Cann Global Limited
Annual Report 2019

Plain-text annual report

Annual Report 2019 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Hemp Seed Crops at Waltanna Farms, Victoria Photographer: Eli Levy Cann Global Limited ABN 18 124 873 507 and Controlled Entities Annual Financial Report For the year ended 30 June 2019 EXECUTIVE CHAIRPERSON’S REPORT ‘Cann Global’s view is very positive for the Medicinal Cannabis and Industrial Hemp Seed industries and we are well placed to meet the demands for commodities that are needed globally well into the future.’ Dear Shareholder, I am pleased to provide this Annual Report of Cann Global’s performance in FY2019. This year, Cann Global has undertaken a transformation and re-compliance of business activities which has strengthened and expanded our business footprint, sharpened our focus on consumer goods productivity, enhanced our Capital Infrastructure framework and delivered solid revenue during a 12 months restricted trading period. It should be noted that although T12 operated the hemp food production and distribution division during most of the past year, its revenues are not included within this report as the formal acquisition of T12 only concluded following the current reporting period (July 2018 – June 2019) prior to the relisting in August 2019, so it is only consolidated into the Company’s accounts from July 2019, and is not included in the current presented audited accounts of the Company Group for the previous year. During the past year, we have taken steps to invest in the future of medicinal Cannabis (MC) and Hemp Seed Foods through a multi-million dollar investment in capital infrastructure, partnership acquisition, medicinal cannabis research and consumer goods product development. During the 12 months re-compliance period your Board strengthened our portfolio by completing the 100% merger of Medical Cannabis Limited, (Medical Cannabis Division) and T12 Holdings Pty Ltd (Food Division), secured partnerships with Pharmocann Israel and Bio Health Pharmaceuticals (Pharmaceutical and Manufacturing) and completed a full service management agreement with Medcan Australia to manage and oversee our MC Pharmaceutical and Nutraceutical production. As part of our expansion activities and in discussion with the ASX, and approval of our shareholders, we increased our Board to 5 members which now include Jonathan Cohen, David Austin, and John Easterling. Alex Neuling was engaged as Company Secretary, which allows Sholom Feldman to focus his time on the development and management of the Company. We consider that tenure and skills, proficiency and attributes which are required to effectively govern and manage risk within CGB are now at the right balance to ensure that we have the correct mix between experience and fresh perspectives. I am fully aware that the successful operation of any company is dependent upon having capable, dedicated and professional team members. At Cann Global, our people are the backbone of our company, and we have been very grateful for the dedication and tireless devotion by the team to complete the massive technical undertaking that was required to successfully complete the re-compliance process and have us relisted on the ASX on August 23. With our new Food product range, International partnerships, Asian Food Distributorship deals and our upcoming release of our Pharmocann Nutraceuticals, we are very positive about the short-term market outlook. I will provide a further update on Cann Global’s progress and achieving key milestones at our Annual general meeting in Sydney, later this year. We are confident that CGB and its management team has all the right assets and capability, and is well placed, globally, to continue to deliver and increase shareholder value and wealth. The Board thanks you for your continued support of CGB. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 1 Pnina Feldman Executive Chairperson CANN GLOBAL’S BUSINESS STRUCTURE (ASX:CGB) HEMP SEED FOODS DIVISION MEDICAL CANNABIS RESEARCH Hemp Seed Food products and other health food products combined with Hemp seed VitaHemp SEED BANK 25 unique local cultivars & genetics TECHNION HAIFA Auto-immune disease research headed by Professor David (Dedi) Meiri PARTNERSHIPS PHARMACEUTICAL DIVISION Other products LICENCES All licences that Cann Global business plan requires FACILITIES GMP & TGA approved PHARMACEUTICALS ‘XR’ Pills and other digestible pharmaceutical products NUTRACEUTICALS A range of cosmetic beauty & therapeutic skin formulas unique to Cann Global. Products for men & women MINING & EXPLORATION BAUXITE INVESTIGATING new potentially profitable mining & exploration opportunities Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | i 9th October 2018 18th October 2018 Cann Global’s management partner, Medcan Australia, secures ODC Manufacture License Cann Global signed an MOU with a top Israeli Medicinal Cannabis company, PharmoCann 27th November 2018 Annual General Meeting 25th January 2019 8th February 2019 Change of name to Cann Global (ASX: CGB) Strategic Alliance with TGA approved Manufacturer – Bio Health Pharmaceuticals 15th May 2019 Cann Global receives ASX Listing approval 11th June 2019 Cann Global issues 2019 Prospectus End of Year 2nd July 2019 Cann Global’s management partner, Medcan Australia, secures ODC Research License 2nd July 2019 Meeting of Shareholders - EGM 1st August 2019 23rd August 2019 26th August 2019 29th August 2019 5th September 2019 Cann Global introduces new Board of Directors & Company Secretary Reinstatement to Official Quotation (ASX: CGB) Pharmocann Partnership Operational Update Cann Global’s T12 Food Division announces Costco supply order Cann Global’s T12 Food Division signs exclusive Vietnam Distributorship Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | ii Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | iii Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | iv Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | v Food Division Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | vi Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | vii Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | viii Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | ix Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | x Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | xi Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | xii CONTENTS Executive Chairperson’s Report Corporate Directory Schedule of Mineral Tenements as at 30 June 2019 Directors’ Report Auditor’s Independence Declaration Financial Statements Notes to the Financial Statements for the year ended 30 June 2019 Directors’ Declaration Independent Auditor’s Report Additional Information 1 2 3 4 20 21 26 67 68 71 Directors’ report | Bankers Bank of Western Australia Sydney NSW 2000 Share Registry Computershare Investor Services Pty Limited Level 11 172 St Georges Terrace Perth WA 6000 Telephone: (08) 9323 2000 Stock Exchange Listing The Company is listed on the Australian Securities Exchange Ltd (ASX). Website www.canngloballimited.com Australian Securities Exchange Code: CGB Corporate Directory Directors Pnina Feldman (Executive Chairperson) Sholom Feldman (Managing Director) David Austin (Non Executive Director) John Easterling (Non Executive Director) Joanthan Cohen (Non Executive Director) Company Secretary Alex Neuling Registered Office Level 21, 133 Castlereagh Street SYDNEY NSW 2000 Telephone: Facsimile: (02) 8379 1832 (02) 9291 9099 Email: sfeldman@canngloballimited.com Auditor Nexia Sydney Partnership Level 16 1 Market Street Sydney NSW 2000 Telephone: (02) 9251 4600 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 2 Schedule of Mineral Tenements as at 30 June 2019 Directors’ report | Project Name Eastern Australia Bauxite Projects Status Interest Held % Expiry date South Johnstone South Johnstone EPM18463 MDL2004 Granted Granted 100% 100% 25/05/2020 31/10/2019 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 3 Directors’ report | Directors’ Report The Directors present their report together with the consolidated financial statements of the Group comprising Cann Global Limited (“the Company” or “CGB”) and its subsidiaries, for the financial year ended 30 June 2019 and the independent auditor’s report thereon. Directors The names and details of the Company’s Directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Names, qualifications, experience and individual responsibilities Pnina Feldman Executive Chairperson Pnina Feldman was the first woman in Australia to publicly list a successful mining company (Diamond Rose NL – known at the time as “The float of the decade”). Executive Chairperson of publicly listed companies for over 20 years, she is a well-known entrepreneur and negotiator of deals in the mining industry. She has been involved in the exploration of gold, diamonds, gemstones, iron ore and bauxite amongst other minerals. Pnina Feldman was crucial to the change of Queensland Bauxite to Medicinal Cannabis and Hemp Seed food and to the development of that portion of the company. Mrs Feldman is known for her philanthropic work and was the first person to receive the “Wentworth Community Award”, for dedication and service to the community, presented by the then Wentworth MP the Hon Malcolm Turnbull. She studied arts/law at Melbourne University followed by three years of study in Gateshead, England. She was founding principal at Kesser Torah girls’ high school (formerly Yeshiva Girls High School) and founding principal of Yeshiva College Bondi. Sholom Feldman Managing Director Sholom Feldman has been Managing Director of Cann Global since he co-founded the Company in 2007. Sholom has extensive experience in general commercial management, has performed advisory and company secretarial work for both listed and unlisted companies and has managed both private and listed exploration companies. Sholom was general manager of the publicly listed Diamond Rose NL between 1999 and 2005 and is a director and manager of several private companies. He has been instrumental in negotiating, financing, developing and managing many exploration projects internationally including the purchase of the Guanaco Mine in Chile for Austral Gold Limited from the Canadian Kinross Gold Corporation, and subsequently the purchase of Kinross’ Australian gold assets including the Norseman and Broads Dam Gold Project. Sholom studied at the International MBA program at Bar Ilan University in Israel and has also completed a Company Secretarial Practice and Meetings course with the Chartered Institute of Company Secretaries Australia. Meyer Gutnick (Resigned 2nd July 2019) Non-executive Director Mr. Gutnick has many years’ experience in the investing and finance industry. He has built his reputation in building significant investor portfolios in the banking, insurance and real estate sectors in New York. He is also a seasoned investor in the public markets, including many years controlling investments in the mineral exploration industry including companies on the ASX and the public markets in North America. He is also a well-known philanthropist who has supported many charities internationally and has been instrumental in the establishment of a number of charities particularly focused on higher education and advanced learning. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 4 Directors’ report | David Austin Non-executive Director David Austin is a solicitor practising in Sydney. He had spent many years in the corporate world in the computer, aerospace and heavy engineering industries, and worked for the Northern Territory Government in the 1980s when he was responsible for petroleum, energy, and pipeline policy. During a secondment, he reviewed the Northern Territory Mineral Royalty Act and devised a new mineral royalty regime which encouraged the development of a number of major mining projects. Jonathan Cohen (appointed 2nd July 2019) Non-executive Director Jonathan Cohen is admitted to practise as a barrister in the State of New South Wales. He completed his Diploma of Law at Sydney University, Legal Practitioners Admission Board in 1998 and was admitted as a lawyer in the Supreme Court of New South Wales in 1999. He was admitted to the Bar in New South Wales in 2007 and has practised continuously as a barrister in the State of New South Wales. He has also worked in the ACT, Queensland, South Australia and Victoria. He has a broad practice and works amongst other things in the areas of criminal law and commercial law. John Easterling (appointed 2nd July 2019) Non-executive Director John Easterling comes with a wealth of experience in developing therapeutical products from plants, which includes many years of experience in medical Cannabis cultivation and products. He is nicknamed “Amazon John” due to the many years he has worked with plants and gemstones from the Amazon. He married Olivia Newton-John in 2008 and shares her passion in supporting the continuing growth of the Olivia Newton-John Cancer Wellness and Research Centre in Melbourne. John is a big advocate for legislation reform in Australia to allow wider access to medical Cannabis. He has met on numerous occasions with influential government officials on both sides of parliament, from the Prime Minister and members of the Coalition government to the Leader of the Opposition and shadow ministers, to promote the importance of access to medical Cannabis for patients in need of its benefits. The Board of CGB believe that the addition of Mr Easterling and his experience, knowledge and contacts to the team, will add enormous value and assistance to CGB, to ensure that it continues to be the leading medical Cannabis and hemp company in Australia as the industry continues to open up to the massive local and global market opportunities. Since 1976 John Easterling has been an explorer and treasure hunter in the Amazon Rainforest. It was there, after a personal health crisis, he was introduced to the traditional use of medicinal plants by the Indigenous People in Peru. Since then, his passion for plant medicine has only accelerated. Easterling's original degree is in Environmental Studies. He founded the Amazon Herb Company in 1990 and serves on the board of the Amazon Center of Environmental Education and Research. Amazon John’s 28 years of Plant Medicine experience have been profiled on TV and Radio including "Good Morning America" and "Fox and Friends". His product formulations have sold over $100 million worldwide. John has been featured in two PBS documentaries, World News Report "Amazon John and Rainforest Medicines" and Jean Michel Cousteau's "Return to the Amazon." His passion for Cannabis as a plant medicine began with his first cultivation in 1970. He currently maintains a personal research garden of multiple cannabis strains in California and is co-owner of a licensed medical cannabis farm, Crystal Pharm Organics, in Oregon. He has bred a dozen new genetics, and his focus now is formulating using a broad range of cannabinoid and terpene profiles for specific therapeutic benefits. As a formulator and educator John has met with researchers and cultivators in many states in America as well as Canada, Israel and Australia and is convinced that cannabis and plant medicine can eliminate or alleviate most of the degenerative health issues people are facing. Easterling believes the dramatic growth and interest in cannabis is still Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 5 Directors’ report | in its early stages, and Australia has a unique window of opportunity to become a global leader in this space. Interests in the shares and options of the Company and related bodies corporate The relevant interest of each Director in the shares or options over shares of the Company and any other related body corporate, as notified by the Directors to the Australian Securities Exchange in accordance with S205G(1) of the Corporations Act 2001, at the date of this report is as follows: Ordinary shares Options over ordinary shares Pnina Feldman (1), (2) Sholom Feldman (1), (2) David Austin Jonathan Cohen John Easterling 193,597,812 193,597,812 - - - - - - - - 1) Pnina Feldman and Sholom Feldman are each directors of L'Hayyim Pty Ltd which holds 4,222,812 shares in its capacity as trustee of the 770 Unit Trust. 2) Pnina Feldman and Sholom Feldman are each directors of Volcan Australia Corporation Pty Ltd which holds 189,375,000 shares. Share options Unissued shares under options At the date of this report unissued ordinary shares of the Company under option are 116,140,260. (2018: NIL) Made up of: Equity subscriptions 85,000,260 L1 Capital 31,140,000 Total 116,140,260 These options do not entitle the holder to participate in any share issue of the Company or any other body corporate. Shares issued on exercise of options During or since the end of the financial year, the Group issued no ordinary shares of the Company, as a result of the exercise of options. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 6 Directors’ report | Earnings per share Dividends Cents Basic earnings (loss) per share (0.57) Diluted earnings (loss) per share (0.57) No dividends were paid or declared since the end of the previous financial year. The Directors do not recommend a payment of a dividend in respect of the current financial year. Directors’ meetings The number of meetings of Directors held during the year (including meetings of committees of Directors) and the number of meetings attended by each Director were as follows: Pnina Feldman Sholom Feldman Meyer Gutnick David Austin Board meetings A 12 12 12 - B 12 12 12 12 Notes A = number of meetings attended B = number of meetings held during the time the Director held office during the year or was a member of the board. Principal activities The principal activities of the Group during the year were legally developing, growing, cultivating and producing hemp and medicinal cannabis products, and mining exploration and evaluation in Australia. There were significant changes in the nature of the Group’s current metals and mining activities during the year. The Company has re-complied with Chapters 1 and 2 of the ASX Listing Rules and was granted admission to the Official List of ASX on 23 August 2019 in the Health Care sector. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 7 Directors’ report | Operating and financial review Cann Global Ltd (ASX: CGB) (“CGB” or “the Company”) presents the following report on activities for the year ending 30 June 2019. FOOD DIVISION Developments As announced in August 2018, the Company entered into an agreement to purchase 100% of T12, which produces and distributes a number of leading brands in the hemp and health food industries. T12 took over the management of CGB’s food production and distribution division from the time of entering into the agreement. As mentioned above, the acquisition was not formally concluded until prior to the relisting in August this year which is after the reporting period, and therefore T12 accounts have not been included in this report, as the consolidation of T12 only became formally included within the Group accounts following the end of this reporting period ending June 2019. The following are the developments associated with the Company’s food division as operated by T12 from the time of announcing the deal with CGB last year. T12 - Wholesale & Distribution In 2018/19, T12, in conjunction with HHC, undertook a major infrastructure upgrade at the Coolum Beach Dehulling facility in Queensland in order to ensure that its manufacturing and production reached the highest quality standards of Organic Food Certification required to export its organic foods range to Asia and for distribution in Australia. HHC was pleased to receive HACCP Certification and Certified Organic Certification. T12 continues to introduce new lines and is strengthening its market reach, both in Australia and Asia. T12 will launch 7 new product lines in September and October 2019. In August, Cann Global was pleased to announce that T12 received their first Australian Costco order. T12 will supply eight full pallets of VitaHemp soft-gel Hemp Seed capsules to Costco. This first order will be distributed across the Australian Costco Wholesale Network. T12 recently announced that it had signed an exclusive distribution agreement with EPCO Foods VIETNAM to export an ongoing 20MT of Australian premium ‘Australian Grown Naturals’ and ‘OMD Black Bag’ Chia Seed directly to Southeast Asia. EPCO Foods have now received the necessary approvals from the Vietnamese government to allow it to import T12’s premium Hemp Seed Food range. EPCO distribute food consumables to Vietnam, Laos, and Thailand. Sebastian and Samuel Edwards, T12’s Food Division managers have recently signed a large contract with Midland Seeds in Tasmania to source high grade hemp seeds for its seed and oil processing and extraction. This significant contract will ensure that the Company will be able to meet its Retail/Wholesale/Distributor supply contracts in Australia and across Southeast Asia through 2020/2021. T12 - Retail Online Shop In 2017, Andrew Kavasilas founded Vitahemp Australia and introduced Australians to premium quality Australian Hemp Seed Foods. In 2019, T12, have continued in honouring Andrew’s ethos to supply ‘Nature’s best’ by expanding its natural foods range and this is now reflected in the recent upgrade of its T12 website and Social media presence to ensure that a full range of organic food products are now available to Australian consumers through T12’s online network. The T12 Online food Network supplies all of T12’s popular Australian and International brands Vitahemp, Australian Grown Naturals (AGN), OMD Black Bag, EM Foods, and Blanck & Co. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 8 Directors’ report | Retail Network Sebastian and Samuel Edwards working with Cann Global’s Corporate Food Division Head continue to build, service and supply speciality food stores and natural food shops across Australia. The Edwards are very proud of the relationship and reputation that T12 has carefully built with its Retail supply network since 2014, ensuring that T12’s premium natural foods meet the high demands expected by the discerning Australian consumer. Our Corporate team at Cann Global Food Division continue to focus on chain stores, pharmacy groups and distributors and independents. T12 have high-quality products that resonate well with consumers. Cann Global’s aim is to expand its range of quality foods by providing Australians with ‘ease of access’ to its products through a well-established network of distributors, speciality stores and retailers throughout Australia and directly through its online webstore network. MEDICAL CANNABIS DIVISION Formalised Agreement with Bio Health Pharmaceuticals Cann Global signed a formal agreement with Bio Health Pharmaceuticals in March. The new alliance, and now formalised agreement with Bio Health Pharmaceuticals, a TGA and GMP approved pharmaceutical and complementary medicines manufacturing company, is intended to significantly move forward our production timetable. This required the company to request, from the ASX, a further extension of our re- compliance, to approach our shareholders with a further delay in returning to market, and to renegotiate a variation of agreement with Medcan Australia. Cann Global responds to the legislative changes in Israel With the recent changes in the legislative environment in Israel towards medical Cannabis and in order to take full advantage of the new export opportunities opening in that country, it was necessary to vary the agreement with the Board of Medcan and to sign the strategic agreement with Bio Health. A further benefit was identified in discussions with the Bio Health management team, when we discovered that Bio Health has the infrastructure in place to produce and manufacture our Pharmocann range of products and our CannTab ‘XR’ extended-relief Cannabis pill formulations out of the same facility. Bio Health has experienced and dedicated professionals who are fully trained and certified to manufacture GMP standard pharmaceutical products and have approved data/security management protocols in place required to facilitate specialised pharmaceutical preparations and manufacturing procedures. The company also has an independent, full time, 3rd party monitor who is on site to ensure compliance in manufacturing and preparation of pharmaceutical products. Canntab XR Extended Release Tablets VitaCann and CannTab will work towards having Canntab’s tablets formally approved for sale in Australia and to export to Asia. Pursuant to recent and evolving legislation in Australia, the Canntab product should qualify for approval, as it should meet all the standard medical requirements that would be expected by the medical industry. The Canntab – VitaCann JV has intellectual property licensed by Canntab, with access now to MCL’s Australian Cannabis strains, and six filed patents protecting the Extended-Release Tablets™ (XR). Patents for different formulations targeted at specific ailments have already been filed with the Canadian Patent Office. Canntab’s proprietary extended-release tablets make it easier for doctors and patients to manage dosage. They’re easier to take, eliminate social stigma, and do not have the adverse side effects of smoking Cannabis. Canntab XR Tablets have been designed to pharmaceutical standards to offer both uniform dosages in Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 9 Directors’ report | every tablet, and effective relief released over time. Unlike other delivery mechanisms, our extended- release formulation is designed to offer consistent and stable relief over many hours. For the first time doctors and patients don’t have to worry about the inconsistencies of medicinal ingredient delivery that come with smoking or edibles. Our range of extended-release tablets is intended to treat ailments such as sleep disorders, pain, PTSD, social anxiety, and arthritis, as well as being a potential treatment for the pain management and appetite loss associated with cancer treatments. Clinical trials are intended to take place in parallel with the importing and sale of the product in Australia under the special access scheme. It is anticipated that the Canntab product will finally receive export and sale approval from the Canadian Government later this year, and we expect to be able to begin supplying the Canntab product in Australia in the first quarter of 2020. MEDICAL CANNABIS RESEARCH DIVISION Auto-Immune Disease Research Medical Cannabis Research Group (MCRG) plans to take advantage of the underlying barrier of using a lawful source of cannabinoids (as described by UN Drug Treaties) for scientific research and medical uses. By partnering with advanced researchers, MCRG will be in a better position to address technological barriers. The opportunities which now arise for MCRG due to the Australian government’s new laws and opportune regulations will enable us the ability to explore and exploit various avenues of commercialisation. Medical Cannabis Research Group entered into a sponsored research agreement with the Technion Research and Development Foundation Ltd (TRDF or Technion). The research is led by Professor David (Dedi) Meri from the faculty of Biology. We are approaching this project in the spirit in which the Australian government has introduced new laws in relation to medical Cannabis research and drug development. Medical Cannabis research and the potential range of products that can be produced from cannabinoids leads us to believe there will be numerous opportunities for commercialisation. Given the ample number of opportunities that are emerging and now available to a company like MCRG, returns are expected to be significant in the mid-to long-term. Most medical Cannabis products produced in Australia will be first to market and a substantial market share is anticipated. In this work, we aim to elucidate the immunoregulatory properties of phytocannabinoids and terpenes in MS, as well as further investigate Cannabis’s mechanisms of action in these areas. This research not only has the ability to advance the identification of new drug candidates but also advance our abilities to optimise Cannabis treatment options and efforts toward the creation of personalised medicine for MS patients. The objective of this study is to match effective Cannabis extracts and specific cannabinoid compositions that regulate/modulate immune function, specifically, autoimmunity in multiple sclerosis (MS) in order to optimise treatments for MS patients. The basic premise of this research is that MS and other autoimmune conditions respond favourably to low doses of certain specific cannabinoids. Our goal is to identify the effects of different cannabinoids and terpenes both individually and in combination on the function of immune cells, specifically on MS-derived autoimmune and regulatory cells. This will enable us the ability to detect the most effective Cannabis extract(s) and cannabinoid profiles for regulating immunopathology in MS. To date, our research has returned phenomenal results in the lab in vitro, and in mice trials, with specific combinations of certain cannabinoids successfully stopping the progression of the disease in these trials. Tests on human patients are being currently planned, and the Company is hopeful that a product will be achieved even in the short term that will help millions worldwide. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 10 MINING DIVISION As at 30th June 2019, the Company held the following tenements: Project Name Eastern Australia Bauxite Projects Directors’ report | Interest Held % South Johnstone QLD EPM18463 South Johnstone MDL2004 Granted Granted 100% 100% Competent Person Statement The information in this announcement that relates to exploration results, Exploration Targets or Mineral Resources is based on, and fairly represents, information compiled by Dr Robert Coenraads. Dr Robert Coenraads is a Fellow of the Australasian Institute of Mining and Metallurgy. Dr Coenraads contracts services to Cann Global Limited. Dr Coenraads has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Dr Coenraads has given his consent to the inclusion in the announcement of the matters based on this information in the form and context in which it appears. Material Risks For a discussion of material risks which could impact on the Company’s ability to deliver its strategy set out in the above Review of Operations, refer to pages 114-126 of the Prospectus dated 6 June 2019. For further information please visit the company’s website at www.canngloballimited.com or contact: Sholom Feldman Managing Director E: sfeldman@canngloballimited.com About Cann Global Cann Global Limited is a driving force in the medical Cannabis and nutritional hemp industries. Our strength comes from our team’s core competencies and expertise and our solid and strategic partnerships with experts in Australia, Israel and Canada. We believe in building a stronger industry together. We are working under the provision of legislations to ensure that the future in Medical Cannabis and Natural Foods will allow medical practitioners, patients and consumers to gain access to the right information, as well as the safest, highest quality, most effective and sustainable products. Part of our work is to keep researching and educating. We are part of a worldwide movement, the return to Nature. This movement is more than just a phenomenon, it is a necessity. At Cann Global Limited, we are committed to leading a movement, not just a business. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 11 Directors’ report | Operating results The operating loss after tax for the year ended 30 June 2019 for the Group was $9,234,372 (2018: loss $5,001,453). Environmental regulation The Group is subject to and compliant with all aspects of environmental regulation in relation to its activities. The Directors are not aware of any environmental law that is not being complied with. Significant changes in the state of affairs During the period, there were no changes in the state of affairs of the Group other than those referred to elsewhere in this report, or the financial statements or notes thereto. Events subsequent to balance date Acquisition of Hemp Hulling Co (QLD) Pty Ltd – additional 30% interest Effective 1 July 2019 Medical Cannabis Ltd, acquired an additional 30% of the ordinary shares of Hemp Hulling Co (QLD) Pty Ltd (HHC), to bring its interest to 55%, to continue to develop its operations in the medicinal cannabis and hemp food industry. Acquisition of T12 Pty Ltd – 100% interest Effective 1 July 2019 Cann Global Limited, acquired 100% of the ordinary shares of T12 Pty Ltd to continue to develop its operations in the medicinal cannabis and hemp food industry. Share capital raising On 19 July 2019, the capital raising outlined in the Replacement Prospectus dated 7 June 2019 was finalised, with the issue of 170,000,000 shares at $0.035, being total capital raised of $5,950,000. Seed capital loans On 19 July 2019, seed capital loans of $2,134,102 were settled by the issue of 76,217,978 ordinary shares. Convertible securities – L1 Capital Since balance date, 1,250,000 convertible securities with a face value of $1,500,000 have been converted to ordinary shares. Other than the matters listed above, there has not arisen in the interval between the end of the financial year and the date of this report any further item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 12 Directors’ report | Likely developments Further information about likely developments in the operations of the Group in future years, the expected results of those operations, the strategies of the Group and its prospects for future financial years has not been included in this report, because disclosure of the information would be likely to result in unreasonable prejudice to the Company. Indemnification and insurance of officers Indemnification The Company has agreed to indemnify the following current Directors of the Company, Mrs Pnina Feldman, Mr Sholom Feldman, Mr Meyer Gutnick (resigned 2 July 2019), Mr David Austin, Mr Jonathan Cohen and Mr John Easterling against all liabilities to another person (other than the Company or a related body corporate) that may arise from their position as Directors and Officers of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. This agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and expenses. Non-audit services The Company’s auditor, Nexia Sydney Partnership was appointed auditor of the Company in January 2008. Details of the amounts paid to the auditor of the Company, Nexia Sydney Partnership, and its related practices for audit and non-audit services provided during the year are set out below: Statutory audit - audit of financial report - half-year review of financial report - audit of newly acquired subsidiaries Services other than statutory audit 83,169 44,833 15,600 - corporate advisory services 33,278 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 13 Directors’ report | Remuneration Report – Audited Remuneration policies The Board has adopted a framework for corporate governance, including policies dealing with Board and Executive remuneration. Policies adopted by the Board reflect the relative stage of development of the Company, having regard for the size and structure of the organisation. Remuneration levels are competitively set to attract and retain appropriately qualified and experienced Directors and Senior Executives. The remuneration packages of Executive Directors provide for a fixed level of remuneration. Other than as noted below Executive remuneration packages do not have guaranteed equity-based components or performance-based components. Fixed remuneration Fixed remuneration consists of base remuneration (salary or consulting fees) including any FBT charges as well as employer contributions to superannuation funds, where applicable. Remuneration levels are reviewed annually by the Board of Directors. Performance linked remuneration During the previous financial period, the Board of Directors completed a review of compensation and benefit structures. Long-term incentives are provided as options over ordinary shares of the Company. There has been no issue of shares or options to Executive Directors as a form of remuneration in the current year. Consequences of performance on shareholders wealth In view of the relatively early stage of development of the Company's business and remuneration policies, there is insufficient information to provide a meaningful quantitative analysis of the relationship between remuneration and Company performance. Service agreements The Company and Australian Gemstone Mining Pty Limited (AGMPL) are parties to a management services agreement (Management Services Agreement) dated 1 July 2007, and the Variation Deed signed 1 July 2017, for the provision by AGMPL of executive and corporate services, including geological and technical expertise, to the Company by the following executives: ● ● ● Pnina Feldman – Executive Director, Business Development; Dr Robert Coenraads – Principal Geologist, Exploration and Mining; and Sholom Feldman – Managing Director. In respect of each of these executives (Key Persons), AGMPL was paid a retainer for the period ended 30 June 2019. The Company was also reimbursed for all reasonable expenses incurred by or on behalf of the Key Persons. ● AGMPL is a company owned and controlled by Pnina Feldman. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 14 Directors’ report | Each of Pnina Feldman, Dr Coenraads and Sholom Feldman has entered into an executive services agreement with AGMPL. Each of these executive services agreements contains standard provisions dealing with employment obligations and standard covenants dealing with general duties and the protection of AGMPL’s interests and mirrors the Management Services Agreement in respect of termination provisions. AGMPL also provides suitable fully serviced offices to the Company at its Bellevue Hill office at 24 Birriga Road, which includes use of office space, the board room, kitchen, daily cleaning, and essential office infrastructure, including telephones, fax, printer, broadband internet connections and suitable office furniture. AGMPL also provides additional administrative services to the Company, such as secretarial, accounting and office management services. These services are provided to the Company by AGMPL on reasonable arm's length terms as approved by the independent director(s). AGMPL Services Rent Management and secretarial Geological fees Executive and corporate services Reimbursement of expenses Administration fees Marketing services Total Consolidated Entity 2019 2018 $ $ 175,317 180,000 360,000 624,000 17,490 330,000 120,000 168,000 180,000 360,000 624,000 34,577 240,000 120,000 1,806,807 1,726,577 Non-Executive Directors Non-Executive directors are paid up to $70,000 per annum directors fees. Director and Executive disclosures Details of Directors and Company Executives (including Key Management Personnel) Other than the Executive Directors, no other person is concerned in, or takes part in, the management of the Company or has authority and responsibility for planning, directing and controlling the activities of the entity. As such, during the financial year, the Company did not have any person, other than Directors, that would meet the definition of “Key Management Personnel” for the purposes of AASB124 or “Company Executive or Relevant Group Executive” for the purposes of section 300A of the Corporations Act 2001 (Act). Remuneration details of the Company Secretary are disclosed as section 300A(1B)(a) of the Act defines a “Company Executive” to specifically include a secretary of the entity. Directors and Key Management Personnel Pnina Feldman Sholom Feldman Meyer Gutnick John Easterling Jonathan Cohen David Austin Executive Chairperson Managing Director Non-Executive Director – Resigned on 2 July 2019 Non-Executive Director – Appointed on 2 July 2019 Non-Executive Director – Appointed on 2 July 2019 Non-Executive Director Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 15 Directors’ report | Short term Post employment Share based payments Share based payments Other Specified Directors Salary & fees $ Cash bonus $ Non- monetary benefits $ Super- annuation $ Termination Benefits $ Shares $ Options $ Bonuses $ Total $ Value of options as a proportion of remunerati on % Proportion of remuneration performance Related % Pnina Feldman 2019 2018 Sholom Feldman 2019 2018 Meyer Gutnick 2019 2018 David Austin 2019 2018 312,000 312,000 312,000 312,000 70,000 70,000 20,000 20,000 Total Compensation: Directors including Key Management Personnel (Company and Group) 2019 2018 714,000 714,000 Total Compensation: Executive Officers (Company and Group) 2019 2018 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 312,000 312,000 312,000 312,000 70,000 70,000 20,000 20,000 714,000 714,000 - - - - - - - - - - - - - - - - - - - - - - - - - - Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 16 Corporate governance statement | Options and rights over equity instruments granted as compensation Details of options over ordinary shares in the Company that were granted as compensation to each key management person during the reporting period and details of options that were vested during the reporting period are as follows. The options were issued free of charge. Each option entitles the holder to subscribe for one fully paid ordinary share in the entity at the exercise price shown below. 