STIRLING RESERVE FUND INCstirling-funds.co.uk/uploads/3/5/9/2/35927947/2012_q2_commentary... · DIUTINUS VIRES QUOD PENDO The Business Centre STIRLING RESERVE FUND INC. Upton, St

DIUTINUS VIRES QUOD PENDO

The Business Centre STIRLING RESERVE FUND INC. Upton, St. Michael www.stirling-funds.co.uk Tel: (246) 434-2040

Barbados, West Indies BB11103 純品基金 Fax: (246) 429-5153

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The Stirling Reserve Fund

Nothing Is As It Appears

2rd Quarter 2012 Commentary

September 19, 2012 Upton, in the parish of St. Michael

Barbados, West Indies




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September 19, 2012 Upton, in the parish of St. Michael

Barbados, West Indies


We have been in the investment and asset management business forever, or so it seems… (but, yes – the alternative (death?), is definitely worse – and we have been living in the world (is there anywhere else to live?) for decades and now we clearly and fundamentally understand that Nothing Is As It Appears. We are sceptical of sceptics. We believe nothing. We distrust everything. (Yes, I’m sure we are boring at parties). And we focus on former President Ronald Reagan’s advice when he schooled the world when referring to the Soviet’s (‘the evil empire’s”) nuclear missiles … “trust but verify”.

And in the investment world we are reminded repeatedly of the simple yet banal aspects of this statement and we are cognizant of cogent words of the advice from two of the foremost philosophers of




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our time (below we include a quote from two Buddhas … one who I believe is a health-food practitioner from St. Lawrence Gap (with a big round stomach); the first quote is from a living deity (that’s French for Buddha) … but I digress:

”Believe nothing you read, nothing you hear

& only half of what you see”

J. Ian Flatt, circa 1975 to his kids

And we are often presented with misleading corporate commentary against their actions. Witness:

1. JP Morgan – a. “I believe we have the best risk management platform … there is no chance we will

experience unplanned, random tail-risk” – Jamie Dimon, CEO to Charlie Rose, Fall 2011 b. “Loss from the clandestine, risky, short-term trading group (subsequently named “The

London Whale”) … could exceed $5 billion (and some estimates have risen as high as $9 billion). The losses were self inflicted and should not have occurred.” – Jamie Dimon, May 2012.

2. Walmart –

a. “Personal and moral integrity is our most basic fundamental principle and it has to start with each of us.” Sam Walton, founder Walmart. “Accepting gifts can cause a conflict of interest between personal interests and professional responsibility. The Walmart




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culture is to never accept gifts from any supplier, government, or any person the associate has reason to believe may be seeking to influence business decisions or transactions. “Associates must never accept items of value, (including, and extending, for example, to a cup of coffee), and failure will result in immediate and “for-cause” termination of your employment. Walmart Associate’s Handbook, Statement of Ethics

b. Spring 2012 … Walmart admits its senior managers (and its current CEO) authorized (condoned … looked the other way?) incentive payments (bribes??) to Mexican government officials exceeding $24 million (how many tacos could that buy??) … (memo to employees - “Do as I say … not as I do”)

3. Barclays –

a. “Our culture demands that we conduct , and hold ourselves, to the highest standards. I will accept no less.” Bob Diamond, in an interview on BBC, February 2012

b. June 27, 2012 - Barclays announced today that it will pay a total £290-million, (BBD $900 million), to settle with Britain's Financial Services Authority (FSA), and, in the United States, the Commodity Futures Trading Commission and the Department of Justice over claims it manipulated Libor 1. Investigations continue into the roles of other banks.

Where is the penitence, the contrition, the penitent wailing, or even some general remorse? Shockingly, (or maybe not), it is sadly lacking 2. These highlight but three recent examples where actions fail miserably to live up to stated corporate policies – “believe nothing you read” … Nothing Is As It Appears.

1 Libor (London InterBank Offered Rate) is the bench mark rate that banks change on inter bank loans, and it is the

rate off which most retail and investment bank transactions, including US$550 trillion of interest-rate derivatives, are priced. It is based on daily submissions by a host of lenders, which are then tabulated by Thomson Reuters. Breaching the bank’s protocol separating derivative traders from those submitting Libor bids (the so-called Chinese walls), between 2005 and 2009, 14 Barclays traders submitted 257 bids, rigging and manipulating the Libor rate for the benefit of their trading desks.

