Mike's Hard Lemonade
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Transcript of Mike's Hard Lemonade
7/23/2019 Mike's Hard Lemonade
http://slidepdf.com/reader/full/mikes-hard-lemonade 1/44
GBEJ‒X F \D KJG@O DJ
GJDBN YKNO L@@E
ANKK <9>4
DNQBD A. JQNOX
7/23/2019 Mike's Hard Lemonade
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TNLKJ @A H@OTJOTX3 JVJHZTBQJ XZGGN\R ........................................................ 8
BOT\@DZHTB@O .................................................................. 4
H@GYNOR BODZXT\R ....................................................... :
HNTJM@\R T\JODX ............................................................................. =
H@GYJTBT@\ BOA@\GNTB@O ............................................................... 6
JVTJ\ONK BOA@\GNTB@O ................................................................. >>
HZ\\JOT ZXJ\X ............................................................................... ><
MJ@M\NYFBHNK JGYFNXBX ............................................................... >4
XJNX@ONLBKBTR + TBGBOM ................................................................ >:
H@OXZGJ\ DJHBXB@O Y\@HJXX ....................................................... >1
X]@T NONKRXBX ................................................................................ <<
Y\BGN\R \JXJN\HF YKNO ................................................ <4
\NTB@ONKJ, M@NKX nod @LCJHTBQJX .............................................. <:
GJTF@D DJXH\BYTB@O ...................................................................... <1
TN\MJT NZDBJOHJ ........................................................... <6
DNR BO TFJ KBAJ ................................................................................ <2
GJDBN XT\NTJMR ............................................................. 89
GJDBN XHFJDZKJ ............................................................. 8>
GJDBN LZDMJT ................................................................. 8<
TJKJQBXB@O ........................................................................................ 88
@OKBOJ + DBMBTNK .............................................................................. 84
Y\BOT .................................................................................................. 8:
@ZT-@A-F@GJ .................................................................................... 81
Y\@G@TB@O ....................................................................................... 8=
JQNKZNTB@O GJTF@DX .................................................... 82
GJDBN YKNO XZGGN\R ..................................................... 49
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JVJHZTBQJ XZGGN\R
Gbej‒s Fnrd Kjg`ondj wns no bostnot fbt wfjo bt abrst jotjrjd tfj Z.X gnrejts bo >222. Bt hurrjotky
f`kds tfj ougljr tw` sp`t bo tfj Aknv`rjd Gnkt Ljvjrnmj bodustry, tnebom <8.4% `a tfj gnrejt
sfnrj bo tfbs bodustry. Ljhnusj `a tfj mr`wbom p`puknrbty `a tfbs swjjt aknv`rjd nkh`f`kbh ljvjrnmj,
bt bs jspjhbnkky bgp`rtnot o`w a`r Gbej‒s t` nppjnk t` n knrmjr nudbjohj, nod rjmnbo tfj ougljr `oj
sp`t, wfbhf bs hurrjotky fjkd ly Lud Kbtj Kbgj-N-\btn. Gbej‒s Fnrd Kjg`ondj‒s hurrjot h`osugjrs
nrj gnrrbjd, gbddkj-nmjd, Hnuhnsbno ajgnkjs wbtf no nvjrnmj f`usjf`kd boh`gj `a $=:,999-
$>:9,999, nhh`rdbom t` G\B dntn. F`wjvjr, Gbej‒s ojjds t` tnrmjt n skbmftky y`uomjr nudbjohj `a
Gbkkjoobnk mjojrntb`o w`gno. Tfjsj w`gjo nrj kbvbom bo gjtr`p`kbtno nrjns, wbtf tfj gjnos nodtfj tbgj t` spjod tfjbr dbsp`snlkj boh`gj `o nkh`f`kbh ljvjrnmjs.
^unkbtntbvj prbgnry rjsjnrhf survjy wns sjot `ut nod a`hus mr`ups wjrj fjkd wbtf y`uom w`gjo
wf` ajkk wbtfbo `ur tnrmjt nudbjohj. Tfbs prbgnry rjsjnrhf fjkpjd Gbej‒s Fnrd Kjg`ondj t` ljttjr
uodjrstnod tfj ajjkboms nod g`tbvjs ljfbod tfj nkh`f`kbh purhfnsjs nod lrnod pjrhjptb`os `a tfj
tnrmjt gnrejt . Ar`g tfbs, bt wns mntfjrjd tfnt gbkkjoobnk w`gjo joc`y tfj tnstj `a Gbej‒s Fnrd
Kjg`ondj ljhnusj `a bts kbmft, rjarjsfbom, arubty tnstj. Gbkkjoobnk w`gjo nrj spjodbom g`rj tbgj
`okboj tfno noy `tfjr mjojrntb`os nod sfy nwny ar`g trndbtb`onk ndvjrtbsjgjots. ]btf tfbs
boa`rgntb`o nod bosbmft bot` tfj tnrmjt nudbjohj, n Gbej‒s Fnrd Kjg`ondj gjdbn pkno wns gndj.
Tfj $> gbkkb`o ludmjt wns dbvbdjd ljtwjjo a`ur gjdbugs3 @okboj/Dbmbtnk (4:%), Yrbot (>9%), @ut `a
F`gj (>:%), nod Yr`g`tb`os (89%). Tjkjvbsb`o wns rjg`vjd ar`g tfj gjdbn pkno. Lut, sbohj `ur
tnrmjt gnrejt nrj h`gprbsjd `a pj`pkj wf` pknhj bgp`rtnohj `o s`hbnk `utboms nod spjod n
gnc`rbty `a tfjbr tbgj `okboj nod `o tfjbr pf`ojs. X`, tjkjvbsb`o sjjgjd t` lj no jxpjosbvj nod
uoojhjssnry `utkjt. Tfj m`nk bs t` ljh`gj tfj kjndbom ljvjrnmj bo tfj Aknv`rjd Gnkt Ljvjrnmj
bodustry nod tfbs prjsjotjd pkno wbkk fjkp Gbej‒s Fnrd Kjg`ondj d` s`.
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Gbej‒s Fnrd Kjg`ondj ljhngj no bostnot fbt wfjo bt abrst jotjrjd bot` tfj gnrejt.
H`osugjrs k`vjd tfj spbejd kjg`ondj aknv`r nod h`otbouj t` joc`y tfj guktbpkj `tfjr
aknv`rs nod vnrbntb`os Gbej‒s Fnrd Kjg`ondj h`gjs bo t`dny. Tfj rjsukts `a tfj prbgnry
rjsjnrhf sf`wjd tfnt Gbej‒s Fnrd Kjg`ondj hno mnbo gnrejt sfnrj ly tnrmjtbom n skbmftky
y`uomjr nudbjohj nod spjhbabh nudbjohj `a w`gjo nmjs >6-84. Hurrjot h`osugjrs `a tfj
lrnod rnomj ar`g nmjs <:-:4. Tfj m`nk `a Gbej‒s Fnrd Kjg`ondj bs t` mnbo lrnod k`ynkty
ar`g tfj y`uomjr hr`wd tfnt bs stbkk jxpjrbgjotbom wbtf tfj lrnods nod wf` nrj djhbdbom `o
wfbhf `ojs t` ljh`gj k`ynk t`. Tfjrj nrj 89 gbkkb`o w`gjo bo `ur tnrmjt nudbjohj nodhnpturbom tfjbr k`ynkty tfr`umf prbot, `okboj/dbmbtnk, `ut `a f`gj pr`g`tb`os nod o`o-
trndbtb`onk gjdbn `utkjts w`ukd lj ejy t` lrbom Gbej‒s Fnrd Kjg`ondj lnhe t` tfj t`p sp`t
bo tfj Aknv`rjd Gnkt Ljvjrnmj bodustry.
BOT\@DZHTB@O
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Gbej‒s Fnrd Kjg`ondj abrst jotjrjd tfj Z.X. gnrejts bo >222 ly a`uodjr Notf`oy Q`o Gnodb, tfj`wojr `a Gnre Notf`oy Lrnods. Fj djvjk`pjd fbs bdjn a`r Gbej‒s Fnrd Kjg`ondj natjr sjjbom tfj
suhhjss `a wboj h``kjrs bo tfj >269‒s. Fj o`tbhjd tfnt gnoy pj`pkj joc`yjd wboj h``kjrs, lut gjo
dbdo‒t kbej drboebom suhf n arubty, ‖ajgboboj‒ drboe nr`uod `tfjrs. Rjnrs `a botjosbvj rjsjnrhf nod
djvjk`pgjot kjnd t` tfj bdjn `a tnebom n trndbtb`onk Ngjrbhno anv`rbtj, kjg`ondj, nod nddbom no
nkh`f`kbh twbst. Fj hf`sj t` usj n gnkt- nkh`f`k lnsj tfnt h`ukd jnsbky lj aknv`rjd nod h`k`rjd lut
stbkk h`ukd fnvj fbmfjr nkh`f`k h`otjot. Tfj abrst pr`duht tfjy rjkjnsjd wns tfj trndbtb`onk fnrd
kjg`ondj aknv`r nod bt wns no bostnot fbt ng`omst tfj pulkbh. Bt qubheky ljhngj tfj anstjst mr`wbom
lrnod bo tfj Aknv`rjd Gnkt Ljvjrnmj hntjm`ry wbtf n 49% yjnr t` dntj snkjs bohrjnsj ar`g <99: t`
<991. Tfj h`gpnoy jvjo gnonmjd t` sjkk tfj abrst >9 gbkkb`o hnsjs wbtf`ut spjodbom n pjooy `o
ndvjrtbsbom.
Gbej‒s Fnrd Kjg`ondj sf`wjd bostnot suhhjss nod tfj h`gpnoy stbkk h`otboujs t` djvjk`p
dbaajrjot Gbej‒s fnrd pr`duhts t` nppjnk t` tfj jvjr-hfnombom gnrejt. Nt abrst tfjy nddjd dbaajrjot
aknv`rs t` tfj `rbmbonk Gbej‒s Fnrd Kjg`ondj kbej hrnoljrry, lknhe hfjrry, nod strnwljrry, nod hrbsp
nppkj. T`dny, tfjrj nrj o`w n vnrbjty `a pr`duhts tfnt h`gj bo dbaajrjot aknv`rs, a`rgs, nod nkh`f`k
pjrhjotnmjs. Xuhf ns3 Gbej‒s Fnrdjr, Gbejs Kbtj Gbej‒s Nppkj Nkj, nod Gbej‒s Ar`zjo, wfbhf
h`otnbos >>.<% nkh`f`k. Tfj h`gpnoy fns h`otboujd t` d` wjkk bo tfj Aknv`rjd Gnkt Ljvjrnmj
(AGL) bodustry, hurrjotky gnonmbom t` f`kd tfj ougljr tw` sp`t bo tfj AGL hntjm`ry. F`wjvjr,
rjhjotky tfj Lud Kbmft Kbgj angbky ljhngj n tfrjntjobom h`gpjtbt`r nod hurrjotky f`kds tfjfbmfjst sfnrj bo tfj hntjm`ry. Nt tfj g`gjot Gbej‒s stbkk rjgnbos ougljr < bo tfj AGL hntjm`ry
f`kdbom <8.4>% sfnrj.
Xbohj Gbej‒s Fnrd wns abrst djvjk`pjd ljhnusj `a gjo, tfjy stbkk g`stky h`otbouj t` dbrjht tfjbr
ndvjrtbsbom t`wnrd y`uom ndukt gjo. Tfjy eo`w tfjbr hust`gjrs nrj sulurlno, wbtf n fbmfjr
boh`gj, nod g`rj jduhntjd tfno tfj nvjrnmj hbtbzjo nod tfjy nttjgpt t` p`sbtb`o tfj pr`duht
nhh`rdbomky, bo wfnt tfjy hnkk ‛prjgbug p`sbtb`obom.‗ Tfbs bohkudjs gnebom tfj Gbej‒s Fnrd lrnod
k``e vnkunlkj ly prbhbom tfj pr`duht nmmrjssbvjky. Hurrjotky, sbx pnhes nrj s`kd nt $=.22-$6.22,
sbgbknr t` gnoy hrnat ljjrs. Tfjy nks` arjqujotky hfnomj tfjbr pnhenmbom t` ejjp up wbtf rjhjot
trjods. Nktf`umf tfj h`gpnoy abrst `rbmbontjd bo Hnondn, bts abrst Z.X. fjndqunrtjrs wns
pknhjd boDjovjr, H`k`rnd`. Bt fns sbohj g`vjd t` Xjnttkj, ]nsfbomt`o nod bs o`w sjttkjd bo Hfbhnm`, BK
sbohj <9>8. Tfjbr k`hntb`o gnejs sjosj a`r tfj tnrmjt sjmgjot tfjy nttjgpt t` rjnhf.
H@GYNOR + BODZXT\R
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H@GYNOR + BODZXT\R (H@OTBOZJD)3
Zoa`rtuontjky, jvjo tf`umf tfjbr hust`gjrs nrj nkg`st
jqunkky spkbt ljtwjjo gjo nod w`gjo tfjy o` k`omjr f`kd
n ‛gnoky‗ pjrhjptb`o nt nkk nod nrj g`stky cust sjjo ns n
wboj h``kjr. Nhh`rdbom t` n p`kk d`oj ly Gbotjk, nkg`st >⁄4
`a gjo w`ukd o`t wnot t` lj sjjo f`kdbom n rjndy t` drboeaknv`rjd nkh`f`k ljvjrnmj, kbej Gbej‒s. Aurtfjrg`rj tfjy
nrj nppjnkbom t` tfj y`uom uodjrnmj drboejrs a`r tfjbr
sumnry, nkh`f`k gnsebom aknv`rs, nod fbmf nkh`f`k h`otjot.
