Loading...
HomeMy WebLinkAboutResolution Index - 1956-2000 5(62/87,21,1'(; 5HVROXWLRQ1R'HVFULSWLRQ'DWH $SSRLQW&LW\&OHUN±$UWKXU:%UHZHU $SSRLQW&LW\$WWRUQH\±+DUU\&:LOOLDPV $SSRLQW&LW\7UHDVXUHU±5XGROSK:HKNLQJ $SSRLQW$FWLQJ&LW\0DQDJHU±$UWKXU:%UHZHU 3RVWLQJRI2UGLQDQFHV±VW<HDU 3XEOLF+HDOWK±/$&RXQW\+HDOWK2IILFHU %XLOGLQJ,QVSHFWLRQ±/$&RXQW\ $VVHVVPHQWRI7D[HV±/$&RXQW\+HDOWK-DLO6HUYLFH $SSRLQW'HSXW\&LW\&OHUN±'HOOD'R\OH /RFDO6DOHV 8VH7D[HV±6WDWHRI&DOLIRUQLD 3DUNLQJ0HWHU6HUYLFH±/$&RXQW\ $SSRLQW$VVLVWDQW&LW\0DQDJHU±*OHQQ.HQGDOO $SSRLQW'LUHFWRURI)LQDQFH±/H5R\+6KRZDOWHU 3UHVHUYDWLRQRI5LJKWV±/$&RXQW\ *HQHUDO6HUYLFHV±/$&RXQW\ 6XEGLYLVLRQ 6XUYH\LQJ±/$&RXQW\ =RQLQJ 3ODQQLQJ±/$&RXQW\ 3URVHFXWLRQ6HUYLFH±/$&RXQW\ 3RXQG6HUYLFH±/$&RXQW\ 6DQLWDWLRQ'LVWULFWV ±5HSUHVHQWDWLYH $SSRLQW3ODQQLQJ&RPPLVVLRQ &RXQFLOPDQ([SHQVHV 6WUHHW0DLQWHQDQFH±/$&RXQW\ 7UDIILF&RQWURO6LJQDO±1R$PHULFDQ &LW\(QJLQHHU±/$&RXQW\(QJLQHHU &RXQW\(QJLQHHU6HUYLFHV $SSRLQW)LUH&RQVXOWDQW±-RKQ+$OGHUVRQ 9DFDWLRQ%URRNVKLUH%OYG &LW\2UGLQDQFH(QIRUFHPHQW±6KHULII¶V 5RDGVLGH7UHH6HUYLFH /HJLVODWLRQUH&RPLF%RRNV $SSRLQW6(0RVTXLWR'LVWULFW5HSUHVHQWDWLYH )UDQFKLVH,QWHQWLRQ±6R&DOLIRUQLD(GLVRQ 5HQWDORI6FKRRO%XLOGLQJ±&LW\+DOO 5RDG(DVHPHQW±5XELQ:RRGUXII ,QWHQWLRQ±9DFDWH%URRNVKLUH $SSRLQW&LW\&OHUN±'HOOD'R\OH $SSRLQW$FWLQJ&LW\0DQDJHU±*OHQQ.HQGDOO $SSRLQW&LW\0DQDJHU±2UHQ.LQJ 5RDG(DVHPHQW±9RQ'HU$KH3DUDPRXQW %DQN±6HFXULW\)LUVW1DWLRQ±'RZQH\ 3DUNLQJ±/DNHZRRG )LUHVWRQH 6XSHURI6WUHHWV±/$&RXQW\5RDG&RPP )LUH'HSDUWPHQW3URSDJDQGD &RPPHQFH3URFHHGLQJV±$QQH[ &LW\&OHUN$FWLQJ&LW\0JU±6DODU\ 'RZQH\6HZHU0DLQLQ/$&RXQW\'LVWULFW 6XEGLYLVLRQ $SSRLQW3ODQQLQJ&RPPLVVLRQHU±/HH)HOWV 9DFDWLRQ±%URRNVKLUH$YH 7KUX6WUHHWV±6WHZDUW *UD\0XHOOHU 5(62/87,21,1'(; $SSUHFLDWLRQ±$UWKXU:%UHZHU $SSUHFLDWLRQ±+DUU\&:LOOLDPV $SSRLQW&LW\$WWRUQH\±5R\DO06RUHQVHQ +RXVH1XPEHULQJ±/$&RXQW\ &LYLO'HIHQVH±/$&RXQW\ 6WDWH+LJKZD\0DLQ±6WDWHRI&DOLIRUQLD (VWDEOLVK$GPLQLVWUDWLYH$VVLVWDQW3RVLWLRQ 6DODU\ )UDQFKLVH±6R&DOLIRUQLD(GLVRQ 5RDG(DVHPHQW±0LODQR)ORU0RXQW±3DUDPRXQW 5RDG(DVHPHQW±0LODQR±3DUDPRXQW 5RDG(DVHPHQW±=HODUQH\±WK6WUHHW 3DUDPRXQW /HJIRUDGG-XGJHLQ'RZQH\ +ROO\GDOH³%´6WRUP'UDLQ$SSURYDO ,QWHQWWR&LUFXODWH3HWLWLRQ$QQH[ .HQQHG\±/$&RXQW\6XSHURI6WUHHWV $FFHSW5HVLJQDWLRQ-RKQ&&URZOH\ 6HZHU(DVHPHQW±%HQVRQ±/H[LQJWRQ*DOODWLQ5G *UDQW'HHG±&DWKROLF&KXUFK±&UDZIRUG6W 6XEGLYLVLRQ 6PDOOZRRG,PS&, 6WRDNHV$YH6WUHHW/LJKW&, 3KOR[6WJXWWHUSDYHPHQWGUDLQ&,0 6PDOOZRRG$YHFXUEJXWWHUSDYHPHQW&,0 9HUGXUD$YH±6DQLWDU\6HZHUV&,0 &RPPHQFH3URFHHGLQJ$QQH[ 6XEGLYLVLRQ 4XLWFODLP±9RQ¶V*URFHU\ 5RDG(DVHPHQW±+RDJ±3DUDPRXQW 3URMHFW6WDWHPHQWDSSURYH*DV7D[)XQGV 3URMHFW6WDWHPHQW(QJLQHHULQJ)XQGV &LW\/LPLW6LJQV ,QWHQW&LUFXODWH3HWLWLRQ$QQH[ $PEXODQFH6HUYLFH±/$&RXQW\ +HDOWK2UGLQDQFH(QIRUFHPHQW±/$&RXQW\ )LOH$QQXDO6WDWH5HSRUW $FFHVV5LJKWV±1DJDPL±,PSHULDO+LJKZD\ $FFHVV5LJKWV±1DJDPL±,PSHULDO+LJKZD\ $FFHVV5LJKWV±6RQQHQEHUJ±,PSHULDO+LJKZD\ ,QWHQWWR&DOO(OHFWLRQ$QQH[ )UDQFKLVH,QWHQW±6R&DOLIRUQLD*DV&R 5RDG(DVHPHQW±-RVHSK±'RZQH\ 6DQIRUG%ULGJH 7LPHRI&RPSHQVDWLRQ 5RDG(DVHPHQW±3DUDPRXQW%OYG 5RDG(DVHPHQW±0F.HQ]LH±3DUDPRXQW%OYG 5RDG(DVHPHQW±0F.HQ]LH±3DUDPRXQW%OYG 5RDG(DVHPHQW±.96%XLOGLQJ&RUS±'RODQ 5RDG(DVHPHQW±3HUH]±*OHQVKLUH5G 5RDG(DVHPHQW±*ODQF\±*OHQVKLUH5G 5RDG(DVHPHQW±&DUU 5DLFK±*OHQVKLUH5G 5RDG(DVHPHQW±:RRGV±*OHQVKLUH5G 5RDG(DVHPHQW±9DOOHV±*OHQVKLUH5G 5RDG(DVHPHQW±5RJHUV±*OHQVKLUH5G 5(62/87,21,1'(; 5RDG(DVHPHQW±6PLWK±*OHQVKLUH5G 5RDG(DVHPHQW±%LUG±*OHQVKLUH5G 5RDG(DVHPHQW±9RRUKHHV±*OHQVKLUH5G 5RDG(DVHPHQW±*RXOG±*OHQVKLUH5G 5RDG(DVHPHQW±*ULJJV±'RODQ6W 5RDG(DVHPHQW±1R$PHULFDQ$YLDWLRQ &ODUN  6DODU\5HVROXWLRQ 5RDG(DVHPHQW±5XGROSK:HKNLQJ $SSRLQW&LW\&OHUN7UHDVXUHU±'HOOD'R\OH &RQJUDWXODWLRQV±0LVV&DOLIRUQLD ,QWHQWWR:LWKGUDZ±&RQVROLGDWHG)LUH'LVWULFW &ORVH+HDULQJ3URFHHG±$QQH[ &LW\,PSURYHPHQW±6DQLWDU\6HZHUV±/DNHZRRG (QGRUVLQJ%URRNO\Q'RGJHUV $GRSW%XGJHW±*DV7D[$OORFDWLRQ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG ,QWHQWWR&DOO6SHFLDO(OHFWLRQ±$QQH[ $XWKRUL]HVW1DWLRQDO%DQNRI/$'RZQH\%UDQFKDV'HSRVLWDU\ $PHQGLQJ5HVR±$VVLVWDQW&LW\0DQDJHU6DODU\ 3XUFKDVH)LUH6WDWLRQ6LWH $SSUHFLDWLRQWR&KLHI5LFKDUG6LPRQ 6XEGLYLVLRQ $SSUHFLDWLRQ5HVLJQDWLRQRI0D\RU±-DPHV/6WDPSV $FFHVV5LJKWV±/RQJZRUWK±,PSHULDO+LJKZD\ $FFHVV5LJKWV±6NLQQHU±,PSHULDO+LJKZD\ $FFHVV5LJKWV±3DVVDUHOOL±,PSHULDO+LJKZD\ 5RDG(DVHPHQW±6XJLKDUD&RUS±3DUDPRXQW 4XLWFODLP±9RQ¶V*URFHU\±3DUDPRXQW (QJLQHHULQJ 2SHUDWLRQDO6HUYLFHVIURP/$&RXQW\5RDG'HSW 'HGLFDWLRQRI3ULYDWH6W±1DGD6W 6XEGLYLVLRQ 5HSUHVHQWDWLRQ±6DQLWDWLRQ'LVWULFWV  ([SHQGLWXUHRI)XQGV$JUHHPHQWSHU6WUHHWV +LJKZD\V&RGH $JUHHPHQWZ/$&RXQW\±%XLOGLQJ,QVSHFWLRQV 9DFDWH$FFHVV5LJKWV±2OG5LYHU6FKRRO5G )ORUHQFH$YH 9DFDWH$FFHVV5LJKWV±2OG5LYHU6FKRRO5G )ORUHQFH$YH 5RDG(DVHPHQW±*XOFN±5LYHV$YH 5RDG(DVHPHQW±/\RQV±5LYHV$YH $FFHSW*UDQW'HHG±)LUH6XEVWDWLRQ 6XEGLYLVLRQ 7UDQVIHU)XQGVWR)LUH'HSW)XQG   'HFODULQJ%URRNVKLUHDVD7KUX6W 0XWXDO$LG$JUHHPHQW±)LUH'HSDUWPHQW &ORVH+HDULQJ3URFHHG±$QQH[ 6DQLWDWLRQ&ROOHFWLRQ5XOHV 5HJXODWLRQV 5RDG(DVHPHQW±&RQJUHJDWLRQDO&RQIRI6R&$ 6RXWKZHVW±'RZQH\$YH 5RDG(DVHPHQW±6WLFNQH\±'RZQH\$YH 5RDG(DVHPHQW±%DOHQWLQH±*DOODWLQ6FKRRO+RXVH5G 6HZHU(DVHPHQW±+ROP±5R\DO,QF 6HZHU(DVHPHQW±5R\DO :LWKGUDZLQJIURP/$&RXQW\)LUH3URWHFWLRQ'LVWULFW $PHQGLQJ5HVR±&KLHI%XLOGLQJ,QVSHFWRU 5(62/87,21,1'(; 'RZQH\&R:DWHU'LVWULFW$JUHHPHQW &LW\,PSURYHPHQWV±6PDOOZRRG±6WUHHW/LJKWV &RQJUDWXODWLRQV±-XGJH/\QQ-RKQVWRQ 7UDIILF6LJQDO±:RRGUXII )ORUHQFH &LW\&OHUN±$FFHSW'HHGVIRU&LW\ $SSUHFLDWLRQRI6DQLWDWLRQ&RPPLWWHH $GRSW%XGJHW)< $PHQG5HVR±$VVLVWDQW&LW\0DQDJHU6DODU\ $PHQG5HVR±&LW\3ODQQHU6DODU\ $PHQG5HVR±&LW\0DQDJHU6DODU\ :LWKGUDZ)LUH3URWHFWLRQ±$QQH[ &LW\&OHUN±6WRUH&LW\'RFXPHQWVLQ%DQN9DXOW 3DUN:DWHU&R3HUPLW 7D[5DWH3URWHVW 6WRS6LJQV±*DOODWLQ6FKRRO+RXVH5G /HPRUDQ 5HWLUHPHQW,QWHQWLRQ )HGHUDO+LJKZD\)XQGV5HDOORFDWLRQ +HDOWK0HDVXUH±/DNHZRRG6HZHUV ,QWHQWLRQ/DNHZRRG6HZHU 7UDIILF6LJQDO±%HOOIORZHU )RVWHU%ULGJH5G&ODUN )RVWHU 6WRS6LJQV±&HUWDLQ,QWHUVHFWLRQV $XWKRUL]H%LGVIRU:RUN3XUVXDQWWR,PSURYHPHQW$FWRI 3UHYDLOLQJ:DJH6FDOH 6XEGLYLVLRQ7UDFW±%DWLVWHOOD &RPPHQGDWLRQ(DUO:DUUHQ+LJK6FKRRO %URRNVKLUH±0DMRU6WUHHW 5HTXHVWLQJ([SHQGLWXUHRI&RXQW\$LGIRU&HUWDLQ6WUHHWV $PHQGPHQW±6WDWH+LJKZD\0DLQWHQDQFH$JUHHPHQW :LWKGUDZ$QQH[IURP)LUH3URWHFWLRQ'LVWULFW 'HFODUH6WHZDUW *UD\5GDQG3DUDPRXQW%OYG0DMRU6WUHHWV $SSRLQW0LQHU )XOOHUWR3ODQQLQJ&RPPLVVLRQ 'HVLJQDWLQJ7KUX6WUHHWV 5HTXLULQJ6WRS6LJQV (VWDEOLVK3DUNLQJ/LPLWVRQ/DNHZRRG%OYG 5HVFLQGLQJ5HVR±/DNHZRRG6HZHUV ,QWHQWLRQWR9DFDWH2WWR6W 3XEOLF1XLVDQFH:HHGVHWF±5LYHV$YH /LEUDU\'LVWULFW:LWKGUDZDO ,QWHQWLRQ±/DNHZRRG6HZHU (OHFWLRQ6HUYLFHE\/$&RXQW\5HJLVWUDURI9RWHUV +ROO\ZRRG³$´'UDLQ$XWKRULW\6WUHHW:RUNE\/$&RXQW\ &HUWDLQ6WUHHWV±0DMRU $&UHDWH3RVLWLRQ±/LEUDULDQ ,PSURYHPHQWV±/DNHZRRG6HZHU±ZRUNRUGHUHG 2WWR6WUHHW9DFDWLRQ 6WRS6LJQV±6KHOO\ILHOG &HFHOLD &DOOLQJ0XQLFLSDO*HQHUDO(OHFWLRQ %URRNVKLUHWKUX6WUHHWIURP)LUHVWRQHWR6WHZDUW *UD\5G 7UDIILF6LJQDODW,PSHULDO 5LYHV 3DUNLQJ/LPLWVRQ'RZQH\$YH 6WRS6LJQV±0\UWOH6W WK6W $JUHHPHQW([SHQGLWXUHRI*DV7D[)XQGVIRU0DMRU&LW\6WUHHWV &RPPHQGDWLRQ±0D\RU3HDYH\ 5(62/87,21,1'(; (OHFWLRQ±3URSRVLWLRQ&RXQFLO6DODU\ 3DUNLQJ3URKLELWLRQ±,PSHULDO+Z\ )ORRG+D]DUG±/DNHZRRG )LUHVWRQH 'RXEOH'RXEOH/LQH)LUHVWRQH 6WUHHW1DPH&KDQJH±*RWKDP6WWR&KHURNHH$YH )ORRG&RQGLWLRQ±5HTXLUH&RXQW\$LG 5HVFLQGLQJ5HVR±%DQN:DUUDQW$XWKRUL]DWLRQ :HHG$EDWHPHQW±3XEOLF1XLVDQFH 5HTXLUH&RXQW\$LG±0DMRU6WUHHWV (VWDEOLVKLQJ3ULRULW\)ORRG6LWHV $GRSW3HUVRQQHO3D\3ODQ 5XOHV $SSRLQW3ODQQLQJ&RPPLVVLRQ±&5:KHHOHU $SSRLQW3HUVRQQHO$GYLVRU\%RDUG5D\7+HUPDQ 5HVFLQG5HVR±5DWHRI&RPSHQVDWLRQ &LYLO(QJLQHHU6HUYLFHV±&RXQW\(QJLQHHU QG6XSS0HPRUDQGXPRI$JUHHPHQW±([SHQGLWXUH*DV7D[)XQGV $XWK$SSOLFDWLRQZ86*RYHUQPHQWWR3URYLGHIRU3XEOLF:RUNV3ODQQLQJ 3URYLGLQJIRU0XWXDO$LG±3ROLFH'HSDUWPHQW6HUYLFHV &RPPHPRUDWLRQ±+HUEHUW&/HJJ &HUWLILFDWLRQRI(OHFWLRQ±$SULO (VWDEOLVK5XOHVIRU*DUEDJH 5HIXVH&ROOHFWLRQ 5HVFLQGLQJ5HVR±&UHDWH3RVLWLRQ 6DODU\±&LW\/LEUDULDQ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±+DUU\(6ORDQ 6(5HFUHDWLRQ 3DUN'LVWULFW±)DLUIRUG6FKRRO 3ODQRI)UHHZD\V ([SUHVVZD\VIRU/$&RXQW\ ,PSURYHPHQW±&RQVWUXFWLRQRI6WUHHW/LJKWLQJ6\V6WRDNHV$YH 6XEGLYLVLRQ7UDFW 6XEGLYLVLRQ7UDFW $FFHSWLQJIRU'HGLFDWLRQ3RUWLRQRI7HOHJUDSK5G 'HVLJQDWLQJ0D\WKWKDV6HQLRU&LWL]HQV:HHN $XWKRUL]LQJ$FFHVV5LJKWV±6WRQHZRRG6KRSSLQJ&HQWHU &RQGHPQDWLRQIRU&LW\<DUGV )LUH'HSW3URYLGLQJ0XWXDO$LG5HVFLQGLQJ5HVR 6XEGLYLVLRQ7UDFW 6XEGLYLVLRQ7UDFW $ELGHE\&$'LVDVWHU &LYLO'HIHQVH0DVWHU0XWXDO$LG$JUHHPHQW :RUNPHQ¶V&RPS,QVXUDQFHIRU5HJLVWHUHG9ROXQWHHU³'LVDVWHU6HUYLFH:RUNHUV´ /LQHRI6XFFHVVLRQLQ&LYLO'HIHQVH 'LVDVWHU&RXQFLO $XWKRUL]H5HSUHVHQWDWLYHVWR6LJQIRU $FFHSW6XUSOXV)HGHUDO3URSHUW\ 2UJDQL]DWLRQRI&LYLO'HIHQVH 'LVDVWHU&RXQFLO 5HVFLQGLQJ5HVR±'HFODULQJ*HQHUDO3UHYDLOLQJ5DWHRI:DJHV $JUHHPHQW([SHQGLWXUHRI*DV7D[)XQGVIRU0DMRU&LW\6WUHHWV $GRSWLQJ,PSURYHPHQW3ODQV 6SHFVIRU'HPSVWHU$YH 3ULFKDUG6W $SSURYLQJ0DSRI$VVHVVPHQW'LVWULFW±'HPSVWHU$YH 3ULFKDUG6W 'HFODULQJ,QWHQW±'HPSVWHU$YH$VVHVVPHQW'LVWULFW 5HVFLQGLQJ5HVR±6WRQHZRRG6KRSSLQJ&HQWHU$FFHVV5LJKWV $5HGHWHUPLQLQJ3URFHHGLQJV&RQVW&XUE*XWWHU 3DYHPHQW±6PDOOZRRG$YH 6WRS6LJQV±*XDWHPDOD &RROJURYH'U 6WRS6LJQV±7ZHHG\/DQH *DOODWLQ6FKRRO+RXVH5G $GRSWLQJ&ODVVHVRI3RVLWLRQ 3D\3ODQ5XOHV 5HJV±5HVFLQGLQJ5HVR ,QWHQWLRQIRU,PSURYHPHQWV±'HPSVWHU$YH$VVHVV'LVW±5HVFLQGLQJ5HVR  5(62/87,21,1'(; $SSURYLQJ$JUHHPHQWZ/$&RXQW\±(QIRUFHPHQWRI+HDOWK2UGLQDQFHV $EDQGRQLQJ3URFHHGLQJVRI,PSURYHPHQW'LVWULFW0±3KOR[6W(W$O ,QWHQWLRQIRU$FTXLVLWLRQRI5LJKWRI:D\,PSURYHPHQWV0±6PDOOZRRG$YH $6HWWLQJ+HDULQJIRU,PSURYHPHQW'LVW0±6PDOOZRRG$YH &RQGHPQDWLRQ±$FTXLUH3URSHUW\IRU3XEOLF%XLOGLQJV±&LYLF&HQWHU $XWKRUL]LQJ$FFHVV5LJKWV±6WRQHZRRG6KRSSLQJ&HQWHU 6WRS6LJQV±0XOOHU6W&ODQFH\$YH &KDQH\$YH 3URYLGLQJ5DWHVRI&RPSHQVDWLRQIRU&HUWDLQ(PSOR\HHV±5HVFLQGLQJ5HVR $GRSWLQJ$QQXDO%XGJHW)< 2UGHULQJ:RUNWREHGRQHRQ'HPSVWHU$YHLQ$FFRUGDQFHZ5HVR 'HFODULQJ1HHGIRUEHWWHU7UDIILF&RQWURODW/DNHZRRG )LUHVWRQH%OYGV 6WUHHW1DPH&KDQJH±3RUWLRQRI7KLUG6WUHHWWR6WRQHZRRG6WUHHW $XWKRUL]LQJ 2UGHULQJ,QVWDOODWLRQRI7UDIILF6LJQDOV 'HFODULQJ,QWHQWWR9DFDWH3RUWLRQRI%LUFKGDOH$YH $SSURYLQJ&RQVWUXFWLRQRI6WRUP'UDLQE\/$&RXQW\)ORRG&RQWURO'LVWULFW 6XEGLYLVLRQ7UDFW 2IILFLDO0DS±%L[E\6XEGLYLVLRQ $XWKRUL]HWR3XUFKDVH3URSHUW\IURP'RZQH\&LW\6FKRRO'LVWULFW±&LW\+DOO6LWH $XWKRUL]H&LW\0DQDJHUWR5HQHJRWLDWH:DWHU&RQWUDFWV $GRSWLQJ$GPLQLVWUDWLYH3URFHGXUHV5HODWLYHWR=RQH&KDQJHV $GRSWLQJ$GPLQLVWUDWLYH3URFHGXUHV5HODWLYHWR=RQH([FHSWLRQV 5HTXHVW&RXQW\$LG)XQGV±'UDLQDJH(DVHPHQW6WHZDUW *UD\ 3DUDPRXQW $FFHSW*UDQW'HHG±(GQD0DH/HDFK $SSOLFDWLRQZ86IRU3ODQQLQJRI3XEOLF:RUNV ,QWHQWLRQWR9DFDWHD3RUWLRQRI&RUG$YH $SSURYLQJ$VVHVVPHQWVIRU,PSURYHPHQW±/DNHZRRG6HZHU &RQILUPLQJ$VVHVVPHQWIRU:HHG$EDWHPHQW $FTXLVLWLRQRI)ORUHQFH$YH±)LUH6WDWLRQ $FTXLVLWLRQRI1HFHVVDU\5LJKWVRI:D\ &RQVWUXFWLRQ±,PSURYHPHQW0 &RQILUPLQJ$VVHVVPHQW 2UGHULQJ$FT ,PSUYPWVPDGH±,PSURYHPHQW0 2UGHULQJ9DFDWLRQRI3RUWLRQRI%LUFKGDOH$YH &KDQJLQJ6WUHHW1DPH±)ORUHQFH6WWR3ULFKDUG6W $ZDUG&RQWUDFW,PSURYHPHQWVIRU'HPSVWHU$YH 3ULFKDUG6W±5HVR 8UJLQJ/$&RXQW\&KDUWHU$PHQGPHQWVWREHRQ1RYHPEHU%DOORW $SSURYLQJ/$0HP&ROLVHXP&RPPIRU6HFXULQJ3UHVLGHQWLDO&RQYHQWLRQV )L[LQJ7D[5DWHVIRU)<%HJLQQLQJ )L[LQJ7D[5DWHVIRU)<%HJLQQLQJIRU/LJKWLQJ'LVWULFWV 5HTXHVW5HWHQWLRQRI6DQWD$QD)UHHZD\2IIUDPSRQWR)ORUHQFH$YH 5HTXHVW&RXQW\$LG)XQGVIRU%URRNVKLUH$YH 2UGHULQJ(PLQHQW'RPDLQ3URFHHGLQJV±6PDOOZRRG$YH (VWDEOLVKLQJ3DUNLQJ/LPLWVRQ&HUWDLQ6WUHHWV $ZDUGLQJ&RQWUDFWLQ$FFRUGZ5HVR 5HVFLQGLQJ5HVR (VWDEOLVKLQJ3DUNLQJ/LPLWV 3URKLELWLQJ3DUNLQJ±&RQVXHOR6W *UDQWLQJ(DVHPHQWZ5DLOURDGIRU:DUQLQJ6LJQDOV ([HFXWLRQRI$JPWZ5DLOURDG±*DUGHQGDOH,QWHUVHFWLRQ 5HTXHVWLQJ$OORFDWLRQIURP3XE8WLOLWLHV&RPP&URVVLQJ3URWHFWLRQ)XQG 2UGHULQJ9DFDWLRQRI3RUWLRQRI&RUG$YH 5HTXHVWLQJ)RUPDWLRQRI6(&RXUW'LVWULFWLQ'RZQH\ 6XEGLYLVLRQ7UDFW $FFHSWLQJ'HGLFDWLRQ3RUWLRQRI3RPHULQJ5G 5(62/87,21,1'(; ,PPLQHQW'RPDLQ±6WHZDUW *UD\5G'UDLQDJH 6XEGLYLVLRQ7UDFW 6WRS6LJQV±)ORUHQFH$YH 5LYHV$YH 0DMRU6WUHHWV±*DUGHQGDOH$YH)RVWHU5G $SSURYLQJ0DSRI$VVHVVPHQW'LVWULFW±/HHGV6W,PSURYHPHQWV $GRSWLQJ,PSURYHPHQW3ODQ±/HHGV6W,PSURYHPHQWV 'HFODULQJ,QWHQWLRQ±/HHGV6W,PSURYHPHQWV $XWKRUL]LQJ,VVXDQFH 6DOHRI%RQGV±6PDOOZRRG$YH,PSURYHPHQW0 'HFODULQJ,QWHQWLRQWR9DFDWH'UDLQDJH(DVHPHQW7UDFW1R 'HFODULQJ,QWHQWLRQWR9DFDWH3RUWLRQRI,PSHULDO+LJKZD\ 'HFODULQJ,QWHQWLRQWR9DFDWH6HZHU(DVHPHQW±&ROOHJH6W $FFHSWLQJ*UDQW'HHG 5HFRUGLQJ7KHUHRI±&LW\+DOO3URSHUW\ 5HTXHVWLQJ/$&RXQW\)XQGVIRU,PSURYHPHQWVRQ'RZQH\ )ORUHQFH$YHV 6XEGLYLVLRQ7UDFW $XWKRUL]LQJ&LW\$WWRUQH\WR2EWDLQ2UGHURI,PPHGLDWH3RVVHVVLRQ 3URYLGLQJIRU0XWXDO$LGRI3ROLFH'HSDUWPHQW6HUYLFHV 2UGHULQJ:RUNWREH'RQH±/HHGV6W,PSURYHPHQWV 'HFODULQJ0HUJHURI'RZQH\&RXQW\:DWHU'LVWULFWZLWKWKH&LW\ 2UGHULQJ9DFDWLRQRI3RUWLRQRI,PSHULDO+LJKZD\ 2UGHULQJ9DFDWLRQRI'UDLQDJH(DVHPHQWLQ7UDFW 3URKLELWLQJ3DUNLQJ(DVW6LGHRI$UGLV$YH $GRSWLQJ%XGJHW $SSURYLQJVW6XSS±([SHQGLWXUHRI*DV7D[)XQGV *UDQWLQJ&RQVHQW -XULVGLFWLRQWR&LW\RI3DUDPRXQW±3DUDPRXQW%OYG,PS 5HTXHVWLQJ863RVWDO'HSWWR3URYLGH$GHTXDWH3RVW2IILFH%XLOGLQJ 3URSRVLQJWR&KDQJH:RUN$VVHVVPHQW'LVWULFW±'HPSVWHU$YHQXH 6XSSRUW(ON¶V/RGJH±2EWDLQ3DVVDJHRI/HJLVODWLRQ1DUFRWLFV6HQWHQFHV ([WHQGLQJ&RQGROHQFHV±0D\QH7KRPSVRQ0D\RU&LW\RI%HOOIORZHU $PHQG5HVR±&RPSHQVDWLRQRI2IILFHUV $FFHSWLQJ*UDQW'HHG 5HFRUGLQJ7KHUHRI±&LYLF&HQWHU/DQG $SSURYLQJ6DQ*DEULHO5LYHU)UHHZD\$JUHHPHQWZLWK6WDWHRI&DOLIRUQLD $SSRLQWLQJ5HSWR6RXWKHDVW0RVTXLWR$EDWHPHQW'LVWULFW±+ROOLV3HDYH\ $XWKRUL]LQJ3XUFKDVHRI6XUSOXV3URSHUW\±$&*DEULHO $XWKRUL]LQJ1LJKW'HSRVLWRU\±6HFXULW\)LUVW1DWLRQDO%DQN 8QXVHG1XPEHU $ZDUGLQJ&RQWUDFW±/HHGV6W,PSURYHPHQWV $PHQGLQJ5HVR±3HUVRQQHO0DQXDO $PHQGLQJ5HVR±&RPSHQVDWLRQRI(PSOR\HHV $PHQGLQJ5HVR±(VWDEOLVKLQJ3RVLWLRQRI&LW\)RUHVWHU $QQH[LQJ&HUWDLQ7HUULWRU\±'RZQH\/LJKWLQJ'LVWULFW $XWKRUL]LQJ&HUWDLQ$FFHVV5LJKWV±)ORUHQFH 2OG5LYHU6FKRRO5G $XWKRUL]LQJ&HUWDLQ$FFHVV5LJKWV±,PSHULDO+Z\:HVWRI/DNHZRRG%OYG $SSURYLQJ0DS$VVHVVPHQW'LVWULFW±&ROH6W,PSURYHPHQWV $GRSWLQJ3URILOH ,PSURYHPHQW3ODQ 6SHFV±&ROH6W ,QVWLWXWLQJ3URFHHGLQJV 2UGHULQJ5HSRUW±&ROH6W,PSURYHPHQWV 6HWWLQJ'DWH 7LPHIRU+HDULQJ±&ROH6W,PSURYHPHQWV 'HFODULQJ,QWHQWLRQWR,PSURYH&ROH6W 2UGHULQJ0RGLILFDWLRQVWR:RUN$VVHVVPHQW'LVWULFW±'HPSVWHU$YH (VWDEOLVKLQJ3DUNLQJ/LPLWVRQ&HUWDLQ&LW\6WUHHWV $SSURYLQJ$SSRLQWPHQW3HUVRQQHO$GYLVRU\%RDUG±%HUW3'X0DU $SSURYLQJ$SSRLQWPHQW3ODQQLQJ&RPPLVVLRQ±6WHSKHQ*6NLQQHU 6XSSRUW3OD\JURXQGIRU'HQQLVWKH0HQDFH3DUN (QGRUVH:DWHU'LVWULFW)RUPDWLRQ 5(62/87,21,1'(; 6XSSRUWLQJ+ROLGD\6DIHW\3URJUDP±*UHDWHU/$6DIHW\&RXQFLO &RQIHUULQJ7LWOHRI+RQRUDU\&LWL]HQRI'RZQH\±-DPVKHUXGGLQ$KPHG $XWKRUL]LQJ([HFXWLRQRI4XLW&ODLP'HHG±/RW%ORFN7UDFW 8UJLQJ6WDWH/HJLVODWXUHWR5HYLVH0D\R%UHHG)RUPXOD±+LJKZD\)XQGV ,QWHQWLRQWR$PHQG&RQWUDFWZ6WDWH(PSOR\HHV¶5HWLUHPHQW6\VWHP ,QWHQWLRQWR2UGHUD&KDQJHLQ3URFHHGLQJV±6PDOOZRRG$YH,PS0 $EDQGRQLQJ3URFHHGLQJV,PSURYHPHQW'LVWULFW0±9HUGXUD$YH(7$/ 6XEGLYLVLRQ7UDFW0DS &RQGHPQDWLRQ&HUWDLQ3URSHUW\)ORUHQFH$YH±)LUH6WDWLRQ3XUSRVHV 2UGHULQJ&KDQJHLQ3URFHHGLQJV,PSURYHPHQW'LVWULFW0±6PDOOZRRG$YH )LQGLQJVRQ5HSRUW±&ROH6W,PSURYHPHQWV 2UGHULQJ:RUNLQ$FFRUGDQFHZ5HVR±&ROH6W,PSURYHPHQWV $XWKRUL]LQJ&RQWULEXWLRQWR$VVHVVPHQW'LVWULFW3URFHHGLQJV±&ROH6W,PS 5HTXHVWLQJ([SHQGLWXUHRI&RXQW\$LG±6WUHHW,PS±3DUDPRXQW%OYG 5HTXHVWLQJ/$&RXQW\$OORFDWH)XQGV±6DQ*DEULHO5LYHU)ORRG&RQWURO $XWKRUL]LQJ([FKDQJHRI&HUWDLQ5HDO3URSHUW\Z'RZQH\&LW\6FKRRO'LVWULFW 'HFODULQJ&HUWDLQ:HHGV5HIXVH 5XEELVKD3XEOLF1XLVDQFH 'HFODULQJD3RUWLRQRI7KLUG6WWREH'HGLFDWHGIRU3XEOLF6WUHHW +LJKZD\8VHV 'HFODULQJD3RUWLRQRI3DUDPRXQW%OYGWREH'HGLFDWHGIRU3XEOLF6W +Z\8VHV 'HWHUPLQLQJ&RQVWUXFWLRQRI&HUWDLQ6DQLWDU\6HZHUV1HFHVVDU\±1DGD6W $SSURYLQJ0DS$VVHVVPHQW'LVWULFW±1DGD6W,PSURYHPHQWV $GRSWLQJ3URILOH ,PSURYHPHQW3ODQ 6SHFVIRU1DGD6W 'HFODULQJ,QWHQWWR,PSURYH1DGD6W,VVXH%RQGV $PHQGLQJ5HVR([KLELW$±7HPSRUDU\(PSOR\PHQW3RVLWLRQV $PHQGLQJ5HVR±1HZ3RVLWLRQ³)RUHVWHU´ $XWKRUL]LQJ$FFHVV5LJKWV±7UDFW/H[LQJWRQ *DOODWLQ5G $XWKRUL]LQJ,QVWDOODWLRQ7UDIILF6LJQDOV±/DNHZRRG )LUHVWRQH%OYG ,QWHQWLRQWR9DFDWH&HUWDLQ(DVHPHQWIRU/LJKW $LU±)RQWDQD6W $PHQGLQJ5HVR±3HUVRQQHO5XOHV 5HJXODWLRQV ,Q0HPRU\RI$UFKLH')XOOHU 2SSRVLQJ$%±&RQVROLGDWHG&RXQW\)LUH'HSDUWPHQW $ZDUGLQJ&RQWUDFWIRU&ROH6W,PSURYHPHQWV 5HYLVLQJ6DQWD$QD)UHHZD\$JUHHPHQW±3HGHVWULDQ5DPS5HVFLQG5HVR  $SSURYLQJ6WRUP'UDLQ%RQG,VVXH $FTXLUH(DVHPHQWV 'HFODULQJ,QWHQWWR9DFDWH3XEOLF8WLOLW\(DVHPHQW±,PSHULDO+LJKZD\ 5HTXHVWLQJ6WDWH/HJLVODWXUHWR$GRSW$%±3RVVHVVRU\,QWHUHVWV3HUV3URS 3RVLWLRQRQ'RFNHW1R(7$/±/RQJ%HDFK$LUSRUW6HUYLFH 2UGHULQJ:RUN,PSURYHPHQW'LVWULFW±1DGD6W 2UGHULQJ9DFDWLRQRI(DVHPHQWIRU/LJKW $LU±)RQWDQD6W $XWKRUL]LQJ$OORFDWLRQIRU,PSURYHPHQW'LVWULFW±'HPSVWHU$YH &RQILUPLQJ$VVHVVPHQWIRU,PSURYHPHQWRI'HPSVWHU$YH 3ULFKDUG6W $PHQGLQJ$JUHHPHQWZ/$&RXQW\±+HDOWK6HUYLFH $PHQGLQJ$JUHHPHQWZ/$&RXQW\±3RXQG6HUYLFH *UDQWLQJ&RQVHQW -XULVGLFWLRQWR&LW\RI3DUDPRXQW±,PSURYHPHQW0 6XEGLYLVLRQ7UDFW0DS $SSRLQWPHQW3ODQQLQJ&RPPLVVLRQ±5REHUW/5\DQ 2UGHULQJ9DFDWLRQ3XEOLF8WLOLW\(DVHPHQW±,PSHULDO+LJKZD\ $SSURYLQJ0DS,PSURYHPHQW$VVHVVPHQW'LVWULFW±7HQWK6WUHHW $GRSWLQJ3URILOH ,PSURYHPHQW3ODQ 6SHFVIRU7HQWK6WUHHW ,QVWLWXWH3URFHHGLQJV 2UGHU5HSRUWIRU,PSURYHPHQW$VVHVVPHQW'LVWULFW 3RVLWLRQRQ'RFNHW1R(7$/±/RQJ%HDFK$LUSRUW6HUYLFH 5(62/87,21,1'(; $FFHSWLQJ'HGLFDWLRQD3RUWLRQRI%LUFKGDOH$YH 6HW+HDULQJIRU5HSRUWRQ,PSURYHPHQWRI$VVHVVPHQW'LVWULFW±7HQWK6W $FTXLVLWLRQRI1HFHVVDU\5LJKWVRI:D\$VVHVVPHQW'LVWULFW±7HQWK6W 6HW+UJ$FTXLVLWLRQRI1HFHVVDU\5LJKWVRI:D\$VVHVV'LVW±7HQWK6W 'HFODULQJ:DVKEXUQ&URVVLQJ5GD7KUX6WIURP%HOOIORZHUWR:RRGUXII 5HT6WRSV6LJQV&HUWDLQ6WV±'RODQ$YH 7KLUG6W-DPHV6W 5RVH$YH ,Q0HPRU\RI0UV9LUJLQLD.HDUQV 2SSRVLQJ$%1RV  $XWKRUL]LQJ$OORFDWLRQIRU$VVHVVPHQW'LVWULFW±'HPSVWHU$YH,PSURYHPHQWV &RQILUPLQJ$VVHVVPHQW'LVWULFW±'HPSVWHU$YH 3ULFKDUG,PSURYHPHQWV $SSURYLQJ0DS$VVHVVPHQW'LVWULFW$±1DGD6W,PSURYHPHQWV 'HFODULQJ,QWHQWWR,PSURYH1DGD6W 2WKHU6WV 'HVLJQDWH%DQNVDV'HSRVLWRULHVRI&LW\)XQGV5HVFLQG5HVR 6WUHHW1DPH&KDQJH±*DOODWLQ6FKRRO+RXVH5GWR*DOODWLQ5G &RPPHQGLQJ/H5R\$6WDUNH\'LUHFWRURI)LQDQFH-RE:HOO'RQH &RQILUPLQJ$VVHVVPHQW'LVWULFW,PSURYHPHQWV±7HQWK6W 3URSRVLQJ&KDQJHV$VVHVVPHQW'LVWULFW±7HQWK6W 2UGHULQJ:RUN,PSURYHPHQW±1DGD6W 2WKHUV $QQH[LQJ&HUWDLQ7HUULWRU\WR'RZQH\&RXQW\/LJKWLQJ'LVWULFW &RQILUPLQJ$VVHVVPHQW'LVWULFW±&ROH6W,PSURYHPHQWV &RQGHPQDWLRQRI3URSHUW\±%URRNVKLUH$YH &KHURNHH$YH &RQGHPQDWLRQRI3URSHUW\±3XEOLF%XLOGLQJV *URXQGV $XWKRUL]LQJ$FFHVV5LJKWV±%URRNVKLUH$YH &RPPHQGLQJ3ODQQLQJ&RPPLVVLRQHU±+HQU\0LQHU $SSRLQWPHQW3ODQQLQJ&RPPLVVLRQ±%HQ&RUELQ $VVLJQLQJ'XWLHVRI'LUHFWRURI)LQDQFHWR$VVLVWDQW&LW\0DQDJHU &RPPHQGDWLRQ±3HJJ\-DFREVRQ³0RGHUQ$PHULFDQ*LUO´ $PHQGLQJ3HUVRQQHO0DQXDO $PHQGLQJ3D\3ODQV±'HSDUWPHQW+HDGV $PHQGLQJ3D\3ODQò $GRSWLQJ&LW\%XGJHW)LVFDO<HDU 5HTXHVWLQJ&RXQW\WR1RW,QFUHDVH7D[HV $XWKRUL]LQJ5HPRYDORI6WRS6LJQV±%URRNVKLUH 6HFRQG6W $GRSWLQJ%XGJHW±$JUHHPHQW*DV7D[$OORFDWLRQ0DMRU&LW\6WUHHWV 2UGHULQJ0RGLILFDWLRQVWR$VVHVVPHQW'LVWULFW±7HQWK6W,PSURYHPHQWV $QQH[LQJ7HUULWRU\WR'RZQH\&RXQW\/LJKWLQJ'LVWULFW $GRSWLQJ3ODQV$VVHVVPHQW'LVWULFW±'HPSVWHU$YH,PSURYHPHQWV $SSURYLQJ0DS$VVHVVPHQW'LVWULFW±'HPSVWHU$YH,PSURYHPHQWV 'HFODULQJ,QWHQW$VVHVVPHQW'LVWULFW±'HPSVWHU$YH,PSURYHPHQWV $ZDUG&RQWUDFW$VVHVVPHQW'LVWULFW±1DGD6W,PSURYHPHQWV $JUHHPHQWZ6RXWKHUQ3DFLILFIRU6HZHU0DLQWHQDQFH &RQVWUXFWLRQ $SSURYLQJ6WRUP'UDLQ%RQG,VVXH3URMHFW 'HFODULQJ)LIWK6W)URP/DNHZRRG%OYGWR'RZQH\$YHD7KUX6W 'HFODULQJ'RZQH\$YH)URP*DOODWLQ5GWR)ORUHQFH$YHD7KUX6W 3URKLELWLQJ3DUNLQJ±&ODUN$YH(DVW6LGH 1R3DUNLQJ±-DPHV6W5RVH$YH0DQ]DQDU$YH9LVWD'HO5RVDUHVFLQG 'HFODULQJ&HUWDLQ:HHGV 5XEELVKWREHD3XEOLF1XLVDQFH 0RGLI\LQJ$VVHVVPHQW'LVWULFW±7HQWK6W,PSURYHPHQWV &RQILUPLQJ$VVHVVPHQW'LVWULFW±7HQWK6W,PSURYHPHQWV $SSURYLQJ6WRUP'UDLQ%RQG,VVXH3URMHFW 2UGHULQJ(PLQHQW'RPDLQ3URFHHGLQJV±$VVHVVPHQW'LVW WK6WUHHW  $JUHHPHQWZ6RXWKHUQ3DFLILFIRU5DLOURDG&URVVLQJ,PSURYHPHQW±:RRGUXII 5(62/87,21,1'(; $GRSWLQJ%XGJHW$SSURYLQJ$JUHHPHQW*DV7D[)XQGV±(QJLQHHULQJ 6XEGLYLVLRQ7UDFW $FFHSWLQJ*UDQW'HHG±+DJDQ3URSHUW\ $FFHSWLQJ*UDQW'HHG±+DJDQ3URSHUW\ 2UGHULQJ3ODQV$VVHVVPHQW'LVWULFW±)LUHVWRQH%OYG,PSURYHPHQWV $GRSW3ODQV6SHFLILFDWLRQV$VVHVVPHQW'LVWULFW±)LUHVWRQH%OYG $SSRLQW$WWRUQH\$VVHVVPHQW'LVWULFW±)LUHVWRQH%OYG 'HVLJQDWLQJ1HZVSDSHU$VVHVVPHQW'LVWULFW±)LUHVWRQH%OYG 2UGHULQJ5HSRUWRI6WUHHW6XSHULQWHQGHQW$'±)LUHVWRQH%OYG 6HWWLQJ3XEOLF+HDULQJ$'±)LUHVWRQH%OYG,PSURYHPHQWV 2UGHU&RQVWUXFWLRQ,QVWDOODWLRQRI/LJKWLQJ$'±)LUHVWRQH%OYG (QGRUVLQJ3URSRVHG,QLWLDWLYH5HDSSRUWLRQLQJ6WDWH6HQDWH 2UGHULQJ:RUN$'±'HPSVWHU$YH6LGHZDONV 6XEGLYLVLRQ7UDFW 6XEGLYLVLRQ7UDFW 6XEGLYLVLRQ7UDFW 6XEGLYLVLRQ7UDFW $XWKRUL]LQJ6DOHRI3URSHUW\RQ&ODUN$YH±0DLQWDLQ5RDG(DVHPHQW )L[LQJ7D[5DWHVRQ/LJKWLQJ'LVWULFWV)<%HJLQQLQJ )L[LQJ7D[5DWHVIRU)<%HJLQQLQJ 1RWLFHRI3URSRVHG$QQH[DWLRQ $PHQGLQJ5HVR±&LW\%XGJHW:DUUDQWV $JUHHPHQWZ6WDWH'LYRI+LJKZD\V±0RGLI\LQJ7UDIILF6LJQDOV)ORUHQFH$YH 'HWHUPLQLQJ)HDVLELOLW\:DLYLQJ'HEW/LPLWDWLRQ$'±)LUHVWRQH%OYG $XWKRUL]H$GYHUWLVLQJIRU%LGV$'±)LUHVWRQH%OYG $GRSWLQJ6FDOHRI3UHYDLOLQJ:DJH5DWHV$'±)LUHVWRQH%OYG (QGRUVLQJ3URGXFWLRQRI:RUOG¶V)DLULQ/$$UHD 3URSRVHG:RUN&KDQJH$'±/HHGV6W $ZDUG%LG$'±'HPSVWHU$YH6LGHZDONV 'HWHUPLQLQJ3UHYDLOLQJ5DWHRI:DJHV5HVFLQGLQJ5HVR 5HTXHVWLQJ6WDWHWR&RPPHQFH:RUN±6DQ*DEULHO5LYHU)UHHZD\ 3DUNLQJ/LPLWV±'RODQ'H3DOPD6W*XUOH\$YH0F*RYHUQ$YH0DQDWHH6W 3URKLELWLQJ3DUNLQJ6RXWK6LGHRI6WHZDUW *UD\5G (VWDEOLVKLQJWKH'RZQH\,QWHUQDWLRQDO6LVWHU&LW\3URJUDP $ZDUG&RQWUDFW$'±)LUHVWRQH%OYG,PSURYHPHQWV 2UGHULQJ:RUN&KDQJHV$'±/HHGV6W 5HTXHVWLQJ([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±0DMRU&LW\6WUHHWV $SSURYH$JUHHPHQWZ6RXWKHUQ3DFLILF±5DLOURDG&URVVLQJ5LYHV$YHQXH $SSURYH$JUHHPHQWZ6RXWKHUQ3DFLILF±5DLOURDG&URVVLQJ%URRNVKLUH$YHQXH $XWKRUL]H,QVWDOODWLRQRI7UDIILF6LJQDOV±'RZQH\$YH)ORUHQFH$YH 6XEGLYLVLRQ7UDFW $FFHSW'HGLFDWLRQRID3RUWLRQRI0DUEHOO$YHQXH $SSURYH&LW\6WDWH3DUWLFLSDWLRQ$JPW7UDIILF6LJQDOV)LUHVWRQH%OYG 3HWLWLRQLQJ)&&WR$VVLJQ5DGLR)UHTXHQFLHVWR3ROLFH )LUH5DGLR6HUYLFHV 0RGLI\5HVR±(VWDEOLVK'RZQH\6LVWHU&LW\3URJUDP $XWKRUL]H6DOHRI%RQGV$'±7HQWK6W &RQILUPLQJ$VVHVVPHQW$'±/HHGV6W &UHDWLRQRI:DWHU5HSOHQLVKPHQW'LVWULFWLQ&HQWUDO :HVW%DVLQV ([WHQGLQJ,QYLWHWR935LFKDUG1L[RQIRU&LW\%LUWKGD\ /LEUDU\'HGLFDWLRQ 'HFODULQJ&HUWDLQ:HHGV 5XEELVKD3XEOLF1XLVDQFH 9DFDWLQJ6HZHU(DVHPHQW7UDFW $SSURYH-RLQW3RZHUV$JPWZ/$&RXQW\IRU,PSHULDO 2OG5LYHU6FKRRO 5(62/87,21,1'(; $IIHFWLQJ6WRSVDW,QWHUVHFWLRQRI/H[LQJWRQ *DOODWLQ5G %URRNVKLUH$YH $SSURYLQJ0DS$'±(OP9LVWD'ULYH $GRSWLQJ3ODQV 6SHFV$'±(OP9LVWD'ULYH ,QVWLWXWLQJ3URFHHGLQJV 2UGHU5HSRUW$'±(OP9LVWD'ULYH $SSURYLQJ0DS$'±%HQHGLFW$YH,PSURYHPHQWV $GRSWLQJ3URILOH ,PSURYHPHQW3ODQ 6SHFV$'±%HQHGLFW$YH ,QVWLWXWH3URFHHGLQJ 2UGHU5HSRUW$'±%HQHGLFW$YH 6HW+HDULQJIRU$'±(OP9LVWD'ULYH 6HW+HDULQJIRU$'±%HQHGLFW$YH 5HTXHVW/$&RXQW\WR'HIHU&RQVWRI/LQH'RI3URMRI6WRUP'UDLQ 7UDIILF6DIHW\'XULQJWKH+ROLGD\ 1RWLFHRI,QWHQWLRQIRU$FTXLVLWLRQRI5LJKWVRI:D\$'±(OP9LVWD'ULYH 6HW+HDULQJ$'±(OP9LVWD'ULYH $XWKRUL]LQJ$FTXLVLWLRQRI5LJKWVRI:D\±)ORUHQFH$YH 'HWHUPLQLQJ1HFHVVLW\$FTXLVLWLRQRI3URSHUW\±)ORUHQFH$YH $SSURYLQJ)UHHZD\0DLQWHQDQFH$JUHHPHQW $SSURYLQJ$SSRLQWPHQW3HUVRQQHO$GYLVRU\%RDUG±/HH*DXOGLQ 5HTXHVWLQJ([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±0DMRU&LW\6WUHHWV 2SSRVLQJ3ODQWR&RQVROLGDWH&RXUWV $SSURYLQJ$SSRLQWPHQW3ODQQLQJ&RPPLVVLRQ±6WHSKHQ*6NLQQHU-U $SSURYLQJ3ODQV 6SHFVIRU)ORUHQFH$YH+DOHGRQ$YH6WRUP'UDLQ $SSURYLQJ$JUHHPHQWZ/$&RXQW\±5HVXUIDFLQJ3RUWLRQRI*DUGHQGDOH6W 5HTXHVWLQJ$OORFDWLRQIURP38&&URVVLQJ3URWHFWLRQ)XQG 5HTXHVWLQJ$OORFDWLRQIURP38&&URVVLQJ3URWHFWLRQ)XQG 2UGHULQJ'LUHFWRURI3XEOLF:RUNVWR5HSRUW6WUHHW/LJKWLQJ$FWRI 'HFODULQJ,QWHQW'RZQH\&LW\/LJKWLQJ'LVWULFW 6HW+HDULQJ'RZQH\&LW\/LJKWLQJ'LVWULFW )HDVLELOLW\RI$FTXLVLWLRQRI1HFHVVDU\5LJKWVRI:D\$'±(OP9LVWD'U )HDVLELOLW\RI$FTXLVLWLRQRI1HFHVVDU\5LJKWVRI:D\$'±%HQHGLFW$YH 1RWLFHRI,QWHQW$FTXLUH1HFHVVDU\5LJKWVRI:D\$'±%HQHGLFW$YH 6HW+HDULQJ$FTXLUH1HFHVVDU\5LJKWVRI:D\$'±%HQHGLFW$YH $SSURYLQJ0DS$'±6WDPSV$YH,PSURYHPHQWV $GRSWLQJ3ODQV 6SHFVIRU$'±6WDPSV$YH,PSURYHPHQWV ,QVWLWXWLQJ3URFHHGLQJV 2UGHU5HSRUWIRU$'±6WDPSV$YH 6HW+HDULQJ$'±6WDPSV$YH,PSURYHPHQWV 'HFODULQJ,QWHQW$'±6WDPSV$YH,PSURYHPHQWV 5HTXHVW/$&RXQW\0DLQWDLQ*DUGHQGDOH6WRUP'UDLQ $XWKRUL]H8VHRI$FFHVV5LJKWV±*DUGHQGDOH6W $SSURYLQJ&LW\6WDWH$JPW±7UDIILF6LJQDOV/DNHZRRG7HOHJUDSK 5HTXHVWLQJ/$&RXQW\WR'HIHU&RQVWRI/LQH'3URM5HVFLQG5HVR 6XEGLYLVLRQ7UDFW $PHQG5HVR±5LJKWVRI:D\)ORUHQFH$YH 3URSRVLQJ:RUN&KDQJH$'±(OP9LVWD'ULYH $VFHUWDLQLQJ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV 3URKLELWLQJ3DUNLQJ:HVW6LGHRI&ODUN$YHQXH (VWDEOLVKLQJ3DUNLQJ/LPLWV±3DUDPRXQW%OYG2OG5LYHU6FKRRO5G $XWKRUL]H&KDQJH6WRS6LJQ±,QWHUVHFWLRQ*OHQFOLII'U 5LYHUJURYH'U $GRSWLQJ%XGJHW$SSURYHVW6XSS([SHQGLWXUHRI*DV7D[$OORFDWLRQ &DOOLQJ*LYLQJ1RWLFHRI(OHFWLRQ 5HTXHVWLQJ(OHFWLRQ6HUYLFHVIURP/$&RXQW\ $FFHSWLQJ*UDQW'HHG±(GQD0DH/HDFK3URSHUW\ 2UGHULQJ0DLQWHQDQFH'RZQH\/LJKWLQJ'LVWULFW 5(62/87,21,1'(; 6HW+HDULQJ$'±%HQHGLFW$YH 2UGHULQJ:RUN&KDQJHV$'±(OP9LVWD'ULYH &RQILUPLQJ$VVHVVPHQW$'±(OP9LVWD'ULYH 2UGHULQJ(PLQHQW'RPDLQ3URFHHGLQJV$'±(OP9LVWD'ULYH 'LUHFW0HDVXUHIRU%DOORW±&RXQFLO&RPSHQVDWLRQ $SSRLQW&RXQFLO0HPEHUV3UHSDUH:ULWWHQ$UJXPHQWIRU0HDVXUH $XWKRUL]H$FTXLVLWLRQRI5LJKWVRI:D\±)ORUHQFH$YH &RQILUPLQJ$VVHVVPHQW$'±1DGD6W 5HTXHVWLQJ([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±0DMRU&LW\6WUHHWV 5HTXHVWLQJ/$&RXQW\%XGJHW,PSURYHPHQWV6DQ*DEULHO5LYHU&KDQQHO $XWKRUL]H$FTXLVLWLRQRI5LJKWVRI:D\±3KOR[6W(DVHPHQW $FFHSWLQJ'HGLFDWLRQ±3RUWLRQV3ULVFLOOD6W :KLWHZRRG$YH 'HWHUPLQLQJ1HFHVVDU\$FTXLVLWLRQRI3URSHUW\IRU6WUHHWV±)ORUHQFH$YH 'HWHUPLQH1HFHVVDU\$FTRI3URSIRU6WV5HVFLQG5HVR ±)ORUHQFH $XWKRUL]H$FTXLVLWLRQRI5LJKWVRI:D\±)ORUHQFH$YH 'HFODULQJ:HHGV 5XEELVKRQ&HUWDLQ/DQGD3XEOLF1XLVDQFH $XWKRUL]H6WRS6LJQ&KDQJH±*OHQFOLII'U 5LYHUJURYH'U 3URKLELW3DUNLQJ±$GRUHH6W&RZOH\$YH &RPPHQGLQJ6WDWH+RVSLWDO&RXQFLORQ&UHDWLRQRI'RZQH\1RUZDON$UHD &RQILUPLQJ$VVHVVPHQW$'±%HQHGLFW$YH 2UGHULQJ(PLQHQW'RPDLQ3URFHHGLQJV$'±%HQHGLFW$YH 'HFODULQJ,QWHQWWR9DFDWH)XWXUH6W±0HDGRZ5G $XWKRUL]LQJ6DOHRI%RQGV$'±(OP9LVWD'ULYH $PHQG6WDWH$JPW±7UDIILF6LJQDOV/DNHZRRG )ORUHQFH 'HFODULQJ5HVXOWVRI*HQHUDO(OHFWLRQ $SSURYH$SSRLQWPHQW3ODQQLQJ&RPPLVVLRQ±:LOOLDP*UHHQH $SSURYLQJ0DS$'±.ORQG\NH$YH $GRSWLQJ3URILOH 3ODQV 6SHFV$'±.ORQG\NH$YH,PSURYHPHQWV ,QVWLWXWH3URFHHGLQJV 2UGHU5HSRUW$'±.ORQG\NH$YH $XWKRUL]H 2UGHU,QVWDOODWLRQ7UDIILF6LJQDOV±)ORUHQFH :LOH\%XUNH 6HW+HDULQJIRU5HSRUWRQ$'±.ORQG\NH$YH 'HFODUH,QWHQWIRU$FTXLVLWLRQ5LJKWVRI:D\$'±.ORQG\NH$YH 6HW+HDULQJ$FTXLVLWLRQ5LJKWVRI:D\$'±.ORQG\NH$YH $FFHSWLQJ*UDQWVRI5RDG(DVHPHQW±0DQ]DQDU$YH 'HWHUPLQH1HFHVVLW\$FTXLUH3URSHUW\IRU6WUHHWV±6WHZDUW *UD\ 3URKLELWLQJ3DUNLQJ±$UGLV$YH$GRUHH6W%RUVRQ6W $FFHSWLQJ*UDQW'HHG±&LYLF&HQWHU3URSHUW\IURP&LW\6FKRRO'LVWULFW $FFHSW'HGLFDWLRQRI3RUWLRQRI%ORGJHWW$YH 2UGHU9DFDWLRQRI)XWXUH6W±0HDGRZ5G $XWKRUL]LQJ,VVXDQFH 6DOHRI%RQGVRQ$'±%HQHGLFW$YH &RQILUP$VVHVVPHQWIRU,PSURYHPHQWRI'HPSVWHU 3ULFKDUG $SSURYH0DVWHU$JPWIRU([SHQGLWXUHRI)XQGV(QJLQHHULQJ6WUHHWV +Z\V 'HFODUH,QWHQWWR9DFDWH6HUYLFH5G3DUDOOHOZLWK/DNHZRRG $SSRLQW6W6XSHULQWHQGHQW $OORFDWH)XQGV$'±)LUHVWRQH%OYG $SSURYH$VVHVVPHQW'LDJUDP$'±)LUHVWRQH%OYG 3URKLELWLQJ3DUNLQJ±%RUVRQ6W$GRUHH6W6WDQEULGJH$YH$UGLV$YH $FFHSW&RQYH\DQFH$FFHVV5LJKWV±$OOH\:HVWRI'RZQH\$YH $SSURYH0DS$'±3KOR[6W 3LYRW6W $GRSW3URILOH 3ODQV 6SHFVIRU$'±3KOR[6W 3LYRW6W ,QVWLWXWH3URFHHGLQJV2UGHULQJ5HSRUWIRU$'±3KOR[6W 3LYRW6W 6HW+HDULQJIRU5HSRUWRQ$'±3KOR[6W 3LYRW6W 'HFODUH,QWHQWWR$FTXLUH5LJKWVRI:D\$'±3KOR[6W 3LYRW6W 5(62/87,21,1'(; 6HW+HDULQJ$FTXLUH5LJKWVRI:D\$'±3KOR[6W 3LYRW6W (VWDEOLVK3ROLF\5HJDUGLQJ'RZQH\&RXQW\:DWHU'LVWULFW )HDVLELOLW\$FTXLUH5LJKWVRI:D\$'±.ORQG\NH$YH $PHQG3HUVRQQHO0DQXDO3D\3ODQ±,QFUHDVH $PHQG3HUVRQQHO0DQXDO3D\3ODQ±6SHFLDO&ODVVLILFDWLRQV,QFUHDVH 5HTXHVW([SHQGLWXUH&RXQW\$LGWR&LWLHV)XQGV±%HOOIORZHU%OYG 'HFODUH,QWHQWWR9DFDWH$OOH\6RXWKRI3KOR[6W 'HWHUPLQH1HFHVVLW\3URSHUW\8VHGIRU3XEOLF%OGJV *URXQGV $IILUPLQJ3ROLF\/HDJXHRI&$&LWLHV±:RUNLQJ&RQGLWLRQV0XQLFLSDO(PS &RQILUP$VVHVVPHQW$'±)LUHVWRQH%OYG 6XEGLYLVLRQ7UDFW 6XEGLYLVLRQ7UDFW )HDVLELOLW\$FTXLUH5LJKWVRI:D\$'±3KOR[6W 3LYRW6W &RQILUP$VVHVVPHQW$FTXLUH5LJKWVRI:D\$'±3KOR[6W 3LYRW6W 2UGHULQJ(PLQHQW'RPDLQ$'±3KOR[6W 3LYRW6W 2UGHULQJ9DFDWLRQRI$OOH\/\LQJ6RXWKRI3KOR[6W7UDFW 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±*DUGHQGDOH6W $SSURYH$JPWZ6RXWK*DWHIRU7UDIILF6LJQDOV±*DUGHQGDOH *DUILHOG 3URSRVLQJ&KDQJHVLQ$'±.ORQG\NH$YH $SSURYH$JPWZ/$&RXQW\WR$FTXLUH5LJKWVRI:D\±4XLOO 5LYHV $PHQG3HUVRQQHO0DQXDO(VWDEOLVK3RVLWLRQ±'LUHFWRURI3ODQQLQJ $PHQG3HUVRQQHO0DQXDO(VWDEOLVK3RVLWLRQ±5LJKWRI:D\2IILFHU 2UGHU3ODQV 6SHFVIRU$'±'RZQH\$YHQXH,PSURYHPHQWV (PSOR\6HUYLFHVZ%XUNH:LOOLDPV 6RUHQVHQ$'±'RZQH\$YHQXH $SSURYH0DS$'±'RZQH\$YHQXH $GRSW3ODQV 6SHFV$'±'RZQH\$YHQXH 2UGHU,QYHVWLJDWLRQ 5HSRUW$'±'RZQH\$YHQXH 6HW+HDULQJ$'±'RZQH\$YHQXH 'HFODUH,QWHQW$''RZQH\$YHQXH,PSURYHPHQWV $GRSW%XGJHW$SSURYH$JPWIRU([SHQGLWXUHRI*DV7D[)XQGV $GRSW$QQXDO%XGJHW)<%HJLQQLQJ &RPPHQGDWLRQ±)UDQN*%RQHOOL )L[$PRXQWRI7D[HVWREH5DLVHG)<%HJLQQLQJ )L[7D[5DWHVIRU)<%HJLQQLQJ )L[7D[5DWHVIRU/LJKWLQJ'LVWULFW)<%HJLQQLQJ $SSURYH0DS$'±6WDPSV$YHQXH $GRSW3URILOH 3ODQV 6SHFVIRU$'±6WDPSV$YHQXH ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUWIRU$'±6WDPSV$YHQXH 6HW+HDULQJIRU5HSRUWRQ$'±6WDPSV$YHQXH 3URSRVLQJ:RUN&KDQJHLQ$'±'RZQH\$YHQXH 2UGHU0RGLILFDWLRQVRI:RUNLQ$'±.ORQG\NH$YHQXH $FTXLUH5LJKWVRI:D\2UGHU,PSURYHPHQWV$'±.ORQG\NH$YHQXH 2UGHU(PLQHQW'RPDLQ3URFHHGLQJV5LJKWVRI:D\$'±.ORQG\NH$YHQXH 3URKLELW3DUNLQJ6RXWK6LGH,PSHULDO+LJKZD\ 3URKLELW3DUNLQJ6RXWK6LGHRI*DOODWLQ5G 3URKLELW3DUNLQJ±$UGLV$YHQXH5DWOLIIH6W $SSURYH3ODQV 6SHFV'XQQLQJ6WUHHW6WRUP'UDLQ )LQG)HDVLELOLW\$'±'RZQH\$YHQXH 2UGHU0RGLILFDWLRQVRI$'±'RZQH\$YHQXH 2UGHU:RUN$'±'RZQH\$YHQXH $XWKRUL]H,VVXDQFH 6DOHRI%RQGV$'±3KOR[6W 3LYRW6W $FTXLUH5LJKWVRI:D\$'±6WDPSV$YHQXH 5(62/87,21,1'(; 2UGHU(PLQHQW'RPDLQ3URFHHGLQJV5LJKWVRI:D\$'±.ORQG\NH$YHQXH $SSURYH$JPWZ6R&$*DV&R$FTXLUH'UDLQDJH(DVHPHQW ,QWHQWWR9DFDWH$OOH\1RUWKRIWK3ODFH±7UDFW $FFHSW*XDGDODMDUD0H[LFRDV6LVWHU&LW\ 6HW+HDULQJRQ$FTXLUH5LJKWVRI:D\$'±6WDPSV$YHQXH $ZDUG&RQWUDFW$'±'RZQH\$YHQXH 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±'RZQH\$YHQXH $SSURYH-RLQW8VH$JPWZ6R&$(GLVRQ±)ORUHQFH$YH 2UGHU,QVWDOODWLRQ7UDIILF6LJQDOV±6WHZDUW *UD\5G $GRSW%XGJHW$SSURYH$JPWWR([SHQG*DV7D[$OORFDWLRQ)XQGV $XWKRUL]H,VVXDQFH 6DOHRI%RQGV$'±3KOR[6W 3LYRW6W 'HWHUPLQH1HFHVVDU\6HZHUV±'RODQ$YH3URSRVHG$' $SSURYH0DS$'±'RODQ$YH $GRSW3URILOH 3ODQ 6SHFVIRU$'±'RODQ$YH 'HFODUH,QWHQW$FTXLUH5LJKWVRI:D\$'±'RODQ$YH $PHQG5HVR$QQXDO%XGJHW)< $PHQG5HVRV ±(PSOR\HH6DODULHV $FFHSW*UDQW'HHG±3XEOLF:RUNV<DUG3XUFKDVH 5HTXLUH8VH 2FFXSDQF\RI3URSHUW\±3XEOLF:RUNV<DUG/HDVH 2UGHU9DFDWLRQRI)RQWDQD6W7UDFW (VWDEOLVK3DUNLQJ/LPLWV±0DUEHO$YHQXH 3URSRVLQJ&KDQJHRI:RUN$'±'RODQ$YHQXH 2UGHULQJ:RUN$'±'RODQ$YHQXH 2UGHULQJ0RGLILFDWLRQVRQ$'±'RODQ$YHQXH $VFHUWDLQLQJ3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUN 'HFODUH3URSHUW\IRU+HOLSRUW )HDVLELOLW\5LJKWVRI:D\$'±6WDPSV$YHQXH $FTXLUH5LJKWVRI:D\$'±6WDPSV$YHQXH 2UGHU(PLQHQW'RPDLQ3URFHHGLQJV$'±6WDPSV$YHQXH 3URKLELW3DUNLQJ±6WHZDUW *UD\5G1RUWK6LGH 3URKLELW3DUNLQJ±)ORUHQFH$YHQXH 3URKLELW3DUNLQJ±6HYHQWK6W1RUWK6LGH 3URKLELW3DUNLQJ±/H[LQJWRQ*DOODWLQ5G:HVW6LGH 3URKLELW3DUNLQJ±%URRNVKLUH$YH 3URKLELW3DUNLQJ±)LIWK6WUHVFLQGHGE\5HVR 3URKLELW3DUNLQJ±)LIWK6W&HFLOLD6W%URRNVKLUH$YH $XWKRUL]H&KJRI6LJQV$IIHFWLQJ7UDIILF&RQWURO±&HFLOLD6W 6KHOO\ILHOG5G $XWKRUL]H&KJRI6LJQV$IIHFWLQJ7UDIILF&RQWURO±)LIWK6W/D5HLQD1HZ6W 6XEGLYLVLRQ7UDFW $SSURYLQJ6WDWH$JUHHPHQW7UDIILF6LJQDOV±/DNHZRRG%OYG 5RVHFUDQV$YH $SSURYH0DS$'±(YHUHVW6W $GRSW3URILOH3ODQV 6SHFV$'±(YHUHVW6W ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±(YHUHVW6W ,QYLWDWLRQWR$PHULFDQ/HDJXH%DVHEDOO$VVRFLDWLRQWR/RFDWHLQ'RZQH\ $ZDUG&RQWUDFW$'±'RODQ$YHQXH 8UJH6WDWH/HJLVODWXUHWR,QLWLDWH7D[5HOLHIIRU)DOO2XW6KHOWHUV 8UJH/$&RXQW\(TXLWDEOH'LVWULEXWLRQ+LJKZD\8VHUV7D[)XQGV $PHQG5HVR±$FTXLUH&HUWDLQ3URSHUW\3XEOLF:RUNV<DUG 5HTXLUH6WRSVDW,QWHUVHFWLRQRI'RQRYDQ6W /DNHZRRG%OYG6HUYLFH5G 5HTXHVW3DUNLQJ/RWV±&RXQW\/HDVH¶V8 8 5HTXHVW([SHQGLWXUHRI&RXQW\)XQGV6W5HSDLU±%HOOIORZHU %URRNVKLUH $SSRLQW5HSWR6RXWKHDVW0RVTXLWR$EDWHPHQW'LVWULFW±+ROOLV3HDYH\ 5(62/87,21,1'(; $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±5D\7+HUPDQ $SSRLQW3ODQQLQJ&RPPLVVLRQ±/HH)HOWV $XWKRUL]H,VVXDQFH 6DOHRI%RQGV$'±.ORQG\NH$YH 2UGHU5HSRUW3XUVXDQWWR6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH['RZQH\&LW\/LJKWLQJ'LVWULFW±$QQH[=RQH 6HW+HDULQJ±$QQH[=RQH 2UGHU5HSRUW3XUVXDQWWR6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH['RZQH\&LW\/LJKWLQJ'LVWULFW±$QQH[=RQH 6HW+HDULQJ±$QQH[=RQH 2UGHU5HSRUW3XUVXDQWWR6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH['RZQH\&LW\/LJKWLQJ'LVWULFW±$QQH[=RQH 6HW+HDULQJ±$QQH[=RQH 6HW+HDULQJ$'±(YHUHVW6W 'HFODUH,QWHQW$FTXLUH5LJKWVRI:D\$'±(YHUHVW6W 6HW+HDULQJ$FTXLUH5LJKWVRI:D\$'±(YHUHVW6W 6XEGLYLVLRQ7UDFW 5HTXLUH6WRSVDW,QWHUVHFWLRQV±6WHZDUW *UD\$GHQPRRU&ROGEURRN 5HTXLUH6WRSVDW,QWHUVHFWLRQV±2UDQJH6W%LUFKGDOH$YH0RU\6W 3URKLELW3DUNLQJ±/DNHZRRG%OYG6HUYLFH5G(DVW6LGH $XWKRUL]H5HPRYH3DUNLQJ0HWHUV±/D5HLQD$YH /HJLVODWLRQUH)HGHUDO)XQGVIRU)UHHZD\&RQVWUXFWLRQ±/$0HWUR$UHD 2UGHU5HSRUW3XUVXDQWWR6WUHHW/LJKWLQJ$FWRI 5HVFLQG5HVR¶V'HFODUH,QWHQWWR2UGHU/LJKWLQJ,QVWDOODWLRQ 6HW+HDULQJ±$QQH[=RQH 3URSRVH:RUN&KDQJH$'±'RODQ$YHQXH 3URKLELW3DUNLQJ±6WHZDUW *UD\5G 'HFODUH0D\RU2IILFLDO5HSUHVHQWDWLYHWR6LVWHU&LW\3URJUDP 2UGHU/LJKWLQJ)L[WXUHV,QVWDOOHG0DLQWDLQHG$QQH[=RQH 2UGHU/LJKWLQJ)L[WXUHV,QVWDOOHG0DLQWDLQHG$QQH[=RQH 2UGHULQJ0RGLILFDWLRQVWR:RUN$'±'RODQ$YHQXH $XWKRUL]H,VVXDQFH 6DOHRI%RQGV$'±6WDPSV$YHQXH 6HW+HDULQJ$FTXLUH5LJKWVRI:D\$'±(YHUHVW6W5HVFLQG5HVR 3URKLELW3DUNLQJ±6WHZDUW *UD\5G 3URKLELW3DUNLQJ±,PSHULDO+LJKZD\ 3URKLELW3DUNLQJ±*DUILHOG$YHQXH±UHVFLQGHGE\1R 5HTXLUH6WRSV±:HVWHUQ$YH3DUURW$YH0\UWOH6WDQG)LIWK6W ([SUHVVLQJ$SSUHFLDWLRQWR*XDGDODMDUD0H[LFR &RQVHQWLQJ&LW\3URSHUW\LQ2II6WUHHW3DUNLQJ'LVWULFW0D\%H$VVHVVHG 3URKLELW3DUNLQJ±2OG5LYHU6FKRRO5G $JUHHPHQWZ'RZQH\&LW\6FKRRO'LVWULFW±,QVWDOODWLRQRI/LJKWLQJ $JUHHPHQWZ'RZQH\8QLRQ+LJK6FKRRO'LVW±,QVWDOODWLRQRI/LJKWLQJ &RPPHQGDWLRQ([FHOOHQW6HUYLFHDV0D\RU±+ROOLV03HDYH\'LVWULFW $PHQG5HVR&LW\¶V$QQXDO%XGJHW)< $PHQG3HUVRQQHO0DQXDO±%XV'ULYHUV $PHQG5HVR±5DWHVRI&RPSHQVDWLRQIRU&HUWDLQ(PSOR\HHV $PHQG5HVR±5DWHRI&RPSHQVDWLRQIRU'LUHFWRURI3ODQQLQJ 5HTXLUH$FTXLVLWLRQRI3URSHUW\±*DOODWLQ5G (VWDEOLVK3DUNLQJ/LPLWV±*DOODWLQ5G ,PSORUH3DWULRWLF$PHULFDQVWR)LJKW$OO&RPPXQLVWLF$FWLYLW\ ([WHQG:HOFRPHWR5LFKDUG01L[RQ 3HUWDLQWR&LW\¶V3RVLWLRQRQ/RQJ%HDFK$LUSRUW([SDQVLRQ 2SSRVLQJ$VVHPEO\%LOO 5(62/87,21,1'(; &KDQJH6WUHHW1DPH±/H[LQJWRQ *DOODWLQ5G 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI4XLRW6W7UDFW $SSURYH0DVWHU$JUHHPHQW([SHQGLWXUHRI)XQGV6WDWH+LJKZD\)XQGV 5HTXHVWLQJ0HPEHUVKLSLQ³,QGHSHQGHQW&LWLHVRI/RV$QJHOHV&RXQW\´ $PHQG&LW\3HUVRQQHO5XOHV 3DUNLQJ/LPLWV±)LUHVWRQH%OYG 'RZQH\$YHSDUWUHVFLQGHGE\ $XWKRUL]H5HPRYDORI3DUNLQJ0HWHUVLQ&HQWUDO%XVLQHVV'LVWULFW $GRSW0DVWHU3ODQRI6WUHHWV +LJKZD\V $JUHHPHQWZ/$&RXQW\5LJKWVRI:D\±5RVH$YHQXH 5HTXHVW$OORFDWLRQ)URP38&&URVVLQJ3URWHFWLRQ)XQG 3URKLELW3DUNLQJ±,PSHULDO+LJKZD\ 6XEGLYLVLRQ7UDFW ,QWHQWWR9DFDWH3RUWLRQRI4XLRW6W7UDFW5HVFLQG5HVR 2SSRVLQJ0XQLFLSDO&RXUW6\VWHP&RQVROLGDWLRQ 2UGHU9DFDWLRQRI3RUWLRQRI4XRLW6W7UDFW $FFHSW5RDG(DVHPHQWIURP6R&$(GLVRQIRU3RUWLRQRI*DOODWLQ5G 2UGHU5HSRUW3XUVXDQWWR6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR2UGHU/LJKWLQJ,QVWDOODWLRQ$QQH[=RQH 6HW+HDULQJ$QQH[=RQH /HJLVODWLRQ&RQFHUQLQJ&KHOL$LU)RUFH'HSRW 2SSRVLQJ$% 2SSRVLQJ$% $(QGRUVLQJ'RZQH\<RXWK(PSOR\PHQW6HUYLFH &RQILUP$VVHVVPHQWIRU,PSURYHPHQWRI'RZQH\$YH±$' $SSURYH3ODQV$FFHSW'HGLFDWLRQIRU5RDG(DVHPHQW%LUFKFUHVW 3DUDPRXQW 0HPRU\RI(:0RUULVRQ 5HLPEXUVHPHQWRI&RXQFLO([SHQVHV5HVFLQG5HVR 2UGHU&KDQJHV 0RGLILFDWLRQV$'±'RODQ$YH &RQILUP$VVHVVPHQW$'±'RODQ$YH $SSURYH$JUHHPHQWZ/$&RXQW\5RDG(DVHPHQW$'±3ULFKDUG6W $PHQG3HUVRQQHO0DQXDO3D\3ODQE\ $PHQG3HUVRQQHO0DQXDO3DUW 3URYLGH5DWHVRI&RPSHQVDWLRQIRU&HUWDLQ(PSOR\HHV5HVFLQG5HVR $GRSWLQJ$QQXDO%XGJHW)< &RPPHPRUDWH5HVRRI&RQWLQHQWDO&RQJUHVV)ODJ:HHN-XQH $GRSW3URM6WDWHPHQW([SHQGLWXUHRI)XQGVIRU6WUHHWV +LJKZD\V&RGH $SSURYH-RLQW8VH$JUHHPHQWZ6R&$(GLVRQ±%HQHGLFW$YH )DYRU6HOHFWLRQRI3HUPDQHQW6LWHIRU6(5HJLRQDO'LVWULFW&RXUW $SSURYH0DS$'±6L[WK6W /DNHZRRG%OYG $GRSW3URILOH3ODQ 6SHFVIRU$'±6L[WK6W /DNHZRRG%OYG 2UGHU,QYHVWLJDWLRQ5HSRUW$'±6L[WK6W /DNHZRRG%OYG $SSURYH,QYHVWLJDWLRQ5HSRUW6HW+HDULQJ$'±6L[WK6W /DNHZRRG%OYG 'HFODUH,QWHQWWR,PSURYH$'±6L[WK6W /DNHZRRG%OYG 8UJLQJ$SWRI)UDQN*%RQHOOLWR6WXG\&RPPLVVLRQRQ6HQDWH$SSRUWLRQPHQW (QGRUVH6R3DFLILF&RWR$FTXLUH&RQWURORI:HVWHUQ3DFLILF5DLOURDG&R $PHQG&LW\3HUVRQQHO5XOHVWR3URYLGHIRU(GXFDWLRQDO%HQHILWV $GRSW%XGJHWWR([SHQG6WDWH+LJKZD\)XQGWR&LWLHV)XQGV 5HTXHVW+LJKZD\7KUX&LWLHV$OORFDWLRQ±%URRNVKLUH$YH &RPPHQGLQJ'RZQH\(OHPHQWDU\6FKRRO%RDUG 3HUVRQQHO 5HTXHVWWR([SHQG&RXQW\$LGWR&LWLHV)XQGV±%HOOIORZHU%OYG 5HTXHVWWR([SHQG&RXQW\$LGWR&LWLHV)XQGV±)RVWHU5G 5HTXLUH$FTXLVLWLRQRI3URSIRU6WUHHW3XUSRVHV±)RVWHU5G :RRGUXII$YH 5(62/87,21,1'(; $VFHUWDLQ*HQHUDO3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUNLQ&LW\ 3URKLELW3DUNLQJ±%URRNVKLUH$YH $SSURYH0DS$'±'XQURELQ$YHQXH $GRSW3URILOH3ODQ 6SHFV$'±'XQURELQ$YHQXH 2UGHU,QYHVWLJDWLRQ5HSRUW$'±'XQURELQ$YHQXH $SSURYH,QYHVWLJDWLRQ5HSRUW6HW+HDULQJ$'±'XQURELQ$YHQXH 'HFODUH,QWHQWWR,PSURYH$'±'XQURELQ$YHQXH 5HTXLUH6WRSV±+DOHGRQ$YH'RZQH\6DQIRUG%ULGJH5G $SSURYH5XOHV 5HJXODWLRQRI/LEUDU\%RDUG5HODWLYHWR2YHUGXH%RRNV $XWKRUL]H8VHRI$FFHVV5LJKWV±%URRNVKLUH$YH7UDFW 'HWHUPLQH)HDVLELOLW\$'±6L[WK6W /DNHZRRG%OYG 2UGHU:RUN$'±6L[WK6W /DNHZRRG%OYG 'HWHUPLQH6DQLWDU\6HZHUV1HFHVVDU\$'±)RQWDQD6W $SSURYH0DS$'±)RQWDQD6W $GRSW3URILOH3ODQ 6SHFV$'±)RQWDQD6W 'HFODUH,QWHQW$'±)RQWDQD6W $SSURYH-RLQW3RZHUV$JUHHPHQWZ/$&RXQW\,PSURYHPHQWRI4XLOO'U ,Q0HPRU\RI'U-RVHSK/RFNKDUW&DPSEHOO 'HVLJQDWH&HUWDLQ%DQNVDV'HSRVLWRULHVRI&LW\)XQGV $XWKRUL]H$FTXLVLWLRQRI5LJKWVRI:D\±)RVWHU5G :RRGUXII$YH 2UGHU:RUN$'±)RQWDQD$YH $ZDUG&RQWUDFW$'±6L[WK6W /DNHZRRG%OYG 9DFDWH'UDLQDJH(DVHPHQW7UDFW1R $GRSW%XGJHWIRU([SHQGLWXUHRI6WDWH+LJKZD\)XQGWR&LWLHV 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±'RZQH\$YH )L[5DWHRI7D[HV)< )L[5DWHRI7D[HV)</LJKWLQJ'LVWULFWV 5HTXLUH$FTXLVLWLRQRI3URSIRU3XEOLF%OGJV±)LUH6WDWLRQ 2SSRVH([SHQGLWXUHRI&RXQW\*DV7D[)XQGVIRU8VHV2WKHU7KDQ6WUHHW&RQVW 5HTXLUH$FTXLVLWLRQRI3URSIRU6WUHHWV±&KHURNHH'U 'RZQH\$YH 'HVLJQDWH&LW\&OHUN 'LURI3XE:RUNV([HFXWH$JUPWV5LJKWVRI:D\ 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LW\¶V)XQGV±7UDIILF6LJQDO )L[LQJ$PRXQWWREH5DLVHGE\7D[DWLRQIRU)< $FFHSW$FFHVV5LJKWVIURP%RZPDQV,QF±%LUFKGDOH$YH 3URKLELW3DUNLQJ±&ROGEURRN$YH (VWDEOLVK3DUNLQJ/LPLWV±1DVK6W 3URKLELW3DUNLQJ±/DNHZRRG%OYG 5HTXLUH$FTXLVLWLRQ3URSHUW\IRU6WUHHWV±&KHURNHH'U 'RZQH\$YH 6WUHHW1DPH&KDQJH±)RVWHU%ULGJH5GWR6XYD6W 6WUHHW1DPH&KDQJH±'DOHZRRGWR1HZYLOOH$YH ,Q0HPRU\RI%OD\QH6+XWFKLVRQ $GRSW 6XEPLW%XGJHWIRU([SHQGLWXUHRI6WDWH+LJKZD\WR&LWLHV)XQGV 2SSRVH2UJDQL]HG*DPEOLQJLQ&LW\RI&XGDK\ $ZDUG&RQWUDFW$'±)RQWDQD6W 3URKLELW3DUNLQJ±6WHZDUW *UD\5G 5HTXLUH6WRSVDW,QWHUVHFWLRQV±%URRNVKLUH$YHQXH 5HTXLUH6WRSVDW,QWHUVHFWLRQV±&RUG6W 6DQGIRUG%ULGJH5G 8UJH7D[5HOLHIIRU&RQVWUXFWLRQRI)DOORXW6KHOWHUV $SSURYH0DS$'±+DOO5G $GRSW3URILOH3ODQ 6SHFV$'±+DOO5G ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±+DOO5G 6HW+HDULQJ$'±+DOO5G'HEW/LPLW 5(62/87,21,1'(; 'HFODUH,QWHQW$'±+DOO5G 5HTXHVWWR([SHQG&RXQW\$LGWR&LWLHV)XQGV±*DUGHQGDOH6W $XWKRUL]H$FTXLVLWLRQRI3URSHUW\±'DOHQ6WUHHW 2SSRVH$%¶V ±0HWURSROLWDQ&RPPLVVLRQVRU'LVWULFWV )LQG)HDVLELOLW\$'±'XQURELQ$YH 2UGHU:RUN$'±'XQURELQ$YH 6XEGLYLVLRQ7UDFW $FFHSW5HVLJQDWLRQRI&DUUROO'XQQXPDV&RXQFLOPDQ 0D\RU &RQGHPQLQJWKH6RYLHW8QLRQIRU5HVXPSWLRQRI1XFOHDU7HVWLQJ 6XEGLYLVLRQ7UDFW 6XEGLYLVLRQ7UDFW 5HTXLUH$FTXLVLWLRQRI3URSHUW\IRU6WUHHWV±%URRNVKLUH$YH $XWKRUL]H$FTXLVLWLRQ5LJKWVRI:D\±%URRNVKLUH$YH $ZDUG&RQWUDFW$'±'XQURELQ$YH &RPPHQG3ROLFH&KLHI,YDQ$5RELQVRQ 2EVHUYH1RYDV0HUF\:HHN 1RYDV0HUF\'D\ )LQGLQJRQ5HSRUWIRU$'±+DOO5G 2UGHU:RUN$'±+DOO5G &RPPHQG5LFKDUG*%DUKLWH3:'LUHFWRU $SSRLQW3ODQQLQJ&RPPLVVLRQ±-$UFK0RUULV $SSURYH3ODQV 6SHFV)LUHVWRQH%OYG(W$O6WRUP'UDLQ $XWKRUL]H3DUWLFLSDWLRQZ/$&RXQW\LQ&RRSHUDWLYH3XUFKDVLQJ3URJUDP 2SSRVH&RPPHUFLDOL]HG*DPEOLQJ ,Q0HPRU\5H[+'\HU-U 3URSRVH&KDQJHLQ:RUN$'±'XQURELQ$YH 2UGHU0RGLILFDWLRQV$'±'XQURELQ$YH ([WHQG$JUHHPHQWZ/$&RXQW\IRU3RXQG6HUYLFHV $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUN 2UGHU5HSRUW3XUVXDQWWR6WUHHW/LJKWLQJ$FWRI 2UGHU5HSRUW3XUVXDQWWR6WUHHW/LJKWLQJ$FWRI 6HW+HDULQJ3URSRVHG,PSURYHPHQW$QQH[&=RQH 6HW+HDULQJ3URSRVHG,PSURYHPHQW$QQH[&=RQH 'HFODUH,QWHQWWR,PSURYH/LJKWLQJ'LVWULFW$QQH[&=RQH 'HFODUH,QWHQWWR,PSURYH/LJKWLQJ'LVWULFW$QQH[&=RQH $SSRLQW3ODQQLQJ&RPPLVVLRQ±&KDUOHV%:KHHOHU &RPPHQG$VVLVWDQW&LW\0DQDJHU±*OHQQ.HQGDOO $ZDUG&RQWUDFW$'±+DOO5G 'HFODUH,QWHQWWR(QIRUFH'LYLVLRQ3DUW6WDWH+HDOWK 6DIHW\&RGH $GRSW2IILFLDO0DS$'±%ORGJHWW$YH $GRSW2IILFLDO0DS$'±)RQWDQD6W 6HOHFWLQJ0DMRU&LW\6WUHHWV $GRSW 6XEPLW%XGJHWWR([SHQG$OORFDWHG6WDWH+LJKZD\)XQGWR&LWLHV 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±'RZQH\$YH 3URSRVH&KDQJHLQ:RUN$'±6L[WK6W /DNHZRRG%OYG 5HTXHVW:LWKGUDZDORI7HUULWRU\)URP&RQVROLGDWHG6HZHU0DLQWHQDQFH'LVWULFW ([SUHVV$SSUHFLDWLRQWR&LW\RI*XDGDODMDUD0H[LFR 2UGHU0DLQWHQDQFHRI/LJKWLQJ)L[WXUHV$QQH[&=RQH 2UGHU0DLQWHQDQFHRI/LJKWLQJ)L[WXUHV$QQH[&=RQH 2UGHU0RGLILFDWLRQV$'±6L[WK6W /DNHZRRG%OYG $SSRLQW3ODQQLQJ&RPPLVVLRQ±:LOOLDP**UHHQH $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±+DUU\(6ORDQ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±&KDUOHV':RRGZRUWK 5(62/87,21,1'(; 8UJLQJ/$&RXQW\WR$GRSW0RUH(TXLWDEOH'LVWULEXWLRQRI+LJKZD\8VHUV7D[ )LQG1HFHVVLW\WR$FTXLUH3URSHUW\IRU6WUHHW3XUSRVHV±%URRNVKLUH$YH 5HTXHVW:LWKGUDZDORI7HUULWRU\)URP&RQVROLGDWHG6HZHU0DLQWHQDQFH'LVWULFW 5HTXHVW6HUYLFHVRI5HJLVWUDURI9RWHUVLQ*HQHUDO0XQLFLSDO(OHFWLRQ &RQILUP$VVHVVPHQW$'±6L[WK6W /DNHZRRG%OYG &DOOLQJ *LYLQJ1RWLFHWR+ROG*HQHUDO0XQLFLSDO(OHFWLRQ $XWKRUL]H&RQWUDFWZ6WDWH'HSWRI)LQDQFHIRU3RSXODWLRQ(VWLPDWH $GRSW%XGJHWWR([SHQG$OORFDWLRQ)URP6WDWH+LJKZD\)XQGWR&LWLHV 3URKLELW3DUNLQJ±+DOO5GUHVFLQGHGE\5HV +RQRULQJ6XSHUYLVRU)UDQN*%RQHOOL 5HFRPPHQG7RXUQDPHQWRI5RVHV&RPPHPRUDWLYH6WDPS 8UJLQJ5HWXUQRI³&KHOL$LU)RUFH%DVH´WR&KDQVORU:HVWHUQ2LO&RPSDQ\ $SSURYH5HYLVLRQVRI6DQ*DEULHO5LYHU)UHHZD\$JUHHPHQW $GRSW2IILFLDO0DS$'±'XQURELQ$YH 8QTXDOLILHG2SSRVLWLRQWR&LW\$OORFDWHG/LTXRU/LFHQVH5HYHQXHWR&RXQWLHV 8UJH*RYHUQRUWR,QFOXGH7HOHSKRQH*URVV5HFHLSWVLQ/LHX7D[DW/HJ6HVVLRQ 5HTXHVW$OORFDWLRQ)URP38&&URVVLQJ3URWHFWLRQ)XQG 5HTXLUH6WRSVDW,QWHUVHFWLRQV±&ROGEURRN$YH$GHQPRRU$YH+DOO5G &RPPHQG$FWLQJ'LUHFWRURI3XEOLF:RUNV/DJUDQG3/HDYLWW &RPPHQG$FWLQJ3XUFKDVLQJ$JHQW±/RXLVH.H\VHU 3URKLELW3DUNLQJ±)LIWK6W5HVFLQGHGE\5HVR &RQILUP$VVHVVPHQW$'±)RQWDQD6W $GRSW 6XEPLW%XGJHWWR([SHQG$OORFDWLRQ)URP6WDWH+LJKZD\)XQGWR&LWLHV 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI$GHQPRRU$YH 2UGHU9DFDWLRQRI3RUWLRQRI$GHQPRRU$YH $GRSW2IILFLDO0DS±'XHVOHU/DQH 'HFODUH5HVXOWVRI*HQHUDO0XQLFLSDO(OHFWLRQ+HOG &KDQJH6WUHHW1DPH±/DNHZRRG%OYG6HUYLFH5GWR7ULVWDQ'U &KDQJH6WUHHW1DPH±0RUWRQ6WWR&HQWXU\%OYG $GRSW 6XEPLW%XGJHWWR([SHQG6WDWH$OORFDWHG(QJLQHHULQJ)XQGV 6XEGLYLVLRQ7UDFW 2SSRVH,QFUHDVHLQ1RVRI%RDUGRI6XSHUYLVRUV/$&RXQW\ 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±'RZQH\$YH 3URFODLP0D\DV6HQLRU&LWL]HQV0RQWK $GRSW5HJXODWLRQVUH7DSH5HFRUGLQJVRI&RXQFLO0HHWLQJV±UHVFLQGHG1R  $SSURYH6WDWH6HQDWH5HDSSRUWLRQPHQW $SSRLQW'HSXW\'LUHFWRURI&LYLO'HIHQVH3XUFKDVLQJ$JHQW±(GZLQ73RZHOO $SSRLQW$GPLQLVWUDWLYH$VVLVWDQW)RUHVWHU±5REHUW5'H6LR 6HOHFW0DMRU&LW\6WUHHWLQ&LW\ 3URKLELW3DUNLQJ±'DOHQ6W 5HTXLUH6WRSVDW,QWHUVHFWLRQV±/DXUHOGDOH$YH3ULFKDUG6W 3URSRVH:RUN&KDQJH$'±'XQURELQ$YH $GRSW%XGJHWWR([SHQG$OORFDWLRQ)URP6WDWH+LJKZD\)XQGWR&LWLHV 2SSRVH)HGHUDO,QFRPH7D[DWLRQRI,QWHUHVW'HULYHG)URP3XEOLF%RQGV $SSRLQW3ODQQLQJ&RPPLVVLRQ±-RKQ.0RUULV 2UGHU0RGLILFDWLRQV$'±'XQURELQ$YH 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV±7HOHJUDSK5G $GRSW2IILFLDO0DS$'±+DOO5G 3URSRVH:RUN&KDQJH$'±+DOO5G $SSURYH0DS$'±%ORGJHWW$YH $GRSW3URILOH3ODQ 6SHFV$'±%ORGJHWW$YH 5(62/87,21,1'(; 2UGHU,QYHVWLJDWLRQ5HSRUW$'±%ORGJHWW$YH 6HW+HDULQJIRU5HSRUW$'±%ORGJHWW$YH 'HFODUH,QWHQWWR,PSURYH$'±%ORGJHWW$YH (QGRUVH3URSRQ%DOORW±([WHQG9$+RPH/RDQV &RQILUP$VVHVVPHQW$'±'XQURELQ$YH 2UGHU0RGLILFDWLRQVRI:RUN$'±+DOO5G 6HOHFW0DMRU&LW\6WUHHWV±5LYHV$YHQXH 3URKLELW3DUNLQJ±3DUDPRXQW%OYG 6WUHHW1DPH&KDQJH±:DVKEXUQ&URVVLQJ5GWR:DVKEXUQ5G 'HWHUPLQH2EVWUXFWLRQWR9LHZ 7UDIILF+D]DUGV1RW7R([FHHG´+HLJKW $PHQG3HUVRQQHO0DQXDO±3D\6FKHGXOH $PHQG3HUVRQQHO0DQXDO±3D\3ODQ 3URYLGH5DWHVRI&RPSHQVDWLRQ6SHFLDO&ODVVLILFDWLRQV5HVFLQG5HVR $GRSW$QQXDO%XGJHW)< $SSURYH$SSRLQWPHQW3ODQQLQJ&RPPLVVLRQ±(GZDUG+/HZLV $GRSW 6XEPLW%XGJHWWR([SHQG$OORFDWLRQ)URP6WDWH+LJKZD\)XQGWR&LWLHV 5HTXHVWWR([SHQG&RXQW\$LGWR&LWLHV)XQGVIRU6WUHHWV $SSURYH3URSRVHG5HYLVLRQV6DQ*DEULHO5LYHU)UHHZD\$JUHHPHQW 5HTXHVW'RZQH\&RXQW\:DWHU'LVWULFWWR7UDQVIHU5HFRUGV$VVHWVWR&LW\ )LQG)HDVLELOLW\$'±%ORGJHWW$YH 2UGHU:RUN$'±%ORGJHWW$YH &RQILUP$VVHVVPHQW$'±+DOO5G $SSURYH6WDWH¶V5HFRPPHQGDWLRQ±,QFUHDVH6SHHG/LPLWV/DNHZRRG%OYG 6HOHFW0DMRU&LW\6WUHHWV±&ODUN$YH2OG5LYHU6FKRRO5G $GRSW2IILFLDO0DS7UDFW±(XFDO\SWXV6W 3DUNLQJ/LPLWV±&DYHO6W±UHVFLQGHGE\1R (VWDEOLVK3ODQQLQJ&RPPLVVLRQ&RPSHQVDWLRQPWJQRWWR([FHHG PRQWK $SSRLQW/LEUDU\$GYLVRU\%RDUG±/6LGQH\&KDSPHQ $FFHSW*UDQW'HHG±/D5HLQD$YH $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±+HOHQ6DFKV 6XEGLYLVLRQ7UDFW $JUHHPHQWZ/$&RXQW\*UDQW(DVHPHQWIRU6WUHHW3XUSRVHV±&HQWXU\%OYG $JUHHPHQWZ/$&RXQW\'HYHORS 0DLQWDLQ3DUNLQJ)DFLOLW\ $SSRLQW/LEUDU\$GYLVRU\%RDUG±0DU\/RX:RRGV $ZDUG&RQWUDFW$'±%ORGJHWW$YH $SSURYH0DS$'±(XFDO\SWXV6W ,QVWLWXWH3URFHHGLQJV 2UGHU5HSRUW$'±(XFDO\SWXV6W 'HFODUH,QWHQWWR9DFDWH(DVHPHQWIRU5RDG3XUSRVHV3ODQHWW$YH &RQILUP$VVHVVPHQWIRU:HHG$EDWHPHQWRQ&HUWDLQ3URSHUWLHV $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±0LFKDHO.HDUQV )L[LQJ$PRXQWWREH5DLVHGE\7D[DWLRQ)< )L[7D[5DWHV)< )L[/LJKWLQJ'LVWULFW7D[5DWHV)< )L[7D[5DWHIRU3DUN5HFUHDWLRQ 3DUNZD\'LVW)< 'HFODUH,QWHQWWR9DFDWH6WUHHWIRU3XEOLF5G3XUSRVHV±)ORUHQFH$YH6UYF5G 'HFODUH,QWHQWWR9DFDWH(DVHPHQWIRU6HZHU3XUSRVHV±,PSHULDO %HOOIORZHU $XWKRUL]H$FTXLVLWLRQRI5LJKWVRI:D\±:RRGUXII$YH &RQJUDWXODWH)ULHQGVRIWKH'RZQH\/LEUDU\RQ7KLUG$QQLYHUVDU\RI6HUYLFH &RPPHQG)LUH&KLHI2IILFHUV 0HPEHUV &LWL]HQV¶)LUH$GYLVRU\&RPPLWWHH 2UGHU9DFDWLRQRI(DVHPHQW.QRZQ$V3ODQHWW$YH 2UGHU9DFDWLRQRI)ORUHQFH$YH6HUYLFH5GIRU3XEOLF5G3XUSRVHV 5(62/87,21,1'(; 2UGHU9DFDWLRQRI(DVHPHQWIRU6HZHU3XUSRVHV±%HOOIORZHU ,PSHULDO &RRSHUDWHZ/$&RXQW\WR3URYLGH$OO&LWLHV4XDOLI\IRU)LQDQFLDO$VVLVWDQFH )LQG1HFHVVDU\&RQVWUXFWLRQ6DQLWDU\6HZHUV$'±'XHVOHU/DQH $SSURYH0DS$'±'XHVOHU/DQH $GRSW3URILOH3ODQ 6SHFVIRU$'±'XHVOHU/DQH 'HFODUH,QWHQW$'±'XHVOHU/DQH ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'5HSHDO5HVR±(XFDO\SWXV6W $GRSW3URILOH3ODQ 6SHFVIRU$'±(XFDO\SWXV6W %LUFKGDOH$YH 6HW+HDULQJ'HEW/LPLW5HSRUW$'±(XFDO\SWXV6W %LUFKGDOH$YH 'HFODUH,QWHQW$'±'XHVOHU/DQH 'HFODUH,QWHQWWR9DFDWH)XWXUH 3ULYDWH6W/\LQJ1RUWKRI$GZHQ7UDFW 2UGHU9DFDWLRQRI)XWXUH 3ULYDWH6W/\LQJ1RUWKRI$GZHQ7UDFW 2UGHU:RUN$'±'XHVOHU/DQH$3ULYDWH6W 3URSRVH&KDQJHVLQ9HKLFOH3DUNLQJ'LVW 'LUHFW1RWLFHRI+HDULQJ$' 3URKLELW3DUNLQJ±:HVWHUQ$YH 5HVWULFW3DUNLQJ±7HOHJUDSK5G 3URSRVH:RUN&KDQJH$'±%ORGJHWW$YH )LQG)HDVLEOH$'±(XFDO\SWXV6W %LUFKGDOH$YH 'HFODUH,QWHQWWR,PSURYH$'±(XFDO\SWXV6W %LUFKGDOH$YH 2UGHU0RGLILFDWLRQVRI:RUN$'±%ORGJHWW$YH 3URSRVH&KDQJHV'LUHFW1RWLFHRI+HDULQJ5HVFLQG5HVR$' $SSURYH$JUHHPHQWZ&DOLIRUQLD'LYRI+LJKZD\V±6DQ*DEULHO5LYHU)UHHZD\ 6XEGLYLVLRQ7UDFW $ZDUG&RQWUDFW$'±'XHVOHU/DQHD3ULYDWH6WUHHW 3URKLELW3DUNLQJ±7HOHJUDSK5G 2UGHU:RUN$'±(XFDO\SWXV6W %LUFKGDOH$YH 3URSRVH&KDQJHV'LUHFW1RWLFHRI+HDULQJ$'±9HKLFOH3DUNLQJ'LVW 2SSRVH/HJLVODWLRQ3HUPLWWLQJ8VHRI3DUWLVDQ/DEHOVE\0XQLFLSDO2IILFH&DQG $XWKRUL]H6DOHRI5HDO3URSHUW\WR5D\1R[VHO 6XSSRUW/HJLVODWLRQIRU5HPRYDORI+DUPIXO)XPHVIURP*OXH±*OXH6QLIILQJ $SSURYH$FTXLVLWLRQRI$FUH6LWHIRU/RFDWLRQRI&RXQW\6XSHULRU&RXUW $PHQG'RZQH\&LW\3HUVRQQHO5XOHV 6XSSRUW3URJUDPRI*UHDWHU/$&KDSWHURI1DWLRQDO6DIHW\&RXQFLO $SSURYH$JPWZ&DOLIRUQLD'LYRI+Z\V±7UDIILF6LJQDO0RGLILFDWLRQ $GRSW2IILFLDO0DS7UDFW±'RQRYDQ6W $ZDUG&RQWUDFW$'±(XFDO\SWXV6W %LUFKGDOH$YH 2UGHU'LUHFWRURI3:WR0DNHD5HSRUW3XUVXDQWWR6WUHHW$FWLQJ$FWRI 'HFODUH,QWHQWWR$EDQGRQ'RZQH\&LW\/LJKWLQJ'LVWULFW 6HW+HDULQJIRU3URSRVHG,PSURYHPHQWV'HVFULEHGLQ5HVR2I,QWHQW 'HFODUH,QWHQWWR2UGHU/LJKWLQJ)L[WXUHVEH0DLQW±'RZQH\&LW\/LJKWLQJ'LVW 6HW+HDULQJIRU3URSRVHG$EDQGRQPHQW'HVFULEHGLQ5HVR2I,QWHQW )LQG&KDQJHV6KRXOGEH0DGH$'±9HKLFOH3DUNLQJ'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ±-RKQ.0RUULV &RQILUP$VVHVVPHQWIRU$'±%ORGJHWW$YH $GRSW3URILOH3ODQ 6SHFV$'±,]HWWD$YH $SSURYH0DS$'±,]HWWD$YH 'HFODUH,QWHQWWR,PSURYH$'±,]HWWD$YH 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI)DUP6W 0\UWOH6W7UDFW 5HTXHVW³+LJKZD\V7KURXJK&LWLHV´&RXQW\$LG)XQGVRQ%URRNVKLUH$YH 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV,PSHULDO+LJKZD\ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±%HUW3'X0DUV $VVXPH&RQWURO 0DQDJHPHQWRI&LW\RI'RZQH\:DWHU6\VWHP 5(62/87,21,1'(; &UHDWH:DWHU'LYLVLRQ:LWKLQWKH'HSDUWPHQWRI3XEOLF:RUNV (VWDEOLVK5DWHV5XOHVDQG5HJXODWLRQVIRUWKH6HUYLFHRI:DWHUE\WKH&LW\ 2UGHU$EDQGRQPHQWRI'RZQH\&LW\/LJKWLQJ'LVWULFW 2UGHU0DLQWHQDQFH &XUUHQWWREH)XUQLVKHG/LJKWLQJ'LVWULFW $VFHUWDLQ*HQHUDO3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUNLQ&LW\ )LQG1HFHVVDU\$FTXLVLWLRQRI3URSHUW\IRU6WUHHW3XUSRVHV±)LIWK6WUHHW )LQG1HFHVVDU\$FTXLVLWLRQRI3URSHUW\IRU6WUHHW3XUSRVHV±'RZQH\$YH $XWKRUL]H&RQWULEXWLRQVIRU:RUN$'±,]HWWD$YH 6XSSRUW2SSRVLWLRQWR07$VXEVLG\±6XSHUYLVRU)UDQN*%RQHOOL $PHQG3HUVRQQHO6FKHGXOHRI3XEOLF:RUNV'HSW%XGJHW 2YHUUXOH$OO3URWHVWV5HODWLYHWR$' 2UGHU:RUN$'±,]HWWD$YH 3URKLELW3DUNLQJ±6WHZDUW *UD\5G%URRNVKLUH$YH%HOOIORZHU%OYG 3DUDPRXQW%OYG)DLUIRUG$YH*DUILHOG$YH 5HVWULFW3DUNLQJ±%URRNVKLUH$YH /DNHZRRG%OYG &UHDWH5HYROYLQJ)XQGIRU&RQVWUXFWLRQ,PSURYHPHQWVRI6WUHHWV 2SSRVH6HQDWH%LOO±3DUNLQJ0HWHU5HYHQXHV 6XSSRUW6HQDWH%LOO±$GGLWLRQDOFHQW*DV7D[ 5HYLVLRQFHQW5HT $GRSW3URILOH3ODQ 6SHFVIRU$'±'RQRYDQ6W %LUFKGDOH$YH $SSURYH0DS$''RQRYDQ6W %LUFKGDOH$YH ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$''RQRYDQ6W %LUFKGDOH$YH 6HW+HDULQJIRU5HSRUWRQ$''RQRYDQ6W %LUFKGDOH$YH 'HFODUH,QWHQWWR,PSURYH$''RQRYDQ6W %LUFKGDOH$YH )LQG1HFHVVDU\$FTXLVLWLRQRI3URSIRU6WUHHWV5HVFLQG5HVR'RZQH\$Y $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWR&LW\ 3URKLELW3DUNLQJ±)ORUHQFH$YH 5HTXLUH6WRSV±,QWHUVHFWLRQRI%URRNVKLUH$YH (XFDO\SWXV6W 6XSSRUW$%5HODWLYHWR&ULPLQDO3URFHGXUH 6XSSRUW$%5HODWLYHWR&ULPLQDO3URFHGXUH 2SSRVH6%5HODWLYHWR)RUELG0HUJHURI)LUH 3ROLFH6LQJOH'HSW+HDG 2SSRVH$%5HODWLYHWR)LUHPHQ¶V/HDYHVRI$EVHQFH 2SSRVH$%5HODWLYHWR0D[LPXP+RXUVRI)LUHPHQ 2SSRVH$%5HJDUGLQJ3XE(PSOR\HHV3ROLWLFDO$FWLYLWLHV 2SSRVH$%5HODWLYHWR)LUHPHQ¶V&LYLO6HUYLFH6\VWHPV 2SSRVH$%5HODWLYHWR3ROLWLFDO$FWLYLWLHVRI3XEOLF(PSOR\HHV 2SSRVH$%5HODWLYHWR3ROLWLFDO$FWLYLWLHVRI3XEOLF(PSOR\HHV 6XEGLYLVLRQ7UDFW±%DUOLQ$YH &HQWXU\%OYG (VWDEOLVK3DUNLQJ/LPLWV±%R\QH6W 'HFODUH,QWHQWWR,PSURYH$'±'RQRYDQ6W (QGRUVH$%±6SHFLDO$VVHVVPHQW3URFHHGLQJV 6XSSRUW/HJLVODWLRQ5HJXODWLQJ'HJUHHRI'HJUDGDELOLW\RI6\QWKHWLF'HWHUJHQWV $XWKRUL]H&RQWUDFWZ'HSWRI)LQDQFHRI&DOLIRUQLDIRU3RSXODWLRQ(VWLPDWH $XWKRUL]H,QVSHFWLRQRI6DOHV 8VH7D[5HFRUGV $SSURYH$JUHHPHQWIRU0DLQWHQDQFHRI6WDWH+LJKZD\VLQ&LW\ &RQILUP$VVHVVPHQW$''XHVOHU/DQHD3ULYDWH6WUHHW 6HOHFW0DMRU&LW\6WUHHWVLQ&LW\±6XYD6W 2SSRVH$%5HODWLQJWR6SHHG=RQH3DYHPHQW0DUNLQJV 2SSRVH/HJLVODWLRQ3HUPLWWLQJ8VHRI3DUWLVDQ/DEHOVE\&DQGLGDWHVIRU(OHFWLRQ 2SSRVH/HJLVODWLRQ3HUPLWWLQJ8VHRI3DUWLVDQ/DEHOVE\&DQGLGDWHVIRU(OHFWLRQ 2SSRVH6WDWH,QWHUYHQWLRQLQ)RUPDWLRQRI/RFDO$JHQFLHV 2SSRVH6WDWH,QWHUYHQWLRQLQ8UEDQ$IIDLUV 2SSRVH6WDWH,QWHUYHQWLRQLQ/RFDO$JHQF\$QQH[DWLRQ 5(62/87,21,1'(; 2SSRVH6HJUHJDWLRQRI6WDWH,QWR5HJLRQDO3ODQQLQJ'LVWULFWV 2SSRVH6WDWH*UDQWVWR3XEOLF/LEUDULHV 2SSRVH8QZDUUDQWHG/LEHUDOL]DWLRQRI:RUNPDQ¶V&RPS%HQHILWV 8UJH(TXDOL]DWLRQRI0D\R%UHHG)RUPXODIRU*DVROLQH7D[HV $ZDUG&RQWUDFW$'±,]HWWD$YH &RPPHQG'86'3DUHQW*URXSV &RRUGLQDWLQJ&RXQFLO±-XQLRU&ROOHJH 3URKLELW3DUNLQJ±%HOOIORZHU%OYG 5HTXLUH6WRSV±,QWHUVHFWLRQRI6HFRQG6W 'RODQ$YH 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI%URRNVKLUH$YH7UDFW 6HW+HDULQJIRU5HSRUW$'±'RQRYDQ6W %LUFKGDOH$YH 2UGHU5HSRUWE\'LU2I3XEOLF:RUNV±6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR2UGHU0DLQWDLQ/LJKWLQJ)L[WXUHV±/'$QQH[$=RQH$UHD 6HW+HDULQJ3URSRVHG,PSURYHPHQWLQ5HVR/'$QQH[$=RQH$UHD 2UGHU5HSRUWE\'LU2I3XEOLF:RUNV±6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQW2UGHU0DLQWDLQ/LJKWLQJ)L[WXUHV±/'$QQH[$=RQH$UHD 6HW+HDULQJIRU5HVR/'$QQH[$=RQH$UHD 2UGHU5HSRUWE\'LU2I3XEOLF:RUNV±6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQW2UGHU0DLQWDLQ/LJKWLQJ)L[WXUHV/'$QQH[$=RQH$UHD 6HW+HDULQJ3URSRVHG,PSURYHPHQWLQ5HVR/'$QQH[$=RQH$UHD 2SSRVH$%±%XLOGLQJ,QVSHFWLRQV 2SSRVH$%±&ROOHFWLYH%DUJDLQLQJ 2SSRVH$% ±8QHPSOR\PHQW,QVXUDQFH 2SSRVH$%±=RQLQJ9DULDQFHV 2SSRVH6%±*UDGH&URVVLQJ3URWHFWLRQ 2UGHU0DLQWHQDQFHRI/LJKWLQJ)L[WXUHV±/'$QQH[$=RQH$UHD 2UGHU0DLQWHQDQFHRI/LJKWLQJ)L[WXUHV±/'$QQH[$=RQH$UHD )LQG)HDVLELOLW\$'±'RQRYDQ6W %LUFKGDOH$YH 2UGHU:RUN$'±'RQRYDQ6W %LUFKGDOH$YH 2UGHU9DFDWLRQ3RUWLRQRI%URRNVKLUH$YH7UDFW &RQILUP$VVHVVPHQW$'±(XFDO\SWXV6W %LUFKGDOH$YH $XWKRUL]H$FFHVV5LJKWV'HGLFDWHGWR&LW\±)ORUHQFH$YH 6XSSRUW$%$PHQGPHQW 6HQDWH&RQVW$PHQGPHQW&RQIOLFWLQJ/DZV 6XSSRUW6HQDWH&RQVW$PHQGPHQW±(TXLWDEOH$QQXDO7D[7HOHSKRQH&R 6XSSRUW6%±7ULSOLFDWH1DUFRWLF3UHVFULSWLRQV 2SSRVH$%±3URKLELWV/RFDO,QFRPH7D[HV 2SSRVH6%±'LYLVLRQRI6WDWH+LJKZD\)XQGV$PRQJ&RXQW\*URXSV 2SSRVH6%±$GYHUWLVLQJ'LVSOD\V9LHZRI3XEOLF+LJKZD\V 2SSRVH$%±&UHDWLQJ&HQWUDOL]HG/$&RXQW\&RXUWV$GPLQ'LVWULFW 2SSRVH$% 6% ±0HUJLQJ:DWHU'LVWULFWV 2SSRVH6%±$QQH[DWLRQRI0XQLFLSDO:DWHU'LVWULFWV 6XSSRUW$%±3HQDOW\$VVHVVPHQWV 6XSSRUW6%±:LWKGUDZDORI$UHD:LWKLQ3DUNV 5HF'LVW3DUWRI&LW\ 2SSRVH$%±5HTXLUHPHQWVIRU:LWKGUDZDORI$Q\3DUWRI5HF'LVW (VWDEOLVK)HHVIRU)LQJHUSULQWLQJ $GRSW0DS3RUWLRQRI5DQFKR6DQWD*HUWUXGHV±(YHUHVW6W %URRNVKLUH$YH 5HTXHVW3ODQV6SHFV (VWLPDWHV$'±6WDPSV$YH:DWHU0DLQV 5HTXHVW([SHQGLWXUHRI&RXQW\$LGWR&LWLHV)XQGV9DULRXV6WUHHWVLQ&LW\ $GRSW 6XEPLW%XGJHWIRU([SHQGLWXUHRI)XQGV6WDWH+LJKZD\WR&LWLHV $GRSW 6XEPLW%XGJHWIRU([SHQGLWXUHRI6WDWH$OORFDWHG(QJLQHHULQJ)XQGV $PHQG3HUVRQQHO5XOHV±3URYLGH&RPSHQVDWLRQ3DUW7LPH0RWRU6ZHHSHU 2SHU $PHQG3HUVRQQHO0DQXDO±3URYLGH$GGLWLRQDO+ROLGD\³/LQFROQ¶V%LUWKGD\´ 5(62/87,21,1'(; $PHQG3HUVRQQHO0DQXDO±&ODVV7LWOHV $PHQG3D\3ODQDV$GRSWHGLQ3HUVRQQHO0DQXDO 3URYLGH5DWHVRI&RPSHQVDWLRQIRU(PSOR\HHV5HVFLQG5HVR $GRSW%XGJHW)<)L[/LPLWV([SHQGLWXUHV $SSRLQW/LEUDU\$GYLVRU\%RDUG±-RH*OHQQ&RVV 3URKLELW3DUNLQJ±)LUHVWRQH%OYGUHVFLQGHGE\5HVR $SSRLQW/LEUDU\$GYLVRU\%RDUG±'U%HQ3DFKHFR $SSRLQW0DLQWHQDQFH)RUHPDQ±0LFKDHO)R[ 6XEGLYLVLRQ7UDFW $GRSW0DS3RUWLRQRI5DQFKR6DQWD*HUWUXGHV 6HOHFW0DMRU&LW\6WUHHW±7KLUG6W:RRGUXII$YH ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±5HJHQWYLHZ$YH 5HTXHVW5RXWH$GRSWLRQ5WH)UHHZD\WHUPLQDWHDW&HQWUDO$YH &UHDWH5HYROYLQJ)XQG,PSUYPWV5LJKWVRI:D\UHVFLQGUHVFLQGHG (VWDEOLVK3DUNLQJ/LPLWV±%URRNVKLUH$YH $ZDUG&RQWUDFW$'±'RQRYDQ6W %LUFKGDOH$YH $VFHUWDLQ*HQHUDO3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUNLQ&LW\ 'LUHFW&LW\&OHUNWR&RUUHFW&OHULFDO(UURULQ2UGLQDQFH &RQILUP$VVHVVPHQW$'±,]HWWD$YH $GRSW0DS3RUWLRQRI5DQFKR6DQWD*HUWUXGHV±5HJHQWYLHZ 'RZQH\1RUZDON 3URKLELW3DUNLQJ±)LUHVWRQH%OYGUHVFLQGHGE\5HVR 5HTXHVW*RYHUQRU$SSURYH6%±&DOLIRUQLD&ROOHJHRI0HGLFLQH8& 6HW+HDULQJIRU5HSRUW$'±5HJHQWYLHZ$YH $SSURYH0DS$'±5HJHQWYLHZ$YH $GRSW3URILOH3ODQ 6SHFVIRU$'±5HJHQWYLHZ$YH 'HFODUH,QWHQWWR,PSURYH$'±5HJHQWYLHZ$YH $FFHSW*UDQW'HHG 'LUHFW5HFRUGDWLRQ7KHUHRI±0DUJDUHW:LOVRQ0DQQLQJ $SSURYH3ODQV6SHFVIRU$'±'HPR%XLOGLQJ9HKLFOH3DUNLQJ'LVW $GRSW 6XEPLW%XGJHWIRU([SHQGLWXUHRI)XQGVIURP6WDWH+LJKZD\)XQG $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWR&LW\±%URRNVKLUH$YH $GRUHH6W 2SSRVH$QQH[DWLRQRI'86'WRWKH&RPSWRQ-XQLRU&ROOHJH'LVWULFW $SSRLQW5HSWR%RDUGRI7UXVWHHVRI6RXWKHDVW0RVTXLWR$EDWHPHQW'LVWULFW )LQG)HDVLELOLW\$'±5HJHQWYLHZ$YH 2UGHU:RUN$'±5HJHQWYLHZ$YH $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±-RKQ&6LPV $GRSW%XGJHWIRU([SHQGLWXUHRI)XQGV6WDWH+LJKZD\)XQGWR&LWLHV $GRSW0DS3RUWLRQRI%L[E\¶V6XEGLYLVLRQ±%DUOLQ$YH $GRSW0DS3RUWLRQRI5DQFKR6DQWD*HUWUXGHV±5XWJHUV$YH 5HTXHVW6SHFLDO'HSRVLWIRU,PSURYHPHQW&HGDUWUHH5G 6HOHFW0DMRU&LW\6WUHHWV±7ZHHG\/DQH*DOODWLQ5G $ODPHGD6W 'HWHUPLQH7KDWD3RUWLRQRI&RVWVIRU9HKLFOH3DUNLQJ'LVWWREH3DLGE\&LW\ $GRSW3URILOH3ODQ 6SHFVIRU2II6WUHHW3DUNLQJ/RWV$' )LQG1HFHVVDU\$FTXLVLWLRQ&RQVWUXFWLRQ0XQLFLSDO,PSURYHPHQW±+RVSLWDO &DOO6SHFLDO0XQLFLSDO(OHFWLRQ )L[$PRXQWWREH5DLVHGE\7D[HV)< )L[7D[5DWHIRU)< )L[7D[5DWHIRU)<IRU/LJKWLQJ'LVWULFWV )L[7D[5DWHIRU3DUN5HFUHDWLRQ 3DUNZD\'LVWIRU)< 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI)LUHVWRQH%OYG 3DQJERUQ$YH $SSURYH3ODQV 6SHFVIRU'HPRRI%XLOGLQJV$' $FFHSW,PSRVLWLRQRI$GGLWLRQDO+LJKZD\8VHUV7D[ )HHV $GRSW0DSIRU3RUWLRQRI%L[E\¶V6XEGLYLVLRQ±%L[OHU$YH 5(62/87,21,1'(; $ZDUG&RQWUDFW$'±5HJHQWYLHZ$YH 3URKLELW6WRSSLQJ±$UGLV$YH5HVFLQG5HVR $SSURYH0DS$'±%URRNVKLUH$YH $GRSW3URILOH3ODQ 6SHFVIRU$'±%URRNVKLUH$YH ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±%URRNVKLUH$YH 6HW+HDULQJIRU5HSRUW$'±%URRNVKLUH$YH 'HFODUH,QWHQWWR$FTXLUH5LJKWVRI:D\$'±%URRNVKLUH$YH 6HW+HDULQJWR$FTXLUH5LJKWVRI:D\$'±%URRNVKLUH$YH $SSURYH'HVWUXFWLRQRI&HUWDLQ5HFRUGV:LWKLQ3ROLFH'HSDUWPHQW 2UGHU9DFDWLRQRI)LUHVWRQH%OYG 3DQJERUQ$YH $XWKRUL]H&RQWULEXWLRQE\&LW\$'±'RQRYDQ6W %LUFKGDOH$YH &RQILUP$VVHVVPHQW$''RQRYDQ6W %LUFKGDOH$YH &RPPHQG6XSHUYLVRU)UDQN*%RQHOOL±3ULYDWH(QWHUSULVH)LQDQFLQJ07$ 5HTXHVW6SHFLDO'HSRVLWIRU&RQVWUXFWLRQRI'ULYHZD\V±6PDOOZRRG 6DPROLQH 'HWHUPLQH 'HFODUH&HUWDLQ3URSHUW\1RW1HHGHGIRU3XEOLF3XUSRVH 'HFODULQJ5HVXOWVRI6SHFLDO0XQLFLSDO(OHFWLRQ+RVSLWDO 'HFODULQJ5HVXOWVRI6SHFLDO0XQLFLSDO(OHFWLRQ±+RVSLWDO%RQGV 5HVFLQG5HVR¶V 7HUPLQDWH3URFHHGLQJV$' ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±%URRNVKLUH$YH 6HW+HDULQJIRU5HSRUW$'±%URRNVKLUH$YH 'HFODUH,QWHQWWR$FTXLUH5LJKWVRI:D\$'±%URRNVKLUH$YH 6HW+HDULQJWR$FTXLUH5LJKWVRI:D\$'±%URRNVKLUH$YH $SSURYH$JUHHPHQWZ6RXWKHUQ3DFLILF&R±5HJHQWYLHZ$YH%. $SSURYH$JUHHPHQWZ&$'LYLVLRQRI+LJKZD\V±:LGHQLQJRI)ORUHQFH$YH $SSURYH$JUHHPHQWIRUWKH3XUFKDVHRI6WDWH¶V7LWOHWR&HUWDLQ/DQGV $GRSWD*HQHUDO3ODQ *HQHUDO3ODQ0DS (VWDEOLVK3DUNLQJ5HVWULFWLRQV3XEOLF3DUNLQJ/RWV$'±9HK3UNJ'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ±-$UFK0RUULV 'HFODUH,QWHQWWR9DFDWH6ORSH(DVHPHQWRQ6XYD6W:HVWRI%OXII5G 5HTXHVW$OORFDWLRQIURP38&&URVVLQJ3URWHFWLRQ)XQG±5HJHQWYLHZ$YH 6XEGLYLVLRQ7UDFW1R±%UXQDFKH 2UL]DED 6XEGLYLVLRQ7UDFW1R±%URRNVKLUH $ODPHGD 5HVFLQG$ZDUGRI%LGWR6XOO\0LOOHU&RQWUDFWLQJ&RIRU&& $SSURYH3ODQV 6SHFVIRU$'±9HK3UNJ'LVW3DUNLQJ$UHD ,QWHQWWR$SSURYH$PHQGPHQWWR&RQWUDFWZ6WDWH(PSOR\HH¶V5HWLUHPHQW6\V $PHQG3HUVRQQHO0DQXDO$OORZ3ROLFH )LUH(LJKW'D\VRIILQ/LHXRI+ROLGD\ $FTXLUH3URSHUW\DW6HFRQG /D5HLQDIRU2II6WUHHW3DUNLQJ )LQG)HDVLELOLW\$FTXLUH5LJKWVRI:D\$'±%URRNVKLUH$YH $FTXLUH1HFHVVDU\5LJKWVRI:D\$'±%URRNVKLUH$YH 2UGHU(PLQHQW'RPDLQ3URFHHGLQJV5LJKWVRI:D\$'±%URRNVKLUH$YH $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV7R%H3DLGRQ3XEOLF:RUN $GRSW 6XEPLW%XGJHWIRU([SHQGLWXUHRI6WDWH+LJKZD\)XQGWR&LWLHV)XQGV :DLYH6HZHU&RQQHFWLRQ&KDUJHVIRU&HUWDLQ3URSHUWLHV 'HFODUH,QWHQWWR9DFDWH'UDLQDJH(DVHPHQW3KOR[6WUHHW 6XSSRUW+ROLGD\6DIHW\3URJUDP8UJH&LWL]HQVWR3UHYHQW$FFLGHQWV &UHDWH:DWHU'LYLVLRQLQ'HSWRI3XE:RUNV5HVFLQG5HVR $GRSW%XGJHWIRU:DWHU)XQG3HULRG7KURXJK-XQH 2UGHU&LW\(QJLQHHUWR)XUQLVK3ODQV 6SHFV$'±6WDQEULGJH$YH $GRSW3URILOH3ODQ 6SHFVIRU$'±6WDQEULGJH$YH $SSURYH0DS$'±6WDQEULGJH$YH 'HFODUH,QWHQWWR,PSURYH$'±6WDQEULGJH$YH &RPPHQG0DULH&RIIH\RQ5HWLULQJDV(GLWRURI6RXWKHDVW1HZV 5(62/87,21,1'(; $SSRLQW'HSXW\'LU2I&LYLO'HIHQVH±6U$GPLQ$VVW±'RQDOG%5RELVRQ $SSURYH $XWKRUL]H5HSUHVHQWDWLYHVWR6LJQIRU $FFHSW6XUSOXV)HG3URS 2UGHU9DFDWLRQRI6ORSH(DVHPHQW±6XYD6WZHVWRI%OXII5G 2UGHU5HSRUWE\'LU2I3XEOLF:RUNV±6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR0DLQWDLQ/LJKWLQJ)L[WXUHV±/'$QQH[$=RQH 6HW+HDULQJIRU,PSURYHPHQWV'HVFULEHGLQ5HVR/'$QQH[$=RQH 2UGHU5HSRUWE\'LU2I3XEOLF:RUNV±6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR0DLQWDLQ/LJKWLQJ)L[WXUHV±/'$QQH[ 6HW+HDULQJIRU,PSURYHPHQWV'HVFULEHGLQ5HVR/'$QQH[ $FFHSW2IIHURI'HGLFDWLRQDV3XE+Z\±5XWJHUV$YHQXH)XWXUH6W 2UGHU&LW\(QJLQHHUWR)XUQLVK3ODQV 6SHFV$'±5XWJHUV$YH $SSURYH0DS$'±5XWJHUV$YH $GRSW3URILOH3ODQ 6SHFV)RU$'±5XWJHUV$YH ,QVWLWXWH3URFHHGLQJV 2UGHU5HSRUW$'±5XWJHUV$YH 6HW+HDULQJIRU5HSRUW$'±5XWJHUV$YH 'HFODUH,QWHQW$'±5XWJHUV$YH $PHQG3HUVRQQHO0DQXDO±3ROLFH )LUHPHQ'D\VLQ/LHXRI+ROLGD\V +RXU3DUNLQJ/LPLWV±)LUHVWRQH%OYG±UHVFLQGHG1R 2UGHU9DFDWLRQRI'UDLQDJH(DVHPHQW±3KOR[6W 2UGHU0DLQWHQDQFHRI/LJKWLQJ)L[WXUHV±/'$QQH[ 2UGHU0DLQWHQDQFHRI/LJKWLQJ)L[WXUHV±/'$QQH[$=RQH 2UGHU:RUN$'±6WDQEULGJH$YH $XWKRUL]H&RQWULEXWLRQE\&LW\$'±5XWJHUV$YH 2UGHU&LW\(QJLQHHUWR)XUQLVK3ODQV 6SHFV$'±%DUOLQ *DUGHQGDOH $SSURYH0DS$'±%DUOLQ *DUGHQGDOH $GRSW3URILOH3ODQ 6SHFV$'±%DUOLQ *DUGHQGDOH 'HFODUH,QWHQWWR,PSURYH$'±%DUOLQ *DUGHQGDOH 5HTXHVW/$&RXQW\6HUYLFHVIRU*HQHUDO0XQLFLSDO(OHFWLRQ $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWR&LW\ $PHQG3HUVRQQHO0DQXDO±&ODVVLI\:DWHU'LY(PS5HVFLQG5HVR 8UJH3DVVDJHRI6KHOWHU,QFHQWLYH'HYHORSPHQW%LOO +5  2UGHU'LDJUDPRI$FTXLVLWLRQRI3URS±9HK3UNJ'LVW 'HWHUPLQH3RUWLRQRI&RVWVIRU9HK3UNJ'LVWWREH,QFXUUHGE\&LW\ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±*XDQR&XOZHOO )LQG=&6KRXOGEH'HQLHG $XWKRUL]H&HUWDLQ(PSOR\HHV$FFHSWD&RPELQDWLRQRI6XUSOXV3URS 3URKLELW3DUNLQJ±%HOOIORZHU%OYG,PSHULDO+Z\ $PHQG5HVR$GG6HFWLRQ$ $XWKRUL]H,VVXDQFH 6DOHRI%RQGV$'±%URRNVKLUH$YH &DOOLQJ *LYLQJ1RWLFHRI*HQHUDO0XQLFLSDO(OHFWLRQ ,QYLWH3UHVLGHQW-RKQVRQ 3UHVLGHQW0DWHRVWR3DUWLFLSDWHLQ6LVWHU&LWHVRQ9LVLW 2UGHU:RUN$'±%DUOLQ *DUGHQGDOH )LQG)HDVLELOLW\$'±5XWJHUV$YH 2UGHU:RUN$'±5XWJHUV$YH $ZDUG&RQWUDFW$'±6WDQEULGJH$YH $GRSWD6HOHFW6\VWHPRI6WUHHWV $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWRWKH&LW\ 5HTXHVW6WDWH/HJLVODWXUHWR$PHQG&ROOLHU8QUXK/RFDO7UDQVS'HY$FW $XWKRUL]H6DOHRI%RQGV$'±%URRNVKLUH$YH $XWKRUL]H$FTXLVLWLRQRI5LJKWVRI:D\±7HOHJUDSK5G $GRSW$PHQGPHQWWR*HQHUDO3ODQ0DS $2SSRVH$%±'UDVWLF&KDQJHVRI6FKRRO'LVWULFWV 5(62/87,21,1'(; 'HFODUH6XSSRUWRI'RZQH\+RVSLWDO 'HWHUPLQH1HFHVVDU\$FTXLUH&RQVWUXFW0XQLFLSDO,PSURYHPHQW±+RVSLWDO%QG 5HTXHVW%RQG(OHFWLRQWR&RQVROLGDWHZ/$&RXQW\6WDWHZLGH3ULPDU\ $ZDUG&RQWUDFW$'±%URRNVKLUH$YH 'HFODUH,QWHQWWR9DFDWH:DWHU0DLQ(DVHPHQW±6WRQHZRRG6KRSSLQJ&HQWHU $XWKRUL]H&RQWULEXWLRQ$'±9HKLFOH3DUNLQJ'LVW &RQILUP$VVHVVPHQW$'±9HKLFOH3DUNLQJ'LVWULFW 2UGHU9DFDWLRQRI:DWHU0DLQ(DVHPHQW±6WRQHZRRG6KRSSLQJ&HQWHU $XWKRUL]H&HUWDLQ0HPEHUVWR)LOHD:ULWWHQ$UJXPHQWIRU&LW\0HDVXUH 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI%\HUV6W7UDFW 'HFODUH&HUWDLQ3XEOLF3URSHUW\1RW1HHGHGIRU3XEOLF3XUSRVH &RQILUP$VVHVVPHQWIRU,PSURYHPHQW3URM±3DWWRQ5G )LQG1HFHVVDU\$FTXLUH&HUWDLQ3URSHUWLHVIRU+RVSLWDO3XUSRVHV $ZDUG&RQWUDFW$'±%DUOLQ$YH *DUGHQGDOH$YH 5HTXLUHV6WRSV±,QWHUVHFWLRQRI'RZQH\$YH )LIWK6W $SSRLQW3HUVRQQHO%RDUG±-DFN*DUODQG 'HFODUH5HVXOWVRI*HQ0XQLFLSDO(OHFWLRQ±'LVWULFWVDQG $SSURYH$JUHHPHQWIRU0DLQWHQDQFHRI6WDWH+LJKZD\VLQWKH&LW\ 3URKLELW3DUNLQJ±%URRNVKLUH$YH5HVFLQG5HVR WK &RQJUDWXODWH/$6HFWLRQRI$PHULFDQ6RFLHW\RI&LYLO(QJLQHHUV$QQLY $GRSW0DS3RUWLRQRI5DQFKR6DQWD*HUWUXGHV±0DUJDUHW6W $ZDUG&RQWUDFW$'±5XWJHUV$YH $GRSW5XOHVIRU:DWHU0DLQ([WHQVLRQV &DOOIRU6HDOHG%LGVRQ%RQGV±9HKLFOH3DUNLQJ'LVWULFW $SSURYH (QGRUVH$IILOLDWLRQZ&HUULWRV-XQLRU&ROOHJH'LVWULFW 2UGHU9DFDWLRQRI3RUWLRQRI%\HUV6W7UDFW &RQILUP$VVHVVPHQW&KDS3URFHHGLQJV,PS3URM±%HOOIORZHU%OYG 5HTXHVW+LJKZD\V7KURXJK&LWLHV&RXQW\$LG)XQGV±'RZQH\$YH 5HTXHVW+LJKZD\V7KURXJK&LWLHV&RXQW\$LG)XQGV±%URRNVKLUH$YH $PHQG3HUVRQQHO0DQXDO6DWXUGD\+ROLGD\V &RQILUP$VVHVVPHQW$'±5HJHQWYLHZ$YH &RPPHQG-(GJDU+RRYHU'LU2I)HGHUDO%XUHDXRI,QYHVWLJDWLRQ<UV (VWDEOLVK+RXU3DUNLQJ/LPLWV±0HOYD6W±UHVFLQGHGE\ $XWKRUL]H5HQHZDORI&RQWUDFWZ/$&RXQW\±3HUIRUPDQFHRI*HQ6HUYLFHV $XWKRUL]H6DOHRI%RQGV$'±9HKLFOH3DUNLQJ'LVWULFW &RQILUP$VVHVVPHQWRI&KDS3URFHHGLQJV,PS3URM±'RZQH\$YH 'HFODUH&&$&DQ%H3HUIRUPHG0RUH(FRQRPLFDOO\E\'D\/DERU $XWKRUL]H$FTXLUH5LJKWVRI:D\±,PSHULDO+Z\ 3DUDPRXQW%OYG $XWKRUL]H$JUHHPHQW±3HGHVWULDQ2YHUFURVVLQJ7ZHHG\/DQH )UZ\ )LQG1HFHVVDU\$FTXLUH3URSHUW\IRU6WUHHW3XUSRVHV±3DUDPRXQW%OYG 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI1DGD6W 'HFODUH,QWHQWWR9DFDWH6HZHU(DVHPHQW±(DVWHUO\IURP7ZHHG\/DQH 2UGHU3ODQV 6SHFV$'±%L[OHU$YH $SSURYH0DS$'±%L[OHU$YH $GRSW3URILOH3ODQ 6SHFV$'±%L[OHU$YH ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±%L[OHU$YH 2UGHU3ODQV 6SHFVIRU$'±0DUJDUHW6W $SSURYH0DS$'±0DUJDUHW6W ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±0DUJDUHW6W $SSRLQW/LEUDU\$GYLVRU\%RDUG±0UV-DPHV.QR[ (VWDEOLVK5DWHV5XOHV 5HJXODWLRQVIRU:DWHU6HUYLFH5HVFLQG5HVR %XGJHWIRUIXQGVIURP6WDWH+LJKZD\)XQGWR&LWLHV 5(62/87,21,1'(; $GRSW 6XEPLW%XGJHW([SHQGLWXUHRI)XQGVIURP6WDWH+LJKZD\)XQG 5HTXHVW$SSURSULDWLRQ 3D\PHQWE\/$&RXQW\0DLQWHQDQFH6WUHHWV $PHQG3HUVRQQHO0DQXDO7DEOH,3D\3ODQ±&ODVVLILHG(PSOR\HHV $PHQG3HUVRQQHO0DQXDO3DUW7DEOH±&ODVVLILFDWLRQ3ODQ 5HGXFH/HQJWKRI7LPHIRU:KLFK3ROLFH0DUNVPDQVKLS%RQXVHV$UH3DLG $XWKRUL]H&RQWLQXRXV3DUW7LPH3RVLWLRQV $PHQG3HUVRQQHO0DQXDO±5HVHUYLQJ)ULQJH%HQHILWVWR&DUHHU(PSOR\HHV $GRSW&LW\&RXQFLO3ROLF\RQ,QGXVWULDO,QMXU\/HDYHVRI$EVHQFH $PHQG3HUVRQQHO0DQXDO±6LFN/HDYH3D\PHQW8SRQ'HDWKRU5HWLUHPHQW $PHQG3HUVRQQHO0DQXDO±&LW\&RXUW7LPH3URYLVLRQVWR6WDWH/DZ 'HFODUH,QWHQWWR$PHQG&RQWUDFWZ6WDWH(PSOR\HH¶V5HWLUHPHQW6\VWHP $GRSW$FWXDULDO&RQWUDFWIRU(YDOXDWLRQRI&RVWRI'LYLGLQJ5HWLUHPHQW%HQHILWV 'HFODUH,QWHQWWR(VWDEOLVK³'HPHG´5HWLUHPHQW6\VWHP $GRSW$QQXDO%XGJHW)<)L[/LPLWV ([SHQGLWXUHV $VFHUWDLQ*HQHUDO3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUN $FFHSW*UDQW'HHG 'LUHFW5HFRUGDWLRQ7KHUHRI 2UGHU9DFDWLRQRI6HZHU(DVHPHQW±(DVWHUO\IURP7ZHHG\/DQH 2UGHU9DFDWLRQRI3RUWLRQRI1DGD6W 'HWHUPLQH&HUWDLQ3URS,Q9HK3UNJ'LVW1RW1HFHVVDU\IRU3XEOLF3UNJ $SSRLQW+RVSLWDO'HYHORSPHQW&RPPLVVLRQ±-RH&DVH 'HFODUH5HVXOWVRI6SHFLDO%RQG(OHFWLRQ $SSRLQW&LW\6HOHFWLRQ&RPPLWWHH±%HQ'&RUELQ 6HW+HDULQJIRU5HSRUW$'±%L[OHU$YH 'HFODUH,QWHQWWR,PSURYH$'±%L[OHU$YH 2UGHU3ODQV 6SHFV$'±3XULWDQ$YH $SSURYH0DS$'±3XULWDQ$YH $GRSW3URILOH3ODQ 6SHFV$'±3XULWDQ$YH ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±3XULWDQ$YH 6HW+HDULQJIRU5HSRUW$'±3XULWDQ$YH 'HFODUH,QWHQWWR,PSURYH$'±3XULWDQ$YH $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±%HUW'RXJODV (VWDEOLVK+RXU3DUNLQJ/LPLWV±'RODQ$YH 'HWHUPLQH$FTXLUH3URSHUW\1RW1HFHVVDU\±+RVSLWDO3XUSRVHV 3URWHVW/RZHULQJ$JH/LPLWWR3XUFKDVH$OFRKROLF%HYHUDJHV &RQILUP$VVHVVPHQW$'±%DUOLQ$YH &RQILUP$VVHVVPHQW$'±6WDQEULGJH$YH $SSRLQW&LW\6HOHFWLRQ&RPPLWWHH±%HQ'&RUELQ 8UJH6WDWH/HJLVODWXUHWR$GRSW/HJLVODWLRQ$XWKRUL]H/RFDO&RQWRI*DPEOLQJ &HUWLI\5HSRUWV([SHQGLWXUHRI)XQGV±6WUHHWV +LJKZD\V&RGH $SSRLQW3HUVRQQHO%RDUG±(GZDUG1&DXGOH 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI,PSHULDO+Z\7UDFW $GRSW 6XEPLW%XGJHWIRU([SHQGLWXUHRI6WDWH(QJLQHHULQJ)XQGV &DOOIRU6SHFLDO0XQLFLSDO(OHFWLRQ±$GRSW&LW\&KDUWHU 5HTXHVWWR&RQVROLGDWHZ/$&RXQW\6WDWHZLGH(OHFWLRQ $XWKRUL]H&HUWDLQ0HPEHUVWR)LOH:ULWWHQ$UJXPHQWIRU$&LW\0HDVXUH )L[$PRXQWWREH5DLVHGE\7D[DWLRQ)< )L[5DWHRI7D[HVIRU)< )L[5DWHRI7D[HV/LJKWLQJ'LVWULFWV)< )L[5DWHRI7D[HV3DUN5HF 3DUNZD\'LVW)< $SSURYH(VFURZ,QVWUXFWLRQV±&KU\VOHU&RUSRUDWLRQ3URSHUW\ 0DNH)LQGLQJRQ5HSRUW$'±3XULWDQ$YH 2UGHU:RUN$'3XULWDQ$YH 5(62/87,21,1'(; 2UGHU9DFDWLRQ3RUWLRQRI,PSHULDO+Z\7UDFW 6WUHHW1DPH&KDQJH±3RUWLRQRI/LWWOH/DNH5GWR'ROOLVRQ'U $XWKRUL]H$JUHHPHQW±7UDIILF6LJQDOV/DNHZRRG%OYG 0RGLI\6HOHFW6\VWHPRI6WUHHWV±$GG3DWWRQ5G $SSURYH&RXQW\)ORRG&RQWURO%RQG,VVXH $XWKRUL]H&HUWDLQ(PSOR\HHV6LJQ $FFHSW&RPELQDWLRQRI6XUSOXV3URSHUW\ 5HTXHVW6WXG\RI$OWHUQDWH5RXWHVIRU5RXWH 5RXWH)UHHZD\V 5HTXLUH6WRSV±'RZQH\$YH)RVWHU5G*DUGHQGDOH6W 5HTXLUH6WRSV±,QWHUVHFWLRQRI%OXII5G 6XYD6W 5HTXLUH6WRSV±,QWHUVHFWLRQRI+DVW\$YH *RWKDP6W 5HTXLUH6WRSV±,QWHUVHFWLRQRI%URRNVKLUH$YH (YHUHVW6W 3URKLELW3DUNLQJ±%URRNVKLUH$YH 5DWLI\$JUHHPHQWZ&$'HSWRI3:&RXQWLHVRI/$2UDQJH6DQ%HUQDUGLQR 5LYHUVLGH9HQWXUD6RXWKHUQ&DOLIRUQLD5DSLG7UDQVLW5DWLI\&LWLHV(7$/ )LQG)HDVLELOLW\$FTXLUH5LJKWVRI:D\$'±%L[OHU$YH 2UGHU:RUN$'±%L[OHU$YH &RQILUP$VVHVVPHQW$'±5XWJHUV$YH 3URKLELW3DUNLQJ±1HZ6WUHHW 3URYLGH/RDGLQJ=RQH±6HFRQG6W6RXWK6LGH $XWKRUL]H&LW\0DQDJHUDQGRU0D\RUWR$FTXLUH3URSHUW\RQ%HKDOIRI&LW\ $XWKRUL]H$SSOLFDWLRQIRU6RFLDO6HFXULW\5HWLUHPHQW&RYHUDJH (VWDEOLVK6WRS±,QWHUVHFWLRQRI-XOLXV$YH $GZHQ6W (VWDEOLVK+RXU3UNJ/LPLWV±'LQZLGGLH6W5HVFLQGHGE\5HVR 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI$OOH\$GMDFHQW6WHZDUW *UD\7UDFW $PHQG5HVR:DWHU5DWHV 5XOHVIRU6HUYLFHE\&LW\ $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWR&LW\ $ZDUG&RQWUDFW$'±3XULWDQ$YH UG (QGRUVH3URSV³$´ ³%´RQ1RY%DOORW $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWR&LW\ 2UGHU9DFDWLRQ3RUWLRQRI$OOH\$GMDFHQW6WHZDUW *UD\7UDFW 5HJXODWH3DUNLQJ±3DUDPRXQW%OYGLQ)URQWRI63DUDPRXQW%OYG $SSURYH*UDQW'HHGWR&KU\VOHU&RUSRUDWLRQ $SSURYH6WLSXODWLRQLQ:DWHU$GMXGLFDWLRQ6XLW 'HFODUH,QWHQWWR9DFDWH/DNHZRRG%OYG 2UGHU9DFDWLRQRI/DNHZRRG%OYG 2UGHU5HSRUWE\'LU2I3XEOLF:RUNV±6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$EDQGRQ$UHDV RI=RQH&LW\/LJKWLQJ'LVWULFW 'HFODUH,QWHQWWR$QQH[$UHDV 0DLQWDLQ±/'$QQH[%=RQH (VWDEOLVK6WRSV±,QWHUVHFWLRQRI:LOH\%XUNH$YH 0XOOHU6W 5HTXLUH6WRSV±,QWHUVHFWLRQRI$ODPHGD6W %URRNVKLUH$YH $XWKRUL]H6LJQ&KDQJH±,QWHUVHFWLRQRI%URRNVKLUH$YH 2UDQJH6W $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUN 8UJH6WDWH/HJLVODWXUHWR(QDFW/HJLVODWLRQ5HVWRULQJ/RFDO&RQWURO (VWDEOLVK3ROLF\IRU3D\PHQWVRI$VVHVVPHQWV6WDWH6WUHHW +LJKZD\V&RGH $FFHSW*UDQW(DVHPHQW±&KU\VOHU0RWRU&RUSRUDWLRQ 1XPEHU1RW8VHG (VWDEOLVK'RZQH\*XDGDODMDUD6LVWHU&LW\$VVRFLDWLRQ 2UGHU$EDQGRQPHQW$UHDV RI=RQH&LW\/LJKWLQJ'LVWULFW 2UGHU$QQH[RI$UHDV/LJKWLQJ'LVW 0DLQWDLQ$QQH[%=RQH 'HFODUH5HVXOWVRI6SHFLDO(OHFWLRQRQ&LW\&KDUWHU 6XSSRUW+ROLGD\6DIHW\3URJUDP $FFHSW&RQYH\DQFH$FFHVV5LJKWV±.HQML 7DNHR0XUDWD'ROOLVRQ'U 5(62/87,21,1'(; $SSRLQW5HSWR6RXWKHDVW0RVTXLWR$EDWHPHQW'LVW%RDUGRI7UXVWHHV $SSRLQW3ODQQLQJ&RPPLVVLRQ±(GZDUG+/HZLV )LQG1HFHVVDU\$FTXLUH3URS)RU6WUHHW3XUSRVHV±7HOHJUDSK5G $XWKRUL]H8VHRI$FFHVV5LJKWV±)LUHVWRQH%OYG7UDFW 5HTXHVW)HG6XEVLVWHQFHIRU+HOLFRSWHU6HUYLFH WK ([WHQG&RQJUDWXODWLRQV %HVW:LVKHVWR0DWKLOGD+DJHQ%LUWKGD\ 8UJHWKDW3URYLVLRQIRU%DOORW9RWLQJDW86&RQIRI0D\RUVEH0DGH )LQG1HFHVVDU\$FTXLUH3URS)RU6WUHHW3XUSRVHV±7HOHJUDSK5G $PHQG5HVR±0DQDJHPHQW &RQWURORI:DWHU6\VWHP )LQG1HFHVVDU\$FTXLUH3URSHUW\IRU+RVSLWDO3XUSRVHV )LQG1HFHVVDU\$FTXLUH3URSHUW\IRU2II6WUHHW3DUNLQJ3XUSRVHV $GRSW 6XEPLW%XGJHW([SHQGLWXUHRI)XQGVIURP6WDWH+LJKZD\)XQG $XWKRUL]H&RQWUDFWZ&$'HSWRI)LQDQFHIRU3RSXODWLRQ(VWLPDWH $GRSW3URILOH3ODQ 6SHFV$'±0DUJDUHW6W 6HW+HDULQJIRU5HSRUW$'±0DUJDUHW6W 'HFODUH,QWHQWWR,PSURYH$'±0DUJDUHW6W 6XSSRUW$%¶V ±,QGHFHQW/LWHUDWXUH )LQG1HFHVVDU\$FTXLUH3URS)RU3XEOLF8VH +LJKZD\3XUSRVHV $XWKRUL]H&RQWULEXWLRQRI&RVW ([SHQVH$'±3XULWDQ$YH &RQILUP$VVHVVPHQW$'±3XULWDQ$YH 2SSRVH6WDWH:LGH/HJLVODWLRQ3URYLGLQJ3DUWLVDQ3ROLWLFVLQ/RFDO*RYHUQPHQW (VWDEOLVK&RPSHQVDWLRQIRU0HPEHUVRI:DWHU$GYLVRU\%RDUG $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±0DXULFH$%DNHU 6XEGLYLVLRQ0DS7UDFW±*D\EURRN$YH 2SSRVH$GRSWLRQRI$%±3XEOLF0HHWLQJV&RPPLWWHH 6XEFRPPLWWHH (VWDEOLVK6WRSV±,QWHUVHFWLRQ/XEHF6W :LOH\%XUNH$YH (VWDEOLVK6WRSV±,QWHUVHFWLRQ7HFXP5G 'LQVGDOH6W 3URKLELW3DUNLQJ±*XUOH\$YH $PHQG5HVR±$XWKRUL]H&RQWULEXWLRQRI&RVW ([SHQVH$' )LQG)HDVLELOLW\$FTXLUH5LJKWVRI:D\ &RQVWUXFWLRQ$'±0DUJDUHW6W 2UGHU:RUN$'±0DUJDUHW6W $ZDUG&RQWUDFW$'±%L[OHU$YH 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI'RZQH\$YH (VWDEOLVK3DUNLQJ5HVWULFWLRQV3XEOLF3UNJ/RW±/D5HLQD$YH 6HFRQG6W 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI)DUP6W 0\UWOH6W7UDFW $SSURYH$JUHHPHQWZ6WDWH'LYRI+Z\V±7UDIILF6LJQDO&OHWD /DNHZRRG $GYRFDWH$GRSW/HJLVODWLRQWR$OORZ3XEOLF&HQVXUHRI-XYHQLOH'HOLQTXHQWV 'HFODUH,QWHQWWR9DFDWH±(YHUHVW6W 'HFODUH,QWHQWWR9DFDWH±3RUWLRQRI,PSHULDO+Z\ 3DUDPRXQW%OYG (VWDEOLVK6WRSV±,QWHUVHFWLRQRI/XEHF6W 3DUURW$YH 'HFODUH,QWHQWWR9DFDWH(DVHPHQWIRU3LSH/LQHV:HVWHUQ$YH 2SSRVH$EROLWLRQRI&ROXPEXV'D\DV6WDWH+ROLGD\ 5HTXHVW³+LJKZD\7KUX&LWLHV´&RXQW\$LG)XQGV±'RZQH\$YH 2UGHU9DFDWLRQ3RUWLRQRI)DUP6W 0\UWOH6W7UDFW 2UGHU9DFDWLRQ3RUWLRQRI'RZQH\$YH 2UGHU9DFDWLRQ6RXWK6LGH(YHUHVW6W 2UGHU9DFDWLRQ(DVHPHQWIRU3LSH/LQHV:HVWHUQ$YH (VWDEOLVK7LPHVRI3D\PHQW &RPSWR2IILFHUV (PSOR\HHV5HVFLQG5HVR  3URKLELW3DUNLQJ±$UGLV$YH%RUVRQ6W5HVFLQG5HVRUHVFLQGHGE\ (VWDEOLVK+RXU3UNJ/LPLWV±'LQGVDOH6W (VWDEOLVKD'RZQH\+LVWRULFDO6RFLHW\ 5(62/87,21,1'(; 6XSSRUW/HJLVODWLRQ$XWKRUL]LQJD7HOHSKRQH7D[ 6XEGLYLVLRQ0DS7UDFW)DUP6W 0\UWOH6W 6XEGLYLVLRQ0DS7UDFW±'RZQH\$YH&RQGRPLQLXP 6XSSRUW 8UJH3DVVDJHRI$%±6DQWD0RQLFD&DXVHZD\ $SSURYH&RRSHUDWLYH$JUHHPHQW±)LUHVWRQH%OYG:RUN $SSURYH&RRSHUDWLYH$JUHHPHQW±/DNHZRRG%OYG:RUN $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWRWKH&LW\ +RQRU1DWLRQDO/LEUDU\:HHN± 2SSRVH$SSOLFDWLRQIRU/LTXRU/LFHQVH5HTXHVW+HDULQJ 2UGHU9DFDWLRQ3RUWLRQRI,PSHULDO+Z\ 3DUDPRXQW%OYG $GRSW 6XEPLW%XGJHW([SHQGLWXUHRI)XQGVIURP6WDWH+LJKZD\)XQGWR&LWLHV &RQILUP$VVHVVPHQW&KDS3URFHHGLQJ,PSURYHPHQW3URM±1DGD6W &RQILUP$VVHVVPHQW&KDS3URFHHGLQJ,PS3URM±6WHZDUW *UD\ 2SSRVH6%±2XWGRRU$GYHUWLVLQJ 2SSRVH$%±&RXQW\2UGLQDQFHV $SSURYH$JUHHPHQWZ/$'HSWRI:DWHU 3RZHU±7HOHJUDSK5G 2UGHU9DFDWLRQ6DQLWDU\6HZHU(DVHPHQW±6WRQHZRRG6KRSSLQJ&HQWHU $GRSW$QQXDO%XGJHW)< $PHQG3HUVRQQHO0DQXDO±3D\3ODQ $PHQG3HUVRQQHO0DQXDO±&ODVVLILFDWLRQ3ODQ $SSURYH&ODVV6SHFVIRU$VVW&LW\/LEUDULDQ'DWD3URF6XSHU'HS&LW\&OHUN $GRSW0HULW/RQJHYLW\3URJUDP 'HVLJQDWH+ROLGD\±'D\$IWHU7KDQNVJLYLQJ $SSURYH$PHQGPHQWWR&RQWUDFWZ6WDWH(PSOR\HH¶V5HWLUHPHQW6\V $ZDUG&RQWUDFW$'±0DUJDUHW6W 'HFODUH,QWHQWWR9DFDWH3RUWLRQ6HYHQWK6W $SSURYH$JUHHPHQWZ&LW\RI3LFR5LYHUD±7HOHJUDSK5G,PSURYHPHQWV $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±&KDUOHV':RRGZRUWK $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±-DFN*DUODQG $SSRLQW/LEUDU\$GYLVRU\%RDUG±0UV/6LGQH\&KDSPDQ $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±%\URQ7:KLWH $SSRLQW'RZQH\&LW\+RVSLWDO&RPPLVVLRQ±-RKQ(]]HOO $SSRLQW3ODQQLQJ&RPPLVVLRQ±:LOOLDP**UHHQH $SSURYH&ODVV6SHFV)RU%XVLQHVV/LFHQVH,QVSHFWRU $GRSW3UHFLVH3ODQRI6HWEDFNVRQ'RZQH\$YH $FFHSW*UDQW'HHG 'LUHFW5HFRUGDWLRQ7KHUHRI±$QGUHZ 0DU\*UDFH+RKQ 2UGHU9DFDWLRQ3RUWLRQRI6HYHQWK6W $SSRLQW/LEUDU\$GYLVRU\%RDUG±0UV0DU\/RX:RRGV 5HTXHVW$SSURSULDWLRQ 3D\PHQWE\/$&RXQW\±0DLQWHQDQFH6HOHFW6WUHHWV 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI&KHURNHH'U7UDFW $FFHSW2IIHURI'HGLFDWLRQDV3XEOLF+Z\³)XWXUH$OOH\´7UDFW 6XEGLYLVLRQ0DS7UDFW±%URRNVKLUH$YH $XWKRUL]H3RVLWLRQRI([HF6HFUHWDU\,LQ&LW\/LEUDU\ $XWKRUL]H&HUWDLQ)DFVLPLOH6LJQDWXUHV 2UGHU9DFDWLRQ3RUWLRQRI&KHURNHH'U7UDFW 3URYLGH&LW\5HFRJQLWLRQRI/$&RXQW\2SHUDWLRQDO$UHD2UJDQL]DWLRQ $SSURYH'HVWUXFWLRQRI&HUWDLQ5HFRUGV±3ROLFH'HSDUWPHQW $FFHSW*UDQW'HHG 'LUHFW5HFRUGDWLRQ±'RZQH\8QLILHG6FKRRO'LVWULFW $SSURYH&RRSHUDWLYH$JUHHPHQW±)LUHVWRQH%OYG:RUN 6XEGLYLVLRQ0DS7UDFW±5XWJHUV$YH )L[$PRXQWWREH5DLVHGE\7D[DWLRQ)< )L[5DWHRI7D[HV)< 5(62/87,21,1'(; )L[5DWHRI7D[HV/LJKWLQJ'LVWULFWV)< )L[5DWHRI7D[HV3DUN5HF 3DUNZD\'LVW)< $FFHSW'HGLFDWLRQ3RUWLRQRI*ROGHQ6W7UDFW 5HVFLQG5HVROXWLRQ±3URKLELW3UNJ&ROGEURRN$YH (VWDEOLVK6WRSV±,QWHUVHFWLRQ'HPSVWHU$YH 3ULFKDUG6W±UHVFLQGHGE\ 3URKLELW3DUNLQJ±3KOR[6W 3URKLELW3DUNLQJ±,PSHULDO+Z\±UHVFLQGHGE\1R $SSURYH$JPWZ/$&RXQW\)ORRG&RQW'LVW%RQG,VVXH3URM 5HTXHVW3HUPLVVLRQ)URP38&&RQVWUXFW&URVVLQJ557UDFNVRQ3DWWRQ5G )L[$VVXPHG9DOXHRI/DQGIRU:DLYLQJ2II6WUHHW3DUNLQJ±/HDPRQ73XOOH\ $GRSW$PHQGPHQWWR*HQHUDO3ODQ±3DWWRQ5G WK &RPPHQG'RZQH\&KLOGUHQ¶V7KHDWUHRQ$QQLYHUVDU\ $GRSW 6XEPLW%XGJHW([SHQGLWXUHRI6WDWH(QJLQHHULQJ)XQGV )L[$VVXPHG9DOXHRI/DQGIRU:DLYLQJ2II6WUHHW3DUNLQJ±-HDQLWD30DF1DLU )L[$VVXPHG9DOXHRI/DQGIRU:DLYLQJ2II6WUHHW3DUNLQJ±0LNH$*RYHUQDOH 6XEGLYLVLRQ0DS7UDFW±0LWOD 'H3DOPD6WUHHWV 6XEGLYLVLRQ0DS7UDFW±'D&RVWD6W 3URKLELW3DUNLQJ±)ORUHQFH$YH 3URKLELW3DUNLQJ±%HOOIORZHU%OYG (VWDEOLVK+RXU3DUNLQJ±7ULVWDQ'UUHVFLQGHGE\5HV *UDQW3RUWLRQ&LW\2ZQHG3URS)RU3XEOLF5G3XUSRVHV±6WHZDUW *UD\ 6XVDQ /LPLW3DUNLQJ0LQXWHV±)ORUHQFH$YH $GRSW3URILOH3ODQ 6SHFV)RU,PSUYPWV3URM6WRUP'UDLQ%RQG 2UGHU3ODQV 6SHFV$'±3RPHULQJ5G $SSURYH0DS$'±3RPHULQJ5G $GRSW3URILOH3ODQ 6SHFV$'±3RPHULQJ5G ,QVWLWXWH3URFHHGLQJV2UGHU5HSRUW$'±3RPHULQJ5G 6HW+HDULQJIRU5HSRUW$'±3RPHULQJ5G 'HFODUH,QWHQWWR,PSURYH$'±3RPHULQJ5G $PHQG5HVR±'RZQH\*XDGDODMDUD6LVWHU&LW\$VVRFLDWLRQ $SSRLQW3ODQQLQJ&RPPLVVLRQ±-DPHV:+DUWOH\ 8SKROG5HYRFDWLRQRI(QWHUWDLQPHQW3HUPLWIRU0HORG\5RRP $SSRLQW:DWHU%RDUG±+ROOLV03HDYH\ 3URKLELW3DUNLQJ±7ZHHG\/DQH 3URKLELW3DUNLQJ±,PSHULDO+LJKZD\/DNHZRRG%OYG $GRSW 6XEPLW%XGJHW([SHQGLWXUH)XQGVIURP6WDWH+LJKZD\)XQGVWR&LWLHV )LQG1HFHVVDU\$FTXLUH3URSHUW\IRU6WUHHW3XUSRVHV±3DUDPRXQW%OYG UG6W (VWDEOLVK3DUNLQJ/LPLWV±)ORUHQFH$YH )LQG1HFHVVDU\$FTXLUH5LJKWVRI:D\$'±3RPHULQJ5G 2UGHU:RUN$'±3RPHULQJ5G $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHVWREH3DLGIRU3XEOLF:RUN 'HVLJQDWH:RRGUXII$YHDV6WRS6WUHHWDW,QWHUVHFWLRQRI*RWKDP6W 3URKLELW3DUNLQJ±6WHZDUW *UD\5G 3URKLELW3DUNLQJ±/DNHZRRG%OYG $FFHSW2IIHURI'HGLFDWLRQ3RUWLRQRI/RW±3HUQHOO$YH7UDFW 'HVLJQDWH&RUG$YHDVD6WRS6WUHHW±,QWHUVHFWLRQRI&HFLOLD6W 3URKLELW3DUNLQJ±%URRNVKLUH$YH 0DNH$SSOLFDWLRQIRU'LVVROXWLRQRI'RZQH\3DUNV 5HFUHDWLRQ'LVWULFW &RQILUP$VVHVVPHQW$'±%L[OHU$YH &RQILUP$VVHVVPHQW&KDS3URFHHGLQJV,PSURYHPHQW3URM 6XSSRUW3URJUDPRI*UHDWHU/$&KDSWHURI1DWLRQDO6DIHW\&RXQFLO 5(62/87,21,1'(; 2UGHU9DFDWLRQ6DQLWDU\6HZHU(DVHPHQW±'RZQH\$YH 6HFRQG6W 6WUHHW1DPLQJ±$GHQPRRU$YH $ZDUG&RQWUDFW$'±3RPHULQJ5G 'HVLJQDWH1RUODLQ$YHDV6WRS6WUHHW±,QWHUVHFWLRQRI/XEHF6W 0DNH$SSOLFDWLRQIRU'LVVROXWLRQRI'RZQH\3DUNV 5HFUHDWLRQ'LVWULFW 5HTXHVW5HQHZDORI3RXQG6HUYLFHV$JUHHPHQWZ/$&RXQW\ *UDQW(DVHPHQWIRU8WLOLW\3XUSRVHVWR6R&DOLIRUQLD(GLVRQ (VWDEOLVK:DWHU6HUYLFH=RQHV :DWHU5DWHV5HVFLQG5HVR¶V  /LPLW3DUNLQJ±*DOODWLQ5G 'HVLJQDWH1RUHQ6WDVD6WRS6WUHHW±,QWHUVHFWLRQRI:LOH\%XUNH$YH $SSW3DUN 5HF&RPP±0UV3DXJK$UW-RKQVRQ0UV:LOOLDPV'RQDOG .LUNSDWULFN-DFN*DUODQG $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUN 2UGHU5HSRUW3XUVXDQWWRWKH6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$EDQGRQ'RZQH\&RXQW\/LJKWLQJ'LVWULFW 'HFODUH,QWHQWWR$QQH[DWLRQ 0DLQWDLQ±/'$QQH[& 2UGHU$QQH[DWLRQ 0DLQWDLQ±/'$QQH[& 2UGHU([WHQVLRQRI'RZQH\&RXQW\/LJKWLQJ'LVWULFW &RQILUP$VVHVVPHQW$'±0DUJDUHW6W $XWKRUL]H$FNQRZOHGJHPHQWRI4XLWFODLP'HHG(DVHPHQW±*ROGHQ3DUN $SSURYH&RRSHUDWLYH$JUHHPHQW±)LUHVWRQH%OYG:RUN $FFHSW*UDQW'HHG 'LUHFW5HFRUGDWLRQ±5DQFKR6DQWD*HUWUXGHV )LQG1HFHVVDU\$FTXLUH3URS)RU6WUHHW3XUSRVHV±%URRNVKLUH$YH 'HVLJQDWH/XEHF6WDVD6WRS6WUHHW±,QWHUVHFWLRQRI*XDWHPDOD$YH (VWDEOLVK3DUNLQJ/LPLWV±&OHWD6W $FFHSW*UDQW'HHG 'LUHFW5HFRUGDWLRQ±5DQFKR6DQWD*HUWUXGHV $XWKRUL]H6DOHRI5HDO3URSHUW\±6WHZDUW *UD\5G 5HTXHVW/$&RXQW\5HJLVWUDURI9RWHUV6HUYLFHV*HQ0XQL(OHFWLRQ &DOOLQJ *LYLQJ1RWLFH*HQ0XQLFLSDO(OHFWLRQ 6XSSRUW0HUJHURI&KLFDJR5RFN,VODQG 3DFLILF5DLOURDGLQWR8QLRQ3DFLILF $SSRLQW'RZQH\5HFUHDWLRQ 3DUN'LVWULFW%RDUG±&KDUOHV($OOLQVRQ 8SKROG5HYRFDWLRQRI3RRO+DOO3HUPLW±7KH*ROGHQ&XH $GRSW3URILOH3ODQ 6SHFIRU5HJ3URM &RPP3URM7HOHJUDSK $SSURYH&RRSHUDWLYH$JUHHPHQW±)LUHVWRQH%OYG:RUN 'HWHUPLQH6DQLWDU\6HZHUV1HFHVVDU\$'±0HDGRZ5G 2UGHU3ODQV 6SHFV$'±0HDGRZ5G $GRSW3URILOH3ODQ 6SHFV$'±0HDGRZ5G $SSURYH0DS$'±0HDGRZ5G 'HFODUH,QWHQWWR,PSURYH$'±0HDGRZ5G *UDQW(DVHPHQWIRU8WLOLW\3XUSRVHVWR*HQHUDO7HOHSKRQH&R $SSURYH&RRSHUDWLYH$JUHHPHQW±)LUHVWRQH%OYG:RUN $SSURYH$JUHHPHQWZ6R3DFLILF&R6DQLWDU\6HZHU±)LUHVWRQH%OYG&URVVLQJ 6XEGLYLVLRQ0DS7UDFW±%ODQGZRRG5G $XWKRUL]H$WWRUQH\*HQHUDORI&DOLIRUQLDWR&RQGXFW/HJDO3URFHHGLQJV $XWKRUL]H6DOHRI5HDO3URSHUW\WR5REHUW- 7HUHVD0%HDJOH 6XEGLYLVLRQ0DS7UDFW±/X[RU6W $GRSW3URILOH3ODQV 6SHFV6WRUP'UDLQ3URMV ±7HOHJUDSK5G 6HW+HDULQJWR'HWHUPLQH1HFHVVLW\$'±6WDPSV$YH 2UGHU3ODQV 6SHFV)RU$'±6WDPSV$YH $GRSW3URILOH3ODQ 6SHFV)RU$'±6WDPSV$YH $SSURYH0DS$'±6WDPSV$YH 'HFODUH,QWHQWWR,PSURYH$'±6WDPSV$YH 5(62/87,21,1'(; 'HWHUPLQH/LTXLGDWHG'DPDJHV6KDOO%H3DLG $SSURYH&RRSHUDWLYH$JUHHPHQW±)LUHVWRQH%OYG:RUN &RPPHQG6WHYH6DQWDQJHORIRU'LVWLQJXLVKHG&DUHHUDV-DF\HH 'HFODUH,QWHQWWR9DFDWH$OOH\%HWZHHQ3DUDPRXQW 3DUURW7UDFW 'HVLJQDWH4XRLW6W 2UL]DED$YHDV:D\6WRS,QWHUVHFWLRQ $GRSW 6XEPLW%XGJHW([SHQGLWXUHRI)XQGVIURP6WDWH+LJKZD\)XQGWR&LWLHV ([SUHVV,QWHQWWR&RRSHUDWHZ9DULRXV&LWLHV±&RRUGLQDWHG7UDIILF&RQWURO 2SSRVH/HJDOL]LQJ7UDIILFLQ0DULMXDQD (QGRUVH:DWHU%RQG,VVXHWR9RWHUVRQ3ULPDU\(OHFWLRQ 2UGHU:RUN$'±0HDGRZ5G 'HWHUPLQH7KDW/LTXLGDWHG'DPDJHV6KDOOEH3DLG 'HFODUH,QWHQWWR,PSURYH$'±6WDPSV5G 'HWHUPLQH7KDW/LTXLGDWHG'DPDJHV6KDOOEH3DLG 2UGHU9DFDWLRQRI$OOH\%HWZHHQ3DUDPRXQW 3DUURW7UDFW &RQILUP$VVHVVPHQWIRU&KDS3URFHHGLQJV,PS3URM±,PSHULDO+Z\ &RQILUP$VVHVVPHQWIRU&KDS3URFHHGLQJV,PS3URM±)ORUHQFH$YH &RPPHQG6RXWKHDVW1HZV,W¶V(GLWRU3XEOLVKHUDQG(PSOR\HHV $SSO\WR6WDWH%RDUGRI+HDOWKIRU2SHUDWLRQRI:DWHU6\VWHP0DNH$OWHUDWLRQV 0RGLI\6HOHFW6\VWHPRI6WUHHWVE\$GGLWLRQV'HOHWLRQV &KDQJHV $GRSW3URILOH3ODQV 6SHFV3URM¶V±%HOOIORZHU%OYG $SSURYH&RRSHUDWLYH$JUHHPHQW±)LUHVWRQH%OYG /DNHZRRG%OYG:RUN 'HFODUH,QWHQWWR6HW$VLGH6WUHHW3XUSRVHV3RUWLRQRI/RWV 7UDFW $SSURYH$JPWZ6WDWH'LYRI+Z\±7UDIILF6LJQDODW$ODPHGD /DNHZRRG 'HFODUH,QWHQWWR9DFDWH.RRSPDQ$YH 'HFODUH5HVXOWVRI*HQ0XQLFLSDO(OHFWLRQ+HOGRQ 2UGHU9DFDWLRQRI.RRSPDQ$YH 5HTXHVW6WDWH$VVHPEO\WR5HSHDO+RXVH5HVR±)UHHZD\V (VWDEOLVK&RVWRI6HUYLFHVWR)XUQLVK3URWHFWLRQ'0&6HFWLRQ $XWKRUL]H([DPLQDWLRQRI6DOHV 8VH7D[$FFRXQWV $GRSW 6XEPLW%XGJHW([SHQGLWXUH6WDWH+LJKZD\)XQGV±663URM $SSURYH6XSS$JUHHPHQW5HJ3URM&RPP3URM±7HOHJUDSK5G 6XEGLYLVLRQ0DS7UDFW±5DYLOOHU'U(0DWWRFN$YH 5HTXHVWLQJ³+LJKZD\7KURXJK&LWLHV´&RXQW\$LG)XQGV±'RZQH\$YH $ZDUG&RQWUDFW$'±0HDGRZ5G )LQG1HFHVVDU\5HTXLUH,PSURYHPHQW$'±6WDPSV$YH 2YHUUXOH3URWHVWV$'±6WDPSV$YH 2UGHU:RUN$'±6WDPSV$YH )LQG1HFHVVDU\$FTXLUH3URSHUW\IRU6WUHHW3XUSRVHV$'±6WDPSV$YH (VWDEOLVK)HH5HLPEXUVHPHQWWR&LW\IRU6SOLWWLQJ%RQG$' $SSURYH5XOHV 5HJXODWLRQV$GRSWHGE\&KLHIRI3ROLFH &RQILUP$VVHVVPHQWIRU$'±3RPHULQJ5G &RQILUP$VVHVVPHQW&KDS3URFHHGLQJV,PS3URM¶V 5LYHV &RQILUP$VVHVVPHQW&KDS3URFHHGLQJV,PS3URM¶V3DUDPRXQW 6XSSRUW1DWLRQDO&HOHEUDWLRQWR0DNH)UHHGRP5HDOO\5LQJ-XO\)RXUWK $SSURYH$JUHHPHQWIRU0DLQWHQDQFHRI6WDWH+LJKZD\V:LWKLQ&LW\ $SSURYH$JUHHPHQWZ6R3DFLILF&R:DWHU/LQHDW:RRGUXII$YH&URVVLQJ 3URKLELW3DUNLQJ±)URQWDJH5G /LPLW3DUNLQJ±$UULQJWRQ$YH $ZDUG&RQWUDFW$'±6WDPSV$YH $SSRLQW/LEUDU\$GYLVRU\%RDUG±'U%HQ3DFKHFR $SSRLQW/LEUDU\$GYLVRU\%RDUG±'U-RH*OHQQ&RVV 5(62/87,21,1'(; $SSRLQW3ODQQLQJ&RPPLVVLRQ±-RKQ.0RUULV $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±(GZDUG1&DXGOH $SSRLQW'RZQH\&LW\+RVSLWDO&RPPLVVLRQ±:LOOLDP:LOVRQ $SSRLQW'RZQH\&LW\+RVSLWDO&RPPLVVLRQ±-RH&DVH $SSRLQW'RZQH\&LW\+RVSLWDO&RPPLVVLRQ±*ODG\V+DOO $SSRLQW:DWHU%RDUG0HPEHU±(GZLQ:*LGGLQJV $SSRLQW:DWHU%RDUG0HPEHU±)UDQN%HFNQHU $PHQG3HUVRQQHO0DQXDO±3D\3ODQ $PHQG3HUVRQQHO0DQXDO±&ODVVLILFDWLRQ3ODQ $GRSW 6XEPLW%XGJHW([SHQG6WDWH+LJKZD\)XQGV $GRSW$QQXDO%XGJHW)<)L[/LPLWRI([SHQGLWXUHV &HUWLI\'RQDWLRQRI$PEXODQFHVWR*XDGDODMDUD-DOLVFR 5HTXHVW/$&RXQW\WR&RQYH\&HUWDLQ3DUNV:LWKLQWKH&LW\ 3URKLELW3DUNLQJ±%HOOIORZHU%OYG $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±+HOHQ6DFKV &RPPHQG0U&ODUHQFH&DEHOORQ&RQWULEXWLRQVWR/RV3DGULQRV-XYHQLOH+DOO $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHVIRU3XEOLF:RUN /LPLW3DUNLQJ±)LUHVWRQH%OYGUHVFLQGHGE\5HVR $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±0LFKDHO.HDUQV 2SSRVH&XUE6LGH0DLOER[HV 'HFODUH,QWHQWWR9DFDWH3RUWLRQ6WHZDUW *UD\5G )L[$VVXPHG9DOXHRI/DQG:DLYLQJ2II6WUHHW3UNJ±3DFLILF7HOHSKRQH&R $PHQG3HUVRQQHO0DQXDO±3D\3ODQ $PHQG3HUVRQQHO0DQXDO±/RQJHYLW\3URJUDP5HVFLQG5HVR 2UGHU9DFDWLRQ3RUWLRQ6WHZDUW *UD\ )L[$PRXQWWREH5DLVHGE\7D[DWLRQ)< )L[5DWHRI7D[HV)< )L[5DWHRI7D[HV/LJKWLQJ'LVWULFWV)< 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI3DUDPRXQW%OYG 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI$YRQ6W $OOH\V±+RVSLWDO6LWH *UDQW3RUWLRQRI&LW\3URSHUW\LQ+RVSLWDO6LWHIRU5RDG3XUSRVHV )LQG1HFHVVDU\$FTXLUH3URSHUW\IRU6WUHHW3XUSRVHV±$ODPHGD6W 2UGHU9DFDWLRQ3RUWLRQRI3DUDPRXQW%OYG *DUGHQGDOH6W 2UGHU9DFDWLRQ3RUWLRQRI$YRQ6W $OOH\V±+RVSLWDO6LWH 'HVLJQDWH-XOLXV$YHDV<LHOG6WUHHW±,QWHUVHFWLRQRI,UZLQJURYH'U 'HVLJQDWH3ULFKDUG6WDV<LHOG6WUHHW±,QWHUVHFWLRQRI.ORQGLNH$YH 8UJH3XEOLF+HDULQJ3URSRVHG1HZ7HOHSKRQH'LUHFWRULHV 'HFODUH,QWHQWWR9DFDWH&XO'H6DF$UHD±(QGRI%ORFNRI*DUQLVK'U &RQILUP$VVHVVPHQWV&KDS3URFHHGLQJV,PS3URM±%URRNVKLUH$YH 'HFODUH,QWHQWWR9DFDWH&XO'H6DF$UHD±(QGRI%ORFNRI*DUQLVK'U 8UJH/HDJXHRI&$&LWLHVWR6SRQVRU/HJLVODWLRQUH0RWRUF\FOH1RLVH $SSURYH$JUHHPHQWZ6R3DFLILF&R3HGHVWULDQ 9HKLFOH&URVVLQJ±3DWWRQ5G $XWKRUL]H&RQWULEXWLRQWR$'±0HDGRZ5G &RQILUP$VVHVVPHQW$'±0HDGRZ5G $XWKRUL]H0D\RU &LW\&OHUNWR$WWHVW%ULGJH,PS$JPW±)ORUHQFH$YH 2UGHU9DFDWLRQRI&XO'H6DF$UHD(QGRI%ORFNRI*DUQLVK'U $GRSW3URILOH3ODQ 6SHFV3URM±6WRUP'UDLQ%RQG,VVXH 'HVLJQDWH9LD$PRULWD$V<LHOG6WUHHW±,QWHUVHFWLRQ/HVWHUIRUG$YH $GRSW 6XEPLW%XGJHWIRU([SHQGLWXUH6WDWH(QJLQHHULQJ)XQGV 3URKLELW3DUNLQJ±%URRNVKLUH$YH (VWDEOLVK&RQGLWLRQRI3D\PHQW'UDLQDJH&RVWV7UDFW 2UGHU3ODQV 6SHFV)RU$'±1DGD6W 5(62/87,21,1'(; $SSURYH0DS$'±1DGD6W $GRSW3URILOH3ODQ 6SHFVIRU$'1DGD6W 6HW+HDULQJWR'HWHUPLQH1HFHVVLW\$'±1DGD6W 'HFODUH,QWHQWWR,PSURYH$'±1DGD6W 'HWHUPLQH/LTXLGDWLQJ'DPDJHV6KDOOEH3DLG$'±1DGD6W 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI/LQGHOO$YH 2UGHU9DFDWLRQRI3RUWLRQRI/LQGHOO$YH )LQG1HFHVVDU\5HTXLUH,PSURYHPHQW$'±1DGD6W 2UGHU:RUN$'±1DGD6W $SSURYH$JPWZ&LW\RI6RXWK*DWH66,PSURYHPWHQW6WHZDUW *UD\5G $XWKRUL]H&KDQJHV$'±6WDPSV$YH 2UGHU5HSRUW3XUVXDQWWRWKH6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$EDQGRQ'RZQH\&RXQW\/LJKWLQJ'LVWULFW 'HFODUH,QWHQWWR$QQH[$UHDV 0DLQWDLQ±$QQH[& $XWKRUL]H&LW\WR$FTXLUH$VVHVVPHQW'LVWULFW%RQGV 6XSSRUW/$&RXQW\&KDSWHU1DWLRQDO6DIHW\&RXQFLO¶V+ROLGD\6DIHW\3URJUDP &KDQJH3DUNLQJ/LPLW±'RZQH\$YH)URP+RXUWR+RXU/LPLW 'HVLJQDWH+DVW\$YHDV6WRS6WUHHW±,QWHUVHFWLRQRI'RZQH\ 6DQGIRUG%ULGJH 'HVLJQDWH)ORUHQFH$YH)URQWDJH5GDV<LHOG6WUHHW±,QWHUVHFWLRQ:LOH\%XUNH (VWDEOLVK1R3DUNLQJ/LPLWV±,PSHULDO+Z\ /LPLW3DUNLQJ±7HOHJUDSK5G 2UGHU3ODQV 6SHFV)RU$'±:DVKEXUQ5G $SSURYH0DS$'±:DVKEXUQ5G $GRSW3URILOH3ODQ 6SHFVIRU$'±:DVKEXUQ5G 6HW+HDULQJWR'HWHUPLQH1HFHVVLW\$'±:DVKEXUQ5G 'HFODUH,QWHQWWR,PSURYH$'±:DVKEXUQ5G 'HWHUPLQH/LTXLGDWLRQ'DPDJHV6KDOOEH3DLG$'±:DVKEXUQ5G $GRSW6WDQGDUG6SHFVIRU3:&RQVWUXFWLRQ $XWKRUL]H([HFXWLRQRI&RQWUDFWZ6WDWH'HSWRI)LQDQFH±3RSXODWLRQ(VWLPDWH 8UJH/HJLVODWLRQ&KDQJLQJ5HTXLUHPHQWVIRU3XEOLVKLQJ3UHYDLOLQJ:DJH6FDOHV 2UGHU5HSRUW3XUVXDQWWRWKH6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH[$UHDV/LJKWLQJ'LVWULFW±$QQH['=RQH =RQH 5HTXHVW/$&RXQW\:LWKGUDZ3RUWLRQRI/LJKWLQJ0DLQW'LVW )LQG1HFHVVDU\,PSURYHPHQW$'±:DVKEXUQ5G 2UGHU:RUN$'±:DVKEXUQ5G )LQG1HFHVVDU\$FTXLUH3URSIRU6WUHHW3XUSRVHV±)LUHVWRQH%OYG $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWR&LW\±)ORUHQFH$YH7UDFW $ZDUG&RQWUDFWWR,PSURYH$'±1DGD6W :DLYH&DOOIRU%LGVRQ3:&RQVWUXFWLRQ$'±6WDPSV$YH &RQILUP$XWKRUL]HG&LYLO'HIHQVH6LJQDWXUHV5HVFLQGHGE\5HVR 2UGHU([WHQVLRQRI'RZQH\&RXQW\/LJKWLQJ'LVWULFW 2UGHU$QQH[ 0DLQWDLQ/LJKWLQJ'LVWULFW±$QQH[' 'HFODUH,QWHQWWR9DFDWH'UDLQDJH(DVHPHQW±/LQGHOO$YH $SSURYH$JPWZ6R3DFLILF&R,QVWDOODWLRQ$XWRPDWLF*DWHV 6LJQDOVVV $XWKRUL]H$FFHVV5LJKWV'HGLFDWHGWR&LW\3RUWLRQRI&HFLOLD6WUHHW7UDFW 6XSSRUW0HUJHURI&KLFDJR5RFN,VODQG 3DFLILF5DLOURDGLQWR3DFLILF5DLOURDG 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI5DGLXV/D5HLQD &RQILUP$VVHVVPHQW&KDS3URFHHGLQJV,PS3URM6LWH:HVWHUQ$YH &RQILUP$VVHVVPHQW&KDS3URFHHGLQJV,PS3URM6LWH'XQURELQ$YH $VFHUWDLQ6XE7UDGHV+RXUO\:DJH5DWHV3XEOLF:RUNLQ&LW\ *UDQW3RUWLRQ&LW\3URSIRU3XEOLF5G3XUSRVHV±2OG5LYHU6FKRRO5G $ZDUG&RQWUDFW$'±:DVKEXUQ5G 5(62/87,21,1'(; &RPPHQG*RYHUQRU5RQDOG5HDJDQ $GPLQLVWUDWLRQIRU:RUNIRU6WDWH 2UGHU9DFDWLRQRI'UDLQDJH(DVHPHQW±/LQGHOO$YH 2UGHU9DFDWLRQ3RUWLRQRI5DGLXV6HFRQG6W /D5HLQD$YH )LQG'0&$UW3URYLGHV6WDQGDUGVWR+HDOWK 6DIHW\&RGHIRU%OGJ+RXVLQJ $IILUP3ULQFLSDO+RPH5XOHIRU%OGJ&RGH$FWLYLWLHV2SSRVH6WDWH )HG&RGHV 2UGHU9DFDWLRQRI:DWHU3LSHOLQH(DVHPHQWV±1RUWKZHVWHUO\RI/D5HLQD 3URKLELW3DUNLQJ±)LUHVWRQH%OYGUHVFLQGHGE\5HVR 3URKLELW3DUNLQJ±/DNHZRRG%OYG $SSURYH$JPWZ6WDWH'LYRI+Z\±7UDIILF6LJV&KHURNHH/DNHZRRG)ORUHQFH /LPLW3DUNLQJ±3DUDPRXQW%OYG5DLOURDG7UDFNVDQG)LUHVWRQH $GRSW3URILOH3ODQV 6SHFV3URM±%HOOIORZHU%OYG6WRUP'UDLQV WK 'HVLJQDWH6WUHHWDV<LHOG6WUHHW±,QWHUVHFWLRQRI/D5HLQD 3URKLELW3DUNLQJ±5LYHV$YHQXH4XLOO'U'XULQJ6FKRRO+RXUV $SSURYH-RLQW8VH$JPWZ6R&$(GLVRQ±7KLUG6W661R $GRSW ,PSOHPHQW5HYLVHG&ODVVLILFDWLRQ3ODQ 2UGHU9DFDWLRQ3RUWLRQ6DQLWDU\6HZHU 3XE8WLOLW\(DVHPHQW&RUG$YH 6HW)RUWK5HFRPPHQGDWLRQWR2IILFLDO1DPHIRU,QWHUVWDWH+Z\ $XWKRUL]H3HUIRUPDQFHRI3XEOLF:RUNE\&LW\(PSOR\HHV7UHDVXUH,VODQG3DUN $XWKRUL]H3HUIRUPDQFHRI3XEOLF:RUNE\&LW\(PSOR\HHV±0XVHXPRI$UW $SSRLQW3ODQQLQJ&RPPLVVLRQ±-DFN*DUODQG 6XSSRUW6RXWKHUQ5RXWHIRU&HQWXU\)UHHZD\ 2UGHU3ODQV 6SHFVIRU$'±,UZLQJURYH'U $SSURYH0DS$'±,UZLQJURYH'U $GRSW3URILOH3ODQ 6SHFV$'±,UZLQJURYH'U 6HW+HDULQJWR'HWHUPLQH1HFHVVLW\$'±,UZLQJURYH'U 'HFODUH,QWHQWWR,PSURYH$'±,UZLQJURYH'U 'HWHUPLQH/LTXLGDWHG'DPDJHV6KDOOEH3DLG$'±,UZLQJURYH'U $SSURYH([LVWHQFH'&+&RUS 0HWKRGRI)LQDQFLQJ&RQVWUXFWLRQRI+RVSLWDO $SSURYH/HDVHWREH(QWHUHG,QWRZ'RZQH\&LW\+RVSLWDO&RUSRUDWLRQ $PHQG3ODQRI6HWEDFNV±'RZQH\$YH 3ODQQLQJ5HVR  3URKLELW3DUNLQJ±3DUDPRXQW%OYG:HVW6LGH 'HVLJQDWH6WRS6WUHHW±*ROGHQ$YH,QWHUVHFWLRQRI&DVWDQD$YH 'HVLJQDWH6WRS6WUHHW±/X[RU6W,QWHUVHFWLRQRI5LYHV$YH $SSURYH$JPWZ6WDWH'LYRI+Z\V7UDIILF6LJQDO/DNHZRRG %HOOIORZHU 5HTXHVW/HJLVODWLRQWR$PHQG&ROOLHU8QUXK/RFDO7UDQVSRUWDWLRQ'HYHORS$FW )LQG1HFHVVDU\$'±,UZLQJURYH'U 2UGHU:RUN$'±,UZLQJURYH'U 0RGLI\6HOHFW6\VWHPRI6WUHHWV±$GG/LQGHOO6HYHQWK%XFNOHV $UGLV6WUHHWV 2SSRVH$%5HODWLQJWR&RPSXOVRU\$UELWUDWLRQ $GRSW3URILOH3ODQV 6SHFV3URMV 8QLW±6WRUP'UDLQ%RQG $SSURYH$JUPWVZ/$&RXQW\)ORRG&RQWURO'LVW3URM 8QLW 6XEGLYLVLRQ0DS7UDFW±&DVDQHV$YH 2SSRVHWKH3URSRVHG&KDQJHVLQ5RXWH±6ODXVRQ)UHHZD\ $XWKRUL]H-RLQW3RZHUV$JPWZ/$&RXQW\±&RQVWUXFWLRQRI+RVSLWDO &RQILUP$VVHVVPHQW$'±1DGD6W /$&RXQW\)ORRG&RQWWR(QWHU5LR6DQ*DEULHO3DUNWR&RQVWUXFW'UDLQDJH&KDQ 'HVLJQDWH6WRS,QWHUVHFWLRQ±)DLUIRUG$YH 0XOOHU6W $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±*DQR&XOZHOO $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±$OYLQ%6SULQJHU $SSRLQW3DUN 5HFUHDWLRQ&RPPLVVLRQ±*LOHV'+ROOLV $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV3DLG8SRQ3XEOLF:RUN $SSURYH$JPWZ6R3DFLILF&R±(DVHPHQWIRU6LGHZDONV3DUDPRXQW%OYG 5(62/87,21,1'(; $ZDUG&RQWUDFW$'±,UZLQJURYH'U (VWDEOLVK3DUNLQJ/LPLWV±7HOHJUDSK5G6RXWK6LGH±UHVFLQGHGE\1R $GRSW 6XEPLW%XGJHW([SHQG)XQGVIURP6WDWH+LJKZD\)XQGWR&LWLHV $PHQG3HUVRQQHO0DQXDO±5HYLVH3D\3ODQ $PHQG3HUVRQQHO0DQXDO±5HYLVH&ODVVLILFDWLRQ3ODQ $PHQG3HUVRQQHO0DQXDO±)LUH'HSW&RPPXQLFDWLRQV2SHUDWRU&RPSHQVDWLRQ $PHQG3HUVRQQHO0DQXDO±3ODQ&KHFNHU )RUHVWU\6XE)RUHPDQ6SHFV $PHQG3HUVRQQHO0DQXDO±7XLWLRQ5HLPEXUVHPHQW $PHQG3HUVRQQHO0DQXDO±0HULW/RQJHYLW\3HUFHQWDJHWR6FKHGXOH%DVLV $GRSW$QQXDO%XGJHW)< $GRSW$QQXDO&DSLWDO,PSURYHPHQW%XGJHW)< (VWDEOLVK5HVHUYH)XQGV)< $SSURYH$JUHHPHQWZ&LW\RI3LFR5LYHUD±7HOHJUDSK5G,PSURYHPHQWV 2UGHU5HSRUW3XUVXDQWWR6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVW±$QQH[(=RQH &RPPHPRUDWH6R&DOLIRUQLD*DV&R&HQWXU\RI6HUYLFH 'HQ\$SSHDORI³'HWRXU,QQ´IRUDQ(QWHUWDLQPHQW3HUPLW 8UJH/$&RXQW\WR,QYHVWLJDWH)HDVLELOLW\RI:LGHQLQJ,PSHULDO+Z\%ULGJH 5HDSSRLQW'RZQH\&LW\+RVSLWDO&RPPLVVLRQ±-RKQ1RUGEDN 5HDSSRLQW'RZQH\&LW\+RVSLWDO&RPPLVVLRQ±'RXJODV0RUURZ 5HDSSRLQW'RZQH\&LW\+RVSLWDO&RPPLVVLRQ±,UYLQ3KHODQ 5HDSSRLQW3ODQQLQJ&RPPLVVLRQ±-DFN*DUODQG 5HDSSRLQW:DWHU%RDUG±&OLIIRUG+LHPIRUWK 5HDSSRLQW:DWHU%RDUG±'DOH%DNHU 5HDSSRLQW3DUN 5HFUHDWLRQ&RPPLVVLRQ±'RQDOG3.LUNSDWULFN (VWDEOLVK5HFRUGV'HVWUXFWLRQ3ROLF\ 0DNH$SSOLFDWLRQIRU'HWDFKPHQWRI3RUWLRQRI6RXWKHDVW5HF 3DUN'LVW 5HTXHVW&RXQW\$LGWR&LWLHV)XQGVIRU0DLQWRI6HOHFW6\VWHP6WUHHWV 'HVLJQDWH6WRS6WUHHW±,QWHUVHFWLRQRI/D5HLQD$YH $XWKRUL]H8VHRI$FFHVV5LJKWV'HGLFDWHGWRWKH&LW\ 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI/H[LQJWRQ5G %URRNVKLUH$YH 2UGHU9DFDWLRQRI3RUWLRQRI/H[LQJWRQ5G %URRNVKLUH$YH 2UGHU$QQH[ 0DLQWRI/LJKWLQJ'LVWULFW±$QQH[(=RQH &RQILUP$VVHVVPHQWIRU$'±:DVKEXUQ5G $GRSW 6XEPLW%XGJHWIRU([SHQGLWXUH6WDWH(QJLQHHULQJ)XQGV $GRSW$QQXDO&DSLWDO,PSURYHPHQW%XGJHWIRU)< 'HWHUPLQH1HFHVVDU\$FTXLUH3URSIRU6WUHHW3XUSRVHV±7HOHJUDSK5G $GRSW 6XEPLW%XGJHW([SHQG)XQGV6WDWH+Z\)XQGWR&LWLHV 2UGHU9DFDWLRQ6HZHU(DVHPHQW0DUJDUHW&RXUWV $XWKRUL]H$FTXLUH5LJKWVWR(DVHPHQW±0DUJDUHW&RXUWV $XWKRUL]H$FNQRZOHGJH4XLW&ODLP'HHG±0DUJDUHW&RXUWV 'HFODUH,QWHQWWR9DFDWH(DVHPHQWV:DWHU3LSHOLQHV/\LQJ:HVWRI/D5HLQD $SSURYH&LW\RI'RZQH\&RPPXQLW\+RVSLWDO*URXQG/HDVH $SSURYH'RZQH\&RPPXQLW\+RVSLWDO/HDVH 2UGHU9DFDWLRQRI(DVHPHQWV:DWHU3LSHOLQHV/\LQJ:HVWRI/D5HLQD 5HDSSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±-RKQ&6LPV $XWKRUL]H'HVWUXFWLRQRI3HUVRQQHO'HSW'HDG)LOHV<HDUV 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI$OOH\%HWZHHQ0DQ]DQDU %URRNVKLUH 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI7HOHJUDSK5G (VWDEOLVK1R3DUNLQJ±:RRGUXII$YH(DVW6LGHUHVFLQGHGE\5HV )L[$PRXQW7R%H5DLVHGE\7D[HV)< )L[5DWHRI7D[HV)< 5(62/87,21,1'(; )L[5DWHRI7D[HV/LJKWLQJ'LVWULFW)< $GRSW$QQXDO/LJKWLQJ'LVWULFW%XGJHW)< 5HTXHVW³+LJKZD\7KURXJK&LWLHV´&RXQW\$LG)XQGV±3DUDPRXQW%OYG $SSRLQW3DUN 5HFUHDWLRQ&RPPLVVLRQ±%RE.RFKHV $SSURYH$ZDUGRI5HYHQXH%RQGVWR'RZQH\&RPPXQLW\+RVSLWDO$XWKRULW\ $ZDUG&RQVWUXFWLRQ&RQWUDFWIRU'RZQH\&RPPXQLW\+RVSLWDO$XWKRULW\ 2UGHU9DFDWLRQ3RUWLRQRI$OOH\%HWZHHQ0DQ]DQDU$YH %URRNVKLUH$YH 2UGHU9DFDWLRQ3RUWLRQRI7HOHJUDSK5G ,QWHQWWR9DFDWH3RUWLRQRI6HUYLFH5G$ORQJVLGH7HOHJUDSK5G 6XEGLYLVLRQ0DS7UDFW±%ORGJHWW$YH 'HVLJQDWH6WRS,QWHUVHFWLRQ±&DVWDQD$YH 'HPLQJ$YH 'HVLJQDWH6WRS,QWHUVHFWLRQ±&DVWDQD$YH*ROGHQ$YH 5H\GRQ6W 2UGHU9DFDWLRQ3RUWLRQRI6HUYLFH5G$ORQJVLGH7HOHJUDSK5G $SSURYH$JUHHPHQW)RU3XUFKDVHRI6WDWH¶V7LWOHWR/DQGV:LWKLQ&LW\ 5HTXHVW&RXQW\$LGWR&LWLHV)XQGVIRU0DLQWHQDQFH6HOHFW6\VWHP6WUHHWV $GRSW%XGJHWWR([SHQG)XQGV)URP6WDWH+LJKZD\)XQGWR&LWLHV WKV )LQG1HFHVVDU\$FTXLUH,QWHUHVWLQ:DWHU:HOO 3XPSLQJ3ODQW $SSURYH-RLQW8VH$JUHHPHQWZ6R&$(GLVRQIRU3URWHFWLRQRI3ULRU5LJKWV 3URKLELW3DUNLQJ±/DNHZRRG%OYG 6XSSRUW5HFRPPHQGDWLRQRI+LJKZD\5RXWH±*UHHQ2UDQJH5RXWH $SSURYH$PHQGPHQWVWR/HDVHV±'RZQH\&RPPXQLW\+RVSLWDO $GRSW$OLJQPHQWRI6WHZDUW *UD\5GEW:RRGUXII$YH )LUHVWRQH%OYG &RQILUP$VVHVVPHQWIRU$'±,UZLQJURYH'U 3URKLELW3DUNLQJ±*DUGHQGDOH6W1RUWK6LGH (VWDEOLVK1R3DUNLQJ/LPLWV±%URRNVKLUH$YH:HVW6LGH $XWKRUL]H5HFRUGDWLRQRI3DUFHO0DS $PHQG5HVR 'HVLJQDWH6WRS,QWHUVHFWLRQ±%URFN$YH 6XYD6W 3URKLELW3DUNLQJ±)URQWDJH5G$ORQJVLGH)ORUHQFH$YH1RUWK6LGH 5HTXHVW/$&RXQW\$FFHSW6WRUP'UDLQ,PSURYHPHQWV&&66&KDUORPD *UDQW&RXQW\6DQLWDWLRQ'LVW3HUS(DVHPHQW 5LJKWRI:D\±)XUPDQ3DUN 5HTXHVW5H(YDOXDWLRQRI1HFHVVLW\RI&ORVLQJ%ULGOH7UDLOVLQ/$&RXQW\ /LPLW3DUNLQJ±&OHWD6W6RXWK6LGH $SSURYH$JPWZ6R3DFLILF&R&RQVWUXFWLRQ 0DLQWRI:DWHU/LQH3DWWRQ5G 2UGHU5HSRUW3XUVXDQWWRWKH6WUHHW/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[($UHD=RQH (VWDEOLVK1R3DUNLQJ/LPLWV±'RZQH\$YH 5HTXHVW/$&RXQW\$FFHSW6WRUP'UDLQ,PSURYHPHQWV&&66&KDUORPD 5HTXHVW'RZQH\&RPPXQLW\+RVS&RUSWR8QGHUWDNH3URFHHGLQJVWR'LVVROYH $XWKRUL]H5HGXFWLRQRI3DUNLQJ6SDFHV±'RZQH\$YH &RQILUP$VVHVVPHQWIRU$'±6WDPSV$YH 6XSSRUW&RQFHSWRI,VVXDQFHRI&RPPHPRUDWLYH3RVWDJH6WDPSRI&DOLIRUQLD 2UGHU5HSRUW3XUVXDQWWRWKH6WUHHW/LJKWLQJ$FWRI$QQH[($UHDV  'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[($UHDV  2UGHU5HSRUW3XUVXDQWWRWKH6WUHHW/LJKWLQJ$FWRI([WHQG/'WR 'HFODUH,QWHQWWR([WHQG/'WR $GRSW3ODQ 6SHFVIRU5HJ3URM6WRUP'UDLQ%RQG,VVXH $SSURYH)LQDO6XE0DS7UDFW6WHZDUW *UD\5RDG $SSURYH6WRUP'UDLQ&RQVW&HFLOLD6W661R8QLW $SSRLQW&LW\&OHUN7UHDVXUHU±$OEHUWD3IHLIIHU$PHQG5HVR 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[($UHD &RQILUP$VVHVVPHQW&KDS3URFHHGLQJV,PS3URM6LWH5LYHV$YH 5(62/87,21,1'(; QG 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI6W %URRNVKLUH$YHWR)W:HVWHUO\  2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[($UHDV  2UGHU([WHQVLRQRI/LJKWLQJ'LVWULFW :D\6WRS±,QWHUVHFW:LOH\%XUNH$YH ,UZLQJURYH'U±UHVFLQGHGE\ /LPLW3DUNLQJ±'RZQH\$YHEHWZHHQ6WHZDUW *UD\ $ODPHGD (VWDEOLVK3UNJ5HVWULFWLRQV3XEOLF3UNJ/RWV5HVFLQG5HVR 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI$OOH\7HOHJUDSKEHWZQ/DNHZRRG /LQGHOO 'HVLJQDWHDV'HOOD'R\OH'D\ 2UGHU9DFDWLRQ3RUWLRQRI$OOH\7HOHJUDSKEHWZHHQ/DNHZRRG /LQGHOO $SSURYH6R3DFLILF&R$JPWIRUFURVVLQJDW3DWWRQ5RDG 2UGHU5HS3XUVXDQWWRWKH6WUHHW/LJKWLQJ$FWRI$QQH[)$UHD=RQH 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[)$UHD=RQH 5HTXHVW&RXQW\5HJLVWUDUWR3HUIRUP'XWLHVIRU(OHFWLRQRQ /LPLW3UNJ)ORUHQFH$YH%HWZHHQ5LYHV 6PDOOZRRG QG 2UGHU9DFDWLRQRI3RUWLRQRI6WIURP%URRNVKLUHWR)W:HVWHUO\ /LPLW3NJRQ)RQWDQD6W'RZQH\$YHWR$OOH\±UHVFLQGHGE\1R 2UGHU9DFDWLRQ:DWHU/LQH(DVHPHQW7UDFW $XWKRUL]H3XUFKDVHRI&DUSHWLQJ 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[)$UHD=RQH 1DUFRWLFV9LRODWLRQV(QIRUFHPHQW ,QYLWLQJ6XPPHU2O\PSLFVWRWKH/RV$QJHOHV$UHD 5HTXHVW)HGHUDO$LG6HFRQGDU\8UEDQ([WHQVLRQ)XQGV±,PSHULDO+Z\,PSYW 5HYLVH6SHHG/LPLWV±/DNHZRRG%OYG 2UGHU5HS3XUVXDQWWRWKH6WUHHW/LJKWLQJ$FWRI$QQH[)$UHD=RQH 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[)$UHD=RQH $GGLWLRQDO6KRUW7HUP)LQDQFLQJIRUWKH6WDWH:DWHU3URMHFW *LYLQJ1RWLFHRI*HQHUDO0XQLFLSDO(OHFWLRQWREH+HOGRQ (VWDEOLVK1R3DUNLQJ±6WHZDUW *UD\5G %HOOIORZHUWR3RLQW(DVWHUO\  $SSRLQW3DUN 5HFUHDWLRQ&RPPLVVLRQ±'LDQH%RJJV 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[)$UHD=RQH $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV3DLG8SRQ3XEOLF:RUN $SSURYH6XEGLYLVLRQ0DS7UDFW±6WDPSV &KDUORPD 0RGLI\6HOHFW6\VWHPRI6WUHHWVE\&HUWDLQ$GGLWLRQV 'HOHWLRQV $SSURYH$JPWIRU0DLQW2I/DQGVFDSLQJRQ(PEDQNPHQW6ORSHVRI)UZ\ 5HVFLQG3UNJ/LPLWV&OHWD6W %URRNVKLUHWR3DWWRQ  $XWKRUL]HXVHRI&HUWDLQ$FFHVV5LJKWV'HGLFDWHGWRWKH&LW\ $XWKRUL]HXVHRI&HUWDLQ$FFHVV5LJKWV'HGLFDWHGWRWKH&LW\ 2SSRVH0XQLFLSDO&RXUW&RQVROLGDWLRQ3ODQ $SSURYH6XEGLYLVLRQ0DS7UDFW±/XEHF6W 3URKLELW3UNJ±3DUDPRXQW%OYG±EW4XLOO 0HOYDUHVFLQGHGE\ 2UGHU&DQYDVVRI*HQ0XQLFLSDO(OHFWLRQWREHKHOGRQ 'HFODUH5HVXOWVRI*HQ0XQLFLSDO(OHFWLRQ+HOGRQ $SSURYH $XWKRUL]H6XEPLWWDORI6WUHHW3URJUHVV 1HHGV5HSRUW (VWDEOLVK3UNJ5HVWULFWLRQVRQ3XEOLF3UNJ/RWV$'5HVFLQG5HVR /LPLW3UNJ±2OG5LYHU6FKRRO5GDQG1HR6W 'HVLJQDWH,QWHUVHFWLRQ±/D5HLQD$YH 7KLUG6W:D\,QWHUVHFWLRQ $PHQG3UNJ5HVWULFWLRQV±/DNHZRRG%OYG 6WHZDUW *UD\ $ODPHGD  $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±/OR\G/6WURPEHUJ $PHQG3UNJ/LPLW±'RZQH\$YH )LUHVWRQH )RXUWK 5HVFLQG5HVR 2SSRVH6HQDWH%LOO±&RPSRVLWLRQRI%RDUGVRI'LUHFWRUV&RXQW\6DQLWDWLRQ $SSURYH$JPWZ6WDWH'LY+Z\V±6WRUP'UDLQ)UZ\ 'HFODUH,QWHQWWR9DFDWH±6DQLWDU\6HZHU 'UDLQDJH(DVHPHQW7UDFW 5(62/87,21,1'(; 5HTXHVW$OORFDWLRQIURP38&&URVVLQJ3URWHFWLRQ)XQG663DWWRQ5G $GRSW%XGJHW)<&RPPHQFLQJ)L[([SHQGLWXUH/LPLWV $GRSW$QQXDO&DSLWDO,PSURYHPHQW%XGJHW)<&RPPHQFLQJ (VWDEOLVK5HVHUYH)XQGVIRU)< $PHQG3HUVRQQHO0DQXDO3D\3ODQ $PHQG3HUVRQQHO0DQXDO±&ODVVLILFDWLRQ3ODQ $PHQG3HUVRQQHO0DQXDO±(VWDEOLVK&RPSHQVDWLRQI%RDUGV &RPUHVF $PHQG3HUVRQQHO0DQXDO±+ROLGD\V &KULVWPDV 1HZ<HDUV  $PHQG3HUVRQQHO0DQXDO±'LVDELOLW\/HDYH3URJUDP ([WHQG$FNQRZOHGJPHQW $SSUHFLDWLRQIRUWKHHIIRUWVRI'&($ 2UGHU9DFDWLRQ±6DQLWDU\6HZHU 'UDLQDJH(DVHPHQW7UDFW1R $SSRLQW/LEUDU\$GYLVRU\%RDUG±&DHVDU0DWWHL $SSRLQW3DUN 5HFUHDWLRQ&RPPLVVLRQ±'RXJODV0RUURZ $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±(DUO%HUU\ $SSRLQW:DWHU%RDUG±:LOOLDP5+DPLOWRQ )LQG 'HWHUPLQH1HFHVVDU\$FTXLUH3URSIRU6WUHHWV5LYHV$YH *UDQW(DVHPHQWIRU8WLOLW\3XUSRVHVWR6R&$(GLVRQ %HOOIORZHU%OYG  6XSSRUW&RPPXQLW\5DGLR:DWFK3URJUDP 'HFODUH,QWHQWWR9DFDWH)XWXUH6WUHHW±%HWZHHQ3DUFHOV 7UDFW (VWDEOLVK7UDIILF&RQWUROV±,QWHUVHFWLRQ)ORUHQFH$YHZ0DWWRFN 1HZYLOOH 'HVLJQDWH7KURXJK6WUHHW±3ULFKDUG &DVWDQD 'HPSVWHU  3URKLELW6WRSSLQJ±&HQWXU\%OYG %DUOLQ$YH ¶:HVWRI%DUOLQ  'HVLJQDWH6WRS6WUHHW±,QWHUVHFWLRQ)RVWHU5G $UGLV$YH $SSRLQW/LEUDU\$GYLVRU\%RDUG±0UV%HWW\)UHH $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±-DPHV)3O\ $SSRLQW/LEUDU\$GYLVRU\%RDUG±0UV*ORULD+HHU $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±0DU]HOOD&%UXPOH\ 8UJH,QFUHDVH$LU6UYFH#/%$LUSRUW6XSSRUW3DFLILF6RXWKZHVW$LUOLQHV $XWKRUL]H5HGXFWLRQRI3DUNLQJ6SDFHV)LUHVWRQH 'RODQ 2UGHU9DFDWLRQ)XWXUH6WUHHW5LYHV$YH7UDFW 5HT&RXQW\$LGWR&LWLHV)XQGV0DLQWDLQ 5HVXUIDFH6HOHFW6\V6WUHHWV 2UGHU3ODQV 6SHFVIRU,PSURYHPHQWRI3KOR[6WUHHW$' $GRSW3ODQ 6SHFVIRU,PSURYHPHQWRI3KOR[6WUHHW$' $SSURYH0DS$'3KOR[6WUHHW 'HFODUH,QWHQWWR,PSURYH±$'3KOR[6W 'HFODUH,QWHQWWR9DFDWH±6:IWRI4XLOO'U1:RI2OG5LYHU6FKRRO5G 'HWHUPLQH/LTXLGDWHG'DPDJHVEH3DLG$'3KOR[6W 5HTV/$&RXQW\)ORRG&RQWUROWUDQVIHU6WRUP'UDLQV&&666666 &DOO3+WR'HWHUPLQH1HFHVVLW\RI8QGHUJURXQG8WLOLW\'LVW'RZQH\+RVS 'HWHUPLQH1HFHVVDU\$FTRI3URSIRU6WUHHW3XUSRVHV66%URRNVKLUH $YH $SSURYH&KDQJHLQ/$7UDQVS6WXG\$UHD$PQG$JPW 2UGHU9DFDWLRQRI6:IWRI4XLOO1:RI2OG5LYHU6FKRRO5G 'HFODUH8QGHUJURXQG8WLOLW\'LVW)RUPHG±3XUVXDQWWR5HVR'LVW1R &RQILUP$VVPWIRU&KDS3URFHHGLQJVIRU,PS3URM3DUDPRXQW%OYG 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI'RULDQ6W 3DUNFOLII6W7UDFW 3URKLELW3UNJ±:DVKEXUQ5G 'HVLJQDWH7KURXJK6WUHHW±*RWKDP6W#&DVDQHV$YH 'HVLJQDWH7KURXJK6WUHHW±9LVWD'HO5RVD$YH#3DUDPRXQW%OYG(6UYF5G 3URKLELW3HGHVWULDQ&URVVLQJ±3DUDPRXQW%OYG6RXWK&URVVZDON9LVWD'HO 5RVD 3URKLELW3HGHVWULDQ&URVVLQJ±,PSHULDO+Z\#6PDOOZRRG$YH 5(62/87,21,1'(; 0RGLI\6HOHFW6\VRI6WUHHWVE\&HUWDLQ$GGLWLRQV 'HOHWLRQV )L[$PRXQWRI0RQH\WREH5DLVHGE\7D[DWLRQIRU)<%HJLQQLQJ $GRSW/LJKWLQJ'LVW%XGJHWIRU)<&RPPHQFLQJ)L[/LPLWV ([SHQVH )L[5DWHRI7D[HVIRU)<%HJLQQLQJ )L[5DWHRI7D[HVIRU)<%HJLQQLQJIRU/LJKWLQJ'LVWULFWV 2UGHU9DFDWH3RUWLRQVRI'RULRQ6W 3DUNFOLII6W7UDFW1R 3XUFKDVH&HUWDLQ/DQGVIURPWKH6WDWH $JPWZ6R3DFLILF&R:LGHQLQJ*UDGH&URVVLQJ3DUDPRXQW%OYG66 $PHQG%RXQGDU\RI8QGHUJURXQG8WLOLW\'LVWULFW1R 'HVLJQDWH7KURXJK6WUHHW±3RPHULQJ5G#)LUHVWRQH3O 3URKLELW3UNJ±*DUGHQGDOH6WZHVWRI+DQZHOO$YH WK 3URKLELW3UNJ±'RZQH\$YH 6WWR&KHURNHH'U 6WUHHW6ZHHSLQJ 'HVLJQDWH7KURXJK6WUHHW±&HGDUWUHH5G#3DVVRQV%OYG 3URKLELW6WRSSLQJ±3DUDPRXQW%OYG *DOODWLQ5G 6DQWD$QD)UZ\  3URKLELW3UNJ±*DOODWLQ5G %URRNVKLUHWR/DNHZRRG 6WUHHW6ZHHSLQJ 3URKLELW3UNJ±*DUGHQGDOH6W 'RZQH\$YHWR'RODQ$YH 6WUHHW6ZHHSLQJ /LPLW3NJ±*DOODWLQ5G $UULQJWRQWR6KHOO\ILHOG *DOODWLQWR5DYLOOHU 5 'HVLJQDWH7KURXJK6WUHHW±9LD$PRULWD#&DVDQHV$YH 2YHUUXOH3URWHVWV±$'3KOR[6W 2UGHU:RUN±$'3KOR[6W $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV3DLG8SRQ3XEOLF:RUN 3URKLELW3UNJ±6WHZDUW *UD\5G 'RZQH\WR3DUDPRXQW 6WUHHW6ZHHSLQJ 'HVLJQDWH7KURXJK6WUHHW±&DVWDQD$YH#3ULFKDUG6W 3URKLELW3UNJ±,PSHULDO#2OG5LYHUWR&LW\/LPLWV  5\HUVRQ±UHVFLQG 3URKLELW3UNJ±)LUHVWRQH3ODFH 2OG5LYHU6FKRRO5G 3RPHULQJ5G  )LQG1HFHVVDU\$FTXLUH3URSIRU6WUHHW3XUSRVHV%URRNVKLUH$YH66 $SSRLQW3DUN 5HFUHDWLRQ&RPPLVVLRQ±:DUUHQ+HHU 'HVLJQDWH7KURXJK6WUHHW±)DLUIRUG$YH#0XOOHU6W &RQILUP$VVHVVPHQWVIRU&KDS3URFHHGLQJVIRU,PS%HQDUHV6W $ZDUG&RQWUDFW±$'3KOR[6W,PSURYHPHQW 3URKLELW3UNJ±/D5HLQD$YH 6L[WK6WWR6HYHQWK6W 6WUHHW&OHDQLQJ 2UGHU5HS3XUVXDQWWRWKH6WUHHW/JKWJ$FWRI$QQH[)$UHD=RQH 