A93

AUCTION 93

of

A V ery I m p o rtAn t C o lle CtIo n C oIn s o f th e G erm AnIC m IGrAtIo n

24 May 2016

n u m I s m At I C A A r s C l A s s I C A ZÃœRICH - LONDON

nAC AG

AUCTION 93 24 May 2016

A Very Important Collection of Coins of the Germanic Migration

Hotel Baur au Lac Talstrasse 1, 8001 Zurich Tel. + 41 (0) 44 220 50 20

NUMISMATICA ARS CLASSICA NAC AG www.arsclassicacoins.com

Niederdorfstrasse 43 CH – 8001 Zurich Tel. +41 (0) 44 261 1703 Fax +41 (0) 44 261 5324 zurich@arsclassicacoins.com

3rd Floor Genavco House 17 Waterloo Place London SW1Y 4AR – UK Tel. +44 (0) 20 7839 7270 Fax +44 (0) 20 7925 2174 info@arsclassicacoins.com

Auktionsbedingungen Durch die Teilnahme an der Auktion werden die folgenden Bedingungen anerkannt: 1. Die Versteigerung erfolgt in Schweizerfranken. Der Zuschlag erfolgt nach dreimaligem Aufruf an den Höchstbietenden, dessen Gebot vom Auktionator anerkannt wurde und verpflichtet zur Annahme. Der Ausruf erfolgt in der Regel bei 80%, sofern nicht höhere Angebote vorliegen. Schriftliche Gebote haben Vorrang. Jeder Ersteigerer verpflichtet sich persönlich für die durch ihn getätigten Käufe. Er kann nicht geltend machen, für Rechnung Dritter gehandelt zu haben.

2. Telefonische oder schriftliche Bietaufträge (auch auf elektronischem Weg) von nichtanwesenden Interessenten werden bis 24 Stunden vor Auktionsbeginn entgegengenommen. Telefonische Bieter sind damit einverstanden, dass das Gespräch aufgezeichnet werden kann. Das Auktionshaus übernimmt keinerlei Haftung für schriftliche, elektronische und telefonische Bietaufträge.

3. Bieter werden gebeten, sich vor der Auktion zu legitimieren und anschliessend registrieren zu lassen. Das Auktionshaus kann eine Bankreferenz und/oder Sicherheiten verlangen. Es steht im Ermessen des Auktionshauses, eine Person nicht an der Auktion teilnehmen zu lassen.

4. Es steht dem Versteigerer nach seinem Ermessen frei, ein Gebot heraufzusetzen oder ohne Angabe von Gründen abzulehnen. Der Versteigerer behält sich ferner das Recht vor, Lose zu vereinigen, zu trennen, ausserhalb der Reihenfolge anzubieten oder wegzulassen bzw. von der Auktion zurückzuziehen.

5. Auf dem Zuschlagspreis ist ein Aufgeld von 20.0% zu entrichten - Telefonbieter und Internet Live Bieter entrichten ein zusätzliches Aufgeld von 1.5% auf den Zuschlagspreis. Die schweizerische Mehrwertsteuer von 8,0% wird auf den Endpreis (Zuschlagspreis plus Aufgeld und auf allen andern vom Auktionshaus dem Käufer in Rechnung gestellten Beträgen) erhoben. Goldmünzen (AV) sind von der MWST befreit.

Bei Ausfuhr des ersteigerten Objekts ins Ausland wird dem Käufer die MwSt zurückerstattet, wenn er eine rechtsgültige Ausfuhrdeklaration des schweizerischen Zolls beibringt.

6. Der Gesamtpreis wird mit dem erfolgtem Zuschlag zur Zahlung fällig und ist bei der Aushändigung des Objekts zu bezahlen, ausser es sei vor der Auktion eine andere Abmachung getroffen worden. Für verspätete Zahlungen wird ein Verzugszins von 1% pro Monat in Rechnung gestellt. Das Eigentum geht erst mit der vollständigen Bezahlung auf den Käufer über. In der Regel liefert NAC das ersteigerte Objekt nicht vor der Bezahlung an den Käufer aus. Eine allfällige frühere Auslieferung bewirkt keinen Eigentumsübergang und ändert nichts an der Zahlungsverpflichtung des Käufers.

Hat der Käufer nicht sofort und auch nicht innert fünf Tagen ab Erhalt einer eingeschriebenen schriftlichen Mahnung bezahlt, so ist NAC ohne weiteres und ohne weitere Anzeige berechtigt, vom Verkauf zurückzutreten.

7. Versand- und Versicherungskosten erfolgen auf Kosten und Risiko des Empfängers. Im Ausland verrechnete Gebühren und Steuern gehen zulasten des Käufers (Ersteigerers). Diesem obliegt es, sich über ausländische Zoll- und Devisenvorschriften zu informieren. Das Auktionshaus übernimmt keine Haftung für allfällige Zuwiderhandlungen gegen solche Vorschriften.

8. Das Auktionshaus garantiert vorbehaltlos und zeitlich unbeschränkt für die Echtheit der Münzen. Alle Angaben im Katalog sind nach bestem Wissen und Gewissen zusammengestellt.

9. Die zur Versteigerung gelangenden Objekte werden für Rechnung Dritter versteigert oder sind Eigentum des Auktionshauses. Der Käufer (Ersteigerer) hat keinen Anspruch auf Bekanntgabe des Einlieferers und ist damit einverstanden, dass das Auktionshaus auch von diesem eine Provision erhält.

10. Die vorstehenden Bedingungen sind Bestandteil eines jeden einzelnen an der Auktion geschlossenen Kaufvertrags.

Abänderungen sind nur schriftlich gültig. Sofern Teile dieser Auktionsbedingungen der geltenden Rechtslage nicht mehr oder nicht vollständig entsprechen sollten, bleiben die übrigen Teile in ihrem Inhalt und ihrer Gültigkeit unberührt.

Massgebend ist die deutsche Fassung dieser Auktionsbedingungen.

11. Das Vertragsverhältnis zwischen den Parteien untersteht in allen Teilen dem schweizerischen Recht. Erfüllungsort ist am Sitz des Auktionshauses in 8001 Zürich, und ausschliesslicher Gerichtsstand ist Zürich.

Conditions of Sale The following terms and conditions are accepted by all persons participating in the auction: 1. Auction bidding is conducted in Swiss Francs. The highest bidder who has been acknowledged by the auctioneer when the hammer falls after the third call has legally bought the lot. Bidding usually begins at 80% of the estimate, provided no higher offers have been submitted. Written bids have priority. The successful bidder has committed himself personally to the purchases made. He cannot claim to have acted on behalf of a third party.

2. Absentee bidders can bid up to 24 hours before the start of the auction by writing, telephone or electronically. Telephone bidders must agree that calls may be recorded. The auction house does not accept liability for bidding mandates made by telephone, electronically or in writing.

3. Bidders must show proof of identification before the auction, and subsequently be registered. The Auction House may require a bank reference and/or guarantee. The Auction House reserves the right to deny a person from participating in the auction.

4. The auctioneer may raise or reject a bid without giving a reason, and furthermore reserves the right to combine or split up catalogue lots, or to offer them out of sequence or omit or withdraw them from the auction.

5. A commission of 20.0% will be levied on the hammer price - phone bidders and bidders using our Live Internet facilities pay an additional charge of 1,5%. The Swiss value added tax (VAT) of 8,0% is payable on the final price (hammer price, plus buyer’s commission and any other amounts chargeable by the Auction House to the buyer). Gold coins (AV) are exempt from VAT. If the purchases are exported, then the VAT will be refunded on production of a legally valid original export declaration issued by the Swiss Customs.

6. Payment is in Swiss Francs and is immediately due upon adjudication of the lot and has to be paid with the release of the object to the Buyer, unless otherwise agreed before the sale. Late payments will incur a monthly default interest of 1%.

Title in a lot will not pass to the Buyer until NAC has received full payment on his account. NAC will generally not release a lot to a Buyer before payment. Earlier release of the lot does not affect its title nor the Buyer’s obligation to pay.

If the Buyer has failed to make immediate payment and within 5 days after receipt of a registered, written reminder by NAC to the buyer, NAC may in its sole discretion cancel the sale of the lot.

7. Shipping and insurance are at the buyer’s cost and risk. Any fees and charges payable abroad are borne by the buyer (successful bidder) who is responsible for acquiring the necessary information about any applicable customs and foreign exchange regulations. The Auction House accepts no liability for any contraventions of such regulations.

8. The Auction House offers an unconditional and unlimited guarantee for the authenticity of coins. All identifications and descriptions of the items sold in this catalogue are statements of opinion and were made in good faith.

9. The objects which come under the hammer are auctioned on behalf of a third party or are the property of the Auction House. The buyer (successful bidder) has no entitlement to have the identity of the consignor disclosed to them and acknowledges that the Auction House might receive a commission from the consignor for the sale.

10. The above conditions are a component of each individual contract of sale concluded at the auction. Alterations must be made in writing in order to be valid. If any parts of these Terms and Conditions should be no longer or not fully in conformity with the valid legal situation, this shall not affect the content and validity of the remaining parts. The abovementioned conditions are written in German, French, Italian and English; the only valid text is the German one.

11. The contractual relationship between parties is subject in all facets to Swiss law. Place of performance is the registered office of the Auction House in 8001 Zurich, and the exclusive court of jurisdiction is Zurich.

Conditions de la vente aux enchères Du fait de la participation à la vente aux enchères, les conditions suivantes sont réputées être acceptées : 1. Les enchères sont effectuées en Francs Suisses. L’adjudication est réalisée après trois appels consécutifs du plus offrant dont l’offre a été acceptée par le commissaire priseur et qui constitue une obligation. La mise à prix est effectuée en règle générale à 80 %, dans la mesure où il n’y a pas d’offres disponibles et plus élevées. Les offres formulées par écrit sont prioritaires. Chaque enchérisseur s’engage personnellement en ce qui concerne les acquisitions réalisées par ses soins. Il ne peut pas faire valoir le fait d’avoir agi pour le compte d’une tierce personne.

2. Les demandes d’enchères par téléphone ou par écrit (également par moyen électronique) pour les personnes intéressées et non présentes sont réceptionnées jusqu’à 24 heures avant le début de la vente aux enchères. Les enchérisseurs par téléphone acceptent que la communication téléphonique puisse être enregistrée. La salle des ventes n’assume aucune responsabilité quant aux enchères effectuées par téléphone, électronique ou par écrit.

3. Les enchérisseurs sont priés de se légitimer avant la vente aux enchères et de se faire enregistrer à l’issue de la vente. La salle des ventes peut exiger une référence bancaire et/ou une garantie. La salle des ventes a le droit de ne pas laisser une personne participer à la vente aux enchères.

4. L’enchérisseur peut, à sa guise, surenchérir une offre ou bien la décliner sans indication de motifs. L’enchérisseur se réserve en outre le droit d’associer des lots, de les séparer, de faire des offres en dehors de l’ordre prévu ou de les laisser de côté, voire de se retirer de la vente aux enchères.

5. Une commission de 20.0% est perçue sur le prix d'adjudication. Les acquéreurs qui souhaitent participer aux enchères par téléphone ou en ligne avec nos facilités Live Internet paieront un frais supplémentaire de 1,5%. La taxe à la valeur ajoutée suisse d’un montant de 8,0 % sera perçue sur le prix définitif (prix d’adjudication plus supplément et sur tous les autres montants facturés à l’acquéreur par la salle des ventes). Les pièces de monnaie en or (AV) sont dispensées de la TVA. En cas d’exportation de l’objet adjugé vers l’étranger, l’acquéreur se voit restituer la TVA lorsqu’il est en mesure de présenter une déclaration d’exportation réglementaire, en bonne et due forme, des autorités douanières suisses.

6. Le prix total en francs suisses est exigible immédiatement après adjudication et doit être acquitté lors de la remise de l'objet adjugé. Pour les paiements effectués ultérieurement un intérêt moratoire de 1% par mois sera facturé. La transmission de la propriété à l'acquéreur a lieu seulement à paiement intégral. En général, NAC ne remets l'objet adjugé à l'acquéreur pas avant paiement. Une éventuelle remise de l'objet n'a cependant pas de l'influence ni sur la propriété du vendeur ni sur l'obligation de l'acquéreur de payer.

En cas que l'acquéreur n'a pas payé simultanément et non plus entre les cinq jours après réception d'un avertissement sous pli recommandé, NAC est en droit de se départir du contrat sans autre formalité et sans avis ultérieur.

7. Les frais d’envoi et d’assurance sont à charge et au risque de l’acheteur. Les taxes ou les impôts facturés à l’étranger sont à la charge de l’acquéreur (enchérisseur). Il lui incombe de s’informer au sujet des directives étrangères en matière de douane et de devises. La salle des ventes décline toute responsabilité pour les éventuelles infractions à l’encontre de ces directives.

8. La salle des ventes garantit l’authenticité des monnaies sans réserve et sans limitation dans le temps. Toutes les indications mentionnées dans le catalogue sont rassemblées en toute conscience et en toute bonne foi.

9. Les objets mis aux enchères le sont pour le compte de tierces personnes ou bien sont la propriété de la salle des ventes.

L’acquéreur (enchérisseur) n’a aucun droit d’obtenir communication du nom de la personne qui met en vente et se déclare en accord avec le fait que la salle des ventes perçoive une provision de cette dernière.

10. Les présentes conditions font partie intégrante de tout contrat de vente conclu dans le cadre de la vente aux enchères. Les modifications ne sont valables que par écrit. Le fait que des parties des présentes conditions de vente aux enchères venaient à ne plus correspondre, ou du moins plus intégralement, à la situation juridique en vigueur, n’affecte en rien les autres parties, ni dans leur contenu, ni dans leur validité. La version en langue allemande constitue la référence des présentes conditions de vente aux enchères.

11. La relation contractuelle entre les parties en cause est soumise, dans toutes ses composantes, au droit Suisse. La compétence juridique est fixée au siège de la salle des ventes à 8001 Zurich, et le for juridique exclusif est Zurich.

Condizioni di vendita La partecipazione all’asta comporta l’accettazione delle seguenti condizioni: 1. La valuta in cui viene condotta l’asta è il Franco Svizzero. L’aggiudicazione al miglior offerente, individuato dal banditore, avviene dopo la terza chiamata e comporta per l’aggiudicatario l’acquisto con tutti i relativi obblighi di legge.

Le offerte partono generalmente dall’ 80% del prezzo di stima a meno che una o più offerte d’importo maggiore siano state presentate. Le offerte scritte hanno la precedenza. Il partecipante all’asta è personalmente responsabile per l’acquisto effettuato e non può pretendere di avere agito per conto di terzi.

2. I partecipanti all’asta non presenti in sala possono presentare offerte telefonicamente, in forma scritta, o per via elettronica fino a 24 ore prima dell’inizio dell’asta. Chi trasmette la propria offerta telefonicamente presta il proprio consenso all’eventuale registrazione della telefonata. La casa d’asta non assume alcun tipo di responsabilità per le offerte trasmesse in forma scritta, elettronica o telefonica.

3. I partecipanti, per concorrere all’asta, dovranno esibire un documento d’identità e registrarsi. La casa d’asta si riserva il diritto di richiedere referenze bancarie o un deposito cauzionale per permettere la partecipazione all’asta. La casa d’asta si riserva inoltre il diritto di non permettere a un soggetto la partecipazione all’asta.

4. Il banditore d’asta ha facoltà di aumentare o rifiutare un’offerta secondo la propria discrezionalità e senza necessità di fornire una motivazione. Il banditore si riserva inoltre il diritto di unire, separare, cambiare la sequenza prevista o di eliminare e/o ritirare dall’asta determinati lotti.

5. Al prezzo d’aggiudicazione va aggiunta una commissione del 20.0%. Gli offerenti che parteciperanno all’asta per telefono o ‘live’ attraverso internet pagheranno un costo supplementare dell’1,5%. L’imposta svizzera sul valore aggiunto, pari attualmente al 8,0%, viene applicata sul prezzo finale (prezzo d’aggiudicazione più commissione ed ogni altro importo imputabile al compratore dalla casa d’aste). Le monete in oro (AV) sono esonerate dal pagamento dell’IVA. In caso d’esportazione dell’oggetto acquistato all’asta verso un paese estero, il compratore ha diritto al rimborso dell’IVA dietro consegna di una valida dichiarazione d’esportazione dell’ufficio doganale della Confederazione Elvetica.

6. Il pagamento è da effettuarsi in Franchi Svizzeri immediatamente all’aggiudicazione del lotto, a meno che concordato diversamente prima dell’asta. In caso di ritardato pagamento il tasso d’interesse moratorio applicabile è pari all’1% mensile. La proprietà del lotto non passerà al compratore fino a che la NAC non riceverà il pagamento a saldo dell’acquisto. Generalmente la NAC non rilascia un lotto al compratore prima di ricevere il pagamento di tale. La consegna anticipata di un lotto non incide sulla proprietà di tale ne’ sull’obbligo di pagamento da parte del compratore.

Se il compratore no paga subito e nel caso in cui egli non effettui il pagamento entro 5 giorni dalla ricezione di una raccomandata, scritta da NAC come avviso di mancato pagamento, la NAC si riserverà la facoltà di cancellare la vendita di tale lotto.

7. I costi ed il rischio della spedizione sono a carico del destinatario. Qualunque imposta e contributo legalmente dovuto nel paese d’esportazione è a carico dell’acquirente (compratore in sede d’asta) su cui ricade la responsabilità per la conoscenza delle norme vigenti in materia doganale e di valuta. La casa d’aste non assume alcuna responsabilità per l’eventuale violazione di tali prescrizioni.

8. La casa d’asta offre una garanzia incondizionata e senza riserva di tempo sull’autenticità delle monete. Le indicazioni e descrizioni contenute nel catalogo sono opinioni soggettive e sono espresse in buona fede.

9. Gli oggetti offerti vengono messi all’asta per conto di terzi o sono di proprietà della casa d’asta. L’acquirente (compratore in sede d’asta) non ha il diritto di conoscere l’identità del consegnatario dell’oggetto e prende atto che alla casa d’asta potrebbe venir corrisposta dal consegnatario una commissione per la vendita.

10. Le condizioni sopra menzionate costituiscono parte integrante di ciascun contratto individuale di vendita concluso nell’asta. Eventuali modifiche saranno ritenute valide solo se fatte in forma scritta. Nel caso in cui una parte delle presenti Condizioni di Vendita dovesse essere non più totalmente conforme alla vigenti disposizioni di legge, cioè non avrà effetto sulla validità delle parti restanti. L’unica versione di testo delle Condizioni di Vendita che ha valore legale è quella in lingua tedesca.

11. Il rapporto contrattuale fra le parti è regolato in tutti i suoi aspetti dal diritto della Confederazione Elvetica. Il luogo d’adempimento è la sede della casa d’aste a Zurigo (8001). Il foro competente è esclusivamente quello di Zurigo.

US IMPORT RESTRICTIONS ON COINS OF ITALIAN AND GREEK TYPE None of the coins offered in this sale are subject to any kind of US import restrictions, since we are in possession of the necessary documentation for importation into the United States.

Nevertheless, Numismatica Ars Classica NAC AG endeavours to provide its American clients with the best service possible and we will therefore take it upon ourselves whenever possible to carry out all of the customs formalities for importation into the USA and will then ship the lots to each individual client from within the United States.

TIME TABLE

ZEITTAFEL

ORDRE DE VENTE

Monday, 23 May 2016

11:15 – 13:30

ORDINE DI VENDITA

1087 – 1353

EXHIBITIONS AUSSTELLUNG EXPOSITION ESPOSIZIONI

London – At our premises 25 April – 6 May 2016 Monday to Friday 9:30 – 17:30 Saturday & Sunday by appointment only

Zurich At the Zurich premises (2nd Floor):

Thursday, 19 May 2016 Friday, 20 May 2016 Saturday, 21 May 2016

At the Hotel Baur au Lac, Talstrasse 1, 8001 Zurich:

Sunday, 22 May 2016 Monday 23 May 2016

09:30 – 17:30 09:30 – 17:30 By appointment 09:30 – 18:00 09:00 – 11:30

Please visit our auction online at www.arsclassicacoins.com

D ie A u k tion erfolgt u n ter M itw irk u n g ein es B eam ten d es Stad tam m an n am tes Z ü rich 1. Jed e H aftu n g d es an w esen d en B eam ten , d er G em ein d e u n d d es Staates fü r H an d lu n gen d es A u k tion ators en tfällt.

Gradi di conservazione Grades of preservation

Erhaltungsgrad

Degrés de conservation Grados de Conservación

Fdc Fior di conio Spl Splendido BB Bellissimo MB Molto bello

Stempelglanz Vorzüglich Sehr schön Schön

Fleur de coin (FDC) Superbe Très beau Beau

Fdc Uncirculated Extremely fine Very fine Fine

FDC EBC MBC BC

Foreword Never has it been so easy for me to write a foreword to a catalogue where the collector has decided to remain anonymous; indeed, no word could better describe the spirit and the competence of the collector than the coins themselves.

Coins of the Germanic populations are at the same time both fascinating and enigmatic and their attributions often present small stylistic or epigraphic nuances that only a true expert can decipher.

The subtlety and intricacy in interpreting these coins therefore presents a real feat to whoever decides to take on such a collection, an undertaking that requires not only continued and updated research, but also a particular sense of intuition.

The collection that we present in this catalogue was assembled with continued passion and competence over the course of more than thirty years, with coins acquired from the most important collections sold in this field such as Garret, Lacam, De Wit and Dreesman. The result is an extraordinary collection in which not only all of the coinages of the Germanic migration are represented, but also where the Ostrogothic, Vandal and Lombard part is preponderant. This part is arguably the most important series to be offered at auction in the history of numismatics.

There are countless important coins in this sale, therefore we will limit ourselves to mentioning only a small selection including the lots formerly belonging to the Lacam collection, which are unrecorded in all major reference works, but published by Lacam in his 1983 work. Especially rare and noteworthy are the solidus issued by Sigismund, king of the Burgundians (lot 1252) and a tremissis minted at Aosta by the moneyer Betto (1258), the first coin to bear the name of the city on its reverse. The coins of the Lombards are certainly the most interesting part of the collection. Indeed, this series includes issues from both the pseudo-imperial period, minted in the transalpine region (lots 1259-1260) and the regal period with the names of the various rulers. Among these, it is important to mention the solidus in the name of Constans II, probably minted at Spoletum (lot 1283); the series of tremisses of Lucca (lots 1293-1295); the tremisses attributed to Aripert II and Liutprand (lots 1299-1310); the series of tremisses bearing the names of the moneyers (lots 1311-1313) and the exceptionally rare tremisses of Ratchis (lots 1314-1317) and Aiustulf (lot 1316). Finally, the duchy of Beneventum is also well represented with fascinating coins such as lot 1323, an imitation of a solidus of Constantine IV; the series of solidi and tremisses issued by Liutprand (lots 1328-1330); and the solidus and tremisses of the interregnum (lot 1331-1332).

I would like to conclude this foreword with a few words about the collector.

First of all, the catalogue is his work, in that his detailed notes and attributions were of precious help to us in its production. I would like to add that we almost immediately found ourselves on the same wavelength. After all, he is a true collector and, other than being a commercial company that conducts auctions, NAC is made up of numismatists who love coins and know immediately how to recognise other people who share this passion.

It is a great honour for NAC to auction this collection and we hope that this catalogue will become not only a useful tool for classifying coins of this period, but also a point of reference for collectors wishing to embark on collecting this difficult and fascinating coinage.

