52%(57Ã0&'28*$//Ã$57Ã*$//(5<

$1'Ã$57Ã$11(;

5(3257Ã21Ã$&7,9,7,(6Ã

)25Ã7+(Ã),1$1&,$/Ã<($5

Ã-8/<ÃÃÃÃ-81(Ã

35(3$5('Ã%<

$57Ã*$//(5<Ã',5(&725 $1'Ã$57Ã*$//(5<Ã67$)) 7$%/(Ã2)Ã&217(176

3

%86,1(66Ã81,7Ã6800$5<Ã5(3257

$57Ã&2//(&7,21Ã5(3257

(;+,%,7,216Ã5(3257

,1)250$7,21ÃÉÃ$'9,&(Ã5(3257

$&48,6,7,21Ã$33(1',; 3$*(Ã12









 %86,1(6681,7 $57*$//(5< ),1$1&,$/5(68/76 )257:(/9(0217+672-81(

)LQDQFLDO3HUIRUPDQFH /DVW

1HW &RVW RI $UW *DOOHU\ 2SHUDWLRQV   

&DSLWDO 2XWSXWV 5HQHZDOV $ 5HSODFHPHQWV    $VVHW ,PSURYHPHQWV    1HZ $VVHWV    6DOH RI $VVHWV   

1HW &RVW RI $UW *DOOHU\ &DSLWDO 3URJUDPPH   

2EMHFWLYH 7R HQKDQFH WKH FXOWXUDO ZHOOEHLQJ RI WKH FRPPXQLW\ WKURXJK WKH FRVW HIIHFWLYH SURYLVLRQ DQG GHYHORSPHQW RI D SXEOLF DUW

PXVHXP WR PD[LPLVH HQMR\PHQW RI YLVXDO DUW H[KLELWLRQV DQG WR SURPRWH SXEOLF DSSUHFLDWLRQ RI &DQWHUEXU\ DUW DQG PRUH ZLGHO\

WKH QDWLRQDO FXOWXUDO KHULWDJH E\ FROOHFWLQJ FRQVHUYLQJ UHVHDUFKLQJ DQG GLVVHPLQDWLQJ NQRZOHGJH DERXW DUW

2SHUDWLRQDO&RPSRQHQWV ,QWURGXFWLRQRI6$35HSRUWLQJV\VWHP

'XULQJ WKH ILQDQFLDO \HDU WKH 6$3 UHSRUWLQJ V\VWHP ZDV LQWURGXFHG 7KLV XVHV GLIIHUHQW PHWKRGRORJ\ LQ DOORFDWLQJ FRVWV

SDUWLFXODUO\ LQ WKH RYHUKHDG DOORFDWLRQ DUHD 7KLV KDV WHQGHG WR GLVWRUW WKH LQGLYLGXDO RXWSXW ILQDQFLDO UHVXOWV E\ UHGLVWULEXWLQJ

FRVWV SUHYLRXVO\ EXGJHWHG XQGHU RWKHU RXWSXWV )RU WKH SXUSRVH RI UHWDLQLQJ VRPH FODULW\ LQ ILQDQFLDO DQDO\VLV D VXPPDU\ RI

WKH ILQDQFLDO SHUIRUPDQFH LV EHLQJ SURYLGHG UDWKHU WKDQ DQDO\VLV E\ LQGLYLGXDO RXWSXW 7KH SURFHVV IRU WKH $QQXDO 3ODQ

LQ  KDV EHHQ PRGLILHG WR HQVXUH WKLV LVVXH LV QRW RQJRLQJ LQ QDWXUH 7KLV ZLOO DOORZ XV WR XVH WKH VXSHUE UHSRUWLQJ

IXQFWLRQDOLW\ RI WKH QHZ $FFRXQWLQJ V\VWHP IRU ERWK LQWHUQDO DQG &RXQFLO UHSRUWLQJ

2YHUDOO)LQDQFLDO3HUIRUPDQFH

7KH RYHUDOO ILQDQFLDO SHUIRUPDQFH RI WKH *DOOHU\ ZDV XQGHU FRQVLGHUDEOH SUHVVXUH WR PHHW EXGJHW 7KH LPSDFW RI UXQQLQJ

WKH H[LVWLQJ *DOOHU\ DQG SODQQLQJ IRU DQ LQVWLWXWLRQ PDQ\ WLPHV ODUJHU FRQWLQXHV WR LPSDFW RQ WKH SUHVVXUHV IDFLQJ VWDII 7KH

3DJH  RXWSXWÃUHVXOWÃIRUÃWKHÃILQDQFLDOÃ\HDUÃZDVÃDQÃXQIDYRXUDEOHÃYDULDQFHÃRIÃÇÃRUÃÈÃ$ÃQXPEHUÃRIÃNH\ÃÃLVVXHVÃKDYHÃEHHQ

LGHQWLILHGÃDQGÃDÃQXPEHUÃRIÃNH\ÃUHVSRQVHVÃKDYHÃDOVRÃEHHQÃGHYHORSHGÃDVÃWKHÃQHZÃ*DOOHU\ÃHQWHUVÃWKHÃFRQVWUXFWLRQÃSKDVH

Ã,QWHUQDOÃ&RVWÃ,VVXHV

7KHUHÃZHUHÃWZRÃDUHDVÃUHODWLQJÃWRÃLQWHUQDOÃFRVWVÃDQGÃSURFHVVHVÃWKDWÃKDGÃDÃGLUHFWÃHIIHFWÃRQÃILQDQFLDOÃSHUIRUPDQFHÃ$ÃFKDQJH

WRÃWKHÃSULQWLQJÃEXGJHWÃLQÃ'HFHPEHUÃÃÃ ÇN ÃPHDQWÃWKDWÃPRQLHVÃDOUHDG\ÃFRPPLWWHGÃDQGÃFRQWUDFWHGÃZHUHÃWKHQÃUHPRYHG

IURPÃWKHÃEXGJHWÃ7KHÃ*DOOHU\ÃZDVÃXQDEOHÃWRÃDYRLGÃWKLVÃH[SHQGLWXUHÃ7KHÃRWKHUÃNH\ÃLQWHUQDOÃFRVWÃLVVXHÃZDVÃWKH

XQH[SHFWHGÃJURZWKÃLQÃFRVWÃRIÃ0,6ÃFKDUJHVÃ'HPDQGÃIRUÃXVHÃRIÃWHFKQRORJ\ÃKDVÃJURZQÃVXEVWDQWLDOO\ÃGXULQJÃWKHÃUHYLHZÃSHULRG

DQGÃVLJQLILFDQWÃDGGLWLRQDOÃUHVRXUFHVÃKDYHÃEHHQÃUHTXLUHGÃWRÃPHHWÃRXWSXWÃUHTXLUHPHQWVÃ7KLVÃDOVRÃLQYROYHVÃXSJUDGLQJ

H[LVWLQJÃUHVRXUFHVÃÃ7KHÃLPSDFWÃRIÃWKHÃODUJHÃJURZWKÃLQÃWHFKQRORJ\ÃXVHÃKDVÃVHHQÃFRVWVÃH[FHHGLQJÃEXGJHWÃE\ÃRYHUÃÇN

Ã([WHUQDOÃ5HYHQXH

7KHÃNH\ÃH[KLELWLRQÃHYHQWÃRIÃWKHÃODVWÃWZHOYHÃPRQWKVÃKDVÃEHHQÃWKHÃ:HDUDEOHÃ$UWÃ([KLELWLRQÃ 7KHÃÃUHYHQXHÃWDUJHWÃIRUÃWKLVÃHYHQW

ZDVÃVHWÃDWÃÇNÃDQGÃWKHÃDFWXDOÃWDUJHWÃDFKLHYHGÃZDVÃMXVWÃXQGHUÃÇNÃ7KLVÃKDVÃDJDLQÃUDLVHGÃWKHÃLVVXHÃRIÃÃEDODQFLQJÃWKHÃFRVW

RIÃDQÃLPSRUWDQWÃH[KLELWLRQÃDJDLQVWÃWKHÃDFFHVVÃWRÃWKDWÃH[KLELWLRQÃE\ÃWKHÃJHQHUDOÃSXEOLFÃDWÃDÃUHDVRQDEOHÃFRVW

Ã0RQWKO\Ã)LQDQFLDOÃ3HUIRUPDQFH

7KHÃWUHQGÃRIÃILQDQFLDOÃSHUIRUPDQFHÃYDULHGÃWKURXJKRXWÃWKHÃ\HDUÃÃ7KLVÃZDVÃFDXVHGÃE\ÃWZRÃWKLQJVÃZLWKÃWKHÃPDLQÃRQHÃEHLQJ

WKHÃKLVWRULFDOÃSUDFWLFHÃRIÃGLYLGLQJÃEXGJHWVÃE\ÃWZHOYHÃ)RUÃIL[HGÃFRVWVÃWKLVÃZDVÃUHDVRQDEOHÃEXWÃWKHÃQDWXUHÃRIÃ*DOOHU\ÃRSHUDWLRQV

PHDQWÃDÃQXPEHUÃRIÃGLVWRUWLRQVÃZHUHÃFDXVHGÃLQÃWKHÃPRQWKO\ÃUHVXOWVÃ+DYLQJÃVDLGÃWKDWÃWKHUHÃZHUHÃVWLOOÃLVVXHVÃWKDWÃQHHGHG

DGGUHVVLQJÃDQGÃVWUHQXRXVÃHIIRUWVÃZHUHÃPDGHÃLQÃWKHÃODWWHUÃSDUWÃRIÃWKHÃ\HDUÃWRÃLGHQWLI\ÃDQGÃUHFWLI\ÃYDULDQFHÃLVVXHVÃ7KHÃWUHQGV

VKRZQÃEHORZÃKHOSÃH[SODLQÃWKHÃSDWWHUQVÃRIÃDFWLYLW\

Cumulative Financial Variance

Ç

Ç

Ç

Ç

Ç

Ç W U U U U O O\ V H H H H U\ U\ K UL \ H X X E E E E D D UF S D Q - J R X X D $ 0 X X P W P P Q U - $ WH F H H D E 0 S 2 Y F - H H R H ) 6 1 '

Ã&DSLWDOÃ3URJUDPPH

7KHÃFDSLWDOÃSURJUDPPHÃLVÃPDLQO\ÃIRFXVHGÃRQÃDFTXLVLWLRQVÃRIÃDUWÃZRUNVÃWRÃHQVXUHÃWKHÃFXUUHQF\ÃDQGÃTXDOLW\ÃRIÃWKHÃFROOHFWLRQÃLV