2 Update – July 4, 2012 … Bob Diamond resigns as Barclays CEO.




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As we reflect on the world and our investment positions in it … ok, it’s the middle of summer (please remember this is Crop-Over time 3) … and the weather is hot and the beaches beacon … so in this edition we pontificate and opine on some of our views … and then offer three public service messages – “A Dietary Delight”, “Nothing Is As It Appears” – this is a Must Read, and “A Crisis To Buy”. But first, let’s check in with the Executive Committee.

Dateline: The Business Center, Upton, St. Michael, Barbados, 10:00am May 16, 2012 … Stirling’s three member Executive Committee, prior to the start of a meeting …

Our Chairman and Chairman of the Executive Committee (note the screen saver … more on this later)

Ms. Sherene, FCCA 4

And here is Sue, after reviewing her daily “To Do” list at 10:01am …

3 Crop Over Festival … our nation’s 4 week party (yes you are reading that correctly) … celebrating, well

historically the end of the sugar cane harvest … but now it has been repositioned as a celebration of life and of our Bajan culture. Highlights include Cohobblopot – the island’s largest festival show and uncounted (and uncountable) local Kadooments – the brightly colored parades of costumed revellers swaying to Calypso music … all fuelled by generous servings of our famed rum. Don’t miss it … and we b’ liming.

4 Ms. Sherene, FCCA requires that you insert her accounting designation letters each time we mention her name –

you go girl! (sorry, you go Madam Chairman).




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Susan Flatt aka: The Scream - Edvard Munch Sold May 2, 2012 at auction at Sotheby’s

for $240 million BBD!!


“Endure the present and watch for better things”

“Trends continue … until they don’t”

Virgil

The global markets today remind us of the old adage … “it’s a riddle wrapped up in an enigma” … or words to that effect. Today, investors, in a perceived flight-to-safety, are stretching to buy Treasuries … accepting negative real yields (and on occasion negative yields) … ensuring capital degradation and permanent loss of both capital and purchasing power. This is surely 5 a mug’s game – sheer and utter financial lunacy. And this is no time for long-term investors to be diffident. As the global monetary authorities have collectively debased their fiat currencies, the price of almost everything has been reduced … offering investors a unique opportunity to reposition investment portfolios into best-in-class

5 Airplane, 1980:

Rumack: Can you fly this plane, and land it? Ted Striker: Surely you can't be serious. Rumack: I am serious... and don't call me Shirley.




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companies at attractive prices. We were encouraged to note the January 5, 2012 USA Today headline: “Bonds Outperform Stocks Over 30 Years” … reminiscent of the 1979 BusinessWeek headline: “Death of Equities” … that preceded the stock market gains in the 1980s. Markets revert to the medium. Always. And unlike the double digit yields that 10 year Treasuries offered in the early 1980s, today’s sub 2% (sub 2%!!) are guaranteed to lose permanent value, over time …, and are poor investment alternatives compared to the attractive cash flow yields on many of the world’s global giants. And as sure as day follows night, long term interest rates will not remain at these deflated, depressed, disabled, disappointing, dilapidated levels forever. Nothing Is As It Appears.

"A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."

Winston Churchill We believe there are attractive long-term investment opportunities to acquire investment holdings in global giants that are trading at P/E ratios in the 12 -15x range, with sustainable and growing dividends in the 2 – 3% range, with global footprints including access to the emerging Asian and African markets, currency and product line diversification, with growing free cash flow yields financed by conservatively capitalized balance sheets. Sample investment opportunities include: Walmart, Costco, and Home Depot (retail), Philip Morris and British American Tobacco (health foods for adults), Suncor (oil) – see below, Encana and Chesapeake (natural gas – we will comment on this extensively in the future, and yes we are bullish on natural gas, long term), McDonalds and Hershey (children’s health food), Budweiser, Sabmiller, Diageo, Coke and Pepsi (refreshing beverages, especially served ice cold), Nestle, General Mills, Colgate, Campbell Soup, Kellogg, Heinz, Kraft, Proctor and Gamble and J&J (food and related products), 3M, Monsanto, Dupont, Archer Daniels (smart engineering), Intel, Microsoft and Apple (technology). Ten years from now the investment positions – in what we refer to as The Stirling Reserve Fund’s Global Giants Core Portfolio – will be substantially more valuable, and (we believe) our investment thesis will have been proved correct - you read it here first … and last.




