Andalucia Life March 2009

48

description

Andalucia Life Magazine is published monthly and contains articles and stories from contributors, days out, things to do, places to go the Costa del Sol in Andalucia Spain and recipes, news, history, flowers, animals and birds, financial and medical articles. Read about the towns cities and white villages of Andalucia, features on walking and golf, pets and charities like ADANA, Age Concern, and CUDECA.

Transcript of Andalucia Life March 2009

  • $PQJFTPG"OEBMVDJB-JGFBSFEJTUSJCVUFEJOUIFGPMMPXJOHBSFBT.BMBHB1SPWJODF4BO1FESP#FOBWJTUB&TUFQPOB"SFOB#FBDI1VFSUPEFMB%VRVFTB$BTUJMMP.BOJMWB$BTBSFT(BVDJO&M$PMNFOBS

    $BEJ[1SPWJODF5PSSFHVBEJBSP1VFCMP/VFWP1BOJBHVB"MDBJEFTB4BO3PRVF+JNFOBEFMB'SPOUFSB&TUBDJPO+JNFOB$BTUFMMBSBOE4PUPHSBOEF

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

    "OEBMVDJB-JGFJOWJUFTSFBEFSTUPDPOUSJCVUFBSUJDMFTPGJOUFSFTUOFXTBOEWJFXTEFUBJMTPGTQFDJBMFWFOUTBOETQFDJBMPDDBTJPOT%FBEMJOF%BUFT "QSJM*TTVF$PQZUI.BSDI

    &RQWHQWV3DJH $QGDOXFLD/LIH1HZV3DJH +HDOWK%HDXW\3DJH 3HW&DUH3DJH 7KH6DQ)HUQDQGR%RWDQLFDO*DUGHQV3DJH )DXQDDQG)ORUD3DJH 6SRUW3DJH *OLWWHUDWL%RRN5HYLHZ3DJH 6RWRJUDQGH,QWHUQDWLRQDO6FKRRO3DJH ([SORULQJ6DQ)HUQDQGR3DJH $UW&UDIW3DJH &XOLQDU\+HUEVLQWKH*DUGHQ3DJH 5XWD*DVWURQRPLTXH

    'SPOU$PWFS-PPLJOHUPXBSET(JCSBMUBSGSPN3JODPODJMMP#FBDI&EJUPS/JDL/VUUFS(SBQIJD%FTJHO1SPEVDUJPO&EJUPS+VMJF&WBOT"EWFSUJTJOH4BMFT1MFBTFDPOUBDU)FBE0DF5FM.PC1SJOUFST13(SBm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

    2XU1HZ1XPEHULV

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    E\/JDL/VUUFS

    (GLWRULDO

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

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    "OEBMVDJB-JGF/FXT

    /RQHIHPDOHVDUHEHLQJWDUJHWHGE\WKLHYHVLQWKHFDUSDUNVRIORFDOVWRUHVLQFOXGLQJ/LGOVDW6DELQLOODVDQG(URVNLDW/RV+LGDOJRV7\SLFDOO\WZRPHQDUHLQYROYHG2QHZDLWVXQWLODIHPDOHKDVJRWLQWRKHUFDUDQGWKHQWDSVRQWKHGULYHUVZLQGRZ7KHRWKHUTXLHWO\RSHQVWKHSDVVHQJHUGRRUDQGJUDEVZKDWHYHUKHFDQLQWKHFDVHVUHSRUWHGWRXVDKDQGEDJRUSXUVHSODFHGRQWKHSDVVHQJHUVHDW%RWKWKHQUXQRIIWRDZDLWLQJYHKLFOH7KH(URVNLLQFLGHQWRFFXUUHGRQ0RQGD\WK)HEUXDU\DWQRRQ7ZRPHQRQHDWOHDVWVSHDNLQJ6SDQLVKERWKODWHWZHQWLHVPDGHRIILQDQRUDQJHFRORXUHGVDORRQFDU,WLVQRWRQO\WKH6SDQLVK7KHIROORZLQJGD\DODG\GHVFULEHGDVPLGGOHDJHGDQG(QJOLVKVWROHDKDQGEDJIURPWKHKDQGOHRIDSUDPLQ(VWHSRQDSRUW$JDLQLQ(VWHSRQDD\RXQJODG\ZDVDFFRVWHGE\RQHPDQDERXWSPDVVKHZDVHQWHULQJKHUXUEDQL]DWLRQ+HZDVTXLWHYLROHQWDQGPDGHRIIZLWKKHUZDWFKDQGWULHGWRUHPRYHKHUULQJ

    'LVWUDFWLRQ7KHIWV

    %RJXV5HSVRO5HSUHVHQWDWLYHV

    7KHUHKDYHEHHQWZRLQVWDQFHVZHNQRZDERXWRIXQDWWHQGHGFDUVLQFDUSDUNVKDYLQJDZLQGRZVPDVKHGLQRUGHUWRH[WUDFWKDQGEDJVOHIWLQYLHZLQWKHFDU7KHPHVVDJHLVFOHDU%HRQ\RXUJXDUGDWDOOWLPHVLQDOOSODFHV

    $Q\SURSHUW\ZLWKERWWOHGJDVDSSOLDQFHVOLNHFRRNHUVRUZDWHUKHDWHUVVKRXOGKDYHWKHWWLQJVFHUWLHGDVVDIHE\5HSVROHYHU\IRXU\HDUV7KLVLVPDQGDWRU\IRUUHQWHGSURSHUWLHV5HSVROGRQRWVROLFLWIRUEXVLQHVV\RXKDYHWRFRQWDFWWKHPDQGWKH\GRQRWFKDUJHIRULQVSHFWLRQV7KH\GRFKDUJHDQRPLQDOIHHIRUDQ\QHZ

    UHJXODWRUVWKDWPD\EHUHTXLUHG%RJXV5HSVROUHSVDUHZHOODZDUHRIWKLVDQGDUHJRLQJURXQGNQRFNLQJRQGRRUVDQGLIWKH\DUHDOORZHGLQFKDUJLQJH[RUELWDQWIHHVIRULQVSHFWLRQVDQGQRWUHTXLUHGUHSODFHPHQWSLSHDQGUHJXODWRUV$OO5HSVROUHSUHVHQWDWLYHVFDUU\SURSHULGHQWLW\FDUGV6RGRQRWDOORZDQ\ERG\LQWR\RXUSURSHUW\ZKRFODLPVWREHD5HSVROUHSUHVHQWDWLYHXQOHVV\RXKDYHERRNHGWKHDSSRLQWPHQWDQGVHHDQLGHQWLW\FDUG'RRUFKDLQVDUHDQH[FHOOHQWLQYHVWPHQWIRUFDVHVOLNHWKLV

    %RJXV7HOHIRQLFD&DOOV7KHSDWWHUFKDQJHVGHSHQGLQJRQZKRWHOOVXVDERXWWKHVHFDOOVEXWWKHPRGXVRSHUDQGLLVDOZD\VWKHVDPH$JRRG(QJOLVKVSHDNHUZLOOULQJ\RXDQGFODLPWREHIURP7HOHIRQLFD+HRUVKHZLOOWKHQWHOO\RXWKDW\RXDUHHQWLWOHGWRVLJQLFDQWUHGXFWLRQVLQ\RXUELOOLI\RXWDNHDSDUWLFXODUVHUYLFHVRPHWLPHVLQFUHDVHG$'6/VRPHWLPHVDPHVVDJLQJVHUYLFH

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    )FBMUIBOE#FBVUZ

    %(1,*13$52;

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    )FBMUIBOE#FBVUZ

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

    +HDOWK\(DUV

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

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    )FBMUIBOE#FBVUZ

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

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

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

    +./"(+("*/((&*&

    -"*!-&'" '1"-/%-"-*%-!"&.

    (&*& .&*)0-$./",+*

    .HHS6PLOLQJ

    :+$7

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    )FBMUIBOE#FBVUZ

    0LNHDQG&KULVWLQDRI&KULVWLQDVLQ0RQWH'XTXHVDKDYHPRYHGWRODUJHUSUHPLVHVULJKWLQWKHFHQWUHRI6DELQLOODV0LNHVDLG7KHEXVLQHVVLVFRQWLQXLQJWRHYROYHDQGLWORRNVDVWKRXJKLWLVZLWKDODUJHUUDQJHRIFDUGVIRUDOORFFDVLRQVJLIWZUDSJLIWEDJVDQGORWVRILGHDVIRUSUHVHQWV

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    3HW&DUH+RZ&RXOG

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    1FUT

    +RPHDW/DVW,WKDVEHHQDORQJWLPHFRPLQJEXW$'$1$WKHORFDODQLPDOUHVFXHFKDULW\KDVPRYHGRYHUGRJVLQWRWKHLUQHZNHQQHOVZKLFKZLOOIRUPSDUWRI7KH6DQFWXDU\7KHGRJVVHWWOHGLQLPPHGLDWHO\DQGVHHPYHU\FRPIRUWDEOHLQWKHLUQHZKRPHV7KHGRJVZHUHEDUHO\LQWRWKHLUUXQVZKHQEXOOGR]HUVPRYHGLQWRGHPROLVKPRVWRIWKHROGNHQQHOVLQ/RV3HGUHJDOHV3DUN,WLVKRSHGWKDWZRUNRQWKHUHQRYDWLRQVRIWKHROGEXLOGLQJVZLOOEHFRPSOHWHGLQWRZHHNV3URJUHVVRQERWKVLWHVLVGLVSOD\HGRQ$'$1$VZHEVLWHZZZDGDQDHV

