fnt

r
at
ech

Tr
adi
ngRes
ear
c
h
Ve
r
s
i
on4.
1

www.
nt
r
a
t
ec
h.
c
om
i
nf
o@nt
r
a
t
ec
h.
c
om
+44(
0)
2033728415

fnt
r
at
ech

www.
nt
r
a
t
ec
h.
c
om
i
nf
o@nt
r
a
t
ec
h.
c
om
+44(
0)
2033728415

Tr
adi
ngRes
ear
c
h
Cont
e
nt
s
:

Gl
oba
l
E
c
onomy
J
eer
s
on
s
PHBT
el
ec
om
I
mper
i
a
l
Ba
nk
i
ngGr
oup
Chemi
k
aPha
r
ma
c
eut
i
c
a
l
s
S
t
i
r
l
i
nPet
r
ol
eum

Mac
r
o
Re
t
ai
l
e
r
T
e
l
e
c
om
Bank
Phar
ma
Oi
l
&Gas

Pa
ge2
Pa
ge3
Pa
ge4
Pa
ge5
Pa
ge6
Pa
ge7

Di
s
c
l
a
i
mer
:
T
hi
sr
es
ea
r
c
hdoesnot
,
i
na
nyf
or
m,
c
ons
t
i
t
ut
er
ea
lt
r
a
di
ngr
es
ea
r
c
h.
T
hi
sdoc
umenti
sba
s
edonc
t
i
ona
ls
ec
ur
i
t
i
es
whi
c
hha
v
ebeenpur
el
ydes
i
gnedf
ort
hebenetof
t
hes
i
mul
a
t
i
onF
l
owT
r
ade
rpr
oduc
t
.
T
hi
sdoc
umenti
sf
oreduc
a
t
i
ona
l
us
eonl
y
a
nddoesnots
eekt
opr
ov
i
dena
nc
i
a
la
dv
i
c
e
.
T
hec
ont
ent
swi
t
hi
nt
hi
sdoc
umenta
r
ewhol
l
yownedbyF
i
nt
r
a
t
ec
hL
t
da
nda
r
e
s
ubj
ec
tt
oCopy
r
i
ghtl
a
w.
I
fy
ouha
v
ea
nyques
t
i
onsa
boutt
hec
ont
ent
soft
hi
sdoc
umentora
ny
t
hi
ngr
el
a
t
i
ngt
ot
hes
i
mul
a
t
i
on
pr
oduc
tF
l
owT
r
ade
r
,
wewi
l
l
bemor
et
ha
nha
ppyt
oa
ns
wery
ourquer
ya
ti
nf
o@nt
r
at
e
c
h.
c
om.

fnt
r
at
ech
Ma
c
r
oe
c
onomy
Ast
hel
a
t
e
s
tba
t
c
hofe
c
onomi
cne
wsonbot
h
s
i
de
soft
heAt
l
a
n cdi
s
put
e
sa
nydoubta
bout
t
her
e
c
ov
e
r
yoft
heUS
,
s
t
oc
k
sc
l
os
eupa
r
ound
t
hehi
g
hsoft
hey
e
a
r
.
T
heDowJ
one
sI
nde
xput
on2%t
o10,
059a
ndt
heS
&Pg
a
i
ne
d3.
8%t
o
1,
310t
hi
sl
a
s
twe
e
k
.
S
ov
e
r
e
i
g
nde
btwor
r
i
e
s
a
ndne
wpol
ic
a
l
r
e
g
ul
aonsc
a
us
e
dat
e
mpor
a
r
ys
e
t
ba
c
kt
hr
e
equa
r
t
e
r
spr
e
v
i
ous
.
T
he
s
t
r
ongupwa
r
dmome
nt
uma
swi
t
ne
s
s
e
di
nt
he
l
a
s
ts
i
xmont
hsc
ont
r
a
di
c
t
st
hewe
a
k
e
re
c
onomi
cda
t
a
,
pa
rc
ul
a
r
l
yi
nt
hea
r
e
a
sofE
quie
s
,
Cur
r
e
nc
ya
ndCommodie
s
.
Ca
pi
t
a
l
i
nowi
nt
o
t
hema
r
k
e
ti
sbe
c
omi
ngunc
e
r
t
a
i
n,
s
ug
g
e
sng
c
ompa
ni
e
smi
g
hte
nc
ount
e
rwe
a
k
e
rde
ma
nd
f
r
oma
br
oa
da
sg
l
oba
l
e
c
onomi
cr
e
c
ov
e
r
y
s
l
ows
.
L
a
s
twe
e
k
e
nd,
aUSsmul
uspr
og
r
a
mpus
he
d
r
i
s
k
yma
r
k
e
t
supa
ndt
heUKg
ov
e
r
nme
nt
ba
c
k
e
dt
heUSmov
ebys
a
y
i
ngi
twoul
da
l
s
o
s
uppor
tma
r
k
e
t
si
fne
e
dbe
.
T
heov
e
r
whe
l
mi
ng
f
e
a
ri
st
ha
ti
naona
r
ypr
e
s
s
ur
e
sa
r
ej
us
tt
oo
hi
g
hi
nt
heUK,
wi
t
hi
naons
oa
r
i
nga
ta
na
nnua
l
i
s
e
d4.
8%.
Ri
s
ka
s
s
e
t
sha
v
ebe
e
nde
c
r
e
a
s
i
ngi
nv
ol
al
i
t
y
,
whi
c
hr
e
i
nf
or
c
e
ss
omet
r
a
de
r
s