PDLQWDLQHGÃRQÃEHKDOIÃRIÃWKHÃSHRSOHÃRIÃ&DQWHUEXU\ÃSDUWLFXODUO\ÃLQÃUHODWLRQÃWRÃWKHÃIXWXUHÃQHHGVÃRIÃWKHÃQHZÃ*DOOHU\Ã7KHÃ

DFTXLVLWLRQVÃEXGJHWÃZDVÃÈÃH[SHQGHGÃDWÃWKHÃHQGÃRIÃWKHÃ\HDUÃÃ7KLVÃZDVÃUHGXFHGÃVOLJKWO\ÃIURPÃWRWDOÃEXGJHWÃWRÃDVVLVWÃLQ

UHGXFLQJÃWKHÃRSHUDWLRQDOÃGHILFLWÃÃ7KHÃLQDGHTXDF\ÃRIÃWKHÃEXGJHWÃSURYLVLRQÃLVÃKLJKOLJKWHGÃE\ÃWKHÃIDFWÃWKDWÃQRÃDUWZRUNV

ZHUHÃSXUFKDVHGÃDIWHUÃ-DQXDU\ÃGXHÃWRÃEXGJHWÃFRQVWUDLQWVÃ,QFOXGHGÃLQÃWKLVÃEXGJHWÃLVÃDÃVPDOOÃSURYLVLRQÃIRUÃÃ$UWÃLQÃ3XEOLFÃ3ODFHV

$QÃDPRXQWÃZDVÃVHWÃDVLGHÃDVÃDÃFRQWULEXWLRQÃWRZDUGVÃWKHÃDFTXLVLWLRQÃRIÃWKHÃ0LOOHQQLXPÃPXUDOÃE\Ã3KLOLSÃ7UXVWWXPÃIRUÃWKHÃFLW\Ã7KH

UHPDLQGHUÃZDVÃGHGLFDWHGÃDWÃWKHÃDSSURYDOÃRIÃWKHÃ$UWÃLQÃ3XEOLFÃ3ODFHVÃ:RUNLQJÃ3DUW\ÃWRÃDVVLVWÃLQÃWKHÃÃFRPPLVVLRQLQJÃRIÃWKHÃPDMRUÃ

SXEOLFÃVFXOSWXUHÃIRUÃWKHÃQHZÃ&KULVWFKXUFKÃ$UWÃ*DOOHU\Ã6FXOSWXUHÃ*DUGHQÃ 5HDVRQÃIRUÃ9R\DJLQJ ÃE\Ã*UDKDPÃ%HQQHWW

3DJH  6WUDWHJLF5HVSRQVHWR)LQDQFLDO,VVXHV

7KHNH\LVVXHLQGHDOLQJZLWKILQDQFLDOYDULDQFHVLVWRSURYLGHVRPHUHVSRQVHWRWKHVLWXDWLRQVZKHUHYDULDQFHVRFFXUUHGWR

PLQLPLVHWKHOLNHOLKRRGRIDQ\RIWKRVHLVVXHVRFFXUULQJDJDLQ2QWKDWEDVLVWKH*DOOHU\KDVLPSOHPHQWHGDQXPEHURI

LQLWLDWLYHVWKDWDUHGLUHFWUHVSRQVHVWRKLVWRULFDODQGFXUUHQWILQDQFLDOVLWXDWLRQV

$SSRLQWPHQWRIQHZ)LQDQFH%XLOGLQJ0DQDJHU

7KHDSSRLQWPHQWRIDQHZ)LQDQFH%XLOGLQJ0DQDJHUKDVEHHQZHOOGRFXPHQWHGLQSUHYLRXVUHSRUWV7KHEHQHILWVRI

WKLVDSSRLQWPHQWLQFOXGHEHWWHUYDULDQFHDQDO\VLVPRUHWKRURXJKUHSRUWLQJDQGEXGJHWLQJSURFHVVHVDVZHOODVPXFK

FORVHUVFUXWLQ\RIILQDQFLDOSURFHVVHVZLWKLQWKHJDOOHU\7KHUHDUHDQXPEHURIRWKHUEHQHILWVDOVRLGHQWLILHGLQFOXGLQJ

EHWWHUXVHRIVNLOOVDVVRFLDWHGZLWKEXVLQHVVSODQQLQJFRQWUDFWPDQDJHPHQWDQGDGPLQLVWUDWLYHVXSSRUWIRUWKH'LUHFWRU

$OOWKLVPHDQVWKHOHYHORISHUIRUPDQFHDQGPDQDJHPHQWHIIRUWKDVEHHQVLJQLILFDQWO\#UDPSHGXS#DQGWKLVZLOO

EHUHIOHFWHGLQWKHILQDQFLDOSHUIRUPDQFHRIWKH*DOOHU\

,PSURYHPHQWLQ5HYHQXH*HQHUDWLRQIURP3XEOLF(YHQWV

2QHRIWKHGLVDSSRLQWPHQWVRIWKHSUHYLRXV\HDUZDVWKHORVVRIUHYHQXHIURPUHFRYHULHVIURPSXEOLFH[KLELWLRQV7KH

DELOLW\WRUHFRYHUUHYHQXHLVOLPLWHGWRWKHZLOOLQJQHVVRIWKHSXEOLFWRSD\IRULW:LWKWKDWLQPLQGDVHULRXVHIIRUWKDV

EHHQPDGHWRWDUJHWVSRQVRUVKLSIRUWKHPDMRULQWHUQDWLRQDOVKRZFRPLQJWKLV\HDUIURP&KULVW&KXUFK2[IRUG7KH

LPSDFWRIWKDWLVWKH*DOOHU\KDVEHHQDEOHWRVHFXUHVSRQVRUKLSPRQLHVWKDWDUHODUJHUWKDQWKHDPRXQWEXGJHWHG

WREHUHFRYHUHGIURPWKH*HQHUDOSXEOLF7KLVKDVHQDEOHGXVWROLPLWHQWU\FRVWVWRDJROGFRLQGRQDWLRQRQO\7KLV

PXVWLPSURYHWKHQXPEHUVVFKHGXOHGWRDWWHQGDWQRULVNWRWKH&RXQFLORIUHGXFHGUHYHQXH6SRQVRUVKLSLVQRZ

LQFOXGHGDVDEDVHSDUWRIDQ\HYHQWSODQQLQJSURJUDPPH

6HDVRQDOLVDWLRQRI%XGJHWV

+LVWRULFDOO\*DOOHU\EXGJHWVKDYHEHHQHYHQO\VSUHDGRYHUWKHWZHOYHPRQWKSHULRG:KHUHFRVWVDUHIL[HGWKLVWHQGVWR

EDODQFHRXWEXWWKH*DOOHU\KDVDQXPEHURIHYHQWVDQGH[KLELWLRQVZKLFKOHDGWRXQHYHQVSHQGLQJSDWWHUQV,QWKH\HDU

XQGHUUHYLHZWKHILQDQFLDOSRVLWLRQZDVGLVWRUWHGE\WKHLPSDFWRIFRPSDULQJWKHSHUIRUPDQFHZLWKDQHYHQO\VSUHDG

EXGJHW)RUWKHFRPLQJILQDQFLDO\HDUDJHQXLQHHIIRUWKDVEHHQPDGHWRVSUHDGFRVWVLQDPRUHDSSURSULDWHPDQQHU

7KLVVKRXOGPHDQWKHPRQWKO\UHSRUWLQJPRUHDFFXUDWHO\UHIOHFWVWKHUHDOILQDQFLDOSRVLWLRQDQGLVQRWDUWLILFLDOO\

GLVWRUWHGE\ZKDWLVFRPPRQO\NQRZQDV#WLPLQJ GLIIHUHQFHV

6SRQVRUVKLS

'XULQJWKHODVW\HDUDQH[WUDRUGLQDU\DPRXQWRIHIIRUWKDVJRQHLQWRWKHVHFXULQJRIVSRQVRUVKLSDQGDGGHGYDOXHVHUYLFHV

IRUERWKWKHQHZ*DOOHU\DQGDOVRWKHFXUUHQW*DOOHU\7KHHIIRUWVLQWKLVDUHDKDYHEHHQDERYHDQGEH\RQGWKHGD\WRGD\

RSHUDWLRQDOSUHVVXUHV6SRQVRUVKLSVHFXUHGIRUWKHQHZ&KULVWFKXUFK*DOOHU\GXULQJWKHODVWPRQWKVLV.

DQGGXULQJWKDWSHULRGDIXUWKHUVXPRI.LQFDVKDQGNLQGZDVVHFXUHGWRVXSSRUWDQGDVVLVWZLWKWKHFXUUHQW

*DOOHU\RSHUDWLRQVDQGUHODWHGSURJUDPPHV,WLVLPSRUWDQWWRQRWHWKLVLQIRUPDWLRQDVLWLVQRWSURYLGHGVHSDUDWHO\

DQ\ZKHUHHOVHLQWKLVUHSRUWEXWLVDQLQWHJUDOSDUWRI*DOOHU\RSHUDWLRQV

3DJH %86,1(66Ã81,7 $57Ã*$//(5< 287387Ã&/$66 $57Ã&2//(&7,21 287387 0$,17(1$1&(

)LQDQFLDOÃ3HUIRUPDQFH /DVWÃ

1HWÃ&RVWÃRIÃ0DLQWHQDQFH Ç Ç Ç

&RPPHQWDU\ 3URJUHVVÃRQÃWKHÃFRQVHUYDWLRQÃRIÃWKHÃRLOÃSDLQWLQJÃFROOHFWLRQÃZDVÃDGYDQFHGÃFRQVLGHUDEO\ÃZLWKÃÈÃKDYLQJÃQRZÃXQGHUJRQHÃWUHDWPHQWÃ7KHÃ

GLJLWLVHGÃLPDJLQJÃRIÃWKHÃFROOHFWLRQÃZDVÃDOVRÃDGYDQFHGÃZLWKÃÃLPDJHVÃÃEHLQJÃLQVWDOOHGÃLQWRÃWKHÃFROOHFWLRQÃGDWDEDVHÃ7KLVÃLPSURYHPHQWÃRQ

WKHÃWDUJHWÃRIÃÃZDVÃGLUHFWO\ÃUHODWHGÃWRÃWKHÃILUVWÃ\HDUÃRIÃKDYLQJÃDÃJDOOHU\ÃEDVHGÃSKRWRJUDSKHUÃHPSOR\HGÃGLUHFWO\ÃZLWKLQÃWKHÃEXVLQHVVÃ:RUNÃ

FRQWLQXHVÃRQÃGHYHORSLQJÃDQÃHIIHFWLYHÃVWRUDJHÃDQGÃWUDQVSRUWDWLRQÃSURJUDPPHÃWRÃPRYHÃDOOÃDUWÃZRUNVÃWRÃWKHÃQHZÃJDOOHU\ÃVLWHÃLQÃ

'HVFULSWLRQ ÃÃÃÃ7KHÃFDUHÃDQGÃFRQVHUYDWLRQÃRIÃWKHÃ*DOOHU\ÃFROOHFWLRQÃDQGÃFDUHÃRIÃWRXULQJÃH[KLELWLRQV

ÃÃÃÃ7KHÃFRQWLQXDWLRQÃRIÃDUWÃKLVWRULFDOÃUHVHDUFK

ÃÃÃÃ7KHÃPDLQWHQDQFHÃDQGÃGHYHORSPHQWÃRIÃWKHÃ*DOOHU\ÃWRÃSURWHFWÃWKHÃFRPPXQLW\ VÃLQYHVWPHQWÃLQÃWKHÃEXLOGLQJÃDQGÃLWVÃFROOHFWLRQ 2EMHFWLYHV Ã7RÃHQVXUHÃVHFXULW\ÃRIÃWKHÃFROOHFWLRQÃZKLOHÃRQÃH[KLELWLRQÃRUÃLQÃVWRUDJH