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

    (O&DPLQRJHWVXQGHUZD\2QWKHWK0DUFKWKHUVWEDWFKRIYROXQWHHUVDQGGRJVVWDUWRQ$'$1$VJUHDWDGYHQWXUHWRZDONWR6DQWLDJRGH&RPSRVWHOD)LIWHHQGRJVZLWKKDQGOHUVDQGDVXSSRUWWHDPVHWRXWRQWKHUVWOHJZKLFKWDNHVWKHPWR6HYLOODYLD&DVDUHVDQG*DXFLQ7KHUHDUHVWLOORQHRUWZRSODFHVOHIWWRZDUGVWKHHQGRIWKHZHHNZDONLIDQ\RQHLVIHHOLQJW+RZHYHUWKRVHRIXVZKRVLWDQGZDWFKFDQDOVRJHWLQYROYHG)LUVWO\DOORIWKHGRJVQHHGWREHVSRQVRUHGWRPDNHWKHLUHIIRUWVZRUWKZKLOH7KLVLVYHU\HDV\-XVWSLFNXSDFRS\RI$'$1$V1HZOHWWHURUYLVLWWKHZHEVLWHZZZHOFDPLQRDGDQDHVDQGIROORZWKHOLQNVWRVSRQVRULQJ3URJUHVVZLOOEHUHSRUWHGZHHNO\RQWKHVLWHVR\RXFDQNHHSXSZLWKWKHSURJUHVVRI\RXUGRJ

    $VZHVD\JRRGE\HZHZRXOGOLNHWRWKDQNDOORXUFOLHQWVDQGSDWLHQWVIRUWKHLUWUXVWDQGOR\DOW\WKURXJKWKH\HDUVHVSHFLDOO\WKRVHIURPWKHHDUO\GD\VLQDQGZKRDUHVWLOOZLWKXVQRPDWWHUKRZORQJWKHURDG,WZDVDSOHDVXUHWRPHHWVRPDQ\FKDUDFWHURZQHUVSHWVKRPEUHZHFRXOGZULWHDERRNDERXWLW

    ,IDQ\ERG\ZRXOGOLNHWRVWD\LQFRQWDFWSOHDVHHPDLOPHDWWKLVDGGUHVVWKRPDVIULHGULFKKLQ]#KRWPDLOGH

    ,WLVZLWKSOHDVXUHWKDWZHZRXOGOLNHWRLQWURGXFHWKHQHZRZQHURIWKHFOLQLFWRWKH$QGDOXFLD/LIHUHDGHUV0U3DEOR*R]DOR6DQ]+HLVD6SDQLVKYHWHULQDU\VXUJHRQZKRKDVEHHQZRUNLQJLQWKH8.1HZFDVWOHIRUWKHODVW\HDUV+HDQGKLVZLIH6X]DQQDDUHWDNLQJRYHUWKHFOLQLFRQWKHVWRI0DUFKDQGZLOOEHSOHDVHGWRRIIHU\RXWKHZKROHUDQJHRIYHWHULQDU\VHUYLFHVSOXVDZDUPDQGIULHQGO\DWPRVSKHUH

    )RUDSSRLQWPHQWVFDOO3DEORRQRU%ULJLWWHLQWKHFOLQLF

    $GLRV7VFKVDQG*RRGE\H

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tD

    %DUV%HDFKHG

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    2QHRIWKHPDQ\DWWUDFWLRQVDW6DQ)HUQDQGRDWRZQMXVWVRXWKRI&iGL]LVWKH%RWDQLFDOJDUGHQV&RQFHQWUDWLQJRQWKHRUDRI$QGDOXFLDDQGLQSDUWLFXODUWKDWIRXQGLQWKHSURYLQFHRI&iGL]WKHJDUGHQVDUHQRWRQO\DSOHDVXUHIRUDQ\ERG\ZLWKDSDVVLQJLQWHUHVWLQSODQWVWKH\DUHDOVRDYDOXDEOHVFLHQWLFUHVRXUFH,I\RXKDYHWURXEOHLGHQWLI\LQJWKHSODQWV\RXKDYHIRXQGLQWKHZLOG\RXVKRXOGKDYHQRGLIFXOW\KHUH$QRWKHUSRLQWLQWKHJDUGHQVIDYRXULVWKHH[DFWDQGPHWLFXORXVODEHOOLQJRIHYHU\RQHRIWKHKXQGUHGVRISODQWVZLWKWKHFRPPRQQDPHLQ6SDQLVKZLWKWKHERWDQLFDOQDPHLQ/DWLQ

    7KHJDUGHQVDUHGLYLGHGXSLQWRVHSDUDWHDUHDVUHSUHVHQWLQJWKHGLIIHUHQWKDELWDWVIRXQGLQWKHSURYLQFH6LQFHWKRVHKDELWDWVDUHGLYHUVHIURPWKHFRDVWDOGXQHVRIWKH$WODQWLFFRDVWWKURXJKWKHPDULVPDVRIWKH%D\RI&iGL]DQGWKH'RxDQDWRWKHDWORZODQGVRIWKHLQODQGSODLQVWRWKHPRXQWDLQRXVDUHDVRIWKH$OFRUQRFDOHV3DUTXH1DWXUDO\RXZRXOGH[SHFWDQGQRWEHGLVDSSRLQWHGWRVHHDFRUUHVSRQGLQJO\GLYHUVHUDQJHRISODQWV

    7KHFROOHFWLRQLVQRWH[FOXVLYHWRZLOGSODQWV&DVKFURSVOLNHEURDGEHDQVSHDVDQGZKHDWDOVRIHDWXUHLQWKHJDUGHQVDORQJZLWKWKHIUXLWVWKDWJURZVRZHOOKHUHRUDQJHVOHPRQVDOPRQGVDQGJV

    7KHLQIRUPDWLYHEURFKXUHUHFRPPHQGVDURXWHWKURXJKWKHJDUGHQVWKDWVWDUWVZLWKWKH0HGLWHUUDQHDQ*DUGHQ,QWKLVDUHDWKHVRLOLVZHOOGHYHORSHGDQGULFK7KHSUHGRPLQDQWVSHFLHVGHSHQGRQKXPLGLW\

    6DQ)HUQDQGR%RWDQLFDO*DUGHQV

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    'BVOBBOE'MPSB

    DQGKXPDQDFWLYLW\+HUHDUHWKHIUXLWWUHHVDQGIDUPHGFURSVVLGHE\VLGHZLWKWKHZLOGSODQWVIRXQGLQWKHKHGJHURZVDQGQRQFXOWLYDWHGODQG,Q)HEUXDU\WKHEULJKW\HOORZ1DUFLVVXVIHUQDQGHVLLZDVDGHOLJKW7\SLFDOO\ORFDOO\WKLVW\SHRIYHJHWDWLRQLVIRXQGLQWKHYLFLQLW\RI-LPHQDGHOD)URQWHUD$ORQJVLGHWKLVJDUGHQLVDSRQGZLWKWKHYHJHWDWLRQRIWHQIRXQGLQWKHIUHVKZDWHUODJRRQVDQGSRQGVXSWKH*XDGLDURHVWXDU\DQGLQWKHYDOOH\VRIWKH5LR*HQDODQG+R]JDUJDQWD

    1HDUE\LVDODQGVFDSHWKDW\RXZLOOVHHRQDJUDQGVFDOHLQWKH%D\RI&iGL]WKHWLGDOPDUVKDQGVXQEDNHGVDQG\URFNHU\7KH:LQJHG6HD/DYHQGHU/LPRQLXPVLQXDWXPPXFKSUL]HGDVDQHYHUODVWLQJFXWRZHUZDVLQIXOOEORRP&RQWUDVWLQJZLWKWKHVN\EOXHIURQGVRIWKH6HD/DYHQGHUZHUHWKHLULGHVFHQW\HOORZSRGOLNHRZHUVRIWKHSURVWUDWH6RXWKHUQ%LUGV)RRW7UHIRLO/RWXVFUHWLFXVHDFKLQLWVRZQZD\LGHDOO\DFFOLPDWLVHGWRWKLVKDUVKHQYLURQPHQW

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iGL]SURYLQFH\RXZLOOQGWKHPLQWKH*UD]DOHPDDUHD

    7RZDUGVWKHWRSRIWKHJDUGHQ\RXVXGGHQO\QG\RXUVHOILQDQDUHDQDPHGWKH6KDG\5RFNHU\+HUHWKULYHWKHSODQWVWKDWJURZLQWKHFDQXWRVRUJXOOLHV

    FRQWLQXHGRYHUOHDI!!

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    'BVOBBOE'MPSB

    KLJKLQWKHPRXQWDLQV7KHVRXWKHUQSDUWVRIWKH$OFRUQRFDOHV3DUTXH1DWXUDODUHWKHEHVWSODFHVWRVHHWKHP%D\WUHHV/DXUHOQRELOLVJURZDORQJVLGHWKH6WUDZEHUU\7UHH$UEXWXVXQHGR

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

    7KHJDUGHQVDUHDIHDVWIRUWKHH\HV)HEUXDU\ZDVSUREDEO\QRWWKHLGHDOPRQWKWRVHHWKHPDWWKHLUEHVW0DUFKRU$SULODQGWKHQ2FWREHUDQG1RYHPEHULVOLNHO\WRSURYLGHWKHPRVWVSHFWDFXODUVKRZEXWZKLFKHYHUPRQWK\RXYLVLW\RXDUHVXUHWRVHHVRPHRIWKHVSHFLHVRQO\QRUPDOO\IRXQGLQWKHZLOGVRI$QGDOXFLD

