THURSDAY 1 SEPTEMBER 2022 INTERNATIONAL NEWSPAPER OF THE YEAR EUROPE

Gorbachev 3 Last Soviet leader helped end cold war — OBITUARY, PAGE 3
3 Ideas live on despite Putin’s repression — FT VIEW, PAGE 16
Chelsea’s LA story
The legacy 3 Tributes to ‘man of remarkable vision’ — REACTION, PAGE 3
Californian investors take a run at
English football club — BIG READ, PAGE 15

China checks Briefing

Covid policy i Tencent to offload $14bn from portfolio

cuts emissions
The Chinese internet group has unveiled a plan for
divestments from its listed equity portfolio as it
comes under pressure from investors and Beijing’s
recent antipathy towards Big Tech.— PAGE 5
A worker waits in a Covid-19 testing
booth near the venue for a trade fair in i EU to suspend visa deal with Moscow
Beijing yesterday. Lockdowns tied to Xi The bloc has backed eastern states’ calls to cut the
Jinping’s zero-Covid policy played a big numbers of Russians entering their countries, the
part in the 8 per cent fall in China’s car- first time it has agreed to target ordinary civilians
bon emissions in the three months to over the invasion of Ukraine.— PAGE 2
June, as curbs dragged on the economy.
The largest decline in emissions in a i Bid to obstruct Trump probe, says DoJ
decade also reflected a crisis in the heav- The US justice department has said efforts have
ily indebted property sector, according been made to “obstruct” its probe into Donald
to the Centre for Research on Energy Trump’s mishandling of classified files, casting
and Clean Air, which compiled the data. doubt on his claim that he has co-operated.— PAGE 4
“The reduction was driven by falls in
steel and cement output due to the real i Error highlights Cineworld complexity
estate slump, [a] fall in transport oil The struggling cinema chain
consumption caused by Covid-19 con- has incorrectly reported the
trol measures [and] slow electricity identity of its largest investor in
consumption growth.” its annual report, as it failed to
Growth falters page 4 keep track of changes to its
AP Photo/Andy Wong
complex ownership.— PAGE 6

i Japan lines up defence spending boost

German factories halt output after

Tokyo’s defence ministry has submitted a record
$40bn budget request but the final sum is likely to
be higher as Japan seeks to counter what it sees as
the rising threat from China.— PAGE 4

Russia’s ‘alarming’ squeeze on gas

i Klarna losses surge in tough six months
Losses at the Swedish payments provider have
quadrupled. The company, once Europe’s most
valuable private tech group, blamed employee costs
and rising credit losses.— PAGE 8; LEX, PAGE 18

i Christian ETF group hits out at liberals

3 Moscow stops Nord Stream flow 3 Manufacturers cut consumption 3 Prices ease back
GUY CHAZAN — BERLIN
German manufacturers are halting pro-
duction in response to the surge in
energy prices caused by Russia’s
squeeze on gas supplies, a trend the gov-
ernment has described as “alarming”.
Robert Habeck, economy minister,
said industry had worked hard to
reduce its gas consumption in recent
months, by switching to alternative
fuels such as oil, making its processes
more efficient and reducing output.
But he said some companies had also
“stopped production altogether”, which
he said was “alarming”.
He spoke as Russia halted the flow of
gas through the Nord Stream 1 pipeline,
which it claimed was for three days of
planned maintenance. The outage
comes as European countries struggle
with deep cuts in Russian gas supplies
that have pushed prices to record highs.
The shutdown of the pipeline will add
to anxiety in European countries as they
seek to secure vital supplies ahead of the
winter months.
Russia has been accused of “weapon-
ising” energy supplies to Europe and
stoking a cost of living crisis in retalia-
tion for western sanctions linked to its
invasion of Ukraine.
Prices have more than doubled since
Gazprom first restricted supplies on the
pipeline three months ago, limiting
capacity to 20 per cent.
Italian energy company Eni said its
supply from Gazprom had recently been
cut by more than a quarter to 20mn
cubic metres per day. French utility
Inspire Investing has removed environmental,
social and governance labels from its funds, saying
“intolerant liberal activists” have “weaponised” the
Engie has also reported a cut in supplies this week that gas consumption by concept of sustainable investing.— PAGE 5
over what Gazprom has described as a industry had declined 21 per cent in July
contract dispute. compared with a year previously. He
The European gas market has had added that the price of electricity for Datawatch
some relief, however, with prices com- 2023 had risen above €700/MWh —
ing off an all-time high last week. After “more than 15 times the level of past
surging to a peak above €340 per mega- Robert Habeck years”. Rising rents Rents in the UK
watt hour on Friday — the equivalent of says the Habeck said rising gas prices were % change over 12 months rose 3.2 per cent in
almost $550 a barrel in oil terms — gas competitive affecting companies ranging from big the 12 months to
4 July — the biggest
prices have fallen back to €234/MWh, advantage in industrial groups to small and medium- UK (ex. London) annual growth
including a further 6 per cent fall yester- an abundance sized enterprises that form the Mittel- 3 rate since this
day, although prices are only back to of cheap Russian stand. The business model of large parts UK series began in
where they were trading in mid-August. gas ‘won’t of German manufacturing was based on 2 2016. The East
German business leaders say the pain come back any the abundance of gas from Russia that Midlands had the
of costlier energy inputs is being exacer- time soon, was cheaper than gas from other 1 highest growth,
bated by recent interest rate hikes in the if ever at all’ regions, he said. London at 4.3 per cent,
US and slowing growth in China, one of That competitive advantage “won’t 0 while London
Germany’s largest export markets. come back any time soon, if it ever 2016 18 20 22 had the lowest.
Siegfried Russwurm, head of the main comes back at all”, Habeck said. Source: ONS at 2.1 per cent
German business lobby, the BDI, said US coal-fired plants live on page 8

Inflation fears and rate-rise bets drive

Europe debt market to historic sell-off
NIKOU ASGARI — LONDON after fresh data showed the rate of con- “Clearly the hawks have the momen-
sumer price growth in the euro area hit a tum in their favour,” said Antoine Bou-
Europe’s bond market was on course
record high of 9.1 per cent in August. vet, senior rates strategist at ING.
for its worst month on record, with inv-
Higher than expected inflation puts Analysts at JPMorgan, Goldman Sachs
estors betting on big rate rises from the
further pressure on the ECB to acceler- and Bank of America all said yesterday
European Central Bank and Bank of
Kyiv’s counter-attack England at a time of rampant inflation.
ate the pace of interest rate rises when that they expected the ECB to raise rates
raise stakes in the south policymakers meet this month. The by 0.75 percentage points at next week’s
The market for high-grade government central bank raised its main interest meeting. The last time it raised its dep-
Analysis i PAGE 2 and corporate debt posted a fall of rate in July for the first time in more osit rate by such a margin was in 1999.
5.3 per cent in the month to Tuesday, the than a decade but economists expect it “Even if inflation does pass its peak,
biggest drop since the Bloomberg Pan- will need to pursue further increases as the central banks are going to remain
Austria €4.30 Morocco Dh50
Bahrain Din1.8 Netherlands €4.30
European Aggregate Total Return index it battles inflation. The BoE is engaged hawkish,” said Richard McGuire, head
Belgium €4.30 Norway NKr45 began in 1999. The decline has been in a similar effort to quell surging infla- of rates strategy at Rabobank.
Croatia Kn32/€4.25 Oman OR1.60 broad, with UK, German and French tion in Britain, which is running at the The yield on Germany’s benchmark
Cyprus €4.00 Pakistan Rupee350
Czech Rep Kc120 Poland Zl 24
debt all hit by heavy selling. highest level in more than 40 years. 10-year Bund rose more than 0.7 per-
Denmark DKr43 Portugal €4.00 The continent’s bond markets have Markets expect the ECB’s borrowing centage points to 1.54 per cent in
Egypt E£59 Russia €5.00 been knocked as investors brace them- costs to hit 2.1 per cent by March from August, its biggest monthly jump since
France €4.30 Serbia NewD530
Germany €4.30 Slovenia €4.00
selves for more aggressive central bank zero currently, while the BoE is being 1990. The yield on the UK’s 10-year gilt
Greece €4.00 Spain €4.00 interest rate rises in the face of surging priced to raise rates to 4.1 per cent in climbed from 1.8 per cent at the start of
Hungary Ft1350 Switzerland SFr6.50 food and fuel prices triggered by Rus- March from a current level of 1.75 per August to 2.8 per cent yesterday.
India Rup220 Tunisia Din7.50
Italy €4.00 Turkey TL50
sia’s war in Ukraine. cent, according to Bloomberg data Additional reporting by Ian Johnston
Luxembourg €4.30 UAE Dh22.00 The selling picked up speed yesterday based on pricing in money markets. Eurozone inflation page 2
Malta €4.00

Subscribe In print and online World Markets

STOCK MARKETS CURRENCIES GOVERNMENT BONDS
www.ft.com/subscribetoday
email: fte.subs@ft.com Aug 31 Prev %chg Pair Aug 31 Prev Pair Aug 31 Prev Yield (%) Aug 31 Prev Chg
Tel: +44 20 7775 6000 S&P 500 3993.85 3986.16 0.19 $/€ 1.006 0.999 €/$ 0.995 1.001 US 2 yr 3.45 3.46 -0.01
Fax: +44 20 7873 3428 Nasdaq Composite 11917.38 11883.14 0.29 $/£ 1.164 1.163 £/$ 0.859 0.860 US 10 yr 3.12 3.12 0.01
Dow Jones Ind 31808.15 31790.87 0.05 £/€ 0.864 0.859 €/£ 1.157 1.164 US 30 yr 3.24 3.24 0.00
FTSEurofirst 300 1639.39 1656.60 -1.04 ¥/$ 138.625 138.935 ¥/€ 139.395 138.775 UK 2 yr 3.08 3.02 0.06
© THE FINANCIAL TIMES LTD 2022 Euro Stoxx 50 3522.16 3561.92 -1.12 ¥/£ 161.304 161.596 £ index 77.742 78.540 UK 10 yr 2.80 2.70 0.10
No: 41,108 ★ FTSE 100 7284.15 7361.63 -1.05 SFr/€ 0.981 0.975 SFr/£ 1.136 1.135 UK 30 yr 3.08 2.98 0.10
FTSE All-Share 4007.46 4045.21 -0.93 JPN 2 yr -0.08 -0.09 0.01
Printed in London, Liverpool, Glasgow, Dublin, CRYPTO
CAC 40 6125.10 6210.22 -1.37 JPN 10 yr 0.23 0.22 0.00
Frankfurt, Milan, Madrid, New York, Chicago, San Aug 31 Prev %chg
Xetra Dax 12834.96 12961.14 -0.97 JPN 30 yr 1.19 1.20 -0.01
Francisco, Tokyo, Hong Kong, Singapore, Seoul, Bitcoin ($) 20071.57 19812.77 1.31
Nikkei 28091.53 28195.58 -0.37 GER 2 yr 1.19 1.15 0.03
Dubai Ethereum 1550.17 1524.37 1.69
Hang Seng 19954.39 19949.03 0.03 GER 10 yr 1.54 1.51 0.03
MSCI World $ 2645.37 2668.79 -0.88 COMMODITIES GER 30 yr 1.62 1.60 0.02
MSCI EM $ 992.76 991.65 0.11 Aug 31 Prev %chg
MSCI ACWI $ 616.75 621.52 -0.77 Oil WTI $ 91.36 91.64 -0.31
FT Wilshire 2500 5197.96 5256.80 -1.12 Oil Brent $ 97.25 97.84 -0.60 Prices are latest for edition
FT Wilshire 5000 40607.66 41072.24 -1.13 Gold $ 1730.30 1751.25 -1.20 Data provided by Morningstar
ƒ P FV|
|
FV|
|V
p
V
p ¯Vz
¯Vz-§
-§ cąƕũŰ¿
cąƕ ũŰ¿ƒư
ƒư Ł ]Îŋ
]ÎŋƆÎĦ
ƆÎĦšÎũ
šÎũ ƒƻƒ
ƒƻƒƒƒ

0 F c  Y F c 0 K F  ?

ķŰƆ ķæ ĜČƩČĭñ cũƒƩÎĜ «ƕũšŰ

¯ŻǓķķſDžǽíǓǮķǓſƸƣƁƚǮ ȖƆij ȦțƋ

ȖƆij ȦțƋʀijʀijídzídz Ɔƍ
ƆƍǹȖ
ǹȖƹdz
ƹdzʀʀ ƹŒ
ƹŒ ȖƆij
ȖƆij ijȮ ijȮdzƹdzƹǜǜ WȖ
WȖ ɸíǹ
ɸíǹ -Ȯdzƹ
-Ȯ dzƹʈƹ
ʈƹƫij ƫij ŵƹ
ŵƹɶij ɶijdzƫ
dzƫƦijƦijƫȖ ƫȖ Ąƹ
ĄƹƫĦƫĦǹǹ ǹƹƞ
ǹƹƞĦĦ ƹŒŒ
ƹŒŒģģ ĕíȮǹijĦ
ĕíȮǹ ijĦ Ąʀ Ħƍ Ħƍǹdz
ǹdzȮǓ
ȮǓȖƍ
Ȗƍƹƫ
ƹƫ dzijdzijǹȮ
ǹȮƞȖ
ƞȖƍƫ
ƍƫŵŵ Œdzƹ
ŒdzƹƦ Ʀ ȖƆijȖƆij ƍƫȖijdzij
ƍƫȖij dzijǹȖ
ǹȖ dzí
dzíȖijȖijǹǹ Ąʀ
Ąʀ í ƞí ƞídzŵ
dzŵijdz
ijdz ȖƆ
ȖƆíƫíƫ ƫƹ ƫƹdzƦ dzƦíƞ íƞ
íƞǹƹ
íƞǹƹ Ɔƍ
ƆƍŵƆŵƆijdzijdz ȖƆ
ȖƆíƫ
íƫ ȖƆȖƆijij Ư Ǔij
Ǔijdzdz ĕijƫ
ĕijƫȖȖ ijɾǓ
ijɾǓijĕ ijĕȖij
ȖijĦĦ ǹijƫĦƍƫ
ǹijƫĦ ƍƫŵŵ ȖƆij
ȖƆijƍdzƍdz ʀƍ
ʀƍijƞijƞĦǹ
Ħǹ Ɔƍ
ƆƍŵƆŵƆijdzijdz íŒ
íŒȖij
Ȗijdzdz ȖƆij
ȖƆij Ħí
ĦíȖí Ȗí ƍƫɶí
ƍƫ ɶíǹƍǹƍƹƫ
ƹƫ ƆíƆíǹǹ Ąijij
Ąijijƫ ƫ íĕĕ
íĕĕijƫijƫȖȮ
ȖȮíȖ íȖijĦ
ijĦ Ąʀ ȖƆ ȖƆijij ƍƫĕdz
ƍƫ ĕdzijƦ
ijƦijƫ ijƫȖȖ ƫijɾ
ƫijɾȖȖ ɸijij ɸijijƛǜ ƛǜ
ȂťȂť Ąíǹ
Ąíǹƍǹ ƍǹ Ǔƹ
ǓƹƍƫƍƫȖȖ
Ɩƣȱķ őǓƣƖ - íƏǓķíĬȸ Ąʀ ijĕ
ijĕƹƫ
ƹƫƹƦƹƦƍǹ ƍǹȖǹ
Ȗǹ Ǔƹ
ǓƹƞƞƞƞijĦ
ijĦ Ąʀ ¡ij ¡ijȮȖ ȮȖijdz
ijdzǹǜ
ǹǜ ɸijdzij
ɸij dzij dzij
dzijƞij
ƞijíǹ
íǹijĦ
ijĦģģ dzijŒ
dzijŒƞij
ƞijĕȖ
ĕȖƍƫ
ƍƫŵŵ ŵdzƹ
ŵdzƹɸƍɸƍƫŵƫŵ ijɾijɾǓijǓijĕƋĕƋ dzijƹǓ
dzij ƹǓijƫijƫƍƫƍƫŵŵ ƹŒ
ƹŒ ijĕƹ
ijĕƹƫƹƫƹƦƍƦƍijǹijǹ íǹ ĕƹĕƹdzƹdzƹƫí
ƫíɶƍɶƍdzȮdzȮǹǹ Ɔƍƛij
Ɔƍ ƛij ƞƹ
ƞƹƹƛ
ƹƛǹǹ ƍƫĕ
ƍƫĕdzijdzijíǹ
íǹƍƫƍƫŵƞ
ŵƞʀʀ ƞƍƛ
ƞƍƛijƞ
ijƞʀǜ
ʀǜǮǮ
ƸǓƁğķĬ Ɓƚ ďȸ ƖíǓƍķǮǘ ¯Ɔijij Œíƞ
¯Ɔ Œíƞƞƹ
ƞƹȮȖ
ȮȖ Œdz
ŒdzƹƦ
ƹƦ ¡Ȯ ¡Ȯǹǹǹǹƍíƍíǰǹ
ǰǹ ƍƫ
ƍƫɶí
ɶíǹƍǹƍƹƫ
ƹƫ ƹŒ ȖíȖƍ
ȖíȖƍƹƫ
ƹƫǹǹ ȖƆij
ȖƆij --  ɸƍƞ
ɸƍƞƞƞ dzíƍ
dzíƍǹij
ǹij dzídzíȖij
Ȗijǹǹ Ąʀ
Ąʀ ʍǜȂ
ʍǜȂťť dzijǹȖ
dzij ǹȖdzƍ
dzƍĕȖ
ĕȖƍƹ
ƍƹƫǹ
ƫǹ ijƫ
ijƫĦijĦijĦĦ ȖƆƍ
ȖƆƍǹǹ ʀijí
ʀijídzǜ
dzǜ GȮdzȖ
GȮ dzȖƆij
Ɔijdzdz Ǔdzij
ǓdzijǹǹǹǹȮdzȮdzijij ƹƫ
ƹƫ Ǔdzƍ
Ǔdzƍĕij
ĕijǹǹ ɸíǹ
ɸíǹ ƞƍ ƞƍƛij
ƛijƞʀƞʀģģ
·ƛdzí
·ƛ dzíƍƫƍƫijij Ɔíǹ
Ɔíǹ ǹijǹijƫȖ
ƫȖ ɸƆɸƆƹƞƹƞijǹ
ijǹíƞíƞijij ŵíǹ
ŵíǹ íƫíƫĦ Ħ ijƞij
ijƞijĕƋ
ĕƋ Ǔijdzĕ
Ǔij dzĕijƫ
ijƫȖí
Ȗíŵijŵij Ǔƹ
Ǔƹƍƫ ƍƫȖǹ
Ȗǹ Œƹ
Œƹdzdz ȖƆij
ȖƆij ŒƍŒƍdzǹ
dzǹȖȖ ȖƍƦ
ȖƍƦijij ƍƫ
ƍƫ ƍȖǹ
ƍȖǹ ¯Ɔijij dzijƦ
¯Ɔ dzijƦƹɶ ƹɶíƞ
íƞ ƹŒ ǹȖ
ǹȖƍƦ
ƍƦȮƞȮƞȮǹ
Ȯǹ ƦijƦijíǹ íǹȮdz
Ȯdzijǹijǹ Ȗƹ ǹíƍĦ
ǹí ƍĦ Ɔ
Ɔdzƍ
dzƍǹȖ
ǹȖƹǓ
ƹǓƆ Ɔ Ïijƍ
Ïijƍƞģ ƞģ ijĕ
ijĕƹƫ
ƹƫƹƦƹƦƍǹ ƍǹȖȖ íȖ
íȖ ƹƦ
ƹƦƋƋ
EYc0F
EY c0F YF
YFK?
K? Ú 'YF=
'Y F='hY
'hYcc Ȗdzƍĕ
ȖdzƍĕƍȖ
ƍȖʀʀ Ǔdzƍ
Ǔdzƍĕijĕijǹǹ Ȗƹ
Ȗƹ dzijĕ
dzijĕƹdzƹdzĦĦ ƞijɶ
ƞijɶijƞ ijƞǹǹ ƍƫ
ƍƫ -Ȯdz
-ȮdzƹǓ ƹǓijij ƆƍǹȖ
ƆƍǹȖƹdz
ƹdzʀʀ ƹƫ
ƹƫ ¯ƆȮ
¯ƆȮdzǹ dzǹĦí
Ħíʀʀ ƫijɾ
ƫijɾȖȖ ɸijij
ɸijijƛǜ ƛǜ ĕȮǹƆ
ĕȮ ǹƆƍƹƍƹƫƫ ȖƆij
ȖƆij ĄƞĄƞƹɸ
ƹɸ ƹŒ Ɔƍ ƆƍŵƆ
ŵƆijdz
ijdz ǓdzǓdzƍĕƍĕijǹ
ijǹ ɸí
ɸíǹǹ Ʀijdzʈ
Ʀij dzʈĄí
Ąíƫƛ
ƫƛģģ ǭĄij
ǭĄijĕí ĕíȮǹȮǹijij Ʀíƫ
Ʀíƫʀʀ ĕƹƦ ĕƹƦǓí Ǔíƫƍƫƍijǹ
ijǹ
ƍƫ dzij
dzijĕij
ĕijƫȖ
ƫȖ ɸijɸijijƛijƛǹǹ íƫĦ
íƫĦ ǓȮ ǓȮǹƆǹƆijĦijĦ ȮǓ ȖƆ ȖƆijij ĕƹǹ
ĕƹǹȖȖ
ƫíƞ

ƫ íƞʀǹ
ʀǹȖǹȖǹ íȖ k
k{ƹ{ƹdzŵ dzŵíƫ
íƫģģ Iƹƞ
IƹƞĦƦĦƦíƫ íƫ §í
§íĕƆĕƆǹǹ ijɾǓij
ijɾ ǓijĕȖĕȖijĦ
ijĦ Ȗƹ ƞijƞijíĦ
íĦ Ȗƹ Ʀƹ
Ʀƹdzij dzij Ǔdz
Ǔdzƍĕƍĕijij Ǔdzij
Ǔdzijǹǹ ǹǹȮdz
Ȯdzijǹijǹ Ɔíɶij
Ɔí ɶij ƫƹ
ƫƹȖȖ ʀijȖ
ʀijȖ ŒȮ
ŒȮƞƞƞƞʀʀ Ǔíǹ
ǓíǹǹijǹijĦĦ ƹƫ
ƹƫ ȖƆij
ȖƆijƍdz ƍdz Ɔƍ
ƆƍŵƆŵƆijdz
ijdz
-Ȯdzƹʈƹ
-Ȯdzƹ ʈƹƫij
ƫij ƍƫ
ƍƫŒƞŒƞíȖ
íȖƍƹ
ƍƹƫƫ dzƹǹ
dzƹǹijij Ȗƹ
Ȗƹ í dzijdzijĕƹĕƹdzĦdzĦ ƯǜƯǜDŽDŽ ƹŒ Œij
ŒijdzȖ
dzȖƍƞ
ƍƞƍǹ
ƍǹijdz
ijdz íƫ
íƫĦ Ħ ĕƹƦ
ĕƹƦƦƹ ƦƹĦƍ ĦƍȖƍȖƍijǹ
ijǹ ǹȮ
ǹȮĕƆĕƆ íǹ íƫĦ
íƫ Ħ íƫ
íƫƛ ƛ ƹŒ
ƹŒ
Ʀij
Ʀijdzƍ dzƍĕí
ĕí ĕƆĕƆíƫíƫŵij ŵijĦ Ħ ȖƆij
ȖƆijƍdz ƍdz ƍƫ ȖƆȖƆijij ĕƹƦ
ĕƹƦƍƫ ƍƫŵŵ Ʀƹƫ
ƦƹƫȖƆ ȖƆǹǜ
ǹǜ -ĕ
-ĕƹƫ ƹƫƹƦƹƦƍǹ ƍǹȖǹȖǹ ǓdzƹĦ
Ǔdz ƹĦȮĕȮĕȖƍ
Ȗƍƹƫ
ƹƫ ĕƹĕƹǹȖ
ǹȖǹǹ Ȗƹ
Ȗƹ ĕƹƫ
ĕƹƫǹȮ ǹȮƦij
Ʀijdzǹ dzǹǮǜǮǜ
Ǔijdzdz ĕijƫ
Ǔij ĕijƫȖȖ ƍƫ
ƍƫ ȖƆij
ȖƆij ʀijʀijídz
ídz Ȗƹ
Ȯ

ȮŵȮŵȮǹȖǹȖģģ ƍƫȖ
ƍƫȖijƫ ijƫǹƍ
ǹƍŒʀ
ŒʀƋƋ ɸƆijí
ɸƆ ijíȖǜ
Ȗǜ ¯Ɔ
¯Ɔijij ƞíȖ
ƞíȖijǹ
ijǹȖȖ dzƍǹ
dzƍǹijij ƍƫ
ƍƫ Œƹƹ
ŒƹƹĦ Ħ íƫĦ
íƫĦ ijƫijƫijdzijdzŵʀ
ŵʀ Œƹdzij
Œƹ dzijĕí
ĕíǹȖ
ǹȖǹǹ íƫĦ
íƫĦ Ʀƹ Ʀƹƫij ƫijʀʀ ƦídzƦídzƛij ƛijȖȖ Ȗdzí
ȖdzíĦijĦijdzǹ dzǹ ijɾǓij
ijɾ ǓijĕȖĕȖ ƍƫ
ƍƫŒƞ
ŒƞíȖ
íȖƍƹ
ƍƹƫƫ Ȗƹ
Ȗƹ íĕĕ
íĕĕijƞijƞijdz
ijdzíȖ
íȖijij ƍƫ
ƍƫ §ijǓ
§ijǓȖij ȖijƦƋƦƋ -Ȯdzƹ
-Ȯ dzƹǹȖ
ǹȖíȖíȖ ǹí
ǹíƍĦƍĦ ijƫijƫijdzijdzŵʀ
ŵʀ ǓdzǓdzƍĕ
ƍĕijij ƍƫŒ
ƍƫŒƞíƞíȖƍ
Ȗƍƹƫ
ƹƫ -FYz
-F Yz 'Kz
' Kz Ú WY(h
WY (h

ƍƫŵŵ Œijí
ƍƫ Œijídzǹdzǹ ȖƆ
ȖƆíȖ
íȖ ǹƹ
ǹƹídzídzƍƫ
ƍƫŵŵ Ǔdzƍ
Ǔdzƍĕij
ĕijǹǹ ídzij
ídzij Ąij ĄijĕƹĕƹƦƋƦƋ Ǔdzƍĕ
Ǔdz ƍĕijǹ
ijǹ ƍǹ ǹij
ǹijȖȖ Ȗƹ
Ȗƹ ijɾí
ijɾíĕij ĕijdzĄ
dzĄíȖíȖijij í ĕƹ
ĕƹǹȖǹȖ ƹŒ ƞƍ
ƞƍɶƍ
ɶƍƫŵ
ƫŵ ɸijdzij
ɸij dzij ŒȮ
ŒȮƞƞ
ƞƞʀʀ Ǔdzƍ
Ǔdzƍĕƍ
ĕƍƫŵ
ƫŵ ƍƫ ǹȮǹȮĕƆĕƆ í Ʀƹɶ
Ʀƹɶijǜ ijǜ Ąijdzģ
Ąij dzģ ɸƆ
ɸƆijƫ ijƫ ǹijǹijɶij
ɶijdzí
dzíƞƞ Iijdz
IijdzƦí Ʀíƫ ƫ Ʀijí
ƦijíǹȮ ǹȮdzijdzijǹǹ ǹƞƹɸ
ǹƞƹɸijĦ ijĦ ĄȮ
ĄȮȖȖ ǹȖƍ
ǹȖƍƞƞ
ƞƞ dzƹ
dzƹǹijǹij țļ
țļǜțǜț Ǔij
Ǔijdzdz ĕijƫ
ĕijƫȖȖ ƍƫƍƫ ȖƆij
ȖƆij
¯Ɔij -·
¯Ɔij -· Ɔíǹ
Ɔíǹ íŵíŵdzij
dzijijĦijĦ Ȗƹ ǹȮǹȮǹǓ
ǹǓijƫ
ijƫĦĦ í ɶƍ
ɶƍǹí
ǹí
ƍƫŵŵ ijƦĄ
ƍƫ ijƦĄijĦ ijĦĦij
ĦijĦ Ħ íƫĦ
íƫĦ ǹǓǹǓȮdz
Ȯdzdzƍdzƍƫŵ
ƫŵ ĕí
ĕíƞƞ ƞƞǹǹ Œƹdz
Œƹdz ȖƆ
ȖƆijij ĕdzƍǹ
ĕdz ƍǹƍǹ
ƍǹ íĕ
íĕdzƹ
dzƹǹǹ
ǹǹ ȖƆ
ȖƆijij DŽƯƋ
DŽƯƋĕƹ ĕƹȮƫ
ȮƫȖdz Ȗdzʀʀ ijȮdz
ijȮdzƹʈ ƹʈƹƫ
ƹƫijǜijǜ ¯Ɔijij -·
¯Ɔ -· ƍǹ ƍǹ Ǔdzij
ǓdzijǓí Ǔídzƍ
dzƍƫŵ
ƫŵ ijƦijƦijdz ijdzŵij
ŵijƫĕ
ƫĕʀʀ Ʀijí
ƦijíǹƋ ǹƋ ijɾǓƍ
ijɾ Ǔƍdzij
dzijģģ ƍƫĕ
ƍƫĕƞȮ
ƞȮĦƍ
Ħƍƫŵ
ƫŵ í ŒȮij
ŒȮijƞƞ ĦȮȖ
ĦȮȖʀʀ dzijĄ
dzijĄíȖ íȖijij íƫĦ
íƫĦ ʀijídz
ʀij ídz Ȗƹ
Ȯ
ȮŵȮ ŵȮǹȖǹȖǜǜ dzƍ
dzƍĕij
ĕij dzƍ
dzƍǹij
ǹijǹǹ ƹŒ
ƹŒ Ǔdzƹ
Ǔdzƹĕij ĕijǹǹǹǹijĦ
ijĦ
Ħijíƞ
Ħij íƞ ɸƍ
ɸƍȖƆȖƆ {ƹ{ƹǹĕ ǹĕƹɸƹɸ íƫ íƫĦĦ Ąíĕ
Ą íĕƛij
ƛijĦ Ħ
-Ȯdzƹ
-Ȯ dzƹǓijǓijíƫ
íƫ ij
ijƫȖƫȖdzí
dzíƞƞ íƫ
íƫƛ ƛ Ȗƹ
Ȗƹ dzíƍ
dzíƍǹij
ǹij ƍƫ ƍƫȖij
Ȗijdzij
dzijǹȖ
ǹȖ kƹíĕ
kƹ íĕƆƍƆƍƦ Ʀ }íŵ
}íŵijƞ ijƞģģ Iijdz
IijdzƦí Ʀíƫʀ ƫʀǰǹǰǹ ĕij
ĕijƫȖ ƫȖdzí
dzíƞƞ Ȯdzijǹ
Ȯdz ijǹ Ȗƹ ĕȮĕȮdzĄdzĄ ȖƆ
ȖƆijij Ǔdzƍ
Ǔdzƍĕijĕij ƹŒ ijƞ ijƞijĕ
ijĕȖdzȖdzƍĕ
ƍĕƍȖ
ƍȖʀʀ Ąʀ
Ąʀ ǹȮĄǹ
ǹȮ ĄǹƍĦƍĦƍǹ
ƍǹijĦ
ijĦ EƯ ƦƹƦƹƫȖ ƫȖƆƞ
Ɔƞʀʀ dzíƍ
dzíƍƞƞ Ȗƍĕ
Ȗƍĕƛij
ƛijȖǜȖǜ ŒƹƹĦ
Œƹ ƹĦģģ íƞĕ
íƞĕƹƆ
ƹƆƹƞ ƹƞ íƫ
íƫĦ Ħ ȖƹĄ
ȖƹĄíĕíĕĕƹ
ĕƹ íĕ
íĕĕijĕijƞijƞijdzí
dzíȖijȖijĦĦ Ȗƹ
Ȗƹ
ĦijƦí
Ħij ƦíƫĦ
ƫĦǹǹ Ąʀ
Ąʀ ijíǹ
ijíǹȖijȖijdzƫdzƫ Ʀij
ƦijƦĄƦĄijdz ijdz ǹȖ
ǹȖíȖ
íȖijǹ
ijǹ Ȗƹ
dzíȖij
dzí Ȗijǹǹ Ʀƹdz
Ʀƹdzijij íŵŵ
íŵŵdzijdzijǹǹ
ǹǹƍɶ
ƍɶijƞ
ijƞʀʀ ƫijɾ
ƫijɾȖȖ ɸijij
ɸijijƛǜ ƛǜ Ąíƫƛ
Ąí ƫƛ ǓdzǓdzijǹ
ijǹƍĦ
ƍĦijƫ
ijƫȖģȖģ ǹí
ǹíƍĦ
ƍĦ Ɔƍ
ƆƍŵƆŵƆ ƍƫƍƫŒƞ
ŒƞíȖ
íȖƍƹ
ƍƹƫ ƫ ɸíǹ
ɸíǹ ǹijǓí
ǹij Ǔídzí
dzíȖƍ
Ȗƍƫŵƫŵ ƍȖ ŒdzŒdzƹƦ
ƹƦ ȖƆ ȖƆijij ǹƹí
ǹƹídzƍdzƍƫŵ
ƫŵ ĕƹĕƹǹȖǹȖ ƹŒ ǭijŒ
ǭ ijŒƹdz
ƹdzijij ȖƆij
ȖƆij ijƫ
ijƫĦ Ħ ƹŒ
ƹŒ ȖƆij
ȖƆij ʀij
ʀijídzídzģģ ɸij
ɸij ijɾǓ
ijɾǓijĕ ijĕȖȖ DŽʍǜť
DŽʍ ǜť Ǔij
Ǔijdzdz ĕijƫ
ĕijƫȖģ Ȗģ ȖƆ
ȖƆijƍijƍdzdz Œƍdz
ŒƍdzǹȖ
ǹȖ Ħƹ
ĦƹȮĄ ȮĄƞij ƞijƋĦ
ƋĦƍŵ
ƍŵƍȖƍȖ
ĕȮdzĄ
ĕȮ dzĄ ¡Ȯ
¡Ȯǹǹ
ǹǹƍí
ƍíƫ
ƫ ídzdz
ídzdzƍɶ ƍɶíƞ
íƞǹģ
ǹģ íǹ ƍȖ Ąƹ
ĄƹɸijɸijĦĦ Ȗƹ
Ȗƹ
¯Ɔijij Œƞí
¯Ɔ ŒƞíǹƆ
ǹƆ ijǹ
ijǹȖƍ
ȖƍƦí
ƦíȖij Ȗij ƹŒ ĕƹ
ĕƹƫǹ
ƫǹȮƦ
ȮƦijdz ijdz Ǔdz
Ǔdzƍĕ
ƍĕijij ǭĄijĕ
ǭĄ ijĕƹƦ
ƹƦƍƫ ƍƫŵŵ íƫ
íƫ ijƫƹ
ijƫƹdzƦ dzƦƹȮ ƹȮǹǹ ĄȮdz ĄȮdzĦijĦijƫ ƫ Œƹdz
Œƹdz ŵíǹǜ
ŵí ǹǜ }ij
}ijɸǹ ɸǹ ƹŒ ȖƆ ȖƆijij ǓdzijǓdzijǓí ǓídzídzíȖƍȖƍƹƫ
ƹƫǹǹ ƆíǹƆíǹ ƆijíĦ
Ɔij íĦƞƍƞƍƫij
ƫij ƍƫƍƫŒƞ
ŒƞíȖ
íȖƍƹ
ƍƹƫƫ ȖƹȖƹ ƆƍȖ
ƆƍȖ DŽʍ Ǔij Ǔijdzdz ĕijƫ
ĕijƫȖģ ȖģǮǮ ƍƫĕdz
ƍƫ ĕdzijí
ijíǹij
ǹijǜǜ
Ǔdzijǹ
Ǔdz ijǹǹȮ
ǹȮdzij
dzij Ȗƹ ǓȮǓȮƫƍ ƫƍǹƆǹƆ Ȗdz
Ȗdzíɶ
íɶijƞ
ijƞƞij
ƞijdzǹ
dzǹ ƹɶ
ƹɶijdz
ijdz
ŵdzƹɸ
ŵdz ƹɸȖƆ ȖƆ ǓȮ
ǓȮĄƞ
Ąƞƍǹ
ƍǹƆij
ƆijĦĦ ʀijǹ
ʀijǹȖijȖijdzĦ
dzĦíʀíʀ Ąʀ -Ȯ -ȮdzƹdzƹƋƋ Ʀƹdzij
Ʀƹ dzij íƫ
íƫĦ Ħ Ʀƹdz
Ʀƹdzijij ǓijƹǓijƹǓƞ ǓƞijǮ
ijǮǜǜ Qij
Qij íĦĦíĦĦijĦijĦġġ ǭÏij
ǭÏij ƆijƞǓ
Ɔij ƞǓijĦ
ijĦ ĄdzĄdzƍƫƍƫŵŵ ɸƆƹ
ɸƆƹƞij ƞijǹí
ǹíƞijƞij ijƫ
ijƫijdzijdzŵʀŵʀ Ǔdz
Ǔdzƍĕƍĕijǹ
ijǹ ǹíƍĦ
ǹí ƍĦ kí
kíĕƛ
ĕƛ
ƞ
ƞƞij
ƞijƫƋ
ƫƋ¡ij
¡ijʀƫʀƫƹƞƹƞĦǹ
Ħǹģģ ijĕƹ
ijĕƹƫƹ ƫƹƦƍƦƍǹȖ ǹȖ íȖ ¯Ɔijij ĕƞƹ
¯Ɔ ĕƞƹǹijǹijƞʀ
ƞʀ ȖdzȖdzíĕ
íĕƛijƛijĦ Ħ Ʀijí
ƦijíǹȮ ǹȮdzijdzij ƹŒ ĕƹ ĕƹdzijdzij
ÍƞíĦ
ÍƞíĦƍƦ
ƍƦƍdz
ƍdz Ȯ
ȮȖƍ
Ȗƍƫǰ
ƫǰǹǹ ƍƫɶ
ƍƫɶíǹíǹƍƹ
ƍƹƫƫ ƹŒ
ƹŒ ·ƛdz
·ƛdzíƍ
íƍƫij
ƫijǜǜ
ǹȖíȖ
ǹȖ íȖģģ ȖƆij
ȖƆij -Ȯ
-Ȯdzƹ
dzƹǓij
Ǔijíƫíƫ ƹ
ƹƦƦƦƦƍǹ ƍǹǹƍ
ǹƍƹƫ
ƹƫǰǹ ǰǹ ǹȖ
ǹȖíȖ
íȖƍǹ
ƍǹƋƋ ƫijijĦ
ƫij ijĦ í ǹȖdz
ǹȖdzƹƫ
ƹƫŵŵ ƍƫȖ
ƍƫȖijdzijdzijǹ
ijǹȖȖ dzíȖ
dzíȖijij Ɔƍƛ
Ɔƍƛijij ƍƫƍƫ §ijǓ
§ijǓƋƋ Ħƹɸƫ
Ħƹ ɸƫ ŒdzŒdzƹƦ
ƹƦ dzijdzijĕƹĕƹdzĦdzĦ Ɔƍ
ƆƍŵƆŵƆǹǹ ƍƫ
ƍƫ dzijĕ
dzijĕijƫijƫȖȖ Ħíʀ
Ħíʀǹǜ ǹǜ íǓƍ
í ǓƍȖí
Ȗíƞƞ -ĕƹ
-ĕƹƫƹƫƹƦƍƦƍĕǹĕǹǜǜ ǭÏƍ
ǭÏƍȖƆ ȖƆ --  ǓƹƞǓƹƞƍĕƍĕʀʀ ƍƫŒƞ
ƍƫ ŒƞíȖ
íȖƍƹ
ƍƹƫģ
ƫģ ɸƆ
ɸƆƍĕ ƍĕƆƆ ijɾĕ
ijɾĕƞȮƞȮĦij
Ħijǹǹ Ʀƹdz
Ʀƹdzijij ɶƹƞ ɶƹƞíȖíȖƍƞ
ƍƞijij
Ȗƍĕǹ
Ȗƍĕǹ ĄȮ
ĄȮdzijdzijíȮ
íȮģģ ɸíǹ
ɸíǹ ȮǓ Œdz ŒdzƹƦ
ƹƦ ļǜļǜƯƯ Ǔijdz
Ǔijdz ĕij ĕijƫȖ
ƫȖ ƍƫ ȖijƦĄ
Ȗij ƦĄijdz ijdzǜǜ
ƫĦ

ƫĦ ŒȮ ŒȮdzȖ
dzȖƆij
Ɔijdzdz ƍƫȖ
ƍƫȖijdzijdzijǹ
ijǹȖȖ dzíȖ
dzíȖijij Ɔƍƛ
Ɔƍƛijǹijǹ ȮȖȖ í ŵdz
Ȯ ŵdzƹɸ
ƹɸƍƫ ƍƫŵŵ ƫȮƦ
ƫȮƦĄij Ąijdzdz ƹŒƹŒ -
- dzí dzíȖijȖijƋƋ dzíȖij
dzí Ȗijǹǹ í ƞƹ
ƞƹƫŵ
ƫŵ ɸí
ɸíʀʀ Ąijƞ
Ąijƞƹɸƹɸ íǓíǓǓdz
ǓdzƹǓƹǓdzƍdzƍíȖ
íȖijij ƞijɶ
ƞijɶƋƋ ijƫijdz
ijƫ ijdzŵʀ
ŵʀ íƫ
íƫĦ Ħ Œƹƹ
ŒƹƹĦ Ħ Ǔdzƍ
Ǔdzƍĕijĕijǹģ
ǹģ dzƹ
dzƹǹij
ǹij ŭǜ
ŭǜțț Ǔijdz
Ǔijdz ĕijĕijƫȖ
ƫȖ ¯Ɔij Ħijĕ
¯Ɔij Ħijĕƍǹ ƍǹƍƹƍƹƫ ƫ ɸíǹ
ɸíǹ í ɶƍĕ ɶƍĕȖƹ Ȗƹdzʀdzʀ ŒƹŒƹdzdz ƹƞƹƞíƫ íƫĦģ Ħģ
kȮƞʀ
kȮ ƞʀģģ ɸƆƍ
ɸƆƍĕƆ
ĕƆ ɸí
ɸíǹǹ ƍȖǹ
ƍȖǹijƞ
ijƞŒŒ ȖƆij
ȖƆij Ɔƍ
ƆƍŵƆ
ŵƆijǹijǹȖȖ ƞijɶ
ƞijɶijƞ
ijƞ ƍƫ ĕíƫ
ĕí ƫ Ąij
Ąij ijɾǓ
ijɾǓijĕijĕȖijȖijĦĦ ƍƫ
ƍƫ ȖƆij
ȖƆij ĕƹ
ĕƹƦƍ Ʀƍƫŵƫŵ ƦƹƦƹƫȖ ƫȖƆǹ
ƆǹǜǮ
ǜǮ ǹijȖȖ
ǹij ȖȖijdz
ijdzǹǹ ɸƹdz
ɸƹdzdzʀ dzʀ ȖƆ ȖƆijij ƍƫŒ
ƍƫŒƞíƞíȖƍ
Ȗƍƹƫ
ƹƫídz ídzʀʀ ǹƆƹ
ǹƆƹĕƛ ĕƛ ijƞǹģ
ijƞ ǹģ ƍȖ ƍǹ ĕƞĕƞijí
ijídzdz ȖƆí
ȖƆíȖȖ ȖƆij
ȖƆij ĄíĄíƫƛ
ƫƛ ɸƍ ɸƍƞƞƞƞ dzí
dzíƍǹƍǹijij ƍƫ
Ȯ

ȮŵȮ ŵȮǹȖ
ǹȖ Œdz
ŒdzƹƦ
ƹƦ ŭ Ǔijdz Ǔijdz ĕijĕijƫȖ
ƫȖ ƍƫ kȮ
kȮƞʀƞʀǜǜ ȖƆijij íƞ
ȖƆ íƞȖƍ Ȗƍĕĕ ǹȖí
ǹȖíȖij Ȗijǹǹ íƫĦ
íƫĦ Gƍ GƍƫƞƫƞíƫíƫĦģ Ħģ ɸƆɸƆƍĕ ƍĕƆ Ɔ ƆíĦ
ƆíĦ
ȖƆdzij
ȖƆ dzijíȖíȖijƫijƫijĦ ijĦ Ȗƹ Ȗí Ȗíƛij ƛij ǹȖǹȖijǓ
ijǓǹǹ Ȗƹ Ȗƹ ǹȖƹ
ǹȖƹǓ Ǔ ¡Ȯǹ
¡Ȯǹǹƍ ǹƍíƫ
íƫ
ĕƍȖƍ
ĕƍ Ȗƍʈij
ʈijƫǹ ƫǹ ijƫ ijƫȖij Ȗijdzƍdzƍƫŵƫŵ ȖƆ ȖƆijƍijƍdzdz Ȗijdz
Ȗijdzdzƍ dzƍȖƹȖƹdzʀdzʀ íƫ íƫĦ Ħ ȖƆij
ȖƆij
Ąƞƹĕ
Ąƞ ƹĕǰǹ ǰǹ Œdz
ŒdzijijijijƋȖ ƋȖdzí
dzíɶij ɶijƞƞ §ĕƆ
§ĕƆijƫ ijƫŵij ŵijƫ ƫ ʈƹƫ
ʈƹƫijij ƍŒ ƍŒ ĕƹȮ
ĕƹȮƫƋ ƫƋ
0 ĭ Ʃƒ Ű Č ķ ĭ œ  ķ ƕ ĭ ƆÎ ũ Ċ ķ æ æÎ ĭ Ű Č ƩÎ Ȗdzƍij
Ȗdz ƍijǹǹ ƞijĦ
Ąƞƹĕ
Ąƞ ƹĕƛij ƛijĦ
ƞ ijĦ Ąʀ Gdz
Ħ í ĕƹ ĕƹƞƞ ƞƞijĕ
Gdzíƫ
ijĕȖƍ
íƫĕij
Ȗƍɶij
ɶij íǓ
ĕij íƫ
íǓǓdzǓdzƹí
íƫĦ
ƹíĕƆ
Ħ Iijdz
ĕƆǜǜ
I ijdzƦí Ʀíƫʀ ƫʀ

¯Ɔijij Ʀƹɶ
¯Ɔ Ʀƹɶijij Ʀídz Ʀídzƛij ƛijĦ Ħ ȖƆij
ȖƆij Œƍ Œƍdzǹ
dzǹȖȖ ȖƍƦ
ȖƍƦijij ȖƆij ȖƆij
-· Ɔí Ɔíǹǹ íŵdz íŵdzijij ijijĦ Ħ ȖƹȖƹ Ȗídz
Ȗídzŵij ŵijȖȖ ƹdzĦ
ƹdzĦƍƫ ƍƫídzídzʀʀ ¡Ȯǹ ¡ȮǹƋƋ
ǹƍíƫ
ǹƍ íƫǹǹ Ħƍdz Ħƍdzijĕ ijĕȖƞ Ȗƞʀʀ ƍƫƍƫ ȖƆij
ȖƆij ɸí ɸíƛij ƛij ƹŒ ȖƆ ȖƆijij ƍƫɶƍƫɶíƋ íƋ
ǹƍƹƫ
ǹƍ ƹƫǜǜ ǭÏij ǭÏij íŵ íŵdzijdzijijĦ ijĦ Ǔƹ Ǔƹƞƍ ƞƍȖƍ
Ȗƍĕí
ĕíƞƞ ƞƞʀʀ ǜ ǜ ǜ ȖƆ ȖƆíȖ íȖ
ǹƹƦij
ǹƹ ƦijȖƆ ȖƆƍƫ ƍƫŵŵ Ɔíǹ Ɔíǹ Ȗƹ Ąij Ħƹ Ħƹƫij ƫijģǮ ģǮ ǹíǹíƍĦƍĦ kƹ kƹǹijǹijǓ Ǔ
ƹdzdz
ƹ dzdzijƞijƞƞģƞģ ȖƆ
ȖƆijij -·ǰ-·ǰǹǹ ĕƆƍ ĕƆƍijŒ ijŒ Ħƍ
ĦƍǓƞǓƞƹƦ ƹƦíȖ íȖģģ íŒȖ
íŒȖijdz ijdz í
'ijǹȖdzȮ
'ijǹȖ dzȮĕȖ
ĕȖƍƹ
ƍƹƫġ
ƫġ í Ʀíƫ
Ʀíƫ ǹȮ ǹȮdzɶ
dzɶijʀ
ijʀǹǹ ȖƆij
ȖƆij ƦijijȖ
Ʀij ijȖƍƫ ƍƫŵŵ ƹŒ ƹŒ ĄƞƹĄƞƹĕĕ Œƹdz Œƹdzijƍ ijƍŵƫŵƫ Ʀƍ Ʀƍƫƍ ƫƍǹȖǹȖijdzijdzǹǹ ƍƫ ƍƫ
nȸƁȱ ǘíȸǘ ƁǮ Żíǘ ğǽǮ ǮŻǓƣǽŪŻ dzȮƍƫ
dzȮƍƫǹǹ ƹŒ
ƹŒ Ɔƍǹ
Ɔƍǹ Ɔƹ
ƆƹȮǹ
Ȯǹijij Œƹƞ
Œƹƞƞƹ
ƞƹɸƍ
ɸƍƫŵ
ƫŵ í dzíŵ
dz íŵȮij Ȯij ʀij ʀijǹȖ ǹȖijdzijdzĦíĦíʀǜ ʀǜ
¡ǽǘǘƁíǐǘ őƁǓǘǮ ƏƁƚķ ƣő Ĭķőķƚğķ ¡Ȯǹǹ
¡Ȯ ǹǹƍí
ƍíƫƫ Ʀƍǹ
Ʀƍǹǹƍ
ǹƍƞij
ƞij ǹȖ
ǹȖdzƍ
dzƍƛij
ƛij ƹƫ ȖƆ
ȖƆijij ĕƍȖ
ĕƍȖʀʀ ƹŒ
ƹŒ ¯Ɔijij ídzdz
¯Ɔ ídzdzƍɶ ƍɶíƞíƞ ƹŒ íĄ íĄƹȮ ƹȮȖȖ Ȃʍʍ
Ȃʍʍģʍ ģʍʍʍʍʍ ¡Ȯ ¡Ȯǹǹ ǹǹƍíƍíƫǹ
ƫǹ
{ʀƛƹ
{ʀ ƛƹƞíƞíʀƍ
ʀƍɶģ
ɶģ ƫij
ƫijídz
ídz oƆ
oƆijdzijdzǹƹ
ǹƹƫģ
ƫģ ȖƆ
ȖƆƍǹ
ƍǹ ɸij
ɸijijƛijƛ ƍƫ ȖƆȖƆijij Œƍɶ
Œƍɶijij -· -· ƦijƦ ƦijƦĄij Ąijdzǹ dzǹ Ąƹ
ĄƹdzĦ dzĦijdz ijdzƍƫƍƫŵŵ ¡Ȯǹ¡ȮǹƋƋ
íǓƣǽƚĬ ǓķŪƁƣƚíƏ ğíƸƁǮíƏ ČĦČƆƒ
ČĦČƆƒũũ ČĜęķ
ČĜęķææŽ
ææŽ'W
'WŽ(Î
Ž(ÎƆƆư
ƆƆư 0Ħƒ
0ĦƒñÎŰ
ñÎŰ ǹƍíí ǹƍƫ
ǹƍ ǹƍƫĕij ĕij ȖƆ ȖƆijij ƍƫɶƍƫɶíǹ íǹƍƹƍƹƫ ƫ Ąijŵ
Ąijŵíƫ íƫ ƍƫ Gij GijĄdz ĄdzȮí Ȯídzʀdzʀ
ǭƆíǹ
ǭƆ íǹ Ąij Ąijĕƹ ĕƹƦij Ʀij í ǹijĕ ǹijĕȮdz ȮdzƍȖƍȖʀʀ dzƍǹ
dzƍǹƛ ƛ ŒƹdzŒƹdz ȖƆ ȖƆijǹijǹijij
ƫijƍŵ
ƫij ƍŵƆĄƆĄƹȮ ƹȮdzƍ dzƍƫŵ
ƫŵ ǹȖ ǹȖíȖ
íȖijǹijǹǮģ Ǯģ ƹ ƹdzdz dzdzijƞijƞƞƞ ǹíƍ ǹíƍĦǜ Ħǜ
;K- F Wh?
;K-F W h? Yc-
Y c-KF
KF F
F 
YKEF
YKE F K?
K ?Y-
Y-z=
z= Ú =z0s
=z 0s Ʀƹdzíƞij
Ʀƹdzí ƞij íƫíƫĦ Ħ ǹƆƹ
ǹƆƹɸƍ ɸƍƫŵ ƫŵ ɸij ɸijǹȖ ǹȖijdzijdzƫ ƫ íƞƞ
íƞƞƍij ƍijǹǹ ȖƆí
ȖƆíȖȖ ǭ¯Ɔij
ǭ¯ Ɔijǹij ǹij ĕƹĕƹȮƫ ȮƫȖdz Ȗdzƍijƍijǹǹ ĕíƫ
ĕíƫ Ȗí Ȗíƛijƛij Ʀij Ʀijíǹ íǹȮdzȮdzijǹ ijǹ íȖ í
ȖƆijij ŒȮƫ
ȖƆ ŒȮƫĦǹ Ħǹ íƫíƫĦ Ħ ɸijí
ɸijíǓƹ Ǔƹƫǹ ƫǹ ȖƆȖƆijʀ ijʀ Ɔí ƆíĦ Ħ ǹȮǓ
ǹȮǓƋƋ ƫíȖƍ
ƫí Ȗƍƹƫ
ƹƫíƞ íƞ ƞijƞijɶijɶijƞƞ ȖƹȖƹ dzijǹ
dzijǹȖdz Ȗdzƍĕ
ƍĕȖȖ ijƫȖ
ijƫȖdzʀ dzʀǜǮǜǮ
·ƛdzíƍƫ
·ƛdzí ƍƫƍí ƍíƫ ƫ ƹŒŒ
ƹŒŒƍĕƍĕƍí
ƍíƞǹƞǹ Ɔí
ƆíĦ Ħ Ɔƍƫ
ƆƍƫȖij ȖijĦ Ħ Œƹdz
Œƹdz Ȗɸ Ȗɸƹƹ Ǔƞƍij
Ǔƞ ƍijĦ Ħ ɸijdz
ɸijdzijij ɸƹdzɸƹdzȖƆ ȖƆ íĦíĦĦƍ Ħƍƫŵƫŵ ȖƹȖƹǜǜ §ȮǹǓ
§Ȯ ǹǓijƫ ijƫĦƍ Ħƍƫŵƫŵ ȖƆ ȖƆijij ɶƍǹ ɶƍǹíí íŵdz íŵdzijij ijijƦij ƦijƫȖ ƫȖģģ
ƦƹƫȖ
Ʀƹ ƫȖƆǹ Ɔǹ ƹŒ íƫ ƍƦ ƍƦƦƍ Ʀƍƫij ƫijƫȖ ƫȖ ĕƹĕƹȮƫȮƫȖij ȖijdzƋdzƋƹŒ
ƹŒŒijŒijƫƋ
ƫƋ Wƫ íĦíĦĦƍ ĦƍȖƍ
Ȗƍƹƫ
ƹƫģģ ȖƆijȖƆij ƍƫ ƍƫƍȖƍȖƍí
ƍíȖƍ
Ȗƍɶij
ɶij ƍǹ Ʀij Ʀijíƫ íƫȖȖ ȖƹȖƹ ƍƦǓƞ
ƍƦ ǓƞijƦ ijƦijƫ ijƫȖij ȖijĦ Ħ ƍƫƍƫ Ȧʍʍ
ȦʍʍȂȂ Ȗƹ Ȗƹ ŒíĕŒíĕƍƞ ƍƞƍȖ
ƍȖíȖ
íȖijij ¡Ȯǹ¡ȮǹƋƋ
ǹƍɶij
ǹƍ ɶij ƍƫ ȖƆ ȖƆijij ǹƹȮǹ ƹȮȖƆ ȖƆǜǜ ȮȖ ȮȖ ȖƆ ȖƆijƫijƫ ¡Ȯ ¡Ȯǹǹ ǹǹƍíƍí Ądzƹí
Ądz ƹíĦĕ Ħĕíǹ íǹȖȖ Ȗƹ
Ȗƹ {ƹǹ{ƹǹĕƹ ĕƹɸ ɸ ȖƆí
ȖƆíȖȖ ƍȖǹ ƍȖǹ ǓƞǓƞíƫ íƫǹǹ Ȗƹ Ȗƹ ǹƍíƫ
ǹƍíƫ Ȗdz Ȗdzíɶ
íɶijƞ ijƞ Ȗƹ ȖƆ ȖƆijij ĄƞƹĄƞƹĕģ ĕģ ǭɸ
ǭɸƍƞ ƍƞƞƞ ǹƍŵ
ǹƍŵƫƍƫƍŒƍŒƍĕí
ĕíƫȖ ƫȖƞʀƞʀ
ĦijǓƞ
Ħij ǓƞƹʀƹʀijĦ ijĦ Ʀƹ Ʀƹdzij dzij ȖdzȖdzƹƹ
ƹƹǓǹ Ǔǹ Ȗƹ ȖƆ ȖƆijij dzijŵ
dzijŵƍƹ ƍƹƫǜƫǜ
ǹ íƫƫij
íƫ ƫijɾɾ oƆijoƆijdzǹ dzǹƹƫƹƫ íƫ íƫĦ Ħ ƹȖƆ
ƹȖƆijdz ijdz ƹĕƹĕĕȮĕȮǓƍ ǓƍijĦ ijĦ ȖijȖijdzƋdzƋ dzijĦȮ
dzij ĦȮĕij ĕij ȖƆȖƆijij ƫȮƦ ƫȮƦĄij Ąijdzdz ƹŒ ƹŒ ƫijɸ
ƫijɸ ɶƍ ɶƍǹí
ǹíǹǹ ƍǹǹƍǹǹȮijȮijĦ Ħ
ȖƆijij ijƫĦ
ȖƆ ijƫĦ ƹŒ ǹȮ ǹȮƦƦ ƦƦijdz ijdz íǓ íǓǓdz ǓdzƹíƹíĕƆĕƆijĦ ijĦģģ ȖƆijȖƆij dzƍȖƹ
dzƍ Ȗƹdzƍdzƍijǹ
ijǹ ȖƆȖƆdzƹ
dzƹȮŵȮŵƆ Ɔ ǹȖí
ǹȖíŵijŵijĦ Ħ dzijŒ
dzijŒijdz ijdzijƫijƫĦȮ ĦȮƦǹ Ʀǹģģ íǹ íǹ ĎȖƹƹ ¡Ȯǹ
ĎȖ ¡Ȯǹǹƍ ǹƍíƫíƫǹĐ ǹĐ Ąʀ ȖƆ ȖƆijij ƦijƦƦijƦĄij Ąijdzdz ǹȖí ǹȖíȖij ȖijǹǮǹǮģģ
ƹǓǓƹ
ƹǓ ǓƹdzȖ dzȖȮƫȮƫƍȖ ƍȖʀʀ Ȗƹ
Ȗƹ íȖȖ
íȖȖíĕ íĕƛ ƛ ǹijij
ǹijijƦij ƦijĦ Ħ ȖƹȖƹ Ɔíɶ
Ɔíɶijij ƍȖ Ħƍ
ĦƍĦ Ħ ƍƫƍƫ dzƍ
dzƍƦij Ʀijíí ƍƫ ƍƫ ȦʍDŽȦʍDŽŭģ ŭģ ídzídzijij ĦƹƹĦƹƹƦij ƦijĦ Ħ ƹdzdz
ƹ dzdzijƞijƞƞƞ ǹíƍ
ǹíƍĦǜ Ħǜ ǭWǭWȖȖ ƍǹƍǹ ŵƹƍ
ŵƹƍƫŵƫŵ Ȗƹ Ąij Ʀƹ Ʀƹdzij dzij ĦƍĦƍŒŒŒŒƍƋ
ƍƋ
Ǔíǹǹ
Ǔí ǹǹijĦijĦǜǜ Ąijĕí
Ąij ĕíȮǹ Ȯǹijij ·ƛdz·ƛdzíƍ íƍƫijƫij ɸƍ ɸƍƞƞ ƞƞ ƫƹ
ƫƹȖȖ ǹȖƹ ǹȖƹǓ Ǔ ƍƫƍƫ ƍȖǹƍȖǹ ĕȮƞȖ
ĕȮ ƞȖģģ íƫĦ
íƫĦ ƍȖ ƍǹ ŵƹ ŵƹƍƫ ƍƫŵŵ Ȗƹ
Ȗƹ Ȗíƛ
Ȗíƛijij ƞƹƫƞƹƫŵij ŵijdzǜdzǜǮǮ
¯Ɔƍǹ
¯Ɔ ƍǹ ɸij ɸijijƛ ijƛģģ oʀƍ
oʀƍɶɶ ƦíĦ ƦíĦijij ƍȖǹ ƍȖǹ Ʀƹ
Ʀƹɶij ɶijǜǜ WȖWȖ ƍǹ
ƍǹ ijŒŒƹ
ijŒ ŒƹdzȖdzȖǹǹ Ȗƹ
Ȗƹ dzijĕ
dzijĕƹɶ ƹɶijdz ijdz ȖƆȖƆijƦijƦǜǜ dzijǹ
dz ijǹǹȮǹȮdzij dzij Ȗƹ íĕ íĕȖȖ ƹƫ ƹƫ ȖƆijȖƆij ɶƍ ɶƍǹíǹí ƍǹ ƍǹǹȮ
ǹȮijij Ɔíǹ Ɔíǹ
·ƛdzí
·ƛ dzíƍƫƍƫijǰijǰǹǹ Œƍdz
ŒƍdzǹȖ
ǹȖ Ąƍ
Ąƍŵŵ ĕƹȮ
ĕƹȮƫȖ ƫȖijdz ijdzƋíƋíȖȖ
ȖȖíĕ
íĕƛ ƛ ǹƍƫ
ǹƍƫĕijĕij ǭ¯Ɔij
ǭ¯ Ɔij Ǔƹ Ǔƹƞƍ ƞƍȖƍȖƍĕí
ĕíƞƞ íƫĦ íƫĦ ƍƫ ƍƫŒƹŒƹdzƦdzƦíȖ íȖƍƹƍƹƫíƫíƞƞ Ħƍɶƍ
Ħƍ ɶƍĦijĦijĦ Ħ ȖƆij
ȖƆij ȦȂ ȦȂƋƦƋƦijƦ ijƦĄij Ąijdzdz -· -· íǹ íǹ ƍȖƍȖ ǹijij
ǹijijƛǹ ƛǹ Ȗƹ
¡Ȯǹǹ
¡Ȯ ǹǹƍíƍíǰǹǰǹ íƞíƞƞƋƞƋƹȮ
ƹȮȖȖ íǹǹíǹǹíȮ íȮƞȖ ƞȖ ƹƫ ȖƆ ȖƆijij ĕƹȮ
ĕƹȮƫȖ ƫȖdzʀdzʀ íǹǓij
íǹ ǓijĕȖ ĕȖǹǹ ƹŒ
ƹŒ ȖƆij
ȖƆij ƹŒ ƹŒŒijŒijƫǹƫǹƍɶƍɶijij ídzij
ídzij dzijdzijíƞíƞƞʀƞʀ ƍƦƍƦǓƹ ǓƹdzƋ dzƋ ĕƹƫȖ
ĕƹ ƫȖƍƫ ƍƫȮijȮij ǓȮ ǓȮƫƍ ƫƍǹƆǹƆƍƫ ƍƫŵŵ {ƹǹ
{ƹǹĕƹ ĕƹɸ ɸ Œƹdz
Œƹdz ƍȖ ƍȖǹǹ ƍƫɶ
ƍƫɶíƋ íƋ
Ąijŵí
Ąij ŵíƫ ƫ ƍƫ ƍƫ GijĄGijĄdzȮ dzȮídzídzʀʀ íƫĦíƫĦ ĕƹ ĕƹƦij Ʀijǹǹ ĦijǹĦijǹǓƍ ǓƍȖijȖij ȖíƫȖ
Ȗí ƫȖģǮ ģǮ ǹí
ǹíƍĦƍĦ
ƫ

