Hannans Quarterly Report 2013 | Q2

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  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    1/11

    :`h Uuertcr Ebtdvdtdcs Zcport :>5:/:>52 (Eac`hch)

    Iest Iebts

    ER\ Bohc7 L@ZBepdtef Rtrubturc

    Rlercs o` dssuc73.9aOptdo`s o` dssuc74.2aAermct bep7$52.2a (et :.2b)Joerh oi Hdrcbtors

    Ae`ekd`k Hdrcbtor7Heade` Ldbms

    @o`-Cxcbut dvc Hdrcbtors7Ofoi Iorsfu`h

    Aermus Jeblae``

    Go`etle` Aurrey

    Mcy ^rogcbts

    Rwchc`Zemmurdgomd (Dro` hcposdt)

    ^eltoleverc (Boppcr-Kofh hcposdt)

    Hcer Rlerclofhcrs,

    Hurd`k tlc :`h Uuertcr Obtojcr Hcbca jcr :>5:) Le``e`s7 E``ou`bch e `cw GOZB Cxpforetdo` Xerkctd ior tlc ^eltoleverc

    boppcr-kofh progcbt d` `ortlcr` Rwchc`=

    Zcbcdvch tlc jefe`bc oi essey rcsufts ior tlc Zemmurdgomd dro` hcposdtd` `ortlcr` Rwchc`=

    Ehve`bch e sbopd`k stuhy ior tlc Zemmurdgomd dro` hcposdt= Ehve`bch tlc proposch hdvcstac`t oi `o`-borc `dbmcf e`h kofh

    progcbts d` [cstcr` Eustrefde=

    Zcbcdvch e Bo-Iu`hch Hrdffd`k kre`t oi $8>,>>> ior tlc At Korho``dbmcf prospcbt d` [cstcr` Eustrefde

    E``ou`bch e jd`hd`k Lcehs oi Ekrccac`t ior tlc sefc oi tlcHdsbovcry Wo`c boppcr prospcbt d` `ortlcr` Rwchc` to Evefo`

    Ad`crefs Fdadtch, tlet sujscquc`tfy fepsch jy autuef ekrccac`t

    Zedsch $5.;: adffdo` tlroukl e Rlerc ^urblesc ^fe` e`h ^febcac`t. E``ou`bch tlc rctdrcac`t oi two fo`k-scrvd`k Le``e`s hdrcbtorsHurd`k tlc 2 rh Uuertcr Ge`uery Aerbl :>52) Le``e`s p fe`s to7Zemmurdgomd (Dro` hcposdt)

    Zcfcesc e Rbopd`k Rtuhy ior Zemmurdgomd^eltoleverc (Boppcr-Kofh hcposdt) Boapfctc e` Cfcbtro Aek`ctdb (CA ) kcoplysdbef survcy= Boapfctc Bojre kcoblcadbef seapfd`k.

    Efteveere (Boppcr-kofh prospcbt)

    Boapfctc Bojre kcoblcadbef seapfd`k^fcesc `otc wc prcvdousfy d`hdbetch tlet tlc Zemmurdgomd sbopd`k stuhy

    woufh jc rcfcesch hurd`k Ge`uery :>52. [c `ow cxpcbt to rcfcesc tlc

    stuhy d` tlc idrst wccm oi Icjruery :>52. [c erc temd`k ehhdtdo`ef tdac to

    bo`sdhcr tlc dapebt, di e`y, o` rcbc`t hcvcfopac`ts wdtl Xoro`to Rtobm

    Cxble`kc fdstch boape`y @ortlfe`h Zcsourbcs D`b wlo levc rcbc`tfy

    boaac`bch ad`d`k dro` orc 5ma iroa Zemmurdgomd.

    Tours iedtliuffy

    Ae`ekd`k Hdrcbtor

    25 Ge`uery :>52

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    2/11

    LE@@E@R : ` h U S E Z X C Z E B X D Y D X DC R Z C ^ O Z X :>5:/:>52 :

    C\^FOZEXDO@

    RSAAEZT E @H LDKLF DKLXRJy Ea e`he Rbott , Cxp foretdo` Ae`ekcrLe``e`s lofhs e portiofdo oi ad`cref esscts d` Rwchc`, @orwey e`h Eustrefde. Dts huef stretcky ds iobusch o`

    brcetd`k e petlwey to prohubtdo` ior tlc Mdru`e Dro` ^rogcbt d` Rwchc`, suppfcac`tch wdtl prcbdous e`h

    otlcr jesc actefs cxpforetdo` d` Rwchc`, @orwey e`h Eustrefde.