I cannot finish this foreword without thanking Professor Alfredo Maria Santoro from the UniversitĂ degli Studi di Salerno for having written some of the historical notes which enrich and enlighten this catalogue. Â

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

3VHXGR LPSHULDO FRLQDJH ,Q WKH QDPH RI +RQRULXV 6LOLTXD &DUWKDJH FLUFD $5 J ' 1 +2125, ± 963) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY >95%6@ 52,,$ 5RPD VHDWHG O RQ FXLUDVV KROGLQJ 9LFWRU\ RQ JOREH LQ U KDQG DQG VSHDU LQ O LQ H[HUJXH >5936@ %0& 9DQGDOV *DLVHULF 0,% ± 0(& , 0RUULVRQ 6FKZDUWV $1601 YDU

2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

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

*XQWKDPXQG

+DOI VLOLTXD &DUWKDJH $5 J ' 1 5;* ± 917+$ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 ZLWKLQ ZUHDWK %0& 9DQGDOV 0,% 0(& ,

5DUH 'DUN WRQH VOLJKWO\ URXJK VXUIDFH RWKHUZLVH JRRG YHU\ ILQH

([ 1HZ <RUN VDOH ;, *XQWKDPXQG ZDV WKH JUDQGVRQ RI *DLVHULF DQG ZDV D WROHUDQW NLQJ +H DWWHPSWHG UHFRQFLOLDWLRQ ZLWK WKH &DWKROLFV EXLOGLQJ QHZ FKXUFKHV DQG UHFDOOLQJ ELVKRSV LQ KLV NLQJGRP +H DOVR WULHG WR FRQTXHU 6LFLO\ ZLWKRXW VXFFHVV

+DOI VLOLTXD &DUWKDJH $5 J '1 5;* ± >1@7+$ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 ZLWKLQ ZUHDWK %0& 9DQGDOV 0,% 0(& ,

5DUH /LJKW WRQH DQG JRRG YHU\ ILQH

([ 1HZ <RUN VDOH ;,

7KUDVDPXQG

+DOI VLOLTXD &DUWKDJH $5 J '1 5* 7+5$ ± 6$091'9>6@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 ZLWKLQ ZUHDWK %0& 9DQGDOV 0,% D 0(& ,

5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH

([ 1HZ <RUN VDOH ;,

7KUDVDPXQG ZDV WKH EURWKHU RI *XQWKDPXQG DQG UHVXPHG WKH SHUVHFXWLRQV RI WKH &KULVWLDQV +H DOVR FRQWLQXHG WKH ZDUV DJDLQVW WKH 0RRUV EXW KH ORVW PRVW RI WKHP +LV ZLIH ZDV $PDODIULGD VLVWHU RI 7KHRGHULF NLQJ RI WKH 2VWURJRWKV

+LOGHULF

+DOI VLOLTXD &DUWKDJH $5 J '1 +,/', ± >5,;5(;@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY )(/,; ± .$57* &DUWKDJR VWDQGLQJ IDFLQJ %0& 9DQGDOV 0,% 0(& ,

5DUH 2EYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH

([ 1HZ <RUN VDOH ;, +LOGHULF ZDV SUREDEO\ RQH RI WKH ZHDNHVW 9DQGDOLF NLQJV ORVLQJ ODUJH DPRXQWV RI WHUULWRU\ WR WKH 0RRUV +H VWRSSHG SHUVHFXWLQJ WKH &KULVWLDQV WKXV SOHDVLQJ WKH %\]DQWLQHV EXW XSVHWWLQJ WKH 9DQGDOV +H ZDV GHSRVHG E\ *HOLPHU QHSKHZ RI 7KUDVDPXQG

6HPL $XWRQRPRXV FRLQDJH RI &DUWKDJH F

1XPPL FLUFD J .$57 ± +$*2 6ROGLHU VWDQGLQJ IDFLQJ KROGLQJ VSHDU LQ O KDQG 5HY +RUVH KHDG O LQ H[HUJXH ;;, %0& 9DQGDOV 0,% 0(& ,

,Q XQVXDOO\ JRRG FRQGLWLRQ IRU WKH LVVXH /LJKW EURZQ JUHHQ SDWLQD DQG JRRG YHU\ ILQH

([ . QNHU VDOH 'H :LW

1XPPL FLUFD J >.$@57 ± +$*2 6ROGLHU VWDQGLQJ IDFLQJ KROGLQJ VSHDU LQ O KDQG 5HY +RUVH KHDG O LQ H[HUJXH ;;, %0& 9DQGDOV 0,% 0(& ,

'DUN SDWLQD PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH YHU\ ILQH

([ . QNHU VDOH 'H :LW

1XPPL FLUFD J .$57 ± >+@$*2 6ROGLHU VWDQGLQJ IDFLQJ KROGLQJ VSHDU LQ O KDQG 5HY +RUVH KHDG O LQ H[HUJXH ;;, %0& 9DQGDOV 0,% 0(& ,

'DUN JUHHQ SDWLQD DQG YHU\ ILQH

([ - (OVHQ VDOH

3VHXGR ,PSHULDO &RLQDJH 2GRYDFDU

,Q WKH QDPH RI =HQR 6ROLGXV 5RPD $9 J '1 =(12 3 ± (53 ) $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV ± .UDXV ± /DFDP SO 5,& 9HU\ UDUH ([WUHPHO\ ILQH ¶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¶V FRLQV ZHUH VWUXFN DQG PDQDJHG WR UHWDLQ FRQWURO RI ,WDO\ 6LFLO\ DQG SDUWV RI 3URYHQFH 1RULFXP DQG 5KDHWLD 2GRYDFDU UHVXPHG FRLQDJH ZLWK =HQR¶V QDPH DV XVXDO ZLWKRXW PLQWPDUNV IRU WKH FRLQV VWUXFN LQ 5RPH

,Q WKH QDPH RI =HQR 6ROLGXV 5RPD $9 J '1 =(12 3 ± (53 ) $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& Γ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV ± .UDXV /DFDP SO 7KHRGHULF 5,& WKLV FRLQ LOOXVWUDWHG .HQW SO 9,,, 7KHRGHULF 0HWOLFK S ILJ WKLV FRLQ LOOXVWUDWHG ([WUHPHO\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH *RRG H[WUHPHO\ ILQH ¶ ([ 6FKXOPDQ -DQXDU\ /HX 1)$ 2FWREHU *DUUHWW SDUW ,, DQG 0 ' UU 5 0LFKHO 1RYHPEHU /DFDP VDOHV /DFDP KDV UHYROXWLRQLVHG WKH VWXG\ RI WKH FRLQDJH RI WKLV SHULRG DQG KDV DVFULEHG WKLV LVVXH ZLWK Γ DW WKH HQG RI WKH UHYHUVH OHJHQG WR 7KHRGHULF VWULNLQJ DW D PLQW LQ 5RPDQ &DPSDQLD VHH SO &ODVVH ,, DQG SS +RZHYHU LW LV LPSRUWDQW WR QRWH WKDW WKLV FRLQ LV VWUXFN IURP WKH VDPH REYHUVH GLH DV D VSHFLPHQ ZKLFK /DFDP DVFULEHV WR 2GRYDFDU SO DQG S 7KH UHYHUVH GLIIHUV IURP RXUV E\ KDYLQJ Γ DQG &202% LQ WKH H[HUJXH ,I /DFDP LV FRUUHFW LQ KLV RUJDQLVDWLRQ RI WKH FRLQDJH RI 2GRYDFDU DQG 7KHRGHULF WKLV GLH OLQN KDV LPSRUWDQW FRQVHTXHQFHV IRU WKHLU LQWHUQDO FKURQRORJLHV

,Q WKH QDPH RI =HQR 6ROLGXV 5RPD $9 J '1 =(12 3 ± (53 ) $9* 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& Γ • 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH • &202% • %0& 9DQGDOV ± .UDXV ± /DFDP SO WKLV FRLQ 5,&

9HU\ UDUH 0LQRU DUHD RI ZHDNQHHV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP 7R WKLV GD\ WKH UHDVRQV EHKLQG WKH DSSHDUDQFH RI GRWV DURXQG &202% DQG DW WKH HQG RI WKH OHJHQG UHPDLQ XQFOHDU 3UREDEO\ WKH OHWWHU Γ LQGLFDWHG WKH RIILFLQD RU WKH \HDU KRZHYHU WKH SUREOHP RI LQWHUSUHWLQJ VXFK QXPHUDOV VWHPV IURP SRVVLEOH OLQNV ZLWK WKH 5RPDQ IROOHV RI =HQR

,Q WKH QDPH RI =HQR 7UHPLVVLV 5RPD $9 J '1 =(12 3 ± (53 ) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG DQG EXVW U 5HY &URVV ZLWKLQ ZUHDWK LQ H[HUJXH &202>%@ %0& 9DQGDOV .UDXV /DFDP FIU SO 5,&

([WUHPHO\ UDUH ,UUHJXODU IODQ RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶ ([ 1RPLVPD VDOH

,Q WKH QDPH RI =HQR 7UHPLVVLV 5RPD $9 J '1 =(12 ± 3(53 ) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &URVV ZLWKLQ ZUHDWK LQ H[HUJXH &202% %0& 9DQGDOV YDU .UDXV YDU /DFDP ± +DKQ ´'LH 0 Q]VWlWWH 5RP XQWHU GHQ NDLVHUQ -XOLXV 1HSRV =HQR 5RPXOXV XQG %DVLOLVFXV ´ LQ 5,1 YRO ;& WKLV FRLQ 5,& ±

9HU\ UDUH 0LQRU HGJH PDUNV DQG VOLJKWO\ EHQW RWKHUZLVH YHU\ ILQH

([ +HVV /HX 3HXV DQG 0 ' UU 5 0LFKHO 1RYHPEHU /DFDP VDOHV 7KH ODUJH KHDG LV D SDUWLFXODU FKDUDFWHULVWLF ZKLFK VW\OLVWLFDOO\ OLQNV WKLV FRLQ ZLWK WKH WUHPLVVHV DQG VLOLTXDH LVVXHG E\ WKH P

,Q WKH QDPH RI =HQR 6ROLGXV 5DYHQQD $9 J '1 =(12 ± 3(53 ) $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212%59 %0& 9DQGDOV .UDXV /DFDP SO 5,& 9HU\ UDUH 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP 7KH PLQW RI 5DYHQQD XVHG WKH RULHQWDO PLQWPDUN &212% EXW ZLWK WKH H[WHQVLRQ RI 59 8QGHU 2GRYDFDU 5DYHQQD EHFDPH PRUH LPSRUWDQW WKDQ WKH RWKHU FLWLHV EHFDXVH KH FKRVH LW DV KLV FDSLWDO 1HYHUWKHOHVV DOO WKH VROLGL RI 5DYHQQD KDG D FUXGH VW\OH FRPSDUHG ZLWK WKH RWKHUV¶ FRLQV 6ROLGL SURGXFHG LQ 5DYHQQD DUH FKDUDFWHULVHG RQ WKH REYHUVH E\ D SRUWUDLW ZLWK SURQRXQFHG H\HV DQG WKH OHWWHU 5 VXSSRUWHG E\ WZR YHUWLFDO EDUV )XUWKHUPRUH WKH 9LFWRU\ RQ WKH UHYHUVH SUHVHQWV D GLIIHUHQW KDLUVW\OH

,Q WKH QDPH RI =HQR 7UHPLVVLV 5DYHQQD $9 J '1 =(12 ± >3@(53 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &URVV ZLWKLQ ZUHDWK LQ H[HUJXH &202% %0& 9DQGDOV YDU .UDXV YDU /DFDP YDU %RQRQLD 5,& YDU 5DUH $ERXW H[WUHPHO\ ILQH

([ 6SLQN VDOH -XQH 'UHHVVPDQQ

,Q WKH QDPH RI =HQR 7UHPLVVLV 5DYHQQD $9 J '1 =(12 ± 3(53 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &URVV ZLWKLQ ZUHDWK LQ H[HUJXH &202% %0& 9DQGDOV .UDXV /DFDP WKLV FRLQ %RQRQLD 5,& WKLV FRLQ LOOXVWUDWHG

2I WKH KLJKHVW UDULW\ DSSDUHQWO\ RQO\ WZR VSHFLPHQV NQRZQ $ PLQRU HGJH PDUN

DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

,Q WKH QDPH RI =HQR 7UHPLVVLV 5DYHQQD $9 J '1 =(12 ± 3(53 $9& 'UDSHG FXLUDVVHG DQG SHDUO GLDGHPHG EXVW U 5HY &URVV ZLWKLQ ZUHDWK LQ H[HUJXH &202% %0& 9DQGDOV ± .UDXV ± /DFDP WKLV FRLQ %RQRQLD 5,&

([WUHPHO\ UDUH 5HGGLVK WRQH DQG DERXW YHU\ ILQH

([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

,Q WKH QDPH RI =HQR +DOI VLOLTXD 5DYHQQD $5 J ' 1 =(12 ± 3(53 $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 7XUUHWHG ILJXUH VWDQGLQJ O KROGLQJ VFHSWUH DQG FRUQXFRSLD U IRRW RQ SURZ LQ ILHOG O DQG U 5 ± 9 6DEDWLHU /5& 5,&

([WUHPHO\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH ¶

([ 1$& VDOH

,Q WKH 1$& FDWDORJXH WKLV FRLQ ZDV DVFULEHG WR =HQR 7KLV FROOHFWRU KRZHYHU PDLQWDLQV WKDW WKH FRLQ ZDV LQVWHDG LVVXHG E\ 2GRYDFDU LQ WKH QDPH RI =HQR 8QIRUWXQDWHO\ WKH VW\OLVWLF GLIIHUHQFHV EHWZHHQ WKH WZR DUH VR VXEWOH WKDW LW LV YLUWXDOO\ LPSRVVLEOH WR GLVWLQJXLVK EHWZHHQ WKHP

1XPPXV 5DYHQQD " J 2'2 ± 9$& 'UDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV D 0(& , 5,&

9HU\ UDUH *UHHQ SDWLQD DQG ILQH

7KLV LV D QXPPXV ZLWK D VOLJKWO\ VLPSOLILHG PRQRJUDP RQ WKH UHYHUVH )RUJHULHV RI WKLV W\SH ZHUH SURGXFHG LQ WKH SDVW FHQWXULHV WKH WZR H[DPSOHV LQ WKH %ULWLVK 0XVHXP %0& DUH &LJRL IRUJHULHV 0(& , SS

,Q WKH QDPH RI =HQR 7UHPLVVLV 0HGLRODQXP $9 J '1 =(12 3(53 $9& $9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG U 5HY &URVV ZLWKLQ ZUHDWK LQ H[HUJXH &202% %0& 9DQGDOV ± .UDXV ± 8OULFK %DQVD ± /DFDP ± 5,& ±

$SSDUHQWO\ XQUHFRUGHG $ERXW H[WUHPHO\ ILQH ¶

([ 1RPLVPD VDOH

$SSDUHQWO\ XQNQRZQ IRU WKH REYHUVH OHJHQG ZLWKRXW VSDFHV WKDW LV W\SLFDO RI VLOLTXDH

,Q WKH QDPH RI =HQR 7UHPLVVLV 0HGLRODQXP $9 J '1 =(12 ± 3(53 $9& $9 OLJDWH 'UDSHG FXLUDVVHG DQG SHDUO GLDGHPHG EXVW U 5HY &URVV ZLWKLQ ZUHDWK LQ H[HUJXH &212% %0& 9DQGDOV ± .UDXV ± 8OULFK %DQVD ± /DFDP SO 5,& YDU GLIIHUHQW VW\OH

9HU\ UDUH $ERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ¶ ([ 1RPLVPD VDOH 7KH VW\OH RI WKH EXVW DQG ZUHDWK RQ WKH UHYHUVH RI WKLV FRLQ DUH W\SLFDO RI WKH PLQW RI 0HGLRODQXP

,Q WKH QDPH RI =HQR +DOI VLOLTXD 0HGLRODQXP $5 J '1 =(12 ± 3(53 $9& $9 OLJDWH 'UDSHG FXLUDVVHG DQG SHDUO GLDGHPHG EXVW U 5HY (DJOH VWDQGLQJ O ZLWK VSUHDG ZLQJV DQG KHDG U FURVV DERYH %0& 9DQGDOV ± .UDXV ± 8OULFK %DQVD YDU HDJOH U DQG KHDG O 0(& , YDU HDJOH U DQG KHDG O 5,& IQ

$Q H[WUHPHO\ UDUH YDULHW\ RI D UDUH W\SH 2OG FDELQHW WRQH DQG YHU\ ILQH ¶ ([ 7ULWRQ VDOH ;,

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¶V GHDWK LQ KLV GDXJKWHU $PDODVXQWD WRRN WKH VFHSWUH DV UHJHQW WR WKH \RXQJ $WKDODULF DQG VXSSRUWHG D FRQFLOLDWRU\ DSSURDFK ZLWK %\]DQWLXP 6KH IRXQG KHUVHOI LQ GLIILFXOW\ KDYLQJ WR FRQIURQW D SDUW RI WKH 2VWURJRWKLF SRSXODWLRQ WKDW SUHVVXULVHG KHU LQWR EUHDNLQJ ZLWK WKH %\]DQWLQH (PSLUH 8SRQ $WKDODULF¶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

&ODVV +HDY\ VHULHV )ROOLV QXPPL 5RPD J ,09,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY 6KH ZROI VWDQGLQJ O VXFNOLQJ WZLQV LQ ILHOG DERYH ;/ DQG LQ H[HUJXH ,,,, %0& 9DQGDOV .UDXV ± 0,% 7KHRGHULF 0(& , 0HWOLFK D $WKDODULF WKLV FRLQ

,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH 2OLYH JUHHQ SDWLQD

DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 6RWKHE\¶V VDOH 0DUFK

&ODVV +HDY\ VHULHV )ROOLV QXPPL 5RPD J ,09,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY 6KH ZROI VWDQGLQJ O VXFNOLQJ WZLQV LQ ILHOG DERYH ;/ DQG LQ H[HUJXH ,,, %0& 9DQGDOV .UDXV ± 0,% 7KHRGHULF 0(& , YDU ,,,, LQ H[HUJXH 0HWOLFK D $WKDODULF

*UHHQ SDWLQD DQG YHU\ ILQH

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

&ODVV )ROOLV QXPPL 5RPD J ,09,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY 6KH ZROI VWDQGLQJ O VXFNOLQJ WZLQV LQ ILHOG DERYH ;/ %0& 9DQGDOV ± .UDXV ± 0,% ± 0(& , ± 0HWOLFK E $WKDODULF

5DUH *UHHQ SDWLQD DQG DERXW YHU\ ILQH

([ 9HFFKL VDOH

&ODVV +HDY\ VHULHV )ROOLV QXPPL 5RPD J ,09,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY 6KH ZROI VWDQGLQJ O VXFNOLQJ WZLQV LQ ILHOG DERYH WZR VWDUV DQG LQ H[HUJXH ;; %0& 9DQGDOV .UDXV 0,% E 7KHRGHULF 0(& , $ 0HWOLFK D $WKDODULF

*UHHQ SDWLQD DQG YHU\ ILQH

([ . QNHU VDOH 'H :LW

&ODVV +HDY\ VHULHV )ROOLV QXPPL 5RPD J ,09,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY 6KH ZROI VWDQGLQJ O VXFNOLQJ WZLQV LQ ILHOG DERYH WZR VWDUV DQG LQ H[HUJXH ;; %0& 9DQGDOV .UDXV 0,% E 7KHRGHULF 0(& , $ 0HWOLFK D $WKDODULF

'DUN WRQH PLQRU DUHDV RI FRUURVLRQ RWKHUZLVH YHU\ ILQH

([ . QNHU VDOH 'H :LW

&ODVV /LJKW VHULHV )ROOLV QXPPL 5RPD J ,19,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY (DJOH VWDQGLQJ O ZLWK RSHQ ZLQJV LQ O ILHOG ;/ %0& 9DQGDOV .UDXV ± 0,% E 7KHRGHULF DQG $WKDODULF 0(& , YDU ,, LQ H[HUJXH 0HWOLFK D 7KHRGHULF

$ YHU\ UDUH YDULHW\ DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH

%URZQ WRQH DQG JRRG YHU\ ILQH

([ 1$& $XWXPQ VDOH 7KLV LV D YHU\ UDUH YDULHW\ PLVVLQJ WKH RIILFLQD OHWWHU RQ WKH UHYHUVH 0HWOLFK RQO\ FLWHV WZR VSHFLPHQV LQ SULYDWH KDQGV DQG WKLV LV RQH RI WKH WZR

&ODVV /LJKW VHULHV )ROOLV QXPPL 5RPD J ,19,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY (DJOH VWDQGLQJ O ZLWK RSHQ ZLQJV LQ O ILHOG ;/ %0& 9DQGDOV .UDXV ± 0,% E 7KHRGHULF DQG $WKDODULF 0(& , YDU ,, LQ H[HUJXH 0HWOLFK D 7KHRGHULF

$ YHU\ UDUH YDULHW\ DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH

*UHHQ SDWLQD DQG JRRG YHU\ ILQH

6DPH GLHV DV WKH SUHYLRXV ORW

&ODVV /LJKW VHULHV )ROOLV QXPPL 5RPD J ,09,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY (DJOH VWDQGLQJ O ZLWK RSHQ ZLQJV LQ O ILHOG ;/ DQG LQ H[HUJXH $ EHWZHHQ WZR SDOPHWWHV " %0& 9DQGDOV .UDXV ± 0,% D 7KHRGHULF DQG $WKDODULF 0(& , YDU Δ LQVWHDG RI $ 0HWOLFK E 7KHRGHULF

*UHHQ SDWLQD DQG JRRG YHU\ ILQH

&ODVV /LJKW VHULHV )ROOLV QXPPL 5RPD J ,09,& ± 7$ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY (DJOH VWDQGLQJ O ZLWK RSHQ ZLQJV LQ O ILHOG ;/ DQG LQ H[HUJXH Δ %0& 9DQGDOV .UDXV ± 0,% D 7KHRGHULF DQG $WKDODULF 0(& , 0HWOLFK E 7KHRGHULF

*UHHQ SDWLQD DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

&ODVV /LJKW VHULHV )ROOLV QXPPL 5RPD J ,09,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY (DJOH VWDQGLQJ O ZLWK RSHQ ZLQJV LQ O ILHOG ;/ DQG LQ H[HUJXH Γ %0& 9DQGDOV .UDXV ± 0,% D 7KHRGHULF DQG $WKDODULF 0(& , YDU DQRWKHU OHWWHU LQ H[HUJXH

0HWOLFK E 7KHRGHULF

*UHHQ SDWLQD DQG YHU\ ILQH

([ . QNHU VDOH 'H :LW

&ODVV /LJKW VHULHV )ROOLV QXPPL 5RPD J ,09,&7 ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY 3DOP ILJ WUHH " EHWZHHQ WZR HDJOHV LQ H[HUJXH ;; %0& 9DQGDOV .UDXV 0,% 7KHRGHULF DQG $WKDODULF 0(& , 0HWOLFK $WKDODULF

*UHHQ SDWLQD DQG YHU\ ILQH

([ 1$& $XWXPQ VDOH

7KHRGHULF

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& Γ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212%5 %5 OLJDWH %0& 9DQGDOV ± .UDXV ± /DFDP SO WKLV FRLQ 7LFLQXP 0(& , ± 5,& ±

([WUHPHO\ UDUH DQG RI YHU\ XQXVXDO VW\OH 6HYHUDO HGJH PDUN

RWKHUZLVH DERXW YHU\ ILQH ¶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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& Γ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212%5 %5 OLJDWH %0& 9DQGDOV ± .UDXV ± /DFDP SO WKLV FRLQ 7LFLQXP 0(& , ± 5,& ±

([WUHPHO\ UDUH *UDIILWR LQ REYHUVH ILHOG RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& ,5% OLJDWH

9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &2125 /DFDP SO WKLV FRLQ 7LFLQXP 0(& , ± 5,& ±

9HU\ UDUH $Q DOPRVW LQYLVLEOH QLFN RQ REYHUVH ILHOG RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& + 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212%5 %5 OLJDWH %0& 9DQGDOV ± .UDXV ± /DFDP SO WKLV FRLQ 7LFLQXP 0(& , ± 5,& ±

9HU\ UDUH 0LQRU PDUNV RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& Θ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &2125 %0& 9DQGDOV ± .UDXV ± /DFDP SO WKLV FRLQ 7LFLQXP 0(& , ± 5,& ±

9HU\ UDUH 6HYHUDO HGJH PDUNV DQG WUDFHV RI HGJH ILOLQJ

RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&& 7, 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212%5 %5 OLJDWH %0& 9DQGDOV ± .UDXV ± /DFDP SO WKLV FRLQ 7LFLQXP 0(& , ± 5,& ±

9HU\ UDUH $Q DUHD RI ZHDNQHVV RQ REYHUVH DQG D PHWDO IODZ RQ

UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶

([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 $9* 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& 7+( PRQRJU 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &2125 %0& 9DQGDOV ± .UDXV ± /DFDP SO WKLV FRLQ %RQRQLD 0(& , ±

([WUHPHO\ UDUH 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP 0HWOLFK GRHV QRW DVVLJQ VROLGL LQ WKH QDPH RI =HQR WR 7KHRGHULF HYHQ LI WUHPLVVHV DQG VHPLVVHV DUH NQRZQ 7KHVH LVVXHV ZLWK &2125 IRUP D KRPRJHQRXV JURXS WKDW /DFDP DVFULEHV WR 7KHRGHULF RQ WKH EDVLV RI WKH PRQRJUDP 7+(

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& 6 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212> @= %0& 9DQGDOV ± .UDXV ± /DFDP SO WKLV FRLQ 0(& , ± 5,& ± 9HU\ UDUH *RRG H[WUHPHO\ ILQH ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV 0HGLRODQXP $9 J '1 =(12 ± 3( ± 53 $9& $9 OLJDWH 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU LQ O Θ DQG RQ VLGHV 0 ± ' ,Q H[HUJXH &202% %0& 9DQGDOV ± .UDXV ± 8UOLFK %DQVD ± /DFDP SO WKLV FRLQ 0(& , ± 5,& WKLV FRLQ

([WUHPHO\ UDUH *RRG H[WUHPHO\ ILQH ¶ ([ 6RWKHE\¶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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV 5RPD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& $ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV .UDXV 0,% , /DFDP ± 0(& , 0HWOLFK

9HU\ UDUH $Q DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶ $URXQG WKH \HDU DOVR 5RPD UHVXPHG PLQWLQJ VROLGL ZLWK WKH OHWWHU $ DW WKH HQG RI WKH UHYHUVH OHJHQG 7KLV W\SH UHPDLQHG XQFKDQJHG XQWLO WKH GHDWK RI WKH HPSHURU $QDVWDVLXV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV 5RPD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& &KULVWRJUDP 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV .UDXV 0,% , /DFDP SO 0(& , 0HWOLFK

9HU\ UDUH *UDIILWR RQ REYHUVH DQG HGJH VFXII DW HOHYHQ R¶FORFN RQ

UHYHUVH RWKHUZLVH JRRG YHU\ ILQH H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

$UVODQ FLWHV WKH H[LVWHQFH RI RQO\ ILYH VSHFLPHQV RI WKLV W\SH 7KLV FRLQ KDV WKH FKDUDFWHULVWLFV RI WKH 5RPD PLQW WKH ILOOHWV RI WKH GLDGHP FXUOHG XSZDUGV WKH OHWWHU % LQ WKH H[HUJXH LV VOLJKWO\ ODUJHU DQG VODQWHG 9LFWRU\¶V ZLQJV DUH FRPSRVHG RI YHUWLFDO OLQHV DQG WKH XVH RI 3) SHUSHWXXV IHOL[ DQG &202% RQ WKH UHYHUVH 7KLV FRLQ UHSUHVHQWV RQH RI WKH ILUVW LVVXHV RI WKH 5RPD PLQW

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV 5RPD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& Θ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG 50 LQ PRQRJUDP LQ U VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV .UDXV 0,% , /DFDP SO WKLV FRLQ 0(& , ± 0HWOLFK

9HU\ UDUH 6HYHUDO HGJH PDUNV SRVVLEO\ WUDFHV RI PRXQWLQJ

RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶

([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

7KH OHWWHU Θ LQGLFDWHV WKH *UHHN PRQRJUDP RI 7KHRGHULF DQG SUHFHGHV WKH /DWLQ PRQRJUDP 0HWOLFK S

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV 5RPD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& $ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &2502% 50 LQ PRQRJU %0& 9DQGDOV YDU ZLWKRXW PRQRJU .UDXV YDU 0,% , YDU ZLWKRXW PRQRJU /DFDP SO WKLV FRLQ 0(& , ZLWKRXW PRQRJU 0HWOLFK YDU ZLWKRXW PRQRJU