ƫȖƆ ȖƆƹƫ ƹƫʀʀ oƍƫ oƍƫŵģ ŵģ Ǔdz
ǓdzƹŒ ƹŒijǹ ijǹǹƹǹƹdzdz ƹŒƹŒ ǹƍƹƫ
ǹƍƹƫǜǜ ǭWȖǭWȖ ɸí ɸíǹǹ íĕƛ íĕƛƫƹ ƫƹɸƞ ɸƞijĦ ijĦŵij ŵijĦ Ħ ȖƆí
ȖƆíȖȖ ɸij ɸij Ɔíɶ Ɔíɶijij
oʀƍɶ
oʀ ƍɶǰǹǰǹ dzij dzijǓijǓijíȖ íȖijĦijĦ ĕƹ ĕƹƦǓƦǓƞí ƞíƍƫƍƫȖǹȖǹ ȖƆȖƆíȖíȖ ȖƆ ȖƆijij ɸídzdz ǹȖȮ
ɸí ǹȖȮĦƍĦƍijǹijǹ íȖ Ïí Ïídzɸ dzɸƍĕ ƍĕƛ ƛ Ȯƫƍ
Ȯƫƍɶij ɶijdzǹ dzǹƍȖƍȖʀʀ ƍƫ
ƍƫ ȖƆij
ȖƆij í Ǔƹǹ
Ǔƹǹǹƍ ǹƍĄƍĄƍƞƍ ƞƍȖʀ
Ȗʀ Ȗƹ ƞƹ ƞƹƹƛ ƹƛ Œƹ Œƹdzdz ƫíȖƫíȖƍƹ ƍƹƫíƫíƞƞ ƹdz ƹdz
ídzƦʀ
ídz Ʀʀ ƞí ƞíĕƛ ĕƛǹǹ ǹȮŒ ǹȮŒŒƍŒƍĕƍĕƍijƫ
ijƫȖȖ ƆijíƆijíɶʀ ɶʀ ɸij ɸijǹȖ ǹȖijdzijdzƫ ƫ ·oǜǜ ǭ-ɶ
·o ǭ-ɶijƫ ijƫ ƍŒ ȖƆ ȖƆijij ƦíɾƦíɾƍƦ ƍƦíƞ íƞ Ʀƍ
Ʀƍƞƍ ƞƍȖí
Ȗídzʀdzʀ ŵƹŵƹíƞ íƞǹǹ dzijŵƍ
dzij ŵƍƹƫƹƫíƞ íƞ ǹƹǹƹƞȮ ƞȮȖƍȖƍƹƫ
ƹƫǹǹ ƹƫ ƹƫ Ɔƹɸ
Ɔƹɸ Ȗƹ ijƫ ijƫǹȮ ǹȮdzijdzij ȖƆ ȖƆíȖíȖ
ɸijíǓ
ɸij íǓƹƫ ƹƫdzʀ dzʀ Ȗƹ Ʀí Ʀíƛij ƛij í ĦijĕĦijĕƍǹ ƍǹƍɶ
ƍɶijij ǹȖdz
ǹȖdzƍƛƍƛijǜ
ijǜ ídzijƫ
ídz ijƫǰȖ ǰȖ íĕíĕƆƍƆƍijɶijɶijĦ ijĦģģ íŒȖ íŒȖijdz ijdz Ąij Ąijƍƫ ƍƫŵŵ ƹƫ ƹƫ ȖƆij ȖƆij ƹȮdzdz ƫíȖ
ƹȮ ƫíȖƍƹ ƍƹƫíƫíƞƞ ǹijĕ ǹijĕȮdz ȮdzƍȖ ƍȖʀʀ ƍǹǹ
ƍǹǹȮijȮijǹǹ ídzij ídzij Ąij Ąijƍƫ ƍƫŵŵ
dzijǹ
dz ijǹƍĦ ƍĦijƫ ijƫȖȖ Íƹƞ ÍƹƞƹĦ ƹĦʀƦ ʀƦʀdz ʀdz åij åijƞijƞijƫǹƫǹƛʀƛʀʀǰ ʀǰǹǹ ĦijŒij
Ħij Œijƫǹ
ƫǹƍɶƍɶijij Œƹdz
Œƹdz ǹƹ ƞƹ ƞƹƫŵ
ƫŵģģ ŒƹdzŒƹdz ·ƛ·ƛdzí dzíƍƫ ƍƫijij ȖƹȖƹ ƘȮǹ
ƘȮǹȖȖ ƦijȖȖ ƹƫ
Ʀij ƹƫ ȖƆij ȖƆij Ąƹ ĄƹdzĦ dzĦijdzijdzģǮģǮ ǹíǹíƍĦ ƍĦ Ií IíĄdz Ądzƍij ƍijƞƍƞƍȮǹ
Ȯǹ
ǹȖíȖ
ǹȖ íȖijĦijĦ íƍ íƍƦ Ʀ ƍǹ ƍǹ ȖƹȖƹ dzijĕdzijĕƹɶ ƹɶijdz ijdz oƆ oƆijdz ijdzǹƹǹƹƫģ ƫģ í Ɔíɶij
Ɔí ɶij ȖƆȖƆijij ĕƹƫ
ĕƹƫŒƍ ŒƍĦijĦijƫĕƫĕijij Ȗƹ Ȗƹ ŵƹŵƹ ƹƫƹƫ ȖƆijȖƆij ƹŒ ƹŒŒijŒijƫƋƫƋ qíƫĦ
qí ƫĦǹĄ ǹĄijdzijdzŵƍ ŵƍǹģǹģ qƍ
qƍȖƆ ȖƆȮíȮíƫƍ ƫƍíǰ
íǰǹǹ Œƹdz
Œƹdzijƍ ijƍŵƫ
ŵƫ Ʀƍ Ʀƍƫƍ ƫƍǹƋǹƋ
dzijŵƍ
dzij ŵƍƹƫƹƫíƞ íƞ ĕí ĕíǓƍǓƍȖí
Ȗíƞƞ ɸƍȖ
ɸƍȖƆ Ɔ í ǹȖǹȖdzídzíȖijȖijŵƍ
ŵƍĕĕ Ǔƹǹ
ǓƹǹƍȖ ƍȖƍƹ
ƍƹƫ ƫ ǹƍɶij
ǹƍ ɶij ƍǹ ȮǹȮǹijŒ ijŒȮƞ
ȮƞǜǮǜǮ Ȗijdzģ
Ȗij dzģ íŒíŒȖijȖijdzdz ȖƆij ȖƆij Ʀij ƦijijȖ ijȖƍƫƍƫŵǜŵǜ ǭ

ǭ
ƫĦ ƫĦ ƫƹ ƫƹɸ ɸ ɸƆí
ɸƆíȖȖ
ƹƫ ȖƆ ȖƆijij 'ƫƍ'ƫƍǓdz Ǔdzƹƹ dzƍɶ
dzƍɶijdzijdz ȖƆȖƆíȖ íȖ ¡Ȯ¡Ȯǹǹ ǹǹƍí
ƍíƫƫ Œƹdz
Œƹdzĕij ĕijǹǹ §Ȯĕĕ
§Ȯ ĕĕijǹijǹǹǹ ƍǹ
ƍǹ Œídz
Œídz Œdz ŒdzƹƦƹƦ íǹ íǹǹȮǹȮdzijdzijĦǜĦǜ
ƞ
ƞȖƆ ȖƆƹȮƹȮŵƆ ŵƆ ƫijijĦ
ƫij ijĦǹǹ Ȗƹ Ȗƹ Ąij Ąij Ħƹƫ Ħƹƫijij ǜ ǜ ǜ ƍǹ Ȗƹ Œƍ ŒƍƫĦ
ƫĦ ȖƆ ȖƆƹǹ ƹǹijij
ĕíǓȖ
ĕí ǓȖȮdz ȮdzijĦ ijĦ ƍƫ {í {ídzĕ dzĕƆ Ɔ íŒȖíŒȖijdz ijdz ȖƆȖƆijʀijʀ ǹɸ ǹɸijǓ ijǓȖȖ ·ƛdzí
·ƛ dzíƍƫƍƫƍí ƍíƫƫ ŒƹdzŒƹdzĕij ĕijǹǹ ƆíĦ ƆíĦ ƞij ƞijĦĦ í ǹȮ ǹȮǓijǓijdzĄ dzĄ ǹƹƞȮ
ǹƹ ƞȮȖƍȖƍƹƫ
ƹƫǹǜ ǹǜǮǮ
ƫƹdzȖ
ƫƹ dzȖƆ Ɔ Œdzƹ
ŒdzƹƦ Ʀ ¡Ȯǹ¡Ȯǹǹƍ ǹƍíƫ
íƫƋƆƋƆijƞ ijƞĦĦ dzƍ
dzƍƦij Ʀijíǜ íǜ ĦijŒij
Ħij Œijƫĕƫĕijij ǹƍƫ
ǹƍƫĕijĕij ¡Ȯ ¡Ȯǹǹ ǹǹƍí
ƍíǰǹǰǹ Ǔí
ǓídzȖ dzȖƍí
ƍíƞƞ ƍƫɶ
ƍƫɶíǹ íǹƍƹƍƹƫ ƫ ƹŒ
ƹŒ ŒŒŒƍ
Œƍĕƍ
ĕƍíƞíƞǹǹ ǹíƍ ǹíƍĦ Ħ ȖƆijȖƆij Œƍ Œƍɶijɶij ĕƹ ĕƹȮƫȮƫȖdz Ȗdzƍijƍijǹǹ
Ǔijdz
Ǔ ijdzíȖ íȖƍƹƍƹƫíƫíƞƞ ĦijȖ
ĦijȖíƍ íƍƞǹ
ƞǹ dzijdzijƦíƦíƍƫ ƍƫ ǹƛǹƛijȖ ijȖĕƆĕƆʀʀ ȖƆijij ĕƹȮ
ȖƆ ĕƹȮƫȖ ƫȖdzʀdzʀ ƍƫ Ȧʍ ȦʍDŽŭ DŽŭģģ ȖƆij
ȖƆijʀʀ ƆíĦƆíĦ ǭɶ ǭɶijdz ijdzʀʀ ƞƍƦ
ƞƍƦƋƋ Œíɶƹ
Œí ɶƹȮdz ȮdzijĦ ijĦ í Ƙƹƍ ƘƹƍƫȖ ƫȖ íǓ íǓǓdzǓdzƹí ƹíĕƆ ĕƆ íƫ íƫĦ Ħ ĕƹȮĕƹȮƞĦ ƞĦ
íƦƍĦ
íƦ ƍĦ í ƫijíƫijídzdz ȖƹȖ ȖƹȖíƞíƞ ·ƛ
·ƛdzí dzíƍƫƍƫƍíƍíƫ ƫ ƫijɸ
ƫijɸǹǹ ĄƞíĄƞíĕƛ ĕƛƋƋ ƍȖijĦ
ƍȖijĦ ƹdz íƞ íƞƦƹƦƹǹȖ ǹȖ ʈijʈijdzƹ dzƹ ijɾijɾǓij Ǔijdzƍ dzƍijƫ
ijƫĕijĕij ƹŒ Ďĕ Ďĕƹƫ ƹƫƋƋ Ɔíɶij
Ɔí ɶij Ʀij Ʀijíǹ íǹȮdz Ȯdzijǹijǹ ƍƫ Ǔƞ Ǔƞíĕíĕijij íǹíǹ ǹƹƹǹƹƹƫ ƫ íǹíǹ ƫijɾƫijɾȖȖ
ƹȮȖǜ
ƹȮ Ȗǜ ¡Ȯ
¡Ȯǹǹ ǹǹƍíƍí Ɔí
Ɔíǹǹ Ǔdzƹ
Ǔdzƹɶƍ ɶƍĦijĦijĦ Ħ ƞƍȖ
ƞƍȖȖƞ
Ȗƞijij ƍƫŒ
ƍƫŒƹdzƹdzƦí ƦíƋƋ ĦȮĕȖ
ĦȮ ĕȖƍƫƍƫŵĐ
ŵĐ ƞíƞídzŵdzŵijƋijƋǹĕǹĕíƞ íƞijij ƹŒŒ
ƹŒŒijƫijƫǹƍ ǹƍɶij
ɶij íĕ íĕȖƍ Ȗƍƹƫ
ƹƫǹǮ ǹǮģģ ɸijijƛ
ɸij ijƛģģ Ǔijƫ
ǓijƫĦƍ Ħƍƫŵƫŵ Ȗí Ȗíƞƛƞƛǹǹ ĄijȖ
ĄijȖɸij ɸijijƫ ijƫ ȖƆȖƆijƦijƦǜǜ
Ȗƍƹƫ
Ȗƍ ƹƫ ijɾ ijɾĕij ĕijǓȖ ǓȖ Ȗƹ ǹí ǹíʀʀ ȖƆíȖƆíȖȖ ȖƆijȖƆij íȖ íȖȖí
Ȗíĕƛĕƛ Ɔí ƆíĦ Ħ ǹíƍĦ
ǹí ƍĦ §ij
§ijdzŵdzŵƍƍƍƍ Idz
IdzíĄ íĄǹƛǹƛʀƍ ʀƍģģ í dzijdzijǹijǹijdzɶdzɶijij ĕƹƞ
ĕƹƞƹƫ ƹƫijƞ ijƞ ƍƫ ƹȖij
ƹ ȖijƫȖƫȖƍí ƍíƞƞ ƦijíƦijíǹȮ ǹȮdzij dzijǹǹ ɸƍƞɸƍƞƞƞ Ǔdzƹ ǓdzƹĄí ĄíĄƞ Ąƞʀʀ
Œíƍƞ
Œí ƍƞijĦ
ijĦǜǜ
ǹ
ǹ ƹŒ ƹŒ ʀijǹ
ʀijǹȖij ȖijdzĦdzĦíʀíʀģģ ȖƆdz
ȖƆdzijij ijij ĦíĦíʀǹʀǹ ƍƫ ƍƫȖƹ
Ȗƹ ȖƆijij ·ƛdz
ȖƆ ·ƛdzíƍ íƍƫƍ
ƫƍíƫíƫ Ʀƍ Ʀƍƞƍ ƞƍȖí
Ȗídzʀdzʀ ƍƫ íƫ ƍƫ ƍƫȖijȖijdzɶdzɶƍijƍijɸ ɸ ƍƫĕƞ
ƍƫ ĕƞȮĦȮĦijij ijɾȖ ijɾȖijƫ ijƫĦij ĦijĦ Ħ ǹĕdz
ǹĕdzȮȖȮȖƍƫ ƍƫʀʀ ƹŒƹŒ Ȗdzí
Ȗdzíɶij ɶijƞƞ Ħƹĕ
ĦƹĕƋƋ
ȖƆijij íȖȖ
ȖƆ íȖȖíĕíĕƛģ ƛģ ·ƛ
·ƛdzí dzíƍƫƍƫijij ĕƞí
ĕƞíƍƦƍƦijĦ ijĦ Ȗƹ Ɔí Ɔíɶijɶij ĄdzĄdzƹƋƹƋ ƹƫ ȖƆ ȖƆijij Iijƹ
IijƹǓƹ Ǔƹƞƍ ƞƍȖƍ
Ȗƍĕǹ
ĕǹ 'ij'ijĕí ĕíƫȖƫȖijĦijĦ ǓƹǓƹĦĕ Ħĕíǹ íǹȖǜȖǜ ȮƦijƫ
ȮƦ ijƫȖǹ Ȗǹ íƫ íƫĦ Ħ ǤȮij
ǤȮijǹȖ ǹȖƍƹ
ƍƹƫƍƫƍƫŵƫŵ ƹŒ Ȗdz Ȗdzíɶíɶijƞ ijƞƞijƞijdzǹdzǹģģ
ƛijƫ
ƛij ƫ ȖƆdz
ȖƆdzƹȮ ƹȮŵƆ ŵƆ ¡Ȯ¡Ȯǹǹ ǹǹƍíƍíǰǹ
ǰǹ Œƍ
Œƍdzǹ
dzǹȖȖ ƞƍƫ
ƞƍƫijij ƹŒ
ƹŒ ĦijŒ
ĦijŒijƫ ijƫĕijĕij ¯Ɔijij ídzƦ
¯Ɔ ídzƦʀʀ ƍǹ ƍǹ íƞǹ
íƞǹƹƹ ǹƆƹ ǹƆƹdzȖ dzȖ ƹŒ ȖƆ ȖƆijij Ɔijí Ɔijíɶʀ ɶʀ íƫĦ
íƫ Ħ dzȮƞ
dzȮƞijǹ ijǹ ƍƫ ȖƆ ȖƆijij §ĕƆ§ĕƆijƫ ijƫŵij ŵijƫ ƫ Ȗdzí
Ȗdzíɶij ɶijƞƞ ĕƹĦĕƹĦijij
ídzƹȮ
ídz ƹȮƫĦ ƫĦ ȖƆ ȖƆijij ĕƍȖ
ĕƍȖʀʀ ƹŒ
ƹŒ oƆij
oƆijdzǹ dzǹƹƫƹƫǜǜ ɸijǹȖ
ɸij ǹȖijdz
ijdzƫ ƫ ɸijíɸijíǓƹ Ǔƹƫdz ƫdzʀʀ ǹȮĕ ǹȮĕƆ Ɔ íǹíǹ ídzȖ ídzȖƍƞ ƍƞƞij
ƞijdzʀdzʀģģ ȖƆíȖ
ȖƆ íȖ íƞ íƞƞƹƞƹɸ ɸ ĕƹȮ ĕƹȮƫȖ ƫȖdzƍ dzƍijǹ
ijǹ Ȗƹ Ȗí Ȗíƛij ƛij íĕ íĕȖƍ Ȗƍƹƫ
ƹƫ
¯Ɔijij dzijĕ
¯Ɔ dzijĕíǓ íǓȖȮ ȖȮdzijdzij ƹŒ ȖƆ ȖƆijij dzijŵdzijŵƍƹ ƍƹƫ ƫ ɸƹȮ
ɸƹȮƞĦ ƞĦ Ȗíƫƛ
Ȗí ƫƛǹǹ íƫĦíƫĦ ·§ ·§ƋƦ ƋƦíĦ íĦijij QƍƦQƍƦídz ídz Ʀƍ
Ʀƍǹǹ ǹǹƍƞƍƞijǹ
ijǹǜǜ íŵíƍ
íŵ íƍƫǹƫǹȖȖ ǓijƹǓijƹǓƞ Ǔƞijij ȖƆijȖƆijʀʀ Ąijƞ Ąijƞƍij ƍijɶijɶij ĕƹ ĕƹȮƞ ȮƞĦ Ħ ĄijĄij í
Ądzƍƫ
Ądz ƍƫŵŵ Ąƍŵ
Ąƍŵ Ʀƍ Ʀƍƞƍ ƞƍȖí
Ȗídzʀdzʀ ĄijĄijƫijƫijŒƍ ŒƍȖǹ
Ȗǹ Ȗƹ ·ƛ·ƛdzí dzíƍƫ
ƍƫijǜ ijǜ WȖ ¯Ɔƍǹ ǹĕ
¯Ɔƍǹ ǹĕdzídzíǓǓǓǓʀʀ íǓǓíǓǓdzƹ dzƹíĕíĕƆ Ɔ íɶƹ
íɶƹƍĦ ƍĦǹǹ ȖƆij
ȖƆij ƹƦǓ
ƹ ƦǓƹȮ ƹȮƫĦƫĦƍƫ ƍƫŵŵ ȖƆijȖƆij Ħƍ ĦƍŒŒŒŒƍĕ
ƍĕȮƞ
ȮƞȖƍȖƍijǹijǹģģ ¡Ȯǹ
¡ȮǹƋƋ ǹijĕȮ
ǹij ĕȮdzƍ dzƍȖʀȖʀ dzƍ dzƍǹƛ ǹƛǜǜ ¯Ɔij¯Ɔijǹij ǹij ƦijƦijíǹ íǹȮdz Ȯdzijǹ ijǹ ɸƹ ɸƹȮƞ ȮƞĦ Ħ
ɸƹȮƞ
ɸƹ ȮƞĦ Ħ Ħíǹ
ĦíǹƆ Ɔ ¡Ȯǹ
¡Ȯǹǹƍ ǹƍíƫ
íƫ Ɔƹ ƆƹǓij Ǔijǹǹ ƹŒƹŒ ijɾȖ
ijɾȖijƫ ijƫĦƍ Ħƍƫŵƫŵ hęũƒČĭÎ
ĭÎ æČñąƆŰ
æČ šƒ«ę Čĭ
ĭ =ąÎ
= ȖdzȮ
dzȮĕȖĕȖƍɶƍɶijij ídzȖ
ídzȖƍƞƍƞƞij
ƞijdzʀ
dzʀ ĄíĄídzdzdzdzíŵíŵijǹ
ijǹ íƫíƫĦ Ħ Ʀƍǹ
ƦƍǹƋƋ ǹƍíƫ
ǹƍ íƫ ŒƹŒƹdzĕdzĕijǹijǹ Ɔí
Ɔíɶij ɶij Ąij ĄijŵȮŵȮƫ ƫ Ȗƹ
Ȗƹ Ħƍŵ
Ħƍŵ ƍƫ Ȗƹ Ħij ĦijŒijŒijƫƋƫƋ ǓdzƹĄ
Ǔdz ƹĄíĄ íĄƞʀ ƞʀ ijƫijƫȖí Ȗíƍƞƍƞ ƞƹ
ƞƹƫŵƫŵ ɸíɸíƍȖ ƍȖƍƫ
ƍƫŵŵ ȖƍƦ
ȖƍƦijǹ ijǹ íȖ íƞ íƞƞƞ
ƍȖǹǹ ƹĕĕ
ƍȖ ƹĕĕȮǓ ȮǓíȖ íȖƍƹƍƹƫƫ ƹŒƹŒ ·ƛdz·ƛdzíƍ íƍƫijƫijǰǹǰǹ ǹƹǹƹȮȖȮȖƆijƆijdzƫ dzƫ hęũƒČĭ
ęũƒČĭĭĭȃĭ
ĭČ ĭĭĊ«ĜƒČĦο
Ċ«ĜƒČĦο «ķƕĭƆÎũĊķçÎ
«ķƕĭƆÎũĊķç
ķƕĭƆÎũĊ
ĭƆÎũĊķç
Ċ
Ċķ
ǹȖdzƍ
ǹȖ dzƍƛij
ƛijǹǹ ȖƆí
ȖƆíȖȖ ¡Ȯǹ
¡Ȯǹǹƍ ǹƍíí Ȯǹij
ȮǹijĦ Ħ Ȗƹ
Ȗƹ Ȗíƛ
Ȗíƛijij ĕƍȖ
ĕƍȖƍij
ƍijǹǹ ǹƍɶij
ǹƍ ɶij Ǔƹ Ǔƹǹƍ ǹƍȖƍ
Ȗƍƹƫ
ƹƫǹǹ ídzƹ ídzƹȮƫ ȮƫĦ Ħ oƆij
oƆijdzǹ dzǹƹƫƹƫģģ ɸƆƍɸƆƍĕƆ ĕƆ -·Ƌ¡
-· Ƌ¡Ȯǹ Ȯǹǹƍ ǹƍíí ĄƹdzĄƹdzĦij Ħijdzdz ĕdzƹ ĕdzƹǹǹ ǹǹƍƫƍƫŵǹŵǹģģ ĦijȖ
ĦijȖijdz ijdzdzƍ dzƍƫŵ
ƫŵ
ƞíĕ
ƞ íĕƛ ƛ §ijí§ijí ĕƹ ĕƹíǹíǹȖƞȖƞƍƫ
ƍƫijij ȮǓ ȮǓ Ȗƹ Ȗƹ ȖƆij
ȖƆij Ǔƹ ǓƹdzȖ dzȖ ƹŒ ǹȮĕƆ
ǹȮ ĕƆ íǹ {í {ídzƍ dzƍȮǓ
ȮǓƹƞƹƞ ɸƍ
ɸƍȖƆȖƆ ǹȮ
ǹȮĕƆ ĕƆ Ɔƍ
ƆƍŵƆŵƆ ĕƹĕƹǹȖ
ǹȖ Ȗƹ ɸƍƞƞ
ɸƍ ƞƞ Ąij Ɔí ƆídzĦdzĦ Ȗƹ Ȗí Ȗíƛijƛijǜǜ ¡Ȯǹ
¡Ȯǹǹƍ ǹƍíí ǹȖƍ
ǹȖƍƞƞƞƞ dzij
dzijȖí Ȗíƍƫ
ƍƫǹǹ í ɸƹȮƞ
ɸƹ ȮƞĦƋĦƋĄijĄij Ȗdz Ȗdzíɶíɶijƞ ijƞƞijƞijdzǹ
dzǹǜǜ
Ħijǹ
Ħ ijǹíǜíǜ WȖ ɸƹ ɸƹȮƞ ȮƞĦ Ħ íƞǹ
íƞǹƹƹ ĄijĄij í Ħij ĦijŒijŒijíȖ
íȖ ijɶ
ijɶijƫ ijƫ ȖƆȖƆijij Y ũũƆο
YÎŋķũũƆƆ hęũƒČĭȃĭ
ęũƒČĭȃĭ
Čȃĭ ŋƒũƆČۃĭĭ ƪƒ
ƪ ĕƍɶƍ
ĕƍ ɶƍƞƍƞƍíƫ
íƫ ƞƍƞƍɶij
ɶijǹǜǹǜ ƆȮŵij
ƆȮ ŵij ídzídzȖƍȖƍƞƞ
ƞƞijdz
ijdzʀʀ íĦɶíĦɶíƫ íƫȖíȖíŵij ŵij ƹɶ
ƹɶijdz ijdz ·ƛ
·ƛdzí dzíƍƫƍƫijǜijǜ
Ȗ ȖƆ ȖƆijij ǹíƦ ǹíƦijij ȖƍƦ ȖƍƦijģ ijģ ǹȮǹȮǹǓ ǹǓijƫ ijƫĦƍ Ħƍƫŵ ƫŵ ȖƆ ȖƆijij
odzijƦ
odz ijƦƞƍ ƞƍƫƫ Ʀƍŵ
ƦƍŵƆȖ ƆȖ Œƍ
ŒƍƫĦ
ƫĦ Ɔí ƆídzĦ dzĦ Ȗƹ Ʀí Ʀíǹƛ ǹƛǜǜ h ÎÎũ YƕŰŰȃĭ
hĭ¿Î ȃĭ
ȃƒĭ «ķĭƆũķĜ
«ķĭ
ķ ·ƛdzí
·ƛ dzíƍƫ
ƍƫijǰijǰǹǹ Ǔdzij
ǓdzijǓí ǓídzídzíȖƍȖƍƹƫ
ƹƫǹǹ Œƹdz
Œƹdz ȖƆȖƆijij ƹŒŒ
ƹŒŒijƫ
ijƫƋƋ -ɶijƫ
-ɶ ijƫ ǹƹ ǹƹģģ ȖƆij
ȖƆij dzí dzíȖƍȖƍƹƹ ƹŒ
ƹŒ ·ƛdz
·ƛdzíƍ íƍƫƍ
ƫƍíƫ íƫ Ȗdz Ȗdzƹƹ
ƹƹǓǹ Ǔǹ ȦʍʍȂ
Ȧʍ ʍȂ ɶƍ ɶƍǹíǹí Œí ŒíĕƍĕƍƞƍƞƍȖí
ȖíȖƍȖƍƹƫ
ƹƫ íŵ íŵdzij dzijijƦijƦijƫ ijƫȖȖ ɸƍȖ ɸƍȖƆ Ɔ

ĕĕƹ

ĕ ĕƹdzĦ dzĦƍƫ ƍƫŵŵ ȖƹȖƹ í ·ƛ ·ƛdzí dzíƍƫ ƍƫƍíƍíƫƫ Ʀƍƞ
ƦƍƞƍȖ ƍȖídz
ídzʀʀ YƕŰŰȃ
ȃƒĭĊ«
ƒĭĊ«ĜƒČĦο
ƒČĦο
ƒČ ο¿ «ķĭƆũķ
«ķĭƆũķĜ ǹƍɶij
ǹƍ ɶij Ąij Ąijŵíŵíƫ ƫ Ʀƹdz
Ʀƹdzijij ȖƆí ȖƆíƫ ƫ Ȗɸƹ
Ȗɸƹ Ʀƹ ƦƹƫȖ ƫȖƆǹƆǹ íŵ
íŵƹƹ Ȗƹ ¡Ȯ
¡Ȯǹǹ ǹǹƍí
ƍíƫǹƫǹ ƍƫ ȖƆ ȖƆijij ídzijídzijíí ɸíǹɸíǹ ǭƦ ǭƦȮĕ ȮĕƆ Ɔ ĄijȖ
ĄijȖȖij Ȗijdzdz {ƹǹĕ
{ƹ ǹĕƹɸ ƹɸ ɸƍ ɸƍƞƞ ƞƞ Ʀí
Ʀíƛij ƛij ¡Ȯ ¡Ȯǹǹ ǹǹƍíƍíƫ ƫ ɶƍǹ
ɶƍǹíǹ íǹ Ʀƹ Ʀƹdzij dzij
íĦɶƍ
íĦ ɶƍǹijǹijdzģdzģ ȖƆȖƆijij ƹŒŒƹŒŒijƫ
ijƫǹƍ ǹƍɶij
ɶij Ɔí Ɔíǹǹ íƞdz
íƞdzijíijíĦʀĦʀ Ɔí ƆíĦ Ħí ŰŰÎŰŰŰŰο¿ YƕŰŰȃĭ
Ű ƒ¿ ƒ¿Ʃ
ƒ¿Ʃƒĭ«Î ɸƍȖƆ
ɸƍ ȖƆ í ǹijdzǹijdzƍij ƍijǹǹ ƹŒ
ƹŒ dzƹĕ
dzƹĕƛij ƛijȖģ
Ȗģ ídzídzȖƍȖƍƞƞ
ƞƞijdz
ijdzʀʀ íƫĦ
íƫĦ ƍƫ ȖijȖijdzƦdzƦǹǹ ƹŒ ƹŒ ijǤȮ
ijǤȮíƞ íƞƍȖƍȖʀʀ ƹdzƹdz Ǔídz
ǓídzƍȖ ƍȖʀʀ ǜ ǜ ǜ ȖƆ ȖƆíƫíƫ ijɾǓij
ijɾ Ǔijƫǹ ƫǹƍɶ ƍɶijģ ijģ dzij dzijǤȮ ǤȮƍdz ƍdzijij ƦƹdzƦƹdzijij ǹȮǓ ǹȮǓǓƹ ǓƹdzȖ dzȖƍƫƍƫŵŵ
ǹȖdzí
ǹȖ dzíȖijȖijŵƍŵƍĕĕ ǹȮĕǹȮĕĕij ĕijǹǹǹǹǜǜ WȖ
WȖ Ɔíǹ
Ɔíǹ Œƹ ŒƹdzĕdzĕijĦ
ijĦ ¡Ȯ¡Ȯǹǹ ǹǹƍíƍí Ȗƹ Ħdzƹƫ
Ħdz ƹƫijij ǹȖdzǹȖdzƍƛƍƛijǹ
ijǹ ƞíƞíȮƫ
ȮƫĕƆĕƆijĦijĦ ƹƫ ¡Ȯ ¡Ȯǹǹ ǹǹƍí
ƍíƫƫ ǹȮǓ
ǹȮǓƋƋ ȖƆijʀ
ȖƆ ijʀ ɸij ɸijdzij dzijǮǮ ƍƫ ƍ ƫ ȖƆijȖ Ɔij 'ƹ 'ƹƫĄ ƫĄíǹ íǹģģ ȖƆijȖ Ɔij ·§ ĦƹĕȮ
Ħƹ ĕȮƦij ƦijƫȖ ƫȖíȖ íȖƍƹƍƹƫ ƫ íƫĦíƫĦ ijƫ ijƫȖí Ȗíƍƞ ƍƞ ijɾijɾȖij ȖijƫĦƫĦijĦ ijĦ
Ʀƹɶij
Ʀƹ ɶij Ȗdz ȖdzƹƹƹƹǓǹ Ǔǹ íɸíɸíʀ íʀ Œdz ŒdzƹƦƹƦ ƍȖ ƍȖǹǹ ƹŒŒ
ƹŒŒijƫijƫǹƍ ǹƍɶij
ɶij ƍƫ Ǔƞʀʀ ƞƍƫ
Ǔƞ ƞƍƫijǹ
ijǹ íƫ íƫĦ Ħ Ʀƍƞ
ƦƍƞƍȖ ƍȖídz
ídzʀʀ ƍƫŒ
ƍƫŒdzí dzíǹȖ
ǹȖdzȮ
dzȮĕȖ ĕȖȮdz
Ȯdzijǜ
ijǜ ĦijŒij
Ħij Œijƫĕƫĕijij ĦijǓ
ĦijǓídz ídzȖƦ ȖƦijƫ ijƫȖȖ ǹíƍǹíƍĦǜĦǜ ɸíƍȖ
ɸí ƍȖƍƫ
ƍƫŵŵ ȖƍƦȖƍƦijǹ ijǹ ŒƹŒƹdzdz Ȗdzí
Ȗdzíɶij ɶijƞƞ Ǔijdz
ǓijdzƦƍ ƦƍȖǹ Ȗǹǜǜ
]ČñĭČæ
]ČñĭČæČ«ƒĭƆ
ĭČæČ«ƒĭ
«ƒĭƆ æČñąƆČĭñ
æČñą Čĭ
ȖƆijij ijíǹ
ȖƆ ijíǹȖij Ȗijdzƫdzƫ 'ƹ 'ƹƫĄ ƫĄíǹ íǹ dzijdzijŵƍŵƍƹƫ
ƹƫǜǜ ¯Ɔí
¯ƆíȖȖ ƆíǹƆíǹ dzij dzijƋƋ ƆąÎ
ąÎ ŋ
ŋƒŰ
ƒŰƆ ƒî ąķƕũŰ §Ȗdzƍ
§Ȗ dzƍƛijƛijǹǹ ƹƫƹƫ ȖƆij ȖƆij
ƫ
ƫȖƹ Ȗƹƫƍƫƍɶǹ
ɶǹƛʀƛʀ Ądz ĄdzƍĦ ƍĦŵij
ŵij íȖ ¯Ɔijdz
¯Ɔ ijdzijij ƍǹ
ƍǹ íƞǹ
íƞǹƹƹ í Ǔdz Ǔdzijĕ ijĕijĦijĦijƫ ijƫȖȖ ƹŒƹŒ ¡Ȯǹ
¡Ȯǹǹƍ ǹƍíƫ
íƫǹǹ ¯Ɔijij ƦíƘ
¯Ɔ ƦíƘƹdz ƹdzƍȖ ƍȖʀʀ ƹŒƹŒ ¡Ȯǹ¡Ȯǹǹƍ ǹƍíƫíƫǹǹ ɸƆƹɸƆƹ Ɔí Ɔíɶij ɶij
ĕdzijí
ĕdz ijíȖij ȖijĦ Ħ ȖƆij
ȖƆij ƦȮ ƦȮƞȖ ƞȖƍǓ
ƍǓƞijƞij Œdz
Œdzƹƫ
ƹƫȖǹ Ȗǹ ȖƆ
ȖƆíȖíȖ Œí
Œíƍƞ
ƍƞijĦ
ijĦ ǹƹ oƆijdz
oƆ ijdzǹƹǹƹƫƫ íƫĦ
íƫĦ íȖ }ƹ }ƹɶí ɶí oí
oíƛƆ ƛƆƹɶ ƹɶƛíƛí ŒȮŒȮdzȖ
dzȖƆij
Ɔijdzdz ĄijíȖ
Ąij íȖƍƫƍƫŵŵ í ƆíƆíǹȖ ǹȖʀʀ dzijȖ
dzijȖdzij dzijíȖíȖ ɸƆɸƆijƫ ijƫ ȖƆȖƆijʀ ijʀ dzij dzijíƞ
íƞƍǹƍǹijij ijƫȖij
ijƫ ȖijdzijdzijĦ Ħ ȖƆij
ȖƆij -· Ąʀ ƞí ƞíƫĦƫĦ ǹƍ ǹƍƫĕƫĕijij ȖƆijȖƆij ƍƫ ƍƫɶíɶíƋƋ
ǹǓijĕ
ǹǓ ijĕȖí ȖíĕȮ ĕȮƞí ƞídzƞdzƞʀʀ Œƹdz Œ ƹdz ¡Ȯ ¡Ȯǹǹ ǹǹƍíƍí ɸƆ ɸƆijƫ ijƫ ƍȖ ȮǓǹȖ
ȮǓ ǹȖdzijdzijíƦ
íƦ Ɔí Ɔíɶij ɶij ǓíǓídzȖdzȖƍĕ
ƍĕȮƞ
Ȯƞídzídzƞʀ
ƞʀ ƍƫƍƫĕdzĕdzijí
ijíǹij
ǹijĦ Ħ ȖƆijʀ
ȖƆ ijʀ ĕíĕíƫƫƫƫƹȖ ƹȖ ɸƍ
ɸƍƫģ ƫģ íǹ Ɔí ƆíǓǓ ǓǓijƫ ijƫijĦ ijĦ íŒíŒȖijȖijdzdz ȖƆij
ȖƆijƍdz ƍdz ǹƍƹƫ
ǹƍ ƹƫ ídz ídzijij ȖƹȮ ȖƹȮdzƍ dzƍǹȖǹȖǹǹ ɸƆƹ
ɸƆƹ Ȯǹ Ȯǹijij ȖƆijȖƆij Ąƹ ĄƹdzĦ dzĦijdzijdz
ƞíȮƫ
ƞí ȮƫĕƆ ĕƆijĦ ijĦ ȖƆ ȖƆijij ƍƫɶ
ƍƫɶíǹ íǹƍƹƍƹƫ ƫ ƍƫ
ƍƫ GijĄ
GijĄdzȮ dzȮídzídzʀǜʀǜ
h = Y  0 F  ȖƆijij ɶȮƞ
ȖƆ ɶȮƞƫijƫijdzí dzíĄƍĄƍƞƍ
ƞƍȖʀ
Ȗʀ ƹŒ ¡Ȯ¡Ȯǹǹǹǹƍí
ƍíƫ ƫ ǹȮǓ
ǹȮǓǓƞǓƞƍijƍijǹǜ
ǹǜ íȖȖij
íȖ ȖijƦǓƦǓȖȖ Ȗƹ Ȗƹ Ȗíƛ
Ȗíƛijij oʀƍ oʀƍɶɶ íƫĦ íƫĦ ƫƹ ƫƹdzȖ dzȖƆƋƆƋijí ijíǹȖǹȖijdzijdzƫƫ ǹȖíȖ
ǹȖ íȖijǹijǹ íǹ í ŵíȖ ŵíȖijɸ ijɸíʀ íʀ Ȗƹ Ȗdz Ȗdzíɶ
íɶijƞ ijƞ Ȗƹ ɸij ɸijǹȖ ǹȖijdzijdzƫ ƫ
·ƛdzí
·ƛ dzíƍƫ ƍƫijij ƍǹƍǹ íĦƹ
íĦƹǓȖ ǓȖƍƫƍƫŵŵ ȮƫȮ
ȮƫȮǹȮ ǹȮíƞíƞ Ʀƍ
Ʀƍƞƍ ƞƍȖí
Ȗídzʀdzʀ WȖ Ʀíʀ
Ʀíʀ Ȗí Ȗíƛijƛij í ǹijdz
ǹijdzƍijƍijǹǹ ƹŒ
ƹŒ ijŒŒ
ijŒŒƹdz
ƹdzȖǹȖǹģģ ĄȮȖ
ĄȮȖ ƍȖ ƍǹ dzijŵƍ
dzij ŵƍƹƫ
ƹƫǹǹ ƹŒ ƹŒ ·ƛdz
·ƛdzíƍ íƍƫijƫij Œí ŒíƍƞƍƞijĦ
ijĦ ƍƫ {í {ídzĕ dzĕƆǜ Ɔǜ -· ĕƹ ĕƹȮƫ ȮƫȖdz Ȗdzƍijƍijǹǹ Œƹdz
Œƹdz Ɔƹ Ɔƹƞƍ ƞƍĦí
Ħíʀǹ ʀǹǜǜ
ƞƞ

ƞƞ Œƍ Œƍɶij
ɶij Ąƹ ĄƹdzƋ dzƋ
ȖíĕȖ
Ȗí ĕȖƍĕƍĕǹǹ ƍƫ ƍƫ ƍȖǹ
ƍȖǹ ĕƹĕƹȮƫ ȮƫȖij ȖijdzƋdzƋíȖíȖȖíȖíĕƛĕƛǜǜ
ƫ

ƫ ijǹȖ ijǹȖƍƋ ƍƋ ąąķƩęƒ
ķ
ijƫĦ dzij dzijǹȮǹȮƞȖƞȖ Ņ ȖƆij
ȖƆij dzij dzijȖȮ
ȖȮdzƫdzƫ ƹŒ oƆ oƆijdz ijdzǹƹ
ǹƹƫ ƫ
ȖƍǓ
ȖƍǓǓƍǓƍƫŵƫŵ ǓƹǓƹƍƫ ƍƫȖȖ ĕƹȮ
ĕƹȮƞĦ ƞĦ ĕƹ
ĕƹƦij Ʀij ƍŒ ·ƛ ·ƛdzí dzíƍƫƍƫƋƋ Ħijdzdz ǹȖí
Ħij ǹȖíȖij Ȗijǹǹ ƆíɶƆíɶijij ǹíƍ ǹíƍĦ Ħ ȖƆij
ȖƆijʀʀ Ǔƞí Ǔƞíƫ ƫ ȖƹȖƹ ijƫǹ
ijƫǹȮdz Ȯdzijij
ƦíȖij
Ʀí ȖijĦ Ħ țʍģ ț ʍģʍʍ ʍʍʍ ʍ ¡Ȯǹ¡Ȯǹǹƍ ǹƍíƫíƫ Ȗdz ȖdzƹƹƹƹǓǹ Ǔǹ ídz ídzijij Ȗƹ ·ƛ·ƛdzí dzíƍƫƍƫƍí
ƍíƫ ƫ ŵƹɶ
ŵƹɶijdzijdzƫíƫíƫĕƫĕijij Ņ ȖƆ ȖƆíȖíȖ Ʀí
ƦíȖƋ ȖƋ ƍíƫ
ƍí ƫ Ȗdzƹ
ȖdzƹƹǓ ƹǓǹǹ ǹȮdzǹȮdzdzƹ dzƹȮƫ ȮƫĦ Ħ ȖƆijȖƆij ȖƆ ȖƆƹȮƹȮǹí ǹíƫĦ ƫĦǹǹ ƹŒ ƹŒ Ǔíǹǹ
Ǔí ǹǹíŵíŵijij Œƹdz Œƹdz Ħƍ ĦƍǹǹǹǹƍĦƍĦijƫijƫȖǹ Ȗǹ ǹijǹijijƛ ijƛƍƫ ƍƫŵŵ Ȗƹ Ȗƹ ŒƞijŒƞijijij
ĦijǓƞ
Ħij ǓƞƹʀƹʀijĦ ijĦ ȖƆ ȖƆdzƹdzƹȮŵȮŵƆƹ ƆƹȮȖ ȮȖ ȖƆ ȖƆijij oƆij oƆijdzǹ dzǹƹƫƹƫ ķĭČƩŰęư
ęưư š
šũČ¿ñÎ
šũČ¿ñÎ Ȗijdzǹ
Ȗij dzǹģģ ƫƹȖ
ƫƹȖ Ɔƹ Ɔƹɸ ɸ ƍȖƍȖ ƞƹƹ
ƞƹƹƛǹ ƛǹģǮ
ģǮ ǹíǹíƍĦƍĦ
ƫ
ƫĦdz Ħdzƍʀƍʀ ¡Ȯǹǹ
¡Ȯ ǹǹƍíƍíƫ ƫ ǹƹƞ
ǹ ƹƞĦƍ Ħƍijdzijdzǹǹ ȖƆí Ȗ ƆíȖȖ ídzij í dzij íƞ íƞƞƞ ĄȮȖĄ ȮȖ ¡Ȯǹǹ
¡Ȯ ǹǹƍíƍí íƫíƫĦ Ħ ƹȖƆ
ƹȖƆijdz ijdz ƆȮƆȮƦí Ʀíƫƍ ƫƍȖíȖídzƍ dzƍíƫ
íƫ ĕíĕíǹij ǹijǹǜ ǹǜ
ƹĄƞí
ƹĄ ƞíǹȖ
ǹȖǜǜ ȮȖȮȖ ƍƫ ƍƫǹȖǹȖijí
ijíĦ Ħ ƹŒƹŒ Ȗíƛ
Ȗíƛƍƫ ƍƫŵŵ ȖƆij
ȖƆijƦ Ʀ ƹƫ ƹƫ åíŵƹ
åí ŵƹdzƹdzƹĦƫĦƫʀȮ ʀȮƛģ ƛģ í Œƹdz
ŒƹdzƦij Ʀijdzdz ĦijŒ
ĦijŒijƫ ijƫĕijĕij ƦƍƦƍƫƍƫƍǹƋ
ǹƋ ǹȖdzí
ǹȖ dzíƫĦ ƫĦijĦ ijĦ ƹƫ ȖƆ ȖƆijij ɸijǹ ɸijǹȖij Ȗijdzƫ
dzƫ Ąí Ąíƫƛ ƫƛ ƹŒ ȖƆ ȖƆijij ¯Ɔijij odzij
¯Ɔ odzijƦƞ Ʀƞƍƫ ƍƫ Ɔí Ɔíǹǹ ɶƹɸɶƹɸijĦ ijĦ Ȗƹ dzij dzijȖíȖíƞƍ ƞƍíȖ
íȖijij
ɸƍȖƆ
ɸƍ ȖƆ í ǹɸijǹɸijijǓ ijǓƍƫƍƫŵŵ ǹijĕ
ǹijĕƹƫ ƹƫĦ Ħ ɸƹdz
ɸƹdzƞĦ ƞĦ ɸíɸídzƋ dzƋǹȖ
ǹȖʀƞʀƞijij Ȗijdzdz íƫĦ
Ȗij íƫĦ ĕƆ ĕƆíƍ íƍdzdz ƹŒ
ƹŒ ȖƆij
ȖƆij ijijƫȖƫȖdzij dzij Œƹ
Œƹdzdz 'ijŒ
'ijŒijƫ ijƫĕijĕij 'ƫƍǓ
'ƫ ƍǓdzƹdzƹ dzƍ dzƍɶij
ɶijdzǜ dzǜ ǭ¡ǭ¡Ȯǹ Ȯǹǹƍ ǹƍíƫíƫǹǹ ŒijíŒijídzdz ƞƹƹ ƞƹƹƛƍ ƛƍƫŵƫŵ íŵíƍ
íŵ íƍƫǹƫǹȖȖ ȖƆij ȖƆij -· ƍŒ ȖƆ ȖƆijij Ąƞƹ
Ąƞƹĕĕ ŵƹij ŵƹijǹǹ íƆij íƆijíĦ íĦ
Ʀíƫƹ
Ʀí ƫƹijȮ ijȮɶdz ɶdzijģijģ oʀ
oʀƍɶ ƍɶ ǓƞǓƞíƫíƫǹǹ ȖƹȖƹ ĕƹdz
ĕƹdzdzƹ dzƹĦijĦij ȖƆȖƆijƍijƍdzdz §Ȗdzí
§Ȗ dzíȖijȖijŵƍ
ŵƍijǹ
ijǹ ȖƆ
ȖƆƍƫƍƫƛƋƛƋȖí
Ȗíƫƛ
ƫƛǜǜ ɸijíƛ
ɸij íƛģģ íƫĦ
íƫĦ ɸƍ ɸƍƞƞ ƞƞ ǓdzǓdzijŒ ijŒijdzijdz Ȗƹ dzij dzijȖdz ȖdzijíijíȖȖ ȖƆíȖƆíƫ ƫ ɸƍȖƆ
ɸƍ ȖƆ Ǔƞ Ǔƞíƫ íƫǹǹ Ȗƹ Ȗƹ dzijǹ
dzijǹȖdz Ȗdzƍĕ
ƍĕȖȖ ɶƍǹ
ɶƍǹíǹ íǹ Œƹ Œƹdzdz ¡Ȯǹ
¡Ȯǹǹƍ ǹƍíƫ
íƫ
ɸƍƞƞ
ɸƍ ƞƞ Ȗƹ Œƍ ŒƍŵƆŵƆȖȖ ĄʀĄʀ ĕƆƹĕƆƹƛƍ ƛƍƫŵƫŵ ǹȮ ǹȮǓǓǓǓƞʀ ƞʀ ĕƆĕƆíƍíƍƫǹƫǹ -ɶijƫ
-ɶ ijƫ ƍŒ ȖƆ ȖƆijij ƹŒŒ
ƹŒŒijƫ
ijƫǹƍ ǹƍɶij
ɶij ĦƍĦƍĦ Ħ ƫƹȖ
ƫƹȖ íĕ íĕƆƍƆƍijɶ
ijɶijij íĕĕij
íĕ ĕijǓȖǓȖ ĦijĦijŒijŒijíȖ
íȖ Ņ ƘȮǹ ƘȮǹȖȖ íǹíǹ ȖƆij
ȖƆijʀʀ ĦƍĦĦƍĦ ijí ijídzƞ dzƞƍij
ƍijdzdz ƍƫ
ƍƫ ĕƍȖƍ
ĕƍ Ȗƍʈij
ʈijƫǹ ƫǹ ƍƫ dzij dzijǹǓǹǓƹƫ ƹƫǹij ǹij Ȗƹ ȖƆ ȖƆijij ƍƫɶƍƫɶíǹ íǹƍƹ ƍƹƫ ƫ ƹŒƹŒ
íƫĦ
íƫ Ħ ƞƍƫ
ƞƍƫijǹ ijǹ ƹŒ dzij dzijȖdzȖdzijíijíȖȖ ȖƆdzȖƆdzƹȮ ƹȮŵƆ ŵƆ í Ʀƍɾ Ʀƍɾ ƹŒ ƒƒƻęĦ
ƻęĦ
ƻęĦ ƍȖǹǹ ŒȮƞ
ƍȖ ŒȮƞƞƞ Ʀƍƞ
ƦƍƞƍȖ ƍȖídz
ídzʀʀ ƹĄƘ
ƹĄƘijĕ ijĕȖƍ
Ȗƍɶij
ɶijǹģ ǹģ ƍȖ ɸƹ
ɸƹȮƞ ȮƞĦĦ ĕƹƫ
ĕƹƫƋƋ ȖƆijij ɸídz
ȖƆ ɸídzģǮ ģǮ ǹí
ǹíƍĦ
ƍĦ ȖƆ ȖƆijij ·ƛdz
·ƛdzíƍ íƍƫƍ
ƫƍíƫíƫ íĦ íĦɶƍ ɶƍǹijǹijdzǜdzǜ ǭ dz ·ƛdzí
·ƛ dzíƍƫƍƫijǜijǜ
Eƒŋ«ũ΃ƆķũœČķ
œČķ  K]
K]E
Eœķũñ
Eœķũñ
ķ
Ʀƍǹǹ
Ʀƍ ǹǹƍƞ
ƍƞijģ
ijģ Ħdz Ħdzƹƫƹƫijij íƫĦíƫĦ ídz ídzȖƍȖƍƞƞ
ƞƞijdz
ijdzʀʀ ǹȖdz
ǹȖdzƍƛƍƛijǹijǹģģ Ǔídz
ǓídzƋƋ Œijdzdz ƍƦǓ
Œij ƍƦǓƹdz ƹdzȖíȖíƫȖƫȖ ĄijĄijƫijƫijŒƍ ŒƍȖǹ
Ȗǹģģ íƫí
íƫíƞʀ ƞʀǹȖ
ǹȖǹǹ ǹíƍ
ǹíƍĦǜĦǜ ȖƆijʀ
ȖƆ ijʀ Ʀí Ʀíʀʀ ƫƹȖ ƫƹȖģģ ƍƫ ƍƫ ɸƆƍɸƆƍĕƆ ĕƆ ĕí ĕíǹij ǹij ɸij ɸƍ ɸƍƞƞ ƞƞ
ĥĥƋ

ĥ ĥƋȓƋȓƋƷƩ
ƷƩíƜ íƜ DZIJ DZIJǑƷǑƷDZȓ DZȓƋƩ
ƋƩųų ăɽ ăɽ {íɻ{íɻ §IJ §IJĥĥĥĥƷƩ ƷƩ ƋƩ
]ķƕũ«Î
]ķƕũ«Îºº 0ĭŰƆČ
0ĭŰƆČƆƕƆ
ƆƕƆÎÎ æķũ
æķũ ƆąÎ
ƆąÎ ]Ɔƕ¿ư
]Ɔƕ¿ư ķæ tƒũ¼
tƒũ¼ 0
0ŨŰ
ŨŰ ũČƆ
ũČƆČ«ƒ
Č«ƒĜĜ cąũ΃
cąũ΃ƆŰ
ƆŰ Wũķė
WũķėΫƆ
ΫƆ © Eƒŋ
Eƒŋ ŰąķƪŰ
ŰąķƪŰ ÎƩÎ
ÎƩÎĭƆŰ
ĭƆŰ ƒŰ ķæ
ķæ ŹŋĦ
ŹŋĦ ƕñƕŰ
ƕñƕŰƆƆ ƒı
Ȗƍǹí
Ȗƍǹíƫ ƫ dzijǹ
dzijǹƍǹ ƍǹȖí
Ȗíƫĕƫĕijij íƫĦ
íƫĦ ĕƞ ĕƞƹǹ
ƹǹijij ĕƹƦ
ĕƹƦĄí ĄíȖǜ Ȗǜ ¯Ɔijǹ
¯Ɔ ijǹijij ƍƫĕ
ƍƫĕƞȮ ƞȮĦijĦijĦ Ħ Ąƹƹ
ĄƹƹǹȖ ǹȖƍƫƍƫŵŵ ·ƛdz·ƛdzíƍ íƍƫƍ
ƫƍíƫ
íƫ Ʀƹɶij
Ʀƹ ɶij ƍƫƍƫȖƹȖƹ ĕƞ
ĕƞƹǹ
ƹǹijij ĕƹƦĕƹƦĄí ĄíȖȖ ƍƫƍƫ í Œƍ Œƍƫí
ƫíƞƞ ǓȮǹǓȮǹƆǜ ƆǜǮǮ ¡Ƌųí
¡Ƌ ųí