2019 Directors Vested Number Granted Number Grant Date Pnina Feldman Sholom Feldman Meyer Gutnick David Austin Total - - - - - - - - - - - - - - - 2018 Directors Vested Number Granted Number Grant Date Pnina Feldman Sholom Feldman Meyer Gutnick David Austin Total - - - - - - - - - - - - - - - Value per Option at Grant Date $ - Exercise Price per Share $ - - - - - - - - - Value per Option at Grant Date $ - Exercise Price per Share $ - - - - - - - - - First Exercise Date Last Exercise Date - - - - - - - - - - First Exercise Date Last Exercise Date - - - - - - - - - - No options have been granted since the end of the financial year. Movements in shares The movement during the reporting period in the number of ordinary shares in CGB held, directly, indirectly or beneficially, by each key management person, including their related parties, is as follows: Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 17 Corporate governance statement | 2019 Directors Held at 1 July 2018 - Pnina Feldman (1)(2) 193,597,812 Sholom Feldman (1)(2) 193,597,812 Meyer Gutnick David Austin 2018 Directors 5,000,000 - - Held at 1 July 2017 Pnina Feldman (1)(2) 193,597,812 Sholom Feldman (1)(2) 193,597,812 Meyer Gutnick David Austin 5,000,000 - Acquired Disposed Held at 30 June 2019 - - - - Acquired Disposed - - - - - - - - - - - - 193,597,812 193,597,812 1,748,304 - Held at 30 June 2018 193,597,812 193,597,812 5,000,000 - (1) Pnina Feldman and Sholom Feldman are each directors of L'Hayyim Pty Ltd which currently holds 4,222,812 Shares in its capacity as trustee of the 770 Unit Trust; and (2) Pnina Feldman and Sholom Feldman are each directors of Volcan Australia Corporation Pty Ltd which currently holds 189,375,000 shares. Modification of terms of equity-settled share-based payment transactions No terms of equity-settled share-based payment transactions (including options and rights granted as compensation to a key management person) have been altered or modified by the issuing entity during the reporting period. Directo re port Exercise of options granted as compensation During the period, there were no shares issued as a consequence of the exercise of options previously granted as remuneration. Analysis of share-based payments granted as compensation 2019 No shares were issued to non-executive Directors in lieu of Directors fees. 2018 No shares were issued to non-executive Directors in lieu of Directors fees. End of audited Remuneration Report. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 18 Corporate governance statement | Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 The lead auditor’s independence declaration is set out on page 20 and forms part of the directors’ report for the year ended 30 June 2019. Signed in accordance with a resolution of the Board of Directors: Pnina Feldman, Chairperson Dated this 27th September 2019 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 19 The Board of Directors Cann Global Limited Level 21 133 Castlereagh Street SYDNEY NSW 2000 To the Board of Directors of Cann Global Limited Auditor’s Independence Declaration under section 307C of the Corporations Act 2001 As lead audit partner for the audit of the financial statements of Cann Global Limited for the year ended 30 June 2019, I declare that to the best of my knowledge and belief, there have been no contraventions of: (a) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (b) any applicable code of professional conduct in relation to the audit. Yours sincerely Nexia Sydney Partnership Stephen Fisher Partner Sydney 27 September 2019 20 Financial statements | Financial Statements Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2019 Note Revenue from sale of goods Licence fee revenue Operating revenue Administrative and corporate expenses Advertising and marketing Cost of goods sold Depreciation and amortisation Amortisation Foreign currency exchange (loss)/gain realised Loss on equity settled liabilities Legal expenses Directors fees CGB Directors fees MCL Occupancy expenses Exploration written off Impairment of exploration assets Impairment of other receivables Financial assets at FVTPL – net change in value Research costs Share of loss in equity-accounted investees – net of tax Travelling expenses Other expenses Share based payments expense Total expenses Finance income Finance costs Net finance costs Loss before income tax Income tax expense Loss after tax from continuing operations Other comprehensive income, net of tax Total comprehensive loss Loss attributable to members of Cann Global Limited 19 20 18 14 21 22 8 8 9 27 2019 $ 480,647 - 480,647 (1,708,525) (226,421) (562,218) (22,529) (39,550) (24,810) 2018 $ 144,773 3,577,308 3,722,081 (1,270,888) (212,324) (202,851) (10,226) (23,000) 104,091 - (1,835,920) (713,533) (714,000) (120,000) (267,871) (13,683) (172,281) (714,000) (120,000) (187,844) (13,579) - (1,678,687) (485,036) (2,902,853) (407,878) (75,313) (252,781) (132,105) (257,583) - (674,455) (500,282) (11,715) (325,814) (63,070) (223,500) (8,926,689) (8,136,345) 123,285 (911,615) (788,330) (9,234,372) - (9,234,372) - (9,234,372) (6,434,935) 152,685 (447,208) (294,523) (4,708,787) (292,666) (5,001,453) - (5,001,453) (5,440,129) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 21 Financial statements | (Loss)/profit attributable to non-controlling interest (2,799,437) 438,676 Total comprehensive loss attributable to members of Cann Global Limited Total comprehensive (loss)/income attributable to non- controlling interest 28 Basic loss per share (cents per share) Diluted loss per share (cents per share) The accompanying notes form part of these financial statements. (6,434,935) (5,440,129) (2,799,437) (0.57) (0.57) 438,676 (0. 32) (0. 32) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 22 Financial statements | Consolidated statement of financial position As at 30 June 2019 Note 2019 $ 2018 $ ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories TOTAL CURRENT ASSETS NON-CURRENT ASSETS Exploration and evaluation Property, plant and equipment Intangible assets Investments Equity-accounted investees TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables Current tax liability Other financial liabilities TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Share capital Share based payments reserve Accumulated losses TOTAL Non-controlling interest TOTAL EQUITY 13 14 15 18 19 20 21 22 23 24 25 26 27 28 5,183,769 1,039,570 168,864 6,392,203 2,238,019 73,404 1,919,311 - 210,974 4,441,708 10,833,911 1,249,247 292,666 6,405,001 7,946,914 7,946,914 2,886,997 29,600,842 5,253,372 (29,858,406) 4,995,808 (2,108,811) 2,886,997 6,409,317 579,247 563,995 7,552,559 1,863,760 95,933 1,933,261 2,902,853 286,287 7,082,094 14,634,653 586,741 292,666 2,205,857 3,085,264 3,085,264 11,549,389 29,600,842 4,701,599 (23,617,200) 10,685,241 864,148 11,549,389 The accompanying notes form part of these financial statements. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 23 Financial statements | Consolidated statement of changes in equity For the year ended 30 June 2019 Share Capital Ordinary Accumulate d Losses Share Based Payments Reserve Non- controlling Interest Total Note $ $ $ $ $ Balance at 30 June 2017 25,287,433 (18,622,071) 4,728,549 (197,396) 11,196,515 Loss attributable to members of consolidated entity Share based payments Share based payment related to options issued in respect of the issue of convertible securities 27 26 26 Transfer from share based payment reserve to 27 accumulated losses - - - - (5,440,129) - - - 282,330 135,720 445,000 (445,000) 438,676 (5,001,453) 282,330 135,720 - - - - Shares issued during the year 25 4,313,409 - - 622,868 4,936,277 Balance at 30 June 2018 29,600,842 (23,617,200) 4,701,599 864,148 11,549,389 Loss attributable to members of consolidated entity Share based payments Share based payment related to options issued in respect of the issue of convertible securities 27 26 26 Transfer from share based payment reserve to 26 accumulated losses Transfer from accumulated losses to non- 27 controlling interest Balance at 30 June 2019 The accompanying notes form part of these financial statements. (6,434,935) - (2,799,437) - - 257,583 314,397 20,207 (20,207) - - 173,522 - (173,522) - - - - - (9,234,372) 257,583 314,397 - - 29,600,842 (29,858,406) 5,253,372 (2,108,811) 2,886,997 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 24 Consolidated statement of cash flows For the year ended 30 June 2019 Financial statements | Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Interest paid Net cash used in operating activities 31 CASH FLOWS FROM INVESTING ACTIVITIES Investment in equity-accounted entity Payment for plant and equipment Payment for intangibles Payment for exploration asset Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Loan provided (to)/by related entity – Australian Gemstone Mining Pty Ltd Loan provided to other entity – Medcan Australia Trust Pty Ltd Loan provided to associated entity – Hemp Hulling Co. (QLD) Pty Ltd Loan provided to other entities Loan provided to related entity – Plateau Bauxite Limited Loan provided by related party - MCL Director Loan provided by related party – Director Loan provided by other entity Proceeds from convertible securities Proceeds from share capital Proceeds from share capital – non controlling interest 28 Proceeds from seed capital loans Net cash from financing activities Net decrease in cash held Cash at beginning of financial year Cash at end of financial year 12 The accompanying notes form part of these financial statements. 2019 $ 291,777 (4,284,646) 123,285 (1,505) (3,871,089) - - (25,600) (374,256) (399,856) (28,123) (405,342) (34,452) (92,233) (6,134) 219,499 115,037 150,000 1,100,000 - - 2,027,145 3,045,397 (1,225,548) 6,409,317 5,183,769 2018 $ 84,638 (4,444,302) 152,685 - (4,206,979) (298,000) (63,871) - (417,555) (779,426) 12,106 (73,560) (77,168) - - - - - 600,000 766,018 622,868 1,005,000 2,855,264 (2,131,141) 8,540,458 6,409,317 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 25 Notes to the financial statements for the year ended 30 June 2019 Notes to the financial statements for the year ended 30 June 2019 Note 1: Reporting entity Cann Global Limited (the ‘Company’) is a company domiciled in Australia. The address of the company’s registered office is level 21, 133 Castlereagh Street, Sydney, NSW 2000. The consolidated financial statements of the Company as at and for the year ended 30 June 2019 comprise the Company and its subsidiaries (together referred to as the ‘Group’ and individually as ‘Group entities’). The Group is a for-profit entity and is primarily involved in the legal growing and cultivation of hemp and medicinal cannabis products and the exploration for mineral deposits in Australia. Note 2: Basis of preparation a Statement of compliance The consolidated financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards (‘AASBs’) adopted by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001. The consolidated financial statements comply with International Financial Reporting Standards (‘IFRSs’) adopted by the International Accounting Standards Board (‘IASB’). The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the AASB that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the Group. The consolidated financial statements were authorised for issue by the Board of Directors on 27 September 2019. The Board of Directors have the power to amend and reissue the financial statements. b Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: i Investments The methods used to measure fair values are discussed further in note 6. ii Other non-derivative financial liabilities The methods used to measure fair values are discussed further in note 6. c Functional and presentation currency These consolidated financial statements are presented in Australian dollars, which is the Company’s functional currency and the functional currency of the Group. d Use of estimates and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 26 Notes to the financial statements for the year ended 30 June 2019 Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. e Key estimates and judgements Impairment The Group assesses impairment at the end of each reporting year by evaluation of conditions and events specific to the Group that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using the higher of fair value less costs to sell and value-in-use calculations, which incorporate various key assumptions. Business combinations Management uses valuation techniques in determining the fair values of the various elements of a business combination. (Refer Note 5a). Note 3: New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The following Accounting Standards and Interpretations are most relevant to the consolidated entity: AASB 9 Financial Instruments The consolidated entity has adopted AASB 9 from 1 July 2018. The standard introduced new classification and measurement models for financial assets. A financial asset shall be measured at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows which arise on specified dates and that are solely principal and interest. A debt investment shall be measured at fair value through other comprehensive income if it is held within a business model whose objective is to both hold assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest as well as selling the asset on the basis of its fair value. All other financial assets are classified and measured at fair value through profit or loss unless the entity makes an irrevocable election on initial recognition to present gains and losses on equity instruments (that are not held-for-trading or contingent consideration recognised in a business combination) in other comprehensive income ('OCI'). Despite these requirements, a financial asset may be irrevocably designated as measured at fair value through profit or loss to reduce the effect of, or eliminate, an accounting mismatch. For financial liabilities designated at fair value through profit or loss, the standard requires the portion of the change in fair value that relates to the entity's own credit risk to be presented in OCI (unless it would create an accounting mismatch). New simpler hedge accounting requirements are intended to more closely align the accounting treatment with the risk management activities of the entity. New impairment requirements use an 'expected credit loss' ('ECL') model to recognise an allowance. Impairment is measured using a 12-month ECL method unless the credit risk on a financial instrument has increased significantly since initial recognition in which case the lifetime ECL method is adopted. For receivables, a simplified approach to measuring expected credit losses using a lifetime expected loss allowance is available. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 27 Notes to the financial statements for the year ended 30 June 2019 AASB 15 Revenue from Contracts with Customers The consolidated entity has adopted AASB 15 from 1 July 2018. The standard provides a single comprehensive model for revenue recognition. The core principle of the standard is that an entity shall recognise revenue to depict the transfer of promised goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard introduced a new contract-based revenue recognition model with a measurement approach that is based on an allocation of the transaction price. This is described further in the accounting policies below. Credit risk is presented separately as an expense rather than adjusted against revenue. Contracts with customers are presented in an entity's statement of financial position as a contract liability, a contract asset, or a receivable, depending on the relationship between the entity's performance and the customer's payment. Customer acquisition costs and costs to fulfil a contract can, subject to certain criteria, be capitalised as an asset and amortised over the contract period. Impact of adoption AASB 9 and AASB 15 were adopted using the modified retrospective approach and as such comparatives have not been restated. There was no material impact of adoption on opening retained profits as at 1 July 2018. Revenue recognition The consolidated entity recognises revenue as follows Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which the consolidated entity is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the consolidated entity: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand- alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates are determined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability. Sale of goods Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods, which is generally at the time of delivery. Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 28 Notes to the financial statements for the year ended 30 June 2019 Other revenue Other revenue is recognised when it is received or when the right to receive payment is established. Note 4: New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2019. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below. AASB 16 Leases This standard is applicable to annual reporting periods beginning on or after 1 January 2019. The standard replaces AASB 117 'Leases' and for lessees will eliminate the classifications of operating leases and finance leases. Subject to exceptions, a 'right-of-use' asset will be capitalised in the statement of financial position, measured at the present value of the unavoidable future lease payments to be made over the lease term. The exceptions relate to short-term leases of 12 months or less and leases of low-value assets (such as personal computers and small office furniture) where an accounting policy choice exists whereby either a 'right-of-use' asset is recognised or lease payments are expensed to profit or loss as incurred. A liability corresponding to the capitalised lease will also be recognised, adjusted for lease prepayments, lease incentives received, initial direct costs incurred and an estimate of any future restoration, removal or dismantling costs. Straight-line operating lease expense recognition will be replaced with a depreciation charge for the leased asset (included in operating costs) and an interest expense on the recognised lease liability (included in finance costs). In the earlier periods of the lease, the expenses associated with the lease under AASB 16 will be higher when compared to lease expenses under AASB 117. However EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) results will be improved as the operating expense is replaced by interest expense and depreciation in profit or loss under AASB 16. For classification within the statement of cash flows, the lease payments will be separated into both a principal (financing activities) and interest (either operating or financing activities) component. For lessor accounting, the standard does not substantially change how a lessor accounts for leases. The consolidated entity will adopt this standard from 1 July 2019 and its impact on adoption is expected to result in no change to total assets or total liabilities. Note 5: Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by Group entities. a i Basis of consolidation Business combinations The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair value of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises as identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are measured at their acquisition date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: (a) fair value of consideration transferred (b) the recognised amount of any non-controlling interest in the acquiree; and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition date fair values of identifiable net assets. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 29 Notes to the financial statements for the year ended 30 June 2019 ii Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has a right to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. iii Non-controlling interests Non-controlling interests are measured initially at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition. iv Interests in equity-accounted investees The Group’s interest in equity-accounted investees comprise interests in associates. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases. v Transactions eliminated on consolidation Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. b i Foreign currency Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency exchange are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign- currency differences are generally recognised in profit or loss. ii Foreign operations The asset and liabilities of foreign operations are translated in $A at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into $A at the exchange rates at the dates of the transactions. c i Financial instruments Non-derivative financial assets Cash and cash equivalents Cash and cash equivalents includes cash on hand and deposits held at call with financial institutions. Trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 30 Notes to the financial statements for the year ended 30 June 2019 The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses. Investments and other financial assets Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless, an accounting mismatch is being avoided. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, it's carrying value is written off. ii Non-derivative financial liabilities The Group initially recognizes debt securities issued on the date that they are originated. All other financial liabilities are recognized initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Group classifies the non-derivative financial liabilities into trade and other payables and other financial liabilities categories. Such financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost. Other financial liabilities comprise trade and other payables, loans and convertible securities. d Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. e i Property, plant and equipment Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. ii Subsequent costs Subsequent expenditure is capitalized only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 31 Notes to the financial statements for the year ended 30 June 2019 iii Depreciation Items of property, plant and equipment are depreciated on a straight-line basis in profit and loss over the estimated useful lives of each component. Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use. The estimated useful lives for the current and comparative years of significant items of property, plant and equipment are as follows: . mining equipment . plant and equipment 10 years 10 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. f Exploration and evaluation expenditure Exploration and evaluation expenditure, including the costs of acquiring the licences, are capitalised as exploration and evaluation assets on an area of interest basis. Costs incurred before the Company has obtained the legal rights to explore an area are recognised in the statement of profit or loss and other comprehensive income. Exploration and evaluation assets are only recognised if the rights of the area of interest are current and either: the expenditures are expected to be recouped through successful development and exploitation or from sale of the area of interest; or activities in the area of interest have not at the reporting date, reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing. Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount (see impairment accounting policy 5i). For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units to which the exploration activity relates. The cash generating unit shall not be larger than the area of interest. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are finalised, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. When an area of interest is abandoned or the directors decide that it is not commercial, any accumulated costs in respect of that area are written off in the financial period the decision is made. g Goodwill Goodwill represents the future economic benefits arising from a business combination that are not individually identified and separately recognised. Refer note 5a for information on how goodwill is initially determined. Goodwill is carried at cost less accumulated impairment losses. Refer to Note 5i for a description of impairment procedures. h Other intangible assets Acquired intangible assets Seedbank and plant genetics acquired in a business combination that qualify for separate recognition are recognised as intangible assets at their fair values (refer Note 5a). Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 32 Notes to the financial statements for the year ended 30 June 2019 Subsequent measurement All intangible assets are accounted for using the cost model whereby capitalised costs are amortised on a straight- line basis over their estimated useful lives as these assets are considered finite. Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to impairment testing as described in Note 5i. Amortisation of seedbank and plant genetics and the intellectual property (website) is calculated to write-off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives, and is recognised in the profit and loss. The following useful lives are applied: o o Seedbank and plant genetics 10 years Intellectual property – website 2 years i i Impairment Non-derivative financial assets The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss. ii Non-financial assets The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists then the asset’s recoverable amount is estimated. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely are independent from other assets and groups. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses are recognized in profit or loss. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 33 Notes to the financial statements for the year ended 30 June 2019 j Inventories Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first in first out principle. In the case of manufactured inventories, cost includes an appropriate share production overhead based on normal operating capacity. k Revenue Revenue is recognized at the fair value of consideration received or receivable. Revenue is recognised at the point in time that sales or service performance has been completed. Sale of goods Sale of goods revenue is recognised at the point of sale, which is where the customer has taken delivery of the goods, the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed as revenue are net of sales returns and trade discounts. License fee revenue License fee revenue is recognised when the right to receive payment is established. Interest Revenue is recognised as interest accrues using the effective interest method. The effective interest method uses the effective interest rate which is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial asset. l Research and development Expenditure on research activities is recognised in profit and loss as incurred. m Finance income and finance costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense and other costs of borrowings. All finance costs are recognised in profit or loss using the effective interest method. n Lease payments Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. o Income tax Tax expense comprises current and deferred tax. Current and deferred tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 34 Notes to the financial statements for the year ended 30 June 2019 A deferred tax asset is recognized for unused tax losses and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The Company and its wholly-owned Australian resident entities are part of a tax-consolidated group. As a consequence, all members of the tax-consolidated group are taxed as a single entity. The head entity within the tax- consolidated group is Cann Global Limited. p Goods and services tax Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of financial position. Cash flows are included in the cash flow statement on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows. q Share-based payments Equity-settled share-based payments are provided to certain vendors and suppliers in exchange for the acquisition of businesses or rendering of services. The cost of equity-settled transactions are measured at fair value on grant date of the businesses acquired or services received if reasonably measurable. Otherwise, fair value is measured at the quoted market price of the Company’s ordinary shares on grant date, adjusted where applicable to take into account the terms and conditions upon which the shares were granted. r Going concern basis of accounting Notwithstanding the loss for the year of $9,234,372, negative cash flows from operations of $3,871,089 and historical financial performance, and net current liabilities of $1,554,711, the financial report has been prepared on a going concern basis. This assessment is based on a cash at bank balance at balance date of $5,183,769, additional cash of $5,950,000 from a capital raising subsequent to year-end, conversion to shares of convertible securities and seed capital loans of $3,634,102 also subsequent to year-end, and the directors’ understanding of expected net cash outflows in the coming financial year. Note 6: Determination of fair values A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Investments Investments are measured at fair value, at initial recognition and for disclosure purposes, at each annual reporting date. Fair value is calculated based on the market value of the ASX publicly listed share price. Other non-derivative financial liabilities Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 35 Notes to the financial statements for the year ended 30 June 2019 Other non-derivative financial liabilities are measured at fair value, at initial recognition and for disclosure purposes, at each annual reporting date. Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the measurement date. In respect of the liability component of convertible notes, the market rate of interest is determined with reference to similar liabilities that do not have a conversion option. Note 7: Financial risk management Overview The Company and Group have exposure to the following risks from their use of financial instruments: liquidity risk; and market risk. This note presents information about the Company’s and Group’s exposure to each of the above risks, their objectives, policies and processes for measuring and managing risk. Further quantitative disclosures are included throughout this financial report. The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. Risk management policies are established to identify and analyse the risks faced by the Company and Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s and Group’s activities. The Company and Group, through their training and management standards and procedures, aim to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses. Market risk Market risk is the risk that changes in market prices will affect the Group, for example changes in interest rates, and changes in share price for investments at FVTPL. Note 8: Finance costs Interest income on cash at bank Finance income Financial liabilities measured at amortised cost – interest expense Equity settled (share based payment expense – note 26) Finance costs Net finance costs 2019 $ 123,285 123,285 (911,615) 2018 $ 152,685 152,685 (388,378) - (58,830) (911,615) (788,330) (447,208) (294,523) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 36 Notes to the financial statements for the year ended 30 June 2019 Note 9: Income tax Major components of income tax expense a. Income tax benefit Loss before income tax Prima facie tax benefit on the loss from ordinary activities before income tax at 27.5% (2018: 27.5%) differs from the income tax provided in the financial statements as follows: Tax benefit at 27.5% Add/(Less) tax effect - Non-assessable income - Non-deductible expenses - Exploration expenditure capitalised - Tax loss recouped - Deferred tax asset not brought to account Income tax expense attributable to operating loss b. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following item: Add/(Less) tax effect - Tax losses – income at 27.5% - Tax losses – capital at 27.5% 2019 $ 2018 $ (9,234,372) (2,539,452) (4,708,787) (1,294,916) - 1,543,587 (102,921) - 1,098,786 - (56,382) 1,324,284 (107,402) (154,552) 581,634 292,666 5,664,856 135,076 4,566,070 135,076 The deductible temporary differences and tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available against which the Group can utilise the benefits therefrom. Note 10: Key management personnel disclosures Names and positions held of economic and parent entity key management personnel in office at any time during the financial year are: Key management person Position Pnina Feldman Sholom Feldman Meyer Gutnick David Austin Executive Chairperson Managing Director Non-Executive Director Non-Executive Director The key management personnel remuneration has been included in the remuneration report section of the directors’ report. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 37 Notes to the financial statements for the year ended 30 June 2019 The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below: Short-term employee benefits Post-employment benefits Long-term benefits Share-based payments Short term employee benefits Consolidated 2019 2018 $ $ 714,000 714,000 - - - - - - 714,000 714,000 These amounts include fees and benefits paid to non-executive directors as well as salary, paid leave benefits, fringe benefits and cash bonuses awarded to the executive Chairperson, executive directors and other KMP. Post-employment benefits These amounts are the current-year’s costs of providing for superannuation contributions under the Australian Government’s superannuation guarantee scheme. Other long-term benefits These amounts represent long service leave benefits accruing during the year, long-term disability benefits and deferred bonus payments. Share based payment expense These amounts represent the expense related to the participation of specified executives in equity-settled benefit schemes as measured by the fair value of the shares granted on grant date. Note 11: Auditors’ remuneration Remuneration of the auditor (Nexia Sydney Partnership) of the parent entity for: An audit or review of the financial report of the Company - Current year - Audit of the newly acquired subsidiaries - Half-year Other services 2019 $ 2018 $ 83,169 15,600 44,833 63,641 23,600 46,607 - Corporate advisory services 33,278 50,000 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 38 Notes to the financial statements for the year ended 30 June 2019 Note 12: Earnings per share Basic Earnings per Share a. Basic loss per share (cents) Loss attributable to ordinary shareholders ($) Earnings used to calculate basic EPS ($) b. Issued ordinary shares at 1 July Effect of shares issued during the year . 2019 2018 (0.57) (0.32) (9,234,372) (5,001,453) (9,234,372) (5,001,453) 1,606,852,092 1,408,097,244 4,830,593 134,815,892 Weighted average number of ordinary shares at 30 June 1,611,682,685 1,542,913,136 Diluted Earnings per Share a. Diluted loss per share (cents) Loss attributable to ordinary shareholders ($) Earnings used to calculate diluted EPS ($) (0.57) (0.32) (9,234,372) (5,001,453) (9,234,372) (5,001,453) No. b. Weighted average number of ordinary shares (basic) 1,611,682,685 1,542,913,136 Weighted average number of ordinary shares (diluted) at 30 June 1,611,682,685 1,542,913,136 As at 30 June 2019, NIL options (2018: 2,846,046) and 50,000,000 performance shares (2018: 50,000,000) were excluded from the diluted weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive. The average market value of the Company’s shares for the purpose of calculating the dilutive effect of share options was based on quoted market prices for the year. Note 13: Cash and cash equivalents CURRENT Cash on hand Cash at bank Cash and cash equivalents in the statement of cash flows 2019 $ 2018 $ 100 5,183,669 5,183,769 100 6,409,217 6,409,317 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 39 Notes to the financial statements for the year ended 30 June 2019 Note 14: Trade and other receivables CURRENT Trade receivables Other receivables Loans to related parties – refer to note 33 Loan to other parties (i) Prepayments 2019 $ 2018 $ 7,254 354,833 151,274 422,696 103,513 1,039,570 100,782 309,870 88,699 73,560 6,336 579,247 (i) – included in Loan to other parties is an amount due from T12 Pty Ltd of $421,134. T12 Pty Ltd was acquired with an effective date of 1 July 2019, refer Note 39. (ii) - A loan provided to Medcan Australia Trust Pty Ltd of $478,902 was impaired, as well a loan to a related party (Plateau Bauxite Limited) of $6,134. Total impairment of receivables for the year ended 30 June 2019 was $485,036 (2018: $Nil). Note 15: Inventories CURRENT Seeds and crops in progress – at cost Finished goods – at cost Note 16: Other receivables NON CURRENT Loan to Volcan Australia Corporation Pty Ltd - Unsecured# Less impairment of loan Loan to Volcan Australia Corporation Pty Ltd – Unsecured Less impairment of loan 2019 $ 2018 $ 75,659 93,205 168,864 106,532 457,463 563,995 2019 $ 2018 $ 1,200,000 1,200,000 (1,200,000) (1,200,000) 79,258 (79,258) 79,258 (79,258) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 40 Notes to the financial statements for the year ended 30 June 2019 # The loan to Volcan Australia Corporation Pty Ltd (VAC) was not a cash loan from CGB to VAC, but the amount that was to be paid by VAC in consideration for the transfer to Volcan Australia Corporation Pty Ltd of a sapphire mining project ML1492 from the company pursuant to the transactions completed on 14th December 2010 as approved at the time by shareholders at an EGM. VAC was to have invested in the development of that asset and monetised that asset within that time period, and pay CGB the above amount. This amount was unsecured, due for payment in cash on 14th December 2012 from the proceeds of the mine, and there was no interest payable on the amount due. Following the transactions in 2010, although VAC did invest in the asset as contemplated, the markets for sapphires worsened and VAC was not able to monetise the asset prior to 14th December 2012. The directors have agreed that it is in CGB’s interest to allow VAC further time to endeavour to monetise the asset to make the agreed payment from that asset. As the timing of this payment is at present uncertain, it is considered prudent for this amount to be impaired in the accounts until the payment is able to be made. Note 17: Controlled entities Country of incorporation Percentage owned (%) 2019 2018 Controlled entities consolidated Parent entity: Cann Global Limited Subsidiaries of Cann Global Limited South Johnstone Bauxite Pty Ltd Volcan Queensland Bauxite Pty Ltd Rosie’s Gold Pty Ltd New England Bauxite Pty Ltd (Deregistered by ASIC on 01.07.2018) Medical Cannabis Limited Medical Cannabis Information Service Pty Ltd (Deregistered by ASIC on 21.01.2018) Medical Cannabis Research Group Pty Ltd Vitahemp Pty Ltd Vitaseeds Pty Ltd Vitacann Pty Ltd Medical Cannabis (Cambodia) Co., Ltd * Percentage of voting power is in proportion to ownership. Australia Australia Australia Australia Australia Australia Australia Australia Australia Australia Australia Cambodia 100% 100% 100% - 55% - 55% 52% 55% 100% 51% 100% 100% 100% 100% 55% 55% 55% 52% 55% 100% 51% Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 41 Notes to the financial statements for the year ended 30 June 2019 Note 18: Exploration and evaluation NON-CURRENT EPM 18463 Balance as at 30 June Mining permits, tenement acquisition and administration and geologist expenses Impairment of exploration assets Balance as at 30 June 2019 $ 2018 $ 1,863,760 374,259 - 1,473,206 390,554 - 2,238,019 1,863,760 The value of the Company’s interest in exploration expenditure is dependent upon the: ● ● ● continuance of the economic entity’s right to tenure of the areas of interest; results of future exploration, and recoupment of costs through successful development and exploitation of the areas of interest, or alternatively, by their sale. The exploration and evaluation asset balance relating to the mining tenement EPM 18463 is $2,238,019 as at 30 June 2019 (2018 $1,863,760). The mining tenement EPM 18463 has been renewed for a further 2 years to 25 May 2020. Note 19: Property, plant and equipment NON-CURRENT Mining Equipment At cost Accumulated