)JHIMJHIUT

IJHIMJHIU=IJMJU=OUIF

MJHIUFTUTQPUPSBSFBWUP

UISPXBTUSPOHMJHIUPO
UP

FNQIBTJ[F

5IFOFXTMFUUFSGPS*EBIP/3$4FNQMPZFFTBOEDPOTFSWBUJPOQBSUOFST

*O5IJT*TTVF

6QRZ%DQNV	6HHLQJ'RJV

6QDSVKRWVIURPWKH)LHOG

3HUVRQQHO$FWLRQV

8#BSOFT%SJWF
4VJUF$

#PJTF
*%

XXXJEOSDTVTEBHPW

2VPUBCMF2VPUFT

3<RXFDQFRPSODLQ

EHFDXVHURVHVKDYHWKRUQV

RU\RXFDQUHMRLFHEHFDXVH

WKRUQVKDYHURVHV ́

 =LJJ\

:KHQ\RXEHJLQWKLQNLQJ

\RXMXVWFDQ¶WJRRQRU

¿QLVKWKHWDVNUHPHPEHU

WKLV3&DQ¶WGLHGLQWKH

SRRUKRXVH ́

 )2)HUJXVRQ

VXEPLWWHGE\'DYH

)HUJXVRQSURMHFW

VSHFLDOLVW6RLO

&RQVHUYDWLRQ&RPPLVVLRQ

31HYHUOHWWKHIHDURI

VWULNLQJRXWJHWLQ\RXU

ZD\ ́

 %DEH5XWK

6RPHWLPHVULYHUVSRVVHVVDPLQG

RIWKHLURZQ&DVHLQSRLQWWKH6QDNH

5LYHURQWKH)RUW+DOO5HVHUYDWLRQLQ

HDVWHUQ,GDKR

0HPEHUVRIWKH6KRVKRQH%DQQRFN

7ULEHVKDYHZDWFKHGWKHULYHUFDUYH

DZD\WKUHHIRRWRIVRLODQQXDOO\WRZDUG

WKHRULJLQDO)RUW+DOOVLWHDVWRSSLQJ

SODFHDORQJWKH2UHJRQ7UDLODQGQRZD

QDWLRQDOKLVWRULFDOPRQXPHQW7KHDUHD

DOVRFRQWDLQVVDFUHGEXULDOJURXQGVDQG

FXOWXUDODUWLIDFWV

1RZDSDUWQHUVKLSEHWZHHQWKH

7ULEHV%XUHDXRI,QGLDQ$IIDLUV%,$

%XUHDXRI5HFODPDWLRQ%25DQG

15&6LVXVLQJ%25FRVWVKDUH)DUP

%LOOSURJUDPVDQGQHZHUELRHQJLQHHULQJ

WHFKQLTXHVWRSURWHFWWKHVLWH

37KLVLVDGHPRQVWUDWLRQWRVKRZ

7ULEDOPHPEHUVZHFDQQXGJHWKHULYHU

EDFNXVLQJQDWXUDOPHDQV ́VD\V6DP

+HUQDQGH]%,$HQJLQHHULQ)RUW+DOO

7KHELRHQJLQHHULQJSUDFWLFHV

LQFOXGHORJMDPVDQGURFNEDUEVWR

VORZWKHZDWHUFUHDWHHGGLHVDQG

VWDELOL]HWKHEDQN$FRQWLQXRXV&53

FRQWUDFWSURYLGHGIHQFLQJWRUHPRYH

FDWWOHIURPWKHEDQNV7KH7ULEH

DOVRVXEPLWWHGDQ(4,3FRQWUDFWWKLV

\HDUIRUSODQWLQJZLOORZVDQGQDWLYH

JUDVVHV

3,¶PSURXGRIZKDWZH¶YH

GRQH ́+HUQDQGH]VD\V3:HKDYH

VRPHWKLQJRQWKHJURXQGDQG

KRSHIXOO\LWZLOOHYROYHLQWRQDWXUDO

KDELWDWRYHUWLPH ́

$FFRUGLQJWR/DYHUQH%URQFR

HQYLURQPHQWDOOLDLVRQIRUWKH7ULEHVWKH

SURMHFWRIIHUVDQHGXFDWLRQDORSSRUWXQLW\

3:HFDQKDYHWKHNLGVIURPWKH7ULEH

SODQWWKHZLOORZV ́KHVD\V3,WZLOOEHRXU

FKDQFHWR

H[SODLQZK\

ZLOORZVDUH

LPSRUWDQW

WRWKHULYHU

DQGWRRXU

FXOWXUH:H

ZLOODOVREH

DEOHWRVKRZ

WKHPKRZWR

FDUHIRUWKLV

ODQG,W¶VRXU

KRPHDQG

RXUIXWXUH ́

3DUWQHUVKLS6DYHV+LVWRULFDO(DVW,GDKR6LWH

.XUW&DWHV)RUW+DOO'&

YLVLWVZLWK6DP+HUQDQGH]

