adrian henri

&ODVVLF3RHWU\6HULHV

$GULDQ+HQULSRHPV

3XEOLFDWLRQ'DWH

3XEOLVKHU3RHP+XQWHU&RP7KH:RUOGV3RHWU\$UFKLYH

ZZZ3RHP+XQWHUFRP7KH:RUOGV3RHWU\$UFKLYH

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

+LVFDUHHUVSDQQHGHYHU\WKLQJIURPDUWLVWDQGSRHWWRWHDFKHUURFNDQGUROOSHUIRUPHUSOD\ZULJKWDQGOLEUHWWLVW+HFRXOGQDPHDPRQJKLVIULHQGV-RKQ/HQQRQ*HRUJH0HOO\DKUHI KWWSSRHPKXQWHUFRPDOOHQJLQVEHUJ!$OOHQ*LQVEHUJD!:LOO\5XVVHOO-RKQ:LOOHWWDQG3DXO0F&DUWQH\8QOLNH0F*RXJKDQG3DWWHQ+HQULWXUQHGKLVEDFNRQWKHWUHQGLHU/RQGRQVFHQHDQGFKRVHWRUHPDLQLQ/LYHUSRROVD\LQJWKHUHZDVQRZKHUHKHORYHGEHWWHU

+LVQXPHURXVSXEOLFDWLRQVLQFOXGH7KH0HUVH\6RXQGZLWK0F*RXJKDQG3DWWHQDEHVWVHOOLQJSRHWU\DQWKRORJ\WKDWEURXJKWDOOWKUHHRIWKHPWRZLGHUDWWHQWLRQ:LVK


+HGLHGLQ/LYHUSRRODJHGIROORZLQJDORQJLOOQHVV6KRUWO\EHIRUHKLVGHDWKKHZDVDZDUGHGWKH)UHHGRPRIWKH&LW\RI/LYHUSRROLQUHFRJQLWLRQRIKLVFRQWULEXWLRQWR/LYHUSRROVFXOWXUDOVFHQH+HDOVRUHFHLYHGDQKRQRUDU\GRFWRUDWHIURPWKH8QLYHUVLW\RI/LYHUSRRO

+HGHVFULEHGKLVHDUO\SKLORVRSK\DV,I\RXWKLQN\RXFDQGRLWDQG\RXZDQWWRGRLWWKHQGRLW

(VHUOHUL

7KH0HUVH\6RXQGFRZULWWHQZLWK5RJHU0F*RXJKDQG%ULDQ3DWWHQ:LVK


$GULDQ+HQULV7DONLQJ$IWHU&KULVWPDV%OXHV

:HOO,ZRNHXSWKLVPRUQLQLWZDV&KULVWPDV'D\$QGWKHELUGVZHUHVLQJLQJWKHQLJKWDZD\,VDZP\VWRFNLQJO\LQJRQWKHFKDLU/RRNHGULJKWWRWKHERWWRPEXW\RXZHUHQWWKHUHWKHUHZDVDSSOHVRUDQJHVFKRFRODWHVDIWHUVKDYHEXWQR\RX

6R,ZHQWGRZQVWDLUVDQGWKHGLQQHUZDVILQH7KHUHZDVSXGGLQJDQGWXUNH\DQGORWVRIZLQH$QG,SXOOHGWKRVHFUDFNHUVZLWKDODXJKLQJIDFH7LOO,VDZWKHUHZDVQRRQHLQ\RXUSODFHWKHUHZDVPLQFHSLHVEUDQG\QXWVDQGUDLVLQVPDVKHGSRWDWREXWQR\RX

1RZLWV1HZ


$GULDQ+HQULV/DVW:LOODQG7HVWDPHQW

C1RRQHRZQVOLIHEXWDQ\RQHZKRFDQSLFNXSD)U\LQJSDQRZQVGHDWK

:LOOLDP%XUURXJKV

7RZKRPLWPD\FRQFHUQ$VP\LPPLQHQWGHDWKLVKRXUO\H[SHFWHGWKHVHGD\VFDUEUDNHVVFUHDPLQJRQ(DVW/DQFVWDUPDFWUDSSHGLQWKHEOD]LQJFLQHPDPXWHO\VFUHDPLQJ,72/'