Ã7RÃHQVXUHÃYLVLWRUÃVDIHW\ÃDWÃDOOÃWLPHV

Ã7RÃSURYLGHÃWHFKQLFDOÃVXSSRUWÃIRUÃDOOÃLQKRXVHÃDQGÃWRXULQJÃH[KLELWLRQV

Ã7RÃPDLQWDLQÃRUÃLPSURYHÃWKHÃFRQGLWLRQÃRIÃWKHÃFROOHFWLRQÃWKURXJKÃWLPHO\ÃFRQVHUYDWLRQ

Ã7RÃHQVXUHÃWKHÃZHOOEHLQJÃRIÃDOOÃFXOWXUDOÃREMHFWVÃIRUÃZKLFKÃWKHÃJDOOHU\ÃDVVXPHVÃUHVSRQVLELOLW\ÃHLWKHUÃSHUPDQHQWO\ÃRUÃWHPSRUDULO\

ÃÃÃÃZKHQÃRQÃH[KLELWLRQÃLQÃVWRUDJHÃRUÃRQÃORDQ

Ã7RÃSURYLGHÃDQGÃPDLQWDLQÃDSSURSULDWHÃDFFHVVÃWRÃUHOHYDQWÃGRFXPHQWDWLRQÃDQGÃLQVXUDQFHÃRQÃDUWZRUNVÃLQÃWKHÃ*DOOHU\ VÃFDUH

Ã7RÃDFKLHYHÃVXEVWDQWLDOÃYLVXDOÃGRFXPHQWDWLRQÃRIÃWKHÃ*DOOHU\ÃFROOHFWLRQÃE\ÃÃ-XQHÃ

Ã7RÃEHÃDYDLODEOHÃWRÃJLYHÃDGYLFHÃWRÃWKHÃSXEOLFÃUHJDUGLQJÃFRQVHUYDWLRQÃPDWWHUV

Ã&RQWLQXHÃWRÃXSJUDGHÃVWRUDJHÃIRUÃDUWZRUNV

3HUIRUPDQFHÃ,QGLFDWRUV 7DUJHW $FWXDOÃ5HVXOW Ã1XPEHUÃRIÃVHFXULW\ÃLQFLGHQWVÃGXULQJÃ\HDU  

Ã1XPEHUÃRIÃYLVLWRUÃLQFLGHQWVÃGXULQJÃ\HDU   Ã1XPEHUÃRIÃLQFLGHQWVÃZKHUHÃDUWZRUNVÃDUHÃGDPDJHGÃZKLOHÃLQÃH[KLELWLRQÃVWRUDJHÃRUÃ Ã9DQGDOLVHGÃRQÃ*DOOHU\Ã  WUDQVSRUWDWLRQ IURQWÃVWHSV Ã&RQVHUYHÃDWÃOHDVWÃÃZRUNVÃRIÃDUWÃRQÃSDSHU  

Ã&RQVHUYHÃÃRLOÃSDLQWLQJV  

Ã7KHÃDOOÃREMHFWVÃDUHÃKRXVHGÃDQGÃGRFXPHQWHGÃLQÃDFFRUGDQFHÃZLWKÃFRUUHFWÃPXVHXPÃSUDFWLFHÃÃ ÈÃFRPSOLDQFHÃZLWKÃ ÈÃFRPSOLDQFHÃZLWKÃ DVÃGHWHUPLQHGÃE\ÃLQWHUQDWLRQDOO\ÃDFFHSWHGÃVWDQGDUGVÃDQGÃWKHÃ*DOOHU\ VÃRZQÃSROLFLHVÃ$GGLWLRQDOÃ DOOÃUHTXLUHPHQWV DOOÃUHTXLUHPHQWV VWRUDJHÃIRUÃVFXOSWXUHÃDQGÃLPSURYHGÃKDQGOLQJÃIDFLOLWLHVÃDQGÃHTXLSPHQWÃDFTXLUHG

Ã$FFHVVÃWRÃGRFXPHQWDWLRQÃÈÃGXULQJÃRSHQLQJÃKRXUV ÈÃ'RFXPHQWDWLRQ ÈÃ'RFXPHQWDWLRQ

Ã3KRWRJUDSKÃÃZRUNVÃRIÃDUWÃGXULQJÃ   Ã(QVXUHÃWKDWÃDOOÃVWDIIÃDUHÃXSGDWHGÃRQÃQHZÃSURFHGXUHVÃLQÃUHJDUGÃWRÃKDQGOLQJÃDUWÃZLWKÃDQÃ ÈÃ&RPSOHWLRQÃRIÃ ÈÃ&RPSOHWLRQÃRIÃ DSSURSULDWHÃZRUNVKRSÃEHIRUHÃÃ-XQHÃ WUDLQLQJ WUDLQLQJ Ã&RQWLQXHÃWRÃXSJUDGHÃWKHÃVWRUDJHÃV\VWHPVÃLQÃFROODERUDWLRQÃZLWKÃ5HJLVWUDWLRQ 2QJRLQJ 2QJRLQJ

Page 6 %86,1(6681,7 $57*$//(5< 287387&/$66 $57&2//(&7,21 287387 (1+$1&(0(176

)LQDQFLDO3HUIRUPDQFH /DVW

1HW&RVWRI(QKDQFHPHQWV Ç Ç Ç

&RPPHQWDU\ 7KHÃSXUFKDVHÃRIÃDUWZRUNVÃZLWKLQÃWKHÃDFTXLVLWLRQÃEXGJHWÃZDVÃZLWKLQÃÈÃRIÃWRWDOÃEXGJHWÃ$ÃOLVWÃRIÃDFTXLVLWLRQVÃLVÃWDEOHGÃDWÃWKH

EDFNÃRIÃWKLVÃUHSRUWÃ$ÃWRWDOÃRIÃÃZRUNVÃZHUHÃDFTXLUHGÃ2IÃWKHVHÃÃZHUHÃIURPÃWKHÃ:$Ã6XWWRQÃHVWDWHÃ3URJUHVVÃRQÃWKHÃ

UHSDLUÃRIÃRUQDPHQWDOÃIUDPHVÃZDVÃVORZHUÃWKDQÃDQWLFLSDWHGÃRZLQJÃWRÃWKHÃWLPHÃUHTXLUHGÃLQÃSUHSDULQJÃIUDPHVÃZLWKÃMXVWÃWKUHHÃSDUW

WLPHÃVWDIIÃLQYROYHGÃ$ÃZRUNVKRSÃDUHDÃZLWKLQÃWKHÃ3URYLQFLDOÃ&RXQFLOÃ%XLOGLQJVÃZDVÃHVWDEOLVKHGÃDQGÃSODQVÃWRÃHPSOR\ÃDÃSURIHVVLRQDO

FRQWUDFWÃJLOGHUÃLPSOHPHQWHG

'HVFULSWLRQ ÃÃÃÃ7KHÃSXUFKDVHÃRIÃZRUNVÃRIÃDUWÃLQÃDFFRUGDQFHÃZLWKÃWKHÃDFTXLVWLRQVÃSROLF\

ÃÃÃÃ7KHÃSXUFKDVHÃRIÃERRNVÃSHULRGLFDOVÃDQGÃRWKHUÃDUFKLYDOÃPDWHULDOÃIRUÃWKHÃEHQHILWÃRIÃUHVHDUFK

ÃÃÃÃ7RÃFDUU\ÃRXWÃKLVWRULFDOÃUHVHDUFK

ÃÃÃÃ7RÃVXSSRUWÃDQGÃDGPLQLVWHUÃWKHÃRQJRLQJÃ$UWÃLQÃ3XEOLFÃ3ODFHVÃ:RUNLQJÃ3DUW\ÃSURJUDPPH 2EMHFWLYHV Ã3URMHFWHGÃQXPEHUÃRIÃZRUNVÃRIÃDUWÃFDQQRWÃEHÃTXDQWLILHGÃLQÃDGYDQFHÃ:RUNVÃZLOOÃEHÃDFTXLUHGFRPPLVVLRQHGÃWRÃWKHÃYDOXHÃRI

$FTXLVLWLRQÃ)XQGV Ç

$UWÃLQÃ3XEOLFÃ3ODFHV Ç

Ã3URJUDPPHÃDQGÃFRPPLVVLRQÃWKHÃELHQQLDOÃ6FXOSWXUHÃLQÃWKHÃ*DUGHQVÃH[KLELWLRQÃLQÃDÃWLPHO\ÃZD\ÃIRUÃWKHÃÃVFKHGXOH

Ã,QFUHDVHÃWKHÃQXPEHUÃIRÃVWRFNÃIUDPHVÃKHOGÃE\ÃWKHÃJDOOHU\ÃE\Ã

Ã5HSOLFDWHÃIUDPHVÃIRUÃFROOHFWLRQÃZRUNVÃ

Ã5HSDLUVÃWRÃIUDPHVÃDQGÃEDFNLQJVÃÃÃZRUNV

Ã5HSDLUVÃWRÃRUQDPHQWDOÃIUDPHVÃ

3HUIRUPDQFH,QGLFDWRUV 7DUJHW $FWXDO5HVXOW

1RÃVSHFLILFÃQXPEHUÃ Ã1XPEHUÃTXDOLW\ÃDQGÃYDOXHÃRIÃDUWÃZRUNVÃDFTXLUHGÃWRÃRSWLPLVHÃWKHÃDYDLODEOHÃDFTXLVLWLRQVÃ RIÃLWHPVÃDUHÃ ÃLQFOXGLQJÃJLIWV EXGJHW WDUJHWHGÃEHFDXVHÃ RIÃYDULDEOHÃFRVW

Ã3URJUHVVÃRQÃ6FXOSWXUHÃLQÃ*DUGHQVÃH[KLELWLRQ ÈÃE\Ã-DQÃ È

Ã1XPEHUÃRIÃQHZÃIUDPHVÃPDGH  

Ã1XPEHUÃRIÃUHSDLUVÃWRÃIUDPHVÃDQGÃEDFNLQJV  

Ã1XPEHUÃRIÃUHSDLUVÃWRÃRUQDPHQWDOÃIUDPHV  

3DJH %86,1(66Ã81,7 $57Ã*$//(5< 287387Ã&/$66 (;+,%,7,216

)LQDQFLDOÃ3HUIRUPDQFH /DVWÃ

1HWÃ&RVWÃRIÃ([KLELWLRQV Ç Ç Ç

&RPPHQWDU\ $WWHQGDQFHÃDQGÃUHYHQXHÃUHVXOWVÃIRUÃWKHÃ%HVWÃRIÃ:HDUDEOHÃ$UW ÃH[KLELWRQÃZHUHÃSDUWLFXODUO\ÃGLVDSSRLQWLQJÃ7KHÃH[KLELWLRQÃZDV

