Penn State knocks off Syracuse

Source: The Times Leader, Wilkes-Barre, Pa.迷你倉Sept. 01--EAST RUTHERFORD, N.J. -- Penn State's defense came up with two big stops in the final five minutes and Eugene Lewis scored the winning touchdown as the Nittany Lions held off Syracuse 23-17 on Saturday at MetLife Stadium.Playing in his first collegiate game, Lewis torched the Orange defense down the middle of the field in the fourth quarter for a 54-yard touchdown that gave the Nittany Lions a 23-10 lead.Syracuse answered, turning a Christian Hackenberg interception into a touchdown to pull within 23-17. The Lions sealed it with a Trevor Williams interception with a minute left to play.For more on Penn State's victory, check back to timesleader.com and see Sunday's edition of The Times Leader.------Syracuse took advantage of a freshman mistake by Christian Hackenberg and the Orange have cut Penn State's lead to 23-17 with 6:58 to play.Under pressure on a blitz, Hackenberg forced a quick pass into coverage, where it's intercepted by defensive end Robert Welsh. The return goes back to the Lions 1 and Jerome Smith punches it in on the next play for his second touchdown of the day.------Eugene Lewis made his presence felt in his first college game.After spending much of the game on the sideline, Lewis torched his man down the middle of the field in the fourth quarter for a 54-yard touchdown, giving Penn State a commanding 23-10 lead over Syracuse.It was Lewis' first career touchdown after redshirting in 2012.------Sam Ficken hit a career-best 46-yard field goal to give Penn State a 16-10 lead over Syracuse with 14:16 to play.The much-maligned Ficken has now hit 13 straight kicks dating back to last season. He did not, however, convert from beyond 40 yards in 2012.------Penn State played a half without Allen Robinson. Mike Hull has exited the game with an injury. Several other prominent Lions have missed time with bumps and bruises.The Lions lead 13-10 after three quarters in part because of the play of some depth players.Senior safety/linebacker Stephen Obeng-Agyapong came up with his second turnover of the game, picking up an interception to go with his fumble recovery to halt another Syracuse drive.Before that, tight-end-turned-tackle Garry Gilliam saved a touchdown by making a critical tackle on a fumble return.Robinson, who had six catches for 115 yards and a touchdown in the quarter, fumbled after a gain of 18 midway through the frame with Syracuse's Brandon Reddish going 42 yards the other way. Only Gilliam stopped him from finding the end zone and the Orange ultimately missed a field goal try to keep Penn State in the lead.------Welcome back, Allen Robinson.After sitting out the first half for what Bill O'Brien called disciplinary reasons, Robinson touched the ball twice to start the second half and already has found the end zone.Robinson broke wide open down the left sideline for a 51-yard touchdown. Syracuse answered immediately with a deep ball to set up a 10-yard touchdown run by Jerome Smith.Penn State leads 13-10 early in the third quarter. Both scoring drives took just two plays.Robinson's first play of the season was a bubble screen in the slot that he took for a gain of 25. He then found himself wide open down the left sideline, only to have Christian Hackenberg underthrow the ball.But Robinson was so open that he had time to stop, scoop up the low throw and then accelerate from a dead stop past the rest of the Syracuse defense for a score.Syracuse victimized Penn State safety Malcolm Willis on the next play, as Jeremiah Kobena got behind the senior and hauled in a well-thrown lob for 55 yards. Smith scored on the next play.------It hasn't been pretty at all for either side. But Penn State heads to the locker room with a 6-3 lead over Syracuse at MetLife Stadium.Sam Ficken hit his second field goal of the quarter in the final minute, this time from 35 yards out, to give the Nittany Lions their first lead of the season. Ficken's other make was 36 yards.Throwing mostly bubble screens and short passes, Christian Hackenberg starts his career 11-for-15 for 69 yards and an interception. Tyler Ferguson played one drive that ended when he dropped the ball on his windup. Syracuse recovered and converted it into a field goal.Penn State played the first half without star wideout Allen Robinson for disciplinary reasons. He will return for the second half, according to coach Bill O'Brien."That's between me and Allen," O'Brien said in his halftime TV interview.The Lions also had tight end Matt Lehman carted off with what looked to be a serious knee injury. Penn State has also seen linebacker Mike Hull and tight end Kyle Carter miss time with minor injuries, though both have returned.------After trading turnovers, Penn State has its first points of 2013.Sam Ficken connected on a 36-yard field goal to tie the game at 3-3 with 5:59 to play in the first half. The field goal, which was Ficken's 11th straight make dating back to last season, was set up by a strip and recovery by safety-turned-linebacker Stephen Obeng-Agyapong.Penn State had initially gotten life from its special teams as a low snap skipped back to Jonathan Fisher. That gave defensive lineman Carl Nassib -- brother of prolific former Syracuse quarterback Ryan -- a shot at bringing him down for a loss of 17.Syracuse answered right back, however, as C文件倉ristian Hackenberg threw his first career interception. Safety Jeremi Wilkes jumped in front of Kyle Carter for the pick.Obeng-Agyapong responded by causing a turnover of his own, ripping the ball away from the Orange at the end of a play.The Lions initially lined up for a 47-yard field goal on the ensuing drive, but holder Ryan Keiser took the snap and comfortably converted on fourth-and-2.Syracuse held from there, setting up Ficken's kick.------Penn State's depth is already being tested.The Nittany Lions were dealt a tough blow in the second quarter as senior tight end Matt Lehman was carted off the field with an apparent knee injury as Penn State trails Syracuse 3-0 at MetLife Stadium.Lehman was untouched as he tried to make a cut at the top of his route when his left knee gave out on him, sending him quickly to the turf.The fifth-year senior immediately clutched his knee and the cart was summoned within a minute.------Mike Hull has returned for the Nittany Lions, who trail Syracuse 3-0 in the second quarter of the 2013 opener.The Orange capitalized on a Tyler Ferguson fumble, converting the trunover into three points on a 32-yard field goal by Ross Krautman.Hull, who spent a stretch in the locker room with team trainers, returned to the sideline with an extra wrap on his right knee. After a timeout, he was on the field for a third-and-long stop by the defense before the field goal.------Penn State and Syracuse are scoreless through one quarter at MetLife Stadium. The Nittany Lions' depth will be severely tested for the final three frames.Top wideout Allen Robinson appears to be healthy but is not playing. Dynamic linebacker Mike Hull limped off the field and headed to the locker room and has yet to return.Eugene Lewis and Matt Zanellato have taken the bulk of Robinson's snaps. Safety Stephen Obeng-Agyapong has stepped into Hull spot at outside linebacker.Christian Hackenberg took the first two drives for the Lions and went 6-for-7 for 36 yards. Tyler Ferguson was under center for the third drive but had the ball slip out of his hands, with Syracuse recovering the fumble at the Penn State 43.------Christian Hackenberg indeed started at quarterback for Penn State. The much bigger surprise was who didn't.Top wideout Allen Robinson spent the opening series on the sideline with former Wyoming Valley Conference star Eugene Lewis taking his place. Lewis made his first career catch on the drive, hauling in a 7-yard reception from Hackenberg.Robinson sat out a few camp practices that were open to media to rest his hamstring. He was not on the team's injury report this week, however, and was expected to play as usual.Before the game, Penn State was represented by game captains Glenn Carson and John Urschel, taking midfield along with recently enshrined Pro Football Hall of Famer and Penn State great Dave Robinson.Fifth-year senior Drew Allen, an Oklahoma transfer, started at quarterback for Syracuse.------With the Lions' depth beginning to erode because of NCAA sanctions, they will need to rely more and more on freshmen to play early in their careers.To hammer that point home, the Lions brought 16 true freshmen on their travel roster for the opener. Six of them -- Hackenberg, linebacker Branon Bell, kicker Chris Gulla, tackle Andrew Nelson, defensive end Garrett Sickels and return man Von Walker -- had full written bios provided by the school, indicating that all six have a good chance to play this season, if not today.Four other true freshmen -- TE Adam Breneman, WR Richy Anderson, CB Jordan Smith and CB Anthony Smith -- arrived on campus in January and already had bios in the media guide.The rest of the rookies in uniform today for Penn State are QB Ausin Whipple, QB D.J. Crook, RB Chip Chiappialle, LB Brandon Smith, OL Brendan Mahon and WR Gregg Garrity.Penn State also brought 15 redshirt freshmen on the trip. Of the 74 players dressed for the Lions, 42 percent have freshman eligibility.------EAST RUTHERFORD, N.J. -- Penn State had gone a full century without starting a season with a true freshman at quarterback. Today, the Nittany Lions will now have done it twice in four seasons.Top recruit Christian Hackenberg is expected to be under center for the Lions as they open the 2013 campaign against Syracuse at 3:30 p.m. The Times Leader is live from MetLife Stadium, home of the New York Giants and Jets, and will be providing updates throughout the day.Hackenberg was rated by some services as the nation's top pro-style passer coming out of Fork Union Military Academy. He'll face an aggressive Syracuse defense led by new head coach Scott Shafer, who was promoted from defensive coordinator.Penn State coach Bill O'Brien has said all week that both Hackenberg and sophomore Tyler Ferguson will see the field today, though the plan is for Hackenberg to take the majority of the snaps.Hackenberg follows Rob Bolden, who opened the 2010 season at quarterback as a true freshman. Before Bolden, the last Penn State player in that position was Hall-of-Famer Shorty Miller in 1910.Check back to timesleader.com for more leading up to kickoff and during the game. Get instant commentary by following along on Twitter.Copyright: ___ (c)2013 The Times Leader (Wilkes-Barre, Pa.) Visit The Times Leader (Wilkes-Barre, Pa.) at .timesleader.com Distributed by MCT Information Services存倉

Food bank thankful for donations, but bounty is gone

Source: The Sun, Yuma, Ariz.文件倉Aug. 31--The good news: Yuma's food bank surpassed its heady goal for a donation campaign several days ahead of deadline.The bad news: A lot of the bounty collected has already left the shelves.Leaders at the Yuma Community Food Bank say they are tremendously grateful for local generosity that contributed 23,157 pounds of food by Thursday, 3,157 pounds more than leaders had hoped to gather by Sunday. In addition to food, nearly 8,000 diapers have been donated so far.Private citizens made donations toward the Stock our Shelves (SOS) campaign and nearly 60 businesses and organizations hosted food drives."The entire community of Yuma really stepped up to the plate," said Mike Ivers, president and CEO of the Yuma Community Food Bank. "This just feels awesome. I feel privileged to work and live in a community that is this generous."On July 17, Ivers told the Yuma Sun that the food bank's coolers were completely empty. "Today we have no meat and no bread, no diapers and no formula," he said at the time, announcing the SOS campaign.The food bank broke a major record May 15 when the organization served 480 families on a single day. That's the highest number since the food bank opened in 1978. The food bank typically serves 2,600 people each month.But Ivers says there's a dash of sour along with the sweetness when it comes to doing the math for the campaign. He stressed that the community's generosity remains strong, but unfortunately, local hunger remains ravenous.He said he certainly wishes that 23,157 pounds of food still filled the food bank's shelves and coolers."We've hit our goal, but the 4,454 pounds of food the Border Patrol gave? It was gone in two days. One group gave us a financial donation and we bought 1,200 pounds of hamburger meat and it was gone within three days."The food bank's stock of baby formula is also once again depleted.After "thank you," Ivers' next message for the community is "please ke存倉p giving.""We are going to need more," he said flatly. "The need is still high, as you can see when you have the highest unemployment rate in the United States of America."But back on the topic of good news, Ivers praised the many major donations given during the SOS campaign. He pointed to the Border Patrol donation and to Yuma Regional Medical Center's donation of 5,008 pounds of food."It's fantastic. Those are some of the biggest and I have tons of others," the food bank leader said.He also celebrated the many small donations that came together to take the food bank toward its big goal."Then you have the mom driving by the food bank with her sons who saw the long lines and they said 'Mom, we need to do something.' So they went to the store with their own money and bought three loaves of bread," Ivers said with delight. "This goal would not have been reached without the generosity of the whole community."The community will have ample chances to continue donating to the food bank during September, which is Hunger Action Month."The donations go quickly. The need is always going to be there," said Beryl Durazo, resource and development assistant for the food bank. "In Yuma County, 42.7 percent of children are food insecure." That figure translates into 23,420 of children under the age of 18.SOS hasn't been the food bank's only campaign, however. Ivers says the organization is also "off to a great start" with its Step up to the Plate campaign, which aims to raise $1.5 million by February. To help boost that capital campaign, Ivers recently sent out 475 letters to past food bank supporters across the nation.He declined to confirm how much has been pledged so far, but said "it is picking up and moving along."For more information of either of its campaigns, call the Yuma Community Food Bank at 343-1243.Copyright: ___ (c)2013 The Sun (Yuma, Ariz.) Visit The Sun (Yuma, Ariz.) at .yumasun.com Distributed by MCT Information Services迷你倉

哀哉特區政府！

人總是善忘，自存倉不肯牢記歷史教訓；結果犯完錯誤可以再犯；我們的特區政府是樣板。話說偉大的赤�角機場竣工，為了向中央政府示好，機場管理局不顧一切，硬要上馬開幕，好迎接來自北方的貴賓。這次的世紀大混亂，大家還記憶猶新，怎知早前的啟德超級郵輪碼頭又重蹈覆轍。怎可能如此昂貴的建築物，未啟用已給天雨打垮，多麼尷尬。為了給第一批訪港旅客留下良好印象，運輸署為何不早作安排，方便遊客往返市區？請問工務局，建築署和有關交通部門的領導人去了哪裡？香港政府給人的印象是講就天下無敵，做就有心冇力。「的士」公共計程車用「天然氣」取代「油渣」無可厚非，符合環保衛生要求。可惜政府在「加氣站」不足夠和分配區域不平均的情況下便立刻推行政策。後果是「的士」司機朋友無辜給剝削了大約一小時的賺錢時間。目前的情況是起碼要排隊輪候半個小時以上加氣，然後才能跟「下更」的同事會合。更荒唐的是：每間供氣公司的價格自行決定，最平那間肯定大排長龍 不要給我說這是自由市場資本主義的特色，可以隨時犧牲民生。接下來的樓價租金等問題也大可不談了只針對批評特區政府有欠公允，因為許多燙手難題是由前朝遺留下來的。英國人統迷你倉新蒲崗殖民地確有一手，明知有問題，但掩飾功夫上乘。加上那個年代傳媒忌諱政府幾分，不敢去得太盡；結果港英政府九七時能夠光榮撤退。其實他們跟目前特區政府一樣，滿載籮籮的「蘇州史」，見不得光。最明顯的例子莫過於「僭建」和「海難」風波；這直接與公務員失職有關。羅馬不是一天建成，香港的「僭建」現象也非「九七」後的新事物。如果說香港人民齊齊貧窮，那麼「僭建」可以體諒。然而問題絕非這樣，窮人僭建為了增加活動空間，情有可原。富人僭建為了強化優質環境，有商榷餘地。不過無論怎樣，特區政府對整個形勢欠缺全面了解，一味以「正義之士」心態去處理，最終傷了全香港市民的感情，弄到神憎鬼厭 其實問題不難解決。任何國家皇帝或元首登基上任，都有「特赦」這玩意兒，以增強歡樂氣氛我們和平送走了殖民地鼻祖英女皇，迎上了偉大的中國共產黨，理應高興。不過面對民生問題，三屆特首的表現都乏善足陳，一蟹不如一蟹。事情好簡單，定一個年份死線，以前的，除了有潛在危險要立刻清拆，一律特赦。以後的「僭建」絕不容忍，一定繩之於法；到時人民必然額手稱慶，快快樂樂住在獅子山下…… 有關「唐梁」選特首一役，基於篇幅，有機會再談迷你倉出租

Website targets Chinese tourists for Greek holidays

The quirks of mainland tourists are being celebrated rather than ridiculed in a novel hotel-ranking system that aims to attract Chinese holidaymakers to debt-ridden Greece.self storageThe ranking on travel website Feel Like Home uses dragons instead of stars to score hotels on a niche set of criteria.Hotels get points for such things as offering congee at the breakfast buffet and Chinese-language TV. To attain the highest "five dragon" ranking, hotels must have Putonghua-speaking staff, city maps in Chinese and activities specifically tailored to Chinese tourists.Feels Like Home was founded by three friends and about 100 hotels have joined the database since February.Most of the hotels are in Greece, as two of its co-founders are currently based in Europe, while the other works in Beijing. The site also covers destinations such as Morocco, Austria, India, Malaysia and Indonesia.Co-founder Nicholas Triantafyllidis, 36, has worked in hotel management for 15 years and said the idea was about cashing in on a lucrative market."Hotels like the idea, as everyone, in the back of their heads, wants to attract the Chinese because they are big in numbers and they are new," he said."Tourism is the number one product in Greece and we've always has Chinese visitors because just like China, Greece has a lot of history and culture, which they are interested in."Previously, the clientele was only wealthy mainlanders, but "now we want to attract more of the rising middle class", Triantafyllidis said. It was as simple as having soy sauce at the buffet, he added."The Chinese tourist will try Greek food but he would like to have some soy sauce on the side because he's familiar with that taste," he said.The trio have spent more than ?60,000 (HK$615,000) on building and marketing the site, including running online campaigns on Weibo, but uptak迷你倉 has been slow."We're struggling in marketing towards the Chinese," Triantafyllidis admitted.Hotels pay US$299 to register and the homepages of their websites are translated into Chinese. Annual fees start from US$200 for a 25-room establishment."Hotels are sceptical about it, because it's a matter of trusting us," Triantafyllidis said. "We're just three guys trying to persuade a whole market in Greece, but what we are trying to do is prolong their tourist season."Yiannis Daktilidis, manager of the five-star Petasos Beach Resort in Mykonos, said the resort had made a number of adjustments to cater to Chinese clientele."Along with our Greek tea and chamomile that we offer in our rooms, we have introduced a selection of jasmine, oolong and pu'er teas," he said. "Our tourism season is fairly short – five to six months – so any chance of expanding that by a few months would be a success. We believe that could happen if we successfully attract Chinese tourists."Dragon ratingsOne dragon: Translate hotel's homepage; register on Feel Like HomeTwo dragons: Chinese electrical adaptors in every room; translate menu, brochures, front desk documents and signs; welcome letter in ChineseThree dragons: One pair of slippers per guest; instant noodles, chopsticks and tea sets with three types of Chinese tea in every room; one Chinese TV channel.Four dragons: Breakfast earlier than 7am for city hotels and before 8am for resorts; must have congee, hard boiled eggs, soy milk, white bread, chopsticks and chopstick holders, dim sum items, and Chinese tea, oyster, black bean, garlic, soy, and hoisin sauces, soybean paste and sesame oil.Five dragons: At least one Chinese-speaking member of staff; hotel's online booking system in Chinese; city maps and guides in Chinese; offer group activities specifically for Chinese tourists.Lana Lam文件倉

城中鏡：與眾「童」樂

新蒲崗迷你倉 全球最大�「香港鐘表展」即將閃亮登場，日前主辦機構舉辦名錶匯演，請來星級名模行騷助陣，騷盡今屆設計得獎作品及精選名錶。鐘錶界人士傾巢而出，為盛事省靚招牌。另一邊廂，開心暑假就快完結，趁返學前遊車河也不錯。五十名來自保良局的兒童，排隊坐上價值逾三百萬元的法拉利跑車，浩浩蕩蕩走入迪士尼樂園兜兜風，圓一個奢華的夢想。mini storage

國產手機如何打贏市場保衛戰

新蒲崗迷你倉 epaper.gmw.cn/gmrb/images/2013-08/31/06/2013083106_pdf.pdf...《 光明日報 》（ 2013年08月31日 06 版）借助智能手機近幾年的迅速發展，國產品牌手機走上了發展的快車道，產銷量均躍居全球首位。2013年上...mini storage