be
l
i
e
ft
ha
tt
hec
ur
r
e
ntr
a
l
l
ywi
l
l
c
on nue
.
U.
S
.
nonf
a
r
mpa
y
r
ol
l
ss
l
i
ppe
dby147Kl
a
s
t
mont
ha
mi
df
or
e
c
a
s
t
sofa10Ki
nc
r
e
a
s
ei
ne
mpl
oy
me
nt
.
Ast
hel
a
borma
r
k
e
tde
t
e
r
i
or
a
t
e
s
,
t
heF
e
de
r
a
l
Re
s
e
r
v
ehol
dsadov
i
s
hout
l
ookf
or
f
ut
ur
epol
i
c
i
e
s
,
s
t
angt
ha
tt
hedownt
ur
ni
n
e
mpl
oy
me
ntc
a
nl
e
a
dt
oapr
ol
ong
e
dr
e
c
ov
e
r
y
.
T
r
e
a
s
ur
yS
e
c
r
e
t
a
r
yGe
i
t
hne
ra
nc
i
pa
t
e
st
he
j
obl
e
s
sr
a
t
et
ope
a
ki
nt
hene
x
tqua
r
t
e
roft
hi
s
y
e
a
r
.
T
hec
e
nt
r
a
l
ba
nki
swi
de
l
ye
x
pe
c
t
e
dt
o
k
e
e
pt
hei
nt
e
r
e
s
tr
a
t
ea
tt
her
e
c
or
dl
owov
e
r
t
hec
omi
ngmont
hs
.

www.
nt
r
a
t
ec
h.
c
om
i
nf
o@nt
r
a
t
ec
h.
c
om
+44(
0)
2033728415

fnt
r
at
ech
J
e
e
r
s
on
sPL
C
Whi
l
emos
tr
i
v
a
l
ss
ue
rf
r
omf
unda
me
nt
a
l
pr
obl
e
msa
ndhe
a
v
yc
os
ts
t
r
uc
t
ur
et
hi
squa
r
t
e
r
,
J
e
e
r
s
on
si
se
x
pe
c
t
e
dt
or
e
por
tg
oodr
e
s
ul
t
s
t
hi
swe
e
k
.
De
s
pi
t
et
hec
on nuousde
t
e
r
i
or
ang
l
a
bourma
r
k
e
t
,
we
a
k
e
ni
ngc
ons
ume
rc
onde
nc
ea
ndi
nc
r
e
a
s
i
ngope
r
ange
x
pe
ns
e
,
s
a
l
e
s
f
ort
hel
a
s
tqua
r
t
e
rr
os
e20%.
T
her
e
t
a
i
l
g
i
a
nt

