mmarston_phase2

7/31/2019 mmarston_phase2

1/25

Zhmbhsm`u+ Lc}lfhv 04+ 6406


2/25

]H@ NLXSH


Sl `s zh `kk ablz E `g mlebj ` }h` nlxsh"


3/25

Zh y`kxh h~thvehbch `bm }v`me}elb fhc`xsh zh n`yh ` jl`k }n`}

lxv cxs}lghvs zekk `kz`us hbolu ` vhivhsnebj sh}}ebj znekh settebj

lb }h` `bm h`}ebj mhc`mhb} szhh}s eb ` }v`me}elb`k g`bbhv"

YESELB


Lxv yeselb es }n`} zh y`kxh h~thvehbch `bm }v`me}elb fhc`xsh zh n`yh ` jl`k }n`}

lxv cxs}lghvs zekk `kz`us hbolu ` vhivhsnebj sh}}ebj znekh settebj

lb }h` `bm h`}ebj mhc`mhb} szhh}s eb ` }v`me}elb`k g`bbhv"


4/25

CLGILV]

@]]VEFX]HS

SLTNES]EC@]ELB KHESXVHVHIVHSNGHB]


vhivhsnghb}+ sltnes}ec`}elb+ khesxvh+ clgilv}"Vhivhsnghb} es ` jx`v`b}hh" ]nh }h` `s zhkk `s }nh `}glstnhvh es vhivhsnebj tk`ch }lfh" ]nes }h` nlxsh zekk nlkm ` sltnes}ec`}elb }n`} mlhs bl} uh} h~es} ilv }nh xsx`k }h`nlxsh" nlthixkku thltkh zekk xbmhvs}`bm }nh h~thvehbch li se}}ebj mlzb `bm clbyhvsebj

ze}n ivehbms" @bm li clxvsh cxs}lghvs zekk `kz`us ihhk clgilv} znh}nhv e}s }nvlxjn }nh`g`ebj t`s}vehs lv ivlg }nh z`vg}n li }h`"


5/25

]l n`yh }nh sltnes}ec`}hm 64'84 uh`v lkm eb }nh A`bs`s Ce}u

clggxbe}u xbmhvs}`bm }nh egtlv}`bch li se}}ebj mlzb+

clbyhvsebj ze}n ivehbms+ }àebj }egh+ `bm mvebaebj }h`"LFOHC]EYHS


Zh èg }l `}}v`c} 64'84 uh`v lkms eb }nh AC clggxbe}u xbmhvs}`bm }nh egtlv}`bch lise}}ebj mlzb+ clbyhvsebj ze}n ivehbms+ }àebj }egh+ `bm mvebaebj }h`"


6/25

B@GEBJ

CXTT@

SET

3 ]H@ CLGT@BU


cxtt`+ s}hgebj ivlg }nh fve}esn+ gh`bebj fu Ghvexg zhfs}hvs mhffbe}elb+ ` cxt li }h`"@ksl fhc`xsh }nh emh` li }nh }h` nlxsh z`s ebstevhm fu }nh Fve}esn `bm }nhev }h` se}}ebjzùs"Bh~} z`s SET+ e} fhebj ` glghb} eb }egh" li se}}ebj mlzb `bm mlebj slgh}nebj

vhth`}hmku"3 }h` clgt`bu+ mhvveyhm ivlg 3 tg `bm }egh" Nlz mvebaebj }h` es ` tvlchss `bm }n`} `thvslb snlxkm }àh }egh lx} li }nhev mù znhb }nhu clgh }l }nes }h` snlt"


7/25

CXTT@iebh tk`ch" iebh }h`

MEVHC]ELB LBH


]vuebj }l xsh ` sli} kllaebj sn`th t`evhm ze}n ` shvei }uth"


8/25

CLKLV ) EG@JH


@i}hv jh}}ebj ihhm f`ca ivlg }nes mevhc}elb+ e} z`s s`em }n`} }nhsh clklvs zhvh s}ekk ` fe}sli} `bm bl} `cnehyebj ` jhbmhv bhx}v`ke}u" Gh`bebj E memb} z`b} }nh }h` nlxsh }l fh}nh h~thc}hm+ xsx`k }h` nlxsh"


9/25

@A_EMHB_ Jvl}hspxh Clbmhbshm+ Vhjxk`v]l n`yh }nh sltnes}ec`}hm 64'84 uh`v lkm eb }nh A`bs`s Ce}u clggxbe}u

xbmhvs}`bm }nh egtlv}`bch li se}}ebj mlzb+ clbyhvsebj ze}n ivehbms+ }`aebj }egh+

`bm mvebaebj }h`"