depreciation TOTAL Plant and Equipment At cost Accumulated depreciation Total written down amount 2019 $ 2018 $ 195,426 (182,764) 12,662 76,519 (15,778) 60,741 73,403 195,426 (169,725) 25,701 76,519 (6,287) 70,232 95,933 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 42 Notes to the financial statements for the year ended 30 June 2019 Movements in carrying amounts Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year. 2019 Plant and Equipment Mining Equipment Carrying amount year ended 30 June 2018 Additions Depreciation expense Carrying amount year ended 30 June 2019 $ 70,232 - (9,491) 60,741 Total $ $ 25,701 95,933 - - (13,039) (22,530) 12,662 73,403 2018 Plant and Equipment Mining Equipment Carrying amount year ended 30 June 2018 Additions Depreciation expense Carrying amount year ended 30 June 2019 Note 20 – Intangible assets Seedbank and plant genetics Accumulated amortisation Goodwill Intellectual property – website at cost Accumulated amortisation Total intangible assets $ 18,000 56,519 (4,287) 70,232 $ 24,288 7,352 (5,939) 25,701 2019 $ 230,000 (46,000) 1,726,261 25,600 (16,550) Total $ 42,288 63,871 (10,226) 95,933 2018 $ 230,000 (23,000) 1,726,261 - - 1,919,311 1,933,261 2019 Intellectual property Website Seedbank and plant genetics Goodwill Total Carrying amount year ended 30 June 2018 Additions Accumulated amortisation Carrying amount year ended 30 June 2019 $ - 25,600 (16,550) 9,050 $ $ $ 207,000 1,726,261 1,933,261 - (23,000) 184,000 - - 25,600 (39,550) 1,726,261 1,919,311 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 43 Notes to the financial statements for the year ended 30 June 2019 2018 Seedbank and plant genetics Goodwill Total Carrying amount year ended 30 June 2017 Accumulated amortisation Carrying amount year ended 30 June 2018 Impairment testing $ $ $ 230,000 1,726,261 1,956,261 (23,000) - (23,000) 207,000 1,726,261 1,933,261 Goodwill acquired through a business combination has been allocated to the cannabis cash-generating unit. The Group determines whether goodwill is impaired at least on an annual basis. The recoverable amount of goodwill is based on the Directors' estimate of fair value of the cash generating unit to which it relates less costs to sell. In determining fair value, Medical Cannabis Ltd is considered a separate cash generating unit. The measure used in assessing fair value is based on the Directors' estimate of market value of the proposed sale of the remaining 45% interest in Medical Cannabis Ltd. The resulting fair value is compared to the carrying value for the cash generating unit and in the event that the carrying value exceeds the recoverable amount, an impairment loss is recognised. No reasonable change in assumptions would result in the recoverable amount of the cash generating unit being materially less than the carrying value. Note 21: Investments 2019 $ 2018 $ Listed ordinary shares – designated as at FVTPL - 2,902,853 The equity securities were acquired as non-cash consideration received for the licensing of certain cannabis intellectual property of the company to an unrelated company. Equity securities have been designated as at fair value through profit and loss (FVTPL) to avoid an accounting mismatch arising from the recognition of the licensing income in profit and loss if the fair value movements of the equity securities were being recognised in other comprehensive income. Movement in fair value for FVTPL Reconciliations Reconciliation of the written down value at the beginning and end of the current and previous financial year are set out below: Balance at 30 June 2017 Recognition of license fee revenue Write-down to fair value Balance at 30 June 2018 Write-down to fair value Balance at 30 June 2019 Total $ - 3,577,308 (674,455) 2,902,853 (2,902,853) - The investment relates to shares in an ASX listed company which have been voluntarily suspended from trading since 1 February 2019. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 44 Notes to the financial statements for the year ended 30 June 2019 210,972 2 210,974 286,285 2 286,287 Note 22: Equity-accounted investees Hemp Hulling Co (Qld) Pty Ltd (Note i) Canntab Therapeutics Australia (Note ii) Note i On 31 January 2018, the Group acquired a 25% equity interest in the associate Hemp Hulling Co. (QLD) Pty Ltd (HHC). HHC is involved in the processing of hemp seeds. Percentage ownership owned Current assets Non-current assets Current liabilities Non-current liabilities Net assets (100%) Group’s share of net assets (25%) Carrying amount of interest in investee Revenue Loss from continuing operations (100%) Other comprehensive income (100%) Total comprehensive income (100%) Total comprehensive income (25%) Group’s share of total comprehensive income Note ii 2019 $ 25% 12,493 1,298,048 (466,653) - 843,888 210,972 210,972 63,449 (301,252) - (301,252) (75,313) (75,313) 2018 $ 25% 30,022 1,256,941 (141,823) - 1,145,140 286,285 286,285 33,190 (46,861) - (46,861) (11,715) (11,715) On 27 December 2017, the Group entered a 50:50 joint venture arrangement with Canntab Therapeutics Ltd, named Canntab Therapeutics Australia (JV). The initial investment and carrying value at 30 June 2019 is $2 (2018: $2). The JV did not trade prior to 30 June 2019. Refer to Note 29 for disclosure of future commitments to the JV at 30 June 2019. Note 23: Trade and other payables CURRENT Unsecured liabilities Trade payables Accrued expenses 2019 $ 1,184,662 64,585 1,249,247 2018 $ 546,741 40,000 586,741 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 45 Notes to the financial statements for the year ended 30 June 2019 Note 24: Other financial liabilities CURRENT Loan - Seed capital loans – unsecured (i), (Note 31d) Loan from MCL Director – unsecured (Notes 31d and 33) Loan from related party – Director – unsecured (Notes 31d and 33) Loan from other party – unsecured (Note 31d) Convertible securities - L1 Capital pursuant to the financing agreement – secured (ii), (Note 31d) 2019 $ 3,638,575 694,021 115,037 153,333 1,804,035 6,405,001 2018 $ 1,206,000 474,522 - - 525,335 2,205,857 (i) – The seed capital loans can either be converted to CGB shares at a discount of 20% to the CGB 5-day VWAP at conversion date or settled in cash with a 20% premium to the loan principal. (ii) - As per the amended agreement dated 4 April 2019, the L1 Capital convertible securities have a face value of $1.20, inclusive of a $0.20 premium, and a maturity date of 15 November 2019. The convertible securities can be converted to CGB shares at the amount of 85% of the average daily volume weighted average price (VWAP) of CGB shares during the five actual trading days prior to the conversion notice date or otherwise settled in cash at the face value upon maturity. Total options issued as a result of the agreement were 31,140,000. These options have an exercise price of $0.05 and an expiry date of 2 September 2022. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 46 Notes to the financial statements for the year ended 30 June 2019 Note 25: Issued capital Share capital on issue 1,612,435,425 (2018: 1,606,852,092) fully paid ordinary shares (no par value) 50,000,000 (2018: 50,000,000) performance shares (no par value) The Company has no authorised capital. 2019 $ 2018 $ 28,850,842 28,850,842 750,000 29,600,842 750,000 29,600,842 2019 No. 2019 $ 2018 No. 2018 $. Ordinary shares At the beginning of reporting period 1,606,852,092 28,850,842 1,408,097,244 24,537,433 Share based payments (note 32) 5,583,333 - 11,848,201 - Conversion of convertible notes into ordinary shares Options exercised @0.012 - - - 130,533,928 3,547,391 - 56,372,719 766,018 At reporting date (30 June 2019) 1,612,435,425 28,850,842 1,606,852,092 28,850,842 Performance shares At the beginning of reporting period 50,000,000 750,000 50,000,000 750,000 At reporting date (30 June) 50,000,000 750,000 50,000,000 750,000 TOTAL at reporting date (30 June) 1,662,435,425 29,600,842 1,656,852,092 29,600,842 Terms and Conditions of Issued Capital Ordinary Shares Ordinary shares have the right to receive dividends as declared by the board and, in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle the holder to one vote either in person or by proxy at a meeting of the Company. Performance Shares Performance shares do not have the right to receive dividends as declared by the board and, in the event of winding up the Company, do not participate in the proceeds from the sale of any surplus assets. Performance shares do not entitle the holder to a vote either in person or by proxy at a meeting of the Company. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 47 Notes to the financial statements for the year ended 30 June 2019 b. Options on issue The following reconciles the outstanding share options at the beginning and year end of the financial year: Description At the beginning of reporting period Granted during the financial year Forfeited during the financial year Exercised during the financial year Expired during the financial year Balance at the end of the financial year Exercisable at the end of the financial year 2019 No. 2018 No. 2,846,046 158,455,323 31,140,000 - - - - (56,372,719) (2,846,046) (99,236,558) 31,140,000 2,846,046 31,140.000 2,846,046 Note 26: Share based payments reserve The share-based payments reserve records items recognised as expenses on share-based payments. Balance as at 1 July Equity settled share based payment – consulting fees – shares (Note 32) Equity settled share based payment – finance costs – shares issued in respect to finance costs relating to the issue of convertible securities (Note 32) Equity settled share based payment – options issued in respect of the issue of convertible securities Transfer to accumulated losses for expired options Balance as at 30 June Consolidated Entity 2019 $ 2018 $ 4,701,599 4,728,549 257,583 223,500 - 58,830 314,397 (20,207) 5,253,372 135,720 (445,000) 4,701,599 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 48 Notes to the financial statements for the year ended 30 June 2019 Note 27: Accumulated losses Balance as at 1 July Loss for the year Transfer from share based payments reserve for expired and forfeited options Transfer from accumulated losses to non- controlling interest in operating loss Non-controlling interest in operating loss Balance as at 30 June Note 28: Non-controlling Interests 2019 $ (23,617,200) (9,234,372) 2018 $ (18,622,071) (5,001,453) 20,207 445,000 173,522 - 2,799,437 (438,676) (29,858,406) (23,617,200) 2019 $ 2018 $ Non-controlling interest in equity – Balance as at 1 July 864,148 (197,396) Non-controlling interest in share capital raising – Medical Cannabis Ltd capital Transfer from accumulated losses to non-controlling interest (Loss)/Profit attributable to non-controlling interest Balance as at 30 June - 622,868 (173,522) (2,799,437) (2,108,811) - 438,676 864,148 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 49 Notes to the financial statements for the year ended 30 June 2019 Note 29: Commitments for expenditure Note 20: Capital and leasi ng commitme nts Exploration and evaluation (Note i) – not later than 1 year – later than 1 year but no later than 5 years Research and development Canntab therapeutics (Note ii) - Not later than a year - Later than 1 year but no later than 5 years TRDF Israel Research (Note iii) - Not later than a year - Later than 1 year but no later than 5 years 2019 $ 282,000 - - 1,429,000 1,029,000 2,214,000 4,954,000 2018 $ 272,000 282,000 259,000 1,037,000 1,333,000 2,009,000 5,192,000 Notes: i. ii. iii. This relates to exploration and evaluation activity for mining tenement EPM18463. On 27 December 2017 CGB entered into a joint venture agreement with Canntab Therapeutics Ltd. Under the agreement, each party will contribute $1.4 million (USD$1 million). On 16 February 2018 Medical Cannabis Research Group and The Research Development Foundation entered into a research funding agreement. Under the agreement, MCL is required to pay $4.1 million (USD$2.87 million) over a four-year period. Note 30: Operating leases The Group leases a factory facility under operating lease. The lease runs for a period of 2 years, with no option to renew: – not later than 1 year – later than 1 year but no later than 5 years 2019 $ 2018 $ 14,000 - 14,000 28,000 14,000 42,000 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 50 Notes to the financial statements for the year ended 30 June 2019 Note 31: Cash flow information a. Reconciliation of cash flows from operating activities Loss for the year Non-cash flows in loss Licence fee income Share of loss of equity-accounted investee - net of tax Depreciation Amortisation Share based payments expense Impairment of exploration asset Impairment of receivables Loss on financial assets at FVTPL Finance cost Loss on equity settled liabilities Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries Decrease/(increase) in other receivables Increase in trade debtors Increase in prepayments Increase in GST receivable Decrease/(increase) in inventory Increase in trade payables, accruals and other creditors Increase in current tax liability Net cash from operating activities 2019 $ 2018 $ (9,234,372) (5,001,453) - 75,313 22,529 39,550 257,583 - 485,036 2,902,853 901,861 - 15,000 (236,935) (97,177) (59,963) 395,131 662,502 - (3,577,308) 11,715 10,226 23,000 282,330 1,678,687 674,455 388,378 1,835,920 (20,133) (100,782) (6,336) (212,076) (542,069) 55,801 292,666 (3,871,089) (4,206,979) b. Acquisition of entities There were no entities acquired during the financial year. c. Non-cash investing and financing activities Consolidated Conversion of convertible notes into ordinary shares 2019 $ - Consideration for finance costs and consulting services by shares issued – refer note 32 257,58 3 2018 $ 3,547,391 282,330 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 51 Notes to the financial statements for the year ended 30 June 2019 Changes in liabilities arising from financing d. activities Seed capital loans $ MEF 1 LP Andrew Kavasilas L1 Capital Meyer Gutnick Other loan Total $ $ $ $ $ $ Balance at 1 July 2017 - 1,712,662 274,961 Net cash provided by financing activities: Seed capital loans advanced 1,005,000 Convertible securities issued Other loan advanced Other changes: Increase in face value to $1.05 Finance cost to be amortised to June 2019 - - - - - - - - - Finance cost recognised 201,000 126,323 Loss on equity settled liability Conversion to shares Realised foreign exchange gain - - - 1,835,920 (3,547,391) (127,514) Balance at 30 June 2018 1,206,000 Net cash provided by financing activities: Seed capital loans advanced 2,027,145 Convertible securities issued Other loan advanced Other changes: Increase in face value to $1.20 Finance cost to be amortised to June 2020 - - - - Finance cost recognised 405,430 Balance at 30 June 2019 3,638,575 - - - - - - - - - - - - 199,561 600,000 - - - - - - - 30,000 (165,720) 61,055 - - - 474,522 525,335 - - - 1,100,000 - - - - - - - - - - - - - - 1,987,623 - - - - - - - - - - - - 1,005,000 600,000 199,561 30,000 (165,720) 388,378 1,835,920 (3,547,391) (127,514) 2,205,857 2,027,145 1,100,000 219,499 - 115,037 150,000 484,536 - - - - 346,000 (660,398) 493,098 - - - - - - 346,000 (660,398) 3,333 901,861 694,021 1,804,035 115,037 153,333 6,405,001 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 52 Notes to the financial statements for the year ended 30 June 2019 Note 32: Share based payment arrangements Description of the share based payment arrangements. The following share based payment arrangements exist as at 30 June 2019. Ordinary shares granted On 18 July 2018, the Company issued 1,333,333 ordinary shares as consideration for consulting services. The share price at the grant date was $0.037 per share, resulting in consideration for consulting services of $49,333. On 28 August 2018, the Company issued 2,870,000 to Craig Cochran and 1,380,000 to Gareth Ball as consideration for Medcan management fees. The share price at the grant date was $0.037 per share, resulting in consideration for consulting services of $208,250. The following share based payment arrangements exist as at 30 June 2018. Ordinary shares granted On 25 July 2017, the Company issued 2,671,856 ordinary shares as commitment shares for convertible notes. The share price at the grant date was $0.011 per share, resulting in consideration for finance costs of $29,390. On 4 August 2017, the Company issued 2,676,345 ordinary shares as commitment shares for convertible notes. The share price at the grant date was $0.011 per share, resulting in consideration for finance costs of $24,440. On 4 August 2017, the Company issued 1,000,000 ordinary shares as consideration for consulting services. The share price at the grant date was $0.011 per share, resulting in consideration for consulting services of $11,000. On 4 August 2017, the Company issued 1,500,000 ordinary shares as consideration for consulting services. The share price at the grant date was $0.011 per share, resulting in consideration for consulting services of $16,500. On 12 September 2017, the Company issued 50,000,000 performance shares as part consideration for the acquisition of 55% of the shares in Medical Cannabis Ltd. The share price at the grant date of 30 May 2017 was $0.015 per share. On 23 November 2017, the Company issued 500,000 ordinary shares as consideration for consulting services. The share price at the grant date was $0.049 per share, resulting in consideration for consulting services of $24,500. On 23 November 2017, the Company issued 3,500,000 ordinary shares as consideration for consulting services. The share price at the grant date was $0.049 per share, resulting in consideration for consulting services of $171,500. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 53 Notes to the financial statements for the year ended 30 June 2019 Expense recognised in profit or loss Equity settled share based payment transactions Consulting fees – ordinary shares granted (note 26) Finance costs – ordinary shares granted (note 8 and 26) Total expense recognised for equity settled share based payments Reconciliation of outstanding share options Consolidated Entity 2019 $ 257,583 257,583 - 2018 $ 223,500 223,500 58,830 257,583 282,330 2019 Number of options 2019 Weighted Average Exercise price 2018 Number of options 2018 Weighted average exercise price Outstanding at the beginning of the year 2,846,046 0.06 32,846,046 Granted Forfeited Exercised Expired Outstanding at year-end Exercisable at year-end 31,140,000 - - (2,846,046) 31,140,000 31,140,000 0.05 - - - - - 0.06 (30,000,000) 0.05 0.05 2,846,046 2,846,046 0.11 - - - 0.12 0.06 - There were no options exercised during the year ended 30 June 2019 (2018: Nil) in respect of share-based payment arrangements. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 54 Notes to the financial statements for the year ended 30 June 2019 Note 33: Related parties disclosures Identity of related parties The consolidated entity has related party relationships with its subsidiaries, its associate entity, its key management personnel, and companies related due to common directorships of Pnina Feldman and Sholom Feldman, being directors of both Cann Global Limited and the director related companies. Related party transactions with Australian Gemstone Mining Pty Limited The Company and Australian Gemstone Mining Pty Limited (AGMPL) are parties to a management services agreement (Management Services Agreement) dated 1 July 2007, and the Variation Deed dated 1 July 2017, for the provision by AGMPL of executive and corporate services, including geological and technical expertise, to the Company by the following executives: ● ● ● Pnina Feldman – Executive Director, Business Development; Dr Robert Coenraads – Principal Geologist, Exploration and Mining; and Sholom Feldman – Chief Executive Officer and Company Secretary. In respect of each of these executives (Key Management Personnel), AGMPL was paid a retainer for the period ended 30 June 2019. The Company was also reimbursed for all reasonable expenses incurred by or on behalf of the Key Persons. ● AGMPL is a company owned and controlled by Pnina Feldman. Each of Pnina Feldman, Robert Coenraads and Sholom Feldman has entered into an executive services agreement with AGMPL. Each of these executive services agreements contains standard provisions dealing with employment obligations and standard covenants dealing with general duties and the protection of AGMPL’s interests and mirrors the Management Services Agreement in respect of termination provisions. AGMPL also provided suitable fully serviced offices to the Company , which includes use of office space, the board room, kitchen, daily cleaning, and essential office infrastructure, including telephones, fax, printer, broadband internet connections and suitable office furniture. AGMPL also provided additional administrative services to the Company, such as secretarial, accounting and office management services. AGMPL services 2019 2018 $ $ Rent Management and secretarial Geologist fees Executive and corporate services Reimbursement of expenses Marketing services Administration services Total 175,317 180,000 360,000 624,000 17,490 330,000 120,000 168,000 180,000 360,000 624,000 34,577 120,000 240,000 1,806,807 1,726,577 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 55 Notes to the financial statements for the year ended 30 June 2019 2019 $ 2018 $ Other transactions with related parties Loans advanced to director related companies CURRENT Australian Gemstone Mining Pty Ltd 39,654 11,531 The above loan is unsecured, interest free and there is no fixed date for repayment. NON-CURRENT Volcan Australia Corporation Pty Ltd Expected credit loss recognised as at 30 June 2019 Due for repayment on 14 December 2012 Volcan Australia Corporation Pty Ltd Expected credit loss recognised as at 30 June 2019 No due date for repayment. 