Spring auction 2020

Page 1

Spring Auction 2020

A V ery I n teres t in g S er i es o f G reek , R o man & B y zan tin e C oin s

25 May 2020

N u m i s m at ica A r s C l a s s ica ZÃœRICH - LONDON

n ac a g


Spring Auction 2020 25 May 2020

A Very Interesting Series of Greek, Roman & Byzantine Coins

NUMISMATICA ARS CLASSICA NAC AG www.arsclassicacoins.com Niederdorfstrasse 43 CH – 8001 Zurich Tel. +41 44 261 1703 Fax +41 44 261 5324 zurich@arsclassicacoins.com

Suite 1, Claridge House 32 Davies Street London W1K 4ND – UK Tel. +44 (0) 20 7839 7270 Fax +44 (0) 20 7925 2174 info@arsclassicacoins.com


TIME TABLE

ZEITTAFEL

ORDRE DE VENTE

ORDINE DI VENDITA

Live bidding starting 13:30 (CET)

Monday, 25 May 2020

Please visit our auction online at www.arsclassicacoins.com

Die Auktion erfolgt unter Mitwirkung eines Beamten des Stadtammannamtes Zürich 1. Jede Haftung des anwesenden Beamten, der Gemeinde und des Staates für Handlungen des Auktionators entfällt.

Gradi di conservazione Grades of preservation

Fdc Fior di conio Spl Splendido BB Bellissimo MB Molto bello

Fdc Uncirculated Extremely fine Very fine Fine

Erhaltungsgrad

Stempelglanz Vorzüglich Sehr schön Schön

Degrés de conservation Grados de Conservación

Fleur de coin (FDC) Superbe Très beau Beau

FDC EBC MBC BC


Auktionsbedingungen Durch die Teilnahme an der Auktion werden die folgenden Bedingungen anerkannt: 1. Die Versteigerung erfolgt in Schweizer Franken. Der Zuschlag erfolgt nach dreimaligem Aufruf an den Höchstbietenden, dessen Gebot vom Auktionator (für elektronische (online) Auktionen: virtueller 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 per E-Mail oder Fax) von nichtanwesenden Interessenten werden bis 24 Stunden vor Auktionsbeginn entgegengenommen. Elektronische Angebote über die Onlineplattform werden bis zum Zeitpunkt des Beginns der elektronischen Auktion angenommen. 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 21,0% zu entrichten. Bei Auktionen, die nur auf elektronischem Weg (online) durchgeführt werden, wird kein weiteres Aufgeld erhoben. Die schweizerische Mehrwertsteuer von 7,7% wird auf den Endpreis (Zuschlagspreis plus alle weiteren vom Auktionshaus dem Käufer in Rechnung gestellte Beträge) 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 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 Versicherung 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 wurden 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. Änderungen 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 der 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 (for e-auctions there will be a virtual auctioneer). 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 send bids electronically until the beginning of the sale. Bidders wishing to send a written bid by email, fax or participate by telephone must send their bids no later than 24 hours before the start of the auction. 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 21.0% will be levied on the hammer price – For electronic auctions no additional commissions will be charged to internet bidders. The Swiss value added tax (VAT) of 7.7% 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 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 their 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 be 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 (pour les ventes aux enchères électroniques il y aura le commissaire priseur virtuel). 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 (ou plutôt en ligne pour les ventes aux enchères électroniques) doivent être 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 21,0% est perçue sur le prix d'adjudication. Les acquéreurs qui souhaitent participer aux enchères en ligne avec nos facilités Live Internet ne paieront pas de frais supplémentaires. La taxe à la valeur ajoutée suisse d’un montant de 7,7 % 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


8. 9.

10.

11.

douane et de devises. La salle des ventes décline toute responsabilité pour les éventuelles infractions à l’encontre de ces directives. 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. 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. 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. 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 21,0%. Per le aste elettroniche nessuna commissione aggiuntiva verrà applicata ai partecipanti online. L’imposta svizzera sul valore aggiunto, pari attualmente al 7,7%, 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 pagamento ritardato, 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 non 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 alle vigenti disposizioni di legge, ciò 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.


Note on US Import Restrictions In accordance with US Customs and Border Protection regulations (19 CFR Part 12), we attest that all ancient Greek coins, from mints that are now within the modern boundaries of Italy, either have an export licence issued by the Republic of Italy or were outside of Italy prior to 19 January 2011. We also attest that all ancient Greek coins, from mints that are now within the modern boundaries of Greece, were outside of Greece before 1 December 2011. In addition, all coins from mints that are now within the modern boundaries of Bulgaria, Cyprus, Egypt, Iran, Syria, Iraq, Libya, Algeria and Jordan were, in the case of Bulgaria, Cyprus, Egypt and Iran, outside of those countries before 30 May 2005, in the case of Iraq before 2 August 1990, in the case of Syria before 15 March 2011, in the case of Libya before July 2018, in the case of Algeria, before August 2019 and in the case of Jordan before 5 February 2020. Numismatica Ars Classica NAC AG will provide appropriate documentation to assist with the importation of any purchased lots into the USA. All other coins were in the possession of Numismatica Ars Classica NAC AG or its consignors prior to these dates.


&HOWLF &RLQV

%ULWDLQ 'XURWLJHV

6WDWHU &UDQERUQH FKDVH W\SH FLUFD $5 PP J 'HYROYHG ODXUHDWH KHDG RI $SROOR U 5HY 'LVMRLQWHG KRUVH O SHOOHWV DURXQG $%& 9DQ $UVGHOO 6&%& /LJKW ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 0 0 )L[HG 3ULFH /LVW

*DXO 6XHVVLRQHV

6WDWHU FLUFD $9 PP J &RQYH[ VXUIDFH ZLWK FURVV DW FHQWUH 5HY 3ODLQ FRQYH[ VXUIDFH ' 7 6HQR &DUQXWHV 9HU\ ILQH 7KH PHWDO KDV EHHQ WHVWHG E\ 2*1 3LHUUH &ULQRQ

*UHHN &RLQV

6SDLQ (PSRULRQ

'UDFKP FLUFD ± $5 PP J :UHDWKHG KHDG RI $UHWKXVD U DURXQG WKUHH GROSKLQV 5HY (0Ȇ23,7ȍ1 3HJDVXV IO\LQJ U $&,3 61* %0 6SDLQ ± &1+ 2OG FDELQHW WRQH VXUIDFH VRPHZKDW SRURXV RQ REYHUVH DQG PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH ([ . QNHU VDOH

(WUXULD 3RSXORQLD

DVVHV FLUFD $5 PP J *RUJRQHLRQ IDFLQJ EHORZ ; ; 5HY 8QFHUWDLQ URXQG SHUWXUEDQFH 6DPERQ 9HFFKL ,, (&& +LVWRULD 1XPRUXP ,WDO\ )LQH ([ 5DWWR -DQXDU\ %RQD]]L )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

DVVHV FLUFD $5 PP J /DXUHDWH PDOH KHDG O EHKLQG ; 5HY %ODQN 6DPERQ 9HFFKL , (&& 61* )LUHQ]H WKLV REYHUVH GLH +LVWRULD 1XPRUXP ,WDO\ 2OG FDELQHW WRQH VXUIDFH VOLJKWO\ SRURXV RWKHUZLVH JRRG YHU\ ILQH ([ 5RPD 1XPLVPDWLFV ;9,


9HWXORQLD

6H[WDQV ,,, FHQWXU\ %& PP J 0DOH KHDG U ZHDULQJ NHWRV KHDGGUHVV LQ O ILHOG WZR SHOOHWV 5HY 7ULGHQW EHWZHHQ WZR GROSKLQV 6DPERQ 9HFFKL (&& +LVWRULD 1XPRUXP ,WDO\ 5DUH RQO\ WKUHH VSHFLPHQV LQ SULYDWH KDQGV OLVWHG E\ 9HFFKL LQ (WUXVFDQ &RLQDJH /LJKW JUHHQ SDWLQD DQG ILQH 3UREDEO\ H[ 5DWWR VDOH -DQXDU\ %RQD]]L )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

8PEULD 7XGHU

5HGXFHG VHPLV FLUFD PP J 6OHHSLQJ GRJ 5HY /\UH RQ O & UHYHUWHG +DHEHUOLQ SO 6\GHQKDP $HV *UDYH 7KXUORZ 9HFFKL +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH *UHHQ SDWLQD DQG YHU\ ILQH ([ 1$& VDOH

3LFHQXP +DWULD

7HUXQFLXV ,,, FHQWXU\ %& PP J )LVK VWLQJUD\ U EHORZ WKUHH SHOOHWV 5HY +$7 'ROSKLQ U +DHEHUOLQ SO 6\GHQKDP $HV *UDYH 7KXUORZ 9HFFKL ,&& +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH %URZQ JUHHQ SDWLQD DQG ILQH ([ 1$& VDOH 4

&DPSDQLD &XPD

3ODWHG GLGUDFKP FLUFD $5 PP J 1\PSK¶V KHDG U 5HY >.90$,21@ 0XVVHO VKHOO O DERYH EDUOH\ JUDLQ 61* $16 YDU 5XWWHU ± FI +LVWRULD 1XPRUXP ,WDO\ $Q XQUHFRUGHG YDULHW\ RI D UDUH W\SH /LJKW LULGHVFHQW WRQH VOLJKWO\ GRXEOH VWXFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW


1HDSROLV

'LGUDFKP FLUFD $5 PP J 'LDGHPHG KHDG RI Q\PSK U LQ O ILHOG DVWUDJDOXV DQG LQ U PRQRJUDP 5HY 1(2Ȇ2ȁ,7ȍ>1@ 0DQ KHDGHG EXOO DGYDQFLQJ U FURZQHG E\ 1LNH IO\LQJ U DERYH EHORZ 1 6DPERQ 61* $16 +LVWRULD 1XPRUXP ,WDO\ $ ORYHO\ SRUWUDLW RI ILQH VW\OH VWUXFN RQ D YHU\ EURDG IODQ /RYHO\ ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ¶ ([ %XVVR 3HXV VDOH

'LGUDFKP FLUFD $5 PP J 'LDGHPHG KHDG RI Q\PSK O LQ U ILHOG RLQRFKRH 5HY 1(2Ȇ2ȁ,7ȍ1 0DQ KHDGHG EXOO DGYDQFLQJ U KHDG IDFLQJ FURZQHG E\ 1LNH IO\LQJ U DERYH EHORZ >%,@ 6DPERQ 0F&OHDQ YDU +LVWRULD 1XPRUXP ,WDO\ 6WUXFN RQ D YHU\ EURDG IODQ PHWDO IODZV DQG D VFUDWFK RQ UHYHUVH RWKHUZLVH YHU\ ILQH ([ 5DWWR VDOH -DQXDU\ %RQD]]L )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

1ROD

'LGUDFKP FLUFD %& $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG $WWLF KHOPHW GHFRUDWHG ZLWK RZO LQ O ILHOG PRQRJUDP 5HY 1ȍȁ$,ȍ1 0DQ KHDGHG EXOO DGYDQFLQJ U EHORZ PRQRJUDP 61* $16 +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH DQG WKH ILUVW LVVXH RI WKH PLQW RI 1ROD 2OG FDELQHW WRQH DQG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

7HDQXP 6LGLFLQXP

%URQ]H FLUFD PP J 7HDQXP LQ 2VFDQ ODXUHDWH KHDG RI $SROOR O LQ U ILHOG 2 5HY 0DQ KHDGHG EXOO DGYDQFLQJ U FURZQHG E\ IO\LQJ 1LNH U EHORZ SHQWDJUDP 6DPERQ +LVWRULD 1XPRUXP ,WDO\ 5HGGLVK EURZQ SDWLQD ZLWK VRPH HQFUXVWDWLRQ DQG DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

$SXOLD %XWXQWXP

%URQ]H FLUFD PP J +HDG RI $WKHQD U ZHDULQJ &RULQWKLDQ KHOPHW 5HY %9721 ± 7,1ȍ1 %DUOH\ HDU ZLWK WZR OHDYHV 61* $16 +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH $ERXW YHU\ ILQH ([ 1$& VDOH .


&DHOLD

6H[WDQV FLUFD ,,, FHQWXU\ %& PP J +HDG RI $WKHQD U ZHDULQJ &RULQWKLDQ KHOPHW DERYH WZR SHOOHWV LQ O ILHOG . 5HY >ȀǹǿȁǼǿȃȍȃ@ 1LNH ZDONLQJ O FDUU\LQJ ZUHDWK DQG WURSK\ 61* $16 +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH %URZQ JUHHQ SDWLQD DQG YHU\ ILQH ([ &1* VDOH

&DQXVLXP

2ERO FLUFD $5 PP J &DQWKDUXV LQ O ILHOG FRUQXFRSLD DQG LQ U RLQRFKRH 5HY . ± $ /\UH 61* /RFNHWW WKLV FRLQ 61* $16 +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH ([ 1$& VDOH 3 )URP WKH $ ' 0 FROOHFWLRQ

+\ULXP

%URQ]H FLUFD ,,, FHQWXU\ %& PP J +HDG RI $WKHQD U ZHDULQJ &RULQWKLDQ KHOPHW 5HY >Ȋȇǿǹ@ ± ȉǿȃȍȃ 5XGGHU EHORZ GROSKLQ U 61* $16 +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH %URZQ JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 1$& VDOH 5

2UUD

%URQ]H FLUFD PP J <RXQJ PDOH KHDG ZHDULQJ FRQLFDO KHOPHW U 5HY 25 DERYH HDJOH VWDQGLQJ U RQ WKXQGHUEROW 61* $16 +LVWRULD 1XPRUXP ,WDO\ 5DUH *UHHQ SDWLQD DQG YHU\ ILQH ([ &1* VDOH )URP WKH )UHHPDQ FROOHFWLRQ

%URQ]H FLUFD PP J <RXQJ PDOH KHDG ZHDULQJ FRQLFDO KHOPHW U 5HY 25 DERYH HDJOH VWDQGLQJ U RQ WKXQGHUEROW 61* $16 +LVWRULD 1XPRUXP ,WDO\ 5DUH *UHHQ EURZQ SDWLQD DQG YHU\ ILQH 3ULYDWHO\ SXUFKDVHG IURP 1$& LQ

7HUXQFLXV FLUFD PP J +HDG RI \RXQJ +HUDFOHV U ZHDULQJ OLRQ¶V VNLQ KHDGGUHVV EHORZ WKUHH SHOOHWV 5HY 255$ :LQJHG WKXQGHUEROW EHORZ Ȇ25 WKUHH SHOOHWV 61* &RSHQKDJHQ 61* $16 +LVWRULD 1XPRUXP ,WDO\ 5DUH 5HGGLVK JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 1$& VDOH 2 )URP WKH $ ' 0 FROOHFWLRQ


7HDWH

1XPPXV FLUFD PP J :UHDWKHG KHDG RI =HXV RI 'RGRQD U 5HY >7,$7,@ (DJOH ZLQJV RSHQ VWDQGLQJ U RQ WKXQGHUEROW LQ U ILHOG 1 :HEHU +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH DQG LQ XQXVXDO FRQGLWLRQ IRU WKLV GLIILFXOW LVVXH $ EROG SRUWUDLW DQG JUHHQ SDWLQD LQVLJQLILFDQW DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH ([ 0 0 VDOH

8[HQWXP

%URQ]H FLUFD PP J +HOPHWHG KHDG RI $WKHQD U 5HY $2 +HUDFOHV VWDQGLQJ IDFLQJ KROGLQJ FRUQXFRSLD DQG FOXE 61* $16 61* )UDQFH +LVWRULD 1XPRUXP ,WDO\ 5DUH %URZQ WRQH DQG YHU\ ILQH ([ 0 0 VDOH )URP WKH 5LJKHWWL FROOHFWLRQ

&DODEULD 7DUHQWXP

1RPRV FLUFD $5 PP J 7$5$6 UHWURJUDGH 2HFLVW VHDWHG RQ GROSKLQ U O DUP H[WHQGHG EHQHDWK VKHOO 5HY 7KH VDPH W\SH O LQFXVH 61* )UDQFH 9ODVWR )LVFKHU %RVVHUW M WKLV FRLQ +LVWRULD 1XPRUXP ,WDO\ 5DUH 2OG FDELQHW WRQH REYHUVH ZHDNO\ VWUXFN DQG VXUIDFH VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH ([ 5DWWR VDOH -DQXDU\ &{WH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

1RPRV FLUFD $5 PP J 2HFLVW VHDWHG RQ GROSKLQ U KROGLQJ RFWRSXV LQ U KDQG 5HY 7$3$6 +LSSRFDPSXV U EHORZ VKHOO 9ODVWR WKHVH GLHV 61* $16 WKHVH REYHUVH GLHV )LVKHU %RVVHUW +LVWRULD 1XPRUXP ,WDO\ 6XUIDFHV VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

1RPRV FLUFD $5 PP J >7$3$Ȉ@ 'ROSKLQ ULGHU O ERWK DUPV RXWVWUHWFKHG EHORZ VKHOO 5HY 2HFLVW VHDWHG O KROGLQJ GLVWDII DQG VFHSWUH 9ODVWR WKLV REYHUVH GLH )LVFKHU %RVVHUW E WKLV FRLQ +LVWRULD 1XPRUXP ,WDO\ 5DUH /LJKW LULGHVFHQW WRQH VOLJKWO\ GRXEOH VWUXFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ $VWD GHO 7LWDQR VDOH


1RPRV FLUFD $5 PP J >7$3$Ȉ@ 'ROSKLQ ULGHU O ZLWK RXWVWUHWFKHG U KDQG EHORZ FUD\ILVK 5HY 2HFLVW VHDWHG O KROGLQJ VWULJLO DQG VFHSWUH 9ODVWR ± )LVFKHU %RVVHUW +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH 2OG FDELQHW WRQH ZHDNO\ VWUXFN DQG RQ D QDUURZ IODQ RWKHUZLVH YHU\ ILQH )URP D %ULWLVK FROOHFWLRQ DQG QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\

1RPRV FLUFD $5 PP J 7$3>$17@ ± ,1ȍ1 'ROSKLQ ULGHU U LQ O ILHOG . DQG EHORZ FRFNOH VKHOO 5HY 1DNHG HSKHEH RQ KRUVHEDFN U 9ODVWR ± )LVFKHU %RVVHUW 61* $16 WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ ± FI 9HU\ UDUH /LJKW LULGHVFHQW WRQH PLQRU GLH EUHDN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ /HX DQG 6WDFN¶V %RZHUV -DQXDU\ VDOHV

7ULKHPLRERO FLUFD $5 PP J &OXE DQG ERZ 5HY 'LVWDII ZLWKLQ ZUHDWK 9ODVWR +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH 2OG FDELQHW WRQH DERXW YHU\ ILQH YHU\ ILQH

1RPRV FLUFD $5 PP J :DUULRU ZHDULQJ KHOPHW DQG KROGLQJ VKLHOG DQG ODQFH GLVPRXQWLQJ IURP KRUVH O 5HY 7$3$Ȉ 2HFLVW KROGLQJ KHOPHW VSHDU DQG ODUJH RYDO VKLHOG RQ GROSKLQ O )LVFKHU %RVVHUW 9ODVWR +LVWRULD 1XPRUXP ,WDO\ ([WUHPHO\ UDUH 2OG FDELQHW WRQH VXUIDFH VOLJKWO\ SRURXV DQG PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


1RPRV FLUFD $5 PP J 1XGH HSKHERV FURZQLQJ KRUVH SUDQFLQJ O EHORZ VKHOO 5HY 7$3$Ȉ 2HFLVW ULGLQJ GROSKLQ O KROGLQJ FDQWKDUXV LQ H[WHQGHG U KDQG 9ODVWR WKHVH GLHV )LVFKHU %RVVHUW Q WKLV FRLQ +LVWRULD 1XPRUXP ,WDO\ 5DUH 2I H[FHOOHQW VW\OH DQG ZLWK D ORYHO\ ROG FDELQHW WRQH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 7ULWRQ , DQG 7ULWRQ 9 VDOHV )URP WKH $ ' 0 FROOHFWLRQ

1RPRV FLUFD $5 PP J +RUVHPDQ JDOORSLQJ O KROGLQJ VKLHOG EHORZ _ 5HY 7$3$ ± Ȉ 'ROSKLQ ULGHU O RYHU ZDYHV KROGLQJ FUHVWHG KHOPHW 9ODVWR )LVFKHU %RVVHUW G WKLV FRLQ +LVWRULD 1XPRUXP ,WDO\ 6WUXFN RQ D YHU\ EURDG IODQ ZLWK D ORYHO\ ROG FDELQHW WRQH VHYHUDO PDUNV DQG D JUDIILWR RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 1DYLOOH $UV &ODVVLFD VDOH ;,,

1RPRV FLUFD %& $5 PP J +RUVH UHDULQJ U UHVWUDLQHG DW QHFN E\ JURRP 5LGHU FURZQHG E\ 1LNH %HORZ = 5HY 7$3$Ȉ 'ROSKLQ ULGHU O KROGLQJ MXJ LQ U ILHOG WDEOHW DQG LQ O . 9ODVWR )LVFKHU %RVVHUW I WKLV FRLQ OLVWHG +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH /LJKW LULGHVFHQW WRQH PLQRU WUDFHV RI RYHUVWULNLQJ RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 0 0 DQG 1$& % VDOHV

+DOI VWDWHU FLUFD $9 PP J >7$3$17,1ȍ1@ +HDG RI +HUD U ZHDULQJ VWHSKDQH WULSOH SHQGDQW HDUULQJ DQG QHFNODFH 5HY 7$3$Ȉ 'ROSKLQ ULGHU O KROGLQJ VPDOO GROSKLQ RQ RXWVWUHWFKHG U KDQG DQG WULGHQW LQ O EHORZ 0 ± ĭ )LVFKHU %RVVHUW * 'HZLQJ +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH 2I H[FHSWLRQDO VW\OH DQ DOPRVW LQYLVLEOH QLFN RQ +HUD¶V H\HEURZ RWKHUZLVH JRRG YHU\ ILQH ¶


6WDWHU FLUFD $9 PP J 'LDGHPHG DQG YHLOHG IHPDOH KHDG +HUD U EHORZ FKLQ GROSKLQ DQG EHORZ QHFN WUXQFDWLRQ >ศ วฟ@ 5HY 1DNHG ULGHU RQ KRUVHEDFN U KXUOLQJ VSHDU DQG KROGLQJ VKLHOG DQG WZR PRUH VSHDUV LQ XSSHU ILHOG U WKXQGHUEROW DQG EHORZ KRUVH วนศ ศ ศ 9ODVWR * 0FFOHDQ WKHVH GLHV )LVFKHU %RVVHUW * +LVWRULD 1XPRUXP ,WDO\ 5DUH $ VPDOO VFXII RQ REYHUVH DQG DQRWKHU RQ WKH HGJH DW HLJKW RยถFORFN RQ UHYHUVH 5HYHUVH VOLJKWO\ GRXEOH VWUXFN RWKHUZLVH JRRG YHU\ ILQH ยถ

1RPRV FLUFD $5 PP J 5LGHU RQ KRUVH SUDQFLQJ U FDUU\LQJ VKLHOG DQG WKUHH VSHDUV LQ ILHOG ( ศ ศ DQG EHORZ KRUVHV $3, 5HY 7$3$ศ 2HFLVW RQ GROSKLQ O KROGLQJ FDQWKDUXV DQG UXGGHU LQ ILHOG O .ศ 9ODVWR WKLV REYHUVH GLH 61* $16 WKHVH GLHV )LVFKHU %RVVHUW +LVWRULD 1XPRUXP ,WDO\ :RQGHUIXO LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ยถ

1RPRV FLUFD $5 PP J %R\ ULGHU U FURZQLQJ KLV KRUVH DERYH ศ วน DQG EHORZ KRUVH วนศ วผ ฤฌศ ศ 5HY 7$3$ศ 2HFLVW ULGLQJ GROSKLQ O KROGLQJ WULSRG EHORZ &$ศ 9ODVWR 61* $16 +LVWRULD 1XPRUXP ,WDO\ 6WUXFN RQ DQ H[FHSWLRQDOO\ IUHVK PHWDO LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ยถ

1RPRV FLUFD $5 PP J %R\ ULGHU U FURZQLQJ KLV KRUVH DERYH ศ วน DQG EHORZ KRUVH วนศ วผ ฤฌศ ศ 5HY 7$3$ศ 2HFLVW ULGLQJ GROSKLQ O KROGLQJ WULSRG EHORZ &$ศ 9ODVWR 61* $16 +LVWRULD 1XPRUXP ,WDO\ :RQGHUIXO ROG FDELQHW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


1RPRV FLUFD $5 PP J +HOPHWHG DQG DUPHG KRUVHPDQ VSHDULQJ GRZQZDUGV LQ O ILHOG (< EHORZ KRUVH ĭǿȃ ± ȉǿǹȈ 5HY 7$3$Ȉ 'ROSKLQ ULGHU O KROGLQJ WULGHQW DQG 1LNH DERXW WR FURZQ KLP LQ O ILHOG ȆȅȁȊ %HQHDWK GROSKLQ SURZ RI YHVVHO 9ODVWR 61* $16 +LVWRULD 1XPRUXP ,WDO\ /RYHO\ OLJKW LULGHVFHQW WRQH ,QVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

'UDFKP FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG $WWLF KHOPHW GHFRUDWHG ZLWK 6F\OOD KXUOLQJ VWRQH 5HY 1(<0+1,2Ȉ ± Ȇȅȁ< 2ZO VWDQGLQJ U KHDG IDFLQJ SHUFKHG RQ ROLYH EUDQFK 9ODVWR 61* $16 +LVWRULD 1XPRUXP ,WDO\ 6XUIDFH VRPHZKDW SRURXV DQG ZHDNO\ VWUXFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

%URQ]H FLUFD PP J /DXUHDWH KHDG RI =HXV U 5HY 7$ 9LFWRU\ VWDQGLQJ O FURZQLQJ WURSK\ 9ODVWR +LVWRULD 1XPRUXP ,WDO\ ([WUHPHO\ UDUH :RQGHUIXO OLJKW JUHHQ SDWLQD DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH

'LRERO FLUFD $5 PP J +HDG RI $WKHQD O ZHDULQJ $WWLF KHOPHW GHFRUDWHG ZLWK 6F\OOD 5HY +HUDFOHV VWDQGLQJ O FOXEELQJ WKH 1HPHDQ OLRQ LQ O ILHOG DQQXOHW DQG LQ U FRUQXFRSLD 9ODVWR +LVWRULD 1XPRUXP ,WDO\ 5DUH 0HWDO VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH

)URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

1RPRV FLUFD $5 PP J %R\ ULGHU O FURZQLQJ KLV KRUVH %HORZ $3 ±,Ȉ7,Ȉ DQG DQFKRU 5HY 7$3$Ȉ 'ROSKLQ ULGHU O KROGLQJ 1LNH DQG GLVWDII 9ODVWR 61* )UDQFH +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

&DPSDQR 7DUDQWLQH LVVXH 1RPRV FLUFD $5 PP J 'LDGHPHG KHDG RI Q\PSK O 5HY 7$ 1XGH \RXWK RQ KRUVHEDFN U FURZQLQJ KRUVH LQ O ILHOG FUHVFHQW DQG EHORZ GROSKLQ 9ODVWR 61* $16 +LVWRULD 1XPRUXP ,WDO\ &ROOHFWRU¶V QXPEHU ´ ´ ZULWWHQ LQ RUDQJH LQN RQ WKH HGJH DW R¶FORFN RQ REYHUVH /RYHO\ ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ /HX 1)$ VDOH 0D\ *DUUHWW SDUW RI PXOWLSOH ORW


%URQ]H FLUFD PP J 6KHOO 5HY 7$ 7ZR GROSKLQV U 9ODVWR +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH 'DUN EURZQ SDWLQD UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH

1RPRV FLUFD $5 PP J &XLUDVVHG DQG FORDNHG VROGLHU RQ KRUVH O UDLVLQJ U KDQG LQ XSSHU U ILHOG 73. PRQRJUDP DQG SLOHXV ,Q ORZHU ILHOG Ȅ( ± 12.3$ 7 ± +Ȉ 5HY 7$3$Ȉ 2HFLVW ULGLQJ GROSKLQ O KROGLQJ WULGHQW LQ U KDQG DQG UDLVLQJ GUDSHU\ LQ O LQ U ILHOG PRQRJUDP LQ ORZHU ILHOG ZDYHV DQG FXWWOHILVK 9ODVWR 61* /RFNHWW 61* $16 +LVWRULD 1XPRUXP ,WDO\ 3HUIHFWO\ VWUXFN RQ DQ H[FHSWLRQDOO\ IUHVK PHWDO $ SHUIHFW )GF ¶

1RPRV FLUFD $5 PP J +RUVHPDQ LQ PLOLWDU\ DWWLUH IDFLQJ VOLJKWO\ U DQG H[WHQGLQJ KLV U KDQG DERYH D VPDOO ZUHDWK EHDULQJ 1LNH IO\LQJ U WR FURZQ KLP ǿQ O ILHOG PRQRJUDP DQG EHQHDWK KRUVH .$ȁȁǿȀȇǹ ȉǾȈ 5HY ȉǹȇǹ>Ȉ@ 'ROSKLQ ULGHU O KROGLQJ WULGHQW DQG D VPDOO ZUHDWK EHDULQJ 1LNH EHKLQG 1( OLJDWH 9ODVWR WKLV REYHUVH GLH 61* $16 WKLV REYHUVH GLH +LVWRULD 1XPRUXP ,WDO\ ,Q H[FHSWLRQDO FRQGLWLRQ $ SHUIHFW )GF ¶

/XFDQLD +HUDFOHD

'LRERO FLUFD $5 PP J +HDG RI +HUDFOHV O ZHDULQJ OLRQ V VNLQ 5HY +( /LRQ FURXFKLQJ O 9DQ .HXUHQ +LVWRULD 1XPRUXP ,WDO\ 5DUH YDULHW\ 6WUXFN RQ DQ LUUHJXODU IODQ RWKHUZLVH DERXW YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


1RPRV FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ $WWLF KHOPHW GHFRUDWHG ZLWK 6F\OOD VFDQQLQJ EHORZ QHFN WUXQFDWLRQ ī2 5HY +3$.ȁ(,ȍ1 +HUDFOHV VWDQGLQJ WKUHH TXDUWHUV U VWUDQJOLQJ WKH 1HPHDQ OLRQ LQ O ILHOG VKHOO DQG FOXE :RUN WKHVH GLHV 61* $16 WKHVH GLHV 9DQ .HXUHQ +LVWRULD 1XPRUXP ,WDO\ 2I H[FHOOHQW VW\OH DQG ZHOO FHQWUHG RQ D IXOO IODQ 2OG FDELQHW WRQH VXUIDFH VOLJKWO\ SRURXV RWKHUZLVH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

1RPRV FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG KHOPHW GHFRUDWHG ZLWK 6F\OOD KXUOLQJ VWRQH EHIRUH KHDG (< 5HY _ ǾȇǹȀȁ@Ǿǿȍ>ȃ@ +HUDFOHV VWDQGLQJ IDFLQJ WUXQN WZLVWHG U VWUDQJOLQJ WKH 1HPHDQ OLRQ EHWZHHQ KLV OHJV MXJ ,Q O ILHOG >$Ȇȅȁ@ DQG FOXE :RUN 0F&OHDQ 9DQ .HXUHQ +LVWRULD 1XPRUXP ,WDO\ 6WUXFN RQ DQ H[FHSWLRQDOO\ IUHVK PHWDO KDLUOLQH IODQ FUDFN DW WZR R¶FORFN RQ UHYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶

1RPRV FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ &RULQWKLDQ KHOPHW GHFRUDWHG ZLWK 6F\OOD KXUOLQJ VWRQH LQ O ILHOG . 5HY _ +3$.ȁ(,ȍ1 +HUDFOHV VWDQGLQJ IDFLQJ KROGLQJ FOXE LQ U KDQG DQG OLRQ¶V VNLQ DQG ERZ LQ O LQ XSSHU O ILHOG MXJ 61* $16 :RUN WKHVH GLHV 9DQ .HXUHQ +LVWRULD 1XPRUXP ,WDO\ 9HU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

/DRV

%URQ]H ODWH ,9 FHQWXU\ %& PP J ȁ$ ± , :UHDWKHG KHDG RI 'HPHWHU U 5HY %LUG VWDQGLQJ U DERYH GROSKLQ DQG LQ U ILHOG VWDJ¶V KHDG 61* $16 +LVWRULD 1XPRUXP ,WDO\ 'DUN JUHHQ SDWLQD DQG YHU\ ILQH ([ &1* H VDOH )URP WKH 7RQ\ +DUG\ &ROOHFWLRQ

0HWDSRQWXP

1RPRV FLUFD $5 PP J 0(7 (DU RI EDUOH\ 5HY 7KH VDPH W\SH LQFXVH 1RH +LVWRULD 1XPRUXP ,WDO\ /LJKW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


1RPRV FLUFD $5 PP J 0(7$ (DU RI EDUOH\ 5HY 7KH VDPH W\SH LQFXVH 1RH 61* &RSHQKDJHQ 61* 0 QFKHQ +LVWRULD 1XPRUXP ,WDO\ 2OG FDELQHW WRQH DQG VWUXFN RQ VRXQG PHWDO *RRG YHU\ ILQH ¶ ([ +DUODQ - %HUN %X\ RU %LG 0DUFK 0 0 )L[HG 3ULFH /LVW 0 0 )L[HG 3ULFH /LVW DQG $XFWLRQHV ;;9, VDOHV

1RPRV FLUFD $5 PP J 0(7$ (DU RI EDUOH\ 5HY 7KH VDPH W\SH LQFXVH 1RH 61* $16 +LVWRULD 1XPRUXP ,WDO\ /LJKW WRQH PLQRU DUHD RI SRURVLW\ RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ /DQ] DQG /DQ] VDOHV

1RPRV FLUFD $5 PP J 0(7 (DU RI EDUOH\ LQ U ILHOG OL]DUG XSZDUGV 5HY 7KH VDPH W\SH LQFXVH 1RH 61* $16 61* &RSHQKDJHQ WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ $ UDUH YDULHW\ DQG LQ XQXVXDO FRQGLWLRQ IRU WKLV GLIILFXOW LVVXH /LJKW WRQH DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH 3ULYDWHO\ SXUFKDVHG IURP $HV 5XGH /XJDQR LQ

'LRERO FLUFD $5 PP J 0(7 ± $Ȇ2 UHWURJUDGH (DU RI EDUOH\ 5HY ,QFXVH EXFUDQLXP 1RH YDU 61* $16 YDU 2OG FDELQHW WRQH DQG YHU\ ILQH ([ $VWDUWH VDOH ,;


1RPRV FLUFD $5 PP J 0(7 UHWURJUDGH (DU RI EDUOH\ LQ O ILHOG UDP V KHDG 5HY 7KH VDPH W\SH LQFXVH 1RH 61* $16 +LVWRULD 1XPRUXP ,WDO\ 5DUH 6XUIDFH VRPHZKDW SRURXV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG IURP + ' 5DXFK LQ

7ULRERO FLUFD $5 PP J 0(7 (DU RI EDUOH\ 5HY ,QFXVH EXFUDQLXP 1RH 61* $16 YDU OHJHQG UHWURJUDGH +LVWRULD 1XPRUXP ,WDO\ $ERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

'LRERO FLUFD $5 PP J (DU RI EDUOH\ 5HY 7KH VDPH W\SH LQFXVH LQ ILHOG WZR DQQXOHWV LQ UHOLHI 1RH +LVWRULD 1XPRUXP ,WDO\ 5DUH 2OG FDELQHW WRQH LUUHJXODU IODQ DQG PHWDO VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

2ERO FLUFD $5 PP J 0(7 (DU RI EDUOH\ LQ O ILHOG UDP¶V KHDG 5HY 7KH VDPH W\SH LQFXVH 1RH ± +LVWRULD 1XPRUXP ,WDO\ ± IRU W\SH QRPRV $Q DSSDUHQWO\ XQUHFRUGHG DQG H[WUHPHO\ LQWHUHVWLQJ YHULHW\ /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

2ERO FLUFD $5 PP J (DU RI EDUOH\ LQ U ILHOG PXOH¶V KHDG 5HY %XFUDQLXP 1RH SO +LVWRULD 1XPRUXP ,WDO\ 2I WKH KLJKHVW UDULW\ RQO\ D IHZ VSHFLPHQV NQRZQ 2OG FDELQHW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ 0 0 )L[HG 3ULFH /LVW DQG 5DXFK VDOH

2ERO FLUFD $5 PP J (DU RI EDUOH\ 5HY 0( ± 7$ UHWURJUDGH (DU RI EDUOH\ 1RH +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH 9HU\ ILQH

1RPRV FLUFD $5 PP J 'LDGHPHG KHDG RI 'HPHWHU U 5HY 0(7 (DU RI EDUOH\ ZLWK OHDI WR O 61* $16 -RKQVWRQ 1RH +LVWRULD 1XPRUXP ,WDO\ 5DUH 2I ORYHO\ VW\OH DQG ZLWK D ZRQGHUIXO ROG FDELQHW WRQH DOPRVW LQYLVLEOH WUDFHV RI RYHUVWULNLQJ RWKHUZLVH YHU\ SOHDVDQW JRRG YHU\ ILQH ([ 1DYLOOH 1XPLVPDWLFV VDOH 3UHYLRXVO\ SULYDWHO\ SXUFKDVHG IURP &1*


2ERO FLUFD PP J :UHDWKHG KHDG RI 'HPHWHU U 5HY 2%2ȁ2Ȉ (DU RI EDUOH\ ZLWK OHDI U XSRQ ZKLFK SRSS\ KHDG -RKQVWRQ %URQ]H +LVWRULD 1XPRUXP ,WDO\ 'DUN EURZQ SDWLQD DQG YHU\ ILQH

1RPRV FLUFD $5 PP J +HDG RI 'HPHWHU U ZHDULQJ VWHSKDQH LQ O ILHOG >ǻ<ǻ2@ DQG EHORZ FKLQ HDU RI EDUOH\ 5HY 0(7$Ȇ2 (DU RI EDUOH\ ZLWK OHDI WR O LQ FXUO RI OHDI JUDVVKRSSHU 1RH 0F&OHDQ WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ 5DUH 2OG FDELQHW WRQH VXUIDFH VRPHZKDW SRURXV DQG D VPDOO PHWDO IODZ RQ FKHHN RWKHUZLVH YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

'LQRPRV FLUFD $5 PP J +HDG RI /HXFLSSXV U ZHDULQJ &RULQWKLDQ KHOPHW GHFRUDWHG ZLWK 1LNH LQ TXDGULJD U DERYH FOHIW RI KHOPHW KLSSRFDPSXV U %HKLQG QHFN JXDUG IRUHSDUW RI OLRQ U DQG $Ȇ+ 5HY 0(7$Ȇ217,1ȍ1 (DU RI EDUOH\ ZLWK OHDI WR O DERYH ZKLFK FOXE %HORZ $0, -RKQVWRQ % 61* /OR\G 61* $16 61* )UDQFH +LVWRULD 1XPRUXP ,WDO\ 5DUH DQG LQ ILQH FRQGLWLRQ IRU WKLV GLIILFXOW LVVXH 6XSHUE ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ¶ ([ 1$& VDOH

1RPRV FLUFD $5 PP J ȁ(<.,ȆȆ2Ȉ +HDG RI /HXFLSSXV U ZHDULQJ &RULQWKLDQ KHOPHW EHKLQG VHDWHG GRJ DQG EHORZ Ȉ 5HY 0(7$ %DUOH\ HDU ZLWK OHDI WR U XSRQ ZKLFK ELUG -RKQVWRQ 1RH % +LVWRULD 1XPRUXP ,WDO\ /RYHO\ LULGHVFHQW WRQH PLQRU DUHD RI FRUURVLRQ RQ O UHYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

1RPRV FLUFD $5 PP J +HDG RI 'HPHWHU U ZHDULQJ EDUOH\ ZUHDWK DQG YHLO EHORZ FKLQ PRQRJUDP 5HY 0(7$ (DU RI EDUOH\ ZLWK OHDI WR O DERYH ZKLFK PRXVH O LQ RXWHU ILHOG O ĭ -RKQVWRQ 1RH $ +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

1RPRV FLUFD $5 PP J +HDG RI 'HPHWHU O ZHDULQJ HDUULQJ DQG EDUOH\ ZUHDWK 5HY 0(7$ (DU RI EDUOH\ ZLWK OHDI WR O ZKLFK SDVVHV EHWZHHQ >ǻǹ@ IRUN -RKQVWRQ & +LVWRULD 1XPRUXP ,WDO\ 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D OLJKW WRQH 0LQRU PHWDO IODZV SRVVLEOH WUDFHV RI RYHUVWULNLQJ RWKHUZLVH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


'UDFKP FLUFD $5 PP J 2ZO IDFLQJ JUDVSLQJ ROLYH EUDQFK LQ LWV WDORQV 5HY 0(7$ (DU RI EDUOH\ ZLWK OHDI WR U LQ U ILHOG FDGXFHXV -RKQVWRQ 1RH ) +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

'LRERO FLUFD $5 PP J 0(7$Ȇ217,>1ȍ1@ +HDG RI $WKHQD U ZHDULQJ FUHVWHG &RULQWKLDQ KHOPHW 5HY 0(7$ %DUOH\ HDU ZLWK OHDI WR U LQ U ILHOG FRUQXFRSLD -RKQVWRQ 1RH ) 61* $16 +LVWRULD 1XPRUXP ,WDO\ ± 5DUH 2EYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

'LRERO FLUFD $5 PP J +HDG RI 'HPHWHU U 5HY 0(7$ (DU RI EDUOH\ ZLWK SORXJK RQ OHDI WR U -RKQVWRQ 1RH ) +LVWRULD 1XPRUXP ,WDO\ 5DUH 6WUXFN RQ D YHU\ EURDG IODQ PHWDO VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

1RPRV FLUFD $5 PP J 'LDGHPHG KHDG RI +HUDFOHV U OLRQ V VNLQ WLHG DURXQG QHFN DQG FOXE RYHU O VKRXOGHU 5HY 0(7$ (DU RI EDUOH\ ZLWK OHDI WR U RQ ZKLFK NDQWKDURV EHQHDWK OHDI >%,@ .UDD\ +LUPHU SO -RKQVWRQ ' +LVWRULD 1XPRUXP ,WDO\ 5DUH $ EROG SRUWUDLW DQG DQ ROG FDELQHW WRQH DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ WKH REYHUVH DERYH WKH FKHFN DQG VXUIDFH VOLJKWO\ SRURXV RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ 1DYLOOH 1XPLVPDWLFV DQG . QNHU VDOHV

%URQ]H FLUFD PP J /DXUHDWH KHDG RI =HXV U 5HY >0(7$@ 7ZR HDUV RI EDUOH\ -RKQVWRQ %URQ]H +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH $Q XQWRXFKHG JUHHQ SDWLQD ZLWK VRPH HQFUXVWUDWLRQ RWKHUZLVH YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

%URQ]H FLUFD PP J ,Y\ ZUHDWKHG KHDG RI 'LRQ\VXV O 5HY 0(7$ %DUOH\ HDU LQ U ILHOG FURVV WRUFK -RKQVWRQ %URQ]H 61* $16 +LVWRULD 1XPRUXP ,WDO\ %URZQ WRQH DQG DERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG IURP 6SLQN 6RQV LQ WKH ¶V


1RPRV FLUFD $5 PP J :UHDWKHG KHDG RI 'HPHWHU U 5HY 0(7$ %DUOH\ HDU LQ O ILHOG VDW\U SOD\LQJ SLSHV -RKQVWRQ ' +LVWRULD 1XPRUXP ,WDO\ 5DUH 6WUXFN LQ KLJK UHOLHI DQG H[WUHPHO\ ILQH

'HWDLO

3RVHLGRQLD

1RPRV FLUFD $5 PP J Ȇ2Ȉ 3RVHLGRQ EHDUGHG GLDGHPHG DQG QDNHG EXW IRU FKODP\V RYHU VKRXOGHUV DGYDQFLQJ U KXUOLQJ WULGHQW LQ XSUDLVHG U KDQG 5HY 7KH VDPH W\SH LQFXVH GH /X\QHV *LOOHW +LVWRULD 1XPRUXP ,WDO\ *DUUDIIR /H ULFRQLD]LRQH LQ 0DJQD *UHFLD H 6LFLOLD ± $Q H[FHSWLRQDOO\ UDUH RYHUVWULNH RI D QRPRV RI 3RVHLGRQLD RYHU D QRPRV RI .DXORQLD 2OG FDELQHW WRQH 7UDFHV RI RYHUVWULNLQJ FOHDUO\ YLVLEOH RQ REYHUVH DQG DQ LUUHJXODU IODQ RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶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²DQ HUURU WKDW LV YHU\ XQFRPPRQ IRU WKH LQFXVH FRLQDJHV RI 0DJQD *UDHFLD²DQG HVSHFLDOO\ WKH IDFW WKDW LW LV RYHUVWUXFN RQ D VWDWHU RI .DXORQLD D QHLJKERULQJ $FKDLDQ FLW\ LQ %UXWWLXP 3DUW RI WKH ç RI WKH HWKQLF QDPLQJ 3RVHLGRQLD LV YLVLEOH RQ WKH REYHUVH DV DUH WKH ILUVW WZR OHWWHUV RI WKH KRVW FRLQ¶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


1RPRV FLUFD $5 PP J Ȇ20( 3RVHLGRQ QDNHG EXW IRU FKODP\V RYHU VKRXOGHUV DGYDQFLQJ U KXUOLQJ WULGHQW LQ XSUDLVHG U KDQG 5HY Ȇ20( UHWURJUDGH %XOO VWDQGLQJ O ZLWKLQ LQFXVH FLUFOH 61* $16 WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 8%6 VDOH

1RPRV FLUFD $5 PP J Ȇ20(6 UHWURJUDGH 3RVHLGRQ QDNHG EXW IRU FKODP\V RYHU VKRXOGHUV DGYDQFLQJ U KXUOLQJ WULGHQW LQ XSUDLVHG U KDQG 5HY Ȇ20(6 %XOO VWDQGLQJ U ZLWKLQ LQFXVH FLUFOH 61* $16 +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH )URP D %ULWLVK FROOHFWLRQ DQG QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\

1RPRV FLUFD $5 PP J Ȇ20(6 UHWURJUDGH 3RVHLGRQ QDNHG EXW IRU FKODP\V RYHU VKRXOGHUV DGYDQFLQJ U KXUOLQJ WULGHQW LQ XSUDLVHG U KDQG 5HY Ȇ20(6 %XOO VWDQGLQJ O ZLWKLQ LQFXVH FLUFOH 61* $16 +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH )URP D %ULWLVK FROOHFWLRQ DQG QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\

'LRERO FLUFD $5 PP J Ȇ20 3RVHLGRQ QDNHG EXW IRU FKODP\V RYHU VKRXOGHUV DGYDQFLQJ U KXUOLQJ WULGHQW LQ XSUDLVHG U KDQG LQ O ILHOG ROLYH VSUD\ 5HY Ȇ20 %XOO VWDQGLQJ O LQ H[HUJXH EDUOH\ JUDLQ 61* $16 +LVWRULD 1XPRUXP ,WDO\ 5DUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

6\EDULV

1RPRV FLUFD $5 PP J <0 %XOO VWDQGLQJ O ZLWK KHDG UHYHUWHG 5HY 7KH VDPH W\SH LQFXVH 61* 0 QFKHQ 61* $16 61* &RSHQKDJHQ +LVWRULD 1XPRUXP ,WDO\ /LJKW ROG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH )URP D SULYDWH (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


'UDFKP FLUFD $5 PP J <0 %XOO VWDQGLQJ O ZLWK KHDG UHYHUWHG 5HY 7KH VDPH W\SH LQFXVH *RULQL +LVWRULD 1XPRUXP ,WDO\ $ YHU\ UDUH YDULHW\ ZLWK OHJHQG DERYH WKH EXOO 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

7ULRERO FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ $WWLF KHOPHW GHFRUDWHG ZLWK D ZUHDWK 5HY Ȉ<%$ %XOO VWDQGLQJ U KHDG O 61* $16 WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ 5DUH 6WUXFN RQ D YHU\ EURDG IODQ VXUIDFH VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH

7KXULXP

1RPRV FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ $WWLF KHOPHW GHFRUDWHG ZLWK D ZUHDWK 5HY >Ĭ@2<3,ȍ1 %XOO DGYDQFLQJ U LQ H[HUJXH ILVK U 61* $VKPROHDQ WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH VXUIDFH VRPHZKDW SRURXV RWKHUZLVH DERXW H[WUHPHO\ ILQH

'LQRPRV FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG $WWLF KHOPHW GHFRUDWHG ZLWK 6F\OOD VFDQQLQJ EHKLQG QHFN JXDUG ǻ 5HY Ĭ2<3,ȍ1 %XOO EXWWLQJ U LQ H[HUJXH ILVK 61* $16 1RH ) +LVWRULD 1XPRUXP ,WDO\ $ SRUWUDLW RI ILQH VW\OH VWUXFN RQ DQ H[FHSWLRQDOO\ ODUJH IODQ /RYHO\ OLJKW LULGHVFHQW WRQH PLQRU R[LGDWLRQV RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ 5DWWR VDOH -DQXDU\ %RQD]]L )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW


1RPRV FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ $WWLF KHOPHW GHFRUDWHG ZLWK 6F\OOD KXUOLQJ D VSHDU 5HY Ĭ2<3,ȍ1 %XOO EXWWLQJ U EHORZ LY\ OHDI ,Q H[HUJXH ILVK U 61* $16 WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ 6WUXFN RQ DQ H[FHSWLRQDOO\ ODUJH IODQ SOHDVDQW OLJKW WRQH DQG JRRG YHU\ ILQH ([ ,QDVWD VDOH

7ULRERO FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ $WWLF KHOPHW GHFRUDWHG ZLWK 6F\OOD 5HY Ĭ2<3,ȍ1 %XOO EXWWLQJ U LQ H[HUJXH ILVK U 61* $VKPROHDQ +LVWRULD 1XPRUXP ,WDO\ ([WUHPHO\ ILQH

9HOLD

'UDFKP FLUFD %& $5 PP J )RUHSDUW RI OLRQ U WHDULQJ VWDJ V OHJ 5HY 4XDGULSDUWLWH LQFXVH VTXDUH :LOOLDP 61* $16 +LVWRULD 1XPRUXP ,WDO\ :RQGHUIXO ROG FDELQHW WRQH LQVLJQLILFDQW GLH UXVW RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 1$& VDOH 2

'UDFKP FLUFD $5 PP J )RUHSDUW RI OLRQ U WHDULQJ VWDJ V OHJ 5HY 4XDGULSDUWLWH LQFXVH VTXDUH :LOOLDPV 61* $16 +LVWRULD 1XPRUXP ,WDO\ 2OG FDELQHW WRQH PLQRU PDUNV RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 1)$ VDOH ;;,,, )URP WKH 6]HJR FROOHFWLRQ

1RPRV FLUFD $5 PP J +HDG RI Q\PSK U KDLU LQ NURE\ORV 5HY <(ȁ+7(ȍ1 /LRQ U DERYH RZO IO\LQJ U :LOOLDPV ELV 61* $16 +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH 2I H[FHOOHQW VW\OH DQG ZLWK D ORYHO\ OLJKW LULGHVFHQW WRQH JRRG YHU\ ILQH ¶ ([ %HUWRODPL )LQH $UWV VDOH

1RPRV FLUFD $5 PP J +HDG RI $WKHQD O ZHDULQJ $WWLF KHOPHW GHFRUDWHG ZLWK JULIILQ LQ U ILHOG 3 5HY <(ȁ+7ȍ1 /LRQ ZDONLQJ U DERYH ĭ :LOOLDPV 61* /OR\G WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ 6WUXFN RQ VRXQG PHWDO DQG DERXW H[WUHPHO\ ILQH )URP D %ULWLVK FROOHFWLRQ DQG QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\


1RPRV FLUFD $5 PP J +HDG RI $WKHQD O ZHDULQJ KHOPHW ZLWK ERZO GHFRUDWHG ZLWK GROSKLQ DQG ĭ RQ QHFNJXDUG 5HY <(ȁ+7ȍ1 /LRQ U DERYH ĭ DQG , RQ HLWKHU VLGH RI WULGHQW 0F&OHDQ WKHVH GLHV :LOOLDPV H WKLV FRLQ OLVWHG +LVWRULD 1XPRUXP ,WDO\ /RYHO\ OLJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ &DQHVVD -XQH 3ROHVH +DPEXJHU DQG 1)$ PDLO ELG -DQXDU\ VDOHV )URP WKH *05+ FROOHFWLRQ

1RPRV FLUFD $5 PP J +HDG RI $WKHQD O ZHDULQJ FUHVWHG 3KU\JLDQ KHOPHW GHFRUDWHG ZLWK JULIILQ EHKLQG QHFNJXDUG Ĭ 5HY <(ȁ+7ȍ1 /LRQ U WHDULQJ D UDP V KHDG ZLWK MDZV DQG IRUHSDZV DERYH JUDVVKRSSHU EHWZHHQ ĭ , :LOOLDPV 61* $16 61* /RFNHWW WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ 6WUXFN RQ D EURDG IODQ DQG ZLWK D SOHDVDQW ROG FDELQHW WRQH &OHDQLQJ PDUNV RQ REYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ $VWD GHO 7LWDQR VDOH

1RPRV FLUFD $5 PP J +HDG RI $WKHQD O ZHDULQJ FUHVWHG $WWLF KHOPHW GHFRUDWHG ZLWK 3HJDVXV DERYH YL]RU $ EHORZ ĭ DQG EHKLQG QHFN JXDUG GHFRUDWHG ZLWK SDOPHWWH ,( ZLWKLQ VTXDUH IUDPH 5HY <(ȁ+7ȍ1 /LRQ O SXOOLQJ GRZQ VWDJ :LOOLDPV 61* $16 +LVWRULD 1XPRUXP ,WDO\ /LJKW WRQH DQG YHU\ ILQH

%UXWWLXP &DXORQLD

1RPRV FLUFD $5 PP J .$9ȁ $SROOR GLDGHPHG ZDONLQJ U KROGLQJ ODXUHO EUDQFK LQ XSUDLVHG U KDQG DQG VPDOO UXQQLQJ GDLPRQ KROGLQJ ORQJ EUDQFK RQ RXWVWUHWFKHG O DUP LQ U ILHOG VWDJ U RQ SODWIRUP ZLWK KHDG UHYHUWHG 5HY 7KH VDPH W\SH LQFXVH O ZLWKRXW OHJHQG 1RH &DXORQLD $ 61* /RFNHWW %RVWRQ 61* $16 +LVWRULD 1XPRUXP ,WDO\ 5DUH $Q DWWUDFWLYH VSHFLPHQ RI WKLV GHVLUDEOH LVVXH RI H[FHOOHQW $UFKDLF VW\OH :RQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ¶ ([ 0 0 )L[HG 3ULFH /LVW )HEUXDU\ DQG %XVVR 3HXV VDOHV


'UDFKP F $5 PP J .9ȁ $SROOR GLDGHPHG ZDONLQJ U KROGLQJ ODXUHO EUDQFK LQ XSUDLVHG U KDQG DQG VPDOO UXQQLQJ GDLPRQ KROGLQJ ORQJ EUDQFK RQ RXWVWUHWFKHG O DUP LQ U ILHOG VWDJ U RQ SODWIRUP ZLWK KHDG UHYHUWHG 5HY 7KH VDPH W\SH LQFXVH 1RH &DXORQLD 61* $16 +LVWRULD 1XPRUXP ,WDO\ $ YHU\ UDUH GHQRPLQDWLRQ 6WUXFN RQ VRXQG PHWDO ZLWK D SOHDVDQW ROG FDELQHW WRQH 0LQRU DUHDV RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ )URP D SULYDWH (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

1RPRV FLUFD $5 PP J .$ȁȁ UHWURJUDGH 1DNHG $SROOR VWDQGLQJ U KROGLQJ EUDQFK LQ UDLVHG U KDQG RQ H[WHQGHG O DUP VPDOO UXQQLQJ GDLPRQ ,Q U ILHOG VWDJ ZLWK KHDG WXUQHG EDFN 5HY .$ȁȁ UHWURJUDGH 6WDJ VWDQGLQJ U LQ U ILHOG ERXJK ZLWK WZR EUDQFKHV 1RH &DXORQLD +LVWRULD 1XPRUXP ,WDO\ 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH )URP D %ULWLVK FROOHFWLRQ DQG QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\

1RPRV FLUFD $5 PP J .$9 $SROOR ZDONLQJ U KROGLQJ ODXUHO EUDQFK LQ XSUDLVHG U KDQG LQ U ILHOG DOWDU 5HY 6WDJ VWDQGLQJ U LQ U ILHOG ELUG LQ EDVLQ RQ SHGHVWDO DQG EHORZ Ĭ( 1RH &DXORQLD 61* $16 WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH 6WUXFN RQ D YHU\ EURDG IODQ DQG YHU\ ILQH )URP D SULYDWH (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

&URWRQ

1RPRV FLUFD $5 PP J }32 7ULSRG OHJV HQGLQJ LQ OLRQ¶V SDZV ZLWK WKUHH KDQGOHV DQG WZR VQDNH KHDGV HPHUJLQJ IURP WKH ERZO DQG WZR RWKHUV IURP RXWHU OHJV RI WKH WULSRG LQ U ILHOG FUDE 5HY 6DPH W\SH LQFXVH 61* &RSHQKDJHQ 61* $16 +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ¶ )URP D SULYDWH (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


7ULRERO $5 PP J }32 7ULSRG OHJV HQGLQJ LQ OLRQ¶V SDZV 5HY )RUHSDUW RI SHJDVXV O 61* $16 ± +LVWRULD 1XPRUXP ,WDO\ YDU WZR DQQXOHWV RQ UHYHUVH $Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ RI D VFDUFH W\SH 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

1RPRV FLUFD $5 PP J }32 7ULSRG OHJV HQGLQJ LQ OLRQ V SDZV ZLWK WKUHH KDQGOHV WR U KHURQ 5HY 6DPH W\SH LQFXVH 61* $VKPROHDQ 61* $16 +LVWRULD 1XPRUXP ,WDO\ 6XUIDFH VRPHZKDW SRURXV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ /DQ] DQG . QNHU VDOHV

1RPRV FLUFD $5 PP J }32 7ULSRG ZLWK OHJV HQGLQJ LQ OLRQ V SDZV LQ U ILHOG KHURQ 5HY 7ULSRG LQFXVH 61* &RSHQKDJHQ 61* $16 +LVWRULD 1XPRUXP ,WDO\ 6WUXFN LQ KLJK UHOLHI DQG JRRG YHU\ ILQH ([ 1$& 3 DQG 1$& VDOHV

1RPRV FLUFD $5 PP J }32 7ULSRG ZLWK OHJV HQGLQJ LQ OLRQ V SDZV 5HY (DJOH IO\LQJ U LQFXVH 61* $16 +LVWRULD 1XPRUXP ,WDO\ 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ /HX $XFWLRQHV ;;,9 0 0 )L[HG 3ULFH /LVW DQG 0 0 VDOHV

1RPRV FLUFD $5 PP J }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


3ODWHG " QRPRV FLUFD $5 PP J +HDG RI +HUD /DFLQLD IDFLQJ WKUHH TXDUWHUV U ZHDULQJ VWHSKDQH GHFRUDWHG ZLWK SDOPHWWH IODQNHG E\ WZR JULIILQV LQ U ILHOG ǻ 5HY .527ȍ +HUDFOHV VHDWHG O RQ URFN FRYHUHG ZLWK OLRQ V VNLQ KROGLQJ FXS LQ H[WHQGHG U KDQG DERYH FOXE DQG ERZ ,Q O ILHOG WULSRG DQG LQ FHQWHU ILHOG 0ǻ 61* &RSHQKDJHQ WKLV UHYHUVH GLH 61* $16 +LVWRULD 1XPRUXP ,WDO\ $ YHU\ LQWHUHVWLQJ DQG H[WUHPHO\ UDUH SODWHG QRPRV $ ORYHO\ SRUWUDLW RI ILQH VW\OH VWUXFN RQ D YHU\ EURDG IODQ ORYHO\ ROG FDELQHW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

1RPRV FLUFD $5 PP J (DJOH ZLWK VSUHDG ZLQJV VWDQGLQJ O KROGLQJ EUDQFK LQ LWV WDORQV 5HY .32 7ULSRG LQ ILHOG U ǻ 61* $16 WKLV REYHUVH GLH +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH PLQRU DUHD RI SRURVLW\ RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ %XVVR 3HXV VDOH

/RFUL (SL]HSK\ULL

6WDWHU FLUFD $5 PP J 3HJDVXV IO\LQJ O 5HY ȁ2.3ȍ1 +HDG RI $WKHQD O ZHDULQJ &RULQWKLDQ KHOPHW &DOFLDWL 3HJDVL 61* 2[IRUG +LVWRULD 1XPRUXP ,WDO\ YDU WKXQGHUEROW RQ REYHUVH 5DUH /RYHO\ ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ 5DWWR VDOH -DQXDU\ %RQD]]L )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW


3HWHOLD

%URQ]H ODWH ,,, FHQWXU\ %& PP J 9HLOHG DQG ZUHDWKHG KHDG RI 'HPHWHU U 5HY >Ȇ(7(@ȁ,1ȍ1 =HXV VWDQGLQJ U KXUOLQJ WKXQGHUEROW DQG KROGLQJ VSHDU 61* $16 +LVWRULD 1XPRUXP ,WDO\ /RYHO\ JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ &1* H VDOH

6H[WDQV ODWH ,,, FHQWXU\ %& PP J /DXUHDWH KHDG RI $SROOR U LQ O ILHOG WZR SHOOHWV 5HY Ȇ(7(ȁ, ± 1ȍ1 $UWHPLV VWDQGLQJ O KROGLQJ WRUFK LQ O ILHOG PRQRJUDP 61* 0RUFRP +LVWRULD 1XPRUXP ,WDO\ 5DUH /RYHO\ JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ &1* H VDOH )URP WKH &RQWLQHQWDO FROOHFWLRQ

5KHJLXP

'UDFKP FLUFD $5 PP J 6HDWHG PDQ GULYLQJ ELJD RI PXOHV U 5HY 5(&, ± 1 ± 2 ± 1 +DUH VSULQJLQJ U &DOWDELDQR %0& $Q H[WUHPHO\ UDUH YDULHW\ RQO\ IRXU VSHFLPHQV OLVWHG LQ &DOWDELDQR RI D YHU\ UDUH GHQRPLQDWLRQ 6XSHUE ROG FDELQHW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ &KD\HWWH &KHYDO VDOH 2FWREHU

7HWUDGUDFKP FLUFD $5 PP J /LRQ V PDVN IDFLQJ 5HY 3+ī ± ,12 ± Ȉ $SROOR ,RFDVWXV VHDWHG O KROGLQJ VFHSWUH $OO ZLWKLQ ROLYH ZUHDWK +HU]IHOGHU +LVWRULD 1XPRUXP ,WDO\ 5DUH 6WUXFN LQ KLJK UHOLHI DQG ZLWK D SOHDVDQW ROG FDELQHW WRQH UHYHUVH ZLWK DUHDV RI SRURVLW\ DQG VHYHUDO PDUNV RWKHUZLVH DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ 'RURWKHXP VDOH


7HWUDGUDFKP FLUFD $5 PP J /LRQ¶V PDVN IDFLQJ 5HY 3+ī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

%URQ]H FLUFD PP J 'LDGHPHG KHDG RI $UWHPLV U ZHDULQJ HDUULQJ DQG EHDGHG QHFNODFH RQ O VKRXOGHU ERZ DQG TXLYHU 5HY 3+ī, ± 1ȍ1 6HYHQ VWULQJHG O\UH 61* &RSHQKDJHQ +LVWRULD 1XPRUXP ,WDO\ 'DUN JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ $XFWLRQHV VDOH )URP WKH 5LJKHWWL FROOHFWLRQ

7HULQD

1RPRV FLUFD $5 PP J 7(3,1 ± $,21 +HDG RI Q\PSK 7HULQD U ZHDULQJ DPS\[ LQ O ILHOG ĭ 5HY 1LNH VHDWHG O RQ FLSSXV KROGLQJ NHU\NHLRQ DQG ZUHDWK 5HJOLQJ 7HULQD +ROORZD\ -HQNLQV +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH $ SRUWUDLW RI H[FHOOHQW VW\OH VWUXFN LQ KLJK UHOLHI OLJKW LULGHVFHQW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


1RPRV FLUFD $5 PP J 7(3,1$,ȍ1 )HPDOH KHDG U KDLU UHQGHUHG LQ HODERUDWH VW\OH ZHDULQJ HDUULQJ DQG QHFNODFH 5HY 1LNH VHDWHG RQ FLSSXV O KROGLQJ D ELUG LQ U KDQG DQG UHVWLQJ O RQ VHDW 5HJOLQJ 7HULQD +ROORZD\ -HQNLQV $0% WKHVH GLHV +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH $ SRUWUDLW RI ORYHO\ VW\OH DQG DQ HOHJDQWO\ HQJUDYHG UHYHUVH FRPSRVLWLRQ 3OHDVDQW ROG FDELQHW WRQH VXUIDFH RQ REYHUVH VRPHZKDW FRUURGHG RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH ([ %UXXQ 5DVPXVVHQ 3URVFKRZVN\ %XVVR 3HXV +DPPHULFK DQG 2ERORV VDOHV

6LFLO\ $EDFDHQXP

/LWUD FLUFD $5 PP J )DFLQJ KHDG RI Q\PSK WKUHH TXDUWHUV O 5HY $%$ 6RZ VWDQGLQJ O ZLWK SLJOHW RQ GRXEOH H[HUJXDO OLQH 61* /OR\G 61* $16 &DPSDQD 5DUH /RYHO\ ROG FDELQHW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH

$JULJHQWXP

'LGUDFKP FLUFD $5 PP J $.3$ (DJOH ZLWK FORVHG ZLQJV VWDQGLQJ O 5HY &UDE 61* &RSHQKDJHQ 61* $16 :HVWHUPDUN 6XSHUE ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

7HWUDGUDFKP FLUFD $5 PP J $.5$& ± $17,12& (DJOH VWDQGLQJ O ZLWK FORVHG ZLQJV 5HY &UDE 61* $16 61* /RFNHWW WKHVH GLHV -DPHVRQ WKHVH GLHV :HVWHUPDUN *RRG YHU\ ILQH ([ . QNHU VDOH


&DWDQD

7HWUDGUDFKP $5 PP J &KDULRWHHU GULYLQJ VORZ TXDGULJD U KROGLQJ ORQJ NHQWURQ DQG UHLQV DERYH 1LNH IO\LQJ U WR SODFH D ZUHDWK RQ KRUVHV 5HY .$7$1$,21 /DXUHDWH KHDG RI $SROOR U 61* $16 WKHVH GLHV 61* &RSHQKDJHQ WKHVH GLHV *XOEHQNLDQ WKHVH GLHV 5DUH 'HOLFDWH ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH H[SHUWO\ SUHVHUYHG VLQFH

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

7HWUDGUDFKP FLUFD $5 PP J 6ORZ TXDGULJD GULYHQ U E\ FKDULRWHHU KROGLQJ UHLQV DQG NHQWURQ LQ ILHOG DERYH 1LNH IO\LQJ O WR FURZQ KLP 5HY .$7$1$,21 /DXUHDWH KHDG RI $SROOR U ZLWK VKRUW KDLU *XOEHQNLDQ WKHVH GLHV 5L]]R SO ;, WKHVH GLHV 61* /OR\G WKHVH GLHV %RHKULQJHU 6WXGLHV 3ULFH SO ' WKHVH GLHV 5DUH 'HOLFDWH ROG FDELQHW WRQH REYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH ([ 1XPLVPDWLF &LUFXODU &; DQG &1* VDOHV


/LWUD FLUFD $5 PP J %DUH KHDG RI 6LOHQXV O 5HY .$7$ ± >1$,21@ :LQJHG WKXQGHUEROW EHWZHHQ WZR VKLHOGV 61* /OR\G 61* 0 QFKHQ 2I VXSHUE VW\OH ROG FDELQHW WRQH DQG JRRG YHU\ ILQH &HSKDORGLXP

7ULDV ODWH ,, HDUO\ , FHQWXU\ %& PP J /DXUHDWH DQG EHDUGHG KHDG RI +HUDFOHV U 5HY .(ĭ /LRQ¶V VNLQ FOXE DQG TXLYHU &1$, 61* $16 &DOFLDWL 9HU\ UDUH *UHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ 1$& VDOH )URP WKH $ ' 0 FROOHFWLRQ

*HOD

7HWUDGUDFKP FLUFD $5 PP J 6ORZ TXDGULJD GULYHQ U E\ FKDULRWHHU DERYH 1LNH IO\LQJ U FURZQLQJ KRUVHV 5HY & ± ( ± ȁ ± $Ȉ )RUHSDUW RI PDQ KHDGHG EXOO WKH ULYHU JRG *HODV U :HEHU WKLV REYHUVH GLH -HQNLQV *HOD 2OG FDELQHW WRQH DQG YHU\ ILQH ([ $VWDUWH ,,

7HWUDGUDFKP FLUFD $5 PP J 6ORZ TXDGULJD GULYHQ U E\ FKDULRWHHU KROGLQJ UHLQV DQG NHQWURQ LQ WKH EDFNJURXQG FROXPQ ,Q H[HUJXH NHWRV 5HY &(ȁ$Ȉ )RUHSDUW RI PDQ KHDGHG EXOO WKH ULYHU JRG *HODV U DERYH 1LNH IO\LQJ U KROGLQJ ZUHDWK -HQNLQV *HOD 5DQGD]]R $Q H[WUHPHO\ UDUH YDULHW\ RQO\ WKH WKLUG VSHFLPHQ NQRZQ RI DQ H[WUHPHO\ UDUH LVVXH 6WUXFN RQ D EURDG IODQ DQG ZLWK D GHOLFDWH ROG FDELQHW WRQH YHU\ ILQH JRRG YHU\ ILQH ([ +HVV 'LYR VDOH

+LPHUD

'UDFKP FLUFD $5 PP J &RFN VWDQGLQJ O 5HY 6TXDUH PLOO VDLO SDWWHUQ 61* &RSHQKDJHQ 61* $16 2OG FDELQHW WRQH VHYHUDO FOHDQLQJ PDUNV RWKHUZLVH YHU\ ILQH ([ $VWD GHO 7LWDQR VDOH


/LWUD FLUFD $5 PP J +HQ VWDQGLQJ O 5HY 0LOO VDLO SDWWHUQ ZLWKLQ LQFXVH VTXDUH 61* &RSHQKDJHQ .UDD\ $UFKDLF +LPHUD E *RRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

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¡UNKROP SO 9,, WKHVH GLHV 9LUWXDOO\ DV VWUXFN DQG )GF ¶ ([ 1)$ .XQVW XQG 0 Q]HQ ;;9,,, DQG 1HZ <RUN ;; VDOHV

/HRQWLQL

7HWUDGUDFKP FLUFD $5 PP J 6ORZ TXDGULJD GULYHQ U E\ FKDULRWHHU KROGLQJ NHQWURQ DQG UHLQV DERYH 1LNH IO\LQJ U WR FURZQ KRUVHV 5HY ȁ( ±2 ± 1 ± 7,1 ± 21 UHWURJUDGH /LRQ¶V KHDG U ZLWK RSHQ MDZV DQG WRQJXH SURWUXGLQJ DURXQG IRXU EDUOH\ JUDLQV 5L]]R SO ;; WKLV REYHUVH GLH 61* 0 QFKHQ WKHVH GLHV $0% WKHVH GLHV %RHKULQJHU /HRQWLQL WKHVH GLHV 5DUH DQG LQ XQXVXDO FRQGLWLRQ IRU WKH LVVXH :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH ([ 1$& VDOH


'LGUDFKP FLUFD $5 PP J 1DNHG KRUVHPDQ DGYDQFLQJ U 5HY ȁ ± (2 ± 1 ± 7,1 ± 21 /LRQ V KHDG U ZLWK MDZV RSHQ DQG WRQJXH SURWUXGLQJ DURXQG IRXU EDUOH\ JUDLQV 61* $16 WKHVH GLHV %RHKULQJHU 6WXGLHV 3ULFH $ YHU\ UDUH GHQRPLQDWLRQ LQ XQXVXDO FRQGLWLRQ IRU WKLV YHU\ GLIILFXOW LVVXH :RQGHUIXO ROG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH )URP D %ULWLVK FROOHFWLRQ DQG QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\

7HWUDGUDFKP FLUFD $5 PP J /DXUHDWH KHDG RI $SROOR U KDLU UROOHG EHKLQG QHFN 5HY /(2 ± 17 ± , ± 12 ± 1 /LRQ¶V KHDG U ZLWK MDZV RSHQ DQG WRQJXH SURWUXGLQJ DURXQG IRXU EDUOH\ JUDLQV 61* $16 WKHVH GLHV %RHKULQJHU 6WXGLHV 3ULFH WKLV REYHUVH GLH DQG WKLV UHYHUVH GLH 6XUIDFH VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH )URP D (XURSHDQ SULYDWH FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

7HWUDGUDFKP FLUFD $5 PP J /DXUHDWH KHDG RI $SROOR U KDLU UROOHG EHKLQG QHFN 5HY /(2 ± 1 ± 7 ± , ² 12 ± 1 /LRQ¶V KHDG U ZLWK MDZV RSHQ DQG WRQJXH SURWUXGLQJ DURXQG IRXU EDUOH\ JUDLQV 61* $16 %RHKULQJHU 6WXGLHV 3ULFH :RQGHUIXO ROG FDELQHW WRQH DQG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

1R ORW


7HWUDGUDFKP FLUFD $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG LY\ VSUD\ 5HY /(21 ± 7 ± ,1 ± 2 ± 1 /LRQ¶V KHDG U MDZV RSHQ DQG WRQJXH SURWUXGLQJ DURXQG WKUHH EDUOH\ JUDLQV DQG EHORZ ILVK U %RHKULQJHU /HRQWLQL WKHVH GLHV :DUUHQ WKLV FRLQ 61* $16 WKHVH GLHV %RVWRQ WKLV FRLQ 9HU\ UDUH $ YHU\ LQWHUHVWLQJ DQG XQXVXDO SRUWUDLW RI $SROOR VWUXFN RQ D YHU\ EURDG IODQ /LJKW ROG FDELQHW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ 1)$ VDOH 9,,, )URP D %ULWLVK FROOHFWLRQ DQG WKH GXSOLFDWH RI WKH 0XVHXP RI )LQH $UWV %RVWRQ

0HVVDQD

$V =DQNOH XQGHU WKH 6DPLDQV &KDOFLGLDQ GUDFKP FLUFD $5 PP J '$1.ȁ( 'ROSKLQ VZLPPLQJ O ZLWKLQ VLFNOH VKDSHG RSHQ KDUERXU RXWHU HGJH RI ZKDUI VXUURXQGHG E\ GRWV 5HY 0XVVHO VKHOO ZLWKLQ QLQH VTXDUHV SDUW LQFXVH DQG SDUW LQ UHOLHI 61* &RSHQKDJHQ 61* $16 *LHORZ II 9HU\ UDUH 2OG FDELQHW WRQH VXUIDFH RQ REYHUVH VRPHZKDW FRUURGHG RWKHUZLVH YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

$V =DQNOH XQGHU WKH 6DPLDQV 'LRERO FLUFD $5 PP J '$1.ȁ( 'ROSKLQ VZLPPLQJ O ZLWKLQ FUHVFHQW KDUERXU 5HY 1LQH SDUW LQFXVH VTXDUH ZLWK FRFNOH VKHOO DW FHQWUH *LHORZ 61* /OR\G 61* $16 &ODLQ 6WHIDQHOOL 5%1 &;;;,,, SO 9,,, WKLV FRLQ 5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH YHU\ ILQH ([ 1DYLOOH 1XPLVPDWLFV VDOH )URP WKH ( ( &ODLQ 6WHIDQHOOL FROOHFWLRQ

'UDFKP FLUFD $5 PP J &KDULRWHHU GULYLQJ ZDONLQJ ELJD U KROGLQJ UHLQV DERYH 1LNH IO\LQJ U FURZQLQJ KRUVH ,Q H[HUJXH OHDI ZLWK IUXLW 5HY 0(ȈȈ$ ±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


7HWUDGUDFKP FLUFD $5 PP J %LJD RI PXOHV GULYHQ U DERYH 1LNH IO\LQJ U WR FURZQ PXOHV ,Q H[HUJXH WZR GROSKLQV VQRXW WR VQRXW 5HY 0(Ȉ ± Ȉ ± $1, ± 2 ± 1 +DUH OHDSLQJ U EHORZ GROSKLQ U 61* $16 WKLV UHYHUVH GLH &DOWDELDQR WKLV FRLQ 6WUXFN RQ VRXQG PHWDO ZLWK D OLJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ 0 0 /XJDQR -XQH DQG $XFWLRQHV ;9,, VDOHV )URP D %ULWLVK FROOHFWLRQ QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\

7HWUDGUDFKP FLUFD $5 PP J %LJD RI PXOHV GULYHQ U E\ FKDULRWHHU KROGLQJ UHLQV DQG NHQWURQ DERYH 1LNH ZDONLQJ U WR FURZQ WKH PXOHV ,Q H[HUJXH ROLYH WZLJ ZLWK EHUU\ 5HY 0(Ȉ ± Ȉ ± $ ± 1 ± ,2 ± 1 +DUH VSULQJLQJ U EHORZ GROSKLQ VZLPPLQJ U &DOWDELDQR WKHVH GLHV 61* $16 WKHVH GLHV 61* /OR\G WKHVH GLHV /RYHO\ ROG FDELQHW WRQH DQ XQREWUXVLYH GLH EUHDN EHORZ H[HUJXDO OLQH RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *LHVVHQHU 0 Q]KDQGOXQJ VDOH

1D[RV

'UDFKP FLUFD $5 PP J %HDUGHG DQG LY\ ZUHDWKHG KHDG RI 'LRQ\VXV U 5HY 1 ± $ ± ;, 1DNHG EHDUGHG 6LOHQXV ZLWK SRLQWHG HDUV UXIIOHG KDLU DQG ORQJ WDLO IDFLQJ VTXDWWLQJ WKH U OHJ IROGHG WR WKH VLGH DQG O UDLVHG +H WXUQV O WRZDUG FDQWKDUXV LQ KLV UDLVHG U KDQG ZKLOH WKH O UHVWV RQ KLV O NQHH WKH WDLO VKRZLQJ EHKLQG KLV O OHJ &DKQ 61* $16 WKHVH GLHV -DPHVRQ WKHVH GLHV 61* &RSHQKDJHQ WKHVH GLHV 9HU\ UDUH $ SRUWUDLW RI VXSHUE VW\OH DQG D OLJKW LULGHVFHQW WRQH 8VXDO GLH EUHDN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 5RPD 1XPLVPDWLFV H VDOH DQG 5RPD 1XPLVPDWLFV ;,,, VDOHV


'LGUDFKP FLUFD $5 PP J 1$Ȅ,ȍ1 /DXUHDWH KHDG RI $SROOR U EHKLQG ODXUHO OHDI ZLWK EHUU\ 5HY 1DNHG 6LOHQXV VTXDWWLQJ KROGLQJ FDQWKDUXV LQ XSOLIWHG U KDQG DQG WK\UVXV LQ O LQ O ILHOG WHQGULO DQG LY\ OHDYHV WR U KHUP &DKQ 5L]]R SO ;;9,,, WKHVH GLHV 61* /OR\G WKHVH GLHV %RVWRQ WKHVH GLHV 61* /RFNHWW WKHVH GLHV &DPSDQD 9HU\ UDUH $Q LQWHUHVWLQJ DQG IDVFLQDWLQJ LVVXH VXSHUE ROG FDELQHW WRQH PLQRU PDUNV RWKHUZLVH YHU\ ILQH ([ 1)$ 1)$ +DUODQ - %HUN %X\ RU %LG +DUODQ - %HUN DQG 7ULWRQ ;,,, VDOHV

3DQRUPXV

DV =\] /LWUD DIWHU $5 PP J %DUH PDOH KHDG O 5HY V\V 0DQ IDFHG EXOO DGYDQFLQJ O 61* &RSHQKDJHQ 61* $16 -HQNLQV 3XQLF 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

3LDNRV

7HWUDV XQVLJQHG ZRUN RI WKH 0DHVWUR GHOOD IRJOLD FLUFD PP J Ȇy,y>$y.@ +HDG RI \RXQJ ULYHU JRG O ZLWK VPDOO KRUQV ZHDULQJ ODXUHO ZUHDWK 5HY +RXQG GUDJJLQJ KLQG WR U DQG ELWLQJ KHU QHFN DW VLGHV DFRUQ DQG OHDI $0% 5L]]R SO &DPSDQD &DOFLDWL 5DUH %URZQ WRQH DQG JRRG YHU\ ILQH

6HOLQXV

'LGUDFKP FLUFD $5 PP J Ȉ ( ȁ, 12 7, 21 +HUDFOHV QDNHG WR U SUHVVLQJ O NQHH DJDLQVW &UHWDQ EXOO DQG JUDVSLQJ U KRUQ ZLWK O KDQG U KDQG ZLHOGV FOXE DERXW WR VWULNH WKH EXOO 5HY +<Ȍ $Ȉ 7KH ULYHU JRG +\SVDV QDNHG VWDQGLQJ O KROGLQJ EUDQFK DQG SDWHUD SRXULQJ OLEDWLRQ RYHU DOWDU DURXQG ZKLFK D VHUSHQW WZLQHV WR U KHURQ ZDONLQJ U $ERYH VHOLQRQ OHDI 5L]]R SO ;;;, WKLV REYHUVH GLH 61* /OR\G 61* $16 WKHVH GLHV %RHKULQJHU 615 WKHVH GLHV 5DUH /LJKW LULGHVFHQW WRQH VHYHUDO FOHDQLQJ PDUNV DQG WUDFHV RI VPRRWKLQJ RWKHUZLVH YHU\ ILQH ([ *LHVVHQHU 0 Q]KDQGOXQJ %XVVR 3HXV DQG &1* VDOHV


6\UDFXVH

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

7HWUDGUDFKP FLUFD $5 PP J 6ORZ TXDGULJD GULYHQ U E\ EHDUGHG FKDULRWHHU ZHDULQJ FKLWRQ DQG KROGLQJ NHQWURQ DQG UHLQV DERYH 1LNH IO\LQJ U WR FURZQ WKH KRUVHV 5HY Ȉ95 ±$. ± 2Ȉ ± ,2 ± 1 3HDUO GLDGHPHG KHDG RI $UHWKXVD U ZHDULQJ QHFNODFH DURXQG IRXU GROSKLQV VZLPPLQJ FORFNZLVH %RHKULQJHU 61* /OR\G WKLV REYHUVH GLH 61* $16 $ SRUWUDLW RI H[FHOOHQW VW\OH DQG D ZRQGHUIXO LULGHVFHQW WRQH $ERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


'UDFKP FLUFD $5 PP J +RUVHPDQ U 5HY Ȉ95$.2Ȉ,21 +HDG RI Q\PSK $UHWKXVD U %RHKULQJHU %RVWRQ 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ )HXDUGHQW FROOHFWLRQ 1RYHPEHU DQG &1* VDOHV

/LWUD FLUFD $5 PP J /DXUHDWH KHDG RI Q\PSK $UHWKXVD U 5HY Ȉ ± 9 ± 5 ± $ :KHHO RI IRXU VSRNHV %RHKULQJHU 61* $16 9HU\ UDUH 6XUIDFH VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

7HWUDGUDFKP FLUFD $5 PP J 6ORZ TXDGULJD U RQ H[HUJXDO OLQH GULYHQ E\ FKDULRWHHU VWDQGLQJ KROGLQJ UHLQV LQ ERWK KDQGV DERYH 1LNH IO\LQJ O DQG FURZQLQJ FKDULRWHHU LQ H[HUJXH VHD VHUSHQW U 5HY ȈȊȇǹ ± Ȁȅ ± Ȉǿ ± ȅȃ +HDG RI WKH Q\PSK $UHWKXVD U ZHDULQJ GLDGHP RI EHDGV FLUFXODU HDUULQJ DQG QHFNODFH RI EHDGV DURXQG IRXU GROSKLQV %0& 6LFLO\ FI OHJHQG GLIIHUHQWO\ VXEGLYLGHG 61* $16 ± %RHKULQJHU $0% WKLV REYHUVH GLH GH /X\QHV %RVWRQ WKLV REYHUVH GLH 3HUIHFWO\ VWUXFN RQ YHU\ IUHVK PHWDO ZRQGHUIXO OLJKW LULGHVFHQW WRQH DQG DOPRVW )GF ¶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

1R ORW


7HWUDGUDFKP FLUFD $5 PP J 6ORZ TXDGULJD GULYHQ U E\ EHDUGHG FKDULRWHHU ZHDULQJ FKLWRQ DQG KROGLQJ NHQWURQ DQG UHLQV DERYH 1LNH IO\LQJ O WR FURZQ KLP 5HY Ȉ93$ ± .2 ± >Ȉ,2@ ± 1 'LDGHPHG KHDG RI $UHWKXVD U ZHDULQJ QHFNODFH DQG HDUULQJ DURXQG IRXU GROSKLQV %RHKULQJHU 61* $16 WKLV UHYHUVH GLH 6WUXFN RQ YHU\ IUHVK PHWDO ZHDNO\ VWUXFN RQ REYHUVH RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

7HWUDGUDFKP VLJQHG E\ (XPHQRV DQG (XNOHLGDV FLUFD $5 PP J 3UDQFLQJ TXDGULJD GULYHQ O E\ FOHDQ VKDYHQ FKDULRWHHU ZHDULQJ ORQJ FKLWRQ DQG OHDQLQJ IRUZDUG WR UHVWUDLQ KRUVHV ZKLOH KROGLQJ NHQWURQ DQG UHLQV DERYH 1LNH IO\LQJ U WR FURZQ KLP ,Q H[HUJXH (90+129 5HY Ȉ93$.2Ȉ,2Ȉ +HDG RI $UHWKXVD O ZHDULQJ HDUULQJ DQG QHFNODFH KDLU FDXJKW XS DW EDFN RI KHDG DQG VW\OHG LQ ZDYHV DERYH WKH EURZ %HQHDWK FKLQ GLSW\FK ZLWK WDEOHW LQVFULEHG (9.ȁ $W HLWKHU VLGH RI KHDG WZR SDLUV RI GROSKLQV VQRXW WR VQRXW 5L]]R SO ;/,, WKHVH GLHV UHYHUVH HQODUJHG SO ;/9, WKLV UHYHUVH GLH %RVWRQ WKLV FRLQ .UDD\ +LUPHU SO WKLV UHYHUVH GLH DQG WKLV REYHUVH GLH 7XGHHU &RLQV $UWLVWV DQG 7\UDQWV E WKLV FRLQ 9HU\ UDUH $ PDVWHUSLHFH RI HDUO\ FODVVLFDO VW\OH VLJQHG E\ WZR FHOHEUDWHG PDVWHU HQJUDYHUV 0DJQLILFHQW ROG FDELQHW WRQH REYHUVH VOLJKWO\ RII FHQWUH DQG IURP D ZRUQ GLH RWKHUZLVH YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ /HX 1$& DQG 6WDFN¶V VDOHV )URP WKH 'DYLG :DOVK FROOHFWLRQ DQG WKH GXSOLFDWHV RI WKH %RVWRQ 0XVHXP RI )LQH $UWV

7HWUDGUDFKP VLJQHG E\ 6RVLRQ FLUFD $5 PP J )DVW TXDGULJD GULYHQ O E\ FKDULRWHHU KROGLQJ NHQWURQ DQG UHLQV DERYH 1LNH IO\LQJ U WR FURZQ WKH GULYHU ZLWK DQ RSHQ ZUHDWK 5HY Ȉ<3$.2>Ȉ,ȍ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


7HWUDGUDFKP VLJQHG E\ (XPHQRV FLUFD $5 PP J )DVW TXDGULJD GULYHQ O E\ FKDULRWHHU KROGLQJ NHQWURQ DQG UHLQV EHORZ KRUVHV VLJQDWXUH (9 $ERYH 1LNH IO\LQJ U WR FURZQ FKDULRWHHU ,Q H[HUJXH WZR GROSKLQV VQRXW WR VQRXW 5HY Ȉ<3$.2Ȉ,21 +HDG RI $UHWKXVD O DURXQG IRXU GROSKLQV DQG EHORZ QHFN WUXQFDWLRQ VLJQDWXUH (9 GH /X\QHV WKHVH GLHV 5L]]R SO ;/,, WKHVH GLHV 7XGHHU &RLQV $UWLVW DQG 7\UDQWV 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ %XVVR 3HXV VDOH