The Atlanta Journal-Constitution Ken Foskett column

Source: The Atlanta Journal-ConstitutionAug.迷你倉價錢 30--Ten days ago, I toured our Gwinnett printing plant and experienced an unexpected thrill.Midway through the tour, Vice President Joe McKinnon disappeared behind one of the giant presses and returned with Sunday's Living & Arts section. The cover featured "True Confessions of a Crime Writer," a story I'd written for our award-winning feature, Personal Journeys.It was the first time in nearly 25 years as a journalist that I'd witnessed the magical moment when the scribbles from my notebook printed on the paper that becomes the miracle of your daily newspaper.Today, we're celebrating the one-year anniversary of Personal Journeys. We launched the series to open windows into the lives of people who make metro Atlanta a dynamic place to live, and give our readers writing and reporting that they wouldn't find anywhere else.I'm enormously proud of what we've accomplished. Some of this work has been recognized in local and national competitions. Some has led to offers of employment for featured subjects facing hard times. One story, about the dire predicament of the Gwinnett County Rape Crisis Center, resulted in a new facility and money to cover the rent.All the stories have been significant for the way they connect Atlanta Journal-Constitution readers to interesting people in our community, and deepen our appreciation for the folks who call metro Atlanta home.But as a journalist, I'm especially proud of how our reporters and photographers have honored the trust placed in them by the subjects they've written about and photographed.Over the past year, those featured in Personal Journeys have trusted our reporters with intimate details of their faith; the creative process; racial healing; illness, depression and suicide; the psychological toll of a job loss; and the ravages of addiction, to name a few.Think about the courage and trust required to share those sorts of personal details with someone who will write it for the world to know. Dozens of people did just that. Not once did I take a call complaining that the reporter had gotten it wrong, or had been unfair.More common was the reaction of Patrick Whaley, whose difficult rehabilitation from gunshot wounds was chronicled in Personal Journeys in June."We, the entire Whaley family, thank you for your dedication, devotion to tell Pat's story and for your willingness to go ab迷你倉ve and beyond the call of duty to get it right!!!" the family wrote to reporter Helena Oliviero and photographer Jason Getz.In February, we published the courageous story of Jeremy Williams, the Greenville High football coach whose body was succumbing to Lou Gehrig's Disease.Photographer Curtis Compton spent hours with Williams and his family and captured the former coach in photos that revealed the ravages of his disease.Compton talked to Williams before the story ran to let him know the nature of the images. Williams wanted people to understand the day-to-day reality of his disease, and he trusted Compton's pledge to present the photos tastefully.I remember how nervous our editor, Kevin Riley, was before we published his piece on WW II vet Eddie Sessions in June, under the headline, "The Replacement Soldier."Riley spent hours with Sessions and his wife, Shirley, at their home in Carrollton. Eddie Sessions proved a difficult subject. He had mixed feelings about his service, and was naturally stoic about his experiences.Riley worried that he and his family might find his portrayal unflattering. Yet he also knew it was accurate and honest.That's how the Sessions saw it, too."I could not imagine how you would put all these pieces together, what the story line would be; I thought it would have to be like trying to catch snowflakes," Shirley Sessions wrote to Riley after the story ran. "We bought a paper Saturday night; we just couldn't wait until Sunday morning and were astonished at what you had done! Just incredible. I cannot thank you enough for having brought this to fruition."Why does this matter? It matters because trust is an increasingly rare commodity in American life today, and not just as it relates to the media. The financial crisis shook our trust in banks and financial institutions. Testing scandals damaged our trust in educators. Partisanship in politics has degraded our already low confidence in government.That's why it's important that our journalists have honored the trust placed in them by those they've written about in Personal Journeys.And that is something that we can all be proud of.------Send your suggestions for Personal Journeys to personaljourneys@ajc.com'Copyright: ___ (c)2013 The Atlanta Journal-Constitution (Atlanta, Ga.) Visit The Atlanta Journal-Constitution (Atlanta, Ga.) at .ajc.com Distributed by MCT Information Services儲存

Chief wants cell phone issue settled

Source: Clovis News Journal, N.新蒲崗迷你倉M.Aug. 30--Clovis Police Chief Steve Sanders on Thursday promised to deliver the phone records of an officer accused of running a Clovis man off the road near Sandia Elementary School earlier this month.Sanders said in a lengthy interview that investigators initially downloaded data from Officer Adrianna Munoz-Woods' cell phone and found nothing to indicate she was using the phone when she admitted accidentally forcing Abby Parrish off the road.Munoz-Woods told an internal investigator she was trying to clear her fogged up windshield when she crossed the center line."We apologize for putting Mr. Parrish in that position," Sanders said. "We realize we've got to pay attention to what we're doing when we're driving. We'll try to produce the phone records once we can get them here the first of the month (September) and alleviate this idea that she was on the cell phone."Sanders said Munoz-Woods asked her cell phone provider on Thursday to deliver the records as soon as possible. The request is in response to questions raised by Parrish's attorney, Dan Lindsey.Lindsey noted a report by an internal investigator released Wednesday didn't indicate police obtained Munoz-Woods cell records during their review.Sanders declined to discuss whether Munoz-Woods was disciplined in connection with the incident, saying it was a personnel matter. He did mini storageonfirm she was cited in April for following too close after crashing a patrol car into the rear of another vehicle. He said a speeding ticket accusing her of doing 80 mph in a 55 mph zone was from 2011, when she was attending the police academy and not a Clovis officer.Sanders also expressed frustration over media coverage of Parrish's complaint.Sanders said, in part, "...these kids (officers) go out and drive literally 100 miles every day in an eight-hour shift. And ... with 15 guys in a 24-hour period ... something like this is going to, bound to happen."Lindsey had called the internal investigation a sham and said he would be asking for state police or the Attorney General to investigate Parrish's complaint."We talked to the state police about the case," Sanders said. "We talked to the sheriff's office about the case. Without witnessing a traffic violation they can't write a citation. So really it's an in-house personnel issue. Mr. Lindsey is talking about taking this to the AG's office and the state police. You know, knock himself out."We're sorry that it took place," Sanders said. "But I don't appreciate being challenged and our integrity being challenged that we can't investigate our own."Copyright: ___ (c)2013 the Clovis News Journal (Clovis, N.M.) Visit the Clovis News Journal (Clovis, N.M.) at .cnjonline.com Distributed by MCT Information Servicesself storage

The Wisconsin State Journal Art Kabelowsky column

Source: The Wisconsin State JournalAug.迷你倉新蒲崗 30--Less than a week before the start of the varsity football season, the future of the Evansville/Albany prep program went up in smoke.Thousands of dollars' worth of smoke.Just before midnight Aug. 17, the press box adjacent to the Evansville High School football field burned to the ground. Six fire departments were called to the scene, and onlookers reported that flames rose 20 feet above the facility's roof."It was a total loss. A total loss. Everything's gone," said Ron Grovesteen, the Blue Devils' coach for the last 40 years.Police and insurance investigators are busy trying to determine the source of the fire."The origin and cause of this fire is undetermined," Rock County Sheriff's Department Capt. Todd Christiansen said in an email. "Investigators can not say with any certainty where the fire started or by what means."One thing is certain, though: The bill to replace all that was lost will be astronomical. As one might expect from a press box fire, the public-address system, speakers and scoreboard controls were destroyed. But the real damage took place down below.Grovesteen said the ground floor of the press box was used to store helmets, pads and uniforms to outfit as many as 190 youngsters in the E/A youth program, along with about 20 sets of spare gear for the varsity program."We have about 80 to 90 middle-school players in grades 7 and 8, and our youth program from K through 6, that's another 90 to 100 kids," Grovesteen said. "All the helmets, shoulder pads, pants, everything we've stockpiled over the years -- all of that was lost."The communities have taken an aggressive approach to getting the youth football program back up and running. Many neighboring programs and businesses have stepped up to help, too."We've always had our fundraisers for the varsity, the middle school and the youth program, but this is a special occasion," Grovesteen said.The coach said youth and middle-school helmets can cost $100 to $150 each, and varsity helmets can go for $260 to $300. Shoulder pads range from $30 for youths up to $200 for varsity linemen. Then there are belts, hip pads, thigh pads, rib pads, practice jerseys, practice pants. ..."It's adding up to be quite a number," Grovesteen said. "This is stuff we've been able to build up over the years, and now it's all gone."The Blue Devil Gridiron Club has put fundraising plans in place to help cover costs above and beyond what the district insurance plan might cover, including what the club said on its website was "a substantial deductible."Grovesteen said youth programs in DeForest, Janesville, Middleton, Milton and Edgerton have contacted the club to volunteer assistance. More importantly, representatives of suppliers Badger Sporting Goods and helmet-and-pads manufacturer Riddell Sports Inc. already have provided the youth program with the gear it will need to start the season."We started practice (Monday) and we'll go three days without pads. By then, we should have enough gear on hand to get everyone fitted," Grovesteen said. "Their first games aren't for a couple of weeks. By then, everyone should be ready to go."The Blue Devils got by without their press box on Friday, taking a 30-21 home victory over Union Grove. The team visits Brodhead/Juda on Friday, and then welcomes Walworth Big Foot in a big Rock Valley North Conference game on Sept. 6.WARMING UP:This football season has unfolded in unusual fashion, weather-wise. Preseason practices took place under pleasant, even cool conditions. Now, during Week Two of the regular season is here, temperatures have shot up to the 90-degree mark.Coaches and athletes have been educated about best practices for heat management through an aggressive WIAA program, and they have been conscientious about following those guidelines."We know the WIAA policy, and we implemented a lot of those precautions today," Cambridge coach Mike Klingbeil said Tuesday night. "We made sure everybody had water breaks and a little extra rest. We took buckets out there with cold water and towels. It worked very well."We talked about going half-pads or no pads, but it was a defensive practice and we needed the kids to work with pads most of the time. We tried to make it as little a disruption as possible," Klingbeil said.PASSING FANCY:No, Brandon Matz didn't have to ice down his arm after East Troy's 70-52 loss to Delavan-Darien in its season opener at Delavan.As for the statistician who charted the game? Well, rotator-cuff surgery wouldn't be a big surprise for that poor guy.After watching the game film, East Troy coach Eric Sulik confirmed the original numbers credited to the 5-foot-9, 170-pound senior: 34 completions on 43 attempts for 524 yards and seven touchdowns, with one interception and one rushing TD."He was a little disappointed. He thought he was up around 600. Truthfully, so did I," Sulik said. "Some guys, that's a year for them."Matz's yardage迷你倉出租total ranks third in state history, behind the 612-yard game by Southwestern's Jeff Skemp in 2002 and the 551-yard game by Lomira's Steve Sterr in 1965. Matz's seven-TD passing total joins a long list tied for the state record for a single game.The game also ranked second in state history for combined point total, trailing only D.C. Everest's 70-63 victory over Wisconsin Rapids in 1998. The teams combined for 1,104 yards of offense, ranking fourth on the all-time state list.The Playstation-like numbers were a result of Delavan-Darien running a seven-man front against the Trojans' spread offense. "With their blitzing linebackers, they had to go with man-to-man coverage on our receivers. That's a tough sell with a guy who's as big and moves as fast as Sam Eckert," Sulik said. The 6-foot-4, 220-pound senior receiver -- who missed all of last year with injury -- totaled 209 yards on 12 catches with four scores.Despite the euphoria of the big numbers, the fact that Delavan-Darien scored 10 touchdowns on his defense isn't lost on Sulik."We hurt ourselves with two turnovers inside our own 30 and another on a (line-drive) kickoff that bounced off our guy's hand," the coach said. "But a lot of it was poor tackling. We've got some work to do there."MORE BIG NUMBERS:Weston's Mark Klang started the season with a bang. The 5-foot-10, 210-pound sophomore raced for 256 yards and three touchdowns on 29 carries as the Silver Eagles held off Plainfield Tri-County, 34-25, in their nonconference opener. He was tackled at the Plainfield 1-yard line after a 64-yard run to close the third quarter, then scored on the next play and popped a 65-yard TD run on his next carry, Weston coach Corey Brunett said. Klang also caught a 35-yard TD pass.Also Friday, Necedah's Matt Brown ran for 208 yards and three scores, Williams Bay's John Higgins ran for 203 yards and two TDs and Marshall's Ty DeForest and Highland's Austin Yager rushed for 200 yards each, with DeForest scoring three times and Yager four.Not to be overlooked was the Aug. 22 performance of Madison Edgewood quarterback Bobby Dunn. The 5-11, 190-pound senior threw for 345 yards and four TDs, completing 18 of 26 passes in the Crusaders' eye-opening, 41-35 victory over Waunakee.Also, Adams-Friendship junior Mario Chavez threw for 309 yards and four scores in a 42-30 victory over Weyauwega-Fremont. The victory snapped a 22-game losing streak for the Green Devils -- whose defense forced 10 turnovers, including a TD on an interception return by freshman Joe Doty.Another big-play guy on the defensive end was Sam Patterson of Fort Atkinson, who intercepted a pass in overtime to clinch the Black Hawks' 34-27 victory over visiting Reedsburg.AND NOW, IT'S OFFICIAL:When the Williams Bay football team beat Kenosha Christian Life, 34-0, in an extra ninth game last October, some said it ended the school's 45-game losing streak.But some didn't. Kenosha Christian Life claimed it sent a junior varsity team to the game, and as such, it did not count as a varsity victory for the Bulldogs. Among those following that school of thought is Williams Bay athletic director Mike Coolidge.But the debate ended on Friday, when Williams Bay started its season with a 41-0 pasting of Christian Life's varsity squad.The Bulldogs' long losing streak dated back to October 2007, relieved only by a forfeit victory over Madison Abundant Life in 2010 and the Christian Life game.Now, it can be said that Williams Bay not only has a two-game winning streak, it has a two-game shutout streak. The Bulldogs entertain Almond-Bancroft tonight in nonconference play.PICKS TO CLICK:--Verona (1-0 Big Eight Conference, 1-0 overall) at Sun Prairie (1-0, 1-0), 7 p.m. Friday: The Big Eight Conference champion could be decided on this muggy August evening. Sun Prairie was ranked third and Verona ninth in the first Associated Press state poll of the season.--Madison Edgewood (1-0) at DeForest (1-0), 7 p.m. Friday: With six days between starts, Dunn's throwing arm should be ready for another workout as the Crusaders take on Badger North favorite DeForest. The Norskies' tough and experienced defense was a major factor in last week's 45-7 romp over Milton.--Marshall (1-0) at Jefferson (1-0), 7 p.m. Friday: Two teams picked to challenge for championships in their leagues (the Capitol North and Rock Valley North, respectively) throw down in J-town. Jefferson held Watertown Luther Prep to 117 yards in a 49-6 victory last week.--Black Hawk (1-0) at Cuba City (1-0), 7 p.m. Friday: Both teams broke into the also-receiving-votes category in the AP state small-schools rankings after opening victories. Black Hawk produced 537 yards in a 52-0 victory over Benton/Scales Mound, and Cuba City downed Viroqua, 42-17.Copyright: ___ (c)2013 The Wisconsin State Journal (Madison, Wis.) Visit The Wisconsin State Journal (Madison, Wis.) at .wisconsinstatejournal.com Distributed by MCT Information Services迷你倉

Asia's cities of tomorrow can be next powerhouses of global economic growth

迷你倉價錢 未能提供文字內容。.scmp.com/comment/insight-opinion/article/1300696/power-asias-cities迷你倉

Outside of the box

Source: The Register-Guard, Eugene, Ore.迷你倉新蒲崗Aug. 30--Long ignored, the lowly traffic control signal box is getting some attention in Eugene.Artists hired by the city have painted 15 of the boxes, converting them from drab, easily overlooked steel cabinets to colorful, whimsical street art.The final box in the series, at Franklin Boulevard and Onyx Street near the University of Oregon, could be painted next week.People passing by the artists as they painted some of the boxes in recent weeks would strike up conversations."The first question people would ask is, 'Do you have a permit to do this?'" artist Wendy Huhn said. That was followed by "Are you getting paid?"Altogether, the city will have paid four artists a total of $5,400 for their work, said Isaac Marquez, the city's public art manager. The artists received $300 per small box and $500 for each large one.The response to their work has been overwhelmingly positive, the artists said, though some passers-by grumbled about the city paying them with public funds."As I was painting, people would yell (compliments) from cars and tourists would stop and they would want their pictures taken (with the boxes)," Huhn said. "Some tourists said 'My city or county would never let me do that.'"The painted boxes are the latest step in a continuing effort to bring public art downtown -- even while municipal government faces a serious budget problem.Last year, the city paid student artists to put up creations in and around the city center. Those pieces included discarded flat screen TVs with anti-TV messages, foam monkeys hanging on light poles and inscriptions drawn on some of the same traffic signal control boxes that were recently painted.This summer, Huhn, Bryan Putnam and Alex Southworth were selected from 12 applicants for the traffic signal box makeover effort called "Art the Box."Mike Olsen, who works downtown, said the fanciful boxes are "Eugenish."But the new art is an improvement over last year, he said, when the student artists painted "poetic fragments" on many of the same traffic control boxes."It looked like graffiti," Olsen said. "This is art."One of Olsen's favorites was painted by Huhn at the northeast corner of 13th Avenue and Willamette Street, near a FedEx office."It's an eye catcher," Olsen said.The box has seven bicycles silhouetted in white on a bright yellow backdrop dominated by three dimensional, multi-colored circles. The bikes are a tribute to bicyclist David Minor, 27, who was struck and killed by a motorist five years ago as he tried to make a left turn at the busy intersection.Huhn's piece is within a few feet of a memorial to Minor, a white-painted bicycle near the corner that has a laminated photograph of Minor and a sign that reads "Start Seeing Everyone."Huhn said she wanted the five boxes that she painted to be cheerful and bright, and to put people into a good mood."Most people look at these and say 'They make me happy,' " she said.Olsen said he's OK with the city paying for the art as long as the money doesn't come from city taxpayers."This is not an essential service," he said. "What my eyes look at is not something that the taxpayers should be paying for."The artists were paid from the city's cultural services sub fund, which receives most of its $4 million annual allotment from the city's share of the hotel room tax and revenues generated by the Hult Center for Performing Arts and Cuthbert Amphitheater.The artists were not paid from the city's mainly property tax supported general fund, which earlier this year had a $5 million gap because the steadily rising cost of employee wages, health care and retirement are outpacing the growth in property taxes.The gap, which threatened library, recreation, parks and other programs, led to the ill-fated city services fee, which voters overw迷你倉出租elmingly rejected in May.In June, the City Council temporarily plugged the gap and balanced the budget with one-time funds, leaving the council and the budget committee to come up with a long-term solution.Budget committee member Mark Rust said it makes sense to use money from the hotel tax, which is paid by visitors, to beautify downtown, instead of from the stressed general fund."I would have some concern about how often we are doing these kinds of programs and how much the artists are being paid," he said. "But I also trust the management of the departments, that they are looking for ways to make an impression without a huge expenditure. This is a way that fits that bill."Rust earlier this summer saw painted traffic control boxes in Boise, Idaho."As a tourist in Boise, I thought it was attractive and could help Eugene tourism," he said.Putnam, one of the three artists, said he can understand why some people might think paying artists to paint traffic control boxes is a frivolous use of public money.However, he said, the response from passersby while he was working on the boxes shows that many people think the money was well spent."Most people were glad we were being paid by the city because they appreciated what (the art) does for everyone who moves around downtown," Putnam said. "It help to revitalize the area, and it gives downtown more life, more color, more culture."A committee selected the three artists from among 12 who had submitted images of their proposed work.Putnam, 26, who is working on a master's degree in art at the UO, said his paintings were inspired by nature.The box at East Eighth Avenue and Oak Street includes thistle-topped vines and yellow mustard plant flowers on a tan, wood-like background.His other pieces feature depictions of forest life, including tree branches, moss, water, animals and the Northern Lights."The project for me was offering little pieces of the wilderness in the center of Eugene," he said.Artist Bayne Gardner, who had unsuccessfully applied to paint five boxes, won a people's choice contest on Facebook, so the city hired him to paint the large box at 10th Avenue and Willamette Street, next to the Downtown Athletic Club.Gardner said painting in public was enjoyable because of the conversations he had with people."I came back and painted a lot more than I expected because it was so much fun to interact with people," Gardner said. "It was a different type of experience than painting a picture by yourself."Putnam estimated that by the time he completes the box at Franklin and Onyx, he will have spent more than 70 hours painting, not including the time he spent working on the concepts in the studio or preparing his application.As part of the commission, the artists must maintain their paintings for two years.If someone mars their works with graffiti, for example, the artists must remove it.The artists applied a clear, protective coating to their work, to make it easier to remove graffiti.But standing next to his piece at Sixth Avenue and Willamette Street, Putnam noticed that someone had used a sharp object to scrape small vertical lines on the surface of his painting."It's not so bad," Putnam said. "I will probably come back and fill it in."As she walked by the painted box at Eighth Avenue and Willamette Street, resident Ellen Chamberlain said she likes most of the boxes she has seen."It's just a way to mask the ugliness of the boxes," she said.Visitors to Eugene are noticing the boxes, too.Out-of-town relatives had recently visited Chamberlain, and whenever they would pass a painted box, they would exclaim, " 'Look there's another one,' " she said.Copyright: ___ (c)2013 The Register-Guard (Eugene, Ore.) Visit The Register-Guard (Eugene, Ore.) at .registerguard.com Distributed by MCT Information Services迷你倉