Fk`caO`ca+ Vhjxk`v

]l n`yh }nh sltnes}ec`}hm 64'84 uh`v lkm eb }nh A`bs`s Ce}uclggxbe}u xbmhvs}`bm }nh egtlv}`bch li se}}ebj mlzb+ clbyhvsebjze}n ivehbms+ }`aebj }egh+ `bm mvebaebj }h`"


E clgtkh}hm }nes mevhc}elb fu xsebj @aemhb `bm Fk`cao`ca"


10/25

]H@ CLGT@BU ]H@ CL"

MEVHC]ELB ]ZL


Ilv gu shclbm mevhc}elb+ E zhb} ze}n }nh bxgfhv 3" Bl} 6 lv =+ fx} 3"]nes bxgfhv fhebj zn`} E }nlxjn} ` flkm s}`}hghb}" Bl} slgh}nebj xsx`kku `sslce`}hmze}n }h`" E} vhihvs }l }egh `bm }nh px`b}e}u li thltkh"


11/25


E z`b}hm }l c`te}`keh lb }nes bxgfhv `bm e}s gh`bebjs" E cvh`}hm }nes t`}}hvb CKECA"


12/25


ilv vhth}e}elb `bm `bm li clxvsh }l xsh }nh yhvu jv`tnec hkhghb}"


13/25


]nes es `bl}nhv t`}}hvb E cvh`}hm }l fh xshm ilv t`caebj"""


14/25

CLKLV ) EG@JH


E keahm }nh emh` li }nhsh fvejn} flkm clklvs ze}n }nh xsh li jlkm" Slgh}nebj }l `mmmht}n `bm glvh thvslb`ke}u"


15/25

@azemhbzJvl}ClbFP'Ghmexg+ Vhjxk`v

Tes}ekke

JL]N@G FK@CA


E vh`kku z`b} }l cvh`}h ` c`vm }n`} c`b eb}hv`c} ze}n thltkh+ he}nhv fu tx}}ebj `b`ttleb}ghb} }egh ilv }h` lv n`yh e} fh eb}hv`c}eyh fh}zhhb }nh cxs}lghv `bm z`e}hv"""Xsebj Tes}ekke ` }uthi`ch ze}n ` kl} li cn`v`c}hv }l fh xshm ilv }nh 3 `bm l}nhv `}}hb}elbtxkkebj glghb}s" @bm t`evebj }n`} ze}n Jl}n`g ilv nh`mhvs `bm }e}khs"


16/25

]H@ CLGT@BU


Ilv }nh ffvs} cxtt` zh yese}hm+ E z`b}hm }l ilcxs lb }nh `}}vefx}h li clgilv} `bmsltnes}ec`}elb" CKECAIlv 3 }h` clgt`bu e} z`s vhivhsnghb} `bm }nh jv`tnec hkhghb}s" Ilv gu }nevm `bm ffb`kmevhc}elb E mem gu fhs} `bm }lla }nh ihhm f`ca jeyebj }l gh fu }vuebj }l clgfebh

hkhghb}s"CKECAIlv Cxtt`+ }h` nlxsh E z`b}hm }l hgflmu sltnes}ec`}elb+ khesxvh+ `bm clgilv}"


17/25

MEVHC]ELB ]NVHH

CXTT@

CXTT@


Ilv gu }nevm }nh mevhc}elb+ }nh mevhc}elb E `g jlebj }l jl ze}n" E z`b}hm }l xsh ` s}vlbjxtvejn} }uthi`ch keah ablcalx} }l jeyh ` }h` nlxsh }nes emh` li s}vhbj}n `bmsltnes}ec`}elb" Fx} }nh scvet} }uth }n`} sthkks lx} }h` nlxsh jeyh ` shbsh li shki+ fhebjn`bmzve}}hb e} snlzs clgilv} `bm fhebj klbj `bm mv`zb lx} e} n`s ` shbsh li khesxvh

`bm }egh"


18/25

CLKLV ) EG@JH


Cxtt` z`s E vh`kku keah }nh emh` li xsebj lkm tnl}ljv`tns" Ilcxssebj lb }nh `}}vefx}hclgilv} E }neba lkm tnl}ljv`tns c`b jeyh thltkh ` ihhkebj li nlgh `bm nes}lvu" Xsebjjlkm `bm fk`ca e} ahhts e} vh`kku segtkh `bm bhx}v`k fx} ahhts ` px`ke}u li vhffbhghb}"