7HWUDGUDFKP XQVLJQHG EXW DWWULEXWHG WR (XNOHLGDV FLUFD $5 PP J )DVW TXDGULJD O GULYHQ E\ FKDULRWHHU KROGLQJ ORQJ WRUFK LQ U KDQG DERYH 1LNH IO\LQJ U FURZQLQJ WKH FKDULRWHHU ,Q H[HUJXH EDUOH\ HDU 5HY Ȉ ± < ± 3 ± $ ± .2Ȉ,ȍ ± >1@ +HDG RI $UHWKXVD U ZHDULQJ HDUULQJ DQG QHFNODFH KDLU ERXQG XS LQ EXQ $URXQG WKUHH GROSKLQV DQG RQH VZLPPLQJ XS IURP EHORZ QHFN 61* 2[IRUG WKHVH GLHV 61* $16 7XGHHU &RLQV $UWLVWV DQG 7\UDQWV U WKLV FRLQ 9HU\ UDUH $ YHU\ LQWHUHVWLQJ SRUWUDLW VWUXFN RQ H[FHOOHQW PHWDO DQG D ORYHO\ LULGHVFHQW WRQH 0LQRU DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 0 0 )L[HG 3ULFH /LVW DQG 1HZ <RUN ;;; VDOHV

'RXEOH GHFDGUDFKP VLJQHG E\ (XDLQHWRV FLUFD $9 J ȈȊȇǹȀȅȈǿȅȃ +HDG RI $UHWKXVD O KDLU HODERUDWHO\ ZDYHG DQG FDXJKW XS EHKLQG LQ VSKHQGRQH RUQDPHQWHG ZLWK VWDUV ZHDULQJ QHFNODFH DQG EDU DQG WULSOH SHQGDQW HDUULQJ EHKLQG KHDG (<$, 5HY 1DNHG \RXQJ +HUDFOHV NQHHOLQJ U RQ URFN\ JURXQG KHDG WR IURQW VWUDQJOLQJ WKH 1HPHDQ OLRQ ZLWK ERWK DUPV 'H &LFFLR WKHVH GLHV %HUU\ $ 1XPLVPDWLF %LRJUDSK\ WKLV FRLQ LOOXVWUDWHG 61* $VKPROHDQ WKHVH GLHV 61* $16 WKHVH GLHV %pUHQG ,, WKLV FRLQ 9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH XQGRXEWHGO\ RQH RI WKH ILQHVW VSHFLPHQV NQRZQ $ ZRQGHUIXO SRUWUDLW RI PDVWHUO\ VW\OH VWUXFN LQ KLJK UHOLHI JRRG H[WUHPHO\ ILQH ¶ ([ 1XPLVPDWLF %LRJUDSK\ /HX DQG 1)$ ;; VDOHV 8QIRUWXQDWHO\ GXH WR WKH FXUUHQW UHVWULFWLRQ ZH ZHUH QRW DEOH WR WDNH D SLFWXUH RI WKH SUHVHQW FRLQ DV EDQN YDXOW DUH QRW DFFHVVLEOH +RSHIXOO\ VXFK UHVWULFWLRQV ZLOO EH OLIWHG VRRQ DQG D KLJK TXDOLW\ LPDJH RI WKH FRLQ ZLOO EH DYDLODEOH EHIRUH WKH FORVLQJ RI WKH DXFWLRQ


OLWUDH RU 'HFDGUDFKP FLUFD $9 PP J ศ <3$.2 ยฑ ศ ,ศ 1 <RXQJ PDOH KHDG O 5HY ศ <3$.2ศ ,ศ 1 8QEULGOHG KRUVH SUDQFLQJ U EHORZ UHFWDQJXODU SDQHO 'H &LFFLR WKHVH GLHV 61* &RSHQKDJHQ WKHVH GLHV 61* $16 WKHVH GLHV %pUHQG 'HQLVH , 5DUH 2EYHUVH IURP D VOLJKWO\ UXVW\ GLH RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH

OLWUDH RU 7HWUDGUDFKP FLUFD $9 PP J ศ ศ ศ วน +HDG RI \RXQJ +HUDFOHV O ZHDULQJ OLRQ V VNLQ KHDGGUHVV 5HY ศ ยฑ ศ ยฑ ศ ยฑ วน 4XDGULSDUWLWH LQFXVH VTXDUH VPDOO IHPDOH KHDG O LQ GHHSHU LQFXVH FLUFOH %0& 61* $16 WKHVH GLHV 61* &RSHQKDJHQ WKHVH GLHV %pUHQG 'HQLVH SO ;, ([WUHPHO\ ILQH ยถ )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

'HFDGUDFKP VLJQHG E\ (XDLQHWRV FLUFD $5 PP J )DVW TXDGULJD GULYHQ O E\ FKDULRWHHU KROGLQJ UHLQV DQG NHQWURQ LQ ILHOG DERYH 1LNH IO\LQJ U WR FURZQ KLP ,Q H[HUJXH GLVSOD\ RI PLOLWDU\ KDUQHVV VHW RQ WZR VWHSV DQG EHORZ O >วนฤฌศ วน@ 5HY >ศ <3$.2ศ ,ศ 1@ +HDG RI $UHWKXVD .RUH 3HUVHSKRQH O ZHDULQJ EDUOH\ ZUHDWK WULSOH SHQGDQW HDUULQJ DQG EHDGHG QHFNODFH $URXQG WKUHH GROSKLQV ZKLOH D IRXUWK PDNHV GRUVDO FRQWDFW ZLWK QHFN WUXQFDWLRQ %HORZ WKH ORZHU GROSKLQ >(< ยฑ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วนฤฌศ วน ZKLFK LQGLFDWHV SUL]HV IRU DW OHDVW DJRQLVWLF FRQWHVWV RQO\ DGGV WR WKDW SURVSHFW 6LQFH LW ZDV D FRPPRQ SUDFWLFH RI *UHHN VROGLHUV WR HQJUDYH GHGLFDWRU\ LQVFULSWLRQV RQ FDSWXUHG DUPRXU D FRQQHFWLRQ PLJKW EH GUDZQ EHWZHHQ WKDW SKHQRPHQRQ DQG ZKDW LV SUHVHQWHG RQ WKH GHFDGUDFKPV 7KH REYHUVH DOVR DSSHDUV WR DOOXGH WR YLFWRU\ ZLWK LWV YLYLG VFHQH RI D FKDULRWHHU JXLGLQJ KLV WHDP WKURXJK D EHQG


/LWUD FLUFD $5 PP J >Ȉ<3$@ +HOPHWHG KHDG RI $WKHQD IDFLQJ VOLJKWO\ WR O DURXQG GROSKLQV 5HY 2FWRSXV 5L]]R SO -DPHVRQ ([WUHPHO\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

6WDWHU FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG &RULQWKLDQ KHOPHW GHFRUDWHG ZLWK JULIILQ RQ ERZO 5HY Ȉ<3 ± $. ± 2Ȉ,ȍ ± 1 3HJDVXV IO\LQJ O EHQHDWK WULVNHOHV 61* /OR\G 61* $16 61* )LW]ZLOOLDP WKHVH GLHV &DOFLDWL 3HJDVL $ ZRQGHUIXO VSHFLPHQ RI ILQH VW\OH ORYHO\ ROG FDELQHW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

OLWUDH FLUFD XQGHU WKH 'HPRFUDF\ $5 PP J )HPDOH KHDG O ZHDULQJ EDUOH\ ZUHDWK HDUULQJ DQG QHFNODFH EHKLQG OLJKWHG WRUFK 5HY Ȉ<3$.2Ȉ,21 =HXV QDNHG WR ZDLVW DQG KHDG U VWDQGLQJ IDFLQJ KROGLQJ VSHDU LQ O ILHOG ;$3 HDJOH VWDQGLQJ IDFLQJ ZLWK RSHQ ZLQJV %0& WKHVH GLHV GH /X\QHV WKHVH GLHV %XUQHWW 615 SO WKHVH GLHV ([FHHGLQJO\ UDUH DSSDUHQWO\ RQO\ WKH VHYHQWK VSHFLPHQ NQRZQ /LJKW LULGHVFHQW WRQH XVXDO WUDFHV RI RYHUVWULNLQJ RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ 1$& VDOH

7KH &DUWKDJLQLDQV LQ ,WDO\ 6LFLO\ 6DUGLQLD DQG 1RUWK $IULFD

VWDWHU &DUWKDJR " FLUFD $9 PP J 3DOP WUHH 5HY +RUVH V KHDG U %RVWRQ 0)$ -HQNLQV /HZLV *URXS ,,, 9HU\ ILQH

7HWUDGUDFKP 3DQRUPXV DV =\] FLUFD $5 PP J )DVW TXDGULJD GULYHQ O E\ FKDULRWHHU KROGLQJ NHQWURQ DQG UHLQV DERYH 1LNH IO\LQJ U WR FURZQ KLP ,Q H[HUJXH NHWRV 5HY +HDG RI 7DQLW .RUH 3HUVHSKRQH U ZHDULQJ HDUULQJ GRWWHG QHFNODFH DQG VSKHQGRQH DURXQG IRXU GROSKLQV 61* /RFNHWW 0F&OHDQ WKHVH GLHV -HQNLQV 3XQLF 6LFLO\ , 5DUH $ SRUWUDLW RI XQXVXDOO\ ILQH VW\OH VWUXFN RQ IUHVK PHWDO /LJKW LULGHVFHQW WRQH VOLJKWO\ RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH


7HWUDGUDFKP XQFHUWDLQ PLQW LQ 6LFLO\ SHRSOH RI WKH FDPS FLUFD $5 PP J +HDG RI 7DQLW .RUH 3HUVHSKRQH O ZHDULQJ ZUHDWK RI EDUOH\ DQG UHHGV EHKLQG 3XQLF OHWWHU PHP 5HY +RUVH VWDQGLQJ O EHKLQG SDOP WUHH ZLWK FOXVWHU RI GDWHV 61* $VKPROHDQ WKHVH GLHV -HQNLQV 3XQLF 6LFLO\ ,,, /LJKW LULGHVFHQW WRQH PLQRU DUHD RI SRURVLW\ RQ WKH ORZHU O ILHOG RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH YHU\ ILQH

7HWUDGUDFKP XQFHUWDLQ PLQW LQ 6LFLO\ SHRSOH RI WKH FDPS FLUFD $5 PP J +HDG RI 7DQLW .RUH 3HUVHSKRQH U ZHDULQJ EDUOH\ ZUHDWK EDU DQG WULSOH SHQGDQW HDUULQJ DQG GRWWHG QHFNODFH LQ U ILHOG WK\PLDWHULRQ 5HY +RUVH DGYDQFLQJ O UDLVLQJ O IRUHOHJ EHORZ 3XQLF OHWWHUV DQG LQ O ILHOG 1LNH KROGLQJ ZUHDWK " DERYH FDGXFHXV SDOP WUHH LQ EDFNJURXQG 61* /RFNHWW WKHVH GLHV -HQNLQV 3XQLF 6LFLO\ ,,, /RYHO\ ROG FDELQHW WRQH REYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 1$& DQG . QNHU VDOHV

7HWUDGUDFKP /LO\EDLRQ " FLUFD $5 PP J µUVPOTUW LQ 3XQLF FKDUDFWHUV )DVW TXDGULJD U DERYH 1LNH IO\LQJ O KROGLQJ ZUHDWK 5HY +HDG RI 7DQLW .RUH 3HUVHSKRQH O ZHDULQJ EDUOH\ ZUHDWK EDU DQG WULSOH SHQGDQW HDUULQJ DQG GRWWHG QHFNODFH DURXQG WKUHH GROSKLQV %RVWRQ WKHVH GLHV 61* /OR\G WKHVH GLHV -HQNLQV 3XQLF 6LFLO\ , 6WUXFN RQ IUHVK PHWDO UHYHUVH IURP D ZRUQ GLH RWKHUZLVH DERXW H[WUHPHO\ ILQH )URP D %ULWLVK FROOHFWLRQ DQG QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\

7HWUDGUDFKP /LO\EDLRQ " FLUFD $5 PP J µUVPOTUW LQ 3XQLF FKDUDFWHUV )DVW TXDGULJD U DERYH 1LNH IO\LQJ O KROGLQJ ZUHDWK 5HY +HDG RI 7DQLW .RUH 3HUVHSKRQH O ZHDULQJ EDUOH\ ZUHDWK EDU DQG WULSOH SHQGDQW HDUULQJ DQG GRWWHG QHFNODFH DURXQG IRXU GROSKLQV 61* /OR\G WKHVH GLHV -HQNLQV 3XQLF 6LFLO\ , :RQGHUIXO ROG FDELQHW WRQH 6WUXFN RQ D QDUURZ IODQ RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ /DQ] DQG 6%. VDOHV )URP D %ULWLVK FROOHFWLRQ DQG QRWDULVHG DV EHLQJ LQ WKH 8QLWHG .LQJGRP SULRU WR -DQXDU\


6WDWHU &DUWKDJR " FLUFD $9 PP J +HDG RI 7DQLW .RUH 3HUVHSKRQH O ZHDULQJ EDUOH\ ZUHDWK EDU DQG WULSOH SHQGDQW HDUULQJ DQG QHFNODFH ZLWK SHQGDQWV 5HY 8QEULGOHG KRUVH VWDQGLQJ U -HQNLQV /HZLV JURXS ,9 FI $ERXW H[WUHPHO\ ILQH

7HWUDGUDFKP XQFHUWDLQ PLQW LQ 6LFLO\ SHRSOH RI WKH FDPS FLUFD $5 PP J +HDG RI +HUDFOHV 0HOTDUW U ZHDULQJ OLRQ V VNLQ KHDGGUHVV 5HY µPKVEQ LQ 3XQLF FKDUDFWHUV +HDG RI KRUVH O EHKLQG SDOP WUHH GH /X\QHV WKLV UHYHUVH GLH -HQNLQV 3XQLF 6LFLO\ ,9 6WUXFN RQ H[FHSWLRQDOO\ IUHVK PHWDO PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH

7HWUDGUDFKP XQFHUWDLQ PLQW LQ 6LFLO\ SHRSOH RI WKH FDPS FLUFD $5 PP J +HDG RI +HUDFOHV 0HOTDUW U ZHDULQJ OLRQ V VNLQ KHDGGUHVV 5HY µPKVEQ LQ 3XQLF FKDUDFWHUV +HDG RI KRUVH O EHKLQG SDOP WUHH DQG LQ O ILHOG FOXE 61* )LW]ZLOOLDP WKLV REYHUVH GLH -HQNLQV 3XQLF 6LFLO\ ,9 6XSHUE ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

7ULKHPLVWDWHU &DUWKDJR " FLUFD (/ PP J +HDG RI 7DQLW O ZHDULQJ EDUOH\ ZUHDWK EDU DQG WULSOH SHQGDQW HDUULQJ DQG QHFNODFH ZLWK SHQGDQWV 5HY 8QEULGOHG KRUVH VWDQGLQJ U DERYH VXQ GLVN 61* )LW]ZLOOLDP -HQNLQV /HZLV II 5DUH $ IODQ FUDFN DW RQH R FORFN RQ REYHUVH DQG D JUDIILWR RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 0RQHWDULXP 6.$ VDOH


+DOI VKHNHO &DUWKDJR RU XQFHUWDLQ PLQW LQ 6LFLO\ FLUFD $5 PP J /DXUHDWH PDOH KHDG 0HOTDUW RU +DQQLEDO O 5HY (OHSKDQW ZDONLQJ U LQ H[HUJXH 3XQLF OHWWHU $ OHSK 61* &RSHQKDJHQ %XUQHWW (QQD +RDUG WKHVH GLHV 5RELQVRQ (VVD\V 0DWWLQJO\ E *DGHV" $ ORYHO\ SRUWUDLW DQG D SOHDVDQW ROG FDELQHW WRQH *RRG YHU\ ILQH ([ 1)$ VDOH 1RUPDQ 'DYLV

รณ VKHNHO /RFUL $5 PP J +HDG RI 7DQLW .RUH 3HUVHSKRQH O ZHDULQJ EDUOH\ ZUHDWK SHQGDQW HDUULQJ DQG QHFNODFH 5HY +RUVH VWDQGLQJ U 61* &RSHQKDJHQ 5RELQVRQ 1& +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

6HUUDWH GLVKHNHO FLUFD ELOORQ PP J +HDG RI 7DQLW O ZHDULQJ EDUOH\ ZUHDWK QHFNODFH DQG WULSOH SHQGDQW HDUULQJ 5HY +RUVH VWHSSLQJ U DERYH OHWWHU 0$$ -HQNLQV /HZLV SO W\SH 5DUH 6XUIDFH VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH DERXW YHU\ ILQH

0DFHGRQLD $FDQWKXV

7HWUDGUDFKP FLUFD $5 PP J /LRQ U DWWDFNLQJ EXOO NQHHOLQJ WR O DQG ELWLQJ LQWR KLV KLQG TXDUWHUV DERYH IORUDO RUQDPHQW ,Q H[HUJXH VW\OLVHG DFDQWKXV IORZHU 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 61* $16 YDU KHDG EXOO O 61* /RFNHWW 'HVQHX[ ยฑ FI 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 0 0 )L[HG 3ULFH /LVW 0 0 )L[HG 3ULFH /LVW DQG .ย QNHU VDOH


0HQGH

7HWUDGUDFKP FLUFD $5 PP J (OGHUO\ 'LRQ\VXV ZHDULQJ LY\ ZUHDWK DQG KLPDWLRQ UHFOLQLQJ RQ PXOH V EDFN O KROGLQJ FDQWKDUXV ZLWK U KDQG DQG WK\UVRV ZLWK O EHORZ EUDQFK 5HY 0(1 ± ǻ$ ± ,2 ± 1 DURXQG OLQHDU VTXDUH FRQWDLQLQJ YLQH ZLWK IRXU EXQFKHV RI JUDSHV DOO ZLWKLQ LQFXVH VTXDUH /RFNHU /DPSVRQ WKHVH GLHV 61* /RFNHWW WKHVH GLHV 1RH 0HQGH 9HU\ UDUH 2OG FDELQHW WRQH VXUIDFH VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH ([ 0 0 VDOH

1HDSROLV

6WDWHU FLUFD $5 PP J *RUJRQHLRQ IDFLQJ 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 'HZLQJ 61* $16 61* &RSHQKDJHQ 6YRURQRV +HOOpQLVPH 3ULPLWLI SO /RYHO\ ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ +HVV 'LYR VDOH

2O\QWKXV

7HWUDGUDFKP FLUFD %& $5 PP J /DXUHDWH KHDG RI $SROOR O 5HY ȋ ± $ ±ȁ ± Ȁǿǻ ± Ǽȍȃ DURXQG N\WKDUD 5RELQVRQ &OHPHQW *URXS + ELV %RVWRQ 61* $16 ± $Q DWWUDFWLYH SRUWUDLW VWUXFN LQ KLJK UHOLHI VXUIDFH VOLJKWO\ SRURXV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH )URP D (XURSHDQ FROOHFWLRQ


7HURQH

7HWUDGUDFKP FLUFD $5 PP J :LQH MXJ ZLWK WZR EXQFKHV RI JUDSHV DW VLGHV 5HY 4XDGULSDUWLWH LQFXVH VTXDUH $01* ,,, $V\XW 61* $16 9HU\ UDUH 2OG FDELQHW WRQH DQ HGJH WHVW FXW RQ UHYHUVH RWKHUZLVH YHU\ ILQH ([ *LHVVHQHU 0 Q]KDQGOXQJ VDOH )URP D (XURSHDQ FROOHFWLRQ

.LQJV RI 0DFHGRQLD 3KLOLS ,, DQG SRVWKXPRXV LVVXHV

7HWUDGUDFKP 3HOOD FLUFD %& $5 PP J /DXUHDWH KHDG RI =HXV U 5HY ĭ,ȁ,Ȇ ± >Ȇ2<@ +RUVHPDQ JDOORSLQJ O ZHDULQJ FDXVLD DQG UDLVLQJ U KDQG EHORZ LQ ILHOG ǻ DQG VWDU 61* %HUU\ WKHVH GLHV /H 5LGHU $ EROG SRUWUDLW VWUXFN LQ KLJK UHOLHI DQG D ORYHO\ OLJKW LULGHVFHQW WRQH DERXW H[WUHPHO\ ILQH ([ +HOLRV VDOH

6WDWHU /DPSVDFXV FLUFD $9 PP J /DXUHDWH KHDG RI $SROOR U 5HY ĭǿȁǿȆȆȅȊ &KDULRWHHU GULYLQJ IDVW ELJD U EHORZ IDFLQJ KHDG RI +HOLRV DQG PRQRJUDP 7KRPSVRQ $1616 SO /H 5LGHU SO *RRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

$OH[DQGHU ,,, ± DQG SRVWKXPRXV LVVXHV

7HWUDGUDFKP %\EORV FLUFD $5 PP J +HDG RI +HUDFOHV U ZHDULQJ OLRQ¶V VNLQ KHDGGUHVV 5HY ǹȁǼȄǹȃǻȇȅ< =HXV VHDWHG O RQ WKURQH KROGLQJ HDJOH DQG VFHSWUH LQ O ILHOG PRQRJUDP 3ULFH 2OG FDELQHW WRQH DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH


6WDWHU $PSKLSROLV FLUFD $9 PP J +HDG RI $WKHQD U ZHDULQJ WULSOH FUHVWHG &RULQWKLDQ KHOPHW ERZO GHFRUDWHG ZLWK FRLOHG VQDNH 5HY ǹȁǼȄǹȃǻȇȅ< 1LNH VWDQGLQJ O KROGLQJ ZUHDWK DQG VW\OXV LQ RXWHU O ILHOG FDQWKDUXV 3ULFH 6WUXFN LQ KLJK UHOLHI $ VFUDSH RQ XSSHU UHYHUVH ILHOG RWKHUZLVH H[WUHPHO\ ILQH ([ 2ERORV VDOH

7HWUDGUDFKP $UDGXV FLUFD $5 PP J +HDG RI +HUDFOHV U ZHDULQJ OLRQ¶V VNLQ KHDGGUHVV 5HY %$Ȉ,ȁǼȍȈ ǹȁǼȄǹȃǻȇȅ< =HXV VHDWHG O RQ WKURQH KROGLQJ HDJOH DQG VFHSWUH LQ O ILHOG DQFKRU DQG PRQRJUDP DQG EHORZ WKH WKURQH Ȇ 3ULFH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

7HWUDGUDFKP 2GHVVXV FLUFD $5 PP J +HDG RI +HUDFOHV U ZHDULQJ OLRQ¶V VNLQ KHDGGUHVV 5HY %$Ȉ,ȁ(ȍȈ ǹȁǼȄǹȃǻȇȅ< ȅǻǾȈǿȉȍ1 =HXV VHDWHG O RQ WKURQH KROGLQJ HDJOH DQG VFHSWUH LQ O ILHOG (. DQG EHORZ WKH WKURQH VWDU 3ULFH /LJKW LULGHVFHQW WRQH GRXEOH VWUXFN DQG ZLWK D PHWDO IODZ RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH

7KUDFR 0DFHGRQLDQ WULEHV 7KH 2UUHVFLL

6WDWHU FLUFD $5 PP J 23+6.,ȍ1 UHWURJUDGH &HQWDXU KROGLQJ D SURWHVWLQJ Q\PSK LQ KLV DUPV U DERYH SHOOHW 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 6YRURQRV +HOOpQLVPH 3ULPLWLI SO 9, 61* $16 9HU\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

6LUL RU /HWH

6WDWHU FLUFD $5 PP J 1XGH LWK\SKDOOLF VDW\U JUDVSLQJ U DUP RI Q\PSK WU\LQJ WR PRYH DZD\ IURP KLP ,Q RXWHU ILHOG WKUHH SHOOHWV 5HY 5RXJK LQFXVH VTXDUH 6YRURQRV +HOOpQLVPH 3ULPLWLI SO 9,, 61* $16 5DUH 6WUXFN LQ KLJK UHOLHI DQG ZLWK D SOHDVDQW WRQH PHWDO IODZ RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH


6WDWHU FLUFD $5 PP J 1XGH LWK\SKDOOLF VDW\U JUDVSLQJ U DUP RI Q\PSK WU\LQJ WR PRYH DZD\ IURP KLP ,Q ILHOG WKUHH SHOOHWV 5HY 5RXJK LQFXVH VTXDUH 61* %HUU\ 61* $16 'HZLQJ 6YRURQRV +HOOpQLVPH 3ULPLWLI SO 9,,, 2I H[FHOOHQW $UFKDLF VW\OH ZRQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ¶ ([ 0 0 )L[HG 3ULFH /LVW )L[HG 3ULFH /LVW 6SLQN 6RQV =XULFK DQG %XVVR 3HXV VDOHV

7KUDFH $EGHUD

'UDFKP FLUFD $5 PP J ǻ(2 *ULIILQ VHDWHG O U IRUHSDZ UDLVHG 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 61* /RFNHWW WKHVH GLHV 0D\ $EGHUD 5DUH 6WUXFN RQ D YHU\ EURDG IODQ DQG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

7HWUDGUDFKP FLUFD $5 PP J *ULIILQ VHDWHG O U IRUHSDZ UDLVHG EHORZ VFDUDE 5HY ǼȆ,ĭ ± ,77 ± $ȁ ± 2 ZLWKLQ LQFXVH VTXDUH 61* &RSHQKDJHQ %0& 0D\ $EGHUD 9HU\ UDUH 6XUIDFH VRPHZKDW SRURXV KDLUOLQH IODQ FUDFN DW WZR R FORFN RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ 5DXFK DQG +HVV 'LYR VDOHV

6WDWHU FLUFD $5 PP J *ULIILQ FURXFKLQJ O DERYH (Ȇ, DQG LQ H[HUJXH Ȇ$<Ȉ$>1,ȍ@ 5HY $%ǻ+3, ± 7(ȍ1 /DXUHDWH KHDG RI $SROOR U 0D\ $EGHUD 61* )LW]ZLOOLDP /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ 1$& VDOH


$HQXV

7HWUDGUDFKP FLUFD $5 PP J +HDG RI +HUPHV IDFLQJ VOLJKWO\ WR O ZHDULQJ EULPOHVV SHWDVXV 5HY $,1,21 *RDW VWDQGLQJ ULJKW LQ U ILHOG &RULQWKLDQ KHOPHW $OO ZLWKLQ SDUWLDOO\ LQFXVH VTXDUH 61* $VKPROHDQ WKHVH GLHV 0D\ $LQRV *RRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

&KHUVRQHVXV

'UDFKP ,9 FHQWXU\ %& $5 PP J )RUHSDUW RI OLRQ U 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 5RVHQ ± 61* YRQ $XORFN ± 61* &RSHQKDJHQ ± $Q DSSDUHQWO\ XQSXEOLVKHG DQG D YHU\ LQWHUHVWLQJ LVVXH 9HU\ ILQH ([ *RUQ\ 0RVFK VDOH )URP WKH *05+ FROOHFWLRQ

0DURQHLD

7HWUDGUDFKP FLUFD $5 PP J 0$3ȍ +RUVH O ZLWK WUDLOLQJ EULGOH 5HY ǼȆǿ ± ,.( ± Ȉ,2 NHU\NHLRQ DURXQG OLQHDU VTXDUH ZLWKLQ ZKLFK JUDSH DUERU DOO ZLWKLQ SDUWLDOO\ LQFXVH VTXDUH 61* /RFNHWW :HVW $16110 6FK|QHUW *HLVV 6WUXFN LQ KLJK UHOLHI DQG ZLWK D ORYHO\ LULGHVFHQW WRQH PLQRU DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ . QNHU VDOH )URP D (XURSHDQ FROOHFWLRQ

,VODQGV RII 7KUDFH 7KDVRV

6WDWHU FLUFD $5 PP J 1DNHG LWK\SKDOOLF VDW\U VXSSRUWLQJ Q\PSK XQGHU WKLJKV ZLWK U DUP WKH O KDQG XQGHU KHU EDFN 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 0F&OHDQ 'HZLQJ /H 5LGHU 7KDVLHQQHV 2I H[FHOOHQW VW\OH DQG VWUXFN LQ KLJK UHOLHI 6XUIDFH VRPHZKDW SRURXV RWKHUZLVH H[WUHPHO\ ILQH


7ULKHPLRERO FLUFD $5 PP J 6DW\U NQHHOLQJ O KROGLQJ FDQWKDUXV 5HY Ĭ$Ȉ ± ,ȍ1 $PSKRUD 0F&OHDQ 61* &RSHQKDJHQ 2OG FDELQHW WRQH DQG YHU\ ILQH ([ +LUVFK VDOH

7ULKHPLRERO FLUFD $5 PP J 6DW\U UXQQLQJ O KROGLQJ FDQWKDUXV 5HY Ĭ$Ȉ ± ,ȍ1 $PSKRUD 'HZLQJ 61* &RSHQKDJHQ /H 5LGHU 7KDVLHQQHV 2OG FDELQHW WRQH DQG YHU\ ILQH ([ +LUVFK VDOH

.LQJGRP RI 7KUDFH /\VLPDFKXV ± DQG SRVWKXPRXV LVVXHV

7HWUDGUDFKP /DPSVDFXV FLUFD $5 PP J 'LDGHPHG KHDG RI GHLILHG $OH[DQGHU U ZLWK WKH KRUQ RI $PPRQ 5HY %$Ȉ,ȁ(ȍȈ ± ȁ<Ȉ,0$;2< $WKHQD HQWKURQHG O KROGLQJ 1LNH DQG VSHDU LQ U KDQG DQG UHVWLQJ O HOERZ RQ VKLHOG GHFRUDWHG ZLWK PHGXVD LQ RXWHU O ILHOG KHUP DQG LQ LQQHU O ILHOG PRQRJUDP 7KRPSVRQ 61* )UDQFH $ VXSHUE SRUWUDLW RI ILQH VW\OH VWUXFN LQ KLJK UHOLHI /LJKW WRQH DQG DERXW H[WUHPHO\ ILQH ([ $XFWLRQHV 9,,

7HWUDGUDFKP /DPSVDFXV FLUFD $5 PP J 'LDGHPHG KHDG RI GHLILHG $OH[DQGHU U ZLWK WKH KRUQ RI $PPRQ 5HY %$Ȉ,ȁ(ȍȈ ± ȁ<Ȉ,0$;2< $WKHQD HQWKURQHG O KROGLQJ 1LNH DQG VSHDU LQ U KDQG DQG UHVWLQJ O HOERZ RQ VKLHOG GHFRUDWHG ZLWK OLRQ V KHDG LQ LQQHU ILHOG O PRQRJUDP DQG LQ H[HUJXH FUHVFHQW WR O 61* /RFNHWW 'HZLQJ 7KRPSVRQ (VVD\V 5RELQVRQ $ VXSHUE SRUWUDLW RI ILQH VW\OH VWUXFN LQ KLJK UHOLHI :RQGHUIXO ROG FDELQHW DQG JRRG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW


0RHVLD ,VWUXV

'UDFKP WK FHQWXU\ %& $5 PP J 7ZR \RXQJ PDOH KHDGV IDFLQJ DQG XQLWHG RQH LQYHUWHG 5HY ,Ȉ73,+ 6HD HDJOH O SHUFKLQJ RQ GROSKLQ EHORZ HDJOH ǻ ,Q ORZHU FHQWUDO ILHOG ;$3 OLJDWH $01* 61* %ODFN 6HD 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ,OO\ULD '\UUDFKLXP

6WDWHU FLUFD $5 PP J &RZ VXFNOLQJ FDOI KHDG UHYHUWHG 5HY )ORUDO SDWWHUQ ZLWKLQ OLQHDU VTXDUH LQ H[HUJXH FOXE %0& 'HZLQJ 61* &RSHQKDJHQ 2OG FDELQHW WRQH DQG YHU\ ILQH

(SLUXV $PEUDFLD

6WDWHU FLUFD $5 PP J 3HJDVXV IO\LQJ O 5HY +HDG RI $WKHQD U ZHDULQJ &RULQWKLDQ KHOPHW GHFRUDWHG ZLWK $ LQ U ILHOG $3$ĬĬ2Ȉ DQG LQ O ILHOG $UDFWKRV VHDWHG RQ EXFUDQLXP &DOFLDWL 3HJDVL 5DYHO &ROWV /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH ¶V VROG ZLWK LWV RULJLQDO WLFNHW

,VODQGV RII (SLUXV &RUF\UD

6WDWHU WK FHQWXU\ %& $5 PP J &RZ VWDQGLQJ O ORRNLQJ EDFN DW VXFNOLQJ FDOI VWDQGLQJ U EHORZ 5HY .23 " 'RXEOH VWHOODWH SDWWHUQ GLYLGHG E\ GRXEOH OLQH LQ OLQHDU VTXDUH IUDPH %0& YDU 61* &RSHQKDJHQ YDU 5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ +LUVFK DQG *RUQ\ 0RVFK VDOHV

%RHRWLD 7KHEHV

6WDWHU FLUFD $5 PP J %RHRWLDQ VKLHOG ZLWK FOXE DFURVV XSSHU KDOI 5HY Ĭ ± ( $PSKRUD ZLWK IOXWHG VKRXOGHUV DOO ZLWKLQ LQFXVH VTXDUH 'H 1DQWHXLO 61* /RFNHWW 61* %HUU\ %&' %RLRWLD 2OG FDELQHW WRQH PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH ([ &1* ;;;, DQG &1* VDOHV 3ULYDWHO\ SXUFKDVHG IURP *DQV LQ )URP WKH 'H\LR DQG - 1RYDN FROOHFWLRQV

6WDWHU FLUFD $5 PP J %RHRWLDQ VKLHOG 5HY $PSKRUD DERYH JUDLQ DQG Ä«$ ± Ȉ7 DFURVV ILHOG $OO ZLWKLQ LQFXVH FRQFDYH FLUFOH +HSZRUWK %&' %RLRWLD /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ &1* VDOH


$WWLFD $WKHQV

7HWUDGUDFKP FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG $WWLF KHOPHW 5HY $Ĭ( 2ZO VWDQGLQJ U ZLWK FORVHG ZLQJV DERYH ROLYH WZLJ $OO ZLWKLQ LQFXVH VTXDUH 6YRURQRV SO 6HOWPDQ DQG SO 9 9HU\ UDUH 6XUIDFH VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH ([ *OHQGLQLQJ¶V VDOH 0DUFK )RUHLJQ $PEDVVDGRU )URP WKH *05+ FROOHFWLRQ

7HWUDGUDFKP FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG $WKHQLDQ KHOPHW DQG GLVF HDUULQJ DW EDVH RI FUHVW GRWV LQ WULDQJOHV LQ D ]LJ]DJ SDWWHUQ 5HY $Ĭ( 2ZO ZLWK FORVHG ZLQJV VWDQGLQJ U ZLWK KHDG IDFLQJ LQ XSSHU O ILHOG ROLYH WZLJ ZLWK WKUHH OHDYHV DOO ZLWKLQ SDUWLDOO\ LQFXVH VTXDUH 6YRURQRV SO 9 6HOWPDQ SO ;9, 9HU\ UDUH $ YHU\ LQWHUHVWLQJ DQG XQXVXDO SRUWUDLW ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ *HPLQL VDOH ;,,

7HWUDGUDFKP FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG KHOPHW HDUULQJ DQG QHFNODFH ERZO RUQDPHQWHG ZLWK VSLUDO DQG WKUHH ROLYH OHDYHV 5HY $Ĭ( 2ZO VWDQGLQJ U KHDG IDFLQJ LQ XSSHU ILHOG O ROLYH WZLJ ZLWK WZR OHDYHV DQG EHUU\ $OO ZLWKLQ LQFXVH VTXDUH 'HZLQJ 6YRURQRV SO 6XSHUE OLJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ 5DXFK VDOH )URP D (XURSHDQ FROOHFWLRQ

+HPLGUDFKP FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ $WWLF KHOPHW GHFRUDWHG ZLWK ROLYH OHDYHV DQG SDOPHWWH 5HY $ ± Ĭ ± ( )DFLQJ RZO ZLWKLQ ROLYH EUDQFKHV 6YRURQRV SO 'HZLQJ 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ


2ERO FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG $WWLF KHOPHW ZLWK WKUHH ROLYH OHDYHV RYHU YLVRU DQG VSLUDO SDOPHWWH RQ ERZO 5HY $Ĭ( 2ZO VWDQGLQJ U KHDG IDFLQJ LQ XSSHU ILHOG O ROLYH WZLJ ZLWK WZR OHDYHV DQG EHUU\ $OO ZLWKLQ LQFXVH VTXDUH 'HZLQJ .OHLQ 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

'UDFKP FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG $WKHQLDQ KHOPHW DQG GLVF HDUULQJ ERZO RUQDPHQWHG ZLWK VSLUDO DQG WKUHH ROLYH OHDYHV 5HY $Ĭ( 2ZO VWDQGLQJ U KHDG IDFLQJ LQ XSSHU ILHOG O ROLYH WZLJ ZLWK WZR OHDYHV DQG EHUU\ $OO ZLWKLQ LQFXVH VTXDUH 6YRURQRV SO 6WDUU JURXS 9% 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH

7HWUDGUDFKP FLUFD $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG $WWLF KHOPHW GHFRUDWHG ZLWK 3HJDVXV RQ ERZO DQG SDOPHWWH 5HY $ ± Ĭ( ǻȍȇ ȅĬǼ ǻǿȅ ȀȁǼ ǻǿȅĭ 2ZO VWDQGLQJ U SHUFKHG RQ DPSKRUD LQVFULEHG % LQ U ILHOG IRUHSDUW RI OLRQ U %HORZ 0( DOO ZLWKLQ ODXUHO ZUHDWK 0 7KRPSVRQ 1HZ 6W\OH /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

$HJLQD $HJLQD

6WDWHU FLUFD $5 PP J 6HD WXUWOH VHHQ IURP DERYH 5HY /DUJH VNHZ SDWWHUQ 5RVV +ROORZD\ $1601 SO ,9 DQG SO 9,, 'HZLQJ 0LOEDQN 5DUH $ERXW YHU\ ILQH ([ 1)$ VDOH ;;,,, )URP D (XURSHDQ DQG 6]HJR FROOHFWLRQV

+HPLGUDFKP FLUFD $5 PP J 6HD WXUWOH VHHQ IURP DERYH 5HY /DUJH VNHZ SDWWHUQ 5RVHQ 61* &RSHQKDJHQ 'HZLQJ 9HU\ UDUH 7ZR PLQRU VFXIIV RWKHUZLVH YHU\ ILQH

&RULQWKLD &RULQWK

6WDWHU FLUFD $5 PP J 3HJDVXV IO\LQJ O EHORZ } 5HY 4XDGULSDUWLWH LQFXVH VTXDUH ZLWK SURMHFWLRQV LQ HDFK TXDUWHU 5DYHO WKHVH GLHV 5RVHQ &DOFLDWL 3HJDVL WKLV FRLQ %&' &RULQWK 9HU\ UDUH 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH ([ *DOHULH GHV 0RQQDLHV DQG 6SLQN 2FWREHU %XVVR 3HXV 9HFFKL DQG 1XPLVPDWLF 6HUYLFHV 2FWREHU DQG DQG +HVV 'LYR VDOHV )URP WKH GH OD 7RXU FROOHFWLRQ


'UDFKP FLUFD $5 PP J 3HJDVXV IO\LQJ O EHORZ } 5HY +HDG RI $SKURGLWH U ZHDULQJ WKLQ GLDGHP DQG SHDUO QHFNODFH $OO ZLWKLQ LQFXVH VTXDUH 'HZLQJ 61* &RSHQKDJHQ %&' &RULQWK 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

6WDWHU FLUFD $5 PP J 3HJDVXV IO\LQJ U EHORZ } 5HY +HDG RI $WKHQD U ZHDULQJ &RULQWKLDQ KHOPHW DQG SHDUO QHFNODFH EHKLQG } $OO ZLWKLQ SDUWLDOO\ LQFXVH VTXDUH 5DYHO &DOFLDWL 3HJDVL %&' &RULQWK 61* /RFNHWW WKLV FRLQ $ SRUWUDLW RI ILQH VW\OH DQG D ZRQGHUIXO ROG FDELQHW WRQH 9HU\ ILQH ([ *OHQGLQLQJ VDOH 0D\ /RFNHWW DQG 6SLQN &LUFXODU )URP D (XURSHDQ FROOHFWLRQ

6WDWHU FLUFD $5 PP J 3HJDVXV IO\LQJ U EHORZ } 5HY +HDG RI $WKHQD U ZHDULQJ &RULQWKLDQ KHOPHW $OO ZLWKLQ LQFXVH VTXDUH 5DYHO %0& WKHVH GLHV &DOFLDWL 3HJDVL WKLV FRLQ LOOXVWUDWHG %&' .RULQWK ± $ SRUWUDLW RI H[FHOOHQW VW\OH 2OG FDELQHW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH ;,;

6WDWHU FLUFD $5 PP J 3HJDVXV DGYDQFLQJ U EHORZ } 5HY +HDG RI $WKHQD O ZHDULQJ &RULQWKLDQ KHOPHW LQ O ILHOG < < DQG LQ U ( 7 5DYHO &DOFLDWL 3HJDVL %&' .RULQWK WKLV REYHUVH GLH $ YHU\ UDUH YDULHW\ 2OG FDELQHW WRQH WUDFHV RI RYHUVWULNLQJ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH

'UDFKP FLUFD $5 PP J 3HJDVXV IO\LQJ O EHORZ } 5HY +HDG RI $SKURGLWH O KDLU ERXQG ZLWK ZLGH EDQG LQ U ILHOG PRQRJUDP %&' &RULQWK ± 61* &RSHQKDJHQ ± 3R]]L 2I ORYHO\ VW\OH DQG ZLWK D SOHDVDQW ROG FDELQHW WRQH VHYHUDO PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

6WDWHU FLUFD $5 PP J 3HJDVXV IO\LQJ O EHORZ } 5HY /DXUHDWH DQG KHOPHWHG KHDG RI $WKHQD O $ EHIRUH 3 DQG LY\ OHDI EHKLQG 5DYHO &DOFLDWL 3HJDVL /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH V VROG ZLWK LWV RUJLQDO WLFNHW


6WDWHU FLUFD $5 PP J 3HJDVXV IO\LQJ O EHORZ } 5HY +HOPHWHG KHDG RI $WKHQD O ZHDULQJ QHFNODFH ī EHIRUH DQG EHKLQG KHDG GRYH O ZLWKLQ ZUHDWK 5DYHO &DOFLDWL 3HJDVL 2OG FDELQHW WRQH DQG YHU\ ILQH

(OLV 2O\PSLD

6WDWHU FLUFD WK 2O\PSLDG $5 PP J +HDG RI +HUD U ZHDULQJ VWHSKDQH RUQDPHQWHG ZLWK SDOPHWWHV 5HY ) ± $ )ODPLQJ WKXQGHUEROW DOO ZLWKLQ ROLYH ZUHDWK 6HOWPDQ %&' 2O\PSLD 5DUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

([ 1$& DQG 1$& VDOHV

,VODQGV RII (OLV =DFLQWKXV

'UDFKP FLUFD $5 PP J $PSKRUD 5HY 7ULSRG ZLWKLQ LQFXVH VTXDUH &I 7UDLWq DQG SO ;;;,; &I *DUGQHU 1& FI S DQG SO , 2I WKH KLJKHVW UDULW\ RQO\ YHU\ IHZ VSHFLPHQV NQRZQ 2OG FDELQHW WRQH VWUXFN IURP D ZRUQ GLH RQ REYHUVH RWKHUZLVH DERXW YHU\ ILQH )URP D %ULWLVK FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ 7KLV FRLQV RI =DFLQWKXV DUH RI WKH KLJKHVW UDULW\ DQG DV IDU DV ZH DUH FRQFHUQHG WKH\ KDYHQ¶W EHHQ RIIHUHG LQ D SXEOLF DXFWLRQV DW OHDVW LQ WKH ODVW ILIW\ \HDUV 7KH RQO\ SXEOLVKHG VSHFLPHQV RI WKLV GHQRPLQDWLRQ DUH WKH RQHV LOOXVWUDWHG E\ %DEHORQ LQ 7UDLWp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

$UJROLV $UJRV

7ULRERO FLUFD $5 PP J )RUHSDUW RI ZROI O 5HY /DUJH $ EHORZ HDJOH U ,Q ILHOG , ± $ ± 3 ±ȍ ± 12 ± Ȉ $OO ZLWKLQ LQFXVH VTXDUH %0& WKHVH GLHV %&' 3HORSRQQHVRV 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ %XVVR 3HXV VDOH )URP D (XURSHDQ FROOHFWLRQ

7KH &\FODGHV 3DURV

'UDFKP FLUFD $5 PP J *RDW NQHHOLQJ U 5HY 5RXJK TXDGULSDUWLWH LQFXVH VTXDUH 6KHHG\ WKLV REYHUVH GLH 5DUH /LJKW WRQH DQG DERXW H[WUHPHO\ ILQH ([ /DQ] DQG *RUQ\ 0RVFK VDOHV )URP D (XURSHDQ DQG ) 3UDQ]HU FROOHFWLRQV


7KHUD

6WDWHU FLUFD $5 PP J 7ZR GROSKLQV VZLPPLQJ LQ RSSRVLWH GLUHFWLRQV 5HY ,QFXVH VTXDUH GLYLGHG LQWR HLJKW WULDQJOHV VRPH RI ZKLFK DUH ILOOHG 61* )LW]ZLOOLDP WKLV REYHUVH GLH 6KHHG\ F WKLV FRLQ 9HU\ UDUH /LJKW LULGHVFHQW WRQH DQG DERXW YHU\ ILQH ([ /DQ] DQG %XVVR 3HXV VDOHV )URP D (XURSHDQ FROOHFWLRQ

3DSKODJRQLD 6LQRSH

'UDFKP FLUFD $5 PP J 6\OL]HG KHDG RI VHD HDJOH O 5HY 'RXEOH LQFXVH VTXDUHV 'HZLQJ 61* &RSHQKDJHQ 61* %ODFN 6HD 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ %XVVR 3HXV VDOH )URP D (XURSHDQ FROOHFWLRQ

%LWK\QLD .DOFKHGRQ

7HWUDGUDFKP $5 PP J .$ȁ. %XOO VWDQGLQJ O RQ FRUQ HDU EHIRUH FDGXFHXV DQG VWDU 5HY 4XDGULSDUWLWH LQFXVH VTXDUH ZLWK VWLSSOHG VXUIDFH 61* %0& %ODFN 6HD 5HFXHLO *HQHUDO 5DUH /LJKW WRQH DQG JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH )URP D (XURSHDQ FROOHFWLRQ

0\VLD &\]LFXV

6WDWHU FLUFD (/ PP J 'RJ VWDQGLQJ O EHORZ WXQQ\ 5HY 4XDGULSDUWLWH LQFXVH VTXDUH YRQ )ULW]H %RVWRQ 61* )UDQFH /LJKW UHGGLVK WRQH DQG JRRG YHU\ ILQH ([ &1* H VDOH

3HUJDPXP

& )DELXV 0 I &LVWRSKRULF WHWUDGUDFKP PDJLVWUDWH 'HPHDV $5 PP J 6HUSHQW HPHUJLQJ IURP FLVWD P\VWLFD DOO ZLWKLQ LY\ ZUHDWK 5HY 7ZR VHUSHQWV VWDQGLQJ E\ GHFRUDWHG ERZ FDVH DERYH & )$%, 0 ) 352 &26 LQ O ILHOG PRQRJUDP RI 3HUJDPXP DQG LQ U GLVWDII RI $VFOHSLXV %HORZ ǻǾȂǼǹ& 6WXPSI 9HU\ UDUH 6XUIDFH VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH

& )DELXV 0 I &LVWRSKRULF WHWUDGUDFKP PDJLVWUDWH 0HQRSKLORV FLUFD $5 PP J 6HUSHQW HPHUJLQJ IURP FLVWD PLVWLFD DOO ZLWKLQ LY\ ZUHDWK 5HY &ā)$%,ā0ā) 352ā&26 7ZR VHUSHQWV VWDQGLQJ E\ GHFRUDWHG ERZ FDVH LQ O ILHOG PRQRJUDP RI 3HUJDPXP DQG LQ U ILHOG $VFOHSLXV VWDII ,Q H[HUJXH 0+12ĭ,ȁ2& 6WXPSI 61* YRQ $XORFN 5DUH $ERXW H[WUHPHO\ ILQH ([ 1DYLOOH 1XPLVPDWLFV VDOH


& 6HSWLPLXV 7 I &LVWRSKRULF WHWUDGUDFKP PDJLVWUDWH 3RVHLGRQLRV $5 PP J 6HUSHQW HPHUJLQJ IURP FLVWD P\VWLFD DOO ZLWKLQ LY\ ZUHDWK 5HY 7ZR VHUSHQWV VWDQGLQJ E\ GHFRUDWHG ERZ FDVH DERYH & 6(3790, 7 ) 352 &26 LQ O ILHOG PRQRJUDP RI 3HUJDPXP DQG LQ U GLVWDII RI $VFOHSLXV %HORZ Ȇ2&ȯ,ǻ&1,2& 6WXPSI 5DUH *RRG YHU\ ILQH ([ 1DYLOOH 1XPLVPDWLFV VDOH

$HROLV &\PH

7HWUDGUDFKP PDJLVWUDWH $PSKLNWLRQ FLUFD $5 PP J 'LDGHPHG KHDG RI .\PH U 5HY .<0$,ȍ1 +RUVH VWDQGLQJ U O IRUHOHJ DUFKHG KLJK LQ WKH DLU EHORZ RQH KDQGOHG FXS DQG LQ H[HUJXH $0ĭ,.>7<ȍ1@ $OO ZLWKLQ RDN ZUHDWK 2DNOH\ .\PH $1601 0LQRU WUDFHV RI GRXEOH VWULNLQJ RWKHUZLVH JRRG YHU\ ILQH 0\ULQD

7HWUDGUDFKP FLUFD $5 PP J /DXUHDWH KHDG RI $SROOR U 5HY 0<3,1$,ȍ1 $SROOR *U\QLXV VWDQGLQJ U ZLWK ODXUHO EUDQFK DQG SDWHUD WR U RPSKDORV DQG DPSKRUD ,Q RXWHU O ILHOG PRQRJUDP $OO ZLWKLQ ODXUHO ZUHDWK 6DFNV $1601 LVVXH /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

/HVERV 0\WLOHQH

+HFWH FLUFD (/ PP J +HDG RI OLRQ U ZLWK RSHQ MDZV 5HY &DOI V KHDG U LQFXVH 'HZLQJ %RGHQVWHGW $ERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH )URP D (XURSHDQ FROOHFWLRQ

8QFHUWDLQ PLQW

6WDWHU FLUFD ELOORQ PP J 7ZR FRQIURQWHG FDOYHV¶ KHDGV EHWZHHQ WKHP ROLYH WUHH 5HY ,QFXVH SXQFK 61* &RSHQKDJHQ 61* YRQ $XORFN 5RVHQ $&*& 5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 6SLQN 1XPLVPDWLF &LUFXODU )URP D (XURSHDQ FROOHFWLRQ


,RQLD (SKHVXV

'UDFKP 9 FHQWXU\ $5 PP J %HH VHHQ IURP DERYH 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 61* .D\KDQ 5RVHQ 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

0LOHWXV

+HPLKHFWH FLUFD (/ PP J /LRQยถV KHDG U 5HY 3XQFK FRQWDLQLQJ ILYH SHOOHWV FRQQHFWHG E\ OLQHV 61* .D\KDQ 9HU\ UDUH 9HU\ ILQH JRRG YHU\ ILQH ([ 5DXFK VDOH

6WDWHU FLUFD (/ PP J /LRQ UHFOLQLQJ O KHDG UHYHUWHG ZLWKLQ UHFWDQJXODU IUDPH GLYLGHG LQWR WZR VPDOOHU UHFWDQJXODU FRPSDUWPHQWV 5HY &HQWUDO REORQJ SXQFK FRQWDLQLQJ D UXQQLQJ IR[ DQG WKUHH SHOOHWV FRQQHFWHG E\ D OLQH D VTXDUH SXQFK WR O FRQWDLQLQJ D VWDJยถV KHDG O $ VTXDUH SXQFK WR U FRQWDLQLQJ ILYH SHOOHWV FRQQHFWHG E\ OLQHV 61* .D\KDQ YDU SRVLWLRQ RI VWDJยถV KHDG :HLGDXHU 0LWFKLQHU (DUO\ &RLQDJH 9HU\ UDUH 2EYHUVH IURP D ZRUQ GLH RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH ([ +LUVFK VDOH )URP D (XURSHDQ FROOHFWLRQ

3KRFDHD

+HFWH FLUFD (/ PP J 7ZR VZLPPLQJ VHDOV DW SOD\ 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 61* YRQ $XORFN WKHVH GLHV %0& %RGHQVWHGW 2EYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH )URP D (XURSHDQ FROOHFWLRQ

+HFWH FLUFD (/ PP J +HDG RI ,R O ZLWK VPDOO KRUQ EHORZ QHFN WUXQFDWLRQ VHDO 5HY 4XDGULSDUWLWH LQFXVH SXQFK %RGHQVWHGW *RRG YHU\ ILQH ([ 5DXFK VDOH )URP D (XURSHDQ FROOHFWLRQ

6P\UQD

7HWUDGUDFKP DIWHU $5 PP J 7XUUHWHG KHDG RI &\EHOH U ORQJ KDLU LQ WKUHH EUDLGV WKH RQH LQ WKH FHQWUH WLHG XS LQ D EXQ WKH WZR RWKHUV IDOOLQJ GRZQ KHU QHFN 5HY ศ ศ ศ ศ ศ วนวฟศ ศ DQG PRQRJUDP DOO ZLWKLQ RDN ZUHDWK %0& 0LOQH 1& F :HEHU /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH


7HRV

6WDWHU FLUFD $5 PP J *ULIILQ VHDWHG U ZLWK O IRUHSDZ UDLVHG EHORZ VZDQ U 5HY 4XDGULSDUWLWH LQFXVH VTXDUH %DOFHU 615 WKHVH GLHV %RVWRQ 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

6WDWHU FLUFD $5 PP J *ULIILQ VHDWHG U ZLWK O IRUHSDZ UDLVHG EHORZ VZDQ U 5HY 4XDGULSDUWLWH LQFXVH VTXDUH %DOFHU 615 %RVWRQ 6WUXFN RQ IUHVK PHWDO DQG JRRG YHU\ ILQH

6WDWHU FLUFD $5 PP J *ULIILQ VHDWHG U ZLWK O IRUHSDZ UDLVHG EHORZ VZDQ U 5HY 4XDGULSDUWLWH LQFXVH VTXDUH %DOFHU 615 %RVWRQ 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

8QFHUWDLQ PLQW

6WDWHU FLUFD (/ PP J 6WULDWHG VXUIDFH 5HY 7ZR SDUDOOHO LQFXVH UHFWDQJOHV VHSDUDWHG E\ D EURDG EDQG 5RVHQ $0% WKLV FRLQ %DVHO S WKLV FRLQ 0LOGHQEHUJ 0 Q]ZHVHQ SO , WKLV FRLQ ([WUHPHO\ UDUH $Q LVVXH RI WUHPHQGRXV LPSRUWDQFH DQG IDVFLQDWLRQ DQG RQH RI WKH YHU\ IHZ VSHFLPHQV RI WKLV HDUO\ VHULHV ZLWK DQ ROG SURYHQDQFH ([WUHPHO\ ILQH ¶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

+HFWH FLUFD WK FHQWXU\ %& (/ PP J )ODW VWULDWHG VXUIDFH 5HY ,QFXVH SXQFK 61* .D\KDQ VDPH SXQFK :HLGDXHU 61* )LW]ZLOOLDP 5DUH *RRG YHU\ ILQH ([ 6XSHULRU VDOH 0D\ )URP D (XURSHDQ FROOHFWLRQ


,VODQGV RII ,RQLD &KLRV

6WDWHU FLUFD $5 PP J 6SK\Q[ VHDWHG O LQ O ILHOG DPSKRUD 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 0DYURJRUGDWR 61* .D\KDQ 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 6SLQN 1XPLVPDWLF &LUFXODU )URP D (XURSHDQ FROOHFWLRQ

6WDWHU FLUFD $5 PP J 6SK\Q[ VHDWHG O EHIRUH DPSKRUD 5HY 4XDGULSDUWLWH LQFXVH VTXDUH 61* &RSHQKDJHQ %DOGZLQ &KLRV SO , 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH V VROG ZLWK LWV RULJLQDO WLFNHW

&DULD &QLGXV

'UDFKP FLUFD $5 PP J )RUHSDUW RI OLRQ U ZLWK RSHQ MDZV DQG WRQJXH SURWUXGLQJ 5HY 'LDGHPHG EXVW RI $SKURGLWH U ZHDULQJ QHFNODFH ZLWK SHQGDQW $OO ZLWKLQ LQFXVH VTXDUH 61* &RSHQKDJHQ WKHVH GLHV 61* /RFNHWW WKHVH GLHV 61* )LW]ZLOOLDP WKHVH GLHV &DKQ .QLGRV $ SRUWUDLW RI H[FHOOHQW VW\OH DQG D ORYHO\ ROG FDELQHW WRQH PLQRU PDUNV DQG PHWDO VRPHZKDW SRURXV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ %XVVR 3HXV DQG %XVVR 3HXV VDOHV

'LGUDFKP FLUFD $5 PP J . ± 1, +HDG RI $SKURGLWH O ZHDULQJ VSKHQGRQH WULSOH SHQGDQW HDUULQJ DQG SHDUO QHFNODFH LQ U ILHOG EXQFK RI JUDSHV 5HY )RUHSDUW RI OLRQ O ZLWK RSHQ MDZV DQG IRUHSDZ H[WHQGHG EHQHDWK %HORZ .ȁ(20Ȃ+ǻ 61* YRQ $XORFN 9HU\ UDUH /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH ([ 5RPD 1XPLVPDWLFV VDOH ;9,

+HPLGUDFKP FLUFD $5 PP J 'LDGHPHG KHDG RI $SKURGLWH U 5HY .1, +HDG RI EXOO U LQ O ILHOG $ī+Ȉ,.ȁǾȈ 61* YRQ $XORFN 61* )LQODQG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH )URP D 6ZLVV FROOHFWLRQ IURP 7HVVLQ DVVHPEOHG LQ WKH V VROG ZLWK LWV RULJLQDO WLFNHW


6DWUDSV RI &DULD 0DXVVROXV ยฑ

7HWUDGUDFKP +DOLFDUQDVVXV DIWHU $5 PP J /DXUHDWH KHDG RI $SROOR IDFLQJ WKUHH TXDUWHUV U 5HY 0$<ศ ศ ศ ศ ศ 2 =HXV /DEUDXQGXV VWDQGLQJ U KROGLQJ GRXEOH D[H DQG VSHDU EHORZ 2 61* .D\KDQ %0& 61* YRQ $XORFN /LJKW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

,VODQGV RII &DULD 5KRGHV

'LGUDFKP PDJLVWUDWH 0QDVLPDFKRV FLUFD $5 PP J +HDG RI +HOLRV IDFLQJ WKUHH TXDUWHUV U 5HY 3 ยฑ 2 ศ ศ วนศ วฟศ วนศ ศ ศ 5RVH ZLWK EXG WR U LQ O ILHOG $WKHQD 1LNHSKRURV O $VKWRQ 61* .HFNPDQ 61* YRQ $XORFN 61* &RSHQKDJHQ :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG LQ

7HWUDGUDFKP PDJLVWUDWH $JHPDFKRV FLUFD $5 PP J +HDG RI +HOLRV IDFLQJ WKUHH TXDUWHUV U 5HY 3 ยฑ 2 $ฤซ(0$;2< 5RVH ZLWK EXG WR U LQ O ILHOG VWDU $VKWRQ 6WUXFN LQ KLJK UHOLHI DQG ZLWK D VXSHUE ROG FDELQHW WRQH *RRG YHU\ ILQH

'UDFKP VWUXFN E\ 5KRGLDQ PHUFHQDULHV LQ 0DFHGRQLD RU 7KHVVDO\ FLUFD $5 PP J +HDG RI $SROOR IDFLQJ WKUHH TXDUWHUV U 5HY 5RVH ZLWK EXG WR U DERYH (30,$ศ 3ULFH (VVD\V .UDD\ 0ยกUNKROP SO /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH


3KU\JLD $SDPHD

& )DELXV 0 I &LVWRSKRULF WHWUDGUDFKP PDJLVWUDWH $QGURQLNRV VRQ RI ;HQLRV $5 PP J 6HUSHQW HPHUJLQJ IURP FLVWD P\VWLFD DOO ZLWKLQ LY\ ZUHDWK 5HY 7ZR VHUSHQWV VWDQGLQJ E\ GHFRUDWHG ERZ FDVH DERYH & )$%, 0 ) 352 &26 LQ O ILHOG $Ȇ$ DQG LQ U WZR IOXWHV %HORZ ǹȃǻȇȅȃǿȀȅȊ ȄǼȃǿȅȊ 6WXPSI :DGGLQJWRQ ([WUHPHO\ UDUH /RYHO\ LULGHVFHQW WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH H[WUHPHO\ ILQH

3 &RUQHOLXV 3 I /HQWXOXV 6SLQWKHU &LVWRSKRULF WHWUDGUDFKP PDJLVWUDWH $WWDORV VRQ RI %LDQRURV $5 PP J 6HUSHQW HPHUJLQJ IURP FLVWD P\VWLFD DOO ZLWKLQ LY\ ZUHDWK 5HY 7ZR VHUSHQWV VWDQGLQJ E\ GHFRUDWHG ERZ FDVH DERYH /(179/96 ,03(5$725 LQ O ILHOG $Ȇ$ DQG LQ U WZR IOXWHV %HORZ $ȉȉǹȁȅȊ ǺǿǹȃȅȇȅȈ 6WXPSI 9HU\ UDUH /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 5RPD 1XPLVPDWLFV H VDOH

/DRGLFHD

3 &RUQHOLXV 3 I /HQWXOXV 6SLQWKHU &LVWRSKRULF WHWUDGUDFKP PDJLVWUDWH $UWHPLGRURV VRQ RI 'DPRNUDWHV $5 PP J 6HUSHQW HPHUJLQJ IURP FLVWD P\VWLFD DOO ZLWKLQ LY\ ZUHDWK 5HY 7ZR VHUSHQWV VWDQGLQJ E\ ERZ FDVH GHFRUDWHG ZLWK DSOXVWUH DERYH 3 /(179/96 3) ,03 LQ O ILHOG ȁ$2 DQG LQ U ILHOG FDGXFHXV %HORZ $37(0,ǻȍ32Ȉ ǻ$02.3$72< 6WXPSI 9HU\ UDUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ 5RPD 1XPLVPDWLFV H VDOH

3 &RUQHOLXV 3 I /HQWXOXV 6SLQWKHU &LVWRSKRULF WHWUDGUDFKP PDJLVWUDWH .UDWLSSRV $5 PP J 6HUSHQW HPHUJLQJ IURP FLVWD P\VWLFD DOO ZLWKLQ LY\ ZUHDWK 5HY 7ZR VHUSHQWV VWDQGLQJ E\ GHFRUDWHG ERZ FDVH 3 /(179/96 3 ) ,03 LQ WZR OLQHV DERYH LQ O ILHOG ȁ$2 DQG LQ U ZLQJHG FDGXFHXV %HORZ .3$7,ȆȆ2Ȉ 6WXPSI 61* &RSHQKDJHQ ([WUHPHO\ UDUH 6XUIDFH VRPHZKDW FRUURGHG RWKHUZLVH JRRG YHU\ ILQH ([ .ROQHU 0 Q]NDELQHWW VDOH

.LQJV RI /\GLD 7LPH RI $O\DWWHV WR &URHVXV EHIRUH

7KLUG RI VLJORV RU 7ULWH 6DUGHV EHIRUH (/ PP J /LRQ V KHDG U ZLWK RSHQ MDZV RQ IRUHKHDG GRW ZLWK PXOWLSOH UD\V 5HY 'RXEOH LQFXVH SXQFK :HLGDXHU 5RVHQ %RVWRQ 61* YRQ $XORFN *RRG YHU\ ILQH ([ /HX VDOH )URP D (XURSHDQ FROOHFWLRQ

7LPH RI &URHVXV ± RU ODWHU

6L[WK RI VLJORV 6DUGHV FLUFD RU ODWHU $9 PP J )RUHSDUWV RI OLRQ U DQG EXOO O IDFH WR IDFH 5HY 7ZR LQFXVH VTXDUHV VLGH E\ VLGH 7UDLWp , :DOEHUJ 615 SO JURXS ,,, GH /X\QHV 5DUH $ERXW YHU\ ILQH ([ *RUQ\ 0RVFK VDOH


6LJORV 6DUGHV FLUFD RU ODWHU $5 PP J )RUHSDUWV RI OLRQ U DQG EXOO O IDFLQJ HDFK RWKHU 5HY 7ZR LQFXVH VTXDUHV ZLWK XQHYHQ VXUIDFHV 5RVHQ 'HZLQJ &DUUDGLFH SO 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH /\FLD 3KDVHOLV

'RXEOH VLJORV FLUFD $5 PP J 3URZ RI JDOOH\ U GHFRUDWHG ZLWK WKXQGHUEROW EHORZ VKULPS U 5HY (<.ȁ($Ȉ ĭ$Ȉ+ 6WHUQ RI JDOOH\ U DERYH IO\LQJ HDJOH U 61* YRQ $XORFN +HLS 7DLPHU FI 2OG FDELQHW WRQH DQG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

'\QDVWV RI /\FLD .KHUHL ±

6WDWHU 7HOPHVVRV FLUFD $5 PP J +HOPHWHG KHDG RI $WKHQD U ERZO GHFRUDWHG ZLWK VSLUDO DQG WKUHH ROLYH OHDYHV %HKLQG /\FLDQ FKDUDFWHU 5HY NKHUrL ± WrOPHVVRV LQ /\FLDQ FKDUDFWHUV +HDG RI EHDUGHG +HUDFOHV U ZHDULQJ OLRQ¶V VNLQ 61* YRQ $XORFN YDU GLIIHUHQW OHWWHU EHKLQG QHFN JXDUG 0¡UNKROP =DKOH YDU 5DUH 6WUXFN RQ D IXOO IODQ ZLWK D ORYHO\ ROG FDELQHW WRQH ([WUHPHO\ ILQH ([ 1$& DQG 1$& VDOHV

3DPSK\OLD 6LGH

6WDWHU FLUFD $5 PP J 3RPHJUDQDWH 5HY +HOPHWHG KHDG RI $WKHQD U ZLWKLQ LQFXVH VTXDUH 61* )UDQFH WKHVH GLHV 61* YRQ $XORFN WKHVH GLHV /LJKW LULGHVFHQW WRQH $Q DUHD RI ZHDNQHVV DQG DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

6WDWHU FLUFD $5 PP J 3RPHJUDQDWH EHORZ GROSKLQ O 5HY +HOPHWHG KHDG RI $WKHQD U ZLWKLQ LQFXVH VTXDUH $WODQ 2 5 %0& WKHVH GLHV 61* YRQ $XORFN WKHVH GLHV 9HU\ UDUH /LJKW LULGHVFHQW WRQH PLQRU DUHDV RI ZHDNQHVV DQG VOLJKWO\ RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH ([ &1* H VDOH )URP WKH *05+ FROOHFWLRQ


7HWUDGUDFKP PDJLVWUDWH .OHXFK ODWH WKLUG HDUO\ VHFRQG FHQWXU\ %& $5 PP J +HDG RI $WKHQD U ZHDULQJ FUHVWHG &RULQWKLDQ KHOPHW 5HY 1LNH VWULGLQJ O KROGLQJ ZUHDWK LQ O ILHOG SRPHJUDQDWH DQG EHORZ .ȁ( ±<; 61* YRQ $XORFN 61* )UDQFH 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH

&LOLFLD &HOHQGHULV

6WDWHU FLUFD $5 PP J 5LGHU O KROGLQJ ZKLS DQG GLVPRXQWLQJ IURP KRUVH EHORZ KRUVH $ 5HY .(ȁ(1 *RDW FURXFKLQJ O KHDG U & 1 .UDD\ 7KH &HOHQGHULV +RDUG 1& 2 5 E 61* )UDQFH WKLV UHYHUVH GLH 61* YRQ $XORFN WKHVH GLHV 5DUH /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ $XFWLRQHV DQG +HVV 'LYR VDOHV

7DUVXV

6WDWHU FLUFD $5 PP J +RUVHPDQ ULGLQJ O 5HY $UFKHU NQHHOLQJ U GUDZLQJ ERZ LQ O ILHOG $UDPDLF V\PERO $OO LQ GRWWHG VTXDUH ZLWKLQ LQFXVH VTXDUH 61* )UDQFH YDU + $ 7UR[HOO DQG : ) 6SHQJOHU $ +RDUG RI (DUO\ *UHHN &RLQV IURP $IJKDQLVWDQ LQ 01 FI &DVDERQQH 7\SH ' XQOLVWHG YDULHW\ 5DUH /LJKW LULGHVFHQW WRQH REYHUVH IURP D ZRUQ GLH DQG D WHVW FXW RQ UHYHUVH RWKHUZLVH YHU\ ILQH ([ %DOGZLQV VDOH %ULQGOH\ )URP WKH *05+ FROOHFWLRQ

7HWURERO FLUFD $5 PP J )RUHSDUW RI ZLQJHG KLSSRFDPS O 5HY $UFKHU NQHHOLQJ U GUDZLQJ ERZ LQ O ILHOG $UDPDLF V\PERO $OO LQ GRWWHG VTXDUH ZLWKLQ LQFXVH VTXDUH 61* )UDQFH WKHVH GLHV 9HU\ UDUH 7HVW FXW RQ UHYHUVH RWKHUZLVH YHU\ ILQH ([ .XQSIDO]LVFKH 0 Q]KDQGOXQJ /DQ] DQG %DOGZLQV %ULQGOH\ VDOHV )URP WKH *05+ FROOHFWLRQ

'DPDWHV ±

6WDWHU FLUFD ± $5 PP J +HDG RI Q\PSK ZHDULQJ QHFNODFH ZLWK SHQGDQWV IDFLQJ WKUHH TXDUWHUV O 5HY µUNPZ LQ $UDPDLF FKDUDFWHUV %HDUGHG KHDG U ZHDULQJ KHOPHW 61* )UDQFH 61* /HYDQWH 6XQULVH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH


.LQJV RI &DSSDGRFLD $ULDUDWKHV 9,, 3KLORPHWRU FLUFD ±

7HWUDGUDFKP LQ WKH QDPH DQG W\SHV RI $QWLRFKXV 9,, (XVHELD 0D]DND FLUFD $5 PP J 'LDGHPHG KHDG U 5HY %$Ȉ,ȁ(ȍȈ $17,2;2< (9(3±ī(72< $WKHQD VWDQGLQJ O KROGLQJ 1LNH VSHDU DQG VKLHOG LQ RXWHU O ILHOG PRQRJUDP DERYH $ LQ LQQHU O 2 DQG LQ LQQHU U ȁ $OO ZLWKLQ ODXUHO ZUHDWK 6& 61* 6SHDU 2EYHUVH IURP D UXVW\ GLH RWKHUZLVH DERXW H[WUHPHO\ ILQH

7HWUDGUDFKP LQ WKH QDPH DQG W\SHV RI $QWLRFKXV 9,, (XVHELD 0D]DND FLUFD $5 PP J 'LDGHPHG KHDG U 5HY %$Ȉ,ȁ(ȍȈ $17,2;2< (9(3±ī(72< $WKHQD VWDQGLQJ O KROGLQJ 1LNH VSHDU DQG VKLHOG LQ RXWHU O ILHOG PRQRJUDP DERYH $ LQ LQQHU O 2 DQG LQ LQQHU U ȁ $OO ZLWKLQ ODXUHO ZUHDWK 6& 61* 6SHDU /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

7HWUDGUDFKP $QWLRFKLD FLUFD $5 PP J 'LDGHPHG KHDG U DOO ZLWKLQ ODXUHO ZUHDWK 5HY %$Ȉ,ȁ(ȍȈ ǻ+0+ ± 73,2< 7\FKH VHDWHG O RQ WKURQH ZLWK ZLQJHG WULWRQHVV VXSSRUW KROGLQJ VFHSWUH DQG FRUQXFRSLD LQ H[HUJXH Ȉ$ 6& E &6( 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

6HOHXFLG NLQJV 'HPHWULXV , 6RWHU ±

7HWUDGUDFKP 6HOHXFLD RQ WKH 7LJULV $5 PP J -XJDWH EXVWV U RI 'HPHWULXV , GLDGHPHG DQG /DXGLFHD GUDSHG DQG ZHDULQJ VWHSKDQH 5HY %$Ȉ,ȁ(ȍȈ ǻ+0+73,2< 7\FKH VHDWHG O RQ EDFNOHVV WKURQH VXSSRUWHG E\ ZLQJHG WULWRQHVV KROGLQJ VFHSWUH DQG FRUQXFRSLD LQ RXWHU O ILHOG +3 OLJDWH DQG SODP EUDQFK ,Q H[HUJXH ȈȍȉǾȇȅȈ 6& 2I WKH KLJKHVW UDULW\ DSSDUHQWO\ RQO\ D IHZ VSHFLPHQV NQRZQ $ YHU\ LQWULJXLQJ DQG KLVWRULFDOO\ LPSRUWDQW LVVXH /LJKWO\ WRQHG VWUXFN RQ D YHU\ EURDG IODQ LQVLJQLILFDQW WUDFHV RI RYHUVWULNLQJ RWKHUZLVH JRRG YHU\ ILQH ([ 1$& VDOH


'HPHWULXV ,, 1LFDWRU VHFRQG UHLJQ ±

7HWUDGUDFKP 'DPDVFXV $5 PP J 'LDGHPHG KHDG U 5HY %$Ȉ,ȁ(ȍȈ ǻ+0+73,2< Ĭ(2< 1,.$ ± 7232< =HXV VHDWHG O KROGLQJ 1LNH DQG ORQJ VFHSWUH LQ RXWHU O ILHOG PRQRJUDP DQG EHORZ WKURQH $ DERYH Ȇ ,Q H[HUJXH GDWH 6& 61* 6SHDU /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH 6HOHXFLV DG 3LHULD $QWLRFK $XOXV *DELQLXV 3URFRQVXO ±

7HWUDGUDFKP LPLWDWLRQ RI 3KLOLS 3KLODGHOSKXV FLUFD $5 PP J 'LDGHPHG KHDG U 5HY %$Ȉ,ȁ(ȍȈ ĭ,ȁ,ȆȆȅȊ (Ȇ,ĭǹȃȅȊȈ ĭ,ȁ$ǻ(ȁĭȅȊ =HXV HQWKURQHG O KROGLQJ 1LNH DQG VFHSWUH LQ LQQHU O ILHOG PRQRJUDP 53& 3ULHXU 6& /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

3KRHQLFLD $UDGXV

8QFHUWDLQ NLQJ 6WDWHU FLUFD $5 PP J +HDG RI PDULQH GHLW\ U ZHDULQJ ODXUHO ZUHDWK 5HY PD LQ $UDPDLF FKDUDFWHUV *DOOH\ U EHORZ ZDYHV %0& 5RXYLHU %HWO\RQ FI /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ +LUVFK VDOH

%\EORV

8]]LEDDO FLUFD ± 6KHNHO FLUFD $5 PP J 7KUHH KRSOLWHV KROGLQJ VKLHOGV VWDQGLQJ RQ 3KRHQLFLDQ JDOOH\ O RQ ZDYHV SURZ HQGLQJ LQ OLRQ V KHDG %HORZ KLSSRFDPS O DERYH ]R LQ 3KRHQLFLDQ FKDUDFWHUV DQG EHORZ VKHOO 5HY µ]E O PON JEO LQ 3KRHQLFLDQ FKDUDFWHUV /LRQ DWWDFNLQJ EXOO O %HWO\RQ (OD\L (OD\L $WWUDFWLYH OLJKW WRQH PLQRU DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SULYDWHO\ SXUFKDVHG IURP & - 0DUWLQ LQ WKH ODWH V

6LGRQ

%D DO LOOHP ,, FLUFD 'RXEOH VKHNHO $5 PP J 3KRHQLFLDQ ZDU JDOOH\ WR O DERYH 3KRHQLFLDQ OHWWHU % 5HY 3HUVLDQ NLQJ LQ FKDULRW O ZLWK GULYHU EHKLQG NLQJ RI 6LGRQ IROORZLQJ KROGLQJ VFHSWUH DQG YRWLYH YDVH (OD\L (OD\L -DPHVRQ WKHVH GLHV 5RXYLHU -,$1 WKHVH GLHV 5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH )URP D (XURSHDQ FROOHFWLRQ DQG SXUFKDVHG IURP 6RWKHE\ V LQ WKH ODWH V


$UDELD

'UDFKP 1RUWK $UDELDQ PLQW WK FHQWXU\ %& $5 PP J +HDG RI $WKHQD U ZHDULQJ D URXQG FDS ZLWK D FUHVW RI URXQG DQQXOHWV 5HY *LPHO " 6KLQ DQG 0HP LQ $UDPDLF FKDUDFWHUV 6FKHPDWLF UHSUHVHQWDWLRQ RI DQ RZO VWDQGLQJ O KHDG IDFLQJ 7KH ERG\ RI WKH ELUG LV FRPSRVHG RI GRWV DQG VWURNHV +XWK 4HGDU 1& SO ([WUHPHO\ UDUH RQO\ D IHZ VSHFLPHQV NQRZQ 'DUN WRQH DQG JRRG YHU\ ILQH ([ 1$& VDOH

.LQJV RI 3DUWKLD 0LWKUDGDWHV ,, ±

7HWUDGUDFKP 6HOHXFLD FLUFD $5 PP J 'LDGHPHG EXVW RI 0LWKUDGDWHV O 5HY ǺǹȈǿȁǼȍȈ ȂǼīǹȁȅȊ ǹȇȈǹȀȅȊ ǼȆǿĭǹȃȅȊȈ 3DUWKLDQ DUFKHU VHDWHG U RQ RPSKDORV KROGLQJ ERZ LQ H[HUJXH 79 6KRUH YDU SDOP RQ UHYHUVH 6HOOZRRG YDU SDOP RQ UHYHUVH 6XQULVH YDU SDOP RQ UHYHUVH 2OG FDELQHW WRQH DQG YHU\ ILQH

.LQJV RI %DFWULD $QWLPDFKXV ±

7HWUDGUDFKP 3XVKNDODYDWL $5 PP J 'UDSHG EXVW RI $QWLPDFKXV , U ZHDULQJ FDXVLD 5HY %$Ȉ,ȁ(ȍȈ Ĭ(2< $17,0$;2< 1HSWXQH VWDQGLQJ IDFLQJ KROGLQJ WULGHQW DQG SDOP EUDQFK LQ ORZHU U ILHOG PRQRJUDP 0LWFKLQHU F %RSHDUDFKFKL VpULH /LJKW LULGHVFHQW WRQH PLQRU DUHDV RI FRUURVLRQ RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH

$FKDHPHQLG .LQJV RI 3HUVLD

7LPH RI 'DULXV , 6LJORV 6DUGHV FLUFD $5 PP J 3HUVLDQ NLQJ RU KHUR ZHDULQJ NLGDULV DQG NDQG\V TXLYHU RYHU VKRXOGHU LQ NQHHOLQJ UXQQLQJ VWDQFH U GUDZLQJ ERZ 5HY ,QFXVH SXQFK &DUUDGLFH 6XQULVH 6FDUFH 2OG FDELQHW WRQH DQG YHU\ ILQH ([ . QNHU VDOH

7LPH RI ;HU[HV ,, WR $UWD[HU[HV ,, 6LJORV 6DUGHV FLUFD $5 PP J 3HUVLDQ NLQJ RU KHUR ZHDULQJ NLGDULV DQG NDQG\V TXLYHU RYHU VKRXOGHU LQ NQHHOLQJ UXQQLQJ VWDQFH U KROGLQJ VSHDU DQG ERZ 5HY ,QFXVH SXQFK &DUUDGLFH 6XQULVH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH


,QGLD .XVKDQ HPSLUH 9DVXGHYD ,, FLUFD ±

'LQDU *DQGPDUD FLUFD $9 PP J 9DVXGHYD VWDQGLQJ IDFLQJ KHDG O VDFULILFLQJ RYHU DOWDU DQG KROGLQJ VWDQGDUG LQ O ILHOG ILOOHWHG WULGHQW 5HY $UGR[VKR VHDWHG IDFLQJ KROGLQJ ILOOHWHG LQYHVWLWXUH JDUODQG DQG FRUQXFRSLD DERYH WDPJKD 0. 'RQXP %XUQV 5DUH ([WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

'LQDU *DQGPDUD FLUFD $9 PP J 9DVXGHYD VWDQGLQJ IDFLQJ KHDG O VDFULILFLQJ RYHU DOWDU DQG KROGLQJ VWDQGDUG LQ O ILHOG ILOOHWHG WULGHQW 5HY $UGR[VKR VHDWHG IDFLQJ KROGLQJ ILOOHWHG LQYHVWLWXUH JDUODQG DQG FRUQXFRSLD DERYH WDPJKD 0. 'RQXP %XUQV ([WUHPHO\ ILQH ([ +HULWDJH VDOH

'LQDU *DQGPDUD FLUFD $9 PP J 9DVXGHYD VWDQGLQJ IDFLQJ KHDG O VDFULILFLQJ RYHU DOWDU DQG KROGLQJ VWDQGDUG LQ O ILHOG ILOOHWHG WULGHQW 5HY $UGR[VKR VHDWHG IDFLQJ KROGLQJ ILOOHWHG LQYHVWLWXUH JDUODQG DQG FRUQXFRSLD DERYH WDPJKD 0. 'RQXP %XUQV ([WUHPHO\ ILQH ([ +HULWDJH VDOH

3WROHPDLF .LQJV RI (J\SW 3WROHP\ , 6RWHU DV VDWUDS ±

7HWUDGUDFKP LQ WKH QDPH RI $OH[DQGHU ,,, $OH[DQGULD FLUFD $5 PP J 'LDGHPHG KHDG RI $OH[DQGHU U ZHDULQJ HOHSKDQW¶V VNLQ KHDGGUHVV 5HY ǹȁǼȄǹȃǻȇȅ< $WKHQD 3URPDFKRV DGYDQFLQJ U EUDQGLVKLQJ VSHDU DQG KROGLQJ VKLHOG LQ U ILHOG PRQRJUDP KHOPHW DQG HDJOH 6YRURQRV DQG SO 9, 61* &RSHQKDJHQ &3( /LJKW WRQH DQG YHU\ ILQH ([ &1* 1XPLVPDWLF 5HYLHZ DQG 1$& VDOH )URP D (XURSHDQ FROOHFWLRQ

3WROHP\ , 6RWHU DV NLQJ ±

7HWUDGUDFKP $OH[DQGULD IURP $5 PP J 'LDGHPHG KHDG U ZHDULQJ DHJLV DURXQG QHFN EHKLQG HDU VPDOO >ǻ@ 5HY %$Ȉ,ȁǼȍȈ ± Ȇ72ȁ(0$,2< (DJOH VWDQGLQJ O RQ WKXQGHUEROW LQ O ILHOG 3 DERYH Ȇ$ LQ PRQRJUDP 6YRURQRV DQG SO ,; 61* &RSHQKDJHQ ± &3( 6XSHUE ROG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH


3WROHP\ ,, 3KLODGHOSKRV ±

2FWRGUDFKP $OH[DQGULD DIWHU $9 PP J $ǻ(ȁĭȍ1 -XJDWH EXVWV U RI 3WROHP\ ,, GUDSHG DQG GLDGHPHG DQG $UVLQRH ,, GLDGHPHG DQG YHLOHG EHKLQG VKLHOG 5HY Ĭ(ȍ1 -XJDWH EXVWV U RI 3WROHP\ , GUDSHG DQG GLDGHPHG DQG %HUHQLFH , GLDGHPHG DQG YHLOHG 6YRURQRV 61* &RSHQKDJHQ &3( 7ZR VXVSHQVLRQ ULQJV DQG WUDFHV RI PRXQWLQJ RWKHUZLVH YHU\ ILQH

,Q WKH QDPH RI $UVLQRH ,, 2FWRGUDFKP $OH[DQGULD FLUFD $9 PP J 'LDGHPHG DQG YHLOHG KHDG RI WKH GHLILHG $UVLQRH ,, U EHKLQG Ĭ 5HY ĭ,ȁ$ǻ(ȁĭ2< ± $3Ȉ,12+Ȉ 'RXEOH FRUQXFRSLDH ILOOHG ZLWK IUXLW DQG ERXQG ZLWK ILOOHWV 6YRURQRV DQG SO ;9 61* &RSHQKDJHQ &3( WKHVH GLHV $ERXW H[WUHPHO\ ILQH ([ &1* VDOH )URP D (XURSHDQ FROOHFWLRQ

3WROHP\ ,,, (XHUJHWHV ±

%URQ]H $OH[DQGULD FLUFD PP J 'LDGHPHG KHDG RI =HXV $PPRQ U 5HY %$Ȉ,ȁǼȍȈ ± Ȇ72ȁ(0$,2< (DJOH VWDQGLQJ O RQ WKXQGHUEROW ZLWK FORVHG ZLQJV EHWZHHQ LWV OHJV PRQRJUDP ,Q O ILHOG FRUQXFRSLD 6YRURQRV 61* &RSHQKDJHQ %URZQ WRQH DQG JRRG YHU\ ILQH

%URQ]H $OH[DQGULD FLUFD PP J 'LDGHPHG KHDG RI =HXV $PPRQ U 5HY %$Ȉ,ȁǼȍȈ ± Ȇ72ȁ(0$,2< (DJOH VWDQGLQJ O RQ WKXQGHUEROW ZLWK FORVHG ZLQJV EHWZHHQ LWV OHJV PRQRJUDP ,Q O ILHOG FRUQXFRSLD 6YRURQRV 61* &RSHQKDJHQ $WWUDFWLYH OLJKW EURZQ WRQH DQG DERXW H[WUHPHO\ ILQH

%URQ]H $OH[DQGULD FLUFD PP J 'LDGHPHG KHDG RI =HXV $PPRQ U 5HY %$Ȉ,ȁǼȍȈ ± Ȇ72ȁ(0$,2< (DJOH VWDQGLQJ O RQ WKXQGHUEROW ZLWK FORVHG ZLQJV EHWZHHQ LWV OHJV PRQRJUDP ,Q O ILHOG FRUQXFRSLD 6YRURQRV 61* &RSHQKDJHQ /RYHO\ FKRFRODWH EURZQ SDWLQD DQG DERXW H[WUHPHO\ ILQH


3WROHP\ 9, 3KLORPHWRU DQG &OHRSDWUD , ±

7HWUDGUDFKP &\SUXV FLUFD $5 PP J 'LDGHPHG EXVW U ZHDULQJ DHJLV 5HY Ȉȍ7+32Ȉ ± Ȇ72ȁ(0$,2< (DJOH VWDQGLQJ O ZLWK ZLQJV FORVHG RQ WKXQGHUEROW LQ O ILHOG PRQRJUDP 6YRURQRV 61* &RSHQKDJHQ 5DUH /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

%URQ]H 3DSKRV FLUFD PP J +HDG RI =HXV $PPRQ U 5HY ȀȁǼȅȆǹȉȇǹȈ ǺǹȈǿȁǿȈȈǾȈ (DJOH VWDQGLQJ O RQ WKXQGHUEROW KROGLQJ SDOP EUDQFK LQ U ILHOG .<Ȇ3 LQ PRQRJUDP 6YRURQRV 53& 3LQFRFN W\SH DQG SO , 5DUH *UHHQ SDWLQD DQG YHU\ ILQH

7HWUDGUDFKP $OH[DQGULD FLUFD $5 PP J 'LDGHPHG KHDG U 5HY >%$Ȉ,ȁǼȍȈ@ ± Ȇ72ȁ(0$,2< (DJOH VWDQGLQJ O RQ WKXQGHUEROW KROGLQJ SDOP EUDQFK LQ O ILHOG VWDU DERYH /$ DQG LQ U Ȇ$ 6YRURQRV 3WROHP\ ;,,, 61* &RSHQKDJHQ 9HU\ UDUH 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH

&OHRSDWUD 9,, DQG 3WROHP\ ;9 &DHVDULRQ ±

&\UHQDLFD %DUFH

7HWUDGUDFKP FLUFD $5 PP J %>$3.$@ 6LOSKLXP SODQW 5HY 6LOSKLXP IUXLW EHWZHHQ WZR GROSKLQV VZLPPLQJ DOO ZLWKLQ VKDOORZ LQFXVH VTXDUH 61* &RSHQKDJHQ &\UHQH %0& &\UHQH $V\XW WKLV FRLQ LOOXVWUDWHG 9HU\ UDUH /LJKW LULGHVFHQW WRQH VHYHUDO DUHDV RI ZHDNQHVV RWKHUZLVH YHU\ ILQH ([ 7ULWRQ 9, &1* DQG 7ULWRQ ;; VDOHV )URP WKH 1RUWKHUQ &DOLIRUQLD FROOHFWLRQ DQG IURP WKH $V\XW KRDUG

&\UHQH

6WDWHU PDJLVWUDWH 'DPRQDNWRV FLUFD $9 PP J 6ORZ TXDGULJD GULYHQ U E\ 1LNH KROGLQJ NHQWURQ DQG UHLQV DERYH .<3$1$,21 5HY =HXV $PPRQ VHDWHG O KROGLQJ 1LNH DQG VFHSWUH EHKLQG UDP ,Q U ILHOG ǻ$0ȍ1$.72Ȉ -DPHVRQ WKHVH GLHV 1DYLOOH WKHVH GLHV %0& WKHVH GLHV 9HU\ UDUH 0LQRU PDUNV RWKHUZLVH YHU\ ILQH ([ &1* VDOH )URP WKH $GDPV FROOHFWLRQ