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“Formula for success: Rise early, work hard, strike oil” - John Paul Getty

With the recent decline in oil prices (now below $80 compared to $100 a few months ago), coupled with weak stock market prices, we believe we have been provided with a unique opportunity to acquire sizeable positions in global energy giants. We are adding aggressively to our holdings in Suncor, Canada’s premier integrated energy company with an unparalleled resource-rich asset base, and attractive growth opportunities. Suncor has:

Unrivalled Proven Reserves: It has the largest reserves in the Canadian oil sands, and over 35 years of production at current rates;

Strong Growth Prospects: +10% p.a. production growth from current in-process projects;

Attractive Operating Profile: Total supply costs of approximately $50 per barrel ($35 per barrel operating costs) with over 90% of production in crude oil;

Financial Strength: Net debt is less than 0.6x cash flow and total debt to market cap is less than 20% ($6 b vs. $40b).

And attractively Suncor is currently trading in the high $20s … down significantly from the recent high $30s (note: Since September 2011, Suncor repurchased $800 million of its shares at an average price of +$30 / share). With long-life reserves, manageable and controllable exploration and operating costs, with assets located in a political stable region of the world … Suncor offers a compelling investment opportunity for long term investors and is a core holding in our Global Giants Portfolio. We are being provided an opportunity to “strike oil” aka JP Getty … at an attractive, risk adjusted price. And strangely, the loony left pinko environmental charlatans who lobby against Canadian oil sands production … and delay the Keystone pipeline … offer only moderate short-term background noise, and nothing other than baseless bluster and blatant lies. Eventually US politicians will move to reduce OPEC oil dependency – hello, is this really a choice??, and who would argue against that?? … (hey Michael Moore … can you name a democratic country in the Middle East, or one that respects women, or one that upholds democracy, or has a fair judiciary, or doesn’t torture prisoners … oh wait, those aren’t issues that concern you and the rest of your self-inflating hypocrites … ok, I understand … but really I don’t, and really we don’t care about your misguided, self-serving, politically focused commentaries) … and once the rhetoric stops (remember Emma, “the truth will set you free”), it will benefit Canada’s oil sand giants, and will provide safer, cleaner, and more stable energy supplies to America.




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A Public Service Message – A Dietary Delight

This is Sherene’s (Madam Chairman of the Audit and Corporate Governance Committee) god-mother’s step-sisters aunt’s recipe (yes, every Bajan is related or so it seems) for our country’s famous fried fish …

Bajan fish fillets, skin on (purchased from the Oisten fishmongers)

2 limes squeezed & 2 t salt

Bajan seasoning (call Sherene directly if you want the exact recipe … but approximately it involves 1 T of each of the following ingredients: 6 curry powder, cumin, paprika, allspice, rock salt, pepper and cayenne pepper – this is a flavouring to savour and enjoy … and if Ms. Blackett wasn’t an accomplished accountant and island-leading business women she could have been an “Iron Chef” … Sherene … when will you treat us (again) to your culinary expertise?? … buying us chicken at BBQ Barn (while tasty) isn’t really the same 7.

1 egg, beaten

1 cup breadcrumbs & 1 cup flour

Oil for frying - local coconut oil is the best … which is available daily on the ABC highway … strange name for our major highway, but no one asks us), just north (just up d’ road) from the St. Lawrence Gap (the “Gap”). Coconuts (and their oils) are sold daily on the side of the road (bonus – ask for some coconut milk … you will never drink from a cow again). Use olive oil as a substitute.

Squeeze the limes into a bowl with 1 cup of water (here was the actual recipe: “some water”), add the salt and place the fish to soak for about ½ hour. Remove the fish, rinse and pat dry. Whisk the egg with one-half of the Bajan seasoning and place the fish in the mixture for one hour, or so (remember, this is Bajan time). This is where the flavouring comes from. Mix the flour, breadcrumbs and the remaining seasoning. Coat the filets. Shake off the excess. Heat shallow oil in a frying pan over medium heat. Fry the fillets for a couple of minutes on each side, skin side first. Do not overcook. Serve with Bajan hot pepper sauce (pictured above and available through out the island), and lemon (or lime) slices … with Bajan rum, over ice, on the side.