DQG/DYHUQH%URQFRDWWKH

)RUW+DOO1DWLRQDO0RQXPHQW

8SULYHURIWKH)RUW+DOO1DWLRQDO0RQXPHQW7KH

6KRVKRQH%DQQRFN7ULEHVDUHZRUNLQJZLWK15&6

DQGRWKHUVWRXVHELRHQJLQHHULQJWRVWRSWKHHURVLRQ

4QFDJBM'FBUVSF

+RWRYHU+XFNOHEHUULHV

'UDLQHGRYHU2YHUÀRZ:HOOV

,PSURYLQJ6RLO+HDOWK
1FPQMF1BHFT

4OBQTIPUTGSPNUIF'JFME

*RRGLQJ,UULJDWLRQ3URMHFW&LQG\

6Q\GHU'LVWULFW,	(VSHFLDOLVWDQG

6WHYH7KRPSVRQ*RRGLQJ'&

RYHUORRNDQHZSLSHOLQHWRFRQYHUW

LUULJDWRUVIURPJURXQGZDWHUWRVXUIDFH

ZDWHU$Q(4,3SURMHFWWKHSLSHOLQHZLOO

KHOSPHGLDWHDUHFHQW3FDOORQZDWHU ́

WKDWZRXOGEDQNUXSWGR]HQVRI

SURGXFHUVLQWKHDUHD

(DUWK7HDP9ROXQWHHU-HULDQQH

&UREULGJHKHOSVDWWKH0DODG)2

DVSDUWRIKHUKLJKVFKRROZRUN

SURJUDP6KHSODQVWRZRUNLQWKH

5H[EXUJ)2WKLVVXPPHUEHIRUH

DWWHQGLQJFROOHJH3,¶YHOLNHG

ZRUNLQJRQP\RZQSURMHFWV ́VKH

VD\V3,KRSHLWZLOOORRNJRRGRQ

P\UHVXPHDQGKHOSP\FDUHHU ́

15&6:DWHU6XSSO\6SHFLDOLVW5RQ

$EUDPRYLFKVQRZVKRHVDPRQJSLQH

WUHHV+LVVXQJODVVHVUHÀHFWEOXHVN\

DQGZKLWHSRZGHU7KHIRUHVWLVVLOHQW

H[FHSWIRUWKHVZLVKRIKLVVWHSV

,W¶VRQD7KXUVGD\PRUQLQJ

LQ0DUFKDQGWKLVLV5RQ¶VMRE

+HVWRSVDQGSXVKHVDKROORZPHWDO

SROHLQWRWKHJURXQGOLIWVXSDQGUHDGV

WKHVFDOH7KHUH¶VLQFKHVRIZDWHUDW

WKH¿UVWVDPSOHSRLQWIRU0RUHV&UHHN

3,KDYHWKHEHVWMRELQWKHFRXQWU\ ́

KHVD\V3,W¶VWKHSHUIHFWFRPELQDWLRQ

RIRI¿FHDQG¿HOGZRUNDQG,WUDYHOWR

VRPHRIWKHVWDWH¶VSUHWWLHVWORFDWLRQV ́

5RQZRUNVIRUWKH6QRZ6XUYH\

3URJUDP+HEHJDQZLWK15&6DVD

K\GURORJLVWWUDLQHHLQ6DOW/DNH&LW\

8WDK7KHQKHOHDUQHGVWUHDPÀRZ

IRUHFDVWLQJWHFKQLTXHVDWWKHIRUPHU

:HVW1DWLRQDO7HFK&HQWHULQ3RUWODQG

25EHIRUHFRPLQJWR,GDKRDQGKLV

