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Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 110.20000000000005 m 561.5 110.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 106.20000000000005 m 561.5 106.20000000000005 l s BT /F1 10.00 Tf ET endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 19.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.20 742.25 Td (NOR) Tj ET Q q 0 0 0 rg BT 225.07 742.25 Td (THST) Tj ET Q q 0 0 0 rg BT 251.01 742.25 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 295.37 742.25 Td (THCARE INCOME, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.90 722.25 Td (FORM 10-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.28 722.25 Td (Q) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.06 722.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 702.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 702.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 702.25 Td ( CONTENTS) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 656.86259765625 m 77.453125 656.86259765625 l s q 0 0 0 rg BT 53.00 658.43 Td (Index) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 532.2 656.86259765625 m 552.746875 656.86259765625 l s q 0 0 0 rg BT 532.20 658.43 Td (Page) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 562.00 309.25 Td () Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 627.91259765625 m 80.7685546875 627.91259765625 l s q 0 0 1 rg BT 53.00 629.48 Td (Part I.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 627.9833984375 m 192.4755859375 627.9833984375 l s q 0 0 1 rg BT 105.00 629.32 Td (Financial Information) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 540 627.9833984375 m 545 627.9833984375 l s q 0 0 1 rg BT 540.00 629.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 612.9833984375 m 81.3251953125 612.9833984375 l s q 0 0 1 rg BT 53.00 614.32 Td (Item1.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 612.9833984375 m 188.59375 612.9833984375 l s q 0 0 1 rg BT 105.00 614.32 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 540 612.9833984375 m 545 612.9833984375 l s q 0 0 1 rg BT 540.00 614.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 597.9833984375 m 472.1240234375 597.9833984375 l s q 0 0 1 rg BT 105.00 599.32 Td (Consolidated Balance Sheets as of September 30, 2014 \(unaudited\) and December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 540 597.9833984375 m 545 597.9833984375 l s q 0 0 1 rg BT 540.00 599.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 582.9833984375 m 519.0625 582.9833984375 l s q 0 0 1 rg BT 105.00 584.32 Td (Consolidated Statements of Operations \(unaudited\) for the three and nine months ended September 30, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 572.9833984375 m 164.4384765625 572.9833984375 l s q 0 0 1 rg BT 105.00 574.32 Td (2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 540 582.9833984375 m 545 582.9833984375 l s q 0 0 1 rg BT 540.00 584.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 559.9833984375 m 511.845703125 559.9833984375 l s q 0 0 1 rg BT 105.00 561.32 Td (Consolidated Statements of Comprehensive Income \(Loss\) \(unaudited\) for the three and nine months ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 549.9833984375 m 251.0791015625 549.9833984375 l s q 0 0 1 rg BT 105.00 551.32 Td (ended September 30, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 540 559.9833984375 m 545 559.9833984375 l s q 0 0 1 rg BT 540.00 561.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 536.9833984375 m 521.572265625 536.9833984375 l s q 0 0 1 rg BT 105.00 538.32 Td (Consolidated Statements of Equity for the nine months ended September 30, 2014 \(unaudited\) and year ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 526.9833984375 m 209.9609375 526.9833984375 l s q 0 0 1 rg BT 105.00 528.32 Td (ended December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 540 536.9833984375 m 545 536.9833984375 l s q 0 0 1 rg BT 540.00 538.32 Td (8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 512.9833984375 m 522.1533203125 512.9833984375 l s q 0 0 1 rg BT 105.00 514.32 Td (Consolidated Statements of Cash Flows \(unaudited\) for the nine months ended September 30, 2014 and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 502.9833984375 m 125 502.9833984375 l s q 0 0 1 rg BT 105.00 504.32 Td (2013) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 540 512.9833984375 m 545 512.9833984375 l s q 0 0 1 rg BT 540.00 514.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 487.9833984375 m 328.5693359375 487.9833984375 l s q 0 0 1 rg BT 105.00 489.32 Td (Notes to Consolidated Financial Statements \(unaudited\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 537.5 487.9833984375 m 547.5 487.9833984375 l s q 0 0 1 rg BT 537.50 489.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 473.9833984375 m 81.3251953125 473.9833984375 l s q 0 0 1 rg BT 53.00 475.32 Td (Item2.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 473.9833984375 m 463.291015625 473.9833984375 l s q 0 0 1 rg BT 105.00 475.32 Td (Management) Tj ET Q q 0 0 1 rg BT 159.98 475.32 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 229.15 475.32 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 537.5 473.9833984375 m 547.5 473.9833984375 l s q 0 0 1 rg BT 537.50 475.32 Td (28) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 459.9833984375 m 81.3251953125 459.9833984375 l s q 0 0 1 rg BT 53.00 461.32 Td (Item3.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 459.9833984375 m 346.62109375 459.9833984375 l s q 0 0 1 rg BT 105.00 461.32 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 269.40 461.32 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 537.5 459.9833984375 m 547.5 459.9833984375 l s q 0 0 1 rg BT 537.50 461.32 Td (49) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 445.9833984375 m 81.3251953125 445.9833984375 l s q 0 0 1 rg BT 53.00 447.32 Td (Item4.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 445.9833984375 m 203.3154296875 445.9833984375 l s q 0 0 1 rg BT 105.00 447.32 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 537.5 445.9833984375 m 547.5 445.9833984375 l s q 0 0 1 rg BT 537.50 447.32 Td (50) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 53 431.91259765625 m 84.66015625 431.91259765625 l s q 0 0 1 rg BT 53.00 433.48 Td (Part II.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 431.9833984375 m 178.0322265625 431.9833984375 l s q 0 0 1 rg BT 105.00 433.32 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 537.5 431.9833984375 m 547.5 431.9833984375 l s q 0 0 1 rg BT 537.50 433.32 Td (50) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 417.9833984375 m 81.3251953125 417.9833984375 l s q 0 0 1 rg BT 53.00 419.32 Td (Item 1.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 417.9833984375 m 179.140625 417.9833984375 l s q 0 0 1 rg BT 105.00 419.32 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 537.5 417.9833984375 m 547.5 417.9833984375 l s q 0 0 1 rg BT 537.50 419.32 Td (50) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 403.9833984375 m 88.546875 403.9833984375 l s q 0 0 1 rg BT 53.00 405.32 Td (Item 1A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 105 403.9833984375 m 155.2783203125 403.9833984375 l s q 0 0 1 rg BT 105.00 405.32 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 537.5 403.9833984375 m 547.5 403.9833984375 l s q 0 0 1 rg BT 537.50 405.32 Td (50) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 389.9833984375 m 81.3251953125 389.9833984375 l s q 0 0 1 rg BT 53.00 391.32 Td (Item 2.) 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Stockholders Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.00 381.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.00 381.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 368.00 Td (Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 360.00 Td (September 30, 2014 and December 31, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 360.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 359.98 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 347.00 Td (Common stock, $0.01 par value, 400,000,000 shares authorized, 55,388,928 and 10,985,230 shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 339.00 Td (issued and outstanding as of September 30, 2014 and December 31, 2013, respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.25 339.00 Td (553,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.25 339.00 Td (109,852) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 326.00 Td (Additional paid-in capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.25 326.00 Td (492,656,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.25 326.00 Td (97,055,758) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 313.00 Td (Retained earnings \(accumulated deficit\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.60 313.00 Td (\(25,211,368) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 313.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.60 313.00 Td (\(3,872,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 313.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 300.00 Td (Total NorthStar Healthcare Income, Inc. stockholders equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.25 300.00 Td (467,999,263) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.25 300.00 Td (93,293,460) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 286.98 Td (Non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.25 287.00 Td (1,165,824) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.25 287.00 Td (202,437) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 274.00 Td (Total equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.25 274.00 Td (469,165,087) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.25 274.00 Td (93,495,897) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 261.83 Td (Total liabilities and equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.00 261.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.25 261.70 Td (542,241,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.00 261.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.25 261.70 Td (115,839,130) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 78.25 Td (Refer to accompanying notes to consolidated financial statements.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 19.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 742.25 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 742.25 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 742.25 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 742.25 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.15 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.97 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.52 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 290.00 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.92 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 391.68 730.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 710.25 Td (\(Unaudited\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 659.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 659.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 659.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 659.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 659.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 659.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 659.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 659.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 659.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 633.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 633.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 633.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 633.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 633.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 633.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 633.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 633.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 607.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 607.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 607.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 607.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 607.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 607.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 607.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 607.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 607.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 581.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 581.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 581.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 581.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 581.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 581.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 581.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 581.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 581.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 555.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 555.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 555.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 555.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 555.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 555.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 555.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 555.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 529.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 529.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 529.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 529.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 529.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 529.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 529.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 529.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 503.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 503.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 503.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 503.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 503.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 503.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 503.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 503.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 477.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 477.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 477.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 477.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 477.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 477.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 477.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 477.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 477.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 451.75 246.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 451.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 451.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 451.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 451.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 451.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 451.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 451.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 451.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 420.75 246.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 420.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 420.75 52.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 420.75 5.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 420.75 54.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 420.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 420.75 52.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 420.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 420.75 52.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.75 246.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 383.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 383.75 52.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 383.75 5.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 383.75 54.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 383.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 383.75 52.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 383.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 383.75 52.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 669.75 m 352.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 669.75 m 357.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 669.75 m 411.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 669.75 m 467.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 669.75 m 471.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 669.75 m 523.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 659.75 m 352.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 659.75 m 411.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 659.75 m 467.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 659.75 m 523.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 607.75 m 352.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 607.75 m 411.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 607.75 m 467.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 607.75 m 523.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 503.75 m 352.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 503.75 m 411.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 503.75 m 467.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 503.75 m 523.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 490.75 m 352.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 490.75 m 411.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 490.75 m 467.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 490.75 m 523.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 464.75 m 352.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 464.75 m 411.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 464.75 m 467.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 464.75 m 523.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 438.75 m 352.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 421.75 m 352.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 419.75 m 352.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 438.75 m 411.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 421.75 m 411.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 419.75 m 411.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 438.75 m 467.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 421.75 m 467.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 419.75 m 467.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 438.75 m 523.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 421.75 m 523.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 419.75 m 523.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 419.75 m 352.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 421.75 m 352.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 405.75 m 352.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 403.75 m 352.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 405.75 m 411.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 403.75 m 411.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 405.75 m 467.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 403.75 m 467.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 405.75 m 523.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 403.75 m 523.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 384.75 m 352.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 382.75 m 352.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 384.75 m 411.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 382.75 m 411.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 384.75 m 467.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 382.75 m 467.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 384.75 m 523.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 382.75 m 523.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 368.75 m 352.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 366.75 m 352.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 368.75 m 411.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 366.75 m 411.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 368.75 m 467.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 366.75 m 467.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 368.75 m 523.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 366.75 m 523.5 366.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.10 681.98 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.10 673.98 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.75 681.98 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.60 673.98 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.00 661.88 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.00 661.88 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.00 661.88 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.00 661.88 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 650.98 Td (Revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.00 651.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 638.00 Td (Resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.00 638.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 638.00 Td (3,861,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.00 638.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.30 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.00 638.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.25 638.00 Td (10,591,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.00 638.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 638.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 625.00 Td (Rental income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 625.00 Td (1,881,585) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.30 625.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.25 625.00 Td (4,149,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 625.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 612.00 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 612.00 Td (2,579,198) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.25 612.00 Td (105,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.25 612.00 Td (3,846,510) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.25 612.00 Td (144,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 599.00 Td (Total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 599.00 Td (8,322,613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.25 599.00 Td (105,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.25 599.00 Td (18,587,107) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.25 599.00 Td (144,556) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 585.98 Td (Expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.00 586.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 573.00 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 573.00 Td (2,988,366) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.30 573.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.25 573.00 Td (7,946,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 573.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 560.00 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.25 560.00 Td (775,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.30 560.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.25 560.00 Td (2,186,067) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 560.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 547.00 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 547.00 Td (1,641,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.30 547.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.25 547.00 Td (3,354,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 547.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 534.00 Td (Asset management and other fees - related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 534.00 Td (3,719,191) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.25 534.00 Td (13,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.25 534.00 Td (6,470,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.25 534.00 Td (17,825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 521.00 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 521.00 Td (1,042,695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.25 521.00 Td (40,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.25 521.00 Td (2,569,908) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.25 521.00 Td (61,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 508.00 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 508.00 Td (1,052,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.30 508.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.25 508.00 Td (2,644,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 508.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 495.00 Td (Total expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.25 495.00 Td (11,219,853) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.25 495.00 Td (53,031) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.25 495.00 Td (25,170,933) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.25 495.00 Td (79,073) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 481.98 Td (Income \(loss\) from operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 482.00 Td (\(2,897,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.30 482.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.25 482.00 Td (52,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 482.00 Td (\(6,583,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.30 482.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.25 482.00 Td (65,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 469.00 Td (Equity in earnings \(losses\) of unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.25 469.00 Td (203,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.30 469.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.60 469.00 Td (\(93,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.30 469.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.30 469.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 455.98 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 456.00 Td (\(2,693,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.30 456.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.25 456.00 Td (52,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 456.00 Td (\(6,676,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.30 456.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.25 456.00 Td (65,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 443.00 Td (Net \(income\) loss attributable to non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 443.00 Td (4,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.60 443.00 Td (\(38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.30 443.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.25 443.00 Td (34,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.60 443.00 Td (\(50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.30 443.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 430.83 Td (Net income \(loss\) attributable to NorthStar Healthcare Income, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 422.88 Td (common stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.00 425.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 425.00 Td (\(2,689,640) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.30 425.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.00 425.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.25 425.00 Td (52,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.00 425.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 425.00 Td (\(6,642,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.30 425.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.00 425.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.25 425.00 Td (65,433) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 409.00 Td (Net income \(loss\) per share of common stock, basic/diluted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.00 409.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.60 409.00 Td (\(0.06) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.30 409.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.00 409.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.30 409.00 Td (0.06) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.00 409.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.60 409.00 Td (\(0.23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.30 409.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.00 409.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 409.00 Td (0.15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 396.00 Td (Weighted average number of shares of common stock outstanding, basic/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 388.00 Td (diluted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.25 388.00 Td (44,764,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.25 388.00 Td (851,868) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.25 388.00 Td (29,341,711) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.25 388.00 Td (433,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 375.70 Td (Distributions declared per share of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.00 372.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 372.00 Td (0.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.00 372.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.30 372.00 Td (0.17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.00 372.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.30 372.00 Td (0.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.00 372.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.30 372.00 Td (0.33) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 68.25 Td (Refer to accompanying notes to consolidated financial statements.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 19.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 742.25 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 742.25 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 742.25 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 742.25 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.40 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 197.22 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 231.78 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 238.25 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 303.17 730.25 Td ( COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 710.25 Td (\(Unaudited\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 661.75 244.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 661.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 661.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 661.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 661.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 661.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 661.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 661.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.75 244.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 633.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 633.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 633.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 633.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 633.75 53.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 673.75 m 347.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 673.75 m 351.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 673.75 m 404.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 673.75 m 461.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 673.75 m 465.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 673.75 m 518.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 661.75 m 347.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 661.75 m 404.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 661.75 m 461.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 661.75 m 518.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 661.75 m 347.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 661.75 m 404.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 661.75 m 461.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 661.75 m 518.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 619.75 m 347.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 619.75 m 404.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 619.75 m 461.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 619.75 m 518.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 601.75 m 347.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 599.75 m 347.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 601.75 m 404.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 599.75 m 404.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 601.75 m 461.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 599.75 m 461.5 599.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 601.75 m 518.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 599.75 m 518.5 599.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.60 683.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.60 675.88 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 683.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 675.88 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.50 665.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.50 665.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 665.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.50 665.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 651.98 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.00 652.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.60 652.00 Td (\(2,693,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 652.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.00 652.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.25 652.00 Td (52,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.00 652.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.60 652.00 Td (\(6,676,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 652.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.00 652.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 652.00 Td (65,483) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 637.98 Td (Comprehensive income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.60 638.00 Td (\(2,693,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 638.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.25 638.00 Td (52,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.60 638.00 Td (\(6,676,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 638.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 638.00 Td (65,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 624.00 Td (Comprehensive \(income\) loss attributable to non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 624.00 Td (4,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.60 624.00 Td (\(38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.30 624.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.25 624.00 Td (34,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.60 624.00 Td (\(50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.30 624.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 611.83 Td (Comprehensive income \(loss\) attributable to NorthStar Healthcare) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 603.83 Td (Income, Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.00 605.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.60 605.00 Td (\(2,689,640) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 605.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.00 605.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.25 605.00 Td (52,487) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.00 605.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.60 605.00 Td (\(6,642,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 605.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.00 605.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 605.00 Td (65,433) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 49.25 Td (Refer to accompanying notes to consolidated financial statements.) 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383.75 m 287.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 363.75 m 287.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 361.75 m 287.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 383.75 m 342.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 363.75 m 342.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 361.75 m 342.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 383.75 m 394.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 363.75 m 394.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 361.75 m 394.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 383.75 m 449.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 363.75 m 449.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 361.75 m 449.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 383.75 m 495.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 363.75 m 495.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 361.75 m 495.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 383.75 m 550.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 363.75 m 550.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 361.75 m 550.5 361.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 692.00 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 207.95 691.81 Td (Common Stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 300.55 695.81 Td (Additional) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.60 688.81 Td (Paid-in) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.40 681.81 Td (Capital) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 356.55 702.81 Td (Retained ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 356.35 695.81 Td (Earnings ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 349.00 688.81 Td (\(Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 358.00 681.81 Td ( Deficit\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.80 702.81 Td (Total) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.50 695.81 Td (Companys) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 403.10 688.81 Td (Stockholders) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.35 681.81 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.60 695.81 Td (Non-) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 457.70 688.81 Td (controlling) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 461.00 681.81 Td (Interests) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 505.85 681.81 Td (Total Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 191.95 680.51 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 247.70 680.51 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 668.98 Td (Balance as of December 31, 2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.25 669.00 Td (22,223) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 669.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 669.00 Td (222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.00 669.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.25 669.00 Td (199,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.00 669.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 669.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.00 669.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.25 669.00 Td (200,007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.00 669.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.25 669.00 Td (2,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.00 669.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.25 669.00 Td (202,007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 648.00 Td (Net proceeds from issuance of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 640.00 Td (common stock \(refer to Note 7\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.25 640.00 Td (10,905,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.25 640.00 Td (109,050) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.25 640.00 Td (96,486,986) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 640.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.25 640.00 Td (96,596,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 640.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.25 640.00 Td (96,596,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 619.00 Td (Issuance and amortization of equity-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 611.00 Td (based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.25 611.00 Td (22,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 611.00 Td (225) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 611.00 Td (32,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 611.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 611.00 Td (32,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 611.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.25 611.00 Td (32,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 598.00 Td (Non-controlling interest -) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 590.00 Td (contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.25 590.00 Td (210,077) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.25 590.00 Td (210,077) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 577.00 Td (Distributions declared) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.30 577.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 577.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 577.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.60 577.00 Td (\(1,311,886) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 577.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 577.00 Td (\(1,311,886) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 577.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 577.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.60 577.00 Td (\(1,311,886) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 577.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 564.00 Td (Proceeds from distribution) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 556.00 Td (reinvestment plan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.25 556.00 Td (35,495) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.30 556.00 Td (355) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.25 556.00 Td (336,845) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 556.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.25 556.00 Td (337,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 556.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.25 556.00 Td (337,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 543.00 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.30 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.60 543.00 Td (\(2,560,264) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 543.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 543.00 Td (\(2,560,264) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 543.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.60 543.00 Td (\(9,640) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 543.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.60 543.00 Td (\(2,569,904) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 543.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 529.98 Td (Balance as of December 31, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.25 530.00 Td (10,985,230) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 530.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.25 530.00 Td (109,852) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.00 530.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.25 530.00 Td (97,055,758) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.00 530.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.60 530.00 Td (\(3,872,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 530.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.00 530.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.25 530.00 Td (93,293,460) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.00 530.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.25 530.00 Td (202,437) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.00 530.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.25 530.00 Td (93,495,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 517.70 Td (Net proceeds from issuance of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 509.70 Td (common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.25 511.00 Td (43,692,764) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.25 511.00 Td (436,927) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.25 511.00 Td (388,888,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 511.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.25 511.00 Td (389,325,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 511.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.25 511.00 Td (389,325,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 498.00 Td (Issuance and amortization of equity-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 490.00 Td (based compensation \(refer to note 8\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.30 490.00 Td (7,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 490.00 Td (75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 490.00 Td (42,909) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 490.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 490.00 Td (42,984) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 490.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.25 490.00 Td (42,984) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 477.00 Td (Non-controlling interests -) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 469.00 Td (contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.30 469.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 469.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 469.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 469.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 469.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.25 469.00 Td (1,012,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.25 469.00 Td (1,012,750) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 456.00 Td (Non-controlling interests -) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 448.00 Td (distributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.30 448.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 448.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 448.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 448.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 448.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.60 448.00 Td (\(14,843) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 448.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.60 448.00 Td (\(14,843) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 448.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 435.00 Td (Shares redeemed for cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.60 435.00 Td (\(12,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.30 435.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.60 435.00 Td (\(128) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 435.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 435.00 Td (\(128,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.30 435.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 435.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.60 435.00 Td (\(128,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 435.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 435.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.60 435.00 Td (\(128,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 435.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 422.00 Td (Distributions declared) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.30 422.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 422.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 422.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.60 422.00 Td (\(14,696,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 422.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.60 422.00 Td (\(14,696,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 422.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 422.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.60 422.00 Td (\(14,696,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 422.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 409.00 Td (Proceeds from distribution) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 401.00 Td (reinvestment plan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.25 401.00 Td (716,274) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.30 401.00 Td (7,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.25 401.00 Td (6,797,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 401.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.25 401.00 Td (6,804,609) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 401.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.25 401.00 Td (6,804,609) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 388.00 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.30 388.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 388.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 388.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.60 388.00 Td (\(6,642,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 388.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.60 388.00 Td (\(6,642,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 388.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.60 388.00 Td (\(34,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 388.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.60 388.00 Td (\(6,676,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 388.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 374.98 Td (Balance as of September 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 366.98 Td (\(unaudited\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.25 367.00 Td (55,388,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.00 367.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.25 367.00 Td (553,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.00 367.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.25 367.00 Td (492,656,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.00 367.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.60 367.00 Td (\(25,211,368) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 367.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.00 367.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.25 367.00 Td (467,999,263) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.00 367.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.25 367.00 Td (1,165,824) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.00 367.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.25 367.00 Td (469,165,087) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 51.25 Td (Refer to accompanying notes to consolidated financial statements.) 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182.75 m 549.5 182.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.90 690.98 Td (Nine Months Ended September 30,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.00 679.51 Td (2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 512.00 679.51 Td (2013) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 64.00 668.17 Td (Cash flows from operating activities:) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.00 668.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 658.05 Td (Net income \(loss\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 423.00 658.40 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.30 658.45 Td (\(6,676,948) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 658.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 492.00 658.40 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 527.40 658.40 Td (65,483) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 647.05 Td (Adjustments to reconcile net income \(loss\) to net cash provided by \(used in\) operating activities:) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.00 647.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 636.05 Td (Equity in \(earnings\) losses of unconsolidated ventures) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 458.40 636.40 Td (93,122) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 636.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 625.05 Td (Depreciation and amortization) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 625.40 Td (2,644,054) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 625.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 614.05 Td (Straight-line rental income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.55 614.45 Td (\(504,163) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 614.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 614.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 603.05 Td (Amortization of deferred financing costs) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.90 603.40 Td (425,415) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 603.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 592.05 Td (Amortization of equity-based compensation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 458.40 592.40 Td (42,984) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 527.40 592.40 Td (21,426) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 581.05 Td (Amortization of premium/accretion of discount and fees on investments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 458.40 581.40 Td (79,522) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 581.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 570.05 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.00 570.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 559.05 Td (Restricted cash) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.30 559.45 Td (\(2,390,861) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 559.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 559.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 548.05 Td (Receivables, net) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.30 548.45 Td (\(1,244,634) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 548.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 525.05 548.45 Td (\(54,777) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 546.65 548.40 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 537.05 Td (Other assets) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.55 537.45 Td (\(142,692) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 537.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 537.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 526.05 Td (Due to related party) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 526.40 Td (3,508,047) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 527.40 526.40 Td (11,668) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 515.05 Td (Escrow deposits payable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 515.40 Td (1,069,556) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 515.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 504.05 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 504.40 Td (1,476,266) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 504.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 493.05 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.30 493.45 Td (\(1,620,332) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 493.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 527.40 493.40 Td (43,800) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 64.00 475.17 Td (Cash flows from investing activities:) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.00 475.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 464.05 Td (Acquisition of operating real estate investments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 440.30 464.45 Td (\(208,054,716) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 464.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 464.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 453.05 Td (Improvement of operating real estate investments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.55 453.45 Td (\(888,939) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 453.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 453.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 442.05 Td (Origination of real estate debt investments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.80 442.45 Td (\(20,023,122) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 442.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 512.80 442.45 Td (\(11,250,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 546.65 442.40 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 431.05 Td (Acquisition of real estate debt investments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 440.30 431.45 Td (\(120,595,501) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 431.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 431.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 420.05 Td (Investment in unconsolidated ventures \(refer to Note 4\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.80 420.45 Td (\(24,807,911) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 420.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 420.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 409.05 Td (Distributions from unconsolidated ventures \(refer to Note 4\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.90 409.40 Td (666,162) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 409.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 398.05 Td (Change in restricted cash) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.30 398.45 Td (\(1,951,895) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 398.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 398.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 387.05 Td (Other assets) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.90 387.40 Td (940,270) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 387.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 376.05 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 440.30 376.45 Td (\(374,715,652) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 376.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 512.80 376.45 Td (\(11,250,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 546.65 376.40 Td (\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 64.00 360.17 Td (Cash flows from financing activities:) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.00 360.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 349.05 Td (Borrowing from mortgage notes) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.15 349.40 Td (41,500,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 349.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 338.05 Td (Repayment of mortgage notes) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.55 338.45 Td (\(142,524) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 338.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 338.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 327.05 Td (Payment of deferred financing costs) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.30 327.45 Td (\(1,665,307) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 327.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 327.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 316.05 Td (Change in restricted cash) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.55 316.45 Td (\(281,361) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 316.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 316.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 305.05 Td (Net proceeds from issuance of common stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 442.65 305.40 Td (387,125,588) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.15 305.40 Td (14,691,193) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 294.05 Td (Net proceeds from issuance of common stock, related party) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.90 294.40 Td (619,753) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 518.65 294.40 Td (1,998,731) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 283.05 Td (Shares redeemed for cash) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.55 283.45 Td (\(128,382) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 283.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 283.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 272.05 Td (Distributions paid on common stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.80 272.45 Td (\(12,396,944) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 272.40 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 521.55 272.45 Td (\(105,676) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 546.65 272.40 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 261.05 Td (Proceeds from distribution reinvestment plan) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 261.40 Td (6,804,609) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 527.40 261.40 Td (15,200) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 250.05 Td (Contributions from non-controlling interests) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 250.40 Td (1,012,750) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 250.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 237.90 Td (Distributions to non-controlling interests) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 456.05 237.85 Td (\(14,843) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.65 237.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 237.80 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 226.05 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 442.65 226.40 Td (422,433,339) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.15 226.40 Td (16,599,448) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 209.05 Td (Net increase \(decrease\) in cash) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.15 209.40 Td (46,097,355) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 518.65 209.40 Td (5,393,248) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 198.05 Td (Cash - beginning of period) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.15 198.40 Td (45,537,255) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.90 198.40 Td (202,007) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 64.00 187.05 Td (Cash - end of period) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 423.00 187.40 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.15 187.40 Td (91,634,610) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 492.00 187.40 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 518.65 187.40 Td (5,595,255) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 64.00 170.17 Td (Supplemental disclosure of non-cash investing and financing activities:) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 477.00 170.40 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 159.05 Td (Accrued cost of capital \(refer to Note 7\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 423.00 159.40 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 159.40 Td (1,300,085) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 492.00 159.40 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.90 159.40 Td (136,480) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 148.05 Td (Subscriptions receivable, gross) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 148.40 Td (3,710,301) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.90 148.40 Td (549,342) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 137.05 Td (Escrow deposits related to real estate debt investments) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 458.40 137.40 Td (70,692) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 523.90 137.40 Td (114,987) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 126.05 Td (Distribution payable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 126.40 Td (2,857,134) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 527.40 126.40 Td (81,551) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 70.00 115.05 Td (Conversion of real estate debt investment to investment in unconsolidated venture) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.65 115.40 Td (5,386,123) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 539.65 115.40 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 80.25 Td (Refer to accompanying notes to consolidated financial statements.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 742.25 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 742.25 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 742.25 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 742.25 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 730.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 730.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 730.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 730.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 730.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 712.25 Td (\(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 686.25 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 686.25 Td (Business and Organization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 666.25 Td (NorthStar Healthcare Income, Inc. \(the Company\) was formed primarily to acquire, originate and asset manage a diversified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 654.25 Td (portfolio of equity) Tj ET Q q 0 0 0 rg BT 122.17 654.25 Td (, debt and securities investments in healthcare real estate, with a focus on the mid-acuity senior housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 642.25 Td (sector) Tj ET Q q 0 0 0 rg BT 72.98 642.25 Td (, which the Company defines as assisted living \(ALF\), memory care \(MCF\), skilled nursing \(SNF\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 630.25 Td (independent living \(ILF\) facilities that may have an emphasis on private pay patients. ) Tj ET Q q 0 0 0 rg BT 402.54 630.25 Td (The Company may also acquire and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 618.25 Td (originate equity and debt investments in facilities that may rely on public pay patients and other healthcare property types, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 606.25 Td (including medical of) Tj ET Q q 0 0 0 rg BT 132.07 606.25 Td (fice buildings \(MOB\), hospitals and rehabilitation facilities. In addition, the Company may acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 594.25 Td (healthcare-related securities. ) Tj ET Q q 0 0 0 rg BT 168.69 594.25 Td (The Company was formed in October 2010 as a Maryland corporation. ) Tj ET Q q 0 0 0 rg BT 457.60 594.25 Td (The Company elected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.25 Td (be taxed as a real estate investment trust \(REIT\) under the Internal Revenue Code of 1986 commencing with the taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.55 582.25 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 570.25 Td (ended December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 570.25 Td (. ) Tj ET Q q 0 0 0 rg BT 161.78 570.25 Td (The Company conducts its operations so as to continue to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 465.71 570.25 Td ( for U.S. federal income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.25 Td (tax purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (The Company is externally managed and has no employees. Prior to June 30, 2014, the Company was managed by an af) Tj ET Q q 0 0 0 rg BT 533.09 538.25 Td (filiate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (of NorthStar Realty Finance Corp. \(NYSE: NRF\) \(NorthStar Realty\). Ef) Tj ET Q q 0 0 0 rg BT 350.37 526.25 Td (fective June30, 2014, NorthStar Realty spun-of) Tj ET Q q 0 0 0 rg BT 541.81 526.25 Td (f its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (asset management business into a separate publicly traded company) Tj ET Q q 0 0 0 rg BT 320.43 514.25 Td (, NorthStar ) Tj ET Q q 0 0 0 rg BT 366.82 514.25 Td (Asset Management Group Inc. \(the Sponsor\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (with its common stock listed on the New ) Tj ET Q q 0 0 0 rg BT 215.22 502.25 Td (Y) Tj ET Q q 0 0 0 rg BT 221.44 502.25 Td (ork Stock Exchange \(the NYSE\) under the ticker symbol NSAM. ) Tj ET Q q 0 0 0 rg BT 505.63 502.25 Td (The Sponsor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (and its af) Tj ET Q q 0 0 0 rg BT 85.97 490.25 Td (filiates were or) Tj ET Q q 0 0 0 rg BT 145.76 490.25 Td (ganized to provide asset management and other services to the Company) Tj ET Q q 0 0 0 rg BT 436.14 490.25 Td (, NorthStar Realty) Tj ET Q q 0 0 0 rg BT 508.53 490.25 Td (, other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (sponsored public non-traded companies and any other companies the Sponsor may manage in the future \(collectively) Tj ET Q q 0 0 0 rg BT 517.32 478.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (NSAM Managed Companies\), both in the United States and internationally) Tj ET Q q 0 0 0 rg BT 358.79 466.25 Td (. Concurrent with the spin-of) Tj ET Q q 0 0 0 rg BT 476.92 466.25 Td (f, af) Tj ET Q q 0 0 0 rg BT 492.83 466.25 Td (filiates of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (Sponsor entered into a new advisory agreement with the Company and each of the other NSAM Managed Companies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (Pursuant to the Company) Tj ET Q q 0 0 0 rg BT 153.66 442.25 Td (s advisory agreement, NSAM J-NSHC Ltd, an af) Tj ET Q q 0 0 0 rg BT 349.84 442.25 Td (filiate of the Sponsor \(the Advisor\), agreed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (manage the day-to-day operations of the Company on terms substantially similar to those set forth in the Company) Tj ET Q q 0 0 0 rg BT 511.35 430.25 Td (s prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (advisory agreement with NorthStar Healthcare Income ) Tj ET Q q 0 0 0 rg BT 270.53 418.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 302.35 418.25 Td (, LLC \(the Prior ) Tj ET Q q 0 0 0 rg BT 373.17 418.25 Td (Advisor\). References to the Prior ) Tj ET Q q 0 0 0 rg BT 518.96 418.25 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (herein refer to the services performed by and fees paid and accrued to the Prior ) Tj ET Q q 0 0 0 rg BT 367.42 406.25 Td (Advisor during the period prior to June 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 76.82 394.25 Td (The spin-of) Tj ET Q q 0 0 0 rg BT 123.02 394.25 Td (f of NorthStar Realty) Tj ET Q q 0 0 0 rg BT 210.50 394.25 Td (s asset management business had no impact on the Company) Tj ET Q q 0 0 0 rg BT 456.84 394.25 Td (s operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.25 Td (Substantially all business is conducted through NorthStar Healthcare Income Operating Partnership, LP) Tj ET Q q 0 0 0 rg BT 464.04 374.25 Td ( \(the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.25 Td (Partnership\). ) Tj ET Q q 0 0 0 rg BT 110.13 362.25 Td (The Company is the sole general partner of the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 395.70 362.25 Td (The limited partners of the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (Partnership are NorthStar Healthcare Income ) Tj ET Q q 0 0 0 rg BT 231.93 350.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 263.75 350.25 Td (, LLC and NorthStar Healthcare Income OP) Tj ET Q q 0 0 0 rg BT 439.71 350.25 Td ( Holdings, LLC \(the Special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (Unit Holder\), each an af) Tj ET Q q 0 0 0 rg BT 150.66 338.25 Td (filiate of the Sponsor) Tj ET Q q 0 0 0 rg BT 234.26 338.25 Td (. ) Tj ET Q q 0 0 0 rg BT 241.20 338.25 Td (An af) Tj ET Q q 0 0 0 rg BT 263.51 338.25 Td (filiate of the Sponsor invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.99 338.25 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.49 338.25 Td ( in the Operating Partnership in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (exchange for common units and the Special Unit Holder invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.32 326.25 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.82 326.25 Td ( in the Operating Partnership and has been issued a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (separate class of limited partnership units \(the Special Units\), which are collectively recorded as non-controlling interests on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.25 Td (the consolidated balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.89 302.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 302.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.59 302.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.18 302.25 Td (. ) Tj ET Q q 0 0 0 rg BT 384.12 302.25 Td (As the Company accepts subscriptions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (shares, it contributes substantially all of the net proceeds from its continuous, public of) Tj ET Q q 0 0 0 rg BT 396.75 290.25 Td (fering to the Operating Partnership as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.25 Td (capital contribution. ) Tj ET Q q 0 0 0 rg BT 134.48 278.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.92 278.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.19 278.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 300.57 278.25 Td (s limited partnership interest in the Operating Partnership was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.25 Td (99.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 266.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.21 246.25 Td (s charter authorizes the issuance of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.15 246.25 Td (400,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 246.25 Td ( shares of common stock with a par value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.55 246.25 Td ($0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.05 246.25 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.25 Td (share and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.82 234.25 Td (50,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.82 234.25 Td ( shares of preferred stock with a par value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.85 234.25 Td ($0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.35 234.25 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 407.54 234.25 Td (The board of directors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.25 Td (Company is authorized to amend its charter) Tj ET Q q 0 0 0 rg BT 223.49 222.25 Td (, without the approval of the stockholders, to increase the aggregate number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.25 Td (authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (On October 12, 2010, as part of its formation, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.62 190.25 Td (22,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.12 190.25 Td ( shares of common stock to NorthStar Realty for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.03 190.25 Td ($0.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 178.25 Td (. On ) Tj ET Q q 0 0 0 rg BT 100.06 178.25 Td (August 7, 2012, the Company) Tj ET Q q 0 0 0 rg BT 222.83 178.25 Td (s registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 368.28 178.25 Td (1 with the Securities and Exchange Commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (\(the SEC\) to of) Tj ET Q q 0 0 0 rg BT 119.02 166.25 Td (fer a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.44 166.25 Td (1) Tj ET Q q 0 0 0 rg BT 198.07 166.25 Td (10,526,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.07 166.25 Td ( shares of common stock, excluding the initial shares, in a continuous, public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 154.25 Td (fering, of which up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.07 154.25 Td (100,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.07 154.25 Td ( shares are being of) Tj ET Q q 0 0 0 rg BT 274.64 154.25 Td (fered pursuant to the primary of) Tj ET Q q 0 0 0 rg BT 401.91 154.25 Td (fering \(the Primary Of) Tj ET Q q 0 0 0 rg BT 495.86 154.25 Td (fering\) and up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 142.25 Td (10,526,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.78 142.25 Td ( shares are being of) Tj ET Q q 0 0 0 rg BT 182.34 142.25 Td (fered pursuant to the distribution reinvestment plan \(the DRP\), which are herein collectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (referred to as the Of) Tj ET Q q 0 0 0 rg BT 129.83 130.25 Td (fering, was declared ef) Tj ET Q q 0 0 0 rg BT 220.71 130.25 Td (fective. ) Tj ET Q q 0 0 0 rg BT 255.23 130.25 Td (The Company reserves the right to reallocate shares of its common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (being of) Tj ET Q q 0 0 0 rg BT 82.37 118.25 Td (fered between the Primary Of) Tj ET Q q 0 0 0 rg BT 201.02 118.25 Td (fering and the DRP) Tj ET Q q 0 0 0 rg BT 277.40 118.25 Td (. ) Tj ET Q q 0 0 0 rg BT 282.22 118.25 Td (The Company retained NorthStar Realty Securities, LLC \(the Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (Manager\), formerly a subsidiary of NorthStar Realty that became a subsidiary of the Sponsor upon completion of the spin-of) Tj ET Q q 0 0 0 rg BT 552.80 106.25 Td (f, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (to serve as the dealer manager for the Primary Of) Tj ET Q q 0 0 0 rg BT 246.74 94.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 277.93 94.25 Td (The Dealer Manager is responsible for marketing the shares being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 82.25 Td (fered pursuant to the Primary Of) Tj ET Q q 0 0 0 rg BT 187.71 82.25 Td (fering. In ) Tj ET Q q 0 0 0 rg BT 229.36 82.25 Td (April 2014, the Company) Tj ET Q q 0 0 0 rg BT 334.35 82.25 Td (s board of directors determined to extend the Of) Tj ET Q q 0 0 0 rg BT 526.33 82.25 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (for one year to ) Tj ET Q q 0 0 0 rg BT 110.03 70.25 Td (August 7, 2015. ) Tj ET Q q 0 0 0 rg BT 178.74 70.25 Td (The Of) Tj ET Q q 0 0 0 rg BT 207.16 70.25 Td (fering is expected to terminate on the earlier of ) Tj ET Q q 0 0 0 rg BT 396.80 70.25 Td (August 7, 2015 or the date on which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (maximum of) Tj ET Q q 0 0 0 rg BT 100.70 58.25 Td (fering was sold.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 21.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 21.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (On October 2, 2014, the Company filed a registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 356.85 704.10 Td (1 with the SEC to register a follow-on public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 692.10 Td (fering of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.63 692.10 Td ($700.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.53 692.10 Td ( in shares of the Company) Tj ET Q q 0 0 0 rg BT 284.01 692.10 Td (s common stock, consisting of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.67 692.10 Td ($500.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.56 692.10 Td ( in shares in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (follow-on primary of) Tj ET Q q 0 0 0 rg BT 133.74 680.10 Td (fering and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.84 680.10 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.73 680.10 Td ( in shares pursuant to a follow-on distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 519.89 680.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (registration statement for the follow-on of) Tj ET Q q 0 0 0 rg BT 217.33 668.10 Td (fering has not yet been declared ef) Tj ET Q q 0 0 0 rg BT 354.86 668.10 Td (fective by the SEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 107.45 648.10 Td (1, 2013, the Company commenced operations by satisfying the minimum of) Tj ET Q q 0 0 0 rg BT 411.66 648.10 Td (fering requirement in its Primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 636.10 Td (fering as a result of NorthStar Realty purchasing an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.91 636.10 Td (222,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.41 636.10 Td ( shares of common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 636.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.39 636.10 Td (. From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.82 624.10 Td (November1) Tj ET Q q 0 0 0 rg BT 172.16 624.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.16 624.10 Td (, the Company raised total gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.39 624.10 Td ($666.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.28 624.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 596.10 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 171.12 596.10 Td (Accounting Policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 570.70 Td (Basis of Quarterly Pr) Tj ET Q q 0 0 0 rg BT 135.52 570.70 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.70 Td (The accompanying unaudited consolidated financial statements and related notes of the Company have been prepared in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.70 Td (accordance with accounting principles generally accepted in the United States \(U.S. GAAP\) for interim financial reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.70 Td (and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. ) Tj ET Q q 0 0 0 rg BT 332.25 526.70 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 381.58 526.70 Td (, certain information and note disclosures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.70 Td (normally included in the consolidated financial statements prepared under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 395.15 514.70 Td ( have been condensed or omitted. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.70 Td (opinion of management, all adjustments considered necessary for a fair presentation of the Company) Tj ET Q q 0 0 0 rg BT 455.49 502.70 Td (s financial position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.70 Td (results of operations and cash flows have been included and are of a normal and recurring nature. ) Tj ET Q q 0 0 0 rg BT 443.34 490.70 Td (The operating results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.70 Td (presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.70 Td (for the entire year) Tj ET Q q 0 0 0 rg BT 120.30 466.70 Td (. ) Tj ET Q q 0 0 0 rg BT 127.62 466.70 Td (These consolidated financial statements should be read in conjunction with the Company) Tj ET Q q 0 0 0 rg BT 486.69 466.70 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.70 Td (financial statements and notes thereto included in the Company) Tj ET Q q 0 0 0 rg BT 306.10 454.70 Td (s ) Tj ET Q q 0 0 0 rg BT 311.94 454.70 Td (Annual Report on Form 10-K for the fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.35 454.70 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.70 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 442.70 Td (, which was filed with the SEC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 422.70 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.70 Td (The consolidated financial statements include the accounts of the Company) Tj ET Q q 0 0 0 rg BT 350.70 402.70 Td (, the Operating Partnership and their consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.70 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 104.04 390.70 Td (The Company consolidates variable interest entities \(VIE\), if any) Tj ET Q q 0 0 0 rg BT 373.02 390.70 Td (, where the Company is the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.70 Td (beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company) Tj ET Q q 0 0 0 rg BT 512.87 378.70 Td (. ) Tj ET Q q 0 0 0 rg BT 519.82 378.70 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.70 Td (significant intercompany balances are eliminated in consolidation.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 345.3669921875 m 148.3525390625 345.3669921875 l s q 0 0 0 rg BT 49.50 346.70 Td (V) Tj ET Q q 0 0 0 rg BT 55.61 346.70 Td (ariable Interest Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.70 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 326.70 Td ( ) Tj ET Q q 0 0 0 rg BT 58.49 326.70 Td (VIE is an entity that lacks one or more of the characteristics of a voting interest entity) Tj ET Q q 0 0 0 rg BT 400.51 326.70 Td (. ) Tj ET Q q 0 0 0 rg BT 407.45 326.70 Td (A) Tj ET Q q 0 0 0 rg BT 414.12 326.70 Td ( ) Tj ET Q q 0 0 0 rg BT 416.44 326.70 Td (VIE is defined as an entity in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.70 Td (equity investors do not have the characteristics of a controlling financial interest or do not have suf) Tj ET Q q 0 0 0 rg BT 444.75 314.70 Td (ficient equity at risk for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.70 Td (entity to finance its activities without additional subordinated financial support from other parties. ) Tj ET Q q 0 0 0 rg BT 446.17 302.70 Td (The determination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.70 Td (whether an entity is a ) Tj ET Q q 0 0 0 rg BT 137.35 290.70 Td (VIE includes both a qualitative and quantitative analysis. ) Tj ET Q q 0 0 0 rg BT 370.44 290.70 Td (The Company bases its qualitative analysis on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.70 Td (its review of the design of the entity) Tj ET Q q 0 0 0 rg BT 192.98 278.70 Td (, its or) Tj ET Q q 0 0 0 rg BT 218.08 278.70 Td (ganizational structure including decision-making ability and relevant financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.70 Td (agreements and the quantitative analysis on the forecasted cash flow of the entity) Tj ET Q q 0 0 0 rg BT 373.18 266.70 Td (. ) Tj ET Q q 0 0 0 rg BT 380.50 266.70 Td (The Company reassesses its initial evaluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.70 Td (of an entity as a ) Tj ET Q q 0 0 0 rg BT 115.13 254.70 Td (VIE upon the occurrence of certain reconsideration events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.70 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 234.70 Td ( ) Tj ET Q q 0 0 0 rg BT 58.49 234.70 Td (VIE must be consolidated only by its primary beneficiary) Tj ET Q q 0 0 0 rg BT 287.78 234.70 Td (, which is defined as the party who, along with its af) Tj ET Q q 0 0 0 rg BT 496.72 234.70 Td (filiates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.70 Td (agents has both the: \(i\) power to direct the activities that most significantly impact the ) Tj ET Q q 0 0 0 rg BT 395.62 222.70 Td (VIE) Tj ET Q q 0 0 0 rg BT 415.06 222.70 Td (s economic performance; and \(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.70 Td (obligation to absorb the losses of the ) Tj ET Q q 0 0 0 rg BT 198.46 210.70 Td (VIE or the right to receive the benefits from the ) Tj ET Q q 0 0 0 rg BT 391.55 210.70 Td (VIE, which could be significant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.70 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 73.48 198.70 Td (The Company determines whether it is the primary beneficiary of a ) Tj ET Q q 0 0 0 rg BT 345.15 198.70 Td (VIE by considering qualitative and quantitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.70 Td (factors, including, but not limited to: which activities most significantly impact the ) Tj ET Q q 0 0 0 rg BT 383.15 186.70 Td (VIE) Tj ET Q q 0 0 0 rg BT 402.59 186.70 Td (s economic performance and which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.70 Td (party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.70 Td (other interests to provide financial support; consideration of the ) Tj ET Q q 0 0 0 rg BT 306.19 162.70 Td (VIE) Tj ET Q q 0 0 0 rg BT 325.63 162.70 Td (s purpose and design, including the risks the ) Tj ET Q q 0 0 0 rg BT 505.15 162.70 Td (VIE was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.70 Td (designed to create and pass through to its variable interest holders and the similarity with and significance to the business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.70 Td (activities of the Company and the other interests. ) Tj ET Q q 0 0 0 rg BT 250.38 138.70 Td (The Company reassesses its determination of whether it is the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.70 Td (beneficiary of a ) Tj ET Q q 0 0 0 rg BT 114.56 126.70 Td (VIE each reporting period. Significant judgments related to these determinations include estimates about the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.70 Td (current and future fair value and performance of investments held by these ) Tj ET Q q 0 0 0 rg BT 350.31 114.70 Td (VIEs and general market conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.70 Td (The Company evaluates its investments and financings, including investments in unconsolidated ventures and securitization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.70 Td (financing transactions, if any) Tj ET Q q 0 0 0 rg BT 164.92 82.70 Td (, to determine whether they are a ) Tj ET Q q 0 0 0 rg BT 298.57 82.70 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 322.55 82.70 Td (The Company analyzes new investments and financings, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.70 Td (well as reconsideration events for existing investments and financings, which vary depending on type of investment or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.70 Td (financing. ) Tj ET Q q 0 0 0 rg BT 94.21 58.70 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.66 58.70 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.92 58.70 Td (, the Company has not identified any ) Tj ET Q q 0 0 0 rg BT 348.71 58.70 Td (VIEs related to its investments or financing.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 702.7669921875 m 141.5263671875 702.7669921875 l s q 0 0 0 rg BT 49.50 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.43 704.10 Td (oting Interest Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 684.10 Td ( voting interest entity is an entity in which the total equity investment at risk is suf) Tj ET Q q 0 0 0 rg BT 384.83 684.10 Td (ficient to enable it to finance its activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (independently and the equity holders have the power to direct the activities of the entity that most significantly impact its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity) Tj ET Q q 0 0 0 rg BT 557.02 660.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (the Company has a majority voting interest in a voting interest entity) Tj ET Q q 0 0 0 rg BT 324.08 636.10 Td (, the entity will generally be consolidated. ) Tj ET Q q 0 0 0 rg BT 496.62 636.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (a single party) Tj ET Q q 0 0 0 rg BT 102.72 612.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (have become ) Tj ET Q q 0 0 0 rg BT 104.29 580.10 Td (VIEs, based on certain events, and therefore subject to the ) Tj ET Q q 0 0 0 rg BT 339.02 580.10 Td (VIE consolidation framework.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 558.7669921875 m 210.6767578125 558.7669921875 l s q 0 0 0 rg BT 49.50 560.10 Td (Investments in Unconsolidated ) Tj ET Q q 0 0 0 rg BT 175.69 560.10 Td (V) Tj ET Q q 0 0 0 rg BT 181.80 560.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (The Company has non-controlling, unconsolidated ownership interests in entities that may be accounted for using the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (method, at fair value or the cost method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (entity) Tj ET Q q 0 0 0 rg BT 75.05 496.10 Td (s net income \(loss\). Capital contributions, distributions and net income \(loss\) of such entities are recorded in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (with the terms of the governing documents. ) Tj ET Q q 0 0 0 rg BT 228.08 484.10 Td (An allocation of net income \(loss\) may dif) Tj ET Q q 0 0 0 rg BT 397.58 484.10 Td (fer from the stated ownership percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (interest in such entity as a result of preferred returns and allocation formulas, if any) Tj ET Q q 0 0 0 rg BT 382.35 472.10 Td (, as described in such governing documents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. ) Tj ET Q q 0 0 0 rg BT 530.28 452.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Company may account for investments that do not qualify for equity method accounting or for which the fair value option was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (capital, which is recorded as a reduction of cost of the investment.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 382.7669921875 m 150.310546875 382.7669921875 l s q 0 0 0 rg BT 49.50 384.10 Td (Non-controlling Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 364.10 Td ( non-controlling interest in a consolidated subsidiary is defined as the portion of the equity \(net assets\) in a subsidiary not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (attributable, directly or indirectly) Tj ET Q q 0 0 0 rg BT 181.58 352.10 Td (, to the Company) Tj ET Q q 0 0 0 rg BT 249.81 352.10 Td (. ) Tj ET Q q 0 0 0 rg BT 256.76 352.10 Td (A) Tj ET Q q 0 0 0 rg BT 263.43 352.10 Td ( non-controlling interest is required to be presented as a separate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (component of equity on the consolidated balance sheets and presented separately as net income \(loss\) and other comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (income \(loss\) \(OCI\) attributable to controlling and non-controlling interests. ) Tj ET Q q 0 0 0 rg BT 368.04 328.10 Td (An allocation to a non-controlling interest may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 316.10 Td (fer from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any) Tj ET Q q 0 0 0 rg BT 559.31 316.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (as described in such governing documents.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (The preparation of consolidated financial statements in conformity with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 386.27 264.10 Td ( requires management to make estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (and assumptions that could af) Tj ET Q q 0 0 0 rg BT 168.19 252.10 Td (fect the amounts reported in the consolidated financial statements and accompanying notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (Actual results could materially dif) Tj ET Q q 0 0 0 rg BT 185.95 240.10 Td (fer from those estimates and assumptions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 83.33 200.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 107.17 200.10 Td (period ) Tj ET Q q 0 0 0 rg BT 137.12 200.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 175.40 200.10 Td (have ) Tj ET Q q 0 0 0 rg BT 198.68 200.10 Td (been ) Tj ET Q q 0 0 0 rg BT 221.95 200.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 271.88 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.06 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.68 200.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 355.62 200.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.00 200.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 441.61 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.79 200.10 Td (conform ) Tj ET Q q 0 0 0 rg BT 492.06 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.24 200.10 Td (current ) Tj ET Q q 0 0 0 rg BT 536.95 200.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (presentation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (Compr) Tj ET Q q 0 0 0 rg BT 76.91 168.10 Td (ehensive Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (The Company reports consolidated comprehensive income \(loss\) in separate statements following the consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (of operations. Comprehensive income \(loss\) is defined as the change in equity resulting from net income \(loss\) and OCI.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (Operating Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (tangible assets such as land, building, furniture and fixtures, improvements and other identified intangibles. Major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (Ordinary repairs and maintenance are expensed as incurred. Operating real estate is carried at historical cost less accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets. ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (the consolidated statements of operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.10 Td (Debt investments are generally intended to be held to maturity and, accordingly) Tj ET Q q 0 0 0 rg BT 367.64 652.10 Td (, are carried at cost, net of unamortized loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (fees, premium, discount and unfunded commitments. Debt investments that are deemed to be impaired are carried at amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Debt investments where the Company does ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (not have the intent to hold the loan for the foreseeable future or until its expected payof) Tj ET Q q 0 0 0 rg BT 398.65 616.10 Td (f are classified as held for sale and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (recorded at the lower of cost or estimated value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (The Company classifies its securities investments as available for sale on the acquisition date, which are carried at fair value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (Unrealized gains \(losses\) are recorded as a component of accumulated OCI in the consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 510.91 552.10 Td (. However) Tj ET Q q 0 0 0 rg BT 554.66 552.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (the Company may elect the fair value option for certain of its available for sale securities, and as a result, any unrealized gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (\(losses\) on such securities are recorded in unrealized gain \(loss\) on investments and other in the consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (Acquisition Fees and Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (The total of all acquisition fees and expenses for an investment, including acquisition fees to the ) Tj ET Q q 0 0 0 rg BT 436.34 476.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 468.16 476.10 Td (, cannot exceed, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.36 464.10 Td (6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.19 464.10 Td ( of the contract purchase price of such investment unless such excess is approved by a majority of the directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (including independent directors. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.74 452.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.28 452.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.78 452.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.04 452.10 Td (, total acquisition fees and expenses did not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (exceed the allowed limit for any investment. ) Tj ET Q q 0 0 0 rg BT 231.95 440.10 Td (An acquisition fee paid to the ) Tj ET Q q 0 0 0 rg BT 351.92 440.10 Td (Advisor related to the origination or acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (debt investments is included in debt investments, net on the consolidated balance sheets and is amortized to interest income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (over the life of the investment using the ef) Tj ET Q q 0 0 0 rg BT 218.71 416.10 Td (fective interest method. ) Tj ET Q q 0 0 0 rg BT 317.29 416.10 Td (An acquisition fee incurred related to an equity investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (will generally be expensed as incurred.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 362.7669921875 m 137.244140625 362.7669921875 l s q 0 0 0 rg BT 49.50 364.10 Td (Operating Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (Rental and escalation income, if any) Tj ET Q q 0 0 0 rg BT 194.35 344.10 Td (, from operating real estate is derived from leasing of space to various types of healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (operators. ) Tj ET Q q 0 0 0 rg BT 94.03 332.10 Td (The leases are for fixed terms of varying length and generally provide for annual rentals to be paid in monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. ) Tj ET Q q 0 0 0 rg BT 518.06 320.10 Td (The excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (of rents recognized over amounts contractually due pursuant to the underlying leases is included in receivables on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (consolidated balance sheets. Escalation income, if any) Tj ET Q q 0 0 0 rg BT 268.49 296.10 Td (, represents revenue from operator leases which provide for the recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property) Tj ET Q q 0 0 0 rg BT 539.24 284.10 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (applicable. ) Tj ET Q q 0 0 0 rg BT 97.91 272.10 Td (This revenue is accrued in the same period as the expenses are incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (The Company also generates operating income from healthcare properties permitted by the REIT) Tj ET Q q 0 0 0 rg BT 438.07 252.10 Td ( Investment Diversification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (and Empowerment ) Tj ET Q q 0 0 0 rg BT 127.26 240.10 Td (Act of 2007 \(RIDEA\). Revenue related to healthcare properties includes resident room and care char) Tj ET Q q 0 0 0 rg BT 541.35 240.10 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (and other resident char) Tj ET Q q 0 0 0 rg BT 140.67 228.10 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 206.76699218750002 m 167.5224609375 206.76699218750002 l s q 0 0 0 rg BT 49.50 208.10 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (over the life of the investment using the ef) Tj ET Q q 0 0 0 rg BT 218.71 176.10 Td (fective interest method. ) Tj ET Q q 0 0 0 rg BT 317.66 176.10 Td (The amortization is reflected as an adjustment to interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (income in the consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 263.99 164.10 Td (The amortization of a premium or accretion of a discount is discontinued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (if such loan is reclassified to held for sale.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 130.76699218750002 m 136.6923828125 130.76699218750002 l s q 0 0 0 rg BT 49.50 132.10 Td (Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (Interest income is recognized using the ef) Tj ET Q q 0 0 0 rg BT 215.93 112.10 Td (fective interest method with any premium or discount amortized or accreted through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (earnings based on expected cash flow through the expected maturity date of the security) Tj ET Q q 0 0 0 rg BT 401.22 100.10 Td (. Changes to expected cash flow may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (other securities to recognize interest income.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 59.69 704.10 Td (edit Losses and Impairment on Investments) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 682.7669921875 m 137.244140625 682.7669921875 l s q 0 0 0 rg BT 49.50 684.10 Td (Operating Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.21 664.10 Td (s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary) Tj ET Q q 0 0 0 rg BT 453.71 664.10 Td (, to assess whether there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.10 Td (are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. ) Tj ET Q q 0 0 0 rg BT 555.69 652.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.36 652.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (property) Tj ET Q q 0 0 0 rg BT 86.16 640.10 Td (s value is considered impaired if the Company) Tj ET Q q 0 0 0 rg BT 274.72 640.10 Td (s estimate of the aggregate expected future undiscounted cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (generated by the property is less than the carrying value. In conducting this review) Tj ET Q q 0 0 0 rg BT 381.80 628.10 Td (, the Company considers U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (macroeconomic factors, real estate and healthcare sector conditions and asset specific and other factors. ) Tj ET Q q 0 0 0 rg BT 468.86 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 474.27 616.10 Td (o the extent an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (and recorded in impairment on operating real estate in the consolidated statements of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (An allowance for a doubtful account for an operator/resident receivable is established based on a periodic review of aged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (receivables resulting from estimated losses due to the inability of operator/resident to make required rent and other payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (contractually due. ) Tj ET Q q 0 0 0 rg BT 125.58 548.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 175.49 548.10 Td (, the Company establishes, on a current basis, an allowance for future operator/resident credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (losses on unbilled rent receivable based on an evaluation of the collectability of such amounts.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 514.7669921875 m 167.5224609375 514.7669921875 l s q 0 0 0 rg BT 49.50 516.10 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (Loans are considered impaired when, based on current information and events, it is probable that the Company will not be able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (to collect principal and interest amounts due according to the contractual terms. ) Tj ET Q q 0 0 0 rg BT 372.54 484.10 Td (The Company assesses the credit quality of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (portfolio and adequacy of loan loss reserves on a quarterly basis or more frequently as necessary) Tj ET Q q 0 0 0 rg BT 435.11 472.10 Td (. Significant judgment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (Company is required in this analysis. ) Tj ET Q q 0 0 0 rg BT 202.63 460.10 Td (The Company considers the estimated net recoverable value of the loan as well as other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (realized may dif) Tj ET Q q 0 0 0 rg BT 114.29 412.10 Td (fer materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (with a corresponding char) Tj ET Q q 0 0 0 rg BT 153.45 388.10 Td (ge to provision for loan losses. ) Tj ET Q q 0 0 0 rg BT 281.03 388.10 Td (The loan loss reserve for each loan is maintained at a level that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (determined to be adequate by management to absorb probable losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (Income recognition is suspended for a loan at the earlier of the date at which payments become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.42 356.10 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.42 356.10 Td (-days past due or when, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (opinion of the Company) Tj ET Q q 0 0 0 rg BT 146.34 344.10 Td (, a full recovery of income and principal becomes doubtful. ) Tj ET Q q 0 0 0 rg BT 388.58 344.10 Td (When the ultimate collectability of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. ) Tj ET Q q 0 0 0 rg BT 496.96 332.10 Td (When the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (performance is demonstrated to be resumed. ) Tj ET Q q 0 0 0 rg BT 231.11 296.10 Td (A) Tj ET Q q 0 0 0 rg BT 237.78 296.10 Td ( loan is written of) Tj ET Q q 0 0 0 rg BT 308.14 296.10 Td (f when it is no longer realizable and/or legally dischar) Tj ET Q q 0 0 0 rg BT 523.71 296.10 Td (ged. ) Tj ET Q q 0 0 0 rg BT 545.10 296.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 284.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.59 284.10 Td (, the Company did not have any impaired real estate debt investments.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 262.7669921875 m 136.6923828125 262.7669921875 l s q 0 0 0 rg BT 49.50 264.10 Td (Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (Securities for which the fair value option is elected are not evaluated for other) Tj ET Q q 0 0 0 rg BT 361.12 244.10 Td (-than-temporary impairment \(OTTI\) as any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (to realized gain \(loss\) on investments and other as losses occur) Tj ET Q q 0 0 0 rg BT 299.99 220.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Securities for which the fair value option is not elected are evaluated for OTTI quarterly) Tj ET Q q 0 0 0 rg BT 401.49 200.10 Td (. Impairment of a security is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (considered to be other) Tj ET Q q 0 0 0 rg BT 137.88 188.10 Td (-than-temporary when: \(i\) the holder has the intent to sell the impaired security; \(ii\) it is more likely than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (not the holder will be required to sell the security; or \(iii\) the holder does not expect to recover the entire amortized cost of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (security) Tj ET Q q 0 0 0 rg BT 80.51 164.10 Td (. ) Tj ET Q q 0 0 0 rg BT 87.83 164.10 Td (When a security has been deemed to be other) Tj ET Q q 0 0 0 rg BT 268.66 164.10 Td (-than-temporarily impaired due to \(i\) or \(ii\), the security is written down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of \(iii\), the security is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (written down to its fair value and the amount of OTTI is then bifurcated into: \(a\) the amount related to expected credit losses; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (and \(b\) the amount related to fair value adjustments in excess of expected credit losses. ) Tj ET Q q 0 0 0 rg BT 402.81 128.10 Td (The portion of OTTI related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (expected credit losses is recognized in the consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 377.27 116.10 Td (The remaining OTTI related to the valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 457.62 104.10 Td (. ) Tj ET Q q 0 0 0 rg BT 464.94 104.10 Td (The portion of OTTI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (recognized through OCI are amortized over the life of the security with no impact on earnings. Real estate securities which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (change in expected cash flow) Tj ET Q q 0 0 0 rg BT 166.58 56.10 Td (. ) Tj ET Q q 0 0 0 rg BT 173.89 56.10 Td (The amount of OTTI is then bifurcated as discussed above.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Or) Tj ET Q q 0 0 0 rg BT 60.24 704.10 Td (ganization and Offering Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 684.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 98.82 684.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 134.18 684.10 Td (filiates, is entitled to receive reimbursement for costs paid on behalf of the Company in connection with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (the Of) Tj ET Q q 0 0 0 rg BT 74.59 672.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 105.78 672.10 Td (The Company is obligated to reimburse the ) Tj ET Q q 0 0 0 rg BT 281.03 672.10 Td (Advisor for or) Tj ET Q q 0 0 0 rg BT 338.06 672.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 407.30 672.10 Td (fering costs to the extent the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (of selling commissions, dealer manager fees and other or) Tj ET Q q 0 0 0 rg BT 277.30 660.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 346.54 660.10 Td (fering costs do not exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.45 660.10 Td (15.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.28 660.10 Td ( of gross of) Tj ET Q q 0 0 0 rg BT 524.37 660.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (proceeds from the Primary Of) Tj ET Q q 0 0 0 rg BT 169.28 648.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 200.48 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 217.97 648.10 Td (Advisor does not expect reimbursable or) Tj ET Q q 0 0 0 rg BT 380.25 648.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 449.49 648.10 Td (fering costs to exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.89 648.10 Td ($15.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 636.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.22 636.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.05 636.10 Td ( of the total proceeds available to be raised from the Primary Of) Tj ET Q q 0 0 0 rg BT 370.33 636.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 401.53 636.10 Td (The Company records or) Tj ET Q q 0 0 0 rg BT 501.04 636.10 Td (ganization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 624.10 Td (fering costs each period based upon an allocation determined by the expectation of total or) Tj ET Q q 0 0 0 rg BT 419.56 624.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 488.80 624.10 Td (fering costs to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (reimbursed. Or) Tj ET Q q 0 0 0 rg BT 112.36 612.10 Td (ganization costs are recorded as an expense in general and administrative expenses in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (statements of operations and of) Tj ET Q q 0 0 0 rg BT 174.29 600.10 Td (fering costs are recorded as a reduction to equity) Tj ET Q q 0 0 0 rg BT 368.00 600.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (Refer to Note 2 of the Company) Tj ET Q q 0 0 0 rg BT 181.14 560.10 Td (s ) Tj ET Q q 0 0 0 rg BT 186.98 560.10 Td (Annual Report on Form 10-K for the fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.38 560.10 Td (year ended December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.05 560.10 Td ( for further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (disclosure of the Company) Tj ET Q q 0 0 0 rg BT 159.76 548.10 Td (s significant accounting policies.) 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187.60 34.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 187.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 187.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.00 187.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 187.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 187.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 187.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.00 187.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 539.00 187.60 44.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 267.6 m 109 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 113 267.6 m 139 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143 267.6 m 185 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189 267.6 m 235 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 267.6 m 283 267.6 l s 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187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 187.60000000000002 m 583 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 175.60000000000002 m 283 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 173.60000000000002 m 283 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 175.60000000000002 m 325 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 173.60000000000002 m 325 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 175.60000000000002 m 353 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 173.60000000000002 m 353 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 175.60000000000002 m 439 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 173.60000000000002 m 439 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 175.60000000000002 m 487 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 173.60000000000002 m 487 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 175.60000000000002 m 583 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 539 173.60000000000002 m 583 173.60000000000002 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 70.85 278.66 Td (Acquisition) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 81.00 271.66 Td (Date) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 115.50 271.66 Td (T) Tj ET Q q 0 0 0 rg BT 119.65 271.66 Td (ype) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 130.15 274.83 Td (\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 146.15 271.66 Td (Description) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 202.75 271.66 Td (Name) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.75 278.66 Td (Pur) Tj ET Q q 0 0 0 rg BT 257.90 278.66 Td (chase ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 245.95 271.66 Td (Price ) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 263.24 274.83 Td (\(2\) \(3\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 290.00 271.66 Td (Properties) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.50 271.66 Td (Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.85 278.66 Td (Primary) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.25 271.66 Td (Location) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.50 271.66 Td (Financing) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 454.35 271.66 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 495.95 278.66 Td (Ownership) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 500.90 271.66 Td (Interest) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 542.65 278.66 Td (Transaction) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 552.30 271.66 Td (Costs) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 258.65 Td (January) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 251.65 Td (2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 118.85 251.65 Td (ALF) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 154.35 258.65 Td (Senior) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.60 251.65 Td (Housing) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 200.00 258.65 Td (Harvard) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 201.75 251.65 Td (Square) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.50 251.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.60 251.65 Td (33,926,971) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.75 251.65 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 335.25 251.65 Td (183) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 368.60 251.65 Td (CO) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 397.50 251.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.60 251.65 Td (21,500,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.50 251.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.60 251.65 Td (10,713,580) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 516.40 251.65 Td (97.0) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.65 251.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 541.50 251.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 557.40 251.65 Td (432,641) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 238.65 Td (February) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 231.65 Td (2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 120.25 231.65 Td (ILF) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 154.35 238.65 Td (Senior) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.60 231.65 Td (Housing) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 198.25 231.65 Td (Parkview) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.60 231.65 Td (39,903,574) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.75 231.65 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 335.25 231.65 Td (202) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 368.80 231.65 Td (TX) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.60 231.65 Td (20,000,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.60 231.65 Td (19,459,623) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 516.40 231.65 Td (97.0) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.65 231.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 557.40 231.65 Td (574,802) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 218.65 Td (February) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 211.65 Td (2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 118.85 211.65 Td (ALF) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 154.35 218.65 Td (Senior) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.60 211.65 Td (Housing) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 192.45 211.65 Td (Cheektowaga) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.60 211.65 Td (12,500,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.75 211.65 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 335.25 211.65 Td (100) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 368.55 211.65 Td (NY) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.15 211.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 452.60 211.65 Td (12,500,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 512.90 211.65 Td (100.0) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.65 211.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 557.40 211.65 Td (139,797) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 198.65 Td (September) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 191.65 Td (2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 118.85 191.65 Td (ALF) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 154.35 198.65 Td (Senior) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 151.60 191.65 Td (Housing) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 201.75 198.65 Td (Arbors ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 196.40 191.65 Td (Portfolio) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 221.29 194.82 Td (\(4\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 245.10 191.65 Td (125,129,574) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.75 191.65 Td (4) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 335.25 191.65 Td (570) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 368.55 191.65 Td (NY) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.15 191.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.10 191.65 Td (125,129,574) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 512.90 191.65 Td (100.0) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 528.65 191.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.10 191.65 Td (1,627,579) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 70.50 178.65 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.50 178.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 245.10 178.65 Td (211,460,119) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.75 178.65 Td (7) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 333.50 178.65 Td (1055) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 397.50 178.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.60 178.65 Td (41,500,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.50 178.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 449.10 178.65 Td (167,802,777) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 541.50 178.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.10 178.65 Td (2,774,819) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 165.50 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 155.90 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 155.90 Td (Classification based on predominant services provided, but may include other services.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 146.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 146.30 Td (Based on cost which includes net purchase price allocation related to net intangibles, deferred costs and other assets, if any) Tj ET Q q 0 0 0 rg BT 477.96 146.30 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 136.70 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 136.70 Td (Excludes the Company) Tj ET Q q 0 0 0 rg BT 161.93 136.70 Td (s interest in properties held through unconsolidated joint ventures of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.33 136.70 Td ($29.4 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.44 136.70 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 127.10 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 127.10 Td (Each facility in the ) Tj ET Q q 0 0 0 rg BT 147.70 127.10 Td (Arbors Portfolio is ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.70 127.10 Td (100%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.36 127.10 Td ( leased to ) Tj ET Q q 0 0 0 rg BT 260.13 127.10 Td (Arcadia Management, Inc. \(Arcadia\) pursuant to a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.50 127.10 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 127.10 Td (-year) Tj ET Q q 0 0 0 rg BT 454.61 127.10 Td (, cross-defaulted net lease, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 117.50 Td (whereby the tenant, ) Tj ET Q q 0 0 0 rg BT 149.92 117.50 Td (Arcadia, is responsible for substantially all of the operating expenses at each facility) Tj ET Q q 0 0 0 rg BT 418.87 117.50 Td (. For the three and nine months ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 107.90 Td (September30, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.71 107.90 Td (, the Company recognized ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.68 107.90 Td ($1.2 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.80 107.90 Td ( of losses from ) Tj ET Q q 0 0 0 rg BT 323.68 107.90 Td (Arbors Portfolio. Contributing to the loss for the three and nine months ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 98.30 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 106.60 98.30 Td (September30, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 170.81 98.30 Td (, was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 189.25 98.30 Td ($1.8 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.37 98.30 Td ( related to transaction costs and depreciation expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.30 Td (The following table presents unaudited consolidated pro forma results of operations based on the Company) Tj ET Q q 0 0 0 rg BT 481.06 74.30 Td (s historical financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.30 Td (statements and adjusted for the acquisition of the ) Tj ET Q q 0 0 0 rg BT 247.23 62.30 Td (Arbors Portfolio investment as if it occurred on January 1, 2013. ) Tj ET Q q 0 0 0 rg BT 507.83 62.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.30 Td (unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (future and exclude transaction costs: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 647.60 320.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 647.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 647.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 647.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 647.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 647.60 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 647.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 647.60 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 613.60 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 613.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 613.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 613.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 613.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 613.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 613.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 613.60 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 660.6 m 414 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 660.6 m 418 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 660.6 m 463 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 660.6 m 512 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 660.6 m 516 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 660.6 m 562 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 647.6 m 414 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 660.6 m 463 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 647.6 m 463 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 660.6 m 512 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 647.6 m 512 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 660.6 m 516 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 660.6 m 562 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 647.6 m 562 647.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.10 672.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.10 664.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 672.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.60 664.83 Td (September 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 651.85 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.00 651.85 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.00 651.85 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.50 651.85 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 639.20 Td (Pro forma total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 638.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 638.85 Td (10,978,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.50 638.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.75 638.85 Td (2,761,334) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.50 638.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.75 638.85 Td (26,554,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 638.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 638.85 Td (8,111,888) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 626.20 Td (Pro forma net income \(loss\) attributable to NorthStar Healthcare Income, Inc. common) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 618.20 Td (stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 617.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.10 617.85 Td (\(824,050) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 617.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.50 617.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.75 617.85 Td (1,918,077) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.50 617.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.10 617.85 Td (\(1,045,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 617.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 617.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 617.85 Td (5,662,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 604.70 Td (Pro forma net income \(loss\) per share of common stock, basic/diluted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.50 603.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.10 603.85 Td (\(0.11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 603.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.50 603.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.75 603.85 Td (9.02) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.50 603.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.10 603.85 Td (\(0.04) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 603.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 603.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 603.85 Td (13.06) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (The Company estimated the fair value of the assets and liabilities for all real estate acquired at the date of acquisition. ) Tj ET Q q 0 0 0 rg BT 524.98 580.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (following table presents the preliminary allocation of purchase price of the operating real estate assets acquired and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (assumed or issued \(including financing entered into contemporaneous with the acquisition\) for acquisitions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.07 556.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.07 556.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.51 556.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.51 556.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (that continue to be subject to refinement upon receipt of all information:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 513.60 251.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 513.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 513.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 489.60 251.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 489.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 489.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 465.60 251.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 465.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 465.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 441.60 251.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 441.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 441.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 417.60 251.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 417.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 417.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 393.60 251.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 393.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 393.60 55.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 477.6 m 397 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 477.6 m 397 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 466.6 m 397 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 464.6 m 397 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 464.6 m 397 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 466.6 m 397 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 429.6 m 397 429.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 393.6 m 397 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 393.6 m 397 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 381.6 m 397 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 370.6 m 397 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 368.6 m 397 368.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 517.68 Td (Assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 505.55 Td (Land) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 505.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.75 505.55 Td (20,035,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 493.55 Td (Buildings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.75 493.55 Td (242,023,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 481.55 Td (Other assets acquired ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 158.92 485.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 481.55 Td (6,944,371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 469.55 Td (Total assets acquired) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 469.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.75 469.55 Td (269,002,668) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 457.68 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 457.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 445.55 Td (Mortgage notes payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 445.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.75 445.55 Td (59,813,425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 433.55 Td (Other liabilities assumed) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 168.04 437.18 Td ( \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 433.55 Td (1,598,288) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 421.55 Td (Total liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.75 421.55 Td (61,411,713) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 409.55 Td (Total NorthStar Healthcare Income, Inc. stockholders equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.75 409.55 Td (206,386,274) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 397.55 Td (Non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.75 397.55 Td (1,204,681) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 385.55 Td (Total equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.75 385.55 Td (207,590,955) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 373.55 Td (Total liabilities and equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 373.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.75 373.55 Td (269,002,668) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 360.50 Td (____________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 350.90 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 350.90 Td (Primarily includes deferred costs and escrowed amounts, as applicable.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 341.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 341.30 Td (Primarily includes prepaid rent and security deposits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 321.30 Td (4. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 321.30 Td (Investments in Unconsolidated ) Tj ET Q q 0 0 0 rg BT 200.95 321.30 Td (V) Tj ET Q q 0 0 0 rg BT 207.25 321.30 Td (entur) Tj ET Q q 0 0 0 rg BT 230.40 321.30 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.30 Td (The following is a description of the Company) Tj ET Q q 0 0 0 rg BT 239.19 301.30 Td (s investments in unconsolidated ventures. ) Tj ET Q q 0 0 0 rg BT 410.37 301.30 Td (The below investments are accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 289.30 Td (for under the equity method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.30 Td (In May 2014, the Company) Tj ET Q q 0 0 0 rg BT 159.11 269.30 Td (, through a general partnership with NorthStar Realty \(refer to Note 7\), entered into a joint venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.30 Td (with an af) Tj ET Q q 0 0 0 rg BT 89.30 257.30 Td (filiate of Formation Capital, LLC to acquire an interest in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.68 257.30 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.79 257.30 Td ( healthcare real estate portfolio comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.30 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.77 245.30 Td (8,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.27 245.30 Td ( units/beds across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.32 245.30 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.32 245.30 Td ( senior housing facilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.79 245.30 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.79 245.30 Td ( skilled nursing facilities and memory care facilities, located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.30 Td (primarily in Florida, Illinois, Oregon and ) Tj ET Q q 0 0 0 rg BT 215.96 233.30 Td (T) Tj ET Q q 0 0 0 rg BT 221.37 233.30 Td (exas. ) Tj ET Q q 0 0 0 rg BT 243.96 233.30 Td (The Company contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.43 233.30 Td ($23.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.33 233.30 Td ( for an approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.40 233.30 Td (5.