    FRQWLQXHGIURPSDJH

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    'BVOBBOE'MPSB

    7KHVHSKRWRJUDSKVWZRRIDVHULHVRIWKUHHWDNHQRIWKHVDPHELUGZDVWDNHQRQ0RQGD\WK)HEUXDU\DWWKH5LR$ULOORLQWKH%D\RI&iGL]7KHELUGORRNVYHU\OLNHDJUH\SKDODURSHDQGQRWPXFKOLNHDQ\WKLQJHOVH7KHJUH\SKDODURSHLVDQRFFDVLRQDOZLQWHUYLVLWRUWKDWDUULYHVKHUHIROORZLQJVHYHUHVWRUPVLQWKHZHVWWKDWKDYHEORZQLWRIIFRXUVHEHWZHHQQRUWKHUQ1RUZD\DQG,FHODQGDQGWKHVRXWK$WODQWLFZKHUHLWQRUPDOO\ZLQWHUV7KLVIHOORZLVVWLOOLQKLVZLQWHUSOXPDJHDQGVWRFNLQJXSRQIRRGEHIRUHKHEHJLQVKLVMRXUQH\EDFNWRWKH$UFWLF,IDQ\UHDGHUFDQSRVLWLYHO\LGHQWLI\WKLVELUGSOHDVHHPDLOHGLWRU#DQGDOXFLDOLIHFRP

    2YbT_VdXU=_^dX7bUi@XQ\Qb_`Ua3KDODURSXVIXOLFDULXV

    7KH-XQWDGH$QGDOXFtD0LQLVWU\RIWKH(QYLURQPHQWVWXG\LQWRPDULQHVSHFLHVKDVMXVWEHHQSXEOLVKHG,WUHYHDOVWKDWWKH0HGLWHUUDQHDQ6HDDQG$WODQWLF2FHDQRI$QGDOXFtDKDVWKHJUHDWHVWFRQFHQWUDWLRQRIPDULQHPDPPDOVLQ(XURSH$OPHUtDKDYHWKHODUJHVWSRSXODWLRQVRIERWKFRPPRQDQGERWWOHQRVHGROSKLQVDQGVLJQLFDQWQXPEHUVRIZKDOHVVXFKDVWKH/RQJQQHGSLORWZKDOH.LOOHUZKDOHDQGWKH+XPSEDFNZKDOH7KHVWXG\DOVRIRXQGQXPEHUVRIWKHVKRUWQQHGSLORWZKDOHDQGRWKHULQIUHTXHQWYLVLWRUVWRWKH0HGLWHUUDQHDQOLNHWKH%ODLQYLOOHVEHDNHGZKDOHDQGWKH'ZDUIVSHUPZKDOHWKDWLVUDUHO\VHHQDOLYH7KH$WODQWLF2FHDQRIIWKHFRDVWRI&iGt]DOVRKDVODUJHSRSXODWLRQVRI)DOVHNLOOHUZKDOH5HQDXGGH6WHSKDQLVIURPWKH6SDQLVK0DULQH0DPPDO6RFLHW\VDLG7KLVGHPRQVWUDWHVWKHULFKELRGLYHUVLW\IRXQGLQWKHZDWHUVRIVRXWKHUQ6SDLQ7KHUHVHUYHVRIFHWDFHDQDUHLPSRUWDQWDQGZHPXVWSURWHFWRXUGROSKLQVDQGZKDOHVIURPRYHUVKLQJDQGSROOXWLRQ

    0DULQH0DPPDO3RSXODWLRQRI$QGDOXFLD

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    :LWK%RE*DVWRQRI*$6721*2/)72856

    *DVWRQ*ROI7RXUVDUHDEOHWRERRN\RXUWHHWLPHVDWYHU\GLVFRXQWHGSULFHV7HO)D[(PDLOLQIR#JDVWRQJROIFRP

    9LVLWZZZJDVWRQJROIFRPIRULQIRUPDWLRQRQJROQJKROLGD\VJROIFRXUVHVFDUUHQWDODQGDFFRPPRGDWLRQ

    &6301&"//&84F&VSPQFBO5PVSNPWFEDMPTFSUPIPNFXJUIUISFFFYUSFNFMZQSFTUJHJPVTUPVSOBNFOUTJOUIF6OJUFE"SBC&NJSBUFTFmSTUXBTUIF"CV%IBCJ(PMG$IBNQJPOTIJQ"MMUIFUPQCPZTXFSFMVSFEPVUCZUIFCJHNPOFZPOPFSMPPLJOHUPSFDPVQUIFNPOFZTQFOUPWFS$ISJTUNBTOPEPVCU(SBIBN4UPSN&OHBOE-PVJT0PTUFOIVJ[FO34"TIPXFEXFMMDPNJOHUPUIFFOEPGUIFUIJSEEBZXJUI1BVM$BTFZ"OUIPOZ8BMM&OHBOE.BSUJO,BZNFS(FSDMPTFCFIJOEFmOBMEBZTBX1BVM$BTFZQMBZJOHJNNBDVMBUFMZTJYVQBUUIFIBMGXBZTUBHFSFFCPHJFTJOGPVSIPMFTNBEFJUNVDINPSFJOUFSFTUJOHCVUIFLFQUIJTIFBEXJOOJOHCZUXPGSPN.BSUJO,BZNFSBOE-PVJT0PTUFOIVJ[FOFTFDPOEUPVSOBNFOUUIF2BUBS.BTUFSTBU%PIBTBX-PVJT0PTUFOIVJ[FOBHBJOBUUIFUPQPGUIFMJTUDPNJOHUPUIFmOBMGFXIPMFTPOUIFMBTUEBZ.PSFSFGSFTIJOHXBTUIFQSFTFODFPGCJHIJUUJOH"MWBSP2VJSPT4QO

    PVSMPDBMZPVOHIFSPXIPQMBZTBU7BMEFSSBNB4IPXJOHOPGFBSIFDBSSJFEBMMCFGPSFIJNUPUBLFUIFNBHOJmDFOUUSPQIZBOEMPUTPGCPPEMFXIJDIXJMMQMFBTFIJTCBOLNBOBHFSOPFOE4UFOTPO4XFBOE0PTUFOIVJ[FO34"mOJTIFEKPJOUTFDPOEFmOBMUPVSOBNFOUPGUIF&NJSBUFTUSJPXBTUIF%VCBJ%FTFSU$MBTTJDXIJDIJTXIFSFUIFOFXi3BDFUP%VCBJwUPVSOBNFOUXJMMCFIFMEBUUIFFOEPGUIFTFBTPO:PVOH3PSZ.D*MSPZ/*3XIPJTPOMZQMBZFEXJUIBNBUVSJUZCFZPOEIJTZFBSTBOEGPVOEIJNTFMGmWFTIPUTJOGSPOUPG)FOSJL4UFOTPOXJUI(SFFO"VTU

    +VTUJO3PTF&OHBOEPUIFSCJHOBNFTDMPTFCFIJOE$PNJOHUPUIFCBDLOJOF.D*MSPZVOEFSTUBOEBCMZGBVMUFSFEBMJUUMFCVUmWFCJSEJFTPOUIFUSPUTBXIJNTUFBNBIFBEBHBJOXJUIPOMZ3PTFNBLJOHBOZTPSUPGBDIBMMFOHF"MMPGBTVEEFOUIFZPVOH/PSUIFSO*SFMBOELJETUBSUFEESPQQJOHTIPUTCVUUPIJTDSFEJUIFTIPXFEHSFBUDPNQPTVSFHFUUJOHVQBOEEPXOGSPNUIFCBDLCVOLFSPOUIFUIUPEFTFSWFEMZXJOCZPOFTIPUGSPNBTUBSTUVEEFEmFME.BSL0.FBSBSFDLPOTIFTCFUUFSBUUIBO5JHFS8PPETXBT1SBJTFJOEFFE-0$"-/&84-BTUXFFLTBXUIF.POEBZ$MVC.BTUFSTQMBZFEBUUIF4BO3PRVF/FX$PVSTF8FIBEPSJHJOBMMZCPPLFEUPQMBZBU'JODB$PSUFTOCVUBMBUFJOTQFDUJPOTIPXFEUIBUUIFBMUFSBUJPOTNBEFUPDPNQMZXJUIUIF1("4QFDJmDBUJPOOFFEFEBMJUUMFNPSFUJNFUPCFEJO4BO3PRVFXBTOPUJOCBEOJDLCVUUIFGBJSXBZTOFFEFEBMJUUMFNPSFHSBTTPOUIFNGPSNZMJLJOHBOEUIFCVOLFSTXIJDI*GSFRVFOUFEPOBOFYUSFNFMZSFHVMBSCBTJTIBEOPTBOEJOUIFNUPTQFBLPG0OUPQPGUIBUJUXBTGSFF[JOH

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mDFOU1MBUFXJUIBXPSUIZQPJOUTPPGBIBOEJDBQPG)FQMBZTBEJFSFOUHBNFUPNPTUPGVT

    5PQ8JOOFSPGUIF.BTUFST5SPQIZ"OEZ.BDIFOQSFTFOUFECZ#JMMZ%BOJFMM+PIO.BYXFMM.JEEMF8JOOFSPGUIF0SEFSPG.FSJU+PIO.BYXFMMQSFTFOUFECZ#JMMZ%BOJFMM#PUUPN8JOOFSPGF1MBUF"ESJBO4UBOMFZQSFTFOUFECZ3BDIFM

    */5&3#"3$0.1&5*5*0/8FWFIBEWBSJPVTFORVJSJFTSFHBSEJOHUIFOFYU*/5&3#"3$0.1&5*5*0/*NBGSBJEUIBUEVFUPTPNFGBNJMZJTTVFTCBDLJO&OHMBOE*WFOPUIBEUJNFUPPSHBOJ[FBOZUIJOHZFU)PXFWFS*TIPVMEIPQFGVMMZCFJOBQPTJUJPOUPTPSUJUBMMPVUCZUIFFOEPGOFYUXFFLTPXFMMQSPCBCMZCFMPPLJOHBUBSPVOEUIFmSTUXFFLJO.BSDI"OZCBSUIBUXJTIFTUPFOUFSBUFBNTIPVMEUFMFQIPOFUIFPDFGPSGVSUIFSEFUBJMT

