April 2017 April 14, 2017 issue

)ULGD\$SULO7KH&ROHEURRN&KURQLFOH3DJH 7((1&RRN2II &RQWLQXHGIURPSDJH $VWURQJIRFXVRIWKH&RRN2II ZDV WR NHHS HYHU\WKLQJ EDVHG ZLWKLQWKHVWDWH7KHWKHPHIRU WKLV \HDUªV FRPSHWLWLRQ ZDV §%UHDNIDVW IRU /XQFK¨ DQG DOO HQWULHVUHTXLUHGWKHXVHRI1HZ +DPSVKLUH HJJV ZKLFK ZHUH SURYLGHG E\ 3HWH DQG *HUU\ªV 2UJDQLF(JJVRI0RQURH 6HYHQ UHJLRQDO FRPSHWLWLRQV ZHUHKHOGIROORZHGE\WKHVWDWH FRPSHWLWLRQ LQ &RQFRUG 7KH UHJLRQVFRYHUHGWKH*UHDW1RUWK :RRGV:KLWH0RXQWDLQV/DNHV 5HJLRQ0RQDGQRFN5HJLRQ0HU ULPDFN 9DOOH\ 6HDFRDVW DQG 'DUWPRXWK/DNH6XQDSHHDUHDV 7HDPV ZHUH PDGH XS RI XS WR WKUHH VWXGHQWV DQG RQH FRDFKPHQWRU 0HQWRUVKLS FRXOG EHSURYLGHGE\WKHVFKRROªVQXWUL WLRQ GLUHFWRU )DPLO\ DQG &RQ VXPHU 6FLHQFH WHDFKHU D UHVWDXUDQW FKHI RU D FXOLQDU\ LQVWUXFWRUZLWKLQWKHVFKRROGLV WULFW $QRWKHUNH\IRFXVZDVRQWKH KHDOWKDVSHFWRIWKHPHDOVZLWK HQWULHV FRQIRUPLQJ WR 86'$ VFKRRO OXQFK JXLGHOLQHV¥FDORULH FRXQW VRGLXP FRQWHQW DQG SRUWLRQVL]HZHUHDOOIDFWRUHGLQWR WKH MXGJLQJ RI WKH IRRG -XGJHV DOVR VFRUHG EDVHG RQ IRRG FRVW WDVWHSUHVHQWDWLRQDQGFUHDWLY LW\2XWRIDSRVVLEOHSRLQWV WKH 3LWWVEXUJ WHDPªV ZLQQLQJ PHDOZDVDZDUGHGDWRWDORI SRLQWVDQHDUO\SHUIHFWVFRUH :KDW VWDUWHG DV D ORFDO IRRG FRPSHWLWLRQ EHWZHHQ DUHD VFKRROV KDV JURZQ LQWR D VWDWH FKDPSLRQVKLSZLQQLQJLQLWLDWLYH DQG RUJDQL]HU (PLO\ %HUQKDUGW FRXOGQªW EH KDSSLHU (PLO\ WKH VFKRROª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ªV %RDUG RI (GXFDWLRQ ODVW -DQXDU\ IRU WKH SURJUDP §,WªVMXVWDOODERXWJHWWLQJWKH NLGVRXWWKHUHDQGWHDFKLQJWKHP KRZ WR FRRN¨ (PLO\ WROG WKH &KURQLFOH LQ DQ LQWHUYLHZ RQ 7KXUVGD\ §, PHDQ WKDWªV WKH NH\ULJKWWKHUH+HDOWK\HDWLQJ KHDOWK\ERGLHVDQGWU\LQJWRJHW WKHNLGVWRUHDOL]HWKDWLWGRHVQªW WDNHDORWWRSXWKHDOWK\IRRGLQWR \RX¨ 7KH 1+ 7((1 &RRN2II LV RUJDQL]HGLQSDUWQHUVKLSZLWKWKH 1HZ+DPSVKLUH)DUP7R6FKRRO 3URJUDP D 8QLYHUVLW\ RI 1HZ +DPSVKLUH LQLWLDWLYH WKDW DLPV WR HQJDJH IDUPHUV GLVWULEXWRUV &RQWLQXHGRQSDJH 3ROLFH(065HSRUWV &2/(%522.32/,&( 2Q $SULO DW DP $QGUH 3 *LJXHUH RI &ROHEURRN ZDV FKDUJHG IRU GULYLQJ DIWHU UHYRFDWLRQRUVXVSHQVLRQ 2Q $SULO DW DP 5LFKDUG /DSODQWH RI &ROHEURRN ZDVDUUHVWHGRQDEHQFKZDUUDQW *529(721$0%8/$1&( 'XULQJ WKH ZHHN IURP $SULO *URYHWRQ $PEXODQFH UHVSRQGHGWRRQHPHGLFDOFDOOLQ *URYHWRQDQGRQHILUHVWDQGE\LQ 6WDUN *URYHWRQ $PEXODQFH FDUULHG RXW RQH WUDQVIHU IURP 8SSHU &RQQHFWLFXW 9DOOH\ +RVSLWDO 8&9+ LQ &ROHEURRN WR 'DUW PRXWK+LWFKFRFN0HGLFDO&HQWHU '+0&LQ/HEDQRQ 7+3$5$//(/(06 7KH IROORZLQJ LV WKH DPEX ODQFHFDOODFWLYLW\UHSRUWIRUWKH SHULRGIURP$SULO 2Q $SULO DW DP WKH GHSDUWPHQWUHVSRQGHGWR8&9+IRU DQ LQWHUIDFLOLW\ WUDQVIHU WR &&1+ 7KH SDWLHQW ZDV WUDQVSRUWHG WR &&1+$WSPWKHGHSDUWPHQW UHVSRQGHGWR8&9+IRUDQLQWHUIDFLO LW\ WUDQVIHU WR '+0& 7KH SDWLHQW ZDVWUDQVSRUWHGWR'+0&$W SP WKH GHSDUWPHQW UHVSRQGHG WR &DQDDQ 9W IRU D PHGLFDO HPHU JHQF\7KHUHZDVQRSDWLHQWIRXQG 2Q $SULO DW DP WKH GHSDUWPHQWUHVSRQGHGWR8&9+IRU DQ LQWHUIDFLOLW\ WUDQVIHU WR $QGURVFRJJLQ 9DOOH\ +RVSLWDO 7KH DPEXODQFH ZDV FDQFHOOHG ZKLOH RQ VFHQH$WSPWKHGHSDUWPHQW UHVSRQGHGWR&ROHEURRNIRUDPHGLFDO HPHUJHQF\ 7KH SDWLHQW UHIXVHG WUDQVSRUW$WSPWKHGHSDUW PHQWUHVSRQGHGWR6WHZDUWVWRZQIRU D PHGLFDO HPHUJHQF\ 7KH SDWLHQW ZDVWUDQVSRUWHGWR8&9+ 2Q $SULO DW DP WKH GHSDUWPHQWUHVSRQGHGWR8&9+IRU DQ LQWHUIDFLOLW\ WUDQVIHU WR '+0& 7KH SDWLHQW ZDV WUDQVSRUWHG WR '+0&$WDPWKHGHSDUWPHQW UHVSRQGHGWR&ROXPELDIRUDPHGLFDO HPHUJHQF\ 7KH SDWLHQW ZDV WUDQV SRUWHGWR8&9+$WDPWKH GHSDUWPHQWUHVSRQGHGWR'+0&IRU DQ LQWHUIDFLOLW\ WUDQVIHU WR 8&9+ 7KH SDWLHQW ZDV WUDQVSRUWHG WR 8&9+ 2Q $SULO DW DP WKH GHSDUWPHQWUHVSRQGHGWR&ROHEURRN IRUDPHGLFDOHPHUJHQF\7KHSDWLHQW ZDV WUDQVSRUWHG WR 8&9+ $W SP WKH GHSDUWPHQW UHVSRQGHG WR &ROHEURRNIRUDPHGLFDOHPHUJHQF\ 7KH SDWLHQW ZDV WUDQVSRUWHG WR 8&9+ 2Q $SULO DW DP WKH GHSDUWPHQWUHVSRQGHGWR/HPLQJWRQ 9W IRU D PHGLFDO HPHUJHQF\ 7KH SDWLHQW ZDV WUDQVSRUWHG WR 8&9+ $W DP WKH GHSDUWPHQW UHVSRQGHGWR8&9+IRUDQLQWHUIDFLO LW\ WUDQVIHU WR '+0& 7KH SDWLHQW ZDV WUDQVSRUWHG WR '+0& $W DP WKH