ķƩČ¿ĊŁı ĭÎũñư «ķĭŰƕĦŋƆČķĭ

E=  t0]
0Fs]cEFc
]ƕšŰ«ũȚΠƆķ¿ƒư ƒƆ =0YF
=0Y F ]c
] cz
z Ú t]-0
t ]-0F(c
F(cKF
KF ĄƹƹǹȖij
Ąƹƹǹ Ȗijdzdz Ħƹǹ
Ħƹǹijij ɸƍȖ
ɸƍȖƆ Ɔ í ĄƍĄƍɶí
ɶíƞij ƞijƫȖ
ƫȖ ƹƹɶƍ ɶƍĦƋ
ĦƋDŽƯ
DŽƯ ?0  -F
?0 - FK=
K= Ú Yh]]
Y h]]?]
?] -ɾȖij
-ɾ ȖijƫĦ
ƫĦƍƫ ƍƫŵŵ ȖƆij
Ȗ Ɔij ƞƍ ƞƍŒij
Œijĕʀĕʀĕƞ ĕƞijij ƹŒ
ƹ Œ íƞƞ
í ƞƞ ȖƆ
ȖƆijij
æƆœ«ķĦŽŰƕšŰ«ũȚÎƆķ¿ƒư c0E Y
Y]-
]-t
t Ú ?KFK
?K FKFF
ɶíĕĕ
ɶí ĕĕƍƫƍƫijij Ȗƹ Ȗƹ Ǔdzƹ
Ǔdzƹɶƍ ɶƍĦij
Ħij ĄijĄijȖȖȖȖijdzijdz ǓdzǓdzƹȖƹȖijĕ ijĕȖƍ
Ȗƍƹƫ
ƹƫ ǹƦídzȖǓ
ǹƦídz ȖǓƆƹ
Ɔƹƫijƫijǹǹ ǹƹƞ
ǹƹƞĦ Ħ ƍƫ
ƍƫ ȖƆij
ȖƆij -· Ąʀ Œƍ Œƍɶij
ɶij ʀijʀijídzídzǹǹ
·§ Ħdz
ĦdzȮŵȮŵ dzijdzijŵȮ
ŵȮƞí
ƞíȖƹ
Ȗƹdzǹ
dzǹ Ɔí
Ɔíɶij
ɶij íǓíǓǓdzǓdzƹɶ
ƹɶijĦ
ijĦ
íŵíƍ
íŵ íƍƫǹ
ƫǹȖȖ ĕȮdz
ĕȮdzdzijdzijƫȖƫȖƞʀ
ƞʀ ĕƍ
ĕƍdzĕ
dzĕȮƞ
ȮƞíȖ
íȖƍƫƍƫŵŵ ɶídz
ɶídzƍí ƍíƫȖƫȖǹǮ
ǹǮǜǜ §ƦídzȖǓ
§Ʀídz ȖǓƆƹ
Ɔƹƫij ƫij Ʀí
ƦíƫȮƫȮŒíŒíĕȖ
ĕȖȮdz
Ȯdzijdz
ijdzǹǹ ǹȮǓ
ǹȮǓǓƞǓƞʀƍ
ʀƍƫŵ
ƫŵ ɸƹȮƞ
ɸƹ ȮƞĦĦ ǹíɶ
ǹíɶijij ijƦƍijƦƍǹǹ ǹǹƍƹƍƹƫǹ
ƫǹ ƹŒ íĄ íĄƹȮƹȮȖȖ DŽʍƦDŽʍƦƫ ƫ
íǓǓƞ
íǓ Ǔƞƍĕ
ƍĕíȖ
íȖƍƹ
ƍƹƫǹ
ƫǹ Ąʀ {ƹ{ƹĦijĦijdzƫdzƫíí íƫĦ
íƫĦ ƍƍƹ}
ƹ}ƋƋ
íǹij
í ǹij ƫȮ ƫȮƦĄ ƦĄijdz ijdzǹǹ íƫĦí ƫĦ Ħij ĦijíȖíȖƆǹ Ɔǹ Ɔí Ɔíɶijɶij ȖƆijij -·
ȖƆ -· ɸƍƞ
ɸƍƞƞƞ Œíĕ
Œíĕijij ǹȖdz
ǹȖdzƍƫ
ƍƫŵij
ŵijƫȖ
ƫȖ dzij
dzijǤȮ
ǤȮƍdzƍdzijƦ
ijƦijƫ ijƫȖǹ
Ȗǹ Ȗƹƫƫ
Ȗƹ ƫƫijǹijǹ ƹŒ  ɣģ dzƹ dzƹȮŵȮŵƆƞ Ɔƞʀʀ ȖƆij
ȖƆij ǹí ǹíƦij
Ʀij íǹ Ȗí ȖíƛƋƛƋ
¯ijĕƆ
¯ij ĕƆȐ
ȐŒƍ
Œƍʈij
ʈijdzdz Ȗƹ
Ȗƹ dzijƞ
dzijƞijí
ijíǹij
ǹij í ƹɶ
ƹɶƍĦ ƍĦƋDŽ
ƋDŽƯƯ ɶíĕ
ɶíĕƋƋ
dzijƦí
dzij Ʀíƍƫ ƍƫijĦijĦ ƆƍƆƍŵƆ
ŵƆģģ ƍƫ
ƍƫ Ǔídz
ǓídzȖȖ Ąijĕ
ĄijĕíȮ íȮǹijǹij dzij dzijĕij
ĕijƫȖ
ƫȖ Ȗƹ Ǔdz
Ǔdzƹɶ
ƹɶƍĦ
ƍĦijij ǹǓí
ǹǓídzijdzij ǓíǓídzȖ
dzȖǹǹ íƫĦ
íƫĦ ijƫ ijƫǹȮ
ǹȮdzijdzij ƍƫŵŵ ťƦƫ
ƍƫ ťƦƫ ĕí ĕídzǹ
dzǹ ƹŒƹŒŒŒ ȖƆij
ȖƆij dzƹ dzƹíĦ
íĦģģ íĕĕ
íĕĕƹdz ƹdzĦƍĦƍƫŵ
ƫŵ Ȗƹ
FV|
|V
p ¯Vz-§ ƒÖÖƒŁ¼ ķŰ
ƒÖÖƒŁ¼ ķŰĜƒ¿
Ĝƒ¿ƒ¼
ƒ¼ Eƒ¿ũ
Eƒ¿ũČ¿œ Č¿œ ?Îñ
?ÎñƒĜ ƒĜ Îŋķ
ÎŋķŰČƆ ŰČƆ FƕĦ
FƕĦšÎũ
šÎũ ĕƍƫij
ĕƍƫij ȖƆ
ȖƆíȖíȖ ǹǓ
ǹǓijĕ
ijĕƍŒ
ƍŒƍĕ
ƍĕíƞ
íƞƞʀ
ƞʀ Ȗí
Ȗídzŵ
dzŵijȖ
ijȖǹǹ ȖƆij
ȖƆij Ħƹ
ĦƹƦƍ ƦƍƋƋ
ōÎŋķŰ
ōÎ ŋķŰČƆķČƆķ ?Îñ
?ÎñƒĜŏ
ƒĜŏ EĊƋ
EĊƋƒéı
ƒéıŻĊŁ
ŻĊŁııé
ııéŷŷ ɶídzƍ
ɶí dzƍíƫíƫȖǹ Ȗǹ ƆíƆíɶijɶij ǓdzǓdzƹɶƹɶijĦijĦ Ąij ĄijȖȖȖȖijdz
ijdz íĄ íĄƞij ƞij Ȗƹ ƞƹƫŵ
ƞƹƫŵijdzijdz Ąí
ĄíȖȖȖȖijdz
ijdzʀʀ ƞƍŒ
ƞƍŒijģ
ijģ íĕ
íĕĕƹ
ĕƹdzĦdzĦƍƫ
ƍƫŵŵ Ȗƹ
Ȗƹ Ħdzí
ĦdzíŒȖ ŒȖ ȖƆijij -Ȯdz
ȖƆ -ȮdzƹǓƹǓijí ijíƫ ƫ -ƫɶ
-ƫɶƍdz ƍdzƹƫ
ƹƫƦij ƦijƫȖ ƫȖíƞíƞ Ȯ
ȮdzijdzijíȮíȮģģ í
ũƒ«ęÎ
ũƒ «ęÎĭĭ -ķƕŰÎ
-ķƕŰμ¼ Ł 'ũČ¿
'ũČ¿ƒư
ƒư ]ƆũÎ
]ƆũÎÎƆ¼
ÎƆ¼ ?ķĭ
?ķĭ¿ķĭ
¿ķĭ î
îEE ıcœ
ıcœ ƫíƫȖ
ƫí ƫȖ ǹȖ
ǹȖdzí
dzíƍƫ
ƍƫ ƹŒ ȖƆ
ȖƆijij ƦƍƦƍĕdz
ĕdzƹƫ
ƹƫ ɶí
ɶídzƍdzƍíƫ
íƫȖǜ
Ȗǜ
WƕšĜČŰ
Wƕš ĜČŰąČĭ
ąČĭññ ČũΫ
ČũΫƆķũ
Ɔķũ¼¼ YķƕĜƒ
YķƕĜƒ =ąƒ
=ąƒĜƒæ Ĝƒæŷŷ ijɶíĦ
ijɶ íĦijij ɶíĕɶíĕĕƍ ĕƍƫij
ƫijǹǜ
ǹǜ ¯Ɔ
¯Ɔijij ·§·§ ƹɶ
ƹɶƍĦ ƍĦ ĦijĦijíȖíȖƆ Ɔ Ȗƹƞ
Ȗƹƞƞƞ ǓdzƹǓ
Ǔdz ƹǓƹǹ
ƹǹíƞ
íƞǹǹ Œdzƹ
ŒdzƹƦ
Ʀ dzȮ
dzȮǹǹǹǹijƞ
ijƞǹǹ ʀijǹ
ʀijǹȖij
ȖijdzĦ
dzĦíʀ
íʀǜǜ ƫƹƫƋ
ƫƹ ƫƋŵƹ
ŵƹɶijɶijdzƫdzƫƦij
ƦijƫȖ ƫȖíƞ
íƞ ĄƹĄƹĦʀĦʀǜǜ
]ƕšŰ«ũČŋƆ
]ƕšŰ«ũ ČŋƆČķĭČķĭŰŰ Ž ƕŰƆ
ƕŰƆķĦÎ
ķĦÎũũ ŰÎũƩČ
ŰÎũƩȫΫΠWƕšĜČŰ
Wƕš ĜČŰąČĭ
ąČĭññ ķĦŋƒ
ķĦŋƒĭư¼ ĭư¼ cąÎ 'Čĭ'Čĭƒĭ«
ƒĭ«ČƒĜ
ȃĜ cČĦ
cČĦÎŰ
ÎŰ ?ČĦČ
?ČĦČƆο
Ɔο¼¼
]ƕšŰ«ũ
]ƕš Ű«ũČŋƆ
ČŋƆČķĭ
Čķĭ ķææ
ķææÎũŰ
ÎũŰºº ƪƪƪœæ
ƪƪƪœæƆœ«
Ɔœ«ķĦŽ
ķĦŽŰƕš
ŰƕšŰ«ũ
Ű«ũČŋƆ
ČŋƆČķĭ
Čķĭ ũÎñČŰƆ
ũÎñ ČŰƆÎũÎ
Îũο ¿ ķææČ«
ķææČ«ÎÎ ƒŰ ƒšķ
ƒšķƩÎœ
ƩÎœ ?ķ«
?ķ«ƒĜ ƒĜ YÎŋũ
YÎŋũÎŰÎÎŰÎĭƆƒ
ĭƆƒƆČƩ
ƆČƩÎÎ ķææČ«
ķææČ«Îŷ
Îŷ ¯Ɔij Gƹƹ
¯Ɔij GƹƹĦ Ħ íƫĦ
íƫĦ 'dz 'dzȮŵȮŵ
Ħ
ĦƦƍƦƍƫƍ ƫƍǹȖ
ǹȖdzí
dzíȖƍ
Ȗƍƹƫ
ƹƫ ʀij
ʀijǹƋ ǹƋ ǹƍƫĕ
ǹƍ ƫĕijij ȖƆijȖƆij ǹȖ ǹȖídz
ídzȖȖ ƹŒ
ƹŒ ȖƆij
ȖƆij ǓíǓíƫĦ ƫĦijƦijƦƍĕ ƍĕ ǓíǓíǹǹǹǹijĦ
ijĦ ¯Ɔijij Ħdzí
¯Ɔ ĦdzíŒȖ ŒȖ dzȮ
dzȮƞijƞijǹģ
ǹģ ɸƆ
ɸƆƍĕ ƍĕƆ
Ɔ íƞǹ
íƞǹƹƹ ĕƹɶ
ĕƹɶijdz ijdz ȖíȖíĄƋĄƋ
ķĭƆƒ«
ķĭ Ɔƒ«ƆºƆº řîî
řîî ƒƻŹ
ƒƻŹ ŹŹé
ŹŹé Żƻƻƻ
Żƻƻƻ¼¼ æƆÎœŰ
æƆÎœŰƕšŰ
ƕšŰ—æƆ
—æƆœ«ķœ«ķĦ
Ħ Ž 0ĭæƒ
0ĭæƒĭƆƒ
ŁŁƋéĊÖ
ŁŁƋ
ĭƆƒ Eƒũ
éĊÖƒŻƒ
ƒŻƒœœ
Eƒũȃȃ cÎũÎ
cÎũÎۃۃ î¼
î¼ šƒėķ
šƒėķ ƒ¼ ƒ¼ ƒÖƻŁŻ
ƒÖƻŁŻ¼¼ Eƒ¿ũČ
Eƒ¿ũČ¿œ¿œ 0]]F
0]]F ȖijdzĦ
Ȗij dzĦíʀ
íʀ ŵí
ŵíɶijɶij ȖƆ
ȖƆijij ĕƹƦ
ĕƹƦǓí Ǔíƫƍƫƍijǹ
ijǹ ȖƆ
ȖƆijij ŵƹƋ
ŵƹƋíƆíƆijí
ijíĦ Ħ DŽƦƫ
DŽƦ ƫ ȖƆƍ
ȖƆƍǹǹ ǹȮƦ
ǹȮƦƦij Ʀijdzģ dzģ íƫ
íƫĦ Ħ ȖƆij
ȖƆij ĕƹ ĕƹȮƫȮƫȖdz Ȗdzʀʀ ĕƹƫ
ĕƹƫƋƋ ¯Ɔij -Ȯdz
¯Ɔij -ȮdzƹǓ ƹǓijíijíƫ ƫ ƹƦ
ƹƦƦƍ Ʀƍǹǹ ǹǹƍƹ
ƍƹƫƫ ǹíƍ
ǹíƍĦĦ ȖƆí
ȖƆíȖȖ íȖ
íȖ ƞijȖǹ
ƞijȖǹ íƫ
íƫĦ Ħ ǹȖí
ǹȖíƫĦƫĦídzídzĦ Ħ ƦƹĄ
ƦƹĄƍƞ ƍƞijij ǓƆƹ
ǓƆƹƫij ƫijǹģǹģ ǹȮ
ǹȮŵƋ ŵƋ
EƒĭƒñÎ
Eƒĭ ƒñÎ ưķƕưķƕũũ ŋÎũŰķ
ŋÎũŰķĭƒĜ
ĭƒĜ ƒ««
ƒ««ķƕĭ
ķƕĭƆºƆº ĦĦƒœ
ĦĦƒœæƆœ
æƆœ«ķĦ
«ķĦ
¿ƩÎũƆ
¿Ʃ ÎũƆČŰČ
ČŰČĭñ
ĭñ hºº EƒŰ
h EƒŰƒũ ƒũ WũČĭ
WũČĭƆČĭ
ƆČĭññ Ž WƕšĜ
WƕšĜČŰąČŰąČĭñ
Čĭñ¼¼ WœKœ
WœKœ ķƯ
ķƯ îÖéŁ
îÖéŁƻƻ¼
ƻƻ¼ Ȗƹ dzƹ
dzƹƞƞ
ƞƞ ƹȮ
ƹȮȖȖ ȖƆij
ȖƆijƍdz ƍdz ǭĄ
ǭĄƍɶƍɶíƞíƞijƫ
ijƫȖǮȖǮ ǹƆ
ǹƆƹȖ
ƹȖǹģ
ǹģ ɸƆ
ɸƆƍĕƍĕƆƆ ȖƍƫȮ
Ȗƍ ƫȮijǹ ijǹ Ȗƹ dzij dzijǓƹǓƹdzȖ
dzȖ íƞ
íƞƦƹ
ƦƹǹȖ ǹȖ ŭʍ
ŭʍʍ ʍ Ħijí
ĦijíȖƆ ȖƆǹǹ íƫĦ
íƫĦ ƞijíǹ
ƞij íǹȖȖ DŽť
DŽť ĕƹƦ
ĕƹƦǓƹ ǓƹƫijƫijƫȖ ƫȖ ǓíǓídzȖ dzȖǹǹ ǹƆƹ
ǹƆƹȮƞ ȮƞĦĦ Ąij
Ąij ŵijǹȖ
ŵij ǹȖ ȖƆȖƆíȖíȖ ƍŒ Ɔí ƆídzĦ dzĦɸíɸídzij dzij ƍǹ Ʀí ƦíĦij Ħij ƦƹƦƹdzij dzij
cÎĜºº řîî
cÎĜ řîî ƒƻ ŹÖŹ ŹÖŹƋƋ îƻƻƻ¼
îƻƻƻ¼ ƒ¿Ʃ
ƒ¿ƩÎũƆ
ÎũƆČŰČ
ČŰČĭñ—
ĭñ—æƆœ
æƆœ«ķĦ
«ķĦ ƕšƒČœ
ƕš ƒČœ ¿Č
¿ČƆķũ
Ɔķũ Čĭ ąČÎ
ąČÎæºæº YķƕĜ
YķƕĜƒƒ =ąƒĜƒ
=ąƒĜƒæœæœ Ȗídzŵ
Ȗí dzŵijȖ
ijȖ Ąƹ
ĄƹȖƆȖƆ ȖƆ
ȖƆijij ƹdzƍƹdzƍŵƍ ŵƍƫí
ƫíƞƞ ǹȖdz
ǹȖdzíƍíƍƫƫ ƹŒ
ƹŒ ƹɶ
ƹɶƍĦ ƍĦ Ʀƹdzij
Ʀƹ dzij ȖƆ ȖƆíƫ íƫ ťģťģʍʍ
ʍʍʍ ʍ Ɔƹǹ
ƆƹǹǓƍ ǓƍȖíȖíƞƞ íĦƦ
íĦƦƍǹ ƍǹǹƍ
ǹƍƹƫ
ƹƫǹǹ ƦíĦij
Ʀí Ħij íɶíɶíƍ
íƍƞíƞíĄƞ
Ąƞijij Œƹdz
Œƹdz íȖ ƞij ƞijíǹ
íǹȖȖ Œƍɶ
Œƍɶijij ʀijí
ʀijídzǹdzǹ dzijǓí
dzij ǓíƍdzƍdzíĄ
íĄƞij ƞij íƫ
íƫĦ Ħ dzijĕ
dzijĕʀĕ ʀĕƞíƞíĄƞ
Ąƞijij ƍȖƍȖ ɸƹȮ
ɸƹȮƞĦ ƞĦ ĕȮ
ĕȮȖȖ
?ÎƆƆÎũ
?ÎƆ ƆÎũŰŰ Ɔķ ƆąÎ Î¿Č Î¿ČƆķũ
Ɔķũ 'ũƒĭ«Î
'ũƒ ĭ«Îºº Wƕš
WƕšĜČŰ
ĜČŰąČĭ
ąČĭññ ČũΫ
ČũΫƆķũƆķũ¼¼ ;ķĭƒƆ
;ķĭƒƆąƒĭ ąƒĭ ]Ĝƒ
]Ĝƒ¿Î¼
¿Î¼ îŻ YƕÎ
YƕÎ ?ƒ?ƒ
ĜÎƆƆÎũ
ĜÎƆƆÎũŰœÎ
ŰœÎ¿ČƆ
¿ČƆķũ—
ķũ—æƆœ
æƆœ«ķĦ
«ķĦ ķÎƆČÎ
ķÎ ƆČμ¼ ŹéƻƻÖ
ŹéƻƻÖ WƒũWƒũČŰ¼
ČŰ¼ cÎĜ
cÎĜœœ řƋƋ
řƋƋ ōƻŏŁ
ōƻŏŁ éƋŹŻ
éƋŹŻ Öƒé
ÖƒéŻŷ
Żŷ 'ƒƯº
'ƒƯº řƋƋ ōƻŁ
ōƻŁŏŏ íƫĦ
íƫ Ħ ȖƆij
ȖƆij ŒíŒíǹȖ
ǹȖ ǹǓǹǓdzijdzijíĦíĦƍƫ ƍƫŵŵ 
ǜ

ǜŭ ŭ íƫĦ
íƫĦ 

ǜť ǜť ƞƍƫƛ
ƞƍƫƛijĦ ijĦ Ȗƹ ĕƹ ĕƹdzƹdzƹƫí
ƫíɶƍɶƍdzȮ
dzȮǹǹ ijɶij
ijɶijdzʀ dzʀ Ħí
Ħíʀǜ ʀǜ ŒdzƹƦ
Œdz ƹƦ ȖƆȖƆijij ĦíȖ
ĦíȖijij ƹŒƹŒ í ǹƦ ǹƦídz ídzȖǓȖǓƆƹ
Ɔƹƫijƫijǰǹǰǹ ƍƫ
ƍƫȖdz
ȖdzƹƋ
ƹƋ ȖƆijij ijƫij
ȖƆ ijƫijdzŵdzŵʀʀ ĕƹƫ
ĕƹƫǹȮ ǹȮƦǓƦǓȖƍ Ȗƍƹƫ
ƹƫ ƍƫ ƍƫɶƹ
ɶƹƞɶƞɶijĦ
ijĦ ƍƫ ƍȖ ƍȖǹǹ
ƯΫƕƆ
ƯÎ «ƕƆČƩÎ
ČƩÎ ƒŋŋ
ƒŋŋķČĭ
ķČĭƆĦÎ
ƆĦÎĭƆŰ
ĭƆŰ éƋŹŻŻ ÖƒéƋŷ
éƋŹ ÖƒéƋŷ ķĦķĦĦČŰĦČŰŰČķ
ŰČķĭĭ WƒũČƆ
WƒũČƆƒČũ
ƒČũÎÎ FÄ ƻıŁ
ƻıŁıı  ÖéƋî
ÖéƋîŹŷŹŷ 0]]F
0]]F
cÎĜºº řîî
cÎĜ řîî ƒƻ ŹÖŹ ŹÖŹƋƋ îıƻı
îıƻı ŁŁîÖĊƒ
ŁŁî ÖĊƒŹéƋ
ŹéƋœœ ǹȮĄɶ
ǹȮ Ąɶídzídzƍí
ƍíƫȖ
ƫȖǹģǹģ íƆ
íƆijí ijíĦ Ħ ƹŒƹŒ í ƫí
ƫíȖƍȖƍƹƫ
ƹƫíƞíƞ Ąƹ
ĄƹƹǹƹǹȖijȖijdzdz ŒŒŒƍ
Œƍĕƍ
ĕƍíƞ
íƞǹǹ ídzij
ídzij ɸƹɸƹdzdzdzdzƍijƍijĦ
Ħ íĄƹ
íĄƹȮȖ ȮȖ ɸƆɸƆíȖ íȖ ɸƍ
ɸƍƞƞƞƞ ĦȮĕȖ
ĦȮ ĕȖƍƹ
ƍƹƫƫ Ȗƹ
Ȗƹ ȖƆij
ȖƆij Ʀí
Ʀídzƛ dzƛijȖijȖ íƫ
íƫĦ Ħ ȖƆí
ȖƆíȖȖ ĄíȖ
ĄíȖȖijȖijdzƍ
dzƍijǹ
ijǹ ǓdzƹĦ
Ǔdz ƹĦȮĕȮĕȖƍȖƍƹƫ
ƹƫ íƫíƫĦ Ħ Ȯǹij
Ȯǹij Ąʀ í ȖƆƍ ȖƆƍdzĦ
dzĦǜǜ
ƪƪƪœÎƯ
ƪƪƪ œÎƯΫĊ
ΫĊƒŋŋ
ƒŋŋķČĭ
ķČĭƆĦÎ
ƆĦÎĭƆŰ
ĭƆŰœ«ķ
œ«ķĦĦ cƕũęÎư
cƕũ ęÎưºº ƕĭ
ƕĭưƒưƒ ]ƕŋÎ
]ƕŋÎũũ sΚ
sΚ KæŰÎƆ
KæŰÎƆ œ] œ]œœ Łƻƻœ
Łƻƻœ zČĜ
zČĜ Eƒąƒ
EƒąƒĜĜÎĜĜÎŰČ
ŰČ Ǔdzƹŵ
Ǔdz ƹŵdzídzíƦƦ
ƦƦijij ȖƆƍ ȖƆƍǹǹ íȮȖ
íȮȖȮƦ ȮƦƫǜ ƫǜ ƆíǓǓ
Ɔí ǓǓijƫ ijƫ ȖƆȖƆƍǹƍǹ ɸƍ
ɸƍƫȖ
ƫȖijdzijdz ɸƆ
ɸƆijƫijƫ Ǔij ǓijƹǓƹǓƞij ƞij ĄijĄijŵƍŵƍƫƫ ǹƆƹȮ
ǹƆ ƹȮƞĦƞĦ ǹȮ
ǹȮdzɶdzɶƍɶ
ƍɶijij íȖ
íȖ ƞijí
ƞijíǹȖ
ǹȖ ťʍťʍʍ ʍ ŒȮƞ
ŒȮƞƞƞ ĕƆí
ĕƆídzŵ dzŵijǹ
ijǹ ǭ'ijɶ
ǭ' ijɶƍĕ
ƍĕijǹ
ijǹ ídzídzijij ƹŒȖ
ƹŒȖijƫ ijƫ dzijdzijǓƞǓƞíĕ
íĕijĦijĦ Ǔdz ǓdzijƦijƦíƋ íƋ
Ƌîƒƻî¼
Ƌîƒ ƻî¼ ƒñ
ƒñ«ČĜ
«ČĜƒũĊ
ƒũĊ 0ŰƆ
0ŰƆƒĭš
ƒĭšƕĜ¼ƕĜ¼ cÎĜ
cÎĜœœ řıƻ
řıƻ ƒŁƒ ƒŁƒ îîƻ
îîƻ ƒî ƒîœ
]ƪοÎĭ
]ƪÎ ¿Îĭºº YÎŰ
YÎŰŋķĭ
ŋķĭŰȚŰȚĜÎ
ĜÎ WƕšĜ
WƕšĜČŰą
ČŰąÎũÎũ Ċ ąũ
ąũČŰƆ
ČŰƆÎũ
Îũ FķũĜ
FķũĜƒĭ¿
ƒĭ¿Îũ Îũ ·§ ƹŒ ƹŒŒƍ
Œƍĕƍ
ĕƍíƞ
íƞǹǹ ƆíĦ
ƆíĦ Ǔdz Ǔdzijɶ
ijɶƍƹƍƹȮǹȮǹƞʀ
ƞʀ dzij
dzijǹƍǹƍǹȖ
ǹȖijĦ
ijĦ Ȗƹ ǹƹ
ǹƹĕƍĕƍíƞ
íƞƍǹƍǹijij ƍƫĦ
ƍƫĦƹƹƹƹdzǹdzǹ Ʀƹ
Ʀƹdzij dzijǜǜ ɸƍȖƆ
ɸƍ ȖƆƹȮ
ƹȮȖȖ ĦijȖ
ĦijȖijdz ijdzƍƹ
ƍƹdzídzíȖƍȖƍƫŵ
ƫŵ Ȗƹ Ąij Ąijƞƹƞƹɸ ɸ ļț
ļț Ǔijdz
Ǔijdz ȖȮdzij
ȖȮ dzijƞʀƞʀ Ąʀ Ȯǹ Ȯǹijdz ijdzǹǹ íƫĦ
íƫĦ ídz ídzijģ
ijģ íȖ ȖƆ ȖƆijij ijƫĦ
ijƫĦ ƹŒ
WƕšĜČŰąÎ¿
WƕšĜČŰ ąÎ¿ šưº cąÎ 'Čĭ
'Čĭƒĭ«
ƒĭ«ČƒĜ
ȃĜ cČĦ
cČĦÎŰÎŰ ?ČĦČ
?ČĦČƆο
Ɔο¼¼
ũƒ«ęÎ
ũƒ «ęÎĭĭ -ķƕŰÎ
-ķƕŰμ¼ Ł 'ũČ¿
'ũČ¿ƒưƒư ]ƆũÎ
]ƆũÎÎƆ¼
ÎƆ¼ ?ķĭ
?ķĭ¿ķĭ
¿ķĭ î
îE E ıcœ
ıcœ ¾ ķŋưũ
ķŋưũČñą ČñąƆƆ cąÎ
cąÎ 'Čĭƒĭ
'Čĭƒĭ«Čƒ«ČƒĜĜ cČĦÎŰ
cČĦÎŰ ƒƻƒ
ƒƻƒƒœƒœ
ǓȮǹƆ
ǓȮ ǹƆƍƫƍƫŵŵ íƆij
íƆijíĦ íĦ ɸƍ ɸƍȖƆ ȖƆ ɶíɶídzƍdzƍíƫ
íƫȖƋȖƋǹǓ
ǹǓijĕ
ijĕƍŒƍŒƍĕ
ƍĕ ¯Ɔijij Ȗɸƹ
¯Ɔ Ȗ ɸƹ Ąƍ Ąƍɶí
ɶíƞijƞijƫȖ
ƫȖ ɶí ɶíĕĕ ĕĕƍƫƍƫijǹijǹ ɸij ɸijdzijdzij ĕijƫȖ
ĕij ƫȖ ƹŒ ȖƆ
ȖƆijƍ
ijƍdzdz ĕíǓ
ĕíǓíĕíĕƍȖ
ƍȖʀǜ
ʀǜ ȖƆijƍ
ȖƆ ijƍdzdz Ȯǹij
ȮǹijŒȮ ŒȮƞƞ ƞƍŒ
ƞƍŒijģ
ijģ ƫƹ
ƫƹȖȖ ǹȮŒ
ǹȮŒŒƍ Œƍĕƍ
ĕƍijƫ
ijƫȖƞ
Ȗƞʀʀ dzijȮ
dzijȮǹij ǹijĦ Ħ
cÎĜºº řîî
cÎĜ řîî ƒƻ ŹÖŹ
ŹÖŹƋƋ Ƌƻƻƻŷ
Ƌƻƻƻŷ 'ƒƯ'ƒƯºº řîî
řîî ƒƻ Źîƻ
ŹîƻŹŹ éŹƻƻœ
éŹƻƻœ YÎŋũķ¿
YÎŋ ũķ¿ƕ«Ɔ
ƕ«ƆČķĭČķĭ ķæ ƆąÎ
ƆąÎ «ķĭƆ
«ķĭƆÎĭƆ
ÎĭƆŰŰ ķæ ƆąČ
ƆąČŰŰ ĭÎƪŰŋ
ĭÎƪŰŋƒŋ΃ŋÎũũ Čĭ ƒĭư ɶíĕĕ
ɶí ĕĕƍƫ
ƍƫijǹ
ijǹģģ ĄȮȖ
ĄȮȖ Ɔí Ɔíɶij ɶij ĄijĄijijƫijƫ ǓijǓijdzǹdzǹȮí
ȮíĦijĦijĦ Ħ Ąʀ
Ąʀ íǓǓdz
íǓ Ǔdzƹɶ ƹɶijĦijĦ Ħij ĦijǹǓǹǓƍȖƍȖijij ȖƆij
ȖƆij ĕƹĕƹƦǓ ƦǓíƫ íƫƍij ƍijǹǹ ƫƹȖ
ƫƹȖ Ɔƹƫ
Ɔ ƹƫijǹijǹ ɸƹ
ɸƹȮƞ ȮƞĦĦ íƞǹ
íƞǹƹƹ Ɔíɶ
Ɔíɶijij Ȗƹ Ȗƹ Ħƍǹ
ĦƍǹǓƞǓƞíʀ
íʀ íƫ ƹdz dzijdzijĕʀĕʀĕƞĕƞijĦ
ijĦģģ ƞijíƞ ijíĦƍĦƍƫŵƫŵ Ȗƹ í ɸíǹ ɸ íǹȖij Ȗij ƹŒ
¿ČƆķũ
¿Č Ɔķũºº YķƕĜƒ
YķƕĜƒ =ąƒ
=ąƒĜƒæ
Ĝƒæœœ ĦƒĭĭÎũ
Ħƒĭ ĭÎũ ČŰ ĭķƆ
ĭķƆ ŋÎũĦ
ŋÎũĦČƆƆ
ČƆƆο
ο ƪČƆą
ƪČƆąķƕƆ
ķƕƆ ƆąÎ ŋƕš
ŋƕšĜČŰ
ĜČŰąÎũ
ąÎũŦŰ
ŦŰ ŋũČķ
ŋũČķũũ
«ķĭŰÎĭ
«ķĭ ŰÎĭƆœƆœ ť'Čĭ
ť'Čĭƒĭ«
ƒĭ«ČƒĜ
ȃĜ cČĦ
cČĦÎŰŦ
ÎŰŦ ƒĭ¿ ť'c
ť'cŦŦ ƒũÎ
ƒũÎ ũÎñČŰ
ũÎñČŰƆÎũ
ƆÎũο
ο Ɔũƒ¿
Ɔũƒ¿ÎÎ
ȖƆijij Œíĕ
ȖƆ ŒíĕȖȖ ȖƆí
ȖƆíȖȖ Ʀíƫ Ʀíƫʀʀ Ǔijƹ ǓijƹǓƞǓƞijij ɸƍȖ
ɸƍȖƆ Ɔ Ȗɸƹ
Ȗɸƹ ƹdz Ɔíɶƍ
Ɔí ɶƍƫŵƫŵ ĕƹ ĕƹƫĦƫĦȮĕȮĕȖijȖijĦĦ ƆȮƦ
ƆȮƦíƫ íƫ ȖdzȖdzƍíƍíƞǹƞǹ ƍƫ
ƍƫȖƹ
Ȗƹ ijƫijdz
ijƫ ijdzŵʀ
ŵʀ ijŒijŒŒƍ
Œƍĕƍ
ĕƍijƫ
ijƫĕʀĕʀ ƞí
ƞíĄijĄijƞģƞģ ǹƍ
ǹƍƦƍ
Ʀƍƞíƞídzdz Ȗƹ
Ȗƹ ȖƆƹ
ȖƆƹǹijǹij dzijǹƹ
dzij ǹƹȮdz
Ȯdzĕijĕijǹģ
ǹģǮǮ ȖƆij
ȖƆij ĦƹĦƹĕȮĕȮƦij ƦijƫȖ ƫȖ ǹíǹíƍĦƍĦǜǜ
(ÎũĦƒĭưº
(ÎũĦƒĭ
(ÎũĦƒĭ
(Îũ Ħƒĭư¼
ưº ÎĦ
ÎĦČũĻ
ư¼ ĭ
ĭ ¿Îũ
ČũĻũÎĭ
ũÎĭ Eο
¿Îũ ũƕ«ę
EÎ¿Čƒ¼
ũƕ«ęÎÎ ƒƻĊƒƒ
ȃ¼ -ƕũ
-ƕũũČư
ƒƻĊƒƒ¼¼ ŻîéîŻ
ũČưÎƆ
ÎƆ ]Ċ
ŻîéîŻ Eķũ
]Ċũƒĭ
EķũæÎĜ
ũƒĭ«ą
æÎĜ¿Îĭ
«ą
¿ÎĭĊĊ
ĦƒũęŰ
Ħƒũ ęŰ ķæ
ķæ cąÎcąÎ 'Čĭƒĭ
'Čĭƒĭ«Čƒ
«ČƒĜĜ cČĦÎŰ
cČĦÎŰ ?ČĦ?ČĦČƆÎ
ČƆοœ
¿œ Ʀƹdzij
Ʀƹ dzij ǹƆ
ǹƆƹȖ
ƹȖǹǹ ídzij
ídzij ǹȖǹȖƍƞƍƞƞƞ ǹȮǹ
ǹȮǹĕijĕijǓȖ
ǓȖƍĄƍĄƞij
ƞij Ȗƹ ƍƫ
ƍƫŒij
ŒijĕƋ
ĕƋ ɸƆijȖ
ɸƆ ijȖƆijƆijdzdz ȖƆij
ȖƆijʀʀ ɸƹdz
ɸƹdzƛ ƛ ƹdz
ƹdz ídzij
ídzij ǹíǹíŒijŒijǜǜ ȮǹijĦ
Ȯǹ ijĦ ŒƹŒƹdzdz ɸíǹ
ɸíǹƆƍ Ɔƍƫŵ
ƫŵ ƦíƦíĕƆ ĕƆƍƫƍƫijǹijǹģģ ɸƆƍ
ɸƆƍĕƆ ĕƆ ɸƍ
ɸƍƞƞ ƞƞ
ǹijƫ
ǹijƫƍƹƍƹdzdz -·
-· ƹŒŒƹŒŒƍĕ
ƍĕƍíƍíƞƞ ɸídz
ɸídzƫij ƫijĦ Ħ ȖƆí
ȖƆíȖȖ Ǔdzƹ
ǓdzƹĦƋ ĦƋ
tƒĜĜ¿ķ
tƒĜ Ĝ¿ķũæ¼ũæ¼ řîı ŻŁƻ
ŻŁƻéé ƋƒŹŁƻ
ƋƒŹŁƻƻœƻœ YÎŰŋ
YÎŰŋķĭŰ ķĭŰȚĜ
ȚĜÎÎ ¿ČƆķ
¿ČƆķũ¼ũ¼ YķƕĜ
YķƕĜƒƒ cąÎ 'Čĭ
'Čĭƒĭ«
ƒĭ«ČƒĜ
ȃĜ cČĦ
cČĦÎŰÎŰ ƒĭ¿
ƒĭ¿ ČƆŰ
ČƆŰ ėķƕũ
ėķƕũĭƒĜ
ĭƒĜČŰĦ
ČŰĦ ƒũÎ Űƕš
ŰƕšėΫėΫƆƆ Ɔķ ƒ Ȗƍƹƫ
Ȗƍƹƫǜǜ ¯Ɔij
¯Ɔijʀʀ ƆíɶƆíɶijij ȖíƛȖíƛijƫ ijƫ ȖƆ
ȖƆƍǹ
ƍǹ ƫij
ƫijɾȖɾȖ ǹȖ
ǹȖijǓ
ijǓ ɸƍ
ɸƍȖƆȖƆ WƫǹȖ
Wƫ ǹȖijí
ijíĦģĦģ ƹŒ
ƹŒŒƍ
Œƍĕƍ
ĕƍíƞ
íƞǹǹ dzijƞ
dzijƞƍij
ƍijĦĦ ƹƫ
ƹƫ ĦíȖ
ĦíȖíí Œdzƹ ŒdzƹƦƦí ǹƆƹɸ
ǹƆ ƹɸ ĄíĄíȖȖȖȖijdz
ijdzʀʀ ijƫĦ
ijƫĦȮdz Ȯdzíƫíƫĕijĕij íƫíƫĦĦ ƹȖƆ
ƹȖƆijdzijdz ĕƆ
ĕƆídzídzƋƋ ȮĕȖǹ
Ȯĕ Ȗǹ ȖƆ
ȖƆíȖ
íȖ ĦƍĦƍĦ Ħ ƫƹȖ
ƫƹȖ Ʀij ƦijijȖ ijȖ ǹȮǹȮǹȖ ǹȖíƍ
íƍƫíƫíĄƍĄƍƞƍƞƍȖʀ
Ȗʀ
=ąƒĜƒæ
=ąƒ Ĝƒæœœ YÎŰŋķ
YÎŰŋķĭŰČ
ĭŰȚĜΚĜÎ æķũ ƒ¿Ʃ
ƒ¿ƩÎũƆ ÎũƆČŰČ
ČŰČĭñ
ĭñ «ķĭƆ
«ķĭƆÎĭƆÎĭƆ¼¼ ;ķĭ
;ķĭ ]Ĝƒ¿Î
]Ĝƒ¿Îœœ ŰÎĜæĊũ
ŰÎĜ æĊũÎñƕ
ÎñƕĜƒƆ
ĜƒƆČķĭ
Čķĭ ũÎñ
ũÎñČĦÎ
ČĦÎ ƕĭ¿
ƕĭ¿ÎũÎũ ƆąÎ
ƆąÎ 'c
'c ¿ČƆķ
¿ČƆķũȃ
ũȃĜĜ ķ¿Î
ķ¿Î ķæ ķæ ȖƆijij ƫijɸ
ȖƆ ƫijɸ ɶíɶíĕĕ ĕĕƍƫƍƫijǹ
ijǹ ĦijĦijǹǓ ǹǓƍȖ
ƍȖijij í ƞí
ƞíĕƛ
ĕƛ ƹŒ ĕƞĕƞƍƫ
ƍƫƍƋƍƋ Ǔdzijɶ
Ǔdz ijɶƍƹ ƍƹȮǹ
Ȯǹ Ąƍ Ąƍɶí
ɶíƞijƞijƫȖ
ƫȖ ɶí
ɶíĕĕĕĕƍƫƍƫijģijģ ɸƆ
ɸƆƍĕ ƍĕƆ Ɔ ɸíǹ
ɸíǹ íĕȖij
íĕ Ȗijdzƍ
dzƍǹȖ
ǹȖƍĕ
ƍĕǹģ
ǹģ ǹȮ
ǹȮĕƆ
ĕƆ íǹ dzij dzijǹƍ
ǹƍǹȖ
ǹȖíƫ
íƫĕijĕij Ȗƹ Ħdz
ĦdzƹǓƹǓǹǜǹǜ dzijǤȮ
dzij ǤȮƍdzƍdzijƦ
ijƦijƫ ijƫȖǹȖǹ ǭɸ
ǭɸƍƞ ƍƞƞƞ ŵƹ
ŵƹ ƹŒŒ
ƹŒŒ ȖƆ
ȖƆijij Ʀídz
Ʀídzƛij ƛijȖǮȖǮǜǜ
0ƆƒĜưº
0Ɔƒ Ĝưº Eķĭ
EķĭƷƒ Ʒƒ ]ƆƒĦ
]ƆƒĦŋƒ ŋƒ ]œũœ
]œũœĜœ¼
Ĝœ¼ sȃ EČ«
EČ«ąÎĜ
ąÎĜƒĭñ
ƒĭñÎĜķÎĜķ ƕķ
ƕķĭƒũĭƒũũķƆ
ũķƆČ¼Č¼ Wũƒ«ƆČ
Wũƒ «ƆČ«Îº
«Îº ƪƪƪ
ƪƪƪœæƆ œæƆœ«ķ
œ«ķĦŽÎ
ĦŽÎ¿ČƆ
¿ČƆķũČ
ķũȃĜ«
ƒĜ«ķ¿Î
ķ¿Î
ŁéƋ¼¼ EķĭƷƒ
ŁéƋ EķĭƷƒ¼¼ ƒƻıƻƻ
ƒƻıƻƻ¼¼ EČĜƒĭ
EČĜƒĭœœ cÎĜœ
cÎĜœ řƋı
řƋı ƻƋı
ƻƋı ƒÖƒÖ
ƒÖƒÖÖƒƻ
ÖƒƻŁŁ ĕíƞƞ ijɶƍ
ĕí ijɶƍĦijĦijƫĕ
ƫĕijij íĄƹíĄƹȮȖ ȮȖ ƆƹƆƹɸ ɸ ȖƆij
ȖƆijʀʀ ɸƍƞɸƍƞƞƞ ɸƹdz
ɸƹdzƛģ ƛģ ƦíĦij
Ʀí Ħij Ąʀ ƍ ƍƹ}
ƹ}¯ij ¯ijĕƆĕƆȐȐŒƍŒƍʈij
ʈijdzdz íƫĦ
íƫĦ ĕƹ ĕƹƦƋ
ƦƋ ¯Ɔijij ǹĕƆ
¯Ɔ ǹĕƆijƦijƦijij ƍǹ ƍǹ dzȮ
dzȮǹǹ ǹǹijƞijƞǹǰ
ǹǰ ƞí
ƞíȖij
ȖijǹȖ
ǹȖ Ħƍ
Ħƍdzij
dzijĕƋĕƋ §Ʀídz
§Ʀ ídzȖǓȖǓƆƹƆƹƫij ƫij ƦíƦíƛij ƛijdzǹ dzǹ ídz
ídzŵȮŵȮijij ȖƆíȖƆíȖȖ dzijƋdzijƋ
KƪĭÎũ¼
Kƪĭ Îũ¼ cąÎ 'Čĭ'Čĭƒĭ«
ƒĭ«ČƒĜȃĜ cČĦ
cČĦÎŰ ÎŰ ?ČĦČ
?ČĦČƆο
Ɔοŷŷ Yƒŋŋũ
YƒŋŋũÎŰÎÎŰÎĭƆƒ
ĭƆƒĭƆÎ
ĭƆÎ Î
ČũÎƆƆ
Čũ ÎƆƆķũÎ
ķũÎ YÎŰYÎŰŋķĭ
ŋķĭۃš ۃšČĜÎ
ČĜÎ Čĭ 0ƆƒĜ
0ƆƒĜȃº
ȃº 0œE
0œEœœ
œœ]ũĜ
]ũĜĊEƒ
ĊEƒũ«ķũ«ķ Wũķ
WũķƩƒŰ
ƩƒŰČČ Ċ
YÎŋũČĭƆŰ
YÎŋũČĭ
«ķĦŋƒĭ
«ķĦ
ƆŰ ƒũÎ ƒƩƒ
ŋƒĭưư Ĝķñķ
ƒƩƒČĜƒ
Ĝķñķ ķũ
ČĜƒšĜÎ
šĜÎ ķæ ƒĭư
ķũ «ķĭƆƒ
«ķĭƆƒ«Ɔ
ƒĭư 'c
«Ɔ ¿ÎƆƒ
'c ƒũƆČ«
¿ÎƆƒČĜŰ
ƒũƆČ«ĜÎ
ČĜŰ ČĭŰ
ČĭŰÎũƆ
ĜÎ ƪČƆą
ÎũƆο
ƪČƆą ưķƕ
ưķƕũũ
ο ČæČæ ũÎŝƕČ
ũÎŝƕČũο
ũο
ƍƫ íƫ íȖíȖȖij
ȖijƦǓ
ƦǓȖȖ Ȗƹ Ȗƹ Ɔijí
ƆijíĦ Ħ ƹŒŒ
ƹŒŒ í ǹȮdz
ǹȮdzŵijŵij ƍƫ ƍƫ
ƍƫŒij
ŒijĕƋ
ĕƋ Ąƍƫij
Ąƍ ƫijĦ Ħ ȖƆij
ȖƆij ƹdz ƹdzƍŵ
ƍŵƍƫ
ƍƫíƞ
íƞ ǹȖ
ǹȖdzí
dzíƍƫ
ƍƫ ɸƍɸƍȖƆȖƆ ȖƆȖƆijij 
ǜ

ǜDŽDŽ Ȗƍɶij
Ȗƍɶij Ȗí
ȖídzŵdzŵijȖ
ijȖƍƫ
ƍƫŵŵ ijƞij
ijƞijĕȖĕȖdzƹ
dzƹƫƍ
ƫƍĕǹ ĕǹ Ʀí
ƦíƫȮ ƫȮŒí
ŒíĕȖĕȖȮdz
ȮdzƋƋ ǤȮƍdz
ǤȮ ƍdzƍƫ
ƍƫŵŵ Ʀƹdz
Ʀƹdzijij Ǔídz ǓídzȖǹ Ȗǹ ídz
ídzijij íɶí
íɶíƍƞ ƍƞíĄ
íĄƞij ƞij ǹƍ
ǹƍƦǓ
ƦǓƞʀ ƞʀ
sȃ (œ WƕΫ
WƕΫąÎũąÎũ¼¼ ƒ ƒƻƻƋ
ƒƻƻƋŹŹ Wƒ¿Îũ
Wƒ¿Îũĭķ ĭķ ƕñĭ
ƕñĭƒĭķ ƒĭķ ōE0
ōE0ŏ¼ŏ¼ 0ƆƒĜ
0ƆƒĜưœ
ưœ ōĦČĭČĦ
ōĦČ ĭČĦƕĦ
ƕĦ ķũ¿Î
ķũ¿Îũũ Łƻƻ
Łƻƻ «ķŋČÎ
«ķŋČÎŰŏœ
Űŏœ Ȗƍƹƫ
Ȗƍƹƫǹǹ ȖƆƍ
ȖƆƍǹǹ ɸƍƫ
ɸƍƫȖij Ȗijdzǜ
dzǜ ǹȮĄɶ
ǹȮ Ąɶídz ídzƍíƍíƫȖ
ƫȖǜǜ ¯Ɔij
¯Ɔijʀʀ ŒƹȮŒƹȮƫĦƫĦ ȖƆ ȖƆíȖ
íȖ ǹƆǹƆƹȖ ƹȖ Ǔdz
ǓdzƹƋƹƋ ijdzǹǹ íŒȖ
ijdz íŒȖijdz
ijdz ƍƫ
ƍƫȖdzȖdzƹĦ
ƹĦȮĕȮĕƍƫƍƫŵŵ ƍƫ
ƍƫ kȮƫ
kȮƫijij í dzijdzijǤȮǤȮƍdzƍdzijƋ
ijƋ ƍƫĕdz
ƍƫ ĕdzijí
ijíǹijǹijǹǹ ȖƆij
ȖƆij Ȯǹ Ȯǹijij ƹŒ ƹŒ Ǔƞí
ǓƞíǹȖ ǹȖƍĕ
ƍĕǜǜ 'ƍŵ
'ƍŵƍȖ ƍȖíƞ
íƞ
EČĜƒĭķ
EČĜ ƒĭķ ĭœ ƒıŻ ƒıŻ ¿ÎĜ
¿ÎĜ ƻÖŽƻ
ƻÖŽƻéŽƻéŽƻÖÖ Ċ WķŰƆ
WķŰƆÎÎ 0ƆƒĜČ
0ƆƒĜȃĭÎ
ƒĭÎ ]ŋ
]ŋĊ]ŋ Ċ]ŋοœ
οœ Čĭ KĭÎĊķæ
KĭÎ Ċķæææ «ķŋưũ
«ķŋưũČñą
ČñąƆƆ ĜČ«Îĭ
ĜČ«Îĭ«ÎŰ
«ÎŰ æķũ ũÎŋ
ũÎŋũķ¿
ũķ¿ƕ«Ɔ
ƕ«ƆČķĭ
Čķĭ ķæ 'c
'c ƒũƆČ«
ƒũƆČ«ĜÎŰ
ĜÎŰ
ššœWķ
šš œWķŰƆœŰƆœ?œ
?œ ƋéƋ
ƋéƋŽƒƻŽƒƻƻƋƻƋ ō«ķĭ
ō«ķĭƩœ Ʃœ ?œ
?œ ƒŹŽƻƒ
ƒŹŽƻƒŽƒƻŽƒƻƻîĊ
ƻîĊĭœîĭœîŻŏ
Żŏ ƒũƆœ
ƒũƆœ Ł ƒũÎ ƒĜŰ
ƒĜŰķķ ƒƩƒČĜ
ƒƩƒČĜƒšĜ
ƒšĜÎœ
Μ
¡ƹĄij
¡ƹ ĄijdzȖ
dzȖ í
íƞƍ ƞƍŒŒ
ŒŒģģ Ɔijí
ƆijíĦ Ħ ƹŒ
ƹŒ ȖƆij
ȖƆij G' G'
ģ
ģ ǹí
ǹíƍĦƍĦ ɶƹƛij
ɶƹ ƛijĦ Ħ í ĄijĄijȖȖȖȖijdz
ijdz ƍƦ
ƍƦƦȮƦȮƫij ƫij dzij
dzijǹǓǹǓƹƫƹƫǹij ǹij ƍƫ ȖdzȖdzƍí
ƍíƞƞ ƦijƫȖ
Ʀij ƫȖ Ȗƹ ȮǹȮǹijij í ǹȖǹȖíƫ
íƫĦíĦídzĦdzĦƍǹ ƍǹijĦ
ijĦ ĕƆĕƆídzídzŵij
ŵijdzdz Ąʀ
Ąʀ -Ȯdzƹ
-Ȯ dzƹǓijǓijģģ dzijǓ
dzijǓdzijdzijǹijǹijƫȖƫȖƍƫ
ƍƫŵŵ ȖƆij
ȖƆij ǹijǹijĕȖĕȖƹdz
ƹdzģģ ǹíƍ
ǹíƍĦġĦġ ǭ

