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7/21/2019 Sohn Canada Presentation - Oct. 2014
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Cfpjtfn Jmefs hkr Cfpjtfnjze hkr Ojms
Luy Lktthrjem, Wftjk`fn J`vestie`t Lrkup
(8=<) 3=8-4=8= luylktthrjemDrftjk`fnjl.cki
7/21/2019 Sohn Canada Presentation - Oct. 2014
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J`vestie`t Jmef2 ]ree Jsnf`m Steen Ntm. (]SQ2 ]SN)
Gujnmj`l Trkmucts If`uhfcturer
7/21/2019 Sohn Canada Presentation - Oct. 2014
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S`fpsakt
* Fnn hj`f`cjfn hjlures pertfj`j`l tk ]ree Jsnf`m fre j` Cf`fmjf` mknnfrs u`ness ktaerwjse stftem
Safres
37.5 ijnnjk`
Wece`t Trjce
$6.<5*
Ifroet Cfp
$5< ijnnjk`*
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Gfcolrku`m
K`e kh nfrlest if`uhfcturers kh steen wjre prkmucts j` @krta Fierjcf
K`e pnf`t j` GC, taree j` Cfnjhkr`jf? f``ufn cfpfcjty kh 355,444 tk`s
Ajstkrjcfnny prkhjtfgne gusj`ess2 strk`l efr`j`ls hkr ft nefst 65 yefrs*
prjkr tk hj`f`cjfn crjsjs
@efrny we`t gf`orupt gehkre gej`l recfpjtfnjzem gy j`vestkr lrkupnem gy gujnmj`l prkmucts j`mustry veterf` Fifr Mkif`
J`stfnnem ajisenh fs cafjrif`, repnfcem hkrier if`fleie`t
Fhter eck`kijc mkw`tur`, spe`t yefrs prekccupjem wjta gfnf`cesaeet, ckst-cuttj`l f`m le`erfnny stfyj`l fhnkft
K`ny j` pfst ckupne kh yefrs afs jt gee` fgne tk sajht hkcus tk sfnes lrkwta
*Lkj`l gfco fs hfr fs resunts fre fvfjnfgne
7/21/2019 Sohn Canada Presentation - Oct. 2014
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\ay js ]ree Jsnf`m \krta Zkur Ftte`tjk`;
]rfmes ft 3.8x `krifnjzem hree cfsa hnkw (HCH)
Ifterjfn krlf`jc lrkwta pkte`tjfn hkr yefrs tk ckie wjta njttnej`creie`tfn cfpex
Exceptjk`fnny wenn-ru`
Ck`sjmerfgne j`sjmer kw`ersajp f`m rece`t guyj`l
7/21/2019 Sohn Canada Presentation - Oct. 2014
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\ay js Jt Sk Caefp;
Sifnn, cnkseny-aenm ckipf`y
U`merhknnkwem2 u`tjn ness taf` f yefr flk, afm `kefr`j`ls cfnns kr f`fnyst ckverfle
Gusj`ess afs gee` u`mer-efr`j`l hkr hjve yefrs, kgscurj`ljts true efr`j`l pkwer
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Ckipetjtjve Fmvf`tfles
Wjcaik`m, GC pnf`t (fccku`ts hkr guno kh ]ree Jsnf`m‚s cfpfcjty f`msfnes) afs jipkrtf`t ckst fmvf`tfles
Turcafsj`l2 mue tk nkcftjk` (gy Hrfser Wjver/Tfcjhjc Kcef`) f`m scfne,cf` skurce steen wjre lnkgfnny ft mrfiftjcfnny nkwer fnn-j` ckst per tk`taf` ckipetjtkrs wakse sjze f`m/kr nkcftjk` hkrces taei tk guy nkcfnny
Jipkrts hrki nkw-ckst prkmucers j` Caj`f, Skuta Okref, Fustrfnjf, Cajne etc.