s
t
ur
nov
e
rha
si
mpr
ov
e
dby7.
5%t
o$70.
6bi
l
l
i
on.
T
her
e
c
e
nthi
k
ei
nVA
Ti
nt
heUKf
r
om17.
5%t
o
20%wi
l
l
a
e
c
tt
her
e
t
a
i
l
e
rt
hi
sy
e
a
rs
i
nc
et
he
UKi
si
t
sma
i
ns
our
c
eofi
nc
ome
,
howe
v
e
rmos
t
c
os
t
sa
r
el
i
k
e
l
yt
obepa
s
s
e
dont
ot
hec
ons
ume
r
.
T
hi
sy
e
a
rJ
e
e
r
s
on
sl
a
unc
he
ds
t
r
a
t
e
g
i
ci
nia
v
e
st
os
t
r
e
ng
t
he
ni
t
spl
a or
mf
org
r
owt
ha
nd
pr
ot
a
bi
l
i
t
y
.
T
hi
si
nc
l
ude
supg
r
a
di
ngi
t
sonl
i
ne
s
hoppi
ngs
y
s
t
e
m,
aj
oi
ntv
e
nt
ur
ewi
t
hS
onya
nd
ane
wa
g
s
hi
ps
t
or
ei
nL
ondon,
f
e
a
t
ur
e
dwi
t
ha
ne
v
e
rbe
f
or
es
e
e
nde
s
i
g
n.
T
hec
ompa
nyg
r
e
w
t
her
e
t
a
i
l
di
s
t
r
i
bu onne
t
wor
kbyope
ni
ng46
di
r
e
c
t
l
yma
na
g
e
dr
e
t
a
i
l
s
t
or
e
si
nt
hewor
l
d.
L
a
s
t
qua
r
t
e
rJ
e
e
r
s
on
se
s
hoppl
a or
mi
nE
ur
ope
e
x
t
e
nde
di
t
sr
e
a
c
ht
oCz
e
c
hRe
publ
i
c
,
P
ol
a
nd,
Uk
r
a
i
nea
ndT
ur
k
e
y
,
whe
r
et
he
r
ei
snodi
r
e
c
t
l
y
ma
na
g
e
dr
e
t
a
i
l
s
t
or
e
sa
tpr
e
s
e
nt
.
T
hel
a
unc
hof
e
s
hopi
nt
he
s
ec
ount
r
i
e
swi
l
l
f
a
c
i
l
i
t
a
t
e
J
e
e
r
s
on
si
nr
e
a
c
hi
ngne
wc
us
t
ome
r
si
na
ne
c
i
e
nta
ndc
os
t
e
e
cv
ewa
y
.
J
e
e
r
s
on
sc
ur
r
e
ntma
r
k
e
ts
ha
r
es
t
a
ndsa
t
16.
3%,
a
ndi
sr
a
pi
dl
ya
ppr
oa
c
hi
ngt
ha
tofi
t
s
r
i
v
a
l
As
da
.
Wee
x
pe
c
tt
hi
smont
h
sma
r
k
e
tda
t
a
ont
hi
sr
a
nk
i
ngv
e
r
ys
oon.

www.
nt
r
a
t
ec
h.
c
om
i
nf
o@nt
r
a
t
ec
h.
c
om
+44(
0)
2033728415

fnt
r
at
ech
PHBT
e
l
e
c
om
F
ort
hepa
s
ts
i
xmont
hs
,
PHBT
e
l
e
c
omma
i
nt
a
i
ne
dr
e
l
av
e
l
yg
oodmome
nt
umi
ni
t
sbus
i
ne
s
sde
v
e
l
opme
nt
.
I
tha
si
nc
r
e
a
s
e
di
t
sope
r
a
t
i
ngr
e
v
e
nueby1.
1%ov
e
rt
hes
a
mepe
r
i
odl
a
s
t
y
e
a
rt
o$20.
4bn.
I
t
ss
ha
r
epr
i
c
ek
e
pti
nl
i
ne
wi
t
ht
hes
e
c
t
orf
ort
hebe
g
i
nni
ngqua
r
t
e
roft
he
y
e
a
rt
oda
t
e
,
t
he
nout
pe
r
f
or
me
da e
ras
t
r
e
a
m
ofbr
ok
e
rupg
r
a
de
s
,
howe
v
e
rr
e
c
e
nt
l
yweha
v
e
s
e
e
ns
omeunde
r
pe
r
f
or
ma
nc
e
,
pos
s
i
bl
yduet
o
unc
e
r
t
a
i
nt
ya
bouti
t
sc
ur
r
e
ntbi
dt
oe
x
c
l
us
i
v
e
l
y
hos
tt
hene
x
tAndr
oi
dphone
.
T
of
ur
t
he
ri
nc
r
e
a
s
ei
t
sc
ompe v
e
ne
s
sa
ndi
mpr
ov
ei
t
sc
us
t
ome
r