Nowata court hearing held today in Baby Veronica case

Source: Tulsa World, Okla.自存倉Aug. 30--NOWATA -- Baby Veronica's biological father huddled briefly with attorneys and left about 10 minutes after the end of Friday's hearing, looking somber but giving no comment.The adoptive parents waited an hour to leave the Nowata County Courthouse and left through a back passage to avoid the media, giving no indication of what had happened or where they were going.A few protestors, with Stand Your Ground for Veronica Brown signs, had gathered in front of the courthouse steps.South Carolina sent three law enforcement officers to Oklahoma on Thursday apparently in anticipation of this morning's hearing, which lasted about 45 minutes.A court order from South Carolina, issued earlier this month to transfer custody back to the adoptive parents, was sent to Nowata County because Veronica has lived here with her biological father since he gained custody in 2011.Oklahoma law gave Dusten Brown the right to request a hearing to challenge that out-of-state court order.Washington County District Judge Curtis DeLapp was in Nowata, an hour north of Tulsa, to hear the case, according to court officials.DeLapp's office declined to comment or provide a court docket to the Tulsa World. Brown's attorney also declined to comment, citing a gag order imposed two weeks ago in Cherokee County.Technically, the Cherokee County case is a separate effort to enforce the South Carolina court order.The Brown family moved Veronica to tribal trust land near Tahlequah last month, after a Cherokee Nation court gave guardianship to her stepmother and grandparents.Brown was leaving the state for National Guard duties and Cherokee officials wanted to move his family where tribal marshals could provide round-the-clock security, officials have said.Matt and Melanie Capobianco filed a writ of habeas corpus Aug. 15, after reality TV personality Troy "The Locator" Dunn discovered where the Brown family was staying.A judge demanded that Brown, his wife and his parents all appear in court Aug. 16. That three-hour hearing ended with both sides agreeing to try mediation.But the judge also sealed all records in the case and impose a gag order that has left the case shrouded in secrecy ever since.No迷你倉新蒲崗one can say whether the ordered mediation ever happened. Court dockets have even been redacted to remove information that was previously available.Last week, for example, the Cherokee County docket showed a request from an attorney who had been appointed by the court to represent Veronica.The attorney wanted to suspend visits with the Capobiancos, the first public indication that any visits had been allowed.But it's not clear when or how often the adoptive parents have seen the girl. It's also not clear what effect Friday's hearing in Nowata will have on the proceedings in Cherokee County, 90 miles away -- much less separate proceedings in Cherokee Nation court.The tribe has claimed jurisdiction of the case because Veronica and her father are both members of the tribe.Records in Cherokee County are so secretive that it's not known when any hearings have been scheduled or what judge will preside over the case, or even if the case will remain in Cherokee County.In still other proceedings, Brown will have an extradition hearing next month in Sequoyah County.He faces a complaint of "custodial interference" in South Carolina, a felony that carries up to five years in prison.The Capobiancos and the Brown family have been fighting over custody for nearly 4 years, nearly the girls's entire life, taking the case all the way to the U.S. Supreme Court.The Capobiancos arranged a private adoption with Brown's ex-fiancee. But Brown said he was misled when he signed away his parent rights, thinking he only giving custody to the birth mother.South Carolina courts ruled that he had not given voluntary consent to the adoption, and Brown took custody of his daughter in December 2011.But the U.S. Supreme Court ruled this summer that South Carolina had misapplied federal law in the case, and told the state courts to reconsider the decision.The state Supreme Court gave legal custody back to the Capobiancos last month.But Brown and the Cherokee Nation have challenged South Carolina's jurisdiction, since Veronica has lived in Oklahoma for nearly two years now.Copyright: ___ (c)2013 Tulsa World (Tulsa, Okla.) Visit Tulsa World (Tulsa, Okla.) at .tulsaworld.com Distributed by MCT Information Services迷你倉出租

Special notes

Source: Portland Press Herald, MaineAug.迷你倉 30--Stereotypes die hard as long as there are people willing to believe them. The story of the welfare cheat never seems to go out of style.The latest version comes in a report by the Cato Institute, "The Work versus Welfare Trade-Off: 2013," which makes the case that people would have to earn so much to replace the cash value of what they receive from the government as welfare that they don't bother trying. They identify the states, Maine among them, in which they say that welfare pays better than a job."While poor people are not lazy, they are not stupid either," said Michael D. Tanner, one of the report's authors, in a column published on the Los Angeles Times website. "If you pay people more not to work than they can earn at a job, many won't work."The answer, Tanner said, is to cut benefits to make work more attractive.While this attitude is a little more sophisticated than Ronald Reagan's mythical "welfare queen" -- picking up a relief check in a Cadillac -- it's just as distorted (as well as demeaning and insulting). The study is wrongheaded in its methodology, its conclusions and its prescription for the future. It appeals to people's prejudices instead of trying to solve a problem.The study looks only at the cost of the programs and not at how they support moving from welfare to work. For instance, it counts Medicaid (called MaineCare here) as an expensive benefit, but ignores the fact that many people on the program have jobs or are the children of people who have jobs. If their employers don't provide health insurance, those families would never see a doctor. How does taking away a famil文件倉's health care make those workers more ambitious?And the study counts refundable tax credits such as the child exemption and the earned-income tax credit as "welfare" payments. But these are programs designed to help working poor families keep working -- they don't discourage work.It's true that many low-wage workers can't support their families on what they earn. If conservatives were really interested in eliminating the imbalance, they should have supported two bills that were passed by the Democratic majorities in the Legislature this year, only to be vetoed by Gov. LePage.If Maine had accepted federal money to expand MaineCare eligibility, low-wage workers would have been able to take jobs that did not offer health insurance without putting the health of their families in danger. If Maine had increased the minimum wage, families at the bottom of the income scale would need less government assistance to cover their needs.Do some people try to game the social service system to get more aid than they are supposed to? Probably, but persistent poverty is the real reason for the high costs of social services, not unmotivated poor people.Cutting benefits won't make anyone less poor, but it may make them less able to find or hold a job.If the idea is getting people to transition from welfare to work, the first step should be making sure that there is work for them to do. The next step should be making sure that their families have the support they need to succeed.Copyright: ___ (c)2013 Portland Press Herald (Portland, Maine) Visit the Portland Press Herald (Portland, Maine) at .pressherald.com Distributed by MCT Information Services存倉

Special notes

今年7月天水地震，迷你倉洪水引發部分災情，但目前都已無礙。到天水旅遊，可從西安進出，建議逛逛當地菜市場，品嘗多樣小吃。天水歷史悠久又曾是絲路重鎮，加上地處甘肅、陝西、四川三省交界處，飲食文化深受歷史與地域影響，基本上以西北飲食的少海鮮、少米飯，多麵食、多雞牛羊為主，同時兼具陝西的酸辣與四川的麻辣，既有民俗野菜的粗獷，也有曾經繁華的細緻與繁複。最具代表性的天水飲食，就是漿水暖鍋、酒碟、烏龍頭，以及隨處可見的豬油盒、麵皮，和名稱可愛的呱呱、撈撈、然然等小吃。■漿水 千年老滋味「漿水」早年稱為「姜水」，相傳這是三國時代蜀漢名將姜維某次出戰，在部隊歇息炊飯時，要求士兵將米與蔬菜同鍋熬煮以加快速度，沒想到敵軍來襲，因此緊急將鍋埋入土中並撤離，等數小時後再回頭，鍋內食物已成蔬菜粥，並因發酵帶著些許酸味，更沒想到這帶酸的湯頭卻異常鮮美消暑，並就此傳回天水家鄉並命名「姜水」。現代的漿水，是以苦苣菜、芹菜、大白菜按比例煮湯後，再混入另一鍋煮麵湯幫助發酵，接著靜置3天，食材比例與時間拿捏不準就酸臭腐敗，拿捏準了，就是帶著淡淡酸味的漿水。天水人把漿水當飲料直接飲用，但更常見的做法是以乾辣椒、蒜頭與蒜苗下鍋炒香，接著加入漿水煮成湯頭，再放入麵條肉片煮成漿水麵，或混合各種火鍋食材成為漿水暖鍋，是出了天水就嘗不到的家鄉味，也是流傳上千年的老滋味。■酒碟 小酌最開胃酒碟顧名思義就是下酒菜，是天水不論婚喪喜慶或居家小酌都常見的食材，做法很簡單，就是以紅蘿蔔、豆芽、波菜、豬耳朵、豆腐、豬肝與蔥花等食材以胡麻油涼拌，上桌前以加熱過儲存倉醋噴勻以激出香氣，嘗起來開胃。■烏龍頭 特產植物帶苦味烏龍頭是刺五加科植物的木芽，是中國特有植物，甘肅一帶主要產於秦嶺周邊山區，嘗起來帶著苦味，較常見做法是煮熟後涼拌或直接炒，做法並不特別，主因是特產植物且深具營養價值才成為天水名菜。■呱呱、撈撈 在地人早餐走在天水街上，最常見的小吃就是呱呱、撈撈、然然與麵皮。呱呱是天水方言，聽起來很可愛，翻譯成「中文」就是「鍋粑」，差別在於這是蕎麥粉製成的鍋粑，食用時將其撕成塊狀並加入食鹽、醋、蒜頭水、辣椒、辣油、芥末、芝麻醬等配料攪勻，看起來整碗紅辣辣，嘗起有著鍋粑口感與麻油香，是天水人最愛的早餐。然然是土豆粉製成，意指「黏黏」；撈撈是扁豆粉製成，形狀如寬麵條，煮的過程要將其從鍋中撈起故稱撈撈。雖然名稱各不同，長相也有差異，但調味幾乎相同，吃起來差不多，可任選其中一種嘗嘗。■豬油盒 酥脆費工夫另一種天水人也愛的小吃，是做工繁複的「豬油盒」。豬油盒相傳是清朝宮廷御廚回鄉後帶起的手藝，做法是將麵粉揉成油酥後再與蔥花、花椒、食鹽、小茴香、豬油、胡麻油等配料揉勻，不加酵母，靜置3小時讓其發麵，再放入平底鍋中煎到酥脆，嘗起來口感與味道都不錯。天水最知名的豬油盒店家為「盛祥齋」，老闆張偉表示，店中每天限量提供200個，通常早上10點前就賣光。除了各項小吃美食，天水也盛產松子與核桃，每年秋季是最佳品味期；因毛澤東誇獎而聲名大噪的「花牛蘋果」也產於天水，目前也正進入盛產。此外天水的鴛鴦玉（蛇紋岩）品質極優且產量穩定，與酒泉同是夜光杯主要產地，還有漆器也都是不錯的伴手禮。迷你倉價錢

Special notes

證券時報記者 陳春雨今年1月，新蒲崗迷你倉用于規範場外市場及非上市公�公司的《非上市公�公司監督管理辦法》（簡稱《監管辦法》）正式實施，相較于已上市公司，場外市場以及非上市公�公司維權有哪些不同？新《監管辦法》如何維護投資者權益？與此同時，哪些方面還有提高空間？借證券投資者保護律師論壇第七次研討會之際，證券時報記者採訪了北京威諾律師事務所主任楊兆全律師。不能直接適用"虛假陳述"證券時報記者：目前場外市場上侵害中小投資者合法權益的現象主要有哪些？產生這些現象的主要原因是什麼？楊兆全：主要體現在信息披露不真實、人為股票操縱價格、利益輸送、高管層侵害公司利益等方式。產生這些現象的主要原因是因為公司上市門檻不高，公司治理不完備。此外，這類公司規模小，更容易被操縱。高管層對違規風險意識亦不足。證券時報記者：對於這類行為，投資者可以採取哪些措施維護自己的權益？楊兆全：對場外市場的侵權行為，投資者首先要尋求證券監管機構的幫助。證監會可以通過查處違法者，保護投資者的利益；其次，要通過訴訟來維護自身權益。對違法者採取法律訴訟，通過法律手段，獲得合理的賠償。信息披露制度更完善證券時報記者：《監管辦法》出台後，規範了場外市場環境，這對非上市公�公司提出了哪些要求？楊兆全：《監管辦法》規定股票向特定對象發行或者轉讓可以超過200人，同時規定本辦法施行前股東人數超過200人的股份有限公司，依照有關法律法規進行規範，並經中國證監會確認後，可以按照本法的相關規定申請核准轉讓股票和定向發行。這就突破了長久以來制約中國場外市場發展的障礙——股東人數"200人之限"，一直以來中國場外市場（包括"新三版"、各地股權交易所）都恪守200股東上線的原則，造成了場外市場交易極不活躍。股東200人的上限突破後，預計會對股權進行拆細交易，並實行競價，從而會刺激交易量，提升市場融資功能。證券時報記者：規範後的場外市場環境，對投資者的保護體現在哪些方面？楊兆全：在很長的時間內，非上市公�公司運作不規範，大都未進行信息披露，投資者的合法權益無法得到保障。《監管辦法》的實施將非上市公�公司的監管納入了法制軌道，具有較強的可操作性。該辦法對於非上市公�公司的半年報和年報披露時間都作出了具體規定，同時要求年度報告中的財mini storage會計報告應當經具有證券期貨相關業務資格的會計師事務所審計。《監管辦法》第8條規定，公�公司的治理結構應當確保所有股東，特別是中小股東充分行使法律、行政法規和公司章程規定的合法權利。股東對法律、行政法規和公司章程規定的重大事項，享有知情權和參與權。同時規定，非上市公�公司不得以董事、高級管理人員對定期報告內容有異議為由不按時披露定期報告，也在制度上規避了非上市公司尋找借口，避免信息定期披露的風險。投資者知情權不容忽視證券時報記者：新規範還存在哪些不足的地方？哪些方面，還需要加強以更好地保護投資利益？楊兆全：有兩個方面需要提高，一要強化信息披露制度。由於全國中小企業股份轉讓系統首次引入做市制度，並向個人投資者開放，因此未來在信息披露方面要強化，對於不履行或違反披露義務情況的處罰措施作出明文規定。對於這個市場，首先要規範做市商的信息披露。由於做市商和投資者存在信息不對等的情況，因此有必要嚴格要求做市商及時向市場披露交易情況，確保信息的及時性和透明性，以便投資者做出全面準確的判斷。此外，由於做市商同時可能從事經紀業務，因此必須要求其向投資者推薦股票的同時，披露自己的做市商身份。與此同時，強化掛牌公司的信息披露要求。在市場建設初期，有必要實行相對嚴格的信息披露制度，可以使投資者充分瞭解企業經營情況。等到市場進入成熟階段以後，可以適當降低信息披露的標準。其次，要協調《證券法》、《公司法》關於股東知情權的規定。從保護公�投資者、股東知情權的視角，《證券法》上的信息披露與公司法上的股東知情權存在內在的制度聯繫，股東查閱權、質詢權等知情權利是信息披露制度的重要補充。《公司法》上的股東查閱權主要針對有限公司設計，股份公司股東查閱權較弱，如未明確股東對公司會計賬簿的查閱權，更未賦予其司法請求權。作為非上市公�公司的股東知情權陷于被公司法"冷落"與證券法"遺忘"的雙重陷阱，查閱權受限而信息披露制度尚不完備。有鑑於此，以公�公司與封閉式公司作為《公司法》、《證券法》調整對象的分類基礎，統籌設計股東知情權非常必要。針對非上市公�公司的股東知情權的完善，一是《證券法》信息披露框架應顧及所有公�公司，以保護公�投資者的利益；二是《公司法》需強化對非上市公�公司股東查閱權保護的規定。self storage

內蒙廣闊草原在城中

包頭是內蒙最大城市，迷你倉出產鋼鐵及珍貴稀土等；它也是旅遊內蒙的主要城市之一，在經濟發展上舉足輕重。但沒想到這工業重鎮，居然在城市中保留了一大片草地——賽汗塔拉城中草原，傍晚時分，當地人拖男帶女來散步、踏單車。據說當年成吉思汗路過包頭，遇上鹿群，便稱它為「有鹿的地方」。我們遊客來過，倒記得包頭是「有草原的城市」。文、圖：黃潔玲成吉思汗陵不得不遊賽汗塔拉城中草原面積達770 公頃，比香港的油尖旺區還要大，接連濕地公園，完全免收門票。記者沒有特別看景點，只隨意走�，但它已經讓人印象深刻，眼前橫�一片草原，走了十分鐘，還看不見盡頭，它的後面遠方可見高樓大廈。包頭在內地，出了名綠化，賽汗塔拉城中草原像是城市�的大公園，有人踏單車，有人散步，也有不少人，到內�的餐廳吃飯。當然包頭的周邊不缺乏景點，來內蒙， 不可能不認識成吉思汗。他原名鐵木真，1162 年生，1206 年獲推舉為大汗，建立蒙古國，1227 年病死。此後，子孫建立了疆域廣闊、橫跨歐亞的蒙古王國。三蒙古大殿供放遺物成吉思汗這位開國大汗，真正葬身之地至今仍然是謎，傳說當年下葬後，土地被萬馬踐踏，第二年水草長出，根本認不出來。但在離包頭約160 公里，位於鄂爾多斯的巴音昌呼格草原，有個成吉思汗陵。雖然只是衣冠塚，已經成為世人來內蒙古的必遊；成吉思汗陵亦經過多次搬遷，在日本侵華時，為避被�，陵墓遷到青海，後來在1954 年才搬回鄂爾多斯。護衛族人守塚800 年成吉思汗陵面積約五萬平方米，主體建築為三座蒙古大殿，供放成吉思汗遺物，如弓箭、馬鞍、重要祭拜物件如奶桶等，以及他夫人、胞弟、成吉思汗第四子拖雷和其夫人的靈柩。成吉思汗死後， 一直由達爾扈特人守陵，據說他們的祖先是成吉思汗身邊的守衛。到今天，在陵內依舊仍見到他們。陵內嚴禁拍照，不要存有僥倖的心態，達爾扈特人忠心八百多年，盡忠職守，絕對不是普通的守衛。成吉思汗陵地點：內蒙古自治區鄂爾多斯市成吉思汗陵門票：110 人民幣（約139 港元）開放時間：夏季早上7:00 至晚上7:00；冬季早上8:00 至晚上6:00網址：.cjshl.com可愛小鹿草原�養有梅花鹿，供遊人免費參觀。悠閒散步城中草原也成為包頭街坊散步的好地方。小布達拉宮氣勢漫山成吉思汗時期，蒙古族信奉薩滿教，相信萬物皆有靈，但自17世紀起，藏傳佛教傳入儲存倉古，到今天薩滿教已被取代。位於包頭東北約70 公里的五當召，是建於清康熙年間的格魯派寺廟，中國第三大藏傳佛教的寺院。中國三大藏傳佛寺五當召雖有小布達拉宮之稱，漂亮是漂亮，但別有太高期望，因為五當召正復修，某些殿被圍起來，此其一；另外它不像布達拉宮般紅白宮相連一體，在門前仰望它，氣勢磅�，五當召並不是一整座，它有多間藏式房子，要跑上旁邊的山上去看，才看到它依山而建的建築群的氣勢。五當召主體建築為六殿、三府、一陵，兩旁還有供2500 名僧侶居住的宿舍。最大的殿是蘇古沁殿，供奉最大的銅佛像。殿堂內給有壁畫、佛像、法器等，做工精美，極具參觀價值。藏式建築五當召是中國第三大藏傳佛教寺院，建築明顯是藏式。級級樓梯▲▼五當召依山而建，因而有不少樓梯。五當召地點：內蒙古自治區包頭市石拐區五當溝電話：＋86 400 660 5253門票： 60 人民幣（約76 港元）出沒注意必試小肥羊「勁敵」小尾羊是內蒙有名的食店， 與「小肥羊」堪稱叮噹馬頭的名字， 各有愛戴者。小尾羊自設牧場和工場， 肉質新鮮， 愛吃羊的人大可留意。小尾羊（有多間分店）地址：內蒙古自治區包頭市青山區文化路77號小尾羊大廈4 樓電話：＋86 472 697 1888營業時間：早上11:30 至下午2:00、晚上6:00 至9:30新鮮羊肉小尾羊的羊肉，來自家牧場飼養的羊。旅遊錦囊簽證：回鄉證機票：國航經北京來回香港及內蒙首府呼和浩特，票價4200 港元起交通：呼和浩特乘火車往包頭，票價25 人民幣（約31.7 港元）匯率：1 人民幣約兌1.26 港元酒店：包頭香格里拉大酒店，豪華客房每晚790 人民幣（約1000 港元）起；另推出「香格里拉原生態草原遊」：由即日起至9 月15 日，包頭香格里拉與呼和浩特香格里拉大酒店合辦「五天四夜香格里拉草原深度遊」，兩人20,888 人民幣（約26,454 港元）起，入住呼和浩特香格里拉1 晚、蒙古包1 晚，以及包頭香格里拉2 晚，費用包括前往響沙灣沙漠、希拉穆仁大草原、成吉思汗陵、獨特戶外沙漠活動等。價錢包括所有住宿、用餐、交通費用和景點門票。查詢或預訂，可致電+86 (0)471 332 8888，或瀏覽網址.shangri-la.com包頭市城中草原包頭的賽汗塔拉城中草原，名副其實位於城中，如茵綠草後可見城市建築。迷你倉價錢