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    4QPSU

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

    7RSQRYLFH%LQRFXODULVKRWIDYRXULWHDWWRZLQWKH&KDPSLRQ+XUGOHEXWWKLVSULFHVHHPVIDUWRRVKRUWWRZLQVXFKDFRPSHWLWLYHUDFHVR,DPJRLQJZLWKDQHDFKZD\EHWRQ7KH7RXJKDQG*HQXLQH2VDQDIRU'DYLG3LSHDW.DVEDK%OLVVKDVEHHQODLGRXWWRZLQWKH:RUOG+XUGOHDQGFRXOGEHWKHEDQNHURIWKHPHHWLQJWRZLQWKLVIRU)UHQFKWUDLQHU)UDQFRLV'RXPHQDW

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    "OEBMVDJB-JGF/FXT

    0DWWKHZ(OOLRWWRIWKH7D[3D\HUV$OOLDQFHLQWKH8.GLGQRWDQWLFLSDWHWKHZUDWKKHZRXOGJHQHUDWHZKHQKHPDGHDUHPDUNDERXWWKHZLQWHUIXHODOORZDQFHSDLGWRSHQVLRQHUVRQWKH&RVWD'HO6RO

    +HVDLG,WLVOXGLFURXVWKDWSHRSOHRQWKH&RVWD'HO6RODUHJHWWLQJZLQWHUIXHOSD\PHQWV,WEHJJDUVEHOLHIWKDWWKHWD[SD\HULVIRUNLQJRXWIRUDOOWKHVHSHRSOHOLYLQJLWXSRYHUVHDVZKRDUHWDNLQJXVDOOIRUDULGH

    0UV*HUDOGLQH*OHGKLOOZDVRQO\RQHZKRZDVQRWLPSUHVVHGDQGZKRNLQGO\VHQWXVWKLVPLVVLYHWKDWVKHKDVVHQWWR0DWWKHZ(OOLRWW

    7R0DWWKHZ(OOLRWWDQGWKH$OOLDQFHPHPEHUV

    0DWWKHZ(OOLRWWVKRXOGEHFDUHIXOZLWKKLVFKRLFHRIZRUGVUHH[SDWVFODPLQJ:)$RQWKH&RVWD'HO6RO7KHDYHUDJHDJHRISHQVLRQHUVLVDQGZHKDYHEHHQSD\LQJRXUWD[HVWKURXJKRXWRXUZRUNLQJOLIHWRWKH8.JRYHUQPHQW:HDUHQRWDEOHWRPDNHRWKHUFODLPVRQWKHJRYHUQPHQWZKLFKOHDYHVPRQH\RYHUIRULPPLJUDQWVWRFODLPDOOEHQHWVZKHQWKH\HQWHUWKH8.$OVRSHRSOHZKRFRPHIURPRWKHU((&FRXQWULHVDQGQRWSDLGLQWRWKHHFRQRP\RIWKH8.JHWZHOIDUHHYHQLIWKH\UHWXUQWRWKHLURZQFRXQWULHV:HFDQQRWFODLPDQ\WKLQJIURPWKH6SDQLVK*RYHUQPHQWXQOHVVZHSD\LQWRWKHV\VWHPIRU\HDUV

    7KH&RVWDGHO6ROGRHVKDYHFROGZLQWHUVDQGHOHFWULFLW\JDVDQGZRRGLVQRWFKHDSSOXVRXUKRXVHVGRQWKDYHWKHLQVXODWLRQWKDW%ULWLVKKRXVHVGRLHQRFHQWUDOKHDWLQJRUZDOOWRZDOOFDUSHWV

    ,I0U(OOLRWWDQGIULHQGVZRXOGOLNHWRVWD\RQWKH&RVWDGHO6ROZLWKRXWKHDWLQJGXULQJWKHZLQWHUWKH\ZLOOVHHZK\LWLVDQHHGIRUSHQVLRQHUVOLYLQJLQ6SDLQWRKDYHWKH:LQWHU)XHO$OORZDQFH$OVR,ZRXOGOLNHWRDVN0U(OOLRWWKRZLWLVFRQFHLYHGWKDWLIDPDUULHGFRXSOHZKRUHFHLYHWKH:)$LIRQHGLHVLWLVFXWE\KDOIGRHVKHWKHQWKLQNWKDW\RXXVHOHVVIXHOWRKHDW\RXUKRPH"

    :KLOH,DPRQWKHFDVHKRZDERXW0U(OOLRWWORRNLQJDWSHQVLRQHUVDEURDGFODLPLQJRWKHUEHQHWVWKDWWKH\VKRXOGEHHQWLWOHGWRIURPWKH8.DVH[WD[SD\HUVORQJWHUPLHSHQVLRQFUHGLWVRULQFRPHVXSSRUWRUFDUHUVDOORZDQFH

    5HJDUGV*HUDOGLQH*OHGKLOO0UV

    /,9(WKHH[SDWFKDULW\VXSSRUWLQJWKHFKLOGUHQVKRPHLQ0iODJDLVORRNLQJIRUYROXQWHHUGULYHUVDQGKHOSHUV6LQFHLWVLQFHSWLRQLQ/,9(/RV,QWHUQDFLRQDOHVYLYHQLQ(VSDxDKDVUDLVHGIXQGVRUJDQLVHG&KULVWPDVSDUWLHVDQGSUHVHQWVFROOHFWHGMXPEOHDQGWUHDWHGWKHFKLOGUHQIURPWKHKRPHWRIXQGD\VRXW%XWZLWKRQO\YHFRPPLWWHHPHPEHUVDQGDQLQFUHDVLQJSUROHWKH/,9(WHDPQHHGKHOSWRFDUU\RQWKHLUZRUNIRUWKH+RPH6LWXDWHGRQWKHRXWVNLUWVRI0iODJDDQGDQNHGE\VKDQW\WRZQV/D&LXGDGGH/RV1Lx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iODJDGULYLQJLQZLWKDQHPSW\YHKLFOHZKRFRXOGPDNHDVKRUWGHWRXUWRWKH+RPHWRGHOLYHULWHPVZHYHFROOHFWHGIRUWKHP:HZRXOGORYHWRKHDUIURPSHRSOHXSDQGGRZQWKHUHJLRQZKRZRXOGEHSUHSDUHGWRDFWDVFRRUGLQDWRUVIRULWHPVGRQDWHG,WZRXOGRQO\LQYROYHDFRXSOHRIKRXUVHDFKPRQWKDQGWKHSHUVRQDODFKLHYHPHQWE\KHOSLQJWKH+RPHLVKXJHO\UHZDUGLQJ,I\RXZRXOGOLNHWRKHOSWKH0iODJD&KLOGUHQV+RPHSOHDVHFRQWDFW%ULDQ0DUVKRQ\RXUFDOOZLOOEHPXFKDSSUHFLDWHG

    3HQVLRQHUV8S,Q$UPVDERXW:LQWHU)XHO$OORZDQFH

    7LPH2Q

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    +DYH\RXKHDUG+DPLOWRQ+RPHVDQG+DPLOWRQ,QVXUDQFHDUHPRYLQJ,PHWXSUHFHQWO\ZLWK$QGUHZ%DFDUHVH+DPLOWRQWKHGLUHFWRURIWKLVSRSXODUORFDOFRPSDQ\WRDVNKLPZK\ZKHQDQGZKHUHWKHVHQHZFKDQJHVZLOOEHWDNLQJSODFH

    $V$QGUHZVDLG2YHUWKHODVWIHZ\HDUVWKHFODVVLFDOEXVLQHVVPRGHOKDVPRYHGDZD\IURPWUDQVDFWLQJEXVLQHVVRQWKHKLJKVWUHHWWRWKHLQWHUQHWDQGRYHUWKHSKRQH,QRUGHUWREHWWHUVHUYLFHRXUFOLHQWVDQGVWD\DKHDGRIWKHFRPSHWLWLRQZHKDYHWDNHQWKHPRYHWREHFRPHPRUHLQWHUQHWDQGWHOHSKRQHIRFXVHG:HDUHDEOHWRRIIHUDPXOWLOLQJXDOVHUYLFHERWKLQ(QJOLVKDQG6SDQLVKDQGVRRQLQ*HUPDQWRR)RURXULQVXUDQFHFOLHQWVZHDUHDEOHWRWUDQVDFWEXVLQHVVZLWKRXWWKHQHHGIRURXUFOLHQWVWRHYHQYLVLWWKHRIFH:HFDQWDNHSD\PHQWVLQDYDULHW\RIZD\VE\GLUHFWGHELWFUHGLWFDUGRYHUWKHSKRQHDQGFDVKSD\PHQWVGLUHFWLQWRDQ\6ROEDQNEUDQFKLQ6SDLQ:HDUHDEOHWRHPDLOSROLF\GRFXPHQWVWRR:K\QRWYLVLWRXUZHEVLWHZZZKDPLOWRQLQVXUHFRP

    )RURXUUHDOHVWDWHFOLHQWVZHZLOOYHU\VKRUWO\EHODXQFKLQJRXUQHZLPSURYHGZHEVLWHVDPHDGGUHVVZZZKDPLOWRQKRPHVFRP+HUHRXUYHQGRUVZLOO

    EHDEOHWROLVWWKHLURZQSURSHUWLHVGLUHFWO\RQWRWKHZHEVLWHDQGXSORDGWKHLUSKRWRV2XUEX\HUVZLOOEHDEOHWRVXUIRXUVHOHFWLRQRIJUHDWYDOXHSURSHUWLHVDQGFKDWGLUHFWO\ZLWKDSURSHUW\DGYLVRU

    :HGRDSSUHFLDWHWKDWVRPHFOLHQWVSUHIHUWKHSHUVRQDODSSURDFKDQGVRZHZLOORIIHURXUFOLHQWVWKHEHVWRIERWKZRUOGV2XUQHZRIFHZLOOEHRSHQWRWKHSXEOLFIURPDPWRSP0RQGD\WR)ULGD\2XWVLGHRIWKHVHKRXUVZHZLOORIIHUSULYDWHFRQVXODWLRQVE\SULRUDSSRLQWPHQW,DPKDSS\WRVD\WKDWWKHUHLVSOHQW\RISDUNLQJRXWVLGHRXUQHZRIFH7KLVZDVDQRWKHUPDMRUUHDVRQIRUPRYLQJ