se
x
pe
r
i
e
nc
e
,
PHBT
e
l
e
c
om
c
on nue
st
os
e
a
r
c
hf
ore
x
c
e
l
l
e
nc
e
,
i
nnov
aon
a
nda
l
l
oc
a
t
e
se
x
t
r
ar
e
s
our
c
e
soni
t
s
v
a
l
ue
a
dde
dpa
c
k
a
g
e

.Re
v
e
nuef
r
omt
he
v
a
l
ue
a
dde
dpa
c
k
a
g
e
i
nc
r
e
a
s
e
d15.
6%c
ompa
r
e
dt
ol
a
s
t
na
nc
i
a
l
y
e
a
r
,
c
ont
r
i
bu ng29.
5%t
oT
e
l
e
c
om
s
ope
r
angr
e
v
e
nue
.T
hi
si
sa r
i
but
a
bl
et
oi
t
s
f
a
s
t
e
rmobi
l
ebr
oa
dba
ndc
onne
con,
e
nr
i
c
he
d
v
oi
c
eme
s
s
a
g
es
y
s
t
e
m,
a
ddiona
l
4Gda
t
at
e
c
hnol
og
ye
nha
nc
e
me
nt
sa
ndmor
ee
x
i
bl
eus
a
g
e
pl
a
nst
oc
us
t
ome
r
s
.PHBi
sc
ur
r
e
nt
l
yi
nt
he
mi
ddl
eofabi
df
ore
x
c
l
us
i
v
ene
t
wor
kr
i
g
ht
st
o
t
hene
we
s
tAndr
oi
d8Gphone
,
whi
c
hc
oul
ds
i
g
ni
c
a
nt
l
yi
mpr
ov
ei
t
sr
e
v
e
nue
s
,
nott
ome
n on
i
t
sbr
a
nda
ndi
ma
g
e
.
Howe
v
e
r
,
pr
e
s
ss
pe
c
ul
a
ont
womont
hsa
g
o,
t
ha
tac
ompe t
orwi
l
l
t
a
k
et
hec
ont
r
a
c
tha
sc
a
us
e
das
e
l
l
oi
nt
he
s
ha
r
epr
i
c
e
.
Wee
x
pe
c
ta
na
nnounc
e
me
nton
t
hec
l
os
ur
eoft
hi
sde
a
l
t
hi
smont
h.
PHBT
e
l
e
c
omi
ss
e
tt
or
e
l
e
a
s
ef
ul
l
y
e
a
rr
e
s
ul
t
s
i
mma
ne
nt
l
y
.
Ana
l
y
s
t
se
x
pe
c
ta$7.
70t
o$7.
80
E
PSr
e
l
e
a
s
ei
nc
ons
e
ns
us
.