([FHHGLQJO\ UDUH *RRG YHU\ ILQH ¶ ([ $XFWLRQHV DQG 0 ' UU 5 0LFKHO 1RYHPEHU /DFDP VDOHV 7KH 0 RI &202% DSSHDUV WR FRQWDLQ D PRQRJUDP IRUPHG RI WKH OHWWHUV 5 DQG 0 $OVR ZRUWK QRWLQJ LV WKH PRUSKRORJ\ RI WKH URXQGHG IDFH ZKLFK LV GLIIHUHQW IURP WKH XVXDO 5RPDQ SRUWUDLWV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 7UHPLVVLV 5RPD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9*9672590 9LFWRU\ DGYDQFLQJ U KROGLQJ ZUHDWK LQ U KDQG DQG SDOP EUDQFK LQ O LQ H[HUJXH &202% %0& 9DQGDOV .UDXV 0,% , /DFDP ± 0(& , ± 0HWOLFK D

9HU\ UDUH *RRG H[WUHPHO\ ILQH ¶ 7KHVH W\SHV DUH YHU\ LPSRUWDQW EHFDXVH WKH\ ZHUH WKH SURWRW\SHV IRU WKH IROORZLQJ LPLWDWLRQV HVSHFLDOO\ IRU WKH 9LVLJRWKV DQG WKH %XUJXQGLDQV $FFRUGLQJ WR .HQW LQ (VVD\V %DOGZLQ SS WKH W\SH ZLWK 9LFWRU\ DGYDQFLQJ U KROGLQJ ZUHDWK EUDQFK DQG JOREH ZDV D FHOHEUDWRU\ PRWLI DV ZDV WKH IDPRXV JROG PHGDOOLRQ ZLWK WKH SRUWUDLW RI 7KHRGHULF

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 7UHPLVVLV 5RPD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9*9672590 9LFWRU\ DGYDQFLQJ O RQ JOREH KROGLQJ ZUHDWK LQ U KDQG DQG SDOP EUDQFK LQ O LQ H[HUJXH &202% %0& 9DQGDOV .UDXV 0,% , 0(& , ± 0HWOLFK

9HU\ UDUH *RRG H[WUHPHO\ ILQH ¶ 'HVSLWH WKLV FRLQ EHDULQJ &212% LQ LWV H[HUJXH WKH ZULWHUV RI %0& DVVLJQ LW WR 5RPD EDVHG RQ VW\OLVWLF PHULW 1RWH WKDW 0HWOLFK +DKQ DQG $UVODQ GR QRW FLWH WKLV YDULDQW ,Q +DKQ¶V RSLQLRQ LW UHSUHVHQWV D GLIIHUHQW RIILFLQD SURGXFLQJ WUHPLVVHV LQ 5RPD

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 7UHPLVVLV 5RPD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&9672590 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O RQ HLWKHU VLGHV LQ ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV 0,% , 0(& , ± 0HWOLFK D 9HU\ UDUH *RRG YHU\ ILQH

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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 7UHPLVVLV 5RPD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $ ± 9&9672520 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O RQ HLWKHU VLGHV RQ ILHOG WZR VWDUV DQG LQ H[HUJXH &212% %0& 9DQGDOV YDU $9&9672590 .UDXV YDU 0,% , YDU $9&9672590 0(& , ± 0HWOLFK D YDU $9&9672590

9HU\ UDUH $Q DOPRVW LQYLVLEOH PDUN RQ REYHUVH ILHOG RWKHUZLVH H[WUHPHO\ ILQH

([ /DQ] VDOH 1RWH WKH XQXVXDO OHJHQG RQ WKH UHYHUVH ERWK IRU WKH GLYLVLRQ DQG $9&9672520 LQVWHDG RI $9&9672590

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV +DOI VLOLTXD 5RPD $5 J '1 $1$67 ± $6,96 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U EHORZ EXVW 5 5HY 6L[ UD\HG VWDU ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% , D 0(& , YDU ZLWKRXW 5

0HWOLFK D 9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH 2OG FDELQHW

WRQH DQG JRRG H[WUHPHO\ ILQH ¶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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 5RPD $5 J >'1 $1$67@ ± $6,96 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U EHORZ EXVW 5 5HY 0RQRJUDP RI 7KHRGHULF ZLWKLQ ZUHDWK LQ ILHOG FURVV DERYH %0& 9DQGDOV YDU ZLWKRXW 5 .UDXV 0,% , D YDU ZLWKRXW 5 0(& , YDU ZLWKRXW 5 0HWOLFK D

/LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

([ .XQVW XQG 0XQ]HQ DQG /HX VDOHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV 5DYHQQD $9 J '1 $1$67$ ± 6,96 3) $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& $ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &202%= %0& 9DQGDOV ± .UDXV 7ROVWRL 0,% , /DFDP SO 0(& , ± 0HWOLFK ±

([FHHGLQJO\ UDUH 9LUWXDOO\ DV VWUXFN DQG )GF ¶ ([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP 7KLV FRLQ LV H[FHHGLQJO\ UDUH EHFDXVH ZH NQRZ RI RQO\ WZR RWKHU VSHFLPHQV WKH ILUVW LQ WKH 7ROVWRL FROOHFWLRQ Q DQG WKH VHFRQG LQ WKH *DELQHWWR 1XPLVPDWLFR %L]DQWLQR RI 7XULQ 1RZDGD\V WKHUH DUH GLIIHUHQW RSLQLRQV RQ ZKHWKHU WKH PLQW PD\ EH 5RPD RU 5DYHQQD EXW +DKQ DVFULEHV WKH LVVXH WR WKH ODWWHU

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV 5DYHQQD $9 J '1 $1$67$ ± 6,96 33 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& PRQRJUDP RI 7KHRGRULF 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV YDU .UDXV YDU )DJHUOLH 0,% , /DFDP ± 0(& , ± 0HWOLFK

9HU\ UDUH *RRG H[WUHPHO\ ILQH ¶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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 5DYHQQD " $5 J '1 $1$ ± >67$6,9@6 33 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV DQG VWDU EHORZ $OO ZLWKLQ JDUODQG %0& 9DQGDOV YDU FURVV LQVWHDG RI VL[ UD\HG VWDU .UDXV 0,% , D 0(& , ± 0HWOLFK D

([FHHGLQJO\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH ¶ ([ 0 0 VDOH $FFRUGLQJ WR +DKQ WKLV VHULHV ZLWK WKH JDUODQG RQ UHYHUVH EHORQJV WR WKH ODVW SHULRG RI VLOYHU FRLQDJH VWUXFN LQ 0HGLRODQXP 2QO\ YHU\ UDUHO\ GRHV WKLV LVVXH DSSHDU RQ WKH PDUNHW 7R RXU NQRZOHGJH WKH ODVW RQH RIIHUHG ZDV LQ D 6FKXOPDQ VDOH EDFN LQ ORW

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV 0HGLRODQXP $9 J '1 $1$67$ ± 6,96 33 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& PRQRJUDP RI 7KHRGHULF 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG 0' LQ PRQRJUDP LQ U VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV ± .UDXV YDU WKLV REYHUVH GLH EXW &212%, RQ H[HUJXH

8UOLFK %DQVD 0,% , E YDU WKLV REYHUVH GLH EXW &212%, RQ H[HUJXH /DFDP ± 0(& , ± 0HWOLFK WKLV FRLQ LOOXVWUDWHG

([FHHGLQJO\ UDUH DSSDUHQWO\ WKUHH VSHFLPHQV NQRZQ RI ZKLFK WKLV LV WKH RQO\

RQH LQ SULYDWH KDQGV 7UDFHV RI PRXQWLQJ RWKHUZLVH DERXW YHU\ ILQH ¶ ([ 6WHUQEHUJ VDOH ;9,, +DKQ FROOHFWLRQ 7KLV FRLQ IRUPHUO\ EHORQJHG WR WKH +DKQ FROOHFWLRQ ,W LV WKH RQO\ H[DPSOH LQ SULYDWH KDQGV WKH RWKHU WKUHH NQRZQ EHLQJ LQ PXVHXPV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV 0HGLRODQXP $9 J '1 $1$67$ ± 6,96 33 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& Δ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG 0' LQ PRQRJU LQ U VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV ± .UDXV ± 8UOLFK %DQVD 0,% , /DFDP ± 0(& , ± 0HWOLFK

9HU\ UDUH 6HYHUDO PDUNV LQ ILHOG DQG RQ HGJH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ /HX VDOH 6ROLGL LQ WKH QDPH RI $QDVWDVLXV WKDW FDQ EH DWWULEXWHG ZLWK FHUWDLQW\ WR 0HGLRODQXP IRU WKH VLJOD 0' DUH H[WUHPHO\ UDUH DQG VSHFLPHQV DUH NQRZQ LQ WRWDO 7KH PLQWPDUN 0' IROORZV RQ IURP WKH VROLGL LQ WKH QDPH RI =HQR VWUXFN DW WKLV PLQW DOEHLW ZLWK WKH PLQWPDUN LQ D GLIIHUHQW SRVLWLRQ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 7UHPLVVLV 0HGLRODQXP $9 J '1 $1$67$ ± 6,96 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ ILHOG DERYH VWDU 5HY 9,&725,$ $9&962520 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ O ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV .UDXV 0,% , E 0(& , 0HWOLFK 5DUH *RRG H[WUHPHO\ ILQH ¶ .HQW RS FLW ZDV WKH ILUVW VFKRODU WR DVFULEH WUHPLVVHV WR WKH PLQW RI 0HGLRODQXP IRU WKH VW\OH DQG IRU WKH OHJHQG RQ WKH REYHUVH 33 $9& DQG WKH VLJOD &212% RQ WKH UHYHUVH 7KLV DWWULEXWLRQ ZDV YHULILHG E\ WKH ILQGLQJ RI D PDWFKLQJ VSHFLPHQ ZLWK 0' LQ ILHOG RQ UHYHUVH VHH 0,% , ILJ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 7UHPLVVLV 0HGLRODQXP $9 J '1 $1$67 ± $6,96 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ ILHOG VWDU DERYH 5HY 9,&725,$ $9&9672590 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ U ILHOG VWDU DQG LQ H[HUJXH &212 %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 0HWOLFK ± $SSDUHQWO\ XQUHFRUGHG ([WUHPHO\ ILQH ¶ ([ &UHGLW 6XLVVH DQG 0 ' UU 5 0LFKHO 1RYHPEHU /DFDP VDOHV 7KLV FRLQ GLIIHUV IRUP WKH RWKHUV NQRZQ QRW RQO\ IRU WKH VHSDUDWLRQ RI LWV REYHUVH OHJHQG EXW DOVR IRU WKH VW\OH RI WKH 9LFWRU\ RQ WKH UHYHUVH DQG WKH PLQWPDUN &212 LQVWHDG RI &212% 7KH VW\OH RI WKH EXVW LV FORVHVW WR LVVXHV LQ WKH QDPH RI -XVWLQLDQ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 7UHPLVVLV XQFHUWDLQ PLQW $9 J '1 $1$67$ ± 6,96 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&9672590 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ U ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 0HWOLFK ± $SSDUHQWO\ XQUHFRUGHG $ERXW H[WUHPHO\ ILQH

([ 9HFFKL VDOH :RUWK QRWLQJ DUH WKH ODUJHU JOREH DQG WKH SRVLWLRQ RI 9LFWRU\¶V ULJKW DUP ZKLFK LV PXFK KLJKHU FRPSDUHG WR LWV OHIW QRUPDOO\ WKHVH DUH OHYHO

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 0HGLRODQXP $5 J '1 $1$67$6,96 33 $9& UHWURJUDGH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ ILHOG EHORZ ,0' 5HY ,19,7 ± $ 520$ 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV DQG & 0 EHORZ %0& 9DQGDOV YDU ZLWKRXW ,0' .UDXV YDU 0,% , D 0(& , YDU 0HWOLFK

([WUHPHO\ UDUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

([ /HX VDOH +HUH IRU WKH ILUVW WLPH ZH FDQ QRWH DQG LW ZLOO KDSSHQ RIWHQ DOVR ODWHU WKDW WKH OHJHQG ,19,&7$ 520$ LV QRW OLPLWHG RQO\ WR LWV PLQW EXW DSSHDUV DOVR HOVHZKHUH DV VRUW RI HPEOHP IRU WKH (PSLUH 7KLV VSHFLPHQ KDV DOO WKH FKDUDFWHULVWLFV RI WKH PLQW RI 0HGLRODQXP RQ REYHUVH 33 RQ WKH OHJHQG DQG ,0' EHORZ WKH EXVW RQ UHYHUVH EHORZ WKH PRQRJUDP &0 &LYLWDV 0HGLRODQHQVLV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 0HGLRODQXP $5 J '1 $1$67$ ± 6,96 33 $9& UHWURJUDGH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ ILHOG EHORZ 212 5HY ,19,7 ± $ 520$ 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV DQG & 0 EHORZ %0& 9DQGDOV YDU ZLWKRXW ,0' .UDXV YDU 0,% , D +DKQ ´*OL XOWLPL DQQL GHOOD FRQLD]LRQH 0LODQHVH SULPD GHOOD FKLXVXUD GHOOD ]HFFD DG RSHUD GL 7KHRGRULFR $UVODQ /D ]HFFD GL 0LODQR´ SS 0(& , 0HWOLFK YDU

9HU\ UDUH $ YHU\ HOHJDQW SRUWUDLW RI ILQH VW\OH ORYHO\ LULGHVFHQW WRQH PLQRU DUHD

RI SRURVLW\ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 0HGLRODQXP $5 J '1 $1$67$ ± 6,96 33 >$9&@ UHWURJUDGH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY ,19,&7 ± $ 520$ 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV %0& 9DQGDOV .UDXV 0,% , ± 0(& , ± 0HWOLFK E 2OG FDELQHW WRQH DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J >'1 $1$67$ ± 6,96 33 $9&@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY >,19,&7 ± $ 520$@ 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV %0& 9DQGDOV .UDXV 0,% , E 0(& , 0HWOLFK F 6XUIDFH VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$>67$@ ± 6,96 >33 $9&@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY ,19,& ± 7$ 520$ 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV DQG EHORZ VWDU %0& 9DQGDOV .UDXV 0,% , E 0(& , 0HWOLFK F 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

([ . QNHU VDOH 'H :LW )URP WKH *RRGDFUH FROOHFWLRQ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 4XDUWHU VLOLTXD 5RPD RU 5DYHQQD $5 J '1 ,967, ± 196 3 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV $OO ZLWKLQ JDUODQG %0& 9DQGDOV .UDXV 0,% , 0(& , YDU ZLWKRXW $9 OLJDWH 0HWOLFK YDU

9HU\ UDUH 2I VXSHUE VW\OH ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH ¶ ([ 1$& $XWXPQ VDOH 7KH FRQWLQXLW\ IURP $QDVWDVLXV WR -XVWLQ , DQG WKH FRQIRUPLW\ RI WKH VW\OH SRLQW WRZDUGV D SUREDEOH DWWULEXWLRQ RI VLOYHU DQG JROG FRLQV DIWHU WR WKH PLQW RI 5RPD 7KLV VSHFLPHQ EHDUV WKH ILUVW W\SH RI PRQRJUDP LQ ZKLFK WKH KRUL]RQWDO EDU LQWHUVHFWV WKH OHJ RI WKH 5

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 4XDUWHU VLOLTXD 5RPD RU 5DYHQQD $5 J '1 ,967, ± 196 3 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV $OO ZLWKLQ JDUODQG %0& 9DQGDOV .UDXV 0,% , 0(& , YDU ZLWKRXW $9 OLJDWH 0HWOLFK

5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

([ 1$& DQG /DQ] VDOHV 2Q WKH UHYHUVH RI WKLV VSHFLPHQ WKHUH LV WKH VHFRQG W\SH RI 7KHRGHULF¶V PRQRJUDP FRPSDUHG ZLWK WKH SUHYLRXV ORW RQ WKLV FRLQ ZH QRWLFH WKDW WKH KRUL]RQWDO OLQH VWRSV QHDU WKH OHJ RI WKH 5 LQVWHDG RI SDVVLQJ WKURXJK LW

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 4XDUWHU VLOLTXD 5RPD RU 5DYHQQD $5 J '1 ,967, ± 196 3 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV $OO ZLWKLQ JDUODQG %0& 9DQGDOV .UDXV 0,% , 0(& , YDU ZLWKRXW $9 OLJDWH 0HWOLFK 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 3HQWDQXPPLXP 5RPD J '1 ,9,,,9 ± 196 33 $9& 3HDUO GLDGHPHG DQG GUDSHG EXVW U 5HY /DUJH 9 ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% ± 0(& , ± 0HWOLFK ±

5DUH *UHHQ SDWLQD DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

([ . QNHU VDOH 'H :LW

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 3HQWDQXPPLXP 5DYHQQD " J >« @ 1,96 3HDUO GLDGHPHG DQG GUDSHG EXVW U 5HY /DUJH 9 LQ ILHOG DERYH VWDU %0& .UDXV 0,% ± 0(& , ± 0HWOLFK ± *UHHQ SDWLQD DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 1XPPXV 6LUPLXP " J >'1 ,967, ± 196 $9&@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF VSHFXODU LQ ILHOG DERYH FURVV DQG LQ H[HUJXH 9,, %0& 9DQGDOV ± .UDXV 0,% , ± 0(& , ± 0HWOLFK ± 2I WKH KLJKHVW UDULW\ DSSDUHQWO\ RQO\ WKH VHFRQG VSHFLPHQ NQRZQ

$ERXW YHU\ ILQH YHU\ ILQH

$SSDUHQWO\ PLVVLQJ LQ DOO SXEOLFDWLRQV 2QO\ .UDXV GHVFULEHV RQH VSHFLPHQ FLWHG E\ 7KRPVHQ 7KRPVHQ , S

$WKDODULF

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 6ROLGXV 5RPD $9 J '1 ,967, ± 196 3) $9& $9 OLJDWH 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& $ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV YDU $9 QRW OLJDWH .UDXV 7KHRGHULFK YDU $9 QRW OLJDWH 0,% YDU $9 QRW OLJDWH 0(& , ± 0HWOLFK YDU $9 QRW OLJDWH

*RRG H[WUHPHO\ ILQH ¶ ([ .RYDFV VDOH 8SRQ WKH GHDWK RI 7KHRGHULF $WKDODULF WKH KHLU WR WKH WKURQH ZDV WRR \RXQJ DQG VR WKH UHJHQF\ GHYROYHG XSRQ KLV PRWKHU $PDODVXWKD 7KHRGHULF¶V GDXJKWHU 6KH WULHG WR UDLVH KHU VRQ LQ D 5RPDQ PDQQHU DQG DOVR DWWHPSWHG WR LPSURYH UHODWLRQV EHWZHHQ WKH 2VWURJRWKV DQG -XVWLQLDQ +HU SODQV ZHUH LPSHGHG E\ WKH *RWKLF QRELOLW\ ZKR VWURQJO\ GLVDJUHHG ZLWK WKH FXOWXUDO HGXFDWLRQ RI WKH IXWXUH NLQJ %XW DOO ILQLVKHG ZLWK WKH $WKDODULF¶V GHDWK KH GLHG RI ´SUHPDWXUH LQWHPSHUDQFH´ DW WKH DJH RI 6KH WKHQ WR PDQWDLQ KHU UXOH PDUULHG KHU ZHDN FRXVLQ 7KHRGDKDG ZKR DOPRVW LPPHGLDWHO\ KDG KHU LPSULVRQHG DQG WKHQ VWUDQJOHG LQ KHU EDWK

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 6ROLGXV 5RPD $9 J '1 ,967, ± 196 33 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& Δ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &2p2% %0& 9DQGDOV FI &202% .UDXV FI &202% 7KHRGHULFK 0,% FI &202% 0(& , ± 0HWOLFK FI &202%

$Q DSSDUHQWO\ XQUHFRUGHG DQG XQLTXH YDULHW\ 6HYHUDO HGJH PDUNV WUDFHV RI PRXQWLQJ RWKHUZLVH YHU\ ILQH ¶

([ &1* VDOH

:KLOH WKH H[HUJXH DSSHDUV WR UHDG &2p2% LQ RXU RSLQLRQ WKLV LV VLPSO\ DQ 0 WKDW GLG QRW VWULNH ZHOO 2QO\ $UVODQ FLWHV DQ H[DPSOH VLPLODU WR WKLV DSSDUHQWO\ XQLTXH FRLQ $UVODQ EXW LW KDV &202% DV RSSRVHG WR &212% LQ WKH H[HUJXH 7KH RWKHU FRQWHPSRUDU\ W\SHV RI WKH PLQW RI 5RPH KDYH VRPH GLIIHUHQW HSLJUDSKLF DQG VW\OLVWLF SHFXOLDULWLHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 4XDUWHU VLOLTXD 5DYHQQD " $5 J '1 ,967, ± 196 3 $9& 3HDUO GLDGHPHG DQG GUDSHG EXVW U 5HY '1 $7+$ /$5, &96 DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% D 0(& , ± 0HWOLFK D WKLV FRLQ FLWHG

/LJKW LULGHVFHQW WRQH DQG YHU\ ILQH

([ 1$& $XWXPQ VDOH $ UDUH LVVXH LQ WKH QDPH RI -XVWLQ DQG PLVVLQJ WKH 5H[ WLWOH 7KHVH FRLQV DUH FRQVLGHUHG WR EH WKH ILUVW VWUXFN E\ $WKDODULF GXULQJ WKH ILUVW PRQWKV RI KLV UHLJQ 7KH RPLVVLRQ RI WKH 5H[ WLWOH LQGLFDWHV WKDW WKH VWULNLQJ WRRN SODFH EHIRUH KLV HOHFWLRQ WR NLQJ RI WKH 2VWURJRWKV DQG &RQVWDQWLQRSROLV¶ UHFRJQLWLRQ RI WKLV HYHQW ,W LV GXULQJ WKH UHLJQ RI $WKDODULF WKDW WKLV W\SH RI UHYHUVH ZDV LQWURGXFHG SUHVXPDEO\ WR GLVWLQJXLVK LW IURP WKH KDOI VLOLTXDH 7KH VDPH W\SH FRQWLQXHV XQGHU 7KHRGDKDG

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 6ROLGXV 0HGLRODQXP " $9 J '1 ,96 UHWURJUDGH 7, ± 196 33 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& $ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV ± .UDXV ± 0,% , ± IRU W\SH FI 5DYHQQD 0(& , ± 0HWOLFK ±

$SSDUHQWO\ XQLTXH ([WUHPHO\ ILQH ¶ ([ %RXUJH\ 2FWREHU .DSDPDGM DQG 1$& $XWXPQ VDOH VDOHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV 5RPD FLUFD $9 J '1 ,967,1, ± $196 3Î&#x201C; Î&#x203A;9& $9 OLJDWH 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± Î&#x203A; Î&#x203A;9&&& $ 9LFWRU\ VWDQGLQJ O KROGLQ J ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% , 0(& , 0HWOLFK

9HU\ UDUH 6OLJKWO\ GRXEOH VWUXFN DQG ZLWK PLQRU PDUNV RQ REYHUVH

RWKHUZLVH JRRG YHU\ ILQH ¶ ([ %RXUJH\ 2FWREHU .DSDPDGM DQG 1$& 2FWREHU VDOHV 7KH VZDS IURP WKH -XVWLQ WR WKH -XVWLQLDQ OHJHQG RFFXUUHG ZLWKRXW DQ\ VW\OLVWLF EUHDN %DVHG RQ WKH VROLGL LQ WKH QDPH RI -XVWLQ WKH GLDGHP WLHV SRLQW GRZQ DW WKH EHJLQQLQJ WKH VSHDU KDV D EDUE DQG WKH KHOPHW GRHV QRW VKRZ D WUHIRLO 2Q WKH UHYHUVH WKH VWDU LV GHSLFWHG ZLWK VL[ UD\V 3UREDEO\ WKLV JURXS PDUNV WKH EHJLQQLQJ RI WKH LVVXH DQG FDQ WKXV EH DWWULEXWHG WR WKH UHLJQ RI $WKDODULF DORQH 0HWOLFK S

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD 5RPD $5 J '1 ,967,1, ± $196 3 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI $WKDODULF LQ ILHOG DERYH FURVV DQG EHORZ VWDU $OO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD

0,% , D 0(& , 0HWOLFK 5DYHQQD

9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH

/LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

([ 1RPLVPD VDOH

'XULQJ $WKDODULF¶V UHLJQ FRLQV DGRSWHG PRUH 2VWURJRWKLF FKDUDFWHULVWLFV VXFK DV WKH PRQRJUDP RI WKH NLQJ RQ WKH KDOI VLOLTXH RU WKH QDPH LQ IXOO RYHU VHYHUDO OLQHV RQ WKH TXDUWHU VLOLTXDH ,W ZDV $WKDODULF WKDW UHLQVWDWHG WKH W\SRORJLFDO V\VWHP RI VLOYHU FRLQDJH ZKLFK FDQQRW EH HDVLO\ DWWULEXWHG WR 5RPD RU 5DYHQQD

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 5RPD $5 J '1 ,967, ± 1,$1 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 $7+$/ $5,&96 5,; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% 0(& , 0HWOLFK 5DYHQQD

2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

([ 1$& DQG /DQ] VDOHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 5RPD $5 J '1 ,967, ± 1,$1 $& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 $7+$/ $5,&96 5,; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% 0(& , 0HWOLFK 5DYHQQD

2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 5RPD $5 J >'1 ,@967, ± 1,$1 >$9&@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 $7+$/ $5,&96 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% 0(& , 0HWOLFK 5DYHQQD

5DUH 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

([ 9LQFKRQ DQG . QNHU 'H :LW VDOHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5RPD J ,19>,&@ ± 7Λ 520Λ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY '1 Λ7+Λ/ ± Λ5,&96 .LQJ VWDQGLQJ IDFLQJ ZLWK KHDG U KROGLQJ VSHDU LQ U KDQG DQG VKLHOG LQ O LQ ILHOG 6 ; ± & %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK D *UHHQ SDWLQD DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5RPD J ,19,& ± 7Λ 520Λ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY '1 Λ7+Λ/ ± Λ5,&96 .LQJ VWDQGLQJ IDFLQJ ZLWK KHDG U KROGLQJ VSHDU LQ U KDQG DQG VKLHOG LQ O LQ ILHG 6 ; ± & %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK E

5DUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH 'DUN WRQH DQG DERXW H[WUHPHO\ ILQH

([ /DQ] VDOH 9DULDQW ZLWK VPDOO KHDG RI VXSHUE VW\OH 7KH PDMRULW\ RI LVVXHV RI WKLV W\SH DUH RI FUXGHU VW\OH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5RPD J ,19,& ± 7$ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY '1 $7+$/ $5,&96 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK

,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH *UHHQ SDWLQD DQG H[WUHPHO\ ILQH

([ 9HFFKL VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5RPD J ,19,& ± 7$ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY '1 $7+$/ $5,&96 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK

*UHHQ SDWLQD DQG JRRG YHU\ ILQH

([ 1$& $XWXPQ VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 3HQWDQXPPLXP 5RPD J ,19,& ± >7$@ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY '1 $7+$/$5,&96 5(; LQ FHQWUH 9 %0& 9DQGDOV .UDXV 0,% E 0(& , ± 0HWOLFK E

5DUH *UHHQ SDWLQD DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 1XPPXV 5RPD J ,9&7, ± 1,$1 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI $WKDODULF DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% QXPPL SLHFH 0(& , 0HWOLFK QXPPL SLHFH

,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH %URZQ WRQH DQG H[WUHPHO\ ILQH

([ $VWDUWH VDOH ,,,

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 1XPPXV 5RPD J >«@ ± 1, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI $WKDODULF DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% QXPPL SLHFH 0(& , 0HWOLFK QXPPL SLHFH

([WUHPHO\ ILQH

([ 9HFFKL VDOH ,

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 1XPPXV 5RPD J ,967, ± >«@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI $WKDODULF DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% QXPPL SLHFH 0(& , 0HWOLFK QXPPL SLHFH

9HU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 1XPPXV 5RPD J >« @ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI $WKDODULF DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% QXPPL SLHFH 0(& , 0HWOLFK QXPPL SLHFH

9HU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD 0HGLRODQXP " FLUFD $5 J '1 ,967,1,$ ± >196 3 $9&@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI $WKDODULF LQ ILHOG DERYH FURVV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± FI 5DYHQQD .UDXV ± FI 5DYHQQD 0,% , ± FI E 5DYHQQD 0(& , ± 0HWOLFK ± FI E 5DYHQQD

$SSDUHQWO\ XQUHFRUGHG /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ¶ ([ 1$& /HX 0D\ DQG 9HFFKL , VDOHV 7KH RQO\ SDUDOOHOV ZH KDYH IRU WKLV FRLQ DUH HTXDOO\ FUXGH LVVXHV LQ WKH QDPH RI 7KHRGHULF ZKLFK KDYH DOVR EHHQ DVFULEHG WR 0HGLRODQXP 6RPH VLOYHU LVVXHV RI 7KHRGHULF DQG $WKDODULF H[KLELW D UHPDUNDEO\ EDUEDURXV VW\OH VRPHZKDW DNLQ WR LVVXHV JLYHQ WR 6LUPLXP ,Q DQ\ HYHQW 0HGLRODQXP LVVXHV RI WKLV W\SH DUH YHU\ PXFK UDUHU WKDQ QRUPDO LVVXHV DQG WKH SRVVLELOLW\ WKDW WKH\ PD\ WXUQ RXW WR KDYH EHHQ FRQWHPSRUDU\ LPLWDWLRQV FDQQRW EH H[FOXGHG

$WKDODULF 7KHRGDKDG DQG :LWLJLV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV 5DYHQQD RU 5RPD FLUFD $9 J '1 ,967,1, ± Λ196 3Γ Λ9& $9 OLJDWH 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& $ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% , YDU 5RPD QR GRW EHIRUH RIILFLQD 0(& , YDU 5RPD QR GRW EHIRUH RIILFLQD 0HWOLFK E WKLV FRLQ 5DYHQQD

9HU\ UDUH ([WUHPHO\ ILQH ¶ ([ 0 0 DQG 0 ' UU 5 0LFKHO 1RYHPEHU /DFDP VDOHV 0HWOLFK DVVLJQV WKLV FRLQ WR WKH SHULRG RI $WKDODULF :LWLJLV DQG WR WKH PLQW RI 5DYHQQD EDVHG RQ WKH SRUWUDLW VW\OH ZLWK UHFWDQJXODU YLVRU VKRUW DQG DOPRVW KRUL]RQWDO GLDGHP VWULQJV KHOPHW ZLWKRXW WULOREH RUQDPHQW DQG WKH H[HUJXDO OLQH RQ WKH UHYHUVH ZLWK GRWV H[WUHPLWLHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV 5DYHQQD RU 5RPD FLUFD $9 J '1 ,967,1, ± Λ196 3Γ Λ9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& Λ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV YDU $9 OLJDWH 5DYHQQD .UDXV YDU $9 OLJDWH 5DYHQQD 0,% , YDU $9 OLJDWH 5RPD 0(& , YDU $9 OLJDWH 5RPD 0HWOLFK 5DYHQQD

9HU\ UDUH /LJKW UHGGLVK WRQH DQG H[WUHPHO\ ILQH ¶ ([ (OVHQ VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV 5DYHQQD RU 5RPD FLUFD $9 J '1 ,967,1, ± Î&#x203A;196 3Î&#x201C; Î&#x203A;9& $9 OLJDWH 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& Î&#x203A; 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &202Î&#x201C; %0& 9DQGDOV ± .UDXV ± 0,% , ± FI 5RPD 0(& , ± FI 5RPD 0HWOLFK ± FI 5DYHQQD ([WUHPHO\ UDUH 0LQRU DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ %RXUJH\ 2FWREHU .DSDPDGML DQG (OVHQ VDOH VDOHV 7ZR RWKHU H[DPSOHV KDYH DSSHDUHG RQ WKH PDUNHW ZKLFK SUHVHQW LGHQWLFDO FKDUDFWHULVWLFV DQG D UDWKHU FUXGH VW\OH H[ $UWHPLGH DQG /HX VDOHV 7KH KHOPHW ODFNLQJ RUQDPHQW WKH VWULQJV RI WKH GLDGHP WKH H[HUJXDO OLQH ZKLFK HQGV ZLWK D SHOOHW DW ERWK HQGV OLNHQ WKH FRLQ WR WKH W\SH 0HWOLFK EXW WKH VXEVWDQWLDO GLIIHUHQFH RWKHU WKDQ WKH FUXGH VW\OH LV &202Î&#x201C; LQVWHDG RI &202% ZKLFK FRXOG SHUKDSV LQGLFDWH D GDWH LQ WKH VDPH ZD\ DV WKH VROLGL RI 7KHRGHULF VWUXFN DW 0HGLRODQXP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV 5RPD " FLUFD $9 J '1 ,967,1, ± Î&#x203A;196 3Î&#x201C; Î&#x203A;9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± Î&#x203A; Î&#x203A;9&&& Î&#x203A; 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &2+2% %0& ± .UDXV ± 0,% , ± FI 0(& , ± FI 0HWOLFK ± FI 5DYHQQD

9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH /LJKW UHGGLVK

WRQH DQG JRRG H[WUHPHO\ ILQH ¶ ([ 0 0 VDOH

7KLV FRLQ FRXOG DOVR EH DQ LPLWDWLRQ IRU WKH SRUWUDLW VW\OH DQG WKH SHFXOLDULW\ RI WKH OHWWHUV VXFK DV WKH 9 ZKLFK WHQGV WRZDUGV D < RU &2+2% ZKLFK WRXFKHV WKH H[HUJXDO OLQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV 5RPD $9 J '1 ,967,1, ± $196 3Î&#x201C; $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9*9672590 59 OLJDWH 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ U ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV YDU 3) $9 OLJDWH DQG 59 QRW OLJDWH 5DYHQQD .UDXV YDU 3) $9 OLJDWH DQG 59 QRW OLJDWH 5DYHQQD 0,% , D YDU 59 QRW OLJDWH 0(& , YDU $9 OLJDWH 59 QRW OLJDWH 0HWOLFK YDU 59 QRW OLJDWH

9HU\ UDUH /LJKW UHGGLVK WRQH DQG H[WUHPHO\ ILQH

([ 1RPLVPD VDOH ([HUJXDO OLQH HQGV ZLWK WZR GRWV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV 5RPD $9 J '1 ,967,1, ± $196 3) $9& $9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9*9672590 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ U ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV 5DYHQQD 0,% , D YDU 3Γ

.UDXV 5DYHQQD 0(& , 0HWOLFK 5DUH 2I ORYHO\ VW\OH DQG H[WUHPHO\ ILQH ¶ ([ 6WHUQEHUJ ;,; DQG 6SLQN -XO\ 'UHHVPDQ FROOHFWLRQ VDOHV ([HUJXDO OLQH WKDW HQGV ZLWK WZR GRWV

7KHRGDKDG

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD 5RPD $5 J '1 ,967, ± 1,$1 $9& 3HDUO GLDGHPHG GUDSHG DQG FXUDLVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGDKDG DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% E 0(& , ± 0HWOLFK 5DYHQQD

5DUH /RYHO\ OLJKW LULGHVFHQW WRQH PLQRU IODQ FUDFN

RWKHUZLVH JRRG H[WUHPHO\ ILQH

([ 1RPLVPD VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 5RPD $5 J '1 ,967, ± >«@ $9& 3HDUO GLDGHPHG GUDSHG DQG FXUDLVVHG EXVW U 5HY '1 7+(2'$ +$7+96 5,; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% 0(& , 0HWOLFK 5DYHQQD

:RQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

([ 9HFFKL VDOH 7KHRGDKDG ZDV WKH PRVW LQHIIHFWLYH RI DOO WKH 2VWURJRWKLF UXOHUV +H SUREDEO\ SOD\HG DOPRVW WRWDOO\ LQWR -XVWLQLDQ¶V KDQGV DQG ZDV VHHPLQJO\ XQDEOH WR GR DQ\WKLQJ WR UHVLVW WKH ,PSHULDO IRUFHV XQGHU %HOLVDULXV LQ ,OO\ULD DQG LQ 6LFLO\ DQG ,WDO\ +H ZDV PXUGHUHG LQ DIWHU KLV VXGGHQ GHSRVLWLRQ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , )ROOLV QXPPL 5RPD J '1 7+(2'$ ± +$796 5(; +HOPHWHG DQG FXUDLVVHG EXVW U 5HY 9,&725,$ ± 35,1&,390 9LFWRU\ VWDQGLQJ RQ SURZ U KROGLQJ LQ O KDQG SDOP DQG ZUHDWK LQ U LQ ILHOG 6 ± & RQ VLGHV %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK E & / WKLV FRLQ

5DUH 'DUN JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ¶ ([ 1$& 0 0 OLVW DQG . QNHU 'H :LW VDOHV 7KH PRVW LPSRUWDQW RI 7KHRGDKDG¶V LQQRYDWLRQV ZDV WKH LQWURGXFWLRQ RI WKH NLQJ¶V SRUWUDLW RQ FRLQV ([FOXGLQJ WKH JROG PHGDOOLRQ RI 7KHRGHULF WKLV LV WKH ILUVW UHSUHVHQWDWLRQ RI DQ 2VWURJRWKLF UXOHU RQ WKH REYHUVH 7KHRGDKDG RQ WKH U ZHDULQJ UR\DO JDUPHQWV DQG RQ WKH UHYHUVH D 9LFWRU\ RQ SURZ D W\SLFDO ROG 5RPDQ W\SH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , )ROOLV QXPPL 5RPD J '1 7+(2' ± Λ+Λ796 5(; +HOPHWHG DQG FXUDLVVHG EXVW U 5HY 9,&725,Λ3 ± 51&,390 9LFWRU\ VWDQGLQJ RQ SURZ U KROGLQJ LQ O KDQG SDOP DQG ZUHDWK LQ U LQ ILHOG 6 ± & RQ VLGHV %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK E ' 0 %URZQ WRQH DQG JRRG YHU\ ILQH ¶

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5RPD J ,19,&7 ± $ 520$ +HOPHWHG EXVW RI 5RPD U 5HY '1 7+(2'$ +$796 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% 0(& , 0HWOLFK

%URZQ JUHHQ SDWLQD JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

([ 1RPLVPD VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5RPD J ,19,&>7 ± $ 520$@ +HOPHWHG EXVW RI 5RPD U 5HY '1 7+(2'$ +$796 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% 0(& , 0HWOLFK

/RYHO\ OLJKW JUHHQ SDWLQD DQG JRRG YHU\ ILQH

([ 1$& $XWXPQ VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5RPD J ,19,&>7 ± $ 520$@ +HOPHWHG EXVW RI 5RPD U 5HY '1 7+(2'$ +$796 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% 0(& , 0HWOLFK

/RYHO\ JUHHQ SDWLQD ZHDNO\ VWUXFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 1XPPXV 5RPD J ,96 >«@ 1 3HDUO GLDGHPHG DQG GUDSHG EXVW U 5HY 0RQRJUDP RI 7KHRGDKDG DOO ZLWKLQ ZUHDWK %0& 9DQGDOV 5DYHQQD .UDXV 5DYHQQD 0,% 0(& , ± 0HWOLFK D

5DUH %URZQ WRQH DQG YHU\ ILQH

0XQLFLSDO &RLQDJH RI 5DYHQQD

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , QXPPL 5DYHQQD $5 J '1 ,967,1, ± 196 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &1 LQ ILHOG DERYH FURVV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV '2& II 0,%

5DUH 2OG FDELQHW WRQH HGJH FKLSSHG RWKHUZLVH JRRG YHU\ ILQH

'HFDQXPPLXP 5DYHQQD J )(/,; 5 ± $9(11$ 0XUDO FURZQHG DQG GUDSHG EXVW U 5HY (DJOH VWDQGLQJ O RQ VLGHV WZR VWDUV DQG LQ H[HUJXH ; %0& 9DQGDOV .UDXV 0,% 7KHRGHULF $WKDODULF DQG 5RPD 0(& , ± 0HWOLFK 7KHRGHULF DQG 5RPD

9HU\ UDUH DQG LQ XQXVXDOO\ JRRG FRQGLWLRQ IRU WKH LVVXH 'DUN WRQH DQG YHU\ ILQH ¶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

'HFDQXPPLXP 5DYHQQD J )(/,; 5 ± $9(11$ 0XUDO FURZQHG DQG GUDSHG EXVW U 5HY (DJOH VWDQGLQJ O RQ VLGHV WZR VWDUV DQG LQ H[HUJXH ; %0& 9DQGDOV .UDXV 0,% 7KHRGHULF $WKDODULF DQG 5RPD 0(& , ± 0HWOLFK 7KHRGHULF DQG 5RPD

9HU\ UDUH 0LQRU SRURVLW\ RWKHUZLVH JRRG YHU\ ILQH

([ 6WHUQEHUJ ;,; DQG . QNHU 'H :LW VDOHV

'HFDQXPPLXP 5DYHQQD J )(/,; 5 ± $9(11$ 0XUDO FURZQHG DQG GUDSHG EXVW U 5HY 0RQRJUDP RI 5DYHQQD DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% D 7KHRGHULF DQG 5RPD

0(& , 0HWOLFK D 7KHRGHULF DQG 5RPD

,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH *UHHQ SDWLQD DQG H[WUHPHO\ ILQH ¶ ([ 1$& $XWXPQ DQG 9HFFKL VDOHV

'HFDQXPPLXP 5DYHQQD J )(/,; 5 ± $9(11$ 0XUDO FURZQHG DQG GUDSHG EXVW U 5HY 0RQRJUDP RI 5DYHQQD DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% D 7KHRGHULF DQG 5RPD 0(& , 0HWOLFK D 7KHRGHULF DQG 5RPD

9HU\ ILQH

'HFDQXPPLXP 5DYHQQD J )(/,; 5 ± $9(11$ 0XUDO FURZQHG DQG GUDSHG EXVW U 5HY 0RQRJUDP RI 5DYHQQD DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% D 7KHRGHULF DQG 5RPD 0(& , 0HWOLFK D 7KHRGHULF DQG 5RPD 9HU\ ILQH JRRG YHU\ ILQH

'HFDQXPPLXP 5DYHQQD J )(/,; 5 ± $9(11$ 0XUDO FURZQHG DQG GUDSHG EXVW U 5HY 0RQRJUDP RI 5DYHQQD LQ ILHOG DERYH FURVV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% E 7KHRGHULF DQG 5RPD 0(& , 0HWOLFK E 7KHRGHULF DQG 5RPD

:RQGHUIXO OLJKW JUHHQ SDWLQD DQG JRRG YHU\ ILQH

([ 1$& $XWXPQ VDOH

3HQWDQXPPLXP 5DYHQQD J )(/,; ± 5$9(11$ 0XUDO FURZQHG DQG GUDSHG EXVW U 5HY 9LFWRU\ DGYDQFLQJ O KROGLQJ ZUHDWK LQ U KDQG DQG SDOP LQ O RQ VLGH 5 ± 9 %0& 9DQGDOV ± .UDXV ± 0,% ± 0(& , ± 0HWOLFK ([WUHPHO\ UDUH )LQH

:LWLJLV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV 5DYHQQD $9 J '1 ,967,1, ± Λ196 3Γ $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± $ $9&&& , 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV ± .UDXV ± 0,% 0(& , ± 0HWOLFK S ILJ

([WUHPHO\ UDUH RQO\ HOHYHQ VSHFLPHQV FLWHG E\ 0HWOLFK 0LQRU IODQ

FUDFN RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶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¶V SDOXGDPHQWXP 7KH JROG HPLVVLRQ LV YHU\ UDUH DQG ZDV SUREDEO\ SURGXFHG LQ YHU\ VPDOO TXDQWLWLHV )ROORZLQJ 0,% ZH KDYH DVVLJQHG WKLV VROLGXV DQG WKH IROORZLQJ RQH WR WKH UHLJQ RI :LWLJLV EXW LW LV QHFHVVDU\ WR DGG WKDW 0HWOLFK FRQVLGHUV WKHVH LVVXHV WR EH VWUXFN E\ -XVWLQLDQ ,¶V WURRSV VKRUWO\ DIWHU UHFDSWXULQJ 5DYHQQD LQ 0HWOLFK S

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV 5DYHQQD $9 J '1 ,967,1, ± Λ196 3Γ $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&& , 9LFWRU\ VWDQGLQJ O JOREH VXUPRXQWHG E\ &KULVWRJUDP LQ O ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV ± .UDXV ± 0,% 0(& , ± 0HWOLFK S ILJ

2I WKH KLJKHVW UDULW\ RQO\ YHU\ IHZ VSHFLPHQV NQRZQ ([WUHPHO\ ILQH ¶ ([ &KULVWLH¶V 2FWREHU DQG 6RWKHE\¶V 1HZ <RUN 1RYHPEHU VDOHV 7R KRQRXU WKH DOOLDQFH ZLWK WKH )UDQNV SHUKDSV :LWLJLV VHOHFWHG D VHFRQG W\SH IRU WKH UHYHUVH WKH 9LFWRU\ KROGLQJ D JOREH VXUPRXQWHG E\ D &KULVWRJUDP LQVWHDG RI D ORQJ MHZHOOHG FURVV $SSDUHQWO\ RQO\ IRXU VSHFLPHQV DUH NQRZQ RI WKLV FRLQ DOO IURP GLIIHUHQW GLHV WZR DUH LQ PXVHXPV RQH DSSHDUHG RQ WKH PDUNHW LQ DQG DJDLQ LQ WKLV H[DPSOH DQG DQRWKHU DSSHDUHG LQ 0HWOLFK FROOHFWLRQ S

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV 5DYHQQD $9 J '1 ,967,1, ± Λ196 3Γ $9& $9 OLJDWH 3HDUO GLDGHPHG DQG GUDSHG EXVW U 5HY 9,&725,$ ± $9*9672590 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREH FUXFLJHU LQ O LQ U ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV ± .UDXV ± 0,% 1 0(& , ± 0HWOLFK ± 5DUH 9HU\ ILQH

([ /HX VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD 5DYHQQD $5 J '1 ,96>7,1,@ ± $196 3Γ $9& $9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 99,7 ,&(6 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , YDU IRU OHJHQG

0HWOLFK 5DUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH 2I ILQH VW\OH DQG ZLWK D

ORYHO\ ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD 5DYHQQD $5 J '1 ,967, ± 1,>«@ $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 99,7 ,&(6 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK

5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

([ 9HFFKL VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5DYHQQD J >,19,&7@ ± $ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY '1 99,7 ,&,6 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , ± 0HWOLFK

5DUH *UHHQ SDWLQD DQG DERXW YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 'HFDQXPPLXP 5DYHQQD J ,09>,&7 ± $@ 520$ +HOPHWHG DQG FXLUDVVHG EXVW RI 5RPD U 5HY '1 99,7 ,&,6 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , ± 0HWOLFK

5DUH *UHHQ SDWLQD DQG DERXW YHU\ ILQH

$PDODVXQWKD

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 5DYHQQD $5 J '1 ,967, ± 1,$1 $9* 3HDUO GLDGHPHG DQG GUDSHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF ZLWKLQ ZUHDWK .UDXV +LOGHEUDQG 0(& 0,% E :LWLJLV 0HWOLFK :LWLJLV

9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH SRVVLEO\ WKH ILQHVW

VSHFLPHQ NQRZQ 2OG FDELQHW WRQH DQG H[WUHPHO\ ILQH ¶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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWLHU VLOLTXD 5DYHQQD $5 J '1 ,967,1, ± ,$1 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF DOO ZLWKLQ ZUHDWK %0& 9DQGDOV :LWLJLV .UDXV +LOGHEDUG 0,% :LWLJLV 0(& , 0HWOLFK :LWLJLV

9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH

/RYHO\ LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

([ 1$& $XWXPQ VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 5DYHQQD $5 J '1 ,96> @ ,3 $9& $9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF DOO ZLWKLQ ZUHDWK %0& 9DQGDOV ± .UDXV +LOGHEDUG 0,% :LWLJLV 0(& , 0HWOLFK :LWLJLV

9HU\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH

([ 1$& $XWXPQ VDOH

+LOGHEDUG

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 5RPD $5 J ' ,9,9 ,9, 33 $9, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP LQ ILHOG DERYH FURVV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± .UDXV ± 0,% 1 *LDQQRFFDUR 2UODQGRQL 47 9,, S WKLV FRLQ $UVODQ $5 WKLV FRLQ 0(& , ± 0HWOLFK S ILJ WKLV FRLQ

2I WKH KLJKHVW UDULW\ DSSDUHQWO\ WKH RQO\ VSHFLPHQ NQRZQ $Q LVVXH RI WUHPHQGRXV

LPSRUWDQFH DQG IDVFLQDWLRQ :RQGHUIXO ROG FDELQHW WRQH DQG JRRG H[WUHPHO\ ILQH ¶ +LOGHEDUG¶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

%DGXLOD

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD 7LFLQXP $5 J ,,,9,,, ± 090 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 %$'9 9,/$ 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV ± .UDXV 0,% YDU IRU OHJHQG 0(& , ± 0HWOLFK YDU IRU OHJHQG

([WUHPHO\ UDUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ¶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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 7UHPLVVLV 7LFLQXP $9 J '1 $1$67 ± 6,96 3) $9& $9 PRQRJUDP 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ ILHOG DERYH VWDU 5HY 9,&725,$ $9&9672590 9LFWRU\ IORDWLQJ DERYH JOREXV U ZLWK WKUHH TXDUWHUV EXVW O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ O ILHOG VWDU DQG LQ H[HUJXH &2127 %0& 9DQGDOV .UDXV 0,% 0(& , ± 0HWOLFK E $ERXW H[WUHPHO\ ILQH ¶ ([ %RXUJH\ VDOH 2FWREHU .DSDPDGML 7R GHVFULEH %DGXLOD¶V FRLQDJH LW LV XVHIXO WR GLYLGH LW LQWR WZR VHULHV WKH ILUVW ZHUH DOO WKH FRLQV SURGXFHG DW 7LFLQXP DQG WKH VHFRQG WKRVH KH FRLQHG DOVR DW WKH 5RPH PLQW ZKHQ LW UHWXUQHG EDFN LQWR WKH *RWKV¶ KDQGV DIWHU 'XULQJ WKH ILUVW VHULHV KH XVHG WKH XVXDO W\SHV EXW GXULQJ WKH VXFFHVVLYH SKDVH KH LQWURGXFHG KLV IDFLQJ EXVW RQ DOO EURQ]H FRLQV EXW NHHSLQJ WKH QDPH RI $QDVWDVLXV ZKR ZDV WKH ODVW HPSHURU WR DFFHSW WKH 2VWURJRWKLF SUHVHQFH LQ ,WDO\ %\ GRLQJ VR %DGXLOD FRXOG OHJLWLPDWH KLV UHLJQ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV , 7UHPLVVLV 7LFLQXP FLUFD $9 J ' 1 $1$6 ± 7$6,96 3 ) $, 6 UHYHUWHG 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&9672590 6 UHYHUWHG 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ U ILHOG VWDU DQG LQ H[HUJXH &R1R 0,% 0(& , ± 0HWOLFK E

9HU\ UDUH ([WUHPHO\ ILQH ¶

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV +DOI VLOLTXD 7LFLQXP $5 J '1 Î&#x203A;1Î&#x203A;67Î&#x203A; ± 6,96 3) Î&#x203A;& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 %Î&#x203A;'9 ,/Î&#x203A; 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK

5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ¶ ([ 1$& VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV +DOI VLOLTXD 7LFLQXP $5 J >«@ ± 7Î&#x203A;6,96 3Î&#x203A;9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 %Î&#x203A;'9 ,/Î&#x203A; 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK

5DUH :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH ¶ ([ 6DQWDPDULD VDOH 0DUFK 0DJQDJXWL SDUW 9 6LOYHU FRLQV RI %DGXLOD IURP WKH QHZ PLQW RI 7LFLQXP EHJDQ LQ D WUDGLWLRQDO PDQQHU EXW VWUDLJKW DIWHU FKDQJHV ZHUH PDGH WKH TXDUWHU VLOLTXH UHVXPHG EHDULQJ WKH IXOO QDPH RI WKH NLQG RQ WKH UHYHUVH DV GLG WKH KDOI VLOLTXDH +DKQ DVVLJQV WR 5RPD WKH H[DPSOHV ZKLFK DUH RI KLJKHU VW\OH DQG EHDU D FURVV EHIRUH '1