    7KHPRYHZLOOEHSKDVHGRYHUWKHFRXUVHRIWKHQH[WPRQWKLQRUGHUIRUDVPRRWKWUDQVLWLRQ2XUH[LVWLQJRIFHZLOOUHPDLQRSHQXQWLO)ULGD\WK0DUFKDQGRXUQHZRIFHZLOORSHQIRUEXVLQHVVRQ0RQGD\WK0DUFK2XUQHZRIFHZLOOEHORFDWHGDW6DELQLOODV6RO3KDVH$SW&RQWKHUVWRRUDERYHWKH&DMDVROEDQNRSSRVLWH0HUFDGRQD

    $OORXUFRQWDFWGHWDLOVUHPDLQWKHVDPH

    :HORRNIRUZDUGWRZHOFRPLQJRXUH[LVWLQJDQGQHZFOLHQWVWRRXUQHZKRPH

    +DPLOWRQV2Q7KH0RYH

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    *UHHQ6KRRWVRI5HFRYHU\"E\.HQ:LOOLDPV)5,&6&RDVWWR&RDVW3URSHUWLHV6/

    ,QWKHVHGLUHHFRQRPLFWLPHVZHDUHDOUHDG\VHHLQJWKHVHZRUGVDSSHDUYHU\RFFDVLRQDOO\LQWKHPHGLDEXWDUHWKH\MXVWLHG"

    ,QRQHVHQVHWKH\FDQEHDWOHDVWLQWKHORFDOSURSHUW\PDUNHW7KHPDUNHWLQWKLVSDUWRI6SDLQEHJDQWRGHWHULRUDWHLQDQGVRRZQHUVKHUHKDYHKDGDORWORQJHUWRDGMXVWWRORZHUSULFHVWKDQLQWKH8.ZKHUHDUJXDEO\SHRSOHDUHRQO\MXVWEHFRPLQJDZDUHRIWKHSRWHQWLDOSULFHDGMXVWPHQWVZKLFKDUHJRLQJWREHQHFHVVDU\

    ,QWKHFDVHRI8.YHQGRUVLQ6SDLQWKH\KDYHWKHDGYDQWDJHRIWKHZHDNHQHGH[FKDQJHUDWHRIVWHUOLQJHXURWKDWFRPSHQVDWHVWKHPIRUVRPHRIWKHGURSLQSURSHUW\SULFHVVWHUOLQJEURXJKWRXWKHUHLQFRQYHUWHGWRDSSUR[LPDWHO\EXWQRZWRUHJDLQWKHRULJLQDOVWHUOLQJVXPRQHRQO\KDVWRH[FKDQJHDERXW2IFRXUVHWKDWLVQRWWKHZKROHVWRU\EXWLWGRHVKHOSIRUWKRVHUHSDWULDWLQJWKHLUFDVK

    $VDFRQVHTXHQFHRIERWKWKHWLPHHODSVHGVLQFHWKHPDUNHWVWDOOHGDQGH[FKDQJHUDWHPRYHPHQWVZHKDYHVHHQLQWKHODVWIHZPRQWKVFRQVLGHUDEO\PRUHUHDOLVPIURPRZQHUVWU\LQJWRDFKLHYHDVDOH7KH\KDYHDGMXVWHGWKHLUSULFHVDQGLQVRPHFDVHVYHU\VXEVWDQWLDOO\LQGHHG7KHQRQOLTXLGLW\RIWKHPRUWJDJHPDUNHWFHUWDLQO\GRHVQWKHOSRIFRXUVHEXWWKHPHDVXUHVEHLQJWDNHQDURXQGWKHZRUOGVKRXOGKHOSWRHDVHWKDWVLWXDWLRQJLYHQUHDVRQDEOHWLPH

    7KHUHDUHEX\HUVRXWWKHUH7KURXJKRXUFRPSXWHUQHWZRUNLQJV\VWHPZLWKRWKHUDJHQWVXSDQGGRZQWKHFRDVWZHKHDUHYHU\GD\RIEX\HUVZLWKFDVKDYDLODEOHDUULYLQJWREX\EXWRIFRXUVHWKH\DUHDOOORRNLQJIRUEDUJDLQV

    'XULQJDOLIHWLPHLQWKHSURSHUW\LQGXVWU\LQWKH8.,KDYHZRUNHGWKURXJKYHHDUOLHUUHFHVVLRQVDQG,FDQWHOO\RXWKDWWKHZRUPZLOOWXUQEXWQRWYHU\TXLFNO\DQGLWLVYHU\SDLQIXO)URPP\HDUOLHUH[SHULHQFHVRIUHFHVVLRQVZKLFKKDYHDOOODVWHGDERXW\HDUV,KDYHRSWLPLVPIRUWKHIXWXUHP\RQO\ZRUU\LV,GRQWNQRZZKHQWRVWDUWWKH\HDUFRXQWIURP,VLWIURPZKHQWKH6SDQLVKSURSHUW\PDUNHWVWDUWHGWRGHFOLQHLQRULVLWIURPWKHXQSUHFHGHQWHGZRUOGZLGHFUHGLWFUXQFKRIODVW$XWXPQ"

    )RUJHG(XUR1RWHV

    ,QWKHLUEDWWOHDJDLQVWGUXJXVHWKH0DQLOYD3ROLFHLQ)HEUXDU\FORVHGGRZQDVPDOOJUHHQKRXVHLQWKH3XHEOR0H[LFDQDXUEDQLVDWLRQWKDWZDVEHLQJXVHGWRJURZFDQQDELVSODQWV

    /RFDO3ROLFHDUHZDUQLQJHYHU\ERG\WKDWWKHUHDUHDQXPEHURIIRUJHGEDQNQRWHVLQFLUFXODWLRQSDUWLFXODUO\(XURQRWHV,WLVEHOLHYHGWKDWVHOOHUVRISLUDWH&'VDUHUHVSRQVLEOHIRUWKHLQWURGXFWLRQRIWKHQRWHV(GLWRUVQRWH3HQVWKDWGHWHFWIRUJHGQRWHVDUHRQVDOHDW5HNODPHLQ6DELQLOODV

    'UXJV%XVW

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

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p5XELRDQGKLVVRQDUHDOVRXQGHULQYHVWLJDWLRQ7KHSURVHFXWRUKDVDQQRXQFHGWKDWWKHPDQDJHUVRIWKHHVWDWHDJHQWZLOOEHFDOOHGWRJLYHHYLGHQFHWRWKHFRXUW6XUSULVLQJO\RQHRIWKH%ULWRQVWRRNDORQJWKHHVWDWHDJHQWWRDFWDVDWUDQVODWRUEHIRUHWKHFRXUW:KHQDVNHGZKHUHWKHDGYLFHRQKRZWREXLOGDQGOHJDOLVHDSURSHUW\KDGFRPHIURPWKH%ULWRQSRLQWHGDWWKHWUDQVODWRUDQGVDLG)URPWKLVODG\KHUH7KHMXGJHVXVSHQGHGWKHGHFODUDWLRQ

    6SDQLVK3URSHUW\6FDQGDO3HWLWLRQ

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    )PX4BGFJT:PVS#BOL

    7RGLVFXVVWKLVRUDQ\RWKHUUHODWHGWRSLFRUDFRQGHQWLDOUHYLHZRI\RXUSHUVRQDOQDQFLDOVLWXDWLRQFDOO3DXOLQH%RZGHQQRZRQRU%ULDQ%HUQH\RQ7KH6SHFWUXP,)$*URXS%DVNHUYLOOH$GYLVHUV6/&,)%&RUUHGXUtDGH6HJXURV1RGHUHJLVWUR5'*6-3DVHRGH*UDFLDSULQFLSDOD%DUFHORQD6HJXURUHVSRQVDELOLGDGFLYLO$,*(XURSH1R5HJLVWUR0HUFDQWLOGH%DUFHORQD7RPR)ROLR6HFFLRQ

    :KLFKEDQN":KLFKMXULVGLFWLRQ"$VPRUHDPD]LQJVWRULHVFRPHRXWDERXWWKHZRUOGVEDQNVZHKDYHVHHQDVKLIWIURP'HSRVLW$FFRXQWVEHLQJDORZULVNLQYHVWPHQWWRDPXFKKLJKHUUDWHGULVN6RZKDWH[DFWO\GRHVHDFKMXULVGLFWLRQRIIHUDVVHFXULW\DJDLQVW\RXUEDQNJRLQJEXVW"

    ,VOHRI0DQ 3HUVRQDO$FFRXQW &RPSDQ\$FFRXQWV 1,/

    8.