第25屆國際煙花比賽匯演預告

"第二十五屆澳門國際煙花比賽匯演"將於九月十四日、十九日、二十一日、二十八日及十月一日在澳門旅遊塔對出海面舉行。本屆煙花比賽匯演新增五個元素，新蒲崗迷你倉以豐富盛事的內容，當中包括舉辦"煙花產業論壇"，探討煙花行業發展及其對旅遊業帶來之效益。今年澳門國際煙花比賽匯演已踏入第二十五年，過去二十四屆賽事得到來自世界各地著名的煙花公司的熱烈支持，讓這件盛事得以傳揚，廣受旅客及mini storage地居民的擁戴。今年特色是參賽隊伍覆蓋五大洲，南非是首次參賽的國家，鐳射燈光效果以及微電影作宣傳。參賽的隊伍中有四支曾在澳門國際煙花比賽匯演贏取冠軍。而十月一日國慶日，將由來自法國和中國的煙花隊伍演出。主辦：旅遊局日期：9月14,19,21,28日及10月1日時間：晚上9時，9時40分地點：旅遊塔對出海面費用：免費網址：.macautourism.gov.mo/self storage

Philippines travel alert is vindictive

Alice Wu advocates keeping the black travel alert on the Philippines ("Black mark", August 26).self storageHow sensible is it to lump that country with Syria and Egypt, trouble-torn countries which no right-thinking person would want to go to on holiday or business? Howard Winn's view in Lai See on keeping the ban in place is correct ("HK'迷你倉 travel alerts more a threat to common sense", August 21).It is petty and vindictive to maintain the black alert, despite the geopolitics involved in the issue.Meanwhile, it seems that Hongkongers keep going to the Philippines, with tourist and business figures remaining steady, and probably climbing.M. S. Basquejo, Causeway Bay文件倉

Acura IL X 2.0L

This Civic-based compact luxury sedan has the po- tential to become a high-volume model in China, but obviously not in its current hybrid version as the tech- nology is a quite niche-market offering for the coun- try.儲存倉 The upcoming petrol-running car with a 2.0-liter naturally aspirated engine is definitely more main- stream. But will its performance, under a maximum output of 150 hp, be a little too average?

Li keeps up fight as rape trial ends

Son of famous PLA singers continues to attack accuser's credibility as his co-defendants plead guilty and apologise for Beijing sex assaultThe four co-defendants of the teenage son of famous military singers have pleaded guilty to gang rape, leaving Li Guanfeng the sole suspect fighting the charges on the second day of the closely-watched trial.迷你倉Defence lawyers for Li – the son of People's Liberation Army singers Li Shuangjiang and Meng Ge – continued to attack the credibility of the victim of the February rape, accusing her of lying to police to blackmail Li and the others.Li Guanfeng, 17, who was formerly known as Li Tianyi , has denied charges in the case, which has aroused public resentment about misdeeds by children of the country's elite.The Haidian District People's Court said in a press release posted on its microblog yesterday that four of the five defendants accused of raping a woman they met at a Beijing night club had pleaded guilty. Three entered their pleas on Wednesday, while the fourth switched to a guilty plea yesterday.Three of the defendants apologised for the attack, in which the victim also suffered facial injuries, and four asked for lighter sentences. The victim did not attend the trial.Li and the other defendants will now await the judgment of the court. Four of the defendants, including Li, are minors, who the cour文件倉 said would be more likely to receive more lenient sentences.Yesterday, Li's lawyer, Wang Ran , submitted a statement to the court accusing the victim of lying several times to the police about her personal details and injuries. In the statement posted online, Wang described Yang as "an unmarried woman with promiscuous sexual relationships", citing her medical records.The statement is likely to renew the public outcry over the case as Yang's detailed personal information, including medical records, was made public."How ugly it is to expose where the girl – the victim of a rape case – studies and works online," wrote one internet user.Ruan Qilin , a law professor with the China University of Political Science and Law, said defence lawyers were trying to damage the credibility of the victim's testimony by exposing details of her private life.The prosecution produced witnesses testifying against Li yesterday, the Beijing Evening News reported on its official microblog account. After the assault Li talked to a witness over the phone about beating up the victim. The newspaper did not say how it obtained details of the proceedings, which are closed to the public.Li has already been in trouble with the law, spending a year in a juvenile correctional facility for attacking a couple after his unlicensed BMW crashed into their car in September 2011.存倉

Pacific & Western Credit Corp. announces results for its third quarter ended July 31, 2013