Tfjbr ndvjrtbsbom bo tfj pnst fns g`stky h`osbstjd `a TQ
ndvjrtbsjgjots, f`wjvjr tfjy o`w pkno `o huttbom nkg`st
nkk Tjkjvbsb`o Ndvjrtbsjgjots nod a`husbom jksjwfjrj `o
dbmbtnk gjdbn. Tfbs wbkk bohkudj d`ulkbom knst yjnrs pnbd
gjdbn bovjstgjot nod pknhbom nds `o wjlsbtjs suhf ns
Dbsh`vjry, Tfj @ob`o, Luzzajjd, R`uTulj nod jvjo tfj
wjntfjr hfnoojk, nk`om wbtf hrjntbom g`rj `rbmbonk dbmbtnk
nds. Tfbs fns ljjo no `vjrvbjw `a tfj Gbej‒s Fnrd
Kjg`ondj Lrnod, tfj ojxt sjhtb`o wbkk jxpknbo g`rj nl`ut
tfj Aknv`rjd Gnkt Ljvjrnmj Bodustry.
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HNTJM@\R T\JODX3
Gbej‒s Fnrd Kjg`ondj ljk`oms bo tfj Aknv`rjd Gnkt Ljvjrnmj bodustry (AGL). Tfbs lrnod
abrst jotjrjd tfbs gnrejt wbtf tfj `rbmbonk Gbej‒s Fnrd Kjg`ondj aknv`r, lut fns sbohj
jxpnodjd bts kboj wbtf sjvjrnk g`rj wnys Gbej‒s Fnrd Kjg`ondj hno lj joc`yjd, tfr`umf
dbaajrjot aknv`rs, nkh`f`k pjrhjotnmjs, nod a`rgs. Gbej‒s Fnrd Kjg`ondj wns no bostnot fbt
nod fns h`otboujd t` d` wjkk bo tfbs gnrejt. F`wjvjr, wbtf tfj p`puknrbzntb`o `a tfj
Aknv`rjd Gnkt Ljvjrnmj Bodustry bo tfj rjhjot yjnrs, Gbej‒s Fnrd Kjg`ondj fns ljjo
abmftbom a`r tfj t`p sp`t ng`omst `tfjr AGL ljvjrnmjs. Ns `a Cnounry <9>4, Gbej‒s fnd k`st
tfj Aknv`rjd Gnkt Ljvjrnmj gnrejt sfnrj kjnd t` tfj Lud Kbmft Kbgj angbky, wfbhf bohkudjs
tfj Kbgj-n- \btn aknv`rjd drboes. GbkkjrH``rs‒ \jdd‒s Nppkj Nkj bs nks` ljh`gbom n g`rj
bohrjnsbom tfrjnt t` tfj h`gpnoy nk`om wbtf tfj Xgbro`aa Bhj lrnod. T` try t` rjmnbo tfj t`p
sp`t, tfj h`gpnoy fns djhbdjd t` tnej bts gnrejtbom pkno h`gpkjtjky dbmbtnk a`r tfjsj yjnrs‒
ndvjrtbsjgjots. Yrjvb`usky, Gbej‒s Fnrd Kjg`ondj spjot nkg`st $>2 gbkkb`o `o tjkjvbsb`o
ndvjrtbsjgjots ljtwjjo <9>< nod <9>8 nod tfj h`gpnoy spjot $1.: gbkkb`o d`kknrs `o
dbmbtnk ndvjrtbsbom knst yjnr.
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\JDD‒X NYYKJ NKJ KBGJ-N-\BTN
XNKJX $<>1 GBKKB@O $:9< GBKKB@O
GN\EJT XFN\J ><.4% <<.6%
ND XYJODBOM $89 GBKKB@O $>>.6 GBKKB@O
H@GYJTBT@\ BOA@\GNTB@O3
Fjrj bs n djjpjr k``e bot` Gbej‒s Fnrd Kjg`ondj‒s h`gpjtbtb`o bo tfj Aknv`rjd Gnkt
Ljvjrnmj (AGL) bodustry. Tfj bodustry bs n h`gpjtbtbvj `oj, wbtf gnoy dbaajrjot lrnods nod
vnrbjtbjs jotjrbom tfj gnrejt. @oj dbrjht h`gpjtbt`r bs tfj Lud Kbtj Kbgj-N-\btn ljvjrnmj
ar`g Nofjusjr-Lushf. Bts snkjs bohrjnsjd 6>% bo tfj yjnr jodjd Gny >6, <9>4, t` $:9<
gbkkb`o nod mnbojd <6.6% `a tfj AGL gnrejt sfnrj. No`tfjr gnc`r h`gpjtbt`r bs \jdd‒s
Nppkj Nkj, gndj ly GbkkjrH``rs KKH nod knuohfjd ontb`onkky bo jnrky <9>8, nod bs bo tfbrd
pknhj bo tfj bodustry wbtf ><.4% `a tfj gnrejt sfnrj nod n 6=2.1% kjnp bo snkjs, t` $<>1
gbkkb`o. Gbo`r h`gpjtbt`rs nrj Xgbro`aa Bhj nod Twbstjd Tjn aknv`rjd gnkt ljvjrnmj lrnods.
Tw` bodbrjht h`gpjtbt`rs a`r Gbej‒s Fnrd Kjg`ondj nrj hrnat ljjrs nod fnodgndj h`hetnbks
nod gbxjd drboes.
Lud Kbmft Kbgj-N-\btns bs p`sbtb`ojd ns n rjarjsfbom lkjod `a aknv`r tfnt gbxjs tfj tnstj `a
no nutfjotbh gnrmnrbtn wbtf n spknsf `a Lud Kbmft Kbgj. Tfj Kbgj-n-\btn bs gjnot t` hut tfj
fnsskj `a luybom tfj nkh`f`k nod gbxbom pr`duhts nod tfjo fnvbom t` gjnsurj `ut ng`uots
t` gnej n drboe tfnt tfj h`osugjr w`ukd kbej. Bostjnd, Lud Kbmft‒s Kbgj-N-\btn d`js nkk tfj
w`re a`r tfj h`osugjr. Tfj pr`duht bs n ljjr-lnsjd gnrmnrbtn bo n hno. 1:% `a Kbgj-n-\btn
drboejrs nrj w`gjo. \jdd‒s Nppkj Nkj p`sbtb`os btsjka ns n auo lrnod `a fnrd nppkj nkj tfnt
nbgs t` hnpturj tfj nttjotb`o `a tfj hurb`us ljjr drboejr, gnkjs & ajgnkjs nmjs <>-8: yjnrs
`kd, wf` kbej t` try `ut dbaajrjot aknv`rs nod lrnohf `ut. Gbej‒s Fnrd Kjg`ondj h`gpjtbt`rs
pknhj tfjbr nbg t`wnrds tfj y`uomjr, auo k`vbom, jduhntjd hr`wd tfnt Gbej‒s FnrdKjg`ondj nttrnhts ns wjkk. Yrbgnry rjsjnrhf sf`wjd tfnt rjsp`odjots mjojrnkky prjajrrjd
\jdd‒s Nppkj Nkj `vjr Gbej‒s Fnrd Kjg`ondj nod prjajrrjd Gbej‒s Fnrd Kjg`ondj t` tfj
Lud Kbmft pr`duhts.
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H@GYJTBT@\ BOA@\GNTB@O (H@OTBOZJD)3
Lud Kbmft Kbgj-N-\btns pr`g`tjd tfjbr lrnod ly bohrjnsbom tfjbr gjdbn spjodbom ar`g $<.=
gbkkb`o bo <9>< t` $>>.6 gbkkb`o bo <9>8. Tfbs yjnr, dbrjht`r `a gnrejtbom a`r Lud Kbmft
jxtjosb`os Tykjr Xbgps`o snbd tfnt spjodbom wbkk h`otbouj t` mr`w sbmobabhnotky, h`otboubom
t` bovjst bo tfj Kbgj-N-\btn lrnod nod lrnod jxtjosb`os. Guhf `a tfj ludmjt bs
h`ohjotrntjd `o TQ sp`ts a`r n hngpnbmo hnkkjd ‛Abjstn A`rjvjr‗, hrjntjd ly LLD@. Tfj
hngpnbmo nks` bohkudjs `okboj, s`hbnk gjdbn, nod prbot ndvjrtbsjgjots. Nt tfj sngj tbgj,
Lud Kbmft h`otboujs t` hrjntj ojw aknv`rs, nod hurrjotky fns tjo trndjgnre nppkbhntb`os abkjd
a`r nddbtb`onk aknv`rs.
Tfj Abjstn A`rjvjr ndvjrtbsjgjots nrj lrbmft nod hfjjrauk. Tfj tjkjvbsb`o h`ggjrhbnk
sf`ws n gno fnodbom `ut vnrb`us aknv`rs `a tfj Kbgj-N-\btn ljvjrnmj jxtjosb`os t`
w`rejrs bo no `aabhj, p``k-m`jrs, h`upkjs nod g`rj nod joh`urnmjs tfjg t` a`rmjt tfj w`re
nod strjss tfnt ojjds t` lj d`oj nod t` joc`y tfj g`gjot nod fnvj auo. Tfjy pr`g`tj
tfjbr lrnod ns no upljnt nod auo ljvjrnmj tfnt w`ukd nppjnk t` n y`uomjr nudbjohj tfnt
kbejs t` fnvj n m``d tbgj nod n obhj drboe.
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H@GYJTBT@\ BOA@\GNTB@O (H@OTBOZJD)3
‛Tfj \jdd‒s Nppkj Nkj nd knuohf hngpnbmo joh`urnmjs h`osugjrs t` ‛lrnohf `ut.‗ Tfj
lrjw pnrtbhuknrky tnrmjts gjo nod w`gjo nmjs <> t` 84, n mr`up tfnt bs typbhnkky botjrjstjd
bo trybom ojw tfboms‗. Tfj hngpnbmo usjd tfj tnmkboj ‛Lrnohf @ut‗ nod sjvjrnk dbaajrjot
nppkj puos, kbej ‛dbaajrjot t` tfj h`rj‗ t` jgpfnsbzj bts nppkj tnstj, nttjgptbom t` dbstbomubsf
btsjka ar`g tfj hrnat ljjr nod `tfjr gnkt ljvjrnmj bodustry kbqu`r lrnods. Tfj
ndvjrtbsjgjots k``ejd l`kd nod t`umf. Tfj hngpnbmo gndj bt n p`bot t` jgpfnsbzj tfj
tnstj `a tfj nppkj nod dbd s` bo no `lvb`us wny. A`r jxngpkj, n TQ sp`t a`r tfbs hngpnbmo
sf`wjd n gno mjttbom fbt bo tfj fjnd wbtf no nppkj wfjo tfboebom nl`ut wfbhf ljjr t`
`rdjr. Tfj prbot ndvjrtbsjgjots nks` pknhj n l`kd jgpfnsbs `o tfj nppkj tnstj t` stnod
npnrt ar`g bts h`gpjtbt`rs. O` boa`rgntb`o `o tfj jxnht ludmjt `a tfj hngpnbmo h`ukd lj
a`uod, lut bt hno lj nssugjd t` lj knrmj sbohj bt bohkudjd n Xupjr L`wk sp`t, TQ
h`ggjrhbnks, dbmbtnk, prbot nod `ut `a f`gj ndvjrtbsjgjots.
Nhh`rdbom t` Lbooys.h`g, n p`puknr nkh`f`kbh ljvjrnmj rjtnbkjr, n 1 pnhe `a >>.9< `z. l`ttkjs
`a Gbej‒s Fnrd Kjg`ondj bs s`kd a`r $6.22, n 1 pnhe `a >< `z. l`ttkjs `a \jdd‒s Nppkj Nkj bs
s`kd a`r $6.22, nod n >< pnhe `a 6`z hnos `a Kbgj-N-\btns bs s`kd a`r $>9.22. Tfjrj hurrjotky
bs o` G\B dntn a`r \jdd‒s Nppkj Nkj. F`wjvjr tfj nkj nttrnhts tfj gnrejt a`r tf`sj k``ebomt` jotjr bot` tfj hrnat ljjr trjod, tf`sj tfnt d`o‒t joc`y tfj tnstj `a ljjr, nod tf`sj k``ebom
a`r n kbmft rjarjsfbom tnstj. \jdd‒s Nppkj Nkj bs s`kd `vjrsjns ns wjkk ns nhr`ss tfj Zobtjd
Xtntjs.
>9
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JVTJ\ONK BOA@\GNTB@O3
O`w tfnt h`gpjtbt`rs wbtfbo tfj bodustry fnvj ljjo dbshussjd, fjrj bs n djjpjr k``e bot`
tfj Aknv`rjd Gnkt Ljvjrnmj (AGL) bodustry nod hurrjot trjods bo tfbs bodustry. Gbkkjoobnks
pkny n ejy pnrt bo djtjrgbobom trjods bo tfj bodustry. Nhh`rdbom t` tfj Z.X. Hjosus Lurjnu
tfjrj nrj r`umfky 69 gbkkjoobnks. Tfjy nrj nluodnot nod bgpnhtauk. Gbkkjoobnks nrj hurrjotky
nt tfj nmj wfjrj fnlbts nod lrnod k`ynktbjs ljbom a`rgjd, s` tnbk`rbom t` tfjbr wnots nod
ojjds bs hruhbnk bo hnpturbom gnrejt sfnrj.