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.23 233.30 Td ( interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.30 Td (the joint venture. ) Tj ET Q q 0 0 0 rg BT 121.99 221.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.43 221.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.69 221.30 Td (, the carrying value of the Company) Tj ET Q q 0 0 0 rg BT 373.59 221.30 Td (s investment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.42 221.30 Td ($23.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.31 221.30 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.92 221.30 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.30 Td (and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.66 209.30 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.48 209.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.74 209.30 Td (, the Company recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.21 209.30 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.10 209.30 Td ( of equity in earnings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.52 209.30 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.41 209.30 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.30 Td (equity in losses, respectively) Tj ET Q q 0 0 0 rg BT 163.83 197.30 Td (. Contributing to the loss for the nine months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.42 197.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.68 197.30 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.73 197.30 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.62 197.30 Td ( related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.30 Td (to transaction costs and depreciation expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.30 Td (In September 2014, the Company) Tj ET Q q 0 0 0 rg BT 186.98 165.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.37 165.30 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.26 165.30 Td ( subordinate interest investment was exchanged for an approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.11 165.30 Td (1) Tj ET Q q 0 0 0 rg BT 518.74 165.30 Td (1.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.57 165.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.30 Td (interest in a joint venture with af) Tj ET Q q 0 0 0 rg BT 179.84 153.30 Td (filiates of Formation Capital, LLC and Safanad Management Limited. ) Tj ET Q q 0 0 0 rg BT 462.64 153.30 Td (The joint venture owns a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.30 Td ($145.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 141.30 Td ( portfolio, subject to certain earn-out provisions, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.01 141.30 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.01 141.30 Td ( skilled nursing facilities comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.09 141.30 Td (1,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.59 141.30 Td ( beds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.30 Td (located in ) Tj ET Q q 0 0 0 rg BT 90.97 129.30 Td (V) Tj ET Q q 0 0 0 rg BT 97.59 129.30 Td (ir) Tj ET Q q 0 0 0 rg BT 103.52 129.30 Td (ginia, Maryland and Pennsylvania. ) Tj ET Q q 0 0 0 rg BT 244.60 129.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.05 129.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.31 129.30 Td (, the carrying value of the Company) Tj ET Q q 0 0 0 rg BT 496.21 129.30 Td (s investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.30 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 117.30 Td ($5.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.44 117.30 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.55 117.30 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.19 117.30 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.02 117.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.28 117.30 Td (, the Company recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.75 117.30 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.64 117.30 Td ( of equity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.30 Td (earnings.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (5. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 704.25 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (The following table presents debt investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.79 684.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.05 684.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 624.75 79.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.00 624.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 624.75 36.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.00 624.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 624.75 50.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 624.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 624.75 50.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 624.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 624.75 51.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 624.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 624.75 46.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 624.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 624.75 50.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 624.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 624.75 46.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 591.75 79.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.00 591.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.00 591.75 36.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.00 591.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 591.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 591.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 591.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 591.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.00 591.75 51.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 591.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 591.75 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 591.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 591.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 591.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 591.75 46.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 659.75 m 418 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 659.75 m 422 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 659.75 m 472 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86 624.75 m 165 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 624.75 m 205 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 624.75 m 259 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 624.75 m 313 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 624.75 m 368 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 624.75 m 418 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 624.75 m 472 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 624.75 m 522 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 591.75 m 205 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 571.75 m 205 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169 569.75 m 205 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 591.75 m 259 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 571.75 m 259 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 569.75 m 259 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 591.75 m 313 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 571.75 m 313 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 569.75 m 313 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 591.75 m 368 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 571.75 m 368 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317 569.75 m 368 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 591.75 m 418 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 571.75 m 418 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 569.75 m 418 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 591.75 m 472 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 571.75 m 472 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 569.75 m 472 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 591.75 m 522 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 571.75 m 522 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 569.75 m 522 569.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 663.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 171.50 663.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.50 663.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.50 663.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.55 663.98 Td (Weighted Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.25 660.98 Td (Floating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.90 652.98 Td (Rate as) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.15 644.98 Td (% of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.70 636.98 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.45 628.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 628.98 Td (Asset Type:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 171.50 628.98 Td (Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.70 636.98 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.45 628.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.70 636.98 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.85 628.98 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.40 651.83 Td (Allocation ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.75 643.83 Td (by ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.85 635.83 Td (Investment ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.55 627.83 Td (T) Tj ET Q q 0 0 0 rg BT 335.29 627.83 Td (ype) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 347.29 631.46 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.30 644.98 Td (Spr) Tj ET Q q 0 0 0 rg BT 394.60 644.98 Td (ead) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.00 636.98 Td (over) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.55 628.98 Td (LIBOR) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 404.34 632.61 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.75 651.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.90 643.83 Td (Unleveraged) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.55 635.83 Td (Current) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 627.83 Td (Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 611.00 Td (First mortgage loans) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 154.27 614.63 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.50 611.00 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.50 611.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 611.00 Td (25,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.50 611.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.75 611.00 Td (25,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 611.00 Td (17.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 611.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.75 611.00 Td (8.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 611.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 611.00 Td (8.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.80 611.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.75 611.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 611.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 596.00 Td (Mezzanine loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.50 596.00 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.75 596.00 Td (120,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.75 596.00 Td (120,515,978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 596.00 Td (82.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 596.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.75 596.00 Td (10.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 596.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.75 596.00 Td (10.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.80 596.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.75 596.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 596.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 583.00 Td (Total/Weighted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 575.00 Td (Average) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 184.50 575.00 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.50 575.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.75 575.00 Td (145,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.50 575.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.75 575.00 Td (146,402,978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.75 575.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 575.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.75 575.00 Td (9.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.80 575.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.75 575.00 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.80 575.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.75 575.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.80 575.00 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 561.65 Td (__________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 552.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 103.50 552.05 Td (As of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.05 552.05 Td (September30, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.27 552.05 Td (, all of the Company) Tj ET Q q 0 0 0 rg BT 255.03 552.05 Td (s first mortgage loans were subject to a London Interbank Of) Tj ET Q q 0 0 0 rg BT 449.94 552.05 Td (fered Rate ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 542.45 Td (\(LIBOR\) floor with the weighted average of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.33 542.45 Td (0.6%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.00 542.45 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 532.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 103.50 532.85 Td (Based on principal amount.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 523.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 103.50 523.25 Td (Includes a fixed minimum LIBOR rate \(LIBOR floor\), as applicable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 503.25 Td (ear to date through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.47 503.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.73 503.25 Td (, the Company invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.94 503.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.93 503.25 Td ( loans with a principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.62 503.25 Td ($134.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.51 503.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (The following table presents debt investment as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.89 485.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.48 485.25 Td (:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.26 485.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 425.75 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.00 425.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 425.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 425.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 425.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 425.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.00 425.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.00 425.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 425.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 425.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.00 425.75 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 425.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 425.75 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 460.75 m 423 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 460.75 m 427 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 460.75 m 485 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86 425.75 m 175 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179 425.75 m 237 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 425.75 m 299 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303 425.75 m 361 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 425.75 m 423 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 425.75 m 485 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 425.75 m 547 425.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 464.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.50 464.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.50 464.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.50 464.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.55 464.98 Td (Weighted Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.25 461.98 Td (Floating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.90 453.98 Td (Rate as) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.15 445.98 Td (% of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.70 437.98 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.45 429.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 429.98 Td (Asset Type:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.50 429.98 Td (Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.70 437.98 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.45 429.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.70 437.98 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.85 429.98 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 445.98 Td (Spr) Tj ET Q q 0 0 0 rg BT 393.60 445.98 Td (ead) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.90 437.98 Td (Over) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.55 429.98 Td (LIBOR ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 404.34 433.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.75 452.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.90 444.83 Td (Unleveraged) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.55 436.83 Td (Current) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.50 428.83 Td (Yield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 415.00 Td (First mortgage loan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.50 415.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.50 415.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.75 415.00 Td (11,250,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.50 415.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.75 415.00 Td (11,250,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.80 415.00 Td (8.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.80 415.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 467.80 415.00 Td (8.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.80 415.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.80 415.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.80 415.00 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 401.65 Td (__________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 392.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 103.50 392.05 Td (As of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.05 392.05 Td (December31, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.92 392.05 Td (, the Company) Tj ET Q q 0 0 0 rg BT 235.03 392.05 Td (s first mortgage loan was subject to a LIBOR floor of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.10 392.05 Td (1.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.77 392.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.05 Td (The following table presents maturities of debt investments based on principal amount as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.41 372.05 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.68 372.05 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 209.05 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 328.55 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 328.55 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 328.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 328.55 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 298.55 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 298.55 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 298.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 298.55 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 268.55 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 268.55 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 268.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 268.55 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 238.55 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 238.55 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 238.55 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 238.55 53.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 328.54999999999995 m 271 328.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 328.54999999999995 m 328 328.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 328.54999999999995 m 328 328.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 223.54999999999995 m 328 223.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 223.54999999999995 m 271 223.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 209.54999999999995 m 271 209.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218 207.54999999999995 m 271 207.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 223.54999999999995 m 328 223.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 209.54999999999995 m 328 209.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 207.54999999999995 m 328 207.54999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.55 340.78 Td (Initial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 228.40 332.78 Td (Maturity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.40 348.78 Td (Maturity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.50 340.78 Td (Including) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.50 332.78 Td (Extensions ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 317.40 336.41 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 317.80 Td (October 1 to December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.50 317.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.15 317.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.50 317.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.15 317.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 302.80 Td (Years Ending December 31:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 287.80 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.15 287.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.15 287.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 272.80 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.10 272.80 Td (131,250,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.15 272.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 257.80 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.10 257.80 Td (14,637,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.15 257.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 242.80 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.15 242.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.10 242.80 Td (11,250,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 227.80 Td (Thereafter) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.15 227.80 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.10 227.80 Td (134,637,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 212.80 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.50 212.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.10 212.80 Td (145,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.50 212.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.10 212.80 Td (145,887,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 199.45 Td (____________________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 189.85 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 189.85 Td (Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions set forth in the governing ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 180.25 Td (documents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 160.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.21 160.25 Td (, the weighted average maturity) Tj ET Q q 0 0 0 rg BT 279.90 160.25 Td (, including extensions, of debt investments was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.26 160.25 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.76 160.25 Td ( years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 59.69 140.25 Td (edit Quality Monitoring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (Debt investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. ) Tj ET Q q 0 0 0 rg BT 545.80 108.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (Company evaluates its debt investments at least quarterly and dif) Tj ET Q q 0 0 0 rg BT 309.53 96.25 Td (ferentiates the relative credit quality principally based on: \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and \(ii\) whether the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company) Tj ET Q q 0 0 0 rg BT 534.64 72.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (expectations as to the ultimate recovery of principal at maturity) Tj ET Q q 0 0 0 rg BT 302.37 60.25 Td (. ) Tj ET Q q 0 0 0 rg BT 309.69 60.25 Td (The Company categorizes a debt investment for which it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (expects to receive full payment of contractual principal and interest payments as performing. ) Tj ET Q q 0 0 0 rg BT 434.45 48.25 Td (The Company will categorize a ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (weaker credit quality debt investment that is currently performing, but for which it believes future collection of all or some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (portion of principal and interest is in doubt, into a category called performing with a loan loss reserve. ) Tj ET Q q 0 0 0 rg BT 471.69 692.10 Td (The Company will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (categorize a weaker credit quality debt investment that is not performing, which the Company defines as a loan in maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (default and/or past due at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.90 668.10 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.90 668.10 Td ( days on its contractual debt service payments, as a non-performing loan \(NPL\). ) Tj ET Q q 0 0 0 rg BT 517.50 668.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 656.10 Td (s definition of an NPL) Tj ET Q q 0 0 0 rg BT 180.23 656.10 Td ( may dif) Tj ET Q q 0 0 0 rg BT 213.37 656.10 Td (fer from that of other companies that track NPLs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 636.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.21 636.10 Td (, all debt investments were performing in accordance with the contractual terms of their governing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (documents and were categorized as performing loans. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 624.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.35 624.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.85 624.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.11 624.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.11 624.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.09 624.10 Td ( debt investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (each contributed more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.12 612.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.45 612.10 Td ( of interest income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (6. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 584.10 Td (Borr) Tj ET Q q 0 0 0 rg BT 87.87 584.10 Td (owings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (The following table presents borrowings as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.85 564.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.11 564.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.55 564.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.13 564.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 507.60 114.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 507.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 507.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 507.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 507.60 13.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 507.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 507.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 507.60 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 507.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 507.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 507.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 507.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 507.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 507.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 475.60 114.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 475.60 39.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 475.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 475.60 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 475.60 13.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 475.60 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 475.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 475.60 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 475.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 475.60 48.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 475.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 475.60 48.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 475.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 475.60 48.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 433.60 114.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 433.60 39.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 433.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 433.60 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 433.60 13.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 433.60 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 433.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 433.60 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 433.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 433.60 48.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 433.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 433.60 48.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 433.60 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 433.60 48.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 391.60 114.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 391.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 391.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 391.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 391.60 13.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 391.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 391.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 391.60 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 391.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 391.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 391.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 391.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 391.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 391.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 365.60 114.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 365.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 365.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 365.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 365.60 13.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 365.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 365.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 365.60 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 365.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 365.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 365.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 365.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 365.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 365.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 339.60 114.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.00 339.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 339.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 339.60 13.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 339.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 339.60 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 339.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 339.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 339.60 48.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 540.6 m 407 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 540.6 m 411 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 540.6 m 459 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 540.6 m 511 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 540.6 m 515 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 540.6 m 563 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200 507.6 m 239 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 507.6 m 283 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 507.6 m 356 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 507.6 m 407 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 507.6 m 459 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 507.6 m 511 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 507.6 m 563 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 411.6 m 407 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 411.6 m 407 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 411.6 m 459 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 411.6 m 511 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 411.6 m 563 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 352.6 m 407 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 352.6 m 459 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 352.6 m 511 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 352.6 m 563 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 327.6 m 407 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 325.6 m 407 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 327.6 m 459 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 325.6 m 459 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 327.6 m 511 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 325.6 m 511 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 327.6 m 563 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 325.6 m 563 325.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.60 544.83 Td (September 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.25 544.83 Td (December 31, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 511.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.20 527.83 Td (Recourse) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.95 519.83 Td (vs. Non-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.20 511.83 Td (Recourse) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.60 519.83 Td (Final) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 246.90 511.83 Td (Maturity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.80 519.83 Td (Contractual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.20 511.83 Td (Inter) Tj ET Q q 0 0 0 rg BT 316.38 511.83 Td (est Rate ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 345.70 515.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.20 519.83 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.95 511.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.70 519.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.85 511.83 Td (V) Tj ET Q q 0 0 0 rg BT 429.89 511.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.70 519.83 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.45 511.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.70 519.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.85 511.83 Td (Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 88.50 498.83 Td (Mortgage notes payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 479.85 Td (Clinton, CT) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.75 486.55 Td (Non-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.45 478.55 Td (recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.60 479.85 Td (Jun-18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.90 479.85 Td (LIBOR + 2.75%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 479.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.75 479.85 Td (7,639,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.50 479.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.75 479.85 Td (7,639,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 479.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 479.85 Td (7,782,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.50 479.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.75 479.85 Td (7,782,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 457.85 Td (Milford, OH) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.75 465.85 Td (Non-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.45 457.85 Td (recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.70 457.85 Td (Dec-18) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 285.50 461.96 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.90 457.85 Td (LIBOR + 3.35%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 457.85 Td (10,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 457.85 Td (10,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 457.85 Td (10,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.75 457.85 Td (10,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 437.85 Td (Denver, CO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.75 445.55 Td (Non-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.45 437.55 Td (recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.15 437.85 Td (Feb-21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.90 437.85 Td (LIBOR + 2.92%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 437.85 Td (21,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 437.85 Td (21,500,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.80 437.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 437.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 415.85 Td (Frisco, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.75 423.85 Td (Non-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.45 415.85 Td (recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.55 415.85 Td (Mar-21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.90 415.85 Td (LIBOR + 3.04%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 415.85 Td (20,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 415.85 Td (20,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.80 415.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 415.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 403.68 Td (Subtotal mortgage notes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 395.68 Td (payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 395.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 395.85 Td (59,639,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.50 395.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 395.85 Td (59,639,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 395.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 395.85 Td (18,282,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.50 395.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.75 395.85 Td (18,282,328) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 88.50 369.83 Td (Credit facilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 356.85 Td (T) Tj ET Q q 0 0 0 rg BT 98.83 356.85 Td (erm Loan Facility ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 158.14 360.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.10 356.85 Td (Recourse) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.25 356.85 Td (Nov-17) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 285.50 360.96 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.20 356.85 Td (V) Tj ET Q q 0 0 0 rg BT 314.09 356.85 Td (arious ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 335.64 360.48 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 356.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.80 356.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.80 356.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.80 356.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 330.83 Td (Grand Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.00 330.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.50 330.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.50 330.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.75 330.85 Td (59,639,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 330.85 Td (59,639,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 330.85 Td (18,282,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.75 330.85 Td (18,282,328) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 317.50 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 317.50 Td (_____________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 307.90 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 307.90 Td (Represents ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.60 307.90 Td (one) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 152.15 307.90 Td (-month LIBOR for Clinton, CT) Tj ET Q q 0 0 0 rg BT 252.22 307.90 Td (, Denver) Tj ET Q q 0 0 0 rg BT 279.45 307.90 Td (, CO and Frisco, ) Tj ET Q q 0 0 0 rg BT 333.96 307.90 Td (TX and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.18 307.90 Td (three) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.17 307.90 Td (-month LIBOR for Milford, OH.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 298.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 298.30 Td (The initial maturity of Milford, OH is December 2016, with ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.24 298.30 Td (two) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.24 298.30 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.24 298.30 Td (one) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.79 298.30 Td (-year extensions available at the Company) Tj ET Q q 0 0 0 rg BT 460.74 298.30 Td (s option, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 288.70 Td (which may be subject to the satisfaction of certain customary conditions set forth in the governing documents. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 279.10 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 279.10 Td (As of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.05 279.10 Td (September30, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.27 279.10 Td (, the Company had ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.70 279.10 Td (no) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.70 279.10 Td ( borrowings outstanding under the ) Tj ET Q q 0 0 0 rg BT 369.32 279.10 Td (T) Tj ET Q q 0 0 0 rg BT 373.64 279.10 Td (erm Loan Facility) Tj ET Q q 0 0 0 rg BT 430.44 279.10 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 269.50 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 269.50 Td (The initial maturity of ) Tj ET Q q 0 0 0 rg BT 176.23 269.50 Td (T) Tj ET Q q 0 0 0 rg BT 180.55 269.50 Td (erm Loan Facility is November 2016, with a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 269.50 Td (one) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.30 269.50 Td (-year extension available at the Company) Tj ET Q q 0 0 0 rg BT 471.14 269.50 Td (s option, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 259.90 Td (which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 250.30 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 250.30 Td (The interest rate depends on the cumulative leverage of the Company and advance rate depend upon asset type and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 240.70 Td (characteristics. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (The following table presents scheduled principal on borrowings based on fully extended maturity as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.01 211.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.27 211.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 187.60 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 187.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 187.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 161.60 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 161.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 161.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 135.60 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 135.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 135.60 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 109.60 126.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 109.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 109.60 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 109.60000000000002 m 276 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 97.60000000000002 m 276 97.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 95.60000000000002 m 276 95.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 191.85 Td (October 1 to December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.50 191.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.80 191.85 Td (48,465) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 178.85 Td (Years Ending December 31:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 165.85 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.80 165.85 Td (198,770) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 152.85 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.80 152.85 Td (438,413) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 139.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.75 139.85 Td (1,805,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 126.85 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.75 126.85 Td (18,359,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 113.85 Td (Thereafter) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.75 113.85 Td (38,788,884) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.50 100.85 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.50 100.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.75 100.85 Td (59,639,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 97.10 Td ( ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (19) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 704.10 Td (erm Loan Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (On November 13, 2013, the Company) Tj ET Q q 0 0 0 rg BT 201.88 684.10 Td (, through an Operating Partnership, entered into a credit facility agreement with a national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (financial institution \(the T) Tj ET Q q 0 0 0 rg BT 157.94 672.10 Td (erm Loan Facility\), which initially provided up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.72 672.10 Td ($25.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.62 672.10 Td ( and currently provides up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td ($100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 660.10 Td ( million to finance real estate investments and first mortgage loans secured by healthcare real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 640.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.78 640.10 Td (erm Loan Facility acts as a revolving credit facility that can be paid down as assets are repaid, refinanced or sold and re-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (drawn upon for new investments. ) Tj ET Q q 0 0 0 rg BT 187.90 628.10 Td (The Company agreed to guaranty all obligations under the ) Tj ET Q q 0 0 0 rg BT 423.49 628.10 Td (T) Tj ET Q q 0 0 0 rg BT 428.90 628.10 Td (erm Loan Facility) Tj ET Q q 0 0 0 rg BT 499.90 628.10 Td (. ) Tj ET Q q 0 0 0 rg BT 507.21 628.10 Td (The ) Tj ET Q q 0 0 0 rg BT 525.08 628.10 Td (T) Tj ET Q q 0 0 0 rg BT 530.49 628.10 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (Loan Facility contains representations, warranties, covenants, conditions precedent to funding, events of default and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (indemnities that are customary for agreements of this type. More specifically) Tj ET Q q 0 0 0 rg BT 359.30 604.10 Td (, the borrowing subsidiary of the Company must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.99 592.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.88 592.10 Td ( in unrestricted cash at all times during the term of the ) Tj ET Q q 0 0 0 rg BT 354.52 592.10 Td (T) Tj ET Q q 0 0 0 rg BT 359.93 592.10 Td (erm Loan Facility) Tj ET Q q 0 0 0 rg BT 430.93 592.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (In February 2014, the Company) Tj ET Q q 0 0 0 rg BT 176.88 572.10 Td (, through the Operating Partnership, amended the ) Tj ET Q q 0 0 0 rg BT 376.37 572.10 Td (T) Tj ET Q q 0 0 0 rg BT 381.78 572.10 Td (erm Loan Facility to increase the initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (capacity to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.59 560.10 Td ($100.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.48 560.10 Td ( with up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.04 560.10 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.93 560.10 Td ( of potential capacity) Tj ET Q q 0 0 0 rg BT 342.41 560.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 540.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.21 540.10 Td (, the Company was in compliance with all of its financial covenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (7. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 512.10 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 128.59 512.10 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (In connection with the completion of NorthStar Realty) Tj ET Q q 0 0 0 rg BT 270.84 472.10 Td (s spin-of) Tj ET Q q 0 0 0 rg BT 305.38 472.10 Td (f of its asset management business into the Sponsor) Tj ET Q q 0 0 0 rg BT 511.06 472.10 Td (, on June 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (2014, the Company entered into a new advisory agreement with the ) Tj ET Q q 0 0 0 rg BT 322.21 460.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 354.03 460.10 Td (, an af) Tj ET Q q 0 0 0 rg BT 378.55 460.10 Td (filiate of the Sponsor) Tj ET Q q 0 0 0 rg BT 462.30 460.10 Td (, on terms substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (similar to those set forth in the prior advisory agreement, and terminated the advisory agreement with the Prior ) Tj ET Q q 0 0 0 rg BT 494.66 448.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 526.33 448.10 Td (. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (periods prior to June 30, 2014, the information below regarding fees and reimbursements incurred and accrued but not yet paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (relates to the Prior ) Tj ET Q q 0 0 0 rg BT 125.04 424.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 156.71 424.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (Subject to certain restrictions and limitations, the ) Tj ET Q q 0 0 0 rg BT 247.79 404.10 Td (Advisor is responsible for managing the Company) Tj ET Q q 0 0 0 rg BT 452.21 404.10 Td (s af) Tj ET Q q 0 0 0 rg BT 466.18 404.10 Td (fairs on a day-to-day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (basis and for identifying, originating, acquiring and asset managing investments on behalf of the Company) Tj ET Q q 0 0 0 rg BT 475.98 392.10 Td (. For such services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (to the extent permitted by law and regulations, the ) Tj ET Q q 0 0 0 rg BT 252.22 380.10 Td (Advisor receives fees and reimbursements from the Company) Tj ET Q q 0 0 0 rg BT 499.00 380.10 Td (. Below is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (description and table of the fees and reimbursements incurred to the ) Tj ET Q q 0 0 0 rg BT 323.02 368.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 354.69 368.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 346.7669921875 m 112.2783203125 346.7669921875 l s q 0 0 0 rg BT 49.50 348.10 Td (Fees to ) Tj ET Q q 0 0 0 rg BT 80.06 348.10 Td (Advisor) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 326.7669921875 m 142.80078125 326.7669921875 l s q 0 0 0 rg BT 49.50 328.10 Td (Asset Management Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 308.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 98.82 308.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 134.18 308.10 Td (filiates, receives a monthly asset management fee equal to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.59 308.10 Td ( one-twelfth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.18 308.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.51 308.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.34 308.10 Td ( of the sum of the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (funded or allocated for investments, including expenses and any financing attributable to such investments, less any principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (received on debt and securities investments \(or the proportionate share thereof in the case of an investment made through a joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (venture\).) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 250.76699218750002 m 112.537109375 250.76699218750002 l s q 0 0 0 rg BT 49.50 252.10 Td (Acquisition Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 232.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 98.82 232.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 134.18 232.10 Td (filiates, also receives an acquisition fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.72 232.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.55 232.10 Td ( of the amount funded or allocated by the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (to acquire or originate investments, including acquisition expenses and any financing attributable to such investments \(or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (proportionate share thereof in the case of an investment made through a joint venture\) except with respect to real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 196.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.27 196.10 Td ( of each real estate property acquired by the Company) Tj ET Q q 0 0 0 rg BT 307.92 196.10 Td (, including acquisition expenses and any financing attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (to an equity investment \(or the proportionate share thereof in the case of an equity investment made through a joint venture\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (An acquisition fee paid to the ) Tj ET Q q 0 0 0 rg BT 169.47 172.10 Td (Advisor related to the origination or acquisition of debt investments is included in debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (investments, net on the consolidated balance sheets and is amortized to interest income over the life of the investment using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 148.10 Td (fective interest method. ) Tj ET Q q 0 0 0 rg BT 155.67 148.10 Td (An acquisition fee incurred related to an equity investment will generally be expensed as incurred.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 126.76699218750002 m 113.103515625 126.76699218750002 l s q 0 0 0 rg BT 49.50 128.10 Td (Disposition Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (For substantial assistance in connection with the sale of investments and based on the services provided, the ) Tj ET Q q 0 0 0 rg BT 483.29 108.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 515.11 108.10 Td (, or its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 96.10 Td (filiates, receives a disposition fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.03 96.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.86 96.10 Td ( of the contract sales price of each debt investment sold and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.88 96.10 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.71 96.10 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (contract sales price of each property sold. ) Tj ET Q q 0 0 0 rg BT 220.64 84.10 Td (The Company does not pay a disposition fee upon the maturity) Tj ET Q q 0 0 0 rg BT 471.61 84.10 Td (, prepayment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (workout, modification or extension of a debt investment unless there is a corresponding fee paid by the borrower) Tj ET Q q 0 0 0 rg BT 500.64 72.10 Td (, in which case ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (the disposition fee is the lesser of: \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.02 60.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.85 60.10 Td ( of the principal amount of the debt investment prior to such transaction; or \(ii\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (result of a workout or foreclosure of a debt investment, the Company will pay a disposition fee upon the sale of such property) Tj ET Q q 0 0 0 rg BT 551.78 704.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 692.10 Td ( disposition fee from the sale of an investment is generally expensed and included in asset management and other fees - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (related party in the Company) Tj ET Q q 0 0 0 rg BT 168.91 680.10 Td (s consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 332.49 680.10 Td (A) Tj ET Q q 0 0 0 rg BT 339.16 680.10 Td ( disposition fee for a debt investment incurred in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (transaction other than a sale is included in debt investments, net on the consolidated balance sheets and is amortized to interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (income over the life of the investment using the ef) Tj ET Q q 0 0 0 rg BT 250.65 656.10 Td (fective interest method.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 634.7669921875 m 161.16015625 634.7669921875 l s q 0 0 0 rg BT 49.50 636.10 Td (Reimbursements to ) Tj ET Q q 0 0 0 rg BT 128.94 636.10 Td (Advisor) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 614.7669921875 m 115.33984375 614.7669921875 l s q 0 0 0 rg BT 49.50 616.10 Td (Operating Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 596.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 98.82 596.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 134.18 596.10 Td (filiates, is entitled to receive reimbursement for direct and indirect operating costs incurred by the ) Tj ET Q q 0 0 0 rg BT 526.82 596.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (in connection with administrative services provided to the Company) Tj ET Q q 0 0 0 rg BT 322.12 584.10 Td (. 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re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 472.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 472.60 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 472.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 472.60 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 472.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 472.60 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 472.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 472.60 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 88.50 440.60 83.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 440.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 440.60 91.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 440.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 440.60 43.00 -21.00 re f /GS0 gs 0.8 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 621.6 m 407.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 621.6 m 411.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 621.6 m 454.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 621.6 m 501.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 621.6 m 505.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 621.6 m 551.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 601.6 m 171.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 601.6 m 266.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 601.6 m 313.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 601.6 m 360.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 601.6 m 407.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 601.6 m 454.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 601.6 m 501.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 601.6 m 551.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 601.6 m 171.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 601.6 m 266.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 419.6 m 501.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 419.6 m 551.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 419.6 m 501.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 407.6 m 501.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 405.6 m 501.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 419.6 m 551.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 407.6 m 551.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 405.6 m 551.5 405.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 91.00 625.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.50 625.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.60 633.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.60 625.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 633.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.60 625.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.05 633.83 Td (Due to Related Party as) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.15 625.83 Td (of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 91.00 613.68 Td (Type of Fee or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 91.00 605.68 Td (Reimbursement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.15 613.68 Td (Financial Statement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.35 605.68 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.50 605.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.50 605.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.50 605.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.50 605.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.10 613.68 Td (September) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.50 605.68 Td (30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.75 613.68 Td (December) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.00 605.68 Td (31, 2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 593.55 Td (Fees to Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 580.55 Td (Asset management) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 580.55 Td (Asset management and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 572.55 Td (other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 571.85 Td (870,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 571.85 Td (13,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.25 571.85 Td (1,723,972) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.25 571.85 Td (17,825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.25 571.85 Td (342,547) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.25 571.85 Td (37,532) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 559.55 Td (Acquisition ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 130.33 563.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 559.55 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 551.55 Td (investments, net / Asset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 543.55 Td (management and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 535.55 Td (fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.25 536.85 Td (3,292,938) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 536.85 Td (87,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.25 536.85 Td (7,813,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.25 536.85 Td (112,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.25 536.85 Td (3,292,938) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.25 536.85 Td (564,405) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 524.55 Td (Disposition ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 129.89 528.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 524.55 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 516.55 Td (investments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.30 515.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 515.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 503.55 Td (Reimbursements to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 495.55 Td (Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 483.55 Td (Operating costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 483.55 Td (General and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 475.55 Td (administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 476.85 Td (998,372) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 476.85 Td (18,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.25 476.85 Td (2,045,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.25 476.85 Td (24,675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.25 476.85 Td (998,372) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.25 476.85 Td (164,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 464.55 Td (Organization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 464.55 Td (General and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 456.55 Td (administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 457.85 Td (15,569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 457.85 Td (12,313) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.25 457.85 Td (278,853) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.25 457.85 Td (14,291) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.25 457.85 Td (15,569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.25 457.85 Td (18,768) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 445.55 Td (Offering) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 445.55 Td (Cost of capital ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 226.66 449.18 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 444.85 Td (980,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.25 444.85 Td (233,940) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.25 444.85 Td (3,909,058) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.25 444.85 Td (271,518) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.25 444.85 Td (929,055) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.25 444.85 Td (356,594) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 432.55 Td (Selling commissions /) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 91.00 424.55 Td (Dealer manager fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 432.55 Td (Cost of capital ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 226.66 436.18 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.25 423.85 Td (20,155,417) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.25 423.85 Td (1,621,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.25 423.85 Td (43,055,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.25 423.85 Td (1,679,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.30 423.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 423.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 411.55 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.00 411.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.25 411.55 Td (5,578,481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.00 410.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.25 410.85 Td (1,141,379) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 395.10 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 385.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 385.50 Td (Acquisition/disposition fees incurred to the ) Tj ET Q q 0 0 0 rg BT 243.26 385.50 Td (Advisor related to debt investments are generally of) Tj ET Q q 0 0 0 rg BT 409.06 385.50 Td (fset by origination/exit fees paid to the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 375.90 Td (Company by borrowers if such fees are required from the borrower) Tj ET Q q 0 0 0 rg BT 318.09 375.90 Td (. ) Tj ET Q q 0 0 0 rg BT 323.65 375.90 Td (Acquisition fees related to equity investments are included in asset ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 366.30 Td (management and other fees - related party in the consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 386.14 366.30 Td (The ) Tj ET Q q 0 0 0 rg BT 400.14 366.30 Td (Advisor may determine to defer fees or seek ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 356.70 Td (reimbursement.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 347.10 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 347.10 Td (Cost of capital is included in net proceeds from issuance of common stock in the Company) Tj ET Q q 0 0 0 rg BT 396.99 347.10 Td (s consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 508.45 347.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 327.10 Td (NorthStar Realty Pur) Tj ET Q q 0 0 0 rg BT 134.68 327.10 Td (chase of Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.67 307.10 Td (April 10, 2014, the board of directors of the Company extended the term of the distribution support agreement \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (Distribution Support ) Tj ET Q q 0 0 0 rg BT 138.39 295.10 Td (Agreement\) until ) Tj ET Q q 0 0 0 rg BT 213.37 295.10 Td (August 7, 2015. Pursuant to the Distribution Support ) Tj ET Q q 0 0 0 rg BT 429.21 295.10 Td (Agreement, NorthStar Realty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (committed to purchase up to an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.99 283.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.88 283.10 Td ( in shares of the Company) Tj ET Q q 0 0 0 rg BT 391.37 283.10 Td (s common stock at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.83 283.10 Td ($9.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.33 283.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (share if cash distributions exceed modified funds from operations \(as computed in accordance with the definition established by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (the Investment Program ) Tj ET Q q 0 0 0 rg BT 147.54 259.10 Td (Association and adjusted for certain items\) to provide additional funds to support distributions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (stockholders. In February 2013, NorthStar Realty purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.55 247.10 Td (222,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.05 247.10 Td ( shares of the Company) Tj ET Q q 0 0 0 rg BT 425.26 247.10 Td (s common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.91 247.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.80 247.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (under the Distribution Support ) Tj ET Q q 0 0 0 rg BT 173.94 235.10 Td (Agreement to satisfy the minimum of) Tj ET Q q 0 0 0 rg BT 324.01 235.10 Td (fering requirement, which reduced the total commitment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.94 223.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.21 223.10 Td (, including the purchase of shares to satisfy the minimum of) Tj ET Q q 0 0 0 rg BT 393.70 223.10 Td (fering requirement, NorthStar Realty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.54 211.10 Td (303,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.04 211.10 Td ( shares of the Company) Tj ET Q q 0 0 0 rg BT 222.24 211.10 Td (s common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.89 211.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.79 211.10 Td ( under such commitment. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.54 211.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.18 211.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 199.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.09 199.10 Td (, NorthStar Realty purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.67 199.10 Td (60,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.17 199.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.61 199.10 Td (69,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.11 199.10 Td ( shares of the Company) Tj ET Q q 0 0 0 rg BT 478.31 199.10 Td (s common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 187.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.83 187.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.72 187.10 Td ( under such commitment, respectively) Tj ET Q q 0 0 0 rg BT 318.53 187.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 167.10 Td (Investment in Healthcar) Tj ET Q q 0 0 0 rg BT 145.77 167.10 Td (e Joint V) Tj ET Q q 0 0 0 rg BT 180.20 167.10 Td (entur) Tj ET Q q 0 0 0 rg BT 200.94 167.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (In May 2014, the Company) Tj ET Q q 0 0 0 rg BT 159.11 147.10 Td (, through a general partnership with NorthStar Realty) Tj ET Q q 0 0 0 rg BT 371.74 147.10 Td (, entered into the healthcare joint venture to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td (acquire an interest in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.51 135.10 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.63 135.10 Td ( healthcare real estate portfolio and contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.93 135.10 Td ($23.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.82 135.10 Td ( of cash for its interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 100.70 123.10 Td (The purchase was approved by the Company) Tj ET Q q 0 0 0 rg BT 283.43 123.10 Td (s board of directors, including all of its independent directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 95.10 Td (8. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 95.10 Td (Equity-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (The Company adopted a long-term incentive plan, as amended \(the Plan\), which it may use to attract and retain qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 63.10 Td (ficers, directors, employees and consultants, as well as an independent directors compensation plan, which is a component of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 51.10 Td (the Plan. Pursuant to the Plan, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.43 51.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.69 51.10 Td ( the Company) Tj ET Q q 0 0 0 rg BT 335.57 51.10 Td (s independent directors were granted a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.28 51.10 Td (30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.78 51.10 Td ( ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (shares of restricted common stock issued at $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.84 704.10 Td (9.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.34 704.10 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 292.03 704.10 Td (The Company awarded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.83 704.10 Td (5,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.33 704.10 Td ( shares of restricted common stock on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (February 1) Tj ET Q q 0 0 0 rg BT 92.73 692.10 Td (1, 2013 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.17 692.10 Td (2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.67 692.10 Td ( shares of restricted common stock on November 7, 2013 and June 13, 2014, respectively) Tj ET Q q 0 0 0 rg BT 521.43 692.10 Td (, to each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (of the Company) Tj ET Q q 0 0 0 rg BT 116.71 680.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.10 680.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.09 680.10 Td ( independent directors. ) Tj ET Q q 0 0 0 rg BT 239.27 680.10 Td (The shares were issued at $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.95 680.10 Td (9.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.45 680.10 Td ( per share and will generally vest over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.39 680.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.05 680.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (years. However) Tj ET Q q 0 0 0 rg BT 114.35 668.10 Td (, the stock will become fully vested on the earlier occurrence of: \(i\) the termination of the independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (director) Tj ET Q q 0 0 0 rg BT 80.96 656.10 Td () Tj ET Q q 0 0 0 rg BT 83.74 656.10 Td (s service as a director due to his or her death or disability; or \(ii\) a change in control of the Company) Tj ET Q q 0 0 0 rg BT 485.47 656.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (The Company recognized equity-based compensation expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.47 636.10 Td ($16,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.97 636.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.41 636.10 Td ($42,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.91 636.10 Td ( for the three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.71 636.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.25 636.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.76 624.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 182.42 624.10 Td (, related to the issuance of restricted stock to the independent directors, which was recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (general and administrative expenses in the consolidated statements of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (9. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 584.10 Td (Stockholders) Tj ET Q q 0 0 0 rg BT 125.65 584.10 Td ( Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (Common Stock fr) Tj ET Q q 0 0 0 rg BT 118.57 564.10 Td (om Primary Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.61 544.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.15 544.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.65 544.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.91 544.10 Td (, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.52 544.10 Td (43.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.41 544.10 Td ( shares of common stock generating gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.37 532.10 Td ($436.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.26 532.10 Td (. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.95 532.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.54 532.10 Td (, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.14 532.10 Td (10.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.03 532.10 Td ( shares of common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (generating gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.68 520.10 Td ($108.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.57 520.10 Td (. From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.56 520.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.83 520.10 Td (, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.43 520.10 Td (54.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.32 520.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (shares of common stock, generating gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.61 508.10 Td ($545.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.50 508.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (Distribution Reinvestment Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (The Company adopted a DRP) Tj ET Q q 0 0 0 rg BT 169.11 468.10 Td ( through which common stockholders may elect to reinvest an amount equal to the distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (declared on their shares in additional shares of the Company) Tj ET Q q 0 0 0 rg BT 294.15 456.10 Td (s common stock in lieu of receiving cash distributions. ) Tj ET Q q 0 0 0 rg BT 517.54 456.10 Td (The initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (purchase price per share pursuant to the DRP) Tj ET Q q 0 0 0 rg BT 229.91 444.10 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.58 444.10 Td ($9.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.08 444.10 Td (. Once the Company establishes an estimated value per share, shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (issued pursuant to the DRP) Tj ET Q q 0 0 0 rg BT 158.02 432.10 Td ( will be priced at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.71 432.10 Td (95.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.54 432.10 Td ( of the estimated value per share of the Company) Tj ET Q q 0 0 0 rg BT 452.64 432.10 Td (s common stock, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (determined by the ) Tj ET Q q 0 0 0 rg BT 123.65 420.10 Td (Advisor or another firm chosen for that purpose. Pursuant to amended FINRA) Tj ET Q q 0 0 0 rg BT 438.31 420.10 Td ( Rule 2310 which was recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (approved by the SEC and is expected to be ef) Tj ET Q q 0 0 0 rg BT 231.21 408.10 Td (fective in 2016, the Company expects to establish an estimated value per share the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (later of \(i\) within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.59 396.10 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.59 396.10 Td ( days following the second anniversary of breaking escrow in February 2013 and \(ii\) the ef) Tj ET Q q 0 0 0 rg BT 498.91 396.10 Td (fective date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (the new Rule, but in no event later than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.46 384.10 Td (18 months) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.40 384.10 Td ( after the completion of its Of) Tj ET Q q 0 0 0 rg BT 370.08 384.10 Td (fering stage. ) Tj ET Q q 0 0 0 rg BT 424.32 384.10 Td (The Of) Tj ET Q q 0 0 0 rg BT 452.74 384.10 Td (fering stage will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (considered complete when the Company is no longer publicly of) Tj ET Q q 0 0 0 rg BT 307.87 372.10 Td (fering equity securities, whether through the Of) Tj ET Q q 0 0 0 rg BT 497.91 372.10 Td (fering or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (follow-on public of) Tj ET Q q 0 0 0 rg BT 127.08 360.10 Td (fering. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.46 360.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.68 360.10 Td ( selling commissions or dealer manager fees are paid on shares issued pursuant to the DRP) Tj ET Q q 0 0 0 rg BT 532.54 360.10 Td (. ) Tj ET Q q 0 0 0 rg BT 539.86 360.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (Company will disclose the per share estimated value in a report under the Exchange ) Tj ET Q q 0 0 0 rg BT 387.17 348.10 Td (Act of 1934, as amended, and in each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (annual report thereafter) Tj ET Q q 0 0 0 rg BT 142.78 336.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.60 336.10 Td (The board of directors of the Company may amend, suspend or terminate the DRP) Tj ET Q q 0 0 0 rg BT 477.15 336.10 Td ( for any reason upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.72 324.10 Td (-days) Tj ET Q q 0 0 0 rg BT 85.96 324.10 Td ( notice to participants, except that the Company may not amend the DRP) Tj ET Q q 0 0 0 rg BT 377.47 324.10 Td ( to eliminate a participant) Tj ET Q q 0 0 0 rg BT 482.43 324.10 Td (s ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (withdraw from the DRP) Tj ET Q q 0 0 0 rg BT 144.77 312.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.38 312.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.92 312.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.42 312.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.68 312.10 Td (, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.29 312.10 Td (0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.18 312.10 Td ( shares totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.22 312.10 Td ($6.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 300.10 Td ( of gross of) Tj ET Q q 0 0 0 rg BT 123.48 300.10 Td (fering proceeds pursuant to the DRP) Tj ET Q q 0 0 0 rg BT 268.18 300.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (Distributions to stockholders are declared quarterly by the board of directors of the Company and are paid monthly based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (daily amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.32 248.10 Td ($0.00184932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.82 248.10 Td ( per share, which is equivalent to an annual distribution rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 248.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.08 248.10 Td (. Distributions are generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (paid to stockholders on the first business day of the month following the month for which the distribution has accrued.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (The following table presents distributions declared for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.88 704.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.42 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.92 704.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.19 704.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 668.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 668.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 668.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 668.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 668.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 668.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 668.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 640.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 640.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 640.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 640.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 640.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 640.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 640.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 612.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 612.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 612.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 612.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 612.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 612.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 612.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 584.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 584.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 584.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 584.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 584.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 584.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 584.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 556.60 115.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 556.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 556.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 556.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 556.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 556.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 556.60 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 680.6 m 287 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 680.6 m 291 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 680.6 m 337 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 680.6 m 341 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 680.6 m 387 680.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 668.6 m 287 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 668.6 m 337 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 668.6 m 387 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 542.6 m 287 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 542.6 m 337 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 542.6 m 387 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 529.6 m 287 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 527.6 m 287 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 529.6 m 337 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 527.6 m 337 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 529.6 m 387 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 527.6 m 387 527.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 684.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.00 684.83 Td (Distributions ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 333.90 688.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 88.5 671.430078125 m 111.16015625 671.430078125 l s q 0 0 0 rg BT 88.50 672.68 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.80 672.68 Td (Cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.50 672.68 Td (DRP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.75 672.68 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 658.85 Td (January) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.50 658.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 658.85 Td (315,522) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.50 658.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.75 658.85 Td (376,395) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.50 658.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.75 658.85 Td (691,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 644.85 Td (February) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 644.85 Td (356,437) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.75 644.85 Td (418,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.75 644.85 Td (775,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 630.85 Td (March) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 630.85 Td (497,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.75 630.85 Td (597,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.75 630.85 Td (1,094,736) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 616.85 Td (April) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 616.85 Td (577,223) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.75 616.85 Td (696,848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.75 616.85 Td (1,274,071) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 602.85 Td (May) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 602.85 Td (697,220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.75 602.85 Td (848,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.75 602.85 Td (1,545,548) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 588.85 Td (June) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 588.85 Td (795,746) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.75 588.85 Td (958,449) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.75 588.85 Td (1,754,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 574.85 Td (July) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.75 574.85 Td (965,302) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.75 574.85 Td (1,182,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.75 574.85 Td (2,147,769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 560.85 Td (August) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.75 560.85 Td (1,133,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.75 560.85 Td (1,422,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.75 560.85 Td (2,555,991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 546.85 Td (September) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.75 546.85 Td (1,260,649) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.75 546.85 Td (1,596,485) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.75 546.85 Td (2,857,134) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 532.83 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.50 532.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.75 532.85 Td (6,599,461) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.50 532.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.75 532.85 Td (8,097,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.50 532.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.75 532.85 Td (14,696,790) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 519.50 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 509.90 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 509.90 Td (Represents distributions declared for the period, even though such distributions are actually paid to stockholders the month following such ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 500.30 Td (period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 480.30 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.02 480.30 Td (e Repur) Tj ET Q q 0 0 0 rg BT 99.03 480.30 Td (chase Pr) Tj ET Q q 0 0 0 rg BT 133.92 480.30 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.30 Td (The Company adopted a share repurchase program that may enable stockholders to sell their shares to the Company in limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.30 Td (circumstances \(the Share Repurchase Program\). ) Tj ET Q q 0 0 0 rg BT 255.07 448.30 Td (The Company may not repurchase shares unless a stockholder has held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.30 Td (shares for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.15 436.30 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.59 436.30 Td ( year) Tj ET Q q 0 0 0 rg BT 124.74 436.30 Td (. However) Tj ET Q q 0 0 0 rg BT 168.49 436.30 Td (, the Company may repurchase shares held less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.54 436.30 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.98 436.30 Td ( year in connection with a stockholder) Tj ET Q q 0 0 0 rg BT 547.08 436.30 Td () Tj ET Q q 0 0 0 rg BT 549.86 436.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.30 Td (death or disability) Tj ET Q q 0 0 0 rg BT 121.06 424.30 Td (, if the disability is deemed qualifying by the board of directors of the Company in its sole discretion and after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.30 Td (receiving written notice from the stockholder or the stockholder) Tj ET Q q 0 0 0 rg BT 305.34 412.30 Td () Tj ET Q q 0 0 0 rg BT 308.12 412.30 Td (s estate. ) Tj ET Q q 0 0 0 rg BT 344.60 412.30 Td (The Company is not obligated to repurchase shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.30 Td (under the Share Repurchase Program. ) Tj ET Q q 0 0 0 rg BT 205.66 400.30 Td (The Company may amend, suspend or terminate the Share Repurchase Program at its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.30 Td (discretion at any time, subject to certain notice requirements. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.41 388.30 Td (year ended December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.08 388.30 Td (, the Company did not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.30 Td (repurchase any shares pursuant to the Share Repurchase Program. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.13 376.30 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.67 376.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.17 376.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.43 376.30 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.30 Td (Company repurchased an immaterial amount of shares pursuant to the Share Repurchase Program. ) Tj ET Q q 0 0 0 rg BT 448.00 364.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.44 364.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.70 364.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.30 Td (there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.91 352.30 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.91 352.30 Td ( unfulfilled repurchase requests.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.30 Td (10. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 324.30 Td (Non-contr) Tj ET Q q 0 0 0 rg BT 111.20 324.30 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 159.08 324.30 Td (ests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 304.30 Td (Operating Partnership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.30 Td (Non-controlling interests include the aggregate limited partnership interests in the Operating Partnership held by limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.30 Td (partners, other than the Company) Tj ET Q q 0 0 0 rg BT 182.42 272.30 Td (. Income \(loss\) attributable to the non-controlling interests is based on the limited partners) Tj ET Q q 0 0 0 rg BT 547.98 272.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.30 Td (ownership percentage of the Operating Partnership. Income \(loss\) allocated to the Operating Partnership non-controlling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.30 Td (interests for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.20 248.30 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.84 248.30 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.67 248.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.93 248.30 Td ( and 2013 was an immaterial amount.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 228.30 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.30 Td (Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company) Tj ET Q q 0 0 0 rg BT 531.59 208.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.30 Td (financial statements. Net income \(loss\) attributable to the other non-controlling interests for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.78 196.30 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.42 196.30 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.30 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.76 184.30 Td ( and 2013 was an immaterial amount.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 156.30 Td (1) Tj ET Q q 0 0 0 rg BT 53.95 156.30 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 156.30 Td (Fair) Tj ET Q q 0 0 0 rg BT 85.64 156.30 Td ( ) Tj ET Q q 0 0 0 rg BT 87.96 156.30 Td (V) Tj ET Q q 0 0 0 rg BT 94.27 156.30 Td (alue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 136.30 Td (Fair V) Tj ET Q q 0 0 0 rg BT 74.78 136.30 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 124.68 136.30 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.30 Td (The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.30 Td (categorized into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.07 104.30 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.06 104.30 Td (-level fair value hierarchy) Tj ET Q q 0 0 0 rg BT 245.96 104.30 Td (. ) Tj ET Q q 0 0 0 rg BT 253.28 104.30 Td (The fair value hierarchy gives the highest priority to quoted prices in active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.30 Td (markets for identical assets or liabilities \(Level 1\) and the lowest priority to unobservable inputs \(Level 3\). If the inputs used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.30 Td (measure the financial instruments fall within dif) Tj ET Q q 0 0 0 rg BT 241.49 80.30 Td (ferent levels of the hierarchy) Tj ET Q q 0 0 0 rg BT 355.78 80.30 Td (, the categorization is based on the lowest level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.30 Td (input that is significant to the fair value measurement of the instrument.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (the valuation techniques as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 672.10 Td (Level 1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 672.10 Td (Quoted prices for identical assets or liabilities in an active market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 652.10 Td (Level 2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 652.10 Td (Financial assets and liabilities whose values are based on the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 632.10 Td (a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 632.10 Td (Quoted prices for similar assets or liabilities in active markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 612.10 Td (b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 612.10 Td (Quoted prices for identical or similar assets or liabilities in non-active markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 592.10 Td (c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 592.10 Td (Pricing models whose inputs are observable for substantially the full term of the asset or liability) Tj ET Q q 0 0 0 rg BT 543.71 592.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 572.10 Td (d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 572.10 Td (Pricing models whose inputs are derived principally from or corroborated by observable market data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 560.10 Td (for substantially the full term of the asset or liability) Tj ET Q q 0 0 0 rg BT 365.42 560.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 540.10 Td (Level 3. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 540.10 Td (Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 528.10 Td (value measurement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 74.78 508.10 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (U.S. GAAP) Tj ET Q q 0 0 0 rg BT 96.64 488.10 Td ( requires disclosure of fair value about all financial instruments. ) Tj ET Q q 0 0 0 rg BT 356.93 488.10 Td (The following disclosure of estimated fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (financial instruments was determined by the Company using available market information and appropriate valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. ) Tj ET Q q 0 0 0 rg BT 494.92 464.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 544.26 464.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (financial instruments. ) Tj ET Q q 0 0 0 rg BT 140.96 440.10 Td (The use of dif) Tj ET Q q 0 0 0 rg BT 196.60 440.10 Td (ferent market assumptions and/or estimation methodologies may have a material ef) Tj ET Q q 0 0 0 rg BT 529.09 440.10 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (estimated fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.76 396.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.20 396.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.79 396.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 339.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 339.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 339.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 339.60 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 339.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 339.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 339.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 339.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 313.60 115.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 313.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 313.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 313.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 313.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 313.60 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 313.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 313.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 313.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 313.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 313.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 313.60 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201 370.6 m 256 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 370.6 m 260 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 370.6 m 315 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 370.6 m 319 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 370.6 m 378 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 370.6 m 437 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 370.6 m 441 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 370.6 m 496 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 370.6 m 500 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 370.6 m 555 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201 352.6 m 256 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 352.6 m 315 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 352.6 m 378 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 352.6 m 437 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 352.6 m 496 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 352.6 m 555 352.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.60 374.83 Td (September 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 374.83 Td (December 31, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 356.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.20 362.68 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.95 354.73 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.20 362.68 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.35 354.73 Td (Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.15 356.83 Td (Fair Value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.20 362.68 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.95 354.73 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.20 362.68 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.35 354.73 Td (V) Tj ET Q q 0 0 0 rg BT 463.39 354.73 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.70 362.68 Td (Fair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.35 354.73 Td (V) Tj ET Q q 0 0 0 rg BT 522.39 354.73 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 343.83 Td (Financial assets: ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 146.72 347.46 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.50 343.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.50 343.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.50 343.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 330.85 Td (Real estate debt investments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 212.75 330.85 Td (145,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.75 330.85 Td (146,402,978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.75 330.85 Td (171,909,590) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.75 330.85 Td (11,250,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.75 330.85 Td (11,250,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.50 330.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.75 330.85 Td (11,250,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 317.83 Td (Financial liabilities: ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 158.28 321.46 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 304.85 Td (Mortgage notes payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.50 304.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.75 304.85 Td (59,639,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.50 304.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.75 304.85 Td (59,639,804) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.50 304.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.75 304.85 Td (55,700,047) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.50 304.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.75 304.85 Td (18,282,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.50 304.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.75 304.85 Td (18,282,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.50 304.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.75 304.85 Td (18,012,558) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 289.10 Td (_____________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 279.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 279.50 Td (The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.50 Td (Disclosure about fair value of financial instruments is based on pertinent information available to management as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.50 Td (reporting date. ) Tj ET Q q 0 0 0 rg BT 112.26 247.50 Td (Although management is not aware of any factors that would significantly af) Tj ET Q q 0 0 0 rg BT 419.49 247.50 Td (fect fair value, such amounts have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.50 Td (not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.50 Td (of fair value may dif) Tj ET Q q 0 0 0 rg BT 131.51 223.50 Td (fer significantly from the amounts presented herein.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 202.1669921875 m 167.5224609375 202.1669921875 l s q 0 0 0 rg BT 49.50 203.50 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.52 203.50 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.50 Td (For debt investments, fair value was approximated by comparing the current yield to the estimated yield for newly originated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.50 Td (loans with similar credit risk or the market yield at which a third party might expect to purchase such investment. Fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.50 Td (was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.50 Td (maturities. ) Tj ET Q q 0 0 0 rg BT 96.81 147.50 Td (These fair value measurements of debt are generally based on unobservable inputs and, as such, are classified as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.50 Td (Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 185.45 135.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 114.1669921875 m 148.3623046875 114.1669921875 l s q 0 0 0 rg BT 49.50 115.50 Td (Mortgage Notes Payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.50 Td (For mortgage notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.50 Td (to estimate fair value. ) Tj ET Q q 0 0 0 rg BT 140.95 83.50 Td (These measurements are determined using comparable U.S. ) Tj ET Q q 0 0 0 rg BT 382.63 83.50 Td (T) Tj ET Q q 0 0 0 rg BT 388.39 83.50 Td (reasury rates as of the end of the reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.50 Td (period. ) Tj ET Q q 0 0 0 rg BT 82.37 71.50 Td (These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.50 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 86.60 59.50 Td (.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (12. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 704.25 Td (Segment Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (The Company conducts its business through the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.03 684.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.69 684.25 Td ( segments, which are based on how management reviews and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (manages its business:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 652.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 652.25 Td (Real Estate Equity -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.75 652.25 Td ( Focused on equity investments backed by properties in the mid-acuity senior housing sector) Tj ET Q q 0 0 0 rg BT 535.55 652.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 640.25 Td (which the Company defines as ) Tj ET Q q 0 0 0 rg BT 210.20 640.25 Td (ALF) Tj ET Q q 0 0 0 rg BT 228.29 640.25 Td (, MCF) Tj ET Q q 0 0 0 rg BT 253.61 640.25 Td (, SNF and ILF that have an emphasis on private pay patients and may also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 628.25 Td (include MOB, hospitals and rehabilitation facilities. Certain healthcare properties operate under the RIDEA) Tj ET Q q 0 0 0 rg BT 517.86 628.25 Td ( structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 616.25 Td (generating resident income from short-term residential agreements and incur customary related operating expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 596.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 596.25 Td (Real Estate Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.26 596.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.76 596.25 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.59 596.25 Td (Focused on originating, acquiring and asset managing healthcare-related debt investments including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 584.25 Td (first mortgage loans, subordinate interests and mezzanine loans and participations in such loans, as well as preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 572.25 Td (equity interests.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 552.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 552.25 Td (Healthcar) Tj ET Q q 0 0 0 rg BT 125.68 552.25 Td (e-Related Securities -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.75 552.25 Td ( Focused on investing in and asset managing healthcare-related securities primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 540.25 Td (consisting of commercial mortgage-backed securities and may include other securities backed primarily by loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 528.25 Td (secured by healthcare properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 508.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 508.25 Td (Corporate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.17 508.25 Td ( - ) Tj ET Q q 0 0 0 rg BT 135.32 508.25 Td (The corporate segment includes corporate level asset management and other fees to related party and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 496.25 Td (general and administrative expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (The Company primarily generates revenue from rental and resident fee income from real estate equity and interest income on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (the real estate debt investments. ) Tj ET Q q 0 0 0 rg BT 181.78 464.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 241.49 464.25 Td (s income is also derived through the dif) Tj ET Q q 0 0 0 rg BT 399.33 464.25 Td (ference between net revenue and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (cost at which the Company is able to finance its investments. ) Tj ET Q q 0 0 0 rg BT 298.44 452.25 Td (The Company may also acquire investments which generate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (attractive returns without any leverage. ) Tj ET Q q 0 0 0 rg BT 208.14 440.25 Td (The following tables present segment reporting for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.64 440.25 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.28 440.25 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.76 428.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.20 428.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.20 428.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 388.75 159.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 388.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 388.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 388.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 388.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 388.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 362.75 159.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 362.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 362.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 362.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 362.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 362.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 336.75 159.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 336.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 336.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 336.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 336.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 336.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 336.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 336.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 336.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 310.75 159.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 310.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 310.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.00 310.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 310.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 310.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 310.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 310.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 310.75 58.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 388.75 m 307 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 388.75 m 369 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 388.75 m 431 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 388.75 m 493 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 323.75 m 307 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 323.75 m 369 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 323.75 m 431 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 323.75 m 493 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 289.75 m 307 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 277.75 m 307 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 275.75 m 307 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 289.75 m 369 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 277.75 m 369 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 275.75 m 369 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 289.75 m 431 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 277.75 m 431 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 275.75 m 431 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 289.75 m 493 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 277.75 m 493 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 275.75 m 493 275.75 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 88.5 391.730078125 m 227.31640625 391.730078125 l s q 0 0 0 rg BT 88.50 392.98 Td (Three months ended September 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.05 400.98 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.90 392.98 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.05 400.98 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.25 392.98 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.65 392.98 Td (Corporate ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 417.19 396.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.75 392.98 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 380.00 Td (Rental and resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.50 380.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.15 380.00 Td (5,743,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.50 380.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.15 380.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.50 380.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.15 380.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.50 380.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.15 380.00 Td (5,743,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 367.00 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 367.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.15 367.00 Td (2,619,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.15 367.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.15 367.00 Td (2,619,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 354.00 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.15 354.00 Td (2,988,366) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.15 354.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.15 354.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.15 354.00 Td (2,988,366) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 341.00 Td (Asset management and other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.15 341.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.15 341.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.15 341.00 Td (3,719,191) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.15 341.00 Td (3,719,191) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 328.00 Td (Other expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.15 328.00 Td (3,232,522) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.15 328.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.15 328.00 Td (1,320,048) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.15 328.00 Td (4,552,570) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 314.98 Td (Income \(loss\) from operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.45 315.00 Td (\(477,473) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.15 315.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.15 315.00 Td (2,619,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.45 315.00 Td (\(5,039,239) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.15 315.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.45 315.00 Td (\(2,897,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.15 315.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 302.00 Td (Equity in earnings \(losses\) of unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 294.00 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.15 294.00 Td (203,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.15 294.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.15 294.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.15 294.00 Td (203,558) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 280.98 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.50 281.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.45 281.00 Td (\(273,915) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.15 281.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.50 281.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.15 281.00 Td (2,619,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.50 281.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.45 281.00 Td (\(5,039,239) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.15 281.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.50 281.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.45 281.00 Td (\(2,693,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.15 281.00 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 245.75 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 245.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 245.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 245.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 245.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 245.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 245.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 220.75 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 220.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 220.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 220.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 220.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 220.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 220.75 60.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 245.75 m 309 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 245.75 m 373 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 245.75 m 437 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 208.75 m 309 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 196.75 m 309 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 194.75 m 309 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 208.75 m 373 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 196.75 m 373 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 194.75 m 373 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 208.75 m 437 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 196.75 m 437 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 194.75 m 437 194.75 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 88.5 248.73007812499998 m 227.31640625 248.73007812499998 l s q 0 0 0 rg BT 88.50 249.98 Td (Three months ended September 30, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.05 257.98 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.25 249.98 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.65 249.98 Td (Corporate ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 358.19 253.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.75 249.98 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 237.70 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.50 237.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 237.70 Td (105,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 237.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.80 237.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 237.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.80 237.70 Td (105,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 225.00 Td (Asset management and other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 225.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.80 225.00 Td (13,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 225.00 Td (13,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 212.70 Td (Other expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 212.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.80 212.70 Td (40,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 212.70 Td (40,025) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 199.98 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.50 200.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 200.00 Td (105,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 200.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.10 200.00 Td (\(53,031) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.80 200.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 200.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 200.00 Td (52,525) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 164.75 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 164.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 164.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 164.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 164.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 164.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 164.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 164.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 164.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 134.75 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 134.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 134.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 134.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 134.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 134.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 134.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 134.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 134.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 106.75 159.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 106.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 106.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 106.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 106.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 106.75 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 106.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 106.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 106.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 80.75 159.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 80.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 80.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 80.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 80.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 80.75 5.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 80.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 80.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 80.75 60.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 164.75 m 309 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 164.75 m 373 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 164.75 m 438 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 164.75 m 502 164.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 93.75 m 309 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 93.75 m 373 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 93.75 m 438 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 93.75 m 502 93.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 59.75 m 309 59.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 59.75 m 309 59.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 45.75 m 309 45.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 43.75 m 309 43.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 59.75 m 373 59.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 45.75 m 373 45.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 43.75 m 373 43.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 59.75 m 438 59.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 45.75 m 438 45.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 43.75 m 438 43.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 59.75 m 502 59.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 45.75 m 502 45.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 43.75 m 502 43.75 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 88.5 167.73007812499998 m 223.0234375 167.73007812499998 l s q 0 0 0 rg BT 88.50 168.98 Td (Nine months ended September 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.05 176.98 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.90 168.98 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.05 176.98 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.25 168.98 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.65 168.98 Td (Corporate ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 423.19 172.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.75 168.98 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 154.00 Td (Rental and resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.50 154.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.75 154.00 Td (14,740,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 154.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.80 154.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.50 154.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.80 154.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 154.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.75 154.00 Td (14,740,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 139.00 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 139.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.75 139.00 Td (3,830,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.80 139.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.75 139.00 Td (3,830,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 124.00 Td (Property operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.75 124.00 Td (7,946,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.80 124.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.80 124.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.75 124.00 Td (7,946,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 111.00 Td (Asset management and other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 111.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.80 111.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.75 111.00 Td (6,470,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.75 111.00 Td (6,470,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 98.00 Td (Other expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.75 98.00 Td (6,905,515) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.80 98.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.75 98.00 Td (3,832,944) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 462.75 98.00 Td (10,738,459) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 84.98 Td (Income \(loss\) from operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.10 85.00 Td (\(111,072) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 85.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.75 85.00 Td (3,830,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.10 85.00 Td (\(10,303,544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 85.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 85.00 Td (\(6,583,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.80 85.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 72.00 Td (Equity in earnings \(losses\) of unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 64.00 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.10 64.00 Td (\(93,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 64.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.80 64.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.80 64.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.10 64.00 Td (\(93,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.80 64.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 48.98 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.50 49.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.10 49.00 Td (\(204,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 49.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 49.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.75 49.00 Td (3,830,790) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.50 49.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.10 49.00 Td (\(10,303,544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 49.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.50 49.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.10 49.00 Td (\(6,676,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.80 49.00 Td (\)) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (26) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 689.50 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 689.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 689.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 689.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 689.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 661.50 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 661.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 661.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 661.50 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 689.5 m 309 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 689.5 m 373 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 689.5 m 437 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 646.5 m 309 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 632.5 m 309 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 630.5 m 309 630.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 646.5 m 373 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 632.5 m 373 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 630.5 m 373 630.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 646.5 m 437 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 632.5 m 437 632.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 630.5 m 437 630.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 88.5 692.480078125 m 223.0234375 692.480078125 l s q 0 0 0 rg BT 88.50 693.73 Td (Nine months ended September 30, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.05 701.73 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.25 693.73 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.65 693.73 Td (Corporate ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 358.19 697.36 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.75 693.73 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 678.75 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.50 678.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 678.75 Td (144,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 678.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.80 678.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 678.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.80 678.75 Td (144,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 665.75 Td (Asset management and other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 665.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.80 665.75 Td (17,825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 665.75 Td (17,825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 650.75 Td (Other expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.80 650.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.80 650.75 Td (61,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 650.75 Td (61,248) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 635.73 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.50 635.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.80 635.75 Td (144,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 635.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.10 635.75 Td (\(79,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.80 635.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 635.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.80 635.75 Td (65,483) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 622.40 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 622.40 Td (_________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 612.80 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 612.80 Td (Includes unallocated asset management fee - related party and general and administrative expenses, if any) Tj ET Q q 0 0 0 rg BT 441.73 612.80 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.80 Td (The following table presents total assets by segment as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.22 592.80 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.49 592.80 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.93 592.80 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.51 592.80 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 561.30 96.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.00 561.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.00 561.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 561.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 561.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 561.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 561.30 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 561.30 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 561.30 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 561.3 m 246 561.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 561.3 m 310 561.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 561.3 m 374 561.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 561.3 m 438 561.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 549.3 m 246 549.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 547.3 m 246 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 549.3 m 310 549.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 547.3 m 310 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 549.3 m 374 549.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 547.3 m 374 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 549.3 m 438 549.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 547.3 m 438 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 547.3 m 246 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 549.3 m 246 549.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 536.3 m 246 536.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186 534.3 m 246 534.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 547.3 m 310 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 549.3 m 310 549.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 536.3 m 310 536.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 534.3 m 310 534.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 547.3 m 374 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 549.3 m 374 549.