LONDON, ON, Aug.新蒲崗迷你倉 29, 2013 /CNW/ -THIRD QUARTER SUMMARY (three months ended July 31, 2013, compared to three months ended July 31, 2012, unless otherwise noted)Pacific & Western Credit Corp.-- Net income (loss) of Pacific & Western Credit Corp. for the three months ended July 31, 2013 was ($2.2 million) or ($0.07) per share (($0.07) diluted) compared to ($2.6 million) or ($0.09) per share (($0.09) diluted) for the previous quarter and ($614,000) or ($0.02) per share (($0.02) diluted) for the same period a year ago. Prior to the deduction of dividends on Class B Preferred Shares, which are recorded as interest expense for accounting purposes, net income (loss) of the Corporation for the current quarter was ($963,000) compared to ($1.3 million) for the previous quarter and $600,000 a year ago. -- Net income (loss) of Pacific & Western Credit Corp. for the nine months ended July 31, 2013 was ($5.9 million) or ($0.20) per share (($0.20) diluted) compared to ($2.4 million) or ($0.09) per share (($0.09) diluted) for the same period a year ago. Prior to the deduction of dividends on Class B Preferred Shares, net income (loss) of the Corporation for the nine months ended July 31, 2013 was ($2.2 million) compared to $1.3 million for the same period a year ago.Pacific & Western Bank of Canada-- Net interest income and spread for Pacific & Western Bank of Canada (the "Bank"), Pacific & Western Credit Corp.'s wholly-owned subsidiary, for the three months ended July 31, 2013 increased to $6.7 million and 1.91% respectively from $6.1 million and 1.77% for the previous quarter and from $5.1 million and 1.25% respectively for the same period a year ago. -- For the nine months ended July 31, 2013, net interest income and spread increased to $18.8 million and 1.71% respectively from $14.1 million and 1.24% a year ago. -- Credit quality continues to remain strong with gross impaired loans at July 31, 2013 totalling $1.8 million or 0.15% of total loans compared to $1.7 million or 0.14% of total loans a year ago. Net impaired loans totalled $93,000 at July 31, 2013 compared to $51,000 a year ago. -- At July 31, 2013, the Bank's Common Equity Tier 1 (CET1) ratio was 10.52% compared to 10.34% at the end of the previous quarter. -- Net income (loss) for the Bank for the three months ended July 31, 2013 was $878,000 compared to ($39,000) for the previous quarter and $1.8 million for the same period a year ago. Net income for the same period a year ago included pre-tax gains from the sale of securities totalling $3.0 million. -- Net income for the Bank for the nine months ended July 31, 2013 was $2.0 million compared to $4.7 million for the same period a year ago. Net income a year ago included pre-tax gains from the sales of securities which totalled $10.1 million and net income for the current period includes debt and other restructuring charges totalling $789,000.PRESIDENT'S COMMENTSI am pleased with the results of our third quarter. Our Bank's net interest income continued to grow with net interest income of $6.7 million for the third quarter compared to $6.1 million earned in the previous quarter and $5.1 million earned in the same quarter a year ago.? This increase can be mainly attributed to a significant increase in spread, which improved by 53% over the same period last year to 1.91% this quarter.? Credit quality continued to be outstanding with no loans in arrears at the end of the quarter.? Unlike last year, total revenue for the current quarter was not bolstered by gains from the sale of assets, but included restructuring charges relating to reductions in staff. Although it is possible that our Bank may still periodically realize gains from sales of assets, its primary source of revenue is now derived from sustainable net interest income from its growing loan and lease portfolio.? Overall, our Bank's spread figures have now returned to pre liquidity crisis levels and compare favourably to the large banks.Our three new programs continue to grow.? Bulk financing assets increased by 25% during the quarter to $172 million and 81% over last year's balance. The loss incurred on our credit card program decreased from $579,000 in the previous quarter to $187,000 this quarter.? Our trustee deposits initiative continues to gain acceptance as new trustees throughout Canada are continuing to move their banking to us.? Overall, we are very pleased with the progress that we are making on the bulk financing and trustee deposits programs, and are working with our credit card partner to improve the profitability of that program.On August 27th, we completed an Initial Public Offering and listed our Bank on the TSX.? This was a key step in the Bank's evolution, providing it with direct access to the public markets.? Our Bank raised net proceeds of $6 million, increasing its CET1 capital to $123 million and resulting in the Bank's capital ratios significantly exceeding the industry average while providing ample capacity for growth.With the completion of the IPO, the Bank's visibility and perception of value should be significantly increased, which should be reflected in PWC's share value.? Additionally, PWC is now exploring other lending and investing opportunities to diversify and develop additional revenue sources.These are exciting times for us shareholders. Our Bank has now been reconfigured so that it is able to earn ever increasing sustainable spread income, it has reduced its vulnerability to external factors and is well capitalized to provide for profitable growth. PWC is also now well positioned to pursue other lending and investing opportunities to further enhance shareholder value.FINANCIAL HIGHLIGHTS(unaudited) as at as atJuly 31 July 31 July 31 July 31($CDN thousands except per share 2013 2012 2013 2012 amounts )Pacific & Western Bank of CanadaBalance Sheet SummaryCash and $ 182,849 $ 251,527 $ 182,849 $ 251,527 securitiesTotal 1,193,561 1,255,595 1,193,561 1,255,595 loansAverage 1,194,443 1,233,487 1,201,936 1,202,380 loansTotal 1,407,342 1,538,769 1,407,342 1,538,769 assetsAverage assets 1,398,679 1,610,014 1,470,755 1,512,252Deposits 1,201,593 1,323,494 1,201,593 1,323,494Subordinated notes 20,297 49,773 20,297 49,773 payableShareholder's 125,014 93,989 125,014 93,989 equityCapital ratios (2012 based on Basel II)Assets-to-capital 9.75 10.50 9.75 10.50 ratioCommon Equity Tier 116,491 n/a 116,491 n/a 1 capitalRisk-weighted 1,107,029 1,175,584 1,107,029 1,175,584 assetsCommon Equity Tier 10.52% n/a 10.52% n/a 1 ratioTier 1 risk-based 10.52% 8.46% 10.52% 8.46% capital ratioTotal risk-based 12.14% 12.67% 12.14% 12.67% capital ratiofor the three months for the nine months ended endedResults of operationsNet interest $ 6,733 $ 5,059 $ 18,759 $ 14,105 incomeSpread 1.91% 1.25% 1.71% 1.24%Other 315 3,573 1,995 10,917 incomeDebt and other (287) - (789) - restructuring costsProvision for 154 249 399 433 credit lossesTotal 6,607 8,383 19,566 24,589 revenueNet income before 1,226 2,217 2,744 7,065 income taxesNet 878 1,783 1,954 4,731 incomeReturn on average 0.25% 0.44% 0.18% 0.42% total assetsGross impaired loans to total 0.15% 0.14% 0.15% 0.14% loansProvision for credit losses as a 0.01% 0.02% 0.03% 0.04% % of average loansCommercial Lending income before $ 1,413 $ 3,015 $ 4,002 $ 9,284 income taxesLoan 2.23% 2.04% 2.21% 2.03% spreadPacific & Western Credit Corp., (consolidated)Results of operationsNet income of the $ 878 $ 1,783 $ 1,954 $ 4,731 BankDeduct interest expense on notes of (1,613) (733) (3,194) (2,005) the CorporationNet non-interest expenses of the 159 4 225 (121) CorporationProvision for (387) (454) (1,160) (1,341) income taxesNet income (loss) before the (963) 600 (2,175) 1,264 following:Interest expense relating to Class B (1,230) (1,214) (3,687) (3,642) Preferred Share dividendsNet loss of the Corporation $ (2,193) $ (614) $ (5,862) $ (2,378) available to common shareholdersLoss per common share:Basic $ (0.07) $ (0.02) $ (0.20) $ (0.09)Diluted $ (0.07) $ (0.02) $ (0.20) $ (0.09)?MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS AND FINANCIAL CONDITIONThis management's discussion and analysis (MD&A) of operations and financial condition for the third quarter of fiscal 2013, dated August 28, 2013, should be read in conjunction with the unaudited interim consolidated financial statements for the period ended July 31, 2013, included herein which have been prepared in accordance with International Financial Reporting Standards (IFRS). This MD&A should also be read in conjunction with the Corporation's MD&A and the audited consolidated financial statements for the year ended October 31, 2012, all of which are available on SEDAR at .sedar.com. Except as discussed below, all other factors discussed and referred to in the MD&A for the year ended October 31, 2012, remain substantially unchanged.Basis of PresentationNon-GAAP and Additional GAAP MeasuresNet Interest Income and Net Interest Margin or SpreadMost banks analyze profitability by net interest income (as presented in the Consolidated Statements of Income (Loss)) and net interest margin or spread.? Net interest margin or spread is defined as net interest income as a percentage of average total assets.? Net interest margin or spread does not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other financial institutions.Total RevenueAn additional measure of profitability is total revenue which consists of net interest income, other income, restructuring charges and provisions for credit losses (as presented in the Consolidated Statements of Income (Loss)).Book Value Per Common ShareBook value per common share is defined as Shareholders' Equity less amounts relating to preferred shares recorded in equity, divided by the number of common shares outstanding.OverviewPacific & Western Credit Corp. (the `Corporation`) is a holding company whose shares trade on the Toronto Stock Exchange. Its wholly-owned and principal subsidiary is Pacific & Western Bank of Canada (the `Bank`) which provides lending services to selected niche markets and operates as a Schedule I bank under the Bank Act (Canada).Pacific & Western Credit Corp.Net income (loss) of the Corporation for the three months ending July 31, 2013 was ($2.2 million) or ($0.07) per share (($0.07) diluted) compared to ($2.6 million) or ($0.09) per share (($0.09) diluted) for the previous quarter and ($614,000) or ($0.02) per share (($0.02) diluted) for the same period last year. Net income for the same period a year ago included pre-tax gains from the sale of securities totalling $3.0 million. Prior to the deduction of dividends on Class B Preferred Shares, net income (loss) for the three months ending July 31, 2013 was ($963,000) compared to ($1.3 million) for the previous quarter and $600,000 for the same period a year ago. These dividends are recorded as interest expense in the consolidated financial statements as the preferred shares carry certain redemption features and are classified as preferred share liabilities on the Consolidated Balance Sheet.Net income (loss) of Pacific & Western Credit Corp. for the nine months ended July 31, 2013 was ($5.9 million) or ($0.20) per share (($0.20) diluted) compared to ($2.4 million) or ($0.09) per share (($0.09) diluted) for the same period a year ago. Net income for the same period a year ago included pre-tax gains from the sale of securities totalling $10.1 million. Prior to the deduction of dividends on Class B Preferred Shares, which are recorded as interest expense for accounting purposes, net income (loss) of the Corporation for the current quarter was ($2.2 million) compared to $1.3 million for the same period a year ago.On January 28, 2013, the Corporation announced its plans for the Bank to complete an Initial Public Offering (IPO) of its common shares. The final prospectus was filed on August 20, 2013 and the Bank's common shares were conditionally approved for listing on the Toronto Stock Exchange (TSX). See Subsequent Event and Proposed Transactions for more information.On January 28, 2013 the Corporation also announced that it would be seeking approval from its Series C Note holders to modify its Series C Notes. At a Note holder meeting held on March 7, 2013, this approval was received. This modification to the Series C Notes allows the Corporation, at its option, at June 30, 2014, provided the Bank has completed its IPO and the Bank's common shares have been listed on the TSX, to satisfy all interest obligations of the Corporation's outstanding Series C Notes either in cash or in-kind in the form of common shares of the Bank held by the Corporation. It also modified the Series C Note indenture to make, at the option of the holder, the Series C Notes convertible into common shares of the Bank held by the Corporation. See Subsequent Event and Proposed Transactions.Pacific & Western Bank of Canada Net income (loss) of the Bank for the three months ending July 31, 2013 was $878,000 compared to ($39,000) for the previous quarter and $1.8 million for the same period a year ago. Included in net income for the same period a year ago were pre-tax gains of $3.0 million on the sale of securities. There were no gains realized on the sale of securities in the current quarter.Net income of the Bank for the nine months ended July 31, 2013 was $2.0 million compared to $4.7 million for the same period a year ago. Included in net income for the same period a year ago were pre-tax gains of $10.1 million on the sale of securities. There were no gains realized on the sale of securities in the current period. Included in net income for the current period were debt and other restructuring costs totalling $789,000 relating to the retirement of subordinated notes payable to the parent company and severance costs incurred as a result of reductions in staff complement.Net interest income and spread for the three months ended July 31, 2013 increased to $6.7 million and 1.91% respectively from $6.1 million and 1.77% for the previous quarter and from $5.1 million and 1.25% for the same period a year ago. For the nine months ended July 31, 2013, net interest income and spread increased to $18.8 million and 1.71% respectively from $14.1 million and 1.24% a year ago. Net interest income and spread increased from previous periods due to a combination of lower interest expense as a result of the repayment in March 2013 of subordinated notes payable to the parent company and the booking of new loans with larger spreads during the current periods.At July 31, 2013, total assets of the Bank were $1.41 billion compared to $1.39 billion at the end of the previous quarter and $1.54 billion a year ago. The decrease in total assets from a year ago was due primarily to a lower level of cash and securities held at the end of the current quarter and a lower level of lending assets caused primarily by loan sales over the past year. Cash and securities decreased from the previous year due to a lower level of deposits maturing in the succeeding months thus requiring a lower level of liquid assets to fund their repayment.Credit quality remains strong, with gross impaired loans totalling $1.8 million at July 31, 2013 compared to $1.7 million a year ago and net impaired loans of $93,000 compared to $51,000 a year ago. At July 31, 2013, the ratio of gross impaired loans as a percentage of total loans was 0.15% compared to 0.14% last year.The Basel Committee on Banking Supervision published the Basel III rules supporting more stringent global standards on capital adequacy and liquidity (Basel III). The Office of the Superintendent of Financial Institutions (OSFI) requires all Canadian banks to comply with the new Basel III standards on an "all in" basis that became effective January 1, 2013 for purposes of determining its risk-based capital ratios. Required minimum regulatory capital ratios are a 7.0% Common Equity Tier 1 (CET1) capital ratio at January 1, 2013, and at January 1, 2014 an 8.5% Tier 1 capital ratio and 10.5% total capital, all of which include a 2.50% capital conservation buffer.At July 31, 2013, the Bank significantly exceeded the new CET1 capital requirement of 7.0% with a ratio of 10.52%. In addition, its Tier 1 capital ratio was 10.52%; the total capital ratio was 12.14% and the assets-to-capital ratio at July 31, 2013 was 9.75.Total RevenueTotal revenue consists of net interest income, other income, debt and restructuring charges and provisions for credit losses.? For the three months ended July 31, 2013 total revenue of the Bank was $6.6 million compared to $5.7 million in the previous quarter and $8.4 million for the same period last year. Total revenue decreased from a year ago due primarily to gains totalling $3.0 million from the sale of securities realized last year compared to $nil in the current period, with the impact reduced by an increase of $1.7 million in net interest income in the period. Compared to the previous quarter, total revenue of the Bank increased due primarily to the growth in net interest income.For the nine months ending July 31, 2013, total revenue of the Bank was $19.6 million compared to $24.6 million a year ago with the decrease due primarily to gains totalling $10.1 million from the sale of securities in the same period a year ago compared to $nil in the current period. This decrease was partially offset by an increase in net interest income which grew to $18.8 million in the current period from $14.1 million a year ago. In addition, included in total revenue for the current period are restructuring charges totalling $789,000 of which $384,000 was a result of the retirement of subordinated notes payable to the parent company and $405,000 related to severance costs incurred as a result of reductions in staff complement.The provision for credit losses, which is also included in total revenue, was a provision of $154,000 in the current quarter compared to $266,000 for the previous quarter and a provision of $249,000 for the same period a year ago. Included in the provision for credit losses in the current quarter was an amount totalling $369,000 relating to credit card receivables compared to $137,000 for the same period last year. For the nine months ended July 31, 2013, the provision for credit losses was $399,000 compared to $433,000 for the same period a year ago. Included in the provision for credit losses in the current period was an amount totalling $764,000 related to credit card receivables compared to $257,000 for the same period last year.Net Interest Income and Net Interest Margin or SpreadNet interest income of the Bank for the three months ended July 31, 2013 increased to $6.7 million from $6.1 million for the previous quarter and from $5.1 million for the same period a year ago. These increases were due primarily to loans that matured during the period being replaced with loans with larger spreads and a decrease in interest expense as a result of the repayment in March 2013 of subordinated notes payable to the parent company. Net interest margin or spread for the three months ended July 31, 2013 increased to 1.91% from 1.77% for the previous quarter and from 1.25% last year due to the factors noted above. On a year-to-date basis, net interest income of the Bank increased to $18.8 million from $14.1 million a year ago and net interest margin or spread increased to 1.71% from 1.24% a year ago due to the factors noted previously.Other Income??Other income of the Corporation for the three months ended July 31, 2013 was $315,000 compared to $400,000 for the previous quarter and $3.6 million for the same period a year ago. Other income for the current quarter includes non-interest revenue of $306,000 from credit cards compared to $261,000 for the previous quarter and $259,000 for the same period a year ago. Other income for the same period last year included gains of $3.0 million from the sale of securities held in the treasury portfolio of the Bank.On a year-to-date basis, other income of the Corporation totalled $2.0 million compared to $10.9 million a year ago with the difference due primarily to gains totalling $10.1 million on the sale of securities compared to $nil in the current period. In addition, gains from the sale of loans totalled $1.0 million and are included in other income for the current period compared to $nil a year ago and non-interest revenue from credit cards for the current period totalled $824,000 compared to $375,000 for the same period a year ago. Non-interest revenue from credit cards increased in the current period compared to the same period last year due to increases in credit card receivable balances and an additional two months of credit card activities as the credit card program was launched on January 2, 2012.Non-Interest ExpensesNon-interest expenses of the Corporation, including those relating to credit card operations, totalled $5.2 million for the current quarter compared to $5.8 million for the previous quarter and $6.2 million for the same period a year ago. The decrease in non-interest expenses from the previous periods was due primarily to a reduction in staff complement, a reduction in costs to operate the credit card program and timing of expenses. On a year-to-date basis, non-interest expenses of the Corporation were $16.6 million for the current period compared to $17.7 million for the same period last year with the decrease due to the factors described above.Income TaxesThe Corporation's statutory federal and provincial income tax rate and that of the Bank is approximately 27%, similar to that of the previous period. The effective rate is impacted by the tax benefit on operating losses in the parent company not being recorded for accounting purposes and certain items not being taxable or deductible for income tax purposes. The provision for income taxes consists of the following items:for the three months for the nine months ended endedJuly 31 July 31 July 31 July 312013 2012 2013 2012Income tax on earnings of $ 348 $ - $ 790 $ - the BankIncome tax on dividends 387 454 1,160 1,341 paid by the CorporationTax on gain on - 810 - 2,710 sale of securitiesSubstantively enacted rate - (376) - (376) changes$ 735 $ 888 $ 1,950 $ 3,675?For the current quarter, the provision for income taxes was $735,000 compared to $888,000 for the same period a year ago and includes an income tax provision of $387,000 in the parent company relating to income tax on dividends paid by the Corporation on its Class B Preferred Shares. The income tax provision for the same quarter last year included a provision of $810,000 relating to gains on the sale of securities and a recovery of $376,000 resulting from a substantively enacted rate change that occurred during the quarter last year. On a year-to-date basis, the provision for income taxes was $2.0 million compared to $3.7 million for the same period last year. This decrease was due primarily to an income tax provision of $2.7 million on the sale of securities a year ago compared to $nil in the current period.At July 31, 2013, the Bank has a deferred income tax asset of $8.3 million compared to $11.0 million a year ago with the decrease due to the tax effect of operating results over the past year, the recording of an income tax adjustment totalling $1.9 million in the previous year less tax rate adjustments recorded last year. The deferred income tax asset is primarily a result of income tax losses totalling approximately $42 million from previous periods, the benefit of which was recorded at the time. The income tax loss carry-forwards in the Bank are not scheduled to begin expiring until 2027 if unutilized. In addition, the Corporation has income tax loss carry-forwards which total approximately $39 million, the benefit of which has not been recorded. These loss carry-forwards are scheduled to begin expiring in 2014 if unutilized.Comprehensive Income (Loss)Comprehensive income (loss) is comprised of the net income (loss) for the period and other comprehensive income (loss) which consists primarily of unrealized gains and losses on available-for-sale securities. Comprehensive loss for the three months ended July 31, 2013 was $2.2 million compared to $2.6 million for the previous quarter and $3.5 million a year ago. The change from a year ago is due to the net loss in the current period being greater than that of a year ago and amounts of unrealized gains on available-for-sale securities recorded in comprehensive income (loss) in previous years being reversed through other comprehensive income (loss) when realized last year. On a year-to-date basis, comprehensive loss was $5.9 million compared to $9.7 million for the same period a year ago with the change due to same factors described previously.Segment Analysis?Commercial Lending ?The commercial lending segment consists of the operations of the Bank related to issuing mortgages, loans and leases. The commercial lending segment is supported by deposit taking, treasury and administrative activities of the Bank. For the three months ended July 31, 2013, net income of the commercial lending segment totalled $1.1 million compared to $540,000 for the previous quarter and $2.6 million a year ago with the difference due primarily to gains from the sale of securities a year ago which totalled $3.0 million compared to $nil in the current quarter. On a year-to-date basis, net income of the commercial lending segment totalled $3.2 million compared to $7.0 million for the same period a year ago with the difference due primarily to gains from the sale of securities which totalled $10.1 million last year.Net interest income from commercial lending for the three months ended July 31, 2013, totalled $6.4 million compared to $5.8 million for the previous quarter and $5.0 million last year with the growth due primarily to increased yields on new loans and a decrease in interest expense. For the nine months ended July 31, 2013, net interest income from commercial lending totalled $17.9 million compared to $14.0 million for the same period a year ago.Credit quality relating to the commercial lending segment remains strong with provisions (recoveries) for credit losses for the three months ended July 31, 2013 totalling ($215,000) compared to a provision of $36,000 for the previous quarter and a provision of $112,000 for the same period last year. For the nine months ended July 31, 2013, the provision for credit losses was a recovery of ($365,000) compared to a provision of $176,000 for the same period a year ago. Provisions (recoveries) for credit losses were lower in the current periods as a result of decreases in lending assets and maturities in the existing loan portfolio over the past year.For the three months ended July 31, 2013, non-interest expenses for the commercial lending segment totalled $4.9 million compared to $4.9 million for the previous quarter and $5.2 million a year ago. On a year-to-date basis, non-interest expenses totalled $14.7 million compared to $15.1 million for the same period a year ago.Credit Card Operations?This segment consists of income and expenses related to the Bank's private label credit card program which was launched on January 2, 2012.? As at July 31, 2013, credit card receivables totalled $26.3 million