FXUUHQWSRVLWLRQLQ

5RQVHHVHGXFDWLRQDVDSULPDU\

FRPSRQHQWRIKLVMREVLQFHLQWKH

:HVWSHUFHQWRIRXUZDWHUFRPHV

IURPVHDVRQDOVQRZSDFN(GXFDWLRQ

2QDGD\5RQ$EUDPRYLFKLVQ¶W

PHDVXULQJVQRZKHLQSXWVGDWDDW

KLVGHVN$\HOORZODEVSUDZOVDW

KLVIHHWZHDULQJDJUHHQMDFNHWWKDW

VD\V3*XLGH'RJVIRUWKH%OLQG2

3XSS\LQ7UDLQLQJ ́

5RQVWDUWHGJXLGHGRJWUDLQLQJ

WZR\HDUVDJRZLWKKLVFKLOGUHQ

'\ODQDQG$EE\6LQFHVRPHRQH

QHHGVWREHZLWKWKHSXSS\DOOWKH

WLPHWKH\WDNHWXUQVZDWFKLQJKLP

7KHIDPLO\¶VPRVWUHFHQW

GRJ2]DUNVSHQWPXFKRIKLV

GD\VOHHSLQJLQDFODVVURRPRU

XQGHUQHDWK5RQ¶VGHVN

3$WWKHRI¿FHSHRSOHGLGQ¶WHYHQ

NQRZKHZDVWKHUH ́5RQVD\V3,

WKRXJKW,KDGDQH[FLWLQJMREEXW

2]DUNWKRXJKWLWZDVERULQJ ́

3DP/\RQ%RLVHFDUWRJUDSKLF

WHFKQLFLDQKDVKHOSHGKHUGDXJKWHU

.LPWUDLQJXLGHGRJVIRUWKHSDVW

VHYHQ\HDUV

3,W¶VEHHQDPD]LQJWRZDWFK.LP

JURZDQGOHDUQUHVSRQVLELOLW\ ́VKH

VD\V3$QGHYHU\RQHDWWKHRI¿FH

KDVEHHQYHU\VXSSRUWLYH ́

*XLGH'RJV*RWR:RUN

5RQWDONVWRWZR%RLVHPHWURUHSRUWHUV

GXULQJDUHFHQWVQRZVXUYH\WULS

1FPQMF1SPm MF4OPX#BOLT4FFJOH%PHT

+\GURORJLVW)LQGV9DULHW\LQ-RE

'\ODQDQG

2]DUN¶V

QHZ

RZQHU

6WHYH

$WNLQVRQ

UHTXLUHVKHZRUNZLWKWHOHYLVLRQDQG

QHZVSDSHUUHSRUWHUV

3,¶YHUHDOL]HGWKHPHGLDFDQPDNH

DQ\RQHORRNJRRGRQ79 ́KHVD\V

3$QGWKH\GRDEHWWHUMRESXEOLFL]LQJ

RXUVQRZSDFNOHYHOVDQGVWUHDPÀRZ

IRUHFDVWVWKDQ,FRXOGHYHUGR ́

+HFRQWLQXHV3,¶YHOHDUQHGLW¶V

EHWWHUWRSURYLGHDUHSRUWHUWRRPXFK

LQIRUPDWLRQWKDQWRROLWWOH7KH\ZLOO

FXW\RXUFRPPHQWVDQGXVHZKDWHYHU

VRXQGELWHVWKH\ZDQWEXWLIWKH\GRQ¶W

KDYHLWWKH\FDQ¶WXVHLW ́

5RQVD\VWKHYRODWLOHZHDWKHURI