www.
nt
r
a
t
ec
h.
c
om
i
nf
o@nt
r
a
t
ec
h.
c
om
+44(
0)
2033728415

fnt
r
at
ech
I
mpe
r
i
a
l
Ba
nk
i
ngGr
oup
I
mpe
r
i
a
l
Ba
nk
i
ngGr
oup(
I
BG)i
sag
l
oba
l
r
e
t
a
i
l
ba
nkwi
t
has
t
r
onga
ndpr
ot
a
bl
epr
i
v
a
t
e
c
l
i
e
nt

sf
r
a
nc
hi
s
e
.
Ov
e
rt
hepr
e
v
i
ouss
i
xmont
hs
,
I
BGha
sbe
e
nf
oc
us
i
ngone
x
pa
ndi
ngi
t
sc
omme
r
c
i
a
l
ba
nk
i
ngf
a
c
i
l
ie
s
.
I
tha
sbe
e
nape
r
i
od
ofc
ha
l
l
e
ng
ef
ort
hee
nr
ena
nc
i
a
l
i
ndus
t
r
y
.
Howe
v
e
r
,
wi
t
hadi
sng
ui
s
he
dhi
s
t
or
ya
nd
c
l
i
e
nt
f
oc
us
e
dbus
i
ne
s
s
,
I
BGha
ss
uc
c
e
e
de
di
n
t
hepa
s
tf
e
wmont
hst
hr
oug
he
x
e
c
u ngs
e
v
e
r
a
l
i
mpor
t
a
nts
t
r
a
t
e
g
i
ci
niav
e
s
.
E
i
g
htmont
hsa
g
o,
I
BGs
ha
r
e
sdr
oppe
d9%a e
r
ar
e
por
tf
ue
l
l
e
ds
pe
c
ul
aont
ha
tKPMGa
udi
t
or
swe
r
ei
nv
e
sg
angt
heGr
oup
sCE
O,
Da
r
r
e
n
Y
oung
.
T
womont
hsa
g
o,
hewa
sa
s
k
e
dt
os
t
e
p
down.
T
hema
r
k
e
te
x
pe
c
t
st
hea
nnounc
e
me
nt
ofhi
sr
e
pl
a
c
e
me
nti
mma
ne
nt
l
y
.
Re
l
av
et
ot
hewi
de
rma
r
k
e
t
,
I
BGs
ha
r
e
sha
v
e
unde
r
pe
r
f
or
me
dov
e
rt
hel
a
s
tf
e
wmont
hsa
nd
ha
v
emi
s
s
e
doutont
her
a
l
l
yt
ha
tmos
ts
t
oc
k
s
ha
v
es
e
e
nf
ue
l
l
e
dbys
pe
c
ul
aonofmor
equa
nt
av
ee
a
s
i
ng
.
Gor
donJ
a
me
s
,
ba
nk
sa
na
l
y
s
ta
t
E
v
ol
u onS
e
c
ur
ie
ss
a
y
s
onc
et
hema
r
k
e
tha
s
ac
l
e
a
rpe
r
c
e
p onofwhowi
l
l
r
e
pl
a
c
eMr
.
Y
oung
,
t
he
r
ewi
l
l
ofc
our
s
ebes
omev
ol
al
i
t
y
,
butwes
houl
ds
e
eI
BGs
ha
r
e
sc
a
t
c
hupwi
t
ht
he
wi
de
rma
r
k
e
t