compared to $23.8 million at the end of the previous quarter and $17.8 million a year ago. For the three months ended July 31, 2013, costs to operate the credit card program exceeded revenues by $187,000 compared to $579,000 for the previous quarter and $798,000 for the same period a year ago. For the nine months ended July 31, 2013, costs to operate the credit program exceeded revenues by $1.3 million compared to $2.2 million for the same period a year ago.Net interest income from credit card operations for the three months ending July 31, 2013, totalled $370,000 compared to $269,000 for the previous quarter and $69,000 a year ago. For the nine months ended July 31, 2013, net interest income from credit card operations totalled $858,000 compared to $63,000 for the same period a year ago. Net interest income from credit card operations continues to be impacted by incentive programs with low or no interest rates used to generate the issue of new cards.For the three months ended July 31, 2013, non-interest revenue from credit card operations in the form of credit card fees totalled $306,000 compared to $261,000 for the previous quarter and $259,000 a year ago. For the nine months ended July 31, 2013, non-interest revenue from credit card operations totalled $823,000 compared to $375,000 for the same period a year ago.For the three months ending July 31, 2013, the Bank recorded a provision for credit losses of $369,000 relating to credit card receivables compared to $230,000 for the previous quarter and $137,000 a year ago. These provisions consist of adjustments to the collective allowance and write-offs of credit card balances. For the nine months ended July 31, 2013, the provision for credit card losses totalled $764,000 compared to $257,000 for the same period last year. At July 31, 2013, the collective allowance relating to credit card receivables totalled $744,000 compared to $250,000 a year ago.Non-interest expenses relating to credit card operations totalled $494,000 for the current quarter compared to $879,000 for the previous quarter and $989,000 for the same period last year. On a year-to-date basis, non-interest expenses totalled $2.2 million compared to $2.4 million last year. Non-interest expenses relating to credit cards decreased in the current periods as a result of a decrease in staff complement and an effort to reduce non-variable costs. These expenses consist of salaries and benefits, expenses for activities carried out by external parties to administer processing of the credit cards and marketing and promotional costs and general and administrative expenses.Corporate Head Office OperationsThis segment consists of income and expenses related to the operations of the parent company and typically consists of general and administrative activities as well as interest expense on notes payable and preferred share liabilities.Consolidated Balance SheetTotal assets of the Corporation at July 31, 2013, were $1.40 billion compared to $1.39 billion at the end of the previous quarter and $1.54 billion a year ago with the change due primarily to decreases in cash and securities and a decrease in lending assets. Cash and securities decreased from a year ago due primarily to a lower level of deposits maturing in the coming months compared to a year ago requiring less cash to fund the maturities. Lending assets decreased from a year ago primarily as a result of loans sold over the past year.Cash and SecuritiesCash and cash equivalents consist of deposits with Canadian chartered banks, government treasury bills and bankers acceptances with less than ninety days to maturity from the date of acquisition. Securities in the Corporation's treasury portfolio typically consist of Government of Canada and Canadian provincial and municipal bonds, bankers' acceptances and corporate debt. Cash and securities, which are held primarily for liquidity purposes, totalled $185.3 million or 13.2% of total assets compared to $169.5 million or 12.2% of total assets at the end of the previous quarter and $253.2 million or 16.5% of total assets a year ago. The decrease in cash and securities as a percentage of total assets from a year ago was a result of the Corporation no longer having to hold the same levels of cash as deposit maturities in the coming months are less than those maturing a year ago. In addition, since July 31, 2012, the Corporation shifted its strategy to hold larger amounts of cash and cash equivalents as a proportion of its treasury portfolio rather than holding securities that were not as liquid.At July 31, 2013, net unrealized gains in the Corporation's available-for-sale securities portfolio were $38,000 compared to net unrealized gains of $70,000 a year ago. In addition there was an unrealized loss of $559,000 at July 31, 2013 compared to an unrealized loss of $545,000 at the end of the previous quarter relating to a security the Corporation classifies as held-to-maturity. This unrealized loss was due to changes in interest rates rather than due to changes in credit risk and management is of the opinion that no impairment charge is required at this time.LoansLoans totalled $1.19 billion at July 31, 2013, compared to $1.20 billion at the end of the previous quarter and $1.26 billion a year ago with the decrease from a year ago due primarily to the sale of loans which occurred over the past year. The Corporation does not expect to see significant loan sales during the remainder of the year.At July 31, 2013, the balances of individual loan categories remained relatively consistent with those from a year ago, taking into account loan sales. Government financings have declined from a year ago due to market conditions and the Corporation shifting its focus to corporate lending opportunities, primarily through its bulk financing initiative as described below.The Corporation's bulk financing portfolio showed significant growth totalling $171.6 million at July 31, 2013 compared to $137.8 million at the end of the previous quarter, an increase of 25%, and $94.8 million a year ago, an increase of 81%. The bulk financing program continues to be a key initiative for the Corporation and is expected to be the primary area of growth in the Corporation's lending portfolio. The Corporation continues to enter into agreements with vendors for the program and expects to see continued growth in the coming months.Overall, new lending for the quarter totalled $151.8 million compared to $117.9 million for the previous quarter and $166.0 million a year ago.? Loan repayments for the quarter totalled $153.6 million compared to $93.6 million for the previous quarter and $135.0 million a year ago. On a year-to-date basis, new lending totalled $405.8 million compared to loan repayments of $421.4 million. Loan repayments for the current nine month period include loan sales totalling $37 million.Credit QualityThe Corporation has maintained its high credit quality and strong underwriting standards and requires minimal provisions for credit losses. Gross impaired loans at July 31, 2013, totalled $1.8 million or 0.15% of total loans compared to $1.7 million or 0.14% of total loans at the end of the previous quarter and $1.7 million or 0.14% of total loans a year ago. Provisions for credit losses in the current quarter totalled $154,000 compared to $266,000 in the previous quarter and $249,000 a year ago. For the nine months ended July 31, 2013, provisions for credit losses totalled $399,000 compared to $433,000 for the same period a year ago. The change in the provision for credit losses from a year ago was due to additional provisions and write-offs related to credit card receivables.At July 31, 2013, the Corporation's collective allowance totalled $3.2 million virtually unchanged from a year ago. Included in the Corporation's collective allowance at July 31, 2013 was $744,000 relating to credit card receivables compared to $250,000 a year ago.?The Corporation's individual allowance for credit losses totalled $1.7 million compared to $1.7 million a year ago and net impaired loans at July 31, 2013 totalled $93,000 compared to $51,000 a year ago. Based on results from ongoing stress testing of the loan portfolio under various scenarios, and the secured nature of the existing loan portfolio, the Corporation is of the view that any credit losses which exist but cannot be specifically identified at this time are adequately provided for.Other Assets?Other assets totalled $25.5 million at July 31, 2013 compared to $24.8 million at the end of the previous quarter and $30.4 million a year ago. Included in other assets is the deferred income tax asset of the Bank of $8.3 million compared to $11.0 million last year and capital assets and prepaid expenses of $14.2 million at July 31, 2013 compared to $19.4 million last year.Deposits and Other LiabilitiesDeposits are used as a primary source of financing growth in assets and are raised primarily through a well established and well diversified deposit broker network across Canada. Deposits raised and deposit levels are highly sensitive to interest rates being offered by the Bank for new deposits. Deposits at July 31, 2013 totalled $1.20 billion compared to $1.19 billion at the end of the previous quarter and $1.32 billion a year ago, and consist primarily of guaranteed investment certificates. The decrease in total deposits from a year ago is due to the decrease in total assets, specifically the level of cash and securities. Of the total amount of deposits, $38.2 million or approximately 3.2% of total deposits at the end of the current quarter were in the form of demand deposits compared to $34.9 million or approximately 2.6% of total deposits a year ago, with the remaining deposits having fixed terms.In order to diversify its sources of deposits and reduce its cost of new deposits, the Corporation has identified another source, that being deposits of trustees in the bankruptcy industry. The Corporation has developed new banking software to serve this deposit market and launched this product in April 2012. These services are now being offered to trustees in the bankruptcy industry across Canada and at July 31, 2013, deposits from this source totalled $14.7 million.An additional source of financing growth in assets and a source of liquidity is the use of margin lines and securities sold under repurchase agreements. From time to time, the Corporation uses these sources of short-term financing when the cost of borrowing is less than the interest rates that would have to be paid on new deposits. At July 31, 2013, the Corporation did not have any amounts outstanding relating to margin lines or securities sold under repurchase agreements nor were any amounts outstanding a year ago.Other liabilities consist primarily of accounts payable and accruals and the fair value of derivatives. At July 31, 2013, other liabilities totalled $18.7 million compared to $16.2 million at the end of the previous quarter and $30.6 million a year ago with the change due to a decrease in the fair value of derivatives as interest rate swap contracts were unwound during the first quarter. See Interest Rate Risk Management in this Management's Discussion and Analysis for more information.Securitization Liabilities?The Corporation has securitization liabilities outstanding which relate to amounts payable to counterparties for cash received upon initiation of securitization transactions. At July 31, 2013, the amount of securitization liabilities totalled $43.5 million compared to $43.5 million a year ago. The Corporation has not entered into any securitization transactions in the current fiscal year nor does it expect to in the remainder of the year.The amounts payable to counterparties bear interest at rates ranging from 1.97% - 3.95% and mature between 2016 and 2020. Securitized insured mortgages with a carrying value of $41.0 million are pledged as collateral for these liabilities.Notes PayableNotes payable, net of issue costs, totalled $82.7 million at July 31, 2013 compared to $80.0 million a year ago with the increase due primarily to additional notes issued during the past year by the Corporation. Excluding issue costs, notes payable consist of Series C Notes totalling $61.7 million maturing in 2018, a five year note in the amount of $4.0 million bearing interest at 6% and a short term note in the amount of $200,000. The Series C Notes bear interest at 9.00% per annum.In addition, the Corporation has outstanding subordinated notes totalling $21.5 million issued by the Bank to an external party. These subordinated notes, of which $11.5 million are callable, bear interest at rates ranging from 8.00% to 11.00% and mature between 2019 and 2021.Preferred Share LiabilitiesAt July 31, 2013, the Corporation had 1,909,458 Class B Preferred Shares outstanding with a total value of $47.7 million before deducting issue and conversion costs. As these Class B Preferred Shares carry certain redemption features and are convertible into common shares of the Corporation, an amount of $42.3 million, net of issue and conversion costs has been classified on the Corporation's Consolidated Balance Sheet as Preferred Share Liabilities.? In addition, an amount of $3.2 million, net of income taxes and issue costs, has been included in Shareholders' Equity on the Corporation's Consolidated Balance Sheet. As the Class B Preferred Shares must be redeemed by the Corporation in 2019 for $47.7 million, the preferred share liability amount of $42.3 million will be adjusted over the remaining term to redemption until the amount is equal to the estimated redemption amount. The increase is included in interest expense in the Consolidated Statement of Income (Loss), calculated using an effective interest rate of 11.8%.Shareholders' EquityAt July 31, 2013, shareholders' equity was $15.7 million compared to $16.3 million at the end of previous quarter and $19.9 million a year ago with the decrease due primarily to operating losses. Common shares outstanding at July 31, 2013 totalled 31,308,091 compared to 28,077,872 a year ago with the change due to 1,928,565 common shares issued since last year as part of the dividends on the Class B Preferred Shares and 1,301,654 common shares issued under private placements. Common share options outstanding totalled 517,683 at the end of the quarter compared to 1,163,033 a year ago with the change due to the issue of 50,000 common share options and 695,350 common share options which expired during the past year.At July 31, 2013, there were 314,572 Class A Preferred Shares outstanding, unchanged from a year ago and 1,909,458 Class B Preferred Shares outstanding, also unchanged from a year ago. In November 2012, 6,202,370 warrants to acquire common shares and common share warrants expired.The Corporation's book value per common share at July 31, 2013 was $0.36 compared to $0.40 at the end of the previous quarter and $0.52 a year ago. Assuming the outstanding Class B Preferred Shares are converted into common shares on the basis of $5.00 per share, the Corporation's book value per common share at July 31, 2013 would be $1.39 per share.Reduction of Stated CapitalOn May 30, 2012, at a special meeting of the shareholders of the Corporation, approval was given authorizing the reduction of the stated capital of the common shares of the Corporation by $50,472,000 and correspondingly reducing retained earnings (deficit) by the same amount. There was no impact on total shareholders' equity.Updated Share InformationAs at August 28, 2013, there were no changes since July 31, 2013 in the number of outstanding common shares, common share options and Class A or Class B Preferred Shares.Off-Balance Sheet ArrangementsAs at July 31, 2013, the Corporation does not have any significant off-balance sheet arrangements other than loan commitments and letters of credit resulting from normal course business activities. See Note 12 to the unaudited interim consolidated financial statements.Related Party TransactionsThe Corporation's Board of Directors and Senior Executive Officers represent key management personnel. Other than key management personnel, the Corporation has no other related parties for which there were transactions or outstanding balances during the period. See Note 13 to the unaudited interim consolidated financial statements for details on related party transactions and balances.Subsequent Event and Proposed TransactionsOn August 20, 2013, the Bank filed its final prospectus and on August 27, 2013 its common shares began trading on the Toronto Stock Exchange. Under the terms of the IPO, 400,000 common shares of the Bank were issued at a price of $7.25 per share before commissions and other expenses of the offering. In addition, under a secondary offering, the Corporation sold 1,100,000 of its common shares of the Bank at $7.25 per share before commissions. From the net proceeds the Corporation purchased an additional 620,206 shares of the Bank for $4,496,494.? As a result of these transactions, the Corporation's ownership interest in the Bank decreased from 100% to 92%.As part of the IPO, the syndicate of agents have been granted an Over-Allotment Option exercisable in whole or in part for a period of 30 days following the closing of the IPO, to purchase up to an additional 225,000 Common Shares from the Bank at a price of $7.25 per Common Share.As noted previously, on March 7, 2013, approval was received from the Corporation's Series C Note holders to modify its Series C Notes. This modification to the Series C Notes allows the Corporation at its option, at June 30, 2014, provided the Bank has completed its IPO and the Bank's common shares have been listed on the TSX, to satisfy all interest obligations of the Corporation's outstanding Series C Notes either in cash or in-kind in the form of common shares of the Bank held by the Corporation. It also modified the Series C Note indenture to make, at the option of the holder, the Series C Notes convertible into common shares of the Bank held by the Corporation. Effective August 27, 2013, as a result of the completion of the Bank's IPO and the listing of the Bank's common shares, the Series C Notes were modified. At this point in time, the Corporation has not determined whether the modification of the Series C notes constitutes an extinguishment and reissuance of the debt for accounting purposes. Extinguishment of the debt could result in $3.5 million of unamortized issue costs and discounts related to the Series C Notes being written off.? This potential non-cash adjustment would not have an impact on the equity or regulatory capital of the Bank.Risk ManagementThe risk management policies and procedures of the Corporation are provided in its annual MD&A for the year ended October 31, 2012, and are found on pages 47 to 52 of the Corporation's 2012 Annual Report.Capital Management and Capital ResourcesThe Basel Committee on Banking Supervision has published the Basel III rules supporting more stringent global standards on capital adequacy and liquidity (Basel III). Significant changes under Basel III that are most relevant to the Bank include:-- Increased focus on tangible common equity.-- All forms of non-common equity such as the Bank's conventional subordinated notes must be non-viability contingent capital (NVCC) compliant. NVCC compliant means the subordinated notes must include a clause that would require conversion to common equity in the event that OSFI deems the institution to be insolvent or a government is ready to inject a "bail out" payment.-- Changes in the risk-weighting of certain assets.-- Additional capital buffers.-- New requirements for levels of liquidity and new liquidity measurements.OSFI requires that all Canadian banks must comply with the Basel III standards on an "all-in" basis that became effective January 1, 2013 for purposes of determining its risk-based capital ratios. Required minimum regulatory capital ratios are a 7.0% Common Equity Tier 1 (CET1) capital ratio and effective January 1, 2014, an 8.5% Tier 1 capital ratio and 10.5% total capital ratio, all of which include a 2.5% capital conservation buffer. The Basel III rules provide for "transitional" adjustments whereby certain aspects of the new rules will be phased in between 2013 and 2019. The only available transition allowed by OSFI for capital ratios is related to the 10 year phase out of non-qualifying capital instruments. However, OSFI has allowed Canadian banks to calculate their asset to capital ratios on a transitional basis between 2013 and 2019.Under the Basel III standards, total capital of the Bank totalled $134.4 million at July 31, 2013 compared to $133.1 million at the end of the previous quarter. The Bank exceeded the new capital requirements with a CET1 ratio of 10.52% compared to 10.34% at the end of the previous quarter. In addition, the Bank's total capital ratio was 12.14% at July 31, 2013 compared to 11.94% at the end of the previous quarter and its assets-to-capital ratio at July 31, 2013 was 9.75 compared to 9.69 at the end of the previous quarter.See note 14 to the interim consolidated financial statements for more information regarding capital management.The operations of the Corporation are not dependent upon significant amounts of capital assets to generate revenue.? Currently, the Corporation does not have any commitments for capital expenditures or for significant additions to its level of capital assets.Interest Rate Risk ManagementThe Bank is subject to interest rate risk which is the risk that a movement in interest rates could negatively impact spread, net interest income and the economic value of assets, liabilities and shareholder's equity. The following table provides the duration difference between the Bank's assets and liabilities and the potential after-tax impact of a 100 basis point shift in interest rates on the Bank's earnings during a 12 month period and the potential after-tax impact of a 100 basis point shift in interest rates on the Bank's shareholder's equity over a 60 month period if no remedial actions are taken.July 31, 2013 July 31, 2012Increase Decrease 100 Increase 100 Decrease 100 100 bps bps bps bpsSensitivity of projected net interestincome during a $ 5,049 $ (4,997) $ 5,975 $ (5,919) 12 month periodSensitivity of projected net interestincome during a $ 2,906 $ (2,890) $ 9,364 $ (9,983) 60 month periodDuration difference between assets and 2.9 3.7 liabilities (months)?The change in exposure to a decrease of 100 basis points in interest rates in a 60 month period from a year ago was due primarily to the change in the composition of the Bank's treasury portfolio through the sale of longer term securities over the past year with the proceeds being invested in cash or short term liquid securities as well as the Corporation unwinding interest rate swaps during the first quarter of fiscal 2013.The decision to unwind the swap contracts was made as the Bank decided to use on-balance sheet strategies to manage its interest rate risk rather than interest rate swaps. These strategies include the raising of longer term deposits and reducing the duration of its assets primarily by maintaining higher levels of shorter duration and highly liquid treasury assets. Another factor in unwinding its interest rate swap contracts was the decision to eliminate the basis risk that resulted from the decrease in the correlation between the yield on banker's acceptances and the GIC's the Bank issues that occurred during the global liquidity crisis.LiquidityPacific & Western Credit Corp., on a non-consolidated basis, has sufficient funds on hand to meet its cash obligations for the next 12 months. These obligations relate primarily to payments of interest on notes payable and the expected cash portion of dividends on Class B Preferred Shares. The funding for the obligations beyond the next 12 months is expected to come primarily from cash and proceeds from sales of securities.The unaudited Consolidated Statement of Cash Flows for the Corporation for the nine months ended July 31, 2013 shows cash used from operations in excess of cash provided by operations of $116.4 million compared to cash used of $62.2 million for the nine months ended July 31, 2012. The Corporation's operating cash flow is primarily affected by the change in the balance of its deposits (a positive change in deposits has a positive impact on cash flow and a negative change in deposits has a negative impact on cash flow) as compared to the change in the balance of its loans (a positive change in loans has a negative impact on cash flow and a negative change in loans has a positive impact on cash flow).? Based on factors such as liquidity requirements and opportunities for investment in loans and securities, the Corporation may manage the amount of deposits it receives and loans it funds in ways that result in the balances of these items giving rise to either negative or positive cash flow from operations.? The Corporation will continue to fund its operations and meet contractual obligations as they become due from cash on hand and from managing the amount of deposits it receives as compared to the amount of loans it funds.? See Note 12 to the unaudited interim consolidated financial statementsContractual ObligationsContractual obligations of the Corporation as disclosed in its MD&A and audited consolidated financial statements for the year ended October 31, 2012, have not changed significantly during the nine months ended July 31, 2013.Summary of Quarterly Results(thousands of dollars except per 2013 2012 2011 share amounts)Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4Results of operations:Total interest $ 15,246 $ 14,779 $ 15,705 $ 15,264 $ 15,356 $ 14,928 $ 15,021 $ 14,798 incomeInterest 11,356 11,145 11,735 12,069 12,244 12,581 12,022 12,374 expenseNet interest 3,890 3,634 3,970 3,555 3,112 2,347 2,999 2,424 incomeProvision for (recovery of) 154 266 (21) 28 249 - 184 118 credit lossesOther income 315 400 1,280 2,370 3,573 3,939 3,405 8,649Restructuring (287) (118) - - - - - - costsTotal revenue 3,764 3,650 5,271 5,897 6,436 6,286 6,220 10,955 *Non-interest 5,222 5,828 5,547 6,426 6,162 5,724 5,759 6,680 expensesIncome (loss) before income (1,458) (2,178) (276) (529) 274 562 461 4,275 taxesIncome tax provision 735 393 822 2,165 888 1,473 1,314 5,558 (recovery)Net income $ (2,193) $ (2,571) $ (1,098) $ (2,694) $ (614) $ (911) $ (853) $ (1,283) (loss)Earnings (loss) per share- basic $ (0.07) $ (0.09) $ (0.04) $ (0.10) $ (0.02) $ (0.03) $ (0.03) $ (0.05)- diluted $ (0.07) $ (0.09) $ (0.04) $ (0.10) $ (0.02) $ (0.03) $ (0.03) $ (0.05)* Total revenue is an Additional GAAP measure-See Basis of Presentation?The financial results of the Corporation for each of the last eight quarters are summarized above. The Corporation's results, particularly total interest income and net interest income, are comparable between quarters and over the past eight quarters reflect the increase in lending assets, adjusted for loan sales in the first quarter of 2013, with some seasonality occurring during the spring and summer months due to increases in residential construction lending. Additional factors in the increase