œ«ķĦĦƒ
œ«ķ ĦĦƒ Ł¼ 
]ŋƒČĭº
]ŋƒ Čĭº Îũ
 EČĜƒ
ÎũĦķĭ
EČĜƒĭķœ
ĦķĭƆƆ 0ĦŋũÎ
ĭķœ
0ĦŋũÎŰČķŰČķĭ¼
ĭ¼ ƩÎĭ
ƩÎĭČ¿ƒČ¿ƒ ¿Î ĜÎĦ
ĜÎĦƒĭČ ƒĭȃƒ Łƒ¼
Łƒ¼ c¼
c¼
'ķũ šķƆ
šķƆąą ŰÎũƩČ
ŰÎũƩČ«ÎŰ
«ÎŰ ŋąķ
ŋąķĭÎĭÎ řîî
řîî ƒƻƒƻ ŹÖŹƋ
ŹÖŹƋ îÖŁŻ
îÖŁŻ¼¼ ķũ ÎĦƒ
ÎĦƒČĜČĜ ȖƆijij dzijŵ
ȖƆ dzijŵȮƞ
ȮƞíȖ
íȖƹdzƹdz ǹȖǹȖdzƹ
dzƹƫŵƫŵƞʀ ƞʀ ijƫ
ijƫĕƹĕƹȮdzȮdzíŵ
íŵijĦijĦ íƫ
íƫʀƋʀƋ ǓídzȖ
Ǔí dzȖƍĕƍĕƍǓƍǓíƫíƫȖǹȖǹ íƫ
íƫĦ Ħ ĦƍĦ
ĦƍĦ ƫƹƫƹȖȖ ȖdzƍȖdzƍŵŵŵŵijdz ijdz íƫíƫʀʀ ȦʍȦŭ
Ȧʍ Ȧŭģģ Ħijǹ
ĦijǹǓƍ ǓƍȖij
Ȗij ʀij
ʀijídzídzǹǹ ƹŒ
ƹŒ ƍƫĦ
ƍƫĦȮǹȮǹȖdzȖdzʀʀ ƹǓǓ
ƹǓǓƹǹ ƹǹƍƋ
ƍƋ ǓƹȖij
Ǔƹ ȖijƫȖ
ƫȖƍí
ƍíƞƞ ƹɶij
ƹɶijdzǓ dzǓdzƹdzƹĦȮ
ĦȮĕȖ ĕȖƍƹ
ƍƹƫƫ ǜ ǜ ǜ ɸƍɸƍƞƞƞƞ dzij
dzijǹȮ
ǹȮƞȖ ƞȖ
Űưĭ¿Č«
Űưĭ ¿Č«ƒƆČ
ƒƆČķĭ—
ķĭ—æƆœ
æƆœ«ķĦ
«ķĦ
ƹƫijij ijƞƍ
ƹƫ ijƞƍŵƍ
ŵƍĄƞ
Ąƞijij ǭȖƹǭȖƹ ĕƹ ĕƹƫǹ ƫǹƍĦ
ƍĦijdzijdz dzijdzijĕij
ĕijƍɶƍɶƍƫ
ƍƫŵŵ í ǹíŒij
ǹí ŒijȖʀȖʀ ĕƹĕƹƫĕƫĕijdzijdzƫǹ
ƫǹǜǜ Ȗƍƹƫ
Ȗƍƹƫģģ ƍƫ
ƍƫ Ǔídz
ǓídzȖƍȖƍĕȮ
ĕȮƞí
ƞídzdz Œdzƹ
ŒdzƹƦ Ʀ
ǓǓ
ǓǓƞij ƞijǜǜ ƍƫ Ɔƍ
ƆƍŵƆ
ŵƆijdzijdz ĕƹ
ĕƹƫǹƫǹȮƦȮƦijdz ijdz ĕƹĕƹǹȖǹȖǹǜ
ǹǜǮǮ
Thursday 1 September 2022
Kremlin’s charismatic pragmatist whose
policies ended an empire and the cold war
Mikhail Gorbachev
Last Soviet leader
1931-2022
Mikhail Gorbachev, who has died aged
91, was the last leader of the Soviet
Union and its first and last state presi-
dent. Although he ruled in Moscow for
less than seven years, the consequences
of his tenure rewrote the global order at
the end of the 20th century.
During his years in the Kremlin, from
1985 to 1991, he ended one-party com-
munist rule in the Soviet Union, halted
the global arms race and allowed the
peaceful liberation of the states of cen-
tral and eastern Europe. His policies ter-
minated the “dictatorship of the prole-
tariat” and ended the cold war but led to
the collapse of the Soviet empire in the
process.
Lauded in the west as a hero and
awarded the Nobel Peace Prize in 1990,
he was and still is condemned by many
in Russia for wrecking its economy and
putting paid to its superpower status. In
reality he attempted to reform a system
that was in terminal decline, and
thereby triggered a revolution that he
could not control.
In contrast to his predecessors, Gor-
bachev was articulate and charismatic.
He was also a brilliant tactician in the
politics he knew best: manipulating the
party. His instincts were democratic but
his experience was bureaucratic. He was
a pragmatist who could never quite
bring himself to abandon his commu-
nist roots and throw in his lot with the
most radical reformers. As a result, he
ended up despised by diehard conserva-
tives and liberal democrats alike.
Gorbachev was an outstanding stu-
dent of the Soviet system, the first party
leader to have attended university, fol-
lowed by a stellar career through the
party bureaucracy. Yet he eventually
dismantled the totalitarian state cre-
ated by Vladimir Lenin and Joseph Sta-
lin. As he wrote in his autobiography in
1995, he was “a product of the nomen-
klatura [the party elite] and at the same
time . . . its gravedigger”.
Unanimously elected as party general
secretary in 1985 aged just 54, he was
the first relatively young and vigorous
leader of a system ruled for decades by
elderly men. Although his elevation was
regarded with initial suspicion in Wash-
ington and other western capitals, it sig-
nalled the start of a “second Russian
Revolution” that proved unstoppable.
Gorbachev embarked on what he
called perestroika — restructuring. The
slogan was chosen to sound unthreaten-
ing. The intention was to reform the
communist system, to make it more
efficient and humane. But given the
stagnation throughout the economy
and society, he knew it would require
radical change.
On the eve of his election as party
leader, he told his wife Raisa: “We can’t
go on living like this.” Yet as each
attempt to revitalise the economy was
thwarted by an entrenched and corrupt
bureaucracy, he switched to ever more
fundamental political transformation
that came to threaten the leading role of
the Communist party itself.
Gorbachev’s greatest successes were
on the world stage, where he overcame
deep mutual suspicion and forged close
ties with Ronald Reagan, then US presi-
dent, and his successor, George HW
Bush. After a 1984 meeting with Marga-
ret Thatcher, she famously concluded:
“I like Mr Gorbachev. I think we can do
business together.”
In the west, his easy smile, intelli-
gence and charm inspired “Gorbyma-
nia” from the crowds who mobbed him
on his travels with the glamorous and
intelligent Raisa in the 1980s. In Ger-
many he was most popular of all, thanks
to his role in backing unification after
the fall of the Berlin Wall.
His “new thinking” was instrumental
in ending the ideological confrontation
between east and west. Seeing a direct
link between ruinous military expendi-
ture and the sorry state of the Soviet
economy, he set out to end the global
arms race. He promoted the idea of a
nuclear weapons-free world by 2000
and pulled Soviet troops out of their dis-
astrous intervention in Afghanistan.
In the USSR, however, his perestroika
unleashed forces he could not control.
His initial popularity, boosted by tele-
vised walkabouts and frank public
debates, faded as his reforms failed to
transform the domestic economy and
improve ordinary lives. Perestroika
sought to promote private initiative
without dismantling the ossified state
planning system or allowing a real mar-
ket economy. The result was a collapse
in state-controlled production and
chaos in the distribution of goods.
Glasnost, or transparency, the other
pillar of his transformation process, also
had unintended consequences. It was
★ FINANCIAL TIMES 3
INTERNATIONAL
‘I like Mr supposed to be a carefully orchestrated Soviet dissident wanted genuine was awarded the Nobel Prize for his Nuclear accord: It made him acutely aware of the futil-
opening of the media to expose the sins democracy and an end to the “leading “leading role in the peace process”. But Mikhail ity of war and suspicious of the power of
Gorbachev. I of the past and outmanoeuvre oppo- role” of the Communist party. In 1989, at already his authority in Moscow was Gorbachev, left, the military establishment.
think we can nents of reform. But by removing draco- the Congress of People’s Deputies, a fading fast. and US Thanks to his family history, the
nian curbs on information, it resulted in grudging Gorbachev gave him the plat- As the economy collapsed and dem- president future party leader was also conscious of
do business a diversity of opinion and public debate form to say so. The nation stopped work onstrators demanded independence on Ronald Reagan the cruel and arbitrary treatment of dis-
together’ that exposed the entire power structure to watch them argue on live television the streets of Tallinn, Vilnius and Tbi- sign a missiles sent under Stalin. Both his grandfathers
to devastating criticism. and, from that moment, the revolution lisi, he swung back to the conservatives reduction deal suffered persecution in the 1930s: one
Margaret When he arranged in 1986, behind the was unstoppable. in his party, attempting to reimpose in December was exiled to Siberia, the other was im-
Thatcher, 1984 backs of the KGB secret police, to end One of Gorbachev’s greatest failures, Soviet authority. It was too late. The 1987. Below top, prisoned and interrogated by Stalin’s
the exile of Andrei Sakharov, father of however, was in not dismantling, or at centre of power was moving inexorably embracing East NKVD security police, forerunners of
the Soviet nuclear bomb, he liberated a least emasculating, the KGB itself. At to the Russian presidency then held by German leader the KGB, as a suspected Trotskyite.
man who rapidly became the moral con- first he relied on the security service to his great rival, Boris Yeltsin. Erich Honecker He still managed to be top of his class
science of the country. The most famous drive the reform process, but in the end The abortive three-day coup in in April 1986. in school and went on to Moscow State
it became the leading force of reaction- August 1991 merely accelerated the In Oslo in June University to study law in 1950. Later he
ary opposition and led the coup attempt process of disintegration. Gorbachev, 1991 to deliver a admitted that he and his fellow students
in 1991 that sought to overthrow him. briefly placed under house arrest in his delayed Nobel were subjected to “massive ideological
Although the coup failed, the presi- holiday villa in Crimea, never recovered Peace lecture brainwashing”. But he read voraciously,
dent’s inability to revive the moribund his full authority. The Communist party AFP/Getty Images; STR; declaring that “the first authors who
Alexander Zemlianichenko/AP
economy and contain an upsurge of was banned and Yeltsin emerged as hero sowed the seeds of doubt” in his mind
nationalist revolts that spread from the of the hour. The Soviet Union ceased about the communist system were
Baltic republics to the Caucasus was to exist on December 25 and its last Marx, Engels and Lenin.
what eventually destroyed the Soviet leader was bundled ignominiously into Energetic, persuasive and a good lis-
Union. retirement. tener, Gorbachev owed his swift promo-
What started as demonstrations for Controversy over that imperial disin- tion to Yuri Andropov, head of the KGB,
devolution to outlying parts of the tegration persists to this day. President who became his most important patron.
empire became outright independence Vladimir Putin, a former KGB colonel, is Andropov saw his protégé as a loyal
movements, spreading in turn to Russia driven by the belief that the collapse of communist who would rejuvenate the
itself. Gorbachev never understood why the Soviet Union was “the biggest geos- leadership and clean up the system.
there was so much resentment of Soviet trategic tragedy of the last century”. When still under 40, he became party
rule but his democratic instinct meant Mikhail Sergeyevich Gorbachev was leader in Stavropol and in 1978 was
he was not ready to suppress it. Without born on March 2 1931 into a peasant summoned to Moscow. He was made
a ruthless tsar in the Kremlin, the centre family in the village of Privolnoye, in the agriculture secretary in the central com-
could not hold. rolling wheat lands and sheep farms of mittee and promoted to the Politburo
He also refused to intervene militarily the Stavropol region in southern Russia. two years later.
to stop the overthrow of communist His experience as a child under German When Andropov succeeded Leonid
regimes in eastern Europe, espousing occupation was important. Brezhnev as party leader in 1982 he
what Gennady Gerasimov, his spokes- “Our generation is the generation of appeared to be grooming Gorbachev as
person, famously described as the wartime children. It has burned us, his successor. But he died and his pro-
“Sinatra doctrine; they’ll do it their leaving its mark both on our characters tégé’s path was blocked by Konstantin
way”. and on our view of the world,” he wrote Chernenko, a Brezhnev loyalist deter-
He even gave his blessing to German in his memoirs. mined to reverse the reform process.
reunification in 1990 against strong He never forgot the experience of Meanwhile Gorbachev had met by
opposition from the security services. It stumbling across the rotting corpses of chance the man who became his most
was a sign of weakness for which the Red Army soldiers under the snow. important intellectual inspiration for
KGB, the military establishment, and “There they lay in the thick mud of the reform: Alexander Yakovlev, a former
communist loyalists never forgave him. trenches and craters, unburied, staring head of the party’s ideology depart-
That was the year when Gorbachev at us out of black, gaping eye sockets.” ment. They met in 1983 when Gor-
bachev was on an official visit to Canada
to inspect farm facilities.
Presidential reaction Putin also paid tribute to Gorbachev’s the western praise pointed to the peace in Europe”. Olaf Scholz, Stranded for hours while awaiting the
Putin hails former leader’s charity work and asked his relatives to former leader’s mistakes. Germany’s chancellor, said the former arrival of Ottawa’s farm minister, they
“accept my sincere words of sympathy “All our enemies are calling Soviet leader had died “at a time when took a “walk that changed the world”
‘huge’ historical role and support over your loss”. Gorbachev a reformer and a real man of not only democracy in Russia has failed and discovered that they shared almost
Gorbachev is a complicated figure in the world who helped to unite Europe . . . But also when Russia and the identical ideas. Three weeks later, Gor-
Vladimir Putin has saluted Mikhail Russia where many ordinary citizens by destroying the Iron Curtain and Russian president Putin have dug new bachev persuaded Andropov to bring
Gorbachev’s “huge influence on the resent the social and economic hardship putting an end to the arms race,” trenches in Europe [and] begun a Yakovlev, the Soviet ambassador to
course of global history” in a message that came along with his reforms and Skabeyeva said. But she pointed to an terrible war against a neighbouring Canada, back to Moscow.
to the late Soviet premier’s family. the humiliation of losing the Soviet article in Chinese state newspaper state, Ukraine”. His other key ally was Eduard Shev-
The Russian leader said Gorbachev Union’s superpower status. Global Times, which highlighted “the Gorbachev is remembered less fondly ardnadze, former party leader in Geor-
“led our country through a period of Dmitry Peskov, Putin’s spokesman, naivety and immaturity of Gorbachev, in states that were formerly part of the gia, who became his inspired choice as
difficult, dramatic change and said Gorbachev was an “extraordinary, whose devotion to the west plunged the Soviet Union, particularly Lithuania, foreign minister in 1985, his trusted en-
substantial foreign policy, economic and unique person” who “will be country into an era of political and where a court began hearing a lawsuit voy throughout the detente and confi-
social challenges”, the Kremlin said. remembered all over the world”. But his economic instability”. against him this year charging him with dence-building that ended the cold war.
Putin has in the past praised faith that the end to the cold war would By contrast, US president Joe Biden war crimes over the violent suppression It was Yeltsin’s instinct to back the
Gorbachev but lamented the social and usher in improved relations with the saluted a “man of remarkable vision” of pro-independence protests in 1991. opposition that proved the most presci-
economic repercussions of the USSR’s west was naive, Peskov said. who allowed “a safer world and greater Alexei Navalny, the jailed Russian ent and it was Gorbachev’s hesitation to
break-up in 1991. Putin’s resentment “There was no romantic period and freedom for millions of people”. opposition leader, wrote from prison break from his party that destroyed
over the collapse of the Soviet Union ‘honeymoon century’,” Peskov said. “Our Some western leaders seized on that Gorbachev deserved praise for him. Its banning after the 1991 coup
and Nato’s eastward expansion fuelled opponents’ bloodthirstiness showed Gorbachev’s death to underline how avoiding the temptations of corruption removed Gorbachev’s power base. He
his decision to invade Ukraine. itself. It’s good that we realised and Putin’s war in Ukraine and increasingly and clinging to power. never forgave Yeltsin for his disloyalty.
But in the telegram to Gorbachev’s understood this in time.” authoritarian rule had dismantled the “He left office peacefully and willingly The death of Raisa in 1999 left Gor-
relatives, the Russian president said “he Russian state television also offered a late Soviet leader’s legacy by rolling in respect of voters’ wishes. That alone bachev devastated. Asked once what he
profoundly understood that reforms mixed assessment of Gorbachev’s back hard-won freedoms he introduced. is a huge triumph by the standards of discussed with his wife, he had replied
were essential and tried to solve the legacy. Olga Skabeyeva, host of a Emmanuel Macron, French president, the former USSR,” Navalny wrote. with one word: “Everything.”
problems that had come to the fore”. vitriolic current affairs talk show, said praised Gorbachev’s “commitment to Max Seddon in Riga Quentin Peel
See The FT View
4 ★ FINANCIAL TIMES Thursday 1 September 2022

INTERNATIONAL

Carbon reduction Military budget

Chinese emissions drop as growth falters Japan’s fears

World’s biggest emitter
records fourth quarterly
decrease in succession
sector. It was the fourth consecutive
quarter in which emissions have fallen
in China, the world’s biggest emitter.
Lauri Myllyvirta, an analyst at the
Steel is heavily used in construction
and the steel sector is the country’s sec-
ond-largest carbon-emitting sector
after power generation.
ing the same period, the Chinese econ-
omy as a whole expanded only 0.4 per
cent, official data showed.
A heatwave and drought have caused
about Beijing
in new projects in the first six months of prompt big
rise in defence
the year, the largest amount since 2016,
Myllyvirta pointed out. He said there
were signs that coal power generation

PRIMROSE RIORDAN — HONG KONG

LESLIE HOOK — LONDON
China’s carbon emissions fell almost
8 per cent in the April to June quarter
compared with the same period last
year, their sharpest decline in the past
decade, according to climate research
service Carbon Brief.
The fall in emissions reflected a dra-
matic slowing in Chinese growth caused
by large-scale Covid-19 lockdowns and a
crisis in the heavily indebted property
Helsinki-based Centre for Research on
Energy and Clean Air, which compiled
the data for Carbon Brief, said there had
been a drop of 44 per cent in the
number of construction projects started
and a 33 per cent fall in those completed
during the second quarter.
“The [emissions] reduction was
driven by falls in steel and cement out-
put due to the real estate slump, [a] fall
in transport oil consumption caused by
Covid-19 control measures, slow elec-
tricity consumption growth and strong
rises in renewable power generation.”
Global warming. Economic fallout
The most recent fall of a similar mag-
nitude was in the first three months of
2020, when emissions declined 7 per
cent as lockdowns disrupted the econ-
omy early on in the pandemic.
The economy is now also being
dragged down by spiralling debt in the
property sector following last year’s
default of developer Evergrande.
Since then, other developers have
defaulted. Cement production for the
second quarter fell 18 per cent year on
year, according to the Centre for
Research on Energy and Clean Air. Dur-
further disruption this quarter. In
August, China’s south-western Sichuan
province, which relies on hydropower,
was forced to instruct industrial power
users to halt production after tributary
rivers ran dry.
With hydropower generation far
below normal levels, analysts have pre-
dicted China will turn to coal to increase
electricity supplies, despite the impact
on emissions. Yet Beijing has vowed to
reach peak CO₂ emissions by 2030.
China had been trying to boost coal
power capacity, approving 21 gigawatts
was unable to keep up with demand in
August because of previous energy poli-
cies that made it too expensive.
“Sichuan’s [coal-fired] thermal power
plants were reportedly generating at 70
per cent of full capacity at a time when
the [power] shortage was at its worst, a
situation where 100 per cent would be
expected,” Myllyvirta said.
“This indicates that high fuel prices
and regulated electricity prices . . . are a
part of the problem.”
Additional reporting by William Langley in
Hong Kong
spending
KANA INAGAKI — TOKYO
Japan will upgrade its cruise missiles
and research hypersonic weapons as it
seeks to significantly increase military
spending to counter what Tokyo sees as
the rising threat from China.
The defence ministry yesterday made a
record ¥5.6tn ($40bn) budget request
for the year to March 2024, compared
with ¥5.4tn in planned spending for the
current fiscal year.
But people with knowledge of internal
ministerial discussions said the final
budget would top at least ¥6tn after the
inclusion of additional requests for mili-

China drought wreaks havoc on manufacturers
Industry has been disrupted by
heatwaves experts warn are
probably tied to climate change
PRIMROSE RIORDAN, GLORIA LI
AND ANDY LIN — HONG KONG
Er Hu works in an office tower in Chong-
qing most days. But when forest fires
erupted in the south-western Chinese
city as it faced the country’s worst
drought for decades, the 31-year-old
visa consultant grabbed his motorbike
and rode to the outskirts to help trans-
port supplies to fight the blazes.
“There were 1,000-2,000 firefighters
on the mountains but lots of motorcycle
volunteers,” he said, adding that cars
struggled to navigate the muddy paths.
Sichuan province started to restore
power for industrial users from Sunday,
but the impact on the broader economy
from the heatwave, which caused tem-
peratures in Chongqing to rise 7C higher
than the average level over the past dec-
ade, has been severe. Widespread power
shortages in the south-west paralysed
industry in a crisis that scientists said
was probably caused by climate change.
The drought caused rivers that feed
hydroelectric plants to dry up. This
included the Yangtze, China’s largest
and most important waterway for trade,
which dropped to its lowest level on
record. The river was so low near
Chongqing that 600-year-old Buddhist
statues which had been underwater for
centuries were exposed.
“The combination of duration, area
and intensity of this heatwave in eastern
China has no precedent in world cli-
matic history,” said climatologist and
weather historian Maximiliano Her-
rera. “The 2013 heatwave was consid-
ered the most intense before 2022, but
this one has doubled its duration, it’s
much more intense and has encom-
passed a larger area.”
One possible reason for the extreme
weather is that climate change has
caused the jet stream, the band of fast-
moving air that controls weather in the
mid-latitudes, to “wobble”, said Johnny
Chan, emeritus professor of atmos-
pheric science at the City University of
Hong Kong.
With a less stable “jet stream, you can
Dried up: get a blocking situation [where] there tion of more than 174mn, export power
a woman poses will be persistent warm air coming to manufacturing hubs on China’s east
for a photo on south to the north”, he said, adding that coast. But this year, Sichuan’s hydro-
the bed of the the tropical high-pressure system had power has operated at about 20 per cent
Jialing river, a also extended over more of central of average capacity, according to David
tributary of the China than in the past. “It usually stays Fishman, an energy market analyst at
Yangtze in on the coast, but now it extends very far the Lantau Group.
Chongqing inland. Lakes are drying up in Central “As long as the river flow rates remain
Noel Celis/AFP/Getty Images
China.” depressed, Sichuan hydropower gener-
Sichuan, Chongqing and Hubei prov- ation loses the capacity to be treated as
ince, an area with a combined popula- baseload,” Fishman said, referring to
the minimum level of demand.
The heat has caused a surge in
Chongqing is 7C hotter than the average level demand for power and air-condition-
in the past decade ing, with Sichuan setting records for
Daily recorded highest temperature in Chongqing (C), peak power load. Authorities were
2022 vs 2011-21 average forced to order manufacturing compa-
nies to pause production for more than
45 two weeks. “The implication for busi-
ness is pretty broad . . . In Sichuan, it
40 has created a perfect storm of condi-
35 tions. Any kind of manufacturing is hav-
ing issues,” said Even Pay, an analyst at
30 consultancy Trivium China.
Manufacturers such as Toyota and
25 Foxconn halted production, while the
power shortages caused supply chain
20
problems for the Shanghai-based opera-
Jul Aug
tions of Tesla and state-owned car-
Source: Wind
maker SAIC Motor. Changan Automo-
‘The bile, another state-owned carmaker,
said it expected to produce 100,000
duration, fewer vehicles in August after power
area and cuts forced its Sichuan plant to close.
Sichuan is also a significant source of
intensity lithium and polysilicon, vital for the
of this production of electric vehicles and solar
panels, sectors Beijing hopes will help
heatwave revive growth in its slowing economy.
in eastern Power rationing will lead to a reduced
production of lithium, which is used to
China produce batteries, with lithium carbon-
has no ate output estimated to fall by 1,250
tonnes and lithium hydroxide by 3,050
precedent tonnes in August, according to the
in world Shanghai Metals Market.
The production shortages have
climatic sapped economic output, but the strains
history’ have been particularly acute for those
trying to live in the extreme conditions.
Authorities instructed office manag-
ers to increase air conditioner tempera-
tures to save electricity, so workers put
ice bricks in front of fans to stay cool.
Carriages in the subway were darkened
as cities dimmed lighting. And Beijing’s
zero-Covid policy meant authorities in
Chongqing did PCR tests on August 24
while fires raged behind them.
Leo Lewis see Opinion
tary equipment to be made at the end of
2022, when Japan issues a new national
security strategy and defence guide-
lines. This would make the figure one of
the biggest increases in the country’s
military spending in the postwar period.
Tokyo has been steadily increasing its
defence budget for the past decade, but
spending has remained equivalent to
about 1 per cent of gross domestic prod-
uct, which is low by global standards.
That is poised to change under Prime
Minister Fumio Kishida. He has pledged
to “significantly” upgrade defence capa-
bilities after Russia’s invasion of
Ukraine raised fears that China could
make a similar move against Taiwan.
The ruling Liberal Democratic party
has called for Japan to match Nato’s tar-
get for member states to spend 2 per
cent of GDP on defence, but the govern-
ment has not set a specific target.
The people familiar with the budget
discussions said Japan was considering
developing homegrown cruise missiles
that would have a range of more than
1,000km. This would allow Japan to
strike targets within North Korea or
China from ships and fighter jets.
The long-range surface-to-ship mis-
siles are expected to form the basis of
first-strike capabilities against enemy
bases that Japan, which has tradition-
ally committed to a purely defensive
military stance, is considering as part of
the national security strategy.
Those deliberations are likely to
intensify after China carried out mili-
tary exercises in response to a visit to
Taiwan by US House Speaker Nancy
Pelosi. Tokyo criticised Beijing for firing
ballistic missiles into Japan’s exclusive
economic zone for the first time as part
of the drills last month.
The upgrade of cruise missile capabil-
ity is expected to be part of a long list of
extra items the defence ministry plans
to put price tags on by the end of 2022.
The budget request included outlays
for drills to be conducted near the
Ryukyu Islands — which Tokyo calls the
Nansei Islands — where China has
recently increased its naval presence. It
also included spending on unmanned
aerial vehicles as well as cyber security
and space capabilities.
How far the Kishida administration
can actually increase military spending
remains unclear. He will need the back-
ing of LDP coalition partner Komeito,
which draws its support from Buddhist
voters, for the expanded budget and the
addition of first-strike capabilities.
Those talks are due to begin in October.

Venezuela relations Classified documents

Colombia’s leftwing president offers olive branch to Maduro
JOE PARKIN DANIELS — CÚCUTA entrenched himself in power, with sup-
port from Russia, China and Iran that
The Tienditas International Bridge,
helped him weather an unprecedented
three parallel crossings linking Colom-
economic collapse and the exit of 6mn
bia and Venezuela across the Táchira
refugees, more than 2mn of them to
river, was intended as a paean to com-
Colombia.
merce between the neighbouring
Now, as western nations consider
South American nations.
what to do about Venezuela, Colombia’s
But before a single truck had crossed, newly elected leftwing president, Gus-
relations soured and plans for an inau- tavo Petro, is trying a different
guration in 2016 were shelved. Three approach. Formal diplomatic ties
years later, diplomatic ties were severed between the two Andean nations were
when Colombia joined a US-led coali- re-established in recent days with the
tion to try to force revolutionary social- arrival of newly appointed ambassadors
ist president Nicolás Maduro from in Bogotá and Caracas.
power through economic sanctions and A smiling Maduro, wearing a Carib-
political pressure. bean cane hat given to him by Colom-
That strategy failed as Maduro bia’s new ambassador, Armando Bene-
detti, joked with attendees at the Mira-
flores presidential palace in Caracas.
But he struck a cautious tone over the
Legal Notices normalisation of relations, saying this
had to be done well and “in an orderly
way” or it would fail.
“These are two countries that have
historically had very close ties, so there’s
economic, humanitarian, and security
issues that can now be addressed as part
of this geopolitical realignment,” said
Theodore Kahn, a senior analyst in
Bogotá at Control Risks, a consultancy.
“But there’s a big question mark over
how much Maduro can or will do to cre-
ate a security situation on the Venezue-
lan side of the border that is favourable
to the negotiations that Petro wants.”
Business people on either side of the
Tienditas bridge are impatient for its
reopening, mindful that bilateral trade
peaked at $7bn in 2008. The reopening
would take place “in the short term”,
Germán Umaña, Colombia’s new trade
minister, said at a recent symposium in
Fresh approach:
Gustavo Petro has
re-established
diplomatic ties
with Venezuela
in recent days
Cúcuta attended by business leaders
and Colombian officials. “And the short
term means the short term.”
Briefly part of the same country after
independence from Spain, Colombia
and Venezuela share close cultural, his-
torical and trade links. But the two
nations diverged sharply after 1999,
when Hugo Chávez launched his Boli-
varian socialist revolution in Caracas.
Three years later Bogotá elected a con-
servative president who declared an all-
out war on Marxist guerrillas with the
support of the US.
When Maduro assumed power after
Chávez’s death in 2013, he continued
with his mentor’s state-led economic
policies while cracking down hard on
dissent and harassing the political oppo-
sition. The ensuing economic collapse,
worsened by US sanctions on the vital
oil industry, was among the worst man-
made depressions recorded in peace-
time anywhere in the world.
Informal trade has continued
between Columbia and Venezuela, often
on the clandestine trails that permeate
the porous border. But official trade,
stymied by the sanctions and by Vene-
zuelan hyperinflation and widespread
shortages, has withered. Last year,
Colombia exported just $331mn of
goods to Venezuela.
Business groups claim trade could be
worth $1.2bn a year once the border reo-
pens, though other estimates say an ini-
tial figure of $600mn is more realistic.
But if those figures are to be achieved,
shifting trade from smugglers to the
legal economy is vital, business groups
say.
“If we can have a stronger institu-
tional framework, we could have a
much more formal, stable, deep and
balanced economic relationship,” Car-
los Fernández, the president of the Ven-
ezuelan Federation of Chambers of
Commerce, said. “The importance of
the reopening is not only in what it
means for border trade, but binational
trade in general.”
Trump team accused of trying
to obstruct FBI investigation
JAMES POLITI — WASHINGTON
The US justice department said efforts
had been made to “obstruct” its probe
into Donald Trump’s mishandling of
classified documents from his days at
the White House, casting doubt on the
former president’s claims that he has
co-operated with federal investigators.
In a court filing late on Tuesday, the jus-
tice department challenged Trump’s
request for the appointment of a “spe-
cial master” to review material recov-
ered by the FBI during its raid of his
Mar-a-Lago estate on August 8 ahead of
a hearing on the matter today.
But the DoJ’s filing went further,
including a photograph of some of the
highly classified documents retrieved
from Trump’s Florida home. The filing
also detailed the interactions between
federal prosecutors and the former
president’s team that led to the FBI
search.
“The government . . . developed evi-
dence that government records were
likely concealed and removed from the
storage room and that efforts were
likely taken to obstruct the govern-
ment’s investigation,” the justice
department said.
“That the FBI, in a matter of hours,
recovered twice as many documents
with classification markings as the ‘dili-
gent search’ that the former president’s
counsel and other representatives had
weeks to perform calls into serious
question the representations made in
the June 3 certification and casts doubt
on the extent of co-operation in this
matter.”
According to the filing, federal inves-
tigators seized 13 boxes containing more
than 100 documents with classification
markings during the search
Previous court filings, including the
government’s heavily redacted affidavit
in support of the search warrant, have
revealed that Trump is facing a criminal
investigation for possible violations of
the Espionage Act, which covers the
handling of sensitive information
related to national defence, as well as
obstruction of a judicial inquiry and the
mishandling of public records.
The probe has been launched as
Trump remains the putative frontrun-
ner for the Republican presidential
nomination in 2024, according to polls
of Republican primary voters. He has
suggested that he intends to run for a
second term in the White House.
Thursday 1 September 2022 ★ FINANCIAL TIMES 5

Hype hazard Dubious business model of China start-up Missfresh meant continual fundraising and lofty promises y COMPANIES

Tencent shifts New course Rome in talks on ITA sale with

Delta, Air France-KLM and private equity
Faith-based
fund provider
strategy with Inspire bans
ESG labels
$14.5bn target EMMA BOYDE

A Christian faith-based exchange

for disposals
traded fund provider has removed
environmental, social and governance
labels from its products after claiming
that “intolerant liberal activists” have
“weaponised” the concept of sustaina-
ble investing.

3 Effort to reduce antitrust pressures Inspire Investing, which changed the

3 Quarterly revenue falls for first time
CHENG LENG, QIANER LIU AND
ELEANOR OLCOTT — HONG KONG
China internet group Tencent is pivot-
ing from years of aggressive stakebuild-
ing to a focus on divestments as it comes
under pressure from investors and Bei-
jing’s antipathy to Big Tech.
As part of a shift in strategy, the com-
pany has outlined a soft target of divest-
ing about Rmb100bn ($14.5bn) of its
$88bn listed equity portfolio this year,
according to two people familiar with
the matter. It would take place depend-
ing on market conditions and internal
profit targets.
Partial divestments in large China
groups such as food-delivery service
Investors are pushing for
assets that disappoint to
be divested as Covid policy
and the property crisis hit
Meituan were in the pipeline, the people
said. Meituan was not a priority for sales
owing to its strong performance, but
cutting its stake could help reduce pres-
sure on Tencent from the anti-
monopoly regulator, the people said.
A crackdown that began in 2020 has
led to nearly 100 deals involving Ali-
baba and Tencent coming under anti-
trust scrutiny from regulators, revers-
ing Beijing’s once laissez-faire approach
towards the country’s internet sector.
Investors had also pressed the com-
pany to divest underperforming assets,
a third person with direct knowledge of
the matter said, as China’s Covid policies
and property crisis batter the economy.
Tencent in August posted its first fall
in quarterly revenues, amid weak ad
and games sales, marking a departure
from the days of double-digit growth in
its internet units that had fuelled its
aggressive investment strategy.
Its approach was not driven by any
urgent need for cash, and sale proceeds
could be distributed in a variety of ways,
including special dividends, share buy-
backs and bonuses for employees, the
people said.
Proceeds in 2022 would contribute to
two batches of funds planned by Ten-
cent that would be based on themes
espoused by Beijing, including sustaina-
ble social values and common prosper-
ity, two of the people said.
Tencent promised last year to raise
Rmb100bn to support rural revitalisa-
tion and help increase earnings for low-
income groups, in a move that was in
step with Beijing’s call for greater corpo-
rate social responsibility.
Tencent said: “We have repeatedly
made clear publicly that our Rmb100bn
commitment towards our sustainable
development initiative is a multiyear
initiative that is separate from our
investment decisions. There is no time-
line for contributions to this fund.”
While Tencent has begun its divest-
ment drive, one person said that the
team was still deliberating on which
stakes could be reduced in non-core
businesses and at what target price.
The Shenzhen-based firm owns over
10 per cent of six large tech companies
listed in China and is the biggest inves-
tor in short-video sharing app Kuaishou
and question-and-answer site Zhihu.
In January, it offloaded more than
$3bn worth of shares in Singaporean
internet conglomerate Sea. Last year
Tencent gave out $16.4bn worth of
stakes in ecommerce operation JD.com
to shareholders as a dividend, in a move
that some saw as the start of the pivot.
Tencent was expected to continue to
invest overseas and in strategic growth
areas, including enterprise software,
video services and the games industry,
though more selectively than before,
said Fitch analysts Kelvin Ho and Jia
Wen in a report in May.
Additional reporting by Sun Yu in Beijing
The Italian government has sought to accelerate privatisation of the Alitalia successor — Alessandro Serrano/AGF/Shutterstock
SILVIA SCIORILLI BORRELLI — MILAN
Italy is in exclusive talks to sell
a controlling stake in ITA Airways,
the successor company to bankrupt
Alitalia, to Delta Air Lines, Air
France-KLM and US private equity
firm Certares.
The three placed one of two bids
in May for the acquisition of ITA
Airways.
Yesterday the Italian Treasury,
which controls the business, said the
offer was deemed “more respondent
to [the government’s] objectives.”
It added that a binding agreement
would be reached only if the negotia-
tions fully satisfied the Treasury.
The latest offer comes after
Lufthansa and Swiss-Italian shipping
conglomerate MSC had expressed
interest in acquiring a majority stake.
They were deemed the preferred
contenders until this week, when
Delta, Air France-KLM and Certares
returned with an improved offer,
according to people close to the
situation.
Under the private equity-led offer,
the Treasury would maintain a 40 per
cent stake in ITA Airways, while Cer-
tares would own the controlling 60
per cent stake.
Delta Air Lines and Air France
would be ITA’s commercial partners
and could, at a later stage, acquire up
to 20 per cent of the company, the
people said.
In February, the Treasury was given
a mandate by the cabinet to search for
a buyer, as Rome sought to accelerate
the airline’s privatisation after its bail-
out in 2021.
In January, ITA boss Alfredo
Altavilla said the potential deal with
Lufthansa and MSC was a “very com-
pelling solution” for the carrier,
which needs to find an international
partner to expand beyond its domes-
tic market.
MSC is the largest container-ship-
ping group and hopes to expand into
air cargo through the deal, while Italy
is Lufthansa’s main foreign market.
The German airline’s chief execu-
tive Carsten Spohr in May told Italian
newspaper Corriere della Sera that
Rome would become the group’s
southern hub.
However, people close to the negoti-
ations between the Treasury and the
two groups of contenders said that an
expansion into the US market pro-
posed by Certares, Delta and Air
France-KLM had been deemed
more attractive and potentially
profitable.
They said the offer would also give
the Treasury greater control over the
company’s corporate governance to
prevent, for example, ITA being sold
or broken up, compared with the rival
bid from Lufthansa and MSC.
Lufthansa said that the Treasury’s
decision to enter exclusive negotia-
tions with the other bidders “allows
for more state influence and
does not provide for a full privatisa-
tion of ITA”.
Italy is due to hold general elections
next month and the rightwing coali-
tion, which is widely favoured by
opinion polls, has expressed doubts
on the national airline’s sale.
names of four of its ETFs to label them
as ESG in March, said it had decided to
renounce ESG because “hard-left activ-
ists were seeking to strong-arm compa-
nies into acquiescence with their
extremist policies” on ESG issues.
“ESG has become weaponised by
liberal activists to push forward their
harmful, social-Marxist agenda,” said
Robert Netzly, founder and chief execu-
tive of Inspire, which has $2bn in assets
under management.
Inspire’s decision highlights politici-
sation of sustainable investing, particu-
larly in the US, where a backlash is grow-
ing in Republican-led states.
Florida last Tuesday passed a resolu-
tion banning its pension funds from
considering ESG factors in their invest-
ing strategies. Texas criticised Black-
Rock and nine European financial
groups for “boycotting” fossil fuels.
Inspire adopted the term “faith-based
ESG” in 2019 to describe its “biblically
responsible” approach to investing,
which scores companies negatively if
their primary revenue is derived from
alcohol, tobacco, gambling, pornogra-
phy or cannabis. Companies also score
negatively if they support abortion, in
vitro fertilisation or LGBT rights.
Inspire’s approach is designed to
appeal to increasingly influential evan-
gelical and conservative Christians but
its methodology led to it being criticised
by the media and blocked from data-
bases of ESG investments, said Netzly.
“We did not ask for a fight but we will
never stop defending what is right and
true so long as God gives us breath in our
lungs and assets in our funds,” he said.
Moves by US regulators to tighten
rules on fund names also influenced
Inspire’s decision. The Securities and
Exchange Commission has proposed
rule changes to prevent investors being
misled by fund labels such as ESG.
“Some of the key tenets of [Inspire’s]
strategy often seem at odds with mod-
ern-day interpretations of ESG and sus-
tainable investing,” said Alyssa Stankie-
wicz, associate director of sustainability
research for data provider Morningstar.

Richemont feels heat from activist investor Bluebell

end jeweller Bulgari for decades before
INSIDE BUSINESS selling to LVMH and working for them
until 2016.
EUROPE In a letter to shareholders, Rupert
wrote the board could not “responsibly
Leila recommend” Trapani because he was
too close to LVMH, a key competitor.
Abboud Instead, Richemont wants to name a
current board member to the post — not
exactly a sign of openness. It also
rejected Bluebell’s proposals to increase
vaux does not make much financial
sense, either. Critics argue that focusing
management attention on Cartier could
boost profits and help close the valua-
tion gap with rivals.
Shareholders may use the window
offered by Bluebell’s campaign to
express discontent about these broader
issues, including the question of who
will succeed Rupert at Richemont.
The billionaire has ruled out his chil-

F
ans of Cartier watches often
face long waits to buy rare
designs such as a £28,000
platinum, asymmetric version
of the iconic Tank. Sharehold-
ers of Richemont, Cartier’s parent, will
need similar patience to see whether
Bluebell Capital Partners can catalyse
change at the luxury group chaired by
Johann Rupert.
Since its public campaign began in
July, the activist hedge fund has asked
for changes to the board structure and
make-up, and urged Richemont to focus
on its lucrative watches and jewellery
brands instead of unprofitable ecom-
merce and fashion ventures.
At first glance, the campaign looks
quixotic. Bluebell has only a small stake,
and Richemont’s dual-class sharehold-
ing structure gives Rupert, 72, almost
total power to pick directors and set
strategy. His family holding company
owns unlisted B shares that carry 50 per
cent of the voting rights, despite only
owning 9.1 per cent of issued capital.
But Bluebell has already won one con-
cession. Richemont has agreed to its
demand to nominate a board director
specifically to represent holders of the
listed A shares, something provided for
in the bylaws but never applied.
Rupert has, however, rejected Blue-
bell’s proposed nominee, Francesco
Trapani, a luxury veteran who ran high-
the minimum size of the board and
mandate that A and B holders each had
equal representation.
“There is no need to change our
board, neither legally nor morally,”
Rupert told a Swiss business paper. “I
am not going to give in to coercion.”
Bluebell took the gloves off in a letter
to proxy advisory firms ISS and Glass
Lewis after they opposed Trapani join-
ing the board.
Richemont’s “his- ‘There is no need to
torical long-term
underperform- change our board,
ance” was due to a neither legally nor
“universally
known shortfall in morally. I am not going
governance” — to give in to coercion’
namely that
Rupert acted like a “padre-padrone”
who owned the whole company instead
of a minority stake.
Richemont shares have offered total
returns of about 70 per cent in the past
five years compared with the more than
200 per cent at rivals Hermès and
LVMH and almost 100 per cent for Ker-
ing, according to Refinitiv data.
One sore point for investors has been
how Richemont burnt billions on an
unprofitable foray into ecommerce with
the YOOX Net-a-Porter and then took
almost a year to ink a deal to offload a
majority stake in the platform.
Continued investment in subscale
fashion brands such as Chloe and Del-
dren but little else has been said publicly
on the matter.
The activist pressure at Richemont
carries lessons for other big luxury
groups, which are mostly still controlled
by founding families. While Richemont
is alone in protecting family control
with a dual-class structure, others enjoy
double voting rights or the fortress-like
commandite structure at Hermes.
Governance experts frown upon such
measures and there is a risk of nepotism
when management roles are occupied
by heirs. Yet investors have rarely chal-
lenged the legitimacy of luxury’s domi-
nant families. Governance was not a
concern for investors when the sector
was booming, as it has for much of the
past decade, driven by growing wealth
in China and the seemingly insatiable
appetites of rich Americans.
But analysts have predicted a slow-
down in the coming quarters as inflation
bites and consumers feel the pinch. If
companies with shaky governance start
to underperform, it leaves them more at
risk that investors will demand changes.
That may be the bet Bluebell is mak-
ing even if it loses the shareholder vote
next week. It has won a symbolic victory
by forcing Richemont and Rupert to
contend with its criticism. Like a collec-
tor on that Cartier wait list, the activist is
playing a long game at Richemont.
leila.abboud@ft.com
6 ★ FINANCIAL TIMES Thursday 1 September 2022

COMPANIES & MARKETS

Financial services Travel & leisure

Klarna losses quadruple as costs soar Annual report

Buy now, pay later group
hit by rising wage bill, loan
defaults and competition
SIDDHARTH VENKATARAMAKRISHNAN
LONDON
Losses at Swedish payments provider
Klarna quadrupled in a bruising first
half for Europe’s one-time most valua-
ble private tech company, as it prepares
to slash costs in an effort to find a route
back to profitability.
The payments company yesterday
reported a net loss of SKr6.2bn
($581mn) for the first half of 2022, com-
pared with SKr1.4bn a year earlier.
Klarna attributed the losses to higher
employee costs, investments in inte-
grating newly acquired Swedish price
comparison service PriceRunner and
rising credit losses, reflecting the
greater difficulty of underwriting new
customers with limited credit histories.
Revenues increased 24 per cent year
on year to SKr9.1bn, driven by growth in
markets including the US, where Klarna
has built up 30mn users — a fifth of its
global total. Its gross merchandise vol-
umes grew 21 per cent to SKr396bn.
“Klarna has been operating in a very
different environment in the first half of
2022,” said Sebastian Siemiatkowski,
chief executive and co-founder. “When
we set our business plans for 2022 in the
Technology. Restructuring
autumn of last year, it was a very differ-
ent world than the one we are in today.”
Klarna’s struggles reflect the chal-
lenges facing buy now, pay later serv-
‘When we set our business
plans for 2022 in the
autumn of last year, it was
a very different world’
ices, which allow consumers to defer or
divide payments into instalments.
The products are highly popular
among younger users in sectors such as
fast fashion. However, worsening eco-
nomic conditions, growing regulatory
scrutiny, and competition from lenders
and big tech companies are challenging
the business model.
After several attempts to raise cash at
higher valuations failed, Klarna’s shares
slumped in July to $7bn after it raised
$800mn from investors including
Sequoia and Mubadala, the Abu Dhabi
sovereign wealth fund. Klarna secured a
valuation of $46bn as recently as June
last year, following a $639mn funding
round led by Japan’s SoftBank.
The value of other buy now, pay later
providers has collapsed. Shares of US-
listed provider Affirm, which has part-
nered with big retailers such as Amazon
and Walmart, are down more than 80
per cent from their high in November.
The results also offer a snapshot into
the struggles facing non-profitable fin-
techs, as investors become more cau-
tious as interest rates rise.
Klarna last made a profit in 2019,
although it said its business in estab-
lished European markets such as Swe-
den and Germany was profitable.
“We’ve had a few years now where
growth has been really heavily priori-
tised by investors,” said Siemiatkowski.
“Now, understandably, they want to see
profitability.”
Klarna said in May it would slash
staffing 10 per cent to cut costs. Siemi-
atkowski said it would look at tightening
lending, especially to new customers.
See Lex
error highlights
complexity of
Cineworld
structure
ROBERT SMITH — LONDON
OLIVER BARNES — LYON
Cineworld incorrectly reported the
identity of its largest shareholder in its
annual report, as the struggling group
failed to keep track of changes to its
complex ownership structure.
The second-biggest cinema chain is on
the verge of filing for Chapter 11 bank-
ruptcy in the US in an attempt to
restructure its nearly $9bn in debt and
lease liabilities.
Its largest shareholder is the family of
Mooky and Israel Greidinger, the Israeli
brothers who serve as chief executive
and deputy chief executive respectively.
In its 2021 annual report, Cineworld

Snap to cut 20% of staff as it tempers ambitions
Social media network will
slash non-core investments to
boost slowing revenue growth
HANNAH MURPHY AND CRISTINA
CRIDDLE — LONDON
Snap has announced the most radical
restructuring its history, as the social
media company seeks to reassure inves-
tors with scaled-back ambitions in the
face of its slowest-ever growth.
The Los Angeles-based company said
yesterday it was laying off a fifth of its
6,500-strong workforce and slashing
investment in initiatives including aug-
mented reality glasses, video content
production, and games — amid an
advertising slump, increased competi-
tion and macroeconomic woes.
The approach was welcomed by
investors, with shares jumping 9.7 per
cent in mid-afternoon trading to $10.99
in the wake of the news.
The shake-up is designed to reverse
Snap’s fortunes as it announced that its
current quarter revenues were growing
at the slowest pace since it went public
in 2017; 8 per cent year on year, com-
pared with 13 per cent in the second
quarter.
Chief executive Evan Spiegel said in a
memo to staff that the figure was “well
below what we were expecting earlier
this year”, adding: “We must now face
the consequences of our lower revenue
growth and adapt to the market.”
Popular with so-called Gen Z and Mil-
lennial people, Snap’s Snapchat is one of
the smaller social media networks, with
around 350mn daily active users.
The latest cuts and bleak outlook
mark a striking volte-face for a com-
pany that posted blockbuster growth in
the first two years of the coronavirus
pandemic, leading it to employ more
people, acquire and invest in technology
start-ups and develop products beyond
its core Snapchat offering, where users
post ephemeral content to friends.
Boom times for social media groups in
2020 and 2021 have turned this year
into a deep and broad stock sell-off amid
high inflation and a wider economic
slowdown, forcing the biggest tech
groups such as Meta and Google to
freeze hiring and implement other cost-
cutting measures.
Snap’s shares have lost more than
75 per cent of their value in the year to
date, after issuing a profit warning in
May and posting bleak second-quarter
results in July.
On top of tough macroeconomic
conditions, it has also blamed its poor
Bigger picture: performance on increased competition doing so, which would mostly be
Snap is hoping in the sector and privacy changes by incurred in the current quarter.
to generate Apple that have made it harder for apps Snap has always positioned itself as a
savings of to target advertising and measure the “camera company” rather than a social
$500mn a year success of campaigns. media network and, as such, invested in
to adapt to Snap has been particularly vulnera- hardware including the Pixy, a small
reduced ble, as advertisers tightening their budg- drone camera, which was discontinued
revenues from ets typically cull spending from the this month, only four months after its
advertising smallest operators first. launch.
Lucas Jackson/Reuters
Still, in its results statement in July, The company also announced it
Snap said it was “not satisfied” with its would be “narrowing its investment
earnings “regardless of the current scope” in its long-touted augmented
headwinds”. reality glasses, Spectacles, in order to
Snap wrote in an investor presenta- “focus on highly differentiated long-
tion yesterday that it expected to gener- term research and development
ate savings of $500mn a year from the efforts”. A senior manager at the com-
latest restructuring, compared with its pany said its focus would be on mobile
second-quarter costs. It expects to augmented reality experiences, rather
spend between $110mn and $175mn than hardware.
Investment will also be cut in Snap
Snap Originals, short-form video content pro-
duced in-house, games and Snap Minis,
Share price ($)
where developers can build simplified
11.4 versions of their apps within the main
11.2 Snapchat app.
11.0 Snap acquisitions Zenly, a social map-
10.8 ping app, and Voisey, an app to create
10.6 music voice-overs, will both be shut
10.4 down.
10.2 Jefferies analyst Brent Thill said
10.0 Snap’s renewed focus on profitability
Wed Thu Fri Mon Tue Wed was a welcome change but that “it will
take time for investors to regain confi-
Source: Refinitiv
dence in the underlying fundamentals”.
‘The He added: “The decision to cut back in
areas that generate little or no revenue
decision to is prudent,” and that “additional head-
cut back in count reductions suggest [the] slow-
down could be worse than feared.”
areas that Other analysts noted that Snap’s
generate 8 per cent revenue growth in the quarter
to date was an improvement on the
little or no flat growth it disclosed in late July, indi-
revenue is cating the advertising ecosystem could
be improving.
prudent’ Snap announced yesterday that Jerry
Hunter, its head of engineering, would
Brent Thill, become chief operating officer. It also
Jefferies analyst
said Google’s UK & Ireland managing
director Ronan Harris would be joining
the company in October as its president
of Europe, Middle East and Africa.
But Jeremi Gorman, chief business
officer, and Peter Naylor, vice-president
of ad sales for the Americas, are leaving
the company as part of the shake-up.
Gorman said in a social media post
that she and Naylor would be joining
Netflix, where she would serve as the
streaming site’s president of worldwide
advertising.
Citi analyst Ron Josey said these
moves “could prolong Snap’s ad growth
challenges and increase execution risk”,
downgrading its recommendation on
the stock to neutral from buy due to
“continued monetisation headwinds
and execution risk”.
reported that 20.08 per cent of its shares
are owned by Global City Holdings, a
Dutch holding company ultimately
owned by Greidinger family trusts.
A footnote explains that this entity
holds 274.7mn shares, while a further
1mn are held by Global City Theatres,
another Dutch entity that is described
as “a wholly owned subsidiary of Global
City Holdings”.
However, according to Global City
Holdings’ 2020 audited annual
accounts, it no longer owns Global City
Theatres, which in fact owns almost all
of the Greidingers’ stake in Cineworld.
Global City Holding sold Global City
Theatres to an unnamed “related com-
The chain is on the verge of
filing for Chapter 11 in an
effort to restructure its $9bn
in debt and lease liabilities
pany” for €1. It recorded the disposal in
2020, but the accounts disclose that the
“actual transfer of shares occurred in
February 2021”.
After the sale, Global City Holdings
held only 1mn shares, equating to just
0.07 per cent of Cineworld’s stock.
While the accounts did not name the
company that took over Global City
Theatres, Dutch corporate records show
that it was DKG Park, another entity
owned by Greidinger family trusts.
The company is named after the ini-
tials of Mooky and Israel Greidinger’s
parents, Dahlia and Kalman Greidinger,
according to a person familiar with the
matter.
Cineworld said: “Global City Theatres
was and remains the registered owner of
approximately 275mn (about 20 per
cent) Cineworld shares. Global City
Holdings was and remains the regis-
tered owner of 1mn Cineworld shares.
The registered and total shareholding
in Cineworld of the Greidinger family
trusts remains 20.8 per cent and did
not change in 2020 or 2021, nor has it
subsequently.”
The errors in Cineworld’s annual
report underscore the complexity of the
Greidinger family’s holding companies,
which have raised substantial amounts
of debt against their shares in the cin-
ema chain, which are down more than
90 per cent this year.
Global City Holdings’ accounts show
that it began 2020 with £595mn of debt
“secured by Cineworld shares”.
In March 2020, the group replaced a
£420mn margin loan with a smaller
£210mn debt facility with “no margin-
ing provisions”, after selling a 7.9 per
cent stake in the company for £116mn
to repay some of this debt.
The accounts also show that the group
repaid an additional £117mn of debt in
the first half of 2020.

Automobiles Banks

Toyota in $5.3bn drive to lift battery output
ERI SUGIURA AND KANA INAGAKI
TOKYO
Toyota will spend up to ¥730bn
($5.3bn) in the US and Japan to acceler-
ate its production of batteries, the lat-
est in a series of investments by Asian
carmakers in electric vehicles.
The announcement yesterday came just
two days after rival Honda and South
Korean battery maker LG Energy Solu-
tion said they would spend $4.4bn to
build a battery plant in the US.
While many carmakers have signed
deals with battery manufacturers, Toy-
ota has focused its efforts on producing
batteries internally, believing this can
provide a critical competitive advantage
in the electric-vehicle era.
The group said it would begin battery
production between 2024 and 2026. It
will earmark ¥400bn for plants in
Japan, including its battery joint ven-
ture with Tesla supplier Panasonic.
Another ¥325bn will be spent on Toy-
ota’s battery plant under construction in
North Carolina. Together, the aim is to
increase battery production capacity for
the two markets by up to 40 gigawatt
hours, which analysts estimate would
be enough to power almost 600,000
vehicles.
“This investment is aimed at enabling
Toyota to flexibly meet the needs of its
various customers in all countries and
regions by offering multiple power-
trains and providing as many options as
possible,” the company said.
Once the pioneer of green technology
with the Prius hybrid launch in 1997,
Toyota has become one of the most
vocal critics of a rapid transition to bat-
tery-powered vehicles, arguing that
consumers should have a wide range of
options.
Even so, in December the Japanese
carmaker pledged to sell 3.5mn electric
vehicles a year by 2030, setting itself up
in direct competition with Tesla.
Tightening environmental regula-
tions are also pushing the company to
invest more in zero-emission cars. Cali-
fornia last week enacted rules that ban
sales of new petrol-powered vehicles by
2035.
Recent investments by carmakers
and battery makers in the US also come
after rising pressure by the Biden
administration to cut off China from
supply chains for electric vehicles.
“If the speed of electric trends acceler-
ates around the world, Toyota’s in-
house strategy may not be able to catch
up, as it takes time and efforts to
develop and produce batteries on its
own,” said Seiji Sugiura, a senior analyst
at advisory company Tokai Tokyo
Research Institute.
Ford recently finalised a $7.8bn joint
venture with SK On to build three bat-
tery plants in the US, while LG Energy
Solution and General Motors
announced a $2.6bn investment this
year to build a third plant as part of their
joint venture in Michigan.
JPMorgan raided in German tax fraud probe
STEPHEN MORRIS — LONDON
JOE MILLER — FRANKFURT
JPMorgan Chase has become the latest
bank to be raided by prosecutors in
Germany as part of an investigation
into the multibillion “cum-ex” tax eva-
sion scandal.
The raid on the bank’s Frankfurt office
by Cologne prosecutors is the latest step
in a sprawling investigation into the div-
idend tax scandal, which dates back
more than a decade. Prosecutors and
police in Germany have this year also
raided the offices of foreign lenders Bar-
clays, Bank of America and Morgan
Stanley.
“We can confirm that our Frankfurt
offices were visited this week. We con-
tinue to co-operate with the German
authorities on their ongoing investiga-
tion,” the US bank said yesterday.
The Cologne Public Prosecutor’s
Office said it had been executing search
warrants against an unnamed banking
institution in the city, as well as separate
audit firms and searching the homes of
four suspects, all in relation to cum-ex
tax evasion schemes.
The fraud, which took advantage of a
flaw in the German tax code, is esti-
mated to have cost the continent’s tax-
payers more than €10bn. It involved
share deals executed before and after a
stock’s dividend payment that duped
governments to reimburse taxes that
were never paid in the first place.
JPMorgan said it was continuing to
co-operate with German authorities
In Germany, tax authorities refunded
at least €3.9bn in illicit tax refunds
between 2001 and 2011, according to
the finance ministry.
The fraud has been dubbed cum-ex,
which is derived from Latin meaning
“with without”, and refers to the disap-
pearing nature of the dividend pay-
ments.
The raids in Frankfurt, which were
first reported by Bloomberg, are being
carried out to locate emails and written
correspondence, the Cologne prosecu-
tors added.
More than 50 investigators and IT
experts from the local police and tax
investigation offices are also involved in
the operation.
Cologne public prosecutors are inves-
tigating 1,500 people as part of a
broader inquiry into the long-running
fraud involving international lenders
ranging from Deutsche Bank, Barclays
and Macquarie to UniCredit’s HypoV-
ereinsbank.
Thursday 1 September 2022 ★ FINANCIAL TIMES 7

COMPANIES & MARKETS

Frantic cash hunt ahead of Missfresh

Financials

collapse underlines tech hype hazards
China start-up’s dubious business model meant continual fundraising and a series of lofty pledges
RYAN MCMORROW AND NIAN LIU
BEIJING
GLORIA LI — HONG KONG
Executives at collapsing China grocery
delivery group Missfresh made a series
of lofty promises to unwitting investors
last year as they hurried to raise cash
and stay afloat ahead of a Nasdaq debut.
The start-up, which pioneered speedy
grocery delivery in China, raised
$1.8bn from investors including tech-
focused funds run by Tiger Global and
Goldman Sachs.
Missfresh was valued at $3bn at its ini-
tial public offering a year ago, before
crumbling this summer.
Its problematic and highly unprofita-
ble business model left executives con-
tinually raising funds, including with
deals struck right before its IPO
that have become the focus of investor
lawsuits.
This account of Missfresh’s desperate
fundraising ahead of its collapse is based
on court filings, investor presentations,
and interviews with people involved.
They reveal the dangers of investors too
readily believing the hype of a company
supposedly at the vanguard of the China
tech start-up scene in the hope of mak-
ing quick returns.
Missfresh hauled in $365mn last year
from the government of Qingdao, a
coastal city that was promised a new
headquarters and supply chain park,
and an investment fund set up by Carl
Chang, a California real estate mogul
and chair of a branch of the San Fran-
cisco Federal Reserve Bank, who alleges
he was misled by Missfresh and their
banker JPMorgan.
In the frenetic era before Xi Jinping
cracked down on the country’s internet
groups, Missfresh chief executive Xu
Zheng was always able to find another
backer.
But as the era of easy money came to
an end, the start-up admitted to over-
stating revenues, and ran out of cash
after one final lifeline — $30mn from a
coal mining group for a third of the com-
pany — fell through in July.
Most of the Missfresh workforce has
been dismissed, with many owed two
months’ wages. Creditors have flocked
to the company’s offices around the
country to protest, and its herd of deliv-
ery riders have begun to stuff competi-
tors’ goods into the hot pink Missfresh
delivery boxes strapped to the back of
their scooters.
“I drive for Meituan and Ele.me now,”
said one 35-year-old rider as he put two
hot lunch deliveries into his pink Miss-
fresh box. “They owe everyone a lot of
money.”
Missfresh spokesperson Chen Yan-
qing said the company was working on a
debt restructuring plan for its main gro-
cery delivery business.
Just over a year ago, with the com-
pany’s future appearing bright, Xu was
again hunting for funding to float Miss-
fresh until a planned New York share
sale in the summer. The start-up had
$132mn of cash in its accounts at the end
of December 2020 but was burning
through $90mn a quarter.
“Missfresh was desperate,” said a Bei-
jing-based investor who was
approached for funding.
During eight years of fundraising, Xu
had either tapped or been spurned by
most of China’s traditional tech invest-
ment funds. “We passed several times,”
said a venture capitalist in Beijing. “The
unit economics didn’t make sense.”
In the run-up to the IPO, the team at
Missfresh turned to the government of
Most of the Qingdao and Chang in Orange County.
Missfresh Chang’s company, Kairos Investment
workforce has Management, pitched the deal far and
been sacked, wide. Its “strategic relationship” with
with many owed Missfresh meant investors would be get-
wages, while ting in at a “compelling discount” for
creditors have “one of the most anticipated Chinese
travelled to the IPOs of 2021”, according to a Kairos
operation’s presentation.
offices to stage “We have shares at $5.27 a share of
demonstrations $3.5B valuation,” Chang texted one
Gilles Sabrie/Bloomberg
investor on May 31 2021. “JP Morgan
mentioned on our exclusive call last
week they believe conservatively the
value [is] around $12B.”
On the call, a JPMorgan banker had
explained how they arrived at the $12bn
valuation. Missfresh’s delivery segment
deserved a similar valuation multiple as
Amazon, the banker said, while com-
paring other parts of the business to Ali-
baba and Shopify.
“We are using pretty conservative
[multiples],” the banker said, according
to information provided to the FT about
the conference call.
Xu said the target market of Missfresh
was worth Rmb2.8tn ($405bn) and it
was the market leader. “We are running
at a slight loss and cash flow is positive,”
he said. “We always place the greatest
focus on high-quality growth.”
Less than a month later, on June 25,
Gone stale
Missfresh stock ($)
Kairos fund invests
Nasdaq IPO Chang emails investors
about put agreement
Jul 2021
Source: S&P Capital IQ
Wall Street’s largest bank led the Nas- ‘This lost plan to turn cash-flow-positive. A few
daq listing of Missfresh, but at a valua- months later, the group began delaying
tion of only $3bn, meaning Chang’s fund money the or missing payments to suppliers.
was underwater before trading had minute they The defendants, including Kairos and
even begun. Chang, have rejected the fraud allega-
“This investment lost money the bought into tion in a court filing.
minute they bought into the pre-IPO, the pre-IPO, Chang declined to comment, but in
due to bad math,” said one person close court filings Kairos’s attorneys said the
to the situation. “Then it was a death due to bad group had equally been taken in by
spiral.” math. Then Missfresh and JPMorgan’s assurances
Missfresh stock fell 26 per cent on its that “the minimum floor for the value of
first day of trading. By early November, it was a the company at IPO was $5 billion”.
Chang’s fund was down 75 per cent, and death spiral’ In January, they called Solaia’s suit
he emailed his investors with a plan to “premature”, noting that the put agree-
“rectify the injustice we feel has been ment “guaranteed a positive return on
perpetrated on us and our investors”. the investment”.
Kairos had entered into a put agree- By the end of June, Missfresh owed
ment with Xu, allowing the fund to sell suppliers Rmb2bn and had only
its shares back in about two years’ time Rmb200mn in cash on hand, most of
for a 20 per cent gain, Chang explained. which was frozen by Chinese courts over
The dealings are part of a lawsuit filed unpaid bills, according to a former
by Connecticut-based investment fund employee who had access to the com-
Solaia Capital, which alleges that Chang pany’s books.
fraudulently deceived the firm into The company shut its speedy grocery
investing $500,000. delivery business late last month.
The put arrangement, worth about JPMorgan declined to comment.
a quarter of Missfresh’s cash at the Missfresh said the IPO process and all of
time, was not publicly disclosed in fil- its investor communications were com-
ings to the Securities and Exchange pliant with regulations.
Commission. The company’s near-disintegration
Instead, Xu told Wall Street analysts a has left Qingdao with an investment loss
few days later that Missfresh was run- approaching $290mn and a state-
ning ahead of schedule on an internal backed development project lacking a
marquee tenant.
The investment has made Qingdao
partly responsible for Missfresh’s fail-
ings in the eyes of unpaid suppliers such
as Zhang Le, whose company is owed
20 Rmb1.8mn for providing beef jerky and
dried seaweed snacks to the digital
supermarket.
15 “They are a shareholder, so they
should bear some responsibility,”
Zhang said.
10
Staff told business has In recent weeks she joined a group of
run out of cash more than 40 creditors, collectively
5 owed tens of millions of dollars, protest-
ing for payment at Missfresh’s offices
across China.
0 They have not yet decided when to
2022 Aug take their megaphones and banners to
Qingdao city hall.
Lone Star
gains $216mn
damages over
South Korean
bank deal
SONG JUNG-A AND CHRISTIAN DAVIES
SEOUL
South Korea has been ordered to pay
$216.5mn plus interest to Lone Star
Funds, in a ruling that is expected to
bring to an end the 20-year saga of the
Texan private equity group’s acquisi-
tion of Korea Exchange Bank.
The International Centre for Settlement
of Investment Disputes, a World Bank
arbitration tribunal based in Washing-
ton, awarded damages totalling just 4.6
per cent of the $4.68bn Lone Star had
sought in compensation for delays in the
disposal of its Korean investments.
Lone Star initiated the arbitration in
2012, claiming the fund’s investors suf-
fered huge losses because of the Korean
government’s “unlawful interference
with Lone Star’s rights as the major
shareholder of KEB and other Korean
companies Lone Star acquired in the
early 2000s”.
For years, the case was regarded by
global financiers as emblematic of
Korea’s perceived hostility towards for-
eign investment, damaging the coun-
Seoul ‘should not intervene
politically or arbitrarily in
deals between private
parties without grounds’
try’s credentials as an investment desti-
nation as Lone Star struggled to sell
Korean assets acquired in the wake of
the Asian financial crisis of the 1990s.
Lone Star Funds paid $1.2bn in 2003
for a controlling stake in KEB, regarded
by many in Seoul as the jewel in the
crown of the Korean banking system.
Amid public outrage, Korean finan-
cial authorities later tried to declare the
acquisition illegal, in effect killing a pro-
posed sale of the bank to HSBC.
Prosecutors also accused Lone Star
executives of tax evasion and stock
price manipulation, sending country
manager Paul Yoo to prison in 2008.
The senior finance ministry official who
approved the deal was also jailed.
The stake was finally sold to South
Korea’s Hana Financial Group for
Won3.9tn ($3.45bn) in 2012. Lone Star
was forced to cut the price after being
found guilty of stock price manipula-
tion.
“The tribunal ruled that our govern-
ment violated its duty of providing fair
treatment by delaying its approval for
Lone Star’s sale of KEB to Hana Bank,”
said South Korean justice minister Han
Dong-hoon. “But it did not accept Lone
Star’s claim that it suffered losses by the
delayed sale of KEB to HSBC.”
He said the government would con-
sider seeking an annulment of the tribu-
nal order, making an appeal likely. It
estimated it would have to pay about
Won18.5bn in interest. The ruling will
come as a relief to Seoul, however, given
longstanding predictions it would have
to compensate Lone Star to the tune of
billions of dollars.
“The government did a good job in
defending its case. The ruling will free
South Korea of longtime legal risks,”
said Sung Tae-yoon, professor of eco-
nomics at Yonsei University.
“But it is a wake-up call against the
problem of Seoul’s arbitrary taxation
and a reminder that the government
should not intervene politically or arbi-
trarily in deals between private parties
without enough legal grounds.”