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 536.3 m 374 536.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 534.3 m 374 534.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 547.3 m 438 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 549.3 m 438 549.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 536.3 m 438 536.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 534.3 m 438 534.3 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 88.5 564.280078125 m 128.87890625 564.280078125 l s q 0 0 0 rg BT 88.50 565.53 Td (Total Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.05 573.53 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 203.90 565.53 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.05 573.53 Td (Real Estate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.25 565.53 Td (Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.70 565.53 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.75 565.53 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 552.55 Td (September 30, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.50 552.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.75 552.55 Td (299,175,215) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.50 552.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.75 552.55 Td (147,938,703) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.50 552.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.75 552.55 Td (95,127,628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.50 552.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.75 552.55 Td (542,241,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 539.55 Td (December 31, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.75 539.55 Td (57,521,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.75 539.55 Td (11,406,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.75 539.55 Td (46,911,253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.75 539.55 Td (115,839,130) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 515.80 Td (13. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 515.80 Td (Subsequent Events) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 495.80 Td (Common Stock fr) Tj ET Q q 0 0 0 rg BT 118.57 495.80 Td (om Primary Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.80 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.67 475.80 Td (October 1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.38 475.80 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.49 475.80 Td (November1) Tj ET Q q 0 0 0 rg BT 223.82 475.80 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.82 475.80 Td (, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.42 475.80 Td (1) Tj ET Q q 0 0 0 rg BT 347.05 475.80 Td (1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.95 475.80 Td ( shares of common stock pursuant to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.80 Td (Primary Of) Tj ET Q q 0 0 0 rg BT 94.59 463.80 Td (fering generating gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 463.80 Td ($1) Tj ET Q q 0 0 0 rg BT 247.78 463.80 Td (10.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.67 463.80 Td (. From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.66 463.80 Td (November1) Tj ET Q q 0 0 0 rg BT 450.99 463.80 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.99 463.80 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.80 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 451.80 Td (65.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.89 451.80 Td ( shares of common stock pursuant to its Of) Tj ET Q q 0 0 0 rg BT 297.35 451.80 Td (fering generating gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.91 451.80 Td ($655.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.80 451.80 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 431.80 Td (Distribution Reinvestment Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.80 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.67 411.80 Td (October 1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.38 411.80 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.49 411.80 Td (November1) Tj ET Q q 0 0 0 rg BT 223.82 411.80 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.82 411.80 Td (, the Company issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.42 411.80 Td (366,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.92 411.80 Td ( shares of common stock pursuant to the DRP) Tj ET Q q 0 0 0 rg BT 557.86 411.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.80 Td (raising proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 399.80 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.98 399.80 Td (. ) Tj ET Q q 0 0 0 rg BT 183.92 399.80 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.37 399.80 Td (November1) Tj ET Q q 0 0 0 rg BT 257.70 399.80 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.70 399.80 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.70 399.80 Td (9.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.59 399.80 Td ( shares were available to be issued pursuant to the DRP) Tj ET Q q 0 0 0 rg BT 557.10 399.80 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 379.80 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.80 Td (On November 5, 2014, the board of directors of the Company approved a daily cash distribution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.02 359.80 Td ($0.00184932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.52 359.80 Td ( per share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.80 Td (common stock for each of the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.94 347.80 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.54 347.80 Td (. Distributions are generally paid to stockholders on the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.80 Td (business day of the month following the month for which the distribution was accrued.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 315.80 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.02 315.80 Td (e Repur) Tj ET Q q 0 0 0 rg BT 99.03 315.80 Td (chases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.80 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.67 295.80 Td (October 1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.38 295.80 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.49 295.80 Td (November1) Tj ET Q q 0 0 0 rg BT 223.82 295.80 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.82 295.80 Td (, the Company repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.73 295.80 Td (1,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.23 295.80 Td ( shares for a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.42 295.80 Td ($14,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.92 295.80 Td ( or a weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.80 Td (average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.40 283.80 Td ($9.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.90 283.80 Td ( per share under the Share Repurchase Program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 263.80 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 93.67 263.80 Td (Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.80 Td (On October 2, 2014, the Company filed a registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 356.85 243.80 Td (1 \(File No. 333-199125\) with the SEC to register a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.80 Td (follow-on public of) Tj ET Q q 0 0 0 rg BT 127.08 231.80 Td (fering of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.07 231.80 Td ($700.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.96 231.80 Td ( in shares of the Company) Tj ET Q q 0 0 0 rg BT 353.44 231.80 Td (s common stock, consisting of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.10 231.80 Td ($500.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.99 231.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.80 Td (in shares in a follow-on primary of) Tj ET Q q 0 0 0 rg BT 188.73 219.80 Td (fering and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.82 219.80 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.71 219.80 Td ( in shares pursuant to a follow-on distribution reinvestment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.80 Td (plan. ) Tj ET Q q 0 0 0 rg BT 71.54 207.80 Td (The registration statement for the follow-on of) Tj ET Q q 0 0 0 rg BT 257.41 207.80 Td (fering has not yet been declared ef) Tj ET Q q 0 0 0 rg BT 394.94 207.80 Td (fective by the SEC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 187.80 Td (New ) Tj ET Q q 0 0 0 rg BT 69.78 187.80 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 166.46699218749995 m 213.2646484375 166.46699218749995 l s q 0 0 0 rg BT 49.50 167.80 Td (Grif) Tj ET Q q 0 0 0 rg BT 65.98 167.80 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 122.34 167.80 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 160.40 167.80 Td (Joint ) Tj ET Q q 0 0 0 rg BT 182.17 167.80 Td (V) Tj ET Q q 0 0 0 rg BT 188.28 167.80 Td (enture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.80 Td (On ) Tj ET Q q 0 0 0 rg BT 65.07 147.80 Td (October ) Tj ET Q q 0 0 0 rg BT 100.63 147.80 Td (22, ) Tj ET Q q 0 0 0 rg BT 116.48 147.80 Td (2014, ) Tj ET Q q 0 0 0 rg BT 142.34 147.80 Td (the ) Tj ET Q q 0 0 0 rg BT 157.91 147.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.14 147.80 Td (entered ) Tj ET Q q 0 0 0 rg BT 232.92 147.80 Td (into ) Tj ET Q q 0 0 0 rg BT 251.83 147.80 Td (a ) Tj ET Q q 0 0 0 rg BT 259.62 147.80 Td (purchase ) Tj ET Q q 0 0 0 rg BT 298.51 147.80 Td (and ) Tj ET Q q 0 0 0 rg BT 316.30 147.80 Td (sale ) Tj ET Q q 0 0 0 rg BT 335.20 147.80 Td (agreement ) Tj ET Q q 0 0 0 rg BT 380.19 147.80 Td (with ) Tj ET Q q 0 0 0 rg BT 401.32 147.80 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 444.11 147.80 Td (Realty ) Tj ET Q q 0 0 0 rg BT 473.57 147.80 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 511.36 147.80 Td (to ) Tj ET Q q 0 0 0 rg BT 522.49 147.80 Td (which ) Tj ET Q q 0 0 0 rg BT 550.28 147.80 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.38 135.80 Td (agreed ) Tj ET Q q 0 0 0 rg BT 119.02 135.80 Td (to ) Tj ET Q q 0 0 0 rg BT 128.79 135.80 Td (acquire ) Tj ET Q q 0 0 0 rg BT 160.21 135.80 Td (an ) Tj ET Q q 0 0 0 rg BT 171.64 135.80 Td (equity ) Tj ET Q q 0 0 0 rg BT 198.63 135.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 230.06 135.80 Td (in ) Tj ET Q q 0 0 0 rg BT 239.83 135.80 Td (Grif) Tj ET Q q 0 0 0 rg BT 256.31 135.80 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 312.16 135.80 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 357.46 135.80 Td (REIT) Tj ET Q q 0 0 0 rg BT 379.50 135.80 Td ( ) Tj ET Q q 0 0 0 rg BT 381.49 135.80 Td (II, ) Tj ET Q q 0 0 0 rg BT 392.64 135.80 Td (Inc.) Tj ET Q q 0 0 0 rg BT 410.69 135.80 Td (s ) Tj ET Q q 0 0 0 rg BT 416.57 135.80 Td (\(Grif) Tj ET Q q 0 0 0 rg BT 440.82 135.80 Td (fin-American\) ) Tj ET Q q 0 0 0 rg BT 504.45 135.80 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 547.52 135.80 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.80 Td (estate ) Tj ET Q q 0 0 0 rg BT 75.58 123.80 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 113.89 123.80 Td (following ) Tj ET Q q 0 0 0 rg BT 156.09 123.80 Td (completion ) Tj ET Q q 0 0 0 rg BT 204.39 123.80 Td (of ) Tj ET Q q 0 0 0 rg BT 216.04 123.80 Td (the ) Tj ET Q q 0 0 0 rg BT 231.57 123.80 Td (mer) Tj ET Q q 0 0 0 rg BT 246.94 123.80 Td (ger ) Tj ET Q q 0 0 0 rg BT 263.02 123.80 Td (of ) Tj ET Q q 0 0 0 rg BT 274.66 123.80 Td (Grif) Tj ET Q q 0 0 0 rg BT 291.14 123.80 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 348.32 123.80 Td (with ) Tj ET Q q 0 0 0 rg BT 369.41 123.80 Td (and ) Tj ET Q q 0 0 0 rg BT 387.17 123.80 Td (into ) Tj ET Q q 0 0 0 rg BT 406.04 123.80 Td (a ) Tj ET Q q 0 0 0 rg BT 413.79 123.80 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 458.21 123.80 Td (of ) Tj ET Q q 0 0 0 rg BT 469.86 123.80 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 512.61 123.80 Td (Realty) Tj ET Q q 0 0 0 rg BT 538.06 123.80 Td (. ) Tj ET Q q 0 0 0 rg BT 543.88 123.80 Td ( ) Tj ET Q q 0 0 0 rg BT 546.95 123.80 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.93 111.80 Td (will ) Tj ET Q q 0 0 0 rg BT 109.03 111.80 Td (acquire ) Tj ET Q q 0 0 0 rg BT 141.00 111.80 Td (the ) Tj ET Q q 0 0 0 rg BT 155.77 111.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 187.74 111.80 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.95 111.80 Td ($100 ) Tj ET Q q 0 0 0 rg BT 224.50 111.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.39 111.80 Td ( ) Tj ET Q q 0 0 0 rg BT 255.93 111.80 Td (in ) Tj ET Q q 0 0 0 rg BT 266.26 111.80 Td (cash, ) Tj ET Q q 0 0 0 rg BT 289.07 111.80 Td (including ) Tj ET Q q 0 0 0 rg BT 329.39 111.80 Td (its ) Tj ET Q q 0 0 0 rg BT 341.38 111.80 Td (pro ) Tj ET Q q 0 0 0 rg BT 357.26 111.80 Td (rata ) Tj ET Q q 0 0 0 rg BT 374.79 111.80 Td (share ) Tj ET Q q 0 0 0 rg BT 398.43 111.80 Td (of ) Tj ET Q q 0 0 0 rg BT 409.31 111.80 Td (associated ) Tj ET Q q 0 0 0 rg BT 452.95 111.80 Td (transaction ) Tj ET Q q 0 0 0 rg BT 499.37 111.80 Td (costs, ) Tj ET Q q 0 0 0 rg BT 524.41 111.80 Td (through ) Tj ET Q q 0 0 0 rg BT 558.06 111.80 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.80 Td (joint ) Tj ET Q q 0 0 0 rg BT 71.27 99.80 Td (venture ) Tj ET Q q 0 0 0 rg BT 104.70 99.80 Td (with ) Tj ET Q q 0 0 0 rg BT 125.92 99.80 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 168.80 99.80 Td (Realty ) Tj ET Q q 0 0 0 rg BT 198.34 99.80 Td (which ) Tj ET Q q 0 0 0 rg BT 226.22 99.80 Td (will ) Tj ET Q q 0 0 0 rg BT 245.22 99.80 Td (be ) Tj ET Q q 0 0 0 rg BT 258.09 99.80 Td (purchased ) Tj ET Q q 0 0 0 rg BT 302.07 99.80 Td (at ) Tj ET Q q 0 0 0 rg BT 312.73 99.80 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 355.61 99.80 Td (Realty) Tj ET Q q 0 0 0 rg BT 384.49 99.80 Td (s ) Tj ET Q q 0 0 0 rg BT 391.82 99.80 Td (cost ) Tj ET Q q 0 0 0 rg BT 411.37 99.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 434.81 99.80 Td (and ) Tj ET Q q 0 0 0 rg BT 452.69 99.80 Td (is ) Tj ET Q q 0 0 0 rg BT 462.80 99.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 501.77 99.80 Td (to ) Tj ET Q q 0 0 0 rg BT 512.99 99.80 Td (represent ) Tj ET Q q 0 0 0 rg BT 553.07 99.80 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.80 Td (approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.98 87.80 Td (8.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.81 87.80 Td ( ) Tj ET Q q 0 0 0 rg BT 125.31 87.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 157.24 87.80 Td (in ) Tj ET Q q 0 0 0 rg BT 167.52 87.80 Td (the ) Tj ET Q q 0 0 0 rg BT 182.24 87.80 Td (portfolio.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 760.60 Td (NOR) Tj ET Q q 0 0 0 rg BT 176.72 760.60 Td (THST) Tj ET Q q 0 0 0 rg BT 202.66 760.60 Td (AR HEAL) Tj ET Q q 0 0 0 rg BT 247.02 760.60 Td (THCARE INCOME, INC. ) Tj ET Q q 0 0 0 rg BT 362.31 760.60 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 728.60 Td (\(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 702.7669921875 m 144.1826171875 702.7669921875 l s q 0 0 0 rg BT 49.50 704.10 Td (Extendicare ) Tj ET Q q 0 0 0 rg BT 99.75 704.10 Td (Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (On ) Tj ET Q q 0 0 0 rg BT 63.85 684.10 Td (November ) Tj ET Q q 0 0 0 rg BT 108.19 684.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 117.83 684.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 142.46 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.81 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 197.83 684.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 226.61 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.52 684.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 262.54 684.10 Td (up ) Tj ET Q q 0 0 0 rg BT 274.67 684.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.58 684.10 Td ($315.0 ) Tj ET Q q 0 0 0 rg BT 314.21 684.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.11 684.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.24 684.10 Td (through ) Tj ET Q q 0 0 0 rg BT 378.48 684.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.05 684.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 437.17 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.64 684.10 Td (equity) Tj ET Q q 0 0 0 rg BT 471.98 684.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.62 684.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 521.50 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.07 684.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 68.56 672.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 108.17 672.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.80 672.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 163.52 672.10 Td (with ) Tj ET Q q 0 0 0 rg BT 183.15 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.21 672.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 235.72 672.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 281.45 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.62 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.69 672.10 Td (U.S.-based ) Tj ET Q q 0 0 0 rg BT 351.42 672.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 394.92 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.10 672.10 Td (Extendicare ) Tj ET Q q 0 0 0 rg BT 454.69 672.10 Td (International ) Tj ET Q q 0 0 0 rg BT 507.63 672.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 524.74 672.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.92 660.10 Td ($870.0 ) Tj ET Q q 0 0 0 rg BT 92.40 660.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.29 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.28 660.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 162.25 660.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.57 660.10 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.57 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.55 660.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 235.61 660.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 273.02 660.10 Td (by ) Tj ET Q q 0 0 0 rg BT 286.00 660.10 Td (an ) Tj ET Q q 0 0 0 rg BT 298.43 660.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 345.29 660.10 Td (group ) Tj ET Q q 0 0 0 rg BT 371.60 660.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 416.24 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.55 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.75 660.10 Td (Company) Tj ET Q q 0 0 0 rg BT 480.99 660.10 Td (, ) Tj ET Q q 0 0 0 rg BT 486.47 660.10 Td (Formation ) Tj ET Q q 0 0 0 rg BT 531.12 660.10 Td (Capital, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 70.39 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 86.82 648.10 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 121.03 648.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 175.23 648.10 Td (Limited. ) Tj ET Q q 0 0 0 rg BT 211.25 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 228.79 648.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 265.79 648.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 299.46 648.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.79 648.10 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.79 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.79 648.10 Td (SNFs ) Tj ET Q q 0 0 0 rg BT 351.02 648.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.46 648.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.13 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.69 648.10 Td (ALFs ) Tj ET Q q 0 0 0 rg BT 405.47 648.10 Td (located ) Tj ET Q q 0 0 0 rg BT 436.34 648.10 Td (across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.33 648.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.33 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 475.33 648.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 502.05 648.10 Td (with ) Tj ET Q q 0 0 0 rg BT 521.83 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.04 648.10 Td (lar) Tj ET Q q 0 0 0 rg BT 546.41 648.10 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 110.47 636.10 Td (in ) Tj ET Q q 0 0 0 rg BT 120.90 636.10 Td (Indiana, ) Tj ET Q q 0 0 0 rg BT 156.04 636.10 Td (Kentucky) Tj ET Q q 0 0 0 rg BT 194.27 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.43 636.10 Td (Ohio, ) Tj ET Q q 0 0 0 rg BT 224.58 636.10 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 265.56 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.47 636.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.51 636.10 Td (isconsin. ) Tj ET Q q 0 0 0 rg BT 329.25 636.10 Td (The ) Tj ET Q q 0 0 0 rg BT 347.45 636.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 385.10 636.10 Td (is ) Tj ET Q q 0 0 0 rg BT 394.43 636.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 433.18 636.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 464.16 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.59 636.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.01 636.10 Td ($630.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.50 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.94 624.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 125.25 624.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 167.62 624.10 Td (which ) Tj ET Q q 0 0 0 rg BT 194.17 624.10 Td (is ) Tj ET Q q 0 0 0 rg BT 202.95 624.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 240.59 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.47 624.10 Td (be ) Tj ET Q q 0 0 0 rg BT 262.02 624.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 298.57 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.45 624.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 354.43 624.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.32 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.65 624.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 437.14 624.10 Td (Refer ) Tj ET Q q 0 0 0 rg BT 461.45 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.34 624.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 489.56 624.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 500.82 624.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 521.26 624.10 Td (5. ) Tj ET Q q 0 0 0 rg BT 530.87 624.10 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.98 612.10 Td (further ) Tj ET Q q 0 0 0 rg BT 94.01 612.10 Td (discussion. ) Tj ET Q q 0 0 0 rg BT 140.80 612.10 Td (There ) Tj ET Q q 0 0 0 rg BT 166.94 612.10 Td (can ) Tj ET Q q 0 0 0 rg BT 183.64 612.10 Td (be ) Tj ET Q q 0 0 0 rg BT 195.91 612.10 Td (no ) Tj ET Q q 0 0 0 rg BT 208.73 612.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 250.42 612.10 Td (that ) Tj ET Q q 0 0 0 rg BT 268.24 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.28 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 324.99 612.10 Td (will ) Tj ET Q q 0 0 0 rg BT 343.37 612.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 382.85 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.89 612.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 444.58 612.10 Td (described ) Tj ET Q q 0 0 0 rg BT 485.72 612.10 Td (above ) Tj ET Q q 0 0 0 rg BT 512.42 612.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.25 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.29 612.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 105.87 600.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.70 600.10 Td (at ) Tj ET Q q 0 0 0 rg BT 126.41 600.10 Td (all.) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 2. Management) Tj ET Q q 0 0 0 rg BT 144.05 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 216.03 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (The following discussion should be read in conjunction with our unaudited consolidated financial statements and notes thereto ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (included in Item 1. Financial Statements of this report. References to we, us or our refer to NorthStar Healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.25 Td (Income, Inc. and its subsidiaries unless the context specifically requires otherwise.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (Intr) Tj ET Q q 0 0 0 rg BT 67.04 678.25 Td (oduction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 658.25 Td (e were formed primarily to acquire, originate and asset manage a diversified portfolio of equity) Tj ET Q q 0 0 0 rg BT 438.68 658.25 Td (, debt and securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (investments in healthcare real estate, with a focus on the mid-acuity senior housing sector) Tj ET Q q 0 0 0 rg BT 408.38 646.25 Td (, which we define as assisted living, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.28 634.25 Td (ALF) Tj ET Q q 0 0 0 rg BT 78.37 634.25 Td (, memory care, or MCF) Tj ET Q q 0 0 0 rg BT 171.99 634.25 Td (, skilled nursing, or SNF) Tj ET Q q 0 0 0 rg BT 269.53 634.25 Td (, and independent living facilities, or ILF) Tj ET Q q 0 0 0 rg BT 433.13 634.25 Td (, that may have an emphasis on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (private pay patients. ) Tj ET Q q 0 0 0 rg BT 135.63 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 144.26 622.25 Td (e may also acquire and originate equity and debt investments in facilities that may rely on public pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (patients and other healthcare property types, including medical of) Tj ET Q q 0 0 0 rg BT 312.23 610.25 Td (fice buildings, or MOB, hospitals and rehabilitation facilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (In addition, we may acquire healthcare-related securities. ) Tj ET Q q 0 0 0 rg BT 283.60 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 292.24 598.25 Td (e were formed in October 2010 as a Maryland corporation. ) Tj ET Q q 0 0 0 rg BT 532.52 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 541.16 598.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (elected to be taxed as a real estate investment trust, or REIT) Tj ET Q q 0 0 0 rg BT 289.17 586.25 Td (, under the Internal Revenue Code of 1986 commencing with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.37 574.25 Td (year ended December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.04 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 213.36 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 222.00 574.25 Td (e conduct our operations so as to continue to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 473.42 574.25 Td ( for U.S. federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (income tax purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 542.25 Td (e are externally managed and have no employees. Prior to June30, 2014, we were managed by an af) Tj ET Q q 0 0 0 rg BT 462.75 542.25 Td (filiate of NorthStar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (Realty Finance Corp. \(NYSE: NRF\), or NorthStar Realty) Tj ET Q q 0 0 0 rg BT 278.49 530.25 Td (. Ef) Tj ET Q q 0 0 0 rg BT 295.24 530.25 Td (fective June30, 2014, NorthStar Realty spun-of) Tj ET Q q 0 0 0 rg BT 486.69 530.25 Td (f its asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (management business into a separate publicly traded company) Tj ET Q q 0 0 0 rg BT 298.99 518.25 Td (, NorthStar ) Tj ET Q q 0 0 0 rg BT 345.38 518.25 Td (Asset Management Group Inc., our Sponsor) Tj ET Q q 0 0 0 rg BT 521.34 518.25 Td (, with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (common stock listed on the New ) Tj ET Q q 0 0 0 rg BT 183.50 506.25 Td (Y) Tj ET Q q 0 0 0 rg BT 189.72 506.25 Td (ork Stock Exchange, or NYSE, under the ticker symbol NSAM. Our Sponsor and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 494.25 Td (filiates were or) Tj ET Q q 0 0 0 rg BT 117.38 494.25 Td (ganized to provide asset management and other services to us, NorthStar Realty) Tj ET Q q 0 0 0 rg BT 436.08 494.25 Td (, other sponsored public non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (traded companies and any other companies our Sponsor may manage in the future, or collectively our NSAM Managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (Companies, both in the United States and internationally) Tj ET Q q 0 0 0 rg BT 275.98 470.25 Td (. Concurrent with the spin-of) Tj ET Q q 0 0 0 rg BT 394.11 470.25 Td (f, af) Tj ET Q q 0 0 0 rg BT 410.02 470.25 Td (filiates of our Sponsor entered into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (new advisory agreement with us and each of the other NSAM Managed Companies. Pursuant to our advisory agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (NSAM J-NSHC Ltd, an af) Tj ET Q q 0 0 0 rg BT 156.21 446.25 Td (filiate of our Sponsor) Tj ET Q q 0 0 0 rg BT 241.07 446.25 Td (, or our ) Tj ET Q q 0 0 0 rg BT 272.18 446.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 304.00 446.25 Td (, agreed to manage our day-to-day operations on terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (substantially similar to those set forth in our prior advisory agreement with NorthStar Healthcare Income ) Tj ET Q q 0 0 0 rg BT 471.84 434.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 503.66 434.25 Td (, LLC, or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (Prior ) Tj ET Q q 0 0 0 rg BT 71.95 422.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 103.62 422.25 Td (. References to our Prior ) Tj ET Q q 0 0 0 rg BT 206.09 422.25 Td (Advisor herein refer to the services performed by and fees paid and accrued to our Prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (Advisor during the period prior to June 30, 2014. ) Tj ET Q q 0 0 0 rg BT 251.46 410.25 Td (The spin-of) Tj ET Q q 0 0 0 rg BT 297.66 410.25 Td (f of NorthStar Realty) Tj ET Q q 0 0 0 rg BT 385.14 410.25 Td (s asset management business had no impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (on our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (Our primary investment types are as follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 358.25 Td (Real Estate Equity -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.25 358.25 Td ( Our equity investments may include equity investments backed by properties in the mid-acuity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.25 Td (senior housing sector) Tj ET Q q 0 0 0 rg BT 170.58 346.25 Td (, which we define as ) Tj ET Q q 0 0 0 rg BT 254.45 346.25 Td (ALF) Tj ET Q q 0 0 0 rg BT 272.54 346.25 Td (, MCF) Tj ET Q q 0 0 0 rg BT 297.86 346.25 Td (, SNF and ILF that have an emphasis on private pay patients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (may also include MOB, hospitals and rehabilitation facilities. Certain healthcare properties operate under the REIT) Tj ET Q q 0 0 0 rg BT 548.72 334.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (Investment Diversification and Empowerment ) Tj ET Q q 0 0 0 rg BT 273.17 322.25 Td (Act of 2007, or RIDEA, structure generating resident income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.25 Td (short-term residential agreements and incur customary related operating expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 290.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 290.25 Td (Real Estate Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.76 290.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.26 290.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.59 290.25 Td ( Our debt investments business focuses on originating, acquiring and asset managing healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 278.25 Td (related debt investments and may include first mortgage loans, subordinate interests and mezzanine loans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 266.25 Td (participations in such loans, as well as preferred equity interests.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 246.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 246.25 Td (Healthcar) Tj ET Q q 0 0 0 rg BT 126.18 246.25 Td (e-Related Securities -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.25 246.25 Td ( Our securities investments may include commercial mortgage-backed securities, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 234.25 Td (CMBS, and may include other securities backed primarily by loans secured by healthcare properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 214.25 Td (e believe that these investment types are complementary to each other due to overlapping sources of investment opportunities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (and common reliance on healthcare real estate fundamentals and application of similar portfolio management skills to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (maximize value and to protect capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 170.25 Td (e are of) Tj ET Q q 0 0 0 rg BT 88.43 170.25 Td (fering up to 100,000,000 shares pursuant to our primary of) Tj ET Q q 0 0 0 rg BT 322.93 170.25 Td (fering, or our Primary Of) Tj ET Q q 0 0 0 rg BT 423.55 170.25 Td (fering, and up to 10,526,315 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (shares pursuant to our distribution reinvestment plan, or our DRP) Tj ET Q q 0 0 0 rg BT 310.52 158.25 Td (, which are herein collectively referred to as our Of) Tj ET Q q 0 0 0 rg BT 515.24 158.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 546.44 158.25 Td (W) Tj ET Q q 0 0 0 rg BT 555.08 158.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (reserve the right to reallocate our shares of common stock being of) Tj ET Q q 0 0 0 rg BT 317.23 146.25 Td (fered between our Primary Of) Tj ET Q q 0 0 0 rg BT 437.00 146.25 Td (fering and our DRP) Tj ET Q q 0 0 0 rg BT 514.49 146.25 Td (. ) Tj ET Q q 0 0 0 rg BT 521.81 146.25 Td (W) Tj ET Q q 0 0 0 rg BT 530.44 146.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (retained NorthStar Realty Securities, LLC, or our Dealer Manager) Tj ET Q q 0 0 0 rg BT 314.51 134.25 Td (, formerly a subsidiary of NorthStar Realty that became a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (subsidiary of our Sponsor upon completion of the spin-of) Tj ET Q q 0 0 0 rg BT 279.24 122.25 Td (f, to serve as the dealer manager for our Primary Of) Tj ET Q q 0 0 0 rg BT 485.92 122.25 Td (fering. Our Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (Manager is responsible for marketing the shares being of) Tj ET Q q 0 0 0 rg BT 277.53 110.25 Td (fered pursuant to our Primary Of) Tj ET Q q 0 0 0 rg BT 408.70 110.25 Td (fering. In ) Tj ET Q q 0 0 0 rg BT 447.86 110.25 Td (April 2014, our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (directors determined to extend our Of) Tj ET Q q 0 0 0 rg BT 200.60 98.25 Td (fering for one year to ) Tj ET Q q 0 0 0 rg BT 287.51 98.25 Td (August7, 2015. Our Of) Tj ET Q q 0 0 0 rg BT 384.82 98.25 Td (fering is expected to terminate on the earlier ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 86.25 Td (August 7, 2015 or the date on which the maximum of) Tj ET Q q 0 0 0 rg BT 274.23 86.25 Td (fering was sold. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.25 Td (On October 2, 2014, we filed a registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 315.41 66.25 Td (1 with the Securities and Exchange Commission, or the SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.25 Td (to register a follow-on public of) Tj ET Q q 0 0 0 rg BT 177.29 54.25 Td (fering of up to $700.0 million in shares of our common stock, consisting of up to $500.0 ) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (million in shares in a follow-on primary of) Tj ET Q q 0 0 0 rg BT 220.62 742.10 Td (fering and up to $200.0 million in shares pursuant to a follow-on distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 126.19 730.10 Td (The registration statement for the follow-on of) Tj ET Q q 0 0 0 rg BT 312.06 730.10 Td (fering has not yet been declared ef) Tj ET Q q 0 0 0 rg BT 449.59 730.10 Td (fective by the SEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 107.95 710.10 Td (1, 2013, we commenced operations by satisfying the minimum of) Tj ET Q q 0 0 0 rg BT 370.22 710.10 Td (fering requirement in our Primary Of) Tj ET Q q 0 0 0 rg BT 518.60 710.10 Td (fering as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (result of NorthStar Realty purchasing an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.89 698.10 Td (222,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.39 698.10 Td ( shares of common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.48 698.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.37 698.10 Td (. From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (November1) Tj ET Q q 0 0 0 rg BT 99.34 686.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.34 686.10 Td (, we raised total gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.63 686.10 Td ($666.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.52 686.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 658.10 Td ( Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (The following table presents our investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.40 640.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.66 640.10 Td (, adjusted for our agreement entered in October 2014 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (purchase other investments \(refer to Recent Developments\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 587.60 137.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 587.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 587.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 587.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 587.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 561.60 137.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 561.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 561.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 561.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 561.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 535.60 137.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 535.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 535.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 535.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 535.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 509.60 137.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 509.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 509.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 509.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 509.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 483.60 137.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 483.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 483.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 483.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 483.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 457.60 137.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 457.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 457.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 457.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 457.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 431.60 137.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 431.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 431.60 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 431.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 431.60 51.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 587.6 m 278.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 587.6 m 333.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 496.6 m 333.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 496.6 m 278.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 431.6 m 333.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 431.6 m 278.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 418.6 m 278.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 406.6 m 278.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 404.6 m 278.5 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 418.6 m 333.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 406.6 m 333.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 404.6 m 333.5 404.6 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 89 590.580078125 m 148.48046875 590.580078125 l s q 0 0 0 rg BT 89.00 591.83 Td (Investment Type:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.70 607.83 Td (Principal ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.35 599.83 Td (Amount/ ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.65 591.83 Td (Cost ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 258.20 595.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.45 591.83 Td (% of Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 578.83 Td (Real estate equity) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 149.43 582.46 Td ( \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 565.85 Td (ALF ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 106.11 569.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.00 565.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 565.85 Td (327,766,887) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 565.85 Td (39.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 565.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 552.85 Td (MOB ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 109.23 556.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 552.85 Td (164,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 552.85 Td (19.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 552.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 539.85 Td (SNF ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 105.68 543.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 539.85 Td (101,077,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 539.85 Td (12.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 539.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 526.85 Td (ILF) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.25 526.85 Td (58,446,448) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.30 526.85 Td (7.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 526.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 513.85 Td (Hospital ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 118.11 517.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.25 513.85 Td (22,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.30 513.85 Td (2.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 513.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 500.85 Td (MCF) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.25 500.85 Td (20,997,652) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.30 500.85 Td (2.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 500.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 487.83 Td (Total real estate equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 487.85 Td (694,288,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 487.85 Td (82.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 487.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 461.83 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 448.85 Td (First mortgage loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.25 448.85 Td (25,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.30 448.85 Td (3.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 448.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 435.85 Td (Mezzanine loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 435.85 Td (120,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 435.85 Td (14.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 435.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 422.83 Td (Total real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 422.85 Td (145,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 422.85 Td (17.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 422.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 409.83 Td (Total investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.00 409.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 409.85 Td (840,175,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.25 409.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.30 409.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 384.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 384.50 Td (Based on cost for real estate equity investments, which includes net purchase price allocation related to net intangibles, deferred costs and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 374.90 Td (other assets, if any) Tj ET Q q 0 0 0 rg BT 163.02 374.90 Td (, and principal amount for real estate debt.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 365.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 365.30 Td (Classification based on predominant services but may include other services.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 355.70 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 355.70 Td (Includes cost attributable to investments held through joint ventures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.70 Td (For ) Tj ET Q q 0 0 0 rg BT 68.04 335.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.16 335.70 Td (information ) Tj ET Q q 0 0 0 rg BT 158.51 335.70 Td (regarding ) Tj ET Q q 0 0 0 rg BT 200.97 335.70 Td (our ) Tj ET Q q 0 0 0 rg BT 218.45 335.70 Td (reportable ) Tj ET Q q 0 0 0 rg BT 263.12 335.70 Td (segments, ) Tj ET Q q 0 0 0 rg BT 306.98 335.70 Td (refer ) Tj ET Q q 0 0 0 rg BT 329.99 335.70 Td (to ) Tj ET Q q 0 0 0 rg BT 341.92 335.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 365.50 335.70 Td (12. ) Tj ET Q q 0 0 0 rg BT 382.14 335.70 Td (Segment ) Tj ET Q q 0 0 0 rg BT 425.72 335.70 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 474.30 335.70 Td (in ) Tj ET Q q 0 0 0 rg BT 486.22 335.70 Td (our ) Tj ET Q q 0 0 0 rg BT 503.69 335.70 Td (accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.04 323.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.52 323.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 185.23 323.70 Td (included ) Tj ET Q q 0 0 0 rg BT 222.17 323.70 Td (in ) Tj ET Q q 0 0 0 rg BT 232.45 323.70 Td (Item ) Tj ET Q q 0 0 0 rg BT 253.27 323.70 Td (1. ) Tj ET Q q 0 0 0 rg BT 263.27 323.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 307.42 323.70 Td (Statements.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 302.13505859375 m 130 302.13505859375 l s q 0 0 0 rg BT 50.00 303.70 Td (Real Estate Equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.70 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.70 Td (Our real estate equity investment strategy is focused on acquiring healthcare properties or interests in healthcare properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.70 Td (with a focus on the mid-acuity senior housing sector) Tj ET Q q 0 0 0 rg BT 259.00 255.70 Td (, which we define as ) Tj ET Q q 0 0 0 rg BT 342.86 255.70 Td (ALF) Tj ET Q q 0 0 0 rg BT 360.95 255.70 Td (, MCF) Tj ET Q q 0 0 0 rg BT 386.27 255.70 Td (, SNF and ILF) Tj ET Q q 0 0 0 rg BT 443.26 255.70 Td (, that have an emphasis on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.70 Td (private pay patients. ) Tj ET Q q 0 0 0 rg BT 135.63 243.70 Td (W) Tj ET Q q 0 0 0 rg BT 144.26 243.70 Td (e may also acquire facilities that rely on public pay patients and other healthcare property types, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.70 Td (including MOB, hospitals and rehabilitation facilities. Our equity investments are generally in the form of lease or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.70 Td (management transactions where we purchase a property and enter into a long-term lease or management agreement with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.70 Td (operator responsible for contractual payments to us. In certain instances, we will enter into a RIDEA) Tj ET Q q 0 0 0 rg BT 454.32 207.70 Td ( structure where we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.70 Td (participate directly in the operational cash flow of a property) Tj ET Q q 0 0 0 rg BT 292.31 195.70 Td (. Our real estate equity investments that operate under the RIDEA) Tj ET Q q 0 0 0 rg BT 557.78 195.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.70 Td (structure generate resident level income from short-term residential agreements and incur customary related operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.70 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 93.42 171.70 Td (The investments typically have the potential to appreciate in value and therefore help overcome our upfront fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.70 Td (expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 139.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.61 139.70 Td (Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.70 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 119.70 Td (November1) Tj ET Q q 0 0 0 rg BT 123.78 119.70 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.78 119.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.78 119.70 Td ($694.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.67 119.70 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 119.70 Td (82.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.33 119.70 Td ( of our assets, were invested in healthcare real estate equity) Tj ET Q q 0 0 0 rg BT 495.53 119.70 Td (. ) Tj ET Q q 0 0 0 rg BT 502.85 119.70 Td (The properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.70 Td (were 100.0% leased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.02 107.70 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.68 107.70 Td ( operators, with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.61 107.70 Td (1) Tj ET Q q 0 0 0 rg BT 236.24 107.70 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.24 107.70 Td (-year weighted average remaining lease term, excluding our healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.70 Td (investments held through joint ventures.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The following presents our real estate equity diversity across property type and geographic location based on cost \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our proportionate interest in gross assets for our investments in joint ventures\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.95 710.33 Td (Real Estate Equity by Pr) Tj ET Q q 0 0 0 rg BT 198.88 710.33 Td (operty ) Tj ET Q q 0 0 0 rg BT 228.97 710.33 Td (T) Tj ET Q q 0 0 0 rg BT 234.89 710.33 Td (ype ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 252.39 714.86 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.55 710.33 Td (Real Estate Equity by Geographic Location) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 528.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 528.50 Td (Classification based on predominant services provided, but may include other services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.50 Td (The following table presents a summary of our real estate equity investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.13 510.50 Td (November1) Tj ET Q q 0 0 0 rg BT 431.46 510.50 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.46 510.50 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 479.00 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 479.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 479.00 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 479.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 479.00 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 453.00 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 453.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 453.00 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 453.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 453.00 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 427.00 66.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 427.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 427.00 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 427.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 427.00 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 401.00 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 401.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 401.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 401.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 401.00 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 479 m 152.5 479 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 479 m 206.5 479 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 479 m 256.5 479 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 401 m 206.5 401 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 387 m 206.5 387 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 385 m 206.5 385 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 401 m 256.5 401 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 387 m 256.5 387 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 385 m 256.5 385 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 90.40 483.23 Td (Pr) Tj ET Q q 0 0 0 rg BT 98.69 483.23 Td (operty ) Tj ET Q q 0 0 0 rg BT 122.76 483.23 Td (T) Tj ET Q q 0 0 0 rg BT 127.51 483.23 Td (ype ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 141.51 486.86 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.50 483.23 Td (Cost) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 185.05 486.86 Td ( \(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.95 483.23 Td (% of Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 470.25 Td (ALF ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 106.11 473.88 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 470.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.25 470.25 Td (327,766,887) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 470.25 Td (47.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 470.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 457.25 Td (MOB ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 109.23 460.88 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.25 457.25 Td (164,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 457.25 Td (23.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 457.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 444.25 Td (SNF ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 105.68 447.88 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.25 444.25 Td (101,077,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 444.25 Td (14.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 444.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 431.25 Td (ILF) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.25 431.25 Td (58,446,448) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.25 431.25 Td (8.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 431.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 418.25 Td (Hospital ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 118.11 421.88 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.25 418.25 Td (22,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.25 418.25 Td (3.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 418.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 405.25 Td (MCF) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.25 405.25 Td (20,997,652) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.25 405.25 Td (3.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 405.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 390.25 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 390.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.25 390.25 Td (694,288,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.25 390.25 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 390.25 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 376.50 Td (____________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.00 376.50 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 368.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 368.50 Td (Classification based on predominant services provided, but may include other services. ) Tj ET Q q 0 0 0 rg BT 384.15 368.50 Td (ALF and SNF include cost attributable to portfolios ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 360.50 Td (held through joint ventures.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 350.90 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 350.90 Td (Based on cost which includes net purchase price allocation related to net intangibles, deferred costs and other assets, if any) Tj ET Q q 0 0 0 rg BT 496.46 350.90 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 341.30 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 341.30 Td (Includes cost attributable to investments held through joint ventures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.70 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 319.70 Td (November1) Tj ET Q q 0 0 0 rg BT 123.78 319.70 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.78 319.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.78 319.70 Td ($425.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.67 319.70 Td (, or 50.6% of our assets, were invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.85 319.70 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.84 319.70 Td ( portfolios held through joint ventures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.70 Td (with an ownership interest of 5.6%, 1) Tj ET Q q 0 0 0 rg BT 199.60 307.70 Td (1.4% and 8.3%, respectively) Tj ET Q q 0 0 0 rg BT 313.36 307.70 Td (. Portfolios held through joint ventures are comprised of over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.70 Td (20,000 units/beds across 129 senior housing facilities and 101 SNFs and MCFs, located across the U.S. and the U.K. ) Tj ET Q q 0 0 0 rg BT 519.49 295.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.70 Td (portfolio also includes 145 MOBs and 14 hospitals.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 264.13505859375005 m 121.650390625 264.13505859375005 l s q 0 0 0 rg BT 50.00 265.70 Td (Real Estate Debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 247.70 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.70 Td (Our real estate debt investment strategy is focused on originating, acquiring and asset managing debt secured by healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.70 Td (properties with a focus on the mid-acuity senior housing sector primarily including first mortgage loans, subordinate mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.70 Td (and mezzanine loans and participations in such loans and preferred equity interests. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 183.70 Td (e emphasize direct origination of our debt investments as this allows us a greater degree of control over how they are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.70 Td (underwritten and structured and it provides us the opportunity to syndicate senior or subordinate interests in the loan, if desired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.70 Td (Further) Tj ET Q q 0 0 0 rg BT 79.04 159.70 Td (, it facilitates a more direct relationship with our borrowers which helps us maintain a robust pipeline and provides an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.70 Td (opportunity for us to earn origination and other fees.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 127.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.61 127.70 Td (Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.70 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 107.70 Td (November1) Tj ET Q q 0 0 0 rg BT 123.78 107.70 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.78 107.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.78 107.70 Td ($145.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.67 107.70 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 107.70 Td (17.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.33 107.70 Td ( of our assets, were invested in real estate debt secured by healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.70 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 91.38 95.70 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.82 95.70 Td (November1) Tj ET Q q 0 0 0 rg BT 165.16 95.70 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.16 95.70 Td (, our real estate debt investments consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.27 95.70 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.93 95.70 Td ( loans with an average investment size of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.70 Td ($36.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 83.70 Td (. ) Tj ET Q q 0 0 0 rg BT 111.21 83.70 Td (The weighted average extended maturity of our real estate debt portfolio is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.76 83.70 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.26 83.70 Td ( years.) Tj ET Q /GS0 gs q 208.58 0 0 156.00 72.20 549.12 cm /I11 Do Q /GS0 gs q 225.95 0 0 156.00 320.50 549.12 cm /I12 Do Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The following table presents a summary of our debt investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 742.10 Td (November1) Tj ET Q q 0 0 0 rg BT 380.94 742.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.94 742.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 679.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 679.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 679.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 679.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 679.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 679.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 679.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 679.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 679.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 649.60 72.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 649.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 649.60 35.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 197.50 649.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 649.60 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 649.60 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 649.60 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 649.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 649.60 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 649.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 649.60 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 649.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 649.60 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 649.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 649.60 48.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 720.6 m 364.5 720.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 720.6 m 405.5 720.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 720.6 m 409.5 720.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 720.6 m 459.5 720.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 679.6 m 158.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 679.6 m 197.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 679.6 m 252.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 679.6 m 308.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 679.6 m 360.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 679.6 m 405.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 679.6 m 459.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 679.6 m 511.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 679.6 m 197.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 679.6 m 252.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 679.6 m 308.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 679.6 m 360.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 679.6 m 405.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 679.6 m 459.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 679.6 m 511.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 649.6 m 197.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 631.6 m 197.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 629.6 m 197.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 649.6 m 252.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 631.6 m 252.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 629.6 m 252.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 649.6 m 308.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 631.6 m 308.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 629.6 m 308.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 649.6 m 360.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 631.6 m 360.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 629.6 m 360.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 649.6 m 405.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 631.6 m 405.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 629.6 m 405.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 649.6 m 459.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 631.6 m 459.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 629.6 m 459.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 649.6 m 511.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 631.6 m 511.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 629.6 m 511.5 629.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.55 723.68 Td (Weighted Average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 715.83 Td (Floating ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.00 707.83 Td (Rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.10 699.83 Td (as % of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.20 691.83 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.95 683.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 683.83 Td (Investment Type:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.35 683.83 Td (Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.70 691.83 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.45 683.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.70 691.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.85 683.83 Td (V) Tj ET Q q 0 0 0 rg BT 277.89 683.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.40 707.83 Td (Allocation ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.75 699.83 Td (by) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.85 691.83 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.55 683.83 Td (T) Tj ET Q q 0 0 0 rg BT 328.29 683.83 Td (ype ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 342.29 687.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.30 699.83 Td (Spr) Tj ET Q q 0 0 0 rg BT 384.60 699.83 Td (ead) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.00 691.83 Td (over) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.55 683.83 Td (LIBOR ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 395.34 687.46 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.25 707.83 Td (T) Tj ET Q q 0 0 0 rg BT 429.85 707.83 Td (otal ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.40 699.83 Td (Unleveraged) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.05 691.83 Td (Curr) Tj ET Q q 0 0 0 rg BT 437.23 691.83 Td (ent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.00 683.83 Td (Y) Tj ET Q q 0 0 0 rg BT 430.48 683.83 Td (ield) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 668.85 Td (First mortgage loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 177.50 668.85 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.00 668.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.25 668.85 Td (25,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.00 668.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.25 668.85 Td (25,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 668.85 Td (17.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.30 668.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.30 668.85 Td (8.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 668.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 668.85 Td (8.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 668.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 668.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.30 668.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 653.85 Td (Mezzanine loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 177.50 653.85 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.25 653.85 Td (120,000,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.25 653.85 Td (120,515,978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 653.85 Td (82.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.30 653.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.30 653.85 Td (10.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 653.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.25 653.85 Td (10.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 653.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 653.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.30 653.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 641.55 Td (Total/Weighted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 633.55 Td (average) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 177.50 634.85 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.00 634.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.25 634.85 Td (145,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.00 634.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.25 634.85 Td (146,402,978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.25 634.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.30 634.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.30 634.85 Td (9.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.30 634.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.25 634.85 Td (10.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 634.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.25 634.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.30 634.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 623.10 Td (___________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 607.10 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 607.10 Td (Based on principal amount.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 597.50 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 597.50 Td (Includes a fixed minimum LIBOR rate, or LIBOR floor) Tj ET Q q 0 0 0 rg BT 282.09 597.50 Td (, as applicable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.50 Td (The following presents our real estate debt diversity across property type and geographic location based on principal amount:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.15 557.73 Td (Real Estate Debt by Pr) Tj ET Q q 0 0 0 rg BT 194.73 557.73 Td (operty ) Tj ET Q q 0 0 0 rg BT 224.82 557.73 Td (T) Tj ET Q q 0 0 0 rg BT 230.74 557.73 Td (ype ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 248.24 562.26 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.75 557.73 Td (Real Estate Debt by Geographic Location) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 385.50 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 375.90 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 68.00 375.90 Td (Classification based on predominant services provided, but may include other services: ) Tj ET Q q 0 0 0 rg BT 348.37 375.90 Td (ALF) Tj ET Q q 0 0 0 rg BT 362.84 375.90 Td (, MCF) Tj ET Q q 0 0 0 rg BT 383.10 375.90 Td (, SNF) Tj ET Q q 0 0 0 rg BT 401.14 375.90 Td (, and ILF) Tj ET Q q 0 0 0 rg BT 430.05 375.90 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 50 354.33505859375 m 177.275390625 354.33505859375 l s q 0 0 0 rg BT 50.00 355.90 Td (Healthcar) Tj ET Q q 0 0 0 rg BT 92.58 355.90 Td (e-Related Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.90 Td (Our healthcare-related securities investment strategy will be focused on investing in and asset managing healthcare-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.90 Td (securities, primarily including CMBS and may include other healthcare-related securities, backed primarily by loans secured by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.90 Td (a variety of healthcare properties. ) Tj ET Q q 0 0 0 rg BT 188.92 311.90 Td (W) Tj ET Q q 0 0 0 rg BT 197.55 311.90 Td (e expect that this asset class will be less than 10% of our total portfolio and we currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.90 Td (do not have any securities investments.) Tj ET Q /GS0 gs q 228.38 0 0 156.00 319.30 396.52 cm /I13 Do Q /GS0 gs q 224.86 0 0 156.00 64.05 396.52 cm /I14 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.90 Td (Sour) Tj ET Q q 0 0 0 rg BT 70.38 271.90 Td (ces of Operating Revenues and Cash Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 251.90 Td (e generate revenues from rental income, resident fees and interest income. Rental income is generated from our real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.90 Td (for the leasing of space to various types of healthcare operators. ) Tj ET Q q 0 0 0 rg BT 310.00 239.90 Td (The leases are for fixed terms of varying length and generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.90 Td (provide for annual rentals and expense reimbursements paid in monthly installments. Rental income from leases is recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.90 Td (on a straight-line basis over the term of the respective leases. Resident fee income from healthcare properties using the RIDEA) Tj ET Q q 0 0 0 rg BT 559.55 215.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.90 Td (structure is recorded when services are rendered and includes resident room and care char) Tj ET Q q 0 0 0 rg BT 408.82 203.90 Td (ges and other resident char) Tj ET Q q 0 0 0 rg BT 515.82 203.90 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.90 Td (Interest income is generated from our debt and healthcare-related securities investments. ) Tj ET Q q 0 0 0 rg BT 408.84 191.90 Td (W) Tj ET Q q 0 0 0 rg BT 417.48 191.90 Td (e may also acquire investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.90 Td (which generate attractive returns without any leverage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.90 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 151.90 Td (ofitability and Performance Metrics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 131.90 Td (e calculate Funds from Operations, or FFO, and Modified Funds from Operations, or MFFO \(see Non-GAAP) Tj ET Q q 0 0 0 rg BT 500.98 131.90 Td ( Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.90 Td (MeasuresFunds from Operations and Modified Funds from Operations for a description of these metrics\), to evaluate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.90 Td (profitability and performance of our business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.90 Td (Outlook and Recent ) Tj ET Q q 0 0 0 rg BT 137.88 79.90 Td (T) Tj ET Q q 0 0 0 rg BT 143.81 79.90 Td (r) Tj ET Q q 0 0 0 rg BT 148.07 79.90 Td (ends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.90 Td (The Great Recession, which of) Tj ET Q q 0 0 0 rg BT 173.39 59.90 Td (ficially lasted from December 2007 to June 2009, began with the bursting of an 8 trillion dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.90 Td (housing bubble and had a dramatic negative impact globally on properly functioning capital markets and liquidity across all ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (asset classes. It was not until the beginning of 2012 that liquidity and capital started to become more available in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (commercial real estate markets to stronger sponsors and both ) Tj ET Q q 0 0 0 rg BT 296.69 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 305.33 730.10 Td (all Street and commercial banks began to more actively provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (credit to real estate borrowers accelerating the pace of investment in real estate. In late 2012, in order to stimulate growth, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (several of the world) Tj ET Q q 0 0 0 rg BT 132.47 706.10 Td (s lar) Tj ET Q q 0 0 0 rg BT 149.23 706.10 Td (gest central banks acted in a coordinated ef) Tj ET Q q 0 0 0 rg BT 321.47 706.10 Td (fort through massive injections of stimulus in the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (markets, which has facilitated keeping interest rates low) Tj ET Q q 0 0 0 rg BT 273.72 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 280.66 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 287.33 694.10 Td ( proxy for the liquidity in the commercial real estate market is non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (agency CMBS issuance. ) Tj ET Q q 0 0 0 rg BT 151.93 682.10 Td (Approximately $45 billion and $80 billion of non-agency CMBS was issued in 2012 and 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 670.10 Td (, with industry experts currently predicting approximately $90 billion of non-agency CMBS issuance in 2014. ) Tj ET Q q 0 0 0 rg BT 541.85 670.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (2014 pace is higher than initially expected with $27 billion issued in the third quarter 2014, representing the highest issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (since the fourth quarter 2007.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Since mid-2013, there has been a focus on the pace at which the U.S. Federal Reserve and other sovereign national banks will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (taper their respective stimulus ef) Tj ET Q q 0 0 0 rg BT 180.33 616.10 Td (forts. ) Tj ET Q q 0 0 0 rg BT 205.98 616.10 Td (The U.S. economy is on a relatively healthy growth path. However) Tj ET Q q 0 0 0 rg BT 476.06 616.10 Td (, there are concerns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (that slowdowns of major global economies could spill over into the United States. Slowing overseas growth and a move by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (U.S Federal Reserve to raise interest rates could result in increased market volatility) Tj ET Q q 0 0 0 rg BT 385.63 592.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 574.10 Td (aluations in the commercial real estate markets are approaching, and in some cases exceeding, 2007 levels. However) Tj ET Q q 0 0 0 rg BT 524.98 574.10 Td (, global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (economic and political headwinds remain that, along with global market instability and the risk of maturing commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (estate debt that may have dif) Tj ET Q q 0 0 0 rg BT 164.50 550.10 Td (ficulties being refinanced, may continue to cause periodic volatility in the commercial real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (market for some time. It is currently estimated that approximately $1.4 trillion of commercial real estate debt will mature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (through 2017. ) Tj ET Q q 0 0 0 rg BT 110.93 526.10 Td (While there is an increased supply of liquidity in the commercial real estate market, we still anticipate that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (certain of these loans will not be able to be refinanced, potentially inhibiting growth and contracting credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.27 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.64 496.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 106.44 496.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 140.25 496.10 Td (began ) Tj ET Q q 0 0 0 rg BT 166.28 496.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 200.65 496.10 Td (up ) Tj ET Q q 0 0 0 rg BT 212.80 496.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.73 496.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 247.39 496.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 288.98 496.10 Td (Realty ) Tj ET Q q 0 0 0 rg BT 317.24 496.10 Td (began ) Tj ET Q q 0 0 0 rg BT 343.27 496.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.20 496.10 Td (again ) Tj ET Q q 0 0 0 rg BT 377.01 496.10 Td (access ) Tj ET Q q 0 0 0 rg BT 404.70 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.07 496.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 447.87 496.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 481.68 496.10 Td (as ) Tj ET Q q 0 0 0 rg BT 492.16 496.10 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 534.85 496.10 Td (by ) Tj ET Q q 0 0 0 rg BT 547.00 496.10 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (securitization ) Tj ET Q q 0 0 0 rg BT 106.20 484.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 156.29 484.10 Td (it ) Tj ET Q q 0 0 0 rg BT 164.18 484.10 Td (structured, ) Tj ET Q q 0 0 0 rg BT 209.00 484.10 Td (securitizing ) Tj ET Q q 0 0 0 rg BT 257.98 484.10 Td ($882 ) Tj ET Q q 0 0 0 rg BT 280.31 484.10 Td (million ) Tj ET Q q 0 0 0 rg BT 311.53 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.19 484.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 350.35 484.10 Td (one ) Tj ET Q q 0 0 0 rg BT 367.12 484.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.45 484.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 406.77 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.43 484.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 459.20 484.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 479.85 484.10 Td (Estate ) Tj ET Q q 0 0 0 rg BT 506.62 484.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 538.76 484.10 Td (T) Tj ET Q q 0 0 0 rg BT 544.52 484.10 Td (rust, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 71.99 472.10 Td (another ) Tj ET Q q 0 0 0 rg BT 106.20 472.10 Td (non-traded ) Tj ET Q q 0 0 0 rg BT 153.74 472.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 175.78 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.01 472.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 220.32 472.10 Td (by ) Tj ET Q q 0 0 0 rg BT 234.55 472.10 Td (an ) Tj ET Q q 0 0 0 rg BT 248.21 472.10 Td (af) Tj ET Q q 0 0 0 rg BT 255.80 472.10 Td (filiate ) Tj ET Q q 0 0 0 rg BT 283.35 472.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.90 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 312.52 472.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 344.35 472.10 Td (, ) Tj ET Q q 0 0 0 rg BT 351.07 472.10 Td (with ) Tj ET Q q 0 0 0 rg BT 373.07 472.10 Td (permanent, ) Tj ET Q q 0 0 0 rg BT 422.00 472.10 Td (non-recourse, ) Tj ET Q q 0 0 0 rg BT 480.92 472.10 Td (non-mark-to-market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (financing. ) Tj ET Q q 0 0 0 rg BT 92.51 460.10 Td (The ) Tj ET Q q 0 0 0 rg BT 110.47 460.10 Td (stimulus ) Tj ET Q q 0 0 0 rg BT 146.78 460.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.98 460.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.61 460.10 Td (United ) Tj ET Q q 0 0 0 rg BT 201.25 460.10 Td (States ) Tj ET Q q 0 0 0 rg BT 227.55 460.10 Td (helped ) Tj ET Q q 0 0 0 rg BT 256.62 460.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.82 460.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 301.99 460.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 336.06 460.10 Td (for ) Tj ET Q q 0 0 0 rg BT 350.14 460.10 Td (new ) Tj ET Q q 0 0 0 rg BT 369.21 460.10 Td (CMBS, ) Tj ET Q q 0 0 0 rg BT 401.92 460.10 Td (as ) Tj ET Q q 0 0 0 rg BT 412.67 460.10 Td (described ) Tj ET Q q 0 0 0 rg BT 453.40 460.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 482.20 460.10 Td (even ) Tj ET Q q 0 0 0 rg BT 503.49 460.10 Td (though ) Tj ET Q q 0 0 0 rg BT 533.69 460.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (new ) Tj ET Q q 0 0 0 rg BT 69.16 448.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 91.66 448.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 124.16 448.10 Td (is ) Tj ET Q q 0 0 0 rg BT 133.33 448.10 Td (still ) Tj ET Q q 0 0 0 rg BT 150.83 448.10 Td (below ) Tj ET Q q 0 0 0 rg BT 177.77 448.10 Td (historic ) Tj ET Q q 0 0 0 rg BT 210.26 448.10 Td (levels, ) Tj ET Q q 0 0 0 rg BT 238.59 448.10 Td (which ) Tj ET Q q 0 0 0 rg BT 265.53 448.10 Td (has ) Tj ET Q q 0 0 0 rg BT 281.36 448.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 329.40 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.68 448.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 379.94 448.10 Td (balanced ) Tj ET Q q 0 0 0 rg BT 417.97 448.10 Td (real ) Tj ET Q q 0 0 0 rg BT 435.45 448.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 460.72 448.10 Td (fundamentals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 430.10 Td (irtually all commercial real estate property types were adversely impacted by the credit crisis and subsequent recession, while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (others such as land, condominium and other commercial property types were more severely impacted. Our commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (estate equity) Tj ET Q q 0 0 0 rg BT 99.61 406.10 Td (, debt and securities investments, if any) Tj ET Q q 0 0 0 rg BT 256.70 406.10 Td (, could be negatively impacted by weak real estate markets and economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 98.98 394.10 Td (While the U.S. economy is stronger today) Tj ET Q q 0 0 0 rg BT 266.08 394.10 Td (, a return to weak economic conditions in the future could reduce an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (operator) Tj ET Q q 0 0 0 rg BT 83.69 382.10 Td () Tj ET Q q 0 0 0 rg BT 86.46 382.10 Td (s or tenant) Tj ET Q q 0 0 0 rg BT 130.90 382.10 Td (s ability to make payments in accordance with the contractual terms of the lease and for companies to lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (or occupy new space. ) Tj ET Q q 0 0 0 rg BT 140.89 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 146.30 370.10 Td (o the extent that market rental and occupancy rates are reduced, property-level cash flow could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (negatively af) Tj ET Q q 0 0 0 rg BT 101.74 358.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (After showing considerable resiliency during the economic downturn between 2007 and 2010, the non-traded REIT) Tj ET Q q 0 0 0 rg BT 512.74 338.10 Td ( industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (has experienced rapid growth with approximately $20 billion of total capital raised in 2013, which is more than double ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (compared to the year ended 2012. ) Tj ET Q q 0 0 0 rg BT 190.32 314.10 Td (The recent trend in liquidity events and resulting recapture contributed to the significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (market growth in 2013 and high volume of anticipated capital raised in 2014, including over $12 billion year to date through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (September 30, 2014. ) Tj ET Q q 0 0 0 rg BT 135.08 290.10 Td (W) Tj ET Q q 0 0 0 rg BT 143.72 290.10 Td (e anticipate capital flows to remain robust in 2015 given the recent momentum in the market. Due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (these market dynamics and our ) Tj ET Q q 0 0 0 rg BT 176.35 278.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 208.95 278.10 Td () Tj ET Q q 0 0 0 rg BT 211.72 278.10 Td (s and its af) Tj ET Q q 0 0 0 rg BT 254.59 278.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 284.39 278.10 Td ( expertise and industry relationships, we continue to see a robust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (pipeline of investment opportunities in the healthcare real estate sector that have credit qualities and yield profiles that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (consistent with our underwriting standards and that we believe of) Tj ET Q q 0 0 0 rg BT 311.14 254.10 Td (fer the opportunity to meet or exceed our tar) Tj ET Q q 0 0 0 rg BT 488.12 254.10 Td (geted returns. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (While we remain optimistic that we will continue to be able to generate and capitalize on an attractive pipeline, there is no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (assurance that will be the case.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 208.76699218750002 m 128.5693359375 208.76699218750002 l s q 0 0 0 rg BT 50.00 210.10 Td (Healthcare Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (The healthcare real estate equity and finance markets tend to attract new equity and debt capital more slowly than more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (traditional commercial real estate property types because of significant barriers to entry for new investors or lenders to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (healthcare property owners. Investing in and lending to the healthcare real estate sector requires an in-depth understanding of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (the specialized nature of healthcare facility operations and the healthcare regulatory environment. ) Tj ET Q q 0 0 0 rg BT 445.20 154.10 Td (While these competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (constraints may create opportunities for attractive investments in the healthcare property sector) Tj ET Q q 0 0 0 rg BT 429.74 142.10 Td (, they may also provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (challenges and risks when seeking attractive financing terms for our investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 110.10 Td (e believe owners and operators of senior housing facilities and other healthcare properties are benefiting from demographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (trends, specifically the aging of the U.S. population and the increasing demand for care for seniors outside of their homes. ) Tj ET Q q 0 0 0 rg BT 542.36 98.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (result of these demographic trends, we expect healthcare costs to increase at a faster rate than the available funding from both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (private sources and government-sponsored healthcare programs. ) Tj ET Q q 0 0 0 rg BT 312.13 74.10 Td (As healthcare costs increase, insurers, individuals and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (U.S. government are pursuing lower cost options for healthcare. Senior housing facilities, such as independent living, assisted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (living, memory care and skilled nursing facilities, for which the staf) Tj ET Q q 0 0 0 rg BT 321.41 50.10 Td (fing requirements and associated costs are often ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (significantly lower than in higher acuity healthcare settings, such as short or long-term acute-care hospitals, in-patient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (rehabilitation facilities and other post-acute care settings, provide care and support to residents in more cost ef) Tj ET Q q 0 0 0 rg BT 490.50 730.10 Td (fective settings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Recent regulatory changes have created incentives for long-term acute-care hospitals and in-patient rehabilitation facilities to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (minimize patient lengths of stay and placed limits on the type of patient that can be admitted to these facilities, thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (increasing the demand for quality senior housing facilities. ) Tj ET Q q 0 0 0 rg BT 289.76 694.10 Td (The growth in total demand for healthcare, broad U.S. demographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (changes and the shift towards cost ef) Tj ET Q q 0 0 0 rg BT 197.00 682.10 Td (fective community-based settings is resulting in dynamic changes to the healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (delivery system. ) Tj ET Q q 0 0 0 rg BT 120.36 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 129.00 670.10 Td (e continually monitor federal and state reimbursement programs and assess any impact that changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (reimbursement levels or the timing of payments may have on the ability of our operators to meet their payment obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (Despite the growth in the industry and favorable market conditions, economic uncertainty may prevail weakening the market) Tj ET Q q 0 0 0 rg BT 552.90 638.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (fundamentals and ultimately reducing an operator/tenant) Tj ET Q q 0 0 0 rg BT 279.09 626.10 Td (s ability to make rent payments in accordance with the contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (terms of the lease or loan, as well as the possibility for reduced income for our operating investments. ) Tj ET Q q 0 0 0 rg BT 459.15 614.10 Td (T) Tj ET Q q 0 0 0 rg BT 464.56 614.10 Td (o the extent that market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (rental and occupancy rates decline, property-level cash flow could be negatively af) Tj ET Q q 0 0 0 rg BT 381.34 602.10 Td (fected as existing leases renew at lower rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (and over longer periods of time, the decreased cash flow impacts the value of underlying properties and the borrowers) Tj ET Q q 0 0 0 rg BT 524.93 590.10 Td ( ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (to service their outstanding loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (Despite the barriers and constraints to investing in the senior housing sector) Tj ET Q q 0 0 0 rg BT 352.59 558.10 Td (, the demographics and other market dynamics are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (resulting in the sector becoming more attractive to investors. Mer) Tj ET Q q 0 0 0 rg BT 313.91 546.10 Td (ger and acquisition activity in the senior housing real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (market is currently robust and we expect it to remain so into the near term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 506.10 Td ( Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.10 Td (Our primary business objectives are to acquire and originate a diversified portfolio of healthcare-related equity and debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (investments, with a focus on the mid-acuity senior housing sector that we expect will generate attractive risk-adjusted returns, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td (stable cash flow for distributions and provide downside protection to our stockholders. ) Tj ET Q q 0 0 0 rg BT 400.92 462.10 Td (W) Tj ET Q q 0 0 0 rg BT 409.56 462.10 Td (e may also invest in MOB, hospitals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (and rehabilitation facilities. Some of our debt investments may be considered transitional in nature because the borrower or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (owner may have a business plan to improve the collateral and as a result we generally require the borrower to fund interest or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (other reserves, whether through proceeds from our loan or otherwise, to support debt service payments and capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.10 Td (expenditures. ) Tj ET Q q 0 0 0 rg BT 107.91 414.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.55 414.10 Td (e will also require the borrower or owner) Tj ET Q q 0 0 0 rg BT 280.26 414.10 Td (, and possibly a guarantor) Tj ET Q q 0 0 0 rg BT 382.89 414.10 Td (, to refill these reserves should they become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.10 Td (deficient during the applicable period for any reason. ) Tj ET Q q 0 0 0 rg BT 266.46 402.10 Td (W) Tj ET Q q 0 0 0 rg BT 275.10 402.10 Td (e will also seek to realize growth in the value of our real estate equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.10 Td (investments through appreciation and/or by timing their sale to maximize value. ) Tj ET Q q 0 0 0 rg BT 374.51 390.10 Td (W) Tj ET Q q 0 0 0 rg BT 383.15 390.10 Td (e believe that our ) Tj ET Q q 0 0 0 rg BT 454.24 390.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 525.43 390.10 Td (filiates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (have a platform that derives a competitive advantage from the combination of deep industry relationships, market leading real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (estate credit underwriting and capital markets expertise which enables us to manage credit risk across our investments as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 Td (as to structure and finance our assets ef) Tj ET Q q 0 0 0 rg BT 206.20 354.10 Td (ficiently) Tj ET Q q 0 0 0 rg BT 238.88 354.10 Td (. ) Tj ET Q q 0 0 0 rg BT 246.19 354.10 Td (W) Tj ET Q q 0 0 0 rg BT 254.83 354.10 Td (e believe that our investment types are complementary to each other due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (their overlapping sources of investment opportunities, common reliance on real estate fundamentals and ability to apply similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.10 Td (portfolio management and servicing skills to maximize value and to protect capital. ) Tj ET Q q 0 0 0 rg BT 388.11 330.10 Td (W) Tj ET Q q 0 0 0 rg BT 396.75 330.10 Td (e use the net proceeds from our Of) Tj ET Q q 0 0 0 rg BT 535.13 330.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (and other financing sources to carry out our primary business objectives of originating and acquiring healthcare real estate-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 Td (related investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 286.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 286.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 286.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.97 286.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 228.35 286.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 260.84 286.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.12 286.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.12 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.62 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.55 286.10 Td (from ) Tj ET Q q 0 0 0 rg BT 332.49 286.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 372.21 286.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.81 286.10 Td (November1) Tj ET Q q 0 0 0 rg BT 455.15 286.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 465.15 286.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 286.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 228.60 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 228.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 228.60 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 228.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 228.60 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.00 202.60 93.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 202.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 202.60 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 202.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.00 202.60 75.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 249.60000000000002 m 258 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 249.60000000000002 m 337 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 228.60000000000002 m 258 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 249.60000000000002 m 337 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 228.60000000000002 m 337 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 228.60000000000002 m 337 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 202.60000000000002 m 258 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 190.60000000000002 m 258 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 188.60000000000002 m 258 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 202.60000000000002 m 337 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 190.60000000000002 m 337 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262 188.60000000000002 m 337 188.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.75 266.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.05 266.83 Td (Inception through) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.60 253.83 Td (September 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.50 253.83 Td (November 11, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.50 232.83 Td (Investment Type:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 188.30 240.83 Td (Principal ) Tj ET Q q 0 0 0 rg BT 221.41 240.83 Td (Amount/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.50 232.83 Td (Cost ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 222.05 236.46 Td (\(1\) \(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.30 240.83 Td (Principal ) Tj ET Q q 0 0 0 rg BT 300.41 240.83 Td (Amount/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.50 232.83 Td (Cost ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 301.05 236.46 Td (\(1\) \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 219.85 Td (Real estate equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 219.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 219.85 Td (637,902,210) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.50 219.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 219.85 Td (694,288,818) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 206.85 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 206.85 Td (134,637,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 206.85 Td (145,887,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.50 193.85 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 193.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 193.85 Td (772,539,210) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.50 193.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 193.85 Td (840,175,818) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 178.10 Td (____________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 168.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 168.50 Td (Represents principal amount for real estate equity) Tj ET Q q 0 0 0 rg BT 262.04 168.50 Td (, which includes net purchase price allocation related to net intangibles, deferred costs and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 158.90 Td (other acquired assets, if any) Tj ET Q q 0 0 0 rg BT 192.06 158.90 Td (, and cost for real estate debt investments.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 85.50 149.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.50 149.30 Td (Includes cost attributable to healthcare portfolios held through joint ventures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 129.30 Td (Financing Strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 109.30 Td (e use investment-level financing as part of our strategy and we seek to match fund our assets and liabilities by having similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.30 Td (maturities and like-kind interest rate benchmarks \(fixed or floating\) to manage refinancing and interest rate risk. Our ) Tj ET Q q 0 0 0 rg BT 520.67 97.30 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.30 Td (is responsible for managing such refinancing and interest rate risk on our behalf. ) Tj ET Q q 0 0 0 rg BT 376.67 85.30 Td (W) Tj ET Q q 0 0 0 rg BT 385.30 85.30 Td (e intend to pursue a variety of financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.30 Td (arrangements such as mortgage notes, credit facilities, securitization financing transactions and other term borrowings. ) Tj ET Q q 0 0 0 rg BT 529.66 73.30 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.30 Td (we will continue to seek and prefer long-term, non-recourse financing, including non mark-to-market financing that may be ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (available through securitization, we expect that we may also need to use some level of recourse financing at least in the near ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (term given the current market environment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (In November 2013, we entered into a credit facility agreement with initial capacity of $25.0 million and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.70 710.10 Td ($100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.20 710.10 Td ( million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (potential capacity to finance real estate investments and first mortgage loans secured by healthcare real estate. In February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (2014, we increased the initial capacity of $100.0 million with up to $200.0 million of potential capacity) Tj ET Q q 0 0 0 rg BT 463.42 686.10 Td (. ) Tj ET Q q 0 0 0 rg BT 470.37 686.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.81 686.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 674.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.10 674.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.10 674.10 Td ( borrowings outstanding under the credit facility) Tj ET Q q 0 0 0 rg BT 308.74 674.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (Although we have a limitation on the maximum leverage for our portfolio, which approximates 75% of the aggregate cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (our investments, including cash, before deducting loan loss reserves, other non-cash reserves and depreciation, we do not have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (a tar) Tj ET Q q 0 0 0 rg BT 67.30 630.10 Td (geted debt-to-equity ratio on an asset-by-asset basis, as we believe the appropriate leverage for the particular assets we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (finance depends on the specific credit characteristics of each asset. ) Tj ET Q q 0 0 0 rg BT 321.36 618.10 Td (W) Tj ET Q q 0 0 0 rg BT 330.00 618.10 Td (e use leverage for the sole purpose of financing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (investments and diversifying our equity and we do not employ leverage to speculate on changes in interest rates. ) Tj ET Q q 0 0 0 rg BT 504.69 606.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.33 606.10 Td (e seek ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (assignable long-term, non-recourse, non-mark to market financing. ) Tj ET Q q 0 0 0 rg BT 322.79 594.10 Td (W) Tj ET Q q 0 0 0 rg BT 331.43 594.10 Td (e also seek to match the term of the financing with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (lease term of our healthcare properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (Portfolio Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 534.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 138.70 534.10 Td (filiates maintain a comprehensive portfolio management process that generally includes day-to-day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (oversight by the portfolio management and servicing team, weekly management meetings and an exhaustive quarterly credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (review process. ) Tj ET Q q 0 0 0 rg BT 117.02 510.10 Td (These processes are designed to enable management to evaluate and proactively identify asset-specific credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (issues and trends on a portfolio-wide basis. Nevertheless, we cannot be certain that our ) Tj ET Q q 0 0 0 rg BT 401.85 498.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 434.44 498.10 Td () Tj ET Q q 0 0 0 rg BT 437.22 498.10 Td (s review will identify all issues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (within our portfolio due to, among other things, adverse economic conditions or events adversely af) Tj ET Q q 0 0 0 rg BT 449.17 486.10 Td (fecting specific assets; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (therefore, potential future losses may also stem from investments that are not identified during these credit reviews. ) Tj ET Q q 0 0 0 rg BT 516.90 474.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (portfolio management team uses many methods to actively manage our asset base to preserve our income and capital. Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (risk management is the ability to manage our assets in a manner that preserves principal/cost and income and minimizes credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (losses that could decrease income and portfolio value. For real estate equity and debt investments, frequent re-underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (and dialogue with borrowers/operators/partners and regular inspections of our collateral and owned properties have proven to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (be an ef) Tj ET Q q 0 0 0 rg BT 81.46 414.10 Td (fective process for identifying issues early) Tj ET Q q 0 0 0 rg BT 249.93 414.10 Td (. In addition, our ) Tj ET Q q 0 0 0 rg BT 321.31 414.10 Td (Advisor considers the impact of regulatory changes on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (operator performance and property values. During the quarterly credit review) Tj ET Q q 0 0 0 rg BT 361.16 402.10 Td (, or more frequently as necessary) Tj ET Q q 0 0 0 rg BT 492.68 402.10 Td (, investments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (put on highly-monitored status and identified for possible loan loss reserves/asset impairment, as appropriate, based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (several factors, including missed or late contractual payments, significant declines in collateral performance and other data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (which may indicate a potential issue in our ability to recover our invested capital from an investment. Our ) Tj ET Q q 0 0 0 rg BT 478.21 366.10 Td (Advisor uses an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (experienced portfolio management and servicing team that monitors these factors on our behalf.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Our investments are reviewed on a quarterly basis, or more frequently as necessary) Tj ET Q q 0 0 0 rg BT 381.73 334.10 Td (, to assess whether there are any indicators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (that the value of our investments may be impaired or that its carrying value may not be recoverable. In conducting these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (reviews, we consider U.S. macroeconomic factors, including real estate sector conditions, together with asset and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (specific circumstances among other factors. ) Tj ET Q q 0 0 0 rg BT 230.02 298.10 Td (T) Tj ET Q q 0 0 0 rg BT 235.43 298.10 Td (o the extent an impairment has occurred, the loss will be measured as compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (to the carrying amount of the investment. ) Tj ET Q q 0 0 0 rg BT 219.68 286.10 Td (An allowance for a doubtful account for an operator/resident receivable is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (established based on a periodic review of aged receivables resulting from estimated losses due to the inability of operator/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (resident to make required rent and other payments contractually due. ) Tj ET Q q 0 0 0 rg BT 329.35 262.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 379.25 262.10 Td (, we establish, on a current basis, allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (for future operator credit losses on billed and unbilled rents receivable based upon an evaluation of the collectability of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (amounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (Each of our debt investments is secured by healthcare real estate collateral and requires customized portfolio management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (servicing strategies for dealing with potential credit situations. ) Tj ET Q q 0 0 0 rg BT 304.20 206.10 Td (The complexity of each situation depends on many factors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (including the number of properties, the type of property) Tj ET Q q 0 0 0 rg BT 272.34 194.10 Td (, macro and local market conditions impacting supply/demand, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (flow and the financial condition of our collateral and our borrowers/operators) Tj ET Q q 0 0 0 rg BT 365.81 182.10 Td ( ability to further support the collateral. Further) Tj ET Q q 0 0 0 rg BT 557.30 182.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (many of our investments may be considered transitional in nature because the business plan is to re-position, re-develop or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (otherwise lease-up the property in order to improve the collateral. ) Tj ET Q q 0 0 0 rg BT 317.13 158.10 Td (At the time of origination or acquisition, the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (property revenues may not be suf) Tj ET Q q 0 0 0 rg BT 183.39 146.10 Td (ficient to support debt service, lease payments or generate positive net operating income. ) Tj ET Q q 0 0 0 rg BT 543.64 146.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (business plan may necessitate an interest or lease reserve or other reserves, whether through proceeds from our loans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (borrowings, of) Tj ET Q q 0 0 0 rg BT 108.70 122.10 Td (fering proceeds or otherwise, to support debt service or lease payments and capital expenditures during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (implementation of the business plan. ) Tj ET Q q 0 0 0 rg BT 201.74 110.10 Td (There may also be a requirement for the borrower) Tj ET Q q 0 0 0 rg BT 400.69 110.10 Td (, operator) Tj ET Q q 0 0 0 rg BT 438.61 110.10 Td (, guarantor or us, to refill these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (reserves should they become deficient during the applicable period for any reason.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 78.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.71 78.10 Td (, all of our investments were performing in accordance with the contractual terms of their governing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (documents, in all material respects. However) Tj ET Q q 0 0 0 rg BT 232.31 66.10 Td (, there can be no assurance that our investments will continue to perform in ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (accordance with the contractual terms of the governing documents or underwriting and we may) Tj ET Q q 0 0 0 rg BT 431.16 742.10 Td (, in the future, record loan loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reserves/asset impairment, as appropriate, if required.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 702.10 Td (Accounting Policies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (Our consolidated financial statements include the accounts of consolidated subsidiaries. ) Tj ET Q q 0 0 0 rg BT 405.83 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 414.47 662.10 Td (e consolidate variable interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (entities, or ) Tj ET Q q 0 0 0 rg BT 94.53 650.10 Td (VIEs, if any) Tj ET Q q 0 0 0 rg BT 142.48 650.10 Td (, where we are the primary beneficiary and voting interest entities which are generally majority owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (or otherwise controlled by us. ) Tj ET Q q 0 0 0 rg BT 173.59 638.10 Td (All significant intercompany balances are eliminated in consolidation.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 616.7669921875 m 148.8525390625 616.7669921875 l s q 0 0 0 rg BT 50.00 618.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 618.10 Td (ariable Interest Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.99 598.10 Td (VIE is an entity that lacks one or more of the characteristics of a voting interest entity) Tj ET Q q 0 0 0 rg BT 401.01 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 407.95 598.10 Td (A) Tj ET Q q 0 0 0 rg BT 414.62 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.94 598.10 Td (VIE is defined as an entity in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (equity investors do not have the characteristics of a controlling financial interest or do not have suf) Tj ET Q q 0 0 0 rg BT 445.25 586.10 Td (ficient equity at risk for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (entity to finance its activities without additional subordinated financial support from other parties. ) Tj ET Q q 0 0 0 rg BT 446.67 574.10 Td (The determination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (whether an entity is a ) Tj ET Q q 0 0 0 rg BT 137.85 562.10 Td (VIE includes both a qualitative and quantitative analysis. ) Tj ET Q q 0 0 0 rg BT 370.94 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 379.58 562.10 Td (e base the qualitative analysis on our review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (of the design of the entity) Tj ET Q q 0 0 0 rg BT 151.83 550.10 Td (, its or) Tj ET Q q 0 0 0 rg BT 176.92 550.10 Td (ganizational structure including decision-making ability and relevant financial agreements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (the quantitative analysis on the forecasted cash flow of the entity) Tj ET Q q 0 0 0 rg BT 308.71 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 316.03 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 324.67 538.10 Td (e reassess the initial evaluation of an entity as a ) Tj ET Q q 0 0 0 rg BT 516.65 538.10 Td (VIE upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (the occurrence of certain reconsideration events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.99 506.10 Td (VIE must be consolidated only by its primary beneficiary) Tj ET Q q 0 0 0 rg BT 288.28 506.10 Td (, which is defined as the party who, along with its af) Tj ET Q q 0 0 0 rg BT 497.22 506.10 Td (filiates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (agents has both the: \(i\) power to direct the activities that most significantly impact the ) Tj ET Q q 0 0 0 rg BT 396.12 494.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 415.56 494.10 Td (s economic performance; and \(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (obligation to absorb the losses of the ) Tj ET Q q 0 0 0 rg BT 198.96 482.10 Td (VIE or the right to receive the benefits from the ) Tj ET Q q 0 0 0 rg BT 392.05 482.10 Td (VIE, which could be significant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 73.98 470.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.62 470.10 Td (e determine whether we are the primary beneficiary of a ) Tj ET Q q 0 0 0 rg BT 309.54 470.10 Td (VIE by considering qualitative and quantitative factors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (including, but not limited to: which activities most significantly impact the ) Tj ET Q q 0 0 0 rg BT 351.44 458.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 370.88 458.10 Td (s economic performance and which party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (controls such activities; the amount and characteristics of its investment; the obligation or likelihood for us or other interests to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (provide financial support; consideration of the ) Tj ET Q q 0 0 0 rg BT 237.54 434.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 256.98 434.10 Td (s purpose and design, including the risks the ) Tj ET Q q 0 0 0 rg BT 436.50 434.10 Td (VIE was designed to create ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (and pass through to its variable interest holders and the similarity with and significance to our business activities and the other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 90.64 410.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.28 410.10 Td (e reassess the determination of whether we are the primary beneficiary of a ) Tj ET Q q 0 0 0 rg BT 402.02 410.10 Td (VIE each reporting period. Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (judgments related to these determinations include estimates about the current and future fair value and performance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (investments held by these ) Tj ET Q q 0 0 0 rg BT 155.36 386.10 Td (VIEs and general market conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 366.10 Td (e evaluate our investments and financings, including investments in unconsolidated ventures and securitization financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (transactions, if any) Tj ET Q q 0 0 0 rg BT 125.16 354.10 Td (, to determine whether they are a ) Tj ET Q q 0 0 0 rg BT 258.81 354.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 282.79 354.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.43 354.10 Td (e analyze new investments and financings, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (reconsideration events for existing investments and financings, which vary depending on type of investment or financing. ) Tj ET Q q 0 0 0 rg BT 540.71 342.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 330.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.09 330.10 Td (, we have not identified any ) Tj ET Q q 0 0 0 rg BT 254.49 330.10 Td (VIEs related to our investments or financing.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 308.7669921875 m 142.0263671875 308.7669921875 l s q 0 0 0 rg BT 50.00 310.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.93 310.10 Td (oting Interest Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 290.10 Td ( voting interest entity is an entity in which the total equity investment at risk is suf) Tj ET Q q 0 0 0 rg BT 385.33 290.10 Td (ficient to enable it to finance its activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (independently and the equity holders have the power to direct the activities of the entity that most significantly impact its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity) Tj ET Q q 0 0 0 rg BT 557.52 266.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (we have a majority voting interest in a voting interest entity) Tj ET Q q 0 0 0 rg BT 288.18 242.10 Td (, the entity will generally be consolidated. ) Tj ET Q q 0 0 0 rg BT 460.73 242.10 Td (W) Tj ET Q q 0 0 0 rg BT 469.37 242.10 Td (e do not consolidate a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party) Tj ET Q q 0 0 0 rg BT 526.45 230.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 210.10 Td (e perform on-going reassessments of whether entities previously evaluated under the voting interest framework have become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (VIEs, based on certain events, and therefore subject to the ) Tj ET Q q 0 0 0 rg BT 284.73 198.10 Td (VIE consolidation framework.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 176.76699218750002 m 211.1767578125 176.76699218750002 l s q 0 0 0 rg BT 50.00 178.10 Td (Investments in Unconsolidated ) Tj ET Q q 0 0 0 rg BT 176.19 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 182.30 178.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 158.10 Td (e have non-controlling, unconsolidated ownership interests in entities that may be accounted for using the equity method, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (fair value or the cost method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (entity) Tj ET Q q 0 0 0 rg BT 75.55 114.10 Td (s net income \(loss\). Capital contributions, distributions and net income \(loss\) of such entities are recorded in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (with the terms of the governing documents. ) Tj ET Q q 0 0 0 rg BT 228.58 102.10 Td (An allocation of net income \(loss\) may dif) Tj ET Q q 0 0 0 rg BT 398.08 102.10 Td (fer from the stated ownership percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (interest in such entity as a result of preferred returns and allocation formulas, if any) Tj ET Q q 0 0 0 rg BT 382.85 90.10 Td (, as described in such governing documents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 70.10 Td (e may account for an investment in an unconsolidated entity at fair value by electing the fair value option. ) Tj ET Q q 0 0 0 rg BT 486.92 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 495.56 70.10 Td (e may account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (for investments that do not qualify for equity method accounting or for which the fair value option was not elected using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (cost method if we determine the investment in the unconsolidated entity is insignificant. Under the cost method, equity in ) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reduction of cost of the investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (Operating Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 690.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 690.10 Td (e follow the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (assets such as land, building, furniture and fixtures, improvements and other identified intangibles. Major replacements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. Ordinary repairs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (and maintenance are expensed as incurred. Operating real estate is carried at historical cost less accumulated depreciation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets. Costs directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (consolidated statements of operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (Debt investments are generally intended to be held to maturity and, accordingly) Tj ET Q q 0 0 0 rg BT 368.14 578.10 Td (, are carried at cost, net of unamortized loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (fees, premium, discount and unfunded commitments. Debt investments that are deemed to be impaired are carried at amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Debt investments where we do not have the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (intent to hold the loan for the foreseeable future or until its expected payof) Tj ET Q q 0 0 0 rg BT 347.77 542.10 Td (f are classified as held for sale and recorded at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (lower of cost or estimated value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 490.10 Td (e classify our securities investments as available for sale on the acquisition date, which are carried at fair value. Unrealized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (gains \(losses\) are recorded as a component of accumulated other comprehensive income, or OCI, in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (statements of equity) Tj ET Q q 0 0 0 rg BT 129.89 466.10 Td (. However) Tj ET Q q 0 0 0 rg BT 173.64 466.10 Td (, we may elect the fair value option for certain of our available for sale securities, and as a result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (any unrealized gains \(losses\) on such securities are recorded in unrealized gain \(loss\) on investments and other in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (consolidated statements of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 400.7669921875 m 137.744140625 400.7669921875 l s q 0 0 0 rg BT 50.00 402.10 Td (Operating Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Rental and escalation income, if any) Tj ET Q q 0 0 0 rg BT 194.85 382.10 Td (, from operating real estate is derived from leasing of space to various types of healthcare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (operators. ) Tj ET Q q 0 0 0 rg BT 94.53 370.10 Td (The leases are for fixed terms of varying length and generally provide for annual rentals to be paid in monthly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. ) Tj ET Q q 0 0 0 rg BT 518.56 358.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (excess of rents recognized over amounts contractually due pursuant to the underlying leases is included in receivables on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (consolidated balance sheets. Escalation income, if any) Tj ET Q q 0 0 0 rg BT 268.99 334.10 Td (, represents revenue from operator leases which provide for the recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (of all or a portion of the operating expenses and real estate taxes paid by us on behalf of the respective property) Tj ET Q q 0 0 0 rg BT 495.02 322.10 Td (, as applicable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (This revenue is accrued in the same period as the expenses are incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 290.10 Td (e also generate operating income from healthcare properties permitted by RIDEA. Revenue related to healthcare properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (includes resident room and care char) Tj ET Q q 0 0 0 rg BT 196.70 278.10 Td (ges and other resident char) Tj ET Q q 0 0 0 rg BT 303.70 278.10 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 256.7669921875 m 168.0224609375 256.7669921875 l s q 0 0 0 rg BT 50.00 258.10 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (over the life of the investment using the ef) Tj ET Q q 0 0 0 rg BT 219.21 226.10 Td (fective interest method. ) Tj ET Q q 0 0 0 rg BT 318.16 226.10 Td (The amortization is reflected as an adjustment to interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (income in our consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 265.60 214.10 Td (The amortization of a premium or accretion of a discount is discontinued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (if such loan is reclassified to held for sale.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 180.76699218750002 m 137.1923828125 180.76699218750002 l s q 0 0 0 rg BT 50.00 182.10 Td (Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (Interest income is recognized using the ef) Tj ET Q q 0 0 0 rg BT 216.43 162.10 Td (fective interest method with any premium or discount amortized or accreted through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (earnings based on expected cash flow through the expected maturity date of the security) Tj ET Q q 0 0 0 rg BT 401.72 150.10 Td (. Changes to expected cash flow may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (other securities to recognize interest income.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.19 742.10 Td (edit Losses and Impairment on Investments) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 720.7669921875 m 137.744140625 720.7669921875 l s q 0 0 0 rg BT 50.00 722.10 Td (Operating Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 702.10 Td (Our real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary) Tj ET Q q 0 0 0 rg BT 406.16 702.10 Td (, to assess whether there are any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 690.10 Td (indicators that the value of our operating real estate may be impaired or that its carrying value may not be recoverable. ) Tj ET Q q 0 0 0 rg BT 528.43 690.10 Td (A) Tj ET Q q 0 0 0 rg BT 535.10 690.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (property) Tj ET Q q 0 0 0 rg BT 86.66 678.10 Td (s value is considered impaired if management) Tj ET Q q 0 0 0 rg BT 272.71 678.10 Td (s estimate of the aggregate expected future undiscounted cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (generated by the property is less than the carrying value. In conducting this review) Tj ET Q q 0 0 0 rg BT 382.30 666.10 Td (, management considers U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (macroeconomic factors, real estate and healthcare sector conditions and asset specific and other factors. ) Tj ET Q q 0 0 0 rg BT 469.36 654.10 Td (T) Tj ET Q q 0 0 0 rg BT 474.77 654.10 Td (o the extent an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (and recorded in impairment on operating real estate in our consolidated statements of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (An allowance for a doubtful account for an operator/resident receivable is established based on a periodic review of aged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (receivables resulting from estimated losses due to the inability of operator/resident to make required rent and other payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (contractually due. ) Tj ET Q q 0 0 0 rg BT 126.08 586.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 175.99 586.10 Td (, we establish, on a current basis, an allowance for future operator/resident credit losses on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (unbilled rent receivable based on an evaluation of the collectability of such amounts.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 552.7669921875 m 168.0224609375 552.7669921875 l s q 0 0 0 rg BT 50.00 554.10 Td (Real Estate Debt Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (Loans are considered impaired when, based on current information and events, it is probable that we will not be able to collect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (principal and interest amounts due according to the contractual terms. ) Tj ET Q q 0 0 0 rg BT 333.61 522.10 Td (W) Tj ET Q q 0 0 0 rg BT 342.25 522.10 Td (e assess the credit quality of the portfolio and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (adequacy of loan loss reserves on a quarterly basis or more frequently as necessary) Tj ET Q q 0 0 0 rg BT 381.17 510.10 Td (. Significant judgment of management is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (required in this analysis. ) Tj ET Q q 0 0 0 rg BT 152.58 498.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.22 498.10 Td (e consider the estimated net recoverable value of the loan as well as other factors, including but not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (based on projections of future economic events, which are inherently subjective, the amount ultimately realized may dif) Tj ET Q q 0 0 0 rg BT 529.10 462.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 426.10 Td (ge to provision for loan losses. ) Tj ET Q q 0 0 0 rg BT 194.61 426.10 Td (The loan loss reserve for each loan is maintained at a level that is determined to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (adequate by management to absorb probable losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (the opinion of management, a full recovery of income and principal becomes doubtful. ) Tj ET Q q 0 0 0 rg BT 401.93 382.10 Td (When the ultimate collectability of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. ) Tj ET Q q 0 0 0 rg BT 497.46 370.10 Td (When the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (performance is demonstrated to be resumed. ) Tj ET Q q 0 0 0 rg BT 231.61 334.10 Td (A) Tj ET Q q 0 0 0 rg BT 238.28 334.10 Td ( loan is written of) Tj ET Q q 0 0 0 rg BT 308.64 334.10 Td (f when it is no longer realizable and/or legally dischar) Tj ET Q q 0 0 0 rg BT 524.21 334.10 Td (ged. ) Tj ET Q q 0 0 0 rg BT 545.60 334.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 322.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.09 322.10 Td (, we did not have any impaired real estate debt investments.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 300.7669921875 m 137.1923828125 300.7669921875 l s q 0 0 0 rg BT 50.00 302.10 Td (Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (Securities for which the fair value option is elected are not evaluated for other) Tj ET Q q 0 0 0 rg BT 361.62 282.10 Td (-than-temporary impairment, or OTTI, as any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (change in fair value is recorded in our consolidated statements of operations. Realized losses on such securities are reclassified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (to realized gain \(loss\) on investments and other as losses occur) Tj ET Q q 0 0 0 rg BT 300.49 258.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Securities for which the fair value option is not elected are evaluated for OTTI quarterly) Tj ET Q q 0 0 0 rg BT 401.99 238.10 Td (. Impairment of a security is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (considered to be other) Tj ET Q q 0 0 0 rg BT 138.38 226.10 Td (-than-temporary when: \(i\) the holder has the intent to sell the impaired security; \(ii\) it is more likely than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (not the holder will be required to sell the security; or \(iii\) the holder does not expect to recover the entire amortized cost of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (security) Tj ET Q q 0 0 0 rg BT 81.01 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 88.33 202.10 Td (When a security has been deemed to be other) Tj ET Q q 0 0 0 rg BT 269.16 202.10 Td (-than-temporarily impaired due to \(i\) or \(ii\), the security is written down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of \(iii\), the security is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (written down to its fair value and the amount of OTTI is then bifurcated into: \(a\) the amount related to expected credit losses; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (and \(b\) the amount related to fair value adjustments in excess of expected credit losses. ) Tj ET Q q 0 0 0 rg BT 403.31 166.10 Td (The portion of OTTI related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (expected credit losses is recognized in our consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 378.89 154.10 Td (The remaining OTTI related to the valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (adjustment is recognized as a component of accumulated OCI in our consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 459.23 142.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.55 142.10 Td (The portion of OTTI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (recognized through OCI are amortized over the life of the security with no impact on earnings. Real estate securities which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (change in expected cash flow) Tj ET Q q 0 0 0 rg BT 167.08 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 174.39 94.10 Td (The amount of OTTI is then bifurcated as discussed above.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (Comparison of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.76 722.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 148.25 722.25 Td (ee Months Ended September) Tj ET Q q 0 0 0 rg BT 271.12 722.25 Td ( 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.62 722.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.95 722.25 Td (September) Tj ET Q q 0 0 0 rg BT 367.87 722.25 Td (30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.37 722.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 676.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 676.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 676.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 676.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 676.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 676.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 676.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 676.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 676.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 650.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 650.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 650.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 650.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 650.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 650.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 650.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 650.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 650.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 624.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 624.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 624.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 624.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 624.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 624.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 624.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 624.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 624.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 602.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 602.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 602.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 602.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 602.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 602.