ZHOOÃSURPRWHGÃDQGÃZHÃUHFHLYHGÃH[FHOOHQWÃIHHGEDFNÃIURPÃYLVLWRUVÃ\HWÃWKHÃSURSRUWLRQÃRIÃYLVLWRUVÃWRÃWKHÃPDLQÃ*DOOHU\ÃZKRÃSDLG

WRÃVHHÃWKHÃ:HDUDEOHÃ$UW ÃH[KLELWLRQÃZDVÃDOPRVWÃKDOIÃWKDWÃRIÃWKHÃ*ROGLH ÃH[KLELWLRQÃLQÃWKHÃSUHYLRXVÃ\HDUÃÃ'HVSLWHÃWKLVÃQXPEHUV

RYHUDOOÃDUHÃRQO\ÃDÃOLWWOHÃGRZQÃRQÃWKHÃSUHYLRXVÃ\HDUÃÃ$ÃPDMRHÃUHKDQJÃRIÃWKHÃSHUPDQHQWÃFROOHFWLRQVÃDUHDÃKDVÃSURYHGÃYHU\ÃSRSXODU

ZLWKÃWKHÃSXEOLFÃDQGÃHGXFDWLRQDOÃLQVWLWXWLRQVÃDOLNH

'HVFULSWLRQ ÃÃÃÃ7KHÃH[KLELWLQJÃRIÃWKHÃ*DOOHU\ÃFROOHFWLRQÃDQGÃWRXULQJÃH[KLELWLRQVÃLQÃWKHÃPDLQÃ*DOOHU\ÃDQGÃWKHÃ$QQH[ 2EMHFWLYHV Ã7RÃSURYLGHÃDÃSURJUDPPHÃRIÃH[KLELWLRQVÃRIÃH[FHOOHQFHÃUHSUHVHQWLQJÃWKHÃEHVWÃDFKLHYHPHQWVÃRIÃQDWLRQDOÃDQGÃLQWHUQDWLRQDOÃDUW

Ã7RÃUHLQIRUFHÃWKHÃLPSRUWDQFHÃRIÃWKHÃFXOWXUDOÃKHULWDJHÃRIÃWKHÃ&DQWHUEXU\ÃUHJLRQ

Ã7RÃPDLQWDLQÃDÃEDODQFHÃEHWZHHQÃWUDGLWLRQDOÃDQGÃFRQWHPSRUDU\ÃDUWÃWKDWÃDFNQRZOHGJHVÃWKHÃGLYHUVLW\ÃDQGÃPXOWLÃFXOWXUDO

ÃÃÃÃFRQFHUQVÃRIÃWKHÃORFDOÃFRPPXQLW\ÃDQGÃRWKHUÃYLVLWRUV

Ã7RÃUHFRJQLVHÃDQGÃKRQRXUÃWKHÃ7UHDW\ÃRIÃ:DLWDQJL

3HUIRUPDQFHÃ,QGLFDWRUV 7DUJHW $FWXDOÃ5HVXOW Ã$FKLHYLQJÃDOOÃSURJUDPPHGÃH[KLELWLRQVÃRQÃWLPH È È

Ã$FKLHYLQJÃÃWRWDOÃYLVLWVÃGXULQJÃÃ ÃGXULQJÃ  

ÃÈÃFRPSOLDQFHÃZLWKÃ,QWHUQDWLRQDOÃ0XVHXPÃ6WDQGDUGVÃIRUÃ7RXULQJÃ([KLELWLRQV ÈÃFRPSOLDQFH ÈÃFRPSOLDQFH

Ã%DVHGÃRQÃÃYLVLWRUVÃWKHÃFRVWÃSHUÃYLVLWRUÃWRÃEHÃOHVVÃWKDQÃÇÃ ÇÃSHUÃYLVLWRU Ç

Ã1XPEHUÃRIÃ([KLELWLRQVÃRIÃORFDOÃDUWLVWV   Ã0DLQWDLQLQJÃWKHÃSXEOLFÃOHYHOÃRIÃVDWLVIDFWLRQÃZKHQÃYLVLWLQJÃWKHÃ0F'RXJDOOÃ$UWÃ*DOOHU\ÃDQGÃ È È WKHÃ$UWÃ$QQH[ÃLQÃWKHÃ$QQXDOÃ6XUYH\ÃRIÃUHVLGHQWVÃWRÃDWÃOHDVWÃÈÃ ÃÈ Ã%\ÃFRPSDULVRQÃ$XFNODQGÃ$UWÃ*DOOHU\ÃUHFHLYHVÃDSSUR[LPDWHO\ÃÃYLVLWRUVÃSHUÃ DQQXPÃ&LW\Ã*DOOHU\Ã:HOOLQJWRQÃÃDQGÃ'XQHGLQÃ3XEOLFÃ$UWÃ*DOOHU\ÃÃ

3DJHÃ %86,1(6681,7 $57*$//(5< 287387&/$66 (;+,%,7,216 287387 ,1+286(

)LQDQFLDO3HUIRUPDQFH /DVW

1HW &RVW RI ,Q +RXVH ([KLELWLRQV   

&RPPHQWDU\ 7KH &DQWHUEXU\ 9LJQHWWHV VHULHV KDV NHSW *DOOHU\ VWDII YHU\ EXV\ DQG SURYLGHV D FRQWLQXLQJ IRFXV IRU WKLV VHVTXLFHQWHQQLDO

\HDU 1RWH WKDW RI WKH WKUHH RULJLQDOO\ VFKHGXOHG WR WDNH SODFH LQ WKLV WLPH SHULRG WKH *DOOHU\ DFWXDOO\ PRXQWHG ILYH ,Q -XQH

WKH *DOOHU\ PRXQWHG D VPDOO H[KLELWLRQ FRPPHPRUDWLQJ WKH GHDWK RI :LOOLDP 6XWWRQ ZKR KDG EHHQ RQH RI WKH *DOOHU\ V

SDWURQV ,Q WKH VDPH PRQWK &DQWHUEXU\ 3DLQWLQJ LQ WKH V RSHQHG DQG ZDV ZHOO UHFHLYHG GUDZLQJ DQ XQXVXDOO\ KLJK

QXPEHU RI DUWLVWV DV YLVLWRUV WR WKH *DOOHU\ $ PDMRU IHDWXUH RI WKH 9LJQHWWHV VHULHV KDV EHHQ WKH LQWHUDFWLYH HGXFDWLRQDO

FRPSXWHU DOORZLQJ YLVLWRUV DQ DGGHG GLPHQVLRQ WR WKH H[KLELWLRQ H[SHULHQFH

'HVFULSWLRQ  3URYLGH IRU D SURJUDPPH RI H[KLELWLRQVLQVWDOODWLRQV SUHVHQWLQJ ZRUNV RI DUW IURP RXU SHUPDQHQW JDOOHU\ FROOHFWLRQ DQG

RWKHU ORDQHG FROOHFWLRQV 7KH ([KLELWLRQ 6FKHGXOH LQFOXGHV ILYH VKRZV GUDZQ IURP WKH FROOHFWLRQV RQH LQ WKH $QQH[ DQG

FKDQJLQJ LQVWDOODWLRQV RI UHFHQW DFTXLVLWLRQV

3HUPDQHQW ,QVWDOODWLRQV

&ROOHFWLRQ 6KRZ 1R  &ROOHFWLRQ 6KRZ 1R  &ROOHFWLRQ 6KRZ $QQH[

&ROOHFWLRQ 6KRZ 1R  &ROOHFWLRQ 6KRZ 1R  5HFHQW $FTXLVLWLRQV

2EMHFWLYHV  7R SURPRWH DQG SUHVHQW  H[KLELWLRQV LQ DGGLWLRQD WR WKH SHUPDQHQW FROOHFWLRQ LQVWDOODWLRQ  

3HUIRUPDQFH,QGLFDWRUV 7DUJHW $FWXDO5HVXOW  $FKLHYLQJ DOO SURSRVHG LQKRXVH H[KLELWLRQV DV VFKHGXOHG  

3DJH  %86,1(6681,7 $57*$//(5< 287387&/$66 (;+,%,7,216 287387 /2&$/

)LQDQFLDO3HUIRUPDQFH /DVW

1HW &RVW RI /RFDO ([KLELWLRQV   

&RPPHQWDU\ 7KLV \HDU V ELHQQLDO 6FXOSWXUH LQ WKH *DUGHQV SURYHG DV SRSXODU DV HYHUWKH WKHPH WKLV \HDU UHIOHFWLQJ WKH HQYLURQPHQW RI WKH

JDUGHQV $V LQ WKH SUHYLRXV H[KLELWLRQ RQH RI WKH VFXOSWXUHV VWLOO HQKDQFHV VWLOO HQKDQFHV WKH %RWDQLF *DUGHQV HQYLURQPHQW

D]  DQ H[KLELWLRQ E\ SKRWRJUDSKHU )UDQN BD]XNDLWLV UHFHLYHG H[FHOOHQW PHGLD FRYHUDJH 3DUW RI WKH H[KLELWLRQ ZDV

VXEVHTXHQWO\ OHQW WR $NDURD 0XVHXP DQG QHJRWLDWLRQV DUH FXUUHQWO\ XQGHU ZD\ WR VKRZ WKH H[KLELWLRQ LQ RQH RI RXU

VLVWHU FLWLHV6HDWWOH

'HVFULSWLRQ  3URYLGH D SURJUDPPH RI H[KLELWLRQVLQVWDOODWLRQV XWLOLVLQJ ZRUNV RI DUW VRXUFHG LQ WKH &DQWHUEXU\ UHJLRQ IURP SXEOLF DQG

SULYDWH FROOHFWLRQV

2EMHFWLYHV  7R GHYHORS SUHVHQW DQG SURPRWH  H[KLELWLRQV SOXV SUHSDUH IRU  6FXOSWXUH LQ WKH *DUGHQV   VRXUFHG

ZLWKLQ WKH UHJLRQ DQG ZKLFK LQFUHDVH WKH FRPPXQLW\ V DZDUHQHVV RI ORFDO DUWLVWV DQG FROOHFWLRQV

 (QVXUH VDIHW\ DQG SURWHFWLRQ RI ORDQHG LWHPV ZKLOH LQ WKH *DOOHU\ V FDUH

3HUIRUPDQFH,QGLFDWRUV 7DUJHW $FWXDO5HVXOW  $FKLHYLQJ DOO SURSRVHG /RFDO H[KLELWLRQV DV VFKHGXOHG  

 1XPEHU RI LWHPV GDPDJHG RU ORVW ZKLOH LQ FDUH RI WKH JDOOHU\  

3DJH  %86,1(6681,7 $57*$//(5< 287387&/$66 (;+,%,7,216 287387 1$7,21$/

)LQDQFLDO3HUIRUPDQFH /DVW

1HW &RVW RI 1DWLRQDO ([KLELWLRQV   

&RPPHQWDU\ 7KH KLJKOLJKWV RI WKH QDWLRQDOO\ WRXULQJ H[KLELWLRQV ZHUH %R\G :HEE DQG %XFN 1LQ %R\G :HEE LV D &KULVWFKXUFKWUDLQHG DUWLVW