7HWURERO FLUFD $9 PP J <RXWK RQ KRUVHEDFN O LQ U ILHOG VWDU 5HY .< ± 3$ 6LOSKLXP SODQW LQ O ILHOG PRQRJUDP 1DYLOOH WKHVH GLHV %0& G WKHVH GLHV 5DUH 6HYHUDO HGJH PDUNV DQG DQ XQREWUXVLYH PHWDO IODZ RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ 1RPRV VDOH

'LGUDFKP FLUFD $5 PP J +HDG RI $SROOR &DUQHLXV O 5HY .< ± 3$ 6LOSKLXP SODQW ZLWK IRXU OHDYHV WR O PRQRJUDP DQG WR U VWDU 61* &RSHQKDJHQ 61* /RFNHWW $ SRUWUDLW RI VXSHUE VW\OH DQG D ZRQGHUIXO ROG FDELQHW WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH 7KLV FRLQ LV VROG ZLWK D )UHQFK H[SRUW OLFHQFH

'LGUDFKP FLUFD $5 PP J +HDG RI $SROOR &DUQHLXV O 5HY .< ± 3$ 6LOSKLXP SODQW ZLWK IRXU OHDYHV WR O WULSRG DQG WR U PRQRJUDP %0& 61* &RSHQKDJHQ YDU 2I ORYHO\ VW\OH DQG ZLWK D OLJKW LULGHVFHQW WRQH *RRG YHU\ ILQH ([ 6.$ 0RQHWDULXP 6.$ $XFWLRQHV ;;9 DQG 1$& VDOHV

'LGUDFKP FLUFD $5 PP J +HDG RI $SROOR &DUQHLXV O 5HY .< ± 3$ 6LOSKLXP SODQW LQ O ILHOG PRQRJUDP DQG LQ U VWDU 0 OOHU 61* &RSHQKDJHQ 5DUH 9HU\ ILQH


$Q ,QWHUHVWLQJ &ROOHFWLRQ RI 5RPDQ 5HSXEOLFDQ %URQ]H &RLQV

8QLW 1HDSROLV DIWHU PP J )HPDOH KHDG U 5HY /LRQ ZDONLQJ U LQ H[HUJXH >52@0$12 6\GHQKDP 5%: &UDZIRUG D +LVWRULD 1XPRUXP ,WDO\ 5DUH *UHHQ SDWLQD DQG YHU\ ILQH

+DOI XQLW 1HDSROLV DIWHU PP J +HOPHWHG KHDG RI 0LQHUYD O 5HY %ULGOHG KRUVH V KHDG U LQ O ILHOG >5@20$12 XSZDUGV 6\GHQKDP 5%: &UDZIRUG D +LVWRULD 1XPRUXP ,WDO\ *UHHQ SDWLQD JHQWO\ EUXVKHG RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH ;9,,

+DOI XQLW 1HDSROLV DIWHU PP J 5>2@0$>12@ +HOPHWHG KHDG RI 0LQHUYD U LQ O ILHOG VWDU 5HY %ULGOHG KRUVH V KHDG O LQ O ILHOG >520@$12 6\GHQKDP 5%: ± &UDZIRUG J +LVWRULD 1XPRUXP ,WDO\ (QDPHO OLNH JUHHQ SDWLQD DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH YHU\ ILQH

+DOI XQLW 1HDSROLV DIWHU PP J 520$12 +HOPHWHG KHDG RI 0LQHUYD U EHKLQG VWDU 5HY %ULGOHG KRUVH V KHDG O LQ O ILHOG 520$12 6\GHQKDP 5%: ± &UDZIRUG J +LVWRULD 1XPRUXP ,WDO\ 'DUN JUHHQ SDWLQD DQG YHU\ ILQH

&DVW 8QFLD FLUFD PP J %DUOH\ JUDLQ SHOOHW WR O 5HY %DUOH\ JUDLQ SHOOHW WR U ,&& 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ *UH\LVK JUHHQ SDWLQD DQG DERXW YHU\ ILQH

6H[WDQV PLG UG FHQWXU\ %& PP J &OXE XSULJKW 5HY 7ZR SHOOHWV +DHEHUOLQ SO 6\GHQKDP $HV *UDYH 7KXUORZ 9HFFKL ,&& +LVWRULD 1XPRUXP ,WDO\ *UHHQ EURZQ SDWLQD D QLFN RQ REYHUVH RWKHUZLVH DERXW YHU\ ILQH

/LWUD FLUFD PP J +HOPHWHG KHDG RI EHDUGOHVV 0DUV U 5HY %ULGOHG KRUVH V KHDG U EHKLQG VLFNOH DQG EHQHDWK 520$ 6\GHQKDP 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ 3OHDVDQW GDUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ .QRSHN VDOH 6HSWHPEHU


%URQ]H FLUFD PP J /DXUHDWH KHDG RI $SROOR U 5HY %ULGOHG KRUVH SUDQFLQJ O EHORZ 520$ 6\GHQKDP 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ 'DUN JUHHQ SDWLQD LQVLJQLILFDQW PHWDO IODZ RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ &UHGLW 6XLVVH VDOH %HUQ

+DOI EURQ]H FLUFD PP J +HDG RI 5RPD U ZHDULQJ 3KU\JLDQ KHOPHW 5HY 'RJ U LQ H[HUJXH 520$ 6\GHQKDP 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ 6XSHUE OLJKW JUHHQ SDWLQD VRPHZKDW FKLSSHG RQ HGJH H[WUHPHO\ ILQH ([ 1$& VDOH

+DOI EURQ]H FLUFD PP J +HDG RI 5RPD U ZHDULQJ 3KU\JLDQ KHOPHW 5HY 'RJ U LQ H[HUJXH 520$ 6\GHQKDP 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ 'DUN JUHHQ SDWLQD ZHOO VWUXFN DQG DERXW H[WUHPHO\ ILQH ([ $HV 5XGH

%URQ]H FLUFD PP J +HOPHWHG KHDG RI EHDUGOHVV 0DUV U EHKLQG FOXE 5HY +RUVH JDOORSLQJ U DERYH FOXE DQG EHORZ 520$ 6\GHQKDP 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ :RQGHUIXO WRUTXRLVH JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ %RQKDP¶V 9HFFKL 6HSWHPEHU

6H[WDQV FLUFD PP J &RFNOH VKHOO VHHQ IURP DERYH EHORZ WZR SHOOHWV FOXE 5HY &RFNOH VKHOO VHHQ IURP LQVLGH EHORZ FOXE 6\GHQKDP 7KXUORZ 9HFFKL 5%: &UDZIRUG %URZQ JUHHQ SDWLQD DQG YHU\ ILQH


$V FLUFD PP J +HDG RI -DQXV 5HY 3URZ U DERYH PDUN RI YDOXH , $HV *UDYH 6\GHQKDP 7KXUORZ 9HFFKL ,&& 5%: ± &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ /RYHO\ OLJKW JUHHQ SDWLQD DQG H[WUHPHO\ ILQH ¶

6HPLV FLUFD PP J /DXUHDWH KHDG RI 6DWXUQ O EHORZ PDUN RI YDOXH 6 5HY 3URZ U DERYH PDUN RI YDOXH 6 $HV *UDYH 6\GHQKDP 7KXUORZ 9HFFKL 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ *UHHQ SDWLQD DQG JRRG YHU\ ILQH

7ULHQV FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD O EHORZ IRXU SHOOHWV 5HY 3URZ U EHORZ IRXU SHOOHWV 6\GHQKDP 7KXUORZ 9HFFKL 5%: &UDZIRUG D +LVWRULD 1XPRUXP ,WDO\ %URZQ JUHHQ SDWLQD DQG YHU\ ILQH

4XDGUDQV FLUFD PP J +HDG RI +HUFXOHV O ZHDULQJ OLRQ¶V VNLQ KHDGGUHVV EHKLQG WKUHH SHOOHWV 5HY 3URZ U EHORZ WKUHH SHOOHWV $HV *UDYH 6\GHQKDP 7KXUORZ 9HFFKL 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ *UHHQ SDWLQD DQG DERXW YHU\ ILQH

8QFLD FLUFD PP J +HOPHWHG KHDG RI 5RPD O EHKLQG SHOOHW 5HY 3URZ U EHORZ SHOOHW $HV *UDYH 6\GHQKDP 7KXUORZ 9HFFKL ,&& 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ %URZQ JUHHQ SDWLQD DQG ILQH


6H[WDQV FLUFD PP J +HDG RI 0HUFXU\ O EHORZ WZR SHOOHWV 5HY 3URZ O EHORZ WZR SHOOHWV $HV *UDYH 6\GHQKDP 7KXUORZ 9HFFKL 5%: ± &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ 9HU\ UDUH %URZQ JUHHQ SDWLQD DQG YHU\ ILQH

6H[WDQV FLUFD PP J +HDG RI 0HUFXU\ U DERYH WZR SHOOHWV 5HY 520$ 3URZ U WZR SHOOHWV EHORZ 6\GHQKDP 5%: &UDZIRUG 'DUN JUHHQ SDWLQD DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ SHWDVXV RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ *OHQGLQLQJ¶V $SULO DQG 6WHUQEHUJ 9,, VDOHV

8QFLD FLUFD PP J +HOPHWHG KHDG RI 5RPD O EHKLQG SHOOHW 5HY 520$ 3URZ U EHORZ SHOOHW 6\GHQKDP 5%: &UDZIRUG %URZQ JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH 9,,

6HPXQFLD FLUFD PP J +HDG RI 0HUFXU\ U ZHDULQJ ZLQJHG SHWDVXV 5HY 520$ 3URZ U 6\GHQKDP 5%: &UDZIRUG 'HOLJKWIXO JUHHQ SDWLQD VRPHZKDW EURNHQ RQ HGJH RWKHUZLVH H[WUHPHO\ ILQH ([ 1$& VDOH

6HPXQFLD FLUFD PP J +HDG RI 0HUFXU\ U ZHDULQJ ZLQJHG SHWDVXV 5HY 520$ 3URZ U 6\GHQKDP 5%: &UDZIRUG %URZQ WRQH DQG H[WUHPHO\ ILQH

6HPXQFLD FLUFD PP J +HDG RI 0HUFXU\ U ZHDULQJ ZLQJHG SHWDVXV 5HY 520$ 3URZ U 6\GHQKDP 5%: &UDZIRUG %URZQ JUHHQ SDWLQD DQG JRRG YHU\ ILQH


6HPXQFLD FLUFD PP J +HDG RI 0HUFXU\ U ZHDULQJ ZLQJHG SHWDVXV 5HY 520$ 3URZ U 6\GHQKDP 5%: &UDZIRUG /RYHO\ JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ 6WHUQEHUJ VDOH 9,,

6HPXQFLD FLUFD PP J +HDG RI 0HUFXU\ U ZHDULQJ ZLQJHG SHWDVXV 5HY 520$ 3URZ U 6\GHQKDP 5%: &UDZIRUG $ SRUWUDLW RI H[FHOOHQW VW\OH VWUXFN LQ KLJK UHOLHI 'DUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH

4XDUWXQFLD FLUFD PP J +HOPHWHG KHDG RI 5RPD U 5HY 520$ 3URZ U 6\GHQKDP 5%: &UDZIRUG /RYHO\ JUHHQ SDWLQD JHQWO\ VPRRWKHG RWKHUZLVH JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH 9,,

7ULHQV FLUFD PP J 'LDGHPHG IHPDOH KHDG U EHKLQG IRXU SHOOHWV 5HY +HUFXOHV ILJKWLQJ FHQWDXU KROGLQJ KLV KDLU LQ O KDQG DQG FOXE LQ U EHIRUH IRXU SHOOHWV %HORZ 520$ 6\GHQKDP 5%: &UDZIRUG 9HU\ UDUH %URZQ JUHHQ SDWLQD VRPHZKDW WRROHG RWKHUZLVH DERXW YHU\ ILQH ([ +LUVFK VDOH

4XDGUDQV FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ ERDU¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY %XOO FKDUJLQJ U DERYH WKUHH SHOOHWV DQG EHORZ VQDNH LQ H[HUJXH 520$ 6\GHQKDP 5%: &UDZIRUG 5DUH *UHHQ SDWLQD VRPHZKDW FKLSSHG RWKHUZLVH YHU\ ILQH ([ 1$& VDOH

6H[WDQV FLUFD PP J 6KH ZROI VXFNOLQJ WZLQV LQ H[HUJXH WZR SHOOHWV 5HY 520$ (DJOH VWDQGLQJ U KROGLQJ IORZHU LQ EHDN EHKLQG WZR SHOOHWV 6\GHQKDP 5%: &UDZIRUG ,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH XQGRXEWHGO\ DPRQJ WKH ILQHVW VSHFLPHQV NQRZQ 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D ZRQGHUIXO JUHHQ SDWLQD *RRG H[WUHPHO\ ILQH ¶ ([ 6RWKHE\¶V VDOH 'HFHPEHU


8QFLD FLUFD PP J 'UDSHG EXVW RI 6RO IDFLQJ LQ O ILHOG SHOOHW 5HY 3HOOHW EHWZHHQ WZR VWDUV RYHU FUHVFHQW EHORZ 520$ 6\GHQKDP 5%: &UDZIRUG 'DUN JUHHQ SDWLQD DQG DERXW YHU\ ILQH

6HPXQFLD FLUFD PP J 'UDSHG IHPDOH EXVW U ZHDULQJ WXUUHWHG FURZQ 5HY +RUVHPDQ JDOORSLQJ U KROGLQJ ZKLS DQG UHLQV EHORZ 520$ 6\GHQKDP 5%: &UDZIRUG :RQGHUIXO OLJKW JUHHQ SDWLQD DQG JRRG YHU\ ILQH

6HPXQFLD FLUFD PP J 'UDSHG IHPDOH EXVW U ZHDULQJ WXUUHWHG FURZQ 5HY +RUVHPDQ JDOORSLQJ U KROGLQJ ZKLS DQG UHLQV EHORZ 520$ 6\GHQKDP 5%: &UDZIRUG 6XSHUE JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH 9,,

$V FLUFD PP J /DXUHDWH KHDG RI EHDUGHG -DQXV 5HY 3URZ U DERYH PDUN RI YDOXH DQG EHORZ 520$ 5XVVR (VVD\ +HUVK DQG SO WKLV FRLQ LOOXVWUDWHG 5%: &UDZIRUG YDU 5DUH $ERXW YHU\ ILQH

6H[WDQV FLUFD PP J +HDG RI 0HUFXU\ U DERYH WZR SHOOHWV 5HY 520$ 3URZ U EHORZ WZR SHOOHWV 6\GHQKDP 5%: &UDZIRUG /RYHO\ EURZQ WRQH DQG JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH 9,,

6HPXQFLD FLUFD PP J +HDG RI 0HUFXU\ U 5HY 520$ 3URZ U 6\GHQKDP 5%: &UDZIRUG 9HU\ ILQH


4XDGUDQV 6LFLO\ FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ ERDU¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY %XOO FKDUJLQJ U DERYH FRUQ HDU DQG WKUHH SHOOHWV %HORZ VQDNH DQG LQ H[HUJXH 520$ 6\GHQKDP S QRWH 5%: &UDZIRUG 'DUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ $XFWLRQHV VDOH

4XDGUDQV 6LFLO\ FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ ERDU V VNLQ EHKLQG WKUHH SHOOHWV 5HY %XOO FKDUJLQJ U DERYH FRUQ HDU DQG WKUHH SHOOHWV %HORZ VQDNH DQG LQ H[HUJXH 520$ 6\GHQKDP S QRWH 5%: &UDZIRUG /RYHO\ OLJKW JUHHQ SDWLQD PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH

6H[WDQV 6LFLO\ FLUFD PP J +HDG RI 0HUFXU\ U ZHDULQJ ZLQJHG SHWDVXV DERYH WZR SHOOHWV 5HY 520$ 3URZ U DERYH FRUQ HDU DQG EHORZ WZR SHOOHWV 6\GHQKDP G 5%: &UDZIRUG /LJKW JUHHQ SDWLQD 7UDFHV RI RYHU VWULNLQJ RWKHUZLVH DERXW H[WUHPHO\ ILQH $WWUDFWLYH OLJKW JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 1$& VDOH

6H[WDQV 6LFLO\ FLUFD PP J +HDG RI 0HUFXU\ U ZHDULQJ ZLQJHG SHWDVXV DERYH WZR SHOOHWV 5HY 3URZ U DERYH FRUQ HDU DQG 520$ %HORZ WZR SHOOHWV 6\GHQKDP S QRWH 5%: &UDZIRUG 6WUXFN RQ D QDUURZ IODQ GDUN JUHHQ SDWLQD DQG H[WUHPHO\ ILQH ([ 1$& VDOH

6H[WDQV 6LFLO\ FLUFD PP J +HDG RI 0HUFXU\ U ZHDULQJ ZLQJHG SHWDVXV DERYH WZR SHOOHWV 5HY 3URZ U DERYH FRUQ HDU DQG 520$ %HORZ WZR SHOOHWV 6\GHQKDP S QRWH 5%: ± &UDZIRUG 6FDUFH *UHHQ SDWLQD DQG JRRG YHU\ ILQH ([ *LHVVHQHU 0 Q]KDQGOXQJ 'LHWHU *RUQ\ DQG 1$& VDOHV

8QFLD 6LFLO\ FLUFD PP J +HDG RI 5RPD U ZHDULQJ $WWLF KHOPHW EHKLQG >SHOOHW@ 5HY 520$ 3URZ U DERYH FRUQ HDU DQG EHORZ SHOOHW 5%: &UDZIRUG %URZQ WRQH DQG YHU\ ILQH

6HPXQFLD 6LFLO\ FLUFD PP J +HDG RI 0HUFXU\ U 5HY 520$ 3URZ U DERYH FRUQ HDU 6\GHQKDP YDU 5%: &UDZIRUG 'DUN JUHHQ SDWLQD PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH


6HPXQFLD /XFHULD FLUFD PP J +HDG RI 0HUFXU\ U 5HY 520$ 3URZ U EHORZ / $OO ZLWKLQ D OLQHDU FLUFOH 6\GHQKDP 5%: &UDZIRUG 6FDUFH 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D ZRQGHUIXO OLJKW JUHHQ SDWLQD ([WUHPHO\ ILQH ([ 6WDFN¶V VDOH 0D\ .QREORFK

6HPLV DIWHU PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 3URZ U DERYH 6 DQG EHORZ 520$ 6\GHQKDP D 5%: &UDZIRUG *UHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 1$& VDOH 3

6HPLV DIWHU PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 3URZ U DERYH 6 DQG EHORZ 520$ 6\GHQKDP D 5%: &UDZIRUG *UHHQ SDWLQD DQG YHU\ ILQH

4XDGUDQV 6DUGLQLD 6LFLO\ RU &DPSDQLD DIWHU PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ EHKLQG WKUHH SHOOHWV 5HY 520$ 3URZ U EHORZ WKUHH SHOOHWV 6\GHQKDP G 5%: &UDZIRUG *UHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH 9,,

6H[WDQV 6DUGLQLD 6LFLO\ RU &DPSDQLD DIWHU PP J +HDG RI 0HUFXU\ U DERYH WZR SHOOHWV 5HY 520$ 3URZ U EHORZ WZR SHOOHWV 6\GHQKDP G 5%: &UDZIRUG *UHHQ SDWLQD VRPHZKDW WRROHG RQ UHYHUVH DQG WUDFHV RI RYHUVWULNLQJ RWKHUZLVH JRRG YHU\ ILQH ([ 0XQ] =HQWUXP +RIIPDQQ DQG 2OGHQEXUJ 0D\ VDOHV

8QFLD DIWHU J +HDG RI 5RPD U ZHDULQJ $WWLF KHOPHW EHKLQG SHOOHW 5HY 520$ 3URZ U EHORZ SHOOHW 6\GHQKDP H 5%: &UDZIRUG 'DUN WRQH DQG JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH ;9,,,

6HPXQFLD DIWHU PP J +HDG RI 0HUFXU\ U 5HY 520$ 3URZ U 6\GHQKDP I 5%: &UDZIRUG %URZQ WRQH DQG H[WUHPHO\ ILQH ([ 6WHUQEHUJ VDOH ;9,,,


8QFLD &HQWUDO ,WDO\ FLUFD PP J +HOPHWHG KHDG RI 5RPD U EHKLQG SHOOHW 5HY 3URZ U DERYH DSH[ DQG KDPPHU %HIRUH SHOOHW DQG EHORZ 520$ 6\GHQKDP H 5%: &UDZIRUG ([WUHPHO\ UDUH %URZQ WRQH VXUIDFH VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH ([ 1$& VDOH

8QFLD &HQWUDO ,WDO\ FLUFD PP J +HOPHWHG KHDG RI 5RPD U EHKLQG SHOOHW 5HY 3URZ U DERYH FDGXFHXV DQG EHIRUH SHOOHW %HORZ 520$ 6\GHQKDP H 5%: &UDZIRUG ([WUHPHO\ UDUH $UHDV RI ZHDNQHVV RWKHUZLVH DERXW YHU\ ILQH

6HPLV &HQWUDO ,WDO\ FLUFD PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 3URZ U DERYH 9LFWRU\ ZLWK ZUHDWK DQG 6 %HORZ 520$ 6\GHQKDP D 5%: &UDZIRUG 6FDUFH 6WUXFN RQ D YHU\ ODUJH DQG KHDY\ IODQ GDUN JUHHQ SDWLQD DQG YHU\ ILQH ([ *LHVVHQHU 0 Q]KDQGOXQJ 'LHWHU *RUQ\ DQG 1$& 3 VDOHV

7ULHQV ´OLJKW VHULHV´ &HQWUDO ,WDO\ FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV 5HY 520$ 3URZ U DERYH 9LFWRU\ ZLWK ZUHDWK DQG EHORZ >IRXU SHOOHWV@ 6\GHQKDP E 5%: &UDZIRUG %URZQ WRQH DQG H[WUHPHO\ ILQH ([ 1$& VDOH

6H[WDQV OLJKW VHULHV &HQWUDO ,WDO\ FLUFD PP J +HDG RI 0HUFXU\ U DERYH WZR SHOOHWV 5HY 520$ 3URZ U DERYH 9LFWRU\ ZLWK ZUHDWK DQG EHORZ WZR SHOOHWV 6\GHQKDP G 5%: &UDZIRUG *UHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ 0 OOHU 6ROLQJHQ 6HSWHPEHU DQG 2OGHQEXUJ 0D\ VDOHV

4XDGUDQV 6LFLO\ FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ EHKLQG WKUHH SHOOHWV 5HY %XOO FKDUJLQJ U DERYH FRUQ HDU DQG WKUHH SHOOHWV EHORZ VQDNH DQG LQ H[HUJXH 520$ 6\GHQKDP ± +HUVK 1& 5%: &UDZIRUG /RYHO\ EURZQ WRQH DQG JRRG H[WUHPHO\ ILQH ([ /DQ] VDOH


8QRIILFLDO VHPLV DIWHU PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 3URZ U DERYH 6 EHIRUH GROSKLQ DQG EHORZ 520$ FI &UDZIRUG *UHHQ SDWLQD DQG YHU\ ILQH

4XDGUDQV 6RXWK (DVW ,WDO\ PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 3URZ U DERYH 520$ ,Q ILHOG U 520$ LQ PRQRJUDP DQG EHORZ WKUHH SHOOHWV 6\GHQKDP E 5%: &UDZIRUG 6FDUFH 6WUXFN RQ D YHU\ EURDG IODQ EURZQ WRQH DQG JRRG YHU\ ILQH ([ $VWDUWH DQG 1$& VDOHV

4XDGUDQV 6RXWK (DVW ,WDO\ FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ EHKLQG WKUHH SHOOHWV 5HY 520$ 3URZ U EHIRUH 4 DQG EHORZ WKUHH SHOOHWV 6\GHQKDP E 5%: &UDZIRUG $ 5DUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH /RYHO\ OLJKW JUHHQ SDWLQD DQG H[WUHPHO\ ILQH ([ 6FKXOWHQ VDOH $SULO

4XDGUDQV 6DUGLQLD %& PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 520$ 3URZ U EHIRUH VSHDUKHDG XSULJKW DQG EHORZ WKUHH SHOOHWV 6DQWLQL SO ;;;9 6\GHQKDP ± 5%: &UDZIRUG ± 5 5XVVR (VVD\V +HUVK VHFRQG VSHDUKHDG JURXS QRZ FRQVLGHUHG RI 6DUGLQLDQ RULJLQ FI 0F&DEH LQ 3URF ,1& ([WUHPHO\ UDUH /LJKW JUHHQ SDWLQD DQG DERXW YHU\ ILQH

7ULHQV /XFHULD FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV DQG EHORZ / 5HY 520$ 3URZ U >EHIRUH /@ DQG EHORZ IRXU SHOOHWV 6\GHQKDP ± 5%: &UDZIRUG 5DUH :RQGHUIXO JUHHQ SDWLQD PLQRU PDUNV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 6WDFN¶V VDOH 0D\ .QREORFN )URP WKH /RFNHWW FROOHFWLRQ

$V &DQXVLXP " FLUFD PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH VHW KRUL]RQWDOO\ DQG EHORZ QHFN WUXQFDWLRQ >&$@ 5HY 3URZ U DERYH PDUN RI YDOXH YHUWLFDO EHIRUH >&$@ DQG EHORZ 520$ 6\GHQKDP D 5%: &UDZIRUG E 5DUH $ERXW YHU\ ILQH


8QFLD &HQWUDO ,WDO\ FLUFD PP J +HOPHWHG KHDG RI 5RPD U EHKLQG SHOOHW 5HY 520$ 3URZ U DERYH VWDII DQG EHORZ SHOOHW 6\GHQKDP ± 5%: &UDZIRUG 9HU\ UDUH *UHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 1$& VDOH

7ULHQV FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV 5HY 3URZ U DERYH GRJ %HIRUH >IRXU SHOOHWV@ DQG EHORZ 520$ 6\GHQKDP E 5%: &UDZIRUG 5DUH *UHHQ SDWLQD DQG JRRG YHU\ ILQH ([ $VWD GHO 7LWDQR VDOH -XO\

/ $[LXV 1DVR %URQ]H 3DQRUPXV FLUFD PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY 1$ 62 ZLWKLQ ZUHDWK 61* $16 &DOFLDWL %URZQ WRQH DQG YHU\ ILQH ([ 0 Q] =HQWUXP VDOH ;;;

$V FLUFD PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY 3URZ U DERYH OHJLRQDU\ HDJOH ZLWK VSUHDG ZLQJV SHUFKHG RQ OHJLRQDU\ VWDQGDUG EHVLGH ZKLFK ODXUHO ZUHDWK %HIRUH PDUN RI YDOXH DQG EHORZ >520$@ 6\GHQKDP D 5%: &UDZIRUG D 5DUH %URZQ WRQH DQG YHU\ ILQH ([ 1$& VDOH 3

/ )XULXV 3KLOXV 7ULHQV PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV 5HY 3URZ U DERYH 9LFWRU\ ZLWK ZUHDWK /)3 OLJDWH %HIRUH IRXU SHOOHWV DQG EHORZ 520$ %DEHORQ )XULD 6\GHQKDP E 5%: &UDZIRUG 9HU\ UDUH *UHHQ SDWLQD DQG DERXW YHU\ ILQH ([ &1* VDOH

/ 0DPLOLXV 4XDGUDQV FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 3URZ U DERYH 8O\VVHV KROGLQJ VWDII LQ O KDQG %HIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ 0DPLOLD ± 6\GHQKDP ± 5%: &UDZIRUG E 9HU\ UDUH $ERXW YHU\ ILQH ([ -HDQ (OVHQ -XQH DQG 1$& 4 VDOHV


& 6D[ 7ULHQV FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV 5HY 3URZ U DERYH &ā6$; OLJDWH DQG EHIRUH IRXU SHOOHWV %HORZ 520$ %DEHORQ &ORYLD 6\GHQKDP E 5%: &UDZIRUG 6FDUFH %URZQ WRQH YHU\ ILQH JRRG YHU\ ILQH ([ 1$& DQG 1$& 3 VDOHV

& 6D[ 4XDGUDQV FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ EHKLQG >WKUHH SHOOHWV@ 5HY 3URZ U DERYH &ā6$; OLJDWH DQG EHIRUH WKUHH SHOOHWV %HORZ 520$ %DEHORQ &ORYLD 6\GHQKDP F 5%: &UDZIRUG 'DUN SDWLQD DQG YHU\ ILQH ([ 1$& DQG 1$& 4 VDOHV

$ &DHFLOLXV 6HPLV FLUFD PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 3URZ U DERYH $ā&$( OLJDWH DQG EHIRUH 6 %HORZ 520$ %DEHORQ &DHFLOD 6\GHQKDP D 5%: &UDZIRUG 9HU\ UDUH *UHHQ SDWLQD DQG YHU\ ILQH ([ 1$& VDOH 3

$ &DHFLOLXV 4XDGUDQV FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 3URZ U DERYH $ā&$( OLJDWH DQG EHIRUH WKUHH SHOOHWV %HORZ 520$ %DEHORQ &DHFLOLD 6\GHQKDP F 5%: &UDZIRUG 6FDUFH *UHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 1$& VDOH 3

$V FLUFD PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY 3URZ U DERYH EXWWHUIO\ RQ YLQH EUDQFK DQG EHIRUH PDUN RI YDOXH %HORZ 520$ 6\GHQKDP 5%: &UDZIRUG D 'DUN JUHHQ SDWLQD DQG YHU\ ILQH

4XDGUDQV FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 3URZ U DERYH EXWWHUIO\ RQ YLQH EUDQFK DQG EHIRUH WKUHH SHOOHWV %HORZ 520$ 6\GHQKDP F 5%: &UDZIRUG 5DUH 2EYHUVH VOLJKWO\ RII FHQWUH DQG OLJKW WUDFHV RI RYHUVWULNLQJ RWKHUZLVH JRRG YHU\ ILQH ([ 1$& VDOH /

7HUHQWLXV 9DUR 7ULHQV FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV 5HY 3URZ U DERYH 9$52 DQG EHIRUH IRXU SHOOHWV %HORZ 520$ %DEHORQ 7HUHQWLD 6\GHQKDP E 5%: &UDZIRUG 9HU\ UDUH 'DUN EURZQ WRQH DQG JRRG YHU\ ILQH ([ -HDQ (OVHQ VDOH -XQH


/ /LFLQLXV 0XUHQD $V FLUFD PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY 3URZ U DERYH 095(1$ DQG EHIRUH PDUN RI YDOXH %HORZ 520$ %DEHORQ /LFLQLD 6\GHQKDP 5%: &UDZIRUG 2OLYH JUHHQ SDWLQD DQG YHU\ ILQH ([ +LUVFK VDOH

3 &RUQHOLXV 3 I %ODVLR 7ULHQV FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH >IRXU SHOOHWV@ 5HY 3URZ U DERYH 3 %/$6 DQG EHIRUH IRXU SHOOHWV %HORZ >520$@ %DEHORQ &RUQHOLD 6\GHQKDP E 5%: &UDZIRUG 5DUH *UHHQ SDWLQD YHU\ ILQH DERXW YHU\ ILQH ([ 1$& VDOH 4

4 2SLPLXV 6H[WDQV FLUFD PP J %XVW RI 0HUFXU\ U DERYH WZR SHOOHWV 5HY 3URZ U DERYH 23(, DQG EHIRUH WZR SHOOHWV %HORZ 520$ %DEHORQ 2SHLPLD 6\GHQKDP G 5%: &UDZIRUG ([FHHGLQJO\ UDUH %URZQ WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ 1$& VDOH

& 3DSLULXV 7XUGXV $V FLUFD PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY 3URZ U DERYH 795' DQG EHIRUH PDUN RI YDOXH %HORZ 520$ %DEHORQ 3DSLULD 6\GHQKDP 5%: &UDZIRUG 8VXDO DUHDV RI ZHDNQHVV RWKHUZLVH H[WUHPHO\ ILQH

7ULHQV 6SDLQ FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV 5HY >520$@ 3URZ U EHIRUH GRODEHOOD DQG EHORZ IRXU SHOOHWV 6\GHQKDP ± 5%: &UDZIRUG ± 5 5XVVR (VVD\V +HUVK SO ([WUHPHO\ UDUH *UHHQ SDWLQD DQG DERXW YHU\ ILQH

6HPLV FLUFD PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 3URZ U DERYH DVV DQG EHIRUH 6 %HORZ 520$ 6\GHQKDP D 5%: &UDZIRUG 6FDUFH *UHHQ SDWLQD DQG DERXW YHU\ ILQH ([ 1$& VDOH 4


7ULHQV FLUFD PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH >IRXU SHOOHWV@ 5HY 520$ 3URZ U EHIRUH HLJKW UD\HG VWDU DQG EHORZ IRXU SHOOHWV 6\GHQKDP E 5%: &UDZIRUG 6FKDHIHU DQG 0F&DEH LQ 1& PDNH D FOHDU FDVH IRU UHDOORFDWLQJ WKLV WULHQV WR WKH &UDZIRUG VHULHV 5DUH *UHHQ SDWLQD ZLWK VRPH PLQRU HQFUXVWDWLRQV RWKHUZLVH YHU\ ILQH

4XDGUDQV FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 520$ 3URZ U EHIRUH HLJKW UD\HG VWDU DQG EHORZ WKUHH SHOOHWV 6\GHQKDP F 5%: ± &UDZIRUG 6FKDHIHU DQG 0F&DEH LQ 1& PDNH D FOHDU FDVH IRU UHDOORFDWLQJ WKLV TXDGUDQV WR WKH &UDZIRUG VHULHV ([WUHPHO\ UDUH *UHHQ SDWLQD DQG DERXW YHU\ ILQH 7KLV LV DQ H[WUHPHO\ UDUH H[DPSOH RI WKH RIILFLDO TXDGUDQV VHULHV ZLWK VWDU EHIRUH SURZ ZKLFK FRPHV LQ D VW\OH DNLQ WR &UDZIRUG KLJKHU GHQRPLQDWLRQV DQG ZHLJKV DERYH JUDPV

6H[ $WLOLXV 6DUDQXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 3URZ U DERYH 6$5 DQG EHIRUH WKUHH SHOOHWV %HORZ 520$ 6\GHQKDP F 5%: &UDZIRUG 5DUH 'DUN WRQH DQG DERXW YHU\ ILQH ([ 1$& VDOH 4

4 0DUFLXV /LER 7ULHQV PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV 5HY 4ā0$5& 3URZ U EHIRUH >/,%2@ DQG EHORZ 520$ %DEHORQ 0DUFLD 6\GHQKDP G 5%: &UDZIRUG 6FDUFH %URZQ WRQH DQG JRRG YHU\ ILQH ([ 1$& VDOH 5

4 0DUFLXV /LER 8QFLD PP J +HOPHWHG KHDG RI 5RPD U EHKLQG SHOOHW 5HY 4ā0$5& 3URZ U EHIRUH >/,%2@ DQG EHORZ 520$ %DEHORQ 0DUFLD 6\GHQKDP J 5%: &UDZIRUG ([WUHPHO\ UDUH %URZQ WRQH DQG DERXW YHU\ ILQH

& 7HUHQWLXV /XFDQXV 7ULHQV PP J +HOPHWHG KHDG RI 0LQHUYD U DERYH IRXU SHOOHWV 5HY &ā7(5ā/9& 3URZ U DERYH 9LFWRU\ IO\LQJ U FURZQLQJ SURZ VWHP %HIRUH IRXU SHOOHWV DQG EHORZ >520$@ %DEHORQ 7HUHQWLD 6\GHQKDP E 5%: &UDZIRUG 9HU\ UDUH %URZQ WRQH DQG DERXW YHU\ ILQH YHU\ ILQH ([ 1$& DQG 1$& 3 VDOHV

6H[ 3RPSHLXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ KHDGGUHVV EHKLQG >MXJ@ DQG DERYH >WKUHH SHOOHWV@ 5HY 3URZ U DERYH MXJ 6(; 320 %HIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ 3RPSHLD 6\GHQKDP D 5%: &UDZIRUG 9HU\ UDUH %URZQ WRQH DQG YHU\ ILQH )LQH ([ 1$& VDOH 5


& 6HUYLOLXV 0 I 7ULHQV PP J +HOPHWHG KHDG RI 0LQHUYD U EHKLQG IRXU SHOOHWV DQG EHORZ >520$@ 5HY 3URZ U DERYH GHFN PDVW ZLWK SHQGDQW DQG ZUHDWK DQG EHORZ &ā6(59(,/,ā,ā0ā ) %DEHORQ 6HUYLOLD 6\GHQKDP 5%: &UDZIRUG ([WUHPHO\ UDUH DQG DPRQJ WKH ILQHVW VSHFLPHQV NQRZQ 'DUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ $XFWLRQHV VDOH

& &XUDWLXV 7ULJHPLQXV 8QRIILFLDO LVVXH 6HPLV DIWHU PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY & &95 ) 3URZ U EHIRUH 6 DQG EHORZ 520$ %DEHORQ &XULDWLD 6\GHQKDP 5%: VHH QRWH E\ 5 5XVVR &UDZIRUG E %URZQ WRQH DQG H[WUHPHO\ ILQH ([ $HV 5XGH &KLDVVR 1RYHPEHU DQG 6WHUQEHUJ 9,,, VDOHV

& &XUDWLXV 7ULJHPLQXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ EHKLQG WKUHH SHOOHWV 5HY &ā&95ā) 3URZ U RQ GHFN 9LFWRU\ ZLWK ZUHDWK EHIRUH WKUHH SHOOHWV %HORZ 520$ %DEHORQ &XUDWLD 6\GHQKDP E 5%: &UDZIRUG D 8QXVXDOO\ ZHOO VWUXFN IRU WKH LVVXH /RYHO\ JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ $HV 5XGH &KLDVVR 1RYHPEHU DQG 6WHUQEHUJ 9,,, VDOHV

/ 7UHEDQLXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY / 75(%$1, 3URZ U EHIRUH WKUHH SHOOHWV DQG LQ H[HUJXH 520$ %DEHORQ 7UHEDQLD 6\GHQKDP E 5%: &UDZIRUG :RQGHUIXO EURZQ UHGGLVK WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 6WHUQEHUJ VDOH 9,,


/ 7UHEDQLXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY / 75(%$1, 3URZ U EHIRUH WKUHH SHOOHWV DQG LQ H[HUJXH 520$ %DEHORQ 7UHEDQLD 6\GHQKDP E 5%: &UDZIRUG 'HOLJKWIXO JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 1$& DQG 1$& VDOHV

/ 7UHEDQLXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY / 75(%$1, 3URZ U EHIRUH WKUHH SHOOHWV DQG LQ H[HUJXH >520$@ %DEHORQ 7UHEDQLD 6\GHQKDP E 5%: &UDZIRUG %URZQ WRQH DQG JRRG YHU\ ILQH ([ 1$& VDOH 5

& $EXULXV *HP 7ULHQV PP J +HOPHWHG KHDG RI 0LQHUYD U EHKLQG IRXU SHOOHWV 5HY >&ā$%9@5, *(0 3URZ U EHIRUH IRXU SHOOHWV DQG EHORZ 520$ %DEHORQ $EXULD 6\GHQKDP 5%: &UDZIRUG 9HU\ UDUH /RYHO\ EURZQ JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ $HV 5XGH &KLDVVR 1RYHPEHU DQG 6WHUQEHUJ 9,, VDOHV

0 0DUFLXV 0Q ) 4XDGUDQV FLUFD PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 3URZ U DERYH 0 0$5&, 0) ,Q ILHOG U WKUHH SHOOHWV DQG LQ H[HUJXH 520$ %DEHORQ 0DUFLD 6\GHQKDP D 5%: &UDZIRUG /RYHO\ JUHHQ SDWLQD *RRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 2FWREHU DQG 1$& VDOHV

& 1XPLWRULXV & I /HP 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ KHDGGUHVV EHKLQG WKUHH SHOOHWV 5HY &ā190,725, 3URZ U EHIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ 1XPLWRULD 6 \GHQKDP E 5%: &UDZIRUG D %URZQ WRQH DQG YHU\ ILQH ([ 6FKXOPDQ VDOH

3 0DHQLXV 0 I $QWLDV RU $QWLDWLFXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ KHDGGUHVV EHKLQG WKUHH SHOOHWV 5HY 3ā0$(ā$17ā0) 3URZ U EHIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ 0DHQLD 6\GHQKDP D 5%: &UDZIRUG %URZQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ $HV 5XGH &KLDVVR 1RYHPEHU DQG 6WHUQEHUJ 9,,, VDOHV


3 0DHQLXV 0 I $QWLDV RU $QWLDWLFXV 8QRIILFLDO 4XDGUDQV DIWHU PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ KHDGGUHVV EHKLQG >WKUHH SHOOHWV@ 5HY 3ā0$(ā$17ā0) 3URZ U EHIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ 0DHQLD 6\GHQKDP D 5%: &UDZIRUG %URZQ WRQH DQG YHU\ ILQH ([ 1$& VDOH 3

3 0DHQLXV 0 I $QWLDV RU $QWLDWLFXV 8QFLD PP J +HOPHWHG KHDG RI 5RPD U EHKLQG SHOOHW DQG EHORZ >520$@ 5HY 3ā0$(ā$17 3URZ U EHIRUH SHOOHW DQG EHORZ 520$ %DEHORQ 0DHQLD 6\GHQKDP E 5%: &UDZIRUG 9HU\ UDUH *UHHQ SDWLQD DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 1$& VDOH

0 $EXUL 0 I *HP 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ KHDGGUHVV EHKLQG WKUHH SHOOHWV DQG EHORZ QHFN WUXQFDWLRQ FOXE 5HY 0ā$%95, 0) *(0 3URZ U EHIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ $EXULD 6\GHQKDP 5%: &UDZIRUG 8QXVXDOO\ ZHOO VWUXFN IRU WKH LVVXH %URZQ WRQH DQG JRRG YHU\ ILQH ([ $HV 5XGH &KLDVVR 1RYHPEHU DQG 6WHUQEHUJ VDOH 9,,,

0 )DEULQXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ KHDGGUHVV EHKLQG WKUHH SHOOHWV 5HY 0ā)$%5, 1, 3URZ U EHIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ )DEULQLD 6\GHQKDP E 5%: &UDZIRUG /RYHO\ EURZQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ $HV 5XGH &KLDVVR 1RYHPEHU DQG 6WHUQEHUJ 9,,, VDOHV


0 )DEULQXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ KHDGGUHVV EHKLQG WKUHH SHOOHWV 5HY 0ā)$%5, 1, 3URZ U EHIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ )DEULQLD 6\GHQKDP E 5%: &UDZIRUG *UHHQ SDWLQD DQG YHU\ ILQH ([ 1$& VDOH 3

4 &DHFLOLXV 0HWHOOXV 6HPLV PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 4ā07( OLJDWH 3URZ U EHIRUH 6 DQG EHORZ 520$ %DEHORQ &DHFLOLD 6\GHQKDP 5%: &UDZIRUG D ,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH DQG DPRQJ WKH ILQHVW VSHFLPHQV NQRZQ /RYHO\ EURZQ WRQH DQ XQREWUXVLYH EURZQ WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ¶ ([ $HV 5XGH &KLDVVR 1RYHPEHU DQG 6WHUQEHUJ 9,,, VDOHV

0 9DUJXQWHLXV 6HPLV PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 0ā9$5* 3URZ U EHIRUH 6 DQG EHORZ 520$ %DEHORQ 9DUJXQWHLD 6\GHQKDP 5%: &UDZIRUG %URZQ WRQH DQG YHU\ ILQH ([ 1$& VDOH 3

0 9DUJXQWHLXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ EHKLQG WKUHH SHOOHWV 5HY 0ā9$5* 3URZ U EHIRUH IRXU SHOOHWV DQG EHORZ 520$ %DEHORQ 9DUJXQWHLD 6\GHQKDP E 5%: &UDZIRUG *UHHQ SDWLQD DQG JRRG YHU\ ILQH

&Q 'RPLWLXV &DOYLQXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ EHKLQG WKUHH SHOOHWV 5HY &1ā'20( 3URZ U EHIRUH WKUHH SHOOHWV DQG EHORZ 520$ %DEHORQ 'RPLWLD 6\GHQKDP F 5%: &UDZIRUG :RQGHUIXO JUHHQ SDWLQD DQG H[FHSWLRQDOO\ ZHOO VWUXFN DQG FHQWUHG RQ D IXOO IODQ *RRG H[WUHPHO\ ILQH ([ $HV 5XGH &KLDVVR 1RYHPEHU DQG 6WHUQEHUJ 9,,, VDOHV


/ &DHFLOLXV 0HWHOOXV 6H[WDQV PP J +HDG RI 0HUFXU\ U FDGXFHXV RYHU VKRXOGHU EHKLQG WZR SHOOHWV 5HY 3URZ U DERYH HOHSKDQW¶V KHDG U DQG EHIRUH WZR SHOOHWV %HORZ 520$ %DEHORQ &DHFLOLD 6\GHQKDP F 5%: ± &UDZIRUG 2I WKH KLJKHVW UDULW\ /RYHO\ JUHHQ SDWLQD DQG YHU\ ILQH

0 &DHFLOLXV 4 I 4 Q 0HWHOOXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ KHDGGUHVV EHKLQG WKUHH SHOOHWV 5HY 3URZ U LQVFULEHG 0ā0(7(//96 DERYH 0DFHGRQLDQ VKLHOG DQG EHIRUH WKUHH SHOOHWV %HORZ 520$ %DEHORQ &DHFLOLD 6\GHQKDP E 5%: ± &UDZIRUG D ([FHSWLRQDOO\ ZHOO VWUXFN DQG ZLWK D VXSHUE GDUN WRQH ([WUHPHO\ ILQH ([ 6WHUQEHUJ VDOH 9,,

0 &DHFLOLXV 4 I 4 Q 0HWHOOXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ KHDGGUHVV EHKLQG WKUHH SHOOHWV 5HY 3URZ U LQVFULEHG 0ā0(7(//96 DERYH 0DFHGRQLDQ VKLHOG DQG EHIRUH WKUHH SHOOHWV %HORZ >520$@ %DEHORQ &DHFLOLD 6\GHQKDP E 5%: &UDZIRUG D /LJKW JUHHQ SDWLQD DQG YHU\ ILQH

/ 0HPPLXV *DOHULD $V FLUFD PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY /ā0(00, 3URZ U ZLWK KHDG RI 9HQXV GHFRUDWLQJ DFURVWROLXP EHIRUH &XSLG SODFLQJ ZUHDWK RQ LWV WRS DQG EHORZ >520$@ %DEHORQ 0HPPLD 6\GHQKDP 5%: &UDZIRUG 9HU\ UDUH $ERXW YHU\ ILQH ([ 1$& VDOH 5

/ 3RPSRQLXV 0ROR 6HPLV " PP J /DXUHDWH KHDG RI 6DWXUQ U EHIRUH 6 5HY 3URZ U DERYH /3ā320 DQG EHIRUH 6 %HORZ >520$@ %DEHORQ 3RPSRQLD 6\GHQKDP D 5%: &UDZIRUG E %URZQ WRQH YHU\ ILQH $ERXW YHU\ ILQH ([ 1$& VDOH 4


' ,XQLXV 6LODQXV / I $V PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY 'ā6,/$196ā /ā) 3URZ U %DEHORQ -XQLD 6\GHQKDP 5%: &UDZIRUG 2OLYH JUHHQ SDWLQD DQG DERXW YHU\ ILQH

/ 3 ' $ 3 6HPLV FLUFD PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY / 3 ' $ 3 3URZ U 6\GHQKDP D 5%: &UDZIRUG 6FDUFH *UHHQ SDWLQD DQG YHU\ ILQH ([ 1$& VDOH 4

/ 3 ' $ 3 6HPLV FLUFD PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY / 3 ' $ 3 3URZ U 6\GHQKDP D 5%: &UDZIRUG 6FDUFH *UHHQ SDWLQD DQG YHU\ ILQH ([ 1$& VDOH 3

$QRQ\PRXV $V FLUFD PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY 520$ 3URZ U 6\GHQKDP 5%: &UDZIRUG D 5DUH DQG LQ XQXVXDOO\ ILQH FRQGLWLRQ IRU WKH LVVXH 0LQRU DUHD RI ZHDNQHVV DQG SRURVLW\ RQ WKH HGJH RWKHUZLVH DERXW H[WUHPHO\ ILQH

/ &DOSXUQLXV 3LVR / I / Q )UXJL $V PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY /ā3,62 3URZ U RQ ZKLFK VWDQGV 9LFWRU\ LQ H[HUJXH )59*, %DEHORQ &DOSXUQLD 6\GHQKDP 5%: &UDZIRUG /RYHO\ EURZQ WRQH ZHDNO\ VWUXFN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 1$& VDOH


/ &DOSXUQLXV 3LVR / I / Q )UXJL $V PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY /ā3,62 3URZ U RQ ZKLFK VWDQGV 9LFWRU\ LQ H[HUJXH )59*, %DEHORQ &DOSXUQLD 6\GHQKDP 5%: &UDZIRUG 'DUN WRQH DQG JRRG YHU\ ILQH ([ 1$& VDOH 5

/ &DOSXUQLXV 3LVR / I / Q )UXJL $V PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY /ā3,62 3URZ U RQ ZKLFK VWDQGV 9LFWRU\ LQ H[HUJXH )59*, %DEHORQ &DOSXUQLD 6\GHQKDP 5%: &UDZIRUG %URZQ WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH YHU\ ILQH ([ 1$& VDOH 4

4 7LWLXV $V PP J /DXUHDWH KHDG RI -DQXV 5HY 4ā7,7, 3URZ U %DEHORQ 7LWLD 6\GHQKDP 5%: &UDZIRUG D 'DUN WRQH DQG JRRG YHU\ ILQH ([ 6WHUQEHUJ VDOH 9,,

4 7LWLXV $V PP J /DXUHDWH KHDG RI -DQXV 5HY 4ā7,7, 3URZ U DERYH FUHVFHQW %DEHORQ 7LWLD 6\GHQKDP E 5%: ± &UDZIRUG G 6FDUFH YDULHW\ %URZQ WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 1$& VDOH 4

& 9LELXV & I 3DQVD $V PP J /DXUHDWH KHDG RI -DQXV 5HY 520$ 7KUHH SURZV U DQG LQ H[HUJXH &ā9,%,ā3$ %DEHORQ 9LELD 6\GHQKDP 5%: &UDZIRUG E %URZQ UHGGLVK WRQH DQG JRRG YHU\ ILQH

/ 7LWXUL / I 6DELQXV $V PP J /DXUHDWH KHDG RI -DQXV 5HY /ā7,795, / ) 3URZ U EHIRUH PDUN RI YDOXH DQG LQ H[HUJXH 6$%,196 %DEHORQ 7LWXULD 6\GHQKDP F 5%: ± &UDZIRUG E 'DUN WRQH PLQRU PHWDO IODZV RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ .QRSHN VDOH 6HSWHPEHU

& 0DUFLXV &HQVRULQXV $V PP J 190$ 3203,/, ± $1&96 0$5&, -XJDWH KHDGV U RI 1XPD 3RPSLOLXV EHDUGHG DQG $QFXV 0DUFLXV EHDUGOHVV 5HY &ā&(162 520$ 7ZR VKLSV FURVVLQJ EHKLQG VSLUDO FROXPQ RQ ZKLFK VWDQGV VWDWXH RI 9LFWRU\ %DEHORQ 0DUFLD 6\GHQKDP 5%: &UDZIRUG D %URZQ WRQH DQG JRRG YHU\ ILQH YHU\ ILQH ([ 6WDFN¶V VDOH 0D\ .QREORFK


*DU 2JXO 9HU $V PP J /DXUHDWH KHDG RI -DQXV DERYH PDUN RI YDOXH 5HY 2*9/ *$5 9(>5@ 3URZ O EHIRUH ZUHDWK %DEHORQ 2JXOQLD *DUJLOLD DQG 9HUJLOLD 6\GHQKDP E 5%: &UDZIRUG $ F 6FDUFH /RYHO\ JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ 6WHUQEHUJ VDOH 9,,

$QRQ\PRXV 6HPLV PP J /DXUHDWH KHDG RI 6DWXUQ U EHKLQG 6 5HY 520$ 3URZ O EHIRUH 6 6\GHQKDP $ 5%: &UDZIRUG % *UHHQ SDWLQD DQG YHU\ ILQH ([ 1$& VDOH 4

$QRQ\PRXV 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ 5HY 520$ 3URZ O EHIRUH WKUHH SHOOHWV 6\GHQKDP 5%: &UDZIRUG % G %URZQ WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

,PLWDWLYH LVVXH 4XDGUDQV PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ 5HY 520$ *DOOH\ U EHIRUH WKUHH SHOOHWV FI &UDZIRUG % G ([WUHPHO\ UDUH /RYHO\ JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ 6WHUQEHUJ VDOH 9,,


/ )DEULFLXV 3DWHOOLXV $V &DUWKDJR 1RYD PP J 7DEOHW LQVFULEHG / )$%5,& 5HY 3 $7(/>/,8@ FRLOHG VQDNH &DOLFy ([WUHPHO\ UDUH %URZQ WRQH DQG YHU\ ILQH ([ 1)$ VDOH ;,

& ,XOLXV &DHVDU DQG & &ORYLXV %URQ]H HQG HDUO\ PP J &$(6$5 ',&ā7(5 'UDSHG EXVW RI 9LFWRU\ U 5HY &ā&/29, ± 35$() 0LQHUYD VWDQGLQJ O KROGLQJ WURSK\ VSHDU DQG VKLHOG GHFRUDWHG ZLWK JRUJRQHLRQ DW KHU IHHW VQDNH %DEHORQ -XOLD DQG &ORYLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 53& 5%: &UDZIRUG D 6WUXFN RQ D YHU\ EURDG IODQ DQG FRPSOHWH %URZQ SDWLQD VRPHZKDW WRROHG DQG KROHG DQG SOXJJHG EHORZ FKLQ RWKHUZLVH JRRG YHU\ ILQH ([ .|OQHU 0 Q]NDELQHWW

& ,XOLXV &DHVDU DQG & &ORYLXV %URQ]H HQG HDUO\ PP J &$(6$5 ',&ā7(5 'UDSHG EXVW RI 9LFWRU\ U EHKLQG VWDU 5HY &ā&/29, ± 35$() 0LQHUYD VWDQGLQJ O KROGLQJ WURSK\ VSHDU DQG VKLHOG GHFRUDWHG ZLWK JRUJRQHLRQ DW KHU IHHW VQDNH %DEHORQ -XOLD DQG &ORYLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 53& 5%: &UDZIRUG E 6WUXFN RQ D QDUURZ IODQ EURZQ WRQH DQG YHU\ ILQH

6H[WXV 3RPSHLXV 0DJQXV 3LXV $V 6LFLO\ FLUFD PP J 0$*1 /DXUHDWH -DQLIRUP KHDG RI 3RPSHLXV WKH *UHDW 5HY 3,96 3URZ U EHORZ ,03 %DEHORQ 3RPSHLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG /RYHO\ JUHHQ SDWLQD DQG JRRG YHU\ ILQH

/ /LFLQLXV &UDVVXV %URQ]H &UHWH FLUFD PP J &URGRGLOH U 5HY &5$6 3URZ U 6YRURQRV 1XPLVPDWLTXH 53& 'DUN WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 0XQ] =HQWUXP +RIIPDQQ DQG /HX VDOHV


7KH 5RPDQ 5HSXEOLF

7KH PLQW LV 5RPD XQOHVV RWKHUZLVH VWDWHG

'LGUDFKP 1HDSROLV " DIWHU $5 PP J +HDG RI +HUFXOHV U KDLU ERXQG ZLWK ULEERQ ZLWK FOXE DQG OLRQ V VNLQ RYHU VKRXOGHU 5HY 6KH ZROI U VXFNOLQJ WZLQV LQ H[HUJXH 520$12 6\GHQKDP 61* /RFNHWW 5%: &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ /LJKW LULGHVFHQW WRQH DQ XQREWUXVLYH PHWDO IODZ RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶

4XDGULJDWXV FLUFD $5 PP J /DXUHDWH -DQLIRUP KHDG RI 'LRVFXUL 5HY -XSLWHU KROGLQJ VFHSWUH DQG KXUOLQJ WKXQGHUEROW LQ IDVW TXDGULJD GULYHQ U E\ 9LFWRU\ EHORZ 520$ LQFXVH RQ UDLVHG WDEOHW 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG DQG SO ,, +LVWRULD 1XPRUXP ,WDO\ /RYHO\ ROG FDELQHW WRQH DQG YHU\ ILQH ([ 1$& VDOH 5%: SDUW , 3ULYDWHO\ SXUFKDVHG IURP %DOGZLQV LQ -XO\

4XDGULJDWXV FLUFD $5 PP J /DXUHDWH -DQLIRUP KHDG RI 'LRVFXUL 5HY -XSLWHU KROGLQJ VFHSWUH DQG KXUOLQJ WKXQGHUEROW LQ IDVW TXDGULJD GULYHQ U E\ 9LFWRU\ EHORZ 520$ LQFXVH RQ UDLVHG WDEOHW 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ 'DUN WRQH GLH EUHDN RQ REYHUVH EHORZ FKLQ RWKHUZLVH H[WUHPHO\ ILQH ([ 1$& VDOH 5%: SDUW , 3ULYDWHO\ SXUFKDVHG IURP + .UHLQGOHU LQ -XO\

4XDGULJDWXV FLUFD $5 PP J /DXUHDWH -DQLIRUP KHDG RI 'LRVFXUL EHORZ GRW 5HY -XSLWHU KXUOLQJ WKXQGHUEROW DQG KROGLQJ VFHSWUH LQ TXDGULJD GULYHQ U E\ 9LFWRU\ LQ H[HUJXH 520$ VHPL LQFXVH RQ UDLVHG WDEOHW 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG DQG SO ,9 +LVWRULD 1XPRUXP ,WDO\ /LJKW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 1$& VDOH 5%: SDUW , 3ULYDWHO\ SXUFKDVHG IURP )UHHPDQ 6HDU LQ $XJXVW


4XDGULJDWXV FLUFD $5 PP J /DXUHDWH -DQLIRUP KHDG RI 'LRVFXUL EHORZ GRW 5HY -XSLWHU KXUOLQJ WKXQGHUEROW DQG KROGLQJ VFHSWUH LQ TXDGULJD GULYHQ U E\ 9LFWRU\ LQ H[HUJXH 520$ VHPL LQFXVH RQ UDLVHG WDEOHW 6\GHQKDP 5%: &UDZIRUG DQG SO ,9 +LVWRULD 1XPRUXP ,WDO\ $ YHU\ LQWHUHVWLQJ DQG XQXVXDO VW\OH OLJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

6HPLV FLUFD PP J /DXUHDWH KHDG RI 6DWXUQ O EHORZ PDUN RI YDOXH 6 5HY 3URZ U DERYH PDUN RI YDOXH 6 $HV *UDYH 6\GHQKDP 7KXUORZ 9HFFKL &UDZIRUG +LVWRULD 1XPRUXP ,WDO\ *RRG YHU\ ILQH

'HQDULXV FLUFD $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 7KH 'LRVFXUL JDOORSLQJ U LQ H[HUJXH 520$ LQ OLQHDU IUDPH 6\GHQKDP ± 5%: WKLV FRLQ &UDZIRUG FI 9HU\ UDUH $Q DOPRVW LQYLVLEOH IODQ FUDFN DW HLJKW R¶FORFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ . QNHU DQG 1$& 5%: SDUW , VDOHV

4XLQDULXV FLUFD $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 9 5HY 7KH 'LRVFXUL JDOORSLQJ U LQ H[HUJXH 520$ LQ OLQHDU IUDPH 6\GHQKDP 5%: &UDZIRUG $Q DWWUDFWLYH SRUWUDLW RI ILQH VW\OH :RQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ . QNHU VDOH

4XLQDULXV FLUFD $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 9 5HY 7KH 'LRVFXUL JDOORSLQJ U LQ H[HUJXH 520$ LQ OLQHDU IUDPH 6\GHQKDP 5%: &UDZIRUG DQG SO ,; 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D ZRQGHUIXO LULGHVFHQW WRQH $ KDLUOLQH IODQ FUDFN DW ILYH R¶FORFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

'HQDULXV FLUFD $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ DQFKRU ,Q H[HUJXH 520$ LQ SDUWLDO WDEOHW 6\GHQKDP 5%: &UDZIRUG 9HU\ UDUH 6HYHUDO FOHDQLQJ PDUNV RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ 1$& DQG 1$& 6WXGHQW DQG KLV 0HQWRU SDUW ,, VDOHV


'HQDULXV DIWHU $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ 520$ LQ OLQHDU IUDPH 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ +LUVFK DQG 1$& 5%: SDUW , VDOHV

'HQDULXV &HQWUDO ,WDO\ FLUFD $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ FDGXFHXV DQG 5RPD LQ OLQHDU IUDPH 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG D 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D OLJKW LULGHVFHQW WRQH *RRG YHU\ ILQH ([ 1$& $ DQG 1$& 5%: SDUW , VDOHV

9LFWRULDWXV 6LFLO\ FLUFD $5 PP J /DXUHDWH KHDG RI -XSLWHU U 5HY 9LFWRU\ U FURZQLQJ WURSK\ LQ H[HUJXH 520$ 6\GHQKDP 5%: &UDZIRUG 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D ORYHO\ ROG FDELQHW WRQH ([WUHPHO\ ILQH ([ &1* VDOH )URP WKH 7RQ\ +DUG\ FROOHFWLRQ

'HQDULXV VHUUDWXV 6LFLO\ " FLUFD $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ VL[ VSRNHG ZKHHO ,Q H[HUJXH 520$ 6\GHQKDP 5%: ± &UDZIRUG 0LQRU PDUNV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH

'HQDULXV 6LFLO\ " FLUFD $5 J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ 520$ LQ OLQHDU IUDPH 6\GHQKDP ± 5%: WKLV FRLQ &UDZIRUG E /LJKW LULGHVFHQW WRQH ,QVLJQLILFDQW PHWDO IODZ RQ HGJH DW QLQH R¶FORFN RQ REYHUVH DQG KDLUOLQH IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH ([ +LUVFK VDOH DQG 1$& 5%: SDUW , VDOHV 3ULYDWHO\ SXUFKDVHG IURP 5 6FKDHIHU LQ 'HFHPEHU

'HQDULXV 6RXWK (DVW ,WDO\ FLUFD $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ VSHDUKHDG VHW KRUL]RQWDOO\ WR U LQ H[HUJXH 520$ 6\GHQKDP 5%: &UDZIRUG E $WWUDFWLYH ROG FDELQHW WRQH D PLQRU IODQ FUDFN DW WZHOYH R¶FORFN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH


9LFWRULDWXV XQFHUWDLQ PLQW FLUFD $5 PP J /DXUHDWH KHDG RI -XSLWHU U 5HY 9LFWRU\ U FURZQLQJ WURSK\ LQ H[HUJXH 520$ FI 6\GHQKDP 5%: ± &UDZIRUG E 9HU\ UDUH 'DUN WRQH DQG JRRG YHU\ ILQH

'HFLPLXV )ODYXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 9LFWRU\ LQ ELJD SUDQFLQJ U DERYH FUHVFHQW EHORZ )/$96 DQG 520$ LQ SDUWLDO WDEOHW %DEHORQ 'HFLPLD 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG 0LQRU WUDFHV RI RYHUVWULNLQJ RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ .|OQHU 0 Q]NDELQHWW DQG 1$& 5%: SDUW , VDOHV

& ,XQLXV & I 3ODWHG GHQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ KRUVHV &ā,91,ā&ā) DQG 520$ LQ SDUWLDO WDEOHW %DEHORQ -XQLD 6\GHQKDP 5%: &UDZIRUG 'DUN WRQH D PHWDO IODZ DW RQH R¶FORFN RQ UHYHUVH ZKLFK H[SRVHV WKH EURQ]H FRUH RWKHUZLVH JRRG YHU\ ILQH

0 ,XQLXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG DVV V KHDG DQG EHORZ FKLQ ; 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ 0ā,91, ,Q H[HUJXH 520$ %DEHORQ -XQLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

7 9HWXULXV 3ODWHG GHQDULXV $5 PP J 7, ā9(7 OLJDWH +HOPHWHG DQG GUDSHG EXVW RI 0DUV U EHKLQG QHFN ; 5HY 2DWK WDNLQJ VFHQH \RXWK NQHHOLQJ O EHWZHHQ WZR ZDUULRUV SRLQWLQJ ZLWK WKHLU VZRUGV WR D SLJ ZKLFK KH KROGV $ERYH 520$ %DEHORQ 9HWXULD 6\GHQKDP 5%: &UDZIRUG /RYHO\ LULGHVFHQW WRQH FOHDQLQJ PDUNV RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH

&Q /XFUHWLXV 7ULR 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ ; DQG EHKLQG 75,2 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ &1ā/9&5 ,Q H[HUJXH 520$ %DEHORQ /XFUHWLD 6\GHQKDP 5%: &UDZIRUG D 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ %HUWRODPL )LQH $UWV VDOH


&Q /XFUHWLXV 7ULR 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ ; DQG EHKLQG 75,2 5HY 7KH 'LRVFXUL JDOORSLQJ U EHORZ &1ā/9&5 ,Q H[HUJXH 520$ %DEHORQ /XFUHWLD 6\GHQKDP 5%: &UDZIRUG D /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ &1* DQG 0DQKDWWDQ , VDOHV )URP WKH $ /\QQ FROOHFWLRQ

& 6HUYHLOLXV 0 I 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ZUHDWK DQG PDUN RI YDOXH %HORZ 520$ 5HY 7KH 'LRVFXUL JDOORSLQJ DSDUW ZLWK VSHDUV UHYHUWHG LQ H[HUJXH &ā6(59(,/,ā0ā) %DEHORQ 6HUYLOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

& 6HUYHLOLXV 0 I 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ZUHDWK DQG PDUN RI YDOXH %HORZ 520$ 5HY 7KH 'LRVFXUL JDOORSLQJ DSDUW ZLWK VSHDUV UHYHUWHG LQ H[HUJXH &ā6(59(,/,ā0ā) %DEHORQ 6HUYLOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

& 0LQXFLXV $XJXULQXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ ; DQG EHKLQG 520$ 5HY &ā$ ± 9* ,RQLF FROXPQ VXUPRXQWHG E\ VWDWXH KROGLQJ VWDII LQ U KDQG RQ HLWKHU VLGH WRJDWH ILJXUH DQG HDU RI EDUOH\ VHW RQ IRUHSDUW RI OLRQ %DEHORQ 0LQXFLD 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG 2OG FDELQHW WRQH PLQRU PDUNV RQ REYHUVH DQG DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH ([ 6.$ 0RQHWDULXP OLVW DQG 1$& 5%: SDUW , VDOHV

0 0DUFLXV 0Q I 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG PRGLXV DQG EHORZ FKLQ 5HY 9LFWRU\ LQ ELJD U KROGLQJ UHLQV DQG ZKLS EHORZ 0 ± 0$5 ± &, 52 ± 0$ GLYLGHG E\ WZR HDUV RI FRUQ %DEHORQ 0DUFLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH

3 0DHQLXV 0 I $QWLDV RU $QWLDWLFXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 5HY 9LFWRU\ LQ SUDQFLQJ TXDGULJD U EHORZ 3ā0$( $17 ,Q H[HUJXH 520$ %DEHORQ 0DHQLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ *LHVVHQHU 0 Q]KDQGOXQJ 'LHWHU *RUQ\ VDOH


0 $EXULXV 0 I *HP 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ DQG EHKLQG *(0 5HY 6RO LQ TXDGULJD U KROGLQJ ZKLS DQG UHLQV EHORZ 0ā$%95, ,Q H[HUJXH 520$ %DEHORQ $EXULD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ 1$& VDOH

/ 3RVWXPLXV $OELQXV 'HQDULXV $5 PP J K +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ DQG EHKLQG DSH[ 5HY 0DUV LQ TXDGULJD U KROGLQJ VSHDU VKLHOG DQG UHLQV LQ O KDQG DQG WURSK\ LQ U EHORZ /ā3267ā$/% ,Q H[HUJXH 520$ %DEHORQ 3RVWXPLD 6\GHQKDP 5%: &UDZIRUG /RYHO\ LULGHVFHQW WRQH DQ LQVLJQLILFDQW PHWDO IODZ RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ 7LWDQR VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

/ 3RVWXPLXV $OELQXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ DQG EHKLQG DSH[ 5HY 0DUV LQ TXDGULJD U KROGLQJ VSHDU VKLHOG DQG UHLQV LQ O KDQG DQG WURSK\ LQ U EHORZ /ā3267ā$/% ,Q H[HUJXH 520$ %DEHORQ 3RVWXPLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

4 &DHFLOLXV 0HWHOOXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ DQG EHKLQG 4ā0(7( 5HY -XSLWHU LQ VORZ TXDGULJD U KROGLQJ WKXQGHUEROW DQG EUDQFK ,Q H[HUJXH 520$ %DEHORQ &DHFLOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH PLQRU WUDFHV RI GRXEOH VWULNLQJ RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ ,UD /DUU\ *ROGEHUJ VDOH

4 0DUFLXV 3KLOLSSXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U ZLWK VWDU RQ QHFN JXDUG EHKLQG 5HY +RUVHPDQ JDOORSLQJ U ZHDULQJ FUHVWHG KHOPHW KROGLQJ VSHDU LQ U KDQG EHORZ KRUVHV 4ā3,/,396 ,Q O ILHOG KHOPHW ZLWK JRDW V KRUQV DQG LQ H[HUJXH 520$ %DEHORQ 0DUFLD 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG 6XSHUE ROG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ -RH /LQ]DORQH 0D\ DQG 1$& 5%: SDUW , VDOHV


7 &ORHOLXV 'HQDULXV $5 PP J +HOPHWHG RI 5RPD U EHKLQG ZUHDWK DQG EHORZ 520$ 5HY 9LFWRU\ LQ SUDQFLQJ ELJD U EHORZ KRUVHV VWDON RI FRUQ DQG LQ H[HUJXH 7ā&/29/, %DEHORQ &ORXOLD 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 1$& VDOH 5%: SDUW , 3ULYDWHO\ SXUFKDVHG IURP 0 0 LQ 'HFHPEHU

&Q 'RPLWLXV &DOYLQXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ DQG EHKLQG VWDON RI FRUQ 5HY 9LFWRU\ LQ SUDQFLQJ ELJD U DERYH 520$ %HORZ KRUVHV PDQ ILJKWLQJ OLRQ ZLWK VSHDU LQ H[HUJXH &1ā'20 %DEHORQ 'RPLWLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 1$& DQG 1$& VDOHV

$QRQ\PRXV VHULHV ZLWK HOHSKDQW V KHDG 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 5HY *RGGHVV LQ ELJD U KROGLQJ VFHSWUH DQG UHLQV LQ O KDQG DQG EUDQFK LQ U EHORZ KRUVHV HOHSKDQW V KHDG ZLWK EHOO DWWDFKHG 520$ %DEHORQ &DHFLOLD 6\GHQKDP 5%: &UDZIRUG /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

0 0HWHOOXV 4 I 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 520$ GRZQZDUGV EHORZ FKLQ 5HY 0 0(7(//,96 4 ) DURXQG 0DFHGRQLDQ VKLHOG GHFRUDWHG ZLWK HOHSKDQW¶V KHDG $OO ZLWKLQ ODXUHO ZUHDWK %DEHORQ &DHFLOLD 6\GHQKDP D 5%: ± &UDZIRUG E 2OG FDELQHW WRQH PLQRU R[LGDWLRQV RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ . QNHU VDOH

1 )DELXV 3LFWRU 'HQDULXV $5 PP J K +HOPHWHG KHDG RI 5RPD U EHKLQG %HORZ $ ± 1 5HY 1ā)$%, ± 3,&725 4 )DELXV 3LFWRU ZHDULQJ FXLUDVV DQG KHOPHW VHDWHG O RQ FKDLU KROGLQJ DSH[ DQG VSHDU EHVLGH VKLHOG LQVFULEHG 49,5,1 $ERYH $ DQG EHORZ 520$ %DEHORQ )DELD 6\GHQKDP 5%: ± &UDZIRUG $Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ ZLWK FRQWURO PDUN ´$´ RQ UHYHUVH XSVLGH GRZQ /RYHO\ ROG FDELQHW WRQH DQG YHU\ ILQH ([ -HVXV 9LFR VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\ 7KLV LV WKH ILUVW VHULHV ZLWK FRQWURO PDUNV DSSOLHG WR ERWK VLGHV RI FRLQV LQ WKH IRUP RI OHWWHUV RI WKH /DWLQ DOSKDEHW &UDZIRUG SXEOLVKHG D SDSHU µ1 )$%, 3,&725¶ 1& SS RQ WKLV VHULHV LGHQWLI\LQJ REY DQG UHY OHWWHUV /HWWHU * RQ ERWK WKH UHYHUVH DQG REYHUVH KDV DSSHDUHG VLQFH WKHQ $OO OHWWHUV EXW 7 DUH NQRZQ RQ WKH UHYHUVH VKRZLQJ DQ XQXVXDOO\ KLJK FRQVXPSWLRQ RI UHYHUVH GLHV FRPSDUHG WR REYHUVHV 7KH UHYHUVH GLH RI WKLV FRLQ SXEOLVKHG LQ ´3 'HEHUQDUGL µ6RPH 8QOLVWHG 9DULHWLHV DQG 5DUH 'LHV LQ 5RPDQ 5HSXEOLFDQ &RLQDJH¶ 1& SS ´ LV XQLTXH DQG UHSUHVHQWV WKH ODVW GLH RI WKH VHULHV XVLQJ DQ XSVLGH GRZQ OHWWHU $


& &DHFLOLXV 0HWHOOXV &DSUDULXV 'HQDULXV $5 PP J +HDG RI 5RPD U ZHDULQJ 3KU\JLDQ KHOPHW EHORZ FKLQ > @ DQG EHKLQG 520$ 5HY -XSLWHU FURZQHG E\ 9LFWRU\ LQ ELJD RI HOHSKDQWV O KROGLQJ WKXQGHUEROW LQ O KDQG DQG UHLQV LQ U LQ H[HUJXH &ā0(7(//96 %DEHORQ &DHFLOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

& &DHFLOLXV 0HWHOOXV &DSUDULXV 'HQDULXV $5 PP J +HDG RI 5RPD U ZHDULQJ 3KU\JLDQ KHOPHW EHORZ FKLQ DQG EHKLQG 520$ 5HY -XSLWHU FURZQHG E\ 9LFWRU\ LQ ELJD RI HOHSKDQWV O KROGLQJ WKXQGHUEROW LQ O KDQG DQG UHLQV LQ U LQ H[HUJXH &ā0(7(//96 %DEHORQ &DHFLOLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 1$& VDOH

0 3RUFLXV /DHFD %URFNDJH GHQDULXV $5 PP J /$(&$ +HOPHWHG KHDG RI 5RPD U EHORZ FKLQ 5HY 6DPH W\SH LQFXVH )RU W\SH FI %DEHORQ 3RUFLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

0Q $FLOLXV %DOEXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG %$/%96 EHORZ 520$ DQG EHIRUH $OO ZLWKLQ ODXUHO ZUHDWK 5HY -XSLWHU KROGLQJ VSHDU DQG WKXQGHUEROW LQ SUDQFLQJ TXDGULJD GULYHQ U E\ 9LFWRU\ EHORZ KRUVHV VKLHOG DQG LQ H[HUJXH 01ā$&,/, %DEHORQ $FLOLD 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ 1$& VDOH 5%: SDUW , 3ULYDWHO\ SXUFKDVHG IURP 1$& LQ $XJXVW

0Q $FLOLXV %DOEXV 'HQDULXV $5 PP J K +HOPHWHG KHDG RI 5RPD U EHKLQG %$/%96 EHORZ 520$ DQG EHIRUH $OO ZLWKLQ ODXUHO ZUHDWK 5HY -XSLWHU KROGLQJ VSHDU DQG WKXQGHUEROW LQ SUDQFLQJ TXDGULJD GULYHQ U E\ 9LFWRU\ EHORZ KRUVHV VKLHOG DQG LQ H[HUJXH 01ā$&,/, %DEHORQ $FLOLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH DQG YHU\ ILQH ([ -HVXV 9LFR VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

0 )XULXV / I 3KLOXV 'HQDULXV $5 PP J 0ā)295,ā/ā) /DXUHDWH KHDG RI -DQXV 5HY 5RPD VWDQGLQJ O ZHDULQJ &RULQWKLDQ KHOPHW DQG KROGLQJ VFHSWUH FURZQLQJ WURSK\ IODQNHG E\ D FDUQ\[ DQG VKLHOG RQ HDFK VLGH DERYH KHU KHDG VWDU 7R U 520$ DQG LQ H[HUJXH 3+/, %DEHORQ )XULD 6\GHQKDP 5%: &UDZIRUG :RQGHUIXO LULGHVFHQW WRQH VWUXFN RQ D YHU\ ODUJH IODQ DQG DERXW H[WUHPHO\ ILQH

0 6HUJLXV 6LOXV 'HQDULXV RU $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 520$ DQG EHIRUH (;ā6ā& 5HY +RUVHPDQ O KROGLQJ VZRUG DQG D VHYHUHG KHDG LQ O KDQG EHORZ KRUVH 4 0ā6(5*, DQG LQ H[HUJXH 6,/96 %DEHORQ 6HUJLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ /DQ] DQG . QNHU VDOHV


$QRQ\PRXV LVVXHV 'HQDULXV FLUFD $5 PP J +HDG RI 5RPD U ZHDULQJ ZLQJHG &RULQWKLDQ KHOPHW EHKLQG ; DQG EHORZ 520$ 5HY 5RPD VHDWHG U RQ SLOH RI VKLHOGV KROGLQJ VSHDU LQ O KDQG DW KHU IHHW KHOPHW DQG EHIRUH VKH ZROI VXFNOLQJ WZLQV 2Q HLWKHU VLGH ELUG IO\LQJ 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

$QRQ\PRXV LVVXHV 'HQDULXV FLUFD $5 PP J K +HDG RI 5RPD U ZHDULQJ ZLQJHG &RULQWKLDQ KHOPHW EHKLQG ; DQG EHORZ 520$ 5HY 5RPD VHDWHG U RQ SLOH RI VKLHOGV KROGLQJ VSHDU LQ O KDQG DW KHU IHHW KHOPHW DQG EHIRUH VKH ZROI VXFNOLQJ WZLQV 2Q HLWKHU VLGH ELUG IO\LQJ 6\GHQKDP 5%: &UDZIRUG $ SRUWUDLW RI ILQH VW\OH DQG D SOHDVDQW ROG FDELQHW WRQH 0LQRU DUHDV RI SRURVLW\ RWKHUZLVH DERXW H[WUHPHO\ ILQH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

0 &LSLXV 0 I 'HQDULXV RU $5 PP J 0ā&,3,ā0ā) +HOPHWHG KHDG RI 5RPD U EHKLQG ; 5HY 9LFWRU\ LQ SUDQFLQJ ELJD U KROGLQJ UHLQV DQG SDOP EUDQFK WLHG ZLWK ILOOHW EHORZ KRUVHV UXGGHU ,Q H[HUJXH 520$ %DEHORQ &LSLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ . QNHU VDOH

& )RQWHLXV 'HQDULXV RU $5 PP J /DXUHDWH -DQLIRUP KHDG RI 'LRVFXUL RQ RQH VLGH ' DQG RQ WKH RWKHU 5HY *DOOH\ O DERYH &ā)217 %HORZ 520$ %DEHORQ )RQWHLD 6\GHQKDP 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

7 'LGLXV 'HQDULXV RU $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 520$ LQ PRQRJUDP %HORZ QHFN WUXQFDWLRQ 5HY )LJKW EHWZHHQ WZR JODGLDWRUV LQ H[HUJXH 7ā'(,', %DEHORQ 'LGLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH D JUDIILWR RQ REYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH ([ . QNHU VDOH


7 4XLQFWLXV 'HQDULXV RU $5 PP J %XVW RI +HUFXOHV VHHQ IURP EHKLQG KHDG O FOXE DERYH U VKRXOGHU 5HY 'HVXOWRU WR O EHKLQG 7 DQG SHOOHW %HORZ KRUVHV >7,@ ± 4 RQ VLGHV RI UDW O LQ H[HUJXH 'ā6ā6 LQFXVH RQ WDEOHW %DEHORQ 4XLQFWLD 6\GHQKDP 5%: ± &UDZIRUG D 2OG FDELQHW WRQH D PHWDO IODZ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ . QNHU VDOH

/ &DHVLXV 'HQDULXV RU $5 PP J %XVW RI $SROOR O VHHQ IURP EHKLQG KROGLQJ WKXQGHUEROW LQ XSUDLVHG U KDQG LQ U ILHOG 520$ LQ PRQRJUDP 5HY /DUHV 3UDHVWLWHV VHDWHG U HDFK KROGLQJ VWDII LQ O KDQG EHWZHHQ WKHP GRJ DQG DERYH EXVW RI 9XOFDQ ZLWK WRQJV RYHU VKRXOGHU ,Q ILHOG OHWWHUV DQG LQ H[HUJXH /ā&$(6, %DEHORQ &DHVLD 6\GHQKDP 5%: &UDZIRUG $ERXW H[WUHPHO\ ILQH

/ 0HPPLXV 'HQDULXV RU $5 PP J 0DOH KHDG U ZHDULQJ RDN ZUHDWK EHORZ FKLQ 5HY 7KH 'LRVFXUL VWDQGLQJ IDFLQJ EHWZHHQ WKHLU KRUVHV HDFK KROGLQJ VSHDU ,Q H[HUJXH /ā0(00, %DEHORQ 0HPPLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG SHUIHFWO\ FHQWUHG DQG FRPSOHWH 2EYHUVH IURP D VOLJKWO\ UXVW\ GLH DQG DQ XQREWUXVLYH DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH

/ 9DOHULXV )ODFFR 'HQDULXV RU $5 PP J 'UDSHG EXVW RI 9LFWRU\ U EHORZ FKLQ 5HY / 9$/(5, )/$&&, 0DUV ZDONLQJ O KROGLQJ VSHDU DQG WURSK\ RYHU O VKRXOGHU EHIRUH DSH[ DQG EHKLQG FRUQ HDU %DEHORQ 9DOHULD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ . QNHU VDOH

0Q )RQWHLXV 'HQDULXV $5 PP J -XJDWH DQG ODXUHDWH KHDGV RI WKH 'LRVFXUL U DERYH WZR VWDUV DQG EHORZ FKLQ 5HY *DOOH\ U DERYH 01ā)217(, %HORZ & %DEHORQ )RQWHLD 6\GHQKDP 5%: ± &UDZIRUG E 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK WZR SRUWUDLWV RI ILQH VW\OH /RYHO\ ROG FDELQHW WRQH PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH ([ 1$& DQG 1$& VDOHV

0 +HUHQQLXV 'HQDULXV RU $5 PP J 3,(7$6 'LDGHPHG KHDG RI 3LHWDV U EHIRUH >FRQWURO PDUN@ 5HY 0ā+(5(11, 2QH RI WKH &DWDQHDQ EURWKHUV UXQQLQJ U FDUU\LQJ KLV IDWKHU RQ KLV VKRXOGHU %DEHORQ +HUHQQLD 6\GHQKDP 5%: ± &UDZIRUG D :RQGHUIXO ROG FDELQHW WRQH PLQRU DQG XQREWUXVLYH DUHDV RI ZHDNQHVV RWKHUZLVH JRRG H[WUHPHO\ ILQH


0 +HUHQQLXV 'HQDULXV RU $5 PP J 3,(7$6 'LDGHPHG KHDG RI 3LHWDV U 5HY 0ā+(5(11, 2QH RI WKH &DWDQHDQ EURWKHUV UXQQLQJ U FDUU\LQJ KLV IDWKHU RQ KLV VKRXOGHU LQ U ILHOG 'ā %DEHORQ +HUHQQLD 6\GHQKDP 5%: ± &UDZIRUG E 2OG FDELQHW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ 1$& VDOH

/ &RUQHOLXV 6FLSLXV $VLDWLFXV 'HQDULXV VHUUDWXV $5 PP J /DXUHDWH KHDG RI -XSLWHU O EHKLQG % 5HY -XSLWHU LQ IDVW TXDGULJD U KROGLQJ VFHSWUH DQG UHLQV DQG KXUOLQJ WKXQGHUEROW ,Q H[HUJXH /ā6&,3 $6,$* %DEHORQ &RUQHOLD E 6\GHQKDP 5%: ± &UDZIRUG D /LJKW WRQH D YHU\ HOHJDQW SRUWUDLW RI -XSLWHU LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH

/ &RUQHOLXV 6FLSLXV $VLDWLFXV 'HQDULXV VHUUDWXV $5 PP J /DXUHDWH KHDG RI -XSLWHU O 5HY -XSLWHU LQ IDVW TXDGULJD U KROGLQJ VFHSWUH DQG UHLQV DQG KXUOLQJ WKXQGHUEROW EHORZ ) ,Q H[HUJXH /ā6&,3 $6,$* %DEHORQ &RUQHOLD D 6\GHQKDP 5%: ± &UDZIRUG H $ERXW H[WUHPHO\ ILQH

/ $XUHOLXV &RWWD 'HQDULXV VHUUDWXV $5 PP J 'UDSHG EXVW RI 9XOFDQ U ZHDULQJ FDS ERXQG ZLWK ODXUHO ZUHDWK WRQJV RYHU VKRXOGHU EHORZ FKLQ 9 DQG EHKLQG $OO ZLWKLQ ZUHDWK 5HY (DJOH RQ WKXQGHUEROW U LQ H[HUJXH /ā&27 %DEHORQ $XUHOLD 6\GHQKDP 5%: ± &UDZIRUG E *RRG YHU\ ILQH

/ 7KRULXV %DOEXV 'HQDULXV $5 PP J +HDG RI -XQR 6RVSLWD U ZHDULQJ JRDW¶V VNLQ EHKLQG , 6ā0ā5 5HY %XOO EXWWLQJ U DERYH % DQG EHORZ /ā7+25,96 ,Q H[HUJXH %$/%96 %DEHORQ 7KRULD 6\GHQKDP 5%: ± &UDZIRUG 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

/ 7KRULXV %DOEXV 'HQDULXV $5 PP J +HDG RI -XQR 6RVSLWD U ZHDULQJ JRDW¶V VNLQ EHKLQG , 6ā0ā5 5HY %XOO EXWWLQJ U DERYH . DQG EHORZ /ā7+25,96 ,Q H[HUJXH %$/%96 %DEHORQ 7KRULD 6\GHQKDP 5%: ± &UDZIRUG :RQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH


/ $SSXOHLXV 6DWXUQLQXV 'HQDULXV $5 PP J K +HOPHWHG KHDG RI 5RPD O EHKLQG $ 5HY +HOPHWHG KHDG RI 5RPD O EHKLQG /ā6$7 SDUWLDOO\ OLJDWH %DEHORQ $SSXOHLD 6\GHQKDP 5%: ± &UDZIRUG 5DUH :RQGHUIXO ROG FDELQHW WRQH VXUIDFH VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH ([ 5DXFK VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

/ $SSXOHLXV 6DWXUQLQXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD O 5HY 6DWXUQ LQ TXDGULJD U KROGLQJ UHLQV DQG KDUSD EHORZ KRUVHV . ,Q H[HUJXH /ā6$7951 %DEHORQ $SSXOHLD 6\GHQKDP D 5%: &UDZIRUG E :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

/ $SSXOHLXV 6DWXUQLQXV 'HQDULXV $5 PP J K +HOPHWHG KHDG RI 5RPD O 5HY 6DWXUQ LQ TXDGULJD U KROGLQJ UHLQV DQG KDUSD EHORZ KRUVHV & VXUPRXQWLQJ SHOOHW ,Q H[HUJXH /ā6$7951 %DEHORQ $SSXOHLD 6\GHQKDP D 5%: ±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

/ ,XOLXV &DHVDU 'HQDULXV $5 PP J +HOPHWHG KHDG RI 0DUV O DERYH YLVRU UHYHUWHG 1 y DQG EHKLQG &$(6$5 5HY 9HQXV LQ ELJD RI &XSLGV O DERYH UHYHUWHG 1 y DQG EHORZ O\UH ,Q H[HUJXH /ā,9/,ā/ā) %DEHORQ -XOLD 6\GHQKDP 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ 6WHUQEHUJ ;;,, DQG 1$& 6WXGHQW DQG KLV 0HQWRU SDUW ,, VDOHV

& )DELXV & I +DGULDQXV 'HQDULXV $5 PP J 7XUUHWHG DQG YHLOHG EXVW RI &\EHOHV U EHKLQG 0 5HY 9LFWRU\ LQ SUDQFLQJ ELJD U EHORZ KHURQ ,Q H[HUJXH &ā)$%,ā&ā) %DEHORQ )DELD 6\GHQKDP 5%: ± &UDZIRUG D 6WUXFN RQ D YHU\ EURDG IODQ OLJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ +DUODQ - %HUN %X\ RU %LG &1* PDLO ELG DQG . QNHU VDOHV