    RuaaeryRwchc` & @orwey

    Xwo aed` progcbts7 Zemmurdgomd (Dro`) e`h ^eltoleverc (Boppcr-Kofh) erc fobetch wdtld`9ma iroa tlc Mdru`e tow` sdtc (e iuff scrvdbc ad`d`k tow`) e`h tlc :Jt Mdru`e dro` ad`c

    (ow`ch jy FMEJ) tlc worfhs ferkcst e`h aost aohcr` u`hcrkrou`h dro` ad`c.

    ^dpcfd`c oi progcbts bovcrd`k kofh, boppcr-kofh e`h fceh-zd`b prospcbts d` Rwchc` e`h @orwey.Eustrefde

    Iorrcste`de `dbmcf & kofh progcbt fobetch ;ma `ortl oi [cstcr` Erces Ifyd`k Iox `dbmcf ad`c. Femc Gol`sto` `dbmcf & kofh progcbt fobetch :3ma soutl cest oi @ordfsms Aekkdc Leys `dbmcf ad`c

    e`h 5>>mas wcst oi @orscae`, [cstcr` Eustrefde.

    Uucc` Ydbtorde Zobms `dbmcf e`h kofh progcbt fobetch 2>ma soutl-wcst oi Boofkerhdc, [cstcr`Eustrefde.

    Cest ^dfjere ^rogcbt kofh e`h jesc actefs progcbts fobetch cest oi @cwae`, [cstcr` Eustrefde.

    Ldklf dklts Rwchc` & @orwey

    D`idff hdeao`h hrdffd`k prokreaac bo`sdstd`k oi 54 lofcs (totef 9,928a) wes boapfctch d` Rcptcajcr:>5: et tlc Zemmurdgomd dro` hcposdt, Rwchc`7

    o Ldkl krehc dro` ad`crefdsetdo` d`tcrbcptch iroa d`idff hrdffd`k et Zemmurdgomd dro` hcposdtd`bfuhd`k 35a N 89.9% Ic iroa 5

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    3/11

    LE@@E@R : ` h U S E Z X C Z E B X D Y D X DC R Z C ^ O Z X :>5:/:>52 2

    MDZS@E DZO@ ^ZOGCBXZEMMSZD GOMD

    Hurd`k tlc Uuertcr tlc jefe`bc oi dro` esseys wcrc rcbcdvch iroa Zemmurdgomd= jcttcr rcsufts d`bfuhch7o 45 .25a N 35 .2 Ic (ZGO5:>:: iroa 252.::a)o 3: .45a N 8: .< Ic (ZGO5:>:> iroa :>9.5:4 iroa :35. .;; Bu, > .;4a N 5 .9 Bu, : .:k/t Eu e`h 8< .: Iciroa 823a

    Xejfc 57 Hrdffd`k rcsufts rcbcdvch iroa Zemmurdgomd dro` hcposdtLofc DH @ortl d`k(ZX4>) Cest d`k(ZX4>) Hdp Ez dautl Iroa(a) Xo(a) D`tcrbcpt Ic

    ZGO5:>:> ;3:;;:8 594 3:.45 8:.:5 ;3:;98: 598.< :3.98 89.52:5.5 23;.>3 23.43 88.5

    293 8>5.59 29.59 2:: ;3:;3:3 ;3:;4.5 29.8 :4.:9 ;3:;

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    4/11

    LE@@E@R : ` h U S E Z X C Z E B X D Y D X DC R Z C ^ O Z X :>5:/:>52 8

    Idkurc 57 Hrdfflofc fobetdo` pfe` et Zemmurdgomd Dro` hcposdt, Rwchc` (@otc7 MDEJ rcicrs to Mdru`e Dro` EJ, ewloffy ow`ch sujsdhdery oi Le``e`s Zcwerh Fth).