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 7LFLQXP $5 J '1 $1$>«@ ± > @ $,9, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 %$'9 ,/$ 5,; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% 0(& , YDU 5(; 0HWOLFK D

$Q H[WUHPHO\ UDUH YDULHW\ )ODQ VRPHZKDW FKLSSHG RWKHUZLVH YHU\ ILQH ¶

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 'HFDQXPPLXP 7LFLQXP J )(/,; 7, ± &,196 7XUUHWHG DQG GUDSHG EXVW RI 7LFLQXP U 5HY '1 %$'9 ,/$ 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% WKLV FRLQ 0(& , ± 0HWOLFK WKLV FRLQ

9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH SRVVLEO\

WKH ILQHVW VSHFLPHQ NQRZQ 'DUN WRQH DQG H[WUHPHO\ ILQH ¶ ([ 6FKXOPDQ -DQXDU\ /HX 1)$ 2FWREHU *DUUHWW FROOHFWLRQ DQG 3HXV VDOHV %DGXLOD GHFLGHG WR XVH D QHZ W\SH IRU KLV GHFDQXPPL WKH SHUVRQLILFDWLRQ RI 7LFLQXP 7KH FLW\ ZDV KLV FDSLWDO DQG KH WKHUHIRUH LQWURGXFHG WKH EXVW ZLWK D WXUUHWHG FURZQ DQG D QHZ OHJHQG )HOL[ 7LFLQXV RQ WKH REYHUVH 7KLV LV WKH ILUVW FRLQ ZLWK WKH QDPH 7LFLQXP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 1XPPXV 7LFLQXP J '1 $1 >«@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI %DGXLOD LQ ILHOG DERYH FURVV %0& 9DQGDOV .UDXV 0,% QXPPL 0(& , YDU DERYH PRQRJUDP FURVV

0HWOLFK QXPPL

,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH %URZQ WRQH DQG JRRG YHU\ ILQH

([ . QNHU VDOH 'H :LW

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 1XPPXV 7LFLQXP J >«@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI %DGXLOD LQ ILHOG DERYH FURVV %0& 9DQGDOV .UDXV 0,% QXPPL 0(& , YDU DERYH PRQRJUDP FURVV 0HWOLFK QXPPL

%URZQ WRQH DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 1XPPXV 7LFLQXP J >«@ ± 7$96 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI %DGXLOD LQ ILHOG DERYH FURVV %0& 9DQGDOV .UDXV 0,% QXPPL 0(& , YDU DERYH PRQRJUDP FURVV

0HWOLFK QXPPL

,Q XQXVXDOO\ ILQH FRQGLWLRQ IRU WKH LVVXH %URZQ WRQH DQG JRRG YHU\ ILQH YHU\ ILQH

([ 0 0 VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 1XPPXV 7LFLQXP $( J >«@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY >'@1 5(; LQ ILHOG DERYH VWDU DQG % EHORZ %0& 9DQGDOV .UDXV 0,% QXPPL 0(& , YDU ZLWKRXW VWDU 0HWOLFK D QXPPL

%URZQ WRQH DQG DERXW YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 1XPPXV 7LFLQXP $( J >«@ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 5(; LQ ILHOG EHORZ % %0& 9DQGDOV .UDXV 0,% YDU QR VWDU RQ UHYHUVH QXPPL 0(& , 0HWOLFK E QXPPL

%URZQ WRQH DQG DERXW YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 'HFDQXPPLXP 5RPD J '1 %$'9 ± ,/$ 5(; &URZQHG GUDSHG DQG FXLUDVVHG IDFLQJ EXVW RI %DGXLOD 5HY '1 % $'9 ,/$ 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% D 0(& , 0HWOLFK D

*UHHQ SDWLQD DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 'HFDQXPPLXP 5RPD J '1 %$'9 ± ,/$ 5(; &URZQHG GUDSHG DQG FXLUDVVHG IDFLQJ EXVW RI %DGXLOD 5HY )/25,$ ± >«@ 6WDQGLQJ ILJXUH U KROGLQJ VSHDU LQ U KDQG DQG VKLHOG LQ O LQ U ILHOG ; %0& 9DQGDOV .UDXV 0,% E 0(& , 0HWOLFK E %URZQ WRQH DQG YHU\ ILQH

%DGXLOD DGRSWHG DOVR D QHZ W\SH IRU WKH GHFDQXPPL VWUXFN DW 5RPH D VWDQGLQJ ILJXUH ZLWK WKH OHJHQG )ORUHDV 6HPSHU LQVWHDG RI WKH QDPH RI NLQJ XVHG RQ WKH REYHUVH +H DOVR UHLQWURGXFHG DV GLG $WKDODULF WKH SRVLWLRQLQJ RI WKH YDOXH PDUN IURP EHORZ LQ WKH ILHOG

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 1XPPXV 5RPD J >« @ &URZQHG GUDSHG DQG FXLUDVVHG IDFLQJ EXVW RI %DGXLOD 5HY /LRQ DGYDQFLQJ U %0& 9DQGDOV .UDXV 0,% 0(& , ± 0HWOLFK $ERXW YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 1XPPXV 5RPD J >« @ &URZQHG GUDSHG DQG FXLUDVVHG IDFLQJ EXVW RI %DGXLOD 5HY /LRQ DGYDQFLQJ O %0& 9DQGDOV YDU OLRQ U .UDXV YDU OLRQ U 0,% YDU OLRQ U 0(& , ± 0HWOLFK YDU OLRQ U

*UHHQ SDWLQD DQG ILQH

7KHLD

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV +DOI VLOLTXD 7LFLQXP $5 J '1 $1$67 ± 6,96 $9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 7+(/ $ 5(; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% F 0(& , ± 0HWOLFK F

9HU\ UDUH 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ¶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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV +DOI VLOLTXD 7LFLQXP $5 J '1 $1$ ± 67$6,,, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 7+,/ $ 5,; DOO ZLWKLQ ZUHDWK %0& 9DQGDOV .UDXV 0,% F 0(& , ± 0HWOLFK

([WUHPHO\ UDUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ¶ ([ 6RWKHE\ V /RQGRQ VDOH 0DUFK 'XULQJ WKH EULHI UHLJQ RI 7KHLD WKH 2VWURJRWKV SURGXFHG RQO\ VLOYHU FRLQV IHZ IUDFWLRQV RI VLOLTXD RIWHQ XVLQJ ZRUQ GLHV RI SRRU VW\OH

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¶V ZHDNQHVV WKH *HSLGV IRXQG WKHPVHOYHV FRQIURQWHG ZLWK WKH /RPEDUGV ZKR KDG VHWWOHG LQ 3DQQRQLD DQG ZHUH DOOLHG ZLWK WKH $YDUV .LQJ &XQLPRQG¶V GHDWK LQ EDWWOH LQ PDUNHG WKH HQG RI WKH NLQJGRP RI WKH *HSLGV 2QO\ D SDUW RI WKH *HSLG SRSXODWLRQ UHPDLQHG LQ WKHLU WHUULWRULHV ORFDWHG PDLQO\ LQ 3DQQRQLD XQGHU $YDUDQ GRPLQLRQ RWKHU JURXSV UHDFKHG &RQVWDQWLQRSROLV D WKLUG SDUW MRLQHG WKH /RPEDUGV DQG IROORZHG WKHP WR ,WDO\ 6RPH 5RPDQR %\]DQWLQH LPLWDWLYH VLOLTXDH DUH NQRZQ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$67$6,96 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY ,19,7 ± $ 520$ 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV DQG 0 ' EHORZ %0& 9DQGDOV ± .UDXV 7KHRGHULF 0,% , 7KHRGHULF 0(& , ± 'HPR 7KHRGHULF 0HWOLFK ± FI S ILJ 7KHRGHULF

5DUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

)LUVW DWWULEXWHG WR 6LUPLXP DQG WKH 2VWURJRWKV E\ VFKRODUV DFFRUGLQJ WR 0HWOLFK WKHVH LVVXHV FDQQRW EH RI 2VWURJRWKLF RULJLQ EXW DUH UDWKHU SURGXFWV RI WKH *HSLGV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$67$6,96 3 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,19,&7$ ± $ 520$1 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV DQG VWDU EHORZ %0& 9DQGDOV ± .UDXV 7KHRGHULF 0,% , 7KHRGHULF 0(& , ± 'HPR YDU 7KHRGHULF 0HWOLFK ± FI S ILJ 7KHRGHULF

5DUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

([ 9HFFKL VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$67$6,96 3 $9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,19,&7$ ± $ 520$1, 0RQRJUDP RI 7KHRGHULF LQ ILHOG DERYH FURVV DQG VWDU EHORZ %0& 9DQGDOV ± .UDXV 7KHRGHULF 0,% , 7KHRGHULF 0(& , ± 'HPR YDU 7KHRGHULF 0HWOLFK ± FI S ILJ 7KHRGHULF

5DUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH 6WUXFN RQ D YHU\ EURDG

IODQ DQG ZLWK D ORYHO\ LULGHVFHQW WRQH H[WUHPHO\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 ,967,196 3 $9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,19,&7$ ± $ 520$1, 0RQRJUDP RI 7KHRGHULF LQ ILHOG FURVV DERYH DQG VWDU EHORZ %0& 9DQGDOV ± .UDXV 7KHRGHULF

0,% , 7KHRGHULF 0(& , ± 'HPR 7KHRGHULF 0HWOLFK ± FI S ILJ 7KHRGHULF

5DUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ 4XDUWHU VLOLTXD 6LUPLXP $5 J E9 ,09671,1633$ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 7,9,11 ± ,329,,$ 0RQRJUDP RI 7KHRGHULF LQ ILHOG VWDU DERYH DQG FURVV EHORZ %0& 9DQGDOV ± .UDXV 7KHRGHULF 0,% , 7KHRGHULF 0(& , ± 'HPR 7KHRGHULF 0HWOLFK ± FI S ILJ 7KHRGHULF

5DUH 6WUXFN RQ D EURDG IODQ ZLWK D ORYHO\ LULGHVFHQW WRQH H[WUHPHO\ ILQH

([ &1* VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$67$ ± 269 39& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&&&& DURXQG 65: LQ RSHQ IUDPH LQ H[HUJXH 252% %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ± ([FHHGLQJO\ UDUH $UHDV RI ZHDNQHVV DQG JUDIILWR RQ UHYHUVH

RWKHUZLVH DERXW YHU\ ILQH

([ 9HFFKL :LOOLDP 6XEDN FROOHFWLRQ DQG 1$& VDOHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$6 ± 7$9,96 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF ZLWKLQ ZUHDWK LQ ILHOG DERYH FURVV %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ± FI &1* PDLO ELG VDOH ([WUHPHO\ UDUH $ERXW YHU\ ILQH

7KLV YDULHW\ ZLWK WKH QDPH RI $QDVWDVLXV DQG QR UHYHUVH OHJHQG EXW RQO\ WKH PRQRJUDP RI 7KHRGHULF LV QRW OLVWHG LQ WKH PRVW LPSRUWDQW SXEOLFDWLRQV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$6 ± 7$6,96 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF ZLWKLQ ZUHDWK LQ ILHOG DERYH FURVV %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ± FI &1* PDLO ELG VDOH ([WUHPHO\ UDUH *RRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$$6 ± 7$6,96 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF ZLWKLQ ZUHDWK LQ ILHOG DERYH FURVV %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ± FI &1* PDLO ELG VDOH ([WUHPHO\ UDUH *RRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$6 ± 7$6,96 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 7KHRGHULF ZLWKLQ ZUHDWK LQ ILHOG DERYH FURVV %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ± FI &1* PDLO ELG VDOH ([WUHPHO\ UDUH *RRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 >«@7$6,96, $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9219, ± 96$,&7/ 0RQRJUDP RI 7KHRGHULF " %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ± FI 5DXFK VDOH ([WUHPHO\ UDUH *RRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 $1$67$6,96, $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9219, ± 96$,&7/ 0RQRJUDP RI 7KHRGHULF " %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ± FI 5DXFK VDOH ([WUHPHO\ UDUH 9HU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 ,967 ± +,$1$9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 $7+,,,, $5,&96 5(; %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ±

([WUHPHO\ UDUH *RRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 4XDUWHU VLOLTXD 6LUPLXP $5 J '1 ,967 ± 1,$1 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY '1 $7+$/ $5,&96 5(; %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 'HPR ± 0HWOLFK ±

([WUHPHO\ UDUH *RRG YHU\ ILQH

7KH 9LVLJRWKV 7KH 9LVLJRWKV IRUPHG DV D SHRSOH LQ WKH UHJLRQV RI VRXWKHUQ 5XVVLD IROORZLQJ WKH VHSDUDWLRQ RI WKH 2VWURJRWKV GXULQJ WKH WKLUG FHQWXU\ %& ,Q FLUFD XQGHU SUHVVXUH IURP WKH +XQV WKH\ ZHQW EH\RQG WKH 'DQXEH DQG ZLWK WKH 5RPDQV¶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{QH WKH /RLUH DQG WKH $WODQWLF 2FHDQ ZKHUH WKH 9LVLJRWKV VWDEO\ VHWWOHG ´WKH NLQJGRP RI 7RXORXVH´ WKHLU ILUVW G\QDVW\ ZKLFK FDPH WR DQ HQG LQ 7KLV ZDV WKHQ IROORZHG E\ D VHFRQG G\QDVW\ ´WKH NLQJGRP RI 7ROHGR´ ZKLFK HQGHG ZLWK WKH $UDER 0XVOLP LQYDVLRQ LQ FLUFD $V ZLWK DOPRVW DOO WKH *HUPDQLF SRSXODWLRQV 9LVLJRWKLF FRLQDJH LV FKDUDFWHULVHG E\ 5RPDQR %\]DQWLQH LPLWDWLRQV SURGXFHG HVSHFLDOO\ DW PLQWV LQ *DXO ,WDO\ DQG WKH ,EHULDQ 3HQLQVXOD DERYH DOO 1DUERQQH 7RXORXVH 5DYHQQD 0HULGD 7ROHGR %DUFHORQD &RUGRED &RLPEUD 6HYLOOH DQG (OLEHUUL

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI +RQRULXV 7UHPLVVLV 7RORXVH " PLG WK FHQWXU\ $9 J '1 +2125, ± 96 3) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725, ± $9&9672590 9LFWRU\ DGYDQFLQJ U KROGLQJ SDOP LQ U KDQG SDVWRUDO VWDII DQG FURVV LQ O RQ VLGHV 5 ±9 DQG LQ H[HUJXH &20 0(& , ± %HOIRUW ± 5,& ±

([WUHPHO\ UDUH 7UDFHV RI HGJH ILOLQJ RWKHUZLVH JRRG YHU\ ILQH

([ . QNHU VDOH 'H :LW 3UREDEO\ WKLV LVVXH ZDV SURGXFHG DW DQ HDUO\ GDWH SRVVLEO\ GXULQJ WKH UHLJQ RI 7KHRGHULF , DW WKH PLQW RI 7RORXVH 7KH PHDQLQJ RI WKH FURVV DQG WKH SDVWRUDO VWDII LQ WKH OHIW KDQG RI WKH 9LFWRU\ LV XQFHUWDLQ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI /LELXV 6HYHUXV 6HYHUXV ,,, 7UHPLVVLV 7RORXVH RU 1DUERQQH " PLG WK FHQWXU\ $9 J '1 6(9(5 ± 96 3) $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&7 ± $9&&& 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ H[HUJXH &202% 0(& , ± 5,& YDU 5DUH 9HU\ ILQH

([ . QNHU VDOH 'H :LW $Q HDUO\ JROG LVVXH SUREDEO\ VWUXFN DW 1DUERQQH 7KH UHYHUVH EHDUV D VWURQJ UHVHPEODQFH WR WKH WUHPLVVHV LQ WKH QDPH RI 9DOHQWLQLDQ ,,, FI 0(& ,

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV , 7UHPLVVLV 7RORXVH RU 1DUERQQH " ODWH WK FHQWXU\ $9 J '1 $,7,,, ± $6 33 $9,& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&72, ± 9,9721$9, 9LFWRU\ DGYDQFLQJ U KROGLQJ ZUHDWK LQ U KDQG DQG SDOP EUDQFK RQ O VKRXOGHU LQ H[HUJXH &212% 0(& , 5HLQKDUW SO 7RPPDVLQL ± FI JURXS $

$ERXW H[WUHPHO\ ILQH

([ . QNHU VDOH 'H :LW

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV , 7UHPLVVLV 7RORXVH RU 1DUERQQH " ODWH WK FHQWXU\ $9 J '1 $1$67$ ± 6,96 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$$9&9 ± 7259, 9LFWRU\ DGYDQFLQJ U KROGLQJ ZUHDWK LQ U KDQG DQG SDOP EUDQFK RQ O VKRXOGHU LQ H[HUJXH &2+2% 0(& , 7RPPDVLQL *URXS $ II

5DUH $ERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH

([ . QNHU VDOH 'H :LW 6FKRODUV KDYH VRPH GRXEWV DERXW WKH UXOHU RI WKLV VSHFLPHQ VRPH EHOLHYH WKDW LW ZDV FRLQHG E\ $ODULF ,, RU $PDODULF DW 1DUERQQH RWKHUV DVFULEH LW WR WKH 2VWURJRWKLF 7KHRGHULF DQG PLQWHG DW $UOHV FI 7RPDVLQL JURXS $ D

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 6ROLGXV 1DUERQQH " PLG WK FHQWXU\ $9 J '1 ,967,1, ± 9 ± 6 33 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG 5HY 9,&725 ± , ± $$9&&&= 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212% 3 /H *HQWLORPPH ´0RQQDLHV GHV %XUJRQGHV GHV 9LVLJRWKV HW GHV )UDQNV´ LQ 51 SDJ DQG 3O ,9 0(& , ± FI 5HLQKDUW SO

9HU\ UDUH ([WUHPHO\ ILQH ¶ 7KH ELIXUFDWLRQ IURP WKH EDVH RI WKH FURVV LV W\SLFDO RI 9LVLJRWKLF LVVXHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV 7RORXVH RU 1DUERQQH " PLG WK FHQWXU\ $9 J '1 ,967,1, ± $196 33 $9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $99&267, 9LFWRU\ DGYDQFLQJ U KROGLQJ ZUHDWK LQ U KDQG DQG SDOP EUDQFK RQ O VKRXOGHU LQ H[HUJXH &2 2% 0(& , ± FI 7RPPDVLQL WKLV FRLQ

5DUH *RRG YHU\ ILQH

([ 5RGROIR 5DWWR VDOH 'HFHPEHU 7ULYXO]LR DQG 9HFFKL VDOHV

/HRYLJLOG

3VHXGR ,PSHULDO &RLQDJH 7UHPLVVLV 7ROHGR $9 J &,9:, ± ,9,$& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY ,,7,, ± ,$,1 9LFWRU\ DGYDQFLQJ U KROGLQJ ZUHDWK LQ U KDQG DQG SDOP EUDQFK RQ O VKRXOGHU LQ H[HUJXH ,2,,2 &KDYHV S 0(& , ±

5DUH *RRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH /HRJLYLOG VSHQW D ORW RI WLPH EDWWOLQJ ERWK LQWHUQDO DQG H[WHUQDO HQHPLHV +H GHFLGHG WR PRYH WKH QHZ FDSLWDO WR 7ROHGR DQG FRQTXHUHG WKH 6XHYL LQFRUSRUDWLQJ WKHLU NLQJGRP DQG GHIHDWHG WKH %DVTXHV WKH %\]DQWLQHV DQG WKH )UDQNV +LV HOGHU VRQ +HUPHQHJLOG EHFDPH &DWKROLF DIWHU WKH PDUULDJH ZLWK WKH 0HURYLQJLDQ SULQFHVV ,QJXQGLV DQG UHEHOOHG DJDLQVW KLV IDWKHU ZLWK WKH VXSSRUW RI WKH &DWKROLF 6XHYL /HRYLJLOG FUXVKHG WKH UHYROW DQG &DWKROLFV ZHUH SHUVHFXWHG XQWLO WKH HQG RI KLV UHLJQ

3VHXGR ,PSHULDO &RLQDJH 7UHPLVVLV 7ROHGR $9 J &95,9,, ± ,:59& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9 ± 5572, ± ,,$92,9 9LFWRU\ DGYDQFLQJ U KROGLQJ ZUHDWK LQ U KDQG DQG SDOP EUDQFK RQ O VKRXOGHU LQ H[HUJXH 212 7RPDVLQL S Q 0(& , ±

5DUH /LJKW PDUNV RQ REYHUVH ILHOG RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

5LFLPHU 3DWULFLDQ DQG 0DVWHU RI 6ROGLHUV 1XPPXV 5RPD " J 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI 5HFLPHU DOO ZLWKLQ ZUHDWK /5%& /DFDP * ´/H PRQQD\DJH GH 5LFLPHU´ LQ 61/ SS SO 5,&

*UHHQ SDWLQD DQG ILQH

5LFLPHU VRQ RI 5HFKLOD WKH 6XHYLF NLQJ RI *DOLFLD ZDV D 5RPDQL]HG *HUPDQLF JHQHUDO ZKR HIIHFWLYHO\ UXOHG WKH UHPDLQLQJ WHUULWRU\ RI WKH :HVWHUQ 5RPDQ HPSLUH IURP XQWLO KLV GHDWK LQ +H IRXJKW DJDLQVW WKH 9DQGDOV LQ 6LFLO\ DQG &RUVLFD XQGHU WKH HPSHURU $YLWXV EXW VRRQ WXUQHG DJDLQVW KLP DQG DIWHU KDYLQJ GHIHDWHG KLP 2FWREHU

5LFLPHU UHPDLQHG WKH RQO\ UXOHU RI WKH :HVWHUQ (PSLUH /HR , JUDQWHG 5LFLPHU WKH WLWOH RI SDWULFLDQ DQG WKH UDQN RI PDJLVWHU PLOLWXP RQ )HEUXDU\ ,Q WKH VDPH \HDU KH GHFODUHG HPSHURU KLV IULHQG 0DLRUDQXV ZLWK ZKRP KH KDG VHUYHG XQGHU WKH 5RPDQ JHQHUDO $HWLXV EXW LQ DIWHU 0DLRULDQXV¶ GHIHDW E\ WKH 9DQGDOV 5LFLPHU KDG KLP LPSULVRQHG DQG NLOOHG ,Q KH EURXJKW WR WKURQH /LELXV 6HYHUXV D ZHDN ILJXUH EXW DIWHU KLV GHDWK LQ KH UXOHG IRU WZR \HDUV XQWLO ZKHQ $QWKHPLXV EHFDPH HPSHURU LQ WKH :HVW 7KLV ZDV WKH EHJLQQLQJ RI D WURXEOHG SHULRG WKDW OHG ILUVW WR WKH GHDWK RI $QWKHPLXV DQG ODWHU WR WKH GHDWK RI 5LFLPHU

7KH %XUJXQGLDQV 7KH %XUJXQGLDQV ZHUH RI 6FDQGLQDYLDQ RULJLQ 'XULQJ WKH JUHDW PLJUDWLRQV RI WKH ILIWK FHQWXU\ WKH\ LQYDGHG *DXO DQG HQWHUHG LQWR LPSHULDO WHUULWRULHV DORQJ WKH 5KLQH EHWZHHQ :RUPV DQG 0DLQ] ZKHUH WKH\ IRUPHG D NLQJGRP ZLWK :RUPV DV LWV FDSLWDO 5RDPLQJ IUHHO\ LQ WKH %HOJLDQ SURYLQFHV DURXQG WKH \HDU WKH\ ZHUH VWRSSHG E\ LPSHULDO WURRSV ZLWK WKH KHOS RI WKH PHUFHQDU\ +XQV 7KH\ ZHUH WKHQ SHUPLWWHG WR VHWWOH DV IHGHUDWHV LQ 6DSDXGLD LQ WKH YLFLQLW\ RI *HQHYD XS WR VRPH ODQGV DURXQG DQG EH\RQG WKH 5K{QH 4XLFN WR EH URPDQLVHG DQG FRQYHUWHG WR &DWKROLFLVP WKH %XUJXQGLDQV VRRQ ORVW WKHLU DXWRQRPRXV DQG GLVWLQFWLYHO\ *HUPDQLF ZD\V

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI 9DOHQWLQLDQ ,,, 6ROLGXV *DXO FLUFD $9 J '1 3/Î&#x203A; 9Î&#x203A;/(17, ± 1,Î&#x203A;196 3) Î&#x203A;9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725, ± Î&#x203A; Î&#x203A;9*** = (PSHURU VWDQGLQJ IDFLQJ KROGLQJ ORQJ FURVV LQ U KDQG DQG 9LFWRU\ RQ JOREH LQ O VWHSSLQJ RQ KHDG RI KXPDQ KHDGHG FRLOHG VQDNH RQ VLGHV 5 ± 0 ,Q H[HUJXH &202% %0& 9DQGDOV *DLVHULF

/DFDP SO 0(& , ± 5,& 9HU\ UDUH ([WUHPHO\ ILQH ¶ 7KLV LVVXH LV DWWULEXWHG WR WKH %XUJXQGV RU WR WKH )UDQNV E\ .HQW RS FLW ZKLOH :URWK DWWULEXWHG LW WR WKH 9DQGDOV DQG SUHFLVHO\ WR *DLVHULF

6LJLVPXQG

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 6ROLGXV $9 J '1 ,967, ± 196 33 $9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± Î&#x203A; Î&#x203A;9&&&,6 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &212% %HOIRUW WKLV GLHV " 0(& , WKLV GLHV +XQWHU WKHVH GLHV

([WUHPHO\ UDUH DSSDUHQWO\ RQO\ WZHQW\ VSHFLPHQV NQRZQ $Q LVVXH RI WUHPHQGRXV

IDVFLQDWLRQ 7ZR DOPRVW LQYLVLEOH PHWDO IODZV RWKHUZLVH H[WUHPHO\ ILQH ¶ $SSUR[LPDWHO\ WZHQW\ H[DPSOHV DUH NQRZQ RI WKLV FRLQ DOO IURP WKH VDPH GLHV DQG DOO FRPLQJ IURP D KRDUG IRXQG LQ *RXUGRQ &KDUORQ VXU 6HLQH LQ 7KH PDMRULW\ RI WKHVH FRLQV DUH LQ SXEOLF FROOHFWLRQV