$Q\3ULQFH7R$Q\3ULQFHVV

$XJXVWLVFRPLQJDQGWKHJRRVH,PDIUDLGLVJHWWLQJIDW7KHUHKDYHEHHQQRJROGHQHJJVIRUVRPHPRQWKVQRZ6WUDZKDVIDOOHQZHOOEHORZPDUNHWSULFHGHVSLWHP\IUDQWLFVSLQQLQJDQGWKHVHGJHLVDV\RXULJKWO\SRLQWRXWZLWKHUHG

,FDQWLPDJLQHKRZWKHSHDJRWXQGHU\RXUPDWWUHVV,DSRORJL]HKXPEO\7KHFKDPEHUPDLGKDVRIFRXUVHEHHQVDFNHG$VKDVWKHIURJIRRWPDQ,XQGHUVWDQGWKDWGXULQJP\UHFHQWIDFWILQGLQJWRXURIWKH*ROGHQ5LYHUGHVSLWH\RXUQLJKWO\XQDYDLOLQJHIIRUWVKHUHPDLQHGREVWLQDWHO\IURJJLVK

,KRSHWKDWWKH7KUHH:LVKHVJUDQWHGE\WKH*HQHUDO$VVHPEO\ZLOOJRVRPHZD\WRZDUGVUHGUHVVLQJWKLVXQIRUWXQDWHUHFHQWVHTXHQFHRIHYHQWV7KHIDOOLQRXWSXWIURPWKHVKRHIDFWRU\IRUH[DPSOHQRRQHFRXOGKDYHIRUHVHHQWKHZRUNWRUXOHE\WKH1DWLRQDO8QLRQRI(OYHV1RWWRPHQWLRQWKHIDFWWKDWWKHFRXUWKDVEHHQIDVWDVOHHSIRUWKHODVWVL[DQGDKDOI\HDUV

7KHPDWWHURIWKHSRLVRQHGDSSOHKDVEHHQWDNHQXSE\WKH%RDUGRI7UDGH,WKLQN,FDQDVVXUH\RXWKHLQFLGHQWZLOOQRWEHUHSHDWHG

,FDQTXLWHXQGHUVWDQGLQWKHFLUFXPVWDQFHV\RXUUHOXFWDQFHWROHWGRZQ\RXUJROGHQWUHVVHV+RZHYHU,IHHO,PXVWSRLQWRXWWKDWWKHZHDWKHULVQWJHWWLQJDQ\EHWWHUDQG,DOUHDG\KDYHDQDVW\FKLOOIURPZDLWLQJDWWKHEDVHRIWKH:KLWH7RZHU


3ULQFHVVDFROGEODFNZLQGKRZOVWKURXJKRXUHPSW\SDODFH'HDGOHDYHVOLWWHUWKHEHGFKDPEHUWKHPLUURURQWKHZDOOKDVQWVDLGDWKLQJVLQFH\RXOHIW,FDQRQO\DVNEHDULQJDOOWKLVLQPLQGWKDW\RXWKLQNDJDLQ

OHWGRZQ\RXUKDLU

UHFRQVLGHU

$GULDQ+HQUL


&RXQWU\6RQJ

C/LO\RIWKH9DOOH\&RQYDODULD0DMDOLVIDP/LOOLDFHDH*URZVZLOGLQ1(QJODQG&RPPRQO\FXOWLYDWHG)ORZHUVLQ0D\%HUULHVUHGZKHQULSH/HDYHVSDUWLFXODUO\SRLVRQRXVEHFDXVHWKUHHFRQVWLWXHQWVGHSUHVVWKHKHDUWOLNH)R[JORYH

:KDWDUHWKHFRQVWLWXHQWVWKDWGHSUHVVWKHKHDUW"WKHVFHQWRIOLOLHVLQGDUNJUHHQVLOHQFHVXQGHUWUHHVPLONZHHGDQGUDJZRUWDQGVXQVKLQHLQKHGJHVVPDOOIORZHUVSLFNHGDPRQJVWWUHHVZKHQLWVUDLQLQJ