www.
nt
r
a
t
ec
h.
c
om
i
nf
o@nt
r
a
t
ec
h.
c
om
+44(
0)
2033728415

fnt
r
at
ech
Che
mi
k
aPha
r
ma
c
e
uc
a
l
s
Che
mi
k
a

sQ3pr
otbe
a
ta
na
l
y
s
te
sma
t
e
s
ae
rawe
a
k
e
rJ
a
pa
ne
s
eY
e
nba
c
kov
e
r6
mont
hsa
g
o,
a
ndt
hepr
oduc
t
sg
a
i
ne
df
r
omi
t
s
a
c
qui
s
ionofac
ompe t
orboos
t
e
ds
a
l
e
sf
ur
t
he
r
.
Q4r
e
s
ul
t
sa
r
ee
x
pe
c
t
e
dt
hi
swe
e
k
,
wi
t
ha
c
ons
e
ns
usa
na
l
y
s
te
sma
t
eofama
s
s
i
v
e8%
r
e
v
e
nueg
r
owt
h,
a
ny
t
hi
ngunde
rt
hi
ss
houl
d
s
i
g
ni
c
a
nt
l
ydi
s
a
ppoi
ntt
hema
r
k
e
t
.
S
ha
r
e
sha
v
er
e
c
e
nt
l
ydr
oppe
dba
c
kbe
l
owt
he
l
e
v
e
l
st
he
ywe
r
et
r
a
di
ngs
i
xmont
hspr
e
v
i
ous
a
ndt
ol
owsoft
hey
e
a
rduet
oi
nv
e
s
t
orc
onc
e
r
nsov
e
rt
he
i
rr
e
c
e
ntba l
ewi
t
ht
heUSF
ood
&Dr
ugAs
s
oc
i
aon.
T
hedi
s
put
e
dne
wdr
ug
,
Ne
r
podol
,
i
sde
s
i
g
ne
dt
or
e
duc
ea
e
c
t
sof
a
s
t
hmabutha
sbe
e
nhe
a
v
i
l
yoppos
e
dbyi
ndus
t
r
ypr
of
e
s
s
i
ona
l
s
.
Che
mi
k
aha
s2,
010dr
ug
s
t
or
e
sa
c
r
os
sJ
a
pa
na
nd
pl
a
nst
of
ur
t
he
re
x
pa
ndi
t
ss
uppl
yne
t
wor
ki
n
t
heUS
.
I
thi
r
e
d25,
500he
a
l
t
hc
a
r
epr
of
e
s
s
i
ona
l
sl
a
s
ty
e
a
r
,
upf
r
om22,
000t
hepr
e
v
i
ousy
e
a
r
.
T
hec
ons
e
ns
use
sma
t
ea
c
r
os
st
hes
t
r
e
e
ti
s
t
ha
tChe
mi
k
awi
l
l
c
on nuet
oe
x
pa
nd(
butnot
a
ts
uc
har
a
t
e
)a
ndhi
r
e17,
000t
hi
sy
e
a
r
.
I
tha
s
a
l
s
ol
a
unc
he
ds
omehome
c
a
r
ef
a
c
i
l
ie
sa
nd
ma
i
l
s
e
r
v
i
c
epha
r
ma
c
i
e
si
nr
ur
a
l
a
r
e
a
s
.
Che
mi
k
a
s
ol
d$24bi
l
l
i
onwor
t
hofc
onv
e
rbl
ebondst
o
r
e
pl
e
ni
s
hi
t
swor
k
i
ngc
a
pi
t
a
l
t
os
uppor
tt
hei
nv
e
n onofne
wdr
ug
sa
ndr
e
s
e
a
r
c
hi
nbr
e
a
s
t
c
a
nc
e
r
.