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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV XQFHUWDLQ PLQW $9 J '1 Λ1Λ67Λ ± 6,96 33 Λ9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± Λ Λ9&&& Λ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212% %HOIRUW /DFDP ± 0(& , 9HU\ UDUH 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF ¶ ([ 6WHUQEHUJ ;,; DQG 0 ' UU 5 0LFKHO 1RYHPEHU /DFDP VDOHV 7KLV FRLQ LV PRVW SUREDEO\ D 0HURYLQJLDQ LPLWDWLRQ RI D %\]DQWLQH VROLGXV LQ WKH QDPH RI $QDVWDVLXV 7KLV DWWULEXWLRQ LV EDVHG RQ WKH DQDO\VLV RI WKH VW\OH RI ERWK WKH EXVW RQ WKH REYHUVH DQG WKH 9LFWRU\ RQ WKH UHYHUVH RWKHU WKDQ WKH HSLJUDSK\ RI WKH OHJHQGV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV 6ROLGXV XQFHUWDLQ PLQW $9 J '1 $1$67 ± $6,96 33 9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± $ $9&&&$ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212' %HOIRUW YDU QR FURVV DW WKH EHJLQQLQJ RI WKH OHJHQG RQ UHYHUVH 0(& , YDU SUREDEO\ QR FURVV DW WKH EHJLQQLQJ RI WKH OHJHQG RQ UHYHUVH

$Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ RI D YHU\ UDUH W\SH 9HU\ ILQH ¶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

7KHRGHEHUW , ±

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV XQFHUWDLQ PLQW $9 J '1 ,967,1, ± Λ1<6 3) 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± Λ Λ9&&& Λ 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &202 %0& 9DQGDOV ± .UDXV ± 0,% , ± 0(& , ± 0HWOLFK S ILJ

([WUHPHO\ UDUH DQG RI JUHDW QXPLVPDWLF LQWHUHVW *RRG YHU\ ILQH ¶ ([ 6RWKHE\¶V 0DUFK DQG 6SLQN -XO\ 'UHHVPDQ FROOHFWLRQ VDOHV 7KLV FRLQ LV GHVFULEHG DQG SKRWRJUDSKHG E\ 0HWOLFK LQ KLV ZRUN DW S ILJ DQG FRQQHFWHG WR WKH .LQJ 7KHRGREHUW 7KH UHDVRQ IRU VXFK D FRQQHFWLRQ LV WKH SUHVHQFH RI WZR GRWV EHIRUH $ $9&&& H[DFWO\ DV RQ WKH LVVXH EHDULQJ KLV RZQ QDPH 0 3URX ´/HV PRQQDLHV PHURYLQJLHQQHV´ Q DQG SO ,

7KHRGHEHUW IDPRXV IRU EHLQJ WKH ILUVW NLQJ RI )UDQNV WR SXW KLV QDPH DQG HIILJ\ RQ JROG FRLQV QRWZLWKVWDQGLQJ KLV DOOLDQFH ZLWK WKH (DVWHUQ 5RPDQ (PSLUH WRRN DGYDQWDJH RI WKH *RWKLF :DU EHWZHHQ WKH %\]DQWLQHV OHG E\ %HOLVDULXV DQG WKH 2VWURJRWKV RI :LWLJLV +H FURVVHG WKH $OSV DQG RFFXSLHG IRU D ZKLOH WKH 3LDQXUD 3DGDQD /LJXULD DQG (PLOLD ,W LV ZHOO SRVVLEOH WKDW DW WLPH FRLQV RI 2VWURJRWKLF W\SH ZHUH VWUXFN HYHQ LI IXUWKHU HYLGHQFH LV QHHGHG

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV XQFHUWDLQ PLQW $9 J '1 ,967,1, ± $196 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&72 ± 5, ±$ $9*2 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ O ILHOG VWDU DQG LQ H[HUJXH &2122 %HOIRUW 9HU\ UDUH $ERXW H[WUHPHO\ ILQH ¶ ([ &DKQ .DUO (JRQ ,, YRQ ) UVWHQEHUJ - (OVHQ 9 DQG /DQ] VDOHV 7KLV FRLQ KDV VWURQJ VLPLODULWLHV ZLWK WKH FRHYDO 2VWURJRWKLF WUHPLVVHV EXW LWV UHVHPEODQFH WR WKH VSHFLPHQ GUDZQ LQ %HOIRUW DUH VXFK WKDW ZH GHHP UHDVRQDEOH WKH DWWULEXWLRQ WR )UDQNV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV XQFHUWDLQ PLQW $9 J '1 ,967,1 ± ,$196 3) $9& $9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9672590 9LFWRU\ DGYDQFLQJ U ZLWK EXVW WKUHH TXDUWHUV O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ O ILHOG VWDU 9 LQ U DQG LQ H[HUJXH &202% %HOIRUW ±

$Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ 0LQRU HGJH PDUNV DQG

VOLJKWO\ EHQW RWKHUZLVH JRRG YHU\ ILQH ¶

([ 9HFFKL VDOH

/RFDO FRLQDJH ZLWKRXW UR\DO QDPHV 7UHPLVVLV $RVWD WK FHQWXU\ $9 J %(772 0 ± 91,7$5 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U $967$ &,9,7$7 (,&,7 /DUJH FURVV %HOIRUW 3URX

([WUHPHO\ UDUH DQG DQ LVVXH RI WUHPHQGRXV LPSRUWDQFH DQG IDVFLQDWLRQ 2I XQXVXDOO\

ILQH VW\OH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH ([WUHPHO\ ILQH ¶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

7KH /RPEDUGV 7UDQVDOSLQH $UHD 7KH /RPEDUGV RULJLQDWHG IURP 6FDQGLQDYLD DQG ZHUH OLYLQJ LQ 3DQQRQLD D UHJLRQ QRZ LQ PRGHUQ GD\ +XQJDU\ ,Q $OERLQ WKHLU NLQJ FDOOHG DQ DVVHPEO\ RI KLV SHRSOH SURSRVLQJ WR PRYH WR ,WDO\ 7KH FRQTXHVW EHJDQ ZLWK )ULXOL WDNHQ LQ D PDWWHU RI GD\V DQG WKHQ JUDGXDOO\ FRQWLQXHG ,Q WKH\ UHDFKHG WKH VRXWK RI ,WDO\ OHG E\ =RWWR ,Q WKH WK FHQWXU\ ,WDO\ ZDV GLYLGHG EHWZHHQ 5RPDQR %\]DQWLQH WHUULWRULHV DQG DUHDV RFFXSLHG E\ WKH /RPEDUGV HDFK PDLQWDLQLQJ LWV XQLTXH FXVWRPV RQO\ LQ WKH LQLWLDO VWDJHV RI FRQTXHVW :LWK WKH SDVVLQJ RI WLPH WKH GLIIHUHQFHV EHWZHHQ WKH GLIIHUHQW SRSXODWLRQV ZHUH PXFK OHVV KHLJKWHQHG EHWZHHQ WKH WK DQG WK FHQWXU\ WKH /RPEDUGV OHDUQHG WR ZULWH WKHLU RZQ ODZV DQG FRQYHUWHG WR &KULVWLDQLW\ DEDQGRQLQJ PDQ\ RI WKHLU WUDGLWLRQDO FXVWRPV 'XFKLHV DQG SULQFLSDOLWLHV VXFK DV WKRVH RI 3DYLD 6SROHWR %HQHYHQWR DQG 6DOHUQR EHFDPH VWURQJKROGV ZKLFK ODWHU VXFFXPEHG WR WKH LQWHUYHQWLRQ RI &KDUOHPDJQH $IWHU WKH GHIHDW RI 3DYLD LQ WKH /RPEDUGV UHJURXSHG LQ 6RXWKHUQ ,WDO\ ZKHUH WKH\ HQMR\HG WKUHH FHQWXULHV RI DXWRQRP\ EHIRUH DGPLWWLQJ WRWDO GHIHDW E\ WKH 1RUPDQV LQ WKH VHFRQG KDOI RI WKH HOHYHQWK FHQWXU\ &RLQV LQ WKH VW\OH RI 5RPDQ %\]DQWLQH FRLQDJH HVSHFLDOO\ LQ JROG ZHUH SURGXFHG DW WKH PLQWV RI 7LFLQXP 6SROHWR DQG %HQHYHQWR 2QO\ LQ WKH ODVW SKDVH RI WKHLU KLVWRU\ LQ WKH HOHYHQWK FHQWXU\ GLG WKH\ VWULNH EURQ]H IROOHV DW WKH PLQWV RI $PDOIL DQG 6DOHUQR

3VHXGR ,PSHULDO &RLQDJH 7UHPLVVLV 3DQQRQLD " PLG WK FHQWXU\ $9 J 3VHXGR OHJHQG 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG VWDU 5HY 3VHXGR OHJHQG 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U 0(& , ±

([WUHPHO\ UDUH *RRG YHU\ ILQH ¶ ([ 9HFFKL VDOH 3RVVLEO\ PLQWHG LQ 3DQQRQLD EHIRUH WKH DUULYDO RI 7KH /RPEDUGV LQ ,WDO\ WKLV WUHPLVVLV LI RI WKH KLJKHVW LQWHUHVW DQG UDULW\ :H FRXOG QRW ILQG DQ\WKLQJ FORVH LQ WKH H[LVWLQJ ELEOLRJUDSK\ 7KH RQO\ FRLQ WKDW YDJXHO\ UHVHPEOHV WKLV LVVXH LV D WUHPLVVLV IRXQG LQ WKH /RQJREDUG QHFURSROLV RI &HOOD 6DQ *LRYDQQL SUHVVR &LYLGDOH FI )RUXP ,XOL YRO ,9

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD RU TXDUWHU VLOLTXD )ULVLD FLUFD $5 J 3VHXGR OHJHQG 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW O 5HY /DUJH &KL 5KR RQ JOREH RQ VLGHV WZR VWDUV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± $UVODQ ± 0(& , ± )RU W\SHV FI $UVODQ ´,O TXDUWR GL VLOLTXD ORQJREDUGR QHO &DSLWROLXP GL %UHVFLD´ S Q

9HU\ UDUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ¶ ([ *LHVVHQHU 0 Q]KDQGOXQJ DQG . QNHU 'H :LW )RU VW\OLVWLF UHDVRQV ZH GHFLGHG WR SODFH WKLV FRLQ LQ WKH 7UDQVDOSLQH DUHD WKH VLPLODULW\ ZLWK WKH SUHFHGLQJ ORW LV LQ RXU RSLQLRQ HYLGHQW

/RPEDUG\

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV FLUFD $9 J '1 ,967,1, ± $196 3Γ $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&9672590 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG VWDU DQG LQ H[HUJXH &202% %0& 9DQGDOV ± $UVODQ YDU 33 0(& , YDU 33 $9, DQG $9,972590 $UVODQ &LYLGDOH S ,9 9HU\ ILQH

([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV FLUFD $9 J '1 ,967,1, ± $196 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&967259, 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV ± $UVODQ YDU $9&9672591 0(& , YDU 33 $9, DQG $9,972590

$UVODQ &LYLGDOH S ,9 $ERXW H[WUHPHO\ ILQH

([ (OVHQ VDOH 9

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD RU TXDUWHU VLOLTXD FLUFD $5 J '1 « ± 19,,, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY /DUJH &KL 5KR RQ JOREH RQ VLGHV WZR VWDUV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV $UVODQ ± 0,% -XVWLQLDQ , 0(& , $UVODQ &LYLGDOH S ,9 2OG FDELQHW WRQH DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD RU TXDUWHU VLOLTXD FLUFD $5 J '1 « ± 167,1 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY /DUJH &KL 5KR RQ JOREH RQ VLGHV WZR VWDUV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV $UVODQ ± 0,% -XVWLQLDQ , 0(& , $UVODQ &LYLGDOH S ,9 2OG FDELQHW WRQH DQG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD RU TXDUWHU VLOLTXD FLUFD $5 J « ± $1 « 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY /DUJH &KL 5KR RQ JOREH DOO ZLWKLQ ZUHDWK %0& 9DQGDOV $UVODQ ± 0,% -XVWLQLDQ , 0(& , YDU QR VWDUV RQ UHYHUVH $UVODQ &LYLGDOH S ,9

2OG FDELQHW WRQH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD RU TXDUWHU VLOLTXD 6LUPLXP "

FLUFD $5 J 79,9 ± 99,, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY /DUJH &KL 5KR RQ VLGHV WZR VWDUV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± FI $UVODQ ± 0(& , ± FI $UVODQ &LYLGDOH S ,9 )RU W\SHV FI $UVODQ ³,O TXDUWR GL VLOLTXD ORQJREDUGR QHO &DSLWROLXP GL %UHVFLD´ S QQ 9HU\ UDUH 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

([ 6WHUQEHUJ DQG . QNHU 'H :LW VDOHV 7KLV FRLQ DSSDUHQWO\ FRPHV IURP D )UHQFK KRDUG IRXQG DW WKH WXUQ RI WKH WK FHQWXU\ ,WV DWWULEXWLRQ KDV EHHQ D PDWWHU RI GHEDWH DPRQJ VFKRODUV DQG DXFWLRQV KRXVHV :KLOH WKH DWWULEXWLRQ WR WKH /RPEDUGV UHTXLUHV IXUWKHU HYLGHQFH LW DSSHDUV WR EH WKH PRVW SODXVLEOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , +DOI VLOLTXD RU TXDUWHU VLOLTXD FLUFD 6LUPLXP " $5 J 3VHXGR OHJHQG 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY /DUJH &KL 5KR RQ VLGHV WZR VWDUV $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± $UVODQ ± 0(& , ± $UVODQ &LYLGDOH S ± )RU W\SHV FI $UVODQ ³,O TXDUWR GL VLOLTXD ORQJREDUGR QHO &DSLWROLXP GL %UHVFLD´ S QQ

9HU\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH

([ 9HFFKL VDOH 7KHUH DUH VRPH GRXEWV WR DVVLJQ WKLV FRLQ DQG WKH SUHFHGLQJ RQH WR WKH /RPEDUGV FRQVLGHULQJ WKHLU VW\OH DV LQ RXU RSLQLRQ WKH\ FRXOG EH FRQWHPSRUDU\ *HSLG LPLWDWLRQV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ ,, 7UHPLVVLV FLUFD $9 J '1 ,967, ± 196 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&9672591 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG VWDU DQG LQ H[HUJXH &212 %0& 9DQGDOV $UVODQ 0(& , $UVODQ &LYLGDOH S ,9

5DUH $ERXW H[WUHPHO\ ILQH

([ 0 ' UU 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ ,, 7UHPLVVLV FLUFD $9 J '1 ,967, ± 196 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&9672591 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV $UVODQ 0(& , $UVODQ &LYLGDOH S ,9

3OXJJHG RWKHUZLVH YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ ,, 7UHPLVVLV FLUFD $9 J '1 ,967, ± 196 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&9672591 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG VWDU DQG LQ H[HUJXH &212$ %0& 9DQGDOV ± YDU OHJHQG $UVODQ YDU OHJHQG 0(& , YDU OHJHQG $UVODQ &LYLGDOH S ,9 6OLJKWO\ EHQW RWKHUZLVH JRRG YHU\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ ,, " 7UHPLVVLV FLUFD $9 J 3VHXGR OHJHQG 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,725, ± $$9 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ H[HUJXH &212. %0& 9DQGDOV ± $UVODQ 0(& , ± FI $UVODQ &LYLGDOH S ,9 $ERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI 0DXULFH 7LEHULXV 7UHPLVVLV FLUFD $9 J '1 P$95 ± &,,339, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY ,9,&725,$$9,9,72591 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG FURVV DQG LQ H[HUJXH &212$ %0& 9DQGDOV $JLOXOI $UVODQ 0(& ,

9HU\ UDUH $ERXW H[WUHPHO\ ILQH ¶ 3ULYDWHO\ SXUFKDVHG IURP &UHGLW 6XLVVH ´$XV GHP 0RQHWDULXP´ 'HFHPEHU :URWK DVFULEHV WKLV LVVXH WR $JLOXOI IRU WKH OLWWOH FURVV LQ WKH ULJKW ILHOG DQG WR KLV &KULVWLDQ ZLIH WKH TXHHQ 7KHRGROLQG

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI 0DXULFH 7LEHULXV 7UHPLVVLV FLUFD $9 J '1 0$ « ± 7E339,Î&#x201C; 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY ,9,,725,,,,,,72/,, 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ H[HUJXH &2,,2, %0& 9DQGDOV $JLOXOI $UVODQ 0(& , 5DUH *RRG H[WUHPHO\ ILQH ¶ 7KH OHWWHUV RI WKH OHJHQGV YDOLGDWH WKDW WKLV FRLQ LV DQ LPLWDWLRQ RI 0DXULFH 7LEHULXV¶ WUHPLVVLV VWUXFN DW WKH 5DYHQQD PLQW 7KLV W\SH ZLWK LWV ODUJHU IODQ ZDV UHVXPHG DIWHU WKH SHULRG RI &XQLSHUW

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI 0DXULFH 7LEHULXV 7UHPLVVLV FLUFD $9 J ',, 0$957 ± 7,, 33 $9, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 2,,9$2,7+09$,$2,7, 9,212 &URVV SRWHQW %0& 9DQGDOV S XQFHUWDLQ NLQJ $UVODQ ± FI IRU WKH REYHUVH 0(& , ± FI IRU WKH REYHUVH

5DUH /LJKW UHGGLVK WRQH DQG H[WUHPHO\ ILQH ¶ ([ 0 ' UU ± 5 0LFKHO VDOH 1RYHPEHU /DFDP 7KLV DQG WKH IROORZLQJ FRLQV SUHVHQW DQ LQWHUHVWLQJ K\EULG FRPELQDWLRQ RQ WKH REYHUVH WKH SURWRW\SH GHULYHV IURP 0DXULFH 7LEHULXV¶ LVVXHV ZKLOH WKH UHYHUVH GHULYHV IURP +HUDFOLXV¶ W\SHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI 0DXULFH 7LEHULXV 7UHPLVVLV FLUFD $9 J λ 0$ ± ,9,&79$,$ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 2,7$9,91$29,121,9$ &URVV SRWHQW %0& 9DQGDOV S XQFHUWDLQ NLQJ $UVODQ ± FI IRU WKH REYHUVH 0(& , ± FI IRU WKH REYHUVH

5DUH $ERXW H[WUHPHO\ ILQH

([ 0 ' UU ± 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI +HUDFOLXV 7UHPLVVLV FLUFD $9 J &8+&Π$ ± &9999 $9, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 99,72,,9$9,,, 2,9,,2&92,, 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG %0& 9DQGDOV ± $UVODQ ± 0(& , ± &I &1* VDOH $GDPV IRU REYHUVH VW\OH

$D DSSDUHQWO\ XQUHFRUGHG YDULHW\ RI JUHDW LQWHUHVW $ERXW H[WUHPHO\ ILQH ¶ 7XVFDQ\

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI +HUDFOLXV 7UHPLVVLV FLUFD $9 J '1 ,&&1$,/ ± 6 33 $9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$$&96&&2590$ &URVV SRWHQW EHORZ &2 2 %0& 9DQGDOV $UVODQ ± 0(& ,

,UUHJXODU IODQ RWKHUZLVH JRRG YHU\ ILQH

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´EDUEDUL]HG´ ZLWK OHJHQGV WKDW DUH VWLOO OHJLEOH EXW PRYLQJ WRZDUGV WKH VR FDOOHG ´SVHXGR OHJHQGV´ DIWHU ZKLFK FRPH WKH XVXDOO\ WKLFNHU ´EDUEDULVHG´ W\SHV ZKLFK RFFDVLRQDOO\ EHDU LQLWLDOV EHIRUH RI WKH EXVW )LQDOO\ WKHUH DUH WKH WKLFN WUHPLVVHV ZLWK VLJQV RU LQLWLDOV EHIRUH WKH EXVW

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI +HUDFOLXV 7UHPLVVLV FLUFD $9 J ,1 (5 ± $K ,, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &$,,9&$,927,19,121,&192% &URVV SRWHQW %0& 9DQGDOV ± FI $UVODQ ± 0(& , ±

$Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ *RRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI +HUDFOLXV 7UHPLVVLV FLUFD $9 J '1 +&5$&/ ± , 3(53 $96 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$$9&,67251 &URVV SRWHQW EHORZ &212% %0& 9DQGDOV FI $UVODQ ± 0(& , ±

$Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ $ PLQRU QLFN RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 6WHUQEHUJ 9,,, DQG 6SLQN -XO\ 'UHHVPDQ FROOHFWLRQ VDOHV $FFRUGLQJ WR .HQW WKLV FRLQ LV D /RPEDUG LPLWDWLRQ RI DQ RIILFLDO %\]DQWLQH LVVXH SURGXFHG LQ DQ XQFHUWDLQ ZHVWHUQ PLQW 7KH FURVV RQ WKH GLDGHP LV W\SLFDO RI WKH FRQWHPSRUDU\ FRLQDJH RI 5DYHQQD

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI +HUDFOLXV 7UHPLVVLV FLUFD $9 J '1 +(5$& ± /,96 33 $9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW O 5HY 9,&725,$ $9,9672590 &URVV SRWHQW EHORZ &212% %0& 9DQGDOV ± $UVODQ ± 0(& , ± FI EXVW U

$Q DSSDUHQWO\ XQLTXH DQG XQUHFRUGHG YDULHW\ ZLWK OHIW IDFLQJ EXVW *RRG H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI +HUDFOLXV 7UHPLVVLV FLUFD $9 J '1 +,5$& ± ,,9, 33 $9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,,725,$ $9,9,72590 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG VWDU DQG LQ H[HUJXH &212$ %0& 9DQGDOV ± $UVODQ ± 0(& , ±

$SSDUHQWO\ XQUHFRUGHG $ YHU\ LQWULJXLQJ LVVXH VHYHUDO HGJH PDUNV

DQG VOLJKWO\ EHQW RWKHUZLVH JRRG YHU\ ILQH ¶

([ 3HXV VDOH

7KLV LV DQ LQWHUHVWLQJ K\EULG FRPELQDWLRQ RQ WKH REYHUVH WKH SURWRW\SH GHULYHV IURP +HUDFOLXV¶ LVVXHV ZKLOH WKH UHYHUVH GHULYHV IURP 0DXULFH 7LEHULXV¶ W\SHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI +HUDFOLXV +DOI VLOLTXD FLUFD $5 J 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 0RQRJUDP RI +HUDFOLXV LQ ILHOG IRXU SHOOHWV DERYH DQG RQH EHORZ %0& 9DQGDOV $UVODQ ± 0(& , ±

9HU\ UDUH 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ¶

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI &RQVWDQV ,, 6ROLGXV 6SROHWXP " PLG WR ODWH WK FHQWXU\ $9 J &216WÎ&#x203A;1 ± W,196 )DFLQJ EXVW ZHDULQJ FKODP\V DQG FURZQ ZLWK FURVV KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY ,9725, ± Î&#x203A; Î&#x203A;96 &URVV SRWHQW RQ WKUHH VWHSV LQ U ILHOG Î DQG LQ H[HUJXH &212% %0& 9DQGDOV ± $UVODQ ± 0(& , ± &I 0,% SO ;, EXW TXLWH GLIIHUHQW

2I WKH KLJKHVW UDULW\ DQG RI JUHDW KLVWRULFDO LQWHUHVW *RRG YHU\ ILQH ¶ 3ULYDWHO\ SXUFKDVHG IURP :D\WH 5D\PRQ LQ ([ /HX 1)$ 2FWREHU *DUUHWW FROOHFWLRQ SDUW ,, DQG 6RWKHE\¶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

DQG &RQVWDQV ,,

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

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI &RQVWDQV ,, 7UHPLVVLV PLG WR ODWH WK FHQWXU\ $9 J 9&72,9 ± 79$,61 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY ,725,$$9672 &URVV SRWHQW LQ H[HUJXH &212% %0& 9DQGDOV $UVODQ ± 0(& , YDU *RRG H[WUHPHO\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI &RQVWDQV ,, 7UHPLVVLV PLG WR ODWH WK FHQWXU\ $9 J '1 &2167$9 ± 7,196 33 $9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,,725,$ $9&<67 &URVV SRWHQW LQ H[HUJXH &212% %0& 9DQGDOV $UVODQ ± 0(& ,

9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI &RQVWDQV ,, 7UHPLVVLV PLG WR ODWH WK FHQWXU\ $9 J « 9$7 ± 17,&2169 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY « 5,$$9&K7, &URVV SRWHQW LQ H[HUJXH &212% %0& 9DQGDOV $UVODQ ± 0(& ,

9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF

3VHXGR ,PSHULDO &RLQDJH :LWK EOXQGHUHG LQVFULSWLRQV 7UHPLVVLV PLG WR ODWH WK FHQWXU\ $9 J « 1, ± 9,+296 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9$Π2Π1Π1Π$+,2 &URVV SRWHQW %0& 9DQGDOV FI $UVODQ FI 0(& , FI 9HU\ UDUH *RRG H[WUHPHO\ ILQH ¶ ([ 1$& $XWXPQ VDOH $ SHFXOLDU WUHPLVVLV ZLWK D GLDPHWHU ZKLFK WHQGV WR FRQWUDFW FKDUDFWHULVHG E\ WKH SVHXGR HSLJUDSKLF OHJHQG WKH JUHDWO\ DUFKHG GLDGHP WKH GRWWHG OLQH RI WKH IDFH DQG WKH KHDYLO\ JHRPHWULF VW\OH RI WKH EXVW