& )DELXV & I +DGULDQXV 'HQDULXV $5 PP J 7XUUHWHG DQG YHLOHG EXVW RI &\EHOHV U EHKLQG + DQG WKUHH SHOOHWV 5HY 9LFWRU\ LQ SUDQFLQJ ELJD U EHORZ KHURQ ,Q H[HUJXH &ā)$%,ā&ā) %DEHORQ )DELD 6\GHQKDP 5%: ± &UDZIRUG D /RYHO\ LULGHVFHQW WRQH XQREWUXVLYH WUDFHV RI RYHUVWULNLQJ RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH

& )DELXV & I +DGULDQXV 'HQDULXV $5 PP J 7XUUHWHG DQG YHLOHG EXVW RI &\EHOHV U EHKLQG (;ā$ā39 5HY 9LFWRU\ LQ SUDQFLQJ ELJD U EHORZ / DQG KHURQ ,Q H[HUJXH &ā)$%,ā&ā) %DEHORQ )DELD 6\GHQKDP 5%: ± &UDZIRUG E 2OG FDELQHW WRQH PLQRU DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

/ ,XOLXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD EHKLQG FRUQ HDU 5HY 9LFWRU\ LQ SUDQFLQJ ELJD U EHORZ /ā,9/, %DEHORQ -XOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ $VWDUWH DQG 1$& VDOHV

0 /XFLOLXV 5XIXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 39 $OO ZLWKLQ ODXUHO ZUHDWK 5HY 59) 9LFWRU\ LQ ELJD U KROGLQJ UHLQV LQ O KDQG DQG ZKLS LQ U EHORZ 0ā/9&,/, %DEHORQ /XFLOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ %XVVR 3HXV /DQ] +HOLRV DQG . QNHU VDOHV

0 /XFLOLXV 5XIXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 39 $OO ZLWKLQ ODXUHO ZUHDWK 5HY 59) 9LFWRU\ LQ ELJD U KROGLQJ UHLQV LQ O KDQG DQG ZKLS LQ U EHORZ 0ā/9&,/, %DEHORQ /XFLOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH

& )XQGDQLXV 4 4XLQDULXV $5 PP J /DXUHDWH KHDG RI -XSLWHU U EHKLQG 4 5HY &ā)91'$ 9LFWRU\ U KROGLQJ SDOP EUDQFK DQG FURZQLQJ WURSK\ %HVLGH ZKLFK VWDQGV FDUQ\[ DQG EHIRUH FDSWLYH ,Q H[HUJXH 4 %DEHORQ )XQGDQLD 6\GHQKDP 5%: ± &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH


3 6HUYLOLXV 0 I 5XOOXV 'HQDULXV $5 PP J +HOPHWHG EXVW RI 0LQHUYD O EHKLQG 59//, 5HY 9LFWRU\ KROGLQJ SDOP EUDQFK LQ SUDQFLQJ ELJD U EHORZ 3 ,Q H[HUJXH 3ā6(59,/,ā0ā) %DEHORQ 6HUYLOLD 6\GHQKDP 5%: &UDZIRUG $ SRUWUDLW RI ORYHO\ VW\OH DQG ZLWK DQ ROG FDELQHW WRQH DERXW H[WUHPHO\ ILQH ([ 1$& VDOH

3 6HUYLOLXV 0 I 5XOOXV 'HQDULXV $5 PP J +HOPHWHG EXVW RI 0LQHUYD O EHKLQG 59//, 5HY 9LFWRU\ KROGLQJ SDOP EUDQFK LQ SUDQFLQJ ELJD U EHORZ 3 ,Q H[HUJXH 3ā6(59,/,ā0ā) %DEHORQ 6HUYLOLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

3 &RUQHOLXV /HQWXOXV 0DUFHOOLQXV 'HQDULXV FLUFD $5 PP J %XVW RI +HUFXOHV U VHHQ IURP EHKLQG ZLWK OLRQ V VNLQ RYHU VKRXOGHU DQG FOXE RYHU IDU VKRXOGHU ,Q O ILHOG VKLHOG DQG 9 DQG EHORZ 520$ 5HY 5RPD VWDQGLQJ IDFLQJ KROGLQJ VSHDU FURZQHG E\ PDOH ILJXUH VWDQGLQJ O KROGLQJ FRUQXFRSLD LQ O KDQG LQ FHQWUH ILHOG 9 ,Q H[HUJXH /(17ā0$5ā) $OO ZLWKLQ ODXUHO ZUHDWK %DEHORQ &RUQHOLD 6\GHQKDP 5%: ± &UDZIRUG D :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH ([ 1$& VDOH

& 3XEOLFLXV 0DOOHROXV $ 3RVWXPLXV 6S I $OELQXV DQG / 0HWHOOXV 'HQDULXV " $5 PP J /ā0(7(/ ± $ā$/% 6) /DXUHDWH KHDG RI $SROOR U 5HY &ā0$/ 5RPD VHDWHG O RQ VKLHOGV KROGLQJ VFHSWUH FURZQHG E\ 9LFWRU\ VWDQGLQJ EHKLQG KHU LQ H[HUJXH 520$ %DEHORQ 3REOLFLD 3RVWXPLD DQG &DHFLOLD 6\GHQKDP 5%: &UDZIRUG D /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ . QNHU VDOH

& 3XEOLFLXV 0DOOHROXV $ 3RVWXPLXV 6S I $OELQXV DQG / 0HWHOOXV 'HQDULXV " $5 PP J /ā0(7(/ ± $ā$/%ā6ā) /DXUHDWH KHDG RI $SROOR U EHORZ 5HY &ā0$/ 5RPD VHDWHG O RQ VKLHOGV KROGLQJ VFHSWUH FURZQHG E\ 9LFWRU\ VWDQGLQJ EHKLQG KHU LQ H[HUJXH >520$@ %DEHORQ 3REOLFLD 3RVWXPLD DQG &DHFLOLD 6\GHQKDP D 5%: &UDZIRUG E 2OG FDELQHW WRQH DQ LQVLJQLILFDQW GLH EUHDN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH


& 3XEOLFLXV 0DOOHROXV $ 3RVWXPLXV 6S I $OELQXV DQG / 0HWHOOXV 'HQDULXV " $5 PP J K /DXUHDWH KHDG RI $SROOR EHKLQG VL[ UD\HG VWDU DQG EHIRUH ; %HORZ QHFN 520$ 5HY 7KH 'LRVFXUL ZDWHULQJ WKHLU KRUVHV DW IRXQWDLQ RI -XWXUQD DERYH FUHVFHQW ,Q H[HUJXH $ā$/%,196ā6ā) %DEHORQ 3RVWXPLD 6\GHQKDP 5%: &UDZIRUG D 5DUH /RYHO\ OLJKW WRQH DQG XQXVXDOO\ FRPSOHWH IRU WKH LVVXH $ERXW H[WUHPHO\ ILQH ([ +HUEHUW *U Q VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

7KH %HOOXP 6RFLDOH 'HQDULXV %RYLDQXP " FLUFD " $5 PP J /DXUHDWH KHDG RI ,WDOLD O EHKLQG YLWHOL~ UHWURJUDGH LQ 2VFDQ FKDUDFWHUV 5HY 6ROGLHU LQ KHOPHW DQG FORDN VWDQGLQJ IDFLQJ KHDG U KROGLQJ UHYHUVHG VSHDU KLV O IRRW LV SODFHG RQ D 5RPDQ VWDQGDUG E\ KLV VLGH RQ U UHFXPEHQW EXOO 6\GHQKDP &DPSDQD 5%: +LVWRULD 1XPRUXP ,WDO\ 2OG FDELQHW WRQH UHYHUVH VWUXFN IURP D ZRUQ GLH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 1RPLVPD VDOH

& $OOLXV %DOD 'HQDULXV $5 PP J %$/$ 'LDGHPHG IHPDOH KHDG U EHORZ FKLQ . 5HY 'LDQD LQ ELJD RI VWDJV U ZLWK TXLYHU RYHU VKRXOGHU DQG KROGLQJ VFHSWUH DQG UHLQV LQ O KDQG DQG WRUFK LQ U EHORZ KRUVHV DQFKRU ,Q H[HUJXH &ā$//, $OO ZLWKLQ ODXUHO ZUHDWK %DEHORQ $HOLD 6\GHQKDP 5%: ± &UDZIRUG F 6WUXFN RQ D IXOO IODQ DQG FRPSOHWH ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ . QNHU VDOH

' ,XQLXV 6LODQXV / I 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 1 5HY 9LFWRU\ LQ ELJD U KROGLQJ UHLQV DERYH ;;,; ,Q H[HUJXH 'ā6,/$196ā/ā) 520$ %DEHORQ -XQLD 6\GHQKDP 5%: ± &UDZIRUG :RQGHUIXO LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ 7NDOHF VDOH 0D\

' ,XQLXV 6LODQXV / I 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 0 5HY 9LFWRU\ LQ ELJD U KROGLQJ SDOP EUDQFK DQG UHLQV LQ O KDQG DQG ZKLS LQ U DERYH 9,,, ,Q H[HUJXH 'ā6,/$196ā/ā) 520$ %DEHORQ -XQLD 6\GHQKDP 5%: ± &UDZIRUG /RYHO\ LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ 7NDOHF VDOH 0D\


' ,XQLXV 6LODQXV / I 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG 2 5HY 9LFWRU\ LQ ELJD U KROGLQJ UHLQV DERYH 9,, ,Q H[HUJXH 'ā6,/$196ā/ā) 520$ %DEHORQ -XQLD 6\GHQKDP 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ 7NDOHF VDOH 0D\

/ &DOSXUQLXV 3LVR )UXJL 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U LQ U ILHOG ) DQG EHKLQG . 5HY +RUVHPDQ JDOORSLQJ U KROGLQJ SDOP EUDQFK DERYH $ DQG EHORZ / 3,62 )59*, % %DEHORQ &DOSXUQLD 6\GHQKDP 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

4 7LWLXV 'HQDULXV $5 PP J +HDG RI /LEHU U ZHDULQJ LY\ ZUHDWK 5HY 3HJDVXV U EHORZ 4 7,7, LQ OLQHDU IUDPH %DEHORQ 7LWLD 6\GHQKDP 5%: &UDZIRUG :RQGHUIXO RG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

4 7LWLXV *HWR 'DFLDQ LPLWDWLRQ GHQDULXV $5 PP J +HDG RI /LEHU U ZHDULQJ LY\ ZUHDWK 5HY 3HJDVXV U EHORZ 4 7,7, LQ OLQHDU IUDPH )RU W\SH FI %DEHORQ 7LWLD 6\GHQKDP 5%: &UDZIRUG 6FDUFH 6XUIDFH VRPHZKDW SRURXV RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

4 7LWLXV 4XLQDULXV $5 PP J 'UDSHG EXVW RI 9LFWRU\ U 5HY 3HJDVXV SUDQFLQJ U EHORZ 4ā7,7, %DEHORQ 7LWLD 6\GHQKDP 5%: &UDZIRUG /RYHO\ ROG FDELQHW WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ +DUODQ - %HUN %X\ RU %LG DQG +HVV 'LYR VDOHV

& 9LELXV & I 3DQVD 'HQDULXV $5 PP J 3$16$ /DXUHDWH KHDG RI $SROOR U LQ U ILHOG SDOP 5HY &ā9,%,96ā&ā) &HUHV ZDONLQJ U KROGLQJ WRUFK LQ HDFK KDQG EHIRUH SLJ $OO ZLWKLQ ZUHDWK %DEHORQ 9LELD 6\GHQKDP E 5%: &UDZIRUG D 5DUH /RYHO\ LULGHVFHQW WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH H[WUHPHO\ ILQH


& 9LELXV & I 3DQVD 'HQDULXV $5 PP J K 3$16$ /DXUHDWH KHDG RI $SROOR U 5HY &ā9,%,96ā&ā) &HUHV ZDONLQJ U KROGLQJ WRUFK LQ HDFK KDQG EHIRUH SLJ %DEHORQ 9LELD 6\GHQKDP E 5%: &UDZIRUG E 5DUH /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 9DUHVL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

& 9LELXV & I 3DQVD 'HQDULXV $5 PP J 3$16$ /DXUHDWH KHDG RI $SROOR U EHORZ FKLQ FRQWURO PDUN 5HY 0LQHUYD LQ IDVW TXDGULJD U KROGLQJ VSHDU DQG UHLQV LQ O KDQG DQG WURSK\ LQ U LQ H[HUJXH &ā9,%,96ā&ā) %DEHORQ 9LELD 6\GHQKDP 5%: ± &UDZIRUG E :RQGHUIXO LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 7NDOHF VDOH )HEUXDU\

& 9LELXV & I 3DQVD 'HQDULXV $5 PP J 3$16$ /DXUHDWH KHDG RI $SROOR U EHORZ FKLQ ,, 5HY 0LQHUYD LQ IDVW TXDGULJD U KROGLQJ VSHDU DQG UHLQV LQ O KDQG DQG WURSK\ LQ U LQ H[HUJXH &ā9,%,96ā&ā) %DEHORQ 9LELD 6\GHQKDP 5%: ± &UDZIRUG E 6XSHUE ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

0 &DWR 4XLQDULXV $5 PP J 0ā&$72 ,Y\ ZUHDWKHG KHDG RI /LEHU U 5HY 9LFWRU\ VHDWHG U KROGLQJ SDWHUD LQ U KDQG DQG SDOP EUDQFK LQ O LQ H[HUJXH >9,&75,;@ %DEHORQ 3RUFLD 6\GHQKDP 5%: ± &UDZIRUG E /LJKW LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF

/ 7LWXULXV / I 6DELQXV 'HQDULXV $5 PP J 6$%,1 +HDG RI .LQJ 7DWLXV U EHIRUH 7$ OLJDWH 5HY 5DSH RI WKH 6DELQH ZRPHQ LQ H[HUJXH /ā7,795, %DEHORQ 7LWXULD 6\GHQKDP 5%: ± &UDZIRUG D $ SRUWUDLW RI XQXVXDOO\ ILQH VW\OH DQG D ORYHO\ ROG FDELQHW WRQH 9HU\ ILQH ([ . QNHU VDOH


/ 7LWXUL / I 6DELQXV 'HQDULXV $5 PP J 6$%,1 +HDG RI .LQJ 7DWLXV U EHORZ FKLQ SDOP 5HY 7DUSHLD VWDQGV RQ SLOH RI VKLHOGV IDFLQJ EHWZHHQ WZR VROGLHUV ZKR DUH DERXW WR NLOO KHU LQ XSSHU FHQWUDO ILHOG VWDU DQG FUHVFHQW ,Q H[HUJXH /ā7,795, %DEHORQ 7LWXULD 6\GHQKDP 5%: &UDZIRUG E /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

& 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J -XJDWH KHDGV U RI 1XPD 3RPSLOLXV EHDUGHG DQG $QFXV 0DUFLXV EHDUGOHVV 5HY 'HVXOWRU U ZHDULQJ FRQLFDO FDS DQG KROGLQJ ZKLS EHORZ KRUVHV IRXU SHOOHWV DQG LQ H[HUJXH &ā&(162 %DEHORQ 0DUFLD F 6\GHQKDP E 5%: ± &UDZIRUG E ,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH /RYHO\ LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

/ 5XEULXV 'RVVHQXV 'HQDULXV $5 PP J 9HLOHG DQG GLDGHPHG KHDG RI -XQR U ZLWK VFHSWUH RQ O VKRXOGHU EHKLQG '26 5HY 7ULXPSKDO FKDULRW VLGH SDQHO GHFRUDWHG ZLWK HDJOH DERYH 9LFWRU\ IO\LQJ U ,Q H[HUJXH / 59%5, %DEHORQ 5XEULD 6\GHQKDP 5%: &UDZIRUG /RYHO\ LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

/ & 0HPLHV / ) *DOHULD 'HQDULXV $5 PP J /DXUHDWH KHDG RI 6DWXUQ O EHIRUH , DQG EHKLQG KDUSD %HORZ (; 6 & 5HY 9HQXV LQ ELJD U DERYH &XSLG KROGLQJ ZUHDWK ,Q H[HUJXH / & 0(0,(>6 / )@ *$/ %DEHORQ 0HPPLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

*DU 2JXO 9HU 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHORZ QHFN WUXQFDWLRQ WKXQGHUEROW 5HY -XSLWHU LQ IDVW TXDGULJD U KROGLQJ UHLQV DQG KXUOLQJ WKXQGHUEROW 6\GHQKDP 5%: &UDZIRUG $ 5DUH /RYHO\ LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ &1* DQG &1* VDOHV

*DU 2JXO 9HU 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U EHORZ QHFN WUXQFDWLRQ WKXQGHUEROW 5HY -XSLWHU LQ IDVW TXDGULJD U KROGLQJ UHLQV DQG KXUOLQJ WKXQGHUEROW 6\GHQKDP 5%: &UDZIRUG $ $ SRUWUDLW RI XQXVXDOO\ ILQH VW\OH /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ 1HJULQL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

0Q )RQWHLXV & I 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR 9HLRYLV U EHORZ WKXQGHUEROW EHKLQG 01 )217(, & ) EHIRUH PRQRJUDP 5HY :LQJHG ILJXUH RQ JRDW U DERYH SLOHL LQ H[HUJXH WK\UVXV DOO ZLWKLQ ODXUHO ZUHDWK %DEHORQ )RQWHLD 6\GHQKDP 5%: &UDZIRUG D 6WUXFN RQ D YHU\ ODUJH IODQ DQG ZLWK D ORYHO\ LULGHVFHQW WRQH ([WUHPHO\ ILQH ([ . QNHU VDOH


0Q )RQWHLXV & I 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR 9HLRYLV U EHORZ WKXQGHUEROW EHKLQG 01 )217(, & ) EHIRUH PRQRJUDP 5HY :LQJHG ILJXUH RQ JRDW U DERYH SLOHL LQ H[HUJXH WK\UVXV DOO ZLWKLQ ODXUHO ZUHDWK %DEHORQ )RQWHLD 6\GHQKDP 5%: &UDZIRUG D 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D OLJKW WRQH ([WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH ([ +HLGHOEHUJHU 0 Q]KDQGOXQJ +HUEHUW VDOH

0Q )RQWHLXV & I 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR 9HLRYLV U EHORZ WKXQGHUEROW EHKLQG 01 )217(, EHIRUH & ) DQG PRQRJUDP 5HY :LQJHG ILJXUH RQ JRDW U DERYH SLOHL LQ H[HUJXH WK\UVXV DOO ZLWKLQ ODXUHO ZUHDWK %DEHORQ )RQWHLD 6\GHQKDP 5%: ±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µ6RPH 8QOLVWHG 9DULHWLHV DQG 5DUH 'LHV LQ 5RPDQ 5HSXEOLFDQ &RLQDJH¶ 1& SS ,W LV ZRUWK QRWLQJ WKDW DOO WKH VSHFLPHQV OLVWHG LQ &RLQV $UFKLYHV DV E DUH LQFRUUHFWO\ FDWDORJXHG DQG WKDW WKLV LV WKH ILUVW WLPH WKDW WKLV &UDZIRUG QXPEHU DSSHDUV LQ SXEOLF DXFWLRQ

0Q )RQWHLXV & I 'HQDULXV $5 PP J 01ā)217(, ± >&ā)@ /DXUHDWH KHDG RI $SROOR U EHORZ WKXQGHUEROW 5HY :LQJHG ILJXUH RQ JRDW U DERYH SLOHL ,Q H[HUJXH WK\UVXV $OO ZLWKLQ ODXUHO ZUHDWK %DEHORQ )RQWHLD 6\GHQKDP D 5%: &UDZIRUG F /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ . QNHU VDOH

0Q )RQWHLXV & I 'HQDULXV $5 PP J 01ā)217(, /DXUHDWH KHDG RI $SROOR U EHORZ WKXQGHUEROW DQG EHORZ FKLQ &ā) 5HY :LQJHG ILJXUH RQ JRDW U RQ HLWKHU VLGH SLOHXV ,Q H[HUJXH WK\UVXV $OO ZLWKLQ ODXUHO ZUHDWK %DEHORQ )RQWHLD 6\GHQKDP E 5%: &UDZIRUG G /LJKW LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ . QNHU VDOH

& /LFLQLXV / I 0DFHU 'HQDULXV $5 PP J %XVW RI $SROOR VHHQ IURP EHKLQG ZLWK KHDG WXUQHG O KROGLQJ WKXQGHUEROW LQ U KDQG 5HY 0LQHUYD LQ IDVW TXDGULJD U KROGLQJ VKLHOG DQG UHLQV LQ O KDQG DQG VSHDU LQ U ,Q H[HUJXH &ā/,&,1,96ā/ā) 0$&(5 %DEHORQ /LFLQLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

3 )RXULXV &UDVVLSHV 'HQDULXV $5 PP J $('ā&95 7XUUHWHG KHDG RI &\EHOH U EHKLQG IRRW SRLQWLQJ XSZDUGV 5HY &XUXOH FKDLU LQVFULEHG 3ā)295,96 LQ H[HUJXH &5$66,3(6 %DEHORQ )XULD 6\GHQKDP 5%: ± &UDZIRUG D :HOO FHQWUHG DQG ZLWK D SOHDVDQW OLJKW LULGHVFHQW WRQH ([WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH ([ 7NDOHF VDOH 0D\


& 1RUEDQXV 'HQDULXV $5 PP J &ā125%$196 'LDGHPHG KHDG RI 9HQXV U EHKLQG ;;, 5HY 3URZ 6WHP IDVFHV ZLWK D[H FDGXFHXV DQG FRUQ HDU %DEHORQ 1RUEDQD 6\GHQKDP 5%: ± &UDZIRUG D 6FDUFH /RYHO\ ROG FDELQHW DQG LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

& 1RUEDQXV 'HQDULXV $5 PP J &ā125%$196 'LDGHPHG KHDG RI 9HQXV U EHKLQG /9,,, 5HY )DVFHV ZLWK D[H EHWZHHQ HDU RI FRUQ DQG FDGXFHXV %DEHORQ 1RUEDQD 6\GHQKDP 5%: ± &UDZIRUG E 6WUXFN RQ YHU\ IUHVK PHWDO ZLWK D ORYHO\ LULGHVFHQW WRQH *RRG H[WUHPHO\ ILQH ([ &1* VDOH

& 1RUEDQXV 'HQDULXV $5 PP J &ā125%$196 'LDGHPHG KHDG RI 9HQXV U EHKLQG &9,,,, 5HY )DVFHV ZLWK D[HV EHWZHHQ HDU RI FRUQ DQG FDGXFHXV %DEHORQ 1RUEDQD 6\GHQKDP 5%: ± &UDZIRUG E :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH

/ &RUQHOLXV 6XOOD 'HQDULXV PLQW PRYLQJ ZLWK 6XOOD $5 PP J K 'LDGHPHG KHDG RI 9HQXV U LQ U ILHOG &XSLG VWDQGLQJ O KROGLQJ SDOP EUDQFK EHORZ /ā69//$ 5HY ,03(5 -XJ DQG OLWXXV EHWZHHQ WZR WURSKLHV EHORZ ,7(590 %DEHORQ &RUQHOLD 6\GHQKDP 5%: &UDZIRUG 3HUIHFWO\ VWUXFN DQG FHQWUHG RQ D IXOO IODQ ZLWK D PDJQLILFHQW ROG FDELQHW WRQH ([WUHPHO\ ILQH ([ 7LWDQR VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

3 &UHSXVLXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI -XSLWHU $[XUXV U VFHSWUH RQ IDU VKRXOGHU EHKLQG + DQG EHORZ FKLQ SRPHJUDQDWH 5HY +RUVHPDQ U EUDQGLVKLQJ VSHDU EHKLQG &,;;;9,, ,Q H[HUJXH 3ā&5(396, %DEHORQ &UHSXVLD 6\GHQKDP D 5%: ± &UDZIRUG F 2OG FDELQHW WRQH DQG JRRG H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

/ 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U 5HY /ā&(1625 0DUV\DV ZDONLQJ O ZLWK U DUP UDLVHG DQG KROGLQJ ZLQH VNLQ RYHU O VKRXOGHU EHKLQG FROXPQ EHDULQJ VWDWXH RQ WRS %DEHORQ 0DUFLD 6\GHQKDP 5%: &UDZIRUG G :RQGHUIXO ROG FDELQHW WRQH ZLWK VRPH LULGHVFHQFH D GHOLFDWH SRUWUDLW RI WKH ILQHVW VW\OH 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ &ULSSD )L[HG 3ULFH /LVW 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\


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¶YH ZRUNHG VROHO\ RQ LW 7KLV PLJKW EH XQGHUVWRRG LQ WKH IUDPHZRUN RI D NLQG RI PLQW FRQWHVW WR VHOHFW WKH HQJUDYHUV IRU D VHULHV 7KLV FRLQ LQ VXSHUE SUHVHUYDWLRQ DQG ZLWK LULGHVFHQW KXHV LV WKHUHIRUH RI WKH KLJKHVW UDULW\ DQG RQH RI WKH EHVW DPRQJ WKH RWKHU WHQ NQRZQ VSHFLPHQV &KDUOHV +HUVK UHFRJQL]HG LWV VSHFLILFLW\ DQG KDG D FRLQ ZLWK WKH VDPH GLHV LQ KLV FROOHFWLRQ QRZ %0 LQY

/ 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U EHKLQG SDOP 5HY /ā&(1625 0DUV\DV ZDONLQJ O ZLWK U DUP UDLVHG DQG KROGLQJ ZLQH VNLQ RYHU O VKRXOGHU EHKLQG FROXPQ EHDULQJ VWDWXH RQ WRS LQ U ILHOG , %DEHORQ 0DUFLD 6\GHQKDP D 5%: ±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

/ 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U O\UH EHORZ FKLQ 5HY /ā&(1625 0DUV\DV ZDONLQJ O ZLWK U DUP UDLVHG DQG KROGLQJ ZLQH VNLQ RYHU O VKRXOGHU EHKLQG FROXPQ EHDULQJ VWDWXH RQ WRS %DEHORQ 0DUFLD 6\GHQKDP E 5%: ± &UDZIRUG E 'HEHUQDUGL &DPSDQD /LSSL 3DVVHKO , '(1$5, ', / &(1625 &21 6,0%2/, /(77(5( 55& D F LQ 0RQHWH $QWLFKH DQG SO , WKLV FRLQ LOOXVWUDWHG /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ &HQWDXUR VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\ 7KLV FRLQ LV GHSLFWHG DV RI 7DYROD RI WKH FLWHG SDSHU SURWRW\SH IRU /\UH 1LO DQG QR RI LWV FDWDORJXH 7KLV SDLULQJ LV NQRZQ LQ VSHFLPHQV

/ 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U EHKLQG EUDQFK 5HY /ā&(1625 0DUV\DV ZDONLQJ O ZLWK U DUP UDLVHG DQG KROGLQJ ZLQH VNLQ RYHU O VKRXOGHU EHKLQG FROXPQ EHDULQJ VWDWXH RQ WRS LQ U ILHOG $ %DEHORQ 0DUFLD 6\GHQKDP D 5%: ± &UDZIRUG D 'HEHUQDUGL &DPSDQD /LSSL 3DVVHKO , '(1$5, ', / &(1625 &21 6,0%2/, /(77(5( 55& D F LQ 0RQHWH $QWLFKH DQG SO ,, WKLV FRLQ LOOXVWUDWHG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ +HOLRV VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\ 7KLV FRLQ LV GHSLFWHG DV RI 7DYROD SURWRW\SH IRU %UDQFK $ QR RI FDWDORJXH DQG LQ )LJ H RI WKH FLWHG SDSHU

/ 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U WULGHQW EHORZ FKLQ 5HY /ā&(1625 0DUV\DV ZDONLQJ O ZLWK U DUP UDLVHG DQG KROGLQJ ZLQH VNLQ RYHU O VKRXOGHU EHKLQG FROXPQ EHDULQJ VWDWXH RQ WRS LQ U ILHOG $ %DEHORQ 0DUFLD 6\GHQKDP E 5%: ± &UDZIRUG D 'HEHUQDUGL &DPSDQD /LSSL 3DVVHKO , '(1$5, ', / &(1625 &21 6,0%2/, /(77(5( 55& D F LQ 0RQHWH $QWLFKH DQG ILJ F WKLV FRLQ LOOXVWUDWHG /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\ 7KLV FRLQ LV GHSLFWHG LQ )LJ F RI WKH FLWHG SDSHU DQG QR RI LWV FDWDORJXH


/ 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U EHKLQG ZUHDWK 5HY /ā&(1625 0DUV\DV ZDONLQJ O ZLWK U DUP UDLVHG DQG KROGLQJ ZLQH VNLQ RYHU O VKRXOGHU EHKLQG FROXPQ EHDULQJ VWDWXH RQ WRS LQ U ILHOG ' %DEHORQ 0DUFLD 6\GHQKDP D 5%: ± &UDZIRUG D 'HEHUQDUGL &DPSDQD /LSSL 3DVVHKO , '(1$5, ', / &(1625 &21 6,0%2/, /(77(5( 55& D F LQ 0RQHWH $QWLFKH WKLV FRLQ OLVWHG 2OG FDELQHW WRQH REYHUVH VOLJKW\ RII FHQWUH RWKHUZLVH H[WUHPHO\ ILQH ([ 1HJULQL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\ 7KLV FRLQ LV QR LQ WKH FDWDORJXH RI WKH FLWHG SDSHU :UHDWK ' LV NQRZQ LQ VSHFLPHQV

/ 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U EHKLQG ZUHDWK 5HY /ā&(1625 0DUV\DV ZDONLQJ O ZLWK U DUP UDLVHG DQG KROGLQJ ZLQH VNLQ RYHU O VKRXOGHU EHKLQG FROXPQ EHDULQJ VWDWXH RQ WRS LQ U ILHOG ' %DEHORQ 0DUFLD 6\GHQKDP D 5%: ± &UDZIRUG D 'HEHUQDUGL &DPSDQD /LSSL 3DVVHKO , '(1$5, ', / &(1625 &21 6,0%2/, /(77(5( 55& D F LQ 0RQHWH $QWLFKH WKLV FRLQ OLVWHG /RYHO\ LULGHVFHQW WRQH VHYHUDO OLJKW PDUNV RQ XSSHU UHYHUVH O ILHOG RWKHUZLVH JRRG YHU\ ILQH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\ 7KLV FRLQ LV QR LQ WKH FDWDORJXH RI WKH FLWHG SDSHU :UHDWK ' LV NQRZQ LQ VSHFLPHQV

/ 0DUFLXV &HQVRULQXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U ILVK EHORZ FKLQ 5HY /ā&(1625 0DUV\DV ZDONLQJ O ZLWK U DUP UDLVHG DQG KROGLQJ ZLQH VNLQ RYHU O VKRXOGHU EHKLQG FROXPQ EHDULQJ VWDWXH RQ WRS LQ U ILHOG ' %DEHORQ 0DUFLD 6\GHQKDP D 5%: ± &UDZIRUG D 'HEHUQDUGL &DPSDQD /LSSL 3DVVHKO , '(1$5, ', / &(1625 &21 6,0%2/, /(77(5( 55& D F LQ 0RQHWH $QWLFKH WKLV FRLQ OLVWHG ([WUHPHO\ ILQH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\ 7KLV FRLQ LV QR LQ WKH FDWDORJXH RI WKH FLWHG SDSHU )LVK ' LV NQRZQ LQ VSHFLPHQV

4 $QWRQLXV %DOEXV 'HQDULXV VHUUDWXV $5 PP J /DXUHDWH KHDG RI -XSLWHU U EHKLQG 6ā& 5HY 9LFWRU\ LQ TXDGULJD U KROGLQJ UHLQV DQG SDOP EUDQFK LQ O KDQG DQG ZUHDWK LQ U EHORZ + ,Q H[HUJXH 4ā$172ā%$/% 35 %DEHORQ $QWRQLD 6\GHQKDP E 5%: ± &UDZIRUG G /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

& $QQLXV 'HQDULXV 1RUWK ,WDO\ $5 PP J &ā$11,ā7ā)ā7ā1ā 352ā&26ā(;ā6ā& 'LDGHPHG DQG GUDSHG IHPDOH EXVW U EHKLQG FDGXFHXV EHIRUH VFDOHV DQG EHORZ ā/ā 5HY 9LFWRU\ LQ TXDGULJD U KROGLQJ UHLQV DQG SDOP EUDQFK DERYH KRUVHV 4ā ,Q H[HUJXH /ā)$%,ā/ā)ā+,63 %DEHORQ $QQLD DQG )DELD 6\GHQKDP D 5%: &UDZIRUG E /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ *LHVVHQHU 0 Q]KDQGOXQJ 'LHWHU *RUQ\ DQG &1* VDOHV

& $QQLXV 'HQDULXV 1RUWK ,WDO\ $5 PP J K >&ā$11,ā7ā)ā7ā1@ā 352ā&26ā(;ā6ā& 'LDGHPHG DQG GUDSHG IHPDOH EXVW U EHKLQG FDGXFHXV EHIRUH VFDOHV DQG EHORZ ā;ā 5HY 9LFWRU\ LQ TXDGULJD U KROGLQJ UHLQV DQG SDOP EUDQFK DERYH KRUVHV 4ā DQG EHORZ $ ,Q H[HUJXH /ā)$%,ā/ā)ā+,63 %DEHORQ $QQLD DQG )DELD 6\GHQKDP D 5%: &UDZIRUG E /RYHO\ LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\


& $QQLXV 'HQDULXV 1RUWK ,WDO\ DQG 6SDLQ $5 PP J &ā$11,ā7ā)ā7ā1ā352ā&26ā(; ā6ā&ā 'LDGHPHG DQG GUDSHG IHPDOH EXVW U 5HY 9LFWRU\ LQ SUDQFLQJ TXDGULJD U KROGLQJ SDOP EUDQFK DQG UHLQV DERYH KRUVHV 4 DQG EHORZ ' ,Q H[HUJXH /ā)$%,ā/ā)ā+,63 %DEHORQ $QQLD DQG )DELD 6\GHQKDP G 5%: ± &UDZIRUG E :RQGHUIXO LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

& $QQLXV 'HQDULXV 1RUWK ,WDO\ DQG 6SDLQ $5 PP J &ā$11,96ā7ā)ā7ā1ā 352ā&26ā(;ā6ā& 'LDGHPHG DQG GUDSHG IHPDOH EXVW U 5HY 9LFWRU\ LQ TXDGULJD U KROGLQJ UHLQV DQG SDOP EUDQFK DERYH ;;;;9, DQG EHORZ 4 ,Q H[HUJXH &ā7$549,7,ā3ā) %DEHORQ $QQLD 6\GHQKDP 5%: ± &UDZIRUG :RQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

/ &RUQHOLXV 6XOOD ,PSHUDWRU ZLWK / 0DQOLXV 7RUTXDWXV 3URTXDHVWRU 'HQDULXV PLQW PRYLQJ ZLWK 6XOOD $5 PP J /ā0$1/, ± 352 4 +HOPHWHG KHDG RI 5RPD U 5HY 7ULXPSKDWRU FURZQHG E\ 9LFWRU\ IO\LQJ O LQ TXDGULJD U KROGLQJ UHLQV DQG FDGXFHXV LQ H[HUJXH /ā69//$ā,03 %DEHORQ 0DQOLD DQG &RUQHOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ &1* H VDOH

& 6HUYLOXV 9DWLD 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U EHKLQG OLWXXV DQG $ EHORZ FKLQ PDUN RI YDOXH %HORZ QHFN WUXQFDWLRQ 520$ 5HY +RUVHPDQ JDOORSLQJ O KROGLQJ URXQG VKLHOG LQVFULEHG ZLWK 0 VSHDULQJ DQRWKHU KRUVHPDQ ,Q H[HUJXH & 6(59(,/ %DEHORQ 6HUYLOLD 6\GHQKDP 5%: ± &UDZIRUG D $Q H[WUHPHO\ UDUH YDULHW\ ZLWK FRQWURO PDUN $ RQO\ WKUHH VSHFLPHQV LQ SULYDWH KDQGV /RYHO\ LULGHVFHQW WRQH DQG XQXVXDOO\ ZHOO FHQWUHG DQG FRPSOHWH IRU WKH LVVXH DQ ,QVLJQLILFDQW HGJH VFXII DW VHYHQ R¶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

4 )DELXV 0D[LPXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG 520$ EHORZ >4 0$;@ EHIRUH O\UH DQG PDUN RI YDOXH 5HY &RUQXFRSLD VXSHULPSRVHG RQ WKXQGHUEROW DOO ZLWKLQ ZUHDWK %DEHORQ )DELD 6\GHQKDP 5%: &UDZIRUG :RQGHUIXO ROG FDELQHW WRQH DQ XQREWUXVLYH PDUN RQ FKHHN SUREDEO\ IURP WKH VULNLQJ SURFHVV RWKHUZLVH H[WUHPHO\ ILQH


4 )DELXV 0D[LPXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U EHKLQG 520$ EHORZ >4 0$;@ EHIRUH O\UH DQG PDUN RI YDOXH 5HY &RUQXFRSLD VXSHULPSRVHG RQ WKXQGHUEROW DOO ZLWKLQ ZUHDWK %DEHORQ )DELD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

$ 3RVWXPLXV $OELQXV 'HQDULXV VHUUDWXV $5 PP J +,63$1 9HLOHG KHDG RI +LVSDQLD U 5HY $ā ± 3267ā$ā) ± ā6ā1 ± $/%,1 7RJDWH ILJXUH VWDQGLQJ O UDLVLQJ O KDQG WR OHJLRQDU\ HDJOH DQG WR U IDVFHV ZLWK D[H %DEHORQ 3RVWXPLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

4 &DHFLOLXV 0HWHOOXV 3LXV 'HQDULXV $5 PP J +HDG RI 3LHWDV U EHIRUH VWRUN 5HY (OHSKDQW O LQ H[HUJXH 4 & 0 3 , %DEHORQ &DHFLOLD 6\GHQKDP 5%: &UDZIRUG $WWUDFWLYH LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

4 &DHFLOLXV 0HWHOOXV 3LXV 'HQDULXV $5 PP J 'LDGHPHG KHDG RI 3LHWDV U EHIRUH VWRUN 5HY -XJ DQG OLWXXV LQ H[HUJXH ,03(5 $OO ZLWKLQ ZUHDWK %DEHORQ &DHFLOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ ,QDVWD VDOH

4 'HQDULXV XQFHUWDLQ PLQW $5 PP J 'LDGHPHG KHDG RI 9HQXV U 5HY 'RXEOH FRUQXFRSLDH WLHG ZLWK ILOOHW EHORZ 4 %DEHORQ &RUQHOLD 6\GHQKDP 5%: &UDZIRUG 6FDUFH 6WUXFN RQ D EURDG IODQ DQG ZLWK D OLJKW LULGHVFHQW WRQH $ERXW H[WUHPHO\ ILQH ([ &1* DQG +HOLRV VDOHV )URP WKH $ /\QQ FROOHFWLRQ

4 'HQDULXV XQFHUWDLQ PLQW $5 PP J 'LDGHPHG KHDG RI 9HQXV U 5HY 'RXEOH FRUQXFRSLDH WLHG ZLWK ILOOHW EHORZ 4 %DEHORQ &RUQHOLD 6\GHQKDP 5%: &UDZIRUG 6FDUFH 6WUXFN RQ D YHU\ EURDG IODQ DQG FRPSOHWH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH YHU\ ILQH


& 0DULXV & I &DSLWR 'HQDULXV VHUUDWXV $5 PP J 'UDSHG EXVW RI &HUHV U DURXQG &ā0$5,ā&ā)ā&$3,7ā9,, 5HY 3ORXJKPDQ ZLWK D \RNH RI R[HQ O DERYH 9,, %DEHORQ 0DULD 6\GHQKDP 5%: ± &UDZIRUG D /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH H[WUHPHO\ ILQH

& 0DULXV & I &DSLWR 'HQDULXV VHUUDWXV $5 PP J 'UDSHG EXVW RI &HUHV U DURXQG &$3,7 ± LQYHUWHG 79 LQ U ILHOG VWDU 5HY 3ORXJKPDQ ZLWK D \RNH RI R[HQ O DERYH LQYHUWHG 79 ,Q H[HUJXH & 0$5, & ) 6ā& %DEHORQ 0DULD 6\GHQKDP E 5%: ± &UDZIRUG F 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ +LUVFK VDOH

/ 3URFLOLXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI -XSLWHU U EHKLQG 6ā& 5HY /ā352&,/, ) -XQR 6RVSLWD VWDQGLQJ U KROGLQJ VKLHOG DQG KXUOLQJ VSHDU DW KHU IHHW VQDNH %DEHORQ 3URFLOLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH DQG JRRG H[WUHPHO\ ILQH ([ 2*1 1XPLVPDWLTXH VDOH 2FWREHU

/ 3URFLOLXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI -XSLWHU U EHKLQG 6ā& 5HY /ā352&,/, ) -XQR 6RVSLWD VWDQGLQJ U KROGLQJ VKLHOG DQG KXUOLQJ VSHDU DW KHU IHHW VQDNH %DEHORQ 3URFLOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQ LQVLJQLILFDQW JUDIILWR RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH ([ 5RPD 1XPLVPDWLFV VDOH

/ 3URFLOLXV 'HQDULXV VHUUDWXV $5 PP J +HDG RI -XQR 6RVSLWD U EHKLQG 6ā& 5HY -XQR 6RVSLWD LQ SUDQFLQJ ELJD U KROGLQJ VKLHOG DQG KXUOLQJ VSHDU EHORZ KRUVHV VQDNH DQG LQ H[HUJXH /ā352&,/,ā) %DEHORQ 3URFLOLD 6\GHQKDP 5%: &UDZIRUG :RQGHUIXO LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ +HOLRV VDOH )URP WKH $ /\QQ FROOHFWLRQ

& 3REOLFLXV 4 I 'HQDULXV VHUUDWXV 5RPD $5 PP J K +HOPHWHG DQG GUDSHG EXVW RI 5RPD U EHKLQG 520$ DQG DERYH ( 5HY +HUFXOHV VWUDQJOLQJ WKH 1HPHDQ OLRQ DW KLV IHHW FOXE ,Q O ILHOG ( ERZ DQG TXLYHU DQG LQ U ILHOG &ā32%/,&,ā4ā) %DEHORQ 3REOLFLD 6\GHQKDP 5%: ± &UDZIRUG :RQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 1HJULQL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\


& 1DHYLXV %DOEXV 'HQDULXV VHUUDWXV $5 PP J 'LDGHPHG KHDG RI 9HQXV U EHKLQG 6ā& 5HY 9LFWRU\ LQ SUDQFLQJ WULJD U DERYH &7;;9 DQG LQ H[HUJXH &ā1$(ā%$/% %DEHORQ 1DHYLD 6\GHQKDP E 5%: &UDZIRUG E /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

7 &ODXGLXV 1HUR 'HQDULXV VHUUDWXV $5 PP J 'UDSHG EXVW RI 'LDQD U ZLWK ERZ DQG TXLYHU RYHU VKRXOGHU EHIRUH FKLQ 6 & 5HY 9LFWRU\ LQ SUDQFLQJ ELJD U KROGLQJ SDOP EUDQFK DQG UHLQV LQ O KDQG DQG ZUHDWK LQ U EHORZ KRUVHV $;;;;9 ,Q H[HUJXH 7,ā&/$9'ā7,ā) $3ā1 %DEHORQ &ODXGLD 6\GHQKDP D 5%: ± &UDZIRUG /RYHO\ LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ *RUQ\ 0RVFK VDOH

/ 3DSLXV 'HQDULXV VHUUDWXV $5 PP J K +HDG RI -XQR 6RVSLWD U EHKLQG RLO IODVN 5HY *U\SKRQ OHDSLQJ U EHORZ VWULJLO ,Q H[HUJXH /ā3$3, %DEHORQ 3DSLD 6\GHQKDP 5%: ± &UDZIRUG DQG V\PERO SO /;9, /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 1RPLVPD 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

0 9ROWHLXV 0 I 'HQDULXV $5 PP J /DXUHDWH KHDG RI -XSLWHU U 5HY &DSLWROLQH WHPSOH LQ H[HUJXH 0ā92/7(,ā>0ā)@ %DEHORQ 9ROWHLD 6\GHQKDP 5%: &UDZIRUG /RYHO\ ROG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

0 9ROWHLXV 0 I 'HQDULXV $5 PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ V VNLQ 5HY (U\PDQWKLDQ ERDU U LQ H[HUJXH 0ā92/7(,ā0ā) %DEHORQ 9ROWHLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH PLQRU DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

0 9ROWHLXV 0 I 'HQDULXV $5 PP J +HDG RI /LEHU U ZHDULQJ LY\ ZUHDWK 5HY &HUHV LQ ELJD RI VQDNHV U KROGLQJ WRUFK LQ HDFK KDQG EHKLQG ELUG ,Q H[HUJXH 0ā92/7(,ā0ā) %DEHORQ 9ROWHLD 6\GHQKDP 5%: ± &UDZIRUG :RQGHUIXO LULGHVFHQW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ *RUQ\ 0RVFK VDOH


/ &DVVLXV 4 I 'HQDULXV $5 PP J K ,Y\ ZUHDWKHG KHDG RI /LEHU U ZLWK WK\UVXV RYHU VKRXOGHU 5HY /ā&$66,ā4ā) 9LQH ZUHDWKHG KHDG RI /LEHU O %DEHORQ &DVVLD 6\GHQKDP 5%: &UDZIRUG 3HUIHFWO\ FHQWUHG RQ D IXOO IODQ DQG ZLWK D ORYHO\ ROG FDELQHW WRQH *RRG YHU\ ILQH ([ 1HJULQL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

/ &DVVLXV 4 I 'HQDULXV $5 PP J ,Y\ ZUHDWKHG KHDG RI /LEHU U ZLWK WK\UVXV RYHU VKRXOGHU 5HY /ā&$66,ā4ā) 9LQH ZUHDWKHG KHDG RI /LEHU O %DEHORQ &DVVLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

/ 5XWLOLXV )ODFFXV 'HQDULXV $5 PP J )/$& +HOPHWHG KHDG RI 5RPD U 5HY 9LFWRU\ LQ ELJD U KROGLQJ UHLQV DQG ZUHDWK LQ H[HUJXH /ā597,/, %DEHORQ 5XWLOLD 6\GHQKDP 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

/ 5XWLOLXV )ODFFXV 'HQDULXV $5 PP J K )/$& +HOPHWHG KHDG RI 5RPD U 5HY 9LFWRU\ LQ ELJD U KROGLQJ UHLQV DQG ZUHDWK LQ H[HUJXH /ā597,/, %DEHORQ 5XWLOLD 6\GHQKDP 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH DQ DOPRVW LQYLVLEOH PDUN RQ REYHUVH EHIRUH QRVH RWKHUZLVH H[WUHPHO\ ILQH ([ &1* DQG +HVV 'LYR VDOHV )URP WKH *RRGPDQ FROOHFWLRQ 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

3 6DWULHQXV 'HQDULXV $5 PP J K +HOPHWHG KHDG RI 5RPD U 5HY 520$ 6KH ZROI O U IRUHSDZ UDLVHG LQ H[HUJXH 3ā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µ6RPH 8QOLVWHG 9DULHWLHV DQG 5DUH 'LHV LQ 5RPDQ 5HSXEOLFDQ &RLQDJH¶ 1& SS %HLQJ SURGXFHG E\ RQO\ RQH GLH WKLV W\SH LV YHU\ UDUH NQRZQ RQO\ LQ DERXW WHQ SLHFHV DQG WKLV VSHFLPHQ WRJHWKHU ZLWK 1$& LV RQH RI WKH EHVW NQRZQ


3 6DWULHQXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 5RPD U EHKLQG ;;9,,,, 5HY 520$ 6KH ZROI O U IRUHSDZ UDLVHG LQ H[HUJXH 3ā6$75,( 196 %DEHORQ 6DWULHQD 6\GHQKDP D 5%: ± &UDZIRUG E $ JUDIILWR RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ %XVVR 3HXV VDOH

/ 5XVWLXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 0LQHUYD U EHKLQG 6 & EHIRUH 5HY 5DP U LQ H[HUJXH / 5967, %DEHORQ 5XVWLD 6\GHQKDP 5%: &UDZIRUG $ ZRQGHUIXO ROG FDELQHW WRQH D PLQRU VFXII RQ 0LQHUYD¶V KHOPHW DQG DQ DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

/ /XFUHWLXV 7ULR 'HQDULXV $5 PP J 5DGLDWH KHDG RI 6RO U 5HY 75,2 ZLWKLQ FUHVFHQW DURXQG VHYHQ VWDUV DQG EHORZ >/ā/@9&5(7, %DEHORQ /XFUHWLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ . QNHU VDOH

/ /XFUHWLXV 7ULR 'HQDULXV $5 PP J /DXUHDWH KHDG RI 1HSWXQH U EHKLQG WULGHQW DQG ,;7 5HY :LQJHG ER\ RQ GROSKLQ VSHHGLQJ U EHORZ / /9&5(7, 75,2 %DEHORQ /XFUHWLD 6\GHQKDP 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

/ )DUVXOHLXV 0HQVRU 'HQDULXV $5 PP J K 0(1625 'LDGHPHG DQG GUDSHG EXVW RI /LEHUWDV U EHKLQG 7>XSVLGH GRZQ@;; SLOHXV %HORZ FKLQ 6ā& 5HY :DUULRU LQ ELJD U KROGLQJ VSHDU DQG UHLQV DVVLVWLQJ WRJDWH ILJXUH LQWR ELJD EHORZ KRUVHV VFRUSLRQ ,Q H[HUJXH /ā)$569/(, %DEHORQ )DUVXOHLD 6\GHQKDP 5%: ± &UDZIRUG D 6WUXFN LQ KLJK UHOLHI DQG FRPSOHWH DQG ZLWK D ZRQGHUIXO ROG FDELQHW WRQH $Q DOPRVW LQYLVLEOH PDUN EHORZ EXVW RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ 9DUHVL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\


/ )DUVXOHLXV 0HQVRU 'HQDULXV $5 PP J 0(1625 'LDGHPHG DQG GUDSHG EXVW RI /LEHUWDV U EHKLQG ȋÈ,,,, SLOHXV %HORZ FKLQ 6ā& 5HY :DUULRU LQ ELJD U KROGLQJ VSHDU DQG UHLQV DVVLVWLQJ WRJDWH ILJXUH LQWR ELJD EHORZ KRUVHV VFRUSLRQ ,Q H[HUJXH /ā)$569/(, %DEHORQ )DUVXOHLD 6\GHQKDP 5%: ± &UDZIRUG D /LJKW WRQH PLQRU DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 7NDOHF VDOH 6HSWHPEHU

/ )DUVXOHLXV 0HQVRU 'HQDULXV $5 PP J 0(1625 'LDGHPHG DQG GUDSHG EXVW RI /LEHUWDV U EHKLQG 6ā& SLOHXV 5HY :DUULRU LQ ELJD U KROGLQJ VSHDU DQG UHLQV DVVLVWLQJ WRJDWH ILJXUH LQWR ELJD EHORZ KRUVHV ;&,7 ,Q H[HUJXH /ā)$569/(, %DEHORQ )DUVXOHLD 6\GHQKDP 5%: ± &UDZIRUG E $ YHU\ XQXVXDO DQG LQWHUHVWLQJ SRUWUDLW DQG D ORYHO\ ROG FDELQHW WRQH $Q LQVLJQLILFDQW HGJH PHWDO IODZ DW WZR R¶FORFN RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ :$* DQG . QNHU VDOHV

&Q &RUQHOLXV /HQWXOXV 'HQDULXV 6SDLQ " $5 PP J 'UDSHG EXVW RI WKH *HQLXV 3RSXOL 5RPDQL U KDLU WLHG ZLWK EDQG DQG VFHSWUH RYHU VKRXOGHU DERYH *ā3ā5 5HY 6FHSWUH ZLWK ZUHDWK JOREH DQG UXGGHU DW VLGHV (; ± 6ā& %HORZ &1 /(1 4 %DEHORQ &RUQHOLD 6\GHQKDP 5%: &UDZIRUG D 6WUXFN RQ H[FHSWLRQDOO\ IUHVK PHWDO DQG ZLWK D ORYHO\ LULGHVFHQW WRQH 0LQRU DUHDV RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ /HX VDOH

3 &RUQHOLXV /HQWXOXV 6SLQWKHU 'HQDULXV $5 PP J %HDUGHG KHDG RI +HUFXOHV U EHKLQG 4ā6ā& 5HY *HQLXV RI WKH 5RPDQ SHRSOH VHDWHG IDFLQJ RQ FXUXOH FKDLU KROGLQJ FRUQXFRSLD DQG VFHSWUH FURZQHG E\ 9LFWRU\ IO\LQJ EHKLQG KLP LQ O ILHOG 3ā/(17ā>3ā)@ DQG LQ U ILHOG /ā1 %DEHORQ &RUQHOLD 6\GHQKDP 5%: &UDZIRUG 5DUH $WWUDFWLYH LULGHVFHQW WRQH DQ LQVLJQLILFDQW IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ /DQ] VDOH

4 )XILXV &DOHQXV DQG 0XFLXV &RUGXV 'HQDULXV VHUUDWXV $5 PP J K -XJDWH KHDGV RI +RQRV DQG 9LUWXV U LQ O ILHOG +2 DQG LQ U ILHOG 9,57 %HORZ .$/(1, 5HY ,WDOLD O KROGLQJ FRUQXFRSLD DQG 5RPD U KROGLQJ IDVFHV DQG SODFLQJ U IRRW RQ JOREH FODVSLQJ KDQGV DW VLGHV ZLQJHG FDGXFHXV ,7$/ ± 52 ,Q H[HUJXH &25', %DEHORQ )XILD DQG 0XFLD 6\GHQKDP 5%: &UDZIRUG :RQGHUIXO ROG FDELQHW WRQH DOPRVW LQYLVLEOH PDUNV EHORZ QHFN WUXQFDWLRQ RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 1HJULQL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\


0 3ODHWRULXV 0 I &HVWLDQXV 'HQDULXV $5 PP J 'UDSHG IHPDOH EXVW O ZHDULQJ ZLQJHG GLDGHP EHKLQG DUURZ 5HY $QJXLSHGLF PRQVWHU RQ SHGLPHQW RI WHPSOH ZLWK EDVH LQVFULEHG 0 3/$(725, LQ H[HUJXH &(67 6ā& %DEHORQ 3ODHWRULD 6\GHQKDP D 5%: &UDZIRUG E 9HU\ UDUH /LJKW LULGHVFHQW WRQH EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ *LWEXG DQG 1DXPDQQ VDOH

0 3ODHWRULXV 0 I &HVWLDQXV 'HQDULXV $5 PP J 'UDSHG IHPDOH EXVW U KDLU GHFRUDWHG ZLWK SRSS\ KHDGV EHKLQG GDJJHU 5HY 0ā3/$(725, ± &(67ā(;ā6ā& :LQJHG FDGXFHXV %DEHORQ 3ODHWRULD 6\GHQKDP 5%: ± &UDZIRUG E 6FDUFH /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

0 3ODHWRULXV 0 I &HVWLDQXV 'HQDULXV $5 PP J 'UDSHG IHPDOH EXVW U KDLU GHFRUDWHG ZLWK SRSS\ KHDGV EHKLQG ODGOH 5HY 0ā3/$(725, ± &(67ā(;ā6ā& :LQJHG FDGXFHXV %DEHORQ 3ODHWRULD 6\GHQKDP 5%: ± &UDZIRUG E 6FDUFH $ ORYHO\ SRUWUDLW RI ILQH VW\OH VWUXFN RQ D YHU\ EURDG IODQ ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

0 3ODHWRULXV 0 I &HVWLDQXV 'HQDULXV $5 PP J 0DOH KHDG U ZLWK IORZLQJ KDLU EHKLQG WRUFK 5HY 0ā3/$(725, ± &(67ā(;ā6ā& :LQJHG FDGXFHXV %DEHORQ 3ODHWRULD 6\GHQKDP 5%: ± &UDZIRUG 7ZR OLJKW VFUDWFKHV RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH

0 3ODHWRULXV 0 I &HVWLDQXV 'HQDULXV $5 PP J 0DOH KHDG U ZLWK IORZLQJ KDLU EHKLQG WULGHQW 5HY 0ā3/$(725, ± &(67ā(;ā6ā& :LQJHG FDGXFHXV %DEHORQ 3ODHWRULD 6\GHQKDP 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH

0 3ODHWRULXV 0 I &HVWLDQXV 'HQDULXV $5 PP J 0DOH KHDG U ZLWK IORZLQJ KDLU EHKLQG DSOXVWUH 5HY 0ā3/$(725, ± &(67ā(;ā6ā& :LQJHG FDGXFHXV %DEHORQ 3ODHWRULD 6\GHQKDP 5%: ± &UDZIRUG $Q DOPRVW LQYLVLEOH VFUDWFK RQ UHYHUVH ILHOG RWKHUZLVH DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ %HUWRODPL )LQH $UWV VDOH

3 6XOSLFLXV *DOED 'HQDULXV $5 PP J 9HLOHG DQG GLDGHPHG KHDG RI 9HVWD U EHKLQG 6ā& 5HY $( ± &95 .QLIH FXOXOOXV DQG D[H ,Q H[HUJXH 3ā*$/% %DEHORQ 6XOSLFLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH


& +RVLGLXV & I *HWD 'HQDULXV VHUUDWXV $5 PP J K *(7$ ± ,,,ā9,5 'UDSHG EXVW RI 'LDQD U ZLWK ERZ DQG TXLYHU RYHU VKRXOGHU 5HY %RDU U ZRXQGHG E\ VSHDU DQG DWWDFNHG E\ KRXQG LQ H[HUJXH &ā+26,', & ) %DEHORQ +RVLGLD YDU 6\GHQKDP YDU 3 'HEHUQDUGL 6RPH 8QOLVWHG 9DULHWLHV DQG 5DUH 'LHV LQ 5RPDQ 5HSXEOLFDQ &RLQDJH LQ 1& ILJ WKLV FRLQ LOOXVWUDWHG 5%: &UDZIRUG QRWH $Q H[WUHPHO\ UDUH YDULHW\ /LJKW LULGHVFHQW WRQH D EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\ 7KLV LV WKH FRLQ GHSLFWHG LQ )LJ RI WKH SDSHU µ6RPH 8QOLVWHG 9DULHWLHV DQG 5DUH 'LHV LQ 5RPDQ 5HSXEOLFDQ &RLQDJH¶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

& &DOSXUQLXV / I )UXJL 'HQDULXV $5 PP J +HDG RI $SROOR O KDLU ERXQG ZLWK ILOOHW EHKLQG EXFUDQLXP 5HY +RUVHPDQ JDOORSLQJ U EHORZ &ā3,62ā/ā)ā)59 Ȅ %DEHORQ &DOSXUQLD 6\GHQKDP F & +HUVK 1& 5%: ± &UDZIRUG E :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH

& 3LVR / I )UXJL 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG SLWFKHU ZLWK KDQGOH 5HY +RUVHPDQ UXQQLQJ U KROGLQJ EUDQFK DERYH WRUTXH DQG EHORZ &ā3,62ā/ā) )59* %DEHORQ &DOSXUQLD 6\GHQKDP L & +HUVK 1& 5%: ± &UDZIRUG D /LJKW LULGHVFHQW WRQH LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH

& 3LVR / I )UXJL 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG EHH 5HY +RUVHPDQ UXQQLQJ U KROGLQJ EUDQFK DERYH % DQG EHORZ &ā3,62ā/ā) )59 %DEHORQ &DOSXUQLD 6\GHQKDP L & +HUVK 1& 5%: ± &UDZIRUG D :RQGHUIXO LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 1$& VDOH

& 3LVR / I )UXJL 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG HDJOH 5HY +RUVHPDQ UXQQLQJ U KROGLQJ EUDQFK DERYH VFRUSLRQ DQG EHORZ &ā3,62ā/ā) )59*, %DEHORQ &DOSXUQLD 6\GHQKDP D & +HUVK 1& 5%: ± &UDZIRUG D 2OG FDELQHW WRQH D JUDIILWR RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 1DYLOOH VDOH


& 3LVR / I )UXJL 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG KRRN 5HY +RUVHPDQ UXQQLQJ U KROGLQJ EUDQFK DERYH DSOXVWUH DQG EHORZ &ā3,62ā/ā) )59* %DEHORQ &DOSXUQLD 6\GHQKDP & +HUVK 1& 5%: ± &UDZIRUG D $WWUDFWLYH LULGHVFHQW WRQH WZR OLJKW VFUDWFKHV EHIRUH FKLQ RWKHUZLVH DERXW H[WUHPHO\ ILQH

& 3LVR / I )UXJL 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG 5 5HY +RUVHPDQ UXQQLQJ U KROGLQJ EUDQFK DERYH , DQG EHORZ &ā3,62ā/ā) )59* %DEHORQ &DOSXUQLD 6\GHQKDP & +HUVK 1& 5%: ± &UDZIRUG D /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ +HOLRV VDOH

& &DOSXUQLXV / I )UXJL 'HQDULXV $5 PP J +HDG RI $SROOR O KDLU ERXQG ZLWK ILOOHW EHKLQG 6 5HY +RUVHPDQ JDOORSLQJ U EHORZ &ā3,62ā/ā)ā)59 + %DEHORQ &DOSXUQLD 6\GHQKDP & +HUVK 1& 5%: ± &UDZIRUG E $ VXSHUE SRUWUDLW VWUXFN LQ KLJK UHOLHI DQG D ORYHO\ OLJKW LULGHVFHQW WRQH ([WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH ([ &1* VDOH

& &DOSXUQLXV / I )UXJL 'HQDULXV $5 PP J +HDG RI $SROOR U KDLU ERXQG ZLWK ILOOHW EHKLQG KXPDQ¶V HDU 5HY +RUVHPDQ JDOORSLQJ O DERYH (1 DQG EHORZ &ā3,62ā/ā)ā)59*, %DEHORQ &DOSXUQLD 6\GHQKDP & +HUVK 1& 5%: ± &UDZIRUG E $Q HOHJDQW SRUWUDLW RI ILQH VW\OH VWUXFN LQ KLJK UHOLHI DQG D ORYHO\ LULGHVFHQW WRQH 0LQRU PDUNV RWKHUZLVH DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

& &DOSXUQLXV / I )UXJL 'HQDULXV $5 PP J +HDG RI $SROOR U KDLU ERXQG ZLWK ILOOHW EHKLQG ERZ 5HY +RUVHPDQ JDOORSLQJ U EHORZ &ā3,62ā/ā)ā)59 GRW RQ FUHVFHQW %DEHORQ &DOSXUQLD 6\GHQKDP & +HUVK 1& 5%: ± &UDZIRUG E /LJKW WRQH DQ DOPRVW LQYLVLEOH VFXII RQ KHDG RWKHUZLVH JRRG YHU\ ILQH ([ %HUWRODPL )LQH $UWV VDOH

& &DOSXUQLXV / I )UXJL 'HQDULXV $5 PP J +HDG RI $SROOR U KDLU ERXQG ZLWK ILOOHW EHKLQG URVH 5HY +RUVHPDQ JDOORSLQJ U EHORZ &ā3,62ā/ā)ā)59 VLPSXOXP %DEHORQ &DOSXUQLD 6\GHQKDP D & +HUVK 1& 5%: ± &UDZIRUG E 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH


& &DOSXUQLXV / I )UXJL 'HQDULXV $5 PP J +HDG RI $SROOR U KDLU ERXQG ZLWK ILOOHW EHKLQG OL]DUG 5HY +RUVHPDQ JDOORSLQJ U EHORZ &ā3,62ā/ā)ā)59* ȁ %DEHORQ &DOSXUQLD 6\GHQKDP I & +HUVK 1& 5%: ± &UDZIRUG E /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

& &DOSXUQLXV / I )UXJL 'HQDULXV $5 PP J +HDG RI $SROOR U KDLU ERXQG ZLWK ILOOHW EHKLQG V\PERO 5HY +RUVHPDQ JDOORSLQJ U EHORZ &ā3,62ā/ā)ā)59 SHOOHW %DEHORQ &DOSXUQLD 6\GHQKDP D & +HUVK 1& 5%: ± &UDZIRUG E 2OG FDELQHW WRQH DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH

0 3ODHWRULXV 0 I &DHVWLDQXV 'HQDULXV $5 PP J %XVW U ZLWK DWWULEXWHV RI ,VLV 0LQHUYD $SROOR 'LDQD DQG 9LFWRU\ EHIRUH FRUQXFRSLD DQG 6 & %HKLQG &(67,$196 5HY (DJOH RQ WKXQGHUEROW DURXQG 0ā3/$(725,96ā0ā)ā$(' ± &95 %DEHORQ 3ODHWRULD 6\GHQKDP 5%: &UDZIRUG $WWUDFWLYH ROG FDELQHW WRQH OLJKW VFUDWFKHV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH

0 3ODHWRULXV 0 I &DHVWLDQXV 'HQDULXV $5 PP J %XVW U ZLWK DWWULEXWHV RI ,VLV 0LQHUYD $SROOR 'LDQD DQG 9LFWRU\ EHIRUH FRUQXFRSLD DQG 6 & %HKLQG &(67,$196 5HY (DJOH RQ WKXQGHUEROW DURXQG 0ā3/$(725,96ā0ā)ā$(' ± &95 %DEHORQ 3ODHWRULD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ &1* H VDOH

4 3RPSRQLXV 0XVD 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG VFUROO 5HY 4ā320321, ± 096$ &OLR VWDQGLQJ O KROGLQJ VFUROO LQ U KDQG DQG UHVWLQJ O HOERZ RQ FROXPQ %DEHORQ 3RPSRQLD 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG /RYHO\ LULGHVFHQW WRQH DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH ([ 1$& 5%: SDUW ,, DQG +HULWDJH VDOHV 3ULYDWHO\ SXUFKDVHG IURP 6 .QREORFK LQ $SULO

4 3RPSRQLXV 0XVD 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG WZR IOXWHV LQ VDOWLUH 5HY 4 ā320321, ± 096$ (XWKHUSHV VWDQGLQJ U UHVWLQJ O HOERZ RQ FROXPQ DQG KROGLQJ WZR IOXWHV LQ U KDQG %DEHORQ 3RPSRQLD 6\GHQKDP 5%: ± &UDZIRUG 5DUH /LJKW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH ([ . QNHU VDOH

4 3RPSRQLXV 0XVD 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG IORZHU 5HY 4ā320321, ± 096$ (UDWR VWDQGLQJ U KROGLQJ VTXDUH O\UH LQ O KDQG DQG SOHFWUXP LQ U %DEHORQ 3RPSRQLD 6\GHQKDP D 5%: ± &UDZIRUG G 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH


4 3RPSRQLXV 0XVD 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG VWDU 5HY 4ā320321, ± 096$ 8UDQLD VWDQGLQJ O KROGLQJ URG ZKLFK VKH SRLQWV WR JOREH UHVWLQJ RQ WULSRG %DEHORQ 3RPSRQLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH REYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 6RWKHE\¶V -XQH %HUQHW DQG +HULWDJH VDOHV )URP WKH 6XNHQLN FROOHFWLRQ

4 3RPSRQLXV 0XVD 'HQDULXV $5 PP J K /DXUHDWH KHDG RI $SROOR U EHKLQG VWDU 5HY 4ā320321, ± 096$ 8UDQLD VWDQGLQJ O KROGLQJ URG ZKLFK VKH SRLQWV WR JOREH UHVWLQJ RQ WULSRG %DEHORQ 3RPSRQLD 6\GHQKDP 5%: &UDZIRUG :RQGHUIXO ROG FDELQHW WRQH WZR EDQNHU¶V PDUNV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ 9DUHVL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

4 3RPSRQLXV 0XVD 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG VDQGDO 5HY 4ā320321, ± 096$ 7KDOLD VWDQGLQJ O KROGLQJ FRPLF¶V PDVN LQ U KDQG DQG UHVWLQJ O HOERZ RQ FROXPQ %DEHORQ 3RPSRQLD 6\GHQKDP 5%: ± &UDZIRUG E 6WUXFN RQ YHU\ IUHVK PHWDO OLJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH ([ 0 0 6WXWWJDUW DQG +LUVFK VDOHV

/ 0DQOLXV 7RUTXDWXV 'HQDULXV $5 PP J K ,Y\ ZUHDWKHG KHDG RI 6\ELO U EHORZ QHFN WUXQFDWLRQ 6,%<//$ 5HY /ā72549$7 ,,,ā9,5 7ULSRG RQ ZKLFK VWDQGV DPSKRUD IODQNHG E\ WZR VWDUV $OO ZLWKLQ WRUTXH %DEHORQ 0DQOLD 6\GHQKDP D 5%: &UDZIRUG E $ SRUWUDLW RI H[FHOOHQW VW\OH DQG D ZRQGHUIXO LULGHVFHQW WRQH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

/ 5RVFLXV )DEDWXV 'HQDULXV VHUUDWXV $5 PP J +HDG RI -XQR 6RVSLWD U EHKLQG FKLFNHQ FRRS DQG EHORZ QHFN WUXQFDWLRQ / 526&, 5HY *LUO VWDQGLQJ U IDFLQJ VHUSHQW LQ O ILHOG FKLFNHQV IHHGLQJ U ,Q H[HUJXH )$%$7, %DEHORQ 5RVFLD 6\GHQKDP 5%: ± &UDZIRUG DQG V\PEROV 9HU\ LQWHUHVWLQJ V\PEROV 9HU\ ILQH


/ &DVVLXV /RQJLQXV 'HQDULXV $5 PP J 'LDGHPHG DQG YHLOHG KHDG RI 9HVWD O EHORZ FKLQ / ,Q U ILHOG GLVK 5HY /21*,1ā,,,ā9 9RWHU VWDQGLQJ O GURSSLQJ WDEOHW LQVFULEHG 9 LQWR FLVWD %DEHORQ &DVVLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ . QNHU VDOH

0 $HPLOLXV /HSLGXV 'HQDULXV $5 PP J /DXUHDWH DQG GLDGHPHG IHPDOH KHDG U 5HY +RUVHPDQ U FDUU\LQJ WURSK\ RYHU VKRXOGHU ,Q H[HUJXH 0 /(3,'96 %DEHORQ $HPLOLD 6\GHQKDP 5%: &UDZIRUG E /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ )LQHDUWH DQG 1$& VDOHV

0 $HPLOLXV 6FDXUXV 3 3ODXWLXV +\SVDHXV 'HQDULXV $5 PP J 0ā6&$95 $('ā&95 .QHHOLQJ ILJXUH U KROGLQJ ROLYH EUDQFK DQG UHLQV RI FDPHO VWDQGLQJ EHVLGH KLP RQ HLWKHU VLGH (; ± 6ā& ,Q H[HUJXH 5(; $5(7$6 5HY 3ā+936$(96 $(' &95 -XSLWHU LQ TXDGULJD O KROGLQJ UHLQV LQ O KDQG DQG KXUOLQJ WKXQGHUEROW ZLWK U EHIRUH VFRUSLRQ %HKLQG &$379 DQG EHORZ & +936$( &26 35(,9( %DEHORQ $HPLOLD DQG 3ODXWLD 6\GHQKDP 5%: &UDZIRUG E 2OG FDELQHW WRQH DQG XQXVXDOO\ ZHOO FHQWUHG ([WUHPHO\ ILQH

/ 0DUFLXV 3KLOLSSXV 'HQDULXV $5 PP J 'LDGHPHG KHDG RI $QFXV 0DUFLXV U EHKLQG OLWXXV DQG EHORZ $1&96 5HY 3+,/,3396 (TXHVWULDQ VWDWXH VWDQGLQJ U RQ DTXHGXFW DW KRUVH V IHHW IORZHU %HORZ $49$ 0$5 OLJDWH ZLWKLQ WKH DUFKHV RI WKH DTXHGXFW %DEHORQ 0DUFLD 6\GHQKDP 5%: &UDZIRUG /LJKW WRQH DQG DERXW H[WUHPHO\ ILQH

)DXVWXV &RUQHOLXV 6XOOD 'HQDULXV $5 PP J K /DXUHDWH GLDGHPHG DQG GUDSHG EXVW RI 9HQXV U EHKLQG VFHSWUH $ERYH 6ā& 5HY 7KUHH WURSKLHV RQ HLWKHU VLGH MXJ DQG OLWXXV ,Q H[HUJXH PRQRJUDP RI )$96796 %DEHORQ &RUQHOLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 1HZ <RUN ,,, DQG $XUHD 1XPLVPDWLND VDOHV 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

)DXVWXV &RUQHOLXV 6XOOD 'HQDULXV $5 PP J +HDG RI +HUFXOHV U ZHDULQJ OLRQ¶V VNLQ LQ O ILHOG 6ā& 5HY *OREH VXUURXQGHG E\ IRXU ZUHDWKV EHQHDWK >DSOXVWUH@ RQ O DQG FRUQ HDU RQ U %DEHORQ &RUQHOLD 6\GHQKDP 5%: &UDZIRUG E 2OG FDELQHW WRQH WUDFHV RI RYHUVWULNLQJ RQ REYHUVH DQG RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ . QNHU DQG . QNHU VDOHV


3 )RQWHLXV 3 I &DSLWR DQG 7 'LGLXV 'HQDULXV $5 PP J K 3ā)217(,96ā3ā) ± &$3,72ā,,,ā9,5 +HOPHWHG DQG GUDSHG EXVW RI 0DUV U ZLWK WURSK\ RYHU VKRXOGHU 5HY 01 ± )217ā75ā0,/ +RUVHPDQ WKUXVWLQJ VSHDU DW HQHP\ ZKR LV DERXW WR VOD\ XQDUPHG FDSWLYH LQ U ILHOG KHOPHW DQG RYDO VKLHOG %DEHORQ )RQWHLD 6\GHQKDP 5%: &UDZIRUG /LJKW WRQH D WHVW FXW DW QLQH R¶FORFN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

3 )RQWHLXV 3 I &DSLWR DQG 7 'LGLXV 'HQDULXV $5 PP J 3ā)217(,96ā3ā) ± &$3,72ā,,,ā9,5 +HOPHWHG DQG GUDSHG EXVW RI 0DUV U ZLWK WURSK\ RYHU VKRXOGHU 5HY 01 ± )217ā75ā0,/ +RUVHPDQ WKUXVWLQJ VSHDU DW HQHP\ ZKR LV DERXW WR VOD\ XQDUPHG FDSWLYH LQ U ILHOG KHOPHW DQG RYDO VKLHOG %DEHORQ )RQWHLD 6\GHQKDP 5%: &UDZIRUG 0LQRU PDUNV DQG VXUIDFH VRPHZKDW SRURXV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 1)$ PDLO ELG 2FWREHU DQG +HULWDJH VDOHV )URP WKH 6XNHQLN FROOHFWLRQ

3 )RQWHLXV 3 I &DSLWR 'HQDULXV $5 PP J >3ā)217(,96ā&$3,@72ā,,,ā9,5 &21&25',$ 'LDGHPHG DQG GUDSHG KHDG RI &RQFRUGLD U 5HY 7ā',',ā ± 9,/ā39% 7KH 9LOOD 3XEOLFD LQ H[HUJXH ,03ā %DEHORQ )RQWHLD DQG 'LGLD 6\GHQKDP 5%: &UDZIRUG D 5DUH /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH

3 /LFLQLXV &UDVVXV 'HQDULXV $5 PP J K /DXUHDWH GLDGHPHG DQG GUDSHG EXVW RI 9HQXV U EHKLQG 6ā& 5HY 3ā&5$6696ā ± 0ā) )HPDOH ILJXUH OHDGLQJ KRUVH O ZLWK U KDQG DQG KROGLQJ VSHDU LQ O KDQG DW KHU IHHW FXLUDVV DQG VKLHOG %DEHORQ /LFLQLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ %XVVR 3HXV 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

0 ,XQLXV %UXWXV 'HQDULXV $5 PP J /,%(57$6 +HDG RI /LEHUWDV U 5HY 7KH FRQVXO / ,XQLXV %UXWXV ZDONLQJ O EHWZHHQ WZR OHFWRUV SUHFHGHG E\ DQ DFFHQVXV ,Q H[HUJXH %59796 %DEHORQ -XQLD 6\GHQKDP 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH VWUXFN RQ D YHU\ EURDG IODQ DQG FRPSOHWH $ERXW H[WUHPHO\ ILQH


0 ,XQLXV %UXWXV 'HQDULXV $5 PP J K %59796 +HDG RI / ,XQLXV %UXWXV U 5HY $+$/$ +HDG RI & 6HUYLOLXV $KDOD U %DEHORQ -XOLD DQG 6HUYLOLD 6\GHQKDP 5%: &UDZIRUG %DQNHU PDUN EHORZ HDU DW ERWK VLGHV 7ZR DWWUDFWLYH SRUWUDLWV RI ILQH VW\OH SHUIHFWO\ FHQWUHG RQ D IXOO IODQ DQG D ORYHO\ ROG FDELQHW WRQH 7ZR XQREWUXVLYH EDQNHU¶V PDUNV RWKHUZLVH DERXW H[WUHPHO\ ILQH 'HVSLWH LWV OLJKW ZHLJKW WKLV FRLQ LV VWUXFN LQ JRRG VLOYHU ILQHQHVV IURP 6* PHDVXUH ([ 1RPLVPD VDOH 'LRVFXUL 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

4 3RPSHLXV 5XIXV 'HQDULXV $5 PP J K 69//$ā&26 +HDG RI 6XOOD U 5HY 4ā320ā59), +HDG RI 4 3RPSHLXV 5XIXV U EHKLQG 59)96ā&26 %DEHORQ &RUQHOLD DQG 3RPSHLD 6\GHQKDP 5%: &UDZIRUG 2OG FDELQHW WRQH D EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ &1* VDOH )URP WKH -RKQ $ 6HHJHU FROOHFWLRQ 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

& &RHOLXV &DOGXV 'HQDULXV $5 PP J &ā&2(/ā&$/'96 +HDG RI & &RHOLXV &DOGXV U EHORZ >&26@ DQG EHKLQG WDEOHW LQVFULEHG /ā' 5HY &$/'96ā,,,9,5 +HDG RI 6RO U EHKLQG 6 RYDO VKLHOG GHFRUDWHG ZLWK WKXQGHUEROW EHIRUH 0DFHGRQLDQ VKLHOG %DEHORQ &RHOLD 6\GHQKDP 5%: ± &UDZIRUG E 5DUH 6WUXFN RQ YHU\ IUHVK PHWDO DQG ZLWK D ORYHO\ OLJKW LULGHVFHQW WRQH 5HYHUVH IURP D ZRUQ GLH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ . QNHU VDOH

& &RHOLXV &DOGXV 'HQDULXV $5 PP J &ā&2(/ā&$/'96 +HDG RI & &RHOLXV &DOGXV U LQ O ILHOG VWDQGDUG LQVFULEHG >+@,6 LQ U ILHOG VWDQGDUG LQ WKH IRUP RI D ERDU 5HY 7DEOHW LQVFULEHG /ā&$/'96 9,,9,5ā(39/ EHKLQG ZKLFK ILJXUH SUHSDUHV HSXOXP RQ HLWKHU VLGH RI WDEOHW D WURSK\ ,Q RXWHU O ILHOG &$/'96 LQ RXWHU U ILHOG ,03ā$ā; ,Q H[HUJXH &$/'96ā,,,9,5 %DEHORQ &RHOLD 6\GHQKDP 5%: &UDZIRUG D 6FDUFH *RRG YHU\ ILQH


&Q 1HULXV / /HQWXOXV &ODXGLXV 0DUFHOOXV 'HQDULXV $5 PP J 1(5,ā4ā>95%@ +HDG RI 6DWXUQ U ZLWK KDUSD RYHU VKRXOGHU 5HY /ā/(17 ± >&ā0$5&@ /HJLRQDU\ HDJOH EHWZHHQ VWDQGDUG RI WKH +DVWDWL RQ O DQG VWDQGDUG RI WKH 3ULQFLSHV RQ U EHORZ &2 ± 6 %DEHORQ 1HULD &RUQHOLD DQG &ODXGLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG :RQGHUIXO ROG FDELQHW WRQH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ 1$& VDOH

4 6LFLQLXV DQG & &RSRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 3RPSHLXV $5 PP J 4ā6,&,1,96 ± ,,,ā9,5 +HDG RI $SROOR U KDLU WLHG ZLWK EDQG EHORZ VWDU 5HY &ā&2321,96 ± 35ā6ā& &OXE XSULJKW RQ ZKLFK KDQJV OLRQ V VNLQ ZLWK KHDG U LQ O ILHOG DUURZ DQG LQ U ILHOG ERZ %DEHORQ 6LFLQLD DQG &RSRQLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG D /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

/ &RUQHOLXV /HQWXOXV DQG & &ODXGLXV 0DUFHOOXV 'HQDULXV $SROORQLD DQG $VLD $5 PP J 7ULVFHOHV ZLWK ZLQJHG KHDG RI 0HGXVD LQ FHQWUH DQG FRUQ HDUV EHWZHHQ OHJV 5HY /(17 ± 0$5 &26 -XSLWHU VWDQGLQJ IDFLQJ KHDG U KROGLQJ WKXQGHUEROW DQG HDJOH LQ RXWHU U ILHOG KDUSD %DEHORQ &RUQHOLD DQG &ODXGLD 6\GHQKDP D 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH 6WUXFN RQ H[FHOOHQW PHWDO DQG ZLWK D YHU\ SOHDVDQW LULGHVFHQW WRQH 2EYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH H[WUHPHO\ ILQH ([ . QNHU VDOH

/ &RUQHOLXV /HQWXOXV DQG & &ODXGLXV 0DUFHOOXV 'HQDULXV $SROORQLD DQG $VLD $5 PP J /ā/(17ā&ā0$5& +HDG RI $SROOR U EHKLQG &26 5HY -XSLWHU VWDQGLQJ IDFLQJ KHDG U KROGLQJ WKXQGHUEROW DQG HDJOH LQ O ILHOG VWDU DQG 4 ,Q U ILHOG JDUODQGHG DOWDU %DEHORQ &RUQHOLD DQG &ODXGLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 6FDUFH 'DUN WRQH DQ LQVLJQLILFDQW IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH 6WUXFN IURP ZRUQ GLHV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ /DQ] DQG +HULWDJH VDOHV


&Q 3RPSHLXV 0DJQXV DQG &Q &DOSXUQLXV 3LVR 'HQDULXV PLQW PRYLQJ ZLWK 3RPSHLXV $5 PP J &1ā3,62ā352 ± 4 %HDUGHG KHDG RI 1XPD 3RPSLOLXV U ZHDULQJ GLDGHP LQVFULEHG 190$ 5HY 0$*1 3URZ U EHORZ 352ā&26 %DEHORQ 3RPSHLD DQG &DOSXUQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 6WUXFN RQ D YHU\ EURDG IODQ OLJKW LULGHVFHQW WRQH PLQRU SRURVLW\ DQG D PHWDO IODZ RQ REYHUVH ILHOG RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 1$& VDOH

&Q 3RPSHLXV 0DJQXV DQG &Q &DOSXUQLXV 3LVR 'HQDULXV PLQW PRYLQJ ZLWK 3RPSHLXV $5 PP J &1ā3,>62@ā352 ± 4 %HDUGHG KHDG RI 1XPD 3RPSLOLXV U ZHDULQJ GLDGHP LQVFULEHG 190$ 5HY 0$*1 3URZ U EHORZ 352ā&26 %DEHORQ 3RPSHLD DQG &DOSXUQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG ,ULGHVFHQW WRQH XQREWUXVLYH DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH

&Q 3RPSHLXV 0DJQXV DQG 7HUHQWLXV 9DUUR 'HQDULXV PLQW PRYLQJ ZLWK 3RPSHLXV $5 PP J 9$552ā352 ± 4 7HUPLQDO EXVW RI -XSLWHU U ZHDULQJ GLDGHP 5HY 6FHSWUH EHWZHHQ GROSKLQ DQG HDJOH LQ H[HUJXH 0$*1ā352 &26 %DEHORQ 7HUHQWLD DQG 3RPSHLD 6HDU ,PSHUDWRUV & 6\GHQKDP YDU :R\WHN $UPD HW 1XPPL S 5%: ± &UDZIRUG D 5DUH 6WUXFN RQ H[FHOOHQW PHWDO DQG XQXVXDOO\ ZHOO FHQWUHG RQ D IXOO IODQ ZLWK D OLJKW LULGHVFHQW WRQH *UDIILWR RQ UHYHUVH ILHOG RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

$ /LFLQLXV 1HUYD 'HQDULXV $5 PP J $ā/,&,1,96 ± ),'(6 /DXUHDWH KHDG RI )LGHV U 5HY ā,,, ± 9,5 +RUVHPDQ JDOORSLQJ U ZLWK U KDQG GUDJJLQJ E\ WKH KDLU QDNHG ZDUULRU KROGLQJ VKLHOG DQG VZRUG EHORZ KRUVH 1(59$ %DEHORQ /LFLQLD 6\GHQKDP 6HDU ,PSHUDWRUV D 5%: &UDZIRUG 6FDUFH 2OG FDELQHW WRQH DQG YHU\ ILQH ([ *HPLQL VDOH ; )URP WKH 5DQG\ +DYLODQG FROOHFWLRQ


& ,XOLXV &DHVDU DQG $ $OOLHQXV 'HQDULXV 6LFLO\ $5 PP J &ā&$(6$5 ± ,03ā&26ā,7(5 'LDGHPHG DQG GUDSHG EXVW RI 9HQXV U 5HY $ā$//,(196 ± 352ā&26 7ULQDFUXV VWDQGLQJ O SODFLQJ U IRRW RQ SURZ KROGLQJ WULVFHOHV LQ U KDQG DQG FORDN LQ O %DEHORQ -XOLD DQG $OOLHQD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 9HU\ UDUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ¶ ([ 1RPRV VDOH

& ,XOLXV &DHVDU 'HQDULXV $VLD $5 PP J 'LDGHPHG KHDG RI 9HQXV U 5HY &$(6$5 $HQHDV DGYDQFLQJ O FDUU\LQJ SDOODGLXP LQ U KDQG DQG $QFKLVHV RQ O VKRXOGHU %DEHORQ -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S II 5%: &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

4 &DHFLOLXV 0HWHOOXV 3LXV 6FLSLR 'HQDULXV $IULFD $5 PP J 4ā0(7(/ /DXUHDWH KHDG RI -XSLWHU U EHORZ 3,96 5HY 6&,3,2 (OHSKDQW U LQ H[HUJXH ,03 %DEHORQ &DHFLOLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 2OG FDELQHW WRQH PLQRU WUDFHV RI RYHUVWULNLQJ RQ REYHUVH RWKHUZLVH YHU\ ILQH

4 &DHFLOLXV 0HWHOOXV 3LXV 6FLSLR DQG 3 /LFLQLXV &UDVVXV 'HQDULXV $IULFD $5 PP J 4ā0(7(/ā 3,96 ± 6&,3,2ā,03 /LRQ KHDGHG ILJXUH RI *HQLXV 7HUUDH $IULFDH VWDQGLQJ IDFLQJ FODG LQ ORQJ UREHV KROGLQJ DQNK LQ U KDQG DW VLGHV RI KHDG *ā7ā ± $ 5HY 3ā&5$6696ā,91 ± /(* 352ā35 9LFWRU\ VWDQGLQJ O KROGLQJ FDGXFHXV DQG VKLHOG %DEHORQ &DHFLOLD DQG /LFLQLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 9HU\ UDUH /LJKW WRQH D EDQNHU¶V PDUN RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ . QNHU VDOH

0 3RUFLXV &DWR 'HQDULXV $IULFD $5 PP J K 0 &$72 352 35 'UDSHG IHPDOH EXVW U LQ O ILHOG 520 5HY 9LFWRU\ VHDWHG U KROGLQJ SDWHUD LQ H[HUJXH 9,&75,; %DEHORQ 3RUFLD 6\GHQKDP D 6HDU ,PSHUDWRUV E 5%: ± &UDZIRUG E 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ 1RPLVPD VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\


7 &DULVLXV 6HVWHUWLXV $5 PP J 'LDGHPHG EXVW RI 'LDQD U ERZ DQG TXLYHU RYHU VKRXOGHU 5HY 7ā&$5 +RXQG UXQQLQJ U %DEHORQ &DULVLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH 2OG FDELQHW WRQH VXUIDFHV VRPHZKDW FRUURGHG DQG REYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW YHU\ ILQH ([ *HPLQL VDOH ; )URP WKH 5DQG\ +DYLODQG FROOHFWLRQ

& &RQVLGLXV 3DHWXV 6HVWHUWLXV $5 PP J >&ā&216,',96@ :LQJHG EXVW RI &XSLG U 5HY 'RXEOH FRUQXFRSLDH VHW RQ JOREH %DEHORQ &RQVLGLD 6\GHQKDP E 6HDU ,PSHUDWRUV D 5%: &UDZIRUG E 9HU\ UDUH 'DUN WRQH VXUIDFHV VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH ([ %HUWRODPL )LQH $UWV VDOH