    6SDLQ

    )UDQFH

    /X[HPERXUJ

    LILQWKH 6WDWH%DQN

    ,UHODQG 7RSEDQNV XQWLO

    -HUVH\ 1,/

    *XHUQVH\

    *LEUDOWDU

    0DQ\SHRSOHLQWKLVDUHDRI$QGDOXFLDKDYHEDQNDFFRXQWVLQ*LEUDOWDURU-HUVH\2IWKHDERYHOLVWWKHVHWZRMXULVGLFWLRQVKDYHWKHOHDVWSURWHFWLRQIRUWKHDFFRXQWKROGHU

    ,RIWHQZULWHDERXWVSUHDGLQJ\RXUULVNE\LQYHVWLQJLQGLIIHUHQWDVVHWFODVVHV3HUKDSVQRZZHVKRXOGDOVRVSUHDGRXUEDQNDFFRXQWVDQGKDYHVPDOOHUGHSRVLWVLQPRUHEDQNVLQPRUHMXULVGLFWLRQV

    ,WFDQPDNHOLIHDOLWWOHPRUHFRPSOLFDWHGEXWLWPDNHVQDQFLDOVHQVHQRWWRSXWDOO\RXUHJJVLQRQHEDVNHW$WOHDVWWKHQLIRQHHJJJHWVEURNHQ\RXGRQRWORVHDOORIWKHP

    +ROGLQJFDVKDVDQDVVHWFODVVLVQRORQJHUDVDIHEHW:LWKLQWHUHVWUDWHVVRORZQRZWKHUHDOYDOXHRIWKHFDSLWDOLVEHLQJHURGHGE\LQDWLRQ3HRSOHWKDWUHOLHGRQWKHLQFRPHIURPGHSRVLWDFFRXQWVKDYHVHHQWKHLUGLVSRVDEOHLQFRPHIDOOGUDVWLFDOO\HVSHFLDOO\LIWKH\DUHVWHUOLQJLQYHVWRUVLQUHFHLSWRIVWHUOLQJSD\RUSHQVLRQV0DQ\KDYHWRHDWLQWRWKHLUFDSLWDOWRPDLQWDLQWKHLUOLIHVW\OHV

    $OWHUQDWLYHLQYHVWPHQWVWUDWHJLHVQHHGWREHFRQVLGHUHGLQRUGHUWRSURWHFWWKHZHDOWKWKDW\RXDOUHDG\KDYHDQGPD[LPLVHWKHUHWXUQVIURPWKDWZHDOWK

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    "OEBMVDJB-JGF/FXT

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

    3DUDGLVH)RU3HWV2SHQLQJ6RRQ

    (VWHSRQD)ORUDO$UW&OXEZLOOEHKROGLQJWKHLU$QQXDO*HQHUDO0HHWLQJRQ7XHVGD\WK0DUFKDW(O3DUDLVR&RXQWU\&OXE%HQDYLVWD.P7KH)LUVW&DOOZLOOEHDP/XQFKZLOOIROORZWKH$*0DWWKH&RXQWU\&OXEDWSPDSSUR[

    'XHWRWKH$*0WKHUHZLOOQRWEHDGHPRQVWUDWLRQLQ0DUFK+RZHYHURQ7XHVGD\$SULOVWWKHDUWFOXEZLOOEHGHOLJKWHGWRZHOFRPH1LQRQ/LQQHOO1$)$6$UHD'HPRQVWUDWRUIURP2[IRUGVKLUH'HWDLOVRIWKH$SULOPHHWLQJZLOOEHDQQRXQFHGQH[WPRQWK

    )RUIXUWKHULQIRUPDWLRQRQDOOWKHPHHWLQJVSOHDVHFRQWDFWWKH&KDLUPDQ$QQH$WNLQVRQRQ

    (VWHSRQD)ORUDO$UW&OXE

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    "OEBMVDJB-JGF/FXT

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

    7KH*LEUDOWDU,QWHUQDWLRQDO%RDW6KRZ

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

    )HVWLYDO,QWHUQDWLRQDO$UW-XQH

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    6XGRNX)RU)XQ

    .QRFN2XW/RFNVSURIHVVLRQDO/RFNVPLWKVRIIHUDKRXUHPHUJHQF\ORFNVPLWKVHUYLFHZLWKTXDOLHGWHFKQLFLDQVZRUNLQJGD\VDZHHNGD\VD\HDU6HWSULFHVIDVWDQGSURIHVVLRQDOVHUYLFHDQGDKRXUUHVSRQVHWLPHDQ\ZKHUHRQWKHFRDVW:KHWKHU\RXDUHORFNHGRXWRUORFNHGLQZHFDQRSHQWKHGRRU6SHFLDOLVWVLQQRQGHVWUXFWLYHHQWU\ZHRIIHUQHZORFNWWLQJORFNFKDQJLQJZLQGRZORFNVDQGJDUDJHORFNVHWF&DOOQRZIRUD)5((VHFXULW\VXUYH\DW\RXUSURSHUW\ZLWKDQRREOLJDWLRQTXRWHRQKRZWRPDNH\RXUKRPHRUEXVLQHVV6$)(DQG6(&85(

    7HOHSKRQHKRXUVZZZNQRFNRXWORFNVFRP

    .QRFN2XW/RFNV

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

    *XDUGLD7REDFFR+XQW

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

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

    6RWRUR[5RFN&RQFHUW

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    (LJKWNLORPHWUHVVRXWKRI&iGL]DORQJDQDUURZFDXVHZD\OLQNLQJWKHLVODQGRI&iGL]ZLWKPDLQODQG6SDLQLV6DQ)HUQDQGR:KHQWUDYHOOLQJWR&iGL]E\URDGRUUDLO\RXKDYHWRSDVVWKURXJKWKLVHTXDOO\KLVWRULFEXWQRWDQ\ZKHUHQHDUDVZHOOSURPRWHGWRZQ

    6DQ)HUQDQGRVLWVRQDQLVODQGORFDOO\NQRZQDVWKH,VODGH/HRQDQGIURPWKDWLVODQGXQWLOUHFHQW\HDUVWKHUHZDVRQO\RQHQDUURZEULGJHWKH=XD]RGDWLQJEDFNWR5RPDQWLPHVOLQNLQJWKHLVODQGWRWKHPDLQODQG6DQ)HUQDQGRWKHQKDVDOZD\VEHHQLQDVWUDWHJLFSRVLWLRQJXDUGLQJWKHRQO\ODQGDSSURDFKWR&iGL]%HWZHHQ)HEUXDU\DQG$XJXVW6DQ)HUQDQGRDQG&iGL]ZDVWKHRQO\SDUWRI6SDLQQRWRFFXSLHGE\WKH)UHQFKDQGWKH=XD]REULGJHEHFDPHWKHKRWWHVWSURSHUW\LQ6SDLQ,WZDVGHIHQGHGWKURXJKRXWWKDWSHULRGE\&DSLWDQGH1DYLR'RQ'LHJRGH$OYHDU\3RQFHGH/HRQ'LHJRWRKLVIULHQGVFRPPDQGLQJDEULJDGHRIPL[HGDUWLOOHU\DQGLQIDQWU\IURPWKH6SDQLVK1DYDO0DULQH$SODTXHEHODWHGO\HUHFWHGLQFRPPHPRUDWHVWKHIHDWDQGSURFODLPVWKHVPDOOEDWWHU\DWWKHQRUWKHUQHQGRIWKHEULGJHWREH>WKH@8OWLPR%DOXDUWH

    ([SORULQJ6DQ)HUQDQGR

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    GHOD,QGHSHQGHQFLD(VSDQRODWKHODVWEDVWLRQRILQGHSHQGHQFHLQ6SDLQ

    7KLVGHIHQVLELOLW\ZDVUHFRJQLVHGE\WKH3KRHQLFLDQVZKREHWZHHQ%&DQG%&EXLOWQHYLOODVVDOWIDFWRULHVDQGSRWWHULHVDVZHOODVWKHIDEOHG7HPSOHRI0HONDUWEHWZHHQWKHVRXWKHUQH[WUHPLWLHVRIWKH,VODGH/HRQ6DQFWL3HWULDQGWKHQRUWKHUQVSLWQRZFDOOHG&DPSRVRWR%H\RQGWKDWSRLQWLQWKRVHGD\VWKHVDQGVSLWQRZRIIHULQJGU\SXUFKDVHWRWKHFLW\RI&iGL]ZDVFRYHUHGE\WKHVHD7KH0XQLFLSDO+LVWRULFDO0XVHXPKDVDJRRGDVVRUWPHQWRIDUWHIDFWVIURPWKLVSHULRG

    7KHWRZQLVDOVRIDYRXUDEO\SODFHGDWWKHVRXWKHUQHQGRIWKH%D\RI&i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

    6DQ)HUQDQGRLVQRWVKRUWRIRWKHUOLQNVWRWKHVHDDQG6SDLQVRQFHSURPLQHQWUROHDVWKHUXOHUVRIDQ(PSLUH)RXQGHGLQWKH5R\DO,QVWLWXWHDQG2EVHUYDWRU\LVKHDGTXDUWHUHGLQWKHWRZQDQGLVWKHFHQWUHIRURIFLDO6SDQLVKWLPHNHHSLQJ$EDWWHU\RIDWRPLFFORFNVLQVWDOOHGLQPDLQWDLQWLPHNHHSLQJLQDFFRUGDQFHZLWKWKH&RRUGLQDWHG8QLYHUVDO7LPH6FDOH7KHREVHUYDWRU\LVDGGLWLRQDOO\DVHLVPRORJLFDOVWDWLRQDQGWKHPRVWLPSRUWDQWJHRPDJQHWLFREVHUYDWRU\LQ6SDLQ*XLGHGWRXUVDUHDUUDQJHGWKURXJKWKH7RXULVW2IFHWHO%RRNLQJLVHVVHQWLDO

    )RUWKRVHLQFOLQHGWRPRUHUHVWIXOSXUVXLWV6DQ)HUQDQGRKRVWVD%RWDQLFDO*DUGHQV8QXVXDOO\LQ6SDLQWKHJDUGHQVFRQFHQWUDWHRQWKHQDWXUDODQG

    FRQWLQXHGRYHUOHDI!!