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[)$UHD=RQH 2UGHU5HSRUW3XUVXDQWWRWKH6WUHHW/JKWJ$FWRI$QQH[)=RQH 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[)=RQH 2SSRVH3URSRVLWLRQWKH:DWVRQ,QLWLDWLYH $SSRLQW/LEUDU\$GYLVRU\%RDUG±&RUD5RZH $SSRLQW3ODQQLQJ&RPPLVVLRQ±5REHUW)³%RE´'XUNHH 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[)$UHD=RQH9XOWHH 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[)$UHD=RQH &RQILUP$VVHVVPHQWVIRU&KDS3URFHHGLQJVIRU,PS7HOHJUDSK5G (VWDEOLVK6R&$$VVRFLDWLRQRI*RYHUQPHQWV$JUHHPHQW 2UGHU5HSRUW3XUVXDQWWRWKH6WUHHW/JKWJ$FWRI$QQH[)$UHD=RQH 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[)$UHD=RQH 2UGHU5HS3XUVXDQWWRWKH6W/JKWJ$FWRI$QQH[)$UHD =RQH  'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[)$UHDV =RQH  *UDQW3XE5G(DVHPHQW±1:&RUQHU6:&RUQHU1(&RUQHU%URRNVKLUH WK )LQG1HFHVVDU\$FTXLUH3URSIRU6WUHHW3XUSRVHV±%URRNVKLUH$YH66 5HT/$&RXQW\)ORRG&RQWUROWUDQVIHU6WRUP'UDLQV&&66&HFLOLD 8UJH/HJLVODWRUVWR&ORVH860H[LFDQ%RUGHUVWR$PHULFDQ0LQRUV 'UXJ7UDI  'HFODUH,QWHQWWR9DFDWH6HZHU(DVHPHQW±,PSHULDO+Z\ 3URKLELW3UNJ±:DVKEXUQ5G %HOOIORZHUWR,]HWWD$YH 6WUHHW6ZHHSLQJ 5(62/87,21,1'(; 3URKLELW3UNJ±,PSHULDO+Z\ 'XQURELQWR:RRGUXII 6WUHHW6ZHHSLQJ 'HVLJQDWH7KURXJK6WUHHW±5DWOLIIH6W %HOOIORZHU%OYGWR:RRGUXII$YH  'HVLJQDWH7KURXJK6WUHHW±'XQURELQ$YH#5DWOLIIH6W 5HVWULFW3UNJ±3DUDPRXQW%OYG &KH\HQQH$YHWR3XULWDQ$YH  'HVLJQDWH7KURXJK6WUHHW±,UZLQJURYH'U#5LYHV$YH 5HTXHVW+Z\V7KURXJK&LWLHV&RXQW\$LG)XQGV±,PSHULDO+Z\&&66 $SSRLQW/LEUDU\$GYLVRU\%RDUG±&KDUOHV9-RQHV 'HVLJQDWH7KURXJK6WUHHW±3DQJERUQ$YH#%XHOO6W 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[)$UHD=RQH 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[)$UHDV  'HFODUH,QWHQWWR9DFDWH3RUWLRQRI$OOH\%HWZHHQ3DUDPRXQW%OYG 3DUURW$YH $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV3DLG8SRQ3XEOLF:RUN 2UGHU9DFDWLRQ3RUWLRQRI$OOH\%HWZHHQ3DUDPRXQW%OYG 3DUURW$YH 2UGHU9DFDWH3RUWLRQRI6WURP'UDLQ(DVHPHQW/RW7UDFW 2UGHU([WHQVLRQRI'RZQH\&RXQW\/LJKWLQJ'LVWULFW 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI$QQH[*$UHD=RQH 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[*$UHDV=RQH 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[*$UHD=RQH ([SUHVV&RQFHUQ2YHU:LGHVSUHDG0LOLWDQF\,QFLGHQWVRQ&ROOHJH&DPSXVHV 2UGHU9DFDWLRQRI6DQLWDU\6HZHU 'UDLQDJH(DVHPHQW7UDFW1R $SSURYH)LQDO0DS7UDFW1R 3LFR9LVWD5G  $PHQG3UNJ5HVWULFWLRQV±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±6HQDWRU+/5LFKDUGVRQ 'HFODUH2EMHFWLRQWR6DOHWR3XEOLF3DUFHO6DOH$3XEOLF3DUN 'HVLJQDWH7KURXJK6WUHHW±/XEHF6W#3RPHULQJ5G 3URKLELW3UNJ±%HQHGLFW$YH ,PSHULDO+Z\WR(YHUHVW6W 6WUHHW6ZHHSLQJ 3URKLELW3UNJ±%LUFKEDUN$YH 7HOHJUDSK5G 6WUHHW6ZHHSLQJ $GRSW6XSSOHPHQWV6WDQGDUG6SHFLILFDWLRQVIRU3:&RQVWUXFWLRQ $SSURYH$JPWZ6WDWH'LYRI+Z\V,QVWDOO7UDIILF6LJQDO6\V66 $SSURYH/HDVHZ6R&$(GLVRQ±'LQZLGGLH6WUHHW 2SSRVH&RXUW&RQVROLGDWLRQ3ODQ$% 2SSRVH6%±(VWDEOLVKLQJ$LUSRUW+HLJKW=RQLQJ5HVWULFWLRQV )L[&RVWV5HODWLYHWR,PSRXQGLQJ 6DOHRI6KRSSLQJ&DUWV 5HTXHVW+Z\7KUX&LWLHV&RXQW\$LG)XQGV6WHZDUW *UD\5G66 3URKLELW3UNJ±*DOODWLQ5G %URRNVKLUH /DNHZRRG 6WUHHW6ZHHSLQJ $PHQG5HVR±6LVWHU&LW\$VVRFLDWLRQ0HPEHUVKLS 5HTXHVW5HLPEXUVHPHQWò&RVWWR,QVWDOO5DLOURDG&URVVLQJ*DWHV3DUDPRXQW %O $SSRLQW'&+$XWKRULW\&RPPLVVLRQ±)UDQN5*DVGLD 5H$SSRLQW'&+$XWKRULW\&RPPLVVLRQ±5R\46WUDLQ )LQG1HFHVVDU\$FTXLUH3URSIRU&RQGXFWLQJ6WRULQJ 'LVW:DWHUIRU&LW\ 'HVLJQDWH7KURXJK6WUHHW±/XEHF6W#:LOH\%XUNH$YH 5(62/87,21,1'(; 3URYLGH&RPPHQGDWLRQ 5HFRJQLWLRQWR&LWL]HQ'RQRUVRI9HWHUDQ¶V0HPRULDO 5HODWLQJWR&RQWULEXWLRQE\&LW\IRU:RUN'RQHLQ$' &RQILUP$VVHVVPHQW$'±3KOR[6W 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI$QQH[*$UHDV  'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[*$UHDV  'HFODUH,QWHQWWR(VWDEOLVK8QGHUJURXQG8WLOLW\'LVW3DUDPRXQW%OYG'LVW 5HT/$&RXQW\)ORRG&RQWURO'LVW7UDQVIHU6WRUP'UDLQV&&66'UQ $XWKRUL]H5HQHZDO/$&RXQW\&RQWUDFWIRU*HQHUDO6HUYLFHV &RPPHQG7KRPDV+0RUWRQIRU6HUYLFHDV&RXQFLOPDQDQG0D\RU $GRSW3URILOH3ODQV 6SHFVIRU/$&RXQW\)ORRG&RQW'LVW3URM 'HFODUH,QWHQWWR9DFDWH6HZHU :DWHU(DVHPHQW3ODQHWW$YH &KDQJH6WUHHW1DPHV±+DUR6WWR+DUR$YH 6XVDQ6WWR6XVDQ$YH 0RGLI\6HOHFW6\VWHPRI6WUHHWVE\&HUWDLQ$GGLWLRQV 'HFODUH)RUPHG8QGHUJURXQG8WLOLW\'LVW 'LVW 3XUVXDQWWR5HVR 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[* 2UGHU9DFDWH6HZHU :DWHU0DLQ(DVHPHQW3ODQHWW$YH 6XSSRUW,QWURRI%LOO3URYLGH'D\OLJKW6DYJV7LPHEH2EV1DWLRQDOO\<HDU5RXQG 5HVWULFW3UNJ±,PSHULDO+LJKZD\±UHVFLQGHGE\1R 5HVWULFW3UNJ±)LUHVWRQH%OYG(DVWRI:RRGUXIIUHVFLQGHGE\5HVR 3URKLELW3UNJ±+DOO5G 3URKLELW3UNJ±3DUDPRXQW%OYG6RXWKRI7HOHJUDSK5G 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG±&KDUOHV9-RQHV 5H$SSRLQW3DUNV 5HFUHDWLRQ&RPPLVVLRQ±-$UW-RKQVRQ 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG±&KDUOHV':RRGZRUWK $SSRLQW&LW\&OHUN7UHDVXUHU±(OOHQ'DYLV 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ±:LOOLDP**UHHQH 5H$SSRLQW3DUNV 5HFUHDWLRQ&RPPLVVLRQ±0DUMRULH3DXJK $GRSW%XGJHW)<)L[/LPLWDWLRQVDQG([SHQVHV $GRSW&DS,PS%XGJHW)<)L[/LPLWDWLRQVDQG([SHQVHV $PHQG3HUVRQQHO0DQXDO±3D\3ODQ $GRSW1HZ 5HYLVHG&ODVV6SHFLILFDWLRQV $PHQG3HUVRQQHO0DQXDO±&ODVVLILFDWLRQ3ODQ $PHQG3HUVRQQHO0DQXDO±8QLIRUP$OORZDQFHV $PHQG3HUVRQQHO0DQXDO±8SJUDGLQJ,QYHVWLJDWRUV 5H$SSRLQW'RZQH\+RVSLWDO&RPPLVVLRQ±-RKQ(]]HOO 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG±&RUD5RZH 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±%\URQ7:KLWH $SSRLQW:DWHU%RDUG±(XJHQH03KLOSRW $XWKRUL]H$WWRUQH\*HQHUDOWR&RQGXFW/HJDO3URFHHGLQJV3HWUROHXP3URGXFWV 'HVLJQDWH7KURXJK6WUHHW±+RUOH\$YH#)LQHYDOH'U 2SSRVH5HPRYDORI)HG0XQLFLSDO%RQG7D[([HPSWLRQ 'HFODUH,QWHQWWR(VWDEOLVK8QGHUJURXQG8WLOLW\'LVWULFW3DUDPRXQW%OYG'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ±*HRUJH**OHQQ $GRSW$OLJQPHQWRI6WHZDUW *UD\5G :RRGUXII$YHWR)LUHVWRQH%OYG  5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG±$OYLQ%6SULQJHU $XWKRUL]H3XUFKDVHRI0DWHULDOVRQ2SHQ0DUNHW±&LW\+DOO&DUSHWLQJ 2UGHU&RQGHPQDWLRQ3URFHHGLQJVRQ)RVWHU%ULGJH%OYG1RUWKRI6XYD 'HVLJQDWH7KURXJK6WUHHW±+RUOH\$YH#6XYD6W 'HFODUH8QGHUJURXQG8WLOLW\'LVW)RUPHG3XUVXDQWWR5HVR'LVW $GRSW6WDQGDUGVIRU,VVXDQFHRI3HUPLWVIRU%XV%HQFKHVUHVFLQGHGE\ 5HTXHVW$OORFDWLRQRI&RXQW\$LGWR&LWLHV)XQGVIRU0DLQW6HOHFW6\V6WUHHWV 5HTXHVW/RFDO$JHQF\)RUPDWLRQ&RPPLVVLRQ5HORFDWH%RXQGDU\Z%HOOIORZHU 5(62/87,21,1'(; 2UGHU5HSRUW3XUVXDQWWRWKH6W/KWJ$FWRI$QQH[*$UHDV=Q  'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[*$UHDV=Q  2SSRVH0HWKRGVRI3URSHUW\7D[$VVHVVPHQWE\&RXQW\7D[$VVHVVRU¶V2IILFH $XWKRUL]H3XUFKDVHRI&DUSHWRQ2SHQ0DUNHW 3URKLELW3UNJ±'RZQH\$YH 'H3DOPD6WWR$UQHWW6W 6WUHHW6ZHHSLQJ 3URKLELW3UNJ±7ZHHG\/DQH 'LQVGDOH6WWR'DFRVWD6W 6WUHHW6ZHHSLQJ 3URKLELW6WRSSLQJ±)LUHVWRQH%O %URRNVKLUH$Y±:RRGUXII$Y UHVFLQG )LQG1HFHVVDU\$FTXLUH3URSIRU6WUHHWV 3DUDPRXQW%OYG )LUHVWRQH%OYG  $SSURYH$JPWZ'86'IRU&RQVWUXFWLRQRI'DYLV6W )L[$PRXQWRI0RQH\WREH5DLVHGE\7D[DWLRQ)< )L[5DWHRI7D[HVIRU)< $GRSW/LJKWLQJ'LVW%XGJHWIRU)<)L[/LPLWDWLRQRI([SHQVHV )L[5DWHRI7D[HVIRU)<IRU/LJKWLQJ'LVWULFWV ,QLWLDWH3URFHHGLQJIRU7UDQVIHURI8QLQKDELWHG7HUULWRU\WR&LW\RI%HOOIORZHU 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[*$UHDV &RQILUP$VVHVVPHQWVIRU&KDS3URFHHGLQJV3URM)ORUHQFH$YH 'HFODUH,QWHQWWR9DFDWH8WLOLW\(DVHPHQW6HUYLFH5G1:RI6WHZDUW *UD\ )LQG1HFHVVDU\$FTXLUH3URSIRU6WUHHWV6:&RUQHU3DUDPRXQW )LUHVWRQH 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI$QQH[*$UHD 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[*$UHD )LQG1HFHVVDU\$FTXLUH3URSIRU6WUHHWV6(&RUQHU3DUDPRXQW 7KLUG66  5HYLVH3UNJ5HVWULFWLRQV±)ORUHQFH$YHUHVFLQGHGE\1R WK 3URKLELW3UNJ±:HVWHUQ$YH 6WWR)ORUHQFH$YH 6WUHHW6ZHHSLQJ 3URKLELW3UNJ±(OP9LVWD'U %HOOIORZHU%OYGWR(DVW(QG 6WUHHW6ZHHSLQJ &RQILUP$VVHVVPHQWVIRU&KDS3URFHHGLQJV3URM/X[RU6W &RQILUP$VVHVVPHQWVIRU&KDS3URFHHGLQJV3URM$OLZLQ6W &RQILUP$VVHVVPHQWVIRU&KDS3URFHHGLQJV3URM-XOLXV$YH 2UGHU$QQH[ 0DLQWDLQ(OHFWULFDO&XUUHQW±$QQH[*$UHD 2UGHU9DFDWH8WLOLW\(DVHPHQW±6UYFH5G1:&RUQHU6WHZDUW *UD\5G 'HFODUH,QWHQWWR9DFDWH3RUWLRQRI6WXGHEDNHU5G/LWWOH/DNH5G $OOH\ 'HVLJQDWH7KURXJK6WUHHW±3DWWRQ5G#0DUJDUHW6W 'HVLJQDWH7KURXJK6WUHHW±3DWWRQ5G#0DQDWHH6W 5HVFLQG3UNJ5HVWULFWLRQV±6XYD6W 7ZHHG\/DQHWR+RUOH\$YH  )LQG1HFHVVDU\$FTXLUH3URSIRU6WUHHWV1(&RUQHU3DUDPRXQW )LUHVWRQH  2SSRVH/HJLVODWLRQ5HPRYLQJ7D[([HPSW6WDWXVIURP0XQLFLSDO%RQGV 8UJH86&RQJUHVVWR$GRSW&RQWUROOHG'DQJHURXV6XEVWDQFHV$FWRI $PHQG3HUVRQQHO0DQXDO±&ODVVLILFDWLRQ3ODQ 3URKLELW3UNJ±'XQURELQ$YH ,PSHULDO+Z\WR6SU\6W 6WUHHW6ZHHSLQJ 3URKLELW3UNJ±3DUDPRXQW%OYG 3KOR[6WWR'H3DOPD6W 6WUHHW6ZHHSLQJ 3URKLELW3UNJ±&ROH6W 'RZQH\$YHWR'RODQ$YH 6WUHHW6ZHHSLQJ 5HYLVH3UNJ5HVWULFWLRQV±)LUHVWRQH%O 1HZYLOOHWR)W(DVW UHVF 5HYLVH3UNJ5HVWULFWLRQV±:DVKEXUQ5G ,]HWWD$YHWR'XQURELQ$YH  $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV3DLG8SRQ3XEOLF:RUN 2UGHU5HS3XUVXDQWWRWKH6W/LJKWLQJ$FWRI$QQH[*$UHD 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[*$UHD7KUX2PLW 5HTXHVW/$)&WR$FW8SRQ$SSOLFDWLRQWR$QQH[3URSHUW\IURP%HOO*DUGHQV 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI$QQH[*$UHD 'HFODUH,QWHQWWR'LVVROYH/'$UHD $QQH[±%HOOGHU'ULYH9LD$PRULWD $SSURYH$JPWZ6&(IRU5HORFDWLRQRI)DFLOLWLHV$ORQJ)LUHVWRQH%OYG 2SSRVH/HJLVODWLRQ5HPRYLQJ7D[([HPSW6WDWXVIURP0XQL%RQGV 5(62/87,21,1'(; 'HVLJQDWH7KURXJK6WUHHW±*DUGHQGDOH ,PSHULDO$GRUHH &KH\HQQH# %URFN 'HVLJQDWH7KURXJK6WUHHW±/XEHF6W#/DNHZRRG%OYG()URQWDJH5G WKWK 3URKLELW3UNJ±/D5HLQD$YHEHWZHHQ6W 6WIRU6WUHHW&OHDQLQJ 'HVLJQDWH7KURXJK6WUHHW±7KLUG6W#:LOH\%XUNH$YH 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI$QQH[+$UHD 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[+$UHD $SSURYH)LQDO0DS7UDFW1R 3KOR[6W6RXWKRI%XUQV$YH  $SSURYH$PHQGPHQWWR&RQWUDFWZ6WDWH(PSOR\HH¶V5HWLUHPHQW6\VWHP 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[*$UHD7KUX2PLW 2UGHU([WHQVLRQRI'RZQH\&RXQW\/LJKWLQJ'LVWULFW 'HFODUH2EMHFWLRQWR6DOHWR3XEOLFRI3DUFHOV 6DOH$ $SSURYH$JPWWR3XUFKDVH6WDWH/DQGVZLWKLQ&LW\ 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI$QQH[ 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[6WDQEULGJH 5XWJHUV &RQVHQW3RUWLRQRI,PSHULDO+Z\DV3DUWRI/$&RXQW\+Z\6\VWHP &RQVHQWWR7UDQVIHURI7HUULWRU\IURP%HOO*DUGHQVWR'RZQH\ 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[*$UHD 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[ 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[ 'HVLJQDWH7KURXJK6WUHHW±%XHOO6WDW&DVDQHV$YH 'HVLJQDWH6WRS6WUHHW±%OXII5GDW*OHQFOLII'ULYH 3URKLELW3DUNLQJ±1HZYLOOH$YHEHWZHHQ)LUHVWRQH%OYG 5LR6DQ*DEULHO3DUN 5HTXHVW&RXQW\5HJLVWUDUWR3HUIRUP'XWLHVIRU(OHFWLRQRQ 8UJH/HJLVODWLRQWR'HOHWH3RUWLRQRI3URSRVHG,)UZ\7KURXJK'RZQH\ +RQRULQJ6XSHUYLVRU)UDQN*%RQHOOL $XWKRUL]H$WWRUQH\*HQHUDOWR5HSUHVHQW&LW\$JDLQVW$XWRPRELOH0IW$FWLRQ $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV3DLG8SRQ3XEOLF:RUN 'HVLJQDWHD7KURXJK6W±&ROH6WDW*XUOH\$YH 'HVLJQDWHD7KURXJK6W±6L[WK6WDW7ULVWDQ'U (VWDEOLVKKRXU3DUNLQJRQ3DUDPRXQW%OYG5DLOURDG7UDFNVWR3KOR[6W 3URKLELW3DUNLQJ±6WUHHW&OHDQLQJ1HZYLOOH$YH *LYLQJ1RWLFHRI*HQHUDO0XQLFLSDO(OHFWLRQWREH+HOGRQ 'HVLJQDWHD7KURXJK6WUHHW±%URRNVKLUH$YHDW'DYLV6W 8UJH/$&RXQW\6XSHUYLVRUVWR&RQGXFW,QTXLU\LQWR&RVWRI/DZ(QI6HUYLFHV 5HTXHVW6WDWH/HJLVODWXUH0DNH(PLQHQW'RPDLQ/DZV0RUH(TXLWDEOH $XWKRUL]H$SSOLFDWLRQWRMRLQWKH0HWURSROLWDQ&RRSHUDWLYH/LEUDU\6\VWHP 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRIWKURXJK 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[WKURXJK 3URKLELW3DUNLQJ%URRNVKLUH$YHEHWZHHQ635DLOURDG 0DQDWHH6W $GRSW,VVXHRIWKH6WDQGDUG6SHFLILFDWLRQVIRU3XEOLF:RUNV&RQVWUXFWLRQ $SSURYH)LQDO0DS7UDFW1R 6XYD6W 7ZHHG\/DQH  $SSURYH)LQDO0DS7UDFW1R 5LR+RQGR'ULYH  $SSRLQW&LW\0DQDJHU±&KDUOHV:7KRPSVRQ $XWKRUL]HWKH3XUFKDVLQJRI0DWHULDOVRQWKH2SHQ0DUNHW 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[WKURXJK 3URKLELW3DUNLQJ±7ZHHG\/DQHEHWZHHQ'DFRVWD6W 'LQVGDOH6W 0RGLI\6HOHFW6\VWHPRI6WUHHWVE\&HUWDLQ$GGLWLRQ $SSURYH$JPWZ6WDWH/$&RXQW\ 1RUZDON,PSURYHPHQWRI,PSHULDO+Z\ 2SSRVH6WDWH6HQDWH%LOO &RQILUP$VVPWVIRU&KDS3URFHHGLQJV,PS3URM9LVWD'HO5LR &RQILUP$VVPWVIRU&KDS3URFHHGLQJV,PS3URM%HOOIORZHU 5(62/87,21,1'(; &RQILUP$VVPWVIRU&KDS3URFHHGLQJV,PS3URM6LWHV%HOOIORZHU &RQILUP$VVPWVIRU&KDS3URFHHGLQJV,PS3URM)RQWDQD 6XSSRUW3URYLVLRQVRI$UW;;9,RI&$&RQVWLWXWLRQ$OORFDWLRQRI*DV7D[)XQGV 2UGHULQJ9DFDWLRQ±6WXGHEDNHU5G/LWWOH/DNH5G $OOH\EHWZHHQ)UZ\ $SSURYH5HFRQVWUXFWLRQRI/LWWOH/DNH5G )LQG1HFHVVDU\$FTXLVLWLRQRI3URSIRU6WUHHW3XUSRVHV3DWWRQ )RQWDQD 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[3RPHULQJ5G 2UGHU&DQYDVVRI*HQ0XQL(OHFWLRQWREHKHOGRQ 'HFODUH5HVXOWRI*HQ0XQL(OHFWLRQKHOGRQ +RQRU%HUW3'X0DUVIRU6HUYLFHWRWKH&LW\ (VWDEOLVK:DWHU6HUYLFH=RQH :DWHU5DWHVUHVFLQGUHVFLQGHGE\ (QGRUVH3URS+HDOWK6FLHQFHV&RQVWUXFWLRQ%RQG$FW WK 3URKLELW3UNJ±:HVWHUQ$YHEHWZHHQ6W )ORUHQFH$YH 'HVLJQDWH7KURXJK6WUHHW±)LIWK6WDW6PDOOZRRG$YH 'HVLJQDWH7KURXJK6WUHHW±7KLUG6WDW6PDOOZRRG$YH $XWKRUL]H7UDQVIHUDQG&RQYH\DQFHRI6WRUP'UDLQ,PSURYHPHQWV&&66 5HTXHVW&RQVWUXFWLRQRI&URVVLQJ$FURVV635DLOURDG7UDFNV6WHZDUW *UD\ 5G 'HFODUH5LR+RQGR*ROI&RXUVHDVD5HJLRQDO3XEOLF5HFUHDWLRQ$UHD 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[3RPHULQJ5G &RQILUP$VVPWVIRU&KDS3URFHHGLQJV,PS3URM)LUHVWRQH%OYG )LQG1HFHVVDU\$FTXLVLWLRQRI3URSIRU6WUHHW3XUSRVHV6HFRQG6W# 3DUDPRXQW (VWDEOLVK3DUNLQJ5HVWULFWLRQVRQ3XEOLF3UNJ/RWV$' &RPPHQGLQJ-RKQ'3DUNKXUVWIRU7RS7HQ3XEOLF:RUNV0HQRIWKH<HDU 3URYLGHIRUWKH,VVXDQFHRID1HJRWLDEOH1RWH 3URYLGHIRUWKH,VVXDQFHRID1HJRWLDEOH1RWH 3URKLELW6WRSSLQJ±%HOOIORZHU%OYGIURP+DOO5GWR6WHZDUW *UD\5G 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI  3URKLELW3DUNLQJ±'RZQH\$YHEHWZHHQ&KHURNHH'U )ORUHQFH$YH 3URKLELW3DUNLQJ±6WHZDUW *UD\5GEHWZHHQ3HUQHOO$YH IW(DVW 5HVWULFW3DUNLQJ±6HFRQG6WEHWZHHQ'RODQ$YH IW(DVW $SSURYH$JPWZ6R3DF7UDQV&R,QVWDOO:DWHU0DLQ8QGHU557UDFNV'RODQ $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±&HFLO3DULVK 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[ )LUHVWRQH%OYG 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[ 'HVLJQDWH7KURXJK6WUHHW±7ZHHG\/DQHDW$OOHQJURYH6W 5HTXHVW$OORFDWLRQRI&RXQW\$LG)XQGV5HVXUIDFLQJ6HOHFW6\VWHP6WUHHWV 'HFODUH,QWHQWWR3DUWLFLSDWHLQ723,&63URJUDP$OORFDWH)XQGV 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI7KURXJK 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[7KURXJK &RQILUP$XWKRUL]HG&LYLO'HIHQVH6LJQDWXUHV 5HDSSRLQW3ODQQLQJ&RPPLVVLRQ±-RKQ.0RUULV 5HDSSRLQW:DWHU%RDUG±:LOOLDP5+DPLOWRQ 5HDSSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±(DUO-%HUU\ 'HFODUH,QWHQWWR9DFDWH'UDLQDJH 8WLOLW\(DVHPHQWV7UDFW $GRSW%XGJHW)<)L[/LPLWDWLRQVDQG([SHQVHV $GRSW&DSLWRO,PSURYHPHQW%XGJHW)<)L[/LPLWDWLRQVDQG([SHQVHV $GRSW5HYLVHG3D\3ODQ $GRSW ,PSOHPHQWD5HYLVHG&ODVVLILFDWLRQ3ODQ 5(62/87,21,1'(; $GRSW ,PSOHPHQW5HYLVLRQVWRWKH3HUVRQQHO0DQXDO 5HDSSRLQW:DWHU%RDUG±(GZLQ:*LGGLQJV 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[ 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[  &RQILUP$VVPWVIRU&KDS3URFHHGLQJV,PS3URM6WRDNHV$YH $GRSW ,PSOHPHQWD5HYLVHG&ODVVLILFDWLRQ3ODQ $GRSWD3D\6FDOHIRU&HUWDLQ(PSOR\HHV $GRSW ,PSOHPHQW5HYLVLRQVWRWKH3HUVRQQHO0DQXDO 3URKLELW3DUNLQJ±1DVK$YHIURP0F&DKLOO6WWR)LUHVWRQH%OYG 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRI 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[ 'HFODUH,QWHQWWR9DFDWHD3RUWLRQRI6WXGHEDNHU5G $SSURYH$JPWZ6R3DF7UDQV&R,QVWDOO:DWHU0DLQ8QGHU557UDFNV 8UJH5HFRQVLGHUDWLRQRI0LG<HDU6DODU\$GMXVWPHQWVIRU6KHULII &RXQW\)LUH 5HDSSRLQW3HUVRQQHO$GYLVRU\%RDUG±/OR\G/6WURPEHUJ 3URKLELW3DUNLQJ±'RZQH\$YHEHWZHHQ)LIWK6W 6L[WK6W $SSURYH/$&RXQW\5HVROXWLRQ5HYHQXH%RQGV 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[7KURXJK 2UGHU9DFDWLRQRI3RUWLRQRI6WXGHEDNHU5G 2UGHU$QQH[DWLRQRI/LJKWLQJ'LVWULFW±$QQH[+RUWRQ$YH 3URKLELW6WRSSLQJ±)LUHVWRQH%OYGDW5\HUVRQ$YH(DVWHUO\IW 2UGHU9DFDWLRQRI'UDLQDJH 8WLOLW\(DVHPHQWV7UDFW 'HFODUH,QWHQWWR*UDQW)UDQFKLVHWR6R&$:DWHU&RZLWKLQ'RZQH\ )L[$PRXQWRI0RQH\WREH5DLVHGE\7D[DWLRQ)< )L[5DWHRI7D[HVIRU)< $GRSW/LJKWLQJ'LVW%XGJHWIRU)<)L[/LPLWDWLRQRI([SHQVHV )L[5DWHRI7D[HVIRU)<IRU/LJKWLQJ'LVWULFWV 'HFODUH,QWHQWWR$SSURYH$PGPWWR&RQWUDFWZ3(56 $GRSW5XOHV 5HJXODWLRQVIRU$GPLQLVWUDWLRQRI8WLOLW\8VHUV7D[ $XWKRUL]H8VHRI9HKLFXODU$FFHVV5LJKWV7UDFW0% 3URKLELW3UNJ±1HZYLOOH$YHEHWZHHQ)LUHVWRQH%OYG 5LR6DQ*DEULHO3DUN &RUUHFW(GXFDWLRQ,QFHQWLYH3D\3URJUDP 5HVFLQG)RUPHU$FWLRQV (VWDEOLVK3UNJ&RQWURORQ1DVK$YH)LUHVWRQH%OYG 3URKLELW3DUNLQJ±3DUDPRXQW%OYGEHWZHHQ)ORUHQFH$YH )DUP6W 'HVLJQDWH7KURXJK6WUHHW±'DYLV6WDW'RODQ$YH 'HVLJQDWH7KURXJK6WUHHW±5LFKHRQ$YHDW+RUOH\$YH (QGRUVH/$&RXQW\3URS$ )LQG 'HWHUPLQH1HFHVVDU\$FTXLUH3URSHUW\LQ)HH6LPSOH7LWOH3XE*URXQGV $SSURYH$JPWZ6R3DFLILF7UDQVS&R&URVVLQJDW6WHZDUW *UD\5G $PHQG%XGJHW)<$SSURSULDWH$GGLWLRQDO5HYHQXH $SSURYH$JPWZ6WDWHIRU7UDIILF6LJQDO)LUHVWRQH6WHZDUW *UD\ 66  5HVWULFW3DUNLQJ 3URKLELW6WRSSLQJ)LUHVWRQH%OYG $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV3DLG8SRQ3XEOLF:RUN 5HDSSRLQW/LEUDU\$GYLVRU\%RDUG±&DHVDU0DWWHL $SSRLQW:DWHU%RDUG±0DULXV1LHOVHQ &RQILUP$VVPWVIRU&KDS3URFHHGLQJV,PS3URM%ORGJHWW$YH &RQILUP$VVPWV&KDS3URF3URM9HUGXUD*DUGHQGDOH &RQILUP$VVPWV&KDS3URF3URM*DUGHQGDOH6WUHHW &RQILUP$VVPWV&KDS3URF3URM$LUSRLQW *DUGHQGDOH 'HFODUH3RVLWLRQRQ,)UHHZD\5RXWH7KURXJK'RZQH\ 2UGHU5HSRUW3XUVXDQWWRWKH6W/LJKWLQJ$FWRIWKURXJK 'HFODUH,QWHQWWR$QQH[/LJKWLQJ'LVWULFW±$QQH[WKURXJK 5(62/87,21,1'(; 3URKLELW3DUNLQJ±3DUDPRXQW%OYGEHWZHHQ3KOR[DQG%URRNPLOO /LPLW3DUNLQJ±)LUHVWRQH%OYG)LUHVWRQH3ODFHWR:LOH\%XUNH$YH (VWDEOLVK+RXU3DUNLQJ±0\UWOH6WIURP6HFRQG6WWR7KLUG6W (VWDEOLVK+RXU3DUNLQJ±3DUDPRXQW%OYGIURP%XUQV$YHWR3KOR[6W (VWDEOLVK+RXU3DUNLQJ±,RZD6WIURP%HOOIORZHU%OYGWR$GHQPRRU$YH 5HYLVH3DUNLQJ5HVWULFWLRQV±)ORUHQFH$YH±UHVFLQGHGE\1R $SSRLQW/LEUDU\$GYLVRU\%RDUG±0UV-DPHV&RSHODQG 5HTXHVW+LJKZD\VWKUX&LWLHV&RXQW\DLGIXQGVIRU6WHZDUW *UD\ 2UGHUFRQGHPQDWLRQRQ)RVWHU%ULGJH5GQRI6XYD6WUHHW±5HSOE\ 9DFDWLRQZDWHUHDVHPHQW7U3DUDPRXQW)DUP /LPLW3DUNLQJHDVW3DUDPRXQWDW6HFRQG6WUHHW /LPLW3DUNLQJZHVW3DUDPRXQWDW6HFRQG6WUHHW 5HVFLQG3DUNLQJ/LPLWV$GRUHH&ODUNDQG&RZOH\$GRUHH (VWDEOLVK6WRS6LJQ,PSHULDO'XQURELQ (VWDEOLVK6WRS6LJQ,PSHULDO,EEHWVRQ 6WUHHW$QQH[DWLRQVWKUXXQWLO-DQXDU\ 9DFDWLRQZDWHUHDVHPHQW7U±(LJKWK6WUHHW 2UGHUH[WHQVLRQRI'RZQH\&RXQW\/LJKWLQJ'LVWULFW $XWK/$&RXQW\WRGRFHUWDLQZRUNXQGHU*HQHUDO6HUYLFHV$JPW 3URKLELWVWRSSLQJRQQV)LUHVWRQH%OYGDWZ&LW\OLPLWV 5HTXHVW/HDJXHRI&$&LWHLVWRVHWDVLGHDFWLRQUH&KDQJLQJ5ROHVIRU&LWLHV $PHQG3HUVRQQHO5XOHV 5HJXODWLRQVUH+ROLGD\V $PHQGEXJJHWIRU)<VWDUWLQJ-XO\ 5HTXHVW86&RQJUHVVWRIXQG6XSHUVRQLF7UDQVSRUW3URJUDP /LPLW3DUNLQJ+RXU6WXGHEDNHU%HQILHOG 5HVFLQGSHUPLWSNJUHVWULFWLRQV LQYRNHSDUNLQJOLPLWV9HWHUDQ¶V0HPRULDO 0DNHFHUWDLQFODVVLILFDWLRQDQGSD\FKDQJHV 3URWHVWKLJK&RXQW\WD[UDWHDQGXUJLQJIXQGVIRU6WDWH0DQGDWHG3URJUDPV &RPPHQG+RQRUDEOH/HVOLH5.HD\V±\HDUV&RXQW\ODZHQIRUFHPHQW &RQILUP$VVHPWV&KDS,PSURYHPHQW3URM±/LQGHOO$YHQXH &RQGHPQ)RVWHU%ULGJH6XYDDQGUHVFLQG1R $SSRLQW/LEUDU\$GYLVRU\%RDUG&KULVWLQH)UDPHU $SSRLQW3DUNV 5HFUHDWLRQ&RPPLVVLRQ5REHUW:HJOLQH $VFHUWDLQ3UHYDLOLQJ5DWHRI3HU'LHP:DJHV3DLG8SRQ3XEOLF:RUN 3RUWLRQRI&RQVROLGDWHG&RXQW\)LUH3URWHFWLRQ'LVWULFWZLWKGUDZQ &RQGHPQ)LUHVWRQH1HZYLOOH $JPWZ6WDWHIRUUHORFDWLRQRI/LWWOH/DNH5RDGDQGGUDLQDJHIDFLOLW\ $GRSW6XSSWR6WDQGDUG6SHFVIRU3XEOLF:RUNV&RQVWUXFWLRQ /$&RXQW\)ORRG&RQWURO'LVWULFW6WRUP'UDLQ%RQG,VVXH3URM1R &RPPHQGWKH³+HOSOLQH<RXWK&RXQVHOLQJ&HQWHU´ $SSURYH6XE0DS1R'H3DOPD/X[RU0LOWD 9DFDWLRQRIZDWHUHDVHPHQW'RZQH\$YHQXHWR6WDPSV$YHQXH ,QWHQWWRYDFDWHSRUWLRQRI5HJHQWYLHZ$YHQXH ,QWHQWWRYDFDWHSRUWLRQRI5\HUVRQ$YHQXH 2UGHUUHSRUWSHU6WUHHW/LJKWLQJ$FWRI $QQH[DWLRQVWKUX  'HFODUH,QWHQWWRDQQH[DUHDVWR/LJKWLQJ'LVULFW WR  3URKLELWVWRSSLQJ%URRNVKLUH)LUHVWRQH 3URKLELWVWRSSLQJ)RVWHU%ULGJH%OXII 5LYHUJURYH 'HVLJQDWH&HQWXU\WKUXVWUHHWDW.ORQG\NH 2UGHUYDFDWLRQRISRUWLRQRI5HJHQWYLHZ$YHQXH 2UGHUYDFDWLRQRISRUWLRQVRI5\HUVRQ$YHQXH &RQILUP$VVHPWV&KDS,PSURYHPHQW3URM±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±5HVFLQGHGE\ (QGRUVLQJ+HOSOLQH<RXWK&RXQVHOLQJ&HQWHUDQGIXQGLQJDSSO6DIH6WUHHWV$FW &RQILUP$VVHVV&KDS,PSURYHPHQW3URM6WHZDUWDQG*UD\5RDG &RQILUP$VVHVV&KDS,PSURYHPHQW3URM/\QGRUD6WUHHW &RQILUP$VVHVV&KDS,PSURYHPHQW3URM'RZQH\'RODQ &RQILUP$VVHVV&KDS,PSURYHPHQW3URM/DXUD6WUHHW &RQILUP$VVHVV&KDS,PSURYHPHQW3URM'RZQH\$YHQXH 'HVLJQDWHSUHIHUUHGURXWHIRU5RXWH 6ODXVRQ )UHHZD\ /LPLW3DUNLQJ±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±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¶V3DUN %URRNVKLUH,PSHULDO  2SSRVHDOWHULQJGLVWULEXWLRQRIVDOHVXVHWD[ $PHQG1RWKH&LW\EXGJHW 2UGHUDQQH[/LJKWLQJ'LVWULFWDQGSURYLGHVHUYLFHV WKUX  $XWKRUL]HXVHRIDFFHVVULJKWVDORQJ%URRNVKLUH&RQNOLQ 3URKLELW3DUNLQJVWUHHWFOHDQLQJ%ULFKEDUNEW7HOHJUDSK%LUFKFUHVW 5HVFLQG1RVDQGUH+RXUSDUNLQJUHVWULFWLRQV0DUEHO&DYHO $QQH[/LJKWLQJ'LVWULFWDQGSURYLGHVHUYLFHV   &RQVHQWIRUSRUWLRQRI,PSHULDO+Z\LQWR&RXQW\+Z\V $SSUUHYLVLRQVWR/DNHZRRG%OLQWHUFKDQJH6DQWD$QD)Z\5HVF5HVR 3URKLELW3DUNLQJIRUVWUHHWFOHDQLQJ%URRNVKLUH*DOODWLQ /LPLW3DUNLQJ±KRXU7KLUG6WUHHWIURP/D5HLQDWR0\UWOH $SSRLQW3HUVRQQHO$GYLVRU\%RDUG/H5R\5RGHQEHUJ (QGRUVH³5LR+RQGR/$5LYHUV%HDXWLILFDWLRQ5HFUHDWLRQ5HSRUW´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±/RV$QJHOHV/DNHUV 5H$SSRLQW3DUNV 5HFUHDWLRQ&RPPLVVLRQ:DUUHQ+HHU 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ-DFN*DUODQG 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ-RKQ6LPV $SSRLQW&LW\&OHUN7UHDVXUHU5REHUW6KDQG &UHDWH$GPLQLVWUDWLYH$VVLVWDQW±3DUNVDQG5HFUHDWLRQ VHWWLQJSD\VFDOH 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG*DQR&XOZHOO 5H$SSRLQW&LW\+RVSLWDO&RPPLVVLRQ'RXJODV0RUURZ VW 'HVLJQDWH-DQXDU\DV$SSUHFLDWH$PHULFD'D\ 6DODU\DGMXVWPHQWVHIIHFWLYH-DQXDU\ 2UGHUYDFDWLRQRISRUWLRQRI5HJHQWYLHZ$YHQXH 6&$*UHPDLQYROXQWDU\QRWD[LQJSRZHUVDQG%RDUGRWKHUHOHFWHGRIILFLDOV 5HJLVWUDU5HFRUGHUVHUYLFHVUH*HQHUDO(OHFWLRQ$SULO 5HTXHVW6WDWHDOORFDWLRQRI)HGHUDO$LGIRULPSURYHPHQWV)ORUHQFH$YHQXH &RPPHQG³([SHULHQFH8QOLPLWHG´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±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±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±UHVFLQGLQJ5HVR1R KRXUSNJ/DNHZRRG%OYGIURP&KDUORPD6WWR6XYD6WUHHW 6HWDSSURSULDWLRQVIRUDVVHVVPHQWIXQG VHZHUFRQQHFWLRQIXQG)< 028Z)LUHPHQ¶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±6WHZDUW *UD\5RDG $SSU6WRUP'UDLQERQGLVVXH±SURMHFWV *XLGHOLQHVUHSUHSDUDWLRQRI(,5±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±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±UHVFLQG $PHQG3HUVRQQHO0DQXDOWRPHUJHPRWRUVZHHSHURSHUDWRULQWRPDLQWOHDGPDQ &RPPHQG5LFKDUG7UXQNH\±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òRIFRVWVRIUDLOURDGFURVVLQJJDWHVRQ'RZQH\$YHQXH $SSRLQWRI&KLHI(QJLQHHU)LUH'HSWDQGVHWVDODU\ 2UGHUUHSRUWSHU6WUHHW/LJKWLQJ$FWRIWKURXJK 6WUHHW/LJKWLQJWR-DQIRUWKURXJK $SSRLQW:DWHU%RDUG:DUUHQ+HHU $XWKRUL]HXVHRIFHUWDLQDFFHVVULJKWVGHGLFDWHGWR&LW\±/RW7UDFW1R 5H$SSRLQW'RZQH\&RPPXQLW\+RVSLWDO$XWKRULW\&RPPLVVLRQ5R\6WUDLQ $XWKRUL]HFRRSHUDWLYHSHUVRQQHOVHUYLFHFRQWUDFW 5HTDOORFDWLRQRI&RXQW\DLGWR&LWLHVIRUPDLQWHQDQFHRI6HOHFW6\VWHP6WUHHWV 2UGHUUHSRUWSHU6WUHHW/LJKWLQJ$FWRI 6WUHHW/LJKWLQJWR-DQ $SSU6XEGLYLVLRQPDSRI7UDFW1R±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±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±6WHZDUW *UD\ZRI2OG5LYHU ,QLWLDWHWUDQVIHUXQLQKDELWHGWHUULWRU\IURP1RUZDONWR'RZQH\ ,QLWLDWHWUDQVIHUXQLQKDELWHGWHUULWRU\IURP'RZQH\WR1RUZDON 'HVLJQDWH'DFRVWDDVWKURXJKVWUHHWDWLQWHUVHFWLRQZ3DQJERUQ$YHQXH ZD\6WRSDW0DWWRFN$YHQXHDQG'DFRVWD6WUHHW 'HVLJQDWHHPSOR\HHVDXWKRUL]HGWRVLJQIRUVXUSOXVSURSHUW\IRUFLYLOGHIHQVH 5(62/87,21,1'(; $SSU)LQDOVXEGLYLVLRQRI7UDFW1R±'RZQH\$YHQXH $SSU)LQDOVXEGLYLVLRQRI7UDFW1R±'RZQH\$YHQXH $SSU)LQDOVXEGLYLVLRQRI7UDFW1R±)ORUHQFH$YHQXH $VVHVVDJDLQVW3DUDPRXQW%OYGIRUXQGHUJURXQGXWLOLWLHV'LVW 3URKLELWSNJIRUVWUHHWFOHDQLQJ&ROH6WUHHWEW'RZQH\$YHQXH *XUOH\ 5HVWULFWSNJDWFHUWDLQWLPHVRQ,PSHULDO+Z\±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±UHVFLQGHG 5HPRYH\LHOGVLJQVRQ6L[WK6WDW/D5HLQDDQGUHVFLQG1R $SSU&RQWUDFWZLWK&+3IRUDEDQGRQYHKLFOHDEDWHPHQW $9$ SURJUDP $SSRLQW:LQWRQ0RUWRQWR&LW\6HOHFWLRQ&RPPLWWHHRI6&57' $FTXLUHSURSHUW\IRU)LUH6WDWLRQDW3DUDPRXQW2UDQJHDQGUHVFLQG 6WUHHW/LJKWLQJWR-DQ 3URKLELWSNJIRUVWUHHWFOHDQLQJ7ULVWDQ'ULYHIURP)ORUHQFHQRUWK ,QWHQWWRDPHQG3(56FRQWUDFW 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ5REHUW'XUNHH 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG&KULVWLQH)DUPHU 5H$SSRLQW3DUNVDQG5HFUHDWLRQ&RPPLVVLRQV'RXJODV0RUURZ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG0LFKDHO/HHVRQ 5HTXHVWUHLPEXUVHPHQWRIóFRVWRIUDLOURDGFURVVLQJJDWHV#6WHZDUW *UD\ $JPWIRU6WDWHDGPLQLVWUDWLRQRIORFDOVDOHVDQGXVHWD[HV $XWKRUL]H&URFNHUEDQNDVGHVLJQDWHGGHSRVLWRU\ 2SSRVHORFDOJRYHUQPHQWVDOORZLQJJDPEOLQJ 2SSRVHWUDQVIHUIUHHZD\IXQGVWREXVZD\DORQJ)UHHZD\ $JUHHPHQWZLWK6WDWH'LYLVLRQRI)RUHVWU\ 2UGHUUHSRUWSHU6WUHHW/LJKW$FWRI 6WUHHW/LJKWLQJWR-DQ 2UGHUUHSRUWSHU6WUHHW/LJKWLQJ$FWRI UHRUJDQL]HH[LVWLQJGLVWULFWV  5HTXHVW/$&RXQW\/LJKWLQJ'LVWULFWWR&LW\ ,QWHQWWRJUDQWIUDQFKLVHE\DJUHHPHQWWR$WODQWLF5LFKILHOG&R±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±7UDFW0DS 2UGHUYDFDWLRQRISRUWLRQRI1DGD6WUHHWDVIXWXUHDQGSULYDWH &RQILUPDVVHVVPHQWIRU,PSU3URMHFW$Z%URRNVKLUHVRI2WWR $GRSWH[SUHVVILQGLQJVUHPRGLILFDWLRQRI1DWLRQDO(OHFWULFDO&RGH   1RWLFHRI*HQHUDO0XQLFLSDO(OHFWLRQIRURIILFHUV 5HTXHVWFHUWDLQ&RXQW\VHUYLFHVIRU(OHFWLRQ 8UJH&RDVWDO&RPPWRUHVFLQGGHFLVLRQ GHQLDO UH6DQ2QIUH1XFOHDU3ODQW +RQRU/$&RXQW\6XSHUYLVRU3HWHU6FKDEDUXP $JPWZLWK6WDWHIRULPSURYHPHQWVDW2OG5LYHU6FKRRO5RDG )LUHVWRQH &RQILUPDVVHVV3URM1RV6WHZDUW *UD\EW2UL]DED 'RZQH\$YH 5HQHZDORI/HDVHZ6&(±&UDZIRUG3DUN 5H$SSRLQW/$&RXQW\'RZQH\5HJLRQDO5HF$UHD&RPP)RUG'LFNHUKRII $SSURYH)LQDOVXEGLYLVLRQPDS7UDFW1R±)ORUHQFH$YHQXH 2SSRVHWR$%±6R&$$UHD3ODQQLQJ$FW WK 'HVLJQDWH6WUHHWDVWKURXJKVWUHHWDW6PDOOZRRG$YHQXH 2IILFHUVDQG3ROOLQJSODFHVIRUHOHFWLRQ (QGRUVHSULRULW\OLVWIRUIXQGVIURP6WDWH%HDFK3DUN5HF)DFLOLWLHV%RQGVRIµ 2UGHUUHSRUWSHU6WUHHW/LJKWLQJ$FWRI 6WUHHW/LJKWLQJWR-DQ 2UGHUSODQV VSHFVIRULPSU$GRUHH$YHQXHDQGRWKHUSODFHV $'  $GRSWSODQV VSHFVILULPSU$GRUHH$YHQXHDQGRWKHUSODFHV $'  $SSURYH0DSRIDVVHVVPHQWGLVWULFW$' 6HWKHDULQJIRULPSURYHPHQWRI$GRUHH$YHQXHDQGRWKHUSODFHV $'  ,QWHQWWRLPSURYH$GRUHH$YHQXHDQGRWKHUSODFHV $'  'HWHUPLQHOLTXLGDWHGGDPDJHVVKDOOEHSDLG $'  $SSRLQW6DO(SSROLWRWR%RDUGRI%XLOGLQJ$SSHDOV ,PSOLPHQW†RI*RYHUQPHQW&RGH &LW\0JUGHWHUPLQHVGLVDELOLW\UHWLUH  /RFDO7UDQVSRUWDWLRQ)XQGFODLPZ6&$*IRULPSURYHPHQWRIELF\FOHIDFLOLWLHV 2UGHUFDQYDVVRIHOHFWLRQE\&LW\&OHUN 6XSSRUW+HOSOLQH<RXWK&RXQVHOLQJ 8UJH&RQJUHVVWRDPHQGSURSRVHG8QLILHG7UDQVSRUDWLRQ$VVLVWDQFH$FW (QGRUVH3URSRVLWLRQ:±UHYHQXHERQGVWRILQDQFHZDWHUGLVWULEXWLRQV\VWHP 6WUHHW/LJKWLQJWR-DQ%XHOO6WUHHW 1RVWRSSLQJV7HOHJUDSK5RDGUHVFLQGLQJ1R 1RVWRSSLQJ,PSHULDO+LJKZD\UHVFLQGLQJ1R 1RVWRSSLQJ*DUILHOG$YHQXHUHVFLQGLQJ1R 1RVWRSSLQJ)ORUHQFH$YHQXHUHVFLQGLQJ1RV  0HPRU\RI'HOOD'R\OHWKH)LUVW&LW\HPSOR\HH &LW\&OHUN  WK 6XSSRUW%HDFK3DUNDQG5HFUHDWLRQDO%RQGV±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±5XSS5RDG &RQILUPDVVHVVPHQW3URMHFW1RQ'H3DOPDEW3DUDPRXQW *XUOH\ &RQILUPDVVHVVPHQW3URMHFW1RV'H3DOPDEW3DUDPRXQW 'RZQH\$YH &RQILUPDVVHVV3URMHFW1RH3DUDPRXQWEW'H3DOPD 6WHZDUW*UD\ &RQILUPDVVHVV3URMHFW1RV6WHZDUW*UD\EW2565 6XVDQ$YHQXH 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV1R 5HTXHVWDOORFDWLRQRI&RXQW\$LGWR&LWLHVIXQGVIRUPDLQWHQDQFHRIVWUHHWV $PHQG/HDYH3ROLF\±GHVLJQDWH&LW\0DQDJHUIRUDSSURYDO $GRSW%XGJHW)<ZLWKLPSOHPHQWLQJGRFXPHQWV 0RGLI\6HOHFW6\VWHPRI6WUHHWVE\FHUWDLQDGGLWLRQVRUGHOHWLRQV 6XSSRUW6%6DQWD0RQLFD0WQV3DUNVDQG6HDVKRUH $GRSWDQKRXUO\ZDJHLQFUHDVH±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¶ 2UGHUUHSRUWSHU$FWRI ,QWHQW6WUHHW/LJKWLQJWR-DQ $FFHSWHDVHPHQWIRUURDGV3DUDPRXQW%OYGIURP&RXQW\RI/$ ,QWHQWWRYDFDWHSRUWLRQRI4XLQQ6WUHHW9 3DUWLFLSDWHLQDSSOWR&$&RXQFLORI&ULPLQDO-XVWLYHIRU3ODQQLQJ5HVHDUFK8QLW 6XSSRUW$%UHLQFUHDVHGWUDQVSRUWDWLRQIXQGLQJIRUPXQLFLSDOLWLHV $SSRLQW3ODQQLQJ&RPPLVVLRQ/HQ5XOOR 6WUHHW/LJKWLQJWR-DQWKURXJK ,QWHQW8QGHUJUQG8WLOLW\'LVW1R%URRNVKLUH$YHEW6WHZDUW*UD\ 0DQDWHH 3URKLELWSNJIRUVWUHHWFOHDQLQJH0RQWJRPHU\6WEW2UDQJH 0RQWJRPHU\ KRXU3DUNLQJZ'RODQ$YHQXHIURP,RZD6WUHHWQ¶ (VWDEOLVKD5HFRUGV5HWHQWLRQ3ROLF\ 3URJUDP±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¶V*URXS $SSU)LQDOVXEGLYLVLRQPDSRI7UDFW1R'RZQH\$YHQXH 5HTXHVWUHLPERIòRIFRVWVWRLQVWDOO55FURVVLQJJDWHVRQ'RZQH\$YH &LW\SRVLWLRQUH6DQWD$QD)UHHZD\0DVV5DSLG7UDQVLW&RUULGRU (QGRUVHFRQWLQXDWLRQRIWKH*HQHUDO5HYHQXH6KDULQJ3URJUDP )HGHUDO  2UGHUDQQH[DWLRQVWUHHWOLJKWLQJWR-DQSHU$FWRI 2UGHUGLVVROXWLRQVWUHHWOLJKWLQJWR-DQSHU$FWRI 'HFODUH8QGHUJURXQG8WLOLW\'LVW1REHIRUPHG±%URRNVKLUH$YHQXH 2UGHUDQQH[DWLRQVWUHHWOLJKWLQJWR-DQ$UQHWW6WUHHW &RQILUPDVVHVVPHQWV,PSU3URM12V6WHZDUW *UD\5LYHVWR3DUDPRXQW WK &KDQJHWKHUHJXODUPHHWLQJRIWKH:DWHU%RDUGWR7XHVGD\RIWKHPRQWK 'HFODUH&LW\+DOOEHRSHQRQ1RYHPEHUDQGQRWKROLGD\ 5H&RPSUHKHQVLYH3ODQQLQJ$VVW±6WDWHDGPLQLVWUDWLRQRI+8'IXQGV /HDVHDJPWZ'HSWRI7UDQVSRUWDWLRQ 3RUWHU%LOOVLWH  2UGHUUHSRUWSHU$FWRI±/HPRUDQ$YHQXH ,QWHQWVWUHHWOLJKWLQJWR-DQ±/HPRUDQ$YHQXH 6XSSRUWDPHQGPHQWWR%XVV 3URI&RGHUHDWW\VVROLFLWLQJEXVLQHVV 3URKLELWSNJIRUVWUHHWFOHDQLQJQ6WHZDUW *UD\IURP3HUQHOOWRZ&LW\OLPLWV UG 3NJUHVWULFWLRQVQ6WUHHWEW'RODQDQG%URRNVKLUH 3URKLELWSNJIRUVWUHHWFOHDQLQJ(DVWEURRN$YHQXHEW:DVKEXUQ 6SU\ 8UJH&RQJUHVVWRDPHQG'LVDVWHU5HOLHI$FWWRLQFOXGHDVVWIRUORFDOKZ\V $SSURYHILQDOVXEGLYLVLRQPDSRI7UDFW1R)ORUHQFHDQG+DOHGRQ 5(62/87,21,1'(; &RQVHQWWRHVWDEOLVKSRUWLRQRI)ORUHQFHLQWRV\VWHPRIKLJKZD\RI/$&RXQW\ VW &KDQJHUHJXODUPHHWLQJWLPHRI3HUVRQQHO$GYLVRU\%RDUG±7KXUGD\TXDUWHUO\ 6XUSOXVRIIXQGV$'1RXVHGIRUPDLQWHQDQFHRIVWUHHWV 6XUSOXVRIIXQGV$'1RXVHGIRUPDLQWHQDQFHRIVWUHHWV ,QWHQWWRDPHQG3(56FRQWUDFW $PHQGPHQWRI3(56FRQWUDFW $PHQGPHQWRI3(56FRQWUDFW 2SSRVLWLRQWR/$&RXQW\3URSRVLWLRQ$EDOORW 6&57'WUDQVLWIXQGLQJ  1HHGIRU+RXVLQJ$XWKRULW\GHFODULQJ&&&RPPLVVLRQHUV 5HTXHVWUHYLVLRQVLQ)+:$807$GUDIWJXLGHOLQHVIRUWUDQVSRUWDWLRQSURJ 2UGHUUHSRUWSHU$FWRI±3DUDPRXQWDW6XYD ,QWHQW6WUHHW/LJKWLQJWR-DQ±3DUDPRXQWDW6XYD 3URKLELWSNJIRUVWUHHWFOHDQLQJ±(XFDO\SWXVEW%URRNVKLUH %LUFKGDOH /LPLWSHGHVWULDQFURVVLQJ3DUDPRXQW%OYGDW'H3DOPD6WUHVFLQGE\1R 'HVLJQDWH0HGRZ5RDGDWWKURXJKVWUHHWDW/DNHZRRG%OYGIURQWDJHURDG 3URKLELWSNJZ:RRGUXIIEW)LUHVWRQH +DOO5RDGZH[FHSWLRQ /LPLWSNJDW'RZQH\$YHQXHDWIURQWDJHRISULYDWHVFKRRO /LPLWSNJDW'RZQH\$YHQXHDWIURQWDJHRISULYDWHVFKRRO 2UGHUVWUHHWOLJKWLQJWR-DQ±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±%HOOGHU'ULYH ,QWHQWVWUHHWOLJKWLQJWR-DQ±%HOOGHU'ULYH $XWKRUL]H&LW\7UHDVXUHUGHSRVLWIXQGVLQWRORFDOEDQNVIHGHUDOO\LQVXUHG $VFHUWDLQWKHJHQHUDOSUHYDLOLQJUDWHRISHUGLHPIRUSXEOLFZRUNZLWKLQ&LW\ $SSO\UH6(%XUJODU\,QYHVWLJDWLRQ7HDP±DPHQGHGE\1R 2SSRVHSURSRVHGUHJVUHOLFHQVLQJ FHUWLILFDWLRQ&RPPXQLW\&DUHIDFLOLWLHV 5HGHDGOLQHLPSRVHGE\6WDWHRQ(,5VWPWIRU&'%*DSSOLFDWLRQ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG3DW&RRSHU 2UGHUVWUHHWOLJKWLQJWR-DQ±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±*DOODWLQ5RDG $GRSW)XQFWLRQDO&ODVVLILFDWLRQ6WXG\DV+LJKZD\(OHPHQWZH[FHSWLRQ QG ,QWHQW8QGHUJURXQG8WLOLW\'LVWULFW1R±6W)LUHVWRQH'RZQH\$YH'RODQ 5(62/87,21,1'(; $SSU$JUHHPHQW1RZLWK6WDWHUH)HGHUDO$LG8UEDQ6\VWHPSURMHFWV $SSU6XSS$JPW1RZLGHQLQJRI)ORUHQFH$YHEULGJHRYHU5LR+RQGR 2SSRVH6%UH(PSOR\HU(PSOR\HHUHODWLRQV 5HVFLQGUHSNJUHVWULFWLRQV$UGLV%RUVRQ 6WDQEULGJH 3URKLELWSNJVWUHHWFOHDQQ6WHZDUW *UD\EW$GHQPRRU &ROGEURRNU 2SSRVHSURSRVHG%URZQ$FW6% 5HDSSRLQW3ULVFLOOD'XQQXPWR'RZQH\&RPPXQLW\+RVSLWDO$XWKRULW\ $SSRLQW/HRQDUG*OHHGWR3DUNLQJ3ODFH&RPPLVVLRQ $XWKRUL]HDGGO&RQWULEXWLRQWRWKHFRVWRIZRUNIRU$' &RQILUPDVVHVVPHQWIRU$'±$GRUHH$YHQXHDQGRWKHUVWUHHWV 'HFODUHWKDWXQGHUJURXQGGLVWULFWEHIRUPHG±1R±'RODQ$YHQXHHWDO QG 6XSSRUW6HQDWH5HVR +RXVHUHZN0D\³0XQLFLSDO&OHUNV:HHN´ $SSU)LQDOVXEGLYLVLRQPDSRI7UDFW1R±:RRGUXII$YH 5H$SSRLQW'RZQH\&RPPXQLW\+RVSLWDO$XWKRULW\)UDQN*DVGLD $XWKRUL]H&LW\0JUWRHQWHULQWRDJPWZ)LQDQFLDO,QGXVW)RUGHIHUUHGFRPS $GRSWDSURJUDPRI$IILUPDWLYH$FWLRQ $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ/\HOO6ZHDULQJHQ 6WGVWRLVVXHEXVEHQFKSHUPLWVRQSXEOLFSURSHUW\UHVFLQGUHVFE\  0DNHXVHRI6HFWLRQRIWKH+RXVLQJDFW)XQGV 7UDLQLQJDJPWVZLWK3ROLFH'HSWDQG&+3 3URFODLP0D\DV1DWLRQDO3XEOLF:RUNV:HHN 2UGHUUHSRUWSHU$FWRI±&LUR6WUHHW ,QWHQWVWUHHWOLJKWLQJWR-DQ±&LUR6WUHHW 8SGDWH)HHVDQG6HUYLFH&KDUJHV±5HVFLQGHGE\5HV $GRSWLQWHULPDJUHHPHQWIRU$QLPDO&RQWURO6HUYLFHV 3ODQV 6SHFV3URMHFW6WRUP'UDLQ%RQG,VVXH WK ,QWHQWWRHVWDEOLVKXQGHUJURXQGXWLOLW\GLVWULFW1R6WUHHW $PHQG3HUVRQQHO5XOHVUH&LW\SDLGUHWLUHPHQWFRQWULEXWLRQLVGHIHUUHGFRPS 2SSRVH6%DQG$%UHUHVWUXFWXULQJ57' 2UGHUVWUHHWOLJKWLQJWR-DQ&LUR6WUHHW WK 8QGHUJURXQG8WLOLW\'LVWULFWIRUPHG1R±6WUHHW &RQILUPDVVHVVPHQW,PSU3URMV6XYDEW%OXII Z&LW\OLPLWV 5H$SSRLQW:DWHU%RDUG6FRWW7HPSOH 5H$SSRLQW:DWHU%RDUG-RH'DYLV 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG&DHVDU0DWWHL 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ-RKQ6LPV 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ/HQ5XOOR ,PSOHPHQW†*RYW&RGHUH&LW\0JUGHWHUPLQHUHWLUHPHQWGLVDELOLW\ $SSU)LQDOVXEGLYLVLRQPDSRI7UDFW1R±%LUFKGDOH&KHURNHH%HOOPDQ (VWDEOLVK$QLPDO/LFHQVHDQG,PSRXQGLQJ)HHVUHVFLQGHGE\1R 1R6WRSSLQJQ)LUHVWRQHEW/DNHZRRG 6WHZDUW *UD\UHVFLQG  6XSSRUWLQJ6&57'VHUYLFHLPSURYHPHQWSURSRVDOV &RQWUDFWZLWK&+3IRU$EDQGRQ9HKLFOH$EDWHPHQW $9$ 3URJUDP $GRSW)<%XGJHWZLPSOHPHQWLQJGRFXPHQWV $GRSW1RLVH(OHPHQWRI*HQHUDO3ODQ $GRSW6HLVPLF(OHPHQWRI*HQHUDO3ODQ 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG*DQR&XOZHOO 5H$SSRLQW:DWHU%RDUG0LNH+XJJLQHV 8UJH6WDWHWRJXDUG&LW\¶VDJDLQVWFDQFHOODWLRQRIJHQHUDOOLDELOLW\LQVXUDQFH 2UGHU5HSRUWSHU$FWRI±'RZQH\1RUZDON5RDG ,QWHQWVWUHHWOLJKWLQJ-DQ±'RZQH\1RUZDON5RDG 5(62/87,21,1'(; WK $FTXLUHSURSHUW\IRUSXEOLFSXUSRVHV±6WUHHW $GRSWDPHQGHGJXLGHOLQHVUHSUHSDUDWLRQRI(QYLURQPHQWDO,PSDFW5HSRUWV $GRSWPLVFHPSOR\HHDGMXVWPHQWV 0DNLQJFHUWDLQVDODU\DGMXVWPHQWV 5HYLVH0DQDJHPHQW6XSHUYLVLRQSD\SODQIRU $GRSWVZRUQSROLFHDGMXVWPHQWV $GRSWILQGLQJVUHPRGLILFDWLRQRI8QLIRUP&RGHVIRUEXLOGLQJUHJXODWLRQV WK 2UGHUUHSRUWSHU$FWRI±6WUHHW WK ,QWHQWVWUHHWOLJKWLQJWR-DQ±6WUHHW $GRSWPDQDJHPHQWHPSOR\HHEHQHILWV $GRSWVZRUQILUHDGMXVWPHQWV 2UGHUVWUHHWOLJKWLQJWR-DQ'RZQH\1RUZDON5RDG WK 2UGHUVWUHHWOLJKWLQJWR-DQ±6WUHHW 2UGHUUHSRUWSHU$FWRI±%L[OHU$YHQXH ,QWHQWVWUHHWOLJKWLQJWR-DQ±%L[OHU$YHQXH 8VH)HGHUDO&RPSUHKHQVLYH+HDOWK6HUYLFH$FWIXQGV 'RZQH\&RPP+RVSDFFHSWWLWOHWRIDFLOLWLHVDSSU$UWLFOHRI,QFRUSERUURZ 6HWQHFHVVDU\UHYHQXHIURPSURSHUW\WD[HVDVVHVVPHQWV)< (VWDEOLVKWKH*HQHUDO3URSHUW\7D[IRU)< (VWDEOLVKDVVHVVPHQWUDWHVIRU/LJKWLQJ'LVWULFWIRU)< $PHQGRSHUDWLQJDQG/LJKWLQJ'LVWULFWEXGJHWVIRU)< $SSRLQW3ODQQLQJ&RPPLVVLRQ1HLO&ODLERUQH $SSRLQW&LW\6HOHFWLRQ&RPPLWWHHRI6&57''L/RUHWR-HQQLQJV 2UGHUVWUHHWOLJKWLQJWR-DQ±%L[OHU$YHQXH $GRSWILQGLQJVUHPRGLILFDWLRQRI8QLIRUP&RGHVIRUEXLOGLQJUHJXODWLRQV 5HTXHVWDOORFDWLRQRI&RXQW\$LGWR&LWLHVIXQGVPDLQWHQDQFHRI6WUHHWV $PHQG1RUH6(%XUJODU\,QYHVWLJDWLRQ7HDP 3URKLELWSNJIRUVWUHHWFOHDQLQJQ6WHZDUW *UD\EW$GHQPRRU &ROGEURRN 1RSDUNLQJH%HOOIORZHUEW,PSHULDO+Z\ 5DWOLIIH6WUHHW 1RSDUNLQJZ:RRGUXIIEW)LUHVWRQH%OYG &HFLOLD6WUHHW 5HTXHVW&RXQW\WRVWRUHPLFURILOP 2UGHUUHSRUWSHU$FWRI± ,QWHQWVWUHHWOLJKWLQJWR-DQ± $PHQG3HUVRQQHO0DQXDOUHKROLGD\V 5HJLRQDODSSOLFDWLRQWR&$&RXQFLORI&ULPLQDO-XVWLFHUH<RXWK6HUYLFH6\VWHP &RQILUPDVVHVVPHQW,PSU3URMQ4XLOO'ULYHEW6DPROLQH 5LYHV $XWKRUL]H%XLOGLQJ$SSHDOV%GWRDFWDV)LUH$SSHDOV%G $SSRLQW3ODQQLQJ&RPPLVVLRQ1RUPDQ+RUQH\ 2UGHUVWUHHWOLJKWLQJWR-DQ± 2UGHUUHSRUWSHU$FWRI±± ,QWHQWVWUHHWOLJKWLQJ±± 5HVFLQG1RSNJRQZ&ODUN$YHQXHEW-DPHV6W &ODUN$YHQXH 2UGHUUHSRUWSHU$FWRI±)LGOHU$YHQXH ,QWHQWVWUHHWOLJKWLQJWR-DQ±)LGOHU$YHQXH 2UGHU3ODQV 6SHFVLPSU/DXUD6WUHHWDQGRWKHUVWUHHWV $'  3ODQV 6SHFVIRU/DXUD6WUHHWDQGRWKHUVWUHHWV $'  $SSURYH0DSRIDVVHVVPHQWGLVWULFW$'IRU/DXUD6WUHHWDQGRWKHUVWUHHWV 6HW3XEOLF+HDULQJIRU$' ,QWHQWWRLPSURYHDVVHVVLVVXHERQGV$' 'HWHUPLQHWKDWOLTXLGHGGDPDJHVVKDOOEHSDLG$' $PHQGFRQWUDFWZLWK3(56 2UGHUVWUHHWOLJKWLQJWR-DQ 5(62/87,21,1'(; +RXUSNJ0RU\6WUHHWEW/DNHZRRG%OYG %ORGJHWW$YHQXH +RXUSNJV$ODPHGD6WUHHWEW/DNHZRRGDQG$ODPHGD6WUHHW +RXUSNJ$OELD6WUHHWHRI3DUDPRXQW%OYG 1RSNJQ5RVHFUDQV$YHQXHEW/DNHZRRG%OYG VZ&LW\OLPLWV 1RSNJZ'RZQH\$YHQXHEW%R\QH6WUHHWDQG$ODPHGD6WUHHW 3URKLELWSHGHVWULDQFURVVLQJRQ)LUHVWRQH%OYGDW:RRGUXII$YHQXH WK 3NJUHVWULFWLRQV6WUHHWEW%URRNVKLUH$Y/DNHZRRG%O5HVFE\5HVR  $XWKRUL]H/$&RXQW\5RDG'HSWDSSO\IRU6WDWH%LF\FOH/DQH$FFRXQWIXQGV $PHQG3HUVRQQHO0DQXDO±'LVFLSOLQDU\SURFHGXUH $SSU5HTXHVWIRUWLPHH[WHQVLRQWRSUHSDUH3XEOLF6DIHW\(OHPHQWRI*HQ3ODQ +RQRU$OLFH:KLWH'RZQH\UHVLGHQW 2UGHUVWUHHWOLJKWLQJWR-DQ±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±6HF(OLJLELOLW\ $UJXPHQWLQIDYRURI&KDUWHU$PHQG1R &KDUWHU$PHQG1RWR(OHFWLRQ$SULO±6HF&RQWUDFWV3XEOLF:NV $UJXPHQWLQIDYRURI&KDUWHU$PHQG1R $VFHUWDLQ*HQHUDOSUHYDLOLQJZDJHXSRQ3XEOLF:RUNVSURMHFWV 8UJHUHWHQWLRQRI+ROO\ZRRG%XUEDQN$LUSRUW 3RVLWLRQUHPRGLILFDWLRQRI5RXWH,)Z\ 6WDWH+LJKZD\)XQGVVSOLW $SSRQW/$&RXQW\'RZQH\5HJLRQDO5HF$UHD&RPP1RUPDQ7DWKDP &RQILUPDVVHVVPHQW,PSU3URM1RH%URRNVKLUHEW&OHWD /X[RU &RQILUPDVVHVVPHQW,PSU3URM1RH%URRNVKLUHEW/X[RU )RQWDQD ([SUHVVVRUURZDWWKHSDVVLQJRI2UHQ/.LQJ $GRSW6DIHW\(OHPHQWRI*HQHUDO3ODQ $SSU)LQDOVXEGLYLVLRQRI7UDFW1R±/H[LQJWRQ5RDG &RQILUPDVVHVVPHQWIRU,PSU3URM±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±)LUHVWRQHEW'RODQ :RRGUXII 2UGHUUHSRUWSHU$FWRI±)LUHVWRQHEW%URRNVKLUH :RRGUXII ,QWHQWVWUHHWOLJKWLQJWR-DQ±)LUHVWRQH%RXOHYDUG 3URSRVHFKDQJHRIZRUNLQ$'±/DXUD6WUHHW 2UGHUPRGLILFDWLRQRIZRUNLQ$' 2UGHUZRUNRQ/DXUD6WUHHW$' 'HFODUH8QGHUJURXQG8WLOLW\'LVWULFW1R±)LUHVWRQH%RXOHYDUG 2UGHUVWUHHWOLJKWLQJWR-DQ±)LUHVWRQH%RXOHYDUG 2UGHUFDQYDVVE\&LW\&OHUNIRU$SULO 2UGHU3ODQV 6SHFVIRULPSURYHPHQWRI2UDQJH6WUHHW$' $GRSWSODQV VSHFVIRULPSURYHPHQWRI2UDQJH6WUHHW±$' $SSURYHPDSRIDVVHVVPHQWGLVWULFWIRU2UDQJH6WUHHW±$' 6HW3XEOLF+HDULQJ$' ,QWHQWWRLPSURYH2UDQJH6WUHHWLVVXHERQGV$' 'HWHUPLQHOLTXLGDWHGGDPDJHVVKDOOEHSDLG$' 5HVXOWVRI(OHFWLRQ$SULO -DFNPDQ*UHHQH0LOOHU<HV1R 8VHRIDFFHVVULJKWVGHGLFDWHGWR&LW\±%OXII5RDG 8VHRIDFFHVVULJKWVGHGLFDWHGWR&LW\±/DXUD6WUHHW $GRSW6WG6SHFVIRU3XEOLF:RUNVFRQVWUXFWLRQ 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV'UDLQ1R±&RXQW\WR&LW\ 3URFODLP0D\SURSHUW\LPSURYHPHQWDQGEHDXWLILFDWLRQPRQWK +USNJV5RVHFUDQVEW/DNHZRRG &HQWXU\ 2UGHUUHSRUWSHU$FWRI± ,QWHQWVWUHHWOLJKWLQJWR-DQ± 0DWFKIXQGVIRU6:%XUJODU\,QYHVWLJDWLRQ7HDP 7HUPLQDWHDSSRLQWPHQWRI1HLO&ODLERUQHWR3ODQQLQJ&RPPLVVLRQ )LQGQHFHVVLW\IRULPSURYHPHQWRI2UDQJH6WUHHW$' 2YHUUXOH3URWHVWV$' 2UGHUZRUNRQ2UDQJH6WUHHW$' &RQILUPDVVHVVPHQW,PSU3URMZ'XQURELQJEW)RVWHU 3ULVFLOOD &RQWUDFWWRLPSURYH/DXUD6WUHHW$' $SSRLQW3ODQQLQJ&RPPLVVLRQ'DQ5\DQ 8VHRI†+RXVLQJ$FWIXQGV 2UGHUVWUHHWOLJKWLQJWR-DQ± 3URKLELWSNJIRUVWUHHWFOHDQLQJH'RZQH\$YHQXHEW&KHURNHH /H[LQJWRQ 1RSNJ*DOODWLQ5RDGEW/DNHZRRG%RXOHYDUGDQG$UULQJWRQ$YHQXH $SSURYHIXQFWLRQDOXVDJHVWXG\DQGGHVLJQDWH)HGHUDO$LG8UEDQURXWHV 'HVLJQDWHDJHQFLHVRI&LW\WRSUHSDUH&RQIOLFWRI,QWHUHVW&RGHV $QQXDOLPSOHPHQW†*RYW&RGH&LW\0DQDJHUGHWHUPLQHGLVDELOLW\UHWLUH (OLPLQDWHSHGHVWULDQFURVVLQJRQ)LUHVWRQH%RXOHYDUGDW3DWWRQ5RDG /LPLWWLPHVSHGHVWULDQFURVVLQJRQ3DUDPRXQW%OYGDW&OHWD6WUHHW /LPLWWLPHVSHGHVWULDQFURVVLQJRQ3DUDPRXQW%OYGDW'H3DOPDUHVFLQG1R $XWKRUL]HDGGO&RQWULEXWLRQWRFRVWIRUDVVHVVPHQWGLVWULFW1R $SSU)LQDOVXEGLYLVLRQPDSRI7UDFW1R±/H[LQJWRQ5RDG &RQILUPDVVHVVPHQWIRU,PSU3URM1RV)ORUHQFHEW/D5HLQD 'RZQH\ 5(62/87,21,1'(; &RQILUPDVVHVVPHQW$'±7H[DV6WUHHWDQGRWKHUVWUHHWV ,QWHQWWRYDFDWHSRUWLRQRI6WHZDUW *UD\5RDGDWQHFRUQHUZ5LYHV$YHQXH $GRSW%XGJHWIRU)<ZLWKLPSOHPHQWLQJGRFXPHQWV 3URSRVHFKDQJHZRUNIRU$'±2UDQJH6WUHHW 8UJLQJLPPHGLDWHFRPPHQFHPHQWRIFRQVWUXFWLRQRI,&HQWXU\IUHHZD\ $SSURYHDPHQGPHQWWR-3$UH6RXWKHDVW$QLPDO&RQWURO$XWKRULW\ 6($$&$  'HQ\DSSHDOLQ]RQHH[FHSWLRQFDVHQR±)LIWK6WUHHW $SSRLQW:DWHU%RDUG'0DUN0RUULV 5H$SSRLQW5HFUHDWLRQDQG&RPPXQLW\6HUYLFHV&RPPLVVLRQ'RXJODV0RUURZ $SSRLQW/LEUDU\$GYLVRU\%RDUG&DWKHULQH:DONHU 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG*DQR&XOZHOO $SSURYHILQDO3DUFHO0DSQR±/DNHZRRG%RXOHYDUG 2UGHUPRGLILFDWLRQVRIZRUNLQ$'±2UDQJH6WUHHW 2UGHUYDFDWLRQDWQHFRUQHURI5LYHV$YHQXHDQG6WHZDUWDQG*UD\5RDG 2UGHUUHSRUWSHU$FWRI± ,QWHQWVWUHHWOLJKWLQJWR-DQ± $SSURYHILQDOVXEGLYLVLRQPDSRI7UDFW1R±+DOHGRQ$YHQXH $SSRLQW5HFUHDWLRQDQG&RPPXQLW\6HUYLFHV&RPPLVVLRQ0LNH+XJJLQV $SSRLQW3ODQQLQJ&RPPLVVLRQ)UDQN%HFNQHU $SSRLQW&LW\6HOHFWLRQ&RPPLWWHHRI6&57'6FRWWR-HQQLQJV 'HVLJQDWH+RUOH\DVWKURXJKVWUHHWDW/XEHF6WUHHWDQG*DLQIRUG6WUHHW $SSRLQW5HFUHDWLRQDQG&RPPXQLW\6HUYLFHV&RPPLVVLRQ3ULVFLOOD:LQVORZ $SSURYH028Z)LUHPHQ¶V$VVRFLDWLRQ $SSURYH028Z&LW\(PSOR\HHV$VVRFLDWLRQ $SSURYHILQDOVXEGLYLVLRQPDSRI7UDFW1R±7UXH$YHQXH 5HYLVH0DQDJHPHQW6XSHUYLVLRQSD\SODQ 2UGHUVWUHHWOLJKWLQJWR-DQ±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±0HDGRZ5RDG ,QWHQWVWUHHWOLJKWLQJWR-DQ±0HDGRZ5RDG 5HTXHVW&RXQW\+HDOWKRIILFHUWRSHUIRUPVHUYLFHVUH1RLVH2UGLQDQFH $SSO\WR&$&RXQFLORI&ULPLQDO-XVWLFHIRU<RXWK6HUYLFH6\VWHP &KDQJHVLQFRPSHQVDWLRQDQGEHQHILWVIRUVZRUQ3ROLFHSHUVRQQHO 7UDQVIHU6WRUP'UDLQLPSURYHPHQWV)ORRG&RQWURO'LVWULFWWR&LW\'UDLQ 7UDQVIHU6WRUP'UDLQLPSURYHPHQWV)ORRG&RQWURO'LVWULFWWR&LW\'UDLQ 2UGHUVWUHHWOLJKWLQJWR-DQ±0HDGRZ5RDG UGWK +USNJH1HZ6WUHHWEW6WUHHWDQG6WUHHW ,QWHQWWRDSSURYHDPHQGPHQWWR3(56FRQWUDFW &RQILUPDVVHVVPHQWIRU,PSU3URMQ2UDQJH6WEW*O\QQ 'RODQ &RQILUPDVVHVVPHQWIRU,PSU3URMQ2UDQJH6WEW3ODQHWW %URRNVKLUH *HQ3ODQ$PHQG1R±*HQ&RPPWR5VZ/DNHZRRG$ODPHGD 2UGHUUHSRUWSHU$FWRI±± ,QWHQWVWUHHWOLJKWLQJWR-DQ±± 5(62/87,21,1'(; $XWKRUL]HUHGXFWLRQLQSNJVSDFHV±)LUHVWRQH%RXOHYDUG 8UJHFODVVLI\WUDQVLWZRUNHUVDVSXEOLFHPSOR\HHV RSHQODERUQHJRWLDWLRQV &RQILUPDVVHVVPHQWIRULPSURYHPHQWRI2UDQJH6WUHHW$' $XWKRUL]H/$&RXQW\KRXVLQJDVVLVWDQFHSD\PHQWSURJUDP 6HFWLRQ  2UGHUVWUHHWOLJKWLQJWR-DQ±± (QGRUVH³'ULQNDQG'ULYHDQG3D\´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µ $SSU)LQDOVXEGLYLVLRQPDSRI7UDFW1R±&DODGUH$YHQXH WK 3URKLELWSNJIRUVWUHHWFOHDQLQJ/D5HLQD$YHQXHEW)ORUHQFH 6WUHHW (VWDEOVKSDUWRI)RVWHU5RDGDVSDUWRI&RXQW\V\VWHPRIKLJKZD\V 6XSS1RWR6WDWH$JPW1RIRU)RVWHU5RDGELNHEULGJHRI5LR6DQ*DEULHO 6WRUPGUDLQLPSURYHPHQWVGUDLQ1RIRU&RXQW\)ORRG&RQWUROWR&LW\ 5HTXHVWHVWLPDWHRIDVVHVVHGYDOXDWLRQRISURSHUW\IRUQH[WILVFDO\HDU $XWKRUL]H&HUULWRV-XYHQLOH'LYHUVLRQ3URMHFWWRHQWHULQWRVHUYLFHFRQWUDFWV 2UGHUUHSRUWSHU$FWRI±(YHUHVW6WUHHW ,QWHQWVWUHHWOLJKWLQJ-DQ±(YHUHVW6WUHHW 'HVWUXFWLRQRI5HFRUGV EDQNLQJ ERQGGXSOLFDWHGRFXPHQWV  ([SDQVLRQRI'RZQH\:DWHU'LYLVLRQ)LQDQFH'HSDUWPHQW 0DWFKIXQGVIRU³6(%XUJODU\,QYHVWLJDWLRQ7HDP´ $GG3HUVRQQHO2IILFHU &KDQJHQDPHRI'LDQH6WUHHWVRI%URRNSDUNWR'DOHZRRG$YHQXH 8UJHFRQVHUYHZDWHUGXHWR&DOLIRUQLDGURXJKW $SSURYHILQDOVXEGLYLVLRQPDSRI7UDFW1R±$ODPHGD/DNHZRRG 2UGHUVWUHHWOLJKWLQJWR-DQ±(YHUHVW6WUHHW 'HQ\DSSHDOLQ]RQHH[FHSWLRQFDVHDQGDSSURYLQJYDULDQFH 7HPSRUDU\SNJUHVWULFWLRQV3XEOLF3NJ/RW±)LUHVWRQH'RODQ 6WRSDW6XYD6WUHHW:LOH\%XUNH$YHQXH $XWKRUL]HXVHRI/RFDO$JHQF\,QYHVWPHQW)XQG /$,) DVLQYHVWPHQWDOWHUQDWLYH 2UGHUUHSRUWSHU$FWRI± ,QWHQWVWUHHWOLJKWLQJWR-DQ± 3NJUHVWULFWLRQVQ)LUHVWRQHEW%URRNVKLUH 5LYHVUHVFLQG1R 'HQ\DSSHDOLQ=RQH([FHSWLRQ&DVH1R±/DNHZRRG%OYG $SSOIRUJUDQWIXQGV8UEDQ2SHQ6SDFH 5HFUHDWLRQ3URJUDP±UHVFLQGE\ 2SSRVH&$DXWRPRELOHDVVLJQHGULVNLQFUHDVHIRUWHUULWRU\1R $SSOIRU6WDWHJUDQWPRQLHVIRU,QGHSHQGHQFH3DUN3URMHFW 'HVLJQDWHDOWPHPEHUWR%RDUGRI&RXQW\6DQLWDWLRQ'LVWV1R  *UHHQH  $SSRLQW5R\6WUDLQWR&RPPXQLW\+RVSLWDO$XWKRULW\&RPPLVVLRQ 2UGHUVWUHHWOLJKWLQJWR-DQ± $SSU6XSSWR$JPWIRUSDYHPHQWRQ)ORUHQFH2OG5LYHU6FKRRO5RDG $JPW&$'HSWRI7UDQVSRUWDWLRQUH,)UHHZD\&RUULGRU $XWKRUL]H&RRSHUDWLYH3HUVRQQHO6HUYLFH&RQWUDFW 5(62/87,21,1'(; $SSOIRUJUDQWIXQGVSHU5REHUWL=¶%HUJ8UEDQ26 5HF3URJ5HVFLQG $SSU'LVWULEXWLRQSURFHVVIRUVDIHURIIV\VWHPVURDGVDQQXDODSSRUWLRQPHQW 8VHRI†IXQGVSHU+RXVLQJ$FW±UHVLGHQWLDOWUDQVLWLRQVWXG\ 8VHRI†IXQGVSHU+RXVLQJ$FW±3ODQQLQJ 5HVRXUFHDOORFDWHV\VWHP $SSRLQW)UDQN6KHOGRQWR%RDUGRI%XLOGLQJ$SSHDOV $GRSWSURYLVLRQVRI&&3†±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¶V$VVQ 2UGHUYDFDWLRQRI/DXUD6WUHHWHRI2OG5LYHU6FKRRO5RDG $GRSW)LUH3URWHFWLRQ6SHFLDOLVWFODVVLILFDWLRQ 2UGHUUHSRUWSHU$FWRI± ,QWHQWVWUHHWOLJKWLQJWR-DQ± $SSURYH028Z'RZQH\3ROLFH2IILFHUV$VVQ $SSURYH028Z'RZQH\)LUHPHQ¶V$VVQ 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG/H5R\5RGHQEHUJ 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ/\HOO6ZHDULQJWRQ 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG&KDUOHV-RQHV 5H$SSRLQW%RDUGRI%XLOGLQJ$SSHDOV-RKQ8QNRYLFK 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ'DQ5\DQ 5H$SSRLQW5HFUHDWLRQDQG&RPPXQLW\6HUYLFHV&RPPLVVLRQ/HRQD$OGULGJH 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ6DUD0F&DUW 5H$SSRLQW:DWHU$GYLVRU\%RDUG/LOLDQ0XOOH\ 5H$SSRLQW%RDUGRI%XLOGLQJ$SSHDOV6DO(SSROLWR 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG3DWW&RRSHU 2UGHUVWUHHWOLJKWLQJWR-DQ± $SSURYHGHDQQH[DWLRQDQGDQQH[DWLRQRIFHUWDLQODQGWR'RZQH\DQG6RXWK *DWH 5HTXHVWDOORFDWLRQRI&RXQW\$LGWR&LWLHV)XQGVIRUPDLQWHQDQFH6HOHFW6WUHHWV 1R6WRSSLQJQ)ORUHQFHWR6PDOOZRRGDQGUHVFLQG  $SSU$JPWZLWK6WDWHUH)HGHUDO$LGSURMHFWV $XWKRUL]HUHGXFWLRQLQSNJVSDFHV±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±3RPHULQJ5RDG ,QWHQWVWUHHWOLJKWLQJWR-DQ±3RPHULQJ5RDG &RQFXUUHZLWKDPHQGPHQWVWRWKH/$&RXQW\6ROLG:DVWH0DQDJHPHQW3ODQ &RQILUPHPSOR\HHV¶GHIHUUHGFRPSSODQDQGDJUHHPHQW $SSOJUDQWIXQGV5REHUWL=¶%HUJ2SHQ6SDFH 5HF3URJUDP 5HT/$&RXQW\&LYLO6HUYLFHVWRSHUIRUPSHUVRQQHOVHUYLFHV 'HFODUHXQRFFXSLHGVWUXFWXUHVZL,)Z\FRUULGRUWKUHDWWRKHDOWK VDIHW\ 2UGHUVWUHHWOLJKWLQJWR-DQ3RPHULQJ5RDG 2UGHUUHSRUWSHU$FWRI± ,QWHQWVWUHHWOLJKWLQJWR-DQ± 5HVFLQG1RUHKRXUSNJ)RQWDQDHRI'RZQH\$YHQXH $SSURYH3URJ6XSS$JPWIRU55JDWHVRQ:RRGUXII &RQILUPDVVHVVPHQW,PSU3URMV)LUHVWRQHEW3DQJERUQ 6WHZDUW*UD\ $SSO\WR&$&RXQFLORQFULPLQDOMXVWLFHIRU\RXWKVHUYLFHV\VWHP (VWDEOLVK³5HLQYHVWPHQWLQ'RZQH\´UHYLWDOL]HDUHDV 'HVLJQDWHDUHGHYHORSPHQWVXUYH\DUHD $%&'  'LUHFW3&IRUPXODWH3UHOLP3ODQIRU5'RIVHOHFWHGSURMHFWDUHDSHU 2UGHUVWUHHWOLJKWLQJWR-DQ± 6DOHRIFRPSXWHUVRIWZDUH±GHVLJQDWH&LW\0DQDJHUWRHQWHULQWRFRQWUDFWV 'HFODUHQHHGIRU/LEUDU\H[SDQVLRQ 2UGHUYDFWLRQRIVHZHUHDVHPHQWIURP)ORUHQFHQWR'LQVGDOH6WUHHW 7UDQVIHUWHUULWRU\WR6RXWK*DWHDQG6RXWK*DWHWR'RZQH\ 1RWLFHRI*HQHUDO0XQLFLSDO(OHFWLRQ$SULOIRURIILFHUV $GRSWUHJVIRUFDQGLGDWHV 5HTXHVW&RXQW\VHUYLFHVIRUHOHFWLRQ 5HTXHVWLQWHUFLW\HQIRUFHPHQWDJDLQVWJUDIILWL $GRSW%XGJHWIRU³5HLQYHVWPDQHWLQ'RZQH\´SURJUDP 1RVWRSSLQJ%HOOIORZHUDW/DNHZRRG%OYG+DOO5RDG $SSOWR&$&RXQFLORQFULPLQDOMXVWLFHIRU\RXWKVHUYLFHV\VWHP &RPPHQG3ROLFH&KLHI/RUHQ0RUJDQRQKLVUHWLUHPHQW (VWDEOLVKZDWHUVHUYLFH]RQHVIRUZDWHUUDWHVUHVFLQGUHVFLQGHGE\ &RPSHQVDWLRQIRUHOHFWLRQRIILFHUV 1RVWRSSLQJDQ\WLPH6WHZDUW *UD\EW/DNHZRRG )LUHVWRQH 2UGHUUHSRUWSHU$FWRI(XFDO\SWXV6WUHHW ,QWHQWVWUHHWOLJKWLQJWR-DQ(XFDO\SWXV6WUHHW $GRSWEXGJHWRI3DUN6R&DO:DWHUXWLOLW\IXQG (VWDEOLVKZDWHUVHUYLFH]RQHVIRUZDWHUUDWHVUHVFLQG1R 2SSRVHKRXVLQJGLVWULEXWLRQSURSRVDOVRI6R&$$VVQRI*RYWV 6&$*  $SSURYHEDVHUHQWDOIRU'RZQH\:DWHU)DFLOLWLHV&RUS $XWKRUL]H:DWHUVXSHULQWHQGHQWWRILOHDSSOLFDWLRQWRFRPELQHIDFLOLWLHV 5HVFLQG1RUHKRXUSNJ)ORUHQFHEW5LYHV 6PDOOZRRG 2UGHUUHSRUWSHU$FWRI±+RUOH\$YHQXH ,QWHQWVWUHHWOLJKWLQJ±+RUOH\$YHQXH 5HTXHVWLQJHVWLPDWHRIWKHDVVHVVHGYDOXDWLRQRISURSHUW\IRUQH[WILVFDO\HDU $SSO DJPWKLVWRULFSUHVHUYDWLRQJUDQWVLQDLGIXQGVIRU-DPHV&5LYHVKRXVH $XWKRUL]HDFFHVVWR6WDWHVXPPDU\FULPLQDOKLVWRULHV 5(62/87,21,1'(; 2UGHUVWUHHWOLJKWLQJWR-DQ±(XFDO\SWXV6WUHHW 2UGHUUHSRUWSHU$FWRI± ,QWHQWVWUHHWOLJKWLQJWR-DQ±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± 'HQ\DSSHDO=RQH9DULDQFH1R±&KHURNHH'ULYH $SSRLQW3HUVRQQHO$GYLVRU\%RDUG*HRUJH6ODERGQLN 2UGHUVWUHHWOLJKWLQJWR-DQ$UQHWW6WUHHW 5HTXHVWòRIFRVWVWRLQVWDOOUDLOURDGFURVVLQJJDWHVDW)LUHVWRQH2OG5LYHU6FK 5G 2UGHUUHSRUWSHU$FWRI±/LQGVH\$YHQXH ,QWHQWVWUHHWOLJKWLQJWR-DQ±/LQGVH\$YHQXH 5HVXOWVRIHOHFWLRQ$SU±6ZHDULQJWRQ0DFNDLJ 1HFHVVLW\IRUZRUN&DVK&RQWUDFW1RE\IRUFHDFFRXQW $SSOGHVLJQDWLRQIRU'HFHUDO'LVDVWHU$VVLVWDQFHIXQGV $XWKRUL]HWHPSRUDU\UHGXFWLRQRISNJVSDFHV'RZQH\$YHQXH ([SHQGLWHUHPRYDORIYDFDQWKRPHV±,)UHHZD\ 2UGHUVWUHHWOLJKWLQJWR-DQ±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±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¶$OHVVDQGUR $JUHHPHQWIRUPDLQWHQDQFHRI6WDWHKLJKZD\V &ULWHULDIRUVSHFLDOGRJOLFHQVHIHHVIRUVHQLRUVKDQGLFDSSHGDPHQGHG5HV ,QWHQWWRJUDQWIUDQFKLVHWR6RKLR7UDQVSRUWDWLRQ&RRI&$ $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ-DPHV6DQWDQJHOR ,QWHQWWRDEDQGRQ&LW\ZLGHOLJKWLQJGLVWULFWIRUPHGE\1R 3URSRVHOLJKWLQJDVVHVVPHQWGLVWULFWDQGRUGHULQJUHSRUW $'  $SSURYHHQJLQHHU¶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±&HGDUWUHH5RDG 1RWLFH6SHFLDO0XQLFLSDO(OHFWLRQ1RYDPHQGVWR&KDUWHU   5HTXHVW/$&RXQW\VHUYLFHV6SHFLDO(OHFWLRQ (VWDEOLVK$QLPDO/LFHQVH ,PSRXQG)HHVUHVFLQG1R  &RPPHQG86&RQJUHVVPDQ'HO&ODZVRQXSRQUHWLUHPHQW &RPPHQG'U0DUN0HDQV-RKQVRQ \HDUVVHUYLFHWR$PHU/HJLRQ  $SSURYH)LQDOVXEGLYLVLRQPDS1R±'RZQH\$YHQXHDW&ROH6WUHHW &KDQJHUHJXODUPHHWLQJRI:DWHU%RDUGWR:DWHU<DUG6WHZDUW *UD\ 3DUWLFLSDWHLQ&$/LEUDU\6HUYLFHV$FW 1RSNJ5RVH'U0DQ]DQDU 9LVWD'HO5RVDUHVFLQGUHVFLQGHGE\ $GRSWZRUNSURJEXGJHW&RPPXQLW\ 1HLJERUKRRG(QKDQFHPHQW 2UGHUUHSRUW/DQGVFDSH 6W/LJKWLQJ± $SSURYHUHSRUW/DQGVFDSH 6W/LJKWLQJ± ,QWHQWVWUHHWOLJKWLQJWR-DQ± $GRSWEXGJHW)<IRU*DV7D[)XQG $SSO\IRU*)5REHUWL=¶%HUJ8UEDQ2SHQ6SDFHDQG5HFUHDWLRQ3URJUDP 'LUHFW&LW\0JUWRH[HFXWHWUDLQLQJDJPWVZ'RZQH\3' &$+LJKZD\3DWURO $GRSWEXGJHWIRUQHZ&DSLWDO,PSURYHPHQW3URMHFWV 2UGHUVWUHHWOLJKWLQJWR-DQ± $SSU3URJ6XSS$JPWISDYHPHQW,PSHULDO+Z\3DUDPRXQW%O $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ5XVVHOO/DPNLQ 2UGHU(QJLQHHU¶V5HSRUWSHU$FWRI$'±'RQRYDQ6W $SSURYH(QJLQHHU¶V5HSRUW$'±'RQRYDQ6W 5(62/87,21,1'(; ,QWHQWVWUHHWOLJKWLQJWR-DQ$'±'RQRYDQ6W $SSU3URJ6XSS$JPWISDYHPHQW3RPHULQJ:LOH\%XUNH4XRLW 3RUWLRQRI7HOHJUDSKULJKWRIZD\1:OLQH/$IORRGFRQWUROFKDQQHOQRWQHHGHG )XQGLQJUHTE\%GRI6XSHUYLVRUVIRU&HUULWRV&RUULGRU-XYHQLOH'LYHUVLRQ3URM /LHQDJDLQVW3DUFHOV 88')LUHVWRQHHWDO 8SGDWH)HHVDQG6HUYLFH&KDUJHV±5HVFLQGV5HVFLQGHGE\ 6XSSRUW6RXWKHDVW0RVTXLWR$EDWHPHQW'LVWULFW $SSURYH)LQDO6XEGLYLVLRQ0DSRI7UDFW1R'RZQH\$YDW7H[DV6W 2UGHUVWUHHWOLJKWLQJWR-DQ±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¶V5HSRUWSHU$FWRI$'±*DOODWLQ5G $SSURYH(QJLQHHU¶V5HSRUW$'±*DOODWLQ5G ,QWHQWVWUHHWOLJKWLQJWR-DQ$'±*DOODWLQ5G $SSURYH3URJ6XSS$JPWISDYLQJ2UL]DED'RZQH\ 3DQJERUQ 2EMHFW&$7UDQVSRUWDWLRQ&RPPUHVWULFWLYHWLSJXLGHOLQHV)HG$LG8UEDQ)XQGV 5HT6WDWHUHOHDVH8UEDQ)XQGV±6XUIDFH7UDQVSRUWDWLRQ$VVLVWDQFH$FWRI 2SSRVHODFNRI6WDWHRI&$¶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¶FRPSSXUSRVHV 2UGHUVWUHHWOLJKWLQJWR-DQ ,QWHQWWRYDFDWHSRUWLRQRIDOOH\HDVWRI3DUDPRXQW%O VRXWKRI&RPROHWWH$Y 5HYLVHWKH&ODVVLILFDWLRQ3ODQ±+XPDQ6HUYLFHV$GYLVRUHIIHFWLYH &RPPHQG-HUU\&URZ6SHFLDO$JHQW)%, (VWDEOLVKSROLF\DQGDSSURYLQJGHVWUXFWLRQRIFHUWDLQ3ROLFH'HSWUHFRUGV $SSURYH)LQDO3DUFHO0DS1RQZFRUQHU,PSHULDO+Z\%HOOIORZHU%O 5HYLVH0DQDJHPHQW6XSHUYLVLRQ3D\3ODQIRU'HSXW\'LUHFWRURI3XEOLF:RUNV $GRSW&$7HDPVWHUV8QLRQ028/RFDO $GRSW'RZQH\&LW\(PSOR\HHV¶$VVRFLDWLRQ028 $GRSW'RZQH\)LUHPHQ¶V$VVRFLDWLRQ028 $GRSW'RZQH\3ROLFH2IILFHUV$VVRFLDWLRQ028 5HYLVH0DQDJHPHQW6XSHUYLVLRQ3D\3ODQ±GHQWDOSODQ (VWLPDWHRIDVVHVVHGYDOXDWLRQRI'RZQH\IRUVXFFHHGLQJILVFDO\HDU 2UGHU(QJLQHHU¶V5HSRUWSHU$FWRI$' $SSURYH(QJLQHHU¶V5HSRUW$'± ,QWHQWVWUHHWOLJKWLQJWR-DQ$'± 5(62/87,21,1'(; *UDQW=RQH9DULDQFH±%URFN$Y $XWK&RXQW\WRLVVXHPRYLQJSHUPLWVUHRYHUKHLJKWZLGWKZHLJKW UHVFLQG  $GRSWLVVXHRI6WDQGDUG6SHFLILFDWLRQVIRU3XEOLF:RUNVFRQVWUXFWLRQ 8UJH/HJLVODWLRQWRH[SHGLWHFRQVWUXFWLRQRI3HULSKHUDO&DQDOIDFLOLWLHV &RQILUPDXWKRUL]HG&LYLO'HIHQVHVLJQDWXUHV5HVFLQGLQJ5HVR $XWKRUL]HGUHSUHVHQWDWLYHWRVLJQIRUVXUSOXV)HGHUDOSURSHUW\5HVF5HVR (QGRUVH6RXWK&RDVW$LU4XDOLW\0DQDJHPHQW3ODQ $SSURYIDUHVWUXFWXUHIRUHOGHUO\DQGKDQGLFDSSHGWUDQVLVWVHUYLFH $SSRLQW3ODQQLQJ&RPPLVVLRQ1RUPDQ+RUQH\ $OWHUQDWHPHPEHUWR%RDUGRI'LUHFWRUV&RXQW\6DQLWDWLRQ'LVWULFWVDQG $SSO\IRU*)5REHUWL=¶%HUJ8UEDQ2SHQ6SDFHDQG5HFUHDWLRQ3URJUDP 6XSSRUW6%DGGLQJDPHQGLQJ*RY&RGHUHSXEOLFHPSOR\HHV¶UHWLUHPHQW 2UGHUVWUHHWOLJKWLQJWR-DQ± 6XSSRUW/HJLVSURYLGLQJHVVHQWLDOIHDWXUHVRI6WDWH:DWHUSURMHFWSHULSKHUDO FDQDO 'HVFULEHLPSURYHPHQWVZLWKLQ/WJ'LVW$'IRUI\RUGHU(QJV5SW $SSURYH(QJLQHHU¶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¶$VVRFLDWLRQ028 5HDIILUPDQG5DWLI\DQDPHQGPHQWWRWKH*HQHUDO3ODQ 2UGHUYDFDWLRQRISRUWLRQRI&KDQH\$YVRXWKRI&HFLOLD6W ,QFUHDVHRIPRQWKO\IHHFKDUJHGIRUSHUPLWSDUNLQJLQ&LW\RZQHGSDUNLQJORWV 'HVLJQDWFHUWDLQ&LW\RZQHGIDFLOLWLHVDV³&RPPXQLW\3DUNV´ $SSURYH)LQDO3DUFHO0DS1R4XLOO'U $SSURYH)LQDO3DUFHO0DS1R(V/DNHZRRG%OQRUWKRI)ORUHQFH$Y (VWDEOLVKZDWHUVHUYLFHFRQQHFWRQFKDUJHV +RXUSNJERWKVLGHV$ODPHGD6WUHVFLQGVDOOSULRU5HVROXWLRQV 5(62/87,21,1'(; $SSURYH)LQDO3DUFHO0DS1R3ODQHWW$YQRUWKRI2UDQJH6W (VWDEOLVKIRXUWKZDWHUVHUYLFH]RQHIRUVHSDUDWHZDWHUUDWHV $SSURYHDSSOLFDWLRQIRUSURMHFWVXEJUDQWXQGHU7LWOH,,,2OGHU$PHULFDQV$FW 'HVLJQDWHFHUWDLQURDGVWREHLQ)HGHUDO$LG8UEDQ6\VWHP &RQFXUZLWK$PHQGPHQWWR/$&RXQW\6ROLG:DVWH0DQDJHPHQW3ODQ 2UGHU(QJLQHHU¶V5HSRUWSHU$FWRI$' $SSURYH(QJLQHHU¶V5HSRUW$'± ,QWHQWVWUHHWOLJKWLQJWR-DQ$'5HVFE\5HVR  &RQWUDFWZ6WDWH7UDQVSRUWDWLRQIRUDGG¶O3ROLFHVHFXULW\,IXWXUHIZ\DUHD 8UJHLPSURYHPHQWRI(PSOR\PHQWDQG7UDLQLQJ$FW &(7$ 3URJUDPV 5HFRPPHQGPHPEHUVRI&RQJUHVVUHIUDLQIURPDSSURYLQJVDODU\LQFUHDVH 5HVFLQG5HVROXWLQ1R+UJGDWHRI2FW/WJ'LVW ,QWHQWVWUHHWOLJKWLQJWR-DQ$'+UJ2FW $PHQG'HIHUUHG&RPSHQVDWLRQ3ODQDQGDGRSWVDPH (QFRXUDJHFRQWLQXHGGHYHORSPHQWRIUHJLRQDOSODQQLQJGLVWULFWV $PHQG0DQQLQJ7DEOH $SSUHFLDWRQRI(UYLQ6SLQGHO'LUHFWRURI3XEOLF:RUNVUHWLUHPHQW 2UGHUVWUHHWOLJKWLQJWR-DQ± &DOWUDQV&RRSHUDWLYH$JPWODQGVFDSLQJ PDLQWHQDQFHRQ%URRNSDUN5G &RPPHQG$VVHPEO\PDQ%UXFH<RXQJIRUDVVLVWDQFHLQ,)Z\REVWDFOHV ,PSURYHSXEOLFVDIHW\LQWUDQVSRUWDWLRQRIKD]DUGRXVPDWHULDOV $GRSWZRUNSURJUDP EXGJHWIRUFRPPXQLW\ QHLJKERUKRRGSURMHFW 3DUNLQJ5HVWULFWLRQV±ERWKVLGHV)LIWK6W5HVFLQGV5HVRDQG 2UGHU(QJLQHHUWRIXUQLVKSODQVVSHFVIRU/HHGV6WLPSURYHPHQW $'  $SSURYH$VVHVVPHQW'LVWULFW0DSIRU/HHGV6WLPSURYHPHQW $'  $GRSWSURILOHLPSURYHPHQWSODQVSHFVIRU/HHGV6WLPSURYHPHQW ,QVWLWXWHSURFHHGLQJVRUGHULQJKHDULQJILPSURYHPHQWRI$VVHVVPHQW'LVW ,QWHQWWRLPSURYH/HHGV6W LVVXHERQGV H[SHQVHDVVHVVHGWR$' &KDUWHU$PHQGPHQW1RWR(OHFWLRQ$SULO±6HF(OHFWLRQV 5HTXHVW/$&RXQW\VHUYLFHV*HQHUDO0XQLFLSDO(OHFWLRQ±$SULO (VWDEOLVKFRPSHQVDWLRQIHOHFWLRQRIILFHUV SROOLQJSODFHVUHVF5HVR )LQGQHFHVVLW\UHTXLUHLPSURYHPHQWRI/HHGV6W $'  $PHQG0DQDJHPHPW6XSHUYLVLRQ3D\3ODQIRU $GRSWFDQGLGDWHV¶UHJXODWLRQVIRU$SULO*HQHUDO0XQLFLSDO(OHFWLRQ $GRSWVWDQGDUGVIRUSURYLGLQJDGXOWFURVVLQJJXDUGV $SSRLQW%RDUGRI%XLOGLQJ$SSHDOV0LNH/LG\RII 2UGHUYDFDWLRQ±GUDLQDJHHDVHPHQWI4XLOO'U+RQGR6WZHVWHUO\RI5LFKHRQ 'HVLJQDWH%RDUGRI%XLOGLQJ$SSHDOVWRDFWD'HVLJQ5HYLHZ%RDUG 6XSSRUW&HUULWRV&RUULGRU-XYHQLOH'LYHUVLRQ3URMHFW¶VUHTXHVWIRUDGG¶OIXQGLQJ &RQFXUZLWK6&$*¶Vµ*URZWK)RUHFDVW3ROLF\IRUXVHLQUHJLRQDOSODQV /RFDODGYLVRU\SURSRVLWLRQVRQGLVWULEXWLRQRI6WDWHVDOHVWD[UHYHQXH 'HFODUH)RXUZD\VWRS±6SU\6W'XQURELQ6W5HVFLQGSUHYLRXVVWRSVLJQ 5HVRV $SSURYH)LQDO6XEGLYLVLRQ0DSRI701R'RZQH\$Y$ODPHGD6W 'HQ\$SSHDO=RQH9DULDQFH±'RZQH\7R\RWD)LUHVWRQH%O 'HQ\$SSHDO=RQH9DULDQFH)LUHVWRQH%O 6XSSRUW$WWRUQH\*HQHUDO¶VSODQWRUHVWRUHSXEOLFVDIHW\LQWKH¶V 'HWHUPLQHOLTXDWHGGDPDJHVVKDOOEHSDLG $' 5HVRRI,QWHQW 2UGHUZRUNGRQHRQ/HHGV6W±5HVRRI,QWHQW $JUHHPHQWZ6WDWHIRU,ZLGHQLQJ LQERXQGQRUWKHUO\ UHVFLQGVSULRUDJPWV 'RZQH\$Y PLOHV WREHLQFOXGHGLQ)HGHUDO$LG8UEDQ6\VWHP 5(62/87,21,1'(; 1RQWUDQVIHURISURSHUW\WD[UHYHQXHVIURP3DUDPRXQW&RXQW\:DWHU'LVW$FTX (VWDEOLVKFRPSHQVDWLRQIRUHOHFWLRQRIILFHUV SROOLQJSODFHVUHVF5HVR 'HQ\$SSHDO=RQH9DULDQFH±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±'RURWK\7DWWL)LUHVWRQH%O 2SSRVH$%UHVWULFWXVHRIWD[LQFUHPHQWIXQGVRXWVLGHRI3URMHFW$UHDV 'HGLFDWHVRXWKVLGHRI/HHGV6WSULYDWHVWUHHWIRUKLJKZD\SXEOLFURDGSXUSRVHV +RXUSDUNLQJHDVWVLGHRI0\UWOH6WEHWZ)LUHVWRQH%O 6HFRQG%O $SSURYHJUDQWIXQGVXQGHU5REHUWL=¶EHUJ8UEDQ2SHQ6SDFH5HFUHDWLRQ 3URJUDP 5HVXOWVRI(OHFWLRQ$SULO4XLQQ&RUPDFN-DFNPDQ &RPPHQG-XGJH&KDUOHV)ULVFRRQKLVHOHYDWLRQWR6XSHULRU&RXUW 3ROLF\UHUHPRYDOUHORFDWLRQRIXWLOLW\IDFLOLWLHVLQSXEOLFULJKWRIZD\ 3ODQQLQJ&RPPWRIRUPXODWHSUHOLPLQDU\SODQIRUUHGHYRIVHOHFWHGSURMHFWDUHD $OWHUQDWHPHPEHUWR%GRI'LUHFWRUV&RXQW\6DQLWDWLRQ'LVWV 0DFNDLJ $FFHSWRIIHURIGHGLFDWLRQ/HHGV6WDVDSXEOLFURDG $FFHSWRIIHURIGHGLFDWLRQ±/HHGV6WDVDSXEOLFURDG $FFHSWRIIHURIGHGLFDWLRQ±/HHGV6WDVDSXEOLFURDG 2SSRVH3URSRVLWLRQ±VXUWD[RQEXVLQHVVLQFRPHRIHQHUJHU\UHODWHG FRPSDQLHV (VWDEOLVKVXUYH\DUHDIRU5HGHYHORSPHQW3URMHFW1R (VWDEOLVKVXUYH\DUHDIRU5HGHYHORSPHQW3URMHFW1R 3ODQQLQJ&RPPWRIRUPXODWHSUHOLPLQDU\SODQIRUUHGHYRIVHOHFWHGSURMHFWDUHD $SSURYH3URJ6XSS$JPWIRUVWUHHWLPSURYHPHQWV $PHQG0DQQLQJ7DEOH)LQDQFH 5H$SSRLQW5HFUHDWLRQDQG&RPPXQLW\6HUYLFHV&RPPLVVLRQ0DUN0RUULV &RPPHQG0DUMRULH)ULVFRDV3UHVLGHQWRI6('LVWULFW/DZ\HUV¶:LYHVRI/$ 3URFODLP9DOOHRI6DQ4XLQWLQ%DMD&DOLIRUQLD0H[LFRDVD6LVWHU&LW\ 3NJ)LUHVWRQHUHVF  $GMXVWFHUWDLQ&LW\3D\7DEOHVHIIHFWLYH0D\ $GRSW&RQIOLFWRI,QWHUHVW&RGHV±UHVFLQGHGE\ ([SUHVVFRQFHUQRYHUZRUOGZLGHKXQJHUPDOQXWULWLRQDQGVWDUYDWLRQ 2UGHU(QJLQHHU¶V5HSRUWIRU/LJKWLQJ0DLQWHQDQFH'LVW$'IRUI\ $SSURYH(QJLQHHU¶V5HSRUWIRU/LJKWLQJ0DLQWHQDQFH'LVW$'II\ ,QWHQWWROHY\FROOHFWDVVHVVPHQWV/WJ0DLQWHQDQFH'LVW$'IRUI\ 2UGHU(QJLQHHU¶V5HSRUWSHU$FWRI/WJ0DLQW'LVW$'± 5(62/87,21,1'(; $SSURYH(QJLQHHU¶V5HSRUWIRU/LJKWLQJ0DLQWHQDQFH'LVW$'± ,QWHQWWR$QQH[/W'LVW$'WR-DQ±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± $SSURYH(,51RRI*HQHUDO3ODQ$PHQGPHQW QG $PHQG*3WR&HQWUDO%XVLQHVV'LVWEHWZ)LUHVWRQH'RODQ %URRNVKLUH ,QWHQWWRJUDQWIUDQFKLVHWR0RELO2LO&RUS ,QWHQWWRJUDQWIUDQFKLVHWR$WODQWLF5LFKILHOG&R ,QWHQWWRJUDQWIUDQFKLVHWR)RXU&RUQHUV3LSH/LQH&R ,QWHQWWRJUDQWIUDQFKLVHWR*XOI2LO&R *UDQW=RQH9DULDQFH±,PSHULDO+Z\ &RQGHPQSURSRVDOWRZLWKKROGLQFRPHWD[RQLQWHUHVWHDUQHGVDYLQJVDFW WK &RQJUDWXODWH-RE&RUSVRQ$QQLYHUVDU\ 'HGLFDWHSXEOLFURDGHDVHPHQWQRUWKVLGHRI1DGD6WHDVWHUO\RI-XOLXV$Y -RLQW([HUFLVHRI3RZHUV$JUHHPHQWIRU,QVXUDQH 5LVN0DQDJHPHQUHVF  5HYLHZDQQXDOLPSOHPHQWDWLRQRI6HFRIWKH*RYHUQPHQW&RGH (VWDEOLVKFRPSHQVDWRQIRUFHUWDLQV%RDUGV &RPPLVVLRQV5HV 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG&DHVDU0DWWHL'LVW ,PSOHPHQWSULRUWR'HFUHDVRQDEOHFRQWUROPHDVXUHVIURP$40' 1RWLFHRI6SHF0XQLFLSDO(OHFWLRQ1RY/RZ5HQW6U&LWL]HQ'LVFRXQW 5HTXHVW&RXQW\VHUYLFHVIRU6SHF0XQLFLSDO(OHFWLRQ1RY &RPPHQG+HQU\2EHUQGRUIIRURXWVWDQGLQJFLWL]HQVKLSVHUYLFHWRFRPPXQLW\ $PHQG*3$PHQGPHQWWRORZPHGLXPUHVLGHQWLDO&ROH6W 'HVLJQDWH3DUDPRXQW%ODWKURXJKVWUHHWDWLQWHUVHFWLRQZLWK/HHGV6W 'HVLJQDWH7HOHJUDSK5GDWKURXJKVWUHHWDWLWVLQWHUVHFWLRQZLWK3LFR9LVWD5G ZRUNSURJUDPEXGJHWIRU&RPPXQLW\1HLJKERUKRRG(QKDQFHPHQW3URM 2UGHU(QJU¶V5SWSHU$FWRI/WJ0DLQW'LVW$'%URRNVKLUH 5(62/87,21,1'(; $SSURYH(QJU¶V5SWIRU/LJKWLQJ0DLQWHQDQFH'LVW$'%URRNVKLUH ,QWHQWWR$QQH[/WJ0DLQW'LVW$'WR-DQ%URRNVKLUH -W3XEOLF+UJZ&'&WRFRQVLGHUDGRSWLRQRI5'3ODQ $PHQGPHQW(,5 ([WHQVLRQRIFRQWUDFWZ6WDWH'HSW7UDQVSRUWDWLRQIDGG¶O3ROLFH3DWURO,DUHD 0DSFKHFNLQJILOLQJIHHUDWHVXQGHU6XEGLYLVLRQ2UG6HF $GRSWDPHQGHG(PHUJHQF\3ODQ *UDQW=RQH9DULDQFH±3DUDPRXQW%O *UDQW&RQGLWRQDO8VH3HUPLW±&DOYDU\&KDSHO:RRGUXII$Y (VWDEOLVKUHLPEXUVHPHQWFRPSHQVDWLRQIRU&RPPLVVLRQ &RQILUP$VVHVVPHQWV',36LWHVVV'LQZLGGLH &KDSSURF  &RPPHQG9,&7,06&RPPLWWHHIHIIRUWVWRVWRSVH[RIIHQGHUV 2UGHU$QQH[/WJ0DLQW'LVW$'WR-DQ%URRNVKLUH$Y $GRSW(,5IRUIRU5HGHYHORSPHQW3ODQ 5HJXODWLRQVJRYHUQLQJWDSHUHFRUGLQJVRI&RXQFLO0WJVUHVF5HVR $SSURYH3URJ6XSS$JPWIRUHPHUJHQF\UHOLHISURMHFWV $XWKRUL]HH[FKDQJHRISDUNODQGV±'HQQLV7KH0HQDFH3DUN $FFHSW2IIHURI'HGLFDWLRQ±2UL]DED$YòIW $SSURYH6WDWHPHQWRI3XUSRVHV 5XOHVRI2SHUDWLRQ±'RZQH\$UWV&RXQFLO $PHQG0DQQLQJ7DEOH $PHQG0DQDJHPHQW6XSHUYLVLRQ3D\3ODQIRU $PHQG-W([HUFLVHRI3RZHUV$JPWZ1RUZDON 3LFR5LYHUVUH6($$&$ $FFHSW2IIHURI'HGLFDWLRQ±2UL]DED$YIW $SSURYHDGG¶O3ROLFHSDWUROLQWKH,IXWXUHIUHHZD\DUHDZ6WDWH7UDQV'HSW $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ+DUU\7DRUPLQD'LVW 5HJVUHWDSHUHFRUGLQJVRI&RXQFLO0HHWLQJVUHVFUHVFLQGHGE\ $XWKRUL]HGHVWUXFWLRQRIREVROHWHSXEOLFUHFRUGV±&RXQFLO0HHWLLQJWDSHV &RPPHQG5LFKDUG&XPPLQJRQDSSRLQWPHQWWR'RZQH\0XQLFLSDO&RXUW $SSURYH)LQDO6XEGLYLVLRQ0DSRI3DUFHO0DS1R*DOODWLQ/DNHZRRG 2SSRVHDOWHUQDWLYHVLQ³,VVXHVLQ3ODQQLQJ6HUYLFHVIRU&$¶V&KLOGUHQ <RXWK´ $GRSWILQGLQJVUH0RGLILFDWLRQRI8QLIRUP&RGHVIRU%XLOGLQJ5HJXODWLRQV WK &RPPHQG&HUULWRV&ROOHJH)RXQGDWLRQRQ$QQLYHUVDU\&HOHEUDWLRQ´ 3ULYDWHO\RZQHGSNJORWVHOLJLEOHIHQIRUFHPHQWRISNJYLRODWLRQVKDQGLFDSSHG 3URKLELW6WRSSLQJ$Q\WLPH±QRUWKHUO\VLGH)LUHVWRQH%OIURP0\UWOH6WH¶ 5HYLVH$UWLFOH;,9RI-W([HUFLVHRI3RZHUV$JPWI5LVN0JPWSXUSRVHV $PHQG0DQDJHPHQW6XSHUYLVLRQ3D\3ODQIRU±%XLOGLQJ2IILFLDOVDODU\ $SSURYH'LVSRVLWLRQ 'HYHORSPHQW$JUHHPHQWZ+RPHWHOV'HYHORSPHQW&RUS $SSURYH'LVSRVLWLRQ 'HYHORSPHQW$JUHHPHQWZ5HSXEOLF'HYHORSPHQW&R &RQILUP$VVHVVPHQW'LVW6LWHV2UL]DED6W &KDSSURFHHGLQJV  2UGHU(QJLQHHU¶V5HSRUWSHU$FWRI/WJ0DLQW'LVW$'5LYHV $SSURYH(QJLQHHU¶V5HSRUWIRU/LJKWLQJ0DLQWHQDQFH'LVW$'5LYHV ,QWHQWWR$QQH[/LJKWLQJ0DLQWHQDQFH'LVW$'WR-DQ5LYHV $SSO\IRUJUDQWIXQGVXQGHU6ROLG:DVWH0DQDJHPHQW$FWRI EDVH\HDUDSSURSULDWLRQVOLPLWDQQXDODSSURSULDWLDWRQVOLPLWI\ *UDQW=RQH9DULDQFH±*DU\$OPDV5DYLOOHU'U *UDQW=RQH9DULDQFH±6HFXULW\3DFLILF%DQN/DNHZRRG%O 5HSHDO5HVR'LVSRVLWLRQ 'HY$JUPWZ5HSXEOLF'HY&R &RQILUP$VVHVVPHQWVIRU&KDS3URFHHGLQJV'RZQH\,PS3URM 2UGHUWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[WR VW ,Q0HPRU\RI-DPHV/6WDPSV0D\RURI'RZQH\ 'HFODUH6XUSOXV3URSHUW\±3DUNLQJ/RW $'$UHD  5HFRJQL]H$FFRPSOLVKLPHQWRI6RXWK(DVW)RRWKLOO$UVRQ&RQWURO7HDP 5(62/87,21,1'(; $SSO\7UDQVIHURI7HUULWRU\ %RXQGDU\5HORFDWLRQ&LW\2I3DUDPRXQW 3DUNLQJDORQJ&HQWXU\%OYGEW/DNHZRRG5RVHFUDQVUHVFLQGHG 6WDWHRI&$'HSWRI7UDQVS±$GGLWLRQDO3ROLFH3DWURO,)XWXUH$UHD *UDQW=9)ORUHQFH$YH6DY2Q'UXJ6WRUHV (VWDEOLVK)HH6FKHGXOHIRU'HVLJQ5HYLHZ$SSOLFDWLRQV $XWKRUL]H3XE+UJ1RWLFHV±&RRSHUDWLRQ$JUPWZ+RXVLQJ$XWKRI/$&RXQW\ *UDQW=9±0DUEHO6W'DOH$-RQHV &RQJUDWXODWH5REHUW$9LOOD±7HUPDV3UHVLGHQWRI6RXWKHDVW'LVW%DU$VVRF (QFRXUDJH/HJLVODWLRQUH*DVROLQH7D[$OWHUQDWLYH)XHOV0DLQWRI6WV +Z\V 'HFODUH,QWHQWWR9DFDWH±3RUWLRQRI)XWXUH6WUHHW2UL]DED$YH (VWDEOLVK&RPSHQVDWLRQI%UGV &RPPLVVLRQVUHVF5HVRUHVF E\ (QGRUVH3ULRULW\3ODQIRU([SHQGLWXUH/$&RXQW\&$3DUNODQGV$FWRI $SSURYH/RZ5HQW(OGHUO\+RXVLQJ3URMHFW)RUP&RRSHUDWLRQ$JUPWZ&RXQW\ &RPPHQG&LW\0DQDJHU&KDUOHV:7KRPSVRQ &RQILUP$VVHVVPHQW±/HHGV6W,PSURYHPHQW$' $%)DUHER[5HFRYHU\ (OGHUO\+DQGLFDSSHG7UDQVLW6UYFH5HFRYHU\)XQGV 'HQ\'DQFH3HUPLW±-DPPHUV-XQFWLRQ $SSO\IRU*)&DOLIRUQLD3DUNODQGV$FWRI*ROGHQ3DUN3URMHFW $SSO\*)5REHUWL=¶%HUJ8UEDQ2SHQ6SDFH 5HF3URJ*ROGHQ3DUN3URM +RQRU9LFWRU-%DULFKRQKLV5HWLUHPHQW'RZQH\0XQLFLSDO&RXUW 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[$GZHQ6W $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[$GZHQ6W 'HFODUH,QWHQW$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[$GZHQ6W 5HTXHVW&RXQW\$LGWR&LWLHV)XQGV±0DLQWRI6HOHFW6\VWHP6WUHHWV QG 'HFODUH&HUWDLQ3URSHUW\([FHVV$XWKRUL]H6DOHWR&'&'RODQ6WUHHW (VWDEOLVK3UNJ5HVWULFWLRQ±+RXU%LUFKEDUN$YHEWZQ7HOHJUDSK%LUFKFUHVW *UDQW$SSURYDO±&836XYD6W )RVWHU%ULGJH%OYG 2UGHU9DFDWLRQRI)XWXUH6WUHHW±1:RI2UL]DED6RXWKRI2UDQJH +RQRU$VVHPEO\PDQ%UXFH<RXQJIRUKLVHIIRUWVSURPRWLQJ6FRXWLQJLQ&RPP +RQRU&RQJUHVVPDQ:D\QH*ULVKDPIRUKLVHIIRUWVSURPRWLQJ6FRXWLQJLQ&RPP 5HVFLQG5HVR±6WUHHW 6LGHZDON&RQVWUXFWLRQ)XQG(VWDEOLVKPHQW 6XSSRUW/HJ±5HPRYH5HVWULFWLRQV8VHRI1DWXUDO*DVLQ8WLOLW\3RZHUSODQWV *UDQW$SSURYDO±&836XYD6W )RVWHU%ULGJH%OYG5HVFLQG5HVR $SSO\*)5REHUWL=¶%HUJ8UEDQ2SHQ6SDFH 5HF3URJ $SSURYH)LQDO6XEGLYLVLRQ0DSRI70)LUHVWRQH3ODFH &HUWLI\(QYLURQ,PSDFW5HSRUW $GRSW'RZQWRZQ )LUHVWRQH&RUULGRU3ODQV 2UGHU$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[$GZHQ6W 3URSRVH$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[± $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[± 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[± $SSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV&RPP±''RXJODV0RUURZ'LVW 5HDSSRLQW&RPPXQLW\+RVS$XWK&RPP±5R\46WUDLQ'LVW 5HDSSRLQW&RPPXQLW\+RVS$XWK&RPP±&/DUU\+RDJ 5HTXHVW/HJLVODWXUH(QGRUVHPHQWRI3RVLWLRQV0RGLI\LQJ*RY%XGJHW 5HVFLQG (VWDEOLVK)HHVIRU&HUWDLQ3ROLFH6HUYLFHVUHVFLQGHGE\ 'HVLJQDWH'HSRVLWRU\±%DQNRI$PHULFD $SSRLQW$SSHDOV%RDUG'HVLJQ5HYLHZ%RDUG±:LOOLDP.LQJ $SSRLQW$SSHDOV%RDUG'HVLJQ5HYLHZ%RDUG±/HH/HDYLWW )RUPDWLRQRI&LYLF&HQWHU&RUS $XWKRUL]H3D\PHQWRI([SHQVHV 5HDIILUP3RVLWLRQRQ,)UZ\ 6XSSRUW*RY%URZQIRU&RQVWRI)UZ\ 2UGHU$QQH[DWLRQRI/LJKWLQJ'LVWULFW$'±$QQH[± 5(62/87,21,1'(; 5HVFLQG5HVR $GRSW%DVH<U$SSURSULDWLRQV/LPLW )< $XWKRUL]H([HFXWLRQRI7UDLQLQJ$JUPWVZ&$+Z\3DWURO 3' 'HFULEH,PSURYHPHQWVLQ/LJKWLQJ$')< 2UGHU5HSRUW $SSURYH5HSRUWRI/LJKWLQJ$'±)< 'HFODUH,QWHQWWR/HY\ &ROOHFW$VVHVVPHQWV$')< $GRSW)<%XGJHWZ,PSOHPHQWLQJ'RFXPHQWV $SSURYH3HUPLVVLYH&83 6XYD6WUHHW ±$/0DF,QVWRVK &RQILUP$VVHVVPHQW±)</LJKWLQJ'LVW$' 6XSSRUW5DWLILFDWLRQRIWKH3HULSKHUDO&DQDO5HIHUHQGXP 6XSSRUW/LFHQVLQJRI6DQ2QRIUH8QLWV,, ,,,1XFOHDU3ODQWV 6XSSRUW(QDFWPHQWRI$% 0DUWLQH] ±&RPSOHWLRQRI/RQJ%HDFK)UZ\ &RPPHQG3UHVLGHQWRI&KDPEHURI&RPPHUFH±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±3DXO1%DUURQ'LVW 5H$SSRLQW5HFUHDWLRQ &RPP6UYFV&RPP±-$UW-RKQVRQ'LVW 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG±&KDUOHV9-RQHV'LVW 5H$SSRLQW%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ%RDUG±)UDQN6KHOGRQ'LVW 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ±%DUEDUD+D\GHQ'LVW 5H$SSRLQW%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ%RDUG±:LOOLV5+DQHV'LVW 5H$SSRLQW5HFUHDWLRQ &RPP6UYFV&RPP±''RXJODV0RUURZ'LVW 5H$SSRLQW%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ%RDUG±0LNH$/LG\RII'LVW 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG±0UV3DW&RRSHU'LVW *UDQW=92OG5LYHU6FKRRO5G *UDQW&832OG5LYHU6FKRRO5G &RPPHQG0UV2SDO+HQQ5HFSRI'RZQH\([FKJH&OXE%RRNRI*ROGHQ'HHGV 2UGHU0XQLFLSDO5HRUJLQL]DWLRQ'HDQQH[DWLRQ &LW\RI3DUDPRXQW  5HTXHVW/$&RWR6WRS*)6XEVLG\WR/$&R$QLPLDO&RQWURO(TXLWDEOH'LVW 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[+RUOH\ 1RUHQ $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[+RUOH\ 1RUHQ 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[+RUOH\ 1RUHQ $SSRLQW&LW\0DQDJHU±-RKQ:'RQOHY\ 2UGHU$QQH[DWLRQRI/LJKWLQJ$'±$QQH[+RUOH\ 1RUHQ $PHQG0DQDJHPHQW6XSHUYLVLRQ3D\3ODQ %XGJHW (VWDEOLVK3ROLF\IRU2EVROHWH5HF'HVWUXFWLRQ±5HVFLQG5HVR¶V  6XSSRUW0HWURSROLWDQ:DWHU'LVWRI6R&$LQLWV:DWHU$ZDUHQHVV&DPSDLJQ (VWDEOLVK3UNJ5HVWULFWLRQV±:RRGUXII$YHEWZQ:DVKEXUQ6WHZDUW *UD\ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±5REHUW5ROOHU'LVW *UDQW=9)LUHVWRQH$YH+RPH6DYLQJV /RDQ 5(62/87,21,1'(; 'HFODUH1HHGIRU&UHDWLRQRI&RPPLWWHH±5HWLUHG3HUVRQV$GYLVRU\&RPPLWWHH &UHDWH6SHFLDO)XQG±)XWXUHV)XQGUHVFLQGHGE\ *UDQW&83±3DUDPRXQW%OYG,PPDQXHO0HQQRQLWH&KXUFK 'HVLJQDWH2IILFLDO0HPEHUVKLSRIWKH8QGHUJURXQG8WLOLWLHV&RPPLWWHH 'HVLJQDWHD5HGHYHORSPHQW6XUYH\$UHD 'LUHFW3ODQQLQJ&RPP &'&WR6HOHFWD5HGHYHORSPHQW$UHD )RUPXODWH3OQ $SSURYH)LQDO6XE0DSRI706WRQHZRRG&HQWHU 'HFODUH,QWHQWWR(VWDEOLVK8QGHUJURXQG8WLOLW\'LVW)LUHVWRQH%OYG 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[)LUHVWRQH%OYG $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[)LUHVWRQH%OYG 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[)LUHVWRQH%OYG $PHQG*30DS±&LYLF&HQWHU *UDQW3HUPLVVLYH&836R&$(GLVRQ 'RQDO6WHYHQVRQ 'HFODUH,QWHQWWR9DFDWH6WUHHWV±'RODQ$YH6HFRQG6W7KLUG6W&LYLF&HQWHU 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[ $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[ 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[ &RPPHQG9LQFHQW6'DOVLPHURQ$SSRLQWWR&RXUWRI$SSHDOV (QGRUVH/HRQ(PHUVRQWRZDUGEHLQJ$SSRLQWHG6XSHULRU&RXUWRI6WDWHRI&$ 'HFODUH8QGHUJURXQG8WLOLW\'LVWULFWEH)RUPHG±)LUHVWRQH%OYG 2UGHUWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[)LUHVWRQH%OYG $SSURYH)LQDO30±1DGD6WHDVWRI-XOLXV$YH $SSURYH&RQWUDFW8Z6WDWHRI&$'HSWRI7UDQV3ROLFH3DWURO, 'HQ\=9±$UQHWW6W*XV9RYRV $SSURYH$JUHHPHQWZ6WDWHRI&$IRU5RXWH,&HQWXU\)UHHZD\ &RPPHQG-DPHV66DQWDQJHORDV3UHVLGHQW%RDUGRI5HDOWRUV 2UGHU$QQH[DWLRQRI/LJKWLQJ$'±$QQH[ &RQILUP$VVHVVPHQWIRU&KDSW3URFHHGLQJV,PS3URM%URRNVKLUH 2UGHU9DFDWLRQRI6WUHHWV±'RODQ$YH6HFRQG6W7KLUG6W&LYLF&HQWHU $SSURYH)LQDO30±1(&RUQHU*DOODWLQ5G /DNHZRRG%OYG $OORZ&DOLIRUQLD&DEOHV\VWHPVWR,QVWDOO7UXQNOLQHWKURXJK&LW\RI'RZQH\ (VWDEOLVK)HH±%LQJR/LFHQVH $SSURYH/HDVH$GGHQGXP *UDQWRI5HYHUVLRQDU\,QWHUHVW+RVSLWDO)RXQGDWLRQ $SSRLQW5HFUHDWLRQ &RPPXQLW\6UYFV&RPP±5RGQH\%7LEEHWWV'LVW WK +RQRU6W0DUN¶V(SLVFRSDO&KXUFKLQ&HOHEUDWLRQRI%LUWKGD\ $SSURYH$JUPWZ6WDWHIRUWKH5RXWH,&HQWXU\)Z\UHVFLQGHGE\ $XWKRUL]H5HGXFWLRQRI3DUNLQJ6SDFHV±3DUDPRXQW%OYG &RPPHQG)/DZUHQFH3ORWNLQIRU6UYFHDV3UHVLGLQJ-XGJH0XQLFLSDO&UW &RPPHQG-DPHV)3O\IR6HUYLFHRQ3HUVRQQHO$GYLVRU\%RDUG 5HVFLQG5HVR (VWDEOLVK'HVWUXFWLRQRI2EVROHWH5HFRUGV3ROLF\ 6XSSRUWRI-XGJPHQWLQ&LW\RI/RV$QJHOHVYV&RXQW\RI/RV$QJHOHV $SSURYH)LQDO6XEGLYLVLRQ0DSRI30+RPHWHO&LYLF&HQWHU $SSURYH)LQDO6XEGLYLVLRQ0DSRI304XLOO'ULYH ([SUHVV&RQFHUQRQWKH2IIHQVHRI'ULYLQJ8QGHUWKH,QIOXHQFHRI$OFRKRO $PHQG3HUVRQQHO0DQXDOWR5HIOHFW,PSOHPHQWDWLRQRI³-RE6KDULQJ´ &DOO *LYH1RWLFHRI*HQHUDO0XQLFLSDO(OHFWLRQ 5HTXHVW&RQVLOLGDWLRQRI*HQHUDO(OHFWLRQZ/$&RXQW\6WDWHZLGH3ULPDU\ $PPHQG*33DUDPRXQW%OYG&ROH6W 2SSRVH6%±0DQGDWRU\$QQXDO9HKLFOH,QVSHFWLRQ3URJUDP $GRSW&DQGLGDWH5HJXODWLRQVIRU*HQHUDO0XQLFLSDO(OHFWLRQ 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[9HUGXUD$YH $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[9HUGXUD$YH 5(62/87,21,1'(; 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[9HUGXUD$YH &RPPHQG5R\DO06RUHQVHQ&LW\$WWRUQH\RI'RZQH\2XWVWDQGLQJ3XE6UYFH 2UGHU$QQH[DWLRQRI/LJKWLQJ$'±$QQH[9HUGXUD$YH 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[6WRDNHV$YH $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[6WRDNHV$YH 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[6WRDNHV$YH $SSURYH3URJ6XSSWR6WDWH$JUPW&RQVWRI6WUHHW,PSURYHPHQW 2UGHU$QQH[DWLRQRI/LJKWLQJ$'±$QQH[6WRDNHV$YH 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[%HUJPDQ/DQH $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[%HUJPDQ/DQH 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[%HUJPDQ/DQH 'HQ\=9±)ORUHQFH$YH &RPPHQG$OO$PHULFDQ+RPH&QWU5HFLSLHQWRI³$ZDUGRI6SHFLDO'LVWLQFWLRQ´ &RPPHQG3ROLFH&DSWDLQ-RVHSK5*XWKULHRQKLV5HWLUHPHQW 2UGHU$QQH[DWLRQRI/LJKWLQJ$'±$QQH[%HUJPDQ/DQH 'HGLFDWH&LW\2ZQHG3URS±1:&RUQHURI2OG5LYHU6FKRRO &RXQWU\&OXE 5HT&RXQW\$OORFDWLRQRI&RXQW\$LGWR&LWLHV)XQGV0DLQWRI6HOHFW6\V6WUHHWV *UDQW=9±(6HFRQG6W5HSXEOLF'HYHORSPHQW&R 6XSSRUW&LW\RI$QDKHLP&ODLP6WDWH0DQGDWHG&VW&KS6WDWXWHVRI $VN6WDWH/HJLVODWXUHWR'LVS$EVRUSWLRQRI/RFDO$VVLVWDQWFH)XQGV 'HQ\=9±*DUGHQGDOH6W9LROHW&DUROLQH 1XPEHU1RW8VHG 1XPEHU1RW8VHG 6XSSRUWD5HWXUQWRD3DUW7LPH6WDWH/HJLVODWXUH 6HQDWRU+/5LFKDUGVRQ  $GRSW,VVXHRI6WDQGDUG6SHFLILFDWLRQVIRU3XEOLF:RUNV&RQVWUXFWLRQ $SSURYH028Z'32$')$'&($ &$7HDPVWHUV3XE3URI 0HG(PS 'HQ\=9±'RZQH\$YH*HRUJH6%HDYHU 'HVLJQDWH$OWHUQDWHWR%RDUGRI&RXQW\6DQLWDWLRQ'LVWV¶V  $SSURYH)LQDO6XEGLYLVLRQ0DSRI30±3DUDPRXQW%OYG (VWDEOLVK3HUPLW)HHVIRU9LGHR*DPHV &LYLFH&HQWHU/HDVH$JUHHPHQWV )LQDQFLQJ5HTXLUHPHQWV (VWDEOLVK3UNJ5HVWULFWLRQ±/DNHZRRG%OYGVRXWKRI$ODPHGD 'HFODUH,QWHQWWR9DFDWH6WUHHW±3RUWLRQRI,PSHULDO+Z\ $SSRLQW5HFUHDWLRQ &RPP6UYFV&RPP±:LOOLDP/*UHHQH'LVW 5HVFLQG5HVR'RZQH\&RPP+RVSLWDO)RXQGDWLRQ/HDVH (VWDEOLVK3UNJ5HVWULFWLRQ±7KLUG6WEWZQ3DUDPRXQW0\UWOH $XWKRUL]H'HVWUXFWLRQRI&HUWDLQ5HFRUGV±)LQDQFH &DOOIRU6SHFLDO0XQLFLSDO(OHFWLRQ±$PHQG&KDUWHU 5HTXHVWIRU&RQVROLGDWLRQRI6SHFLDO(OHFWLRQZ6WDWH(OHFWLRQ 2SSRVH$GGLWLRQDO5HGXFWLRQRI6WDWH6XEYHQWLRQV 6XSSRUW6% $GRSW0DQDJHPHQW6XSHUYLVLRQ3D\3ODQZ,PSOHPHQWLQJ'RFXPHQWV 2SSRVH7HUPLQDWLRQRI7'$)XQGVIRU(OGHUO\ +DQGLFDSSHG7UDQVLW 2UGHU5HSRUW 'HVFULEH,PSURYHPHQWVZ$'IRU)< $SSURYH5HSRUWIRU$')< 'HFODUH,QWHQWWR/HY\ &ROOHFW$VVHVVPHQWV$')< 'HVLJQDWH/$&RXQW\DV$JHQWIRU6HUYLFHRI3URFHVVIRU$FWLRQVXQGHU7D[&RGH 'HFODUH,QWHQWWR9DFDWH6W±1:&RUQHURI,QWHUVHFWLRQRI:RRGUXII )RVWHU $SSURYH)LQDO6XEGLYLVLRQ0DSRI30±%ORGJHWW$YH 7KUHH:DWHU=RQHVIRU6HSDUDWH:DWHU5DWHV5HVFLQGUHVFLQGHGE\ $GRSW)<%XGJHWZ,PSOHPHQWLQJ'RFXPHQWV $GRSW$QQXDO$SSURSULDWLRQV/LPLWIRU)< 'HFODUH5HVXOWVRI(OHFWLRQIURP 5(62/87,21,1'(; 2UGHU9DFDWLRQRI6WUHHW±,PSHULDO+Z\ (VWDEOLVK)HH±$SSOLFDWLRQZ%UGRI%XLOGLQJ$SSHDOV 5HKDELOLWDWLRQ$SSHDOV 'HVLJQDWH$OWHUQDWH±%UGRI'LURI&R6DQWLDWLRQ'LVWVV  &RQILUP)<$VVHVVPHQWIRU$' 2UGHU9DFDWLRQRI6WUHHW±1:&RUQHURI:RRGUXII )RVWHU5G 'HQ\=9±)ORUHQFH$YH3-5RDFKHWDO 'HQ\=9±7HOHJUDSK5G+RVSLWDO&RUSRUDWLRQRI$PHULFD 'HQ\=9±'RQRYDQ6W5RGQH\7LEEHWWV 'HQ\=9±6PDOOZRRG$YH-DFN'DYLV $SSURYH=9±)LUHVWRQH%OYG&5:,QYHVWPHQW&R 'HFODUH,QWHQWWR9DFDWH$OOH\±(DVWRI/DNHZRRG1RUWKRI%XFNOHV6W &RPPHQG:LOOLDP$*RJJLQ&LW\3ODQQHUIRU2XWVWDQGLQJ3XEOLF6HUYLFH $SSURYH$SSOLFDWLRQIRU*)±5REHUWL=¶%HUJ8UEDQ2SHQ6SDFH*ROGHQ3DUN $SSRLQW3ODQQLQJ&RPPLVVLRQ±-RH56DUDELD'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ±1RDK0DUVK'LVW $SSRLQW:DWHU$GYLVRU\%RDUG±$UWKXU/:RRG'LVW $SSRLQW/LEUDU\$GYLVRU\%RDUG±/LQGD.HQQHG\'LVW $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±/HVOLH)6WRGGDUW'LVW $SSRLQW5HFUHDWLRQ &RPP6UYFV&RPP±-RH5DPLUH]'LVW $SSRLQW5HFUHDWLRQ &RPP6UYFV&RPP±-HDQ6%UD]HOWRQ'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ±*HUDOG/DQH'LVW 2UGHU9DFDWLRQRI$OOH\±(DVWRI/DNHZRRG1RUWKRI%XFNOHV 'HQ\=9±/DNHZRRG%OYG0F'RQDOG¶V&RUSRUDWLRQ 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±-D\:DWWV'LVW 5H$SSRLQW/$&R5HJLRQDO3XE5HF$UHD$XWK±5LFKDUG$OOHQ'LVW $SSRLQW'LUHFWRURI&LYLF&HQWHU&RUSRUDWLRQ±/\HOO:6ZHDULQJHQ $SSRLQW/LEUDU\$GYLVRU\%RDUG±0DULO\Q(YDQV'LVW 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG±-RVHSK('L/RUHWR'LVW 5H$SSRLQW/$&R5HJLRQDO3XE5HF$UHD$XWK±5LFKDUG0=HLJOHU'LVW 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±+DUU\7DURPLQD'LVW 5H$SSRLQW:DWHU$GYLVRU\%RDUG±,UYLQJ(5RVHQ'LVW $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±5HEHFFD5LYHUD'LVW $SSRLQW%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ%RDUG±(GZLQ+:RRG'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ±5REHUW-DPHV9HUGHUEHU'LVW 'HGLFDWH3XEOLF6WUHHW±'HPSVWHU$YH*ROGHQ$YHQXH $SSURYH)LQDO6XEGLYLVLRQ0DSRI30±/HHGV6W $XWKRUL]H'HVWUXFWLRQRI&HUWDLQ5HFRUGV±)LQDQFH 'HQ\=9±3RPHULQJ5G6LQR$PHULFDQ7HPSOH 'HQ\&83±2OG5LYHU6FKRRO5G'RZQH\)LUVW$VVHPEO\RI*RG ,QFUHDVH/LPLWRI,QIRUPDO&RQWUDFWVIRU3:&RQVWUXFWLRQ $SSURYH&UHDWLRQ )XQGLQJRI'RZQH\&RPPXQLW\$FFHVV&RUS,QF 6XSSRUW3URS$±3URKLELW6WULNHV:LWKROG6HUYLFHV&RXQW\(PSOR\HHV $SSRLQW'RZQH\&RPP+RVSLWDO$XWK&RPP±-DPHV$/\WOH'LVW $SSRLQW/$&R5HJLRQDO3XE5HF$UHD$XWK±0L[/HZLV'LVW $SSRLQW'LUHFWRURI&LYLF&HQWHU&RUSRUDWLRQ±(YD6WRGGDUW 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[(DUQVKDZ$YH $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[(DUQVKDZ$YH 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[(DUQVKDZ$YH $XWKRUL]H7UDLQLQJ$JUPWVZ6WDWHRI&$+Z\3DWURO 'RZQH\3' $PHQG0DQQLQJ7DEOH 2UGHU$QQH[DWLRQRI/LJKWLQJ$'±$QQH[(DUQVKDZ$YH $SSRLQW&LW\6HOHFWLRQ&RPP2I6R&$5DSLG7UDQVLW'LVW±-DPHV74XLQQ 5(62/87,21,1'(; $SSRLQW/D\$GYLVRU\%RDUGRI0&/6±0DULO\Q)LVKHU 5H$SSRLQW/$&R5HJLRQDO3XE5HF$UHD$XWK±)UDQN*DVGLD $SSRLQW3ODQQLQJ&RPPLVVLRQ±5REHUW%UD]HOWRQ'LVW $SSRLQW%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ%RDUG±)UDQN03ULHWR'LVW $SSRLQW&LW\0DQDJHU3UR7HPSRUH±3ROLFH&KLHI:LOOLDP)0DUWLQ 2UGHU5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[.ORQGLNH$YH $SSURYH5HSRUW$QQH[DWLRQRI/LJKWLQJ$'±$QQH[.ORQGLNH$YH 'HFODUH,QWHQWWR$QQH[DWLRQRI/LJKWLQJ$'±$QQH[.ORQGLNH$YH $SSURYH)LQDO6XEGLYLVLRQ0DSRI30±$ODPHGD6W 3DUNLQJUHVWULFWLRQVRQ)LUHVWRQH%OYGUHVFLQGUHVFLQGHGE\ 5HTXHVW$LGWR&LWLHV)XQGVIRU6HOHFW6\VWHPRI6WUHHWV 5HWXUQUHVSRQVLELOLW\WR6WDWHUH0RELOHKRPH3DUNV$FW 2UGHU$QQH[DWLRQRI/LJKWLQJ$'±$QQH[.ORQGLNH$YHQXH ([WHQG&RQWUDFW8Z6WDWHUH3ROLFH6HFXULW\)Z\DUHD $SSURYH6XSS1RWRUHVWUHHWLPSURYHPHQWVSHU)HGHUDODLG $SSURYH)LQDOPDSRI30±/DNHZRRG%OYG 5HVXOWV6S(OHFW1RY±&KDUWHU$PHQG±(OHFWLRQV$SU)DLOHG $XWK'HVWUXFWLRQRIUHFRUGV±3ODQQLQJ&RUUHVS 'HQ\YDULDQFH±9HUGXUD$YHQXH±H[FHVVLYHSDYLQJ 3DUNLQJRQ)LUHVWRQH%OYG±UHVFLQG $SSRLQW&DUO1HZWRQDV&LW\$WWRUQH\ $SSUHFLDWLRQWR5R\DO6RUHQVHQXSRQUHWLUHPHQWDV&LW\$WWRUQH\ $SSURYH)LQDOPDSRI70±/HHGV6WUHHW 3DUNLQJRQ&HQWXU\%OYGEW/DNHZRRG 5RVHFUDQVUHVFLQG $SSURYH6XSS1RWRUHVWUHHWLPSURYHPHQWVSHU)HGHUDODLG *UDQW=9±)LUHVWRQH%OYGDGGLWLRQDOVLJQDJH (VWDEOLVKYDULRXVLQWHUVHFWLRQVLQWRV\VWHPRI+LJKZD\VRI&RXQW\ $PHQGWKH0DQQLQJWDEOHUH7KHDWUH0DQDJHU $SSURYH)LQDOPDSRI70/DNHZRRG%OYGDQG%XFNOHV6WUHHW 5HVXOWV6S(OHF±/RZLQFRPHKRXVH±VHQLRUVKDQGLFDS±SDVVHG $SSURYH6DOHVDJPWZ&('HYHORSHUV &'&5HVR  $JPW6SHFLDO/HJDO&RXQVHOZ-RQHV+DOO+LOO :KLWH &'&5HVR  $JPWE\&'&IRUILQDQFLQJWR&('HYHORSHUV $SSURYH6XSSWRUHVWUHHWLPSURYHPHQWVSHU)HGHUDODLG $SSURYH)LQDOPDSRI30±&ROH6WUHHW $PHQG0DQQLQJ7DEOH &ODVVLILFDWLRQ3ODQ YDULRXV  $SSURYH)LQDOPDSRI30 QRDGGUHVVJLYHQ  5HTXHVW3(56H[WHQGIXQGLQJSHULRGIRUFXUUHQWVHUYLFHV *3$4XLOO'ULYH±IRUPHU0HDGRZ3DUN(OHPHQWDU\6FKRRO 6XSSRUW3ROLFHWRUHGXFHGUXQNGULYLQJZLWKLQ&LW\ 5HTXHVWFRQVWUXFWLRQVLWHIRU'RZQH\0XQLFLSDO&RXUW (QGRUVH'RQDOG:LOVRQDV-XGJHRI'RZQH\0XQLFLSDO&RXUW $SSOLFDWLRQIRUPRUWJDJHUHYHQXHERQGVIRUKRPHPRUWJDJHV $SSURYH)LQDOPDSRI30±/DNHZRRG%OYG5RVHFUDQV$YH $SSURYH)LQDOPDSRI30±%URRNVKLUH$YH %R\VRQ6WUHHW 5HVFLQGUHSNJUHVWULFWLRQV3DUDPRXQW%OYGEW0HOYD6W 4XLOO'U :RRGUXIIWKUXVWUHHWDW(YHUHVWDQGUHPRYDORIWUDIILFVLJQDO *UDQW&83±,PSHULDO+Z\±RQVDOHEHHU ZLQH VW ,QPHPRU\RI0DMRU5XGROSK:HKNLQJ&LW\7UHDVXUHU -RLQW+HDULQJZ&'&UHUHGHY3ODQDPHQGPHQW 6SHF(OHFWLRQUH/HDVH6HWWOHPHQW$JPWZ&RPP+RVS)RXQGDWLRQ 5HTXHVWVHUYLFHVIURP/$&RXQW\UH6SHFLDO(OHFWLRQ 5(62/87,21,1'(; &DQYDVVE\&LW\&OHUNUH6SHFLDO(OHFWLRQ $XWKRUL]H&RXQFLO0HPEHUWRZULWHDUJXPHQWLQIDYRURIPHDVXUH6S(OHFWLRQ &RPSHQVDWLRQIRU(OHFWLRQ2IILFHUVUH6SHFLDO(OHFWLRQ 2UGHUUHSRUW/LJKWLQJ'LVWULFW±6WDPSV5RDG $SSURYH(QJLQHHU¶VUHSRUW±6WDPSV5RDG ,QWHQWWR$QQH[±6WDPSV5RDG±1RWLFHRI+HDULQJ 8UJHHOLPLQDWLRQRUUHIRUPDWLRQRIGRFWULQHRIMRLQW VHYHUDOOLDELOLW\ $SSRLQW'RZQH\&RPPXQLW\+RVSLWDO$XWKRULW\&RPPLVVLRQ)UDQN*DVGLD 2UGHU$QQH[DWLRQ±6WDPSV5RDG 2UGHUUHSRUW/LJKWLQJ'LVWULFW±± $SSURYHUHSRUW/LJKWLQJ'LVWULFW±± ,QWHQWWR$QQH[±±±1RWLFHRI+HDULQJ $SSURYH)LQDOPDSRI30±%URRNVKLUH,RZD $SSURYH)LQDOPDSRI70±'RZQH\$YHQXH%R\QH (PSOR\VSHFLDOFRXQVHOIRU$'1R±%HUJPDQ/DQH 2UGHU3ODQV 6SHFVIRU$'1R±%HUJPDQ/DQH $SSURYHPDSRIDVVHVVPHQW'LVWULFW1R±%HUJPDQ/DQH $GRSWSURILOHLPSURYHPHQWSODQ VSHFVIRU$'1R%HUJPDQ/DQH ,QVWLWXWHSURFHHGLQJV 2UGHUKHDULQJIRULPSURYHPHQWRI%HUJPDQ/DQH ,QWHQWWRLPSURYH%HUJPDQ/DQH *UDQW=9±)ORUHQFHH[FHHGVLJQUHTXLUHPHQWV *UDQW&83±)LUHVWRQHRQVDOHEHHUDQGZLQH $PHQG&LW\0DQDJHU¶VSD\ 2SSRVH6%UH(OLPLQDWLQJH[SDQVLRQRIVROLGZDVWHIDFLOLWLHV 8UJH&RXQW\WRJUDQWSHUPLWIRUH[SDQVLRQRI3XHQWH+LOOVODQGILOO -RLQZLWK&HUULWRV&ROOHJHLQFRQVRUWLXPUH6(/$6HUYLFH'HOLYHU\$UHD $SSURYH-3$Z.HUQ&RXQW\IRUILQDQFLQJKRPHPRUWJDJHV 2UGHUDQQH[DWLRQ±± 2YHUUXOHSURWHVWV$'±%HUJPDQ/DQH $XWKRUL]H&OHUNWRRSHQELGVUH$'±%HUJPDQ/DQH 3URYLGHOLTXLGDWHGGDPDJHVLQFDVHRIGHIDXOW±$' :DLYLQJSD\PHQWLQDGYDQFHRIFRVWV±$' 2UGHUZRUN±$' ,QWHQWWRYDFDWHSRUWLRQRI3DQJERUQ$YHQXH $SSURYH)LQDOPDSRI30±&HGDUWUHH $SSURYH)LQDOPDSRI30 QRDGGUHVVJLYHQ  'HVFULEHLPSURYHPHQWV/LJKWLQJ'LVWULFW$'IRU $SSURYH(QJLQHHU¶VUHSRUW/LJKWLQJ'LVWULFW$'IRU ,QWHQWWROHY\ DVVHVVVHWKHDULQJ/LJKWLQJ'LVWULFW$' $XWKRUL]H&RRSHUDWLYH3HUVRQQHO6HUYLFH&RQWUDFW -RLQRWKHUFLWHVIRUULVNPDQDJHPHQWSXUSRVHV 2IILFHUVDQGSROOLQJSODFHVIRU6SHFLDO(OHFWLRQ-XO\ $PHQGD3RUWLRQRI*HQHUDO3ODQRI/DQG8VH0DS1R &RQILUPDVVHVVPHQWIRU)</LJKWLQJ0DLQWHQDQFH'LVWULFW$' $SSURYHDQGDGRSWLRQ$SSURSULDWLRQV/LPLWIRU)< ,QWHQWWRDPHQG3(56FRQWUDFW $SSURYH028ZLWK3ROLFH2IILFHUV$VVQDQGDPHQG0DQQLQJ7DEOH $SSURYH028ZLWK3XEOLF6DIHW\$X[LOLDU\8QLWDQGDPHQG0DQQLQJ7DEOH $SSURYH028ZLWK'RZQH\)LUHPHQ¶V$VVQ $SSURYH028ZLWK'RZQH\&LW\(PSOR\HHV$VVQ DPHQG0DQQLQW7DEOH $GRSW([HFXWLYH0DQDJHPHQW3ODQ $GRSW0LGGOH0DQDJHPHQW3D\3ODQ 5(62/87,21,1'(; $GRSW&LW\&OHUNSD\SODQ 2UGHUYDFDWLRQRISRUWLRQRI3DQJERUQVRXWKRI)LUHVWRQH &RQWUDFWZLWK6WDWHIRUIRUSXEOLFULJKWRIZD\EHDXWLILFDWLRQ 7UDQVIHURI3LSHOLQH)UDQFKLVH±*XOIWR*ROGHQ:HVW5HILQLQJ&R $GRSW(,5IRU5HGHYHORSPHQW3ODQ$PHQGPHQW1R 7KUHHZDWHUVHUYLFH]RQHVDQGUHVFLQGUHVFLQGHGE\ 'HVLJQDWH-DFNPDQDVDOWHUQDWHWR&RXQW\6DQLWDWLRQ'LVWV1R  8SGDWH)HHVDQGVHUYLFHFKDUJHVUHVFLQG UHVFLQGHGE\ $SSURYH-3$Z&RXQW\RI.HUQ DVVLJQPRUWJDJHERQGDOORFDWLRQ $ZDUGFRQWUDFWIRULPSURYHPHQWV$'%HUJPDQ/DQH $SSURYH$SSO\IRUSHGHVWULDQIXQGVSHU6% 5HVXOWV6S(OHFWLRQ±&RPPXQLW\+RVSLWDO/HDVH6HWWOHPHQWSDVVHG &RPSHQVDWLRQSDUWWLPHUVUHVFLQGHGE\UHVFLQGHGE\ $FFHSW'HGLFDWLRQRI%HUJPDQ/DQH $XWKRUL]HFRQWUDFW1R;UHSROLFHVHFXULW\SDWURO,)Z\DUHD *UDQW=9±6WHZDUW *UD\UHRIIVWUHHWSDUNLQJ $SSRLQW1RUPDQ6LSSOHWR/LEUDU\$GYLVRU\%RDUG'LVWULFW $SSURYH028Z7HDPVWHUVSXEOLFHPSOR\HHVXQLRQORFDO $FFHSW'HGLFDWLRQRI%HUJPDQ/DQH &RPPHQG5REHUW%UD]HOWRQIRUDVVLVWDQFHDSSUHKHQGLQJDUPHGVXVSHFW $GRSWFODVVVSHFLILFDWLRQ6HFUHWDU\WRWKH&LW\&RXQFLO (VWDEOLVKIHHIRUWHPSRUDU\RXWGRRUGLVSOD\DQGVDOHVSHUPLW $SSURYH3URJ6XSS1RWRDJPWIRUUDLOURDGJDWHVDW5LYHV $XWKRUL]HVXEPLVVLRQRI&$+RXVLQJ$GYLVRU\6HUYLFH*UDQW3URJUDP 'HQ\=9±'RZQH\$YHQXHUDFLQJKRPHSLJHRQV  5HJVUHWDSHUHFRUGLQJVRI&RXQFLOPHHWLQJVUHVFLQGUHVFLQGHGE\ &RPPHQG,QLFH'XUKDPRQUHWLUHPHQW±VHFWR&LW\&RXQFLOVLQFH 'HQ\=9±*XUOH\H[RWLFELUGV &RQFXUZLWKMREWUDLQLQJSODQ$SSURYH%\6(/$&3,& $SSO\IRUJUDQWIXQGV5REHUWL=¶%HUJ8UEDQ2SHQ6SDFH 5HFUHDWLRQ 3URFODLP2FW1DWLRQDO)LUH3UHYHQWLRQ:HHN $JPWPDLQWDLQXWLOLWLHVRQ6WDWHKLJKZD\VUHVFLQG $SSURYH3HUIRUPDQFHDJPWZ6WDWHIRU,DQGUHVFLQG &RQILUPDVVHVVPHQW3URMHDVW0\UWOH6WUHHW &RQILUPDVVHVVPHQW3URMZHVW0\UWOH6WUHHW $SSURYH)LQDOPDSRI30±7HQWK6WUHHW 6XSSRUW%XVLQHVV ,QGXVWU\(PHUJHQF\3UHS&RQIHUHQFH $PHQG,&0$GHIHUUHGFRPSSODQ $GRSWYDULRXVFODVVVSHFVDPHQG028Z&LW\(PSO\$VVQ *UDQW=96KDG\RDN'ULYHUHZDONZD\ 3URKLELWSDUNLQJ9LVWD'HO5LR 7DSHV&RXQFLOPWJVUHVFLQGLQJUHVFLQGHGE\ 'HFODUH1RYDV:LQWHU6WRUP3UHSDUHGQHVV:HHN $SSURYH)LQDOPDSRI70±2UDQJH6W 3URSRVHDQQH[±RUGHUUHSRUW±$OOHQJURYH $SSURYH5HSRUW±$OOHQJURYH ,QWHQWWRDQQH[±VHW+HDULQJ±$OOHQJURYH 3URSRVHDQQH[±RUGHUUHSRUW±4XLQQ $SSURYH5HSRUW±4XLQQ ,QWHQWWRDQQH[±VHW+HDULQJ±4XLQQ 3DUNLQJUHVWULFWLRQV5RVH$YHQXHUHVFLQG 2SSRVH6%ELQGLQJDUELWUDWLRQ 5(62/87,21,1'(; $GRSWDPHQGHGJXLGHOLQHVIRU&(4$ $GRSWXSGDWHWR$IILUPDWLYH$FWLRQ3ODQ 2UGHUDQQH[DWLRQ$'±$OOHQJURYH 2UGHUDQQH[DWLRQ$'±4XLQQ $PHQG*3/DQG8VH0DS±*DOODWLQ5RDG $SSURYH)LQDOPDSRI70±4XLOO 5H$SSRLQW'RZQH\&RPPXQLW\+RVSLWDO&RPPLVVLRQ3ULVFLDOOD'XQQXP 6XSSRUWUHOLFHQVLQJ+\GURHOHFWULFSURMHFWVRI6&( &RQILUPDFWLRQRI%G2I'LUHFWRUVRI&RPP+RVS$XWK5H&LW\¶VFODLP $XWKERQGVRURWKHUDUUDQJHPHQWVUHLQGXVWULDOVWUXFWXUHV0F*HDQ&KHPLF 3URKLELWSDUNLQJ.ORQGLNH &LW\RIILFHVUHPDLQRSHQRQ0DUWLQ/XWKHU.LQJ-5GD\ 6HWDXWKRUL]DWLRQOHYHOVIRUVHWWOLQJOLDELOLW\FODLPV &RPPHQG/LEUDULDQ5XWK0LOOHU $SSURYH)LQDOPDSRI30±(YHUHVW6WUHHW 1RWLFHRI(OHFWLRQIRURIILFHUV 5HTXHVWWRFRQVROLGDWHHOHFWLRQZLWK&RXQW\ $GRSWUHJXODWLRQVIRUFDQGLGDWHVVWDWHPHQWV $GRSW%LF\FOH/LFHQVH)HHSHU&9&† $SSURYH&LYLF&HQWHU3URMHFW +RQRU:DOWHU*DUULVRQRQUHWLUHPHQWIURP/$&RXQW\6DQLWDWLRQ'LVWULFW 3ROLF\IRUGHVWUXFWLRQRIFHUWDLQREVROHWHUHFRUGV±3'UHVFLQGHGE\ 'HGLFDWH&LYLF&HQWHU'ULYH $SSRLQW0LNH7XUQHUWR%XLOGLQJ$SSHDO'HVLJQ5HYLHZ±'LVWULFW &RPSHQVDWLRQ3ODQIRU([HFXWLYH0DQDJHPHQW &RPSHQVDWLRQ0LGGOH0DQDJHPHQW $GRSWLRQ0DQDJHPHQW3HUIRUPDQFH&RPSHQVDWLRQ3ODQ ,QWHQWWRYDFDWHSRUWLRQRI5\HUVRQVHWKHDULQJ &RQILUPDVVHVVPHQWIRULPSURYHPHQWRI%HUJPDQ/DQH $'  )LQDOWHUPVDQGFRQGLWLRQV&LYLF&HQWHUSURMHFW ,QWHQWFRQWUROPHDVXUHV$LU4XDOLW\0DQDJHPHQW3ODQ 3URSRVHDQQH[$'±(JOLVH$YHQXH $SSURYH5HSRUW$'±(JOLVH$YHQXH ,QWHQWWR$QQH[QRWLFHRIKHDULQJ$'±(JOLVH$YHQXH *UDQW&831R±3DUDPRXQWRQVDOHEHHUDQGZLQH $SSURYDORI7UDFW1R±*DOODWLQ5RDG 5HTXHVWDOORFDWLRQRI&RXQW\DLGWRFLWLHVIXQGVIRUPDLQWHQDQFHVWUHHWV +RQRU:RPHQDFKLHYHUVGXULQJZRPHQ¶VDFKLHYHPHQWZHHN 2UGHUDQQH[DWLRQ$'±±(JOLVH$YHQXH 5HVWULFWHGSNJ$ODPHGD $SSURYH)LQDOPDSRI70±&ROH 'HVWUXFWLRQRIFHUWDLQREVROHWHUHFRUGV±&LW\&OHUN 'HVLJQDWHZD\VWRSDW+RQGR5LFKHRQ (QGRUVH+HDOWK)DLU([SR±$PHULFDQ5HG&URVV 0RGLI\RIMREWUDLQLQJSODQ6(/$&3ULYDWH,QGXVWU\&RXQFLO 6DODU\DGMXVWPHQWV([HFXWLYHDQG0LGGOH0DQDJHPHQW &RPPHQG:LOOLDP:DQDPDNHVRQUHWLUHPHQW±)LQDQFLDO$GYLVRU\&RPPLWWHH 3URFODLP+RXVLQJ5HFRJLWLRQ:HHN$SULO± $SSRLQW:LOOLDP=DFNHUWR/$&RXQW\5HJLRQDO3XEOLF5HF$UHD$XWK±'LVW $SSRLQW6FRWW7HPSOHWR:DWHU$GYLVRU\%RDUG±'LVW $SSRLQW-RH'DYLVWR:DWHU$GYLVRU\%RDUG±'LVW $SSRLQW'DYLG5D\WR3HUVRQQHO$GYLVRU\%RDUG±'LVW 5(62/87,21,1'(; 5H$SSRLQW/\QQ)LVKHUWR0HWUR/LEUDU\6\VWHP$GYLVRU\%RDUG 3URSRVHDQQH[$'±WR $SSURYH5HSRUW$'±WR ,QWHQWWRDQQH[VHWKHDULQJ$'±WR 'HQ\=9±,PSHULDO+Z\UHGXFHSDUNLQJVSDFHV &RQFXUZ-RE7UDLQLQJ3ODQGHYHORSHGE\6(/$&3ULYDWH,QGXVWU\&RXQFLO -RLQWKHDULQJZ&'&UHDGRSWLRQRIUHYLVHGSODQDPHQGPHQW1R 'HVLJQDWH%URRNVKLUH7KLUGDVWKUXVWUHHWVDW&LYLF&HQWHU'ULYH 3URKLELWSDUNLQJRQ&LYLF&HQWHU'ULYH 3DUNLQJUHVWULFWLRQVSXEOLFSDUNLQJORWV1RDQG±&LYLF&HQWHU'ULYH UG 3URKLELWSDUNLQJZHVW%URRNVKLUH±6WUHHW (PSOR\*LEVRQ'XQQ &UXWFKHUWRGHIHQG:KLWWLQJWRQOLWLJDWLRQ ,PSURYHPHQWV/LJKWLQJ'LVW$'±2UGHUUHSRUW $SSURYHUHSRUW/LJKWLQJ'LVW$' ,QWHQWWROHY\/LJKWLQJ'LVW$' (VWDEOLVKPHPEHUVRI3URMHFW$UHD&RPPLWWHH 2UGHUDQQH[/LJKWLQJ$'WR *HQHUDO3ODQ$PHQG%VH7HOHJUDSK3DUDPRXQWWR*HQHUDO&RPPHUFLDO $SSURYHXSGDWHGSODQQRQKD]DUGRXVZDVWHHOHPHQWIURP&RXQW\ $SSURYH)LQDOPDSRI70±/DNHZRRG%OYG $SSURYH)LQDOPDSRI70±(OP9LVWD $SSURYH)LQDOPDSRI30±,UZLQJURYH $SSURYH)LQDOPDSRI30±/D5HLQD ,QWHQWWR)RUP3DUN0HDGRZV6WRUP'UDLQ0DLQW'LVW7UDFW 'HVWUXFWLRQRIUHFRUGVQRORQJHUQHHGHG±)LQDQFH'HSW 5HQHZDORIFRQWUDFWZ/$&RXQW\UH*HQHUDO6HUYLFHV 8VHRIWD[HVIURPUHGHYHORSPHQWSURMHFWWRKRXVLQJRXWVLGHZLOOEHQHILW $SSOLFDWLRQRI&(4$WRSURSRVHGUHGHYHORSPHQW3ODQ1R &RQILUPDVVHVVPHQW/LJKWLQJ'LVWULFW$' $SSURYH3URJ6XSS1RWR6WDWH$JPWIRUUDLOURDGJDWHV 5HJHQWYLHZ $SSURYH3URJ6XSS1RWR6WDWH$JPWIRUUDLOURDGJDWHV%URRNVKLUH &RPSOLDQFHZLWK)HGHUDODJHGLVFULPLQDWLRQLQHPSOR\PHQWDFWRI (VWDE5HVHUYHDFFRXQWSHU$UW;,,%RI&$FRQVWLWXWLRQ $SSURYH$QQXDODSSURSULDWLRQVOLPLWIRUILVFDO\HDU $SSURYH)LQDOPDSRI70±*DOODWLQ 'HVWUXFWLRQRIUHFRUGVQRORQJHUQHHGHG±)LQDQFH 'HVWUXFWLRQRIUHFRUGVQRORQJHUQHHGHG±)LUH 6DOHRIUHDOSURSHUW\''$6KHSDUG'HYHORSPHQW &(4$GHWHUPLQDWLRQV''$6KHSDUW'HYHORSPHQW $SSURYH)LQDOPDSRI30±'RZQH\$YHQXH $SSURYH)LQDOPDSRI±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±5RJHU/DZUHQFH'LVW $SSRLQW&LW\6HOHFWLRQ&RPPLWWHHRI6&57'%RE'DYLODGHOHJDWH $SSRLQW7HUU\/DPEURVWR3ODQQLQJ&RPPLVVLRQ±'LVW 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG±&DHVDU0DWWHL'LVW $SSRLQW5HFDQG&RPPXQLW\6HUYLFHV&RPP±-DPHV'HUU\'LVW $SSURYH$PHQG-3$UH6($$&$ 8SGDWHIHHVUHVFLQGUHVFLQGHGE\ ,PSOHPHQW&ODVVLILFDWLRQDQG&RPSHQVDWLRQDGMXVWPHQWVSHUEXGJHW ,PSOHPHQW&ODVVLILFDWLRQDQG&RPSHQVDWLRQDGMXVWPHQWVLQ+RXVLQJ'LYLVLRQ $PHQG*3$±)DLUIRUG$YHQXHWRORZGHQVLW\UHVLGHQWLDO $SSRLQW/LEUDU\$GYLVRU\%RDUG±-XG\5D\'LVW $$GRSW&LW\0DQDJHUSD\SODQ 2UGHUDQQH[/LJKWLQJ$'±±&KDQH\ 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±-RKQ6LPV'LVW $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±'DQLHO:LOVRQ'LVW 5H$SSRLQW/$&RXQW\5HJLRQDO5HFUHDWLRQ$UHD$XWKRULW\0L[/HZLV'LVW 7DSHV&&PHHWLQJVUHVFLQGVUHSHDOHGE\UHVFLQGHG (VWDEOLVKIHHVFKHGXOHIRUSODQQLQJFDVHV &RQWUDFWZ6WDWHUH3ROLFH6HFXULW\3DWUROQHDU,)Z\ 'HQ\=9±)LUHVWRQHUHODQGVFDSHVHWEDFN &$7UDIILF6DIHW\:HHN $SSURYH)LQDOPDS30±*DOODWLQ5RDG 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±%LUFKFUHVW $SSURYH5HSRUW/LJKWLQJ$'±%LUFKFUHVW ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'±%LUFKFUHVW $SSO\IRUSHGHVWULDQIXQGVXQGHU6% 5H$SSRLQW:DWHU$GYLVRU\%RDUG.HQQHWK%HFNQHU'LVW 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG-R\FH/DZUHQFH'LVW 'HQ\=9±)LUHVWRQHRIIVWUHHWSDUNLQJ $PHQGVDQLWDU\VHZHUFKDUJHV $SSO\0RUWJDJHUHYHQXHERQGV0LOOLRQ $SSURYH3XEOLFOLEUDU\9LGHR&LUFXLW-3$ 2UGHUDQQH[/LJKWLQJ$'±%LUFKFUHVW $GRSW&LW\&OHUN3D\3ODQ± $SSURYH3URJ6XSSWR6WDWH$JPWVWUHHWLPSURYHPHQWV $SSURYH3URJ6XSSWR6WDWH$JPWVWUHHWLPSURYHPHQWV 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±/X[RU $SSURYH5HSRUW/LJKWLQJ$'±/X[RU ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'±/X[RU 5H$SSRLQW5HFDQG&RPPXQLW\6HUY&RPP±-RVHSK)HUULV'LVW (VWDEVHSDUDWHZDWHUUDWHVDQGUHVFLQGUHVFLQGHGE\ 6XERUGLQDWHLQWHUHVWVLQRSHUDWLYHDJUHHPHQWVWR&'& 2UGHUDQQH[/LJKWLQJ$'±/X[RU $SSRLQW3HUVRQQHO$GYLVRU\%RDUG%HWW\.LOSDWULFN 5HFRJQL]LQJVFKRROGLVWULFW6XPPHU<RXWK(PSOR\PHQW3URJ $SSURYH3URJ6XSSWR6WDWH$JPWIRU3DUDPRXQW $SSURYH3URJ6XSSWR6WDWH$JPWIRU&ODUN 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±*DU\%R\G'LVW 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG±1RUPDQ6LSSOH'LVW 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG±5REHUW5ROOHU'LVW 5H$SSRLQW:DWHU$GYLVRU\%RDUG±:LOOLDP+XQW'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ±5REHUW9HUGHUEHU'LVW 5(62/87,21,1'(; $SSRLQW3ODQQLQJ&RPPLVVLRQ±'DYLG5D\'LVW $SSRLQW&LYLF&HQWHU&RUSRUDWLRQ-DPHV/\WOH 2SSRVHSULVRQVLWHLQ6(/$&RXQW\ $SSRLQW5HFDQG&RPP6HUYLFHV&RPP±6HUJLR'LD]'LVW $SSRLQW%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ$OIUHG'¶$OHVVDQGUR 5H$SSRLQW:DWHU$GYLVRU\%RDUG±$UWKXU:RRG'LVW $SSRLQW5HFDQG&RPP6HUYLFHV6HUJLR'LD]'LVW $SSRLQW3ODQQLQJ&RPP±'DYLG5D\'LVW 'HQ\=9±3HOOHW±FRYHUHGRIIVWUHHWSNJ 'HVLJQDWH*DOODWLQWKUXVWUHHWDW&RUG $SSRLQW/$5HJLRQDO3XEOLF5HFUHDWLRQ$XWK±+DUU\7DRUPLQD'LVW 2SSRVH*7(UDWHLQFUHDVH±UHVFLQGHGE\ $PHQG*30DS±'RZQH\*DUGHQGDOHWR/RZ0HGLXP5HVLGHQWLDO &RPSHQVDWLRQ([HFXWLYH0DQDJHPHQW $SSURYHDQGGLUHFWSXEOLVKLQJ+RXVLQJ3ROLFLHV5HSRUW 6XSSRUWOHJLVODWLRQE\/$&RXQW\UHJDQJFULPH 6XSSRUWH[SORULQJRIIVKRUHHQHUJ\UHVRXUFHV (VWDEOLVKORFDOYHQGRUSUHIHUHQFHV (VWDEOLVKIHHIRUVLJQYDULDQFHUHTXHVWV $PHQG6($$&$-3$±GLVWULEXWLRQRIDVVHWVRIYRWHVIRUEXGJHW 2SSRVH*7(UDWHLQFUHDVHUHVFLQG &'&ILQDQFLQJPHGLFDORIILFHDQGUHWLUHPHQWFDUHIDFLOLW\RI%URRNVKLUH3DUWQHUV $SSURYH)LQDOPDSRI30±/DNHZRRG $SSRLQW%RDUGRI%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ*ORULD5HHG $SSRLQW6(0RVTXLWR$EDWHPHQW'LVW7KRPDV0RUWRQ 'HQ\=9±(YHUHVW6W±H[FHVVLYHSDYLQJ 'HQ\&83±/DNHZRRG±VHFXULW\PDQDJHU¶VUHVLGHQWLDOTXDUWHUV 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±+DVW\ $SSURYH5HSRUW/LJKWLQJ$'±+DVW\ 'HFODUHLQWHQWVHWKHDULQJ/LJKWLQJ$'±+DVW\ 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±:LOH\%XUNH $SSURYH5HSRUW/LJKWLQJ$'±:LOH\%XUNH 'HFOLQWHQWVHWKHDULQJ/LJKWLQJ$'±:LOH\%XUNH 3NJUHVWULFWLRQ0DUEHOUHVFLQGUHVFLQGHGE\ $PHQG028Z3ROLFH2IILFHUV$VVQ $PHQGFODVVVSHFV)LUHILJKWHU $PHQG*30DS)DLUIRUG6FKRROWR*HQHUDO&RPP $JPW5HWUDLQLQJZ3'DQG6WDWH+LJKZD\3DWURO $SSURYH)LQDOPDS70±,PSHULDO+Z\ 3NJUHVWULFWLRQV$QGHUEHUJ $SSRLQW%G%XLOGLQJ$SSHDO'HVLJQ5HYLHZ%RDUG0LNH7XUQHU $SSRLQW0HWUR&RRS/LEUDU\6\VWHP DOWHUQDWH %DUEDUD-DFREV 2UGHUDQQH[/LJKWLQJ$'±+DVW\ 2UGHUDQQH[/LJKWLQJ$'±:LOH\%XUNH 3NJUHVWULFWLRQV%XFNOHV 'HGLFDWHSRUWLRQRI%HUJPDQ $FFHSWRIIHUWRGHGLFDWLRQSRUWLRQRI%HUJPDQ *UDQW=9±9LVD'HO5LR±DGGLWLRQDOUHVLGHQWLDOXQLW $PHQG3HUVRQQHO0DQXDOUHWHVWLQJ$SSRLQWVHWF (VWDE%HQHILWVWR([HF0LG0JPW&RQI([HPSWDPHQGHGE\ -RLQLQJ6R&$3XEOLF3ULYDWH)LOP&HQWHU $SSURYH3URJ6XSSWR6WDWHDJPW±2OG5LYHU6FKRRO5RDG 5(62/87,21,1'(; 5H&DEOH79)UDQFKLVHZ5RJHUV&DEOHV\VWHPV 'HQ\30±/H[LQJWRQ $SSURYHSXEOLVKLQJD+RXVLQJ3ROLFLHV5HSRUW 3URKLELWSNJ/LWWOH/DNH5RDG 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±3KOR[ $SSURYH5HSRUW/LJKWLQJ$'±3KOR[ ,QWHQWWRDQQH[QRWLFHKHDULQJ/LJKWLQJ$'±3KOR[ $SSURYH$SSO\IRU6HQLRU6KDUHG+RXVLQJ3URJ (VWDE3DUDPHGLF6XEVFULSWLRQ3URJUDP 7UDQVIHUDOORFDWLRQRI0RUWJDJHVXEVLW\ERQGVWR5$ &RPPHQG-XGJH/HRQ(PHUVRQXSRQUHWLUHPHQW $SSURYH)LQDOPDS30± QRDGGUHVVJLYHQ  7UDQVHUDOORFDWLRQRI0RUWJDJHVXEVLW\ERQVWR&RYLQD5DQFKR&XFD+VJ$XWK 3ROLF\IRUGHVWUXFWLRQRIREVROHWHUHFRUGV±3'±UHVFLQGVUHVFE\ $PHQGFODVVVSHFVIRUILUHILJKWHU 3URFHGXUHIRUDSSVDZDUGVRI)LUHZRUNV6DOHV3HUPLWV 'HQ\=&±$GHQPRRUWR5 $SSURYH-3$(O0RQWH'RZQH\+RXVLQJ)LQDQFH$JHQF\ 2UGHUDQQH[/LJKWLQJ$'±3KOR[ 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±&KDQH\ $SSURYHUHSRUW/LJKWLQJ$'±&KDQH\ ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'±±&KDQH\ $SSO\JUDQWIXQGV5REHUWL=¶%HUJ8UEDQ2SHQ6SDFH 5HFUHDWLRQ /LJKWLQJ$'±&KDQH\ $XWK/$&RXQW\WRLVVXHPRYLQJSHUPLWV 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±3RPHULQJ $SSURYHUHSRUW/LJKWLQJ$'±3RPHULQJ ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'±3RPHULQJ $SSURYH-3$IRU(O0RQWH6DQ-DQLQWR'RZQH\+RXVLQJ)LQDQFH$XWKRULW\ $SSURYH3URJ6XSS1RWR6WDWH$JPWIRUVWUHHWLPSURYHPHQWV 'HQ\=9±/DNHZRRGUHPHQXERDUGIRUGULYHWKUX 2UGHUDQQH[/LJKWLQJ$'±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±=RQH,,,HQWLUH&LW\ 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW $SSURYHUHSRUW/LJKWLQJ'LVW$')< ,QWHQWWRDVVHVV/LJKWLQJ'LVW$')< &RPSHQVDWLRQIFHUWDLQ%RDUGV &RPPLVVRQVUHVFUHVFE\ &RPPHQGDWLRQIRU&LW\0DQDJHU5REHUW2YURP &RPSHQVDWLRQIRUFHUWDLQ%RDUGV &RPPLVVLRQVUHVF 'HQ\=9±*QHLVVUHUHGXFHGVHWEDFNV 5(62/87,21,1'(; $SSRLQW&LW\0DQDJHU3UR7HP'RQ'DYLV 2UGHUDQQH[/LJKWLQJ'LVW$'±2WWR6W 3URSRVHDQQH[/LJKWLQJ'LVW$'&LW\ZLGH=RQH,,, &RQILUPDVVHVVPHQWV/LJKWLQJ'LVW$')< 2UGHUYDFDWLRQ±SRUWLRQRI,PSHULDO 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW $SSURYHUHSRUW/LJKWLQJ'LVW$' ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$' 3URSRVHDQQH[/LJKWLQJ'LVW$'/X[RU $SSURYHUHSRUW/LJKWLQJ'LVW$'/X[RU ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'/X[RU $SSURYH=9±)LUHVWRQH +RPHWHO UHDOORZEDQQHU $GRSW)<%XGJHWZLWKGRFXPHQWVUHVFLQGHGE\ 2UGHUDQQH[/LJKWLQJ'LVW$'± 2UGHUDQQH[/LJKWLQJ'LVW$'±/X[RU $SSURYH$QQXDODSSURSULDWLRQVOLPLWIRU)< 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ%DUEDUD+D\GHQ'LVW $SSRLQW3HUVRQQHO$GYLVRU\%RDUG'DQLHO:LOVRQ'LVW $SSRLQW%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ%G$OIUHG$¶$OHVVDQGUR'LVW 5H$SSRLQW%RDUGRI%OGJ$SSHDOV'HVLJQ5HYLHZ%G)UDQN6KHOGRQ'LVW *UDQW=9±*DUGHQGDOH5(SHUPLWPRUHGHQVLW\ $SSURYH)LQDO70±*DUGHQGDOH $SSRLQW%XLOGLQJ$SSHDOV'HVLJQ5HYLHZ%G1RUPDQ+RUQH\'LVW 5H$SSRLQW/LEUDU\$GYLVRU\%RDUG-XG\5D\'LVW 5H$SSRLQW5HF &RPP6HUYLFHV&RPPLVVLRQ6HUJLR'LD]'LVW 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG'DYLG5D\'LVW $PHQG6DQLWDU\6HZHUFKDUJHV 'HVLJQDWH5HGHYHORSPHQW6XUYH\$UHDIRUVWXG\SXUSRVHVUHVFLQGHGE\ 'HVLJQDWH5HGHYHORSPHQW6XUYH\$UHDIRUVWXG\SXUSRVHV 'HVLJQDWH5HGHYHORSPHQW6XUYH\$UHDIRUVWXG\SXUSRVHV 'HQ\=9±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¶V$VVRFLDWLRQ 'HQ\&83±)LUHVWRQHUHUHSODFHZQHZWZRVWRU\UHWLUHPHQWIDFLOLW\ 2UGHUYDFDWLRQ±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±6WHZDUW *UD\ $SSURYHUHSRUW/LJKWLQJ'LVW$'6WHZDUW *UD\ ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'6WHZDUW *UD\ $SSO\JUDQWIXQGV&$3DUN 5HFUHDWLRQDO)DFLOWLLHV$FW±)XUPDQ3DUN 'HVLJQDWH5HGHYHORSPHQW6XUYH\$UHDIRUVWXG\SXUSRVHV (PSOR\PHQW$JUHHPHQWZLWK'RQ'DYLV&LW\0DQDJHU 2UGHUDQQH[/LJKWLQJ'LVW$'±6WHZDUW *UD\ &RQFXUZ0DUFKXSGDWHRI/$&RXQW\6ROLG:DVWH0JPW3ODQ $XWKRUL]HZDWHUSXUFKDVHFRQWUDFWV 8SGDWHIHHVUHVFLQGUHVFLQGHGE\ 3HWLWLRQ3UHVLGHQW&RQJUHVVWRUHWDLQGHGXFWLELOLW\RI6WDWH /RFDO7D[HV 3URFHGXUHIRUFKDUJLQJIRUUHTXHVWVIRUUHVHDUFKDQGLQYHVWLJDWLRQ $SSURYH)LQDO30±%URRNVKLUH ,QWHQWWRYDFDWHSRUWLRQRI1HZVHWKHDULQJ $SSURYH)LQDO70±±*DUGHQGDOH 1RWLFHRI*HQHUDO0XQLFLSDO(OHFWLRQ-XQH 5HTXHVWVHUYLFHVIURP/$&RXQW\ $GRSWUHJXODWLRQVIRUFDQGLGDWHV $GRSW)<%XGJHWZLWKGRFXPHQWVUHVFLQG (VWDEOLVKWKUHHZDWHUVHUYLFH]RQHVIRUUDWHVUHVFLQGUHVFLQGHGE\ $SSOLFDWLRQ1DWLRQDO)ORRG,QVXUDQFH3URJUDP 6XSSRUW)DLU5HVSRQVLELOLW\$FWRI $SSURYH)LQDO70±%URRNVKLUH $SSURYH)LQDO30±/DNHZRRG $SSURYH028ZLWK3ROLFH2IILFHUV¶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±'RODQUHDOORZRSHUDWLRQRIGUXJUHKDEFHQWHU+0=Q $SSURYH3URJ6XSS1RWR6WDWH$JPWIRUVWUHHWLPSURYHPHQWV 5(62/87,21,1'(; ,QWHQWWRYDFDWHSRUWLRQRI%HUJPDQVHWKHDULQJ 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW±3XUWLDQ $SSURYHUHSRUW/LJKWLQJ'LVW$'3XULWDQ ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'3XULWDQ $PHQG&ODVV6SHFLILFDWLRQIRU3ROLFH$LGH, ,QWHQWWRYDFDWHDOOH\EHWZ6HFRQG7KLUGHDVWHUO\IURP3DUDPRXQWVHWKHDULQJ 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW9HUGXUD $SSURYHUHSRUW/LJKWLQJ'LVW$'±9HUGXUD ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'9HUGXUD 2UGHUDQQH[/LJKWLQJ'LVW$'±3XULWDQ 2UGHUYDFDWLRQ±SRUWLRQRILUUHYRFDEOHRIIHUVRIGHGLFDWLRQ%HUJPDQ 7HUPLQDWH$SSRLQW3ODQQLQJ&RPPLVVLRQ'DYLG5D\'LVW 7HUPLQDWH$SSRLQW3HUVRQQHO$GYLVRU\%G'DYLG5D\'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ/HRQ(PHUVRQ'LVWUHVFLQGHGE\ $SSRLQW3HUVRQQHO$GYLVRU\%G-DPHV/\WOH'LVW $SSRLQW*ROI&RXUVH$XWKRULW\&UDLJ+DUSHU'LVW 2UGHUYDFDWLRQ±DOOH\EHWZ6HFRQG 7KLUGHDVWHUO\RI3DUDPRXQW 2UGHUDQQH[/LJKWLQJ'LVW$'±9HUGXUD 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW%URRNPLOO $SSURYHUHSRUW/LJKWLQJ'LVW$'%URRNPLOO ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'±%URRNPLOO 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW±%URRNSDUN $SSURYHUHSRUW/LJKWLQJ'LVW$'±%URRNSDUN ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'%URRNSDUN $SSRLQW3ODQQLQJ&RPP/HRQ(PHUVRQ'LVWUHVFLQG $GRSW/HWWHURI$JUHHPHQWZLWK3XEOLF6DIHW\$X[LOLDU\8QLW 'HVLJQDWH5HGHYHORSPHQW6XUYH\$UHDIRUVWXG\SXUSRVHV (VWDEOLVKFRPSHQVDWLRQSD\DEOHWRFODVVLILFDWLRQVZLWKLQ([HFXWLYH0DQDJHPHQW (VWDEOLVKFRPSHQVDWLRQSD\DEOHWRFODVVLILFDWLRQVZLWKLQ0LGGOH0DQDJHPHQW $SSURYH)LQDO70'RODQ 5HTXHVWDOORFDWLRQRI&RXQW\DLGIRUVWUHHWPDLQWHQDQFH $SSURYH)LQDO70±:RRGUXII 2UGHUDQQH[/LJKWLQJ'LVW$'±±%URRNPLOON 2UGHUDQQH[/LJKWLQJ'LVW$'±±/RZPDQ 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW±(OP9LVWD $SSURYHUHSRUW/LJKWLQJ'LVW$'±(OP9LVWD ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'±(OP9LVWD 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW,UZLQJURYH $SSURYHUHSRUW/LJKWLQJ'LVW$',UZLQJURYH ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$',UZLQJURYH $SSURYH)LQDO70±5LYHV $SSURYH)LQDO30±:RRGUXII $SSURYH3URJ6XSS1RWR6WDWH$JPWIRUVWUHHWLPSURYHPHQWV $PHQG&ODVVLILHG6YFV3D\3ODQDGMVDODU\UDQJH$VVW6XSHULQWHQGHQW:DWHU $SSURYH/$&RXQW\3ULYDWH,QGXVWU\&RXQFLOMREWUDLQLQJSURJUDPIRU\HDUV $SSO\JUDQWIXQGV5REHUWL=¶%HUJ8UEDQ2SHQ6SDFH 5HFUHDWLRQ3URJUDP 3DUNLQJUHVWULFWLRQV3DUDPRXQW $SSO\IRU6WDWHSURMHFW2O\PSLF6ZLPPLQJ3RRO±5HFUHDWLRQ&HQWHU 'HFODUH&LYLF&HQWHUFRPSOH[SXEOLFSDUNSXEOLFIRUXPUHVFLQGV 2UGHUYDFDWLRQ±1HZ 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW±0HOYD 5(62/87,21,1'(; $SSURYHUHSRUW/LJKWLQJ'LVW$'±0HOYD ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'±0HOYD $SSRLQW%XLOGLQJ$SSHDOV%G'HVLJQ5HYLHZ%G$OH[%DFD'LVW 5HYRNH=9±'RODQUHPRGLI\SDUNLQJDQGEXLOGLQJVHWEDFN 5HYRNH&83±'RODQUHRIIVWUHHWSDUNLQJIRUYHKLFOHV 2UGHUDQQH[/LJKWLQJ'LVW$'±±,UZLQURYH 2UGHUDQQH[/LJKWLQJ'LVW$'±±(OP9LVWD 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW±6WRDNHV $SSURYHUHSRUW/LJKWLQJ'LVW$'±6WRDNHV ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'±6WRDNHV $SSURYH3URJ6XSS1RWR6WDWH$JPWIRUVWUHHWLPSURYHPHQWV $SSURYH)LQDO30±5LYHV $GRSW&RQIOLFWRI,QWHUHVW&RGHVUHVFLQGUHVFLQGHGE\ $SSURYH028ZLWK)LUHPHQ¶V$VVRFLDWLRQ $SSW6SHFLDO/HJDO&RXQVHO8QGHZULWHUUHUHILQDQFLQJXQGHUIDFLOLW\OHDVH 2UGHUDQQH[/LJKWLQJ'LVW$'±±0HOYD 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW0HOGDU $SSURYHUHSRUW/LJKWLQJ'LVW$'±0HOGDU ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'±0HOGDU $SSO\IJUDQWDZDUGWR&ULPLQDO-XVWLFH3ODQQLQJI&RPP&ULPH5HVLVWDQFH3URJ 'HVFULEHLPSURYHPHQWV/LJKWLQJ'LVW$'I\RUGHUUHSRUW ,QWHQWWROHY\ FROOHFWDVVHVVPHQWV/LJKWLQJ'LVW$'I\ $SSRLQW*ROI&RXUVH$XWKRULW\/XFLOOH*UHHQ'LVW 2UGHUDQQH[/LJKWLQJ'LVW$'±±6WRDNHV $SSURYHUHSRUW/LJKWLQJ'LVW$'DVVHVVPHQWVI\ &RQILUPI\DVVHVVPHQWVIRU/LJKWLQJ'LVW$' $SSURYH7UXVW$JPWVDOHRIFHUWLILFDWHVRISDUWLF&LYLF&WUODQG $GRSW)<%XGJHWZLWKGRFXPHQWV &RVWRIOLYLQJDGM&LW\&OHUN3D\3ODQUHVFLQG 3URSRVHDQQH[/LJKWLQJ'LVW$'RUGHUUHSRUW±%DUOLQ $SSURYHUHSRUW/LJKWLQJ'LVW$'±%DUOLQ ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'±%DUOLQ 5H$SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ-D\:DWWV'LVW $GMXVWVDODU\VFKHGXOHIRU5HFUHDWLRQ6XSHUYLVRUV 'HQ\3&83±6KHUU\)ORUHQFHUHRSHUDWHFRPPHUFLDOIDUP $GRSW$QQXDO$SSURSULDWLRQV/LPLWI\ VW 6DOHRI5'SURMDUHDSURSHUW\WR,&,=HOOHUH[HFXWHDPHQGPHQWWR''$ 5HVXOWVRI*HQHUDO0XQLFLSDO(OHFWLRQ-XQH 3DXO%DUE  *3$FKDQJHODQGXVHGHVLJQDWLRQIRU3DUDPRXQW'H3DOPD 6XSSRUWORFDODSSURYDOIRU&RXQW\GHWHQWLRQIDFLOLWLHV 2UGHUDQQH[/LJKWLQJ'LVW$'±±0HOGDU 2UGHUDQQH[/LJKWLQJ'LVW$'±±%DUOLQ $SSURYH)LQDO70±&HGDUWUHH 6DODU\UDQJH5HFUHDWLRQ6XSHU&RPPXQ6XSHUYLVRU7UDQVLW'ULYHU'LVSDWFKHU (VWDEOLVKVHYLFHFKDUJHIRUUHOHDVHRILPSRXQGHGYHKLFOHV $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ3DW*UHJRULR'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ-RKQ%XIID'LVW )RUPDWLRQRI3URMHFW$UHD&RPPLWWHHIRU$PHQGPHQW±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±3XULWDQ ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'3XULWDQ $SSURYH)LQDO30±,UZLQJURYH 6XSSRUW/$&RXQW\'$5HLQHU¶VQHZSURJUDPGLUHFWHGWRZDUGGUXJGHDOHUV 'HQ\*HQHUDO3ODQ$PHQGPHQW)ORUHQFHUHODQGXVHFKDQJH 'HQ\=&)ORUHQFHUHIURP5WR5 3URFODLP2FWDV1DWLRQDO)LUH3UHYHQWLRQ:HHN $SSO\IRU3HGHVWULDQ)XQGVI\DXWKRUL]HGXQGHU6% *UDQW$SSHDO=9±)LUHVWRQHUHVKRUWDJHRISDUNLQJVSDFHV 'HVLJQDWH:RRGUXII,QGXVWULDO3URMHFW6XUYH\$UHDIRUVWXG\SXUSRVHV 2UGHUDQQH[/LJKWLQJ'LVW$'±±3XULWDQ ,QWHQWWRYDFDWH±SRUWLRQRI1HZ 6XSSRUW$WWRUQH\*HQHUDO9DQ'H.DPSUHGUXJIUHHVFKRROV 6HW2FWREHUDV(VFURZ0RQWK 2SSRVH*DQQ,QLWLDWLYH 3URS  $SSRLQW&LW\UHSUHVHQWDWLYHWR,QGHSHQGHQW&LWLHV5LVN0DQDJHPHQW$XWKRULW\ 6XSSRUW3URS-±-DLO%RQG0HDVXUHRQ1RY%DOORW $SSRLQW6R&$5DSLG7UDQVLW'LVW0D\RU6DQWDQJHOR'HOHJDWH&Q3DXO $OW  $SSRLQW'LUHFWRUWR&LYLF&HQWHU&RUSRUDWLRQ'RXJODV+D\GRQ 3DUWLFLSDWLRQ$JPWZ&'& 5REHUW- )UDQFHV()O\QQ 2UGHUYDFDWLRQSRUWLRQRI1HZ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG7KRPDV-:KLWH-U'LVW 3ROLF\IRUGHVWUXFWLRQUHFRUGV±3'UHVFLQGVUHVFLQGHGE\ $PHQGSURFHGXUHIRUUHSRUWLQJFHUWDLQVDODULHVWR3(56 $SSO\JUDQWIXQGV&RPPXQLW\3DUNODQGV$FW±)XUPDQ3DUNUHQRYDWLRQ ,QFRUSRUDWHGHILQLWLRQRIUHWLUHPHQWLQ3HUVRQQHO0DQXDO3DUW,, 6HFRQG$PHQGPHQWWR''$EHWZ&'&DQG&DUGRQR6TXDUH $IILUPGHQLDORI0DVVDJH3HUPLW±.LP0LOOHU $SSRLQW%G6RXWKHDVW0RVTXLWRV$EDWHPHQW'LVWULFW7KRPDV0RUWRQ $SSURYH$OKDPEUDLQWR,&50$ &RPPHQG&LW\&OHUN7UHDVXUHU5REHUW6KDQGXSRQUHWLUHPHQW 'HQ\DSSHDORQ=9±)LIWK6W 5HTXHVW6WDWHFORVHRQUDPSWRVRXWKERXQG,DW'ROOLVRQ &HFLOLD &ODVV6DODU\UDQJH)LQJHUSULQW(YLGHQFH7HFK 'HQ\=&DW)ORUHQFH&3WR& 6DODU\DGMXVWPHQWVIRU3'PDQDJHPHQW 6XSSRUWVWDWHZLGHLQVXUDQFHUHIRUP )HHVIRU+D]DUGRXV0DWHULDO$QQXDO'LVFORVXUHV 5HTXHVWDOORFDWLRQRI&RXQW\$LGIRU6HOHFW6\VWHPRI6WUHHWV 'HQ\=&±6WHZDUW *UD\±5WR5 )HHVIRUGRJOLFHQVHVUHVFLQGHGE\ 5(62/87,21,1'(; $SSURYH)LQDOPDSRI30±:RRGUXII $SSURYH)LQDOPDSRI30±2UDQJH$ODPHGD )HHVIRUGRJOLFHQVHVUHVFLQG $SSURYH)LQDOPDSRI30±3DWWRQ&DYHO $SSURYH)LQDOPDSRI30±2UDQJH $SSRLQW7UDIILF&RPPLWWHH-XOLH&DVWRQ'LVW)RXU )HHVFKHGXOHVIRU3ODQQLQJFDVHVUHSHDOHGE\ ,QWHQW8QGHUJURXQGLQJ)LUHVWRQH±'LVW1R±VHWKHDULQJ 3URSRVHDQQH[/LJKWLQJ'LVW$')LUHVWRQHRUGHUUHSRUW $SSURYH5HSRUW/LJKWLQJ'LVW$')LUHVWRQH ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$')LUHVWRQ 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'&KH\HQQH $SSURYHUHSRUW/LJKWLQJ'LVW$'&KH\HQQH ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'&KH\HQQH 'HFODUH88'EHIRUPHG±)LUHVWRQH%OYG &RQILUPDQQH[$')LUHVWRQH 2UGHUDQQH[/LJKWLQJ'LVW$'&KH\HQQH $PHQG-3$6($$&$WRDGG6RXWK(O0RQWH ,QWHQWWRHVWDEOLVK8QGHUJURXQG'LVWULFWDOOH\HDVWRI'RZQH\$YH $PHQG-3$6($$&$±GLVWULEXWLRQRIDVVHWVXSRQWHUPLQDWLRQ -RLQWKHDULQJZ&'&IRU5HGHYHORSPHQW3URMHFW$PHQG -RLQWKHDULQJZ&'&IRU:RRGUXII,QGXVWULDO3URMHFW $SSRLQW-RHO/XELQWR&LWL]HQV&KDUWHU5HYLHZ&RPPLWWHH±'LVW $PHQG/DQG8VH0DSRI*3±)ORUHQFH±/RZWR0HGLFDO'HQVLW\ $SSURYH)LQDOPDSRI30±'RZQH\$YH )HHVIRU3XEOLF:RUNVUHSHDOHGE\ 6HWOLDELOLW\LQVUHTXLUHPHQWVIRUHQFURDFKPHQWSHUPWV $PHQGOLDELOLW\FODLPSURFHVVLQJ 'HVFULEHLPSURYHPHQWVRUGHUUHSRUW/LJKWLQJ$' $SSURYH5HSRUW/LJKWLQJ$' ,QWHQWWROHY\/LJKWLQJ$'VHWKHDULQJ 5HVWULFWHGSNJ0DUEHOUHVFLQG $SSRLQW*ORULD+HHUWR5HFDQG&RPPXQLW\6HUYLFHV'LVW 'HQ\&83)LUHVWRQH±8QLWHG&ROOHJHRI%XVLQHVV *UDQWDSSHDOE\'HQ\&83'RZQH\" &RQILUPDVVHVV&KDSIRU3URM(OP9LVWD &RQILUPDVVHVV&KDSIRU3URM(OP9LVWD 'HFODUH88'EHIRUPHG±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±%R\VRQ $SSURYHUHSRUW/LJKWLQJ'LVW$'±%R\VRQ 5(62/87,21,1'(; ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ'LVW$'±%R\VRQ 7UDQVHU&DEOH79±5RJHUV&DEOHV\VWHPV±HVWDEOLVKSURFHGXUH $PHQG-3$,&50$WRDGG&ROWRQDQG0RQURYLDGHVLJQDWH&LW\UHSV $GRSW028Z3ROLFH2IILFHUV$VVQ $GRSW028Z&LW\(PSOR\HHV$VVQ (VWDEOLVKVDODU\EHQHILWDGMXVWPHQWVWR([HF0LGGOH0JPW&RQILG([HPSW )LQGLQJORZPRGLQFRPHKRXVLQJRXWVLGH5$DUHDZLOOEHQHILW $PHQG  &HUWLI\ILQDO(,5UH5HGHYHORSPHQW3URMHFW$PHQGPHQW )LQGLQJORZPRGLQFRPHKRXVLQJRXWVLGH5$DUHDZLOOEHQHILW±:RRGUXII &HUWLI\ILQDO(,5UH:RRGUXII,QGXVWULDO3URMHFW 1HZIHHVIRU(PHUJHQF\0HGLFDO7UDQVSRUDWLRQ 3URSRVHWRDQQH[RUGHUUHSRUW/LJKWLQJ$'± $SSURYH5HSRUW/LJKWLQJ$'± ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'± 2SSRVH6%QRSXEOLFDPEXODQFHVXEVFULSWLRQVHUYLFHV 2UGHUYDFDWLRQRI6HUDSLV 2UGHUDQQH[DWLRQ/LJKWLQJ'LVW$'%R\VRQ 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$''LQVGDOH $SSURYH5HSRUW/LJKWLQJ$''LQVGDOH ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$''LQVGDOH &2/ZDJHDGMXVWPHQWVIRUSDUWWLPHUVUHVFLQGDPHQGHGE\ $GRSW&RQIOLFWRI,QWHUHVW&RGHUHVFLQGUHVFLQGHGE\ 2UGHUDQQH[DWLRQ/LJKWLQJ$'  *UDQW&83±)ORUHQFHDOORZLQJPHHWLQJVIRUQRQSURILWV $SSURYH23$Z&'&DQG,RZD6W3URI%XLOGLQJ±,RZD6W &LW\0DQDJHUFRPSHQVDWLRQ $GRSW028ZLWK)LUHPHQ¶V$VVQ $GRSW028ZLWK3XEOLF6DIHW\$X[$VVQ $GRSW028ZLWK7HDPVWHUV/RFDO 2UGHUDQQH[DWLRQ/LJKWLQJ$''LQVGDOH $SSO\IRUSHGHVWULDQIXQGVXQGHU6% 'HVLJQDWHLQWHUVHFWLRQRI9LVWD'HO5RVH 6WRDNHVDVZD\VWRS 'HVLJQDWH*QHLVVDVWKUXVWUHHWDWLQWHUVHFWLRQVZLWK$GRUHH*DUGHQGDOH 'HVLJQDWH$GRUHHDVWKUXVWUHHWDWLQWHUVHFWLRQZLWK*QHLVV 'HVLJQDWH'HYHQLUWKUXVWUHHWDWLQWHUVHFWLRQZLWK*QHLVV 'HVLJQDWH&KH\HQQHWKUXVWUHHWDWLQWHUVHFWLRQZLWK*QHLVV 'HVLJQDWH$GRUHHWKUXVWUHHWDWLQWHUVHFWLRQZLWK3DUURW 'HVLJQDWH'HYHQLUDQG%URFNDVZD\VWRS $SSRLQW5LFKDUG-HQQLQJVWR*ROI&RXUVH$XWKRULW\IRU'LVWULFW $SSURYH)LQDOPDSRI30±:RRGUXII 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'6DQG\ $SSURYH5HSRUW/LJKWLQJ$'6DQG\ ,QWHQWWR$QQH[VHWKHDULQJ/LJKWLQJ$'6DQG\ $SSURYH23$Z&'&DQG%DUU\%RQQLH0XUGRFN6XEDUHD% 6DOHRI0LOOLRQ&23V±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±)LUHVWRQHUHTXLUHGSDUNLQJVSDFHV $SSURYH)LQDOPDSRI30±)ORUHQFH 8SKROLQJUHYRFDWLRQRI0DVVDJH3HUPLW)LUHVWRQH2ULHQWLDO$FXSUHVVXUH 'HVLJQDWHUHSVIRUHDUWKTXDNHGDPDJHUHLPEXUVHPHQWE\)(0$ (VWDEOLVKVHUYLFHDXWKRULW\IRU)UHHZD\HPHUJHQFLHV $SSRLQW&LW\$WWRUQH\ WK 1RWLFH*HQHUDO(OHFWLRQ-XQHIRURIILFHUV 5HTXHVW/$&RXQW\IRUVHUYLFHVUHHOHFWLRQ $GRSWUHJVIRUFDQGLGDWHVVWDWHPHQWVUHHOHFWLRQ QG *UDQWDSSHDODQG'HQ\3ORW3ODQ±'RODQ±XQLW $SSO\*)¶VXQGHU&$%HYHUDJH&RQWDLQHU5HF\FOLQJDQG/LWWHU5HGXFWLRQ$FW 3URSRVHDQQH[SUHSDUHUHSRUW$'±±/DXUHQGDOH $SSURYH5HSRUW$'±±/DXUHQGDOH ,QWHQWWRDQQH[VHWKHDULQJ$'±±/DXUHQGDOH 'HVLJQDWH:DVKEXUQDVWKUXVWUHHWDWLQWHUVHFWLRQZLWK3DQJERUQ $SSURYH6DOHRISURSHU\LQ53$WR&DU:DVK86$DQG''$ $SSURYH&HUWDLQGHDQQH[DWLRQDQGDQQH[DWLRQRIODQGWR6RXWK*DWH 3NJUHVWULFWLRQVRQ'ROOLVRQUHVFLQGHGE\5HV )HHVDQGSHQDOWLHVIRUKD]DUGRXVPDWHULDOV $SSRLQW/$&RXQW\5HJLRQDO3XEOLF5HFUHDWLRQ$XWK±)UDQN*DVGLD'LVW 5HTXHVW&RXQW\$LGWR&LWLHVIRUVWUHHWPDLQWHQDQFH 2UGHUDQQH[DWLRQ$'±±/DXUHQGDOH *UDQWDSSHDODQG$SSURYH=9±6WHZDUWDQG*UD\±SNJVHWEDFNV $SSURYH)LQDOPDSRI70±&HGDUWUHH5RDG $SSURYH)LQDOPDSRI30±/DNHZRRG 5H$SSRLQW*ROI&RXUVH$XWKRULW\±5LFKDUG-HQQLQJV'LVW 'HVLJQDWHUHSVIRUHDUWKTXDNHGDPDJHUHLPEE\)(0$±'RZQH\+RVSLWDO $GRSWFODVVVSHFVDQGVDODU\UDQJHIRU3ULQFLSDO:DWHU7HFKQLFLDQ 5HTXHVWDPHQGPHQWRI$%±(QHUJ\/LIHOLQH$FW 'HQ\SHUPLWWR$0307D[L $SSURYH)LQDOPDSRI303DUDPRXQW 5HZDUGVIRULQIRUHSHUVRQVFDXVLQJLQMXULHVSURSHUW\GDPDJH 5HVWULFWHGSNJ)ORUHQFHDW6PDOOZRRG UGWK 3NJOLPLWV0\UWOHDW6WUHHWDQG6WUHHW )HHVFKHGXOHIRU%XLOGLQJ5HJXODWLRQVUHSHDOHGE\ $SSURYH$SSO\IRUVSHFLDODFFRXQWIRUFDSLWDORXWOD\VIRU'RZQH\3RRO 3ROLF\IRUGHVWUXFWLRQRI3ROLFH5HFRUGVUHVFLQGUHVFLQGHGE\ ,QWHQWWRHVWDEOLVKXQGHUJURXQGXWLOLW\GLVWULFW±1DQFHVHWKHDULQJ QGUG ,QWHQWWRHVWDEOLVKXQGHUJURXQGXWLOLW\GLVWULFW± 6WUHHWVVHWKHDULQJ 6LJQVDQGSDYHPHQWPDUNLQJVRQ7HOHJUDSKDW6WRDNHV (VWDEOLVKFRPSHQVDWLRQWRH[HFXWLYHPDQDJHPHQW (VWDEOLVKFRPSHQVDWLRQWRPLGGOHPDQDJHPHQW $XWK3ROLFH&KLHIWRDFFHVVFULPLQDOUHFRUGVIRUHPSOR\PHQWOLFHQVLQJ $SSURYH)LQDOPDSRI30±*UDQW $SSURYH/HDVHZLWK6HFXULW\3DFLILFEDQNIRUQHZILUHWUXFN 6XSSRUW&$:LOGOLIH&RDVWDODQG3DUN/DQG&RQVHUYDWLRQ$FWRI (QGRUVH-RE7UDLQLQJ3ODQRI/$&RXQW\3ULYDWH,QGXVWU\&RXQFLO 'HFODUHXQGHUJURXQGXWLOLW\GLVWULFW±1DQFH6WUHHWEHIRUPHG 5(62/87,21,1'(; QGUG 'HFODUHXQGHUJURXQGXWLOLW\GLVWULFW± 6WUHHWVEHIRUPHG *UDQWDSSHDORI=9±/DNHZRRG±SDUNLQJUHTXLUHPHQWV 5HTXHVWOHJLVODWXUHWRPDNHGLVFKDUJLQJDILUHDUPDIHORQ\ $SSRLQWUHSVWR,&50$±&RUPDFN%LUFK3RZHOO 'HVFULEHLPSURYHPHQWVWR$'DQGRUGHUUHSRUW $SSURYH5HSRUWUH$' ,QWHQWWROHY\DQGDVVHVVVHWKHDULQJ$' &RQILUPDVVHVVPHQWIRU$' 3URSRVHDQQH[LQWR$'$UGLVDQG3UHPLHUHRUGHUUHSRUW $SSURYH5HSRUW$'$UGLVDQG3UHPLHUH ,QWHQWWRDQQH[VHWKHDULQJ$'$UGLVDQG3UHPLHUH 3URSRVHDQQH[RUGHUUHSRUW$'±$GZHQ $SSURYH5HSRUW$'±$GZHQ ,QWHQWWRDQQH[VHWKHDULQJ$'±$GZHQ 3URSRVHDQQH[RUGHUUHSRUW$'±%R\VRQ $SSURYHUHSRUW$'±$GZHQ ,QWHQWWRDQQH[VHWKHDULQJ$'±%R\VRQ 3URSRVHDQQH[RUGHUUHSRUW$'±3DUURW $SSURYH(QJLQHHUVUHSRUW$'±3DUURW ,QWHQWWRDQQH[VHWKHDULQJ$'±3DUURW WK 3NJUHVWULFWLRQ6WUHHWEW0\UWOHDQG/D5HLQD $SSRLQW+DQGLFDSSHG$SSHDOV%RDUG6RR]LH9LOOD $SSRLQW+DQGLFDSSHG$SSHDOV%RDUG(GZLQ%DFD $SSURYH6DOHRISSW\DQG''$WR'&+,QYHVWPHQWV'RZQH\0RWRUV ''$ $GRSW)<%XGJHWDPHQGHGE\ 5H$SSRLQW:DWHU$GYLVRU\%RDUG.HQQHWK%HFNQHU'LVW 5H$SSRLQW5HFDQG&RPPXQLW\6HUY&RPP5RJHU/DZUHQFH'LVW 5H$SSRLQW3HUVRQQHO$GYLVRU\%G%HWW\.LOSDWULFN'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ*DU\0F&DXJKDQ'LVW 5H$SSRLQW:DWHU$GYLVRU\%G±:LOOLDP+XQW'LVW 5H$SSRLQW3HUVRQQHO$GYLVRU\%G5REHUW5ROOHU'LVW 5H$SSRLQW3DUNLQJ3ODFH&RPP*DU\%R\G'LVW 5H$SSRLQW/LEUDU\$GYLVRU\%G1RUPDQ6LSSOH'LVW 5H$SSRLQW3DUN 5HFUHDWLRQ&RPP*ORULD+HHU'LVW $SSURYH$QQXDODSSURSULDWLRQVOLPLWIRU)< $SSURYH)LQDOPDSRI30±$ODPHGD 3URSRVHDQQH[RUGHUUHSRUW$'$UULQJWRQ $SSURYH5HSRUW$'$UULQJWRQ ,QWHQWWRDQQH[VHWKHDULQJ$'$UULQJWRQ 5HVXOWVRI*HQHUDO(OHFWLRQ-XQH'LVW%RJJV&RUPDFN+D\GHQ 2UGHUDQQH[DWLRQ$'$UGLV 3UHPLHUH 2UGHUDQQH[DWLRQ$'$GZHQ 2UGHUDQQH[DWLRQ$'%R\VRQ 2UGHUDQQH[DWLRQ$'3DUURW &HUWLI\(,5IRU*3$±&RXQW\DFUHVLWHIURPKRVSLWDOWROWLQGXVWULDO $SSURYH*3$IURPSXEOLFXVHWROLJKWPDQXIDFWXULQJ $PHQG*3&LUFXODWLRQ(OHPHQWDOWHUQDWH1R$RI*3$ $SSURYH)LQDOPDSRI70±2UL]DED $SSRLQW5HFUHDWLRQDQG&RPPXQLW\6HUY-RKQHWWH6WLFNHO'LVW $SSRLQW3ODQQLQJ&RPP'LDQQH/XPVGDLQH'LVW 2UGHUDQQH[DWLRQ$'±$UULQJWRQ $SSRLQW3ODQQLQJ&RPP-R\FH/DZUHQFH 5(62/87,21,1'(; 'HQ\=9±)LUHVWRQHVLJQV ,QWHQWWRYDFDWHZDONZD\QRUWKIURP5LYHVWR7HOHJUDSK )HHIRUSHUPLWSDUNLQJLQ&LW\DQG3DUNLQJ'LVWULFWORWV $SSRLQW/LEUDU\$GYLVRU\%RDUG+DWWLH0LOOHU 3URSRVHDQQH[RUGHUUHSRUW$'5LYHV $SSURYH5HSRUW$'5LYHV ,QWHQWWRDQQH[VHWKHDULQJ$'5LYHV 3URSRVHDQQH[RUGHUUHSRUW$'3XULWDQ $SSURYH5HSRUW$'3XULWDQ ,QWHQWWRDQQH[VHWKHDULQJ$'3XULWDQ 1RSDUNLQJQRUWK&HQWXU\EHWZHHQ/DNHZRRG5RVHFUDQV5HVFE\5HV $SSRLQW/LEUDU\$GYLVRU\%RDUG)UDQFHV%HQVRQ &RPSHQVDWLRQIRUH[HFXWLYHPDQDJHPHQW±5HGHYHORSPHQW'LUHFWRU &LW\0DQDJHU¶VFRPSHQVDWLRQIRUDPHQGHGE\ 3DUNLQJUHVWULFWLRQV1HR 'HQ\=9±&RUQXWDUHGXFHGIURQW\DUGVHWEDFN $SSRLQW7UDIILF&RPPLWWHH5REHUW$UPVWURQJ'LVW $SSRLQW7UDIILF&RPPLWWHH'HQQLV3DQJHQNRSS'LVW $SSO\IRU3HGHVWULDQ)XQGVXQGHU6% 6XSSRUW7UDQVSRUWDWLRQ]RQHVWHHULQJFRPPLWWHH 2UGHUDQQH[DWLRQ$'5LYHV 2UGHUDQQH[DWLRQ$'3XULWDQ 6HWDPEXODQFHVXEVFULSWLRQFKDUJH 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV12WR/$)ORRG&RQWURO'LVW &RPSHQVDWLRQIRU'HVLJQ5HYLHZ%RDUGDQG)HHIRU'HVLJQ5HYLHZ $SSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ&RPP±7RP$KUHQV'LVW *UDQW=9±/LQGHOOVLJQV 6XSSRUW3URS/LEUDU\&RQVWUXFWLRQ$FWRI (3&*DXGHWWH%RQQHU5LVOH\(PHUVRQ.DQH+HHU*DLO$WW\DK6KDQG5LGJHO\ 'HQ\=9±'XQURELQ&HQWXU\)Z\IRU6)5 $SSRLQW3HUVRQQHO$GYLVRU\%G*UDFH+RUQH\'LVW 'HVWUXFWLRQRI&LW\&OHUNUHFRUGV 'HQ\&83±)LUHVWRQH±VWXGHQWFDSDFLW\ )LQDOPDSRI70±7ZHHG\ $SSRLQW3DUNLQJ3ODFH&RPP)UDQN%HFNQHU $SSRLQW&DEOH795LFN6DQFKH]'LVW 8QLIRUP6FKRI)HHVUHSHDOLQJV DPHQGHG 'HVLJQDWH3ULVFLOODDVWKUXVWUHHWDWLQWHUVHFWLRQZLWK.LSZD\ WK 'HVLJQDWH6WUHHWDQG/D/HLQDDVZD\VWRS $SSURYH=9±3DUDPRXQW±H[FHVVLYHVLJQV $GMXVWZDJHVIRUSDUWWLPH/LEUDU\3DJHDPHQG $SSURYH)LQDO305HJHQWYLHZ 5H$SSRLQW7UDIILF&RPPLWWHH/RXLVH7ROHGR'LVW $SSURYH=9±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±)ORUHQFH 3URSRVHDQQH[UHTXHVWUHSRUW$'±<DQNH\ $SSURYHUHSRUW$'±<DQNH\ ,QWHQWWRDQQH[VHWKHDULQJ$'±<DQNH\ 3URSRVHDQQH[UHTXHVWUHSRUW$'±)ORUHQFH $SSURYH5HSRUW$'±)ORUHQFH ,QWHQWWRDQQH[VHWKHDULQJ$'±)ORUHQFH $GGHQGXPWR(,563$±DFUHVKRVSLWDOWRLQGXVWULDO &RQILUPDVVHVVPHQWIRU,PSU3URM&KH\HQQH $PHQG&LW\0DQDJHUV&RPSHQVDWLRQDQG $SSRLQW3ODQQLQJ&RPPLVVLRQ5LFKDUG&DUWHU'LVW $SSURYH)LQDOPDSRI70±3DUDPRXQW &RQILUPDVVHVVPHQWIRU,PSU3URM&KH\HQQH 5HVWULFWHGSDUNLQJ5HJHQWYLHZ &ODVVVSHFVVDODU\IRU3NJ3HUPLW,QVS6WUHHW6ZHHSLQJRIILFHUDPHQG 2UGHUDQQH[DWLRQ/LJKWLQW$'±<DQNH\ 1RSDUNLQJ:DVKEXUQEW:RRGUXIIDQG&RUQXWD 1RSDUNLQJ:RRGUXIIDW9LD$PRULWD $GRSW/$&RXQW\+D]DUGRXV:DVWH0DQDJHPHQW3ODQ 7HPSRUDU\ZD\VWRSDW3XULWDQDQG'RODQ 2UGHUDQQH[DWLRQ/LJKWLQJ$' )RUP88'±)ORUHQFH 'HGLFDWHSXEOLFURDGDW3ODQHWW2UDQJH 'HVWUXFWLRQRI2EVROHWH)33&5HFRUGV 2UGHUYDFDWLRQ5LYHV7HOHJUDSK 'HQ\=9±/X[RU±GZHOOLQJXQLWV $GKHUHWR3267VWDQGDUGVIRU3XEOLF6DIHW\'LVSDWFKHUSURJUDP $SSURYH)LQDO30±2UL]DED4XRLW *UDQW&83±5DQFKR%XVLQHVV3DUN3KDVH,,±ZDUHKRXVLQJ *UDQWDSSHDODQG=9±'XQURELQXQLWDSDUWPHQWV 'HQ\DSSHDODQG=9±:RRGUXIIH[FHVVLYHSDYLQJ $SSRLQW(PHUJ3UHS&RPPLWWHH0HUULWW<DQFH\'LVW 5HVWULFWHGSNJ'RODQEW6355DQG,RZD QGUG 5HVWULFWHGSNJ3DUDPRXQWEWDQG $SSURYH$JPWIRUPDLQWHQDQFHRI6WDWH+LJKZD\ $FFHSWGHGLFDWLRQRI%URRNVKLUHDW&KHURNHH IRUPHUO\*RWKDP  'HVWUXFWLRQRIREVROHWH&LW\&OHUNUHFRUGV 5DWLI\&RXQW\¶V$SSRLQW-RKQHWWH6WLFNHUWR*ROI&RXUVH$XWKRULW\'LVW $SSURYH)LQDO30±$UGLV$YHQXH $PHQG0DQDJHPHQW3HUI&RPSSODQSHU$5 'HVWUXFWLRQRIREVROHWH&LW\&OHUNUHFRUGV 'HVWUXFWLRQRIREVROHWH3ODQQLQJ'LYLVLRQUHFRUGV &KDQJHQDPHVRIFHUWDLQVWUHHWV$PLJRV&KH\HQQH$GRUHH $SSURYH)LQDO70±5DQFKR/RV$PLJRV $SSURYH)LQDO30±,PSHULDO 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'± $SSURYH5HSRUW/LJKWLQJ$'± ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'± 5(62/87,21,1'(; 'HVFULEHLPSURYHPHQWVRUGHUUHSRUW/LJKWLQJ$' $SSURYHUHSRUW/LJKWLQJ$' ,QWHQWWROHY\VHWKHDULQJ/LJKWLQJ$' 'HQ\WHQWDWLYHSDUFHOPDS±&RUQXWD $SSURYH)LUHVWRQH%OYGIURP0RELOH+RPH3DUNWR&RPPHUFLDO (,5 $SSURYH30IRU)LUHVWRQH'&+,QYHVWPHQWV 'HQ\DSSHDO  $SSURYH3URJ6XSSWR6WDWH$JPWIRUVWUHHWLPSURYHPHQWV 5HQHZDORIFRQWUDFWZLWK/$&RXQW\IRU*HQHUDO6HUYLFHV 2UGHUDQQH[DWLRQ/LJKWLQJ$'± &RQILUPDVVHVVPHQWVUHSRUWIRU/LJKWLQJ$' 2UGHUDVVHVVPHQWRIDVOLHQRQ'RZQH\$YHQXH $GRSW)<%XGJHW (VWDEOLVKD8QLIRUP6FKHGXOHRI)HHVDPHQGHGE\ (VWDEOLVKD)HH6FKHGXOHIRU%XLOGLQJUHJXODWLRQVUHSHDOLQJ $GRSWDQQXDODSSURSULDWLRQVOLPLW $SSURYH3URJ6XSSWR6WDWHDJPWIRUWUDIILFVLJQDOV &HUWLI\63$ILQDO(,5±6WRQHZRRG0DOO $SSO\IRUWUDIILFVLJQDOPDQDJHPHQWSURJUDPJUDQW $SSURYH)LQDO70±6WRQHZRRG6KRSSLQJ&HQWHU 028ZLWK3ROLFH2IILFHUV$VVQ 028ZLWK)LUHPHQ¶V$VVQ &RPSHQVDWLRQIRU&LW\$WWRUQH\ 6DODU\DQGEHQHILWVIRUFHUWDLQPLGGOHPDQDJHPHQW 3ROLFH&DSW%DWWDOLRQ&KLHI  &RQYHUVLRQRIVLFNOHDYHLQWRVDODU\ 5H$SSRLQW5HFUHDWLRQDQG&RPPXQLW\6HUY-HDQ%UD]HOWRQ'LVW 5H$SSRLQW3ODQQLQJ&RPP*DU\0F&DXJKDQ'LVW 5H$SSRLQW3HUVRQQHO$GYLVRU\%G'DQLHO:LOVRQ'LVW 5H$SSRLQW/LEUDU\$GYLVRU\%G&DUPHQ9LQ\DUG'LVW 5H$SSRLQW5HFUHDWLRQDQG&RPPXQLW\6HUY-$UW-RKQVRQ'LVW 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±)LQHYDOH $SSURYHUHSRUW/LJKWLQJ$'±)LQHYDOH ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'±)LQHYDOH $SSRLQW,&50$&RUPDFN:LOOLDPV3RZHOOVXSHUFHGHGE\ &ODVVVSHFV VDODU\3ULQ%OGJ,QVS5HVLG5HKDEVXSHUKD]PDWLQVSHFWRU 6DODU\DQGEHQHILWVIRUPLGGOHPDQDJHPHQW 'HQ\DSSHDO *UDQW&83±6WHZDUW *UD\±5GHYHOLQ5 'HQ\DSSHDODQG*UDQW=9±3DUDPRXQW±UHDU\DUGVHWEDFN $SSO\IRUSHGHVWULDQIXQGVXQGHU6% $SSRLQW,&50$&RUPDFN:LOOLDPV3RZHOOVXSHUFHGHV 028ZLWK7HDPVWHUV/RFDO 028ZLWK'RZQH\&LW\(PSOR\HHV$VVQ 6DODU\DQG%HQHILWVIRUFRQILGHQWLDOH[HPSW $SSO\IRUIXQGV5REHUWL=¶%HUJ+DUULV2SHQ6SDFH5HFUHDWLRQIRU)XUPDQ3DUN &ODVVVSHFVDQGVDODU\IRU3XEOLF,QIRUPDWLRQ&RRUGLQDWRU 3DUNLQJUHVWULFWLRQV0\UWOH 2UGHUDQQH[DWLRQ/LJKWLQJ/LJKWLQJ$'±)LQHYDOH 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±%RUVRQ $SSURYHUHSRUW$'±%RUVRQ 'HFODUHLQWHQWVHWKHDULQJ$'±%RUVRQ $SSURYH)LQDO30±)LUHVWRQH UG ,QWHQWWRYDFDWH6WUHHWVRXWKHDVWRI%URRNVKLUH 5HYLVHGSURFHGXUHVIRU&(4$ 5(62/87,21,1'(; $SSURYH)LQDO30±&KHURNHH 7HPSVDODU\LQFUHDVHWR$GPLQ6HUY'LUHFWRUZKLOH$FWLQJ&LW\0DQDJHU &LW\RI$UWHVLDLQWR6(/$&3,& QG 'HQ\DSSHDODQGGHQ\=9±7UXH±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±%XUQV±5WR5 'HQ\UHTXHVWWRVHWDSSHDOVRI3ORWSODQV ± $UULQJWRQ $GRSW*3$±0RQWJRPHU\2UDQJH±FRPPHUFLDOWRUHVLGHQWLDO 2UGHUDQQH[DWLRQ/LJKWLQJ$'±%RUVRQ &ODVVVSHFVVDODU\IRUEOGJSHUPLWWHFKWKHDWHUPDQDJHU $IILUPUHYRFDWLRQRIELOOLDUGURRPDW,PSHULDO 'HQ\DSSHDODQG'HQ\&83±,PSHULDO±WRZLQJVHUYLFH 5HJVUHWDSHUHFRUGLQJVRI&&PWJVDPHQGUHVFLQG $SSURYH)LQDO30±)ORUHQFH ,QWHQWWRDPHQG88')ORUHQFH7ZHHG\ 2UGHUYDFDWLRQRIVHZHUHDVHPHQWDW:DVKEXUQ $XWKRUL]HSD\PHQWRI*HQHUDO 3XQLWLYHGDPDJHV±:DQWXFKY&LW\ 6DODU\DGMXVWPHQWVH[HF0JPWDQGQHZFODVV$VVW&LW\0DQDJHUV $PHQGEHQHILWSODQUHFLW\SURYLGHGDXWRVDPHQG 88'±)ORUHQFH±EHDPHQGHG WK 'HVLJQDWH6WUHHWDQG/D5HLQDDVZD\VWRS (VWDEOLVKVLQJOHULGHUFDUWIHHIRUVHQLRUFLWL]HQJROIHUVZRPHQVJROGFOXE $GRSWUHTXLUPHQWVIRUGUXJIHHZRUNSODFHDFWRI $XWKRUL]HGHVWUXFWLRQRIUHFRUGV)LUH 6XSSRUWFHQVXVDQGFRQILUPFRQILGHQWLDOLW\RISURFHVV 5HTXHVW3DUDPRXQWGHQ\YDFDWLRQRI*UDQW$YHQXH $SSRLQW3DUNLQJ3ODFH&RPP7RE\0LOHVNL'LVW &DOOLQJJHQHUDOHOHFWLRQ-XQHIRURIILFHUV 5HTXHVW/$&RXQW\WRSURYLFHVHUYLFHVIRUHOHFWLRQ 'HVLJQDWH)LUH'HSDUWPHQWIRU+D]0DWHPHUJHQFLHV 'HQ\DSSHDO*UDQWSORWSODQ±$UULQJWRQ±UHVLGHQFHV $SSO\IXQGVXQGHU&$%HYHUDJHFRQWDLQHUUHF\FOLQJ OLWWHUUHGXFWLRQDFW 1RVWRSSLQJ*DUGHQGDOHEW/DNHZRRG 'HPLQJ WK 'HVLJQDWHVWUHHWDVWKUXDWLQWHUVHFWLRQZLWK6PDOOZRRG 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±&RPROHWWH $SSURYHUHSRUW/LJKWLQJ$'±&RPROHWWH ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'±&RPROHWWH $SSURYH)LQDO30±*DOODWLQ $XWKRUL]HSHUVRQVIRUDFTXLULQJ)HGHUDOVXUSOXVSURSHUW\ 5HJXODWLRQIRUFDQGLGDWHVIRUHOHFWLRQ-XQH 5HTXHVWDOORFDWLRQRI&RXQW\$LGWR&LWLHV)XQGVIRUVWUHHWPDLQWHQDQFH 5(62/87,21,1'(; 5H$SSRLQW6RXWKHDVW0RVTXLWR$EDWHPHQW'LVWULFW7KRPDV0RUWRQ 5H$SSRLQW*ROI&RXUVH$XWKRULW\&UDLJ+DUSHU'LVW $SSURYH&HUWDLQGRFXPHQWVUHVDOHRI(PEDVV\6XLWHV+RWHOSURSHUW\ 6HWIHHVIRU+D]DUGRXV0DWHULDOVDPHQG $GRSW*3$±)ORUHQFH±JHQFRPPHUFLDOWRORZPHGUHVLGHQWLDO ,QWHQWWRYDFDWH&HQWXU\DW%DUOLQ 6DODU\UDQJHIRU3HUVRQQHO$QDO\VW $SSRLQW3ODQQLQJ&RPP%UDG*DVWRQ'LVW ([WHQG3URMHFW$UHD&RPPLWWHHIRU\HDU 2UGHUDQQH[DWLRQ/LJKWLQJ$'&RPROHWWH $SSURYHWUDLQLQJDJUHHPHQWZLWK&$+LJKZD\3DWURO (QFRXUJDJHLQYROYHPHQWZLWKGHVLJQRI/DNHZRRGUDLOVWDWLRQ $SSURYH)LQDO70±/DXUHOZRRG 6XVSHQGDHULDO0DODWKLRQLQ/$&RXQW\ $GRSW*3$±UHYLVHG+RXVLQJ(OHPHQW 2UGHUYDFDWLRQRI&HQWXU\HDVWRI%DUOLQ $SSURYH)LQDO70±5DQFKR/RV$PLJRV%XVLQHVV&HQWHU,, $SSURYH)LQDO30±6HFRQG6WUHHW $PHQG&RQIOLFWRI,QWHUHVW&RGHUHVFLQGUHVFLQGHGE\ 6DODU\UDQJHIRU6HQLRU/LEUDULDQ $PHQG3HUVRQQHO5XOHVDQG5HJVUHUHKLUHRUUHLQVWDWHPHQWDPHQG &RQFXUPHPEHUVKLSRI/$&RXQW\,QWHJUDWHG:DVW0JPWWDVNIRUFH 'HQ\DSSHDODQG'HQ\=9±/XEHF±VDWHOOLWHGLVK *UDQWDSSHDO&83±)ORUHQFHXVHHPHUJHQF\UHDUJDWH 6DODU\UDQJHIRU/LEUDULDQ (QGRUVHSURYLVLRQRI-RE7UDLQLQJ3ODQ6(/$&3,& 6DODU\DGMXVWPHQWVIRUSDUWWLPHHPSOR\HHVDQGRWKHUSRVLWLRQV (QFRXUDJHZDWHUFRQVHUYDWLRQSUDFWLFHV 6XSSRUW6%±DOORZV&LW\(QJLQHHUVWRSHUIRUPGXWLHVSHU6XE0DS$FW $SSURYH)LQDO70±7HOHJUDSK $SSURYH)LQDO30±2OG5LYHU6FKRRO5RDG 8UJH&RQJUHVVUHYLVH&DEOH$FWRIWRHQFRXUDJHFRPSHWLWLRQ &RPSHQVDWLRQSODQIRU0LGGOH0DQDJHPHQW $SSO\*)5REHUWL=¶%HUJ+DUULV8UEDQ2SHQ6SDFHDQG5HFUHDWLRQ3URJUDP $SSURYH)LQDO30±'RZQH\$YHQXH ([FKDQJH3URS$IXQGVWR/$&RXQW\7UDQV&RPPIRU)HGHUDO+Z\IXQGV 1RSDUNLQJ5\HUVRQ 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'± $SSURYHUHSRUW/LJKWLQJ$'± ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'± 'HVFULEHLPSURYHPHQWVRUGHUUHSRUW/LJKWLQJ$' $SSURYHUHSRUW/LJKWLQJ$' ,QWHQWWROHY\VHWKHDULQJ/LJKWLQJ$' 'HQ\DSSHDODQGGHQ\=9 5H$SSRLQW*ROI&RXUVH$XWKRULW\)UDQN*DVGLD 5HZDUGIRULQIRRILGHQWLW\RIJUDIILWLYLRODWRUV ,QWHQWWRYDFDWHDOOH\&ODUNDW, 3HUPLWDQGDSSHDOIHHVSHU†RI'0&±VWUHHWYHQGLQJ $SSURYH)LQDO70/DXUD $GRSWEXGJHW (VWDEOLVK8QLIRUP6FKHGXOHRI)HHV (VWDEOLVK)HHVFKHGXOHIRUEXLOGLQJUHJV 5(62/87,21,1'(; 2UGHUDQQH[DWLRQ/LJKWLQJ$'± &RQILUPDVVHVVPHQWVIRU/LJKWLQJ$' $SSO\IRUIXHOHIILFLHQWWUDIILFVLJQDOPDQDJHPHQWSURJUDPJUDQW $GRSWDQQXDODSSURSULDWLRQVOLPLW &HUWLI\QHJDWLYHGHFODUDWLRQIRUGULOOLQJRLOZHOORQ3DUDPRXQW 5HVXOWV*HQHUDO(OHFWLRQ-XQH±3DXO'LVW%UD]HOWRQ'LVW 2UGHUYDFDWLRQRIDOOH\HDVWRI&ODUNIUHHZD\ $SSURYH)LQDO70±%URRNVKLUH 5H$SSRLQW3DUNLQJ3ODFH&RPP7RE\0LOHVNL'LVW $SSURYH)LQDO70±2OG5LYHU6FKRRO5RDG $SSURYH)LQDO30±)LUHVWRQH $GRSW*3$±+D]DUGRXV:DVWH&KDSWHU $XWKRUL]HFRQYHUVLRQYDFDWLRQVLFNOHDYHWRVDODU\IRU3ROLFH&DSW5EW:LOOLDPV $SSURYH'HVLJQ5HYLHZ%\/DZVSHU†RI'0& &ODVVVSHFVDQGVDODU\IRU:DWHU$GPLQ6U3ODQQHU 7KHDWHU6XSHU 3URYLGHSDLGHPSOR\HHOHDYHIRUQDWLRQDOPDUURZGRQRUSURJUDP 5H$SSRLQW3ODQQLQJ&RPP5LFKDUG&DUWHU'LVW 5H$SSRLQW7UDIILF&RPP3DW*UHJRULR'LVW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPP3DWULFLD7HUVL'LVW $SSRLQW3HUVRQQHO$GYLVRU\%G/HH(PHUVRQ'LVW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPP'DYLG%XKOHU'LVW 'HQ\DSSHDODQGGHQ\&83±/DNHZRRG±H[SDQVLRQRIPRWHO 'HVLJQ5$6XUYH\DUHDIRUDPHQG$±%URRNVKLUH0DUJDUHW 'HVLJQ5$6XUYH\DUHDIRUDPHQG%±,DQG)ORUHQFH 'HVLJQ5$6XUYH\DUHDIRUDPHQG&±/DNHZRRG*DOODWLQUHVFLQGHGE\ 6XSSRUW.HHS&$0RYLQJ'D\2FW 3URYLGHZRUNHUVFRPSHQVDWLRQFRYHUDJHIRUYROXQWHHUVSHU/DERU† ,QWHQWJUDQWSLSHOLQHIUDQFKLVH$WODQWLF5LFKILHOGFRUQHUV0RELO*ROGHQ:VW 6DODU\UDQJHVIRUH[HFXWLYHPDQDJHPHQW ,QWHQWWRYDFDWHSRUWLRQRI7UXH$YHQXHVHWKHDULQJ 5HVWULFWSDUNLQJ(DVW'RODQ $SSRLQW/LEUDU\$GYLVRU\%G%DUEDUD5LOH\'LVW 6XSSRUW3URS UHJOREDOZDUPLQJUHGXFWLRQ 2SSRVH UHGXFHWLPEHU  'HQ\DSSHDODQGDSSURYH=9±&RUG±UHGXFHGVHWEDFNHWF :RUNWRUHVROYHZDWHUSUREOHPVLQ&HQWUDODQG6DQ*DEULHOEDVLQV 2SSRVH$%UHGXFHVKRPHUXOHHOLPLQDWHVORFDOFRQWURO±UHJLRQDODJHQFLHV 5H$SSRLQW3HUVRQQHO$GYLVRU\%G-RVHSK'L/RUHWR'LVW 5H$SSRLQW&LYLF&HQWHU&RUS-RKQ.HQQHG\'LVW 5H$SSRLQW:DWHU$GYLVRU\%G-RH'DYLV'LVW 5H$SSRLQW3ODQQLQJ&RPP%UDG*DVWRQ'LVW $SSRLQW7UDIILF&RPP'RULV0F$UWKXU'LVW $SSRLQW*ROI&RXUVH$XWK-DPHV*LOOHVSLH'LVW $SSRLQW(PHU3UHS&RPP-XOLH*DVWRQ'LVW $SSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ'U1RUEHUW+LOOHFNH'LVW $SSRLQW/LEUDU\$GYLVRU\%G$UWKXU2FKRD'LVW 2UGHUYDFDWLRQRISRUWLRQRI7UXH 1XPEHUQRWXVHG $SSURYH)LQDO30±/DNHZRRG $SSURYH)LQDO30±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¶V$VVQ $PHQG,&50$-3$WRDGPLW&RVWD0HVD(O6HJXQGR 8SODQG 5HTXHVWDOORFDWLRQ&RXQW\$LGWR&LWLHV)XQGV±WUDIILFUHODWHG (VWDEOLVK)ORUHQFHDVSDUWRI/$&RXQW\+LJKZD\ $XWKRUL]H&LW\(QJLQHHUWRH[HFXWH52:&HUWLILFDWLRQVIRU)HGHUDO$LG3URMHFWV 'HVLJQDWH/$&W\7UDQVSRUDWLRQ&RPPDV/$&RQJHVWLRQ0JPW3URJ$J $SSURYH)LQDO30±'RZQH\$YHQXH UG *UDQWDSSHDODQG$SSURYH=9±6W±H[FHHGVLJQV (VWDEOLVKZDWHUUDWHVUHVFLQGUHVFLQGHGE\ $SSURYH&'&,VVXHRI0LOOLRQERQGV &ODVVVSHFVDQGVDODU\)LUH(GXFDWLRQ6SHFLDOLVWDQG+D]0DW)LUH,QVSHFWRU $SSO\IRUSHGHVWULDQIXQGVXQGHU6% 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±/DXUHQGDOH $SSURYHUHSRUW$'±/DXUHQGDOH 'HFODUHLQWHQWVHWKHDULQJ$'±/DXUHQGDOH $SSURYH)LQDO30±)LUHVWRQH &RQILUPLQWHQWWKH3URMHFW$UHD&RPPLWWHHEHFRQWLQXHGIRUOLIHRI5HGHY3ODQ $SSURYH/LVWRIQRPLQHHVWRH[SDQGPHPEHUVKLSRI3$& $PHQG8WLOLW\8VHUV7D[UXOHVRIDGPLQLVWUDWLRQDQGSURFHGXUHV $GRSWVDODU\UDQJHIRU5HFUHDWLRQ6XSHUYLVRU 2UGHUDQQH[DWLRQ$'±/DXUHQGDOH &HUWLI\(,5IRU30 =&±)LUHVWRQH±5DQFKR'HO1RUWH 'HQ\DSSHDODQGGHQ\=9±/DNHZRRG±WHPSRIILFHWUDLORU $PHQG*3WRDGG&RQVHUYDWLRQ&KDSWHUDSSURYHQHJDWLYHGHFODUDWLRQ $PHQG*3WRDGG1RLVH&KDSWHUDSSURYHQHJDWLYHGHFODUDWLRQ $PHQG*3WRDGG6DIHW\&KDSWHUDSSURYHQHJDWLYHGHFODUDWLRQ 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'±'RQRYDQ $SSURYHUHSRUW/LJKWLQJ$'±'RQRYDQ ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ$'±'RQRYDQ &KDQJHWLWOH&LW\3ODQQHUWR$VVW&RPP'HY'LUHFWRUZLWKFDUDOORZDQFH $SSO\JUDQWIXQGV3XEOLF5HVRXUFHVDFFRXQWIRU$SROOR3DUN6HQLRU&HQWHU $SSRLQW+DQGLFDSSHG$SSHDOV%RDUG(GZLQ%DFD $SSO\XQGHU&$%HYHUDJH&RQWDLQHU5HF\FOLQJDQG/LWWHU5HGXFDWLRQ$FW $SSURYH)LQDO70±3DUDPRXQW 2UGHUDQQH[DWLRQ/LJKWLQJ'LVW$'±'RQRYDQ 2UGHUYDFDWLRQRIZDWHUDQGVHZHUHDVHPHQWVLQ6WRQHZRRG6KRSSLQJ&WU 3DUNLQJUHVWULFWLRQV:DVKEXUQ5RDG $SSURYH/LVWRIQRPLQHHVWR3$& 3URFODLP$ODMXHOD&RVWD5LFDDV6LVWHU&LW\ QG $PHQG+RXVLQJ&KDS2I*3±H[SDQGXQLWRYHUOD\ $PHQG/DQG8VHGHVLJQ*3±3DUDPRXQWOLWHPDQXIDFW7RJHQFRPP $SSURYH3URJ6XSSVWR6WDWHDJPWIRUVWUHHWLPSURYHPHQWV $SSURYH5HWLUHPHQWSURJUDPIRU3XEOLF:RUNV'LUHFWRU 5(62/87,21,1'(; 3DUNLQJUHVWULFWLRQV:RRGUXII$YHQXH 1RSDUNLQJHDVW:RRGUXIIIURP)LUHVWRQH 'HVLJQDWH:DVKEXUQDW'XQURELQZD\VWRS $SSURYH)LQDO70±5LYHV 1RSDUNLQJ6RPHUVHW 3DUNLQJUHVWLFWLRQV/DNHZRRGDW$ODPHGD QG 'HVLJQDWH6WUHHWDW0\UWOHZD\VWRS $SSURYH)LQDO30±&KHURNHH $SSURYH)LQDO30±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±$PLJRV±GHOHWHVRXQGZDOO 'HVFULEHLPSURYHPHQWVRUGHUUHSRUW/LJKWLQJ'LVW$' $SSURYH5HSRUW/LJKWLQJ'LVW$' ,QWHQWWROHY\VHWKHDULQJ$' )LQGLQJVUH5HGHYHO3URM$ORZPRGLQFRPHKRXVLQJRXWVLGHDUHD (VWDEOLVKZDWHUUDWHVDQGUHVFLQGUHVFLQGHGE\ &HUWLI\(,5IRU5$3URMHFWDPHQG%DQG63$ ,DQG)ORUHQFH  $PHQG/DQG8VH0DS±*3$±6WXGHEDNHU±WRJHQHUDOFRPP &HUWLI\(,5IRU5HGHYHORS$PHQGPHQW$ &HUWLI\(,5IRU5HGHYHORS$PHQGPHQW& $PHQGDQQXDODSSURSULDWLRQVOLPLWIRU)< $SSO\)XHOHIILFLHQW7UDIILF6LJQDO0DQDJHPHQW3URJUDP *UDQWDSSHDODQG7HQWDWLYH30±/LWWOH/DNH &RQILUPDVVHVVPHQWV/LJKWLQJ$'IRU)< (VWDEOLVK8QLIRUP6FKHGXOHRI)HHV (VWDEOLVK)HH6FKHGXOHIRU%XLOGLQJ5HJXODWLRQV $SSURYHEXGJHW $SSURYH$QQXDODSSURSULDWLRQVOLPLW 5H$SSRLQW3DUNLQJ3ODFH&RPP)UDQN%HFNQHU'LVW 5H$SSRLQW3ODQQLQJ&RPPLVVLRQ'LDQQH/XPVGDLQH'LVW 5H$SSRLQW:DWHU$GYLVRU\%G6FRWW7HPSOH'LVW 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'± $SSURYHUHSRUW/LJKWLQJ'LVW$'± 'HFODUHLQWHQWVHWKHDULQJ/LJKWLQJ'LVW$'± ,QWHQWUHDOWHUQDWHUHWLUHPHQWV\VWHPIRUSDUWWLPHHPSOR\HHV $GMXVWLQJVDODU\IRUOLIHJXDUGVVZLPLQVWUXFWRUV 5HVSRQVHWRZULWWHQREMHFWLRQVUH5$DPHQG$ %URRNVKLUH 0DUJDUHW  5HVSRQVHWRZULWWHQREMHFWLRQVUH5$DPHQG& /DNHZRRG *DOODWLQ  $PHQG*3WRDGG2SHQ6SDFHDQG5HFUHDWLRQ&KDSWHU 3DUWLFLSDWHLQ/$&RXQW\,QWHUDJHQF\7DVN)RUFH GUXJHQIRUFHPHQWHIIRUWV  $SSURYH)RU&$(QHUJ\&RPPIRUSDUWLFLSDWLRQLQ(QHUJ\3DUWQHUVKLS3URJ 5(62/87,21,1'(; 2UGHUDQQH[DWLRQ/LJKWLQJ$'± )ORRGSODLQ0DQDJHPHQWUHTXLUHPHQWV *UDQWDSSHDODQG$SSURYH30±QZFRUQHU/DNHZRRG)LUHVWRQH *UDQWDSSHDO DSSURYH=9±QZFRUQHU/DNHZRRG)LUHVWRQH±VHWEDFNV *UDQWDSSHDO DSSURYH&83±QZFRUQHU/DNHZRRG)LUHVWRQH $SSURYH)LQDO30±)LUHVWRQH 3URKLELWOHIWWXUQV)LUHVWRQH0\UWOH 028ZLWK'RZQH\&LW\(PSOR\HHV$VVQ0LVFXQLW 028ZLWK'RZQH\&LW\(PSOR\HHV$VVQ±0DLQWHQDQFHXQLW 028ZLWK'RZQH\3XEOLF6DIHW\$X[LOODU\$VVQ 'HVLJQDWH+DOO&ROGEURRNDVZD\VWRS 'HQ\DSSHDOWRPRGLI\=9E\H[WHQGLQJZRUNDW)LUHVWRQH $GPLW)XOOHUWRQWR,&50$ $SSURYH)LQDO70±(OP9LVWD $SSURYH)LQDO70±(OP9LVWD WK 1RSDUNLQJ'RODQIURP&KHURNHHWR ,QWHQWWRYDFDWHDOOH\HDVWRI5LYHVVRXWKRI7HOHJUDSK 1DPLQJQHZVWUHHW&RPROHWWHIRU70 $SSURYH$JPWZLWK&'&DQG0XUDWDUH$PHQGPHQWV$%DQG& $SSURYH)LQDO30±)LUHVWRQH 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ$'%L[OHU $SSURYHUHSRUW/LJKWLQJ$'±%L[OHU 'HFODUHLQWHQWVHWKHDULQJ/LJKWLQJ$'±%L[OHU $SSURYHDSSHDO=9WRH[WHQGZRUNVFKHGXOH 8UJH&RQJUHVVDSSURYHIXQGLQJ%ERPEHU 'HQ\=9FRYHUHGSDUNLQJ3ULVFLOOD 2UGHUDQQH[/LJKWLQJ$'±%L[OHU 'HQ\DSSHDORI=9DGGLWLRQDOXQLW/D5HLQD$YHQXH 6SHFVDQGVDODU\UDQJHV$VVW6XSHU3K\VLFDO6HUY +RXVLQJ3ODQQHU 'HVLJQDWHDJHQWVIRU&$2IILFHRI(PHUJ6HUYLFHV'LVDVWHU5HOLHI 028Z3ROLFH2IILFHUV$VVQ 5H$SSRLQW'5%1RUPDQ+RUQH\FLWL]HQDWODUJH 5H$SSRLQW'5%(GZDUG1JDOWDUFKLWHFW 5H$SSRLQW'5%$UW5HRODDUFKLWHFW 5H$SSRLQW'5%&UDLJ6FKURHGHUDOW&LYLO(QJLQHHU $SSRLQW'5%±1RUEHUW:HLQEHUJ&LYLO(QJLQHHU $SSRLQW3ODQQLQJ&RPP6WHSKHQ$OOHQ'LVW $SSURYHDJPW*Z&DOWUDQVUHIXHOHIILFLHQWYHKLFOHVVHQLRUVKDQGL $SSO\3HGHVWULDQIXQGV6% $GRSW028Z)LUHPHQ¶V$VVQ 'HQ\70DW'RZQH\$YHQXH 'HQ\=9IRU'RZQH\$YHQXH 'HQ\&83IRU'RZQH\$YHQXH UG 'HVLJQDWHDQG0\UWOHDVZD\VWRS 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ3DUDPRXQW $SSURYH5HSRUW/LJKWLQJ3DUDPRXQW ,QWHQWWRDQQH[VHWKHDULQJ/LJKWLQJ3DUDPRXQW $SSRLQW3HUVRQQHO$GYLVRU\%G±%ULDQ*DVGLD'LVW $SSRLQW3ODQQLQJ&RPP±)UDQN6KHOGRQ'LVW %HQHILWVWR([HF0LGGOH0JPW &RQI([HPSW $GGHGSD\IRULQKRXVHOHJDOZRUN 3LWFKHVVPRWLRQV H[SLUHV $SSURYH/RWOLQHDGMXVWPHQW1R±3DUDPRXQW 5(62/87,21,1'(; $SSURYH&83±FRQGRV±2UDQJH $SSURYH=9±UHGXFHGIURQW\DUGV±2UDQJH $SSURYH70±2UDQJH 6XSSRUW/$&RXQW\3DUN%HDFK 5HF$FWRI $SSRLQW6(0RVTXLWR$EDWHPHQW'LVW'LDQH%RJJV 2UGHUDQQH[/LJKWLQJ3DUDPRXQW 1RWLFHRIHOHFWLRQIRURIILFHUV 5HTXHVWFRQVROLGDWLRQRIHOHFWLRQ 5HJXODWLRQIRUFDQGLGDWHVVWDWHPHQWV $SSURYH)LQDO302UL]DED 7UDQVIHURIVWRUPGUDLQLPSURYHPHQWV1R 5HFRPPHQGJXLGHOLQHVUHQHZVHUYLFHV6($$&$ $PHQG+RXVLQJ&KDSWHURI*HQHUDO3ODQUH6HQLRU+RXVLQJVWGV $SSO\IRU,WUHHSODQWLQJ±8UEDQIRUHVWDWLRQ WK $SSURYH)LQDO303ODFH &HUWLI\(,5IRU63$6WRQHZRRG6KRSSLQJ&HQWHU $SSURYH)LQDO30±&KH\HQQH $SSURYH)LQDO30±,RZD 'HVLJQDWH/$&RXQW\HQIRUFHPHQWDJHQWXQGHU$%±VROLGZDVWHDPHQGV 6HWDXWKRUL]DWLRQOHYHOVIRUVHWWOLQJOLDELOLW\FODLPV $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPP)UDQN6DQQHEHFN'LVW /DWHIHHIRUZDWHUELOOV 2SSRVH$%UHHOLPLQDWHSURSHUW\WD[IRUVSHFLDOGLVWULFWV $SSRLQW'HVLJQ5HYLHZ%RDUG*HQHUDO&RQWUDFWRU)UDQN:HL 5HVWULFWHGSNJ2OG5LYHU6FKRRO5RDGV6WHZDUWDQG*UD\ 3URSRVHDQQH[RUGHUUHSRUW$'$GZHQ0LWOD $SSURYH5HSRUW$'$GZHQ0LWOD 'HFODUHLQWHQWVHWKHDULQJ$'$GZHQ0LWOD WK $SSURYH30±6WUHHW 2UGHUDQQH[DWLRQRI/LJKWLQJ'LVW$'$GZHQ0LWOD 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV1R 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV1R 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV1R 6SHFLDO(OHFWLRQ1RYUH8WLOLW\8VHUV7D[UHSHDOHGE\ &RQVROLGDWH(OHFWLRQZLWK/$&RXQW\UHSHDOHGE\ &HUWLI\1HJ'HFOUH6RXUFH5HGXWLRQ5HF\FOLQJ:DVWH(OHPHQWSHU$% 8SKROGLQJGHQLDORIPDVVDJHSHUPLW±'RZQH\7KHUDSHXWLF0DVVDJH $XWKRUL]HDFFHVVWR6DOHV 8VH7D[5HFRUGV5HYHQXH 7D[DWLRQ 6HWWLQJSULRULWLHVIRUDUJXPHQWVUH8WLOLW\8VHUV7D[UHSHDOHGE\ $GRSWLQJ6RXUFH5HGXFWLRQ5HF\FOLQJ:DVWH(OHPHQWSHU$% 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV1R $SSURYH)LQDO30±/LWWOH/DNH5RDG 'HVLJQDWHFHUWDLQHPSOR\HHVDVDJHQWVIRUGDPDJHVGXHWRFLYLOXQUHVW $SSURYH''$ZLWK37$XWRPRWLYHGED3HQVNH7R\RWD±)LUHVWRQH 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV1R 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV1R $SSURYH&83±$XWR5HSDLUDW'RZQH\$YHQXH QG $SSURYH=9IRU6WUHHW±'ULYHZD\SDYLQJLQVHWEDFN $GRSWLQJ)LVFDO<HDU%XGJHW (VWDEOLVK8QLIRUP6FKHGXOHRI)HHV 2UGHU(QJLQHHUV5HSRUWGHVFULEHLPSURYHPHQWV/LJKWLQJ'LVW$' $SSURYH(QJLQHHUV5HSRUW/LJKWLQJ'LVW$' 5(62/87,21,1'(; ,QWHQWWR/HY\DQG&ROOHFW/LJKWLQJ'LV$' $SSURYH$SSURSULDWLRQVOLPLWIRU)< 5HVXOWVRI(OHFWLRQ-XQH±%RJJV5LOH\0F&DXJKDQ/DZUHQFH $SSRLQW3ODQQLQJ&RPP±'DYLG*DILQ'LVW $SSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV&RPP±&RQQLH6]LHEO'LVW $SSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ&RPPL±0LOGUHG7HUU\'LVW $SSRLQW:DWHU%G±.HQQHWK%HFNQHU'LVW $SSRLQW3ODQQLQJ&RPP±%ULDQ*DVGLD'LVW $SSRLQW3ODQQLQJ&RPP±0HUHGLWK3HUNLQV'LVW $SSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV&RPP±&DURO5RZODQG'LVW 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'±± $SSURYHHQJLQHHUVUHSRUW/LJKWLQJ'LVW$'±± ,QWHQWWRDQQH[/LJKWLQJ'LVW$'±± 7UDQVIHUVWRUPGUDLQLPSURYHPHQWV1R $PHQG&RQIOLFWRI,QWHUHVW&RGHUHVFLQG &RQILUPDVVHVVPHQWIRU/LJKWLQJ$' &DQFHO6SHFLDO(OHFWLRQ1RYDQGUHSHDOV &RQILUP$VVHVVPHQWIRU,PSURYHPHQW3URMHFW1R)LUHVWRQH $SSURYH)LQDO30±3DQJERUQ $SSRLQW/LEUDU\$GYLVRU\%G±-RDQ6PD\'LVW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPP±'HQLVH+DXQ'LVW $SSRLQW/LEUDU\$GYLVRU\%G±)HUQ3HUVLRQ'LVW $SSRLQW5HFUHDWLRQ &RPP6HUYLFHV±%REELH6DPSHUL'LVW $SSRLQW:DWHU)DFLOLWLHV&RUS±-RHO/XELQ'LVW $SSRLQW/LEUDU\$GYLVRU\%RDUG±0DWWLH-R0LOOHU'LVW $SSRLQWUHSWR,QGHSHQGHQW&LWLHV5LVN0JPW$XWKRULW\±*DU\0F&DXJKDQ 2UGHULQJDQQH[/LJKWLQJ'LVW$'±$QQH[DWLRQV± $SSURYH)LQDO30±&ROH $SSRLQW3DUNLQJ3ODFH&RPP±*X\6WHUQHU'LVW &ODVVVSHFVVDODU\UDQJH±/LEUDU\6\VWHP0DQDJHU &HUWLI\ILQDO(,5IRU&RPSUHKHQVLYH*HQHUDO3ODQ8SGDWH $GRSW*HQHUDO3ODQ$PHQGV UH/DQG8VH &LUFXODWLRQ&KDSV $GRSW*3$PHQGVUH+RXVLQJ&RQVHU6DIHW\1RLVH26 'HQ\=&±1:/DNHZRRG 5RVHFUDQV $SSRLQW3DUNLQJ3ODFH&RPP±)UDQN%HFNQHU'LVW $SSRLQW:DWHU)DFLOLWLHV&RUS±&UDLJ+DSHU'LVW $SSRLQW:DWHU$GYLVRU\%G±.HQQHWK5REDUJH'LVW $SSRLQW7UDIILF&RPP±'RUDOHH6FKXEHUW'LVW $SSRLQW&DEOH79&RPP±:LOOLDP%REELWW'LVW /$&RXQW\3XEOLF5HFUHDWLRQ$XWK *ROI&RXUVH ±:LOOLH0DUWLQH]'LVW 2SSRVLQJ3URSRVLWLRQ±WD[LQFUHDVHV $SSRLQW7UDIILF&RPP±'HQQLV3DJHQNRSS'LVW $SSRLQW/LEUDU\$GYLVRU\%G±.DUHQ7UHMR'LVW $SSRLQW3DUNLQJ3ODFH&RPP±(G%URZQOLH'LVW $GRSWILQDO(,5*HQHUDO3ODQ8SGDWH±'HVLJQ (FRQRPLF'HY&KDSV $GRSW*HQHUDO3ODQ$PGV1R UH'HVLJQ (FRQRPLF'HY&KDSV (VWDEOLVKERQXVSD\3ROLFH$LGH,,SHUIRUPLQJVSHFLDOGXWLHV $SSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ&RPP3DWWL%URGH'LVW $SSRLQW+HDOWK (QYLURQHPQWDO6DQLWDWLRQ&RPP±0DULO\Q)LVKHU'LVW $SSRLQW&DEOH79&RPP5XWK+LJJLQERWKDP'LVW $SSURYH=9±(XFDO\SWXVRYHUVL]HGJXHVWKRXVH $SSURYH)LQDO70±&RPROHWWH 5(62/87,21,1'(; 5H$SSRLQW3HUVRQQHO$GYLVRU\%RDUG±*UDFH+RUQH\'LVW $XWKRUL]HFRQYHUVLRQRIYDFDWLRQVLFNOHDYHWRVDODU\IRU3ROLFHPDQDJHPHQW &HUWLI\0LW1HJ'HFOIRU63$±.ULNRULDQ7KHDWHUV'HY$JPW ''$ UGQG $SSURYH''$IRU.ULNRULDQ3UHPLHUH7KHDWUHV±/D5HLQD1HZ 2QHWLPHSD\PHQWWRVSHFLILHGHPSOR\HHVWRFRUUHFW)/6$LQHTXLW\ $SSOLFDWLRQIRUIXHOHIILFLHQWWUDIILFVLJQDOPJPWSURJUDPJUDQW 3ROLF\IGHVWUXFWLRQRIREVROHWH3ROLFH'HSWUHFRUGVUHVFUHVFE\ $SSOLFDWLRQIRUSHGHVWULDQIXQGV6% 'HQ\LQJDSSHDO&83/DNHZRRGRIIVWUHHWSDUNLQJ $SSOLFDWLRQWR6WDWHIRU+RPH,QYHVWPHQW3DUWQHUVKLSSURJUDP 5HTXHVWSRUWLRQVRI&LW\GHVLJQDWHG5HVWRUDWLRQ=RQH$5UHIORRGFRQWUROLQV $SSRLQW7UDIILF&RPP±:LOOLDP+RFNLQVRQ'LVW 5H$SSRLQW5HFUHDWLRQ &RPP6HUYLFHV&RPP±*ORULD+HHU'LVW 5H$SSRLQW:DWHU)DFLOLWLHV&RUS±/DZUHQFH/HZLV'LVW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPP±-RQ/DQJ'LVW $SSRLQW&DEOH79&RPP±0DUN*URVV'LVW $SSRLQW'RZQH\&LYLF&HQWHU&RUS±&DUO-DFNVRQ'LVW $SSRLQW:DWHU$GYLVRU\%G±:LOOLDP+XQW'LVW $SSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ&RPP±-RDQ)UH\'LVW $SSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ&RPP±&OD\$QGHUVRQ'LVW $SSURYHILQDO30±%ORGJHWW'HPLQJ 5DWLI\DSSRLQWPHQW3XEOLF5HFUHDWLRQ&RPP±+HUE6WHYHQV'LVW (VWDEOLVKZDWHUUDWHVDQGUHVFLQGUHVFLQGHGE\ &HUWLI\1HJ'HFO&RGH$PHQG±7UDQVSRUWDWLRQ'HPDQG0JPW &RQIRUPDQFHZLWKWKH/$&RXQW\&RQJHVWLRQ0DQDJHPHQW3URJUDP ,QWHQWWRYDFDWHSRUWLRQRI%DUOLQ 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW%URRNSDUN $SSURYHHQJLQHHUVUHSRUW/LJKWLQJ'LVW$'±$QQH[ ,QWHQWWRDQQH[/LJKWLQJ'LVW±$QQH[%URRNSDUN 6SHF(OHFWLRQUH'HYHORSPHQW$JPWZ.ULNRULDQ3UHPLHUH7KHDWUH )LOLQJZULWWHQDUJXPHQWVGLUHFWLQJ&LW\$WWRUQH\WRSUHSDUH,$ )LOLQJRIUHEXWWDODUJXPHQWVIRU&LW\PHDVXUHV 5HTXHVWVSHFLILHG&RXQW\VHUYLFHV 2UGHULQJ&DQYDVV 3DUWLFLSDWHLQSUHSDUDWLRQRI6&$*¶V5HJLRQDO&RPSUHKHQVLYH3ODQ2 2UGHUDQQH[DWLRQRI/LJKWLQJ'LVW$'±$QQH[%URRNSDUN 9DFDWLRQRIDSRUWLRQRI%DUOLQ $SSURYLQJPXWXDODLGDJUHHPHQWEHWZHHQDOOODZHQIRUFHPHQWDJHQFLHV 028ZLWK'RZQH\&LW\(PSOR\HHV$VVQ0LVFHOODQHRXVXQLW 028ZLWK'RZQH\&LW\(PSOR\HHV$VVQ0DLQWHQDQFHXQLW %HQHILWV([HFXWLYH0DQDJHPHQW0LGGOH0DQDJHPHQW &RQILGHQWLDO([HPSW $SSRLQW&LYLF&HQWHU&RUS±*HUDOG6LOE\'LVW 6XSSRUWHIIRUWVRI$QDKHLP 'LVQH\ODQGLQFUHDWLQJ'LVQH\ODQG5HVRUW 3URSRVHGFKDQJHVLQUDWHVFKHGXOHRUGHUUHSRUW$'±I\± $SSRLQW*ROI&RXUVH$XWKRULW\±5RJHU/DZUHQFH'LVW &RPSHQDWLRQIRUHOHFWLRQRIILFHUVSROOLQJSODFHV6SHF(OHFWLRQ /LVWLQJHOHFWLRQRIILFHUVSROOLQJSODFHV $SSURYHGUDIW(QJLQHHU¶VUSWIRUDVVHVVPHQWV/WJ'LVW$'I\ ,QWHQWWR/HY\DQG&ROOHFW/LJKWLQJ'LVW$'± 5HFRJQL]LQJKLVWRULFDOVLJQLILFDQFHRI0F'RQDOG¶V/DNHZRRG 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'6XYD $SSURYH(QJLQHHU¶VUSWIRU/WJ'LVW$'6XYD 5(62/87,21,1'(; ,QWHQWWRDQQH[/LJKWLQJ'LVW±$QQH[6XYD $SSURYH30±)LUHVWRQH $SSURYH6WDWH'HSWRI7UDQVSRUWDWLRQ'LVW$JPWUHOLQTXLVKPHQW)LUHVWRQH 'HFODUH5HVXOWV6SHFLDO0XQLFLSDO(OHFWLRQ $SSRLQW6RXWKHDVW0RVTXLWR$EDWHPHQW'LVWULFW±-R\FH/DZUHQFH'LVW 2UGHUDQQH[DWLRQRI/LJKWLQJ$'±$QQH[6XYD6WDPSV 3DUWLFLSDWHZ/$&RXQW\1DW¶O3ROOXWDQW'LVFKDUJH(OLPLQDWLRQ6\VWHP 13'(6  'HVLJQDWH/D5HLQDDWKURXJKVWUHHWDW6L[WK $SSRLQW7UDIILF&RPPLWWHH±*DU\3DUNV'LVW 5HPRYHDSSRLQWPHQW3DUNLQJ3ODFH&RPP±*X\6WHUQHU'LVW (VWDEOLVKWZRKRXUSDUNLQJUHVWULFWLRQQRUWKVLGHRI4XLOO (VWDEOLVKWZRKRXUSDUNLQJUHVWULFWLRQERWKVLGHV5LYHV $GRSWEXGJHW (VWDEOLVKXQLIRUPVFKHGXOHRIIHHV $GRSWDSSURSULDWLRQVOLPLWVI\ POHDVHUHYHQXHERQGV/$&R5HJLRQDO3XEOLF5HFUHDWLRQ$UHD$XWK &RPSOLDQFHZLWK/$&RXQW\&RQJHVWLRQ0DQDJHPHQW3URJUDP &03  $SSURYH(QJLQHHU¶VUSWDVVHVVPHQWV/WJ0DLQW'LVW$' &RQILUPDVVHVVPHQWV/WJ0DLQW'LVW$'I\ $XWKRUL]HGHVWUXFWLRQRIREVROHWHUHFRUGV±3ROLFH'HSW $SSRLQW/LEUDU\$GYLVRU\%G±,QJULG*OXFN'LVW $SSRLQW5HFUHDWLRQ &RPPXQLW\6YFV±%REELH6DPSHUL'LVW $SSRLQW3HUVRQQHO$GYLVRU\%G±)HUQ3HUVLRQ'LVW 5HDSSRLQW3ODQQLQJ&RPP±%ULDQ*DVGLD'LVW 5HDSSRLQW5HFUHDWLRQ &RPPXQLW\6YFV±-HDQ%UD]HOWRQ'LVW $SSRLQW3DUNLQJ3ODFH&RPP±0DWWKHZ3L]]R'LVW $SSRLQW3HUVRQQHO$GYLVRU\%G±+DUU\³6NLS´+HPP'LVW ,PSOHPHQWHDUO\UHWLUHPHQWSURJUDPDOOIXOOWLPHHPSOR\HHV 6LGHOHWWHUDJPW'RZQH\)LUHPHQ¶V$VVRFIRUVSHFLDOILUHDVVLJQPHQWERQXV $SSURYH\USODQH[SHQGLWXUH3URS$ & UG (VWDEOLVKKUSDUNLQJUHVWULFWLRQHV3DUDPRXQWEHWZDQGWK (VWDEOLVKKUSDUNLQJUHVWULFWLRQZV/DNHZRRGIURQWDJHURDG $XWKRUL]HZDLYHURIUHTXLUHGSDUNLQJVSDFHVZDLYHIHH±'RZQH\ 0283ROLFH2IILFHUV¶$VVRFLDWLRQ &DOOLQJ6SHFLDO0XQLFLSDO(OHFWLRQSURSRVHG&KDUWHU$PHQGV 