3VHXGR ,PSHULDO &RLQDJH :LWK EOXQGHUHG LQVFULSWLRQV 7UHPLVVLV FLUFD $9 J ,,,919 ± 9,219, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9Π,289,9+2,,,919Π91 &URVV SRWHQW %0& 9DQGDOV FI $UVODQ FI 0(& , ± FI 9HU\ UDUH *RRG H[WUHPHO\ ILQH ¶ ([ 1$& $XWXPQ VDOH 7KLV WUHPLVVHV LV PXFK QDUURZHU DQG WKHUHIRUH WKLFNHU 7KH UHYHUVH EHDUV D SHUIHFW H[DPSOH RI D VSHFXODU SVHXGR HSLJUDSKLF OHJHQG ZKLFK LV D SDUWLFXODU WUDLW RI /RPEDUG FRLQDJH LQ WKH QDPH RI 0DXULFH 7LEHULXV

3VHXGR ,PSHULDO &RLQDJH :LWK EOXQGHUHG LQVFULSWLRQV 7UHPLVVLV FLUFD $9 J 92$9 $92$9 $9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG $ 5HY ,9128991,,281, &URVV SRWHQW %0& 9DQGDOV ± $UVODQ ± 0(& , FI

9HU\ UDUH )URP GLHV HQJUDYHG LQ D IDVFLQDWLQJ EDUEDULF VW\OH ([WUHPHO\ ILQH

([ 1$& $XWXPQ VDOH

3VHXGR ,PSHULDO &RLQDJH :LWK EOXQGHUHG LQVFULSWLRQV 7UHPLVVLV FLUFD $9 J ,9SG7& ± ,9,7,K$9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG VWDU 5HY 99$27,9,9$9,27,,9,2+2 &URVV SRWHQW %0& 9DQGDOV ± $UVODQ ± 0(& , FI

9HU\ UDUH )URP FUXGHO\ FXW GLHV LQ GHJHQHUDWHG VW\OH 6HYHUDO

HGJH PDUNV DQG VOLJKWO\ EHQW RWKHUZLVH YHU\ ILQH

([ 1$& $XWXPQ VDOH

3VHXGR ,PSHULDO &RLQDJH :LWK EOXQGHUHG LQVFULSWLRQV 7UHPLVVLV FLUFD $9 J ,989 ± 9+29, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG % 5HY 9Π,2+9$9+2,+91 &URVV SRWHQW %0& 9DQGDOV $UVODQ ± 0(& , 9HU\ UDUH ([WUHPHO\ ILQH ¶

3VHXGR ,PSHULDO &RLQDJH :LWK EOXQGHUHG LQVFULSWLRQV 7UHPLVVLV FLUFD $9 J 9+,9 ± 919, 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG VWDU DQG RQ FXLUDVV 6 VHW KRUL]RQWDOO\ 5HY 9,,9219912919191 &URVV SRWHQW %0& 9DQGDOV ± $UVODQ ± 0(& , ± FI IRU VW\OH

$Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ ([WUHPHO\ ILQH ¶ $QRWKHU H[DPSOH RI D WKLFNHU WUHPLVVHV ZLWK D QDUURZ GLDPHWHU EHDULQJ D VSHFXODU UHYHUVH OHJHQG

/XFD

$XWRQRPRXV PXQLFLSDO FRLQDJH 7UHPLVVLV FLUFD $9 J 0RQRJUDP RI /XFFD RQ ILHOG WZR VWDUV 5HY 99,9$9$$$9$9$ &URVV SRWHQW %0& 9DQGDOV YDU LQ ILHOG DERYH 5 %HUQDUHJJL YDU LQ ILHOG DERYH ( $UVODQ YDU LQ ILHOG DERYH , DQG O Î&#x2018; 0(& , YDU LQ ILHOG DERYH (

$Q DSSDUHQWO\ XQLTXH YDULHW\ RI DQ H[WUHPHO\ UDUH W\SH 6HYHUDO HGJH QLFNV

EHQW DQG D IODQ FUDFN RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ &LDQL 0 5DWWR -XO\ DQG $UWHPLGH $VWH 'HFHPEHU VDOHV

$XWRQRPRXV PXQLFLSDO FRLQDJH 7UHPLVVLV FLUFD $9 J )/$9,$ /9&$ 6L[ UD\HG VWDU 5HY 9,9,9,9 9,9,9,9 &URVV SRWHQW %0& 9DQGDOV %HUQDUHJJL $UVODQ ± 0(& ,

9HU\ UDUH 3LHUFHG LQ WZR SRLQWV RWKHUZLVH YHU\ ILQH ¶

$XWRQRPRXV PXQLFLSDO FRLQDJH 7UHPLVVLV FLUFD $9 J )/$9,$ /9&$ 6L[ UD\HG VWDU 5HY 9,9,9,9,9,9,9,9,9,9, &URVV SRWHQW %0& 9DQGDOV %HUQDUHJJL $UVODQ ± 0(& , 9HU\ UDUH :RQGHUIXO UHGGLVK WRQH DQG DERXW H[WUHPHO\ ILQH ¶ ([ %RQKDP 9HFFKL , DQG 6SLQN -XO\ 'UHHVPDQ FROOHFWLRQ VDOHV

/RPEDUG\ DQG 7XVFDQ\ UHJDO FRLQDJH $WWULEXWHG WR 0DULQXV 0RQ

7UHPLVVLV HQG WK HDO\ WK FHQWXU\ $9 J 0$5,1 ± 96021 UHWURJUDGH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,,72,9,9,9,2 ,, 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ H[HUJXH ,21,2, %0& 9DQGDOV ± %HUQDUHJJL SS II $UVODQ 0(& , ±

([FHHGLQJO\ UDUH RQO\ VL[ VSHFLPHQV NQRZQ $Q LVVXH RI JUHDW LPSRUWDQFH DQG

DQG IDVFLQDWLRQ H[WUHPHO\ ILQH ¶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

$ULSHUW ,

7UHPLVVLV $9 J '1 $5, ± 3(57 5(; 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 0 5HY 9172;,$$9,9,7,25 9LFWRU\ VWDQGLQJ IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ O KDQG DQG ZUHDWK LQ U LQ U ILHOG FURVV DQG LQ H[HUJXH &202, %0& 9DQGDOV S IRRWQRWH %HUQDUHJJL $UOVDQ ± 0(& , ± $Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ RI D W\SH RI WKH KLJKHVW UDULW\

NQRZQ LQ RQO\ WZR VSHFLPHQV $ERXW YHU\ ILQH ¶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´JRRG DQG SLRXV´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

&XQLSHUW ,

7UHPLVVLV $9 J '1 &91 ± ,1&3( 5; 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U EHIRUH KHDG KDQG 5HY 6&60, ± 0$+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQG FURVV DQG VKLHOG %0& 9DQGDOV YDU EHIRUH KHDG ' %HUQDUHJJL $UVODQ 0(& , YDU EHIRUH KHDG 0

9HU\ UDUH *RRG YHU\ ILQH ¶ &XQLSHUW ZDV WKH VRQ RI NLQJ 3HUFWDULW DQG ZDV FR UXOHU IURP $IWHU WKH GHDWK RI KLV IDWKHU KH IRXJKW DJDLQVW WKH UHYROW RI WKH GXNH $ODKLV RI 7UHQW 7KH EDWWOH RI &RURQDWH LQ VHDOHG &XQLSHUW¶V FRQWURO RYHU KLV UHLJQ DQG REWDLQHG GHILQLWLYH SHDFH ZLWK WKH %\]DQWLQHV +H ZDV D &DWKROLF 3UREDEO\ WKH QHZ /RPEDUG¶V FRLQDJH ZLWK 6W 0LFKDHO RQ WKH UHYHUVH ZDV WKH UHVXOW RI KLV IDLWK DQG LW PLJKW ZHOO UHIOHFW KLV YLFWRU\ DW &RURQDWH

$ULSHUW ,,

7UHPLVVLV $9 J '1 $5 ± ,3( 5; 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG FURVV 5HY 6&61 ± ,$+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV YDU LQ U ILHOG 0 %HUQDUHJJL II YDU OHWWHU LQ SODFH RI FURVV $UVODQ YDU OHWWHU LQ SODFH RI FURVV

0(& , YDU OHWWHU LQ SODFH RI FURVV

$Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ RI D UDUH W\SH /LJKW UHGGLVK WRQH DQG H[WUHPHO\ ILQH ¶ ([ 6SLQN -XO\ 'UHHVPDQ FROOHFWLRQ $IWHU WKH GHDWK RI &XQLSHUW , WKHUH ZDV D SHULRG RI GLVSXWH IRU WKH NLQJVKLS :KHQ $ULSHUW EHFDPH NLQJ KH WULHG WR NHHS D SHDFHIXO NLQJGRP EXW KH ZDV DWWDFNHG DQG GHIHDWHG E\ $QVSUDG 7KH VW\OH RI KLV FRLQDJH LV YHU\ VLPLODU WR &XQLSHUW¶V LVVXHV EXW ZH FDQ QRWLFH D GLIIHUHQW EUHDNGRZQ ERWK RI WKH LQVFULSWLRQV DQG WKH ERG\

7UHPLVVLV $9 J '1 $5 ± ,3(6 5; 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG * 5HY 6&6 0, ± +$+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV YDU LQ U ILHOG 0 %HUQDUHJJL $UVODQ YDU LQ U ILHOG 0 0(& ,

5DUH )LQH ¶ )URP WKH *QHFFKL FROOHFWLRQ

7UHPLVVLV $9 J '1 $ ± 5,3(57 5; 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 6 5HY 6&6 0, ± +$+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV YDU LQ U ILHOG 0 %HUQDUHJJL YDU LQ U ILHOG 6 UHYHUWHG $UVODQ YDU LQ U ILHOG 0

0(& , YDU LQ U ILHOG 0

5DUH ([WUHPHO\ ILQH ¶

7UHPLVVLV $9 J « ± 5,3(57 5; 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 6 UHYHUWHG 5HY 6&6 0, ± +$+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV YDU LQ U ILHOG 0 %HUQDUHJJL $UVODQ YDU LQ U ILHOG 0 0(& , YDU LQ U ILHOG 0

5DUH 7UDFHV RI RYHUVWULNLQJ RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶

7UHPLVVLV $9 J « ± ,3(5 5; 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 3 5HY 6&6 0, ± +$+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV YDU LQ U ILHOG 0 %HUQDUHJJL YDU LQ U ILHOG 0 $UVODQ YDU LQ U ILHOG 0 0(& , YDU LQ U ILHOG 0

5DUH ([WUHPHO\ ILQH ¶

/LXWSUDQG

7UHPLVVLV $9 J '1 /,9 ± 35'1 5; 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG FURVV DQG RQ GUDSHU\ * 5HY 6&6 0 ± 0$+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV YDU OHWWHUV LQ SODFH RI FURVV %HUQDUHJJL II YDU OHWWHUV LQ SODFH RI FURVV $UVODQ II YDU OHWWHUV LQ SODFH RI FURVV 0(& , YDU OHWWHU LQ SODFH RI FURVV

$Q DSSDUHQWO\ XQUHFRUGHG V\PERO $ERXW H[WUHPHO\ ILQH ¶ ([ /HX 1)$ VDOH 2FWREHU *DUUHWW FROOHFWLRQ SDUW ,, $IWHU WKH GHDWK RI &XQLSHUW DQG $ULSHUW ,, WKH NLQJGRP ZDV LQ WURXEOH DQG ZDV FRQYXOVHG E\ D SHULRG RI GLVVHQVLRQ 7KH QHZ NLQJ /LXWSUDQG ZDV YHU\ DJJUHVVLYH DQG VSHQW WLPH LQ VKLIWLQJ DOOLDQFHV ZLWK WKH %\]DQWLQHV WKH 3RSH DQG WDNLQJ FRQWURO RYHU WKH GXFKLHV RI 6SROHWLXP DQG %HQHYHQWXP +H KDG DQ DOOLDQFH ZLWK &KDUOHV 0DUWHO WKH )UDQNLVK NLQJ DJDLQVW WKH $UDEV

7UHPLVVLV $9 J '1 /,9 ± 735'1 5; 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 0 DQG RQ GUDSHU\ VWDU 5HY 6&6 0 ± +$+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV %HUQDUHJJL $UVODQ YDU 5; PLVVLQJ 0(& , YDU LQ U ILHOG /

$Q H[WUHPHO\ UDUH YDULHW\ ([WUHPHO\ ILQH ¶

7UHPLVVLV $9 J '1 « 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 7$ PRQRJUDP DQG RQ GUDSHU\ FURVV 5HY 6&6 ± +,+, 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV YDU LQ U ILHOG 7 %HUQDUHJJL YDU LQ U ILHOG / $UVODQ YDU LQ U ILHOG 7 XQFHUWDLQ NLQJ 0(& , YDU LQ U ILHOG /

$Q H[WUHPHO\ UDUH YDULHW\ 5HGGLVK WRQH DQG JRRG H[WUHPHO\ ILQH ¶

7UHPLVVLV $9 J « ± 35,5 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 1 DQG DERYH VWDU 5HY 6&6 ± +,+/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV YDU ZLWKRXW 1 DQG VWDU %HUQDUHJJL YDU QR VWDU $UVODQ 0(& , YDU LQ U ILHOG /

$Q H[WUHPHO\ UDUH YDULHW\ ([WUHPHO\ ILQH ¶

7UHPLVVLV $9 J « 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 6 DQG RQ GUDSHU\ 5; PRQRJUDP DQG 7 5HY 6&6 ± 0,+/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV %HUQDUHJJL YDU LQ U ILHOG 0 RU 1 $UVODQ YDU LQ U ILHOG 7 0(& , YDU LQ U ILHOG /

$Q H[WUHPHO\ UDUH YDULHW\ ([WUHPHO\ ILQH ¶

7UHPLVVLV $9 J ', /9 ± 753 5; 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U EHIRUH KHDG KDQG 5HY 6&6 ± +,,,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV SDJ QRWH %HUQDUHJJL $UVODQ YDU LQ U ILHOG 7 0(& , YDU LQ U ILHOG /

5DUH ([WUHPHO\ ILQH ¶

7UHPLVVLV $9 J « ± 35,5 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 7 5HY 6&6 ± +,+/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV %HUQDUHJJL 0(& , YDU LQ U ILHOG /

5DUH ([WUHPHO\ ILQH ¶

:LWK WKH QDPH RI WKH PRQH\HU $XIHUPR 7UHPLVVLV $9 J '1/, ± 9735; 1/ DQG 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG 7 DQG RQ GUDSHU\ $9)(502 5; 5HY 6&6 ± 0,+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG LQ U ILHOG $ %0& 9DQGDOV ± %HUQDUHJJL ± $UVODQ ± 0(& , ± &I $UVODQ ´8Q LQFRQWUR LQDVSHWWDWR , PRQHWLHUL GHO UH ORQJREDUGR /LXWSUDQGR LQ 'LH 0 Q]H %LOG %RWVFKDIW %HGHXWXQJ´ SS

([FHHGLQJO\ UDUH :RQGHUIXO UHGGLVK WRQH DQG JRRG H[WUHPHO\ ILQH ¶

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¶V QDPHV VXJJHVW D GLIIHUHQW MXGLFLDO LQWHUSUHWDWLRQ RI WKH PHDQLQJ RI WKH FRLQ 0(& ,

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¶,WDOLD %DUEDULFD LQ 0RQHWH H VFDPEL QHOO¶DWR 0HGLRHYR $UVODQ 8Q LQFRQWUR LQDVSHWWDWR L PRQHWLHUL GHO UH ORQJREDUGR /LXWSUDQGR ,W WKHUHIRUH DSSHDUV WKDW WKH PRQH\HUV ZHUH QRW QHFHVVDULO\ /RPEDUG EXW LW LV D UHVXOW RI D FRQQRWDWLRQ LQ WHFKQLFDO WHUPV RI WKH PDQDJLQJ RI DQ LVVXH RU D PLQW 7KH SUHVHQFH RI QDPHV UHSUHVHQWHG LQ IXOO RQ WKHVH FRLQV DOORZV XV WR SURSRVH ERWK WKH LGHQWLILFDWLRQ RI D ILUVW JURXS RI /LXWSUDQG¶V PRQH\HUV DQG JLYH D PHDQLQJ WR WKH OHWWHUV RU VLJQV XVXDOO\ SUHVHQW RQ WKH NLQJ¶V FKHVW RU RQ RWKHU /RQJREDUGLDQ GLHV

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

:LWK WKH QDPH RI WKH PRQH\HU $XGRLP 7UHPLVVLV $9 J '1/, ± 9735; 1/ DQG 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U ZLWK KDQG UDLVHG RQ GUDSHU\ $9'2,0 5; 5HY 6&6 ± 0,+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG LQ U ILHOG $ %0& 9DQGDOV ± %HUQDUHJJL ± $UVODQ ± 0(& , ± &I $UVODQ ´8Q LQFRQWUR LQDVSHWWDWR , PRQHWLHUL GHO UH ORQJREDUGR /LXWSUDQGR LQ 'LH 0 Q]H %LOG %RWVFKDIW %HGHXWXQJ´ SS

([FHHGLQJO\ UDUH 6XSHUE UHGGLVK WRQH DQG JRRG H[WUHPHO\ ILQH ¶

:LWK WKH QDPH RI WKH PRQH\HU $PEURV 7UHPLVVLV $9 J '1/,9 ± 73' 5; 1/ DQG 5; OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ U ILHOG ' RQ GUDSHU\ $0%526 6 UHYHUWHG 5HY 6&6 ± 0,+,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG LQ U ILHOG $ %0& 9DQGDOV ± %HUQDUHJJL ± $UVODQ ± 0(& , ± $UVODQ ´8Q LQFRQWUR LQDVSHWWDWR , PRQHWLHUL GHO UH ORQJREDUGR /LXWSUDQGR LQ 'LH 0 Q]H %LOG %RWVFKDIW %HGHXWXQJ´ SS WDY WKLV FRLQ

([FHHGLQO\ UDUH 5HGGLVK WRQH DQG H[WUHPHO\ ILQH ¶

5DWFKLV ILUVW UHLJQ

7UHPLVVLV $9 J '0 5$7 ± &+,6 )DFLQJ DQG EHDUGHG EXVW RQ VLGHV 6 ± ( DQG RQ GUDSHU\ 5 " ( ± 12 EHORZ 5; PRQRJUDP 5HY 6&60 ± ,+$,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG LQ U ILHOG WKUHH SHOOHWV &I IRU W\SH %0& 9DQGDOV SDJ YDU LQ ILHOG $ ± 7 %HUQDUHJJL YDU LQ ILHOG $ ± 7 $UVODQ ± 0(& , ± $UVODQ ( $ ´8Q LQFRQWUR LQDVSHWWDWR , PRQHWLHUL GHO UH ORQJREDUGR /LXWSUDQGR LQ 'LH 0 Q]H %LOG %RWVFKDIW %HGHXWXQJ´ SS SO 0,5

2I WKH KLJKHVW UDULW\ DQG XQGRXEWHGO\ WKH ILQHVW FRLQ NQRZQ RI 5DWFKLV LQ H[LVWDQFH $Q

LVVXH RI JUHDW IDVFLQDWLRQ ZRQGHUIXOO UHGGLVK WRQH DQG YLUWXDOO\ DV VWUXFN DQG )GF ¶ 5DWFKLV ZDV GXNH RI )ULXOL LQ WKH WK FHQWXU\ )RUPHU FROODERUDWRU RI NLQJ /LXWSUDQG KH VXFFHHGHG /LXWSUDQG¶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¶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

7UHPLVVLV $9 J '0 5$77,&,6 3$62 )DFLQJ DQG EHDUGHG EXVW IRXU SHOOHWV LQ FUXFLIRUP VKDSH RQ IRUHKHDG DERYH EULGJH QRVH 5HY 6&6 ± ,,,,,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG %0& 9DQGDOV ± %HUQDUHJJL ± $UVODQ ± 0(& , ± 0,5 D 7ULWRQ VDOH ;,; $GDPV

2I WKH KLJKHVW UDULW\ DSSDUHQWO\ RQO\ WKH VHFRQG DQG E\ IDU WKH ILQHVW

VSHFLPHQ NQRZQ :RQGHUIXO UHGGLVK WRQH DQG JRRG H[WUHPHO\ ILQH ¶

$LVWXOI

7UHPLVVLV $9 J '1 $,679/ 5(; $W FHQWUH &5; PRQRJUDP DQG FURVV DERYH 0 5HY 6&6 ± ,,,,, 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG LQ U ILHOG FURVV %0& 9DQGDOV S %HUQDUHJJL YDU ZLWKRXW 0 $UVODQ YDU ZLWKRXW 0 0(& , ± 0,5

([WUHPHO\ UDUH $ERXW H[WUHPHO\ ILQH ¶ ([ 5DWWR VDOH 1RYHPEHU DQG . QNHU VDOHV $LVWXOI WULHG WR HPXODWH /LXWSUDQG DQG VRRQ FRQTXHUHG WKH ([DUFKDWH RI 5DYHQQD WU\LQJ DV ZHOO WR FDSWXUH VRPH 3DSDO SRVVHVVLRQV 6R WKH 3RSH 6WHSKHQ ,, UHTXLUHG WKH )UDQNV¶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

5DWFKLV VHFRQG UHLJQ

7UHPLVVLV $9 J '1 5$7&+,6 5(; $W FHQWUH &,$16( " PRQRJUDP DQG VWDU DERYH 5HY 6&6 ± ,,,,,/ 6W 0LFKDHO VWDQGLQJ O KROGLQJ ORQJ FURVV DQG VKLHOG LQ U ILHOG 6 %0& 9DQGDOV ± %HUQDUHJJL ± $UVODQ ± 0(& , ± 0,5 WKLV REYHUVH GLH

2I WKH KLJKHVW UDULW\ DSSDUHQWO\ WKH VHFRQG VSHFLPHQ NQRZQ *RRG H[WUHPHO\ ILQH ¶ ,W LV ZRUWK QRWLQJ WKH GRZQZDUG SRLQWLQJ OHWWHUV 6 DQG ( WKH ODWWHU UHVHPEOLQJ D . RQ WKH REYHUVH 7KH PRQRJUDP LV GLIIHUHQW IURP WKH NQRZQ PRQRJUDPV IRU LWV VWUXFWXUH DQG IRU WKH OHWWHUV IRUPLQJ LW QRW DOO RI ZKLFK DUH LGHQWLILDEOH

8QVFULEHG ZLWK PRQRJUDP RI 3(5 IRU 3HFWDULW

+DOI VLOLTXD HQG WK FHQWXU\ $5 J 'LDGHPHG KHDG U 5HY 35; PRQRJUDP ZLWK RQH SHOOHW DERYH WKUHH WR O WKUHH LQ WKH PLGGOH DQG WZR WR U $OO ZLWKLQ ZUHDWK %0& 9DQGDOV II %HUQDUHJJL LQ $QQDOL SO ;;,, $UVODQ II 0(& , FI II

5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

7KLV FRLQDJH VWDUWV DV ELIDFH KDYLQJ RQ WKH REYHUVH DQ LPSHULDO EXVW ZLWKRXW LQVFULSWLRQ EXW ODWHU LVVXHV GXULQJ WKH VHFRQG TXDUWHU RI WKH WK FHQWXU\ DUH XQLIDFH DQG KDYH RQO\ WKH PRQRJUDP FI 0(& , S

+DOI VLOLTXD HQG WK FHQWXU\ $5 J 'LDGHPHG KHDG U 5HY 3(5; PRQRJUDP ZLWK RQH SHOOHW DERYH WKUHH RQ WKH O DQG WKUHH LQ WKH PLGGOH %0& 9DQGDOV II %HUQDUHJJL LQ $QQDOL SO ;;,, $UVODQ II 0(& , FI II 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH

([ 3HXV VDOH

+DOI VLOLTXD HQG WK FHQWXU\ $5 J 'LDGHPHG KHDG U 5HY 35; PRQRJUDP ZLWK WZR SHOOHWV WR WKH O WKUHH LQ WKH PLGGOH $OO ZLWKLQ ZUHDWK %0& 9DQGDOV II %HUQDUHJJL LQ $QQDOL SO ;;,, ± $UVODQ II 0(& , FI II 5DUH 7RQHG DQG JRRG YHU\ ILQH ¶ ([ . QNHU VDOH 'H :LW

+DOI VLOLTXD HQG WK FHQWXU\ $5 J 'LDGHPHG KHDG U 5HY 3(5; PRQRJUDP ZLWK WZR RQ WKH O DQG RQH EHORZ $OO ZLWKLQ ZUHDWK %0& 9DQGDOV II %HUQDUHJJL LQ $QQDOL SO ;;,, ± $UVODQ II 0(& , 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH ¶ ([ . QNHU VDOH 'H :LW

+DOI VLOLTXD PLG WK FHQWXU\ $5 J 3(5; PRQRJUDP 5HY 3(5; PRQRJUDP LQ U ILHOG WKUHH SHOOHWV %0& 9DQGDOV %HUQDUHJJL $UVODQ 0(& , 5DUH 9HU\ ILQH

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¶V GHDWK LQ WKH SULQFLSDOLW\ ZDV UH GLYLGHG DPRQJVW KLV FKLOGUHQ ,Q ZLWK WKH GHDWK RI WKH ODVW SULQFH RI %HQHYHQWR /DQGXOI 9, WKH &KXUFK DQG WKH 1RUPDQV KDG IXOO FRQWURO RI WKH UHJLRQ

(DUO\ $QRQ\PRXV &RLQDJH

,Q WKH QDPH RI &RQVWDQWLQH ,9 6ROLGXV %HQHYHQWXP " $9 J $9 G1 &21 ± 71<66 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± 9&\7 &URVV SRWHQW RQ WKUHH VWHSV IODQNHG E\ WZR FURZQHG VWDQGLQJ ILJXUHV +HUDFOLXV DQG 7LEHULXV ZHDULQJ FKODP\V DQG KROGLQJ ORQJ FURVV LQ U KDQG ,Q H[HUJXH &212% 0(& , YDU +HUDFOLXV DQG 7LEHULXV KROGLQJ JOREXV FUXFLJHU

9HU\ UDUH *RRG H[WUHPHO\ ILQH ¶ ([ 6RWKHE\¶V 1HZ <RUN VDOH 1RYHPEHU 7KLV FRLQ ZDV SUREDEO\ VWUXFN LQ 6RXWKHUQ ,WDO\ LQIOXHQFHG KHDYLO\ E\ WKH PLQWV RI 5RPH DQG 6\UDFXVH 7KH SURWRW\SH LV WR EH GDWHG