WKHSDVWVHYHUDO\HDUV2WKHUHFRUG

FROGTXLFNO\FKDQJLQJWRUHFRUGKLJKV

DQGWKHUHFRUGORZSUHFLSLWDWLRQ

WKLVVSULQJ2KDVFKDQJHGSDUWVRI

KLVMRE:DWHUXVHUVDUHUHTXHVWLQJ

PRUHLQIRUPDWLRQDERXWWKHWLPLQJ

RIVQRZPHOWVWUHDPÀRZSHDNVWR

RSWLPL]HZDWHUXVHLQ,GDKR

3:H¶UHZRUNLQJRQQHZ

WHFKQRORJLHVOLNHWLPLQJSURGXFWV

WRKHOSSULYDWHUHVHUYRLURSHUDWRUV

GHWHUPLQHZKHQWKHSHDNUXQRIIZLOO

RFFXU ́KHVD\V3:H¶UHWU\LQJWRPHHW

WRGD\¶VQHHGVLQVWHDGRIMXVWUHO\LQJRQ

WKHYROXPHIRUHFDVWVZH¶YHGRQHIRU

WKHSDVW\HDUV ́


1FPQMF1BHFT

4OBQTIPUTGSPNUIF'JFME

-DVRQ%URRPHHQJLQHHU,GDKR'HSWRI

$JULFXOWXUHDQG5DOSK)LVKHUDJURQRPLVW

LQ%RLVHWHDFKQHZ15&6HPSOR\HHVDQG

7HFKQLFDO6HUYLFH3URYLGHUVWKH

QXWULHQWPDQDJHPHQWVRIWZDUH

:HKDYHJUL]]OLHV$FFRUGLQJWR)UDQN)LQN

ELRORJLVWLQ%RLVHWKLV:53SURMHFWFRUQ¿HOGLQ

%RQQHU&RXQW\ZDVVWDPSHGGRZQE\VHYHUDO

JUL]]O\EHDUV3,WZDVVXSSRVHGWREHIRRGDQG

FRYHUIRUXSODQGELUGV ́KHVD\V

$QG\%HFNHU(PPHWW

HQJLQHHUIRXQGWKLVEXOO

VQDNHZKLOHRXWVXUYH\LQJ

3,MXVWZDQWHGWRJHWD

SLFWXUHRILW ́KHVD\V

,GDKRHQJLQHHUVDWWHQGHGDZRUNVKRS

SURYLGHGE\WKH:DVKLQJWRQ627KHJURXS

LQFOXGHV%RE/HKPDQ5H[EXUJZLWK

\HDUVRIVHUYLFHWRQHZHQJLQHHUV$QG\

%HFNHUDQG:DUUHQ:HLKLQJ(PPHWW

DQG%ULDQ+HQQHPDQ%RLVH62

,GDKR6HQDWRU/DUU\&UDLJVSHDNVLQVXSSRUW

RIWKH)XHOVIRU6FKRROV3URJUDPLQ&RXQFLO

,'7KH3DQKDQGOH/DNHV5&	'&RXQFLOLV

ZRUNLQJRQDVWDWHZLGHOHYHOZLWKDSULYDWH

FRQVXOWDQWWKH86'$)RUHVW6HUYLFHDQGWKH

,GDKR'HSDUWPHQWRI/DQGVWRHVWDEOLVKWZR

GHPRQVWUDWLRQVFKRROVIRUZRRGFKLSKHDWLQJ

V\VWHPV37KLVLVDJUHDWSULYDWHDQGSXEOLF

SDUWQHUVKLS ́VD\V.LP*ROGHQ5&	'