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    5/11

    LE@@E@R : ` h U S E Z X C Z E B X D Y D X DC R Z C ^ O Z X :>5:/:>52 3

    ^ZCBDOSR E@H JERC ACXEFR ^ZOGCBXR^ELXOLEYEZC

    Hurd`k tlc Uuertcr e `cw boppcr-kofh GOZB Cxpforetdo` Xerkct befbufetdo` wes rcfcesch ior^eltoleverc. Xlc ldstordb ^eltoleverc boppcr-kofh ad`c ds fobetch -2.> 5.3-:.3Oxdhc 5.2-5.; :.>-:.: >.3-5.3Xotef (Oxdhc +Ircsl) 8.>-:.;> hdeao`h hrdfflofcs, esseys e`h e ferkc kcoblcadbef hetesct wes boapfctch hurd`ktlc Uuertcr.

    Zcd`tcrprctetdo` oi ldstordb kcoplysdbs wes efso boapfctch hurd`k tlc Uuertcr e`h e `cw krou`h-jeschidxch-foop CA survcy les jcc` pfe``ch to iurtlcr hcid`c e ferkc edrjor`c CA e`oaefy= tlc survcy dssblchufch to boaac`bc d` cerfy Icjruery :>52.

    Xlc GOZB Cxpforetdo` Xerkct les jcc` sujgcbtch to hdeao`h hrdff tcstd`k, krou`h kcoplysdbs e`h d`tcrprctetdo`

    jy tlc Kcofokdbef Rurvcy oi Rwchc`, rcvdcwch jy Ar Xloaes Fd`hlofa, oi KcoYdste EJ. Xlc potc`tdef que`tdty

    e`h krehc oi tlc cxpforetdo` terkcts ds bo`bcptuef d` `eturc, tlcrc les jcc` d`suiidbdc`t d`tcrprctetdo` to hcid`c e

    GOZB Ad`cref Zcsourbc e`h dt ds u`bcrted` di iurtlcr d`tcrprctetdo` wdff rcsuft d` tlc hctcrad`etdo` oi e GOZB

    Ad`cref Zcsourbc.

    EFXEYEEZE

    Xlc Efteveere dro` prospcbt ds fobetch d` tlc Mdru`e @ortl Luj, 53ma soutl oi Mdru`e e`h gust 9>>airoa tlc C5> ldklwey.

    E 5>>-seapfc Bojre kcoblcadstry prokreaac wes d`dtdetch d` cerfy Ge`uery et Efteveere. Xlckcoblcadstry prokreaac ds hcsdk`ch to ioffow-up o` tlc sleffow (6:>a) ldkl-krehc boppcr-kofh

    d`tcrbcpt aehc d` Ge`uery :>5:= 2a N 5.2% Bu, 3.:k/t Eu. Kcoblcadbef rcsufts erc cxpcbtch d` tlc 2 rh

    Uuertcr :>52.

    ^ZOGCBX ^D^CFD@CFEMC GOL@RXO@

    Hurd`k tlc quertcr, Le``e`s wes ewerhch tlc Bo-Iu`hch Hrdffd`k Kre`t oiicrch u`hcr tlc [E CDR.Xlc kre`t ds vefuch et up to $8>,>>> e`h bovcrs 3>% oi eff hdrcbt hrdffd`k bosts ior tlc proposch

    prokrea.

    Xlc kre`t wes rcbcdvch ior hrdffd`k to jc bo`hubtch et tlc At Korho` `dbmcf prospcbt et tlc FemcGol`sto` progcbt. Le``e`s les proposch tlet idvc hccp ZB pcrbussdo` hrdff lofcs jc boapfctch to tcst

    tlc jesef bo`tebt oi tlc uftreaeidb scquc`bc ior `dbmcf sufpldhc ad`crefdsetdo`. Rujscquc`t how`-lofc

    cfcbtroaek`ctdb survcyd`k oi tlc lofcs wdff efso jc bo`hubtch u`hcr tlc proposch worm prokrea.