1,200,000 (1,200,000) 1,200,000 (1,200,000) 79,258 (79,258) 79,258 (79,258) The above loan is unsecured and interest free. See note 16 for explanation of Loan to Volcan Australia Corporation Pty Ltd. Loans provided by directors Meyer Gutnick Andrew Kavasilas (MCL Director) The above loans are unsecured, interest free and there is no fixed date for repayment. 115,037 694,021 - 474,522 Loan advanced to associate entity CURRENT Hemp Hulling Co (QLD) Pty Ltd 111,620 77,168 The above loan is unsecured, interest free and there is no fixed date for repayment. Trade creditor balance with associate company - Hemp Hulling Co (QLD) Pty Ltd Purchases from associate company – Hemp Hulling Co (QLD) Pty Ltd (Purchases are made on normal terms and conditions.) - 13,015 1,730 11,832 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 56 Notes to the financial statements for the year ended 30 June 2019 Note 34: Financial instruments a. Financial risk management The Group’s financial instruments consist mainly of deposits with banks, trade and other receivables, trade and other payables and other financial liabilities. The main risks the Group is exposed to through its financial instruments are interest rate risk, foreign currency fluctuation risk and liquidity risk. Interest rate risk The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result in changes in market interest rates, arises mainly from bank deposits accounts. The effective weighted average interest rates on the financial assets and financial liabilities and interest rate sensitivity analysis are set out at Note 34(b). Foreign currency risk The Group was marginally exposed to fluctuations in foreign currencies during the reporting period. Credit risk Neither the Group or the Company have any material credit or other risk exposure to any single receivable or group of receivables or payables under financial instruments entered into by the Group. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages liquidity risk by monitoring forecast cash flows and ensuring that adequate cash reserves or unutilised borrowings are maintained. The following are the remaining contractual maturities at the end of the reporting period of financial liabilities, including estimated interest payments: 30 June 2019 Contractual cash flows Carrying amount $ Total Less than12 months 1-2 Years $ $ $ 2 to 5 years More than 5 years $ $ Non derivative financial liabilities L1 Capital Global 1,804,035 2,076,000 2,076,000 Seed capital loans 3,638,575 3,638,575 3,638,575 Loan - A Kavasilas 694,021 694,021 694,021 Loan – M Gutnick 115,037 115,037 115,037 Loan – other 153,333 153,333 153,333 - - - - - - - - - - - - - - - Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 57 Notes to the financial statements for the year ended 30 June 2019 30 June 2018 Carrying amount $ Total Less than12 months 1-2 Years $ $ $ 2 to 5 years More than 5 years $ $ Non derivative financial liabilities L1 Capital Global 525,335 630,000 630,000 Seed capital loans 1,206,000 1,206,000 1,206,000 Loan - A Kavasilas 474,522 474,522 474,522 - - - - - - - - - Price risk The Group’s anticipated value of the South Johnstone Bauxite project is affected by the price of bauxite and shipping. Any rise or fall of the price of bauxite or shipping costs may affect the project’s value accordingly. Similarly for the various market prices of cannabis products produced by the Company. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 58 Notes to the financial statements for the year ended 30 June 2019 b. Financial Instrument interest rate risk The tables below disclose the contractual interest rates applicable for financial statements and a sensitivity analysis of movements in variable interest rates. Weighted average effective interest rate Interest bearing fixed Interest bearing - floating Non-interest bearing Total 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Consolidated Entity % % $ $ $ $ $ $ $ $ Financial assets: Cash and cash equivalents 2.1% 2.0% Trade and other receivables Investments at FVTPL Financial liabilities: Trade and other payables Current tax liability Other financial liabilities Interest rate sensitivity analysis - - - - 81.1% - - - - - - - - - - 153,333 - - - - - - 5,183,669 6,409,217 100 100 5,183,769 6,409,317 - - - - - - - - - - - - 1,039,570 579,247 1,039,570 579,247 - 2,902,853 - 2,902,853 1,249,247 586,741 1,249,247 586,741 292,666 292,666 292,666 292,666 6,251,668 2,205,857 6,405,001 2,205,857 At 30 June 2019, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows: Increase in interest rate by 1% Decrease in interest rate by 1% 2019 $ 51,834 (51,834) 2018 $ 64,092 (64,092) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 59  Notes to the financial statements for the year ended 30 June 2019 c. Fair values vs carrying amounts The fair values of financial assets and liabilities, together with carrying amounts shown on the statement of financial position, are as follows: 2019 Total Carrying Amount $ 2019 Fair Value $ 2018 Total Carrying Amount $ 2018 Fair Value $ Financial Assets Cash and cash equivalents 5,183,769 5,183,769 6,409,317 6,409,317 Trade and other receivables Investment at FVTPL 1,039,570 - 1,039,570 - 579,247 2,902,853 579,247 2,902,853 Financial Liabilities Trade and other payables Current tax liability Other financial liabilities 1,249,247 292,666 6,405,001 1,249,247 292,666 6,405,001 586,741 292,666 2,205,857 586,741 292,666 2,205,857 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 60  Notes to the financial statements for the year ended 30 June 2019 Note 35: Parent entity disclosures As at and throughout the financial year ending 30 June 2019 the parent entity of the Group was Cann Global Limited. Financial Position of parent entity at year end 2019 2018 $ $ Assets Current assets Non-current assets Total assets Liabilities Current liabilities Non-current liabilities Total liabilities Total equity of the parent entity comprising of Issued capital Share based payment reserve Accumulated losses Total equity Financial performance Loss for the year Other comprehensive income Total comprehensive loss for the year Note 36: Company details The registered office of the Company and principal place of business is: Cann Global Limited Level 21, 133 Castlereagh Street SYDNEY NSW 2000 5,874,773 1,188,952 7,063,725 1,179,758 - 1,179,758 6,710,901 2,260,189 8,971,090 290,662 - 290,662 29,600,842 4,803,255 29,600,842 4,565,879 (28,520,130) (25,486,293) 5,883,967 8,680,428 (3,033,837) (5,836,823) - - (3,033,837) (5,836,823) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 61  Notes to the financial statements for the year ended 30 June 2019 Note 37: Segment information OPERATING SEGMENTS a. Basis for segmentation The Group has three reportable segments; hemp and medical cannabis products, mining exploration and evaluation and corporate. The corporate segment includes all of our initiatives in corporate growth activities and provides administrative, technical and financial support. b. Information about reportable segments Information related to each reportable segment is set out below. Mining Exploration and Evaluation Hemp and Medicinal Cannabis Products Corporate Total 2019 Sales to external customers Less intersegment sales Revenues - 480,647 - 480,647 - - - 480,647 - - - 480,647 Interest income - - 123,285 123,285 Depreciation Amortisation Impairment of receivables Finance costs Other costs Loss before tax (13,038) - - - (13,241) (35,800) (478,902) - - (6,134) - (911,615) (13,683) (4,969,601) (3,396,290) (26,721) (5,016,897) (4,190,754) Income tax expense - - - - (26,279) (35,800) (485,036) (911,615) (8,379,574) (9,234,372) - Loss after tax (26,721) (5,016,897) (4,190,754) (9,234,372) Capital expenditures 374,259 25,600 0 399,859 Total assets 2,260,682 3,389,458 5,183,771 10,833,911 Total liabilities - (1,101,724) (6,845,190) (7,946,914) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 62  Notes to the financial statements for the year ended 30 June 2019 Mining Exploration and Evaluation Hemp and Medicinal Cannabis Products Corporate Total 2018 Sales to external customers - 144,773 - License fee revenue Less intersegment sales Revenues - - - 3,577,308 - 3,722,078 - - - 144,773 3,577,308 - 3,722,078 Interest income - - 152,685 152,685 Depreciation Amortisation (5,939) (4,287) - - (23,000) - (10,226) (23,000) Impairment of exploration assets (1,678,687) - (1,678,687) Finance costs Other costs (Loss)/Profit before tax Income tax expense - - (447,208) (13,579) (1,392,830) (5,018,020) (1,698,205) 2,301,961 (5,312,543) - (292,666) - (447,208) (6,424,429) (4,708,787) (292,666) - (Loss)/Profit after tax (1,698,205) 2,009,295 (5,312,543) (5,001,453) Capital expenditures 397,905 56,519 - 454,424 Total assets 1,889,463 5,756,626 6,988,564 14,634,653 Total liabilities - (758,575) (2,326,689) (3,085,264) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 63  Notes to the financial statements for the year ended 30 June 2019 c. Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows: Consolidated - 2019 Major product lines Seed Oil Bi-Products Protein Flour Capsules Smoothie Blends Other Geographical regions Australia Rest of the World Timing of revenue recognition Goods transferred at a point in time Consolidated - 2018 Major product lines Seed Oil Bi-Products Other Geographical regions Hemp food products License fee Total $ $ $ 194,164 95,047 79,664 57,080 10,757 25,262 8,423 10,250 480,647 480,647 - 480,647 480,647 480,647 62,009 56,242 23,022 - - - - - - - - - - - - - - - - - 194,164 95,047 79,664 57,080 10,757 25,262 8,423 10,250 480,647 480,647 - 480,647 480,647 480,647 62,009 56,242 23,022 3,500 3,577,308 3,580,808 144,773 3,577,308 3,722,081 Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 64  Notes to the financial statements for the year ended 30 June 2019 Australia Rest of the World Timing of revenue recognition 144,773 3,577,308 3,722,081 - 144,773 - - - 3,722,081 Goods transferred at a point in time 144,773 3,577,308 3,722,081 144,773 3,577,308 3,722,081 Note 38: Capital management policies and procedures The Group’s capital management objectives are to ensure the Group’s ability to continue as a going concern. The Group monitors capital on the basis of the carrying amount of equity. In order to maintain or adjust the capital, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. The amounts managed as capital by the Group for the reporting periods under review are summarised as follow: Total equity Capital 2019 $ 2,886,997 2,886,997 2018 $ 11,549,389 11,549,389 Note 39: Events subsequent to balance date Acquisition of Hemp Hulling Co (QLD) Pty Ltd – additional 30% interest Effective 1 July 2019 Medical Cannabis Ltd, acquired an additional 30% of the ordinary shares of Hemp Hulling Co (QLD) Pty Ltd (HHC), to bring its interest to 55%, to continue to develop its operations in the medicinal cannabis and hemp food industry. Details of the acquisition are as follows: Cash and cash equivalents Receivables Inventory Plant and equipment Investments Trade and other payables Loans Net liabilities acquired Net liabilities acquired – 55% Fair value $ 3,837 6,631 2,025 441,785 10,805 (300,872) (165,781) (1,570) (864) Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 65  Notes to the financial statements for the year ended 30 June 2019 Goodwill Acquisition-date fair value of the total consideration transferred Representing: Cann Global Limited consideration shares Investment in HHC – current value Total Acquisition of T12 Pty Ltd – 100% interest 1,630,755 1,629,891 1,418,919 210,972 1,629,891 Effective 1 July 2019 Cann Global Limited, acquired 100% of the ordinary shares of T12 Pty Ltd to continue to develop its operations in the medicinal cannabis and hemp food industry. Details of the acquisition are as follows: Cash and cash equivalents Receivables Inventory Loans Intangibles Trade and other payables Loans Net liabilities acquired Goodwill Acquisition-date fair value of the total consideration transferred Representing: Cann Global Limited consideration shares Fair value $ 35,630 86,382 120,529 61,769 4,918 (426,800) (90,671) (208,243) 965,000 756,757 756,757 Share capital raising On 19 July 2019, the capital raising outlined in the Replacement Prospectus dated 7 June 2019 was finalised, with the issue of 170,000,000 shares at $0.035, being total capital raised of $5,950,000. Seed capital loans On 19 July 2019, seed capital loans of $2,134,102 were settled by the issue of 76,217,978 ordinary shares. Convertible securities – L1 Capital Since balance date, 1,250,000 convertible securities with a face value of $1,500,000 have been converted to ordinary shares. Other than the matters listed above, there has not arisen in the interval between the end of the financial year and the date of this report any further item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 66  Directors’ Declaration Directors’ Declaration In the directors’ opinion: 1. the financial statements and accompanying notes set out on pages 21 to 66, and the Remuneration Report on pages 14 to 19 of the Directors’ Report, are in accordance with the Corporations Act 2001 and: a) b) comply with Accounting Standards and the Corporations Regulations 2001; and give a true and fair view of the Group’s financial position as at 30 June 2019 and of its performance for the financial year ended on that date; 2. 3. the financial statements and notes also comply with International Financial Reporting Standards, as disclosed in Note 2(a) to the financial statements; there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; The directors have been given the declarations by the chief executive officer and chief financial officer required by Section 295A of the Corporations Act 2001. Signed in accordance with a resolution of the Directors. On behalf of the directors: Pnina Feldman, Chairperson Dated this 27th day of September 2019 Bellevue Hill NSW Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 67 (cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:5)(cid:3)(cid:4)(cid:5)(cid:3)(cid:7)(cid:8)(cid:9)(cid:10)(cid:4)(cid:11)(cid:7)(cid:12)(cid:13)(cid:14)(cid:15)(cid:8)(cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8)(cid:7)(cid:12)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:18)(cid:5)(cid:19)(cid:20)(cid:5)(cid:13)(cid:15)(cid:8)(cid:12)(cid:21)(cid:8)(cid:22)(cid:23)(cid:3)(cid:3)(cid:8)(cid:24)(cid:25)(cid:12)(cid:20)(cid:23)(cid:25)(cid:8)(cid:26)(cid:11)(cid:19)(cid:11)(cid:7)(cid:5)(cid:4)(cid:8) (cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8)(cid:12)(cid:3)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:9)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:12)(cid:21)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:27)(cid:11)(cid:3)(cid:23)(cid:3)(cid:28)(cid:11)(cid:23)(cid:25)(cid:8)(cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8) (cid:29)(cid:6)(cid:11)(cid:3)(cid:11)(cid:12)(cid:3)(cid:8) (cid:5)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:21)(cid:8)(cid:15)(cid:15)(cid:4)(cid:22)(cid:17)(cid:20)(cid:23)(cid:8)(cid:17)(cid:4)(cid:24)(cid:12)(cid:25)(cid:12)(cid:13)(cid:6)(cid:11)(cid:4)(cid:26)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:12)(cid:13)(cid:28)(cid:4)(cid:28)(cid:10)(cid:23)(cid:28)(cid:12)(cid:11)(cid:12)(cid:8)(cid:18)(cid:12)(cid:6)(cid:28)(cid:4)(cid:26)(cid:13)(cid:7)(cid:6)(cid:4) (cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:29)(cid:29)(cid:30)(cid:4)(cid:31)(cid:7)(cid:12)(cid:16)(cid:7)(cid:4)(cid:16)(cid:20)(cid:25)(cid:19)(cid:18)(cid:12)(cid:28)(cid:6)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:20)(cid:17)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:19)(cid:20)(cid:28)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:13)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4) (cid:16)(cid:20)(cid:15)(cid:28)(cid:20)(cid:17)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:19)(cid:18)(cid:20)(cid:14)(cid:12)(cid:13)(cid:4)(cid:20)(cid:18)(cid:4)(cid:17)(cid:20)(cid:28)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:16)(cid:20)(cid:25)(cid:19)(cid:18)(cid:6)(cid:7)(cid:6)(cid:15)(cid:28)(cid:12)(cid:9)(cid:6)(cid:4)(cid:12)(cid:15)(cid:16)(cid:20)(cid:25)(cid:6)(cid:30)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:20)(cid:17)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4) (cid:16)(cid:7)(cid:8)(cid:15)&(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4)(cid:6)’(cid:10)(cid:12)(cid:13)(cid:27)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:20)(cid:17)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:16)(cid:8)(cid:28)(cid:7)(cid:4)(cid:14)(cid:17)(cid:20)(cid:31)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:15)(cid:4)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:15)(cid:20)(cid:13)(cid:6)(cid:28)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4) (cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:30)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:12)(cid:15)&(cid:4)(cid:8)(cid:4)(cid:28)(cid:10)(cid:25)(cid:25)(cid:8)(cid:18)(cid:27)(cid:4)(cid:20)(cid:14)(cid:4)(cid:28)(cid:12)&(cid:15)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:15)(cid:13)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:19)(cid:20)(cid:17)(cid:12)(cid:16)(cid:12)(cid:6)(cid:28)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28))(cid:4)(cid:11)(cid:6)(cid:16)(cid:17)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)*(cid:4) +(cid:15)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:12)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4) #!!$(cid:30)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:12)(cid:15)&-(cid:4) (cid:12)(cid:29)(cid:2) &(cid:12)(cid:9)(cid:12)(cid:15)&(cid:4)(cid:8)(cid:4)(cid:13)(cid:18)(cid:10)(cid:6)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:14)(cid:8)(cid:12)(cid:18)(cid:4)(cid:9)(cid:12)(cid:6)(cid:31)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:19)(cid:20)(cid:28)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:13)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:20)(cid:14)(cid:4)(cid:12)(cid:13)(cid:28)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4) (cid:19)(cid:6)(cid:18)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:15)(cid:4)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11).(cid:4)(cid:8)(cid:15)(cid:11)(cid:4) (cid:12)(cid:12)(cid:29)(cid:2) (cid:16)(cid:20)(cid:25)(cid:19)(cid:17)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)0(cid:6)&(cid:10)(cid:17)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)#!!$*(cid:4) (cid:30)(cid:23)(cid:15)(cid:11)(cid:15)(cid:8)(cid:21)(cid:12)(cid:13)(cid:8)(cid:12)(cid:6)(cid:11)(cid:3)(cid:11)(cid:12)(cid:3)(cid:8)(cid:8) (cid:5)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:11)(cid:10)(cid:16)(cid:13)(cid:6)(cid:11)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)*(cid:4)1(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:10)(cid:15)(cid:11)(cid:6)(cid:18)(cid:4)(cid:13)(cid:7)(cid:20)(cid:28)(cid:6)(cid:4) (cid:28)(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:14)(cid:10)(cid:18)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:23)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)2(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13))(cid:4)(cid:28)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4) (cid:20)(cid:14)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)*(cid:4)(cid:5)(cid:6)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:12)(cid:15)(cid:11)(cid:6)(cid:19)(cid:6)(cid:15)(cid:11)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)#!!