@oj trjod tfnt naajhts tfj AGL bodustry bs tfj bohrjnsbom nwnrjojss nod h`ohjro nl`ut
fjnktf, wjkkojss, nod wjkk-ljbom. Bt wns rntjd ns `oj `a tfj kjndbom s`hbnk trjods tfnt wbkk
naajht tfj ojxt djhndj. H`osugjrs nrj ljbom g`rj nod g`rj nwnrj nl`ut `ljsbty,
dbnljtjs, fbmf lk``d prjssurj, nod `tfjr dbsjnsjs. Tfjy nrj ljmboobom t` wnthf wfnt tfjy
put bot` tfjbr l`dbjs nrj kjnobom t`wnrds purhfnsbom fjnktfbjr `ptb`os. Tfbs dbrjhtky naajhts
tfj h`osugptb`o `a nkh`f`k ljhnusj h`osugjrs nrj o`w ljh`gbom sjka-h`oshb`us, s` gnoy
`a Gbej‒s Fnrd Kjg`ondj h`osugjrs nrj k``ebom a`r g`rj k`w-hnk`rbj `ptb`os.
No`tfjr trjod jxprjssjd ly tfj gbkkjoobnks bs tfj s`hbnk
trjod `a lbomj drboebom, jspjhbnkky ng`omst y`uomjr
bodbvbdunks. Tfj Ontb`onk Bostbtutj `o Nkh`f`k Nlusj nod
Nkh`f`kbsg sf`ws tfnt g`rj tfno 69% `a h`kkjmj studjots
h`osugj nkh`f`k, nod fnka `a tf`sj wf` drboe h`osugj
nkh`f`k tfr`umf lbomj drboebom. Tfbs hno lj djabojd ns a`ur
drboes a`r w`gjo nod abvj drboes a`r gjo bo n tw`-f`ur
pjrb`d. Tfbs naajhts tfj aknv`rjd gnkt ljvjrnmj ljhnusj tfj
wnys bo wfbhf nkh`f`k bs ljbom h`osugjd bs hfnombom.
Drboes nrj h`osugjd qubheky bo nttjgpt t` ljh`gj
bot`xbhntjd anstjr, s` tfbs h`ukd naajht tfj aknv`rjd gnkt
ljvjrnmj bodustry ljhnusj `a bts k`wjr nkh`f`k pjrhjotnmj
tfno fnrd kbqu`rs. Tfbs hno nks` lj no `pp`rtuobty t` gnrejt
Gbej‒s Fnrdjr Kjg`ondj pr`duhts bot` tfbs gnrejt, sbohj bt
l`nsts n fbmfjr nkh`f`k pjrhjotnmj.
>>
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HZ\\JOT H@OXZGJ\X (XJH@ODN\R \JXJN\HF)3
Nhh`rdbom t` tfj G\B dntn, hurrjot h`osugjrs `a Gbej‒s Fnrd Kjg`ondj nrj
jduhntjd, gbddkj hknss, nod Hnuhnsbno. Tfjy nrj typbhnk `a wfnt y`u w`ukd abod bo
g`st sulurls nhr`ss Ngjrbhn. Tfj G\B dntn sf`ws tfnt tfj gnbo h`osugjrs nrj
ljtwjjo tfj nmjs <:-:4 nod g`rj w`gjo tfno gjo hf``sj t` drboe Gbej's. Gnc`rbty
fns mrnduntjd h`kkjmj nod w`re bo pr`ajssb`onk `r `aabhj `hhupntb`os. Tfjy sfnrj n
f`usjf`kd boh`gj `a $=:,999-$>:9,999+. Aurtfjrg`rj, gnrrbjd h`upkjs nrj g`rj
kbejky t` purhfnsj Gbej's h`gpnrjd t` ojvjr gnrrbjd, jomnmjd, `r wbd`wjd, dbv`rhjd
nod sjpnrntjd.
@ur hurrjot h`osugjrs nrj botjrjstjd bo g`rj jduhntb`onk tjkjvbsb`o nod gjdbn
hf`bhjs. Tfjy hf``sj hfnoojks suhf ns Tfj Dbsh`vjry Hfnoojk, Fbst`ry Hfnoojk,
Tfj ]jntfjr Hfnoojk nod tfj ojws hfnoojks nod rjnd ojws gnmnzbojs nod
dbstrblutjd ojwspnpjrs g`rj tfno jotjrtnbogjot `ptb`os. Tfjy nks` nrj sp`rts anos
nod f`gjgnejrs5 tfjy wnthf JXYO nod A``tlnkk `o tfj wjjejods, ns wjkk ns Tfj
A``d Ojtw`re, nod rjnd Ljttjr F`gjs nod Mnrdjos. @okboj, tfjy nrj k`ynk t`
M``mkj, hf``sbom Mgnbk, nod M``mkj gnps `vjr `tfjr `ptb`os. Tfjy nrj qubhe t` k``e
up boa`rgntb`o, arjqujotbom ]jlGD nod ]bebpjdbn, nk`om wbtf ojws sbtjs, suhf ns
HOO, nod wjntfjr.h`g. Tfjy nrj botjrjstjd bo `okboj sf`ppbom nod usj jLny nod Ngnz`o nod nks` kbstjo t` `okboj rndb` suhf ns Ynod`rn.
Tfjsj hurrjot h`osugjrs g`st hk`sjky bdjotbay wbtf tfj QNKX typj, "Tfboejrs."
Tfboejrs nrj pj`pkj wf` nrj gnturj, wjkk jduhntjd, eo`wkjdmjnlkj nod sntbsabjd.
Tfjy ejjp tfjgsjkvjs wjkk boa`rgjd wbtf wfnt bs fnppjobom nr`uod tfjg nod nkwnys
sjje t` gnej tfj g`st boa`rgjd djhbsb`o. Tfboejrs tjod t` lj g`rj h`osjrvntbvj nod
nrj vjry m``d nt gnonmbom tfjbr abonohjs. Tfjy vnkuj pr`duhts tfnt nrj prnhtbhnk nod
auohtb`onk.
><
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HZ\\JOT H@OXZGJ\X (Y\BGN\R \JXJN\HF)3
Tfj prbgnry rjsjnrhf h`oduhtjd bodbhntjd tfnt tfjrj nrj `tfjr h`osugjrs `a Gbej‒s
Fnrd Kjg`ondj, lut tfjy d` o`t purhfnsj ns arjqujotky ns tfj gnbo hurrjot
h`osugjrs. Bt bs tfr`umf tfbs abodbom tfnt kjnd t` tfj ojw pkno `a gnrejtbom t`wnrd
gbkkjoobnks. Ly h`oduhtbom n a`hus mr`up, bt wns djtjrgbojd tfnt Gbej‒s Fnrd
Kjg`ondj‒s h`rj vnkuj rjs`ontjd wbtf gbkkjoobnk w`gjo >6-84 spjhbabhnkky Gbej‒s
tnmkboj ‛]fjo kbaj fnods y`u kjg`os, ndd nkh`f`k‗.
>8
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MJ@M\NYFBHNK JGYFNXBX3
Tfj Gbej‒s Fnrd Kjg`ondj bs ns pr`gbojot ns g`st gnc`r ljjr lrnods bo tjrgs `a
tfjbr st`rjar`ot prjsjohj. Tfj ljvjrnmj bs no nktjrontbvj twbst t` ljjr, s` bt bs `atjo
dbspknyjd bo pr`xbgbty t` n st`rj‒s ljjr sjkjhtb`o. G`st h`osugjrs `a Aknv`rjd Gnkt
Ljvjrnmjs wbkk nks` luy nhr`ss n guktbtudj `a sjmgjots. ]fjrjvjr ljjr bs st`hejd bo
n h`ovjobjohj `r supjrgnrejt, tfjrj bs n prjtty m``d hfnohj tfnt Gbej‒s Fnrd wbkk
nks` lj `aajrjd tfjrj ns wjkk. Tfjy nrj typbhnkky dbspknyjd sbdj-ly-sbdj wbtf tfj ljjr,
nod nk`omsbdj tfj `tfjr Aknv`rjd Gnkt Ljvjrnmj h`gpjtbt`rs, suhf ns Lud Kbmft‒s
Kbgj-n-\btn, \jdd‒s Nppkj Nkj, Xgbro`aa Bhj, Lnhnrdb Xbkvjr, Xjnmrng‒s, nod `tfjrs.
Gbej‒s Fnrd Kjg`ondjs‒ prjsjohj bs fjnvy nkk tfr`umf`ut tfj ZX, ns bt bs n ontb`onkky
dbstrblutjd ljvjrnmj.
Ojw trjods joh`urnmj Gbej's Fnrd Kjg`ondjs‒ jxpnosb`o `vjrsjns bot` pnrts `a
Jur`pj, ns wjkk ns tfj ojwky djvjk`pbom gnrejts tfr`umf`ut Nsbn. Tfj Aknv`rjd Gnkt
Ljvjrnmj hntjm`ry fns sjjo n rjvbvnk `vjr rjhjot yjnrs, nod bt bs rnpbdky jxpnodbom
nt ojw mk`lnk rntjs. Nddbtb`onkky, a`r Gbej‒s Fnrd Kjg`ondj bo spjhbabh, tfj ojw
lrnodjd sjnk `o jnhf l`ttkj tfnt stntjs ‛hrnatjd t` rjg`vj mkutjo‗ mbvjs tfj h`gpnoy
ojw mr`wtf `pp`rtuobtbjs bot` fjnktf-h`oshb`us gnrejts/rjmb`os wbtfbo tfj Zobtjd
Xtntjs, suhf ns tfj rjmb`os nk`om tfj ]jst H`nst.
>4
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XJNX@ONLBKBTR + TBGBOM3
Tfj tnrt nod rjarjsfbom tnstj `a Gbej‒s Fnrd ljvjrnmjs gnej tfbs n pjrajht
suggjrtbgj ljvjrnmj a`r n wnrg dny/obmft `o tfj ljnhf, lnheynrd, r``at`p, ar`ot
p`rhf, `r wfnt fnvj y`u. Gbej‒s Fnrd Kjg`ondj bs n wjkk-jstnlkbsfjd lrnod ongj
nod h`osbstjotky s`kd yjnr-r`uod, uokbej s`gj `a bts sjns`onkky jxhkusbvj h`gpjtbt`rs.
Tf`umf tfj snkjs nod `vjrnkk p`puknrbty l``g durbom sprbom nod suggjr g`otfs, tfj
ljvjrnmj stbkk gnonmjs t` djkbvjr nhhjptnlkj yjnr-r`uod rjsukts. Tfjrj nrj nks` ojw
vnrbntb`os `a Gbej‒s Fnrd t` gjjt tfj h`osugjr trjods durbom h``kjr g`otfs. Gbej‒s
Fnrd Kjg`ondjs‒ lusbjst tbgj `a tfj yjnr bs tfj suggjr g`otf rnomj `a Gny t`
Numust. Ns tfj tjgpjrnturj bohrjnsjs nhr`ss tfj ontb`o s` d` tfj snkjs `a Gbej‒s
Fnrd Kjg`ondj. Tfr`umf prbgnry rjsjnrhf, h`osugjrs noswjrjd tfnt tfjy drboe
Gbej‒s Fnrd Kjg`ondj durbom tfj suggjr wbtf 28% `a rjsp`odjots noswjrbom tfnt
tfjy drnoe Gbej‒s Fnrd durbom tfj suggjr g`otfs.
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H@OXZGJ\ DJHBXB@O Y\@HJXX(H@OXZGJ\ Y\@ABKJ)3
` 21% `a tfj rjsp`odjots fnd trbjd Gbej‒s Fnrd Kjg`ondj lja`rj--n gnc`rbty `a
wfbhf stntbom tfnt tfjy wjrj ‛s`gjwfnt sntbsabjd‗ t` ‛sntbsabjd‗ wbtf tfj `vjrnkk
h`osugptb`o jxpjrbjohj.
` 28% `a tfj rjsp`odjots snbd tfnt tfjy drnoe Gbej‒s Fnrd Kjg`ondj bo tfj
suggjr.
` Xurvjy sngpkj wns anbrky nhtbvj bo obmftkbaj wbtf tfj nvjrnmj rjsp`odjot hknbgbom
t` m` `ut hk`sj t` 4 obmfts n wjje.
` X`kbd bosbmft tfnt tf`sj nhtbvj bo h`osugbom nkh`f`k nrj wjkk nwnrj `a tfj Gbej‒s
Fnrd lrnod, nod h`osbdjr/fnvj h`osbdjrjd purhfnsbom bt lja`rj--jspjhbnkky bo tfj
suggjr.
` Bo mjojrnk, tfj Aknv`rjd Gnkt Ljvjrnmj hntjm`ry bs `atjo djjgjd ns `oj wbtf n
‛ajgboboj‗ h`oo`tntb`o
` Hntjm`ry bs sjjo ns trnosbtb`onk hntjm`ry tfnt kbjs ljtwjjo ljjr nod fnrd kbqu`r.
` AGL hntjm`ry nks` h`osugjd ns no nktjrontbvj t` ljjr wbtf n aknv`rauk twbst.