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    QDWXUDOLVHGVSHFLHVRISODQWVIRXQGLQ$QGDOXFLDDQGWKH0HGLWHUUDQHDQUHJLRQVSDUWLFXODUO\WKHRUDRI&iGL]SURYLQFH

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    "OEBMVDJB-JGF/FXT

    )ROORZLQJWKHVXFFHVVRIKHURSHQLQJVHDVRQ-D\QHLVPRYLQJ*HPLQLVLQWRODUJHUSUHPLVHVLQWKHFHQWUHRI6DELQLOODV+HUQHZVKRSLVRQWKHPDLQVWUHHWDW3OD]D6DOYDGRU5XHGDRSSRVLWH$FXWHKDLUGUHVVHUVQHDUWKHVWDWXH

    /LVDDQG6WHYHZKRPDGHVXFKDVXFFHVVRIWKH/DVHUWHFK(VWHSRQDIUDQFKLVHRQWKLVSDUWRIWKHFRDVWDUHEUDQFKLQJRXWRQWKHLURZQ7KHLUQHZEXVLQHVVLVFDOOHG/DV7LQWDVDQGLWZLOOGHOLYHUWKHVDPHTXDOLW\LQNWRQHUVDQGDOORIFHVXSSOLHVGLUHFWWR\RXUGRRU

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

    2XUQH[WOHFWXUHRQWK0DUFKHQWLWOHG/,%

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    "SUBOE$SBGU

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    "SUBOE$SBGU

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    0DUFKLVXSRQXVDOUHDG\ZLWK(DVWHUQRWIDUDZD\ZKHUHKDVWKHWLPHJRQHVLQFHODVW&KULVWPDV",WPD\EHWLPHWRIRUJHWZKDWDEDGZLQWHULWZDVIRUDOORIXVEXWZHPXVWQRW

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

    (VWHSRQD0DQLOYD

    3LFWXUHVSDJH7RS/HIW$QQH7RS0LGGOH%HWW\7RS5LJKW6KLUOH\DQQ0LGGOHOHIW'HERUDK0LGGOHULJKW-RKQ%RWWRPOHIW$XGUH\%RWWRPULJKW%HUQG$UWLVWV)URPWKHOHIWDORQJWKHEDFNURZZHKDYH-HDQ$XGUH\'HERUDK-RKQ:ULJKW5HJLQD$QQH6KLUOH\DQQ6KLUOH\DQG-RKQDQGDORQJWKHERWWRPIURPWKHOHIW-RH6\OYLD7ULVK%HWW\DQG%HUQG3LFWXUHVSDJH7RS5HJLQD0LGGOH-RH3LFWXUHVSDJH7RS6KLUOH\0LGGOH7ULVK%RWWRP6\OYLD

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    "OEBMVDJB-JGF/FXT

    &KLULQH$\RXEL-HZHOOHU\%(632.( - (:(/ / (5

    7HO

    /DV*DOHULDV/RFDO3XHUWRGHOD'XTXHVD0DODJD

    5HSDLUV:HGGLQJ5LQJV(QJDJHPHQW5LQJV

    (DU3LHUFLQJ5HPRGHOOLQJ6WRQHUHSODFHPHQW

    ZZZD\RXELMHZHOOHU\FRPHPDLOFKLULQHD\RXEL#KRWPDLOFRP

    /RFDWHGDWWKHHQWUDQFHWR/DV*DOHULDVLQ'XTXHVDLV&KLULQH$\RXEL-HZHOOHU\WKDWRQ6DWXUGD\WK)HEUXDU\UHRSHQHGWRFHOHEUDWHKHUODUJHUSUHPLVHVDQGWKDQQLYHUVDU\&KLULQHKDVDSSOLHGKHUUHQRZQHGGHVLJQVNLOOVWRWKHUHIXUELVKPHQWRIWKHODUJHUSUHPLVHVWRSURYLGHDVSDFLRXVDQGHOHJDQWHQYLURQPHQWIRUKHUFXVWRPHUVLQVXPSWXRXVUHGDQGFUHDPZLWKDGUDPDWLFEODFNFKDQGHOLHUDQGEDURTXHFKDLUVSURYLGLQJDYHU\ZHOFRPLQJVSDFHWRYLHZKHUZLGHUDQJHRIMHZHOOHU\

    7KHZLQQHUVRIWKHIUHHUDIHDWWKHSDUW\ZHUHVWSUL]HRIDVLOYHUQHFNODFH$YULO&XPPLQV

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

    7ZRUGSUL]HVRIYRXFKHUWRZDUGVIRRGIRU1DRPLV1LEEOHVDQHZGHOLFDWHVVHQRSHQLQJWK$SULOLQWKH*DOHULDVZHUHUHFHLYHGE\3DPHOD%UHWKHUWRQDQG-DQHW&DPOLQ1DRPL/HDNHSURYLGHGWKHWDVW\KRPHPDGHFDQDSpVIRU&KLULQHVSDUW\UHFHLYLQJPXFKSUDLVHIURPWKHJXHVWV1DRPLV1LEEOHVZLOOEHORFDWHGLQZKDWLVFXUUHQWO\%DUEHUHOODVKDLUGUHVVHUVRQFH%DUEHUHOODKDVPRYHGLQWR&KLULQHVROGVKRSRSSRVLWH$QJLHVVRIWIXUQLVKLQJVKRS6RDJRRGUDQJHRIVKRSVDQGVHUYLFHVZLOOVRRQEHRQRIIHULQWKHEULJKWQHZORRN/DV*DOHULDV

    $OO&KDQJHLQ/DV*DOHULDV

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

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

  • &RQWHQWV

    )LQFD/D$OFDLGHVD

    'LVFRYHULQJ,QH[SHQVLYH6SDLQVK:LQH

    9LQHJDUVRI$QGDOXFLD

    3RUN)LOOHWZLWK$SSOH6KHUU\9LQHJDUDQG6ZHHWDQG6RXU/HHN

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

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

    )LQFD/D$OFDLGHVD

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    *RRG&RPSDQLRQV$QQXDO%HQHWWR&XGHFD&DQFHU&DUH+RVSLFH-RDQ+XQW3UHVLGHQW)RXQGHURI&XGHFD&DQFHU&DUH+RVSLFHZDVSUHVHQWHGZLWKDFKHTXHIRU(XURVE\WKHLU3UHVLGHQW7RQ\:KLWHDWWKHPHPEHUV$*0PHHWLQJRQWK)HEUXDU\7KH*RRG&RPSDQLRQV&OXEZDVIRUPHGLQE\YROXQWHHUVZRUNLQJLQWKH+RVSLFH&KDULW\VKRSLQ)XHQJLURODZLWKWKHREMHFWLYHRIUDLVLQJIXQGVIRU&XGHFD+RVSLFHWKURXJKRUJDQLVLQJVSHFLDOH[FXUVLRQVDOO\HDUURXQGWRSRSXODUGHVWLQDWLRQVSOXVIUHTXHQWVRFLDODFWLYLWLHVVXFKDVTXL]]HVDQGELQJR(YHU\\HDUWKHFOXEPDNHVVXEVWDQWLDOFRQWULEXWLRQVWRWKH+RVSLFHWKLV\HDUVGRQDWLRQEULQJLQJWKHJUDQGWRWDOWRGDWHWR(XURV:KHQWKDQNLQJWKHPHPEHUV-RDQ+XQWH[SUHVVHGKHUJUHDWDGPLUDWLRQIRUWKHVXFFHVVRIWKHFOXEDQGSDUWLFXODUO\IRUWKHLUFRQWLQXHGVXSSRUWWR&XGHFD+RVSLFH6KHH[SODLQHGWKDWLWLVZLWKJUDWHIXOWKDQNVWRWKHZDUPUHVSRQVHUHFHLYHGIURPWKHFRPPXQLW\WKDWWKHGHFLWEHWZHHQWKHFRVWRISDWLHQWFDUHDQGGRQDWLRQVUHFHLYHGLQWKHSUHYLRXV\HDUZDVUHGXFHGE\ZKLFKUHVXOWHGLQQRWKDYLQJWRFORVHWKH,Q3DWLHQW8QLWDWWKHHQGRI6KHVWDWHGWKDWWKHJKWVWLOOFRQWLQXHVWRPDLQWDLQWKHOHYHORIGRQDWLRQVDQGVKHZDVGHOLJKWHGWRNQRZWKDWWKH*RRG&RPSDQLRQVZLOOFRQWLQXHWRVXSSRUW&XGHFD+RVSLFH)RUPRUHLQIRUPDWLRQDERXWWKHFOXEDQGLWVDFWLYLWLHVSOHDVHFRQWDFWWKH3UHVLGHQW7RQ\:KLWHRQRUWKH6HFUHWDU\.DWH$OOHQRQ&8'(&$:DONDWKRQ$QRWKHU\HDURQDQGWKHWLPHKDVFRPHWRFHOHEUDWHWKH&XGHFD:DONDWKRQ,WZLOOEHKHOGRQWKHWK0D\DVDOZD\VRQWKHEHDFKE\WKH6XQVHW%HDFK&OXESURPHQDGHRIIHULQJSDUWLFLSDQWVWKUHHDOWHUQDWLYHURXWHVWRFKRRVHIURPDNPZDONIRUWKHWWHVWDNPZDONIRUWKRVHZKROLNHWRVWUROODQGDQHVSHFLDOO\DGDSWHGNPURXWHIRUZKHHOFKDLUSDUWLFLSDQWV7KHHYHQWZLOOFRPPHQFHDWDPDQGWKHHQWUDQFHIHH

    -RDQ+XQWOHIWUHFHLYLQJDFKHTXHIURP.DWH$OOHQ6HFUHWDU\.DWHLVDOVRDYROXQWHHULQ)XHQJLUROD+RVSLFH&KDULW\VKRS

    ZLOOEHIRUSUHSDLGHQWUDQFHDQGRQWKHGD\DQGIRUFKLOGUHQ7KHREMHFWLYHLVIRUSDUWLFLSDQWVWRUDLVHIXQGVYLDLQGLYLGXDOVSRQVRUVKLSE\HQFRXUDJLQJIULHQGVWRJLYHDQDPRXQWIRUHYHU\NLORPHWUHZDONHG7KLV\HDUVIXQGVZLOOEHHVSHFLDOO\GHVWLQHGWRVDYHWKH,Q3DWLHQW8QLWIURPLWVQDQFLDOGLIFXOWLHV7KHSURYLVLRQDOUHJLVWUDWLRQIRUPVDUHQRZDYDLODEOHIURPWKHUHFHSWLRQDWWKH+RVSLFH&HQWUH7KHSXEOLFLW\DQGSRVWHUVZLWKWKLV\HDUVVSRQVRUVZLOOEHDYDLODEOHIURP$SULODWWKH+RVSLFH&HQWUHLQDQ\RIRXUFKDULW\VKRSVRQWKH&XGHFDZHEVLWHDQGDWPDQ\RWKHUORFDWLRQVDORQJWKHFRDVW0RWLYDWH\RXUIDPLO\DQGIULHQGVQRZWRVSRQVRUHYHU\NLORPHWUH\RXZDON7KRVHSDUWLFLSDQWVZKRJHWWKHPRVWLQGLYLGXDOVSRQVRUVZLOOZLQH[FHOOHQWSUL]HV7KHUHZLOODOVREHDVSHFLDOSUL]HIRUWKHJURXSZLWKWKHPRVWSDUWLFLSDQWVIULHQGVDVVRFLDWLRQVHWF