6 Remember this is Barbados: we don’t really measure anything exactly, and it really is “just some of this and a bit

of that”. And it works … especially with a shot of Bajan rum (or three). “Bajan rum won’t solve any problems … but then again, neither does milk” – Ms. Blackett, FCCA, reflecting on her outlook on life …

7 Actually, in the Gap across from the Rostrevor Hotel a street vendor has the world’s best (ok, the universe’s best)

Macaroni pie topped with Flying Fish. $12 BBD. Exquisite “street food”. Tell them Sherene sent you … you’ll get more fish and extra sauce! (note: opens around 10pm … meaning ± a few hours … until the food runs out).




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A Public Service Message – Nothing Is As It Appears

If you only read one document this year (or only one in this lifetime) … Please Read This. We live on an island, surrounded by the Atlantic ocean … and we (and our kids, and our friend’s kids, and our fellow Bajans) are always at the beach; always in the water. So we need to be conscious of, and respectful of the risks of the water, and more specifically of the risks of drowning. Shockingly, drowning is the number two cause of accidental death in Bajan children under 15 (only slightly behind vehicle accidents). And in the US, more than 750 children drown each year (± 2 per day!) with half of them drowning within 25 meters of their parent (and even more shockingly, in 10% of drowning deaths, an adult will watch it happening, unaware of what is happening (source: Center for Disease Control, USA). And the important point is that Drowning Doesn’t Look Like Drowning. And Nothing Is As It Appears. Please spread the word – tweet, facebook, telephone, telex (this later communication mode is for our Chairman). Drowning is largely preventable and needs to be better understood by all of us. As a former lifeguard (and no, I wasn’t an actor on Baywatch … although I did have this poster):

But this is serious, and this is what you need to know - Drowning is not what you see on TV … it is a deceptively quiet event. Waving arms, splashing, and yelling does not occur.

1. Drowning people can not call out for help. The respiratory system is designed for breathing …

without air … people can not speak. Drowning happens in silence. 2. Once water enters the lungs … the victim chokes and their internal systems begin to shut down,

almost immediately. Drowning happens in silence. 3. Drowning people can only struggle below the water’s surface for less than 60 seconds, or so.

Drowning happens quickly. 4. Drowning people often have their eyes open … if you see someone struggling in the water ask them

“Are you alright?” – if they answer at all, they likely are. If they return a blank stare you have less than 30 seconds to save them. Drowning happens quickly.

If someone is yelling frantically for help, they are likely experiencing aquatic distress. They need help, but they can often assist in their own rescue, grabbing a lifeline etc. Drowning victims can not yell for help; can not wave their arms; can not assist in their recovery … AND THEY DIE IN SILENCE, QUICKLY.

Be safe - Be water safe.




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A Public Service Message – A Crisis To Buy

Ben Shalom Bernanke, Chairman – Federal Reserve Washington, USA Timothy Geithner, Secretary of the Treasury Washington, USA Distinguished Gentlemen, Dr. Ben, as Chairman of the most important (non-elected) financial position in the world (with apologies to our esteemed and distinguished Chairman), and Tim as Chief at the US Treasury (the most influence financial position in the world), your collective actions and the execution of your policies will influence the global economies, both now and into the future. And today you sit at the precipice of a generational opportunity to help solidify and maintain America’s global dominance … but your current policies (with respect) are partially misguided, short-term focused, and largely politically driven. The US Congress established three key objectives for the Fed’s monetary policy—maximum employment, stable prices, and moderate long-term interest rates—all mandated under the Federal Reserve Act. Often conflicting, these objectives drive monetary powers with the most direct being the setting of the Fed Funds rate:

http://upload.wikimedia.org/wikipedia/commons/3/31/Federal_Funds_Rate_1954_thru_2009_effective.svg