` @vjr 69% `a survjy rjsp`odjots nmrjjd tfnt Gbej‒s Fnrd Kjg`ondj bs a`r
w`gjo t` h`osugj.
! Br`obhnkky, Gbej‒s Fnrd Kjg`ondj wns `rbmbonkky hrnatjd t` nppjnk ns n
‛Fnrd‗ ljvjrnmj a`r gnkj h`osugptb`o.
` \jsukts h`oabrg ajgboboj ljkbjas `a tfj Aknv`rjd Gnkt Ljvjrnmj hntjm`ry--hno
nppky t` Gbej‒s Fnrd Kjg`ondjs‒ h`gpjtbtb`o t``.
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H@OXZGJ\ DJHBXB@O Y\@HJXX(HZ\\JOT H@OXZGJ\ GJDBN ZXJ)3
` 6<% `a survjy rjsp`odjots stntjd tfjy fnvj ljjo jxp`sjd t` n Gbej‒s Fnrd
Kjg`ondj ndvjrtbsjgjot nt kjnst `ohj.
` Ojnrky 18% `a tfj nvjrnmj rjsp`odjot‒s tbgj h`osugbom gjdbn bs spjot `okboj,
nod <<% tfr`umf tjkjvbsb`o.
` Tfj dbmbtnk spnhj bs jvjr-jv`kvbom nod mr`wbom rnpbdky, jspjhbnkky a`r tfj g`rj
y`utfauk djg`mrnpfbhs.
` Tbgj `okboj bs spjot nhr`ss s`hbnk gjdbn sbtjs nod wjlsbtjs, suhf ns Luzzajjd.
` Tfjy nrj h`ostnotky h`osugbom `okboj tfr`umf`ut tfj dny wfjrjvjr tfjy fnvjnhhjss t` tfj Botjrojt--vbn g`lbkj `r nt f`gj.
>=
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H@OXZGJ\ DJHBXB@O Y\@HJXX(L\NOD NXXJXXGJOT)3
` H`gpjtbtb`o bohkudjs lrnods suhf ns Lud Kbmft‒s Kbgj-N-\btn, \jdd‒s Nppkj Nkj,
Xgbro`aa Bhj, Lnhnrdb Xbkvjr, Xjnmrng‒s Jshnpjs nod H``kjrs, nod `tfjrs.
` Gbej‒s Fnrd Kjg`ondj fns gnbotnbojd n stjndy <od pknhj sp`t bo snkjs wbtfbo tfj
AGL hntjm`ry .
` Yurhfnsjs bo tfj AGL hntjm`ry rjky `o ljbom subtnlkj a`r tfj sbtuntb`o
` Gbej‒s Fnrd Kjg`ondj bs tfj ljvjrnmj `a hf`bhj a`r gnoy bo tfj suggjr g`otfs,
ljnrbom n tnrt nod rjarjsfbom kjg`ondj tnstj tfnt bs o`stnkmbh t` n h`osugjr‒s
hfbkdf``d--lut wbtf no ndukt tnej `o tfj tbgjkjss suggjrtbgj ljvjrnmj.
` H`gpjtbt`rs suhf ns Xgbro`aa Bhj nod Lnhnrdb Xbkvjr a`hus kjss `o sjns`onkbty,
nod nbg t` djkbvjr no AGL tfnt bs h`fjsbvj wbtf tfj obmftkbaj shjoj.
` Tfjy `aajr n g`rj ojutrnk aknv`r tfnt hno lj ndnptjd t` tnstj prjajrjohjs yjnr-
r`uod-- jspjhbnkky wfbkj `ut nt obmft.
` Aknv`r bs g`rj bgp`rtnot o`w tfno jvjr lja`rj a`r AGL h`osugjrs.
` Kbgj-N-\btn‒s suhhjss rjkbjs `o tfj bdjn `a tfj ‛noytbgj gnrmnrbtn‗ tfnt bs rjndy
t` drboe `ut `a tfj hno.
` Gnrmnrbtns fnvj n tnstj tfnt hno ndnpt t` gnoy sbtuntb`os, tf`umf bt‒s o`t ojutrnk.
` Gbej‒s Fnrd Kjg`ondj bs o`t h`osbdjrjd n ‛ojutrnk‗ aknv`r.
` \jkbjs `o tfj sbtuntb`o nod h`ovjobjohj t` lj h`osugjd.
` ]fjo tfj sbtuntb`o bs rbmft, Gbej‒s Fnrd Kjg`ondj djkbvjrs n aknv`r tfnt gnoy
djsbrj--ns pr`vjo ly n suhhjssauk fbst`ry.
>6
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H@OXZGJ\ DJHBXB@O Y\@HJXX(H@OXZGJ\ DJHBXB@O Y\@HJXX G@DJK)3
T` uodjrstnod tfj ljfnvb`r `a AGL h`osugjrs, nod Gbej‒s Fnrd Kjg`ondj bo spjhbabh--bt bs fjkpauk t`
lrjned`wo tfj purhfnsj hyhkj tfr`umf tfj H`osugjr Djhbsb`o Yr`hjss g`djk3
>) OJJD3
` ]fjo n h`osugjr jotjrs n st`rj, tfj ojjd t` purhfnsj nkh`f`k bs jstnlkbsfjd eo`wbom tf
ojjd n spjhbabh typj `a nkh`f`k. N spjhbabh sjmgjot, suhf ns AGL, bs ojjdjd.
! A`r Gbej‒s Fnrd Kjg`ondj, tfj djvjk`pgjot `a tfj ojjd rjkbjs fjnvbky `o sbtuntb`o no
h`ovjobjohj. A`r bostnohj, ba n h`osugjr bs n ajgnkj (`r n gnkj luybom a`r n ajgnkj), tf
wjntfjr bs wnrg, tfjy wnot s`gjtfbom aknv`rauk wbtf`ut tfj tnstj `a nkh`f`k, nod tfjy
sjje h`ovjobjohj bo tfj h`osugptb`o nod purhfnsj (b.j. o` gbxbom)--tfjo n ojjd a`r n
Aknv`rjd Gnkt Ljvjrnmj bs jstnlkbsfjd.
<) N]N\JOJXX3
` ]fjo n h`osugjr nppr`nhfjs tfj nkh`f`k dbspknys, tfjy eo`w tfjy nrj k``ebom a`r n AGL
ng`omst no nrrny `a tfj vnrb`us nkh`f`kbh ljvjrnmj sjmgjots tfnt rnomj ar`g ljjr, wboj,
kbqu`r, nod gnkt ljvjrnmjs. Tfj h`osugjr wbkk ljh`gj nwnrj `a tfj lrnods nvnbknlkj t`
sntbsay tfbs ojjd.
! Tfjy nrj nwnrj `a n ougljr `a lrnods bo tfj AGL hntjm`ry, bohkudbom Gbej‒s Fnrd
Kjg`ondj-- duj t` bts uobquj kjg`ondj aknv`r, gjg`rnlkj lrnodbom, nod pnst
ndvjrtbsbom.
8) Y\JAJ\JOHJ3
` Tfj h`osugjr wbkk tfjo onrr`w tfjbr djhbsb`o d`wo t` sjvjrnk lrnods tfjy w`ukd h`osbdj
purhfnsbom, nod tfj prjajrjohj `a n ajw lrnods bs jstnlkbsfjd.
! Bo tfbs hnsj, n h`osugjr w`ukd k``e nt Lud Kbmft Kbgj-N-\btn, Gbej‒s Fnrd Kjg`ondj,
nod Xgbro`aa Bhj.
>2
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H@OXZGJ\ DJHBXB@O Y\@HJXX(H@OXZGJ\ DJHBXB@O Y\@HJXX G@DJK - H@OTBOZJD)3
4) XJN\HF3
` @ohj n h`osugjr fns jstnlkbsfjd n prjajrjohj `a lrnods, tfjy wbkk tfjo sjnrhf tfr`umf
tfjsj lrnods t` sjj wfnt lrnod bs ljst a`r tfj sbtuntb`o bo wfbhf tfjy wbkk h`osugj tfj
nkh`f`k.
! Tfj Kbgj-N-\btn bs tfj noytbgj, prj-gbxjd gnrmnrbtn hno, Gbej‒s Fnrd bs tfj rjarjsfbom
ndukt kjg`ondj, nod Xgbro`aa Bhj fns n ojutrnk aknv`r tfnt bs n m``d hf`bhj nt obmft `vj
ljjr nod v`den.
:) XJKJHTB@O3
` Tfj h`osugjr tfjo sjkjhts `oj lrnod `vjr tfj `tfjrs.
! Bo tfj hnsj `a Gbej‒s Fnrd, n h`osugjr wbkk lj spjodbom tfj tfbs wnrg dny `utd``rs no
bo tfj suo. Tfjrja`rj, tfj sjkjhtb`o bs ljtwjjo Kbgj-N-\btn nod Gbej‒s Fnrd. Tfj
h`osugjr prjajrs, `r eo`w wf` tfj pjrs`o tfjy nrj luybom a`r prjajrs, n kbmftjr tnstj
`vjr n gnrmnrbtn, tfus sjkjhtbom Gbej‒s Fnrd. O`t t` gjotb`o tfjy nks` rjnd tfj ‛Hrnatjd
t` \jg`vj Mkutjo‗ knljk, wfbhf aurtfjr h`oabrgs tfj sjkjhtb`o.
1) YZ\HFNXJ + ZXJ3
` Natjr tfj sjkjhtb`o bs gndj, nod n spjhbabh lrnod bs purhfnsjd nod h`osugjd.
! X`, natjr sjkjhtbom Gbej‒s Fnrd Kjg`ondj, tfj ljvjrnmj bs purhfnsjd nod kntjr
h`osugjd—`r dbstrblutjd t` h`osugj
=) XNTBXANHTB@O3
` Tfj kjvjk `a sntbsanhtb`o tfj h`osugjr rjhjbvjs ar`g tfjbr purhfnsj djtjrgbojs wfjtfjr
tfbs purhfnsj hyhkj wbkk tnej pknhj a`r auturj `hhnsb`os.
! Ba tfj h`osugjr mnbos sntbsanhtb`o ar`g h`osugbom Gbej‒s Fnrd Kjg`ondj, tfjo bt bs
fbmfky kbejky tfjy wbkk h`osbdjr purhfnsbom bt nmnbo.
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H@OXZGJ\ DJHBXB@O Y\@HJXX(H@OXZGJ\ DJHBXB@O Y\@HJXX G@DJK - H@OTBOZJD)3
Ar`g tfj survjy, 21% `a rjsp`odjots fnd trbjd Gbej‒s Fnrd Kjg`ondj. Ljhnusj suhf n
fbmf pjrhjotnmj `a tfj tnrmjt nudbjohj fnd trbjd tfj pr`duht, Gbej‒s Fnrd Kjg`ondj fns
fbmf lrnod nwnrjojss wbtfbo tfj tnrmjt nudbjohj nod bs n eo`wo aknv`rjd gnkt ljvjrnmj.Tfbs abodbom dbrjhtky nhh`rds wbtf tfj gnrejtbom `lcjhtbvj t` g`vj bot` tfj ougljr `oj sp`t
bo tfj aknv`rjd gnkt ljvjrnmj gnrejt sfnrj. Bo `rdjr t` g`vj bot` tfj ougljr `oj sp`t bo
tfj aknv`rjd gnkt ljvjrnmj, bt bs bgp`rtnot t` a`hus ndvjrtbsbom jaa`rts `o y`uom gbkkjoobnk
w`gjo. Tfbs w`ukd tnej nwny gnrejt sfnrj a`r l`tf Kbgj-N-\btn nod \jdd‒s wf`sj gnbo
h`osugjrs nrj y`uom gbkkjoobnks. Tfj survjy nks` bodbhntjd tfnt Gbej‒s Fnrd Kjg`ondj bs
gnboky h`osugjd durbom tfj suggjr g`otfs, wfbhf wns nks` h`oabrgjd durbom tfj a`hus
mr`up.