& ,XOLXV &DHVDU DQG $ +LUWLXV $XUHXV $9 PP J & &$(6$5 ± &26 7(5 9HLOHG KHDG RI 9HVWD U 5HY $ā+,57,96ā3ā5 /LWXXV MXJ DQG D[H %DEHORQ -XOLD DQG +LUWLD & %DKUIHOGW 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &DOLFy D &UDZIRUG $OPRVW LQYLVLEOH PHWDO IODZ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ $UWHPLGH VDOH ;/

& ,XOLXV &DHVDU 'HQDULXV 6SDLQ $5 PP J 'LDGHPHG KHDG RI 9HQXV U EHKLQG &XSLG 5HY 7ZR FDSWLYHV VHDWHG DW VLGHV RI WURSK\ ZLWK RYDO VKLHOG DQG FDUQ\[ LQ HDFK KDQG LQ H[HUJXH &$(6$5 %DEHORQ -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 2OG FDELQHW WRQH DQG H[WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH

&Q 3RPSHLXV 0DJQXV DQG 0 3REOLFLXV 'HQDULXV 6SDLQ $5 PP J 0ā32%/,&,ā/(* 352 +HOPHWHG KHDG RI 5RPD U EHKLQG 35 5HY &1ā0$*196ā,03 )HPDOH ILJXUH VWDQGLQJ U ZLWK VKLHOG VOXQJ RQ EDFN KROGLQJ WZR VSHDUV LQ O KDQG DQG SUHVHQWLQJ SDOP EUDQFK WR VROGLHU VWDQGLQJ O RQ SURZ RI VKLS %DEHORQ 3RPSHLD DQG 3REOLFLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG D 6WUXFN RQ DQ H[FHSWLRQDOO\ EURDG IODQ $Q DOPRVW LQYLVLEOH EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 1$& VDOH


&QDHXV 3RPSHLXV -XQLRU DQG 0 0LQDWLXV 6DELQXV 'HQDULXV 6SDLQ $5 PP J ,03 ± &1ā0$*1 +HDG RI &QDHXV 3RPSHLXV 0DJQXV U 5HY >35ā4@ 3HUVRQLILFDWLRQ RI &RUGXED WXUUHWHG VWDQGLQJ U DPLGVW KHDS RI DUPV KROGLQJ WUDQVYHUVH VSHDU LQ O KDQG DQG JUDVSLQJ ZLWK U WKH KDQG RI 3RPSHLDQ VROGLHU GLVHPEDUNLQJ IURP VKLS LQ H[HUJXH 0ā0,1$7 6$%,1 %DEHORQ 0LQDWLD DQG 3RPSHLD & 6\GHQKDP E 7 9 %XWWUH\ $1601 S W\SH $ 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 9HU\ UDUH /LJKW LULGHVFHQW WRQH VXUIDFHV VRPHZKDW SRURXV DQG WZR EDQNHU¶V PDUNV RQ REYHUVH RWKHUZLVH YHU\ ILQH DERXW YHU\ ILQH ¶ ([ +DUODQ - %HUN DQG *HPLQL ; VDOHV )URP WKH 5DQG\ +DYLODQG FROOHFWLRQ

&QDHXV 3RPSHLXV -XQLRU DQG 0 0LQDWLXV 6DELQXV 'HQDULXV 6SDLQ $5 PP J ,03 ± &1 0$*196 +HDG RI &Q 3RPSHLXV 0DJQXV U 5HY 35ā4 3RPSHLDQ VROGLHU EHWZHHQ WKH SHUVRQLILFDWLRQ RI WZR 6SDQLVK FLWLHV WKH RQH RQ WKH O KROGLQJ FDGXFHXV ZLWK ILOOHW DQG FODVSLQJ KLV KDQG WKH RQH RQ WKH U ZLWK WURSK\ RYHU VKRXOGHU FURZQV KLP ZLWK U KDQG ,Q H[HUJXH 0ā0,1$7 6$%, %DEHORQ 0LQDWLD YDU DQG 3RPSHLD YDU & YDU 6\GHQKDP 7 9 %XWWUH\ $1601 S W\SH & DQG SO 9,, REY UHY K 6HDU ,PSHUDWRUV 5%: WKLV FRLQ &UDZIRUG G 9HU\ UDUH 6XUIDFHV VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH ¶ ([ 1$& VDOH 5%: SDUW ,, 3ULYDWHO\ SXUFKDVHG IURP 6SLQN 6RQ LQ 'HFHPEHU

/ROOLXV 3DOLNDQXV 'HQDULXV $5 PP J /,%(5>7$7,6@ 'LDGHPHG KHDG RI /LEHUWDV U 5HY 3$/,.>$196@ 5RVWUD RQ ZKLFK VWDQGV VXEVHOOLXP %DEHORQ /ROOLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG /RYHO\ LULGHVFHQW WRQH DUHDV RI ZHDNQHVV RWKHUZLVH JRRG H[WUHPHO\ ILQH

/ROOLXV 3DOLNDQXV 'HQDULXV $5 PP J /,%(57$7,6 'LDGHPHG KHDG RI /LEHUWDV U 5HY 3$/,.$196 5RVWUD RQ ZKLFK VWDQGV VXEVHOOLXP %DEHORQ /ROOLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG %DQNHU¶V PDUN RQ FKLQ RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

/ 9DOHULXV $FLVFXOXV 'HQDULXV $5 PP J $&,6&9/96 +HDG RI $SROOR U KDLU WLHG ZLWK EDQG DERYH VWDU DQG EHKLQG DFLVFXOXV 5HY (XURSD VHDWHG RQ EXOO ZDONLQJ U LQ H[HUJXH /ā9$/(5,9>6@ %DEHORQ 9DOHULD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH 5HYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *HPLQL VDOH ; )URP WKH 5DQG\ +DYLODQG FROOHFWLRQ


/ 9DOHULXV $FLVFXOXV 'HQDULXV $5 PP J $&,6>&9/96@ +HDG RI $SROOR U KDLU WLHG ZLWK EDQG EHKLQG DFLVFXOXV 5HY (XURSD VHDWHG RQ EXOO ZDONLQJ U LQ H[HUJXH >/@ā9$/(5>,96@ %DEHORQ 9DOHULD YDU 6\GHQKDP YDU 6HDU ,PSHUDWRUV YDU 5%: WKLV FRLQ &UDZIRUG D YDU $Q H[WUHPHO\ UDUH YDULHW\ ZLWKRXW VWDU 2OG FDELQHW WRQH PLQRU DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 1$& VDOH 5%: SDUW ,, 3ULYDWHO\ SXUFKDVHG IURP 9 (QJODQG LQ 1RYHPEHU

/ 9DOHULXV $FLVFXOXV 'HQDULXV $5 PP J $&,6&9/96 +HDG RI $SROOR U KDLU WLHG ZLWK EDQG DERYH VWDU DQG EHKLQG DFLVFXOXV $OO ZLWKLQ ODXUHO ZUHDWK 5HY (XURSD VHDWHG RQ EXOO ZDONLQJ U LQ H[HUJXH /ā9$/(5,96 %DEHORQ 9DOHULD 6\GHQKDP D 6HDU ,PSHUDWRUV D 5%: WKLV FRLQ &UDZIRUG E 6FDUFH 0LQRU DUHDV RI ZHDNQHVV RWKHUZLVH YHU\ ILQH ([ 5DXFK DQG 1$& 5%: SDUW ,, VDOHV

/ 9DOHULXV $FLVFXOXV 'HQDULXV $5 PP J $&,6&9/96 5DGLDWH KHDG RI 6RO U EHKLQG DFLVFXOXV 5HY /XQD LQ SUDQFLQJ ELJD U LQ H[HUJXH /ā9$/(5,96 %DEHORQ 9DOHULD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D ORYHO\ OLJKW WRQH DUHDV RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 1$& VDOH

6H[WXV 3RPSHLXV 0DJQXV 3LXV 'HQDULXV 6RXWKHUQ 6SDLQ $5 PP J 6(; 0$*1 >3,96@ ± ,03 ± % %DUH KHDG RI &QDHXV 3RPSHLXV U 5HY 3,(7$6 3LHWDV VWDQGLQJ O KROGLQJ SDOP EUDQFK DQG WUDQVYHUVH VFHSWUH %DEHORQ 3RPSHLD & 6\GHQKDP YDU 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S %XWWUH\ 1& DQG SO 9 DQG SO 9, ' 5%: WKLV FRLQ &UDZIRUG D 9HU\ UDUH 2OG FDELQHW WRQH DQG ILQH ([ +LUVFK DQG 1$& 5%: SDUW ,, VDOHV

& ,XOLXV &DHVDU DQG 0 0HWWLXV 'HQDULXV $5 PP J >&$(6$5ā,03@ :UHDWKHG KHDG RI &DHVDU U EHKLQG OLWXXV DQG FXOXOOXV 5HY 0ā0(77,96 9HQXV VWDQGLQJ O KROGLQJ VFHSWUH DQG 9LFWRU\ DQG UHVWLQJ O HOERZ RQ VKLHOG ZKLFK LQ WXUQ UHVWV RQ JOREH LQ O ILHOG >*@ %DEHORQ -XOLD DQG 0HWWLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 5DUH $UHDV RI ZHDNQHVV DQG UHYHUVH IURP D ZRUQ GLH RWKHUZLVH DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ &1* DQG *HPLQL ; VDOHV )URP WKH 7RQ\ +DUG\ DQG 5DQG\ +DYLODQG FROOHFWLRQV


& ,XOLXV &DHVDU DQG 3 6HSXOOLXV 0DFHU 'HQDULXV $5 PP J &$(6$5 ± ',&7ā3(53(792 9HLOHG DQG ZUHDWKHG KHDG RI &DHVDU U 5HY 3ā6(39//,96 ± 0$&(5 9HQXV VWDQGLQJ O KROGLQJ 9LFWRU\ DQG VFHSWUH UHVWLQJ RQ VKLHOG %DEHORQ -XOLD DQG 6HSXOOLD & 6\GHQKDP 6HDU ,PSHUDWRUV G 5%: &UDZIRUG $WWUDFWLYH ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ¶ ([ $&5 VDOH

& ,XOLXV &DHVDU DQG 3 6HSXOOLXV 0DFHU 'HQDULXV $5 PP J &$(6$5 ± ',&7ā3(53(792 9HLOHG DQG ZUHDWKHG KHDG RI &DHVDU U 5HY 3ā6(39//,96 ± 0$&(5 9HQXV VWDQGLQJ O KROGLQJ 9LFWRU\ DQG VFHSWUH UHVWLQJ RQ VKLHOG %DEHORQ -XOLD DQG 6HSXOOLD & 6\GHQKDP 6HDU ,PSHUDWRUV G 5%: &UDZIRUG 6WUXFN RQ YHU\ IUHVK PHWDO DQG ZLWK D OLJKW WRQH ,QVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ &1* H VDOH )URP WKH .DUO 6LIIHUPDQQ FROOHFWLRQ

& ,XOLXV &DHVDU DQG 3 6HSXOOLXV 0DFHU 'HQDULXV $5 PP J &$(6$5 ± ',&7ā3(53(792 9HLOHG DQG ZUHDWKHG KHDG RI &DHVDU U 5HY 3ā6(39//,96 ± 0$&(5 9HQXV VWDQGLQJ O KROGLQJ 9LFWRU\ DQG VFHSWUH UHVWLQJ RQ VKLHOG %DEHORQ -XOLD DQG 6HSXOOLD & 6\GHQKDP 6HDU ,PSHUDWRUV G 5%: &UDZIRUG 2OG FDELQHW WRQH D VPDOO DUHD RI ZHDNQHVV RQ REYHUVH DQG WUDFHV RI RYHUVWULNLQJ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 7ULWRQ ,, DQG *RUQ\ 0RVFK VDOHV

& ,XOLXV &DHVDU DQG 3 6HSXOOLXV 0DFHU 'HQDULXV $5 PP J >&$(@6$5 ± ',&7ā3(5>3(792@ 9HLOHG DQG ZUHDWKHG KHDG RI &DHVDU U 5HY 3ā6(39//,96 ± 0$&(5 9HQXV VWDQGLQJ O KROGLQJ 9LFWRU\ DQG VFHSWUH UHVWLQJ RQ VKLHOG %DEHORQ -XOLD DQG 6HSXOOLD & 6\GHQKDP 6HDU ,PSHUDWRUV G 5%: &UDZIRUG 2OG FDELQHW WRQH 7ZR OLJKW VFUDWFKHV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ . QNHU VDOH

& ,XOLXV &DHVDU DQG 3 6HSXOOLXV 0DFHU 'HQDULXV $5 PP J >&$(6$5@ ± ',&7ā3(53(792 9HLOHG DQG ZUHDWKHG KHDG RI &DHVDU U 5HY 3ā6(39//,96 ± 0$&(5 9HQXV VWDQGLQJ O KROGLQJ 9LFWRU\ DQG VFHSWUH UHVWLQJ RQ VWDU %DEHORQ -XOLD DQG 6HSXOOLD & 6\GHQKDP D 6HDU ,PSHUDWRUV H 5%: ± &UDZIRUG 6WUXFN RQ D YHU\ EURDG IODQ DQG YHU\ ILQH ([ +DUODQ - %HUN %X\ RU %LG +DUODQ - %HUN %X\ RU %LG DQG *HPLQL ; VDOHV )URP WKH 5DQG\ +DYLODQG FROOHFWLRQ


& ,XOLXV &DHVDU DQG & &RVVXWLXV 0DULGLDQXV 'HQDULXV $5 PP J &$(6$5 ± '>,&7 3(53(792@ /DXUHDWH DQG YHLOHG KHDG RI &DHVDU U 5HY >& 0@$5,',$196 9HQXV VWDQGLQJ O KROGLQJ 9LFWRU\ DQG UHVWLQJ HOERZ RQ VKLHOG VHW RQ JOREH %DEHORQ &RVVXWLD DQG -XOLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 5DUH $ YHU\ DWWUDFWLYH SRUWUDLW RI H[FHOOHQW VW\OH DQG D OLJKW LULGHVFHQW WRQH 6OLJKWO\ RII FHQWUH DQG PLQRU DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ . QNHU VDOH

& ,XOLXV &DHVDU DQG & &RVVXWLXV 0DULGLDQXV 'HQDULXV $5 PP J &$(6$5 ',&7 ,13(53(792 /DXUHDWH DQG YHLOHG KHDG RI &DHVDU U 5HY & 0$5,',$196 9HQXV VWDQGLQJ O KROGLQJ 9LFWRU\ DQG UHVWLQJ HOERZ RQ VKLHOG VHW RQ JOREH %DEHORQ &RVVXWLD DQG -XOLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 5DUH $ YHU\ SOHDVDQW ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ¶

& ,XOLXV &DHVDU DQG 0 0HWWLXV 'HQDULXV $5 PP J &$(6$5 ± ,03(5 :UHDWKHG KHDG RI &DHVDU U 5HY 0ā0(77,96 9HQXV VWDQGLQJ O KROGLQJ VFHSWUH DQG 9LFWRU\ DQG UHVWLQJ O HOERZ RQ VKLHOG ZKLFK LQ WXUQ UHVWV RQ JOREH LQ O ILHOG % %DEHORQ -XOLD DQG 0HWWLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 5DUH 6WUXFN RQ D YHU\ EURDG IODQ DQG SHUIHFWO\ FHQWUHG 'DUN WRQH VXUIDFHV VRPHZKDW SRURXV RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ *RUQ\ 0RVFK VDOH

& ,XOLXV &DHVDU DQG 0 0HWWLXV 'HQDULXV $5 PP J &$(6$5 ± ,03(5 :UHDWKHG KHDG RI &DHVDU U 5HY 0ā0(77,96 9HQXV VWDQGLQJ O KROGLQJ VFHSWUH DQG 9LFWRU\ DQG UHVWLQJ O HOERZ RQ VKLHOG ZKLFK LQ WXUQ UHVWV RQ JOREH LQ O ILHOG % %DEHORQ -XOLD DQG 0HWWLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 5DUH DQG D YHU\ LQWHUHVWLQJ GRXEOH VWULNH 2OG FDELQHW WRQH DQG YHU\ ILQH ([ 3DORPER VDOH


6H[WXV 3RPSHLXV DQG 4 1DVLGLXV 'HQDULXV 6LFLO\ FLUFD WR $5 PP J 1(3791, +HDG RI &Q 3RPSHLXV 0DJQXV U EHORZ KHDG GROSKLQ DQG LQ U ILHOG WULGHQW 5HY *DOOH\ VDLOLQJ U LQ O ILHOG VWDU %HORZ >4ā1$6,',96@ %DEHORQ 3RPSHLD DQG 1DVLGLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG 9HU\ UDUH $Q DOPRVW LQYLVLEOH VFXII RQ REYHUVH DQG DQ DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

/ )ODPLQLXV &KLOR 'HQDULXV $5 PP J /DXUHDWH KHDG RI &DHVDU U 5HY >/ā)/$0,1,96@ ± ,,,, 9,5 *RGGHVV VWDQGLQJ O KROGLQJ FDGXFHXV DQG VFHSWUH %DEHORQ -XOLD DQG )ODPLQLD 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: ± &UDZIRUG 5DUH $ VXSHUE SRUWUDLW RI H[FHOOHQW VW\OH VWUXFN RQ D YHU\ EURDG IODQ ZLWK D ORYHO\ LULGHVFHQW WRQH 5HYHUVH RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ +LUVFK DQG *RUQ\ 0RVFK VDOHV

3 $FFROHLXV /DULVFROXV 'HQDULXV $5 PP J 3 $&&2/(,96 ± /$5,6&2/96 'UDSHG EXVW RI 'LDQD 1HPRUHQVLV U ZLWK ORFN RI KDLU IDOOLQJ GRZQ KHU QHFN 5HY 7ULSOH FXOW VWDWXH RI 'LDQD 1HPRUHQVLV EHKLQG F\SUHVV JURYH %DEHORQ $FFROHLD YDU 6\GHQKDP D 6HDU ,PSHUDWRUV D :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG /RYHO\ LULGHVFHQW WRQH D EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ +HULWDJH VDOH

3 $FFROHLXV /DULVFROXV 'HQDULXV $5 PP J 3 $&&2/(,96 ± /$5,6&2/96 'UDSHG EXVW RI 'LDQD 1HPRUHQVLV U ZLWK ORFN RI KDLU IDOOLQJ GRZQ KHU QHFN 5HY 7ULSOH FXOW VWDWXH RI 'LDQD 1HPRUHQVLV EHKLQG F\SUHVV JURYH %DEHORQ $FFROHLD YDU 6\GHQKDP D 6HDU ,PSHUDWRUV D :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG 6FDUFH 2OG FDELQHW WRQH PLQRU PHWDO IODZV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 0 0 DQG 1$& 6WXGHQW DQG +LV 0HQWRU


3HWLOOLXV &DSLWROLQXV 'HQDULXV $5 PP J 3(7,//,96 (DJOH RQ WKXQGHUEROW U ZLWK RSHQ ZLQJV EHORZ &$3,72/,196 5HY +H[DVW\OH WHPSOH ZLWK GHFRUDWHG URRI EHWZHHQ FHQWUDO IRXU FROXPQV KDQJLQJ GHFRUDWLRQV %DEHORQ 3HWLOOLD 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: WKLV FRLQ &UDZIRUG D 6FDUFH :RQGHUIXO LULGHVFHQW WRQH DQ XQREWUXVLYH DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ 1$& VDOH 5%: SDUW ,, 3ULYDWHO\ SXUFKDVHG IURP 1)$ LQ 0DUFK

3HWLOOLXV &DSLWROLQXV 'HQDULXV $5 PP J 3(7,//,96 (DJOH RQ WKXQGHUEROW U ZLWK RSHQ ZLQJV EHORZ &$3,72/>,196@ 5HY +H[DVW\OH WHPSOH ZLWK GHFRUDWHG URRI EHWZHHQ FHQWUDO IRXU FROXPQV KDQJLQJ GHFRUDWLRQV %DEHORQ 3HWLOOLD 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG D /LJKW LULGHVFHQW WRQH LQVLJQLILFDQW DUHDV RI ZHDNQHVV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

3HWLOOLXV &DSLWROLQXV 'HQDULXV $5 PP J K 3(7,//,96 (DJOH RQ WKXQGHUEROW U ZLWK RSHQ ZLQJV EHORZ &$3,72/,196 5HY 6 ± ) +H[DVW\OH WHPSOH ZLWK GHFRUDWHG URRI EHWZHHQ FHQWUDO IRXU FROXPQV KDQJLQJ GHFRUDWLRQV %DEHORQ 3HWLOOLD 6\GHQKDP 6HDU ,PSHUDWRUV D :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG E :RQGHUIXO ROG FDELQHW WRQH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH ([ 5DXFK *LHVVHQHU 0 Q]KDQGOXQJ 'LHWHU *RUQ\ (OVHQ DQG 7ULWRQ ; VDOHV 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

0 $QWRQLXV 'HQDULXV *DOOLD 7UDQVDOSLQD DQG &LVDOSLQD $5 PP J +HDG RI 0 $QWRQLXV U EHDUGHG EHIRUH 0 $172 ,03 5 3 & EHKLQG OLWXXV 5HY /DXUHDWH KHDG RI &DHVDU U EHKLQG MXJ EHIRUH &$(6$5 ',& %DEHORQ $QWRQLD DQG -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: ± &UDZIRUG 5DUH 2OG FDELQHW WRQH VWUXFN RQ D YHU\ EURDG IODQ DQG ZHOO FHQWUHG $ EDQNHU¶V PDUN RQ REYHUVH DQG OLJKW FOHDQLQJ PDUNV RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ 1*6$ DQG +HULWDJH VDOHV


0 $QWRQLXV DQG 0 $HPLOLXV /HSLGXV 'HQDULXV *DOOLD 7UDQVDOSLQD $5 PP J 0ā$1721ā,03 /LWXXV MXJ DQG UDYHQ 5HY 0ā/(3,'ā,03 6LPSXOXP DVSHUJLOOXP D[H DQG DSH[ %DEHORQ $QWRQLD DQG $HPLOLD & 6\GHQKDP 6HDU ,PSHUDWRUV D :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG 9HU\ UDUH 0HWDO VRPHZKDW SRURXV D PLQRV VFXII RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ *HPLQL VDOH ; )URP WKH 5DQG\ +DYLODQG FROOHFWLRQ

3 &ORGLXV 0 I 7XULQXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI $SROOR U EHKLQG O\UH 5HY 3 &/2',96 ± ā0ā) 'LDQD VWDQGLQJ IDFLQJ ZLWK ERZ DQG TXLYHU RYHU VKRXOGHU KROGLQJ OLJKWHG WRUFK LQ HDFK KDQG %DEHORQ &ORGLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 0LQRU DUHD RI SRURVLW\ RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

/ /LYLQHLXV 5HJXOXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI &DHVDU U EHKLQG ODXUHO EUDQFK DQG EHIRUH FDGXFHXV 5HY /ā/,9,1(,96 5(*9/96 %XOO FKDUJLQJ U %DEHORQ -XOLD DQG /LYLQHLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 5DUH $Q DSSHDOLQJ SRUWUDLW ZHOO FHQWUHG RQ D EURDG IODQ DQG ZLWK DQ DWWUDFWLYH ROG FDELQHW WRQH 0LQRU DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ &1* 5XVVHO & +ROOLQJVZRUWK 7ULWRQ , DQG 1$& VDOHV

/ /LYLQHLXV 5HJXOXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI &DHVDU U EHKLQG ODXUHO EUDQFK DQG EHIRUH FDGXFHXV 5HY /ā/,9,1(,96 5(*9/96 %XOO FKDUJLQJ U %DEHORQ -XOLD DQG /LYLQHLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 5DUH 6WUXFN RQ YHU\ IUHVK PHWDO DQG ZLWK D OLJKW LULGHVFHQW WRQH ([FHSWLRQDOO\ ZHOO FHQWUHG DQG FRPSOHWH DQ DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶ ([ 7NDOHF VDOH 6HSWHPEHU


/ /LYLQHLXV 5HJXOXV 'HQDULXV $5 PP J K /DXUHDWH KHDG RI &DHVDU U EHKLQG ODXUHO EUDQFK DQG EHIRUH FDGXFHXV 5HY /ā/,9,1(,96 5(*9/96 %XOO FKDUJLQJ U %DEHORQ -XOLD DQG /LYLQHLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 2OG FDELQHW WRQH D EDQNHU¶V PDUN RQ REYHUVH DQG DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH ¶ ([ /HX )L[HG 3ULFH /LVW 'HFHPEHU DQG 1HJULQL VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

/ /LYLQHLXV 5HJXOXV 'HQDULXV $5 PP J K 5(*9/96ā35 +HDG RI / 5HJXOXV U 5HY >/ā/,@9,1(,96 &XUXOH FKDLU RQ HLWKHU VLGH WKUHH IDVFHV ,Q H[HUJXH 5(*9/96 %DEHORQ /LYLQHLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 2OG FDELQHW WRQH D EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ /DQ] /HR %HQ] &1* VDOHV 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

/ /LYLQHLXV 5HJXOXV 'HQDULXV $5 PP J 5(*9/96ā35ā +HDG RI / 5HJXOXV U 5HY /ā/,9,1(,9>6@ &XUXOH FKDLU RQ HLWKHU VLGH WKUHH IDVFHV ,Q H[HUJXH 5(*9/96 %DEHORQ /LYLQHLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 7NDOHF VDOH 2FWREHU

/ /LYLQHLXV 5HJXOXV 'HQDULXV $5 PP J 5(*9/96ā35ā +HDG RI / 5HJXOXV U 5HY >/ā/,@9,1(,96 &XUXOH FKDLU RQ HLWKHU VLGH WKUHH IDVFHV ,Q H[HUJXH 5(*9/96 %DEHORQ /LYLQHLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 2OG FDELQHW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

/ /LYLQHLXV 5HJXOXV 'HQDULXV $5 PP J K +HDG RI /LYLQHLXV 5HJXOXV U 5HY &RPEDW RI EHVWLDULL LQ H[HUJXH /ā5(*9/96 %DEHORQ /LYLQHLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 5DUH /RYHO\ LULGHVFHQW WRQH DQG VWUXFN RQ D YHU\ EURDG IODQ ([WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\


& 9LELXV 9DUXV 'HQDULXV $5 PP J +HDG RI /LEHU U ZHDULQJ LY\ ZUHDWK 5HY 9$596 3DQWKHU O VSULQJLQJ XS WRZDUGV JDUODQGHG DOWDU XSRQ ZKLFK UHVWV PDVN DQG DJDLQVW ZKLFK UHVWV WK\UVXV LQ H[HUJXH &ā9,%,96 %DEHORQ 9LELD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 2OG FDELQHW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ /DQ] VDOH

& 9LELXV 9DUXV 'HQDULXV $5 PP J +HOPHWHG KHDG RI 0LQHUYD U ZHDULQJ DHJLV 5HY &ā9,%,96 ± 9$596 +HUFXOHV VWDQGLQJ IDFLQJ KROGLQJ FOXE LQ U KDQG DQG OLRQ V VNLQ RYHU O DUP %DEHORQ 9LELD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 5DUH 6XSHUE ROG FDELQHW WRQH EDQNHU¶V PDUN RQ REYHUVH DQG ZHDNO\ VWUXFN RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ 0 OOHU 6ROLQJHQ DQG 1$& VDOHV

/ 0XVVLGLXV /RQJXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI &DHVDU U 5HY /ā0966,',96ā/21*96 5XGGHU FRUQXFRSLD RQ JOREH FDGXFHXV DQG DSH[ %DEHORQ -XOLD DQG 0XVVLGLD 6\GHQKDP D 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

/ 0XVVLGLXV /RQJXV 'HQDULXV $5 PP J /DXUHDWH KHDG RI &DHVDU U 5HY /ā0966,',96ā/21*96 5XGGHU FRUQXFRSLD RQ JOREH FDGXFHXV DQG DSH[ %DEHORQ -XOLD DQG 0XVVLGLD 6\GHQKDP D 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH $ EDQNHU¶V PDUN RQ REYHUVH DQG DUHDV RI ZHDNQHVV RWKHUZLVH YHU\ ILQH ([ 5DXFK VDOH

/ 0XVVLGLXV /RQJXV 'HQDULXV $5 PP J 'UDSHG EXVW RI 9LFWRU\ U 5HY >/ā0966,',96@ 9LFWRU\ LQ SUDQFLQJ ELJD U EHORZ /21*96 %DEHORQ 0XVVLGLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 9HU\ UDUH :RQGHUIXO ROG FDELQHW WRQH DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ %DOGZLQ VDOH )URP WKH ( - : +LOG\DUG FROOHFWLRQ


/ 0XVVLGLXV 7 I /RQJXV 'HQDULXV $5 PP J &21&25',$ 'LDGHPHG DQG YHLOHG EXVW RI &RQFRUGLD U 5HY >/ā09@66,',96 ā/21*96 6KULQH RI 9HQXV &ORDFLQD WKH SODWIRUP LQVFULEHG &/2$&,1 %DEHORQ 0XVVLGLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 6FDUFH 2OG FDELQHW WRQH DQG H[WUHPHO\ ILQH ([ %XVVR 3HXV DQG 7ULWRQ ;9, VDOHV )URP WKH *ROGPDQ FROOHFWLRQ

/ 0XVLGLXV 7 I /RQJXV 'HQDULXV $5 PP J &21&25',$ 'LDGHPHG DQG YHLOHG EXVW RI &RQFRUGLD U EHORZ FKLQ FUHVFHQW 5HY /ā0966,',96ā/21*96 6KULQH RI 9HQXV &ORDFLQD WKH SODWIRUP LQVFULEHG &/2$&,1 %DEHORQ 0XVVLGLD 6\GHQKDP D 6HDU ,PSHUDWRUV E 5%: ± &UDZIRUG E /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

0 $HPLOLXV /HSLGXV DQG & &DHVDU 2FWDYLDQXV 'HQDULXV ,WDO\ $5 PP J /(3,'96ā3217ā0$; ± ,,,ā9ā5ā3ā& %DUH KHDG RI 0 /HSLGXV U 5HY &$(6$5ā,03 OLJDWH ā,,,ā ± 9,5ā5ā3ā& %DUH KHDG RI 2FWDYLDQ U %DEHORQ $HPLOLD DQG -XOLD 6\GHQKDP D 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG D 9HU\ UDUH 2OG FDELQHW WRQH DQ DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH YHU\ ILQH ([ 1$& VDOH

0DUFXV $QWRQLXV 'HQDULXV FDVWUHQVLV PRQHWD LQ ,WDO\ " $5 PP J 0ā$1721, ± ,03 +HDG RI 0DUFXV $QWRQLXV U ZLWK OLJKW EHDUG 5HY ,,, ± 9,5 ± 5ā3ā& 'LVW\OH WHPSOH ZLWKLQ ZKLFK UDGLDWH KHDG RI 6RO VHW RQ PHGDOOLRQ %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG 5DUH 2OG FDELQHW WRQH EDQNHU¶V PDUNV RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ +LUVFK VDOH

0DUFXV $QWRQLXV 'HQDULXV FDVWUHQVLV PRQHWD LQ ,WDO\ " $5 PP J 0ā$1721, ± ,03 +HDG RI 0DUFXV $QWRQLXV U ZLWK OLJKW EHDUG 5HY ,,, ± 9,5 ± 5ā3ā& 'LVW\OH WHPSOH ZLWKLQ ZKLFK UDGLDWH KHDG RI 6RO VHW RQ PHGDOOLRQ %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG 5DUH $ERXW YHU\ ILQH


0DUFXV $QWRQLXV 'HQDULXV FDVWUHQVLV PRQHWD LQ ,WDO\ " $5 PP J +HDG RI 0DUFXV $QWRQLXV U ZLWK OLJKW EHDUG EHKLQG OLWXXV 5HY 0 $1721,96ā,,,ā9,5ā5ā3ā& 5DGLDWH KHDG RI 6RO U %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG 5DUH 6OLJKWO\ RII FHQWUH RWKHUZLVH YHU\ ILQH ([ +HULWDJH VDOH )URP WKH - * FROOHFWLRQ

2FWDYLDQXV 'HQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQ $5 PP J &$(6$5ā,,,ā9,5 ± 5ā3ā& %DUH KHDG RI 2FWDYLDQ U ZLWK OLJKW EHDUG 5HY &XUXOH FKDLU LQVFULEHG >&$(@6$5ā',&ā3(5 XSRQ ZKLFK OLHV ZUHDWK OHJV DUH GHFRUDWHG ZLWK VFXOSWXUHG HDJOHV %DEHORQ -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH 2OG FDELQHW WRQH UHYHUVH RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH

4 &DHSLR %UXWXV 'HQDULXV PLQW PRYLQJ ZLWK %UXWXV $5 PP J /(,%(57$6 +HDG RI /LEHUWDV U 5HY >&$(@3,2ā%59796ā352ā&2 ± 6 3OHFWUXP O\UH DQG ODXUHO EUDQFK WLHG ZLWK ILOOHW %DEHORQ -XQLD & 6\GHQKDP 5%: WKLV FRLQ &UDZIRUG 5DUH 6XSHUE ROG FDELQHW WRQH 7ZR LQVLJQLILFDQW QLFNV RQ H\HEURZ RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ %XVVR 3HXV 1$& 5%: SDUW ,, DQG +HULWDJH VDOHV

& &DVVLXV DQG 0 6HUYLOLXV 'HQDULXV PLQW PRYLQJ ZLWK %UXWXV DQG &DVVLXV $5 PP J & &$66, ,03 /DXUHDWH KHDG RI /LEHUWDV U 5HY 0 6(59,/,96 ± /(* $SOXVWUH WKH EUDQFKHV HQGLQJ LQ IORZHUV %DEHORQ &DVVLD DQG 6HUYLOLD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: WKLV FRLQ &UDZIRUG 9HU\ UDUH 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH ¶ ([ 1$& DQG 1$& 5%: SDUW ,, VDOHV

6H[WXV 3RPSHLXV 'HQDULXV 6LFLO\ $5 PP J 0$* 3, ± 96 ,03 ,7(5 +HDG RI 1HSWXQH U KDLU WLHG ZLWK EDQG ZLWK WULGHQW RYHU VKRXOGHU 5HY 35 )ā&/$6 (7 ± 2 ± 5 ± ā0$5ā,7 (;ā6ā& 7URSK\ ZLWK WULGHQW DERYH DQG DQFKRU EHORZ SURZ VWHP RQ O DQG DSOXVWUH RQ U WZR KHDGV RI 6F\OOD DW EDVH %DEHORQ 3RPSHLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: ± &UDZIRUG D 5DUH 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH ([ 8%6 VDOH


6H[WXV 3RPSHLXV 'HQDULXV 6LFLO\ $5 PP J 0$*ā3,96ā,03ā,7(5 +HDG RI &Q 3RPSHLXV 0DJQXV U EHKLQG MXJ DQG EHIRUH OLWXXV 5HY 35 ) 1HSWXQH VWDQGLQJ O IRRW RQ SURZ DQG KROGLQJ DSOXVWUH EHWZHHQ WKH EURWKHUV $QDSLDV DQG $PSKLQRPXV ZLWK WKHLU SDUHQWV RQ WKHLU VKRXOGHUV LQ H[HUJXH &/$6ā( 7ā25 >0$5,7ā(;ā6ā&@ %DEHORQ 3RPSHLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG D 5DUH 6WUXFN RQ D YHU\ ODUJH IODQ OLJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ¶

6H[WXV 3RPSHLXV 'HQDULXV 6LFLO\ $5 PP J >0$*ā3,96@ā,03ā,7(5 +HDG RI &Q 3RPSHLXV 0DJQXV U EHKLQG MXJ DQG EHIRUH OLWXXV 5HY >35 )@ 1HSWXQH VWDQGLQJ O IRRW RQ SURZ DQG KROGLQJ DSOXVWUH EHWZHHQ WKH EURWKHUV $QDSLDV DQG $PSKLQRPXV ZLWK WKHLU SDUHQWV RQ WKHLU VKRXOGHUV LQ H[HUJXH >&/@$6ā( 7ā25 >0$5,@7ā(;ā6ā& %DEHORQ 3RPSHLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG D 6FDUFH 6WUXFN LQ KLJK UHOLHI DQG ZLWK D ORYHO\ LULGHVFHQW WRQH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ¶ ([ 0DQKDWWDQ VDOH

6H[WXV 3RPSHLXV 'HQDULXV 6LFLO\ $5 PP J 0$*ā3,96ā,03ā,7(5 +HDG RI &Q 3RPSHLXV 0DJQXV U EHKLQG MXJ DQG EHIRUH >OLWXXV@ 5HY 35 ) 1HSWXQH VWDQGLQJ O IRRW RQ SURZ DQG KROGLQJ DSOXVWUH EHWZHHQ WKH EURWKHUV $QDSLDV DQG $PSKLQRPXV ZLWK WKHLU SDUHQWV RQ WKHLU VKRXOGHUV LQ H[HUJXH &/$6ā( 7ā25 0$5,7ā(;ā6ā& %DEHORQ 3RPSHLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: &UDZIRUG D 6FDUFH 2OG FDELQHW WRQH REYHUVH RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH ([ 8%6 DQG +HULWDJH VDOHV

6H[WXV 3RPSHLXV 'HQDULXV 6LFLO\ $5 PP J 0$*ā3,96 ± ,03ā,7(5 3KDURV RI 0HVVDQD VXUPRXQWHG E\ VWDWXH RI 1HSWXQH KHOPHWHG KROGLQJ WULGHQW DQG UXGGHU SODFLQJ O IRRW RQ SURZ LQ WKH EDFNJURXQG VKLS O ZLWK DTXLOD RQ SURZ DQG VFHSWUH WLHG ZLWK ILOOHW RQ VWHUQ 5HY 35 )ā&/$6ā (7ā25$(ā0$5,7ā(;ā6ā&ā 6F\OOD ZLHOGLQJ UXGGHU ZLWK ERWK KDQGV %DEHORQ 3RPSHLD & 6\GHQKDP 6HDU ,PSHUDWRUV D :R\WHN $UPD HW 1XPPL S 5%: ± &UDZIRUG D 5DUH 2OG FDELQHW WRQH PHWDO VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH ([ 1)$ 6RWKHE\¶V 2FWREHU DQG +HULWDJH VDOHV )URP WKH 0D\IORZHU FROOHFWLRQ


6H[WXV 3RPSHLXV 'HQDULXV 6LFLO\ $5 PP J >0$*ā3,96ā,03ā,7(5@ 3KDURV RI 0HVVDQD VXUPRXQWHG E\ VWDWXH RI 1HSWXQH KHOPHWHG KROGLQJ WULGHQW DQG UXGGHU SODFLQJ O IRRW RQ SURZ LQ WKH EDFNJURXQG VKLS O ZLWK DTXLOD RQ SURZ DQG VFHSWUH WLHG ZLWK ILOOHW RQ VWHUQ 5HY >35 )ā&/@$6ā (7ā25 ā0$5,ā(;ā6ā&ā 6F\OOD ZLHOGLQJ UXGGHU ZLWK ERWK KDQGV %DEHORQ 3RPSHLD & 6\GHQKDP 6HDU ,PSHUDWRUV :R\WHN $UPD HW 1XPPL S 5%: WKLV FRLQ &UDZIRUG YDU 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH ([ 1$& VDOH 5%: SDUW ,, 3ULYDWHO\ SXUFKDVHG IURP 6SLQN 6RQ LQ -XO\ 7KLV UHYHUVH OHJHQG YDULHW\ ZLWK WKH 0$ RI 0$5, OLJDWH EXW WKH 5 VHSDUDWH LV XQOLVWHG LQ &UDZIRUG

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J >$17 ± $9*@ ,03 ± ,,, 9, 5 3 & +HDG RI 0 $QWRQLXV U 5HY )RUWXQD VWDQGLQJ O KROGLQJ UXGGHU LQ U KDQG DQG FRUQXFRSLD LQ O DW IHHW VWRUN EHORZ >3,(7$6ā&26@ %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: WKLV FRLQ &UDZIRUG 5DUH 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ¶ ([ *OHQGLQLQJ $SULO 5\DQ %DOGZLQ DQG 1$& 5%: SDUW ,, VDOHV

0DUFXV $QWRQLXV DQG & &DHVDU 2FWDYLDQXV ZLWK 0 %DUEDWLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J 0ā$17ā,03ā$9*ā,,,ā9,5ā5ā3ā&ā0 %$5%$7 ā4ā3 +HDG RI 0 $QWRQLXV U 5HY &$(6$5 ,03 3217ā,,,ā9,5ā5ā3ā& +HDG RI 2FWDYLDQ U ZLWK VOLJKW EHDUG %DEHORQ $QWRQLD -XOLD DQG %DUEDWLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

0DUFXV $QWRQLXV DQG & &DHVDU 2FWDYLDQXV ZLWK 0 %DUEDWLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J 0ā$17ā,03ā$9*ā,,,ā9,5ā5ā3ā&ā0 %$5%$7 ā4ā3 +HDG RI 0 $QWRQLXV U 5HY &$(6$5 ,03 3217ā,,,ā9,5ā5ā3ā& +HDG RI 2FWDYLDQ U ZLWK VOLJKW EHDUG %DEHORQ $QWRQLD -XOLD DQG %DUEDWLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG $Q LQVLJQLILFDQW IODQ FUDFN DW VL[ R¶FORFN RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH

0DUFXV $QWRQLXV DQG & &DHVDU 2FWDYLDQXV ZLWK 0 %DUEDWLXV %DUEDULF LPLWDWLRQ GHQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J EOXQGHUHG OHJHQG +HDG RI 0 $QWRQLXV U 5HY %OXQGHUHG OHJHQG +HDG RI 2FWDYLDQ U ZLWK VOLJKW EHDUG )RU W\SH FI %DEHORQ $QWRQLD -XOLD DQG %DUEDWLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 9HU\ UDUH 2OG FDELQHW WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH


& &DHVDU 2FWDYLDQXV ZLWK / &RUQHOLXV %DOEXV 'HQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQ $5 PP J &ā&$(6$5 ā,,,ā9,5ā5ā3ā& +HDG RI 2FWDYLDQ U 5HY %$/%96 ± 352ā35 &OXE %DEHORQ -XOLD DQG &RUQHOLD & 6\GHQKDP D 6HDU ,PSHUDWRUV 5%: &UDZIRUG 5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

& &DHVDU 2FWDYLDQXV 'HQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQ $5 PP J &ā&$>(6$5ā,,,@ā9,5ā5ā3ā& +HDG RI 2FWDYLDQ U 5HY (TXHVWULDQ VWDWXH JDOORSLQJ O LQ H[HUJXH DQG RQ U 3239/ā,9669 %DEHORQ -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: WKLV FRLQ &UDZIRUG 9HU\ UDUH 2OG FDELQHW WRQH REYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 9LFR -XQH DQG 1$& 5%: SDUW ,, VDOHV

& &DHVDU 2FWDYLDQXV DQG 4 6DOYLXV 'HQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQ $5 PP J &ā&$(6$5ā,,,ā9,5ā 5ā3ā& +HDG RI 2FWDYLDQ U 5HY 4ā6$/9,96 ,03ā&26 '(6,* 7KXQGHUEROW %DEHORQ -XOLD DQG 6DOYLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH /RYHO\ ROG FDELQHW WRQH DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ . QNHU DQG . QNHU VDOHV

4 9RFRQLXV 9LWXOXV 'HQDULXV " RU ODWHU $5 PP J ',9, ,9/, /DXUHDWH KHDG RI &DHVDU U EHKLQG VLPSXOXP 5HY 4ā92&21,96 &DOI ZDONLQJ O LQ H[HUJXH 9,79/96 %DEHORQ 9RFRQLD DQG -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 9HU\ UDUH $ ZRQGHUIXO SRUWUDLW RI ILQH VW\OH VWUXFN RQ IUHVK PHWDO :RQGHUIXO ROG FDELQHW WRQH DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ *RUQ\ 0RVFK VDOH

& &DHVDU 2FWDYLDQXV DQG 0DUFXV $QWRQLXV 4XLQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQXV $5 PP J ,,,ā9,5ā ± 5ā3ā& 'LDGHPHG KHDG RI &RQFRUGLD U 5HY 0ā$1721ā&ā&$(6$5 7ZR KDQGV FODVSHG DURXQG FDGXFHXV %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG E 5DUH /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH ([ 5DXFK VDOH


0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV LQ $5 PP J 0ā$1721,96ā0ā) ± 0ā1ā$9*95ā ,03ā7(5ā 0 $QWRQLXV YHLOHG DQG WRJDWH VWDQGLQJ U KROGLQJ OLWXXV LQ U KDQG 5HY ,,,ā9,5ā5ā3ā&ā &26ā'(6,*ā,7(5ā(7ā7(57 5DGLDWH KHDG RI 6RO U %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 6FDUFH 2OG FDELQHW WRQH DQG YHU\ ILQH DERXW YHU\ ILQH

& &DHVDU 2FWDYLDQXV DQG 0 9LSVDQLXV $JULSSD 'HQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQXV $5 PP J ',926 ,9/,96 ± ',9,ā) &RQIURQWHG KHDGV RI -XOLXV &DHVDU ZUHDWKHG U DQG 2FWDYLDQ EDUHKHDGHG O 5HY 0ā$*5,33$ā&26 '(6,* %DEHORQ -XOLD DQG 9LSVDQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 9HU\ UDUH ([FHSWLRQDOO\ ZHOO FHQWUHG DQG FRPSOHWH 6XUIDFH VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH ¶ ([ 0 0 ;,; *RWKD 1)$ )L[HG 3ULFH /LVW /HX DQG &1* H VDOHV )URP WKH 0DUWLQ $UPVWURQJ FROOHFWLRQ

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17ā$9*9 ,,,ā9,5ā>5ā3ā&@ +HDG RI 0 $QWRQLXV U 5HY >,@03 ± 7(5 7URSK\ ZLWK FXUYHG VZRUG DWWDFKHG WR U DUP DQG ILJXUH RI HLJKW VKLHOG DWWDFKHG WR O DW LWV EDVH SURZ DQG URXQG VKLHOG %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG QRWH 9HU\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH ([ *HPLQL VDOH ; )URP WKH 5DQG\ +DYLODQG FROOHFWLRQ

& &DHVDU 2FWDYLDQXV 'HQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQXV $5 PP J K >,03ā&$@(6$5 ± ',9,ā)ā,,,ā9,5ā,7(5ā5ā>3ā&@ %HDUGHG KHDG RI 2FWDYLDQ U 5HY &26ā,7(5ā>(7ā7(5ā'(6,*@ 6LPSXOXP DVSHUJLOOXP MXJ DQG OLWXXV %DEHORQ -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH 7KLV FRLQ LV VROG ZLWK DQ H[SRUW OLFHQFH LVVXHG E\ WKH 5HSXEOLF RI ,WDO\

& &DHVDU 2FWDYLDQXV 'HQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQXV $5 PP J >,03ā&$(6@$5ā',9,ā)ā,,,ā 9,5ā,7(5ā5ā3ā& +HDG RI 2FWDYLDQXV U VOLJKWO\ EHDUGHG 5HY &26ā,7(5 ā(7ā7(5ā'(6,* 7HWUDVW\OH WHPSOH ZLWKLQ ZKLFK YHLOHG ILJXUH VWDQGV IDFLQJ DQG KROGLQJ OLWXXV RQ DUFKLWUDYH ',92ā,9/ DQG ZLWKLQ SHGLPHQW VWDU %DEHORQ -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 9HU\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH ([ %XVVR 3HXV DQG %XVVR 3HXV VDOHV


& &DHVDU 2FWDYLDQXV 'HQDULXV PLQW PRYLQJ ZLWK 2FWDYLDQXV $5 PP J >,03ā&$(@6$5ā',9,ā)ā,,,ā 9,5ā,7(5ā5ā3ā& +HDG RI 2FWDYLDQXV U VOLJKWO\ EHDUGHG 5HY &26ā,7(5 ā(7ā7(5ā'(6,* 7HWUDVW\OH WHPSOH ZLWKLQ ZKLFK YHLOHG ILJXUH VWDQGV IDFLQJ DQG KROGLQJ OLWXXV RQ DUFKLWUDYH ',92ā,9/ DQG ZLWKLQ SHGLPHQW VWDU %DEHORQ -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 9HU\ UDUH 0LQRU SRURVLW\ RQ REYHUVH RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH ([ 1$& VDOH

&OHRSDWUD DQG 0DUFXV $QWRQLXV 7HWUDGUDFKP $QWLRFKLD DG 2URQWHP VHFRQGDU\ PLQW " FLUFD $5 PP J Ǻǹ&ǿȁǿ&&$ Ȁ>ȁȯǼȅȆǹȉȇǹ ĬǼǹ ȃǼ:ȉǼȇǹ@ 'LDGHPHG EXVW RI &OHRSDWUD U 5HY ǹȃȉ:ȃ,ȅ& $<72.3$7:ȇ ȉȇǿȉȅȃ ȉȇǿ:ȃ ǹȃǻȇ:ȃ %DUH KHDG RI 0 $QWRQLXV U & %0& 0F$OHH WKLV FRLQ LOOXVWUDWHG 3ULHXU %XWFKHU &RLQDJH LQ 5RPDQ 6\ULD S ILJ 53& SRUWUDLWV DQG D SOHDVDQW ROG FDELQHW WRQH *RRG YHU\ ILQH ¶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

0DUFXV $QWRQLXV ZLWK 0 6LODQXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J >$1721ā$9*@ā ,03ā,,,ā&26ā'(6ā,,,ā,,, ā9ā5ā3ā& +HDG RI 0 $QWRQLXV U 5HY 0ā6,/$196ā $9* 4ā352ā&26 %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 5DUH 2OG FDELQHW WRQH RII FHQWUH RQ REYHUVH DQG WZR EDQNHU¶V PDUNV RWKHUZLVH YHU\ ILQH ([ *RUQ\ 0RVFK VDOH


&OHRSDWUD ZLWK 0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J &/(23$75$( ± 5(*,1$(ā5(>*90ā),/,2590ā5(*90@ 'UDSHG DQG GLDGHPHG EXVW RI &OHRSDWUD U 5HY $1721,ā $50(1,$ā'(9,&7$ +HDG RI 0 $QWRQLXV U EHKLQG $UPHQLDQ WLDUD %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 9HU\ UDUH /LJKW WRQH REYHUVH VWUXFN IURP D ZHDN GLH RWKHUZLVH JRRG YHU\ ILQH ¶

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17ā$9* ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY >&+257,9@0 35$(725,$590 $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: WKLV FRLQ &UDZIRUG 6FDUFH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 8%6 DQG 1$& 5%: SDUW ,, VDOHV

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17 $9* ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY /(* ± ,, $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG /RYHO\ LULGHVFHQW WRQH DQ DOPRVW LQYLVLEOH JUDIILWR RQ UHYHUVH ILHOG RWKHUZLVH H[WUHPHO\ ILQH ([ 5DXFK VDOH

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17 $9* ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY /(* ± 9, $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 2OG FDELQHW WRQH PHWDO VRPHZKDW SRURXV DQG DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH ([ 1$& -' SDUW ,,

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17 $9* ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY /(* ± 9,, $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG *RRG YHU\ ILQH ([ . QNHU VDOH

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17 $9* ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY /(* ± 9,,, $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG /LJKW LULGHVFHQW WRQH LQVLJQLILFDQW DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH


0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17 $9* ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY /(* ± ;,,, $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP D 6HDU ,PSHUDWRUV 5%: &UDZIRUG 2OG FDELQHW WRQH PLQRU PDUNV LQ REYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17 $9* ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY /(* ± ;9,,, $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: ± &UDZIRUG 2OG FDELQHW WRQH DQG YHU\ ILQH ([ 1$& VDOH

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J >$17 $9*@ ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY /(* ± ;; $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG 2OG FDELQHW WRQH DQG YHU\ ILQH ([ +HULWDJH VDOH

0DUFXV $QWRQLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J $17 $9* ± ,,,ā9,5ā5ā3ā& *DOOH\ U ZLWK VFHSWUH WLHG ZLWK ILOOHW RQ SURZ 5HY /(* ± ;;,,, $TXLOD EHWZHHQ WZR VWDQGDUGV %DEHORQ $QWRQLD & 6\GHQKDP 5%: ± &UDZIRUG 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ &1* H DQG ,UD /DUU\ *ROGEHUJ VDOHV )URP WKH .DUO 6LIIHUPDQ DQG 3DW &R\OH FROOHFWLRQV

0 $QWRQLXV ZLWK ' 7XUXOOLXV 'HQDULXV PLQW PRYLQJ ZLWK 0 $QWRQLXV $5 PP J 0ā$1721,96ā $9*ā,03ā,,,, ā&26ā7(57ā,,,ā 9 ± ,5ā5ā3ā& +HDG RI 0 $QWRQLXV U 5HY 9LFWRU\ VWDQGLQJ O KROGLQJ SDOP EUDQFK DQG ZUHDWK WLHG ZLWK ILOOHW LQ ORZHU U ILHOG 'ā795 $OO ZLWKLQ ZUHDWK %DEHORQ $QWRQLD DQG 7XUXOOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: WKLV FRLQ &UDZIRUG 5DUH /LJKW WRQH VHYHUDO FRXQWHUPDUNV RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ 'HIUDQRX[ DQG 1$& 5%: SDUW ,, VDOHV

0 $QWRQLXV ZLWK 0 3LQDULXV 6FDUSXV 'HQDULXV &\UHQDLFD $5 PP J 0ā$172 >&26 ,,,@ ± ,03 ,,,, +HDG RI -XSLWHU $PPRQ U 5HY $1721,>2@ $9* ± 3 >6&$5396 ,03@ 9LFWRU\ VWDQGLQJ U KROGLQJ SDOP EUDQFK DQG ZUHDWK WLHG ZLWK ILOOHW %DEHORQ $QWRQLD DQG 3LQDULD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH /LJKW LULGHVFHQW WRQH PLQRU DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ +DUODQ - %HUN %X\ RU %LG +DUODQ - %HUN %X\ RU %LG DQG *HPLQL ; VDOHV


0 $QWRQLXV ZLWK 0 3LQDULXV 6FDUSXV 'HQDULXV &\UHQDLFD $5 PP J 0ā$172 &26 ,,, ± ,03 >,,,,@ +HDG RI -XSLWHU $PPRQ U 5HY $1721,2 $9* ± 3 >6&$5396 ,03@ 9LFWRU\ VWDQGLQJ U KROGLQJ SDOP EUDQFK DQG ZUHDWK WLHG ZLWK ILOOHW %DEHORQ $QWRQLD DQG 3LQDULD 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG D 5DUH ,ULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ +HOLRV DQG . QNHU VDOH VDOHV )URP WKH $ /\QQ FROOHFWLRQ

2FWDYLDQXV ZLWK 0 3LQDULXV 6FDUSXV 'HQDULXV &\UHQDLFD $5 PP J $>9*95@ ± 3217,) +HDG RI -XSLWHU $PPRQ U 5HY ,03 ± &$(6$5 ',9, ± ) 9LFWRU\ RQ JOREH U KROGLQJ ZUHDWK WLHG ZLWK ILOOHW LQ U KDQG DQG SDOP EUDQFK RYHU O VKRXOGHU %DEHORQ -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5,& &%1 5%: WKLV FRLQ &UDZIRUG 9HU\ UDUH /LJKW WRQH DQG YHU\ ILQH DERXW YHU\ ILQH ¶ ([ 6SLQN 1XPLVPDWLF &LUFXODU 0D\ DQG 1$& VDOH 5%: SDUW ,,

2FWDYLDQXV ZLWK 0 3LQDULXV 6FDUSXV 'HQDULXV &\UHQDLFD $5 PP J ,03ā&$(6$5, 6&$5396ā ,03 2SHQ U KDQG 5HY ',9,ā) $9* 321ī 9LFWRU\ VWDQGLQJ U RQ JOREH KROGLQJ ZUHDWK WLHG ZLWK ILOOHW DQG SDOP EUDQFK RYHU O VKRXOGHU %DEHORQ 3LQDULD DQG -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV &%1 5%: &UDZIRUG 9HU\ UDUH 6HYHUDO FOHDQLQJ PDUNV DQG FRUURVLRQ RWKHUZLVH DERXW YHU\ ILQH ([ *HPLQL VDOH ; )URP WKH 5DQG\ +DYLODQG FROOHFWLRQ

2FWDYLDQXV ZLWK 0 3LQDULXV 6FDUSXV 4XLQDULXV &\UHQDLFD $5 PP J >6&@$5396 ,03 2SHQ U KDQG 5HY &$(6$5, ',9,ā) 9LFWRU\ VWDQGLQJ RQ JOREH U KROGLQJ ZUHDWK WLHG ZLWK ILOOHW DQG SDOP EUDQFK RYHU O VKRXOGHU %DEHORQ 3LQDULD DQG -XOLD & 6\GHQKDP 6HDU ,PSHUDWRUV 5%: &UDZIRUG ([FHHGLQJO\ UDUH 6HYHUDO FRXQWHUPDUNV RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ (PSRULXP VDOH


7KH 5RPDQ (PSLUH

7KH PLQW LV 5RPD XQOHVV RWKHUZLVH VWDWHG

2FWDYLDQ ± %&

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J 'LDGHPHG KHDG RI 3D[ U EHKLQG FRUQXFRSLD DQG EHIRUH ROLYH VSUD\ 5HY &$(6$5 ± ',9, ) 2FWDYLDQ LQ PLOLWDU\ DWWLUH VWDQGLQJ U ZLWK U KDQG UDLVHG DQG VFHSWUH RYHU O VKRXOGHU & %0& 6HDU ,PSHUDWRUV 5,& &%1 6WUXFN RQ D YHU\ EURDG IODQ OLJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ +HOLRV VDOH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG U 5HY &$(6$5 ± ',9, ) 9LFWRU\ VWDQGLQJ O RQ JOREH KROGLQJ ZUHDWK DQG SDOP & %0& 6HDU ,PSHUDWRUV 5,& D &%1 /LJKW WRQH LQVLJQLILFDQW FRXQWHU PDUN LQ REYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH ([ 1$& VDOH 0

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG O 5HY &$(6$5 ± ',9, ) 9LFWRU\ VWDQGLQJ O RQ JOREH KROGLQJ ZUHDWK DQG SDOP & %0& 6HDU ,PSHUDWRUV 5,& E &%1 :RQGHUIXO LULGHVFHQW WRQH DOPRVW LQYLVLEOH FOHDQLQJ PDUNV RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG O 5HY &$(6$5 ± ',9, ) 9LFWRU\ VWDQGLQJ O RQ JOREH KROGLQJ ZUHDWK DQG SDOP & %0& 6HDU ,PSHUDWRUV 5,& E &%1 2OG FDELQHW WRQH ZLWK PLQRU DUHDV RI R[LGDWLRQ $ KDLU OLQH PDUN RQ UHYHUVH ILHOG RWKHUZLVH H[WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH 6ROG ZLWK DQ ,WDOLDQ H[SRUW OLFHQFH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG O 5HY &$(6$5 ± ',9, ) 9LFWRU\ VWDQGLQJ U RQ JOREH KROGLQJ ZUHDWK DQG SDOP & %0& 6HDU ,PSHUDWRUV 5,& &%1 6WUXFN RQ D YHU\ EURDG IODQ DQG FRPSOHWH /LJKW WRQH DQG ZLWK D VOLJKWO\ SRURXV VXUIDFH D EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ &1* DQG &1* VDOHV )URP WKH 6LHUUD FROOHFWLRQ

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J 'LDGHPHG EXVW RI 9LFWRU\ U 5HY &$(6$5 ± ',9, ) 1HSWXQH QDNHG EXW IRU FORDN RYHU VKRXOGHUV VWDQGLQJ O ZLWK U IRRW RQ JOREH KROGLQJ VFHSWUH DQG DSOXVWUH & %0& 6HDU ,PSHUDWRUV 5,& &%1 2EYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH OLJKW WRQH DQG DERXW H[WUHPHO\ ILQH


'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG U 5HY &$(6$5 ± ',9, ) 1DNHG PDOH ILJXUH VHDWHG U RQ URFN KROGLQJ O\UH & %0& 6HDU ,PSHUDWRUV 5,& &%1 6HYHUDO FOHDQLQJ PDUNV LQ ILHOGV RWKHUZLVH JRRG YHU\ ILQH ([ 8%6 VDOH )URP WKH 7ULQFKDQW FROOHFWLRQ

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J 9LFWRU\ VWDQGLQJ U RQ SURZ KROGLQJ ZUHDWK DQG SDOP EUDQFK 5HY ,03 &$(6$5 2FWDYLDQ VWDQGLQJ U LQ VORZ TXDGULJD & %0& 6HDU ,PSHUDWRUV 5,& &%1 :RQGHUIXO ROG FDELQHW WRQH DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 8%6 VDOH 3ULYDWHO\ SXUFKDVHG IURP 0 Q]KDQGOXQJ %DVHO

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J 9LFWRU\ VWDQGLQJ U RQ SURZ KROGLQJ ZUHDWK DQG SDOP EUDQFK 5HY ,03 &$(6$5 2FWDYLDQ VWDQGLQJ U LQ VORZ TXDGULJD & %0& 6HDU ,PSHUDWRUV 5,& &%1 2OG FDELQHW WRQH ZLWK VRPH LULGHVFHQFH DQG JRRG YHU\ ILQH ([ *OHQGLQLQJ¶V 2FWREHU 0DOWHU ;/9 DQG 0DQKDWWDQ 9 VDOHV

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG U 5HY ,03 ± &$(6$5 0LOLWDU\ WURSK\ LWV EDVH FURVVHG ZLWK UXGGHU DQG DQFKRU DQG VHW RQ SURZ U & %0& 6HDU ,PSHUDWRUV 5,& D &%1 /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG U 5HY ,03 ± &$(6$5 0LOLWDU\ WURSK\ LWV EDVH FURVVHG ZLWK UXGGHU DQG DQFKRU DQG VHW RQ SURZ U & %0& 6HDU ,PSHUDWRUV 5,& D &%1 2OG FDELQHW WRQH VHYHUDO PDUNV LQ ILHOGV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ &UHGLW 6XLVVH %HUQ )L[HG 3ULFH /LVW


'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG O 5HY ,03 ± &$(6$5 0LOLWDU\ WURSK\ LWV EDVH FURVVHG ZLWK UXGGHU DQG DQFKRU DQG VHW RQ SURZ U & %0& 6HDU ,PSHUDWRUV 5,& E &%1 ± /LJKW WRQH WZR EDQNHU¶V PDUNV RQ REYHUVH RWKHUZLVH YHU\ ILQH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG U 5HY ,03 &$(6$5 RQ DUFKLWUDYH RI WHPSOH ZLWK FRORQQDGHG EDVH 9LFWRU\ RQ JOREH DQG DSH[ RQ SHGLPHQW DQG ZDUULRUV DW WKH FRUQHUV & %0& 6HDU ,PSHUDWRUV 5,& &%1 :RQGHUIXO ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 8%6 VDOH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG U 5HY ,03 &$(6$5 RQ DUFKLWUDYH RI WHPSOH ZLWK FRORQQDGHG EDVH 9LFWRU\ RQ JOREH DQG DSH[ RQ SHGLPHQW DQG ZDUULRUV DW WKH FRUQHUV & %0& 6HDU ,PSHUDWRUV 5,& &%1 /LJKW LULGHVFHQW WRQH VXUIDFH VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ +HOLRV VDOH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J %DUH KHDG U 5HY ,03 &$(6$5 7ULXPSKDO DUFK VXUPRXQWHG E\ IDFLQJ TXDGULJD GULYHQ E\ 2FWDYLDQ & %0& 6HDU ,PSHUDWRUV 5,& &%1 /LJKW LULGHVFHQW WRQH DQ DUHD RI ZHDNQHVV RQ REYHUVH DQG PLQRU PDUNV RWKHUZLVH H[WUHPHO\ ILQH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J /DXUHDWH KHDG RI 2FWDYLDQ DV $SROOR U 5HY ,03 ± &$(6$5 &ORDNHG ILJXUH 2FWDYLDQ " KROGLQJ VSHDU DQG SDUD]RQLXP VHW RQ URVWUDO FROXPQ ZLWK WZR DQFKRUV & %0& 6HDU ,PSHUDWRUV 5,& &%1 2OG FDELQHW WRQH D FRQWURO PDUN RQ REYHUVH DQG D VPDOO VFXII RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH


'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J /DXUHDWH KHDG RI $SROOR U 5HY ,03 &$(6$5 2FWDYLDQ YHLOHG DQG ODXUHDWH KROGLQJ ZKLS DQG SORXJKLQJ ZLWK \RNH RI R[HQ WR U & %0& 6HDU ,PSHUDWRUV 5,& &%1 /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ 5RPD 1XPLVPDWLFV VDOH

'HQDULXV %UXQGLVLXP DQG 5RPD " FLUFD %& $5 PP J &$(6$5 ± &26 9, %DUH KHDG U EHKLQG OLWXXV 5HY $(*9372 ± &$37$ &URFRGLOH DGYDQFLQJ U & %0& 6HDU ,PSHUDWRUV 5,& D &%1 (SKHVXV 9HU\ UDUH 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH ¶

&LVWRSKRULF WHWUDGUDFKP (SKHVXV %& $5 PP J ,03 &$(6$5 ',9, ) &26 9, /,%(57$7,6 3 5 9,1'(; /DXUHDWH KHDG U 5HY 3D[ VWDQGLQJ O RQ SDUD]RQLXP KROGLQJ FDGXFHXV LQ U ILHOG VQDNH HPHUJLQJ IURP FLVWD PLVWLFD ,Q O ILHOG 3$; 7KH ZKROH ZLWKLQ ODXUHO ZUHDWK & %0& 6HDU ,PSHUDWRUV 6XWKHUODQG *URXS , 5,& &%1 53& 2OG FDELQHW WRQH /LJKW VFUDWFKHV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 1$& DQG 1$& VDOHV

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


2FWDYLDQ DV $XJXVWXV %& ± $'

%URQ]H &RORQLD 3DWULFLD FLUFD %& PP J 3(5 &$(6 ± $9* %DUH KHDG O 5HY &2/2 3$75 3DWHUD DVSHUJLOOXP MXJ DQG OLWXXV 61* &RSHQKDJHQ± 53& 'DUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ &1* VDOH

&LVWRSKRULF WHWUDGUDFKP (SKHVXV " FLUFD %& $5 PP J ,03 ± &$( ± 6$5 %DUH KHDG U 5HY $9*96796 &RUQXFRSLD VHW RQ FDSULFRUQ V EDFN $OO ZLWKLQ ZUHDWK & %0& 6XWKHUODQG D WKLV FRLQ 5,& &%1 53& 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D VXSHUE ROG FDELQHW WRQH DQ DOPRVW LQYLVLEOH QLFN RQ MDZ RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ 6FKXOPDQ 0DUFK DQG 8%6 VDOHV

3 &DULVLXV 'HQDULXV (PHULWD FLUFD %& $5 PP J ,03 &$(6$5 ± $9*967 %DUH KHDG O 5HY 3 &$5,6,96 ± /(* 352 35 7URSK\ HUHFWHG RQ DUPV & %0& 5,& E &%1 5DUH /LJKW LULGHVFHQW WRQH VWUXFN IURP ZRUQ GLHV RWKHUZLVH JRRG YHU\ ILQH ([ &1* VDOH

3 &DULVLXV 'HQDULXV (PHULWD FLUFD %& $5 PP J ,03 &$(6$5 ± >$@9*967 %DUH KHDG O 5HY 3 &$5,6,96 ± /(* 352 35 7URSK\ HUHFWHG RQ DUPV & %0& 5,& E &%1 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH

3 &DULVLXV 'HQDULXV (PHULWD FLUFD %& $5 PP J ,03 &$(6$5 ± $9*967 %DUH KHDG U 5HY >3 &$5,6,9@6 ± /(* 352 35 +HOPHW EHWZHHQ GDJJHU DQG ELSHQQLV & %0& 5,& D &%1 5DUH $ERXW YHU\ ILQH ([ /DQ] DQG 1$& VDOHV


3 &DULVLXV 'HQDULXV (PHULWD FLUFD %& $5 PP J ,03 &$(6$5 ± $9*96796 %DUH KHDG U 5HY 3 &$5,6, ± 96 /(* ± 352 35 &LUFXODU FLW\ ZDOO ZLWK (0(5,7$ LQVFULEHG DERYH JDWH & %0& 5,& D &%1 5DUH 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH

$VVDULRQ 7KHVVDO\ 7KHVVDOLDQ /HDJXH 6RVDQGURV DQG 0HJDORNOHV PDJLVWUDWHV FLUFD %& PP J ȈǼǺǹȈȉȅȈ ĬǼȈȈǹȁ>ȍȃ@ %DUH KHDG RI $XJXVWXV U 5HY Ȃ ǼīǹȁȅȀȁ>ǾȈ@ ȈȍȈ ǹȃǻȇȅȊ $WKHQD ,WRQLD KXUOLQJ VSHDU U LQ U ILHOG PRQRJUDP 53& %&' 7KHVVDO\ WKLV FRLQ $WWUDFWLYH JUHHQ SDWLQD ZLWK VRPH PLQRU FOHDQLQJ PDUNV RWKHUZLVH YHU\ ILQH ([ 1RPRV VDOH %&'

'HQDULXV 1RUWK 3HORSRQQHVLDQ PLQW FLUFD %& $5 PP J $9*967 ± 9>6@ %DUH KHDG U 5HY /DXUHO ZUHDWK LQWHUWZLQHG ZLWK SURZV & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH WZR EDQNHU¶V PDUNV RQ REYHUVH DQG D IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ /DQ] VDOH

'HQDULXV 6DPRV " FLUFD %& $5 PP J >&@$(6$5 %DUH KHDG U 5HY $9*96796 %XOO VWDQGLQJ U & %0& 5,& &%1 3HUJDPXP /LJKW WRQH D EDQNHU¶V PDUN DQG RWKHU LQVLJQLILFDQW PDUNV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ &1* VDOH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5 ± $9*9>6796@ %DUH KHDG O 5HY 0$56 ± 9/7 0DUV VWDQGLQJ O KROGLQJ OHJLRQDU\ HDJOH DQG VWDQGDUG LQ URXQG GRPHG WHPSOH & %0& 5,& E 5DUH $UHDV RI ZHDNQHVV DQG D EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ 5DXFK VDOH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 2% &,9,6 ± 6(59$726 2DN ZUHDWK ZLWK WZR WLHV DW FHQWUH & %0& 5,& D &%1 %HDXWLIXO LULGHVFHQW WRQH PHWDO VRPHZKDW JUDQXODU DQG DQ DOPRVW LQYLVLEOH VFXII RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH


'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5 ± >$9*96@796 %DUH KHDG U 5HY 2% &,9,6 ± >6(59$@726 2DN ZUHDWK ZLWK WZR WLHV DW FHQWUH & %0& 5,& D &%1 /LJKW LULGHVFHQW WRQH DQ XQREWUXVLYH GLH EUHDN RQ REYHUVH DQG VOLJKWO\ RII FHQWUH RWKHUZLVH DERXW H[WUHPHO\ ILQH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5 ± >$9*9@6796 %DUH KHDG U 5HY 2% &,9,6 ± 6(59$726 2DN ZUHDWK ZLWK WZR WLHV DW FHQWUH & %0& 5,& D &%1 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ *OHQGLQLQJ 'HFHPEHU DQG %DOGZLQV VDOHV )URP WKH (GZDUG - : +LOG\DUG FROOHFWLRQ

'HQDULXV &RORQLD 3DWULFLD FLUFD %& $5 PP J &$(>6$5 ± $@9*96796 %DUH KHDG U 5HY 2% &,9,6 6(59$726 ZLWKLQ ZUHDWK & %0& 5,& D &%1 ,ULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

'HQDULXV &RORQLD 3DWULFLD FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 2% &,9,6 ± 6(59$726 6KLHOG LQVFULEHG 6 3 4 5 &/ 9 ZLWKLQ ZUHDWK & %0& 5,& D &%1 2OG FDELQHW WRQH D EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH YHU\ ILQH

'HQDULXV &RORQLD 3DWULFLD FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY >2%@ &,9,6 ± >6@(59$726 6KLHOG LQVFULEHG 6 3 4 5 &/ 9 ZLWKLQ ZUHDWK & %0& 5,& D &%1 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ +LUVFK VDOH

'HQDULXV &RORQLD 3DWULFLD FLUFD %& $5 PP J >&@$(6$5 ± $9*96796 %DUH KHDG O 5HY 2% &,9,6 >6(59$726@ 6KLHOG LQVFULEHG 6 3 4 5 &/ 9 ZLWKLQ ZUHDWK & %0& 5,& E &%1 2OG FDELQHW WRQH D EDQNHU¶V PDUN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ &*% VDOH


'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 6,*1,6 5(&(37,6 $TXLOD RQ O DQG VWDQGDUG RQ U IODQNLQJ 6 ± 3 4 ± 5 DUUDQJHG DURXQG VKLHOG LQVFULEHG &/ 9 & %0& 5,& D &%1 %HDXWLIXO ROG FDELQHW WRQH VOLJKWO\ RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 6,*1,6 5(&(37,6 $TXLOD RQ O DQG VWDQGDUG RQ U IODQNLQJ 6 ± 3 4 ± 5 DUUDQJHG DURXQG VKLHOG LQVFULEHG &/ 9 & %0& 5,& D &%1 2OG FDELQHW WRQH $Q LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH DQG PLQRU PDUNV RWKHUZLVH DERXW H[WUHPHO\ ILQH

3 3HWURQLXV 7XUSLOLDQXV 'HQDULXV FLUFD %& $5 PP J 7953,/,$>196 ,,, 9@,5 ,Y\ ZUHDWKHG KHDG RI /LEHU U 5HY &$(6>$5 $9*96@796 6,*1 5(&( .QHHOLQJ 3DUWKLDQ U KROGLQJ YH[LOOXP & %0& 5,& &%1 :RQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 1$& VDOH

3 3HWURQLXV 7XUSLOLDQXV 'HQDULXV FLUFD %& $5 PP J 7953>,/,$196@ ± ,,, 9,5 )( ± 521 'LDGHPHG DQG GUDSHG EXVW RI )HURQLD U 5HY &$>(6$5 $9*@96796 6,*1 5(&( 3DUWKLDQ ZDUULRU NQHHOLQJ U KROGLQJ YH[LOOXP & %0& 5,& &%1 :RQGHUIXO ROG FDELQHW WRQH DUHDV RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ . QNHU VDOH

3 3HWURQLXV 7XUSLOLDQXV 'HQDULXV FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 3 3(7521 7953,/,$1 ,,, 9,5 6LUHQ ZLWK ZLQJV VWDQGLQJ O KROGLQJ IOXWHV & %0& 5,& &%1 ([WUHPHO\ UDUH /LJKW LULGHVFHQW WRQH VHYHUDO FRQWURO PDUNV RQ REYHUVH RWKHUZLVH YHU\ ILQH ¶ ([ 7ULWRQ VDOH ;,


3 3HWURQLXV 7XUSLOLDQXV 'HQDULXV FLUFD %& $5 PP J &$(6$5 ± $9*9679>6@ %DUH KHDG U 5HY >79@ ± 53,/,$196 ± >,,, 9,5@ 7DUSHLD VWDQGLQJ IDFLQJ KDOI EXULHG E\ SLOH RI VKLHOGV & %0& 5,& &%1 /LJKWO\ WRQHG DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH DQG VOLJKWO\ RII FHQWUH RWKHUZLVH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH ([ 1$& VDOH 2

3 3HWURQLXV 7XUSLOLDQXV 'HQDULXV FLUFD %& $5 PP J &$(6$5 ± $9*9>6796@ %DUH KHDG U 5HY 7>95@3,/,$>196@ ,,, 9,5 6L[ UD\HG VWDU DERYH FUHVFHQW & %0& 5,& &%1 5DUH $ PDJQLILFHQW SRUWUDLW DQG DQ DWWUDFWLYH LULGHVFHQW WRQH 7ZR PLQRU PHWDO IODZV RQ UHYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ *HQHYHQVLV DQG 1$& VDOHV

3 3HWURQLXV 7XUSLOLDQXV 'HQDULXV FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY >7953,/,@$196 ,,, 9,5 6L[ UD\HG VWDU DERYH FUHVFHQW & %0& 5,& &%1 5DUH :RQGHUIXO ROG FDELQHW WRQH ZLWK UHG LULGHVFHQFH WUDFHV RI RYHUVWULNLQJ RQ REYHUVH DQG LUUHJXODU IODQ RWKHUZLVH DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ 8%6 VDOH 3UHYLRXVO\ SULYDWHO\ SXUFKDVHG IURP %RXUJH\

3 3HWURQLXV 7XUSLOLDQXV 3ODWHG 'HQDULXV FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 7953,/,$196 ,,, 9,5 6L[ UD\HG VWDU DERYH FUHVFHQW & %0& 5,& &%1 5DUH 3ODWHG DQG YHU\ ILQH

/ $TXLOOLXV )ORUXV 'HQDULXV FLUFD %& $5 PP J / $49,//,96 ± >)/2596 ,,, 9,5@ +HOPHWHG DQG GUDSHG EXVW RI 9LUWXV U 5HY >$9*9679@6 ± &$(6$5 %LJD RI HOHSKDQWV GULYHQ O E\ $XJXVWXV KROGLQJ ODXUHO EUDQFK DQG VFHSWUH & %0& 5,& &%1 9HU\ UDUH 2OG FDELQHW WRQH VXUIDFHV VRPHZKDW SRURXV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 5DXFK VDOH


0 'XUPLXV 'HQDULXV FLUFD %& $5 PP J 0 '950>,96 ,,, 9,5 +@2125, +HDG RI +RQRV U 5HY $9*96796 ± &$(>6$5@ $XJXVWXV VWDQGLQJ O LQ ELJD RI HOHSKDQWV O KROGLQJ ODXUHO EUDQFK LQ U KDQG DQG VFHSWUH LQ O & %0& 5,& &%1 9HU\ UDUH 6WUXFN RQ YHU\ IUHVK PHWDO DQG ZLWK D ORYHO\ LULGHVFHQW WRQH $UHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ . QNHU VDOH

0 'XUPLXV 'HQDULXV FLUFD %& $5 PP J 0 '95>0,96 ,,, 9,5@ +2125, +HDG RI +RQRV U 5HY $9*96796 ± &$(6$5 $XJXVWXV VWDQGLQJ O LQ ELJD RI HOHSKDQWV O KROGLQJ ODXUHO EUDQFK LQ U KDQG DQG VFHSWUH LQ O & %0& 5,& &%1 9HU\ UDUH 0HWDO VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH ([ 6WDFN¶V %RZHUV DQG 3RQWHULR VDOH (EHUW ,,

0 'XUPLXV 'HQDULXV FLUFD %& $5 PP J 0 '950,96 ± ,,, >9,5 +2125,@ +HDG RI +RQRV U 5HY &$(6$5 $9*96796 6ORZ TXDGULJD U ZLWK PRGLXV VKDSHG FDU FRQWDLQLQJ WKUHH FRUQ HDUV " ,Q H[HUJXH 6 & & %0& 5,& &%1 9HU\ UDUH 2OG FDELQHW WRQH LQVLJQLILFDQW DUHDV RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 0 0 )3/ DQG . QNHU VDOH

0 'XUPLXV 'HQDULXV %& $5 PP J 0 '950>,96 ± ,,, 9,@5 +2125, +HDG RI +RQRV U 5HY &$(6$5 ± >$9@*96796 6,*1 5(&( 3DUWKLDQ ZDUULRU NQHHOLQJ U KROGLQJ YH[LOOXP PDUNHG ; & %0& 5,& &%1 9HU\ UDUH /LJKW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 8%6 DQG 5RPD VDOHV )URP WKH 3 7LQFKDUW FROOHFWLRQ

0 'XUPLXV 'HQDULXV FLUFD %& $5 PP J &$(6$>5 ± $9@*96796 %DUH KHDG U 5HY >0'950,9@6 ,,, 9,5 /LRQ O DWWDFNLQJ VWDJ & %0& 5,& &%1 2OG FDELQHW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH


0 'XUPLXV 'HQDULXV FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY >0'9@50,96 ± ,,, 9,5 /LRQ O DWWDFNLQJ VWDJ & %0& 5,& &%1 2OG FDELQHW WRQH D VPDOO IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH DQG DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ FKHHN RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 8%6 VDOH )URP WKH 5DYHO FROOHFWLRQ

4 5XVWLXV 'HQDULXV FLUFD %& $5 PP J 4 5967,96 ± >)25791$( ± $@17,$7 -XJDWH EXVWV RI )RUWXQD 9LFWUL[ DQG )RUWXQD )HOL[ U 5HY >&$(6$5,@ $9 ±*9672 'HFRUDWHG DOWDU ZLWK LQVFULEHG )25 5( Q H[HUJXH (; 6 & & %0& 5,& &%1 /RYHO\ LULGHVFHQW WRQH DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH DQG VWUXFN RQ D QDUURZ IODQ RWKHUZLVH DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH

4 5XVWLXV 'HQDULXV FLUFD %& $5 PP J 4 5967,96 ± )25791$( ± $17,$7 -XJDWH EXVWV RI )RUWXQD 9LFWUL[ DQG )RUWXQD )HOL[ U 5HY &$(6$5, $9*9672 'HFRUDWHG DOWDU ZLWK LQVFULEHG )25 5( Q H[HUJXH (; 6 & & %0& 5,& &%1 2OG FDELQHW WRQH D JUDIILWR RQ REYHUVH ILHOG RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH ([ /DQ] /DQ] DQG 1$& VDOHV

&LVWRSKRULF WHWUDGUDFKP 3HUJDPXP FLUFD %& $5 PP J ,03 ,; 75 32 9 %DUH KHDG U 5HY &20 ± $6,$( +H[DVW\OH WHPSOH LQVFULEHG 520( $9*967 & %0& 6XWKHUODQG *URXS 9,, 5,& 53& 2OG FDELQHW WRQH DQG YHU\ ILQH ([ . QNHU VDOH

'HQDULXV &DHVDUHDXJXVWD FLUFD $5 PP J 2DN ZUHDWKHG KHDG U 5HY &$(6$5 ± $9*96796 7ZR ODXUHO EUDQFKHV IODQNLQJ 6 ± 3 4 ± 5 DUUDQJHG DURXQG VKLHOG LQVFULEHG &/ 9 & %0& 5,& D &%1 /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH


'HQDULXV &DHVDUDXJXVWD FLUFD ± %& $5 PP J &$(6$5 ± $9*96796 2DN ZUHDWKHG KHDG U 5HY ',996 ± ,9/>,96@ (LJKW UD\HG FRPHW ZLWK WDLO XSZDUGV & YDU ODXUHDWH %0& 5,& D &%1 /RYHO\ LULGHVFHQW WRQH WZR PLQLPDO HGJH QLFNV DW WZHOYH DQG VHYHQ R¶FORFN RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ /DQ] DQG 1$& VDOHV

'HQDULXV &DHVDUDXJXVWD FLUFD ± %& $5 PP J &$(6$>5 ± $9*96@796 2DN ZUHDWKHG KHDG U 5HY ',996 ± ,9/,96 (LJKW UD\HG FRPHW ZLWK WDLO XSZDUGV & YDU ODXUHDWH %0& 5,& D &%1 :RQGHUIXO ROG FDELQHW WRQH VXUIDFH VOLJKWO\ SRURXV RWKHUZLVH DERXW H[WUHPHO\ ILQH

'HQDULXV &DHVDUDXJXVWD FLUFD ± %& $5 PP J &$(6$5 ± $9*96796 2DN ZUHDWKHG KHDG U 5HY ',996 ± ,9/,96 (LJKW UD\HG FRPHW ZLWK WDLO XSZDUGV & YDU ODXUHDWH %0& 5,& D &%1 9HU\ ILQH ([ 5DXFK VDOH

'HQDULXV &DHVDUDXJXVWD FLUFD ± %& $5 PP J &$(6$5 ± $9*96796 2DN ZUHDWKHG KHDG O 5HY ',996 ± ,9/,96 (LJKW UD\HG FRPHW ZLWK WDLO XSZDUGV & %0& 5,& E /RYHO\ LULGHVFHQW WRQH DQG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

'HQDULXV &DHVDUDXJXVWD FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 5RXQG VKLHOG LQVFULEHG 6ā3ā4ā5 &/ā9 & %0& 5,& D &%1 6PDOO DUHD RI FRUURVLRQ RQ REYHUVH DQG R[LGDWLRQ RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ 5DXFK VDOH

'HQDULXV &DHVDUDXJXVWD FLUFD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 5RXQG VKLHOG LQVFULEHG 6ā3ā4ā5 &/ā9 & %0& 5,& D &%1 6WUXFN RQ VRXQG PHWDO DQG ZLWK D VXSHUE ROG FDELQHW WRQH *RRG YHU\ ILQH ([ 5DXFK DQG 1$& VDOHV


'HQDULXV &RORQLD 3DWULFLD %& $5 PP J &$(6$5 ± $9*96796 %DUH KHDG U 5HY 6 3 4 5 9LFWRU\ IO\LQJ U KROGLQJ VKLHOG LQVFULEHG &/ 9 LQ O KDQG DQG EUDQFK LQ U & ± %0& 5,& D ([WUHPHO\ UDUH 6XUIDFHV VRPHZKDW FRUURGHG DQ LQVLJQLILFDQW VFUDWFK RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ 1$& VDOH

'HQDULXV &RORQLD 3DWULFLD FLUFD %& $5 PP J 6 3 4 5 3$5(1>7@ ± &216 692 7RJD SLFWD RYHU WXQLFD SDOPDWD EHWZHHQ DTXLOD RQ O DQG ZUHDWK RQ U 5HY &$(6$5, $9*9>672@ 6ORZ TXDGULJD U ZLWK RUQDPHQWHG SDQHOV VXUPRXQWHG E\ IRXU PLQLDWXUH JDOORSLQJ KRUVHV & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH UHYHUVH VOLJKWO\ RII FHQWUH RWKHUZLVH JRRG YHU\ ILQH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5, ± >$9*@9672 /DXUHDWH KHDG U 5HY 0$5 ± 9/7 $TXLOD EHWZHHQ WZR VWDQGDUGV ZLWKLQ GRPHG URXQG KH[DVW\OH WHPSOH & %0& 5,& D &%1 /LJKW LULGHVFHQW WRQH D IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J >&$(6$5,@ ± $9*9672 /DXUHDWH KHDG U 5HY >0@$5 ± 9/7 $TXLOD EHWZHHQ WZR VWDQGDUGV ZLWKLQ GRPHG URXQG KH[DVW\OH WHPSOH & %0& 5,& D &%1 /LJKW LULGHVFHQW WRQH WZR EDQNHU¶V PDUNV RQ REYHUVH DQG RQH RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5, ± $9*9672 /DXUHDWH KHDG U 5HY 0$5 ± 9/>7@ $TXLOD EHWZHHQ WZR VWDQGDUGV ZLWKLQ GRPHG URXQG KH[DVW\OH WHPSOH & %0& 5,& D &%1 6XUIDFH VRPHZKDW SRURXV DQ LQVLJQLILFDQW GLH EUHDN DW RQH R¶FORFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH


'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5, ± >$9*@9672 /DXUHDWH KHDG U 5HY 7HWUDVW\OH GRPHG WHPSOH ZLWKLQ ZKLFK WULXPSKDO FXUUXV U FRQWDLQLQJ DTXLOD DQG IRXU PLQLDWXUH JDOORSLQJ KRUVHV ,Q H[HUJXH 6 3 4 5 & %0& 5,& &%1 9HU\ UDUH 6XUIDFH VRPHZKDW SRURXV DQG JUDIILWL RQ UHYHUVH RWKHUZLVH YHU\ ILQH ([ 5RPD 1XPLVPDWLFV H VDOH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5, ± $9*9672 /DXUHDWH KHDG O 5HY 7HWUDVW\OH GRPHG WHPSOH ZLWKLQ ZKLFK WULXPSKDO FXUUXV U FRQWDLQLQJ DTXLOD DQG IRXU PLQLDWXUH JDOORSLQJ KRUVHV ,Q H[HUJXH 6 3 4 5 & %0& 5,& &%1 9HU\ UDUH 2OG FDELQHW WRQH DQG YHU\ ILQH ([ 3RQWHULR DQG 0DQKDWWDQ ,9 VDOHV

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J &$(6$5, ± >$9*9672@ /DXUHDWH KHDG O 5HY +H[DVW\OH GRPHG WHPSOH ZLWKLQ ZKLFK WULXPSKDO FXUUXV U FRQWDLQLQJ DTXLOD DQG IRXU PLQLDWXUH JDOORSLQJ KRUVHV ,Q ILHOG 6 3 ± 4 5 & %0& 5,& &%1 9HU\ UDUH 0HWDO VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH ([ . QNHU VDOH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J 6 3 4 5 &$(6$5, ± $9*9672 %DUH KHDG U 5HY 492' ± 9,$( 091 6917 7ULXPSKDO DUFK RQ YLDGXFW VXUPRXQWHG E\ $XJXVWXV GULYLQJ TXDGULJD RI KRUVHV U 9LFWRU\ VWDQGLQJ EHKLQG $XJXVWXV FURZQLQJ KLP WR O DQG U RI DUFKHV D URVWUXP & %0& 5,& &%1 9HU\ UDUH /LJKW WRQH WZR EDQNHU¶V PDUNV RQ REYHUVH DQG DQ LQVLJQLILFDQW GLH IODZ RQ UHYHUVH RWKHUZLVH DERXW YHU\ ILQH ([ (OVHQ DQG &1* H VDOHV )URP WKH .DOOPDQ FROOHFWLRQ