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 602.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 602.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 602.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 576.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 576.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 576.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 576.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 576.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 576.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 576.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 576.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 576.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 550.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 550.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 550.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 550.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 550.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 550.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 550.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 550.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 550.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 524.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 524.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 524.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 524.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 524.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 524.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 524.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 524.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 524.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 498.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 498.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 498.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 498.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 498.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 498.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 498.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 498.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 498.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 461.75 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 461.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 461.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 461.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 461.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 461.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 461.75 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 461.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 461.75 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 689.75 m 326.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 689.75 m 332.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 689.75 m 402.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 689.75 m 476.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 689.75 m 480.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 689.75 m 550.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 676.75 m 326.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 676.75 m 402.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 676.75 m 476.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 676.75 m 550.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 624.75 m 326.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 624.75 m 402.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 624.75 m 476.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 624.75 m 550.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 511.75 m 326.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 511.75 m 402.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 511.75 m 476.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 511.75 m 550.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 498.75 m 326.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 498.75 m 402.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 498.75 m 476.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 498.75 m 550.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 461.75 m 326.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 449.75 m 326.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 447.75 m 326.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 461.75 m 402.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 449.75 m 402.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 447.75 m 402.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 461.75 m 476.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 449.75 m 476.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 447.75 m 476.5 447.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 461.75 m 550.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 449.75 m 550.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 447.75 m 550.5 447.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.25 693.98 Td (Three Months Ended September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.70 693.98 Td (Increase \(Decrease\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.00 680.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.00 680.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.95 680.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.00 680.98 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 667.98 Td (Revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 655.00 Td (Resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 655.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 655.00 Td (3,861,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.00 655.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 655.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.00 655.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 655.00 Td (3,861,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 655.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 655.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 642.00 Td (Rental income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 642.00 Td (1,881,585) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 642.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 642.00 Td (1,881,585) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 642.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 642.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 629.00 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 629.00 Td (2,579,198) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 629.00 Td (105,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 629.00 Td (2,473,642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.65 629.00 Td (2,343.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 629.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 616.00 Td (Total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 616.00 Td (8,322,613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 616.00 Td (105,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 616.00 Td (8,217,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.65 616.00 Td (7,784.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 616.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 593.98 Td (Expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 581.00 Td (Property operating expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 581.00 Td (2,988,366) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 581.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 581.00 Td (2,988,366) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 581.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 581.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 568.00 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.30 568.00 Td (775,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 568.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 568.00 Td (775,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 568.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 568.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 555.00 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 555.00 Td (1,641,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 555.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 555.00 Td (1,641,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 555.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 555.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 542.00 Td (Asset management and other fees - related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 542.00 Td (3,719,191) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 542.00 Td (13,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 542.00 Td (3,706,185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.65 542.00 Td (28,496.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 542.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 529.00 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 529.00 Td (1,042,695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 529.00 Td (40,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 529.00 Td (1,002,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.65 529.00 Td (2,505.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 529.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 516.00 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 516.00 Td (1,052,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 516.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 516.00 Td (1,052,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 516.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 516.00 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 503.00 Td (Total expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.30 503.00 Td (11,219,853) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 503.00 Td (53,031) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 503.00 Td (11,166,822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.65 503.00 Td (21,057.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 503.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 489.98 Td (Income \(loss\) from operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.60 490.00 Td (\(2,897,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 490.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 490.00 Td (52,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.60 490.00 Td (\(2,949,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 490.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.95 490.00 Td (\(5,615.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.65 490.00 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 474.00 Td (Equity in earnings \(losses\) of unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 466.00 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.30 466.00 Td (203,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 466.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 466.00 Td (203,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 466.00 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 466.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 452.98 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 453.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.60 453.00 Td (\(2,693,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 453.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.00 453.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 453.00 Td (52,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.00 453.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.60 453.00 Td (\(2,746,207) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 453.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.95 453.00 Td (\(5,228.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.65 453.00 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.25 Td (On February 1) Tj ET Q q 0 0 0 rg BT 107.95 429.25 Td (1, 2013, we commenced operations and subsequently made investments in real estate equity and debt.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 389.25 Td (Resident Fee Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.25 Td (Resident fee income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.97 369.25 Td ($3.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.86 369.25 Td ( was attributable to acquisitions in our real estate equity segment in the fourth quarter 2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (and in 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (Rental Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (Rental income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.37 317.25 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.26 317.25 Td ( was attributable to acquisitions in our real estate equity segment in the fourth quarter 2013 and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.25 Td (2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 285.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 285.25 Td (est Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (Interest income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.42 265.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.17 265.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.50 265.25 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.39 265.25 Td ( was attributable to new investments in our real estate debt segment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 225.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.63 225.25 Td (operty Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (Property operating expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.63 205.25 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.52 205.25 Td ( were attributable to new investments in our real estate equity segment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 185.25 Td (est Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.25 Td (Interest expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.02 165.25 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.91 165.25 Td ( was primarily attributable to mortgage notes payable associated with new investments in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.25 Td (real estate equity segment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.01 133.25 Td (ransaction Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 113.25 Td (ransaction costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.68 113.25 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.57 113.25 Td ( primarily represented expenses such as professional fees associated with new real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (equity investments. ) Tj ET Q q 0 0 0 rg BT 130.09 101.25 Td (W) Tj ET Q q 0 0 0 rg BT 138.73 101.25 Td (e did not incur any transaction costs for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.96 101.25 Td (three months ended September 30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.03 101.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 81.25 Td (Asset Management and Other Fees - Related Party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (Asset management and other fees - related party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.47 61.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.23 61.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.56 61.25 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.45 61.25 Td ( was primarily due to increased capital raising and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (investment activity in our corporate segment. ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 102.59 742.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.10 Td (General and administrative expenses are principally incurred at the corporate level. General and administrative expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (include auditing and professional fees, director fees, or) Tj ET Q q 0 0 0 rg BT 269.46 710.10 Td (ganization and other costs associated with operating our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (General and administrative expenses increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.47 698.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.37 698.10 Td ( was primarily attributable to increased operating costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 70.18 678.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 122.21 678.10 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Depreciation and amortization expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 658.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.54 658.10 Td ( was primarily related to acquisitions in our real estate equity segment in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (the fourth quarter 2013 and in 2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (Equity in Earnings \(Losses\) of Unconsolidated V) Tj ET Q q 0 0 0 rg BT 251.14 626.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (Equity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 606.10 Td (earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.32 606.10 Td ( of unconsolidated ventures of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.90 606.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.79 606.10 Td ( was related to our investments in healthcare joint ventures in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (real estate equity segment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Comparison of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.94 574.10 Td (Nine Months Ended September) Tj ET Q q 0 0 0 rg BT 265.94 574.10 Td ( 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.44 574.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.77 574.10 Td (September) Tj ET Q q 0 0 0 rg BT 362.69 574.10 Td (30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.19 574.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 521.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 521.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 521.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 521.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 521.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 521.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 521.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 521.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 521.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 495.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 495.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 495.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 495.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 495.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 495.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 495.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 495.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 495.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 469.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 469.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 469.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 469.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 469.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 469.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 469.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 469.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 469.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 447.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 447.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 447.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 447.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 447.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 447.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 447.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 447.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 447.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 421.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 421.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 421.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 421.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 421.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 421.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 421.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 421.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 421.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 395.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 395.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 395.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 395.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 395.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 395.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 395.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 395.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 395.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 369.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 369.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 369.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 369.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 369.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 369.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 369.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 369.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 369.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 343.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 343.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 343.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 343.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 343.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 343.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 343.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 343.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 343.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 309.60 166.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 309.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 309.60 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 309.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 309.60 70.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 309.60 70.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 534.6 m 326.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 534.6 m 332.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 534.6 m 402.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 534.6 m 476.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 534.6 m 480.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 534.6 m 550.5 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 521.6 m 326.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 521.6 m 402.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 521.6 m 476.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 521.6 m 550.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 469.6 m 326.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 469.6 m 402.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 469.6 m 476.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 469.6 m 550.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 356.6 m 326.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 356.6 m 402.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 356.6 m 476.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 356.6 m 550.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 309.6 m 326.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 297.6 m 326.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 295.6 m 326.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 309.6 m 402.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 297.6 m 402.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 295.6 m 402.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 309.6 m 476.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 297.6 m 476.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 295.6 m 476.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 309.6 m 550.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 297.6 m 550.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 295.6 m 550.5 295.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.40 538.83 Td (Nine Months Ended September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.70 538.83 Td (Increase \(Decrease\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.00 525.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.00 525.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.95 525.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.00 525.83 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 512.83 Td (Revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 499.85 Td (Resident fee income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 499.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.30 499.85 Td (10,591,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.00 499.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 499.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.00 499.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 499.85 Td (10,591,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 499.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 499.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 486.85 Td (Rental income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 486.85 Td (4,149,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 486.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 486.85 Td (4,149,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 486.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 486.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 473.85 Td (Interest income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 473.85 Td (3,846,510) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 473.85 Td (144,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 473.85 Td (3,701,954) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.65 473.85 Td (2,560.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 473.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 460.85 Td (Total revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.30 460.85 Td (18,587,107) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 460.85 Td (144,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 460.85 Td (18,442,551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.65 460.85 Td (12,758.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 460.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 438.83 Td (Expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 425.85 Td (Property operating expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 425.85 Td (7,946,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 425.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 425.85 Td (7,946,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 425.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 425.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 412.85 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 412.85 Td (2,186,067) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 412.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 412.85 Td (2,186,067) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 412.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 412.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 399.85 Td (Transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 399.85 Td (3,354,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 399.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 399.85 Td (3,354,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 399.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 399.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 386.85 Td (Asset management and other fees - related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 386.85 Td (6,470,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 386.85 Td (17,825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 386.85 Td (6,452,775) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.65 386.85 Td (36,200.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 386.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 373.85 Td (General and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 373.85 Td (2,569,908) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 373.85 Td (61,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 373.85 Td (2,508,660) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.65 373.85 Td (4,095.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 373.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 360.85 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 360.85 Td (2,644,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 360.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 360.85 Td (2,644,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.65 360.85 Td (100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 360.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 347.85 Td (Total expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.30 347.85 Td (25,170,933) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 347.85 Td (79,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 347.85 Td (25,091,860) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.65 347.85 Td (31,732.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 347.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 334.85 Td (Income \(loss\) from operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.60 334.85 Td (\(6,583,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 334.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 334.85 Td (65,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.60 334.85 Td (\(6,649,309) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 334.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.95 334.85 Td (\(10,154.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.65 334.85 Td (\)%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 321.85 Td (Equity in earnings \(losses\) of unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 313.85 Td (ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 313.85 Td (\(93,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 313.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 313.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.60 313.85 Td (\(93,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 313.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.95 313.85 Td (\(100.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.65 313.85 Td (\)%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 300.83 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.60 300.85 Td (\(6,676,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 300.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 300.85 Td (65,483) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.60 300.85 Td (\(6,742,431) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.30 300.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.95 300.85 Td (\(10,296.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.65 300.85 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 107.95 277.10 Td (1, 2013, we commenced operations and subsequently made investments in real estate equity and debt.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (Revenues) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (Resident Fee Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (Resident fee income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.97 217.10 Td ($10.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.86 217.10 Td ( was attributable to acquisitions in our real estate equity segment in the fourth quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (2013 and in 2014. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (Rental Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (Rental income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.37 165.10 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.26 165.10 Td ( was attributable to acquisitions in our real estate equity segment in the fourth quarter 2013 and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (2014. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 133.10 Td (est Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (Interest income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.42 113.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.17 113.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.50 113.10 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.39 113.10 Td ( was attributable to new investments in our real estate debt segment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (Expenses) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.63 73.10 Td (operty Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (Property operating expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.63 53.10 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.52 53.10 Td ( were attributable to new investments in our real estate equity segment.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 742.10 Td (est Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.10 Td (Interest expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.02 722.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.91 722.10 Td ( was primarily attributable to mortgage notes payable associated with new investments in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (real estate equity segment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 690.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.01 690.10 Td (ransaction Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 670.10 Td (ransaction costs primarily represented expenses such as professional fees associated with new real estate equity investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 658.10 Td (ransaction costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.68 658.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.57 658.10 Td ( were related to acquisitions in real estate equity segment in 2014. ) Tj ET Q q 0 0 0 rg BT 447.70 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 456.34 658.10 Td (e did not incur any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (transaction costs for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.75 646.10 Td (nine months ended September 30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.05 646.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (Asset Management and Other Fees - Related Party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (Asset management and other fees - related party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.47 606.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.23 606.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.56 606.10 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.45 606.10 Td ( was primarily due to increased capital raising and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (investment activity) Tj ET Q q 0 0 0 rg BT 125.72 594.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 102.59 574.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (General and administrative expenses are principally incurred at the corporate level. General and administrative expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (include auditing and professional fees, director fees, or) Tj ET Q q 0 0 0 rg BT 269.46 542.10 Td (ganization and other costs associated with operating our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (General and administrative expenses increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.47 530.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.37 530.10 Td ( was primarily attributable to increased operating costs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 70.18 510.10 Td (eciation and ) Tj ET Q q 0 0 0 rg BT 122.21 510.10 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Depreciation and amortization expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 490.10 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.54 490.10 Td ( was primarily related to acquisitions in our real estate equity segment in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (the fourth quarter 2013 and in 2014.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (Equity in Earnings \(Losses\) of Unconsolidated V) Tj ET Q q 0 0 0 rg BT 251.14 458.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (Equity in losses of unconsolidated ventures of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.91 438.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.81 438.10 Td ( was related to our investments in healthcare joint ventures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (Contributing to such loss was $0.6 million related to transaction costs and depreciation expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 398.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 378.10 Td (e require capital to fund our investment activities and operating expenses. Our capital sources may include net proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (our Of) Tj ET Q q 0 0 0 rg BT 76.20 366.10 Td (fering, cash flow from operations, net proceeds from asset repayments and sales, borrowings under credit facilities, other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (term borrowings and securitization financing transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 334.10 Td (e are dependent upon the net proceeds from our Of) Tj ET Q q 0 0 0 rg BT 261.99 334.10 Td (fering to conduct our operations. ) Tj ET Q q 0 0 0 rg BT 397.60 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 406.24 334.10 Td (e obtain the capital required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (primarily acquire, originate and asset manage a diversified portfolio of equity) Tj ET Q q 0 0 0 rg BT 359.52 322.10 Td (, debt and securities investments in healthcare real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (estate and conduct our operations from the proceeds of our Of) Tj ET Q q 0 0 0 rg BT 298.07 310.10 Td (fering and any future of) Tj ET Q q 0 0 0 rg BT 392.85 310.10 Td (ferings we may conduct, from secured or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (unsecured financings from banks and other lenders and from any undistributed funds from our operations. In ) Tj ET Q q 0 0 0 rg BT 489.34 298.10 Td (April 2014, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (board of directors determined to extend our Of) Tj ET Q q 0 0 0 rg BT 236.70 286.10 Td (fering for one year to ) Tj ET Q q 0 0 0 rg BT 323.61 286.10 Td (August 7, 2015. ) Tj ET Q q 0 0 0 rg BT 389.45 286.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.89 286.10 Td (November1) Tj ET Q q 0 0 0 rg BT 463.23 286.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.23 286.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.33 286.10 Td ($174.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 274.10 Td ( in cash.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (If we are unable to raise substantially more funds in our Of) Tj ET Q q 0 0 0 rg BT 286.14 254.10 Td (fering, we will make fewer investments resulting in less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (diversification in terms of the type, number and size of investments we make and the value of an investment in us will fluctuate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (with the performance of the specific assets we acquire. Further) Tj ET Q q 0 0 0 rg BT 303.11 230.10 Td (, we have certain fixed direct and indirect operating expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (including certain expenses as a publicly of) Tj ET Q q 0 0 0 rg BT 219.77 218.10 Td (fered REIT) Tj ET Q q 0 0 0 rg BT 264.28 218.10 Td (, regardless of whether we are able to raise substantial funds in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 206.10 Td (fering. Our inability to raise substantial funds would increase our fixed operating expenses as a percentage of gross income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (reducing our net income and limiting our ability to make distributions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (Once we have fully invested the proceeds of our Of) Tj ET Q q 0 0 0 rg BT 256.13 174.10 Td (fering, we expect that our financing will not exceed 50.0% of the cost of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (investments, although it may exceed this level during our or) Tj ET Q q 0 0 0 rg BT 289.77 162.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 359.00 162.10 Td (fering stage. Our charter limits us from incurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (borrowings that would exceed 300.0% of our net assets. ) Tj ET Q q 0 0 0 rg BT 278.66 150.10 Td (W) Tj ET Q q 0 0 0 rg BT 287.29 150.10 Td (e cannot exceed this limit unless any excess in borrowing over such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (level is approved by a majority of our independent directors. ) Tj ET Q q 0 0 0 rg BT 296.97 138.10 Td (W) Tj ET Q q 0 0 0 rg BT 305.61 138.10 Td (e would need to disclose any such approval to our stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (in our next quarterly report along with the justification for such excess. ) Tj ET Q q 0 0 0 rg BT 338.81 126.10 Td (An approximation of this leverage calculation is 75.0% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (of the cost of our investments, including cash. ) Tj ET Q q 0 0 0 rg BT 238.58 114.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.02 114.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.29 114.10 Td (, our leverage as a percentage of our cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (investments was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 102.10 Td (13.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.16 102.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (In addition to making investments in accordance with our investment objectives, we use our capital resources to make certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (payments to our ) Tj ET Q q 0 0 0 rg BT 116.38 70.10 Td (Advisor and our Dealer Manager) Tj ET Q q 0 0 0 rg BT 248.00 70.10 Td (. During our or) Tj ET Q q 0 0 0 rg BT 310.31 70.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 379.55 70.10 Td (fering stage, these payments include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (payments to our Dealer Manager for selling commissions and dealer manager fees and payments to our Dealer Manager and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 46.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 97.10 46.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 132.47 46.10 Td (filiates, as applicable, for reimbursement of certain or) Tj ET Q q 0 0 0 rg BT 346.92 46.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 416.16 46.10 Td (fering costs. However) Tj ET Q q 0 0 0 rg BT 506.28 46.10 Td (, we will not ) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (be obligated to reimburse our ) Tj ET Q q 0 0 0 rg BT 169.69 742.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 201.51 742.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 236.88 742.10 Td (filiates, as applicable, to the extent that the aggregate of selling commissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (dealer manager fees and other or) Tj ET Q q 0 0 0 rg BT 180.58 730.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 249.82 730.10 Td (fering costs incurred by us exceed 15.0% of gross proceeds from our Primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 718.10 Td (fering. During our acquisition and development stage, we expect to make payments to our ) Tj ET Q q 0 0 0 rg BT 425.00 718.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 456.82 718.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 492.18 718.10 Td (filiates, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (applicable, in connection with the selection and origination or acquisition of investments, the management of our assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (costs incurred by our ) Tj ET Q q 0 0 0 rg BT 136.09 694.10 Td (Advisor in providing services to us. On June30, 2014, we entered into a new advisory agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 682.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 97.10 682.10 Td (, on terms substantially similar to those set forth in our prior advisory agreement with our Prior ) Tj ET Q q 0 0 0 rg BT 479.26 682.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 511.08 682.10 Td (, which has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (a one-year term but may be renewed for an unlimited number of successive one-year periods upon the mutual consent of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Advisor and our board of directors, including a majority of our independent directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (Follow-on Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (On October 2, 2014, we filed a registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 315.41 618.10 Td (1 with the Securities and Exchange Commission, or the SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (to register a follow-on public of) Tj ET Q q 0 0 0 rg BT 177.29 606.10 Td (fering of up to $700.0 million in shares of our common stock, consisting of up to $500.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (million in shares in a follow-on primary of) Tj ET Q q 0 0 0 rg BT 220.62 594.10 Td (fering and up to $200.0 million in shares pursuant to a follow-on distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 126.19 582.10 Td (The registration statement for the follow-on of) Tj ET Q q 0 0 0 rg BT 312.06 582.10 Td (fering has not yet been declared ef) Tj ET Q q 0 0 0 rg BT 449.59 582.10 Td (fective by the SEC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.64 562.10 Td (erm Loan Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 542.10 Td (e currently have one credit facility) Tj ET Q q 0 0 0 rg BT 195.42 542.10 Td (, or our ) Tj ET Q q 0 0 0 rg BT 226.90 542.10 Td (T) Tj ET Q q 0 0 0 rg BT 232.31 542.10 Td (erm Loan Facility) Tj ET Q q 0 0 0 rg BT 303.31 542.10 Td (, with initial capacity of up to $100.0 million and potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (capacity of up to $200.0 million. Our ) Tj ET Q q 0 0 0 rg BT 203.68 530.10 Td (T) Tj ET Q q 0 0 0 rg BT 209.09 530.10 Td (erm Loan Facility allows us to finance real estate investments and first mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (secured by healthcare real estate. ) Tj ET Q q 0 0 0 rg BT 186.68 518.10 Td (The interest rate and advance rate depend on asset type and characteristic. ) Tj ET Q q 0 0 0 rg BT 486.91 518.10 Td (The initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (maturity date of our ) Tj ET Q q 0 0 0 rg BT 132.02 506.10 Td (T) Tj ET Q q 0 0 0 rg BT 137.43 506.10 Td (erm Loan Facility is November 2016, with a one-year extension available at our option, subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (satisfaction of certain customary conditions. Our ) Tj ET Q q 0 0 0 rg BT 249.77 494.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.18 494.10 Td (erm Loan Facility contains representations, warranties, covenants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (conditions precedent to funding, events of default and indemnities that are customary for agreements of this type. ) Tj ET Q q 0 0 0 rg BT 508.02 482.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.66 482.10 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (currently in compliance with all of our financial covenants under our ) Tj ET Q q 0 0 0 rg BT 327.78 470.10 Td (T) Tj ET Q q 0 0 0 rg BT 333.19 470.10 Td (erm Loan Facility) Tj ET Q q 0 0 0 rg BT 404.18 470.10 Td (. ) Tj ET Q q 0 0 0 rg BT 411.13 470.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.58 470.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.84 470.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.94 470.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.94 470.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (borrowings outstanding under our ) Tj ET Q q 0 0 0 rg BT 188.13 458.10 Td (T) Tj ET Q q 0 0 0 rg BT 193.54 458.10 Td (erm Loan Facility) Tj ET Q q 0 0 0 rg BT 264.54 458.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Cash Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (The following presents a summary of our consolidated statements of cash flows for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.47 410.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.01 410.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.51 410.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.77 410.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 398.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 398.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 347.60 180.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 347.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 347.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 347.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 347.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 321.60 180.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 321.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 321.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 321.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 321.60 64.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 373.6 m 334.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 373.6 m 339.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 373.6 m 403.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 360.6 m 334.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 360.6 m 403.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 360.6 m 334.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 321.6 m 334.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 309.6 m 334.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 307.6 m 334.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 321.6 m 403.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 309.6 m 403.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 307.6 m 403.5 307.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.90 377.83 Td (Nine Months Ended September 30,) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 89 363.580078125 m 200.20703125 363.580078125 l s q 0 0 0 rg BT 89.00 364.83 Td (Cash flow provided by \(used in\):) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.00 364.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.00 364.83 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 351.85 Td (Operating activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.00 351.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.60 351.85 Td (\(1,620,332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 351.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.00 351.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 351.85 Td (43,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 338.85 Td (Investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.60 338.85 Td (\(374,715,652) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 338.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 338.85 Td (\(11,250,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.30 338.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 325.85 Td (Financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.25 325.85 Td (422,433,339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.25 325.85 Td (16,599,448) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 312.85 Td (Net increase \(decrease\) in cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.00 312.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.25 312.85 Td (46,097,355) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.00 312.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.25 312.85 Td (5,393,248) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (Nine Months Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 129.43 289.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.93 289.10 Td (September30, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.64 289.10 Td ( Compar) Tj ET Q q 0 0 0 rg BT 246.55 289.10 Td (ed to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.77 289.10 Td (September30, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.48 289.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (Net cash used in operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.23 269.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.12 269.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.50 269.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.04 269.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.54 269.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 269.10 Td ( compared to net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (provided by operating activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.24 257.10 Td ($43,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.74 257.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.12 257.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.66 257.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.16 257.10 Td (September30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.42 257.10 Td (. ) Tj ET Q q 0 0 0 rg BT 417.24 257.10 Td (The decrease in net cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (operating activities primarily related to an increase in fees paid to our ) Tj ET Q q 0 0 0 rg BT 329.90 245.10 Td (Advisor for the acquisition and management of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (investments, an increase in general and administrative expenses due to an increase in operational activity and an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (interest expense due to additional borrowings on mortgage notes, partially of) Tj ET Q q 0 0 0 rg BT 357.24 221.10 Td (fset by an increase in income generated from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (real estate equity and debt investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (Net cash used in investing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.13 189.10 Td ($374.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.02 189.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.40 189.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.94 189.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.44 189.10 Td (September30, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.71 189.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.21 189.10 Td (compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.41 189.10 Td ($1) Tj ET Q q 0 0 0 rg BT 527.04 189.10 Td (1.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 177.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 177.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.81 177.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.31 177.10 Td (September30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.57 177.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.39 177.10 Td (The increase in net cash flows used in investing activities primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (related to an increase in our new real estate equity and debt investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (Net cash provided by financing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.67 145.10 Td ($422.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.56 145.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.94 145.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.48 145.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.98 145.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.24 145.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.94 145.10 Td ($16.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 133.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 133.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.81 133.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.31 133.10 Td (September30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.57 133.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.89 133.10 Td (The increase in net cash provided by financing activities primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (related to an increase in net proceeds from the issuance of common stock through our Of) Tj ET Q q 0 0 0 rg BT 404.98 121.10 Td (fering and our borrowings from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (mortgage notes, partially of) Tj ET Q q 0 0 0 rg BT 160.34 109.10 Td (fset by distributions paid on our common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 83.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 63.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.62 63.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.04 63.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 119.79 63.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 177.20 63.10 Td (which ) Tj ET Q q 0 0 0 rg BT 205.18 63.10 Td (do ) Tj ET Q q 0 0 0 rg BT 218.73 63.10 Td (not ) Tj ET Q q 0 0 0 rg BT 235.05 63.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 258.03 63.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.79 63.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 316.22 63.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.09 63.10 Td (of) Tj ET Q q 0 0 0 rg BT 336.24 63.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 376.98 63.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 401.07 63.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 460.98 63.10 Td (but ) Tj ET Q q 0 0 0 rg BT 477.30 63.10 Td (do ) Tj ET Q q 0 0 0 rg BT 490.84 63.10 Td (have ) Tj ET Q q 0 0 0 rg BT 513.27 63.10 Td (some ) Tj ET Q q 0 0 0 rg BT 537.92 63.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 63.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 110.88 51.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.89 51.10 Td (of) Tj ET Q q 0 0 0 rg BT 131.04 51.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 171.92 51.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 196.16 51.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 256.21 51.10 Td ( ) Tj ET Q q 0 0 0 rg BT 259.63 51.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.27 51.10 Td (e ) Tj ET Q q 0 0 0 rg BT 276.39 51.10 Td (have ) Tj ET Q q 0 0 0 rg BT 298.96 51.10 Td (made ) Tj ET Q q 0 0 0 rg BT 324.30 51.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 375.76 51.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.23 51.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 451.46 51.10 Td (ventures. ) Tj ET Q q 0 0 0 rg BT 491.52 51.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.21 51.10 Td (Refer ) Tj ET Q q 0 0 0 rg BT 521.11 51.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.57 51.10 Td (Note4. ) Tj ET Q q 0 0 0 rg BT 564.51 51.10 Td ( ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 105.06 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.13 742.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 180.03 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 186.14 742.10 Td (entures ) Tj ET Q q 0 0 0 rg BT 221.75 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.83 742.10 Td (Item1. ) Tj ET Q q 0 0 0 rg BT 262.45 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.75 742.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 308.69 742.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 359.31 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 373.27 742.10 Td (a ) Tj ET Q q 0 0 0 rg BT 380.00 742.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 423.97 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.59 742.10 Td (such ) Tj ET Q q 0 0 0 rg BT 455.22 742.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 518.06 742.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 554.23 742.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 730.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 118.87 730.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.35 730.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 203.56 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.06 730.10 Td (In ) Tj ET Q q 0 0 0 rg BT 216.89 730.10 Td (each ) Tj ET Q q 0 0 0 rg BT 237.71 730.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 259.92 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.75 730.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 314.35 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.62 730.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 342.69 730.10 Td (is ) Tj ET Q q 0 0 0 rg BT 351.86 730.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 382.69 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.96 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.68 730.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 443.50 730.10 Td (value ) Tj ET Q q 0 0 0 rg BT 467.65 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.48 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.31 730.10 Td (investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 712.10 Td (Related Party ) Tj ET Q q 0 0 0 rg BT 111.09 712.10 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (In connection with the completion of NorthStar Realty) Tj ET Q q 0 0 0 rg BT 271.34 672.10 Td (s spin-of) Tj ET Q q 0 0 0 rg BT 305.88 672.10 Td (f of its asset management business into our Sponsor) Tj ET Q q 0 0 0 rg BT 512.68 672.10 Td (, on June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (30, 2014, we entered into a new advisory agreement with our ) Tj ET Q q 0 0 0 rg BT 296.88 660.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 328.70 660.10 Td (, an af) Tj ET Q q 0 0 0 rg BT 353.22 660.10 Td (filiate of our Sponsor) Tj ET Q q 0 0 0 rg BT 438.09 660.10 Td (, on terms substantially similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (to those set forth in the prior advisory agreement, and terminated the advisory agreement with our Prior ) Tj ET Q q 0 0 0 rg BT 466.00 648.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 497.67 648.10 Td (. For periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (prior to June 30, 2014, the information below regarding fees and reimbursements incurred and accrued but not yet paid relates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (to our Prior ) Tj ET Q q 0 0 0 rg BT 98.06 624.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 129.73 624.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Subject to certain restrictions and limitations, our ) Tj ET Q q 0 0 0 rg BT 249.40 604.10 Td (Advisor is responsible for managing our af) Tj ET Q q 0 0 0 rg BT 420.85 604.10 Td (fairs on a day-to-day basis and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (identifying, originating, acquiring and asset managing investments on our behalf. For such services, to the extent permitted by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (law and regulations, our ) Tj ET Q q 0 0 0 rg BT 148.59 580.10 Td (Advisor receives fees and reimbursements from us. Below is a description and table of the fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (reimbursements incurred to our ) Tj ET Q q 0 0 0 rg BT 177.74 568.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 209.41 568.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 546.7669921875 m 112.7783203125 546.7669921875 l s q 0 0 0 rg BT 50.00 548.10 Td (Fees to ) Tj ET Q q 0 0 0 rg BT 80.56 548.10 Td (Advisor) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 526.7669921875 m 143.30078125 526.7669921875 l s q 0 0 0 rg BT 50.00 528.10 Td (Asset Management Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 508.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 99.32 508.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 134.69 508.10 Td (filiates, receives a monthly asset management fee equal to one-twelfth of 1.0% of the sum of the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (funded or allocated for investments, including expenses and any financing attributable to such investments, less any principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (received on debt and securities investments \(or our proportionate share thereof in the case of an investment made through a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (joint venture\).) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 450.7669921875 m 113.037109375 450.7669921875 l s q 0 0 0 rg BT 50.00 452.10 Td (Acquisition Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 432.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 99.32 432.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 134.69 432.10 Td (filiates, also receives an acquisition fee equal to 1.0% of the amount funded or allocated by us to acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (or originate investments, including acquisition expenses and any financing attributable to such investments \(or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (proportionate share thereof in the case of an investment made through a joint venture\) except with respect to real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (property and 2.25% of each real estate property acquired by us, including acquisition expenses and any financing attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (an equity investment \(or our proportionate share thereof in the case of an equity investment made through a joint venture\). ) Tj ET Q q 0 0 0 rg BT 543.74 384.10 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (acquisition fee paid to our ) Tj ET Q q 0 0 0 rg BT 156.36 372.10 Td (Advisor related to the origination or acquisition of debt investments is included in debt investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (net on our consolidated balance sheets and is amortized to interest income over the life of the investment using the ef) Tj ET Q q 0 0 0 rg BT 518.01 360.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (interest method. ) Tj ET Q q 0 0 0 rg BT 118.88 348.10 Td (An acquisition fee incurred related to an equity investment will generally be expensed as incurred.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 326.7669921875 m 113.603515625 326.7669921875 l s q 0 0 0 rg BT 50.00 328.10 Td (Disposition Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (For substantial assistance in connection with the sale of investments and based on the services provided, our ) Tj ET Q q 0 0 0 rg BT 484.90 308.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 516.72 308.10 Td (, or its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 296.10 Td (filiates, receives a disposition fee equal to 1.0% of the contract sales price of each debt investment sold and 2.0% of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (contract sales price of each property sold. ) Tj ET Q q 0 0 0 rg BT 221.14 284.10 Td (W) Tj ET Q q 0 0 0 rg BT 229.78 284.10 Td (e do not pay a disposition fee upon the maturity) Tj ET Q q 0 0 0 rg BT 419.92 284.10 Td (, prepayment, workout, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (modification or extension of a debt investment unless there is a corresponding fee paid by our borrower) Tj ET Q q 0 0 0 rg BT 463.93 272.10 Td (, in which case the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (disposition fee is the lesser of: \(i\) 1.0% of the principal amount of the debt investment prior to such transaction; or \(ii\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (amount of the fee paid by our borrower in connection with such transaction. If we take ownership of a property as a result of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (workout or foreclosure of a debt investment, we will pay a disposition fee upon the sale of such property) Tj ET Q q 0 0 0 rg BT 467.85 236.10 Td (. ) Tj ET Q q 0 0 0 rg BT 474.80 236.10 Td (A) Tj ET Q q 0 0 0 rg BT 481.47 236.10 Td ( disposition fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (from the sale of an investment is generally expensed and included in asset management and other fees - related party in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 207.19 212.10 Td (A) Tj ET Q q 0 0 0 rg BT 213.86 212.10 Td ( disposition fee for a debt investment incurred in a transaction other than a sale is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (included in debt investments, net on our consolidated balance sheets and is amortized to interest income over the life of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (investment using the ef) Tj ET Q q 0 0 0 rg BT 142.86 188.10 Td (fective interest method.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 166.76699218750002 m 161.66015625 166.76699218750002 l s q 0 0 0 rg BT 50.00 168.10 Td (Reimbursements to ) Tj ET Q q 0 0 0 rg BT 129.44 168.10 Td (Advisor) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 146.76699218750002 m 115.83984375 146.76699218750002 l s q 0 0 0 rg BT 50.00 148.10 Td (Operating Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 128.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 99.32 128.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 134.69 128.10 Td (filiates, is entitled to receive reimbursement for direct and indirect operating costs incurred by our ) Tj ET Q q 0 0 0 rg BT 528.44 128.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (in connection with administrative services provided to us. Indirect operating costs include our allocable share of costs incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (by our ) Tj ET Q q 0 0 0 rg BT 77.78 104.10 Td (Advisor for personnel and other overhead such as rent, technology and utilities. However) Tj ET Q q 0 0 0 rg BT 437.00 104.10 Td (, there is no reimbursement for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (personnel costs related to executive of) Tj ET Q q 0 0 0 rg BT 202.82 92.10 Td (ficers and other personnel involved in activities for which our ) Tj ET Q q 0 0 0 rg BT 451.64 92.10 Td (Advisor receives an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (acquisition fee or a disposition fee. ) Tj ET Q q 0 0 0 rg BT 194.78 80.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.42 80.10 Td (e reimburse our ) Tj ET Q q 0 0 0 rg BT 268.12 80.10 Td (Advisor quarterly for operating costs \(including the asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (fee\) based on a calculation for the four preceding fiscal quarters not to exceed the greater of: \(i\) 2.0% of our average invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (assets; or \(ii\) 25.0% of our net income determined without reduction for any additions to reserves for depreciation, loan losses ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Notwithstanding the above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (we may reimburse our ) Tj ET Q q 0 0 0 rg BT 141.64 730.10 Td (Advisor for expenses in excess of this limitation if a majority of our independent directors determines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (that such excess expenses are justified based on unusual and non-recurring factors. ) Tj ET Q q 0 0 0 rg BT 385.82 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 394.46 718.10 Td (e calculate the expense reimbursement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (quarterly based upon the trailing twelve-month period.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 684.7669921875 m 181.5869140625 684.7669921875 l s q 0 0 0 rg BT 50.00 686.10 Td (Or) Tj ET Q q 0 0 0 rg BT 60.74 686.10 Td (ganization and Offering Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 666.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 99.32 666.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 134.69 666.10 Td (filiates, is entitled to receive reimbursement for or) Tj ET Q q 0 0 0 rg BT 334.99 666.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 404.23 666.10 Td (fering costs paid on behalf of us in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (connection with our Of) Tj ET Q q 0 0 0 rg BT 142.85 654.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 174.05 654.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.69 654.10 Td (e are obligated to reimburse our ) Tj ET Q q 0 0 0 rg BT 312.08 654.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 343.91 654.10 Td (, or its af) Tj ET Q q 0 0 0 rg BT 379.27 654.10 Td (filiates, as applicable, for or) Tj ET Q q 0 0 0 rg BT 490.71 654.10 Td (ganization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 642.10 Td (fering costs to the extent the aggregate of selling commissions, dealer manager fees and other or) Tj ET Q q 0 0 0 rg BT 442.84 642.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 512.08 642.10 Td (fering costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (do not exceed 15.0% of gross proceeds from our Primary Of) Tj ET Q q 0 0 0 rg BT 291.70 630.10 Td (fering. Our ) Tj ET Q q 0 0 0 rg BT 340.58 630.10 Td (Advisor does not expect reimbursable or) Tj ET Q q 0 0 0 rg BT 502.85 630.10 Td (ganization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 618.10 Td (fering costs, excluding selling commissions and dealer manager fees, to exceed $15.0 million, or 1.5% of the total proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (available to be raised from our Primary Of) Tj ET Q q 0 0 0 rg BT 220.04 606.10 Td (fering. ) Tj ET Q q 0 0 0 rg BT 251.24 606.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.87 606.10 Td (e shall not reimburse our ) Tj ET Q q 0 0 0 rg BT 361.24 606.10 Td (Advisor for any or) Tj ET Q q 0 0 0 rg BT 435.21 606.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 504.45 606.10 Td (fering costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (that our independent directors determine are not fair and commercially reasonable to us. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Dealer Manager) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 552.7669921875 m 240.244140625 552.7669921875 l s q 0 0 0 rg BT 50.00 554.10 Td (Selling Commissions and Dealer Manager Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (Pursuant to the dealer manager agreement, we pay our Dealer Manager) Tj ET Q q 0 0 0 rg BT 334.19 534.10 Td (, selling commissions of up to 7.0% of gross proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (from our Primary Of) Tj ET Q q 0 0 0 rg BT 132.86 522.10 Td (fering, all of which are reallowed to participating broker) Tj ET Q q 0 0 0 rg BT 357.84 522.10 Td (-dealers. In addition, we pay our Dealer Manager ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (a dealer manager fee of up to 3.0% of gross proceeds from our Primary Of) Tj ET Q q 0 0 0 rg BT 347.77 510.10 Td (fering, a portion of which is reallowed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (participating broker) Tj ET Q q 0 0 0 rg BT 128.94 498.10 Td (-dealers. No selling commissions or dealer manager fees are paid for sales pursuant to our DRP) Tj ET Q q 0 0 0 rg BT 511.88 498.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Summary of Fees and Reimbursements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (The following table presents the fees and reimbursements incurred to our ) Tj ET Q q 0 0 0 rg BT 344.63 458.10 Td (Advisor and our Dealer Manager for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.18 458.10 Td (three and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.22 446.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.04 446.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.31 446.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.74 446.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 446.10 Td ( and the amount due to related party as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.02 446.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.28 446.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 434.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 375.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 375.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 375.60 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 375.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 375.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 375.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 375.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 375.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 375.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 375.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 375.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 375.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 375.60 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 375.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 375.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 341.60 95.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 341.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 341.60 90.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 341.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 341.60 44.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 341.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 341.60 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 341.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 341.60 44.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 341.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 341.60 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 341.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 341.60 47.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 341.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 341.60 48.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 286.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 286.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 286.60 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 286.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 286.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 286.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 286.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 286.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 286.60 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 286.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 286.60 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 286.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 286.60 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 286.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 286.60 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 254.60 95.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 254.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 254.60 90.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 254.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 254.60 44.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 254.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 254.60 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 254.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 254.60 44.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 254.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 254.60 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 254.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 254.60 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 254.60 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 254.60 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 222.60 95.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 222.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.50 222.60 90.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 222.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 222.60 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 222.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 222.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 222.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 222.60 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 222.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 222.60 40.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 222.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 222.60 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 222.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 222.60 48.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 396.6 m 323.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 396.6 m 327.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 396.6 m 367.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 396.6 m 415.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 396.6 m 419.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 396.6 m 459.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 396.6 m 510.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 396.6 m 514.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 396.6 m 562.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 86.5 375.6 m 181.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185.5 375.6 m 275.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 375.6 m 323.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 375.6 m 367.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 375.6 m 415.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 375.6 m 459.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 375.6 m 510.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 375.6 m 562.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 201.60000000000002 m 510.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 201.60000000000002 m 562.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 201.60000000000002 m 510.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 189.60000000000002 m 510.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 187.60000000000002 m 510.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 201.60000000000002 m 562.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 189.60000000000002 m 562.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 187.60000000000002 m 562.5 187.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 133.50 400.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.00 400.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.60 408.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.60 400.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.75 408.83 Td (Nine Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.60 400.83 Td (September 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.70 400.83 Td (Due to Related Party as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 387.83 Td (Type of Fee or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 379.83 Td (Reimbursement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 195.65 387.83 Td (Financial Statement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.85 379.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.00 379.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.00 379.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.00 379.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.00 379.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.10 387.83 Td (September) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.50 379.83 Td (30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 387.83 Td (December) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.00 379.83 Td (31, 2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 367.55 Td (Fees to Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 354.55 Td (Asset management) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 354.55 Td (Asset management and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 346.55 Td (other fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.00 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.25 345.85 Td (870,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.00 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.25 345.85 Td (13,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.00 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.25 345.85 Td (1,723,972) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.00 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.25 345.85 Td (17,825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.00 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.25 345.85 Td (342,547) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.00 345.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 345.85 Td (37,532) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 333.55 Td (Acquisition ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 128.33 337.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 333.55 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 325.55 Td (investments, net / Asset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 317.55 Td (management and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 309.55 Td (fees-related party) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 310.85 Td (3,292,938) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.25 310.85 Td (87,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.25 310.85 Td (7,813,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.25 310.85 Td (112,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.25 310.85 Td (3,292,938) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.25 310.85 Td (564,405) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 298.55 Td (Disposition ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 127.89 302.18 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 298.55 Td (Real estate debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 290.55 Td (investments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.30 290.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.25 290.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.30 290.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.25 290.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 290.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 290.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 278.55 Td (Reimbursements to Advisor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 265.55 Td (Operating costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 265.55 Td (General and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 257.55 Td (administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.25 258.85 Td (998,372) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.25 258.85 Td (18,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.25 258.85 Td (2,045,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.25 258.85 Td (24,675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.25 258.85 Td (998,372) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.25 258.85 Td (164,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 246.55 Td (Organization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 246.55 Td (General and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 238.55 Td (administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.25 239.85 Td (15,569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.25 239.85 Td (12,313) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.25 239.85 Td (278,853) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.25 239.85 Td (14,291) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.25 239.85 Td (15,569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 239.85 Td (18,768) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 227.55 Td (Offering) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 227.55 Td (Cost of capital) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 234.66 231.18 Td ( \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.25 226.85 Td (980,830) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.25 226.85 Td (233,940) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.25 226.85 Td (3,909,058) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.25 226.85 Td (271,518) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.25 226.85 Td (929,055) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.25 226.85 Td (356,594) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 214.55 Td (Selling commissions /) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 206.55 Td (Dealer manager fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 214.55 Td (Cost of capital ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 236.66 218.18 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.25 205.85 Td (20,155,417) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.25 205.85 Td (1,621,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.25 205.85 Td (43,055,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 205.85 Td (1,679,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 205.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 205.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 193.55 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.00 192.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.25 192.85 Td (5,578,481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.00 192.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.25 192.85 Td (1,141,379) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 177.10 Td (_____________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 167.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 167.50 Td (Acquisition/disposition fees incurred to our ) Tj ET Q q 0 0 0 rg BT 244.65 167.50 Td (Advisor related to debt investments are generally of) Tj ET Q q 0 0 0 rg BT 410.45 167.50 Td (fset by origination/exit fees paid to us by ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 157.90 Td (borrowers if such fees are required from the borrower) Tj ET Q q 0 0 0 rg BT 275.48 157.90 Td (. ) Tj ET Q q 0 0 0 rg BT 281.04 157.90 Td (Acquisition fees related to equity investments are included in asset management and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 148.30 Td (other fees - related party in our consolidated statements of operations. Our ) Tj ET Q q 0 0 0 rg BT 345.26 148.30 Td (Advisor may determine to defer fees or seek reimbursement.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 138.70 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 138.70 Td (Cost of capital is included in net proceeds from issuance of common stock in our consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 471.39 138.70 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 118.70 Td (NorthStar Realty Pur) Tj ET Q q 0 0 0 rg BT 135.18 118.70 Td (chase of Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.70 Td (On ) Tj ET Q q 0 0 0 rg BT 64.17 98.70 Td (April 10, 2014, our board of directors extended the term of our distribution support agreement, or our Distribution Support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.70 Td (Agreement, until ) Tj ET Q q 0 0 0 rg BT 119.71 86.70 Td (August 7, 2015. Pursuant to our Distribution Support ) Tj ET Q q 0 0 0 rg BT 336.66 86.70 Td (Agreement, NorthStar Realty committed to purchase up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.70 Td (to an aggregate of $10.0 million in shares of our common stock at a price of $9.00 per share if cash distributions exceed MFFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.70 Td (to provide additional funds to support distributions to stockholders. In February 2013, NorthStar Realty purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.15 62.70 Td (222,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 62.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.70 Td (shares of our common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.41 50.70 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.31 50.70 Td ( under our Distribution Support ) Tj ET Q q 0 0 0 rg BT 356.36 50.70 Td (Agreement to satisfy the minimum of) Tj ET Q q 0 0 0 rg BT 506.43 50.70 Td (fering ) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (requirement, which reduced the total commitment. ) Tj ET Q q 0 0 0 rg BT 256.88 742.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.32 742.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.59 742.10 Td (, including the purchase of shares to satisfy the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (minimum of) Tj ET Q q 0 0 0 rg BT 99.54 730.10 Td (fering requirement, NorthStar Realty purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.81 730.10 Td (303,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.31 730.10 Td ( shares of our common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.22 730.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.11 730.10 Td ( under such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (commitment. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.16 718.10 Td (three and nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.80 718.10 Td ( months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.62 718.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.88 718.10 Td (, NorthStar Realty purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.46 718.10 Td (60,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.96 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.40 718.10 Td (69,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 718.10 Td ( shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of our common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.92 706.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.82 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.25 706.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 706.10 Td ( under such commitment, respectively) Tj ET Q q 0 0 0 rg BT 420.95 706.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (Investment in Healthcar) Tj ET Q q 0 0 0 rg BT 146.27 686.10 Td (e Joint V) Tj ET Q q 0 0 0 rg BT 180.70 686.10 Td (entur) Tj ET Q q 0 0 0 rg BT 201.44 686.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (In May 2014, we, through a general partnership with NorthStar Realty) Tj ET Q q 0 0 0 rg BT 330.95 666.10 Td (, entered into the healthcare joint venture to acquire an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (interest in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.15 654.10 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.26 654.10 Td ( healthcare real estate portfolio and contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.57 654.10 Td ($23.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.46 654.10 Td ( of cash for our interest in the investment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (The purchase was approved by our board of directors, including all of its independent directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (Recent Developments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (Common Stock fr) Tj ET Q q 0 0 0 rg BT 119.07 596.10 Td (om Primary Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.17 576.10 Td (October 1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.88 576.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.99 576.10 Td (November1) Tj ET Q q 0 0 0 rg BT 224.32 576.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.32 576.10 Td (, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.98 576.10 Td (1) Tj ET Q q 0 0 0 rg BT 305.61 576.10 Td (1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.50 576.10 Td ( shares of common stock pursuant to our Primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 564.10 Td (fering generating gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.93 564.10 Td ($1) Tj ET Q q 0 0 0 rg BT 213.56 564.10 Td (10.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.45 564.10 Td (. From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.44 564.10 Td (November1) Tj ET Q q 0 0 0 rg BT 416.78 564.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.78 564.10 Td (, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.44 564.10 Td (65.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.33 564.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (shares of common stock pursuant to our Primary Of) Tj ET Q q 0 0 0 rg BT 257.56 552.10 Td (fering generating gross proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.12 552.10 Td ($655.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.01 552.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Distribution Reinvestment Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.17 512.10 Td (October 1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.88 512.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.99 512.10 Td (November1) Tj ET Q q 0 0 0 rg BT 224.32 512.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.32 512.10 Td (, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.98 512.10 Td (366,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.48 512.10 Td ( shares of common stock pursuant to our DRP) Tj ET Q q 0 0 0 rg BT 517.53 512.10 Td ( raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 500.10 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.76 500.10 Td (. ) Tj ET Q q 0 0 0 rg BT 154.71 500.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.15 500.10 Td (November1) Tj ET Q q 0 0 0 rg BT 228.49 500.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.49 500.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.49 500.10 Td (9.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.38 500.10 Td ( shares were available to be issued pursuant to our DRP) Tj ET Q q 0 0 0 rg BT 528.99 500.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (On November 5, 2014, our board of directors approved a daily cash distribution of $0.00184932 per share of common stock for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (each of the three months ended March 31, 2015. Distributions are generally paid to stockholders on the first business day of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (the month following the month for which the distribution was accrued.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.52 416.10 Td (e Repur) Tj ET Q q 0 0 0 rg BT 99.53 416.10 Td (chases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.17 396.10 Td (October 1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.88 396.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.99 396.10 Td (November1) Tj ET Q q 0 0 0 rg BT 224.32 396.10 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.32 396.10 Td (, we repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.29 396.10 Td (1,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.79 396.10 Td ( shares for a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.98 396.10 Td ($14,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.48 396.10 Td ( or a weighted average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.32 384.10 Td ($9.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.82 384.10 Td ( per share under a share repurchase program that may enable stockholders to sell their shares to us in limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (circumstances, or our Share Repurchase Program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (Follow-on ) Tj ET Q q 0 0 0 rg BT 94.17 352.10 Td (Offering) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (On October 2, 2014, we filed a registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 315.41 332.10 Td (1 \(File No. 333-199125\) with the SEC to register a follow-on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (public of) Tj ET Q q 0 0 0 rg BT 85.64 320.10 Td (fering of up to $700.0 million in shares of our common stock, consisting of up to $500.0 million in shares in a follow-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (on primary of) Tj ET Q q 0 0 0 rg BT 104.80 308.10 Td (fering and up to $200.0 million in shares pursuant to a follow-on distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 490.95 308.10 Td (The registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (statement for the follow-on of) Tj ET Q q 0 0 0 rg BT 169.79 296.10 Td (fering has not yet been declared ef) Tj ET Q q 0 0 0 rg BT 307.31 296.10 Td (fective by the SEC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (New Investments) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 254.76699218750002 m 213.7646484375 254.76699218750002 l s q 0 0 0 rg BT 50.00 256.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 66.48 256.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 122.84 256.10 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 160.90 256.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 182.67 256.10 Td (V) Tj ET Q q 0 0 0 rg BT 188.78 256.10 Td (enture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.07 236.10 Td (October ) Tj ET Q q 0 0 0 rg BT 98.13 236.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 112.48 236.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 136.83 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 150.34 236.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 181.62 236.10 Td (into ) Tj ET Q q 0 0 0 rg BT 199.02 236.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.31 236.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 242.70 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.99 236.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 276.39 236.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 319.88 236.10 Td (with ) Tj ET Q q 0 0 0 rg BT 339.51 236.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 380.80 236.10 Td (Realty ) Tj ET Q q 0 0 0 rg BT 408.75 236.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 445.04 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.67 236.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.96 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 494.47 236.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 522.96 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.59 236.10 Td (acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.92 224.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 89.39 224.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 121.31 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.57 224.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 148.05 224.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 204.39 224.10 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 250.17 224.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 272.21 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.69 224.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 286.33 224.10 Td (Inc.) Tj ET Q q 0 0 0 rg BT 304.38 224.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 313.25 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.06 224.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 340.54 224.10 Td (fin-American, ) Tj ET Q q 0 0 0 rg BT 399.38 224.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 442.94 224.10 Td (real ) Tj ET Q q 0 0 0 rg BT 460.41 224.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 485.65 224.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 523.13 224.10 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 97.96 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.27 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.46 212.10 Td (mer) Tj ET Q q 0 0 0 rg BT 139.82 212.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 155.57 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.87 212.10 Td (Grif) Tj ET Q q 0 0 0 rg BT 183.35 212.10 Td (fin-American ) Tj ET Q q 0 0 0 rg BT 240.19 212.10 Td (with ) Tj ET Q q 0 0 0 rg BT 260.94 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.35 212.10 Td (into ) Tj ET Q q 0 0 0 rg BT 296.88 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 304.29 212.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 348.37 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.68 212.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 402.09 212.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 427.54 212.10 Td (. ) Tj ET Q q 0 0 0 rg BT 433.02 212.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.78 212.10 Td (W) Tj ET Q q 0 0 0 rg BT 444.41 212.10 Td (e ) Tj ET Q q 0 0 0 rg BT 451.83 212.10 Td (will ) Tj ET Q q 0 0 0 rg BT 470.36 212.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 502.75 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.94 212.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 550.35 212.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 72.92 200.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.81 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.73 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.43 200.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 138.61 200.10 Td (including ) Tj ET Q q 0 0 0 rg BT 179.31 200.10 Td (its ) Tj ET Q q 0 0 0 rg BT 191.67 200.10 Td (pro ) Tj ET Q q 0 0 0 rg BT 207.92 200.10 Td (rata ) Tj ET Q q 0 0 0 rg BT 225.83 200.10 Td (share ) Tj ET Q q 0 0 0 rg BT 249.84 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.09 200.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 305.11 200.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 351.90 200.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 377.32 200.10 Td (through ) Tj ET Q q 0 0 0 rg BT 411.34 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.70 200.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 439.96 200.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 472.86 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 493.56 200.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 535.91 200.10 Td (Realty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.35 188.10 Td (will ) Tj ET Q q 0 0 0 rg BT 93.82 188.10 Td (be ) Tj ET Q q 0 0 0 rg BT 105.17 188.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 147.62 188.10 Td (at ) Tj ET Q q 0 0 0 rg BT 156.75 188.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 198.10 188.10 Td (Realty) Tj ET Q q 0 0 0 rg BT 226.99 188.10 Td (s ) Tj ET Q q 0 0 0 rg BT 232.79 188.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 250.81 188.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 272.73 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.08 188.10 Td (is ) Tj ET Q q 0 0 0 rg BT 297.66 188.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 335.11 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.80 188.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 383.36 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 394.71 188.10 Td (approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.60 188.10 Td (8.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.43 188.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.34 188.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 500.69 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.38 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.51 188.10 Td (portfolio.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 166.76699218750002 m 191.171875 166.76699218750002 l s q 0 0 0 rg BT 50.00 168.10 Td (Extendicare ) Tj ET Q q 0 0 0 rg BT 100.25 168.10 Td (Portfolio ) Tj ET Q q 0 0 0 rg BT 138.31 168.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 160.07 168.10 Td (V) Tj ET Q q 0 0 0 rg BT 166.19 168.10 Td (enture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (On ) Tj ET Q q 0 0 0 rg BT 65.42 148.10 Td (November ) Tj ET Q q 0 0 0 rg BT 110.82 148.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 121.51 148.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 147.21 148.10 Td (we ) Tj ET Q q 0 0 0 rg BT 162.06 148.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 191.90 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.88 148.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 229.96 148.10 Td (up ) Tj ET Q q 0 0 0 rg BT 243.15 148.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.13 148.10 Td ($315.0 ) Tj ET Q q 0 0 0 rg BT 284.82 148.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.71 148.10 Td ( ) Tj ET Q q 0 0 0 rg BT 316.91 148.10 Td (through ) Tj ET Q q 0 0 0 rg BT 351.21 148.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.84 148.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 412.03 148.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.55 148.10 Td (equity) Tj ET Q q 0 0 0 rg BT 447.90 148.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.59 148.10 Td (mezzanine ) Tj ET Q q 0 0 0 rg BT 499.54 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.17 148.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 544.80 148.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 90.03 136.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.08 136.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 146.23 136.10 Td (with ) Tj ET Q q 0 0 0 rg BT 166.27 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.76 136.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 219.69 136.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 265.84 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.45 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.93 136.10 Td (U.S.-based ) Tj ET Q q 0 0 0 rg BT 337.08 136.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 381.01 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.61 136.10 Td (Extendicare ) Tj ET Q q 0 0 0 rg BT 441.63 136.10 Td (International ) Tj ET Q q 0 0 0 rg BT 494.99 136.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 512.53 136.10 Td (including ) Tj ET Q q 0 0 0 rg BT 552.57 136.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td ($870.0 ) Tj ET Q q 0 0 0 rg BT 79.87 124.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.76 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.13 124.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 148.49 124.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.19 124.10 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.19 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.56 124.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 220.00 124.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 256.80 124.10 Td (by ) Tj ET Q q 0 0 0 rg BT 269.17 124.10 Td (an ) Tj ET Q q 0 0 0 rg BT 280.98 124.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.23 124.10 Td (group ) Tj ET Q q 0 0 0 rg BT 352.92 124.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 396.95 124.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.65 124.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.23 124.10 Td (Company) Tj ET Q q 0 0 0 rg BT 460.47 124.10 Td (, ) Tj ET Q q 0 0 0 rg BT 465.34 124.10 Td (Formation ) Tj ET Q q 0 0 0 rg BT 509.37 124.10 Td (Capital, ) Tj ET Q q 0 0 0 rg BT 543.12 124.10 Td (LLC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.50 112.10 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 102.77 112.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 158.03 112.10 Td (Limited. ) Tj ET Q q 0 0 0 rg BT 195.03 112.10 Td (The ) Tj ET Q q 0 0 0 rg BT 213.64 112.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 251.70 112.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 286.43 112.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.82 112.10 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.82 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.88 112.10 Td (SNFs ) Tj ET Q q 0 0 0 rg BT 341.18 112.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.68 112.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.35 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.74 112.10 Td (ALFs ) Tj ET Q q 0 0 0 rg BT 398.58 112.10 Td (located ) Tj ET Q q 0 0 0 rg BT 430.51 112.10 Td (across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.57 112.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.57 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.63 112.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 499.41 112.10 Td (with ) Tj ET Q q 0 0 0 rg BT 520.25 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.52 112.10 Td (lar) Tj ET Q q 0 0 0 rg BT 545.89 112.10 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (concentrations ) Tj ET Q q 0 0 0 rg BT 110.90 100.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.27 100.10 Td (Indiana, ) Tj ET Q q 0 0 0 rg BT 156.34 100.10 Td (Kentucky) Tj ET Q q 0 0 0 rg BT 194.57 100.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.66 100.10 Td (Ohio, ) Tj ET Q q 0 0 0 rg BT 224.75 100.10 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 265.66 100.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.50 100.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.54 100.10 Td (isconsin. ) Tj ET Q q 0 0 0 rg BT 329.22 100.10 Td (The ) Tj ET Q q 0 0 0 rg BT 347.36 100.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 384.94 100.10 Td (is ) Tj ET Q q 0 0 0 rg BT 394.20 100.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 432.88 100.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 463.80 100.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.17 100.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.52 100.10 Td ($630.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.95 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.34 88.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 125.61 88.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 167.93 88.10 Td (which ) Tj ET Q q 0 0 0 rg BT 194.43 88.10 Td (is ) Tj ET Q q 0 0 0 rg BT 203.16 88.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 240.75 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.59 88.10 Td (be ) Tj ET Q q 0 0 0 rg BT 262.09 88.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 298.59 88.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.43 88.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 354.36 88.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.20 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.48 88.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 436.92 88.10 Td (Refer ) Tj ET Q q 0 0 0 rg BT 461.19 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.03 88.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 489.19 88.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 500.42 88.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 520.80 88.10 Td (5. ) Tj ET Q q 0 0 0 rg BT 530.36 88.10 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.43 76.10 Td (further ) Tj ET Q q 0 0 0 rg BT 94.41 76.10 Td (discussion. ) Tj ET Q q 0 0 0 rg BT 141.15 76.10 Td (There ) Tj ET Q q 0 0 0 rg BT 167.24 76.10 Td (can ) Tj ET Q q 0 0 0 rg BT 183.88 76.10 Td (be ) Tj ET Q q 0 0 0 rg BT 196.09 76.10 Td (no ) Tj ET Q q 0 0 0 rg BT 208.86 76.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 250.50 76.10 Td (that ) Tj ET Q q 0 0 0 rg BT 268.27 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.26 76.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 324.91 76.10 Td (will ) Tj ET Q q 0 0 0 rg BT 343.24 76.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 382.66 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.65 76.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 444.29 76.10 Td (described ) Tj ET Q q 0 0 0 rg BT 485.38 76.10 Td (above ) Tj ET Q q 0 0 0 rg BT 512.03 76.10 Td (on ) Tj ET Q q 0 0 0 rg BT 524.80 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.79 76.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 106.37 64.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.20 64.10 Td (at ) Tj ET Q q 0 0 0 rg BT 126.91 64.10 Td (all.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (45) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Officer ) Tj ET Q q 0 0 0 rg BT 80.64 742.10 Td (Appointment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.10 Td (On November 5, 2014, our board of directors appointed Ronald J. Jeanneault as our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 464.99 722.10 Td (ficer and President. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (Prior to this appointment, Mr) Tj ET Q q 0 0 0 rg BT 166.39 710.10 Td (. Jeanneault served as our Executive ) Tj ET Q q 0 0 0 rg BT 313.65 710.10 Td (V) Tj ET Q q 0 0 0 rg BT 320.27 710.10 Td (ice President and Head of ) Tj ET Q q 0 0 0 rg BT 424.96 710.10 Td (Asset Management since March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (2012. Concurrently with Mr) Tj ET Q q 0 0 0 rg BT 164.71 698.10 Td (. Jeanneault) Tj ET Q q 0 0 0 rg BT 214.69 698.10 Td (s appointment, James F) Tj ET Q q 0 0 0 rg BT 307.77 698.10 Td (. Flaherty III was elected to serve as ) Tj ET Q q 0 0 0 rg BT 454.48 698.10 Td (V) Tj ET Q q 0 0 0 rg BT 461.10 698.10 Td (ice Chairman of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (board of directors and no longer serves as our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 312.79 686.10 Td (ficer and President, ef) Tj ET Q q 0 0 0 rg BT 400.35 686.10 Td (fective on November 5, 2014. Mr) Tj ET Q q 0 0 0 rg BT 533.93 686.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (Flaherty will continue to provide investment and other services to us as a member of the investment committees of our ) Tj ET Q q 0 0 0 rg BT 526.55 674.10 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (in relation to healthcare investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 585.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 585.10 Td (irtually all of our assets and liabilities are interest rate sensitive in nature. ) Tj ET Q q 0 0 0 rg BT 353.48 585.10 Td (As a result, interest rates and other factors influence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.10 Td (our performance significantly more than inflation does. ) Tj ET Q q 0 0 0 rg BT 275.77 573.10 Td (A) Tj ET Q q 0 0 0 rg BT 282.44 573.10 Td ( change in interest rates may correlate with the inflation rate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.10 Td (Substantially all of the leases allow for annual rent increases based on the relevant consumer price index. Such types of leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (generally minimize the risks of inflation on our healthcare properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (Refer to Item 3. Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 287.15 529.10 Td (About Market Risk for additional details.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 98.89 501.10 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 176.48 501.10 Td (es) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (Funds fr) Tj ET Q q 0 0 0 rg BT 83.80 481.10 Td (om Operations and Modified Funds fr) Tj ET Q q 0 0 0 rg BT 235.92 481.10 Td (om Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 461.10 Td (e believe that FFO and MFFO, both of which are a non-GAAP) Tj ET Q q 0 0 0 rg BT 309.34 461.10 Td ( measure, are additional appropriate measures of the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (performance of a REIT) Tj ET Q q 0 0 0 rg BT 142.83 449.10 Td ( and of us in particular) Tj ET Q q 0 0 0 rg BT 232.52 449.10 Td (. ) Tj ET Q q 0 0 0 rg BT 239.84 449.10 Td (W) Tj ET Q q 0 0 0 rg BT 248.48 449.10 Td (e compute FFO in accordance with the standards established by the National ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (Association of Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 205.06 437.10 Td (T) Tj ET Q q 0 0 0 rg BT 210.82 437.10 Td (rusts, or NAREIT) Tj ET Q q 0 0 0 rg BT 281.46 437.10 Td (, as net income \(loss\) \(computed in accordance with accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (principles generally accepted in the United States, or U.S. GAAP\), excluding gains \(losses\) from sales of depreciable property) Tj ET Q q 0 0 0 rg BT 554.48 425.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (the cumulative ef) Tj ET Q q 0 0 0 rg BT 119.23 413.10 Td (fect of changes in accounting principles, real estate-related depreciation and amortization, impairment on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (depreciable property owned directly or indirectly and after adjustments for unconsolidated ventures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (Changes in the accounting and reporting rules under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 308.75 381.10 Td ( that have been put into ef) Tj ET Q q 0 0 0 rg BT 412.42 381.10 Td (fect since the establishment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (NAREIT) Tj ET Q q 0 0 0 rg BT 89.44 369.10 Td (s definition of FFO have prompted an increase in the non-cash and non-operating items included in FFO. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (instance, the accounting treatment for acquisition fees related to business combinations has changed from being capitalized to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (being expensed. ) Tj ET Q q 0 0 0 rg BT 118.87 345.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 168.77 345.10 Td (, publicly registered, non-traded REIT) Tj ET Q q 0 0 0 rg BT 320.81 345.10 Td (s are typically dif) Tj ET Q q 0 0 0 rg BT 390.32 345.10 Td (ferent from traded REIT) Tj ET Q q 0 0 0 rg BT 487.08 345.10 Td (s because they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (generally have a limited life followed by a liquidity event or other tar) Tj ET Q q 0 0 0 rg BT 326.95 333.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 399.60 333.10 Td (. Non-traded REIT) Tj ET Q q 0 0 0 rg BT 476.66 333.10 Td (s typically have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (significant amount of acquisition activity and are substantially more dynamic during their initial years of investment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (operation as compared to later years when the proceeds from their initial public of) Tj ET Q q 0 0 0 rg BT 378.31 309.10 Td (fering have been fully invested and when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (they may seek to implement a liquidity event or other exit strategy) Tj ET Q q 0 0 0 rg BT 315.11 297.10 Td (. However) Tj ET Q q 0 0 0 rg BT 358.86 297.10 Td (, it is likely that we will make investments past the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (acquisition and development stage, albeit at a substantially lower pace.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (Acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 163.04 265.10 Td (Advisor in connection with the origination and acquisition of debt investments are amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (the life of the investment as an adjustment to interest income under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 368.17 253.10 Td ( and are therefore, included in the computation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (of net income \(loss\) and income \(loss\) from operations, both of which are performance measures under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 511.54 241.10 Td (. Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (acquisition fees are paid in cash that would otherwise be available to distribute to our stockholders. In the event that proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (from our Of) Tj ET Q q 0 0 0 rg BT 98.14 217.10 Td (fering are not suf) Tj ET Q q 0 0 0 rg BT 166.54 217.10 Td (ficient to fund the payment or reimbursement of acquisition fees and expenses to our ) Tj ET Q q 0 0 0 rg BT 507.56 217.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 539.38 217.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (such fees would be paid from other sources, including new financing, operating cash flow) Tj ET Q q 0 0 0 rg BT 408.97 205.10 Td (, net proceeds from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (investments or from other cash flow) Tj ET Q q 0 0 0 rg BT 194.04 193.10 Td (. ) Tj ET Q q 0 0 0 rg BT 201.36 193.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.00 193.10 Td (e believe that acquisition fees incurred by us negatively impact our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (performance during the period in which such investments are acquired or originated by reducing cash flow and therefore the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (potential distributions to our stockholders. However) Tj ET Q q 0 0 0 rg BT 260.40 169.10 Td (, in general, we earn origination fees for debt investments from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (borrowers in an amount equal to the acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 307.16 157.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 338.98 157.10 Td (, and as a result, the impact of acquisition fees to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (operating performance and cash flow would be minimal.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (Acquisition fees and expenses paid to our ) Tj ET Q q 0 0 0 rg BT 218.57 125.10 Td (Advisor and third parties in connection with the acquisition of equity investments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (considered expenses and are included in the determination of net income \(loss\) and income \(loss\) from continuing operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (both of which are performance measures under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 287.15 101.10 Td (. Such fees and expenses will not be reimbursed by our ) Tj ET Q q 0 0 0 rg BT 511.83 101.10 Td (Advisor or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (its af) Tj ET Q q 0 0 0 rg BT 69.54 89.10 Td (filiates and third parties, and therefore, if there are no further proceeds from the sale of shares of our common stock to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (fund future acquisition fees and expenses, such fees and expenses will need to be paid from either additional debt, operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (earnings, cash flow or net proceeds from the sale of properties. ) Tj ET Q q 0 0 0 rg BT 306.03 65.10 Td (All paid and accrued acquisition fees and expenses will have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (negative ef) Tj ET Q q 0 0 0 rg BT 93.96 53.10 Td (fects on future distributions to stockholders and cash flow generated by us, unless earnings from operations or net ) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (sales proceeds from the disposition of other properties are generated to cover the purchase price of the property) Tj ET Q q 0 0 0 rg BT 494.46 742.10 Td (, these fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (expenses and other costs related to such property) Tj ET Q q 0 0 0 rg BT 245.12 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (The origination and acquisition of debt investments and the corresponding acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 460.19 710.10 Td (Advisor \(and any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 698.10 Td (fsetting origination fees received from our borrowers\) associated with such activity is a key operating feature of our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (plan that results in generating income and cash flow in order to make distributions to our stockholders. ) Tj ET Q q 0 0 0 rg BT 465.56 686.10 Td (Therefore, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (exclusion for acquisition fees may be of limited value in calculating operating performance because acquisition fees af) Tj ET Q q 0 0 0 rg BT 524.08 674.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (overall long-term operating performance and may be recurring in nature as part of net income \(loss\) and income \(loss\) from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (operations over our life.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (Due to certain of the unique features of publicly-registered, non-traded REIT) Tj ET Q q 0 0 0 rg BT 357.24 630.10 Td (s, the Investment Program ) Tj ET Q q 0 0 0 rg BT 464.17 630.10 Td (Association, or the IP) Tj ET Q q 0 0 0 rg BT 549.91 630.10 Td (A, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (an industry trade group, standardized a performance measure known as MFFO and recommends the use of MFFO for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.52 606.10 Td (s. Management believes MFFO is a useful performance measure to evaluate our business and further believes it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (important to disclose MFFO in order to be consistent with the IP) Tj ET Q q 0 0 0 rg BT 307.67 594.10 Td (A) Tj ET Q q 0 0 0 rg BT 314.34 594.10 Td ( recommendation and other non-traded REIT) Tj ET Q q 0 0 0 rg BT 493.86 594.10 Td (s. MFFO that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (adjusts for items such as acquisition fees would only be comparable to non-traded REIT) Tj ET Q q 0 0 0 rg BT 401.71 582.10 Td (s that have completed the majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (their acquisition activity and have other similar operating characteristics as us. Neither the SEC, nor any other regulatory body ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (has approved the acceptability of the adjustments that we use to calculate MFFO. In the future, the SEC or another regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (body may decide to standardize permitted adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 376.95 546.10 Td ( industry and we may need to adjust our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (calculation and characterization of MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (MFFO is a metric used by management to evaluate our future operating performance once our or) Tj ET Q q 0 0 0 rg BT 437.74 514.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 506.98 514.10 Td (fering and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (acquisition and development stages are complete and is not intended to be used as a liquidity measure. ) Tj ET Q q 0 0 0 rg BT 464.06 502.10 Td (Although management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (uses the MFFO metric to evaluate future operating performance, this metric excludes certain key operating items and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (adjustments that may af) Tj ET Q q 0 0 0 rg BT 145.07 478.10 Td (fect our overall operating performance. MFFO is not equivalent to net income \(loss\) as determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 121.67 466.10 Td (. In addition, MFFO is not a useful measure in evaluating net asset value, since an impairment is taken into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (account in determining net asset value but not in determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 434.10 Td (e define MFFO in accordance with the concepts established by the IP) Tj ET Q q 0 0 0 rg BT 335.14 434.10 Td (A) Tj ET Q q 0 0 0 rg BT 341.81 434.10 Td ( and adjust for certain items, such as accretion of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (discount and amortization of a premium on borrowings and related deferred financing costs, as such adjustments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (comparable to adjustments for debt investments and will be helpful in assessing our operating performance. Our computation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (of MFFO may not be comparable to other REIT) Tj ET Q q 0 0 0 rg BT 241.48 398.10 Td (s that do not calculate MFFO using the same method. MFFO is calculated using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (FFO. FFO, as defined by NAREIT) Tj ET Q q 0 0 0 rg BT 190.92 386.10 Td (, is a computation made by analysts and investors to measure a real estate company) Tj ET Q q 0 0 0 rg BT 526.66 386.10 Td (s cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (flow generated by operations. MFFO excludes from FFO the following items:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 354.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 354.10 Td (acquisition fees and expenses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td (non-cash amounts related to straight-line rent and the amortization of above or below market and in-place intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (lease assets and liabilities \(which are adjusted in order to reflect such payments from an accrual basis of accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 158.41 310.10 Td ( to a cash basis of accounting\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 290.10 Td (amortization of a premium and accretion of a discount on debt investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 270.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 270.10 Td (non-recurring impairment of real estate-related investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (realized gains \(losses\) from the early extinguishment of debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 230.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 230.10 Td (realized gains \(losses\) on the extinguishment or sales of hedges, foreign exchange, securities and other derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 218.10 Td (holdings except where the trading of such instruments is a fundamental attribute of our business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 198.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 198.10 Td (unrealized gains \(losses\) from fair value adjustments on real estate securities, including CMBS and other securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 186.10 Td (interest rate swaps and other derivatives not deemed hedges and foreign exchange holdings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (unrealized gains \(losses\) from the consolidation from, or deconsolidation to, equity accounting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 146.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 146.10 Td (adjustments related to contingent purchase price obligations; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 126.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 126.10 Td (adjustments for consolidated and unconsolidated partnerships and joint ventures calculated to reflect MFFO on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 114.10 Td (same basis as above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Certain of the above adjustments are also made to reconcile net income \(loss\) to net cash provided by \(used in\) operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (activities, such as for the amortization of a premium and accretion of a discount on debt and securities investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (amortization of fees, any unrealized gains \(losses\) on derivatives, securities or other investments, as well as other adjustments.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (MFFO excludes non-recurring impairment of real estate-related investments. ) Tj ET Q q 0 0 0 rg BT 362.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.14 742.10 Td (e assess the credit quality of our investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and adequacy of reserves/impairment on a quarterly basis, or more frequently as necessary) Tj ET Q q 0 0 0 rg BT 411.71 730.10 Td (. Significant judgment is required in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (this analysis. ) Tj ET Q q 0 0 0 rg BT 106.48 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.52 718.10 Td (ith respect to debt investments, we consider the estimated net recoverable value of the loan as well as other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the prospects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (for the borrower and the competitive situation of the region where the borrower does business. Fair value is typically estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (based on discounting expected future cash flow of the underlying collateral taking into consideration the discount rate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (capitalization rate, occupancy) Tj ET Q q 0 0 0 rg BT 168.45 670.10 Td (, creditworthiness of major tenants and many other factors. ) Tj ET Q q 0 0 0 rg BT 406.25 670.10 Td (This requires significant judgment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (because it is based on projections of future economic events, which are inherently subjective, the amount ultimately realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (may dif) Tj ET Q q 0 0 0 rg BT 80.64 646.10 Td (fer materially from the carrying value as of the balance sheet date. ) Tj ET Q q 0 0 0 rg BT 347.47 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 354.14 646.10 Td ( property) Tj ET Q q 0 0 0 rg BT 393.29 646.10 Td (s value is considered impaired if our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (estimate of the aggregate future undiscounted cash flow to be generated by the property is less than the carrying value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 622.10 Td (. If the estimated fair value of the underlying collateral for the debt investment is less than its net carrying value, a loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (loss reserve is recorded with a corresponding char) Tj ET Q q 0 0 0 rg BT 250.02 610.10 Td (ge to provision for loan losses. ) Tj ET Q q 0 0 0 rg BT 377.61 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 386.65 610.10 Td (ith respect to a real estate investment, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (property) Tj ET Q q 0 0 0 rg BT 86.66 598.10 Td (s value is considered impaired if our estimate of the aggregate future undiscounted cash flow to be generated by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (property is less than the carrying value of the property) Tj ET Q q 0 0 0 rg BT 266.23 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.54 586.10 Td (The value of our investments may be impaired and their carrying values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (may not be recoverable due to our limited life. Investors should note that while impairment char) Tj ET Q q 0 0 0 rg BT 434.15 574.10 Td (ges are excluded from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (calculation of MFFO, investors are cautioned that due to the fact that impairments are based on estimated future undiscounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (cash flow and the relatively limited term of a non-traded REIT) Tj ET Q q 0 0 0 rg BT 303.25 550.10 Td (s anticipated operations, it could be dif) Tj ET Q q 0 0 0 rg BT 458.30 550.10 Td (ficult to recover any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 538.10 Td (ges through operational net revenues or cash flow prior to any liquidity event.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 518.10 Td (e believe that MFFO is a useful non-GAAP) Tj ET Q q 0 0 0 rg BT 232.41 518.10 Td ( measure for non-traded REIT) Tj ET Q q 0 0 0 rg BT 352.22 518.10 Td (s. It is helpful to management and stockholders in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (assessing our future operating performance once our or) Tj ET Q q 0 0 0 rg BT 270.57 506.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 339.81 506.10 Td (fering and acquisition and development stages are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (complete, because it eliminates from net income non-cash fair value adjustments on our real estate securities and acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (fees and expenses that are incurred as part of our investment activities. However) Tj ET Q q 0 0 0 rg BT 373.92 482.10 Td (, MFFO may not be a useful measure of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (operating performance or as a comparable measure to other typical non-traded REIT) Tj ET Q q 0 0 0 rg BT 387.21 470.10 Td (s if we do not continue to operate in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (similar manner to other non-traded REIT) Tj ET Q q 0 0 0 rg BT 213.42 458.10 Td (s, including if we were to extend our acquisition and development stage or if we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (determined not to pursue an exit strategy) Tj ET Q q 0 0 0 rg BT 212.64 446.