FRRUGLQDWRU3,WZLOOUHGXFHZLOG¿UHSRWHQWLDO

DQGLPSURYHDLUTXDOLW\KHOSWKHVFKRROVVDYH

PRQH\DQGSURPRWHWKHORFDOHFRQRP\ ́



&DUHHU&RQGLWLRQDO$SSRLQWPHQW

%DWHPDQ0DUN*65DQJHODQG

0JPW6SHF0DUVLQJ)2

*DUGQHU%ULDQ*66RLO6FLHQWLVW

3URMHFW/HDGHU0RVFRZ62

0RQWHVL-DPHVWR*6+\GURORJLVW

6QRZ6XUYH\62

7LOOH\'HUHN*65DQJH&RQ

3ODQWV30&$EHUGHHQ

6FKQDEO\-DPLH*66RLO6FLHQWLVW

,GDKR)DOOV62

5HLQVWDWHPHQW

(GJHUWRQ'RQ*65DQJHODQG

0JPW6SHF,GDKR)DOOV62

+LHWW:LOOLDPWR*66RLO

6FLHQWLVW,GDKR)DOOV62

3URPRWLRQV

%DNHU&DUOD*66RLO6FLHQWLVW

3URMHFW/HDGHU,GDKR)DOOV6RLOV6WDII



'DYLV*HRUJH*66RLO&RQ7HFK

&DOGZHOO)2

(QJOH6FRWW*6'&3RFDWHOOR)2



+DOHV$OOHQ*66RLO&RQ7HFK

3UHVWRQ)2

6HLW].HYLQ*6'&1H]SHUFH)2



6ZDOORZV.HLWK*66RLO&RQ

7HFK3OXPPHU)2

:DJQHU-DQHW*6$GPLQ0JPW

$VVW0RVFRZ)2

:ULJKW$OLQH*63XUFKDVLQJ

$JHQW$GPLQ6WDII62

5HVLJQDWLRQV7UDQVIHUV

$QGUHZV/LVD±5HVLJQ

-D\R0HOLVVD±7UDQVIHU%XUHDXRI

5HFODPDWLRQ

5HDVVLJQPHQWV

%RKU-HIIU\*6'&&DOGZHOO)2



&ROH/LVD*66RLO&RQ/HZLVWRQ

)2

0HDJKHU0DXUHHQ*66RLO

&RQ$UHD6WDII(DVW-HURPH)2



1XQH]+DJLXV0DUWKD*6&LYLO

(QJLQHHU3RFDWHOOR)2

5HWLUHPHQWV

%HFNOH\%RQQLH*6$GPLQ

$VVW*RRGLQJ7ZLQ)DOOV5&	'V



0DQQ/LQGD/LQ*6,76SHF

/HZLVWRQ)2

'LVDELOLW\5HWLUHPHQW

3ULFH0RQWH*66RLO&RQ7HFK

0DODG)2

3HUVRQQHO$FWLRQV

-DQ0DUFK
1SPKFDU1BHF

0LQLGRND&RXQW\LVDOPRVWGRQHZLWK

DSURMHFWUHTXLULQJKHOSIURPVHYHUDO

DJHQFLHVDQGGR]HQVRISURGXFHUV

7KH0LQLGRND/DQGDQG:DWHU

0DQDJHPHQW3URMHFWWKH$	%

3URMHFWLVRQO\¿IWHHQGUDLQZHOOV

IURPFRPSOHWLRQ)RUW\QLQHGUDLQ

ZHOOVKDYHEHHQFORVHGWRGDWH

7KHÀRRGLUULJDWLRQV\VWHPVXVHG

E\PRVWSURGXFHUVUHTXLUHGDGUDLQ

ZHOOIRURYHUÀRZV:HOOWHVWVLQWKH

ODWHVIRXQGQLWUDWHOHYHOVDERYH

VDIHVWDQGDUGVLQSHUFHQWRIWKH

ZHOOVSHVWLFLGHUHVLGXHLQSHUFHQW

DFROLIRUPEDFWHULDFRXQWLQ

SHUFHQWDQGWRQVRIVHGLPHQW

7KLVFUHDWHGLPPHGLDWHFRQFHUQIRU

6RXWKHUQ,GDKR¶VGULQNLQJZDWHU

-XOLH7KRPDV0LG6QDNH5&	'