ZLWK DQ LQWHUQDWLRQDO QDPH LQ KLV FKRVHQ PHGLXP RI SKRWRJUDSK\ DQG %XFN 1LQ LV MXVWO\ UHJDUGHG DV WKH IDWKHU RI FRQWHPSRUDU\

0DRUL DUW 0DQ\ IDYRXUDEOH FRPPHQWV ZHUH UHFHLYHG IURP YLVLWRUV WR WKH &RQWHPSRUDU\ $UW $QQH[ RQ WKH SRZHUIXO

SUHVHQWDWLRQ RI %XFN 1LQ V UHWURVSHFWLYH H[KLELWLRQ

'HVFULSWLRQ  3URYLGH D SURJUDPPH RI H[KLELWLRQVLQVWDOODWLRQV IURP RWKHU 1HZ =HDODQG JDOOHULHV DQG FROOHFWLRQV

2EMHFWLYHV  7R GHYHORS SUHVHQW DQG SURPRWH  H[KLELWLRQV   VRXUFHG ZLWKLQ 1HZ =HDODQG WR LQFUHDVH WKH FRPPXQLW\

DZDUHQHVV RI 1HZ =HDODQG DUWLVWV DQG FROOHFWLRQV

 (QVXUH VDIHW\ DQG SURWHFWLRQ RI ORDQHG LWHPV ZKLOH LQ WKH *DOOHU\ V FDUH

3HUIRUPDQFH,QGLFDWRUV 7DUJHW $FWXDO5HVXOW  $FKLHYLQJ DOO SURSRVHG 1DWLRQDO H[KLELWLRQV DV VFKHGXOHG  

 1XPEHU RI LWHPV GDPDJHG RU ORVW ZKLOH LQ FDUH RI WKH JDOOHU\  

3DJH  %86,1(6681,7 $57*$//(5< 287387&/$66 (;+,%,7,216 287387 ,17(51$7,21$/

)LQDQFLDO3HUIRUPDQFH /DVW

1HW &RVW RI ,QWHUQDWLRQDO ([KLELWLRQV   

&RPPHQWDU\ 7KH /XLVH )RQJ H[KLELWLRQ LQ WKH $UW $QQH[ UHSUHVHQWV WKH RQO\ DFWXDO LQWHUQDWLRQDO H[KLELWLRQ GXULQJ WKLV SHULRG KRZHYHU FRVW

ZDV LQFXUUHG LQ WKH GHYHORSPHQW RI IXWXUH LQWHUQDWLRQDO H[KLELWLRQV LQFOXGLQJ 7UHDVXUHV IURP &KULVW &KXUFK 2[IRUG ZKLFK ZLOO

EH RQ GLVSOD\ IURP 2FWREHU  7KH SODQQHG 9LFWRU 0HHUWHQV H[KLELWLRQ GLG QRW RFFXU QHFHVVLWDWLQJ D UHVKXIIOH RI WKH

H[KLELWLRQ SURJUDPPH ZKLFK UHVXOWHG LQ DQ LQFUHDVH LQ ORFDO H[KLELWLRQV

'HVFULSWLRQ  3URYLGH D SURJUDPPH RI H[KLELWLRQV VRXUFHG IURP EH\RQG 1HZ =HDODQG

2EMHFWLYHV  7R EULQJ WR WKH SXEOLF RI &DQWHUEXU\ DQG YLVLWRUV WR WKH UHJLRQ VLJQLILFDQW H[KLELWLRQV IURP DEURDG

 (QVXUH VDIHW\ DQG SURWHFWLRQ RI ORDQHG LWHPV ZKLOH LQ WKH *DOOHU\ V FDUH

3HUIRUPDQFH,QGLFDWRUV 7DUJHW $FWXDO5HVXOW

 $FKLHYLQJ WKH LQWHUQDWLRQDO H[KLELWLRQ VFKHGXOH LQ DFFRUGDQFH ZLWK WKH ([KLELWLRQV  SURJUDPPH

 1XPEHU RI LWHPV GDPDJHG RU ORVW ZKLOH LQ FDUH RI WKH JDOOHU\  

3DJH  %86,1(6681,7 $57*$//(5< 287387&/$66 (;+,%,7,216 287387 63(&,$/(;+,%,7,216

)LQDQFLDO3HUIRUPDQFH /DVW

1HW &RVW RI 6SHFLDO ([KLELWLRQV   

&RPPHQWDU\ 1R VSHFLDO H[KLELWLRQV RFFXUUHG GXULQJ WKH ILQDQFLDO \HDU

'HVFULSWLRQ  7R SURYLGH ZLWKLQ WKH FXUUHQW \HDU V EXGJHW D FRQWLQJHQF\ IRU SUHVHQWLQJ RU LQLWLDWLQJ VSHFLDO H[KLELWLRQV QRUPDOO\

WRXULQJ H[KLELWLRQV QRW SUHYLRXVO\ EXGJHWHG XQGHU WKH FRQGLWLRQ WKDW WKH H[KLELWLRQ VKDOO EH VHOI IXQGLQJ DQG QRW

D ILQDQFLDO FRVW WR WKH JDOOHU\ 2EMHFWLYHV  7R HQVXUH D ILQDQFLDO FRQWLQJHQF\ H[LVWV WR VHFXUH VSHFLDO H[KLELWLRQV IRU WKH &DQWHUEXU\ FRPPXQLW\ VKRXOG WKH

RSSRUWXQLW\ DULVH DW VKRUW QRWLFH

3HUIRUPDQFH,QGLFDWRUV 7DUJHW $FWXDO5HVXOW

 7KDW WKHVH VSHFLDO H[KLELWLRQV DUH SUHVHQWHG ZLWKRXW FUHDWLQJ DGGLWLRQDO EXGJHW  1HW &RVW  1HW &RVW SUHVVXUH

3DJH  %86,1(6681,7 $57*$//(5< 287387&/$66 (;+,%,7,216 287387 0(5&+$1',6,1*

)LQDQFLDO3HUIRUPDQFH /DVW

1HW &RVW RI 0HUFKDQGLVLQJ   

&RPPHQWDU\ 7XUQRYHU KDV UHGXFHG LQ WKH VKRS FRPSDUHG WR WKH SUHYLRXV \HDU PDLQO\ GXH WR ORZHU SURILOH H[KLELWLRQVHYHQWV DQG WKH

UHVXOWLQJ UHGXFWLRQ LQ VDOHV 3URILWDELOLW\ KDV LPSURYHG KRZHYHU ZLWK JRRG PDUJLQV LQ PRVW SURGXFW OLQHV 7KH RQO\ DUHD RI

FRQFHUQ LV WKDW WKHUH DUH KLJK VWRFN OHYHOV DW WKH PRPHQW ZKLFK KDYH EHHQ YDOXHG DW FRVW RU PDUNHW ZKLFKHYHU LV WKH ORZHU

3XUFKDVH SROLF\ IRU WKH FRPLQJ \HDU KDV EHHQ DPHQGHG WR JUDGXDOO\ UHGXFH VWRFNV WR SUHYLRXV OHYHOV

'HVFULSWLRQ  7R RSHUDWH WKH *DOOHU\ V PHUFKDQGLVLQJ IDFLOLW\ WDNLQJ HYHU\ RSSRUWXQLW\ WR SURPRWH SDVW SUHVHQW DQG IXWXUH H[KLELWLRQV

HVSHFLDOO\ WKURXJK WKHLU VXSSRUW SXEOLFDWLRQV DQG WR SURYLGH IRU VDOH WR WKH SXEOLF RWKHU LWHPV UHODWLQJ WR WKH YLVXDO DUWV 2EMHFWLYHV  7R SURPRWH WKH *DOOHU\ V SHUPDQHQW FROOHFWLRQV DQG LWV H[KLELWLRQV SURJUDPPH E\ PDUNHWLQJ VSHFLDO SXEOLFDWLRQV DQG RWKHU

SULQWHG PDWHULDO

 7R RSHUDWH SURILWDEO\ DQG E\ XVLQJ VWDII WLPH HIILFLHQWO\ UHGXFH RYHUKHDGV WKURXJK WKH VXSSRUW RI IURQWRIKRXVH RSHUDWLRQV

3HUIRUPDQFH,QGLFDWRUV 7DUJHW $FWXDO5HVXOW

 0DLQWDLQ D VDWLVIDFWRU\ VHOHFWLRQ RI UHSURGXFWLRQV FDUGV DQG LQIRUPDWLRQ WR WKH *DOOHU\ 0DLQWDLQ JRRG $FKLHYHG ZLWKLQ FROOHFWLRQV DQG FXUUHQW H[KLELWLRQV UDQJH HYHQW SURILOH

 5HSURGXFH DW OHDVW  LPDJHV IURP WKH FROOHFWLRQ DV FDUGV RU SRVWHUV ,PDJHV  [  [ &DUGV  [ &DUGV FDUGV  [ UHSURGXFWLRQV  [ 5HSURGXFWLRQV  [ 5HSURGXFWLRQ

 $FKLHYH D QHW SURILW LQFOXGLQJ DOO RYHUKHDGV   3URILW

3DJH  %86,1(66Ã81,7 $57Ã*$//(5< 287387Ã&/$66 ,1)250$7,21ÃÉÃ$'9,&( 287387 &20081,7<Ã352*5$00(6ÃÉÃ$&7,9,7,(6

)LQDQFLDOÃ3HUIRUPDQFH /DVWÃ

1HWÃ&RVWÃRIÃ&RPPXQLW\Ã3URJUDPPHVÃÉÃ$FWLYLWLHV Ç Ç Ç

&RPPHQWDU\ (GXFDWLRQDOÃSURJUDPPHVÃIRUÃPHPEHUVÃIRÃWKHÃSXEOLFÃKDYHÃ UDPSHGÃXS ÃGXULQJÃWKHÃ\HDUÃWKHÃPRVWÃLQWHUHVWLQJÃRIÃWKHVHÃEHLQJÃWKH