Pharmaceuticals Media

AstraZeneca wins injunction on GSK defection Bertelsmann in broadcaster merger plea

JANE CROFT AND DONATO MANCINI
AstraZeneca has succeeded in an 11th-
hour effort to stop a former senior
executive from joining rival GSK after a
High Court judge granted the drug-
maker an injunction in an unusual
legal battle featuring Britain’s two big-
gest pharmaceutical companies.
Christopher Sheldon, who left Astra-
Zeneca last month after holding
several senior roles, was set to start
at GSK today with responsibility for
development across the group’s therapy
businesses.
AstraZeneca sued Sheldon in July,
alleging that starting at GSK before Feb-
ruary would put him in breach of a non-
compete agreement that was set to run
for six months.
The drugmaker, best known for its
Covid-19 vaccine, said that Sheldon had
received share awards worth £644,553
in return for signing the agreement.
Sheldon informed AstraZeneca of his
intention to move in April before leav-
ing in August. He denies the allegations
and any wrongdoing.
The case is set to go to trial in October
but AstraZeneca sought an urgent High
Court injunction yesterday to prevent
Sheldon, who had led investor relations
at AstraZeneca and held a senior role in
its oncology business, starting the role
today.
Daniel Oudkerk QC, representing
AstraZeneca, told the High Court in
London that the pharma group was
“likely to suffer irreparable damage” if
Sheldon was able to start work at GSK
ahead of the full trial in October.
“AstraZeneca obviously has a legiti-
mate business interest in protecting
its confidential information,” Oudkerk
said, adding that Sheldon had knowl-
edge of the group’s existing medicines,
pipeline of drugs as well as its business
development and commercial strategy.
James Laddie QC, representing
Sheldon, said there was no reason that
the former AstraZeneca executive
should be prohibited “from undertak-
ing a job which is unrelated to either of
the two roles he performed in the last 12
months of employment with Astra-
Zeneca”.
Sheldon had had an “impeccable
record” and “it’s never been suggested
that he’s interested in or has taken confi-
dential information to use at GSK”, Lad-
die said.
Mrs Justice Heather Williams ruled
that “the most just and appropriate way
is to hold the ring until trial and to grant
the injunction sought”.
Lawsuits over employment agree-
ments are relatively rare in the High
Court, with cases usually involving staff
working in specialist areas of financial
services such as interdealer broking.
GSK said: “Whilst we are disap-
pointed by this interim decision, we
continue to believe that Dr Sheldon’s
position is strong and are confident
that he will be able to begin his new role
at GSK following the main hearing in
October.”
AstraZeneca declined to comment.
ALEX BARKER — LONDON
German media group Bertelsmann has
urged competition regulators to drop
outdated concerns about the proposed
merger of France’s two biggest private
broadcasters, as it warned of the “pro-
found impact” on Europe’s entire tele-
vision sector if the deal is blocked.
Thomas Rabe, chief executive, said the
regulatory decision on the combination
of Bertelsmann-backed RTL’s M6 with
Bouygues-owned TF1 would set a conti-
nent-wide precedent that could hobble
Europe’s broadcasters in their battle
with US streaming services.
“If the authorities decide against this
combination, it is a lost opportunity, not
only for this year but for the long term,”
Rabe told the Financial Times.
“France is a precedent, positive or
negative. It will have a profound impact
on the audiovisual sector in Europe, and
that is something I very much hope
decision makers are aware of.”
Rabe has made media consolidation a
centrepiece of Bertelsmann’s strategy,
embarking on a flurry of deals in the tel-
evision and book industry that are test-
ing the limits of competition law.
This autumn will be a critical reckon-
ing on the approach, with regulatory
decisions due on three deals: Penguin
‘If the authorities decide
against this combination,
it is a lost opportunity,
not only for this year’
Random House’s proposed $2.2bn
acquisition of Simon & Schuster; the
TF1-M6 merger in France; and the
tie-up between RTL’s operation in the
Netherlands with Talpa Network, the
Dutch media group.
Rabe insisted he was “more con-
vinced than ever” of his strategy to build
national champions to fight the global
tech giants. The TF1-M6 deal is impor-
tant for Bertelsmann but looks to be in
danger. A report from the French com-
petition authority raised concerns that a
combined group would have a 70 per
cent share of the national free-to-air tel-
evision advertising market.
Bertelsmann is trying to convince the
authority to broaden the definition of a
“relevant market” so it takes account of
digital advertising and the plans of Netf-
lix and Disney to carry advertising on
their streaming platforms.
While acknowledging the report was a
setback, Rabe added: “We are optimistic
but not naive. We always knew it would
take a significant effort to convince the
authorities to change the definition of
the market,” he said. Should the deal be
prohibited, Rabe said it was “very
unlikely” that M6 would attempt a simi-
lar tie-up in future.
Bertelsmann yesterday reported
underlying revenue growth of 3.8 per
cent to €9.3bn in the first half of this
year. Pre-tax profit fell from €1.8bn to
$679mn, mainly as a result of the sale of
adtech company SpotX last year.
8 ★ FINANCIAL TIMES Thursday 1 September 2022

COMPANIES & MARKETS

Crypto. Rivalries intensify Equities

Alibaba and
Binance looks to bolster sector Yum first in
leadership with free trading line for audit
checks by US
QIANER LIU AND TABBY KINDER
HONG KONG

US regulators will attempt to inspect the

Chinese audit files of Alibaba and Yum
China this month as part of a landmark
deal between Beijing and Washington,
according to people familiar with the
matter.
The deal allows the US Public
Company Accounting Oversight Board,
America’s accounting watchdog, to vet
the work of audit firms in mainland
China and Hong Kong for the first time.
The agreement has laid the founda-
tion to resolve a dispute between the
two superpowers that could result in the
US banning the trading on its exchanges
of about 200 Chinese companies in
2024, threatening the value of around
$1.4tn in the companies’ shares.
Jack Ma’s ecommerce group, Alibaba,
is China’s most valuable overseas-listed
company with a market capitalisation
of $249bn on the New York stock
exchange. Yum China, which owns the
KFC and Pizza Hut brands in China, is
worth $21bn on US markets.
Alibaba is audited by PwC in Hong
Kong and Yum China is audited by
KPMG Huazhen in mainland China.
The Big Four accounting firms, which
include Deloitte and EY, together audit
about 130 Chinese companies that are
currently listed in the US, according to

World’s biggest digital asset
exchange gives up fee income
to attract more customers
SCOTT CHIPOLINA
Crypto exchange Binance is ramping up
efforts to grab market share by
expanding its free trading to include
popular token ether, ahead of one of the
most anticipated events in the crypto
market’s short history.
Binance, already the world’s biggest
digital asset trading venue by volume, is
waiving fees for a month for customers
trading ether — the second-biggest
digital token — using Binance’s house
currency known as BUSD.
The initiative comes ahead of a widely
anticipated upgrade to the ethereum
blockchain, where ether transactions
are recorded.
Known in the industry as the Merge, it
promises a shift from a legacy, energy-
intensive digital ledger system
described as “proof of work” in favour of
a “proof of stake” model that will vastly
shrink its carbon footprint.
The move to offer free ether trading
ahead of the big event underscores how
Binance is using the fallout of this year’s
crypto crash to make a fresh attempt at
pulling clients on to its platform.
About 90 per cent of Binance’s overall
revenues are derived from trading
fees, which fluctuate with the price of
bitcoin and other cryptocurrencies, the
privately held group’s chief executive,
Changpeng Zhao, said this year.
Over the summer, Binance began
offering no-fee cash trading in several
bitcoin pairs, including the euro and
pound.
In the subsequent eight weeks,
Binance dominates market for trading cryptocurrencies
Monthly spot trading volume ($bn)
Jan 2021
Selected exchanges
Source: CryptoCompare
BUSD’s market capitalisation has grown
by 8 per cent to $19bn, according to data
compiled by CryptoCompare.
So-called stablecoins like BUSD are
often used as a store of value between
bets on digital coins since they are
designed to track the price of the dollar
and other traditional currencies.
BUSD is one of the world’s biggest
stablecoins, and competes with tether
and Circle’s USDC.
Sipho Arntzen, Next Generation
research analyst at Julius Baer, said
Binance’s move “may indeed represent
somewhat of a ‘market grab’ strategy”.
Binance’s latest initiative will last
until September 26. It described Merge
as “an important milestone for the
ethereum and large web3
ecosystem that all users should have the
opportunity to be a part of.”
Ethereum is widely used by crypto
developers as it aims to make
blockchains more useful than a simple
database of transactions.
Binance’s no-fee trading comes after
bitcoin — the industry’s flagship
cryptocurrency — plummeted from a
2,000
FTX
OKX
Coinbase
1,500
Binance
1,000
500
0 environment, which [Binance] will
2022 Aug
price of almost $70,000 to lows under
$20,000 while the failure of the stable-
coin terraUSD triggered sell-offs that
engulfed many big industry names,
including lenders Celsius and BlockFi
and hedge fund Three Arrows Capital.
“This approach [to free trading] has
also been seen in traditional finance
in the past where a well capitalised
newcomer seeks dominance with the
enticement of commission-free trading
for a limited period,” said Rufus Round,
chief executive of GlobalBlock Digital
Asset Trading, a broker.
A spokesperson for the exchange said
Binance will “miss out on some fees”,
although also said the company
“continues to have strong reserves”.
Binance has already increased its
leading role in the crypto market this
year. The exchange has a 55 per cent
trading market share in cash trading,
according to CryptoCompare, a rise of
nearly 10 percentage points since
January.
Its nearest rivals, Coinbase and FTX,
have shares of less than 10 per cent.
In response to the collapse in digital
Money talks: asset prices, rival crypto exchanges
chief executive have embarked on reconfiguring their
Changpeng Zhao long term business strategies.
Coinbase said nearly a fifth of its
said this year
that about 90 second-quarter revenues had come
per cent of from services and subscriptions, even as
Binance’s overall it racked up a net loss of $1.1bn.
revenues were “Temporarily giving up on fees on
derived from their main trading pairs can be seen as a
trading fees concession towards attracting more
Benjamin Girette/Bloomberg
flow in the current low trading volume
benefit from indirectly through
increased traffic in other trading pairs
and other product lines and offerings”,
said Peter Habermacher, chief
executive and co-founder of crypto-
focused investment firm Aaro Capital.
However, FTX has put the rest of the
crypto industry on notice that it is trying
to attract customers with a series of
high-profile sport sponsorships and by
moving to acquire beleaguered crypto
lending platform BlockFi, one of the
highest profile failures of the sector’s
crash.
“I would imagine [Binance] is
watching the expansion of FTX into all
sorts of areas and thinking they need to
step up their game,” said Ilan Solot,
partner at venture capital firm Tagus
It described Capital.
Merge Even so, Arntzen said free trading
potentially indicated that Binance
as ‘an expected the size of the market to
important remain small in the near term.
“This breaking of rank by Binance
milestone may represent the beginning of a trend
for the of fee-free trading amongst the large
centralised exchanges,” he said. “We
ethereum may have in future a situation where
and large fee-free trading is the norm rather
than the exception, similar to what we
web3 have seen in the world of traditional
ecosystem’ finance.”
The agreement has laid
the foundation to resolve
a dispute between the
two superpowers
the US Securities and Exchange Com-
mission.
As part of the US-China deal, the audi-
tors’ work on the accounts of Alibaba
and Yum China will be inspected by
PCAOB officials in Hong Kong in mid-
September.
China’s securities regulator, the China
Securities Regulatory Commission, met
the Chinese arms of the Big Four firms in
Beijing last week, according to people
familiar with the meeting.
Officials told the Chinese accountants
to hand over their audit files to US
regulators in Hong Kong. The
inspections will not be carried out in
mainland China due to its strict
pandemic restrictions.
The PCAOB will inspect the audits of a
handful of Chinese companies initially
but could inspect as many as 20 in total,
according to two people familiar with
the matter.
It will determine by the end of the
year whether China and Hong Kong are
compliant with the US Holding Foreign
Companies Accountable Act, which was
introduced in 2020 and required foreign
companies whose shares are traded in
the US to make their audits available for
inspection every three years, or be
Our global banned from trading.
team gives you The PCAOB declined to comment.
market-moving The CSRC, Alibaba and Yum China did
news and views, not immediately respond to comment
24 hours a day requests.
ft.com/markets Additional reporting by Cheng Leng in
Hong Kong

Commodities Shipping

Delays and energy crunch lengthen life
of American coal-fired power plants
MYLES MCCORMICK — NEW YORK
US utilities are extending the lives of
their coal-fired power plants as delays
in obtaining cleaner replacements and
strong electricity demand drive fears of
shortfalls on the grid.
Three coal generators have recently
joined a growing list of plants whose
planned retirement date has been
postponed, bringing to at least eight the
number of deferrals this year.
The delays are a setback, at least
temporarily, to the country’s efforts to
wean itself off the dirtiest fossil fuel.
“While this is a difficult decision, it
is necessary to maintain the reliable
electricity service our communities
have come to expect,” Javier Fernandez,
chief executive of the Omaha Public
Power District, said last month as he
deferred the conversion of two
Nebraska coal-fired units to natural gas
by three years.
The public utility pinned the
extension on delays bringing new gas
and solar projects into service.
OPPD was joined by the investor-
owned utility CenterPoint Energy,
which announced it was extending the
life of a coal unit in Indiana by two years
to reduce the amount of power it has to
purchase from the regional grid opera-
tor’s “high-priced capacity market”.
Missouri’s Ameren, another utility
group, has been in a legal battle over the
closure of its Rush Island coal plant.
It now looks set to keep its two units
operating until 2025 — having applied
earlier this year to close them in Sep-
tember — after the grid operator said its
closure would lead to a “risk of cascad-
ing outages and area voltage collapse”.
US coal-fired generating capacity has
Coal is on the move in the US thanks
to delays in replacement fuels
fallen by more than half over the past 15
years as falling costs for natural gas
fuel and wind and solar technologies
introduced brutal competition.
But the solar buildout has hit a wall
this year, holding up projects that were
to replace some of the lost coal genera-
tion. Consultancy Wood Mackenzie
expects utility-scale solar installations
will add 8.7 gigawatts of capacity in
2022, about half of last year’s levels.
Developers and utilities blame
difficulty in procuring parts, including
constraints related to an investigation
into whether importers are dodging
tariffs on solar panels from south-east
Asia and the seizure of some parts under
a law barring supplies linked to forced
labour in China.
“Many of the operators are
attributing the deferral of plant
closures to delays in solar or solar [and
battery] storage projects,” said Morris
Greenberg, an analyst at S&P Global
Commodity Insights.
US gas prices have also climbed to the
highest level since 2008, making coal a
more attractive alternative fuel during a
year in which electricity consumption is
expected to hit a record.
Maersk opts to plough record profits
into global supply chain integration
RICHARD MILNE
NORDIC AND BALTIC CORRESPONDENT
AP Møller-Maersk is to use its bumper
shipping profits to take global the
$3.6bn Asian warehousing business
that it bought in December as the
Danish container group aims to
integrate its supply chain around the
world.
Maersk’s $3.6bn acquisition of LF
Logistics, announced in December,
closed yesterday and the group is
wasting no time in taking the business to
Europe and the rest of the world to bulk
up its logistics offering.
“Not only will it unlock the growth in
Asia but we intend to take the platform
globally,” Ditlev Blicher, head of Asia-
Pacific for Maersk, told the Financial
Times. “This is a significant step
forward both in our ambition to build a
global integrator of supply chains as
well as a massive step forward into the
Asian theatre.”
Container shipping lines such as
Maersk are expected to make record
profits in both 2021 and 2022 as they
benefit from sky-high freight rates
owing to supply chain congestion that
resulted from a surge in demand after
the first wave of the Covid-19 pandemic.
Maersk and its two main rivals —
Switzerland’s Mediterranean Shipping
Company and France’s CMA CGM —
have used some of the profits to push
into land-based logistics, aiming to
offer big shippers such as retailers and
manufacturers the ability to move
‘We are looking to grow
this multiple-fold. We
are not looking at small
growth parameters’
goods from the factory floor to the end
consumer.
The higher margin logistics business,
predominantly used by large retailers, is
meant to offer a counterweight to
Maersk’s volatile container shipping,
but some investors have worried that
the companies may be overpaying.
LF, which was expected to have $1bn
in revenues last year and $250mn
in earnings before interest, tax,
depreciation and amortisation, runs 223
distribution centres throughout Asia,
working to fulfil orders for more than
400 global brands by delivering their
goods either to the end consumer or to
wholesalers.
It combines fulfilment, delivering
goods to a customer’s specifications and
satisfaction, for both in-store and online
orders.
Blicher said Maersk was not currently
present in fulfilment apart from in the
US and would aim to use LF’s IT plat-
form to expand in the rest of the world.
Asked if he thought Maersk could
increase LF’s revenues, Blicher replied:
“Very considerably. We are looking to
grow this multiple-fold. We are not
looking at small growth parameters,
whether in Asia or globally.”
He described LF’s customer list as “a
who’s who of blue-chip retailers” and
said such customers were keen to have a
standardised service around the world,
rather than depend on multiple local
participants as they do at present.
Maersk, which has raised its group
profit guidance three times in each of
the past three years, has posted six
consecutive quarters of organic revenue
growth of more than 30 per cent in its
logistics business.
Thursday 1 September 2022 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

The day in the markets EU and UK opt for

What you need to know
contrasting paths
3 Wall Street equities trade steadily
on crypto regulation
August marks worst month for Europe’s bonds in decades
after three days of declines
Bloomberg Pan-European Aggregate Total Return index (% change)
3 German and UK bond yields move
higher in wake of eurozone inflation data
3 Both debt markets on course for worst
month in decades
4
Matthew Elderfield
US stocks steadied yesterday following
three straight days of declines fuelled by
2
Markets Insight
hawkish messaging from the US Federal

T
Reserve and concerns over aggressive 0
interest rate rises. he shape of EU and UK The FCA’s new rules now set an the heart of the BCCI bank scandal in the
The broad S&P 500 gauge was flat by crypto regulation is now admirably blunt and prescriptive risk late 1980s — the post-BCCI directive
the late morning in New York, having clearer than it was before. warning: “This is a high-risk investment requires bank structures to be
trimmed earlier gains. -2 We have a deal in Europe and you are unlikely to be protected if sufficiently transparent so they can be
The technology-heavy Nasdaq on the Markets in Crypto- something goes wrong”. This will hope- effectively supervised.
Composite was up 0.1 per cent. Both assets (Mica) regulation, the Financial fully be matched by EU regulators. The UK sensibly applies this principle
indices had closed the previous session -4 Services and Markets Bill is being read As crypto assets are not protected by in its conditions for supervision. Mica
down 1.1 per cent, extending falls after by the UK parliament and new UK deposit insurance or other compensa- needs detailed rules to require this and
central bankers redoubled their Financial Conduct Authority rules are tion schemes, supervisory effectiveness the AMF needs to get Binance to revise
commitment at last week’s Jackson Hole coming for high-risk investments. is key. Mica and the UK will impose its corporate structure.
-6
conference to tackling inflation, even in What does this mean for the scope liability on service providers for custody National supervisors such as AMF
the face of stuttering economic growth. 2000 05 10 15 20 22 of regulation, investor protection, losses, such as cyber attacks on digital will still oversee service providers under
Yesterday’s moves came on the last Source: Bloomberg
supervision and enforcement? wallets. Mica but the European Securities and
day of the month, a time when the The UK will start by regulating a few But policing client asset segregation is Markets Authority will be able to
rebalancing of portfolios can contribute specific crypto assets and service hard enough in the non-crypto world. intervene with “significant” providers
to volatility. costs to tame inflation, which has been core inflation in August and [the] providers while the EU is pretty much And thinly capitalised service providers and the European Banking Authority
Across the Atlantic, the pan-regional stoked by an escalating energy crisis. likelihood that they will keep rising will going for the whole lot. Mica has a broad will have direct supervisory powers for
Stoxx Europe 600 gauge fell 1.1 per cent Both debt markets closed out one of add to the pressure on the ECB to step up definition of a “crypto asset” but the the first time, for stablecoin issuers.
in the wake of worse than expected their worst ever months. The 10-year the pace of tightening,” wrote Jack Allen- UK is dipping its toe in the water with a Consumers will continue The EBA chair is concerned about his
eurozone inflation data for August. German Bund yield, seen as a proxy for Reynolds, senior European economist at narrower “digital settlement asset”. to be ripped off until both ability to get the right staff as the
The figures showed consumer price borrowing costs across the eurozone, has Capital Economics, after the eurozone This essentially covers stablecoins authority expands from its rulemaking
growth hit a record 9.1 per cent this climbed more than 70 basis points in data release. used as a means of payments but not, for authorities start to take and stress-testing remit. Rightly so. The
month, higher than economists’ August to 1.54 per cent — reflecting its In the UK, short-dated gilt yields have now, crypto assets as investments. some enforcement cases EBA and Esma need more flexibility to
expectations of 9 per cent. July’s reading biggest monthly surge since 1990. added 1.29 percentage points in August, This choice seems to be about facili- ensure they are not outgunned by the
came in at 8.9 per cent. The two-year Bund yield, which closely their steepest ascent since 1994, jumping tating innovation — and FCA caution as crypto firms.
Those data propelled German and UK tracks interest rate expectations, posted 11bp yesterday to 3.01 per cent. explained by its outgoing chair. might not have deep enough pockets to What about enforcement? The US
government bond yields even higher as its biggest jump in more than four US government debt was relatively The EU’s wider investment focus make good on losses. Supervisors need Securities and Exchange Commission
investors continued to search for clues decades yesterday, rising 5bp to 1.2 per steady with the 10-year benchmark means that issuers of new crypto assets to be sharp. has taken decisive action against crypto
about how far and fast the ECB and the cent. Treasury yield flat at 3.12 per cent. Ian (with important exceptions like purely The French Autorité des Marchés scams and insider dealing, arguing
Bank of England would raise borrowing “The further increases in headline and Johnston and Harriet Clarfelt mined coins) need to publish and be Financiers raised a few eyebrows that many crypto assets are effectively
liable for a prospectus-like white paper recently when it announced it would securities subject to existing rules.
that sets out their plans. supervise Binance, the world’s largest The FCA came to the same conclusion
Markets update The differences in regulation extend crypto exchange, under pre-Mica in 2019 guidance but enforcement
to service providers. The UK is likely to French law. action has not yet followed. Mica will
focus on fewer services, such as Binance has been scolded by a grant fining powers to the EBA and
exchange and custody. number of regulators, including in July national authorities but, in the mean
US Eurozone Japan UK China Brazil Mica’s more expansive definition cov- when it was fined €3mn by the Dutch time, big fines in the EU have been rare
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa ers trading, advice, transmitting orders and last summer when the FCA con- Consumers will continue to be ripped
Level 3993.77 1639.39 28091.53 7284.15 3202.14 110919.33 and more, as well as custody and crypto- cluded that it “is not capable of being off until both the UK and EU authorities
% change on day 0.19 -1.04 -0.37 -1.05 -0.78 0.44 to-crypto and crypto-to-fiat exchange. effectively supervised”. The AMF start to take some enforcement cases
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ The UK’s next planned step is to clearly thinks differently. under their existing powers — and not
Level 109.047 1.006 138.625 1.164 6.894 5.181 legislate for crypto investment risk The FCA’s concern was around just wait for new ones.
% change on day 0.252 0.701 -0.223 0.086 -0.083 2.288 warnings. Investors need to have a clear Binance’s unwillingness to share infor-
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond understanding of what protection they mation about its complex corporate Matthew Elderfield is a former alternate
Yield 3.123 1.538 0.225 2.797 2.639 12.864 are (or are not) getting. structure. An opaque structure was at chair of the European Banking Authority
Basis point change on day 0.760 3.200 0.270 9.500 0.800 0.900
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 406.79 97.25 91.36 1730.30 18.70 3773.90
% change on day 0.00 -0.67 -0.52 -1.20 -2.71 -3.33
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4480 1760 7680

4160 1680 7360

3840 1600 7040

| | | | | | | | |
3520 || | | | | | | | | | | | | | | | || | 1520 || | | | | | | | | | | | | | | | || | 6720 | | | | | | | | | | |

Jun 2022 Aug Jun 2022 Aug Jun 2022 Aug

Biggest movers
% US Eurozone UK
Netflix 3.68 Unicredit 4.48 Int Consolidated Airlines S.a. 1.73
Baxter Int 3.47 Coloplast 2.97 Flutter Entertainment 1.60
Ups

Las Vegas Sands 3.38 Danske Bank 2.18 Endeavour Mining 1.45
Paypal Holdings 3.06 Caixabank 2.11 Imperial Brands 0.99
Constellation Energy 2.12 Renault 1.88 Phoenix Holdings 0.84
%
Pvh -7.29 Terna -4.36 National Grid -4.14
Hp -5.63 Eni -3.50 Sse -3.42
Downs

Best Buy -4.45 Schneider Electric -3.15 Astrazeneca -2.97

Seagate Technology Holdings -3.94 Telecom Italia -3.10 Hargreaves Lansdown -2.29
Mosaic (the) -3.48 Edp -2.97 Glencore -2.20
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

Fashion group PVH, which operates such Belgian construction group CFE jumped A broker’s endorsement helped lift
brands as Calvin Klein and Tommy off the back of a “solid update”, said KBC retailer WHSmith with Berenberg urging
Hilfiger, sank after its second-quarter Securities. investors to “revisit the story given the
revenue fell short of Wall Street The broker flagged up the group’s company’s defensive growth profile and
estimates. record order book and a net profit of its limited exposure to cost inflation”.
It also cut its full-year guidance to €13.5mn for the half year, which beat the Analysts said WHSmith was less
reflect “lower consumer demand as a analyst’s estimate of €12.7mn. susceptible to rising prices, in part,
result of inflationary pressures” and “a KBC noted that a better than expected because its landlords paid for energy on
more promotional environment, performance by CFE’s construction and its premises.
particularly in the North America . . . due renovation unit helped offset a weaker Meanwhile, a North America expansion
to elevated inventory levels”. showing in its division that handled would results in more than 350 stores
Home-furnishings retailer Bed Bath & railway and infrastructure contracts. across the Atlantic by the end of 2024 —
Beyond tumbled on the possibility that Italian bank UniCredit rallied after a strategy that would “drive shareholder
its stock could be further diluted. being given authorisation by the returns for years to come”, said
Sue Gove, interim chief executive, said European Central Bank for a share Berenberg.
that in a bid to “strengthen our liquidity”, buyback of up to €1bn. Another retailer, Shoe Zone, rallied on
BB&B had prepared for the potential Norway’s Nordic Nanovector sank for announcing that its trading had
launch of an at-the-market offering for up the fourth consecutive session following “continued to exceed expectations”.
to 12mn shares. The proceeds were the release of second-quarter results that The footwear group said “strong
earmarked for a number of corporate revealed a loss of NKr91mn ($9.1mn), demand for summer and back-to-school
purposes, including the repurchase or although this was smaller than the products” meant adjusted pre-tax profit
repayment of debt. NKr101.8mn loss a year earlier. would be no less than £10.5mn for its
Disappointing earnings weighed on Chair Jan H Egberts said the decision in financial year.
Chewy, the online retailer for pet owners. July to discontinue its trial for Betalutin, a An unscheduled profit warning sent
Net sales grew 12.8 per cent year on treatment for suffers of follicular Cake Box plummeting.
year in the second quarter, missing UBS’s lymphoma, a type of cancer, had “been a The franchise retailer, which specialises
estimate of 13.3 per cent and the group’s major disappointment for everyone in egg-free cakes, said it expected “full-
initial guidance of 13-14 per cent. involved, most particularly patients”. year profitability to be significantly below
The broker said consumers were “not Egberts added that, given the current market forecasts”.
clearing out pet shelters the way they company’s current financial position, The update prompted Liberum to
were during the pandemic”, adding that Nanovector was taking steps to “conserve lower its target price for Cake Box while
pet owners were “cutting back on lower our resources”, which included making 25 suggesting investors buy “on weakness”
priority items such as hard goods” in the employees redundant — about 70 per as the company’s balance sheet remained
wake of higher inflation. Ray Douglas cent of the staff. Ray Douglas in “rude health (no debt)”. Ray Douglas
10 ★ FINANCIAL TIMES Thursday 1 September 2022

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-1.05% -1.04% -0.37% -0.223% -2.74% -1.20%

No change
0.19% 0.29% 0.05% 0.03% 0.701% 0.086% 0.582%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Aug 01 - - Index All World Aug 01 - Aug 31 Index All World Aug 01 - Aug 31 Index All World Aug 01 - Aug 31 Index All World Aug 01 - Aug 31 Index All World Aug 01 - Aug 31 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul

7,413.42 13,449.20 28,091.53 2,472.05

4,091.19 19,505.33 19,445.38 7,284.15 27,993.35 2,439.62
3,993.85
12,834.96
Day 0.19% Month -6.73% Year -11.45% Day -0.40% Month -9.84% Year -6.47% Day -1.05% Month -5.00% Year 0.44% Day -0.97% Month -0.77% Year NaN% Day -0.37% Month -5.14% Year -9.83% Day 0.86% Month -13.64% Year -30.07%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore

1,715.45 19,954.39
47,384.56 19,689.21 3,238.75 3,221.67
12,348.76 1,639.39 8,096.90
11,917.38 45,853.08 7,886.10
Day 0.29% Month -7.23% Year -23.37% Day -1.06% Month -7.31% Year -5.23% Day -1.04% Month -6.91% Year -9.00% Day -1.17% Month -8.45% Year -7.31% Day 0.03% Month 5.78% Year -24.49% Day -0.55% Month -4.28% Year -0.96%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai

110,555.19 59,537.07
6,409.80 22,429.47 3,186.27 3,202.14
32,396.17 103,361.70 56,857.79
31,808.15 6,125.10 21,559.32
Day 0.05% Month -5.23% Year -10.21% Day 0.44% Month -11.14% Year -21.26% Day -1.37% Month -9.62% Year -8.86% Day -1.22% Month -13.95% Year -14.96% Day -0.78% Month 7.58% Year -5.67% Day 2.70% Month -5.30% Year 0.91%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 140081.90 141133.60 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 23602.82 23860.51 Philippines Manila Comp 6583.65 6690.27 Taiwan Weighted Pr 15095.44 14953.63 Cross-Border DJ Global Titans ($) 436.12 435.09
Australia All Ordinaries 7226.10 7230.40 Czech Republic
PX 1173.82 1182.91 FTSE Italia Mid Cap 38065.01 38455.96 Poland Wig 50357.05 50240.74 Thailand Bangkok SET 1638.93 1639.45 Euro Stoxx 50 (Eur) 3522.16 3561.92
S&P/ASX 200 6986.80 6998.30 Denmark OMXC Copenahgen 20 1690.99 1694.87 FTSE MIB 21559.32 21825.22 Portugal PSI 20 5995.24 6020.56 Turkey BIST 100 3194.36 3164.96 Euronext 100 ID 1196.28 1212.68
S&P/ASX 200 Res 5501.70 5608.00 Egypt EGX 30 10132.15 10122.32 Japan 2nd Section 7228.27 7239.06 PSI General 4658.14 4690.90 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 9595.00 9605.92
Austria ATX 2898.80 2890.16 Estonia OMX Tallinn 1810.22 1796.07 Nikkei 225 28091.53 28195.58 Romania BET Index 12058.08 12184.82 UK FT 30 2756.80 2769.40 FTSE All World ($) 406.79 406.79
Belgium BEL 20 3585.84 3629.34 Finland OMX Helsinki General 10678.87 10688.16 S&P Topix 150 1685.92 1691.07 Russia Micex Index 2436.57 2445.30 FTSE 100 7284.15 7361.63 FTSE E300 1639.39 1656.60
BEL Mid 9584.18 9633.60 France CAC 40 6125.10 6210.22 Topix 1963.16 1968.38 RTX 1245.71 1212.57 FTSE 4Good UK 6597.41 6662.08 FTSE Eurotop 100 3206.14 3244.84
Brazil IBovespa 110919.33 110430.64 SBF 120 4740.74 4800.61 Jordan Amman SE 2555.85 2555.18 Saudi-Arabia TADAWUL All Share Index 12455.65 12530.66 FTSE All Share 4007.46 4045.21 FTSE Global 100 ($) 2535.33 2535.75
Canada S&P/TSX 60 1172.66 1178.53 Germany M-DAX 25219.13 25393.83 Kenya NSE 20 1750.54 1749.16 Singapore FTSE Straits Times 3221.67 3239.33 FTSE techMARK 100 6116.67 6122.21 FTSE Gold Min ($) 1453.86 1481.28
S&P/TSX Comp 19434.58 19512.90 TecDAX 2923.71 2944.27 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 346.66 345.83 USA DJ Composite 10915.89 10909.52 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1332.73 1398.34 XETRA Dax 12834.96 12961.14 Latvia OMX Riga 1118.28 1124.20 Slovenia SBI TOP - - DJ Industrial 31808.15 31790.87 FTSE Multinationals ($) 2648.48 2671.71
Chile S&P/CLX IGPA Gen 29229.80 29336.78 Greece Athens Gen 856.00 855.70 Lithuania OMX Vilnius 924.25 926.89 South Africa FTSE/JSE All Share 67257.14 67900.48 DJ Transport 13984.37 14005.84 FTSE World ($) 734.66 734.62
China FTSE A200 10915.47 10893.82 FTSE/ASE 20 2060.62 2060.53 Luxembourg LuxX 1421.25 1419.63 FTSE/JSE Res 20 60313.66 60859.92 DJ Utilities 1022.22 1017.69 FTSEurofirst 100 (Eur) 4278.96 4332.66
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 19954.39 19949.03 Malaysia FTSE Bursa KLCI 1512.05 1501.57 FTSE/JSE Top 40 60735.70 61321.55 Nasdaq 100 12382.11 12342.70 FTSEurofirst 80 (Eur) 4848.29 4894.01
Shanghai A 3355.60 3381.87 HS China Enterprise 6865.12 6840.17 Mexico IPC 45433.19 45922.05 South Korea Kospi 2472.05 2450.93 Nasdaq Cmp 11917.38 11883.14 MSCI ACWI Fr ($) 616.75 621.52
Shanghai B 304.84 309.73 HSCC Red Chip 3704.41 3712.17 Morocco MASI 12169.05 12177.18 Kospi 200 322.96 319.49 NYSE Comp 14938.83 14931.42 MSCI All World ($) 2645.37 2668.79
Shanghai Comp 3202.14 3227.22 Hungary Bux 41877.22 42362.17 Netherlands AEX 680.31 690.31 Spain IBEX 35 7886.10 7979.80 S&P 500 3993.77 3986.16 MSCI Europe (Eur) 1682.72 1688.56
Shenzhen A 2192.72 2236.31 India BSE Sensex 59537.07 57972.62 AEX All Share 931.27 942.89 Sri Lanka CSE All Share 9071.32 8865.40 Wilshire 5000 39943.70 39856.00 MSCI Pacific ($) 2605.64 2586.92
Shenzhen B 1216.60 1232.68 Nifty 500 15325.05 14972.75 New Zealand NZX 50 11601.10 11648.65 Sweden OMX Stockholm 30 1920.23 1942.43 Venezuela IBC 9324.64 9304.64 S&P Euro (Eur) 1617.24 1634.80
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 7178.59 7159.47 Nigeria SE All Share 49676.75 49682.15 OMX Stockholm AS 763.08 768.39 Vietnam VNI 1280.51 1279.39 S&P Europe 350 (Eur) 1679.64 1698.64
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6977.77 6940.57 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10855.03 10884.95 S&P Global 1200 ($) 2921.29 2921.03
Israel Tel Aviv 125 2080.98 2081.08 Pakistan KSE 100 42351.15 42195.26 Stoxx 50 (Eur) 3505.91 3550.73
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Aug 31 %Chg %Chg Aug 31 %Chg %Chg Aug 31 %Chg %Chg Aug 31 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Tesla 36.8 276.38 -1.32 Shell 758.5 2290.00 -49.50 Novartis N 461.7 80.63 -0.03 Mitsubishi Ufj Fin,. 685.5 721.10 -7.20 Shell 2290.00 11.5 45.3 Icg Enterprise Trust 1076.00 6.7 - Augmentum Fintech 112.25 14.8 -33.2 Aerospace & Defense 4659.41 5.4 18.4
Apple 26.9 159.15 0.24 Bp 360.3 441.50 -7.75 Nestle N 452.4 116.76 -0.59 Nippon Yusen Kabushiki Kaisha 671.3 10690.00 -70.00 Bae Systems 776.20 7.2 52.7 Games Workshop 7105.00 6.6 -32.0 Porvair 538.00 9.7 - General Retailers 3261.18 1.9 4.7
Nvidia 22.1 151.89 -2.79 Astrazeneca 297.1 10644.00 -326.00 Roche Gs 392.6 321.39 -1.02 Softbank . 653.1 5562.00 -26.00 Rolls-royce Holdings 77.00 6.5 - 888 Holdings 123.40 6.6 - Videndum 1410.00 7.6 - Electricity 10224.74 1.6 3.1
Amazon.com 16.9 128.26 -0.47 Glencore 262.0 473.30 -10.65 Eni 384.1 11.81 -0.43 Sony 603.5 11135.00 -190.00 Standard Chartered 598.20 4.4 37.6 Qinetiq 348.40 6.2 40.7 Pharos Energy 24.10 6.9 - Industrial Engineering 13233.89 1.2 -
Advanced Micro Devices 15.0 85.29 -1.65 Rio Tinto 193.9 4771.00 -44.00 Asml Holding 265.5 486.35 -4.05 Tokyo Electron 585.8 44160.00 -90.00 Prudential 903.60 3.9 -19.6 Discoverie 790.00 4.6 - Georgia Capital 684.00 6.7 -6.7 Gas Water & Multiutilities index 5921.35 0.9 -0.7
Microsoft 11.8 263.83 0.86 Diageo 177.9 3764.00 -27.50 Totalenergies 258.2 50.71 -1.72 Mitsui O.s.k.lines, 561.8 3655.00 -70.00 Spirax-sarco Eng 10535.00 3.1 - Spire Healthcare 232.50 3.8 -5.6 Capital 83.00 6.2 -2.6 Life Insurance 6296.54 0.6 -
Netflix 7.1 228.77 8.12 Unilever 159.1 3925.50 -18.00 Unicredit 241.2 9.80 0.42 Keyence 508.0 52840.00 -350.00 Croda Int 6726.00 2.9 - Foresight Solar Fund 121.80 3.7 16.8 Riverstone Energy 660.00 6.1 40.7 Food & Drug Retailers 4152.17 0.5 -7.9
3m 7.1 124.39 -0.47 Gsk 137.0 1379.40 -21.40 Intesa Sanpaolo 203.9 1.72 -0.01 Toyota Motor 468.1 2101.50 -3.50 Bunzl 2861.00 2.8 -7.5 Nb Private Equity Partners 1605.00 3.1 - Taylor Maritime Investments 123.00 6.0 9.2 Health Care Equip.& Services 11029.34 0.3 24.2
Alphabet 6.7 109.46 0.52 Hsbc Holdings 130.1 528.80 -0.70 Zurich Insurance N 200.1 442.34 3.16 Fast Retailing Co., 442.9 81950.00 -840.00 Coca-cola Hbc Ag 1970.00 2.7 -27.8 Spirent Communications 258.00 3.0 - Foxtons 37.25 5.0 -9.6 Oil & Gas Producers 7901.54 0.3 24.4
Alphabet 5.7 110.49 0.58 Anglo American 109.2 2783.00 -3.50 Inditex 191.0 21.55 -0.59 Shin-etsu Chemical Co., 439.9 16315.00 -175.00 National Grid 1078.00 2.2 -0.5 Bellevue Healthcare Trust 170.60 2.8 - Puretech Health 248.50 5.0 - Pharmaceuticals & Biotech. 19807.45 0.2 15.4
Wpp 744.40 1.8 - Kainos 1362.00 2.8 - Stv 276.00 4.5 - Tobacco 36472.46 0.0 26.2
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Dcc 4963.00 1.7 - Lancashire Holdings 493.60 2.8 - Up Global Sourcing Holdings 118.00 4.1 - Mobile Telecommunications 2845.23 -0.1 10.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Netflix 228.77 8.12 3.68 Lancashire Holdings 493.60 15.20 3.18 Unicredit 9.80 0.42 4.48 Keisei Electric Railway Co., 3900.00 140.00 3.72 Haleon 258.85 - - Currys 63.70 -49.8 -23.0 Lamprell 8.80 -59.3 - Automobiles & Parts 1613.56 -12.7 -
Baxter Int 58.44 1.96 3.47 Ti Fluid Systems 146.60 3.80 2.66 Ericsson, Telefonab. L M Ser. B 7.50 0.20 2.68 Isetan Mitsukoshi Holdings 1102.00 32.00 2.99 Rs 1086.00 -15.1 - Fidelity Emerging Markets 621.00 -28.0 -9.7 Abrdn Uk Smaller Companies Growth Trust 482.00 -38.6 - Real Estate Investment Trusts 2624.60 -6.1 -
Las Vegas Sands 37.89 1.24 3.38 Beazley 583.00 15.00 2.64 Swiss Re N 77.63 2.02 2.67 Mitsubishi Motors 559.00 16.00 2.95 British Land 430.80 -10.4 - Eur Opportunities Trust 704.00 -23.8 -7.0 On The Beach 128.00 -16.9 - Mining 9763.01 -5.2 -50.7
Paypal Holdings 94.61 2.81 3.06 Hammerson 21.83 0.47 2.20 Ericsson, Telefonab. L M Ser. A 7.87 0.20 2.56 T&d Holdings, . 1521.00 43.00 2.91 Land Securities 650.60 -8.8 - Aston Martin Lagonda Global Holdings 445.70 -20.9 - Hunting 288.50 -16.6 37.1 Industrial Metals 6542.06 -4.9 -0.6
Constellation Energy 81.38 1.69 2.12 Wh Smith 1429.50 29.50 2.11 Vonovia Se Na O.n. 27.52 0.50 1.85 Hino Motors, 638.00 15.00 2.41 Aveva 2800.00 -8.2 - Chrysalis Investments 71.90 -17.5 -59.7 Oryx Int Growth Fund Ltd 1240.00 -14.0 - Travel & Leisure 6099.09 -4.6 -
Anglo American 2783.00 -8.0 -6.6 Abrdn Private Equity Opportunities Trust 429.00 -14.8 -3.6 Ted Baker 109.20 -12.1 - Personal Goods 28130.75 -4.5 -
Downs Downs Downs Downs
Intermediate Capital 1367.00 -7.6 - Bridgepoint 250.40 -13.9 - Abrdn China Investment 572.00 -11.6 17.8 Beverages 28641.33 -4.0 -
Pvh 58.26 -4.58 -7.29 Tullow Oil 48.60 -3.20 -6.18 Eni 11.81 -0.43 -3.50 Inpex 1604.00 -59.00 -3.55
Abrdn 146.85 -7.2 - Workspace 521.50 -13.6 - Hochschild Mining 65.00 -11.3 - Software & Computer Services 1890.38 -3.7 -
Hp 29.35 -1.75 -5.63 Drax 636.00 -34.50 -5.15 Neste 49.59 -1.73 -3.37 Eneos Holdings, . 523.60 -16.70 -3.09
Segro 943.00 -6.7 - Carnival 728.60 -12.9 - Civitas Social Housing 71.10 -11.1 - Real Estate & Investment Servic 2465.13 -3.2 -
Best Buy 71.56 -3.33 -4.45 Baltic Classifieds 144.80 -6.80 -4.49 Totalenergies 50.71 -1.72 -3.28 Unitika 260.00 -8.00 -2.99
Ocado 726.00 -6.6 - Darktrace 511.20 -12.7 - Topps Tiles 48.20 -10.9 - Electronic & Electrical Equip. 8236.72 -2.4 -
Seagate Technology Holdings 66.69 -2.74 -3.94 Energean 1294.00 -58.00 -4.29 Investor Ab Ser. A 16.81 -0.55 -3.18 Thb Japan Steel Works, 2993.00 -92.00 -2.98
Entain 1273.00 -6.3 - Baltic Classifieds 144.80 -11.8 - Zotefoams 301.50 -10.9 - Food Producers 5812.98 -2.1 -
Mosaic (the) 55.20 -1.99 -3.48 National Grid 1078.00 -46.50 -4.14 Schneider Electric 118.74 -3.86 -3.15 Mitsui & Co., 3266.00 -94.00 -2.80
Flutter Entertainment 10765.00 -6.2 - Jupiter Fund Management 97.20 -10.9 - Seraphim Space Investment Trust 61.10 -10.7 - Household Goods 10804.63 -1.4 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Aug 31 Currency Mid Change Mid Change Mid Change Aug 31 Currency Mid Change Mid Change Mid Change Aug 31 Currency Mid Change Mid Change Mid Change Aug 31 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 138.7282 0.1581 139.4982 1.0873 161.4245 0.2533 Indonesia Indonesian Rupiah 14842.5000 - 14924.9053 99.4382 17270.7992 7.4538 Poland Polish Zloty 4.6925 -0.0356 4.7185 -0.0042 5.4602 -0.0391 ..Three Month 0.8596 -0.0004 0.8638 0.0054 - -
Australia Australian Dollar 1.4587 0.0027 1.4668 0.0124 1.6973 0.0038 Israel Israeli Shekel 3.3265 -0.0003 3.3449 0.0220 3.8707 0.0014 Romania Romanian Leu 4.8162 -0.0540 4.8429 -0.0216 5.6041 -0.0603 ..One Year 0.8596 -0.0004 0.8624 0.0054 - -
Bahrain Bahrainin Dinar 0.3770 0.0001 0.3791 0.0026 0.4387 0.0002 Japan Japanese Yen 138.6250 -0.3100 139.3945 0.6190 161.3044 -0.2911 Russia Russian Ruble 60.6500 -0.3763 60.9866 0.0305 70.5725 -0.4072 United States United States Dollar - - 1.0056 0.0067 1.1636 0.0005
Bolivia Bolivian Boliviano 6.9100 - 6.9484 0.0463 8.0405 0.0035 ..One Month 138.6247 -0.3107 139.3944 0.6189 161.3041 -0.2918 Saudi Arabia Saudi Riyal 3.7590 0.0025 3.7799 0.0277 4.3740 0.0048 ..One Month - - 1.0053 -0.1575 1.1637 0.0005
Brazil Brazilian Real 5.1810 0.1159 5.2098 0.1505 6.0286 0.1374 ..Three Month 138.6239 -0.3123 139.3941 0.6184 161.3033 -0.2933 Singapore Singapore Dollar 1.3951 -0.0035 1.4028 0.0059 1.6233 -0.0034 ..Three Month - - 1.0049 -0.1575 1.1638 0.0005
Canada Canadian Dollar 1.3096 -0.0002 1.3169 0.0086 1.5239 0.0005 ..One Year 138.6193 -0.3215 139.3917 0.6137 161.3041 -0.2977 South Africa South African Rand 17.0444 0.0806 17.1390 0.1947 19.8329 0.1023 ..One Year - - 1.0033 -0.1575 1.1638 0.0004
Chile Chilean Peso 892.6000 12.6500 897.5546 18.6153 1038.6317 15.1602 Kenya Kenyan Shilling 120.2000 0.1000 120.8672 0.9051 139.8650 0.1765 South Korea South Korean Won 1337.5500 -9.1500 1344.9744 -0.1787 1556.3766 -9.9727 Vietnam Vietnamese Dong 23445.0000 25.0000 23575.1753 182.0492 27280.6635 40.7974
China Chinese Yuan 6.8940 -0.0057 6.9322 0.0404 8.0218 -0.0032 Kuwait Kuwaiti Dinar 0.3080 -0.0002 0.3097 0.0019 0.3583 0.0000 Sweden Swedish Krona 10.6333 -0.0750 10.6923 -0.0037 12.3729 -0.0820 European Union Euro 0.9945 -0.0067 - - 1.1572 -0.0073
Colombia Colombian Peso 4423.2250 22.5250 4447.7773 52.1304 5146.8764 28.4121 Malaysia Malaysian Ringgit 4.4755 - 4.5003 0.0300 5.2077 0.0022 Switzerland Swiss Franc 0.9760 0.0001 0.9814 0.0066 1.1356 0.0006 ..One Month 0.9943 -0.0067 - - 1.1571 -0.0073
Costa Rica Costa Rican Colon 649.9650 5.1500 653.5727 9.4984 756.3009 6.3154 Mexico Mexican Peso 20.1120 -0.0105 20.2236 0.1242 23.4024 -0.0021 Taiwan New Taiwan Dollar 30.4375 -0.0395 30.6064 0.1645 35.4172 -0.0307 ..Three Month 0.9939 -0.0067 - - 1.1568 -0.0073
Czech Republic Czech Koruna 24.3722 -0.1910 24.5075 -0.0276 28.3596 -0.2100 New Zealand New Zealand Dollar 1.6311 -0.0009 1.6401 0.0100 1.8979 -0.0003 Thailand Thai Baht 36.4625 0.1125 36.6649 0.3566 42.4279 0.1491 ..One Year 0.9922 -0.0066 - - 1.1554 -0.0073
Denmark Danish Krone 7.3963 -0.0499 7.4374 -0.0002 8.6064 -0.0543 Nigeria Nigerian Naira 428.7500 - 431.1299 2.8723 498.8946 0.2147 Tunisia Tunisian Dinar 3.1880 -0.0086 3.2057 0.0128 3.7096 -0.0084
Egypt Egyptian Pound 19.2394 0.0304 19.3462 0.1593 22.3870 0.0450 Norway Norwegian Krone 9.9242 0.0939 9.9792 0.1602 11.5478 0.1141 Turkey Turkish Lira 18.1945 0.0065 18.2955 0.1284 21.1712 0.0167
Hong Kong Hong Kong Dollar 7.8488 -0.0001 7.8924 0.0525 9.1329 0.0038 Pakistan Pakistani Rupee 218.7500 -1.0000 219.9642 0.4666 254.5381 -1.0536 United Arab Emirates UAE Dirham 3.6731 0.0000 3.6934 0.0247 4.2740 0.0019
Hungary Hungarian Forint 399.8559 -5.5354 402.0753 -2.8503 465.2733 -6.2380 Peru Peruvian Nuevo Sol 3.8456 0.0203 3.8670 0.0460 4.4748 0.0255 United Kingdom Pound Sterling 0.8594 -0.0004 0.8642 0.0054 - -
India Indian Rupee 79.4582 - 79.8992 0.5323 92.4577 0.0398 Philippines Philippine Peso 56.1550 -0.0750 56.4667 0.3013 65.3421 -0.0591 ..One Month 0.8595 -0.0004 0.8640 0.0054 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Aug 31 Aug 27 Aug 26 Aug 25 Aug 24 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2756.80 2769.40 2762.80 2775.10 2758.50 0.00 2870.10 2450.90 Oil & Gas Producers 38.45 Basic Materials -3.44 Household Goods & Ho -17.55 FTSE 100 Price Change FTSE 100 Price Change
Aug 31 chge% Index Aug 30 Aug 26 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 37.85 NON FINANCIALS Index -3.91 Life Insurance -17.57 3I Group PLC 1215.5 6.50 Intertek Group PLC 3959 -46.00
FTSE 100 (100) 7284.15 -1.05 6567.17 7361.63 7427.31 7119.70 3.66 1.95 14.04 218.14 7429.00 P/E Ratio net - - - - - 0.00 19.44 14.26 Tobacco 24.53 FTSE All{HY-}Share Index -4.77 Consumer Services -18.41 Abrdn PLC 146.85 0.45 Jd Sports Fashion PLC 112.95 0.65
FTSE 250 (250) 19063.75 -0.45 17187.31 19149.65 19169.72 24102.19 2.92 1.32 25.84 381.37 15726.05 FT 30 hourly changes Aerospace & Defense 10.78 Beverages -7.90 FTSE 250 Index -18.81 Admiral Group PLC 2122 -37.00 Kingfisher PLC 232.10 -0.60
FTSE 250 ex Inv Co (176) 19327.33 -0.43 17424.94 19411.08 19413.94 25330.56 3.05 1.54 21.32 412.73 16268.94 8 9 10 11 12 13 14 15 16 High Low Banks 7.53 Fixed Line Telecomms -8.25 Industrials -19.39 Airtel Africa PLC 132.30 -2.40 Land Securities Group PLC 650.60 -6.00
FTSE 350 (350) 4041.53 -0.96 3643.72 4080.77 4112.34 4123.45 3.54 1.87 15.08 114.95 8177.23 2769.4 2761.8 2764.7 2761.4 2751.4 2753.1 2746.3 2748.2 2751.3 2774.5 2745.8 Pharmace & Biotech 5.60 Health Care Eq & Srv -8.39 Construct & Material -20.25 Anglo American PLC 2783 -3.50 Legal & General Group PLC 252.50 -2.20
FTSE 350 ex Investment Trusts (274) 3971.57 -0.99 3580.65 4011.19 4042.82 4017.15 3.61 1.93 14.38 115.78 4153.14 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Health Care 4.66 Financials -9.83 Real Est Invest & Tr -22.42 Antofagasta PLC 1101 -7.00 Lloyds Banking Group PLC 43.88 0.13
FTSE 350 Higher Yield (129) 3485.68 -0.98 3142.59 3520.12 3537.56 3207.83 5.06 1.87 10.55 129.66 7933.21 Mining 2.44 Software & Comp Serv -11.54 Support Services -23.61 Ashtead Group PLC 4250 -19.00 London Stock Exchange Group PLC 8102 -74.00
FTSE 350 Lower Yield (221) 4183.89 -0.94 3772.07 4223.78 4268.69 4822.79 1.97 1.86 27.26 76.46 5132.36 FT WILSHIRE 5000 INDEX SERIES Mobile Telecomms 1.67 Travel & Leisure -11.70 Real Est Invest & Se -24.70 Associated British Foods PLC 1525 -16.50 M&G PLC 195.75 0.70
FTSE SmallCap (247) 6354.90 0.05 5729.39 6351.42 6389.75 7627.46 3.20 1.36 23.07 143.87 10583.09 Electricity 1.36 Technology -11.88 Leisure Goods -25.19 Astrazeneca PLC 10644 -326.00 Meggitt PLC 798.20 -0.40
FTSE SmallCap ex Inv Co (130) 5107.24 -0.06 4604.53 5110.42 5135.79 6529.06 3.11 1.66 19.32 110.24 8844.60 Aug 30 Aug 30 Beverages 31.66 Media -12.07 Food & Drug Retailer -27.59 Auto Trader Group PLC 651.80 3.40 Melrose Industries PLC 136.50 -1.50
FTSE All-Share (597) 4007.46 -0.93 3613.00 4045.21 4076.32 4109.96 3.53 1.86 15.23 113.31 8187.18 Utilities -0.08 Food Producers -13.50 Chemicals -29.43
FT Wilshire 5000 40607.66 FT Wilshire Mid Cap 5432.82 Avast PLC 707.00 2.00 Mondi PLC 1466 5.00
FTSE All-Share ex Inv Co (404) 3902.22 -0.97 3518.13 3940.62 3971.54 3962.74 3.60 1.92 14.44 113.32 4142.94 Gas Water & Multi -0.56 Financial Services -13.53 Industrial Eng -29.62
FT Wilshire 2500 5197.96 FT Wilshire Small Cap 4948.99 Aveva Group PLC 2800 20.00 National Grid PLC 1078 -46.50
FTSE All-Share ex Multinationals (529) 1101.32 -0.45 824.10 1106.35 1109.62 1362.67 3.69 1.95 13.90 30.77 2325.18 Telecommunications -1.14 Nonlife Insurance -13.89 Electronic & Elec Eq -32.44
FT Wilshire Mega Cap 5189.36 FT Wilshire Micro Cap 4931.77 Aviva PLC 418.70 1.50 Natwest Group PLC 246.45 -2.55
FTSE Fledgling (83) 12168.07 -0.30 10970.37 12205.16 12170.72 13242.71 3.45 5.76 5.04 231.30 26078.79 FTSE 100 Index -1.36 Oil Equipment & Serv -14.20 General Retailers -34.13
FT Wilshire Large Cap 5230.05 B&M European Value Retail S.A. 369.90 -2.90 Next PLC 5812 -14.00
FTSE Fledgling ex Inv Co (32) 15600.56 -0.23 14065.00 15636.02 15542.17 18214.01 3.08 7.74 4.20 284.79 32435.65 Consumer Goods -2.64 FTSE SmallCap Index -14.81 Industrial Transport -34.22
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Bae Systems PLC 776.20 -13.80 Ocado Group PLC 726.00 6.00
FTSE All-Small (330) 4438.36 0.04 4001.49 4436.78 4461.45 5299.01 3.21 1.61 19.36 99.63 9479.74 Personal Goods -2.97 Tech Hardware & Eq -15.03 Automobiles & Parts -55.52
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Barclays PLC 164.50 -0.20 Pearson PLC 862.80 1.80
FTSE All-Small ex Inv Co (162) 3844.12 -0.07 3465.74 3846.75 3864.31 4897.92 3.11 1.88 17.09 82.52 8430.39 Equity Invest Instr -16.07 Industrial Metals & -79.98
mark. Copyright ©2022 Wilshire. All rights reserved. Barratt Developments PLC 427.30 -5.50 Pershing Square Holdings LTD 2790 5.00
FTSE AIM All-Share (767) 882.73 -0.52 795.85 887.31 896.78 1292.99 1.46 1.44 47.79 8.36 1031.60
Berkeley Group Holdings (The) PLC 3655 -45.00 Persimmon PLC 1476 -24.50
FTSE All-Share Technology (22) 2007.36 -0.01 1609.52 2007.54 2015.87 2468.86 1.84 0.90 60.11 34.01 2899.12
BP PLC 441.50 -7.75 Phoenix Group Holdings PLC 602.40 5.00
FTSE All-Share Telecommunications (6) 1833.54 -0.33 1470.15 1839.58 1832.59 1946.38 5.78 1.02 16.99 57.66 2728.73 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC 3451.5 -5.00 Prudential PLC 903.60 -6.60
FTSE All-Share Health Care (14) 13806.75 -2.26 11070.40 14125.74 14454.81 12790.89 2.85 1.14 30.92 334.88 12751.16
Aug 31 No of US $ Day Mth YTD Total
YTD Gr Div Aug 31 No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 430.80 -0.90 Reckitt Benckiser Group PLC 6648 52.00
FTSE All-Share Financials (258) 4544.08 -0.23 3643.49 4554.40 4551.64 4848.60 3.71 2.45 11.00 146.42 5034.89
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group PLC 150.70 -1.15 Relx PLC 2262 -32.00
FTSE All-Share Real Estate (53) 960.13 -1.11 805.34 970.87 971.84 1202.76 3.56 4.52 6.21 24.40 1001.58
FTSE Global All Cap 9373 692.63 -0.7 -3.2 -18.2
-16.9 1104.40
2.3 Oil Equipment & Services 23 270.69 -3.0 -0.3 15.7 496.68 19.1 4.3 Bunzl PLC 2861 -63.00 Rentokil Initial PLC 521.00 -8.40
FTSE All-Share Consumer Discretionary (89) 4395.22 -0.24 3524.14 4405.62 4406.85 5579.60 2.30 0.86 50.48 81.84 4633.95
FTSE Global All Cap 9373 692.63 -0.7 -3.2 -18.2
-16.9 1104.40
2.3 Basic Materials 373 570.06 -1.4 -0.7 -15.3 1038.16 -12.6 5.1 Burberry Group PLC 1748 3.00 Rightmove PLC 607.60 4.00
FTSE All-Share Consumer Staples (24)19737.76 -0.29 15825.95 19795.12 19825.93 18922.69 3.86 1.21 21.37 532.54 17949.05
FTSE Global Large Cap 1869 619.73 -0.7 -3.4 -18.4
-17.1 1018.59
2.3 Chemicals 182 788.27 -1.0 -1.8 -18.6 1385.57 -16.9 3.0 Centrica PLC 75.74 -0.82 Rio Tinto PLC 4771 -44.00
FTSE All-Share Industrials (85) 5963.78 -0.82 4781.82 6013.24 6054.79 7269.74 2.29 1.36 32.13 99.19 6861.63
FTSE Global Mid Cap 2246 890.65 -0.9 -2.6 -17.0
-15.7 1335.59
2.3 Forestry & Paper 20 261.23 -0.2 0.4 -14.4 525.36 -12.0 3.8 Coca-Cola Hbc AG 1970 -21.00 Rolls-Royce Holdings PLC 77.00 -1.20
FTSE All-Share Basic Materials (22) 7928.67 -1.21 6357.29 8025.47 8295.28 8374.19 6.32 2.17 7.30 461.41 10703.61
FTSE Global Small Cap 5258 926.54 -0.9 -2.6 -19.0
-17.9 1329.33
2.0 Industrial Metals & Mining 94 449.74 -1.4 -0.6 -18.7 852.60 -15.3 8.9 Compass Group PLC 1859 0.50 Rs Group PLC 1086 -13.00
FTSE All-Share Energy (14) 8175.98 -1.95 6555.58 8338.35 8383.58 5298.56 3.38 2.82 10.49 216.17 9848.04
FTSE All-World 4115 406.79 -0.7 -3.2 -18.1
-16.8 686.89
2.3 Mining 77 866.45 -2.2 1.0 -6.9 1654.81 -3.2 6.6 Crh PLC 3175.5 -27.00 Sage Group PLC 715.20 -4.20
FTSE All-Share Utilities (10) 8714.08 -3.00 6987.04 8983.27 9216.48 7980.21 4.30 0.67 34.45 286.01 13152.67
FTSE World 2667 734.62 -0.8 -3.5 -18.2
-16.9 1664.33
2.3 Industrials 781 478.45 -0.5 -3.4 -20.3 759.81 -19.1 2.0 Croda International PLC 6726 -108.00 Sainsbury (J) PLC 203.40 -2.30
FTSE All-Share Software and Computer Services (19) 2168.13 0.00 1738.43 2168.09 2176.56 2650.98 1.85 0.90 60.13 36.99 3313.18
FTSE Global All Cap ex UNITED KINGDOM In 9080 732.66 -0.7 -3.0 -18.3
-17.1 1145.84
2.2 Construction & Materials 146 549.85 0.1 -3.3 -25.6 922.39 -24.3 2.3 Dcc PLC 4963 -79.00 Schroders PLC 2688 -16.00
FTSE All-Share Technology Hardware and Equipment (3) 4959.23 -0.33 3976.37 4975.63 5032.59 7009.60 1.77 0.95 59.64 63.01 6389.15
FTSE Global All Cap ex USA 7551 481.29 -0.2 -3.1 -19.8
-17.8 850.48
3.3 Aerospace & Defense 34 814.58 -1.2 -1.3 1.4 1266.88 2.5 1.6 Dechra Pharmaceuticals PLC 3490 -42.00 Scottish Mortgage Investment Trust PLC 805.80 -5.40
FTSE All-Share Telecommunications Equipment (1) 576.73 -0.31 462.43 578.52 582.09 701.81 2.13 2.31 20.32 11.51 824.38
FTSE Global All Cap ex JAPAN 7978 723.01 -0.9 -3.2 -18.2
-17.0 1163.46
2.3 General Industrials 72 221.57 -0.4 -4.6 -20.1 389.26 -18.7 2.6 Diageo PLC 3764 -27.50 Segro PLC 943.00 -20.40
FTSE All-Share Telecommunications Service Providers (5) 2840.93 -0.33 2277.89 2850.31 2838.53 2997.37 5.90 1.00 16.90 90.35 3848.52
FTSE Global All Cap ex Eurozone 8707 739.36 -0.8 -2.9 -17.4
-16.2 1153.01
2.2 Electronic & Electrical Equipment 158 592.37 0.3 -4.2 -26.3 848.53 -25.4 1.6 Endeavour Mining PLC 1683 24.00 Severn Trent PLC 2787 -18.00
FTSE All-Share Health Care Providers (3)11179.63 0.39 8963.95 11136.60 11063.59 8258.31 0.52 3.58 53.72 54.55 10372.90
FTSE Developed 2222 674.22 -0.8 -3.7 -18.3
-17.1 1082.18
2.1 Industrial Engineering 151 901.92 -0.6 -4.5 -22.0 1427.10 -20.9 2.1 Entain PLC 1273 -6.00 Shell PLC 2290 -49.50
FTSE All-Share Medical Equipment and Services (2) 5141.59 0.32 4122.58 5125.26 5127.91 6570.89 2.59 1.04 37.31 94.26 4919.00
FTSE Developed All Cap 5854 703.19 -0.8 -3.6 -18.4
-17.2 1112.06
2.1 Industrial Transportation 129 949.01 -1.5 -3.8 -14.6 1533.88 -12.4 3.1 Experian PLC 2623 -30.00 Smith & Nephew PLC 1015.5 6.00
FTSE All-Share Pharmaceuticals and Biotechnology (9)19753.42 -2.42 15838.51 20242.34 20743.47 17986.65 2.89 1.13 30.51 489.47 16432.53
FTSE Developed Large Cap 862 631.91 -0.8 -3.8 -18.5
-17.3 1032.40
2.1 Support Services 91 536.02 -0.4 -2.2 -24.5 794.05 -23.9 1.4 Flutter Entertainment PLC 10765 170.00 Smith (Ds) PLC 267.70 -0.40
FTSE All-Share Banks (12) 3236.31 -0.06 2594.90 3238.17 3209.45 2746.36 4.01 4.25 5.87 126.59 2862.14
FTSE Developed Europe Large Cap 230 349.29 -0.6 -5.7 -22.3
-20.1 3.3 Consumer Goods
690.11 562 572.08 -0.5 -3.1 -17.0 957.27 -15.7 2.4 Fresnillo PLC 688.60 -2.60 Smiths Group PLC 1491 -19.00
FTSE All-Share Finance and Credit Services (8)11152.72 -0.88 8942.37 11251.30 11353.11 11162.38 1.87 2.13 25.06 205.01 14980.05
FTSE Developed Europe Mid Cap 358 532.00 -0.4 -8.1 -31.0
-29.4 911.19
3.1 Automobiles & Parts 132 601.37 -0.7 -4.0 -22.2 969.67 -21.2 2.1 Glaxosmithkline PLC 1379.4 -21.40 Smurfit Kappa Group PLC 2894 24.00
FTSE All-Share Investment Banking and Brokerage Services (32) 8212.45 -0.16 6584.83 8225.61 8220.84 10999.52 5.31 1.86 10.11 335.10 11457.72
FTSE Dev Europe Small Cap 740 758.37 -0.5 -8.4 -31.3
-29.7 1247.61
3.0 Beverages 71 753.74 -0.7 -3.2 -6.5 1273.25 -5.2 2.3 Glencore PLC 473.30 -10.65 Spirax-Sarco Engineering PLC 10535 -115.00
FTSE All-Share Closed End Investments (193)11973.46 -0.34 9600.45 12013.94 12079.47 14108.42 2.56 0.53 74.21 204.54 7440.75
FTSE North America Large Cap 243 858.53 -1.1 -3.6 -17.7
-16.8 1284.28
1.6 Food Producers 134 722.29 -0.8 -1.9 -8.0 1240.85 -6.3 2.4 Haleon PLC 258.85 -0.35 Sse PLC 1652.5 -58.50
FTSE All-Share Life Insurance (6) 6412.88 -0.40 5141.92 6438.80 6473.53 8125.31 4.78 1.08 19.42 293.23 7846.10
FTSE North America Mid Cap 428 1122.27 -1.3 -2.0 -14.2
-13.2 1551.43
1.9 Household Goods & Home Construction 63 514.26 -0.5 -1.9 -21.4 861.60 -19.8 2.7 Halma PLC 2075 -19.00 St. James's Place PLC 1107 -15.00
FTSE All-Share Nonlife Insurance (7) 3427.39 0.38 2748.12 3414.49 3423.71 3989.71 4.72 1.08 19.54 112.01 7260.21
FTSE North America Small Cap 1333 1107.48 -1.5 -2.3 -16.1
-15.3 1468.93
1.6 Leisure Goods 52 247.22 0.2 -4.5 -22.4 348.28 -21.7 1.4 Hargreaves Lansdown PLC 817.60 -19.20 Standard Chartered PLC 598.20 4.20
FTSE All-Share Real Estate Investment and Services (11) 2393.14 -0.02 1918.84 2393.70 2392.38 2966.87 2.10 3.87 12.32 30.73 7100.77
FTSE North America 671 562.19 -1.1 -3.3 -17.0
-16.2 859.68
1.7 Personal Goods 96 876.27 0.0 -4.0 -24.1 1343.25 -23.1 1.8 Hikma Pharmaceuticals PLC 1313 -6.50 Taylor Wimpey PLC 108.30 -1.90
FTSE All-Share Real Estate Investment Trusts (42) 2392.43 -1.31 1918.28 2424.15 2427.25 2997.76 3.84 4.59 5.68 66.92 3595.17
FTSE Developed ex North America 1551 248.66 0.0 -4.5 -21.1
-19.3 473.04
3.2 Tobacco 14 955.60 -0.6 -0.1 -0.6 2665.91 2.5 6.0 Howden Joinery Group PLC 571.20 -3.40 Tesco PLC 248.70 -2.30
FTSE All-Share Automobiles and Parts (2) 1621.83 1.66 1300.40 1595.31 1573.20 4951.61 0.86 -17.18 -6.74 14.02 1687.25
FTSE Japan Large Cap 165 369.76 1.2 -2.5 -18.9
-17.8 537.48
2.6 Health Care 347 676.68 -0.5 -5.7 -14.3 1074.86 -13.2 1.8 HSBC Holdings PLC 528.80 -0.70 Unilever PLC 3925.5 -18.00
FTSE All-Share Consumer Services (2) 3063.65 0.01 2456.47 3063.19 3091.49 2502.13 1.25 1.95 40.92 38.43 3886.23
FTSE Japan Mid Cap 342 520.42 0.9 -2.5 -15.2
-13.8 720.18
2.5 Health Care Equipment & Services 134 1340.33 -0.6 -5.2 -19.4 1639.76 -18.9 1.0 Imperial Brands PLC 1896.5 18.50 Unite Group PLC 1051 -15.00
FTSE All-Share Household Goods and Home Construction (14) 9023.22 -1.48 7234.91 9158.68 9146.40 15561.78 7.48 1.79 7.46 459.82 7860.37
FTSE Global wi JAPAN Small Cap 888 575.39 0.9 -1.3 -17.3
-15.8 826.06
2.6 Pharmaceuticals & Biotechnology 213 445.89 -0.5 -6.1 -10.3 761.21 -8.7 2.4 Informa PLC 546.80 1.00 United Utilities Group PLC 1056.5 -9.50
FTSE All-Share Leisure Goods (2) 18993.87 -2.42 15229.49 19465.19 19303.96 29399.37 3.63 1.56 17.64 600.05 20932.87
FTSE Japan 507 152.19 1.1 -2.5 -18.2
-17.0 247.83
2.6 Consumer Services 431 544.72 -0.7 -1.7 -22.7 775.52 -22.1 1.2 Intercontinental Hotels Group PLC 4691 6.00 Vodafone Group PLC 115.68 -0.04
FTSE All-Share Personal Goods (5) 24254.10 -0.36 19447.19 24342.79 24155.91 29360.81 2.11 2.58 18.38 402.68 18970.47
FTSE Asia Pacific Large Cap ex Japan 1075 689.13 0.4 -0.7 -17.3
-15.5 1247.98
3.1 Food & Drug Retailers 66 315.53 -0.7 -0.9 -8.3 498.90 -6.8 2.4 Intermediate Capital Group PLC 1367 9.00 Whitbread PLC 2504 -
FTSE All-Share Media (11) 8921.67 -0.69 7153.49 8984.08 9023.99 9602.87 2.35 1.52 27.88 192.67 6256.72
FTSE Asia Pacific Mid Cap ex Japan 850 970.42 0.7 0.7 -14.4
-12.3 1695.98
3.4 General Retailers 148 993.94 -0.6 -1.8 -22.3 1354.96 -21.8 0.9 International Consolidated Airlines Group S.A. 108.22 1.84 Wpp PLC 744.40 1.60
FTSE All-Share Retailers (22) 1821.08 -0.17 1460.16 1824.20 1801.58 2760.83 2.76 3.69 9.81 37.28 2353.64
FTSE All-Share Travel and Leisure (31) 5977.14 0.70 4792.54 5935.55 5935.11 8401.49 0.54 -17.31 -10.75 28.61 6169.69 FTSE Asia Pacific Small Cap ex Japan 2006 558.73 0.8 -0.2 -23.2
-21.5 949.80
3.1 Media 78 304.12 -0.9 -1.5 -35.2 435.87 -34.7 1.3
FTSE All-Share Beverages (5) 28748.85 -0.73 23051.14 28961.18 29186.16 27519.96 2.08 1.99 24.14 583.84 23039.32 FTSE Asia Pacific Ex Japan 1925 548.31 0.4 -0.6 -17.0
-15.2 1055.41
3.1 Travel & Leisure 139 422.85 -0.7 -1.8 -17.6 615.46 -16.9 1.2
FTSE All-Share Food Producers (10) 5980.28 -0.93 4795.05 6036.46 6005.95 7077.99 2.47 2.19 18.43 81.34 5755.19 FTSE Emerging All Cap 3519 731.61 0.0 1.0 -16.9
-14.5 1269.74
3.7 Telecommunication 87 134.04 -0.1 -4.0 -9.6 312.84 -7.0 4.1 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 36472.53 0.06 29244.06 36449.04 36497.01 28983.90 6.48 0.92 16.82 1261.21 33645.71 FTSE Emerging Large Cap 1007 679.09 0.0 0.7 -17.5
-15.1 1185.54
3.7 Fixed Line Telecommuniations 32 104.59 -0.2 -3.3 -7.2 280.26 -3.8 5.0 Aug 31 Aug 30 Aug 26 Aug 25 Aug 24 Yr Ago
FTSE All-Share Construction and Materials (15) 7191.37 -0.72 5766.12 7243.49 7256.67 9187.32 3.06 0.66 49.85 173.93 8704.23 FTSE Emerging Mid Cap 886 1021.54 -0.1 2.5 -11.1
-8.6 1781.26
4.0 Mobile Telecommunications 55 158.54 -0.1 -4.4 -10.8 318.89 -8.7 3.6 Order Book Turnover (m) 61.67 525.04 453.00 453.00 453.00 83.14
FTSE All-Share Aerospace and Defense (8) 4893.52 -1.31 3923.68 4958.53 5041.13 4609.00 2.02 -0.30 -163.29 59.71 5915.21 FTSE Emerging Small Cap 1626 784.49 0.3 1.8 -19.0
-16.8 1302.92
3.3 Utilities 195 332.29 -1.1 -0.3 -3.2 772.54 -0.9 3.2 Order Book Bargains 794355.00 619696.00 619406.00 619406.00 619406.00 585611.00
FTSE All-Share Electronic and Electrical Equipment (10) 9686.34 -0.52 7766.61 9737.18 9782.99 14324.42 1.77 2.01 28.00 127.40 9547.65 FTSE Emerging Europe 49 95.84 -0.4 6.5 -76.9
-75.9 200.23
3.7 Electricity 139 380.59 -1.0 0.8 -1.3 871.31 0.9 3.1 Order Book Shares Traded (m) 2016.00 1713.00 1275.00 1275.00 1275.00 1224.00
FTSE All-Share General Industrials (8) 4771.65 -0.63 3825.96 4801.90 4856.56 5813.20 2.86 1.47 23.82 93.07 6235.38 FTSE Latin America All Cap 260 725.88 -1.8 3.4 2.4
9.5 1415.40
11.5 Gas Water & Multiutilities 56 318.35 -1.3 -3.2 -7.7 766.19 -5.3 3.5 Total Equity Turnover (£m) 4944.13 7742.01 5027.43 5027.43 5027.43 5542.20
FTSE All-Share Industrial Engineering (5)14639.85 -0.51 11738.39 14714.75 14702.07 20705.77 1.71 2.09 27.92 179.60 19554.43 FTSE Middle East and Africa All Cap 332 799.69 -1.1 1.8 0.4
2.6 3.0 Financials
1453.61 848 253.79 -0.3 -2.6 -15.4 484.87 -13.5 3.2 Total Mkt Bargains 978828.00 803096.00 788256.00 788256.00 788256.00 753003.00
FTSE All-Share Industrial Support Services (31) 9444.16 -0.96 7572.43 9536.02 9578.60 11458.99 2.01 1.73 28.77 157.93 10833.64 FTSE Global wi UNITED KINGDOM All Cap In 293 300.24 -1.3 -5.9 -16.6
-14.2 3.5 Banks
610.29 266 191.86 0.0 -1.4 -15.2 408.07 -12.6 4.2 Total Shares Traded (m) 5122.00 4633.00 4007.00 4007.00 4007.00 4257.00
FTSE All-Share Industrial Transportation (8) 4871.63 -0.38 3906.12 4890.44 4902.60 6669.77 2.36 3.27 12.94 89.06 5094.67 FTSE Global wi USA All Cap 1822 965.36 -1.1 -3.2 -17.2
-16.4 1.6 Nonlife Insurance
1392.15 71 325.96 -0.4 0.2 -7.0 541.94 -4.7 3.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)15077.81 -0.50 459.28 15152.83 15502.89 22004.11 2.16 1.83 25.34 220.04 18902.36 FTSE Europe All Cap 1451 396.74 -0.6 -6.2 -25.9
-23.9 3.2 Life Insurance
752.30 51 208.65 -0.8 -2.4 -13.7 399.67 -10.9 4.1 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 7047.07 -1.26 5650.42 7137.15 7395.48 6914.54 6.79 2.18 6.76 447.61 10710.21 FTSE Eurozone All Cap 666 372.69 -0.1 -6.2 -28.1
-26.1 3.3 Financial Services
701.96 211 416.93 -0.4 -3.8 -16.5 630.68 -15.4 1.8
FTSE All-Share Precious Metals and Mining (5) 9290.49 0.78 7449.22 9219.03 9758.03 20487.55 3.53 2.03 13.97 209.71 6444.87 FTSE EDHEC-Risk Efficient All-World 4115 462.06 -0.7 -2.5 -15.4
-13.9 2.6 Technology
723.56 365 491.49 -0.8 -5.1 -27.6 639.92 -27.1 1.0
FTSE All-Share Chemicals (7) 13002.43 -1.36 10425.49 13181.88 13194.09 19344.11 2.90 1.99 17.36 273.79 12980.74 FTSE EDHEC-Risk Efficient Developed Europe 588 295.06 -0.5 -7.1 -28.6
-26.7 3.3 Software & Computer Services
517.22 192 753.81 -0.4 -4.8 -29.5 910.65 -29.2 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (13) 7936.81 -1.95 6363.82 8094.46 8138.19 5142.20 3.38 2.82 10.49 209.85 9914.50 Oil & Gas 126 394.48 -2.5 2.4 20.3
24.5 4.6 Technology Hardware & Equipment
799.35 173 428.39 -1.2 -5.4 -25.2 599.54 -24.5 1.5 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 83 390.40 -2.5 3.2 22.9
27.5 811.90
4.9 Alternative Energy 20 198.02 -0.1 -2.9 -5.0 284.12 -4.6 0.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 148 259.62 0.4 -3.2 -21.1 502.48 -19.4 3.2
Non Financials (339) 4873.33 -1.14 4393.64 4929.32 4978.95 4939.93 3.48 1.67 17.14 132.27 8753.42 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 101 483.40 -1.2 -5.5 -19.0 1120.61 -17.3 3.5
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1869 619.73 -0.7 -3.4 -18.4 1018.59 -17.1 2.3
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 100 7366.79 7328.51 7314.44 7271.58 7277.64 7274.40 7286.77 7306.74 7302.30 7376.93 7264.04 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index® Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 19171.12 19050.05 19064.86 19013.37 19052.09 19087.62 19106.35 19098.40 19109.23 19176.32 19000.57 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
FTSE SmallCap 6344.69 6342.08 6342.45 6337.79 6339.07 6338.94 6345.35 6351.16 6358.00 6359.03 6335.11 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 4048.10 4026.94 4021.02 3999.89 4003.86 4003.48 4009.79 4018.71 4017.15 4051.74 3996.93 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
Time of FTSE 100 Day's high:07:05:45 Day's Low12:33:45 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6959.48(07/03/2022) please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:07:06:00 Day's Low10:04:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3862.39(07/03/2022)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Bisichi Int 45.399 23.639 21.166 0.686L 108.290 2.780L 10.00000 0.00000 Feb 3 14.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Chesnara Int 1310.698L 822.176 104.610L 20.837 45.420L 11.900 8.12000 7.88000 Oct 21 22.820 22.170 07/29 10.00 FCM First Class Metals PLC 9.38 -0.25 11.00 9.00 615.7
There are currently no rights offers by any companies listed on the LSE. Chesterfield Resources Int 0.045 0.000 0.492L 0.434L 0.000 0.000 0.00000 0.00000 - 0.000 0.000
Eco Animal Health Group Pre 82.195 105.607 1.389 19.314 1.010L 10.860 0.00000 1.00000 - 0.000 1.000
Flowtech Fluidpower Int 57.457 55.294 3.149 2.292 0.000 0.000 0.00000 0.00000 - 0.000 0.000
GRC International Group Pre 13.902 11.760 1.003L 2.835L 0.980L 2.580L 0.00000 0.00000 - 0.000 0.000
London & Associated Properties Int 48.076 26.518 20.329 0.903L 5.030 0.770L 0.00000 0.00000 - 0.000 0.000
Metal Tiger Int 0.000 0.000 9.392L 0.567L 5.700L 0.400L 0.00000 0.00000 - 0.000 0.000
Polarean Imaging Int 0.834 0.622 6.918L 4.855L 0.033L 0.026L 0.00000 0.00000 - 0.000 0.000
Serabi Gold Int 31.201 32.530 2.467 7.949 0.027 0.091 0.00000 0.00000 - 0.000 0.000
ValiRx Int 0.000 0.000 1.075L 0.785L 0.000 0.000 0.00000 0.00000 - 0.000 0.000