    E sd`kfc ZB lofc wes boapfctch d` Icjruery :>5: tcstd`k e bo-d`bdhc`t `dbmcf-boppcr eukcr e`oaefywldbl d`tcrbcptch `dbmcf sufpldhc ad`crefdsetdo`. Zcsufts d`bfuhch7

    o 8.2% @d iroa 59ao :a N >.39% @d iroa 49ao 59a N >.:9% @d iroa 55

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    6/11

    LE@@E@R : ` h U S E Z X C Z E B X D Y D X DC R Z C ^ O Z X :>5:/:>52 9

    @DBMCF ^ZOGCBX HDYCRXAC@XLe``e`s ds prokrcssd`k wdtl tlc hdvcstac`t oi dts `dbmcf e`h kofh progcbt portiofdo d` [cstcr` Eustrefde, wldbl

    d`bfuhcs tlc7

    Iorrcste`de ^rogcbt (cest oi Lyhc`) Femc Gol`sto` ^rogcbt (wcst oi @orscae`) Uucc` Ydbtorde Zobms ^rogcbt (soutl-wcst oi Boofkerhdc)

    Et tlc c`h oi tlc quertcr tlc boape`y wes d` hdsbussdo`s wdtl e `uajcr oi kroups rcfetd`k to tlc hdvcstac`t

    probcss, lowcvcr `o ioraef ekrccac`ts levc yct jcc` rceblch d` rcfetdo` to e`y proposch tre`sebtdo`s.

    B O@ XE B XRIor iurtlcr d`ioraetdo` pfcesc bo`tebt7

    Heade` Ldbms

    Ae`ekd`k Hdrcbtor

    Eae`he Rbott

    Cxpforetdo` Ae`ekcr

    Jc` Hcffe-Ychove

    Jusd`css Hcvcfopac`t Ae`ekcr

    Xcf7 +95 < 42:8 22>8 chdtdo` oi tlc Eustrefde`

    Bohc ior tlc Zcportd`k oi Cxpforetdo` Zcsufts, Ad`cref Zcsourbcs e`h Orc Zcscrvcs. As Rbott bo`sc`ts to tlc

    d`bfusdo` d` tlc rcport oi tlc aettcrs jesch o` tlc d`ioraetdo` d` tlc iora e`h bo`tcxt d` wldbl dt eppcers.

    Boa pctc`t ^crso`s Rtetcac`t-Cxpforet do` XerkctsXlc d`ioraetdo` d` tlds hobuac`t tlet rcfetcs to GOZB Cxpforetdo` Xerkcts ds jesch o` d`ioraetdo` rcvdcwch jy

    Ar Xloaes Fd`hlofa oi KcoYdste EJ, Fufc, Rwchc` ebtd`k es e` d`hcpc`hc`t Boapctc`t ^crso`. Ar

    Fd`hlofa ds e Icffow oi tlc Eustrefesde` D`stdtutc oi Ad`d`k e`h Acteffurky. Ar Fd`hlofa ds quefdidch to jc e

    Boapctc`t ^crso` es hcid`ch jy tlc GOZB Bohc o` tlc jesds oi tred`d`k e`h cxpcrdc`bc d` tlc cxpforetdo`,

    ad`d`k e`h cstdaetdo` oi ad`cref rcsourbcs oi kofh, jesc actef e`h dro` hcposdts. Ar Fd`hlofa bo`sc`ts to tlc

    d`bfusdo` d` tlc rcport oi tlc aettcrs jesch o` tlc d`ioraetdo` d` tlc iora e`h bo`tcxt d` wldbl dt eppcers.

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    7/11

    Eppc`hdx 3J

    Ad`d`k cxpforetdo` c`tdty quertcrfy rcport

    + Rcc bleptcr 54 ior hcid`ch tcras.

    2>/4/:>>5 Eppc`hdx 3J ^ekc 5

    Zufc 3.2

    Eppc`hdx 3J

    Ad`d`k cxpforetdo` c`tdty quertcrfy rcportD`trohubch 5/;/49. Ordkd`7 Eppc`hdx >5, >5/>9/5>.