DYDQWHJDUGHÃPXVLFÃSHUIRUPDQFHVÃZH YHÃLQWURGXFHGÃ7KHVHÃDWWUDFWÃFRQVLVWHQWO\ÃJRRGÃDXGLHQFHVÃDQGÃDUHÃREYLRXVO\ÃILOOLQJÃ

DÃQLFKHÃPDUNHWÃ$IWHUÃ'DUNÃHYHQWVÃFRQWLQXHÃWRÃEHÃZHOOÃVXSSRUWHGÃ7KHÃ $UWÃ(YHQW ÃZDVÃVRÃVXFFHVVIXOÃODVWÃ\HDUÃWKDWÃWKH

$IWHUÃ'DUNÃFRPPLWWHHÃGHFLGHGÃWRÃUXQÃWKHÃHYHQWÃDQQXDOO\Ã7KLVÃ\HDU VÃHYHQWÃVDZÃDQÃLQFUHDVHÃLQÃÃDWWHQGDQFHÃDQGÃUHYHQXHÃRIÃ

DURXQGÃÈÃ$ÃUHFRUGHGÃGURSÃLQÃVFKRROÃYLVLWVÃIURPÃWKHÃSUHYLRXVÃ\HDUÃUHIOHFWVÃDÃZHDNHUÃDOLJQPHQWÃZLWKÃVFKRROVÃFXUULFXODÃRIÃWKLV

\HDU VÃH[KLELWLRQÃSURJUDPPHÃÃWKHÃ*ROGLHÃH[KLELWLRQÃODVWÃ\HDUÃZDVÃSDUWLFXODUO\ÃDWWUDFWLYHÃWRÃVFKRROV

'HVFULSWLRQ ÃÃÃÃ7RÃGLVVHPLQDWHÃNQRZOHGJHÃRIÃWKHÃ*DOOHU\ÃFROOHFWLRQVÃDQGÃPRUHÃEURDGO\ÃWKHÃYLVXDOÃDUWV

ÃÃÃÃ7RÃSUHVHQWÃSURJUDPPHVÃRIÃFXOWXUDOÃHGXFDWLRQDOÃDQGÃUHFUHDWLRQDOÃLQWHUHVWÃUHOHYDQWÃWRÃDQÃLQFUHDVLQJO\ÃPXOWLFXOWXUDOÃFRPPXQLW\

ÃÃÃÃ7RÃUHVHDUFKÃDQGÃSURYLGHÃDGYLFHÃWRÃWKHÃ&RXQFLOÃDQGÃWKHÃFRPPXQLW\ÃRQÃDVSHFWVÃRIÃWKHÃYLVXDOÃDUWV

ÃÃÃÃ7RÃVXSSRUWÃWKHÃ&RXQFLO VÃ$UWÃLQÃ3XEOLFÃ3ODFHVÃ3ROLF\ 2EMHFWLYHV Ã3ODQÃLQÃDÃWLPHO\ÃZD\ÃDQGÃSUHVHQWÃVXFFHVVIXOO\ÃDÃFRPSUHKHQVLYHÃSURJUDPPHÃWKDWÃVXSSRUWVÃWKHÃ*DOOHU\ÃFROOHFWLRQVÃDQGÃWHPSRUDU\

H[KLELWLRQVÃDQGÃPHHWVÃWKHÃQHHGVÃRIÃWKHÃHGXFDWLRQDOÃFRPPXQLW\

Ã3ODQÃDQGÃSUHVHQWÃDÃSURJUDPPHÃRIÃOHFWXUHVÃDQGÃUHODWHGÃDFWLYLWLHVÃWKDWÃHQKDQFHÃWKHÃH[KLELWLRQVÃSURJUDPPHÃIRUÃWKHÃFRPPXQLW\

Ã7UDLQÃYROXQWDU\ÃJXLGHVÃIRUÃHDFKÃH[KLELWLRQ

Ã3UHSDUHÃVXLWDEOHÃHGXFDWLRQDOÃPDWHULDOÃIRUÃHDFKÃH[KLELWLRQ

Ã/LDLVHÃZLWKÃWHDFKHUVÃDQGÃHGXFDWLRQDOÃRUJDQLVDWLRQVÃUHJDUGLQJÃFXUULFXODÃDQGÃRWKHUÃHGXFDWLRQDOÃQHHGV

Ã3URYLGHÃH[WUDPXUDOÃSURJUDPPHVÃDQGÃDFWLYLWLHVÃWKDWÃVXSSRUWÃWKHÃ*DOOHU\

Ã&XUDWHÃDQGÃFRRUGLQDWHÃDÃ

Ã3URGXFHÃWKHÃ%XOOHWLQÃFDWDORJXHVÃDQGÃRWKHUÃH[KLELWLRQÃUHODWHGÃPDWHULDOÃIRUÃHGXFDWLRQDOÃDQGÃSURPRWLRQDOÃSXUSRVHV

Ã7RÃSURYLGHÃRQJRLQJÃFRPPXQLW\ÃLQIRUPDWLRQÃLQFOXGLQJÃUHFRYHULQJÃFRQVXOWDWLRQÃIHHVÃIRUÃVSHFLILFÃFXUDWRULDOÃDQGÃFRQVHUYDWLRQÃ

DGYLFHÃRQÃWKHÃYLVXDOÃDUWV

3HUIRUPDQFHÃ,QGLFDWRUV 7DUJHW $FWXDOÃ5HVXOW Ã1XPEHUÃRIÃ6FKRROÃYLVLWV  

Ã1XPEHUÃRIÃERRNHGÃJURXSVÃYLVLWLQJÃWKHÃJDOOHU\  

Ã1XPEHUÃRIÃFDVXDOÃYLVLWRUVÃDVVLVWHGÃE\ÃJXLGHV  

Ã1XPEHUÃRIÃHYHQWVÃ /HFWXUHVÃ2SHQLQJVÃ&RUSRUDWHÃHYHQLQJV  

Ã1XPEHUÃRIÃYROXQWDU\ÃJXLGHVÃURVWHUHG  

Ã1XPEHUÃRIÃSURJUDPPHVÃWRÃVXSSRUWÃH[KLELWLRQÃSURJUDPPH  

Ã7KHÃGHOLYHU\ÃRIÃLQIRUPDWLRQÃUHJDUGLQJÃH[KLELWLRQVÃWRÃVFKRROV 

Ã7KHÃQXPEHUÃRIÃRIIVLWHÃSURJUDPPHVÃDQGÃDFWLYLWLHVÃGHOLYHUHG  

Ã7KHÃQXPEHUÃRIÃHGXFDWLRQDOÃUHVRXUFHÃXQLWVÃSURGXFHG  

Ã7KHÃFXUDWLRQÃDQGÃFRRUGLQDWLRQÃRIÃDÃ

Ã1XPEHUÃRIÃ%XOOHWLQVÃSOXVÃFDWDORJXHVÃDQGÃH[KLELWLRQÃUHFRUGVÃDVÃDSSURSULDWH  

Ã7RÃPHHWÃWKHÃEXGJHWÃSURMHFWLRQVÃRQÃFRVWÃUHFRYHULHVÃIRUÃHGXFDWLRQDOÃUHVRXUFHÃXQLWV (DUQÃÇ (DUQWÃÇ

3DJHÃ %86,1(6681,7 $57*$//(5< 287387&/$66 ,1)250$7,217$'9,&( 287387 *$//(5<352027,21

)LQDQFLDO3HUIRUPDQFH /DVW

1HW &RVW RI *DOOHU\ 3URPRWLRQ   

&RPPHQWDU\ 7KH DSSRLQWPHQW RI D QHZ 0DUNHWLQJ DQG 3XEOLFLW\ 2IILFHU KDV KDG D PDMRU SRVLWLYH LPSDFW RQ WKH *DOOHU\ V SURPRWLRQDO

DFWLYLWLHV 7KH %XOOHWLQ LQ SDUWLFXODU KDV EHHQ LQFUHGLEO\ VXFFHVVIXO ZLQQLQJ VRPH PDMRU GHVLJQ DZDUGV RYHU WKH SDVW \HDU

DQG LQFUHDVLQJ JUHDWO\ LQ FLUFXODWLRQ

'HVFULSWLRQ  7R SURPRWH WKH *DOOHU\ H[KLELWLRQV SURJUDPPHV DQG HYHQWV WR PD[LPLVH YLVLWRU QXPEHUV 2EMHFWLYHV  7R PD[LPLVH DWWHQGDQFHV DW WKH 0F'RXJDOO $UW *DOOHU\ DQG $QQH[ E\ SURYLGLQJ D FRRUGLQDWHG SXEOLFLW\ DQG PDUNHWLQJ

VWUDWHJ\ DQG XVLQJ DSSURSULDWH SURPRWLRQDO WHFKQLTXHV

 7R PD[LPLVH VSRQVRUVKLS RSSRUWXQLWLHV IRU *DOOHU\ H[KLELWLRQV DQG SURMHFWV

 7R GHYLVH DGPLQLVWHU DQG HYDOXDWH PDUNHW UHVHDUFK RQ WKH SUHVHQW *DOOHU\ DQG LWV SURJUDPPHV

 7R PD[LPLVH SXEOLFW\ LQ ORFDO DQG QDWLRQDO SXEOLFDWLRQV

 7R GHYLVH DGPLQLVWHU DQG HYDOXDWH PDUNHW UHVHDUFK RQ WKH QHZ &KULVWFKXUFK $UW *DOOHU\ 3HUIRUPDQFH,QGLFDWRUV 7DUJHW $FWXDO5HVXOW  0DLQWDLQ WKH OHYHO RI YLVLWRU QXPEHUV DFKLHYHG LQ     0DUNHWLQJ DQG SURPRWLRQDO LWHPV SURGXFHGDW OHDVW  DGYHUWLVHPHQWV RU SURPRWLRQDO   LQLWLDWLYHV SHU PRQWK  1XPEHU RI QHZ VSRQVRUVKLSV DUUDQJHG 

 1XPEHU RI 8VHU VXUYH\V FRPSOHWHG  

 $W OHDVW RQH SUHVV UHOHDVH SHU H[KLELWLRQ  

 4XDUWHUO\ H[KLELWLRQ VFKHGXOHV LVVXHG IRU SXEOLFLW\ SXUSRVHV WR QDWLRQDO PHGLD 

3DJH  6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value M Angelo Untitled Gift $1,800

Rita Angus Untitled [pot plant] Gift $20,000

Artist unknown The Shot Tower $30

Artist unknown Untitled $80

Artist unknown Untitled Gift $200

Artist unknown Untitled Gift $100

Artist unknown Untitled Gift $100

Artist unknown Untitled Gift $100

Artist unknown Untitled Gift $100

Artist unknown Untitled Gift $80

Artist unknown Untitled Gift $80

Artist unknown Untitled Gift $80

Artist unknown Untitled Gift $80

Artist unknown Untitled [pencil sketches] $50

Maurice Askew Untitled Gift $1,600

James Balfour Port Hills From Horse Shoe Lake $900

Grant Banbury Split Gift $500

Leo Bensemann Morning Takaka Gift $4,000

Ruth Boyask The Landscape Gift $400

Edward Bracey Canterbury Landscape Gift $600

Edward Bracey Hawkes Bay Landscape Gift $600

Rodney Broad Stirling I Gift $300

George Butler Untitled $200

James Cafe The Nave, Westminster Abbey Gift $900

Jacques Callot Les grandes miseres de la guerre: no. 9. The Discovery of the Malefactors Gift $4,000

Jacques Callot Les grandes miseres de la guerre: no.14. The Wheel Gift $4,000

Jacques Callot Les grandes miseres de la guerre: no.17. Peasants havov revenge on soldiers Gift $4,000