$(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4) (cid:6)(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)’(cid:10)(cid:12)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)3(cid:18)(cid:20)(cid:14)(cid:6)(cid:28)(cid:28)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)4(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)5(cid:20)(cid:8)(cid:18)(cid:11))(cid:28)(cid:4),34/(cid:4)$$!(cid:4)(cid:21)(cid:20)(cid:11)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4) 4(cid:13)(cid:7)(cid:12)(cid:16)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)3(cid:18)(cid:20)(cid:14)(cid:6)(cid:28)(cid:28)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:8)(cid:15)(cid:13)(cid:28)(cid:4)(cid:26)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:11)(cid:6)(cid:29)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:17)(cid:6)(cid:9)(cid:8)(cid:15)(cid:13)(cid:4)(cid:13)(cid:20)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:12)(cid:15)(cid:4) ,(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)*(cid:4)(cid:5)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:8)(cid:17)(cid:28)(cid:20)(cid:4)(cid:14)(cid:10)(cid:17)(cid:14)(cid:12)(cid:17)(cid:17)(cid:6)(cid:11)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:6)(cid:13)(cid:7)(cid:12)(cid:16)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:11)(cid:6)*(cid:4) (cid:5)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:14)(cid:12)(cid:18)(cid:25)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:12)(cid:15)(cid:11)(cid:6)(cid:19)(cid:6)(cid:15)(cid:11)(cid:6)(cid:15)(cid:16)(cid:6)(cid:4)(cid:11)(cid:6)(cid:16)(cid:17)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:18)(cid:6)’(cid:10)(cid:12)(cid:18)(cid:6)(cid:11)(cid:4)(cid:23)(cid:27)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)#!!$(cid:30)(cid:4)(cid:31)(cid:7)(cid:12)(cid:16)(cid:7)(cid:4)(cid:7)(cid:8)(cid:28)(cid:4)(cid:23)(cid:6)(cid:6)(cid:15)(cid:4) &(cid:12)(cid:9)(cid:6)(cid:15)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:30)(cid:4)(cid:31)(cid:20)(cid:10)(cid:17)(cid:11)(cid:4)(cid:23)(cid:6)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:28)(cid:8)(cid:25)(cid:6)(cid:4)(cid:13)(cid:6)(cid:18)(cid:25)(cid:28)(cid:4)(cid:12)(cid:14)(cid:4)&(cid:12)(cid:9)(cid:6)(cid:15)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:13)(cid:12)(cid:25)(cid:6)(cid:4) (cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:12)(cid:28)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)*(cid:4) (cid:5)(cid:6)(cid:4)(cid:23)(cid:6)(cid:17)(cid:12)(cid:6)(cid:9)(cid:6)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:6)(cid:9)(cid:12)(cid:11)(cid:6)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:6)(cid:11)(cid:4)(cid:12)(cid:28)(cid:4)(cid:28)(cid:10)(cid:14)(cid:14)(cid:12)(cid:16)(cid:12)(cid:6)(cid:15)(cid:13)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:8)(cid:19)(cid:19)(cid:18)(cid:20)(cid:19)(cid:18)(cid:12)(cid:8)(cid:13)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:19)(cid:18)(cid:20)(cid:9)(cid:12)(cid:11)(cid:6)(cid:4)(cid:8)(cid:4)(cid:23)(cid:8)(cid:28)(cid:12)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4) (cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)*(cid:4) (cid:31)(cid:5) (cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:19)(cid:23)(cid:7)(cid:7)(cid:5)(cid:13)(cid:15)(cid:8) 6(cid:6)(cid:27)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:13)(cid:7)(cid:20)(cid:28)(cid:6)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:30)(cid:4)(cid:12)(cid:15)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:19)(cid:18)(cid:20)(cid:14)(cid:6)(cid:28)(cid:28)(cid:12)(cid:20)(cid:15)(cid:8)(cid:17)(cid:4)7(cid:10)(cid:11)&(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:30)(cid:4)(cid:31)(cid:6)(cid:18)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)(cid:25)(cid:20)(cid:28)(cid:13)(cid:4)(cid:28)(cid:12)&(cid:15)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:12)(cid:15)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4) (cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:16)(cid:10)(cid:18)(cid:18)(cid:6)(cid:15)(cid:13)(cid:4)(cid:19)(cid:6)(cid:18)(cid:12)(cid:20)(cid:11)*(cid:4)8(cid:7)(cid:6)(cid:28)(cid:6)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:4)(cid:31)(cid:6)(cid:18)(cid:6)(cid:4)(cid:8)(cid:11)(cid:11)(cid:18)(cid:6)(cid:28)(cid:28)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:13)(cid:6)9(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4) (cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:4)(cid:31)(cid:7)(cid:20)(cid:17)(cid:6)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:14)(cid:20)(cid:18)(cid:25)(cid:12)(cid:15)&(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:20)(cid:15)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:31)(cid:6)(cid:4)(cid:11)(cid:20)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:19)(cid:18)(cid:20)(cid:9)(cid:12)(cid:11)(cid:6)(cid:4)(cid:8)(cid:4) (cid:28)(cid:6)(cid:19)(cid:8)(cid:18)(cid:8)(cid:13)(cid:6)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:28)(cid:6)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)*(cid:4) (cid:31)(cid:5) (cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:19)(cid:23)(cid:7)(cid:7)(cid:5)(cid:13)(cid:8) !(cid:12)"(cid:8)(cid:12)(cid:10)(cid:13)(cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:23)(cid:4)(cid:4)(cid:13)(cid:5)(cid:15)(cid:15)(cid:5)(cid:4)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)#(cid:5) (cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:19)(cid:23)(cid:7)(cid:7)(cid:5)(cid:13)(cid:8) $%(cid:6)(cid:25)(cid:12)(cid:13)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(cid:8)(cid:23)(cid:3)(cid:4)(cid:8)$&(cid:23)(cid:25)(cid:10)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(cid:8) $%(cid:6)(cid:5)(cid:3)(cid:4)(cid:11)(cid:7)(cid:10)(cid:13)(cid:5)(cid:8)’(cid:8)$((cid:18)(cid:8))*+,-(cid:8) 0(cid:6)(cid:14)(cid:6)(cid:18)(cid:4)(cid:13)(cid:20)(cid:4)(cid:15)(cid:20)(cid:13)(cid:6)(cid:4)$(cid:3)(cid:4):(cid:4)49(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4) 4(cid:9)(cid:8)(cid:17)(cid:10)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)49(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)*(cid:4)8(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4) (cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:19)(cid:20)(cid:17)(cid:12)(cid:16)(cid:27)(cid:4)(cid:12)(cid:15)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:6)(cid:16)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4) (cid:6)9(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:6)(cid:9)(cid:8)(cid:17)(cid:10)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:28)(cid:28)(cid:6)(cid:13)(cid:28)(cid:4)(cid:12)(cid:28)(cid:4) (cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:23)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4);(cid:20)(cid:13)(cid:6)(cid:4)<(cid:26)(cid:14)(cid:29)*(cid:4) 1(cid:10)(cid:18)(cid:4)(cid:19)(cid:18)(cid:20)(cid:16)(cid:6)(cid:11)(cid:10)(cid:18)(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:11)(cid:30)(cid:4)(cid:8)(cid:25)(cid:20)(cid:15)&(cid:28)(cid:13)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:28)-(cid:4) (cid:2)(cid:2) (cid:5)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:14)(cid:12)(cid:18)(cid:25)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:6)9(cid:12)(cid:28)(cid:13)(cid:6)(cid:15)(cid:16)(cid:6)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:6)(cid:15)(cid:10)(cid:18)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)43=(cid:4)$(cid:3)>(cid:2) (cid:4)(cid:23)(cid:27)(cid:4)(cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:12)(cid:15)&(cid:4) (cid:13)(cid:7)(cid:6)(cid:4)(cid:18)(cid:6)(cid:15)(cid:6)(cid:31)(cid:8)(cid:17)(cid:4)(cid:8)(cid:10)(cid:13)(cid:7)(cid:20)(cid:18)(cid:12)(cid:28)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:18)(cid:6)(cid:17)(cid:6)(cid:9)(cid:8)(cid:15)(cid:13)(cid:4)(cid:22)(cid:20)(cid:9)(cid:6)(cid:18)(cid:15)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4) (cid:11)(cid:6)(cid:19)(cid:8)(cid:18)(cid:13)(cid:25)(cid:6)(cid:15)(cid:13).(cid:4) (cid:2)(cid:2) +(cid:15)(cid:4)(cid:8)(cid:28)(cid:28)(cid:6)(cid:28)(cid:28)(cid:12)(cid:15)&(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:8)(cid:15)(cid:4)(cid:12)(cid:15)(cid:11)(cid:12)(cid:16)(cid:8)(cid:13)(cid:20)(cid:18)(cid:4)(cid:20)(cid:14)(cid:4)(cid:12)(cid:25)(cid:19)(cid:8)(cid:12)(cid:18)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:6)9(cid:12)(cid:28)(cid:13)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4)(cid:18)(cid:6)(cid:17)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:13)(cid:20)(cid:4) (cid:13)(cid:7)(cid:6)(cid:4)(cid:6)9(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:28)(cid:28)(cid:6)(cid:13)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),,/5(cid:4)(cid:2)(cid:30)(cid:4)(cid:31)(cid:6)-(cid:4)(cid:4) -(cid:2) (cid:6)9(cid:8)(cid:25)(cid:12)(cid:15)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:25)(cid:12)(cid:15)(cid:10)(cid:13)(cid:6)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)(cid:23)(cid:20)(cid:8)(cid:18)(cid:11)(cid:4)(cid:25)(cid:6)(cid:6)(cid:13)(cid:12)(cid:15)&(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4) (cid:25)(cid:8)(cid:18)?(cid:6)(cid:13)(cid:4)(cid:8)(cid:15)(cid:15)(cid:20)(cid:10)(cid:15)(cid:16)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28).(cid:4)(cid:4) (cid:2)(cid:3)(cid:4) (cid:4) (cid:31)(cid:5) (cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:19)(cid:23)(cid:7)(cid:7)(cid:5)(cid:13)(cid:8) !(cid:12)"(cid:8)(cid:12)(cid:10)(cid:13)(cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:23)(cid:4)(cid:4)(cid:13)(cid:5)(cid:15)(cid:15)(cid:5)(cid:4)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)#(cid:5) (cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:19)(cid:23)(cid:7)(cid:7)(cid:5)(cid:13)(cid:8) -(cid:2) -(cid:2) (cid:12)(cid:15)(cid:13)(cid:6)(cid:18)(cid:9)(cid:12)(cid:6)(cid:31)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)&(cid:6)(cid:20)(cid:17)(cid:20)&(cid:12)(cid:28)(cid:13)(cid:30)(cid:4)(cid:25)(cid:8)(cid:15)(cid:8)&(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4) (cid:11)(cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4)(cid:18)(cid:6)(cid:17)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)(cid:16)(cid:10)(cid:18)(cid:18)(cid:6)(cid:15)(cid:13)(cid:4)(cid:8)(cid:16)(cid:13)(cid:12)(cid:9)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:12)(cid:18)(cid:4) (cid:8)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:12)(cid:15)(cid:13)(cid:6)(cid:15)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:13)(cid:20)(cid:4)(cid:10)(cid:15)(cid:11)(cid:6)(cid:18)(cid:13)(cid:8)?(cid:6)(cid:4)(cid:14)(cid:10)(cid:18)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:6)9(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:16)(cid:13)(cid:12)(cid:9)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28).(cid:4) (cid:8)(cid:15)(cid:11)(cid:4) (cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:6)(cid:11)(cid:4)(cid:6)(cid:9)(cid:12)(cid:11)(cid:6)(cid:15)(cid:16)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)(cid:12)(cid:15)(cid:13)(cid:6)(cid:15)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:18)(cid:6)(cid:8)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4) (cid:12)(cid:15)(cid:13)(cid:6)(cid:18)(cid:6)(cid:28)(cid:13)(cid:30)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:12)(cid:15)&(cid:4)(cid:18)(cid:6)(cid:9)(cid:12)(cid:6)(cid:31)(cid:12)(cid:15)&(cid:4)(cid:14)(cid:10)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:23)(cid:10)(cid:11)&(cid:6)(cid:13)(cid:6)(cid:11)(cid:4)(cid:6)9(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4) (cid:18)(cid:6)(cid:17)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:31)(cid:20)(cid:18)?(cid:4)(cid:19)(cid:18)(cid:20)&(cid:18)(cid:8)(cid:25)(cid:25)(cid:6)(cid:28).(cid:4)(cid:8)(cid:15)(cid:11)(cid:4) (cid:2)(cid:2) (cid:5)(cid:6)(cid:4)(cid:13)(cid:6)(cid:28)(cid:13)(cid:6)(cid:11)(cid:4)(cid:8)(cid:4)(cid:28)(cid:8)(cid:25)(cid:19)(cid:17)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)(cid:8)(cid:11)(cid:11)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:16)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:12)(cid:28)(cid:6)(cid:11)(cid:4)(cid:6)9(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4) (cid:6)9(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:28)(cid:10)(cid:19)(cid:19)(cid:20)(cid:18)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:11)(cid:20)(cid:16)(cid:10)(cid:25)(cid:6)(cid:15)(cid:13)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)*(cid:4)(cid:4) (cid:4) (cid:4) 1(cid:10)(cid:18)(cid:4)(cid:19)(cid:18)(cid:20)(cid:16)(cid:6)(cid:11)(cid:10)(cid:18)(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:11)(cid:30)(cid:4)(cid:8)(cid:25)(cid:20)(cid:15)&(cid:28)(cid:13)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:28)-(cid:4) (cid:2)(cid:2) (cid:2)(cid:2) (cid:2)(cid:2) (cid:2)(cid:2) 49(cid:8)(cid:25)(cid:12)(cid:15)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:10)(cid:15)(cid:11)(cid:6)(cid:18)(cid:17)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:8)&(cid:18)(cid:6)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28).(cid:4) A(cid:6)(cid:18)(cid:12)(cid:14)(cid:12)(cid:6)(cid:11)(cid:4)(cid:14)(cid:10)(cid:15)(cid:11)(cid:28)(cid:4)(cid:18)(cid:6)(cid:16)(cid:6)(cid:12)(cid:9)(cid:6)(cid:11)(cid:4)(cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:12)(cid:28)(cid:28)(cid:10)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28).(cid:4) 0(cid:6)(cid:16)(cid:8)(cid:17)(cid:16)(cid:10)(cid:17)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:25)(cid:20)(cid:18)(cid:13)(cid:12)(cid:28)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:16)(cid:20)(cid:28)(cid:13)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18).(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:4) ,(cid:28)(cid:28)(cid:6)(cid:28)(cid:28)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:18)(cid:6)(cid:8)(cid:13)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:12)(cid:15)(cid:28)(cid:13)(cid:18)(cid:10)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4) (cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:18)(cid:6)(cid:16)(cid:20)&(cid:15)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:25)(cid:6)(cid:8)(cid:28)(cid:10)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:8)(cid:28)(cid:4)(cid:31)(cid:6)(cid:17)(cid:17)(cid:4)(cid:8)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4) (cid:11)(cid:12)(cid:28)(cid:16)(cid:17)(cid:20)(cid:28)(cid:10)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)’(cid:10)(cid:12)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:18)(cid:6)(cid:17)(cid:6)(cid:9)(cid:8)(cid:15)(cid:13)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4) /(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)*(cid:4) (cid:4) (cid:4) ,(cid:13)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:7)(cid:8)(cid:11)(cid:4)(cid:13)(cid:20)(cid:13)(cid:8)(cid:17)(cid:4) (cid:16)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:12)(cid:28)(cid:6)(cid:11)(cid:4)49(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)4(cid:9)(cid:8)(cid:17)(cid:10)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4) 49(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:20)(cid:14)(cid:4)@#(cid:30)# (cid:3)(cid:30)!$%*(cid:4)(cid:4) 8(cid:7)(cid:6)(cid:4)49(cid:19)(cid:17)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)4(cid:9)(cid:8)(cid:17)(cid:10)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4) 49(cid:19)(cid:6)(cid:15)(cid:11)(cid:12)(cid:13)(cid:10)(cid:18)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:8)(cid:4)?(cid:6)(cid:27)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:4) (cid:23)(cid:6)(cid:16)(cid:8)(cid:10)(cid:28)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:28)(cid:28)(cid:6)(cid:13))(cid:28)(cid:4)(cid:16)(cid:8)(cid:18)(cid:18)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:8)(cid:25)(cid:20)(cid:10)(cid:15)(cid:13)(cid:4) (cid:12)(cid:28)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:13)(cid:20)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4) (cid:8)(cid:15)(cid:11)(cid:4)(cid:28)(cid:12)&(cid:15)(cid:12)(cid:14)(cid:12)(cid:16)(cid:8)(cid:15)(cid:13)(cid:4)7(cid:10)(cid:11)&(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:23)(cid:6)(cid:6)(cid:15)(cid:4) (cid:8)(cid:19)(cid:19)(cid:17)(cid:12)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:11)(cid:6)(cid:13)(cid:6)(cid:18)(cid:25)(cid:12)(cid:15)(cid:12)(cid:15)&(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:8)(cid:15)(cid:4) (cid:12)(cid:15)(cid:11)(cid:12)(cid:16)(cid:8)(cid:13)(cid:20)(cid:18)(cid:4)(cid:20)(cid:14)(cid:4)(cid:12)(cid:25)(cid:19)(cid:8)(cid:12)(cid:18)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:6)9(cid:12)(cid:28)(cid:13)(cid:28)(cid:4)(cid:12)(cid:15)(cid:4) (cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4) ,(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:4),,/5(cid:4)(cid:2)*(cid:4) (cid:29)(cid:7)(cid:17)(cid:5)(cid:13)(cid:8)(cid:27)(cid:11)(cid:3)(cid:23)(cid:3)(cid:28)(cid:11)(cid:23)(cid:25)(cid:8)(cid:26)(cid:11)(cid:23)(cid:20)(cid:11)(cid:25)(cid:11)(cid:7)(cid:11)(cid:5)(cid:15)(cid:8)’(cid:8) (cid:22)(cid:12)(cid:3)&(cid:5)(cid:13)(cid:7)(cid:11)(cid:20)(cid:25)(cid:5)(cid:8).(cid:5)(cid:28)(cid:10)(cid:13)(cid:11)(cid:7)(cid:11)(cid:5)(cid:15)(cid:8)(cid:23)(cid:3)(cid:4)(cid:8).(cid:5)(cid:5)(cid:4)(cid:8) (cid:22)(cid:23)(cid:6)(cid:11)(cid:7)(cid:23)(cid:25)(cid:8)(cid:26)(cid:12)(cid:23)(cid:3)(cid:15)(cid:8) 0(cid:6)(cid:14)(cid:6)(cid:18)(cid:4)(cid:13)(cid:20)(cid:4)(cid:15)(cid:20)(cid:13)(cid:6)(cid:4)#>(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:15)(cid:20)(cid:13)(cid:6)(cid:4) $(cid:26)(cid:11)(cid:29)*(cid:4) ((cid:10)(cid:18)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:30)(cid:4) (cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:12)(cid:28)(cid:28)(cid:10)(cid:6)(cid:11)(cid:4)(cid:8)(cid:4)(cid:15)(cid:10)(cid:25)(cid:23)(cid:6)(cid:18)(cid:4)(cid:20)(cid:14)(cid:4) (cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:28)(cid:10)(cid:23)(cid:28)(cid:6)’(cid:10)(cid:6)(cid:15)(cid:13)(cid:4) (cid:13)(cid:20)(cid:4)(cid:23)(cid:8)(cid:17)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:11)(cid:8)(cid:13)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:6)(cid:11)(cid:4)(cid:28)(cid:20)(cid:25)(cid:6)(cid:4) (cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:13)(cid:20)(cid:4)(cid:6)’(cid:10)(cid:12)(cid:13)(cid:27)*(cid:4)(cid:4) ,(cid:13)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:7)(cid:8)(cid:11)(cid:4)(cid:13)(cid:20)(cid:13)(cid:8)(cid:17)(cid:4) (cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)@<(cid:30)>>#(cid:30)(cid:2)$!(cid:4) (cid:18)(cid:6)(cid:19)(cid:18)(cid:6)(cid:28)(cid:6)(cid:15)(cid:13)(cid:6)(cid:11)(cid:4)(cid:23)(cid:27)(cid:4)(cid:24)$(cid:4)(cid:21)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:4)(cid:21)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4) /(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)/(cid:6)(cid:6)(cid:11)(cid:4)(cid:21)(cid:8)(cid:19)(cid:12)(cid:13)(cid:8)(cid:17)(cid:4)(cid:24)(cid:20)(cid:8)(cid:15)(cid:28)*(cid:4) (cid:21)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:6)(cid:11)(cid:4) (cid:13)(cid:20)(cid:4)(cid:23)(cid:6)(cid:4)(cid:8)(cid:4)?(cid:6)(cid:27)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:4)(cid:11)(cid:10)(cid:6)(cid:4)(cid:13)(cid:20)-(cid:4) (cid:13)(cid:7)(cid:6)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4) (cid:2)(cid:2) (cid:13)(cid:18)(cid:8)(cid:15)(cid:28)(cid:8)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:16)(cid:8)(cid:18)(cid:18)(cid:27)(cid:12)(cid:15)&(cid:4)(cid:9)(cid:8)(cid:17)(cid:10)(cid:6)(cid:28)(cid:4) (cid:12)(cid:15)(cid:9)(cid:20)(cid:17)(cid:9)(cid:12)(cid:15)&(cid:4)(cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:28)(cid:6)(cid:16)(cid:10)(cid:18)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28).