    @eac oi c tdty

    LE@@E@R ZC[EZH FXH

    EJ@ Uuertcr c`hch (burrc`t quertcr)

    3: >44 5:

    Bo`sofdhetch stetcac`t oi besl ifows

    Besl ifows rcfetch to opcretd`k ebtdvdtdcsBurrc`t quertcr

    $E>>>Tcer to hetc(9 ao`tls)

    $E>>>

    5.5 Zcbcdpts iroa prohubt sefcs e`h rcfetch hcjtors - -

    5.: ^eyac`ts ior (e) cxpforetdo` & cvefuetdo`(j) hcvcfopac`t(b) prohubtdo`(h) ehad`dstretdo`

    (5,::8)--

    (9;3)(9)

    (:,;2;)--

    (5,282)(9)5.2 Hdvdhc`hs rcbcdvch - -5.8 D`tcrcst e`h otlcr dtcas oi e sdadfer `eturc

    rcbcdvch54 :;

    5.3 D`tcrcst e`h otlcr bosts oi id`e`bc pedh (5;; (;)

    -5.5> Foe`s to otlcr c`tdtdcs - -5.55 Foe`s rcpedh jy otlcr c`tdtdcs - -5.5: Otlcr (Hdrcbtor Foe`) 33 533

    @ct d`vcstd`k besl ifows :,8>4 9,:::

    5.52 Xotef opcretd`k e`h d`vcstd`k besl ifows (berrdchiorwerh)

    355 :,552

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    8/11

    Eppc`hdx 3J

    Ad`d`k cxpforetdo` c`tdty quertcrfy rcport

    + Rcc bleptcr 54 ior hcid`ch tcras.

    Eppc`hdx 3J ^ekc : 2>/4/:>>5

    5.52 Xotef opcretd`k e`h d`vcstd`k besl ifows(jrouklt iorwerh)

    355 :,552

    Besl ifows rcfetch to id`e`bd`k ebtdvdtdcs5.58 ^robcchs iroa dssucs oi slercs, optdo`s, ctb. 5,;83 5,;83

    5.53 ^robcchs iroa sefc oi ioricdtch slercs - -5.59 ^robcchs iroa jorrowd`ks - -5.5; Zcpeyac`t oi jorrowd`ks (33:) (:,552)5.5< Hdvdhc`hs pedh - -5.54 Otlcr (provdhc hctedfs di aetcrdef) (39) (39)

    @ct id`e`bd`k besl ifows 5,52; (8:8)

    @ct d`brcesc (hcbrcesc) d` besl lcfh 5,98< 5,9 Besl et jckd``d`k oi quertcr/ycer to hetc 88< 8> - (5)

    5.:: Besl et c`h oi quertcr :,>49 :,>49

    ^eyac`ts to hdrcbtors oi tlc c`tdty e`h essobdetcs oi tlc hdrcbtors

    ^eyac`ts to rcfetch c`tdtdcs oi tlc c`tdty e`h essobdetcs oi tlc rcfetch c`tdtdcsBurrc`t quertcr

    $E'>>>

    5.:2 Ekkrcketc eaou`t oi peyac`ts to tlc pertdcs d`bfuhch d` dtca 5.: 53>

    5.:8 Ekkrcketc eaou`t oi foe`s to tlc pertdcs d`bfuhch d` dtca 5.5> -

    5.:3 Cxpfe`etdo` `cbcssery ior e` u`hcrste`hd`k oi tlc tre`sebtdo`s5.:2 ^eyac`t oi cxcbutdvc e`h o`-cxcbutdvc hdrcbtors iccs.

    @o`-besl id`e`bd`k e`h d`vcstd`k ebtdvdtdcs

    :.5 Hctedfs oi id`e`bd`k e`h d`vcstd`k tre`sebtdo`s wldbl levc leh e aetcrdef ciicbt o bo`sofdhetchesscts e`h fdejdfdtdcs jut hdh ot d`vofvc besl ifows

    @/E

    :.: Hctedfs oi outfeys aehc jy otlcr c tdtdcs to cstejfdsl or d`brcesc tlcdr slerc d` progcbts d` wldbl tlcrcportd`k c`tdty les e` d`tcrcst

    @/E

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    9/11

    Eppc`hdx 3J

    Ad`d`k cxpforetdo` c`tdty quertcrfy rcport

    + Rcc bleptcr 54 ior hcid`ch tcras.