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    3VUB(BTUSPOPNJRVF

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

    +DSS\$QQLYHUVDU\'LVFRYHULQJ,QH[SHQVLYH6SDQLVK:LQH6HQRULRGH6REUDO

    *RRG6SDQLVKZKLWHZLQHVDUHVWLOOIHZDQGIDUEHWZHHQVRWRQGWKLVRQHLQ6XSHUFRUDW(XURVZDVDSOHDVDQWVXUSULVH7KHZLQHFRPHVIURPWKH5LDV%DL[DV'&LQ*DOLFLD,WLVPDGHHQWLUHO\IURPWKH$OEDULxRJUDSHDQGKDVDQLQWHQVHDSSOHZRRGDURPDDQGDIUHVKDSSOHFLWUHRXVDYRXU7KHZLQHU\KDVZRQJROGPHGDOVLQ%UXVVHOV)UDQFHDQG6SDLQIRUWKLVZLQHDQGQROHVVWKDQVL[RWKHUQDWLRQDOSUHVWLJLRXVDZDUGV:LWKDOFRKROE\YROXPHLWLVQROLJKWZHLJKWHLWKHU,WJRHVZHOOZLWKDOOZKLWHPHDWGLVKHVEXWLVQRWUHFRPPHQGHGZLWKVK

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    3VUB(BTUSPOPNJRVF

    /DVWPRQWKZHIRXQGDUHDVRQDEO\SULFHG3HGUR;LPpQH]9LQHJDUZLWKDQH[FHSWLRQDOWDVWH7KHSURGXFHUV$OLQRDOVRERWWOHDVWUDLJKWIRUZDUG9LQDJUHGH-HUH]ZLWKDQDFLGLW\RIWKDWLVDJRRGDOOURXQGYLQHJDUVXLWDEOHIRUGUHVVLQJVDVZHOODVVSDUNLQJXSVRXSVDQGVWHZV

    7KLVYLQHJDULVSURGXFHGIURP3DORPLQRJUDSHVDQGDJHGLQROGVKHUU\EDUUHOVIRUDWOHDVWVL[PRQWKV6RPHZKDWPRUHUREXVWWKDQWKHYLQHJDUVZHKDYHVDPSOHGRYHUWKHODVWIHZPRQWKVLWLVLGHDOIRUWKHWUDGLWLRQDOUHFLSHV5LxRQHVDO-HUH]ODPEVNLGQH\VFRRNHGZLWKVKHUU\DQGVKHUU\YLQHJDUDQGJD]SDFKRDWRPDWREDVHGVRXSVHUYHGFROGDQGWKHUHFLSHRQWKHIDFLQJSDJH

    9LQHJDUVRI$QGDOXFLD)URPQGWRVW0DUFK&XOWXUDO&HQWUH3DGUH0DQXHO3KRWRJUDSK([KLELWLRQ(O2UJXOOR'H/D$XVHQFLD%\-XGLWK9L]FDUUD

    WK0DUFKDWSP&XOWXUDO&HQWUH3DGUH0DQXHO&LQHPD&OXE6KLQH$/LJKW%\0DUWLQ6FRUVHVH29,Q(QJOLVK:LWK6XEWLWOHV,Q6SDQLVK3ULFH

    WK0DUFKDWSP&XOWXUDO&HQWUH3DGUH0DQXHO'LGDFWLF&RQFHUW/D0XMHU(Q/D0~VLFDE\WKH0XQLFLSDO0XVLF%DQG

    WK0DUFKDWSP&XOWXUDO&HQWUH3DGUH0DQXHO&LQHPD&OXE&Kp(O$UJHQWLQRE\6WHYHQ6RGHUEHUJK29,Q(QJOLVK:LWK6XEWLWOHV,Q6SDQLVK3ULFH

    WK0DUFKWRVW$SULO&XOWXUDO&HQWUH3DGUH0DQXHO&HOHEUDWLRQRIWKH:RUOGRI7KHDWUH

    WK0DUFKDWSP$PDQWHVE\*UXSRGH7HDWURGHO&HQWURGH'tDGH0D\RUHV

    WK0DUFKDWSP)XHUD'H4XLFLRE\*UXSR0XQLFLSDOGH7HDWUR

    )URPWK0DUFKWRVW$SULODWSP9LD&UXFLVE\*UXSR0XQLFLSDOGH7HDWUR3ULFH

    (VWHSRQD(YHQWV

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    3VUB(BTUSPOPNJRVF

    )DWKHUDQGGDXJKWHUWHDP5REHUWDQG'LDQH&URRNHVDUHVWDUWLQJDQHZYHQWXUH$UPVWURQJVUHVWDXUDQW7KHUHVWDXUDQWLVVLWXDWHGXSWKH5RPDQ2DVLV5RDGNLORPHWUHVSDVWWKHIHULDJURXQGZKHUHWKH6DELQLOODV6XQGD\PDUNHWKDSSHQVLQZKDWXVHGWREH(O0RVFDWHODQGRSHQVRQWKHWK0DUFKIRU6XQGD\/XQFK$UPVWURQJVDUHDOUHDG\UHQRZQHGLQWKHDUHDIRUWKHLUEUHDGVSLHVSDVWULHVDQGGHOLFDWHVVHQIRRGVROGIURPWKHLUVKRSLQ0RQWH'XTXHVD:HZLVKWKHPDOOWKHEHVWZLWKWKHLUUHVWDXUDQW

    1HZ9HQWXUH)RU$UPVWURQJV

    ,QJUHGLHQWV6HUYHVJPSRUNOOHWPOFKLFNHQVWRFNPHGLXPOHHNVKDOYHGDQGVOLFHGFORYHJDUOLFFUXVKHGWEVSEURZQVXJDUWEVS9LQDJUHGH-HUH]PHGLXPDSSOHVSHHOHGFRUHGVOLFHGJPEXWWHUWEVSEURZQVXJDUJPFDUURWVSHHOHGVOLFHGLQWREDWRQVJPVTXDVKFXWLQWRFPFXEHVJPDVSDUDJXVWULPPHG

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

    3RUN)LOOHWZLWK$SSOH6KHUU\9LQHJDUDQG6ZHHWDQG6RXU/HHN

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    3VUB(BTUSPOPNJRVF

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

  • '3&&$MBTTJmFET8IBUT0O$BMFOEBS#VTJOFTT3FWJFXT#VTJOFTT%JSFDUPSZBOENPSFPOXXXBOEBMVDJBMJGFDPN

    3VUB(BTUSPOPNJRVF

    &DUQLYDO'DWHV&DUQLYDO6HDVRQLVXSRQXV(YHU\WRZQDQGYLOODJH

    FHOHEUDWHVZLWKSURFHVVLRQVDQGIXQHYHQWVIRUWKH\RXQJVWHUV&DVDUHVWK0DUFK

    7KHUHZLOOEHDFKLOGUHQVIDQF\GUHVVSDUW\LQJWKHDIWHUQRRQIROORZHGE\DSDUDGHDQGWKHQWKHMXGJLQJRIWKHDGXOWVIDQF\

    GUHVV0DQLOYDWKDQGWK0DUFK7KHRIFLDOSURJUDPPHKDV\HWWREHDQQRXQFHGEXWWKHGDWHVVHWDVLGHIRUWKHFDUQLYDODUH

    [HG

  • 1MFBTFNFOUJPO"OEBMVDJB-JGFXIFOUBMLJOHUPPVSBEWFSUJTFST

    8IBUB8FCMJOL$BO%P'PS:PV:LWKRYHUPLOOLRQZHEVLWHVDQGELOOLRQSDJHVRQWKH,QWHUQHW1HWFUDIWVXUYH\$SULOJHWWLQJ\RXUVLWHIRXQGLVDFKDOOHQJHZZZDQGDOXFLDOLIHFRPLVDZHOOHVWDEOLVKHGVLWHWKDWUHJXODUO\DFKLHYHVUVWSDJHUHVXOWVRQPDMRUVHDUFKHQJLQHVZKHQSHRSOHORRNIRUDQ\WKLQJWRGRZLWK$QGDOXFLD7KHVLWHUHFHLYHVRYHUQHZYLVLWRUVHYHU\PRQWKZKLFKDGGHGWRRXUUHJXODUYLVLWRUVPHDQVDQDZIXOORWRISHRSOHVHHRXUVLWH

    8IBU:PV(FU$ZHEOLQNRQZZZDQGDOXFLDOLIHFRP$OLVWLQJLQWKHZZZDQGDOXFLDOLIHFRPRQOLQHEXVLQHVVGLUHFWRU\$ZHEOLQNIURPDVHDUFKHQJLQHIULHQGO\SDJH$OLVWLQJLQWKLV:HEOLQN'LUHFWRU\HQFRXUDJLQJHYHQPRUHSHRSOHWRYLVLW\RXUVLWH

    8IP$BO)BWFB8FCMJOL ,I\RXKDYHDEXVLQHVVDQGDZHEVLWHWKHQ\RXFDQKDYHDOLQN