6SHDNHU -LP 5REHUWV

18
ϭ EĞǁƐůĞƩĞƌ sŝƐŝƚ ƵƐ ŽŶ ƚŚĞ ǁĞď Ăƚ ǁǁǁǀĂŽƐŽƌŐ Ɖƌŝů ϮϬϮϭ $SULO (YHQWV $OO SXEOLF PHHWLQJV KDYH EHHQ FDQFHOHG WKURXJK -XO\ 3OHDVH MRLQ XV RQ =RRP IRU RXU QH[W PHHWLQJ RQ $SULO WK EĞǁƐůĞƩĞƌ YƵŝĐŬ >ŝŶŬƐ sK^ ϮϬϮϭ - ϮϬϮϯ KĸĐĞƌƐ KƌĐŚŝĚ ZĞƐŽƵƌĐĞƐ ^ŚĂƌĞ ƉŚŽƚŽƐ ŽĨ LJŽƵƌ ďůŽŽŵŝŶŐ ŽƌĐŚŝĚƐ ŽŶ ŽƵƌ &ĂĐĞ ŽŽŬ 'ƌŽƵƉ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

Transcript of 6SHDNHU -LP 5REHUWV

Page 1: 6SHDNHU -LP 5REHUWV

ϭ

��EĞǁƐůĞƩĞƌ����������������������������������������������������������������sŝƐŝƚ�ƵƐ�ŽŶ�ƚŚĞ�ǁĞď�Ăƚ�ǁǁǁ͘ǀĂŽƐ͘ŽƌŐ����������������������������������������������������������Ɖƌŝů���ϮϬϮϭ

$SULO�������(YHQWV�

$OO�SXEOLF�PHHWLQJV��

KDYH�EHHQ�FDQFHOHG�WKURXJK�

-XO\������� ��

3OHDVH�MRLQ�XV�RQ�=RRP�IRU�RXU�

QH[W�PHHWLQJ�RQ� $SULO��WK

EĞǁƐůĞƩĞƌ�YƵŝĐŬ�>ŝŶŬƐ�

s�K^�ϮϬϮϭ�-�ϮϬϮϯ�KĸĐĞƌƐ�

KƌĐŚŝĚ�ZĞƐŽƵƌĐĞƐ��

^ŚĂƌĞ�ƉŚŽƚŽƐ�ŽĨ�LJŽƵƌ�ďůŽŽŵŝŶŐ�ŽƌĐŚŝĚƐ�ŽŶ�ŽƵƌ�&ĂĐĞ��ŽŽŬ�'ƌŽƵƉ�

KWWSV���ZZZ�IDFHERRN�FRP�JURXSV�9$26�RUJ

$SULO� *HQHUDO�0HHWLQJ� RQ�=RRP :HGQHVGD\� $SULO��WK� �����SP 6SHDNHU���-LP�5REHUWV

7RSLF���$�)HZ�(QF\FOLDV�WR�(QMR\

-LP�KDV��EHHQ�JURZLQJ�RUFKLGV�IRU�RYHU����\HDUV�LQ�FOLPDWHV�UDQJLQJ�IURP�FROG�0LQQHVRWD�WR�KRW�6:�)ORULGD��

,Q�������KH�PRYHG�WR�)ORULGD�ZLWK�D�VPDOO�FROOHFWLRQ�RI�SODQWV�DQG�WKH�GUHDP�RI�RSHUDWLQJ�DQ�RUFKLG�QXUVHU\�EHFDPH�D�UHDOLW\��+H�JURZV�KLV�EHDXWLHV�LQ�WKUHH�JXWWHU�FRQQHFWHG�JUHHQKRXVHV�HQFRPSDVVLQJ��������VTXDUH�IHHW�RI�JURZLQJ�VSDFH��$V�DOZD\V��KH�VWULYHV�WR�JURZ�DQG�VHOO�WKH�EHVW�TXDOLW\�RUFKLG�SODQWV�DQG�WR�EXLOG�D�ODVWLQJ�UHSXWDWLRQ�LQ�WKH�LQGXVWU\�DV�RQH�RI�WKH�YHU\�EHVW�

+LV�SUHVHQWDWLRQ��$�)HZ�(QF\FOLDV�WR�(QMR\��SURYLGHV�D�JRRG�LQWURGXFWLRQ�WR�WKH�HQF\FOLD�VSHFLHV�WKDW�DUH�HDVLO\�JURZQ�LQ�)ORULGD�DV�ZHOO�DV�VRPH�RI�WKHLU�QRWDEOH�K\EULGV��3UREDEO\�WKH�EHVW�SURJUDP�IRU�VSHFLHV�LGHQWLILFDWLRQ�DQG�LQFOXGHV�PDQ\�JRRG�K\EULGV�ZLWK�WKRVH�VSHFLHV�WKDW�GR�ZHOO�IRU�XV�KHUH�

Page 2: 6SHDNHU -LP 5REHUWV

Ϯ

0(66$*(�)520�<285�35(6,'(17 �

+L�HYHU\RQH�

+RSH�\RX�DUH�HQMR\LQJ�\RXU�VSULQJ�DQG�JHWWLQJ�DOO�\RXU�UHSRWWLQJ�GRQH��0\�SODQWV�DUH�IXOO�RI�IORZHUV-IRU�PH�WKLV�LV�WKH�EHVW�WLPH�RI�\HDU�IRU�EORRPV��<RX�FDQ�WHOO�,¶YH�GRQH�PRVW�RI�P\�SODQW�EX\LQJ�DW�RXU�ORFDO�VKRZV�RYHU�WKH�\HDUV�EHFDXVH�HYHU\WKLQJ�,�RZQ�EORRPV�GXULQJ�VKRZ�VHDVRQ�

:H�KDG�KRSHG�WR�EH�DEOH�WR�KDYH�D�JHW�WRJHWKHU�PHPEHU�SODQW�VDOH�LQ�%ODORFN�SDUN��:H�ZHUH�SUHWW\�FRQILGHQW�WKDW�WKH�&LW\�RI�9HQLFH�ZRXOG�DOORZ�RXU�JHW-WRJHWKHU�EXW�XQIRUWXQDWHO\��WKH\�GLG�QRW�DSSURYH�RXU�SHUPLW�DQG�ZH�FDQFHOHG�WKH�HYHQW���:H�DUH�ZRUNLQJ�RQ�DQ�DOWHUQDWLYH��KRZHYHU��LW�ZLOO�KDYH�WR�EH�DQ�HYHQW�RQ�VRPHRQHV�SULYDWH�SURSHUW\�-�ZH�KDYH�QRW�LGHQWLILHG�DQRWKHU�SURSHUW\�\HW��,WV�DOO�D�ZRUN�LQ�SURJUHVV�EXW�ZH�DUH�WU\LQJ�KDUG�WR�JHW�D�OLYH�HYHQW�IRU�XV�

,Q�WKH�PHDQ�WLPH��OHW�PH�WDNH�D�PRPHQW�WR�WKDQN�-D\�/RHIIOHU�DJDLQ�IRU�SXWWLQJ�WRJHWKHU�VXFK�H[FHOOHQW�=RRP�FRQWHQW�IRU�ERWK�RXU�PRQWKO\�PHHWLQJV�DQG�RXU�JURZHUV�FOLQLFV��,Q�DGGLWLRQ��,�DP�KDSS\�WR�ZHOFRPH�VRPH�QHZ�PHPEHUV��,Q�-DQXDU\�DQG�)HEUXDU\�RI�WKLV�\HDU�ZH�ZHUH�DEOH�WR�DGG���QHZ�PHPEHUV��-RKQ�+ROORZHOO��6X]DQQH�+RRSHU��&DURO�5HJDQ��DQG�<RVKLGD�5REHUVRQ�IURP�9HQLFH��6DUD�*LOO�IURP�1RNRPLV��DQG�(OL]DEHWK�DQG�/DUU\�0DJLOO�IURP�6DUDVRWD���:HOFRPH�HYHU\RQH�DQG�,�KRSH�WR�PHHW�\RX�LQ�SHUVRQ�VRRQ�

+DSS\�JURZLQJ�HYHU\RQH�DQG�PD\�\RX�DOO�EH�VXUURXQGHG�E\�IORZHUV�

-RDQQD�6KDZ 3UHVLGHQW

Page 3: 6SHDNHU -LP 5REHUWV

ϯ

7KDQNV�WR�$OO�WKH�9$26�0HPEHUV

:KR�+HOSHG�8V�0RYH�2XU�6WRUDJH�8QLW

7KLV�ZDV�D�FRVW�VDYLQJ�PRYH�LQ�D�\HDU�WKDW�ZH�FRXOG�XVH�WKH�VDYLQJV�

$OO�LWHPV�VWRUHG�IRU�RXU�$QQXDO�VKRZ��6KRZ�GLVSOD\V�DQG�*URZHUV�&OLQLFV�ZHUH�PRYHG�LQ�OHVV�WKDQ�RQH�KRXU��7HDP�:RUN�PDNHV�WKH�'UHDP�:RUN�

9$26�$118$/�(/(&7,21�2)� 2)),&(56�$1'�',5(&7256

7KH�9$26�%RDUG�RI�'LUHFWRUV�LV�FRPSRVHG�RI�QLQH�RIILFHUV�ZKR�VHUYH�WZR�WR�IRXU�\HDU�WHUPV��H[SLULQJ�RQ�DOWHUQDWLQJ�\HDUV��2WKHU�ERDUG�PHPEHUV�DUH�DSSRLQWHG�E\�WKH�3UHVLGHQW�DQG�VHUYH�ZLWK�QR�WHUP�OLPLWV��7KH\�LQFOXGH�6KRZ�&KDLU�'LUHFWRUV�DQG�'LUHFWRUV�$W�/DUJH���(OHFWLRQV�DUH�KHOG�DQQXDOO\�DW�RXU�0DUFK�PHHWLQJ�� 2XU�0DUFK������PHHWLQJ�DQG�DQQXDO�HOHFWLRQ�GLG�QRW�WDNH�SODFH�GXH�WR�&RYLG��KRZHYHU��WKHUH�ZHUH�QR�RSHQ�SRVLWLRQV�RQ�WKH�ERDUG�WKLV�\HDU���7KUHH�RIILFHUV��%UXFH�:HDYHU��.DWKU\Q�-HVNH�DQG�6XH�*ULPPHU�KDYH�FRPSOHWHG�WKHLU�WZR�\HDU�WHUPV�DQG�KDYH�DJUHHG�WR�FRQWLQXH�LQ�WKHLU�SRVLWLRQV�WR�FRPSOHWH�IRXU�\HDU�WHUPV�� 7KH�FXUUHQW�OLVW�RI�9$26�%RDUG�RI�'LUHFWRUV�LV�DYDLODEOH�RQ�RXU�ZHEVLWH�DQG�E\�OLQN�IURP�WKLV�QHZVOHWWHU� :H�WKDQN�DOO�RI�RXU�RIILFHUV��GLUHFWRUV�DQG�YROXQWHHUV�IRU�WKHLU�WLPH��WDOHQW��DQG�VHUYLFH�WR�9$26��:KHQ�ZH�UHVXPH�PRQWKO\�PHHWLQJV�DW�WKH�9HQLFH�&RPPXQLW\�&HQWHU��KRSHIXOO\�WKLV�IDOO��ZH�ZLOO�EH�ORRNLQJ�IRU�YROXQWHHUV�WR�VXSSRUW�RXU�PHHWLQJ�WHFK�WHDP�DQG�UHIUHVKPHQW�WHDP��2XU�1HZVOHWWHU�7HDP�LV�DOVR�ORRNLQJ�IRU�YROXQWHHUV���3OHDVH�FRQWDFW�DQ\�ERDUG�PHPEHU�LI�\RX�DUH�LQWHUHVWHG�LQ�YROXQWHHULQJ��

Page 4: 6SHDNHU -LP 5REHUWV

ϰ

9$26�9LUWXDO�3ODQW�7DEOH

:H�KDG�D�JUHDW�FROOHFWLRQ�RI�EHDXWLIXO�SODQWV�LQ�RXU�9LUWXDO�3ODQW�7DEOH�&RQ�WHVW���$IWHU�HDFK�PRQWKO\�PHHWLQJ�D�SRVW�ZLOO�EH�SODFHG�LQ�WKH�9$26�)DFHERRN�JURXS�ZKHUH�PHPEHUV�FDQ�SRVW�D�SKRWR�RI�WKHLU�FXUUHQWO\�EORRPLQJ�SODQWV���:LQQHUV�ZLOO�UHFHLYH�D�JLIW�FHUWLILFDWH�WR�RQH�RI�RXU�VKRZ�YHQGRUV���&RPH�MRLQ�WKH�IXQ�

:LQQHU��

&\P��0DG�,ULVKPDQ

1DWDVKD�5RPHUR-&RQWUHUHV

�QG�3ODFH� �UG�3ODFH�

3DSK��/RZLL 12,'

3HJJ\�)DKUHQEDFN 1DWDVKD�5RPHUR-&RQWUHUHV

Page 5: 6SHDNHU -LP 5REHUWV

ϱ

$SULO�=RRP�*URZHUV�&OLQLF 7KXUVGD\�$SULO��WK �DW��SP

3UHVHQWDWLRQ� 0HPEHUV�2UFKLG�*URZLQJ�$UHDV

'R�\RX�KDYH�D�VPDOO�FROOHFWLRQ�RU�D�ODUJH RQH" 'R�\RX�JURZ�\RXU�RUFKLGV�LQ�D�SRRO�FDJH��ODQDL�RU�LQ�WUHHV"�$UH�\RX�WKLQNLQJ�DERXW�DGGLQJ�D�VKDGH�KRXVH�RU�JUHHQ�KRXVH" �:H�ZLOO�SUHVHQW�VRPH�SKRWRV�DQG�LGHDV�RXU�PHPEHUV�XVH�WR�JURZ�RUFKLGV�LQ�6�:��)ORULGD�

:H�ZLOO�KDYH�DPSOH�WLPH�WR�GLVFXVV \RXU�TXHVWLRQV��*URZHUV�&OLQLF�7HDP�PHPEHUV�ZLOO�EH�DYDLODEOH - KDYH�\RX�TXHVWLRQV UHDG\�DQG�\RXU�SUREOHP�SODQWV UHDG\ WR�VKRZ�WKH�JURXS�IRU�DGYLFH�

:DWFK�IRU�=RRP�ORJ�RQ�LQVWUXFWLRQV�IRU�WKLV�PHHWLQJ�RQ�RXU�)DFHERRN�*URXS�

KWWSV���ZZZ�IDFHERRN�FRP�JURXSV�9$26�RUJ

2U�LQ�DQ�HPDLO�WKDW�ZLOO�EH�VHQW�SULRU�WR�WKH�PHHWLQJ�

6XEPLWWHG�E\�-D\�/RHIIOHU��*URZHUV�&OLQLF�&RRUGLQDWRU

9HQLFH�$UHD�2UFKLG�6RFLHW\ 0HHWLQJ�0LQXWHV

=RRP�0HHWLQJ

'DWH���0DUFK��������

-RDQQD�6KDZ�FDOOHG�WKH�PHHWLQJ�WR�RUGHU�DW�����SP���-RDQQD�OHW�WKH�PHPEHUV�NQRZ�WKDW�WKH�ERDUG�LV�LQ�GLVFXVVLRQV�DERXW�RSHQLQJ�EDFN�XS�WKLV�IDOO�WR�LQ-SHUVRQ�PHHWLQJV�DW�WKH�&RPPXQLW\�&HQWHU���:H�DUH�NHHSLQJ�DQ�H\H�RQ�WKH�SDQGHPLF�DQG�WKH�YDFFLQHV�ZLOO�KHOS��

$QQRXQFHPHQWV

· :H� DUH� SODQQLQJ� D� PHPEHU� SODQW� VDOH�VZDS� ZLWK� GHPRV� RQ� UHSRWWLQJ�� SODQW� GLYLGLQJ� DQG�PRXQWLQJ�LQ�WUHHV�DW�%OD\ORFN�3DUN�RQ�0DUFK���WK���+RZHYHU�GXH�WR�QRW�EHLQJ�DEOH�WR�JHW�D�SHUPLW�IURP�WKH�&LW\�RI�9HQLFH�WKLV�HYHQW�KDV�EHHQ�SRVWSRQHG�

· :H�DUH� LQ�GLVFXVVLRQV�DERXW�KDYLQJ�D�JHW� WRJHWKHU�RXWVLGH�DW�6QRRN�+DYHQ� LQ�-XQH�� �7KH� OLYH�RDN�WUHHV�WKHUH�KDYH�PDQ\�QDWLYH�HQF\FOLDV�WKDW�EORRP�WKDW�WLPH�RI�\HDU���

· :H�DUH�KRSLQJ�WR�KDYH�D�+ROLGD\�JHW�WRJHWKHU�LQ�'HFHPEHU���3ODQV�DUH�EHLQJ�PDGH�QRZ� · 3OHDVH�FKHFN�RXU�QHZVOHWWHU�IRU�XSFRPLQJ�HYHQWV�

-D\�LQWURGXFHG�RXU�VSHDNHU�IRU�WKH�HYHQLQJ�)UHG�&ODUN�RI�6XQVHW�9DOOH\�2UFKLGV�ORFDWHG�LQ�6DQ�'LHJR��&$���$IWHU�D�VKRUW�ELRJUDSK\�RI�)UHG¶V�PDQ\�DFKLHYHPHQWV�PHPEHUV�HQMR\HG�WKH�WDON�RQ�&DWDVHWXPV��&\FQRFKHV�DQG�0RUPRGHV�

.DWKU\Q�-HVNL��5HFRUGLQJ�6HFUHWDU\

Page 6: 6SHDNHU -LP 5REHUWV

ϲ

6KRZ�9HQGRU�6SRWOLJKW

3URYLGLQJ�TXDOLW\�RUFKLGV�H[RWLF�SODQWV��ORFDOO\�PDGH�JRRGV�LQFOXGLQJ�SRWWHU\�ZDOO�DUW��MHZHOU\��:H�DUH�DOVR�KRPH�WR�WKH�

)ORULGD�(YHUJODGHV�&ROOHFWLRQ�3\WKRQ�/HDWKHU��8QLTXH�S\WKRQ�DFFHVVRULHV�KDQG�FDXJKW�RXW�RI�WKH�(YHUJODGHV�

2ZQHU�1DWDOHH�0F.LQQH\�

����:��9HQLFH�$YH

9HQLFH��)/������

���������-�����

KWWS���RUFKLGHQY\�FRP�

Page 7: 6SHDNHU -LP 5REHUWV

ϳ

1HZ�HGLWLRQ�UHOHDVHG�DQG�QRZ�DYDLODEOH� 'U��0DUWLQ�0RWHV�- )ORULGD�2UFKLG�*URZLQJ 0RQWK�E\�0RQWK

9$26�KDV�MXVW�UHFHLYHG�RXU�VKLSPHQW�RI�WKH�QHZ�HGLWLRQ��7KH\�DUH�DYDLODEOH�WR�PHPEHUV�IRU�����DQG�PD\�EH�RUGHUHG�DQG�SLFNHG�XS�IURP�

-XG\��/RHIIOHU—2Q��9HQLFH�,VODQG������-���-������(PDLO��MXG\YDRV#JPDLO�FRP

����*XLOG�'U��9HQLFH��)/������

&DURO�:RRG—6RXWK�9HQLFH������-���-������(PDLO��FZRRG��#PVQ�FRP

�����%HOOD�7HUUD�'U���9HQLFH��)/������

&DOO�RU�HPDLO�-XG\�RU�&DURO�WR�RUGHU�DQG�SLFN�XS�\RXU�FRS\�DW�RQH�RI�WKHLU�KRPHV�

:H�UHJUHW�ZH�FDQQRW�PDLO�WKH�ERRNV�DW�WKLV�WLPH�

6HH�D�VXPPDU\�RI�WKH�QHZ�HGLWLRQ�RQ�WKH�IROORZLQJ�SDJH�

Page 8: 6SHDNHU -LP 5REHUWV

ϴ

)ORULGD�2UFKLG�*URZLQJ��0RQWK�E\�0RQWK���QG�(GLWLRQ

0DUWLQ�0RWHV��3K'

7KH�%(67�DQG�%HVW�6HOOLQJ�%RRN�RQ�JURZLQJ�RUFKLGV�LQ�)ORULGD�

0DUWLQ�0RWHV��D�QDWLYH�)ORULGLDQ��KDV�EHHQ�JURZLQJ�RUFKLGV�VRXWK�RI�0LDPL�IRU�RYHU�ILIW\�\HDUV��PDQ�DQG�ER\��+LV�JXLGDQFH�DQG�DGYLFH�FRPH�IURP�D�GHHS�NQRZOHGJH�DQG�SUDFWLFDO�H[SHULHQFH�RI�WKH�ORFDO��VXEWURSLFDO�ZRUOG��0RQWKO\�JXLGHV�OHDG�WKH�DVSLULQJ�RUFKLGLVW�WKURXJK�WKH�LQWULFDFLHV�RI�WKH�FKDQJLQJ�FOLPDWH�DQG�JURZLQJ�FRQGLWLRQV�RI�WKH�)ORULGD�\HDU��LWV�EHQHILWV�DQG�LWV�GDQJHUV��3UDFWLFDO�VROXWLRQV�WR�SUREOHPV�DQG�WR�FRQWURO�DQG�SUHYHQWLRQ�RI�SHVWV�DQG�GLVHDVHV�DUH�RIIHUHG��*URZLQJ�PDWHULDOV�DQG�WRROV�DUH�VXJJHVWHG�DQG�WKHLU�ORFDO�VRXUFHV�DUH�SURYLGHG�

:ULWWHQ�LQ�D�KXPRURXV�DQG�HDVLO\�DFFHVVLEOH�VW\OH� )ORULGD�2UFKLG�*URZLQJ ZLOO�PDNH�HYHU\RQH�DQ�H[SHUW��7KLV�)ORULGD-VSHFLILF�JXLGH�ZLOO�SURYH�LQYDOXDEOH�WR�VXEWURSLFDO�DQG�WURSLFDO�JURZHUV�HYHU\ZKHUH�

,Q�DGGLWLRQ�WR�XSGDWHV�RQ�WKH�ODWHVW�LQ�GLVHDVH�DQG�SHVW�FRQWURO��WKH�QHZ�HGLWLRQ�FRQWDLQV�DQ�H[WHQVLYH�FKDSWHU�RQ�FRQWURO�RI 7KULSV JLYLQJ�JURZHUV�WKH�WRROV�QHHGHG�WR�FRQWURO�WKLV�XELTXLWRXV�SHVW��2YHU�VL[W\�\HDUV¶�H[SHULHQFH�KDV�VKRZQ�WKDW�FRQWUROOLQJ 7KULSV FRQVLVWHQWO\�\LHOGV�FRQWURO�RI�VFDOH��PHDO\�EXJV�DQG�DOO�RWKHU�LQVHFW�SHVWV��LQFOXGLQJ�WKH�ZLO\�FXFDUDFKD��$�QHZ�FKDSWHU�RQ�³$GYLFH�IRU�6QRZELUGV´�KHOSV�RXU�ZLQWHU�YLVLWRUV�OHDYH�WKHLU�EHORYHG�RUFKLGV�EHKLQG�ZLWK�PRUH�FRQILGHQFH�WKDW�WKH\�ZLOO�EH�ILQH�XSRQ�WKHLU�UHWXUQ��)LQDOO\��LQ�WKH����\HDUV�WKDW�KDYH�SDVVHG�VLQFH�WKH�ILUVW�HGLWLRQ�RI )ORULGD�2UFKLG�*URZLQJ ZDV�SXEOLVKHG��PROHFXODU�UHVHDUFK�KDV�OHG�WR�QXPHURXV�QDPH�FKDQJHV�LQ�JHQHUD��7KH�QHZ�DQG�SURSHU�QRPHQFODWXUH�IRU�PDQ\�SODQWV�LV�LQFRUSRUDWHG�LQ�WKH�QHZ�ERRN�

5LFN�%HOLVOH�3UHVHQWV ,�KDG�EHHQ�DVNHG�E\�WKH�9HQLFH�*DUGHQV�*DUGHQ�&OXE��D�\HDU�DJR��LI�,�ZRXOG�DGGUHVV�WKHLU�FOXE�IRU�DQ�KRXU�DQG�WDON�RQ�³2UFKLGV����´��,�XVHG�WKH�VDPH�SUHVHQWDWLRQ�,¶YH�GRQH�DW�RXU�9$26�6KRZ��6DOH� 7KHUH�ZHUH�DERXW����PHPEHUV�LQ�DWWHQGDQFH��,W�ZDV�KHOG�DW�0D[LQH�%DUUHWW�3DUN�RQ�����������,�DOVR�GRQDWHG�WKUHH�SRWWHG�NHLNLV�WR�WKHP�IRU�WKHLU�UDIIOH��/RWV�RI�JRRG�TXHVWLRQV��IXQ��DQG�OHDUQLQJ�ZHQW�RQ��,�DQWLFLSDWH�WKDW�ZH�ZLOO�JHW�VRPH�QHZ�PHPEHUV��WRR��DV�WKHUH�ZDV�RQO\�RQH�9$26�PHPEHU�LQ�WKH�JURXS��

Page 9: 6SHDNHU -LP 5REHUWV

ϵ

$SULO�&XOWXUH�7LS��

0DQ\�RI�XV�XVH�WLPH�–�UHOHDVH�IHUWLOL]HU��'\QDPLWH�DYDLODEOH�DW�+RPH�'HSRW��LQ�0DUFK�$SULO�DQG�6HSWHPEHU�2FWREHU�HDFK�\HDU�WR�VXSSOHPHQW�RXU�IHUWLOL]LQJ�UHJLPH��,QVWUXFWLRQV�DUH�WR�VSULQNOH�LW�DURXQG�WKH�SHULPHWHU�RI�WKH�SRW�DW�WKH�UDWH�RI���WVS��SHU��´�SRW�DQG�WDS�GRZQ��´�LQWR�WKH�PHGLD���7KH�TXHVWLRQ�LV�KRZ�WR�DSSO\�WLPH�–�UHOHDVH�IHUWLOL]HU�WR�D�PRXQWHG�SODQW"�

2QH�DSSURDFK�LV�WKH�µ%LUG�1HVW´�PHWKRG���'DPSHQ�D�VPDOO�DPRXQW�RI�FRFRDQXW�KXVN�ILEHU�DQG�VKDSH�LW�LQWR�D�ELUG�QHVW��)LOO�LW�ZLWK���WVS��'\QDPLWH��3XVK�LW�GRZQ�LQWR�\RXU�PRXQWHG�SODQW�EHWZHHQ�WKH�URRWV�DQG�WKH�PRXQW��7KLV�ZLOO�SURYLGH�XS�WR�VL[�PRQWKV�IHUWLOL]HU�VXSSOHPHQW�WR�\RXU�SODQW�

'21$7(�72�7+(�$0(5,&$1�25&+,'�62&,(7<�

7+528*+�$0$=21�60,/(�

0DQ\�RI�XV�KDYH�EHHQ�VKRSSLQJ�RQ�$PD]RQ�GXULQJ�WKLV�SDVW�\HDU�ZLWK�&RYLG���,�NQRZ�,�KDYH���'LG�\RX�NQRZ�WKDW�\RX�FDQ�GRQDWH�WR�WKH�$PHULFDQ�2UFKLG�6RFLHW\�RU�DQRWKHU�FKDULW\�RI�\RXU�FKRLFH�E\�XVLQJ�$PD]RQ6PLOH"���6KRS�DW�VPLOH�DPD]RQ�FRP�DQG�WKH\�ZLOO�GRQDWH������RI�HOLJLEOH�SXUFKDVHV�WR�\RXU�FKDULWDEOH�RUJDQL]DWLRQ�–�QR�IHHV��QR�H[WUD�FRVW���$PD]RQ6PLOH�LV�WKH�VDPH�DV�$PD]RQ�FRP��/DVW�\HDU�WKH�$26�UHFHLYHG�RYHU�������LQ�GRQDWLRQV�WKURXJK�WKLV�SURJUDP��3XW�\RXU�VKRSSLQJ�GROODUV�WR�ZRUN�DQG�VXSSRUW�WKH�$26�

Page 10: 6SHDNHU -LP 5REHUWV

ϭϬ

ZĞƉŽƫŶŐ�zŽƵƌ�KƌĐŚŝĚ

1RZ�LV�D�JRRG�WLPH�WR�FDWFK�XS�RQ�\RXU�UHSRWWLQJ���+HUH�DUH�VRPH�JHQHUDO�JXLGHOLQHV�IURP�RXU�*URZHUV�&OLQLF�7HDP�

�$�IUHTXHQW�TXHVWLRQ�DW�WKH�*URZHUV�&OLQLF�LV�³:KHQ�6KRXOG�,�5HSRW"´�2XU�VWDQGDUG�UHSO\�LV�ZKHQ�WKH�PHGLD�EUHDNV�GRZQ�RU�ZKHQ�WKH�SODQW�LV�RYHUJURZLQJ�WKH�SRW��+HUH�DUH�VRPH�RWKHU�UHFRPPHQGDWLRQV�IURP�WKH�*URZHUV�&OLQLF�7HDP�

· 2UFKLGV�ZLOO�EHFRPH�PRUH�TXLFNO\�HVWDEOLVKHG� LI� UHSRWWHG�ZKHQ�WKH�QHZ�URRWV�DUH�DERXW��´�ORQJ�RQ�

WKH�QHZHVW�JURZWK� · 3DSKLRSHGLOXPV�FDQ�EH�UHSRWWHG�DW�DQ\�WLPH�DQG�VKRXOG�EH�UHSRWWHG�HDFK�\HDU� · 3KDODHQRSVLV�FDQ�EH�UHSRWWHG�DW�DQ\�WLPH��HYHQ�ZKHQ�LQ�EORRP��DQG�VKRXOG�EH�UHSRWWHG�DERXW�HYHU\�

WZR�\HDUV�LI�SRWWHG�LQ�VSKDJQXP�PRVV� · 0RVW�FDWWOH\D�DOOLDQFH�SODQWV�FDQ�EH�UHSRWWHG�DIWHU�EORRPLQJ�EXW�PXVW�EH�ZHOO�VHFXUHG�LQ�WKH�QHZ�SRW�

DV�QHZ�URRWV�PD\�QRW�EUHDN�RXW�XQWLO�VSULQJ� · %L-IROLDWH�FDWWOH\DV��WZR�OHDYHV��VKRXOG�RQO\�EH�UHSRWWHG�ZKHQ�WKH�URRWV�DUH�DW�OHDVW��´�ORQJ��RWKHUZLVH��LW�

FDQ�VHW�WKHP�EDFN�IRU�\HDUV�

(OHYHQ�6WHSV�WR�5HSRWWLQJ�<RXU�&DWWOH\D · 6RDN�WKH�SODQW�LQ�D�EXFNHW�RI�ZDWHU�IRU�VHYHUDO�KRXUV�RU�RYHUQLJKW��5HPRYH�WKH�SODQW�IURP�WKH�SRW�XVLQJ�

D�NQLIH�WR�UXQ�DURXQG�WKH�HGJH�RI�WKH�SRW�WR�ORRVHQ�WKH�URRWV�DQG�PHGLD��,I�WKH�URRWV�DUH�WHUULEO\�RYHUJURZQ��\RX�PD\�QHHG�WR�EUHDN�WKH�SRW��FDUHIXO���LQ�RUGHU�WR�IUHH�WKH�SODQW��

· 5HPRYH�WKH�ROG�PHGLD�JHQWO\�IURP�WKH�URRWV��-��WLFNOH��LW�RXW��5HPRYH�GU\�VKHDWKV��5HPRYH�³GHDGKHDGV´

������-�WKRVH�ROGHU�OHDIOHVV�SVHXGR-EXOEV�DQG�ROGHU�\HOORZ�OHDYHV�

· 7ULP�DOO�GHDG�DQG�VSRQJ\�URRWV�ZLWK�VWHULOH�VKHDUV�� · �6SUD\�WKH�ZKROH�SODQWV�DQG�URRWV�ZLWK�IXQJLFLGH�DQG�VHW�RXW�WR�GU\�RYHUQLJKW��%H�VXUH�WKH�NHHS�WKH�WDJ�

ZLWK�WKH�SODQW� · 6HOHFW�WKH�QHZ�SRW�WKDW�DOORZV�QR�PRUH�URRP�WKDQ���\HDUV�JURZWK���-��ILQJHUV�ZLGH��� · 3ODFH�D�VPDOO�DPRXQW�RI�PHGLD�LQ�ERWWRP�RI�SRW�VXFK�DV�ODYD�URFN�RU�FOD\�SHOOHWV�WKDW�ZLOO�IDFLOLWDWH�

GUDLQDJH · 3ODFH�WKH�SODQW�LQ�WKH�SRW�ZLWK�WKH�ROGHVW�JURZWK�VLGH�RI�SODQW�DJDLQVW�WKH�VLGH�RI�SRW��DERXW��������EHORZ�

WKH�SRW�ULP��6HFXUH�WKH�SODQW�ZLWK�RQH�RU�WZR�SRW�FOLSV�WR�HQVXUH�WKH�SODQW�DQG�URRWV�DUH�VHFXUH��� · �)LOO�LQ�DQG�WDS�GRZQ�WKH�PHGLD��'R�QRW�FRYHU�WKH�UKL]RPH� · ,QVHUW�WKH�SODQW�WDJ��6WDNH�WKH�SODQW�RU�XVH�D�SODQW�ULQJ�LI�QHHGHG�WR�KROG�WKH�SODQW�XSULJKW���

Page 11: 6SHDNHU -LP 5REHUWV

ϭϭ

5HSRWWLQJ�<RXU�2UFKLG��FRQWLQXHG««�

· :DWHU�LQ�DQG�VSUD\�ZLWK�IXQJLFLGH� · .HHS�LQ�GU\��ORZ�OLJKW�DUHD�IRU���ZHHNV�WKHQ�UHVXPH�QRUPDO�ZDWHULQJ�� +HUH�DUH�VRPH�RWKHU�WLSV�IRU�UHSRWWLQJ�� ,QYHUWHG�QHW�SRWV�-�:KHQ�UHSRWWLQJ�LQ�D�����RU�ODUJHU�SRW��SODFH�D�VPDOO����QHW�SRW�RYHU�WKH�FHQWHU�SRWKROH�DQG�DGG�PHGLD�WR�KROG�LQ�SODFH���7KLV�ZLOO�LQFUHDVH�DLU�FLUFXODWLRQ�DQG�UHGXFH�WKH�FKDQFH�RI�URRW�URW��� 6SKDJQXP�RYHU�WKRVH�QHZ�URRWV�-�$GG�D�WKLQ�OD\HU�RI�VSKDJQXP�PRVV�RYHU�WKH�WLSV�RI�GHOLFDWH�QHZ�URRWV�WR�HQFRXUDJH�QHZ�URRW�JURZWK�DQG�WR�SURWHFW�WKHP�IURP�VQDLOV� 5HPRYH�'U\�6KHDWKV�-���5HPRYH�GU\�VKHDWKV�ZKHQ�UHSRWWLQJ�WR�H[SRVH�SVHXGR-EXOEV�WR�WKH�VXQ��,W�ZLOO�GRXEOH�\RXU�SKRWRV\QWKHVLV���$V�\RX�VRDN�\RXU�SRW�WR�ORRVHQ�URRWV��VKRRW�D�KDUG�VWUHDP�RI�ZDWHU�GRZQ�WKH�VLGHV�RI�SVHXGR-EXOEV�DQG�HDVLO\�SHHO�RII�WKH�GU\�VKHDWKV�� 'R�QRW�%XU\�$HULDO�5RRWV�-�'R�QRW�EXU\�WKH�DHULDO�URRWV�ZKHQ�UHSRWWLQJ�-�WKH\�ZLOO�GLH��<RX�FDQ�SRW�WKHP�EXW�GR�QRW�FRYHU�ZLWK�PHGLD��:KHQ�\RX�VHH�QHZ�EUDQFKLQJ�GHYHORSLQJ�RQ�WKH�URRWV�VWDUW�WR�DGG�PHGLD�VORZO\�-�WKH�URRWV�ZLOO�VXUYLYH���� 5HSRWWLQJ�URRWOHVV�SODQWV�-�$GG�VSKDJQXP�PRVV�DQG�WKHQ�VORZO\�DGG�RWKHU�PHGLD�DIWHU�WKH�QHZ�URRWV�GHYHORS��� 'R�QRW�UHSRW�-�3RW�8S��6RPHWLPHV�D�SODQW�LV�VR�FRQWHQW�LQ�LWV�SRW�\RX�PLJKW�GHFLGH�WR�³SRW-XS´�-�SODFH�LW�LQ�

D�ODUJHU�SRW�DQG�ILOO�LQ�PHGLD�DURXQG�LW��7KLV�DSSURDFK�HOLPLQDWHV�GDPDJLQJ�WKH�URRWV�DQG�VXEVHTXHQW�SODQW�VHW�EDFN�DV�PDQ\�RUFKLGV�MXVW�KDWH�WR�KDYH�WKHLU�URRWV�GLVWXUEHG��7KLV�DSSURDFK�LV�SHUIHFW�IRU�WKRVH�%UD]LOLDQ�VSHFLHV�WKDW�JURZ�VR�WDOO��6HW�WKH�VPDOO�SRW�WKH\�JUHZ�LQ�DV�D�VHHGOLQJ�LQWR�D�EDVNHW�DQG�OHW�LW�WDNH�RII��

3RWWLQJ-8S�LV�DOVR�D�JRRG�DSSURDFK�IRU�SODQWV�\RX�ZLVK�WR�JURZ�LQWR�VSHFLPHQ�VL]H�SODQWV��'HQGURELXPV�SUHIHU�WLJKW�VPDOO�SRWV�DQG�UHVHQW�UHSRWWLQJ�VR�WKH\�DUH�DOVR�SHUIHFW�FDQGLGDWHV�IRU�3RW-8S��7KLV�DSSURDFK�ZRUNV�EHVW�LI�\RX�XVH�SULPDULO\�QRQ-RUJDQLF�PHGLD�VXFK�DV�FOD\�SHOOHWV��ODYD�URFN��FKDUFRDO��VSRQJH�URFN��HWF��,W�ZLOO�QRW�GHWHULRUDWH��DV�EDUN�ZLOO�GR�DIWHU�D�IHZ�\HDUV�

+DSS\�*URZLQJ�

Page 12: 6SHDNHU -LP 5REHUWV

ϭϮ

���������������������������������������������������

-2,1�7+(�9$26�)$&(%22.�*5283�72'$<�

-RLQ�RXU�9$26�)DFHERRN�*URXS�DW�

KWWSV���ZZZ�IDFHERRN�FRP�JURXSV�9$26�RUJ�

¨ 3URYLGHV�DQ�LQWHUDFWLYH�HQYLURQPHQW�IRU�PHPEHUV�

¨ $VN�TXHVWLRQV��VROYH�SODQW�SUREOHPV

¨ 6KDUH�\RXU�LGHDV�DQG�WHFKQLTXHV

¨ 6KRZ�XV�KRZ�\RX�JURZ

¨ 6HOO��VZDS�RU�JLYH�DZD\�SODQWV�DQG�GLYLVLRQV

3RVW�\RXU�RUFKLG�SODQW�SKRWR�WR�RXU�9LUWXDO�3ODQW�7DEOH�–�RQFH�D�PRQWK�WKH�PHPEHU�SKRWR�WKDW�UHFHLYHV�WKH�PRVW�³OLNHV´�UHFHLYHV�D��JLIW�FHUWLILFDWH�WR�RQH�RI�

RXU�ORFDO�YHQGRUV

Page 13: 6SHDNHU -LP 5REHUWV

ϭϯ

Page 14: 6SHDNHU -LP 5REHUWV

ϭϰ

1(:�72

" /LNH�PDQ\�RUJDQL]DWLRQV��WKH�9$26�LV�PRYLQJ�WR�=RRP�PHHWLQJV�XQWLO�ZH�FDQ�DOO�VDIHO\�PHHW�WRJHWKHU�DJDLQ��:H�KRVWHG�RXU�ILUVW�PRQWKO\�PHHWLQJ�RQ�=RRP�RQ�$XJXVW��WK�ZLWK�)UHG�&ODUNH�SUHVHQWLQJ�IURP�&DOLIRUQLD��:H�KDG����SDUWLFLSDQWV��:H�DUH�ZRUNLQJ�WR�SURGXFH�PRQWKO\�*URZHUV�&OLQLFV�RQ�=RRP�DV�ZHOO�

,I�\RX�DUH�QHZ�WR�=RRP��KHUH�DUH�VRPH�LQVWUXFWLRQV�WR�VHW�XS�WR�YLHZ�RXU�PRQWKO\�PHHWLQJV�DQG�JURZHUV�FOLQLFV�

¨ 'RZQORDG�=RRP�DQG�EHFRPH�IDPLOLDU�ZLWK�LW���6LPSO\�JR�WR�ZZZ�=RRP�FRP�DQG�IROORZ�WKH�LQVWUXFWLRQV�WR�GRZQORDG�WR�\RXU�FRPSXWHU���2QFH�GRZQORDGHG��\RX�ZLOO�VHH�WKH�LFRQ�RQ�\RXU�GHVNWRS�

¨ 9$26�ZLOO�VHQG�\RX�D�OLQN�WR�RXU�PHHWLQJ�E\�HPDLO��,W�ZLOO�DOVR�EH�DYDLODEOH�WKURXJK�RXU�)DFHERRN�*URXS�SDJH�RU�RXU�ZHEVLWH��

¨ /RJ�RQ�HDUO\�IRU�RXU�Monthly or G.C.� PHHWLQJs�VR�WKDW�\RX�FDQ�OHDUQ�\RXU�ZD\�DURXQG��&OLFN�WR�WHVW�$XGLR�DQG�9LGHR�SULRU�WR�WKH�PHHWLQJ�VWDUW���2XU�KRVW��-D\�/RHIIOHU��ZLOO�PXWH�DOO�SDUWLFLSDQWV�GXULQJ�WKH�SUHVHQWDWLRQ��<RX�PD\�VXEPLW�TXHVWLRQV�IRU�WKH�VSHDNHU�DW�WKH�HQG��'XULQJ�WKH�PHHWLQJ��LI�\RX�QHHG�WR�VWHS�DZD\��\RX�FDQ�FOLFN�0XWH�DW�WKH�OHIW�ERWWRP�FRUQHU�RI�\RXU�VFUHHQ��

¨ 'RZQORDG�=RRP�DQG�JHW�IDPLOLDU�ZLWK�LW��,W�LV�D�JUHDW�WRRO�DQG�ZLOO�DOORZ�XV�WR�FRQWLQXH�RXU�PHHWLQJV�DQG�VWD\�LQ�FRQWDFW�XQWLO�ZH�FDQ�JHW�WRJHWKHU�DJDLQ�

¨ +HUH�LV�D�WLS�IURP�-D\�/RHIIOHU�LI�\RX�H[SHULHQFH�FRQQHFWLRQ�SUREOHPV�GXULQJ�RXU�=RRP�PHHWLQJV��

· 5HERRWLQJ�\RXU�5RXWHU�PRGHP�FDQ�KHOS�ZLWK�LQWHUQHW�FRQQHFWLRQV

· )LUVW��XQSOXJ�\RXU�URXWHU�DQG�EURDGEDQG�PRGHP�IURP�SRZHU���,I�FRPER�MXVW�XQSOXJ�WKH�RQH�

· 7KHQ�ZDLW�DERXW����VHFRQGV��DQG�SOXJ�WKHP�EDFN�LQ��ILUVW�WKH�PRGHP��WKHQ�WKH�URXWHU�

· :DLW�D�IHZ�PLQXWHV�IRU�WKHP�WR�FRPSOHWHO\�SRZHU�EDFN�RQ��,I�\RXU�HTXLSPHQW�KDG�HQFRXQWHUHG�DQ�HUURU��WKH�UHVWDUW�VKRXOG�IL[�LW�DQG�\RXU�LQWHUQHW�VKRXOG�EH�EDFN�XS�

Page 16: 6SHDNHU -LP 5REHUWV

ϭϲ

9$26�0(0%(56+,3�(;7(1'('�7+528*+������ 6XH�UHSRUWV�WKDW�9$26�FXUUHQWO\�KDV�����PHPEHUV�

7KH�SDQGHPLF�KDV�GLVUXSWHG�RXU�PHHWLQJV�DQG�DFWLYLWLHV�VLQFH�0DUFK�������DQG�LW�LV�VWLOO�XQNQRZQ�ZKHQ�ZH�ZLOO�EH�DEOH�WR�JHW�EDFN�WR�QRUPDO���7KHUHIRUH��9$26�ZLOO�H[WHQG�PHPEHUVKLS�WR�DOO�DFWLYH�PHPEHUV�WKURXJK��������,I�\RXU������GXHV�ZHUH�SDLG�RQ�RU�DIWHU�2FWREHU�����������ZH�ZLOO�DXWRPDWLFDOO\�UHQHZ�\RXU�PHPEHUVKLS�WKURXJK�QH[W�\HDU��

3OHDVH�FRQWDFW�6XH�*ULPPHU��0HPEHUVKLS�'LUHFWRU��LI�\RX�KDYH�TXHVWLRQV�UHJDUG�LQJ�\RXU�PHPEHUVKLS�VWDWXV���PHPE#YDRV�RUJ

7UHDVXUHUV��5HSRUW�)HEUXDU\�����

2SHUDWLQJ�)XQG�6WDUWLQJ��-DQ���������� �������������

����,QFRPH ���������������-���

���-�3D\PHQWV ��������������

&ORVLQJ�%DODQFH�)HEUXDU\��������� �������������

���������������������������������������������������������������������������������������������������������������������������������

3HWW\�&DVK ���������������

7RWDO�2SHUDWLQJ�)XQG�)HE���������� �������������

5HVHUYH�)XQG

6WDUWLQJ�%DODQFH��-DQXDU\��������� ������������

��,QWHUHVW�,QFRPH�)HE���������� ����������������

&ORVLQJ�%DODQFH���)HE���������

������������

6XEPLWWHG�E\�-XG\�/RHIIOHU��7UHDVXUHU

Page 17: 6SHDNHU -LP 5REHUWV

ϭϳ

6XSSRUW�2XU�/RFDO�*URZHUV�DQG�9HQGRUV� +RQH\�%HH�1XUVHU\

�����(QJOHZRRG�5RDG��5W������ (QJOHZRRG��)/�����-���-�����

3DOPHU�2UFKLGV ������7D\ORU�'U��

0\DNND�&LW\��)/����������-���-�����

3ODQWLR�/D�2UTXLGHD �����7DOOHYDVW�5G�

6DUDVRWD�����-���-�����

2UFKLG�(QY\ ����9HQLFH�$YH��:HVW�

9HQLFH��)O�����-���-�����

)ORULGD�6XQ&RDVW�2UFKLGV �����9HUQD�%HWKDQ\�5G��

0\DNND�&LW\��)/�����-���-�����

-XVW�2QH�0RUH�2UFKLG�)HZ�2I�0\�)DYRULWH�7KLQJV ZZZ�MXVWRQHPRUHRUFKLG�EL]

-RDQQD¶V�2UFKLG�3RWWHU\ ZZZ�RUFKLGSRWWHU\�FRP

RUFKLGSRWWHU\#JPDLO�FRP

Page 18: 6SHDNHU -LP 5REHUWV

ϭϴ

83&20,1*�(9(176

$SULO��WK���VW�:HGQHVGD\��-�0RQWKO\�0HHWLQJ�YLD�=RRP���SP���6SHDNHU��-LP�5REHUWV��7RSLF��$�)HZ�(QF\FOLDV�WR�(QMR\ $SULO���WK���QG�7KXUVGD\��-�*URZHUV�&OLQLF�YLD�=RRP���SP��3UHVHQWDWLRQ��0HPEHUV¶�*URZLQJ�$UHDV� $SULO��—���-�6SULQJ�2UFKLG�)HVWLYDO�KRVWHG�E\�.UXOO-6PLWK��$SRND�)/��6HH�IO\HU�LQ�WKLV�QHZVOHWWHU 0D\��WK���VW�:HGQHVGD\��-�0RQWKO\�0HHWLQJ�YLD�=RRP���SP��6SHDNHU��-HII�%UDGOH\�7RSLF��)DPRXV�*URZHUV�DQG�7KHLU�2UFKLGV 0D\���WK���QG�7KXUVGD\��-�*URZHUV�&OLQLF�YLD�=RRP���SP�� 21*2,1* 0HQWRU�3URJUDP��KHOS�IRU�EHJLQQLQJ�JURZHUV��FRQWDFW�5LFN�%HOLVOH�0HQWRU#YDRV�RUJ $26�2UFKLG�-XGJLQJ—)ORULGD�1RUWK�&HQWUDO�-XGJLQJ�&HQWHU��7DNHV�SODFH�DW�&KULVW�WKH�.LQJ�&DPSXV������6��'DOH�0DEU\�+Z\���7DPSD��)/���������)RXUWK�ZHHN�RI�HDFK�PRQWK��&KHFN�:HEVLWH�IRU�6FKHGXOH��� ,QIR��KWWS���ZZZ�IQFMF�VKXWWHUIO\�FRP���

1H[W�0HHWLQJ�

$SULO��WK

�YLD�=RRP

&RQWDFW�8V�

9HQLFH�$UHD�2UFKLG��6RFLHW\��

32�%2;�����

9HQLFH��)/�������-�����

3UHVLGHQW�������������������������

-RDQQD�6KDZ�SUHV#YDRV�RUJ

��

0HPEHUVKLS�

6XH�*ULPPHU��PHPE#YDRV�RUJ�

��

9LVLW�XV�RQ�WKH�ZHE�DW�ZZZ�YDRV�RUJ�

9LVLW�RXU��)DFHERRN�*URXS�DW�

KWWSV���ZZZ�IDFHERRN�FRP�JURXSV�9$26�RUJ��