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And as is clearly shown on the graph … today’s interest rates are at generational lows … in spite of the fact that the US government has increased its national debt by $5 trillion ($5T !!) since President B. Huessin Obama II moved into the White House. But investors (sic?) are willing to lend the US 10 year money at rates below 2% … yet the US administration has failed to materially extend the debt duration, a seemingly prudent move that could help finance America’s future, locking in these low rates. Corporations have issued long-dated bonds (Disney issued a 100 year “Sleeping Beauty” bond), and in 2011, buyers grabbed Mexico's 100-year bonds, despite that country's pockmarked history of devaluations and defaults (Mexico – home of lawlessness and drug smuggling … and that’s just the politicians and the police!!) … yet the US issues short dated paper … and plays the “twist” charade (selling short dated paper and buying longer term notes)… with the incremental, minimalist, interventionist intent to lower long term rates, all to influence short term rates … for the short term! But this is neither sustainable, nor financially prudent. This isn’t fiscal policy … it’s gaming the short-term market, for what can only be for political reasons. Gentlemen, here is a practical, financially responsible, fiscally prudent suggestion – the US should issue 100 year (or perpetual?, why not) bonds (call them the Golden Eagle Bonds?) and lock in low (say 3 or 4%) interest rates. This is a once in a generational opportunity for the US government to de-lever the risk of interest risk increases for future generations … it shouldn’t let a crisis go unused. (In a similar way, the Fund will, over time, attempt to “lock-in” longer term funding at rates that we believe are incredibly attractive, but the difference is we don’t have a printing press.)

The Golden Eagle – don’t fight the Fed 8

8 Don’t fight the Fed is an important investing tenant – the Fed can print money (out of thin air, literally), and they

set the overnight Federal Funds rate, the foundation on which global rates are based (in tandem with Libor). So when the Fed announces targeted long term interest yields of 2-3% … for the extended term, and zero rates (zero!!) for short term rates, investors need to pay attention. Fifteen years ago, I spoke at an investment seminar … and emphatically proclaimed that I would short-sell US long-dated Treasuries, in perpetuity and forever, if they fell below 5%. The Fund exists today because I didn’t follow through on that ill-timed advice (and as our Chairman has said: “Being right but too early, means you were wrong”). Don’t fight the Fed. (Yet today I feel comfortable re-stating the prediction … interest rates will rise, bond prices will fall, and equities will outperform over the next quarter century.) Nothing Is As It Appears.




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Corporate Matters

On behalf of the entire management team and our employees, we wish to express our appreciation to the Board of Directors, and to the Executive Committee, the Investment Advisory Committee, and Audit and Corporate Governance Committee for their oversight of, active involvement in, and management and supervision of the business affairs, investment policy and day-to-day execution of the Fund. It is our privilege to work for, and to report to them.

The Fund’s overall objective is long-term capital appreciation attained through relatively risk averse, prudent investment selections. We will continue to objectively analyze both current and new opportunities with the intent to create sustainable, long-term value. If you have any questions please contact us directly by telephone (246-434-2040), via email ([email protected], [email protected], or [email protected]) or visit us in our office (The Business Center, Ground Floor, in Upton, in the parish of St. Michael) during regular Barbadian working hours.

Thank you for your ongoing support.


David Csumrik Susan Flatt Gordon Flatt Managing Director Senior Portfolio Manager Chief Investment Officer

September 19, 2012

Upton, in the parish of St. Michael Barbados, West Indies

PS: People sometimes forget the town where our office is located (yes, Ms. Sherene, I know … Upton is not a town … it just is) but as a public service our Chairman has included the following navigational guide (actually it’s his screen saver – see page 5) – and note, this is how he remembers where our office is. Nothing Is As It Appears … but this is as it appears – DGC.

“Davie, I miss u lots of love” – Missy Kate Upton




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Profile The Stirling Reserve Fund invests in a reasonably concentrated portfolio of generally large-cap global companies (“Global Titans Core Portfolio”©) and holds currency positions with the objective to preserve and increase the long-term purchasing power of the Fund's assets. The Fund invests opportunistically, is value-oriented and risk-adverse. It is unrestricted in investment style, asset class allocation, geographic focus or currency strategy and adjusts investment strategies and exposures based on underlying market dynamics, geopolitical trends, and other factors in order to avoid undue risk and to take advantage of industries, companies or currencies that appear poised to outperform. Investments may be allocated between equities, bonds, money market instruments or other alternative investment classes. The Fund may also hedge equity, fixed income or currency exposure through short-selling or derivative strategies when market vulnerabilities appear to exist. The principle objective of the Fund is long-term capital appreciation attained through relatively risk averse, prudent investment selections. The Stirling Reserve Fund reports in Barbados dollars and is managed from and operates exclusively from Upton, in the parish of St. Michael, Barbados, West Indies. The Fund commenced operations in January, 2010. The Fund operated as Coastal Value Fund (www.sedar.com), a publicly listed investment fund, from 2003 – 2006 and did not operate from 2007 – 2009.