in net interest income were higher yields on loans booked and a decrease in the cost of deposits over the past year.Other income during the quarters shows variability due to the level of gains realized in previous quarters on the sale of securities and in the fourth quarter of 2012 and first quarter of 2013 from the sale of loans. The provisions for credit losses recorded in the last two quarters were due primarily to write-offs and adjustments in the collective allowance relating to credit card receivables.Non-interest expenses have decreased over the last eight quarters as a result of a strategy to reduce overhead expenses, a reduction in staff complement and the timing of expenses. Non-interest expenses increased in the fourth quarter of 2012 as a result of expenses being incurred relating to professional and consulting fees and increased costs relating to credit card operations.The provision for income taxes in each of the first three quarters of 2013 reflects the effective statutory income tax rate of the Bank applied to earnings and includes income taxes on dividends paid by the Corporation on its Class B Preferred Shares. The provision for income taxes in the fourth quarter of 2012 included an income tax adjustment of $1.9 million relating to a change in the estimate of previously recognized deferred income tax assets. The income tax provision in the third quarter of 2012 decreased from previous quarters as a result of a recovery for income taxes relating to a change in corporate income tax rates substantively enacted during that quarter.Significant Accounting Policies and Use of Estimates and JudgmentsSignificant accounting policies are detailed in Note 3 of the Corporation's 2012 Audited Consolidated Financial Statements. There has been no change in accounting policies nor any significant new policies adopted during the current period.In preparing the consolidated financial statements, management has exercised judgment and developed estimates in applying accounting policies and generating reported amounts of assets and liabilities at the date of the financial statements and income and expenses during the reporting periods. Areas where significant judgment was applied or estimates were developed include assessments of fair value and impairments of financial instruments, the calculation of the allowance for credit losses, and the measurement of deferred income taxes.It is reasonably possible, on the basis of existing knowledge, that actual results may vary from that expected in the generation of these estimates. This could result in material adjustments to the carrying amounts of assets and/or liabilities affected in the future.Estimates and their underlying assumptions are reviewed on an ongoing basis.? Revisions to accounting estimates are applied prospectively once they are recognized.The policies discussed below are considered particularly significant as they require management to make estimates or judgements, some of which may relate to matters that are inherently uncertain.Financial InstrumentsAll financial assets are classified as one of the following:? held-to-maturity, loans and receivables, financial assets recorded at fair value through profit or loss or available-for-sale.? All financial liabilities are classified as fair value through profit or loss or other liabilities.? Financial assets and liabilities recorded at fair value through profit or loss are measured at fair value with gains and losses recognized in net income.? Financial assets held-to-maturity, loans and receivables and financial liabilities other than those held for trading, are measured at amortized cost based on the effective interest method.? Available-for-sale instruments are measured at fair value with gains and losses, net of tax, recognized in other comprehensive income.Estimates of fair value are developed using a variety of valuation methods and assumptions. The Corporation follows a fair value hierarchy to categorize the inputs used to measure fair value for its financial instruments.? The fair value hierarchy is based on quoted prices in active markets (Level 1), valuation techniques using inputs other than quoted prices but with observable market data (Level 2), or valuation techniques using inputs that are not based on observable market data (Level 3).? Valuation techniques may require the use of inputs, transaction values derived from models and input assumptions sourced from pricing services. Valuation inputs are either observable or unobservable. The Corporation looks to external readily observable market inputs when available and may include certain prices and rates for shorter-dated Canadian yield curves and bankers acceptances. Unobservable inputs may include credit spreads, probability of default and recovery rates.Fair value measurements that fall into Level 2 of the fair value hierarchy comprise derivatives and Canadian municipal and corporate bonds that are classified as available-for-sale. Fair value of derivatives is estimated using a discounted cash flow valuation technique based on observable market data including interest rates, the Corporation's and the counterparty's credit spreads, corresponding market interest rate volatility levels and other market-based pricing factors.? For Canadian municipal and corporate bonds, fair value measurement is primarily based on quotes received from brokers that represent transaction prices in markets for identical instruments.SecuritiesThe Corporation holds securities primarily for liquidity purposes with the intention of holding the securities to maturity or until market conditions render alternative investments more attractive.? Settlement date accounting is used for all securities transactions.At the end of each reporting period, the Corporation assesses whether or not there is any objective evidence to suggest that a security may be impaired.? Objective evidence of impairment results from one or more events that occur after the initial recognition of the security which has an impact that can be reliably estimated on the estimated future cash flows of the security such as financial difficulty of the issuer.? An impairment loss mini storages recognized for an equity instrument if the decline in fair value is significant or prolonged, as such circumstances provide objective evidence of impairment.Impairment losses on a held-to-maturity security are recognized in income and loss in the period they are identified.? When there is objective evidence of impairment of an available-for-sale security, the cumulative loss that has been recorded in accumulated other comprehensive income is reclassified to income or loss.? For available-for-sale debt securities, if in a subsequent period the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was first recognized, then the previously recognized impairment loss is adjusted through income or loss to reflect the net recoverable amount of the impaired security.? No adjustments of impairment losses are recognized for available-for-sale equity securities.LoansLoans are initially measured at fair value plus incremental direct transaction costs.? Loans are subsequently measured at amortized cost, net of allowance for credit losses, using the effective interest method.? On a monthly basis, the Corporation assesses whether or not there is any objective evidence to suggest that the carrying value of the loans may be impaired.? Impairment assessments are facilitated through the identification of loss events and assessments of their impact on the estimated future cash flows of the loans.A loan is classified as impaired when, in management's opinion, there has been deterioration in credit quality to the extent that there is no longer reasonable assurance as to the timely collection of the full amount of principal and interest.? Loans, except credit cards, where interest or principal is contractually past due 90 days are automatically recognized as impaired, unless management determines that the loan is fully secured, in the process of collection and the collection efforts are reasonably expected to result in either repayment of the loan or restoring it to current status.? All loans, except credit cards, are classified as impaired when interest or principal is past due 180 days, except for loans guaranteed or insured by the Canadian government, provinces, territories, or a Canadian government agency, which are classified as impaired when interest or principal is contractually 365 days in arrears.? Credit card receivables are written off when payments are 180 days past due, or upon receipt of a bankruptcy notification.As loans are classified as loans and receivables and measured at amortized cost, an impairment loss is measured as the difference between the carrying amount and the present value of future cash flows discounted using the effective interest rate computed at initial recognition, if future cash flows can be reasonably estimated.? When the amounts and timing of cash flows cannot be reasonably estimated, the carrying amount of the loan is reduced to its estimated net realizable value based on either:(i)?the fair value of any security underlying the loan, net of expected costs of realization,or,(ii) ?observable market prices for the loan.Impairment losses are recognized in income or loss.? If, in a subsequent period, the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was first recognized, then a recovery of a portion or all of the previously recognized impairment loss is adjusted through income or loss to reflect the net recoverable amount of the impaired loan.Real estate held for resale is recorded at the lower of cost and fair value, less costs to sell.Allowance for Credit LossesThe Corporation maintains an allowance for credit losses which, in management's opinion, is adequate to absorb all credit related losses in its loan portfolio. The allowance for credit losses consists of both individual and collective allowances and is reviewed on a monthly basis.? The allowance is presented as a component of loans on the Corporation's consolidated balance sheets.The Corporation considers evidence of impairment for loans at both an individual asset and collective level.? All individually significant loans are assessed for impairment first.? All individually significant loans found not to be specifically impaired and all loans which are not individually significant are then collectively assessed for impairment by aggregating them into groups with similar credit risk characteristics.The collective impairment allowance is determined by reviewing factors including historical loss experience in portfolios of similar credit risk characteristics, current portfolio credit quality trends, probability of default and recovery rates, and business and economic conditions. Historical loss experience is adjusted based on current observable data to reflect effects of current conditions that did not affect the period in which the historical loss experience is based. The collective impairment allowance may also be adjusted by management using its judgment taking into account other observable and unobservable factors.Corporate Income TaxesCurrent income taxes are calculated based on taxable income at the reporting period end.? Taxable income differs from accounting income because of differences in the inclusion and deductibility of certain components of income which are established by Canadian taxation authorities.? Current income taxes are measured at the amount expected to be recovered or paid using statutory tax rates at the reporting period end.The Corporation follows the asset and liability method of accounting for deferred income taxes.? Deferred income tax assets and liabilities arise from temporary differences between financial statement carrying values and the respective tax base of those assets and liabilities.? Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply to taxable income in the years when temporary differences are expected to be recovered or settled.Deferred income tax assets are recognized in the Corporation's consolidated financial statements to the extent that it is probable that the Corporation will have sufficient taxable income to enable the benefit of the deferred income tax asset to be realized.? Unrecognized deferred income tax assets are reassessed for recoverability at each reporting period endThe realization of the deferred income tax asset is dependent upon the Bank being able to generate taxable income during the carry-forward period sufficient to offset the income tax losses and deductible temporary timing differences.? While management is of the opinion that it is probable that the Bank will be able to realize the deferred income tax asset, there is no guarantee the Bank will be able to generate sufficient taxable income during the carry-forward period.? The realization of the deferred income tax asset is dependent upon the Bank being able to generate taxable income in future years sufficient to offset the income tax losses.Future Change in Accounting PoliciesIFRS 9: Financial instruments (IFRS 9)In November 2009, the IASB issued IFRS 9 as the first phase of an ongoing project to replace IAS 39. This first issuance of IFRS 9 introduced new requirements for classifying and measuring financial assets. IFRS 9 was then re-issued in October 2010, incorporating new requirements for the accounting of financial liabilities, and carrying over from IAS 39 the requirements for de-recognition of financial assets and financial liabilities. The mandatory effective date for the adoption of IFRS 9 was set for annual periods beginning on or after January 1, 2015, with earlier application permitted. In July 2013, the IASB deferred the mandatory effective date for the adoption of IFRS 9 to a date yet to be determined and to allow entities to early adopt only the own credit requirement in IFRS 9. The IASB continues to deliberate on the content of IFRS 9 and intends to expand the existing standard by adding new requirements for the impairment of financial assets measured at amortized cost and hedge accounting. On completion of these various projects, IFRS 9 will represent a complete replacement of IAS 39.The most significant changes expected under IFRS 9 relate to decreases in the classification categories available for financial instruments, a requirement that debt instruments meet a business model and cash flow characteristic test before being eligible for measurement at amortized cost, and a requirement that changes in the fair value of equity instruments be reported in profit or loss (unless an irrevocable election is made at initial recognition to recognize such changes in other comprehensive income). Management has performed preliminary evaluations of the impact of IFRS 9, however the impact on the Corporation's Consolidated Financial Statements is not determinable at this time as it is dependent upon the nature of financial instruments held by the Corporation when IFRS 9 becomes effective. The Corporation is choosing not to early adopt IFRS 9.Controls and ProceduresDuring the most recent interim period, there have been no changes in the Corporation's policies and procedures and other processes that comprise its internal control over financial reporting, that have materially affected, or are reasonably likely to materially affect, the Corporation's internal control over financial reporting.Forward-Looking StatementsThe statements in this management's discussion and analysis that relate to the future are forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, many of which are out of our control. Risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the strength of the Canadian economy in general and the strength of the local economies within Canada in which we conduct operations; the effects of changes in monetary and fiscal policy, including changes in interest rate policies of the Bank of Canada; the effects of competition in the markets in which we operate; inflation; capital market fluctuations; the timely development and introduction of new products in receptive markets; the impact of changes in the laws and regulations regulating financial services; changes in tax laws; technological changes; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and savings habits; and our anticipation of and success in managing the risks implicated by the foregoing. For a detailed discussion of certain key factors that may affect our future results, please see page 52 of our 2012 Annual Report.The foregoing list of important factors is not exhaustive. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking information contained in the management's discussion and analysis is presented to assist our shareholders in understanding our financial position and may not be appropriate for any other purposes. Except as required by securities law, we do not undertake to update any forward-looking statement that is contained in this management's discussion and analysis or made from time to time by the Corporation or on its behalf.PACIFIC & WESTERN CREDIT CORP. Consolidated Balance Sheets (Unaudited)(thousands of Canadian dollars)July 31 October 31 July 31As at 2013 2012 2012AssetsCash and cash $ 96,772 $ 132,766 $ 195,500 equivalentsSecurities (note 88,479 167,227 57,727 4)Loans, net of allowance for 1,193,561 1,210,311 1,255,595 credit losses (note 5)Other assets 25,542 24,953 30,363$ 1,404,354 $ 1,535,257 $ 1,539,185Liabilities and Shareholders' EquityDeposits $ 1,201,593 $ 1,317,298 $ 1,323,494Notes payable 82,653 82,172 80,020 (note 6)Securitization liabilities (note 43,511 43,356 43,458 7)Other liabilities 18,652 32,711 30,635Preferred share liabilities (note 42,285 41,823 41,675 8)1,388,694 1,517,360 1,519,282Shareholders' equity :Share capital 25,623 21,888 21,221 (note 9)Retained earnings (9,991) (4,063) (1,369) (deficit)Accumulated other 28 72 51 comprehensive income15,660 17,897 19,903$ 1,404,354 $ 1,535,257 $ 1,539,185The accompanying notes are an integral part of these interim Consolidated Financial Statements.PACIFIC & WESTERN CREDIT CORP. Consolidated Statements of Income (Loss) (Unaudited)(thousands of Canadian dollars, except per share amounts)for the three for the nine months ended months endedJuly 31 July 31 July 31 July 312012 2013 2012 2013Interest income:Loans $ 13,366 $ 13,762 $ 40,125 $ 39,478Securities 666 646 2,153 3,053Loan fees 948 3,452 2,774 1,21415,356 45,730 45,305 15,246Interest expense:Deposits and 7,956 8,902 24,167 27,036 otherNotes payable 2,170 2,128 6,382 6,169Preferred share 1,230 1,214 3,687 3,642 liabilities12,244 34,236 36,847 11,356Net interest 3,890 3,112 11,494 8,458 incomeOther income 315 3,573 1,995 10,917 (note 10)Restructuring (287) - (405) - costsNet interest and 3,918 6,685 13,084 19,375 other incomeProvision for credit losses 154 249 399 433 (note 5)Net interest and other income after provision 3,764 6,436 12,685 18,942 for credit lossesNon-interest expenses:Salaries and 2,601 2,775 7,954 8,112 benefitsGeneral and administrative 2,202 2,952 7,427 8,133Premises and 419 435 1,216 1,400 equipment6,162 16,597 17,645 5,222Income (loss) before income (1,458) 274 (3,912) 1,297 taxesIncome taxes 735 888 1,950 3,675 (note 11)Net loss $ (2,193) $ (614) $ (5,862) $ (2,378)Basic earnings (loss) per $ (0.07) $ (0.02) $ (0.20) $ (0.09) shareDiluted earnings (loss) per $ (0.07) $ (0.02) $ (0.20) $ (0.09) shareWeighted average number of common 30,395,000 27,375,000 29,688,000 26,917,000 shares outstandingThe accompanying notes are an integral part of these interim Consolidated Financial Statements.PACIFIC & WESTERN CREDIT CORP. Consolidated Statements of Comprehensive Income (Loss) (Unaudited)(thousands of Canadian dollars)for the three months for the nine months ended endedJuly 31 July 31 July 31 July 312013 2012 2013 2012Net loss $ (2,193) $ (614) $ (5,862) $ (2,378)Other comprehensive income (loss), net of taxNet unrealized gains (losses) on assets held as available-for-sale (1) (1) (887) (18) (238)Amount transferred to income or loss on disposal of available-for-sale assets (2) (1) (1,998) (26) (7,079)(2,885) (44) (7,317) (2)Comprehensive loss $ (2,195) $ (3,499) $ (5,906) $ (9,695)(1) Net of income tax benefit (expense) for three months of $nil (2012 - $328) and nine months of $7 (2012-$88)(2) Net of income tax benefit (expense) for three months of $nil (2012 - $739) and nine months of $10 (2012-$2,618)The accompanying notes are an integral part of these interim Consolidated Financial Statements.PACIFIC & WESTERN CREDIT CORP. Consolidated Statements of Changes in Shareholders' Equity (Unaudited)(thousands of Canadian dollars)for the three for the nine months ended months endedJuly 31 July 31 July 31 July 312012 2013 2012 2013Common shares (note 9):Balance, beginning of $ 17,104 $ 63,208 $ 14,914 $ 61,886 the periodIssued on payment of Class B 674 674 2,022 2,022 preferred share dividendsIssued during the period, 842 842 1,684 816 net of issue costsReduction of stated - (50,472) - (50,472) capital (note 9)Balance, end $ 18,620 $ 14,252 $ 18,620 $ 14,252 of the periodCommon share warrants:Balance, beginning of $ - $ 2,003 $ 2,003 $ 2,003 the periodAmount transferred to - - (2,003) - contributed surplus on expiryBalance, end $ - $ 2,003 $ - $ 2,003 of the periodPreferred shares (note 9):Class A preferred sharesBalance, beginning and $ 1,061 $ 1, 061 $ 1,061 $ 1,061 end of the periodClass B preferred sharesBalance, beginning and $ 3,187 $ 3,187 $ 3,187 $ 3,187 end of the periodContributed surplus (note 9):Balance, beginning of $ 2,748 $ 712 $ 724 $ 688 the periodFair value of stock options 7 6 28 30 grantedAmount transferred from common - - 2,003 - share warrantsBalance, end $ 2,755 $ 718 $ 2,755 $ 718 of the periodRetained earnings (deficit):Balance, beginning of $ (7,798) $ (51,227) $ (4,063) $ (49,397) the periodNet loss (614) (5,862) (2,378) (2,193)Dividends - - (66) (66) paidReduction of stated - 50,472 - 50,472 capital (note 9)Balance, end $ (9,991) $ (1,369) $ (9,991) $ (1,369) of the periodAccumulated other comprehensive income net of taxes:Balance, beginning of $ 30 $ 2,936 $ 72 $ 7,368 the periodOther comprehensive (2) (2,885) (44) (7,317) income (loss)Balance, end $ 28 $ 51 $ 28 $ 51 of the periodTotal shareholders' $ 15,660 $ 19,903 $ 15,660 $ 19,903 equityThe accompanying notes are an integral part of these interim Consolidated Financial Statements.PACIFIC & WESTERN CREDIT CORP. Consolidated Statements of Cash Flows (Unaudited)?(thousands of Canadian dollars)July 31 July 31For the nine months ended 2013 2012Cash provided (used in):Operations:Net loss $ (5,862) $ (2,378)Items not involving cash:Provision for credit 399 433 lossesChange in derivative - (96) financial instrumentsDeferred income taxes 790 2,334Stock-based compensation 28 30Gain on disposal of - (10,141) securitiesGain on sale of lending (1,009) - assetsInterest income (45,730) (45,305)Interest expense 34,236 36,847Interest received 44,192 43,865Interest paid (35,959) (36,178)Income taxes paid (1,031) (1,341)Mortgages and loans 17,557 (108,657)Deposits (115,705) 53,764Change in other assets and (8,347) 4,579 liabilities(116,441) (62,244)Investing:Purchase of securities (27,985) (39,218)Proceeds from sale and 106,814 99,287 maturity of securities78,829 60,069Financing:Proceeds on issuance of - 2,000 notes payableProceeds of shares issued 1,684 842Dividends paid (66) (66)1,618 2,776(Decrease) Increase in cash and (35,994) 601 cash equivalentsCash and cash equivalents, 132,766 194,899 beginning of the periodCash and cash equivalents, end $ 96,772 $ 195,500 of the periodCash and cash equivalents is represented by:Cash $ 96,772 $ 96,911Cash equivalents - 98,589Cash and cash equivalents, end $ 96,772 $ 195,500 of the periodThe accompanying notes are an integral part of these interim Consolidated Financial StatementsPACIFIC & WESTERN CREDIT CORP. Notes to Interim Consolidated Financial Statements (Unaudited)Three and nine month periods ended July 31, 2013 and 2012------------------------------1. Reporting entity:Pacific & Western Credit Corp. (the "Corporation"), is a holding company whose shares trade on the Toronto Stock Exchange. It is incorporated and domiciled in Canada, and maintains its registered office at Suite 2002, 140 Fullarton Street, London, Ontario, Canada, N6A 5P2.The Corporation's wholly-owned and principal subsidiary is Pacific & Western Bank of Canada ("PWB" or the "Bank") which operates as a Schedule I bank under the Bank Act (Canada) and is regulated by the Office of the Superintendent of Financial Institutions (OSFI).? Pacific & Western Bank of Canada is involved in the business of providing financial solutions to clients in selected niche markets.2. Basis of preparation:a) Statement of complianceThese interim Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and have been prepared in accordance with International Accounting Standard (IAS) 34 - Interim Financial Reporting and do not include all of the information required for full annual financial statements. These interim Consolidated Financial Statements should be read in conjunction with the Corporation's audited Consolidated Financial Statements for the year ended October 31, 2012.The interim Consolidated Financial Statements for the three and nine months ended July 31, 2013 and 2012 were approved by the Board of Directors on August 28, 2013.b) Basis of measurement:These interim Consolidated Financial Statements have been prepared on the historical cost basis except for securities designated as available-for-sale, loans in a hedging relationship, derivative liabilities and stock-based compensation that are measured at fair value in the Consolidated Balance Sheets.c) Functional and presentation currencyThese interim Consolidated Financial Statements are presented in Canadian dollars which is the Corporation's functional currency. Except as indicated, the financial information presented has been rounded to the nearest thousand.d) Use of estimates and judgmentsIn preparing these interim Consolidated Financial Statements, management has exercised judgment and developed estimates in applying accounting policies and generating reported amounts of assets and liabilities at the date of the financial statements and income and expenses during the reporting periods. Areas where significant judgment was applied or estimates were developed include the calculation of the allowance for credit losses, assessments of fair value and impairments of financial instruments, and the measurement of deferred income taxes.It is reasonably possible, on the basis of existing knowledge, that actual results may vary from that expected in the generation of these estimates. This could result in material adjustments to the carrying amounts of assets and/or liabilities affected in the future.Estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are applied prospectively once they are recognized.3. Significant accounting policies:The accounting policies applied by the Corporation in these interim Consolidated Financial Statements are the same as those applied by the Corporation as at and for the year ended October 31, 2012 and are detailed in Note 3 of the Corporation's 2012 