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 1 September 2022 ★ FINANCIAL TIMES 11

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Denso 7651 1.00 9575 6584 1.89 20.77 43488.31 Novartis 79.13 -0.03 88.42 72.84 3.51 8.88 194893.65 Boeing 161.97 -0.24 233.94 113.02 - -26.37 96179.6 Lilly (E) 305.09 -1.95 335.33 220.20 0.96 58.03 289888.83
ANZ Bank 22.83 0.26 28.75 20.78 6.02 10.50 46795.72 Nokia 5.01 0.21 5.71 4.12 - 17.79 28708.13 EastJpRwy 7239 68.00 7938 6373 1.43 -7.19 19735.64 Richemont 109.85 -1.10 146.10 90.28 1.64 27.05 58754.75 Booking Holdings 1897.17 16.94 2715.66 1669.34 - 78.39 75329.5 Linde 284.03 -0.62 346.50 265.12 1.28 45.17 141550.78
BHP Group 40.60 -1.15 53.72 35.56 9.22 10.46 140901.57 SampoA 45.10 0.51 48.74 35.85 3.69 9.88 24174.51 Fanuc 22535 -215.00 27060 18740 2.08 26.55 32822.57 Roche 315.40 -1.00 404.20 298.30 2.57 21.82 227048.8 Bristol-Myers 67.38 0.18 80.59 53.22 2.56 25.14 143862.82 Lockheed 424.59 2.28 479.99 324.23 2.25 21.22 112580.82
CmwBkAu 97.47 0.92 110.19 86.98 3.27 20.11 113697.97 France (€) FastRetail 81950 -840.00 88230 54310 0.66 38.10 62706.84 Swiss Re 76.18 1.98 102.20 70.18 7.14 19.01 24782.98 Broadcom 501.45 -4.94 677.76 463.91 2.58 32.96 202494.39 Lowes 196.45 -0.77 263.31 170.12 1.32 18.81 121936.63
CSL 293.54 -0.36 319.78 240.10 0.94 46.11 96936.99 Airbus Grpe 97.89 -2.73 120.36 88.91 - 18.46 77578.89 Fuji Hvy Ind 2535.5 55.00 2611 1664.5 2.28 28.85 14068.5 Swisscom 506.20 -3.80 590.40 491.10 4.00 15.55 26868.33 Cadence Design 174.57 0.34 194.97 132.32 - 81.28 47808.12 Lyondell 84.10 0.48 117.22 82.14 4.54 5.84 27433.96
NatAusBk 30.59 0.60 33.75 25.43 2.68 17.88 66423.72 AirLiquide 125.20 -2.40 153.40 122.42 2.13 23.78 65881.74 Hitachi 6996 10.00 7460 4750 1.70 10.16 48881 UBS 15.53 0.04 19.90 13.10 2.05 8.26 56086.47 CapOne 107.00 0.17 174.65 98.54 1.61 4.62 41068.5 Marathon Ptl 102.71 1.21 114.35 56.08 1.94 59.19 51213.98
Telstra 3.97 -0.01 4.20 3.62 2.30 35.43 31446.99 AXA 23.53 -0.02 29.09 20.34 5.91 8.15 55266.76 HondaMtr 3724 24.00 3755 3043 3.58 7.80 48661.92 Zurich Fin 434.10 3.10 461.70 374.60 4.25 14.94 66924.29 CardinalHlth 70.70 0.86 71.45 45.85 2.38 42.64 19266.62 Marsh&M 163.33 0.79 183.14 142.80 1.41 29.24 81977.57
Wesfarmers 47.01 -0.69 61.34 40.03 3.45 26.51 36541.14 BNP Parib 46.49 0.10 68.07 40.67 5.60 6.89 57696.39 JapanTob 2360 -17.00 2441 2000 5.99 11.90 34048.7 Taiwan (NT$) Carnival 9.61 -0.16 27.39 8.10 - -1.33 9558.26 MasterCard 327.69 -0.12 399.92 303.65 0.59 43.54 314150.52
Westpac Bank 21.61 0.33 26.44 18.80 3.74 17.25 51868.37 ChristianDior 623.50 -13.50 733.50 513.00 1.09 23.42 113171.14 KDDI 4277 -27.00 4636 3237 2.90 14.19 71090.9 Chunghwa Telecom 121.00 -1.50 132.50 110.00 3.34 27.90 30838.64 Caterpillar 186.52 -0.42 237.90 167.08 1.97 18.35 98465.61 McDonald's 254.08 1.97 270.17 217.68 1.78 29.46 186931.04
Woolworths 36.09 -0.54 41.91 32.62 2.73 45.15 30033.83 Cred Agr 9.19 -0.03 14.27 8.09 8.46 5.17 27962.39 Keyence 52840 -350.00 76210 44880 0.39 43.73 92704.02 Formosa PetChem 83.80 0.60 106.00 81.30 0.67 17.10 26226.68 Centene Corp 91.58 0.39 98.53 59.67 - 46.75 52345.37 McKesson 369.40 5.93 375.23 193.89 0.41 48.70 53094.03
Belgium (€) Danone 52.51 0.34 62.85 46.48 3.59 18.38 35682.57 MitsbCp 4564 -71.00 4845 3297 3.13 10.09 48914.99 HonHaiPrc 109.00 0.50 116.00 99.50 3.47 11.64 49644.9 CharlesSch 72.30 -0.20 96.24 59.35 0.86 29.74 131426.52 Medtronic 87.96 0.71 135.89 86.70 2.44 27.94 116958.92
AnBshInBv 48.35 -0.90 58.72 46.66 - - - EDF 11.94 -0.01 12.67 6.64 3.97 9.45 46643.83 MitsubEst 1880 -27.00 2043 1546 1.60 18.13 18870.91 MediaTek 667.00 10.00 1200 597.00 5.24 10.05 35042.12 Charter Comms 418.93 9.42 825.62 407.75 - 19.93 67303.09 Merck 86.17 -0.71 95.72 70.89 2.63 20.64 218292.72
KBC Grp 47.38 0.26 86.50 45.53 - - - Engie SA 11.87 -0.25 14.61 9.79 4.34 8.60 29062.37 MitsubishiEle 1418.5 12.50 1629 1225.5 2.92 12.56 21971.54 TaiwanSem 505.00 9.00 655.00 433.00 2.00 21.29 430220.79 Chevron Corp 161.07 0.45 182.40 93.31 2.83 23.03 316472.5 Meta 196.64 0.99 384.33 169.00 - 15.41 450997.53
EssilorLuxottica 149.25 -1.75 195.00 132.70 0.70 46.83 67148.15 MitsuiFud 2823.5 -40.00 3023 2211 1.61 17.04 19427.99 Chipotle Mexic. 1618.96 6.46 1958.55 1196.28 - 82.29 44949.85 Metlife 65.10 0.12 73.18 57.05 2.51 10.37 52939.71
Brazil (R$) Thailand (THB)
Hermes Intl 1282.5 -30.50 1678 957.60 0.34 56.65 136144.29 MitUFJFin 721.10 -7.20 828.30 595.80 3.73 7.24 69090.28 Chubb 190.82 0.83 218.99 171.96 1.43 11.53 79694.96 Microsoft 264.59 1.62 349.67 241.51 0.75 32.801973283.61
Ambev 15.47 0.08 18.12 12.81 3.51 24.23 47028.73 PTT Explor 37.50 -0.50 41.25 32.75 5.05 10.55 29375.61
LOreal 343.25 0.65 433.65 300.45 1.13 43.03 185254.79 Mizuho Fin 1593.5 2.00 1675 1397 5.07 7.54 29188.78 Cigna 286.37 1.30 293.96 191.74 1.20 21.19 87376.13 Mnstr Bvrg 89.32 0.79 99.81 71.78 - 40.46 47063.94
Bradesco 16.06 -0.07 18.40 13.53 4.98 7.71 15097.77 United Arab Emirates (Dhs)
LVMH 647.50 -14.30 741.60 535.00 1.05 27.90 327667.85 Murata Mfg 7554 -8.00 10535 7008 1.64 15.02 36825.42 Cintas Corp 408.82 -0.88 461.44 343.86 0.76 41.72 41367.71 MondelezInt 62.57 0.72 69.47 57.63 1.83 23.96 85756.32
Cielo 5.57 -0.06 6.22 2.01 2.52 19.55 2920.79 Emirtestele 25.84 -0.24 37.84 11.22 2.67 27.97 61182.7
Orange 10.10 -0.07 11.94 8.93 5.773449.17 27010.35 Nippon T&T 3769 -42.00 4055 2935 2.88 11.75 98476.95 Cisco 45.11 -0.14 64.29 40.82 2.85 18.64 186778.18 Monsanto 9.85 -0.02 9.95 9.64 - 52.56 246.25
ItauHldFin 22.50 -0.07 29.21 18.86 3.32 9.23 21532.81
PernodRic 183.55 -2.10 214.50 166.60 1.65 28.52 47609.04 NipponTT 3769 -42.00 4055 2935 2.88 11.75 98476.95 United Kingdom (p) Citigroup 49.23 0.15 73.73 43.44 3.56 5.65 95344.21 MorganStly 85.19 0.76 109.73 72.05 2.12 12.35 146256.43
Petrobras 37.21 1.10 40.51 24.50 12.43 5.50 53451.78
Renault 28.61 0.44 38.07 20.47 - -21.99 8507.58 Nissan Mt 549.90 7.20 654.30 436.50 - 17.29 16742.82 Anglo American 2783 -3.50 4996.8 2350 6.41 5.51 45485.74 CME Grp 196.34 1.15 256.94 185.79 1.58 31.35 70571.13 Netflix 227.61 6.96 700.99 162.71 - 23.57 101219.44
Vale 65.49 0.52 107.11 61.85 19.12 3.03 60407.17
Safran 101.90 -1.26 123.12 87.85 0.411048.82 43777.66 Nomura 503.80 0.50 586.00 460.30 4.72 -33.55 11751.64 AscBrFd 1525 -16.50 2066 1462.5 0.41 25.21 14048.21 Coca-Cola 62.44 0.29 67.20 52.28 2.31 32.30 270029.85 NextEraE 85.86 0.16 93.47 67.22 1.63 131.29 168695.94
Canada (C$) Nppn Stl 2208.5 -17.50 2381 1690.5 3.75 3.38 15140.02 AstraZen 10644 -326.00 11540 8029 1.951802.24 156854.56 Cognizant 64.07 -0.14 93.47 63.26 1.29 18.41 33174.48 Nike 107.06 -0.80 179.10 99.53 0.94 32.57 135286.65
Sanofi 82.18 -0.42 106.08 76.45 3.78 17.10 104739.59
Bausch Hlth 7.81 1.09 37.42 5.10 - -2.63 2152.82 Panasonic 1133 12.00 1541 1018.5 2.28 11.09 20057.32 Aviva 418.70 1.50 606.58 341.92 5.10 55.09 19552.51 ColgtPlm 79.29 0.29 85.18 72.20 1.94 36.19 66137.39 NorfolkS 244.74 -0.03 298.75 217.00 1.46 23.52 57482.98
Sant Gbn 40.35 -0.93 64.82 39.19 3.27 9.93 21100.98
BCE 63.89 -0.06 74.09 61.42 4.88 23.99 44489.3 Seven & I 5533 -69.00 6083 4552 1.92 20.39 35380.95 Barclays 164.50 -0.20 209.45 140.06 1.82 3.99 32662.26 Comcast 36.31 0.59 61.80 35.61 2.37 13.90 159901.76 Northrop 479.85 -1.08 497.20 344.89 1.10 12.83 74238.22
Schneider 118.78 -3.82 173.78 110.02 2.13 21.56 68210.94
BkMontrl 122.00 -2.49 154.47 118.79 3.30 10.52 62837.06 ShnEtsuCh 16315 -175.00 21480 14360 1.84 15.13 49037.71 BP 441.50 -7.75 469.60 291.30 3.57 16.02 102389.96 ConocPhil 111.53 1.03 124.08 54.42 1.50 21.39 144258.43 NXP 164.38 -1.34 239.91 140.33 1.18 28.18 43165.94
SocGen 22.08 0.02 37.68 18.34 2.44 3.84 18869.6
BkNvaS 72.84 -0.71 95.00 71.21 4.54 10.22 66349.55 Softbank 5562 -26.00 7680 4210 0.82 4.63 69129.44 BrAmTob 3451.5 -5.00 3645 2507.5 6.25 11.68 74879.57 Constellation 248.57 -0.03 261.53 207.35 1.06-1302.81 39605.82 Occid Pet 72.17 0.16 77.13 24.39 0.05 40.78 67637.07
Total 50.69 -1.74 57.41 36.51 5.18 10.02 133500.68
Brookfield 63.68 0.02 79.04 55.51 0.92 23.68 79823.89 Sony 11135 -190.00 14745 10220 0.56 13.77 101295.91 BT 150.70 -1.15 201.40 134.85 - 14.63 17398.55 Corning 34.81 0.29 43.47 30.63 2.37 31.65 29425.02 Oracle 74.54 0.40 106.34 63.76 1.49 32.80 198630.26
UnibailR 51.40 -0.66 75.98 45.69 - -7.54 7171.83
CanadPcR 98.19 -0.32 106.93 82.12 0.69 26.37 69722.73 SumitomoF 4194 -23.00 4461 3672 4.93 7.90 41590.29 Compass 1859 0.50 1970.5 1408.5 0.75 45.23 35574.73 Corteva 61.99 0.22 64.03 40.72 0.74 30.44 44862.16 Pepsico 173.83 0.84 181.07 149.48 2.10 36.86 239869.13
Vinci 92.25 0.25 103.74 80.74 2.83 21.05 55431.03
CanImp 62.32 -1.03 167.50 59.03 8.58 4.84 43051.64 Takeda Ph 3850 -15.00 4063 2993 4.84 13.38 43943.83 Diageo 3764 -27.50 4364.1 3282.5 1.93 28.95 110259.07 Corteva 61.99 0.22 64.03 40.72 0.74 30.44 44862.16 Perrigo 37.53 -0.41 50.90 31.32 2.20 -44.58 5052.21
Vivendi 9.05 0.01 12.16 6.22 6.44 -16.64 10092.64
CanNatRs 73.22 0.49 88.18 40.69 2.43 12.73 62821.94 TokioMarine 7792 120.00 8362 5406 2.92 12.27 38222.26 GlaxoSmh 1379.4 -21.40 2753.96 1371 5.80 15.93 78935.17 Costco 525.00 0.86 612.27 406.51 0.52 48.78 232555.55 Pfizer 45.69 -0.16 61.71 40.94 2.93 13.53 256428.35
CanNatRy 156.44 0.47 171.48 137.26 1.40 25.49 81764.98 Germany (€)
Toyota 2101.5 -3.50 2375.5 1805 2.51 9.18 247328.68 Glencore 473.30 -10.65 548.30 305.07 1.87 17.33 79441.81 CrownCstl 172.73 2.56 209.49 153.70 2.72 75.30 74798.87 Phillips66 90.84 0.69 111.28 63.19 3.42 35.60 43696.28
Enbridge 54.73 -1.13 59.69 46.88 5.44 21.41 84618.8 Allianz 168.58 -1.56 232.50 167.60 5.53 10.96 69240.03
Mexico (Mex$) HSBC 528.80 -0.70 567.20 329.55 3.05 11.55 123371.07 CSX 31.76 0.09 38.63 27.60 1.06 20.42 68005.82 PhilMorris 96.06 0.57 112.48 85.64 4.38 19.18 148908.69
GtWesLif 30.91 -0.64 41.50 29.93 5.56 9.74 21992.37 BASF 42.07 -0.12 69.15 39.33 7.62 7.17 38854.88
AmerMvl 17.47 -0.24 22.49 17.26 1.89 13.97 37087.46 Imperial Brands 1896.5 18.50 1945.84 1434.23 7.28 6.34 21046.8 CVS 99.74 0.94 111.25 81.78 1.72 19.51 130941.55 PNCFin 159.75 0.45 224.52 146.39 2.58 14.64 65517.31
ImpOil 65.38 -0.06 72.96 32.94 1.40 21.09 31531.45 Bayer 52.60 0.74 67.99 43.91 3.69 53.08 51962.34
FEMSA UBD 127.88 -1.52 180.66 120.63 1.60 103.39 13741.61 Jardine Mathes. 62.50 - 60.50 50.06 2.36 12.10 18089.69 Danaher 271.86 -1.52 333.96 233.71 0.29 36.10 197759.66 PPG Inds 127.01 -0.77 172.78 107.06 1.61 32.44 29847.02
Manulife 22.82 -0.03 28.09 21.28 4.57 7.24 33215.51 BMW 73.47 -0.34 97.60 67.58 2.51 4.03 44474.09
WalMrtMex 66.37 -1.04 82.93 65.31 0.77 32.71 57622.98 LlydsBkg 43.88 0.13 54.50 38.10 5.86 6.09 36798.32 Deere 368.06 -0.68 446.76 283.81 0.92 23.52 112492.27 ProctGmbl 140.17 -0.01 165.35 129.50 2.19 27.73 334375.46
Nutrien 122.17 -1.01 147.93 75.43 1.69 19.67 50308.83 Continental 57.48 -0.90 116.14 55.56 - 9.12 11560.16
LSE Group 8102 -74.00 8612 5995.57 0.95 82.84 32619.18 Delta 31.65 -0.07 46.27 28.10 - 44.21 20293.91 Prudntl 97.28 0.25 124.22 89.73 4.06 5.80 36188.16
RylBkC 122.41 -0.74 149.60 118.24 3.24 12.19 130189.21 Deut Bank 8.32 -0.07 14.64 7.53 - 8.43 17297.24 Netherlands (€)
Natl Grid 1078 -46.50 1271.45 880.60 4.56 25.13 42103.58 Devon Energy 72.29 1.21 79.40 27.40 2.34 20.08 47335.49 PublStor 333.76 1.26 421.76 292.32 2.06 39.36 58584.54
SHOP 41.56 0.47 222.87 38.63 - 1.61 37465.6 Deut Tlkm 18.79 -0.06 19.39 14.47 3.10 22.23 94205.62 ASML Hld 484.65 -5.75 777.50 403.45 - - -
Natwest Group 246.45 -2.55 284.42 196.92 4.26 9.70 34314.87 Digital Realty 125.41 1.60 177.43 119.63 3.18 24.57 36042.55 Qualcomm 133.20 -1.21 192.68 118.23 1.73 17.76 149583.6
Suncor En 43.15 -0.02 53.62 22.86 2.17 17.49 45023.16 DeutsPost 36.40 -0.54 61.38 33.44 3.69 9.48 45345.88 Heineken 89.74 -0.26 100.95 77.50 - - -
Prudential 903.60 -6.60 1566 881.00 1.30 14.67 27203.51 DiscFinServ 101.58 0.71 133.40 88.02 1.59 6.63 27748.74 Raytheon 90.80 -0.03 106.02 79.00 1.90 40.96 134063.93
ThmReut 144.01 0.03 156.62 119.23 1.27 11.13 53169.06 E.ON 8.51 -0.10 12.54 7.72 5.37 4.87 22602.4 ING 8.77 -0.07 14.00 7.90 - - -
ReckittB 6648 52.00 6824 4905.16 2.63 -28.77 54474.69 Disney 112.84 0.41 187.58 90.23 - 76.36 205713.84 Regen Pharm 589.04 0.65 747.42 538.01 - 9.53 63139.3
TntoDom 84.62 -0.88 109.08 77.27 3.44 11.89 117232.57 Fresenius Med 34.19 0.04 66.70 33.77 3.81 10.63 10073.42 Unilever 45.43 -0.48 48.81 39.36 - - -
RELX 2262 -32.00 2634.82 2056 2.11 29.84 50535.56 Dollar General 238.21 -0.52 262.21 183.25 0.61 27.01 53733.44 S&P Global 355.31 -0.25 484.21 311.87 0.74 33.06 118495.89
TrnCan 63.69 -1.25 74.44 57.71 4.87 38.44 49213.71 Fresenius SE 24.66 0.10 44.80 23.40 3.55 8.02 13849.11 Norway (Kr) RioTinto 4771 -44.00 6343 4354 10.53 4.99 74458.32 DominRes 82.95 0.61 88.78 70.37 2.61 30.27 69056.11 Salesforce 158.29 -1.39 311.75 154.55 - 123.31 158285
HenkelKgaA 62.30 -1.95 77.65 56.55 2.85 17.05 16275.12 DNB 190.00 5.15 220.50 168.40 8.85 12.56 29854.12
China (HK$) RollsRoyce 77.00 -1.20 161.91 76.30 - 52.38 1666.36 DukeEner 108.42 0.74 116.33 95.48 3.09 25.60 83472.61 Schlmbrg 38.81 0.13 49.83 26.44 1.11 34.22 54892.41
Linde 281.00 -3.60 315.35 244.00 1.29 44.93 140818.05 Equinor 382.70 -4.50 410.95 184.74 1.25 17.07 122454.07
AgricBkCh 2.57 0.01 3.15 2.50 7.95 3.51 10065.12 Shell PLC 2290 -49.50 2459.23 1282.78 2.64 12.07 122497.59 DuPont 56.35 -0.75 84.08 52.57 1.83 20.31 28225.82 Sempra Energy 167.15 1.09 173.28 119.56 2.26 48.52 52535.4
Mercedes-Benz 56.12 -0.64 77.90 50.19 2.34 5.78 60372.53 Telenor 109.00 -0.90 155.95 108.10 7.98 19.04 15370.68
Bk China 2.76 0.02 3.20 2.67 7.73 3.55 29404.94 StandCh 598.20 4.20 641.00 406.20 1.48 13.41 22947.81 Eaton 137.72 -1.52 175.72 122.50 1.90 30.02 54853.88 Shrwin-Will 233.78 -1.23 354.15 214.22 0.81 38.99 60590.52
MuenchRkv 238.20 2.90 282.25 205.15 4.00 11.71 33556.8
BkofComm 4.48 0.01 5.74 4.35 7.48 3.85 19984.07 Qatar (QR) Tesco 248.70 -2.30 304.10 242.30 3.68 12.66 23694.27 eBay 44.41 -0.04 81.19 40.52 1.39 136.03 24397.43 SimonProp 103.99 0.20 171.12 93.06 5.91 17.70 34041.31
SAP 84.94 0.34 129.74 83.84 2.12 19.60 104928.35
BOE Tech 0.75 0.05 1.21 0.57 - 12.58 19.01 QatarNtBk 20.85 -0.15 27.00 18.40 2.33 17.48 52881.05 Unilever 3925.5 -18.00 4109.5 3267.5 3.69 20.15 56263.7 Ecolab 164.67 -0.72 238.93 143.82 1.02 49.02 46929.17 SouthCpr 47.62 0.08 79.32 44.70 5.77 12.63 36814.66
Siemens 101.08 -2.66 156.98 93.67 3.36 15.64 86394.9
Ch Coms Cons 3.70 - 5.17 3.60 5.27 3.19 2082.91 Saudi Arabia (SR) Vodafone 115.68 -0.04 141.60 106.30 6.69-258.79 35904.54 Edwards Lifesc. 90.81 0.38 131.73 85.58 - 44.41 56293.93 Starbucks 84.18 0.77 120.76 68.39 1.88 26.48 96588.13
Volkswgn 184.20 -7.00 301.40 162.40 2.53 6.41 54657.25
Ch Evrbrght 2.41 0.01 3.11 2.32 9.53 3.39 3893.01 AlRajhiBnk 90.60 -0.50 117.40 75.00 2.28 17.87 96472.8 WPP 744.40 1.60 1231.5 737.00 3.56 14.18 10966.88 Eli Lilly 305.09 -1.95 335.33 220.20 0.96 58.03 289888.83 StateSt 68.86 -0.22 103.76 58.80 2.72 11.15 25314.27
Ch Rail Cons 4.50 0.05 5.99 4.32 5.58 2.49 1190.4 Hong Kong (HK$) Emerson 82.85 -0.47 105.99 76.16 2.10 21.06 48989.21 Stryker 206.03 0.76 281.16 188.84 1.08 46.03 77911.09
Natnlcombnk 70.00 -0.50 82.00 59.60 1.78 27.34 83444.71 United States of America ($)
Ch Rail Gp 4.50 0.04 5.88 3.61 4.38 3.76 2412.22 AIA 75.95 -0.50 95.80 70.15 1.52 20.15 115488.18 EOG Res 122.85 0.99 147.99 66.05 1.13 17.90 71995.57 Sychrony Fin 33.05 0.09 52.49 27.22 2.35 5.07 15919.73
SaudiBasic 102.00 -0.40 141.40 93.50 2.74 15.44 81458.79 21stC Fox A 34.45 0.25 44.95 31.33 1.17 16.23 10556.61
ChConstBk 4.87 0.02 6.23 4.80 7.31 3.68 149171.73 BOC Hold 27.10 -0.15 32.75 22.20 3.96 14.42 36505.06 Equinix 666.02 10.13 885.26 606.12 1.48 140.19 60657.89 T-MobileUS 144.95 -0.58 148.04 101.51 - 70.01 181767.01
SaudiTelec 104.00 -1.00 136.60 95.20 3.30 21.39 55370.7 3M 123.95 -0.91 195.99 123.03 4.10 14.26 70602.41
China Vanke 15.36 0.88 22.75 13.06 8.89 7.20 3730.99 Ch OSLnd&Inv 21.20 0.05 27.35 15.42 4.90 5.46 29562.46 EquityResTP 74.07 0.35 94.32 67.48 2.80 25.16 27857.2 Target 160.14 -0.64 268.98 137.16 1.71 13.10 73706.46
Singapore (S$) AbbottLb 103.56 1.36 142.60 101.21 1.49 30.60 181356.32
ChinaCitic 3.37 -0.01 4.08 3.20 7.98 3.25 6389.81 ChngKng 53.10 -0.40 57.00 41.35 2.89 12.60 24650.01 Exelon 44.57 0.51 50.71 29.10 2.95 29.82 43699.66 TE Connect 126.68 0.32 166.44 107.12 1.34 20.03 40517.2
DBS 32.60 -0.28 37.49 29.18 3.35 14.19 60136.32 Abbvie 135.16 -0.39 175.91 105.56 3.31 24.39 238975.92
ChinaLife 11.28 0.08 15.04 10.86 5.80 5.13 10694.08 Citic Ltd 8.11 -0.07 10.24 6.96 5.74 3.89 30058.1 ExxonMb 96.57 0.26 105.57 52.96 3.10 20.85 402468.64 Tesla Mtrs 275.80 -1.90 414.50 206.86 - 65.52 288070.35
JardnMt US$ 53.10 1.21 62.10 49.50 2.78 10.28 15369 Accenture 292.26 -0.24 417.37 261.77 1.09 34.54 194115.67
ChinaMBank 40.30 0.45 70.80 38.35 3.40 7.73 23572.03 Citic Secs 15.96 0.14 21.32 15.32 2.59 8.52 5327.72 Fedex 211.94 -1.54 268.98 192.82 1.16 13.27 55084.83 TexasInstr 165.84 -0.90 202.26 144.46 2.18 23.37 151529.23
OCBC 12.09 -0.01 13.54 10.98 3.08 12.80 38949.24 Activision Bli. 78.78 0.16 83.38 56.40 0.51 26.66 61630.11
ChinaMob 52.60 0.10 58.65 45.90 5.87 8.44 137115.54 CK Hutchison 50.75 -0.40 60.45 48.80 3.88 6.67 24793.47 Fidelity NIS 92.72 -0.09 130.55 85.00 1.45 161.08 56371.77 TheTrvelers 163.19 -0.27 187.98 145.40 1.91 11.71 38727.13
SingTel 2.62 -0.05 2.88 2.31 2.54 46.97 31007.38 Adobe 376.95 1.88 699.54 338.00 - 43.16 176410.26
ChinaPcIns 16.66 0.16 26.20 15.46 7.56 5.64 5890.85 CNOOC 10.64 -0.24 12.54 7.55 3.68 9.63 60524.54 Fiserv 101.97 0.11 118.99 87.03 - 59.65 65218.42 ThrmoFshr 551.37 -2.92 668.94 497.83 0.16 32.98 216021.66
UOB 27.33 0.01 33.33 25.28 3.22 12.92 32805.58 Advanced Micro 84.82 -2.12 164.46 71.60 - 38.42 136926.7
ChMinsheng 2.50 - 3.40 2.46 9.43 3.36 2650.18 HangSeng 123.00 - 169.50 121.80 4.29 20.52 29960.66 FordMtr 15.41 -0.05 25.87 10.61 0.56 4.03 60840.28 TJX Cos 62.79 0.23 76.94 53.69 1.44 26.81 72896.71
AEP 101.63 0.29 105.48 80.22 2.54 23.85 52210.78
ChMrchSecs 13.25 0.14 20.62 12.06 3.17 12.32 14264.95 HK Exc&Clr 317.80 1.40 515.00 311.40 2.49 37.15 51334.73 South Africa (R) Franklin 26.19 0.03 38.27 22.61 3.71 8.06 13051.97 Truist Financial Corp 47.47 0.08 66.10 44.68 3.37 12.36 62957.26
Aflac 60.30 0.17 67.20 51.28 1.88 10.98 38104.56
Chna Utd Coms 3.55 -0.03 4.40 3.30 3.03 18.55 15943.78 MTR 40.25 0.25 45.00 39.35 2.64 30.22 31790.54 Firstrand 64.17 -1.66 73.61 53.25 3.76 12.48 21118.99 GenDyn 231.86 0.74 254.99 188.64 1.73 23.37 63586.73 Twitter 39.17 -0.15 68.41 31.30 - -162.84 29975.99
AirProd 254.99 -0.86 316.39 216.24 2.02 31.18 56556.52
ChShenEgy 24.70 -0.35 27.65 15.74 7.95 7.79 10628.8 SandsCh 17.70 0.50 27.95 13.52 - -20.27 18251.03 MTN Grp 124.25 -2.06 211.49 119.63 - 18.20 13735.91 GenElectric 74.60 -0.54 116.17 59.93 0.37 -26.72 81797.38 UnionPac 225.84 0.60 278.94 195.68 1.76 24.29 141032.25
Allstate 122.12 -0.22 144.46 106.11 2.28 8.37 33008.5
ChShpbldng 3.79 -0.05 5.08 3.36 - -293.45 12140.79 SHK Props 92.30 -1.00 111.80 87.15 4.64 10.93 34076.97 Naspers N 2425.77 12.76 2853.25 1421.74 0.23 14.02 61982.21 GenMills 77.54 0.56 78.54 56.67 2.28 23.84 46191.38 UPS 195.37 0.32 232.31 165.34 1.79 15.49 142982.35
Alphabet 109.80 0.86 151.55 101.88 - 1.14 658360.8
ChStConEng 5.14 0.07 6.40 4.52 4.01 4.15 30446.03 Tencent 327.20 3.60 529.00 288.00 0.42 13.35 400961.1 South Korea (KRW) GenMotors 38.96 -0.18 67.21 30.33 - 6.77 56798.3 USBancorp 45.94 0.03 63.01 43.75 3.29 10.49 68256.92
Altria 45.46 0.34 57.05 41.00 6.65 39.49 81867.05
ChUncHK 3.85 -0.01 4.43 3.60 3.91 8.82 15008.99 India (Rs) HyundMobis 215000 1500 281500 190000 1.80 8.67 15201.84 Amazon 128.69 -0.04 188.11 101.26 - 2.311311016.05 GileadSci 63.50 1.00 74.12 57.17 3.84 14.99 79582.56 UtdHlthcre 524.82 1.98 553.29 383.12 0.92 33.79 490907.55
CNNC Intl 6.37 -0.11 8.92 5.50 1.88 17.34 17417.77 Bhartiartl 726.60 6.00 781.80 613.48 - 169.22 54459.89 KoreaElePwr 20950 200.00 25500 20050 5.66 -12.66 10055.06 AmerAir 13.29 -0.04 22.35 11.93 - -4.13 8635.8 GoldmSchs 332.67 1.54 426.16 277.84 1.68 6.51 113558.88 ValeroEngy 118.47 0.44 146.81 61.86 2.84 60.75 46673.67
CSR 2.94 0.05 4.04 2.77 6.75 8.40 1637.31 HDFC Bk 1486.1 46.70 1725 1271.6 - 27.48 104026.84 SK Hynix 95200 2000 134000 86300 1.56 7.04 51815.5 AmerExpr 154.46 -0.20 199.55 134.12 1.04 17.46 115806.04 Halliburton 30.76 0.41 43.99 19.09 0.73 20.12 27893.07 Verizon 42.22 -0.31 55.51 42.10 5.16 9.24 177311.95
Daqin 6.45 - 7.25 5.95 7.15 10.17 13909.5 Hind Unilevr 2659.85 84.05 2859.3 1901.55 1.10 77.73 78652.22 SmsungEl 59700 900.00 80800 55700 2.34 10.69 266454.38 AmerIntGrp 52.72 0.33 65.73 48.40 2.09 5.67 40089.14 HCA Hold 199.90 -1.88 279.02 164.47 0.83 11.00 57376.26 VertexPharm 284.43 3.07 305.95 176.36 - 36.75 72944.77
GuosenSec 9.25 0.06 13.29 8.83 2.39 11.07 11843.88 HsngDevFin 2446.4 80.40 3021.1 2026 0.86 22.72 55906.96 Spain (€) AmerTower 255.64 2.24 303.72 220.00 1.75 52.57 119022.64 Hew-Pack 29.23 -1.87 41.47 26.11 2.47 6.14 30227.86 VF Cp 41.45 -0.47 78.91 40.69 4.08 15.82 16103.1
HaitongSecs 5.15 -0.02 7.81 5.05 5.36 5.81 2237.19 ICICI Bk 887.30 31.45 890.75 642.15 0.21 30.71 77748.69 BBVA 4.49 0.01 6.29 3.97 8.03 6.29 28844.94 Amgen 242.20 3.08 258.45 198.64 2.50 27.42 129560.25 Hilton Worldwi. 128.88 2.05 167.99 108.41 - 102.75 35350.16 Visa Inc 201.15 -0.23 236.96 185.91 0.57 38.76 328876.82
Hngzh HikVDT 29.87 0.05 58.45 29.26 2.57 17.10 39757.13 Infosys 1492.95 31.20 1923.3 1367.15 1.86 32.18 79059.4 BcoSantdr 2.42 -0.03 3.48 2.32 3.07 4.98 40817.45 Amphenol Corp 74.12 -0.05 88.45 61.67 0.90 34.37 44088.66 HiltonWwde 128.88 2.05 167.99 108.41 - 102.75 35350.16 Walgreen 35.78 0.60 54.15 35.15 4.61 6.03 30918.78
Hunng Pwr 4.02 -0.09 5.74 3.08 4.71 -4.69 2407.44 ITC 320.50 6.95 321.40 207.00 3.08 29.05 49987.59 CaixaBnk 3.00 0.06 3.64 2.22 0.87 20.33 24348.55 Analog Devices 152.04 -0.69 191.95 138.50 1.57 59.43 78200.49 HomeDep 291.70 0.50 420.61 264.51 1.96 21.66 298619.88 WalMartSto 133.14 0.66 160.77 117.27 1.43 31.52 364956.72
IM Baotou Stl 2.01 -0.03 4.14 1.75 - 35.64 9235.81 L&T 1922.5 41.00 2008 1456.35 0.86 34.79 33996.38 Iberdrola 10.39 -0.26 11.49 8.47 3.95 18.33 66437.06 Anthem 482.58 12.71 - - - - - Honywell 190.79 0.09 233.19 167.35 1.70 28.08 128533.76 Walt Disney 112.84 0.41 187.58 90.23 - 76.36 205713.84
In&CmBkCh 4.00 - 4.94 3.95 7.28 3.81 44232.85 OilNatGas 138.60 2.70 194.95 117.50 6.03 4.28 21943.91 Inditex 21.55 -0.59 32.63 18.55 1.00 23.39 67536.66 Aon Cp 283.14 1.02 341.98 246.21 0.60 59.38 59720.41 HumanaInc 489.76 4.10 504.99 365.34 0.49 25.15 61981 Waste Manage. 171.10 0.37 175.98 138.58 1.15 46.43 70722.48
IndstrlBk 17.11 0.29 23.22 16.69 4.36 4.88 51559.37 RelianceIn 2637.95 40.30 2856.15 2180 0.24 32.93 224625.86 Repsol 12.99 -0.21 16.23 9.29 4.49 8.15 18964.05 Apple 159.60 0.69 182.13 129.04 0.47 30.812564893.63 IBM 129.54 -0.04 146.00 114.56 4.34 28.94 116993.83 WellsFargo 44.13 -0.01 60.30 36.54 1.50 10.38 167387.27
Kweichow 1924 54.00 2216.96 1531.1 0.96 45.14 350586.37 SBI NewA 531.25 16.40 549.00 418.70 0.69 16.16 59669.15 Telefonica 4.12 -0.02 5.06 3.61 8.17 3.09 23902.84 Applied Materi. 93.75 -0.77 167.06 82.67 0.87 15.06 80654 IDEXX Laborato. 349.74 0.90 695.18 318.50 - 47.34 29117.15 Williams Cos 34.29 -0.03 37.97 23.98 4.11 32.19 41783.4
Midea 0.42 - 0.70 0.42 - -4.74 16.11 SunPhrmInds 893.05 13.80 967.05 733.70 0.77 36.30 26966.73 Sweden (SKr) Aptiv 94.29 -0.03 180.81 84.14 - 56.57 25546.08 IllinoisTool 195.48 -0.68 248.11 173.52 2.07 26.74 60524.85 Workday 165.01 0.74 307.81 134.10 - 1585.53 33167.01
New Ch Life Ins 18.50 - 25.15 17.82 7.94 3.65 2437.42 Tata Cons 3211.15 78.60 3989.9 2953 1.04 33.45 147873.61 AtlasCpcoB 97.52 -2.64 133.60 22.08 7.55 6.51 14315.15 ArcherDan 88.77 1.20 98.88 58.44 1.43 21.57 49761.05 Illumina 203.29 -1.97 471.10 173.45 - 46.95 31936.07 Yum!Brnds 111.81 1.03 139.85 108.37 1.54 24.98 31814.69
PetroChina 3.71 -0.07 4.49 3.30 6.17 7.78 9973.03 Israel (ILS) Ericsson 79.98 1.88 117.32 70.05 2.84 11.79 23109.61 AT&T 17.74 -0.08 21.53 16.62 10.07 7.48 126413.1 Intcntl Exch 101.20 0.69 139.79 90.05 1.12 16.41 56513.18 Zoetis 157.46 0.38 249.27 154.18 0.55 42.92 73713.1
PingAnIns 46.35 0.40 69.40 42.55 5.18 7.66 43980.33 TevaPha 31.30 0.35 37.23 23.83 - 28.74 10471.23 H&M 111.06 -0.36 191.86 107.74 5.72 15.30 15256.13 Autodesk 203.50 0.69 335.48 163.20 - 104.75 44214.89 Intel 31.98 -0.28 56.07 31.77 3.73 7.66 131309.88 Zoom 80.35 -1.07 306.26 79.03 - 20.59 20165.85
PngAnBnk 12.75 0.27 20.99 11.94 1.31 7.93 35889.54 Investor 168.70 -4.66 228.75 162.62 2.09 7.25 28905.63 AutomData 246.07 0.48 261.59 192.26 1.34 44.34 102246.26 Intuit 434.09 0.89 716.86 339.36 0.51 63.28 122446.82 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 7.72 -0.11 9.96 5.99 1.10 16.71 12308.39 Nordea Bk 99.15 0.33 114.64 85.25 14.87 11.56 34995.51 AutoZone 2134.23 -2.79 2362.24 1503.3 - 22.45 41591.07 John&John 162.77 0.34 186.69 155.72 2.21 24.26 427951.61 Bco de Vnzla 1.06 -0.04 594.00 0.32 140.75 - 492.76
Enel 4.70 -0.12 7.93 4.61 7.58 22.48 48002.59
SaicMtr 15.47 -0.01 23.45 14.63 3.69 8.06 26217.69 SEB 106.65 0.80 141.85 91.64 9.55 8.91 21610.03 Avago Tech 501.45 -4.94 677.76 463.91 2.58 32.96 202494.39 JohnsonCn 54.68 0.19 81.69 45.52 1.81 29.06 37664.15 Bco Provncl 3.00 - 798000 1.70 - 0.00 143.39
ENI 11.81 -0.43 14.85 10.33 5.55 5.12 42811.17
ShenwanHong 0.15 0.00 0.18 0.05 - 4.67 170.63 SvnskaHn 87.58 0.72 108.15 80.88 5.76 8.59 16018.02 BakerHu 25.33 0.28 39.78 22.30 2.51 68.23 25623.49 JPMrgnCh 114.30 -0.11 172.96 106.06 2.86 8.66 335193.02
Generali 14.64 -0.18 21.55 13.80 9.76 8.47 23275.33
ShgPdgBk 7.27 0.08 9.48 7.06 6.08 4.84 30953.33 Swedbank 138.30 2.40 196.70 124.50 10.61 7.39 14723.29 Bank of NY 41.85 0.17 64.63 39.78 2.67 11.77 33819.12 Kimb-Clark 129.09 0.26 144.53 117.32 3.14 28.20 43581.97 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 1.72 -0.01 2.92 1.58 2.06 54.96 33664.44
Sinopec Corp 3.71 -0.04 4.28 3.25 3.60 4.65 12059.69 Telia Co 37.58 -0.34 41.70 33.61 5.37 13.25 14453.58 BankAm 34.06 -0.03 50.11 29.67 1.97 11.11 273680.24 KinderM 18.46 -0.02 20.20 15.01 5.17 46.42 41590.4 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 9.80 0.42 15.93 7.75 1.19 14.97 22042.38
Sinopec Oil 1.91 -0.06 2.90 1.70 - 661.39 3759.4 Volvo 169.28 -2.34 218.65 148.24 3.87 11.02 25288.14 Baxter 57.84 1.36 89.70 56.40 1.61 26.61 29131.06 KLA Corp 342.34 -4.80 442.44 282.83 0.98 20.51 48545.1 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 37.79 0.38 44.87 32.79 3.64 53.64 46303.24
Denmark (kr) Switzerland (SFr) BectonDick 254.74 1.57 277.29 229.24 1.13 51.30 72650.6 ♦ ex-dividend
AstellasPh 1984.5 -6.50 2205 1739 2.40 29.59 26281.32 Kroger 48.11 0.60 62.78 38.22 1.41 25.56 34425.61
DanskeBk 99.18 1.94 133.25 93.56 1.96 6.99 11561.39 BerkshHat 427972.01-1727.99544389.26 396500 - 8.38 256750.68 ■ ex-capital redistribution
Bridgestne 5353 -26.00 5509 4042 3.21 12.06 27559.44 ABB 26.97 -0.36 35.30 24.85 2.84 13.36 54294.96 LasVegasSd 37.79 1.14 48.27 28.88 - -29.13 28877.46
MollerMrsk 17755 -290.00 24070 15965 1.86 2.98 20098.93 Biogen 196.25 0.17 345.61 187.16 - 21.97 28478.44 # price at time of suspension
Canon 3335 -87.00 3516 2467 3.03 15.98 32087.29 CredSuisse 5.06 -0.06 10.18 4.96 1.82 -8.21 13743.31 LibertyGbl 20.53 0.04 30.58 19.89 - 1.02 3558.26
NovoB 792.50 -2.20 863.60 604.50 1.15 39.33 186712.54 BlackRock 671.14 -1.58 973.16 575.60 2.11 20.44 101186.93
CntJpRwy 16445 190.00 18110 14660 0.82 -30.54 24437.66 Nestle 114.58 -0.58 128.90 105.64 2.21 20.55 322859.79