    2>/4/:>>5 Eppc`hdx 3J ^ekc 2

    Id`e`bd`k iebdfdtdcs evedfejfcEhh `otcs es `cbcssery ior e u`hcrste`hd`k oi tlc posdtdo .

    Eaou`t evedfejfc$E>>>

    Eaou`t usch$E>>>

    2.5 Foe` iebdfdtdcs 33; (>

    8.5 Cxpforetdo` e`h cvefuetdo` ;>>

    8.: Hcvcfopac`t -

    8.2 ^rohubtdo` -

    8.8 Ehad`dstretdo`

    -Borporetc Ehad`dstretdo`

    -Foe` Zcpeyac`t

    33>

    :3>

    Xotef 5,3>>

    Zcbo`bdfdetdo` oi besl

    Zcbo`bdfdetdo` oi besl et tlc c`h oi tlc quertcr (esslow` d` tlc bo`sofdhetch stetcac`t oi besl ifows) to

    tlc rcfetch dtcas d` tlc ebbou`ts ds es ioffows.

    Burrc`t quertcr$E>>>

    ^rcvdous quertcr$E>>>

    3.5 Besl o` le`h e`h et je`m :,>49 8849 88>% >%

    9.: D`tcrcsts d` ad`d`ktc`cac`ts ebqudrch ord`brcesch

    ^;;/8>5>^;;/8>55^;;/8>5:^;;/8>52^;;/8>58

    Kre`tchKre`tchKre`tchKre`tchKre`tch

    >%>%>%>%>%

    5>>%5>>%5>>%5>>%5>>%

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    10/11

    Eppc`hdx 3J

    Ad`d`k cxpforetdo` c`tdty quertcrfy rcport

    + Rcc bleptcr 54 ior hcid`ch tcras.

    Eppc`hdx 3J ^ekc 8 2>/4/:>>5

    Dssuch e`h quotch scburdtdcs et c`h oi burrc`t quertcrHcsbrdptdo` d`bfuhcs retc oi d`tcrcst e h e`y rchcaptdo` or bo`vcrsdo rdklts tokctlcr wdtl prdbcs e`h hetcs.

    Xotef `uajcr @uajcr quotch Dssuc prdbc pcrscburdty (scc

    `otc 2) (bc`ts)

    Eaou`t pedh up pcrscburdty (scc `otc 2)

    (bc`ts);.5 ^rcicrc`bc

    +scburdtdcs(hcsbrdptdo`)

    - - - -

    ;.: Ble`kcs hurd`kquertcr(e) D`brcescstlroukl dssucs(j) Hcbrcescstlroukl rctur`s oibepdtef, juy-jebms,rchcaptdo`s

    -

    -

    -

    -

    -

    -

    -

    -

    ;.2 +Orhd`eryscburdtdcs 3,925,;2> 3,925,;2> - -

    ;.8 Ble`kcs hurd`kquertcr(e) D`brcescstlroukl dssucs

    (j) Hcbrcescstlroukl rctur`s oibepdtef, juy-jebms

    5>>,>,>>,>>>5,>>>,>>>:,>>>,>>>5,:>>,>>>

    4>>,>>>4>>,>>>2>>,>>>

    -Cxcrbdsc prdbc

    52 bc`ts bc`ts:> bc`ts

    < bc`ts

    5; bc`ts:3 bc`ts; bc`ts

    Cxpdry hetc5 Icjruery :>52

    2> Gu`c :>522> Gu`c :>52

    2> Gu`c :>52

    2> Gu`c :>522> Gu`c :>5253 Rcptcajcr :>52

    ;.< Dssuch hurd`kquertcr

    - - - -

    ;.4 Cxcrbdsch hurd`kquertcr

    - - - -

    ;.5> Cxpdrch hurd`kquertcr

    :5,45>,>5; - ; bc`ts 25 Obtojcr :>5:

    ;.55 Hcjc`turcs(totefs o`fy)

    - -

    ;.5: S`scburch `otcs(totefs o`fy)

    - -

  • 7/29/2019 Hannans Quarterly Report 2013 | Q2

    11/11

    Eppc`hdx 3J

    Ad`d`k cxpforetdo` c`tdty quertcrfy rcport

    + Rcc bleptcr 54 ior hcid`ch tcras.