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J 6 3 4 5 ,03 &$(6$5, $9* &26 ;, 75 327 9, %DUH KHDG U 5HY >&,9,% (7 6, ± @*1 0,/,7 $ 3$ ± 57 5(&9 ± 3 ± ( ± 5 )DFLQJ TXDGULJD RQ FHQWUDO SDUW RI WULXPSKDO DUFK ILJXUHV O DQG U KROGLQJ UHVSHFWLYHO\ VWDQGDUG DQG $TXLOD ERZ & %0& 5,& D &%1 9HU\ UDUH :RQGHUIXO ROG FDELQHW WRQH $Q DOPRVW LQYLVLEOH EDQNHU¶V PDUN RQ FKLQ DQG DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ . QNHU VDOH


3ODWHG GHQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J >6 3 4 5 ,03 &$(6$5,@ %DUH KHDG O 492' 9,$( 091 6917 RQ YLDGXFW EHWZHHQ WZR DUFKHV VXUPRXQWHG E\ HTXHVWULDQ VWDWXHV DQG WURSKLHV & %0& 5,& &%1 ([WUHPHO\ UDUH /LJKW WRQH DQG ILQH ([ 5RPD 1XPLVPDWLFV H VDOH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J %DUH KHDG U 5HY >$@9*96796 &DSULFRUQ U KROGLQJ JOREH RYHU UXGGHU DERYH FRUQXFRSLD & %0& 5,& &%1 DX[LOLDU\ PLQW $WWUDFWLYH ROG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ -HURPH /DFURL[ VDOH ,,

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J %DUH KHDG U 5HY $9*96796 &DSULFRUQ U KROGLQJ JOREH RYHU UXGGHU DERYH FRUQXFRSLD & %0& 5,& &%1 DX[LOLDU\ PLQW /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH

'HQDULXV &RORQLD 3DWULFLD " FLUFD %& $5 PP J %DUH KHDG U 5HY $9*96796 &DSULFRUQ U KROGLQJ JOREH RYHU UXGGHU DERYH FRUQXFRSLD & %0& 5,& &%1 DX[LOLDU\ PLQW /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH JRRG YHU\ ILQH

/ 0HVFLQLXV 5XIXV 'HQDULXV FLUFD %& $5 PP J /DXUHDWH KHDG U 5HY / 0(6&,1, ± 96 59)96 0DUV KHOPHWHG DQG FORDNHG KROGLQJ VSHDU DQG SDUD]RQLXP VWDQGLQJ O RQ SHGHVWDO LQVFULEHG 6 3 4 5 9 35 5( &$(6 & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH DQ LQVLJQLILFDQW EDQNHU¶V PDUN RQ REYHUVH DQG VXUIDFH VRPHZKDW SRURXV RWKHUZLVH JRRG YHU\ ILQH

/ 0HVFLQLXV 5XIXV 'HQDULXV %& $5 PP J >6 & 2% 5 3 &90 6$/97 ,03 &$(6$5 $9*96 &216@ )DFLQJ KHDG RI $XJXVWXV VOLJKWO\ WXUQHG WR U RQ URXQGHO ZLWKLQ ODXUHO ZUHDWK LPDJR FOLSHDWD 5HY >/ 0(6&,1,96 5@9)9>6 ,,, 9,5@ 0DUV VWDQGLQJ O QDNHG EXW IRU KHOPHW KROGLQJ VSHDU DQG SDUD]RQLXP VWDQGLQJ RQ SHGHVWDO LQVFULEHG >6 3 4 5 9 3 6 35 6 (7 5(' $9*@ & %0& 5,& &%1 ([WUHPHO\ UDUH $ YHU\ LQWHUHVWLQJ DQG LQQRYDWLYH SRUWUDLW /LJKW LULGHVFHQW WRQH VXUIDFH VRPHZKDW FRUURGHG RWKHUZLVH ILQH ¶ ([ 0RUWRQ (GHQ DQG &1* H VDOHV )URP WKH HVWDWH RI 7KRPDV %HQWOH\ &HGHUOLQG )RXQG QHDU /LFKILHOG LQ 6WDIIRUGVKLUH 6HSWHPEHU 3$6 UHIHUHQFH QR :0,' %('


/ 0HVFLQLXV 5XIXV 'HQDULXV %& $5 PP J &$(6$5 $9*9 ± 67 ± 96 75 327 /DXUHDWH KHDG U 5HY / >0(6&,1,96@ ± 59)96 ,,, 9,5 ;9 6) &LSSXV LQVFULEHG ,03 &$(6 $9* /9' 6$(& & %0& 5,& &%1 9HU\ UDUH 0LQRU DUHD RI FRUURVLRQ RQ UHYHUVH DQG PLQRU PDUNV RWKHUZLVH YHU\ ILQH

/ 9LQLFLXV 'HQDULXV %& $5 PP J >$9*96796@ ± 75 327 9,,, %DUH KHDG U 5HY / 9,1,&,96 ± / ) ,,, 9,5 &LSSXV LQVFULEHG 6 3 4 5 ,03 &$( 492' 9 0 6 (; ($ 34 ,6 $' $ '( & %0& 5,& &%1 ([WUHPHO\ UDUH 2OG FDELQHW WRQH DQG DERXW YHU\ ILQH ([ 8%6 DQG 1$& VDOHV 3UHYLRXVO\ SULYDWHO\ SXUFKDVHG IURP +HU]IHOGHU

/ 9LQLFLXV 'HQDULXV FLUFD %& $5 PP J (TXHVWULDQ VWDWXH RI $XJXVWXV VWDQGLQJ U LQ IURQW RI FLW\ ZDOOV DQG JDWHV 2Q SODWIRUP 6 3 4 5 ,03 &$(6 5HY >/ 9@,1,&,96 ± / ) ,,, >9,5@ &LSSXV LQVFULEHG 6 3 4 5 ,03 &$( 492' 9 0 6 (; ($ 34 ,6 $' $ '( & %0& 5,& &%1 6XSHUE ROG FDELQHW WRQH VOLJKWO\ RII FHQWUH DQG LUUHJXODU IODQ RWKHUZLVH DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ +LUVFK 1DFKI 7ULWRQ ;, 5RPD +HULWDJH VDOHV )URP WKH %9+ FROOHFWLRQ

'HQDULXV /XJGXQXP %& $5 PP J $9*96796 ± ',9, ) %DUH KHDG U 5HY %XOO EXWWLQJ U ,Q H[HUJXH ,03 ; & %0& 5,& D &%1 :RQGHUIXO ROG FDELQHW WRQH 0LQRU PDUNV DQG DQ LQVLJQLILFDQW HGJH FKLS DW WKUHH R FORFN RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 6WDFN¶V %RZHUV DQG 3RQWHULR VDOH

'HQDULXV /XJGXQXP %& $5 PP J $9*96796 ± '>,9, )@ %DUH KHDG U 5HY ,03 >;@ %XOO EXWWLQJ O & %0& 5,& &%1 /RYHO\ OLJKW ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ %XVVR 3HXV DQG . QNHU VDOHV

'HQDULXV /XJGXQXP %& $5 PP J $9*96796 ± ',9, ) %DUH KHDG U 5HY ,03 ± ; $SROOR &LWKDURHGXV VWDQGLQJ O KROGLQJ SOHFWUXP DQG O\UH ,Q H[HUJXH $&7 & %0& 5,& D &%1 /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH


'HQDULXV /XJGXQXP %& $5 PP J $9*96796 ± ',9, ) %DUH KHDG U 5HY ,03 ± ; $SROOR &LWKDURHGXV VWDQGLQJ O KROGLQJ SOHFWUXP DQG O\UH ,Q H[HUJXH $&7 & %0& 5,& D &%1 /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

$XUHXV /XJGXQXP FLUFD %& $9 PP J $9*96796 ± ',9, ) %DUH KHDG U 5HY ,03 ± ; 'LDQD LQ VKRUW KXQWLQJ WXQLF VWDQGLQJ KDOI O KHDG U KROGLQJ VSHDU DQG ERZ GRJ VWDQGLQJ O DW KHU IHHW ,Q H[HUJXH 6,&,/ & %DKUIHOG WKLV FRLQ OLVWHG %0& ± 5,& &%1 &DOLFy 5DUH $ YHU\ LQWHUHVWLQJ FRXQWHUPDUN ZLWK WZR FRLOHG VQDNHV RQ QHFN RWKHUZLVH YHU\ ILQH ¶ ([ +DPEXUJHU -XQH 6XFKXHU 6FKXOPDQ 5DWWR 0DUWLQL DQG . QNHU VDOHV

$XUHXV /XJGXQXP FLUFD %& $9 PP J &$(6$5 $9*96796 ± ',9, ) 3$7(5 3$75,$( /DXUHDWH KHDG RI $XJXVWXV U 5HY 7, &$(6$5 $9* ± ) 75 327 ± ;9 %DUH KHDG RI 7LEHULXV U & %0& 5,& &%1 &DOLFy 9HU\ UDUH 6FXIIV RQ UHYHUVH DQG VWUXFN IURP D VOLJKWO\ UXVW\ REYHUVH GLH RWKHUZLVH H[WUHPHO\ ILQH ¶

'HQDULXV /XJGXQXP FLUFD %& $5 PP J $9*96796 ± ',9, ) %DUH KHDG U 5HY ,03 ± ; 'LDQD LQ VKRUW KXQWLQJ WXQLF VWDQGLQJ KDOI O KHDG U KROGLQJ VSHDU DQG ERZ GRJ VWDQGLQJ O DW KHU IHHW ,Q H[HUJXH 6,&,/ & %0& 5,& D &%1 /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH ([ &1* DQG &1* H VDOHV )URP WKH SURSHUW\ RI 3ULQFHWRQ (FRQRPLFV DFTXLUHG E\ 0 $UPVWURQJ

/ 0DULXV & I 7URPHQWLQD 'HQDULXV %& $5 PP J $9*9>6796@ %DUH KHDG RI $XJXVWXV U EHKLQG OLWXXV 5HY & 0$5,96 75>2@ ± ,,, 9,5 'LDGHPHG DQG GUDSHG EXVW RI -XOLD DV 'LDQD U TXLYHU RQ IDU VKRXOGHU & %0& 5,& &%1 9HU\ UDUH 7ZR ORYHO\ SRUWUDLWV DQG D ZRQGHUIXO ROG FDELQHW WRQH 2EYHUVH VOLJKWO\ RII FHQWUH PLQRU DUHDV RI ZHDNQHVV DQG D JUDIILWR RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ +HVV 0D\ 7UDX DQG 8%6 VDOHV


'HQDULXV /XJGXQXP %& $5 PP J $9*96796 ± ',9, ) %DUH KHDG U 5HY ,03 ;, &DSULFRUQ U KROGLQJ JOREH & %0& 5,& &%1 5DUH /RYHO\ ROG FDELQHW WRQH PLQRU WUDFHV RI RYHUVWULNLQJ RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

&RVVXV &RUQHOLXV /HQWXOXV 'HQDULXV %& $5 PP J $9*96796 ± &26 ;, 2DN ZUHDWKHG KHDG RI $XJXVWXV U 5HY >0 $*5,33@$ ± &26 7(5 >&26696@ /(179/96 +HDG RI $JULSSD U ZHDULQJ FRPELQHG PXUDO DQG URVWUDO FURZQ & $JULSSD DQG $XJXVWXV %0& 5,& &%1 9HU\ UDUH 7ZR DWWUDFWLYH SRUWUDLWV RI ILQH VW\OH ZLWK D ORYHO\ LULGHVFHQW WRQH VXUIDFHV VRPHZKDW SRURXV RWKHUZLVH DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ¶ ([ 1$& VDOH

/ &DQLQLXV *DOOXV 'HQDULXV %& $5 PP J $9*96796 %DUH KHDG U YHU >/ &$1,1,9@6 ± *$//96 ,,, 9,5 %HDUGHG EDUEDULDQ ZLWK FORDN RYHU VKRXOGHU NQHHOLQJ U DQG RIIHULQJ YH[LOOXP & %0& 5,& &%1 5DUH $ IDQWDVWLF SRUWUDLW RI ILQH VW\OH DQG D ZRQGHUIXO ROG FDELQHW WRQH 5HYHUVH VOLJKWO\ RII FHQWUH DQG DQ DOPRVW LQYLVLEOH IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶ ([ &1* VDOH

0 3RUFLXV DQG &Q )DGLXV GXRYLUL %URQ]H &DHVDUDXJXVWD FLUFD PP J $9*96796 ± ',9, ) /DXUHDWH KHDG U 5HY &$(6$5$9*967$ 0 325&, &1 )$' ,, ± 9,5 9H[LOOXP VHW RQ ORZ EDVH 61* &RSHQKDJHQ 53& 'DUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ &1* VDOH


$XUHXV /XJGXQXP %& ± $' $9 PP J &$(6$5 $9*96796 ± ',9, ) 3$7(5 3$75,$( /DXUHDWH KHDG U 5HY &/ &$(6$5(6 ± $9*967, ) &26 '(6,* 35,1& ,99(17 &DLXV DQG /XFLXV VWDQGLQJ IDFLQJ DQG UHVWLQJ KDQGV RQ VKLHOG EHKLQG HDFK VSHDU ,Q FHQWUH ILHOG VLPSXOXP DQG OLWXXV & %0& 5,& &%1 &DOLFy 6WUXFN RQ DQ H[FHSWLRQDOO\ ODUJH IODQ 3RVVLEOH WUDFHV RI D UHSDLU RQ REYHUVH ILHOG RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ /DQ] VDOH

'HQDULXV /XJGXQXP %& $' $5 PP J &$(6$5 $9*>96796 ± ',9, )@ 3$7(5 3$75,$( /DXUHDWH KHDG U 5HY &/ &$(6$5(6 ± >$9*967, ) &26 '(6,* 35,1& ,99(17@ &DLXV DQG /XFLXV VWDQGLQJ IDFLQJ DQG UHVWLQJ KDQGV RQ VKLHOG EHKLQG HDFK VSHDU ,Q FHQWUH ILHOG VLPSXOXP DQG OLWXXV & %0& 5,& &%1 /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

'HQDULXV /XJGXQXP %& $' $5 PP J &$(6$5 $9*967>96@ ± ',9, ) 3$7(5 3$75,$( /DXUHDWH KHDG U 5HY &/ &$(6$5(>6 ± $9*967, ) &26@ '(6,* 35,1& ,99(17 &DLXV DQG /XFLXV VWDQGLQJ IDFLQJ DQG UHVWLQJ KDQGV RQ VKLHOG EHKLQG HDFK VSHDU ,Q FHQWUH ILHOG OLWXXV DQG VLPSXOXP & %0& 5,& &%1 ZURQJ UHI WR 5,& /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

7HWUDVVDULRQ 7KHVVDO\ 7KHVVDOLDQ /HDJXH 0HJDORNOHV PDJLVWUDWH FLUFD PP J >Ȉ@ǼǺǹȈȉ>ȅȈ@ >ĬǼȈ@Ȉǹȁȍȃ /DXUHDWH KHDG U 5HY >ȂǼīǹ@ȁȅȀȁǼ> @ /DXUHO ZUHDWK %XUUHU 53& 6XSSO $ %&' 7KHVVDO\ WKLV FRLQ 9HU\ UDUH DQG SRVVLEO\ WKH ILQHVW VSHFLPHQ NQRZQ 2OLYH JUHHQ SDWLQD ZLWK VRPH UHG VSRWV $Q LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 1RPRV VDOH %&'

7ULKHPLDVVDULRQ 7KHVVDO\ 7KHVVDOLDQ /HDJXH LQ WKH QDPH RI 7LEHULXV &DHVDU 0HJDORNOHV DQG $ULV FLUFD PP J ȉǿǺǼȇǿȈ ȈǼǺǹȈȉǾȍ /DXUHDWH KHDG RI 7LEHULXV U 5HY ĬǼȈȈǹȁ ± ȍ ȂǼīǹȁȅ /DXUHDWH KHDG RI $SROOR U EHORZ PRQRJUDP 53& , %&' 7KHVVDO\ WKLV FRLQ 5DUH 'DUN SDWLQD DQG JRRG YHU\ ILQH ([ 1RPRV VDOH %&'


+HPLDVVDULRQ 7KHVVDO\ 7KHVVDOLDQ /HDJXH 0HJDORNOHV DQG .DOLW PDJLVWUDWHV FLUFD PP J ȈǼǺǹȈ ± +, VLF ĬǼȈȈǹȁȅ +HOPHWHG KHDG RI $WKHQD U 5HY ȂǼīǹȁ ± ȅȀȁ Ȁǹȁǿȉ $UWHPLV DGYDQFLQJ U KROGLQJ WZR WRUFKHV 53& 6XSSO % %&' 7KHVVDO\ WKLV FRLQ 5DUH *UHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ([ 1RPRV VDOH %&'

6HVWHUWLXV /XJGXQXP FLUFD PP J &$(6$5 $9*96796 ',9, ) ± 3$7(5 3$75,$( /DXUHDWH KHDG U 5HY 520 (7 $9* )URQW HOHYDWLRQ RI DOWDU RI /XJGXQXP GHFRUDWHG ZLWK FRURQD FLYLFD EHWZHHQ ODXUHO EUDQFKHV QXGH PDOH ILJXUHV RQ HLWKHU VLGH IODQNHG E\ YLFWRULHV RQ FROXPQV IDFLQJ HDFK RWKHU & %0& 5,& D &%1 9HU\ UDUH 'DUN EURZQ SDWLQD WRQH DQG YHU\ ILQH ILQH

&RQVHFUDWLR LVVXH RI $XJXVWXV $QWRQLQLDQXV $5 PP J ',92 $9*9672 5DGLDWH KHDG U 5HY &216(&5$7,2 /LJKWHG DOWDU & 5,& 7UDMDQ 'HFLXV /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ $XUHR &DOLFy VDOH

&RQVHFUDWLR LVVXH RI $XJXVWXV $QWRQLQLDQXV $5 PP J ',92 $9*9672 5DGLDWH KHDG U 5HY &216(&5$7,2 /LJKWHG DOWDU & 5,& 7UDMDQ 'HFLXV 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 8%6 VDOH

7LEHULXV DXJXVWXV ±

$XUHXV /XJGXQXP $9 PP J 7, &$(6$5 ',9, ± $9* >) $9*96796@ /DXUHDWH KHDG RI 7LEHULXV U 5HY ',926 $9*967 ± ',9, ) /DXUHDWH KHDG RI $XJXVWXV U VL[ SRLQWHG VWDU DERYH & %0& 5,& &%1 &DOLFy 9HU\ UDUH $ERXW YHU\ ILQH ¶


$XUHXV /XJGXQXP $9 PP J 7, &$(6$5 ',9, ± $9* ) $9*96796 /DXUHDWH KHDG U 5HY 3217,) ± 0$;,0 3D[ /LYLD ILJXUH VHDWHG U RQ FKDLU ZLWK RUQDPHQWHG OHJV KROGLQJ ORQJ YHUWLFDO VFHSWUH DQG EUDQFK & %0& 5,& &%1 &DOLFy 6WUXFN LQ KLJK UHOLHI DQG ZLWK D SOHDVDQW UHGGLVK WRQH JRRG YHU\ ILQH ¶ ([ &1* 5XVVHO & +ROOLQJVZRUWK DQG %XVVR 3HXV VDOHV

'HQDULXV /XJGXQXP $5 PP J 7, &$(6$5 ',9, ± $9* ) $9*96796 /DXUHDWH KHDG U 5HY 3217,) ± 0$;,0 'UDSHG IHPDOH ILJXUH /LYLD DV 3D[ VHDWHG U RQ FKDLU ZLWK RUQDPHQWHG OHJV KROGLQJ ORQJ VFHSWUH DQG EUDQFK & %0& 5,& &%1 :RQGHUIXO ROG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

'HQDULXV /XJGXQXP $5 PP J 7, &$(6$5 ',9, ± $9* ) $9*96796 /DXUHDWH KHDG U 5HY 3217,) ± 0$;,0 'UDSHG IHPDOH ILJXUH /LYLD DV 3D[ VHDWHG U RQ FKDLU ZLWK RUQDPHQWHG OHJV KROGLQJ ORQJ VFHSWUH DQG EUDQFK & %0& 5,& &%1 $ YHU\ JHQWOH DQG XQXVXDO SRUWUDLW /RYHO\ ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

'HQDULXV /XJGXQXP $5 PP J 7, &$(6$5 ',9, ± $9* ) $9*96796 /DXUHDWH KHDG U 5HY 3217,) ± 0$;,0 'UDSHG IHPDOH ILJXUH /LYLD DV 3D[ VHDWHG U RQ FKDLU ZLWK RUQDPHQWHG OHJV KROGLQJ ORQJ VFHSWUH DQG EUDQFK & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH

/ $HPLOLXV 0D[XPXV DQG 0 %DHELXV 6REULQXV DHG %URQ]H 6DJXQWXP FLUFD PP J 7, &$(6$5 ',9, $9* ) $9* %DUH KHDG U 5HY / $(0 0$;902 0 %$(% 62%5,12 $(' 3URZ U DERYH 6$* 9LYHV 53& 5DUH DQG LQ YHU\ JRRG FRQGLWLRQ IRU WKH LVVXH 'DUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH

'HQDULXV /XJGXQXP $5 PP J 7, &$(6$5 ',9, ± $9* >) $9*967@96 /DXUHDWH KHDG U 5HY >75 327 ;9,,@ ± ,03 9,, 7LEHULXV LQ WULXPSKDO TXDGULJD U KROGLQJ ODXUHO EUDQFK DQG HDJOH WLSSHG VFHSWUH WKH KRUVHV KHDGV DUH DOO WXUQHG U & %0& 5,& &%1 5DUH /LJKW WRQH VHYHUDO PDUNV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ . QNHU VDOH


6HVWHUWLXV PP J (PSW\ KRUVH GUDZQ TXDGULJD U LWV VLGH RUQDPHQWHG ZLWK WURSK\ 9LFWRU\ FURZQLQJ WURSK\ DQG FDSWLYH 5HY 7, &$(6$5 ',9, $9* ) $9*967 30 75 327 ;;;,,; DURXQG 6 & & %0& 5,& &%1 5DUH /LJKW EURZQ WRQH DQG JRRG YHU\ ILQH

6HVWHUWLXV PP J (PSW\ KRUVH GUDZQ TXDGULJD U LWV VLGH RUQDPHQWHG ZLWK WURSK\ 9LFWRU\ FURZQLQJ WURSK\ DQG FDSWLYH 5HY 7, &$(6$5 ',9, $9* ) $9*967 30 75 327 ;;;,,; DURXQG 6 & & %0& 5,& &%1 %URZQ WRQH DQG YHU\ ILQH JRRG YHU\ ILQH

,Q WKH QDPH RI 'UXVXV VRQ RI 7LEHULXV

6HVWHUWLXV PP J &RQIURQWHG KHDGV RI WZR OLWWOH ER\V RQ FURVVHG FRUQXFRSLDH ZLWK FDGXFHXV EHWZHHQ 5HY '59696 &$(6$5 7, $9* ) ',9, $9* 1 3217 75 327 ,, DURXQG 6 & & %0& 7LEHULXV 5,& 7LEHULXV &%1 7LEHULXV 5DUH DQG LQ VXSHUE FRQGLWLRQ IRU WKH LVVXH 7ZR HOHJDQW DQG JHQWOH SRUWUDLWV DQG D ORYHO\ EURZQ JUHHQ SDWLQD YHU\ JHQWO\ VPRRWKHG RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ $UV &ODVVLFD 9,,, %HPHQW DQG 6WDFN¶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


,Q WKH QDPH RI 1HUR &ODXGLXV 'UXVXV EURWKHU RI 7LEHULXV DQG IDWKHU RI &ODXGLXV

'HQDULXV FLUFD $5 PP J 1(52 &/$9',96 >'59696@ *(50$1,&96 ,03 /DXUHDWH KHDG O 5HY '( >*(5 ± 0$@1,6 9H[LOOXP EHWZHHQ WZR REORQJ VKLHOGV WZR SDLU RI VSHDUV DQG WZR WUXPSHWV DOO FURVVHG & %0& &ODXGLXV 5,& &ODXGLXV &%1 &ODXGLXV ± 9HU\ UDUH $ VXSHUE SRUWUDLW DQG D ORYHO\ OLJKW LULGHVFHQW WRQH DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 1$& VDOH )HLUVWHLQ 3UHYLRXVO\ SULYDWHO\ SXUFKDVHG IURP +DUODQ - %HUN

,Q WKH QDPH RI $JULSSLQD 6HQLRU PRWKHU RI *DLXV

6HVWHUWLXV FLUFD PP J $*5,33,1$ 0 ) 0$7 & &$(6$5,6 $9*967, 'UDSHG EXVW U KDLU IDOOLQJ LQ ORQJ SODLW DW WKH EDFN 5HY 6 3 4 5 0$(025,$( $*5,33,1$( &DUSHQWXP GUDZQ O E\ WZR PXOHV WKH FRYHU VXSSRUWHG E\ VWDQGLQJ ILJXUHV DW HDFK FRUQHU ZLWK RUQDPHQWHG VLGH & %0& *DLXV 5,& *DLXV &%1 *DLXV 9HU\ UDUH 'DUN EURZQ WRQH DQG YHU\ ILQH JRRG YHU\ ILQH

$XUHXV $9 PP J & &$(6$5 $9*9 *(50 3 0 75 327 /DXUHDWH KHDG RI *DLXV U 5HY ',996 $9* ± 3$7(5 3$75,$( 5DGLDWH KHDG RI $XJXVWXV U & %0& 5,& &%1 &DOLFy 9HU\ UDUH 0LQRU PDUNV RWKHUZLVH DERXW YHU\ ILQH ¶

*DLXV DXJXVWXV ±

'HQDULXV /XJGXQXP $5 PP J & &$(6$5 $9* *(50 3 0 75 327 &26 %DUH KHDG RI *DLXV U 5HY 5DGLDWH KHDG RI $XJXVWXV RU 7LEHULXV U EHWZHHQ WZR VWDUV & %0& 5,& &%1 5DUH 7ZR ILQH SRUWUDLWV ZLWK D ORYHO\ ROG FDELQHW WRQH DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶


'HQDULXV FLUFD $5 PP J & &$(6$5 $9* *(50 3 0 75 327 /DXUHDWH KHDG RI *DLXV U 5HY ',996 $9* ± 3$7(5 3$75,$( 5DGLDWH KHDG RI $XJXVWXV U & %0& 5,& &%1 5DUH 7ZR ORYHO\ SRUWUDLWV DQG D OLJKW LULGHVFHQW WRQH DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ¶

'UDFKP &DHVDUHD LQ &DSSDGRFLD FLUFD $5 PP J & &$(6$5 $9* ± *(50$1,&96 %DUH KHDG U 5HY >,03@(5$725 3217 0$; $9>* 75 327@ 6LPSXOXP DQG OLWXXV & %0& 5,& &%1 5DUH 2OG FDELQHW WRQH DQG YHU\ ILQH

6HVWHUWLXV FLUFD PP J & &$(6$5 ',9, $9* 3521 $9* 3 0 75 3 ,,, 3 3 /DXUHDWH EXVW O 5HY 6 3 4 5 3 3 2% &,9(6 6(59$726 ZLWKLQ ZUHDWK & %0& 5,& &%1 $ ORYHO\ SRUWUDLW RI ILQH VW\OH DWWUDFWLYH OLJKW EURZQ WRQH DQG JRRG YHU\ ILQH ¶

6HVWHUWLXV FLUFD PP J & &$(6$5 $9* *(50$1,&96 321 0 75 327 /DXUHDWH EXVW O 5HY 6 3 4 5 3 3 2% &,9(6 6(59$726 ZLWKLQ ZUHDWK & %0& 5,& &%1 %URZQ JUHHQ SDWLQD VRPHZKDW WRROHG RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ /DQ] DQG 1$& VDOHV

&ODXGLXV DXJXVWXV ±

6HVWHUWLXV FLUFD DQG ODWHU PP J 7, &/$9',96 &$(6$5 $9* 3 0 75 >3 ,03@ /DXUHDWH KHDG U 5HY (; 6& 2 % &,9(6 6(59$726 ZLWKLQ ZUHDWK & %0& 5,& &%1 $Q HQFKDQWLQJ XQWRXFKHG HQDPHO OLNH JUHHQ SDWLQD LQVLJQLILFDQW WUDFHV RI GRXEOH VWULNLQJ RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 1$& VDOH


6HVWHUWLXV FLUFD PP J 7, &/$9',96 &$(6$5 $9* 3 0 75 >3 ,03@ /DXUHDWH KHDG U 5HY (; 6& 2% &,9(6 6(59$726 ZLWKLQ RDN ZUHDWK & %0& 5,& &%1 /LJKW EURZQ WRQH LQVLJQLILFDQW DUHD RI FRUURVLRQ RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶

'UDFKP /\FLDQ OHDJXH $5 PP J >7,%(3,@2& .ȁ$9ǻ,2& .$,&>$3 &(%$&72&@ /DXUHDWH KHDG U 5HY ī(30$1,.2& $972.3$7:3 /\UH 53& YDU ZLWK ȁ±< 61* YRQ $XORFN 2OG FDELQHW WRQH DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ /HX 0 0 1LJJHOHU DQG %XVVR 3HXV VDOHV

'HQDULXV $5 PP J >7,@ &/$9' &$(6$5 $9* 3 0 75 3 >,,,,@ /DXUHDWH KHDG U 5HY 3$&, ± >$9*967@$( 3D[ 1HPHVLV ZLQJHG DGYDQFLQJ U KROGLQJ ZLWK O KDQG ZLQJHG FDGXFHXV SRLQWLQJ GRZQ DW VQDNH DQG KROGLQJ RXW IROG RI GUDSHU\ EHORZ FKLQ ZLWK U & %0& 5,& &%1 2OG FDELQHW WRQH D VPDOO VFUDWFK RQ REYHUVH ILHOG RWKHUZLVH YHU\ ILQH ([ . QNHU DQG +LUVFK 1DFKI VDOHV

$XUHXV $9 PP J 7, &/$9' &$(6$5 $9* 3 0 75 3 ,,,, /DXUHDWH KHDG U 5HY 3UDHWRULDQ FDPS HQFORVHG ZLWKLQ EDWWOHPHQWHG ZDOO LQVFULEHG ,03(5 5(&(37 & %0& 5,& &%1 &DOLFy 9HU\ UDUH 0LQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH ¶ ([ 9LQFKRQ VDOH 'HFHPEHU

$XUHXV FLUFD $9 PP J 7, &/$9' &$(6$5 $9* 3 0 75 3 ,,,, /DXUHDWH KHDG U 5HY 35$(725 ± 5(&(37 &ODXGLXV EDUH KHDGHG DQG WRJDWH VWDQGLQJ U FODVSLQJ KDQGV ZLWK VROGLHU LQ PLOLWDU\ DWWLUH VWDQGLQJ O DQG KROGLQJ DTXLOD LQ O KDQG & ± FI 75 3 9,,, %0& 5,& &%1 &DOLFy 9HU\ UDUH *RRG YHU\ ILQH ¶ ([ . QNHU VDOH


$XUHXV $9 7, &/$9' &$(6$5 $9* 3 0 75 3 9, ,03 ;, /DXUHDWH KHDG U 5HY '( %5,7$11 RQ DUFKLWUDYH RI WULXPSKDO DUFK VXUPRXQWHG E\ HTXHVWULDQ VWDWXH O EHWZHHQ WZR WURSKLHV & %0& 9RQ .DHQHO W\SH 5,& &%1 &DOLFy 9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKLV GLIILFXOW DQG KLVWRULFDOO\ LPSRUWDQW LVVXH $ SRUWUDLW RI XQXVDOO\ ILQH VW\OH IRU WKH LVVXH SHUIHFWO\ FHQWUHG RQ D IXOO IODQ /LJKW UHGGLVK WRQH RQ UHYHUVH DQG H[WUHPHO\ ILQH ¶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¶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¶ VXFFHVVRU 1HUR DQ LPSHULDO SDWURQ RI WKH DUWV ZH VHH D GLVWLQFW GHSDUWXUH IURP WKH SUHFHGLQJ LGHDOL]DWLRQ WR D PRUH UHILQHG UHDOLVP DQG PRUH H[DFW SURSRUWLRQV LQ LPSHULDO SRUWUDLWXUH 7KH UHYHUVH GLVSOD\V WKH WULXPSKDO DUFK RI &ODXGLXV LQVFULEHG RQ LWV HQWDEODWXUH WKH OHJHQG '( %5,7$11 DQG VXUPRXQWHG E\ DQ HTXHVWULDQ VWDWXH RI WKH HPSHURU EHWZHHQ WZR PLOLWDU\ WURSKLHV 7KH W\SH FHOHEUDWHV &ODXGLXV VXFFHVVIXO LQYDVLRQ RI %ULWDLQ LQ $' XQGHU WKH OHDGHUVKLS RI WKH LOOXVWULRXV VHQDWRU DQG JHQHUDO $XOXV 3ODXWLXV 7KH DUFK GHSLFWHG ZDV D FRQYHUWHG DUFK RI WKH $TXD 9LUJR WKH 5RPDQ DTXHGXFW ZKLFK FURVVHG WKH PDLQ URDG WR OHDGLQJ QRUWK WKURXJK 5RPH WKH 9LD )ODPLQLD $W WKH WLPH WKLV FRLQ ZDV VWUXFN LQ $' WKH DUFK KDG QRW \HW EHHQ FRQYHUWHG VR DFFRUGLQJ WR +LOO 7KH 0RQXPHQWV RI $QFLHQW 5RPH DV &RLQ 7\SHV S WKH W\SH UHSUHVHQWV D µEOXHSULQW¶ RI WKH DFWXDO VWUXFWXUH

'HQDULXV $5 PP J 7, &/$9' &$(6$5 $9* 3 0 75 3 9, ,03 ;, /DXUHDWH KHDG U 5HY 6 3 4 5 3 3 2% &6 ZLWKLQ ZUHDWK & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶

'HQDULXV $5 PP J >7, &/$9' &$(6@$5 $9* 3 0 75 3 9,,,, ,03 ;9, /DXUHDWH KHDG U 5HY &2167$17,$( >$9*967,@ &RQVWDQWLD VHDWHG O RQ FXUXOH FKDLU U KDQG UDLVHG DQG IHHW RQ VWRRO & %0& QRWH 5,& 5DUH 2OG FDELQHW WRQH D JUDIILWR DQG RWKHU PLQRU PDUNV RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ $XFWLRQHV VDOH


$V PP J 7, &/$9',96 &$(6$5 $9* 3 0 75 3 ,03 3 3 %DUH KHDG O 5HY /,%(57$6 ± $9*967$ /LEHUWDV GUDSHG VWDQGLQJ IDFLQJ KHDG U KROGLQJ SLOHXV LQ U KDQG O H[WHQGHG ,Q ILHOG 6 ± & & %0& 5,& &%1 'DUN WRQH DQG JRRG YHU\ ILQH

3ODWHG GHQDULXV $5 PP J 7, &/$9' &$(6$5 $9* 3 0 75 3 ; 3 3 ,03 ;>9,,,@ /DXUHDWH KHDG U 5HY 6 3 4 5 3 >3@ 2% &6 ZLWKLQ RDN ZUHDWK & %0& QRWH 5,& &%1 ± 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 'HOPRQWH 1RYHPEHU DQG 8%6 VDOHV

$XUHXV FLUFD $9 PP J 7, &/$9' &$(6$5 $9* *(50 3 0 75,% 327 3 3 /DXUHDWH KHDG U 5HY 1(52 &/$9' &$(6 '59696 *(50 35,1& ,99(17 %DUH KHDGHG DQG GUDSHG EXVW RI 1HUR O & %0& &ODXGLXV 5,& &%1 &ODXGLXV &DOLFy E 9HU\ UDUH 7ZR ORYHO\ SRUWUDLWV DQG YHU\ ILQH ¶

'HQDULXV $5 PP J 7, &/$9' &$(6$5 $9* *(50 3 0 75,% 327 3 3 /DXUHDWH KHDG RI &ODXGLXV U 5HY $*5,33,1$( ± $9*967$( 'UDSHG EXVW RI $JULSSLQD 0LQRU U ZHDULQJ EDUOH\ ZUHDWK & %0& 5,& &%1 5DUH 2OG FDELQHW WRQH UHYHUVH VOLJKWO\ RII FHQWUH DQG LUUHJXODU IODQ RWKHUZLVH JRRG YHU\ ILQH ¶

,Q QDPH RI %ULWDQQLFXV DQG 1HUR FDHVDUHV %URQ]H 3HUJDPXP PP J %3ȯ7$11,.2& .$,&$3 'UDSHG EXVW RI %ULWDQQLFXV U 5HY 1ȯ3ȍ1 .$,&$3 'UDSHG EXVW RI 1HUR U 53& .0 5DUH /LJKW EURZQ WRQH ZLWK PLQRU PHWDO IODZV RQ REYHUVH RWKHUZLVH YHU\ ILQH ([ *OHQGLQLQJ¶V 1RYHPEHU 6WHUQEHUJ ;,,, DQG 3DORPER VDOHV


1HUR DXJXVWXV ยฑ

+HPLGUDFKP &DHVDUHD &DSSDGRFLD FLUFD $5 PP J >1(52 &/$@9' ',9, &/$9' ) &$(6$5 $9* *(50$1, /DXUHDWH KHDG U 5HY 9LFWRU\ VHDWHG RQ JOREH U KROGLQJ ZUHDWK & %0& 6\GHQKDP &DHVDUHD 5,& &%1 53& /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH

'HQDULXV $5 PP J 1(52 &$(6$5 $9* ,03 %DUH KHDG U 5HY 3217,) 0$; 75 3 9,, &26 ,,,, 3 3 (; 6& ZLWKLQ RDN ZUHDWK & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH PLQRU DUHDV RI SRURVLW\ RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

'LGUDFKP &DHVDUHD LQ &DSSDGRFLD $5 PP J 1(52 &/$9' ',9, &/$9' >) &$(6$5 $@9* *(50 /DXUHDWH KHDG RI 1HUR U 5HY ',926 &/$9' $9*9>67 *(50$@1,& 3$7(5 $9* /DXUHDWH KHDG RI GLYXV &ODXGLXV U & %0& 6\GHQKDP &DHVDUHD 5,& &%1 53& /RYHO\ ROG FDELQHW WRQH DQG YHU\ ILQH

([ %DQNKDXV + $XIKDXVHU DQG .ย QNHU VDOHV

'LDVVDULRQ 7KHVVDO\ 0DJQHWHV FLUFD ย PP J ศ วผศ :ศ ศ วนวฟ&$3 /DXUHDWH KHDG RI 1HUR U 5HY &วผวบวน&ศ ศ & ศ วนฤซศ วพศ :ศ 5DGLDWH KHDG RI 1HUR U 53& %&' 7KHVVDO\ WKLV FRLQ 'DUN JUHHQ SDWLQD LQVLJQLILFDQW DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH ([ 1RPRV VDOH %&'

6HVWHUWLXV FLUFD ย PP J 1(52 &/$9',96 &$(6$5 $9* *(5 3 0 75 3 ,03 3 3 /DXUHDWH KHDG O 5HY $1121$ $9*967, &( ยฑ 5(6 &HUHV VHDWHG O KROGLQJ FRUQ HDUV DQG WRUFK IDFLQJ $QQRQD VWDQGLQJ U KROGLQJ FRUQXFRSLD $W FHQWUH PRGLXV RQ JDUODQGHG DOWDU EHKLQG VKLSยถV VWHUQ ,Q H[HUJXH 6 & & %0& ยฑ 5,& $ EROG SRUWUDLW VWUXFN LQ KLJK UHOLHI %URZQ JUHHQ SDWLQD ZLWK LQVLJQLILFDQW GHSRVLWV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH


6HVWHUWLXV FLUFD PP J 1(52 &/$9' &$(6$5 $9* *(5 3 0 75 3 ,03 3 3 /DXUHDWH KHDG U 5HY $9*967, %LUG V H\H YLHZ RI WKH KDUERXU RI 2VWLD $W WKH WRS SKDURV VXUPRXQWHG E\ VWDWXH RI 1HSWXQH KROGLQJ VFHSWUH DW ERWWRP UHFOLQLQJ ILJXUH RI 7LEHU O KROGLQJ UXGGHU DQG GROSKLQ EHORZ 6 325 267 & 7R O FUHVFHQW VKDSHG SLHU ZLWK SRUWLFR 7R U FUHVFHQW VKDSHG URZ RI EUHDNZDWHUV ,Q WKH FHQWUH VHYHQ VKLSV & %0& S QRWH 5,& YDU DHJLV &%1 ± &D\RQ WKLV FRLQ LOOXVWUDWHG 9HU\ UDUH 3HUIHFWO\ FHQWUHG RQ D IXOO IODQ DQG ZLWK D SOHDVDQW EURZQ WRQH DQ DOPRVW LQVLJQLILFDQW PDUN RQ FKHHN RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶

6HVWHUWLXV FLUFD PP J 1(52 &/$9',96 &$(6$5 $9* *(5 3 0 75 3 ,03 3 3 /DXUHDWH KHDG U ZLWK DHJLV 5HY 6 ± & 1HUR EDUH KHDGHG DQG LQ PLOLWDU\ DWWLUH SUDQFLQJ U RQ KRUVHEDFN KROGLQJ VSHDU ZLWK U KDQG EHKLQG KLP PRXQWHG VROGLHU SUDQFLQJ U ZLWK YH[LOOXP KHOG RYHU U VKRXOGHU ,Q H[HUJXH '(&956,2 & %0& 5,& &%1 $ ILQH SRUWUDLW HQDPHO OLNH JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ *OHQGLQLQJ¶V VDOH 'HFHPEHU 6\GHQKDP

6HVWHUWLXV FLUFD PP J 1(52 &/$9',96 &$(6$5 $9* *(5 3 0 75 3 ,0>3 3 3@ /DXUHDWH KHDG U ZLWK DHJLV 5HY 6 ± & 1HUR EDUH KHDGHG DQG LQ PLOLWDU\ DWWLUH SUDQFLQJ U RQ KRUVHEDFN KROGLQJ VSHDU ZLWK U KDQG EHKLQG KLP PRXQWHG VROGLHU SUDQFLQJ U ZLWK YH[LOOXP KHOG RYHU U VKRXOGHU ,Q H[HUJXH '(&956,2 & %0& 5,& &%1 %URZQLVK JUHHQ SDWLQD DQG YHU\ ILQH JRRG YHU\ ILQH

$XUHXV FLUFD $9 PP J 1(52 &$(6$5 ± $9*96796 /DXUHDWH KHDG U 5HY ,93,7(5 ± &96726 -XSLWHU VHDWHG O RQ WKURQH KROGLQJ WKXQGHUEROW DQG ORQJ VFHSWUH & %0& 5,& &%1 &DOLFy $Q DOPRVW LQYLVLEOH QLFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ -HURPH /DFURL[ VDOH ,,

'HQDULXV FLUFD $5 PP J >1(52 &$(6$5@ ± $9*96796 /DXUHDWH KHDG U 5HY ,933,7(5 ± &96726 -XSLWHU VHDWHG O RQ WKURQH KROGLQJ WKXQGHUEROW DQG VFHSWUH & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ /DQ] VDOH


6HVWHUWLXV FLUFD PP J 1(52 &/$9' &$(6$5 $9* *(5 3 0 75 3 ,03 3 /DXUHDWH KHDG O ZLWK JOREH DW SRLQW RI EXVW 5HY 6 ± & 7ULXPSKDO DUFK KXQJ ZLWK ZUHDWK DFURVV IURQW DQG OHIW VLGH DERYH 1HUR LQ D IDFLQJ TXDGULJD HVFRUWHG E\ 3D[ DQG 9LFWRU\ RQ WKH H[WUHPH O DQG U EHORZ WKH OHYHO RI WKH TXDGULJD ILJXUHV RI VROGLHUV LQ D QLFKH LQ WKH VLGH VWDWXH RI 0DUV VWDQGLQJ WKH IDFHV DQG SOLQWKV RI WKH DUFK DUH RUQDPHQWHG ZLWK HODERUDWH UHOLHIV & ± FI %0& ± FI 5,& ± FI &%1 ± FI 0 0 %HQGHQRXQ &RLQV RI WKH $QFLHQW :RUOG $ 3RUWUDLW RI WKH -'/ &ROOHFWLRQ 7UDGDUW *HQqYH WKLV FRLQ $ EROG SRUWUDLW DQG D ILQHO\ GHWDLOHG UHYHUVH FRPSRVLWLRQ *UHHQ EURZQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ¶ ([ /HX 1)$ 9, DQG 1$& VDOHV

6HVWHUWLXV FLUFD PP J 1(52 &/$9' &$(6$5 $9* *(5 3 0 75 3 ,03 3 3 /DXUHDWH KHDG U ZLWK JOREH DW SRLQW RI EXVW 5HY 6 ± & 7ULXPSKDO DUFK KXQJ ZLWK ZUHDWK DFURVV IURQW DQG OHIW VLGH DERYH 1HUR LQ D IDFLQJ TXDGULJD HVFRUWHG E\ 3D[ DQG 9LFWRU\ RQ WKH H[WUHPH O DQG U EHORZ WKH OHYHO RI WKH TXDGULJD ILJXUHV RI VROGLHUV LQ D QLFKH LQ WKH VLGH VWDWXH RI 0DUV VWDQGLQJ WKH IDFHV DQG SOLQWKV RI WKH DUFK DUH RUQDPHQWHG ZLWK HODERUDWH UHOLHIV & %0& 5,& &%1 $ EROG SRUWUDLW GDUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH

6HVWHUWLXV FLUFD PP J 1(52 &/$9' &$(6$5 $9* ± *(5 3 0 75 3 ,03 3 3 /DXUHDWH KHDG U 5HY 6 ± & 5RPD VHDWHG O RQ FXLUDVV DQG VKLHOG KROGLQJ 9LFWRU\ DQG SDUD]RQLXP LQ H[HUJXH 520$ & ± %0& 5,& YDU ZLWK DHJLV &%1 /RYHO\ EURZQ WRQH LQVLJQLILFDQW DUHDV RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH

6HVWHUWLXV FLUFD PP J 1(52 &/$9',96 &$(6$5 $9* ± *(50 3 0 75 3 ,03 3 3 /DXUHDWH EXVW U ZLWK DHJLV 5HY &21* ,,, SRVVLEO\ ,, UH HQJUDYHG ± '$7 ± 323 1HUR EDUH KHDGHG DQG WRJDWH VHDWHG U RQ SODWIRUP RIILFLDO VHDWHG U RQ DQRWKHU SODWIRUP H[WHQGLQJ FRQJLDULXP WR FLWL]HQ ZLWK VPDOO ER\ EHKLQG KLP 0LQHUYD VWDQGLQJ O KROGLQJ LQ U KDQG RZO DQG VSHDU LQ O DQG /LEHUDOLWDV VWDQGLQJ U KROGLQJ WHVVHUDH ,Q H[HUJXH 6 & & ± 5,& ± FI &21* ,, 9HU\ UDUH %URZQ SDWLQD KHDYLO\ WRROHG DQG SDUWO\ UH HQJUDYHG RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH


6HVWHUWLXV FLUFD PP J >1(52 &@/$9' &$(6$5 $9* *(5 3 0 75 3 >,03 3 3@ /DXUHDWH KHDG U ZLWK JOREH DW SRLQW RI EXVW 5HY 3$&( 3 5 7(55$ 0$5,4 3$57$ ,$190 &/96,7 9LHZ RI WKH WHPSOH RI -DQXV GRRU WR U GHFRUDWHG ZLWK JDUODQG ,Q ILHOG 6 ± & & %0& 5,& &%1 'DUN JUHHQ WRQH DQG JRRG YHU\ ILQH

'HQDULXV FLUFD $5 PP J 1(52 &$(6$5 ± $9*96796 /DXUHDWH KHDG U 5HY 6DOXV VHDWHG O KROGLQJ SDWHUD LQ U KDQG DQG UHVWLQJ O HOERZ RQ DUP RI WKURQH ,Q H[HUJXH 6$/96 & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 1(52 &$(6$5 ± $9*96796 /DXUHDWH KHDG U 5HY 6DOXV VHDWHG O KROGLQJ SDWHUD ,Q H[HUJXH 6$/96 & %0& 5,& &%1 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

7ULKHPLDVVDULRQ 7KHVVDO\ 7KHVVDOLDQ OHDJXH FLUFD PP J ȃ(ȇ:ȃ Ȁǹǿ&ǹȇ Ĭ(&&ǹȁ:ȃ /DXUHDWH KHDG U 5HY ȁǹȅȊȋȅ ± Ȋ ȈȉȇǹȉǾīȅ ± >Ȋ@ 1LNH VWDQGLQJ O RQ JOREH FURZQLQJ PDJLVWUDWH¶V QDPH ZLWK ZUHDWK DQG KROGLQJ SDOP EUDQFK 53& %&' 7KHVVDO\ WKLV FRLQ (QDPHO OLNH OLJKW JUHHQ SDWLQD DQG JRRG YHU\ ILQH ([ 1RPRV VDOH %&'

7KH &LYLO :DUV ±

'HQDULXV 6SDLQ DQG *DXO " $5 PP J &$(6$5 ± $9*96796 /DXUHDWH KHDG RI $XJXVWXV U 5HY ',996 ,9/,96 &RPHW RI HLJKW UD\V ZLWK WDLO GRZQZDUGV & $XJXVWXV %0& S 0DUWLQ $ 5,& &%1 ± 9HU\ UDUH 0LQRU DUHDV RI FRUURVLRQ RWKHUZLVH JRRG YHU\ ILQH ¶ )RXQG LQ 'RUVHW LQ Q '25 % '

'HQDULXV 6RXWKHUQ *DXO " $5 PP J , 2 0 ± &$3,72/,196 'LDGHPHG DQG GUDSHG EXVW RI -XSLWHU O ZLWK VPDOO SDOP EUDQFK LQ IURQW 5HY 9(67$ ± 3 ± 5 49,5,7,90 9HVWD YHLOHG VHDWHG O RQ WKURQH KROGLQJ SDWHUD DQG ORQJ WRUFK & *DOED %0& 0DUWLQ 5,& &%1 9HU\ UDUH /LJKW LULGHVFHQW WRQH PHWDO VRPHZKDW SRURXV RWKHUZLVH YHU\ ILQH ([ +HOLRV VDOH


*DOED ±

'HQDULXV *DXO $SULO WR ODWH $XWXPQ $5 PP J 6(5 *$/%$ ± ,03(5$725 /DXUHDWH KHDG U 5HY 9,&725,$ ± 3 5 'UDSHG 9LFWRU\ VWDQGLQJ IDFLQJ RQ JOREH KHDG O KROGLQJ ZUHDWK DQG SDOP EUDQFK & %0& 5,& &%1 ± 5DUH ,ULGHVFHQW WRQH DQG YHU\ ILQH ([ 1$& 3RQWHULR DQG +HOLRV VDOHV )URP WKH $ /\QQ FROOHFWLRQ

'HQDULXV *DXO $SULO WR ODWH $XWXPQ $5 PP J 6(5 *$/%$ ± ,03(5>$725@ /DXUHDWH KHDG U 5HY >9,&725,$@ ± 3 5 'UDSHG 9LFWRU\ VWDQGLQJ IDFLQJ RQ JOREH KHDG O KROGLQJ ZUHDWK DQG SDOP EUDQFK & %0& 5,& &%1 ± 5DUH /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH

6HVWHUWLXV -XQH $XJXVW PP J 6(5 *$/%$ ,03 &$(6$5 $9* 75 3 /DXUHDWH DQG GUDSHG EXVW U 5HY 6 3 4 5 2% &,9 6(5 ZLWKLQ ZUHDWK & %0& 5,& &%1 $ EROG SRUWUDLW VWUXFN LQ KLJK UHOLHI ORYHO\ OLJKW JUHHQ SDWLQD DQG JRRG YHU\ ILQH ¶

6HVWHUWLXV FLUFD -XQH $XJXVW PP J 6(5 *$/%$ ,03 ± &$(6 $9* 'UDSHG DQG RDN ZUHDWKHG EXVW U 5HY 6 3 4 5 2% &,9 6(5 ZLWKLQ ZUHDWK & %0& 5,& &%1 /RYHO\ OLJKW EURZQ WRQH ZLWK PLQRU DUHDV RI SRURVLW\ RWKHUZLVH YHU\ ILQH

6HVWHUWLXV FLUFD 2FWREHU PP J 6(5 *$/%$ ,03 &$(6$5 $9* 75 3 /DXUHDWH KHDG U 5HY &21&25' ± $9* &RQFRUGLD VHDWHG O KROGLQJ EUDQFK DQG VFHSWUH ,Q H[HUJXH 6 & & %0& S QRWH 5,& &%1 $ PDJQLILFHQW SRUWUDLW RI H[FHOOHQW VW\OH VWUXFN LQ KLJK UHOLHI 'DUN SDWLQD VRPHZKDW WRROHG LQ ILHOGV RWKHUZLVH H[WUHPHO\ ILQH JRRG YHU\ ILQH ¶

([ 0 Q]KDQGOXQJ %DVHO VDOH


'HQDULXV 7DUUDFR " FLUFD $5 PP J *$/%$ ± ,03(5$725 /DXUHDWH EXVW U ZLWK JOREH DW SRLQW RI QHFN 5HY 520$ ± 9,&75,; 5RPD LQ PLOLWDU\ DWWLUH VWDQGLQJ O U IRRW RQ JOREH KROGLQJ EUDQFK DQG VSHDU & %0& 5,& &%1 5DUH ,ULGHVFHQW WRQH DQG DERXW YHU\ ILQH

'HQDULXV FLUFD $5 PP J ,03 >6(5@ ± *$/%$ $9* /DXUHDWH KHDG U 5HY ',9$ ± >$9*@967$ /LYLD VWDQGLQJ O KROGLQJ SDWHUD DQG VFHSWUH & ± %0& 5,& &%1 5DUH $ EROG SRUWUDLW DQG D OLJKW LULGHVFHQW WRQH *RRG YHU\ ILQH

'HQDULXV -XO\ ± -DQXDU\ $5 PP J ,03 6(5 *$/%$ ± &$(6$5 $9* /DXUHDWH DQG GUDSHG EXVW U 5HY 6$/96 *(1 ± +90$1, 6DOXV VWDQGLQJ O ZLWK U IRRG RQ JOREH KROGLQJ UXGGHU DQG SDWHUD RYHU DOWDU & %0& 5,& &%1 :RQGHUIXO LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ¶ ([ 8%6 VDOHV 3ULYDWHO\ SXUFKDVHG IURP 0 Q]KDQGOXQJ %DVHO

4XLQDULXV /XJGXQXP 1RYHPEHU WR -DQXDU\ $5 PP J 6(5 *$/%$ ,03 &$(6$5 $9* 3 0 7 3 /DXUHDWH KHDG U 5HY 9,&725,$ ± *$/%$( $9* 9LFWRU\ U VWDQGLQJ RQ JOREH KROGLQJ SDOP DQG ZUHDWK & %0& 5,& &%1 .LQJ 9HU\ UDUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ 8%6 VDOH 3UHYLRXVO\ SULYDWHO\ SXUFKDVHG IURP +HU]IHOGHU

2WKR WK -DQXDU\ $SULO

'HQDULXV -DQXDU\ PLG $SULO $5 PP J ,03 27+2 &$(6$5 $9* 75 3 %DUH KHDG U 5HY 6(&95, ± 7$6 3 5 6HFXULWDV GUDSHG VWDQGLQJ O KROGLQJ ZUHDWK DQG VFHSWUH & %0& 5,& &%1 6WUXFN RQ D YHU\ ODUJH IODQ DQG RQ VRXQG PHWDO LQVLJQLILFDQW DUHDV RI ZHDNQHVV RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH


9LWHOOLXV $SULO ±'HFHPEHU

$XUHXV ODWH $SULO 'HFHPEHU $9 PP J $ 9,7(//,96 *(50 ,03 $9* 75 3 /DXUHDWH KHDG U 5HY 3217 ± 0$;,0 9HVWD YHLOHG DQG GUDSHG VHDWHG U RQ WKURQH KROGLQJ SDWHUD DQG VFHSWUH & %0& 5,& &%1 &DOLFy 9HU\ UDUH 9HU\ ILQH DERXW YHU\ ILQH ¶

'HQDULXV 7DUUDFR " $5 PP J $ 9,7(//,96 ± ,03 *(50$1 /DXUHDWH EXVW U ZLWK JOREH DW SRLQW RI QHFN 5HY ),'(6 ± (;(5&,790 &ODVSHG KDQGV & %0& 5,& &%1 5DUH :RQGHUIXO ROG FDELQHW WRQH PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH

'HQDULXV 7DUUDFR " $5 PP J $ 9,7(//,96 ± ,03 *(50$1 /DXUHDWH EXVW O JOREH DW SRLQW RI QHFN 5HY ),'(6 ± (;(5&,790 &ODVSHG KDQGV & %0& ± 5,& &%1 ± 9HU\ UDUH /LJKW WRQH LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH

'HQDULXV *DXO " $5 PP J $ 9,7(//,96 *(5 ,03 $9* 3 0$; 75 3 /DXUHDWH EXVW U JOREH DW SRLQW RI QHFN 5HY 9,&725,$ ± $9*967, 9LFWRU\ IO\LQJ O KROGLQJ VKLHOG LQVFULEHG 6 3 4 5 & %0& QRWH 5,& ± 9HU\ UDUH 2OG FDELQHW WRQH KDLUOLQH IODQ FUDFN DW VL[ R¶FORFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ +DUODQ - %HUN %X\ RU %LG DQG *HPLQL , VDOHV

'HQDULXV $5 PP J >$ 9,7(/@/,96 *(50$1,&96 >,03@ %DUH KHDG U 5HY &21&25 ± ',$ 3 5 &RQFRUGLD VHDWHG O KROGLQJ SDWHUD DQG FRUQXFRSLD & %0& 5,& &%1 /RYHO\ LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

'HQDULXV $5 PP J $ 9,7(//,96 >*(50$@1 ,03 75 3 /DXUHDWH KHDG U 5HY 6 3 4 5 2% & 6 LQ RDN ZUHDWK & %0& 5,& &%1 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ &1* 6WDFN¶V 'HFHPEHU &1* DQG 5DXFK VDOHV

'HQDULXV $5 PP J $ 9,7(//,96 *(50 ,03 $9* 75 3 /DXUHDWH KHDG U 5HY / 9,7(//,96 &26 ,,, &(1625 (PSHURU VHDWHG O KROGLQJ EUDQFK DQG VFHSWUH & %0& 5,& /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH


6HVWHUWLXV PP J $ 9,7(//,96 *(50$1,&96 ,03 $9* 3 0 75 3 /DXUHDWH DQG GUDSHG EXVW U 5HY 3$; ± $9*967, 3D[ VWDQGLQJ O KROGLQJ EUDQFK DQG FRUQXFRSLD LQ ILHOG 6 ± & & %0& S 5,& &%1 9HU\ UDUH $ EROG SRUWUDLW RI H[FHOOHQW VW\OH VWUXFN LQ KLJK UHOLHI 'DUN SDWLQD PRVW SUREDEO\ DUWLILFLDO DQG WUDFHV RI WRROLQJ RWKHUZLVH H[WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 5DWWR VDOH -DQXDU\ *LRUJL

6HVWHUWLXV PP J $ 9,7(//,96 *(50$1,&96 ,03 $9* 3 0 75 3 /DXUHDWH DQG GUDSHG EXVW U 5HY 3$; ± $9*967, 3D[ VWDQGLQJ O KROGLQJ EUDQFK DQG FRUQXFRSLD LQ ILHOG 6 ± & & %0& S 5,& &%1 9HU\ UDUH $ YHU\ DWWUDFWLYH SRUWUDLW 3OHDVDQW EURZQ WRQH DUHDV RI KHDY\ FRUURVLRQ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH YHU\ ILQH

9HVSDVLDQ ±

'HQDULXV FLUFD 'HFHPEHU HDUO\ $5 PP J >,03@ &$(6$5 9(63$6,$196 $9* /DXUHDWH KHDG U 5HY 7,796 (7 '20,7,$1 &$(6 35,1 ,9 7LWXV DQG 'RPLWLDQ RQ KRUVHEDFN U & %0& ± 5,& &%1 9HU\ UDUH DQG LQ XQXVXDOO\ ILQH FRQGLWLRQ IRU WKLV GLIILFXOW LVVXH /LJKW LULGHVFHQW WRQH UHYHUVH IURP D ZRUQ GLH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ /DQ] DQG +HOLRV VDOHV )URP WKH $ /\QQ FROOHFWLRQ

'HQDULXV $5 PP J ,03 &$(>6$5 9(6@3$6,$1,96 $9* /DXUHDWH KHDG U 5HY ,9'$($ -XGDHD VHDWHG O LQ DWWLWXGH RI PRXUQLQJ EHKLQG WURSK\ & %0& 5,& &%1 +HQGLQ /LJKW LULGHVFHQW WRQH PLQRU DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

'HQDULXV (SKHVXV $5 PP J ,03 &$(6 ± 9(63$6 $9* /DXUHDWH KHDG U 5HY &21&25',$ ± $9* &RQFRUGLD VHDWHG O RQ WKURQH KROGLQJ WZR HDUV RI FRUQ DQG SRSS\ KHDG LQ U KDQG DQG FRUQXFRSLD LQ O IHHW UHVWLQJ RQ VWRRO %HORZ VWRRO ĭ & YDU 5,& YDU 53& YDU $Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ ĭ EHORZ VWRRO DQG QRW LQ H[HUJXH RI D UDUH W\SH :RQGHUIXO ROG FDELQHW WRQH DQG JRRG YHU\ ILQH


'HQDULXV (SKHVXV $5 PP J ,03 &$(6 ± 9(63$6 $9* /DXUHDWH KHDG U 5HY 3$&, 25>%@ ± 7(55 $9* 7XUUHWHG DQG GUDSHG IHPDOH EXVW U & %0& S 5,& &%1 ± 53& 5DUH $ EROG SRUWUDLW ZLWK D ZRQGHUIXO ROG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ +LUVFK 1DFKI DQG 7ULWRQ , VDOHV

'HQDULXV $5 PP J ,03 &$(6$5 9(63$6,$196 $9* /DXUHDWH KHDG U 5HY &$(6$5 $9* ) &26 &$(6$5 $9* ) 35 &RQIURQWHG EDUH KHDGV RI 7LWXV RQ U DQG RI 'RPLWLDQ RQ O & %0& 5,& &%1 9HU\ UDUH 2OG FDELQHW WRQH REYHUVH VWUXFN IURP D ZRUQ GLH DQG LQVLJQLILFDQW PHWDO IODZV RQ UHYHUVH RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH ([ +LUVFK 1DFKI +LUVFK 1DFKI DQG +LUVFK 1DFKI VDOHV

'HQDULXV (SKHVXV $5 PP J >,03 &$(@6$5 9(63$6 $9* &26 ,, 75 3 >3 3@ /DXUHDWH KHDG U 5HY /,%(5, ,03 ± $9* 9(63$6 +HDGV RI 7LWXV DQG 'RPLWLDQ IDFLQJ RQH DQRWKHU LQ ILHOG (3+( OLJDWH & YDU %0& ± 5,& YDU ĭ LQ O ILHOG LQVWHDG RI (3+( OLJDWH 53& YDU &%1 ± $Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ RI D UDUH W\SH $ EDQNHU¶V PDUN RQ REYHUVH ILHOG RWKHUZLVH YHU\ ILQH JRRG YHU\ ILQH

6HVWHUWLXV FLUFD PP J ,03 &$(6 9(63$6,$1 $9* 3 0 75 3 3 3 &26 ,,, /DXUHDWH KHDG U 5HY 520$ ±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¶ ([ 1$& VDOH )HZ RI 9HVSDVLDQ¶V FRLQ W\SHV LOOXVWUDWH DV SURIRXQGO\ DV WKLV 520$ 5(695*(6 VHVWHUWLXV WKH WDVN FRQIURQWLQJ WKLV QHZ HPSHURU XSRQ KLV DUULYDO LQ 5RPH 9HVSDVLDQ KLPVHOI WDNHV FUHGLW IRU LQLWLDWLQJ WKLV WDVN IRU KH LV VKRZQ VWDQGLQJ UDLVLQJ IURP KHU NQHHV WKH NQHHOLQJ ILJXUH RI 5RPD DFFRPSDQLHG E\ 9LUWXV :KLW WKH EHQHILW RI KLQGVLJKW ZH FDQ VD\ 9HVSDVLDQ ZDV HQWLUHO\ VXFFHVVIXO LQ KLV UHVWRUDWLRQ RI 5RPH¶V IRUWXQHV DQG LQ NHHSLQJ WKH SURPLVH KH PDNHV RQ WKLV VHVWHUWLXV 7KH FDSLWDO KDG EHHQ UDYDJHG GXULQJ WKH FLYLO ZDU HYHQ LWV LQYLRODEOH 7HPSOH RI -XSLWHU &DSLWROLQXV ZDV EXUQHG WR WKH JURXQG LQ WKH ODVW GD\V RI 9LWHOOLXV¶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¶V DHV FRXOG ORFDWH RQO\ RQH GLH IRU HDFK LVVXH ZH NQRZ ERWK FRLQDJHV ZHUH H[WUHPHO\ OLPLWHG 7KHUH LV RQO\ WKH VOLJKWHVW YDULDWLRQ EHWZHHQ WKH VFHQHV RQ WKHVH WZR GLHV ZKLFK DW ILUVW JODQFH VHHP LGHQWLFDO H[FHSW IRU WKH LQVFULSWLRQV DQG DV VXFK ZH KDYH HYHU\ UHDVRQ WR SUHVXPH WKH VDPH JLIWHG DUWLVW HQJUDYHG ERWK GLHV


6HVWHUWLXV PP J ,03 &$(6 9(63$6,$1 $9* 3 0 75 3 3 3 &26 ,,, /DXUHDWH KHDG U 5HY 3$; ± $9*967, 3D[ VWDQGLQJ O KROGLQJ EUDQFK DQG FRUQXFRSLD LQ ILHOG 6 ± & & %0& 5,& &%1 $ EROG SRUWUDLW VWUXFN RQ D YHU\ EURDG IODQ %URZQ GDUN WRQH D PLQRU DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

6HVWHUWLXV PP J ,03 &$(6 9(63$6,$1 $9* 3 0 75 3 3 3 &26 ,,, /DXUHDWH KHDG U 5HY )25791$( ± 5('9&, )RUWXQD VWDQGLQJ O KROGLQJ EUDQFK FRUQXFRSLD DQG UXGGHU VHW RQ JOREH ,Q H[HUJXH 6 & & YDU ZLWKRXW &$(6 %0& S YDU 9(63$6 5,& &%1 5DUH 'DUN WRQH SUREDEO\ DUWLILFLDO DQG PLQRU WUDFHV RI GRXEOH VWULNLQJ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH

$XUHXV $9 PP J ,03 &$(6 9(63 $9* ± * 3 0 &26 ,,,, /DXUHDWH KHDG U 5HY 9HVSDVLDQ VWDQGLQJ LQ TXDGULJD U KROGLQJ EUDQFK DQG VFHSWUH & %0& 5,& +HQGLQ &%1 &DOLFy ([WUHPHO\ UDUH RQO\ YHU\ IHZ VSHFLPHQV NQRZQ $Q HGJH QLFN DW VHYHQ R¶FORFN RQ UHYHUVH VRPHZKDW VPRRWKHG RWKHUZLVH JRRG YHU\ ILQH ¶ ([ %RXUJH\ VDOH )HEUXDU\

'HQDULXV $QWLRFKLD $5 PP J >,03 &$(6@ 9(63 ± $9* 3 0 &26 ,,,, /DXUHDWH KHDG U 5HY &21&25',$ ± $9*967, &RQFRUGLD VHDWHG O KROGLQJ SDWHUD DQG FRUQXFRSLD & %0& 5,& &%1 ± 53& 9HU\ UDUH /LJKW LULGHVFHQW WRQH REYHUVH VWUXFN IURP D ZRUQ GLH DQ LQVLJQLILFDQW PHWDO IODZ RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH


'HQDULXV $QWLRFKLD $5 PP J ,03 >&$(6 9(@63 $9* 3 0 &26 ,,,, /DXUHDWH KHDG U 5HY 1(3 ± >5('@ 1HSWXQH VWDQGLQJ O IRRW RQ JOREH KROGLQJ WULGHQW DQG DSOXVWUH & %0& 5,& &%1 53& /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

$XUHXV $9 PP J ,03 &$(6 ± 9(63 $9* *(1 /DXUHDWH KHDG U 5HY 9(6 ± 7$ 'RPHG WHWUDVW\OH WHPSOH RI 9HVWD FRQWDLQLQJ GDQFLQJ VWDWXH RI 9HVWD DQG IODQNHG E\ WZR IXUWKHU VWDWXHV & %0& 5,& &%1 &DOLFy 6HYHUDO HGJH PDUNV DQG WUDFHV RI WRROLQJ LQ WKH KDLU DQG RQ REYHUVH ILHOG RWKHUZLVH YHU\ ILQH ¶ ([ . QNHU VDOH

$XUHXV $9 PP J ,03 &$(6$5 ± 9(63$6,$196 $9* /DXUHDWH KHDG U 5HY 3$; ± $9*967 3D[ VHDWHG O KROGLQJ EUDQFK LQ U KDQG DQG VFHSWUH LQ O & %0& 5,& &%1 &DOLFy 5DUH $ EROG SRUWUDLW VWUXFN RQ D YHU\ EURDG IODQ /LJKW UHGGLVK WRQH DQG DERXW H[WUHPHO\ ¶ 3ULYDWHO\ SXUFKDVHG IURP 6DELQH %RXUJH\

'HQDULXV $5 PP J ,03 &$(6$5 ± 9(63$6,$196 $9* /DXUHDWH KHDG U 5HY 321 0$; ± 75 3 &26 9, 9LFWRU\ VWDQGLQJ O RQ SURZ KROGLQJ ZUHDWK DQG SDOP EUDQFK & %0& 5,& &%1 :RQGHUIXO LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

$XUHXV $9 PP J ,03 &$(6$5 ± 9(63$6,$196 $9* /DXUHDWH KHDG U 5HY &26 9,, &RZ ZDONLQJ U & %0& &%1 ± &DOLFy *RRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ . QNHU VDOH


$XUHXV $9 PP J ,03 &$(6$5 ± 9(63$6,$196 $9* /DXUHDWH KHDG U 5HY &26 9,, &RZ ZDONLQJ U & %0& &%1 ± &DOLFy /RYHO\ OLJKW UHGGLVK WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 8%6 VDOH

'HQDULXV $5 PP J ,03 &$(6$5 ± 9(63$6,$196 $9* /DXUHDWH KHDG U 5HY 3DLU RI R[HQ XQGHU \RNH O ,Q H[HUJXH &26 9,,, & %0& 5,& &%1 /RYHO\ LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ 7UDGDUW , /DQ] %HQ] DQG 0DQKDWWDQ , VDOHV )URP WKH $ /\QQ FROOHFWLRQ

$XUHXV $9 PP J ,03 &$(6$5 9(63$6,$196 $9* /DXUHDWH KHDG U 5HY 75 327 ; ± &26 9,,,, 9LFWRU\ VWDQGLQJ O SODFLQJ VKLHOG RQ WURSK\ EHORZ FDSWLYH O & %0& 5,& +HQGLQ PLVGHVFULEHG &%1 ± &DOLFy 2I WKH KLJKHVW UDULW\ RQO\ YHU\ IHZ VSHFLPHQV NQRZQ DQG RQH RI WKH PRVW GLIILFXOW DXUHL RI WKH -XGHDQ VHULHV 6HYHUDO HGJH PDUNV SRVVLEOH WUDFHV RI PRXQWLQJ RWKHUZLVH JRRG ILQH ¶ ([ 1$& VDOH +XQWLQJWRQ ([ +6$

&RQVHFUDWLR LVVXH RI 9HVSDVLDQXV 'HQDULXV $5 PP J ',996 $9*96796 9(63$6,$196 /DXUHDWH KHDG U 5HY 7ZR FDSULFRUQV EDFN WR EDFN VXSSRUWLQJ VKLHOG LQVFULEHG 6 & EHORZ JOREH & 5,& 7LWXV /LJKW WRQH DQG H[WUHPHO\ ILQH

&RQVHFUDWLR LVVXH RI 9HVSDVLDQXV $QWRQLQLDQXV $5 PP J ',92 9(63$6,$12 5DGLDWH KHDG RI 'LYXV 9HVSDVLDQXV U 5HY &216( ± &5$7,2 (DJOH VWDQGLQJ U ZLWK RSHQ ZLQJV DQG KHDG O & 9HVSDVLDQ 5,& 7 'HFLXV 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH


&RQVHFUDWLR LVVXH RI 9HVSDVLDQXV $QWRQLQLDQXV $5 PP J ',92 9(63$6,$12 5DGLDWH KHDG RI 'LYXV 9HVSDVLDQXV U 5HY &216 ± (&5$7,2 $OWDU & 5,& 7 'HFLXV /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

7LWXV FDHVDU ±

'HQDULXV $QWLRFKLD $5 PP J 7 &$(6 >,03 9(6@3 321 75 327 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY >1(3@ ± 5(' 1HSWXQH VWDQGLQJ O IRRW RQ JOREH KROGLQJ WULGHQW DQG DSOXVWUH & %0& 5,& 9HVSDVLDQ &%1 53& /RYHO\ OLJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

$XUHXV FLUFD $9 PP J 7 &$(6 ,03 ± 9(63 &(1 /DXUHDWH KHDG U 5HY 3$; ± $9* 3D[ VWDQGLQJ O OHDQLQJ RQ FLSSXV KROGLQJ EUDQFK DQG ZLQJHG FDGXFHXV RYHU OLJKWHG WULSRG & %0& 9HVSDVLDQ 5,& 9HVSDVLDQ &%1 9HVSDVLDQ &DOLFy /LJKW UHGGLVK WRQH WZR VPDOO QLFNV RQ REYHUVH RWKHUZLVH YHU\ ILQH ¶ ([ -HURPH /DFURL[ VDOH ,,

$V PP J 7 &$(6 ,03 321 75 3 &26 ,, &(16 /DXUHDWH KHDG U 5HY 7LWXV VWDQGLQJ LQ TXDGULJD U LQ H[HUJXH 6 & & %0& S 5,& WKLV UHYHUVH GLH &%1 9HVSDVLDQ WKLV UHYVUH GLH +HQGLQ ± ([WUHPHO\ UDUH DQG SRVVLEO\ RQH RI YHU\ IHZ VSHFLPHQV LQ SULYDWH KDQGV *UHHQ SDWLQD VRPHZKDW SRURXV DQG DERXW YHU\ ILQH

'HQDULXV $5 PP J 7 &$(6$5 ,03 ± 9(63$6,$196 /DXUHDWH KHDG U ZLWK VOLJKW EHDUG 5HY ,29,6 ± &96726 -XSLWHU VWDQGLQJ O KHDG IDFLQJ KROGLQJ SDWHUD LQ U KDQG RYHU DOWDU VFHSWUH LQ O & %0& 9HVSDVLDQ 5,& 9HVSDVLDQ &%1 9HVSDVLDQ /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

'HQDULXV $5 PP J 7 &$(6$5 ,03 9(63$6,$196 /DXUHDWH KHDG ZLWK VOLJKW EHDUG U 5HY 75 327 9,,, ± &26 9,, 7URSK\ EHORZ FDSWLYH NQHHOLQJ U & %0& 9HVSDVLDQ 5,& 9HVSDVLDQ &%1 9HVSDVLDQ 5DUH :RQGHUIXO LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 1$& 0 1$& 1 DQG 0DQKDWWDQ , VDOHV )URP WKH $ /\QQ FROOHFWLRQ


7LWXV DXJXVWXV ±

'HQDULXV $5 PP J ,03 7,796 &$(6 9(63$6,$1 $9* 3 0 /DXUHDWH KHDG U 5HY 75 3 9,,,, ,03 ; ,,± ,, &26 9,, 3 3 &HUHV VHDWHG O KROGLQJ FRUQ HDUV SRSS\ DQG WRUFK & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

$XUHXV $9 PP J ,03 7,796 &$(6 9(63$6,$1 $9* 3 0 /DXUHDWH KHDG U 5HY 75 3 ,; ,03 ;9 &26 9,,, 3 3 &XUXOH FKDLU XSRQ ZKLFK ZUHDWK & %0& 5,& &%1 &DOLFy 6WUXFN RQ D YHU\ EURDG IODQ DQG YHU\ ILQH JRRG YHU\ ILQH ¶ ([ . QNHU VDOH

'HQDULXV $5 PP J ,03 7,796 &$(6 9(63$6,$1 $9* 3 0 /DXUHDWH KHDG ZLWK VOLJKW EHDUG U 5HY 75 3 ,; ,03 ;9 ± &26 9,,, 3 3 7ULSRG ZLWK ILOOHWV DERYH WZR UDYHQV O DQG U DQG ZUHDWK XQGHU GROSKLQ & YDU RPLWV UDYHQV DQG ZUHDWK %0& 5,& &%1 :RQGHUIXO LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ 7NDOHF VDOH 0D\

6HVWHUWLXV PP J ,03 7 &$(6 ',9, 9(63 ) $9* 3 0 75 3 3 3 &26 9,,, /DXUHDWH KHDG U 5HY 3$; ± $9*967 3D[ VWDQGLQJ O KROGLQJ EUDQFK DQG FRUQXFRSLD ,Q ILHOG 6 ± & & %0& 5,& &%1 5DUH 'DUN EURZQ UHGGLVK SDWLQD JHQWO\ WRROHG RWKHUZLVH JRRG YHU\ ILQH

&RQVHFUDWLR LVVXH RI 7LWXV $QWRQLQLDQXV $5 PP J ',92 7,72 5DGLDWH KHDG RI 'LYXV 7LWXV U 5HY &216(&5$7,2 (DJOH VWDQGLQJ U ZLWK RSHQ ZLQJV DQG KHDG O & 7LWXV 5,& 7 'HFLXV D 5DUH /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

-XOLD 7LWL GDXJKWHU RI 7LWXV

$XUHXV " $9 PP J ,9/,$ ± $9*967$ 'UDSHG EXVW U 5HY ',9, 7,7, ),/,$ 3HDFRFN LQ VSOHQGRXU & &%0 'RPLWLDQ 5,& 'RPLWLDQ &%1 'RPLWLDQ &DOLFy 9HU\ UDUH $Q LQWHUHVWLQJ DQG ILQHO\ H[HFXWHG SRUWUDLW RI ILQH VW\OH $Q LQVLJQLILFDQW HGJH PDUN DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH YHU\ ILQH ¶


'HQDULXV FLUFD $5 PP J ,9/,$ $9*967$ 7,7, $9*967, ) 'UDSHG DQG GLDGHPHG EXVW U 5HY 9(196 ± $9*967 9HQXV VWDQGLQJ U QDNHG WR ZDLVW OHDQLQJ RQ FLSSXV KROGLQJ KHOPHW LQ U KDQG DQG VFHSWUH LQ O & %0& 7LWXV 5,& 7LWXV &%1 7LWXV /LJKW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

'RPLWLDQ FDHVDU ±

'HQDULXV $5 PP J &$(6$5 $9* ) ± '20,7,$196 /DXUHDWH KHDG U 5HY +RUVHPDQ JDOORSLQJ U U KDQG UDLVHG ,Q H[HUJXH &26 9 & %0& 9HVSDVLDQ 5,& 9HVSDVLDQ &%1 9HVSDVLDQ /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ 1$& DQG 1$& VDOHV

'HQDULXV $5 PP J &$(6$5 $9* ) '20,7,$196 &26 9, /DXUHDWH DQG EHDUGHG KHDG U 5HY 35,1&(36 ± ,99(1797,6 7ZR FODVSHG KDQGV RYHU DTXLOD VHW RQ SURZ & %0& 9HVSDVLDQ 5,& 9HVSDVLDQ &%1 9HVSDVLDQ :RQGHUIXO LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF

'HQDULXV $5 PP J &$(6$5 ',9, ) '20,7,$196 &26 9,, /DXUHDWH KHDG U 5HY 35,1&(36 ,99(1>797,6@ *DUODQGHG DQG OLJKWHG DOWDU & %0& 7LWXV 5,& 7LWXV &%1 7LWXV :RQGHUIXO LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 7NDOHF VDOH 0D\


'RPLWLDQ DXJXVWXV ±

'HQDULXV $5 PP J ,03 &$(6 '20,7,$196 $9* 3 0 /DXUHDWH KHDG U 5HY 75 3 &26 9,, ± '(6 9,,, 3 3 'UDSHG VTXDUH VHDW DERYH ZLQJHG WKXQGHUEROW & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 &$(6 '20,7 $9* ± *(50 3 0 75 3 9,, /DXUHDWH KHDG U 5HY ,03 ;,,,, &26 ;,,,, &(16 3 3 3 0LQHUYD DGYDQFLQJ U KROGLQJ VSHDU DQG VKLHOG & %0& 5,& &%1 :RQGHUIXO ROG FDELQHW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 1$& VDOH

6HVWHUWLXV PP J ,03 &$(6 '20,7 $9* *(50 3 0 75 3 9,,, &(16 3(5 3 3 /DXUHDWH KHDG U 5HY &26 ;,,,, ± /9' 6$(& $ 323 'RPLWLDQ VHDWHG U RQ ORZ SODWIRUP LQVFULEHG )59* $& IDFLQJ WRZDUGV WZR FLWL]HQV WRJDWH VWDQGLQJ O FDUU\LQJ VDFNV LQ EDFNJURXQG WHWUDVW\OH WHPSOH ,Q H[HUJXH 6 & & %0& 5,& &%1 9HU\ UDUH *UHHQ EURZQ SDWLQD VRPHZKDW SRURXV DQG VPRRWKHG RWKHUZLVH JRRG YHU\ ILQH

'UDFKP /\FLDQ OHDJXH $5 PP J $97 .$,& '20,7,$12& ± &(%$&72& *(30 /DXUHDWH KHDG U 5HY (72<&,' ± <5$72< ,= /\UH LQ U ILHOG EUDQFK %0& 53& /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

'RPLWLD ZLIH RI 'RPLWLDQ

$XUHXV FLUFD $9 PP J '20,7,$ $9*967$ ,03 '20,7 'UDSHG EXVW U KDLU LQ SODLW 5HY ',996 &$(6$5 ,03 '20,7,$1, ) ,QIDQW VHDWHG O RQ JOREH OLIWLQJ XS ERWK KDQGV DURXQG KLP VHYHQ VWDUV & %0& 'RPLWLDQ 5,& 'RPLWLDQ &%1 'RPLWLDQ &DOLFy 9HU\ UDUH 6WUXFN RQ D IXOO IODQ DQG ZLWK DQ LQWHUHVWLQJ UHYHUVH W\SH 9HU\ ILQH ¶ ([ 6RWKHE\¶V VDOH 'RKHQ\


1HUYD DXJXVWXV ±

7HWUDGUDFKP $QWLRFKLD $5 PP J .$,Ȉ Ȉ(% ± $97 1(32<$Ȉ /DXUHDWH EXVW U ZLWK DHJLV 5HY (72<Ȉ 1(2< ,(329 (DJOH VWDQGLQJ U RQ WKXQGHUEROW ZLWK RSHQ ZLQJV DERYH 7$ OLJDWH DQG LQ U ILHOG SDOP EUDQFK 3ULHXU 0F$OHH 53& $ERXW H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 1(59$ &$(6 ± $9* 3 0 75 327 ,, /DXUHDWH KHDG U 5HY &26 ,,, 3$7(5 3$75,$( 3ULHVWO\ HPEOHPV & %0& 5,& &%1 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 0DQKDWWDQ VDOH , )URP WKH $ /\QQ FROOHFWLRQ

'HQDULXV $5 PP J ,03 1(59$ &$(6 $9* ± 3 0 75 3 &26 ,, 3 3 /DXUHDWH KHDG U 5HY &21&25',$ ± (;(5&7990 &ODVSHG KDQGV & %0& 5,& &%1 /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ &1* DQG 5DXFK VDOHV

'HQDULXV $5 PP J ,03 1(59$ &$(6 $9* ± 3 0 75 3 &26 , , 3 3 /DXUHDWH KHDG U 5HY &21&25',$ ± (;(5&,7990 &ODVSHG KDQGV & %0& 5,& &%1 /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 1(59$ &$(6 $9* ± 3 0 75 3 &26 ,,, 3 3 /DXUHDWH KHDG U 5HY /,%(57$6 ± 39%/,&$ /LEHUWDV VWDQGLQJ O KROGLQJ SLOHXV DQG VFHSWUH & %0& 5,& &%1 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

'HQDULXV $5 PP J ,03 1(59$ &$(6 $9* ± 3 0 75 3 &26 ,,, 3 3 /DXUHDWH KHDG U 5HY ,967,7,$ ± $9*967 ,XVWLWLD VHDWHG U KROGLQJ VFHSWUH DQG EUDQFK & %0& 5,& &%1 5DUH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

7UDMDQ DXJXVWXV ±

'UDFKP /\FLD $5 PP J $<7 .$,& 1(3 73$,$12& &(% Ä«(30 /DXUHDWH KHDG U 5HY Ç»+0 (È„ ± <Ȇ$7 % 7ZR O\UHV VXUPRXQWHG E\ RZO VWDQGLQJ U %0& 53& :RQGHUIXO LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 7NDOHF VDOH 0D\


$XUHXV $9 PP J ,03 &$(6 1(59$ 75$ ± ,$1 $9* *(50 /DXUHDWH EXVW U ZHDULQJ DHJLV 5HY 3 0 75 3 ± &26 ,,, 3 3 )RUWXQD VWDQGLQJ O KROGLQJ FRUQXFRSLD DQG UXGGHU VHW RQ SURZ & YDU ZLWKRXW DHJLV %0& YDU ZLWKRXW DHJLV 5,& YDU ZLWKRXW DHJLV &%1 YDU ZLWKRXW DHJLV &DOLFy YDU ZLWKRXW DHJLV 6WUXFN RQ D IXOO IODQ DQG FRPSOHWH VXUIDFHV VRPHZKDW PDWWH RWKHUZLVH JRRG YHU\ ILQH ¶

'LGUDFKP 7\UH $5 PP J $<72.3 .$,& 1(3 75$,$12& &(% ī(30 /DXUHDWH KHDG U 5HY ǻ+0$3; (Ȅ <Ȇ$7 ī (DJOH VWDQGLQJ O ZLWK SDOP RYHU VKRXOGHU LQ O ILHOG FOXE 6\GHQKDP &DHVDUHD 3ULHXU 0F$OHH 53& 2OG FDELQHW WRQH DQG YHU\ ILQH

6HVWHUWLXV FLUFD PP J ,03 &$(6 1(59$( 75$,$12 $9* *(5 '$& 3 0 75 3 &26 9 3 3 /DXUHDWH EXVW U ZLWK GUDSHU\ RQ IDU VKRXOGHU 5HY 6 3 4 5 237,02 35,1&,3, $EXQGDQWLD VWDQGLQJ O KROGLQJ FRUQ HDUV DQG FRUQXFRSLD RQ O PRGLXV DQG RQ U SURZ ,Q ILHOG 6 ± & & %0& 5,& &%1 :R\WHN E :RQGHUIXO XQWRXFKHG OLJKW JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH

'HQDULXV FLUFD $5 PP J ,03 75$,$12 $9* *(5 '$& 3 0 75 3 &26 9 3 3 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 6 3 4 5 237,02 35,1&,3, 0DUV LQ PLOLWDU\ DWWLUH VWDQGLQJ U KROGLQJ VSHDU DQG UHVWLQJ KDQG RQ VKLHOG VXSSRUWHG E\ FDSWLYH & YDU QR GUDSHU\ %0& 5,& &%1 :R\WHN I 9HU\ UDUH $ EROG SRUWUDLW ZLWK D VXSHUE OLJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 75$,$12 $9* *(5 '$& 3 0 75 3 /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY &26 9 3 3 6 3 4 5 237,02 35,1& 'DQXELXV UHFOLQLQJ O RQ URFNV KDQG RQ SURZ RI VKLS ,Q H[HUJXH '$199,96 & %0& 5,& &%1 :R\WHN E 6FDUFH :RQGHUIXO LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

$XUHXV $9 PP J ,03 75$,$12 $9* *(5 '$& 3 0 75 3 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY &26 9 3 3 6 3 4 5 237,02 35,1& 7UDMDQ VWDQGLQJ O H[WHQGLQJ KLV U KDQG WRZDUGV \RXQJ JLUO DQG ER\ VWDQGLQJ U ZLWK WKHLU DUPV UDLVHG ,Q H[HUJXH $/,0 ,7$/ & %0& 5,& YDU ZLWKRXW FXLUDVV &%1 :R\WHN I &DOLFy D 5DUH *RRG YHU\ ILQH ¶