Sfnes2 nkcftjk` j` rfjn/truco gfcoafun ifroet e`fgnes jt tk sajp prkmucts
caefpny hrki GC tk Efster` Cf`fmf, Ijmwest f`m \ester` US Ft sfie tjie, prktectem k` jts akie turh hrki rjvfns j` fgkve reljk`s (sj`ce iuca
ikre expe`sjve tk sajp hrki taere tk \ester` Cf`fmf taf` vjce-versf)
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Cfpfcjty Utjnjzftjk` f`m EGJ]MF
Trkhjtfgne eve` wjta ij`jscune ~34% utjnjzftjk`,extreieny neverflem tk j`creie`tfn sfnes
*Fiku`ts j` ijnnjk`s
4.6 6.3
3.8
<.7
71%
37%
7:%
37%
74%
77%
7=%
78%71%
34%
37%
3=%
38%
31%=4%
4.4
6.4
7.4
3.4=.4
5.4
8.4
<.4
1.4
:.464.4
7464 7466 7467 7463
EGJ]MF Cfpfcjty Utjnjzftjk`
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Krlf`jc Lrkwta Cfse Stumy2 Leklrfpajc
Ckipf`y neverflj`l jts rfjn ckst fmvf`tfle tk expf`msjl`jhjcf`tny j` Jnnj`kjs
Fmmem fpprkxjifteny 8,444 tk`s j` f``ufnjzem sfnes yefr-tk-mfte
Wkki hkr ck`tj`uem expf`sjk`? Jnnj`kjs stjnn f sifnnifroet hkr ]ree Jsnf`m
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Krlf`jc Lrkwta Cfse Stumy2Expnkjtj`l Ckipetjtkr \efo`ess
Flrjcunturfn he`cj`l2 wk` safre hrki rjvfn j` \ester` Cf`fmf gy khherj`l hfriers ikre hreque`t sajpie`ts kh nkwer-vknuie
krmers wajne ckipetjtkr j`sjstem k` hunn truconkfm menjverjes
Wjvfn rece`tny wjtamrew hrki Cf`fmjf` ifroet, af`mj`l ]reeJsnf`m eve` ikre gusj`ess
Z]M fmmem fpprkx. =,444 tk`s f``ufnjzem
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Krlf`jc Lrkwta Cfse Stumy2 Custkier \j`s
\k` hfste`er gusj`ess wjta Nkwe‚s Cf`fmf j` pfst yefr
Lrkwta pkte`tjfn2 Nkwe‚s stjnn afs sifnn prese`ce j` Cf`fmf,seeis j`te`t k` expf`mj`l (e.l. gjm hkr Wk`f j` 7467)
Kppkrtu`jty tk pe`etrfte Nkwe‚s fccku`t f`m geckie suppnjerj` \ester` US
Cfse stumjes jnnustrfte strjmes ]ree Jsnf`m js ifoj`l mespjte njttneaenp hrki ifcrk e`vjrk`ie`t? sfnes lfj`s wjnn fccenerfte
jh US (jts ifj` ifroet gy hfr) ck`tj`ues tk regku`m
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Hurtaer Evjme`ce kh Sfnes ]rfctjk`
Hrki nfte V6 tarkula V7, lrew prkmuctjk` stfhh j` Wjcaik`m gy 7<% f`m ft Cfnjhkr`jf pnf`ts gy 63%
Fmmj`l nfgkur ckst-ehhectjveny? nftest rku`m kh u`jk` mefns
prkvjmem hkr iuca nkwer wfle rftes hkr `ew wkroers
Wesunts fctufnny aurt j` V7 mue tk trfj`j`l cksts, j`ehhjcje`cjesfsskcjftem wjta spjoe j` `ew eipnkyees? ge`ehjt hrkiexpf`mem wkrohkrce yet tk ge see` j` hj`f`cjfns
Stfhh fmmjtjk`s sullest if`fleie`t f`tjcjpftj`lck`tj`uem pjcoup j` vknuies
7/21/2019 Sohn Canada Presentation - Oct. 2014
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If`fleie`t Cfse Stumy2 7467 Megt Wepurcafse
\ae` ]ree Jsnf`m hfcem hj`f`cjfn mjhhjcuntjes, jt kgtfj`em hkrgefrf`ceflreeie`ts k` jts pfyfgnes hrki jts twk ifj` steen ve`mkrs J`stefm kh gej`l jiiemjfteny mue, fiku`ts wkunm ge repfjm k` j`stfnnie`t
gfsjs ft <% j`terest
J` 7467, re`elktjftem taese flreeie`ts fs hknnkws2 Xe`mkr #6 (kwem US$68.<ii)2 megt hunny extj`lujsaem j` excaf`le hkr
US$5ii pfyie`t? <4% afjrcut