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 426.10 Td (, MFFO does have certain limitations. For instance, the ef) Tj ET Q q 0 0 0 rg BT 319.63 426.10 Td (fect of any amortization or accretion on investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (originated or acquired at a premium or discount, respectively) Tj ET Q q 0 0 0 rg BT 293.43 414.10 Td (, is not reported in MFFO. In addition, realized gains \(losses\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (from acquisitions and dispositions and other adjustments listed above are not reported in MFFO, even though such realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (gains \(losses\) and other adjustments could af) Tj ET Q q 0 0 0 rg BT 229.22 390.10 Td (fect our operating performance and cash available for distribution. Stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (should note that any cash gains generated from the sale of investments would generally be used to fund new investments. ) Tj ET Q q 0 0 0 rg BT 536.83 378.10 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (mark-to-market or fair value adjustments may be based on many factors, including current operational or individual property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (issues or general market or overall industry conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Neither FFO nor MFFO is equivalent to net income \(loss\) or cash flow provided by operating activities determined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 164.88 322.10 Td ( and should not be construed to be more relevant or accurate than the U.S. GAAP) Tj ET Q q 0 0 0 rg BT 490.25 322.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (evaluating our operating performance. Neither FFO nor MFFO is necessarily indicative of cash flow available to fund our cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (needs including our ability to make distributions to our stockholders. FFO and MFFO do not represent amounts available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (management) Tj ET Q q 0 0 0 rg BT 103.87 286.10 Td (s discretionary use because of needed capital replacement or expansion, debt service obligations or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (commitments or uncertainties. Furthermore, neither FFO nor MFFO should be considered as an alternative to net income \(loss\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (as an indicator of our operating performance.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The following table presents a reconciliation of FFO and MFFO to net income \(loss\) attributable to common stockholders: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 686.60 278.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 686.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 686.60 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 686.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 686.60 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 652.60 278.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 652.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 652.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 652.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 652.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 626.60 278.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 626.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 626.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 626.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 626.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 600.60 278.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 600.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 600.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 600.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 600.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 574.60 278.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 574.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 574.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 574.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 574.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 548.60 278.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 548.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 548.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 548.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 548.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 522.60 278.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 522.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 522.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 522.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 522.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 496.60 278.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 496.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 496.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 496.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 496.60 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 718.6 m 423.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 718.6 m 427.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 718.6 m 482.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 699.6 m 423.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 699.6 m 482.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 613.6 m 423.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 613.6 m 482.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 600.6 m 423.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 600.6 m 482.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 496.6 m 423.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 484.6 m 423.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 482.6 m 423.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 496.6 m 482.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 484.6 m 482.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 482.6 m 482.5 482.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.60 722.83 Td (September 30, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.20 710.68 Td (Three Months) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.35 702.68 Td (Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.35 710.68 Td (Nine Months) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.35 702.68 Td (Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 690.83 Td (Funds from operations:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 677.85 Td (Net income \(loss\) attributable to NorthStar Healthcare Income,Inc. common) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 669.85 Td (stockholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 669.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.60 669.85 Td (\(2,689,640) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.30 669.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.00 669.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.60 669.85 Td (\(6,642,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 669.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 656.85 Td (Adjustments:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 643.85 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.25 643.85 Td (1,052,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.25 643.85 Td (2,644,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 630.85 Td (Depreciation and amortization related to unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.25 630.85 Td (558,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.25 630.85 Td (798,925) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 617.85 Td (Depreciation and amortization related to non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.60 617.85 Td (\(15,456) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.30 617.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.60 617.85 Td (\(45,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 617.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 604.85 Td (Funds from operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 604.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.60 604.85 Td (\(1,094,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.30 604.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.00 604.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.60 604.85 Td (\(3,244,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 604.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 89.00 591.83 Td (Modified funds from operations:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 591.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 578.85 Td (Funds from operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 578.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.60 578.85 Td (\(1,094,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.30 578.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.00 578.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.60 578.85 Td (\(3,244,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 578.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 565.85 Td (Adjustments:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 552.85 Td (Acquisition fees and transaction costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.25 552.85 Td (4,490,161) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.25 552.85 Td (8,100,778) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 539.85 Td (Straight-line rental \(income\) loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.60 539.85 Td (\(259,183) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.30 539.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.60 539.85 Td (\(504,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 539.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 526.85 Td (Amortization of premiums, discounts and fees on investments and borrowings, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.25 526.85 Td (239,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.25 526.85 Td (656,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 513.85 Td (Adjustments related to unconsolidated ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.60 513.85 Td (\(92,773) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.30 513.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.25 513.85 Td (347,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 500.85 Td (Adjustments related to non-controlling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.60 500.85 Td (\(1,691) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.30 500.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.60 500.85 Td (\(32,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 500.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 487.85 Td (Modified funds from operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 487.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.25 487.85 Td (3,281,660) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.00 487.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.25 487.85 Td (5,322,940) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 464.10 Td (Distributions Declar) Tj ET Q q 0 0 0 rg BT 131.76 464.10 Td (ed and Paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 444.10 Td (W) Tj ET Q q 0 0 0 rg BT 53.64 444.10 Td (e generally pay distributions on a monthly basis based on daily record dates. From the date of our first investment on ) Tj ET Q q 0 0 0 rg BT 525.48 444.10 Td (April 5, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 432.10 Td (2013 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.11 432.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.37 432.10 Td (, we paid distributions at an annualized distribution rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 432.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.98 432.10 Td ( based on a purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 420.10 Td ($10.00 per share of our common stock. Distributions are generally paid to stockholders on the first business day of the month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 408.10 Td (following the month for which the distribution has accrued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 388.10 Td (The following table presents distributions declared for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.38 388.10 Td (nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.92 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.42 388.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.69 388.10 Td (, the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.49 388.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 376.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 376.10 Td ( and the period from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.46 376.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.72 376.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 336.60 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 336.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 336.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 336.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 336.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 336.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 336.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 336.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 306.60 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 306.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 306.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 306.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 306.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 306.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 306.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 306.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 276.60 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 276.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 276.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 276.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 276.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 276.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 276.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 276.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 246.60 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 246.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 246.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 246.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 246.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 246.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 246.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 246.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 216.60 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 216.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 216.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 216.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 216.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 216.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 216.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 216.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 186.60 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 186.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 186.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 186.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 186.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 186.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 186.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 186.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 156.60 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 156.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 156.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 156.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 156.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 156.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 156.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 156.60 40.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 336.6 m 265.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 336.6 m 269.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 336.6 m 309.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 336.6 m 353.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 336.6 m 357.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 336.6 m 397.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 336.6 m 441.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 336.6 m 445.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 336.6 m 485.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 291.6 m 265.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 291.6 m 353.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 291.6 m 441.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 186.60000000000002 m 265.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 186.60000000000002 m 309.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 186.60000000000002 m 353.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 186.60000000000002 m 397.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 186.60000000000002 m 441.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 186.60000000000002 m 485.5 186.60000000000002 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 237.00 347.66 Td (Nine Months Ended) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 245.65 340.66 Td (September 30,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.00 347.66 Td (Year ended December 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 348.00 340.66 Td (2013) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.90 347.66 Td (Inception through) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.80 340.66 Td (September 30, 2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 84.00 325.66 Td (Distributions ) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 125.04 328.83 Td (\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 90.00 310.65 Td (Cash) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 228.00 310.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 234.60 310.65 Td (6,599,461) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 310.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 310.65 Td (670,925) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.00 310.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 410.60 310.65 Td (7,270,386) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 90.00 295.65 Td (DRP) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 234.60 295.65 Td (8,097,329) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 295.65 Td (640,961) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 410.60 295.65 Td (8,738,290) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 84.00 280.66 Td (Total) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 228.00 280.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 231.10 280.65 Td (14,696,790) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 280.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.60 280.65 Td (1,311,886) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.00 280.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 407.10 280.65 Td (16,008,676) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 84.00 250.66 Td (Sour) Tj ET Q q 0 0 0 rg BT 98.27 250.66 Td (ces of Distributions) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 155.82 253.83 Td (\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 90.00 235.65 Td (Funds from Operations) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 228.00 235.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 232.30 235.65 Td (\(3,244,901) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 235.65 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 296.15 235.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.15 235.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 235.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 320.30 235.70 Td (\(2,428,445) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 235.65 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 384.15 235.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 391.15 235.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.00 235.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 408.30 235.70 Td (\(5,673,346) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.65 235.65 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.15 235.65 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 479.15 235.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 90.00 205.65 Td (Offering Proceeds - Distribution Support) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 228.00 205.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 239.85 205.65 Td (628,713) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 294.40 205.65 Td (4.3) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.15 205.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 205.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 327.85 205.65 Td (100,511) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 382.40 205.65 Td (7.7) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 391.15 205.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.00 205.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 415.85 205.65 Td (729,224) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 470.40 205.65 Td (4.6) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 479.15 205.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 90.00 190.65 Td (Offering Proceeds - Other) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 231.10 190.65 Td (14,068,077) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.90 190.65 Td (95.7) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.15 190.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.60 190.65 Td (1,211,375) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 378.90 190.65 Td (92.3) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 391.15 190.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 407.10 190.65 Td (15,279,452) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 466.90 190.65 Td (95.4) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 479.15 190.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 90.00 175.65 Td (Total Offering Proceeds) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 228.00 175.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 231.10 175.65 Td (14,696,790) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.40 175.65 Td (100.0) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 303.15 175.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 175.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.60 175.65 Td (1,311,886) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 375.40 175.65 Td (100.0) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 391.15 175.65 Td (%) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.00 175.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 407.10 175.65 Td (16,008,676) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 463.40 175.65 Td (100.0) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 479.15 175.65 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 84.00 145.66 Td (Cash Flow Provided by \(Used in\) Operations) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 228.00 145.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 232.30 145.65 Td (\(1,620,332) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 145.65 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 145.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 325.55 145.70 Td (\(343,225) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 145.65 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 404.00 145.65 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 408.30 145.70 Td (\(1,963,557) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.65 145.65 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 132.50 Td (_______________________________________________________ ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 81.00 120.50 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.33 120.50 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 99.00 120.50 Td (Represents ) Tj ET Q q 0 0 0 rg BT 135.60 120.50 Td (distributions ) Tj ET Q q 0 0 0 rg BT 177.10 120.50 Td (declared ) Tj ET Q q 0 0 0 rg BT 205.69 120.50 Td (for ) Tj ET Q q 0 0 0 rg BT 216.51 120.50 Td (such ) Tj ET Q q 0 0 0 rg BT 232.67 120.50 Td (period, ) Tj ET Q q 0 0 0 rg BT 256.61 120.50 Td (even ) Tj ET Q q 0 0 0 rg BT 273.21 120.50 Td (though ) Tj ET Q q 0 0 0 rg BT 296.93 120.50 Td (such ) Tj ET Q q 0 0 0 rg BT 313.09 120.50 Td (distributions ) Tj ET Q q 0 0 0 rg BT 354.59 120.50 Td (are ) Tj ET Q q 0 0 0 rg BT 365.85 120.50 Td (actually ) Tj ET Q q 0 0 0 rg BT 392.67 120.50 Td (paid ) Tj ET Q q 0 0 0 rg BT 407.94 120.50 Td (to ) Tj ET Q q 0 0 0 rg BT 415.66 120.50 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 457.59 120.50 Td (the ) Tj ET Q q 0 0 0 rg BT 468.86 120.50 Td (month ) Tj ET Q q 0 0 0 rg BT 490.81 120.50 Td (following ) Tj ET Q q 0 0 0 rg BT 523.41 120.50 Td (such ) Tj ET Q q 0 0 0 rg BT 539.57 120.50 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 100.50 Td (Distributions in excess of our cash flow used in operations were paid using Of) Tj ET Q q 0 0 0 rg BT 357.81 100.50 Td (fering proceeds, including from the purchase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 88.50 Td (additional shares by NorthStar Realty) Tj ET Q q 0 0 0 rg BT 194.87 88.50 Td (. Over the long-term, we expect that our distributions will be paid entirely from cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 76.50 Td (provided by operations. However) Tj ET Q q 0 0 0 rg BT 180.95 76.50 Td (, our operating performance cannot be accurately predicted and may deteriorate in the future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 64.50 Td (due to numerous factors, including our ability to raise and invest capital at favorable yields, the financial performance of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 52.50 Td (investments in the current real estate and financial environment, the type and mix of our investments and accounting of our ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 742.10 Td (investments in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 219.69 742.10 Td (. Future distributions declared and paid may exceed cash flow provided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 730.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 93.97 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 99.38 730.10 Td (o the extent distributions are paid from sources other than FFO, the ownership interest of our public stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 718.10 Td (will be diluted.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 690.10 Td (Item3. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 250.09 690.10 Td (es ) Tj ET Q q 0 0 0 rg BT 260.37 690.10 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 670.10 Td (e are primarily subject to interest rate risk and credit risk. ) Tj ET Q q 0 0 0 rg BT 292.54 670.10 Td (These risks are dependent on various factors beyond our control, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (including monetary and fiscal policies, domestic and international economic conditions and political considerations. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (market risk sensitive assets, liabilities and related derivative positions are held for investment and not for trading purposes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 626.10 Td (est Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (Changes in interest rates af) Tj ET Q q 0 0 0 rg BT 158.12 606.10 Td (fect our net interest income, which is the dif) Tj ET Q q 0 0 0 rg BT 334.27 606.10 Td (ference between the income earned on our investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (and the interest expense incurred in connection with our borrowings and derivatives, if any) Tj ET Q q 0 0 0 rg BT 413.13 594.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Our debt and securities investments bear interest at either a floating or fixed-rate. ) Tj ET Q q 0 0 0 rg BT 379.42 574.10 Td (The interest rate on our floating-rate assets is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (a fixed spread over an index such as LIBOR and typically reprices every 30 days based on LIBOR in ef) Tj ET Q q 0 0 0 rg BT 464.41 562.10 Td (fect at the time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Currently) Tj ET Q q 0 0 0 rg BT 87.68 550.10 Td (, some of our floating-rate debt investments have a fixed minimum LIBOR rate that is in excess of current LIBOR. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 538.10 Td (e will not benefit from an increase in LIBOR until it is in excess of the LIBOR floors. Given the frequent and periodic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (repricing of our floating-rate assets, changes in benchmark interest rates are unlikely to materially af) Tj ET Q q 0 0 0 rg BT 451.61 526.10 Td (fect the value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (floating-rate portfolio. Changes in short-term rates will, however) Tj ET Q q 0 0 0 rg BT 311.75 514.10 Td (, af) Tj ET Q q 0 0 0 rg BT 324.34 514.10 Td (fect income from our investments. ) Tj ET Q q 0 0 0 rg BT 466.25 514.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.69 514.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 502.10 Td (, most of our floating-rate investments had LIBOR floors in excess of the current LIBOR rate, so a hypothetical 100 basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (point increase in interest rates \(including the ef) Tj ET Q q 0 0 0 rg BT 237.81 490.10 Td (fect of the interest rate floor\) would increase net income by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.43 490.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.32 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (annually) Tj ET Q q 0 0 0 rg BT 83.78 478.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 458.10 Td ( change in interest rates could af) Tj ET Q q 0 0 0 rg BT 185.88 458.10 Td (fect the value of our fixed-rate debt investments. For example, an increase in interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (would result in a higher required yield on investments, which would decrease the value on existing fixed-rate investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (order to adjust their yields to current market levels.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.19 414.10 Td (edit Spr) Tj ET Q q 0 0 0 rg BT 91.21 414.10 Td (ead Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (The value of our fixed and floating-rate investments also changes with market credit spreads. ) Tj ET Q q 0 0 0 rg BT 427.47 394.10 Td (This means that when market-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (demanded risk premium, or credit spread, increases, the value of our fixed and floating-rate assets decrease and vice versa. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Fixed-rate assets are valued based on a market credit spread over the rate payable on fixed-rate U.S. ) Tj ET Q q 0 0 0 rg BT 452.15 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 457.91 370.10 Td (reasury of like maturity) Tj ET Q q 0 0 0 rg BT 551.39 370.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (This means that their value is dependent on the yield demanded on such assets by the market, based on their credit relative to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.10 346.10 Td (T) Tj ET Q q 0 0 0 rg BT 75.86 346.10 Td (reasuries. ) Tj ET Q q 0 0 0 rg BT 118.72 346.10 Td (The floating-rate debt and securities investments are valued based on a market credit spread over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (applicable LIBOR. Demand for a higher yield on investments results in higher or wider spread over the benchmark rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (\(usually the applicable U.S. ) Tj ET Q q 0 0 0 rg BT 163.13 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 168.88 322.10 Td (reasury yield\) to value these assets. Under these conditions, the value of our portfolio should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (decrease. Conversely) Tj ET Q q 0 0 0 rg BT 136.81 310.10 Td (, if the spread used to value these assets were to decrease or tighten, the value of these assets should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (increase.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 60.19 278.10 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (Credit risk in our debt and securities investments relates to each individual borrower) Tj ET Q q 0 0 0 rg BT 388.06 258.10 Td () Tj ET Q q 0 0 0 rg BT 390.83 258.10 Td (s ability to make required interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (principal payments on scheduled due dates. ) Tj ET Q q 0 0 0 rg BT 228.66 246.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.29 246.10 Td (e seek to manage credit risk through our ) Tj ET Q q 0 0 0 rg BT 400.02 246.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 432.62 246.10 Td () Tj ET Q q 0 0 0 rg BT 435.40 246.10 Td (s comprehensive credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (analysis prior to making an investment, actively monitoring our portfolio and the underlying credit quality) Tj ET Q q 0 0 0 rg BT 474.54 234.10 Td (, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (subordination and diversification of our portfolio. Our analysis is based on a broad range of real estate, financial, economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (and borrower) Tj ET Q q 0 0 0 rg BT 103.39 210.10 Td (-related factors which we believe are critical to the evaluation of credit risk inherent in a transaction. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.26 210.10 Td (nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.83 198.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 198.10 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.59 198.10 Td (, three debt investments each contributed more than 10% of interest income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 178.10 Td (e are subject to the credit risk of the lessee of operators of our healthcare properties. ) Tj ET Q q 0 0 0 rg BT 398.87 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 407.51 178.10 Td (e undertake a rigorous credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (evaluation of each healthcare operator prior to acquiring healthcare properties. ) Tj ET Q q 0 0 0 rg BT 368.55 166.10 Td (This analysis includes an extensive due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (diligence investigation of the operator) Tj ET Q q 0 0 0 rg BT 202.54 154.10 Td () Tj ET Q q 0 0 0 rg BT 205.32 154.10 Td (s business as well as an assessment of the strategic importance of the underlying real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (estate to the operator) Tj ET Q q 0 0 0 rg BT 133.95 142.10 Td () Tj ET Q q 0 0 0 rg BT 136.72 142.10 Td (s core business operations. ) Tj ET Q q 0 0 0 rg BT 248.19 142.10 Td (Where appropriate, we may seek to augment the operator) Tj ET Q q 0 0 0 rg BT 477.63 142.10 Td () Tj ET Q q 0 0 0 rg BT 480.41 142.10 Td (s commitment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (the facility by structuring various credit enhancement mechanisms into the underlying leases. ) Tj ET Q q 0 0 0 rg BT 428.04 130.10 Td (These mechanisms could include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (security deposit requirements or guarantees from entities we deem creditworthy) Tj ET Q q 0 0 0 rg BT 368.41 118.10 Td (. In addition, we actively monitor lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (coverage at each facility within our healthcare portfolio. However) Tj ET Q q 0 0 0 rg BT 316.15 106.10 Td (, approximately 1.2% of our operator revenues are derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (from government sources, notably Medicare or Medicaid. Previously announced and potential future changes to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (programs may have a material impact on the valuation and financial performance of this portion of our portfolio.) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 4. Contr) Tj ET Q q 0 0 0 rg BT 110.36 742.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 153.52 742.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 182.78 742.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 722.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 722.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 722.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 722.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 702.25 Td (As of the end of the period covered by this report, our management conducted an evaluation \(as required under Rules 13a-15\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 690.25 Td (and 15d-15\(b\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 232.72 690.25 Td (Act of 1934, as amended, or Exchange ) Tj ET Q q 0 0 0 rg BT 389.61 690.25 Td (Act\), under the supervision and with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (participation of our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 207.27 678.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 319.82 678.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 337.73 678.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 375.87 678.25 Td (fectiveness of our disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 666.25 Td (procedures \(as defined in Rules 13a-15\(e\) and 15d-15\(e\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 360.16 666.25 Td (Act\). Based on this evaluation, our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 654.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 654.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 654.25 Td (ficer concluded that, as of the end of the period covered by this report, our disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 642.25 Td (controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 170.32 642.25 Td (fective. Notwithstanding the foregoing, a control system, no matter how well designed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 630.25 Td (operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures to disclose material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.25 Td (information otherwise required to be set forth in our periodic reports.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 112.87 598.25 Td (ol over) Tj ET Q q 0 0 0 rg BT 141.85 598.25 Td ( Financial Reporting) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 578.25 Td (Changes in internal contr) Tj ET Q q 0 0 0 rg BT 152.68 578.25 Td (ol over financial r) Tj ET Q q 0 0 0 rg BT 224.80 578.25 Td (eporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.25 Td (There have not been any changes in the Company) Tj ET Q q 0 0 0 rg BT 252.15 558.25 Td (s internal control over financial reporting \(as defined in Rules 13a-15\(f\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.25 Td (15d-15\(f\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 172.18 546.25 Td (Act\) during the most recent fiscal quarter that materially af) Tj ET Q q 0 0 0 rg BT 407.73 546.25 Td (fected, or are reasonably likely to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 100.63 534.25 Td (fect, the Company) Tj ET Q q 0 0 0 rg BT 176.99 534.25 Td (s internal control over financial reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (P) Tj ET Q q 0 0 0 rg BT 55.37 514.25 Td (AR) Tj ET Q q 0 0 0 rg BT 69.46 514.25 Td (T) Tj ET Q q 0 0 0 rg BT 75.95 514.25 Td ( II. Other) Tj ET Q q 0 0 0 rg BT 119.10 514.25 Td ( Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (Item 1. Legal Pr) Tj ET Q q 0 0 0 rg BT 121.74 482.25 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 462.25 Td (e may be involved in various litigation matters arising in the ordinary course of our business. ) Tj ET Q q 0 0 0 rg BT 434.67 462.25 Td (Although we are unable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (predict with certainty the eventual outcome of any litigation, in the opinion of management, any legal proceedings are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (expected to have a material adverse ef) Tj ET Q q 0 0 0 rg BT 202.51 438.25 Td (fect on our financial position or results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Item 1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (There are no material changes from the risk factors previously disclosed in our ) Tj ET Q q 0 0 0 rg BT 366.84 398.25 Td (Annual Report on Form 10-K for the fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 386.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 386.25 Td (, as filed with the SEC on March 7, 2014, except as noted below) Tj ET Q q 0 0 0 rg BT 411.48 386.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (If we pay distributions from sources other than our cash flow provided by operations, we will have less cash available for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (investments and stockholders) Tj ET Q q 0 0 0 rg BT 173.15 354.25 Td ( overall return may be reduced.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Our or) Tj ET Q q 0 0 0 rg BT 76.20 334.25 Td (ganizational documents permit us to pay distributions from any source, including of) Tj ET Q q 0 0 0 rg BT 411.51 334.25 Td (fering proceeds, borrowings or sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (of assets. ) Tj ET Q q 0 0 0 rg BT 91.48 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 100.12 322.25 Td (e have not established a limit on the amount of proceeds we may use to fund distributions. ) Tj ET Q q 0 0 0 rg BT 465.69 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 474.33 322.25 Td (e have funded our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (cash distributions paid to date using net proceeds from our of) Tj ET Q q 0 0 0 rg BT 294.77 310.25 Td (fering and we may do so in the future. Until the proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (our Of) Tj ET Q q 0 0 0 rg BT 76.20 298.25 Td (fering are fully invested and otherwise during the course of our existence we may not generate suf) Tj ET Q q 0 0 0 rg BT 468.66 298.25 Td (ficient cash flow from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (operations to fund distributions. ) Tj ET Q q 0 0 0 rg BT 182.59 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 191.23 286.25 Td (e began generating cash flows from operations on ) Tj ET Q q 0 0 0 rg BT 392.28 286.25 Td (April 5, 2013, the date of our first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (investment.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 0 0 rg BT 96.38 274.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 101.38 274.25 Td (For the nine months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.53 274.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.80 274.25 Td (, we declared distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 274.25 Td ($14.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.54 274.25 Td ( compared to cash used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (in operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.26 262.25 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.16 262.25 Td (. ) Tj ET Q q 0 0 0 rg BT 171.10 262.25 Td (All distributions declared during this period and for the period from inception through December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (31, 2013, were paid using proceeds from our initial public of) Tj ET Q q 0 0 0 rg BT 293.10 250.25 Td (fering, including the purchase of additional shares by NorthStar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Realty) Tj ET Q q 0 0 0 rg BT 75.45 238.25 Td (, one of our Sponsor) Tj ET Q q 0 0 0 rg BT 157.21 238.25 Td () Tj ET Q q 0 0 0 rg BT 159.99 238.25 Td (s managed companies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (Pursuant to a distribution support agreement, in certain circumstances where our cash distributions exceed our MFFO, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (NorthStar Realty agreed to purchase up to $10.0 million of shares of our common stock at $9.00 per share \(which includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td ($2.0 million of shares purchased by NorthStar Realty to satisfy the minimum of) Tj ET Q q 0 0 0 rg BT 368.94 194.25 Td (fering amount\) to provide additional cash to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (support distributions to stockholders and has, in fact, purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.90 182.25 Td (303,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.40 182.25 Td ( shares of our common stock as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.81 182.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.08 182.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (The sale of these shares resulted in the dilution of the ownership interests of our public stockholders. Upon termination or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (expiration of our Distribution Support ) Tj ET Q q 0 0 0 rg BT 204.16 158.25 Td (Agreement, we may not have suf) Tj ET Q q 0 0 0 rg BT 336.15 158.25 Td (ficient cash available to pay distributions at the rate we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (had paid during preceding periods or at all. If we pay distributions from sources other than our cash flow provided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (operations, we will have less cash available for investments, we may have to reduce our distribution rate, our book value may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (be negatively impacted and stockholders) Tj ET Q q 0 0 0 rg BT 215.31 122.25 Td ( overall return may be reduced.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.25 Td (Item 2. Unr) Tj ET Q q 0 0 0 rg BT 102.03 102.25 Td (egister) Tj ET Q q 0 0 0 rg BT 130.17 102.25 Td (ed Sales of Equity Securities and Use of Pr) Tj ET Q q 0 0 0 rg BT 311.09 102.25 Td (oceeds ) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 89.25 742.25 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 127.10 742.25 Td (om Register) Tj ET Q q 0 0 0 rg BT 178.29 742.25 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (On ) Tj ET Q q 0 0 0 rg BT 64.17 722.25 Td (August 7, 2012, our registration statement on Form S-1) Tj ET Q q 0 0 0 rg BT 285.44 722.25 Td (1 \(File No. 333-170802\), covering our Of) Tj ET Q q 0 0 0 rg BT 454.40 722.25 Td (fering of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.63 710.25 Td (10,526,315 shares of common stock, of which 100,000,000 shares of common stock would be of) Tj ET Q q 0 0 0 rg BT 441.33 710.25 Td (fered pursuant to our Primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 698.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 698.25 Td (fering and 10,526,315 shares of common stock would be of) Tj ET Q q 0 0 0 rg BT 298.20 698.25 Td (fered pursuant to our DRP) Tj ET Q q 0 0 0 rg BT 402.63 698.25 Td (, was declared ef) Tj ET Q q 0 0 0 rg BT 469.63 698.25 Td (fective under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 686.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 686.25 Td (Act of 1933, as amended, or the Securities ) Tj ET Q q 0 0 0 rg BT 263.00 686.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 284.76 686.25 Td (W) Tj ET Q q 0 0 0 rg BT 293.40 686.25 Td (e commenced our Of) Tj ET Q q 0 0 0 rg BT 377.35 686.25 Td (fering on the same date and retained our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 674.25 Td (Dealer Manager to serve as our dealer manager of our Of) Tj ET Q q 0 0 0 rg BT 278.60 674.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 309.79 674.25 Td (W) Tj ET Q q 0 0 0 rg BT 318.43 674.25 Td (e are of) Tj ET Q q 0 0 0 rg BT 348.23 674.25 Td (fering shares of common stock pursuant to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 662.25 Td (fering at an aggregate Of) Tj ET Q q 0 0 0 rg BT 160.14 662.25 Td (fering price of up to $1.0 billion, or $10.00 per share with discounts available to certain categories ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (of purchasers and shares of common stock pursuant to our DRP) Tj ET Q q 0 0 0 rg BT 304.58 650.25 Td ( at an aggregate Of) Tj ET Q q 0 0 0 rg BT 380.47 650.25 Td (fering price of $100.0 million, or $9.50 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.25 Td (share. In ) Tj ET Q q 0 0 0 rg BT 88.88 638.25 Td (April 2014, our board of directors determined to extend our Of) Tj ET Q q 0 0 0 rg BT 340.01 638.25 Td (fering for one year to ) Tj ET Q q 0 0 0 rg BT 426.92 638.25 Td (August 7, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 618.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.71 618.25 Td (, we sold the following shares of common stock and raised the following gross proceeds in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.25 Td (connection with our Of) Tj ET Q q 0 0 0 rg BT 142.85 606.25 Td (fering: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 580.75 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 580.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 580.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 580.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 86.50 550.75 193.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 550.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 550.75 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 580.75 m 329.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 580.75 m 383.5 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 550.75 m 329.5 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 536.75 m 329.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 534.75 m 329.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 550.75 m 383.5 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 536.75 m 383.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 534.75 m 383.5 534.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 584.98 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.70 584.98 Td (Proceeds) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 570.00 Td (Primary Offering) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.25 570.00 Td (54,597,776) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.00 570.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.25 570.00 Td (544,996,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 555.00 Td (DRP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.25 555.00 Td (751,769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.25 555.00 Td (7,141,809) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 540.00 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.25 540.00 Td (55,349,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.00 540.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.25 540.00 Td (552,138,679) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 516.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.71 516.25 Td (, we incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.68 516.25 Td ($37.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.57 516.25 Td ( in selling commissions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.74 516.25 Td ($16.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.64 516.25 Td ( in dealer manager fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 516.25 Td ($5.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 504.25 Td ( in other of) Tj ET Q q 0 0 0 rg BT 122.87 504.25 Td (fering costs in connection with the issuance and distribution of our registered securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.10 504.25 Td ($44.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 504.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (these costs have been reallowed to third parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (From the commencement of our Of) Tj ET Q q 0 0 0 rg BT 191.72 472.25 Td (fering through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.71 472.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.97 472.25 Td (, the net proceeds to us from our Of) Tj ET Q q 0 0 0 rg BT 474.25 472.25 Td (fering, after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (deducting the total expenses incurred described above, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.96 460.25 Td ($493.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.85 460.25 Td (. From the commencement of our Of) Tj ET Q q 0 0 0 rg BT 501.07 460.25 Td (fering through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.26 448.25 Td (, we used proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.12 448.25 Td ($232.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.01 448.25 Td ( to purchase real estate equity investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.85 448.25 Td ($140.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.74 448.25 Td ( to acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (and originate real estate debt investments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.66 436.25 Td ($9.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.55 436.25 Td ( to pay our ) Tj ET Q q 0 0 0 rg BT 328.54 436.25 Td (Advisor acquisition fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 408.25 Td (chases of Equity Securities by the Issuer) Tj ET Q q 0 0 0 rg BT 236.86 408.25 Td ( and ) Tj ET Q q 0 0 0 rg BT 257.43 408.25 Td (Affiliated Pur) Tj ET Q q 0 0 0 rg BT 316.41 408.25 Td (chasers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (For the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.92 388.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.18 388.25 Td (, we repurchased shares of our common stock as follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 257.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 89.25 308.75 111.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.25 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.25 308.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.25 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.25 308.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.25 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.25 308.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.25 282.75 111.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.25 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.25 282.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.25 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.25 282.75 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.25 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.25 282.75 72.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.25 308.75 m 200.25 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 308.75 m 276.25 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 308.75 m 352.25 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.25 308.75 m 428.25 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 257.75 m 276.25 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 255.75 m 276.25 255.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 257.75 m 352.25 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.25 255.75 m 352.25 255.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 132.90 312.98 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.75 320.98 Td (Number of Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 221.80 312.98 Td (Purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.15 320.98 Td (Average Price Paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.90 312.98 Td (Per Share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.95 360.98 Td (Maximum) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.15 352.98 Td (Approximate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.00 344.98 Td (Dollar Value of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.60 336.98 Td (Shares that May) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.80 328.98 Td (Yet Be Purchased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.10 320.98 Td (Under the Plan or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.45 312.98 Td (Program) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.75 300.00 Td (July 1 to July 31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.05 300.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.75 300.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.05 300.00 Td () Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 388.70 304.11 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.75 287.00 Td (August 1 to August 31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.05 287.00 Td (342) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.05 287.00 Td (9.99) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 388.70 291.11 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.75 274.00 Td (September 1 to September 30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.05 274.00 Td (12,498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.05 274.00 Td (10.00) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 388.70 278.11 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.75 261.00 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.05 261.00 Td (12,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.75 261.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.05 261.00 Td (10.00) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 244.05 Td (______________________________________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 234.45 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 234.45 Td (W) Tj ET Q q 0 0 0 rg BT 110.91 234.45 Td (e adopted our Share Repurchase Program ef) Tj ET Q q 0 0 0 rg BT 251.60 234.45 Td (fective ) Tj ET Q q 0 0 0 rg BT 274.92 234.45 Td (August 7, 2012, which may enable stockholders to sell their shares to us in limited ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 224.85 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 155.17 224.85 Td (W) Tj ET Q q 0 0 0 rg BT 162.08 224.85 Td (e may not repurchase shares unless a stockholder has held shares for at least one year) Tj ET Q q 0 0 0 rg BT 434.20 224.85 Td (. However) Tj ET Q q 0 0 0 rg BT 469.20 224.85 Td (, we may repurchase shares ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 215.25 Td (held less than one year in connection with a stockholder) Tj ET Q q 0 0 0 rg BT 283.58 215.25 Td () Tj ET Q q 0 0 0 rg BT 285.80 215.25 Td (s death or qualifying disability) Tj ET Q q 0 0 0 rg BT 383.04 215.25 Td (, if the disability is deemed qualifying by the board of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 205.65 Td (directors in their sole discretion and after receiving written notice from the stockholder or the stockholder) Tj ET Q q 0 0 0 rg BT 442.18 205.65 Td () Tj ET Q q 0 0 0 rg BT 444.41 205.65 Td (s estate. ) Tj ET Q q 0 0 0 rg BT 473.59 205.65 Td (W) Tj ET Q q 0 0 0 rg BT 480.50 205.65 Td (e are not obligated to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 196.05 Td (repurchase shares under our Share Repurchase Program. ) Tj ET Q q 0 0 0 rg BT 288.45 196.05 Td (W) Tj ET Q q 0 0 0 rg BT 295.36 196.05 Td (e fund repurchase requests received during a quarter with proceeds set aside for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 186.45 Td (that purpose which are not expected to exceed proceeds received from our DRP) Tj ET Q q 0 0 0 rg BT 358.13 186.45 Td (. However) Tj ET Q q 0 0 0 rg BT 393.13 186.45 Td (, to the extent that the aggregate DRP) Tj ET Q q 0 0 0 rg BT 512.79 186.45 Td ( proceeds are ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 176.85 Td (not suf) Tj ET Q q 0 0 0 rg BT 125.86 176.85 Td (ficient to fund repurchase requests, our board of directors may) Tj ET Q q 0 0 0 rg BT 324.82 176.85 Td (, in its sole discretion, choose to use other sources of funds. Subject to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 167.25 Td (funds being available, we will limit the number of shares redeemed pursuant to our Share Repurchase Program to: \(i\) 5.0% of the weighted ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 157.65 Td (average number of shares of our common stock outstanding during the prior calendar year; and \(ii\) those that could be funded from the net ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 148.05 Td (DRP) Tj ET Q q 0 0 0 rg BT 119.27 148.05 Td ( proceeds in the prior calendar year plus such additional funds as may be reserved for that purpose by our board of directors; provided, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 138.45 Td (however) Tj ET Q q 0 0 0 rg BT 131.22 138.45 Td (, that the above volume limitations shall not apply to repurchases requested within two years after the death or qualifying disability of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 128.85 Td (a stockholder) Tj ET Q q 0 0 0 rg BT 146.43 128.85 Td (. Our board of directors may) Tj ET Q q 0 0 0 rg BT 239.00 128.85 Td (, in its sole discretion, amend, suspend or terminate our Share Repurchase Program at any time upon ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 119.25 Td (ten days) Tj ET Q q 0 0 0 rg BT 132.51 119.25 Td ( notice except that changes in the number of shares that can be repurchased during any calendar year will take ef) Tj ET Q q 0 0 0 rg BT 492.21 119.25 Td (fect only upon ten ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 109.65 Td (business days) Tj ET Q q 0 0 0 rg BT 149.85 109.65 Td ( prior written notice. In addition, our Share Repurchase Program will terminate in the event a secondary market develops for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 100.05 Td (our shares or until our shares are listed on a national exchange or included for quotation in a national securities market. ) Tj ET Q q 0 0 0 rg BT 488.55 100.05 Td (As of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.10 100.05 Td (September30, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 104.00 90.45 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 90.45 Td (, we had no unfulfilled repurchase requests. ) Tj ET Q q 0 0 0 rg BT 266.00 90.45 Td ( ) Tj ET Q q 0 0 0 rg BT 302.00 90.45 Td ( ) Tj ET Q q 0 0 0 rg BT 338.00 90.45 Td ( ) Tj ET Q q 0 0 0 rg BT 374.00 90.45 Td ( ) Tj ET Q q 0 0 0 rg BT 410.00 90.45 Td ( ) Tj ET Q q 0 0 0 rg BT 446.00 90.45 Td ( ) Tj ET Q q 0 0 0 rg BT 482.00 90.45 Td ( ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Unr) Tj ET Q q 0 0 0 rg BT 67.04 742.25 Td (egister) Tj ET Q q 0 0 0 rg BT 95.18 742.25 Td (ed Sales of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.36 722.25 Td (September30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.62 722.25 Td (, we did not issue any equity securities that were not registered under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 710.25 Td (Act of 1933, as amended.) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 5. Other) Tj ET Q q 0 0 0 rg BT 107.86 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 722.9169921875 m 144.6826171875 722.9169921875 l s q 0 0 0 rg BT 50.00 724.25 Td (Extendicare Investment) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (On November 7, 2014, we, through our operating partnership, agreed to invest up to $315.0 million through a combination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (equity) Tj ET Q q 0 0 0 rg BT 74.35 664.25 Td (, mezzanine and senior debt financing, or the investment, in connection with the proposed acquisition, or the acquisition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (of the U.S.-based operations of Extendicare International Inc., or Extendicare, including an $870.0 million portfolio of 158 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (healthcare facilities, or the portfolio, by an investment group comprised of us, Formation Capital, LLC, or Formation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (Safanad Management Limited, or Safanad, and, collectively with us and Formation, the investors. ) Tj ET Q q 0 0 0 rg BT 443.61 628.25 Td (The portfolio consists of 152 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (skilled nursing facilities and six assisted living facilities located across 12 states, with the lar) Tj ET Q q 0 0 0 rg BT 420.01 616.25 Td (gest concentrations in Indiana, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (Kentucky) Tj ET Q q 0 0 0 rg BT 88.23 604.25 Td (, Ohio, Michigan and ) Tj ET Q q 0 0 0 rg BT 175.81 604.25 Td (W) Tj ET Q q 0 0 0 rg BT 184.85 604.25 Td (isconsin. ) Tj ET Q q 0 0 0 rg BT 222.45 604.25 Td (The portfolio is currently subject to approximately $630.0 million of in-place ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (financing, which is expected to be assumed in connection with the acquisition. In connection with the acquisition, the purchaser ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (\(as defined below\), which will be managed on a day-to-day basis by Formation, intends to transfer the operations of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (portfolio to third party operators pursuant to long-term leases. Under the interim investors agreement, as described below) Tj ET Q q 0 0 0 rg BT 536.71 568.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (investors intend that the purchaser will qualify and elect to be taxed as a real estate investment trust for U.S. federal income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (purposes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (Equity Commitment Letter and Limited Guarantee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (In connection with the investment, we entered into an equity commitment letter) Tj ET Q q 0 0 0 rg BT 367.84 496.25 Td (, or the ECL, with FC Domino ) Tj ET Q q 0 0 0 rg BT 492.01 496.25 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (LLC, an af) Tj ET Q q 0 0 0 rg BT 93.41 484.25 Td (filiate of Formation, or the purchaser) Tj ET Q q 0 0 0 rg BT 240.74 484.25 Td (, pursuant to which we committed to invest up to $90.0 million of equity to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (acquire up to a 50% interest in the purchaser) Tj ET Q q 0 0 0 rg BT 227.71 472.25 Td (. In addition, Formation agreed to assume 20% of our investment obligations under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (the ECL, subject to the conditions to our obligations under the ECL) Tj ET Q q 0 0 0 rg BT 320.14 460.25 Td ( being satisfied.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (The proceeds of our equity investment will be used to fund a portion of the purchaser) Tj ET Q q 0 0 0 rg BT 391.67 436.25 Td () Tj ET Q q 0 0 0 rg BT 394.44 436.25 Td (s obligations under a stock purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (agreement, or the SP) Tj ET Q q 0 0 0 rg BT 132.39 424.25 Td (A, pursuant to which the purchaser has agreed to acquire all of the outstanding shares of Extendicare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (Holdings Inc., or EHI, the subsidiary through which Extendicare conducts its U.S.-based skilled nursing and assisted living ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (operations, for a purchase price of $870.0 million, subject to certain adjustments, plus closing costs and other expenses. ) Tj ET Q q 0 0 0 rg BT 530.54 400.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (SP) Tj ET Q q 0 0 0 rg BT 60.21 388.25 Td (A) Tj ET Q q 0 0 0 rg BT 66.88 388.25 Td ( provides that the acquisition be completed prior to June 30, 2015, or the outside date, which under certain circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (may be extended to September 30, 2015. ) Tj ET Q q 0 0 0 rg BT 215.61 376.25 Td (There can be no assurance that the acquisition is completed prior to the outside date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (or at all.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 340.25 Td (e also entered into a limited guarantee in favor of Extendicare, dated as of November 7, 2014, pursuant to which we agreed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (guarantee our share of the purchaser's obligations, or the guaranteed obligations, under the SP) Tj ET Q q 0 0 0 rg BT 424.38 328.25 Td (A) Tj ET Q q 0 0 0 rg BT 431.05 328.25 Td ( with respect to, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (items, a $30.0 million reverse termination fee; provided that our maximum liability under the limited guarantee is $8.75 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (and provided further that we will not be liable for amounts in excess of 50% of any guaranteed obligations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (Interim Investors ) Tj ET Q q 0 0 0 rg BT 120.92 280.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 135.55 280.25 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (In addition, the purchaser and the investors entered into an interim investors agreement which governs the relationship among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (the parties thereto with respect to the SP) Tj ET Q q 0 0 0 rg BT 210.43 244.25 Td (A, the purchaser and related matters until the termination of the SP) Tj ET Q q 0 0 0 rg BT 477.21 244.25 Td (A) Tj ET Q q 0 0 0 rg BT 483.88 244.25 Td ( or consummation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (of the acquisition. ) Tj ET Q q 0 0 0 rg BT 124.25 232.25 Td (The interim investors agreement provides that, among other things, the investors will enter into a joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (venture agreement with respect to their interests in the purchaser on the terms described in the interim investors agreement, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (well as certain indemnification obligations in the event the SP) Tj ET Q q 0 0 0 rg BT 297.08 208.25 Td (A) Tj ET Q q 0 0 0 rg BT 303.75 208.25 Td ( is terminated. ) Tj ET Q q 0 0 0 rg BT 363.00 208.25 Td (The joint venture agreement will set forth the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (rights of the investors to consent to certain major decisions, in addition to other customary provisions contained in agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (of this type.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (Financing Commitments and Closing Conditions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (In connection with the investment and subject to the satisfaction of certain conditions being met by the purchaser) Tj ET Q q 0 0 0 rg BT 501.97 136.25 Td (, we also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (agreed to provide the purchaser \(i\) an aggregate of $150.0 million of senior secured financing to EHI and certain of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (subsidiaries, or the backstop financing, and \(ii\) a mezzanine loan facility in the amount of $75.0 million, or the mezzanine loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (amount, and together with the backstop financing, the debt commitments. ) Tj ET Q q 0 0 0 rg BT 349.19 100.25 Td (W) Tj ET Q q 0 0 0 rg BT 357.83 100.25 Td (e will earn combined commitment and funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (fees equal to 1.75% of each debt commitment amount funded, if any) Tj ET Q q 0 0 0 rg BT 323.43 88.25 Td (. In the event that the purchaser obtains third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (financing in place of all or a portion of the backstop financing, we would not be obligated to fund such amounts but would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (remain entitled to receive a 0.75% commitment fee at the time of the third party funding.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The investment is subject to a variety of closing conditions, including the completion of the acquisition, which is subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (number of its own conditions pursuant to the SP) Tj ET Q q 0 0 0 rg BT 241.85 730.10 Td (A, including the purchaser being able to obtain suf) Tj ET Q q 0 0 0 rg BT 444.12 730.10 Td (ficient debt financing to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (complete the acquisition, the receipt of certain required approvals, clearance under the Hart-Scott-Rodino ) Tj ET Q q 0 0 0 rg BT 474.00 718.10 Td (Antitrust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 109.71 706.10 Td (Act of 1976 and a number of other customary closing conditions. ) Tj ET Q q 0 0 0 rg BT 375.31 706.10 Td (There can be no assurance that the investment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (or any of its equity or debt components, will be completed on the terms contemplated or at all.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (The foregoing descriptions of the ECL, the Limited Guarantee and the Interim Investors ) Tj ET Q q 0 0 0 rg BT 404.34 670.10 Td (Agreement do not purport to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (complete and are subject to, and qualified in their entirety by) Tj ET Q q 0 0 0 rg BT 292.88 658.10 Td (, the ECL, the Limited Guarantee and the Interim Investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Agreement that are filed as Exhibits 10.4, 10.5 and 10.6, respectively) Tj ET Q q 0 0 0 rg BT 326.22 646.10 Td (, to this Quarterly Report on Form 10-Q, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (agreements are incorporated herein by reference.) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 6. Exhibits ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 700.75 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 700.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 700.75 466.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.75 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 630.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 630.75 466.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 559.75 42.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 559.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 559.75 466.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.75 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 469.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 469.75 466.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 419.75 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 419.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 419.75 466.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.75 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 359.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 359.75 466.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 309.75 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 92.50 309.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 309.75 466.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 700.75 m 92.5 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 700.75 m 562.5 700.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.15 715.43 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.30 705.43 Td (Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.75 705.43 Td (Description of Exhibit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 691.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 690.42 Td (Articles of Amendment and Restatement of NorthStar Healthcare Income, Inc. \(filed as Exhibit 3.1 to Pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 680.42 Td (Effective Amendment No. 7 to the Companys Registration Statement on Form S-11 \(File No. 333-170802\) and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 670.42 Td (incorporated herein by reference\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 655.42 Td (Certificate of Correction of the Articles of Amendment and Restatement of NorthStar Healthcare Income, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 645.42 Td (\(filed as Exhibit 3.2 to the Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 635.42 Td (and incorporated herein by reference\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 620.42 Td (Fourth Amended and Restated Bylaws of NorthStar Healthcare Income, Inc. \(filed as Exhibit 3.3 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 610.42 Td (Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 and incorporated herein by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 600.42 Td (reference\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 586.32 Td (Purchase and Sale Agreement, dated as of July 7, 2014, by and between Five Long Island Properties, LLC and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 576.32 Td (Islandia NT-HCI, LLC \(filed as Exhibit 10.1 to the Companys Current Report on Form 8-K field on August 15,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 566.32 Td (2014 and incorporated herein by reference\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 550.32 Td (Second Amendment to Credit Agreement and Other Loan Documents, dated as of August 29, 2014 by and among) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 540.32 Td (NorthStar Healthcare Income Operating Partnership, LP, NorthStar Healthcare Income, Inc. and KeyBank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 530.32 Td (National Association \(filed as Exhibit 10.12 to Post-Effective Amendment No. 10 to the Companys Registration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 520.32 Td (Statement on Form S-11 \(File No. 333-170802\) and incorporated herein by reference\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.32 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 505.32 Td (Purchase and Sale Agreement, dated as of October 22, 2014 by and between NorthStar Realty Finance Corp., and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 495.32 Td (NorthStar Healthcare Income, Inc., including as Exhibit A the Form of Partnership Agreement of Healthcare GA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 485.32 Td (Holdings, General Partnership \(filed as Exhibit 10.1 to the Companys Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 475.32 Td (October 23, 2014 and incorporated herein by reference\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.32 Td (10.4*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 459.42 Td (Equity Commitment Letter, dated as of November 7, 2014, by NorthStar Healthcare Income Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 449.42 Td (Partnership, LP to FC Domino Acquisition, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.32 Td (10.5*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 434.42 Td (Limited Guaranty, dated as of November 7, 2014, by NorthStar Healthcare Income Operating Partnership, LP, in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 424.42 Td (favor of Extendicare International Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 410.32 Td (10.6*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 409.42 Td (Interim Investors Agreement, dated as of November 7, 2014, by and among FC Domino Acquisition, LLC,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 399.42 Td (Safanad Management Limited, NorthStar Healthcare Income Operating Partnership, LP and Formation Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 389.42 Td (LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 375.32 Td (31.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 375.32 Td (Certification by the Chief Executive Officer pursuant to 17 CFR 240.13a-14\(a\)/15\(d\)-14\(a\), as adopted pursuant to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 365.32 Td (Section 302 of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.32 Td (31.2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 350.32 Td (Certification by the Chief Financial Officer pursuant to 17 CFR 240.13a-14\(a\)/15\(d\)-14\(a\), as adopted pursuant to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 340.32 Td (Section 302 of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 325.32 Td (32.1*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 325.32 Td (Certification by the Chief Executive Officer pursuant to Rule 13a-14\(b\) under the Securities Exchange Act of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 315.32 Td (1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.32 Td (32.2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 300.32 Td (Certification by the Chief Financial Officer pursuant to Rule 13a-14\(b\) under the Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 290.32 Td (and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 275.32 Td (101*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 275.32 Td (The following materials from the NorthStar Healthcare Income, Inc. Quarterly Report on Form 10-Q for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 265.32 Td (quarterly period ended September 30, 2014, formatted in XBRL \(eXtensible Business Reporting Language\): \(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 255.32 Td (Consolidated Balance Sheets as of September 30, 2014 \(unaudited\) and December 31, 2013; \(ii\) Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 245.32 Td (Statements of Operations \(unaudited\) for the three and nine months ended September 30, 2014 and 2013; \(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 235.32 Td (Consolidated Statements of Comprehensive Income \(Loss\) \(unaudited\) for the three and nine months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 225.32 Td (September 30, 2014 and 2013; \(iv\) Consolidated Statements of Equity for the nine months ended September 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 215.32 Td (2014 \(unaudited\) and year ended December 31, 2013; \(v\) Consolidated Statements of Cash Flows \(unaudited\) for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 205.32 Td (the nine months ended September 30, 2014 and 2013; and \(vi\) Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 195.32 Td (\(unaudited\).) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 178.65 Td (______________________________________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.65 Td (* ) Tj ET Q q 0 0 0 rg BT 86.00 166.65 Td (Filed herewith) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 19.60 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 276.05 722.25 Td (Act of 1934, the Registrant has duly caused this report to be signed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (its behalf by the undersigned thereunto duly authorized:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 651.75 m 348.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 651.75 m 518.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 651.75 m 518.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 595.75 m 348.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 595.75 m 518.5 595.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.00 681.42 Td (NorthStar Healthcare Income, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 671.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.42 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 656.42 Td (November 13, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.00 657.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 656.42 Td (/s/ RONALD J. JEANNEAULT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 642.32 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 642.32 Td (Ronald J. Jeanneault) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 628.32 Td (Title:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.00 628.31 Td (Chief Executive Officerand President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.00 600.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 600.32 Td (/s/ DEBRA A. HESS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 586.32 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 586.32 Td (Debra A. Hess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 572.32 Td (Title:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 351.00 572.31 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 486.85 756.80 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 537.98 756.80 Td ( 10.4) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 192.05 711.70 Td ([NorthStar Healthcare Income, Inc. Letterhead]) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 261.15 606.10 Td (November 7, 2014 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 579.70 Td (FC ) Tj ET Q q 0 0 0 rg BT 89.68 579.70 Td (Domino ) Tj ET Q q 0 0 0 rg BT 131.35 579.70 Td (Acquisition, ) Tj ET Q q 0 0 0 rg BT 193.35 579.70 Td (LLC) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 565.30 Td (3820 ) Tj ET Q q 0 0 0 rg BT 99.00 565.30 Td (Mansell ) Tj ET Q q 0 0 0 rg BT 140.66 565.30 Td (Road, ) Tj ET Q q 0 0 0 rg BT 171.99 565.30 Td (Suite ) Tj ET Q q 0 0 0 rg BT 199.66 565.30 Td (280) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 550.90 Td (Alpharetta, ) Tj ET Q q 0 0 0 rg BT 128.64 550.90 Td (GA) Tj ET Q q 0 0 0 rg BT 145.31 550.90 Td ( ) Tj ET Q q 0 0 0 rg BT 148.31 550.90 Td (30022) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 522.10 Td (Re: ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 91.6640625 520.500390625 m 171.31640625 520.500390625 l s q 0 0 0 rg BT 91.66 522.10 Td (Project ) Tj ET Q q 0 0 0 rg BT 128.65 522.10 Td (Espresso) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 478.90 Td (Gentlemen: ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 450.10 Td (Reference ) Tj ET Q q 0 0 0 rg BT 159.53 450.10 Td (is ) Tj ET Q q 0 0 0 rg BT 170.44 450.10 Td (made ) Tj ET Q q 0 0 0 rg BT 199.34 450.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.58 450.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.14 450.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 259.37 450.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 304.95 450.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 364.17 450.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 393.06 450.10 Td (as ) Tj ET Q q 0 0 0 rg BT 405.96 450.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.87 450.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.43 450.10 Td (date ) Tj ET Q q 0 0 0 rg BT 459.33 450.10 Td (hereof ) Tj ET Q q 0 0 0 rg BT 492.88 450.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 509.77 450.10 Td (it ) Tj ET Q q 0 0 0 rg BT 519.35 450.10 Td (may ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 435.70 Td (be ) Tj ET Q q 0 0 0 rg BT 85.51 435.70 Td (amended ) Tj ET Q q 0 0 0 rg BT 131.01 435.70 Td (from ) Tj ET Q q 0 0 0 rg BT 156.53 435.70 Td (time ) Tj ET Q q 0 0 0 rg BT 180.04 435.70 Td (to ) Tj ET Q q 0 0 0 rg BT 191.56 435.70 Td (time, ) Tj ET Q q 0 0 0 rg BT 218.08 435.70 Td (the ) Tj ET Q q 0 0 0 rg BT 234.92 435.70 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 240.25048828125 434.100390625 m 338.58154296875 434.100390625 l s q 0 0 0 rg BT 240.25 435.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 285.27 435.70 Td (Agreement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 338.58 435.70 Td (\), ) Tj ET Q q 0 0 0 rg BT 353.09 435.70 Td (between ) Tj ET Q q 0 0 0 rg BT 395.26 435.70 Td (FC ) Tj ET Q q 0 0 0 rg BT 412.12 435.70 Td (Domino ) Tj ET Q q 0 0 0 rg BT 453.16 435.70 Td (Acquisition, ) Tj ET Q q 0 0 0 rg BT 514.34 435.70 Td (LLC, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 421.30 Td (a ) Tj ET Q q 0 0 0 rg BT 84.01 421.30 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 136.66 421.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 177.35 421.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 221.36 421.30 Td (company ) Tj ET Q q 0 0 0 rg BT 272.03 421.30 Td (\() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 281.35546875 419.700390625 m 328.669921875 419.700390625 l s q 0 0 0 rg BT 281.36 421.30 Td (Purchaser) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.67 421.30 Td (\), ) Tj ET Q q 0 0 0 rg BT 347.68 421.30 Td (and ) Tj ET Q q 0 0 0 rg BT 371.69 421.30 Td (Extendicare ) Tj ET Q q 0 0 0 rg BT 435.67 421.30 Td (International, ) Tj ET Q q 0 0 0 rg BT 506.67 421.30 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 534.67 421.30 Td (a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 406.90 Td (corporation ) Tj ET Q q 0 0 0 rg BT 130.07 406.90 Td (existing ) Tj ET Q q 0 0 0 rg BT 170.82 406.90 Td (under ) Tj ET Q q 0 0 0 rg BT 200.89 406.90 Td (the ) Tj ET Q q 0 0 0 rg BT 218.31 406.90 Td (laws ) Tj ET Q q 0 0 0 rg BT 243.06 406.90 Td (of ) Tj ET Q q 0 0 0 rg BT 255.81 406.90 Td (Canada ) Tj ET Q q 0 0 0 rg BT 294.54 406.90 Td (\() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 303.8671875 405.300390625 m 338.525390625 405.300390625 l s q 0 0 0 rg BT 303.87 406.90 Td (V) Tj ET Q q 0 0 0 rg BT 311.20 406.90 Td (endor) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 338.53 406.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 353.60 406.90 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 397.68 406.90 Td (to ) Tj ET Q q 0 0 0 rg BT 409.77 406.90 Td (which, ) Tj ET Q q 0 0 0 rg BT 444.85 406.90 Td (among ) Tj ET Q q 0 0 0 rg BT 480.26 406.90 Td (other ) Tj ET Q q 0 0 0 rg BT 507.67 406.90 Td (things, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 392.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 122.66 392.50 Td (has ) Tj ET Q q 0 0 0 rg BT 142.01 392.50 Td (agreed ) Tj ET Q q 0 0 0 rg BT 177.34 392.50 Td (to ) Tj ET Q q 0 0 0 rg BT 190.02 392.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 236.01 392.50 Td (from ) Tj ET Q q 0 0 0 rg BT 262.45 392.50 Td (V) Tj ET Q q 0 0 0 rg BT 269.78 392.50 Td (endor) Tj ET Q q 0 0 0 rg BT 296.63 392.50 Td (, ) Tj ET Q q 0 0 0 rg BT 302.98 392.50 Td (and ) Tj ET Q q 0 0 0 rg BT 323.41 392.50 Td (V) Tj ET Q q 0 0 0 rg BT 330.75 392.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 361.42 392.50 Td (has ) Tj ET Q q 0 0 0 rg BT 380.76 392.50 Td (agreed ) Tj ET Q q 0 0 0 rg BT 416.09 392.50 Td (to ) Tj ET Q q 0 0 0 rg BT 428.77 392.50 Td (sell ) Tj ET Q q 0 0 0 rg BT 448.79 392.50 Td (to ) Tj ET Q q 0 0 0 rg BT 461.47 392.50 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 508.31 392.50 Td (, ) Tj ET Q q 0 0 0 rg BT 514.66 392.50 Td (all ) Tj ET Q q 0 0 0 rg BT 530.00 392.50 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.26 378.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 123.86 378.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.78 378.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 204.38 378.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 237.97 378.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.56 378.10 Td (Extendicare ) Tj ET Q q 0 0 0 rg BT 312.46 378.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 360.06 378.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 384.99 378.10 Td (a ) Tj ET Q q 0 0 0 rg BT 393.91 378.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 452.82 378.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 494.42 378.10 Td (under ) Tj ET Q q 0 0 0 rg BT 525.34 378.10 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 363.70 Td (laws ) Tj ET Q q 0 0 0 rg BT 98.02 363.70 Td (of ) Tj ET Q q 0 0 0 rg BT 111.75 363.70 Td (W) Tj ET Q q 0 0 0 rg BT 122.60 363.70 Td (isconsin ) Tj ET Q q 0 0 0 rg BT 165.96 363.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 188.64 363.70 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 193.96484375 362.100390625 m 250.185546875 362.100390625 l s q 0 0 0 rg BT 193.96 363.70 Td (T) Tj ET Q q 0 0 0 rg BT 200.87 363.70 Td (ransaction) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 250.19 363.70 Td (\). ) Tj ET Q q 0 0 0 rg BT 266.53 363.70 Td ( ) Tj ET Q q 0 0 0 rg BT 270.56 363.70 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 329.23 363.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 359.91 363.70 Td (used ) Tj ET Q q 0 0 0 rg BT 385.94 363.70 Td (but ) Tj ET Q q 0 0 0 rg BT 405.29 363.70 Td (not ) Tj ET Q q 0 0 0 rg BT 424.65 363.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 464.66 363.70 Td (herein ) Tj ET Q q 0 0 0 rg BT 498.67 363.70 Td (have ) Tj ET Q q 0 0 0 rg BT 525.35 363.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 349.30 Td (meanings ) Tj ET Q q 0 0 0 rg BT 121.14 349.30 Td (ascribed ) Tj ET Q q 0 0 0 rg BT 164.26 349.30 Td (to ) Tj ET Q q 0 0 0 rg BT 176.75 349.30 Td (them ) Tj ET Q q 0 0 0 rg BT 203.89 349.30 Td (in ) Tj ET Q q 0 0 0 rg BT 216.37 349.30 Td (the ) Tj ET Q q 0 0 0 rg BT 234.18 349.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 279.95 349.30 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 339.18 349.30 Td (This ) Tj ET Q q 0 0 0 rg BT 363.66 349.30 Td (letter ) Tj ET Q q 0 0 0 rg BT 391.46 349.30 Td (is ) Tj ET Q q 0 0 0 rg BT 402.61 349.30 Td (being ) Tj ET Q q 0 0 0 rg BT 432.42 349.30 Td (delivered ) Tj ET Q q 0 0 0 rg BT 480.21 349.30 Td (to ) Tj ET Q q 0 0 0 rg BT 492.69 349.30 Td (Purchaser ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 334.90 Td (in ) Tj ET Q q 0 0 0 rg BT 83.66 334.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 138.62 334.90 Td (with ) Tj ET Q q 0 0 0 rg BT 162.28 334.90 Td (the ) Tj ET Q q 0 0 0 rg BT 179.26 334.90 Td (execution ) Tj ET Q q 0 0 0 rg BT 228.23 334.90 Td (and ) Tj ET Q q 0 0 0 rg BT 247.88 334.90 Td (delivery ) Tj ET Q q 0 0 0 rg BT 289.52 334.90 Td (of ) Tj ET Q q 0 0 0 rg BT 301.83 334.90 Td (the ) Tj ET Q q 0 0 0 rg BT 318.82 334.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 363.94 334.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 419.57 334.90 Td (by ) Tj ET Q q 0 0 0 rg BT 433.90 334.90 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 483.53 334.90 Td (and ) Tj ET Q q 0 0 0 rg BT 503.01 334.90 Td (V) Tj ET Q q 0 0 0 rg BT 510.35 334.90 Td (endor) Tj ET Q q 0 0 0 rg BT 537.01 334.90 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 308.50 Td (This ) Tj ET Q q 0 0 0 rg BT 131.05 308.50 Td (letter ) Tj ET Q q 0 0 0 rg BT 157.41 308.50 Td (confirms ) Tj ET Q q 0 0 0 rg BT 201.78 308.50 Td (the ) Tj ET Q q 0 0 0 rg BT 218.16 308.50 Td (commitment ) Tj ET Q q 0 0 0 rg BT 280.53 308.50 Td (of ) Tj ET Q q 0 0 0 rg BT 292.24 308.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 341.28 308.50 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 394.95 308.50 Td (Income ) Tj ET Q q 0 0 0 rg BT 432.65 308.50 Td (Operating ) Tj ET Q q 0 0 0 rg BT 482.34 308.50 Td (Partnership, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (LP) Tj ET Q q 0 0 0 rg BT 84.67 294.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.94 294.10 Td (a ) Tj ET Q q 0 0 0 rg BT 101.53 294.10 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 151.77 294.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 190.03 294.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 248.28 294.10 Td (\() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 257.60302734375 292.500390625 m 304.92919921875 292.500390625 l s q 0 0 0 rg BT 257.60 294.10 Td (NorthStar) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 304.93 294.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 321.52 294.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 359.78 294.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.38 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.30 294.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 423.23 294.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.82 294.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 499.09 294.10 Td (set ) Tj ET Q q 0 0 0 rg BT 516.69 294.10 Td (forth ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (herein, ) Tj ET Q q 0 0 0 rg BT 107.17 279.70 Td (to ) Tj ET Q q 0 0 0 rg BT 118.68 279.70 Td (invest ) Tj ET Q q 0 0 0 rg BT 149.53 279.70 Td (up ) Tj ET Q q 0 0 0 rg BT 163.72 279.70 Td (to ) Tj ET Q q 0 0 0 rg BT 175.23 279.70 Td ($90,000,000 ) Tj ET Q q 0 0 0 rg BT 237.42 279.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 258.26 279.70 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 263.58544921875 278.10039062500005 m 367.95556640625 278.10039062500005 l s q 0 0 0 rg BT 263.59 279.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 328.62 279.70 Td (Amount) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 367.96 279.70 Td (\) ) Tj ET Q q 0 0 0 rg BT 379.46 279.70 Td (in ) Tj ET Q q 0 0 0 rg BT 390.98 279.70 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 437.81 279.70 Td (, ) Tj ET Q q 0 0 0 rg BT 443.00 279.70 Td (directly ) Tj ET Q q 0 0 0 rg BT 481.83 279.70 Td (or ) Tj ET Q q 0 0 0 rg BT 494.01 279.70 Td (indirectly ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td (through ) Tj ET Q q 0 0 0 rg BT 111.15 265.30 Td (one ) Tj ET Q q 0 0 0 rg BT 130.30 265.30 Td (or ) Tj ET Q q 0 0 0 rg BT 142.11 265.30 Td (more ) Tj ET Q q 0 0 0 rg BT 168.59 265.30 Td (intermediate ) Tj ET Q q 0 0 0 rg BT 230.38 265.30 Td (entities, ) Tj ET Q q 0 0 0 rg BT 269.86 265.30 Td (in ) Tj ET Q q 0 0 0 rg BT 281.02 265.30 Td (exchange ) Tj ET Q q 0 0 0 rg BT 328.14 265.30 Td (for ) Tj ET Q q 0 0 0 rg BT 343.96 265.30 Td (equity ) Tj ET Q q 0 0 0 rg BT 375.77 265.30 Td (of ) Tj ET Q q 0 0 0 rg BT 387.59 265.30 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 434.42 265.30 Td (, ) Tj ET Q q 0 0 0 rg BT 439.24 265.30 Td (solely ) Tj ET Q q 0 0 0 rg BT 469.73 265.30 Td (for ) Tj ET Q q 0 0 0 rg BT 485.54 265.30 Td (the ) Tj ET Q q 0 0 0 rg BT 502.02 265.30 Td (purpose ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (of ) Tj ET Q q 0 0 0 rg BT 85.08 250.90 Td (funding, ) Tj ET Q q 0 0 0 rg BT 128.49 250.90 Td (and ) Tj ET Q q 0 0 0 rg BT 148.89 250.90 Td (to ) Tj ET Q q 0 0 0 rg BT 161.31 250.90 Td (the ) Tj ET Q q 0 0 0 rg BT 179.05 250.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 211.45 250.90 Td (necessary ) Tj ET Q q 0 0 0 rg BT 261.17 250.90 Td (to ) Tj ET Q q 0 0 0 rg BT 273.59 250.90 Td (fund, ) Tj ET Q q 0 0 0 rg BT 301.66 250.90 Td (a ) Tj ET Q q 0 0 0 rg BT 310.07 250.90 Td (portion ) Tj ET Q q 0 0 0 rg BT 347.81 250.90 Td (of ) Tj ET Q q 0 0 0 rg BT 360.89 250.90 Td (the ) Tj ET Q q 0 0 0 rg BT 378.63 250.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 425.03 250.90 Td (Price ) Tj ET Q q 0 0 0 rg BT 452.77 250.90 Td (payable ) Tj ET Q q 0 0 0 rg BT 493.16 250.90 Td (to ) Tj ET Q q 0 0 0 rg BT 505.35 250.90 Td (V) Tj ET Q q 0 0 0 rg BT 512.69 250.90 Td (endor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 115.06 236.50 Td (to ) Tj ET Q q 0 0 0 rg BT 126.12 236.50 Td (and ) Tj ET Q q 0 0 0 rg BT 145.18 236.50 Td (in ) Tj ET Q q 0 0 0 rg BT 156.24 236.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 211.92 236.50 Td (with ) Tj ET Q q 0 0 0 rg BT 234.99 236.50 Td (the ) Tj ET Q q 0 0 0 rg BT 251.38 236.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 296.04 236.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 351.08 236.50 Td (and ) Tj ET Q q 0 0 0 rg BT 370.14 236.50 Td (related ) Tj ET Q q 0 0 0 rg BT 404.51 236.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 430.24 236.50 Td (and ) Tj ET Q q 0 0 0 rg BT 449.30 236.50 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 497.35 236.50 Td (provided ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (that ) Tj ET Q q 0 0 0 rg BT 92.15 222.10 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 141.63 222.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 166.44 222.10 Td (not, ) Tj ET Q q 0 0 0 rg BT 186.93 222.10 Td (under ) Tj ET Q q 0 0 0 rg BT 216.41 222.10 Td (any ) Tj ET Q q 0 0 0 rg BT 235.89 222.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 309.01 222.10 Td (be ) Tj ET Q q 0 0 0 rg BT 322.49 222.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 369.30 222.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.78 222.10 Td (contribute ) Tj ET Q q 0 0 0 rg BT 431.59 222.10 Td (to ) Tj ET Q q 0 0 0 rg BT 443.07 222.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 492.54 222.10 Td (more ) Tj ET Q q 0 0 0 rg BT 519.35 222.10 Td (than ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (the ) Tj ET Q q 0 0 0 rg BT 90.10 207.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 156.12 207.70 Td (Amount. ) Tj ET Q q 0 0 0 rg BT 201.90 207.70 Td ( ) Tj ET Q q 0 0 0 rg BT 205.34 207.70 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 253.11 207.70 Td () Tj ET Q q 0 0 0 rg BT 256.45 207.70 Td (s ) Tj ET Q q 0 0 0 rg BT 264.56 207.70 Td (obligation ) Tj ET Q q 0 0 0 rg BT 316.67 207.70 Td (to ) Tj ET Q q 0 0 0 rg BT 329.45 207.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 354.89 207.70 Td (the ) Tj ET Q q 0 0 0 rg BT 372.99 207.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 439.01 207.70 Td (Amount ) Tj ET Q q 0 0 0 rg BT 481.79 207.70 Td (is ) Tj ET Q q 0 0 0 rg BT 493.23 207.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 530.67 207.70 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 88.61 193.30 Td (the ) Tj ET Q q 0 0 0 rg BT 106.57 193.30 Td (satisfaction, ) Tj ET Q q 0 0 0 rg BT 167.52 193.30 Td (or ) Tj ET Q q 0 0 0 rg BT 180.81 193.30 Td (waiver ) Tj ET Q q 0 0 0 rg BT 216.75 193.30 Td (by ) Tj ET Q q 0 0 0 rg BT 232.05 193.30 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 278.88 193.30 Td (, ) Tj ET Q q 0 0 0 rg BT 285.18 193.30 Td (of ) Tj ET Q q 0 0 0 rg BT 298.47 193.30 Td (the ) Tj ET Q q 0 0 0 rg BT 316.43 193.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 369.72 193.30 Td (precedent ) Tj ET Q q 0 0 0 rg BT 419.65 193.30 Td (to ) Tj ET Q q 0 0 0 rg BT 432.28 193.30 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 480.04 193.30 Td () Tj ET Q q 0 0 0 rg BT 483.38 193.30 Td (s ) Tj ET Q q 0 0 0 rg BT 491.34 193.30 Td (obligation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (to ) Tj ET Q q 0 0 0 rg BT 83.83 178.90 Td (consummate ) Tj ET Q q 0 0 0 rg BT 146.97 178.90 Td (the ) Tj ET Q q 0 0 0 rg BT 164.13 178.90 Td (Closing ) Tj ET Q q 0 0 0 rg BT 203.96 178.90 Td (contained ) Tj ET Q q 0 0 0 rg BT 253.11 178.90 Td (in ) Tj ET Q q 0 0 0 rg BT 264.93 178.90 Td (the ) Tj ET Q q 0 0 0 rg BT 282.09 178.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 327.35 178.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 383.15 178.90 Td (and ) Tj ET Q q 0 0 0 rg BT 402.98 178.90 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 419.46 178.90 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 467.22 178.90 Td () Tj ET Q q 0 0 0 rg BT 470.56 178.90 Td (s ) Tj ET Q q 0 0 0 rg BT 477.72 178.90 Td (receipt ) Tj ET Q q 0 0 0 rg BT 512.86 178.90 Td (of ) Tj ET Q q 0 0 0 rg BT 525.35 178.90 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (Debt ) Tj ET Q q 0 0 0 rg BT 100.08 164.50 Td (Financing, ) Tj ET Q q 0 0 0 rg BT 155.83 164.50 Td (and ) Tj ET Q q 0 0 0 rg BT 177.92 164.50 Td (such ) Tj ET Q q 0 0 0 rg BT 204.67 164.50 Td (funding ) Tj ET Q q 0 0 0 rg BT 246.76 164.50 Td (by ) Tj ET Q q 0 0 0 rg BT 263.52 164.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 315.60 164.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 343.02 164.50 Td (only ) Tj ET Q q 0 0 0 rg BT 369.11 164.50 Td (occur ) Tj ET Q q 0 0 0 rg BT 400.52 164.50 Td (contemporaneously ) Tj ET Q q 0 0 0 rg BT 499.25 164.50 Td (with ) Tj ET Q q 0 0 0 rg BT 525.34 164.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (Closing, ) Tj ET Q q 0 0 0 rg BT 115.59 150.10 Td (if ) Tj ET Q q 0 0 0 rg BT 126.16 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.07 150.10 Td (Closing ) Tj ET Q q 0 0 0 rg BT 184.65 150.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 210.56 150.10 Td (occur) Tj ET Q q 0 0 0 rg BT 236.55 150.10 Td (. ) Tj ET Q q 0 0 0 rg BT 242.79 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.04 150.10 Td (For ) Tj ET Q q 0 0 0 rg BT 265.95 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.86 150.10 Td (avoidance ) Tj ET Q q 0 0 0 rg BT 335.74 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.98 150.10 Td (doubt, ) Tj ET Q q 0 0 0 rg BT 382.56 150.10 Td (if ) Tj ET Q q 0 0 0 rg BT 393.13 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.04 150.10 Td (Closing ) Tj ET Q q 0 0 0 rg BT 451.62 150.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 477.53 150.10 Td (not ) Tj ET Q q 0 0 0 rg BT 496.11 150.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 526.00 150.10 Td (for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (any ) Tj ET Q q 0 0 0 rg BT 92.55 135.70 Td (reason, ) Tj ET Q q 0 0 0 rg BT 130.09 135.70 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 180.64 135.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 206.53 135.70 Td (have ) Tj ET Q q 0 0 0 rg BT 232.41 135.70 Td (no ) Tj ET Q q 0 0 0 rg BT 247.63 135.70 Td (obligation ) Tj ET Q q 0 0 0 rg BT 299.52 135.70 Td (to ) Tj ET Q q 0 0 0 rg BT 312.08 135.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 337.30 135.70 Td (the ) Tj ET Q q 0 0 0 rg BT 355.18 135.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 421.03 135.70 Td (Amount. ) Tj ET Q q 0 0 0 rg BT 466.59 135.70 Td ( ) Tj ET Q q 0 0 0 rg BT 469.58 135.70 Td (The ) Tj ET Q q 0 0 0 rg BT 491.46 135.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 530.68 135.70 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (be ) Tj ET Q q 0 0 0 rg BT 86.28 121.30 Td (funded ) Tj ET Q q 0 0 0 rg BT 122.55 121.30 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 173.47 121.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 199.08 121.30 Td (be ) Tj ET Q q 0 0 0 rg BT 213.36 121.30 Td (reduced ) Tj ET Q q 0 0 0 rg BT 254.29 121.30 Td (on ) Tj ET Q q 0 0 0 rg BT 269.24 121.30 Td (a ) Tj ET Q q 0 0 0 rg BT 277.51 121.30 Td (dollar) Tj ET Q q 0 0 0 rg BT 305.26 121.30 Td (-for) Tj ET Q q 0 0 0 rg BT 323.01 121.30 Td (-dollar ) Tj ET Q q 0 0 0 rg BT 357.95 121.30 Td (basis ) Tj ET Q q 0 0 0 rg BT 384.90 121.30 Td (with ) Tj ET Q q 0 0 0 rg BT 409.18 121.30 Td (the ) Tj ET Q q 0 0 0 rg BT 426.79 121.30 Td (commitments ) Tj ET Q q 0 0 0 rg BT 495.07 121.30 Td (under ) Tj ET Q q 0 0 0 rg BT 525.34 121.30 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (other ) Tj ET Q q 0 0 0 rg BT 99.53 106.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 134.40 106.90 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 200.60 106.90 Td (Letters ) Tj ET Q q 0 0 0 rg BT 236.79 106.90 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 295.98 106.90 Td (, ) Tj ET Q q 0 0 0 rg BT 301.85 106.90 Td (the ) Tj ET Q q 0 0 0 rg BT 319.38 106.90 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 324.708984375 105.30039062499998 m 457.775390625 105.30039062499998 l s q 0 0 0 rg BT 324.71 106.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 354.90 106.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 389.77 106.90 Td (Commitments) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 457.78 106.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 472.97 106.90 Td (pro ) Tj ET Q q 0 0 0 rg BT 491.84 106.90 Td (rata ) Tj ET Q q 0 0 0 rg BT 512.69 106.90 Td (based ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (on ) Tj ET Q q 0 0 0 rg BT 90.49 92.50 Td (the ) Tj ET Q q 0 0 0 rg BT 111.64 92.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 166.77 92.50 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 235.16 92.50 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 285.65 92.50 Td (set ) Tj ET Q q 0 0 0 rg BT 305.47 92.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 335.28 92.50 Td (in ) Tj ET Q q 0 0 0 rg BT 351.10 92.50 Td (this ) Tj ET Q q 0 0 0 rg BT 374.93 92.50 Td (letter ) Tj ET Q q 0 0 0 rg BT 406.07 92.50 Td (and ) Tj ET Q q 0 0 0 rg BT 429.89 92.50 Td (in ) Tj ET Q q 0 0 0 rg BT 445.71 92.50 Td (such ) Tj ET Q q 0 0 0 rg BT 474.19 92.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 508.00 92.50 Td (Equity ) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (2) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (Commitments, ) Tj ET Q q 0 0 0 rg BT 146.17 711.70 Td (in ) Tj ET Q q 0 0 0 rg BT 158.67 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 176.49 711.70 Td (event ) Tj ET Q q 0 0 0 rg BT 205.64 711.70 Td (that, ) Tj ET Q q 0 0 0 rg BT 229.80 711.70 Td (after ) Tj ET Q q 0 0 0 rg BT 254.94 711.70 Td (taking ) Tj ET Q q 0 0 0 rg BT 288.10 711.70 Td (into ) Tj ET Q q 0 0 0 rg BT 309.93 711.70 Td (account ) Tj ET Q q 0 0 0 rg BT 350.41 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 368.23 711.70 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 414.04 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 427.20 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 445.03 711.70 Td (Debt ) Tj ET Q q 0 0 0 rg BT 471.52 711.70 Td (Financing ) Tj ET Q q 0 0 0 rg BT 522.67 711.70 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg 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Tj ET Q q 0 0 0 rg BT 274.95 615.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 340.86 615.70 Td (Amount ) Tj ET Q q 0 0 0 rg BT 383.50 615.70 Td (may ) Tj ET Q q 0 0 0 rg BT 407.46 615.70 Td (not ) Tj ET Q q 0 0 0 rg BT 426.10 615.70 Td (be ) Tj ET Q q 0 0 0 rg BT 440.73 615.70 Td (assigned ) Tj ET Q q 0 0 0 rg BT 485.36 615.70 Td (without ) Tj ET Q q 0 0 0 rg BT 525.34 615.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 601.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 99.89 601.30 Td (written ) Tj ET Q q 0 0 0 rg BT 138.44 601.30 Td (consent ) Tj ET Q q 0 0 0 rg BT 179.66 601.30 Td (of ) Tj ET Q q 0 0 0 rg BT 194.22 601.30 Td (Purchaser; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 249.42724609375 599.700390625 m 292.08349609375 599.700390625 l s q 0 0 0 rg BT 249.43 601.30 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 292.08 601.30 Td (, ) Tj ET Q q 0 0 0 rg BT 299.65 601.30 Td (that ) Tj ET Q q 0 0 0 rg BT 322.20 601.30 Td (NorthStar ) Tj ET Q 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Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 502.90 Td (This ) Tj ET Q q 0 0 0 rg BT 131.57 502.90 Td (letter ) Tj ET Q q 0 0 0 rg BT 158.46 502.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 183.37 502.90 Td (be ) Tj ET Q q 0 0 0 rg BT 196.93 502.90 Td (binding ) Tj ET Q q 0 0 0 rg BT 235.84 502.90 Td (solely ) Tj ET Q q 0 0 0 rg BT 266.75 502.90 Td (on, ) Tj ET Q q 0 0 0 rg BT 283.98 502.90 Td (and ) Tj ET Q q 0 0 0 rg BT 303.55 502.90 Td (inure ) Tj ET Q q 0 0 0 rg BT 330.45 502.90 Td (solely ) Tj ET Q q 0 0 0 rg BT 361.35 502.90 Td (to ) Tj ET Q q 0 0 0 rg BT 372.92 502.90 Td (the ) Tj ET Q q 0 0 0 rg BT 389.82 502.90 Td (benefit ) Tj ET Q q 0 0 0 rg BT 425.38 502.90 Td (of, ) Tj ET Q q 0 0 0 rg BT 440.62 502.90 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 487.46 502.90 Td (, ) Tj ET Q q 0 0 0 rg BT 492.70 502.90 Td (Purchaser ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 488.50 Td (and ) Tj ET Q q 0 0 0 rg BT 91.82 488.50 Td (their ) Tj ET Q q 0 0 0 rg BT 116.31 488.50 Td (respective ) Tj ET 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145.61 416.50 Td (if ) Tj ET Q q 0 0 0 rg BT 157.59 416.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 209.55 416.50 Td (is ) Tj ET Q q 0 0 0 rg BT 222.21 416.50 Td (obligated ) Tj ET Q q 0 0 0 rg BT 271.51 416.50 Td (to ) Tj ET Q q 0 0 0 rg BT 285.50 416.50 Td (consummate ) Tj ET Q q 0 0 0 rg BT 350.79 416.50 Td (the ) Tj ET Q q 0 0 0 rg BT 370.10 416.50 Td (Closing ) Tj ET Q q 0 0 0 rg BT 412.10 416.50 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 458.07 416.50 Td (to ) Tj ET Q q 0 0 0 rg BT 472.05 416.50 Td (the ) Tj ET Q q 0 0 0 rg BT 491.36 416.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 522.67 416.50 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 402.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 125.49 402.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.97 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.12 402.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 203.16 402.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 262.71 402.10 Td (V) Tj ET Q q 0 0 0 rg BT 270.04 402.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 300.85 402.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 327.01 402.10 Td (have ) Tj ET Q q 0 0 0 rg BT 353.15 402.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.30 402.10 Td (right ) Tj ET Q q 0 0 0 rg BT 397.45 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.27 402.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 440.41 402.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 491.22 402.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.04 402.10 Td (enforce ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 387.70 Td (the ) Tj ET Q q 0 0 0 rg BT 89.92 387.70 Td (provisions ) Tj ET Q q 0 0 0 rg BT 143.18 387.70 Td (of ) Tj ET Q q 0 0 0 rg BT 156.43 387.70 Td (this ) Tj ET Q q 0 0 0 rg BT 177.02 387.70 Td (letter ) Tj ET Q q 0 0 0 rg BT 204.93 387.70 Td (in ) Tj ET Q q 0 0 0 rg BT 217.52 387.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 274.73 387.70 Td (with, ) Tj ET Q q 0 0 0 rg BT 302.32 387.70 Td (and ) Tj ET Q q 0 0 0 rg BT 322.90 387.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 360.15 387.70 Td (to ) Tj ET Q q 0 0 0 rg BT 372.74 387.70 Td (the ) Tj ET Q q 0 0 0 rg BT 390.66 387.70 Td (limitations ) Tj ET Q q 0 0 0 rg BT 445.25 387.70 Td (set ) Tj ET Q q 0 0 0 rg BT 461.83 387.70 Td (forth ) Tj ET Q q 0 0 0 rg BT 488.42 387.70 Td (in, ) Tj ET Q q 0 0 0 rg BT 504.01 387.70 Td (Section ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 373.30 Td (10.7 ) Tj ET Q q 0 0 0 rg BT 96.56 373.30 Td (of ) Tj ET Q q 0 0 0 rg BT 110.11 373.30 Td (the ) Tj ET Q q 0 0 0 rg BT 128.33 373.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 174.42 373.30 Td (Agreement; ) Tj ET Q q 0 0 0 rg BT 234.62 373.30 Td (provided, ) Tj ET Q q 0 0 0 rg BT 283.83 373.30 Td (that ) Tj ET Q q 0 0 0 rg BT 305.12 373.30 Td (V) Tj ET Q q 0 0 0 rg BT 312.46 373.30 Td (endor) Tj ET Q q 0 0 0 rg BT 339.30 373.30 Td (, ) Tj ET Q q 0 0 0 rg BT 345.86 373.30 Td (by ) Tj ET Q q 0 0 0 rg BT 361.41 373.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.63 373.30 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 435.80 373.30 Td (of ) Tj ET Q q 0 0 0 rg BT 449.36 373.30 Td (the ) Tj ET Q q 0 0 0 rg BT 467.57 373.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 509.12 373.30 Td (of ) Tj ET Q q 0 0 0 rg BT 522.67 373.30 Td (this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 358.90 Td (letter ) Tj ET Q q 0 0 0 rg BT 99.65 358.90 Td (and ) Tj ET Q q 0 0 0 rg BT 119.98 358.90 Td (such ) Tj ET Q q 0 0 0 rg BT 144.97 358.90 Td (right, ) Tj ET Q q 0 0 0 rg BT 173.64 358.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 209.29 358.90 Td (agrees ) Tj ET Q q 0 0 0 rg BT 242.93 358.90 Td (to ) Tj ET Q q 0 0 0 rg BT 255.26 358.90 Td (and ) Tj ET Q q 0 0 0 rg BT 275.59 358.90 Td (accepts ) Tj ET Q q 0 0 0 rg BT 313.90 358.90 Td (each ) Tj ET Q q 0 0 0 rg BT 338.88 358.90 Td (of ) Tj ET Q q 0 0 0 rg BT 351.87 358.90 Td (the ) Tj ET Q q 0 0 0 rg BT 369.53 358.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 399.19 358.90 Td (and ) Tj ET Q q 0 0 0 rg BT 419.52 358.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 472.52 358.90 Td (of ) Tj ET Q q 0 0 0 rg BT 485.51 358.90 Td (this ) Tj ET Q q 0 0 0 rg BT 505.85 358.90 Td (letter) Tj ET Q q 0 0 0 rg BT 529.84 358.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 332.50 Td (Concurrently ) Tj ET Q q 0 0 0 rg BT 175.95 332.50 Td (with ) Tj ET Q q 0 0 0 rg BT 201.92 332.50 Td (the ) Tj ET Q q 0 0 0 rg BT 221.21 332.50 Td (execution ) Tj ET Q q 0 0 0 rg BT 272.49 332.50 Td (and ) Tj ET Q q 0 0 0 rg BT 294.45 332.50 Td (delivery ) Tj ET Q q 0 0 0 rg BT 338.40 332.50 Td (of ) Tj ET Q q 0 0 0 rg BT 353.03 332.50 Td (this ) Tj ET Q q 0 0 0 rg BT 375.00 332.50 Td (letter) Tj ET Q q 0 0 0 rg BT 399.17 332.50 Td (, ) Tj ET Q q 0 0 0 rg BT 406.80 332.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 458.76 332.50 Td (is ) Tj ET Q q 0 0 0 rg BT 471.39 332.50 Td (executing ) Tj ET Q q 0 0 0 rg BT 522.67 332.50 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 318.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 123.61 318.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.69 318.10 Td (V) Tj ET Q q 0 0 0 rg BT 143.02 318.10 Td (endor) Tj ET Q q 0 0 0 rg BT 169.86 318.10 Td (, ) Tj ET Q q 0 0 0 rg BT 175.82 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.11 318.10 Td (its ) Tj ET Q q 0 0 0 rg BT 202.41 318.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 245.34 318.10 Td (as ) Tj ET Q q 0 0 0 rg BT 258.29 318.10 Td (a ) Tj ET Q q 0 0 0 rg BT 266.58 318.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 318.18 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.13 318.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 366.73 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.68 318.10 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 427.44 318.10 Td () Tj ET Q q 0 0 0 rg BT 430.78 318.10 Td (s ) Tj ET Q q 0 0 0 rg BT 438.41 318.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 486.68 318.10 Td (obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 303.70 Td (under ) Tj ET Q q 0 0 0 rg BT 102.08 303.70 Td (the ) Tj ET Q q 0 0 0 rg BT 119.50 303.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 164.97 303.70 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 224.03 303.70 Td (a ) Tj ET Q q 0 0 0 rg BT 232.12 303.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 268.87 303.70 Td (guarantee, ) Tj ET Q q 0 0 0 rg BT 321.27 303.70 Td (to ) Tj ET Q q 0 0 0 rg BT 333.36 303.70 Td (be ) Tj ET Q q 0 0 0 rg BT 347.44 303.70 Td (dated ) Tj ET Q q 0 0 0 rg BT 376.19 303.70 Td (as ) Tj ET Q q 0 0 0 rg BT 388.94 303.70 Td (of ) Tj ET Q q 0 0 0 rg BT 401.70 303.70 Td (the ) Tj ET Q q 0 0 0 rg BT 419.11 303.70 Td (date ) Tj ET Q q 0 0 0 rg BT 441.86 303.70 Td (hereof ) Tj ET Q q 0 0 0 rg BT 475.26 303.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 496.68 303.70 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 502.00244140625 302.100390625 m 542.99462890625 302.100390625 l s q 0 0 0 rg BT 502.00 303.70 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 287.700390625 m 121.30078125 287.700390625 l s q 0 0 0 rg BT 72.00 289.30 Td (Guarantee) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 121.30 289.30 Td (\). ) Tj ET Q q 0 0 0 rg BT 136.47 289.30 Td ( ) Tj ET Q q 0 0 0 rg BT 139.10 289.30 Td (V) Tj ET Q q 0 0 0 rg BT 146.44 289.30 Td (endor) Tj ET Q q 0 0 0 rg BT 174.21 289.30 Td () Tj ET Q q 0 0 0 rg BT 177.54 289.30 Td (s ) Tj ET Q q 0 0 0 rg BT 185.05 289.30 Td (and ) Tj ET Q q 0 0 0 rg BT 205.22 289.30 Td (any ) Tj ET Q q 0 0 0 rg BT 225.19 289.30 Td (V) Tj ET Q q 0 0 0 rg BT 232.52 289.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 262.69 289.30 Td (Related ) Tj ET Q q 0 0 0 rg BT 302.18 289.30 Td (Party) Tj ET Q q 0 0 0 rg BT 330.85 289.30 Td (s ) Tj ET Q q 0 0 0 rg BT 338.36 289.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 355.20 289.30 Td (defined ) Tj ET Q q 0 0 0 rg BT 394.02 289.30 Td (in ) Tj ET Q q 0 0 0 rg BT 406.20 289.30 Td (the ) Tj ET Q q 0 0 0 rg BT 423.70 289.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 464.54 289.30 Td (Guarantee\) ) Tj ET Q q 0 0 0 rg BT 520.68 289.30 Td (sole ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 274.90 Td (and ) Tj ET Q q 0 0 0 rg BT 92.53 274.90 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 141.05 274.90 Td (remedies ) Tj ET Q q 0 0 0 rg BT 187.57 274.90 Td (against ) Tj ET Q q 0 0 0 rg BT 224.76 274.90 Td (the ) Tj ET Q q 0 0 0 rg BT 242.62 274.90 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 289.46 274.90 Td (, ) Tj ET Q q 0 0 0 rg BT 295.66 274.90 Td (the ) Tj ET Q q 0 0 0 rg BT 313.52 274.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 365.37 274.90 Td (and ) Tj ET Q q 0 0 0 rg BT 385.90 274.90 Td (any ) Tj ET Q q 0 0 0 rg BT 406.43 274.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 458.28 274.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 498.13 274.90 Td (Party ) Tj ET Q q 0 0 0 rg BT 526.67 274.90 Td (\(in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 260.50 Td (each ) Tj ET Q q 0 0 0 rg BT 97.30 260.50 Td (case, ) Tj ET Q q 0 0 0 rg BT 124.27 260.50 Td (as ) Tj ET Q q 0 0 0 rg BT 137.59 260.50 Td (defined ) Tj ET Q q 0 0 0 rg BT 176.89 260.50 Td (in ) Tj ET Q q 0 0 0 rg BT 189.55 260.50 Td (the ) Tj ET Q q 0 0 0 rg BT 207.53 260.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 248.85 260.50 Td (Guarantee\) ) Tj ET Q q 0 0 0 rg BT 305.47 260.50 Td (in ) Tj ET Q q 0 0 0 rg BT 318.12 260.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 355.42 260.50 Td (of ) Tj ET Q q 0 0 0 rg BT 368.74 260.50 Td (any ) Tj ET Q q 0 0 0 rg BT 389.39 260.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 437.37 260.50 Td (or ) Tj ET Q q 0 0 0 rg BT 450.69 260.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 507.35 260.50 Td (arising ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 246.10 Td (under) Tj ET Q q 0 0 0 rg BT 98.84 246.10 Td (, ) Tj ET Q q 0 0 0 rg BT 105.47 246.10 Td (or ) Tj ET Q q 0 0 0 rg BT 119.09 246.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.06 246.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 188.33 246.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 216.29 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.58 246.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 280.73 246.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 340.67 246.10 Td (or ) Tj ET Q q 0 0 0 rg BT 354.29 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.58 246.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 433.52 246.10 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 501.79 246.10 Td (thereby) Tj ET Q q 0 0 0 rg BT 537.00 246.10 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 231.70 Td (the ) Tj ET Q q 0 0 0 rg BT 91.48 231.70 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 150.29 231.70 Td (thereof ) Tj ET Q q 0 0 0 rg BT 189.09 231.70 Td (or ) Tj ET Q q 0 0 0 rg BT 203.91 231.70 Td (any ) Tj ET Q q 0 0 0 rg BT 226.06 231.70 Td (oral ) Tj ET Q q 0 0 0 rg BT 249.53 231.70 Td (representations ) Tj ET Q q 0 0 0 rg BT 326.99 231.70 Td (made ) Tj ET Q q 0 0 0 rg BT 357.80 231.70 Td (or ) Tj ET Q q 0 0 0 rg BT 372.62 231.70 Td (alleged ) Tj ET Q q 0 0 0 rg BT 412.09 231.70 Td (to ) Tj ET Q q 0 0 0 rg BT 426.24 231.70 Td (be ) Tj ET Q q 0 0 0 rg BT 442.39 231.70 Td (made ) Tj ET Q q 0 0 0 rg BT 473.20 231.70 Td (in ) Tj ET Q q 0 0 0 rg BT 487.35 231.70 Td (connection ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 217.30 Td (therewith, ) Tj ET Q q 0 0 0 rg BT 125.91 217.30 Td (including ) Tj ET Q q 0 0 0 rg BT 176.83 217.30 Td (in ) Tj ET Q q 0 0 0 rg BT 191.76 217.30 Td (the ) Tj ET Q q 0 0 0 rg BT 212.01 217.30 Td (event ) Tj ET Q q 0 0 0 rg BT 243.59 217.30 Td (that ) Tj ET Q q 0 0 0 rg BT 267.18 217.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 320.09 217.30 Td (breaches ) Tj ET Q q 0 0 0 rg BT 367.65 217.30 Td (its ) Tj ET Q q 0 0 0 rg BT 384.59 217.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 443.51 217.30 Td (under ) Tj ET Q q 0 0 0 rg BT 476.43 217.30 Td (the ) Tj ET Q q 0 0 0 rg BT 496.68 217.30 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 202.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 128.69 202.90 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 174.71 202.90 Td (or ) Tj ET Q q 0 0 0 rg BT 188.08 202.90 Td (not ) Tj ET Q q 0 0 0 rg BT 206.79 202.90 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 254.55 202.90 Td () Tj ET Q q 0 0 0 rg BT 257.89 202.90 Td (s ) Tj ET Q q 0 0 0 rg BT 265.94 202.90 Td (breach ) Tj ET Q q 0 0 0 rg BT 301.29 202.90 Td (is ) Tj ET Q q 0 0 0 rg BT 312.67 202.90 Td (caused ) Tj ET Q q 0 0 0 rg BT 348.70 202.90 Td (by ) Tj ET Q q 0 0 0 rg BT 364.08 202.90 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 411.85 202.90 Td () Tj ET Q q 0 0 0 rg BT 415.18 202.90 Td (s ) Tj ET Q q 0 0 0 rg BT 423.23 202.90 Td (breach ) Tj ET Q q 0 0 0 rg BT 458.58 202.90 Td (of ) Tj ET Q q 0 0 0 rg BT 471.96 202.90 Td (its ) Tj ET Q q 0 0 0 rg BT 486.67 202.90 Td (obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 188.50 Td (under ) Tj ET Q q 0 0 0 rg BT 100.87 188.50 Td (this ) Tj ET Q q 0 0 0 rg BT 119.75 188.50 Td (letter\) ) Tj ET Q q 0 0 0 rg BT 149.94 188.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 174.15 188.50 Td (be ) Tj ET Q q 0 0 0 rg BT 187.02 188.50 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 201.78 188.50 Td (V) Tj ET Q q 0 0 0 rg BT 209.11 188.50 Td (endor) Tj ET Q q 0 0 0 rg BT 236.88 188.50 Td () Tj ET Q q 0 0 0 rg BT 240.21 188.50 Td (s ) Tj ET Q q 0 0 0 rg BT 246.43 188.50 Td (remedies ) Tj ET Q q 0 0 0 rg BT 291.29 188.50 Td (against ) Tj ET Q q 0 0 0 rg BT 326.82 188.50 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 339.69 188.50 Td (the ) Tj ET Q q 0 0 0 rg BT 355.90 188.50 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 406.09 188.50 Td (under ) Tj ET Q q 0 0 0 rg BT 434.96 188.50 Td (the ) Tj ET Q q 0 0 0 rg BT 451.16 188.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 490.70 188.50 Td (Guarantee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 174.10 Td (solely ) Tj ET Q q 0 0 0 rg BT 104.34 174.10 Td (with ) Tj ET Q q 0 0 0 rg BT 129.35 174.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 167.01 174.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.02 174.10 Td (Retained ) Tj ET Q q 0 0 0 rg BT 226.35 174.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 279.33 174.10 Td (Claims ) Tj ET Q q 0 0 0 rg BT 317.01 174.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 334.68 174.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 374.34 174.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.35 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.69 174.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 447.36 174.10 Td (Guarantee\) ) Tj ET Q q 0 0 0 rg BT 504.34 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.34 174.10 Td (\(ii\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 159.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 122.61 159.70 Td (solely ) Tj ET Q q 0 0 0 rg BT 154.57 159.70 Td (with ) Tj ET Q q 0 0 0 rg BT 179.20 159.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 216.48 159.70 Td (to ) Tj ET Q q 0 0 0 rg BT 229.11 159.70 Td (Retained ) Tj ET Q q 0 0 0 rg BT 275.06 159.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 320.95 159.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 377.55 159.70 Td (Claims ) Tj ET Q q 0 0 0 rg BT 414.85 159.70 Td (\(as ) Tj ET Q q 0 0 0 rg BT 432.14 159.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 471.42 159.70 Td (in ) Tj ET Q q 0 0 0 rg BT 484.05 159.70 Td (the ) Tj ET Q q 0 0 0 rg BT 502.01 159.70 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 145.30 Td (Guarantee\) ) Tj ET Q q 0 0 0 rg BT 127.62 145.30 Td (and ) Tj ET Q q 0 0 0 rg BT 147.27 145.30 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 163.42 145.30 Td (V) Tj ET Q q 0 0 0 rg BT 170.76 145.30 Td (endor) Tj ET Q q 0 0 0 rg BT 198.52 145.30 Td () Tj ET Q q 0 0 0 rg BT 201.86 145.30 Td (s ) Tj ET Q q 0 0 0 rg BT 208.85 145.30 Td (rights ) Tj ET Q q 0 0 0 rg BT 238.51 145.30 Td (to ) Tj ET Q q 0 0 0 rg BT 250.17 145.30 Td (specific ) Tj ET Q q 0 0 0 rg BT 289.81 145.30 Td (performance ) Tj ET Q q 0 0 0 rg BT 352.76 145.30 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 396.41 145.30 Td (to, ) Tj ET Q q 0 0 0 rg BT 411.07 145.30 Td (but ) Tj ET Q q 0 0 0 rg BT 428.73 145.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 465.04 145.30 Td (to ) Tj ET Q q 0 0 0 rg BT 476.70 145.30 Td (the ) Tj ET Q q 0 0 0 rg BT 493.69 145.30 Td (terms ) Tj ET Q q 0 0 0 rg BT 522.67 145.30 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 130.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 126.91 130.90 Td (of, ) Tj ET Q q 0 0 0 rg BT 144.82 130.90 Td (this ) Tj ET Q q 0 0 0 rg BT 167.07 130.90 Td (letter ) Tj ET Q q 0 0 0 rg BT 196.64 130.90 Td (and ) Tj ET Q q 0 0 0 rg BT 218.88 130.90 Td (the ) Tj ET Q q 0 0 0 rg BT 238.45 130.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 285.60 130.90 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 346.82 130.90 Td ( ) Tj ET Q q 0 0 0 rg BT 351.73 130.90 Td (Nothing ) Tj ET Q q 0 0 0 rg BT 395.98 130.90 Td (contained ) Tj ET Q q 0 0 0 rg BT 447.54 130.90 Td (herein ) Tj ET Q q 0 0 0 rg BT 482.44 130.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 510.01 130.90 Td (entitle ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 116.50 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 118.83 116.50 Td (, ) Tj ET Q q 0 0 0 rg BT 125.44 116.50 Td (V) Tj ET Q q 0 0 0 rg BT 132.77 116.50 Td (endor) Tj ET Q q 0 0 0 rg BT 159.61 116.50 Td (, ) Tj ET Q q 0 0 0 rg BT 166.49 116.50 Td (any ) Tj ET Q q 0 0 0 rg BT 187.42 116.50 Td (V) Tj ET Q q 0 0 0 rg BT 194.76 116.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 225.96 116.50 Td (Related ) Tj ET Q q 0 0 0 rg BT 266.49 116.50 Td (Party ) Tj ET Q q 0 0 0 rg BT 295.71 116.50 Td (or ) Tj ET Q q 0 0 0 rg BT 309.58 116.50 Td (any ) Tj ET Q q 0 0 0 rg BT 330.79 116.50 Td (other ) Tj ET Q q 0 0 0 rg BT 359.33 116.50 Td (person ) Tj ET Q q 0 0 0 rg BT 395.20 116.50 Td (to ) Tj ET Q q 0 0 0 rg BT 408.42 116.50 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 426.29 116.50 Td (enforce ) Tj ET Q q 0 0 0 rg BT 466.15 116.50 Td (specifically ) Tj ET Q q 0 0 0 rg BT 525.33 116.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 102.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 99.74 102.10 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 167.48 102.10 Td (Letter\(s\) ) Tj ET Q q 0 0 0 rg BT 213.21 102.10 Td (or ) Tj ET Q q 0 0 0 rg BT 227.61 102.10 Td (\(z\) ) Tj ET Q q 0 0 0 rg BT 245.34 102.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 296.41 102.10 Td (have ) Tj ET Q q 0 0 0 rg BT 323.47 102.10 Td (any ) Tj ET Q q 0 0 0 rg BT 345.21 102.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 376.96 102.10 Td (against ) Tj ET Q q 0 0 0 rg BT 415.36 102.10 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 462.21 102.10 Td (, ) Tj ET Q q 0 0 0 rg BT 469.62 102.10 Td (any ) Tj ET Q q 0 0 0 rg BT 491.36 102.10 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 87.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 111.65 87.70 Td (Party ) Tj ET Q q 0 0 0 rg BT 139.98 87.70 Td (or ) Tj ET Q q 0 0 0 rg BT 152.98 87.70 Td (any ) Tj ET Q q 0 0 0 rg BT 173.30 87.70 Td (other ) Tj ET Q q 0 0 0 rg BT 200.96 87.70 Td (Person ) Tj ET Q q 0 0 0 rg BT 236.63 87.70 Td (under ) Tj ET Q q 0 0 0 rg BT 266.95 87.70 Td (the ) Tj ET Q q 0 0 0 rg BT 284.61 87.70 Td (Debt ) Tj ET Q q 0 0 0 rg BT 310.93 87.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 377.27 87.70 Td (Letter\(s\). ) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (3) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 711.70 Td (This ) Tj ET Q q 0 0 0 rg BT 133.61 711.70 Td (letter) Tj ET Q q 0 0 0 rg BT 157.78 711.70 Td (, ) Tj ET Q q 0 0 0 rg BT 165.06 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 186.66 711.70 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 234.43 711.70 Td () Tj ET Q q 0 0 0 rg BT 237.77 711.70 Td (s ) Tj ET Q q 0 0 0 rg BT 246.71 711.70 Td (obligation ) Tj ET Q q 0 0 0 rg BT 299.65 711.70 Td (to ) Tj ET Q q 0 0 0 rg BT 313.27 711.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 339.54 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 358.48 711.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 425.14 711.70 Td (Amount, ) Tj ET Q q 0 0 0 rg BT 471.76 711.70 Td (will ) Tj ET Q q 0 0 0 rg BT 494.70 711.70 Td (terminate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (automatically ) Tj ET Q q 0 0 0 rg BT 142.61 697.30 Td (and ) Tj ET Q q 0 0 0 rg BT 165.24 697.30 Td (immediately ) Tj ET Q q 0 0 0 rg BT 230.53 697.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 259.84 697.30 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 278.46 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 298.42 697.30 Td (termination ) Tj ET Q q 0 0 0 rg BT 359.05 697.30 Td (of ) Tj ET Q q 0 0 0 rg BT 374.35 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 394.31 697.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 441.76 697.30 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 503.38 697.30 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 522.67 697.30 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (modification, ) Tj ET Q q 0 0 0 rg BT 138.99 682.90 Td (amendment ) Tj ET Q q 0 0 0 rg BT 197.64 682.90 Td (or ) Tj ET Q q 0 0 0 rg BT 210.31 682.90 Td (waiver ) Tj ET Q q 0 0 0 rg BT 245.63 682.90 Td (of ) Tj ET Q q 0 0 0 rg BT 258.30 682.90 Td (any ) Tj ET Q q 0 0 0 rg BT 278.30 682.90 Td (provision ) Tj ET Q q 0 0 0 rg BT 326.30 682.90 Td (of ) Tj ET Q q 0 0 0 rg BT 338.97 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 356.30 682.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 401.70 682.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 460.68 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 478.02 682.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 508.01 682.90 Td (Equity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 146.05 668.50 Td (or ) Tj ET Q q 0 0 0 rg BT 162.09 668.50 Td (the ) Tj ET Q q 0 0 0 rg BT 182.79 668.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 222.83 668.50 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 275.51 668.50 Td (delivered ) Tj ET Q q 0 0 0 rg BT 326.20 668.50 Td (to ) Tj ET Q q 0 0 0 rg BT 341.14 668.50 Td (V) Tj ET Q q 0 0 0 rg BT 348.47 668.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 381.84 668.50 Td (on ) Tj ET Q q 0 0 0 rg BT 399.88 668.50 Td (the ) Tj ET Q q 0 0 0 rg BT 420.59 668.50 Td (date ) Tj ET Q q 0 0 0 rg BT 446.62 668.50 Td (hereof ) Tj ET Q q 0 0 0 rg BT 483.31 668.50 Td (by ) Tj ET Q q 0 0 0 rg BT 501.35 668.50 Td (Safanad ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 137.59 654.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 178.54 654.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.82 654.10 Td (its ) Tj ET Q q 0 0 0 rg BT 205.11 654.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 248.04 654.10 Td (as ) Tj ET Q q 0 0 0 rg BT 260.99 654.10 Td (a ) Tj ET Q q 0 0 0 rg BT 269.26 654.10 Td (guarantor ) Tj ET Q q 0 0 0 rg BT 318.19 654.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.14 654.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 366.74 654.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.68 654.10 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 427.44 654.10 Td () Tj ET Q q 0 0 0 rg BT 430.78 654.10 Td (s ) Tj ET Q q 0 0 0 rg BT 438.40 654.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 486.67 654.10 Td (obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (under ) Tj ET Q q 0 0 0 rg BT 102.76 639.70 Td (the ) Tj ET Q q 0 0 0 rg BT 120.86 639.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 166.86 639.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 223.61 639.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 245.70 639.70 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 251.02978515625 638.100390625 m 383.85009765625 638.100390625 l s q 0 0 0 rg BT 251.03 639.70 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 293.12 639.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 334.55 639.70 Td (Guarantee) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 383.85 639.70 Td ( ) Tj ET Q q 0 0 0 rg BT 392.62 639.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 416.38 639.70 Td (together ) Tj ET Q q 0 0 0 rg BT 459.14 639.70 Td (with ) Tj ET Q q 0 0 0 rg BT 483.91 639.70 Td (the ) Tj ET Q q 0 0 0 rg BT 502.01 639.70 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 125.92 625.30 Td (the ) Tj ET Q q 0 0 0 rg BT 142.20 625.30 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 147.5302734375 623.700390625 m 282.05859375 623.700390625 l s q 0 0 0 rg BT 147.53 625.30 Td (Investor ) Tj ET Q q 0 0 0 rg BT 188.47 625.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 228.09 625.30 Td (Guarantees) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 282.06 625.30 Td (\) ) Tj ET Q q 0 0 0 rg BT 293.00 625.30 Td (without ) Tj ET Q q 0 0 0 rg BT 331.29 625.30 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 379.06 625.30 Td () Tj ET Q q 0 0 0 rg BT 382.40 625.30 Td (s ) Tj ET Q q 0 0 0 rg BT 388.69 625.30 Td (prior ) Tj ET Q q 0 0 0 rg BT 413.64 625.30 Td (written ) Tj ET Q q 0 0 0 rg BT 449.25 625.30 Td (consent, ) Tj ET Q q 0 0 0 rg BT 490.53 625.30 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 505.35 625.30 Td (V) Tj ET Q q 0 0 0 rg BT 512.69 625.30 Td (endor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 84.86 610.90 Td (any ) Tj ET Q q 0 0 0 rg BT 104.84 610.90 Td (V) Tj ET Q q 0 0 0 rg BT 112.18 610.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 142.36 610.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 181.87 610.90 Td (Party ) Tj ET Q q 0 0 0 rg BT 210.07 610.90 Td (asserting ) Tj ET Q q 0 0 0 rg BT 255.58 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 268.44 610.90 Td (filing, ) Tj ET Q q 0 0 0 rg BT 300.30 610.90 Td (directly ) Tj ET Q q 0 0 0 rg BT 339.82 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 352.67 610.90 Td (indirectly) Tj ET Q q 0 0 0 rg BT 397.88 610.90 Td (, ) Tj ET Q q 0 0 0 rg BT 403.74 610.90 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 417.93 610.90 Td (any ) Tj ET Q q 0 0 0 rg BT 438.12 610.90 Td (claim ) Tj ET Q q 0 0 0 rg BT 467.63 610.90 Td (under ) Tj ET Q q 0 0 0 rg BT 497.82 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 510.68 610.90 Td (action ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (with ) Tj ET Q q 0 0 0 rg BT 95.15 596.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 130.95 596.50 Td (to ) Tj ET Q q 0 0 0 rg BT 142.11 596.50 Td (either ) Tj ET Q q 0 0 0 rg BT 171.25 596.50 Td (Investor ) Tj ET Q q 0 0 0 rg BT 212.39 596.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 252.20 596.50 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 303.32 596.50 Td (against ) Tj ET Q q 0 0 0 rg BT 339.13 596.50 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 385.97 596.50 Td (, ) Tj ET Q q 0 0 0 rg BT 390.79 596.50 Td (any ) Tj ET Q q 0 0 0 rg BT 409.94 596.50 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 460.40 596.50 Td (or ) Tj ET Q q 0 0 0 rg BT 472.22 596.50 Td (any ) Tj ET Q q 0 0 0 rg BT 491.37 596.50 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 111.11 582.10 Td (Party ) Tj ET Q q 0 0 0 rg BT 138.90 582.10 Td (\(each ) Tj ET Q q 0 0 0 rg BT 167.33 582.10 Td (as ) Tj ET Q q 0 0 0 rg BT 179.78 582.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 218.22 582.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.02 582.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.13 582.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 298.90 582.10 Td (Investor ) Tj ET Q q 0 0 0 rg BT 340.68 582.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 381.13 582.10 Td (Guarantee\) ) Tj ET Q q 0 0 0 rg BT 436.88 582.10 Td (or ) Tj ET Q q 0 0 0 rg BT 449.34 582.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 466.46 582.10 Td (any ) Tj ET Q q 0 0 0 rg BT 486.24 582.10 Td (other ) Tj ET Q q 0 0 0 rg BT 513.35 582.10 Td (claim ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (under ) Tj ET Q q 0 0 0 rg BT 101.49 567.70 Td (or ) Tj ET Q q 0 0 0 rg BT 113.65 567.70 Td (action ) Tj ET Q q 0 0 0 rg BT 145.13 567.70 Td (against ) Tj ET Q q 0 0 0 rg BT 181.29 567.70 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 228.12 567.70 Td (, ) Tj ET Q q 0 0 0 rg BT 233.29 567.70 Td (any ) Tj ET Q q 0 0 0 rg BT 252.78 567.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 303.59 567.70 Td (or ) Tj ET Q q 0 0 0 rg BT 315.75 567.70 Td (any ) Tj ET Q q 0 0 0 rg BT 335.24 567.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 386.05 567.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 424.87 567.70 Td (Party ) Tj ET Q q 0 0 0 rg BT 452.36 567.70 Td (in ) Tj ET Q q 0 0 0 rg BT 463.86 567.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 518.67 567.70 Td (with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (this ) Tj ET Q q 0 0 0 rg BT 95.85 553.30 Td (letter) Tj ET Q q 0 0 0 rg BT 120.02 553.30 Td (, ) Tj ET Q q 0 0 0 rg BT 129.52 553.30 Td (the ) Tj ET Q q 0 0 0 rg BT 150.69 553.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 184.52 553.30 Td (Equity ) Tj ET Q q 0 0 0 rg BT 223.03 553.30 Td (Commitments, ) Tj ET Q q 0 0 0 rg BT 300.54 553.30 Td (the ) Tj ET Q q 0 0 0 rg BT 321.71 553.30 Td (Investor ) Tj ET Q q 0 0 0 rg BT 367.54 553.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 412.04 553.30 Td (Guarantees, ) Tj ET Q q 0 0 0 rg BT 475.52 553.30 Td (the ) Tj ET Q q 0 0 0 rg BT 496.68 553.30 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 132.35 538.90 Td (the ) Tj ET Q q 0 0 0 rg BT 151.05 538.90 Td (Debt ) Tj ET Q q 0 0 0 rg BT 178.42 538.90 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 245.79 538.90 Td (Letter ) Tj ET Q q 0 0 0 rg BT 278.48 538.90 Td (or ) Tj ET Q q 0 0 0 rg BT 292.52 538.90 Td (any ) Tj ET Q q 0 0 0 rg BT 313.89 538.90 Td (transaction ) Tj ET Q q 0 0 0 rg BT 370.58 538.90 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 439.26 538.