$\HDUDJR


'RQW:RUU\(YHU\WKLQJV*RLQJWREH$OO5LJKW

'RQWZRUU\,I\RXUER\IULHQGGRHVQWWUHDW\RXULJKWEDE\(YHU\WKLQJVJRLQJWREHDOOULJKWFRPHZLWKPH$QGHYHU\SRHP,ZULWHZLOOKDYH\RXUQDPHLQLW'RQWZRUU\,IWKHIDFWRULHVDQGYLOODVFRYHUWKHFRXQWU\VLGH(YHU\WKLQJVJRLQJWREHDOOULJKW(QJODQGZLOOEHJLYHQEDFNWRWKHDQLPDOVDQGZHOOILQGDKRPHXQGHUIHUQOHDYHVNQRZQRQO\WRIR[HV'RQWZRUU\,I,FDQWDIIRUGWREX\\RXFRIIHHDIWHUVFKRRO(YHU\WKLQJVJRLQJWREHDOOULJKW6RRQWKHSRHPZLOOUHSODFHWKHSRXQGVWHUOLQJDVLQWHUQDWLRQDOFXUUHQF\DQG%ULWDLQ:LOOJHWRQWKHSRHPVWDQGDUGDJDLQ'RQWZRUU\$ERXWWKRVHOXQDWLFVLQWKHJRYHUQPHQW(YHU\WKLQJVJRLQJWREHDOOULJKW7KHFRXQWU\ZLOOEHJRYHUQHGE\EHDXWLIXOJLUOVXQGHU,DQG\RXZLOOOHWPHFDUU\\RXUSRUWIROLRKRPHIURPWKH+RXVH'RQWZRUU\$ERXWZKDWKDSSHQHGWKHRWKHUQLJKW(YHU\WKLQJVJRLQJWREHDOOULJKW7KH\OOJLYH\RXFRQWUDFHSWLYHSLOOVVKDSHGOLNHMHOO\EDELHVZLWK\RXUPLONDWSOD\WLPH'RQWZRUU\DERXWZKDW\RXU'DGVD\VDERXWWKH\RXQJHUJHQHUDWLRQ(YHU\WKLQJVJRLQJWREHDOOULJKW7KHUHOOEHLQYROXQWDU\HXWKDQDVLDIRUHYHU\RQHRYHUQRWDSRHWSDLQWHURUPXVLFLDQ'RQWZRUU\$ERXWWKHUDLQ(YHU\WKLQJVJRLQJWREHDOOULJKW7KHVWUHHWVZLOOEHFRYHUHGZLWKWLQ\SLQNIORZHUVOLNHWKHRQHVRQ\RXUVXVSHQGHUEHOW%DWKLQJVXLWVZLOOEHEDQQHGIURPEHDFKHV6FKRROXQLIRUPVZLOOEHWKHRQO\NLQGDOORZHGLQSXEOLF


*DODFWLF/RYHSRHP

:DUP\RXUIHHWDWWKHVXQVHW%HIRUHZHJRWREHG5HDG\RXUERRNE\WKHOLJKWRI2ULRQ:LWK6LULXVJXDUGLQJ\RXUKHDG7KHQUHDFKRXWDQGVZLWFKRIIWKHSODQHWV:HOOZDWFKWKHPJRRXWRQHE\RQH


*UHDW:DU3RHPV

,

7KHVDPHROGVROGLHUVZDONLQJDORQJWKHVDPHROGVN\OLQH

'HDGKDQGWKURXJKWKHVDQGEDJVUHDFKLQJRXWIRUWKHFUHDPDQGZKLWHEXWWHUIO\

PXGZDWHUXQGHUGXFNERDUGVPXGUDWVVFDPSHULQVWDUVKHOOGDUNQHVVPXGVPHOORIVKLWDQGURWWLQJERGLHVPXGUHVWLQJ\RXUVZHDW\IRUHKHDGRQWKHVDQGEDJV29(57+(723WKHILUVWPHQLQWKHOXQDUODQGVFDSH

:KDWGLG\RXGRWRWKH*UHDW:KRUH'DGG\"

3RSSLHVVOLJKWO\RXWRIIRFXVDQGIDUPFDUWVEULQJLQJLQWKHSHDFHIXOGHDG

7KHJKRVWRI:LOIUHG2YHQVHOOLQJPDWFKHVRXWVLGHWKH%XUOLQJWRQ$UFDGH

6HDIRJ5HGIODULQJOLJKWVIURPWKHVKRUHEDWWHULHV7KHURDURIVKHOOVUDWWOHRIPDFKLQHJXQV:DWHUUXQQLQJLQWKHELOJHV0\IHHWVOLSSLQJRQWKHGDPSFREEOHVRIWKHTXD\VLGH