(cid:4) (cid:8)(cid:15)(cid:11)(cid:4)(cid:4) (cid:2)(cid:2) (cid:16)(cid:20)(cid:25)(cid:19)(cid:17)(cid:6)9(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:12)(cid:15)(cid:9)(cid:20)(cid:17)(cid:9)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4) (cid:18)(cid:6)(cid:16)(cid:20)&(cid:15)(cid:12)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:25)(cid:6)(cid:8)(cid:28)(cid:10)(cid:18)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4) (cid:16)(cid:20)(cid:15)(cid:9)(cid:6)(cid:18)(cid:13)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:12)(cid:15)(cid:28)(cid:13)(cid:18)(cid:10)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)*(cid:4) (cid:29)(cid:7)(cid:17)(cid:5)(cid:13)(cid:8)(cid:11)(cid:3)(cid:21)(cid:12)(cid:13)(cid:19)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(cid:8) 8(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)*(cid:4)8(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:16)(cid:20)(cid:25)(cid:19)(cid:18)(cid:12)(cid:28)(cid:6)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4) (cid:12)(cid:15)(cid:4)(cid:21)(cid:8)(cid:15)(cid:15)(cid:4)(cid:22)(cid:17)(cid:20)(cid:23)(cid:8)(cid:17)(cid:4)(cid:24)(cid:12)(cid:25)(cid:12)(cid:13)(cid:6)(cid:11))(cid:28)(cid:4)(cid:8)(cid:15)(cid:15)(cid:10)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:30)(cid:4)(cid:23)(cid:10)(cid:13)(cid:4)(cid:11)(cid:20)(cid:6)(cid:28)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4) (cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:20)(cid:15)*(cid:4) 1(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:11)(cid:20)(cid:6)(cid:28)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:16)(cid:20)(cid:9)(cid:6)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:31)(cid:6)(cid:4)(cid:11)(cid:20)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:6)9(cid:19)(cid:18)(cid:6)(cid:28)(cid:28)(cid:4)(cid:8)(cid:15)(cid:27)(cid:4)(cid:14)(cid:20)(cid:18)(cid:25)(cid:4) (cid:20)(cid:14)(cid:4)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:16)(cid:17)(cid:10)(cid:28)(cid:12)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:20)(cid:15)*(cid:4) +(cid:15)(cid:4)(cid:16)(cid:20)(cid:15)(cid:15)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:30)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:12)(cid:28)(cid:4)(cid:13)(cid:20)(cid:4)(cid:18)(cid:6)(cid:8)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:30)(cid:4) (cid:12)(cid:15)(cid:4)(cid:11)(cid:20)(cid:12)(cid:15)&(cid:4)(cid:28)(cid:20)(cid:30)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:12)(cid:28)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:17)(cid:27)(cid:4)(cid:12)(cid:15)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:28)(cid:13)(cid:6)(cid:15)(cid:13)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:20)(cid:18)(cid:4) (cid:20)(cid:10)(cid:18)(cid:4)?(cid:15)(cid:20)(cid:31)(cid:17)(cid:6)(cid:11)&(cid:6)(cid:4)(cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:18)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:31)(cid:12)(cid:28)(cid:6)(cid:4)(cid:8)(cid:19)(cid:19)(cid:6)(cid:8)(cid:18)(cid:28)(cid:4)(cid:13)(cid:20)(cid:4)(cid:23)(cid:6)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:17)(cid:27)(cid:4)(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:11)*(cid:4)+(cid:14)(cid:30)(cid:4)(cid:23)(cid:8)(cid:28)(cid:6)(cid:11)(cid:4)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4) (cid:31)(cid:20)(cid:18)?(cid:4)(cid:31)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:19)(cid:6)(cid:18)(cid:14)(cid:20)(cid:18)(cid:25)(cid:6)(cid:11)(cid:30)(cid:4)(cid:31)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:13)(cid:7)(cid:6)(cid:18)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:8)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:20)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:14)(cid:20)(cid:18)(cid:25)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:31)(cid:6)(cid:4) (cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)’(cid:10)(cid:12)(cid:18)(cid:6)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:14)(cid:8)(cid:16)(cid:13)*(cid:4)(cid:5)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:15)(cid:20)(cid:13)(cid:7)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:20)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:12)(cid:28)(cid:4)(cid:18)(cid:6)&(cid:8)(cid:18)(cid:11)*(cid:4) (cid:2)%(cid:4) (cid:4) /(cid:11)(cid:13)(cid:5)(cid:28)(cid:7)(cid:12)(cid:13)(cid:15)(cid:14)(cid:8)(cid:13)(cid:5)(cid:15)(cid:6)(cid:12)(cid:3)(cid:15)(cid:11)(cid:20)(cid:11)(cid:25)(cid:11)(cid:7) (cid:8)(cid:21)(cid:12)(cid:13)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:21)(cid:11)(cid:3)(cid:23)(cid:3)(cid:28)(cid:11)(cid:23)(cid:25)(cid:8)(cid:13)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8) 8(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:25)(cid:19)(cid:8)(cid:15)(cid:27)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:19)(cid:18)(cid:6)(cid:19)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)&(cid:12)(cid:9)(cid:6)(cid:28)(cid:4)(cid:8)(cid:4)(cid:13)(cid:18)(cid:10)(cid:6)(cid:4) (cid:8)(cid:15)(cid:11)(cid:4)(cid:14)(cid:8)(cid:12)(cid:18)(cid:4)(cid:9)(cid:12)(cid:6)(cid:31)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)#!!$(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4) (cid:28)(cid:10)(cid:16)(cid:7)(cid:4)(cid:12)(cid:15)(cid:13)(cid:6)(cid:18)(cid:15)(cid:8)(cid:17)(cid:4)(cid:16)(cid:20)(cid:15)(cid:13)(cid:18)(cid:20)(cid:17)(cid:4)(cid:8)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:11)(cid:6)(cid:13)(cid:6)(cid:18)(cid:25)(cid:12)(cid:15)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:15)(cid:6)(cid:16)(cid:6)(cid:28)(cid:28)(cid:8)(cid:18)(cid:27)(cid:4)(cid:13)(cid:20)(cid:4)(cid:6)(cid:15)(cid:8)(cid:23)(cid:17)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:19)(cid:18)(cid:6)(cid:19)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4) (cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)&(cid:12)(cid:9)(cid:6)(cid:28)(cid:4)(cid:8)(cid:4)(cid:13)(cid:18)(cid:10)(cid:6)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:14)(cid:8)(cid:12)(cid:18)(cid:4)(cid:9)(cid:12)(cid:6)(cid:31)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:12)(cid:28)(cid:4)(cid:14)(cid:18)(cid:6)(cid:6)(cid:4)(cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:30)(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:11)(cid:10)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:14)(cid:18)(cid:8)(cid:10)(cid:11)(cid:4)(cid:20)(cid:18)(cid:4) (cid:6)(cid:18)(cid:18)(cid:20)(cid:18)*(cid:4)(cid:4) +(cid:15)(cid:4)(cid:19)(cid:18)(cid:6)(cid:19)(cid:8)(cid:18)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:8)(cid:28)(cid:28)(cid:6)(cid:28)(cid:28)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19))(cid:28)(cid:4)(cid:8)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:13)(cid:20)(cid:4)(cid:16)(cid:20)(cid:15)(cid:13)(cid:12)(cid:15)(cid:10)(cid:6)(cid:4) (cid:8)(cid:28)(cid:4)(cid:8)(cid:4)&(cid:20)(cid:12)(cid:15)&(cid:4)(cid:16)(cid:20)(cid:15)(cid:16)(cid:6)(cid:18)(cid:15)(cid:30)(cid:4)(cid:11)(cid:12)(cid:28)(cid:16)(cid:17)(cid:20)(cid:28)(cid:12)(cid:15)&(cid:30)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:19)(cid:19)(cid:17)(cid:12)(cid:16)(cid:8)(cid:23)(cid:17)(cid:6)(cid:30)(cid:4)(cid:25)(cid:8)(cid:13)(cid:13)(cid:6)(cid:18)(cid:28)(cid:4)(cid:18)(cid:6)(cid:17)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)&(cid:20)(cid:12)(cid:15)&(cid:4)(cid:16)(cid:20)(cid:15)(cid:16)(cid:6)(cid:18)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:10)(cid:28)(cid:12)(cid:15)&(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)&(cid:20)(cid:12)(cid:15)&(cid:4) (cid:16)(cid:20)(cid:15)(cid:16)(cid:6)(cid:18)(cid:15)(cid:4)(cid:23)(cid:8)(cid:28)(cid:12)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:10)(cid:15)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:10)(cid:15)(cid:17)(cid:6)(cid:28)(cid:28)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:6)(cid:12)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:12)(cid:15)(cid:13)(cid:6)(cid:15)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)(cid:17)(cid:12)’(cid:10)(cid:12)(cid:11)(cid:8)(cid:13)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:20)(cid:18)(cid:4)(cid:13)(cid:20)(cid:4)(cid:16)(cid:6)(cid:8)(cid:28)(cid:6)(cid:4) (cid:20)(cid:19)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:30)(cid:4)(cid:20)(cid:18)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:15)(cid:20)(cid:4)(cid:18)(cid:6)(cid:8)(cid:17)(cid:12)(cid:28)(cid:13)(cid:12)(cid:16)(cid:4)(cid:8)(cid:17)(cid:13)(cid:6)(cid:18)(cid:15)(cid:8)(cid:13)(cid:12)(cid:9)(cid:6)(cid:4)(cid:23)(cid:10)(cid:13)(cid:4)(cid:13)(cid:20)(cid:4)(cid:11)(cid:20)(cid:4)(cid:28)(cid:20)*(cid:4) (cid:9)(cid:10)(cid:4)(cid:11)(cid:7)(cid:12)(cid:13)(cid:14)(cid:15)(cid:8)(cid:13)(cid:5)(cid:15)(cid:6)(cid:12)(cid:3)(cid:15)(cid:11)(cid:20)(cid:11)(cid:25)(cid:11)(cid:7) (cid:8)(cid:21)(cid:12)(cid:13)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:23)(cid:10)(cid:4)(cid:11)(cid:7)(cid:8)(cid:12)(cid:21)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:21)(cid:11)(cid:3)(cid:23)(cid:3)(cid:28)(cid:11)(cid:23)(cid:25)(cid:8)(cid:13)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8) 1(cid:10)(cid:18)(cid:4)(cid:20)(cid:23)7(cid:6)(cid:16)(cid:13)(cid:12)(cid:9)(cid:6)(cid:28)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:20)(cid:23)(cid:13)(cid:8)(cid:12)(cid:15)(cid:4)(cid:18)(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:6)(cid:4)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:8)(cid:23)(cid:20)(cid:10)(cid:13)(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:8)(cid:28)(cid:4)(cid:8)(cid:4)(cid:31)(cid:7)(cid:20)(cid:17)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:14)(cid:18)(cid:6)(cid:6)(cid:4) (cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:30)(cid:4)(cid:31)(cid:7)(cid:6)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:11)(cid:10)(cid:6)(cid:4)(cid:13)(cid:20)(cid:4)(cid:14)(cid:18)(cid:8)(cid:10)(cid:11)(cid:4)(cid:20)(cid:18)(cid:4)(cid:6)(cid:18)(cid:18)(cid:20)(cid:18)(cid:30)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)(cid:12)(cid:28)(cid:28)(cid:10)(cid:6)(cid:4)(cid:8)(cid:15)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:28)(cid:4) (cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)*(cid:4)0(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:6)(cid:4)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:12)(cid:28)(cid:4)(cid:8)(cid:4)(cid:7)(cid:12)&(cid:7)(cid:4)(cid:17)(cid:6)(cid:9)(cid:6)(cid:17)(cid:4)(cid:20)(cid:14)(cid:4)(cid:8)(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:30)(cid:4)(cid:23)(cid:10)(cid:13)(cid:4)(cid:12)(cid:28)(cid:4)(cid:15)(cid:20)(cid:13)(cid:4)(cid:8)(cid:4)&(cid:10)(cid:8)(cid:18)(cid:8)(cid:15)(cid:13)(cid:6)(cid:6)(cid:4)(cid:13)(cid:7)(cid:8)(cid:13)(cid:4)(cid:8)(cid:15)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4) (cid:16)(cid:20)(cid:15)(cid:11)(cid:10)(cid:16)(cid:13)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)&(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)(cid:31)(cid:12)(cid:17)(cid:17)(cid:4)(cid:8)(cid:17)(cid:31)(cid:8)(cid:27)(cid:28)(cid:4)(cid:11)(cid:6)(cid:13)(cid:6)(cid:16)(cid:13)(cid:4)(cid:8)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4) (cid:25)(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:4)(cid:31)(cid:7)(cid:6)(cid:15)(cid:4)(cid:12)(cid:13)(cid:4)(cid:6)9(cid:12)(cid:28)(cid:13)(cid:28)*(cid:4)=(cid:12)(cid:28)(cid:28)(cid:13)(cid:8)(cid:13)(cid:6)(cid:25)(cid:6)(cid:15)(cid:13)(cid:28)(cid:4)(cid:16)(cid:8)(cid:15)(cid:4)(cid:8)(cid:18)(cid:12)(cid:28)(cid:6)(cid:4)(cid:14)(cid:18)(cid:20)(cid:25)(cid:4)(cid:14)(cid:18)(cid:8)(cid:10)(cid:11)(cid:4)(cid:20)(cid:18)(cid:4)(cid:6)(cid:18)(cid:18)(cid:20)(cid:18)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:16)(cid:20)(cid:15)(cid:28)(cid:12)(cid:11)(cid:6)(cid:18)(cid:6)(cid:11)(cid:4)(cid:25)(cid:8)(cid:13)(cid:6)(cid:18)(cid:12)(cid:8)(cid:17)(cid:4)(cid:12)(cid:14)(cid:30)(cid:4) (cid:12)(cid:15)(cid:11)(cid:12)(cid:9)(cid:12)(cid:11)(cid:10)(cid:8)(cid:17)(cid:17)(cid:27)(cid:4)(cid:20)(cid:18)(cid:4)(cid:12)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)&&(cid:18)(cid:6)&(cid:8)(cid:13)(cid:6)(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:27)(cid:4)(cid:16)(cid:20)(cid:10)(cid:17)(cid:11)(cid:4)(cid:18)(cid:6)(cid:8)(cid:28)(cid:20)(cid:15)(cid:8)(cid:23)(cid:17)(cid:27)(cid:4)(cid:23)(cid:6)(cid:4)(cid:6)9(cid:19)(cid:6)(cid:16)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:20)(cid:4)(cid:12)(cid:15)(cid:14)(cid:17)(cid:10)(cid:6)(cid:15)(cid:16)(cid:6)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:6)(cid:16)(cid:20)(cid:15)(cid:20)(cid:25)(cid:12)(cid:16)(cid:4)(cid:11)(cid:6)(cid:16)(cid:12)(cid:28)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4) (cid:10)(cid:28)(cid:6)(cid:18)(cid:28)(cid:4)(cid:13)(cid:8)?(cid:6)(cid:15)(cid:4)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:23)(cid:8)(cid:28)(cid:12)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:12)(cid:28)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)*(cid:4) ,(cid:4)(cid:14)(cid:10)(cid:18)(cid:13)(cid:7)(cid:6)(cid:18)(cid:4)(cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:19)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:12)(cid:6)(cid:28)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:14)(cid:12)(cid:15)(cid:8)(cid:15)(cid:16)(cid:12)(cid:8)(cid:17)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:12)(cid:28)(cid:4)(cid:17)(cid:20)(cid:16)(cid:8)(cid:13)(cid:6)(cid:11)(cid:4)(cid:8)(cid:13)(cid:4)8(cid:7)(cid:6)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4) ,(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)&(cid:4)(cid:8)(cid:15)(cid:11)(cid:4),(cid:28)(cid:28)(cid:10)(cid:18)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)/(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)(cid:4)5(cid:20)(cid:8)(cid:18)(cid:11)(cid:4)(cid:31)(cid:6)(cid:23)(cid:28)(cid:12)(cid:13)(cid:6)(cid:4)(cid:8)(cid:13)-(cid:4)(cid:31)(cid:31)(cid:31)*(cid:8)(cid:10)(cid:8)(cid:28)(cid:23)*&(cid:20)(cid:9)*(cid:8)(cid:10)C(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18)(cid:28)D(cid:14)(cid:12)(cid:17)(cid:6)(cid:28)C(cid:8)(cid:18)#*(cid:19)(cid:11)(cid:14)*(cid:4)8(cid:7)(cid:12)(cid:28)(cid:4) (cid:11)(cid:6)(cid:28)(cid:16)(cid:18)(cid:12)(cid:19)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:14)(cid:20)(cid:18)(cid:25)(cid:28)(cid:4)(cid:19)(cid:8)(cid:18)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:20)(cid:18))(cid:28)(cid:4)(cid:18)(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)*(cid:4) (cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8)(cid:12)(cid:3)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:16)(cid:5)(cid:19)(cid:10)(cid:3)(cid:5)(cid:13)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(cid:8)(cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8) (cid:29)(cid:6)(cid:11)(cid:3)(cid:11)(cid:12)(cid:3)(cid:8)(cid:12)(cid:3)(cid:8)(cid:7)(cid:17)(cid:5)(cid:8)(cid:16)(cid:5)(cid:19)(cid:10)(cid:3)(cid:5)(cid:13)(cid:23)(cid:7)(cid:11)(cid:12)(cid:3)(cid:8)(cid:16)(cid:5)(cid:6)(cid:12)(cid:13)(cid:7)(cid:8) (cid:5)(cid:6)(cid:4)(cid:7)(cid:8)(cid:9)(cid:6)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:6)(cid:11)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)0(cid:6)(cid:25)(cid:10)(cid:15)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)0(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:12)(cid:15)(cid:16)(cid:17)(cid:10)(cid:11)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:19)(cid:8)&(cid:6)(cid:28)(cid:4)$>(cid:4)(cid:13)(cid:20)(cid:4)$(cid:3)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28))(cid:4)0(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4) (cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%*(cid:4)(cid:4) +(cid:15)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:30)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)0(cid:6)(cid:25)(cid:10)(cid:15)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)0(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:20)(cid:14)(cid:4)(cid:21)(cid:8)(cid:15)(cid:15)(cid:4)(cid:22)(cid:17)(cid:20)(cid:23)(cid:8)(cid:17)(cid:4)(cid:24)(cid:12)(cid:25)(cid:12)(cid:13)(cid:6)(cid:11)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:27)(cid:6)(cid:8)(cid:18)(cid:4)(cid:6)(cid:15)(cid:11)(cid:6)(cid:11)(cid:4) !(cid:4)"(cid:10)(cid:15)(cid:6)(cid:4)#!$%(cid:30)(cid:4) (cid:16)(cid:20)(cid:25)(cid:19)(cid:17)(cid:12)(cid:6)(cid:28)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:28)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4) !!,(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)#!!$*(cid:4)(cid:4) (cid:16)(cid:5)(cid:15)(cid:6)(cid:12)(cid:3)(cid:15)(cid:11)(cid:20)(cid:11)(cid:25)(cid:11)(cid:7)(cid:11)(cid:5)(cid:15)(cid:8)(cid:8) 8(cid:7)(cid:6)(cid:4)((cid:12)(cid:18)(cid:6)(cid:16)(cid:13)(cid:20)(cid:18)(cid:28)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:22)(cid:18)(cid:20)(cid:10)(cid:19)(cid:4)(cid:8)(cid:18)(cid:6)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:17)(cid:6)(cid:4)(cid:14)(cid:20)(cid:18)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:19)(cid:18)(cid:6)(cid:19)(cid:8)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:8)(cid:15)(cid:11)(cid:4)(cid:19)(cid:18)(cid:6)(cid:28)(cid:6)(cid:15)(cid:13)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)0(cid:6)(cid:25)(cid:10)(cid:15)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4) 0(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4)(cid:28)(cid:6)(cid:16)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4) !!,(cid:4)(cid:20)(cid:14)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)(cid:21)(cid:20)(cid:18)(cid:19)(cid:20)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:28)(cid:4),(cid:16)(cid:13)(cid:4)#!!$*(cid:4)1(cid:10)(cid:18)(cid:4)(cid:18)(cid:6)(cid:28)(cid:19)(cid:20)(cid:15)(cid:28)(cid:12)(cid:23)(cid:12)(cid:17)(cid:12)(cid:13)(cid:27)(cid:4)(cid:12)(cid:28)(cid:4)(cid:13)(cid:20)(cid:4)(cid:6)9(cid:19)(cid:18)(cid:6)(cid:28)(cid:28)(cid:4)(cid:8)(cid:15)(cid:4) (cid:20)(cid:19)(cid:12)(cid:15)(cid:12)(cid:20)(cid:15)(cid:4)(cid:20)(cid:15)(cid:4)(cid:13)(cid:7)(cid:6)(cid:4)0(cid:6)(cid:25)(cid:10)(cid:15)(cid:6)(cid:18)(cid:8)(cid:13)(cid:12)(cid:20)(cid:15)(cid:4)0(cid:6)(cid:19)(cid:20)(cid:18)(cid:13)(cid:30)(cid:4)(cid:23)(cid:8)(cid:28)(cid:6)(cid:11)(cid:4)(cid:20)(cid:15)(cid:4)(cid:20)(cid:10)(cid:18)(cid:4)(cid:8)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:16)(cid:20)(cid:15)(cid:11)(cid:10)(cid:16)(cid:13)(cid:6)(cid:11)(cid:4)(cid:12)(cid:15)(cid:4)(cid:8)(cid:16)(cid:16)(cid:20)(cid:18)(cid:11)(cid:8)(cid:15)(cid:16)(cid:6)(cid:4)(cid:31)(cid:12)(cid:13)(cid:7)(cid:4),(cid:10)(cid:28)(cid:13)(cid:18)(cid:8)(cid:17)(cid:12)(cid:8)(cid:15)(cid:4),(cid:10)(cid:11)(cid:12)(cid:13)(cid:12)(cid:15)&(cid:4) /(cid:13)(cid:8)(cid:15)(cid:11)(cid:8)(cid:18)(cid:11)(cid:28)*(cid:4) 0(cid:5)%(cid:11)(cid:23)(cid:8). (cid:4)(cid:3)(cid:5) (cid:8)((cid:23)(cid:13)(cid:7)(cid:3)(cid:5)(cid:13)(cid:15)(cid:17)(cid:11)(cid:6)(cid:8) (cid:8) .(cid:7)(cid:5)(cid:6)(cid:17)(cid:5)(cid:3)(cid:8)(cid:27)(cid:11)(cid:15)(cid:17)(cid:5)(cid:13)(cid:8) 3(cid:8)(cid:18)(cid:13)(cid:15)(cid:6)(cid:18)(cid:4) (cid:4) ((cid:8)(cid:13)(cid:6)(cid:11)-(cid:4)#B(cid:4)/(cid:6)(cid:19)(cid:13)(cid:6)(cid:25)(cid:23)(cid:6)(cid:18)(cid:4)#!$%(cid:4) /(cid:27)(cid:11)(cid:15)(cid:6)(cid:27)(cid:4) B!(cid:4) Additional Information Additional Information – as at 23 September 2019 Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere in this report is set out below: Distribution schedule and number of holders of equity securities as at 23 September 2019 Fully Paid Ordinary Shares (CGB) 136 64 1,113 5,135 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,00 1 and over 2,655 Total 9,103 The number of holders holding less than a marketable parcel of fully paid ordinary shares as 23 September 2019 is 2,187. Cann Global Limited ABN 18 124 873 507 and Controlled Entities Page | 71 20 largest holders of quoted equity securities as at 23 September 2019 The names of the twenty largest holders of fully paid ordinary shares (ASX code: CGB) as at 23 September 2019 are: Additional Information 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. LBT CORPORATION PTY LTD 519,403,514 16.43 VOLCAN AUSTRALIA CORPORATION PTY LTD 189,975,000 MARTIN PLACE SECURITES NOMINEES PTY LTD 158,845,404 ANDREW KAVASILAS TRANSGLOBAL CAPITAL PTY LTD 151,481,081 146,934,652 FIRST STATE PTY LIMITED 110,021,355 020428 PTY LTD 98,948,375 SEBASTION WILLIAM EWARDS

Continue reading text version or see original annual report in PDF format above