May 2016 May 27 2016 | Page 5
)ULGD\0D\7KH&ROHEURRN&KURQLFOH3DJH
/HWWHUV
&RQWLQXHGIURPSDJH
WR VRXWKHUQ 1HZ (QJODQG 7KH
OHWWHU 5HS 5LGHRXW VHQW WR WKH
6LWH(YDOXDWLRQ&RPPLWWHHVD\V
KHZDQWVWKHOLQHVEXULHGEXWLI
WKH\ DUHQªW WKDWªV RND\ +H
ZRXOG OLNH PLOOLRQ IRU WKH
1RUWK&RXQWU\
7KDQN\RX5HS5LGHRXWIRU
SOD\LQJ LQWR WKH KDQGV RI WKH
(YHUVRXUFH OREE\LVWVª QHZ SODQ
WR VSLQ WKH 1RUWKHUQ 3DVV DV D
§SXEOLF LQWHUHVW¨ 7KHUH LV QR
JXDUDQWHHWKRVHIXQGVZLOOFRPH
WR WKH 1RUWK &RXQWU\ DQG ZH
KDYH QR LGHD KRZ WKH\ ZLOO EH
GLVVHPLQDWHG7KHERWWRPOLQHLV
5HS 5LGHRXW ZKHQ \RX DUH
H[SODLQLQJ\RXDUHORVLQJ
3DWULFLD.HOORJJ
/LWWOHWRQ
7RWKH(GLWRU
,ªP JODG WKH %DOVDPV LV
VKRZLQJ WKH UHVW RI WKH 1RUWK
&RXQWU\KRZWRWDNHDGYDQWDJH
RIWKHEHQHILWV1RUWKHUQ3DVVLV
RIIHULQJ XV *RRG IRU /HV 2WWHQ
DQG KLV WHDP IRU JHWWLQJ
1RUWKHUQ 3DVV WR LQYHVW
PLOOLRQ LQWR WKH %DOVDPVª
UHYLWDOL]DWLRQZLWKDFKDQFHIRU
HYHQ PRUH DV 1RUWKHUQ 3DVV
PRYHV DORQJ ,ªP H[FLWHG WR VHH
WKH %DOVDPV VWDUW FRQVWUXFWLRQ
DVVRRQDVSRVVLEOH
,I RQO\ WKH UHVW RI WKH 1RUWK
&RXQWU\ZRXOGIROORZ1RUWKHUQ
3DVV PLJKW PRYH DORQJ PRUH
TXLFNO\7KHK\GURSRZHUSURMHFW
LV RIIHULQJ D PLOOLRQ
)RUZDUG1+)XQGWKDWWKH\SODQ
WRGLVWULEXWH§ZLWKDQHPSKDVLV¨
RQ VXSSRUWLQJ WRXULVP DQG
HFRQRPLF GHYHORSPHQW LQ WKH
1RUWK &RXQWU\ , VD\ OHWªV WDNH
DGYDQWDJHRILWDQGGRHYHU\WKLQJ
ZHFDQWRUHVHUYHWKRVHIXQGVIRU
&RRV&RXQW\:HFHUWDLQO\QHHG
WKHKHOSPRUHWKDQRWKHUSDUWVRI
WKHVWDWH
/HWªV VXSSRUW WKH 1RUWKHUQ
3DVV DQG LWV )RUZDUG 1+ )XQG
DQG VWDUW EXLOGLQJ D EHWWHU
HFRQRPLFIXWXUHIRUHYHU\RQH
$VKOH\'LFNVRQ
/DQFDVWHU
+L&KDUOLH
, QRWLFHG WKDW WKHUH ZDV D
SKRWRRIVWXGHQWVVLQJLQJDWWKH
)LVKHU &DWV JDPH ODVW ZHHN ,
WKRXJKW \RX VKRXOG NQRZ WKDW
3LWWVEXUJ 6FKRRO VWXGHQWV ZHUH
DOVRWKHUHVLQJLQJ
$QQ0**UD\OLEUDULDQ
3LWWVEXUJ6FKRRO
(GLWRUªV QRWH 6RUU\ IRU WKH
RYHUVLJKW¥WKDQNV
IRU
WKH
DGGLWLRQDOLQIRUPDWLRQ
1HZ5HOHDVH
%22.