R Caslovan Untitled Gift $200

Ruth Castle Untitled $500

Barry Cleavin Absolution Gift $400

Barry Cleavin From Moeraki A place to rest by days Gift $400

Barry Cleavin The hungry sheep look up (1) Purchase $250

Barry Cleavin The hungry sheep look up (2) Purchase $250

Barry Cleavin The hungry sheep look up (3) Purchase $250

John Coley City Gift $900

John Coley Morris Suite No. 14 Gift $900

John Coley Untitled Gift $1,200

John Coley Untitled Gift $1,200

Gary Collins Navigator Gift $1,500

Alfred Cook Untitled Gift $700

James Cook Avignon Palace of the Popes Gift $1,200

Jennie Cooke Aerial Gift $300

Sue Cooke Untitled Gift $500

Sue Cooke Untitled Purchase $500

Sue Cooke Untitled Purchase $500

Sue Cooke Untitled Purchase $500

Sue Cooke Untitled Purchase $500

Thomas Cousins Untitled $400

Thomas Cousins Untitled $400

Roy Cowan Cellular Form Sculpture Gift $1,500

Betty Curnow Shoal Bay Auckland Gift $600

Bing Dawe Eel Birdlings Flat - black stones Waitaki River Purchase $10,000

Bing Dawe Rectangular Tower With Defence (The Cockfight) Gift $1,600

Neil Dawson Seascape - Documentation Preparatory Drawing Donation $650

Austen Deans Before Dawn Mt Pentelicon Greece Gift $1,400

Austen Deans Skating After Snow Peel Forest $1,800 6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value John Deans Untitled Gift $800

Julie Donovan Untitled $100

Julie Donovan Untitled $100

Julie Donovan Untitled $100

Julie Donovan Untitled $100

Julie Donovan Untitled $100

Julie Donovan Untitled $100

William Dunning Colonization Triptych Purchase $27,000

Ivy Fife Tramping Near Porter’s Pass $2,000

Charlotte Fisher Siren Purchase $6,500

Jacqueline Fraser The benediction of Goat Island our Savoiur: A long view of our very blessed saviour from a distance (with goats rampant)Purchase $8,400

Neil Frazer Untitled Gift $3,000

Rudolf Gopas The Bridge Over Kurow River Gift $50

Rudolf Gopas Brooklands Gift $50

Rudolf Gopas Craypots and Boats Near Old Wharf Kaikoura Gift $50

Rudolf Gopas Hawkes Bay Ladies Champion Hitting Off First Hole at Waimairi Beach Golf Course Gift $50

Rudolf Gopas Kaikoura Scene Gift $50

Rudolf Gopas Old Wharf Sumner Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Untitled Gift $50

Rudolf Gopas Wharf at Kaikoura Gift $50

Noel Habgood Afan[?] Ilugwy Near Capel Curig Caernarvanshire Gift $50

Noel Habgood Albert Memorial London Gift $50

Noel Habgood Alfriston Church Sussex Gift $50

Noel Habgood Ancient Cottages at Boscastle Cromwell Gift $50

Noel Habgood Arundel Castle Sussex Gift $50

Noel Habgood Balquhidder[?] Perthshire Gift $50

Noel Habgood Bamburgh Castle Northumberland Gift $50

Noel Habgood Basham Sussex Gift $50

Noel Habgood Beachy Head Sussex Gift $50

Noel Habgood The Bell Inn Gift $50

Noel Habgood Bickleigh Devon Gift $50

Noel Habgood Bishopstone Church Sussex Gift $50

Noel Habgood Blaven from Torrin Skye Gift $50

Noel Habgood Blaven[?] from Torrin Skye Gift $50

Noel Habgood Boroughbridge Yorks. Gift $50

Noel Habgood Broadebury[?] Devon Gift $50

Noel Habgood Broadhewbury Devon Gift $50

Noel Habgood By Little Loch Broom, Ross and Cromarty Gift $50 6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value Noel Habgood By Loch Eribol[?] Sutherland Gift $50

Noel Habgood By Loch Linnhe Argyll Gift $50

Noel Habgood Cabin in the Forest Swan Green New Forest Gift $50

Noel Habgood Caernarvonshire Gift $50

Noel Habgood Cambridgeshire Fens Gift $50

Noel Habgood Campden Gift $50

Noel Habgood Canterbury Cathedral Kent Gift $50

Noel Habgood Careg Cennen Castle Carmarnshire[?] Gift $50

Noel Habgood Carsethorn [?] Kircudbrightshire Gift $50

Noel Habgood Chemical Pattern Gift $50

Noel Habgood Chipping Campden Glasgow Gift $50

Noel Habgood Church Street Ledbury[?] Hereford. Gift $50

Noel Habgood Coastguard Cottages at Dantalun[?] Bay, Skye Gift $50

Noel Habgood Corfe Castle Dorset Gift $50

Noel Habgood Cottage by Loch Ewe Ross and Cromarty Gift $50

Noel Habgood Cottages in Glencoe Village, Argyall Gift $50

Noel Habgood Cottages in Glencoe Village, Argyall Gift $50

Noel Habgood Crichton Castle Midlothian Gift $50

Noel Habgood Cristallo Dolomites Italy Gift $50

Noel Habgood Derbighshire Wales Gift $50

Noel Habgood Durham Cathedral Gift $50

Noel Habgood Durham Cathedral Gift $50

Noel Habgood Early Morning By Upper Loch Torridan at Alligin Ross and Cromarty Gift $50

Noel Habgood Edinburgh Tattoo Gift $50

Noel Habgood Eglwys Bach Denbighshire[?] Gift $50

Noel Habgood Eilean Donau [?] Castle Gift $50

Noel Habgood Eileen[?] Donan Castle Gift $50

Noel Habgood Elm Hill Norwich Norfolk Gift $50

Noel Habgood Elterwater and Langdale Pikes Westmorland[?] Gift $50

Noel Habgood Engadine[?] Switzerland Gift $50

Noel Habgood Fairy Glen N.R. Betws-y-coed Carnarvonshire Gift $50

Noel Habgood Friarn Crag Gift $50

Noel Habgood Glen Elwe[?] at Dalness Scotland Gift $50

Noel Habgood Gold Hill, Shaftesbury Dorset Gift $50

Noel Habgood Grinan[?] Canal Basin Argyll Gift $50

Noel Habgood The Grit Wagon Gift $50

Noel Habgood Gruinard Bay From Achprave[?] Ross and Cromarty Gift $50

Noel Habgood Gruinard Bay Ross and Cromarty Gift $50

Noel Habgood Harlech Castle Merioneth[?] Wales Gift $50

Noel Habgood In the Dolomites Itlay Gift $50

Noel Habgood Jest Haff and Haff Gift $50

Noel Habgood Keswick Church Cumberland Gift $50

Noel Habgood Kidwelly Castle Carmarthenshire[?] Gift $50

Noel Habgood Kilchurn Castle Gift $50

Noel Habgood Kipling’s House near Barwash Sussex Gift $50

Noel Habgood Kuifs[?] House Argyll Scotland Gift $50

Noel Habgood Lincoln Cathedral Gift $50

Noel Habgood Llyn Anantle Uchaf[?] and Snowdon Caernarvonshire Gift $50

Noel Habgood Llyn Padarn[?] and Snowdon Caernarvonshire Gift $50

Noel Habgood Loch a Choire[?] Argyll Gift $50

Noel Habgood Loch Duich and the Firl[?] Sisters of Kintail Ross and Cromarty Gift $50

Noel Habgood Loch Eil Gift $50

Noel Habgood Loch Ewe Ross and Cromarty Scotland Gift $50

Noel Habgood Loch Hope with Ben Hope Sutherland Gift $50

Noel Habgood Loch Vennechan[?] Perthshire Gift $50

Noel Habgood Lower Slaughter[?] Glasgow Gift $50 6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value Noel Habgood Luccaube Somerset Gift $50

Noel Habgood Moorland Cottage Upper Teesdale Co. Durham Gift $50

Noel Habgood Moreton[?] Hampstead Devon Gift $50

Noel Habgood Morning in Connemara Gift $50

Noel Habgood Near Meudon Switzerland Gift $50

Noel Habgood November in the Forest Gift $50

Noel Habgood Parliament Buildings London Gift $50

Noel Habgood Pittenween[?] Fife Gift $50

Noel Habgood Plush Dorset Gift $50

Noel Habgood Polperro [?] Cornwell Gift $50

Noel Habgood Portmadoc Harbour Caernarvonshire[?] Gift $50

Noel Habgood Rain Over Loch Linnhe, Inverness-shire Gift $50

Noel Habgood Rainstorm Over Loch Maree, Ross and Cromarty Gift $50

Noel Habgood Restored Alms[?] Houses, Cavendish Suffolk Gift $50

Noel Habgood River Dart at Tutues[?] Devon Gift $50

Noel Habgood River Dochart at Killin Perthshire Gift $50

Noel Habgood River Duddan Cumberland Gift $50

Noel Habgood River Wye from Symonds[?] Gift $50

Noel Habgood Road to the Isles Gift $50

Noel Habgood Rolvenden Mill Kent Gift $50

Noel Habgood Ross on Wye Herefordshire Gift $50

Noel Habgood Rottingdean Mill Sussex Gift $50

Noel Habgood Royal Oak and Old Mill Langstone Gift $50

Noel Habgood The Royal Pavilion Brighton Sussex Gift $50

Noel Habgood Rye Harbour Sussex Gift $50

Noel Habgood S. Downs from Berwick Sussex Gift $50

Noel Habgood Scotney Castle Kent Gift $50

Noel Habgood Scotney Castle Kent Gift $50

Noel Habgood Seven Sisters from Birling Gap Sussex Gift $50

Noel Habgood Seven Sisters, Sussex from Cuchmere[?] Haven with Coastguard Cottages Gift $50

Noel Habgood South Downs from Berwick Sussex Gift $50

Noel Habgood Spanish Drinking Jars Gift $50

Noel Habgood Storm Force and Castbourne Gift $50

Noel Habgood Stormforce Castbourne[?] Gift $50

Noel Habgood Sutherland Landscape Gift $50

Noel Habgood Talley Abbey Carmarthenshire Gift $50

Noel Habgood Tarn Hows Lancs Gift $50

Noel Habgood Temple of Horus Gift $50

Noel Habgood Thunder Over Loch Tollie Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Untitled Gift $50

Noel Habgood Upper Loch Torridan from Alligin, Ross and Cromarty Gift $50

Noel Habgood Upper Loch Torridan from Alligin, Ross and Cromarty Gift $50

Noel Habgood Victoria Embankment and Shell Mex building from Charing Cross Bridge Gift $50

Noel Habgood Wallace Monument Stirlingshire Gift $50

Noel Habgood Wantwater[?] Cumb. Gift $50

Noel Habgood Whtiby Yorkshire Gift $50

Noel Habgood Winter in Glen Garry, Perthshire[?] Gift $50

Noel Habgood Winter in Switzerland Gift $50 6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value Noel Habgood The Wren[?] Library Trinity College Gift $50