'217%(9$*8(%/$0(*(1(5$/+$,*

IRXUZKLWHIHDWKHUVFOXWFKHGLQDEORRGVWDLQHGHQYHORSH

DVNXOOQHVWOLQJLQDEHGRIZLOGVWUDZEHUULHVERRWVPRXOGHULQJJUHHQZLWKIXQJXVVDSOLQJVWKUXVWLQJWKURXJKUXVWLQJKHOPHWVVXQNHQEDUJHVGULIWLQJIXOORIOHDYHVGRZQDXWXPQULYHUV

$GULDQ+HQUL


+ROFRPEH3RHP3RHP)RUD*LUO,'LGQW0HHW

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

WUDLQVPRYLQJWKURXJKYDOOH\VFKLPQH\VVSULQJLQJIURPKLOOVLGHVVWUHDPVWXPEOLQJWKURXJKERXOGHUVFORXGVWLOWLQJIURPWKHKRUL]RQDQGPHRQWKHPRRUVWKLQNLQJDERXWWKHJLUO,QHYHUPHW

$GULDQ+HQUL


,:DQW7R3DLQW

,

,ZDQWWRSDLQWGHDGELUGVFUXFLILHGRQDEDFNJURXQGRIQLJKW7KRXJKWVWKDWOLHWRRGHHSIRUWHDUV7KRXJKWVWKDWOLHWRRGHHSIRUTXHHUV7KRXJKWVWKDWPRYHDWPLOHVVHFRQG7KH(QWU\RI&KULVWLQWR/LYHUSRROLQ7KHLQVWDOODWLRQRI5RJHU0F*RXJKLQWKH&KDLURI3RHWU\DW2[IRUG)UDQFLV%DFRQPDNLQJWKH3UHVLGHQWV6SHHFKDWWKH5R\DO$FDGHP\GLQQHU

,ZDQWWRSDLQWOLIHVL]HGQXGHVRI0DULDQQH)DLWKIXOODOORIWKHPSDLQWHGIURPOLIH:HOVK0DLGVE\:HOVK:DWHUIDOOV+HDWKHU+ROGHQDV2XU/DG\RI+DVOLQJGHQ$SDLQWLQJDVELJDV3LFFDGLOO\IXOORIQHRQVLJQVDQGEXVHV&KULVWPDVGHFRUDWLRQVDQGEHDXWLIXOJLUOVZLWKGDUNEORQGHKDLUVKDGLQJWKHLUIDFHV

,ZDQWWRSDLQW7KHDVVDVVLQDWLRQRIWKHHQWLUH5R\DO)DPLO\(QRUPRXVSLFWXUHVRIHYHU\SDYLQJVWRQHLQ&DQQLQJ6WUHHW7KH%HDWOHVFRPSRVLQJDQHZQDWLRQDODQWKHP%ULDQ3DWWHQZULWLQJSRHPVZLWKDIODPHWKURZHURQGLVXVHGIHUU\ERDWV$QHZFDWKHGUDOPLOHVKLJKPDGHHQWLUHO\RISUDPZKHHOV$QHPSW\:RRGELQHSDFNHWFRYHUHGLQNLVVHV,ZDQWWRSDLQW$SLFWXUHPDGHIURPWKHWHDUVRIGLUW\IDFHGFKLOGUHQLQ&KDWKDP6WUHHW

,ZDQWWRSDLQW,/29(


LQEODFNUXQQLQJOHWWHUVPLOHVKLJKRYHU/LYHUSRRO

,ZDQWWRSDLQW3LFWXUHVWKDWFKLOGUHQSOD\KRSVFRWFKRQ3LFWXUHVWKDWFDQEHXVHGDVHYLGHQFHDWPXUGHUWULDOV3LFWXUHVWKDWFDQEHXVHGWRDGYHUWLVHFRUQIODNHV3LFWXUHVWKDWFDQEHXVHGWRIULJKWHQQDXJKW\FKLOGUHQ3LFWXUHVZRUWKWKHLUZHLJKWLQPRQH\3LFWXUHVWKDWWUDPSVFDQOLYHLQ3LFWXUHVWKDWFKLOGUHQZRXOGILQGLQWKHLUVWRFNLQJVRQ&KULVWPDVPRUQLQJ3LFWXUHVWKDWWHHQDJHORYHUVFDQVHQGHDFKRWKHU,ZDQWWRSDLQW