EJR ^Z@TJX A\@G A@HZX M\@ZY3
‛B w`ukd wnot n Gbej‒s Fnrd wfjo B wnot s`gjtfbom kbmft nod rjarjsfbom lut nks` s`hbnlkj. B
w`ukd pr`lnlky `oky drboe Gbej‒s Fnrd bo n mr`up sjttbom. B ng g`rj bohkbojd t` drboe Gbej‒s
Fnrd `utd``rs wbtf arbjods nt f`gj `r bo n pulkbh spnhj.‗ - Trnhy, <>
‛B prjajr tfj tnstj `a Gbej‒s Fnrd h`gpnrjd wbtf Lud Kbmft Kbgj-N-\btn `r ljjr ljhnusj B
ajjk l`tf nrj t`` fjnvy `a drboes. B wnot s`gjtfbom kbmft nod hno joc`y tfj tnstj‗ - Hnrkbj, <8
‛]fjo B tfboe `a Gbej‒s Fnrd, B tfboe `a suggjr. B usunkky drboe tfjg wbtf arbjods nt tfj
ljnhf `r ly gy p``k durbom tfj suggjr.‗ - Ljtf, <>
<>
7/23/2019 Mike's Hard Lemonade
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X]@T NONKRXBX3
>) XT\JOMTFX3
` Gbej‒s Fnrd Kjg`ondj fns str`om lrnod rjh`mobtb`o5 n gnc`rbty `a tf`sj wf`h`osugj nkh`f`k fnvj fjnrd `r h`osugjd tfj lrnod
` Tfj h`gpnoy bs h`osbstjotky n t`p pjra`rgjr bo tfj Aknv`rjd Gnkt Ljvjrnmj (AGL)
hntjm`ry-- hurrjotky tfj <od ljst
` Tfj lrnod l`nsts n uobquj gnrejt p`sbtb`o ns n ‛Fnrd‗ kjg`ondj, nod wns tfj abrst
`a bts ebod t` lrnod n pr`duht bo suhf n wny
` \jhjot lrnodbom wbtf n sjnk stntbom ‛Hrnatjd t` \jg`vj Mkutjo‗ nppjnks t` dbjtnry
botjrjsts, nod p`tjotbnkky ojw gnrejts
` Gbej‒s Fnrd Kjg`ondj jxhjks bo suggjr ng`omst tfj AGL hntjm`ry wbtf str`om
snkjs, nod nhhjptnlkj snkjs yjnr-r`uod--ns `pp`sjd t` s`gj sjns`onkky jxhkusbvj
h`gpjtbt`rs
` Trnosbtb`ojd tfjbr gnrejtbom nppr`nhf t` nkg`st jxhkusbvjky dbmbtnk/`okboj bo `rdjr t`
g`st jaajhtbvjky t` rjnhf tfjbr dbmbtnk h`osugbom tnrmjt gnrejt
<) ]JNEJOJXXJX3
` Tfj ljvjrnmj bs `atjo djjgjd ns n ‛mbrky‗ ljvjrnmj hf`bhj--drboebom Aknv`rjd Gnkt
Ljvjrnmj hntjm`ry bs snbd t` rjduhj gnshukbobty a`r gnkj h`osugjrs
` Bggjrsbvj dbmbtnk nppr`nhf kbgbts `pp`rtuobtbjs nhr`ss `tfjr gjdbugs, nod a`rhjs
tfj h`gpnoy t` put ‛nkk `a bts jmms bo `oj lnsejt‗
` Gbej‒s Fnrd Kjg`ondj bs typbhnkky o`t n ljvjrnmj hf`bhj bo tfj obmftkbaj shjoj,
wfjrjns gnoy `a Gbej‒s dbrjht h`gpjtbt`rs tnrmjt tfbs hr`wd jaajhtbvjky
` Tfj kjg`ondj bs o`t n ‛ojutrnk‗ aknv`r tfnt pj`pkj hno nkwnys h`osugj--Gbej‒s Fnrdbs kbgbtjd t` bts sbtuntb`onk h`osugptb`o (b.j. dnytbgj, suggjr, ljnhf, `utsbdj, wnrg
wjntfjr, jth.)
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7/23/2019 Mike's Hard Lemonade
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X]@T NONKRXBX (H@OTBOZJD)3
8) @YY@\TZOBTBJX3
` Tfj Aknv`rjd Gnkt Ljvjrnmj (AGL) hntjm`ry fns sjjo n rjvbvnk `vjr rjhjot yjnrs,wbtf fbmfjr djgnods a`r nkh`f`kbh ljvjrnmjs pnhejd wbtf aknv`r nod d`o‒t tnstj kbej
nkh`f`k
` Gbkkjoobnks nrj fbmfky-nhtbvj nhr`ss tfj dbmbtnk spnhj, nod tfjy h`ostnotky sjje
botjrnhtb`o wbtf tfjbr anv`rbtj lrnods (Gbej‒s Fnrd fns tnejo n str`omjr botjrjst bo
tfjbr dbmbtnk gnrejtbom)
` H`osugjrs nrj g`rj fjnktf-h`oshb`us nl`ut wfnt tfjy h`osugj o`w g`rj tfno
jvjr, nod tfjrj bs n str`om jgpfnsbs `o qunkbty `a bomrjdbjots (Gbej‒s lrnodbom
tfjgsjkvjs ns ‛Hrnatjd t` \jg`vj Mkutjo‗ hno nppjnk t` suhf sjosj)
` Tfj rjvbvnk `a tfj AGL gnrejt fns kjd t` no hntjm`rbhnk jxpnosb`o tfr`umf`ut
Jur`pj, ns wjkk ns n mr`wbom botjrjst bo pnrts `a Nsbn
4) TF\JNTX3
` ]btf tfj mr`wbom AGL hntjm`ry, ojw lrnods nod lrnod jxtjosb`os tfrjntjo t` pusf
`ut jxbstbom lrnods nod rjduhj t`p pjra`rgjrs‒ snkjs--tfrjnt t` snturntj tfj hntjm`ry
wbtf t`` gnoy `ptb`os
` Ojw lrnods nod jxtjosb`os nbg t` tnrmjt stjndbky mr`wbom obmftkbaj trjods, nod gnbo
h`gpjtbt`rs nrj suhhjssaukky ljh`gbom n ‛h`gg`o‗ ljvjrnmj `a hf`bhj a`r AGL
`ptb`os nt tfj lnr (Gbej‒s Fnrd bs k`sbom snkjs ly o`t w`rebom t` abt bot` tfjsj trjods)
` ]btf gnrejtbom t` hjrtnbo, boakujotbnk djg`mrnpfbhs, suhf ns gbkkjoobnks, nod
lrnodbom n ljvjrnmj ns s`gjtfbom ns nppjnkbom ns kjg`ondj rbses nppjnkbom t`
uodjrnmj drboejrs
<8
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Y\BGN\R \JXJN\HF YKNO
Gbej‒s Fnrd Kjg`ondj hno mnbo gnrejt sfnrj ly tnrmjtbom n skbmftky y`uomjr nod
spjhbabh tnrmjt nudbjohj `a w`gjo >6-84. Tfjrj nrj r`umfky 8< gbkkb`o w`gjo bo tfj
Zobtjd Xtntjs nmjd <9- 84 tfnt nrj stbkk jxpjrbgjotbom wbtf nkh`f`k nod `pjo t` ojw
ljvjrnmj typjs. Tfj dbsp`snlkj boh`gj `a w`gjo bo tfbs tnrmjt gnrejt bs no
`pp`rtuobty a`r Gbej‒s Fnrd Kjg`ondj t` mnbo lrnod k`ynk h`osugjrs nod bohrjnsj
gnrejt sfnrj.
>) XZ\QJR3
` Nssbst bo onrr`wbom d`wo spjhbabh qujstb os
` Nlkj t` mnbo boa`rgntb`o qubheky nod nonkyzj tfj dntn bo n tbgjky gno`r
` Jnsbky dbstrblutjd t` n wbdj vnrbjty `a pj`pkj wbtf dbaajrjot djg`mrnpfbhs nod
psyhf`mrnpfbhs
` Xjmgjot dntn nod djvjk`p qujstb`os tfnt ojjd aurtfjr rjvbjw `r boa`rgntb`o
<) A@HZX M\@ZY3
` Zsjd t` mnbo g`rj bosbmftauk eo`wkjdmj nod uodjrstnodbom `a tfj tnrmjt nudbjohj
` G`djrnt`r hno h`otbouj t` nse qujstb`os t` spnre h`ovjrsntb`o ljtwjjo
pnrtbhbpnots
` Kjnro psyhf`mrnpfbh boa`rgntb`o nl`ut tfj tnrmjt nudbjohj nod g`rj kbajstykj
qujstb`os
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\NTB@ONKJ, M@NKX nod @LCJHTBQJX3
>) XZ\QJR3
` \jsjnrhf wfy w`gjo >6-84 w`ukd drboe Gbej‒s Fnrd Kjg`ondj` Abod `ut wfnt tbgj `a yjnr w`gjo >6-84 h`osugj Gbej‒s Fnrd Kjg`ondj
` Mntfjr boa`rgntb`o nl`ut tfj typjs `a gjdbugs tfj tnrmjt nudbjohj bs jxp`sjd t`
`o n dnbky lnsbs
` Abod tfj ljst gjdbug t` rjnhf tfj tnrmjt gnrejt nod wfjrj tfj ljst k`hntb`o `a
ndvjrtbsjgjots w`ukd lj bo `rdjr a`r tfj tnrmjt nudbjohj t` sjj tfj nds
` Xjj f`w Gbej‒s Fnrd Kjg`ondj h`gpnrjs t` h`gpjtbt`rs (strjomtfs nod
wjneojssjs)
` Djtjrgboj lrnod pjrhjptb`o nod ba h`rj vnkujs `a Gbej‒s Fnrd Kjg`ondj rjs`ontj
wbtf tnrmjt nudbjohj
` Djtjrgboj lrnod nwnrjojss ng`om tnrmjt nudbjohj
<) A@HZX M\@ZY3
` Mntfjr boa`rgntb`o `o wfnt spjhbabh `utkjts w`gjo nrj botjrjstjd bo `r spjod tfjbr
tbgj bggjrsjd bo a`r jnhf gjdbug
` Djtjrgboj f`w t` dbmbtnkky jomnmj tfj tnrmjt nudbjohj
` Xjj f`w Gbej‒s Fnrd h`gpnrjs t` tfj h`gpjtbt`rs
` Djtjrgboj lrnod pjrhjptb`o nod ba h`rj vnkujs `a Gbej‒s Fnrd Kjg`ondj rjs`ontj
wbtf tnrmjt nudbjohj
<:
7/23/2019 Mike's Hard Lemonade
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GJTF@D DJXH\BYTB@O3
N survjy wns gndj t` ljttjr uodjrstnod tfj tnrmjt nudbjohj. \jsp`odjots wjrj nsejd >8
qujstb`os nl`ut wfnt tfjy k``e a`r bo n aknv`rjd gnkt ljvjrnmj. Tfj rjsp`odjots wjrj
nsejd t` rnoe nhh`rdbom t` prjajrjohj Gbej‒s Fnrd nod tfj gnbo h`gpjtbt`rs bo `rdjr t` sjj
f`w Gbej‒s h`gpnrjd t` tfj `tfjr lrnods. Tfj survjy nks` bohkudjd djg`mrnpfbh
boa`rgntb`o nod qujstb`os rjmnrdbom tfj lrnod pjrs`onkbty `a Gbej‒s Fnrd. N t`tnk `a 66
pj`pkj noswjrjd tfj survjy durbom O`vjgljr ><tf, <9>4 nod O`vjgljr <9tf, <9>4.
N a`hus mr up wns h`oduhtjd o O`vjgljr <2tf, <9>4 t` aurtfjr uodjrstnod w`gjo >6-<4.
N gjgljr a tfj Gbej‒s Fnrd tjng g`djrntjd tfj a`hus mr`up nod nsejd qujstb`os nl`ut
gjdbn h`osugptb`o nod kbajstykj. Tfj a`hus mr`up h`otnbojd sbx w`gjo ljtwjjo tfj nmjs
`a >6 nod 84.
Y\BGN\R \JXJN\HF ABODBOMX3
Tfr`umf n sjrbjs `a >8 qujstb`os prjsjotjd dbmbtnkky ns n survjy, 21% `a rjsp`odjots fnd
trbjd Gbej‒s Fnrd Kjg`ondj. Ljhnusj suhf n fbmf pjrhjotnmj `a tfj tnrmjt nudbjohj fnd
trbjd tfj pr`duht, Gbej‒s Fnrd Kjg`ondj fns fbmf lrnod nwnrjojss wbtfbo tfj tnrmjt
nudbjohj nod bs n eo`wo aknv`rjd gnkt ljvjrnmj. Tfbs abodbom dbrjhtky nhh`rds wbtf tfj
gnrejtbom `lcjhtbvj t` g`vj bot` tfj ougljr `oj sp`t bo tfj aknv`rjd gnkt ljvjrnmj gnrejt
sfnrj. Bo `rdjr t` g`vj bot` tfj ougljr `oj sp`t bo tfj aknv`rjd gnkt ljvjrnmj, bt bs
bgp`rtnot t` a`hus ndvjrtbsbom jaa`rts `o y`uom gbkkjoobnk w`gjo. Tfbs w`ukd tnej nwny
gnrejt sfnrj a`r l`tf Kbgj-N-\btn nod \jdd‒s wf`sj gnbo h`osugjrs nrj y`uom
gbkkjoobnks. 6<% `a rjsp`odjots snbd tfjy fnd sjjo s`gj a`rg `a ndvjrtbsjgjot a`r Gbej‒s
Fnrd Kjg`ondj nod g`st `a tfj rjsp`odjots snbd tfnt tfjy wjrj s`gjwfnt sntbsabjd `rsntbsabjd wbtf tfj pr`duht. Tfj rjsp`odjots nrj sbmobabhnotky g`rj jxp`sjd t` tfj `okboj
gjdbug wfjo h`gpnrjd t` prbot, rndb` nod tjkjvbsb`o.
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GJTF@D DJXH\BYTB@O
(Y\BGN\R \JXJN\HF ABODBOMX ‘ H@OTBOZJD)3
\jsp`odjots ljkbjvjd tfnt Gbej‒s Fnrd bs sjjo ns n mbrky ljvjrnmj, lut nks` kbmft nod
rjarjsfbom. Tfbs bs h`osbstjot wbtf tfj hf`bhj t` `oky tnrmjt w`gjo. N t`tnk `a 66
survjys wjrj rjh`rdjd nod tfj survjys wjrj dbstrblutjd ar`g O`vjgljr ><tf, <9>4uotbk O`vjgljr <9tf, <9>4. Tfj survjy wns n m``d pr`vbdjr `a bosbmfts bot` tfj tnrmjt
nudbjohj wbtf tfj gnc`rbty `a rjsp`odjots ljbom w`gjo >6-<4.