Gil Hanly Backyards Gift $1,200

Christine Hellyar Body parts: White china cupboard Purchase $21,565

Louise Henderson Abstract (Orange/blue circle) Gift $8,000

Louise Henderson Addington workshops Gift $12,500

Louise Henderson At the pub (Hokianga) $2,800

Louise Henderson Bush series No. 5 $5,000

Louise Henderson Bush series No. 7 $5,000

Louise Henderson December 26th $8,000

Louise Henderson The Farmhouse in Cornwall Gift $25,000

Louise Henderson Governors Bay $7,000

Louise Henderson July Gift $28,000

Louise Henderson June Gift $28,000

Louise Henderson Manchester Street, Christchurch Gift $6,800

Louise Henderson November $6,000

Louise Henderson On the SS.Southern Cross (Sub-stabilizator) Gift $2,250

Louise Henderson Plain girl (nude) Paris Gift $9,000

Louise Henderson Sale Day (Hokianga) Gift $2,800

Louise Henderson September Gift $25,000

Louise Henderson Suddenly a lake appeared among the trees Gift $18,000

Petr Herel Twelve laments and one Gift $800

Mabel Hill The Road to Brighton (Otago) Gift $1,200

Ralph Hotere Black Painting Gift $8,000

Ralph Hotere Drawing For Requiem Series Gift $5,000

Ralph Hotere Tewhiti drawing painting Gift $4,000

Ralph Hotere Window in Spain Gift $9,000

Robin Kay Untitled Gift $500

Elizabeth Kelly Harvesting, St. Ives Purchase $2,770

Cecil Kelly Untitled Gift $5,000

Tony Kuepfer Untitled Purchase $600

Tony Kuepfer Untitled Purchase $600

Tony Kuepfer Untitled [vase] Purchase $600

Mark Lander Untitled Gift $500

I Laughlin Untitled Gift $300

Le Blond Autre port de mer d’Italie $400

Norman Lemon Untitled $200

Peter Liley Untitlted Gift $100

Rata Lovell-smith North of Cairns Gift $3,000

Doris Lusk The Lee Valley Nelson Gift $22,000

Doris Lusk Beyond Porter’s Pass IV Gift $17,000

Doris Lusk Ngaio Tree Takamatua Gift $7,000

Doris Lusk Towards Omakau Gift $20,000

Doris Lusk Yachts on Lyttelton Harbour $7,000

Quentin Macfarlane Untitled Gift $4,000

Jill McIntosh Untitled Gift $500

Judy McIntosh Wilson On the surface Purchase $4,500

Simon McIntyre Untitled Gift $1,100

Euan MacLeod Plateau 3 Gift $1,200

Marian Maguire Untitled Gift $200

I Major Untitled Gift $300

Manglard Veduta della Girandola, che si fa in Roma nella Mole Adriana, detta Castel Sant’Angelo $300

Peter Mardon Tasman Valley $500

Owen Merton Untitled Gift $3,000

Derek Mitchell Anatomical Landscape IV Gift $200

John Mitchell Maru’s garden Purchase $300

Trevor Moffitt Dead Quinnat Gift $700 6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value Trevor Moffitt Untitled Gift $4,000

Julia Morison Untitled Gift $600

Pat Mulcahy Untitled $400

Edith Munnings (Strutton) Untitled Gift $800

Archibald Nicoll Portrait of David Crozier Gift $5,000

Archibald Nicoll Stanley’s Field Gift $6,000

John Oakley Lyttelton Harbour $900

Alan Pearson The Admirer Gift $1,500

Alan Pearson Aime Belton Gift $1,500

Alan Pearson Alison Gift $1,500

Alan Pearson Auckland Gift $1,500

Alan Pearson Cassandra Gift $1,500

Alan Pearson Coral & Alan as Canterbury Madonna Gift $1,500

Alan Pearson Don’t Forget Me When I Depart This State Gift $1,500

Alan Pearson Jane Gift $1,500

Alan Pearson Jennifer Gift $1,500

Alan Pearson Lock Your Door Gift $1,500

Alan Pearson Me and my shadow Gift $1,800

Alan Pearson Middlesbrough Gift $1,500

Alan Pearson Portrait of Leo Thompson Gift $2,500

Alan Pearson Pregnant nude Gift $1,500

Alan Pearson Quartet: Within $26,000

Alan Pearson Self portrait Gift $1,500

Alan Pearson Six Heads Waiting For Mortality Gift $9,000

Alan Pearson Studies Gift $1,500

Alan Pearson Ten Pieces Of Silver Gift $1,500

Alan Pearson Theatre Gift $1,500

Alan Pearson The Visitation Gift $2,500

Alan Pearson West Coast Gift $1,500

Don Peebles Rotorua - Taupo Road Gift $800

Juliet Peter Cacti Gift $300

Juliet Peter TVI 1967 Gift $300

Michael Reed Springbok tour Purchase $350

Barry Reid Untitled Gift $200

Britton Riviere Dog fight Purchase $2,750

Ann Robinson Wide bowl Purchase $14,000

Peter Roche Stargate IV Purchase $9,000

Helen Rockel Untitled Gift $500

Rick Rudd Untitled Gift $400

Alexander Runciman The finding of Carbon Cargloss by Fingal Gift $2,500

Rosa Sawtell Quick sketch from the "Kiwi" Gift $400

Rosa Sawtell Study of an Almond branch in bloom Gift $400

Rosa Sawtell Untitled Gift $900

Rosa Sawtell Untitled Gift $400

Rosa Sawtell Untitled Gift $2,000

Rosa Sawtell Untitled Gift $1,200

Rosa Sawtell Untitled Gift $1,200

Rosa Sawtell Untitled Gift $1,200

Rosa Sawtell Untitled Gift $1,200

Rosa Sawtell Untitled Gift $1,200

Rosa Sawtell Untitled Gift $1,200

Rosa Sawtell Untitled Gift $1,200

Rosa Sawtell Untitled Gift $1,200

T. Seadrys Dream Home Purchase $100

Olivia Spencer Bower Allen Gift $1,500

Olivia Spencer Bower Untitled Gift $2,500 6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value Thomas Stevens Untitled Gift $200

Thomas Stevens Untitled Gift $200

Margaret Stoddart Roses Gift $15,000

Alan Strathern Untitled Gift $600

Terry Stringer Untitled Gift $900

William Sutton Army Boots Gift $1,200

William Sutton Army Boots Gift $1,200

William Sutton Aucassin $10,000

William Sutton Axemen Gift $1,200

William Sutton Books To Ask For Gift $1,200

William Sutton Composition VIII Gift $2,000

William Sutton Composition No 1 Gift $9,000

William Sutton Composition With White Drape Gift $8,000

William Sutton G Batt Esq of Dalhousie Gift $8,000

William Sutton Grass in Flower Gift $1,200

William Sutton Gta La Sadana, Madrid Gift $800

William Sutton H B Sands Esq. Gift $3,000

William Sutton Landscape Elements 2 Gift $8,000

William Sutton Lincoln Gift $800

William Sutton Mr Leonard Sutton Gift $6,000

William Sutton Mrs John Sutton Gift $6,000

William Sutton Off Whangarei Heads Gift $8,000

William Sutton Peter Tennant Gift $5,000

William Sutton Portrait of Bishop Pyatt Gift $3,000

William Sutton Portrait of Jim Strachan Gift $6,000

William Sutton Portrait of Peter Young Gift $6,000

William Sutton Portrait of Russell Laidlaw Gift $2,000

William Sutton Shirley Collins Gift $1,800

William Sutton Sketch For Portrait Gift $1,500

William Sutton The Small Hours Gift $800

William Sutton Still Life With Waistcoat Gift $1,800

William Sutton Untitled $2,000

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $800

William Sutton Untitled Gift $600

William Sutton Untitled Gift $8,000

William Sutton Untitled Gift $2,000

William Sutton Untitled Gift $2,000

William Sutton Untitled Gift $2,000

William Sutton Untitled Gift $2,000

William Sutton Untitled Gift $2,000

William Sutton Untitled Gift $2,000

William Sutton Untitled Gift $2,000

William Sutton Untitled Gift $2,000

William Sutton Untitled Gift $1,800 6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value William Sutton Untitled Gift $1,800

William Sutton Untitled Gift $1,800

William Sutton Untitled Gift $1,800

William Sutton Untitled Gift $1,800

William Sutton Untitled Gift $1,800

William Sutton Untitled Gift $1,500

William Sutton Untitled Gift $1,200

William Sutton Untitled study of a woman $2,000

William Sutton Untitled [cactus leaf] Gift $1,200

William Sutton Untitled [ex libris] Gift $800

William Sutton Untitled [ex libris] Gift $800

William Sutton Untitled [facade of buildings] Gift $800

William Sutton Untitled [house and palm trees] Gift $800

William Sutton Untitled [life studies] Gift $800

William Sutton Untitled [life studies] Gift $800

William Sutton Untitled [pulpit] Gift $800

William Sutton Untitled [sketch for portrait] Gift $800

William Sutton Untitled [sketch for portrait] Gift $800

William Sutton Untitled [sketches of torsos and hands] Gift $2,000

William Sutton Untitled [three figures and an hourglass] Gift $800

William Sutton Untitled [wheat and leaves] Gift $1,200

Grant Takle Gate crasher Purchase $11,000

Yuk King Tan Untitled (Red Mask) Purchase $1,890

Yuk King Tan Untitled (Red Mask) Purchase $1,890

Robert Taylor History Wall, Study Series Gift $1,200

Tom Taylor Moraine Gift $2,000

Edwyn Temple Haumuri Bluff from the south Gift $900

Percy Thomas Felixstowe[?] Ferry $300

J.M Thomasson Heathcote Valley from its Estuary, Christchurch $300

A Trengrove Untitled Gift $500

Philip Trusttum Millennium Tapestry Drawing Gift $1,200

Michel Tuffery Povi Christkeke Purchase $10,000

Terry Urbahn Africa Purchase $900

Terry Urbahn Japanese Toys Purchase $900

Rex Valentine Untitled [bowl for tea ceremony] $90

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000 6XPPDU\ÃRIÃ$FTXLVLWLRQVÃIRUÃ

Insurance Artist Name Description of Art Work Acquisition Value Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled $1,000

Petrus Van der Velden Untitled Untitled $1,000

Ruth Watson Take heart Purchase $12,500

William Wells Untitled $1,000

Colin Wheeler Trampers in Central Otago $1,500

Jan White Untitled Gift $800

Mervyn Williams Transfigured light II (to Colin McCahon) Purchase $8,500

Rodney Wilson Two in One or One in Two Gift $200

Sir Untitled Gift $1,800

Sir Toss Woollaston Untitled [figure of a man] Gift $1,800

Jane Zusters Better Watch Out Now - Nuclear Waste Is A Coming Down On You Gift $2,000