),567 287 0< /,)( 21
7+(07:$6+,1*721&2*
5$,/:$< E\ -RQDWKDQ
+LYHO\
)LUVW 2XW 0\ /LIH RQ WKH
0W:DVKLQJWRQ&RJ5DLOZD\
FRYHUV WKH VSDQ RI DXWKRU
-RQDWKDQ +LYHO\ªV H[SHULHQFHV
ZRUNLQJ RQ WKH IDPHG 0RXQW
:DVKLQJWRQ &RJ 5DLOZD\ WKH
ZRUOG
V ILUVW PRXQWDLQFOLPELQJ
FRJUDLOZD\IURP WR
7KH ERRN LV SHSSHUHG ZLWK
SKRWRJUDSKVPDQ\IURP+LYHO\ªV
SHUVRQDO FROOHFWLRQ WKDW JLYH D
VHQVH RI YLYLG WH[WXUH WR KLV
PHPRULHV ,WªV D FROOHFWLRQ RI
DQHFGRWHV URPDQWLFL]LQJ WKH
XQIRUJLYLQJ DQG RIWHQ JUXHOLQJ
ZRUN VXVWDLQHG E\ WKRVH
HPSOR\HGRQWKHXQLTXHUDLOZD\
+LYHO\ GRHVQªW VK\ DZD\ IURP
KRQHVW GHVFULSWLRQV RI WKH XSV
DQGGRZQVRIUDLOURDGZRUN
:ULWHV+LYHO\LQKLVRSHQLQJ
§7KHUHDUHPDQ\ERRNVDERXWWKH
&RJ5DLOZD\EXWKHUH,SUHVHQW
D YLHZSRLQW IURP P\ RZQ
SHUVRQDOH[SHULHQFHDVVRPHRQH
ZKR DFWXDOO\ ZDV D SDUW RI
PDNLQJ WKLV KLVWRULF DQG
HQWHUSULVLQJ
UDLOURDG
WKH
SKHQRPHQRQWKDWLWKDVFRPHWR
EH¨ DQG KLV H\HVRQWKHJURXQG
YLHZSRLQW LQYLWHV WKH UHDGHU LQ
WRVKDUHWKHMRXUQH\
7KH ERRN DOVR SURYLGHV DQ
LQWULFDWH FROOHFWLRQ RI OLVWV
GHWDLOLQJWHUPLQRORJ\LQYHQWRU\
WRROV DQG GHILQLWLRQV ZKLFK DV
+LYHO\ VD\V §DUH VLPSO\ SURSV
DQGVFHQHU\RIDQLQFUHGLEOHDQG
XQLTXH VKRZ ORFDWHG DW 0W
:DVKLQJWRQ %UHWWRQ :RRGV
1HZ +DPSVKLUH ZLWK D FDVW RI
ZLOG DQG FUD]\ EXW GHGLFDWHG
PHQ DQG ZRPHQ FRPLQJ IURP
HYHU\ZKHUHDQGGRLQJWKHLUSDUW¨
+LYHO\ KRSSHG EHWZHHQ
YDULRXV UROHV DW WKH UDLOZD\
UHPHPEHULQJ IRQGO\ WKH VSHHFK
KHZRXOGJLYHDVWKH%UDNHPDQ
WRERDUGLQJSDVVHQJHUV
§:HOO JRRG DIWHUQRRQ ODGLHV
DQG JHQWOHPHQ DQG ZHOFRPH WR
WKH 0W :DVKLQJWRQ &RJ
5DLOZD\¨ KH ZRXOG EHJLQ DQG
WKHVSHHFKJRHVRQOLNHFORFNZRUN
WR QDPH WKH VLJKWV IURP WKH
$PPRQRRVXF5DYLQHWRWKHVWHHS
ZLQGLQJ WUHVWOH RI -DFREªV
/DGGHU ZKHUH WKH IURQW RI WKH
FRDFKWLOWVDSSUR[LPDWHO\WZHOYH
IHHWKLJKHUWKDQWKHUHDU
+XPRUFRDWVWKHPHPRLUDQG
+LYHO\ªV
EHKLQGWKHVFHQHV
VWRULHV RI WKH SUDQNV DQG
PD\KHP WKH FUHZ ZRXOG JHW XS
WR
RQO\
DFFHQWXDWH
WKH
FRPSDQLRQVKLS VKDUHG E\ WKH
ZRUNHUVRIWKHUDLOZD\2QHDQWLF
LQSDUWLFXODU+LYHO\UHFDOOVZDV
KLV GHOLYHU\ RI WKH %UDNHPDQ
VSHHFKLQDIDX[6FRWWLVKDFFHQW
§:KHQ ILQLVKHG , WKRXJKW WKDW
,ªG KDG JRRG IXQ ZLWK P\
SDVVHQJHUV XQWLO WKH\ VWDUWHG
6RPHWKLQJ2Q