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Naspers N 242577.00 241301.00 1276.00 0.53 240118.55 9767.1 50.91 Aug 31 date Coupon S* M* F* price yield yield yield US Aug 31 date Coupon S* M* F* price yield yield yield US
3M 124.39 124.86 -0.47 -0.38 -17.36 -12.2 -12.25
Firstrand 6417.00 6583.00 -166.00 -2.52 6349.30 9378.6 -12.63 High Yield US$ US$
Hew-Pack 29.35 31.10 -1.75 -5.63 -4.05 -12.1 -21.00
MTN Grp 12425.00 12631.00 -206.00 -1.63 12289.76 9087.4 -17.80 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
H&M 112.02 111.42 0.60 0.54 -12.26 -9.9 -7.63
Bausch Hlth 7.55 6.72 0.83 12.35 0.74 10.9 -17.10 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Salesforce 159.01 159.67 -0.66 -0.41 -16.99 -9.7 -4.47
SandsCh 17.70 17.20 0.50 2.91 1.52 9.4 31.97 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
Inditex 21.55 22.14 -0.59 -2.66 -2.05 -8.7 -2.31
Ch OSLnd&Inv 21.20 21.15 0.05 0.24 1.40 7.1 7.79 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
ASML Hld 486.35 490.40 -4.05 -0.83 -44.45 -8.4 -22.45 Emerging US$
China Vanke 15.36 14.48 0.88 6.08 0.96 6.7 13.14 United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Adobe 376.41 375.07 1.34 0.36 -34.01 -8.3 -11.88 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34
Tencent 327.20 323.60 3.60 1.11 17.20 5.5 4.27 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Schneider 118.74 122.60 -3.86 -3.15 -10.68 -8.3 -15.44 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Workday 166.35 164.27 2.08 1.27 8.69 5.5 -9.08 Euro
Engie SA 11.88 12.12 -0.23 -1.93 -1.06 -8.2 -10.83 Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73
ChinaPcIns 16.66 16.50 0.16 0.97 0.84 5.3 7.34 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Applied Materi. 93.57 94.52 -0.95 -1.01 -8.36 -8.2 -24.63 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
PingAnIns 46.35 45.95 0.40 0.87 2.30 5.2 10.64 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Hermes Intl 1281.00 1313.00 -32.00 -2.44 -113.00 -8.1 -6.12 Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56
Illumina 204.66 205.25 -0.59 -0.29 9.82 5.0 -18.78 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Lyondell 83.05 83.62 -0.57 -0.68 -7.16 -7.9 -23.31 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
ChStConEng 5.14 5.07 0.07 1.38 0.22 4.5 -0.91 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Analog Devices 151.45 152.73 -1.28 -0.84 -12.96 -7.9 -13.27 Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38
Fuji Hvy Ind 2535.50 2480.50 55.00 2.22 101.50 4.2 7.20
Advanced Micro 85.29 86.94 -1.65 -1.90 -7.20 -7.8 -27.22 Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Nissan Mt 549.90 542.70 7.20 1.33 21.90 4.1 1.19
Bristol-Myers 67.20 67.20 0.00 0.00 -5.57 -7.7 2.51 Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
CSR 2.94 2.89 0.05 1.73 0.11 3.9 -3.31
AutoZone 2124.86 2137.02 -12.16 -0.57 -166.63 -7.3 6.13 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Kweichow 1924.00 1870.00 54.00 2.89 69.80 3.8 14.09
Vale 65.26 64.97 0.29 0.45 -4.95 -7.1 -14.89 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
ChinaMBank 40.30 39.85 0.45 1.13 1.45 3.7 9.25 Emerging Euro
AnBshInBv 48.58 49.24 -0.66 -1.34 -3.67 -7.0 -7.18 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
TokioMarine 7792.00 7672.00 120.00 1.56 279.00 3.7 6.71 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19
CSX 31.44 31.67 -0.24 -0.74 -2.20 -6.5 -8.31 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
OilNatGas 138.60 135.90 2.70 1.99 4.85 3.6 -9.02 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Aug 31 Rate Current Since Last Day's Month's Year Return Return Aug 31 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.5-1.75 15-06-2022 0.83 Index change change change 1 month 1 year VIX 25.54 -0.67 26.21 38.94 14.73 Aug 31 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 15-06-2022 4.00 Markit IBoxx VXD 22.41 -0.75 23.16 45.37 3.27 Tr 1.75pc '22 100.00 1.75 0.00 0.57 24.11 4275.00 102.04 100.00 29.68
US Discount 1.00 05-05-2022 0.50 ABF Pan-Asia unhedged 198.76 0.16 -1.75 -9.57 -1.73 -10.30 VXN 31.51 -0.61 32.12 44.05 18.01 Tr 0.75pc '23 98.22 2.79 4.89 7.31 57.63 1760.00 101.08 98.22 34.36
Euro Repo -0.64 19-05-2022 0.00 Corporates( £) 333.01 -0.95 -5.57 -15.87 -5.55 -17.70 VDAX 28.65 -0.25 28.90 93.30 - Tr 0.125pc '24 95.93 3.09 1.64 1.64 62.63 1304.55 99.89 95.93 34.76
UK Repo 1.75 04-08-2022 1.25 Corporates(€) 213.01 -0.27 -3.87 -11.81 -3.86 -13.15 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 97.62 2.83 2.91 4.04 70.48 948.15 106.59 97.62 39.04
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 220.93 -0.15 -4.88 -13.17 -4.88 -15.03 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 91.33 2.81 2.93 2.93 76.73 778.13 99.34 91.33 34.53
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 292.14 -1.24 -7.29 -18.73 -7.28 -20.43 Tr 1.25pc '27 93.12 2.76 3.37 2.99 73.58 607.69 105.20 93.12 40.07
Overall( £) 298.02 -1.14 -6.74 -17.67 -6.73 -19.39 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 88.20 2.70 3.05 4.25 61.68 373.68 102.65 88.20 42.65
INTEREST RATES: MARKET Overall(€) 215.09 -0.17 -4.61 -12.80 -4.60 -14.53 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 112.26 2.81 3.31 4.85 51.08 284.93 136.82 112.26 39.43
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 112.40 3.12 2.97 6.48 40.54 246.67 146.20 112.40 30.97
Aug 31 (Libor: Aug 30) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 99.96 2.43 0.01 0.05 0.20 2.42 Tr 4.5pc '42 119.24 3.20 2.89 5.61 31.15 210.68 169.96 119.24 27.72
US$ Libor 2.30829 -0.001 -0.009 0.040 2.56400 3.08214 3.59543 4.15986 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 80.78 3.61 -0.06 0.03 0.55 - Tr 3.75pc '52 113.10 3.08 3.36 5.84 28.87 196.15 180.27 113.10 24.55
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 717.41 3.67 - - -4.57 -12.91 02/50 1.00 95.09 1.59 -0.05 -0.01 0.35 1.59 Tr 4pc '60 124.10 2.93 2.81 4.64 26.84 202.06 213.01 124.10 24.57
£ Libor 0.18063 -0.005 0.000 0.103 2.02520 2.51690 3.21610 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 91.81 1.86 0.02 0.26 0.84 2.23 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 84.64 2.33 0.01 0.21 0.65 2.00
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.076
-0.04632
0.19600
-0.01472
0.62000
0.04453
1.19300
0.04867
1.75800
Index change change change high low
Belgium 06/27 0.80 96.41 1.58 0.02 0.24 0.85 2.11 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 81.37 2.63 0.00 0.15 0.58 2.01
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 94.48 3.58 0.04 0.17 0.70 2.92
US$ CDs 0.000 2.51000 3.01000 3.43000 Crossover 5Y 591.14 11.06 48.19 80.83 630.88 330.24 Fixed Coupon Aug 31 chg % Return 1 month 1 year Yield
06/30 1.25 87.43 3.09 -0.02 0.05 0.49 1.96
Euro CDs 0.020 0.30000 0.65000 1.13000 Europe 5Y 120.27 2.16 10.91 19.17 127.35 70.55 1 Up to 5 Years 81.88 -0.19 2353.62 -2.69 -4.88 2.86
12/48 2.75 95.38 3.01 -0.04 -0.02 0.22 1.30
Japan 5Y 86.50 1.93 3.57 4.10 115.50 57.71 2 5 - 10 Years 155.35 -0.58 3270.98 -7.01 -12.44 2.76
Short 7 Days One Three Six One Denmark 11/29 0.50 91.10 1.83 0.03 0.24 0.80 2.12
Senior Financials 5Y 130.11 3.49 12.92 19.87 139.21 79.74 3 10 - 15 Years 167.62 -1.00 3851.17 -9.85 -19.11 3.09
Aug 31 term notice month month month year 11/52 0.25 62.74 1.88 0.01 0.12 0.45 1.58
Markit CDX Finland 09/24 0.00 97.54 1.23 0.04 0.32 0.82 1.93 4 5 - 15 Years 157.34 -0.69 3410.37 -7.72 -14.55 2.87
Euro -0.22 0.08 -0.23 0.07 0.15 0.45 0.50 0.80 0.98 1.28 1.51 1.81 5 Over 15 Years 247.94 -1.63 4235.34 -14.19 -32.14 3.06
Emerging Markets 5Y 326.50 -0.03 4.36 -9.47 387.80 219.01 09/29 0.50 91.36 1.82 0.02 0.24 0.79 2.19
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 145.29 -0.88 3227.40 -8.76 -19.66 3.00
Nth Amer High Yld 5Y 527.91 14.78 36.87 39.74 589.25 421.25 France 05/28 0.75 94.94 1.68 0.02 0.24 0.82 2.10
US Dollar 2.15 2.35 2.19 2.39 2.41 2.61 2.91 3.11 3.33 3.53 3.68 3.88
Nth Amer Inv Grade 5Y 91.06 2.85 6.36 6.48 102.64 63.80 05/48 2.00 90.50 2.51 0.00 0.13 0.58 1.91
Japanese Yen -0.20 0.00 -0.20 0.00 -0.20 0.00 -0.15 0.05 -0.10 0.20 -0.05 0.25 Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Germany 08/29 0.00 91.21 1.33 0.03 0.23 0.74 1.92
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Aug 31 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 64.27 1.59 0.00 0.12 0.54 1.56
1 Up to 5 Years 327.92 -0.01 0.40 6.35 2764.82 0.40 7.55
Greece 01/23 3.50 101.20 0.57 -0.03 0.04 -0.11 0.95 2 Over 5 years 637.68 -2.07 -10.84 -27.28 4851.35 -10.84 -27.01
01/28 3.75 101.92 3.35 -0.04 0.16 0.92 3.17 3 5-15 years 489.76 -0.89 -4.62 -6.53 3952.94 -4.62 -5.84
Ireland 10/22 0.00 99.94 0.50 -0.04 0.10 0.30 1.10 4 Over 15 years 756.04 -2.72 -14.00 -35.40 5584.54 -14.00 -35.25
05/26 1.00 98.29 1.48 0.02 0.27 0.79 2.02 5 All stocks 590.44 -1.79 -9.42 -23.87 4581.76 -9.42 -23.51
02/45 2.00 90.87 2.54 -0.01 0.19 0.66 2.03
Italy 02/25 0.35 95.44 2.30 0.06 0.22 0.72 2.54 Yield Indices Aug 31 Aug 30 Yr ago Aug 31 Aug 30 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 94.28 1.18 0.07 0.32 0.49 1.99 5 Yrs 2.66 2.57 0.32 20 Yrs 3.20 3.11 1.07
03/48 3.45 92.87 3.89 0.04 0.12 0.56 2.34 10 Yrs 2.92 2.83 0.72 45 Yrs 2.86 2.77 0.92
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.12 0.00 -0.01 -0.01 0.00 -0.05 15 Yrs 3.16 3.07 0.97
Crude Oil† Oct 89.13 -2.51 Corn♦ Sep 667.75 -12.00 Aug 30 Aug 30 Prev return stock Market stocks
12/29 0.10 99.45 0.18 -0.02 0.03 0.11 0.24
Brent Crude Oil‡ 97.25 -0.66 Wheat♦ Sep 790.00 -8.25 Can 4.25%' 26 112.36 1.250 1.244 -2.40 5.25 73193.16 8
12/49 0.40 82.42 1.15 0.01 0.04 0.03 0.54 inflation 0% inflation 5%
RBOB Gasoline† Oct 2.46 -0.07 Soybeans♦ Sep 1493.25 -19.75 Fr 0.25%' 24 107.67 -3.580 -3.798 0.36 17.92 254490.87 17
Netherlands 07/27 0.75 96.49 1.50 0.04 0.27 0.84 2.11 Real yield Aug 31 Dur yrs Previous Yr ago Aug 31 Dur yrs Previous Yr ago
Natural Gas† Oct 9.01 -0.03 Soybeans Meal♦ Sep 455.00 -7.40 Swe 1.00%' 25 124.78 -1.028 -1.030 -0.27 35.15 217455.64 6
01/47 2.75 115.54 1.94 0.01 0.15 0.59 1.93 Up to 5 yrs -2.30 1.67 -2.30 -3.04 -2.90 1.68 -2.91 -3.42
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Sep 1800.00 5.00 UK 0.125%' 24 107.13 -4.250 -4.695 1.57 15.24 657648.32 31
Aluminium 2362.50 -21.50 Cocoa (ICE US)♥ Sep 2430.00 1.00 New Zealand 05/31 1.50 82.16 3.94 0.00 0.17 0.55 2.21 Over 5 yrs -0.56 20.55 -0.66 -2.40 -0.58 20.61 -0.69 -2.43
UK 2.50%' 24 382.05 -3.264 -3.763 0.63 6.82 657648.32 31
Aluminium Alloy 1675.00 -905.00 Coffee(Robusta)X Sep 2240.00 -20.00 09/40 2.50 115.92 2.45 0.05 0.23 0.62 1.63 5-15 yrs -1.12 8.84 -1.22 -2.79 -1.22 8.84 -1.32 -2.89
UK 2.00%' 35 272.99 -1.105 -1.286 -4.21 9.08 657648.32 31
Copper 7795.00 -59.50 Coffee (Arabica)♥ Sep 239.20 -1.30 Norway 08/30 1.38 85.87 3.43 0.02 0.16 0.65 2.18 Over 15 yrs -0.45 26.57 -0.56 -2.36 -0.47 26.58 -0.57 -2.38
US 0.625%' 24 99.40 1.068 0.897 -0.58 40.98 1659168.46 46
Lead 1957.50 -27.50 White SugarX 550.40 1.90 Poland 01/23 2.50 98.33 6.82 -0.01 0.07 0.45 6.58 All stocks -0.58 17.99 -0.68 -2.41 -0.61 18.08 -0.71 -2.44
US 3.625%' 28 116.23 0.678 0.637 -1.74 16.78 1659168.46 46
Nickel 21435.00 50.00 Sugar 11♥ 18.02 -0.08 07/27 2.50 83.14 6.64 -0.18 0.02 0.67 5.36 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 22790.00 -950.00 Cotton♥ Oct 118.92 1.45 04/47 4.00 74.69 5.99 0.00 0.04 -0.36 3.72 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 3462.50 -9.50 Orange Juice♥ Sep 188.60 9.05 Portugal 04/27 4.13 110.32 1.78 0.02 0.18 0.83 2.20 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Oct 143.83 0.93 Spain 10/22 0.45 99.95 0.78 0.16 0.31 0.74 1.43 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1730.30 -20.95 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 89.17 2.25 0.02 0.21 0.82 2.24 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 1869.50 -52.00 Lean Hogs♣ Oct 93.53 1.28 10/46 2.90 97.16 3.07 0.01 0.13 0.68 2.03 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 858.00 -19.00 Spread Spread Spread Spread Sweden 06/30 0.13 119.17 -0.88 0.01 0.23 0.56 0.88
Palladium 2109.00 -44.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 121.78 1.95 -0.04 0.25 0.55 1.46 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Aug 30 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 118.01 0.71 -0.04 0.08 0.53 1.24 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 98.35 -3.91 S&P GSCI Spt 671.73 -9.37 33.04 06/29 0.00 95.46 0.68 -0.05 0.06 0.46 1.13 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.61 2.28 0.46 Netherlands 1.50 0.17 -1.65
Baltic Dry Index 965.00 -52.00 DJ UBS Spot 122.05 -11.80 23.70 Austria 1.86 0.52 -1.29 New Zealand 3.94 2.61 0.79 United Kingdom 07/23 0.75 98.30 2.69 0.17 0.18 0.89 2.58 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 346.60 -1.90 TR/CC CRB TR 314.43 -8.70 36.52 Canada 3.09 1.76 -0.06 Norway 3.43 2.10 0.28 07/27 1.25 93.50 2.68 0.10 0.20 1.08 2.31 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 1.83 0.50 -1.32 Portugal 1.78 0.44 -1.37 07/47 1.50 72.97 3.06 0.11 0.14 0.60 2.05
LEBA UK Power 1048.00 -37.43 -39.60 Finland 1.82 0.49 -1.33 Spain 2.25 0.92 -0.90 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 1.33 0.00 -1.82 Sweden -0.88 -2.21 -4.03 03/25 0.50 92.70 3.48 0.02 0.12 0.61 2.95
unless otherwise stated. Italy 1.18 -0.15 -1.97 Switzerland 0.68 -0.65 -2.47 02/30 1.50 89.13 3.15 0.01 0.09 0.51 1.96
Japan 0.18 -1.16 -2.97 United States 3.15 1.82 0.00 02/50 0.25 82.18 0.99 -0.03 -0.02 0.20 -
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
12 ★ FINANCIAL TIMES Thursday 1 September 2022

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Data Provided by
Guinness Global Innovators Y GBP Acc £ 26.00 - -0.23 0.00
Guinness Sustainable Global Equity Y GBP Acc £ 11.11 - -0.04 -

abrdn Capital (CI) Limited (JER) EdenTree Investment Management Ltd (UK)
www.morningstar.co.uk
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Data as shown is for information purposes only. No offer
FCA Recognised Authorised Inv Funds HPB Assurance Ltd is made by Morningstar or this publication.
abrdn Capital Offshore Strategy Fund Limited EdenTree Short Dated Bond Cls B 93.57 - -0.22 - Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Bridge Fund £ 2.2386 - -0.0184 1.86 International Insurances
Global Equity Fund £ 3.3558 - -0.0262 1.17 Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00
Global Fixed Interest Fund £ 0.7663 - -0.0037 5.61 Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00
Income Fund
Sterling Fixed Interest Fund
UK Equity Fund
£ 0.6507
£ 0.7049
£ 1.9045
-
-
-
-0.0079 3.12
-0.0068 3.45
-0.0422 3.95
Guide to Data
The fund prices quoted on these pages are
Blue Whale Investment Funds ICAV (IRE) Oasis Crescent Global Investment Funds (UK) ICVC (UK) Ram Active Investments SA Superfund Asset Management GmbH supplied by the operator of the relevant fund.
www.bluewhale.co.uk, info@bluewhale.co.uk Euronova Asset Management UK LLP (CYM) Regulated www.ram-ai.com www.superfund.com, +43 (1) 247 00 Details of funds published on these pages,
Regulated Other International Funds Other International Funds
FCA Recognised - Ireland UCITS Oasis Crescent Global Equity Fund USD A (Dist) $ 33.67 - -0.41 0.23 including prices, are for the purpose of
Smaller Cos Cls One Shares € 55.04 - -1.07 0.00 RAM Systematic Emerg Markets Eq $ 208.81 208.81 0.36 -
Blue Whale Growth USD T $ 8.62 - -0.09 - Oasis Crescent Global Income Fund USD A (Dist) $ 10.20 - -0.01 2.63 Other International Funds information only and should only be used as a
Smaller Cos Cls Two Shares € 35.18 - -0.69 0.00
Janus Henderson Investors (UK) Oasis Crescent Global Low Equity Fund USD D (Dist) $ 12.22 - -0.10 0.55 RAM Systematic European Eq € 510.34 510.34 -2.16 - Superfund Green Gold $ 1279.64 - -31.01 0.00 guide. The Financial Times Limited makes no
Smaller Cos Cls Three Shares € 17.56 - -0.34 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 13.46 - -0.11 0.14 RAM Systematic Funds Global Sustainable Income Eq $ 144.05 144.05 -0.65 0.00 Superfund Green Silver $ 947.32 - -35.91 0.00 representation as to their accuracy or
Smaller Cos Cls Four Shares € 23.14 - -0.45 0.00 www.janushenderson.com Oasis Crescent Global Property Equity Fund USD A (Dist) $ 8.34 - -0.13 0.58 RAM Systematic Global Eq Sustainable Alpha $ 114.54 114.54 -0.89 - Regulated completeness and they should not be relied
Authorised Inv Funds
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.94 - -0.01 1.76 RAM Systematic Long/Short European Eq € 155.76 155.76 -0.31 - Superfund Green US$ $ 1044.32 - -16.74 0.00 upon when making an investment decision.
Janus Henderson Instl UK Idx Opps A Acc £ 1.08 - -0.02 2.61 RAM Systematic US Sustainable Eq $ 340.24 340.24 -2.21 -
Oasis Crescent Variable Fund GBP A (Dist) £ 9.89 - -0.04 0.17
RAM Tactical Global Bond Total Return € 140.21 140.21 -0.03 - The sale of interests in the funds listed on these
RAM Tactical II Asia Bond Total Return $ 145.77 145.77 0.08 - pages may, in certain jurisdictions, be restricted
by law and the funds will not necessarily be
Brooks Macdonald International Fund Managers Limited (JER) available to persons in all jurisdictions in which
5 Anley Street, St Helier, Jersey, JE2 3QE the publication circulates. Persons in any doubt
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) should take appropriate professional advice.
Brooks Macdonald International Investment Funds Limited Fidelity Investments International Data collated by Morningstar. For other
Euro High Income € 1.2661 - -0.0061 2.50 Other International Funds queries contact reader.enquiries@ft.com
High Income £ 0.6779 - -0.0050 3.77 Emerging Mkts NAV £ 7.21 - -0.16 1.96 M & G Securities (1200)F (UK) +44 (0)207 873 4211.
Omnia Fund Ltd
PO Box 9038, Chelmsford, CM99 2XF
Algebris Investments (IRL) Sterling Bond £ 1.2844 - -0.0092 2.06
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Other International Funds
Regulated Brooks Macdonald International Multi Strategy Fund Limited Estimated NAV $ 685.24 - -95.34 0.00 Ruffer LLP (1000)F (UK) The fund prices published in this edition along
Authorised Inv Funds
Algebris Financial Credit I EUR € 172.15 - -0.77 0.00 Balanced Strategy A £ 0.9099 - -0.0049 - 65 Gresham Street, London, EC2V 7NQ with additional information are also available
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.10 - -0.01 1.90
Algebris Financial Credit R EUR € 148.38 - -0.68 0.00 Balanced Strategy £ 0.9102 - -0.0050 -
Order Desk and Enquiries: 0345 601 9610 on the Financial Times website, www.ft.com/
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 39.07 - -0.23 1.49
Algebris Financial Credit Rd EUR € 92.29 - -0.42 5.11 Cautious Balanced Strategy A £ 0.9016 - -0.0048 1.10
Authorised Inv Funds funds. The funds published on these pages are
M&G Charity Multi Asset Fund Inc £ 0.88 - -0.01 3.69
Algebris Financial Income I EUR € 170.87 - -0.58 0.00 Growth Strategy A £ 0.9235 - -0.0055 0.50
Authorised Corporate Director - Link Fund Solutions grouped together by fund management
M&G Charity Multi Asset Fund Acc £ 104.37 - -1.05 3.23
Algebris Financial Income R EUR € 155.86 - -0.54 0.00 LF Ruffer Diversified Rtrn C Acc 103.36 - -0.18 0.00 company.
High Growth Strategy A £ 0.9208 - -0.0052 0.12
Algebris Financial Income Rd EUR € 96.69 - -0.34 3.90 LF Ruffer Diversified Rtrn C Inc 103.34 - -0.18 0.00
Cautious Balanced Strategy £ 1.2626 - -0.0067 0.00
Algebris Financial Equity B EUR € 145.96 - 0.58 0.00
FIL Investment Services (UK) Limited (1200)F (UK) LF Ruffer European C Acc 751.54 - -8.51 1.03 Prices are in pence unless otherwise indicated.
Growth Strategy £ 1.9350 - -0.0115 0.00
Algebris Financial Equity R EUR € 123.08 - 0.48 0.00
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP LF Ruffer European C Inc 136.01 - -1.54 1.03 The change, if shown, is the change on the
High Growth Strategy £ 2.7039 - -0.0152 0.00 Callfree: Private Clients 0800 414161 Toscafund Asset Management LLP (UK)
previously quoted figure (not all funds update
Algebris IG Financial Credit I EUR € 96.41 - -0.72 0.00 Orbis Investments (U.K.) Limited (GBR) LF Ruffer European O Acc 729.16 - -8.29 0.67 www.toscafund.com
US$ Growth Strategy $ 1.6255 - -0.0186 0.00 Broker Dealings: 0800 414 181
28 Dorset Square, London, NW1 6QG LF Ruffer Equity & General C Acc 548.38 - -1.55 0.44 Authorised Funds
prices daily). Those designated $ with no prefix
Algebris IG Financial Credit R EUR € 95.05 - -0.71 0.00 Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes OEIC Funds
www.orbis.com 0800 358 2030 LF Ruffer Equity & General C Inc 499.40 - -1.42 0.44 Aptus Global Financials B Acc £ 4.42 - 0.05 4.36
refer to US dollars. Yield percentage figures (in
Algebris Global Credit Opportunities I EUR € 122.01 - -0.25 0.00
Index Sterling Corporate Bond Fund P-ACC-GBP £ 0.83 - -0.01 1.83
Regulated LF Ruffer Equity & General O Acc 532.10 - -1.54 0.15 Tuesday to Saturday papers) allow for buying
Algebris Global Credit Opportunities R EUR € 119.29 - -0.24 0.00 Aptus Global Financials B Inc £ 2.86 - 0.03 4.50
Sustainable Multi Asset Balanced Fund W-ACC-GBP £ 0.95 - 0.00 0.14 Orbis OEIC Global Cautious Standard £ 11.80 - -0.05 0.00 LF Ruffer Equity & General O Inc 491.97 - -1.42 0.14
expenses. Prices of certain older insurance
Algebris Global Credit Opportunities Rd EUR € 119.29 - -0.24 0.00 MMIP Investment Management Limited (GSY)
American Fund W-ACC-GBP £ 54.71 - -0.43 0.00 Orbis OEIC Global Balanced Standard £ 18.79 - -0.10 2.10 LF Ruffer Gold C Acc 220.49 - -7.38 0.00
linked plans might be subject to capital gains
Algebris Core Italy I EUR € 132.62 - -0.47 0.00 Regulated
Cash Fund W-ACC-GBP £ 1.02 - 0.00 0.00 Orbis OEIC Global Equity Standard £ 21.70 - -0.15 2.01 tax on sales.
Algebris Core Italy R EUR € 126.15 - -0.45 0.00 Multi-Manager Investment Programmes PCC Limited LF Ruffer Gold C Inc 133.45 - -4.46 0.00
Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.61 - -0.03 5.00 Orbis OEIC UK Equity Standard £ 10.77 - -0.06 3.41 LF Ruffer Gold O Acc 213.87 - -7.16 0.00
Sustainable Global Equity Fund W-ACC-GBP £ 33.95 - -0.18 - UK Equity Fd Cl A Series 01 £ 3115.44 3150.42 192.07 0.00 Guide to pricing of Authorised Investment
LF Ruffer Japanese C Inc 160.30 - 0.21 -
Global High Yield Fund W-ACC-GBP £ 13.66 - -0.04 5.62 Diversified Absolute Rtn Fd USD Cl AF2 $ 1632.81 - 51.73 0.00 Funds: (compiled with the assistance of the
LF Ruffer Japanese C Acc 344.48 - 0.46 0.00
Japan Fund W-ACC-GBP £ 5.65 - 0.03 1.27 Diversified Absolute Return Stlg Cell AF2 £ 1519.37 - 47.28 0.00 IMA. The Investment Association, Camomile
CG Asset Management Limited (IRL) LF Ruffer Total Return C Acc 551.29 - 2.77 1.83
Japan Smaller Companies Fund W-ACC-GBP £ 3.54 - 0.03 0.62 Global Equity Fund A Lead Series £ 1758.44 1764.49 100.16 0.00 Court 23 Camomile Street, London EC3A 7LL.
25 Moorgate, London, EC2R 6AY LF Ruffer Total Return C Inc 349.26 - 1.75 1.85
Select 50 Balanced Fund PI-ACC-GBP £ 1.15 - -0.01 - Tel: +44 (0)20 7831 0898.)
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 LF Ruffer Total Return O Acc 534.85 - 2.66 1.83 Toscafund Asset Management LLP
FCA Recognised Special Situations Fund W-ACC-GBP £ 40.77 - -0.51 2.00 www.toscafund.com
LF Ruffer Total Return O Inc 338.66 - 1.68 1.86 OEIC: Open-Ended Investment Company.
CG Portfolio Fund Plc Short Dated Corporate Bond Fund W-ACC-GBP £ 10.45 - -0.03 - Tosca A USD $ 399.04 - -22.49 0.00
Sustainable Water & Waste W-ACC-GBP £ 1.14 - 0.00 - Similar to a unit trust but using a company
The Antares European Fund Limited Absolute Return Cls M Inc £ 143.60 143.60 0.27 - Tosca Mid Cap GBP £ 192.17 - 5.49 0.00
Sustainable Water & Waste W-INC-GBP £ 1.13 - 0.00 0.14
rather than a trust structure.
Other International Capital Gearing Portfolio GBP P £ 39782.28 39782.28 100.76 1.00 Tosca Opportunity B USD $ 292.80 - 8.57 0.00
Capital Gearing Portfolio GBP V £ 193.48 193.48 0.49 1.00 UK Select Fund W-ACC-GBP £ 3.54 - -0.05 - Pegasus Fund Ltd A-1 GBP £ 45.76 - 0.00 0.00
AEF Ltd Usd $ 524.43 - -0.23 0.00
Global Enhanced Income W-ACC-GBP £ 2.26 - 0.00 4.23
Different share classes are issued to reflect a
AEF Ltd Eur € 486.72 - -0.46 0.00 Dollar Fund Cls D Inc £ 186.91 186.91 1.35 1.34 different currency, charging structure or type of
Dollar Hedged GBP Inc £ 101.41 101.41 -0.66 1.54 Index UK Gilt Fund P-ACC-GBP £ 0.79 - -0.01 0.53
Marwyn Asset Management Limited (CYM) holder.
Real Return Cls A Inc £ 221.01 221.01 1.17 1.38 Sustainable Multi Asset Conservative Fund W-ACC-GBP £ 0.92 - -0.01 0.15
Regulated
Sustainable Multi Asset Growth Fund W-ACC-GBP £ 0.98 - 0.00 0.08
Marwyn Value Investors £ 329.72 - -6.14 0.00 Selling price: Also called bid price. The price
Rubrics Global UCITS Funds Plc (IRL) at which units in a unit trust are sold by
www.rubricsam.com investors.
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund $ 132.54 - 0.02 0.00
Buying price: Also called offer price. The price
Rubrics Global Credit UCITS Fund $ 16.79 - -0.02 0.00 Troy Asset Mgt (1200) (UK) at which units in a unit trust are bought by
Platinum Capital Management Ltd Rubrics Global Fixed Income UCITS Fund $ 171.22 - -0.17 0.00 65 Gresham Street, London, EC2V 7NQ
Artemis Fund Managers Ltd (1200)F (UK) investors. Includes manager’s initial charge.
Other International Funds Order Desk and Enquiries: 0345 608 0950
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Authorised Inv Funds Chartered Asset Management Pte Ltd Platinum All Star Fund - A $ 145.53 - - - Single price: Based on a mid-market valuation
Findlay Park Funds Plc (IRL) Authorised Corporate Director - Link Fund Solutions
Artemis Corporate Bond I Acc 98.79 - -0.57 2.69 Other International Funds Platinum Global Growth UCITS Fund $ 8.82 - -0.08 0.00 of the underlying investments. The buying and
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Trojan Investment Funds
Artemis Positive Future Fund 70.67 - -2.05 0.00 CAM-GTF VCC $ 284488.76 284488.76 -2021.27 - Platinum Essential Resources UCITS Fund SICAV USD Class E $ 11.67 - 0.15 0.00 selling price for shares of an OEIC and units of a
FCA Recognised
Artemis Target Return Bond I Acc 104.90 - -0.26 2.53 CAM GTi VCC $ 780.49 - -32.39 - Platinum Global Dividend UCITS Fund $ 48.58 - -0.09 0.00 Trojan Ethical O Acc 128.15 - -0.24 0.00 single priced unit trust are the same.
American EUR Unhedged Class € 163.87 - -2.44 0.00
RAIC VCC $ 1.64 1.64 0.03 2.06 Trojan Ethical Global Inc O Acc 102.98 - -0.41 -

Slater
American Fund USD Class $ 163.68 - -2.91 0.00
Trojan Ethical Global Inc O Inc 101.11 - -0.40 - Treatment of manager’s periodic capital
American Fund GBP Hedged £ 81.34 - -1.48 0.00
Trojan Ethical O Inc 127.89 - -0.25 0.00 charge: The letter C denotes that the trust

Investments
American Fund GBP Unhedged £ 140.71 - -0.55 0.00
deducts all or part of the manager’s/operator’s
periodic charge from capital, contact the
manager/operator for full details of the effect of
this course of action.

Polar Capital Funds Plc (IRL) Exit Charges: The letter E denotes that an exit
Milltrust International Managed Investments ICAV (IRL)
Dodge & Cox Worldwide Funds (IRL) mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Regulated charge may be made when you sell units,
48-49 Pall Mall, London SW1Y 5JG. Regulated Automation & Artificial Intelligence CL I USD Acc $ 14.18 14.18 -0.33 0.00 contact the manager/operator for full details.
www.dodgeandcox.worldwide.com 020 3713 7664 British Innovation Fund £ 121.92 - 2.89 0.00 Asian Starts I USD Acc $ $ 14.29 - -0.18 0.00 Zadig Gestion (Memnon Fund) (LUX)
FCA Recognised Foord Asset Management Biotechnology I USD $ 36.44 36.44 -0.62 0.00 FCA Recognised Time: Some funds give information about the
MAI - Buy & Lease (Australia) A$ 103.45 - 0.50 0.00
Website: www.foord.com - Email: info@foord.com
Dodge & Cox Worldwide Funds plc - Global Bond Fund MAI - Buy & Lease (New Zealand)NZ$ 91.20 - -6.06 0.00 China Stars I USD Acc $ $ 11.27 11.27 -0.24 0.00 Memnon European Fund - Class U2 GBP £ 214.22 - 0.95 0.00 timing of price quotes. The time shown
FCA Recognised - Luxembourg UCITS alongside the fund manager’s/operator’s name
EUR Accumulating Class € 16.45 - -0.07 - Milltrust Global Emerging Markets Fund - Class A $ 95.92 - 0.01 0.00 Emerging Market Stars I USD Acc $ 11.44 - -0.14 0.00 Slater Investments Ltd (UK)
Foord International Fund | R $ 47.74 - -0.40 0.00 www.slaterinvestments.com; Tel: 0207 220 9460 is the valuation point for their unit trusts/OEICs,
EUR Accumulating Class (H) € 10.35 - -0.02 0.00 European Ex UK Inc EUR Acc € 13.39 13.39 -0.09 0.00
EUR Distributing Class € 12.20 - -0.05 -
Foord Global Equity Fund (Lux) | R $ 15.78 - -0.20 -
Financial Opps I USD $ 13.23 - -0.10 2.68 FCA Recognised unless another time is indicated by the symbol
EUR Distributing Class (H) € 7.62 - -0.01 - Regulated
Global Convertible I USD $ 13.51 13.51 -0.11 0.00 Slater Growth A Acc 666.39 666.39 -5.84 0.00 alongside the individual unit trust/OEIC name.
GBP Distributing Class £ 12.84 - 0.03 - Foord Global Equity Fund (Sing) | B $ 18.80 - -0.24 - Global Insurance I GBP £ 9.45 - -0.02 0.00 Slater Income A Inc 144.38 144.38 -2.22 5.22

Ashmore Group GBP Distributing Class (H) £ 8.13 - -0.01 1.92 Foord International Trust (Gsy) $ 46.53 - -0.60 0.00
Global Technology I USD $ 68.19 - -1.49 0.00 Slater Recovery A Acc 342.64 342.64 -2.69 0.00
The symbols are as follows: ✠ 0001 to 1100
Slater Artorius 302.75 302.75 -8.39 0.29
hours; ♦ 1101 to 1400 hours; ▲ 1401 to 1700
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233 USD Accumulating Class $ 11.89 - -0.02 - Healthcare Blue Chip Fund I USD Acc $ 17.50 17.50 -0.25 0.00
Authorised Inv Funds Dodge & Cox Worldwide Funds plc-Global Stock Fund Healthcare Dis I Acc USD $ $ 12.70 - -0.30 0.00
Emerging Markets Equity Fund $ 116.03 - -1.70 -
hours; # 1701 to midnight. Daily dealing prices
USD Accumulating Share Class $ 27.70 - -0.30 - Healthcare Opps I USD $ 60.42 - -1.00 0.00
Emerging Markets Equity ESG Fund $ 129.51 - -1.60 -
are set on the basis of the valuation point, a
GBP Accumulating Share Class £ 39.10 - -0.26 - Milltrust International Managed Investments SPC Income Opportunities B2 I GBP Acc £ 2.86 2.86 0.01 0.00
short period of time may elapse before prices
Emerging Markets Frontier Equity Fund $ 191.93 - -1.24 0.38 GBP Distributing Share class £ 26.43 - -0.18 - em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com Japan Value I JPY ¥ 139.26 139.26 -0.25 0.00
Regulated
become available. Historic pricing: The letter H
Emerging Markets Blended Debt Fund $ 52.95 - -0.53 6.46 EUR Accumulating Share Class € 41.53 - -0.55 - North American I USD $ 32.34 32.34 -0.51 0.00
Milltrust Alaska Brazil SP A $ 80.48 - -3.46 0.00
denotes that the managers/operators will
Emerging Markets Blended Debt ESG Fund $ 83.55 - -0.74 0.00 GBP Distributing Class (H) £ 13.02 - -0.14 0.77 Smart Energy I USD Acc $ $ 8.80 8.80 -0.24 - normally deal on the price set at the most recent
Emerging Markets Active Equity Fund $ 120.82 - -1.77 - Milltrust Laurium Africa SP A $ 96.96 - -2.93 0.00 Smart Mobility I USD Acc $ $ 8.51 8.51 -0.17 -
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Franklin Templeton International Services Sarl (IRL) valuation. The prices shown are the latest
Emerging Markets Corporate Debt Fund $ 62.20 - -0.39 9.09 Milltrust Marcellus India Fund $ 134.03 - -1.00 0.00 UK Val Opp I GBP Acc £ 12.06 12.06 -0.21 0.00
USD Accumulating Share Class $ 36.95 - -0.34 - JPMorgan House - International Financial Services Centre,Dublin 1, Ireland available before publication and may not be the
Emerging Markets Debt Fund $ 58.57 - -0.85 7.77 Milltrust Singular ASEAN SP Founders $ 131.14 - 0.26 0.00
GBP Accumulating Share Class £ 49.31 - -0.24 0.00 Other International Funds current dealing levels because of an intervening
Emerging Markets Local Currency Bond Fund $ 58.97 - -0.25 - Milltrust SPARX Korea Equity SP A $ 102.85 - 1.63 0.00
GBP Distributing Share Class £ 29.66 - -0.14 - Franklin Emerging Market Debt Opportunities Fund Plc portfolio revaluation or a switch to a forward
Milltrust Xingtai China SP A $ 99.89 - -1.47 0.00
EUR Accumulating Share Class € 47.83 - -0.54 - Franklin Emg Mkts Debt Opp CHFSFr 11.95 - -0.05 6.52 pricing basis. The managers/operators must
The Climate Impact Asia Fund SP (Class A) $ 80.88 - -0.29 0.00
GBP Distributing Class (H) £ 14.87 - -0.13 0.32 Franklin Emg Mkts Debt Opp GBP £ 7.97 - -0.02 6.47 deal at a forward price on request, and may
The Climate Impact Asia Fund (Class B) $ 80.34 - -0.29 0.00 move to forward pricing at any time. Forward
Franklin Emg Mkts Debt Opp USD $ 13.68 - -0.03 6.36
pricing: The letter F denotes that that
managers/operators deal at the price to be set
at the next valuation.
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated Investors can be given no definite price in
Atlantas Sicav (LUX) Monument Growth 30/08/2022 £ 556.63 562.19 -7.79 1.04 advance of the purchase or sale being carried
Regulated Stonehage Fleming Investment Management Ltd (IRL) out. The prices appearing in the newspaper are
American Dynamic $ 6524.71 6524.71 -216.26 - www.stonehagefleming.com/gbi
the most recent provided by the managers/
American One $ 6705.85 6705.85 -210.03 0.00 Mirabaud Asset Management enquiries@stonehagefleming.com
(LUX) operators. Scheme particulars, prospectus, key
Bond Global € 1600.04 1600.04 -15.09 0.00 GAM www.mirabaud.com, marketing@mirabaud-am.com Regulated
funds@gam.com, www.funds.gam.com
features and reports: The most recent
Conviction based investment vehicles details available here www.mirabaud-am.com SF Global Best Ideas Eq B USD ACC $ 222.79 - -1.40 -
Eurocroissance € 1314.36 - -47.11 0.00
Regulated particulars and documents may be obtained
Regulated SF Global Best Ideas Eq D GBP INC £ 290.60 - -0.30 -
Far East $ 1000.00 - -5.25 -
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 126.49 - -0.78 - free of charge from fund managers/operators. *
Mir. - Glb Strat. Bd I USD $ 115.40 - -0.14 0.00
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 101.54 - 0.20 0.99 Indicates funds which do not price on Fridays.
Mir. - DiscEur D Cap GBP £ 160.82 - -2.71 0.00
Mirabaud - UK Equity High Alpha £ 129.92 - 0.16 -
Prusik Investment Management LLP (IRL) Charges for this advertising service are based
Enquiries - 0207 493 1331 on the number of lines published and the
Regulated classification of the fund. Please contact
Prusik Asian Equity Income B Dist $ 176.56 - -1.00 - data@ft.com or call +44 (0)20 7873 3132 for
Prusik Asia Emerging Opportunities Fund A Acc $ 197.37 - 0.32 0.00 further information.
Dragon Capital Prusik Asia Fund U Dist. £ 238.15 - 1.98 0.00
www.dragoncapital.com
Prusik Asia Sustainable Growth Fund A Acc $ 90.26 - -0.20 -
Fund information:info@dragoncapital.com
Other International Funds
Vietnam Equity (UCITS) Fund A USD $ 33.55 - -0.09 0.00

Purisima Investment Fds (CI) Ltd (JER)