N a`hus mr`up wns h`oduhtjd t` mnbo bosbmfts bot` tfj gbods `a tfj tnrmjt nudbjohj.
Ejy qujstb`os tfnt tfj a`hus mr`up k``ejd bot` wjrj3 ]fnt kbvj tjkjvbsb`o d` y`u
wnthf0 ]fnt sbtjs t` y`u `atjo vbsbt wfbkj `okboj0 ]fnt d` y`u kbej nl`ut Gbej‒s Fnrd
Kjg`ondj nod f`w d`js bt h`gpnrj t` Lud Kbmft Kbgj-N-\btn0 F`w w`ukd y`u
djshrblj Gbej‒s Fnrd. Bt wns dbsh`vjrjd tfnt tfj gnc`rbty `a w`gjo dbd o`t wnthf kbvj
tjkjvbsb`o, lut bostjnd prjajrrjd sbtjs kbej Fuku nod Ojtakbx. Gnoy nks` wnthfjd sf`ws
`o H`ghnst‒s Vabobty @o Djgnod `r rjh`rdjd sf`ws nod wnthfjd tfjg kntjr nod
sebppjd h`ggjrhbnks nkt`mjtfjr. Tfj a`hus mr`up wns nlkj t` pr`vbdj bosbmfts bot`
tfj sbtjs tfnt w`gjo >6-84 vbsbt wfbkj `okboj. Tfjsj wjlsbtjs bohkudjd3 R`uTulj,
Anhjl``e, Ngnz`o, Fuku, nod Ybotjrjst. Tfj a`hus mr`up nks` gjotb`ojd tfnt tfj
vbjw tfjsj wjlsbtjs vbn npps `o tfjbr pf`ojs nod nks` fjnvbky usj tfj npp
Xonphfnt. Tfj mjojrnk h`osjosus wns tfnt Gbej‒s Fnrd wns n kbmft nod rjarjsfbomljvjrnmj tfnt tfj w`gjo joc`yjd drboebom wfbkj p``ksbdj `vjr tfj suggjr `r nt n
ljnhf.
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TN\MJT NZDBJOHJ
HZ\\JOT AGL LZRJ\X + H@OXZGJ\X3
` Ndukt ajgnkjs (nmjs >6-84)
` Y`st-mrnduntj jduhntb`o, wbtf pr`ajssb`onk & rjkntjd `hhupntb`os jnrobom no nvjrnmj boh`gj `a
$=:,999->99,999
\NTB@ONKJ3
` ]j nrj tnrmjtbom tfj y`uomjr w`rea`rhj wf` bs sbomkj. Nktf`umf tfjy gbmft cust lj stnrtbom `ut,
tfjy fnvj tfj gjnos nod tbgj t` m` `ut `o tfj wjjejods nod spjod tfjbr g`ojy joc`ybom n
skbmftky g`rj jxpjosbvj ljvjrnmj.
` Tfbs sjmgjot, lrbmft nod djtjrgbojd, stbkk kbejs jxpjrbgjotbom wbtf tfjbr nkh`f`k. Tfbs bs tfj tbgj
tfjy stnrt ljh`gbom lrnod k`ynk, s` wj w`ukd kbej t` mjt tfjg nt tfbs stnmj `a tfjbr kbvjs. Gbej‒s
Fnrd Kjg`ondj bs n auo, fbp, nod aknv`rauk nktjrontbvj t` n k`t tfnt bs bo tfj gnrejtpknhj rbmft o`w
` Mj`mrnpfbhnkky, tfj nudbjohj a`husjs bo tfj sulurlno, gjtr`p`kbtno nrjns duj t` tfj fbmf trnaabh
`a y`uom sbomkj pr`ajssb`onks bo tfjsj nrjns. Tfjsj nrjns nks` pr`vbdj n k`t `a obmftkbaj nod
trnaabh a`r nkh`f`k h`osugptb`o.
XH@YJ @A TFJ NZDBJOHJ3
` Nhh`rdbom tfj ZX Hjosus Dntn, tfjrj nrj 18 gbkkb`o Ngjrbhnos ljtwjjo tfj nmjs a <9-84 yjnrs
`kd ns `a tfj yjnr <9><. Tfbs ng`uot `a pj`pkj nhh`uots a`r nl`ut <>% `a tfj Ngjrbhno
p`pukntb`o.
` QNKX psyhf`mrnpfbhs (Xtrbvjrs) ‘ Xtrbvjrs nrj trjody nod auo k`vbom. Xtrbvjrs nrj nhtbvj
h`osugjrs ljhnusj sf`ppbom bs l`tf n s`hbnk nhtbvbty nod no `pp`rtuobty t` djg`ostrntj t`
pjjrs tfjbr nlbkbty t` luy.
<6
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N DNR BO TFJ KBAJ
(TN\MJT H@OXZGJ\ Y\@ABKJ)3
KBODXNR GBKKJ\3
Fb tfjrj! Gy ongj bs Kbodsny. B ng <4
yjnrs `kd, sbomkj, nod kbvbom bo d`wot`wo
Hfbhnm`. Tfbs pnst yjnr B mrnduntjd ar`g
tfj Zobvjrsbty `a Gbhfbmno wbtf n lusbojss
djmrjj, nod rjhjotky ljmno gy aukk tbgj
hnrjjr ns n gnrejtbom nonkyst a`r n knrmj
abonohbnk abrg. B ng jxhbtjd ljhnusj a`r tfj
abrst tbgj bo gy kbaj B wbkk lj jnrobom n snknry
nod hno spjod gy g`ojy `o tfboms tfnt B
joc`y d`bom. B w`re 49 f`urs n wjje nod
ng n vjry lusy pjrs`o bo mjojrnk, lut B
k`vj t` m` `ut `o tfj wjjejods ljhnusj bt
bs n mrjnt wny t` gjjt pj`pkj bo tfbs ojw,
lbm hbty. Gy h`-w`rejrs nrj sbgbknr t` gj bo
tfbs nspjht, nod wj joc`y mjttbom t`mjtfjr
`utsbdj `a tfj `aabhj. B fnvj ojvjr ljjo n
lbm ljjr drboejr, lut B d` joc`y `tfjr typjs
`a nkh`f`kbh ljvjrnmjs. B jvjotunkky wnot
t` sjttkj d`wo nod fnvj ebds, lut o`t a`r n
h`upkj yjnrs nt kjnst. B wnot t` joc`y ljbom
sbomkj nod bodjpjodjot bo n lbmjovbr`ogjot wfbkj B hno.
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GJDBN XT\NTJMR
GN\EJTBOM @LCJHTBQJ3
Lj #> bo gnrejt sfnrj a`r aknv`rjd gnkt ljvjrnmjs hntjm`ry ly
bohrjnsbom gnrejt sfnrj ar`g <8% t` 89%
NDQJ\TBXBOM @LCJHTBQJ3
Hrjntj p`sbtbvj ajjkboms t`wnrd tfj lrnod nod lrnod kbejnlbkbty ng`om
4:% `a tnrmjt nudbjohj
GJDBN @LCJHTBQJ3
Zsj `okboj, prbot, nod o`o-trndbtb`onk ndvjrtbsjgjots t` rjnhf tfj tnrmjt
gnrejt tfr`umf`ut tfj yjnr
89
7/23/2019 Mike's Hard Lemonade
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CNO-AJL GN\ >: NY\ >: GNR >: CZO >: CZK >: NZM >: XJY-@HT O@Q-
@OKBOJ
ANHJL@@E
XY@TBAR
FZKZ
R@ZTZLJ
NGNS@O
Y\BOT
Q@MZJ
H@XG@Y@K.
@-@-F
TNVB LNOOJ\X
ZLJ\ NDX
Y\@G@TB@OX
XONYHFNT
H@OHJ\TX
XL/LJNHF
GJDBN XHFJDZKJ
\NTB@ONKJ3
N h`otbou`us hngpnbmo wns hf`sjo a`r tfj `okboj gjdbugs t` ejjp tfj Gbej‒s Fnrd Kjg`ondj
lrnod arjsf bo `ur h`osugjr‒s gbods tfr`umf`ut tfj yjnr. Gbej‒s Fnrd Kjg`ondj wbkk fnvj puksbom
ndvjrtbsjgjots durbom tfj suggjr g`otfs a`r `okboj, Yrbot, nod `ut `a f`gj gjdbugs. Gbej‒s
Fnrd Kjg`ondj wbkk lj pr`g`tjd bo tfj sprbom nod suggjr g`otfs ljhnusj s`gj `a tfjpr`g`tb`os tfnt nrj ljbom d`oj, kbej Xprbom Lrjne nod s`gj gusbh ajstbvnks nod h`ohjrts tnej
pknhj durbom tfj Xprbom. Yrbgnry rjsjnrhf sf`wjd tfnt tfj gnc`rbty `a rjsp`odjots joc`y Gbej‒s
Fnrd Kjg`ondj bo tfj Xprbom nod Xuggjr, wbtf g`rj joc`ybom tfj pr`duht bo tfj Xuggjr, tfus
hrjntbom n rntb`onkj a`r n puksj shfjdukj durbom tfj Xprbom nod Xuggjr sjns`os t` ejjp Gbej‒s
Fnrd Kjg`ondj nt tfj t`p `a h`osugjr‒s gbods durbom pjne h`osugptb`o tbgj.
YZKXBOMH@OTBOZ@ZX
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GJDBN LZDMJT
\NTB@ONKJ3
Tfj nkk`hntb`o `a tfj ludmjt, nod gjdbn pkno hf`bhjs, wjrj gndj bo `rdjr t` g`st
jaajhtbvjky rjnhf `ur tnrmjt gnrejt. Tfj tnrmjt gnrejt bs no >6-84 yjnr `kd w`gno nod tfjy
ankk bot` tfj hntjm`ry `a Gbkkjoobnks. Tfjsj w`gjo nrj o` k`omjr wnthfbom tjkjvbsb`o, tfjy
mjt tfjbr ojws nod spjod tfjbr tbgj g`stky `okboj nod `o dbmbtnk gjdbn. Gbkkjoobnks nrj o`k`omjr naajhtjd ly trndbtb`onk ndvjrtbsbom tfnt mjojrntb`os lja`rj tfjg wjrj. Tfjy ojjd
s`gjtfbom ojw, jxhbtbom, nod jyj hnthfbom. Tfjrja`rj, tfj gjdbn pkno nkk`hntjs g`st `a tfj
ludmjt t` `okboj nod pr`g`tb`onk gjdbn. Bt nks` bohkudjs `ut- `a-f`gj nod prbot t` rjbtjrntj
tfj gjssnmj nod rjnhf ns gnoy `a tfj tnrmjt nudbjohj ns p`ssblkj.
$>99,999
$>:9,999
$4:9,999
$899,999
LZDMJT L\JNED@]O($> GBKKB@O)3
Y\BOT
@ZT-@A-F@GJ
DBMBTNK + @OKBOJ
Y\@G@TB@ONK
8<
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GJDBN LZDMJT
(TJKJQBXB@O)3
LZDMJT YJ\HJOTNMJ & NG@ZOT 7 9% / $9
\NTB@ONKJ3
Nktf`umf s`gj gbkkjoobnks stbkk hurrjotky wnthf TQ, tfj ougljrs tfnt wnthf bt nrj djhkbobom.
Nhh`rdbom t` n sgnkk a`hus mr`up h`oduhtjd, nod t` tfj dntn ar`g tfj ^8 t`tnk nudbjohj
rjp`rt, g`rj nod g`rj y`uom pj`pkj nrj wnthfbom TQ sf`ws `okboj `o tfjbr h`gputjrs,
pf`ojs, nod bYnds. Bo anht, tfj <9>4 ^8 nudbjohj rjp`rt a`uod tfnt trndbtb`onk TQ vbjwbom
ng`om >6-<4-yjnr- `kds wns d`wo ly >2% yjnr-`vjr-yjnr. Bostjnd, tfbs mjojrntb`o bs usbom
sbtjs suhf ns Fuku nod Ojtakbx bostjnd `a sbttbom nod wnthfbom n sf`w wfjo bt nhtunkky nbrs.
Tfjrja`rj, bt d`js o`t gnej sjosj a`r Gbej‒s Fnrd Kjg`ondj t` spjod noy g`rj g`ojy `o
tjkjvbsb`o ndvjrtbsbom. Bostjnd, ly huttbom tfbs gjdbug `ut, Gbej‒s hno spjod g`rj `o `okbojndvjrtbsbom, wfjrj tfj vbjwjrs nrj, nod g`rj `o o`o-trndbtb`onk ndvjrtbsbom, wfbhf bs wfnt
tfj tnrmjt nudbjohj joc`ys g`rj.