Audited Consolidated Financial Statements. There have been no changes in accounting policies nor any significant new policies adopted during the current period.4. Securities:Portfolio analysis:July 31 October 31 July 312013 2012 2012Available-for-sale securitiesSecurities issued or guaranteed by:Canadian federal $ 28,360 $ 76,841 $ 30,003 governmentCanadian provincial 18,609 48,526 9,939 governmentsCanadian municipal 965 1,581 1,648 governmentsCorporate debt 25,329 25,012 853Total available-for-sale $ 73,263 $ 151,960 $ 42,443 securitiesHeld-to-maturity securityCorporate debt $ 15,216 $ 15,267 $ 15,284Total securities $ 88,479 $ 167,227 $ 57,727?5. Loans:a) Portfolio analysis:July 31 October 31 July 312013 2012 2012Residential mortgagesInsured $ 24,921 $ 35,966 $ 36,451Uninsured 247,403 230,129 235,329Securitized 41,245 41,894 42,100 mortgagesGovernment 143,419 172,326 185,968 financingCorporate 616,553 630,738 644,970 loansCorporate 90,433 71,131 87,958 leasesOther loans 3,869 5,080 5,097Credit card 26,226 23,397 17,820 receivables1,194,069 1,210,661 1,255,693Allowance for credit losses:Collective (3,235) (3,283) (3,182)Individual (1,662) (1,579) (1,672)(4,897) (4,862) (4,854)1,189,172 1,205,799 1,250,839Accrued 4,389 4,512 4,756 interestTotal loans, net of allowance for credit $ 1,193,561 $ 1,210,311 $ 1,255,595 lossesThe collective allowance for credit losses relates to the following loan portfolios:July 31 October 31 July 312013 2012 2012Residential mortgages $ 564 $ 600 $ 530Corporate and government 1,919 2,307 2,372 loansOther loans 8 24 30Credit card receivables 744 352 250$ 3,235 $ 3,283 $ 3,182? The Corporation holds collateral against the majority of its loans in the form of mortgage interests over property, other registered securities over assets and guarantees. Estimates of fair value are based on the nature of the underlying collateral. For mortgages secured by real estate, the value of collateral is determined at the time of borrowing by an appraisal. For loans secured by equipment, the value of collateral is assigned by the nature of the underlying equipment held.b) Allowance for credit losses:The allowance for credit losses results from the following:July 31 July 312013 2012For the Total Total three months Allowance Allowance ended Collective IndividualBalance, beginning of $ 3,302 $ 1,622 $ 4,924 $ 4,612 the periodProvision for credit 114 40 154 249 lossesRecoveries (181) - (181) (7) (write-offs)Balance, end of the $ 3,235 $ 1,662 $ 4,897 $ 4,854 periodJuly 31 July 312013 2012For the nine Total Total months ended Collective Individual Allowance AllowanceBalance, beginning of $ 3,283 $ 1,579 $ 4,862 $ 4,387 the periodProvision for credit 282 117 399 433 lossesRecoveries (330) (34) (364) 34 (write-offs)Balance, end of the $ 3,235 $ 1,662 $ 4,897 $ 4,854 period?c)? Impaired loans:July 31, 2013Gross Individual impaired allowance Net impairedResidential mortgages $ 1,749 $ 1,662 $ 87Other loans 6 - 6$ 1,755 $ 1,662 $ 93July 31, 2012Gross Individual impaired allowance Net impairedResidential mortgages $ 1,695 $ 1,672 $ 23Other loans 28 - 28$ 1,723 $ 1,672 $ 51?Impaired loans at July 31, 2013 include foreclosed real estate held for sale with a gross carrying value of $111,000 (2012 - $159,000) and a related allowance of $111,000 (2012 - $120,000). Real estate held for sale is measured at the lower of cost and fair value, less costs to sell.Interest income recognized on impaired loans for the three and nine months ended July 31, 2013 was $40,000 (2012 - $38,000) and $117,000 (2012 - $111,000) respectively. An individual allowance has been recognized on the impaired loans to reflect the estimated recoverable amounts for impaired loans.At July 31, 2013, loans, other than credit card receivables, past due but not impaired, totalled $nil (2012 - $nil). At July 31, 2013, credit card receivables overdue by one day or more but not impaired totalled $2,080,000 (2012 - $849,000).6. Notes payable:July 31 October 31 July 312013 2012 2012Ten year term Series C Notes unsecured, maturing 2018, net of issue costs of $1,065 (October 31, 2012 -$1,183, July 31, 2012 $ $ 57,774 $ 57,653 - $1,221) , effective interest of 10.56% 58,156Ten year term, unsecured, $11.5 million callable, subordinated notes payable by the Bank to a third party, maturing between 2019 and 2021, net of issue costs of $1,203 (October 31, 2012 - 22,198 22,167 $1,302, July 31, 2012 - $1,333), effective interest of 10.92% 20,297Notes payable, unsecured, 4,200 2,200 200 effective interest of 6.05%$ 82,653 $ 82,172 $ 80,020?7. Securitization liabilities:Securitization liabilities include amounts payable to counterparties for cash received upon initiation of securitization transactions, accrued interest on amounts payable to counterparties, and the unamortized balance of deferred costs and discounts which arose upon initiation of the securitization transactions.The amounts payable to counterparties bear interest at rates ranging from 1.97% - 3.95% and mature between 2016 and 2020.? Securitized insured mortgages with a carrying value of $41,035,000 (2012 - $41,837,000) are pledged as collateral for these liabilities.8. Preferred share liabilities:At July 31, 2013, the Corporation has outstanding 1,909,458 (2012 - 1,909,458) Class B Preferred Shares with a total face value of $47.7 million (October 31, 2012 - $47.7 million, July 31, 2012 - $47.7 million) less issue costs of $2.1 million (October 31, 2012 - $2.3 million, July 31, 2012 - $2.4 million).? As these Class B Preferred Shares carry certain redemption features and are convertible into common shares of the Corporation, an amount of $42.3 million (October 31, 2012 - $41.8 million, July 31, 2012 - $41.7 million), net of issue costs, has been classified on the Corporation's Consolidated Balance Sheets as a preferred share liability.? In addition, an amount of $3.2 million (October 31, 2012 - $3.2 million, July 31, 2012 - $3.2 million) representing the equity element of the Class B Preferred Shares, net of issue costs, has been classified in share capital on the Consolidated Balance Sheets.As the preferred shares must be redeemed by the Corporation in 2019 for approximately $47.7 million, the preferred share liability amount of $42.3 million (October 31, 2012 - $41.8 million, July 31, 2012 - $41.7 million) is being adjusted over the remaining term to redemption, until the amount is equal to the estimated redemption amount.? The increase is included in interest expense in the Consolidated Statement of Income (Loss) calculated using the effective interest rate of 11.8%.9. Share capital:Stock OptionsWeighted- Common average shares exercise outstanding Number priceOutstanding, October 28,522,491 1,163,033 $ 4.77 31, 2012Granted - 50,000 1.26Issued for cash 1,301,654 - - proceedsIssued pursuant to Class B 1,483,946 - - Preferred Share dividendExpired - (695,350) 2.99Outstanding, July 31, 31,308,091 517,683 $ 6.82 2013?At July 31, 2013, there were 314,572 (2012 - 314,572) Class A Preferred Shares outstanding and 1,909,458 (2012 - 1,909,458) Class B Preferred Shares outstanding.? In November 2012, 6,202,370 warrants to acquire common shares and common share warrants expired.The Corporation recognized compensation expense relating to the estimated fair value of stock options granted for the three and nine months ended July 31, 2013 of $7,000 (2012 - $6,000) and $28,000 (2012 - $30,000) respectively. During the nine months ended July 31, 2013, 50,000 options were granted to an officer who is a member of the Corporation's key management personnel. These options are exercisable into common shares at $1.26 per share and expire in February, 2023. The fair value of the options was estimated using the Black-Scholes option pricing model based on the following assumptions: (i) risk-free interest rate of 1.53%, (ii) expected option life of 60 months and (iii) expected volatility of 65.45%. The forfeiture rate for these options was estimated at 0%. The fair value of options granted was estimated at $0.70 per option. No additional options were issued during the three months ended July 31, 2013.During the nine months ended July 31, 2012, 50,000 options were granted to an officer who is a member of the Corporation's key management personnel. These options are exercisable into common shares at $1.90 per share and expire in January, 2022. The fair value of the options was estimated using the Black-Scholes option pricing model based on the following assumptions: (i) risk-free interest rate of 1.31%, (ii) expected option life of 60 months and (iii) expected volatility of 57.71%. The forfeiture rate for these options was estimated at 0%. The fair value of options granted was estimated at $0.95 per option.? No additional options were issued during the three months ended July 31, 2012.During the three months ended July 31, 2013, the Corporation issued nil DSU's (2012 - nil) to its directors, with a total of 144,131 DSU's (2012 - 128,574) issued for the nine months ended July 31, 2013. The amounts recorded in the Consolidated Statement of Income (Loss) relating to DSU's for the three and nine months ended July 31, 2013 was $nil (2012 - $12,000) and $139,000 expense (2012 - $225,000) respectively.? At July 31, 2013 there were 443,587 (2012 - 299,456) DSU's outstanding.On May 30, 2012, at a special meeting of the shareholders of the Corporation, approval was given authorizing the reduction of the stated capital of the common shares of the Corporation by $50,472,000 and correspondingly reducing retained earnings (deficit) by the same amount. There was no impact on total shareholders' equity.10. Other income:for the three months for the nine months ended endedJuly 31 July 31 July 31 July 312013 2012 2013 2012Gain on sale of $ - $ 2,998 $ - $ 10,141 securitiesGain on sale of - - 1,009 - loansCredit card non-interest 306 259 823 375 revenueOther 9 316 163 305 incomeMark-to-market adjustment for - - - 96 derivatives$ 315 $ 3,573 $ 1,995 $ 10,917?11. Income taxes:The Corporation's statutory federal and provincial income tax rate is approximately 27%, similar to that of the previous period. The effective rate is impacted by the tax benefit on operating losses in the parent company not being recorded for accounting purposes and certain items not being taxable or deductible for income tax purposes. The provision for income taxes consists of the following items:for the three for the nine months months ended endedJuly July 31 July 31 July 31 312013 2012 2013 2012Income tax on earnings of the $ 348 $ - $ 790 $ - BankIncome tax on dividends paid 387 454 1,160 1,341 by the CorporationTax on gain on - 810 - 2,710 sale of securitiesSubstantively enacted rate - (376) - (376) changes$ 735 $ 888 $ 1,950 $ 3,67512. Commitments and contingencies:The amount of credit related commitments represents the maximum amount of additional credit that the Corporation could be obligated to extend.? Under certain circumstances, the Corporation may cancel loan commitments at its option.? The amount with respect to the letters of credit are not necessarily indicative of credit risk as many of these arrangements are contracted for a limited period of usually less than one year and will expire or terminate without being drawn upon.July 31 July 312013 2012Loan commitments $ 129,009 $ 216,184Undrawn credit card lines 139,481 92,845Letters of credit 20,529 26,434$ 289,019 $ 335,463?In the ordinary course of business, cash and securities are pledged against liabilities and off-balance sheet items. Details of assets pledged are as follows:July 31 July 312013 2012Collateral related to $ 3,964 $ 16,213 derivative transactionsCollateral related to letters 9,298 9,245 of credit$ 13,262 $ 25,458?13. Related party transactions:The Corporation's Board of Directors and Senior Executive Officers represent key management personnel. Other than key management personnel, the Corporation has no other related parties for which there were transactions or outstanding balances during the period.The Corporation issues both mortgages and personal loans to employees and Senior Executive Officers. At July 31, 2013 amounts due from Senior Executive Officers totalled $725,000 (2012 - $961,000) and are unsecured.The interest rates charged on these loans are similar to those charged in an arms-length transaction. Interest income earned on the above loans for the three and nine months ended July 31, 2013 was $9,000 (2012 - $10,000) and $28,000 (2012 - $30,000) respectively. There was no provision for credit losses related to loans issued to key management personnel for the three and nine months ended July 31, 2013 and 2012.14. Capital management:a) Overview:The Corporation's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.? The impact of the level of capital on shareholders' return is also important and the Corporation recognizes the need to maintain a balance between the higher returns that might be possible with greater leverage and the advantages and security afforded by a sound capital position.The Corporation's primary subsidiary is Pacific & Western Bank of Canada, (the "Bank") and as a result, the following discussion on capital management is with respect to the capital of the Bank.? The Bank operates as a bank under the Bank Act (Canada) and is regulated by the Office of the Superintendent of Financial Institutions Canada (OSFI).? OSFI sets and monitors capital requirements for the Bank.Capital is managed in accordance with policies and plans that are regularly reviewed and approved by the Board of Directors and take into account forecasted capital needs and conditions in financial markets.The goal is to maintain adequate regulatory capital to be considered well capitalized, protect consumer deposits and provide capacity for internally generated growth and strategic opportunities that do not otherwise require accessing the public capital markets, all the while providing a satisfactory return to shareholders.? The Bank's regulatory capital is comprised of share capital, retained earnings and unrealized gains and losses on available-for-sale securities (Common Equity Tier 1 capital) and the face value of subordinated notes (Tier 2 capital).The Bank monitors its capital adequacy and related capital ratios on a daily basis and has policies setting internal maximum and minimum amounts for its capital ratios.? These capital ratios consist of the assets-to-capital multiple and the risk-based capital ratios.During the period ended July 31, 2013 there were no material changes in the Bank's management of capital.b) Risk-Based Capital Ratio:The Basel Committee on Banking Supervision has published the Basel III rules supporting more stringent global standards on capital adequacy and liquidity (Basel III).OSFI requires that all Canadian banks must comply with the Basel III standards on an "all-in" basis that became effective January 1, 2013 for purposes of determining its risk-based capital ratios. The required minimum regulatory capital ratios are a 7.0% Common Equity Tier 1 (CET1) capital ratio and effective January 1, 2014, an 8.5% Tier 1 capital ratio and 10.5% total capital ratio, all of which include a 2.50% capital conservation buffer. The Basel III rules provide for "transitional" adjustments whereby certain aspects of the new rules will be phased in between 2013 and 2019. The only available transition allowed by OSFI for capital ratios is related to the 10 year phase out of non-qualifying capital instruments. However, OSFI has allowed Canadian banks to calculate their asset to capital ratios on a transitional basis between 2013 and 2019.OSFI also requires banks to measure capital adequacy in accordance with guidelines for determining risk adjusted capital and risk-weighted assets including off-balance sheet credit instruments as specified in the Basel III regulations.? Based on the deemed credit risk for each type of asset, assets held by the Bank are assigned a weighting of 0% to 150% to determine the risk-based capital ratio.The Bank's risk-based capital ratios are calculated as follows:July 31, 2013"All-in" "Transitional"Common Equity Tier 1 (CET1) capitalDirectly issued qualifying $ 133,965 $ 133,965 common share capitalRetained earnings (8,979) (8,979) (deficit)Accumulated other 28 28 comprehensive incomeCET1 before regulatory 125,014 125,014 adjustmentsRegulatory adjustments applied (8,523) - to CET1Total Common Equity Tier $ 116,491 $ 125,014 1 capitalAdditional Tier 1 capitalDirectly issued qualifying - - Additional Tier 1 instrumentsTotal Tier 1 $ 116,491 $ 125,014 capitalTier 2 capitalDirectly issued capital instruments subject to phase $ 21,500 $ 21,500 out from Tier 2Tier 2 capital before regulatory 21,500 21,500 adjustmentsRegulatory adjustments applied (3,545) - to Tier 2Total Tier 2 $ 17,955 $ 21,500 capitalTotal $ 134,446 $ 146,514 capitalTotal risk-weighted $ 1,107,029 $ 1,119,096 assetsCapital ratiosCET1 Ratio 10.52% 11.17%Tier 1 Capital 10.52% 11.17% RatioTotal Capital 12.14% 13.09% Ratio?c) Assets-to-Capital Multiple:The Bank's growth in total assets is governed by a permitted assets-to-capital multiple which is prescribed by OSFI and is defined as the ratio of the total assets of the Bank to its regulatory capital. The Bank's assets-to-capital multiple is calculated as follows:July 312013Total assets (on and off-balance sheet) $ 1,427,871CapitalCommon shares $ 133,965Retained earnings (deficit) (8,979)Accumulated other comprehensive income 28Subordinated notes (leverageable amount) 21,500Total regulatory capital $ 146,514Assets-to-capital ratio 9.75?The Bank was in compliance with the assets-to-capital multiple prescribed by OSFI throughout the current periods.15. Interest rate position:The Bank is subject to interest rate risk which is the risk that a movement in interest rates could negatively impact spread, net interest income and the economic value of assets, liabilities and shareholder's equity. The following table provides the duration difference between the Bank's assets and liabilities and the potential after-tax impact of a 100 basis point shift in interest rates on the Bank's earnings during a 12 month period and the potential after-tax impact of a 100 basis point shift in interest rates on the Bank's shareholder's equity over a 60 month period if no remedial actions are taken.July 31, 2013 July 31, 2012Increase Decrease Increase Decrease 100 100 100 100 bps bps bps bpsSensitivity of projected net interestincome during a 12 $ 5,049 $ (4,997) $ 5,975 $ (5,919) month periodSensitivity of projected net interestincome during a 60 $ 2,906 $ (2,890) $ 9,364 $ (9,983) month periodDuration difference between assets andliabilities 2.9 3.7 (months)?16. Segmented information:The Corporation determines its operating segments based on the different business activities of its component operations. The Corporation has identified three distinct operating segments: commercial lending, credit card lending and corporate head office operations.The commercial lending segment consists of the operations of the Bank related to issuing loans and leases and participating in securitization arrangements. The commercial lending segment is supported by deposit taking, and treasury and administrative activities. The credit card lending segment consists of the operations of the Bank related to its private label credit card program.? The corporate head office operations segment consists of operations of the parent company, which are not directly related to the operations of the Bank.Operating segment financial results are based on internal financial reporting documents which are provided to the Corporation's chief decision makers. The financial results for all segments are presented on a consolidated basis. Transactions between segments have been eliminated.The following table details financial results for the Corporation by operating segment:For the three July 31, 2013 months endedCommercial Credit Corporate Intersegment lending card head eliminations lending office TotalNet interest $ 6,363 $ 370 $ (2,843) $ - $ 3,890 incomeOther income (278) 306 - - 28 (charges)Net interest income and other 6,085 676 (2,843) - 3,918 incomeProvision for (recovery of) (215) 369 - - 154 credit lossesNet interest and other income (loss) afterprovision for 6,300 307 (2,843) - 3,764 credit lossesNon-interest 4,887 494 141 (300) 5,222 expensesIncome (loss) before income 1,413 (187) (2,984) 300 (1,458) taxesIncome tax 348 - 387 - 735 expenseNet income $ 1,065 $ (187) $ (3,371) $ 300 $ (2,193) (loss)For the three July 31, 2012 months endedCommercial Credit Corporate Intersegment lending card head eliminations lending office TotalNet interest $ 4,990 $ 69 $ (2,730) $ 783 $ 3,112 incomeOther income 3,314 259 - - 3,573Net interest income and other 8,304 328 (2,730) 783 6,685 incomeProvision for (recovery of) 112 137 - - 249 credit lossesNet interest and other income (loss) afterprovision for 8,192 191 (2,730) 783 6,436 credit lossesNon-interest 5,177 989 296 (300) 6,162 expensesIncome (loss) before income 3,015 (798) (3,026) 1,083 274 taxesIncome tax expense 434 - 454 - 888 (recovery)Net income $ 2,581 $ (798) $ (3,480) $ 1,083 $ (614) (loss)For the nine July 31, 2013 months endedCommercial Credit Corporate Intersegment lending card head eliminations lending office TotalNet interest $ 17,901 $ 858 $ (8,389) $ 1,124 $ 11,494 incomeOther income 383 823 - 384 1,590Net interest income and other income 18,284 1,681 (8,389) 1,508 13,084 (charges)Provision for (recovery of) (365) 764 - - 399 credit lossesNet interest and other income (loss) afterprovision for 18,649 917 (8,389) 1,508 12,685 credit lossesNon-interest 14,647 2,175 675 (900) 16,597 expensesIncome (loss) before income 4,002 (1,258) (9,064) 2,408 (3,912) taxesIncome tax 790 - 1,160 - 1,950 expenseNet income $ 3,212 $ (1,258) $ (10,224) $ 2,408 $ (5,862) (loss)Total assets $ 1,381,116 $ 26,226 $ 1,258 $ (4,246) $ 1,404,354Total $ 1,282,328 $ - $ 106,394 $ (28) $ 1,388,694 liabilitiesFor the nine July 31, 2012 months endedCredit card Corporate Commercial lending head Intersegment lending (1) office eliminations TotalNet interest $ 14,042 $ 63 $ (8,072) $ 2,425 $ 8,458 incomeOther income 10,542 375 - - 10,917Net interest income and other income 24,584 438 (8,072) 2,425 19,375 (charges)Provision for 176 257 - - 433 credit lossesNet interest and other income (loss) afterprovision for 24,408 181 (8,072) 2,425 18,942 credit lossesNon-interest 15,124 2,400 1,006 (885) 17,645 expensesIncome (loss) before income 9,284 (2,219) (9,078) 3,310 1,297 taxesIncome tax 2,334 - 1,341 - 3,675 expenseNet income $ 6,950 $ (2,219) $ (10,419) $ 3,310 $ (2,378) (loss)Total assets $ 1,520,949 $ 17,820 $ 1,512 $ (1,096) $ 1,539,185Total $ 1,444,780 $ - $ 102,765 $ (28,263) $ 1,519,282 liabilitiesNote 1: Credit card lending segment launched operations on January 2, 2012.?17. Subsidiary company information:The following table presents summary financial information of the Bank:Consolidated balance sheetsJuly 31 October July 31 312013 2012 2012Cash and cash $ 94,370 $ 129,466 $ 193,800 equivalentsSecurities 88,479 167,227 57,727Loans, net of allowance 1,193,561 1,210,311 1,255,595 for credit lossesOther assets 30,932 27,164 31,647$ 1,407,342 $ 1,534,168 $ 1,538,769Deposits $ 1,201,593 $ 1,317,298 $ 1,323,494Subordinated notes 20,297 49,815 49,773 payableSecuritization 43,511 43,356 43,458 liabilitiesOther 16,927 30,595 28,055 liabilities1,282,328 1,441,064 1,444,780Shareholder's 125,014 93,104 93,989 equity$ 1,407,342 $ 1,534,168 $ 1,538,769?Consolidated statements of incomefor the three months for the nine months ended endedJuly July July July 31 31 31 312013 2012 2013 2012Interest $ 15,242 $ 15,350 $ 45,713 $ 45,282 incomeInterest 8,509 10,291 26,954 31,177 expenseNet interest 6,733 5,059 18,759 14,105 incomeOther 315 3,573 1,995 10,917 incomeDebt and other restructuring (287) - (789) - costsNet interest income and 6,761 8,632 19,965 25,022 other incomeProvision for 154 249 399 433 credit lossesNet interest and other income afterprovision for 6,607 8,383 19,566 24,589 credit lossesNon-interest 5,381 6,166 16,822 17,524 expensesIncome before 1,226 2,217 2,744 7,065 income taxesIncome 348 434 790 2,334 taxesNet income $ 878 $ 1,783 $ 1,954 $ 4,731?18. Subsequent event:On August 20, 2013, the Bank filed its final prospectus and on August 27, 2013 its common shares began trading on the Toronto Stock Exchange. Under the terms of the IPO, 400,000 common shares of the Bank were issued at a price of $7.25 per share before commissions and other expenses of the offering. In addition, under a secondary offering, the Corporation sold 1,100,000 of its common shares of the Bank at $7.25 per share before commissions. From the net proceeds the Corporation purchased an additional 620,206 shares of the Bank for $4,496,494.? As a result of these transactions, the Corporation's ownership interest in the Bank decreased from 100% to 92%.As part of the IPO, the syndicate of agents have been granted an Over-Allotment Option exercisable in whole or in part for a period of 30 days following the closing of the IPO, to purchase up to an additional 225,000 Common Shares from the Bank at a price of $7.25 per Common Share.As noted previously, on March 7, 2013, approval was received from the Corporation's Series C Note holders to modify its Series C Notes. This modification to the Series C Notes allows the Corporation at its option, at June 30, 2014, provided the Bank has completed its IPO and the Bank's common shares have been listed on the TSX, to satisfy all interest obligations of the Corporation's outstanding Series C Notes either in cash or in-kind in the form of common shares of the Bank held by the Corporation. It also modified the Series C Note indenture to make, at the option of the holder, the Series C Notes convertible into common shares of the Bank held by the Corporation. Effective August 27, 2013, as a result of the completion of the Bank's IPO and the listing of the Bank's common shares, the Series C Notes were modified. At this point in time, the Corporation has not determined whether the modification of the Series C notes constitutes an extinguishment and reissuance of the debt for accounting purposes. Extinguishment of the debt could result in $3.5 million of unamortized issue costs and discounts related to the Series C Notes being written off.Pacific & Western Bank of Canada (PWBank), a Schedule I chartered bank, is a branchless financial institution with over $1.4 billion in assets.? PWBank specializes in providing commercial lending services to selected niche markets and receives its deposits through a diversified deposit broker network across Canada.Pacific & Western Credit Corp. shares trade on the TSX under the symbol PWC.On behalf of the Board of Directors:? David R. Taylor, President & C.E.O.To receive company news releases, please contact: Wade MacBain at wadem@pwbank.com (519) 675-4201FOR FURTHER INFORMATION PLEASE CONTACT: Investor Relations: (800) 244-1509, wadem@pwbank.com Public Relations & Media: Tel Matrundola, Vice-President, (416) 203-0882, telm@pwbank.com Visit our website at:? .pwbank.com?????Pacific & Western Credit Corp.CONTACT: Visit our website at: .pwbank.comself storage