Xe`mkr #7 (kwem US$65.1ii)2 `k pfyie`ts hkr sjx yefrs, prj`cjpfn wjnn gerepfjm hrki 7461 tk 7471 wjta j`terest ft =%, `k`-ckipku`mj`l f`m muehrki 747= tk 7471? fpprkx. 84% afjrcut k` TX gfsjs
Enjij`ftem ckipf`y‚s gjllest njfgjnjty ft ckigj`em mjscku`t kh ~85% wjtakut reskrtj`l tk gf`oruptcy f`m wjta `k equjty mjnutjk`,
creftj`l treie`mkus safreaknmer vfnue
7/21/2019 Sohn Canada Presentation - Oct. 2014
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J`sjmer Guyj`l
CEK, CHK f`m XT Sfnes afve fnn pfjm getwee` $7.34 f`m $7.=4 persafre j` pfst afnh yefr (36% tk 3<% preijui tk curre`t prjce)? CEK afs
gkulat safres j` seve` kh nfst `j`e qufrters
J`sjmer purcafses sj`ce Buny 7463 7,665
Mjnutem safres kutstf`mj`l 37,534
Turcafses2 % kh safres 8.5%
*Fiku`ts j` takusf`ms
Seve` j`sjmers afve gkulat <% kh ckipf`y k`kpe` ifroet j` pfst 65 ik`tas
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Akw Iuca Cf` ]ree Jsnf`mIfoe j` @krifnjzem E`vjrk`ie`t;
Hrki 6::1 tk 7447 (prjkr tk k`set kh US akusj`l guggne),f``ufn EGJ]MF rf`lem hrki $73ii tk $3=ii,fverflem $71ii*
EGJ]MF kh $75ii j` 7448* mespjte Skutawester` USakusj`l ifroet gelj``j`l tk ckkn taft yefr
*Gehkre hkrejl` excaf`le lfj`s j` fnn yefrs f`m k`e-tjie lfj` hrki wjre rkm prjce mrkp j` 6:::. \jtakuttaese fmbustie`ts, EGJ]MF tktfns wkunm wkunm ge sugstf`tjfnny ajlaer.
Kperftj`l efr`j`ls sakunm retur` tk $75ii rf`le f`m ckunmexceem taft neven – ]ree Jsnf`m afs le`erftem ijnnjk`s kh mknnfrs
j` hjxem ckst cuts sj`ce Mkif` cfie fgkfrm
7/21/2019 Sohn Canada Presentation - Oct. 2014
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@krifnjzem HCH Iuntjpne
Ft HCH iuntjpne kh te`, eve` jh jt tkko hjve yefrs tk fttfj`
`krifnjzem resunts, j`vestkrs wkunm stjnn efr` CFLW kh 73%
*Fiku`ts j` ijnnjk`s
EGJ]MF $75.4
Ifj`te`f`ce cfpex (6.5)
J`terest (7.3)
]fxes (5.3)HCH $65.:
Ter safre $4.=:
T/HCH 3.8
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Cftfnysts
Ck`tj`uem sfnes trfctjk` Efr`j`ls, HCH wjnn skfr fs cfpfcjty utjnjzftjk` regku`ms hrki 34%-rf`le
]uco-j` fcqujsjtjk`s \jnn fmm ckipneie`tfry prkmucts/renftjk`sajps, e`af`ce efr`j`l pkwer
Mjvjme`m resuiptjk` Mkif` afs ajstkry kh hfvkurj`l mjvjme`ms ft j`vestee ckipf`jes
Nkw cfpex requjreie`ts, cnkseny-aenm `fture kh safres (ifoj`l guygfcosmjhhjcunt) suppkrt rftjk`fne hkr mjvjme`ms
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Ck`cnusjk`
Ifterjfnny u`mervfnuem
Excenne`t if`fleie`t wjta ifbkr „soj` j` tae lfie’
Cnefr strftely tkwfrm restkrj`l hkrier prkhjtfgjnjty,strk`l evjme`ce kh successhun executjk`
7/21/2019 Sohn Canada Presentation - Oct. 2014
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J`vestie`t Jmef2 ]errfXest Cfpjtfn J`c. (]SQ2 ]XO)
Mjversjhjem Aknmj`l Ckipf`y
7/21/2019 Sohn Canada Presentation - Oct. 2014
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S`fpsakt
*Fnn hj`f`cjfn hjlures pertfj`j`l tk ]errfXest fre j` Cf`fmjf` mknnfrs
Safres
61.8 ijnnjk`
Wece`t Trjce
$8.74*
Ifroet Cfp
$665 ijnnjk`*
Mjvjme`m
$4.=4* (8.5% yjenm)
7/21/2019 Sohn Canada Presentation - Oct. 2014
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]errfXest ]kmfy2 ]aree Tfrts