3ULRULWLHVIRUILOLQJZULWWHQDUJXPHQWV&LW\$WWRUQH\,$ )LOLQJRIUHEXWWDODUJXPHQWVIRU&LW\PHDVXUHVDW0XQLFLSDO(OHFWLRQV 5HTFRQVROLGDWLRQZLWK/$&RXQW\6SHFLDO6WDWHZLGH(OHFWLRQ $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±&DUO-DFNVRQ'LVW (VWDEOLVKVDODU\DGMXVWPHQWVIRU3ROLFH&DSWDLQV 028ZLWK'RZQH\)LUHPHQ¶V$VVRFLDWLRQ &HUWLI\1HJ'HFODUDWLRQIRU:DWHU:HOO%URRNVKLUH &LYLF&HQWHU  (VWDEOLVKSDUNLQJSHQDOWLHVPRGLILHGE\ $SSOLFDWLRQWR6WDWHWRSDUWLFLSDWHLQ+20(,QYHVWPHQW3DUWQHUVKLSSURJUDPV (VWDEOLVKVDODU\DGMXVWPHQWVIRU)LUH&KLHI)LUH%DWWDOLRQ&KLHI )LUH0DUVKDO $SSURYH30±)LUHVWRQH ,QWHQWWRYDFDWHLUUHYRFDEOHRIIHURIGHGLFDWLRQ IXWXUHVWUHHW 5LYHV 2SSRVLQJXVHRIJUDIILWLJUDIILWLUHODWHGYDQGDOLVPLQDGYHUWLVLQJ $GRSWPRUWJDJHFUHGLWFHUWLILFDWHSURJUDPZ/$&RXQW\ ,QWHQWWRYDFDWHLUUHYRFDEOHRIIHURIGHGLFDWLRQ IXWXUHVWUHHW 5LYHV &HUWLI\ILQDO(,5IRU*3$=& 'HYHORSPHQW$JUHHPHQW 5(62/87,21,1'(; $PHQG*3$PHQGPHQW*3IURP6FKRROVWR*HQHUDO&RPPHUFLDO 5HDSSRLQW'HVLJQ5HYLHZ%RDUG/DQGVFDSH$UFKLWHFW±*LOEHUW)ORUHV 5HDSSRLQW'HVLJQ5HYLHZ%RDUG6PDOO%XVLQHVV5HSUHVHQWDWLYH*ORULD5HHG 5HDSSRLQW'HVLJQ5HYLHZ%RDUG*HQHUDO&RQWUDFWRU±)UDQN7&:HL 5HVWULFW3DUNLQJ±2OG5LYHU6FKRRO5GDPSPZHHNGD\V 'HQ\DSSHDODSSURYH&831(FRUQHU:RRGUXII ,PSHULDO:RRGUXII6T 'HQ\DSSHDODSSURYH=91(FRUQHU:RRGUXII ,PSHULDO $SSRLQW:DWHU)DFLOLWLHV&RUS±.HQQHWK%HFNQHU'LVW $SSURYHGHVWUXFWLRQRIREVROHWHUHFRUGV3ROLFH'HSWUHVFLQG $SSURYH$PHQGPHQW$WR6WDWH$JUHHPHQW±UHOLQTXLVKPHQW)LUHVWRQH 2UGHUYDFDWLRQRILUUHYRFDEOHRIIHURIGHGLFDWLRQ IXWXUHVWUHHW 5LYHV $SSURYH6XSSO6WDWH$JUPW±VWUHHWLPSURYHPHQWV)ORUHQFH 5HVFLQGSRUWLRQ5HVKUSDUNLQJUHVWULFWLRQ2OG5LYHU6FKRRO5G 5HVWULFW3DUNLQJ±2OG5LYHU6FKRROKUVSURKLELWYHKLFOHVRYHU¶LQKHLJKW 3URKLELWSDUNLQJ±2OG5LYHU6FKRRO5G 5HVXOWVRI6SHF0XQLFLSDO(OHFWLRQ1RY &KDUWHU$PHQGPHQWV   'HVLJQDWH'LQZLGGLHDQG5\HUVRQ$OOZD\6WRSLQWHUVHFWLRQ 028WR6RXWKHDVW&LWLHVDJDLQVW1DUFRWLFV 6&$1  5HDSSRLQW6RXWKHDVW0RVTXLWR$EDWHPHQW'LVW±-R\FH/DZUHQFH (QGRUVH6(/$&VWUDWHJ\ UHFRPPHQGDFWLRQVWRUHJLRQDOSODQ 'HQ\DSSHDODSSURYH=9%DUOLQ 'HQ\DSSHDODSSURYH7HQWDWLYH30%DUOLQ 6XEPLWWDORIDSSOLFDWLRQ2IILFHRI7UDIILF6DIHW\IVXJJHVWHGURXWHWRVFKRROJUDQW &RQVWUXFWLRQPDLQWDJPWZ3DUDPRXQWIRUWUDIILFVLJQDO5RVHFUDQV&HQWXU\ 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'0DUEHO $SSURYHHQJLQHHUVUHSRUW/LJKWLQJ'LVW$'0DUEHO ,QWHQWWRDQQH[/LJKWLQJ'LVW0DUEHO &DOOIRU(OHFWLRQIRU2IILFHUV 5HTXHVW%GRI6XSHUYLVRUVWR&RQVROLGDWHZ*HQHUDO(OHFWLRQ $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±-RHO/XELQ'LVW $SSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV±*UDFH+RUQH\'LVW (VWDEOLVKZDWHUUDWHVDQGUHVFLQGV5HVRUHVFLQGHGE\5HV $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±$QGUHD:DNHILHOG'LVW 5HDSSRLQW*ROI&RXUVH$XWKRULW\5RJHU/DZUHQFH'LVW 5HDSSRLQW*ROI&RXUVH$XWKRULW\±-DPHV*LOOHVSLH'LVW $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±0LFKHOH$KUHQV'LVW $SSURYH5HJV&DQGLGDWHV6WDWHPHQWV 2UGHUDQQH[DWLRQRI/LJKWLQJ'LVW$'0DUEHO *UDQWDSSHDODSSURYHWLPHH[WHQVLRQRIQRQFRQIRUPLQJXVH3DUDPRXQW $SSRLQW7UDIILF&RPPLWWHH±-DPHV3U\RU'LVW 6XEPLWWRHOHFWRUV&KDUWHUDPHQGPHQW±0XQLFSDO(OHFWLRQ 6HWWLQJSULRULWLHVZULWWHQDUJXPHQWV&LW\$WWRUQH\LPSDUWLDODQDO\VLV )LOLQJRIUHEXWWDODUJXPHQWVVXEPLWWHGDW0XQLFLSDO(OHFWLRQV 5HTXHVW%GRI6XSHUYLVRUVWR&RQVROLGDWHZ6WDWHZLGH3ULPDU\(OHFWLRQ 6XSSRUW+56DIH'ULQNLQJ:DWHU$FWRI $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±*UHJRU\5RVHQWKDO'LVW 028ZLWK'RZQH\)LUHPHQ¶V$VVRFLDWLRQ 028ZLWK'RZQH\&LW\(PSOR\HHV¶$VVRFLDWLRQ±0DLQWHQDQFH 028ZLWK'RZQH\&LW\(PSOR\HHV¶$VVRFLDWLRQ±0LVFHOODQHRXV 028ZLWK'RZQH\3XEOLF6DIHW\$X[LOLDU\$VVRFLDWLRQ (VWDEOLVKVDODU\DGMXVWPHQWVIRUQRQVZRUQPDQDJHPHQWHPSOR\HHV 5HDSSRLQW*ROI&RXUVH$XWKRULW\±)UDQN*DVGLD'LVW 5(62/87,21,1'(; (VWDEOLVKPLQJUHHQFXUESDUNLQJDPSPQV7KLUG 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'3HOOHW $SSURYHHQJLQHHUVUHSRUW/LJKWLQJ'LVW$'±3HOOHW ,QWHQWWRDQQH[/LJKWLQJ'LVW±$QQH[3HOOHW &RQIRUPDQFHZLWK&RQJHVWLRQ0DQDJHPHQW3URJUDP $SSRLQW:DWHU$GYLVRU\%RDUG±0DUWLQ6XVQLU'LVW 5HSRUWHPSOR\HHFRQWULEXWLRQSD\PHQWVWR3(56 *UDQWRQHWLPHSD\PHQWWRVSHFLILHGSDUWWLPHHPSOR\HHVHVWDEOLVKELOLQJXDOSD\ 2UGHUDQQH[DWLRQRI/LJKWLQJ'LVW$'±$QQH[3HOOHW 5HDIILUPQHHGIRU]HURHPLVVLRQYHKLFOHVDQGFOHDQIXHOUHJXODWLRQV $SSURYH)LQDO302UL]DED 4XRLW ,QWHQWWRYDFDWHVRXWKHDVWHUO\¶RI&RUG $SSRLQWWR(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±&DUPHQ0DUTXH]'LVW 6XEPLWDSSOLFDWLRQ6WDWHRI&$ORFDOJRYHUQPHQWXVHGRLOJUDQWSURJUDP $PHQGFRQWUDFWZLWK3(56±WKLUGOHYHORIVXUYLYRUEHQHILWV $SSRLQW&LW\$WWRUQH\7LP0F2VNHU%XUNH:LOOLDPV 6RUHQVHQ 2UGHUYDFDWLRQRIVRXWKHDVWHUO\¶RI&RUGQRUWKHUO\I'RZQH\ 6DQIRUG%ULGJH $GRSWQRQGLVSRVDOIDFLOLW\HOHPHQWSHU&$,QWHJUDWHG:DVWH0DQDJHPHQW$FWµ 5HVFLQG5HV5HVWULFW3DUNLQJ±%XFNOHV6WDPDOOGD\V $XWKRUL]HH[HFXWLRQRI*HQHUDO6HUYLFHV$JUHHPHQWZLWK/$&RXQW\ $SSRLQW'HVLJQ5HYLHZ%RDUGOLFHQVHGDUFKLWHFW±(GZDUG1J 5HFRJQL]H3ROLFH/LHXWHQDQWV &DSWDLQVDV'RZQH\3ROLFH0DQDJHPHQW$VVQ $SSOLFDWLRQIRUJUDQWIXQGVIURPXVHGRLOUHF\FOLQJIXQG 2UGHUHQJLQHHU¶VUHSRUWRQSURSRVHGUDWHVFKDQJHV/W'LVW$'I\ $SSURYHHQJLQHHU¶VUHSRUWIRUDVVHVVPHQWV/W'LVW$'I\ ,QWHQWWRFROOHFWDVVHVVPHQWV/W'LVW$'I\ $SSURYHDSSOLFDWLRQIRUSHGHVWULDQIXQGVI\ $SSURYH)LQDO30%DUOLQ 6XSSRUWRI+5UHDXWKRUL]DWLRQRI)HGHUDOFOHDQZDWHUDFW $GRSWEXGJHW (VWDEOLVKXQLIRUPVFKHGXOHRIIHHV $XWKRUL]H&LW\HPSOR\HHVWRVLJQ6WDWHDSSOLFDWLRQIRUHDUWKTXDNHGDPDJHV 5HDSSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±)UDQN%HFNQHU'LVW $SSRLQW&DEOH79&LWL]HQV$YLVRU\&RPPLWWHH±'DQ3XORQH'LVW 5HDSSRLQW7UDIILF&RPPLWWHH±-DPHV3U\RU'LVW 5HDSSRLQW3ODQQLQJ&RPPLVVLRQ±6WHSKHQ$OOHQ'LVW 5HDSSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±(G%URZQOLH'LVW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±-LP5H\QROGV'LVW 5HDSSRLQW3HUVRQQHO$GYLVRU\%RDUG±0LFKHOH$KUHQV'LVW 5HDSSRLQW/LEUDU\$YLVRU\%RDUG±$UWKXU2FKRD'LVW 5HDSSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±0DUWKD5H\QROGV'LVW 5HDSSRLQW3ODQQLQJ&RPPLVVLRQ±)UDQN6KHOGRQ'LVW 5HDSSRLQW:DWHU%RDUG±-RH'DYLV'LVW 5HDSSRLQW7UDIILF&RPPLWWHH±'RULV0F$UWKXU'LVW 5HDSSRLQW5HFUHDWLRQ &RPPXQLW\6YFV5REHUW:LQQLQJKDP'LVW 5HDSSRLQW+DQGLFDSSHG$SSHDOV%RDUG±(GZLQ%DFD $GRSWDQQXDODSSURSULDWLRQVOLPLW 'HFODUH5HVXOWVRI-XQH*HQHUDO0XQLFLSDO(OHFWLRQ &RQILUP$VVHVVPHQWVIRU/LJKWLQJ'LVWULFW$' 'HQ\DSSHDOUHWDLQFRQGLWLRQVRIDSSURYDO&83/DNHZRRG 5HVFLQG5HV1R3DUNLQJ5HVWULFWLRQSPDPQV&HQWXU\ $SSURYH)LQDO30±%URRNVKLUH /DXUHOGDOH 5(62/87,21,1'(; $SSURYH\USODQIRUH[SHQGLWXUHRI3URSRVLWLRQ$DQG&IXQGV $SSRLQW7UDIILF&RPPLWWHH±0DUJDUHW³3HJJ\´5HHG'LVW 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'.ORQGLNH $SSURYHUHSRUW/LJKWLQJ'LVW$'.ORQGLNH 'HFODUHLQWHQWVHWKHDULQJ/LJKWLQJ$'.ORQGLNH $PHQG5HVVHWWLQJ7KHDWUHUHQWDOUDWHV 2UGHUDQQH[DWLRQRI/LJKWLQJ'LVW$'±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¶$VVRFLDWLRQ $SSRLQW&DEOH79&LWL]HQV$GYLVRU\&RPPLWWHH±'LDQQH/XPVGDLQH'LVW UG $SSURYH8VHG2LO5HF\FOLQJ%ORFN*UDQW±F\FOH *UDQWRQHWLPHSD\PHQWWRVSHFLILHGHPSOR\HHV $IIRUGDEOH+RXVLQJ$JPW+DELWDWIRU+XPDQLW\/H)ORVV 7ZRKRXUSDUNLQJUHVWULFWLRQDPSP3DUDPRXQW $SSURYH)LQDO30:DVKEXUQ :RRGUXII 028ZLWK'RZQH\)LUHPHQ¶V$VVRFLDWLRQ 6DODU\DGMXVWPHQWVIRU3ROLFH&KLHI)LUH&KLHI%DWWDOLRQ&KLHI )LUH0DUKVDO 028ZLWK'RZQH\3ROLFH0DQDJHPHQW$VVRFLDWLRQ /$&RXQW\5HJLRQDO3DUN2SHQ6SDFHJUDQWIXQGVIRU&RPP6U&WU*\P 6XSSRUWFRQWRSHUDWLRQV/RQJ%HDFK1DYDOVKLS\DUG 6XSSRUWRIFRQVWUXFWLRQRI/$&RXQW\GUDLQDJHDUHD /$&'$ SURMHFW $SSURYHSDUWLFLSDWLRQZ&'&RI/$&RXQW\IRU6(/$&RXQW\SODQQLQJJUDQW $SSURYHIRUPRI&LW\¶VFRPPHUFLDOVROLGZDVWHDJUHHPHQWZLWKFROOHFWRUV -3$ZYDULRXVFLWLHV8VHG2LO5HF\FOLQJ*UDQW 5HGXFLQJ$% UHF\FOLQJSURJUDP IHH 5HVFLQG5HV1R3DUNLQJ5HVWULFWLRQHVZRRGUXII ,PSOHPHQW HQIRUFH6WDWHWREDFFRFRQWUROODZ &$/DERU&RGH6HF  6XEPLWDSSOLFDWLRQXQGHU6WDWHORFDOJRY¶W8VHG2LO*UDQW (VWDEOLVKGUXJZHDSRQIUHH]RQHVDGMDFHQWWRSXEOLFSULYDWHVFKRROVSXEOLFSDUNV $SSRLQW/LEUDU\$GYLVRU\%RDUG±0LNH)ORUHV'LVW (VWDEOLVKZDWHUUDWHVUHVFLQG5HVUHVFLQGHGE\5HV $OORFDWLRQIRULVVXDQFHRIPRUWJDJHFUHGLWFHUWLILFDWHVDQGWUDQVIHUWR/$&RXQW\ &ODVVVSHFVHVWDEOLVKVDODU\UDQJH'LVSDWFK6\VWHPV0JU 'LVSDWFK6XSHUYLVRU 2UGHU(QJU¶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±0DWWKHZ3L]]R'LVW 5HDSSRLQW3ODQQLQJ&RPPLVVLRQ±0HUHGLWK3HUNLQV'LVW 5HDSSRLQW:DWHU$GYLVRU\%RDUG±.HQQHWK%HFNHU'LVW (VWDEOLVK=RQH/FRQILUPDVVHVVPHQWV/LJKWLQJ'LVW$' 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$' $SSURYHUHSRUW/LJKWLQJ'LVW$' 'HFODUHLQWHQWVHWKHDULQJ/LJKWLQJ'LVW$' $SSRLQW:DWHU%RDUG±5REHUW6KDQG'LVW 5HVFLQG5HVWZRKRXUSDUNLQJUHVWULFWLRQERWKVLGHV'ROOLVRQ (VWDEOLVK,PSHULDODVSDUWRIV\VWHPRIKLJKZD\VRI/$&RXQW\ 2UGHUDQQH[DWLRQ/LJKWLQJ'LVW$' $SSURYHQHJDWLYHGHFODUDWLRQ$SROOR3DUNUHQRYDWLRQ,PSHULDO5LYHV 'HQ\DGPLQLVWUDWLYHDSSHDOFRPSOLDQFHZVLJQFRGH'RZQH\ &RQIRUPDQFHZLWK&RQJHVWLRQ0DQDJHPHQW3URJUDP *3DPHQG*HQ&RPP7R&RPP0IJ)LUHVWRQH 5\HUVRQ $SSURYH)LQDO30±:DVKEXUQ ,QWHQWSLSHOLQHIUDQFKLVHV$WODQWLF5LFKILHOG$5&20RELO2LO *ROGHQ:HVW ''$.ULNRULDQ3UHPLHUH7KHDWUHV/D5HLQD7KLUG1HZ 6HFRQG $SSURYHVKDUHGXVHSDUNLQJLQFRQMZPRWLRQSLFWXUHWKHDWHUUHVWDXUDQW )HHLQOLHXSNJZPRWLRQSLFWXUHWKHDWHUDPHQGHGE\ $SSURYH)LQDO30±)LUHVWRQH $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWWHH±0DULD/DUNLQ'LW 2YHUWXUQ3&GHFLVLRQ ILOHYLRODWLRQORWVSOLW*ROGHQ'HPSVWHU VW DPHQGPHQW-3$±&LWLHVIRU8VHG2LO5HF\FOLQJ:RUNLQJ*URXS $SSRLQW:DWHU%RDUG±+HUE6WHYHQV'LVW 'HVLJQDWH&LW\HPSOR\HHVWRVLJQ6WDWHHPHUJHQF\VYFVIRUGDPDJHVIORRG $SSRLQW5LFKDUG5HPD\QH*UHJ0D\ILHOGUHSVWR&HQWUDO%DVLQ:DWHU$VVRF $SSURYHGHVWUXFWLRQRIREVROHWHUHFRUGV3ROLFH'HSWUHVFLQG 6XSSRUWRI/$&RXQW\FRRUGLQDWHGWUDQVLWSODQ $SSURYH)LQDO30±0XOOHU $SSOLFDWLRQIRUPLQORDQJXDUDQWHHIXQGVSHU6HF+RXVLQJ&'$FWµ 028'RZQH\&LW\(PSOR\HHV¶$VVRFLDWLRQ±0LVFHOODQRXV $SSRYH)LQDO30±)LUHVWRQH &DOO6SHFLDO(OHFWLRQ0DUFK±&KDUWHU$PHQGPHQWUHVFE\ 5HTXHVW%UGRI6XSHUYLVRUVWR&RQVROLGDWHUHVFE\ 6HW3ULRULWLHV$UJXPHQWV&KDUWHU$PHQG&$3UHSDUH$QDO\VLVUHVFE\ 3URYLGH5HEXWWDO$UJXPHQWVUHVFLQGHGE\ 5HVFLQG5HVRV ±6SHF(OHFWLRQ0DUFK 5HVFLQGSRUWLRQRI5HV1R6WRSSLQJ$Q\WLPHHV/LWWOH/DNH 5HDSSRLQW*UHDWHU/$&RXQW\9HFWRU&RQWURO'LVW±-R\FH/DZUHQFH /$&RXQW\3XEOLF5HFUHDWLRQ$XWK *ROI&RXUVH ±*HRUJH%RRVH'LVW *UDQWVDODU\DGMXVWPHQWVVSHFLILHGHPSOR\HHV([HF0LGGOH0JW &RQI([HPSW 028ZLWK'RZQH\&LW\(PSOR\HHV¶$VVRFLDWLRQ±0DLQWHQDQFH $SSURYH)LQDO30±&ODUN $PHQGPHQW+RXVLQJ$JPW+DELWDWIRU+XPDQLW\RI6(/$&RXQW\/H)ORVV $SSRLQW/$&RXQW\3XEOLF5HFUHDWLRQ$XWK *ROI&RXUVH +HUE6WHYHQV'LVW PLQXWHSDUNLQJUHVWULFWLRQDPSP±HV%URRNVKLUHDGMWR%URRNVKLUH 5(62/87,21,1'(; KUSDUNLQJUHVWULFWLRQDPSP±QV)RXUWK $SSURYH)LQDO30±6LGHYLHZ $GRSWUHTXLUHPHQWVWRFRPSO\Z86'HSWRI7UDQV'UXJ $OFRKRO7HVWLQJ &DOOLQJ*HQHUDO(OHFWLRQ1RY&KDUWHU$PHQG 'LVWV  5HTXHVW%UGRI6XSHUYLVRUV&RQVROLGDWH 6HW3ULRULWLHVI$UJXPHQWV&KDUWHU$PHQG&$3UHSDUH$QDO\VLV 3URYLGHIRU5HEXWWDO$UJXPHQWVDW0XQLFLSDO(OHFWLRQV $SSURYH5HJXODWLRQVIRU&DQGLGDWHV¶6WDWHPHQWV 6XSSRUWDGRSWLRQRI/$5LYHU0DVWHU3ODQ $SSURYHDGRSWLRQRI3(56'HIHUUHG&RPSHQVDWLRQ3ODQ &DOOLQJ0XQLFSDO(OHFWLRQ1RY&KDUWHU$PHQGWHUPOLPLWV 5HTXHVW%RDUGRI6XSHUYLVRUV6HUYLFHV 6HW3ULRULWLHVIRU$UJXPHQWVUH&KDUWHU$PHQG &$3UHSDUH$QDO\VLV UGQG $SSURYH''$Z.ULNRUDQ3UHPLHUH7KHDWUHV/D5HLQD1HZ  $SSURYHDSSHDORIPRGLILHG&83ODUJHIDPLO\GD\FDUH2UL]DED $GRSW8UEDQ:DWHU0DQDJHPHQW3ODQ 'HOHJDWHDXWKRULW\WR3ROLFH&KLHIUHDOFRKROLFEHYHUDJHOLFHQVHV (VWDEOLVKPLQSNJUHVWULFWLRQDPDP3KOR[.RRSPDQ 3LYRWUHVFE\ 2UGHU(QJU¶VUHSRUWRQSURSRVHGFKDQJHV/LJKWLQJ'LVW$'IRUI\ $SSURYHUHVLGHQWLDOLQWHJUDWHGZDVWHPDQDJHPHQWDJUHHPHQWZLWK&DOVDQ $SSURYHFRPPHUFLDOLQWHJUDWHGZDVWHPDQDJHPHQWDJUHHPHQWZLWK&DOVDQ 'HQ\DSSHDODSSURYH&83IRUVHUYLFHVWDWLRQPLQLPDUW3DUDPRXQW (VWDEOLVKKUSDUNLQJUHVWULFWLRQDPSPRQZV3DWWRQ 3URKLELWSDUNLQJDQ\WLPHQVRI%DQJOH 5HVFLQGSHDNKUSDUNLQJUHVWULFWLRQDPDP SPSPRQZV/DNHZRRG 5HVFLQGQRSNJDQ\WLPHZV5HJHQWYLHZSURKLELWSNJDQ\WLPHHV5HJHQWYLHZ $SSURYH(QJLQHHU¶VUHSRUW/LJKWLQJ'LVW$'I\ 'HFODUHLQWHQWVHWKHDULQJ/LJKWLQJ'LVW$'OHY\ FROOHFWDVVHVVPHQWV $GRSWVWDQGDUGVILVVXDQFHRIEXVEHQFKSHUPLWVRQSXEOLFSURSHUW\UHVFLQG $SSURYHDSSOLFDWLRQIRUSHGHVWULDQIXQGVI\ $SSURYH1HJDWLYH'HFODUDWLRQIRU&DVK&RQWUDFWOHYHOSDUNLQJVWUXFWXUH 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'±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±'RORUHV%DFXV'LVW $SSURYH-3$RIWKH*DWHZD\&LWLHV&RXQFLORI*RYHUQPHQWV &DOOLQJ0XQLFSDO(OHFWLRQ1RY&KDUWHU$PHQG&KDUWHUDPGWV $PHQG5HVDGGLQJIHHVWRXQLIRUPVFKHGXOHRIIHHV 5(62/87,21,1'(; $SSURYHDSSHDORIPRGLILHG&83±ODUJHIDPLO\GD\FDUH$GZHQ (VWDEOLVKSUHWD[SD\UROOGHGXFWLRQSODQIRUVHUYLFHFUHGLWSXUFKDVHV 'HVLJQDWHDOOZD\VWRS6HYHQWKDQG:HVWHUQ &RQIRUPDQFHZLWK&RQJHVWLRQ0DQDJHPHQW3URJUDP $SSRLQW&LWL]HQV¶+HDOWK (QYLURQPHQWDO6DQLWDWRQ&\QWKLD0DJDQD'LVW $PHQG&RQIOLFWRI,QWHUHVW&RGH $SSURYH)LQDO30&ODUN ,PSHULDO 'HILQHOLDELOLW\LQVXUDQFHIRUVROLGZDVWHFROOHFWRUVSHU'0& H  5HVFLQGSHDNKUSDUNLQJUHVWULFWLRQDPDP SPSPZV/DNHZRRG 3URSRVHDQQH[RUGHUUHSRUW/LJKWLQJ'LVW$'%URRNVKLUH $SSURYHUHSRUW/LJKWLQJ'LVW$'%URRNVKLUH 'HFODUHLQWHQWVHWKHDULQJ/LJKWLQJ'LVW$' 5HFRJQL]HGHDWKRI&RXQFLOPDQ5DXO3HUH]+XQWLQJWRQ3DUN ,PSOHPHQW&LWL]HQ¶V2SWLRQIRU3XEOLF6DIHW\ &236 3URJUDP $SSURYHDSSHDO=9WHQQLVFRXUWVZOLJKWV6LGHYLHZ $SSURYHDSSHDO&83WHQQLVFRXUWOLJKWLQJ6LGHYLHZ 5HVXOWVRI(OHFWLRQ±0F.HLWK\0F&DXJKDQ/DZUHQFH&KDUWHUDPG $SSURYH6WDWH0VWU$JUPW6/7337UDQVSRUWDWRQSURMHFWV $SSURYH6XSSO6WDWH0VWU$JUPW6/733'RZQH\$YUHVXUIDFLQJ 6HFRQG$PG-3$&LWLHVIRU8VHG2LO5HF\FOLQJ:RUNLQJ*URXS $SSRLQW/LEUDU\$GYLVRU\%RDUG±%DUEDUD+DOEPDLHU'LVW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±'U*HRUJH'DYLV'LVW $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±/LQGD'DYLV'LVW 5HDSSRLQW5HFUHDWLRQ &RPPXQLW\6YFV&RPP±5REHUW:LQQLQJKDP'LVW 5HDSSRLQW7UDIILF&RPPLWWHH±'HQQLV3DJHQNRSS'LVW $SSURYH)LQDO30&ODUN 6HFRQG$PG6XEGLYLVLRQ$JPW703DUDPRXQW±.ULVWLQ 7UDIILF6LJQDO0DLQWHQDQFH$JPW*DUGHQDOH *DUILHOGZLWK&LW\RI6RXWK*DWH $SSU6XSSO6WDWH0VWU$JPW6/7336WXGHEDNHU)ORUHQFHUHVXUIDFLQJ 'HVLJQDWHDOOZD\VWRS7ZHHG\DQG/XEHF 3URKLELW6WRSSLQJSPSPVV&RQUDG 'HVLJQDWHDOOZD\VWRS'RZQH\DQG6HFRQG 028ZLWK'RZQH\3ROLFH2IILFHUV¶$VVRFLDWLRQ $XWKRUL]H&LW\UHSUHVHQWDWLYHVWRDFTXLUH)HGHUDOVXUSOXVSURSHUW\DPHQG (VWDEOLVKZDWHUVHZHU $%UDWHVUHVFLQG5HV $SSRLQW&LWL]HQV¶+HDOWK (QYLURQPHQWDO6DQLWDWLRQ±$UO\VV.HOO\'LVW 5HDSSRLQW:DWHU%RDUG±0DUWLQ6XVQLU'LVW $SSRLQW:DWHU)DFLOLWLHV&RUSRUDWLRQ±0DUWLQ6XVQLU'LVW $SSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV&RPPLVVLRQ±-RVH7UXMLOOOR'LVW 5HDSSRLQW3ODQQLQJ&RPPLVVLRQ±'DYLG*DILQ'LVW 5HDSSRLQW*ROI&RXUVH$XWKRULW\±5RJHU/DZUHQFH'LVW $SSRLQW7UDIILF&RPPLWWHH±&KDUOHV0F&XUG\'LVW 5HDSSRLQW&LWL]HQV¶+HDOWK (QYLURQPHQWDO6DQLWDWLRQ±3DWULFLD%URGH'LVW $SSRLQW&LYLF&HQWHU&RUS±1LNNL8WHUPRKOHQ'LVW $SSURYH6KDUHG8VH3DUNLQJ$JPWEHWZ)LUHVWRQH )LUHVWRQH $PHQG'HIHUUHG&RPSHQVDWRQ3ODQLQIRUPRI,&0$5HWLUHPHQW&RUS $SSURYHDPHQGHG6XEGLYLVLRQ$JPW30:DVKEXUQ $SSURYH)LQDO706WHZDUW *UD\ 5HDSSRLQW5HFUHDWLRQ &RPPXQLW\6YFV&RPPLVLRQ±*ORULD+HHU'LVW 5HDSSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±$QGUHD:DNHILHOG'LVW 5HDSSRLQW:DWHU%RDUG±:LOOLDP+XQW'LVW 028ZLWK'RZQH\&LW\(PSOR\HHV¶$VVRFLDWLRQ±0DLQWHQDQFH 5(62/87,21,1'(; 5HDSSRLQW7UDIILF&RPPLWWHH±0DUJDUHW³3HJJ\´5HHG'LVW 028ZLWK'RZQH\3ROLFH0DQDJHPHQW$VVRFLDWLRQ *UDQWFRVWRIOLYLQJLQFUHDVHIRU3ROLFH&KLHI $SSURYH)LQDO30)LUHVWRQH $SSURYH)LQDO70EORFNRI$GHQPRRU *UDQWIXQGVIURP8VHG2LO1DWLRQDO3ROOXWLRQ'LVFKDUJH(OLPLQDWLRQ6\VWHP *UDQWVDODU\LQFUHDVHVWRVSHFLILHGHPSOR\HHV $SSURYHGHVWUXFWLRQRIREVROHWHUHFRUGV±)LUH'HSW ,QWHQWWRJUDQWQRQH[FOXVLYHIUDQFKLVH0HWULFRPGLJLWDOZLUHOHVVFRPP (VWDEOLVKPLQSDUNLQJUHVWULFWLRQDPDPERWKVLGHV&OHWD 5HVFLQGSRUWLRQ5HVPLQSNJUHVWULFWLRQDPDPERWKVLGHV3LYRW 5HVFLQGSRUWLRQ5HVWZRKRXUSDUNLQJUHVWULFWLRQERWKVLGHV7ULVWDQ 3URWHVW6R&$$VVQRI*RYHUQPHQWV'LVW(OHFWLRQ$SULO ,QWHQWDSSURYH$PHQGPHQWWR3(56&RQWUDFW $SSRLQW/LEUDU\$GYLVRU\%RDUG±'HEELH%ODFN'LVW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±$OGD6LFKWLQJ'LVW $PHQG6XEGLYLVLRQ$JPW30)LUHVWRQH 028ZLWK'RZQH\3XEOLF6DIHW\$X[LOLDU\$VVRFLDWLRQ $SSRLQW(PHUJHQF\3UHSDUHGQHVV±6WHYHQ%UDG/RILQJ'LVW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±$GULHQQH0HUFHG'LVW $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±1LNNL8WHUPRKOHQ'LVW 'HVLJQDWH3HOOHWDWKURXJKVWUHHWDWLWVLQWHUVHFWLRQZLWK5\HUVRQ 2QHKRXUSDUNLQJUHVWULFWLRQDPSPERWKVLGHV&URVVGDOH 028ZLWK'RZQH\&LW\(PSOR\HHV¶$VVRFLDWLRQ0LVFHOODQHRXV $PHQG028¶V'36$$'&($0DLQW DGMXVWFRPSPJPW $SSURYHDGPLQLVWHULQJ$JHQF\6WDWH0DVWHU$JPWIRUIHGHUDODLGSURM $SSURYH6XSSO06WDWH0VWU$JPWWUDIILFVLJQDOLPSURYHPHQWV 2UGHUHQJLQHHU¶VUHSRUWRQDVVHVVPHQWV/LJKWLQJ'LVW$'I\ $SSURYHHQJLQHHU¶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±-HDQ%UD]HOWRQ'LVW 5HDSSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV&RPP±%REELH6DPSHUL'LVW 5HDSSRLQW3HUVRQQHO$GYLVRU\%RDUG±)HUQ3HUVLRQ'LVW 5HDSSRLQW3ODQQLQJ&RPPLVVLRQ±%ULDQ*DVGLD'LVW 5HYRNH=(&83/DNHZRRG%O 7DKLWLDQ9LOODJH/D=RQD5RVD  $SSRLQW&DEOH79&LWL]HQV$GYLVRU\&RPPLWWHH±-RHO/XELQ'LVW $GRSW6SHFV 6DODU\±1HLJKEUKRRG3UHV2IILFHU VSHFLDOSD\/LEUDULDQ &RQIRUPDQFHZLWK&RQJHVWLRQ0DQDJHPHQW3URJUDP 'HQ\DSSHDODSSURYH&83±FRPSXWHUWUDLQLQJIDFLOLW\7KLUG *3$DPHQGODQGXVH*HQ&RPPWR&RPP0DQX)LUHVWRQH 5HDSSRLQW3HUVRQQHO$GYLVRU\%RDUG±6NLS+HP'LVW $SSURYHGHVWUXFWLRQRIREVROHWHUHFRUGV±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¶V2SWLRQIRU3XEOLF6DIHW\ &236 3URJUDP $XWKRUL]HILOLQJRIDSSOLFDWLRQIRUORFDOODZHQIRUFHPHQWEORFNJUDQWVSURJUDP $SSURYH)LQDO30:DVKEXUQ 'RZQH\1RUZDON $SSRLQW&LWL]HQ¶V+HDOWK (QYLURQPHQWDO6DQLWDWLRQ-DPHV%DUWOHWW'LVW $SSRLQW&DEOH79&LWL]HQV¶$GYLVRU\&RPPLWWHH±/LVD.LQJ'LVW $SSRLQW3ODQQLQJ&RPPLVVLRQ±5LFDUGR³5LFN´7UHMR'LVW $SSRLQW/LEUDU\$GYLVRU\%RDUG±%HWWLH6NHOWRQ'LVW $SSRLQW'HVLJQ5HYLHZ%RDUG5HJLVWHUHG&LYLO(QJLQHHU1RUEHUW:HLQEHUJ $SSRLQW'HVLJQ5HYLHZ%RDUG5HJLVWHUHG$UFKLWHFW±(GZDUG/RN1J $SSRLQW'HVLJQ5HYLHZ%RDUG/LFHQVHG*HQHUDO&RQWUDFWRU±)UDQN7&:HL $SSRLQW'HVLJQ5HYLHZ%RDUG&LWL]HQDW/DUJH±)UDQN3ULHWR $SSRLQW'HVLJQ5HYLHZ%RDUG5HJLVWHUHG/DQGVFDSH$UFKLWHFW±*LOEHUW)ORUHV 028ZLWK'RZQH\)LUHPHQ¶V$VVRFLDWLRQ /$))/RFDO  &RQWUDFWZ86'HSW+RXVLQJIRUPLQORDQJXDUDQWHHIXQGV5LYHV $SSRLQW7UDIILF&RPPLWWHH±)UHG%RUQHPDQ'LVW 2SSRVHGHVLJQDWLRQRI/$5LYHUZLWKLQIORRGSODLQDUHDLQ6(/$&RXQW\ $SSRLQW'HVLJQ5HYLHZ%RDUG6PDOO%XVLQHVV5HSUHVHQWDWLYH±*ORULD5HHG $SSRLQW/LEUDU\$GYLVRU\%RDUG±'U(GZDUG0RQJDQ'LVW $SSURYHGHVWUXFWLRQRIREVROHWHUHFRUGV±3ROLFH'HSW &DOOIRU6SHFLDO(OHFWLRQ±&KDUWHU$PGWYRWH3ROLFH )LUH 6HWWLQJSULRULWLHVIRUILOLQJZULWWHQDUJXPHQWV&LW\$WWRUQH\LPSDUWLDODQDO\VLV 3URYLGHIRUILOLQJRIUHEXWWDODUJXPHQWVIRU&LW\0HDVXUHV 6XEPLWWRHOHFWRUV&KDUWHUDPHQGPHQW 6HWWLQJSULRULWLHVIRUILOLQJZULWWHQDUJXPHQWV&LW\$WWRUQH\LPSDUWLDODQDO\VLV /$&RXQW\VHUYLFHV±6SHFLDO(OHFWLRQ $GRSW0RUWJDJH&UHGLW&HUWLILFDWH3URJUDPZ/$&RXQW\ *UDQW6DODU\,QFUHDVH±&LW\0DQDJHU $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±%UXFH-0F.HQ]LH'LVWULFW 5HDSSRLQW9HFWRU&RQWURO'LVWULFW±-R\FH//DZUHQFH $GRSW&ODVV6SHFV 6DODU\±,QWHJUDWHG:DVWH&RRUGLQDWRU $SSURYH*3$)LUHVWRQH%OYG*HQ&RPP7R&RPP0IJ (VWDEOLVK7UDIILF2IIHQGHU)XQG $PHQG8QLIRUP)HH6FKHGXOH±9HKLFOH,PSRXQG5HOHDVH)HH 5HVWULFW3UNJ±:RRGUXII$YH :DVKEXUQ5G (VWDEOLVK1HZ6DODU\5DQJH±'LUHFWRURI3XEOLF:RUNV 5HDSSRLQW*ROI&RXUVH$XWKRULW\±5RJHU/DZUHQFH'LVWULFW 'HQ\$SSHDO $SSURYH0RGLI\WR&83)ORUHQFH$YH $SSURYH)LQDO705HJHQWYLHZ )LUHVWRQH $SSURYH)LQDO30)LUHVWRQH%OYG 5HVWULFW3UNJ±/D5HLQD$YH7ZR+RXU 5HVWULFW3UNJ±0\UWOH6W7ZR+RXU &DQFHO6SHFLDO(OHFWLRQ)HEUXDU\ &DOOLQJ6SHFLDO(OHFWLRQ0D\&KDUWHU$PHQG3ROLFH )LUH6HUYLFH 6HW3ULRULWLHVIRU$UJXPHQWVUH&KDUWHU$PHQG &$3UHSDUH$QDO\VLV 3URYLGHIRU5HEXWWDO$UJXPHQWVDW0XQLFLSDO(OHFWLRQ 5(62/87,21,1'(; $PHQG5HVRWR3URYLGH&KDUWHU$PHQGPHQW0D\ 6HW3ULRULWLHVIRU$UJXPHQWV5H&KDUWHU$PHQG &$3UHSDUH$QDO\VLV 5HTXHVW%RDUGRI6XSHUYLVRUV6HUYLFHV±6SHFLDO(OHFWLRQ $XWKRUL]H$SSOLFDWLRQWR&$,QWHJUDWHG:DVWH0JPW2LO5HF\FOLQJ*UDQWV 5HDSSRLQW*ROI&RXUVH$XWKRULW\±-DPHV*LOOHVSLH'LVWULFW (VWDEOLVK3DUWRI&RXQW\+LJKZD\V±3DUDPRXQW%OYG 'HVLJQDWH$OO:D\6WRS±%LUFKGDOH$YH (YHUHVW6W 5HDSSRLQW*ROI&RXUVH$XWKRULW\±)UDQN*DVGLD'LVW&RXQW\ $XWKRUL]H2EWDLQLQJ6WDWH6XPPDU\&ULPLQDO+LVW,QIRIRU(PS /LF3XUSRVH 'LUHFW&LW\0DQDJHUWR(VWDEOLVK3ROLF\ 3URFHGXUHVIRU%DFNJURXQG&KHFNV 'HFODUH,QWHQWWR(VWDEOLVK8QGHUJURXQG8WLOLW\'LVW±,PSHULDO+Z\'LVW 'HVLJQDWH7KUX6WUHHW±&HGDUWUHH5GDW/LQGVH\$YH $GRSW&ODVV6SHFV 6DODU\5HYLVHG±3ROLFH5HFRUGV6XSHUYLVRU 2UGHU&DQYDVV0D\(OHFWLRQ $SSURYH0DVWHU$JUPWZ7RROH\'HY&R±'HYHORS3DUFHOV 1$6$3URS $SSU6XSSV 6W$JUPW±3DYHPHQWZRUN)LUHVWRQH %URRNVKLUH (VWDEOLVK1HZ6DODU\5DQJHV±([HF0DQDJHPHQW 0LGGOH0DQDJHPHQW 2SSRVH6WDWH3URS±6WDWH)XQGHG'HVLJQ (QJLQHHULQJ6HUYLFHV (VWDEOLVK8QGHUJURXQG8WLOLW\'LVWULFW,PSHULDO+Z\ $PHQG$JUHHPHQWUH*DWHZD\&LWLHV&RXQFLORI*RYHUQPHQWV $SSURYH1HZ3D\7DEOHIRU3DUW7LPH(PSOR\HHV1DWLRQDO0LQLPXP:DJH $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±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±'HVL$OYDUH]*UHJ0D\ILHOG $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±-RKQ+DNHO'LVW $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±0HUY\Q0F'RQDOG'LVW $GRSW)<%XGJHWZLWK,PSOHPHQWLQJ'RFXPHQWV (VWDEOLVK8QLIRUP6FKHGXOHRI)HHV &RQILUP$VVHVVPHQWV)</LJKWLQJ /DQGVFDSH'LVW$' $SSRLQW:DWHU)DFLOLWLHV&RUSRUDWLRQ±'LDQH%RJJV'LVW $SSRLQW&DEOH79$GYLVRU\&RPPLWWHH±-DPHV0'HUU\'LVW $GRSW$QQXDO$SSURSULDWLRQV/LPLW)< 'HVLJQDWH7KUX6WUHHW±/X[RUDW5\HUVRQ 5HVFLQG3DUNLQJ5HVWULFWLRQ±&URVVGDOH 5HVFLQG3DUNLQJ5HVWULFWLRQ±)RXUWK6W 1RWLFHRI*HQHUDO0XQLFLSDO(OHFWLRQ'LVWULFWV  5HTXHVW&RQVROLGDWLRQ $GRSW5HJXODWLRQVIRU&DQGLGDWH6WDWHPHQWV(OHFWLRQ $SSURYH)LQDO6XEGLYLVLRQ0DSRI30±3DUDPRXQW%OYG $SSURYH$SSOLFDWLRQIRU*UDQW)XQGV&RXQW\±*ROGHQ )XUPDQ3DUNV $GRSW&ODVV6SHFV 6DODU\±1HWZRUN$GPLQ&RPS2S,,'LVS6\V0JU *UDQW$SSHDO 'HQ\&83±3ULYDWH6FKRRO3DUDPRXQW%OYG $SSURYH&RQWUDFWIRU8QGHUJURXQG6WRUDJH7DQN5HSODFHPHQW)LUH6WDWLRQ1R 5(62/87,21,1'(; $GRSW5HSRUW &RQIRUPZ&RQJHVWLRQ0DQDJHPHQW3URJUDP 'HQ\$SSHDO $SSURYH&83±'D\FDUH)DFLOLW\/DNHZRRG%OYG $SSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ&RPPLWWHH±0DU\6WHYHQV'LVW WK 'HVLJQDWH$OO:D\6WRS±1HZ6WUHHW 6WUHHW 2SSRVH6WDWH3URS±(OHFWULF8WLOLW\,QLWLDWLYH 5HTXHVW:DWHU5HSOHQLVKPHQW'LVWWR5HEDWH0LOOLRQWR*URXQGZDWHU3URG $PHQG&RQIOLFWRI,QWHUHVW&RGH $XWKRUL]H$SSHDOWR)HGHUDO7UDQVLW$GPLQIRU7UDQVLW$VVLVWDQFH $PHQG3HUVRQQHO0DQXDO±3DUW; $SSURYH$SS/$&RXQW\5HJ3DUN 2SHQ6SDFH*UDQW)XQGV±)XUPDQ3DUN $SSURYH$SS/$&R5HJ3DUN 2SHQ6SDFH*UQW)XQGV±'HQQLVWKH0HQDFH $SSURYH$SS/$&RXQW\5HJ3DUN 2SHQ6SDFH*UDQW)XQGV±,QGHSHQGHQFH $SSURYH$SS/$&R5HJ3DUN 2SHQ6SDFH*UDQW)XQGV±5LR6DQ*DEULHO $SSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV&RPP±-HII0F&DXJKDQ'LVW $SSURYH)LQDO6XEGLYLVLRQ0DSRI30±)ORUHQFH$YH $SSURYH3URJUDP6XSSV0 00VWU$JUPW6W,PSURYHPHQWV $SSURYH'HVWUXFWLRQRI2EVROHWH5HFRUGV±&LW\&OHUN $SSURYH3XUFKDVH$JUHHPHQW±1$6$3DUFHOV  0DVWHU/HDVH$JUHHPHQW±*(&DSLWDO3XEOLF)LQDQFH,QF3RUWDEOH%XLOGLQJ 'HFODUH,QWHQWWR9DFDWH±5\HUVRQ$YH 1HR6W $SSURYH)LQDO6XEGLYLVLRQ0DSRI30±)ORUHV6W $GRSW&ODVV6SHFV 6DODU\5DQJH±6SHFLDO3URMHFWV&RRUGLQDWRU 'HFODUH5HVXOWVRI(OHFWLRQ $SSURYH0LWLJDWHG1HJDWLYH'HFODUDWLRQ±$QGUHZV5DQFKR'HO6XU5HWDLO&WU 2UGHU9DFDWLRQ±5\HUVRQ$YH 1HR6W $SSURYH$PHQGPHQWWR-3$IRU,&50$&KLQR0HPEHUVKLS$SSRLQW&LW\5HSV $XWKRUL]H$SSOLFDWLRQIRU/RFDO/DZ(QIRUFHPHQW%ORFN*UDQWV3URJUDP $SSRLQW3ODQQLQJ&RPPLVVLRQ±'LDQQH/XPVGDLQH'LVWULFW $SSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV&RPP±'RURWK\3HPEHUWRQ'LVW ([WHQG0DVWHU$JUHHPHQWZ7RROH\'HYHORSPHQW $GRSW&ODVV6SHFV 6DODU\5DQJH±6U&LYLO(QJLQHHU 3ULQFLSDO&LYLO(QJ 0RGLI\3DUNLQJ5HVWULFWLRQV±7KLUG6WUHHW 5HDSSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±'DOH$UULDJD'LVWULFW 5HDSSRLQW3HUVRQQHO$GYLVRU\%RDUG±)HUQ3HUVLRQ'LVWULFW 5HDSSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV±%REELH6DPSHUL'LVWULFW 5HDSSRLQW3ODQQLQJ&RPPLVVLRQ±6WHSKHQ$OOHQ'LVWULFW 5HDSSRLQW*ROI&RXUVH$XWKRULW\±*HRUJH%RRVH'LVWULFW $SSURYH,QGHSHQGHQW&LWLHV/HDVH)LQDQFH$XWK +RPH0RUWJDJH)LQ (VWDEOLVK3DUWRI&R+LJKZD\V±3RUWLRQRI6XYD6WRYHU5LR+RQGR&KDQQHO $SSURYH$SSHDO *3$±)RVWHU%ULGJH5GWR%OXII5G $SSRLQW5HFUHDWLRQ &RPPXQLW\6HUYLFHV±-HUU\0LOOHU'LVWULFW $SSRLQW3HUVRQQHO$GYLVRU\%RDUG±3KLO3HUVLFFL'LVWULFW $SSURYH)LQDO6XEGLYLVLRQ0DSRI30±&OHWD6WUHHW 6XSSRUW/HJLVODWLRQ±/RFDO&RQWUROLQ+LJK6SHHG5DLO'HFLVLRQ0DNLQJ3URFHVV $SSRLQW3ODQQLQJ&RPPLVVLRQ±$$'¶$OHVVDQGUR'LVWULFW 5HDSSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±0HUY\Q0F'RQDOG'LVWULFW 5HDSSRLQW:DWHU%RDUG±5REHUW6KDQG'LVWULFW 5HDSSRLQW:DWHU)DFLOLWLHV&RUSRUDWLRQ±-DPHV'RUDQ'LVWULFW 5HDSSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±'HH%DFXV'LVWULFW 5HDSSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ±:LOOLDP+DUH'LVWULFW 5HDSSRLQW+HDOWK (QYLURQPHQWDO6DQLWDWLRQ±1RUEHUW+LOOHFNH'LVWULFW 5HDSSRLQW7UDIILF&RPPLVVLRQ±'RULV0F$UWKXU'LVWULFW 5(62/87,21,1'(; $SSRLQW/LEUDU\$GYLVRU\%RDUG±-DQLFH$OOHQ'LVWULFW $SSRLQW*ROI&RXUVH$XWKRULW\±5DOSK-HQQH\'LVWULFW $SSURYH3XUFKDVH$JUHHPHQW (VFURZ,QVWUXFWLRQVIRU7UDQVLW&HQWHU 6XSSRUW$%5HIRUPDWLRQRI/$&R5LYHUV 0RXQWDLQV&RQV $SSRLQW/LEUDU\$GYLVRU\%RDUG±3DXO<RNRWD'LVWULFW $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±0DUN%RZHQ'LVWULFW :DLYH5LJKWWR'LUHFW$ZDUG *UDQW$XWKRULW\WR&RWR([SHQG)XQGV $SSURYH6DOHRI3URSHUW\E\&'&WR'RZQH\+RVSLWDOLW\'HY )LUHVWRQH  $SSURYH'HVWUXFWLRQRI5HFRUGV±3ROLFH'HSW $SSRLQW&DEOH79$GYLVRU\&RPPLVVLRQ±5REHUW)HOLFLDQR'LVWULFW $SSURYH)XQGLQJ$JUHHPHQWZ&RXQW\±:RRGUXII$YH3DYHPHQW'HI7HVWLQJ $SSURYH5HFLSURFDO(DVHPHQWV 0DLQW$JUPWZ0LG&R7HFK&WU±$UGLV 5HFRJQL]HWKH'RZQH\)LUH0DQDJHPHQW$VVRFLDWLRQ $GRSWD0RGLI\WR'RZQH\3XEOLF6DIHW\$X[LOLDU\$VVRFLDWLRQ 'HQ\$SSHDO &83±$XWR 7UXFN6WRUDJH<DUG,PSHULDO+Z\ 'HQ\$SSHDO =9±:DOO+HLJKW /DQGVFDSLQJ,PSHULDO+Z\ $SSURYH$SSOLFDWLRQ±6WUHHW5HKDE)XQGV6WDWH7UDQV,PSURYHPHQW3URJ 2UGHU5HSRUW/LJKWLQJ /DQGVFDSH'LVWULFW$'±)< $SSURYH5HSRUW/LJKWLQJ /DQGVFDSH'LVWULFW$'±)< 'HFODUH,QWHQWWR/HY\ &ROOHFW$VVHVVPHQWV$'±)< $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±.DWKOHHQ5LFKWHU'LVWULFW 'HFODUH,QWHQWWR,QLWLDWH'HWDFKPHQWIURP:DWHU5HSOHQVKLPHQW'LVWRI6R&$ $SSURYH6DOHRI3URSHUW\E\&'& ''$Z$&RPP'HVLJQ&HQWHU $XWKRUL]H*HQHUDO6HUYLFHV$JUHHPHQW±&RXQW\RI/RV$QJHOHV 3URKLELW3DUNLQJ±:RRGUXII$YH $SSO\IRU3HGHVWULDQ)XQGV8QGHU7UDQVSRUWDWLRQ'HYHORSPHQW$FFW 6%  'HQ\$SSHDO $SSURYH&83±$OFRKRO (QWHUWQPW7HOHJUDSK &RQILUP$VVHVVPHQW±/LJKWLQJ /DQGVFDSH'LVWULFW$G)< $SSURYH)LQDO6XEGLYLVLRQ0DSRI706WHZDUW *UD\5G &HUWLI\)LQDO(,5IRU&83 '$57  'HQ\$SSHDO $SSURYH&83 '$57 WR$OORZ([SDQVLRQRI)DFLOLW\ $GRSW%XGJHWZ,PSOHPHQWLQJ'RFXPHQWV)< (VWDEOLVK8QLIRUP6FKHGXOHRI)HHV $SSRLQW(PHUJHQF\3UHSDUHGQHVV&RPPLWWHH±0DJJLH&DUWHU'LVWULFW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±-HUDOG6LOE\'LVWULFW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±5XVVHOO3HUVLRQ'LVWULFW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±+DUROG7VHNOHQLV'LVWULFW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±$UWXUR0RQWR\D'LVWULFW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±$OYLQ-)UD\'LVWULFW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±&KDUOHV+XWFKLQVRQ'LVWULFW QG $XWKRUL]H&&±5HPRGHO&LW\+DOO)ORRU $SSURYH$SSURSULDWLRQ/LPLWIRU)< $GRSW&ODVV6SHFV 6DODU\5DQJH±3''LVSDWFK6XSHUYLVRU3ODQ&KHFN7HFK $GRSW%OGJ2IILFLDO)LQGLQJV/RFDO$PHQGPHQWVWR8QLIRUP%OGJ&RGHV UG $SSURYH6KDUHG8VH3DUNLQJ$JUHHPHQW±6WUHHW 1HZ6W $PHQGWKH&LW\¶V1RQGLVSRVDO)DF(OHPHQWSHU&$,QWHJUDWHG:DVWH0JPW$FW $SSRLQW,&50$±&LW\5HSUHVHQWDWLYHV $SSURYH/$&RXQW\$JUPW±3URYLGH,QGVWO&RPP(GXFDWLRQDO6LWH9LVLW3URJ )LQG&RQIRUPDQFH $GRSW&03/RFDO,PSOHPHQWDWLRQ5HSRUW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±1LNNL8WHUPRKOHQ'LVWULFW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±7RGG&RUULQ'LVWULFW $SSRLQW&LW\+RVSLWDO&RPPLVVLRQ±'LDQH%RJJV'LVWULFW 5(62/87,21,1'(; $SSURYH7UDQVIHURI6ROLG:DVWH$JUHHPHQW±&DOVDQVWR&DOPHW $SSU6WDWH$JUPW6/7336XSSV ±&HFLOLD6W *DOODWLQ5G $GRSW028ZLWK'RZQH\3ROLFH0DQDJHPHQW$VVRFLDWLRQ $SSURYH6DODU\$GMXVWPHQW±-XQLRU$FFRXQWDQW $GRSW*3$±6HFRQG8QLW'HYHORSPHQW5LYHV%XUQV $SSURYH6DODU\,QFUHDVHV([HF0JPW0LGGOH0JPW&RQILGHQWLDO([HPSW &RQVHQWWR7UDQVIHURI&DEOH79)UDQFKLVH±0HGLD2QHWR$7 7&RUS (VWDEOLVK6DODU\5DQJH±3ULQFLSDO&LYLO(QJLQHHU 'HQ\$SSHDO $SSURYH&83±,PSHULDO+Z\0DUNHW6UYF6WDWLRQ 'HQ\$SSHDO $SSURYH=9±,PSHULDO+Z\0DUNHW6UYF6WDWLRQ 5HTXHVW/RFDO$JHQF\)RUPDWLRQ&RPPLVVLRQ±:5''HWDFKPHQW ,PSOHPHQW&LWL]HQ¶V2SWLRQIRU3XEOLF6DIHW\ &236 (VWDEOLVK6/(6))XQG 5HDSSRLQW:DWHU$GYLVRU\%RDUG±+HUE6WHYHQV'LVWULFW 5HDSSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±0DWWKHZ3L]]R'LVWULFW $SSURYH7UDQVIHURI3LSHOLQH)UDQFKLVH±$UFRWR3DFLILF3LSHOLQV6\VWHP//& $GRSW028Z&LW\(PSOR\HH¶V$VVRFLDWLRQ0DLQWHQDQFH8QLW $GRSW&ODVV6SHFV 6DODU\5DQJH±$VVLVWDQW)LQDQFH'LUHFWRU0LGGOH0JPW (VWDEOLVK3DUWRI&R+Z\6\VWHP±7HOHJUDSK5GRYHU5LR+RQGR&KDQQHO $XWKRUL]H$SSOLFDWLRQIRU/RFDO/DZ(QIRUFHPHQW%ORFN*UDQWV3URJUDP QG $SSURYH$PHQGPHQWWR-3$IRU)HGHUDOO\)XQGHG-RE7UDLQLQJ6RFLDO6UYFV $SSURYH*3$±/DNHZRRG%OYG 5LFK'HYHORSPHQW  'HQ\$SSHDO $SSURYH&83)LUHVWRQH%OYG5RRP+RWHO 'HQ\$SSHDO $SSURYH30)LUHVWRQH%OYG63 $SSRLQW*UHDWHU/$&R9HFWRU&RQWURO'LVWULFW±0HUHGLWK3HUNLQV5HS $SSURYH6WDWH0VWU$JUPW±6WDWH7UDQVSRUWDWLRQ,PS3URJ 67,3  $SSURYH6XSSWR6WDWH0VWU$JUPW±3DYHPHQW5HKDE 'HVLJQDWH7KUX6WUHHW±&RQUDG6WDW0RQWJRPHU\$YH 'HVLJQDWH7KUX6WUHHW±%ORGJHWW$YHDW0RU\6W $GRSW028ZLWK'RZQH\3ROLFH2IILFHUV$VVRFLDWLRQ $SSURYH6DOHRI5HDO3URSHUW\±)LUHVWRQH 3DWWRQ'RZQH\+(//& 'HQ\$SSHDO&83±5HYRNH(QW)ORUHQFH 7RFRURUR  6XSSRUW3URS±&$5HDGLQJ /LWHUDF\,PS 3XE/LE&RQVW%RQG$FW 6XSSRUW/HJLVODWXUH *RYHUQRUWR(QDFW 6LJQ$% $% :5'  $XWKRUL]H3HWLWLRQWR6WDWH:DWHU%RDUGUH/$5:4&%2UGHU 5HDSSRLQW*ROI&RXUVH$XWKRULW\±5DOSK-HQQH\'LVWULFW $SSRLQW3DUNLQJ3ODFH&RPPLVVLRQ±(G%URZQOLH'LVWULFW $SSURYH'HVWUXFWLRQRI2EVROHWH5HFRUGV±3ROLFH'HSDUWPHQW $SSURYH$SSOLFDWLRQIRU3HGHVWULDQ)XQGV±7UDQVSRUWDWLRQ'HY$FW 6%  :DLYH5LJKWVWR'LUHFW6XEJUDQW$ZDUG±-$,%*/$&RWR([SHQG)XQGV $SSURYH$SSOLFDWLRQ7UDQVSRUWDWLRQ,PSURYHPHQW3URM07$ (VWDEOLVK6DODU\5DQJH±6XSHULQWHQGHQWRI:DWHU 6DQLWDWLRQ 5HDSSRLQW*ROI&RXUVH$XWKRULW\±+HUEHUW6WHYHQV'LVWULFW&RXQW\$SSRLQW $GRSW028ZLWK'RZQH\3ROLFH2IILFHU¶V$VVRFLDWLRQ $SSO\IRU*UDQW)XQGV±'RZQH\&RPPXQLW\$TXDWLF&HQWHU $SSRLQW&LW\+RVSLWDO&RPPLWWHH±0DUN9DVTXH]'LVWULFW $SSRLQW'HVLJQ5HYLHZ%RDUG%XVLQHVV3HUVRQ±*ORULD5HHG $SSRLQW'HVLJQ5HYLHZ%RDUG5HJLVWHUHG&LYLO(QJLQHHU±5DXO)HUQDQGH] $SSRLQW'HVLJQ5HYLHZ%RDUG/LFHQVHG*HQHUDO&RQWUDFWRU±$OH[%DFD $SSRLQW'HVLJQ5HYLHZ%RDUG/LFHQVHG*HQHUDO&RQWUDFWRU±'DOH6HOI $SSRLQW'HVLJQ5HYLHZ%RDUG&LWL]HQDW/DUJH±)UDQN3ULHWR $SSRLQW'HVLJQ5HYLHZ%RDUG5HJLVWHUHG/DQGVDSH$UFKLWHFW±*UDKDP6WDQOH\ $SSRLQW'HVLJQ5HYLHZ%G$OW5HJLVWHUHG/DQGVFDSH$UFKLWHFW*LOEHUW)ORUHV 5(62/87,21,1'(; 2UGHU5HSRUW/LJKWLQJ /DQGVFDSLQJ'LVWULFW$')< $SSURYH5HSRUW/LJKWLQJ /DQGVFDSLQJ'LVWULFW$')< 'HFODUH,QWHQWWR/HY\ &ROOHFW$VVHVVPHQWV±/LJKWLQJ /DQGVFDSLQJ$' 6XSSRUW&RQWURO%DVLQ:DWHU'LVWULFW:DWHU4XDOLW\3URWHFWLRQ3URMHFW (VWDEOLVK3XEOLFDWLRQ9HQGLQJ0DFKLQH3HUPLW)HHV $SSO\IRU6FKRRO5RXWH,PSURYHPHQW3URJ $% ±%URRNVKLUH$YH $SSRLQW7UDIILF&RPPLWWHH±:LOOLDP6DQFKH]'LVWULFW $GRSW028ZLWK'RZQH\)LUH0DQJHPHQW$VVRFLDWLRQ 6XSSRUW'HOD\RI&RQJUHVVLRQDO$FWLRQRQ,QWHUQHW7D[0RUDWRULXP 6XSSRUW$% +DYLFH ±5HLPEXUVH/$&'$3URMHFW $SSURYH)LQDO0DSRI70±6WHZDUW *UD\5G $SSURYH)LQDO30± 1HZ6W )RXUWK6W $SSURYH)LQDO30±)LUHVWRQH%OYG $PHQG&RQWUDFWZ%RDUGRI$GPLQLVWUDWLRQRI&$3(56 $GRSW028ZLWK'RZQH\)LUHPHQ¶V$VVRFLDWLRQ $XWKRUL]H$SSO\&$'HSWRI&RQVHUYDWLRQ'LYRI5HF\FOLQJ%HYHUDJH*UDQWV $GRSW028ZLWK'RZQH\&LW\¶V(PSOR\HH¶V$VVRFLDWLRQ0LVFHOODQHRXV8QLW 'HYHORSPHQW$JUHHPHQWZ&RXQW\6DQLWDWLRQ'LVW'$57 &DOPHW &DOOIRUD5HJLRQDO$LUSRUW3ODQIRU6RXWKHUQ&DOLIRUQLD $SSURYH0LWLJDWLQJ1HJDWLYH'HFODUDWLRQIRU7UDQVLW&HQWHU#'RZQH\ 1DQFH &RQILUP$VVHVVPHQWV/LJKWLQJ /DQGVFDSH'LVW$'I\ $GRSW*3$±%HOOIORZHU%OYG,PSHULDO+Z\WR&RPP0IJ 'HVLJQDWH7KUX6WUHHW±&HFLOLD6WDW&URVVGDOH$YH $GRSW&ODVV6SHFV 6DODU\5DQJH±(TXLSPHQW0DLQWHQDQFH6XSHUYLVRU &DOOIRU(OHFWLRQRQ 5HTXHVWWR&RQVROLGDWHZ/$&RXQW\(OHFWLRQRQ $GRSW&DQGLGDWH5HJXODWLRQVIRU*HQHUDO0XQLFLSDO(OHFWLRQRQ $SSURYH$SSOLFDWLRQIRU*)IURP/$&RXQW\5LR6DQ*DEULHO3DUN/LJKWLQJ $GRSW%XGJHWZ,PSOHPHQWLQJ'RFXPHQWV±)< (VWDEOLVK8QLIRUP6FKHGXOHRI)HHV $GRSW028ZLWK3ROLFH0DQDJHPHQW$VVRFLDWLRQ (VWDEOLVK:DWHU6HZHUDQG$%5DWHV $SSURYH$QQXDO$SSURSULDWLRQV/LPLWIRU)< $SSURYH)LQDO30±:DVKEXUQ 'RZQH\1RUZDON5G $PHQG&$6WDWHZLGH&RPPXQLWLHV'HYHORSPHQW$XWKRULW\-3$ *UDQW6DODU\,QFUHDVHVWR6SHFLILHG(PS([HF0JPW0LG0JPW&RQIG([HPSW (VWDEOLVK%HQHILWV([HF0JPW0LGGOH0JPW &RQILGHQWLDO([HPSW $SSURYH,VVXDQFHRI0XOWLIDPLO\+RXVLQJ%RQGV&$6WDWHZLGH&RPP'HY$XWK &KDQJH7LWOH±6U$FFRXQWDQWWR6XSHUYLVLQJ$FFRXQWDQW(VWDEOLVK6DODU\ (VWDEOLVK6DODU\5DQJH±:DWHU&RQVWUXFWLRQ6SHFLDOLVW $SSURYH)LQDO6XEGLYLVLRQ0DSRI70±)ORUHQFH$YH $GRSW028ZLWK3XEOLF6DIHW\$X[LOLDU\$VVRFLDWLRQ $SSURYH)LQDO6XEGLYLVLRQ0DSRI70±6WHZDUW *UD\5G 2SSRVH6% $%5H,)UHHZD\([WHQWLRQ )LQG&03&RQIRUPDQFH $GRSW/RFDO,PSOHPHQWDWLRQ5HSRUW $SSURYH*3$±5RVHFUDQV /DNHZRRGWR*HQ&RPP &RQVLGHU6WUHHW9DFDWLRQ±0DUJDUHW6W $OOH\ %HWZHHQ%URRNVKLUH 3DWWRQ $XWKRUL]H/LEUDU\WR-RLQ/LEUDU\RI&$$UUR\R6(&2/LEUDU\1HWZRUN &KDQJH7LWOH (VWDEOLVK6DODU\±3DUNLQJ(QIRUFHPHQW2IILFHU $XWKRUL]H3'WR5HTXHVW,PSRVLWLRQRI&RQGLWLRQVRQ$%&#7LPHRI7UDQVIHU (VWDEOLVK1HZ6DODU\5DQJHV±/LEUDULDQ6U/LEUDULDQ 'HQ\$SSHDO =9±*DOODWLQ5G&LUFXODU'ULYHZD\ 5(62/87,21,1'(; *UDQW$SSHDO =9±/DNHZRRG%OYG$XWR'HDOHU6LJQV $PHQG&RQIOLFWRI,QWHUHVW&RGH $SSURYH)LQDO30±3DUDPRXQW%OYG $SSURYH6XSSOHPHQW¶V WR6WDWH0VWU$JUPW±3DYHPHQW5HKDE 2UGHU6WUHHW9DFDWLRQ±0DUJDUHW6W $OOH\ %HWZHHQ%URRNVKLUH 3DWWRQ $SSURYH6XSSOHPHQW0WR6WDWH$JUPW±6WHZDUW *UD\,PSURYPWV 'HVLJQDWH7KUX6WUHHW±%RUVRQ6WDW*OHQVKLUH5G 6XSSRUW&RQWURO%DVLQ:DWHU'LVWULFWV5HF\FOHG:DWHU3URMHFW*UDQW$SSOLFDWLRQ $PHQG028±'RZQH\&LW\(PSOR\HH¶V$VVRFLDWLRQ0DLQWHQDQFH8QLW 3HWLWLRQ1XHYD$]DOHD3RZHU3ODQW3URMHFW,QWHUYHQWLRQ&$(QHUJ\&RPPLVVLRQ $GMXVW6DODU\±([HF 0LGGOH0JPW$PHQG0JPW3HUIRUPDQFH&RPS3ODQ $GMXVW3D\5DWHV±3DUW7LPH&ODVVLILFDWLRQV &UHDWH&ODVV6SHFV 6DODU\5DQJH±%XVLQHVV'HYHORSPHQW0DQDJHU $SSURYH)LQDO30±,PSHULDO+Z\ $SSO\*)±8UEDQ)RUHVWU\7KUX)RUHVW5HVRXUFHV,PSURYHPHQW)XQG $SSURYH30±/DNHZRRG%OYG 'HFODUH5HVXOWV*HQHUDO(OHFWLRQ $SSO\IRU/RFDO/DZ(QIRUFHPHQW%ORFN*UDQWV3URJUDP ,PSOHPHQW&2363URJUDP(VWDEOLVK $OORFDWH6/(6))XQGV WK $SSURYH)LQDO±3DUDPRXQW%O+DUSHU$YH6WUHHW $SSURYH'LVDGYDQWDJHG%XVLQHVV(QWHUSULVH '%( 3URJ)HG+Z\$GPLQ3URM 6XSSRUW%R\6FRXWV /$&&5HVFLQG,WHPV $1RYHPEHU