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 475.95 538.90 Td (or ) Tj ET Q q 0 0 0 rg BT 489.99 538.90 Td (thereby ) Tj ET Q q 0 0 0 rg BT 530.01 538.90 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 123.79 524.50 Td (relating ) Tj ET Q q 0 0 0 rg BT 165.58 524.50 Td (thereto ) Tj ET Q q 0 0 0 rg BT 204.04 524.50 Td (\(including ) Tj ET Q q 0 0 0 rg BT 258.51 524.50 Td (any ) Tj ET Q q 0 0 0 rg BT 280.97 524.50 Td (oral ) Tj ET Q q 0 0 0 rg BT 304.77 524.50 Td (representations ) Tj ET Q q 0 0 0 rg BT 382.55 524.50 Td (made ) Tj ET Q q 0 0 0 rg BT 413.68 524.50 Td (or ) Tj ET Q q 0 0 0 rg BT 428.81 524.50 Td (alleged ) Tj ET Q q 0 0 0 rg BT 468.60 524.50 Td (to ) Tj ET Q q 0 0 0 rg BT 483.07 524.50 Td (be ) Tj ET Q q 0 0 0 rg BT 499.54 524.50 Td (made ) Tj ET Q q 0 0 0 rg BT 530.67 524.50 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 129.02 510.10 Td (herewith ) Tj ET Q q 0 0 0 rg BT 175.37 510.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.74 510.10 Td (therewith\), ) Tj ET Q q 0 0 0 rg BT 246.43 510.10 Td (other ) Tj ET Q q 0 0 0 rg BT 275.46 510.10 Td (than, ) Tj ET Q q 0 0 0 rg BT 303.49 510.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.20 510.10 Td (any ) Tj ET Q q 0 0 0 rg BT 338.89 510.10 Td (such ) Tj ET Q q 0 0 0 rg BT 365.26 510.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 393.28 510.10 Td (Retained ) Tj ET Q q 0 0 0 rg BT 440.31 510.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 476.68 510.10 Td (Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (Claims ) Tj ET Q q 0 0 0 rg BT 110.49 495.70 Td (\(as ) Tj ET Q q 0 0 0 rg BT 128.97 495.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 169.44 495.70 Td (in ) Tj ET Q q 0 0 0 rg BT 183.26 495.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.41 495.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 256.21 495.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 298.69 495.70 Td (Guarantee\) ) Tj ET Q q 0 0 0 rg BT 356.47 495.70 Td (and ) Tj ET Q q 0 0 0 rg BT 378.29 495.70 Td (claims ) Tj ET Q q 0 0 0 rg BT 414.10 495.70 Td (set ) Tj ET Q q 0 0 0 rg BT 431.92 495.70 Td (forth ) Tj ET Q q 0 0 0 rg BT 459.73 495.70 Td (in ) Tj ET Q q 0 0 0 rg BT 473.55 495.70 Td (the ) Tj ET Q q 0 0 0 rg BT 492.70 495.70 Td (preceding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (paragraph, ) Tj ET Q q 0 0 0 rg BT 125.85 481.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 162.73 481.30 Td (in ) Tj ET Q q 0 0 0 rg BT 174.95 481.30 Td (each ) Tj ET Q q 0 0 0 rg BT 199.81 481.30 Td (case ) Tj ET Q q 0 0 0 rg BT 223.34 481.30 Td (to ) Tj ET Q q 0 0 0 rg BT 235.56 481.30 Td (all ) Tj ET Q q 0 0 0 rg BT 250.44 481.30 Td (of ) Tj ET Q q 0 0 0 rg BT 263.32 481.30 Td (the ) Tj ET Q q 0 0 0 rg BT 280.86 481.30 Td (terms, ) Tj ET Q q 0 0 0 rg BT 313.41 481.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 366.29 481.30 Td (and ) Tj ET Q q 0 0 0 rg BT 386.50 481.30 Td (limitations ) Tj ET Q q 0 0 0 rg BT 440.72 481.30 Td (herein ) Tj ET Q q 0 0 0 rg BT 473.59 481.30 Td (and ) Tj ET Q q 0 0 0 rg BT 493.80 481.30 Td (therein ) Tj ET Q q 0 0 0 rg BT 530.00 481.30 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 89.24 466.90 Td (the ) Tj ET Q q 0 0 0 rg BT 107.14 466.90 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 163.01 466.90 Td (of ) Tj ET Q q 0 0 0 rg BT 176.26 466.90 Td (any ) Tj ET Q q 0 0 0 rg BT 196.83 466.90 Td (event ) Tj ET Q q 0 0 0 rg BT 226.06 466.90 Td (\(other ) Tj ET Q q 0 0 0 rg BT 257.96 466.90 Td (than ) Tj ET Q q 0 0 0 rg BT 281.87 466.90 Td (the ) Tj ET Q q 0 0 0 rg BT 299.77 466.90 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 355.64 466.90 Td (of ) Tj ET Q q 0 0 0 rg BT 368.88 466.90 Td (the ) Tj ET Q q 0 0 0 rg BT 386.79 466.90 Td (Closing\) ) Tj ET Q q 0 0 0 rg BT 431.37 466.90 Td (which, ) Tj ET Q q 0 0 0 rg BT 466.95 466.90 Td (by ) Tj ET Q q 0 0 0 rg BT 482.19 466.90 Td (the ) Tj ET Q q 0 0 0 rg BT 500.10 466.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 530.00 466.90 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (the ) Tj ET Q q 0 0 0 rg BT 90.86 452.50 Td (applicable ) Tj ET Q q 0 0 0 rg BT 144.37 452.50 Td (Investor ) Tj ET Q q 0 0 0 rg BT 187.90 452.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 230.09 452.50 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 286.60 452.50 Td (terminates ) Tj ET Q q 0 0 0 rg BT 340.78 452.50 Td (any ) Tj ET Q q 0 0 0 rg BT 362.31 452.50 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 411.40 452.50 Td () Tj ET Q q 0 0 0 rg BT 414.73 452.50 Td (s ) Tj ET Q q 0 0 0 rg BT 423.60 452.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 481.14 452.50 Td (or ) Tj ET Q q 0 0 0 rg BT 495.34 452.50 Td (liabilities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (under ) Tj ET Q q 0 0 0 rg BT 102.32 438.10 Td (such ) Tj ET Q q 0 0 0 rg BT 127.32 438.10 Td (Investor ) Tj ET Q q 0 0 0 rg BT 169.64 438.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 210.63 438.10 Td (Guarantee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 411.70 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 191.00 411.70 Td (anything ) Tj ET Q q 0 0 0 rg BT 236.00 411.70 Td (that ) Tj ET Q q 0 0 0 rg BT 257.00 411.70 Td (may ) Tj ET Q q 0 0 0 rg BT 280.66 411.70 Td (be ) Tj ET Q q 0 0 0 rg BT 294.99 411.70 Td (expressed ) Tj ET Q q 0 0 0 rg BT 345.30 411.70 Td (or ) Tj ET Q q 0 0 0 rg BT 358.30 411.70 Td (implied ) Tj ET Q q 0 0 0 rg BT 397.97 411.70 Td (in ) Tj ET Q q 0 0 0 rg BT 410.31 411.70 Td (this ) Tj ET Q q 0 0 0 rg BT 430.65 411.70 Td (letter) Tj ET Q q 0 0 0 rg BT 454.82 411.70 Td (, ) Tj ET Q q 0 0 0 rg BT 460.82 411.70 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 507.65 411.70 Td (, ) Tj ET Q q 0 0 0 rg BT 513.66 411.70 Td (by ) Tj ET Q q 0 0 0 rg BT 528.66 411.70 Td (its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 397.30 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 127.81 397.30 Td (of ) Tj ET Q q 0 0 0 rg BT 140.99 397.30 Td (the ) Tj ET Q q 0 0 0 rg BT 158.84 397.30 Td (benefits ) Tj ET Q q 0 0 0 rg BT 200.02 397.30 Td (of ) Tj ET Q q 0 0 0 rg BT 213.21 397.30 Td (this ) Tj ET Q q 0 0 0 rg BT 233.74 397.30 Td (letter) Tj ET Q q 0 0 0 rg BT 257.91 397.30 Td (, ) Tj ET Q q 0 0 0 rg BT 264.10 397.30 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 318.27 397.30 Td (agrees ) Tj ET Q q 0 0 0 rg BT 352.10 397.30 Td (and ) Tj ET Q q 0 0 0 rg BT 372.62 397.30 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 443.79 397.30 Td (that ) Tj ET Q q 0 0 0 rg BT 464.97 397.30 Td (no ) Tj ET Q q 0 0 0 rg BT 480.16 397.30 Td (person ) Tj ET Q q 0 0 0 rg BT 515.34 397.30 Td (other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 382.90 Td (than ) Tj ET Q q 0 0 0 rg BT 96.21 382.90 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 147.08 382.90 Td (and ) Tj ET Q q 0 0 0 rg BT 167.96 382.90 Td (its ) Tj ET Q q 0 0 0 rg BT 182.84 382.90 Td (successors ) Tj ET Q q 0 0 0 rg BT 237.04 382.90 Td (and ) Tj ET Q q 0 0 0 rg BT 257.92 382.90 Td (permitted ) Tj ET Q q 0 0 0 rg BT 307.45 382.90 Td (assigns ) Tj ET Q q 0 0 0 rg BT 345.67 382.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 371.88 382.90 Td (have ) Tj ET Q q 0 0 0 rg BT 398.08 382.90 Td (any ) Tj ET Q q 0 0 0 rg BT 418.95 382.90 Td (obligation ) Tj ET Q q 0 0 0 rg BT 471.16 382.90 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 522.68 382.90 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 368.50 Td (that, ) Tj ET Q q 0 0 0 rg BT 98.50 368.50 Td (notwithstanding ) Tj ET Q q 0 0 0 rg BT 181.34 368.50 Td (that ) Tj ET Q q 0 0 0 rg BT 204.84 368.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 257.67 368.50 Td (or ) Tj ET Q q 0 0 0 rg BT 273.17 368.50 Td (any ) Tj ET Q q 0 0 0 rg BT 296.00 368.50 Td (of ) Tj ET Q q 0 0 0 rg BT 311.51 368.50 Td (its ) Tj ET Q q 0 0 0 rg BT 328.35 368.50 Td (successors ) Tj ET Q q 0 0 0 rg BT 384.51 368.50 Td (or ) Tj ET Q q 0 0 0 rg BT 400.01 368.50 Td (permitted ) Tj ET Q q 0 0 0 rg BT 451.50 368.50 Td (assigns ) Tj ET Q q 0 0 0 rg BT 491.68 368.50 Td (may ) Tj ET Q q 0 0 0 rg BT 517.84 368.50 Td (be ) Tj ET Q q 0 0 0 rg BT 534.68 368.50 Td (a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 354.10 Td (partnership, ) Tj ET Q q 0 0 0 rg BT 130.66 354.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 166.34 354.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 205.35 354.10 Td (company ) Tj ET Q q 0 0 0 rg BT 251.02 354.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.69 354.10 Td (corporation, ) Tj ET Q q 0 0 0 rg BT 322.68 354.10 Td (no ) Tj ET Q q 0 0 0 rg BT 336.36 354.10 Td (recourse ) Tj ET Q q 0 0 0 rg BT 378.69 354.10 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 428.34 354.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.01 354.10 Td (under ) Tj ET Q q 0 0 0 rg BT 469.02 354.10 Td (any ) Tj ET Q q 0 0 0 rg BT 488.02 354.10 Td (documents ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 339.70 Td (or ) Tj ET Q q 0 0 0 rg BT 85.07 339.70 Td (instruments ) Tj ET Q q 0 0 0 rg BT 144.13 339.70 Td (delivered ) Tj ET Q q 0 0 0 rg BT 191.85 339.70 Td (in ) Tj ET Q q 0 0 0 rg BT 204.25 339.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 259.97 339.70 Td (herewith ) Tj ET Q q 0 0 0 rg BT 305.02 339.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 330.76 339.70 Td (be ) Tj ET Q q 0 0 0 rg BT 345.15 339.70 Td (had ) Tj ET Q q 0 0 0 rg BT 365.55 339.70 Td (against ) Tj ET Q q 0 0 0 rg BT 402.61 339.70 Td (any ) Tj ET Q q 0 0 0 rg BT 423.01 339.70 Td (former) Tj ET Q q 0 0 0 rg BT 455.17 339.70 Td (, ) Tj ET Q q 0 0 0 rg BT 461.24 339.70 Td (current ) Tj ET Q q 0 0 0 rg BT 498.29 339.70 Td (or ) Tj ET Q q 0 0 0 rg BT 511.36 339.70 Td (future ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 325.30 Td (director) Tj ET Q q 0 0 0 rg BT 108.83 325.30 Td (, ) Tj ET Q q 0 0 0 rg BT 117.85 325.30 Td (of) Tj ET Q q 0 0 0 rg BT 127.63 325.30 Td (ficer) Tj ET Q q 0 0 0 rg BT 149.13 325.30 Td (, ) Tj ET Q q 0 0 0 rg BT 158.15 325.30 Td (agent, ) Tj ET Q q 0 0 0 rg BT 193.16 325.30 Td (af) Tj ET Q q 0 0 0 rg BT 202.26 325.30 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 239.27 325.30 Td (employee, ) Tj ET Q q 0 0 0 rg BT 294.94 325.30 Td (general ) Tj ET Q q 0 0 0 rg BT 336.27 325.30 Td (or ) Tj ET Q q 0 0 0 rg BT 352.28 325.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 392.30 325.30 Td (partner) Tj ET Q q 0 0 0 rg BT 425.80 325.30 Td (, ) Tj ET Q q 0 0 0 rg BT 434.82 325.30 Td (member) Tj ET Q q 0 0 0 rg BT 473.66 325.30 Td (, ) Tj ET Q q 0 0 0 rg BT 482.68 325.30 Td (manager ) Tj ET Q q 0 0 0 rg BT 530.01 325.30 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 310.90 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 131.87 310.90 Td (of ) Tj ET Q q 0 0 0 rg BT 145.75 310.90 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 196.96 310.90 Td (or ) Tj ET Q q 0 0 0 rg BT 210.84 310.90 Td (any ) Tj ET Q q 0 0 0 rg BT 232.05 310.90 Td (of ) Tj ET Q q 0 0 0 rg BT 245.94 310.90 Td (its ) Tj ET Q q 0 0 0 rg BT 261.16 310.90 Td (successors ) Tj ET Q q 0 0 0 rg BT 315.70 310.90 Td (or ) Tj ET Q q 0 0 0 rg BT 329.58 310.90 Td (permitted ) Tj ET Q q 0 0 0 rg BT 379.45 310.90 Td (assigns ) Tj ET Q q 0 0 0 rg BT 418.00 310.90 Td (or ) Tj ET Q q 0 0 0 rg BT 431.88 310.90 Td (any ) Tj ET Q q 0 0 0 rg BT 453.09 310.90 Td (former) Tj ET Q q 0 0 0 rg BT 485.26 310.90 Td (, ) Tj ET Q q 0 0 0 rg BT 492.15 310.90 Td (current ) Tj ET Q q 0 0 0 rg BT 530.01 310.90 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 296.50 Td (future ) Tj ET Q q 0 0 0 rg BT 103.78 296.50 Td (director) Tj ET Q q 0 0 0 rg BT 140.62 296.50 Td (, ) Tj ET Q q 0 0 0 rg BT 146.75 296.50 Td (of) Tj ET Q q 0 0 0 rg BT 156.53 296.50 Td (ficer) Tj ET Q q 0 0 0 rg BT 178.03 296.50 Td (, ) Tj ET Q q 0 0 0 rg BT 184.16 296.50 Td (agent, ) Tj ET Q q 0 0 0 rg BT 216.28 296.50 Td (af) Tj ET Q q 0 0 0 rg BT 225.38 296.50 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 259.50 296.50 Td (employee, ) Tj ET Q q 0 0 0 rg BT 312.28 296.50 Td (general ) Tj ET Q q 0 0 0 rg BT 350.72 296.50 Td (or ) Tj ET Q q 0 0 0 rg BT 363.84 296.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 400.97 296.50 Td (partner) Tj ET Q q 0 0 0 rg BT 434.47 296.50 Td (, ) Tj ET Q q 0 0 0 rg BT 440.60 296.50 Td (member) Tj ET Q q 0 0 0 rg BT 479.44 296.50 Td (, ) Tj ET Q q 0 0 0 rg BT 485.57 296.50 Td (manager ) Tj ET Q q 0 0 0 rg BT 530.01 296.50 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 282.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 130.60 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.21 282.10 Td (any ) Tj ET Q q 0 0 0 rg BT 163.15 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.76 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 193.03 282.10 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 245.30 282.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 286.56 282.10 Td (by ) Tj ET Q q 0 0 0 rg BT 301.17 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.45 282.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 381.02 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.63 282.10 Td (any ) Tj ET Q q 0 0 0 rg BT 413.57 282.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 469.51 282.10 Td (or ) Tj ET Q q 0 0 0 rg BT 482.12 282.10 Td (by ) Tj ET Q q 0 0 0 rg BT 496.73 282.10 Td (any ) Tj ET Q q 0 0 0 rg BT 516.67 282.10 Td (legal ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 267.70 Td (or ) Tj ET Q q 0 0 0 rg BT 85.04 267.70 Td (equitable ) Tj ET Q q 0 0 0 rg BT 132.06 267.70 Td (proceeding, ) Tj ET Q q 0 0 0 rg BT 191.41 267.70 Td (or ) Tj ET Q q 0 0 0 rg BT 204.45 267.70 Td (by ) Tj ET Q q 0 0 0 rg BT 219.49 267.70 Td (virtue ) Tj ET Q q 0 0 0 rg BT 250.52 267.70 Td (of ) Tj ET Q q 0 0 0 rg BT 263.55 267.70 Td (any ) Tj ET Q q 0 0 0 rg BT 283.92 267.70 Td (law) Tj ET Q q 0 0 0 rg BT 300.47 267.70 Td (, ) Tj ET Q q 0 0 0 rg BT 306.51 267.70 Td (it ) Tj ET Q q 0 0 0 rg BT 316.22 267.70 Td (being ) Tj ET Q q 0 0 0 rg BT 345.92 267.70 Td (expressly ) Tj ET Q q 0 0 0 rg BT 394.28 267.70 Td (agreed ) Tj ET Q q 0 0 0 rg BT 429.30 267.70 Td (and ) Tj ET Q q 0 0 0 rg BT 449.67 267.70 Td (acknowledged ) Tj ET Q q 0 0 0 rg BT 522.01 267.70 Td (that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 253.30 Td (no ) Tj ET Q q 0 0 0 rg BT 87.90 253.30 Td (personal ) Tj ET Q q 0 0 0 rg BT 132.45 253.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 173.68 253.30 Td (whatsoever ) Tj ET Q q 0 0 0 rg BT 232.22 253.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 258.78 253.30 Td (attach ) Tj ET Q q 0 0 0 rg BT 291.33 253.30 Td (to, ) Tj ET Q q 0 0 0 rg BT 307.56 253.30 Td (be ) Tj ET Q q 0 0 0 rg BT 322.78 253.30 Td (imposed ) Tj ET Q q 0 0 0 rg BT 367.34 253.30 Td (on ) Tj ET Q q 0 0 0 rg BT 383.24 253.30 Td (or ) Tj ET Q q 0 0 0 rg BT 397.14 253.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 447.69 253.30 Td (be ) Tj ET Q q 0 0 0 rg BT 462.91 253.30 Td (incurred ) Tj ET Q q 0 0 0 rg BT 506.79 253.30 Td (by ) Tj ET Q q 0 0 0 rg BT 522.68 253.30 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 238.90 Td (former) Tj ET Q q 0 0 0 rg BT 104.17 238.90 Td (, ) Tj ET Q q 0 0 0 rg BT 111.47 238.90 Td (current ) Tj ET Q q 0 0 0 rg BT 149.74 238.90 Td (or ) Tj ET Q q 0 0 0 rg BT 164.04 238.90 Td (future ) Tj ET Q q 0 0 0 rg BT 196.99 238.90 Td (director) Tj ET Q q 0 0 0 rg BT 233.82 238.90 Td (, ) Tj ET Q q 0 0 0 rg BT 241.12 238.90 Td (of) Tj ET Q q 0 0 0 rg BT 250.90 238.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 272.39 238.90 Td (, ) Tj ET Q q 0 0 0 rg BT 279.69 238.90 Td (agent, ) Tj ET Q q 0 0 0 rg BT 312.98 238.90 Td (af) Tj ET Q q 0 0 0 rg BT 322.08 238.90 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 357.36 238.90 Td (employee, ) Tj ET Q q 0 0 0 rg BT 411.31 238.90 Td (general ) Tj ET Q q 0 0 0 rg BT 450.91 238.90 Td (or ) Tj ET Q q 0 0 0 rg BT 465.21 238.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 503.50 238.90 Td (partner) Tj ET Q q 0 0 0 rg BT 537.00 238.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 224.50 Td (member) Tj ET Q q 0 0 0 rg BT 110.84 224.50 Td (, ) Tj ET Q q 0 0 0 rg BT 117.86 224.50 Td (manager ) Tj ET Q q 0 0 0 rg BT 163.20 224.50 Td (or ) Tj ET Q q 0 0 0 rg BT 177.22 224.50 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 237.23 224.50 Td (of ) Tj ET Q q 0 0 0 rg BT 251.25 224.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 302.60 224.50 Td (or ) Tj ET Q q 0 0 0 rg BT 316.62 224.50 Td (any ) Tj ET Q q 0 0 0 rg BT 337.97 224.50 Td (former) Tj ET Q q 0 0 0 rg BT 370.14 224.50 Td (, ) Tj ET Q q 0 0 0 rg BT 377.17 224.50 Td (current ) Tj ET Q q 0 0 0 rg BT 415.17 224.50 Td (or ) Tj ET Q q 0 0 0 rg BT 429.19 224.50 Td (future ) Tj ET Q q 0 0 0 rg BT 461.87 224.50 Td (director) Tj ET Q q 0 0 0 rg BT 498.70 224.50 Td (, ) Tj ET Q q 0 0 0 rg BT 505.73 224.50 Td (of) Tj ET Q q 0 0 0 rg BT 515.51 224.50 Td (ficer) Tj ET Q q 0 0 0 rg BT 537.01 224.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 210.10 Td (agent, ) Tj ET Q q 0 0 0 rg BT 104.60 210.10 Td (af) Tj ET Q q 0 0 0 rg BT 113.71 210.10 Td (filiate, ) Tj ET Q q 0 0 0 rg BT 148.31 210.10 Td (employee, ) Tj ET Q q 0 0 0 rg BT 201.58 210.10 Td (general ) Tj ET Q q 0 0 0 rg BT 240.50 210.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.12 210.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 291.73 210.10 Td (partner) Tj ET Q q 0 0 0 rg BT 325.23 210.10 Td (, ) Tj ET Q q 0 0 0 rg BT 331.85 210.10 Td (member) Tj ET Q q 0 0 0 rg BT 370.68 210.10 Td (, ) Tj ET Q q 0 0 0 rg BT 377.30 210.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 422.23 210.10 Td (or ) Tj ET Q q 0 0 0 rg BT 435.84 210.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 495.45 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.06 210.10 Td (any ) Tj ET Q q 0 0 0 rg BT 530.01 210.10 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 195.70 Td (the ) Tj ET Q q 0 0 0 rg BT 88.96 195.70 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 140.91 195.70 Td (as ) Tj ET Q q 0 0 0 rg BT 153.20 195.70 Td (such, ) Tj ET Q q 0 0 0 rg BT 180.50 195.70 Td (for ) Tj ET Q q 0 0 0 rg BT 196.79 195.70 Td (any ) Tj ET Q q 0 0 0 rg BT 216.41 195.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 272.04 195.70 Td (of ) Tj ET Q q 0 0 0 rg BT 284.34 195.70 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 333.96 195.70 Td (or ) Tj ET Q q 0 0 0 rg BT 346.26 195.70 Td (any ) Tj ET Q q 0 0 0 rg BT 365.88 195.70 Td (of ) Tj ET Q q 0 0 0 rg BT 378.18 195.70 Td (its ) Tj ET Q q 0 0 0 rg BT 391.81 195.70 Td (successors ) Tj ET Q q 0 0 0 rg BT 444.76 195.70 Td (or ) Tj ET Q q 0 0 0 rg BT 457.06 195.70 Td (permitted ) Tj ET Q q 0 0 0 rg BT 505.34 195.70 Td (assigns ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 181.30 Td (under ) Tj ET Q q 0 0 0 rg BT 102.09 181.30 Td (this ) Tj ET Q q 0 0 0 rg BT 122.19 181.30 Td (letter ) Tj ET Q q 0 0 0 rg BT 149.61 181.30 Td (or ) Tj ET Q q 0 0 0 rg BT 162.37 181.30 Td (any ) Tj ET Q q 0 0 0 rg BT 182.46 181.30 Td (documents ) Tj ET Q q 0 0 0 rg BT 237.22 181.30 Td (or ) Tj ET Q q 0 0 0 rg BT 249.98 181.30 Td (instrument ) Tj ET Q q 0 0 0 rg BT 304.07 181.30 Td (delivered ) Tj ET Q q 0 0 0 rg BT 351.48 181.30 Td (in ) Tj ET Q q 0 0 0 rg BT 363.58 181.30 Td (connection ) Tj ET Q q 0 0 0 rg BT 418.99 181.30 Td (herewith ) Tj ET Q q 0 0 0 rg BT 463.74 181.30 Td (or ) Tj ET Q q 0 0 0 rg BT 476.50 181.30 Td (for ) Tj ET Q q 0 0 0 rg BT 493.26 181.30 Td (any ) Tj ET Q q 0 0 0 rg BT 513.35 181.30 Td (claim ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 166.90 Td (based ) Tj ET Q q 0 0 0 rg BT 102.32 166.90 Td (on, ) Tj ET Q q 0 0 0 rg BT 120.32 166.90 Td (in ) Tj ET Q q 0 0 0 rg BT 132.66 166.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 169.63 166.90 Td (of ) Tj ET Q q 0 0 0 rg BT 182.63 166.90 Td (or ) Tj ET Q q 0 0 0 rg BT 195.63 166.90 Td (by ) Tj ET Q q 0 0 0 rg BT 210.63 166.90 Td (reason ) Tj ET Q q 0 0 0 rg BT 244.95 166.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.94 166.90 Td (such ) Tj ET Q q 0 0 0 rg BT 282.94 166.90 Td (obligations ) Tj ET Q q 0 0 0 rg BT 339.27 166.90 Td (or ) Tj ET Q q 0 0 0 rg BT 352.27 166.90 Td (their ) Tj ET Q q 0 0 0 rg BT 377.26 166.90 Td (creation. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 140.50 Td (This ) Tj ET Q q 0 0 0 rg BT 133.82 140.50 Td (letter ) Tj ET Q q 0 0 0 rg BT 162.96 140.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 190.10 140.50 Td (be ) Tj ET Q q 0 0 0 rg BT 205.92 140.50 Td (treated ) Tj ET Q q 0 0 0 rg BT 243.04 140.50 Td (as ) Tj ET Q q 0 0 0 rg BT 257.53 140.50 Td (confidential ) Tj ET Q q 0 0 0 rg BT 319.32 140.50 Td (and ) Tj ET Q q 0 0 0 rg BT 341.13 140.50 Td (is ) Tj ET Q q 0 0 0 rg BT 353.62 140.50 Td (being ) Tj ET Q q 0 0 0 rg BT 384.77 140.50 Td (provided ) Tj ET Q q 0 0 0 rg BT 431.91 140.50 Td (to ) Tj ET Q q 0 0 0 rg BT 445.73 140.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 497.53 140.50 Td (solely ) Tj ET Q q 0 0 0 rg BT 530.68 140.50 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 126.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 126.28 126.10 Td (with ) Tj ET Q q 0 0 0 rg BT 149.25 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.42 126.10 Td (T) Tj ET Q q 0 0 0 rg BT 172.33 126.10 Td (ransaction. ) Tj ET Q q 0 0 0 rg BT 226.28 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.79 126.10 Td (This ) Tj ET Q q 0 0 0 rg BT 250.76 126.10 Td (letter ) Tj ET Q q 0 0 0 rg BT 277.04 126.10 Td (may ) Tj ET Q q 0 0 0 rg BT 299.34 126.10 Td (not ) Tj ET Q q 0 0 0 rg BT 316.30 126.10 Td (be ) Tj ET Q q 0 0 0 rg BT 329.26 126.10 Td (used, ) Tj ET Q q 0 0 0 rg BT 355.89 126.10 Td (circulated, ) Tj ET Q q 0 0 0 rg BT 407.83 126.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 442.12 126.10 Td (or ) Tj ET Q q 0 0 0 rg BT 453.75 126.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 502.04 126.10 Td (referred ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 111.70 Td (to ) Tj ET Q q 0 0 0 rg BT 86.42 111.70 Td (in ) Tj ET Q q 0 0 0 rg BT 100.83 111.70 Td (any ) Tj ET Q q 0 0 0 rg BT 123.24 111.70 Td (document, ) Tj ET Q q 0 0 0 rg BT 178.65 111.70 Td (except ) Tj ET Q q 0 0 0 rg BT 215.04 111.70 Td (with ) Tj ET Q q 0 0 0 rg BT 241.46 111.70 Td (the ) Tj ET Q q 0 0 0 rg BT 261.21 111.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 289.62 111.70 Td (written ) Tj ET Q q 0 0 0 rg BT 328.69 111.70 Td (consent ) Tj ET Q q 0 0 0 rg BT 370.43 111.70 Td (of ) Tj ET Q q 0 0 0 rg BT 385.51 111.70 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 432.17 111.70 Td (. ) Tj ET Q q 0 0 0 rg BT 440.26 111.70 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 525.34 111.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 97.30 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 124.06 97.30 Td (and ) Tj ET Q q 0 0 0 rg BT 143.80 97.30 Td (without ) Tj ET Q q 0 0 0 rg BT 182.88 97.30 Td (prejudice ) Tj ET Q q 0 0 0 rg BT 229.94 97.30 Td (to ) Tj ET Q q 0 0 0 rg BT 241.69 97.30 Td (any ) Tj ET Q q 0 0 0 rg BT 261.42 97.30 Td (other ) Tj ET Q q 0 0 0 rg BT 288.49 97.30 Td (provision ) Tj ET Q q 0 0 0 rg BT 336.24 97.30 Td (of ) Tj ET Q q 0 0 0 rg BT 348.65 97.30 Td (this ) Tj ET Q q 0 0 0 rg BT 368.40 97.30 Td (letter) Tj ET Q q 0 0 0 rg BT 392.57 97.30 Td (, ) Tj ET Q q 0 0 0 rg BT 397.98 97.30 Td (this ) Tj ET Q q 0 0 0 rg BT 417.73 97.30 Td (letter ) Tj ET Q q 0 0 0 rg BT 444.80 97.30 Td (may ) Tj ET Q q 0 0 0 rg BT 467.87 97.30 Td (be ) Tj ET Q q 0 0 0 rg BT 481.61 97.30 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 497.34 97.30 Td (provided ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 82.90 Td (to ) Tj ET Q q 0 0 0 rg BT 83.80 82.90 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 97.41 82.90 Td (V) Tj ET Q q 0 0 0 rg BT 104.75 82.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 134.54 82.90 Td (and ) Tj ET Q q 0 0 0 rg BT 154.33 82.90 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 171.45 82.90 Td (the ) Tj ET Q q 0 0 0 rg BT 188.58 82.90 Td (advisors ) Tj ET Q q 0 0 0 rg BT 231.04 82.90 Td (of ) Tj ET Q q 0 0 0 rg BT 243.32 82.90 Td (V) Tj ET Q q 0 0 0 rg BT 250.66 82.90 Td (endor) Tj ET Q q 0 0 0 rg BT 277.50 82.90 Td (, ) Tj ET Q q 0 0 0 rg BT 282.97 82.90 Td (together ) Tj ET Q q 0 0 0 rg BT 324.75 82.90 Td (with ) Tj ET Q q 0 0 0 rg BT 348.55 82.90 Td (the ) Tj ET Q q 0 0 0 rg BT 365.67 82.90 Td (advisors ) Tj ET Q q 0 0 0 rg BT 408.13 82.90 Td (of ) Tj ET Q q 0 0 0 rg BT 420.60 82.90 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 467.43 82.90 Td (, ) Tj ET Q q 0 0 0 rg BT 472.90 82.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 518.02 82.90 Td (each ) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (4) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (such ) Tj ET Q q 0 0 0 rg BT 97.07 711.70 Td (party ) Tj ET Q q 0 0 0 rg BT 124.80 711.70 Td (agrees ) Tj ET Q q 0 0 0 rg BT 158.52 711.70 Td (to ) Tj ET Q q 0 0 0 rg BT 170.93 711.70 Td (treat ) Tj ET Q q 0 0 0 rg BT 195.32 711.70 Td (this ) Tj ET Q q 0 0 0 rg BT 215.73 711.70 Td (letter ) Tj ET Q q 0 0 0 rg BT 243.46 711.70 Td (as ) Tj ET Q q 0 0 0 rg BT 256.53 711.70 Td (confidential, ) Tj ET Q q 0 0 0 rg BT 319.91 711.70 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 336.98 711.70 Td (referred ) Tj ET Q q 0 0 0 rg BT 378.02 711.70 Td (to ) Tj ET Q q 0 0 0 rg BT 390.43 711.70 Td (in ) Tj ET Q q 0 0 0 rg BT 402.84 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 420.57 711.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 466.29 711.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 522.67 711.70 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 87.39 697.30 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 134.12 697.30 Td (as ) Tj ET Q q 0 0 0 rg BT 146.19 697.30 Td (may ) Tj ET Q q 0 0 0 rg BT 168.92 697.30 Td (be ) Tj ET Q q 0 0 0 rg BT 182.32 697.30 Td (required ) Tj ET Q q 0 0 0 rg BT 224.37 697.30 Td (by ) Tj ET Q q 0 0 0 rg BT 238.44 697.30 Td (law) Tj ET Q q 0 0 0 rg BT 254.99 697.30 Td (, ) Tj ET Q q 0 0 0 rg BT 260.06 697.30 Td (rule ) Tj ET Q q 0 0 0 rg BT 280.78 697.30 Td (or ) Tj ET Q q 0 0 0 rg BT 292.85 697.30 Td (regulation ) Tj ET Q q 0 0 0 rg BT 343.57 697.30 Td (of ) Tj ET Q q 0 0 0 rg BT 355.64 697.30 Td (any ) Tj ET Q q 0 0 0 rg BT 375.04 697.30 Td (governmental ) Tj ET Q q 0 0 0 rg BT 443.09 697.30 Td (authority) Tj ET Q q 0 0 0 rg BT 485.63 697.30 Td (, ) Tj ET Q q 0 0 0 rg BT 490.70 697.30 Td (regulatory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (agency) Tj ET Q q 0 0 0 rg BT 105.20 682.90 Td (, ) Tj ET Q q 0 0 0 rg BT 109.73 682.90 Td (court ) Tj ET Q q 0 0 0 rg BT 135.91 682.90 Td (or ) Tj ET Q q 0 0 0 rg BT 147.44 682.90 Td (national ) Tj ET Q q 0 0 0 rg BT 187.62 682.90 Td (stock ) Tj ET Q q 0 0 0 rg BT 214.48 682.90 Td (exchange ) Tj ET Q q 0 0 0 rg BT 261.32 682.90 Td (\(provided ) Tj ET Q q 0 0 0 rg BT 309.50 682.90 Td (that, ) Tj ET Q q 0 0 0 rg BT 332.02 682.90 Td (to ) Tj ET Q q 0 0 0 rg BT 342.88 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 359.07 682.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 389.92 682.90 Td (practicable, ) Tj ET Q q 0 0 0 rg BT 446.97 682.90 Td (V) Tj ET Q q 0 0 0 rg BT 454.31 682.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 483.16 682.90 Td (will ) Tj ET Q q 0 0 0 rg BT 503.36 682.90 Td (provide ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 122.77 668.50 Td (an ) Tj ET Q q 0 0 0 rg BT 137.54 668.50 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 196.99 668.50 Td (to ) Tj ET Q q 0 0 0 rg BT 209.77 668.50 Td (review ) Tj ET Q q 0 0 0 rg BT 245.86 668.50 Td (such ) Tj ET Q q 0 0 0 rg BT 271.30 668.50 Td (required ) Tj ET Q q 0 0 0 rg BT 314.72 668.50 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 366.83 668.50 Td (in ) Tj ET Q q 0 0 0 rg BT 379.61 668.50 Td (advance ) Tj ET Q q 0 0 0 rg BT 422.36 668.50 Td (of ) Tj ET Q q 0 0 0 rg BT 435.80 668.50 Td (such ) Tj ET Q q 0 0 0 rg BT 461.24 668.50 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 513.34 668.50 Td (being ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (made\).) 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281.92 572.70 Td (the ) Tj ET Q q 0 0 0 rg BT 299.58 572.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 345.23 572.70 Td (Agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 546.30 Td (1. ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 544.700390625 m 216.4921875 544.700390625 l s q 0 0 0 rg BT 126.00 546.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 167.19 546.30 Td (Guarantee) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.49 546.30 Td (. ) Tj ET Q q 0 0 0 rg BT 222.69 546.30 Td ( ) Tj ET Q q 0 0 0 rg BT 225.66 546.30 Td (The ) Tj ET Q q 0 0 0 rg BT 247.52 546.30 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 295.68 546.30 Td (, ) Tj ET Q q 0 0 0 rg BT 301.88 546.30 Td (intending ) Tj ET Q q 0 0 0 rg BT 350.41 546.30 Td (to ) Tj ET Q q 0 0 0 rg BT 362.94 546.30 Td (be ) Tj ET Q q 0 0 0 rg BT 377.46 546.30 Td (legally ) Tj ET Q q 0 0 0 rg BT 413.32 546.30 Td (bound, ) Tj ET Q q 0 0 0 rg BT 449.52 546.30 Td (hereby ) Tj ET Q q 0 0 0 rg BT 485.36 546.30 Td (irrevocably ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 531.90 Td (and ) Tj ET Q q 0 0 0 rg BT 92.53 531.90 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 171.05 531.90 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 225.56 531.90 Td (to ) Tj ET Q q 0 0 0 rg BT 238.10 531.90 Td (the ) Tj ET Q q 0 0 0 rg BT 255.73 531.90 Td (V) Tj ET Q q 0 0 0 rg BT 263.06 531.90 Td (endor) Tj ET Q q 0 0 0 rg BT 289.90 531.90 Td (, ) Tj ET Q q 0 0 0 rg BT 296.11 531.90 Td (severally ) Tj ET Q q 0 0 0 rg BT 342.62 531.90 Td (and ) Tj ET Q q 0 0 0 rg BT 363.15 531.90 Td (not ) Tj ET Q q 0 0 0 rg BT 381.69 531.90 Td (jointly ) Tj ET Q q 0 0 0 rg BT 416.22 531.90 Td (with ) Tj ET Q q 0 0 0 rg BT 440.76 531.90 Td (any ) Tj ET Q q 0 0 0 rg BT 461.29 531.90 Td (other ) Tj ET Q q 0 0 0 rg BT 489.15 531.90 Td (Person, ) Tj ET Q q 0 0 0 rg BT 528.01 531.90 Td (on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 517.50 Td (the ) Tj ET Q q 0 0 0 rg BT 90.21 517.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 120.41 517.50 Td (and ) Tj ET Q q 0 0 0 rg BT 141.28 517.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 178.82 517.50 Td (to ) Tj ET Q q 0 0 0 rg BT 191.70 517.50 Td (the ) Tj ET Q q 0 0 0 rg BT 209.90 517.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 263.44 517.50 Td (set ) Tj ET Q q 0 0 0 rg BT 280.32 517.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 307.19 517.50 Td (herein, ) Tj ET Q q 0 0 0 rg BT 343.72 517.50 Td (the ) Tj ET Q q 0 0 0 rg BT 361.92 517.50 Td (payment, ) Tj ET Q q 0 0 0 rg BT 409.79 517.50 Td (if ) Tj ET Q q 0 0 0 rg BT 420.66 517.50 Td (and ) Tj ET Q q 0 0 0 rg BT 441.53 517.50 Td (when ) Tj ET Q q 0 0 0 rg BT 471.07 517.50 Td (due, ) Tj ET Q q 0 0 0 rg BT 494.94 517.50 Td (of ) Tj ET Q q 0 0 0 rg BT 508.48 517.50 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 525.35 517.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 148.01 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 169.38 503.10 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 249.39 503.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 306.76 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.79 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.49 503.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 390.84 503.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 436.21 503.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 452.58 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.94 503.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 511.97 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.34 503.10 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 488.70 Td (limitations ) Tj ET Q q 0 0 0 rg BT 125.78 488.70 Td (of, ) Tj ET Q q 0 0 0 rg BT 141.22 488.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 179.66 488.70 Td (2.6\(e\), ) Tj ET Q q 0 0 0 rg BT 213.43 488.70 Td ( ) Tj ET Q q 0 0 0 rg BT 215.87 488.70 Td (the ) Tj ET Q q 0 0 0 rg BT 232.98 488.70 Td (last ) Tj ET Q q 0 0 0 rg BT 252.09 488.70 Td (sentence ) Tj ET Q q 0 0 0 rg BT 295.85 488.70 Td (of ) Tj ET Q q 0 0 0 rg BT 308.29 488.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 346.73 488.70 Td (5.3\(d\) ) Tj ET Q q 0 0 0 rg BT 378.17 488.70 Td (and ) Tj ET Q q 0 0 0 rg BT 397.94 488.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 436.38 488.70 Td (5.3\(e\) ) Tj ET Q q 0 0 0 rg BT 467.14 488.70 Td (of ) Tj ET Q q 0 0 0 rg BT 479.59 488.70 Td (the ) Tj ET Q q 0 0 0 rg BT 496.69 488.70 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 474.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 128.64 474.30 Td (in ) Tj ET Q q 0 0 0 rg BT 141.31 474.30 Td (the ) Tj ET Q q 0 0 0 rg BT 159.30 474.30 Td (event ) Tj ET Q q 0 0 0 rg BT 188.62 474.30 Td (the ) Tj ET Q q 0 0 0 rg BT 206.61 474.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 252.53 474.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 309.17 474.30 Td (is ) Tj ET Q q 0 0 0 rg BT 320.50 474.30 Td (terminated ) Tj ET Q q 0 0 0 rg BT 375.15 474.30 Td (and ) Tj ET Q q 0 0 0 rg BT 395.81 474.30 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 413.13 474.30 Td (the ) Tj ET Q q 0 0 0 rg BT 431.12 474.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 481.53 474.30 Td (T) Tj ET Q q 0 0 0 rg BT 488.02 474.30 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 459.90 Td (Fee, ) Tj ET Q q 0 0 0 rg BT 95.67 459.90 Td (less ) Tj ET Q q 0 0 0 rg BT 117.01 459.90 Td (the ) Tj ET Q q 0 0 0 rg BT 135.01 459.90 Td (Deposit, ) Tj ET Q q 0 0 0 rg BT 178.68 459.90 Td ( ) Tj ET Q q 0 0 0 rg BT 182.02 459.90 Td (and ) Tj ET Q q 0 0 0 rg BT 202.68 459.90 Td (any ) Tj ET Q q 0 0 0 rg BT 223.35 459.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 267.35 459.90 Td (owing ) Tj ET Q q 0 0 0 rg BT 300.69 459.90 Td (from ) Tj ET Q q 0 0 0 rg BT 327.36 459.90 Td (the ) Tj ET Q q 0 0 0 rg BT 345.36 459.90 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 396.01 459.90 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 440.68 459.90 Td (to ) Tj ET Q q 0 0 0 rg BT 453.35 459.90 Td (Section ) Tj ET Q q 0 0 0 rg BT 492.69 459.90 Td (7.3\(d\), ) Tj ET Q q 0 0 0 rg BT 528.02 459.90 Td (by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.50 Td (the ) Tj ET Q q 0 0 0 rg BT 89.63 445.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 139.91 445.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 166.88 445.50 Td (the ) Tj ET Q q 0 0 0 rg BT 184.51 445.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 214.13 445.50 Td (and ) Tj ET Q q 0 0 0 rg BT 234.43 445.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 271.39 445.50 Td (to ) Tj ET Q q 0 0 0 rg BT 283.69 445.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.32 445.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 354.28 445.50 Td (set ) Tj ET Q q 0 0 0 rg BT 370.58 445.50 Td (forth ) Tj ET Q q 0 0 0 rg BT 396.87 445.50 Td (in ) Tj ET Q q 0 0 0 rg BT 409.17 445.50 Td (Section ) Tj ET Q q 0 0 0 rg BT 448.14 445.50 Td (7.3 ) Tj ET Q q 0 0 0 rg BT 466.10 445.50 Td (of ) Tj ET Q q 0 0 0 rg BT 479.07 445.50 Td (the ) Tj ET Q q 0 0 0 rg BT 496.70 445.50 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 131.81 431.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 164.31 431.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 227.15 431.10 Td (collectively) Tj ET Q q 0 0 0 rg BT 282.35 431.10 Td (, ) Tj ET Q q 0 0 0 rg BT 291.85 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.02 431.10 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 318.34619140625 429.500390625 m 374.34423828125 429.500390625 l s q 0 0 0 rg BT 318.35 431.10 Td (Obligations) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 374.34 431.10 Td (\); ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 393.5068359375 429.500390625 m 436.1630859375 429.500390625 l s q 0 0 0 rg BT 393.51 431.10 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 436.16 431.10 Td (, ) Tj ET Q q 0 0 0 rg BT 445.67 431.10 Td (that ) Tj ET Q q 0 0 0 rg BT 470.17 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.34 431.10 Td (maximum ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 416.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 122.62 416.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 163.94 416.70 Td (of ) Tj ET Q q 0 0 0 rg BT 177.92 416.70 Td (the ) Tj ET Q q 0 0 0 rg BT 196.56 416.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 249.19 416.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 275.84 416.70 Td (in ) Tj ET Q q 0 0 0 rg BT 289.16 416.70 Td (no ) Tj ET Q q 0 0 0 rg BT 305.15 416.70 Td (event ) Tj ET Q q 0 0 0 rg BT 335.12 416.70 Td (exceed ) Tj ET Q q 0 0 0 rg BT 372.41 416.70 Td ($8,750,000 ) Tj ET Q q 0 0 0 rg BT 430.40 416.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 453.04 416.70 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 458.3671875 415.100390625 m 477.697265625 415.100390625 l s q 0 0 0 rg BT 458.37 416.70 Td (Cap) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 477.70 416.70 Td (\); ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 494.33935546875 415.100390625 m 536.99560546875 415.100390625 l s q 0 0 0 rg BT 494.34 416.70 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 537.00 416.70 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 400.700390625 m 104.408203125 400.700390625 l s q 0 0 0 rg BT 72.00 402.30 Td (further) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 104.17 402.30 Td (, ) Tj ET Q q 0 0 0 rg BT 109.19 402.30 Td (that ) Tj ET Q q 0 0 0 rg BT 129.20 402.30 Td (the ) Tj ET Q q 0 0 0 rg BT 145.87 402.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 196.54 402.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 221.22 402.30 Td (not ) Tj ET Q q 0 0 0 rg BT 238.57 402.30 Td (be ) Tj ET Q q 0 0 0 rg BT 251.91 402.30 Td (liable ) Tj ET Q q 0 0 0 rg BT 280.58 402.30 Td (for ) Tj ET Q q 0 0 0 rg BT 296.59 402.30 Td (any ) Tj ET Q q 0 0 0 rg BT 315.93 402.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 353.95 402.30 Td (in ) Tj ET Q q 0 0 0 rg BT 365.30 402.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 398.63 402.30 Td (of ) Tj ET Q q 0 0 0 rg BT 410.65 402.30 Td (50% ) Tj ET Q q 0 0 0 rg BT 434.66 402.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 455.33 402.30 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 460.658203125 400.700390625 m 530.6748046875 400.700390625 l s q 0 0 0 rg BT 460.66 402.30 Td (Pro ) Tj ET Q q 0 0 0 rg BT 479.35 402.30 Td (Rata ) Tj ET Q q 0 0 0 rg BT 503.35 402.30 Td (Share) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 530.67 402.30 Td (\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 387.90 Td (of ) Tj ET Q q 0 0 0 rg BT 85.43 387.90 Td (any ) Tj ET Q q 0 0 0 rg BT 106.18 387.90 Td (Obligation. ) Tj ET Q q 0 0 0 rg BT 163.94 387.90 Td ( ) Tj ET Q q 0 0 0 rg BT 167.13 387.90 Td (The ) Tj ET Q q 0 0 0 rg BT 188.96 387.90 Td (V) Tj ET Q q 0 0 0 rg BT 196.30 387.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 227.05 387.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 263.13 387.90 Td (agrees ) Tj ET Q q 0 0 0 rg BT 297.21 387.90 Td (that ) Tj ET Q q 0 0 0 rg BT 318.63 387.90 Td (in ) Tj ET Q q 0 0 0 rg BT 331.40 387.90 Td (no ) Tj ET Q q 0 0 0 rg BT 346.83 387.90 Td (event ) Tj ET Q q 0 0 0 rg BT 376.24 387.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 402.34 387.90 Td (the ) Tj ET Q q 0 0 0 rg BT 420.43 387.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 472.50 387.90 Td (be ) Tj ET Q q 0 0 0 rg BT 487.26 387.90 Td (required ) Tj ET Q q 0 0 0 rg BT 530.67 387.90 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 373.50 Td (pay ) Tj ET Q q 0 0 0 rg BT 93.62 373.50 Td (to ) Tj ET Q q 0 0 0 rg BT 107.25 373.50 Td (any ) Tj ET Q q 0 0 0 rg BT 128.88 373.50 Td (Person ) Tj ET Q q 0 0 0 rg BT 165.84 373.50 Td (or ) Tj ET Q q 0 0 0 rg BT 180.13 373.50 Td (Persons ) Tj ET Q q 0 0 0 rg BT 221.76 373.50 Td (under ) Tj ET Q q 0 0 0 rg BT 253.38 373.50 Td (this ) Tj ET Q q 0 0 0 rg BT 275.02 373.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 317.30 373.50 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 370.90 373.50 Td (an ) Tj ET Q q 0 0 0 rg BT 386.52 373.50 Td (amount, ) Tj ET Q q 0 0 0 rg BT 429.81 373.50 Td (together ) Tj ET Q q 0 0 0 rg BT 473.43 373.50 Td (with ) Tj ET Q q 0 0 0 rg BT 499.06 373.50 Td (all ) Tj ET Q q 0 0 0 rg BT 515.35 373.50 Td (other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 359.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 115.14 359.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 138.27 359.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.74 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 165.21 359.10 Td (on ) Tj ET Q q 0 0 0 rg BT 179.68 359.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 212.13 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.60 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.73 359.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 292.84 359.10 Td (hereunder) Tj ET Q q 0 0 0 rg BT 340.33 359.10 Td (, ) Tj ET Q q 0 0 0 rg BT 345.81 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.61 359.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 391.40 359.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.87 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.00 359.10 Td (Cap ) Tj ET Q q 0 0 0 rg BT 442.80 359.10 Td (or ) Tj ET Q q 0 0 0 rg BT 455.27 359.10 Td (its ) Tj ET Q q 0 0 0 rg BT 469.08 359.10 Td (Pro ) Tj ET Q q 0 0 0 rg BT 488.22 359.10 Td (Rata ) Tj ET Q q 0 0 0 rg BT 512.68 359.10 Td (Share ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 344.70 Td (of ) Tj ET Q q 0 0 0 rg BT 85.50 344.70 Td (any ) Tj ET Q q 0 0 0 rg BT 106.34 344.70 Td (Obligations, ) Tj ET Q q 0 0 0 rg BT 168.85 344.70 Td (it ) Tj ET Q q 0 0 0 rg BT 179.02 344.70 Td (being ) Tj ET Q q 0 0 0 rg BT 209.19 344.70 Td (understood ) Tj ET Q q 0 0 0 rg BT 266.02 344.70 Td (that ) Tj ET Q q 0 0 0 rg BT 287.53 344.70 Td (this ) Tj ET Q q 0 0 0 rg BT 308.37 344.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 349.87 344.70 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 402.68 344.70 Td (may ) Tj ET Q q 0 0 0 rg BT 426.85 344.70 Td (not ) Tj ET Q q 0 0 0 rg BT 445.69 344.70 Td (be ) Tj ET Q q 0 0 0 rg BT 460.53 344.70 Td (enforced ) Tj ET Q q 0 0 0 rg BT 506.01 344.70 Td (against ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 89.40 330.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 140.77 330.30 Td (without ) Tj ET Q q 0 0 0 rg BT 180.18 330.30 Td (giving ) Tj ET Q q 0 0 0 rg BT 213.58 330.30 Td (ef) Tj ET Q q 0 0 0 rg BT 222.69 330.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 243.40 330.30 Td (to ) Tj ET Q q 0 0 0 rg BT 255.47 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 272.87 330.30 Td (Cap ) Tj ET Q q 0 0 0 rg BT 294.93 330.30 Td (or ) Tj ET Q q 0 0 0 rg BT 307.66 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 325.06 330.30 Td (second ) Tj ET Q q 0 0 0 rg BT 361.11 330.30 Td (proviso ) Tj ET Q q 0 0 0 rg BT 399.85 330.30 Td (of ) Tj ET Q q 0 0 0 rg BT 412.58 330.30 Td (the ) Tj ET Q q 0 0 0 rg BT 429.98 330.30 Td (immediately ) Tj ET Q q 0 0 0 rg BT 492.69 330.30 Td (preceding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 315.90 Td (sentence, ) Tj ET Q q 0 0 0 rg BT 119.53 315.90 Td (and ) Tj ET Q q 0 0 0 rg BT 140.08 315.90 Td (that ) Tj ET Q q 0 0 0 rg BT 161.29 315.90 Td (neither ) Tj ET Q q 0 0 0 rg BT 197.83 315.90 Td (the ) Tj ET Q q 0 0 0 rg BT 215.71 315.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 267.58 315.90 Td (nor ) Tj ET Q q 0 0 0 rg BT 286.79 315.90 Td (any ) Tj ET Q q 0 0 0 rg BT 307.34 315.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 359.21 315.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 399.08 315.90 Td (Party ) Tj ET Q q 0 0 0 rg BT 427.63 315.90 Td (\(as ) Tj ET Q q 0 0 0 rg BT 444.84 315.90 Td (hereinafter ) Tj ET Q q 0 0 0 rg BT 500.03 315.90 Td (defined\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 301.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 97.42 301.50 Td (have ) Tj ET Q q 0 0 0 rg BT 122.82 301.50 Td (any ) Tj ET Q q 0 0 0 rg BT 142.90 301.50 Td (obligation ) Tj ET Q q 0 0 0 rg BT 194.31 301.50 Td (or ) Tj ET Q q 0 0 0 rg BT 207.06 301.50 Td (liability ) Tj ET Q q 0 0 0 rg BT 247.14 301.50 Td (to ) Tj ET Q q 0 0 0 rg BT 259.22 301.50 Td (any ) Tj ET Q q 0 0 0 rg BT 279.30 301.50 Td (Person ) Tj ET Q q 0 0 0 rg BT 314.72 301.50 Td (relating ) Tj ET Q q 0 0 0 rg BT 354.12 301.50 Td (to, ) Tj ET Q q 0 0 0 rg BT 369.20 301.50 Td (arising ) Tj ET Q q 0 0 0 rg BT 404.61 301.50 Td (out ) Tj ET Q q 0 0 0 rg BT 422.70 301.50 Td (of ) Tj ET Q q 0 0 0 rg BT 435.45 301.50 Td (or ) Tj ET Q q 0 0 0 rg BT 448.19 301.50 Td (in ) Tj ET Q q 0 0 0 rg BT 460.28 301.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 515.67 301.50 Td (with, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 287.10 Td (this ) Tj ET Q q 0 0 0 rg BT 93.45 287.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 135.56 287.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 188.97 287.10 Td (or) Tj ET Q q 0 0 0 rg BT 198.49 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 205.60 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.05 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.82 287.10 Td (case ) Tj ET Q q 0 0 0 rg BT 262.58 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.69 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.46 287.10 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 343.63 287.10 Td (, ) Tj ET Q q 0 0 0 rg BT 350.74 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.52 287.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 416.04 287.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 476.46 287.10 Td (other ) Tj ET Q q 0 0 0 rg BT 505.23 287.10 Td (than ) Tj ET Q q 0 0 0 rg BT 530.00 287.10 Td (as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 272.70 Td (expressly ) Tj ET Q q 0 0 0 rg BT 119.37 272.70 Td (set ) Tj ET Q q 0 0 0 rg BT 134.76 272.70 Td (forth ) Tj ET Q q 0 0 0 rg BT 160.14 272.70 Td (herein. ) Tj ET Q q 0 0 0 rg BT 195.02 272.70 Td (The ) Tj ET Q q 0 0 0 rg BT 215.58 272.70 Td (V) Tj ET Q q 0 0 0 rg BT 222.92 272.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 252.29 272.70 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 322.32 272.70 Td (that ) Tj ET Q q 0 0 0 rg BT 342.37 272.70 Td (in ) Tj ET Q q 0 0 0 rg BT 353.75 272.70 Td (the ) Tj ET Q q 0 0 0 rg BT 370.46 272.70 Td (event ) Tj ET Q q 0 0 0 rg BT 398.50 272.70 Td (the ) Tj ET Q q 0 0 0 rg BT 415.21 272.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 464.58 272.70 Td (has ) Tj ET Q q 0 0 0 rg BT 482.63 272.70 Td (not ) Tj ET Q q 0 0 0 rg BT 500.02 272.70 Td (satisfied ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 258.30 Td (all ) Tj ET Q q 0 0 0 rg BT 86.07 258.30 Td (or ) Tj ET Q q 0 0 0 rg BT 98.14 258.30 Td (a ) Tj ET Q q 0 0 0 rg BT 105.54 258.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 142.28 258.30 Td (of ) Tj ET Q q 0 0 0 rg BT 154.35 258.30 Td (the ) Tj ET Q q 0 0 0 rg BT 171.08 258.30 Td (Obligations, ) Tj ET Q q 0 0 0 rg BT 232.15 258.30 Td (indefeasible ) Tj ET Q q 0 0 0 rg BT 292.20 258.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 335.60 258.30 Td (of ) Tj ET Q q 0 0 0 rg BT 347.67 258.30 Td (the ) Tj ET Q q 0 0 0 rg BT 364.40 258.30 Td (unsatisfied ) Tj ET Q q 0 0 0 rg BT 418.46 258.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 455.20 258.30 Td (of ) Tj ET Q q 0 0 0 rg BT 467.27 258.30 Td (the ) Tj ET Q q 0 0 0 rg BT 484.01 258.30 Td (Obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 243.90 Td (by ) Tj ET Q q 0 0 0 rg BT 86.15 243.90 Td (any ) Tj ET Q q 0 0 0 rg BT 105.62 243.90 Td (other ) Tj ET Q q 0 0 0 rg BT 132.42 243.90 Td (Person ) Tj ET Q q 0 0 0 rg BT 167.24 243.90 Td (on ) Tj ET Q q 0 0 0 rg BT 181.39 243.90 Td (behalf ) Tj ET Q q 0 0 0 rg BT 213.52 243.90 Td (of ) Tj ET Q q 0 0 0 rg BT 225.66 243.90 Td (the ) Tj ET Q q 0 0 0 rg BT 242.47 243.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 293.26 243.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 318.07 243.90 Td (constitute ) Tj ET Q q 0 0 0 rg BT 366.88 243.90 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 423.67 243.90 Td (in ) Tj ET Q q 0 0 0 rg BT 435.16 243.90 Td (full ) Tj ET Q q 0 0 0 rg BT 453.97 243.90 Td (of ) Tj ET Q q 0 0 0 rg BT 466.11 243.90 Td (the ) Tj ET Q q 0 0 0 rg BT 482.92 243.90 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 532.01 243.90 Td () Tj ET Q q 0 0 0 rg BT 535.34 243.90 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 229.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 129.15 229.50 Td (with ) Tj ET Q q 0 0 0 rg BT 154.31 229.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 192.11 229.50 Td (thereto. ) Tj ET Q q 0 0 0 rg BT 232.24 229.50 Td ( ) Tj ET Q q 0 0 0 rg BT 235.22 229.50 Td (All ) Tj ET Q q 0 0 0 rg BT 254.37 229.50 Td (payments ) Tj ET Q q 0 0 0 rg BT 304.18 229.50 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 355.98 229.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 382.46 229.50 Td (be ) Tj ET Q q 0 0 0 rg BT 397.61 229.50 Td (made ) Tj ET Q q 0 0 0 rg BT 427.41 229.50 Td (in ) Tj ET Q q 0 0 0 rg BT 440.57 229.50 Td (lawful ) Tj ET Q q 0 0 0 rg BT 475.04 229.50 Td (money ) Tj ET Q q 0 0 0 rg BT 511.52 229.50 Td (of ) Tj ET Q q 0 0 0 rg BT 525.34 229.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 215.10 Td (United ) Tj ET Q q 0 0 0 rg BT 107.66 215.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 142.32 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.66 215.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 217.64 215.10 Td (available ) Tj ET Q q 0 0 0 rg BT 263.95 215.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 296.61 215.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 188.70 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 188.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 187.10039062500005 m 262.107421875 187.10039062500005 l s q 0 0 0 rg BT 126.00 188.70 Td (T) Tj ET Q q 0 0 0 rg BT 132.49 188.70 Td (erms ) Tj ET Q q 0 0 0 rg BT 158.82 188.70 Td (of ) Tj ET Q q 0 0 0 rg BT 171.81 188.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 212.81 188.70 Td (Guarantee) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 262.11 188.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 162.30 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.32 162.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 162.30 Td (This ) Tj ET Q q 0 0 0 rg BT 204.18 162.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 245.02 162.30 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 297.16 162.30 Td (is ) Tj ET Q q 0 0 0 rg BT 308.01 162.30 Td (one ) Tj ET Q q 0 0 0 rg BT 328.18 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 341.02 162.30 Td (payment, ) Tj ET Q q 0 0 0 rg BT 388.19 162.30 Td (not ) Tj ET Q q 0 0 0 rg BT 406.37 162.30 Td (of ) Tj ET Q q 0 0 0 rg BT 419.21 162.30 Td (collection, ) Tj ET Q q 0 0 0 rg BT 472.37 162.30 Td (and ) Tj ET Q q 0 0 0 rg BT 492.54 162.30 Td (a ) Tj ET Q q 0 0 0 rg BT 500.71 162.30 Td (separate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 147.90 Td (action ) Tj ET Q q 0 0 0 rg BT 105.47 147.90 Td (or ) Tj ET Q q 0 0 0 rg BT 119.62 147.90 Td (actions ) Tj ET Q q 0 0 0 rg BT 157.77 147.90 Td (may ) Tj ET Q q 0 0 0 rg BT 182.58 147.90 Td (be ) Tj ET Q q 0 0 0 rg BT 198.06 147.90 Td (brought ) Tj ET Q q 0 0 0 rg BT 239.54 147.90 Td (and ) Tj ET Q q 0 0 0 rg BT 261.02 147.90 Td (prosecuted ) Tj ET Q q 0 0 0 rg BT 317.15 147.90 Td (against ) Tj ET Q q 0 0 0 rg BT 355.29 147.90 Td (the ) Tj ET Q q 0 0 0 rg BT 374.11 147.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 426.90 147.90 Td (to ) Tj ET Q q 0 0 0 rg BT 440.39 147.90 Td (enforce ) Tj ET Q q 0 0 0 rg BT 480.51 147.90 Td (this ) Tj ET Q q 0 0 0 rg BT 502.00 147.90 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 133.50 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 128.90 133.50 Td (irrespective ) Tj ET Q q 0 0 0 rg BT 189.47 133.50 Td (of ) Tj ET Q q 0 0 0 rg BT 204.07 133.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 247.32 133.50 Td (any ) Tj ET Q q 0 0 0 rg BT 269.25 133.50 Td (action ) Tj ET Q q 0 0 0 rg BT 303.18 133.50 Td (is ) Tj ET Q q 0 0 0 rg BT 315.78 133.50 Td (brought ) Tj ET Q q 0 0 0 rg BT 357.71 133.50 Td (against ) Tj ET Q q 0 0 0 rg BT 396.31 133.50 Td (the ) Tj ET Q q 0 0 0 rg BT 415.57 133.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 467.49 133.50 Td (or ) Tj ET Q q 0 0 0 rg BT 482.09 133.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 525.34 133.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 119.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 122.31 119.10 Td (is ) Tj ET Q q 0 0 0 rg BT 133.32 119.10 Td (joined ) Tj ET Q q 0 0 0 rg BT 166.31 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.65 119.10 Td (any ) Tj ET Q q 0 0 0 rg BT 198.97 119.10 Td (such ) Tj ET Q q 0 0 0 rg BT 223.97 119.10 Td (action ) Tj ET Q q 0 0 0 rg BT 256.29 119.10 Td (or ) Tj ET Q q 0 0 0 rg BT 269.29 119.10 Td (actions.) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (2) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 711.70 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.99 711.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 711.70 Td (Except ) Tj ET Q q 0 0 0 rg BT 215.54 711.70 Td (as ) Tj ET Q q 0 0 0 rg BT 227.76 711.70 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 276.63 711.70 Td (provided ) Tj ET Q q 0 0 0 rg BT 321.51 711.70 Td (herein, ) Tj ET Q q 0 0 0 rg BT 356.71 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 373.60 711.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 413.15 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 425.37 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 442.25 711.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 493.12 711.70 Td (under ) Tj ET Q q 0 0 0 rg BT 522.66 711.70 Td (this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 114.68 697.30 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 168.67 697.30 Td (shall, ) Tj ET Q q 0 0 0 rg BT 199.02 697.30 Td (to ) Tj ET Q q 0 0 0 rg BT 213.04 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 232.39 697.30 Td (fullest ) Tj ET Q q 0 0 0 rg BT 267.07 697.30 Td (extent ) Tj ET Q q 0 0 0 rg BT 301.07 697.30 Td (permitted ) Tj ET Q q 0 0 0 rg BT 351.75 697.30 Td (under ) Tj ET Q q 0 0 0 rg BT 383.76 697.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 437.75 697.30 Td (law) Tj ET Q q 0 0 0 rg BT 454.30 697.30 Td (, ) Tj ET Q q 0 0 0 rg BT 461.98 697.30 Td (be ) Tj ET Q q 0 0 0 rg BT 478.00 697.30 Td (absolute ) Tj ET Q q 0 0 0 rg BT 522.67 697.30 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (unconditional ) Tj ET Q q 0 0 0 rg BT 140.99 682.90 Td (irrespective ) Tj ET Q q 0 0 0 rg BT 199.96 682.90 Td (of:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 656.50 Td (\(i\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.33 656.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.00 656.50 Td (any ) Tj ET Q q 0 0 0 rg BT 236.24 656.50 Td (change ) Tj ET Q q 0 0 0 rg BT 273.13 656.50 Td (in ) Tj ET Q q 0 0 0 rg BT 285.38 656.50 Td (the ) Tj ET Q q 0 0 0 rg BT 302.95 656.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 351.17 656.50 Td (existence, ) Tj ET Q q 0 0 0 rg BT 401.73 656.50 Td (structure ) Tj ET Q q 0 0 0 rg BT 446.62 656.50 Td (or ) Tj ET Q q 0 0 0 rg BT 459.53 656.50 Td (ownership ) Tj ET Q q 0 0 0 rg BT 512.44 656.50 Td (of ) Tj ET Q q 0 0 0 rg BT 525.35 656.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 642.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 158.41 642.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.50 642.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.26 642.10 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 237.42 642.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.52 642.10 Td (or ) Tj ET Q q 0 0 0 rg BT 256.61 642.10 Td (any ) Tj ET Q q 0 0 0 rg BT 277.04 642.10 Td (insolvency) Tj ET Q q 0 0 0 rg BT 328.25 642.10 Td (, ) Tj ET Q q 0 0 0 rg BT 334.34 642.10 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 387.55 642.10 Td (, ) Tj ET Q q 0 0 0 rg BT 393.64 642.10 Td (reor) Tj ET Q q 0 0 0 rg BT 412.75 642.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 465.82 642.10 Td (or ) Tj ET Q q 0 0 0 rg BT 478.92 642.10 Td (other ) Tj ET Q q 0 0 0 rg BT 506.67 642.10 Td (similar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 627.70 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 164.31 627.70 Td (af) Tj ET Q q 0 0 0 rg BT 173.41 627.70 Td (fecting ) Tj ET Q q 0 0 0 rg BT 209.73 627.70 Td (the ) Tj ET Q q 0 0 0 rg BT 227.39 627.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 277.71 627.70 Td (or ) Tj ET Q q 0 0 0 rg BT 290.70 627.70 Td (the ) Tj ET Q q 0 0 0 rg BT 308.36 627.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 360.01 627.70 Td (or ) Tj ET Q q 0 0 0 rg BT 373.00 627.70 Td (any ) Tj ET Q q 0 0 0 rg BT 393.33 627.70 Td (of ) Tj ET Q q 0 0 0 rg BT 406.32 627.70 Td (their ) Tj ET Q q 0 0 0 rg BT 431.31 627.70 Td (respective ) Tj ET Q q 0 0 0 rg BT 482.95 627.70 Td (assets;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 601.30 Td (\(ii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.66 601.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.00 601.30 Td (any ) Tj ET Q q 0 0 0 rg BT 236.27 601.30 Td (waiver) Tj ET Q q 0 0 0 rg BT 268.44 601.30 Td (, ) Tj ET Q q 0 0 0 rg BT 274.39 601.30 Td (amendment ) Tj ET Q q 0 0 0 rg BT 333.32 601.30 Td (or ) Tj ET Q q 0 0 0 rg BT 346.26 601.30 Td (modification ) Tj ET Q q 0 0 0 rg BT 410.53 601.30 Td (of ) Tj ET Q q 0 0 0 rg BT 423.47 601.30 Td (the ) Tj ET Q q 0 0 0 rg BT 441.08 601.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 486.69 601.30 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 586.90 Td (in ) Tj ET Q q 0 0 0 rg BT 120.60 586.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 177.83 586.90 Td (with ) Tj ET Q q 0 0 0 rg BT 202.43 586.90 Td (its ) Tj ET Q q 0 0 0 rg BT 217.04 586.90 Td (terms, ) Tj ET Q q 0 0 0 rg BT 249.97 586.90 Td (or ) Tj ET Q q 0 0 0 rg BT 263.23 586.90 Td (change ) Tj ET Q q 0 0 0 rg BT 300.48 586.90 Td (in ) Tj ET Q q 0 0 0 rg BT 313.08 586.90 Td (the ) Tj ET Q q 0 0 0 rg BT 331.01 586.90 Td (time, ) Tj ET Q q 0 0 0 rg BT 358.61 586.90 Td (manner) Tj ET Q q 0 0 0 rg BT 394.11 586.90 Td (, ) Tj ET Q q 0 0 0 rg BT 400.38 586.90 Td (place ) Tj ET Q q 0 0 0 rg BT 428.96 586.90 Td (or ) Tj ET Q q 0 0 0 rg BT 442.23 586.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 472.16 586.90 Td (of ) Tj ET Q q 0 0 0 rg BT 485.43 586.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 530.02 586.90 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 572.50 Td (performance, ) Tj ET Q q 0 0 0 rg BT 173.93 572.50 Td (or ) Tj ET Q q 0 0 0 rg BT 186.22 572.50 Td (any ) Tj ET Q q 0 0 0 rg BT 205.85 572.50 Td (change ) Tj ET Q q 0 0 0 rg BT 242.13 572.50 Td (or ) Tj ET Q q 0 0 0 rg BT 254.42 572.50 Td (extension ) Tj ET Q q 0 0 0 rg BT 302.71 572.50 Td (of ) Tj ET Q q 0 0 0 rg BT 315.01 572.50 Td (the ) Tj ET Q q 0 0 0 rg BT 331.97 572.50 Td (time ) Tj ET Q q 0 0 0 rg BT 355.60 572.50 Td (of ) Tj ET Q q 0 0 0 rg BT 367.89 572.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 411.51 572.50 Td (or ) Tj ET Q q 0 0 0 rg BT 423.81 572.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 486.74 572.50 Td (of, ) Tj ET Q q 0 0 0 rg BT 502.03 572.50 Td (renewal ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 558.10 Td (or ) Tj ET Q q 0 0 0 rg BT 119.73 558.10 Td (alteration ) Tj ET Q q 0 0 0 rg BT 166.77 558.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 181.49 558.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.88 558.10 Td (Obligations, ) Tj ET Q q 0 0 0 rg BT 258.61 558.10 Td (any ) Tj ET Q q 0 0 0 rg BT 277.67 558.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 316.73 558.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 358.44 558.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 396.82 558.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.54 558.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 456.26 558.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.32 558.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 503.03 558.10 Td (thereof, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 543.70 Td (or ) Tj ET Q q 0 0 0 rg BT 121.64 543.70 Td (any ) Tj ET Q q 0 0 0 rg BT 142.62 543.70 Td (agreement ) Tj ET Q q 0 0 0 rg BT 196.23 543.70 Td (entered ) Tj ET Q q 0 0 0 rg BT 235.19 543.70 Td (into ) Tj ET Q q 0 0 0 rg BT 257.50 543.70 Td (by ) Tj ET Q q 0 0 0 rg BT 273.15 543.70 Td (the ) Tj ET Q q 0 0 0 rg BT 291.20 543.70 Td (V) Tj ET Q q 0 0 0 rg BT 298.53 543.70 Td (endor) Tj ET Q q 0 0 0 rg BT 325.37 543.70 Td (, ) Tj ET Q q 0 0 0 rg BT 332.02 543.70 Td (on ) Tj ET Q q 0 0 0 rg BT 347.67 543.70 Td (the ) Tj ET Q q 0 0 0 rg BT 365.98 543.70 Td (one ) Tj ET Q q 0 0 0 rg BT 386.95 543.70 Td (hand, ) Tj ET Q q 0 0 0 rg BT 416.92 543.70 Td (and ) Tj ET Q q 0 0 0 rg BT 437.90 543.70 Td (the ) Tj ET Q q 0 0 0 rg BT 456.21 543.70 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 503.04 543.70 Td (, ) Tj ET Q q 0 0 0 rg BT 509.69 543.70 Td (on ) Tj ET Q q 0 0 0 rg BT 525.33 543.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 529.30 Td (other ) Tj ET Q q 0 0 0 rg BT 135.66 529.30 Td (hand;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 502.90 Td (\(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.99 502.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.00 502.90 Td (the ) Tj ET Q q 0 0 0 rg BT 234.16 502.90 Td (existence ) Tj ET Q q 0 0 0 rg BT 282.30 502.90 Td (of ) Tj ET Q q 0 0 0 rg BT 295.80 502.90 Td (any ) Tj ET Q q 0 0 0 rg BT 316.63 502.90 Td (claim, ) Tj ET Q q 0 0 0 rg BT 349.78 502.90 Td (set ) Tj ET Q q 0 0 0 rg BT 366.62 502.90 Td (of) Tj ET Q q 0 0 0 rg BT 376.39 502.90 Td (f ) Tj ET Q q 0 0 0 rg BT 383.89 502.90 Td (or ) Tj ET Q q 0 0 0 rg BT 397.39 502.90 Td (other ) Tj ET Q q 0 0 0 rg BT 425.55 502.90 Td (right ) Tj ET Q q 0 0 0 rg BT 451.71 502.90 Td (that ) Tj ET Q q 0 0 0 rg BT 473.21 502.90 Td (the ) Tj ET Q q 0 0 0 rg BT 491.37 502.90 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 488.50 Td (may ) Tj ET Q q 0 0 0 rg BT 131.72 488.50 Td (have ) Tj ET Q q 0 0 0 rg BT 157.43 488.50 Td (at ) Tj ET Q q 0 0 0 rg BT 169.14 488.50 Td (any ) Tj ET Q q 0 0 0 rg BT 189.53 488.50 Td (time ) Tj ET Q q 0 0 0 rg BT 213.91 488.50 Td (against ) Tj ET Q q 0 0 0 rg BT 250.96 488.50 Td (the ) Tj ET Q q 0 0 0 rg BT 268.68 488.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 319.05 488.50 Td (whether ) Tj ET Q q 0 0 0 rg BT 360.75 488.50 Td (in ) Tj ET Q q 0 0 0 rg BT 373.15 488.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 428.85 488.50 Td (with ) Tj ET Q q 0 0 0 rg BT 453.24 488.50 Td (the ) Tj ET Q q 0 0 0 rg BT 470.96 488.50 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 530.01 488.50 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 474.10 Td (otherwise; ) Tj ET Q q 0 0 0 rg BT 160.99 474.10 Td (or) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 447.70 Td (\(iv\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.33 447.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.00 447.70 Td (any ) Tj ET Q q 0 0 0 rg BT 235.41 447.70 Td (dischar) Tj ET Q q 0 0 0 rg BT 269.85 447.70 Td (ge ) Tj ET Q q 0 0 0 rg BT 283.26 447.70 Td (of ) Tj ET Q q 0 0 0 rg BT 295.34 447.70 Td (the ) Tj ET Q q 0 0 0 rg BT 312.09 447.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 362.82 447.70 Td (as ) Tj ET Q q 0 0 0 rg BT 374.90 447.70 Td (a ) Tj ET Q q 0 0 0 rg BT 382.31 447.70 Td (matter ) Tj ET Q q 0 0 0 rg BT 415.05 447.70 Td (of ) Tj ET Q q 0 0 0 rg BT 427.13 447.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 478.52 447.70 Td (law ) Tj ET Q q 0 0 0 rg BT 497.94 447.70 Td (or ) Tj ET Q q 0 0 0 rg BT 510.02 447.70 Td (equity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 433.30 Td (\(other ) Tj ET Q q 0 0 0 rg BT 140.05 433.30 Td (than ) Tj ET Q q 0 0 0 rg BT 164.11 433.30 Td (a ) Tj ET Q q 0 0 0 rg BT 172.83 433.30 Td (dischar) Tj ET Q q 0 0 0 rg BT 207.27 433.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 221.99 433.30 Td (of ) Tj ET Q q 0 0 0 rg BT 235.39 433.30 Td (the ) Tj ET Q q 0 0 0 rg BT 253.45 433.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 305.49 433.30 Td (with ) Tj ET Q q 0 0 0 rg BT 330.22 433.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 367.60 433.30 Td (to ) Tj ET Q q 0 0 0 rg BT 380.33 433.30 Td (the ) Tj ET Q q 0 0 0 rg BT 398.39 433.30 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 457.79 433.30 Td (as ) Tj ET Q q 0 0 0 rg BT 471.18 433.30 Td (a ) Tj ET Q q 0 0 0 rg BT 479.91 433.30 Td (result ) Tj ET Q q 0 0 0 rg BT 509.96 433.30 Td (of ) Tj ET Q q 0 0 0 rg BT 523.36 433.30 Td (\(A\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 418.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 152.26 418.90 Td (of ) Tj ET Q q 0 0 0 rg BT 165.19 418.90 Td (the ) Tj ET Q q 0 0 0 rg BT 182.79 418.90 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 241.73 418.90 Td (in ) Tj ET Q q 0 0 0 rg BT 254.00 418.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 310.89 418.90 Td (with ) Tj ET Q q 0 0 0 rg BT 335.17 418.90 Td (their ) Tj ET Q q 0 0 0 rg BT 360.09 418.90 Td (terms, ) Tj ET Q q 0 0 0 rg BT 392.69 418.90 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 411.63 418.90 Td (defenses ) Tj ET Q q 0 0 0 rg BT 455.88 418.90 Td (to ) Tj ET Q q 0 0 0 rg BT 468.15 418.90 Td (the ) Tj ET Q q 0 0 0 rg BT 485.75 418.90 Td (payment ) Tj ET Q q 0 0 0 rg BT 530.01 418.90 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 404.50 Td (the ) Tj ET Q q 0 0 0 rg BT 125.70 404.50 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 184.73 404.50 Td (that ) Tj ET Q q 0 0 0 rg BT 205.76 404.50 Td (would ) Tj ET Q q 0 0 0 rg BT 238.80 404.50 Td (be ) Tj ET Q q 0 0 0 rg BT 253.16 404.50 Td (available ) Tj ET Q q 0 0 0 rg BT 299.50 404.50 Td (to ) Tj ET Q q 0 0 0 rg BT 311.88 404.50 Td (the ) Tj ET Q q 0 0 0 rg BT 329.57 404.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 379.92 404.50 Td (under ) Tj ET Q q 0 0 0 rg BT 410.28 404.50 Td (the ) Tj ET Q q 0 0 0 rg BT 427.98 404.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 473.66 404.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 530.01 404.50 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 390.10 Td (\(C\) ) Tj ET Q q 0 0 0 rg BT 127.00 390.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.32 390.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 170.30 390.10 Td (by ) Tj ET Q q 0 0 0 rg BT 185.30 390.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.74 390.10 Td (V) Tj ET Q q 0 0 0 rg BT 210.08 390.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 240.40 390.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.39 390.10 Td (this ) Tj ET Q q 0 0 0 rg BT 273.73 390.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 314.72 390.10 Td (Guarantee\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 363.70 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.32 363.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 363.70 Td (The ) Tj ET Q q 0 0 0 rg BT 202.61 363.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 255.21 363.70 Td (hereby ) Tj ET Q q 0 0 0 rg BT 291.81 363.70 Td (waives ) Tj ET Q q 0 0 0 rg BT 329.09 363.70 Td (any ) Tj ET Q q 0 0 0 rg BT 350.37 363.70 Td (and ) Tj ET Q q 0 0 0 rg BT 371.65 363.70 Td (all ) Tj ET Q q 0 0 0 rg BT 387.59 363.70 Td (notice ) Tj ET Q q 0 0 0 rg BT 420.87 363.70 Td (of ) Tj ET Q q 0 0 0 rg BT 434.82 363.70 Td (the ) Tj ET Q q 0 0 0 rg BT 453.43 363.70 Td (creation, ) Tj ET Q q 0 0 0 rg BT 499.03 363.70 Td (renewal, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 349.30 Td (extension ) Tj ET Q q 0 0 0 rg BT 121.15 349.30 Td (or ) Tj ET Q q 0 0 0 rg BT 134.31 349.30 Td (accrual ) Tj ET Q q 0 0 0 rg BT 172.10 349.30 Td (of ) Tj ET Q q 0 0 0 rg BT 185.26 349.30 Td (the ) Tj ET Q q 0 0 0 rg BT 203.08 349.30 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 262.23 349.30 Td (and ) Tj ET Q q 0 0 0 rg BT 282.72 349.30 Td (notice ) Tj ET Q q 0 0 0 rg BT 315.20 349.30 Td (of ) Tj ET Q q 0 0 0 rg BT 328.35 349.30 Td (or ) Tj ET Q q 0 0 0 rg BT 341.51 349.30 Td (proof ) Tj ET Q q 0 0 0 rg BT 370.66 349.30 Td (of ) Tj ET Q q 0 0 0 rg BT 383.82 349.30 Td (reliance ) Tj ET Q q 0 0 0 rg BT 424.95 349.30 Td (by ) Tj ET Q q 0 0 0 rg BT 440.11 349.30 Td (the ) Tj ET Q q 0 0 0 rg BT 457.70 349.30 Td (V) Tj ET Q q 0 0 0 rg BT 465.03 349.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 495.52 349.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 522.68 349.30 Td (this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 334.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 113.56 334.90 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 166.42 334.90 Td (or ) Tj ET Q q 0 0 0 rg BT 179.98 334.90 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 236.16 334.90 Td (of ) Tj ET Q q 0 0 0 rg BT 249.72 334.90 Td (this ) Tj ET Q q 0 0 0 rg BT 270.62 334.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 312.18 334.90 Td (Guarantee. ) Tj ET Q q 0 0 0 rg BT 368.04 334.90 Td ( ) Tj ET Q q 0 0 0 rg BT 371.35 334.90 Td (The ) Tj ET Q q 0 0 0 rg BT 393.57 334.90 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 453.13 334.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 479.36 334.90 Td (conclusively ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 320.50 Td (be ) Tj ET Q q 0 0 0 rg BT 86.77 320.50 Td (deemed ) Tj ET Q q 0 0 0 rg BT 127.53 320.50 Td (to ) Tj ET Q q 0 0 0 rg BT 140.30 320.50 Td (have ) Tj ET Q q 0 0 0 rg BT 166.40 320.50 Td (been ) Tj ET Q q 0 0 0 rg BT 192.50 320.50 Td (created, ) Tj ET Q q 0 0 0 rg BT 233.58 320.50 Td (contracted ) Tj ET Q q 0 0 0 rg BT 286.99 320.50 Td (or ) Tj ET Q q 0 0 0 rg BT 300.43 320.50 Td (incurred ) Tj ET Q q 0 0 0 rg BT 343.85 320.50 Td (in ) Tj ET Q q 0 0 0 rg BT 356.63 320.50 Td (reliance ) Tj ET Q q 0 0 0 rg BT 398.04 320.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 425.48 320.50 Td (this ) Tj ET Q q 0 0 0 rg BT 446.27 320.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 487.70 320.50 Td (Guarantee, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 306.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.56 306.10 Td (all ) Tj ET Q q 0 0 0 rg BT 107.79 306.10 Td (dealings ) Tj ET Q q 0 0 0 rg BT 151.02 306.10 Td (between ) Tj ET Q q 0 0 0 rg BT 194.23 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.13 306.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 262.68 306.10 Td (or ) Tj ET Q q 0 0 0 rg BT 275.91 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.81 306.10 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 341.97 306.10 Td (, ) Tj ET Q q 0 0 0 rg BT 348.21 306.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.44 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.34 306.10 Td (one ) Tj ET Q q 0 0 0 rg BT 401.90 306.10 Td (hand, ) Tj ET Q q 0 0 0 rg BT 431.46 306.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.02 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.69 306.10 Td (V) Tj ET Q q 0 0 0 rg BT 477.02 306.10 Td (endor) Tj ET Q q 0 0 0 rg BT 503.86 306.10 Td (, ) Tj ET Q q 0 0 0 rg BT 510.10 306.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.34 306.10 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 291.70 Td (other) Tj ET Q q 0 0 0 rg BT 96.18 291.70 Td (, ) Tj ET Q q 0 0 0 rg BT 102.01 291.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 127.50 291.70 Td (likewise ) Tj ET Q q 0 0 0 rg BT 170.32 291.70 Td (be ) Tj ET Q q 0 0 0 rg BT 184.48 291.70 Td (conclusively ) Tj ET Q q 0 0 0 rg BT 247.96 291.70 Td (presumed ) Tj ET Q q 0 0 0 rg BT 297.45 291.70 Td (to ) Tj ET Q q 0 0 0 rg BT 309.61 291.70 Td (have ) Tj ET Q q 0 0 0 rg BT 335.10 291.70 Td (been ) Tj ET Q q 0 0 0 rg BT 360.58 291.70 Td (had ) Tj ET Q q 0 0 0 rg BT 380.74 291.70 Td (or ) Tj ET Q q 0 0 0 rg BT 393.57 291.70 Td (consummated ) Tj ET Q q 0 0 0 rg BT 463.05 291.70 Td (in ) Tj ET Q q 0 0 0 rg BT 475.21 291.70 Td (reliance ) Tj ET Q q 0 0 0 rg BT 516.01 291.70 Td (upon ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 277.30 Td (this ) Tj ET Q q 0 0 0 rg BT 92.64 277.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 133.92 277.30 Td (Guarantee. ) Tj ET Q q 0 0 0 rg BT 189.52 277.30 Td ( ) Tj ET Q q 0 0 0 rg BT 192.58 277.30 Td (When ) Tj ET Q q 0 0 0 rg BT 224.53 277.30 Td (pursuing ) Tj ET Q q 0 0 0 rg BT 269.83 277.30 Td (its ) Tj ET Q q 0 0 0 rg BT 284.46 277.30 Td (rights ) Tj ET Q q 0 0 0 rg BT 315.10 277.30 Td (and ) Tj ET Q q 0 0 0 rg BT 335.72 277.30 Td (remedies ) Tj ET Q q 0 0 0 rg BT 382.33 277.30 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 433.60 277.30 Td (against ) Tj ET Q q 0 0 0 rg BT 470.88 277.30 Td (the ) Tj ET Q q 0 0 0 rg BT 488.84 277.30 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 537.01 277.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 262.90 Td (the ) Tj ET Q q 0 0 0 rg BT 89.48 262.90 Td (V) Tj ET Q q 0 0 0 rg BT 96.82 262.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 127.18 262.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 152.88 262.90 Td (be ) Tj ET Q q 0 0 0 rg BT 167.25 262.90 Td (under ) Tj ET Q q 0 0 0 rg BT 197.61 262.90 Td (no ) Tj ET Q q 0 0 0 rg BT 212.65 262.90 Td (obligation ) Tj ET Q q 0 0 0 rg BT 264.35 262.90 Td (to ) Tj ET Q q 0 0 0 rg BT 276.72 262.90 Td (pursue ) Tj ET Q q 0 0 0 rg BT 311.76 262.90 Td (such ) Tj ET Q q 0 0 0 rg BT 336.79 262.90 Td (rights ) Tj ET Q q 0 0 0 rg BT 367.16 262.90 Td (and ) Tj ET Q q 0 0 0 rg BT 387.53 262.90 Td (remedies ) Tj ET Q q 0 0 0 rg BT 433.88 262.90 Td (as ) Tj ET Q q 0 0 0 rg BT 446.92 262.90 Td (it ) Tj ET Q q 0 0 0 rg BT 456.63 262.90 Td (may ) Tj ET Q q 0 0 0 rg BT 480.33 262.90 Td (have ) Tj ET Q q 0 0 0 rg BT 506.02 262.90 Td (against ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 248.50 Td (the ) Tj ET Q q 0 0 0 rg BT 89.05 248.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 138.76 248.50 Td (or ) Tj ET Q q 0 0 0 rg BT 151.15 248.50 Td (any ) Tj ET Q q 0 0 0 rg BT 170.87 248.50 Td (other ) Tj ET Q q 0 0 0 rg BT 197.92 248.50 Td (Person ) Tj ET Q q 0 0 0 rg BT 232.98 248.50 Td (for ) Tj ET Q q 0 0 0 rg BT 249.37 248.50 Td (the ) Tj ET Q q 0 0 0 rg BT 266.42 248.50 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 324.81 248.50 Td (or ) Tj ET Q q 0 0 0 rg BT 337.20 248.50 Td (any ) Tj ET Q q 0 0 0 rg BT 356.92 248.50 Td (right ) Tj ET Q q 0 0 0 rg BT 381.98 248.50 Td (of ) Tj ET Q q 0 0 0 rg BT 394.37 248.50 Td (of) Tj ET Q q 0 0 0 rg BT 404.15 248.50 Td (fset ) Tj ET Q q 0 0 0 rg BT 423.87 248.50 Td (with ) Tj ET Q q 0 0 0 rg BT 447.59 248.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 483.97 248.50 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 522.68 248.50 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 234.10 Td (any ) Tj ET Q q 0 0 0 rg BT 92.37 234.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 126.72 234.10 Td (by ) Tj ET Q q 0 0 0 rg BT 141.76 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.24 234.10 Td (V) Tj ET Q q 0 0 0 rg BT 166.58 234.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 196.94 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.32 234.10 Td (pursue ) Tj ET Q q 0 0 0 rg BT 244.35 234.10 Td (such ) Tj ET Q q 0 0 0 rg BT 269.39 234.10 Td (other ) Tj ET Q q 0 0 0 rg BT 297.08 234.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 327.46 234.10 Td (or ) Tj ET Q q 0 0 0 rg BT 340.50 234.10 Td (remedies ) Tj ET Q q 0 0 0 rg BT 386.85 234.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.89 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.26 234.10 Td (collect ) Tj ET Q q 0 0 0 rg BT 447.28 234.10 Td (any ) Tj ET Q q 0 0 0 rg BT 467.65 234.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 516.68 234.10 Td (from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 219.70 Td (the ) Tj ET Q q 0 0 0 rg BT 90.35 219.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 141.35 219.70 Td (or ) Tj ET Q q 0 0 0 rg BT 155.03 219.70 Td (any ) Tj ET Q q 0 0 0 rg BT 176.04 219.70 Td (such ) Tj ET Q q 0 0 0 rg BT 201.73 219.70 Td (other ) Tj ET Q q 0 0 0 rg BT 230.07 219.70 Td (Person ) Tj ET Q q 0 0 0 rg BT 266.42 219.70 Td (or ) Tj ET Q q 0 0 0 rg BT 280.11 219.70 Td (to ) Tj ET Q q 0 0 0 rg BT 293.13 219.70 Td (realize ) Tj ET Q q 0 0 0 rg BT 328.78 219.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 356.47 219.70 Td (or ) Tj ET Q q 0 0 0 rg BT 370.15 219.70 Td (to ) Tj ET Q q 0 0 0 rg BT 383.18 219.70 Td (exercise ) Tj ET Q q 0 0 0 rg BT 426.17 219.70 Td (any ) Tj ET Q q 0 0 0 rg BT 447.18 219.70 Td (such ) Tj ET Q q 0 0 0 rg BT 472.86 219.70 Td (right ) Tj ET Q q 0 0 0 rg BT 499.21 219.70 Td (of ) Tj ET Q q 0 0 0 rg BT 512.90 219.70 Td (of) Tj ET Q q 0 0 0 rg BT 522.68 219.70 Td (fset ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 205.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 97.66 205.30 Td (not ) Tj ET Q q 0 0 0 rg BT 116.00 205.30 Td (relieve ) Tj ET Q q 0 0 0 rg BT 151.64 205.30 Td (the ) Tj ET Q q 0 0 0 rg BT 169.30 205.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 220.95 205.30 Td (of ) Tj ET Q q 0 0 0 rg BT 233.94 205.30 Td (any ) Tj ET Q q 0 0 0 rg BT 254.27 205.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 294.60 205.30 Td (hereunder) Tj ET Q q 0 0 0 rg BT 341.91 205.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 178.90 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.99 178.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 178.90 Td (The ) Tj ET Q q 0 0 0 rg BT 200.58 178.90 Td (V) Tj ET Q q 0 0 0 rg BT 207.91 178.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 237.30 178.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 262.04 178.90 Td (not ) Tj ET Q q 0 0 0 rg BT 279.44 178.90 Td (be ) Tj ET Q q 0 0 0 rg BT 292.84 178.90 Td (obligated ) Tj ET Q q 0 0 0 rg BT 339.56 178.90 Td (to ) Tj ET Q q 0 0 0 rg BT 350.97 178.90 Td (file ) Tj ET Q q 0 0 0 rg BT 369.03 178.90 Td (any ) Tj ET Q q 0 0 0 rg BT 388.42 178.90 Td (claim ) Tj ET Q q 0 0 0 rg BT 417.15 178.90 Td (relating ) Tj ET Q q 0 0 0 rg BT 455.87 178.90 Td (to ) Tj ET Q q 0 0 0 rg BT 467.27 178.90 Td (the ) Tj ET Q q 0 0 0 rg BT 484.00 178.90 Td (Obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (in ) Tj ET Q q 0 0 0 rg BT 87.40 164.50 Td (the ) Tj ET Q q 0 0 0 rg BT 108.12 164.50 Td (event ) Tj ET Q q 0 0 0 rg BT 140.17 164.50 Td (that ) Tj ET Q q 0 0 0 rg BT 164.22 164.50 Td (the ) Tj ET Q q 0 0 0 rg BT 184.94 164.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 238.32 164.50 Td (becomes ) Tj ET Q q 0 0 0 rg BT 286.37 164.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 326.42 164.50 Td (to ) Tj ET Q q 0 0 0 rg BT 341.81 164.50 Td (a ) Tj ET Q q 0 0 0 rg BT 353.20 164.50 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 406.41 164.50 Td (, ) Tj ET Q q 0 0 0 rg BT 415.47 164.50 Td (reor) Tj ET Q q 0 0 0 rg BT 434.57 164.50 Td (ganization ) Tj ET Q q 0 0 0 rg BT 490.61 164.50 Td (or ) Tj ET Q q 0 0 0 rg BT 506.67 164.50 Td (similar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 136.88 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.11 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.67 150.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 211.89 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.79 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.07 150.10 Td (V) Tj ET Q q 0 0 0 rg BT 251.40 150.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 282.63 150.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.86 150.10 Td (so ) Tj ET Q q 0 0 0 rg BT 310.43 150.10 Td (file ) Tj ET Q q 0 0 0 rg BT 330.33 150.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 356.89 150.10 Td (not ) Tj ET Q q 0 0 0 rg BT 376.13 150.10 Td (af) Tj ET Q q 0 0 0 rg BT 385.24 150.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 407.12 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.68 150.10 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 474.77 150.10 Td () Tj ET Q q 0 0 0 rg BT 478.11 150.10 Td (s ) Tj ET Q q 0 0 0 rg BT 486.68 150.10 Td (obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (hereunder) Tj ET Q q 0 0 0 rg BT 119.31 135.70 Td (. ) Tj ET Q q 0 0 0 rg BT 125.49 135.70 Td ( ) Tj ET Q q 0 0 0 rg BT 128.67 135.70 Td (In ) Tj ET Q q 0 0 0 rg BT 141.84 135.70 Td (the ) Tj ET Q q 0 0 0 rg BT 159.68 135.70 Td (event ) Tj ET Q q 0 0 0 rg BT 188.84 135.70 Td (that ) Tj ET Q q 0 0 0 rg BT 210.02 135.70 Td (any ) Tj ET Q q 0 0 0 rg BT 230.52 135.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 275.02 135.70 Td (to ) Tj ET Q q 0 0 0 rg BT 287.53 135.70 Td (the ) Tj ET Q q 0 0 0 rg BT 305.14 135.70 Td (V) Tj ET Q q 0 0 0 rg BT 312.48 135.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 342.98 135.70 Td (in ) Tj ET Q q 0 0 0 rg BT 355.49 135.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 392.65 135.70 Td (of ) Tj ET Q q 0 0 0 rg BT 405.83 135.70 Td (the ) Tj ET Q q 0 0 0 rg BT 423.66 135.70 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 482.84 135.70 Td (is ) Tj ET Q q 0 0 0 rg BT 494.02 135.70 Td (rescinded ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (or ) Tj ET Q q 0 0 0 rg BT 85.42 121.30 Td (must ) Tj ET Q q 0 0 0 rg BT 112.17 121.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 162.24 121.30 Td (be ) Tj ET Q q 0 0 0 rg BT 176.99 121.30 Td (returned ) Tj ET Q q 0 0 0 rg BT 220.39 121.30 Td (for ) Tj ET Q q 0 0 0 rg BT 237.80 121.30 Td (any ) Tj ET Q q 0 0 0 rg BT 258.54 121.30 Td (reason ) Tj ET Q q 0 0 0 rg BT 293.28 121.30 Td (whatsoever) Tj ET Q q 0 0 0 rg BT 347.44 121.30 Td (, ) Tj ET Q q 0 0 0 rg BT 353.86 121.30 Td (then, ) Tj ET Q q 0 0 0 rg BT 380.94 121.30 Td (to ) Tj ET Q q 0 0 0 rg BT 393.69 121.30 Td (the ) Tj ET Q q 0 0 0 rg BT 411.77 121.30 Td (extent ) Tj ET Q q 0 0 0 rg BT 444.51 121.30 Td (that ) Tj ET Q q 0 0 0 rg BT 465.93 121.30 Td (the ) Tj ET Q q 0 0 0 rg BT 484.00 121.30 Td (Obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (validly ) Tj ET Q q 0 0 0 rg BT 108.34 106.90 Td (existed ) Tj ET Q q 0 0 0 rg BT 145.33 106.90 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 189.67 106.90 Td (to, ) Tj ET Q q 0 0 0 rg BT 205.01 106.90 Td (and ) Tj ET Q q 0 0 0 rg BT 225.34 106.90 Td (in ) Tj ET Q q 0 0 0 rg BT 237.68 106.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 294.64 106.90 Td (with, ) Tj ET Q q 0 0 0 rg BT 321.98 106.90 Td (the ) Tj ET Q q 0 0 0 rg BT 339.65 106.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 369.32 106.90 Td (and ) Tj ET Q q 0 0 0 rg BT 389.65 106.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 426.65 106.90 Td (to ) Tj ET Q q 0 0 0 rg BT 438.99 106.90 Td (the ) Tj ET Q q 0 0 0 rg BT 456.66 106.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 509.66 106.90 Td (of ) Tj ET Q q 0 0 0 rg BT 522.67 106.90 Td (this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 112.98 92.50 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 165.27 92.50 Td (at ) Tj ET Q q 0 0 0 rg BT 176.92 92.50 Td (the ) Tj ET Q q 0 0 0 rg BT 194.57 92.50 Td (time ) Tj ET Q q 0 0 0 rg BT 218.88 92.50 Td (such ) Tj ET Q q 0 0 0 rg BT 243.87 92.50 Td (original ) Tj ET Q q 0 0 0 rg BT 284.18 92.50 Td (payment ) Tj ET Q q 0 0 0 rg BT 328.49 92.50 Td (was ) Tj ET Q q 0 0 0 rg BT 350.14 92.50 Td (made, ) Tj ET Q q 0 0 0 rg BT 382.11 92.50 Td (the ) Tj ET Q q 0 0 0 rg BT 399.76 92.50 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 451.39 92.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 477.05 92.50 Td (remain ) Tj ET Q q 0 0 0 rg BT 513.35 92.50 Td (liable ) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (3) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 123.60 711.70 Td (with ) Tj ET Q q 0 0 0 rg BT 148.57 711.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 186.18 711.70 Td (to ) Tj ET Q q 0 0 0 rg BT 199.15 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 217.44 711.70 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 277.07 711.70 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 318.69 711.70 Td (to ) Tj ET Q q 0 0 0 rg BT 331.66 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 349.95 711.70 Td (Cap ) Tj ET Q q 0 0 0 rg BT 372.91 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 393.87 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 412.17 711.70 Td (second ) Tj ET Q q 0 0 0 rg BT 449.12 711.70 Td (proviso ) Tj ET Q q 0 0 0 rg BT 488.75 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 502.38 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 520.68 711.70 Td (first ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (sentence ) Tj ET Q q 0 0 0 rg BT 116.31 697.30 Td (of ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 129.3046875 695.700390625 m 174.298828125 695.700390625 l s q 0 0 0 rg BT 129.30 697.30 Td (Section ) Tj ET Q q 0 0 0 rg BT 168.30 697.30 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 174.30 697.30 Td (\) ) Tj ET Q q 0 0 0 rg BT 181.29 697.30 Td (as ) Tj ET Q q 0 0 0 rg BT 194.29 697.30 Td (if ) Tj ET Q q 0 0 0 rg BT 204.62 697.30 Td (such ) Tj ET Q q 0 0 0 rg BT 229.62 697.30 Td (payment ) Tj ET Q q 0 0 0 rg BT 273.94 697.30 Td (had ) Tj ET Q q 0 0 0 rg BT 294.26 697.30 Td (not ) Tj ET Q q 0 0 0 rg BT 312.60 697.30 Td (been ) Tj ET Q q 0 0 0 rg BT 338.25 697.30 Td (made.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 670.90 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.32 670.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 670.90 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 262.88 670.90 Td (any ) Tj ET Q q 0 0 0 rg BT 283.09 670.90 Td (other ) Tj ET Q q 0 0 0 rg BT 310.63 670.90 Td (provision ) Tj ET Q q 0 0 0 rg BT 358.85 670.90 Td (of ) Tj ET Q q 0 0 0 rg BT 371.72 670.90 Td (this ) Tj ET Q q 0 0 0 rg BT 391.95 670.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 432.82 670.90 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 488.00 670.90 Td (the ) Tj ET Q q 0 0 0 rg BT 505.34 670.90 Td (V) Tj ET Q q 0 0 0 rg BT 512.67 670.90 Td (endor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 656.50 Td (hereby ) Tj ET Q q 0 0 0 rg BT 108.62 656.50 Td (agrees ) Tj ET Q q 0 0 0 rg BT 143.23 656.50 Td (that ) Tj ET Q q 0 0 0 rg BT 165.19 656.50 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 180.48 656.50 Td (the ) Tj ET Q q 0 0 0 rg BT 199.11 656.50 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 251.72 656.50 Td (may ) Tj ET Q q 0 0 0 rg BT 276.35 656.50 Td (assert, ) Tj ET Q q 0 0 0 rg BT 310.63 656.50 Td (as ) Tj ET Q q 0 0 0 rg BT 324.60 656.50 Td (a ) Tj ET Q q 0 0 0 rg BT 333.89 656.50 Td (defense ) Tj ET Q q 0 0 0 rg BT 374.50 656.50 Td (to, ) Tj ET Q q 0 0 0 rg BT 390.80 656.50 Td (or ) Tj ET Q q 0 0 0 rg BT 404.77 656.50 Td (release ) Tj ET Q q 0 0 0 rg BT 442.04 656.50 Td (or ) Tj ET Q q 0 0 0 rg BT 456.00 656.50 Td (dischar) Tj ET Q q 0 0 0 rg BT 490.44 656.50 Td (ge ) Tj ET Q q 0 0 0 rg BT 505.73 656.50 Td (of, ) Tj ET Q q 0 0 0 rg BT 522.69 656.50 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 642.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 117.76 642.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.20 642.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 197.26 642.10 Td (by ) Tj ET Q q 0 0 0 rg BT 213.70 642.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.80 642.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 285.89 642.10 Td (under ) Tj ET Q q 0 0 0 rg BT 317.65 642.10 Td (this ) Tj ET Q q 0 0 0 rg BT 339.43 642.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 381.86 642.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 435.60 642.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.04 642.10 Td (any ) Tj ET Q q 0 0 0 rg BT 471.80 642.10 Td (claim, ) Tj ET Q q 0 0 0 rg BT 505.90 642.10 Td (set-of) Tj ET Q q 0 0 0 rg BT 533.00 642.10 Td (f, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 627.70 Td (deduction, ) Tj ET Q q 0 0 0 rg BT 124.92 627.70 Td (defense ) Tj ET Q q 0 0 0 rg BT 164.17 627.70 Td (or ) Tj ET Q q 0 0 0 rg BT 176.77 627.70 Td (release ) Tj ET Q q 0 0 0 rg BT 212.67 627.70 Td (that ) Tj ET Q q 0 0 0 rg BT 233.27 627.70 Td (the ) Tj ET Q q 0 0 0 rg BT 250.53 627.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 300.45 627.70 Td (could ) Tj ET Q q 0 0 0 rg BT 329.71 627.70 Td (assert ) Tj ET Q q 0 0 0 rg BT 359.63 627.70 Td (against ) Tj ET Q q 0 0 0 rg BT 396.22 627.70 Td (the ) Tj ET Q q 0 0 0 rg BT 413.30 627.70 Td (V) Tj ET Q q 0 0 0 rg BT 420.63 627.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 450.56 627.70 Td (under ) Tj ET Q q 0 0 0 rg BT 480.48 627.70 Td (the ) Tj ET Q q 0 0 0 rg BT 497.74 627.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 527.00 627.70 Td (of, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 613.30 Td (or ) Tj ET Q q 0 0 0 rg BT 85.34 613.30 Td (with ) Tj ET Q q 0 0 0 rg BT 110.01 613.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 147.33 613.30 Td (to, ) Tj ET Q q 0 0 0 rg BT 163.00 613.30 Td (the ) Tj ET Q q 0 0 0 rg BT 181.00 613.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 226.92 613.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 283.57 613.30 Td (and ) Tj ET Q q 0 0 0 rg BT 304.24 613.30 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 322.24 613.30 Td (any ) Tj ET Q q 0 0 0 rg BT 342.90 613.30 Td (failure ) Tj ET Q q 0 0 0 rg BT 377.56 613.30 Td (by ) Tj ET Q q 0 0 0 rg BT 392.90 613.30 Td (the ) Tj ET Q q 0 0 0 rg BT 410.65 613.30 Td (V) Tj ET Q q 0 0 0 rg BT 417.99 613.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 448.65 613.30 Td (to ) Tj ET Q q 0 0 0 rg BT 461.33 613.30 Td (comply ) Tj ET Q q 0 0 0 rg BT 500.66 613.30 Td (with ) Tj ET Q q 0 0 0 rg BT 525.33 613.30 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 598.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 101.90 598.90 Td (of ) Tj ET Q q 0 0 0 rg BT 115.14 598.90 Td (the ) Tj ET Q q 0 0 0 rg BT 133.05 598.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 178.89 598.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 238.44 598.90 Td (including, ) Tj ET Q q 0 0 0 rg BT 290.01 598.90 Td (without ) Tj ET Q q 0 0 0 rg BT 329.93 598.90 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 382.83 598.90 Td (any ) Tj ET Q q 0 0 0 rg BT 403.40 598.90 Td (breach ) Tj ET Q q 0 0 0 rg BT 438.62 598.90 Td (by ) Tj ET Q q 0 0 0 rg BT 453.86 598.90 Td (the ) Tj ET Q q 0 0 0 rg BT 471.53 598.90 Td (V) Tj ET Q q 0 0 0 rg BT 478.87 598.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 509.43 598.90 Td (of ) Tj ET Q q 0 0 0 rg BT 522.67 598.90 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.50 Td (representation, ) Tj ET Q q 0 0 0 rg BT 145.45 584.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 190.57 584.50 Td (or ) Tj ET Q q 0 0 0 rg BT 203.04 584.50 Td (covenant ) Tj ET Q q 0 0 0 rg BT 248.84 584.50 Td (contained ) Tj ET Q q 0 0 0 rg BT 297.96 584.50 Td (therein ) Tj ET Q q 0 0 0 rg BT 333.76 584.50 Td (or ) Tj ET Q q 0 0 0 rg BT 346.23 584.50 Td (in ) Tj ET Q q 0 0 0 rg BT 358.04 584.50 Td (any ) Tj ET Q q 0 0 0 rg BT 377.85 584.50 Td (of ) Tj ET Q q 0 0 0 rg BT 390.32 584.50 Td (the ) Tj ET Q q 0 0 0 rg BT 407.46 584.50 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 467.58 584.50 Td (certificates ) Tj ET Q q 0 0 0 rg BT 522.69 584.50 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.10 Td (other ) Tj ET Q q 0 0 0 rg BT 101.00 570.10 Td (documents ) Tj ET Q q 0 0 0 rg BT 157.33 570.10 Td (required ) Tj ET Q q 0 0 0 rg BT 201.65 570.10 Td (to ) Tj ET Q q 0 0 0 rg BT 215.33 570.10 Td (be ) Tj ET Q q 0 0 0 rg BT 230.99 570.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 279.98 570.10 Td (by ) Tj ET Q q 0 0 0 rg BT 296.32 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.01 570.10 Td (V) Tj ET Q q 0 0 0 rg BT 322.34 570.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 354.01 570.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 399.68 570.10 Td (to ) Tj ET Q q 0 0 0 rg BT 413.35 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.35 570.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 463.36 570.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.69 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.70 570.10 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 128.79 555.70 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 174.92 555.70 Td (such ) Tj ET Q q 0 0 0 rg BT 200.40 555.70 Td (breach ) Tj ET Q q 0 0 0 rg BT 235.86 555.70 Td (results ) Tj ET Q q 0 0 0 rg BT 270.67 555.70 Td (from ) Tj ET Q q 0 0 0 rg BT 297.48 555.70 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 329.28 555.70 Td (intentional ) Tj ET Q q 0 0 0 rg BT 384.09 555.70 Td (misrepresentation ) Tj ET Q q 0 0 0 rg BT 472.88 555.70 Td (or ) Tj ET Q q 0 0 0 rg BT 486.36 555.70 Td (otherwise\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 541.30 Td (that ) Tj ET Q q 0 0 0 rg BT 93.86 541.30 Td (would ) Tj ET Q q 0 0 0 rg BT 127.73 541.30 Td (relieve ) Tj ET Q q 0 0 0 rg BT 164.25 541.30 Td (the ) Tj ET Q q 0 0 0 rg BT 182.78 541.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 233.96 541.30 Td (of ) Tj ET Q q 0 0 0 rg BT 247.83 541.30 Td (its ) Tj ET Q q 0 0 0 rg BT 263.04 541.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 320.24 541.30 Td (under ) Tj ET Q q 0 0 0 rg BT 351.43 541.30 Td (the ) Tj ET Q q 0 0 0 rg BT 369.96 541.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 416.30 541.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 473.47 541.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 500.01 541.30 Td (likewise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 526.90 Td (automatically ) Tj ET Q q 0 0 0 rg BT 140.24 526.90 Td (and ) Tj ET Q q 0 0 0 rg BT 160.49 526.90 Td (without ) Tj ET Q q 0 0 0 rg BT 200.08 526.90 Td (any ) Tj ET Q q 0 0 0 rg BT 220.34 526.90 Td (further ) Tj ET Q q 0 0 0 rg BT 255.91 526.90 Td (action ) Tj ET Q q 0 0 0 rg BT 288.16 526.90 Td (on ) Tj ET Q q 0 0 0 rg BT 303.08 526.90 Td (the ) Tj ET Q q 0 0 0 rg BT 320.67 526.90 Td (part ) Tj ET Q q 0 0 0 rg BT 342.25 526.90 Td (of ) Tj ET Q q 0 0 0 rg BT 355.18 526.90 Td (any ) Tj ET Q q 0 0 0 rg BT 375.43 526.90 Td (Person ) Tj ET Q q 0 0 0 rg BT 411.02 526.90 Td (relieve ) Tj ET Q q 0 0 0 rg BT 446.59 526.90 Td (the ) Tj ET Q q 0 0 0 rg BT 464.18 526.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 515.75 526.90 Td (of ) Tj ET Q q 0 0 0 rg BT 528.67 526.90 Td (its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 512.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 128.33 512.50 Td (under ) Tj ET Q q 0 0 0 rg BT 158.65 512.50 Td (this ) Tj ET Q q 0 0 0 rg BT 178.99 512.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 219.98 512.50 Td (Guarantee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 486.10 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 486.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 484.500390625 m 325.0537109375 484.500390625 l s q 0 0 0 rg BT 126.00 486.10 Td (W) Tj ET Q q 0 0 0 rg BT 136.37 486.10 Td (aiver ) Tj ET Q q 0 0 0 rg BT 164.96 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.56 486.10 Td (Acceptance, ) Tj ET Q q 0 0 0 rg BT 242.13 486.10 Td (Presentment, ) Tj ET Q q 0 0 0 rg BT 309.06 486.10 Td (Etc) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 325.05 486.10 Td (. ) Tj ET Q q 0 0 0 rg BT 332.67 486.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.95 486.10 Td (The ) Tj ET Q q 0 0 0 rg BT 360.22 486.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 413.48 486.10 Td (expressly ) Tj ET Q q 0 0 0 rg BT 463.42 486.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.36 486.10 Td (irrevocably ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 471.70 Td (waives ) Tj ET Q q 0 0 0 rg BT 108.67 471.70 Td (defenses ) Tj ET Q q 0 0 0 rg BT 153.33 471.70 Td (on ) Tj ET Q q 0 0 0 rg BT 168.68 471.70 Td (the ) Tj ET Q q 0 0 0 rg BT 186.69 471.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 214.04 471.70 Td (of ) Tj ET Q q 0 0 0 rg BT 227.38 471.70 Td (promptness, ) Tj ET Q q 0 0 0 rg BT 289.06 471.70 Td (diligence, ) Tj ET Q q 0 0 0 rg BT 339.39 471.70 Td (notice ) Tj ET Q q 0 0 0 rg BT 372.06 471.70 Td (of ) Tj ET Q q 0 0 0 rg BT 385.41 471.70 Td (acceptance ) Tj ET Q q 0 0 0 rg BT 441.37 471.70 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 478.37 471.70 Td (presentment, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 457.30 Td (demand ) Tj ET Q q 0 0 0 rg BT 114.48 457.30 Td (for ) Tj ET Q q 0 0 0 rg BT 132.97 457.30 Td (payment, ) Tj ET Q q 0 0 0 rg BT 181.79 457.30 Td (notice ) Tj ET Q q 0 0 0 rg BT 215.61 457.30 Td (of ) Tj ET Q q 0 0 0 rg BT 230.10 457.30 Td (non-performance, ) Tj ET Q q 0 0 0 rg BT 320.22 457.30 Td (default, ) Tj ET Q q 0 0 0 rg BT 361.03 457.30 Td (dishonor) Tj ET Q q 0 0 0 rg BT 402.55 457.30 Td (, ) Tj ET Q q 0 0 0 rg BT 410.05 457.30 Td (protest ) Tj ET Q q 0 0 0 rg BT 447.21 457.30 Td (and ) Tj ET Q q 0 0 0 rg BT 469.03 457.30 Td (any ) Tj ET Q q 0 0 0 rg BT 490.85 457.30 Td (notice ) Tj ET Q q 0 0 0 rg BT 524.67 457.30 Td (not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 442.90 Td (required ) Tj ET Q q 0 0 0 rg BT 113.99 442.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 148.65 442.90 Td (or ) Tj ET Q q 0 0 0 rg BT 160.65 442.90 Td (required ) Tj ET Q q 0 0 0 rg BT 202.64 442.90 Td (to ) Tj ET Q q 0 0 0 rg BT 213.98 442.90 Td (be ) Tj ET Q q 0 0 0 rg BT 227.32 442.90 Td (provided ) Tj ET Q q 0 0 0 rg BT 271.99 442.90 Td (to ) Tj ET Q q 0 0 0 rg BT 283.33 442.90 Td (the ) Tj ET Q q 0 0 0 rg BT 300.00 442.90 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 349.32 442.90 Td (under ) Tj ET Q q 0 0 0 rg BT 378.66 442.90 Td (or ) Tj ET Q q 0 0 0 rg BT 390.66 442.90 Td (in ) Tj ET Q q 0 0 0 rg BT 402.01 442.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 456.66 442.90 Td (with ) Tj ET Q q 0 0 0 rg BT 480.01 442.90 Td (the ) Tj ET Q q 0 0 0 rg BT 496.68 442.90 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 428.50 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 131.92 428.50 Td (all ) Tj ET Q q 0 0 0 rg BT 147.53 428.50 Td (defenses ) Tj ET Q q 0 0 0 rg BT 192.46 428.50 Td (which ) Tj ET Q q 0 0 0 rg BT 225.40 428.50 Td (may ) Tj ET Q q 0 0 0 rg BT 249.67 428.50 Td (be ) Tj ET Q q 0 0 0 rg BT 264.61 428.50 Td (available ) Tj ET Q q 0 0 0 rg BT 311.53 428.50 Td (by ) Tj ET Q q 0 0 0 rg BT 327.15 428.50 Td (virtue ) Tj ET Q q 0 0 0 rg BT 358.75 428.50 Td (of ) Tj ET Q q 0 0 0 rg BT 372.36 428.50 Td (any ) Tj ET Q q 0 0 0 rg BT 393.30 428.50 Td (valuation, ) Tj ET Q q 0 0 0 rg BT 444.57 428.50 Td (stay) Tj ET Q q 0 0 0 rg BT 463.12 428.50 Td (, ) Tj ET Q q 0 0 0 rg BT 469.73 428.50 Td (moratorium ) Tj ET Q q 0 0 0 rg BT 530.00 428.50 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 414.10 Td (other ) Tj ET Q q 0 0 0 rg BT 100.35 414.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 137.36 414.10 Td (law ) Tj ET Q q 0 0 0 rg BT 158.38 414.10 Td (now ) Tj ET Q q 0 0 0 rg BT 182.74 414.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.42 414.10 Td (hereafter ) Tj ET Q q 0 0 0 rg BT 242.74 414.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.76 414.10 Td (ef) Tj ET Q q 0 0 0 rg BT 264.87 414.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 289.54 414.10 Td (any ) Tj ET Q q 0 0 0 rg BT 310.56 414.10 Td (right ) Tj ET Q q 0 0 0 rg BT 336.91 414.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.94 414.10 Td (require ) Tj ET Q q 0 0 0 rg BT 387.60 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.95 414.10 Td (marshalling ) Tj ET Q q 0 0 0 rg BT 466.30 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.98 414.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 511.67 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.36 414.10 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 399.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 122.97 399.70 Td (or ) Tj ET Q q 0 0 0 rg BT 136.61 399.70 Td (any ) Tj ET Q q 0 0 0 rg BT 157.59 399.70 Td (other ) Tj ET Q q 0 0 0 rg BT 185.90 399.70 Td (Person ) Tj ET Q q 0 0 0 rg BT 222.22 399.70 Td (liable ) Tj ET Q q 0 0 0 rg BT 252.52 399.70 Td (with ) Tj ET Q q 0 0 0 rg BT 277.51 399.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 315.14 399.70 Td (to ) Tj ET Q q 0 0 0 rg BT 328.13 399.70 Td (the ) Tj ET Q q 0 0 0 rg BT 346.44 399.70 Td (Obligations, ) Tj ET Q q 0 0 0 rg BT 409.09 399.70 Td (and ) Tj ET Q q 0 0 0 rg BT 430.07 399.70 Td (all ) Tj ET Q q 0 0 0 rg BT 445.71 399.70 Td (suretyship ) Tj ET Q q 0 0 0 rg BT 498.69 399.70 Td (defenses ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 385.30 Td (generally) Tj ET Q q 0 0 0 rg BT 115.86 385.30 Td (, ) Tj ET Q q 0 0 0 rg BT 121.16 385.30 Td (other ) Tj ET Q q 0 0 0 rg BT 148.11 385.30 Td (than ) Tj ET Q q 0 0 0 rg BT 171.07 385.30 Td (defenses ) Tj ET Q q 0 0 0 rg BT 214.68 385.30 Td (that ) Tj ET Q q 0 0 0 rg BT 234.97 385.30 Td (are ) Tj ET Q q 0 0 0 rg BT 251.91 385.30 Td (available ) Tj ET Q q 0 0 0 rg BT 297.51 385.30 Td (\(a\)to ) Tj ET Q q 0 0 0 rg BT 325.46 385.30 Td (the ) Tj ET Q q 0 0 0 rg BT 342.41 385.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 392.02 385.30 Td (under ) Tj ET Q q 0 0 0 rg BT 421.64 385.30 Td (the ) Tj ET Q q 0 0 0 rg BT 438.60 385.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 483.70 385.30 Td (Agreement, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 370.90 Td (\(b\)to ) Tj ET Q q 0 0 0 rg BT 101.52 370.90 Td (the ) Tj ET Q q 0 0 0 rg BT 119.36 370.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 171.20 370.90 Td (in ) Tj ET Q q 0 0 0 rg BT 183.72 370.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 220.89 370.90 Td (of ) Tj ET Q q 0 0 0 rg BT 234.07 370.90 Td (a ) Tj ET Q q 0 0 0 rg BT 242.59 370.90 Td (breach ) Tj ET Q q 0 0 0 rg BT 277.75 370.90 Td (by ) Tj ET Q q 0 0 0 rg BT 292.94 370.90 Td (the ) Tj ET Q q 0 0 0 rg BT 310.56 370.90 Td (V) Tj ET Q q 0 0 0 rg BT 317.90 370.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 348.41 370.90 Td (of ) Tj ET Q q 0 0 0 rg BT 361.59 370.90 Td (this ) Tj ET Q q 0 0 0 rg BT 382.12 370.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 423.30 370.90 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 475.79 370.90 Td (and ) Tj ET Q q 0 0 0 rg BT 496.30 370.90 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 512.81 370.90 Td (to ) Tj ET Q q 0 0 0 rg BT 525.33 370.90 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.50 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 121.69 356.50 Td (or ) Tj ET Q q 0 0 0 rg BT 134.07 356.50 Td (the ) Tj ET Q q 0 0 0 rg BT 151.11 356.50 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 202.13 356.50 Td (in ) Tj ET Q q 0 0 0 rg BT 213.84 356.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 250.20 356.50 Td (of ) Tj ET Q q 0 0 0 rg BT 262.58 356.50 Td (fraud ) Tj ET Q q 0 0 0 rg BT 290.27 356.50 Td (or ) Tj ET Q q 0 0 0 rg BT 302.65 356.50 Td (intentional ) Tj ET Q q 0 0 0 rg BT 356.35 356.50 Td (misrepresentation ) Tj ET Q q 0 0 0 rg BT 444.04 356.50 Td (of ) Tj ET Q q 0 0 0 rg BT 456.41 356.50 Td (the ) Tj ET Q q 0 0 0 rg BT 473.28 356.50 Td (V) Tj ET Q q 0 0 0 rg BT 480.61 356.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 510.31 356.50 Td (or ) Tj ET Q q 0 0 0 rg BT 522.69 356.50 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.76 342.10 Td (its ) Tj ET Q q 0 0 0 rg BT 96.47 342.10 Td (Af) Tj ET Q q 0 0 0 rg BT 108.92 342.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 143.34 342.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.43 342.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 208.84 342.10 Td (with ) Tj ET Q q 0 0 0 rg BT 231.94 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.36 342.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 293.06 342.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 348.13 342.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.89 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.31 342.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 435.39 342.10 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 501.80 342.10 Td (thereby) Tj ET Q q 0 0 0 rg BT 537.00 342.10 Td (. ) Tj ET Q q 0 0 0 rg BT 543.00 342.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 315.70 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 315.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 314.100390625 m 189.9345703125 314.100390625 l s q 0 0 0 rg BT 126.00 315.70 Td (Sole ) Tj ET Q q 0 0 0 rg BT 150.33 315.70 Td (Remedy) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 189.54 315.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 289.30 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.32 289.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 289.30 Td (The ) Tj ET Q q 0 0 0 rg BT 200.96 289.30 Td (V) Tj ET Q q 0 0 0 rg BT 208.30 289.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 238.10 289.30 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 308.56 289.30 Td (and ) Tj ET Q q 0 0 0 rg BT 328.37 289.30 Td (agrees ) Tj ET Q q 0 0 0 rg BT 361.50 289.30 Td (that ) Tj ET Q q 0 0 0 rg BT 381.97 289.30 Td (the ) Tj ET Q q 0 0 0 rg BT 399.12 289.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 448.91 289.30 Td (has ) Tj ET Q q 0 0 0 rg BT 467.39 289.30 Td (no ) Tj ET Q q 0 0 0 rg BT 481.87 289.30 Td (assets, ) Tj ET Q q 0 0 0 rg BT 515.35 289.30 Td (other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 274.90 Td (than ) Tj ET Q q 0 0 0 rg BT 95.33 274.90 Td (its ) Tj ET Q q 0 0 0 rg BT 109.34 274.90 Td (rights ) Tj ET Q q 0 0 0 rg BT 139.34 274.90 Td (under ) Tj ET Q q 0 0 0 rg BT 169.34 274.90 Td (the ) Tj ET Q q 0 0 0 rg BT 186.67 274.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 232.07 274.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 288.04 274.90 Td (and ) Tj ET Q q 0 0 0 rg BT 308.04 274.90 Td (the ) Tj ET Q q 0 0 0 rg BT 325.37 274.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 360.04 274.90 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 426.04 274.90 Td (Letters, ) Tj ET Q q 0 0 0 rg BT 465.03 274.90 Td (and ) Tj ET Q q 0 0 0 rg BT 485.03 274.90 Td (that, ) Tj ET Q q 0 0 0 rg BT 508.69 274.90 Td (except ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 260.50 Td (as ) Tj ET Q q 0 0 0 rg BT 84.60 260.50 Td (and ) Tj ET Q q 0 0 0 rg BT 104.54 260.50 Td (on ) Tj ET Q q 0 0 0 rg BT 119.14 260.50 Td (the ) Tj ET Q q 0 0 0 rg BT 136.41 260.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 165.68 260.50 Td (and ) Tj ET Q q 0 0 0 rg BT 185.61 260.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 222.21 260.50 Td (to ) Tj ET Q q 0 0 0 rg BT 234.15 260.50 Td (the ) Tj ET Q q 0 0 0 rg BT 251.42 260.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 304.03 260.50 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 371.27 260.50 Td (by ) Tj ET Q q 0 0 0 rg BT 385.88 260.50 Td (the ) Tj ET Q q 0 0 0 rg BT 403.15 260.50 Td (Equity ) Tj ET Q q 0 0 0 rg BT 437.75 260.50 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 503.70 260.50 Td (Letters, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 246.10 Td (no ) Tj ET Q q 0 0 0 rg BT 86.47 246.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 115.60 246.10 Td (are ) Tj ET Q q 0 0 0 rg BT 132.71 246.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 177.82 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.62 246.10 Td (be ) Tj ET Q q 0 0 0 rg BT 203.41 246.10 Td (contributed ) Tj ET Q q 0 0 0 rg BT 260.53 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.33 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.46 246.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 339.24 246.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 371.71 246.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.83 246.10 Td (Closing ) Tj ET Q q 0 0 0 rg BT 428.64 246.10 Td (occurs, ) Tj ET Q q 0 0 0 rg BT 465.43 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.22 246.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 508.68 246.10 Td (except ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 231.70 Td (for ) Tj ET Q q 0 0 0 rg BT 89.22 231.70 Td (the ) Tj ET Q q 0 0 0 rg BT 107.11 231.70 Td (rights ) Tj ET Q q 0 0 0 rg BT 137.67 231.70 Td (against ) Tj ET Q q 0 0 0 rg BT 174.89 231.70 Td (the ) Tj ET Q q 0 0 0 rg BT 192.78 231.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 243.32 231.70 Td (set ) Tj ET Q q 0 0 0 rg BT 259.88 231.70 Td (forth ) Tj ET Q q 0 0 0 rg BT 286.44 231.70 Td (in, ) Tj ET Q q 0 0 0 rg BT 302.00 231.70 Td (and ) Tj ET Q q 0 0 0 rg BT 322.55 231.70 Td (on ) Tj ET Q q 0 0 0 rg BT 337.78 231.70 Td (the ) Tj ET Q q 0 0 0 rg BT 355.67 231.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 385.56 231.70 Td (and ) Tj ET Q q 0 0 0 rg BT 406.11 231.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 443.33 231.70 Td (to ) Tj ET Q q 0 0 0 rg BT 455.89 231.70 Td (the ) Tj ET Q q 0 0 0 rg BT 473.78 231.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 527.01 231.70 Td (of, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 217.30 Td (the ) Tj ET Q q 0 0 0 rg BT 89.49 217.30 Td (Equity ) Tj ET Q q 0 0 0 rg BT 124.32 217.30 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 190.48 217.30 Td (Letters ) Tj ET Q q 0 0 0 rg BT 226.62 217.30 Td (and ) Tj ET Q q 0 0 0 rg BT 246.78 217.30 Td (Section ) Tj ET Q q 0 0 0 rg BT 285.60 217.30 Td (10.7 ) Tj ET Q q 0 0 0 rg BT 309.43 217.30 Td (of ) Tj ET Q q 0 0 0 rg BT 322.25 217.30 Td (the ) Tj ET Q q 0 0 0 rg BT 339.74 217.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 385.27 217.30 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 444.40 217.30 Td (the ) Tj ET Q q 0 0 0 rg BT 461.69 217.30 Td (V) Tj ET Q q 0 0 0 rg BT 469.02 217.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 499.17 217.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 524.67 217.30 Td (not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 202.90 Td (have ) Tj ET Q q 0 0 0 rg BT 96.63 202.90 Td (any ) Tj ET Q q 0 0 0 rg BT 115.94 202.90 Td (right ) Tj ET Q q 0 0 0 rg BT 140.58 202.90 Td (to ) Tj ET Q q 0 0 0 rg BT 151.89 202.90 Td (cause ) Tj ET Q q 0 0 0 rg BT 180.52 202.90 Td (any ) Tj ET Q q 0 0 0 rg BT 199.83 202.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 229.80 202.90 Td (to ) Tj ET Q q 0 0 0 rg BT 241.11 202.90 Td (be ) Tj ET Q q 0 0 0 rg BT 254.42 202.90 Td (contributed ) Tj ET Q q 0 0 0 rg BT 311.05 202.90 Td (to ) Tj ET Q q 0 0 0 rg BT 322.36 202.90 Td (the ) Tj ET Q q 0 0 0 rg BT 339.00 202.90 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 388.29 202.90 Td (by ) Tj ET Q q 0 0 0 rg BT 402.27 202.90 Td (the ) Tj ET Q q 0 0 0 rg BT 418.91 202.90 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 467.08 202.90 Td (, ) Tj ET Q q 0 0 0 rg BT 472.05 202.90 Td (any ) Tj ET Q q 0 0 0 rg BT 491.36 202.90 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 188.50 Td (Related ) Tj ET Q q 0 0 0 rg BT 111.65 188.50 Td (Party ) Tj ET Q q 0 0 0 rg BT 139.98 188.50 Td (\(as ) Tj ET Q q 0 0 0 rg BT 156.97 188.50 Td (hereinafter ) Tj ET Q q 0 0 0 rg BT 211.93 188.50 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 254.91 188.50 Td (or ) Tj ET Q q 0 0 0 rg BT 267.91 188.50 Td (any ) Tj ET Q q 0 0 0 rg BT 288.23 188.50 Td (other ) Tj ET Q q 0 0 0 rg BT 315.89 188.50 Td (Person. ) Tj ET Q q 0 0 0 rg BT 354.56 188.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 162.10 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.99 162.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 162.10 Td (W) Tj ET Q q 0 0 0 rg BT 190.85 162.10 Td (ithout ) Tj ET Q q 0 0 0 rg BT 224.98 162.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 269.12 162.10 Td (any ) Tj ET Q q 0 0 0 rg BT 292.58 162.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 352.05 162.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.18 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.98 162.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 442.43 162.10 Td (under ) Tj ET Q q 0 0 0 rg BT 475.88 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.68 162.10 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 147.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 128.80 147.70 Td (or ) Tj ET Q q 0 0 0 rg BT 142.29 147.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.44 147.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 212.57 147.70 Td (under ) Tj ET Q q 0 0 0 rg BT 243.39 147.70 Td (the ) Tj ET Q q 0 0 0 rg BT 261.54 147.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 314.33 147.70 Td (Equity ) Tj ET Q q 0 0 0 rg BT 349.82 147.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 416.65 147.70 Td (Letter) Tj ET Q q 0 0 0 rg BT 444.81 147.70 Td (, ) Tj ET Q q 0 0 0 rg BT 451.30 147.70 Td (the ) Tj ET Q q 0 0 0 rg BT 469.20 147.70 Td (V) Tj ET Q q 0 0 0 rg BT 476.54 147.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 507.35 147.70 Td (further ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 133.30 Td (agrees ) Tj ET Q q 0 0 0 rg BT 106.20 133.30 Td (and ) Tj ET Q q 0 0 0 rg BT 127.07 133.30 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 198.60 133.30 Td (that ) Tj ET Q q 0 0 0 rg BT 220.14 133.30 Td (no ) Tj ET Q q 0 0 0 rg BT 235.69 133.30 Td (Person ) Tj ET Q q 0 0 0 rg BT 271.91 133.30 Td (other ) Tj ET Q q 0 0 0 rg BT 300.12 133.30 Td (than ) Tj ET Q q 0 0 0 rg BT 324.33 133.30 Td (the ) Tj ET Q q 0 0 0 rg BT 342.54 133.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 394.73 133.30 Td (has ) Tj ET Q q 0 0 0 rg BT 414.28 133.30 Td (any ) Tj ET Q q 0 0 0 rg BT 435.16 133.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 492.04 133.30 Td (hereunder ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 118.90 Td (and ) Tj ET Q q 0 0 0 rg BT 93.34 118.90 Td (that, ) Tj ET Q q 0 0 0 rg BT 118.36 118.90 Td (notwithstanding ) Tj ET Q q 0 0 0 rg BT 199.71 118.90 Td (that ) Tj ET Q q 0 0 0 rg BT 221.72 118.90 Td (the ) Tj ET Q q 0 0 0 rg BT 240.40 118.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 293.06 118.90 Td (may ) Tj ET Q q 0 0 0 rg BT 317.74 118.90 Td (be ) Tj ET Q q 0 0 0 rg BT 333.08 118.90 Td (a ) Tj ET Q q 0 0 0 rg BT 342.43 118.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 380.44 118.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 421.79 118.90 Td (company) Tj ET Q q 0 0 0 rg BT 465.00 118.90 Td (, ) Tj ET Q q 0 0 0 rg BT 472.01 118.90 Td (partnership ) Tj ET Q q 0 0 0 rg BT 530.01 118.90 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 104.50 Td (corporation, ) Tj ET Q q 0 0 0 rg BT 133.14 104.50 Td (the ) Tj ET Q q 0 0 0 rg BT 150.41 104.50 Td (V) Tj ET Q q 0 0 0 rg BT 157.75 104.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 187.90 104.50 Td (and ) Tj ET Q q 0 0 0 rg BT 208.04 104.50 Td (its ) Tj ET Q q 0 0 0 rg BT 221.58 104.50 Td (Af) Tj ET Q q 0 0 0 rg BT 234.03 104.50 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 272.50 104.50 Td (security ) Tj ET Q q 0 0 0 rg BT 313.31 104.50 Td (holders ) Tj ET Q q 0 0 0 rg BT 351.46 104.50 Td (and ) Tj ET Q q 0 0 0 rg BT 371.61 104.50 Td (representatives ) Tj ET Q q 0 0 0 rg BT 446.40 104.50 Td (and ) Tj ET Q q 0 0 0 rg BT 466.55 104.50 Td (their ) Tj ET Q q 0 0 0 rg BT 491.36 104.50 Td (respective ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 90.10 Td (of) Tj ET Q q 0 0 0 rg BT 81.78 90.10 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 113.47 90.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 160.49 90.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 216.85 90.10 Td (heirs, ) Tj ET Q q 0 0 0 rg BT 245.22 90.10 Td (trustees, ) Tj ET Q q 0 0 0 rg BT 286.92 90.10 Td (beneficiaries, ) Tj ET Q q 0 0 0 rg BT 353.26 90.10 Td (successors, ) Tj ET Q q 0 0 0 rg BT 408.95 90.10 Td (assigns, ) Tj ET Q q 0 0 0 rg BT 448.66 90.10 Td (representatives ) Tj ET Q q 0 0 0 rg BT 522.67 90.10 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 75.70 Td (agents ) Tj ET Q q 0 0 0 rg BT 106.02 75.70 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 165.21 75.70 Td (, ) Tj ET Q q 0 0 0 rg BT 171.58 75.70 Td (the ) Tj ET Q q 0 0 0 rg BT 189.61 75.70 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 194.9326171875 74.10039062500005 m 305.6337890625 74.10039062500005 l s q 0 0 0 rg BT 194.93 75.70 Td (V) Tj ET Q q 0 0 0 rg BT 202.27 75.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 232.96 75.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 272.97 75.70 Td (Parties) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 305.63 75.70 Td (\) ) Tj ET Q q 0 0 0 rg BT 318.32 75.70 Td (have ) Tj ET Q q 0 0 0 rg BT 344.34 75.70 Td (no ) Tj ET Q q 0 0 0 rg BT 359.71 75.70 Td (remedy) Tj ET Q q 0 0 0 rg BT 394.91 75.70 Td (, ) Tj ET Q q 0 0 0 rg BT 401.28 75.70 Td (recourse ) Tj ET Q q 0 0 0 rg BT 445.28 75.70 Td (or ) Tj ET Q q 0 0 0 rg BT 458.65 75.70 Td (right ) Tj ET Q q 0 0 0 rg BT 484.68 75.70 Td (of ) Tj ET Q q 0 0 0 rg BT 498.04 75.70 Td (recovery ) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (4) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (against, ) Tj ET Q q 0 0 0 rg BT 111.99 711.70 Td (or ) Tj ET Q q 0 0 0 rg BT 124.98 711.70 Td (contribution ) Tj ET Q q 0 0 0 rg BT 186.63 711.70 Td (from, ) Tj ET Q q 0 0 0 rg BT 215.95 711.70 Td (\(i\)any ) Tj ET Q q 0 0 0 rg BT 250.60 711.70 Td (former) Tj ET Q q 0 0 0 rg BT 282.77 711.70 Td (, ) Tj ET Q q 0 0 0 rg BT 288.76 711.70 Td (current ) Tj ET Q q 0 0 0 rg BT 325.74 711.70 Td (or ) Tj ET Q q 0 0 0 rg BT 338.73 711.70 Td (future ) Tj ET Q q 0 0 0 rg BT 370.38 711.70 Td (member) Tj ET Q q 0 0 0 rg BT 409.21 711.70 Td (, ) Tj ET Q q 0 0 0 rg BT 415.21 711.70 Td (general ) Tj ET Q q 0 0 0 rg BT 453.51 711.70 Td (or ) Tj ET Q q 0 0 0 rg BT 466.51 711.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 503.50 711.70 Td (partner) Tj ET Q q 0 0 0 rg BT 537.00 711.70 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (stockholder) Tj ET Q q 0 0 0 rg BT 127.51 697.30 Td (, ) Tj ET Q q 0 0 0 rg BT 132.64 697.30 Td (holder ) Tj ET Q q 0 0 0 rg BT 165.42 697.30 Td (of ) Tj ET Q q 0 0 0 rg BT 177.55 697.30 Td (any ) Tj ET Q q 0 0 0 rg BT 197.01 697.30 Td (equity) Tj ET Q q 0 0 0 rg BT 226.22 697.30 Td (, ) Tj ET Q q 0 0 0 rg BT 231.36 697.30 Td (partnership ) Tj ET Q q 0 0 0 rg BT 287.47 697.30 Td (or ) Tj ET Q q 0 0 0 rg BT 299.60 697.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 335.72 697.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 375.19 697.30 Td (company ) Tj ET Q q 0 0 0 rg BT 421.30 697.30 Td (interest, ) Tj ET Q q 0 0 0 rg BT 461.76 697.30 Td (of) Tj ET Q q 0 0 0 rg BT 471.53 697.30 Td (ficer) Tj ET Q q 0 0 0 rg BT 493.03 697.30 Td (, ) Tj ET Q q 0 0 0 rg BT 498.16 697.30 Td (member) Tj ET Q q 0 0 0 rg BT 537.00 697.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (manager) Tj ET Q q 0 0 0 rg BT 112.83 682.90 Td (, ) Tj ET Q q 0 0 0 rg BT 117.95 682.90 Td (director) Tj ET Q q 0 0 0 rg BT 154.79 682.90 Td (, ) Tj ET Q q 0 0 0 rg BT 159.91 682.90 Td (employee, ) Tj ET Q q 0 0 0 rg BT 211.68 682.90 Td (agent, ) Tj ET Q q 0 0 0 rg BT 242.79 682.90 Td (controlling ) Tj ET Q q 0 0 0 rg BT 297.58 682.90 Td (person, ) Tj ET Q q 0 0 0 rg BT 334.70 682.90 Td (assignee ) Tj ET Q q 0 0 0 rg BT 377.47 682.90 Td (or ) Tj ET Q q 0 0 0 rg BT 389.13 682.90 Td (Af) Tj ET Q q 0 0 0 rg BT 401.57 682.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 431.68 682.90 Td (of ) Tj ET Q q 0 0 0 rg BT 443.80 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 460.59 682.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 511.36 682.90 Td (\(other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (than ) Tj ET Q q 0 0 0 rg BT 98.63 668.50 Td (the ) Tj ET Q q 0 0 0 rg BT 119.27 668.50 Td (Purchaser\), ) Tj ET Q q 0 0 0 rg BT 179.55 668.50 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 200.18 668.50 Td (any ) Tj ET Q q 0 0 0 rg BT 223.48 668.50 Td (lender ) Tj ET Q q 0 0 0 rg BT 259.44 668.50 Td (or ) Tj ET Q q 0 0 0 rg BT 275.41 668.50 Td (prospective ) Tj ET Q q 0 0 0 rg BT 336.69 668.50 Td (lender) Tj ET Q q 0 0 0 rg BT 366.20 668.50 Td (, ) Tj ET Q q 0 0 0 rg BT 375.17 668.50 Td (lead ) Tj ET Q q 0 0 0 rg BT 401.13 668.50 Td (arranger) Tj ET Q q 0 0 0 rg BT 440.61 668.50 Td (, ) Tj ET Q q 0 0 0 rg BT 449.59 668.50 Td (arranger) Tj ET Q q 0 0 0 rg BT 489.07 668.50 Td (, ) Tj ET Q q 0 0 0 rg BT 498.05 668.50 Td (agent ) Tj ET Q q 0 0 0 rg BT 530.01 668.50 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (representative ) Tj ET Q q 0 0 0 rg BT 143.13 654.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.95 654.10 Td (or ) Tj ET Q q 0 0 0 rg BT 170.78 654.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.94 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.43 654.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 253.58 654.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 306.73 654.10 Td (any ) Tj ET Q q 0 0 0 rg BT 327.89 654.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 355.05 654.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 406.87 654.10 Td (Source\) ) Tj ET Q q 0 0 0 rg BT 448.02 654.10 Td (or ) Tj ET Q q 0 0 0 rg BT 461.85 654.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 483.67 654.10 Td (any ) Tj ET Q q 0 0 0 rg BT 504.83 654.10 Td (former) Tj ET Q q 0 0 0 rg BT 537.00 654.10 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (current ) Tj ET Q q 0 0 0 rg BT 108.68 639.70 Td (or ) Tj ET Q q 0 0 0 rg BT 121.37 639.70 Td (future ) Tj ET Q q 0 0 0 rg BT 152.72 639.70 Td (member) Tj ET Q q 0 0 0 rg BT 191.55 639.70 Td (, ) Tj ET Q q 0 0 0 rg BT 197.25 639.70 Td (general ) Tj ET Q q 0 0 0 rg BT 235.26 639.70 Td (or ) Tj ET Q q 0 0 0 rg BT 247.95 639.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 284.64 639.70 Td (partner) Tj ET Q q 0 0 0 rg BT 318.14 639.70 Td (, ) Tj ET Q q 0 0 0 rg BT 323.84 639.70 Td (stockholder) Tj ET Q q 0 0 0 rg BT 379.34 639.70 Td (, ) Tj ET Q q 0 0 0 rg BT 385.04 639.70 Td (holder ) Tj ET Q q 0 0 0 rg BT 418.39 639.70 Td (of ) Tj ET Q q 0 0 0 rg BT 431.08 639.70 Td (any ) Tj ET Q q 0 0 0 rg BT 451.11 639.70 Td (equity) Tj ET Q q 0 0 0 rg BT 480.32 639.70 Td (, ) Tj ET Q q 0 0 0 rg BT 486.02 639.70 Td (partnership ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (or ) Tj ET Q q 0 0 0 rg BT 84.22 625.30 Td (limited ) Tj ET Q q 0 0 0 rg BT 120.43 625.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 159.98 625.30 Td (company ) Tj ET Q q 0 0 0 rg BT 206.19 625.30 Td (interest, ) Tj ET Q q 0 0 0 rg BT 246.73 625.30 Td (of) Tj ET Q q 0 0 0 rg BT 256.51 625.30 Td (ficer) Tj ET Q q 0 0 0 rg BT 278.01 625.30 Td (, ) Tj ET Q q 0 0 0 rg BT 283.23 625.30 Td (member) Tj ET Q q 0 0 0 rg BT 322.07 625.30 Td (, ) Tj ET Q q 0 0 0 rg BT 327.29 625.30 Td (manager) Tj ET Q q 0 0 0 rg BT 368.12 625.30 Td (, ) Tj ET Q q 0 0 0 rg BT 373.34 625.30 Td (director) Tj ET Q q 0 0 0 rg BT 410.17 625.30 Td (, ) Tj ET Q q 0 0 0 rg BT 415.39 625.30 Td (employee, ) Tj ET Q q 0 0 0 rg BT 467.26 625.30 Td (agent, ) Tj ET Q q 0 0 0 rg BT 498.46 625.30 Td (attorney) Tj ET Q q 0 0 0 rg BT 537.00 625.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (controlling ) Tj ET Q q 0 0 0 rg BT 127.46 610.90 Td (person, ) Tj ET Q q 0 0 0 rg BT 165.25 610.90 Td (assignee ) Tj ET Q q 0 0 0 rg BT 208.71 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 220.88 610.90 Td (Af) Tj ET Q q 0 0 0 rg BT 233.33 610.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 264.11 610.90 Td (\(other ) Tj ET Q q 0 0 0 rg BT 295.57 610.90 Td (than ) Tj ET Q q 0 0 0 rg BT 319.03 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 336.49 610.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 387.93 610.90 Td (and ) Tj ET Q q 0 0 0 rg BT 408.06 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 425.52 610.90 Td (Purchaser\) ) Tj ET Q q 0 0 0 rg BT 479.63 610.90 Td (of ) Tj ET Q q 0 0 0 rg BT 492.43 610.90 Td (any ) Tj ET Q q 0 0 0 rg BT 512.56 610.90 Td (of ) Tj ET Q q 0 0 0 rg BT 525.35 610.90 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 123.02 596.50 Td (\(those ) Tj ET Q q 0 0 0 rg BT 156.71 596.50 Td (persons ) Tj ET Q q 0 0 0 rg BT 197.74 596.50 Td (and ) Tj ET Q q 0 0 0 rg BT 219.43 596.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 258.46 596.50 Td (described ) Tj ET Q q 0 0 0 rg BT 308.80 596.50 Td (in ) Tj ET Q q 0 0 0 rg BT 322.50 596.50 Td (the ) Tj ET Q q 0 0 0 rg BT 341.53 596.50 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 392.55 596.50 Td (clauses ) Tj ET Q q 0 0 0 rg BT 431.57 596.50 Td (\(i\), ) Tj ET Q q 0 0 0 rg BT 450.26 596.50 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 469.29 596.50 Td (and ) Tj ET Q q 0 0 0 rg BT 490.98 596.50 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 513.34 596.50 Td (being ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 114.42 582.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.21 582.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 162.66 582.10 Td (collectively ) Tj ET Q q 0 0 0 rg BT 223.09 582.10 Td (as ) Tj ET Q q 0 0 0 rg BT 237.54 582.10 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 242.87109375 580.500390625 m 369.744140625 580.500390625 l s q 0 0 0 rg BT 242.87 582.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 295.97 582.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 337.08 582.10 Td (Parties) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 369.74 582.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 383.53 582.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.32 582.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 454.42 582.10 Td (with ) Tj ET Q q 0 0 0 rg BT 480.22 582.10 Td (this ) Tj ET Q q 0 0 0 rg BT 502.01 582.10 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 126.63 567.70 Td (the ) Tj ET Q q 0 0 0 rg BT 143.63 567.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 188.76 567.70 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 247.40 567.70 Td (the ) Tj ET Q q 0 0 0 rg BT 264.39 567.70 Td (Equity ) Tj ET Q q 0 0 0 rg BT 298.72 567.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 364.39 567.70 Td (Letters, ) Tj ET Q q 0 0 0 rg BT 403.04 567.70 Td (the ) Tj ET Q q 0 0 0 rg BT 420.03 567.70 Td (Debt ) Tj ET Q q 0 0 0 rg BT 445.69 567.70 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 511.35 567.70 Td (Letter ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (or ) Tj ET Q q 0 0 0 rg BT 87.26 553.30 Td (any ) Tj ET Q q 0 0 0 rg BT 109.85 553.30 Td (transaction ) Tj ET Q q 0 0 0 rg BT 167.76 553.30 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 237.66 553.30 Td (hereby ) Tj ET Q q 0 0 0 rg BT 275.57 553.30 Td (or ) Tj ET Q q 0 0 0 rg BT 290.83 553.30 Td (thereby ) Tj ET Q q 0 0 0 rg BT 332.08 553.30 Td (or ) Tj ET Q q 0 0 0 rg BT 347.34 553.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 399.25 553.30 Td (relating ) Tj ET Q q 0 0 0 rg BT 441.17 553.30 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 482.75 553.30 Td (through ) Tj ET Q q 0 0 0 rg BT 525.34 553.30 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 120.16 538.90 Td (, ) Tj ET Q q 0 0 0 rg BT 126.29 538.90 Td (the ) Tj ET Q q 0 0 0 rg BT 144.08 538.90 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 194.52 538.90 Td (or ) Tj ET Q q 0 0 0 rg BT 207.64 538.90 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 260.42 538.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 302.20 538.90 Td (by ) Tj ET Q q 0 0 0 rg BT 317.33 538.90 Td (or ) Tj ET Q q 0 0 0 rg BT 330.45 538.90 Td (through ) Tj ET Q q 0 0 0 rg BT 370.91 538.90 Td (attempted ) Tj ET Q q 0 0 0 rg BT 421.35 538.90 Td (piercing ) Tj ET Q q 0 0 0 rg BT 463.79 538.90 Td (of ) Tj ET Q q 0 0 0 rg BT 476.92 538.90 Td (the ) Tj ET Q q 0 0 0 rg BT 494.71 538.90 Td (corporate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (veil ) Tj ET Q q 0 0 0 rg BT 92.13 524.50 Td (or ) Tj ET Q q 0 0 0 rg BT 104.26 524.50 Td (similar ) Tj ET Q q 0 0 0 rg BT 139.73 524.50 Td (action, ) Tj ET Q q 0 0 0 rg BT 174.18 524.50 Td (by ) Tj ET Q q 0 0 0 rg BT 188.32 524.50 Td (the ) Tj ET Q q 0 0 0 rg BT 205.11 524.50 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 267.21 524.50 Td (of ) Tj ET Q q 0 0 0 rg BT 279.35 524.50 Td (any ) Tj ET Q q 0 0 0 rg BT 298.81 524.50 Td (assessment ) Tj ET Q q 0 0 0 rg BT 354.27 524.50 Td (or ) Tj ET Q q 0 0 0 rg BT 366.40 524.50 Td (by ) Tj ET Q q 0 0 0 rg BT 380.54 524.50 Td (any ) Tj ET Q q 0 0 0 rg BT 400.00 524.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 425.46 524.50 Td (or ) Tj ET Q q 0 0 0 rg BT 437.59 524.50 Td (equitable ) Tj ET Q q 0 0 0 rg BT 483.70 524.50 Td (proceeding, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (by ) Tj ET Q q 0 0 0 rg BT 86.96 510.10 Td (virtue ) Tj ET Q q 0 0 0 rg BT 117.91 510.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.87 510.10 Td (any ) Tj ET Q q 0 0 0 rg BT 151.16 510.10 Td (statute, ) Tj ET Q q 0 0 0 rg BT 188.45 510.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 240.06 510.10 Td (or ) Tj ET Q q 0 0 0 rg BT 253.02 510.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 305.29 510.10 Td (law) Tj ET Q q 0 0 0 rg BT 321.83 510.10 Td (, ) Tj ET Q q 0 0 0 rg BT 327.79 510.10 Td (by ) Tj ET Q q 0 0 0 rg BT 342.76 510.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.71 510.10 Td (through ) Tj ET Q q 0 0 0 rg BT 396.01 510.10 Td (a ) Tj ET Q q 0 0 0 rg BT 404.29 510.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 433.91 510.10 Td (by ) Tj ET Q q 0 0 0 rg BT 448.87 510.10 Td (or ) Tj ET Q q 0 0 0 rg BT 461.83 510.10 Td (on ) Tj ET Q q 0 0 0 rg BT 476.79 510.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 509.74 510.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.69 510.10 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 124.51 495.70 Td (or ) Tj ET Q q 0 0 0 rg BT 138.38 495.70 Td (the ) Tj ET Q q 0 0 0 rg BT 156.90 495.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 208.08 495.70 Td (against ) Tj ET Q q 0 0 0 rg BT 245.94 495.70 Td (the ) Tj ET Q q 0 0 0 rg BT 264.47 495.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 316.98 495.70 Td (or ) Tj ET Q q 0 0 0 rg BT 330.84 495.70 Td (any ) Tj ET Q q 0 0 0 rg BT 352.04 495.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 404.55 495.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 445.07 495.70 Td (Party) Tj ET Q q 0 0 0 rg BT 469.62 495.70 Td (, ) Tj ET Q q 0 0 0 rg BT 476.48 495.70 Td (or ) Tj ET Q q 0 0 0 rg BT 490.35 495.70 Td (otherwise, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (except ) Tj ET Q q 0 0 0 rg BT 104.91 481.30 Td (for ) Tj ET Q q 0 0 0 rg BT 120.50 481.30 Td (the ) Tj ET Q q 0 0 0 rg BT 136.76 481.30 Td (Retained ) Tj ET Q q 0 0 0 rg BT 181.01 481.30 Td (Claims ) Tj ET Q q 0 0 0 rg BT 216.62 481.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 232.21 481.30 Td (defined ) Tj ET Q q 0 0 0 rg BT 269.79 481.30 Td (below\); ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 308.044921875 479.700390625 m 350.701171875 479.700390625 l s q 0 0 0 rg BT 308.04 481.30 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 350.70 481.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 355.30078125 479.700390625 m 396.375 479.700390625 l s q 0 0 0 rg BT 355.30 481.30 Td (however) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 396.13 481.30 Td (, ) Tj ET Q q 0 0 0 rg BT 400.73 481.30 Td (that ) Tj ET Q q 0 0 0 rg BT 420.33 481.30 Td (in ) Tj ET Q q 0 0 0 rg BT 431.26 481.30 Td (the ) Tj ET Q q 0 0 0 rg BT 447.52 481.30 Td (event ) Tj ET Q q 0 0 0 rg BT 475.11 481.30 Td (the ) Tj ET Q q 0 0 0 rg BT 491.37 481.30 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 88.72 466.90 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 150.77 466.90 Td (with ) Tj ET Q q 0 0 0 rg BT 174.83 466.90 Td (or ) Tj ET Q q 0 0 0 rg BT 187.55 466.90 Td (mer) Tj ET Q q 0 0 0 rg BT 205.99 466.90 Td (ges ) Tj ET Q q 0 0 0 rg BT 224.72 466.90 Td (with ) Tj ET Q q 0 0 0 rg BT 248.78 466.90 Td (any ) Tj ET Q q 0 0 0 rg BT 268.83 466.90 Td (other ) Tj ET Q q 0 0 0 rg BT 296.21 466.90 Td (Person ) Tj ET Q q 0 0 0 rg BT 331.61 466.90 Td (and ) Tj ET Q q 0 0 0 rg BT 351.66 466.90 Td (is ) Tj ET Q q 0 0 0 rg BT 362.39 466.90 Td (not ) Tj ET Q q 0 0 0 rg BT 380.46 466.90 Td (the ) Tj ET Q q 0 0 0 rg BT 397.84 466.90 Td (continuing ) Tj ET Q q 0 0 0 rg BT 451.90 466.90 Td (or ) Tj ET Q q 0 0 0 rg BT 464.62 466.90 Td (surviving ) Tj ET Q q 0 0 0 rg BT 512.68 466.90 Td (entity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (of ) Tj ET Q q 0 0 0 rg BT 83.78 452.50 Td (such ) Tj ET Q q 0 0 0 rg BT 107.56 452.50 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 174.01 452.50 Td (or ) Tj ET Q q 0 0 0 rg BT 185.79 452.50 Td (mer) Tj ET Q q 0 0 0 rg BT 204.23 452.50 Td (ger ) Tj ET Q q 0 0 0 rg BT 221.34 452.50 Td (or ) Tj ET Q q 0 0 0 rg BT 233.12 452.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 248.90 452.50 Td (transfers ) Tj ET Q q 0 0 0 rg BT 292.00 452.50 Td (or ) Tj ET Q q 0 0 0 rg BT 303.78 452.50 Td (conveys ) Tj ET Q q 0 0 0 rg BT 344.89 452.50 Td (all ) Tj ET Q q 0 0 0 rg BT 358.67 452.50 Td (or ) Tj ET Q q 0 0 0 rg BT 370.45 452.50 Td (a ) Tj ET Q q 0 0 0 rg BT 377.56 452.50 Td (substantial ) Tj ET Q q 0 0 0 rg BT 430.67 452.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 467.12 452.50 Td (of ) Tj ET Q q 0 0 0 rg BT 478.90 452.50 Td (its ) Tj ET Q q 0 0 0 rg BT 492.03 452.50 Td (properties ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.05 438.10 Td (other ) Tj ET Q q 0 0 0 rg BT 119.43 438.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 150.14 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.20 438.10 Td (any ) Tj ET Q q 0 0 0 rg BT 182.25 438.10 Td (Person ) Tj ET Q q 0 0 0 rg BT 217.63 438.10 Td (such ) Tj ET Q q 0 0 0 rg BT 242.35 438.10 Td (that ) Tj ET Q q 0 0 0 rg BT 263.07 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.45 438.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 303.18 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.89 438.10 Td (all ) Tj ET Q q 0 0 0 rg BT 330.61 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.33 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.71 438.10 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 409.80 438.10 Td () Tj ET Q q 0 0 0 rg BT 413.13 438.10 Td (s ) Tj ET Q q 0 0 0 rg BT 420.52 438.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 471.90 438.10 Td (net ) Tj ET Q q 0 0 0 rg BT 489.28 438.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 520.00 438.10 Td (plus ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (uncalled ) Tj ET Q q 0 0 0 rg BT 116.32 423.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 151.97 423.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 220.97 423.70 Td (is ) Tj ET Q q 0 0 0 rg BT 232.64 423.70 Td (less ) Tj ET Q q 0 0 0 rg BT 254.31 423.70 Td (than ) Tj ET Q q 0 0 0 rg BT 278.64 423.70 Td (the ) Tj ET Q q 0 0 0 rg BT 296.97 423.70 Td (Cap, ) Tj ET Q q 0 0 0 rg BT 322.97 423.70 Td (then, ) Tj ET Q q 0 0 0 rg BT 350.31 423.70 Td (and ) Tj ET Q q 0 0 0 rg BT 371.30 423.70 Td (in ) Tj ET Q q 0 0 0 rg BT 384.31 423.70 Td (each ) Tj ET Q q 0 0 0 rg BT 409.96 423.70 Td (such ) Tj ET Q q 0 0 0 rg BT 435.62 423.70 Td (case, ) Tj ET Q q 0 0 0 rg BT 462.94 423.70 Td (the ) Tj ET Q q 0 0 0 rg BT 481.01 423.70 Td (V) Tj ET Q q 0 0 0 rg BT 488.35 423.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 519.34 423.70 Td (may ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (seek ) Tj ET Q q 0 0 0 rg BT 94.90 409.30 Td (recourse, ) Tj ET Q q 0 0 0 rg BT 140.11 409.30 Td (whether ) Tj ET Q q 0 0 0 rg BT 180.33 409.30 Td (by ) Tj ET Q q 0 0 0 rg BT 193.90 409.30 Td (the ) Tj ET Q q 0 0 0 rg BT 210.14 409.30 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 271.68 409.30 Td (of ) Tj ET Q q 0 0 0 rg BT 283.25 409.30 Td (any ) Tj ET Q q 0 0 0 rg BT 302.14 409.30 Td (judgment ) Tj ET Q q 0 0 0 rg BT 349.05 409.30 Td (or ) Tj ET Q q 0 0 0 rg BT 360.62 409.30 Td (assessment ) Tj ET Q q 0 0 0 rg BT 415.51 409.30 Td (or ) Tj ET Q q 0 0 0 rg BT 427.08 409.30 Td (by ) Tj ET Q q 0 0 0 rg BT 440.66 409.30 Td (any ) Tj ET Q q 0 0 0 rg BT 459.56 409.30 Td (legal ) Tj ET Q q 0 0 0 rg BT 484.45 409.30 Td (or ) Tj ET Q q 0 0 0 rg BT 496.02 409.30 Td (equitable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 394.90 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 128.66 394.90 Td (or ) Tj ET Q q 0 0 0 rg BT 142.01 394.90 Td (by ) Tj ET Q q 0 0 0 rg BT 157.36 394.90 Td (virtue ) Tj ET Q q 0 0 0 rg BT 188.70 394.90 Td (of ) Tj ET Q q 0 0 0 rg BT 202.05 394.90 Td (any ) Tj ET Q q 0 0 0 rg BT 222.73 394.90 Td (statue, ) Tj ET Q q 0 0 0 rg BT 257.07 394.90 Td (regulation ) Tj ET Q q 0 0 0 rg BT 309.07 394.90 Td (or ) Tj ET Q q 0 0 0 rg BT 322.42 394.90 Td (other ) Tj ET Q q 0 0 0 rg BT 350.43 394.90 Td (applicable ) Tj ET Q q 0 0 0 rg BT 403.08 394.90 Td (law) Tj ET Q q 0 0 0 rg BT 419.63 394.90 Td (, ) Tj ET Q q 0 0 0 rg BT 425.98 394.90 Td (against ) Tj ET Q q 0 0 0 rg BT 463.32 394.90 Td (such ) Tj ET Q q 0 0 0 rg BT 488.67 394.90 Td (continuing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (or ) Tj ET Q q 0 0 0 rg BT 85.55 380.50 Td (surviving ) Tj ET Q q 0 0 0 rg BT 134.44 380.50 Td (entity ) Tj ET Q q 0 0 0 rg BT 165.33 380.50 Td (or ) Tj ET Q q 0 0 0 rg BT 178.88 380.50 Td (such ) Tj ET Q q 0 0 0 rg BT 204.43 380.50 Td (Person ) Tj ET Q q 0 0 0 rg BT 240.66 380.50 Td (\(in ) Tj ET Q q 0 0 0 rg BT 257.54 380.50 Td (either ) Tj ET Q q 0 0 0 rg BT 288.42 380.50 Td (case, ) Tj ET Q q 0 0 0 rg BT 315.62 380.50 Td (a ) Tj ET Q q 0 0 0 rg BT 324.50 380.50 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 329.830078125 378.900390625 m 410.70703125 378.900390625 l s q 0 0 0 rg BT 329.83 380.50 Td (Successor ) Tj ET Q q 0 0 0 rg BT 381.38 380.50 Td (Entity) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 410.71 380.50 Td (\), ) Tj ET Q q 0 0 0 rg BT 426.59 380.50 Td (as ) Tj ET Q q 0 0 0 rg BT 440.14 380.50 Td (the ) Tj ET Q q 0 0 0 rg BT 458.36 380.50 Td (case ) Tj ET Q q 0 0 0 rg BT 482.56 380.50 Td (may ) Tj ET Q q 0 0 0 rg BT 506.78 380.50 Td (be, ) Tj ET Q q 0 0 0 rg BT 524.66 380.50 Td (but ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (only ) Tj ET Q q 0 0 0 rg BT 95.99 366.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.98 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.30 366.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 157.27 366.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.92 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.24 366.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 222.56 366.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 262.54 366.10 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 313.17 366.10 Td (for ) Tj ET Q q 0 0 0 rg BT 329.82 366.10 Td (which ) Tj ET Q q 0 0 0 rg BT 361.80 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.11 366.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 430.41 366.10 Td (is ) Tj ET Q q 0 0 0 rg BT 441.07 366.10 Td (liable, ) Tj ET Q q 0 0 0 rg BT 473.38 366.10 Td (as ) Tj ET Q q 0 0 0 rg BT 486.04 366.10 Td (determined ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (in ) Tj ET Q q 0 0 0 rg BT 84.80 351.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 142.23 351.70 Td (with ) Tj ET Q q 0 0 0 rg BT 167.03 351.70 Td (this ) Tj ET Q q 0 0 0 rg BT 187.84 351.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 229.30 351.70 Td (Guarantee. ) Tj ET Q q 0 0 0 rg BT 285.07 351.70 Td ( ) Tj ET Q q 0 0 0 rg BT 287.78 351.70 Td (As ) Tj ET Q q 0 0 0 rg BT 304.58 351.70 Td (used ) Tj ET Q q 0 0 0 rg BT 330.05 351.70 Td (herein, ) Tj ET Q q 0 0 0 rg BT 366.50 351.70 Td (unless ) Tj ET Q q 0 0 0 rg BT 399.97 351.70 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 450.10 351.70 Td (specified, ) Tj ET Q q 0 0 0 rg BT 499.88 351.70 Td (the ) Tj ET Q q 0 0 0 rg BT 518.01 351.70 Td (term ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 123.64 337.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 149.31 337.30 Td (include ) Tj ET Q q 0 0 0 rg BT 187.63 337.30 Td (the ) Tj ET Q q 0 0 0 rg BT 205.29 337.30 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 254.38 337.30 Td () Tj ET Q q 0 0 0 rg BT 257.71 337.30 Td (s ) Tj ET Q q 0 0 0 rg BT 265.38 337.30 Td (Successor ) Tj ET Q q 0 0 0 rg BT 316.37 337.30 Td (Entity) Tj ET Q q 0 0 0 rg BT 344.92 337.30 Td (. ) Tj ET Q q 0 0 0 rg BT 350.92 337.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 310.90 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.32 310.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 310.90 Td (The ) Tj ET Q q 0 0 0 rg BT 201.28 310.90 Td (V) Tj ET Q q 0 0 0 rg BT 208.62 310.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 238.77 310.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 274.25 310.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 325.07 310.90 Td (and ) Tj ET Q q 0 0 0 rg BT 345.22 310.90 Td (agrees ) Tj ET Q q 0 0 0 rg BT 378.70 310.90 Td (that ) Tj ET Q q 0 0 0 rg BT 399.53 310.90 Td (it ) Tj ET Q q 0 0 0 rg BT 409.03 310.