Regulated
PCG B 280.42 - -12.74 0.00
PCG C 272.96 - -12.41 0.00
Guinness Global Investors
Guinness Global Equity Income Y GBP Dist £ 18.60 - -0.05 2.31
Thursday 1 September 2022 ★ 13
14
‘Is art an industry? I’m not so sure’
Art dealer Daniella
Luxembourg talks to
Melanie Gerlis about her
new gallery in New York —
and the need for action in
trying times
I
n half a century at the top of the
international art world, London-
based art dealer Daniella Luxem-
bourg has combined the boldness to
think big with the steel to make
things happen. It’s true again in her lat-
est venture — a major new gallery in
New York’s Fuller Building, which
opens this week with a show dedicated
to the early works of another deter-
mined dreamer, Joan Miró. The exhibi-
tion (opening on September 7) is an
example of Luxembourg’s ability to
show the world’s best-known artists in a
new light, while its subtitle — Feet on the
Ground, Eyes on the Stars — could easily
apply to the 72-year-old dealer herself.
The New York opening is as much the
vision of Luxembourg’s daughter and
business partner, Alma Luxembourg,
and cements the latest shape of their
New York and London gallery, now
called Luxembourg + Co. The business
has shrunk from being run by three
partners to two after co-founder Amalia
Dayan left in 2020, a split that Luxem-
bourg says was natural and amicable.
“We worked so well for more than 10
years together, and in many ways still
do,” she says. Dayan has since joined
forces with three other dealers to form
LGDR gallery.
The daughter of Holocaust survivors,
Luxembourg grew up in a suburb in
Haifa in the then recently formed Israel
and uses the past to motor her very
active present. “There is no doubt that
the second world war is a seminal
moment of life,” she says when we meet
in her roomy London apartment.
She has dedicated time during her art-
dealing career to the restitution of Nazi-
looted art and is said to have been
instrumental in brokering the sale of
★ FINANCIAL TIMES
Gustav Klimt’s “Portrait of Adele Bloch-
Bauer” (1903-07) to the billionaire
Ronald Lauder and his Neue Galerie for
a reported $135mn in 2006. But her
“claim to fame”, she says, is that, in her
role as the founding director of the Jew-
ish Museum in Vienna between 1989
and 1991, she persuaded the authorities
to organise an archaeological dig that
unearthed the medieval synagogue on
the city’s Judenplatz. “Visiting is now
part of the school curriculum so
ARTS
Above: Daniella
Luxembourg in the Fuller
Building, New York, the
location of her new gallery.
Below right: her daughter
and business partner Alma
Luxembourg — Weston Wells
students can see how much the Jewish
community was a part of the fabric of
Austria’s culture,” Luxembourg says.
She herself came to art through read-
ing. “I didn’t see much art growing up.
But the idea of a painting as a structure
was easier to understand from the point
of view of literature, where you can see
the patterns. Learning about art is a lan-
guage, knowing art is a language, selling
art is a language,” she says. It’s a favour-
ite analogy, which she links back to her
university studies of Surrealist poems —
“the language of language” — and their
accompanying illustrations — “the lan-
guage of images”.
Luxembourg’s first language is
Hebrew — she didn’t move to Europe
full time until 1993 — and although she
has an accomplished and nuanced
command of English, she describes
speaking it as an “obstacle”. But she
finds the obstruction “instructive”, she
says, and likens the mental process to an
appreciation of art.
As well as running museums in Israel
and Austria, she launched Sotheby’s in
Israel in 1984, was deputy chairman of
Sotheby’s Switzerland and has part-
owned her own auction house, in collab-
oration with Simon de Pury, which
merged with Phillips under its LVMH
backing in 2001. She has also done
New fantasy series has a familiar ring
T E L E V I S IO N
The Lord of the Rings:
The Rings of Power
Amazon Prime Video
aaaee
John Bleasdale
Welcome back to Middle-earth, and by
that I mean thousands of years back. It
is the Second Age of JRR Tolkien’s
mythical land (The Hobbit and The Lord
of the Rings were set in the Third Age)
and Frodo Baggins is but a glint in his
distant ancestor’s eye. In fact, hobbits
are here still a tribe of nomadic crea-
tures called Harfoots.
Luckily, elves being immortal means
there are at least some familiar names
from the past films, though they have
different faces. Robert Aramayo takes
over from Hugo Weaving as Elrond, an
aspiring young politician and not yet the
master of Rivendell; Cate Blanchett is
succeeded by the luminous Morfydd
Clark as Galadriel, now a young com-
mander in the elven army. New charac-
ters include an elf warrior, Arondir,
played by Ismael Cruz Córdova, and an
intrepid young Harfoot called Nori
(Markella Kavenagh).
Billed as being based on “The Lord of
the Rings and its appendices”, Amazon’s
$1bn new series (five seasons are
planned) begins with a prologue about
an ancient war between good — the elves
— and evil — the ancient foe Morgoth.
But, as we begin, the war has seemingly
been won, the enemy vanquished. A
reluctant Galadriel faces the prospect of
relinquishing her quest to avenge her
brother’s death. Meanwhile, Elrond is
recruited by master craftsman Cele-
brimbor (Charles Edwards) in an ambi-
tious scheme to forge powerful magical
plenty of private dealing, the role she
says she most enjoys. In her spare time,
Luxembourg has established the Bau-
haus Foundation in 2008, a private
museum in Tel Aviv dedicated to the
design school, and was on the governing
board of London’s Courtauld Institute of
Art between 2009 and 2019.
Relationships built along the way
have helped Luxembourg present a stel-
lar cast of artists, including Paul
Cézanne, Alberto Giacometti, Alberto
Burri, René Magritte and — Luxem-
bourg’s sweet spot — the Viennese art-
ists Gustav Klimt and Egon Schiele. In
an ideal world — and Luxembourg has
an idealist verve about her — “We work
with the private collectors and muse-
ums whom we have known for many
years, and we develop our dreams
together,” she says. Alma Luxembourg
describes it as “giving a twist on the 20th
century’s known masters” and sees the
Miró show in New York as a natural
extension of this approach.
Their scholarly exhibitions have
helped move the market. “Our aim is
not to make our clients rich — though
they have become it,” Luxembourg says.
She too has benefited and now has
homes around the world, though she is
not comfortable with the price levels
that 20th-century art now commands:
“When the market gets so high, the best
works seem to evaporate. Suddenly eve-
rything is expensive, whether it is great
rings. What could possibly go wrong?
Sure enough, dark forces are already
stirring. A cow oozes black goo instead
of milk and a comet delivers a lanky
bearded stranger into the care of Nori.
It’s more than 20 years since Peter
Jackson (who had no role in the new
series) single-handedly rejuvenated
the fantasy film genre with The Fellow-
ship of the Ring. Since then we’ve had two
Lord of the Rings sequels and his Hobbit
trilogy as well as the paradigm-shifting
TV series Game of Thrones. So the first
question will be: how does The Rings of
Power compare?
It’s immediately evident that show-
runners JD Payne and Patrick McKay’s
Middle-earth is far more inclusive than
Jackson’s, with a diverse cast across the
species of humans, dwarves, elves and
halflings and a more active role played
by women than simply waiting to get
married to Viggo Mortensen. Galadriel
here climbs frozen waterfalls and bat-
tles snow trolls and sea monsters while
Nori takes on the Frodo role of the
halfling with an eye for adventure. But
Markella
Kavenagh as the
young Harfoot
Nori Brandyfoot
Thursday 1 September 2022
Joan Miró’s
‘Peinture (Le
Soleil)’ (1927)
features in a
show at Daniella
Luxembourg’s
new gallery
Successió Miró/Artists Rights
Society (ARS), New York/
ADAGP, Paris
or not.” Unlike most art dealers, she
takes some responsibility for today’s
seemingly indiscriminate market. “It’s
our fault. We’ve made art what it is not.
Is it an industry? I’m not so sure. There
are brand names, sure, but each work of
art is a unique phenomenon, from one
year, from particular surroundings, and
with its own authenticity.”
Famously forthright, Luxembourg
says she has softened with age, but
expresses concern about today’s right-
leaning political environment around
the world, including in Israel. She senses
a reactionary stasis that is potentially
damaging to the positivity on which cul-
ture thrives. “We shouldn’t give up
‘Our aim is not to
make our clients
rich — though they
have become it’
because of Brexit or Covid. People have
become frightened but we shouldn’t
succumb to collective fear and be una-
ble to cope. We should use this as a time
to develop, rethink, study, do things dif-
ferently. Look what our parents did
after the second world war.”
She must have been quite a power-
house parent, I suggest to Alma, her
only child. “Nobody really thinks that
way growing up. But she certainly
wasn’t a sleepy mother. She was always
doing things, going places and dragging
me around with her. There was action
and interest,” Alma says with warmth.
They have worked together officially
since Alma left Christie’s in 2011 to join
the partnership.
There is no talk of the future shape of
the gallery beyond their current part-
nership. Both seem happy to enjoy
the latest ride. Daniella says this has
always been her mindset. “I strongly
believe that it is not about achieving or
making a sale. It’s about what we read
and the quality of the people we are in
contact with that makes the road to
achievement richer.”
luxembourgco.com
in almost every other way the first two
episodes feel like old hat. The Harfoots’
broad comedy is family-friendly but
unfunny. The po-facedness of the elves,
on the other hand, veers into the silly,
everyone speaking in an otherworldly
Royal Shakespeare Company accent.
The visuals are pity-it’s-not-on-at-
the-cinema dazzling. The world has an
astonishing beauty, blending the natu-
ral splendour of the New Zealand loca-
tions with state-of-the-art visual effects.
But the epic can quickly become monot-
onous: every line whispered or gasped,
every entrance heroic and every pano-
rama filled with glittering waterfalls. We
could do with a few less crescendos and
teary-eyed speeches, especially so early
on in the saga when we don’t quite yet
know who anyone is or what the stakes
actually are.
No doubt a quest will arise over the
full eight episodes, but so far The Rings of
Power has yet to find its large, furry feet.
On Amazon Prime Video from
September 2
Thursday 1 September 2022
The new Chelsea owners have spent freely during the summer transfer window, hoping that
success on the pitch will unlock greater revenues from media rights and commercial deals.
Boehly and
Clearlake
bet on a
booming
Premier
League
R
aheem Sterling strikes a pose
that captures the ambition
every football player wants
to convey when joining a new
club. Only the California
palm trees behind him suggest this isn’t
just any transfer in the English Premier
League.
The Beverly Hills photo shoot for
Chelsea FC’s £50mn signing under-
scores how things have changed at the
club since a consortium led by US finan-
cier Todd Boehly and California-based
investment firm Clearlake Capital
acquired it from Russian oligarch Roman
Abramovich, who is under sanctions. It
might also reflect its global ambitions.
The site is only a 20-minute drive
from the Los Angeles Dodgers, the base-
ball franchise where Boehly and co-
owner Mark Walter, Guggenheim Part-
ners’ chief executive, made their names
as sports investors. The Crypto.com
Arena, home of the LA Lakers basket-
ball team, another of their investments,
is nearby.
After winning a hurried auction of the
club in May, the owners — Boehly, Wal-
ter, Clearlake and Swiss billionaire
Hansjörg Wyss — are now beginning to
reveal how they might run, and grow, a
business that was financially dependent
on Abramovich for two decades.
Under the Russian’s ownership, Chel-
sea won the Premier League five times
and the Champions League twice,
cementing the team in the upper tier of
English and European football. But the
club also lost about £900mn over the 19
years he was in charge, typically ending
the year in the red as the billionaire
splashed cash on buying and paying the
salaries of world-class talent.
By the time the oligarch put the club
up for sale after Russia’s invasion of
Ukraine shone a spotlight on his rela-
tionship with Vladimir Putin, it owed
him about £1.5bn, debt written off as
the UK ratcheted up sanctions.
Far from tightening the purse strings,
the new owners have rivalled Abramov-
ich’s spending during the summer trans-
fer window when Europe’s clubs shape
and bolster their squads. Chelsea has a
net spend of more than £200mn on six
confirmed signings, even before the
transfer window closes today.
The hefty spending, aided by roughly
£800mn of debt financing, comes after
the consortium paid £2.5bn to acquire
Chelsea, with a further £1.75bn commit-
ted to investment in players and infra-
structure. It’s the biggest sum ever paid
for a football club.
For Chelsea fans, it is an astonishing
turnround from six months ago when
the club’s future seemed in doubt. With
Abramovich under sanctions, only a
special government licence allowed
Chelsea to continue playing football
matches. The club couldn’t sell mer-
chandise or new tickets. With the gov-
ernment adamant that the oligarch
should not benefit from the sale, people
close to the talks feared the worst for
Chelsea until assurances had been pro-
vided.
Now, some in the Premier League
are questioning the wisdom of the
owners’ largesse. “Their first problem is
justifying the price,” says an executive at
a rival team. “They’ve paid a lot of
money for a club that loses money
[ . . . ] it was constantly subsidised by
★ FINANCIAL TIMES
FT BIG READ. SPORTS
By Samuel Agini
‘Effectively, Roman.” Chelsea, Boehly and Clearlake
declined to comment on this story.
[Chelsea] was However, in committing hundreds of
a distressed millions to building a team capable of
sale in a sustaining top-flight success, the own-
ers are signalling their belief that the
content and team and the league it plays within are
media heavy yet to reach their true economic poten-
asset where tial. It is a bet that the global fan base for
football, and for Chelsea in particular, is
you own your untapped enough to reap even bigger
global rights. returns.
If you put a Central to the thesis is that Chelsea is a
global brand and asset with the ability to
dispassionate exploit its own intellectual property.
investor hat The consortium, which has shared con-
trol between by Boehly and Clearlake,
on, it’s a good also sees opportunities for the Premier
investment’ League to generate more revenue from
selling the rights to screen live matches
to broadcasters.
“Effectively, [Chelsea] was a dis-
tressed sale in a content and media
heavy asset where you own your global
rights,” says a person with direct knowl-
edge of the owners’ thinking. “If you put
a dispassionate investor hat on, it’s a
good investment.
“I know the bright lights of sports and
Chelsea take that away, but it is a media
and technology investment.”
LA Story
The purchase of Chelsea wasn’t the first
time Boehly had swooped in unusual
circumstances, based on a belief in the
unrealised potential of a famous sports
team. Boehly and Walter were part of a
consortium fronted by basketball leg-
end Magic Johnson that paid $2.15bn in
2012 to snap up the Los Angeles Dodgers
baseball franchise out of another special
situation: bankruptcy.
“People thought it was extreme risk,”
junk bond pioneer Michael Milken told
Boehly in a podcast dated September
2020, “but once again, risk is an under-
standing of what the assets are, what the
structure is, and you and your partners
divided the company into two parts: one
a media company and one the baseball
team itself.”
The new owners realised that the
forthcoming renewal of the Major
League Baseball team’s media contract
was an opportunity. According to the
Wall Street Journal, Fox had offered
about $3bn to extend the deal by 17
years, while the LA Times reported at
the time that the contract would be
worth at least $4bn. To Boehly, Fox’s bid
was “very much a floor”.
A familiar tale in sport played out
as another broadcaster, Time Warner
Cable, was willing to pay more. “We
England’s top football league keeps growing How does Chelsea make its money?
The total revenue generated by Premier League teams Annual revenue by source (£mn)
has continued to rise in the 30 years since the
competition began (£bn) 6 Match day
400 Commercial
5 Broadcasting
4 300
3
200
2 The emergence of a Big Seven means
1
100
0 €2bn a year to participating clubs, and
92-93 97-98 02-03 07-08 12-13 17-18 22-23*
0
2012 13
Source: Deloitte analaysis • * Projected Source: Chelsea FC
ended up with approximately $9bn paid
out over 25 years from an investment-
grade credit, right, which therefore
made us very comfortable [with] the
value that we were paying, which was at
that time the highest price ever paid,”
Boehly told Milken on the podcast.
But the media rights were only part of
the equation. The Dodgers owners also
splashed out on star players in a bet that
a winning roster — and “really good
energy” in the stadium — would benefit
the media contract negotiations, high-
lighting the commercial rationale
behind squad spending.
It paid off. The Dodgers are now worth
more than $4bn, according to Forbes,
second only to the New York Yankees in
the MLB rankings, and the team won the
World Series in 2020 for the first time in
32 years. “Our timing was impeccable,”
Boehly said.
Although the Dodgers are an Ameri-
can team in another sport altogether,
Chelsea FC was
financially
dependent on
oligarch Roman
Abramovich for the
past two decades
the investment case appears to be strik-
ingly similar to how Boehly sees the
prospects of Chelsea.
At the SuperReturn International pri-
vate equity event in Berlin this June,
Boehly said Premier League clubs “don’t
realise how big their opportunity is”,
according to Bloomberg. “Let’s get a
hold of our destiny and think about how
to optimise this,” he said in a keynote
speech covering private investments
and sport.
With the aim of driving global com-
mercial strategy, Chelsea hired Tom
Glick as “president of business” in July.
Glick, formerly chief commercial officer
of the parent group of Manchester City
and ex-president of business operations
at the US National Football League’s
Carolina Panthers, is responsible for
increasing revenue, spending on the
men’s and women’s teams, and investing
in infrastructure.
A person close to the team says
Boehly and Clearlake’s co-founder Beh-
dad Eghbali plan to work with the
league and other clubs to increase the
value of those rights.
The Premier League expects its
broadcast deals to generate more than
£10bn in the next three seasons, with
international contracts now surpassing
the value of domestic rights. But based
14 15 16 17 18 19 20 21
on one key measure, Chelsea’s new own-
ers think that figure falls short. While
the Premier League’s 20 clubs are set to
generate total revenue of £6bn this sea-
son, the NFL’s annual revenue with 32
teams totalled $18bn in 2021, according
to Sportico. This despite the fact the
NFL plays to a largely domestic audi-
ence over only an 18-week regular sea-
son period.
By contrast, the Premier League is a
global product watched in 190 countries
with a season that lasts nine months. So
the owners believe there are significant
avenues yet to be explored. “There is a
huge spread in media revenue,” says
another person close to the Chelsea con-
sortium. “That’s the opportunity.”
Raine Group banker Joe Ravitch, who
advised on the sale of the club, has pre-
dicted Chelsea and other top-flight
rivals could be worth “in excess of
$10bn in five years”.
Boehly’s Blues
The new owners face a very different
challenge to the one Abramovich took
on in 2003, when he used his fortune to
break the duopoly held by Manchester
United and Arsenal.
The price of success is rising in the
Premier League, where clubs are fresh
from breaking summer transfer spend-
ing records and continue to expand
capacity or build modern stadiums.
Today, the competition is steeper and
more entrenched. Billionaires and state-
linked investors control the other so-
called Big Six clubs that typically com-
pete for the top four finishing positions,
which grant qualification for the pres-
tigious and lucrative Uefa Champions
League.
Under the ownership of Abu Dhabi
royal Sheikh Mansour bin Zayed al-
Nahyan since 2008, Manchester City
has transformed from mid-table under-
dog to six-times winner of the Premier
League.
The Glazer family, which bought
Manchester United in a £790mn lever-
aged buyout in 2005, has increased rev-
enues from just short of £117mn to more
than £600mn in 2018/19, the last cam-
paign before the pandemic. US billion-
aire John Henry’s Fenway Sports Group
controls Liverpool FC. Another US
sports mogul, Stan Kroenke, owns Lon-
don-based Arsenal. Tottenham Hot-
spur, the only member of the traditional
Big Six not to have won the Premier
League since its inception in 1992, is
majority-owned by London-born Joe
Lewis, who resides in the Bahamas.
Chelsea’s new owners aren’t the only
wealthy investors to join the world’s
richest football league in recent times.
In October last year, a consortium led by
Saudi Arabia’s $620bn Public Invest-
ment Fund acquired Newcastle United
for £305mn.
That takeover, which suffered long
delays because of the oil-rich country’s
alleged connections to pirating live
sport and questions over state influ-
ence, will add another club to the ranks
of the Big Six, Boehly has predicted.
competition for Champions League
qualification will only grow steeper.
Missing out is costly: Uefa distributes
Chelsea earned €120mn for winning the
cup in May 2021, a valuable windfall.
15
Clockwise from Chelsea’s Big Six rivals are also better
left, Todd placed to make revenue the old-fash-
Boehly, one of ioned way: by selling tickets to punters.
the new owners, With a capacity of about 40,000 people,
footballer the club’s Stamford Bridge stadium lags
Kalidou behind rival home grounds such as
Koulibaly, Manchester United’s Old Trafford, the
Thomas Tuchel, largest ground in the Premier League at
the club’s 75,000. United’s match day revenues
manager, and came to £112mn in 2018/19, versus
players Marc Chelsea’s £67mn.
Cucurella and If the new owners hope to increase
Raheem Sterling stadium capacity, it will not be easy.
FT montage: Reuters/Getty
Leaving Stamford Bridge for an entirely
Images
new stadium, as north London rivals
Tottenham did, would need approval
from a fan-led non-profit, Chelsea Pitch
Owners, which owns the freehold of
Stamford Bridge.
Abramovich made an unsuccessful
bid to buy the freehold from CPO in
2011, and opted instead to pursue rede-
velopment of Stamford Bridge. But he
withdrew plans to build a new 60,000-
capacity stadium on the site in 2018,
after withdrawing his application to
obtain a UK visa. Planning permission
has since lapsed. “The stadium needs a
lot of investment,” says one rival.
“That’s got to be done.”
On completing the takeover, Boehly
and Clearlake committed to “redevelop-
ment of Stamford Bridge”, and there is
no indication of any plans to depart,
says a person close to them.
For now, Boehly and his partners will
be hoping that the millions spent in the
transfer market begin to make a differ-
ence to Chelsea’s so-far patchy season.
After two wins, a draw and losses
against Leeds and Southampton, how
would a downturn in form affect Boehly,
Clearlake, Wyss and Walter?
“Unless they’re really very lucky
there’ll be a period where they’ll lose
football matches,” says the co-owner of
another team. “That’ll be the test. What
do you do then? You’ve got to decide on
the manager, the pressure is unbeara-
ble. Roman just used to fire them.”
Prolonged lapses in performance risk
angering the fan base, which other
American buyers have found to be haz-
ardous. At struggling Manchester
United, fans have joined enormous pro-
tests against the Glazer family. A fixture
against Liverpool in May 2021 had to be
postponed after anti-Glazer demonstra-
tors staged a pitch invasion.
But Boehly’s decision to take a
hands-on approach to building the team
‘Unless by acting as interim sports director as
well as chair might buy him and his co-
they’re really owners some goodwill, says Marlon
very lucky Fleischman, an agent at Unique Sports
Group, which represents players includ-
there’ll be a ing Chelsea’s Reece James.
period where “They know how to negotiate, they
know what represents good value, and I
they’ll lose think they want to show that they want
football to be part of it,” he says. “They don’t
matches. want to be owners that don’t have a face
and don’t have a feel with the fan group.
That’ll be the That’s a good thing.”
test. What do Not everything will go right in Chel-
sea’s new era. But, says Italian football
you do then? agent Giovanni Branchini, the owners’
You’ve got to experience in other sports will serve
them well in the Premier League. “They
decide on the know how to run sport franchises,” he
manager, the says. “It’s not their first rodeo.”
Additional reporting by Antoine Gara
pressure is and Sara Germano. Data research and
unbearable’ analysis by Daniel Clark
16 ★ FINANCIAL TIMES Thursday 1 September 2022

The FT View
Gorbachev’s legacy lives on despite Putin’s repression
Hopes for Russia seem to lie
in ruins but achievements of
last Soviet leader were real
To survey western-Russian relations
and the internal condition of Russia
today is to appreciate the immensity of
Mikhail Gorbachev’s achievements. The
last leader of the Soviet Union, who died
on Tuesday, made a decisive contribu-
tion to ending the cold war, which
divided Europe for four decades and
kept tensions high in the age of nuclear
weapons. He also relaxed domestic
political repression and presided over a
degree of individual liberty not seen in
Russia since the 1920s, if not earlier still.
Now, under Vladimir Putin, Russia is
waging a war of conquest in Ukraine
that has raised tensions with western
countries to a level that recalls the cold
war’s most dangerous moments. Putin’s
ruthless clampdown on internal dissent
ft.com/opinion and branding of critics as traitors evoke
dark chapters of the Soviet past. Official
manipulation of history is a shameful
betrayal of Gorbachev’s glasnost, which
broke decades of silence about the
crimes of Stalinism.
As long as Putin remains in power, it
seems implausible either that political
pluralism will regain a footing in Russia
or that trust will return to the Kremlin’s
relationship with the west. Improve-
ments might be delayed even longer, for
there are no guarantees that the next
leader in Moscow will embrace reform.
The hopes for a freer Russia and a safer
world that Gorbachev embodied seem
to lie in ruins.
However, it is too bleak an assessment
to suggest that Gorbachev’s 1985-91 rule
left no positive legacy at all. Without his
determination to not use violence to
hold on to the Soviet empire in eastern
Europe, it is impossible to imagine the
region’s one-party dictatorships falling
almost entirely without bloodshed in
1989 and Germany’s unification in 1990.
True, the Kremlin applied force at times
in the Baltic states and Georgia as they
struggled to break free from Soviet rule,
but the blame rests more with commu-
nist hardliners in Moscow than with
Gorbachev.
His aversion to violence made Gor-
bachev truly different, both as a commu-
nist — a label that became increasingly
irrelevant as his reforms proceeded —
and as a Russian leader. No better illus-
tration occurred than in 1989, when the
Chinese communist authorities massa-
cred pro-democracy protesters around
Tiananmen Square barely a month after
Gorbachev visited Beijing. His Kremlin
predecessors had similarly used force in
East Berlin in 1953, Budapest in 1956
and Prague in 1968.
In stark contrast to Gorbachev, who
pulled Soviet forces out of Afghanistan
as well as countenancing the self-libera-
tion of eastern Europe, Putin believes
force and the establishment of spheres
of influence, indeed outright annexa-
tions of territory, are the measure of
Russia’s greatness. In Russia’s age-old
His aversion to debate about the balance between order
violence made and liberty at home, Putin comes down
unequivocally on the side of reaction.
him truly
Yet Gorbachev’s domestic policies left
different, both as a legacy, too. If he failed as an economic
a communist — reformer, that was to a great extent
a label that because the over-centralised Soviet sys-
became tem was simply unreformable. His
increasingly political reforms are a different matter.
Just as his generation was inspired by
irrelevant as his the partial liberalisation of Nikita
reforms Khrushchev’s post-Stalin rule, so one
proceeded — day — even if not soon — a new genera-
and as a tion of Russians will surely strive to
Kremlin leader restore the freedoms of the eras of Gor-
bachev and Boris Yeltsin.
A more democratic Russia would in
turn offer hope for an improved rela-
tionship with Moscow’s European
neighbours and the US. Western coun-
tries must firmly resist Putin’s aggres-
sions. But they should also remember
that it once seemed unthinkable that a
humane, far-sighted leader like Gor-
bachev would come to power in Mos-
cow. He did, to the benefit of the world.

Opinion Psychology
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com

Why having intellectual

If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

humility matters Red tape risks holding back Europe’s green hydrogen boom
Ben Hickey The prospect of a green hydrogen
boom in Europe is too tempting for
those seeking generous subsidies
(“Europe warned against losing green
hydrogen funding to US”, Report,
August 23). But with new investments
yet to be locked in, the EU is now
turning to developers with one
question: do you want turbines or solar
with that?
Policymakers are planning to
introduce a new rule that poses a great
risk to Europe’s hydrogen industry
today. From 2027, if companies want to
produce green hydrogen, they better
know how to build a wind or solar farm
too, or find someone who does. The
rule is designed to prevent hydrogen
diverting existing clean electricity
away from the grid.
In principle, encouraging
electrolysers and renewable generators
to pair up is the right play from a cost,
security, and carbon perspective as it
shields producers and consumers from
market volatility. True, it will slow the
rollout of new hydrogen projects
dramatically as bureaucracy bites. But
the alternatives come with pitfalls too.
Some hydrogen proponents advocate
taking electricity from the grid. Today
that would make little economic sense
and with a looming coal renaissance in
Europe, it won’t be long before the
green hydrogen wilts into brown.
Others say the cheap solution is to
use power from wind and solar that
would otherwise go to waste when
electricity demand is low, known as
curtailment.
The challenge of directly pairing
green hydrogen with wind and solar is
not around technology or economics,
it’s red tape. Offshore wind is the ideal
dance partner for hydrogen given its
higher efficiency and Europe’s
abundance of expertise. Yet, from
consent to construction, it can take
almost a decade to get the turbines
spinning in the water. By then, the
hydrogen has gone cold, and investors
have lost their appetite.
Oliver Joy
Energy Institute
University College London
London WC1, UK

Intellectual humility is, he suggests
Jemima “super-important . . . as a counter-
weight, almost, against intelligence.”
Kelly You might think such a virtue would
be almost impossible to measure, but
Meyer and Alfano’s work suggests that
self-reported intellectual humility —
Energy crisis demands Would Proust’s baron have I reject the idea you must
a political intervention quizzed Kyiv’s war aims? be a narcissist to succeed
In a market economy we are told a
shortage of a given product will lead to
When I hear advisers to the otherwise
admirable President Volodymyr
I was struck by Stefan Stern’s piece on
“The stark truth about management
a price rise (“Europe gas prices hit
record as crisis threatens to trigger
Zelenskyy include the return of
Crimea in Ukraine’s war aims (Report,
and power” and the observations
of Jeffrey Pfeffer, professor of
recession”, Report, FT.com, August 26). August 17) I am reminded of a organisational behaviour at Stanford
Prices reflect demand. question posed by Marcel Proust’s University’s graduate school of

W
hat makes some peo-
ple believe in conspir-
acy theories and false
news reports more
than others? Is it their
political or religious perspective? Is it a
lack of formal education? Or is it more
about their age, gender or socio-eco-
nomic background?
A recently published study suggests
that more important than any of these
factors is another characteristic: the
extent to which someone has — or
does not have — intellectual humility.
Intellectual humility can be thought
of as a willingness to recognise our
own cognitive limitations and biases,
to admit when we’re wrong and to be
more interested in understanding the
truth of an issue than in being right. Its
spirit is captured nicely by the quote
often attributed (probably wrongly)
to John Maynard Keynes: “When the
It means being more
interested in the
truth of an issue
than in being right
facts change, I change my mind —
what do you do, sir?”
In their study, Marco Meyer and
Mark Alfano — academics who spe-
cialise in social epistemology, a field at
the intersection of philosophy and
psychology — found those who possess
this virtue are much better at differen-
tiating between accurate news reports
and false ones. They suggest that hav-
ing intellectual humility was a better
predictor of someone’s ability to resist
fake news than any of the other factors
they looked at.
In another study published last year,
Meyer and Alfano found a strong cor-
relation between “epistemic vice” (the
lack of intellectual humility) and
belief in false information about Cov-
id-19, with a coefficient of 0.76. The
next strongest link was with religiosity,
with a moderate coefficient of 0.46.
And while they did find a weak corre-
lation between intelligence — meas-
ured by exam results, education level,
and performance on a cognitive reflec-
tion test — and belief in false informa-
tion, they say there is no link between
intelligence and intellectual humility.
“When you’re intelligent, you can
actually be more susceptible to certain
kinds of disinformation, because
you’re more likely to be able to ration-
alise your beliefs,” says Meyer, who is
based at the University of Hamburg.
based on asking respondents to rate
the extent to which they agree with
statements such as “I often have
strong opinions about issues I don’t
know much about” — is quite effec-
tive. And other studies have shown
positive correlations between self-re-
ported and peer-reported intellectual
humility, with the former generally
seen as a more accurate gauge.
You might also worry that, given the
liberal over-representation in
academia, the examples used in these
studies would skew towards rightwing
falsehoods or conspiracies. But the
researchers say they were careful to
ensure balance. In the case of Covid
misinformation, they asked partici-
pants about their beliefs in widely dis-
puted areas, such as hand dryers being
effective in killing the virus, rather
than more contested ones such as the
effectiveness of masks and lockdowns,
or the origins of the virus.
Intellectual humility is important
not just in preventing the spread of
misinformation. Other studies have
found that it is associated with so-
called “mastery behaviours” such as
seeking out challenging work and per-
sisting after failures, and it is also
linked to less political “myside bias”.
But this quality is not easy to culti-
vate. A recent study suggests repeat-
edly exposing students to their own
errors, such as by getting them
involved in forecasting tournaments,
could be effective. I’ve argued before
that social media platforms such as
Twitter should institute a “challenger
mode” that exposes us to beliefs we
don’t normally come across; another
trick might be to implement a practice
of “steelmanning”, a term that appears
to have been coined by the blogger
Chana Messinger. She describes it as
“the art of addressing the best form of
theotherperson’sargument,evenifit’s
not the one they presented”; the oppo-
site of a straw man,inotherwords.
Of course, there are limits to intel-
lectual humility: beyond a certain
point it becomes self-indulgent and
can render us indecisive. Running a
country — writing a column, even —
requires a level of conviction, and
sometimes that means faking it a bit
and hoping for the best. So we should
cultivate other virtues too, such as
courage and the ability to take action.
Yet fostering an environment in
which we reward uncertainty and
praise those who acknowledge their
errors is vital. Saying “I was wrong”,
and explaining why, is often far more
valuable than insisting “I was right”.
jemima.kelly@ft.com
The equilibrium price — sometimes
called the market-clearing price, where
the consumer cost assigned to some
product or service is such that supply
and demand are equal, or close to
equal — is as simple as it is ingenious.
No ministry, however efficient, has
managed to allocate goods and set
prices with anything close to the
effectiveness of the market.
But the market engine needs a driver
to avoid major collisions — to protect
our social and natural environment. In
difficult times, the market mechanism
alone is not sufficient. It is an
optimisational tool, not a magic wand
that inflates supplies. Price hikes may
attract new producers in the long run,
but short-term suffering is not
mitigated by long-term investments.
The current energy crisis is therefore
not a situation that primarily calls for
“market corrections”.
To alleviate immediate human
suffering, we need immediate political
intervention — by the rationing of
supplies and/or by governments
setting prices.
A political intervention into the
electricity market is needed to allow
governments in liberal, free-market
democracies to put the market
mechanism to one side temporarily,
when grave supply disturbances occur.
What is the threshold that triggers
this is something that should be
decided on and put in place soon.
Professor Thomas Laudal
University of Stavanger, Norway
A disconnect between
Scandinavian neighbours
Norway stands accused by its
neighbours Finland and Sweden of
failing to export as much electricity
from hydro as hitherto (“Norway
accused of ‘selfish’ energy plans”,
Report, August 29).
Denmark is a key element in
Norwegian hydro as Danes export their
surplus electricity from wind power,
allowing Norway to pump water to
keep its reservoirs full up. The
reservoirs in effect act as storage
batteries for the Danish excess.
At current fossil fuel energy prices,
Denmark can now profitably use all the
wind electricity it generates and is less
willing to export it cheaply to support
Norwegian hydro.
In order to export electricity to its
neighbours, Norway would have to
generate it from fossil fuels, which can
be more profitably sold abroad at
today’s prices.
Craig Sams
Hastings, East Sussex, UK
How brothers and partners
in trade become enemies
In arguing in your editorial that
“Europe should not shut its doors
to Russian tourists” (FT View, August
29), you reminded your readers
that an EU-wide ban on visas for
Russian tourists would “specifically
target civilians”.
Alas, the zeitgeist seems to have
turned. The western response to the
invasion of Ukraine seems designed to
target Russian civilians, fostering a
sense of popular enmity if not hatred.
In the debate about whether
ordinary Russians should be held
culpable for the war that the Russian
president Vladimir Putin has inflicted
on the people of Ukraine, it is good
to recall the example of the great
English radical Richard Cobden who
devoted himself to the cause of
international peace, after the repeal
of the Corn Laws.
Cobden dared not imagine a world
without war, but he thought progress
meant reducing the injuries inflicted
by belligerent powers on the
community of civilians.
Today we too cannot hope to
eliminate war, but we can try to make
it more like a duel between armed
forces. This is the essence of whatever
“progress” we have made thanks to
international humanitarian law.
Cobden’s successes were limited.
Public opinion turned another way.
Nationalists insinuated that people
speaking another language were
potential enemies, not partners in
trade, let alone brothers. We know
how it ended, in the trenches of the
first world war.
In the time of Cobden, no less than
in ours, the great argument against
optimism remains the same: we never
learn from our past, and not even from
our most blatant mistakes.
Alberto Mingardi
Associate Professor of History of Political
Thought, University Institute for
Modern Languages (IULM)
Milan, Italy
great fictional creation, the mercurial
Baron de Charlus.
Proust redeems his scandalous (but,
we are told, always “intelligent”)
character in the final volume of his
monumental novel À la recherche du
temps perdu by making him the lone
voice of reason in wartime Parisian
society. “Why is it” the Baron asks in
1916, “that the recovery of Alsace-
Lorraine seemed to France an
insufficient motive for embarking
on a war, yet a sufficient one for
continuing one?”
Charles Mercey
Tellisford, Somerset, UK
Forget water, it’s private
equity that needs reform
Your call for a “proper accounting” at
Thames Water and its peers (“Thames
Water/hosepipe ban: it’s raining cash”,
Lex, August 24) resonates loudly. You
are right to observe that it is now hard
for anyone but a financial expert to
work out something as basic as how
much cash shareholders have
extracted from this key piece of
British national infrastructure.
When the financial newspaper of
record points this out, policymakers
should be asking themselves serious
questions about what they have
allowed to happen. Among other things
they have clearly forgotten how much
trust matters in a market economy.
It is hard for people to trust something
they do not understand.
Yet while your call resonates loudly,
it is also too narrow. That is because
what you say about the water sector
applies more broadly to the entire
private equity sector. Private equity is
so opaque that it makes the water
sector look like a model of clarity and
transparency.
Private equity has grown
exponentially over the past 40 years.
Policymakers have stood by and
allowed an ever-increasing proportion
of the economy to become essentially
invisible and unaccountable, except to
a very small circle of private equity
insiders. Private equity is the water
sector writ (very) large.
Private equity performs a useful
function in the economy, but that does
not mean policymakers have to allow
it to operate essentially in secret. Being
more open and more accountable
would not stop private equity doing the
useful things it does. Policymakers
need to recognise that private equity is
in even greater need of a “proper
accounting” than the water sector is.
Peter Morris
London N5, UK
business, about what it takes to get
to the top. Pfeffer’s message is, in
essence: be an overt narcissist (Work
& Careers, August 29).
It’s this formula that has resulted
in the destruction of our natural
resources and the struggle by most
humans on our planet for a daily life
where basic needs are met without
a constant fear of impending
economic doom.
I have tilted at the windmill of
multilateral development banks for
most of my career where I decided that
a powerful end wasn’t worth the
nefarious means. I am now more
interested in those experts who can
instruct the “good people” on how to
hack the system and take back power
from the bad guys.
Emily Brearley
Washington, DC, US
Ricardo’s theories may
have had their day
In his latest column “The enemies of
globalisation are circling” (Opinion,
August 30) Gideon Rachman describes
the pushback that is threatening
international trade.
Economists should not be
surprised by this development. In
1817 David Ricardo explained the
comparative advantage theory
as the driver of gains from
international trade.
If England specialises in the
production of cloth and Portugal in
wine, and they trade with each other,
both would be better off. This example
used by Ricardo is still the
fundamental basis for globalisation.
Now, replace wine with food in the
example and you see the crux.
Under which assumptions would
England abandon its entire food
production for the sake of achieving
some efficiency gains?
As Rachman’s article makes clear,
the prerequisites for globalisation
are eroding.
Mind you the gains from trade
will erode too.
Stefan Legge
Department of Economics
University of St Gallen
St Gallen, Switzerland
Short and sweet
Rana Foroohar’s article (“Everyone
pays the cost as rich keep spending”,
Opinion, August 29) can be summed
up in one sentence: “If you’re rich,
what are you doing about it?”
Ian MacKillop
Ilminster, Somerset, UK
Thursday 1 September 2022
China is on a mission to ensure its food security
ASIA
Leo
Lewis
A
t a briefing in May, Japan’s
agriculture minister quan-
tified the illicit Chinese
farming of Shine Muscat
grapes — a preposterously
expensive fruit engineered by Japanese
breeders over 18 years. The rights hold-
ers, he said, were losing more than
$70mn a year to grape bootlegging;
China, as the prime villain of viticulture,
had 30 times more of the fruit under
illicit cultivation than Japan’s legally
grown acreage.
Tokyo’s immediate chances of redress
are slim. The greater question is how
assertive Beijing will be in treating these
grapes as a bigger long-term strategic
crisis for China than for Japan. President
Xi Jinping has deliberately conflated
food security with national security and
Tories fall prey
to disastrous
betrayal myths
BRITAIN
Robert
Shrimsley
C
ontrary to the popular
notion, history is not always
written by the winners.
Sometimes the losers craft
myths so powerful that they
distort politics for years to come. Few
wins are absolute, so while the victori-
ous move on, the defeated can reframe
the narrative for the next push.
The most pernicious modern mani-
festation of this has been Donald
Trump’s claim of a stolen election, a lie
so successful that the majority of
Republican voters are sure it is true.
A less malevolent example of losers
seizing the initiative came after the 2014
Scottish independence vote. Having
held off the nationalists, the govern-
ment of David Cameron parked Scot-
land in the tray marked “solved”. Chalk
up another win for Lucky Dave. Within
days nationalists were rebuilding
momentum with stories of unionist chi-
canery and broken promises.
An increasingly insecure Conserva-
tive party has also succumbed to myths,
the gravest being that of a great liberal
conspiracy under which key pillars of
society, from the judiciary and the
media to the entire “leftist” civil service
is conniving to obstruct the elected gov-
Michael
Mauboussin
P
resident Joe Biden recently
signed the Inflation Reduc-
tion Act into law in the United
States. Part of the legislation
is a one per cent excise tax on
share buybacks. The tax itself can be
considered more of a pest than a prob-
lem, but the rationale for targeting buy-
backs displays a profound lack of under-
standing of how they work and their role
in a healthy economy.
Let’s look at common buyback myths
and what the research, rather than the
rhetoric, says about them. Companies in
the S&P 500, a leading index that
encompasses approximately 80 per
cent of the US stock market, paid divi-
dends of $511bn and bought back
$882bn of stock in 2021. Buybacks net of
equity issuance were lower.
The first myth is that companies use
funds to buy back stock rather than to
his government has pointedly labelled
seeds the “chips of agriculture”.
China’s issue, framed in the rhetoric
of self-reliance, is its increasing need for
a food revolution. The seed industry will
be central: the potential for efficiency
gains is vast but the incentives for inno-
vators are weak. China has a history of
offering questionable protection on
intellectual property — living it down is
urgent. Now that the Swiss seed giant
Syngenta is Chinese owned, Beijing
must convince both its own industry
and the outside world that it now sup-
ports the interests of the innovator
alongside those of the farmer.
Climate change, extreme weather,
urbanisation, demographics and shift-
ing diets have long cast a shadow over
China’s food system: food security has
been a stated policy priority for years.
But the focus, along with the recognition
of the role that corporations will have to
play in this revolution, has intensified
since 2020.
Trade war with the US, Russia’s inva-
sion of Ukraine, the narrative of eco-
nomic nationalism and other factors
remind China how much it relies on
ernment. This alibi for administrative
ineffectiveness is used to legitimise
attacks on those institutions.
Alongside this belief in the Protocols
of the Elders of Liberalism, two new
betrayal myths are abroad among
Tories. The first is of the lost leader; the
second is the “lockdown lie”. Neither
can be allowed to pass by default.
The former, championed by Boris
Johnson’s cheerleaders, tells of a Brexit-
delivering, Moscow-defying titan
unjustly ousted. The myth of the unde-
feated leader is potent and friends say
he believes Tories will soon regret the
absence of his “winning touch” once a
probableLizTrusspremiershipunravels.
Some allies demand a rule change to let
party members block a leader’s removal
— broadly the system which worked so
well for Labour under Jeremy Corbyn.
Others seek to sabotage a Commons
inquiry into whether Johnson lied to par-
liament over partygate, an investigation
which could lead to a recall by-election.
Some of this is just filling the news
vacuum. With a new leader in place, the
caravan can move on. His quest to make
money may well diminish his standing
out of office. But there is no doubt that a
Johnson committed to a return could
spell trouble for his successor.
This is why, despite cravenly signal-
ling otherwise, Truss should seek a
clean break, neither fighting the inquiry
nor resiling from the truth: in his dis-
honesty, rule-breaking and vacillations,
Johnson alone was the architect of his
fall. This message must be consistent.
The price for parties of pretending it is
We should stop bashing share buybacks
invest in their businesses. This argu-
ment is based on a decline in tangible
investments such as capital expendi-
tures, measured as a percentage of cor-
porate sales, and neglects a sharp rise in
intangible investments, including R&D.
When all investments are considered,
there is little evidence that companies
are starving their businesses in order to
buy back shares.
An essential role of an efficient eco-
nomic system is the reallocation of capi-
tal away from businesses with limited
prospects to those with more potential.
Buybacks facilitate this process, and
nearly all of the proceeds are reinvested
in the shares of other companies.
Another myth is that buybacks create
a “sugar high” for the stock price in the
short run. Financial economists have
documented that buybacks on average
can create short- and long-term value
for ongoing shareholders. Further, in
1982 the SEC adopted Rule 10b-18,
which established specific rules to keep
a company from manipulating its stock.
Buybacks do not add or subtract from
corporate value. But they can transfer
wealth. For example, when a company
★ FINANCIAL TIMES
Opinion
imports and how much more efficient
its food production — from grain fields
to pig farms — needs to be. China, said Xi
in March, must rely on itself to feed its
people. “We will fall under others’ con-
trol if we don’t hold our rice bowl
steady,” he said, echoing the thinking
that is propelling the country’s broader
“Made in China” push for industrial self-
sufficiency.
Trade war with the US and
Russia’s invasion of Ukraine
remind Beijing how much
it relies on imports
The obstacles are significant. Corn
output per hectare in China, according
to a new Goldman Sachs report, is 40
per cent lower than in the US, and it
takes Chinese farmers between 6 and 26
per cent more grain to produce a kilo of
pork or chicken than their US counter-
parts. Low yields, rising land prices and
high use of pesticides and herbicides
now put China’s grain production costs
OK to ignore the rule of law can be seen
across the Atlantic.
The second dangerous myth bubbled
up again when Rishi Sunak restated his
well-known misgivings over the Covid
lockdowns. Cue an attempt by consist-
ent lockdown opponents to rerun the
argument, with many jumping on new
figures for excess deaths as proof the
policy will cause more casualties than it
prevented through delays in treatment
for other illnesses. Yet the figures, as my
colleague John Burn-Murdoch has
shown, do not prove their case but
rather highlight the pressure on and
chronic under-resourcing of the NHS.
Lockdown was a contentious policy
and there are legitimate arguments
about its duration, the closure of schools
and some draconian rules. But its oppo-
The first is of the lost leader;
the second is the ‘lockdown
lie’. Neither can be allowed
to pass by default
buys back undervalued stock, the sell-
ers lose and the holders win. When a
company buys back overvalued stock,
the holders lose and the sellers win. The
research shows that companies are in
fact good at buying low and even better
at selling high.
A third myth is that buybacks are
good because they add to earnings per
The system reallocates
capital from businesses
with limited prospects to
those with more potential
share, or EPS. The premise is the stock
will go up if the market applies the same
multiple to higher EPS. There are two
issues here. First, there is no assurance
that a buyback is accretive to EPS. In
fact, the relationship between after-tax
interest, either foregone income or the
cost of debt assumed, and the price-
earnings multiple determines a buy-
back’s impact on EPS.
about twice as high as America’s, though
roughly similar in 2007.
The offset, in the face of China’s rising
demand for meat and other foods, has
been a structural increase in imports of
grains, soyabeans and animal proteins.
Goldman Sachs estimates that if current
imports are translated into arable Chi-
nese land equivalent, they represent
71mn hectares, or 68 per cent of the
country’s total arable land.
The involvement of state-owned and
private Chinese companies has been
substantial. Overseas purchases — of
farmland, food production, agritech
and other parts of the supply chain —
have targeted the expected long-term
profitability of food production and
security of available supply to China.
But Xi’s language suggests that acquired
supply lines are being discounted
from Beijing’s evolving definition of
self-sufficiency.
If so, the corporate role envisaged for
both domestic and foreign companies in
realising China’s food revolution
becomes even more critical. Much of the
necessary boosts to efficiency — consol-
idated farms, precision farming
nents’ screeches about a sinister statist,
health establishment plot against a
frightened nation, do not bear scrutiny.
Mistakes were made and if the deci-
sion-making machinery can be
improved, that is a good thing (though
better processes would not really have
assuaged diehard opponents). A fairer
appraisal would be that lockdowns saved
lives but had major consequences, some
serious and adverse. The public inquiry
will offer a more nuanced view, possibly
criticising both the processes of and the
delays introducing lockdown.
More dishonest is to discount the
deaths that would have come both from
failing to lock down and the consequent
overwhelming of the NHS. How many
deaths would have been acceptable and
what level of chaos in hospitals tolera-
ble? On this, funnily enough, there is no
answer.
Why does it matter? Because the nar-
rative of the last crisis will determine
the approach to the next. Those fighting
rearguard actions are doing so for many
reasons, including their own sense of
victimhood. But a part of the argument
Second, academics have shown that
the simple belief that buybacks that add
to EPS automatically create value is
flawed. The findings are similar with
mergers and acquisitions. Executives
and investors have to look beyond EPS
to the drivers of value to assess the
potential merits of a buyback.
None of this is to say executives may
not use buybacks as a means to boost
EPS in an effort to lift their pay. But a
study by PwC and Alex Edmans, a pro-
fessor of finance at the London Business
School, found that no companies in the
FTSE 350 buying back stock from
2007-17 hit a target they would have
missed otherwise.
While buybacks provoke rancour,
dividends are viewed much more
favourably. In both cases the company is
returning cash to shareholders. But buy-
backs differ because of sorting, taxes
and attitude.
Sorting means that, with buybacks,
only shareholders who choose to sell get
cash, whereas all holders are treated the
same with a dividend. A shareholder
can create a homemade dividend by
selling shares in the same proportion at
methods, greater use of autonomous
drones, planters and harvesters, animal
vaccination programmes and more —
are known but still some way off. But the
“seeds as chips” rhetoric has a more
urgent ring.
In March, a revised Seeds Law came
into effect. It aims to toughen protec-
tions for crop and plant-related intellec-
tual property. Expanding the commer-
cial claims of the plant breeders — and
extending rights to harvested material
as well as the original propagating mate-
rial — is designed to incentivise anyone
breeding higher yield, climate-change-
proof varieties for a Chinese market that
has frustrated both foreign and domes-
tic players for decades.
The value of the law lies in the deeply
tricky issue of enforcement. On the face
of it, the law implies a higher seed price
for Chinese farmers; the offset comes
when the seeds deliver the much higher
productivity or market value their engi-
neers promise. The test of Xi’s stridency
on food security will be in the fields
and the IP courts.
leo.lewis@ft.com
Ellie Foreman-Peck
goes beyond defensible anger at govern-
ment over-reach into denial of the scale
of the crisis and an ideological fight
against those who see an active state as a
force for good. Around all this is spun
the meta-demand for a return to
“proper” small-state conservatism.
Again, then, it is concerning that so
few ministers from the Covid crisis,
Truss included, are prepared to take on
the mythmakers. Pandemic fantasies
have already fuelled anti-vax attitudes
and — as with the “war on Whitehall” —
lockdown fables are underpinned by
adherence to deep state conspiracy the-
ories which sit poorly with the suppos-
edly natural party of government. Sadly
there are few signs the next leader is
likely to rise to the challenge.
There is one final problem for the
Tories here. These myths tell of monu-
mental incompetence. To accept them is
to see the pandemic response as one of
disastrous blundering, and the toppling
of Johnson as damaging, gutless treach-
ery. Neither screams “re-elect us”.
robert.shrimsley@ft.com
which the company is buying. They will
be left with cash and the same percent-
age ownership in the company.
Taxes are different not because of the
rate (they are identical in the US) but
because of the timing. Investors who
own shares in a taxable account must
pay taxes on the full dividend amount.
Investors who sell shares to a company
in a buyback must pay only the capital
gains tax, and those who don’t sell can
defer their tax bill until they do.
Executives and investors have differ-
ent attitudes about dividends and
buybacks. They consider dividends
sacrosanct, to be maintained and ideally
increased. And they view buybacks
as discretionary, a way to disburse
capital after all of the other bills have
been paid.
Bashing buybacks may have political
appeal, but financial literacy demands
that their role, backed by substantial
empirical research, be better under-
stood.
The writer is head of consilient research at
Counterpoint Global, Morgan Stanley
Investment Management
17
Too little change
in 50 years
of Cambridge
co-ed colleges
Stella
Hughes
E
xactly 50 years ago, three pre-
viously all-male Cambridge
colleges admitted a handful of
female undergraduates, thus
ending centuries of exclusion.
The university is poised to commem-
orate this landmark in gender equality
and rightly so. After all, Oxford did not
follow suit for another seven years.
(Both Yale and Princeton, by contrast,
voted to formally accept female stu-
dents in 1969). Expect celebratory
accounts of barriers falling, glass ceil-
ings broken, and history being made.
But, as one of that tiny group admit-
ted to male domains back in 1972, I am
struck by the dogged resistance to
change at both universities. While
women now account for half the student
intake, and half the heads of Cambridge
colleges, the dominant culture has
hardly changed. Then, as now, opportu-
nities for women — and those from eth-
nic minorities and working-class fami-
lies — come at the price of accepting the
institutional culture. To enter the inner
circle, assimilation is non-negotiable.
Today’s eminent female heads of col-
lege have met every challenge, yet still
tolerate being called Masters. This point
is usually met with donnish chortles
about the impossibility of calling them
Mistresses, or for emotive appeals to
“respect tradition”.
Words matter. Changing the title of
“Master” to “Principal” when we were
admitted 50 years ago would have been
a hugely important signal of intent on
institutional change. That presumably
is why it has still not happened.
Arriving as 1972 freshers, we girls
Opportunities for gender,
race or social equality come
at the price of accepting the
institutional culture
were admitted as an experiment. Our
numbers were restricted to some 30
first-year girls apiece at King’s, Clare
and Churchill colleges. However bril-
liant our academic results, we were not
allowed to be awarded a scholarship or
exhibition. A tutor told me this was
because the college needed more time to
ensure awarding women did not
infringe the terms of its endowments.
The conditions of our admission had a
built-in methodology: institutional
norms were preserved; cultural change
resisted absolutely. I arrived to find that
Clare College had fitted out a sewing
room for us. The college also decided
that rather than reducing the number of
male undergraduates to accommodate
women students, “the size of the stu-
dent body as a whole should be some-
what increased”.
This decision is blithely recalled in a
50th anniversary article in the Clare
alumni magazine. It is cited not to high-
light the protection of privilege but to
explain the need for extra beds. The
author also explains that benches had to
be unscrewed from the walls in hall to
let female students leave without climb-
ing across the table. Cue sniggers about
skirts and knickers.
Earlier this year, Oxbridge’s first black
‘Master’, Sonita Alleyne, battled in vain
to remove a memorial to a benefactor
linked to the slave trade from the chapel
of Jesus college, Cambridge. Contro-
versy flared over the £120,000 in college
funds she used for the church court
challenge, yet no one questioned the
Anglican hold on college life.
Each small breach of tradition, each
institutional adaptation, has come in
response to pressure. Social pressure for
women’s rights in 1972, the Black Lives
Matter movement in 2020, all inched
things forward. Barriers were partially
breached, and began to teeter. The won-
der is they never fell. The demographic
of applicants has utterly changed. But
inside the institution, the solidly male,
upper class, Anglican culture persists.
This autumn’s commemoration of the
anniversary could be a watershed
moment. Let the female Masters refer to
themselves as Principals. Let the three
pioneering colleges of 1972 publish the
names of the women whose entrance
examination results attained scholar-
ship level. They never even knew, so let
them be told and honoured now. If the
release of this information breaks rules,
then let us celebrate the anniversary
with disobedience.
The writer is a former journalist and
speechwriter for Unesco
18 ★ FINANCIAL TIMES Thursday 1 September 2022

Hong Kong stocks: shorts tempered

Short sellers have placed record bets against Hong Kong-listed Chinese stocks. Names such as insurer
Ping An and computer games group Tencent top the list. The Hang Seng index has underperformed
international peers this year. Valuations have fallen faster.

Largest Hang Seng short positions Global equity markets

Twitter: @FTLex
Food prices:
the conquest of bread
Food prices are soaring. In Britain they
are rising at the highest rate since
2008, the British Retail Consortium
says. Yet there is some good news from
an unpromising source. A bumper
Russian harvest has made wheat
cheaper. The price of Chicago wheat
futures is back where it was in January,
at $8.03 a bushel, having fallen by
two-fifths from its March peak.
High yields from the Russian
breadbasket — along with a partial
resumption of Ukrainian exports —
have relieved what threatened to be a
devastating squeeze.
Russia and Ukraine typically account
for a fifth and a tenth of global exports,
respectively.
The disruption threatened countries
such as Egypt, which depends on the
combatants for the vast majority of its
imports. It has built up seven months
of wheat reserves, albeit at higher
prices — exacerbated by the strength of
the dollar — than budgeted for.
War is not the only factor playing
havoc with prices. Drought is reducing
the yields of many crops. France, the
EU’s top grain producer, is set for its
worst maize harvest this century, says
consultancy Agritel. Hot, dry weather
is also afflicting the US Midwest.
High gas costs are curbing fertiliser
production. That is exacerbating food
shortages in Africa.
Wheat normally accounts for just a
tenth of the price of a loaf of bread.
Other spiralling costs are bigger factors
behind food price rises. In April,
Associated British Foods said that it
had recovered “huge” input price
inflation with a 25p rise in the shelf
price of its Kingsmill bread to £1.10.
The baker warned that further post-
invasion increases were on the cards.
Food price inflation normally lags
behind global agricultural commodity
prices by about nine months, says
Capital Economics. A portion of the
blame for the rise in CPI food inflation
from below zero in 2021 to 12.6 per
cent in July can be pinned on last year’s
commodity price surge. The
consultancy forecasts a further rise in
food price inflation to more than
13 per cent. That would be the highest
rate since at least 1989.
Global food prices will begin to drop
in 2023, says Morgan Stanley. The
impact of the Ukraine war on energy
and fertiliser prices will persist.
Even so, the world should be
thankful to hard-working farmers in
warring Russia and Ukraine for a rare
piece of good news.
Klarna:
fairweather lend
Klarna has promised investors to slow
its breakneck expansion. A supply-side
recession and cost of living crisis
should help with that.
The Swedish buy now, pay later
group will find it harder to fulfil a
second pledge: to return to
profitability. Results yesterday
highlighted the difficulty; operating
losses in the first half of the year
widened from SKr1.7bn ($160mn) last
year to SKr6.3bn ($602mn).
BNPL groups rose to prominence
thanks to the pandemic-era boom in
ecommerce. The going is now far
tougher. Competition and regulatory
scrutiny have intensified. Higher
interest rates make funding more
expensive. A cost of living crisis means
bad debts are rising. At Klarna net
credit losses rose from $175mn in the
first half of last year to $276mn. While
the allowance for loan losses ballooned
to $376mn, it remained the same
proportionately as last year at 5.5 per
cent of outstanding loans.
That is well above the 1.8 per cent
delinquency rate reported for all US
credit cards in the second quarter of
the year. But credit losses across
western economies have remained
historically low since peaking after the
financial crisis at 7 per cent. Those
modest costs were a function of the
low-rate environment we are now
leaving behind.
Privately held Klarna commanded a
valuation of $46bn last year. The figure
had fallen to $6.7bn post-money at a
funding round this July. Shares for
listed peers have followed the same
pattern. US-listed Affirm is off almost
80 per cent since the start of the year.
Klarna has been a big marketing
success. But the financial credentials of
any fast-expanding lender are always
questionable. Management claims to
superior credit judgment are so much
hot air until tested by a few tough years
of trading. Unless performance is at
least as good as incumbent banks, they
Aggregated Reportable Short Positions ($bn)
Ping An
Meituan
Tencent
Xiaomi
CM Bank
JD
BYD
PSBC
AIA
Anta Sports
0 0.5 1.0
Source: Securities and Futures Commission; Refinitiv
Short bets on Hong Kong stocks have
hit a historic high. The trade has been
a profitable one so far. The city’s
benchmark Hang Seng index has
tumbled nearly a quarter in the past
year. That has made short selling
Hong Kong stocks look a surer bet
than it is in reality.
Short selling trades as a proportion
of the total turnover on the Hong
Kong’s stock market this week
climbed to a record 23 per cent this
week, according to Bloomberg data.
Much of the bearishness is
justified. Regulatory risks remain
high for the Chinese tech groups that
dominate the city’s benchmark
index. Their prices have also been
dragged down by the fear that their
American depositary receipts will be
will be entitled to say “told you so”. In
the meanwhile, profits will remain
elusive for Klarna.
Chewy/pet food:
dog daze
In the dog-eat-dog world of pet-supply
retailing, Chewy is no longer the alpha.
Squeezed by inflation, pet owners are
cutting back on spending. Households
are focusing on essentials like food and
buying fewer toys and accessories. So
much for $440 orthopaedic dog beds.
This is taking a bite out of sales growth.
Having emerged as a pandemic
winner thanks to households adding
more furry friends, Chewy has to
contend with slowing momentum. It
Indices (rebased, in $ terms)
110
100
90
80
70
Sep 2021
Hang Seng has derated faster
Price to book value (rebased)
110
105
100
95
90
85
80
75
70
65
1.5 2.0 2.5 Sep 2021
compulsorily delisted. Big investors
have been reducing their exposure.
Berkshire Hathaway, the business of
legendary US investor Warren Buffett,
has just trimmed its stake in Hong
Kong-listed Chinese electric-car maker
BYD. The move triggered a
disproportionate drop in the shares.
Still, the large volumes of shorts are
surprising. Hong Kong restricts the
activity. Naked shorting — selling
shares that traders do not own or have
not borrowed — is banned. This means
that short sellers have to pay up to
borrow the stock.
Returns on successful short sales are
correspondingly lower than in markets
such as the US. An uptick requirement
means short sales must be made at a
higher price than the previous trade.
expects sales for this year to come in at
$9.9bn-$10bn, down from previous
guidance of $10.2bn-$10.4bn.
Shares in the online retailer have
fallen 35 per cent this year and are 70
per cent below their 2021 peak. It is not
the only pet retailer in the doghouse.
Rival Petco has lost a quarter of its
value since January. Compared with
rivals, Chewy has an edge in its ability
to retain customers. Subscription
service Autoship includes an auto-
reordering service that gives Chewy
good visibility of future stock needs
and likely cash flow.
Autoship customer sales, which rose
17.3 per cent during its most recent
quarter, accounts for 73 per cent of
group total. And while the number of
new active customers has slowed, net
sales per average customer are higher
Shenzhen B
Share index
S&P 500
FTSE 100
Shanghai A
Share index
Nikkei 225 Average
Hang Seng
22
Shenzhen B
Share index
Nikkei 225 Average
Shanghai A
Share index
FTSE 100
S&P 500
Hang Seng
22
Hong Kong’s short sellers are now
vulnerable to short squeezes. Trading
volumes in Hong Kong have fallen in
recent months, increasing the
potential for sharp, hair-trigger price
movements.
The main targets of the short bets
have been big Chinese blue-chips.
These popular names, which include
giants such as Tencent and Alibaba,
have large, loyal, long-term retail
investor bases. That makes covering
short positions pricey.
The Hang Seng index, which now
trades at just 0.8 times book value,
looks dirt-cheap compared with
regional peers.
The lower the valuation of Hong
Kong stocks fall, the higher the risk of
a short squeeze in coming weeks.
and spending on customer acquisition
has come down. Yet despite the drop in
its share price, Chewy still trades on 1.7
times trailing revenue.
That is high for a company that has
yet to turn an annual profit.
Pet-food makers are a better
defensive play. In the US, JM Smucker,
the maker of Meow Mix, and General
Mills, the owner of Blue Buffalo, have
both reported a sharp rise in pet-food
sales thanks to higher prices and
demand. In Europe, Nestlé, which
owns the Purina brand, said that
petcare was the biggest contributor to
organic growth during the first half.
Pooches and kitties do not need new
toys. They will happily play with old
shoes and balls of wool. However,
companion animals need to eat as
much as their owners do.
Psychedelics/VC:
trip hazard
Denizens of Silicon Valley have long
hailed microdoses of psychedelic drugs
as a means of unlocking creativity.
Where tech leads, the US follows. NFL
star Aaron Rodgers this week credited
the South American drug ayahuasca
with improving his wellbeing. Mind-
expanding treatments are a burgeoning
area of medical research and venture
capital investment.
Psychedelics inspired writer Aldous
Huxley, psychologist Timothy Leary
and some garish album-cover art in the
’70s. The drugs supposedly induce
“neuroplasticity” — a rewiring of
thought processes to reduce negativity
and increase connectedness.
Critics counter that psychedelics can
cause irreparable damage. These drugs
include LSD, psilocybin (magic
mushrooms), ayahuasca and ketamine.
Venture capitalists have put $236mn
into the sector in the 12 months to July,
say Crunchbase data. Two groups have
already listed. Compass Pathways is
testing psychedelics in combination
with talking therapy; Mind Medicine’s
clinical trials focus on LSD.
The illegality of most psychedelics is
an obstacle. Ketamine has nevertheless
been approved for some patients with
depression. In 2020, Health Canada
allowed four terminally ill patients to
take psilocybin to relieve anxiety. The
Multidisciplinary Association for
Psychedelic Studies, a non-profit
group, wants MDMA to be prescribed
for patients suffering post-traumatic
stress disorder. Supporters include
hedge fund billionaire Steve Cohen.
The legalisation of cannabis in some
states paves the way for greater use of
psychedelics. Denver has already
decriminalised psilocybin. The success
of start-ups will depend on clinical
trials and the record of any drugs
approved for medical use. Psychedelics
offer hope to sufferers from intractable
depression. But previous “miracle”
treatments, from electric-shock
therapy to Prozac, all had big
drawbacks.
Investors beware — psychedelics
always bring the risk of a bad trip.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 17,188 Set by NEO
        ACROSS
9 Girl to chatter idly about love and vanish
  (9)
10 Volatile chemical bonds without shell (5)
11 Kiss with reclusive star ingesting
ecstasy? It makes a change (7)
12 Musical nun sustaining note brings
 
complaint (7)
13 Fish skin showing no sign of phosphorus
(3)
14 Old court to stiffen caution for motorists
    (4,7)
17 Maryland city where there’s no more
curry? (5)
18 One swoops near ground, moving left to
    right (3)
19 Nature god banking silver for his
devotee? (5)
21 One new insult with people causing
    resentment (11)
23 Men from the east caught enormous
bird (3)
25 Unidentified illness keeps Italian in
   service (7)
27 Choking smoke beginning to burn Basil?
(7)
28 Any number stay drunk and abusive (5)
 
29 Pole ground contains where Henry’s
buried (9)
DOWN
1 Bravo! Keen-eyed bird sees dog (6)
2 Corresponding but never meeting (8)
3 Sculpture in future going up (10)
4 Person unknown from a Crown
Dependency (4)
JOTTER PAD 5 Strangely evil crime pinching pound for
food (10)
6 Buzz from live lines (4)
7 Church leader out in Peru, bishop finds
winged child (6)
8 Function after hearing test (5,3)
15 Revelation in a curtailed ballad Poe’s
penned (10)
Solution 17,187 16 Staff writer’s time in a secure
environment (10)
% 5 2 : % ( $ 7 : ( $ 3 2 1 17 Swimmer appearing angry when losing
2 , $ * 5 9 $ ( time (8)
% 2 / 2 *
& & $
1 $
7
2
%
9 ( 5 6 $ :
1 7 '
20 Bush in suitable place one assumed
$ ' $ 3 7 + $ , / 6 7 2 1 ( originally (8)
7 1 ( $ 1 5 / 22 Temperature in river good man can’t
% / $ & . 6 $ % % $ 7 + stand (6)
% ( / + 2 ( / ,
$ 1 * / ( * 5 , 1 ' ( 5
24 Copper bars – they’re surely found in
6 < , & 7 * 6 Havana (6)
$ 3 3 ( 7 , 6 ( 5 + 2 , 6 7 26 Fish in streams (4)
/ 7 5
7 % , / ,
7
6 ,
8
6
2 / $
$ 9 ( / 2 <
27 It’s a fool that covers king in some
, $ $ ( 2 ( , ( butter (4)
& $ 1 ' / ( 5 ( , 1 ' ( ( 5