SLFWXUHV

$GULDQ+HQUL


,QWKH0LGQLJKW+RXU

:KHQZHPHHWLQWKHPLGQLJKWKRXUFRXQWU\JLUO,ZLOOEULQJ\RXQLJKWIORZHUVFRORXUHGOLNH\RXUH\HVLQWKHPRRQOLJKWLQWKHPLGQLJKWKRXU

,UHPHPEHU


EULJKWPRRQOLJKWPLGQLJKWIORZHUVLQWKHPLGQLJKWKRXU

$GULDQ+HQUL


/LYHUSRRO3RHPV

,

*272:25.21$%5$48(


$QG0DUFHO3URXVWLQWKH.DUGRPDKHDWLQJ0DGHOHLQHEXWWLHVGLSSHGLQWHD

,,

:\DWW-DPHV9LUJLODQG0RUJDQ(DUSZLWK'RF+ROOLGD\6KRRWLQJLWRXWZLWKWKH/LYHU%LUGVDWWKH3LHU+HDG

$QGD3ROLVKJXQPDQ\RXQJEHDXWLIXOGDUNJODVVHVFRPEDWMDFNHWVWDJJHUVGRZQ/LWWOH6W%ULGH6WEORRGGULSSLQJPRDQLQJFOXWFKHVFROODSVHVGRZQDEDFNMLJJHUFRXJKLQJIDOOVLQDZLOGHUQHVVRI'D]ZKLWHZDVKLQJ

$GULDQ+HQUL


/RYH,V

/RYHLV

/RYHLVIHHOLQJFROGLQWKHEDFNRIYDQV

/RYHLVDIDQFOXEZLWKRQO\WZRIDQV

/RYHLVZDONLQJKROGLQJSDLQWVWDLQHGKDQGV

/RYHLV

/RYHLVILVKDQGFKLSVRQZLQWHUQLJKWV

/RYHLVEODQNHWVIXOORIVWUDQJHGHOLJKWV

/RYHLVZKHQ\RXGRQWSXWRXWWKHOLJKW

/RYHLV

/RYHLVWKHSUHVHQWVLQ&KULVWPDVVKRSV

/RYHLVZKHQ\RXUHIHHOLQJ7RSRIWKH3RSV

/RYHLVZKDWKDSSHQVZKHQWKHPXVLFVWRSV

/RYHLV

/RYHLVZKLWHSDQWLHVO\LQJDOOIRUORUQ

/RYHLVSLQNQLJKWGUHVVHVVWLOOVOLJKWO\ZDUP

/RYHLVZKHQ\RXKDYHWROHDYHDWGDZQ

/RYHLV

/RYHLV\RXDQGORYHLVPH

/RYHLVSULVRQDQGORYHLVIUHH

/RYHVZKDWVWKHUHZKHQ\RXDUHDZD\IURPPH

/RYHLV

$GULDQ+HQUL


/RYH3RHP&RORXU6XSSOHPHQW

,WZDVRXUILUVWJUHDWZDU$QGDIWHUWKHILUVWVXFFHVVIXOVRUWLH,QWRWKHQRPDQVJODQGEHWZHHQKHUWKLJKV:HZDLWHGDQ[LRXVO\HYHU\PRQWKIRUSRSS\VHOOHUVWRDSSHDULQKHUVWUHHWV

$GULDQ+HQUL


0H

LI\RXZHUHQW\RXZKRZRXOG\RXOLNHWREH"