WBX Lfs Hjenm Servjces
If`uhfctures wennaefm prkcessj`l equjpie`t hkr kjn f`m lfsj`mustry j` \ester` Cf`fmf
Lestjk` Berjck
If`uhfctures jteis suca fs prkpf`e mjspe`sers, resjme`tjfn f`mckiiercjfn njqujm ck`tfj`ie`t u`jts, guno prkpf`e trucos
Mjfik`m E`erly Servjces
Servjce rjl kperftkr j` Sfsoftcaewf`
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Gfcolrku`m
Hkrierny f ck`lnkierfte wjta sjx mjvjsjk`s
Strullnem fs severfn sugsjmjfrjes u`merperhkriem, cunij`ftj`l j`mjvjme`m suspe`sjk` j` 744:
Fctjvjst j`vestkr tkko ck`trkn kh ckipf`y
Hrki 7464 tk 7467, mjvestem hkur kh jts sjx mjvjsjk`s, usemprkceems hkr specjfn mjvjme`ms, safre repurcafses
Wej`stftem relunfr mjvjme`m j` 7463
Efrnjer tajs yefr, fcqujrem Berjck f`m gelf` tk pursueck`sknjmftjk` strftely
7/21/2019 Sohn Canada Presentation - Oct. 2014
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\ay js ]errfXest \krta Zkur Ftte`tjk`;
HCH iuntjpne kh 8.< gfsem k` ru`-rfte kh curre`t gusj`ess
J`vestkrs pfyj`l `ktaj`l hkr serjkus lrkwta prkspects
Xfnuem ft bust 3.8x estjiftem HCH j`cnumj`l njoeny fcqujsjtjk`s Fllressjveny pursuj`l ck`sknjmftjk` ft WBX f`m Berjck? `uierkus
tfrlets fvfjnfgne ft nkw-sj`lne-mjljt EGJ]MF iuntjpnes
Cf` mkugne HCH j` `ext taree yefrs
Weckrm kh excenne`t cfpjtfn fnnkcftjk`
Ck`sjmerfgne j`sjmer kw`ersajp f`m rece`t guyj`l
7/21/2019 Sohn Canada Presentation - Oct. 2014
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\ay js Jt Sk Caefp;
U`merhknnkwem2 `k f`fnyst ckverfle kr efr`j`ls cfnns gehkre Fulust
Z]M resunts u`merstftem gecfuse Berjck fcqujsjtjk` cnksem ijm-yefr?fgse`t hrki 6.5 kut kh 3 qufrters* j`cnumj`l sefsk`fnny-strk`l V6
U`merfpprecjftem lrkwta pkte`tjfn2 ]errfXest j` efrny stfles kh
fcqujsjtjk` strftely fhter yefrs kh sarj`oj`l
*]errfXest‚s hjscfn yefr e`ms k` Sep. 34
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Ck`sknjmftjk` Kppkrtu`jty2 WBX f`m Berjck
Gkta mjvjsjk`s j` hrflie`tem j`mustrjes wjta if`y sifnn kperftkrs
@uierkus tfrlets fvfjnfgne ft nkw vfnuftjk`s (=-=.5x stf`mfnk`e EGJ]MF)
Gkta WBX f`m Berjck afve j`aere`t fmvf`tfles taft e`fgne taei tk
crefte sjzefgne ckst sy`erljes WBX2 j`-akuse if`uhfcturj`l cfpfgjnjtjes fnnkw jt tk cut kut ckstny ck`trfctkrs,
efr` iuca ajlaer ifrlj`s taf` peers
Berjck2 cf` skurce steen ft ief`j`lhunny nkwer prjces taf` ckipetjtkrs (tajsfnsk aenps WBX, wajca skurces hrki Berjck)
Ckigj`em, WBX f`m Berjck afve kppkrtu`jty tk mepnky
$644ii-pnus ft 7.5-3x EGJ]MF fhter ckst-cuttj`l
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Cfpjtfn Fnnkcftjk` Cfse Stumy2 @\T J`mustrjes
WBX ckipetjtkr, hjrst fcqujsjtjk` u`mer `ew ck`sknjmftjk`strftely? mefn cnksem j` Fulust
Tfjm =.75x EGJ]MF gfsem k` curre`t resunts
Ifbkr ckst-cuttj`l kppkrtu`jty hrki expnkjtj`l WBX‚s f`mBerjck‚s ckst fmvf`tfles f`m hrki kverfnn ehhjcje`cjes
If`fleie`t afs o`fco hkr hj`mj`l wfy tk reikve cksts
@\T `kt f`kifnkus? iuntjpne trf`sfctjk`s wjta sjijnfr
eck`kijcs gej`l expnkrem gy gkta WBX f`m Berjck
