May 2016 May 27 2016

)5(( &ROHEURRNªV/DUJHVW&LUFXODWHG:HHNO\1HZVSDSHU 7KH&ROHEURRN&KURQLFOH &29(5,1*7+(72:162)7+(833(5&211(&7,&875,9(59$//(< )5,'$<0$<  92/12 3XEOLF+HDULQJ7R%H+HOG,Q&ROHEURRN %DOVDPV6LWH3ODQ&RPSOHWH%RDUG6HWV-XQH+HDULQJ %\'RQQD-RUGDQ $WDPHHWLQJLQ/DQFDVWHUWKLV ZHHNWKH&RRV&RXQW\3ODQQLQJ %RDUG DFFHSWHG WKH VLWH SODQ DSSOLFDWLRQIRUWKHUHEXLOGLQJRI WKH 'L[ +RXVH +DPSVKLUH +RXVHDQGFRQQHFWRUEXLOGLQJDW WKH IRUPHU %DOVDPV UHVRUW SURSHUW\LQ'L[YLOOH1RWFK $W WKH VDPH WLPH WKH ERDUG DFFHSWHG WKH DSSOLFDWLRQ IRU D &RQWLQXHGRQSDJH *ROI/LQNV5RDG8SJUDGH 0RYHV&ORVHU7R$SSURYDO %\'RQQD-RUGDQ 7KH VWDWHª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ªVDLUSRUW %\'RQQD-RUGDQ ,WZDVOLNHVRPHWKLQJRXWRID VFLHQFH ILFWLRQ VWRU\¦UHVLGHQWV DOO RYHU 1HZ (QJODQG UHSRUWHG VHHLQJWKHVNLHVOLJKWXSLQFRORUV RI JUHHQ DQG EOXH DQG ZKLWH DW DERXW  DP RQ 7XHVGD\ PRUQLQJIROORZHGE\WKHVRXQGRI DQH[SORVLRQRUDUXPEOLQJ :LWKLQRQHTXLFNKRXUWKRVH ZKRZHUHDZDNHQHGE\WKHQRLVH ZHUH DVNLQJ RQ )DFHERRN §'LG DQ\RQHHOVHKHDUWKDWH[SORVLRQ DW  DP"¨ 2WKHUV QRWHG WKDW WKH\ ZHUH DZDNHQHG E\ WKH VRXQG DQG WKRXJKW PD\EH WKH IXUQDFH LQ WKHLU KRXVH ZDV KDYLQJ SUREOHPV 6RPH HYHQ WKRXJKW LW PLJKW KDYH EHHQ WKXQGHU RU DQ HDUWKTXDNH DOWKRXJKLWVHHPHGWRKDYHDELW RIDGLIIHUHQWVRXQG $QGWKHQWKHUHDUHWKRVHZKR ZHUHRXWWUDYHOLQJWKHKLJKZD\V DW WKDW KRXU )URP %HUOLQ DQG *RUKDPVHYHUDOGULYHUVUHSRUWHG VHHLQJDILUHEDOOVWUHDNLQJDFURVV WKHQLJKWVNLHV¦DQGWKDWLWZDV TXLWH ODUJH 2YHU LQ 0DLQH GULYHUV DORQJ LQWHUVWDWH  VHHPHG WR KDYH D FOHDU YLHZ RI WKH ILUHEDOO DQG DV LW IOHZ &RQWLQXHGRQSDJH 7KLVPDSVKRZVZKHUHVLJKWLQJVRI7XHVGD\PRUQLQJª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