FRRUGLQDWRUVSHDUKHDGHGDUHTXHVW

IRUPLOOLRQWRDGGUHVVWKHZHOOV

ZLWKRXWEXUGHQLQJDJULFXOWXUDO

SURGXFHUV7KH0LQLGRND&RXQW\

6:&'%XUHDXRI5HFODPDWLRQ$	%

,UULJDWLRQ'LVWULFWDQG15&6KHOSHG

JDUQHUD&RQJUHVVLRQDO(DUPDUNWREH

'UDLQ:HOOV'RZQDQG)LIWHHQWR*R

DGPLQLVWHUHGWKURXJK(4,3

$ERXWSURGXFHUVDUHUHFHLYLQJ

¿QDQFLDODQGWHFKQLFDODVVLVWDQFH

WRFRQYHUWIURPÀRRGWRVSULQNOHU

LUULJDWLRQ7KLVZRUNDOVRLVRQHRI

WKH¿UVWWLPHV,GDKR15&6KDVXVHG

7HFKQLFDO6HUYLFH3URYLGHUVIRU

LUULJDWLRQGHVLJQV

'DQ6WULFNOHU0LQLGRND&RXQW\

6:&'VWDQGVLQDZHOOWKDWLVWR

EHFDSSHG:KHQWKHVHZHOOVZHUH

IXQFWLRQLQJWKH\SURGXFHGDORXG

VXFWLRQQRLVHDVUXQRIIFRQWDPLQDWHG

ZLWKQLWUDWHVSHVWLFLGHVEDFWHULDDQG

VHGLPHQWUXVKHGGRZQLQWRWKHDTXLIHU

E\3DWULFN(YDQV5XSHUW'&

,PSURYLQJ6RLO+HDOWK

'LUHFW6HHGLQJ

3KLO2HVWUHLFK/HZLVWRQVRLOFRQ

VHUYDWLRQLVWVHQWWKHVHSLFWXUHV7KH

/HZLVWRQ)2LVKHOSLQJSURGXFHUVXVH

GLUHFWVHHGLQJDVSDUWRIWKHLU(4,3

FRQWUDFWV'LUHFWVHHGLQJLQWRGU\ODQG

FURSUHVLGXHLPSURYHVVRLOPRLVWXUH

FRQWHQWDQGRUJDQLFPDWWHU37KLV

WHFKQRORJ\FDQEXLOGVRLOKHDOWKLQ¿YH

\HDUV ́3KLOVD\V

:+,33URMHFWLQ&DULERX&RXQW\

3URGXFHU.HQW&OHJJFRQVWUXFWHGWZR

SRQGVWRLPSURYHZDWHUTXDOLW\DQG

ZLOGOLIHKDELWDW/DUU\0LFNHOVHQ

0RQWSHOLHU'&FRRUGLQDWHGWKH

SURMHFWDQG%UXFH6DQGRYDO7ZLQ

)DOOHQJLQHHUGHVLJQHGWKHSRQGV

2YHUSHRSOHZHUHORRNLQJIRU

KDQGVRQKXFNOHEHUU\JURZQJDGYLFH

DWDUHFHQWZRUNVKRSLQ&OHDUZDWHU

&RXQW\

7KH&OHDUZDWHU5&	'

RUJDQL]HGWKHGD\ORQJZRUNVKRS

ZLWKVHYHUDOQRQSUR¿WRUJDQL]DWLRQV

DQGVWDWHDQGIHGHUDODJHQFLHV'U

'DQ%DUQH\KRUWLFXOWXUHSURIHVVRU

6DQGSRLQW5HVHDUFK	([WHQVLRQ

&HQWHUZDVWKHIHDWXUHGVSHDNHU

0DOFROP'HOO&OHDUZDWHU5&	'

FRXQFLOPHPEHUDQG7KHUHVD

%HDYHU5XUDO5RRWVGLVFXVVHG

PDUNHWLQJRSSRUWXQLWLHV

$FFRUGLQJWR'DQ3LHUFH

5&	'FRRUGLQDWRUDQXPEHURIWKH

ZRUNVKRSSDUWLFLSDQWVZDQWWRIRUPD

KXFNOHEHUU\JURZLQJDVVRFLDWLRQ

5&	'+RVWV+XFNOHEHUU\:RUNVKRS

37KLVLVDQH[FLWLQJWLPHIRUWKRVH

ZLOOLQJWRVWDUWJURZLQJKXFNOHEHUULHV

RQWKHJURXQGÀRRU ́KHVD\V

7HUUL6XPPHU¿HOGHFRQRPLF

GHYHORSPHQWFRRUGLQDWRUDFFHSWVD

KXFNOHEHUU\SODQWGRQDWHGE\

+RUWLFXOWXUH3URIHVVRU'U'DQ

%DUQH\



7KH8QLWHG6WDWHV'HSDUWPHQWRI$JULFXOWXUH86'$SURKLELWVWKHGLVFULPLQDWLRQLQDOOLWVSURJUDPVRQWKHEDVLVRIUDFHFRORUQDWLRQDORULJLQJHQGHUUHOLJLRQ

DJHGLVDELOLW\SROLWLFDOEHOLHIVVH[XDORULHQWDWLRQDQGPDULWDORUIDPLO\VWDWXV1RWDOOSURKLELWHGEDVHVDSSO\WRDOOSURJUDPV3HUVRQVZLWKGLVDELOLWLHVZKRUHTXLUH

DOWHUQDWLYHPHDQVIRUFRPPXQLFDWLRQRISURJUDPLQIRUPDWLRQ%UDLOOHODUJHSULQWDXGLRWDSHHWFVKRXOGFRQWDFW86'$¶V7$5*(7&HQWHUDW9RLFH

DQG7''7R¿OHDFRPSODLQWZULWH86'$'LUHFWRU2I¿FHRI&LYLO5LJKWV5RRP::KLWWHQ%XLOGLQJWK	,QGHSHQGHQFH$YH6::DVKLQJWRQ'&

RUFDOOYRLFHRU7''86'$LVDQHTXDORSSRUWXQLW\SURYLGHUDQGHPSOR\HU