3DXO0F&DUWQH\*XVWDY0DKOHU$OIUHG-DUU\-RKQ&ROWUDQH&KDUOLH0LQJXV&ODXGH'HEXVV\:RUGVZRUWK0RQHW%DFKDQG%ODNH

&KDUOLH3DUNHU3LHUUH%RQQDUG/HRQDUGR%HVVLH6PLWK)LGHO&DVWUR-DFNVRQ3ROORFN*DXGL0LOWRQ0XQFKDQG%HUJ

%HOj%DUWyN+HQUL5RXVVHDX5DXVFKHQEHUJDQG-DVSHU-RKQV/XNDV&UDQDFK6KRVWDNRYLFK.URSRWNLQ5LQJR*HRUJHDQG-RKQ

:LOOLDP%XUURXJKV)UDQFLV%DFRQ'\ODQ7KRPDV/XWKHU.LQJ+3/RYHFUDIW76(OLRW'+/DZUHQFH5RODQG.LUN

6DOYDWRUH*LXOLDQR$QG\:DUKRO3DXO8]DQQH.DIND&DPXV(QVRU5RWKNR-DFTXHV3UpYHUWDQG0DQIUHG0DQQ

0DU['RVWRHYVN\%DNXQLQ5D\%UDGEXU\0LOHV'DYLV7URWVN\6WUDYLQVN\DQG3RH

'DQLOR'ROFL1DSROHRQ6ROR6W-RKQRIWKH&URVVDQG7KH0DUTXLVGH6DGH

&KDUOHV5HQQLH0DFNLQWRVK5LPEDXG&ODHV2OGHQEXUJ$GULDQ0LWFKHOODQG0DUFHO'XFKDPS

-DPHV-R\FHDQG+HPLQJZD\+LWFKFRFNDQG%XQXHO'RQDOG0F.LQOD\7KHORQLXV0RQN

$OIUHG/RUG7HQQ\VRQ0DWWKLDV*UXQHZDOG3KLOLS-RQHV*ULIWKVDQG5RJHU0F*RXJK

*XLOODXPH$SROOLQDLUH&DQQRQEDOO$GGHUOH\5HQp0DJULWWH+LHURQ\PXV%RVFK


6WpSKDQH0DOODUPpDQG$OIUHGGH9LJQ\(UQVW0D\DNRYVN\DQG1LFRODVGH6WDHO+LQGHPLWK0LFN-DJJHU'XUHUDQG6FKZLWWHUV*DUFLD/RUFDDQGODVWRIDOOPH

$GULDQ+HQUL


0UV$OELRQ


1LJKWVRQJ

6RZHOOJRQRPRUHDUDYLQJ6RODWHLQWRWKHQLJKW7KRXJKWKHKHDUWEHVWLOODVORYLQJ$QGWKHQHRQVLJQVVREULJKW

$WHP\EUHDNIDVWHJJWKLVPRUQLQJSOD\LQJUHFRUGVIURPODVWQLJKWZRNHWRKHDUWKHIURQWGRRUFORVLQJDVWKHVN\ZDVJHWWLQJOLJKW

1RPRUHILVKDQGFKLSVRQFRUQHUV:DWFKLQJWUDIILFJRLQJE\1RPRUHEUDQFKHVXQGHUVWUHHWODPSV1RPRUHOHDYHVDJDLQVWWKHVN\

1RPRUHEOXHVE\2WLV5HGGLQJ1RPRUHFRIIHHQRPRUHEUHDG1RPRUHGXIIOHFRDWVIRUEHGGLQJ1RPRUHFXVKLRQVIRU\RXUKHDG

7KRXJKWKHQLJKWLVGD\OLJKWVDYLQJ$QGWKHGD\UHWXUQVWRRVRRQ6WLOOZHOOJRQRPRUHDUDYLQJ%\WKHOLJKWRIWKHPRRQ

$GULDQ+HQUL


2QWKH/DWH/DWH0DVVDFKHUV6WLOOELUWKVDQG'HIRUPHG&KLOGUHQD6PRRWKHU/RYHOLHU6NLQ-RE7KHVHYHQGD\EHDXW\SODQ$YHQJH2/RUGWK\VODXJKWHUGVDLQWVZKRVHERQHV:LOOFDXVHXSWR,PLOOLRQGHDWKVIURPOHXNDHPLD)RUJHWQRWLQWK\ERRNUHFRUGWKHLUJURDQV1RZIRUWKHYLWDOO\LPSRUWDQWVWHS&UHDP\RXUIDFHDQGQHFNDVHFRQGWLPH1R$PHULFDQSUHVLGHQWZRUOGIDPRXVIRUEHDXW\FUHDPVUHVSRQVLEOHIRUWKHIUHHGRPDQGVDIHW\RIVRPDQ\\RXQJRIIHQGHUV72'$

adrian henri

Documents