    2>/4/:>>5 Eppc`hdx 3J ^ekc 3

    Boapfde`bc stetcac`t5 Xlds stetcac`t les jcc` prcperch u`hcr ebbou`td`k pofdbdcs wldbl boapfy wdtl

    ebbou`td`k ste`herhs es hcid`ch d` tlc Borporetdo`s Ebt :>>5.

    : Xlds stetcac`t hocs kdvc e truc e`h iedr vdcw oi tlc aettcrs hdsbfosch.

    Adblecf BredkBoape`y Rcbrctery25 Ge`uery :>52

    @otcs5 Xlc quertcrfy rcport provdhcs e jesds ior d`iorad`k tlc aermct low tlc c`tdtys

    ebtdvdtdcs levc jcc` id`e`bch ior tlc pest quertcr e`h tlc ciicbt o` dts besl posdtdo`. E`

    c`tdty we`td`k to hdsbfosc ehhdtdo`ef d`ioraetdo` ds c`bourekch to ho so, d` e `otc or`otcs etteblch to tlds rcport.

    : Xlc @eturc oi d`tcrcst (dtcas 9.5 e`h 9.:) d`bfuhcs optdo`s d` rcspcbt oi d`tcrcsts d`ad`d`k tc`cac`ts ebqudrch, cxcrbdsch or fepsch hurd`k tlc rcportd`k pcrdoh. Di tlcc`tdty ds d`vofvch d` e god`t vc`turc ekrccac`t e`h tlcrc erc bo`hdtdo`s prcbchc`twldbl wdff ble`kc dts pcrbc`tekc d`tcrcst d` e ad`d`k tc`cac`t, dt sloufh hdsbfosc tlcble`kc oi pcrbc`tekc d`tcrcst e`h bo`hdtdo`s prcbchc`t d` tlc fdst rcqudrch ior dtcas9.5 e`h 9.:.

    2 Dssuch e`h quotch scburdtdcs.Xlc dssuc prdbc e`h eaou t pedh up ds `ot rcqudrch d`dtcas ;.5 e`h ;.2 ior iuffy pedh scburdtdcs.

    8 Xlc hcid`dtdo`s d`, e`h provdsdo`s oi, EERJ 5>::7 Ebbou`td`k ior CxtrebtdvcD`hustrdcs e`hEERJ 5>:97 Rtetcac`t oi Besl Ifowseppfy to tlds rcport.

    3 Ebbou`td`k Rte`herhs. ER\ wdff ebbcpt, ior cxeapfc, tlc usc oi D`tcr`etdo`efEbbou`td`k Rte`herhs ior iorcdk` c`tdtdcs. Di tlc ste`herhs usch ho `ot ehhrcss e topdb,tlc Eustrefde` ste`herh o` tlet topdb (di e`y) aust jc boapfdch wdtl.

    9 ^eyac`ts ior Ehad`dstretdo` d`bfuhcs tlc ioffowd`k tre`sebtdo` bosts7Burrc`tquertcr$E>>>

    Tcer to hetc(9 ao`tls)

    $E>>>

    Xre`sebtdo` Bosts rcfetd`k to tlc oii aermct temcovcr oiRbe`hd`evde` Zcsourbcs Fth 39 2;9

    Fckef iccs pedh o` jclefi oi wloffy ow`ch sujsdhderyMdru`e Dro` EJ d`burrch d` rcfetdo` to tlc proposch D^O oitlc sujsdhdery o` EDA hurd`k :>5:

    ;> ;>

    Xotef 5:9 889

    ; Eff rcaed`d`k Etfes Dro` (EKO) slercs wcrc sofh hurd`k Obtojcr :>5: e`h LZCqudtdcs ^ty Fth (wloffy ow`ch sujsdhdery oi Le``e`s Zcwerh Fth) `o fo`kcr lofhsEKO slercs.

    < Xlc foe`s rcfetc to $3>>,>>> owd`k to e` d`hdvdhuef e`h $3;,>>> to Crrewerre ^ty Fth.

    Iuff hctedfs oi tlc foe` tcras e`h bo`hdtdo`s erc evedfejfc et `otc 5< d` Le``e`sZcwerh :>5: E``uef Zcport.