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 434.52 310.90 Td (not ) Tj ET Q q 0 0 0 rg BT 452.69 310.90 Td (institute, ) Tj ET Q q 0 0 0 rg BT 497.18 310.90 Td (and ) Tj ET Q q 0 0 0 rg BT 517.34 310.90 Td (shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 296.50 Td (cause ) Tj ET Q q 0 0 0 rg BT 101.64 296.50 Td (each ) Tj ET Q q 0 0 0 rg BT 126.60 296.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.59 296.50 Td (the ) Tj ET Q q 0 0 0 rg BT 157.02 296.50 Td (V) Tj ET Q q 0 0 0 rg BT 164.36 296.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 194.67 296.50 Td (Related ) Tj ET Q q 0 0 0 rg BT 234.31 296.50 Td (Parties ) Tj ET Q q 0 0 0 rg BT 269.95 296.50 Td (not ) Tj ET Q q 0 0 0 rg BT 288.28 296.50 Td (to ) Tj ET Q q 0 0 0 rg BT 300.60 296.50 Td (institute, ) Tj ET Q q 0 0 0 rg BT 345.25 296.50 Td (directly ) Tj ET Q q 0 0 0 rg BT 384.89 296.50 Td (or ) Tj ET Q q 0 0 0 rg BT 397.88 296.50 Td (indirectly) Tj ET Q q 0 0 0 rg BT 443.08 296.50 Td (, ) Tj ET Q q 0 0 0 rg BT 449.07 296.50 Td (any ) Tj ET Q q 0 0 0 rg BT 469.38 296.50 Td (action ) Tj ET Q q 0 0 0 rg BT 501.69 296.50 Td (or ) Tj ET Q q 0 0 0 rg BT 514.68 296.50 Td (bring ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 282.10 Td (any ) Tj ET Q q 0 0 0 rg BT 92.01 282.10 Td (other ) Tj ET Q q 0 0 0 rg BT 119.36 282.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 148.70 282.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 184.05 282.10 Td (under) Tj ET Q q 0 0 0 rg BT 210.89 282.10 Td (, ) Tj ET Q q 0 0 0 rg BT 216.58 282.10 Td (or ) Tj ET Q q 0 0 0 rg BT 229.26 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.28 282.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 296.62 282.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 323.64 282.10 Td (this ) Tj ET Q q 0 0 0 rg BT 343.67 282.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 384.35 282.10 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 439.34 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.68 282.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 493.37 282.10 Td (guarantee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 267.70 Td (delivered ) Tj ET Q q 0 0 0 rg BT 121.45 267.70 Td (to ) Tj ET Q q 0 0 0 rg BT 135.25 267.70 Td (V) Tj ET Q q 0 0 0 rg BT 142.59 267.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 174.72 267.70 Td (on ) Tj ET Q q 0 0 0 rg BT 191.53 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 211.00 267.70 Td (date ) Tj ET Q q 0 0 0 rg BT 235.80 267.70 Td (hereof ) Tj ET Q q 0 0 0 rg BT 271.26 267.70 Td (by ) Tj ET Q q 0 0 0 rg BT 288.07 267.70 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 331.53 267.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 398.98 267.70 Td (Limited, ) Tj ET Q q 0 0 0 rg BT 444.79 267.70 Td (in ) Tj ET Q q 0 0 0 rg BT 458.93 267.70 Td (its ) Tj ET Q q 0 0 0 rg BT 475.08 267.70 Td (capacity ) Tj ET Q q 0 0 0 rg BT 519.87 267.70 Td (as ) Tj ET Q q 0 0 0 rg BT 534.67 267.70 Td (a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 253.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 122.55 253.30 Td (of ) Tj ET Q q 0 0 0 rg BT 134.44 253.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 168.99 253.30 Td (of ) Tj ET Q q 0 0 0 rg BT 180.88 253.30 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 228.64 253.30 Td () Tj ET Q q 0 0 0 rg BT 231.98 253.30 Td (s ) Tj ET Q q 0 0 0 rg BT 238.55 253.30 Td (monetary ) Tj ET Q q 0 0 0 rg BT 285.77 253.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 341.00 253.30 Td (under ) Tj ET Q q 0 0 0 rg BT 370.22 253.30 Td (the ) Tj ET Q q 0 0 0 rg BT 386.79 253.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 431.59 253.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 486.80 253.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 507.35 253.30 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 512.68017578125 251.70039062499995 m 543.00244140625 251.70039062499995 l s q 0 0 0 rg BT 512.68 253.30 Td (Other ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 237.30039062499998 m 166.4306640625 237.30039062499998 l s q 0 0 0 rg BT 72.00 238.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 117.13 238.90 Td (Guarantee) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 166.43 238.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 185.89 238.90 Td (the ) Tj ET Q q 0 0 0 rg BT 207.69 238.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 256.57 238.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 320.02 238.90 Td (the ) Tj ET Q q 0 0 0 rg BT 341.81 238.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 380.95 238.90 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 451.42 238.90 Td (Letters, ) Tj ET Q q 0 0 0 rg BT 494.88 238.90 Td (the ) Tj ET Q q 0 0 0 rg BT 516.67 238.90 Td (Debt ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 224.50 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 138.29 224.50 Td (Letter ) Tj ET Q q 0 0 0 rg BT 169.88 224.50 Td (or ) Tj ET Q q 0 0 0 rg BT 182.83 224.50 Td (the ) Tj ET Q q 0 0 0 rg BT 200.44 224.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 260.71 224.50 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 328.30 224.50 Td (hereby ) Tj ET Q q 0 0 0 rg BT 363.90 224.50 Td (or ) Tj ET Q q 0 0 0 rg BT 376.85 224.50 Td (thereby) Tj ET Q q 0 0 0 rg BT 412.05 224.50 Td (, ) Tj ET Q q 0 0 0 rg BT 418.01 224.50 Td (against ) Tj ET Q q 0 0 0 rg BT 454.95 224.50 Td (the ) Tj ET Q q 0 0 0 rg BT 472.56 224.50 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 519.39 224.50 Td (, ) Tj ET Q q 0 0 0 rg BT 525.35 224.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 210.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 122.93 210.10 Td (or ) Tj ET Q q 0 0 0 rg BT 135.21 210.10 Td (any ) Tj ET Q q 0 0 0 rg BT 154.83 210.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 205.76 210.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 244.69 210.10 Td (Party ) Tj ET Q q 0 0 0 rg BT 272.31 210.10 Td (except ) Tj ET Q q 0 0 0 rg BT 305.91 210.10 Td (for ) Tj ET Q q 0 0 0 rg BT 322.19 210.10 Td (\(i\)claims ) Tj ET Q q 0 0 0 rg BT 370.13 210.10 Td (by ) Tj ET Q q 0 0 0 rg BT 384.41 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.19 210.10 Td (V) Tj ET Q q 0 0 0 rg BT 408.53 210.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 438.14 210.10 Td (against ) Tj ET Q q 0 0 0 rg BT 474.42 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.36 210.10 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 195.70 Td (under ) Tj ET Q q 0 0 0 rg BT 102.95 195.70 Td (and ) Tj ET Q q 0 0 0 rg BT 123.91 195.70 Td (in ) Tj ET Q q 0 0 0 rg BT 136.88 195.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 194.46 195.70 Td (with ) Tj ET Q q 0 0 0 rg BT 219.43 195.70 Td (the ) Tj ET Q q 0 0 0 rg BT 237.72 195.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 268.01 195.70 Td (and ) Tj ET Q q 0 0 0 rg BT 288.97 195.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 326.59 195.70 Td (to ) Tj ET Q q 0 0 0 rg BT 339.55 195.70 Td (the ) Tj ET Q q 0 0 0 rg BT 357.85 195.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 411.47 195.70 Td (of, ) Tj ET Q q 0 0 0 rg BT 428.10 195.70 Td (this ) Tj ET Q q 0 0 0 rg BT 449.07 195.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 490.69 195.70 Td (Guarantee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 181.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 94.18 181.30 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 99.50244140625 179.70039062499995 m 232.49560546875 179.70039062499995 l s q 0 0 0 rg BT 99.50 181.30 Td (Retained ) Tj ET Q q 0 0 0 rg BT 145.67 181.30 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 198.49 181.30 Td (Claims) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 232.50 181.30 Td (\), ) Tj ET Q q 0 0 0 rg BT 248.34 181.30 Td (\(ii\)claims ) Tj ET Q q 0 0 0 rg BT 300.84 181.30 Td (by ) Tj ET Q q 0 0 0 rg BT 316.36 181.30 Td (the ) Tj ET Q q 0 0 0 rg BT 334.29 181.30 Td (V) Tj ET Q q 0 0 0 rg BT 341.62 181.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 372.47 181.30 Td (against ) Tj ET Q q 0 0 0 rg BT 409.98 181.30 Td (the ) Tj ET Q q 0 0 0 rg BT 428.16 181.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 478.99 181.30 Td (under ) Tj ET Q q 0 0 0 rg BT 509.83 181.30 Td (and ) Tj ET Q q 0 0 0 rg BT 530.68 181.30 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 166.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 127.84 166.90 Td (with ) Tj ET Q q 0 0 0 rg BT 151.06 166.90 Td (the ) Tj ET Q q 0 0 0 rg BT 167.60 166.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 196.15 166.90 Td (and ) Tj ET Q q 0 0 0 rg BT 215.36 166.90 Td (subject ) Tj ET Q q 0 0 0 rg BT 251.24 166.90 Td (to ) Tj ET Q q 0 0 0 rg BT 262.45 166.90 Td (the ) Tj ET Q q 0 0 0 rg BT 279.00 166.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 330.88 166.90 Td (of ) Tj ET Q q 0 0 0 rg BT 342.76 166.90 Td (Section ) Tj ET Q q 0 0 0 rg BT 380.64 166.90 Td (2.6\(e\), ) Tj ET Q q 0 0 0 rg BT 413.85 166.90 Td (the ) Tj ET Q q 0 0 0 rg BT 430.39 166.90 Td (last ) Tj ET Q q 0 0 0 rg BT 448.94 166.90 Td (sentence ) Tj ET Q q 0 0 0 rg BT 492.14 166.90 Td (of ) Tj ET Q q 0 0 0 rg BT 504.02 166.90 Td (Section ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 152.50 Td (5.3\(d\), ) Tj ET Q q 0 0 0 rg BT 108.20 152.50 Td (Sections ) Tj ET Q q 0 0 0 rg BT 153.08 152.50 Td (5.3\(e\), ) Tj ET Q q 0 0 0 rg BT 188.60 152.50 Td (Section ) Tj ET Q q 0 0 0 rg BT 228.81 152.50 Td (7.3, ) Tj ET Q q 0 0 0 rg BT 251.02 152.50 Td (and ) Tj ET Q q 0 0 0 rg BT 272.55 152.50 Td (Section ) Tj ET Q q 0 0 0 rg BT 312.76 152.50 Td (9.3 ) Tj ET Q q 0 0 0 rg BT 331.97 152.50 Td (of ) Tj ET Q q 0 0 0 rg BT 346.17 152.50 Td (the ) Tj ET Q q 0 0 0 rg BT 365.04 152.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 411.64 152.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 469.16 152.50 Td (\(the ) Tj ET Q q 0 0 0 rg BT 492.03 152.50 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 497.35498046875 150.900390625 m 543.00537109375 150.900390625 l s q 0 0 0 rg BT 497.35 152.50 Td (Retained ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 136.50039062500002 m 208.89990234375 136.50039062500002 l s q 0 0 0 rg BT 72.00 138.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 118.06 138.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 174.90 138.10 Td (Claims) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 208.90 138.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 221.75 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.60 138.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 264.12 138.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 298.96 138.10 Td (by ) Tj ET Q q 0 0 0 rg BT 314.49 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.42 138.10 Td (V) Tj ET Q q 0 0 0 rg BT 339.75 138.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 370.60 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.46 138.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 422.95 138.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.14 138.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 476.66 138.10 Td (Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 123.70 Td (Letters ) Tj ET Q q 0 0 0 rg BT 108.08 123.70 Td (and ) Tj ET Q q 0 0 0 rg BT 128.17 123.70 Td (to ) Tj ET Q q 0 0 0 rg BT 140.27 123.70 Td (cause ) Tj ET Q q 0 0 0 rg BT 169.68 123.70 Td (the ) Tj ET Q q 0 0 0 rg BT 186.91 123.70 Td (T) Tj ET Q q 0 0 0 rg BT 193.81 123.70 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 250.56 123.70 Td (to ) Tj ET Q q 0 0 0 rg BT 262.66 123.70 Td (be ) Tj ET Q q 0 0 0 rg BT 276.75 123.70 Td (consummated ) Tj ET Q q 0 0 0 rg BT 346.16 123.70 Td (in ) Tj ET Q q 0 0 0 rg BT 358.26 123.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 414.98 123.70 Td (with ) Tj ET Q q 0 0 0 rg BT 439.08 123.70 Td (the ) Tj ET Q q 0 0 0 rg BT 456.50 123.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 485.93 123.70 Td (and ) Tj ET Q q 0 0 0 rg BT 506.02 123.70 Td (subject ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 109.30 Td (to ) Tj ET Q q 0 0 0 rg BT 85.43 109.30 Td (the ) Tj ET Q q 0 0 0 rg BT 104.19 109.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 158.28 109.30 Td (thereof ) Tj ET Q q 0 0 0 rg BT 196.36 109.30 Td (and ) Tj ET Q q 0 0 0 rg BT 217.78 109.30 Td (in ) Tj ET Q q 0 0 0 rg BT 231.21 109.30 Td (Section ) Tj ET Q q 0 0 0 rg BT 271.31 109.30 Td (10.7 ) Tj ET Q q 0 0 0 rg BT 296.40 109.30 Td (of ) Tj ET Q q 0 0 0 rg BT 310.50 109.30 Td (the ) Tj ET Q q 0 0 0 rg BT 329.25 109.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 375.76 109.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 433.17 109.30 Td (\(the ) Tj ET Q q 0 0 0 rg BT 455.92 109.30 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 461.24951171875 107.70039062499995 m 542.9951171875 107.70039062499995 l s q 0 0 0 rg BT 461.25 109.30 Td (Retained ) Tj ET Q q 0 0 0 rg BT 508.00 109.30 Td (Equity ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 93.30039062499998 m 171.7353515625 93.30039062499998 l s q 0 0 0 rg BT 72.00 94.90 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 137.73 94.90 Td (Claims) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 171.74 94.90 Td ( ) Tj ET Q q 0 0 0 rg BT 179.46 94.90 Td (and ) Tj ET Q q 0 0 0 rg BT 199.19 94.90 Td (together ) Tj ET Q q 0 0 0 rg BT 240.90 94.90 Td (with ) Tj ET Q q 0 0 0 rg BT 264.64 94.90 Td (the ) Tj ET Q q 0 0 0 rg BT 281.70 94.90 Td (Retained ) Tj ET Q q 0 0 0 rg BT 326.75 94.90 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 378.45 94.90 Td (Claims ) Tj ET Q q 0 0 0 rg BT 414.85 94.90 Td (and ) Tj ET Q q 0 0 0 rg BT 434.57 94.90 Td (the ) Tj ET Q q 0 0 0 rg BT 451.63 94.90 Td (Retained ) Tj ET Q q 0 0 0 rg BT 496.68 94.90 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 80.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 128.50 80.50 Td (Claims, ) Tj ET Q q 0 0 0 rg BT 168.69 80.50 Td (the ) Tj ET Q q 0 0 0 rg BT 186.54 80.50 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 191.8681640625 78.900390625 m 271.7109375 78.900390625 l s q 0 0 0 rg BT 191.87 80.50 Td (Retained ) Tj ET Q q 0 0 0 rg BT 237.71 80.50 Td (Claims) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 271.71 80.50 Td (\), ) Tj ET Q q 0 0 0 rg BT 287.22 80.50 Td (which ) Tj ET Q q 0 0 0 rg BT 319.74 80.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 354.25 80.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 380.11 80.50 Td (be ) Tj ET Q q 0 0 0 rg BT 394.63 80.50 Td (the ) Tj ET Q q 0 0 0 rg BT 412.48 80.50 Td (sole ) Tj ET Q q 0 0 0 rg BT 435.00 80.50 Td (and ) Tj ET Q q 0 0 0 rg BT 455.51 80.50 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 504.02 80.50 Td (remedy ) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (5) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 85.88 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 104.15 711.70 Td (V) Tj ET Q q 0 0 0 rg BT 111.49 711.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 142.70 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 163.91 711.70 Td (all ) Tj ET Q q 0 0 0 rg BT 179.79 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 193.68 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 211.94 711.70 Td (V) Tj ET Q q 0 0 0 rg BT 219.28 711.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 250.49 711.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 291.03 711.70 Td (Parties ) Tj ET Q q 0 0 0 rg BT 327.58 711.70 Td (against ) Tj ET Q q 0 0 0 rg BT 365.45 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 384.00 711.70 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 430.83 711.70 Td (, ) Tj ET Q q 0 0 0 rg BT 437.72 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 456.27 711.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 508.80 711.70 Td (or ) Tj ET Q q 0 0 0 rg BT 522.69 711.70 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 123.81 697.30 Td (Related ) Tj ET Q q 0 0 0 rg BT 163.62 697.30 Td (Party ) Tj ET Q q 0 0 0 rg BT 192.11 697.30 Td (in ) Tj ET Q q 0 0 0 rg BT 204.61 697.30 Td (respect ) Tj ET Q q 0 0 0 rg BT 241.75 697.30 Td (of ) Tj ET Q q 0 0 0 rg BT 254.91 697.30 Td (any ) Tj ET Q q 0 0 0 rg BT 275.40 697.30 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 323.22 697.30 Td (or ) Tj ET Q q 0 0 0 rg BT 336.38 697.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 392.87 697.30 Td (arising ) Tj ET Q q 0 0 0 rg BT 428.70 697.30 Td (under) Tj ET Q q 0 0 0 rg BT 455.54 697.30 Td (, ) Tj ET Q q 0 0 0 rg BT 461.70 697.30 Td (or ) Tj ET Q q 0 0 0 rg BT 474.86 697.30 Td (in ) Tj ET Q q 0 0 0 rg BT 487.36 697.30 Td (connection ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (with, ) Tj ET Q q 0 0 0 rg BT 99.97 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 118.27 682.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 164.42 682.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 224.36 682.90 Td (this ) Tj ET Q q 0 0 0 rg BT 245.34 682.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 286.96 682.90 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 342.90 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 361.20 682.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 392.15 682.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 433.78 682.90 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 489.72 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 508.01 682.90 Td (Equity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 139.80 668.50 Td (Letters, ) Tj ET Q q 0 0 0 rg BT 180.58 668.50 Td (the ) Tj ET Q q 0 0 0 rg BT 199.71 668.50 Td (Debt ) Tj ET Q q 0 0 0 rg BT 227.50 668.50 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 295.30 668.50 Td (Letter ) Tj ET Q q 0 0 0 rg BT 328.42 668.50 Td (or ) Tj ET Q q 0 0 0 rg BT 342.88 668.50 Td (the ) Tj ET Q q 0 0 0 rg BT 362.00 668.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 423.79 668.50 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 492.89 668.50 Td (hereby ) Tj ET Q q 0 0 0 rg BT 530.01 668.50 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 111.82 654.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 135.98 654.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.14 654.10 Td (each ) Tj ET Q q 0 0 0 rg BT 174.96 654.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 202.44 654.10 Td (such ) Tj ET Q q 0 0 0 rg BT 228.27 654.10 Td (recourse ) Tj ET Q q 0 0 0 rg BT 272.74 654.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 299.24 654.10 Td (be ) Tj ET Q q 0 0 0 rg BT 314.40 654.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 352.22 654.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.39 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.88 654.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 439.05 654.10 Td (described ) Tj ET Q q 0 0 0 rg BT 488.86 654.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 522.68 654.10 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (therein.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 613.30 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 613.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 611.700390625 m 184.6640625 611.700390625 l s q 0 0 0 rg BT 126.00 613.30 Td (Subrogation) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 184.66 613.30 Td (. ) Tj ET Q q 0 0 0 rg BT 190.33 613.30 Td ( ) Tj ET Q q 0 0 0 rg BT 192.80 613.30 Td (The ) Tj ET Q q 0 0 0 rg BT 214.12 613.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 265.42 613.30 Td (will ) Tj ET Q q 0 0 0 rg BT 286.76 613.30 Td (not ) Tj ET Q q 0 0 0 rg BT 304.75 613.30 Td (exercise ) Tj ET Q q 0 0 0 rg BT 346.72 613.30 Td (any ) Tj ET Q q 0 0 0 rg BT 366.71 613.30 Td (rights ) Tj ET Q q 0 0 0 rg BT 396.71 613.30 Td (of ) Tj ET Q q 0 0 0 rg BT 409.37 613.30 Td (subrogation ) Tj ET Q q 0 0 0 rg BT 468.69 613.30 Td (or ) Tj ET Q q 0 0 0 rg BT 481.35 613.30 Td (contribution ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 598.90 Td (against ) Tj ET Q q 0 0 0 rg BT 108.01 598.90 Td (the ) Tj ET Q q 0 0 0 rg BT 124.69 598.90 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 171.53 598.90 Td (, ) Tj ET Q q 0 0 0 rg BT 176.55 598.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 217.22 598.90 Td (arising ) Tj ET Q q 0 0 0 rg BT 251.90 598.90 Td (by ) Tj ET Q q 0 0 0 rg BT 265.92 598.90 Td (contract ) Tj ET Q q 0 0 0 rg BT 306.59 598.90 Td (or ) Tj ET Q q 0 0 0 rg BT 318.60 598.90 Td (operation ) Tj ET Q q 0 0 0 rg BT 365.94 598.90 Td (of ) Tj ET Q q 0 0 0 rg BT 377.96 598.90 Td (law ) Tj ET Q q 0 0 0 rg BT 397.31 598.90 Td (\(including, ) Tj ET Q q 0 0 0 rg BT 451.65 598.90 Td (without ) Tj ET Q q 0 0 0 rg BT 490.34 598.90 Td (limitation, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.50 Td (any ) Tj ET Q q 0 0 0 rg BT 91.49 584.50 Td (such ) Tj ET Q q 0 0 0 rg BT 115.65 584.50 Td (right ) Tj ET Q q 0 0 0 rg BT 140.48 584.50 Td (arising ) Tj ET Q q 0 0 0 rg BT 175.31 584.50 Td (under ) Tj ET Q q 0 0 0 rg BT 204.79 584.50 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 260.94 584.50 Td (or ) Tj ET Q q 0 0 0 rg BT 273.10 584.50 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 327.26 584.50 Td (laws\) ) Tj ET Q q 0 0 0 rg BT 355.42 584.50 Td (or ) Tj ET Q q 0 0 0 rg BT 367.58 584.50 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 419.39 584.50 Td (by ) Tj ET Q q 0 0 0 rg BT 433.56 584.50 Td (reason ) Tj ET Q q 0 0 0 rg BT 467.04 584.50 Td (of ) Tj ET Q q 0 0 0 rg BT 479.20 584.50 Td (any ) Tj ET Q q 0 0 0 rg BT 498.69 584.50 Td (payment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.10 Td (by ) Tj ET Q q 0 0 0 rg BT 87.65 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.96 570.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 158.26 570.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 203.23 570.10 Td (to ) Tj ET Q q 0 0 0 rg BT 216.22 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.53 570.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 288.18 570.10 Td (of ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 301.828125 568.500390625 m 347.47265625 568.500390625 l s q 0 0 0 rg BT 301.83 570.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 341.47 570.10 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 347.47 570.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.12 570.10 Td (hereof ) Tj ET Q q 0 0 0 rg BT 385.42 570.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 419.07 570.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.04 570.10 Td (until ) Tj ET Q q 0 0 0 rg BT 465.70 570.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.01 570.10 Td (Obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.70 Td (have ) Tj ET Q q 0 0 0 rg BT 97.65 555.70 Td (been ) Tj ET Q q 0 0 0 rg BT 123.30 555.70 Td (paid ) Tj ET Q q 0 0 0 rg BT 146.96 555.70 Td (in ) Tj ET Q q 0 0 0 rg BT 159.30 555.70 Td (full.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 529.30 Td (6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 529.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 527.700390625 m 184.4765625 527.700390625 l s q 0 0 0 rg BT 126.00 529.30 Td (T) Tj ET Q q 0 0 0 rg BT 132.49 529.30 Td (ermination) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 184.48 529.30 Td (. ) Tj ET Q q 0 0 0 rg BT 190.10 529.30 Td ( ) Tj ET Q q 0 0 0 rg BT 192.54 529.30 Td (The ) Tj ET Q q 0 0 0 rg BT 213.82 529.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 265.09 529.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 290.38 529.30 Td (not ) Tj ET Q q 0 0 0 rg BT 308.34 529.30 Td (have ) Tj ET Q q 0 0 0 rg BT 333.62 529.30 Td (any ) Tj ET Q q 0 0 0 rg BT 353.58 529.30 Td (further ) Tj ET Q q 0 0 0 rg BT 388.85 529.30 Td (liability ) Tj ET Q q 0 0 0 rg BT 428.81 529.30 Td (or ) Tj ET Q q 0 0 0 rg BT 441.43 529.30 Td (obligation ) Tj ET Q q 0 0 0 rg BT 492.72 529.30 Td (under ) Tj ET Q q 0 0 0 rg BT 522.67 529.30 Td (this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 514.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 111.79 514.90 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 162.90 514.90 Td (from ) Tj ET Q q 0 0 0 rg BT 188.02 514.90 Td (and ) Tj ET Q q 0 0 0 rg BT 207.15 514.90 Td (after ) Tj ET Q q 0 0 0 rg BT 230.93 514.90 Td (the ) Tj ET Q q 0 0 0 rg BT 247.39 514.90 Td (earliest ) Tj ET Q q 0 0 0 rg BT 283.84 514.90 Td (of ) Tj ET Q q 0 0 0 rg BT 295.64 514.90 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 310.76 514.90 Td (the ) Tj ET Q q 0 0 0 rg BT 327.22 514.90 Td (consummation ) Tj ET Q q 0 0 0 rg BT 399.68 514.90 Td (of ) Tj ET Q q 0 0 0 rg BT 411.48 514.90 Td (the ) Tj ET Q q 0 0 0 rg BT 427.94 514.90 Td (Closing ) Tj ET Q q 0 0 0 rg BT 467.09 514.90 Td (and ) Tj ET Q q 0 0 0 rg BT 486.21 514.90 Td (the ) Tj ET Q q 0 0 0 rg BT 502.68 514.90 Td (funding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 500.50 Td (on ) Tj ET Q q 0 0 0 rg BT 88.44 500.50 Td (that ) Tj ET Q q 0 0 0 rg BT 110.87 500.50 Td (date, ) Tj ET Q q 0 0 0 rg BT 138.30 500.50 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 156.73 500.50 Td (the ) Tj ET Q q 0 0 0 rg BT 175.83 500.50 Td (termination ) Tj ET Q q 0 0 0 rg BT 235.58 500.50 Td (of ) Tj ET Q q 0 0 0 rg BT 250.02 500.50 Td (the ) Tj ET Q q 0 0 0 rg BT 269.12 500.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 315.89 500.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 373.64 500.50 Td (under ) Tj ET Q q 0 0 0 rg BT 405.40 500.50 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 477.81 500.50 Td (in ) Tj ET Q q 0 0 0 rg BT 491.58 500.50 Td (which ) Tj ET Q q 0 0 0 rg BT 525.34 500.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 486.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 122.13 486.10 Td (is ) Tj ET Q q 0 0 0 rg BT 132.94 486.10 Td (not ) Tj ET Q q 0 0 0 rg BT 151.09 486.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 198.55 486.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.70 486.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 230.83 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.30 486.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 298.23 486.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.72 486.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 359.51 486.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 379.65 486.10 Td (or ) Tj ET Q q 0 0 0 rg BT 392.46 486.10 Td (any ) Tj ET Q q 0 0 0 rg BT 412.60 486.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 456.07 486.10 Td (under ) Tj ET Q q 0 0 0 rg BT 486.20 486.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 525.01 486.10 Td (2.6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 471.70 Td (\(e\), ) Tj ET Q q 0 0 0 rg BT 92.21 471.70 Td (the ) Tj ET Q q 0 0 0 rg BT 110.76 471.70 Td (last ) Tj ET Q q 0 0 0 rg BT 131.31 471.70 Td (sentence ) Tj ET Q q 0 0 0 rg BT 176.51 471.70 Td (of ) Tj ET Q q 0 0 0 rg BT 190.40 471.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 230.29 471.70 Td (5.3\(d\) ) Tj ET Q q 0 0 0 rg BT 263.17 471.70 Td (or ) Tj ET Q q 0 0 0 rg BT 277.05 471.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 316.94 471.70 Td (5.3\(e\) ) Tj ET Q q 0 0 0 rg BT 349.15 471.70 Td (of ) Tj ET Q q 0 0 0 rg BT 363.04 471.70 Td (the ) Tj ET Q q 0 0 0 rg BT 381.59 471.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 427.94 471.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 485.14 471.70 Td (and ) Tj ET Q q 0 0 0 rg BT 506.35 471.70 Td (\(c\)any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 457.30 Td (modification, ) Tj ET Q q 0 0 0 rg BT 141.54 457.30 Td (amendment ) Tj ET Q q 0 0 0 rg BT 202.73 457.30 Td (or ) Tj ET Q q 0 0 0 rg BT 217.95 457.30 Td (waiver ) Tj ET Q q 0 0 0 rg BT 255.81 457.30 Td (of ) Tj ET Q q 0 0 0 rg BT 271.03 457.30 Td (any ) Tj ET Q q 0 0 0 rg BT 293.57 457.30 Td (provision ) Tj ET Q q 0 0 0 rg BT 344.12 457.30 Td (of ) Tj ET Q q 0 0 0 rg BT 359.34 457.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.22 457.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 426.60 457.30 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 488.13 457.30 Td (the ) Tj ET Q q 0 0 0 rg BT 508.00 457.30 Td (Equity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 442.90 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 139.09 442.90 Td (Letters ) Tj ET Q q 0 0 0 rg BT 176.17 442.90 Td (or ) Tj ET Q q 0 0 0 rg BT 189.92 442.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 221.00 442.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 262.75 442.90 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 315.81 442.90 Td (without ) Tj ET Q q 0 0 0 rg BT 356.24 442.90 Td (the ) Tj ET Q q 0 0 0 rg BT 374.66 442.90 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 423.75 442.90 Td () Tj ET Q q 0 0 0 rg BT 427.08 442.90 Td (s ) Tj ET Q q 0 0 0 rg BT 435.51 442.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 462.60 442.90 Td (written ) Tj ET Q q 0 0 0 rg BT 500.35 442.90 Td (consent, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 428.50 Td (and ) Tj ET Q q 0 0 0 rg BT 94.61 428.50 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 113.88 428.50 Td (the ) Tj ET Q q 0 0 0 rg BT 133.82 428.50 Td (thirtieth ) Tj ET Q q 0 0 0 rg BT 177.09 428.50 Td (\(30) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 193.09 433.94 Td (th) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 199.15 428.50 Td (\) ) Tj ET Q q 0 0 0 rg BT 208.43 428.50 Td (day ) Tj ET Q q 0 0 0 rg BT 231.04 428.50 Td (after ) Tj ET Q q 0 0 0 rg BT 258.30 428.50 Td (any ) Tj ET Q q 0 0 0 rg BT 280.90 428.50 Td (other ) Tj ET Q q 0 0 0 rg BT 310.84 428.50 Td (termination ) Tj ET Q q 0 0 0 rg BT 371.44 428.50 Td (of ) Tj ET Q q 0 0 0 rg BT 386.71 428.50 Td (the ) Tj ET Q q 0 0 0 rg BT 406.65 428.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 454.09 428.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 512.68 428.50 Td (under ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 414.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 145.61 414.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.59 414.10 Td (which ) Tj ET Q q 0 0 0 rg BT 195.56 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.87 414.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 268.82 414.10 Td (is ) Tj ET Q q 0 0 0 rg BT 282.47 414.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 332.77 414.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.75 414.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 370.72 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.02 414.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 443.57 414.10 Td (T) Tj ET Q q 0 0 0 rg BT 450.07 414.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 507.69 414.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 530.66 414.10 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 399.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 129.08 399.70 Td (with ) Tj ET Q q 0 0 0 rg BT 153.55 399.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 192.68 399.70 Td (7.3 ) Tj ET Q q 0 0 0 rg BT 210.81 399.70 Td (of ) Tj ET Q q 0 0 0 rg BT 223.94 399.70 Td (the ) Tj ET Q q 0 0 0 rg BT 241.73 399.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 287.49 399.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.93 399.70 Td (or ) Tj ET Q q 0 0 0 rg BT 357.06 399.70 Td (any ) Tj ET Q q 0 0 0 rg BT 377.51 399.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 421.31 399.70 Td (under ) Tj ET Q q 0 0 0 rg BT 451.76 399.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 490.89 399.70 Td (2.6\(e\), ) Tj ET Q q 0 0 0 rg BT 525.34 399.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 385.30 Td (last ) Tj ET Q q 0 0 0 rg BT 93.58 385.30 Td (sentence ) Tj ET Q q 0 0 0 rg BT 139.80 385.30 Td (of ) Tj ET Q q 0 0 0 rg BT 154.71 385.30 Td (Section ) Tj ET Q q 0 0 0 rg BT 195.62 385.30 Td (5.3\(d\) ) Tj ET Q q 0 0 0 rg BT 229.53 385.30 Td (or ) Tj ET Q q 0 0 0 rg BT 244.44 385.30 Td (Section ) Tj ET Q q 0 0 0 rg BT 285.35 385.30 Td (5.3\(e\) ) Tj ET Q q 0 0 0 rg BT 318.58 385.30 Td (of ) Tj ET Q q 0 0 0 rg BT 333.50 385.30 Td (the ) Tj ET Q q 0 0 0 rg BT 353.07 385.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 400.22 385.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 458.44 385.30 Td (\(any ) Tj ET Q q 0 0 0 rg BT 484.68 385.30 Td (termination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 370.90 Td (described ) Tj ET Q q 0 0 0 rg BT 120.27 370.90 Td (in ) Tj ET Q q 0 0 0 rg BT 131.90 370.90 Td (this ) Tj ET Q q 0 0 0 rg BT 151.54 370.90 Td (clause ) Tj ET Q q 0 0 0 rg BT 183.81 370.90 Td (\(d\), ) Tj ET Q q 0 0 0 rg BT 203.10 370.90 Td (a ) Tj ET Q q 0 0 0 rg BT 210.72 370.90 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 216.0498046875 369.300390625 m 328.64599609375 369.300390625 l s q 0 0 0 rg BT 216.05 370.90 Td (Qualifying ) Tj ET Q q 0 0 0 rg BT 270.17 370.90 Td (T) Tj ET Q q 0 0 0 rg BT 276.66 370.90 Td (ermination) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.65 370.90 Td (\), ) Tj ET Q q 0 0 0 rg BT 343.26 370.90 Td (unless ) Tj ET Q q 0 0 0 rg BT 375.56 370.90 Td (prior ) Tj ET Q q 0 0 0 rg BT 401.18 370.90 Td (to ) Tj ET Q q 0 0 0 rg BT 412.81 370.90 Td (the ) Tj ET Q q 0 0 0 rg BT 429.77 370.90 Td (thirtieth ) Tj ET Q q 0 0 0 rg BT 470.05 370.90 Td (\(30) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 486.05 376.34 Td (th) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 492.12 370.90 Td (\) ) Tj ET Q q 0 0 0 rg BT 498.41 370.90 Td (day ) Tj ET Q q 0 0 0 rg BT 518.03 370.90 Td (after ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.50 Td (such ) Tj ET Q q 0 0 0 rg BT 96.87 356.50 Td (Qualifying ) Tj ET Q q 0 0 0 rg BT 151.53 356.50 Td (T) Tj ET Q q 0 0 0 rg BT 158.02 356.50 Td (ermination, ) Tj ET Q q 0 0 0 rg BT 215.89 356.50 Td (the ) Tj ET Q q 0 0 0 rg BT 233.21 356.50 Td (V) Tj ET Q q 0 0 0 rg BT 240.55 356.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 270.75 356.50 Td (shall ) Tj ET Q q 0 0 0 rg BT 296.29 356.50 Td (have ) Tj ET Q q 0 0 0 rg BT 321.82 356.50 Td (commenced ) Tj ET Q q 0 0 0 rg BT 382.67 356.50 Td (a ) Tj ET Q q 0 0 0 rg BT 390.87 356.50 Td (suit, ) Tj ET Q q 0 0 0 rg BT 414.09 356.50 Td (action ) Tj ET Q q 0 0 0 rg BT 446.29 356.50 Td (or ) Tj ET Q q 0 0 0 rg BT 459.16 356.50 Td (other ) Tj ET Q q 0 0 0 rg BT 486.69 356.50 Td (proceeding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (against ) Tj ET Q q 0 0 0 rg BT 108.57 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.82 342.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 175.72 342.10 Td (alleging ) Tj ET Q q 0 0 0 rg BT 216.96 342.10 Td (that ) Tj ET Q q 0 0 0 rg BT 237.53 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.78 342.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 304.49 342.10 Td (T) Tj ET Q q 0 0 0 rg BT 310.98 342.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 365.55 342.10 Td (Fee ) Tj ET Q q 0 0 0 rg BT 385.46 342.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.04 342.10 Td (any ) Tj ET Q q 0 0 0 rg BT 417.95 342.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 456.53 342.10 Td (under ) Tj ET Q q 0 0 0 rg BT 486.43 342.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 525.01 342.10 Td (2.6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.70 Td (\(e\), ) Tj ET Q q 0 0 0 rg BT 90.45 327.70 Td (the ) Tj ET Q q 0 0 0 rg BT 107.25 327.70 Td (last ) Tj ET Q q 0 0 0 rg BT 126.05 327.70 Td (sentence ) Tj ET Q q 0 0 0 rg BT 169.49 327.70 Td (of ) Tj ET Q q 0 0 0 rg BT 181.63 327.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 219.76 327.70 Td (5.3\(d\) ) Tj ET Q q 0 0 0 rg BT 250.88 327.70 Td (or ) Tj ET Q q 0 0 0 rg BT 263.02 327.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 301.15 327.70 Td (5.3\(e\) ) Tj ET Q q 0 0 0 rg BT 331.60 327.70 Td (of ) Tj ET Q q 0 0 0 rg BT 343.73 327.70 Td (the ) Tj ET Q q 0 0 0 rg BT 360.53 327.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 405.51 327.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 460.95 327.70 Td (is ) Tj ET Q q 0 0 0 rg BT 471.09 327.70 Td (due ) Tj ET Q q 0 0 0 rg BT 490.56 327.70 Td (and ) Tj ET Q q 0 0 0 rg BT 510.02 327.70 Td (owing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 313.30 Td (or ) Tj ET Q q 0 0 0 rg BT 84.71 313.30 Td (against ) Tj ET Q q 0 0 0 rg BT 121.42 313.30 Td (the ) Tj ET Q q 0 0 0 rg BT 138.80 313.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 190.16 313.30 Td (that ) Tj ET Q q 0 0 0 rg BT 210.87 313.30 Td (amounts ) Tj ET Q q 0 0 0 rg BT 254.25 313.30 Td (are ) Tj ET Q q 0 0 0 rg BT 271.62 313.30 Td (due ) Tj ET Q q 0 0 0 rg BT 291.66 313.30 Td (and ) Tj ET Q q 0 0 0 rg BT 311.71 313.30 Td (owing ) Tj ET Q q 0 0 0 rg BT 344.42 313.30 Td (from ) Tj ET Q q 0 0 0 rg BT 370.47 313.30 Td (the ) Tj ET Q q 0 0 0 rg BT 387.84 313.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 439.21 313.30 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 483.25 313.30 Td (to ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 495.30029296875 311.700390625 m 540.01171875 311.700390625 l s q 0 0 0 rg BT 495.30 313.30 Td (Section ) Tj ET Q q 0 0 0 rg BT 534.01 313.30 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 540.01 313.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 298.90 Td (of ) Tj ET Q q 0 0 0 rg BT 86.02 298.90 Td (this ) Tj ET Q q 0 0 0 rg BT 107.37 298.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 149.38 298.90 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 202.71 298.90 Td (\(a ) Tj ET Q q 0 0 0 rg BT 216.05 298.90 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 221.373046875 297.300390625 m 296.724609375 297.300390625 l s q 0 0 0 rg BT 221.37 298.90 Td (Qualifying ) Tj ET Q q 0 0 0 rg BT 277.38 298.90 Td (Suit) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 296.72 298.90 Td (\); ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 313.400390625 297.300390625 m 356.056640625 297.300390625 l s q 0 0 0 rg BT 313.40 298.90 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 356.06 298.90 Td (, ) Tj ET Q q 0 0 0 rg BT 363.08 298.90 Td (that ) Tj ET Q q 0 0 0 rg BT 385.09 298.90 Td (if ) Tj ET Q q 0 0 0 rg BT 396.44 298.90 Td (a ) Tj ET Q q 0 0 0 rg BT 405.79 298.90 Td (Qualifying ) Tj ET Q q 0 0 0 rg BT 461.50 298.90 Td (T) Tj ET Q q 0 0 0 rg BT 468.00 298.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 524.00 298.90 Td (has ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 284.50 Td (occurred ) Tj ET Q q 0 0 0 rg BT 116.02 284.50 Td (and ) Tj ET Q q 0 0 0 rg BT 135.39 284.50 Td (a ) Tj ET Q q 0 0 0 rg BT 142.76 284.50 Td (Qualifying ) Tj ET Q q 0 0 0 rg BT 196.80 284.50 Td (Suit ) Tj ET Q q 0 0 0 rg BT 218.19 284.50 Td (is ) Tj ET Q q 0 0 0 rg BT 228.24 284.50 Td (filed ) Tj ET Q q 0 0 0 rg BT 252.27 284.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 277.65 284.50 Td (to ) Tj ET Q q 0 0 0 rg BT 289.03 284.50 Td (the ) Tj ET Q q 0 0 0 rg BT 305.73 284.50 Td (thirtieth ) Tj ET Q q 0 0 0 rg BT 345.77 284.50 Td (\(30) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 361.77 289.94 Td (th) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 367.83 284.50 Td (\) ) Tj ET Q q 0 0 0 rg BT 373.88 284.50 Td (day ) Tj ET Q q 0 0 0 rg BT 393.25 284.50 Td (after ) Tj ET Q q 0 0 0 rg BT 417.27 284.50 Td (a ) Tj ET Q q 0 0 0 rg BT 424.65 284.50 Td (Qualifying ) Tj ET Q q 0 0 0 rg BT 478.54 284.50 Td (T) Tj ET Q q 0 0 0 rg BT 485.03 284.50 Td (ermination, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 270.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.72 270.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 141.42 270.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 167.14 270.10 Td (not ) Tj ET Q q 0 0 0 rg BT 185.53 270.10 Td (have ) Tj ET Q q 0 0 0 rg BT 211.24 270.10 Td (any ) Tj ET Q q 0 0 0 rg BT 231.62 270.10 Td (further ) Tj ET Q q 0 0 0 rg BT 267.33 270.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 307.72 270.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.77 270.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 372.49 270.10 Td (under ) Tj ET Q q 0 0 0 rg BT 402.87 270.10 Td (this ) Tj ET Q q 0 0 0 rg BT 423.26 270.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 464.31 270.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 516.67 270.10 Td (from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 255.70 Td (and ) Tj ET Q q 0 0 0 rg BT 92.57 255.70 Td (after ) Tj ET Q q 0 0 0 rg BT 117.79 255.70 Td (the ) Tj ET Q q 0 0 0 rg BT 135.69 255.70 Td (earliest ) Tj ET Q q 0 0 0 rg BT 173.58 255.70 Td (of ) Tj ET Q q 0 0 0 rg BT 186.82 255.70 Td (\(w\)the ) Tj ET Q q 0 0 0 rg BT 224.38 255.70 Td (Closing, ) Tj ET Q q 0 0 0 rg BT 267.97 255.70 Td (\(x\)a ) Tj ET Q q 0 0 0 rg BT 293.53 255.70 Td (final, ) Tj ET Q q 0 0 0 rg BT 321.76 255.70 Td (non-appealable ) Tj ET Q q 0 0 0 rg BT 398.30 255.70 Td (resolution ) Tj ET Q q 0 0 0 rg BT 449.54 255.70 Td (of ) Tj ET Q q 0 0 0 rg BT 462.78 255.70 Td (such ) Tj ET Q q 0 0 0 rg BT 488.02 255.70 Td (Qualifying ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 241.30 Td (Suit ) Tj ET Q q 0 0 0 rg BT 92.97 241.30 Td (determining ) Tj ET Q q 0 0 0 rg BT 152.58 241.30 Td (that ) Tj ET Q q 0 0 0 rg BT 172.21 241.30 Td (the ) Tj ET Q q 0 0 0 rg BT 188.50 241.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 237.44 241.30 Td (does ) Tj ET Q q 0 0 0 rg BT 261.06 241.30 Td (not ) Tj ET Q q 0 0 0 rg BT 278.03 241.30 Td (owe ) Tj ET Q q 0 0 0 rg BT 299.65 241.30 Td (the ) Tj ET Q q 0 0 0 rg BT 315.94 241.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 364.76 241.30 Td (T) Tj ET Q q 0 0 0 rg BT 371.26 241.30 Td (ermination ) Tj ET Q q 0 0 0 rg BT 424.87 241.30 Td (Fee ) Tj ET Q q 0 0 0 rg BT 443.82 241.30 Td (or ) Tj ET Q q 0 0 0 rg BT 455.45 241.30 Td (that ) Tj ET Q q 0 0 0 rg BT 475.07 241.30 Td (the ) Tj ET Q q 0 0 0 rg BT 491.36 241.30 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 226.90 Td (does ) Tj ET Q q 0 0 0 rg BT 96.72 226.90 Td (not ) Tj ET Q q 0 0 0 rg BT 114.77 226.90 Td (owe ) Tj ET Q q 0 0 0 rg BT 137.48 226.90 Td (any ) Tj ET Q q 0 0 0 rg BT 157.53 226.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 196.24 226.90 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 240.29 226.90 Td (to ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 252.34423828125 225.30039062499998 m 297.05859375 225.30039062499998 l s q 0 0 0 rg BT 252.34 226.90 Td (Section ) Tj ET Q q 0 0 0 rg BT 291.06 226.90 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 297.06 226.90 Td ( ) Tj ET Q q 0 0 0 rg BT 299.78 226.90 Td (of ) Tj ET Q q 0 0 0 rg BT 312.50 226.90 Td (this ) Tj ET Q q 0 0 0 rg BT 332.55 226.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 373.27 226.90 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 428.29 226.90 Td (\(y\)a ) Tj ET Q q 0 0 0 rg BT 453.33 226.90 Td (written ) Tj ET Q q 0 0 0 rg BT 490.04 226.90 Td (agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 212.50 Td (between ) Tj ET Q q 0 0 0 rg BT 115.03 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 132.75 212.50 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 184.45 212.50 Td (and ) Tj ET Q q 0 0 0 rg BT 204.83 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 222.32 212.50 Td (V) Tj ET Q q 0 0 0 rg BT 229.66 212.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 260.03 212.50 Td (terminating ) Tj ET Q q 0 0 0 rg BT 318.40 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 336.12 212.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 392.51 212.50 Td (and ) Tj ET Q q 0 0 0 rg BT 412.89 212.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 460.60 212.50 Td (of ) Tj ET Q q 0 0 0 rg BT 473.65 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 491.36 212.50 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 198.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 118.02 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.06 198.10 Td (this ) Tj ET Q q 0 0 0 rg BT 154.09 198.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 196.78 198.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 250.78 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.81 198.10 Td (\(z\)payment ) Tj ET Q q 0 0 0 rg BT 335.14 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.84 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.20 198.10 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 429.89 198.10 Td (due ) Tj ET Q q 0 0 0 rg BT 451.92 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.94 198.10 Td (owing ) Tj ET Q q 0 0 0 rg BT 508.64 198.10 Td (by ) Tj ET Q q 0 0 0 rg BT 525.34 198.10 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 183.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 122.61 183.70 Td (or ) Tj ET Q q 0 0 0 rg BT 134.58 183.70 Td (the ) Tj ET Q q 0 0 0 rg BT 151.21 183.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 200.50 183.70 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 240.45 183.70 Td (to ) Tj ET Q q 0 0 0 rg BT 251.76 183.70 Td (the ) Tj ET Q q 0 0 0 rg BT 268.39 183.70 Td (Cap ) Tj ET Q q 0 0 0 rg BT 289.69 183.70 Td (and ) Tj ET Q q 0 0 0 rg BT 308.98 183.70 Td (the ) Tj ET Q q 0 0 0 rg BT 325.61 183.70 Td (second ) Tj ET Q q 0 0 0 rg BT 360.91 183.70 Td (proviso ) Tj ET Q q 0 0 0 rg BT 398.88 183.70 Td (of ) Tj ET Q q 0 0 0 rg BT 410.84 183.70 Td (the ) Tj ET Q q 0 0 0 rg BT 427.47 183.70 Td (first ) Tj ET Q q 0 0 0 rg BT 448.77 183.70 Td (sentence ) Tj ET Q q 0 0 0 rg BT 492.05 183.70 Td (of ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 504.01904296875 182.10039062500005 m 543.01318359375 182.10039062500005 l s q 0 0 0 rg BT 504.02 183.70 Td (Section ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 167.70039062499995 m 78 167.70039062499995 l s q 0 0 0 rg BT 72.00 169.30 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 78.00 169.30 Td (\). ) Tj ET Q q 0 0 0 rg BT 88.81 169.30 Td ( ) Tj ET Q q 0 0 0 rg BT 92.63 169.30 Td (In ) Tj ET Q q 0 0 0 rg BT 106.44 169.30 Td (the ) Tj ET Q q 0 0 0 rg BT 124.91 169.30 Td (event ) Tj ET Q q 0 0 0 rg BT 154.71 169.30 Td (that ) Tj ET Q q 0 0 0 rg BT 176.52 169.30 Td (the ) Tj ET Q q 0 0 0 rg BT 194.72 169.30 Td (V) Tj ET Q q 0 0 0 rg BT 202.05 169.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 233.19 169.30 Td (or ) Tj ET Q q 0 0 0 rg BT 247.00 169.30 Td (any ) Tj ET Q q 0 0 0 rg BT 267.87 169.30 Td (V) Tj ET Q q 0 0 0 rg BT 275.20 169.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 306.34 169.30 Td (Related ) Tj ET Q q 0 0 0 rg BT 346.80 169.30 Td (Party ) Tj ET Q q 0 0 0 rg BT 375.95 169.30 Td (institutes ) Tj ET Q q 0 0 0 rg BT 423.10 169.30 Td (any ) Tj ET Q q 0 0 0 rg BT 444.24 169.30 Td (suit, ) Tj ET Q q 0 0 0 rg BT 468.39 169.30 Td (action ) Tj ET Q q 0 0 0 rg BT 501.53 169.30 Td (or ) Tj ET Q q 0 0 0 rg BT 515.34 169.30 Td (other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 154.90 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 128.25 154.90 Td (or ) Tj ET Q q 0 0 0 rg BT 141.19 154.90 Td (makes ) Tj ET Q q 0 0 0 rg BT 174.79 154.90 Td (any ) Tj ET Q q 0 0 0 rg BT 195.06 154.90 Td (claim ) Tj ET Q q 0 0 0 rg BT 224.66 154.90 Td (\(A\)asserting ) Tj ET Q q 0 0 0 rg BT 289.92 154.90 Td (that ) Tj ET Q q 0 0 0 rg BT 310.86 154.90 Td (the ) Tj ET Q q 0 0 0 rg BT 328.46 154.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 381.41 154.90 Td (of ) Tj ET Q q 0 0 0 rg BT 394.35 154.90 Td (this ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 414.6357421875 153.30039062499998 m 459.57421875 153.30039062499998 l s q 0 0 0 rg BT 414.64 154.90 Td (Section ) Tj ET Q q 0 0 0 rg BT 453.57 154.90 Td (6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 459.57 154.90 Td ( ) Tj ET Q q 0 0 0 rg BT 462.52 154.90 Td (or ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 475.458984375 153.30039062499998 m 525.0673828125 153.30039062499998 l s q 0 0 0 rg BT 475.46 154.90 Td (Sections ) Tj ET Q q 0 0 0 rg BT 519.07 154.90 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 525.07 154.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 531.01171875 153.30039062499998 m 537.01171875 153.30039062499998 l s q 0 0 0 rg BT 531.01 154.90 Td (2) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 537.01 154.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 138.900390625 m 78 138.900390625 l s q 0 0 0 rg BT 72.00 140.50 Td (4) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 78.00 140.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 84.5830078125 138.900390625 m 90.5830078125 138.900390625 l s q 0 0 0 rg BT 84.58 140.50 Td (7) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 90.58 140.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 97.166015625 138.900390625 m 103.166015625 138.900390625 l s q 0 0 0 rg BT 97.17 140.50 Td (8) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 103.17 140.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 109.7490234375 138.900390625 m 121.7490234375 138.900390625 l s q 0 0 0 rg BT 109.75 140.50 Td (10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 121.75 140.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 128.33203125 138.900390625 m 140.33203125 138.900390625 l s q 0 0 0 rg BT 128.33 140.50 Td (14) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 140.33 140.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 146.9150390625 138.900390625 m 158.9150390625 138.900390625 l s q 0 0 0 rg BT 146.92 140.50 Td (15) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.92 140.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 165.498046875 138.900390625 m 177.498046875 138.900390625 l s q 0 0 0 rg BT 165.50 140.50 Td (16) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 177.50 140.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 184.0810546875 138.900390625 m 196.0810546875 138.900390625 l s q 0 0 0 rg BT 184.08 140.50 Td (18) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 196.08 140.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 202.6640625 138.900390625 m 214.6640625 138.900390625 l s q 0 0 0 rg BT 202.66 140.50 Td (19) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 214.66 140.50 Td ( ) Tj ET Q q 0 0 0 rg BT 218.25 140.50 Td (or ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 231.826171875 138.900390625 m 243.826171875 138.900390625 l s q 0 0 0 rg BT 231.83 140.50 Td (22) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 243.83 140.50 Td ( ) Tj ET Q q 0 0 0 rg BT 247.41 140.50 Td (hereof ) Tj ET Q q 0 0 0 rg BT 281.64 140.50 Td (or ) Tj ET Q q 0 0 0 rg BT 295.22 140.50 Td (the ) Tj ET Q q 0 0 0 rg BT 313.46 140.50 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 385.69 140.50 Td (provisions ) Tj ET Q q 0 0 0 rg BT 439.28 140.50 Td (of ) Tj ET Q q 0 0 0 rg BT 452.86 140.50 Td (the ) Tj ET Q q 0 0 0 rg BT 471.10 140.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 502.00 140.50 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 126.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 123.92 126.10 Td (are ) Tj ET Q q 0 0 0 rg BT 141.18 126.10 Td (illegal, ) Tj ET Q q 0 0 0 rg BT 176.79 126.10 Td (invalid ) Tj ET Q q 0 0 0 rg BT 212.73 126.10 Td (or ) Tj ET Q q 0 0 0 rg BT 225.34 126.10 Td (unenforceable ) Tj ET Q q 0 0 0 rg BT 295.92 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.87 126.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 339.81 126.10 Td (or ) Tj ET Q q 0 0 0 rg BT 352.42 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.37 126.10 Td (part ) Tj ET Q q 0 0 0 rg BT 385.64 126.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.26 126.10 Td (that ) Tj ET Q q 0 0 0 rg BT 418.87 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.14 126.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 487.40 126.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 504.01 126.10 Td (defined ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 111.70 Td (in ) Tj ET Q q 0 0 0 rg BT 83.99 111.70 Td (the ) Tj ET Q q 0 0 0 rg BT 101.31 111.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 131.29 111.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 171.94 111.70 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 226.90 111.70 Td (as ) Tj ET Q q 0 0 0 rg BT 239.56 111.70 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 295.52 111.70 Td (is ) Tj ET Q q 0 0 0 rg BT 306.18 111.70 Td (liable ) Tj ET Q q 0 0 0 rg BT 335.49 111.70 Td (in ) Tj ET Q q 0 0 0 rg BT 347.49 111.70 Td (excess ) Tj ET Q q 0 0 0 rg BT 381.46 111.70 Td (of ) Tj ET Q q 0 0 0 rg BT 394.12 111.70 Td (or ) Tj ET Q q 0 0 0 rg BT 406.77 111.70 Td (to ) Tj ET Q q 0 0 0 rg BT 418.77 111.70 Td (a ) Tj ET Q q 0 0 0 rg BT 426.75 111.70 Td (greater ) Tj ET Q q 0 0 0 rg BT 462.71 111.70 Td (extent ) Tj ET Q q 0 0 0 rg BT 494.69 111.70 Td (than ) Tj ET Q q 0 0 0 rg BT 518.01 111.70 Td (such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 97.30 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 121.09 97.30 Td () Tj ET Q q 0 0 0 rg BT 124.42 97.30 Td (s ) Tj ET Q q 0 0 0 rg BT 131.94 97.30 Td (Pro ) Tj ET Q q 0 0 0 rg BT 151.45 97.30 Td (Rata ) Tj ET Q q 0 0 0 rg BT 176.29 97.30 Td (Share ) Tj ET Q q 0 0 0 rg BT 206.46 97.30 Td (of ) Tj ET Q q 0 0 0 rg BT 219.30 97.30 Td (the ) Tj ET Q q 0 0 0 rg BT 236.80 97.30 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 295.64 97.30 Td (or ) Tj ET Q q 0 0 0 rg BT 308.48 97.30 Td (for ) Tj ET Q q 0 0 0 rg BT 325.32 97.30 Td (an ) Tj ET Q q 0 0 0 rg BT 339.49 97.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 388.97 97.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 427.81 97.30 Td (in ) Tj ET Q q 0 0 0 rg BT 439.99 97.30 Td (excess ) Tj ET Q q 0 0 0 rg BT 474.15 97.30 Td (of ) Tj ET Q q 0 0 0 rg BT 486.99 97.30 Td (the ) Tj ET Q q 0 0 0 rg BT 504.50 97.30 Td (Cap ) Tj ET Q q 0 0 0 rg BT 526.67 97.30 Td (\(in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 82.90 Td (each ) Tj ET Q q 0 0 0 rg BT 97.34 82.90 Td (case, ) Tj ET Q q 0 0 0 rg BT 124.34 82.90 Td (as ) Tj ET Q q 0 0 0 rg BT 137.70 82.90 Td (defined ) Tj ET Q q 0 0 0 rg BT 177.04 82.90 Td (herein ) Tj ET Q q 0 0 0 rg BT 210.38 82.90 Td (or ) Tj ET Q q 0 0 0 rg BT 223.74 82.90 Td (in ) Tj ET Q q 0 0 0 rg BT 236.43 82.90 Td (the ) Tj ET Q q 0 0 0 rg BT 254.45 82.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 285.13 82.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 326.48 82.90 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 382.14 82.90 Td (as ) Tj ET Q q 0 0 0 rg BT 395.50 82.90 Td (applicable\), ) Tj ET Q q 0 0 0 rg BT 455.16 82.90 Td (\(B\)arising ) Tj ET Q q 0 0 0 rg BT 510.17 82.90 Td (under) Tj ET Q q 0 0 0 rg BT 537.01 82.90 Td (, ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (or ) Tj ET Q q 0 0 0 rg BT 88.15 711.70 Td (in ) Tj ET Q q 0 0 0 rg BT 103.63 711.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 162.43 711.70 Td (with, ) Tj ET Q q 0 0 0 rg BT 192.91 711.70 Td (this ) Tj ET Q q 0 0 0 rg BT 216.40 711.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 260.54 711.70 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 318.99 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 339.80 711.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 373.28 711.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 417.42 711.70 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 475.87 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 496.68 711.70 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 133.17 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.69 697.30 Td (Equity ) Tj ET Q q 0 0 0 rg BT 189.54 697.30 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 257.73 697.30 Td (Letters, ) Tj ET Q q 0 0 0 rg BT 298.91 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 318.43 697.30 Td (Debt ) Tj ET Q q 0 0 0 rg BT 346.61 697.30 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 414.80 697.30 Td (Letter ) Tj ET Q q 0 0 0 rg BT 448.31 697.30 Td (or ) Tj ET Q q 0 0 0 rg BT 463.16 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 482.68 697.30 Td (transactions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 139.00 682.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 174.00 682.90 Td (or ) Tj ET Q q 0 0 0 rg BT 186.36 682.90 Td (thereby) Tj ET Q q 0 0 0 rg BT 221.56 682.90 Td (, ) Tj ET Q q 0 0 0 rg BT 226.92 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 243.93 682.90 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 300.28 682.90 Td (thereof ) Tj ET Q q 0 0 0 rg BT 336.61 682.90 Td (or ) Tj ET Q q 0 0 0 rg BT 348.97 682.90 Td (any ) Tj ET Q q 0 0 0 rg BT 368.65 682.90 Td (oral ) Tj ET Q q 0 0 0 rg BT 389.66 682.90 Td (representations ) Tj ET Q q 0 0 0 rg BT 464.66 682.90 Td (made ) Tj ET Q q 0 0 0 rg BT 493.00 682.90 Td (or ) Tj ET Q q 0 0 0 rg BT 505.35 682.90 Td (alleged ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (to ) Tj ET Q q 0 0 0 rg BT 84.59 668.50 Td (be ) Tj ET Q q 0 0 0 rg BT 99.17 668.50 Td (made ) Tj ET Q q 0 0 0 rg BT 128.41 668.50 Td (in ) Tj ET Q q 0 0 0 rg BT 140.99 668.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 196.89 668.50 Td (therewith, ) Tj ET Q q 0 0 0 rg BT 248.46 668.50 Td (other ) Tj ET Q q 0 0 0 rg BT 276.37 668.50 Td (than ) Tj ET Q q 0 0 0 rg BT 300.29 668.50 Td (a ) Tj ET Q q 0 0 0 rg BT 308.87 668.50 Td (Retained ) Tj ET Q q 0 0 0 rg BT 354.77 668.50 Td (Claim ) Tj ET Q q 0 0 0 rg BT 387.36 668.50 Td (or ) Tj ET Q q 0 0 0 rg BT 400.61 668.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 435.18 668.50 Td (by ) Tj ET Q q 0 0 0 rg BT 450.44 668.50 Td (the ) Tj ET Q q 0 0 0 rg BT 468.11 668.50 Td (V) Tj ET Q q 0 0 0 rg BT 475.45 668.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 506.03 668.50 Td (against ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.41 654.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 138.80 654.10 Td (under ) Tj ET Q q 0 0 0 rg BT 167.87 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.27 654.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 213.34 654.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 253.08 654.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 304.13 654.10 Td (under ) Tj ET Q q 0 0 0 rg BT 333.19 654.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.27 654.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.35 654.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 419.04 654.10 Td (with ) Tj ET Q q 0 0 0 rg BT 442.13 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.53 654.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 486.94 654.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.01 654.10 Td (subject ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (to ) Tj ET Q q 0 0 0 rg BT 85.19 639.70 Td (the ) Tj ET Q q 0 0 0 rg BT 103.71 639.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 157.56 639.70 Td (of, ) Tj ET Q q 0 0 0 rg BT 174.41 639.70 Td (the ) Tj ET Q q 0 0 0 rg BT 192.93 639.70 Td (Other ) Tj ET Q q 0 0 0 rg BT 224.10 639.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 265.95 639.70 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 322.11 639.70 Td (or ) Tj ET Q q 0 0 0 rg BT 335.96 639.70 Td (\(C\)\(i\) ) Tj ET Q q 0 0 0 rg BT 370.14 639.70 Td (in ) Tj ET Q q 0 0 0 rg BT 383.33 639.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 421.16 639.70 Td (of ) Tj ET Q q 0 0 0 rg BT 435.01 639.70 Td (a ) Tj ET Q q 0 0 0 rg BT 444.19 639.70 Td (Retained ) Tj ET Q q 0 0 0 rg BT 490.70 639.70 Td (Guarantee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (Claim, ) Tj ET Q q 0 0 0 rg BT 108.60 625.30 Td (a ) Tj ET Q q 0 0 0 rg BT 118.20 625.30 Td (claim ) Tj ET Q q 0 0 0 rg BT 149.13 625.30 Td (against ) Tj ET Q q 0 0 0 rg BT 187.39 625.30 Td (the ) Tj ET Q q 0 0 0 rg BT 206.33 625.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 259.25 625.30 Td (under ) Tj ET Q q 0 0 0 rg BT 290.84 625.30 Td (the ) Tj ET Q q 0 0 0 rg BT 309.77 625.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 341.37 625.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 383.63 625.30 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 437.21 625.30 Td (or ) Tj ET Q q 0 0 0 rg BT 451.48 625.30 Td (a ) Tj ET Q q 0 0 0 rg BT 461.08 625.30 Td (Retained ) Tj ET Q q 0 0 0 rg BT 508.00 625.30 Td (Equity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 137.44 610.90 Td (Claim ) Tj ET Q q 0 0 0 rg BT 168.87 610.90 Td (in ) Tj ET Q q 0 0 0 rg BT 180.31 610.90 Td (any ) Tj ET Q q 0 0 0 rg BT 199.73 610.90 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 256.50 610.90 Td (other ) Tj ET Q q 0 0 0 rg BT 283.26 610.90 Td (than ) Tj ET Q q 0 0 0 rg BT 306.02 610.90 Td (New ) Tj ET Q q 0 0 0 rg BT 330.47 610.90 Td (Y) Tj ET Q q 0 0 0 rg BT 337.93 610.90 Td (ork ) Tj ET Q q 0 0 0 rg BT 356.03 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 368.13 610.90 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 384.89 610.90 Td (in ) Tj ET Q q 0 0 0 rg BT 396.33 610.90 Td (respect ) Tj ET Q q 0 0 0 rg BT 432.41 610.90 Td (of ) Tj ET Q q 0 0 0 rg BT 444.51 610.90 Td (a ) Tj ET Q q 0 0 0 rg BT 451.93 610.90 Td (Retained ) Tj ET Q q 0 0 0 rg BT 496.69 610.90 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 129.08 596.50 Td (Claim ) Tj ET Q q 0 0 0 rg BT 162.18 596.50 Td (in ) Tj ET Q q 0 0 0 rg BT 175.29 596.50 Td (any ) Tj ET Q q 0 0 0 rg BT 196.38 596.50 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 254.82 596.50 Td (other ) Tj ET Q q 0 0 0 rg BT 283.24 596.50 Td (than ) Tj ET Q q 0 0 0 rg BT 307.67 596.50 Td (Ontario, ) Tj ET Q q 0 0 0 rg BT 351.10 596.50 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 393.85 596.50 Td (then ) Tj ET Q q 0 0 0 rg BT 418.28 596.50 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 436.05 596.50 Td (the ) Tj ET Q q 0 0 0 rg BT 454.48 596.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 511.58 596.50 Td (of ) Tj ET Q q 0 0 0 rg BT 525.35 596.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 124.22 582.10 Td (under ) Tj ET Q q 0 0 0 rg BT 155.11 582.10 Td (this ) Tj ET Q q 0 0 0 rg BT 176.02 582.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 217.58 582.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 270.45 582.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 296.69 582.10 Td (terminate ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 345.57 582.10 Td (ab ) Tj ET Q q 0 0 0 rg BT 361.14 582.10 Td (initio) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 386.48 582.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.05 582.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.95 582.10 Td (be ) Tj ET Q q 0 0 0 rg BT 425.84 582.10 Td (null ) Tj ET Q q 0 0 0 rg BT 448.08 582.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.98 582.10 Td (void, ) Tj ET Q q 0 0 0 rg BT 496.89 582.10 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 514.45 582.10 Td (if ) Tj ET Q q 0 0 0 rg BT 525.35 582.10 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 124.19 567.70 Td (has ) Tj ET Q q 0 0 0 rg BT 143.72 567.70 Td (previously ) Tj ET Q q 0 0 0 rg BT 197.92 567.70 Td (made ) Tj ET Q q 0 0 0 rg BT 227.45 567.70 Td (any ) Tj ET Q q 0 0 0 rg BT 248.32 567.70 Td (payments ) Tj ET Q q 0 0 0 rg BT 297.85 567.70 Td (under ) Tj ET Q q 0 0 0 rg BT 328.71 567.70 Td (this ) Tj ET Q q 0 0 0 rg BT 349.59 567.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 391.12 567.70 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 446.96 567.70 Td (the ) Tj ET Q q 0 0 0 rg BT 465.16 567.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 517.35 567.70 Td (shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (be ) Tj ET Q q 0 0 0 rg BT 86.03 553.30 Td (entitled ) Tj ET Q q 0 0 0 rg BT 124.71 553.30 Td (to ) Tj ET Q q 0 0 0 rg BT 136.75 553.30 Td (recover ) Tj ET Q q 0 0 0 rg BT 175.42 553.30 Td (such ) Tj ET Q q 0 0 0 rg BT 200.11 553.30 Td (payments ) Tj ET Q q 0 0 0 rg BT 248.80 553.30 Td (from ) Tj ET Q q 0 0 0 rg BT 274.83 553.30 Td (the ) Tj ET Q q 0 0 0 rg BT 291.99 553.30 Td (V) Tj ET Q q 0 0 0 rg BT 299.33 553.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 329.35 553.30 Td (and ) Tj ET Q q 0 0 0 rg BT 349.38 553.30 Td (\(z\) ) Tj ET Q q 0 0 0 rg BT 365.40 553.30 Td (none ) Tj ET Q q 0 0 0 rg BT 391.42 553.30 Td (of ) Tj ET Q q 0 0 0 rg BT 404.12 553.30 Td (the ) Tj ET Q q 0 0 0 rg BT 421.48 553.30 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 469.64 553.30 Td (, ) Tj ET Q q 0 0 0 rg BT 475.34 553.30 Td (the ) Tj ET Q q 0 0 0 rg BT 492.70 553.30 Td (Purchaser ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (or ) Tj ET Q q 0 0 0 rg BT 84.99 538.90 Td (any ) Tj ET Q q 0 0 0 rg BT 105.31 538.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 156.95 538.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 196.59 538.90 Td (Party ) Tj ET Q q 0 0 0 rg BT 224.92 538.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 250.58 538.90 Td (have ) Tj ET Q q 0 0 0 rg BT 276.22 538.90 Td (any ) Tj ET Q q 0 0 0 rg BT 296.54 538.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 336.87 538.90 Td (to ) Tj ET Q q 0 0 0 rg BT 349.20 538.90 Td (the ) Tj ET Q q 0 0 0 rg BT 366.63 538.90 Td (V) Tj ET Q q 0 0 0 rg BT 373.97 538.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 404.29 538.90 Td (or ) Tj ET Q q 0 0 0 rg BT 417.28 538.90 Td (any ) Tj ET Q q 0 0 0 rg BT 437.38 538.90 Td (V) Tj ET Q q 0 0 0 rg BT 444.72 538.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 475.03 538.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 514.68 538.90 Td (Party ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (under ) Tj ET Q q 0 0 0 rg BT 103.54 524.50 Td (this ) Tj ET Q q 0 0 0 rg BT 125.09 524.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 167.30 524.50 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 220.82 524.50 Td (or ) Tj ET Q q 0 0 0 rg BT 235.03 524.50 Td (with ) Tj ET Q q 0 0 0 rg BT 260.58 524.50 Td (respect ) Tj ET Q q 0 0 0 rg BT 298.77 524.50 Td (to ) Tj ET Q q 0 0 0 rg BT 312.32 524.50 Td (the ) Tj ET Q q 0 0 0 rg BT 331.20 524.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 392.73 524.50 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 461.59 524.50 Td (by ) Tj ET Q q 0 0 0 rg BT 477.80 524.50 Td (the ) Tj ET Q q 0 0 0 rg BT 496.68 524.50 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 131.17 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.70 510.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 183.56 510.10 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 249.76 510.10 Td (Letters ) Tj ET Q q 0 0 0 rg BT 285.94 510.10 Td (or ) Tj ET Q q 0 0 0 rg BT 298.80 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.33 510.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 342.52 510.10 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 408.72 510.10 Td (Letter) Tj ET Q q 0 0 0 rg BT 436.71 510.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.57 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.44 510.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 474.97 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.49 510.10 Td (request ) Tj ET Q q 0 0 0 rg BT 530.01 510.10 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (the ) Tj ET Q q 0 0 0 rg BT 89.96 495.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 141.90 495.70 Td (after ) Tj ET Q q 0 0 0 rg BT 167.17 495.70 Td (any ) Tj ET Q q 0 0 0 rg BT 187.79 495.70 Td (termination ) Tj ET Q q 0 0 0 rg BT 246.41 495.70 Td (of ) Tj ET Q q 0 0 0 rg BT 259.70 495.70 Td (the ) Tj ET Q q 0 0 0 rg BT 277.66 495.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 334.28 495.70 Td (and ) Tj ET Q q 0 0 0 rg BT 354.91 495.70 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 402.86 495.70 Td (of ) Tj ET Q q 0 0 0 rg BT 416.15 495.70 Td (the ) Tj ET Q q 0 0 0 rg BT 434.11 495.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 486.05 495.70 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 530.67 495.70 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (the ) Tj ET Q q 0 0 0 rg BT 89.66 481.30 Td (provisions ) Tj ET Q q 0 0 0 rg BT 142.66 481.30 Td (of ) Tj ET Q q 0 0 0 rg BT 155.66 481.30 Td (this ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 175.9921875 479.700390625 m 220.98486328125 479.700390625 l s q 0 0 0 rg BT 175.99 481.30 Td (Section ) Tj ET Q q 0 0 0 rg BT 214.98 481.30 Td (6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 220.98 481.30 Td (, ) Tj ET Q q 0 0 0 rg BT 226.98 481.30 Td (the ) Tj ET Q q 0 0 0 rg BT 244.43 481.30 Td (V) Tj ET Q q 0 0 0 rg BT 251.76 481.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 282.08 481.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 307.74 481.30 Td (provide ) Tj ET Q q 0 0 0 rg BT 347.40 481.30 Td (the ) Tj ET Q q 0 0 0 rg BT 365.06 481.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 416.70 481.30 Td (with ) Tj ET Q q 0 0 0 rg BT 441.03 481.30 Td (written ) Tj ET Q q 0 0 0 rg BT 478.02 481.30 Td (confirmation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (of ) Tj ET Q q 0 0 0 rg BT 85.00 466.90 Td (such ) Tj ET Q q 0 0 0 rg BT 109.99 466.90 Td (termination.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 440.50 Td (7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 440.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 438.900390625 m 233.033203125 438.900390625 l s q 0 0 0 rg BT 126.00 440.50 Td (Continuing ) Tj ET Q q 0 0 0 rg BT 183.73 440.50 Td (Guarantee) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 233.03 440.50 Td (. ) Tj ET Q q 0 0 0 rg BT 239.76 440.50 Td ( ) Tj ET Q q 0 0 0 rg BT 243.49 440.50 Td (Except ) Tj ET Q q 0 0 0 rg BT 280.53 440.50 Td (to ) Tj ET Q q 0 0 0 rg BT 293.59 440.50 Td (the ) Tj ET Q q 0 0 0 rg BT 311.98 440.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 345.02 440.50 Td (that ) Tj ET Q q 0 0 0 rg BT 366.74 440.50 Td (the ) Tj ET Q q 0 0 0 rg BT 385.13 440.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 442.19 440.50 Td (and ) Tj ET Q q 0 0 0 rg BT 463.24 440.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 511.63 440.50 Td (of ) Tj ET Q q 0 0 0 rg BT 525.35 440.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 426.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 123.49 426.10 Td (are ) Tj ET Q q 0 0 0 rg BT 140.98 426.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 195.13 426.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 239.30 426.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.48 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.98 426.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 321.83 426.10 Td (of ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 334.669921875 424.500390625 m 379.50732421875 424.500390625 l s q 0 0 0 rg BT 334.67 426.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 373.51 426.10 Td (6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 379.51 426.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.35 426.10 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 418.84 426.10 Td (this ) Tj ET Q q 0 0 0 rg BT 439.02 426.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 479.85 426.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 532.00 426.10 Td (is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 411.70 Td (a ) Tj ET Q q 0 0 0 rg BT 82.15 411.70 Td (continuing ) Tj ET Q q 0 0 0 rg BT 138.30 411.70 Td (one ) Tj ET Q q 0 0 0 rg BT 160.46 411.70 Td (and ) Tj ET Q q 0 0 0 rg BT 182.61 411.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 210.10 411.70 Td (remain ) Tj ET Q q 0 0 0 rg BT 248.24 411.70 Td (in ) Tj ET Q q 0 0 0 rg BT 262.40 411.70 Td (full ) Tj ET Q q 0 0 0 rg BT 283.89 411.70 Td (force ) Tj ET Q q 0 0 0 rg BT 313.36 411.70 Td (and ) Tj ET Q q 0 0 0 rg BT 335.51 411.70 Td (ef) Tj ET Q q 0 0 0 rg BT 344.61 411.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 367.42 411.70 Td (until ) Tj ET Q q 0 0 0 rg BT 394.25 411.70 Td (the ) Tj ET Q q 0 0 0 rg BT 413.73 411.70 Td (indefeasible ) Tj ET Q q 0 0 0 rg BT 476.53 411.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 522.68 411.70 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 397.30 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 129.39 397.30 Td (in ) Tj ET Q q 0 0 0 rg BT 141.46 397.30 Td (full ) Tj ET Q q 0 0 0 rg BT 160.86 397.30 Td (of ) Tj ET Q q 0 0 0 rg BT 173.59 397.30 Td (the ) Tj ET Q q 0 0 0 rg BT 190.99 397.30 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 249.72 397.30 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 290.44 397.30 Td (to ) Tj ET Q q 0 0 0 rg BT 302.51 397.30 Td (the ) Tj ET Q q 0 0 0 rg BT 319.91 397.30 Td (Cap ) Tj ET Q q 0 0 0 rg BT 341.98 397.30 Td (and ) Tj ET Q q 0 0 0 rg BT 362.04 397.30 Td (the ) Tj ET Q q 0 0 0 rg BT 379.44 397.30 Td (other ) Tj ET Q q 0 0 0 rg BT 406.83 397.30 Td (limitations ) Tj ET Q q 0 0 0 rg BT 460.90 397.30 Td (set ) Tj ET Q q 0 0 0 rg BT 476.96 397.30 Td (forth ) Tj ET Q q 0 0 0 rg BT 503.03 397.30 Td (herein\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 382.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 98.02 382.90 Td (be ) Tj ET Q q 0 0 0 rg BT 112.71 382.90 Td (binding ) Tj ET Q q 0 0 0 rg BT 152.74 382.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 180.10 382.90 Td (the ) Tj ET Q q 0 0 0 rg BT 198.12 382.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 250.13 382.90 Td (and ) Tj ET Q q 0 0 0 rg BT 270.81 382.90 Td (its ) Tj ET Q q 0 0 0 rg BT 285.51 382.90 Td (successors ) Tj ET Q q 0 0 0 rg BT 339.52 382.90 Td (and ) Tj ET Q q 0 0 0 rg BT 360.21 382.90 Td (assigns, ) Tj ET Q q 0 0 0 rg BT 401.24 382.90 Td (and ) Tj ET Q q 0 0 0 rg BT 421.93 382.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 447.95 382.90 Td (inure ) Tj ET Q q 0 0 0 rg BT 475.97 382.90 Td (to ) Tj ET Q q 0 0 0 rg BT 488.66 382.90 Td (the ) Tj ET Q q 0 0 0 rg BT 506.68 382.90 Td (benefit ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 368.50 Td (of, ) Tj ET Q q 0 0 0 rg BT 88.32 368.50 Td (and ) Tj ET Q q 0 0 0 rg BT 108.97 368.50 Td (be ) Tj ET Q q 0 0 0 rg BT 123.62 368.50 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 182.90 368.50 Td (by) Tj ET Q q 0 0 0 rg BT 194.12 368.50 Td (, ) Tj ET Q q 0 0 0 rg BT 200.44 368.50 Td (the ) Tj ET Q q 0 0 0 rg BT 218.19 368.50 Td (V) Tj ET Q q 0 0 0 rg BT 225.52 368.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 256.17 368.50 Td (and ) Tj ET Q q 0 0 0 rg BT 276.82 368.50 Td (its ) Tj ET Q q 0 0 0 rg BT 291.48 368.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 343.44 368.50 Td (successors ) Tj ET Q q 0 0 0 rg BT 397.42 368.50 Td (and ) Tj ET Q q 0 0 0 rg BT 418.07 368.50 Td (permitted ) Tj ET Q q 0 0 0 rg BT 467.38 368.50 Td (transferees ) Tj ET Q q 0 0 0 rg BT 522.67 368.50 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 354.10 Td (assigns. ) Tj ET Q q 0 0 0 rg BT 113.62 354.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.70 354.10 Td (All ) Tj ET Q q 0 0 0 rg BT 135.99 354.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 193.28 354.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.57 354.10 Td (which ) Tj ET Q q 0 0 0 rg BT 239.85 354.10 Td (this ) Tj ET Q q 0 0 0 rg BT 261.14 354.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 303.08 354.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 356.34 354.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 394.28 354.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.23 354.10 Td (may ) Tj ET Q q 0 0 0 rg BT 432.84 354.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 463.46 354.10 Td (under ) Tj ET Q q 0 0 0 rg BT 494.73 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.35 354.10 Td (terms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 339.70 Td (hereof ) Tj ET Q q 0 0 0 rg BT 106.02 339.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 132.05 339.70 Td (be ) Tj ET Q q 0 0 0 rg BT 146.75 339.70 Td (conclusively ) Tj ET Q q 0 0 0 rg BT 210.77 339.70 Td (presumed ) Tj ET Q q 0 0 0 rg BT 260.80 339.70 Td (to ) Tj ET Q q 0 0 0 rg BT 273.50 339.70 Td (have ) Tj ET Q q 0 0 0 rg BT 299.53 339.70 Td (been ) Tj ET Q q 0 0 0 rg BT 325.55 339.70 Td (created ) Tj ET Q q 0 0 0 rg BT 363.56 339.70 Td (in ) Tj ET Q q 0 0 0 rg BT 376.27 339.70 Td (reliance ) Tj ET Q q 0 0 0 rg BT 417.61 339.70 Td (hereon. ) Tj ET Q q 0 0 0 rg BT 456.63 339.70 Td ( ) Tj ET Q q 0 0 0 rg BT 460.00 339.70 Td (Notwithstanding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 325.30 Td (anything ) Tj ET Q q 0 0 0 rg BT 116.93 325.30 Td (to ) Tj ET Q q 0 0 0 rg BT 129.20 325.30 Td (the ) Tj ET Q q 0 0 0 rg BT 146.79 325.30 Td (contrary ) Tj ET Q q 0 0 0 rg BT 189.71 325.30 Td (contained ) Tj ET Q q 0 0 0 rg BT 239.29 325.30 Td (in ) Tj ET Q q 0 0 0 rg BT 251.56 325.30 Td (this ) Tj ET Q q 0 0 0 rg BT 271.83 325.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 312.76 325.30 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 368.00 325.30 Td (the ) Tj ET Q q 0 0 0 rg BT 385.38 325.30 Td (V) Tj ET Q q 0 0 0 rg BT 392.72 325.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 422.98 325.30 Td (hereby ) Tj ET Q q 0 0 0 rg BT 458.56 325.30 Td (agrees ) Tj ET Q q 0 0 0 rg BT 492.14 325.30 Td (that ) Tj ET Q q 0 0 0 rg BT 513.07 325.30 Td (to ) Tj ET Q q 0 0 0 rg BT 525.34 325.30 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 310.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 104.41 310.90 Td (the ) Tj ET Q q 0 0 0 rg BT 122.16 310.90 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 172.57 310.90 Td (is ) Tj ET Q q 0 0 0 rg BT 183.66 310.90 Td (relieved ) Tj ET Q q 0 0 0 rg BT 225.40 310.90 Td (of ) Tj ET Q q 0 0 0 rg BT 238.48 310.90 Td (any ) Tj ET Q q 0 0 0 rg BT 258.90 310.90 Td (of ) Tj ET Q q 0 0 0 rg BT 271.99 310.90 Td (its ) Tj ET Q q 0 0 0 rg BT 286.42 310.90 Td (representations, ) Tj ET Q q 0 0 0 rg BT 365.14 310.90 Td (warranties, ) Tj ET Q q 0 0 0 rg BT 421.21 310.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 472.28 310.90 Td (or ) Tj ET Q q 0 0 0 rg BT 485.37 310.90 Td (agreements ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 296.50 Td (contained ) Tj ET Q q 0 0 0 rg BT 121.41 296.50 Td (in ) Tj ET Q q 0 0 0 rg BT 133.51 296.50 Td (the ) Tj ET Q q 0 0 0 rg BT 150.94 296.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 196.42 296.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 252.49 296.50 Td (so ) Tj ET Q q 0 0 0 rg BT 265.93 296.50 Td (as ) Tj ET Q q 0 0 0 rg BT 278.69 296.50 Td (to ) Tj ET Q q 0 0 0 rg BT 290.79 296.50 Td (render ) Tj ET Q q 0 0 0 rg BT 324.21 296.50 Td (any ) Tj ET Q q 0 0 0 rg BT 344.30 296.50 Td (continuing ) Tj ET Q q 0 0 0 rg BT 398.39 296.50 Td (liability ) Tj ET Q q 0 0 0 rg BT 438.49 296.50 Td (or ) Tj ET Q q 0 0 0 rg BT 451.25 296.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 507.35 296.50 Td (arising ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.55 282.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 138.41 282.10 Td (with ) Tj ET Q q 0 0 0 rg BT 161.95 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.83 282.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 223.87 282.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 279.39 282.10 Td (inapplicable, ) Tj ET Q q 0 0 0 rg BT 343.25 282.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.46 282.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.33 282.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 421.86 282.10 Td (is ) Tj ET Q q 0 0 0 rg BT 432.08 282.10 Td (relieved ) Tj ET Q q 0 0 0 rg BT 472.93 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.14 282.10 Td (its ) Tj ET Q q 0 0 0 rg BT 498.69 282.10 Td (payment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 267.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 127.44 267.70 Td (in ) Tj ET Q q 0 0 0 rg BT 138.88 267.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 174.96 267.70 Td (of ) Tj ET Q q 0 0 0 rg BT 187.06 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 203.83 267.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 253.09 267.70 Td (T) Tj ET Q q 0 0 0 rg BT 259.58 267.70 Td (ermination ) Tj ET Q q 0 0 0 rg BT 313.67 267.70 Td (Fee ) Tj ET Q q 0 0 0 rg BT 333.11 267.70 Td (of ) Tj ET Q q 0 0 0 rg BT 345.21 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 361.97 267.70 Td (other ) Tj ET Q q 0 0 0 rg BT 388.73 267.70 Td (Obligations, ) Tj ET Q q 0 0 0 rg BT 449.84 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 466.60 267.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 517.35 267.70 Td (shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 253.30 Td (be ) Tj ET Q q 0 0 0 rg BT 86.33 253.30 Td (similarly ) Tj ET Q q 0 0 0 rg BT 131.99 253.30 Td (relieved ) Tj ET Q q 0 0 0 rg BT 173.63 253.30 Td (of ) Tj ET Q q 0 0 0 rg BT 186.63 253.30 Td (the ) Tj ET Q q 0 0 0 rg BT 204.29 253.30 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 263.29 253.30 Td (under ) Tj ET Q q 0 0 0 rg BT 293.61 253.30 Td (this ) Tj ET Q q 0 0 0 rg BT 313.95 253.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 354.94 253.30 Td (Guarantee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 226.90 Td (8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 226.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 225.30039062499998 m 210.64697265625 225.30039062499998 l s q 0 0 0 rg BT 126.00 226.90 Td (Entire ) Tj ET Q q 0 0 0 rg BT 157.34 226.90 Td (Agreement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 210.65 226.90 Td (. ) Tj ET Q q 0 0 0 rg BT 216.24 226.90 Td ( ) Tj ET Q q 0 0 0 rg BT 218.64 226.90 Td (This ) Tj ET Q q 0 0 0 rg BT 242.56 226.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 283.15 226.90 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 338.04 226.90 Td (together ) Tj ET Q q 0 0 0 rg BT 379.94 226.90 Td (with ) Tj ET Q q 0 0 0 rg BT 403.87 226.90 Td (the ) Tj ET Q q 0 0 0 rg BT 421.12 226.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 466.45 226.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 525.35 226.90 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 212.50 Td (Equity ) Tj ET Q q 0 0 0 rg BT 106.09 212.50 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 171.52 212.50 Td (Letters ) Tj ET Q q 0 0 0 rg BT 206.94 212.50 Td (and ) Tj ET Q q 0 0 0 rg BT 226.36 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 243.12 212.50 Td (Other ) Tj ET Q q 0 0 0 rg BT 272.53 212.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 312.62 212.50 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 367.02 212.50 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 420.44 212.50 Td (the ) Tj ET Q q 0 0 0 rg BT 437.20 212.50 Td (entire ) Tj ET Q q 0 0 0 rg BT 466.61 212.50 Td (agreement ) Tj ET Q q 0 0 0 rg BT 518.68 212.50 Td (with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 198.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 110.30 198.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.95 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.93 198.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 181.24 198.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 216.21 198.10 Td (hereof ) Tj ET Q q 0 0 0 rg BT 251.17 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.81 198.10 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 329.12 198.10 Td (any ) Tj ET Q q 0 0 0 rg BT 350.76 198.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.40 198.10 Td (all ) Tj ET Q q 0 0 0 rg BT 388.72 198.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 416.36 198.10 Td (discussions, ) Tj ET Q q 0 0 0 rg BT 478.35 198.10 Td (negotiations, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 183.70 Td (proposals, ) Tj ET Q q 0 0 0 rg BT 126.47 183.70 Td (undertakings, ) Tj ET Q q 0 0 0 rg BT 196.94 183.70 Td (understandings ) Tj ET Q q 0 0 0 rg BT 275.07 183.70 Td (and ) Tj ET Q q 0 0 0 rg BT 297.88 183.70 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 361.00 183.70 Td (whether ) Tj ET Q q 0 0 0 rg BT 405.12 183.70 Td (written ) Tj ET Q q 0 0 0 rg BT 444.59 183.70 Td (or ) Tj ET Q q 0 0 0 rg BT 460.07 183.70 Td (oral, ) Tj ET Q q 0 0 0 rg BT 487.20 183.70 Td (among ) Tj ET Q q 0 0 0 rg BT 525.34 183.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 169.30 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 118.83 169.30 Td (, ) Tj ET Q q 0 0 0 rg BT 125.00 169.30 Td (and ) Tj ET Q q 0 0 0 rg BT 145.49 169.30 Td (the ) Tj ET Q q 0 0 0 rg BT 163.32 169.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 215.13 169.30 Td (or ) Tj ET Q q 0 0 0 rg BT 228.29 169.30 Td (any ) Tj ET Q q 0 0 0 rg BT 248.78 169.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 300.59 169.30 Td (Related ) Tj ET Q q 0 0 0 rg BT 340.41 169.30 Td (Party) Tj ET Q q 0 0 0 rg BT 364.96 169.30 Td (, ) Tj ET Q q 0 0 0 rg BT 371.12 169.30 Td (on ) Tj ET Q q 0 0 0 rg BT 386.29 169.30 Td (the ) Tj ET Q q 0 0 0 rg BT 404.11 169.30 Td (one ) Tj ET Q q 0 0 0 rg BT 424.61 169.30 Td (hand, ) Tj ET Q q 0 0 0 rg BT 454.10 169.30 Td (and ) Tj ET Q q 0 0 0 rg BT 474.59 169.30 Td (the ) Tj ET Q q 0 0 0 rg BT 492.19 169.30 Td (V) Tj ET Q q 0 0 0 rg BT 499.52 169.30 Td (endor ) Tj ET Q q 0 0 0 rg BT 530.01 169.30 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 154.90 Td (any ) Tj ET Q q 0 0 0 rg BT 92.11 154.90 Td (V) Tj ET Q q 0 0 0 rg BT 99.45 154.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 129.77 154.90 Td (Related ) Tj ET Q q 0 0 0 rg BT 169.42 154.90 Td (Party) Tj ET Q q 0 0 0 rg BT 193.97 154.90 Td (, ) Tj ET Q q 0 0 0 rg BT 199.97 154.90 Td (on ) Tj ET Q q 0 0 0 rg BT 214.97 154.90 Td (the ) Tj ET Q q 0 0 0 rg BT 232.63 154.90 Td (other ) Tj ET Q q 0 0 0 rg BT 260.29 154.90 Td (hand.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 128.50 Td (9.) 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114.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 123.83 114.10 Td (will ) Tj ET Q q 0 0 0 rg BT 145.02 114.10 Td (be ) Tj ET Q q 0 0 0 rg BT 158.87 114.10 Td (valid ) Tj ET Q q 0 0 0 rg BT 185.39 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.24 114.10 Td (binding ) Tj ET Q q 0 0 0 rg BT 244.44 114.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 276.96 114.10 Td (it ) Tj ET Q q 0 0 0 rg BT 286.15 114.10 Td (is ) Tj ET Q q 0 0 0 rg BT 296.68 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.54 114.10 Td (writing ) Tj ET Q q 0 0 0 rg BT 345.73 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.58 114.10 Td (signed, ) Tj ET Q q 0 0 0 rg BT 402.44 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.30 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.48 114.10 Td (case ) Tj ET Q q 0 0 0 rg BT 454.66 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.18 114.10 Td (an ) Tj ET Q q 0 0 0 rg BT 481.03 114.10 Td (amendment, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 99.70 Td (by ) Tj ET Q q 0 0 0 rg BT 86.84 99.70 Td (the ) Tj ET Q q 0 0 0 rg BT 104.34 99.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 155.83 99.70 Td (and ) Tj ET Q q 0 0 0 rg BT 176.00 99.70 Td (the ) Tj ET Q q 0 0 0 rg BT 193.29 99.70 Td (V) Tj ET Q q 0 0 0 rg BT 200.63 99.70 Td (endor) Tj ET Q q 0 0 0 rg BT 227.47 99.70 Td (, ) Tj ET Q q 0 0 0 rg BT 233.31 99.70 Td (or ) Tj ET Q q 0 0 0 rg BT 246.15 99.70 Td (in ) Tj ET Q q 0 0 0 rg BT 258.33 99.70 Td (the ) Tj ET Q q 0 0 0 rg BT 275.83 99.70 Td (case ) Tj ET Q q 0 0 0 rg BT 299.32 99.70 Td (of ) Tj ET Q q 0 0 0 rg BT 312.16 99.70 Td (waiver) Tj ET Q q 0 0 0 rg BT 344.33 99.70 Td (, ) Tj ET Q q 0 0 0 rg BT 350.17 99.70 Td (by ) Tj ET Q q 0 0 0 rg BT 365.01 99.70 Td (the ) Tj ET Q q 0 0 0 rg BT 382.51 99.70 Td (party ) Tj ET Q q 0 0 0 rg BT 410.01 99.70 Td (against ) Tj ET Q q 0 0 0 rg BT 446.84 99.70 Td (which ) Tj ET Q q 0 0 0 rg BT 479.01 99.70 Td (the ) Tj ET Q q 0 0 0 rg BT 496.51 99.70 Td (waiver ) Tj ET Q q 0 0 0 rg BT 532.00 99.70 Td (is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 85.30 Td (to ) Tj ET Q q 0 0 0 rg BT 83.85 85.30 Td (be ) Tj ET Q q 0 0 0 rg BT 97.70 85.30 Td (ef) Tj ET Q q 0 0 0 rg BT 106.80 85.30 Td (fective. ) Tj ET Q q 0 0 0 rg BT 144.97 85.30 Td ( ) Tj ET Q q 0 0 0 rg BT 147.49 85.30 Td (No ) Tj ET Q q 0 0 0 rg BT 164.67 85.30 Td (waiver ) Tj ET Q q 0 0 0 rg BT 199.84 85.30 Td (by ) Tj ET Q q 0 0 0 rg BT 214.36 85.30 Td (any ) Tj ET Q q 0 0 0 rg BT 234.21 85.30 Td (party ) Tj ET Q q 0 0 0 rg BT 261.38 85.30 Td (of ) Tj ET Q q 0 0 0 rg BT 273.90 85.30 Td (any ) Tj ET Q q 0 0 0 rg BT 293.74 85.30 Td (breach ) Tj ET Q q 0 0 0 rg BT 328.24 85.30 Td (or ) Tj ET Q q 0 0 0 rg BT 340.75 85.30 Td (violation ) Tj ET Q q 0 0 0 rg BT 385.93 85.30 Td (of, ) Tj ET Q q 0 0 0 rg BT 401.45 85.30 Td (or ) Tj ET Q q 0 0 0 rg BT 413.96 85.30 Td (default ) Tj ET Q q 0 0 0 rg BT 449.80 85.30 Td (under) Tj ET Q q 0 0 0 rg BT 476.64 85.30 Td (, ) Tj ET Q q 0 0 0 rg BT 482.16 85.30 Td (this ) Tj ET Q q 0 0 0 rg BT 502.02 85.30 Td (Limited ) Tj ET Q endstream endobj 137 0 obj <> endobj 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(Guarantee ) Tj ET Q q 0 0 0 rg BT 300.92 668.50 Td (will ) Tj ET Q q 0 0 0 rg BT 322.59 668.50 Td (operate ) Tj ET Q q 0 0 0 rg BT 360.90 668.50 Td (as ) Tj ET Q q 0 0 0 rg BT 373.89 668.50 Td (a ) Tj ET Q q 0 0 0 rg BT 382.22 668.50 Td (waiver ) Tj ET Q q 0 0 0 rg BT 417.87 668.50 Td (thereof.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 642.10 Td (10.) 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0 0 0 rg BT 121.93 627.70 Td (the ) Tj ET Q q 0 0 0 rg BT 141.90 627.70 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 188.73 627.70 Td (, ) Tj ET Q q 0 0 0 rg BT 197.04 627.70 Td (or ) Tj ET Q q 0 0 0 rg BT 212.35 627.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 266.30 627.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 308.26 627.70 Td (Parties ) Tj ET Q q 0 0 0 rg BT 346.23 627.70 Td (\(which ) Tj ET Q q 0 0 0 rg BT 384.86 627.70 Td (shall ) Tj ET Q q 0 0 0 rg BT 412.84 627.70 Td (be ) Tj ET Q q 0 0 0 rg BT 429.47 627.70 Td (for ) Tj ET Q q 0 0 0 rg BT 448.77 627.70 Td (the ) Tj ET Q q 0 0 0 rg BT 468.74 627.70 Td (benefit ) Tj ET Q q 0 0 0 rg BT 507.37 627.70 Td (of ) Tj ET Q q 0 0 0 rg BT 522.68 627.70 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 613.30 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 131.26 613.30 Td (by ) Tj ET Q q 0 0 0 rg BT 146.57 613.30 Td (the ) Tj ET Q q 0 0 0 rg BT 164.54 613.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 215.16 613.30 Td (and ) Tj ET Q q 0 0 0 rg BT 235.80 613.30 Td (each ) Tj ET Q q 0 0 0 rg BT 261.08 613.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 313.03 613.30 Td (Related ) Tj ET Q q 0 0 0 rg BT 352.99 613.30 Td (Party) Tj ET Q q 0 0 0 rg BT 377.54 613.30 Td (, ) Tj ET Q q 0 0 0 rg BT 383.85 613.30 Td (as ) Tj ET Q q 0 0 0 rg BT 397.15 613.30 Td (applicable\), ) Tj ET Q q 0 0 0 rg BT 456.76 613.30 Td (the ) Tj ET Q q 0 0 0 rg BT 474.73 613.30 Td (parties ) Tj ET Q q 0 0 0 rg BT 510.03 613.30 Td (hereto ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 598.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 108.69 598.90 Td (agree ) Tj ET Q q 0 0 0 rg BT 138.71 598.90 Td (that ) Tj ET Q q 0 0 0 rg BT 160.75 598.90 Td (their ) Tj ET Q q 0 0 0 rg BT 186.79 598.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 239.48 598.90 Td (representations, ) Tj ET Q q 0 0 0 rg BT 319.16 598.90 Td (warranties ) Tj ET Q q 0 0 0 rg BT 373.18 598.90 Td (and ) Tj ET Q q 0 0 0 rg BT 394.55 598.90 Td (covenants ) Tj ET Q q 0 0 0 rg BT 446.58 598.90 Td (set ) Tj ET Q q 0 0 0 rg BT 463.96 598.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 491.33 598.90 Td (herein ) Tj ET Q q 0 0 0 rg BT 525.36 598.90 Td (are ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.50 Td (solely ) Tj ET Q q 0 0 0 rg BT 103.40 584.50 Td (for ) Tj ET Q q 0 0 0 rg BT 120.12 584.50 Td (the ) Tj ET Q q 0 0 0 rg BT 137.51 584.50 Td (benefit ) Tj ET Q q 0 0 0 rg BT 173.56 584.50 Td (of ) Tj ET Q q 0 0 0 rg BT 186.29 584.50 Td (the ) Tj ET Q q 0 0 0 rg BT 203.68 584.50 Td (other ) Tj ET Q q 0 0 0 rg BT 231.07 584.50 Td (parties ) Tj ET Q q 0 0 0 rg BT 265.79 584.50 Td (hereto, ) Tj ET Q q 0 0 0 rg BT 301.50 584.50 Td (in ) Tj ET Q q 0 0 0 rg BT 313.57 584.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 370.25 584.50 Td (with ) Tj ET Q q 0 0 0 rg BT 394.32 584.50 Td (and ) Tj ET Q q 0 0 0 rg BT 414.38 584.50 Td (subject ) Tj ET Q q 0 0 0 rg BT 451.10 584.50 Td (to ) Tj ET Q q 0 0 0 rg BT 463.16 584.50 Td (the ) Tj ET Q q 0 0 0 rg BT 480.56 584.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 509.95 584.50 Td (of ) Tj ET Q q 0 0 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BT 164.01 555.70 Td (the ) Tj ET Q q 0 0 0 rg BT 183.35 555.70 Td (parties ) Tj ET Q q 0 0 0 rg BT 220.02 555.70 Td (hereto ) Tj ET Q q 0 0 0 rg BT 254.67 555.70 Td (and ) Tj ET Q q 0 0 0 rg BT 276.68 555.70 Td (the ) Tj ET Q q 0 0 0 rg BT 296.02 555.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 349.34 555.70 Td (Related ) Tj ET Q q 0 0 0 rg BT 390.67 555.70 Td (Parties ) Tj ET Q q 0 0 0 rg BT 428.00 555.70 Td (any ) Tj ET Q q 0 0 0 rg BT 450.01 555.70 Td (rights ) Tj ET Q q 0 0 0 rg BT 482.02 555.70 Td (or ) Tj ET Q q 0 0 0 rg BT 496.69 555.70 Td (remedies ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 541.30 Td (hereunder) Tj ET Q q 0 0 0 rg BT 119.49 541.30 Td (, ) Tj ET Q q 0 0 0 rg BT 125.49 541.30 Td (including ) Tj ET Q q 0 0 0 rg BT 173.82 541.30 Td (the ) Tj ET Q q 0 0 0 rg BT 191.48 541.30 Td (right ) Tj ET Q q 0 0 0 rg BT 217.14 541.30 Td (to ) Tj ET Q q 0 0 0 rg BT 229.48 541.30 Td (rely ) Tj ET Q q 0 0 0 rg BT 251.13 541.30 Td (upon ) Tj ET Q q 0 0 0 rg BT 278.13 541.30 Td 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180.00 219.70 Td (if ) Tj ET Q q 0 0 0 rg BT 190.33 219.70 Td (to ) Tj ET Q q 0 0 0 rg BT 202.66 219.70 Td (the ) Tj ET Q q 0 0 0 rg BT 220.32 219.70 Td (Guarantor:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 193.30 Td (c/o ) Tj ET Q q 0 0 0 rg BT 197.66 193.30 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 247.32 193.30 Td (Asset ) Tj ET Q q 0 0 0 rg BT 276.99 193.30 Td (Management) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 178.90 Td (399 ) Tj ET Q q 0 0 0 rg BT 201.00 178.90 Td (Park ) Tj ET Q q 0 0 0 rg BT 225.33 178.90 Td (A) Tj ET Q q 0 0 0 rg BT 233.11 178.90 Td (venue) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 164.50 Td (New ) Tj ET Q q 0 0 0 rg BT 205.21 164.50 Td (Y) Tj ET Q q 0 0 0 rg BT 212.68 164.50 Td (ork, ) Tj ET Q q 0 0 0 rg BT 234.67 164.50 Td (New ) Tj ET Q q 0 0 0 rg BT 259.89 164.50 Td (Y) Tj ET Q q 0 0 0 rg BT 267.35 164.50 Td (ork ) Tj ET Q q 0 0 0 rg BT 286.35 164.50 Td (10022) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 150.10 Td (Attention: ) Tj ET 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75.70 Td (ork ) Tj ET Q q 0 0 0 rg BT 291.36 75.70 Td (located ) Tj ET Q q 0 0 0 rg BT 329.57 75.70 Td (in ) Tj ET Q q 0 0 0 rg BT 342.46 75.70 Td (the ) Tj ET Q q 0 0 0 rg BT 360.68 75.70 Td (Borough ) Tj ET Q q 0 0 0 rg BT 406.24 75.70 Td (of ) Tj ET Q q 0 0 0 rg BT 419.79 75.70 Td (Manhattan ) Tj ET Q q 0 0 0 rg BT 474.66 75.70 Td (in ) Tj ET Q q 0 0 0 rg BT 487.56 75.70 Td (the ) Tj ET Q q 0 0 0 rg BT 505.77 75.70 Td (City ) Tj ET Q q 0 0 0 rg BT 530.00 75.70 Td (of ) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (9) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (New ) Tj ET Q q 0 0 0 rg BT 96.81 711.70 Td (Y) Tj ET Q q 0 0 0 rg BT 104.28 711.70 Td (ork, ) Tj ET Q q 0 0 0 rg BT 125.81 711.70 Td (or ) Tj ET Q q 0 0 0 rg BT 138.34 711.70 Td (if ) Tj ET Q q 0 0 0 rg BT 148.20 711.70 Td (such ) Tj ET Q q 0 0 0 rg BT 172.73 711.70 Td (court ) Tj ET Q q 0 0 0 rg BT 199.92 711.70 Td (does ) Tj ET Q q 0 0 0 rg BT 224.45 711.70 Td (not ) Tj ET Q q 0 0 0 rg BT 242.31 711.70 Td (have ) Tj ET Q q 0 0 0 rg BT 267.50 711.70 Td (jurisdiction, ) Tj ET Q q 0 0 0 rg BT 327.69 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 344.89 711.70 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 390.08 711.70 Td (Court ) Tj ET Q q 0 0 0 rg BT 419.94 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 432.47 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 449.66 711.70 Td (State ) Tj ET Q q 0 0 0 rg BT 476.19 711.70 Td (of ) Tj ET Q q 0 0 0 rg BT 488.72 711.70 Td (New ) Tj ET Q q 0 0 0 rg BT 513.53 711.70 Td (Y) Tj ET Q q 0 0 0 rg BT 521.00 711.70 Td (ork, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (New ) Tj ET Q q 0 0 0 rg BT 97.95 697.30 Td (Y) Tj ET Q q 0 0 0 rg BT 105.41 697.30 Td (ork ) Tj ET Q q 0 0 0 rg BT 125.27 697.30 Td (County) Tj ET Q q 0 0 0 rg BT 159.83 697.30 Td (, ) Tj ET Q q 0 0 0 rg BT 166.70 697.30 Td (for ) Tj ET Q q 0 0 0 rg BT 184.55 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 203.08 697.30 Td (purpose ) Tj ET Q q 0 0 0 rg BT 244.93 697.30 Td (of ) Tj ET Q q 0 0 0 rg BT 258.79 697.30 Td (any ) Tj ET Q q 0 0 0 rg BT 279.98 697.30 Td (action ) Tj ET Q q 0 0 0 rg BT 313.17 697.30 Td (between ) Tj ET Q q 0 0 0 rg BT 357.01 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 375.54 697.30 Td (parties ) Tj ET Q q 0 0 0 rg BT 411.39 697.30 Td (arising ) Tj ET Q q 0 0 0 rg BT 447.91 697.30 Td (in ) Tj ET Q q 0 0 0 rg BT 461.11 697.30 Td (whole ) Tj ET Q q 0 0 0 rg BT 494.30 697.30 Td (or ) Tj ET Q q 0 0 0 rg BT 508.16 697.30 Td (in ) Tj ET Q q 0 0 0 rg BT 521.36 697.30 Td (part ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (under ) Tj ET Q q 0 0 0 rg BT 102.05 682.90 Td (or ) Tj ET Q q 0 0 0 rg BT 114.77 682.90 Td (in ) Tj ET Q q 0 0 0 rg BT 126.83 682.90 Td (connection ) Tj ET Q q 0 0 0 rg BT 182.20 682.90 Td (with ) Tj ET Q q 0 0 0 rg BT 206.26 682.90 Td (this ) Tj ET Q q 0 0 0 rg BT 226.32 682.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 267.04 682.90 Td (Guarantee, ) Tj ET Q q 0 0 0 rg BT 322.06 682.90 Td (\(ii\)hereby ) Tj ET Q q 0 0 0 rg BT 375.09 682.90 Td (waives ) Tj ET Q q 0 0 0 rg BT 411.14 682.90 Td (to ) Tj ET Q q 0 0 0 rg BT 423.20 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 440.58 682.90 Td (extent ) Tj ET Q q 0 0 0 rg BT 472.63 682.90 Td (not ) Tj ET Q q 0 0 0 rg BT 490.69 682.90 Td (prohibited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (by ) Tj ET Q q 0 0 0 rg BT 86.36 668.50 Td (applicable ) Tj ET Q q 0 0 0 rg BT 138.04 668.50 Td (law) Tj ET Q q 0 0 0 rg BT 154.58 668.50 Td (, ) Tj ET Q q 0 0 0 rg BT 159.95 668.50 Td (and ) Tj ET Q q 0 0 0 rg BT 179.64 668.50 Td (agrees ) Tj ET Q q 0 0 0 rg BT 212.65 668.50 Td (not ) Tj ET Q q 0 0 0 rg BT 230.34 668.50 Td (to ) Tj ET Q q 0 0 0 rg BT 242.04 668.50 Td (assert, ) Tj ET Q q 0 0 0 rg BT 274.73 668.50 Td (by ) Tj ET Q q 0 0 0 rg BT 289.09 668.50 Td (way ) Tj ET Q q 0 0 0 rg BT 311.45 668.50 Td (of ) Tj ET Q q 0 0 0 rg BT 323.81 668.50 Td (motion, ) Tj ET Q q 0 0 0 rg BT 363.18 668.50 Td (as ) Tj ET Q q 0 0 0 rg BT 375.54 668.50 Td (a ) Tj ET Q q 0 0 0 rg BT 383.23 668.50 Td (defense ) Tj ET Q q 0 0 0 rg BT 422.24 668.50 Td (or ) Tj ET Q q 0 0 0 rg BT 434.60 668.50 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 486.61 668.50 Td (in ) Tj ET Q q 0 0 0 rg BT 498.31 668.50 Td (any ) Tj ET Q q 0 0 0 rg BT 518.00 668.50 Td (such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (action, ) Tj ET Q q 0 0 0 rg BT 106.91 654.10 Td (any ) Tj ET Q q 0 0 0 rg BT 126.83 654.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 156.07 654.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.66 654.10 Td (it ) Tj ET Q q 0 0 0 rg BT 185.92 654.10 Td (is ) Tj ET Q q 0 0 0 rg BT 196.51 654.10 Td (not ) Tj ET Q q 0 0 0 rg BT 214.44 654.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 251.02 654.10 Td (personally ) Tj ET Q q 0 0 0 rg BT 303.60 654.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.52 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.78 654.10 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 390.03 654.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.62 654.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.87 654.10 Td (above-named ) Tj ET Q q 0 0 0 rg BT 487.09 654.10 Td (courts, ) Tj ET Q q 0 0 0 rg BT 522.01 654.10 Td (that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (its ) Tj ET Q q 0 0 0 rg BT 86.97 639.70 Td (property ) Tj ET Q q 0 0 0 rg BT 131.25 639.70 Td (is ) Tj ET Q q 0 0 0 rg BT 142.88 639.70 Td (exempt ) Tj ET Q q 0 0 0 rg BT 181.83 639.70 Td (or ) Tj ET Q q 0 0 0 rg BT 195.46 639.70 Td (immune ) Tj ET Q q 0 0 0 rg BT 238.42 639.70 Td (from ) Tj ET Q q 0 0 0 rg BT 265.37 639.70 Td (attachment ) Tj ET Q q 0 0 0 rg BT 321.64 639.70 Td (or ) Tj ET Q q 0 0 0 rg BT 335.27 639.70 Td (execution, ) Tj ET Q q 0 0 0 rg BT 388.55 639.70 Td (that ) Tj ET Q q 0 0 0 rg BT 410.17 639.70 Td (any ) Tj ET Q q 0 0 0 rg BT 431.13 639.70 Td (such ) Tj ET Q q 0 0 0 rg BT 456.75 639.70 Td (action ) Tj ET Q q 0 0 0 rg BT 489.70 639.70 Td (brought ) Tj ET Q q 0 0 0 rg BT 530.66 639.70 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (one ) Tj ET Q q 0 0 0 rg BT 92.50 625.30 Td (of ) Tj ET Q q 0 0 0 rg BT 105.67 625.30 Td (the ) Tj ET Q q 0 0 0 rg BT 123.50 625.30 Td (above-named ) Tj ET Q q 0 0 0 rg BT 191.31 625.30 Td (courts ) Tj ET Q q 0 0 0 rg BT 223.81 625.30 Td (should ) Tj ET Q q 0 0 0 rg BT 258.98 625.30 Td (be ) Tj ET Q q 0 0 0 rg BT 273.48 625.30 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 323.99 625.30 Td (on ) Tj ET Q q 0 0 0 rg BT 339.17 625.30 Td (grounds ) Tj ET Q q 0 0 0 rg BT 381.01 625.30 Td (of ) Tj ET Q q 0 0 0 rg BT 394.17 625.30 Td (forum ) Tj ET Q q 0 0 0 rg BT 426.67 625.30 Td (non ) Tj ET Q q 0 0 0 rg BT 447.85 625.30 Td (conveniens, ) Tj ET Q q 0 0 0 rg BT 508.00 625.30 Td (should ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (be ) Tj ET Q q 0 0 0 rg BT 87.32 610.90 Td (transferred ) Tj ET Q q 0 0 0 rg BT 143.27 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 157.26 610.90 Td (removed ) Tj ET Q q 0 0 0 rg BT 203.23 610.90 Td (to ) Tj ET Q q 0 0 0 rg BT 216.56 610.90 Td (any ) Tj ET Q q 0 0 0 rg BT 237.87 610.90 Td (court ) Tj ET Q q 0 0 0 rg BT 266.52 610.90 Td (other ) Tj ET Q q 0 0 0 rg BT 295.17 610.90 Td (than ) Tj ET Q q 0 0 0 rg BT 319.82 610.90 Td (one ) Tj ET Q q 0 0 0 rg BT 341.13 610.90 Td (of ) Tj ET Q q 0 0 0 rg BT 355.12 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 373.77 610.90 Td (above-named ) Tj ET Q q 0 0 0 rg BT 442.39 610.90 Td (courts, ) Tj ET Q q 0 0 0 rg BT 478.71 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 492.70 610.90 Td (should ) Tj ET Q q 0 0 0 rg BT 528.69 610.90 Td (be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (stayed ) Tj ET Q q 0 0 0 rg BT 105.26 596.50 Td (by ) Tj ET Q q 0 0 0 rg BT 119.86 596.50 Td (reason ) Tj ET Q q 0 0 0 rg BT 153.78 596.50 Td (of ) Tj ET Q q 0 0 0 rg BT 166.38 596.50 Td (the ) Tj ET Q q 0 0 0 rg BT 183.64 596.50 Td (pendency ) Tj ET Q q 0 0 0 rg BT 232.22 596.50 Td (of ) Tj ET Q q 0 0 0 rg BT 244.82 596.50 Td (some ) Tj ET Q q 0 0 0 rg BT 272.75 596.50 Td (other ) Tj ET Q q 0 0 0 rg BT 300.01 596.50 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 355.92 596.50 Td (in ) Tj ET Q q 0 0 0 rg BT 367.85 596.50 Td (any ) Tj ET Q q 0 0 0 rg BT 387.78 596.50 Td (other ) Tj ET Q q 0 0 0 rg BT 415.04 596.50 Td (court ) Tj ET Q q 0 0 0 rg BT 442.29 596.50 Td (other ) Tj ET Q q 0 0 0 rg BT 469.55 596.50 Td (than ) Tj ET Q q 0 0 0 rg BT 492.81 596.50 Td (one ) Tj ET Q q 0 0 0 rg BT 512.74 596.50 Td (of ) Tj ET Q q 0 0 0 rg BT 525.34 596.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (above-named ) Tj ET Q q 0 0 0 rg BT 138.58 582.10 Td (courts, ) Tj ET Q q 0 0 0 rg BT 172.85 582.10 Td (or ) Tj ET Q q 0 0 0 rg BT 184.80 582.10 Td (that ) Tj ET Q q 0 0 0 rg BT 204.74 582.10 Td (this ) Tj ET Q q 0 0 0 rg BT 224.02 582.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 263.96 582.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 315.21 582.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.15 582.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.76 582.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 379.70 582.10 Td (matter ) Tj ET Q q 0 0 0 rg BT 412.29 582.10 Td (hereof ) Tj ET Q q 0 0 0 rg BT 444.88 582.10 Td (may ) Tj ET Q q 0 0 0 rg BT 467.49 582.10 Td (not ) Tj ET Q q 0 0 0 rg BT 484.77 582.10 Td (be ) Tj ET Q q 0 0 0 rg BT 498.05 582.10 Td (enforced ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (in ) Tj ET Q q 0 0 0 rg BT 84.09 567.70 Td (or ) Tj ET Q q 0 0 0 rg BT 96.84 567.70 Td (by ) Tj ET Q q 0 0 0 rg BT 111.60 567.70 Td (such ) Tj ET Q q 0 0 0 rg BT 136.35 567.70 Td (court, ) Tj ET Q q 0 0 0 rg BT 166.76 567.70 Td (and ) Tj ET Q q 0 0 0 rg BT 186.84 567.70 Td (\(iii\)hereby ) Tj ET Q q 0 0 0 rg BT 243.24 567.70 Td (agrees ) Tj ET Q q 0 0 0 rg BT 276.64 567.70 Td (not ) Tj ET Q q 0 0 0 rg BT 294.73 567.70 Td (to ) Tj ET Q q 0 0 0 rg BT 306.82 567.70 Td (commence ) Tj ET Q q 0 0 0 rg BT 361.55 567.70 Td (any ) Tj ET Q q 0 0 0 rg BT 381.63 567.70 Td (such ) Tj ET Q q 0 0 0 rg BT 406.38 567.70 Td (action ) Tj ET Q q 0 0 0 rg BT 438.45 567.70 Td (other ) Tj ET Q q 0 0 0 rg BT 465.87 567.70 Td (than ) Tj ET Q q 0 0 0 rg BT 489.28 567.70 Td (before ) Tj ET Q q 0 0 0 rg BT 522.68 567.70 Td (one ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (of ) Tj ET Q q 0 0 0 rg BT 85.55 553.30 Td (the ) Tj ET Q q 0 0 0 rg BT 103.76 553.30 Td (above-named ) Tj ET Q q 0 0 0 rg BT 171.94 553.30 Td (courts. ) Tj ET Q q 0 0 0 rg BT 207.82 553.30 Td ( ) Tj ET Q q 0 0 0 rg BT 211.37 553.30 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 294.92 553.30 Td (the ) Tj ET Q q 0 0 0 rg BT 313.13 553.30 Td (previous ) Tj ET Q q 0 0 0 rg BT 358.01 553.30 Td (sentence, ) Tj ET Q q 0 0 0 rg BT 405.87 553.30 Td (a ) Tj ET Q q 0 0 0 rg BT 414.74 553.30 Td (party ) Tj ET Q q 0 0 0 rg BT 442.95 553.30 Td (may ) Tj ET Q q 0 0 0 rg BT 467.16 553.30 Td (commence ) Tj ET Q q 0 0 0 rg BT 522.69 553.30 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (action ) Tj ET Q q 0 0 0 rg BT 104.12 538.90 Td (in ) Tj ET Q q 0 0 0 rg BT 116.24 538.90 Td (a ) Tj ET Q q 0 0 0 rg BT 124.37 538.90 Td (court ) Tj ET Q q 0 0 0 rg BT 151.82 538.90 Td (other ) Tj ET Q q 0 0 0 rg BT 179.27 538.90 Td (than ) Tj ET Q q 0 0 0 rg BT 202.72 538.90 Td (the ) Tj ET Q q 0 0 0 rg BT 220.18 538.90 Td (above-named ) Tj ET Q q 0 0 0 rg BT 287.61 538.90 Td (courts ) Tj ET Q q 0 0 0 rg BT 319.73 538.90 Td (solely ) Tj ET Q q 0 0 0 rg BT 351.19 538.90 Td (for ) Tj ET Q q 0 0 0 rg BT 367.97 538.90 Td (the ) Tj ET Q q 0 0 0 rg BT 385.43 538.90 Td (purpose ) Tj ET Q q 0 0 0 rg BT 426.22 538.90 Td (of ) Tj ET Q q 0 0 0 rg BT 439.01 538.90 Td (enforcing ) Tj ET Q q 0 0 0 rg BT 487.78 538.90 Td (an ) Tj ET Q q 0 0 0 rg BT 501.90 538.90 Td (order ) Tj ET Q q 0 0 0 rg BT 530.02 538.90 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (judgment ) Tj ET Q q 0 0 0 rg BT 120.33 524.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 153.33 524.50 Td (by ) Tj ET Q q 0 0 0 rg BT 168.33 524.50 Td (one ) Tj ET Q q 0 0 0 rg BT 188.65 524.50 Td (of ) Tj ET Q q 0 0 0 rg BT 201.65 524.50 Td (the ) Tj ET Q q 0 0 0 rg BT 219.31 524.50 Td (above-named ) Tj ET Q q 0 0 0 rg BT 286.95 524.50 Td (courts.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 498.10 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.99 498.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 180 496.500390625 m 269.1064453125 496.500390625 l s q 0 0 0 rg BT 180.00 498.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 219.22 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.44 498.10 Td (Process) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 269.11 498.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.34 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.57 498.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 305.79 498.10 Td (party ) Tj ET Q q 0 0 0 rg BT 333.68 498.10 Td (hereby ) Tj ET Q q 0 0 0 rg BT 369.56 498.10 Td (\(i\)consents ) Tj ET Q q 0 0 0 rg BT 428.44 498.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.01 498.10 Td (service ) Tj ET Q q 0 0 0 rg BT 478.22 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.45 498.10 Td (process ) Tj ET Q q 0 0 0 rg BT 530.67 498.10 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 483.70 Td (any ) Tj ET Q q 0 0 0 rg BT 92.24 483.70 Td (action ) Tj ET Q q 0 0 0 rg BT 124.46 483.70 Td (between ) Tj ET Q q 0 0 0 rg BT 167.35 483.70 Td (the ) Tj ET Q q 0 0 0 rg BT 184.92 483.70 Td (parties ) Tj ET Q q 0 0 0 rg BT 219.82 483.70 Td (arising ) Tj ET Q q 0 0 0 rg BT 255.39 483.70 Td (in ) Tj ET Q q 0 0 0 rg BT 267.63 483.70 Td (whole ) Tj ET Q q 0 0 0 rg BT 299.87 483.70 Td (or ) Tj ET Q q 0 0 0 rg BT 312.77 483.70 Td (in ) Tj ET Q q 0 0 0 rg BT 325.01 483.70 Td (part ) Tj ET Q q 0 0 0 rg BT 346.58 483.70 Td (under ) Tj ET Q q 0 0 0 rg BT 376.81 483.70 Td (or ) Tj ET Q q 0 0 0 rg BT 389.72 483.70 Td (in ) Tj ET Q q 0 0 0 rg BT 401.96 483.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 457.51 483.70 Td (with ) Tj ET Q q 0 0 0 rg BT 481.76 483.70 Td (this ) Tj ET Q q 0 0 0 rg BT 502.00 483.70 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 469.30 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 124.72 469.30 Td (in ) Tj ET Q q 0 0 0 rg BT 137.48 469.30 Td (any ) Tj ET Q q 0 0 0 rg BT 158.23 469.30 Td (manner ) Tj ET Q q 0 0 0 rg BT 197.63 469.30 Td (permitted ) Tj ET Q q 0 0 0 rg BT 247.04 469.30 Td (by ) Tj ET Q q 0 0 0 rg BT 262.46 469.30 Td (New ) Tj ET Q q 0 0 0 rg BT 288.03 469.30 Td (Y) Tj ET Q q 0 0 0 rg BT 295.50 469.30 Td (ork ) Tj ET Q q 0 0 0 rg BT 314.91 469.30 Td (law) Tj ET Q q 0 0 0 rg BT 331.46 469.30 Td (, ) Tj ET Q q 0 0 0 rg BT 337.88 469.30 Td (\(ii\)agrees ) Tj ET Q q 0 0 0 rg BT 389.61 469.30 Td (that ) Tj ET Q q 0 0 0 rg BT 411.03 469.30 Td (service ) Tj ET Q q 0 0 0 rg BT 448.43 469.30 Td (of ) Tj ET Q q 0 0 0 rg BT 461.84 469.30 Td (process ) Tj ET Q q 0 0 0 rg BT 501.25 469.30 Td (made ) Tj ET Q q 0 0 0 rg BT 530.66 469.30 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 454.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 129.39 454.90 Td (with ) Tj ET Q q 0 0 0 rg BT 154.16 454.90 Td (clause ) Tj ET Q q 0 0 0 rg BT 187.58 454.90 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 202.34 454.90 Td (or ) Tj ET Q q 0 0 0 rg BT 215.77 454.90 Td (made ) Tj ET Q q 0 0 0 rg BT 245.20 454.90 Td (by ) Tj ET Q q 0 0 0 rg BT 260.63 454.90 Td (registered ) Tj ET Q q 0 0 0 rg BT 311.38 454.90 Td (or ) Tj ET Q q 0 0 0 rg BT 324.81 454.90 Td (certified ) Tj ET Q q 0 0 0 rg BT 368.22 454.90 Td (mail, ) Tj ET Q q 0 0 0 rg BT 395.99 454.90 Td (return ) Tj ET Q q 0 0 0 rg BT 428.07 454.90 Td (receipt ) Tj ET Q q 0 0 0 rg BT 464.15 454.90 Td (requested, ) Tj ET Q q 0 0 0 rg BT 516.57 454.90 Td (at ) Tj ET Q q 0 0 0 rg BT 528.67 454.90 Td (its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 440.50 Td (address ) Tj ET Q q 0 0 0 rg BT 111.31 440.50 Td (specified ) Tj ET Q q 0 0 0 rg BT 157.94 440.50 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 202.58 440.50 Td (to ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 215.23828125 438.900390625 m 266.5517578125 438.900390625 l s q 0 0 0 rg BT 215.24 440.50 Td (Section ) Tj ET Q q 0 0 0 rg BT 254.55 440.50 Td (13) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 266.55 440.50 Td (, ) Tj ET Q q 0 0 0 rg BT 272.87 440.50 Td (will ) Tj ET Q q 0 0 0 rg BT 294.86 440.50 Td (constitute ) Tj ET Q q 0 0 0 rg BT 344.84 440.50 Td (good ) Tj ET Q q 0 0 0 rg BT 372.16 440.50 Td (and ) Tj ET Q q 0 0 0 rg BT 392.80 440.50 Td (valid ) Tj ET Q q 0 0 0 rg BT 420.11 440.50 Td (service ) Tj ET Q q 0 0 0 rg BT 457.41 440.50 Td (of ) Tj ET Q q 0 0 0 rg BT 470.73 440.50 Td (process ) Tj ET Q q 0 0 0 rg BT 510.04 440.50 Td (in ) Tj ET Q q 0 0 0 rg BT 522.69 440.50 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 426.10 Td (such ) Tj ET Q q 0 0 0 rg BT 96.55 426.10 Td (action, ) Tj ET Q q 0 0 0 rg BT 131.43 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.32 426.10 Td (\(iii\)waives ) Tj ET Q q 0 0 0 rg BT 208.19 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.07 426.10 Td (agrees ) Tj ET Q q 0 0 0 rg BT 261.28 426.10 Td (not ) Tj ET Q q 0 0 0 rg BT 279.17 426.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.06 426.10 Td (assert ) Tj ET Q q 0 0 0 rg BT 320.94 426.10 Td (\(by ) Tj ET Q q 0 0 0 rg BT 339.49 426.10 Td (way ) Tj ET Q q 0 0 0 rg BT 362.04 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.60 426.10 Td (motion, ) Tj ET Q q 0 0 0 rg BT 414.16 426.10 Td (as ) Tj ET Q q 0 0 0 rg BT 426.71 426.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.59 426.10 Td (defense, ) Tj ET Q q 0 0 0 rg BT 476.79 426.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.35 426.10 Td (otherwise\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 411.70 Td (in ) Tj ET Q q 0 0 0 rg BT 84.08 411.70 Td (any ) Tj ET Q q 0 0 0 rg BT 104.16 411.70 Td (such ) Tj ET Q q 0 0 0 rg BT 128.91 411.70 Td (action ) Tj ET Q q 0 0 0 rg BT 160.98 411.70 Td (any ) Tj ET Q q 0 0 0 rg BT 181.06 411.70 Td (claim ) Tj ET Q q 0 0 0 rg BT 210.46 411.70 Td (that ) Tj ET Q q 0 0 0 rg BT 231.21 411.70 Td (service ) Tj ET Q q 0 0 0 rg BT 267.94 411.70 Td (of ) Tj ET Q q 0 0 0 rg BT 280.68 411.70 Td (process ) Tj ET Q q 0 0 0 rg BT 319.42 411.70 Td (made ) Tj ET Q q 0 0 0 rg BT 348.16 411.70 Td (in ) Tj ET Q q 0 0 0 rg BT 360.25 411.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 416.95 411.70 Td (with ) Tj ET Q q 0 0 0 rg BT 441.04 411.70 Td (clause ) Tj ET Q q 0 0 0 rg BT 473.77 411.70 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 487.85 411.70 Td (or ) Tj ET Q q 0 0 0 rg BT 500.59 411.70 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 518.00 411.70 Td (does ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 397.30 Td (not ) Tj ET Q q 0 0 0 rg BT 90.33 397.30 Td (constitute ) Tj ET Q q 0 0 0 rg BT 139.99 397.30 Td (good ) Tj ET Q q 0 0 0 rg BT 166.99 397.30 Td (and ) Tj ET Q q 0 0 0 rg BT 187.32 397.30 Td (valid ) Tj ET Q q 0 0 0 rg BT 214.31 397.30 Td (service ) Tj ET Q q 0 0 0 rg BT 251.29 397.30 Td (of ) Tj ET Q q 0 0 0 rg BT 264.29 397.30 Td (process.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 370.90 Td (16.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.00 370.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 369.300390625 m 221.16015625 369.300390625 l s q 0 0 0 rg BT 126.00 370.90 Td (W) Tj ET Q q 0 0 0 rg BT 136.37 370.90 Td (aiver ) Tj ET Q q 0 0 0 rg BT 162.82 370.90 Td (of ) Tj ET Q q 0 0 0 rg BT 175.30 370.90 Td (Jury ) Tj ET Q q 0 0 0 rg BT 198.26 370.90 Td (T) Tj ET Q q 0 0 0 rg BT 205.17 370.90 Td (rial) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 221.16 370.90 Td (. ) Tj ET Q q 0 0 0 rg BT 226.64 370.90 Td ( ) Tj ET Q q 0 0 0 rg BT 229.11 370.90 Td (EACH ) Tj ET Q q 0 0 0 rg BT 264.26 370.90 Td (P) Tj ET Q q 0 0 0 rg BT 269.83 370.90 Td (AR) Tj ET Q q 0 0 0 rg BT 285.78 370.90 Td (TY) Tj ET Q q 0 0 0 rg BT 301.33 370.90 Td ( ) Tj ET Q q 0 0 0 rg BT 303.26 370.90 Td (ACKNOWLEDGES ) Tj ET Q q 0 0 0 rg BT 405.18 370.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 433.11 370.90 Td (AGREES ) Tj ET Q q 0 0 0 rg BT 482.08 370.90 Td (THA) Tj ET Q q 0 0 0 rg BT 505.41 370.90 Td (T) Tj ET Q q 0 0 0 rg BT 512.52 370.90 Td ( ) Tj ET Q q 0 0 0 rg BT 514.45 370.90 Td (ANY) Tj ET Q q 0 0 0 rg BT 540.00 370.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.50 Td (CONTROVERSY) Tj ET Q q 0 0 0 rg BT 160.23 356.50 Td ( ) Tj ET Q q 0 0 0 rg BT 162.10 356.50 Td (WHICH ) Tj ET Q q 0 0 0 rg BT 204.77 356.50 Td (MA) Tj ET Q q 0 0 0 rg BT 223.00 356.50 Td (Y) Tj ET Q q 0 0 0 rg BT 231.22 356.50 Td ( ) Tj ET Q q 0 0 0 rg BT 232.79 356.50 Td (ARISE ) Tj ET Q q 0 0 0 rg BT 269.47 356.50 Td (UNDER ) Tj ET Q q 0 0 0 rg BT 312.67 356.50 Td (THIS ) Tj ET Q q 0 0 0 rg BT 341.34 356.50 Td (LIMITED ) Tj ET Q q 0 0 0 rg BT 392.67 356.50 Td (GUARANTEE ) Tj ET Q q 0 0 0 rg BT 468.01 356.50 Td (IS ) Tj ET Q q 0 0 0 rg BT 480.69 356.50 Td (LIKEL) Tj ET Q q 0 0 0 rg BT 514.14 356.50 Td (Y) Tj ET Q q 0 0 0 rg BT 522.36 356.50 Td ( ) Tj ET Q q 0 0 0 rg BT 524.23 356.50 Td (T) Tj ET Q q 0 0 0 rg BT 531.34 356.50 Td (O ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (INVOL) Tj ET Q q 0 0 0 rg BT 108.22 342.10 Td (VE ) Tj ET Q q 0 0 0 rg BT 129.93 342.10 Td (COMPLICA) Tj ET Q q 0 0 0 rg BT 190.61 342.10 Td (TED ) Tj ET Q q 0 0 0 rg BT 218.38 342.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 250.09 342.10 Td (DIFFICUL) Tj ET Q q 0 0 0 rg BT 302.99 342.10 Td (T) Tj ET Q q 0 0 0 rg BT 310.11 342.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.82 342.10 Td (ISSUES, ) Tj ET Q q 0 0 0 rg BT 363.28 342.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 394.57 342.10 Td (THEREFORE ) Tj ET Q q 0 0 0 rg BT 469.62 342.10 Td (EACH ) Tj ET Q q 0 0 0 rg BT 507.99 342.10 Td (SUCH ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.70 Td (P) Tj ET Q q 0 0 0 rg BT 77.57 327.70 Td (AR) Tj ET Q q 0 0 0 rg BT 93.52 327.70 Td (TY) Tj ET Q q 0 0 0 rg BT 109.07 327.70 Td ( ) Tj ET Q q 0 0 0 rg BT 111.75 327.70 Td (HEREBY) Tj ET Q q 0 0 0 rg BT 159.30 327.70 Td ( ) Tj ET Q q 0 0 0 rg BT 161.97 327.70 Td (IRREVOCABL) Tj ET Q q 0 0 0 rg BT 237.44 327.70 Td (Y) Tj ET Q q 0 0 0 rg BT 245.66 327.70 Td ( ) Tj ET Q q 0 0 0 rg BT 247.75 327.70 Td (AND ) Tj ET Q q 0 0 0 rg BT 276.42 327.70 Td (UNCONDITIONALL) Tj ET Q q 0 0 0 rg BT 382.53 327.70 Td (Y) Tj ET Q q 0 0 0 rg BT 390.75 327.70 Td ( ) Tj ET Q q 0 0 0 rg BT 393.23 327.70 Td (W) Tj ET Q q 0 0 0 rg BT 403.23 327.70 Td (AIVES ) Tj ET Q q 0 0 0 rg BT 440.64 327.70 Td (ANY) Tj ET Q q 0 0 0 rg BT 466.20 327.70 Td ( ) Tj ET Q q 0 0 0 rg BT 468.87 327.70 Td (RIGHT) Tj ET Q q 0 0 0 rg BT 505.31 327.70 Td ( ) Tj ET Q q 0 0 0 rg BT 507.99 327.70 Td (SUCH ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 313.30 Td (P) Tj ET Q q 0 0 0 rg BT 77.57 313.30 Td (AR) Tj ET Q q 0 0 0 rg BT 93.52 313.30 Td (TY) Tj ET Q q 0 0 0 rg BT 109.07 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 112.23 313.30 Td (MA) Tj ET Q q 0 0 0 rg BT 130.47 313.30 Td (Y) Tj ET Q q 0 0 0 rg BT 138.69 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 141.85 313.30 Td (HA) Tj ET Q q 0 0 0 rg BT 157.63 313.30 Td (VE ) Tj ET Q q 0 0 0 rg BT 176.56 313.30 Td (T) Tj ET Q q 0 0 0 rg BT 183.67 313.30 Td (O ) Tj ET Q q 0 0 0 rg BT 194.80 313.30 Td (A) Tj ET Q q 0 0 0 rg BT 202.80 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 205.74 313.30 Td (TRIAL) Tj ET Q q 0 0 0 rg BT 240.62 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 243.78 313.30 Td (BY) Tj ET Q q 0 0 0 rg BT 260.00 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 263.16 313.30 Td (JUR) Tj ET Q q 0 0 0 rg BT 283.84 313.30 Td (Y) Tj ET Q q 0 0 0 rg BT 292.06 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 295.22 313.30 Td (IN ) Tj ET Q q 0 0 0 rg BT 311.04 313.30 Td (RESPECT) Tj ET Q q 0 0 0 rg BT 362.17 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 365.33 313.30 Td (OF ) Tj ET Q q 0 0 0 rg BT 383.13 313.30 Td (ANY) Tj ET Q q 0 0 0 rg BT 408.68 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 411.84 313.30 Td (LITIGA) Tj ET Q q 0 0 0 rg BT 450.50 313.30 Td (TION ) Tj ET Q q 0 0 0 rg BT 482.32 313.30 Td (DIRECTL) Tj ET Q q 0 0 0 rg BT 531.77 313.30 Td (Y) Tj ET Q q 0 0 0 rg BT 540.00 313.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 298.90 Td (OR ) Tj ET Q q 0 0 0 rg BT 92.00 298.90 Td (INDIRECTL) Tj ET Q q 0 0 0 rg BT 154.13 298.90 Td (Y) Tj ET Q q 0 0 0 rg BT 162.35 298.90 Td ( ) Tj ET Q q 0 0 0 rg BT 164.94 298.90 Td (ARISING ) Tj ET Q q 0 0 0 rg BT 216.95 298.90 Td (OUT) Tj ET Q q 0 0 0 rg BT 241.39 298.90 Td ( ) Tj ET Q q 0 0 0 rg BT 244.73 298.90 Td (OF ) Tj ET Q q 0 0 0 rg BT 263.40 298.90 Td (OR ) Tj ET Q q 0 0 0 rg BT 283.40 298.90 Td (RELA) Tj ET Q q 0 0 0 rg BT 313.40 298.90 Td (TING ) Tj ET Q q 0 0 0 rg BT 345.15 298.90 Td (T) Tj ET Q q 0 0 0 rg BT 352.27 298.90 Td (O ) Tj ET Q q 0 0 0 rg BT 364.03 298.90 Td (THIS ) Tj ET Q q 0 0 0 rg BT 394.03 298.90 Td (LIMITED ) Tj ET Q q 0 0 0 rg BT 446.68 298.90 Td (GUARANTEE ) Tj ET Q q 0 0 0 rg BT 523.34 298.90 Td (OR ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 284.50 Td (THE ) Tj ET Q q 0 0 0 rg BT 97.39 284.50 Td (TRANSACTIONS ) Tj ET Q q 0 0 0 rg BT 190.96 284.50 Td (CONTEMPLA) Tj ET Q q 0 0 0 rg BT 262.97 284.50 Td (TED ) Tj ET Q q 0 0 0 rg BT 288.52 284.50 Td (BY) Tj ET Q q 0 0 0 rg BT 304.75 284.50 Td ( ) Tj ET Q q 0 0 0 rg BT 306.81 284.50 Td (THIS ) Tj ET Q q 0 0 0 rg BT 335.71 284.50 Td (LIMITED ) Tj ET Q q 0 0 0 rg BT 387.25 284.50 Td (GUARANTEE. ) Tj ET Q q 0 0 0 rg BT 465.81 284.50 Td ( ) Tj ET Q q 0 0 0 rg BT 468.04 284.50 Td (EACH ) Tj ET Q q 0 0 0 rg BT 502.93 284.50 Td (P) Tj ET Q q 0 0 0 rg BT 508.50 284.50 Td (AR) Tj ET Q q 0 0 0 rg BT 524.45 284.50 Td (TY) Tj ET Q q 0 0 0 rg BT 540.00 284.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 270.10 Td (CER) Tj ET Q q 0 0 0 rg BT 94.62 270.10 Td (TIFIES ) Tj ET Q q 0 0 0 rg BT 138.02 270.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 171.41 270.10 Td (ACKNOWLEDGES ) Tj ET Q q 0 0 0 rg BT 280.21 270.10 Td (THA) Tj ET Q q 0 0 0 rg BT 303.54 270.10 Td (T) Tj ET Q q 0 0 0 rg BT 310.65 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.15 270.10 Td (\(I\)NO ) Tj ET Q q 0 0 0 rg BT 361.96 270.10 Td (REPRESENT) Tj ET Q q 0 0 0 rg BT 428.34 270.10 Td (A) Tj ET Q q 0 0 0 rg BT 435.68 270.10 Td (TIVE, ) Tj ET Q q 0 0 0 rg BT 473.40 270.10 Td (AGENT) Tj ET Q q 0 0 0 rg BT 513.84 270.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.33 270.10 Td (OR ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 255.70 Td (A) Tj ET Q q 0 0 0 rg BT 79.34 255.70 Td (TT) Tj ET Q q 0 0 0 rg BT 93.78 255.70 Td (ORNEY) Tj ET Q q 0 0 0 rg BT 134.67 255.70 Td ( ) Tj ET Q q 0 0 0 rg BT 137.29 255.70 Td (OF ) Tj ET Q q 0 0 0 rg BT 154.67 255.70 Td (ANY) Tj ET Q q 0 0 0 rg BT 180.22 255.70 Td ( ) Tj ET Q q 0 0 0 rg BT 182.84 255.70 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 225.46 255.70 Td (P) Tj ET Q q 0 0 0 rg BT 231.03 255.70 Td (AR) Tj ET Q q 0 0 0 rg BT 246.98 255.70 Td (TY) Tj ET Q q 0 0 0 rg BT 262.53 255.70 Td ( ) Tj ET Q q 0 0 0 rg BT 265.15 255.70 Td (HAS ) Tj ET Q q 0 0 0 rg BT 291.78 255.70 Td (REPRESENTED, ) Tj ET Q q 0 0 0 rg BT 380.74 255.70 Td (EXPRESSL) Tj ET Q q 0 0 0 rg BT 438.22 255.70 Td (Y) Tj ET Q q 0 0 0 rg BT 446.44 255.70 Td ( ) Tj ET Q q 0 0 0 rg BT 449.06 255.70 Td (OR ) Tj ET Q q 0 0 0 rg BT 468.35 255.70 Td (OTHER) Tj ET Q q 0 0 0 rg BT 507.68 255.70 Td (WISE, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 241.30 Td (THA) Tj ET Q q 0 0 0 rg BT 95.33 241.30 Td (T) Tj ET Q q 0 0 0 rg BT 102.45 241.30 Td ( ) Tj ET Q q 0 0 0 rg BT 106.73 241.30 Td (SUCH ) Tj ET Q q 0 0 0 rg BT 143.03 241.30 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 187.31 241.30 Td (P) Tj ET Q q 0 0 0 rg BT 192.89 241.30 Td (AR) Tj ET Q q 0 0 0 rg BT 208.84 241.30 Td (TY) Tj ET Q q 0 0 0 rg BT 224.39 241.30 Td ( ) Tj ET Q q 0 0 0 rg BT 228.36 241.30 Td (WOULD ) Tj ET Q q 0 0 0 rg BT 277.31 241.30 Td (NOT) Tj ET Q q 0 0 0 rg BT 301.08 241.30 Td (, ) Tj ET Q q 0 0 0 rg BT 308.36 241.30 Td (IN ) Tj ET Q q 0 0 0 rg BT 325.00 241.30 Td (THE ) Tj ET Q q 0 0 0 rg BT 352.62 241.30 Td (EVENT) Tj ET Q q 0 0 0 rg BT 391.72 241.30 Td ( ) Tj ET Q q 0 0 0 rg BT 396.01 241.30 Td (OF ) Tj ET Q q 0 0 0 rg BT 415.64 241.30 Td (LITIGA) Tj ET Q q 0 0 0 rg BT 454.29 241.30 Td (TION, ) Tj ET Q q 0 0 0 rg BT 490.24 241.30 Td (SEEK ) Tj ET Q q 0 0 0 rg BT 524.22 241.30 Td (T) Tj ET Q q 0 0 0 rg BT 531.33 241.30 Td (O ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 226.90 Td (ENFORCE ) Tj ET Q q 0 0 0 rg BT 132.17 226.90 Td (THE ) Tj ET Q q 0 0 0 rg BT 161.42 226.90 Td (FOREGOING ) Tj ET Q q 0 0 0 rg BT 236.25 226.90 Td (W) Tj ET Q q 0 0 0 rg BT 246.25 226.90 Td (AIVER, ) Tj ET Q q 0 0 0 rg BT 291.83 226.90 Td (\(II\)EACH ) Tj ET Q q 0 0 0 rg BT 349.41 226.90 Td (P) Tj ET Q q 0 0 0 rg BT 354.98 226.90 Td (AR) Tj ET Q q 0 0 0 rg BT 370.93 226.90 Td (TY) Tj ET Q q 0 0 0 rg BT 386.48 226.90 Td ( ) Tj ET Q q 0 0 0 rg BT 392.41 226.90 Td (UNDERST) Tj ET Q q 0 0 0 rg BT 446.78 226.90 Td (ANDS ) Tj ET Q q 0 0 0 rg BT 484.07 226.90 Td (AND ) Tj ET Q q 0 0 0 rg BT 515.99 226.90 Td (HAS ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 212.50 Td (CONSIDERED ) Tj ET Q q 0 0 0 rg BT 152.15 212.50 Td (THE ) Tj ET Q q 0 0 0 rg BT 179.95 212.50 Td (IMPLICA) Tj ET Q q 0 0 0 rg BT 227.96 212.50 Td (TION ) Tj ET Q q 0 0 0 rg BT 261.09 212.50 Td (OF ) Tj ET Q q 0 0 0 rg BT 280.57 212.50 Td (THIS ) Tj ET Q q 0 0 0 rg BT 311.39 212.50 Td (W) Tj ET Q q 0 0 0 rg BT 321.39 212.50 Td (AIVER, ) Tj ET Q q 0 0 0 rg BT 365.52 212.50 Td (\(III\)EACH ) Tj ET Q q 0 0 0 rg BT 425.64 212.50 Td (P) Tj ET Q q 0 0 0 rg BT 431.21 212.50 Td (AR) Tj ET Q q 0 0 0 rg BT 447.16 212.50 Td (TY) Tj ET Q q 0 0 0 rg BT 462.71 212.50 Td ( ) Tj ET Q q 0 0 0 rg BT 467.18 212.50 Td (MAKES ) Tj ET Q q 0 0 0 rg BT 513.34 212.50 Td (THIS ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 198.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.00 198.10 Td (AIVER ) Tj ET Q q 0 0 0 rg BT 121.20 198.10 Td (VOLUNT) Tj ET Q q 0 0 0 rg BT 169.56 198.10 Td (ARIL) Tj ET Q q 0 0 0 rg BT 196.35 198.10 Td (Y) Tj ET Q q 0 0 0 rg BT 204.58 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.71 198.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 235.44 198.10 Td (\(IV\)EACH ) Tj ET Q q 0 0 0 rg BT 294.50 198.10 Td (P) Tj ET Q q 0 0 0 rg BT 300.07 198.10 Td (AR) Tj ET Q q 0 0 0 rg BT 316.02 198.10 Td (TY) Tj ET Q q 0 0 0 rg BT 331.57 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.31 198.10 Td (HAS ) Tj ET Q q 0 0 0 rg BT 361.05 198.10 Td (BEEN ) Tj ET Q q 0 0 0 rg BT 395.12 198.10 Td (INDUCED ) Tj ET Q q 0 0 0 rg BT 451.65 198.10 Td (T) Tj ET Q q 0 0 0 rg BT 458.76 198.10 Td (O ) Tj ET Q q 0 0 0 rg BT 470.16 198.10 Td (ENTER ) Tj ET Q q 0 0 0 rg BT 511.56 198.10 Td (INT) Tj ET Q q 0 0 0 rg BT 531.34 198.10 Td (O ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 183.70 Td (THIS ) Tj ET Q q 0 0 0 rg BT 100.24 183.70 Td (LIMITED ) Tj ET Q q 0 0 0 rg BT 151.13 183.70 Td (GUARANTEE ) Tj ET Q q 0 0 0 rg BT 226.03 183.70 Td (BY) Tj ET Q q 0 0 0 rg BT 241.16 183.70 Td (, ) Tj ET Q q 0 0 0 rg BT 245.38 183.70 Td (AMONG ) Tj ET Q q 0 0 0 rg BT 292.29 183.70 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 333.75 183.70 Td (THINGS, ) Tj ET Q q 0 0 0 rg BT 382.21 183.70 Td (THE ) Tj ET Q q 0 0 0 rg BT 407.11 183.70 Td (MUTUAL) Tj ET Q q 0 0 0 rg BT 457.99 183.70 Td ( ) Tj ET Q q 0 0 0 rg BT 459.45 183.70 Td (W) Tj ET Q q 0 0 0 rg BT 469.45 183.70 Td (AIVERS ) Tj ET Q q 0 0 0 rg BT 514.01 183.70 Td (AND ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 169.30 Td (CER) Tj ET Q q 0 0 0 rg BT 94.62 169.30 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 131.95 169.30 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 170.29 169.30 Td (IN ) Tj ET Q q 0 0 0 rg BT 185.73 169.30 Td (THIS ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 215.396484375 167.70039062499995 m 281.0625 167.70039062499995 l s q 0 0 0 rg BT 215.40 169.30 Td (SECTION ) Tj ET Q q 0 0 0 rg BT 269.06 169.30 Td (16) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 281.06 169.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 143.90 Td (17.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.00 143.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 142.30039062499998 m 277.70654296875 142.30039062499998 l s q 0 0 0 rg BT 126.00 143.90 Td (Representations ) Tj ET Q q 0 0 0 rg BT 205.79 143.90 Td (and ) Tj ET Q q 0 0 0 rg BT 226.03 143.90 Td (W) Tj ET Q q 0 0 0 rg BT 236.40 143.90 Td (arranties) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 277.71 143.90 Td (. ) Tj ET Q q 0 0 0 rg BT 283.85 143.90 Td ( ) Tj ET Q q 0 0 0 rg BT 286.77 143.90 Td (The ) Tj ET Q q 0 0 0 rg BT 308.57 143.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 360.35 143.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 396.15 143.90 Td (represents ) Tj ET Q q 0 0 0 rg BT 447.93 143.90 Td (and ) Tj ET Q q 0 0 0 rg BT 468.40 143.90 Td (warrants ) Tj ET Q q 0 0 0 rg BT 512.86 143.90 Td (to ) Tj ET Q q 0 0 0 rg BT 525.34 143.90 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 129.50 Td (V) Tj ET Q q 0 0 0 rg BT 79.34 129.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 108.27 129.50 Td (that: ) Tj ET Q q 0 0 0 rg BT 131.21 129.50 Td (\(a\)it ) Tj ET Q q 0 0 0 rg BT 155.81 129.50 Td (has ) Tj ET Q q 0 0 0 rg BT 173.41 129.50 Td (all ) Tj ET Q q 0 0 0 rg BT 187.02 129.50 Td (power ) Tj ET Q q 0 0 0 rg BT 218.62 129.50 Td (and ) Tj ET Q q 0 0 0 rg BT 237.56 129.50 Td (authority ) Tj ET Q q 0 0 0 rg BT 282.49 129.50 Td (to ) Tj ET Q q 0 0 0 rg BT 293.44 129.50 Td (execute, ) Tj ET Q q 0 0 0 rg BT 334.69 129.50 Td (deliver ) Tj ET Q q 0 0 0 rg BT 369.62 129.50 Td (and ) Tj ET Q q 0 0 0 rg BT 388.55 129.50 Td (perform ) Tj ET Q q 0 0 0 rg BT 428.81 129.50 Td (this ) Tj ET Q q 0 0 0 rg BT 447.76 129.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 487.37 129.50 Td (Guarantee; ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 115.10 Td (\(b\)the ) Tj ET Q q 0 0 0 rg BT 106.28 115.10 Td (execution, ) Tj ET Q q 0 0 0 rg BT 158.56 115.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 200.51 115.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.46 115.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 283.72 115.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.35 115.10 Td (this ) Tj ET Q q 0 0 0 rg BT 316.32 115.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 356.94 115.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 408.87 115.10 Td (by ) Tj ET Q q 0 0 0 rg BT 423.50 115.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.79 115.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 492.07 115.10 Td (have ) Tj ET Q q 0 0 0 rg BT 517.35 115.10 Td (been ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 100.70 Td (duly ) Tj ET Q q 0 0 0 rg BT 95.08 100.70 Td (and ) Tj ET Q q 0 0 0 rg BT 114.16 100.70 Td (validly ) Tj ET Q q 0 0 0 rg BT 149.24 100.70 Td (authorized ) Tj ET Q q 0 0 0 rg BT 201.63 100.70 Td (and ) Tj ET Q q 0 0 0 rg BT 220.71 100.70 Td (approved ) Tj ET Q q 0 0 0 rg BT 267.11 100.70 Td (by ) Tj ET Q q 0 0 0 rg BT 280.86 100.70 Td (all ) Tj ET Q q 0 0 0 rg BT 294.60 100.70 Td (necessary ) Tj ET Q q 0 0 0 rg BT 342.99 100.70 Td (company ) Tj ET Q q 0 0 0 rg BT 388.73 100.70 Td (action, ) Tj ET Q q 0 0 0 rg BT 422.80 100.70 Td (and ) Tj ET Q q 0 0 0 rg BT 441.88 100.70 Td (no ) Tj ET Q q 0 0 0 rg BT 455.63 100.70 Td (other ) Tj ET Q q 0 0 0 rg BT 482.04 100.70 Td (proceedings ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 86.30 Td (or ) Tj ET Q q 0 0 0 rg BT 84.88 86.30 Td (actions ) Tj ET Q q 0 0 0 rg BT 121.75 86.30 Td (on ) Tj ET Q q 0 0 0 rg BT 136.63 86.30 Td (the ) Tj ET Q q 0 0 0 rg BT 154.17 86.30 Td (part ) Tj ET Q q 0 0 0 rg BT 175.70 86.30 Td (of ) Tj ET Q q 0 0 0 rg BT 188.58 86.30 Td (the ) Tj ET Q q 0 0 0 rg BT 206.12 86.30 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 257.64 86.30 Td (are ) Tj ET Q q 0 0 0 rg BT 275.17 86.30 Td (necessary ) Tj ET Q q 0 0 0 rg BT 324.69 86.30 Td (therefor; ) Tj ET Q q 0 0 0 rg BT 368.88 86.30 Td (\(c\)this ) Tj ET Q q 0 0 0 rg BT 405.42 86.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 446.29 86.30 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 498.47 86.30 Td (has ) Tj ET Q q 0 0 0 rg BT 517.34 86.30 Td (been ) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.00 59.20 Td (10) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (duly ) Tj ET Q q 0 0 0 rg BT 95.47 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 114.92 711.70 Td (validly ) Tj ET Q q 0 0 0 rg BT 150.38 711.70 Td (executed ) Tj ET Q q 0 0 0 rg BT 195.15 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 214.61 711.70 Td (delivered ) Tj ET Q q 0 0 0 rg BT 261.38 711.70 Td (by ) Tj ET Q q 0 0 0 rg BT 275.52 711.70 Td (the ) Tj ET Q q 0 0 0 rg BT 292.31 711.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 343.08 711.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 365.54 711.70 Td (assuming ) Tj ET Q q 0 0 0 rg BT 413.01 711.70 Td (due ) Tj ET Q q 0 0 0 rg BT 432.46 711.70 Td (execution ) Tj ET Q q 0 0 0 rg BT 481.24 711.70 Td (and ) Tj ET Q q 0 0 0 rg BT 500.70 711.70 Td (delivery ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (of ) Tj ET Q q 0 0 0 rg BT 86.22 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 105.11 697.30 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 151.72 697.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 209.26 697.30 Td (by ) Tj ET Q q 0 0 0 rg BT 225.49 697.30 Td (all ) Tj ET Q q 0 0 0 rg BT 241.71 697.30 Td (of ) Tj ET Q q 0 0 0 rg BT 255.93 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 274.82 697.30 Td (parties ) Tj ET Q q 0 0 0 rg BT 311.03 697.30 Td (thereto, ) Tj ET Q q 0 0 0 rg BT 351.58 697.30 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 407.13 697.30 Td (a ) Tj ET Q q 0 0 0 rg BT 416.69 697.30 Td (valid ) Tj ET Q q 0 0 0 rg BT 444.91 697.30 Td (and ) Tj ET Q q 0 0 0 rg BT 466.46 697.30 Td (legally ) Tj ET Q q 0 0 0 rg BT 503.35 697.30 Td (binding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (obligation ) Tj ET Q q 0 0 0 rg BT 124.98 682.90 Td (of ) Tj ET Q q 0 0 0 rg BT 139.30 682.90 Td (it, ) Tj ET Q q 0 0 0 rg BT 153.29 682.90 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 213.57 682.90 Td (against ) Tj ET Q q 0 0 0 rg BT 251.88 682.90 Td (the ) Tj ET Q q 0 0 0 rg BT 270.86 682.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 323.83 682.90 Td (in ) Tj ET Q q 0 0 0 rg BT 337.48 682.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 395.76 682.90 Td (with ) Tj ET Q q 0 0 0 rg BT 421.41 682.90 Td (its ) Tj ET Q q 0 0 0 rg BT 437.07 682.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 468.05 682.90 Td (except ) Tj ET Q q 0 0 0 rg BT 503.69 682.90 Td (as ) Tj ET Q q 0 0 0 rg BT 518.00 682.90 Td (such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (enforceability ) Tj ET Q q 0 0 0 rg BT 141.14 668.50 Td (may ) Tj ET Q q 0 0 0 rg BT 164.31 668.50 Td (be ) Tj ET Q q 0 0 0 rg BT 178.15 668.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 214.66 668.50 Td (by ) Tj ET Q q 0 0 0 rg BT 229.17 668.50 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 282.37 668.50 Td (, ) Tj ET Q q 0 0 0 rg BT 287.88 668.50 Td (insolvency) Tj ET Q q 0 0 0 rg BT 339.09 668.50 Td (, ) Tj ET Q q 0 0 0 rg BT 344.60 668.50 Td (reor) Tj ET Q q 0 0 0 rg BT 363.71 668.50 Td (ganization, ) Tj ET Q q 0 0 0 rg BT 419.20 668.50 Td (receivership, ) Tj ET Q q 0 0 0 rg BT 483.34 668.50 Td (moratorium ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (or ) Tj ET Q q 0 0 0 rg BT 86.80 654.10 Td (other ) Tj ET Q q 0 0 0 rg BT 116.26 654.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 143.06 654.10 Td (af) Tj ET Q q 0 0 0 rg BT 152.17 654.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 190.29 654.10 Td (creditor) Tj ET Q q 0 0 0 rg BT 228.04 654.10 Td () Tj ET Q q 0 0 0 rg BT 231.38 654.10 Td (s ) Tj ET Q q 0 0 0 rg BT 240.85 654.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 272.99 654.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 322.44 654.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.57 654.10 Td (by ) Tj ET Q q 0 0 0 rg BT 361.37 654.10 Td (general ) Tj ET Q q 0 0 0 rg BT 401.49 654.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 453.61 654.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.41 654.10 Td (equity; ) Tj ET Q q 0 0 0 rg BT 506.54 654.10 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 525.34 654.10 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (execution, ) Tj ET Q q 0 0 0 rg BT 125.06 639.70 Td (delivery ) Tj ET Q q 0 0 0 rg BT 167.79 639.70 Td (and ) Tj ET Q q 0 0 0 rg BT 188.54 639.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 252.58 639.70 Td (by ) Tj ET Q q 0 0 0 rg BT 268.00 639.70 Td (the ) Tj ET Q q 0 0 0 rg BT 286.07 639.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 338.13 639.70 Td (of ) Tj ET Q q 0 0 0 rg BT 351.54 639.70 Td (this ) Tj ET Q q 0 0 0 rg BT 372.30 639.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 413.71 639.70 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 466.42 639.70 Td (do ) Tj ET Q q 0 0 0 rg BT 481.84 639.70 Td (not ) Tj ET Q q 0 0 0 rg BT 500.59 639.70 Td (and ) Tj ET Q q 0 0 0 rg BT 521.33 639.70 Td (will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (not ) Tj ET Q q 0 0 0 rg BT 91.55 625.30 Td (\(i\)violate ) Tj ET Q q 0 0 0 rg BT 142.74 625.30 Td (the ) Tj ET Q q 0 0 0 rg BT 161.61 625.30 Td (or) Tj ET Q q 0 0 0 rg BT 171.39 625.30 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 234.24 625.30 Td (documents ) Tj ET Q q 0 0 0 rg BT 290.44 625.30 Td (of ) Tj ET Q q 0 0 0 rg BT 304.65 625.30 Td (the ) Tj ET Q q 0 0 0 rg BT 323.52 625.30 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 371.69 625.30 Td (, ) Tj ET Q q 0 0 0 rg BT 378.90 625.30 Td (\(ii\)violate ) Tj ET Q q 0 0 0 rg BT 433.42 625.30 Td (any ) Tj ET Q q 0 0 0 rg BT 454.96 625.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 508.48 625.30 Td (law ) Tj ET Q q 0 0 0 rg BT 530.02 625.30 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (judgment ) Tj ET Q q 0 0 0 rg BT 120.63 610.90 Td (binding ) Tj ET Q q 0 0 0 rg BT 160.59 610.90 Td (on ) Tj ET Q q 0 0 0 rg BT 175.89 610.90 Td (the ) Tj ET Q q 0 0 0 rg BT 193.85 610.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 245.79 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 259.08 610.90 Td (its ) Tj ET Q q 0 0 0 rg BT 273.72 610.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 305.01 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 318.30 610.90 Td (\(iii\)result ) Tj ET Q q 0 0 0 rg BT 369.25 610.90 Td (in ) Tj ET Q q 0 0 0 rg BT 381.89 610.90 Td (any ) Tj ET Q q 0 0 0 rg BT 402.51 610.90 Td (violation ) Tj ET Q q 0 0 0 rg BT 448.47 610.90 Td (of, ) Tj ET Q q 0 0 0 rg BT 464.76 610.90 Td (or ) Tj ET Q q 0 0 0 rg BT 478.06 610.90 Td (default ) Tj ET Q q 0 0 0 rg BT 514.67 610.90 Td (\(with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (or ) Tj ET Q q 0 0 0 rg BT 84.73 596.50 Td (without ) Tj ET Q q 0 0 0 rg BT 124.14 596.50 Td (notice ) Tj ET Q q 0 0 0 rg BT 156.20 596.50 Td (or ) Tj ET Q q 0 0 0 rg BT 168.93 596.50 Td (lapse ) Tj ET Q q 0 0 0 rg BT 196.33 596.50 Td (of ) Tj ET Q q 0 0 0 rg BT 209.06 596.50 Td (time ) Tj ET Q q 0 0 0 rg BT 233.13 596.50 Td (or ) Tj ET Q q 0 0 0 rg BT 245.86 596.50 Td (both\) ) Tj ET Q q 0 0 0 rg BT 273.93 596.50 Td (under) Tj ET Q q 0 0 0 rg BT 300.77 596.50 Td (, ) Tj ET Q q 0 0 0 rg BT 306.51 596.50 Td (or ) Tj ET Q q 0 0 0 rg BT 319.24 596.50 Td (give ) Tj ET Q q 0 0 0 rg BT 342.64 596.50 Td (rise ) Tj ET Q q 0 0 0 rg BT 362.70 596.50 Td (to ) Tj ET Q q 0 0 0 rg BT 374.77 596.50 Td (a ) Tj ET Q q 0 0 0 rg BT 382.84 596.50 Td (right ) Tj ET Q q 0 0 0 rg BT 408.24 596.50 Td (of ) Tj ET Q q 0 0 0 rg BT 420.97 596.50 Td (termination, ) Tj ET Q q 0 0 0 rg BT 482.03 596.50 Td (cancellation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (or ) Tj ET Q q 0 0 0 rg BT 85.27 582.10 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 146.50 582.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.77 582.10 Td (any ) Tj ET Q q 0 0 0 rg BT 180.37 582.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 232.31 582.10 Td (or ) Tj ET Q q 0 0 0 rg BT 245.58 582.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.18 582.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.12 582.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 298.06 582.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.33 582.10 Td (any ) Tj ET Q q 0 0 0 rg BT 331.94 582.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 368.53 582.10 Td (under) Tj ET Q q 0 0 0 rg BT 395.37 582.10 Td (, ) Tj ET Q q 0 0 0 rg BT 401.64 582.10 Td (any ) Tj ET Q q 0 0 0 rg BT 422.24 582.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 464.16 582.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.43 582.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 530.67 582.10 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (which ) Tj ET Q q 0 0 0 rg BT 103.94 567.70 Td (the ) Tj ET Q q 0 0 0 rg BT 121.22 567.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 172.48 567.70 Td (is ) Tj ET Q q 0 0 0 rg BT 183.10 567.70 Td (a ) Tj ET Q q 0 0 0 rg BT 191.04 567.70 Td (party; ) Tj ET Q q 0 0 0 rg BT 221.65 567.70 Td (and ) Tj ET Q q 0 0 0 rg BT 241.59 567.70 Td (\(e\)the ) Tj ET Q q 0 0 0 rg BT 275.19 567.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 326.45 567.70 Td (has ) Tj ET Q q 0 0 0 rg BT 345.06 567.70 Td (the ) Tj ET Q q 0 0 0 rg BT 362.33 567.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.93 567.70 Td (capacity ) Tj ET Q q 0 0 0 rg BT 449.52 567.70 Td (to ) Tj ET Q q 0 0 0 rg BT 461.47 567.70 Td (pay ) Tj ET Q q 0 0 0 rg BT 481.41 567.70 Td (and ) Tj ET Q q 0 0 0 rg BT 501.35 567.70 Td (perform ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (its ) Tj ET Q q 0 0 0 rg BT 86.34 553.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 142.67 553.30 Td (under ) Tj ET Q q 0 0 0 rg BT 172.99 553.30 Td (this ) Tj ET Q q 0 0 0 rg BT 193.33 553.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 234.32 553.30 Td (Guarantee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 526.90 Td (18.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.00 526.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 525.300390625 m 200.05029296875 525.300390625 l s q 0 0 0 rg BT 126.00 526.90 Td (No ) Tj ET Q q 0 0 0 rg BT 142.72 526.90 Td (Assignment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 200.05 526.90 Td (. ) Tj ET Q q 0 0 0 rg BT 205.68 526.90 Td ( ) Tj ET Q q 0 0 0 rg BT 208.31 526.90 Td (Neither ) Tj ET Q q 0 0 0 rg BT 246.93 526.90 Td (the ) Tj ET Q q 0 0 0 rg BT 264.22 526.