www.
nt
r
a
t
ec
h.
c
om
i
nf
o@nt
r
a
t
ec
h.
c
om
+44(
0)
2033728415

fnt
r
at
ech
Sr
l
i
nP
e
t
r
ol
e
um
Sr
l
i
nc
l
a
i
mst
obeoneoft
hewor
l
d
sl
a
r
g
e
s
toi
l
pr
oduc
e
r
si
nE
ur
ope
.
Ac
c
or
di
ngt
ot
heI
nt
e
r
na
ona
l
E
ne
r
g
yAg
e
nc
y
,
i
tha
st
heni
nt
hl
a
r
g
e
s
t
r
e
s
e
r
v
e
sont
heg
l
obe
.As
t
r
e
ng
t
he
ni
ngoi
l
pr
i
c
eha
se
na
bl
e
dg
l
oba
l
pl
a
y
e
r
sl
i
k
eSr
l
i
nt
o
ma
s
s
i
v
e
l
yi
mpr
ov
et
he
i
rma
r
g
i
nsov
e
rt
hepa
s
t
f
e
wmont
hs
,
de
s
pi
t
ef
e
a
r
sov
e
rwe
a
k
e
ni
nge
c
onomi
cg
r
owt
h.
T
hi
sy
e
a
rSr
l
i
n
sne
tpr
otr
os
e
3.
7%duet
ohi
g
he
roi
l
pr
i
c
e
sa
ndf
ue
l
s
a
l
e
si
n
Ge
r
ma
nya
ndF
r
a
nc
e
.
T
heE
ne
r
g
yDe
pa
r
t
me
nt
me
n one
dt
ha
tt
he
r
ewoul
dbeac
r
udes
t
oc
k
pi
l
ef
a
l
l
i
ngne
a
r
l
y10mi
l
l
i
onba
r
r
e
l
st
o401.
0
mi
l
l
i
onba
r
r
e
l
s
,
be
c
a
us
eofs
t
r
ongg
r
owt
hi
n
e
me
r
g
i
ng
-ma
r
k
e
toi
l
de
ma
nda
ndde
c
l
i
ne
si
n
pr
oducon.
Cr
udeoi
l
c
l
i
mbe
d68c
e
nt
st
o$94a
ba
r
r
e
l
i
nt
hel
a
s
tt
r
a
di
ngs
e
s
s
i
on,
t
hehi
g
he
s
t
pr
i
c
es
i
nc
et
hi
smont
hi
n2008.
Sr
l
i
n
ss
ha
r
epr
i
c
ej
umpe
dama
s
s
i
v
e25%
a
boute
i
g
htmont
hsa
g
o,
a
sar
i
v
a
l
i
nt
heNor
t
h
F
a
l
k
l
a
ndI
s
l
a
ndsba
s
i
n,
Gul
fKe
y
s
t
oneP
e
t
r
ol
e
um,
pl
a
c
e
da
noe
rt
oa
c
qui
r
eSr
l
i
nf
or$35
pe
rs
ha
r
e
.
Or
i
g
i
na
l
l
yt
hes
t
oc
kt
r
a
de
da
tapr
e
mi
umt
ot
hebi
dpr
i
c
eons
pe
c
ul
aont
ha
ta
not
he
rc
ompe t
orc
oul
dc
omei
nwi
t
hac
ount
e
r
bi
d.
S
i
nc
et
he
nt
hepr
i
c
eha
sbe
e
nv
e
r
yv
ol
al
e
a
ndi
sc
ur
r
e
nt
l
yt
r
a
di
ngbe
l
owt
heoe
rpr
i
c
e
,
wi
t
hc
e
r
t
a
i
nma
r
k
e
tpa
rc
i
pa
nt
sc
omme
n ng
t
ha
tt
hede
a
l
woul
dbe
s
t
r
uc
t
ur
a
l
l
yi
mpos
s
i
bl
e

.
Howe
v
e
r
,
t
he
r
ea
r
eas
ma
l
l
numbe
rof
ma
r
k
e
tpa
rc
i
pa
nt
st
ha
tsl
l
be
l
i
e
v
et
hede
a
l
wi
l
l
g
oa
he
a
da
ndwi
l
l
ha
v
e
s
i
g
ni
c
a
ntbe
ne
t
s
f
orSr
l
i
n
ss
ha
r
e
hol
de
r
s
.
Any
oneowni
ng
t
hes
ha
r
e
sa
tt
hi
sl
e
v
e
l
woul
dma
k
ea3%r
e
t
ur
n
ont
he
i
ri
nv
e
s
t
me
nti
ft
hebi
dg
oe
sa
he
a
d,
buti
f
t
hebi
df
a
l
l
st
hr
oug
ht
hes
ha
r
e
sc
oul
ds
l
ump
ba
c
kt
o$27pe
rs
ha
r
e
,
whi
c
hr
e
pr
e
s
e
nt
sa20%
l
os
sofc
a
pi
t
a
l
i
nv
e
s
t
e
d.
Sr
l
i
ni
sduet
oni
s
hs
e
v
e
r
a
l
k
e
ypr
oj
e
c
t
st
hi
s
mont
h.T
hi
si
nc
l
ude
si
t
sde
e
pwa
t
e
ros
hor
eoi
l
de
v
e
l
opme
nti
ni
t
sNor
t
hS
e
aCa
s
e
yBr
i
ga
nd
e
x
pl
or
i
ngf
oroi
l
3k
i
l
ome
t
r
e
sbe
l
owt
heoc
e
a
n
s
ur
f
a
c
e
.

www.
nt
r
a
t
ec
h.
c
om
i
nf
o@nt
r
a
t
ec
h.
c
om
+44(
0)
2033728415