 &HOO VWHYH MDQH#VZLW]HUVKURSVKLUHV FRP VZLW]HUVKURSVKLUHV FRP 7UHZ (PLO\ <RUN 5RDG 2FRHH 71 ELOOWUHZ#FRPFDVW QHW 9HUGXLQ &DOYLQ 9HUGXLQา V $SSOH +LOO )DUP 0LOOHU 5RDG 'DQVYLOOH 1< FDOY #KRWPDLO FRP 9LVRFN\ 6KURSV 0DWW 0DUF %HQ .HQ 5LFKPDQG 5RDG 6SHQFHU 2+
:DVKEXUQ (PLO\ :DVKEXUQ 6KURSV /HDG 0LQH 5RDG *RXYHUQHXU 1< &HOO Q\VKURSV#\DKRR FRP :HEVWHU 5\DQ )DOPRXWK 5RDG :LQGKDP 0( :HEVWHU :LOOLDP 5RRVHYHOW 7UDLO :LQGKDP 0( VWLOOZHE#URDGUXQQHU FRP :LOEXU 'HOODQH DQG %ULDQ 5: )DUPV ( /HZLV /DQH 1DPSD ,' HPDLO UZIDUPV#QHWVFDSH FRP ZHEVLWH UZIDUPV QHW :LOVRQ &KULV /D]\ 7 5DQFK =HDQGDOH 5G 0DQKDWWDQ .6 :LVHKDUW 0DUN 3DWW\ 6RQV 1 ( *UHHQร HOG ,1 :RRGV 0ROO\ -R :RRGV :RROV (WF &RXQW\ +Z\ %D\OLV ,/ &HOO ZRRGZRRO#DGDPV QHW
*M []ZM aW]ยผZM TQ[\ML QV \PM *ZMMLMZยผ[ 1VLM` 1\ยผ[ \PM JM[\ ยนXPWVM LQZMK\WZaยบ \W ;PZWX[PQZM JZMMLMZ[ BBBBBBB 3$*(
FDOHQGDU
0DUFK 'HDGOLQH IRU 0D\ 9RLFH
0D\ *UHDW /DNHV $OO %UHHG 6KRZ 6DOH :RRVWHU 2KLR
0D\ 6KURSVKLUH &ODVVLF (DWRQ 2KLR
-XQH 6KURSVKLUH 6SHFWDFXODU 1DWLRQDO 6DOH 6SULQJÃ&#x20AC;HOG ,/
-XO\ $OO $PHULFDQ -XQLRU 6KRZ /DQVLQJ 0LFK
-XO\ 1RUWK (DVW <RXWK 6KHHS 6KRZ :HVW 6SULQJÃ&#x20AC;HOG 0$
-XO\ 1HZ (QJODQG 6DOH
1RY 1DWLRQDO 6KRZ 1$,/( +DYH \RXU VKRZV DQG VDOHV LQFOXGHG LQ WKH FDOHQGDU RQ ERWK WKH ZHEVLWH DQG LQ WKH 9RLFH E\ FRQWDFWLQJ 5LQGD 0DGGR[ VKURSVKLUHYRLFH#WKHVLGHOOUHSRUWHU FRP
INDEX %HZIVXMWIVW
6YIFIV
%HEQ
7PYX^
%RHIVWSR
7LIITQER 7YTTP]
%ZIV]
8S[RWIRH
&ERRIV 7LVSTWLMVI 'PEWWMG
;IFWXIV
&ERRIV 7LVSTWLMVI 7TIGXEGYPEV
;LMXMRK
&V]ERX
%VXMGPIW
(MVPEQ
XL &ERUYIX
(SGOXIVW &EGO 'SZIV
'SQQMXXIIW
)PWFYV]
%QFEWWEHSV 'SRXIWX
+IRI 'LIGO
*MRERGMEP 6ITSVX
.IJJIVW
*YXYVMX] ;MRRIVW
/IXGLEQ
,S[ 7XEXIW 6EXIH
+VYIRLEKIR
2%-0) %RRMZIVWEV] 7LS[
1G'EFI
2EXMSREP .YRMSV 7LS[
1IVVMGOW -RWMHI &EGO 'SZIV
2I[ 1IQFIVW
6MJI -RWMHI *VSRX 'SZIV
7GLSPEVWLMT
6SFIVXW *VSRX 'SZIV
=IEVPMRK )[I *YXYVMX]
BBBBBBB 3$*(
If Mother Nature made a milk replacer . . . . .
TM
683(5 /$0%
®
Formulated just for lambs Instantized for easy mixing Nonmedicated – 8 & 25 lb bags Stays in suspension up to 24 hrs
Low lactose level reduces bloat Added selenium Contains coconut oil for easy digestion With direct-fed microbials 150 IU/lb Vitamin E
"the ideal replacement for ewe's milk!"
BLUE RIBBON LAMB & KID TM ELECTROLYTE PACK
with SPECIAL DIRECT FED MICROBIALS
For more information call: 1-800-MER-RICK (637-7425)
MERRICK'S, INC. A Subsidiary of Merrick Animal Nutrition, Inc. Middleton, WI 53562-0307 USA © 2009
Or visit:
www.merricks.com
BBBBBBB The Performance Leader in Baby Animal Nutrition 3$*(
BBBBBBB 3$*(