GHSDUWPHQW UHVSRQGHG WR 3LWWVEXUJ IRU D PHGLFDO HPHUJHQF\ 7KH SDWLHQW ZDV WUDQVSRUWHG WR 8&9+$WSPWKHGHSDUWPHQW UHVSRQGHGWR8&9+IRUDQLQWHUIDFLO LW\ WUDQVIHU WR &DWKROLF 0HGLFDO &HQWHU7KHSDWLHQWZDVWUDQVSRUWHG WR&0& 2Q $SULO WKH GHSDUWPHQW UHVSRQGHG WR &&1+ :HVW 6WHZDUW VWRZQIRUDPHGLFDOHPHUJHQF\7KH SDWLHQWZDVWUDQVSRUWHGWR8&9+ /HIWSKRWR7KHILUVWSODFHDZDUGWKDWZDVSUHVHQWHGWRWKHWHDPIURP3LWWVEXUJIRUWKHYLFWRU\LQWKHILUVW 1+7((1&RRN2II5LJKWSKRWR7KHWHDP VPHQWRU7DPP\-HUDOGVZLWK3LWWVEXUJVWXGHQWV3LHUUH $OODUGDQG%D\OHH'H:LWWZKRWUDYHOHGWR&RQFRUGIRUWKHFXOLQDU\FRPSHWLWLRQ&RXUWHV\SKRWRV /HIW SKRWR 7KH 3LWWVEXUJ VWXGHQWV DUUDQJHG D GLVK RI (JJV (DWDOLDQR +HUE 5RDVWHG 3RWDWRHV DQG D 6XQVKLQH6DODG5LJKWSKRWR(PLO\%HUQKDUGWRQHRIWKHRUJDQL]HUVRIWKHHYHQWDVZHOODV3LWWVEXUJ V 3K\VLFDO(GXFDWLRQWHDFKHUDZDUGV%D\OHH'H:LWWDIWHUWKHWHDP VYLFWRU\7DPP\-HUDOGVSKRWR +HDOWKFDUH 1(: 6(1,25 &20081,7< 3/$11(',1:+,7(),(/' 7KH 0RUULVRQ DQ DVVLVWHG OLYLQJDQGVNLOOHGQXUVLQJKRPH LQ :KLWHILHOG KDV XQYHLOHG WKH QDPHRILWVQHZXQGHUFRQVWUXF WLRQ VHQLRU OLYLQJ FRPPXQLW\ 6XPPLW E\ 0RUULVRQ ,W DOVR UHOHDVHG WKH 6XPPLW E\ 0RUUL VRQORJRDQGDQDUWLVWªVUHQGHULQJ RIWKHPDLQEXLOGLQJ §7KH 0RUULVRQ KDV HDUQHG D VWHUOLQJUHSXWDWLRQIRUSURYLGLQJ RXWVWDQGLQJFRPSDVVLRQDWHFDUH WRJHQHUDWLRQVRI*UHDWHU:KLWH ILHOGUHVLGHQWV¨VDLG'LUHFWRURI 'HYHORSPHQW 0HOO %URRNV §6XPPLW E\ 0RUULVRQ ZLOO HPEUDFH WKH VDPH FRPPLWPHQW WR H[FHOOHQFH ZKLOH H[SDQGLQJ KRXVLQJ RSWLRQV IRU VHQLRUV ZKR ZLVK WR FRQWLQXH OLYLQJ LQ RXU EHDXWLIXO 1RUWK &RXQWU\ DQG WKHLU IDPLOLHV ZKR ZLVK WR NHHS WKHPFORVHE\¨ $ ILUVWRILWV NLQG IDFLOLW\ LQ WKLV SDUW RI 1HZ +DPSVKLUH 6XPPLWE\0RUULVRQZLOOIHDWXUH LQGHSHQGHQW OLYLQJ FRWWDJHV DQG D PDLQ EXLOGLQJ ZLWK LQGHSHQGHQW OLYLQJ DSDUWPHQWV DVVLVWHG OLYLQJ DSDUWPHQWV DQGDSDUWPHQWVIRUUHVLGHQWV &RQWLQXHGRQSDJH (QWULHVIRUWKH&RRN2IIZHUHGLVSOD\HGIRUDSDQHORIMXGJHVZLWKFULWHULDUDQJLQJIURPVRGLXPFRQWHQW WRSUHVHQWDWLRQ7DPP\-HUDOGVSKRWR

April 2017 April 14, 2017 issue | Page 3