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GJDBN LZDMJT
(@OKBOJ)3
LZDMJT YJ\HJOTNMJ & NG@ZOT 7 4:% / $4:9,999
\NTB@ONKJ3
Tfj gnc`rbty `a tfj ludmjt nod gjdbn pkno bs dbrjhtjd t`wnrds `okboj nod dbmbtnk gjdbn a`r
gnoy rjns`os. Abrst `aa, bt bs `oj `a tfj ljst gjdbugs t` rjnhf tfj tnrmjt nudbjohj. ]btf tfj
gnc`rbty `a tfj tnrmjt nudbjohj ljbom ‖Gbkkjoobnks‒, tfjy nrj vjry tjhf-snvvy nod bov`kvjd
wbtf s`hbnk gjdbn. Tfjy spjod n knrmj ng`uot `a tfjbr tbgj `o tfjbr pf`oj sjnrhfbom
wjlsbtjs nod npps. Aurtfjrg`rj, `okboj ndvjrtbsbom pr`vbdjs fbmf rjnhf nod arjqujohy a`r n
vjry anbr h`st. Bt bs jnsbky gjnsurnlkj nod trnhjnlkj s` Gbej‒s wbkk lj nlkj t` sjj wfjrj
tfboms nrj nod nrj o`t w`rebom anbrky qubheky. Tfj pkno bs t` d` tfbs tfr`umf gnoy dbaajrjot
wjlsbtjs suhf ns Anhjl``e, R`uTulj, Xp`tbay , Fuku, nod `okboj sf`ppbom suhf ns
Ngnz`o. Nhh`rdbom t` rjsjnrhf d`oj ly H`gsh`rj, Anhjl``e bs tfj tnrmjt nudbjohjs g`st
vbsbtjd s`hbnk gjdbn wjlsbtj, a`kk`wjd ly Bostnmrng nod Xonphfnt. Aurtfjrg`rj, :=% `aR`uTulj vbdj`s nrj sfnrjd ar`g tfbs nmj mr`up, gnebom tfjg prbgj pknhjs t` put lnoojr
nds tfnt wbkk dbrjhtky rjnhf tfj tnrmjt. Yknhbom nds `o tfjsj sbtjs, suhf ns HYH nds (pny pjr
hkbhe nds) wbkk lj no jnsy wny t` dbrjhtky rjnhf `ur gnrejt nod jvnkuntj tfj jaajhtbvjojss.
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GJDBN LZDMJT
(Y\BOT)3
LZDMJT YJ\HJOTNMJ & NG@ZOT 7 >9% / $>99,999
\NTB@ONKJ3
Xbohj Ndvjrtbsjgjots bo gnmnzbojs nrj rjkntbvjky bojxpjosbvj, Gbej‒s sf`ukd stbkk djv`tj n
sgnkk ng`uot `a tfj ludmjt t` Yrbot Nds. Ndvjrtbsjgjots bo gnmnzbojs fjkp t` bohrjnsj tfj
arjqujohy `a tfj gjssnmj t` tfj nudbjohj nod rjbtjrntj tfj lrnod. Tfj tnrmjt nudbjohj
Gbej‒s ojjds t` rjnhf fnrdky jvjr rjnds tfj mjojrnk ojwspnpjrs, lut stbkk fnvj botjrjst bo
Gnmnzbojs, k``ebom t` tfjg a`r ndvbhj `o k`vj, sjx, w`re nod ansfb`o.
Nhh`rdbom t` G\B dntn, hurrjotky, H`sg`p`kbtno nod Q`muj nrj tw` `a tfj g`st rjnd
gnmnzbojs a`r y`uom w`gjo. @tfjr gnmnzbojs rjnd ly w`gjo nrj g`rj mjnrjd t`wnrds
f`usjejjpbom nod pnrjotbom, wfbhf d` o`t abt tfj gnrejt Gbej‒s ojjds t` rjnhf. Tfjrja`rj bt
wbkk lj ljojabhbnk t` put sjvjrnk typjs `a ndvjrtbsjgjots bo H`sg`p`kbtno nod Q`muj
gnmnzbojs. Tfjsj wbkk h`osbst g`stky `a lkjjd nds nod ruo `a tfj l``e nds.
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GJDBN LZDMJT
(@ZT-@A-F@GJ)3
LZDMJT YJ\HJOTNMJ & NG@ZOT 7 >:% / $>:9,999
\NTB@ONKJ3
Ns `ur tnrmjt gnrejt h`osbsts `a y`uom, `o tfj g`vj w`gjo, `ut-`a-f`gj ndvjrtbsbom
pr`vbdjs tfj `pp`rtuobty t` pknhj nds wfjrj tfj tnrmjt gnrejt hno sjj bt tfr`umf`ut tfjbr
dny-t`- dny kbaj. N gnc`rbty `a tfjsj w`gjo wbkk h`ggutj t` w`re jvjrydny, nod ns tfj
tnrmjt bs n gjtr`p`kbtno nrjn, Gbej‒s hno rjnhf tfjg tfr`umf h`ggutjr rnbk ndvjrtbsbom bo
hbtbjs trnbo nod sulwny stntb`os. Tfjsj y`uom w`gjo nrj nks` h`ostnotky `o tfj m` nt obmft,
m`bom lnr t` lnr `o tfj wjjejods nod tnebom Tnxbs, nod g`st rjhjotky Zljr t` g`vj
nr`uod. Tfjrja`rj tnxb nds, nod nds pknhjd bo Zljr hnrs wbkk rjnhf tfjg dbrjhtky tfr`umf
trnosp`rtntb`o tfjy usj, nod nr`uod tfj tbgj nkh`f`k bs g`st kbejky t` lj h`osugjd,rjgbodbom tfjg tfnt Gbej‒s Fnrd Kjg`ondj bs n auo drboebom `ptb`o. Abonkky, durbom tfj
wnrgjr g`otfs, Lbkkl`nrd nds wbkk lj pknhjd ojnr hbtbjs ljnhfjs nod knejs, ns tfnt bs wfjrj
nod wfjo rjsjnrhf sf`wjd Gbej‒s Fnrd Kjg`ondj bs h`osugjd tfj g`st.
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GJDBN LZDMJT
(Y\@G@TB@O)3
LZDMJT YJ\HJOTNMJ & NG@ZOT 7 89% / $899,999
\NTB@ONKJ3
LJNHF YN\TBJX + GZXBH AJXTBQNKX ‘ Gbej‒s Fnrd Kjg`ondj sf`ukd nks` rjnhf `ut t`
tfj tnrmjt gnrejt durbom Xprbom lrjne. ]j nrj tnrmjtbom ajgnkjs nmjd >6-84 wbtf no boh`gj
`a $:9,999- $>99,999. Yr`g`tbom Gbej‒s Fnrd Kjg`ondj nt tfj p`puknr Xprbom Lrjne
djstbontb`o `a Ynongn Hbty Ljnhf, AK w`ukd lj no jaajhtbvj wny t` rnbsj nwnrjojss nl`ut
`ur pr`duht. Gbej‒s Fnrd Kjg`ondj wbkk sp`os`r n ljnhf pnrty `o Ynongn Hbty Ljnhf bo
Gnrhf, durbom n p`puknr wjjejod a`r Xprbom Lrjne m`jrs. Tjots wbtf tfj k`m` wbkk lj pknhjd
nr`uod tfj ljnhf nk`om wbtf pkjoty `a h`kd Gbej‒s Fnrd Kjg`ondj pr`duhts t` fnod `ut t`
nttjodjjs. @tfjr swnm btjgs wbkk lj purhfnsjd wbtf n pnrt `a tfbs ludmjt t` fnod `ut t`ljnhfm`jrs t` sprjnd nwnrjojss ng`omst tfjbr arbjods nl`ut tfj Gbej‒s Fnrd Kjg`ondj
lrnod. Nddbtb`onkky, gusbh ajstbvnks w`ukd lj no`tfjr summjstb`o.
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GJDBN LZDMJT
(Y\@G@TB@O - H@OTBOZJD)3
XONYHFNT (MJ@-TN\MJTBOM) ‘ Tfbs s`hbnk gjdbn `utkjt bs bdjnk a`r `ur purp`sjs sbohj
1 `ut `a >9 usjrs nrj ljtwjjo tfj nmjs `a >6-<4 nod tfj gnc`rbty `a bts usjrs nrj ajgnkj. Nddbtb`onkky, Xonphfnt bs tfj 8rd g`st p`puknr s`hbnk gjdbn npp nod bts boo`vntbvj ajnturjs
suhf n st`ry nod Mj`-Abktjrs wbkk nkk`ws us t` mjt `ur gjssnmj nhr`ss bo dbaajrjot a`rgs.
Mj`-Abktjrs nkk`w y`u t` fnvj hust`gbzjd abktjrs wfjo y`u nrj `o no nrjn, nod tfbs w`ukd
nkk`w Gbej‒s fnrd Kjg`ondj t` p`sbtb`o `o bgp`rtnot jvjots t` `ur tnrmjt nudbjohj suhf ns
gusbh ajstbvnks, nod p`puknr Xprbom Lrjne k`hntb`os ng`om `tfjrs. Tfbs wbkk bohrjnsj tfj
botjrnhtb`o nod rjnhf o`t `oky nt tfj jvjo, lut tfr`umf tfj ojtw`re `a jnhf usjr.
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JQNKZNTB@O GJTF@DX
Xjvjrnk jvnkuntb`o gjtf`ds wbkk lj usjd t` jvnkuntj tfj Gjdbn pkno.
Xbohj bt w`ukd lj n wnstj `a tfj ludmjt t` spjod g`ojy `o gjdbn tfnt
bso‒t w`rebom, tfj abrst gjtf`d wbkk lj t` h`otbou`usky ejjp up wbtf tfj
pkno. Tfbs gjno‒s tfnt Gbej‒s Fnrd wbkk ojjd t` gjnsurj tfj ng`uot `a
fbts tfjbr `okboj ndvjrtbsbom bs mjttbom, nod fnkawny tfr`umf tfj pkno
survjy tfj tnrmjt nudbjohj t` sjj ba tfjy nrj drboebom Gbejs, nod ba tfjy
wjrj sntbsabjd wbtf tfjbr jxpjrbjohj. Aurtfjrg`rj, tfjy hno h`oduht
survjys `o wfjtfjr `r o`t tfj @ut-`a-f`gj nod prbot ndvjrtbsjgjots
wjrj sjjo nod rjh`mobzjd. Xbohj n knrmj pnrt `a tfj gjdbn pkno h`otnbos
o`o-trndbtb`onk ndvjrtbsbom, bt bs bgp`rtnot t` trnhe tfj pj`pkj wf` nttjod
tfj h`ohjrts nod pnrtbjs t` josurj bt gnthfjs up wbtf tfj tnrmjt gnrejt,
nod t` sjj ba tfjsj pr`g`tb`os bohrjnsjd tfj vbsblbkbty nod purhfnsbom `aGbej‒s. Tfbs nks` bohkudjs gjnsurbom tfj ng`uot `a pj`pkj tfnt usjd tfj
Xonphfnt abktjr. N abonk survjy nt tfj jod `a tfj pkno wbkk nks` lj usjd a`r
tfj tnrmjt gnrejts `vjrnkk sntbsanhtb`o nod `pbob`o `o Gbejs. N abonk wny
t` jvnkuntj wbkk lj tfj auturj G\B dntn nod snkjs bo mjojrnk. Tfj pkno
f`pjs tfnt g`rj y`uom w`gjo wbkk luy Gbej‒s , nod tfj G\B dntn wbkk
rjvjnk ba tfnt bs truj.
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GJDBN YKNO XZGGN\R
Tfj gjdbn pkno wns hrjntjd lnsjd `aa sjvjrnk `lcjhtbvjs, nod `aa `a tfj
ljst nod g`st jaabhbjot wny t` rjnhf tfj tnrmjt gnrejt. Tfj gnrejtbom
`lcjhtbvj wns t` lj #> bo gnrejt sfnrj a`r aknv`rjd gnkt ljvjrnmjs
hntjm`ry ly bohrjnsbom gnrejt sfnrj ar`g <8% t` 89%. Tfj ndvjrtbsbom
`lcjhtbvj wns t` hrjntj p`sbtbvj ajjkboms t`wnrd tfj lrnod nod lrnod
kbejnlbkbty ng`om 4:% `a tnrmjt nudbjohj. Abonkky, tfj gjdbn `lcjhtbvj
wns t` usj `okboj, prbot, nod o`o-trndbtb`onk ndvjrtbsjgjots t` rjnhf tfjtnrmjt gnrejt tfr`umf`ut tfj yjnr. Tfjsj `lcjhtbvjs nod rjsjnrhf `o tfj
tnrmjt gnrejt fjkpjd t` nkk`hntj tfj ludmjt bo tfj ljst wny p`ssblkj. Tfj
ludmjt nkk`hntb`o nod gjdbugs hf`sjo wjrj ns a`kk`ws5 4:% `a tfj
ludmjt wns spjot `o `okboj ndvjrtbsbom, 89% `o pr`g`tb`os, >:% `o
@ut- `a F`gj ndvjrtbsbom nod >9% `o prbot, spjhbabhnkky gnmnzbojs.
Ns `okboj bs tfj g`st usjd gjdbug ng`om tfj tnrmjt nudbjohj, gnc`rbty
`a tfj ludmjt wns dbrjhtjd tfjrj. Tfj tnrmjt nudbjohj, >6-84 yjnr `kd
w`gjo usj tfj Botjrojt ns tfjbr s`urhj `a ojws, tfjbr kboe t` arbjods, nod
jvjo tfjbr tjkjvbsb`o nod g`vbj `utkjt. Tfj ndvjrtbsjgjots `okboj wjrj
dbrjhtjd t` sjvjrnk sbtjs tfnt rjsjnrhf sf`wjd tfj tnrmjt gnrejt usjd tfj
g`st ‘ Anhjl``e, Bostnmrng, Fuku, Ngnz`o, nod R`uTulj.