7ULGUDFKP RU WHWUDGUDFKP %RVWUD FLUFD $5 PP J ǹȊȉȅȀȇ Ȁǹǿ& ȃǼȇ ȉȇǹǿǹȃȅ& &ǼǺ īǼȇȂ ǻǹȀ /DXUHDWH KHDG U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY ǻǾȂǹȇȋ ± Ǽ>Ȅ@ ȊȆǹȉ Ǽ $UDELD VWDQGLQJ IDFLQJ KHDG O KROGLQJ EUDQFK DQG EXQGOH RI FLQQDPRQ VWLFNV " DW VLGH FDPHO DGYDQFLQJ O 6\GHQKDP &DHVDUHD 0HWFDOI 53& $WWUDFWLYH LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

'HQDULXV $5 PP J ,03 75$,$12 $9* *(5 '$& 3 0 75 3 &26 9, 3 3 /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY 6 3 4 5 237,02 35,1&,3, 9HVWD VHDWHG O KROGLQJ SDOODGLXP DQG WUDQVYHUVH VFHSWUH ,Q H[HUJXH 9(67$ & YDU QR GUDSHU\ %0& 5,& YDU QR GUDSH\ $ YHU\ DWWUDFWLYH SRUWUDLW DQG D SOHDVDQW OLJKW WRQH :HDNO\ VWUXFN RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH

'HQDULXV FLUFD $5 PP J ,03 75$,$12 $9* *(5 '$& 3 0 75 3 &26 9, 3 3 /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY 6 3 4 5 237,02 35,1&,3, 7UDMDQ RQ KRUVHEDFN O KROGLQJ VSHDU DQG VPDOO 9LFWRU\ & %0& 5,& &%1 ± :R\WHN E /LJKW LULGHVFHQW WRQH PLQRU PDUNV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

5HVWRUHG LVVXH RI 4 0LQXFLXV 7KHUPXV 0 I 'HQDULXV FLUFD $5 PP J +HOPHWHG KHDG RI 5RPD O 5HY ,03 &$(6 75$,$196 $9* *(5 '$& 3 3 4 7+(50 0 ) 7ZR FRPEDWLQJ VROGLHUV 5,& &%1 PRGHUQ IRUJHU\ VHFWLRQ :R\WHN ; $SSDUHQWO\ XQLTXH $ SRUWUDLW RI ILQH VW\OH PHWDO VRPHZKDW FRUURGHG RWKHUZLVH YHU\ ILQH ¶ ([ $XUHR &DOLFz VDOH $FFRUGLQJ WR :R\WHN QR JHQXLQH VSHFLPHQV RI WKLV LVVXH H[LVWHG DW WKH WLPH RI SXEOLFDWLRQ RI KLV FRUSXV RQ WKH FRLQDJH RI 7UDMDQ 7KH 9DWLFDQ ZDV VXSSRVHG WR KDYH RQH VSHFLPHQ EXW DFFRUGLQJ WR :R\WHN WKLV FRLQ LV QRW SUHVHQW LQ WKH FROOHFWLRQ 7KH VSHFLPHQ OLVWHG LQ WKH &%1 LV DQ REYLRXV IRUJHU\ DQG OLVWHG DV VXFK 7KH DXWKHQWLFLW\ RI WKLV VSHFLPHQ LV EH\RQG DQ\ SRVVLEOH GRXEW WKH KHDG RI 0DUV LV RI H[FHOOHQW VW\OH DV \RX ZRXOG H[SHFW IRU D UHVWRUDWLRQ LVVXH DQG TXLWH GLIIHUHQW IURP WKH 5HSXEOLFDQ SURWRW\SH 7KH OLJKW ZHLJKW DQG SRRU TXDOLW\ RI WKH PHWDO DUH DJDLQ TXLWH FRQVLVWHQW ZLWK WKH VHULHV DQG WKH R[LGDWLRQ DQG FRUURVLRQ DEVROXWHO\ FRQYLQFLQJ :H PXVW WKHUHIRUH FRQFOXGH WKDW WKLV LV D XQLTXH VSHFLPHQ FRQILUPLQJ WKH H[LVWHQFH RI WKLV UHVWRUDWLRQ LVVXH

6HVWHUWLXV FLUFD PP J ,03 &$(6 1(59$( 75$,$12 $9* *(5 '$& 3 0 75 3 &26 9, 3 3 /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY 6 3 4 5 237,02 35,1&,3, 6 & $49$ 75$,$1$ 5LYHU JRG KROGLQJ UHHG DQG UHFOLQLQJ O RQ URFNV XQGHU DUFKHG JURWWR VXSSRUWHG E\ WZR FROXPQV & YDU RPLWV &$(6 DQG QR GUDSHU\ %0& 5,& &%1 :R\WHN E 5DUH $Q DWWUDFWLYH EURZQ WRQH DQG YHU\ SOHDVDQW JRRG YHU\ ILQH


$XUHXV $9 PP J ,03 75$,$196 $9* *(5 '$& 3 0 75 3 &26 9, 3 3 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY )DoDGH RI 7UDMDQ V IRUXP VKRZLQJ PDLQ HQWUDQFH IODQNHG E\ D GRXEOH FRORQQDGH DERYH VFXOSWXUHG IULH]H ZLWK WKUHH IDFLQJ TXDGULJDH DQG WZR VWDQGLQJ VROGLHUV ,Q H[HUJXH %$6,/,&$ 9/3,$ & YDU QRW FXLUDVVHG %0& 5,& &%1 :R\WHN I &DOLFy 9HU\ UDUH 3HUIHFWO\ FHQWUHG VXUIDFH VRPHZKDW PDWWH RWKHUZLVH JRRG YHU\ ILQH ¶

7HWUDGUDFKP %RVWUD FLUFD $5 PP J ǹȊȉȅȀȇ È€ǹǿÉ‹ ȃǼȇ ȉȇǹǿǹȃȅɋ É‹ǼǺ īǼȇȂ ǻǹÈ€ /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY ǻǾÈ‚ǹȇȋ ǼÈ„ ȊȆǹȉȅ – 'LVW\OH WHPSOH ZLWK HDJOH LQ SHGLPHQW RQ SRGLXP RI IRXU VWHSV ZLWKLQ ZKLFK FXOW LPDJH RI $UWHPLV RI 3HUJH 6\GHQKDP &DHVDUHD D 0HWFDOI 53& /LJKW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

'HQDULXV FLUFD $5 PP J ,03 75$,$12 $9* *(5 '$& 3 0 75 3 &26 9, 3 3 /DXUHDWH DQG GUDSHG EXVW U 5HY 6 3 4 5 237,02 35,1&,3, 7KUHH OHJLRQDU\ VWDQGDUGV & %0& 5,& &%1 YDU GUDSHU\ RQ O VKRXOGHU :R\WHN Y :RQGHUIXO ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 1HZ <RUN VDOH ,,,

'HQDULXV FLUFD $5 PP J ,03 75$,$12 $9* *(5 '$& 3 0 75 3 &26 9, 3 3 /DXUHDWH DQG GUDSHG EXVW U 5HY 6 3 4 5 237,02 35,1&,3, 7UDMDQ V FROXPQ & %0& 5,& &%1 :R\WHN Y ,Q H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH DQG XQXVXDOO\ FRPSOHWH IRU WKH LVVXH DQG JRRG H[WUHPHO\ ILQH ¶

$XUHXV $9 PP J ,03 &$(6 1(5 75$,$12 237,02 $9* *(5 '$& /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 &26 9, 3 3 6 3 4 5 -XSLWHU VWDQGLQJ O KROGLQJ ORQJ VFHSWUH LQ O KDQG DQG WKXQGHUEROW LQ U RYHU D VPDOOHU ILJXUH RI 7UDMDQ WRJDWH VWDQGLQJ O KROGLQJ D EUDQFK LQ U KDQG DQG D VPDOO VFHSWUH LQ O & YDU QRW FXLUDVVHG %0& 5,& YDU QRW FXLUDVVHG &%1 :R\WHN I &DOLFy $ YHU\ SOHDVDQW SRUWUDLW VWUXFN RQ D IXOO IODQ PLQRU HGJH PDUNV RWKHUZLVH JRRG YHU\ ILQH ¶ ([ %XUJDQ 'HFHPEHU DQG 7UDGDUW 'HFHPEHU VDOHV )URP WKH 5 %DURQ FROOHFWLRQ


$XUHXV $9 PP J ,03 &$(6 1(5 75$,$12 237,02 $9* *(5 '$& /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 &26 ± 9, 3 3 6 3 4 5 *HQLXV VWDQGLQJ O KROGLQJ SDWHUD DQG HDUV RI FRUQ & YDU QRW FXLUDVVHG %0& 5,& YDU ZLWKRXW FXLUDVV &%1 :R\WHN I &DOLFy 6XUIDFH VRPHZKDW PDWWH RWKHUZLVH JRRG YHU\ ILQH ¶

'HQDULXV $5 PP J ,03 &$(6 1(5 75$,$12 237,02 $9* *(5 '$& /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY >3@ 0 75 3 &2 ± 6 9, 3 3 6 3 4 5 9LUWXV VWDQGLQJ U KROGLQJ UHYHUWHG VSHDU DQG SDUD]RQLXP & YDU QRW FXLUDVVHG %0& YDU QRW FXLUDVVHG 5,& YDU QRW FXLUDVVHG &%1 YDU QRW FXLUDVVHG :R\WHN K $Q XQXVXDO DQG LQWHUHVWLQJ EXVW ZLWK D ORYHO\ ROG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

'UDFKP %RVWUD FLUFD $5 PP J $<72.3 .$,& 1ȯ3 73$,$1: $3,&7: &ȯ% īȯ30 ǻ$. /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY ǻ+0$3; ȯȄ <Ȇ$72 – &DPHO DGYDQFLQJ O 6\GHQKDP &DHVDUHD 0HWFDOI 53& ([WUHPHO\ ILQH

$XUHXV FLUFD $9 PP J ,03 &$(6 1(5 75$,$12 237,02 $9* *(5 '$& /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 5(*1$ $' ± 6,*1$7$ 7UDMDQ VHDWHG O RQ SODWIRUP U ZLWK WZR DWWHQGDQWV EHIRUH SODWIRUP WKUHH NLQJV VWDQGLQJ U & %0& 5,& YDU 75$,$1 237,0 &%1 :R\WHN I &DOLFy 5DUH /LJKW UHGGLVK WRQH DQG YHU\ ILQH DERXW YHU\ ILQH ¶

6HVWHUWLXV FLUFD PP J ,03 &$(6 1(5 75$,$12 237,02 $9* *(5 '$& 3 0 75 >3 &26 9, 3 3@ /DXUHDWH DQG GUDSHG EXVW U 5HY ,03(5$725 9,,,, 6 & 7UDMDQ LQ PLOLWDU\ GUHVV VHDWHG RQ SODWIRUP KDUDQJXLQJ VROGLHUV E\ KLV VLGH WZR RIILFHUV DQG LQ IURQW RI KLP RQ WKH JURXQG DQRWKHU RIILFHU ZLWK IRXU VROGLHUV ,Q WKH EDFNJURXQG WKUHH VWDQGDUGV & %0& 5,& &%1 :R\WHN Y 5DUH /RYHO\ JUHHQ SDWLQD LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ /DQ] VDOH


$XUHXV FLUFD $9 PP J ,03 &$(6 1(5 75$,$1 237, ± 0 $9* *(50 '$& /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3$57+,&2 3 0 75 3 &26 9, 3 3 6 3 4 5 'UDSHG EXVW RI 6RO U & YDU *(5 %0& 5,& &%1 :R\WHN I &DOLFy 7ZR ORYHO\ SRUWUDLWV VWUXFN LQ KLJK UHOLHI *RRG YHU\ ILQH ¶ ([ 7ULWRQ ;9, DQG . QNHU VDOHV

&RQVHFUDWLRQ LVVXH RI 7UDMDQ $QWRQLQLDQXV $5 PP J ',92 75$,$12 5DGLDWH KHDG RI 'LYXV 7UDLDQXV U GUDSHU\ RQ O VKRXOGHU 5HY &216(&5$7,2 $OWDU & 7UDMDQ 5,& 7 'HFLXV D 6FDUFH 6WUXFN RQ VRXQG PHWDO DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKH LVVXH JRRG H[WUHPHO\ ILQH

&RQVHFUDWLRQ LVVXH RI 7UDMDQ $QWRQLQLDQXV $5 PP J ',92 75$,$12 5DGLDWH KHDG RI 'LYXV 7UDLDQXV U GUDSHU\ RQ O VKRXOGHU 5HY &216(&5$7,2 (DJOH VWDQGLQJ U ZLWK RSHQ ZLQJV DQG KHDG O & 7UDMDQ YDU QR GUDSHU\ 5,& 7 'HFLXV E 6FDUFH /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH ([ /DQ] VDOH

0DUFLDQD VLVWHU RI 7UDMDQ

$XUHXV $9 PP J ',9$ $9*967$ ± 0$5&,$1$ 'UDSHG EXVW U KDLU HODERUDWHO\ GUHVVHG DERYH ZKLFK FUHVFHQW VKDSHG GLDGHP 5HY &216(&5$7,2 (DJOH ZLWK VSUHDG ZLQJV ZDONLQJ O RQ VFHSWUH ORRNLQJ EDFNZDUGV & %0& 7UDMDQ 5,& 7UDMDQ &%1 :R\WHN &DOLFy D ([WUHPHO\ UDUH $ SRUWUDLW RI H[FHOOHQW VW\OH VWUXFN RQ D ODUJH IODQ 9HU\ ILQH ¶

+DGULDQ DXJXVWXV ±

7ULGUDFKP &LOLFLD $5 PP J $972.3$ .$,&$3 73$,$ $ǻ3,$12& /DXUHDWH KHDG U 5HY (72<& īȄ3 $,ī($,ȍ1 'LDGHPHG KHDG RI $OH[DQGHU U EHORZ JRDW U 53& WKLV FRLQ LOOXVWUDWHG $SSDUHQWO\ XQLTXH /LJKW WRQH VWUXFN IURP ZHDN GLHV RWKHUZLVH JRRG YHU\ ILQH ([ /DQ] DQG *HPLQL 9, VDOHV


'HQDULXV $5 PP J ,03 &$(6 75$,$1 +$'5,$1 237 $9* *(5 '$& /DXUHDWH DQG FXLUDVVHG EXVW U 5HY 3$57+,& ',9, 75$,$1 $9* ) 3 0 75 3 &26 3 3 3LHWDV VWDQGLQJ O UDLVLQJ U KDQG LQ ILHOG 3,( ± 7$6 & YDU REYHUVH OHJHQG %0& 5,& 5,& ,, $ UDUH YDULHW\ ZLWK FXLUDVVHG EXVW /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

'HQDULXV $5 PP J ,03 &$(6$5 75$,$1 ± +$'5,$196 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 &26 ,, -XVWLWLD VHDWHG O KROGLQJ SDWHUD DQG VFHSWUH LQ H[HUJXH ,967,7,$ & %0& 5,& 5,& ,, :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH ([ +HOLRV VDOH )URP WKH $ /\QQ FROOHFWLRQ

6HVWHUWLXV PP J ,03 &$(6$5 75$,$196 +$'5,$196 $9* /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY 3217 ± 0$; 75 327 &26 ,, +DGULDQ VHDWHG O RQ SODWIRUP H[WHQGLQJ U KDQG LQ IURQW RI KLP DWWHQGDQW VHDWHG O PDNLQJ D GLVWULEXWLRQ WR FLWL]HQ ZKR LV PRXQWLQJ VWHSV WR SODWIRUP LQ WKH EDFNJURXQG /LEHUDOLWDV VWDQGLQJ O ,Q H[HUJXH /,%(5$/,7$6 $9* 6 & & %0& 5,& 5,& ,, 0D]]LQL WKLV FRLQ /LJKW EURZQ WRQH DQG DERXW YHU\ ILQH )URP WKH 0D]]LQL FROOHFWLRQ

6HVWHUWLXV PP J ,03 &$(6$5 75$,$196 +$'5,$196 $9* /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY 3217 >0$; 75 327@ &26 ,,, 5RPD VHDWHG O RQ FXLUDVV U IRRW RQ KHOPHW KROGLQJ 9LFWRU\ DQG VSHDU EHKLQG VKLHOG ,Q H[HUJXH 6 & & YDU RQO\ ODXUHDWH %0& 5,& 5,& ,, :RQGHUIXO XQWRXFKHG HPHUDOG JUHHQ SDWLQD ZLWK PLQRU HQFUXVWDWLRQ RQ UHYHUVH RWKHUZLVH YHU\ ILQH DERXW YHU\ ILQH

6HVWHUWLXV PP J ,03 &$(6$5 75$,$196 +$'5,$1 96 $>9* 3 0 75 3 &26 ,,,@ /DXUHDWH DQG GUDSHG EXVW U 5HY 021(7$ ± $ ± 9*967, 0RQHWD VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD ,Q ILHOG 6 ± & & %0& E 5,& F 5,& ,, WKLV FRLQ LOOXVWUDWHG 5DUH %URZQ JUHHQ SDWLQD XQREWUXVLYH PHWDO IODZ DQG DQ DUHD RI FRUURVLRQ RQ WKH U ILHOG REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 5DWWR )L[HG SULFH OLVW $GULDQR


$XUHXV $9 PP J ,03 &$(6$5 75$,$1 ± +$'5,$196 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 ± 0 75 3 ± &26 ± ,,, +HUFXOHV VWDQGLQJ U KROGLQJ FOXE VHW RQ JURXQG DQG DSSOH LQ O ILHOG SURZ O DQG LQ U ULYHU JRG UHFOLQLQJ O ,Q ILHOG +(5& ± *$',7 & %0& 5,& 5,& ,, WKHVH GLHV &DOLFy 9HU\ UDUH DQG ZLWK DQ LQWHUHVWLQJ UHYHUVH W\SH UHIHUULQJ WR WKH VKULQH RI +HUFXOHV LQ &DGL] *RRG YHU\ ILQH ¶

4XLQDULXV $5 PP J ,03 &$(6$5 >75$,$1@ +$'5,$196 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 &26 ,,, 9LFWRU\ VHDWHG O KROGLQJ ZUHDWK DQG SDOP & %0& ± 5,& 5,& ,, WKLV FRLQ .LQJ 2OG FDELQHW WRQH DQ LQVLJQLILFDQW PHWDO IODZ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ 1)$ +LUVFK 1DFKI +LUVFK 1DFKI DQG *RUQ\ 0RVFK VDOHV

'HQDULXV $5 PP J ,03 &$(6$5 75$,$1 ± +$'5,$196 $9* /DXUHDWH KHDG U 5HY 3 0 75 ± 3 ± &26 ,,, *HQLXV VWDQGLQJ O KROGLQJ FRUQXFRSLD DQG SDWHUD RYHU DOWDU & %0& 5,& 5,& ,, :RQGHUIXO LULGHVFHQW WRQH DQG IUHVK PHWDO ([WUHPHO\ ILQH

$XUHXV $9 PP J +$ ± '5,$196 ± $9*96796 /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY &26 ± ,,, 6KH ZROI U VXFNOLQJ WZLQV & %0& 5,& 5,& ,, &DOLFy $ EROG SRUWUDLW VHYHUDO OLJKW VFUDWFKHV RQ REYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH ¶

'HQDULXV $5 PP J +$'5,$196 ± $9*967>96@ /DXUHDWH KHDG U 5HY &2 ± 6 ± ,,, 5RPD VWDQGLQJ O KROGLQJ 9LFWRU\ DQG VSHDU & %0& 5,& 5,& ,, :RQGHUIXO LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

'HQDULXV $5 PP +$'5,$196 ± $9* &26 ,,, 3 3 ODXUHDWH KHDG U 5HY 5202/2 ± &21',725, 5RPXOXV DGYDQFLQJ U KROGLQJ VSHDU DQG WURSK\ & YDU EDUH KHDGHG %0& 5,& 5,& ,, 6WUXFN RQ VRXQG PHWDO DQG ZLWK D OLJKW LULGHVFHQW WRQH *RRG H[WUHPHO\ ILQH ([ *HPLQL VDOH ;, )URP WKH 3 'DYLV FROOHFWLRQ


6HVWHUWLXV PP J +$'5,$196 ± $9* &26 ,,, 3 3 /DXUHDWH DQG GUDSHG EXVW O 5HY $'9(179, $9* 0$95(7$1,$( +DGULDQ RQ O WRJDWH VWDQGLQJ U UDLVLQJ U KDQG DQG KROGLQJ UROO LQ O LQ IURQW RI KLP SHUVRQLILFDWLRQ RI 0DXUHWDQLD ZHDULQJ HOHSKDQW KHDGGUHVV VDFULILFLQJ RXW RI SDWHUD RYHU DOWDU DQG KROGLQJ VWDQGDUG EHVLGH DOWDU D YLFWLP ,Q H[HUJXH 6 ± & & YDU QRW ODXUHDWH %0& YDU EXVW U 5,& YDU 5,& ,, WKLV FRLQ LOOXVWUDWHG 0D]]LQL G WKLV FRLQ *UHHQ SDWLQD VRPHZKDW EURNHQ RWKHUZLVH JRRG YHU\ ILQH YHU\ ILQH ([ 0 Q]KDQGOXQJ %DVHO DQG *OHQGLQLQJ¶V $SULO 5\DQ SDUW 9 VDOHV )URP WKH 0D]]LQL FROOHFWLRQ

6HVWHUWLXV PP J +$'5,$196 ± $9* &26 ,,, 3 3 /DXUHDWH DQG GUDSHG EXVW U 5HY 0$95(7$1,$ 0DXUHWDQLD VWDQGLQJ O EHIRUH KRUVH KROGLQJ WZR MDYHOLQV ,Q H[HUJXH 6 & & %0& 5,& 5,& ,, 3OHDVDQW EURZQ WRQH JHQWO\ WRROHG RWKHUZLVH JRRG YHU\ ILQH

$XUHXV $9 PP J +$'5,$196 ± $9* &26 ,,, 3 3 %DUH KHDGHG DQG GUDSHG EXVW U 5HY 5(67,79725, ± $&+$,$( +DGULDQ WRJDWH VWDQGLQJ U KROGLQJ UROO LQ O KDQG DQG H[WHQGLQJ U WR NQHHOLQJ ILJXUH RI $FKDLD LQ IURQW RI KLP EHWZHHQ WKHP SDOP LQ YDVH & %0& 5,& 5,& ,, &DOLFy 9HU\ UDUH $ SRUWUDLW RI H[FHOOHQW VW\OH DQG D YHU\ LQWHUHVWLQJ UHYHUVH FRPSRVLWLRQ *RRG YHU\ ILQH ¶

$XUHXV $9 PP J +$'5,$196 ± $9* &26 ,,, 3 3 /DXUHDWH KHDG U 5HY $(*<372 ± 6 (J\SW UHFOLQLQJ O KROGLQJ VLVWUXP DQG UHVWLQJ O HOERZ RQ EDVNHW DURXQG ZKLFK VQDNH FRLOV LQ O ILHOG LELV VWDQGLQJ U & ± %0& ± 5,& YDU EDUH KHDG 5,& ,, FI GHQDULXV &DOLFy ± 9HU\ UDUH 7UDFHV RI PRXQWLQJ 6HYHUDO PDUNV DQG VLJQV RI UHSDLU RQ UHYHUVH ILHOG RWKHUZLVH ILQH ([ -HURPH /DFURL[ VDOH ,,

'HQDULXV $5 PP J +$'5,$196 ± $9* &26 ,,, 3 3 /DXUHDWH KHDG U 5HY $)5,&$ $IULFD GUDSHG DQG ZHDULQJ HOHSKDQW VNLQ KHDGGUHVV UHFOLQHG O KROGLQJ VFRUSLRQ DQG FRUQXFRSLD DW KHU IHHW PRGLXV & %0& 5,& 5,& ,, /RYHO\ LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

'HQDULXV $5 PP J +$'5,$196 ± $9* &26 ,,, 3 3 /DXUHDWH KHDG U 5HY $(*<3726 $HJ\SWXV UHFOLQLQJ O KROGLQJ VLVWUXP DQG UHVWLQJ O DUP RQ EDVNHW WR KHU O LELV RQ ORZ FROXPQ & %0& 5,& 5,& ,, 2OG FDELQHW WRQH VFXII RQ REYHUVH DQG PLQRU PDUNV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH


'HQDULXV $5 PP J +$'5,$196 ยฑ $9* &26 ,,, 3 3 /DXUHDWH KHDG U 5HY 5(67,79 ยฑ 725, *$//,$( +DGULDQ WRJDWH VWDQGLQJ U KROGLQJ UROO H[WHQGLQJ U KDQG WR UDLVH XS NQHHOLQJ ILJXUH RI *DOOLD & %0& 5,& 5,& ,, /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

7ULGUDFKP $HJHDH $5 PP J วนศ ศ ศ ศ ศ ศ วนวฟศ ศ ศ วนวฟ ยฑ วนศ ศ ศ วนวปศ วฟวนศ ศ ศ วผวบ ศ ศ %DUH KHDGHG DQG GUDSHG EXVW RI +DGULDQ O 5HY ศ วนวบวฟศ วน ศ วผวบวน ยฑ วนวฟฤซวผวนวฟศ ศ ศ ศ 'UDSHG EXVW RI 6DELQD U ZHDULQJ VWHSKDQH EHORZ JRDW NQHHOLQJ O 3ULHXU 53& ([WUHPHO\ UDUH /LJKW WRQH VXUIDFH VRPHZKDW JUDQXODU RWKHUZLVH YHU\ ILQH ([ *RUQ\ 0RVFK VDOH

$XUHXV $9 PP J +$'5,$196 ยฑ $9* &26 ,,, 3 3 %DUH KHDGHG EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY /,%(5$/,7 ยฑ $ ยฑ 6 ยฑ $9* 9,, /LEHUDOLWDV VWDQGLQJ O KROGLQJ WHVVHUD DQG FRUQXFRSLD & %0& 5,& 5,& ,, &DOLFy 7UDFHV RI HGJH ILOLQJ RWKHUZLVH JRRG YHU\ ILQH ยถ

$XUHXV $9 PP J +$'5,$196 ยฑ $9* &26 ,,, 3 3 %DUH KHDG U 5HY *(1 ยฑ , ยฑ 2 3 5 *HQLXV VWDQGLQJ O KROGLQJ FRUQXFRSLD LQ O KDQG DQG VDFULILFLQJ RXW RI SDWHUD RYHU DOWDU & %0& 5,& 5,& ,, &DOLFy *RRG YHU\ ILQH YHU\ ILQH ยถ

'HQDULXV $5 PP J +$'5,$196 ยฑ $9* &26 ,,, 3 3 %DUH KHDG U 5HY 927$ 39 ยฑ %/,&$ +DGULDQ YHLOHG VWDQGLQJ O KROGLQJ SDWHUD RYHU WULSRG & %0& 5,& 5,& ,, 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

&RQVHFUDWLRQ LVVXH RI +DGULDQ $QWRQLQLDQXV $5 PP J ',92 +$'5,$12 5DGLDWH KHDG RI 'LYXV +DGULDQXV U 5HY &216(& ยฑ 5 ยฑ $7,2 (DJOH VWDQGLQJ U ZLWK RSHQ ZLQJV DQG KHDG O & +DGULDQ 5,& 7 'HFLXV 9HU\ UDUH 9HU\ ILQH

6DELQD ZLIH RI +DGULDQ

'HQDULXV FLUFD $5 PP J 6$%,1$ $9*967$ ยฑ +$'5,$1, $9* 3 3 'UDSHG EXVW U 5HY 39', ยฑ &,7,$ 3XGLFLWLD YHLOHG VWDQGLQJ O UDLVLQJ YHLO ZLWK U KDQG & %0& +DGULDQ 5,& +DGULDQ 5,& ,, +DGULDQ /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

'HQDULXV FLUFD $5 PP J >6$@%,1$ ยฑ $9*967$ 'LDGHPHG DQG GUDSHG EXVW U 5HY 9(1(5, ยฑ *(1(75,&, 9HQXV VWDQGLQJ U GUDZLQJ XS UREH WR VKRXOGHU ZLWK U KDQG DQG KROGLQJ DSSOH LQ O & %0& +DGULDQ 5,& +DGULDQ 5,& ,, +DGULDQ :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH


'HQDULXV DIWHU $5 PP J >',9$@ $9* ± 6$%,1$ 'LDGHPHG DQG GUDSHG EXVW U ZHDULQJ ZUHDWK RI FRUQ HDUV 5HY 3,( ± 7$7, $OWDU LQ H[HUJXH $9* & %0& +DGULDQ 5,& +DGULDQ 5,& ,, +DGULDQ 6XSHUE LULGHVFHQW WRQH DQG YHU\ ILQH DERXW H[WUHPHO\ ILQH

$HOLXV FDHVDU ±

'HQDULXV FLUFD $5 PP J / $(/,96 ± &$(6$5 %DUH KHDG U 5HY 75 327 ± &26 ,, 3LHWDV VWDQGLQJ O KROGLQJ LQFHQVH ER[ RYHU DOWDU & %0& +DGULDQ QRWH 5,& +DGULDQ 5,& ,, +DGULDQ 6FDUFH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ 7ULWRQ VDOH ;9, )URP WKH &KLOWHUQ FROOHFWLRQ

'HQDULXV FLUFD $5 PP J / $(/,96 ± &$(6$5 %DUH KHDG U 5HY 75 327 ± &26 ,, 3LHWDV VWDQGLQJ O KROGLQJ VFHSWUH DQG LQFHQVH ER[ RYHU DOWDU & ± %0& +DGULDQ 5,& +DGULDQ 6FDUFH 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH ([ /DQ] VDOH

6HVWHUWLXV FLUFD PP J / $(/,96 ± &$(6$5 %DUH KHDG U 5HY 75 327 ± &26 ,, 6SHV DGYDQFLQJ O KROGLQJ IORZHU DQG UDLVLQJ VNLUW ,Q ILHOG 6 ± >&@ & %0& +DGULDQ 5,& +DGULDQ 5,& ,, +DGULDQ $ YHU\ DWWUDFWLYH SRUWUDLW RI ILQH VW\OH DQG D SOHDVDQW EURZQ WRQH *RRG YHU\ ILQH DERXW YHU\ ILQH

$QWRQLQXV 3LXV FDHVDU

$XUHXV $9 PP J ,03 7 $(/ &$(6 ± $1721,196 %DUH KHDGHG DQG GUDSHG EXVW U 5HY

75,% 327 ± &26 &RQFRUGLD VHDWHG O KROGLQJ SDWHUD DQG OHDQLQJ RQ ILJXUH RI 6SHV ,Q H[HUJXH &21&25' & YDU FRUQXFRSLD RQ UHYHUVH %0& QRWH 5,& +DGULDQ D YDU FRUQXFRSLD RQ UHYHUVH &DOLFz 5DUH $ SRUWUDLW RI H[FHOOHQW VW\OH VWUXFN LQ KLJK UHOLHI JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶


$QWRQLQXV 3LXV DXJXVWXV ±

$XUHXV $9 PP J ,03 7 $(/ &$(6 +$'5 ± $1721,196 %DUH KHDGHG DQG GUDSHG EXVW U 5HY $9* 3,96 3 0 75 ± 3 &26 '(6 ,, 3LHWDV VWDQGLQJ U KROGLQJ LQFHQVH ER[ RYHU JDUODQGHG DQG OLJKWHG DOWDU & YDU GLIIHUHQW REYHUVH OHJHQG %0& 5,& D &DOLFy $ ILQH SRUWUDLW VWUXFN LQ KLJK UHOLHI VHYHUDO PLQRU PDUNV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 1$& . DQG +HULWDJH VDOHV

'HQDULXV $5 PP J $1721,196 ± $9* 3,96 3 3 %DUH KHDG U 5HY 75 327 ± &26 ,, 0RGLXV ZLWK WZR FRUQ HDUV DQG SRSS\ & %0& 5,& /RYHO\ LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

$XUHXV FLUFD $9 PP J $1721,196 $9* 3, ± 96 3 3 75 3 &26 ,,, /DXUHDWH KHDG O 5HY $32//>,1,@ ± $9*9672 $SROOR VWDQGLQJ IDFLQJ KHDG O KROGLQJ SDWHUD DQG O\UH & YDU %DUH KHDGHG DQG GUDSHG EXVW %0& ± 5,& $ YDU %DUH KHDGHG DQG GUDSHG EXVW &DOLFz YDU %DUH KHDGHG DQG GUDSHG EXVW $Q DSSDUHQWO\ XQUHFRUGHG EXVW YDULHW\ RI H[FHOOHQW VW\OH DQG DQ LQWHUHVWLQJ UHYHUVH W\SH *RRG YHU\ ILQH ¶ ([ 6SLQN VDOH

$XUHXV FLUFD $9 PP J $1721,196 $9* ± 3,96 3 3 75 3 &26 ,,, /DXUHDWH KHDG O 5HY 7KH (PSHURU LQ PLOLWDU\ DWWLUH VWDQGLQJ U KROGLQJ UHYHUWHG VSHDU DQG SDUD]RQLXP O IRRW RQ JOREH & %0& S QRWH 5,& D &DOLFy $ERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ¶


$XUHXV FLUFD $9 PP J $1721,196 $9* ± 3,96 3 3 75 3 &26 ,,, %DUH KHDGHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 7KH (PSHURU LQ PLOLWDU\ DWWLUH VWDQGLQJ U KROGLQJ UHYHUWHG VSHDU DQG SDUD]RQLXP O IRRW RQ JOREH & YDU QRW GUDSHG %0& S QRWH 5,& E &DOLFy *RRG YHU\ ILQH ¶

'HQDULXV $5 PP J $1721,196 $9* 3, ± 96 3 3 75 3 &26 ,,, /DXUHDWH KHDG U 5HY 3529,'(17,$( ± '(2590 :LQJHG WKXQGHUEROW & %0& 5,& /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

6HVWHUWLXV PP J $1721,196 $9* 3, ± 96 3 3 75 3 &26 ,,, /DXUHDWH KHDG U 5HY 520$( ± $(7(51$( 7HPSOH RI 9HQXV DQG 5RPD ZLWK FROXPQV ULFKO\ GHFRUDWHG ZLWK VWDWXHV RQ URRI DQG LQ SHGLPHQW ,Q H[HUJXH 6 & & %0& 5,& &D\RQ WKLV FRLQ LOOXVWUDWHG %URZQ JUHHQ SDWLQD ZLWK PLQRU DUHD RI FRUURVLRQ RQ REYHUVH DQG JHQWO\ VPRRWKHG RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 0HU]EDFKHU VDOH 1RYHPEHU

6HVWHUWLXV PP J $1721,196 $9* 3, ± 96 3 3 75 3 &26 ,,, /DXUHDWH KHDG U 5HY ,7$/,$ ,WDOLD WRZHUHG DQG GUDSHG VHDWHG O RQ JOREH KROGLQJ FRUQXFRSLD DQG VFHSWUH LQ ILHOG 6 ± & & %0& 5,& D 6WUXFN RQ DQ H[FHSWLRQDOO\ EURDG IODQ EURZQ SDWLQD ZLWK VRPH JUHHQ GHSRVLWV *RRG YHU\ ILQH

6HVWHUWLXV PP J $1721,196 $9* 3, ± 96 3 3 75 3 &26 ,,, /DXUHDWH KHDG U 5HY '(6 ± >,,,,@ 6DOXV VHDWHG O IHHGLQJ VQDNH FRLOHG URXQG DOWDU RXW RI SDWHUD DQG UHVWLQJ O HOERZ RQ FKDLU EHKLQG UXGGHU RQ JOREH ,Q H[HUJXH 6 & & ± FI %0& 5,& 0D]]LQL WKLV FRLQ %URZQ SDWLQD DQG YHU\ ILQH )URP WKH 0D]]LQL FROOHFWLRQ

$XUHXV $9 PP J $1721,196 $9* ± 3,96 3 3 75 3 &26 ,,, /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY $ 3LXV VHDWHG O RQ SODWIRUP H[WHQGLQJ U KDQG DQG KROGLQJ VFUROO LQ O EHIRUH KLP /LEHUDOLWDV VWDQGLQJ O KROGLQJ DFFRXQW ERDUG DQG FRUQXFRSLD LQ IURQW FLWL]HQ ZLWK RXWVWUHWFKHG KDQGV ,Q H[HUJXH /,% ,,,, & YDU ZLWKRXW GUDSHU\ %0& 5,& YDU ZLWKRXW GUDSHU\ &DOLFy 9HU\ ILQH ¶ ([ 1REOH DQG &1* VDOHV )URP WKH 5RQDOG - +DQVHQ &ROOHFWLRQ


'HQDULXV $5 PP J $1721,196 ± $9* 3,96 3 3 /DXUHDWH KHDG U 5HY &26 ± ,,,, 7KXQGHUEROW RQ GUDSHG WKURQH & %0& 5,& /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

$XUHXV $9 PP J $1721,196 ± $9* 3,96 3 3 75 3 ;,, %DUH KHDGHG DQG FXLUDVVHG EXVW U 5HY & ± 26 ± ,,,, $HTXLWDV VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD & YDU QRW FXLUDVVHG %0& 5,& F &DOLFy 7UDFHV RI HGJH ILOLQJ RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶

$XUHXV $9 PP J $1721,196 $9* ± 3,96 3 3 75 3 ;,, /DXUHDWH KHDG U 5HY &26 ± ,,,, $HTXLWDV VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD & %0& 5,& &DOLFy $ERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ¶

'HQDULXV $5 PP J $1721,196 $9* ± 3,96 3 3 75 3 ;,, /DXUHDWH KHDG U 5HY & ± 26 ± ,,,, $HTXLWDV VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD & %0& QRWH 5,& G /LJKW LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 7NDOHF VDOH 0D\

$XUHXV $9 PP J $1721,196 $9* 3, ± 96 3 3 75 3 ;,,,, /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY &26 ± ,,,, $HTXLWDV VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD & %0& S 5,& &DOLFy 6WUXFN LQ KLJK UHOLHI DQG ZLWK LWV RULJLQDO OXVWUH $ERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ¶ ([ +HULWDJH 032 VDOH


'HQDULXV $5 PP J $1721,196 $9* ± 3,96 3 3 75 3 ;9, /DXUHDWH KHDG U 5HY &26 ± ,,,, $QQRQD VWDQGLQJ O KROGLQJ JUDLQ HDUV DQG UHVWLQJ KDQG RQ PRGLXV VHW RQ SURZ & %0& 5,& :RQGHUIXO LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF

6HVWHUWLXV PP J $1721,196 $9* ± 3,96 3 3 75 3 ;9, /DXUHDWH KHDG U 5HY 6$/96 ± >$9*@ &26 ,,,, 6DOXV VWDQGLQJ O IHHGLQJ RXW RI SDWHUD LQ U KDQG VQDNH FRLOHG URXQG DOWDU O DQG KROGLQJ VFHSWUH LQ O KDQG ,Q ILHOG 6 ± & & %0& 5,& 0D]]LQL WKLV FRLQ %URZQ SDWLQD JHQWO\ VPRRWKHG RWKHUZLVH JRRG YHU\ ILQH )URP WKH 0D]]LQL FROOHFWLRQ

$XUHXV FLUFD $9 PP J $1721,196 $9* ± 3,96 3 3 75 3 ;9,, /DXUHDWH EXVW U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY &2 ± 6 ± ,,,, $QWRQLQXV VWDQGLQJ O KROGLQJ JOREH LQ RXWVWUHWFKHG U KDQG & %0& QRWH 5,& &DOLFy 6XUIDFH VRPHZKDW PDWWH DQG ZLWK PLQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH ¶ ([ -HURPH /DFURL[ VDOH ,,

'HQDULXV $5 PP J $1721,196 $9* 3, ± 96 3 3 75 3 ;9,, /DXUHDWH KHDG U 5HY &26 ± ,,,, $QQRQD VWDQGLQJ O KROGLQJ WZR JUDLQ HDUV DQG UHVWLQJ KDQG RQ PRGLXV VHW RQ SURZ & %0& 5,& :RQGHUIXO LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF

'HQDULXV $5 PP J $1721,196 $9* 3, ± 96 3 3 75 3 ;9,, /DXUHDWH KHDG U 5HY &2 ± 6 ± ,,,, )RUWXQD VWDQGLQJ U KROGLQJ UXGGHU VHW RQ JOREH DQG FRUQXFRSLD & %0& 5,& :RQGHUIXO LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 7NDOHF VDOH 0D\

'HQDULXV $5 PP J $1721,196 $9* ± 3,96 3 3 75 3 ;9,, /DXUHDWH KHDG U 5HY /,%(5$/,7 ± $6 9,, ± &26 ,,,, /LEHUDOLWDV VWDQGLQJ O KROGLQJ DEDFXV DQG FRUQXFRSLD & %0& QRWH 5,& /LJKW LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 7NDOHF VDOH 0D\


$XUHXV $9 PP J $1721,196 $9* 3, ± 96 3 3 75 3 ;9,,, /DXUHDWH KHDG U 5HY &2 ± 6 ± ,,,, $QWRQLQXV WRJDWH VWDQGLQJ O KROGLQJ JOREH LQ U KDQG & %0& 5,& &DOLFy 0LQRU WUDFHV RI HGJH ILOLQJ RWKHUZLVH JRRG YHU\ ILQH ¶

$XUHXV $9 PP J $1721,196 $9* ± 3,96 3 3 ,03 ,, /DXUHDWH KHDG U 5HY 75 327 ;,; ± & ± 26 ,,,, 9LFWRU\ DGYDQFLQJ O KROGLQJ ZUHDWK DQG SDOP EUDQFK & %0& 5,& E &DOLFy 0LQRU WUDFHV RI HGJH ILOLQJ RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶

$XUHXV $9 PP J $1721,196 $9* ± 3,96 3 3 ,03 ,, /DXUHDWH KHDG U 5HY 75 327 ;; ± &26 ,,,, 9LFWRU\ DGYDQFLQJ O KROGLQJ ZUHDWK LQ U KDQG DQG SDOP EUDQFK LQ O & %0& 5,& D &DOLFy 7UDFHV RI HGJH ILOLQJ RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶

$XUHXV $9 PP J $1721,196 $9* ± 3,96 3 3 75 3 ;;,, /DXUHDWH KHDG U 5HY 927$ 696&( ±>3@7$ '(& ,,, $QWRQLQXV YHLOHG VWDQGLQJ O DQG VDFULILFLQJ RYHU WULSRG ,Q H[HUJXH &26 ,,,, & ± %0& 5,& G &DOLFy $OPRVW LQYLVLEOH WUDFHV RI HGJH ILOLQJ RWKHUZLVH H[WUHPHO\ ILQH ¶


$XUHXV $9 PP J $1721,196 $9* ± 3,96 3 3 75 3 ;;,, /DXUHDWH KHDG U 5HY 927$ 696&(3 ± '(&(11 ,,, $QWRQLQXV YHLOHG VWDQGLQJ O DQG VDFULILFLQJ RYHU WULSRG LQ H[HUJXH &26 ,,,, & ± %0& 5,& G &DOLFy *RRG YHU\ ILQH ¶

$XUHXV $9 PP J $1721,196 $9* 3,96 3 3 75 3 ;;,,,, /DXUHDWH KHDG U 5HY 3,(7$7, $9* &26 ,,,, 3LHWDV VWDQGLQJ O KROGLQJ WZR FKLOGUHQ DW KHU VLGHV WZR PRUH FKLOGUHQ & %0& QRWH 5,& D &DOLFy 6WUXFN LQ KLJK UHOLHI $ VPDOO VFXII RQ REYHUVH DQG DQ HGJH PDUN DW HOHYHQ R¶FORFN RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ +HULWDJH VDOH

$XUHXV $9 PP J $1721,196 $9* 3,96 3 3 75 3 ;;,,, /DXUHDWH KHDG U 5HY 3,(7$7, ± $9* &26 ,,,, 3LHWDV VWDQGLQJ O EHWZHHQ WZR FKLOGUHQ KROGLQJ JOREH DQG FKLOG & %0& 5,& &DOLFy 0LQRU WUDFHV RI HGJH ILOLQJ RWKHUZLVH JRRG YHU\ ILQH ¶

$XUHXV $9 PP J $1721,196 $9* ± 3,96 3 3 75 3 ;;,,, /DXUHDWH KHDG U 5HY 3,(7$ ± 7, ± $9* &26 ,,,, 3LHWDV VWDQGLQJ O EHWZHHQ WZR FKLOGUHQ KROGLQJ JOREH DQG FKLOG & %0& 5,& &DOLFy 0LQRU WUDFHV HGJH ILOLQJ RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶

'LYXV $QWRQLQXV 'HQDULXV DIWHU $5 PP J ',996 ± $1721,196 %DUH KHDG U 5HY ',92 ± 3,2 $OWDU & %0& 0 $XUHOLXV DQG / 9HUXV 5,& 0 $XUHOLXV /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ 1$& VDOH


'LYXV $QWRQLQXV 3LXV 'HQDULXV DIWHU $5 PP J ',996 $1721,196 %DUH KHDG U 5HY &216(&5$7,2 (DJOH VWDQGLQJ U RQ JOREH ZLWK KHDG O & %0& 0 $XUHOLXV 5,& 0 $XUHOLXV /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ /DQ] DQG 0DQKDWWDQ , VDOHV )URP WKH $ /\QQ FROOHFWLRQ

'LYXV $QWRQLQXV 3LXV 6HVWHUWLXV DIWHU PP J ',996 ± $1721,196 %DUH KHDG U 5HY &216( ± &5$7,2 3\UH RI IRXU WLHUV GHFRUDWHG ZLWK KDQJLQJV DQG JDUODQGV DQG VXUPRXQWHG E\ IDFLQJ TXDGULJD ,Q H[HUJXH 6 & & %0& 0 $XUHOLXV 5,& 0 $XUHOLXV 6WUXFN RQ D YHU\ EURDG IODQ 'DUN JUHHQ SDWLQD VRPHZKDW VPRRWKHG RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ +HVV /HX VDOH

'LYD )DXVWLQD , ZLIH RI $QWRQLQXV 3LXV

$XUHXV DIWHU $9 PP J ',9$ ± )$967,1$ 'UDSHG EXVW U KHU KDLU ERXQG ZLWK SHDUOV DQG SLOHG XS RQ WRS RI KHU KHDG 5HY $9 ±* ± 9 ± 67$ &HUHV YHLOHG VWDQGLQJ O DQG KROGLQJ WRUFKHV ZLWK ERWK KDQGV & %0& $ 3LXV 5,& $ 3LXV D &DOLFy 0LQRU HGJH PDUNV DQG D PHWDO IODZ LQ UHYHUVH ILHOG RWKHUZLVH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH ¶

$XUHXV DIWHU $9 PP J ',9$ ± )$967,1$ 'UDSHG EXVW U KHU KDLU ERXQG ZLWK SHDUOV DQG SLOHG XS RQ WRS RI KHU KHDG 5HY $9 ± * ± 9 ± 67$ &HUHV YHLOHG VWDQGLQJ O DQG KROGLQJ WRUFKHV ZLWK ERWK KDQGV & %0& $ 3LXV 5,& $ 3LXV D &DOLFy *RRG YHU\ ILQH ¶ ([ $XFWLRQHV DQG 3HFXQHP VDOHV


$XUHXV DIWHU $9 ',9$ ± )$967,1$ 'UDSHG EXVW U KHU KDLU ERXQG ZLWK SHDUOV DQG SLOHG XS RQ WRS RI KHU KHDG 5HY $9*9 ± 67$ &HUHV VWDQGLQJ IDFLQJ KHDG O KROGLQJ OLJKWHG WRUFK DQG VKRUW YHUWLFDO VFHSWUH & %0& $ 3LXV 5,& $ 3LXV &DOLFy E $ FRLQ RI H[WUDRUGLQDU\ TXDOLW\ H[FHSWLRQDOO\ ZHOO VWUXFN DQG FHQWUHG $OPRVW LQYLVLEOH PDUNV RWKHUZLVH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ¶

$XUHXV DIWHU $9 PP J ',9$ ± )$967,1$ 'UDSHG EXVW U KDLU ZDYHG DQG FRLOHG RQ WRS RI KHDG 5HY $9*9 ± 67$ &HUHV VWDQGLQJ IDFLQJ KHDG O KROGLQJ OLJKWHG WRUFK DQG VKRUW YHUWLFDO VFHSWUH & %0& $ 3LXV 5,& $ 3LXV D &DOLFy D 7UDFHV RI HGJH ILOLQJ RWKHUZLVH JRRG YHU\ ILQH YHU\ ILQH ¶

$XUHXV DIWHU $9 PP J ',9$ ± )$967,1$ 'UDSHG EXVW U KDLU ZDYHG DQG FRLOHG RQ WRS RI KHDG 5HY &( ± 5(6 &HUHV VWDQGLQJ O KROGLQJ WZR JUDLQ HDUV DQG WRUFK & %0& $ 3LXV 5,& $ 3LXV &DOLFy *RRG YHU\ ILQH ¶

'HQDULXV DIWHU $5 PP J ',9$ ± )$967,1$ 9HLOHG DQG GUDSHG EXVW U 5HY $(7( ±5 ± 1,7$6 -XQR VWDQGLQJ O H[WHQGLQJ U KDQG DQG KROGLQJ VFHSWUH & %0& $ 3LXV 5,& $ 3LXV :RQGHUIXO LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 7NDOHF VDOH 0D\

'HQDULXV DIWHU $5 PP J ',9$ ± )$967,1$ 'UDSHG EXVW U KHU KDLU ERXQG ZLWK SHDUOV DQG SLOHG XS RQ WRS RI KHU KHDG 5HY $9*9 ± 67$ &HUHV YHLOHG GUDSHG VWDQGLQJ O KROGLQJ WRUFK DQG VFHSWUH & %0& $ 3LXV 5,& $ 3LXV D /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH


'HQDULXV DIWHU $5 PP J ',9$ $9* ± )$967,1$ 'UDSHG EXVW U KHU KDLU ERXQG ZLWK SHDUOV DQG SLOHG XS RQ WRS RI KHU KHDG 5HY $(7(51,7$6 6WDU & %0& $ 3LXV 5,& $ 3LXV D 5DUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

6HVWHUWLXV DIWHU PP J ',9$ $9*967$ ± )$967,1$ 'LDGHPHG GUDSHG DQG YHLOHG EXVW U 5HY 3,(7$ ± 6 $9* 3LHWDV VWDQGLQJ O GURSSLQJ LQFHQVH RQ FDQGHODEUXP DQG KROGLQJ ER[ RI SHUIXPHV ,Q ILHOG 6 ± & & %0& $ 3LXV 5,& $ 3LXV $ F :RQGHUIXO HQDPHO OLNH OLJKW JUHHQ SDWLQD DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶

0DUFXV $XUHOLXV FDHVDU ±

+DPPHUHG PHGDOOLRQ PP J %DUH KHDGHG DQG GUDSHG EXVW U 5HY $SROOR VWDQGLQJ O IHHGLQJ D VQDNH KHOG E\ 6DOXV EHWZHHQ WKHP DOWDU & ± *QHFFKL DQG SO ([WUHPHO\ UDUH *UHHQ SDWLQD DQG DERXW YHU\ ILQH

0DUFXV $XUHOLXV DXJXVWXV ±

$XUHXV $9 PP J ,03 &$(6 0 $95(/ $1721,196 $9* /DXUHDWH KHDG U 5HY &21&25',$( $9*96725 75 3 ;9 0DUFXV $XUHOLXV DQG /XFLXV 9HUXV VWDQGLQJ IDFLQJ DQG FODVSLQJ KDQGV 0DUFXV $XUHOLXV KROGV UROO ,Q H[HUJXH &26 ,,, & YDU KHDG EDUH %0& KHDG EDUH 5,& &DOLFy ,QVLJQLILFDQW QLFN RQ HGJH DW RQH R¶FORFN RQ REYHUVH DQG PLQRU WUDFHV RI HGJH ILOLQJ RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶


$XUHXV $9 PP J ,03 &$(6 0 $95(/ $1721,196 $9* %DUH KHDG U 5HY &21&25',$( $9*96725 75 3 ;9 0 $XUHOLXV DQG / 9HUXV VWDQGLQJ IDFLQJ HDFK RWKHU ZLWK FODVSHG KDQGV 0 $XUHOLXV KROGV UROO ,Q H[HUJXH &26 ,,, & %0& 5,& &DOLFy 0LQRU HGJH PDUNV RWKHUZLVH JRRG YHU\ ILQH ¶

6HVWHUWLXV PP J ,03 &$(6 0 $95(/ $1721,196 $9* 3 0 %DUH KHDGHG DQG FXLUDVVHG EXVW U 5HY &21&25' $9*96725 75 3 ;9 0 $XUHOLXV DQG /XFLXV 9HUXV FODVSLQJ KDQGV 0 $XUHOLXV KROGV UROO ,Q H[HUJXH &26 ,,, & %0& YDU 5,& /RYHO\ JUHHQ SDWLQD DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ 1$& DQG 1$& VDOHV

5HVWRUHG LVVXH RI 0 $QWRQLXV 'HQDULXV $5 PP J $1721,196 $9*95 ± ,,, 9,5 5 3 & *DOOH\ O 5HY $1721,196 (7 9(596 $9* 5(67 ± /(* ± 9, /HJLRQDU\ HDJOH EHWZHHQ WZR VWDQGDUGV & 0 $QWRQLXV %0& 0 $XUHOLXV 5,& :RQGHUIXO ROG FDELQHW WRQH DQG YHU\ ILQH ([ . QNHU VDOH

$XUHXV $9 PP J ,03 0 $1721,196 $9* %DUH KHDGHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 6$/97, $9*96725 75 3 ;9,, 6DOXV VWDQGLQJ O IHHGLQJ RXW RI SDWHUD VQDNH WZLQHG DURXQG DOWDU DQG KROGLQJ VFHSWUH ,Q H[HUJXH &26 ,,, & %0& 5,& &DOLFy 7UDFHV RI HGJH ILOLQJ DQG WZR HGJH QLFNV RWKHUZLVH YHU\ ILQH DERXW YHU\ ILQH ¶

'HQDULXV $5 PP J $1721,196 $9* $50(1,$&96 /DXUHDWH KHDG U 5HY 3 0 75 3 ;9,,,, ,03 ,, &26 ,,, $UPHQLD VHDWHG O RQ JURXQG LQ PRXUQIXO DWWLWXGH LQ O ILHOG YH[LOOLXP DQG VKLHOG ,Q H[HUJXH $50(1 & %0& 5,& 2OG FDELQHW WRQH DQG H[WUHPHO\ ILQH ([ 8%6 VDOH


6HVWHUWLXV PP J 0 $95(/ $1721,196 $9* ± $50 3$5>7+@ /DXUHDWH KHDG U 5HY 75 327 ;; ± ,03 ,,,, &26 ,,, 9LFWRU\ VWDQGLQJ IDFLQJ KHDG U KROGLQJ SDOP DQG SODFLQJ VKLHOG LQVFULEHG 9,& 3$5 RQ SDOP EUDQFK ,Q ILHOG 6 ± & & %0& 5,& 6WUXFN RQ D QDUURZ IODQ DQG ZLWK D SOHDVDQW GDUN EURZQ WRQH *RRG YHU\ ILQH

'HQDULXV $5 PP J 0 $1721,196 ± $9* 75 3 ;;,,, /DXUHDWH KHDG U 5HY /,%(5$/ $9* ± 9 &26 ,,, /LEHUDOLWDV VWDQGLQJ O KROGLQJ DEDFXV DQG FRUQXFRSLD & %0& 5,& /LJKW WRQH DQG JRRG H[WUHPHO\ ILQH

6HVWHUWLXV PP J ,03 0 $1721,196 ± $9* 75 3 ;;9 /DXUHDWH KHDG U 5HY 35,0, '(&(1 1$/(6 &26 ,,, 6 & ZLWKLQ ZUHDWK & %0& 5,& 5DUH *UHHQ UHGGLVK SDWLQD DQG JRRG YHU\ ILQH

'HQDULXV $5 PP J 0 $1721,196 $9* ± 75 3 ;;9,,, /DXUHDWH KHDG U 5HY ,03 9, ± &26 ,,, *HUPDQLD VXUURXQGHG E\ ZHDSRQV VHDWHG U DW IRRW RI WURSK\ & %0& 5,& /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ 7NDOHF 2FWREHU DQG 0DQKDWWDQ , VDOHV )URP WKH $ /\QQ FROOHFWLRQ

$V PP J 0 $1721,196 $9* *(50 ± 6$50 75 3 ;;;, /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY ,03 9>,,, ± &26 ,,,@ )(/,&,7$7, $9* 3 3 *DOOH\ URZHG U E\ IRXU RDUVPHQ ,Q ILHOG 6 ± & 5,& 'DUN WRQH D ILQHO\ GHWDLOHG UHYHUVH DQG YHU\ ILQH JRRG YHU\ ILQH

&RQVHFUDWLRQ LVVXH RI 0DUFXV $XUHOLXV $QWRQLQLDQXV $5 PP J ',92 0$5&2 5DGLDWH KHDG RI 'LYXV 0DUFXV $XUHOLXV U 5HY &216(&5$7,2 $OWDU & 0 $XUHOLXV 5,& 7 'HFLXV E 5DUH /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH


)DXVWLQD ,, GDXJKWHU RI $QWRQLQXV 3LXV DQG ZLIH RI 0DUFXV $XUHOLXV

7HWUDVVDULRQ 7KHVVDO\ 7KHVVDOLDQ /HDJXH FLUFD PP J ĭǹȊ&ȉ(ǿȃǹ ± &(Ǻǹ&ȉǾ 'UDSHG EXVW U 5HY Ȁȅǿȃȅȃ ± Ĭ(&&ǹȁ:ȃ $WKHQD ,WRQLD DGYDQFLQJ U KROGLQJ VKLHOG DQG KXUOLQJ VSHDU %XUUHU 0$ * 5RJHUV 53& WHPS %&' 7KHVVDO\ WKLV FRLQ 9HU\ UDUH 'DUN JUHHQ SDWLQD DQ LQVLJQLILFDQW PHWDO IODZ RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ 1RPRV VDOH %&'

'HQDULXV FLUFD $5 PP J )$967,1$ $9* ± 3,, $9* ),/ 'UDSHG EXVW U 5HY &2>1&25@ ± ',$ &RQFRUGLD VWDQGLQJ IDFLQJ KHDG U UDLVLQJ VNLUW DQG KROGLQJ FRUQXFRSLD & %0& $ 3LXV 5,& $ 3LXV E +DLUOLQH IODQ FUDFN DW WZHOYH R¶FORFN RQ REYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH

$XUHXV FLUFD $9 PP J )$967,1$ ± $9*967$ 'UDSHG EXVW O 5HY ',$1$ ± /9&,) 'LDQD VWDQGLQJ O KROGLQJ WRUFK ZLWK ERWK KDQGV & %0& 0 $XUHOLXV 5,& 0 $XUHOLXV &DOLFy 6HYHUDO HGJH PDUNV WUDFHV RI PRXQWLQJ VWUXFN RQ D YHU\ EURDG IODQ DQG JRRG YHU\ ILQH ¶ ([ &1* VDOH

$V FLUFD PP J )$967,1$ ± $9*967$ 'UDSHG EXVW U 5HY 9(196 ± 9,&75,&, 9HQXV KDOI QXGH VWDQGLQJ U KROGLQJ WKH DUP RI 0DUV ZKR VWDQGV IDFLQJ KHDG O KROGLQJ D VKLHOG ZLWK O DUP ,Q ILHOG 6 ± & & 5,& 0 $XUHOLXV 9HU\ UDUH DQG LQ H[FHSWLRQDO FRQGLWLRQ IRU WKLV GLIILFXOW LVVXH 8QWRXFKHG ROLYH JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH ¶ ([ %XVVR 3HXV VDOH

'LYD )DXVWLQD 'HQDULXV DIWHU $5 PP J ',9$ $9* ± )$967,1$ 9HLOHG EXVW U 5HY &216(&5$7,2 )XQHUDO S\UH VXUPRXQWHG E\ ELJD & %0& 0 $XUHOLXV 5,& 0 $XUHOLXV 5DUH 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D ORYHO\ ROG FDELQHW WRQH )ODQ FUDFN DW WZHOYH R¶FORFN RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ /DQ] VDOH


/XFLXV 9HUXV DXJXVWXV ±

$XUHXV 0DUFK 'HFHPEHU $9 PP J ,03 &$(6 / $95(/ 9(596 $9* %DUH KHDG U 5HY &21&25',$( $9*96725 75 3 0 $XUHOLXV DQG / 9HUXV VWDQGLQJ IDFLQJ HDFK RWKHU FODVSLQJ KDQGV ,Q H[HUJXH &26 ,, & %0& 0 $XUHOLXV 5,& 0 $XUHOLXV &DOLFy 6WUXFN LQ KLJK UHOLHI RQ D YHU\ ODUJH IODQ DQG DERXW H[WUHPHO\ ILQH ¶

6HVWHUWLXV FLUFD J ,03 &$(6$5 / $95( ± /,96 9(596 $9* %DUH KHDGHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 3529 '(25 ± 75 3 &26 ,, 3URYLGHQWLD VWDQGLQJ O KROGLQJ JOREH DQG FRUQXFRSLD ,Q ILHOG 6 ± & & YDU &$(6 5,& 0 $XUHOLXV YDU &$(6 6WUXFN RQ D PHGDOOLF IODQ 'DUN WRQH VRPHZKDW VPRRWKHG LQ ILHOGV RWKHUZLVH JRRG YHU\ ILQH

$XUHXV 'HFHPEHU $9 PP J ,03 &$(6 / 9(596 $9* %DUH KHDGHG DQG GUDSHG EXVW U 5HY 6$/97, $9*96725 75 3 ,,, 6DOXV VWDQGLQJ O IHHGLQJ RXW RI SDWHUD VQDNH FRLOHG DURXQG DOWDU DQG KROGLQJ VFHSWUH ,Q H[HUJXH &26 ,, & %0& QRWH 5,& 0 $XUHOLXV &DOLFy $ EROG SRUWUDLW VWUXFN LQ KLJK UHOLHI DQG DERXW H[WUHPHO\ ILQH ¶ ([ . QNHU VDOH

$XUHXV )HEUXDU\ 'HFHPEHU $9 PP J / 9(596 $9* ± $50 3$57+ 0$; /DXUHDWH KHDG U 5HY 75 3 9 ± ,03 ,,, &26 ,, / 9HUXV RQ SUDQFLQJ KRUVH U VSHDULQJ GRZQ IDOOHQ HQHP\ & %0& 0 $XUHOLXV 5,& 0 $XUHOLXV &DOLFy $ YHU\ DWWUDFWLYH SRUWUDLW VWUXFN LQ KLJK UHOLHI RQ D YHU\ EURDG IODQ $ERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ¶ ([ 1$& VDOH +XQWLQJWRQ ([ +6$


/XFLOOD ZLIH RI /XFLXV 9HUXV

'HQDULXV FLUFD $5 PP J /9&,//$( $9* $1721,1, $9* ) 'UDSHG EXVW U KDLU WLHG XS LQ GRXEOH FKLJQRQ 5HY &21&25',$ &RQFRUGLD VHDWHG O RQ WKURQH KROGLQJ SDWHUD DQG UHVWLQJ O HOERZ RQ WKURQH & YDU %0& 0 $XUHOLXV 5,& 0 $XUHOLXV /RYHO\ LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

'HQDULXV RU " $5 PP J /9&,//$( $9* $1721,1, $9* ) 'UDSHG EXVW U 5HY ',$1$ ± /9&,)(5$ 'LDQD VWDQGLQJ O KROGLQJ WRUFK LQ ERWK KDQGV & %0& 0 $XUHOLXV 5,& 0 $XUHOLXV /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ 1$& VDOH

&RPPRGXV DXJXVWXV ±

'HQDULXV $5 PP J 0 &2002'96 $1 ± 721,196 $9* /DXUHDWH KHDG U 5HY 75 3 9 ,03 ± ,,,, ± &26 ,, 3 3 7URSK\ IODQNHG E\ WZR FDSWLYHV & %0& 5,& :RQGHUIXO LULGHVFHQW WRQH ZHDNO\ VWUXFN RQ UHYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ 7NDOHF )HEUXDU\ DQG 0DQKDWWDQ , VDOHV )URP WKH $ /\QQ FROOHFWLRQ

&HQWUDO GLVF RI D EL PHWDOOLF PHGDOOLRQ $5 PP J >0 &2002'96 $172 ± 1,196 $9* 3,96 %5,7@ /DXUHDWH DQG GUDSHG EXVW U 5HY >3 ± 0 75 3 ; ,03 ± 9,, &26 ,,, ± 3 3@ -XSLWHU HQWKURQHG IDFLQJ KROGLQJ WKXQGHUEROW DQG VFHSWUH DW KLV VLGHV WKH 'LRVFXUL QDNHG EXW IRU FORDN HDFK KROGLQJ VSHDU DQG KRUVH E\ WKH EULGOH $W EDVH RI WKURQH HDJOH & ± FI %URQ]H *QHFFKL ± FI %URQ]H 8QLTXH DQG XQUHFRUGHG LQ VLOYHU $ KLVWRULFDO DQG QXPLVPDWLFDOO\ LPSRUWDQW SLHFH $Q LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH DQG PLQRU HQFUXVWDWLRQ RQ REYHUVH RWKHUZLVH DERXW YHU\ ILQH JRRG YHU\ ILQH ¶ 3ULYDWHO\ SXUFKDVHG IURP 6SLQN 6RQ LQ 'HFHPEHU 0HGDOOLRQ SURGXFWLRQ ZDV YHU\ SRSXODU XQGHU &RPPRGXV 8QGHU KLV HPSLUH ZH KDYH E\ IDU WKH ODUJHVW SURGXFWLRQ RI WKHVH IDVFLQDWLQJ FRLQV EL PHWDOOLF RQHV EHLQJ QR H[FHSWLRQ 7KLV VLOYHU FHQWUH LV QRW RQO\ XQLTXH IRU &RPPRGXV EXW IRU WKH HQWLUH EL PHWDOOLF SURGXFWLRQ ZKLFK PDNHV LW D SLHFH RI JUHDW KLVWRULFDO LQWHUHVW :H WULHG WR VWXG\ WKH HGJH WR LGHQWLI\ WKH PDWHULDO RI WKH H[WHULRU GLVF EXW XQIRUWXQDWHO\ ZH ZHUH XQDEOH WR FRPH WR D FRQFOXVLRQ DQG ZKLOH LW ZRXOG EH IDVFLQDWLQJ WR WKLQN LW FRXOG KDYH EHHQ PDGH RI JROG LW ZDV PRVW SUREDEO\ EURQ]H ,Q DQ\ FDVH WKLV UHPDLQV DQ LQFUHGLEO\ LPSRUWDQW SUHVHQWDWLRQ SLHFH DQG WKHUH¶V QR GRXEW LWV SURGXFWLRQ ZDV LQWHQGHG IRU D YHU\ VSHFLDO SXUSRVH


6HVWHUWLXV HQG PP J / $(/ $95(/ &2 00 $9* 3 )(/ +HDG U ZHDULQJ OLRQ V VNLQ KHDGGUHVV 5HY +(5 ± &9/, 520 ± $12 $9* ± 9672 6 ± & 'RZQZDUG FOXE DURXQG ODXUHO ZUHDWK & %0& &RQWRUQLDWH 5,& 0D]]LQL WKLV FRLQ 9HU\ UDUH 'DUN JUHHQ SDWLQD DQG YHU\ ILQH ([ 5ROOLQ )HXDUGHQW VDOH -XQH *XVWDYH %XUHO )URP WKH 0D]]LQL FROOHFWLRQ

6HVWHUWLXV HQG PP J / $(/ $95(/ &200 $9* 3 )(/ +HDG U ZHDULQJ OLRQ V VNLQ KHDGGUHVV 5HY +(5&9/ 520$12 $9*9 6 & %RZ FOXE DQG TXLYHU ZLWK DUURZV & %0& 5,& 5DUH %URZQ JUHHQ SDWLQD DQG YHU\ ILQH

&ULVSLQD ZLIH RI &RPPRGXV

'HQDULXV DIWHU $5 PP J &5,63,1$ ± $9*967$ 'UDSHG EXVW U 5HY &21&25',$ &ODVSHG KDQGV & %0& &RPPRGXV 5,& &RPPRGXV /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ /HX DQG . QNHU VDOHV

3HUWLQD[

'HQDULXV $5 PP J ,03 &$(6 3 +(/9 ± 3(57,1 $9* /DXUHDWH KHDG U 5HY 23, ',9,1 ± 75 3 &26 ,, 2SV VHDWHG O KROGLQJ JUDLQ HDUV DQG UHVWLQJ RWKHU KDQG RQ WKURQH & %0& 5,& D $ SRUWUDLW RI H[FHOOHQW VW\OH DQG D SOHDVDQW ROG FDELQHW WRQH *RRG YHU\ ILQH ¶ ([ 1)$ 'HFHPEHU 6RWKHE\¶V 2FWREHU DQG 1$& VDOHV


'HQDULXV $5 PP J >,03 &$(@6 3 +(/9 ± 3(57,1 $9* /DXUHDWH KHDG U 5HY 6$(&9/2 ± )59*,)(52 :LQJHG FDGXFHXV & %0& 5,& 5DUH /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ +HOLRV VDOH )URP WKH $ /\QQ FROOHFWLRQ

'HQDULXV $5 PP J ,03 &$(6 3 +(/9± 3(57,1 $9* /DXUHDWH KHDG U 5HY 927 '(&( ± 1 75 3 &26 ,, 3HUWLQD[ YHLOHG DQG WRJDWH VDFULILFLQJ RXW RI SDWHUD RYHU WULSRG & %0& 5,& D /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ *HPLQL VDOH 9,

6HVWHUWLXV PP J ,03 &$(6 3 +(/9 ± 3(57,1$; $9* /DXUHDWH KHDG U 5HY /$(7,7,$ 7(032590 &26 ,, /DHWLWLD VWDQGLQJ O KROGLQJ ZUHDWK DQG VFHSWUH ,Q ILHOG 6 ± & & %0& :RRGZDUG 7KH &RLQDJH RI 3HUWLQD[ 1& SO ;, 5,& 5DUH *UDQXODU JUHHQ SDWLQD DQG DERXW YHU\ ILQH

'LGLXV -XOLDQXV WK 0DUFK ± VW -XQH

'HQDULXV WK 0DUFK HQG RI 0D\ $5 PP J ,03 &$(6 0 ',' ± ,9/,$1 $9* /DXUHDWH KHDG U 5HY 3 0 75 ± 3 &26 )RUWXQD VWDQGLQJ O KROGLQJ UXGGHU VHW RQ JOREH DQG FRUQXFRSLD & %0& 5,& 5DUH 6WUXFN RQ D YHU\ EURDG IODQ DQG ZLWK D OLJKW LULGHVFHQW WRQH 9HU\ ILQH ¶ ([ *HPLQL VDOH 9,


0DQOLD 6FDQWLOOD ZLIH RI 'LGLXV -XOLDQXV

'HQDULXV $5 PP J 0$1/ ± 6&$1 ± 7,//$ $9* 'UDSHG EXVW U 5HY ,912 5 ± (*,1$ -XQR YHLOHG DQG GUDSHG VWDQGLQJ O KROGLQJ SDWHUD DQG VFHSWUH DW IHHW SHDFRFN VWDQGLQJ O & %0& ' -XOLDQXV 5,& 'LGLXV -XOLDQXV D 5DUH /RYHO\ LULGHVFHQW WRQH DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶

'HQDULXV $5 PP J 0$1/ 6&$1 ± 7,//,$ $9* 'UDSHG EXVW U 5HY ,912 5( ± *,1$ -XQR YHLOHG DQG GUDSHG VWDQGLQJ O KROGLQJ SDWHUD DQG VFHSWUH DW IHHW SHDFRFN VWDQGLQJ O & %0& ' -XOLDQXV 5,& 'LGLXV -XOLDQXV D /LJKW LULGHVFHQW WRQH DQG YHU\ ILQH ¶ ([ *HPLQL VDOH 9,

3HVFHQQLXV 1LJHU ±

'HQDULXV $QWLRFKLD $5 PP J ,03 &$(6 & 3( ± 6& 1,*(5 ,967, $ /DXUHDWH KHDG U 5HY ,19,&72 ± ,03(5$7 7URSK\ ZLWK DUPV DW EDVH & %0& S 5,& *RRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

'HQDULXV $QWLRFKLD $5 PP J >,03 &$(6 &@ 3(6& 1,* ± (5 ,96 $9* &26 ,, /DXUHDWH KHDG U 5HY %21, ( ± >9@(1796 )LGHV VWDQGLQJ IDFLQJ KHDG O KROGLQJ EDVNHW RI IUXLW DQG FRUQ HDUV & %0& ± 5,& F /LJKW WRQH DQG JRRG YHU\ ILQH ([ 1$& DQG 1$& VDOHV


&ORGLXV $OELQXV FDHVDU ±

'HQDULXV $5 PP J ' &/ 6(37 $/ ± %,1 &$(6 %DUH KHDG U 5HY 3529,' $ ± 9 ± *

&26 3URYLGHQWLD VWDQGLQJ IDFLQJ KHDG O KROGLQJ ZDQG RYHU JOREH DQG VFHSWUH & %0& 5,& /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ 7ULWRQ ,, DQG +HOLRV VDOHV

'HQDULXV $5 PP J ' &/2' 6(37 ± $/%,1 &$(6 %DUH KHDG U 5HY )(/,&,>7$6@ ± &26 ,, )HOLFLWDV GUDSHG DQG GLDGHPHG VWDQGLQJ O KROGLQJ ORQJ VFHSWUH LQ KHU O KDQG DQG FDGXFHXV LQ KHU UDLVHG U & %0& 5,& D /LJKW WRQH DQG D YHU\ DWWUDFWLYH SRUWUDLW LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH OLJKW WRQH DQG H[WUHPHO\ ILQH

6HVWHUWLXV PP J ' &/2' 6(37 ± $/%,1 &$(6 %DUH KHDG U ZLWK GUDSHU\ RQ O VKRXOGHU 5HY 0,1(5 3$&,) &26 ,, 0LQHUYD VWDQGLQJ O KROGLQJ EUDQFK VSHDU DQG VKLHOG ,Q ILHOG 6 ± & & %0& QRWH 5,& E $ SRUWUDLW RI ILQH VW\OH GDUN JUHHQ SDWLQD DQG JRRG YHU\ ILQH YHU\ ILQH

6HSWLPLXV 6HYHUXV ±

6WDWHU VWUXFN XQGHU 6DXURPDWHV ,, %RVSKRUXV (/ PP J %$&,ȁ(:& &$9320$729 'LDGHPHG DQG GUDSHG EXVW RI 6DXURPDWHV U LQ U ILHOG FOXE 5HY /DXUHDWH KHDG RI 6HSWLPLXV 6HYHUXV U EHORZ ī39 0DF'RQDOG )URORYD SO ;;;, *RRG YHU\ ILQH

'HQDULXV $5 PP J / 6(37 6(9 $9* ,03 ;, ± 3$57 0$; /DXUHDWH KHDG U 5HY ,29, 352 ± 39 ± *1>$725,@ -XSLWHU DGYDQFLQJ U EUDQGLVKLQJ WKXQGHUEROW DQG UDLVLQJ DUP ZUDSSHG LQ FORDN & %0& 5,& 6FDUFH /RYHO\ LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF

'HQDULXV /DRGLFHD $5 PP J / 6(37 6(9 $9* ,03 ;, 3$57 0$; /DXUHDWH KHDG RI 6 6HYHUXV U 5HY $1721,196 $9* 3217 75 3 ,,,, /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW RI &DUDFDOOD U & ± FI %0& QRWH 5,& ± FI E 9HU\ UDUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ 7ULWRQ 9, DQG 0DQKDWWDQ VDOHV )URP WKH $ /\QQ DQG 0HOFKHU FROOHFWLRQV


6WDWHU VWUXFN XQGHU 6DXURPDWHV ,, %RVSKRUXV (/ PP J %$&,ȁ(:& &$9320$729 'LDGHPHG DQG GUDSHG EXVW RI 6DXURPDWHV U 5HY /DXUHDWH KHDG RI 6HSWLPLXV 6HYHUXV U IDFLQJ ODXUHDWH DQG GUDSHG EXVW RI &DUDFDOOD O EHWZHHQ WKHP WULGHQW %HORZ +39 0DF'RQDOG )URORYD SO ;;;,9 *RRG YHU\ ILQH

'HQDULXV $5 PP J 6(9(596 ± 3,96 $9* /DXUHDWH KHDG U 5HY $'9(17 $9** 6HSWLPLXV 6HYHUXV RQ KRUVHEDFN O UDLVLQJ U KDQG DQG KROGLQJ VSHDU LQ O ILHOG VROGLHU OHDGLQJ WKH KRUVH & %0& 5,& 6FDUFH 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ $XUHD 1XPLVPDWLND VDOH

'HQDULXV $5 PP J 6(9(596 ± 3,96 $9* /DXUHDWH KHDG U 5HY ,1'9/*(17,$ $9** 7KH 'HD &DHOHVWLV ULGLQJ U RQ OLRQ KROGLQJ WKXQGHUEROW DQG VFHSWUH EHORZ ZDWHU JXVKLQJ IURP URFNV RQ O ,Q H[HUJXH ,1 &$57+ & %0& 5,& 2OG FDELQHW WRQH DQG JRRG H[WUHPHO\ ILQH ([ 7NDOHF VDOH 2FWREHU

'HQDULXV $5 PP J 6(9(596 3,96 ± $9* 3 0 75 3 ; /DXUHDWH DQG GUDSHG EXVW RI 6HSWLPLXV 6HYHUXV U 5HY >$17@21,196 ± 3,96 $9* /DXUHDWH DQG GUDSHG EXVW RI &DUDFDOOD U & %0& S 5,& 5DUH /LJKW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ *HPLQL VDOH 9,

$XUHXV $9 PP J 6(>9(@596 ± 3,96 $9* /DXUHDWH KHDG U 5HY 3529,'(1>7@,$ *RUJRQHLRQ IDFLQJ & 5,& &DOLFy 2I WKH KLJKHVW UDULW\ YHU\ IHZ VSHFLPHQV NQRZQ $Q LVVXH RI JUHDW IDVFLQDWLRQ 3LHUFHG DQG D IHZ PLQRU PDUNV RWKHUZLVH YHU\ ILQH ¶ ([ :DUV]DZVNLH &HQWUXP VDOH (


7ULGUDFKP &DHVDUHD $5 PP J $< .$, ȁ &ȯȆ7,0, &ȯ2<+32& $9ī /DXUHDWH KHDG U 5HY 0+732 .$,&$3,$& 1(ȍ. (7,+ 0RXQW $UJDHXV ZLWK VWDWXHV RI 6HYHUXV &DUDFDOOD DQG *HWD 6\GHQKDP &DHVDUHD ± 0LQRU DUHD RI SRURVLW\ RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 7ULWRQ VDOH ;,,,

-XOLD 'RPQD ZLIH RI 6HSWLPLXV 6HYHUXV

7ULGUDFKP &DHVDUHD $5 PP J ,2<ȁ,$ ǻ2 ± 01$ $<ī2< 'UDSHG EXVW U 5HY 0+732 .$, ± &$3, 1(ȍ. (7,6 0RXQW $UJDHXV VXUPRXQWHG E\ VWDWXH RI 6RO 6\GHQKDP &DHVDUHD /LJKW LULGHVFHQW WRQH PLQRU SRURVLW\ RWKHUZLVH H[WUHPHO\ ILQH ([ 7ULWRQ VDOH ;,,,

%DUEDULF DXUHXV $9 PP J ,9/,$ ± $9*967$ 'UDSHG EXVW U 5HY >$(7(51,@7 ,03(5, &RQIURQWHG EXVWV RI &DUDFDOOD ODXUHDWH GUDSHG DQG FXLUDVVHG IDFLQJ U DQG *HWD EDUH KHDGHG GUDSHG DQG FXLUDVVHG IDFLQJ O %0& DQG SO WKHVH GLHV )RU W\SH FI & 5,& &DOLFy /LJKW UHGGLVK WRQH DQG DERXW YHU\ ILQH ¶ ([ . QNHU VDOH

'HQDULXV $5 PP J ,9/,$ ± $9*967$ 'UDSHG EXVW U 5HY 3,(7$6 ± 39%/,&$ 3LHWDV VWDQGLQJ IDFLQJ KHDG O UDLVLQJ ERWK KDQGV LQ O ILHOG DOWDU & %0& 6HSWLPLXV DQG &DUDFDOOD 5,& 6 6HYHUXV /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,9/,$ ± $9*967$ 'UDSHG EXVW U 5HY 9(196 9,&75,; 9HQXV VWDQGLQJ O OHDQLQJ RQ FROXPQ KROGLQJ KHOPHW DQG SDOP EUDQFK DW KHU IHHW VKLHOG & %0& 5,& 6 6HYHUXV /RYHO\ LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH


&DUDFDOOD DXJXVWXV ±

'HQDULXV /DRGLFHD FLUFD $5 PP J ,03 &$( 0 $95 $ ± 17 $9* 3 75 3 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 0,1( ± 5 ± 9 ± ,&7 ± 5,; 0LQHUYD VWDQGLQJ O KROGLQJ 9LFWRU\ DQG VSHDU ZLWK VKLHOG DW VLGH EHKLQG WURSK\ & 5,& E /RYHO\ LULGHVFHQW WRQH DQ LQVLJQLILFDQW GLH EUHDN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

+H[DVVDURQ 3HULQWKXV 7UDFLDH FLUFD PP J $<7 . 0 $<3 &(2<+3 ± $17ȍ1,12& $<ī /DXUHDWH KHDG U 5HY Ȇ(3,1Ĭ,ȍ ± 1 ± 1(ȍ.23 ȍ1 $SROOR DQG $UWHPLV LQ ELJD JDOORSLQJ U 61* &RSHQKDJHQ ± 6FK|QHUW *HLVV DQG SO 9HU\ UDUH DQG LQ IDQWDVWLF FRQGLWLRQ IRU WKLV GLIILFXOW LVVXH $ EROG SRUWUDLW DQG D ILQHO\ GHWDLOHG UHYHUVH FRPSRVLWLRQ 'DUN SDWLQD VRPHZKDW JUDQXODU DQG DQ LQVLJQLILFDQW DUHD RI FRUURVLRQ RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶

'HQDULXV /DRGLFHD FLUFD $5 PP J $1721,196 $ ± 9*96796 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 6(&95,7 ± 25%,6 6HFXULWDV VHDWHG O KROGLQJ VFHSWUH & %0& 5,& D /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

'HQDULXV $5 PP J $1721,196 ± 3,96 $9* /DXUHDWH DQG GUDSHG EXVW U 5HY ,1'9/*( ± 17,$ $9** 7KH 'HD &DHOHVWLV KROGLQJ WKXQGHUEROW DQG VFHSWUH ULGLQJ OLRQ U EHORZ ZDWHU JXVKLQJ IURP URFNV ,Q H[HUJXH ,1 &$57+ & %0& 5,& D $Q LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH JRRG H[WUHPHO\ ILQH

'HQDULXV $5 PP J $1721,196 ± 3,96 $9* /DXUHDWH KHDG U 5HY 3217,) 75 3 ;,, &26 ,,, &DUDFDOOD RQ KRUVH UHDULQJ O KXUOLQJ D VSHDU DW IRH RQ JURXQG & %0& 5,& $ SRUWUDLW RI ILQH VW\OH VWUXFN RQ VRXQG PHWDO YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 7NDOHF VDOH 0D\

7ULGUDFKP &DHVDUHD $5 PP J ǹȊ Ȁǹǿ Ȃ ǹȊȇǾȁǿ ± ǹȃȉȍȃǿȃȅȈ ǹȊī /DXUHDWH KHDG U 5HY ȂǾȉȇȅ ȀǹǿȈǹȇǿǹȈ ȃǼȍȀȅ 5DGLDWH JRG VHDWHG O RQ URFN\ RXWFURS KROGLQJ EUDQFK DQG UHVWLQJ KDQG RQ URFNV ,Q H[HUJXH (7 ,+ 6\GHQKDP &DHVDUHD 6XSS H $ERXW H[WUHPHO\ ILQH ([ 7ULWRQ VDOH ;,,,


6HVWHUWLXV PP J 0 $95(/ $1721, ± 196 3,96 $9* /DXUHDWH KHDG U 5HY 3217,) 75 3 ;,,, &26 ,,, 0DUV LQ PLOLWDU\ DWWLUH VWULGLQJ O KROGLQJ EUDQFK DQG WURSK\ ,Q ILHOG 6 ± & & %0& 5,& D $ SRUWUDLW RI ILQH VW\OH JUHHQ SDWLQD VRPHZKDW WRROHG RWKHUZLVH JRRG YHU\ ILQH YHU\ ILQH ¶ ([ $GROSK +HVV DQG /HX VDOHV

'HQDULXV $5 PP J $1721,196 3,96 ± $9* %5,7 /DXUHDWH KHDG U 5HY 021(7 ± $ $9* 0RQHWD VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD & %0& 5,& /LJKW LULGHVFHQW WRQH 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF

'HQDULXV $5 PP J $1721,196 3,96 ± $9* %5,7 /DXUHDWH KHDG U 5HY 0$57, 35239*1$725, 0DUV DGYDQFLQJ O KROGLQJ VSHDU LQ U KDQG DQG WURSK\ LQ O & %0& 5,& /RYHO\ LULGHVFHQW WRQH DQG *RRG H[WUHPHO\ ILQH

7ULGUDFKP &DHVDUHD $5 PP J $< .$, 0 $<3+ȁ, ± $17ȍ1,12& /DXUHDWH KHDG U 5HY 0+732 .$ ± , ± &$3(, 1ȯȍ. 0RXQW $UJDHXV VXUPRXQWHG E\ VWDWXH LQ H[HUJXH ȯ7 ,Ȣ 6\GHQKDP &DHVDUHD 6XSS D /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH H[WUHPHO\ ILQH ([ 7ULWRQ VDOH ;,,,

6HVWHUWLXV PP J 0 $95(/ $1721,196 3,96 $9* %5,7 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ;9, ,03 ,, 9LHZ RI WKH &LUFXV 0D[LPXV ZLWK LWV DUFKHV WKH REHOLVN WKH VSLQD FKDULRWV LQ WKH EDFNJURXQG D WHPSOH DQG D FRORQQDGH ,Q H[HUJXH &26 ,,,, 3 3 6 & & %0& 5,& D 9HU\ UDUH DQG DQ LVVXH RI JUHDW IDVFLQDWLRQ 'DUN SDWLQD JHQWO\ WRROHG RWKHUZLVH YHU\ ILQH ¶ 3ULYDWHO\ SXUFKDVHG LQ 1RYHPEHU


$XUHXV $9 PP J $1721,196 3,96 $9* *(50 /DXUHDWH DQG FXLUDVVHG EXVW O 5HY 3 0 75 3 ;9,,, &26 ,,,, 3 3 6HUDSLV VWDQGLQJ IDFLQJ KHDG O UDLVLQJ DUP DQG KROGLQJ VFHSWUH & ± %0& ± 5,& YDU KHDG U &DOLFz ± $Q DSSDUHQWO\ XQUHFRUGHG YDULHW\ 6WUXFN RQ D YHU\ EURDG IODQ WUDFHV RI PRXQWLQJ RQ WKH HGJH RWKHUZLVH YHU\ ILQH ¶ ([ 6XSHULRU VDOH 2FWREHU

$QWRQLQLDQXV $5 PP J $1721,196 3,96 $9* *(50 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ;9,,, &26 ,,,, 3 3 5DGLDWH OLRQ DGYDQFLQJ O ZLWK WKXQGHUEROW LQ MDZV & %0& 5,& F /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

$QWRQLQLDQXV $5 PP J $1721,196 3,96 $9* *(50 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ;9,,, ± &26 ,,,, 3 3 ,RYLV VWDQGLQJ U KROGLQJ VFHSWUH DQG WKXQGHUEROW & %0& 5,& D /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

$QWRQLQLDQXV $5 PP J $1721,196 3,96 $9* *(50 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ;9,,, &26 ,,,, 3 3 6HUDSLV VWDQGLQJ U ZLWK KHDG O UDLVLQJ DUP DQG KROGLQJ VFHSWUH & YDU QR GUDSHU\ %0& 5,& H /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

6HVWHUWLXV PP J 0 $95(/ $1721,196 3,96 $9* *(50 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ;9,,, ,03 ,,, &26 ,,,, 3 3 'LDQD ZHDULQJ FUHVFHQW ZLWK FORDN IO\LQJ LQ ELJD RI EXOOV O ,Q H[HUJXH 6 & & YDU QR FXLUDVV %0& 5,& D %URZQ JUHHQLVK SDWLQD JHQWO\ WRROHG RWKHUZLVH JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ $UV &ODVVLFD 9,,, %HPHQW 6RWKHE\ +D]OLWW DQG +HVV /HX VDOHV


3ODXWLOOD ZLIH RI &DUDFDOOD

'HQDULXV /DRGLFHD $5 PP J 3/$97,//$ $9* 'UDSHG EXVW U 5HY &21&2 ± 5',$( &RQFRUGLD VHDWHG O KROGLQJ SDWHUD DQG FRUQXFRSLD & %0& &DUDFDOOD 5,& &DUDFDOOD /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