,Q WKH QDPH RI &RQVWDQWLQH ,9 7UHPLVVLV $9 J G1 &2$,77+ ± 72,,Γ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 92,72Λ, ± ,72172 &URVV SRWHQW LQ U ILHOG Θ DQG LQ H[HUJXH &2$ %0& 9DQGDOV 5RPRDOG , WR *LVXOI , $UVODQ ± 0(& , ±

9HU\ UDUH 6HYHUDO HGJH PDUNV RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 0 ' UU ± 5 0LFKHO VDOH 1RYHPEHU /DFDP

5RPRDOG ,,

,Q WKH QDPH RI -XVWLQLDQ ,, 6ROLGXV $9 J '1 ,96 ± 7,1,91<Î&#x201C;3 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY 9,&725, ± $9*96 &URVV SRWHQW RQ JOREXV DQG WKUHH VWHSV LQ O ILHOG 5 DQG LQ H[HUJXH &212% %0& 9DQGDOV $UVODQ ± 0(& , 5DUH /LJKW UHGGLVK WRQH DQG JRRG H[WUHPHO\ ILQH ¶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

,Q WKH QDPH RI -XVWLQLDQ ,, 7UHPLVVLV $9 J '1 « 3 $9 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY 9,&725 ± ,9* &URVV SRWHQW RQ EDVH LQ O ILHOG 5 DQG LQ H[HUJXH &202% %0& 9DQGDOV $UVODQ 0(& ,

5DUH 9HU\ ILQH JRRG YHU\ ILQH

([ 1RPLVPD VDOH

*RWWVFKDON

,Q WKH QDPH RI /HR ,,, 6ROLGXV $9 J '1 / ± 33 9*96 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY 9,&725 $ ± 9*796 &URVV SRWHQW RQ JOREXV DQG WKUHH VWHSV LQ O ILHOG * DQG LQ H[HUJXH &212% %0& 9DQGDOV ± $UVODQ ± 0,5 0(& , ±

5DUH $ERXW H[WUHPHO\ ILQH ¶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

/LXWSUDQG

:LWK WKH UHJHQF\ RI 6FDXQLSHUJD ,Q WKH QDPH RI -XVWLQLDQ ,, DQG ZLWK W\SHV RI $QDVWDVLXV ,, 6ROLGXV $9 J '1 ± ± ,9133 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG DQG PDSSD LQ O 5HY 9,&7259 ± 9*96799 &URVV SRWHQW RQ JOREXV DQG IRXU VWHSV LQ ILHOG / ± 6 DQG LQ H[HUJXH &212% %0& 9DQGDOV YDU 6 ± / $UVODQ ± 0(& , ±

$Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ /LJKW UHGGLVK WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ¶ ([ 1$& VDOH 7KLV FRLQ UHSUHVHQWV /LXWSUDQG¶V HDUOLHVW FRLQDJH LQ DVVRFLDWLRQ ZLWK KLV PRWKHU ZKHQ KH ZDV VWLOO XQGHUDJH

/LXWSUDQG DORQH ,Q WKH QDPH RI -XVWLQLDQ ,, ZLWK W\SHV RI $QDVWDVLXV ,, 6ROLGXV $9 J '1 ± ± K1933 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG DQG PDSSD LQ O 5HY 9,&752 ± 9*9679 &URVV SRWHQW RQ JOREXV DQG IRXU VWHSV LQ O ILHOG / DQG LQ H[HUJXH &212% %0& 9DQGDOV $UVODQ ± 0(& , ±

9HU\ UDUH *RRG H[WUHPHO\ ILQH ¶ ([ 1$& 6SLQN VDOH

:LWK WKH WLWOH RI 'XNH DQG LQ WKH QDPH DQG W\SHV RI $QDVWDVLXV ,, 6ROLGXV $9 J '1 ± ± Î&#x201C;19633 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG DQG PDSSD LQ O 5HY 9,&7259 ± 9*9679 &URVV SRWHQW RQ JOREXV DQG IRXU VWHSV LQ U ILHOG / '9; LQ PRQRJUDP

DQG LQ H[HUJXH &212% %0& 9DQGDOV S $UVODQ ± 0(& , ±

([WUHPHO\ UDUH /LJKW UHGGLVK WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ¶ ([ 1$& 6SLQN DQG 1$& VDOHV

,QWHUUHJQXP VHFRQG KDOI RI WK FHQWXU\

,Q QDPH DQG W\SHV RI -XVWLQLDQ ,, 7UHPLVVLV $9 J '1, ± ,96 33 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY 9,&7 ± 9672 &URVV SRWHQW RQ EDVH LQ U ILHOG KDQG DQG LQ H[HUJXH &212% %0& 9DQGDOV VDPH GLHV 2GG\ VDPH GLHV

$UVODQ ± 0(& , ± ([WUHPHO\ UDUH /LJKW UHGGLVK WRQH D PLQRU PDUN RQ REYHUVH

RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 1$& DQG 1$& VDOHV 6FKRODUV GR QRW DJUHH RQ WKH H[DFW DWWULEXWLRQ RI WKLV DQRQ\PRXV LVVXH 7KH EXVW W\SRORJ\ WKRXJK DOORZV XV WR H[FOXGH D GDWLQJ SULRU WR WKH VHFRQG VHULHV RI *LVXOI ,, ZKHQ IURP WKH LPLWDWLRQ RI WKH VROLGL RI -XVWLQLDQ ,, WKH W\SH VZLWFKHV WR WKRVH RI $QDVWDVLXV ,, 2XU VSHFLPHQ FRQILUPV RXU DVVXPSWLRQ LQ WKDW LQ WKH ULJKW ILHOG LW LV SRVVLEOH WR GHFLSKHU WKH HUDVHG LQLWLDOV RI *LXVXOI ,,

,Q WKH QDPH RI -XVWLQLDQ ,, ZLWK W\SHV RI $QDVWDVLXV ,, 6ROLGXV $9 J '1 ± ± ,196 33 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG DQG PDSSD LQ O 5HY 9,&725 ± $69*672 &URVV SRWHQW RQ JOREXV DQG IRXU VWHSV LQ O ILHOG KDQG DQG LQ H[HUJXH &212% %0& 9DQGDOV VDPH GLHV 2GG\ VDPH GLHV $UVODQ ± 0(& , ±

9HU\ UDUH $ PLQRU PDUN RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶ ([ 0 ' UU ± 5 0LFKHO VDOH 1RYHPEHU /DFDP

$ULFKLV ,,

:LWK WKH WLWOH RI 'XNH 7UHPLVVLV $9 J '1 69, ± ± &725,$ &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY 9,7,5$ ± $*979 &URVV SRWHQW RQ EDVH LQ O ILHOG $ DQG LQ H[HUJXH &212% %0& 9DQGDOV $UVODQ 0(& ,

5DUH *RRG YHU\ ILQH

$ULFKLV ,, ZDV 'HVLGHULXV¶V VRQ LQ ODZ :KHQ &KDUOHPDJQH FODLPHG WR UXOH DOO RI ,WDO\ KH DEDQGRQHG WKH WLWOH RI 'XNH WDNLQJ WKDW RI 3ULQFH LQ 7KH 3RSH DOVR WULHG WR OD\ FODLP WR %HQHYHQWXP EXW WR QR DYDLO DV $ULFKLV ZDV QHJRWLDWLQJ ZLWK WKH %\]DQWLQHV WR FRXQWHU WKH WKUHDW ,Q RUGHU WR PDLQWDLQ KLV LQGHSHQGHQFH $ULFKLV ZDV IRUFHG WR VHQG KLV \RXQJHU VRQ *ULPRDOG WR &KDUOHPDJQH DV D KRVWDJH

:LWK WKH WLWOH RI 3ULQFHSV 6ROLGXV $9 J '1 69, ± &725,$ &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY 9,&7,5$ ± 35,13, &URVV SRWHQW RQ WKUHH VWHSV LQ O ILHOG $ DQG LQ H[HUJXH &212 % %0& 9DQGDOV $UVODQ ± 0(& ,

5DUH $ERXW H[WUHPHO\ ILQH ¶ ([ 5DWWR VDOH 'HFHPEHU DQG /HX 1)$ 2FWREHU *DUUHWW FROOHFWLRQ SDUW ,,

*ULPRDOG ,,,

:LWK WKH WLWOH RI 'XNH DQG ZLWK &KDUOHPDJQH 6ROLGXV $9 J *5,0 ± ± 9$/ '; '; PRQRJUDP &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY '206 ± &$5 5; 5; PRQRJUDP &URVV SRWHQW RQ IRXU VWHSV RQ VLGHV * ± 5 DQG LQ H[HUJXH 9,&9 %0& 9DQGDOV S D $UVODQ ± 0(& , ± 9HU\ UDUH *RRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 0 ' UU ± 5 0LFKHO VDOH 1RYHPEHU /DFDP *ULPRDOG ZDV WKH \RXQJHU VRQ RI $ULFKLV ,, DQG EHFDPH GXNH DIWHU WKH GHDWK RI KLV IDWKHU $W WKH EHJLQQLQJ KH ZDV D YDVVDO RI &KDUOHPDJQH WKH )UDQNLVK NLQJ DQG WRJHWKHU WKH\ GHIHDWHG WKH %\]DQWLQHV LQ 6LFLO\ KHOSLQJ 'HVLGHULXV¶ VRQ $GDOJLV 6RRQ DIWHU ZLVKLQJ WR PDLQWDLQ KLV LQGHSHQGHQFH *ULPRDOG ,,, UHVXPHG WKH WLWOH RI 3ULQFHSV

7UHPLVVLV $9 J *5,0 ± ± 9$/ '; '; PRQRJUDP &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY '206 ± &$5 5; 5; PRQRJUDP &URVV SRWHQW RQ EDVH RQ VLGHV * ± 5 DQG LQ H[HUJXH 9,&9 %0& 9DQGDOV $UVODQ 0(& ,

5DUH 5HGGLVK WRQH DQG YHU\ ILQH

:LWK WKH WLWOH RI 3ULQFHSV 7UHPLVVLV $9 J *5,0 ± ± 9$/ ' &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY 9,7259 ± 35,1&,3 &URVV SRWHQW RQ EDVH RQ VLGHV * ± 5 DQG LQ H[HUJXH &212% %0& 9DQGDOV YDU $UVODQ 0(& ,

5DUH *RRG YHU\ ILQH ¶

'HQDU $5 J 0RQRJUDP RI *ULPRDOG LQ O ILHOG FURVV 5HY %(1( ± %(179 &URVV SRWHQW RQ WKUHH VWHSV RQ VLGHV $ ± : %0& 9DQGDOV $UVODQ 0(& ,

9HU\ UDUH 2OG FDELQHW WRQH DQG JRRG H[WUHPHO\ ILQH ¶ ([ 6DQWDPDULD 0DUFK DQG /HX 00 VDOHV )URP WKH 6LJQRUHOOL FROOHFWLRQ DQG 6SDKU FROOHFWLRQV 6DPERQ :URWK DQG *ULHUVRQ DWWULEXWH WKLV FRLQ WR WKH VHFRQG SHULRG ZKHQ *ULPRDOG KDG WKH WLWOH RI 3ULQFH ZKLOH WKH DXWKRUV RI &1, DVVLJQ LW WR WKH ILUVW SHULRG

6LFR

:LWK WKH WLWOH RI 3ULQFHSV 6ROLGXV $9 J 6,&2 ± ± 35,1&(6 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY $5&+$1*(/96 ± 0,&+$(/ $UFKDQJHO 0LFKDHO VWDQGLQJ IDFLQJ KROGLQJ SDVWRUDO VWDII LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ H[HUJXH &212 %0& 9DQGDOV $UVODQ 0(& , 9HU\ UDUH *RRG YHU\ ILQH ¶ ([ 5DWWR VDOH -DQXDU\ $IWHU WKH GHDWK RI *ULPRDOG ,9 6LFR REWDLQHG WKH WKURQH RI %HQHYHQWXP +H ZDV YHU\ FUXHO DQG WULHG ZLWKRXW VXFFHVV WR H[SDQG KLV WHUULWRULHV DW WKH H[SHQVHV RI WKH %\]DQWLQHV RI 1DSOHV

6LFDUG

:LWK WKH WLWOH RI 3ULQFHSV 6ROLGXV $9 J 6,& ± ± $5'9 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG LQ U ILHOG ZHGJH 5HY 35,1&, ± 9,&7259 &URVV SRWHQW RQ WKUHH VWHSV RQ VLGHV 6 ± , DQG ZHGJHV %0& 9DQGDOV $UVODQ 0(& ,

5DUH $ERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

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

$QFLHQW LPLWDWLRQV

:LWK WKH W\SHV RI /LXWSUDQG 6ROLGXV J '1 ± ± ,9133 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG DQG PDSSD LQ O 5HY 9,&7259 ± 9*96799 &URVV SRWHQW RQ JOREXV DQG IRXU VWHSV LQ O ILHOG / DQG LQ H[HUJXH &2+2% &I %0& 9DQGDOV $UVODQ ± 0(& , ± )LQH

:LWK WKH W\SHV RI /LXWSUDQG 6ROLGXV '1 ± ± ,9133 &URZQHG GUDSHG DQG EHDUGHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU LQ U KDQG DQG PDSSD LQ O 5HY 9,&7259 ± 9*96799 &URVV SRWHQW RQ JOREXV DQG IRXU VWHSV LQ O ILHOG / DQG LQ H[HUJXH &2+2% &I %0& 9DQGDOV $UVODQ ± 0(& , ± )LQH

7KH 'XFK\ RI 6DOHUQR 6LFRQXOI

'HQDUR $5 J 35,1&( %(1(%(17, $W FHQWUH 6&21) PRQRJUDP 5HY Λ 5+ Λ1*(/9 0,+Λ( &URVV SRWHQW RQ WKUHH VWHSV RQ VLGHV ZHGJH DQG SHOOHW %0& 9DQGDOV $VODQ ± 0(& , 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

6LFRQXOI ZDV WKH EURWKHU RI 6LFDUG RI %HQHYHQW $IWHU WKH ODWWHU¶V PXUGHU WKH SRSXODWLRQ RI 6DOHUQR SURFODLPHG 6LFRQXOI SULQFH RI WKHLU FLW\ LQ RSSRVLWLRQ WR 5DGHOFKLV ZKRP WKH\ FRQVLGHUHG DQ XVXUSHU 7KLV FDXVHG D ORQJ SHULRG RI WURXEOH DV WKH ZDU RI WKH VXFFHVVLRQ WKDW HQVXHG ODVWHG IRU PRUH WKDQ \HDUV WKH UHVXOW ZDV WKH GHILQLWLYH VHSDUDWLRQ RI WKH GXFK\ RI 6DOHUQR IURP %HQHYHQWXP ,Q 6LFRQXOI GLHG DQG KLV VRQ 6LFR EHFDPH WKH UXOHU

8QDWWULEXWHG FRLQV RI WKH *HUPDQ WULEHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 6ROLGXV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 Λ9& 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725, ± Λ Λ9&&& 6 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ U ILHOG VWDU DQG LQ H[HUJXH &212% %0& 9DQGDOV ± .UDXV ± /DFDP ± 0(& , ± FI 6DUGLQLD " 5,& ±

([FHHGLQJO\ UDUH 0LQRU PHWDO IODZ RQ REYHUVH RWKHUZLVH YHU\ ILQH ¶ 3UREDEO\ DQ LVVXH RI 2GRYDFDU RU WKH 9DQGDOV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 7UHPLVVLV XQFHUWDLQ PLQW $9 J '1 =+12 ± 3+33 ,9 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &URVV SRWHQW LQ H[HUJXH %2,,2& $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± .UDXV ± /DFDP ± 0(& , ± FI 5,& ±

*RRG H[WUHPHO\ ILQH ¶ ([ 0 ' UU ± 5 0LFKHO VDOH 1RYHPEHU /DFDP

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 7UHPLVVLV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 Λ9& 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &URVV SRWHQW LQ H[HUJXH &212 $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± .UDXV ± /DFDP ± 0(& , ± FI 5,& ±

([WUHPHO\ ILQH ¶

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 7UHPLVVLV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 Λ9& Λ9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &URVV SRWHQW LQ H[HUJXH &1& $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± .UDXV ± /DFDP ± 0(& , ± FI 5,& ±

9HU\ ILQH ¶

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 7UHPLVVLV XQFHUWDLQ PLQW $9 J &1 =(12 ± 3(53 Λ9& Λ9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &URVV SRWHQW LQ H[HUJXH &202% $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± .UDXV ± /DFDP ± 0(& , ± FI 5,& ±

([WUHPHO\ ILQH ¶

([ 1$& VDOH 1

3UREDEO\ 9DQGDOLF LPLWDWLRQ RI D WUHPLVVLV RI 2GRYDFDU

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI =HQR 7UHPLVVLV XQFHUWDLQ PLQW $9 J '1 =(12 ± 3(53 Λ9& Λ9 OLJDWH 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &URVV SRWHQW LQ H[HUJXH &202% $OO ZLWKLQ ZUHDWK %0& 9DQGDOV ± .UDXV ± /DFDP ± 0(& , ± FI 5,& ±

$ERXW H[WUHPHO\ ILQH

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI $QDVWDVLXV , )ROOLV XQFHUWDLQ PLQW PLG WK FHQWXU\ J '1 $1$67 ± 6,96 33 $ 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY /DUJH 0 LQ ILHOG DERYH FURVV RQ VLGHV WZR VWDUV % LQYHUWHG EHORZ ,Q H[HUJXH &21 FI 0,% IRU SURWRW\SH

%URZQ WRQH DQG YHU\ ILQH

7KLV FRLQ LV SUREDEO\ DQ LVVXH RI WKH *HSLGV D *HUPDQ WULEH GHIHDWHG E\ WKH /RPEDUGV LQ

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQ , 6ROLGXV XQFHUWDLQ PLQW ODWH K HDUO\ WK FHQWXU\ $9 J 3VHXGR OHJHQG 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG 5HY 3VHXGR OHJHQG 6W 0LFKDHO " VWDQGLQJ IDFLQJ KROGLQJ ORQJ FURVV LQ O KDQG DQG JOREXV FUXFLJHU LQ U LQ O ILHOG VWDU DQG LQ H[HUJXH &212% UHWU

$SSDUHQWO\ XQUHFRUGHG 9HU\ ILQH ¶ ([ 'PLWU\ 0DUNRY PDLO ELG VDOH $SULO 7KLV FRLQ FRXOG EH D /RPEDUG LPLWDWLRQ RI D %\]DQWLQH VROLGXV 7KH DWWULEXWLRQ DQG GDWLQJ DUH EDVHG RQ WKH VLPLODULWLHV RI WKH 6DLQW 0LFKDHO RQ WKH UHYHUVH WR WKRVH RI WKH LVVXHV RI 6LFR DW %HQHYHQWR

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 6ROLGXV XQFHUWDLQ PLQW $9 J '1 ,967,1, ± Î&#x203A;Î&#x203A;196 3Î&#x201C; Î&#x203A;9 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG GHFRUDWHG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 9,&725 ± , ± Î&#x203A; Î&#x203A;9&&& Î&#x203A; 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ MHZHOOHG FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH &20>«@ )RU WKH W\SH FI %0& 9DQGDOV .UDXV 0,% 0(& , 0HWOLFK *RRG YHU\ ILQH ¶ ([ +LUVFK DQG 6SLQN -XQH 'UHHVPDQ VDOHV

3VHXGR ,PSHULDO &RLQDJH ,Q WKH QDPH RI -XVWLQLDQ , 7UHPLVVLV XQFHUWDLQ PLQW PLG WK FHQWXU\ $9 J '1 ,9,7,1 ± ,1,$191 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9&9720 9LFWRU\ DGYDQFLQJ U KROGLQJ ZUHDWK DQG SDOP LQ H[HUJXH ,2, &I 0,% IRU SURWRW\SH

$ERXW H[WUHPHO\ ILQH

([ 6SLQN VDOH -XO\ 'UHHVPDQ FROOHFWLRQ

Bibliography AIIN

ANS NNM ANS MN Arslan Arslan Cividale Belfort Bernareggi Bernareggi in Annali BMC Vandals Demo Fagerlie Forum Iulii Giannocaro-Orlandoni Hunter Kent Kraus Lacam LRC MEC 1 Metlich MIB MIR Morrison-Schwats NC Oddy Prou.

QT Reinhart RIC RIN RN Sabatier SNL Tolstoi Tomasini Ulrich-Bansa

Annali dell’Istituto Italiano di Numismatica, Rome.

American Numismatic Society, Numismatic Notes and Monographs. New York.

American Numismatic Society; Museum Notes. New York.

E.A. Arslan. Le monete di ostrogoti, longobardi e vandali, catalogo delle Civiche Raccolte Numismatiche de Milano. Milan 1978.

E. Arslan 1990, Le monete, in I Longobardi. Milan 1990.

A. de Belfort, Description générale des monnaies mérovingiennes. 5 Vols. Paris 1895.

E. Bernareggi, Il sistema economico e la monetazione dei longobardi nella Italia superiore. Milan 1960 E. Bernareggi, Problemi di numismatica longobarda. Le cosidette “Silique de Pertarito” in AIIN 12-14, 1965-7.

Western & Provincial Byzantine coins of the Vandals, Ostrogoths and Lombards etc.

by Warwick Wroth in the British Museum. London 1911.

Z. Demo, Ostrogothic Coinage from Collections in Croatia, Slovenia and Bosnia & Herzegovina. Ljubljana.

J. M. Fagerlie, Late Roman and Byzantine Solidi found in Sweden and Denmark, in ANSNNM 1967.

Annuario del Museo Nazionale di Cividale del Friuli. Udine 1993-present.

F. Giannocaro & M. Orlanodoni, “Una moneta inedita ed unica di Ildibardo re dei Goti”, in QT VII, 1978.

J. Bateson, I. G. Campbell, Byzantine and Early Medieval Western European coins in the Hunter Coin Cabinet. Glasgow 1998.

J. P. C. Kent, The coinage of Theodoric in the names of Anastasius and Justin I, in Essays Baldwin. London 1971.

F. F. Kraus 1928, Die Münzen Odovacars und des Ostgotenreiches in Italien. Halle 1928.

G. Lacam, La fin de l’Empire Romain et le monnayage d’or en Italie. Lucerna 1983 P. Grierson-M. Mays, Catalogue of Late Roman Coins in the Dumbarton Oaks Collection, Washington, D.C. 1992 P. Grierson and M. Blackburn. Medieval European Coinage, Vol I, The Early Middle Ages. Cambridge 1986.

M.A. Metlich. The Coinage of Ostrogothic Italy. London 2004.

W. Hahn. Moneta Imperii Byzantini. 3 Vols. Vienna 1973-81.

Alberto Varesi et al., Monete italiane regionali. Pavia 1998-2011.

C. Morrison, J. H. Schwartz, Vandal Silver Coinage in the Name of Honorius, in ANS MN 27, 1982.

The Numismatic Chronicle. Royal Numismatic Society. London 1838-present.

Oddy, W.A. “Analysis of the Gold Coinage of Beneventum” in NC 1974.

M. Prou, Les monnaies mérovingiennes. Paris 1896.

Quaderni Ticinesi. Lugano.

W. Reinhart, Die Münzen des westgotischen Reiches von Toledo, in Deutsches Jahrbuch für Numismatik 3-4, 1940.

H. Mattingly and E.A. Sydenham. The Roman Imperial Coinage Vol. I-X. London 1923 ff.

Rivista Italiana di Numismatica e scienze affini, Milan 1888-present.

Révue Numismatique. Société Français de Numismatique. Paris 1836-present.

J. Sabatier, Description générale des monniaes Byzantines. 2 Vols. Paris, 1863.

Z. Demo, Ostrogothic Coinage from Collections in Croatia, Slovenia and Bosnia & Herzegovina. Ljubljana.

I.I. Tolstoi, Monnaies byzantines. St. Petersburg. 1912-14.

W. J. Tomasini, The barbaric tremissis in Spain and Southern France – Anastasius to Leovigild, ANS NNM 152, 164.

O. Ulrich-Bansa, Moneta Mediolanensis (352-498), Venice 1949

N umismatica a rs c lassica

WritteN Bids Form geBotsFormmular

Nac ag

Niederdorfstrasse 43 Telefon +41 44 261 1703 CH-8001 Zürich Fax +41 44 261 5324 eMail: zurich@arsclassicacoins.com

auctioN No:

Please purehase the following items on my behalf at your auction up to the limits indicated below and subject to the conditions of sale.

Bitte ersteigern Sie für mich an Ihrer Auktion folgende Stücke bis zu den von mir angegebenen Limiten und zu Ihren Auktionsbedingungen.

La prego di comprare per mio conto le sesuenti monete ai limiti indicati, secondo le condizioni di vendita.

Je vous prie d’acheter à votre vente aux enchères les pièces suivantes jusqu’aux limites indiquées ci-après et selon vos conditions de vente.

Name Address

Phone no. / eMail If successful, please refer to my shipping instructions: Please ship the coins by registered, insured and priority mail

Please hold lots for pickup

Please ship by courier (FedEx) Only for customers living within European Union: Please ship the coins via London and therefore have the bids executed on my behalf by NAC Numismatics Ltd., 17 Waterloo Place, London SW1Y 4AR, UK and shipped and invoiced through NAC Numismatics Ltd. Shipping via NAC Numismatics Ltd. will incur an addition al import duty of 5% on top of the hammer price and buyer’s premium.

Signature

Date Lot no.

Limit in CHF

Observations

Lot no.

Limit in CHF

Observations

If necessary to obtain the lots you may increase my bids by:

Sie werden ermächtigt, die Gebote im Bedarfsfall zu überschreiten um: Au besoin, je vous autorise d’augmenter mes mises de: Se necessario, per ottenere i lotti può aumentare l’offerta del:

10 %

20 %

%

biddr - Live Bidding System Join our auctions simply and conveniently from home. Our live bidding system does not require Java or anything else other than an up-to-date web browser and works on all modern devices such as computers, notebooks, tablets and smartphones.

Important: If you have not signed up yet, please note that you have to register and get approved as a live bidder at www.biddr.ch/auctions/nac/ in time before you can participate in our auctions.

i r auction systems