19/25


CKECA @ jl`k z`s }l clgfebh }nes n`bmzve}}hb scvet} ze}n ` flkm shvei }uth" ]h` es `n`bms lb h~thvehbch e} es b`}xv`k .`} kh`s} `} cxtt`% `bm n`bmzve}}hb zlvms vhsthc}ebj}nh fv`bm sxcn `s set+ vhivhsn+ `bm hbolu e} jeyhs }nh emh` }n`} slghlbh z`s }nhvh+ }n`}thltkh n`yh h~thvehbchm fhebj `} Cxtt`"


20/25


Ahhtebj ze}n }nh emh` li thltkh `bm }nes fhebj ` tk`ch li h~thvehbch" Thltkh zekk ihhk `sei }nhu `vh h~thvehbcebj cxtt` znhb }nhu yese} }nh zhfse}h" ]nes es ` glcaxtvhtvhshb}ebj ` }`fkh `} Cxtt` `bm fu vlkkebj lyhv chv}`eb hkhghb}s }nh yehzhv zekkvhcheyh glvh ebilvg`}elb"


21/25

CXTT]H@NLXSH"CLG

>09">36">=93

3=0 ZHS]TLV]VM"

A@BS@S CE]U+GL 9=004

IEBH TK@CH" IEBH ]H@" G@VA ]NEKKH

G]NEKKHDCXTT@"CLG

>09":06"5584

LZBHV


FXSEBHSS C@VMS+ lbh ilv }nh hgtkluhh+ eb }nes c`sh G`va }nh lzbhv+ `bm }nhb ` c`vmilv }nh fxsebhss e}shki"


22/25

IXKK ]H@Ixkk ]h` ebckxmhs b sslv}ghb} libjhv s`bmzecnhs+

sclbhs+ ) shkhc}hm }h` t`s}vehs"

-09"54 thv thvslb

VLU@KH ]H@Vlu`kh ]h` ebckxmhs }`s}ebj li lxv Fek}glvh Aev Vlu`kh+

Gegls`+ lv Fhkkebe eb mme}elb }l Ixkk ]h`"

-05"54 thv thvslb

JV@BMH VLU@KHJv`bmh Vlu`kh ]h` ebckxmh shkhc}elb liSt`vakebj Zebhs+ eb mme}elb }l Ixkk ]h`

-69"54 thv thvslb

@ 64( shvyech cn`vjh zekk fh `mmhm }l `kk t`v}ehs lyhv 8

GHBX


Fhebj eb ` vxv`k ce}u `vh`+ Cxtt` zekk nlthixkku fhclgh ` tk`ch li clggxbe}u"


23/25

]NH CLGTH]E]ELB


CXTT@s clgth}e}elb zlxkm ebckxmh ]h`Mvlts `bm }nh }h`nlxsh `bm cliihtl} eb A`bs`s

Ce}u+ `bm Nhbvus eb Khhs Sxgge}" @kk li }nhsh tk`ch n`yh yhvu meiihvhb} h~thvehbch"

]h`Mvlts fhebj ` tk`ch znhvh lbh c`b jl s}xmu lv ei ` thvslb es lb }nh jl }nhu jv`f ` }h` lb

}nhev zù" ]nh ]h`nlxsh ) Cliihhtl} es ` jllm h~`gtkh li ` tk`ch li clggxbe}u+ `bm ` clu

tk`ch znhvh thltkh jh} }ljh}nhv ze}n }nhev ivehbms }l zlva lb }nhev clgtx}hvs" Bh~} es Nhbvu*ses ` pxèb} }h` vllg es clbses}hb}ku }lt v`}hm+ fx} }nhu shhg }l ilcxs lb }nh xsx`k }h`

t`v}ehs `bm ` tk`ch znhvh E zlxkm z`b} }l }àh gu jv`bmgl}nhv"


24/25


Bl} }n`} gu jv`bmgl}nhv zlxkmb} jl }l CXTT@+ fx} }nlsh thltkh }n`} zlxkm gejn} fh}xvbhm lifu }nh ivekks `bm }h`cxts zekk fh nh`mhm }l Cxtt`+ ` }h` nlxsh ilv khesxvh `bmsltnes}ec`}elb"


25/25


mmarston_phase2

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