'HQDULXV $5 PP J 3/$97,//$ ± $9*967$ 'UDSHG EXVW U 5HY 9(196 ± 9,&75,; 9HQXV VWDQGLQJ O KROGLQJ VKLHOG SDOP DQG DSSOH $W KHU IHHW &XSLG & %0& &DUDFDOOD 5,& &DUDFDOOD /LJKW WRQH DQG H[WUHPHO\ ILQH

*HWD FDHVDU ±

'HQDULXV $5 PP J $1721,196 ± 3,96 $9* /DXUHDWH EXVW U 5HY $'9(1796 ± $9*96725 *DOOH\ O & %0& 6 6HYHUXV DQG &DUDFDOOD 5,& 2OG FDELQHW WRQH DQG JRRG H[WUHPHO\ ILQH H[WUHPHO\ ILQH

6HVWHUWLXV PP J ,03 &$(6 3 6(37 ± *(7$ 3,96 $9* /DXUHDWH EXVW U 5HY 3217,) 75 3 ,, &26 ,, &DUDFDOOD DQG *HWD VWDQGLQJ YLV j YLV VDFULILFLQJ RYHU WULSRG %HKLQG IOXWH SOD\HU ,Q H[HUJXH 6 & & %0& QRWH 5,& E 5DUH $ YHU\ DWWUDFWLYH SRUWUDLW RI ILQH VW\OH DQG D SOHDVDQW EURZQ JUHHQ SDWLQD *RRG YHU\ ILQH ([ &DQHVVD 'H 1LFROD )L[ 3ULFH /LVW 'HFHPEHU ORW

'HQDULXV $5 PP J 3 6(37 *(7$ ± 3,96 $9* %5,7 /DXUHDWH EXVW U 5HY )257 5(' 75 3 ,,, &26 ,, 3 3 )RUWXQD VHDWHG O KROGLQJ UXGGHU DQG FRUQXFRSLD EHORZ WKH WKURQH ZKHHO & %0& 5,& /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH

0DFULQXV ±

7HWUDGUDFKP &DUUKDH $5 PP J $97 . 0 ȅȆ &( 0$.3,12& & ± ȯ% /DXUHDWH KHDG U 5HY ǻ+0$3; ȯȄ ± 9Ȇ$72& (DJOH ZLWK RSHQ ZLQJV KROGLQJ ZUHDWK LQ LWV EHDN %HOOLQJHU 3ULHXU 8QXVXDO VW\OH OLJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

7HWUDGUDFKP %HURHD $5 PP J $<7 . 0$ 2Ȇ & ± ȯ 0$.3,12& &ȯ /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY ǻ+0$3; ȯȄ <Ȇ$72& ǻ (DJOH ZLWK RSHQ ZLQJV KROGLQJ ZUHDWK LQ EHDN %HOOLQJHU 3ULHXU /LJKW WRQH DQG JRRG H[WUHPHO\ ILQH


'HQDULXV 'HFHPEHU PP J ,03 & 0 23(/ 6(9 ± 0$&5,196 $9* /DXUHDWH DQG GUDSHG EXVW U 5HY $(49,7$6 $9* $HTXLWDV VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD & %0& 5,& :RQGHUIXO ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH ([ 0RQHWDULXP 6.$ 'HFHPEHU DQG 1$& VDOH VDOHV

'HQDULXV $5 PP J ,03 & 0 23(/ 6(9 0$&5,196 $9* /DXUHDWH DQG FXLUDVVHG EXVW U 5HY 3217,) 0$; 75 3 ,, &26 ,, 3 3 )RUWXQD VWDQGLQJ O KROGLQJ FDGXFHXV DQG FRUQXFRSLD & %0& QRWH 5,& ([WUHPHO\ ILQH ([ +LUVFK VDOH

'HQDULXV $5 PP J ,03 & 0 23(/ 6(9 0$&5,196 $9* /DXUHDWH DQG FXLUDVVHG EXVW U 5HY ,29, &216(59$725, -XSLWHU VWDQGLQJ O KROGLQJ VFHSWUH DQG WKXQGHUEROW DW IHHW VPDOO ILJXUH RI WKH (PSHURU & %0& 5,& E /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

6HVWHUWLXV FLUFD PP J ,03 &$(6 0 23(/ 6(9 0$&5,196 $9* /DXUHDWH DQG FXLUDVVHG EXVW U 5HY 6$/96 39%/,&$ 6DOXV VHDWHG O IHHGLQJ VQDNH FRLOHG DURXQG DOWDU ,Q H[HUJXH 6 & & %0& ± 5,& 9HU\ UDUH $Q HOHJDQW SRUWUDLW VWUXFN RQ D IXOO IODQ JUHHQ SDWLQD JHQWO\ VPRRWKHG RQ UHYHUVH DQG WKH EHDU RQ WKH REYHUVH VRPHZKDW WRROHG RWKHUZLVH H[WUHPHO\ ILQH DERXW H[WUHPHO\ ILQH ¶ ([ 1$& VDOH

'LDGXPHQLDQ FDHVDU

'HQDULXV FLUFD $5 PP J 0 23(/ $17 ',$'90(1,$1 &$(6 %DUH KHDGHG DQG GUDSHG EXVW U 5HY 35,1& ,99(1797,6 'LDGXPHQLDQ VWDQGLQJ IDFLQJ KHDG U KROGLQJ VWDQGDUG LQ U KDQG DQG VFHSWUH LQ O LQ ILHOG U WZR VWDQGDUGV & %0& 0DFULQXV 5,& 0DFULQXV $ JHQWOH SRUWUDLW DQG DQ ROG FDELQHW WRQH ([WUHPHO\ ILQH ([ 1REOH VDOH


(ODJDEDOXV ±

6HVWHUWLXV FLUFD PP J ,03 &$(6 0 $95 $1721,196 3,96 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 &26 3 3 5RPD VHDWHG O KROGLQJ 9LFWRU\ DQG VFHSWUH VKLHOG DW VLGH ,Q H[HUJXH 6 & & %0& 5,& $ YHU\ SOHDVDQW EURZQ WRQH DQG JRRG YHU\ ILQH YHU\ ILQH

'HQDULXV $QWLRFKLD $5 PP J $1721,196 3,96 )(/ $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY &21 ± &25 ± ',$ 7ZR VWDQGDUGV EHWZHHQ WZR OHJLRQDU\ HDJOHV LQ H[HUJXH 0,/,7 & %0& 5,& /LJKW LULGHVFHQW WRQH WUDFHV RI GRXEOH VWLFNLQJ RWKHUZLVH JRRG YHU\ ILQH

$QWRQLQLDQXV $5 PP J ,03 $1721,196 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 7(032590 )(/,&,7$6 )HOLFLWDV VWDQGLQJ O KROGLQJ FDGXFHXV DQG FRUQXFRSLD & %0& 5,& /RYHO\ LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

'HQDULXV FLUFD $5 PP J ,03 $1721,196 3,96 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY ),'(6 0,/,790 $TXLOD EHWZHHQ WZR VLJQD VKLHOGV DW HDFK EDVH & %0& 5,& 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH

-XOLD 3DXOD ILUVW ZLIH RI (ODJDEXOXV

'HQDULXV FLUFD $5 PP J ,9/,$ 3$9/$ $9* 'UDSHG EXVW U 5HY >9(1@96 *( ± 1(75,; 9HQXV VHDWHG O KROGLQJ DSSOH DQG VFHSWUH & %0& (ODJDEDOXV 5,& (ODJDEDOXV /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH $TXLOLD 6HYHUD VHFRQG ZLIH RI (ODJDEDOXV

'HQDULXV RU ODWHU $5 PP J ,9/,$ $49,/,$ 6(9(5$ $9* 'UDSHG EXVW U 5HY &21&25',$ &RQFRUGLD VWDQGLQJ O KROGLQJ GRXEOH FRUQXFRSLDH DQG SDWHUD RYHU DOWDU LQ O ILHOG VWDU & %0& (ODJDEDOXV 5,& (ODJDEDOXV 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ $XUHR &DOLFy VDOH

-XOLD 6RHPLD PRWKHU RI (ODJDEDOXV

'HQDULXV $5 PP J ,9/,$ 62$(0,$6 $9*967$ 'UDSHG EXVW U 5HY ,912 ± 5 ± ( ±*,1$ ,XQR YHLOHG VWDQGLQJ SDUWLDOO\ WR U KROGLQJ VFHSWUH DQG 3DOODGLXP & %0& (ODJDEDOXV 5,& (ODJDEDOXV $Q XQXVXDO SRUWUDLW RI H[FHOOHQW VW\OH OLJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH


-XOLD 0DHVD JUDQGPRWKHU RI (ODJDEDXV

'HQDULXV $5 PP J ,9/,$ 0$(6$ $9* 'UDSHG EXVW U 5HY 6$(&9/, )( ± /,&,7$6 )HOLFLWDV GUDSHG DQG GLDGHPHG VWDQGLQJ O KROGLQJ ORQJ FDGXFHXV DQG SDWHUD RYHU VPDOO OLJKWHG DOWDU DW KHU IHHW LQ O ILHOG VWDU & %0& (ODJDEDOXV 5,& (ODJDEDOXV :RQGHUIXO LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,9/,$ 0$(6$ $9* 'UDSHG EXVW U 5HY 39',&,7,$ 3XGLFLWLD VHDWHG O KROGLQJ VFHSWUH DQG UDLVLQJ YHLO & %0& (ODJDEDOXV 5,& (ODJDEDOXV $ ZRQGHUIXO SRUWUDLW RI H[FHOOHQW VW\OH DQG DQ ROG FDELQHW WRQH $ERXW H[WUHPHO\ ILQH

6HYHUXV $OH[DQGHU ±

'HQDULXV $5 PP J ,03 & 0 $95 6(9 $/(;$1' $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ,,, ± &26 3 3 -XSLWHU VWDQGLQJ O KROGLQJ WKXQGHUEROW DQG VFHSWUH & %0& 5,& +DLUOLQH IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 & 0 $95 6(9 ± $/(;$1' $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY ,29, 9 ± / ± 725, -XSLWHU VHDWHG O KROGLQJ VFHSWUH DQG 9LFWRU\ ZLWK JOREH & %0& 5,& /LJKW LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 6(9 $/( ± ;$1' $9* /DXUHDWH KHDG U 5HY 9,57 ± 9 ± 6 $9* (PSHURU LQ PLOLWDU\ DWWLUH DGYDQFLQJ U KROGLQJ VSHDU DQG WURSK\ RQ VKRXOGHU & %0& 5,& :RQGHUIXO LULGHVFHQW WRQH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF

'HQDULXV $5 PP J ,03 $/(;$1 ± '(5 3,96 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 927,6 9,&(1 1$/, %96 ZLWKLQ ZUHDWK & %0& 5,& 5DUH /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 $/(;$1 ± '(5 3,96 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY ,29, 352 ± 3 ± 9*1$725, -XSLWHU VWDQGLQJ IDFLQJ KHDG U KXUOLQJ WKXQGHUEROW & %0& 5,& /RYHO\ ROG FDELQHW WRQH DQG JRRG H[WUHPHO\ ILQH

$XUHXV $9 PP J ,03 $/(;$1 ± '(5 3,96 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ± ;, &26 ,,, 3 3 6RO VWDQGLQJ IDFLQJ KHDG O UDLVLQJ U KDQG DQG KROGLQJ JOREH & %0& 5,& G &DOLFy 6HYHUDO PLQRU PDUNV RQ ILHOGV DQG RQ HGJH RWKHUZLVH JRRG YHU\ ILQH ¶


'HQDULXV $5 PP J ,03 $/(;$1 ± '(5 3,96 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 63(6 ± 3 ±9%/,&$ 6SHV DGYDQFLQJ O UDLVLQJ KHU VNLUW DQG KROGLQJ IORZHU & %0& 5,& 6WUXFN RQ VRXQG PHWDO YLUWXDOO\ DV VWUXFN DQG )GF

&RQVHFUDWLRQ LVVXH RI 6HYHUXV $OH[DQGHU $QWRQLQLDQXV $5 PP J ',92 $/(;$1'52 5DGLDWH KHDG RI 'LYXV 6HYHUXV $OH[DQGHU U GUDSHU\ RQ O VKRXOGHU 5HY &216(&5$7,2 $OWDU & 6 $OH[DQGHU 5,& 7 'HFLXV 5DUH /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

2UELDQD ZLIH RI 6 $OH[DQGHU

'HQDULXV FLUFD $5 PP J 6$// %$5%,$ ± 25%,$1$ $9* 'LDGHPHG DQG GUDSHG EXVW U 5HY &21&25', ± $ $9** &RQFRUGLD VHDWHG O KROGLQJ SDWHUD DQG GRXEOH FRUQXFRSLDH & %0& 6 $OH[DQGHU 5,& 6 $OH[DQGHU $ ORYHO\ SRUWUDLW OLJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH

6HVWHUWLXV FLUFD PP J 6$// %$5%,$ ± 25%,$1$ $9* 'LDGHPHG DQG GUDSHG EXVW U 5HY &21&25',$ $9*9672590 6 $OH[DQGHU KROGLQJ VFUROO DQG 2UELDQD FODVSLQJ KDQGV ,Q H[HUJXH 6 & & %0& 6 $OH[DQGHU 5,& 6 $OH[DQGHU 9HU\ UDUH 'DUN JUHHQ SDWLQD VRPHZKDW WRROHG RWKHUZLVH YHU\ ILQH ([ 6DQWDPDULD VDOH 0DUFK 6LJQRUHOOL 3ULYDWHO\ SXUFKDVHG IURP 6DQWDPDULD LQ

-XOLD 0DPDHD PRWKHU RI 6HYHUXV $OH[DQGHU

'HQDULXV $5 PP J ,9/,$ 0$0$($ $9* 'UDSHG EXVW U 5HY ,912 &216(59$75,; ,XQR VWDQGLQJ O KROGLQJ SDWHUD DQG ORQJ VFHSWUH DW KHU IHHW SHDFRFN & %0& 6 $OH[DQGHU 5,& 6 $OH[DQGHU 6WUXFN RQ VRXQG PHWDO ZLWK VRPH PLQRU HQFUXVWDWLRQ RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

6HVWHUWLXV PP J ,9/,$ 0$0$($ ± $9*967$ 'LDGHPHG DQG GUDSHG EXVW U 5HY 9(196 )(/,; 9HQXV VHDWHG O KROGLQJ VWDWXHWWH DQG VFHSWUH ,Q H[HUJXH 6 & & %0& 6 $OH[DQGHU 5,& 6 $OH[DQGHU /RYHO\ JUHHQ SDWLQD DQG DERXW H[WUHPHO\ ILQH JRRG YHU\ ILQH ([ 1$& DQG 1$& VDOHV


6HVWHUWLXV PP J ,9/,$ 0$0$($ ± $9*967$ 'LDGHPHG DQG GUDSHG EXVW U 5HY 9(19 ± 6 ± )(/,; 9HQXV VHDWHG O KROGLQJ VWDWXHWWH DQG VFHSWUH ,Q H[HUJXH 6 & & %0& 6 $OH[DQGHU 5,& 6 $OH[DQGHU /RYHO\ JUHHQ SDWLQD DQG JRRG YHU\ ILQH

'HQDULXV $5 PP J ,9/,$ 0$ ± 0$($ $9* 'UDSHG EXVW U 5HY 9( ± 6 ± 7$ 9HVWD VWDQGLQJ O KROGLQJ 9LFWRU\ DQG VFHSWUH & %0& 6 $OH[DQGHU 5,& 6 $OH[DQGHU /RYHO\ LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,9/,$ 0$ ± 0$($ $9* 'UDSHG EXVW U 5HY 9(196 9 ± , ± &75,; 9HQXV VWDQGLQJ O KROGLQJ KHOPHW DQG VFHSWUH DW KHU IHHW VKLHOG & %0& 6 $OH[DQGHU 5,& 6 $OH[DQGHU :RQGHUIXO LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH 0D[LPLQXV , ±

6HVWHUWLXV PP J 0$;,0,196 3,96 $9* *(50 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ *(50$1,&$ 9LFWRU\ VWDQGLQJ O KROGLQJ ZUHDWK DQG SDOP EHORZ FDSWLYH VHDWHG O ,Q ILHOG 6 ± & & %0& 5,& %URZQ JUHHQ SDWLQD DQG JRRG YHU\ ILQH DERXW H[WUHPHO\ ILQH

'LYD 3DXOLQD ZLIH RI 0D[LPLQXV ,

6HVWHUWLXV PP J ',9$ 3$9/,1$ 9HLOHG DQG GUDSHG EXVW U 5HY &216(&5$7,2 3DXOLQD KROGLQJ VFHSWUH VHDWHG O RQ SHDFRFN IO\LQJ XSZDUGV ,Q ILHOG 6 ± & & %0& 5,& 9HU\ UDUH /RYHO\ EURZQ WRQH DQG YHU\ ILQH *RUGLDQ ,, 0DUFK ± $SULO

'HQDULXV $5 PP J ,03 0 $17 *25',$196 $)5 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3529,'( ± 17,$ $9** 3URYLGHQWLD VWDQGLQJ IDFLQJ KHDG O UHVWLQJ O HOERZ RQ FROXPQ DQG KROGLQJ ZDQG RYHU JOREH DQG FRUQXFRSLD & %0& 5,& 5DUH 2OG FDELQHW WRQH DQG JRRG H[WUHPHO\ ILQH H[WUHPHO\ ILQH ¶ ([ 6WDFN¶V 0D\ 7ULWRQ ,9 'H 9LFFL DQG 5DXFK VDOHV


6HVWHUWLXV 0DUFK $SULO PP J ,03 &$(6 0 $17 *25',$196 $)5 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,5796 ± $9** 9LUWXV VWDQGLQJ O KROGLQJ UHYHUVHG VSHDU DQG UHVWLQJ U KDQG RQ VKLHOG ,Q ILHOG 6 ± & & %0& 5,& 5DUH 8QWRXFKHG EURZQ WRQH PLQRU WUDFHV RI GRXEOH VWULNLQJ DQG D IODQ FUDFN DW WZHOYH R¶FORFN RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶

3XSLHQXV $SULO ± -XO\

$QWRQLQLDQXV $5 PP J ,03 &$(6 393,(1 0$;,096 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY &$5,7$6 0979$ $9** 7ZR FODVSHG KDQGV & %0& 5,& E /RYHO\ LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

'HQDULXV $5 PP J ,03 & 0 &/2' 393,(196 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3$; ± 39%/,&$ 3D[ VHDWHG O KROGLQJ EUDQFK LQ U KDQG DQG VFHSWUH LQ O & %0& 5,& $ SRUWUDLW RI ILQH VW\OH VWUXFN RQ D YHU\ ODUJH IODQ OLJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ *HPLQL VDOH 9,

'HQDULXV $5 PP J ,03 & 0 &/2' 393,(196 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY &21&25',$ $9** &RQFRUGLD VHDWHG O KROGLQJ SDWHUD DQG FRUQXFRSLD & %0& 5,& $OPRVW LQYLVLEOH GLH EUHDN RQ IRUHKHDG OLJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

*RUGLDQ ,,, FDHVDU FLUFD $SULO ± -XQH

'HQDULXV FLUFD $SULO -XQH $5 PP J 0 $17 *25',$196 &$(6 %DUH KHDGHG DQG GUDSHG EXVW U 5HY 3,(7$6 $9** 3RQWLILFDO LPSOHPHQWV & 5,& 6FDUFH 6WUXFN RQ DQ H[FHSWLRQDOO\ ODUJH IODQ DQG ZLWK D ORYHO\ ROG FDELQHW WRQH DQG H[WUHPHO\ ILQH


*RUGLDQ ,,, FDHVDU

$QWRQLQLDQXV $QWLRFKLD " $5 PP J ,03 &$(6 0 $17 *25',$196 $9* 5DGLDWH DQG FXLUDVVHG EXVW O 5HY 3 0 75 3 ,, & ± 26 3 3 *RUGLDQ VHDWHG O RQ FXUXOH FKDLU KROGLQJ JOREH DQG EHLQJ FURZQHG E\ 9LFWRU\ KROGLQJ SDOP VWDQGLQJ EHKLQG KLP & ± 5,& ± FI 9LFWRU\ EHIRUH HPSHURU $SSDUHQWO\ XQUHFRUGHG $ YHU\ LQWHUHVWLQJ UHYHUVH W\SH ZLWK D EXVW RI EHDXWLIXO VW\OH LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ *RUQ\ DQG 0RVFK VDOH

*RUGLDQ ,,, DXJXVWXV ±

$QWRQLQLDQXV $5 PP J ,03 &$(6 0 $17 *25',$196 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ,, &26 3 3 *RUGLDQ YHLOHG DQG WRJDWH VWDQGLQJ VOLJKWO\ WR O KROGLQJ ZDQG DQG VDFULILFLQJ RYHU DOWDU IURP SDWHUD & 5,& 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF 3KLOLS , ±

$QWRQLQLDQXV $5 PP J ,03 0 ,9/ 3+,/,3396 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY /,%(5$/,7$6 $9** ,, /LEHUDOLWDV VWDQGLQJ O KROGLQJ DEDFXV DQG FRUQXFRSLD & 5,& E 8QXVXDOO\ KHDY\ /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

$QWRQLQLDQXV $5 PP J ,03 0 ,9/ 3+,/,3396 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3$; ± $ ± (7(51 3D[ UXQQLQJ O KROGLQJ EUDQFK DQG VFHSWUH & 5,& 6WUXFN RQ VRXQG PHWDO ZLWK D ORYHO\ OLJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH

$QWRQLQLDQXV $QWLRFKLD $5 PP J ,03 0 ,9/ 3+,/,3396 $9* 5DGLDWH DQG FXLUDVVHG EXVW O 5HY $(49,7$6 $9* $HTXLWDV VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD & 5,& YDU $9** /LJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

$QWRQLQLDQXV $5 PP J ,03 0 ,9/ 3+,/,3396 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 3 0 75 3 ,, &26 3 3 3KLOLS , VHDWHG O RQ FXUXOH FKDLU KROGLQJ JOREH DQG VKRUW VFHSWUH & 5,& E 6WUXFN RQ D YHU\ ODUJH IODQ DQG RQ VRXQG PHWDO *RRG H[WUHPHO\ ILQH

$QWRQLQLDQXV $5 PP J ,03 3+,/,3396 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 6$(&9/$5(6 $9** /LRQ DGYDQFLQJ U LQ H[HUJXH , & 5,& *RRG H[WUHPHO\ ILQH


3KLOLS ,, FDHVDU ±

$QWRQLQLDQXV $5 PP J ,03 3+,/,3396 $9* 5DGLDWH DQG GUDSHG EXVW U 5HY /,%(5$/,7$6 $9** ,,, 3KLOLS , DQG ,, VHDWHG O & 5,& ,QVLJQLILFDQW HQFUXVWDWLRQ RQ UHYHUVH RWKHUZLVH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ *RUQ\ 0RVFK VDOH

7UDMDQ 'HFLXV ±

$QWRQLQLDQXV $5 PP J ,03 & 0 4 75$,$196 '(&,96 $9* 5DGLDWH DQG FXLUDVVHG EXVW U 5HY ' ± $ ± &,$ 'DFLD VWDQGLQJ O KROGLQJ YHUWLFDO VWDII ZLWK DVV V KHDG LQ U KDQG & 5,& E /LJKW WRQH DQG JRRG H[WUHPHO\ ILQH

$QWRQLQDQXV $5 PP J ,03 & 0 4 75$,$196 '(&,96 $9* 5DGLDWH DQG FXLUDVVHG EXVW U 5HY $'9(1796 $9* (PSHURU RQ KRUVHEDFN O KROGLQJ VFHSWUH & 5,& E 8QXVXDOO\ KHDY\ 2OG FDELQHW WRQH LQVLJQLILFDQW PDUNV DQG DQ DOPRVW LQYLVLEOH PHWDO IODZ RQ REYHUVH RWKHUZLVH YHU\ ILQH

$QWRQLQLDQXV $5 PP J +(5 +7596& ± ,//$ $9* 'LDGHPHG DQG GUDSHG EXVW U RQ FUHVFHQW 5HY 39',&,7,$ $9* 3XGLFLWLD YHLOHG VHDWHG O GUDZLQJ YHLO ZLWK U KDQG DQG KROGLQJ VFHSWUH ZLWK O & 5,& 7UDMDQ 'HFLXV E 8QXVXDOO\ KHDY\ OLJKW LULGHVFHQW WRQH DQG DERXW H[WUHPHO\ ILQH

+HUHQQLD (WUXVFLOOD ZLIH RI 7UDMDQ 'HFLXV

+HUHQQLXV (WUXVFXV FDHVDU ±

$QWRQLQLDQXV $5 PP J 4 +(5 (75 0(6 '(&,96 12% & 5DGLDWH DQG GUDSHG EXVW U 5HY 63(6 39%/,&$ 6SHV DGYDQFLQJ O KROGLQJ IORZHU LQ U KDQG DQG UDLVLQJ VNLUW & 5,& 7UDMDQ 'HFLXV /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH +RVWLOLDQ FDHVDU ±

$QWRQLQLDQXV $5 PP J & 9$/(16 +267,/ 0(6 49,1796 1 & 5DGLDWH DQG GUDSHG EXVW U 5HY 35,1&,3, ,99(1797,6 +RVWLOLDQ VWDQGLQJ O KROGLQJ VWDQGDUG DQG WUDQVYHUVH VSHDU & 5,& *RRG YHU\ ILQH 7UHERQLDQXV *DOOXV ±

$QWRQLQLDQXV $QWLRFKLD $5 PP J ,03 & & 9,% 75(% *$//96 3 ) $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 9%(5,7$6 $9* 8EHULWDV VWDQGLQJ O KROGLQJ SLOHXV DQG FRUQXFRSLD & 5,& /LJKW WRQH DQG H[WUHPHO\ ILQH


9ROXVLDQ ±

$QWRQLQLDQXV $5 PP J ,03 &$(6 & 9,% 92/96,$12 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY $(49,7$6 $9** $HTXLWDV VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD & 5,& /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ +HOLRV DQG *RUQ\ 0RVFK VDOHV

$HPLOLDQ

$QWRQLQLDQXV $5 PP J ,03 $(0,/,$196 3,96 )(/ $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY ',$1$( >9,&@75, 'LDQD VWDQGLQJ O KROGLQJ DUURZ DQG ERZ & 5,& E 7ZR DOPRVW LQYLVLEOH PHWDO IODZV RQ REYHUVH DQG UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH 9DOHULDQ , ±

$QWRQLQLDQXV 6DPRVDWD $5 PP J ,03 & 3 /,& 9$/(5,$196 3 ) $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 927$ 25%,6 7ZR 9LFWRULHV KDQJLQJ VKLHOG RQ D SDOP WUHH & *|EO 5,& $QWLRFKLD 2OG FDELQHW WRQH LQVLJQLILFDQW PHWDO IODZ EHKLQG KHDG RWKHUZLVH DERXW H[WUHPHO\ ILQH

$QWRQLQLDQXV %, PP J ',9$( 0$5,1,$1$( 9HLOHG DQG GUDSHG EXVW U RQ FUHVFHQW 5HY &216 ±(&5$7,2 3HDFRFN IO\LQJ U FDUU\LQJ (PSUHVV WR KHDYHQ & 5,& /LJKW LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

'LYD 0DULQLDQD ZLIH RI 9DOHULDQ ,

*DOOLHQXV MRLQW UHLJQ ZLWK 9DOHULDQ , ± DQG VROH UHLJQ ±

$QWRQLQLDQXV %, PP J ,03 & 3 /,& *$//,(196 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY &21&25',$ $9** 7ZR FODVSHG KDQGV & 5,& ,ULGHVFHQW WRQH DQG H[WUHPHO\ ILQH 6DORQLQD ZLIH RI *DOOLHQXV

$QWRQLQLDQXV &RORQLD %, PP J 6$/21,1$ $9* 'LDGHPHG DQG GUDSHG EXVW U RQ FUHVFHQW 5HY 9(196 9,&75,; 9HQXV VWDQGLQJ O KROGLQJ DSSOH DQG SDOP EHKLQG DW IHHW VKLHOG & 5,& $VLD /LJKW LULGHVFHQW WRQH DQG H[WUHPHO\ ILQH ([ *RUQ\ DQG 0RVFK VDOH

0DFULDQXV ±

$QWRQLQLDQXV 6DPRVDWD %, PP J ,03 & )9/ 0$&5,$196 3 ) $9* 5DGLDWH DQG FXLUDVVHG EXVW U 5HY ,29, &216(59$725, -XSLWHU VHDWHG O KROGLQJ SDWHUD DQG VFHSWUH HDJOH DW IHHW DQG LQ O ILHOG VWDU & 5,& $QWLRFKLD 2OG FDELQHW WRQH DQG DERXW H[WUHPHO\ ILQH ([ 7NDOHF VDOH 0D\


4XLHWXV ±

$QWRQLQLDQXV 6DPRVDWD %, PP J ,03 & )9/ 49,(796 3 ) $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY ,29, &216 ± (59$725, -XSLWHU VHDWHG O KROGLQJ SDWHUD DQG VFHSWUH HDJOH DW IHHW & 5,& $QWLRFKLD 6WUXFN RQ DQ H[FHSWLRQDOO\ ODUJH IODQ DQG VRXQG PHWDO *RRG H[WUHPHO\ ILQH

3RVWXPXV ±

$QWRQLQLDQXV 0LQW ,, %, PP J ,03 & 32679096 3 ) $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 6$(&9/, )(/,&,7$6 (PSHURU LQ PLOLWDU\ DWWLUH VWDQGLQJ U KROGLQJ JOREH DQG VSHDU & 5,& DQG $*. ([WUHPHO\ ILQH

$QWRQLQLDQXV 0LQW ,, %, PP J ,03 & 9,725,196 3 ) $9* 5DGLDWH DQG FXLUDVVHG EXVW U 5HY 3,(7$6 $9* 3LHWDV YHLOHG VWDQGLQJ O VDFULILFLQJ RXW RI SDWHUD RYHU DOWDU DW KHU IHHW & 5,& $*. D %URZQ WRQH DQG DERXW H[WUHPHO\ ILQH

$QWRQLQLDQXV 7LFLQXP EHIRUH PLG %, PP J ,03 & $95(/,$196 $9* 5DGLDWH DQG FXLUDVVHG EXVW U 5HY 62/, ± ,19,&72 6RO DGYDQFLQJ O UDLVLQJ U KDQG DQG KROGLQJ JOREH LQ KLV O DW KLV IHHW WZR FDSWLYHV ,Q H[HUJXH ,;;7 & 5,& *RRG H[WUHPHO\ ILQH

9LFWRULQXV ±

$XUHOLDQ ±

$XUHOLDQ DQG 9DEDODWKXV ±

$QWRQLQLDQXV $QWLRFKLD %, PP J ,03 & $95(/,$196 $9* 5DGLDWH DQG FXLUDVVHG EXVW RI $XUHOLDQ U EHORZ 6 5HY 9$%$/$7+96 9 & 5 ,0 ' 5 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW RI 9DEDODWKXV U & 5,& ([WUHPHO\ ILQH ([ 1$& VDOH

6HYHULQD ZLIH RI $XUHOLDQ

$QWRQLQLDQXV 6HUGLFD %, PP J 6(9(5,1$ $9* 'LDGHPHG DQG GUDSHG EXVW U RQ FUHVFHQW 5HY &21&25',$ $9** $XUHOLDQ DQG 6HYHULQD VWDQGLQJ YLV j YLV DQG FODVSLQJ KDQGV LQ ORZHU FHQWUH ILHOG VWDU ,Q H[HUJXH .5Ç» & 5,& *RRG H[WUHPHO\ ILQH ([ 1$& VDOH


3UREXV ±

$XUHXV 6LVFLD $9 PP J ,03 & 0 $95 352%96 $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 25,(1 ± 6 $9*967, 6RO VWDQGLQJ U KHDG O UDLVLQJ U KDQG DQG O KROGLQJ JOREH LQ H[HUJXH 6,6 & YDU 6RO VWDQGLQJ O 5,& YDU 6RO VWDQGLQJ O &DOLFy +ROHG DQG SOXJJHG DW WZHOYH R¶FORFN RQ REYHUVH DQG ZLWK D VFUDWFK DQG VHYHUDO PDUNV LQ ILHOG RWKHUZLVH YHU\ ILQH ¶ ([ &1* H VDOH

1XPHULDQ DXJXVWXV ±

$QWRQLQLDQXV /XJGXQXP %, PP J ,03 & 190(5,$196 $9* 5DGLDWH DQG FXLUDVVHG EXVW U 5HY 0$56 ± 9,&725 0DUV ZDONLQJ U KROGLQJ VSHDU DQG WURSK\ LQ U ILHOG & & 5,& %URZQ WRQH DQG DERXW H[WUHPHO\ ILQH &DULQXV DXJXVWXV ±

$QWRQLQLDQXV /XJGXQXP %, PP J ,03 & 0 $95 &$5,196 $9* 5DGLDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY $(49,7$6 $9** $HTXLWDV VWDQGLQJ O KROGLQJ VFDOHV DQG FRUQXFRSLD LQ U ILHOG $ & 5,& $ERXW H[WUHPHO\ ILQH

'LRFOHWLDQ ±

$XUHXV $QWLRFKLD FLUFD $9 PP J ,03 & & 9$/ ',2&/(7,$196 3 ) $9* /DXUHDWH DQG GUDSHG EXVW U 5HY +(5&9/, 9,&725, +HUFXOHV VWDQGLQJ U O KDQG RQ KLS KROGLQJ FOXE VHW RQ URFN DQG OLRQ¶V VNLQ LQ O ILHOG Ȉ DQG LQ H[HUJXH 60$ 5,& ± /XNDQF 'HSH\URW 0LQWPDUN ZURQJO\ QRWHG DV LQ U ILHOG &DOLFy ± ([WUHPHO\ UDUH WKH RQO\ RQH LQ SULYDWH KDQGV RI RQO\ VL[ VSHFLPHQV NQRZQ $ PDJQLILFHQW SRUWUDLW VWUXFN RQ D YHU\ EURDG IODQ PLQRU HGJH PDUNV RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶ ([ +HULWDJH VDOH

%DUEDULF LPLWDWLRQ $UJHQWHXV FLUFD $5 PP J ',2&/(7, ± $196 $9, /DXUHDWH KHDG U 5HY 9,5796 ± 0,/,790 7XUUHWHG FDPS JDWH ZLWK WKH IRXU WHWUDUFKV VZHDULQJ RYHU WULSRG ,Q H[HUJXH 7 )RU W\SH FI 5,& D /RYHO\ LULGHVFHQW WRQH DQG JRRG H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH


&DUDXVLXV ±

'HQDULXV /RQGLQLXP FLUFD $5 PP J ,03 &$5$196,6 3 ) $9* /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY 5(129$7 >520$12@ 6KH ZROI VWDQGLQJ U VXFNOLQJ 5RPXOXV DQG 5HPXV LQ H[HUJXH 565 & 5,& 6KLHO 9HU\ UDUH ,QVLJQLILFDQW DUHD RI IODWQHVV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶

0D[LPLDQXV +HUFXOLXV ± ILUVW UHLJQ

$XUHXV $9 PP J 0$;,0,$ ± 196 3 ) $9* /DXUHDWH KHDG U 5HY 9,5796 $9** +HUFXOHV VWDQGLQJ U NQHHOLQJ RQ WKH &HU\QHDQ KLQG ZKLFK KH VHL]HV E\ LWV DQWOHUV LQ O ILHOG FOXE ,Q H[HUJXH 3 5 & 5,& ± 'HSH\URW &DOLFy 9HU\ UDUH 6XUIDFH VRPHZKDW PDWWH PLQRU HGJH PDUNV DQG D JUDIILWR RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ $XUHR &DOLFy 0D\ DQG $XUHR &DOLFy VDOHV

$UJHQWHXV &\]LFXV FLUFD $5 PP J 0$;,0,$ ± 196 $9* /DXUHDWH KHDG U 5HY 9,&725, ± $ 6$50$7,&$ 7XUUHWHG FDPS JDWH ZLWK WKH IRXU WHWUDUFKV VZHDULQJ RYHU WULSRG 5,& E YDU 7ZR IODQ FUDFNV RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ 2ERORV VDOH

%DUEDULF LPLWDWLRQ $UJHQWHXV FLUFD $5 PP J 0$;,0,$ ± 196 $9* /DXUHDWH KHDG U 5HY 9,5796 ± 0,/,790 7XUUHWHG FDPS JDWH ZLWK WKH IRXU WHWUDUFKV VZHDULQJ RYHU WULSRG )RU W\SH FI 5,& E /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH ([ *RUQ\ 0RVFK VDOH VV Y]

&RQVWDQWLQH , ±

6ROLGXV 7UHYHUL $9 PP J &2167$17, ± 196 3 ) $9* /DXUHDWH KHDG U 5HY 3 0 75,% 3 &26 ,, ± ,, 3 3 352 &26 7KH 3ULQFH VHDWHG O RQ FXUXOH FKDLU KROGLQJ JOREH DQG VFHSWUH LQ H[HUJXH 375 & 5,& 'HSH\URW 5DUH 0LQRU PDUNV DQG DQ XQREWUXVLYH QLFN RQ UHYHUVH ILHOG $ IODQ FUDFN DW VHYHQ R FORFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ $UV &ODVVLFD ,,, (YDQV 0 0 6RWKHE\¶V -XO\ 7ZR +XQGUHG +LJKO\ ,PSRUWDQW *UHHN DQG 5RPDQ &RLQV DQG +HLGHOEHU VDOHV )RXQG LQ :LQFKHVWHU


+HOHQD PRWKHU RI &RQVWDQWLQH ,

)ROOLV +HUDFOHD PP J +(/(1$ ± $9*967$ 'LDGHPHG DQG GUDSHG EXVW U 5HY 6(&95,7$6 ± 5(,39%/,&( +HOHQD VWDQGLQJ O KROGLQJ EUDQFK LQ H[HUJXH 60+( & 5,& 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 1$& VDOH

&ULVSXV FDHVDU ±

)ROOLV $TXLOHLD PP J &5,6396 ± 12% &$(6 /DXUHDWH GUDSHG DQG FXLUDVVHG EXVW U 5HY &$(6$590 126752590 927 ; ZLWKLQ ZUHDWK EHORZ y$46y & 5,& 9LUWXDOO\ DV VWUXFN DQG )GF ([ 1$& VDOH

'HOPDWLXV ±

$OH[DQGULD PP J ) / '(/0$7,96 12% & 'LDGHPHG DQG FXLUDVVHG EXVW U 5HY */25 ± ,$ (;(5&, ± 796 7ZR VROGLHUV VWDQGLQJ IDFLQJ KROGLQJ VSHDU LQ RXWHU KDQG EHWZHHQ WKHP VWDQGDUG ,Q H[HUJXH 60$/$ & 5,& *RRG H[WUHPHO\ ILQH ([ 1$& VDOH

&RQVWDQWLQXV ,, FDHVDU ±

7LFLQXP PP J &2167$17,196 ,91 12% & /DXUHDWH DQG GUDSHG EXVW U 5HY '20,125 1267520 &$(66 927 ; FUHVFHQW ZLWKLQ ZUHDWK %HORZ 6 7 & 5,& 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF ([ 1$& VDOH

&RQVWDQV ±

6ROLGXV $QWLRFKLD $9 PP J ) / ,9/ &216 ± 7$16 3(53 $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY */25,$ ± 5(, ± 39%/,&$( 5RPD VHDWHG IDFLQJ DQG &RQVWDQWLQRSROLV VHDWHG O IRRW RQ SURZ HDFK KROGLQJ VFHSWUH VXSSRUWLQJ VKLHOG EHWZHHQ WKHP LQVFULEHG 927 ;; 09/7 ;;; ,Q H[HUJXH 60$16 & ± 5,& ± 'HSH\URW ([WUHPHO\ UDUH *RRG YHU\ ILQH ¶ ([ %RXUJH\ $OEXTXHUTXH DQG &*% VDOHV )URP WKH ' 5 FROOHFWLRQ

&RQVWDQWLXV ,, DXJXVWXV ±

6ROLGXV 7KHVVDORQLFD $9 PP J &2167$17,96 ± $9*96796 /DXUHO DQG URVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U DOO ZLWKLQ ZUHDWK ERUGHU 5HY 9,&725,$( '' 11 $9** 7ZR 9LFWRULHV VWDQGLQJ IDFLQJ KROGLQJ EHWZHHQ WKHP D ZUHDWK LQVFULEHG 927 ;; 09/7 ;;; LQ H[HUJXH 7(6 $OO ZLWKLQ ZUHDWK ERUGHU ZLWK DQQXOHW DW WRS & 5,& 'HSH\URW 9HU\ UDUH 6HYHUDO PLQRU PDUNV RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ 5RPD 1XPLVPDWLFV VDOH 9,, ()


6ROLGXV $QWLRFKLD $9 PP J )/ ,9/ &2167$1 ± 7,96 3(53 $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY */25,$ ± 5(, ± 39%/,&$( 5RPD DQG &RQVWDQWLQRSROLV HQWKURQHG IDFLQJ VXSSRUWLQJ EHWZHHQ WKHP D ZUHDWK LQVFULEHG 927 ;; 09/7 ;;; LQ H[HUJXH 60$1% & 5,& 'HSH\URW 9HU\ ILQH

)ROOLV $TXLOHLD PP J &2167$17 ± ,96 3 ) $9* 'LDGHPHG DQG GUDSHG EXVW U 5HY )(/ 7(03 ± 5(3$5$7,2 &RQVWDQWLXV VWDQGLQJ O RQ JDOOH\ KROGLQJ SKRHQL[ RQ JOREH DQG VWDQGDUG ZLWK &KL 5KR EHKLQG 9LFWRU\ VHDWHG O ,Q H[HUJXH $47y & ± 5,& *RRG H[WUHPHO\ ILQH ([ 1$& VDOH

)ROOLV $TXLOHLD PP J ' 1 &2167$ ± 1 6 3 ) $9* 'LDGHPHG GUDSHG DQG FXLUDVVHG EXVW U LQ O ILHOG $ 5HY )(/ 7(03 5(3$5$7,2 &RQVWDQWLXV VWDQGLQJ O RQ JDOOH\ KROGLQJ SKRHQL[ RQ JOREH DQG VWDQGDUG ZLWK &KL 5KR EHKLQG 9LFWRU\ VHDWHG O DQG LQ LQ O ILHOG $ ,Q H[HUJXH $47y & ± 5,& *UHHQ SDWLQD DQG JRRG H[WUHPHO\ ILQH ([ 1$& VDOH

6ROLGXV ± $9 PP J )/ ,9/ &2167 ± $17,96 3 ) $9* +HOPHWHG GUDSHG DQG FXLUDVVHG EXVW IDFLQJ VOLJKWO\ WR U KROGLQJ VSHDU DQG VKLHOG GHFRUDWHG ZLWK VWDU SDWWHUQ 5HY */25,$ ± 5(, ± 39%/,&$( 5RPD DQG &RQVWDQWLQRSROLV HQWKURQHG IDFLQJ VXSSRUWLQJ D ZUHDWK EHWZHHQ WKHP LQVFULEHG 927 ;;; 09/7 ;;;; LQ H[HUJXH 5607 SDOP & 5,& 'HSH\URW $ YHU\ UDUH YDULHW\ DQG LQ H[FHOOHQW FRQGLWLRQ IRU WKH LVVXH ([WUHPHO\ ILQH ¶ ([ %RXOH VDOH

6ROLGXV ± $9 PP J )/ ,9/ &2167 ± $17,96 3 ) $9* +HOPHWHG GUDSHG DQG FXLUDVVHG EXVW IDFLQJ VOLJKWO\ U KROGLQJ VSHDU DQG VKLHOG GHFRUDWHG ZLWK VWDU SDWWHUQ 5HY */25,$ ± 5(, ± 39%/,&$( 5RPD DQG &RQVWDQWLQRSROLV HQWKURQHG IDFLQJ VXSSRUWLQJ D ZUHDWK EHWZHHQ WKHP LQVFULEHG 927 ;;; 09/7 ;;;; LQ H[HUJXH 560% SDOP & 5,& 'HSH\URW 6HYHUDO HGJH PDUNV SRVVLEOH WUDFHV RI PRXQWLQJ RWKHUZLVH JRRG YHU\ ILQH ¶ ([ 6WDFN¶V VDOH $XJXVW


-XOLDQ ,, FDHVDU ±

6ROLGXV 7KHVVDORQLFD FLUFD $9 PP J ' 1 &/ ,9/,$1 ± 96 12% &$(6 %DUH KHDGHG GUDSHG DQG FXLUDVVHG EXVW U 5HY */25,$ ± 5(, ± 39%/,&$( 5RPD DQG &RQVWDQWLQRSOLV HQWKURQHG IDFLQJ DQG VXSSRUWLQJ D VKLHOG LQVFULEHG 927 9 09/7 ; LQ H[HUJXH &KL UR ± 7(6 ± &KL UR & ± 5,& ± FI ZLWK VWDU 'HSH\URW WKLV FRLQ FLWHG $SSDUHQWO\ XQLTXH 0LQRU PDUNV RQ REYHUVH RWKHUZLVH YHU\ ILQH ¶ ([ /DQ] 6SLQN $SULO 'UHHVPDQQ DQG +HULWDJH VDOHV )URP 7KH $QGUH &RQVWDQWLQH 'LPLWULDGLV FROOHFWLRQ

9DOHQWLQLDQ , ±

6ROLGXV &RQVWDQWLQRSROLV $9 PP J ' 1 9$/(17,1, ± $196 3 ) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9*9672590 9LFWRU\ VHDWHG U RQ FXLUDVV ZULWLQJ 927 9 09/ ; RQ VKLHOG SODFHG RQ VPDOO FROXPQ LQ ILHOG 2 ± % ,Q H[HUJXH &216 & 5,& D 'HSH\URW 9HU\ UDUH 0LQRU PDUNV RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH ¶ ([ 5RPD +HULWDJH DQG +HULWDJH VDOHV

9DOHQV ±

6ROLGXV 7KHVVDORQLFD $9 PP J ' 1 9$/1 ± 6 3) $9* 3HDUO GLDGHPHG EXVW O ZHDULQJ LPSHULDO PDQWOH DQG KROGLQJ PDSSD DQG VKRUW VFHSWUH 5HY 6$/96 ± 5(,3 (PSHURU VWDQGLQJ IDFLQJ KHDG U KROGLQJ ODEDUXP DQG 9LFWRU\ RQ JOREH DQG VSXUQLQJ ZLWK U IRRW FDSWLYH NQHHOLQJ O LQ U ILHOG WZR VWDUV ,Q H[HUJXH 607(6 & 5,& E 'HSH\URW 5DUH *UDIILWR RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ ([ *RUQ\ 0RVFK DQG 1$& VDOHV )URP WKH 5LWWHU YRQ *DODWWL FROOHFWLRQ

6ROLGXV &RQVWDQWLQRSROLV $9 PP J ' 1 9$/(16 ± 3 ) $9* 'LDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 5(67,79725 ± 5(,39%/,&$( 9DOHQV VWDQGLQJ IDFLQJ KROGLQJ ODEDUXP RUQDPHQWHG ZLWK FURVV DQG 9LFWRU\ RQ JOREH ,Q H[HUJXH &216 & 5,& G YDU LQ H[HUJXH &26 'HSH\URW ([WUHPHO\ UDUH YDULHW\ 6HYHUDO PDUNV LQ ILHOG DQG RQ HGJH SRVVLEOH WUDFHV RI PRXQWLQJ RWKHUZLVH JRRG YHU\ ILQH ([ 5RPD 1XPLVPDWLFV H VDOH

/LJKW PLOLDUHQVH $5 PP J ' 1 9$/(1 ± 6 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ ± $9*9672590 9LFWRU\ VWDQGLQJ U O IRRW RQ JOREH ZULWLQJ 927 9 09/7 ; RQ VKLHOG UHVWLQJ RQ FLSSXV LQ H[HUJXH 5 7 & 5,& E 5DUH /LJKW WRQH LQVLJQLILFDQW IODQ FUDFN DW RQH R¶FORFN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ )URP WKH 7KUX[WRQ KRDUG +DPSVKLUH 8. /DWH 5RPDQ +RDUG RI $5 0LOLDUHQVHV DQG $5 6LOLTXDH 'LVFRYHUHG LQ D VPDOO DUHD RI SORXJKHG ODQG RYHU VHYHUDO GD\V LQ $XJXVW %0 UHI 7 DQG 3$6 UHI */2 ' ) ZLWK IXUWKHU ILQGV EHLQJ PDGH LQ WKH VDPH DUHD EHWZHHQ 6HSWHPEHU DQG 1RYHPEHU %0 UHI 7 DQG 3$6 UHI */2 %'


/LJKW PLOLDUHQVH $5 PP J ' 1 9$/(1 ± 6 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ ± $9*9672590 9LFWRU\ VWDQGLQJ U O IRRW RQ JOREH ZULWLQJ 927 9 09/7 ; RQ VKLHOG UHVWLQJ RQ FLSSXV LQ H[HUJXH 5 % & 5,& E 5DUH 0LQRU PDUNV RWKHUZLVH JRRG YHU\ ILQH YHU\ ILQH )URP WKH 7KUX[WRQ KRDUG +DPSVKLUH 8. /DWH 5RPDQ +RDUG RI $5 0LOLDUHQVHV DQG $5 6LOLTXDH 'LVFRYHUHG LQ D VPDOO DUHD RI SORXJKHG ODQG RYHU VHYHUDO GD\V LQ $XJXVW %0 UHI 7 DQG 3$6 UHI */2 ' ) ZLWK IXUWKHU ILQGV EHLQJ PDGH LQ WKH VDPH DUHD EHWZHHQ 6HSWHPEHU DQG 1RYHPEHU %0 UHI 7 DQG 3$6 UHI */2 %'

1LQH 6LOLTXD RU 6FULSXOXP $QWLRFKLD $9 PP J ' 1 9$/(16 ± 3 ) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ $9*9672590 9LFWRU\ VHDWHG U RQ FXLUDVV ZULWLQJ 927 ; 09/ ;; RQ VKLHOG VXSSRUWHG E\ ZLQJHG *HQLXV ,Q H[HUJXH $1 & ± 5,& YDU 2EYHUVH OHJHQG 'HSH\URW ([WUHPHO\ UDUH ,QVLJQLILFDQW VFXII RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH ¶ ([ 2ERORV VDOH

6ROLGXV 7UHYHUL FLUFD $9 PP J ' 1 9$/(16 ± 3 ) $9* 3HDUO GLDGHPHG DQG GUDSHG EXVW U 5HY 9,&725 ± ,$ $9** 7ZR HPSHURUV VHDWHG IDFLQJ WRJHWKHU KROGLQJ JOREH EHKLQG DQG EHWZHHQ WKHP WKH XSSHU SDUW RI 9LFWRU\ ZLWK RXWVSUHDG ZLQJV %HORZ RQ H[HUJXDO OLQH SDOP EUDQFK LQ H[HUJXH 752%6 & 5,& D 'HSH\URW ,QVLJQLILFDQW VFUDWFK RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 3HFXQHP VDOH

6ROLGXV 7UHYHUL FLUFD $9 PP J ' 1 9$/(16 ± 3 ) $9* 3HDUO GLDGHPHG DQG GUDSHG EXVW U 5HY 9,&725 ± ,$ $9** 7ZR HPSHURUV VHDWHG IDFLQJ WRJHWKHU KROGLQJ JOREH EHKLQG DQG EHWZHHQ WKHP WKH XSSHU SDUW RI 9LFWRU\ ZLWK RXWVSUHDG ZLQJV %HORZ RQ H[HUJXDO OLQH SDOP EUDQFK LQ H[HUJXH 752%& & 5,& D 'HSH\URW 6HYHUDO HGJH PDUNV RWKHUZLVH JRRG YHU\ ILQH ([ %XVVR 3HXV VDOH

6LOLTXD 7UHYHUL $5 PP J ' 1 9$/(1 ± 6 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 95%6 ± 520$ 5RPD VHDWHG O RQ FXLUDVV KROGLQJ 9LFWRU\ RQ JOREH LQ U KDQG DQG UHYHUWHG VSHDU LQ O LQ H[HUJXH 7536‡ & 5,& E 2OG FDELQHW WRQH DQG JRRG YHU\ ILQH

6ROLGXV &RQVWDQWLQRSROLV TXLQTXHQQDOLD RI $9 PP J ' 1 9$/(16 ± 3 ) $9* 3HDUO GLDGHPHG EXVW O ZHDULQJ LPSHULDO PDQWOH DQG KROGLQJ PDSSD DQG VKRUW VFHSWUH 5HY 927$ ± 39 ± %/,&$ 9DOHQWLQLDQ DQG 9DOHQV QLPEDWH GUDSHG LQ LPSHULDO PDQWOH VHDWHG IDFLQJ RQ WKURQH HDFK UDLVLQJ PDSSD DQG KROGLQJ VFHSWUH 2Q HLWKHU VLGH FDSWLYH VHDWHG RQ JURXQG LQ H[HUJXH &216 ZUHDWK & 5,& E 'HSH\URW 9HU\ UDUH 0DWWH VXUIDFH VHYHUDO PDUNV DQG QLFNV RQ HGJH SRVVLEOH WUDFHV RI PRXQWLQJ RWKHUZLVH JRRG H[WUHPHO\ ILQH ¶


6ROLGXV &RQVWDQWLQRSROLV TXLQTXHQQDOLD RI $9 PP J ' 1 9$/(16 ± 3 ) $9* 3HDUO GLDGHPHG EXVW O ZHDULQJ LPSHULDO PDQWOH DQG KROGLQJ PDSSD DQG VKRUW VFHSWUH 5HY 927$ ± 39 ± %/,&$ 9DOHQWLQLDQ DQG 9DOHQV QLPEDWH GUDSHG LQ LPSHULDO PDQWOH VHDWHG IDFLQJ RQ WKURQH HDFK UDLVLQJ PDSSD DQG KROGLQJ VFHSWUH 2Q HLWKHU VLGH FDSWLYH VHDWHG RQ JURXQG LQ H[HUJXH &216 ZUHDWK & 5,& E 'HSH\URW 9HU\ UDUH 6HYHUDO HGJH PDUNV RWKHUZLVH YHU\ ILQH ([ 5RPD 1XPLVPDWLFV H VDOH

3URFRSLXV WK 6HSWHPEHU ± WK 0D\

&\]LFXV PP J ' 1 352&2 ± 3,96 3) $9* 'LDGHPHG GUDSHG DQG FXLUDVVHG EXVW O 5HY 5(3$5$7, ± 2 )(/ 7(03 3URFRSLXV VWDQGLQJ IDFLQJ KROGLQJ ODEDUXP LQ U KDQG DQG UHVWLQJ O RQ VKLHOG LQ XSSHU ILHOG U &KULVWRJUDP $W IHHW RQ O D VPDOO LQGHWHUPLQDWH REMHFW ,Q H[HUJXH 60.' & 5,& *UHHQ SDWLQD DQG JRRG H[WUHPHO\ ILQH ([ /DQ] DQG 1$& VDOHV

*UDWLDQ ±

6LVFLD PP J ' 1 *5$7,$ ± 196 3 ) $9* 'LDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 5(3$5$7,2 ± 5(,39% *UDWLDQ VWDQGLQJ IDFLQJ KROGLQJ 9LFWRU\ RQ JOREH DQG UDLVLQJ NQHHOLQJ WXUUHWHG ZRPDQ ,Q H[HUJXH %6,6&y & 5,& E *RRG H[WUHPHO\ ILQH ([ 1$& VDOH

9DOHQWLQLDQ ,, ±

6ROLGXV &RQVWDQWLQRSROLV $9 PP J ' 1 9$/(17,1, ± $196 3 ) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &21&25', ± $ $9* *** 6 &RQVWDQWLQRSROLV KHOPHWHG VHDWHG IDFLQJ KHDG U RQ WKURQH KROGLQJ VFHSWUH DQG JOREH U IRRW RQ SURZ ,Q H[HUJXH &212% & ± 5,& G 'HSH\URW *RRG H[WUHPHO\ ILQH ¶

/LJKW PLOLDUHQVH /XJGXQXP $5 PP J ' 1 9$/(17,1, ± $196 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,5796 ± (;(5&,796 (PSHURU VWDQGLQJ O KROGLQJ ODEDUXP ZLWK &KULVWRJUDP DQG UHVWLQJ O KDQG RQ VKLHOG LQ H[HUJXH /9* & 5,& 9HU\ UDUH /LJKW LULGHVFHQW WRQH FKLSSHG DW VL[ R¶FORFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ )URP WKH 7KUX[WRQ KRDUG +DPSVKLUH 8. /DWH 5RPDQ +RDUG RI $5 0LOLDUHQVHV DQG $5 6LOLTXDH 'LVFRYHUHG LQ D VPDOO DUHD RI SORXJKHG ODQG RYHU VHYHUDO GD\V LQ $XJXVW %0 UHI 7 DQG 3$6 UHI */2 ' ) ZLWK IXUWKHU ILQGV EHLQJ PDGH LQ WKH VDPH DUHD EHWZHHQ 6HSWHPEHU DQG 1RYHPEHU %0 UHI 7 DQG 3$6 UHI */2 %'


/LJKW PLOLDUHQVH /XJGXQXP $5 PP J ' 1 9$/(17,1, ± $196 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,5796 ± (;(5&,796 (PSHURU VWDQGLQJ O KROGLQJ ODEDUXP ZLWK &KULVWRJUDP DQG UHVWLQJ O KDQG RQ VKLHOG LQ H[HUJXH /9*‡‡ & 5,& YDU /9*‡ 9HU\ UDUH /LJKW WRQH DQ LQVLJQLILFDQW DUHD RI ZHDNQHVV RQ UHYHUVH DQG D VPDOO VFUDWFK RQ WKH FKHHN RWKHUZLVH DERXW H[WUHPHO\ ILQH )URP WKH 7KUX[WRQ KRDUG +DPSVKLUH 8. /DWH 5RPDQ +RDUG RI $5 0LOLDUHQVHV DQG $5 6LOLTXDH 'LVFRYHUHG LQ D VPDOO DUHD RI SORXJKHG ODQG RYHU VHYHUDO GD\V LQ $XJXVW %0 UHI 7 DQG 3$6 UHI */2 ' ) ZLWK IXUWKHU ILQGV EHLQJ PDGH LQ WKH VDPH DUHD EHWZHHQ 6HSWHPEHU DQG 1RYHPEHU %0 UHI 7 DQG 3$6 UHI */2 %'

7KHRGRVLXV , ±

/LJKW PLOLDUHQVH 7UHYHUL $5 PP J ' 1 7+(2'2 ± 6,96 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U ODUJH MHZHO DERYH IRUHKHDG 5HY 9,5796 ± (;(5&,796 (PSHURU LQ PLOLWDU\ DWWLUH DQG FORDN VWDQGLQJ IDFLQJ GLDGHPHG KHDG WXUQHG O KROGLQJ ODEDUXP DQG VKLHOG ,Q H[HUJXH 7536 & 5,& F /LJKW LULGHVFHQW WRQH DOPRVW LQYLVLEOH IODQ FUDFN DW RQH R¶FORFN RQ REYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ¶ )URP WKH 7KUX[WRQ KRDUG +DPSVKLUH 8. /DWH 5RPDQ +RDUG RI $5 0LOLDUHQVHV DQG $5 6LOLTXDH 'LVFRYHUHG LQ D VPDOO DUHD RI SORXJKHG ODQG RYHU VHYHUDO GD\V LQ $XJXVW %0 UHI 7 DQG 3$6 UHI */2 ' ) ZLWK IXUWKHU ILQGV EHLQJ PDGH LQ WKH VDPH DUHD EHWZHHQ 6HSWHPEHU DQG 1RYHPEHU %0 UHI 7 DQG 3$6 UHI */2 %'

6ROLGXV 0HGLRODQXP " FLUFD $9 PP J ' 1 7+(2'2 ± 6,96 3 ) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725 ± ,$ $9** 7ZR HPSHURUV QLPEDWH VHDWHG IDFLQJ KROGLQJ JOREH WRJHWKHU WKH RQH RQ U KROGV D PDSSD LQ O KDQG $ERYH DQG EHWZHHQ WKHP 9LFWRU\ IDFLQJ ZLWK VSUHDG ZLQJV %HORZ D SDOP EUDQFK ,Q H[HUJXH &20 & 5,& M 7KHVVDORQLFD 'HSH\URW YDU 0 ' 9HU\ UDUH YDULHW\ 6HYHUDO PLQRU HGJH PDUNV RWKHUZLVH JRRG YHU\ ILQH 0DJQXV 0D[LPXV ±

6LOLTXD 7UHYHUL $5 PP J ' 1 0$* 0$; ± ,096 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,5796 ± 52 ± 0$12590 5RPD HQWKURQHG IDFLQJ KHDG O KROGLQJ JOREH DQG UHYHUVHG VSHDU LQ H[HUJXH 7536 & 5,& E /RYHO\ LULGHVFHQW WRQH DQG JRRG YHU\ ILQH

)ODYLXV 9LFWRU ±

6LOLTXD $TXLOHLD FLUFD $5 PP J ' 1 )/ 9,& ± 725 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,5796 52 ± 0$12590 5RPD VHDWHG IDFLQJ RQ WKURQH KHDG O KROGLQJ JOREH DQG UHYHUVHG VSHDU LQ H[HUJXH $436 & 5,& E 3DROXFFL =XE 5DUH /LJKW LULGHVFHQW WRQH PLQRU SRURVLW\ RWKHUZLVH H[WUHPHO\ ILQH ([ 1$& VDOH


(XJHQLXV ±

6LOLTXD 7UHYHUL $5 PP J ' 1 (9*(1, ± 96 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,5796 52 ± 0$12590 9LUWXV RU 5RPD VHDWHG O RQ FXLUDVV KROGLQJ 9LFWRU\ RQ JOREH DQG UHYHUVHG VSHDU LQ H[HUJXH 7536 & YDU 5,& G 5DUH 2OG FDELQHW WRQH IODQ FUDFN DW ILYH R FORFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH ([ 1$& VDOH

$UFDGLXV ±

6ROLGXV &RQVWDQWLQRSROLV $9 PP J ' 1 $5&$', ± 96 3 ) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &21&25', ± $ $9* *** = &RQVWDQWLQRSROLV VHDWHG IDFLQJ RQ WKURQH KHDG U DQG U IRRW RQ SURZ KROGLQJ VSHDU DQG VKLHOG LQVFULEHG 927 9 09/ ; ,Q H[HUJXH &212% /5& GLIIHUHQW RIILFLQD 5,& G 'HSH\URW 0LQRU HGJH PDUNV DQG DQ DOPRVW LQYLVLEOH VFUDWFK RQ UHYHUVH RWKHUZLVH DERXW H[WUHPHO\ ILQH ([ 5DXFK VDOH

6ROLGXV &RQVWDQWLQRSROLV $9 PP J ' 1 $5&$', ± 96 3 ) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &21&25', ± $ $9* ** = &RQVWDQWLQRSROLV KHOPHWHG VHDWHG IDFLQJ KHDG U U IRRW RQ SURZ KROGLQJ VFHSWUH DQG VKLHOG LQVFULEHG 927 9 09/ ; LQ H[HUJXH &212% & 5,& F 'HSH\URW *UDIILWR RQ UHYHUVH RWKHUZLVH YHU\ ILQH ([ 5RPD 1XPLVPDWLFV VDOH 9,,,

6LOLTXD 0HGLRODQXP $5 PP J ' 1 $5&$', ± 96 3 ) $9* 'LDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,579 52 ± 0$12590 5RPD VHDWHG O RQ WKURQH KROGLQJ JOREH DQG UHYHUVHG VSHDU ,Q H[HUJXH 0'36 & 5,& E ,ULGHVFHQW WRQH REYHUVH VWUXFN IURP D ZHDN GLH DQG D IODQ FUDFN DW HOHYHQ R¶FORFN RQ REYHUVH RWKHUZLVH H[WUHPHO\ ILQH

6ROLGXV 6LUPLXP $9 PP J ' 1 $5&$', ± 96 3 ) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725, ± $ $9* ** + (PSHURU VWDQGLQJ U U IRRW RQ FDSWLYH KROGLQJ VWDQGDUG DQG 9LFWRU\ RQ JOREH LQ ILHOG 6 ± 0 DQG LQ H[HUJXH &202% /5& GLIIHUHQW RIILFLQD 5,& F 'HSH\URW *RRG YHU\ ILQH DERXW H[WUHPHO\ ILQH ([ $UWHPLGH VDOH )HEUXDU\

6ROLGXV 6LUPLXP $9 PP J ' 1 $5&$', ± 96 3 ) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725, ± $ $9* ** 6 (PSHURU VWDQGLQJ U U IRRW RQ FDSWLYH KROGLQJ VWDQGDUG DQG 9LFWRU\ RQ JOREH LQ ILHOG 6 ± 0 DQG LQ H[HUJXH &202% /5& GLIIHUHQW RIILFLQD 5,& F 'HSH\URW 6HYHUDO HGJH PDUNV SRVVLEOH WUDFHV RI PRXQWLQJ RWKHUZLVH JRRG YHU\ ILQH ([ $&5 VDOH


6ROLGXV 0HGLRODQXP $9 PP J ' 1 $5&$', ± 96 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725, ± $ $9* ** (PSHURU LQ PLOLWDU\ DWWLUH KROGLQJ ODEDUXP DQG 9LFWRU\ RQ JOREH VSXUQLQJ FDSWLYH DW KLV IHHW ,Q ILHOG 0 ± ' DQG LQ H[HUJXH &212% 8OULFK %DQVD /5& 5,& E 'HSH\URW ([WUHPHO\ ILQH JRRG H[WUHPHO\ ILQH ¶ ([ 0DULQ +HUYHUD VDOH

6ROLGXV 0HGLRODQXP $9 PP J ' 1 $5&$', ± 96 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725, ± $ $9* ** (PSHURU LQ PLOLWDU\ DWWLUH KROGLQJ ODEDUXP DQG 9LFWRU\ RQ JOREH VSXUQLQJ FDSWLYH DW KLV IHHW ,Q ILHOG 0 ± ' DQG LQ H[HUJXH &212% 8OULFK %DQVD /5& 5,& E 'HSH\URW $ERXW H[WUHPHO\ ILQH ([ 1RPLVPD VDOH

+RQRULXV ±

6ROLGXV 7KHVVDORQLFD $9 PP J ' 1 +2125, ± ,96 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY &21&25, ± $ $9* * &RQVWDQWLQRSROLV KHOPHWHG VHDWHG IDFLQJ KHDG U RQ WKURQH RI OLRQV KROGLQJ VFHSWUH DQG JOREH U IRRW RQ SURZ ,Q H[HUJXH &202% & 5,& J 'HSH\URW 9HU\ UDUH 0DWWH VXUIDFH DOPRVW LQYLVLEOH PDUN RQ UHYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH ([ 5RPD H VDOH

6ROLGXV 0HGLRODQXP $9 PP J ' 1 +2125, ± 96 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725, ± $ $9* ** (PSHURU VWDQGLQJ U O IRRW RQ FDSWLYH KROGLQJ VWDQGDUG DQG 9LFWRU\ RQ JOREH LQ ILHOG 0 ± ' ,Q H[HUJXH &202% & 8OULFK %DQVD SO D /5& 5,& 'HSH\URW 7ZR VPDOO VFUDWFKHV RQ REYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH ([ +HULWDJH VDOH

6ROLGXV 7KHVVDORQLFD $9 PP J ' 1 +2125, 96 3 ) $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG VKLHOG GHFRUDWHG ZLWK 9LFWRU\ KROGLQJ WZR ZUHDWKV 5HY &21&25', ± $ $9* * &RQVWDQWLQRSROLV KHOPHWHG VHDWHG IDFLQJ KHDG U RQ WKURQH KROGLQJ VFHSWUH DQG 9LFWRU\ RQ JOREH U IRRW RQ SURZ LQ ILHOG O HLJKW UD\HG VWDU ,Q H[HUJXH &202% 5,& 'HSH\URW 0,5% E 9HU\ UDUH $OPRVW LQYLVLEOH JUDIILWR RQ UHYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH ([ (PSRULXP VDOH

6ROLGXV &RQVWDQWLQRSROLV $9 PP J ' 1 +2125, ± 96 3 ) $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG VKLHOG ZLWK KRUVHPDQ DQG HQHP\ PRWLI 5HY &21&25', ± $ $9* * $ &RQVWDQWLQRSROLV KHOPHWHG VHDWHG IDFLQJ KHDG U RQ WKURQH KROGLQJ VFHSWUH DQG 9LFWRU\ RQ JOREH U IRRW RQ SURZ LQ O ILHOG HLJKW UD\HG VWDU DQG LQ H[HUJXH &212% & 0,5% % /5& 5,& 7KHGRVLXV ,, 'HSH\URW 0LQRU PDUN RQ FKHHN DQG D JUDIILWR RQ REYHUVH ILHOG RWKHUZLVH JRRG YHU\ ILQH ([ $UWHPLGH VDOH )HEUXDU\


6ROLGXV 5DYHQQD $9 PP J ' 1 +2125, ± 96 3 ) $9* 3HDUO GLDGHPHG KHOPHWHG DQG FXLUDVVHG EXVW IDFLQJ VOLJKWO\ U KROGLQJ VSHDU IRUZDUGV LQ U KDQG DQG VKLHOG GHFRUDWHG ZLWK &KL 5KR LQ O 5HY 5RPD DQG &RQVWDQWLQRSROLV HDFK HQWKURQHG RQ FXLUDVV LQ IRUP RI HDJOH WKURQHV ZLWK DUFKHG EDFNV KROGLQJ ZUHDWK LQVFULEHG 927 ;;; 09/7 ;;;; EHWZHHQ WKHP EHORZ SDOP IURQG VHW RQ JURXQG ,Q ILHOG 5 ± 9 DQG LQ H[HUJXH &202% & 5,& 'HSH\URW 5DUH $Q LQVLJQLILFDQW DUHD RI ZHDNQHVV RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 1$& +HVV 'LYR DQG +HVV 'LYR H VDOHV

*DOOD 3ODFLGLD GDXJKWHU RI 7KHRGRVLXV ,

6ROLGXV 5DYHQQD $9 PP J ' 1 *$//$ 3/$ ± &,',$ 3 ) $9* 3HDUO GLDGHPHG DQG GUDSHG EXVW U ZHDULQJ QHFNODFH DQG FURZQHG DERYH E\ WKH KDQG RI *RG &KULVWRJUDP RQ VKRXOGHU 5HY 927 ;; ± 09/7 ;;; 9LFWRU\ VWDQGLQJ O VXSSRUWLQJ ORQJ MHZHOOHG FURVV LQ XSSHU ILHOG VWDU ,Q ILHOG 5 ± 9 DQG LQ H[HUJXH &202% & /5& 5,& 'HSH\URW 5DUH 9HU\ ILQH ¶ ([ 8%6 VDOH 3ULYDWHO\ SXUFKDVHG IURP 6FKXOPDQQ

7KHRGRVLXV ,, ±

7UHPLVVLV &RQVWDQWLQRSROLV FLUFD $9 PP J ' 1 7+2'2 ± 6,96 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 9,&725,$ ± $9*9672590 9LFWRULD VWDQGLQJ IDFLQJ KHDG O KROGLQJ ZUHDWK LQ U KDQG DQG JOREXV FUXFLJHU LQ O LQ U ILHOG VWDU ,Q H[HUJXH &212% 5,& $UFDGLXV E 0,5% /5& 'HSH\URW $ERXW H[WUHPHO\ ILQH ([ 1$& VDOH

6LOLTXD &RQVWDQWLQRSOH FLUFD $5 PP J ' 1 7+2'2 ± 6,96 3 ) $9* 3HDUO GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 927 ;; 09/7 ;;; ZLWKLQ ZUHDWK LQ H[HUJXH &216 /5& 0,5% 5,& :RQGHUIXO LULGHVFHQW WRQH PLQRU PDUNV DQG PHWDO IODZ RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH

6ROLGXV 7KHVVDORQLFD SHUKDSV WR $9 PP J ' 1 7+(2'2 ± 6,96 3 ) $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY */25 259, ± 6 7(55$5 (PSHURU LQ PLOLWDU\ DWWLUH VWDQGLQJ IDFLQJ KROGLQJ ODEDUXP DQG JOREH VXUPRXQWHG E\ FURVV LQ O ILHOG VWDU DQG LQ H[HUJXH 7(62% /5& 0,5% 5,& 'HSH\URW 0LQRU PDUNV RQ REYHUVH ILHOG DQG UHYHUVH IURP D ZRUQ GLH RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ /DQ] VDOH

6ROLGXV 7KHVVDORQLFD SHUKDSV WR $9 PP J ' 1 7+(2'2 ± 6,96 3 ) $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG VKLHOG GHFRUDWHG ZLWK KRUVHPDQ DQG HQHP\ PRWLI 5HY */25 259, ± 6 7(55$5 (PSHURU VWDQGLQJ IDFLQJ KROGLQJ ODEDUXP DQG JOREXV FUXFLJHU LQ O ILHOG VWDU DQG LQ H[HUJXH 7(62% 5,& 0,5% /5& 'HSH\URW 9HU\ ILQH ([ 6RWKHE\ V 1RYHPEHU DQG 1$& VDOHV


6ROLGXV &RQVWDQWLQRSROLV $9 PP J ' 1 7+(2'2 ± 6,96 3 ) $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG VKLHOG ZLWK KRUVHPDQ DQG IDOOHQ HQHP\ PRWLI 5HY 927 ;;; ± 09/7 ;;;;9 &RQVWDQWLQRSROLV VHDWHG RQ WKURQH O O IRRW RQ SURZ KROGLQJ JOREXV FUXFLJHU DQG VFHSWUH D VKLHOG E\ WKH WKURQH LQ U ILHOG VWDU DQG LQ H[HUJXH &212% /5& 5,& 0,5% E 'HSH\URW ,QVLJQLILFDQW DUHDV RI ZHDNQHVV RWKHUZLVH JRRG YHU\ ILQH

/HR , ±

6ROLGXV &RQVWDQWLQRSROLV RU $9 PP J ' 1 /(2 3( ± 53(7 $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG 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% 0,5% E /5& 5,& 'HSH\URW 6HYHUDO HGJH PDUNV RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ 3HFXQHP VDOH

0LJUDWLRQ RI WKH *HUPDQ 7ULEHV

3VHXGR ,PSHULDO FRLQDJH ,Q QDPH RI $UFDGLXV VROLGXV XQFHUWDLQ PLQW FLUFD $9 PP J ' 1 $%&$', ± 96 3) $9* 5RVHWWH GLDGHPHG GUDSHG DQG FXLUDVVHG EXVW U 5HY 20&2%2, ± $$9* * 7 &RQVWDQWLQRSROLV KHOPHWHG VHDWHG IDFLQJ RQ OLRQ WKURQH KROGLQJ ORQJ FURVV DQG VKLHOG LQVFULEHG ,2, ,9 LQ H[HUJXH 2+2 )RU W\SH FI 5,& F $SSDUHQWO\ XQSXEOLVKHG D YHU\ IDVFLQDWLQJ FUXGH VW\OH ,QVLJQLILFDQW PDUNV RQ WKH RXWHU SDUW RI WKH IODQ RQ WKH UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH ¶ ([ 5RPD 1XPLVPDWLFV VDOH

3VHXGR ,PSHULDO FRLQDJH ,Q QDPH RI -XVWLQLDQ , VROLGXV XQFHUWDLQ PLQW DIWHU $9 PP J ' 1 ,967,1, ± $196 '' 9, +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U FURVV RQ KHOPHW KROGLQJ VSHDU DQG VKLHOG ZLWK KRUVHPDQ DQG HQHP\ PRWLI 5HY 9,&7259 ± /97,6 &URVV SRWHQW RQ EDVH DQG WKUHH VWHSV LQ U ILHOG ( DQG EHORZ &212% )RU REYHUVH W\SH FI '2 6HDU DQG IRU UHYHUVH W\SH FI '2 6HDU $ YHU\ HQLJPDWLF LPLWDWLRQ 6WUXFN IURP D VOLJKWO\ UXVW\ REYHUVH GLH RWKHUZLVH H[WUHPHO\ ILQH


7KH %\]DQWLQH (PSLUH

7KH PLQW LV &RQVWDQWLQRSROLV XQOHVV RWKHUZLVH VWDWHG

$QDVWDVLXV ±

1R ORW

6ROLGXV $9 PP J ' 1 $1$67$ ± 6,96 3 3 $9* +HOPHWHG GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ WKUHH TXDUWHUV U KROGLQJ VSHDU DQG VKLHOG GHFRUDWHG ZLWK KRUVHPDQ DQG HQHP\ PRWLI 5HY 9,&725, ± $ $9* ** = 9LFWRU\ VWDQGLQJ O KROGLQJ ORQJ FURVV LQ O ILHOG VWDU ,Q H[HUJXH &212% '2 0,%( 6HDU *RRG H[WUHPHO\ ILQH ([ 1$& DQG 1$& VDOHV

6ROLGXV $9 PP J ' 1 $1$67$ ± 6,96 3 3 $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW WKUHH TXDUWHUV IDFLQJ FURVV RQ KHOPHW KROGLQJ VSHDU DQG VKLHOG ZLWK KRUVHPDQ DQG HQHP\ PRWLI 5HY 9,&725, ± $ $9* ** + 9LFWRU\ VWDQGLQJ O VXSSRUWLQJ ORQJ VWDII VXUPRXQWHG E\ &KULVWRJUDP LQ O ILHOG VWDU DQG LQ H[HUJXH &212% '2 K 0,%( 6HDU 9LUWXDOO\ DV VWUXFN DQG DOPRVW )GF

-XVWLQLDQ , ±

)ROOLV \HDU ;,, PP J ' 1 ,967,1, $196 3 3 $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU DQG RUQDPHQWDO VKLHOG LQ U ILHOG FURVV 5HY /DUJH 0 DERYH FURVV LQ O ILHOG $112 U ILHOG ;,, EHORZ ' ,Q H[HUJXH &21 '2 0,%( D 6HDU *UHHQ SDWLQD DQG H[WUHPHO\ ILQH ([ 1$& DQG 1$& VDOHV


)ROOLV \HDU ;;, PP J ' 1 ,967,1 ± $196 3 3 $9* +HOPHWHG SHDUO GLDGHPHG DQG FXLUDVVHG EXVW IDFLQJ KROGLQJ JOREXV FUXFLJHU DQG RUQDPHQWDO VKLHOG LQ U ILHOG FURVV 5HY /DUJH 0 DERYH FURVV LQ O ILHOG $112 LQ U ILHOG ;;, EHORZ ( ,Q H[HUJXH &21 '2 0,%( F 6HDU *UHHQ SDWLQD DQG H[WUHPHO\ ILQH ([ 1$& DQG 1$& VDOHV

7LEHULXV ,, &RQVWDQWLQH 6HSWHPEHU ± $XJXVW

7UHPLVVLV $9 PP J ' P &267$17,196 3 3 $* 'LDGHPHG DQG GUDSHG EXVW U 5HY 9,&725 7,E(5, $9* &URVV SRWHQW EHORZ &212% '2 0,%( E 6HDU 6OLJKWO\ ZDY\ IODQ LQVLJQLILFDQW JUDIILWR RQ UHYHUVH RWKHUZLVH H[WUHPHO\ ILQH 3KRFDV 1RYHPEHU ± 2FWREHU

6ROLGXV $9 PP J G 1 )2&$6 ± 3(53 $9, &XLUDVVHG EXVW IDFLQJ ZHDULQJ FURZQ VXUPRXQWHG E\ FURVV DQG SDOXGDPHQWXP KROGLQJ JOREXV FUXFLJHU LQ U KDQG 5HY 9,&725, ± $ $9& && $QJHO VWDQGLQJ IDFLQJ KROGLQJ ORQJ OLQHDU VWDII VXUPRXQWHG E\ &KULVWRJUDP DQG JOREXV FUXFLJHU ,Q H[HUJXH &212% '2 I 0,%( 6HDU ,QVLJQLILFDQW DUHD RI ZHDNQHVV RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ *RUQ\ 0RVFK VDOH

+HUDFOLXV ± ZLWK FROOHDJXHV IURP

6ROLGXV $9 PP J GG 11 K(5$&/,86 (7 K(5$ &2167 33 $ )DFLQJ EXVWV RI +HUDFOLXV RQ O DQG +HUDFOLXV &RQVWDQWLQH RQ U HDFK ZHDULQJ FKODP\V DQG FURZQHG ZLWK FURVV LQ ILHOG DERYH FURVV 5HY 9,&725,$ ± $9& + $ &URVV SRWHQW RQ IRXU VWHSV LQ H[HUJXH &212% '2 F 0,% 6HDU 9HU\ ILQH

7KHRSKLOXV 2FWREHU ± -DQXDU\ ZLWK FROOHDJXHV IURP RU

6ROLGXV FLUFD $9 PP J Ĭ(2 ), ± /26 E$6,(2 %HDUGHG EXVW RI 7KHRSKLOXV IDFLQJ ZHDULQJ FKODP\V DQG FURZQ KROGLQJ SDWULDUFKDO FURVV DQG DQH[LNDNLD 5HY P,;$+/6 &2Q6W$QW,Q, )DFLQJ EXVWV RI 0LFKDHO ,, ZLWK VKRUW EHDUG RQ O DQG &RQVWDQWLQH EHDUGOHVV RQ U HDFK ZHDULQJ FURZQ DQG FKODP\V EHWZHHQ WKHLU KHDGV FURVV '2 G 6HDU $OPRVW LQYLVLEOH QLFN RQ REYHUVH DQG WZR LQVLJQLILFDQW HGJH PDUNV RWKHUZLVH H[WUHPHO\ ILQH

6ROLGXV FLUFD $9 PP J Ĭ(2), ± /26 E$6,/(Ĭ %HDUGHG EXVW RI 7KHRSKLOXV IDFLQJ ZHDULQJ FKODP\V DQG FURZQ KROGLQJ SDWULDUFKDO FURVV DQG DQH[LNDNLD 5HY P,;$+/6 &2Q6W$QW,Q, )DFLQJ EXVWV RI 0LFKDHO ,, ZLWK VKRUW EHDUG RQ O DQG &RQVWDQWLQH EHDUGOHVV RQ U HDFK ZHDULQJ FURZQ DQG FKODP\V EHWZHHQ WKHLU KHDGV FURVV '2 G 6HDU 9HU\ ILQH


%DVLO WKH 0DFHGRQLDQ 6HSWHPEHU ± $XJXVW ZLWK FROOHDJXHV IURP

6ROLGXV $9 PP J ,K6 ;36 5(; ± 5(*1$17,É‘0 &KULVW QLPEDWH VHDWHG IDFLQJ RQ O\UH EDFNHG WKURQH ZHDULQJ WXQLF DQG KLPDWLRQ UDLVLQJ U KDQG LQ EOHVVLQJ DQG KROGLQJ %RRN RI *RVSHOV LQ O 5HY %$6,/,26 (7 &2Q6W$QW$É‘**E )DFLQJ EXVWV RI %DVLO RQ O EHDUGHG ZHDULQJ FURZQ DQG ORURV DQG &RQVWDQWLQH RQ U EHDUGOHVV ZHDULQJ FURZQ DQG FKODP\V ERWK KROGLQJ SDWULDUFKDO FURVV EHWZHHQ WKHP '2 6HDU 7UDFHV RI GRXEOH VWULNLQJ RWKHUZLVH JRRG H[WUHPHO\ ILQH ([ 7ULWRQ ,,, DQG 7NDOHF 0D\ VDOHV

6HPLVVLV 6\UDFXVH (/ PP J E$6 ± ,/(2& %HDUGHG EXVW RI %DVLO IDFLQJ ZHDULQJ FURZQ ZLWK FURVV DQG ORURV KROGLQJ JOREXV FUXFLJHU 5HY &21 ± 67$17 %HDUGHG EXVW RI &RQVWDQWLQH IDFLQJ ZHDULQJ FURZQ ZLWK FURVV DQG FKODP\V KROGLQJ JOREXV FUXFLJHU '2 D 6SDKU 6HDU ([WUHPHO\ ILQH

&RQVWDQWLQH ,; 0RQRPDFKXV -XQH ± -DQXDU\

7HWDUWHURQ $9 PP J KLV ;,6 5(; 5(*1$17,KP )DFLQJ EXVW RI &KULVW QLPEDWH UDLVLQJ U KDQG LQ EHQHGLFWLRQ DQG KROGLQJ WKH %RRN RI *RVSHOV LQ O 5HY & Ȧ N± $QW E$6,/(P &URZQHG EXVW IDFLQJ KROGLQJ ODEDUXP DQG JOREH VXUPRXQWHG E\ SHOOHWWHG FURVV '2 6HDU $ VPDOO PHWDO IODZ RQ UHYHUVH RWKHUZLVH JRRG YHU\ ILQH ([ )UHHPDQ 6HDU PDLO ELG VDOH

7HWDUWHURQ $9 PP J KLV ;,6 5(; 5(*1$17,KP )DFLQJ EXVW RI &KULVW QLPEDWH UDLVLQJ U KDQG LQ EHQHGLFWLRQ DQG KROGLQJ WKH %RRN RI *RVSHOV LQ O 5HY & Ȧ N± $QW E$6,/(P &URZQHG EXVW IDFLQJ KROGLQJ ODEDUXP DQG JOREH VXUPRXQWHG E\ SHOOHWWHG FURVV '2 6HDU 7UDFHV RI RYHUVWULNLQJ RQ UHYHUVH DQG REYHUVH VWUXFN IURP D VOLJKWO\ ZRUQ GLH RWKHUZLVH JRRG YHU\ ILQH 3ULYDWHO\ SXUFKDVHG IURP %DOGZLQV


&RQVWDQWLQH ; 'XFDV 1RYHPEHU ± 0D\

+LVWDPHQRQ FLUFD $9 PP J ,K6 ;,6 5&; ± 5&*1$17,KP &KULVW QLPEDWH HQWKURQHG IDFLQJ UDLVLQJ U KDQG LQ EHQHGLFWLRQ DQG KROGLQJ ERRN RI *RVSHOV LQ O 5HY .Ȧ15ȁ&ȁ ± 2ǻ28.ȁ& &RQVWDQWLQH VWDQGLQJ IDFLQJ ZHDULQJ FURZQ ZLWK FURVV DQG SHQGLOLD DQG ORURV KROGLQJ ODEDUXP DQG JOREXV FUXFLJHU VXUPRXQWHG E\ SHOOHWHG FURVV '2 D 6HDU $ERXW H[WUHPHO\ ILQH

+LVWDPHQRQ FLUFD $9 PP J ,K6 ;,6 5&; ± 5&*1$17,KP &KULVW QLPEDWH HQWKURQHG IDFLQJ UDLVLQJ U KDQG LQ EHQHGLFWLRQ DQG KROGLQJ ERRN RI *RVSHOV LQ O 5HY .Ȧ15ȁ&ȁ ± 2ǻ28.ȁ& &RQVWDQWLQH VWDQGLQJ IDFLQJ ZHDULQJ FURZQ ZLWK FURVV DQG SHQGLOLD DQG ORURV KROGLQJ ODEDUXP DQG JOREXV FUXFLJHU VXUPRXQWHG E\ SHOOHWHG FURVV '2 D 6HDU ,QVLJQLILFDQW DUHD RI IODWQHVV RWKHUZLVH H[WUHPHO\ ILQH

+LVWDPHQRQ FLUFD $9 PP J ,K6 ;,6 5&; ± 5&*1$17,KP &KULVW QLPEDWH HQWKURQHG IDFLQJ UDLVLQJ U KDQG LQ EHQHGLFWLRQ DQG KROGLQJ ERRN RI *RVSHOV LQ O 5HY .Ȧ15ȁ&ȁ ± 2ǻ28.ȁ& &RQVWDQWLQH VWDQGLQJ IDFLQJ ZHDULQJ FURZQ ZLWK FURVV DQG SHQGLOLD DQG ORURV KROGLQJ ODEDUXP DQG JOREXV FUXFLJHU VXUPRXQWHG E\ SHOOHWHG FURVV '2 D 6HDU $OPRVW LQYLVLEOH PDUNV RQ REYHUVH RWKHUZLVH JRRG YHU\ ILQH

-RKQ ,, &RPQHQXV $XJXVW $SULO ZLWK FROOHDJXHV IURP

+\SHUS\URQ $9 PP J .(52 ± +Ĭ(, &KULVW HQWKURQHG IDFLQJ QLPEDWH UDLVLQJ U KDQG LQ EHQHGLFWLRQ DQG KROGLQJ ERRN RI *RVSHOV LQ O LQ ILHOG ,& ± ;& 5HY ,Ȧ ǻ(& Ȇ2 7+ -RKQ RQ O ZHDULQJ ORURV DQG KROGLQJ JOREXV FUXFLJHU FURZQHG E\ WKH 9LUJLQ RQ U QLPEDWH DQG ZHDULQJ WXQLF DQG PDSKRULRQ LQ ILHOG Ĭ9 ± 0+5 OLJDWH '2 D 6HDU 'RXEOH VWUXFN RQ REYHUVH RWKHUZLVH YLUWXDOO\ DV VWUXFN DQG DOPRVW )GF


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.