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Cfpjtfn Fnnkcftjk` Cfse Stumy2 Sugstf`tjfn Jssuer Gjm
J` 7467, ]errfXest khherem tk repurcafse 5ii safres (75% khsafres kutstf`mj`l) tarkula sugstf`tjfn jssuer gjm ft $7.<5
Safreaknmers te`merem <.7ii safres? j`stefm kh prk-rftj`ltaei, ckipf`y enectem tk fccept e`tjre fiku`t
Gkulat gfco 38% kh jts safres ft nkw-sj`lne-mjljt HCH iuntjpnef`m ness taf` afnh kh curre`t prjce
7/21/2019 Sohn Canada Presentation - Oct. 2014
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J`sjmer Guyj`l
@kt j`cnumem fgkve2 Cafrnes Tennerj` (ru`s Berjck) recejvem ajs pkrtjk`kh Berjck fcqujsjtjk` prjce e`tjreny j` stkco, fnjl`j`l ajs f`m
]errfXest‚s j`terests? `kw kw`s 67% kh ckipf`y
@j`e j`sjmers afve gkulat 1% kh ckipf`y k` kpe` ifroetsj`ce Hegrufry ft fverfle ckst kh $8.76 per safre
J`sjmer purcafses sj`ce Heg. 746= 6,=78
Mjnutem safres kutstf`mj`l 61,5:=
Turcafses2 % kh safres <.<%
*Fiku`ts j` takusf`ms
7/21/2019 Sohn Canada Presentation - Oct. 2014
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HCH Iuntjpne2 Curre`t Gusj`ess
Ikmest vfnuftjk` eve` jl`krj`l fcqujsjtjk`s? j`vestkrspfyj`l `ktaj`l hkr ]errfXest‚s sjzefgne lrkwta prkspects
EGJ]MF ru`-rfte $34.4
Ifj`te`f`ce cfpex (=.4)
J`terest (3.6)
]fxes (5.<)HCH $6<.7
Ter safre $4.:7
T/HCH 8.<
*Fiku`ts j` ijnnjk`s
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HCH Iuntjpne Fmbustem hkr Trkgfgne Fcqujsjtjk`s j` @ext ]wk tk ]aree Zefrs
J` nk`ler teri, sjl`jhjcf`t caf`ce kh fmmjtjk`fn trf`sfctjk`s geyk`mneven fssuiem j` tajs cfncunftjk`, ifoj`l stkco eve` caefper
Trese`t ru`-rfte $6<.7
EGJ]MF hrki WBX fcqujsjtjk`s 63.3
EGJ]MF hrki Berjck fcqujsjtjk`s 74.4
J`creie`tfn cfpex, j`terest, tfxes (67.3)
HCH $31.7
Mjnutem safres kutstf`mj`l2 prese`t 61.8
Safres jssuem hkr fcqujsjtjk`s 3.8
Fmbustem safres 77.7
HCH per safre $6.<7
T/HCH 3.8
*Fiku`ts j` ijnnjk`s. Fssuiem $=4ii f`m $84ii j` fcqujsjtjk`s hkr WBX f`m Berjck, respectjveny, hu`mem <5% megt f`m 75% equjty, ft 3x EGJ]MF fhter sy`erljes.
7/21/2019 Sohn Canada Presentation - Oct. 2014
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Cftfnysts
Hurtaer fcqujsjtjk`s
Nfrle pjpenj`e kh mefns fvfjnfgne ft gfrlfj` prjces
\jnn resunt j` rfpjm lrkwta hkr hkreseefgne huture
Ik`etjzftjk` kh Mjfik`m – k`ny selie`t `kt tfrletem hkr lrkwta
Stfgne efr`j`ls, nefmj`l safre j` jts reljk`? wkunm ge fttrfctjve fmmjtjk`hkr nfrler e`erly servjces hjri
\kunm prkvjme sjl`jhjcf`t cfpjtfn tk remepnky j`tk WBX f`m Berjck
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Ck`cnusjk`
F`kifnkusny caefp
Ajla melree kh j`sjmer fnjl`ie`t,reckrm kh jipressjve cfpjtfn fnnkcftjk`
J`vestkrs afve`‚t cfulat k` tk e`krikus lrkwta pkte`tjfn
7/21/2019 Sohn Canada Presentation - Oct. 2014
http://slidepdf.com/reader/full/sohn-canada-presentation-oct-2014 33/33
]SN f`m ]XO2 Jipkrtf`t Ckiik`fnjtjes
Ijsu`merstkkm2 ifroet jl`krj`l hu`mfie`tfn caf`les ftefca gusj`ess
Meik`strfgny caefp? ckipennj`l ifrlj` kh sfhety
Strk`l if`fleie`t f`m sugstf`tjfn j`sjmer guyj`l
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