Printed in Upton, in the parish of St. Michael, Barbados, West Indies on recycled post-consumer paper




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Legal Disclaimer

The views expressed within this report are the views and opinions of The Stirling Reserve Fund (“the Fund”), or the views or opinions of one of the members of the management team (whose views or opinions may differ from the other members of the management team), and are subject to change at any time based on market, macro events, or other conditions. The opinions or views expressed are based on information from public and private sources and are believed to be reliable but the Fund cannot guarantee the accuracy or completeness of this information. Forecasts, estimates, and certain information or opinions may be based upon proprietary research and modeling that may not be suitable for all investors – nothing herein shall be considered or construed as investment advice or investment recommendations. The information has not been independently verified or audited and may include estimates that may not represent actual results. Readers are also cautioned that other organizations may hold views or opinions that differ materially. This is not an offer or solicitation for the purchase or sale of any security, and nothing should be construed as such. References to specific securities, companies or currencies are for illustrative purposes only and are not intended to be, and should not be interpreted as recommendations to purchase or sell such securities, companies, or currencies. No part of this document constitutes any recommendation of any particular investment or investment strategy. Further, the Fund may not continuously follow any investment strategy, and it may hold investment positions that are counter to the ideas presented. This article is distributed for informational purposes only. Past performance is not a guarantee or a reliable indicator of future results. An investment in the Fund may be considered speculative, may be volatile and involves risk. There is no guarantee that the Fund’s investment strategies will prosper under all market conditions, especially under sustained periods of extreme volatility in the Barbados market or in the global economy. Investing is subject to certain risks including market, interest-rate, credit, and inflation risk, amongst others. Securities may decline in both mark-to-mark valuation, and potentially incur permanent value decline due to both real and perceived general market, economic, industry or company conditions. Investments in securities involve the risk the market’s value assessment may differ from the manager and the performance of the securities may decline. Investing in distressed companies (both debt and equity) is speculative and may be subject to greater levels of credit, issuer and liquidity risks, and the repayment of default obligations contains significant and material uncertainties; such companies may be engaged in restructurings or bankruptcy proceedings. Investing in non-Barbadian (foreign) denominated or domiciled securities may involve heightened risks including currency fluctuations, market and economic risks, political interference and regulatory or country risks, amongst other risk factors. Investments in companies engaged in mergers, reorganizations or liquidations may involve special risks as pending deals may not be completed on time or on favourable terms. Derivatives, options, and futures may involve certain costs and risks such as liquidity, interest rate, market, credit, and the risk that a position might not be closed out when most advantageous. The Fund may use leverage which may amplify losses. Investors are cautioned they could lose all or a substantial portion of their investment. There is no secondary market for investors to sell their ownership interests and none is expected to develop. There may also be restrictions on transferring interests, subject to Barbadian laws. The Fund is closed to new investors and it is not eligible for sale or distribution to United States citizens, nor to Canadian or U.K. residents. This document is for distribution only where permitted, and is subject to the following caveats:

US Investors: Transactions with US investors must be executed with a US broker-dealer or US authorized entities. The Fund is not authorized to transact in the United States of America.

Canadian Residents: No Canadian provincial security commission has reviewed this and the Fund is not authorized to operate in Canada.

U.K. Residents: This report has not been authorized and has not been regulated by the Financial Services Authority (“FSA”). It has not been prepared in accordance with the FSA requirements designed to promote the independence of investment research.

The Fund may collect non-public information from investors and maintains physical, electronic and procedural safeguards over this information. The Fund will not disclose any non-public information, except as required by Barbadian laws. The Fund operates exclusively from Upton, in the parish of St. Michael, Barbados and is regulated as a “Domestic Company” under the laws of the country of Barbados, West Indies. All of the Fund’s officers, directors and senior management team are Barbados citizens or have been issued Work Permits by the Barbados Minister for Immigration to reside in, operate from, and work in the country of Barbados, West Indies.

© 2012: All rights reserved Reproduction, quotations or distribution in written or electronic form of this publication or any part herein without the express written permission of the Fund is prohibited. If you have received a copy of this report in error, please destroy it. 该电子邮件可能含有机密和保密资料. 如果你不打算接受,请删除该电子邮件和摧毁任何副本. 任何传播或使用这些资料的人以外的收件人是非法的.

Printed in Upton, in the parish of St. Michael, Barbados, West Indies on recycled post-consumer paper




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