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| 1DWLRQDO                                                           |
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| H[SHQGLWXUHV                                                       |

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| 'LVWULFW                                                              |
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| SURFHVVHVFRQGXFWHGE\ORZHUOHYHOFRXQFLOV                                |
| 8QLWVRIJRYHUQPHQWZKLFK                                                |
| JHQHUDWHSRYHUW\NQRZOHGJH                                              |
| 3RYHUW\0RQLWRULQJDQG$QDO\VLV8QLWFHQWUDOOHYHO                          |
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| 'HYHORSPHQW3ODQDQGWKHEXGJHW                                           |

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| 'RQRUKRVWHGPHHWLQJV                                               | :RUNVKRSVWRZKLFKGRQRUVLQYLWHFLYLOVRFLHW\HJRQWKHUROHRIFLYLOVRFLHW\   |
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| LQ8JDQGD                                                          |                                                                     |
| ³%DFNVWDJH´VSDFHV                                                 | 'RQRUKRVWHGVRFLDOHYHQWV³WHDSDUWLHV´                                 |
| 7KHPHGLD                                                          | 1HZ9LVLRQ                                                           |
| PRUHLQGHSHQGHQWGDLO\                                              |                                                                     |
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| $UDQJHRIORFDOODQJXDJHGDLO\QHZVSDSHUV                              |                                                                     |
| 1*2FDPSDLJQVRUHYHQWV                                              | $IULFDQ:RPHQ¶V(FRQRPLF3ROLF\1HWZRUN$:(321ZRUNVKRSZKHUH                                                                     |
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