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GJDBN YKNO XZGGN\R (H@OTBOZJD)3
Tfbrty pjrhjot `a tfj ludmjt wns dbrjhtjd t`wnrds pr`g`tb`os. Yr`g`tb`os
nkk`wjd a`r g`rj hrjntbvj ndvjrtbsjgjots tfnt h`ukd lj dbrjhtjd bo spjhbabh
nrjns nod jvjots tfj tnrmjt gnrejt nttjods nod joc`ys. Abonkky n h`glbojd
twjoty-abvj pjrhjot wns dbrjhtjd t` `ut `a f`gj ndvjrtbsbom nod prbot gjdbn,
tfbs nkk`ws tfj `pp`rtuobty t` bohrjnsj tfj ng`uot `a pj`pkj tfnt sjj tfj
ndvjrtbsjgjots wfbkj nks` stbkk a`hus `o wfnt tfj tnrmjt gnrejt rjnds nod sjjs.
Tfj prbot wns pknhjd bo H`sg`p`kbtno nod Q`muj gnmnzbojs nod tfj `ut-`a-
f`gj wns a`husjd `o h`gg`o gjtf`ds `a trnosp`rtntb`o tfj gnrejt usjs `o
n dnbky lnsbs. Tfj ndvjrtbsbom a`r nkk `a tfj nl`vj wbkk lj h`otbou`us a`r `okboj
wbtf puksbom a`r `okboj, pr`g`tb`os, `ut `a f`gj nod prbot bo tfj sprbom nod
suggjr, ns tfnt bs wfjo rjsjnrhf sf`wjd pj`pkj h`osugj Gbej‒s tfj g`st.
T` jvnkuntj tfj pkno‒s suhhjss n vnrbjty `a survjys nrj t` lj usjd. Tfjsj
survjys wbkk lj d`oj tfr`umf`ut tfj gjdbn pkno nod nt tfj jod ns wjkk.
Aurtfjrg`rj, `okboj ndvjrtbsjgjots wbkk lj trnhejd t` josurj tfnt tfjy nrj
ljbom sjjo nod hkbhejd. Tfj abonk jvnkuntb`o wbkk h`gj ar`g auturj G\B dntn `o
Gbej‒s Fnrd Kjg`ondj, ba Gbej‒s mnbos lnhe gnrejt sfnrj nod tfj t`p p`sbtb`o,
nod uktbgntjky ar`g Gbej‒s Fnrd Kjg`ondj snkjs.
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]@\EX HBTJD3
• Nrj R`uom Yj`pkj ]nthfbom Kjss TQ0 (Zpdntjd- 8 <9>4 Jdbtb`o)" Gnrejtbom Hfnrts. 6 Djh,<9>4. fttp3//www.gnrejtbomhfnrts.h`g/tjkjvbsb`o/nrj-y`uom-pj`pkj-wnthfbom-kjss-tv-<46>=/
• "Lud Kbmft Kbgj Kbgj-N-\btn nod Xtrnw-Ljr-\btn." Lud Kbmft Kbgj Kbgj-N-\btn nod Xtrnw-Ljr-\btn (o.d.)3 o. pnm. Nofjusjr Lushf. ]jl. fttp3//www.nofjusjr-lushf.h`g/s/upk`nds/Lud-
Kbmft-Kbgj-\btns-Anht-Xfjjt.pda
• Lu`hekjy, Ljo. "Tfj Lud Kbmft Kbgj-n-\btn Jaajht3 Arubt-aknv`rjd Ljjrs ]``]`gjo.‗LjvjrnmjDnbky.h`g.]bkkbng \jjd Lusbojss Gjdbn, >< O`v. <9>8. ]jl. 9< Djh.<9>4.fttp3//www.ljvjrnmjdnbky.h`g/Gnrejts/Tfj-Lud-Kbmft-Kbgj-n-\btn- jaajht-Arubt-aknv`rjd-ljjrs-w``-w`gjo
• Hrjhhn, D`oon. "Tjhfo`gbh \jvjnks Ndukt Ljvjrnmj Bodustry Mr`wtf Drbvjrs." Y\Ojwswbrj.Tjhfo`gbh,<1 Ajl. <9>8. ]jl. 98 Djh. <9>4.fttp3//www.projwswbrj.h`g/ojws-rjkjnsjs/tjhfo`gbh-rjvjnks-ndukt-ljvjrnmj-bodustry-mr`wtf-drbvjrs->28988<>.ftgk
• Jomjk, Cjaa. "GbkkjrH``rs \jturos t` Xupjr L`wk Nds wbtf \jdd's Nppkj Nkj (Qbdj`) - Gbkwnuejj -
Gbkwnuejj Lusbojss C`uronk." Gbkwnuejj Lusbojss C`uronk . O.p., >2 Djh. <9><. ]jl. 92O`v. <9>4. fttp3//www.lbzc`uronks.h`g/gbkwnuejj/lk`m/<9></></gbkkjrh``rs-rjturos-t`-supjr-l`wk-nds.ftgk
• Mboslurm, G`obhn. "Gbej's Fnrd Kjg`ondj ]nots t` Lj R`ur 'gnktjrontbvj'" Hrnbo's Hfbhnm`Lusbojss. O.p., 9: Cuky <9>4. ]jl. 92 Djh. <9>4.fttp3//www.hfbhnm`lusbojss.h`g/nrtbhkj/<9>49=9:/BXXZJ9>/89=9:22=</gbejs-fnrd-kjg`ondj-wnots- t`-lj-y`ur-gnktjrontbvj
• Enr`kjaseb, C`fo. "Gbej‒s Fnrd Kjg`ondj Yr`g`tjs @ptbgnk Nss rtgjot a`r Xnkjs Mr`wtf."HYMgnttjrs3 Hntjm`ry Gnonmjgjot . HYMgnttjrs, Cuky <9>8. ]jl. 92 O`v. <9>4.
fttp3//www.hpmgnttjrs.h`g/Hntjm`ryGnonmjgjot9=>8.ftgk
• Entz, Fjkjo J. "Gjdbn bo tfj Gnrejtbom H`otjxt." Tfj Gjdbn Fnodl``e3 N H`gpkjtj Mubdj t` Ndvjrtbsbom Gjdbn Xjkjhtb`o, Yknoobom, \jsjnrhf, nod Luybom . Gnfwnf, OC3 KnwrjohjJrklnug, <998.>:->1. Yrbot.
• Erjss, Gjkbssn. "Aknv`rjd Gnkt Ljvjrnmjs O` K`omjr Cust n Xjns`onk@aajrbom."H`ovjobjohjXt`rjOjws. Xtnmobt` Gjdbn, >2 Cuoj <9>>. ]jl. 94 Djh.<9>4.fttp3//www.hsojws.h`g/pr`duht-hntjm`rbjs/ljvjrnmjs/aknv`rjd-gnkt-ljvjrnmjs-o`-k`omjr-cust-sjns`onk-`jrbom
• Kjmjr, Ngy. "Gbej's Fnrd Kjg`ondj's Mkutjo \jg`vjd Knljk." Tfj Xnvvy Hjkbnh .KjmjrBotjrnhtbvj KKH, >1 @ht. <9>4. ]jl. >< O`v. <9>4.fttp3//www.tfjsnvvyhjkbnh.h`g/<9>4/>9/>1/gbejs-fnrd-kjg`ondj-mkutjo-rjg`vjd/
• "GbkkjrH``rs" GbkkjrH``rs3 \jdd's Nppkj Nkj. O.p., o.d. ]jl. >< O`v. <9>4.fttp3//www.gbkkjrh``rs.h`g/@ur-Ljjrs/Mrjnt- Ljjrs.nspx
• Ojwgno, Nodrjw. "Gbej's, n Aknv`rjd Nkh`f`k Lrnod, Trbjs t` ]bdjo Bts Nppjnk" Tfj Ojw R`reTbgjs. << Gny, <9>8. fttp3//www.oytbgjs.h`g/<9>8/9:/<8/lusbojss/gjdbn/gbejs-n-aknv`rjd-nkh`f`k-lrnod-trbjs-t`-wbdjo-bts- nppjnk.ftgk0Pr79
7/23/2019 Mike's Hard Lemonade
http://slidepdf.com/reader/full/mikes-hard-lemonade 43/44
]@\EX HBTJD (H@OTBOZJD)3
• Ybhe, T`g. ">98 H`gpjkkbom X`hbnk Gjdbn nod Gnrejtbom Xtntbstbhs a`r <9>8 (nod <9>4)."Lusbojss < H`gguobty. >< O`v, <9>8. fttp3//www.lusbojss<h`gguobty.h`g/s`hbnk-gjdbn/>98-h`gpjkkbom-s`hbnk-gjdbn-gnrejtbom-stntbstbhs-<9>8-<9>4- 91=2<41
• \bhftjr, Ajkbx. "Xonphfnt G`rj Y`puknr Tfno Twbttjr Ng`om Gbkkjobnks." Xtntbstbhn. >< Num, <9>4.
fttp3//www.stntbstn.h`g/hfnrt/<:=9/g`st-p`puknr-s`hbnk-npps-ng`om-gbkkjoobnks/
• Xhfuktz, J.C. "Lud Kbmft Y`urs G`rj G`ojy Bot` \btns." Ndvjrtbsbom Nmj HG@ Xtrntjmy \XX.O.p., o.d. ]jl. <: @ht. <9>4. fttp3//ndnmj.h`g/nrtbhkj/hg`-strntjmy/lud-kbmft-p`urs-g`ojy-rbtns/<24928/
• Xhfuktz, J.C. "Gbej's Fnrd Fns n Ojw Xtrntjmy, nod Bt's Nkk Dbmbtnk." Nd Nmj. > Npr, <9>4.fttp3//ndnmj.h`g/nrtbhkj/hg`-strntjmy/gbej-s-fnrd-n-strntjmy-dbmbtnk/<2<4>>/
• Xhfuktz, J.C. "GbkkjrH``rs Xojnes Bot` Xupjr L`wk t` Knuohf Nppkj Nkj." Ndvjrtbsbom Nmj. O.p.,o.d. ]jl. 92 O`v. <9>4. fttp3//ndnmj.h`g/nrtbhkj/spjhbnk-rjp`rt-supjr-l`wk/gbkkjrh``rs-sojnes-supjr-l`wk-knuohf-nppkj-nkj/<86=28/
• Xh`tt, Entbj. "]btf Lbomj Drboebom `o \bsj, H kkjmjs Tnej Xtjps t` Nddrjss Bts Dnomjrs."Ontb`onk Hntf`kbh \jp`rtjr . O.p., <9 Xjpt. <9>4. ]jl. <9 @ht. <9>4.fttp3//ohr`okboj.`rm/ojws/anbtf-pnrbsf/lbomj-drboebom-rbsj-h`kkjmjs-tnej-stjps-nddrjss- bts-dnomjrs
• "Xjns`os Naajht H`osugjrs' Drboe Hf`bhjs." Ljvjrnmj Bodustry . LjvBodustry, 8 Djh. <9>4. ]jl.: Djh. fttp3//www.ljvbodustry.h`g/nrtbhkjs/669:8-sjns`os-naajht-h`osugjrs-drboe-hf`bhjs
• Xbgjobh, Cjoon. "Gbej's Fnrd Kjg`ondj H`. Botr`duhjs Ojw 'Hrnatjd t` \jg`vj Mkutjo' Xjnk`o Nkk Gbej's® Yr`duhts." Y\Ojwswbrj. Gbej's Fnrd Kjg`ondj H`., >: O`v. <9>4. ]jl. >4
O`v. <9>4.fttp3//www.projwswbrj.h`g/ojws-rjkjnsjs/gbejs-fnrd-kjg`ondj-h`-botr`duhjs-ojw-hrnatjd-ljvjrnmj
• Xbomf, Xnrwnot. "Tfj >9 X`hbnk Nod Tjhf Trjods Tfnt H`ukd Xfnpj Tfj Ojxt Djhndj." A`rljs.A`rljs Gnmnzboj, >< Gny <9>4. ]jl. <9 @ht. <9>4.fttp3//www.a`rljs.h`g/sbtjs/snrwnotsbomf/<9>4/9:/></tfj-t`p->9-gjmn-trjods-`a-tfj-djhndj/
• Tfj`d`rj, X. (<991). N FN\D NHT T@ A@KK@]. Ljvjrnmj Bodustry, 2= (2), 8<-84,81. \jtrbjvjdar`g NLB Boa`rg/Mk`lnk.
• ]`om, Qjojssn. "Lud Kbmft's Gnrmnrbtn-bo-n-Hno3 ]`gjo K`vj Bt." Lk``gljrm Lusbojss ]jje .
Lk``gljrm, <1 Cuoj <9>4. ]jl. 92 @ht. <9>4. fttp3//www.lusbojsswjje.h`g/nrtbhkjs/<9>4-91-<1/lud-kbmfts-gnrmnrbtn-bo-n-hno-w`gjo-k`vj-bt
• R`uom, Cngjs. "Gbej's Fnrd Kjg`ondj Yukks TQ Nds a`r Nkk-Dbmbtnk Gnrejtbom." GnrhfH`gguobhntb os \XX. O.p., 8 Npr. <9>4. ]jl. >2 @ht. <9>4.fttp3//www.gnrhfpr.h`g/pr/<9>4/94/gbejs-kjg`ondj-dbmbtnk-gnrejtbom/