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 315.49 526.90 Td (nor ) Tj ET Q q 0 0 0 rg BT 334.12 526.90 Td (the ) Tj ET Q q 0 0 0 rg BT 351.22 526.90 Td (V) Tj ET Q q 0 0 0 rg BT 358.56 526.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 388.51 526.90 Td (may ) Tj ET Q q 0 0 0 rg BT 411.80 526.90 Td (assign ) Tj ET Q q 0 0 0 rg BT 444.43 526.90 Td (its ) Tj ET Q q 0 0 0 rg BT 458.40 526.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 509.67 526.90 Td (rights, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 512.50 Td (interests ) Tj ET Q q 0 0 0 rg BT 114.27 512.50 Td (or ) Tj ET Q q 0 0 0 rg BT 126.54 512.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 182.15 512.50 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 232.39 512.50 Td (to ) Tj ET Q q 0 0 0 rg BT 244.00 512.50 Td (any ) Tj ET Q q 0 0 0 rg BT 263.61 512.50 Td (other ) Tj ET Q q 0 0 0 rg BT 290.54 512.50 Td (Person ) Tj ET Q q 0 0 0 rg BT 325.48 512.50 Td (\(except ) Tj ET Q q 0 0 0 rg BT 363.07 512.50 Td (by ) Tj ET Q q 0 0 0 rg BT 377.34 512.50 Td (operation ) Tj ET Q q 0 0 0 rg BT 424.94 512.50 Td (of ) Tj ET Q q 0 0 0 rg BT 437.21 512.50 Td (law\) ) Tj ET Q q 0 0 0 rg BT 460.81 512.50 Td (without ) Tj ET Q q 0 0 0 rg BT 499.75 512.50 Td (the ) Tj ET Q q 0 0 0 rg BT 516.69 512.50 Td (prior ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 498.10 Td (written ) Tj ET Q q 0 0 0 rg BT 108.83 498.10 Td (consent ) Tj ET Q q 0 0 0 rg BT 148.34 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.18 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.48 498.10 Td (V) Tj ET Q q 0 0 0 rg BT 185.81 498.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 215.98 498.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 232.15 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.66 498.10 Td (case ) Tj ET Q q 0 0 0 rg BT 273.15 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.99 498.10 Td (an ) Tj ET Q q 0 0 0 rg BT 300.16 498.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 357.00 498.10 Td (by ) Tj ET Q q 0 0 0 rg BT 371.85 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.35 498.10 Td (Guarantor\) ) Tj ET Q q 0 0 0 rg BT 444.84 498.10 Td (or ) Tj ET Q q 0 0 0 rg BT 457.68 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.18 498.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 526.67 498.10 Td (\(in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 483.70 Td (the ) Tj ET Q q 0 0 0 rg BT 89.56 483.70 Td (case ) Tj ET Q q 0 0 0 rg BT 113.12 483.70 Td (of ) Tj ET Q q 0 0 0 rg BT 126.01 483.70 Td (an ) Tj ET Q q 0 0 0 rg BT 140.24 483.70 Td (assignment ) Tj ET Q q 0 0 0 rg BT 197.14 483.70 Td (by ) Tj ET Q q 0 0 0 rg BT 212.04 483.70 Td (the ) Tj ET Q q 0 0 0 rg BT 229.40 483.70 Td (V) Tj ET Q q 0 0 0 rg BT 236.73 483.70 Td (endor\); ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 274.2900390625 482.100390625 m 316.9462890625 482.100390625 l s q 0 0 0 rg BT 274.29 483.70 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 316.95 483.70 Td (, ) Tj ET Q q 0 0 0 rg BT 322.85 483.70 Td (that ) Tj ET Q q 0 0 0 rg BT 343.75 483.70 Td (the ) Tj ET Q q 0 0 0 rg BT 361.31 483.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 412.86 483.70 Td (may ) Tj ET Q q 0 0 0 rg BT 436.42 483.70 Td (assign ) Tj ET Q q 0 0 0 rg BT 469.33 483.70 Td (all ) Tj ET Q q 0 0 0 rg BT 484.22 483.70 Td (or ) Tj ET Q q 0 0 0 rg BT 497.12 483.70 Td (a ) Tj ET Q q 0 0 0 rg BT 505.35 483.70 Td (portion ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 469.30 Td (of ) Tj ET Q q 0 0 0 rg BT 85.12 469.30 Td (its ) Tj ET Q q 0 0 0 rg BT 99.57 469.30 Td (respective ) Tj ET Q q 0 0 0 rg BT 151.33 469.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 207.79 469.30 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 258.88 469.30 Td (to ) Tj ET Q q 0 0 0 rg BT 271.33 469.30 Td (an ) Tj ET Q q 0 0 0 rg BT 285.09 469.30 Td (Af) Tj ET Q q 0 0 0 rg BT 297.53 469.30 Td (filiate ) Tj ET Q q 0 0 0 rg BT 328.64 469.30 Td (or ) Tj ET Q q 0 0 0 rg BT 341.75 469.30 Td (to ) Tj ET Q q 0 0 0 rg BT 354.21 469.30 Td (an ) Tj ET Q q 0 0 0 rg BT 368.65 469.30 Td (entity ) Tj ET Q q 0 0 0 rg BT 399.10 469.30 Td (managed ) Tj ET Q q 0 0 0 rg BT 445.54 469.30 Td (by ) Tj ET Q q 0 0 0 rg BT 460.66 469.30 Td (or ) Tj ET Q q 0 0 0 rg BT 473.77 469.30 Td (advised ) Tj ET Q q 0 0 0 rg BT 513.55 469.30 Td (by ) Tj ET Q q 0 0 0 rg BT 528.67 469.30 Td (an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 454.90 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 454.90 Td (filiate ) Tj ET Q q 0 0 0 rg BT 114.97 454.90 Td (of ) Tj ET Q q 0 0 0 rg BT 127.50 454.90 Td (the ) Tj ET Q q 0 0 0 rg BT 144.70 454.90 Td (Guarantor; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 199.212890625 453.300390625 m 241.869140625 453.300390625 l s q 0 0 0 rg BT 199.21 454.90 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 241.87 454.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 247.40625 453.300390625 m 279.814453125 453.300390625 l s q 0 0 0 rg BT 247.41 454.90 Td (further) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 279.57 454.90 Td (, ) Tj ET Q q 0 0 0 rg BT 285.11 454.90 Td (that ) Tj ET Q q 0 0 0 rg BT 305.64 454.90 Td (no ) Tj ET Q q 0 0 0 rg BT 320.18 454.90 Td (such ) Tj ET Q q 0 0 0 rg BT 344.71 454.90 Td (assignment ) Tj ET Q q 0 0 0 rg BT 401.24 454.90 Td (shall ) Tj ET Q q 0 0 0 rg BT 426.45 454.90 Td (relieve ) Tj ET Q q 0 0 0 rg BT 461.63 454.90 Td (the ) Tj ET Q q 0 0 0 rg BT 478.82 454.90 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 530.00 454.90 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 440.50 Td (any ) Tj ET Q q 0 0 0 rg BT 93.43 440.50 Td (liability ) Tj ET Q q 0 0 0 rg BT 134.87 440.50 Td (or ) Tj ET Q q 0 0 0 rg BT 148.97 440.50 Td (obligation ) Tj ET Q q 0 0 0 rg BT 201.74 440.50 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 253.81 440.50 Td (except ) Tj ET Q q 0 0 0 rg BT 289.23 440.50 Td (to ) Tj ET Q q 0 0 0 rg BT 302.67 440.50 Td (the ) Tj ET Q q 0 0 0 rg BT 321.44 440.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 354.87 440.50 Td (actually ) Tj ET Q q 0 0 0 rg BT 396.95 440.50 Td (performed ) Tj ET Q q 0 0 0 rg BT 451.03 440.50 Td (or ) Tj ET Q q 0 0 0 rg BT 465.13 440.50 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 509.23 440.50 Td (by ) Tj ET Q q 0 0 0 rg BT 525.34 440.50 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 426.10 Td (assignee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 399.70 Td (19.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.00 399.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 398.100390625 m 183.5947265625 398.100390625 l s q 0 0 0 rg BT 126.00 399.70 Td (Severability) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 183.21 399.70 Td (. ) Tj ET Q q 0 0 0 rg BT 191.83 399.70 Td ( ) Tj ET Q q 0 0 0 rg BT 196.21 399.70 Td (Any ) Tj ET Q q 0 0 0 rg BT 222.50 399.70 Td (term ) Tj ET Q q 0 0 0 rg BT 250.11 399.70 Td (or ) Tj ET Q q 0 0 0 rg BT 265.73 399.70 Td (provision ) Tj ET Q q 0 0 0 rg BT 316.69 399.70 Td (of ) Tj ET Q q 0 0 0 rg BT 332.31 399.70 Td (this ) Tj ET Q q 0 0 0 rg BT 355.27 399.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 398.88 399.70 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 453.81 399.70 Td (that ) Tj ET Q q 0 0 0 rg BT 477.42 399.70 Td (is ) Tj ET Q q 0 0 0 rg BT 491.05 399.70 Td (invalid ) Tj ET Q q 0 0 0 rg BT 530.00 399.70 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 385.30 Td (unenforceable ) Tj ET Q q 0 0 0 rg BT 142.43 385.30 Td (in ) Tj ET Q q 0 0 0 rg BT 154.23 385.30 Td (any ) Tj ET Q q 0 0 0 rg BT 174.03 385.30 Td (situation ) Tj ET Q q 0 0 0 rg BT 217.83 385.30 Td (in ) Tj ET Q q 0 0 0 rg BT 229.63 385.30 Td (any ) Tj ET Q q 0 0 0 rg BT 249.43 385.30 Td (jurisdiction ) Tj ET Q q 0 0 0 rg BT 306.56 385.30 Td (will ) Tj ET Q q 0 0 0 rg BT 327.70 385.30 Td (not ) Tj ET Q q 0 0 0 rg BT 345.50 385.30 Td (af) Tj ET Q q 0 0 0 rg BT 354.61 385.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 375.06 385.30 Td (the ) Tj ET Q q 0 0 0 rg BT 392.19 385.30 Td (validity ) Tj ET Q q 0 0 0 rg BT 431.32 385.30 Td (or ) Tj ET Q q 0 0 0 rg BT 443.79 385.30 Td (enforceability ) Tj ET Q q 0 0 0 rg BT 512.89 385.30 Td (of ) Tj ET Q q 0 0 0 rg BT 525.35 385.30 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 370.90 Td (remaining ) Tj ET Q q 0 0 0 rg BT 124.49 370.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 154.98 370.90 Td (and ) Tj ET Q q 0 0 0 rg BT 176.14 370.90 Td (provisions ) Tj ET Q q 0 0 0 rg BT 229.98 370.90 Td (hereof ) Tj ET Q q 0 0 0 rg BT 264.46 370.90 Td (or ) Tj ET Q q 0 0 0 rg BT 278.29 370.90 Td (the ) Tj ET Q q 0 0 0 rg BT 296.79 370.90 Td (validity ) Tj ET Q q 0 0 0 rg BT 337.28 370.90 Td (or ) Tj ET Q q 0 0 0 rg BT 351.11 370.90 Td (enforceability ) Tj ET Q q 0 0 0 rg BT 421.58 370.90 Td (of ) Tj ET Q q 0 0 0 rg BT 435.41 370.90 Td (the ) Tj ET Q q 0 0 0 rg BT 453.91 370.90 Td (of) Tj ET Q q 0 0 0 rg BT 463.69 370.90 Td (fending ) Tj ET Q q 0 0 0 rg BT 504.18 370.90 Td (term ) Tj ET Q q 0 0 0 rg BT 530.00 370.90 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.50 Td (provision ) Tj ET Q q 0 0 0 rg BT 120.76 356.50 Td (in ) Tj ET Q q 0 0 0 rg BT 133.51 356.50 Td (any ) Tj ET Q q 0 0 0 rg BT 154.26 356.50 Td (other ) Tj ET Q q 0 0 0 rg BT 182.34 356.50 Td (situation ) Tj ET Q q 0 0 0 rg BT 227.09 356.50 Td (or ) Tj ET Q q 0 0 0 rg BT 240.51 356.50 Td (in ) Tj ET Q q 0 0 0 rg BT 253.27 356.50 Td (any ) Tj ET Q q 0 0 0 rg BT 274.01 356.50 Td (other ) Tj ET Q q 0 0 0 rg BT 302.09 356.50 Td (jurisdiction; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 363.509765625 354.900390625 m 406.166015625 354.900390625 l s q 0 0 0 rg BT 363.51 356.50 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 406.17 356.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 412.587890625 354.900390625 m 453.662109375 354.900390625 l s q 0 0 0 rg BT 412.59 356.50 Td (however) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 453.42 356.50 Td (, ) Tj ET Q q 0 0 0 rg BT 459.84 356.50 Td (that ) Tj ET Q q 0 0 0 rg BT 481.26 356.50 Td (this ) Tj ET Q q 0 0 0 rg BT 502.02 356.50 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 123.32 342.10 Td (may ) Tj ET Q q 0 0 0 rg BT 146.01 342.10 Td (not ) Tj ET Q q 0 0 0 rg BT 163.36 342.10 Td (be ) Tj ET Q q 0 0 0 rg BT 176.71 342.10 Td (enforced ) Tj ET Q q 0 0 0 rg BT 220.71 342.10 Td (without ) Tj ET Q q 0 0 0 rg BT 259.40 342.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 292.09 342.10 Td (ef) Tj ET Q q 0 0 0 rg BT 301.19 342.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 321.20 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.56 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.24 342.10 Td (limitation ) Tj ET Q q 0 0 0 rg BT 397.93 342.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.95 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.63 342.10 Td (Cap ) Tj ET Q q 0 0 0 rg BT 447.98 342.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 492.66 342.10 Td (in ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 504.017578125 340.500390625 m 543.01171875 340.500390625 l s q 0 0 0 rg BT 504.02 342.10 Td (Section ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 326.100390625 m 78 326.100390625 l s q 0 0 0 rg BT 72.00 327.70 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 78.00 327.70 Td ( ) Tj ET Q q 0 0 0 rg BT 80.65 327.70 Td (hereof ) Tj ET Q q 0 0 0 rg BT 113.95 327.70 Td (and ) Tj ET Q q 0 0 0 rg BT 133.93 327.70 Td (to ) Tj ET Q q 0 0 0 rg BT 145.92 327.70 Td (the ) Tj ET Q q 0 0 0 rg BT 163.24 327.70 Td (provisions ) Tj ET Q q 0 0 0 rg BT 215.89 327.70 Td (of ) Tj ET Q q 0 0 0 rg BT 228.54 327.70 Td (the ) Tj ET Q q 0 0 0 rg BT 245.86 327.70 Td (second ) Tj ET Q q 0 0 0 rg BT 281.84 327.70 Td (proviso ) Tj ET Q q 0 0 0 rg BT 320.49 327.70 Td (of ) Tj ET Q q 0 0 0 rg BT 333.14 327.70 Td (the ) Tj ET Q q 0 0 0 rg BT 350.46 327.70 Td (first ) Tj ET Q q 0 0 0 rg BT 372.44 327.70 Td (sentence ) Tj ET Q q 0 0 0 rg BT 416.40 327.70 Td (of ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 429.052734375 326.100390625 m 473.701171875 326.100390625 l s q 0 0 0 rg BT 429.05 327.70 Td (Section ) Tj ET Q q 0 0 0 rg BT 467.70 327.70 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 473.70 327.70 Td (, ) Tj ET Q q 0 0 0 rg BT 479.36 327.70 Td (and ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 499.3359375 326.100390625 m 543 326.100390625 l s q 0 0 0 rg BT 499.34 327.70 Td (Sections ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 311.700390625 m 91.318359375 311.700390625 l s q 0 0 0 rg BT 72.00 313.30 Td (2\(e\)) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 91.32 313.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 96.515625 311.700390625 m 102.515625 311.700390625 l s q 0 0 0 rg BT 96.52 313.30 Td (4) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 102.52 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 104.71 313.30 Td (and ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 124.236328125 311.700390625 m 130.236328125 311.700390625 l s q 0 0 0 rg BT 124.24 313.30 Td (5) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 130.24 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 132.43 313.30 Td (hereof. ) Tj ET Q q 0 0 0 rg BT 168.28 313.30 Td ( ) Tj ET Q q 0 0 0 rg BT 170.47 313.30 Td (No ) Tj ET Q q 0 0 0 rg BT 187.34 313.30 Td (party ) Tj ET Q q 0 0 0 rg BT 214.19 313.30 Td (hereto ) Tj ET Q q 0 0 0 rg BT 246.37 313.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 271.23 313.30 Td (assert, ) Tj ET Q q 0 0 0 rg BT 303.75 313.30 Td (and ) Tj ET Q q 0 0 0 rg BT 323.27 313.30 Td (each ) Tj ET Q q 0 0 0 rg BT 347.45 313.30 Td (party ) Tj ET Q q 0 0 0 rg BT 374.30 313.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 399.16 313.30 Td (cause ) Tj ET Q q 0 0 0 rg BT 428.01 313.30 Td (its ) Tj ET Q q 0 0 0 rg BT 441.54 313.30 Td (respective ) Tj ET Q q 0 0 0 rg BT 491.90 313.30 Td (Af) Tj ET Q q 0 0 0 rg BT 504.34 313.30 Td (filiates, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 298.90 Td (security ) Tj ET Q q 0 0 0 rg BT 112.86 298.90 Td (holders ) Tj ET Q q 0 0 0 rg BT 151.07 298.90 Td (and ) Tj ET Q q 0 0 0 rg BT 171.27 298.90 Td (representatives ) Tj ET Q q 0 0 0 rg BT 246.11 298.90 Td (not ) Tj ET Q q 0 0 0 rg BT 264.32 298.90 Td (to ) Tj ET Q q 0 0 0 rg BT 276.53 298.90 Td (assert, ) Tj ET Q q 0 0 0 rg BT 309.73 298.90 Td (that ) Tj ET Q q 0 0 0 rg BT 330.60 298.90 Td (this ) Tj ET Q q 0 0 0 rg BT 350.82 298.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 391.69 298.90 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 443.87 298.90 Td (or ) Tj ET Q q 0 0 0 rg BT 456.74 298.90 Td (any ) Tj ET Q q 0 0 0 rg BT 476.94 298.90 Td (part ) Tj ET Q q 0 0 0 rg BT 498.47 298.90 Td (hereof ) Tj ET Q q 0 0 0 rg BT 532.00 298.90 Td (is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 284.50 Td (invalid, ) Tj ET Q q 0 0 0 rg BT 111.33 284.50 Td (illegal ) Tj ET Q q 0 0 0 rg BT 144.32 284.50 Td (or ) Tj ET Q q 0 0 0 rg BT 157.31 284.50 Td (unenforceable.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 258.10 Td (20.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.00 258.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 256.500390625 m 198.2666015625 256.500390625 l s q 0 0 0 rg BT 126.00 258.10 Td (Confidentiality) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 197.88 258.10 Td (. ) Tj ET Q q 0 0 0 rg BT 204.61 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.08 258.10 Td (This ) Tj ET Q q 0 0 0 rg BT 233.15 258.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 274.88 258.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 327.92 258.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 354.32 258.10 Td (be ) Tj ET Q q 0 0 0 rg BT 369.38 258.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 405.76 258.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.49 258.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 480.54 258.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.60 258.10 Td (is ) Tj ET Q q 0 0 0 rg BT 513.35 258.10 Td (being ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 243.70 Td (provided ) Tj ET Q q 0 0 0 rg BT 119.60 243.70 Td (to ) Tj ET Q q 0 0 0 rg BT 133.87 243.70 Td (the ) Tj ET Q q 0 0 0 rg BT 153.11 243.70 Td (V) Tj ET Q q 0 0 0 rg BT 160.45 243.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 192.71 243.70 Td (solely ) Tj ET Q q 0 0 0 rg BT 226.31 243.70 Td (in ) Tj ET Q q 0 0 0 rg BT 240.58 243.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 298.17 243.70 Td (with ) Tj ET Q q 0 0 0 rg BT 324.44 243.70 Td (the ) Tj ET Q q 0 0 0 rg BT 344.04 243.70 Td (execution ) Tj ET Q q 0 0 0 rg BT 395.63 243.70 Td (and ) Tj ET Q q 0 0 0 rg BT 417.89 243.70 Td (delivery ) Tj ET Q q 0 0 0 rg BT 462.15 243.70 Td (of ) Tj ET Q q 0 0 0 rg BT 477.08 243.70 Td (the ) Tj ET Q q 0 0 0 rg BT 496.68 243.70 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 229.30 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 131.46 229.30 Td ( ) Tj ET Q q 0 0 0 rg BT 134.38 229.30 Td (This ) Tj ET Q q 0 0 0 rg BT 158.86 229.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 200.00 229.30 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 252.45 229.30 Td (may ) Tj ET Q q 0 0 0 rg BT 276.26 229.30 Td (not ) Tj ET Q q 0 0 0 rg BT 294.74 229.30 Td (be ) Tj ET Q q 0 0 0 rg BT 309.21 229.30 Td (used, ) Tj ET Q q 0 0 0 rg BT 337.36 229.30 Td (circulated, ) Tj ET Q q 0 0 0 rg BT 390.81 229.30 Td (quoted ) Tj ET Q q 0 0 0 rg BT 426.61 229.30 Td (or ) Tj ET Q q 0 0 0 rg BT 439.76 229.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 489.56 229.30 Td (referred ) Tj ET Q q 0 0 0 rg BT 530.67 229.30 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 214.90 Td (in ) Tj ET Q q 0 0 0 rg BT 84.66 214.90 Td (any ) Tj ET Q q 0 0 0 rg BT 105.31 214.90 Td (document ) Tj ET Q q 0 0 0 rg BT 155.95 214.90 Td (other ) Tj ET Q q 0 0 0 rg BT 183.93 214.90 Td (than ) Tj ET Q q 0 0 0 rg BT 207.92 214.90 Td (the ) Tj ET Q q 0 0 0 rg BT 225.90 214.90 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 271.81 214.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 328.44 214.90 Td (and ) Tj ET Q q 0 0 0 rg BT 349.09 214.90 Td (the ) Tj ET Q q 0 0 0 rg BT 367.07 214.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 402.40 214.90 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 469.05 214.90 Td (Letters, ) Tj ET Q q 0 0 0 rg BT 508.69 214.90 Td (except ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 200.50 Td (with ) Tj ET Q q 0 0 0 rg BT 96.67 200.50 Td (the ) Tj ET Q q 0 0 0 rg BT 114.67 200.50 Td (written ) Tj ET Q q 0 0 0 rg BT 151.99 200.50 Td (consent ) Tj ET Q q 0 0 0 rg BT 191.98 200.50 Td (of ) Tj ET Q q 0 0 0 rg BT 205.31 200.50 Td (the ) Tj ET Q q 0 0 0 rg BT 223.31 200.50 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 275.29 200.50 Td (and ) Tj ET Q q 0 0 0 rg BT 295.95 200.50 Td (the ) Tj ET Q q 0 0 0 rg BT 313.71 200.50 Td (V) Tj ET Q q 0 0 0 rg BT 321.04 200.50 Td (endor; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 355.033203125 198.900390625 m 397.689453125 198.900390625 l s q 0 0 0 rg BT 355.03 200.50 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 397.69 200.50 Td (, ) Tj ET Q q 0 0 0 rg BT 404.02 200.50 Td (that ) Tj ET Q q 0 0 0 rg BT 425.35 200.50 Td (no ) Tj ET Q q 0 0 0 rg BT 440.69 200.50 Td (such ) Tj ET Q q 0 0 0 rg BT 466.02 200.50 Td (written ) Tj ET Q q 0 0 0 rg BT 503.35 200.50 Td (consent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 186.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 96.53 186.10 Td (be ) Tj ET Q q 0 0 0 rg BT 109.71 186.10 Td (required ) Tj ET Q q 0 0 0 rg BT 151.55 186.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 174.74 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.26 186.10 Td (Guarantor) Tj ET Q q 0 0 0 rg BT 239.42 186.10 Td (, ) Tj ET Q q 0 0 0 rg BT 244.29 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.67 186.10 Td (V) Tj ET Q q 0 0 0 rg BT 268.01 186.10 Td (endor ) Tj ET Q q 0 0 0 rg BT 297.19 186.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.38 186.10 Td (their ) Tj ET Q q 0 0 0 rg BT 340.23 186.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 390.32 186.10 Td (Af) Tj ET Q q 0 0 0 rg BT 402.77 186.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 437.28 186.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 461.81 186.10 Td (be ) Tj ET Q q 0 0 0 rg BT 475.00 186.10 Td (free ) Tj ET Q q 0 0 0 rg BT 495.50 186.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.70 186.10 Td (release ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 171.70 Td (such ) Tj ET Q q 0 0 0 rg BT 96.90 171.70 Td (information\) ) Tj ET Q q 0 0 0 rg BT 160.44 171.70 Td (for ) Tj ET Q q 0 0 0 rg BT 177.34 171.70 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 233.56 171.70 Td (to ) Tj ET Q q 0 0 0 rg BT 245.79 171.70 Td (such ) Tj ET Q q 0 0 0 rg BT 270.69 171.70 Td (Person) Tj ET Q q 0 0 0 rg BT 306.69 171.70 Td (s ) Tj ET Q q 0 0 0 rg BT 314.26 171.70 Td (respective ) Tj ET Q q 0 0 0 rg BT 365.79 171.70 Td (Representatives ) Tj ET Q q 0 0 0 rg BT 444.67 171.70 Td (or ) Tj ET Q q 0 0 0 rg BT 457.56 171.70 Td (the ) Tj ET Q q 0 0 0 rg BT 475.12 171.70 Td (other ) Tj ET Q q 0 0 0 rg BT 502.68 171.70 Td (Persons ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 157.30 Td (that ) Tj ET Q q 0 0 0 rg BT 92.60 157.30 Td (are ) Tj ET Q q 0 0 0 rg BT 109.85 157.30 Td (delivering ) Tj ET Q q 0 0 0 rg BT 161.11 157.30 Td (Equity ) Tj ET Q q 0 0 0 rg BT 195.71 157.30 Td (Commitment ) Tj ET Q q 0 0 0 rg BT 261.65 157.30 Td (Letters ) Tj ET Q q 0 0 0 rg BT 297.58 157.30 Td (and/or ) Tj ET Q q 0 0 0 rg BT 330.84 157.30 Td (Limited ) Tj ET Q q 0 0 0 rg BT 371.44 157.30 Td (Guarantees ) Tj ET Q q 0 0 0 rg BT 428.01 157.30 Td (as ) Tj ET Q q 0 0 0 rg BT 440.62 157.30 Td (of ) Tj ET Q q 0 0 0 rg BT 453.22 157.30 Td (the ) Tj ET Q q 0 0 0 rg BT 470.48 157.30 Td (date ) Tj ET Q q 0 0 0 rg BT 493.08 157.30 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 529.33 157.30 Td (so ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 142.90 Td (long ) Tj ET Q q 0 0 0 rg BT 96.63 142.90 Td (as ) Tj ET Q q 0 0 0 rg BT 109.91 142.90 Td (such ) Tj ET Q q 0 0 0 rg BT 135.20 142.90 Td (Persons ) Tj ET Q q 0 0 0 rg BT 175.83 142.90 Td (agree ) Tj ET Q q 0 0 0 rg BT 205.09 142.90 Td (to ) Tj ET Q q 0 0 0 rg BT 217.72 142.90 Td (keep ) Tj ET Q q 0 0 0 rg BT 243.66 142.90 Td (such ) Tj ET Q q 0 0 0 rg BT 268.95 142.90 Td (information ) Tj ET Q q 0 0 0 rg BT 328.90 142.90 Td (confidential ) Tj ET Q q 0 0 0 rg BT 389.50 142.90 Td (on ) Tj ET Q q 0 0 0 rg BT 404.79 142.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 434.74 142.90 Td (substantially ) Tj ET Q q 0 0 0 rg BT 498.70 142.90 Td (identical ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 128.50 Td (to ) Tj ET Q q 0 0 0 rg BT 84.05 128.50 Td (the ) Tj ET Q q 0 0 0 rg BT 101.43 128.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 130.81 128.50 Td (contained ) Tj ET Q q 0 0 0 rg BT 180.17 128.50 Td (in ) Tj ET Q q 0 0 0 rg BT 192.22 128.50 Td (this ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 212.2763671875 126.900390625 m 262.98779296875 126.900390625 l s q 0 0 0 rg BT 212.28 128.50 Td (Section ) Tj ET Q q 0 0 0 rg BT 250.99 128.50 Td (20) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 262.99 128.50 Td (; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 269.0390625 126.900390625 m 311.6953125 126.900390625 l s q 0 0 0 rg BT 269.04 128.50 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 311.70 128.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 317.41259765625 126.900390625 m 349.82080078125 126.900390625 l s q 0 0 0 rg BT 317.41 128.50 Td (further) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 349.58 128.50 Td (, ) Tj ET Q q 0 0 0 rg BT 355.30 128.50 Td (that ) Tj ET Q q 0 0 0 rg BT 376.01 128.50 Td (the ) Tj ET Q q 0 0 0 rg BT 393.39 128.50 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 444.75 128.50 Td (and ) Tj ET Q q 0 0 0 rg BT 464.79 128.50 Td (the ) Tj ET Q q 0 0 0 rg BT 481.97 128.50 Td (V) Tj ET Q q 0 0 0 rg BT 489.31 128.50 Td (endor ) Tj ET Q q 0 0 0 rg BT 519.35 128.50 Td (may ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 114.10 Td (disclose ) Tj ET Q q 0 0 0 rg BT 112.36 114.10 Td (this ) Tj ET Q q 0 0 0 rg BT 131.40 114.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 171.09 114.10 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 222.09 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.13 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.49 114.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 280.51 114.10 Td (required ) Tj ET Q q 0 0 0 rg BT 322.19 114.10 Td (by ) Tj ET Q q 0 0 0 rg BT 335.89 114.10 Td (law ) Tj ET Q q 0 0 0 rg BT 354.92 114.10 Td (\(provided ) Tj ET Q q 0 0 0 rg BT 403.27 114.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 425.96 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.00 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.36 114.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 484.38 114.10 Td (practicable, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 99.70 Td (V) Tj ET Q q 0 0 0 rg BT 79.34 99.70 Td (endor ) Tj ET Q q 0 0 0 rg BT 109.24 99.70 Td (will ) Tj ET Q q 0 0 0 rg BT 130.49 99.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 169.73 99.70 Td (the ) Tj ET Q q 0 0 0 rg BT 186.97 99.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 238.20 99.70 Td (an ) Tj ET Q q 0 0 0 rg BT 252.11 99.70 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 310.69 99.70 Td (to ) Tj ET Q q 0 0 0 rg BT 322.61 99.70 Td (review ) Tj ET Q q 0 0 0 rg BT 357.84 99.70 Td (such ) Tj ET Q q 0 0 0 rg BT 382.42 99.70 Td (required ) Tj ET Q q 0 0 0 rg BT 424.98 99.70 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 476.21 99.70 Td (in ) Tj ET Q q 0 0 0 rg BT 488.13 99.70 Td (advance ) Tj ET Q q 0 0 0 rg BT 530.02 99.70 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 85.30 Td (such ) Tj ET Q q 0 0 0 rg BT 97.00 85.30 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 148.65 85.30 Td (being ) Tj ET Q q 0 0 0 rg BT 178.31 85.30 Td (made\).) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 300.20 59.20 Td (1) Tj ET Q q 0 0 0 rg BT 305.75 59.20 Td (1) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 711.70 Td (21.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.00 711.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 710.100390625 m 171.322265625 710.100390625 l s q 0 0 0 rg BT 126.00 711.70 Td (Headings) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 171.32 711.70 Td (. ) Tj ET Q q 0 0 0 rg BT 179.37 711.70 Td ( ) Tj ET Q q 0 0 0 rg BT 184.05 711.70 Td (The ) Tj ET Q q 0 0 0 rg BT 207.75 711.70 Td (headings ) Tj ET Q q 0 0 0 rg BT 255.46 711.70 Td (contained ) Tj ET Q q 0 0 0 rg BT 307.15 711.70 Td (in ) Tj ET Q q 0 0 0 rg BT 321.53 711.70 Td (this ) Tj ET Q q 0 0 0 rg BT 343.92 711.70 Td (Limited ) Tj ET Q q 0 0 0 rg BT 386.96 711.70 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 441.30 711.70 Td (are ) Tj ET Q q 0 0 0 rg BT 461.00 711.70 Td (for ) Tj ET Q q 0 0 0 rg BT 480.04 711.70 Td (convenience ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (purposes ) Tj ET Q q 0 0 0 rg BT 117.66 697.30 Td (only ) Tj ET Q q 0 0 0 rg BT 142.00 697.30 Td (and ) Tj ET Q q 0 0 0 rg BT 162.32 697.30 Td (will ) Tj ET Q q 0 0 0 rg BT 183.99 697.30 Td (not ) Tj ET Q q 0 0 0 rg BT 202.32 697.30 Td (in ) Tj ET Q q 0 0 0 rg BT 214.66 697.30 Td (any ) Tj ET Q q 0 0 0 rg BT 234.98 697.30 Td (way ) Tj ET Q q 0 0 0 rg BT 257.98 697.30 Td (af) Tj ET Q q 0 0 0 rg BT 267.08 697.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 288.06 697.30 Td (the ) Tj ET Q q 0 0 0 rg BT 305.72 697.30 Td (meaning ) Tj ET Q q 0 0 0 rg BT 350.04 697.30 Td (or ) Tj ET Q q 0 0 0 rg BT 363.04 697.30 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 430.68 697.30 Td (hereof.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 671.90 Td (22.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.00 671.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 126 670.300390625 m 336.9755859375 670.300390625 l s q 0 0 0 rg BT 126.00 671.90 Td (Relationship ) Tj ET Q q 0 0 0 rg BT 189.21 671.90 Td (of ) Tj ET Q q 0 0 0 rg BT 201.76 671.90 Td (the ) Tj ET Q q 0 0 0 rg BT 218.96 671.90 Td (Parties; ) Tj ET Q q 0 0 0 rg BT 257.51 671.90 Td (Several ) Tj ET Q q 0 0 0 rg BT 296.04 671.90 Td (Liability) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 336.59 671.90 Td (. ) Tj ET Q q 0 0 0 rg BT 342.13 671.90 Td ( ) Tj ET Q q 0 0 0 rg BT 344.68 671.90 Td (Each ) Tj ET Q q 0 0 0 rg BT 371.21 671.90 Td (party ) Tj ET Q q 0 0 0 rg BT 398.42 671.90 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 468.94 671.90 Td (and ) Tj ET Q q 0 0 0 rg BT 488.82 671.90 Td (agrees ) Tj ET Q q 0 0 0 rg BT 522.01 671.90 Td (that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 657.50 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 87.52 657.50 Td (this ) Tj ET Q q 0 0 0 rg BT 107.05 657.50 Td (Limited ) Tj ET Q q 0 0 0 rg BT 147.24 657.50 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 198.74 657.50 Td (is ) Tj ET Q q 0 0 0 rg BT 208.94 657.50 Td (not ) Tj ET Q q 0 0 0 rg BT 226.47 657.50 Td (intended ) Tj ET Q q 0 0 0 rg BT 269.99 657.50 Td (to, ) Tj ET Q q 0 0 0 rg BT 284.52 657.50 Td (and ) Tj ET Q q 0 0 0 rg BT 304.04 657.50 Td (does ) Tj ET Q q 0 0 0 rg BT 328.24 657.50 Td (not, ) Tj ET Q q 0 0 0 rg BT 348.77 657.50 Td (create ) Tj ET Q q 0 0 0 rg BT 379.60 657.50 Td (any ) Tj ET Q q 0 0 0 rg BT 399.12 657.50 Td (agency) Tj ET Q q 0 0 0 rg BT 432.32 657.50 Td (, ) Tj ET Q q 0 0 0 rg BT 437.52 657.50 Td (partnership, ) Tj ET Q q 0 0 0 rg BT 496.70 657.50 Td (fiduciary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 643.10 Td (or ) Tj ET Q q 0 0 0 rg BT 85.38 643.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 110.77 643.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 150.15 643.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 210.19 643.10 Td (between ) Tj ET Q q 0 0 0 rg BT 253.55 643.10 Td (or ) Tj ET Q q 0 0 0 rg BT 266.94 643.10 Td (among ) Tj ET Q q 0 0 0 rg BT 302.99 643.10 Td (any ) Tj ET Q q 0 0 0 rg BT 323.70 643.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.09 643.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.13 643.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 390.51 643.10 Td (hereto ) Tj ET Q q 0 0 0 rg BT 423.88 643.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.59 643.10 Td (neither ) Tj ET Q q 0 0 0 rg BT 481.30 643.10 Td (this ) Tj ET Q q 0 0 0 rg BT 502.02 643.10 Td (Limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 628.70 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 124.96 628.70 Td (nor ) Tj ET Q q 0 0 0 rg BT 144.61 628.70 Td (any ) Tj ET Q q 0 0 0 rg BT 165.60 628.70 Td (other ) Tj ET Q q 0 0 0 rg BT 193.91 628.70 Td (document ) Tj ET Q q 0 0 0 rg BT 244.89 628.70 Td (or ) Tj ET Q q 0 0 0 rg BT 258.54 628.70 Td (agreement ) Tj ET Q q 0 0 0 rg BT 312.17 628.70 Td (entered ) Tj ET Q q 0 0 0 rg BT 351.13 628.70 Td (into ) Tj ET Q q 0 0 0 rg BT 373.46 628.70 Td (by ) Tj ET Q q 0 0 0 rg BT 389.12 628.70 Td (any ) Tj ET Q q 0 0 0 rg BT 410.10 628.70 Td (party ) Tj ET Q q 0 0 0 rg BT 438.42 628.70 Td (hereto ) Tj ET Q q 0 0 0 rg BT 472.06 628.70 Td (relating ) Tj ET Q q 0 0 0 rg BT 512.36 628.70 Td (to ) Tj ET Q q 0 0 0 rg BT 525.36 628.70 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 614.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 107.74 614.30 Td (matter ) Tj ET Q q 0 0 0 rg BT 140.14 614.30 Td (hereof ) Tj ET Q q 0 0 0 rg BT 172.53 614.30 Td (shall ) Tj ET Q q 0 0 0 rg BT 196.95 614.30 Td (be ) Tj ET Q q 0 0 0 rg BT 210.02 614.30 Td (construed ) Tj ET Q q 0 0 0 rg BT 258.42 614.30 Td (to ) Tj ET Q q 0 0 0 rg BT 269.50 614.30 Td (suggest ) Tj ET Q q 0 0 0 rg BT 307.25 614.30 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 355.66 614.30 Td (and ) Tj ET Q q 0 0 0 rg BT 374.73 614.30 Td (\(b\)the ) Tj ET Q q 0 0 0 rg BT 408.13 614.30 Td (obligations ) Tj ET Q q 0 0 0 rg BT 463.21 614.30 Td (of ) Tj ET Q q 0 0 0 rg BT 474.96 614.30 Td (the ) Tj ET Q q 0 0 0 rg BT 491.37 614.30 Td (Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 599.90 Td (under ) Tj ET Q q 0 0 0 rg BT 102.68 599.90 Td (this ) Tj ET Q q 0 0 0 rg BT 123.38 599.90 Td (Limited ) Tj ET Q q 0 0 0 rg BT 164.73 599.90 Td (Guarantee ) Tj ET Q q 0 0 0 rg BT 217.39 599.90 Td (are ) Tj ET Q q 0 0 0 rg BT 235.40 599.90 Td (solely ) Tj ET Q q 0 0 0 rg BT 267.42 599.90 Td (contractual ) Tj ET Q q 0 0 0 rg BT 324.08 599.90 Td (in ) Tj ET Q q 0 0 0 rg BT 336.77 599.90 Td (nature. ) Tj ET Q q 0 0 0 rg BT 373.11 599.90 Td ( ) Tj ET Q q 0 0 0 rg BT 376.23 599.90 Td (The ) Tj ET Q q 0 0 0 rg BT 398.00 599.90 Td (V) Tj ET Q q 0 0 0 rg BT 405.34 599.90 Td (endor ) Tj ET Q q 0 0 0 rg BT 436.02 599.90 Td (hereby ) Tj ET Q q 0 0 0 rg BT 472.03 599.90 Td (acknowledges ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 585.50 Td (that ) Tj ET Q q 0 0 0 rg BT 95.86 585.50 Td (it ) Tj ET Q q 0 0 0 rg BT 108.40 585.50 Td (has ) Tj ET Q q 0 0 0 rg BT 130.26 585.50 Td (received ) Tj ET Q q 0 0 0 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.64 414.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 12.00 Tf ET q 0 0 0 rg BT 288.00 375.70 Td (By: ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 308.337890625 374.100390625 m 400.34765625 374.100390625 l s q 0 0 0 rg BT 308.34 375.70 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 322.46 375.70 Td (T) Tj ET Q q 0 0 0 rg BT 329.37 375.70 Td (im L. Lukenda) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 400.35 375.70 Td (_____________________ ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 288.00 361.30 Td (Name: ) Tj ET Q q 0 0 0 rg BT 322.77 361.30 Td (T) Tj ET Q q 0 0 0 rg BT 329.68 361.30 Td (im L. Lukenda ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 288.00 346.90 Td (T) Tj ET Q q 0 0 0 rg BT 294.91 346.90 Td (itle: Chief Executive Of) Tj ET Q q 0 0 0 rg BT 409.65 346.90 Td (ficer and President) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 464.85 687.90 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 515.98 687.90 Td ( 10.6) Tj ET Q BT /F2 12.00 Tf ET 0 0 0 RG /GS0 gs 1.14 w 0 i [] 0 d 1 J 1 j 3 M 202.5 653.6220703125 m 409.5498046875 653.6220703125 l s q 0 0 0 rg BT 202.50 655.50 Td (INTERIM INVEST) Tj ET Q q 0 0 0 rg BT 303.97 655.50 Td (ORS ) Tj ET Q q 0 0 0 rg BT 330.98 655.50 Td (AGREEMENT) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 623.10 Td (This Interim Investors ) Tj ET Q q 0 0 0 rg BT 216.98 623.10 Td (Agreement \(this ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 302.953125 621.500390625 m 356.26171875 621.500390625 l s q 0 0 0 rg BT 302.95 623.10 Td (Agreement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 356.26 623.10 Td (\) is made as of November 7, 2014 by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 608.70 Td (and among FC Domino ) Tj ET Q q 0 0 0 rg BT 187.34 608.70 Td (Acquisition, LLC, a Delaware limited liability company \() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 468.92578125 607.100390625 m 498.251953125 607.100390625 l s q 0 0 0 rg BT 468.93 608.70 Td (Buyer) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 498.25 608.70 Td (\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 594.30 Td (Safanad Management Limited, a Cayman Islands exempted company \() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 417.55078125 592.700390625 m 456.19921875 592.700390625 l s q 0 0 0 rg BT 417.55 594.30 Td (Safanad) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 456.20 594.30 Td (\), NorthStar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 579.90 Td (Healthcare Income Operating Partnership, LP) Tj ET Q q 0 0 0 rg BT 290.26 579.90 Td (, a Delaware limited partnership \() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 456.849609375 578.300390625 m 504.17578125 578.300390625 l s q 0 0 0 rg BT 456.85 579.90 Td (NorthStar) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 504.18 579.90 Td ( and, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 565.50 Td (together with Safanad, ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 188.625 563.900390625 m 284.26171875 563.900390625 l s q 0 0 0 rg BT 188.63 565.50 Td (Guarantor Investors) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 284.26 565.50 Td (\) and Formation Capital LLC, a Delaware limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 551.10 Td (liability company \() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 168.638671875 549.500390625 m 183.31640625 549.500390625 l s q 0 0 0 rg BT 168.64 551.10 Td (FC) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 183.32 551.10 Td ( and, together with the Guarantor Investors, the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 423.90234375 549.500390625 m 467.89453125 549.500390625 l s q 0 0 0 rg BT 423.90 551.10 Td (Investors) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 467.89 551.10 Td (\).) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 275.75 524.70 Td (RECIT) Tj ET Q q 0 0 0 rg BT 312.87 524.70 Td (ALS) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 498.30 Td (1. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 498.30 Td (On the date hereof, Buyer and Extendicare International Inc. \() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 446.859375 496.700390625 m 474.849609375 496.700390625 l s q 0 0 0 rg BT 446.86 498.30 Td (Seller) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 474.85 498.30 Td (\) have ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 483.90 Td (executed and delivered a Share Purchase ) Tj ET Q q 0 0 0 rg BT 269.91 483.90 Td (Agreement \(as the same may be amended, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 469.50 Td (supplemented or otherwise modified from time to time in accordance with the terms hereof, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 77.326171875 453.500390625 m 176.291015625 453.500390625 l s q 0 0 0 rg BT 77.33 455.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 122.98 455.10 Td (Agreement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 176.29 455.10 Td (\) pursuant to which Buyer has agreed to purchase from Seller all of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 440.70 Td (Seller) Tj ET Q q 0 0 0 rg BT 100.44 440.70 Td () Tj ET Q q 0 0 0 rg BT 103.77 440.70 Td (s right, title and interest in and to all of the outstanding capital stock of Extendicare ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 426.30 Td (Holdings Inc. \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 167.30859375 424.700390625 m 213.97265625 424.700390625 l s q 0 0 0 rg BT 167.31 426.30 Td (Company) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 213.97 426.30 Td (\) \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 253.27734375 424.700390625 m 309.275390625 424.700390625 l s q 0 0 0 rg BT 253.28 426.30 Td (Acquisition) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 309.28 426.30 Td (\) on the terms and subject to the conditions set ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 411.90 Td (forth therein.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 385.50 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 385.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 385.50 Td (Each of the Guarantor Investors has, on the date hereof, executed a letter ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td (agreement in favor of Buyer in which each such Investor has agreed, subject to the terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.70 Td (conditions set forth therein, to contribute or cause to be contributed a cash equity investment in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.30 Td (Buyer) Tj ET Q q 0 0 0 rg BT 100.85 342.30 Td (, directly or indirectly through one or more new entities formed by FC \(the entity in which ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.90 Td (FC and NorthStar shall hold direct interests, the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 309.62109375 326.300390625 m 403.271484375 326.300390625 l s q 0 0 0 rg BT 309.62 327.90 Td (Formation Member) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 403.27 327.90 Td (, the entity in which ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 313.50 Td (Formation Member and Safanad shall hold direct interests \(and which shall be the direct parent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 299.10 Td (of Buyer\), the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 147.3046875 297.500390625 m 210.744140625 297.500390625 l s q 0 0 0 rg BT 147.30 299.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 173.43 299.10 Td (V) Tj ET Q q 0 0 0 rg BT 180.76 299.10 Td (enture) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 210.74 299.10 Td ( and, together with Buyer and the Formation Member) Tj ET Q q 0 0 0 rg BT 472.53 299.10 Td (, the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 501.515625 297.500390625 m 533.841796875 297.500390625 l s q 0 0 0 rg BT 501.52 299.10 Td (Buyer ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 283.10039062500005 m 102.662109375 283.10039062500005 l s q 0 0 0 rg BT 72.00 284.70 Td (Group) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 102.66 284.70 Td (\), and FC has executed a letter agreement with NorthStar to make a portion of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 270.30 Td (contributions required by NorthStar) Tj ET Q q 0 0 0 rg BT 243.15 270.30 Td (, in each case, at the Closing \(as hereinafter defined\) \(as the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 255.90 Td (same may be amended, supplemented or otherwise modified from time to time in accordance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 241.50 Td (with the terms thereof, each, an ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 231.263671875 239.900390625 m 361.2421875 239.900390625 l s q 0 0 0 rg BT 231.26 241.50 Td (Equity Commitment Letter) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 361.24 241.50 Td (\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 215.10 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 215.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 215.10 Td (On the date hereof, \(a\) each of the Guarantor Investors has executed a limited ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 200.70 Td (guarantee in favor of Seller in which each such Investor has agreed, subject to the terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 186.30 Td (conditions set forth therein, to guarantee certain obligations of Buyer \(as the same may be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 171.90 Td (amended, supplemented or otherwise modified from time to time in accordance with the terms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 157.50 Td (thereof, each, a ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 153.609375 155.900390625 m 202.91015625 155.900390625 l s q 0 0 0 rg BT 153.61 157.50 Td (Guarantee) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 202.91 157.50 Td (\), and \(b\) FC has entered into an Escrow ) Tj ET Q q 0 0 0 rg BT 404.85 157.50 Td (Agreement with NorthStar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 143.10 Td (and Madison ) Tj ET Q q 0 0 0 rg BT 137.11 143.10 Td (T) Tj ET Q q 0 0 0 rg BT 144.02 143.10 Td (itle ) Tj ET Q q 0 0 0 rg BT 161.68 143.10 Td (Agency) Tj ET Q q 0 0 0 rg BT 198.22 143.10 Td (, LLC, as Escrow ) Tj ET Q q 0 0 0 rg BT 284.21 143.10 Td (Agent, pursuant to which FC has deposited certain ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 128.70 Td (funds into an account to secure a portion of the payment obligations incurred by NorthStar with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 114.30 Td (respect to the Deposit \(as defined in the Purchase ) Tj ET Q q 0 0 0 rg BT 310.93 114.30 Td (Agreement\) or under such Guarantee.) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (2) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 687.70 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 687.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 687.70 Td (Each of the Guarantor Investors has, on the date hereof, deposited fifty percent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 673.30 Td (\(50%\) of the Deposit in an interest-bearing escrow account pursuant to the terms of the Deposit ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 658.90 Td (Escrow ) Tj ET Q q 0 0 0 rg BT 110.33 658.90 Td (Agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 632.50 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 632.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 632.50 Td (The Investors wish to agree to certain terms and conditions that will govern the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 618.10 Td (actions of the Buyer Group and the relationship among the Investors with respect to the Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 603.70 Td (Agreement, the Equity Commitment Letters, the Guarantees and the Deposit, and the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 589.30 Td (transactions contemplated by each.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 266.75 562.90 Td (AGREEMENT) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 536.50 Td (Therefore, the parties hereto hereby agree as follows:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 507.70 Td (1. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 507.70 Td (EFFECTIVENESS; DEFINITIONS.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 481.30 Td (1.1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 481.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 479.700390625 m 208.41796875 479.700390625 l s q 0 0 0 rg BT 144.00 481.30 Td (Ef) Tj ET Q q 0 0 0 rg BT 155.11 481.30 Td (fectiveness) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 208.42 481.30 Td (. ) Tj ET Q q 0 0 0 rg BT 217.20 481.30 Td (This ) Tj ET Q q 0 0 0 rg BT 240.87 481.30 Td (Agreement shall become ef) Tj ET Q q 0 0 0 rg BT 372.26 481.30 Td (fective on the date hereof and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (shall terminate \(except with respect to Sections1.1, 1.2, 2.5, 2.6, 2.8, 2.10, 2.1) Tj ET Q q 0 0 0 rg BT 448.15 466.90 Td (1 and 4\) upon the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (earliest of \(i\) the closing of the ) Tj ET Q q 0 0 0 rg BT 222.29 452.50 Td (Acquisition \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 308.267578125 450.900390625 m 345.609375 450.900390625 l s q 0 0 0 rg BT 308.27 452.50 Td (Closing) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 345.61 452.50 Td (\) and \(ii\) the termination of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 117.66 438.10 Td (Agreement in accordance with its terms; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 314.91796875 436.500390625 m 357.57421875 436.500390625 l s q 0 0 0 rg BT 314.92 438.10 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 357.57 438.10 Td ( that any liability for failure to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (comply with the terms of this ) Tj ET Q q 0 0 0 rg BT 215.32 423.70 Td (Agreement shall survive such termination. Sections 2.1, 2.2, 2.3, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (2.4, 2.7, 2.8 and 2.10 shall terminate immediately following the Closing.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 382.90 Td (1.2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 382.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 381.300390625 m 197.994140625 381.300390625 l s q 0 0 0 rg BT 144.00 382.90 Td (Definitions) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 197.99 382.90 Td (. Certain terms are used in this ) Tj ET Q q 0 0 0 rg BT 349.63 382.90 Td (Agreement as specifically defined ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 368.50 Td (herein. Certain of those definitions are set forth in Section 3 hereof. Capitalized terms used ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 354.10 Td (herein but not defined shall have the meanings given to them in the Purchase ) Tj ET Q q 0 0 0 rg BT 443.24 354.10 Td (Agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.70 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 327.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 327.70 Td (AGREEMENTS ) Tj ET Q q 0 0 0 rg BT 195.69 327.70 Td (AMONG ) Tj ET Q q 0 0 0 rg BT 245.79 327.70 Td (THE INVEST) Tj ET Q q 0 0 0 rg BT 318.60 327.70 Td (ORS.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 301.30 Td (2.1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 301.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 299.700390625 m 430.587890625 299.700390625 l s q 0 0 0 rg BT 144.00 301.30 Td (Actions of the Buyer Group Under the Purchase ) Tj ET Q q 0 0 0 rg BT 377.28 301.30 Td (Agreement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 430.59 301.30 Td (. ) Tj ET Q q 0 0 0 rg BT 439.37 301.30 Td (The Investors may ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 286.90 Td (cause Buyer to take any action or refrain from taking any action in order for Buyer to comply ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 272.50 Td (with its obligations, satisfy its closing conditions or exercise its rights under the Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 258.10 Td (Agreement, including, without limitation, consummating the ) Tj ET Q q 0 0 0 rg BT 365.63 258.10 Td (Acquisition if the conditions to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 243.70 Td (closing specified in Sections 6.1 and 6.2 of the Purchase ) Tj ET Q q 0 0 0 rg BT 344.61 243.70 Td (Agreement \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 427.904296875 242.10039062500005 m 520.921875 242.10039062500005 l s q 0 0 0 rg BT 427.90 243.70 Td (Closing Conditions) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 520.92 243.70 Td (\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 229.30 Td (have been satisfied, waiving compliance with any covenants, agreements and Closing Conditions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 214.90 Td (contained in the Purchase ) Tj ET Q q 0 0 0 rg BT 197.30 214.90 Td (Agreement, and amending or modifying the Purchase ) Tj ET Q q 0 0 0 rg BT 456.56 214.90 Td (Agreement. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 200.50 Td (Buyer shall not, and the Investors shall not permit Buyer to waive compliance with any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 186.10 Td (covenants, agreements and Closing Conditions contained in the Purchase ) Tj ET Q q 0 0 0 rg BT 425.26 186.10 Td (Agreement, amend or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 171.70 Td (modify the Purchase ) Tj ET Q q 0 0 0 rg BT 172.98 171.70 Td (Agreement, terminate the Purchase ) Tj ET Q q 0 0 0 rg BT 343.92 171.70 Td (Agreement, close the ) Tj ET Q q 0 0 0 rg BT 447.88 171.70 Td (Acquisition unless ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 157.30 Td (all Closing Conditions have been satisfied or waived by agreement of the Investors, or take any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 142.90 Td (other action with respect to the Purchase ) Tj ET Q q 0 0 0 rg BT 268.94 142.90 Td (Agreement, unless such action has been approved by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 128.50 Td (each of the Investors.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 102.10 Td (2.2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 102.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 100.50039062500002 m 218.3203125 100.50039062500002 l s q 0 0 0 rg BT 144.00 102.10 Td (Debt Financing) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 218.32 102.10 Td (. Safanad and FC shall use their respective reasonable best ef) Tj ET Q q 0 0 0 rg BT 514.00 102.10 Td (forts ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 87.70 Td (to cause Buyer and/or any direct or indirect subsidiary of Buyer on the Closing Date to negotiate, ) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (3) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 687.70 Td (enter into and borrow under definitive agreements relating to debt financing to be provided at the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 673.30 Td (Closing to Buyer or the Company on the terms set forth in the debt commitment letters attached ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 658.90 Td (as ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 84.99609375 657.300390625 m 131.0009765625 657.300390625 l s q 0 0 0 rg BT 85.00 658.90 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 122.67 658.90 Td (A) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 130.67 658.90 Td ( hereto \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 193.634765625 657.300390625 m 319.611328125 657.300390625 l s q 0 0 0 rg BT 193.63 658.90 Td (Debt Commitment Letters) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 319.61 658.90 Td (\) and/or such additional or modified terms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 644.50 Td (as the Investors may approve. ) Tj ET Q q 0 0 0 rg BT 220.74 644.50 Td (W) Tj ET Q q 0 0 0 rg BT 231.59 644.50 Td (ithout limiting the foregoing, Safanad and FC shall use their ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 630.10 Td (respective commercially reasonable ef) Tj ET Q q 0 0 0 rg BT 256.02 630.10 Td (forts to obtain alternate debt financing to replace the First ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 615.70 Td (Senior Loan and Second Senior Facility \(as defined in the Debt Commitment Letters\) on terms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 601.30 Td (and conditions more favorable to Buyer than as set forth in the Debt Commitment Letters and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 586.90 Td (such additional or modified terms as NorthStar may approve.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 560.50 Td (2.3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 560.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 558.900390625 m 272.7421875 558.900390625 l s q 0 0 0 rg BT 144.00 560.50 Td (Or) Tj ET Q q 0 0 0 rg BT 156.45 560.50 Td (ganizational Documents) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 272.74 560.50 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 534.10 Td (2.3.1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 534.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 534.10 Td (Each Investor agrees to negotiate in good faith with the other Investors to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 519.70 Td (enter into, prior to or concurrently with the Closing, an amended and restated operating ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 505.30 Td (agreement of Joint ) Tj ET Q q 0 0 0 rg BT 209.09 505.30 Td (V) Tj ET Q q 0 0 0 rg BT 216.42 505.30 Td (enture, which shall contain terms in accordance with the Summary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 490.90 Td (of ) Tj ET Q q 0 0 0 rg BT 129.78 490.90 Td (T) Tj ET Q q 0 0 0 rg BT 136.27 490.90 Td (erms and Conditions attached hereto as ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 327.55078125 489.300390625 m 373.88671875 489.300390625 l s q 0 0 0 rg BT 327.55 490.90 Td (Exhibit B) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 373.89 490.90 Td ( \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 403.869140625 489.300390625 m 493.458984375 489.300390625 l s q 0 0 0 rg BT 403.87 490.90 Td (Equity ) Tj ET Q q 0 0 0 rg BT 438.65 490.90 Td (T) Tj ET Q q 0 0 0 rg BT 445.14 490.90 Td (erm Sheet) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 493.46 490.90 Td (\) and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 476.50 Td (such other terms customary for transactions of this type to which the Investors may ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 462.10 Td (agree.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 435.70 Td (2.3.2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 435.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 435.70 Td (NorthStar and FC agree to negotiate in good faith with one another to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 421.30 Td (enter into, concurrently with the Closing, an amended and restated operating agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 406.90 Td (of Formation Member) Tj ET Q q 0 0 0 rg BT 223.17 406.90 Td (, which shall contain terms in accordance with the Equity ) Tj ET Q q 0 0 0 rg BT 501.20 406.90 Td (T) Tj ET Q q 0 0 0 rg BT 507.69 406.90 Td (erm ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 392.50 Td (Sheet and such other terms customary for transactions of this type to which NorthStar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 378.10 Td (and FC may agree.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 351.70 Td (2.3.3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 351.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 351.70 Td (Each Investor agrees to negotiate in good faith with the other Investors the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 337.30 Td (terms of an amended and restated operating agreement of Buyer) Tj ET Q q 0 0 0 rg BT 424.06 337.30 Td (, to be entered into ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 322.90 Td (immediately prior to such time as Buyer commences operations as a real estate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 308.50 Td (investment trust \(a "REIT"\) under the Internal Revenue Code of 1986, as amended \(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 294.10 Td ("Code"\), such terms to include, among other things, provisions that will enable Buyer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 279.70 Td (to operate in compliance with the or) Tj ET Q q 0 0 0 rg BT 290.06 279.70 Td (ganizational and operational requirements to which ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 265.30 Td (REIT) Tj ET Q q 0 0 0 rg BT 142.82 265.30 Td (s are subject under the Code \(the "REIT) Tj ET Q q 0 0 0 rg BT 334.44 265.30 Td ( Requirements"\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 238.90 Td (2.4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 238.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 237.30039062499998 m 247.001953125 237.30039062499998 l s q 0 0 0 rg BT 144.00 238.90 Td (Equity Commitments) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 247.00 238.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 212.50 Td (2.4.1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 212.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 212.50 Td (Each Investor hereby af) Tj ET Q q 0 0 0 rg BT 294.06 212.50 Td (firms and agrees that it is bound by the provisions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 198.10 Td (set forth in its Equity Commitment Letter and that Buyer \(or NorthStar in the case of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 183.70 Td (FC's Equity Commitment Letter\) shall be entitled to enforce the provisions of each ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 169.30 Td (Equity Commitment Letter in accordance with this ) Tj ET Q q 0 0 0 rg BT 355.28 169.30 Td (Agreement and the terms of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 154.90 Td (Equity Commitment Letter upon the direction of \(a\) the Seller if the Seller is permitted to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 140.50 Td (cause Buyer to enforce the provisions of the Equity Commitment Letter under the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 126.10 Td (specific circumstances and as specifically set forth therein and in Section 10.7\(b\) of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 111.70 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 154.66 111.70 Td (Agreement and does in fact so cause Buyer to enforce such provisions, in which ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 97.30 Td (case, for the avoidance of doubt, NorthStar shall be entitled to enforce the provisions of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 82.90 Td (FC) Tj ET Q q 0 0 0 rg BT 127.01 82.90 Td (s Equity Commitment Letter) Tj ET Q q 0 0 0 rg BT 264.18 82.90 Td (, or \(b\) if \(i\) the Investor\(s\) seeking to enforce the Equity ) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (4) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 687.70 Td (Commitment Letter have determined that all Closing Conditions have been satisfied and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 673.30 Td (\(ii\) Buyer or the Company has received \(simultaneously with the Closing\) the proceeds ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 658.90 Td (of the Debt Financing. None of the Investors or Buyer shall attempt to enforce any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 644.50 Td (Equity Commitment Letter until the conditions set forth in this Section 2.4.1 have been ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 630.10 Td (satisfied.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 603.70 Td (2.4.2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 603.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 603.70 Td (Each Investor agrees to vote, if applicable, its direct and indirect equity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 589.30 Td (interests in the Buyer Group to cause the Buyer Group to create such series and classes of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 574.90 Td (equity interests and to issue and sell or exchange \(as the case may be\) such series and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 560.50 Td (classes of equity interests to the Investors in accordance with the Investors) Tj ET Q q 0 0 0 rg BT 469.67 560.50 Td ( respective ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 546.10 Td (Equity Commitment Letters and this ) Tj ET Q q 0 0 0 rg BT 286.65 546.10 Td (Agreement \(including the Equity ) Tj ET Q q 0 0 0 rg BT 447.72 546.10 Td (T) Tj ET Q q 0 0 0 rg BT 454.22 546.10 Td (erm Sheet\); ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 109 530.100390625 m 151.65625 530.100390625 l s q 0 0 0 rg BT 109.00 531.70 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 151.66 531.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 154.65625 530.100390625 m 172.650390625 530.100390625 l s q 0 0 0 rg BT 154.66 531.70 Td (that) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 172.65 531.70 Td ( each Investor shall purchase the same series and class of equity interests at ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 517.30 Td (the same price per share or unit \(as the case may be\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 490.90 Td (2.4.3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 490.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 490.90 Td (All equity securities issued by the Buyer Group at the Closing shall be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 476.50 Td (issued to the Investors and their respective Permitted ) Tj ET Q q 0 0 0 rg BT 365.38 476.50 Td (T) Tj ET Q q 0 0 0 rg BT 372.29 476.50 Td (ransferees pro rata in accordance ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 462.10 Td (with each Investor) Tj ET Q q 0 0 0 rg BT 198.08 462.10 Td () Tj ET Q q 0 0 0 rg BT 201.41 462.10 Td (s Commitments, other than certain equity securities of Formation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 447.70 Td (Member to be issued to the Special Members \(as defined in the Equity ) Tj ET Q q 0 0 0 rg BT 449.70 447.70 Td (T) Tj ET Q q 0 0 0 rg BT 456.19 447.70 Td (erm Sheet\) as set ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 433.30 Td (forth in the Equity ) Tj ET Q q 0 0 0 rg BT 200.10 433.30 Td (T) Tj ET Q q 0 0 0 rg BT 206.59 433.30 Td (erm Sheet.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 406.90 Td (2.4.4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 406.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 406.90 Td (Prior to the Closing, no Investor shall, directly or indirectly) Tj ET Q q 0 0 0 rg BT 464.17 406.90 Td (, transfer any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 392.50 Td (equity interests it holds in the Buyer Group other than to its Permitted ) Tj ET Q q 0 0 0 rg BT 447.07 392.50 Td (T) Tj ET Q q 0 0 0 rg BT 453.98 392.50 Td (ransferees, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 378.10 Td (provided that \(i\) such Permitted ) Tj ET Q q 0 0 0 rg BT 264.41 378.10 Td (T) Tj ET Q q 0 0 0 rg BT 271.32 378.10 Td (ransferee executes and delivers to each other Investor a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 363.70 Td (joinder to this ) Tj ET Q q 0 0 0 rg BT 178.00 363.70 Td (Agreement agreeing to be bound by this ) Tj ET Q q 0 0 0 rg BT 372.95 363.70 Td (Agreement as a party hereto and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 349.30 Td (\(ii\) no such transfer to a Permitted ) Tj ET Q q 0 0 0 rg BT 276.40 349.30 Td (T) Tj ET Q q 0 0 0 rg BT 283.31 349.30 Td (ransferee shall relieve any Investor of its obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 334.90 Td (hereunder) Tj ET Q q 0 0 0 rg BT 156.31 334.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 308.50 Td (2.5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 308.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 306.900390625 m 278.66015625 306.900390625 l s q 0 0 0 rg BT 144.00 308.50 Td (Expense Sharing Provisions) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 278.66 308.50 Td (. In the event the ) Tj ET Q q 0 0 0 rg BT 364.30 308.50 Td (Acquisition is consummated, Buyer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (and/or the Company will bear all out-of-pocket expenses of the Investors. In the event of a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (termination of the Purchase ) Tj ET Q q 0 0 0 rg BT 206.63 279.70 Td (Agreement, out-of-pocket expenses incurred by the Investors, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td (including, without limitation, the reasonable fees, expenses and disbursements of lawyers, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (accountants, consultants and other advisors retained by the Investors shall be allocated and paid ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (by the Investors as follows: \(i\) NorthStar shall be responsible for its own fees and expenses ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (other than Debt Commitment Expenses \(as defined below\), \(ii\) Safanad and FC shall each be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (responsible for 50% their combined fees and expenses \(excluding for the purposes of this clause ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (\(ii\) all such fees and expenses of NorthStar incurred in connection with the Debt Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (Letters and the financing contemplated thereunder) Tj ET Q q 0 0 0 rg BT 313.08 178.90 Td (, including fees and expenses related to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (negotiation and due diligence \() Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 225.943359375 162.900390625 m 363.92578125 162.900390625 l s q 0 0 0 rg BT 225.94 164.50 Td (Debt Commitment Expenses) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 363.93 164.50 Td (\)\), and \(iii\) NorthStar shall be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (responsible for 40% of the Debt Commitment Expenses, Safanad shall be responsible for 50% of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (the Debt Commitment Expenses and FC shall be responsible for 10% of the Debt Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (Expenses. ) Tj ET Q q 0 0 0 rg BT 123.11 121.30 Td (The obligations under this Section 2.5 shall exist whether or not the ) Tj ET Q q 0 0 0 rg BT 450.05 121.30 Td (Acquisition is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (consummated and shall survive any termination of the other terms of this ) Tj ET Q q 0 0 0 rg BT 425.26 106.90 Td (Agreement, unless all ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 92.50 Td (such fees and expenses have been paid by the Buyer or the Company) Tj ET Q q 0 0 0 rg BT 402.45 92.50 Td (.) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (5) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 687.70 Td (2.6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 687.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 686.100390625 m 295.4296875 686.100390625 l s q 0 0 0 rg BT 144.00 687.70 Td (Representations and ) Tj ET Q q 0 0 0 rg BT 243.76 687.70 Td (W) Tj ET Q q 0 0 0 rg BT 254.12 687.70 Td (arranties) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 295.43 687.70 Td (. Each Investor hereby represents and warrants to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 673.30 Td (the other Investors that it has not entered into any agreement, arrangement or understanding with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 658.90 Td (any other potential investor or group of investors, Seller or the Company with respect to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 644.50 Td (subject matter of this ) Tj ET Q q 0 0 0 rg BT 175.31 644.50 Td (Agreement and the Purchase ) Tj ET Q q 0 0 0 rg BT 315.26 644.50 Td (Agreement, other than the agreements ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 630.10 Td (expressly contemplated by this ) Tj ET Q q 0 0 0 rg BT 222.64 630.10 Td (Agreement, the Purchase ) Tj ET Q q 0 0 0 rg BT 345.26 630.10 Td (Agreement and the Debt Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 615.70 Td (Letters. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 589.30 Td (2.7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 589.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 587.700390625 m 236.9765625 587.700390625 l s q 0 0 0 rg BT 144.00 589.30 Td (Regulatory Matters) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 236.98 589.30 Td (. Each Investor will use commercially reasonable ef) Tj ET Q q 0 0 0 rg BT 488.33 589.30 Td (forts to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 574.90 Td (supply and provide information that is complete and accurate in all material respects to any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 560.50 Td (Governmental Entity or ) Tj ET Q q 0 0 0 rg BT 188.75 560.50 Td (Third Party requesting such information in connection with any consent, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 546.10 Td (approval, waiver or other authorization \(including the Required ) Tj ET Q q 0 0 0 rg BT 378.90 546.10 Td (Approvals\) from such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 531.70 Td (Governmental Entity or ) Tj ET Q q 0 0 0 rg BT 188.75 531.70 Td (Third Party required to consummate the ) Tj ET Q q 0 0 0 rg BT 382.71 531.70 Td (Acquisition. Notwithstanding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 517.30 Td (anything to the contrary in this ) Tj ET Q q 0 0 0 rg BT 221.98 517.30 Td (Agreement, no Investor shall, whether prior to or following the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 502.90 Td (Closing, be required to, or to cause any ) Tj ET Q q 0 0 0 rg BT 262.62 502.90 Td (Af) Tj ET Q q 0 0 0 rg BT 275.07 502.90 Td (filiate of any Investor or any director) Tj ET Q q 0 0 0 rg BT 451.85 502.90 Td (, of) Tj ET Q q 0 0 0 rg BT 467.63 502.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 489.13 502.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 488.50 Td (employee, general partner) Tj ET Q q 0 0 0 rg BT 196.45 488.50 Td (, limited partner) Tj ET Q q 0 0 0 rg BT 272.95 488.50 Td (, member) Tj ET Q q 0 0 0 rg BT 317.78 488.50 Td (, stockholder or manager of any of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 474.10 Td (foregoing to take any action, undertake any divestiture or restrict its conduct other than to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 459.70 Td (provide responsive information required to make any submission or application to a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.30 Td (Governmental ) Tj ET Q q 0 0 0 rg BT 142.98 445.30 Td (Authority and to otherwise cooperate in connection with any such submission or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 430.90 Td (application as is necessary and customary under the circumstances.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 404.50 Td (2.8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 404.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 402.900390625 m 424.5703125 402.900390625 l s q 0 0 0 rg BT 144.00 404.50 Td (Amendment and Contribution ) Tj ET Q q 0 0 0 rg BT 290.77 404.50 Td (W) Tj ET Q q 0 0 0 rg BT 301.61 404.50 Td (ith Respect to Guarantees) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 424.57 404.50 Td (. ) Tj ET Q q 0 0 0 rg BT 433.35 404.50 Td (The Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 390.10 Td (Investors shall cooperate in defending any claim that the Guarantor Investors are, or either of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 375.70 Td (them is, liable to make payments under the Guarantees. Subject to Section 2.10, each of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 361.30 Td (Guarantor Investors agrees to contribute to the amount paid or payable by such other Guarantor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 346.90 Td (Investor in respect of the Guarantees so that each Guarantor Investor will have paid 50% of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 332.50 Td (aggregate amount paid under all of the Guarantees. Each of the Guarantor Investors shall not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 318.10 Td (amend, supplement or otherwise modify the Guarantee to which it is a party without the consent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 303.70 Td (of the other Guarantor Investor) Tj ET Q q 0 0 0 rg BT 220.62 303.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 277.30 Td (2.9.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 277.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 275.70039062499995 m 229.32421875 275.70039062499995 l s q 0 0 0 rg BT 144.00 277.30 Td (Notice of Closing) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 229.32 277.30 Td (. ) Tj ET Q q 0 0 0 rg BT 238.11 277.30 Td (T) Tj ET Q q 0 0 0 rg BT 244.60 277.30 Td (o the extent reasonably practical, Buyer will use its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 262.90 Td (reasonable best ef) Tj ET Q q 0 0 0 rg BT 157.74 262.90 Td (forts to provide each Investor with at least 10 business days prior notice of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 248.50 Td (anticipated Closing Date under the Purchase ) Tj ET Q q 0 0 0 rg BT 287.27 248.50 Td (Agreement; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 346.916015625 246.900390625 m 389.572265625 246.900390625 l s q 0 0 0 rg BT 346.92 248.50 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 389.57 248.50 Td ( that the failure to provide such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 234.10 Td (notice will not relieve an Investor of its obligations under this ) Tj ET Q q 0 0 0 rg BT 370.28 234.10 Td (Agreement, including Section 2.4, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 219.70 Td (or its Equity Commitment Letter) Tj ET Q q 0 0 0 rg BT 228.65 219.70 Td (. ) Tj ET Q q 0 0 0 rg BT 236.99 219.70 Td (Any notices or correspondence received by Buyer under) Tj ET Q q 0 0 0 rg BT 506.74 219.70 Td (, in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 205.30 Td (connection with, or related to the Purchase ) Tj ET Q q 0 0 0 rg BT 279.27 205.30 Td (Agreement shall be promptly provided to each ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 190.90 Td (Investor at the address set forth in the Equity Commitment Letters, or any other address ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 176.50 Td (designated by such Investor in writing to Buyer) Tj ET Q q 0 0 0 rg BT 299.63 176.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 150.10 Td (2.10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.00 150.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 148.50039062500002 m 220.640625 148.50039062500002 l s q 0 0 0 rg BT 144.00 150.10 Td (Indemnification) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 220.64 150.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 123.70 Td (2.10.1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 123.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 123.70 Td (In the event that \(i\) the Purchase ) Tj ET Q q 0 0 0 rg BT 338.28 123.70 Td (Agreement is terminated and the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 109.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 167.10 109.30 Td (T) Tj ET Q q 0 0 0 rg BT 173.59 109.30 Td (ermination Fee and/or other losses or damages are payable to Seller ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 94.90 Td (thereunder or any amount is payable under any Guarantees and \(ii\) a breach by Safanad ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 80.50 Td (or its Permitted ) Tj ET Q q 0 0 0 rg BT 193.78 80.50 Td (T) Tj ET Q q 0 0 0 rg BT 200.68 80.50 Td (ransferee\(s\) of its obligations under its Equity Commitment Letter or ) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (6) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 687.70 Td (this ) Tj ET Q q 0 0 0 rg BT 136.68 687.70 Td (Agreement has caused the termination giving rise to such obligation to pay the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 673.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 167.10 673.30 Td (T) Tj ET Q q 0 0 0 rg BT 173.59 673.30 Td (ermination Fee or other losses or damages, Safanad shall indemnify and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 658.90 Td (hold harmless each other Investor \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 308.9296875 657.300390625 m 456.216796875 657.300390625 l s q 0 0 0 rg BT 308.93 658.90 Td (Safanad Indemnified Investors) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 456.22 658.90 Td (\) from and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 644.50 Td (against all such losses or damages and any related reasonable out-of-pocket costs or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 630.10 Td (reasonable expenses \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 244.60546875 628.500390625 m 389.2265625 628.500390625 l s q 0 0 0 rg BT 244.61 630.10 Td (Safanad Indemnifiable Losses) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 389.23 630.10 Td (\), but Safanad Indemnifiable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 615.70 Td (Losses shall not include lost profits or punitive damages except to the extent recovered ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 601.30 Td (by the Seller or any third party from the Buyer pursuant to the Purchase ) Tj ET Q q 0 0 0 rg BT 463.58 601.30 Td (Agreement. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 586.90 Td (For purposes of this Section 2.10.1, Safanad or its Permitted ) Tj ET Q q 0 0 0 rg BT 409.08 586.90 Td (T) Tj ET Q q 0 0 0 rg BT 415.99 586.90 Td (ransferee\(s\) shall not be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 572.50 Td (deemed to be in breach of its obligations under this ) Tj ET Q q 0 0 0 rg BT 364.95 572.50 Td (Agreement to fund its Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 558.10 Td (if \(i\) the Closing Conditions have been satisfied and \(ii\) Safanad certifies in writing to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 543.70 Td (the Safanad Indemnified Investors that it is prepared and willing to contribute or cause ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 529.30 Td (to be contributed its Commitment but has not contributed or caused to be contributed its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 514.90 Td (Commitment because a Safanad Indemnified Investor has refused to or otherwise failed ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 500.50 Td (to contribute or cause to be contributed its Commitment in breach of its obligations ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 486.10 Td (hereunder) Tj ET Q q 0 0 0 rg BT 164.31 486.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 459.70 Td (2.10.2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 459.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 459.70 Td (In the event that \(i\) the Purchase ) Tj ET Q q 0 0 0 rg BT 338.28 459.70 Td (Agreement is terminated and the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 445.30 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 167.10 445.30 Td (T) Tj ET Q q 0 0 0 rg BT 173.59 445.30 Td (ermination Fee and/or other losses or damages are payable to Seller ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 430.90 Td (thereunder or any amount is payable under any Guarantees and \(ii\) a breach by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 416.50 Td (NorthStar or its Permitted ) Tj ET Q q 0 0 0 rg BT 244.10 416.50 Td (T) Tj ET Q q 0 0 0 rg BT 251.01 416.50 Td (ransferee\(s\) of its obligations under its Equity Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 402.10 Td (Letter or this ) Tj ET Q q 0 0 0 rg BT 181.32 402.10 Td (Agreement has caused the termination giving rise to such obligation to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 387.70 Td (pay the Purchaser ) Tj ET Q q 0 0 0 rg BT 205.08 387.70 Td (T) Tj ET Q q 0 0 0 rg BT 211.58 387.70 Td (ermination Fee or other losses or damages, NorthStar shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 373.30 Td (indemnify and hold harmless each other Investor \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 381.580078125 371.700390625 m 493.552734375 371.700390625 l s q 0 0 0 rg BT 381.58 373.30 Td (NorthStar Indemnified ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 117 357.300390625 m 160.9921875 357.300390625 l s q 0 0 0 rg BT 117.00 358.90 Td (Investors) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 160.99 358.90 Td (\) from and against all such losses or damages and any related reasonable out-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 344.50 Td (of-pocket costs or reasonable expenses \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 333.580078125 342.900390625 m 486.87890625 342.900390625 l s q 0 0 0 rg BT 333.58 344.50 Td (NorthStar Indemnifiable Losses) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 486.88 344.50 Td (\), but ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 330.10 Td (NorthStar Indemnifiable Losses shall not include lost profits or punitive damages ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 315.70 Td (except to the extent recovered by the Seller or any third party from the Buyer pursuant ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 301.30 Td (to the Purchase ) Tj ET Q q 0 0 0 rg BT 192.65 301.30 Td (Agreement. For purposes of this Section 2.10.2, NorthStar or its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 286.90 Td (Permitted ) Tj ET Q q 0 0 0 rg BT 166.44 286.90 Td (T) Tj ET Q q 0 0 0 rg BT 173.35 286.90 Td (ransferee\(s\)shall not be deemed to be in breach of its obligations under this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 272.50 Td (Agreement to fund its Commitment if \(i\) the Closing Conditions have been satisfied ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 258.10 Td (and \(ii\) NorthStar certifies in writing to the NorthStar Indemnified Investors that it is ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 243.70 Td (prepared and willing to contribute or cause to be contributed its Commitment but has ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 229.30 Td (not contributed or caused to be contributed its Commitment because a NorthStar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 214.90 Td (Indemnified Investor has refused to or otherwise failed to contribute or cause to be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 200.50 Td (contributed its Commitment in breach of its obligations hereunder) Tj ET Q q 0 0 0 rg BT 433.61 200.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 174.10 Td (2.10.3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 174.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 174.10 Td (In the event that \(i\) the Purchase ) Tj ET Q q 0 0 0 rg BT 338.28 174.10 Td (Agreement is terminated and the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 159.70 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 167.10 159.70 Td (T) Tj ET Q q 0 0 0 rg BT 173.59 159.70 Td (ermination Fee and/or other losses or damages are payable to Seller ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 145.30 Td (thereunder or any amount is payable under any Guarantees and \(ii\) a breach by FC or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 130.90 Td (its Permitted ) Tj ET Q q 0 0 0 rg BT 180.78 130.90 Td (T) Tj ET Q q 0 0 0 rg BT 187.69 130.90 Td (ransferee\(s\) of its obligations under its Equity Commitment Letter or this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 116.50 Td (Agreement has caused the termination giving rise to such obligation to pay the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 102.10 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 167.10 102.10 Td (T) Tj ET Q q 0 0 0 rg BT 173.59 102.10 Td (ermination Fee or other losses or damages, FC shall indemnify and hold ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 87.70 Td (harmless each other Investor \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 284.595703125 86.10039062500005 m 407.912109375 86.10039062500005 l s q 0 0 0 rg BT 284.60 87.70 Td (FC Indemnified Investors) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 407.91 87.70 Td (\) from and against all ) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (7) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 687.70 Td (such losses or damages and any related reasonable out-of-pocket costs or reasonable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 673.30 Td (expenses \(the ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 190.30078125 671.700390625 m 310.951171875 671.700390625 l s q 0 0 0 rg BT 190.30 673.30 Td (FC Indemnifiable Losses) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 310.95 673.30 Td (\), but FC Indemnifiable Losses shall not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 658.90 Td (include lost profits or punitive damages except to the extent recovered by the Seller or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 644.50 Td (any third party from the Buyer pursuant to the Purchase ) Tj ET Q q 0 0 0 rg BT 386.94 644.50 Td (Agreement. For purposes of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 630.10 Td (this Section 2.10.3, FC or its Permitted ) Tj ET Q q 0 0 0 rg BT 306.79 630.10 Td (T) Tj ET Q q 0 0 0 rg BT 313.69 630.10 Td (ransferee\(s\) shall not be deemed to be in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 615.70 Td (breach of its obligations under this ) Tj ET Q q 0 0 0 rg BT 285.64 615.70 Td (Agreement to fund its Commitment if \(i\) the Closing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 601.30 Td (Conditions have been satisfied and \(ii\) FC certifies in writing to the FC Indemnified ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 586.90 Td (Investors that it is prepared and willing to contribute or cause to be contributed its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 572.50 Td (Commitment but has not contributed or caused to be contributed its Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 558.10 Td (because a FC Indemnified Investor has refused to or otherwise failed to contribute or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 543.70 Td (cause to be contributed its Commitment in breach of its obligations hereunder) Tj ET Q q 0 0 0 rg BT 489.91 543.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 517.30 Td (2.10.4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 517.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 517.30 Td (For purposes of clause \(ii\) of each of Section 2.10.1, Section 2.10.2 and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 502.90 Td (Section 2.10.3 and without limitation to such provisions, a "breach" by the applicable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 488.50 Td (Investor of its obligations under its Equity Commitment Letter or this ) Tj ET Q q 0 0 0 rg BT 453.30 488.50 Td (Agreement shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 474.10 Td (be deemed to have occurred if \(i\) such Investor shall have asserted that the Closing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 459.70 Td (Conditions have not been satisfied, \(ii\) one or more of the other Investors shall have ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 445.30 Td (asserted that the Closing Conditions have been satisfied, \(iii\) a court of competent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 430.90 Td (jurisdiction shall have determined that the Closing Conditions were satisfied, \(iv\) the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 416.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 162.66 416.50 Td (Agreement shall have been terminated and \(v\) such termination gave rise to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 117.00 402.10 Td (the obligation to pay the Purchaser ) Tj ET Q q 0 0 0 rg BT 286.74 402.10 Td (T) Tj ET Q q 0 0 0 rg BT 293.23 402.10 Td (ermination Fee or other losses or damages.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 375.70 Td (2.1) Tj ET Q q 0 0 0 rg BT 123.55 375.70 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.55 375.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 374.100390625 m 210.099609375 374.100390625 l s q 0 0 0 rg BT 144.00 375.70 Td (REIT) Tj ET Q q 0 0 0 rg BT 170.44 375.70 Td ( Matters) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 210.10 375.70 Td (. Immediately prior to such time as Buyer commences operations as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 361.30 Td (a REIT) Tj ET Q q 0 0 0 rg BT 106.10 361.30 Td (, the Investors shall amend this ) Tj ET Q q 0 0 0 rg BT 257.07 361.30 Td (Agreement to the extent necessary to ensure Buyer's ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 346.90 Td (ongoing ability to comply with the REIT) Tj ET Q q 0 0 0 rg BT 267.76 346.90 Td ( Requirements.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 115.00 320.50 Td (2.12.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.00 320.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 318.900390625 m 181.330078125 318.900390625 l s q 0 0 0 rg BT 144.00 320.50 Td (Deposit) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.33 320.50 Td (. Each Investor acknowledges that each of Safanad and NorthStar has ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 306.10 Td (funded 50% of the Deposit, and the Investors shall, and shall cause the Buyer Group to, take any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 291.70 Td (actions consistent with the foregoing, including: \(i\) causing the Buyer to direct the Deposit or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 277.30 Td (any portion thereof to which the Buyer is entitled to be paid equally to Safanad and NorthStar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 262.90 Td (and \(ii\) if the Closing of the ) Tj ET Q q 0 0 0 rg BT 208.31 262.90 Td (Acquisition occurs, crediting 50% of such Deposit against the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 248.50 Td (amounts each of Safanad and NorthStar is required to fund pursuant to the Equity Commitment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 234.10 Td (Letters.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 207.70 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 207.70 Td (DEFINITIONS.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 190.35 207.70 Td ( For purposes of this ) Tj ET Q q 0 0 0 rg BT 294.36 207.70 Td (Agreement, the following terms shall have the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (following meanings:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 166.90 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 113.326171875 165.30039062499998 m 181.330078125 165.30039062499998 l s q 0 0 0 rg BT 113.33 166.90 Td (Commitments) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.33 166.90 Td ( shall, for each Investor) Tj ET Q q 0 0 0 rg BT 299.13 166.90 Td (, mean the amount of cash equity set forth in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 152.50 Td (Equity Commitment Letter delivered by such Investor to Buyer) Tj ET Q q 0 0 0 rg BT 376.12 152.50 Td (, copies of which are attached as ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 72 136.50039062500002 m 118.3359375 136.50039062500002 l s q 0 0 0 rg BT 72.00 138.10 Td (Exhibit C) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 118.34 138.10 Td ( hereto.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 111.70 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 113.326171875 110.10039062500005 m 213.638671875 110.10039062500005 l s q 0 0 0 rg BT 113.33 111.70 Td (Permitted ) Tj ET Q q 0 0 0 rg BT 162.77 111.70 Td (T) Tj ET Q q 0 0 0 rg BT 169.68 111.70 Td (ransferee) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 213.64 111.70 Td ( shall mean, in respect of any Investor: \(a\) in the case of Safanad ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 97.30 Td (and NorthStar) Tj ET Q q 0 0 0 rg BT 139.17 97.30 Td (, any controlled ) Tj ET Q q 0 0 0 rg BT 216.49 97.30 Td (Af) Tj ET Q q 0 0 0 rg BT 228.93 97.30 Td (filiate of such Investor) Tj ET Q q 0 0 0 rg BT 336.75 97.30 Td (, \(b\) in the case of FC, a transferee ) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (8) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 687.70 Td (permitted under Joint ) Tj ET Q q 0 0 0 rg BT 182.75 687.70 Td (V) Tj ET Q q 0 0 0 rg BT 190.09 687.70 Td (enture of the Equity ) Tj ET Q q 0 0 0 rg BT 293.84 687.70 Td (T) Tj ET Q q 0 0 0 rg BT 300.33 687.70 Td (erm Sheet and \(c\) any other Person designated by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 673.30 Td (such Investor with the written consent of the other Investors.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 646.90 Td () Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 113.326171875 645.300390625 m 208.96875 645.300390625 l s q 0 0 0 rg BT 113.33 646.90 Td (Proportionate Share) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 208.97 646.90 Td ( shall mean the quotient, expressed as a percentage, of an Investor) Tj ET Q q 0 0 0 rg BT 531.62 646.90 Td () Tj ET Q q 0 0 0 rg BT 534.96 646.90 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 632.50 Td (Commitments divided by the aggregate Commitments of all of the Investors. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 606.10 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 606.10 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 108.00 606.10 Td (MISCELLANEOUS.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 579.70 Td (4.1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 579.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 578.100390625 m 203.3203125 578.100390625 l s q 0 0 0 rg BT 144.00 579.70 Td (Amendment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 203.32 579.70 Td (. ) Tj ET Q q 0 0 0 rg BT 212.10 579.70 Td (This ) Tj ET Q q 0 0 0 rg BT 235.78 579.70 Td (Agreement may be amended or modified and the provisions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 565.30 Td (hereof may be waived, only by an agreement in writing signed by all of the Investors.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 538.90 Td (4.2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 538.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 537.300390625 m 201.5947265625 537.300390625 l s q 0 0 0 rg BT 144.00 538.90 Td (Severability) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 201.21 538.90 Td (. In the event that any provision hereof would, under applicable Law) Tj ET Q q 0 0 0 rg BT 532.32 538.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (be invalid or unenforceable in any respect, such provision shall be construed by modifying or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 Td (under) Tj ET Q q 0 0 0 rg BT 98.84 495.70 Td (, applicable Law) Tj ET Q q 0 0 0 rg BT 177.69 495.70 Td (. ) Tj ET Q q 0 0 0 rg BT 186.47 495.70 Td (The provisions hereof are severable, and in the event any provision ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (unenforceable or otherwise af) Tj ET Q q 0 0 0 rg BT 214.71 466.90 Td (fect any other provision hereof.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 440.50 Td (4.3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 440.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 438.900390625 m 191.3203125 438.900390625 l s q 0 0 0 rg BT 144.00 440.50 Td (Remedies) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 191.32 440.50 Td (. ) Tj ET Q q 0 0 0 rg BT 200.10 440.50 Td (The parties hereto agree that, except as provided herein, this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 426.10 Td (Agreement will be enforceable by all available remedies at Law or in equity \(including, without ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 411.70 Td (limitation, specific performance\).) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 385.30 Td (4.4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 385.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 144 383.700390625 m 206.314453125 383.700390625 l s q 0 0 0 rg BT 144.00 385.30 Td (No Recourse) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 206.31 385.30 Td (. Notwithstanding anything that may be expressed or implied in this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 370.90 Td (Agreement or any document or instrument delivered contemporaneously herewith, and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.50 Td (notwithstanding the fact that an Investor may be a partnership or limited liability company) Tj ET Q q 0 0 0 rg BT 505.44 356.50 Td (, each ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (of the Buyer Group and each Investor by its acceptance of the benefits of this ) Tj ET Q q 0 0 0 rg BT 445.54 342.10 Td (Agreement, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.70 Td (covenants, agrees and acknowledges that no person other than the Investor shall have any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 313.30 Td (obligation hereunder and no recourse under this ) Tj ET Q q 0 0 0 rg BT 303.60 313.30 Td (Agreement or under any documents or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 298.90 Td (instruments delivered in connection with this ) Tj ET Q q 0 0 0 rg BT 290.63 298.90 Td (Agreement shall be had against any former) Tj ET Q q 0 0 0 rg BT 496.74 298.90 Td (, current ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 284.50 Td (or future directors, of) Tj ET Q q 0 0 0 rg BT 174.41 284.50 Td (ficers, agents, ) Tj ET Q q 0 0 0 rg BT 243.05 284.50 Td (Af) Tj ET Q q 0 0 0 rg BT 255.50 284.50 Td (filiates, employees, general or limited partners, members, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 270.10 Td (managers or stockholders of any Investor or any af) Tj ET Q q 0 0 0 rg BT 315.70 270.10 Td (filiate thereof or against any former) Tj ET Q q 0 0 0 rg BT 486.15 270.10 Td (, current or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 255.70 Td (future directors, of) Tj ET Q q 0 0 0 rg BT 161.41 255.70 Td (ficers, agents, af) Tj ET Q q 0 0 0 rg BT 239.82 255.70 Td (filiates, employees, general or limited partners, members, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 241.30 Td (managers or stockholders of any of the foregoing, whether by the enforcement of any assessment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 226.90 Td (or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 212.50 Td (Law or otherwise, it being expressly agreed and acknowledged that no personal liability ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 198.10 Td (whatsoever shall attach to, be imposed on or otherwise be incurred by any former) Tj ET Q q 0 0 0 rg BT 462.73 198.10 Td (, current or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 183.70 Td (future directors, of) Tj ET Q q 0 0 0 rg BT 161.41 183.70 Td (ficers, agents, ) Tj ET Q q 0 0 0 rg BT 230.06 183.70 Td (Af) Tj ET Q q 0 0 0 rg BT 242.50 183.70 Td (filiates, employees, general or limited partners, members, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 169.30 Td (managers or stockholders of any Investor or any af) Tj ET Q q 0 0 0 rg BT 315.70 169.30 Td (filiate thereof or against any former) Tj ET Q q 0 0 0 rg BT 486.15 169.30 Td (, current or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 154.90 Td (future directors, of) Tj ET Q q 0 0 0 rg BT 161.41 154.90 Td (ficers, agents, af) Tj ET Q q 0 0 0 rg BT 239.82 154.90 Td (filiates, employees, general or limited partners, members, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 140.50 Td (managers or stockholders of any of the foregoing for any obligation of any Investor under this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 126.10 Td (Agreement or any documents or instruments delivered in connection with this ) Tj ET Q q 0 0 0 rg BT 448.25 126.10 Td (Agreement for any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 111.70 Td (claim based on, in respect of or by reason of such obligations or their creation.) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 303.00 59.20 Td (9) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 687.70 Td (4.5.) 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Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 603.70 Td (4.6.) 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0 0 0 rg BT 215.00 396.68 Td (transfer: ) Tj ET Q q 0 0 0 rg BT 258.47 396.68 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 278.63 396.68 Td (the ) Tj ET Q q 0 0 0 rg BT 296.78 396.68 Td (Key ) Tj ET Q q 0 0 0 rg BT 320.27 396.68 Td (Principals ) Tj ET Q q 0 0 0 rg BT 371.76 396.68 Td (\(as ) Tj ET Q q 0 0 0 rg BT 389.25 396.68 Td (hereinafter ) Tj ET Q q 0 0 0 rg BT 444.70 396.68 Td (defined\) ) Tj ET Q q 0 0 0 rg BT 488.18 396.68 Td (possess ) Tj ET Q q 0 0 0 rg BT 527.68 396.68 Td (sole ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 384.68 Td (control ) Tj ET Q q 0 0 0 rg BT 251.63 384.68 Td (of ) Tj ET Q q 0 0 0 rg BT 264.27 384.68 Td (the ) Tj ET Q q 0 0 0 rg BT 281.58 384.68 Td (policies ) Tj ET Q q 0 0 0 rg BT 321.55 384.68 Td (and ) Tj ET Q q 0 0 0 rg BT 341.52 384.68 Td (management ) Tj ET Q q 0 0 0 rg BT 405.47 384.68 Td (of ) Tj ET Q q 0 0 0 rg BT 418.11 384.68 Td (the ) Tj ET Q q 0 0 0 rg BT 435.41 384.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 488.05 384.68 Td (Interest, ) Tj ET Q q 0 0 0 rg BT 529.68 384.68 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 372.68 Td (are ) Tj ET Q q 0 0 0 rg BT 231.39 372.68 Td (responsible ) Tj ET Q q 0 0 0 rg BT 287.80 372.68 Td (for ) Tj ET Q q 0 0 0 rg BT 303.54 372.68 Td (the ) Tj ET Q q 0 0 0 rg BT 319.94 372.68 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 373.67 372.68 Td (management ) Tj ET Q q 0 0 0 rg BT 436.72 372.68 Td (of ) Tj ET Q q 0 0 0 rg BT 448.46 372.68 Td (the ) Tj ET Q q 0 0 0 rg BT 464.87 372.68 Td (same; ) Tj ET Q q 0 0 0 rg BT 494.60 372.68 Td (\(B\) ) Tj ET Q q 0 0 0 rg BT 512.35 372.68 Td (owners ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 360.68 Td (and ) Tj ET Q q 0 0 0 rg BT 235.22 360.68 Td (employees ) Tj ET Q q 0 0 0 rg BT 289.44 360.68 Td (of ) Tj ET Q q 0 0 0 rg BT 302.33 360.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 319.91 360.68 Td (will ) Tj ET Q q 0 0 0 rg BT 341.47 360.68 Td (beneficially ) Tj ET Q q 0 0 0 rg BT 401.01 360.68 Td (own ) Tj ET Q q 0 0 0 rg BT 424.57 360.68 Td (at ) Tj ET Q q 0 0 0 rg BT 436.13 360.68 Td (least ) Tj ET Q q 0 0 0 rg BT 461.01 360.68 Td (5% ) Tj ET Q q 0 0 0 rg BT 479.91 360.68 Td (of ) Tj ET Q q 0 0 0 rg BT 492.80 360.68 Td (the ) Tj ET Q q 0 0 0 rg BT 510.36 360.68 Td (indirect ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 348.68 Td (interests ) Tj ET Q q 0 0 0 rg BT 257.90 348.68 Td (in ) Tj ET Q q 0 0 0 rg BT 270.14 348.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 323.04 348.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 366.60 348.68 Td (and ) Tj ET Q q 0 0 0 rg BT 386.83 348.68 Td (the ) Tj ET Q q 0 0 0 rg BT 404.40 348.68 Td (owners ) Tj ET Q q 0 0 0 rg BT 441.96 348.68 Td (and ) Tj ET Q q 0 0 0 rg BT 462.20 348.68 Td (employees ) Tj ET Q q 0 0 0 rg BT 516.42 348.68 Td (of ) Tj ET Q q 0 0 0 rg BT 529.32 348.68 Td (FC, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 336.68 Td (together ) Tj ET Q q 0 0 0 rg BT 257.57 336.68 Td (with ) Tj ET Q q 0 0 0 rg BT 282.16 336.68 Td (friends ) Tj ET Q q 0 0 0 rg BT 318.74 336.68 Td (and ) Tj ET Q q 0 0 0 rg BT 339.32 336.68 Td (family ) Tj ET Q q 0 0 0 rg BT 373.90 336.68 Td (of ) Tj ET Q q 0 0 0 rg BT 387.16 336.68 Td (FC, ) Tj ET Q q 0 0 0 rg BT 408.09 336.68 Td (will ) Tj ET Q q 0 0 0 rg BT 430.02 336.68 Td (own ) Tj ET Q q 0 0 0 rg BT 453.94 336.68 Td (20% ) Tj ET Q q 0 0 0 rg BT 479.19 336.68 Td (of ) Tj ET Q q 0 0 0 rg BT 492.44 336.68 Td (the ) Tj ET Q q 0 0 0 rg BT 510.36 336.68 Td (indirect ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 324.68 Td (interests ) Tj ET Q q 0 0 0 rg BT 258.19 324.68 Td (in ) Tj ET Q q 0 0 0 rg BT 270.73 324.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 323.92 324.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 367.78 324.68 Td (, ) Tj ET Q q 0 0 0 rg BT 373.98 324.68 Td (and ) Tj ET Q q 0 0 0 rg BT 394.50 324.68 Td (\(C\) ) Tj ET Q q 0 0 0 rg BT 413.70 324.68 Td (such ) Tj ET Q q 0 0 0 rg BT 438.90 324.68 Td (transfer ) Tj ET Q q 0 0 0 rg BT 478.74 324.68 Td (is ) Tj ET Q q 0 0 0 rg BT 489.95 324.68 Td (not ) Tj ET Q q 0 0 0 rg BT 508.48 324.68 Td (made ) Tj ET Q q 0 0 0 rg BT 537.67 324.68 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 312.68 Td (a ) Tj ET Q q 0 0 0 rg BT 223.06 312.68 Td (person ) Tj ET Q q 0 0 0 rg BT 257.79 312.68 Td (or ) Tj ET Q q 0 0 0 rg BT 270.52 312.68 Td (entity ) Tj ET Q q 0 0 0 rg BT 300.59 312.68 Td (who ) Tj ET Q q 0 0 0 rg BT 323.99 312.68 Td (is ) Tj ET Q q 0 0 0 rg BT 334.73 312.68 Td (or ) Tj ET Q q 0 0 0 rg BT 347.46 312.68 Td (is ) Tj ET Q q 0 0 0 rg BT 358.20 312.68 Td (an ) Tj ET Q q 0 0 0 rg BT 372.27 312.68 Td (af) Tj ET Q q 0 0 0 rg BT 381.37 312.68 Td (filiate ) Tj ET Q q 0 0 0 rg BT 412.09 312.68 Td (of ) Tj ET Q q 0 0 0 rg BT 424.82 312.68 Td (a ) Tj ET Q q 0 0 0 rg BT 432.89 312.68 Td (competitor ) Tj ET Q q 0 0 0 rg BT 487.61 312.68 Td (to ) Tj ET Q q 0 0 0 rg BT 499.68 312.68 Td (NorthStar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 300.68 Td (or ) Tj ET Q q 0 0 0 rg BT 227.94 300.68 Td (its ) Tj ET Q q 0 0 0 rg BT 242.22 300.68 Td (direct ) Tj ET Q q 0 0 0 rg BT 272.48 300.68 Td (or ) Tj ET Q q 0 0 0 rg BT 285.42 300.68 Td (indirect ) Tj ET Q q 0 0 0 rg BT 325.02 300.68 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 386.97 300.68 Td (Any ) Tj ET Q q 0 0 0 rg BT 410.58 300.68 Td (person ) Tj ET Q q 0 0 0 rg BT 445.52 300.68 Td (holding ) Tj ET Q q 0 0 0 rg BT 485.13 300.68 Td (an ) Tj ET Q q 0 0 0 rg BT 499.40 300.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 537.67 300.68 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 288.68 Td (the ) Tj ET Q q 0 0 0 rg BT 234.67 288.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 289.68 288.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 335.34 288.68 Td (is ) Tj ET Q q 0 0 0 rg BT 348.35 288.68 Td (referred ) Tj ET Q q 0 0 0 rg BT 391.33 288.68 Td (to ) Tj ET Q q 0 0 0 rg BT 405.67 288.68 Td (herein ) Tj ET Q q 0 0 0 rg BT 440.66 288.68 Td (as ) Tj ET Q q 0 0 0 rg BT 455.67 288.68 Td (a ) Tj ET Q q 0 0 0 rg BT 466.00 288.68 Td (Member. ) Tj ET Q q 0 0 0 rg BT 525.32 288.68 Td ( ) Tj ET Q q 0 0 0 rg BT 530.33 288.68 Td (For ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 276.68 Td (purposes ) Tj ET Q q 0 0 0 rg BT 263.77 276.68 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 303.52 276.68 Td (Key ) Tj ET Q q 0 0 0 rg BT 334.95 276.68 Td (Principals ) Tj ET Q q 0 0 0 rg BT 394.38 276.68 Td (means ) Tj ET Q q 0 0 0 rg BT 431.14 276.68 Td (Steve ) Tj ET Q q 0 0 0 rg BT 463.91 276.68 Td (Fishman, ) Tj ET Q q 0 0 0 rg BT 513.00 276.68 Td (Arnold ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 264.68 Td (Whitman ) Tj ET Q q 0 0 0 rg BT 262.65 264.68 Td (and ) Tj ET Q q 0 0 0 rg BT 282.98 264.68 Td (Brian ) Tj ET Q q 0 0 0 rg BT 312.64 264.68 Td (Beckwith.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 240.68 Td (The ) Tj ET Q q 0 0 0 rg BT 237.01 240.68 Td (T) Tj ET Q q 0 0 0 rg BT 243.91 240.68 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 296.84 240.68 Td (is ) Tj ET Q q 0 0 0 rg BT 308.45 240.68 Td (being ) Tj ET Q q 0 0 0 rg BT 338.72 240.68 Td (consummated ) Tj ET Q q 0 0 0 rg BT 408.98 240.68 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 453.92 240.68 Td (to ) Tj ET Q q 0 0 0 rg BT 466.87 240.68 Td (the ) Tj ET Q q 0 0 0 rg BT 485.14 240.68 Td (terms ) Tj ET Q q 0 0 0 rg BT 515.41 240.68 Td (of ) Tj ET Q q 0 0 0 rg BT 529.02 240.68 Td (that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 228.68 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.11 228.68 Td (Share ) Tj ET Q q 0 0 0 rg BT 279.90 228.68 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 325.14 228.68 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 383.91 228.68 Td (dated ) Tj ET Q q 0 0 0 rg BT 412.37 228.68 Td (as ) Tj ET Q q 0 0 0 rg BT 424.83 228.68 Td (of ) Tj ET Q q 0 0 0 rg BT 437.29 228.68 Td (November ) Tj ET Q q 0 0 0 rg BT 490.41 228.68 Td (7, ) Tj ET Q q 0 0 0 rg BT 501.88 228.68 Td (2014 ) Tj ET Q q 0 0 0 rg BT 528.34 228.68 Td (\(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 216.68 Td (SP) Tj ET Q q 0 0 0 rg BT 232.57 216.68 Td (A\), ) Tj ET Q q 0 0 0 rg BT 255.23 216.68 Td (by ) Tj ET Q q 0 0 0 rg BT 268.89 216.68 Td (and ) Tj ET Q q 0 0 0 rg BT 287.88 216.68 Td (between ) Tj ET Q q 0 0 0 rg BT 329.53 216.68 Td (Extendicare ) Tj ET Q q 0 0 0 rg BT 388.49 216.68 Td (International, ) Tj ET Q q 0 0 0 rg BT 454.46 216.68 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 474.45 216.68 Td (and ) Tj ET Q q 0 0 0 rg BT 493.44 216.68 Td (Subsidiary) Tj ET Q q 0 0 0 rg BT 544.00 216.68 Td (. ) Tj ET Q q 0 0 0 rg BT 550.00 216.68 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 204.68 Td (In ) Tj ET Q q 0 0 0 rg BT 228.04 204.68 Td (connection ) Tj ET Q q 0 0 0 rg BT 283.72 204.68 Td (with ) Tj ET Q q 0 0 0 rg BT 308.10 204.68 Td (the ) Tj ET Q q 0 0 0 rg BT 325.80 204.68 Td (entry ) Tj ET Q q 0 0 0 rg BT 353.50 204.68 Td (into ) Tj ET Q q 0 0 0 rg BT 375.21 204.68 Td (the ) Tj ET Q q 0 0 0 rg BT 392.91 204.68 Td (SP) Tj ET Q q 0 0 0 rg BT 405.15 204.68 Td (A, ) Tj ET Q q 0 0 0 rg BT 419.86 204.68 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 466.70 204.68 Td (, ) Tj ET Q q 0 0 0 rg BT 472.74 204.68 Td (Subsidiary) Tj ET Q q 0 0 0 rg BT 523.29 204.68 Td (, ) Tj ET Q q 0 0 0 rg BT 529.33 204.68 Td (FC, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 192.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 255.79 192.68 Td (and ) Tj ET Q q 0 0 0 rg BT 275.26 192.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 324.73 192.68 Td (will ) Tj ET Q q 0 0 0 rg BT 345.54 192.68 Td (enter ) Tj ET Q q 0 0 0 rg BT 371.67 192.68 Td (into ) Tj ET Q q 0 0 0 rg BT 392.48 192.68 Td (a ) Tj ET Q q 0 0 0 rg BT 399.95 192.68 Td (consortium ) Tj ET Q q 0 0 0 rg BT 456.08 192.68 Td (agreement ) Tj ET Q q 0 0 0 rg BT 508.20 192.68 Td (that ) Tj ET Q q 0 0 0 rg BT 528.33 192.68 Td (will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 180.68 Td (provide ) Tj ET Q q 0 0 0 rg BT 254.53 180.68 Td (for) Tj ET Q q 0 0 0 rg BT 268.04 180.68 Td (, ) Tj ET Q q 0 0 0 rg BT 273.92 180.68 Td (among ) Tj ET Q q 0 0 0 rg BT 309.46 180.68 Td (other ) Tj ET Q q 0 0 0 rg BT 336.99 180.68 Td (things, ) Tj ET Q q 0 0 0 rg BT 372.21 180.68 Td (consent ) Tj ET Q q 0 0 0 rg BT 411.74 180.68 Td (rights ) Tj ET Q q 0 0 0 rg BT 441.95 180.68 Td (over ) Tj ET Q q 0 0 0 rg BT 466.15 180.68 Td (amendments ) Tj ET Q q 0 0 0 rg BT 529.68 180.68 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 168.68 Td (waivers ) Tj ET Q q 0 0 0 rg BT 254.64 168.68 Td (with ) Tj ET Q q 0 0 0 rg BT 278.29 168.68 Td (respect ) Tj ET Q q 0 0 0 rg BT 314.59 168.68 Td (to ) Tj ET Q q 0 0 0 rg BT 326.25 168.68 Td (the ) Tj ET Q q 0 0 0 rg BT 343.23 168.68 Td (SP) Tj ET Q q 0 0 0 rg BT 355.47 168.68 Td (A) Tj ET Q q 0 0 0 rg BT 363.48 168.68 Td ( ) Tj ET Q q 0 0 0 rg BT 365.80 168.68 Td (and ) Tj ET Q q 0 0 0 rg BT 385.44 168.68 Td (related ) Tj ET Q q 0 0 0 rg BT 420.41 168.68 Td (agreements ) Tj ET Q q 0 0 0 rg BT 477.37 168.68 Td (and ) Tj ET Q q 0 0 0 rg BT 497.01 168.68 Td (customary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 156.68 Td (remedies ) Tj ET Q q 0 0 0 rg BT 261.31 156.68 Td (with ) Tj ET Q q 0 0 0 rg BT 285.65 156.68 Td (respect ) Tj ET Q q 0 0 0 rg BT 322.63 156.68 Td (to ) Tj ET Q q 0 0 0 rg BT 334.96 156.68 Td (breaches ) Tj ET Q q 0 0 0 rg BT 379.93 156.68 Td (under ) Tj ET Q q 0 0 0 rg BT 410.25 156.68 Td (the ) Tj ET Q q 0 0 0 rg BT 427.91 156.68 Td (SP) Tj ET Q q 0 0 0 rg BT 440.16 156.68 Td (A.) Tj ET Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 490.95 771.40 Td (Exhibit B) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 708.87 Td (Manager:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 708.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 232.91 708.68 Td (will ) Tj ET Q q 0 0 0 rg BT 254.80 708.68 Td (be ) Tj ET Q q 0 0 0 rg BT 269.36 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 287.25 708.68 Td (sole ) Tj ET Q q 0 0 0 rg BT 309.80 708.68 Td (manager ) Tj ET Q q 0 0 0 rg BT 354.34 708.68 Td (of ) Tj ET Q q 0 0 0 rg BT 367.57 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 385.46 708.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 438.68 708.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 482.56 708.68 Td (subject ) Tj ET Q q 0 0 0 rg BT 519.78 708.68 Td (to ) Tj ET Q q 0 0 0 rg BT 532.34 708.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 696.68 Td (major ) Tj ET Q q 0 0 0 rg BT 245.99 696.68 Td (decisions ) Tj ET Q q 0 0 0 rg BT 293.65 696.68 Td (described ) Tj ET Q q 0 0 0 rg BT 342.63 696.68 Td (below) Tj ET Q q 0 0 0 rg BT 371.18 696.68 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 672.68 Td (The ) Tj ET Q q 0 0 0 rg BT 239.00 672.68 Td (definitive ) Tj ET Q q 0 0 0 rg BT 290.33 672.68 Td (documentation ) Tj ET Q q 0 0 0 rg BT 366.99 672.68 Td (for ) Tj ET Q q 0 0 0 rg BT 386.33 672.68 Td (the ) Tj ET Q q 0 0 0 rg BT 406.34 672.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 459.00 672.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 487.01 672.68 Td (provide ) Tj ET Q q 0 0 0 rg BT 529.01 672.68 Td (that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 660.68 Td (decisions ) Tj ET Q q 0 0 0 rg BT 265.39 660.68 Td (by ) Tj ET Q q 0 0 0 rg BT 283.12 660.68 Td (or ) Tj ET Q q 0 0 0 rg BT 298.84 660.68 Td (on ) Tj ET Q q 0 0 0 rg BT 316.57 660.68 Td (behalf ) Tj ET Q q 0 0 0 rg BT 352.28 660.68 Td (of ) Tj ET Q q 0 0 0 rg BT 368.01 660.68 Td (the ) Tj ET Q q 0 0 0 rg BT 388.40 660.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 441.44 660.68 Td (will ) Tj ET Q q 0 0 0 rg BT 465.84 660.68 Td (be ) Tj ET Q q 0 0 0 rg BT 482.89 660.68 Td (made ) Tj ET Q q 0 0 0 rg BT 514.61 660.68 Td (by ) Tj ET Q q 0 0 0 rg BT 532.34 660.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 648.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 273.82 648.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 323.30 648.68 Td (and ) Tj ET Q q 0 0 0 rg BT 349.45 648.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 396.92 648.68 Td (in ) Tj ET Q q 0 0 0 rg BT 415.08 648.68 Td (the ) Tj ET Q q 0 0 0 rg BT 438.56 648.68 Td (manner ) Tj ET Q q 0 0 0 rg BT 483.36 648.68 Td (set ) Tj ET Q q 0 0 0 rg BT 505.52 648.68 Td (forth ) Tj ET Q q 0 0 0 rg BT 537.67 648.68 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 636.68 Td (Management ) Tj ET Q q 0 0 0 rg BT 291.29 636.68 Td (below) Tj ET Q q 0 0 0 rg BT 319.84 636.68 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 609.87 Td (Management:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 609.68 Td (The ) Tj ET Q q 0 0 0 rg BT 236.27 609.68 Td (approval ) Tj ET Q q 0 0 0 rg BT 280.86 609.68 Td (of ) Tj ET Q q 0 0 0 rg BT 293.47 609.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 334.73 609.68 Td (and ) Tj ET Q q 0 0 0 rg BT 354.67 609.68 Td (the ) Tj ET Q q 0 0 0 rg BT 371.94 609.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 424.55 609.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 467.81 609.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 493.09 609.68 Td (be ) Tj ET Q q 0 0 0 rg BT 507.03 609.68 Td (required ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 597.68 Td (for ) Tj ET Q q 0 0 0 rg BT 231.97 597.68 Td (any ) Tj ET Q q 0 0 0 rg BT 252.28 597.68 Td (matter ) Tj ET Q q 0 0 0 rg BT 285.91 597.68 Td (which ) Tj ET Q q 0 0 0 rg BT 318.21 597.68 Td (is ) Tj ET Q q 0 0 0 rg BT 329.20 597.68 Td (designated ) Tj ET Q q 0 0 0 rg BT 383.49 597.68 Td (as ) Tj ET Q q 0 0 0 rg BT 396.47 597.68 Td (a ) Tj ET Q q 0 0 0 rg BT 404.77 597.68 Td (Major ) Tj ET Q q 0 0 0 rg BT 442.41 597.68 Td (Decision ) Tj ET Q q 0 0 0 rg BT 493.37 597.68 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 537.67 597.68 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 585.68 Td (the ) Tj ET Q q 0 0 0 rg BT 231.78 585.68 Td (terms ) Tj ET Q q 0 0 0 rg BT 260.55 585.68 Td (of ) Tj ET Q q 0 0 0 rg BT 272.66 585.68 Td (the ) Tj ET Q q 0 0 0 rg BT 289.44 585.68 Td (or) Tj ET Q q 0 0 0 rg BT 299.22 585.68 Td (ganizational ) Tj ET Q q 0 0 0 rg BT 359.97 585.68 Td (agreement ) Tj ET Q q 0 0 0 rg BT 412.06 585.68 Td (of ) Tj ET Q q 0 0 0 rg BT 424.17 585.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 473.60 585.68 Td (\(the ) Tj ET Q q 0 0 0 rg BT 494.37 585.68 Td (Purchaser ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 573.68 Td (LLC ) Tj ET Q q 0 0 0 rg BT 242.81 573.68 Td (Agreement\). ) Tj ET Q q 0 0 0 rg BT 315.04 573.68 Td ( ) Tj ET Q q 0 0 0 rg BT 321.65 573.68 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 370.25 573.68 Td (to ) Tj ET Q q 0 0 0 rg BT 386.19 573.68 Td (the ) Tj ET Q q 0 0 0 rg BT 407.45 573.68 Td (terms ) Tj ET Q q 0 0 0 rg BT 440.72 573.68 Td (of ) Tj ET Q q 0 0 0 rg BT 457.32 573.68 Td (the ) Tj ET Q q 0 0 0 rg BT 478.58 573.68 Td (or) Tj ET Q q 0 0 0 rg BT 488.36 573.68 Td (ganizational ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 561.68 Td (agreement ) Tj ET Q q 0 0 0 rg BT 268.65 561.68 Td (of ) Tj ET Q q 0 0 0 rg BT 282.32 561.68 Td (the ) Tj ET Q q 0 0 0 rg BT 300.66 561.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 354.34 561.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 398.67 561.68 Td (\(the ) Tj ET Q q 0 0 0 rg BT 421.00 561.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 480.00 561.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 524.33 561.68 Td (LLC ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 549.68 Td (Agreement\), ) Tj ET Q q 0 0 0 rg BT 282.47 549.68 Td (NorthStar) Tj ET Q BT /F1 12.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 329.80 555.12 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 331.00 549.68 Td (in ) Tj ET Q q 0 0 0 rg BT 342.17 549.68 Td (turn ) Tj ET Q q 0 0 0 rg BT 363.35 549.68 Td (will ) Tj ET Q q 0 0 0 rg BT 383.86 549.68 Td (have ) Tj ET Q q 0 0 0 rg BT 408.35 549.68 Td (an ) Tj ET Q q 0 0 0 rg BT 421.52 549.68 Td (approval ) Tj ET Q q 0 0 0 rg BT 465.35 549.68 Td (right ) Tj ET Q q 0 0 0 rg BT 489.85 549.68 Td (with ) Tj ET Q q 0 0 0 rg BT 513.03 549.68 Td (respect ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 537.68 Td (to ) Tj ET Q q 0 0 0 rg BT 228.53 537.68 Td (actions ) Tj ET Q q 0 0 0 rg BT 266.71 537.68 Td (by ) Tj ET Q q 0 0 0 rg BT 282.91 537.68 Td (the ) Tj ET Q q 0 0 0 rg BT 301.76 537.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 355.95 537.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 400.80 537.68 Td (over ) Tj ET Q q 0 0 0 rg BT 426.31 537.68 Td (such ) Tj ET Q q 0 0 0 rg BT 452.50 537.68 Td (Major ) Tj ET Q q 0 0 0 rg BT 491.35 537.68 Td (Decisions. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 525.68 Td (Major ) Tj ET Q q 0 0 0 rg BT 252.92 525.68 Td (Decisions ) Tj ET Q q 0 0 0 rg BT 308.84 525.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 334.78 525.68 Td (be ) Tj ET Q q 0 0 0 rg BT 349.37 525.68 Td (defined ) Tj ET Q q 0 0 0 rg BT 388.63 525.68 Td (as ) Tj ET Q q 0 0 0 rg BT 401.89 525.68 Td (substantially ) Tj ET Q q 0 0 0 rg BT 465.82 525.68 Td (the ) Tj ET Q q 0 0 0 rg BT 483.75 525.68 Td (same ) Tj ET Q q 0 0 0 rg BT 511.68 525.68 Td (matters ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 513.68 Td (as ) Tj ET Q q 0 0 0 rg BT 228.30 513.68 Td (the ) Tj ET Q q 0 0 0 rg BT 246.26 513.68 Td (matters ) Tj ET Q q 0 0 0 rg BT 284.88 513.68 Td (constituting ) Tj ET Q q 0 0 0 rg BT 344.84 513.68 Td (Significant ) Tj ET Q q 0 0 0 rg BT 406.13 513.68 Td (Decisions ) Tj ET Q q 0 0 0 rg BT 462.08 513.68 Td (under ) Tj ET Q q 0 0 0 rg BT 492.70 513.68 Td (Section ) Tj ET Q q 0 0 0 rg BT 532.00 513.68 Td (2.2 ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 501.68 Td (of ) Tj ET Q q 0 0 0 rg BT 230.09 501.68 Td (the ) Tj ET Q q 0 0 0 rg BT 249.85 501.68 Td ( ) Tj ET Q q 0 0 0 rg BT 254.95 501.68 Td (Investment ) Tj ET Q q 0 0 0 rg BT 313.37 501.68 Td (Committee ) Tj ET Q q 0 0 0 rg BT 370.67 501.68 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 429.08 501.68 Td (of ) Tj ET Q q 0 0 0 rg BT 444.17 501.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 487.92 501.68 Td (Senior ) Tj ET Q q 0 0 0 rg BT 524.35 501.68 Td (Care ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 489.68 Td (Investment ) Tj ET Q q 0 0 0 rg BT 273.05 489.68 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 332.10 489.68 Td (V) Tj ET Q q 0 0 0 rg BT 339.22 489.68 Td (, ) Tj ET Q q 0 0 0 rg BT 346.95 489.68 Td (L.P) Tj ET Q q 0 0 0 rg BT 362.63 489.68 Td (., ) Tj ET Q q 0 0 0 rg BT 373.36 489.68 Td (in ) Tj ET Q q 0 0 0 rg BT 387.43 489.68 Td (the ) Tj ET Q q 0 0 0 rg BT 406.82 489.68 Td (form ) Tj ET Q q 0 0 0 rg BT 434.88 489.68 Td (previously ) Tj ET Q q 0 0 0 rg BT 490.28 489.68 Td (provided ) Tj ET Q q 0 0 0 rg BT 537.67 489.68 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 477.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 264.06 477.68 Td (\(the ) Tj ET Q q 0 0 0 rg BT 284.45 477.68 Td (Investment ) Tj ET Q q 0 0 0 rg BT 344.84 477.68 Td (Committee ) Tj ET Q q 0 0 0 rg BT 399.52 477.68 Td (Agreement\), ) Tj ET Q q 0 0 0 rg BT 466.88 477.68 Td ( ) Tj ET Q q 0 0 0 rg BT 468.62 477.68 Td (unless ) Tj ET Q q 0 0 0 rg BT 500.35 477.68 Td (otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 465.68 Td (agreed ) Tj ET Q q 0 0 0 rg BT 248.78 465.68 Td (by ) Tj ET Q q 0 0 0 rg BT 262.59 465.68 Td (the ) Tj ET Q q 0 0 0 rg BT 279.05 465.68 Td (parties ) Tj ET Q q 0 0 0 rg BT 312.85 465.68 Td (and ) Tj ET Q q 0 0 0 rg BT 331.98 465.68 Td (except: ) Tj ET Q q 0 0 0 rg BT 368.43 465.68 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 381.56 465.68 Td (with ) Tj ET Q q 0 0 0 rg BT 404.70 465.68 Td (respect ) Tj ET Q q 0 0 0 rg BT 440.49 465.68 Td (to ) Tj ET Q q 0 0 0 rg BT 451.63 465.68 Td (clause ) Tj ET Q q 0 0 0 rg BT 483.42 465.68 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 499.21 465.68 Td (of ) Tj ET Q q 0 0 0 rg BT 511.02 465.68 Td (Section ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 453.68 Td (2.2 ) Tj ET Q q 0 0 0 rg BT 231.54 453.68 Td (of ) Tj ET Q q 0 0 0 rg BT 243.08 453.68 Td (the ) Tj ET Q q 0 0 0 rg BT 259.28 453.68 Td (Investment ) Tj ET Q q 0 0 0 rg BT 314.14 453.68 Td (Committee ) Tj ET Q q 0 0 0 rg BT 368.67 453.68 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 423.52 453.68 Td (as ) Tj ET Q q 0 0 0 rg BT 435.05 453.68 Td (it ) Tj ET Q q 0 0 0 rg BT 443.26 453.68 Td (relates ) Tj ET Q q 0 0 0 rg BT 476.12 453.68 Td (to ) Tj ET Q q 0 0 0 rg BT 486.99 453.68 Td (Dispositions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 441.68 Td (of ) Tj ET Q q 0 0 0 rg BT 226.89 441.68 Td (the ) Tj ET Q q 0 0 0 rg BT 243.45 441.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 296.68 441.68 Td (it ) Tj ET Q q 0 0 0 rg BT 305.25 441.68 Td (will ) Tj ET Q q 0 0 0 rg BT 325.81 441.68 Td (be ) Tj ET Q q 0 0 0 rg BT 339.03 441.68 Td (replaced ) Tj ET Q q 0 0 0 rg BT 381.57 441.68 Td (by ) Tj ET Q q 0 0 0 rg BT 395.46 441.68 Td (the ) Tj ET Q q 0 0 0 rg BT 412.02 441.68 Td (terms ) Tj ET Q q 0 0 0 rg BT 440.58 441.68 Td (described ) Tj ET Q q 0 0 0 rg BT 488.45 441.68 Td (below ) Tj ET Q q 0 0 0 rg BT 519.68 441.68 Td (under ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 429.68 Td (Lockout ) Tj ET Q q 0 0 0 rg BT 256.76 429.68 Td (and ) Tj ET Q q 0 0 0 rg BT 275.85 429.68 Td (Sale ) Tj ET Q q 0 0 0 rg BT 298.28 429.68 Td (of ) Tj ET Q q 0 0 0 rg BT 310.04 429.68 Td (Subsidiary) Tj ET Q q 0 0 0 rg BT 360.59 429.68 Td (, ) Tj ET Q q 0 0 0 rg BT 365.36 429.68 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 381.79 429.68 Td (with ) Tj ET Q q 0 0 0 rg BT 404.89 429.68 Td (respect ) Tj ET Q q 0 0 0 rg BT 440.63 429.68 Td (to ) Tj ET Q q 0 0 0 rg BT 451.73 429.68 Td (clause ) Tj ET Q q 0 0 0 rg BT 483.48 429.68 Td (\(8\) ) Tj ET Q q 0 0 0 rg BT 499.24 429.68 Td (of ) Tj ET Q q 0 0 0 rg BT 511.00 429.68 Td (Section ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 417.68 Td (2.2 ) Tj ET Q q 0 0 0 rg BT 231.78 417.68 Td (of ) Tj ET Q q 0 0 0 rg BT 243.56 417.68 Td (the ) Tj ET Q q 0 0 0 rg BT 260.00 417.68 Td (Investment ) Tj ET Q q 0 0 0 rg BT 315.11 417.68 Td (Committee ) Tj ET Q q 0 0 0 rg BT 369.82 417.68 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 427.91 417.68 Td (the ) Tj ET Q q 0 0 0 rg BT 444.36 417.68 Td (rights ) Tj ET Q q 0 0 0 rg BT 473.47 417.68 Td (of ) Tj ET Q q 0 0 0 rg BT 485.25 417.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 525.68 417.68 Td (over ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 405.68 Td (deadlocks ) Tj ET Q q 0 0 0 rg BT 265.93 405.68 Td (will ) Tj ET Q q 0 0 0 rg BT 287.55 405.68 Td (be ) Tj ET Q q 0 0 0 rg BT 301.83 405.68 Td (deleted, ) Tj ET Q q 0 0 0 rg BT 342.43 405.68 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 363.38 405.68 Td (with ) Tj ET Q q 0 0 0 rg BT 387.66 405.68 Td (respect ) Tj ET Q q 0 0 0 rg BT 424.59 405.68 Td (to ) Tj ET Q q 0 0 0 rg BT 436.88 405.68 Td (capital ) Tj ET Q q 0 0 0 rg BT 471.81 405.68 Td (calls ) Tj ET Q q 0 0 0 rg BT 496.75 405.68 Td (referred ) Tj ET Q q 0 0 0 rg BT 537.67 405.68 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 393.68 Td (in ) Tj ET Q q 0 0 0 rg BT 226.80 393.68 Td (clause ) Tj ET Q q 0 0 0 rg BT 259.24 393.68 Td (\(25\) ) Tj ET Q q 0 0 0 rg BT 281.70 393.68 Td (of ) Tj ET Q q 0 0 0 rg BT 294.16 393.68 Td (Section ) Tj ET Q q 0 0 0 rg BT 332.62 393.68 Td (2.2 ) Tj ET Q q 0 0 0 rg BT 350.08 393.68 Td (of ) Tj ET Q q 0 0 0 rg BT 362.54 393.68 Td (the ) Tj ET Q q 0 0 0 rg BT 379.67 393.68 Td (Investment ) Tj ET Q q 0 0 0 rg BT 435.45 393.68 Td (Committee ) Tj ET Q q 0 0 0 rg BT 490.70 393.68 Td (Agreement, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 381.68 Td (either ) Tj ET Q q 0 0 0 rg BT 248.10 381.68 Td (the ) Tj ET Q q 0 0 0 rg BT 268.55 381.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 324.34 381.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 370.78 381.68 Td (or ) Tj ET Q q 0 0 0 rg BT 386.57 381.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 431.00 381.68 Td (may ) Tj ET Q q 0 0 0 rg BT 457.45 381.68 Td (issue ) Tj ET Q q 0 0 0 rg BT 487.24 381.68 Td (capital ) Tj ET Q q 0 0 0 rg BT 525.01 381.68 Td (calls ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 369.68 Td (\(Permitted ) Tj ET Q q 0 0 0 rg BT 278.41 369.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 320.49 369.68 Td (Calls\) ) Tj ET Q q 0 0 0 rg BT 361.91 369.68 Td (necessary ) Tj ET Q q 0 0 0 rg BT 415.98 369.68 Td (to ) Tj ET Q q 0 0 0 rg BT 432.74 369.68 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 454.16 369.68 Td (comply ) Tj ET Q q 0 0 0 rg BT 497.58 369.68 Td (with ) Tj ET Q q 0 0 0 rg BT 526.34 369.68 Td (debt ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 357.68 Td (obligations ) Tj ET Q q 0 0 0 rg BT 271.07 357.68 Td (of ) Tj ET Q q 0 0 0 rg BT 283.80 357.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 333.85 357.68 Td (or ) Tj ET Q q 0 0 0 rg BT 346.58 357.68 Td (any ) Tj ET Q q 0 0 0 rg BT 366.64 357.68 Td (of ) Tj ET Q q 0 0 0 rg BT 379.37 357.68 Td (its ) Tj ET Q q 0 0 0 rg BT 393.44 357.68 Td (direct ) Tj ET Q q 0 0 0 rg BT 423.49 357.68 Td (or ) Tj ET Q q 0 0 0 rg BT 436.23 357.68 Td (indirect ) Tj ET Q q 0 0 0 rg BT 475.61 357.68 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 535.01 357.68 Td (on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 345.68 Td (loans ) Tj ET Q q 0 0 0 rg BT 245.82 345.68 Td (held ) Tj ET Q q 0 0 0 rg BT 271.96 345.68 Td (by ) Tj ET Q q 0 0 0 rg BT 289.45 345.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 342.26 345.68 Td (or ) Tj ET Q q 0 0 0 rg BT 357.74 345.68 Td (its ) Tj ET Q q 0 0 0 rg BT 374.57 345.68 Td (af) Tj ET Q q 0 0 0 rg BT 383.67 345.68 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 424.81 345.68 Td (and ) Tj ET Q q 0 0 0 rg BT 447.62 345.68 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 467.10 345.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 494.58 345.68 Td (emer) Tj ET Q q 0 0 0 rg BT 518.35 345.68 Td (gency ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 333.68 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 281.03 333.68 Td (including, ) Tj ET Q q 0 0 0 rg BT 331.07 333.68 Td (without ) Tj ET Q q 0 0 0 rg BT 369.45 333.68 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 420.83 333.68 Td (to ) Tj ET Q q 0 0 0 rg BT 431.88 333.68 Td (avoid ) Tj ET Q q 0 0 0 rg BT 460.26 333.68 Td (damage ) Tj ET Q q 0 0 0 rg BT 499.29 333.68 Td (to ) Tj ET Q q 0 0 0 rg BT 510.34 333.68 Td (persons ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 321.68 Td (or ) Tj ET Q q 0 0 0 rg BT 226.96 321.68 Td (property ) Tj ET Q q 0 0 0 rg BT 269.57 321.68 Td (but ) Tj ET Q q 0 0 0 rg BT 286.86 321.68 Td (in ) Tj ET Q q 0 0 0 rg BT 298.16 321.68 Td (no ) Tj ET Q q 0 0 0 rg BT 312.12 321.68 Td (event ) Tj ET Q q 0 0 0 rg BT 340.06 321.68 Td (as ) Tj ET Q q 0 0 0 rg BT 352.02 321.68 Td (to ) Tj ET Q q 0 0 0 rg BT 363.31 321.68 Td (capital ) Tj ET Q q 0 0 0 rg BT 397.25 321.68 Td (calls ) Tj ET Q q 0 0 0 rg BT 421.20 321.68 Td (under ) Tj ET Q q 0 0 0 rg BT 450.49 321.68 Td (this ) Tj ET Q q 0 0 0 rg BT 469.78 321.68 Td (clause ) Tj ET Q q 0 0 0 rg BT 501.73 321.68 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 517.68 321.68 Td (which ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 309.68 Td (are ) Tj ET Q q 0 0 0 rg BT 231.33 309.68 Td (more ) Tj ET Q q 0 0 0 rg BT 257.66 309.68 Td (than ) Tj ET Q q 0 0 0 rg BT 280.00 309.68 Td ($10,000,000 ) Tj ET Q q 0 0 0 rg BT 341.68 309.68 Td (per ) Tj ET Q q 0 0 0 rg BT 358.68 309.68 Td (year; ) Tj ET Q q 0 0 0 rg BT 384.34 309.68 Td (provided ) Tj ET Q q 0 0 0 rg BT 428.68 309.68 Td (that ) Tj ET Q q 0 0 0 rg BT 448.35 309.68 Td (in ) Tj ET Q q 0 0 0 rg BT 459.36 309.68 Td (each ) Tj ET Q q 0 0 0 rg BT 483.02 309.68 Td (case ) Tj ET Q q 0 0 0 rg BT 505.35 309.68 Td (of ) Tj ET Q q 0 0 0 rg BT 517.02 309.68 Td (clause ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 297.68 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 231.15 297.68 Td (and ) Tj ET Q q 0 0 0 rg BT 250.64 297.68 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 266.79 297.68 Td (such ) Tj ET Q q 0 0 0 rg BT 290.95 297.68 Td (capital ) Tj ET Q q 0 0 0 rg BT 325.09 297.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 349.92 297.68 Td (only ) Tj ET Q q 0 0 0 rg BT 373.41 297.68 Td (result ) Tj ET Q q 0 0 0 rg BT 402.23 297.68 Td (in ) Tj ET Q q 0 0 0 rg BT 413.73 297.68 Td (pro ) Tj ET Q q 0 0 0 rg BT 431.88 297.68 Td (rata ) Tj ET Q q 0 0 0 rg BT 452.02 297.68 Td (dilution ) Tj ET Q q 0 0 0 rg BT 491.52 297.68 Td (to ) Tj ET Q q 0 0 0 rg BT 503.02 297.68 Td (members ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 285.68 Td (that ) Tj ET Q q 0 0 0 rg BT 236.36 285.68 Td (fail ) Tj ET Q q 0 0 0 rg BT 255.72 285.68 Td (to ) Tj ET Q q 0 0 0 rg BT 268.42 285.68 Td (contribute ) Tj ET Q q 0 0 0 rg BT 320.43 285.68 Td (the ) Tj ET Q q 0 0 0 rg BT 338.46 285.68 Td (same; ) Tj ET Q q 0 0 0 rg BT 369.82 285.68 Td (and ) Tj ET Q q 0 0 0 rg BT 390.51 285.68 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 407.87 285.68 Td (that ) Tj ET Q q 0 0 0 rg BT 429.23 285.68 Td (any ) Tj ET Q q 0 0 0 rg BT 449.92 285.68 Td (of ) Tj ET Q q 0 0 0 rg BT 463.28 285.68 Td (FC, ) Tj ET Q q 0 0 0 rg BT 484.33 285.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 526.34 285.68 Td (and/) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 273.68 Td (or ) Tj ET Q q 0 0 0 rg BT 227.57 273.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 277.48 273.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 302.72 273.68 Td (not ) Tj ET Q q 0 0 0 rg BT 320.63 273.68 Td (be ) Tj ET Q q 0 0 0 rg BT 334.54 273.68 Td (entitled ) Tj ET Q q 0 0 0 rg BT 373.10 273.68 Td (to ) Tj ET Q q 0 0 0 rg BT 385.02 273.68 Td (cast ) Tj ET Q q 0 0 0 rg BT 406.25 273.68 Td (a ) Tj ET Q q 0 0 0 rg BT 414.15 273.68 Td (vote ) Tj ET Q q 0 0 0 rg BT 437.39 273.68 Td (on ) Tj ET Q q 0 0 0 rg BT 451.97 273.68 Td (any ) Tj ET Q q 0 0 0 rg BT 471.88 273.68 Td (matter ) Tj ET Q q 0 0 0 rg BT 505.10 273.68 Td (or ) Tj ET Q q 0 0 0 rg BT 517.68 273.68 Td (action ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 261.68 Td (in ) Tj ET Q q 0 0 0 rg BT 228.16 261.68 Td (which ) Tj ET Q q 0 0 0 rg BT 261.31 261.68 Td (FC, ) Tj ET Q q 0 0 0 rg BT 282.81 261.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 325.29 261.68 Td (and/or ) Tj ET Q q 0 0 0 rg BT 359.77 261.68 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 406.61 261.68 Td (, ) Tj ET Q q 0 0 0 rg BT 413.44 261.68 Td (as ) Tj ET Q q 0 0 0 rg BT 427.26 261.68 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 483.39 261.68 Td (has ) Tj ET Q q 0 0 0 rg BT 503.21 261.68 Td (an ) Tj ET Q q 0 0 0 rg BT 518.36 261.68 Td (actual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 249.68 Td (conflict ) Tj ET Q q 0 0 0 rg BT 256.11 249.68 Td (of ) Tj ET Q q 0 0 0 rg BT 270.56 249.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 310.34 249.68 Td (\(including, ) Tj ET Q q 0 0 0 rg BT 367.13 249.68 Td (as ) Tj ET Q q 0 0 0 rg BT 381.58 249.68 Td (it ) Tj ET Q q 0 0 0 rg BT 392.71 249.68 Td (relates ) Tj ET Q q 0 0 0 rg BT 428.48 249.68 Td (to ) Tj ET Q q 0 0 0 rg BT 442.27 249.68 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 489.12 249.68 Td (, ) Tj ET Q q 0 0 0 rg BT 496.58 249.68 Td (any ) Tj ET Q q 0 0 0 rg BT 518.36 249.68 Td (actual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 237.68 Td (conflict ) Tj ET Q q 0 0 0 rg BT 255.16 237.68 Td (as ) Tj ET Q q 0 0 0 rg BT 268.66 237.68 Td (it ) Tj ET Q q 0 0 0 rg BT 278.83 237.68 Td (relates ) Tj ET Q q 0 0 0 rg BT 313.65 237.68 Td (to ) Tj ET Q q 0 0 0 rg BT 326.50 237.68 Td (any ) Tj ET Q q 0 0 0 rg BT 347.33 237.68 Td (loan ) Tj ET Q q 0 0 0 rg BT 371.50 237.68 Td (by ) Tj ET Q q 0 0 0 rg BT 387.00 237.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 437.83 237.68 Td (to ) Tj ET Q q 0 0 0 rg BT 450.68 237.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 501.50 237.68 Td (and/or ) Tj ET Q q 0 0 0 rg BT 535.66 237.68 Td (its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 225.68 Td (subsidiaries\). ) Tj ET Q q 0 0 0 rg BT 281.66 225.68 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 201.68 Td (The ) Tj ET Q q 0 0 0 rg BT 239.52 201.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 295.38 201.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 341.89 201.68 Td (will ) Tj ET Q q 0 0 0 rg BT 366.42 201.68 Td (not ) Tj ET Q q 0 0 0 rg BT 387.61 201.68 Td (approve ) Tj ET Q q 0 0 0 rg BT 432.12 201.68 Td (or ) Tj ET Q q 0 0 0 rg BT 447.98 201.68 Td (disapprove ) Tj ET Q q 0 0 0 rg BT 506.49 201.68 Td (a ) Tj ET Q q 0 0 0 rg BT 517.67 201.68 Td (Major ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 189.68 Td (Decision ) Tj ET Q q 0 0 0 rg BT 261.46 189.68 Td (under ) Tj ET Q q 0 0 0 rg BT 292.59 189.68 Td (the ) Tj ET Q q 0 0 0 rg BT 311.06 189.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 362.18 189.68 Td (LLC ) Tj ET Q q 0 0 0 rg BT 387.81 189.68 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 444.92 189.68 Td (unless ) Tj ET Q q 0 0 0 rg BT 478.73 189.68 Td (it ) Tj ET Q q 0 0 0 rg BT 489.20 189.68 Td (first ) Tj ET Q q 0 0 0 rg BT 512.33 189.68 Td (obtains ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 177.68 Td (the ) Tj ET Q q 0 0 0 rg BT 233.00 177.68 Td (approval ) Tj ET Q q 0 0 0 rg BT 278.33 177.68 Td (or ) Tj ET Q q 0 0 0 rg BT 291.67 177.68 Td (receives ) Tj ET Q q 0 0 0 rg BT 334.32 177.68 Td (the ) Tj ET Q q 0 0 0 rg BT 352.32 177.68 Td (disapproval ) Tj ET Q q 0 0 0 rg BT 411.66 177.68 Td (of ) Tj ET Q q 0 0 0 rg BT 425.00 177.68 Td (such ) Tj ET Q q 0 0 0 rg BT 450.34 177.68 Td (matter ) Tj ET Q q 0 0 0 rg BT 484.33 177.68 Td (by ) Tj ET Q q 0 0 0 rg BT 499.67 177.68 Td (NorthStar ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 165.68 Td (to ) Tj ET Q q 0 0 0 rg BT 227.29 165.68 Td (the ) Tj ET Q q 0 0 0 rg BT 244.92 165.68 Td (extent ) Tj ET Q q 0 0 0 rg BT 277.20 165.68 Td (contemplated ) Tj ET Q q 0 0 0 rg BT 344.80 165.68 Td (hereby) Tj ET Q q 0 0 0 rg BT 376.67 165.68 Td (. ) Tj ET Q q 0 0 0 rg BT 382.63 165.68 Td ( ) Tj ET Q q 0 0 0 rg BT 385.59 165.68 Td (In ) Tj ET Q q 0 0 0 rg BT 398.54 165.68 Td (no ) Tj ET Q q 0 0 0 rg BT 413.50 165.68 Td (event ) Tj ET Q q 0 0 0 rg BT 442.45 165.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 468.08 165.68 Td (the ) Tj ET Q q 0 0 0 rg BT 485.70 165.68 Td (non-material ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 153.68 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 259.77 153.68 Td (course ) Tj ET Q q 0 0 0 rg BT 295.20 153.68 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 351.29 153.68 Td (management ) Tj ET Q q 0 0 0 rg BT 416.71 153.68 Td (and ) Tj ET Q q 0 0 0 rg BT 438.15 153.68 Td (activities ) Tj ET Q q 0 0 0 rg BT 485.58 153.68 Td (of ) Tj ET Q q 0 0 0 rg BT 499.69 153.68 Td (Purchaser ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 141.68 Td (and/or ) Tj ET Q q 0 0 0 rg BT 248.66 141.68 Td (its ) Tj ET Q q 0 0 0 rg BT 262.99 141.68 Td (direct ) Tj ET Q q 0 0 0 rg BT 293.31 141.68 Td (or ) Tj ET Q q 0 0 0 rg BT 306.31 141.68 Td (indirect ) Tj ET Q q 0 0 0 rg BT 345.96 141.68 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 405.62 141.68 Td (constitute ) Tj ET Q q 0 0 0 rg BT 455.28 141.68 Td (Major ) Tj ET Q q 0 0 0 rg BT 487.60 141.68 Td (Decisions. ) Tj ET Q q 0 0 0 rg BT 540.93 141.68 Td ( ) Tj ET Q endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 490.95 771.40 Td (Exhibit B) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 708.87 Td (Initial Capital) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 696.87 Td (Contributions:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 708.68 Td (Concurrently ) Tj ET Q q 0 0 0 rg BT 281.80 708.68 Td (with ) Tj ET Q q 0 0 0 rg BT 306.62 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 324.76 708.68 Td (execution ) Tj ET Q q 0 0 0 rg BT 374.89 708.68 Td (of ) Tj ET Q q 0 0 0 rg BT 388.37 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 406.51 708.68 Td (SP) Tj ET Q q 0 0 0 rg BT 418.76 708.68 Td (A, ) Tj ET Q q 0 0 0 rg BT 433.91 708.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 484.72 708.68 Td (will ) Tj ET Q q 0 0 0 rg BT 506.87 708.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 532.35 708.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 696.68 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 264.64 696.68 Td (amount ) Tj ET Q q 0 0 0 rg BT 303.65 696.68 Td (of ) Tj ET Q q 0 0 0 rg BT 316.65 696.68 Td (the ) Tj ET Q q 0 0 0 rg BT 334.32 696.68 Td (pro ) Tj ET Q q 0 0 0 rg BT 353.33 696.68 Td (rata ) Tj ET Q q 0 0 0 rg BT 374.32 696.68 Td (portion ) Tj ET Q q 0 0 0 rg BT 411.99 696.68 Td (of ) Tj ET Q q 0 0 0 rg BT 424.99 696.68 Td (the ) Tj ET Q q 0 0 0 rg BT 442.66 696.68 Td (Deposit ) Tj ET Q q 0 0 0 rg BT 483.00 696.68 Td (\(as ) Tj ET Q q 0 0 0 rg BT 500.00 696.68 Td (such ) Tj ET Q q 0 0 0 rg BT 525.01 696.68 Td (term ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 684.68 Td (is ) Tj ET Q q 0 0 0 rg BT 226.51 684.68 Td (defined ) Tj ET Q q 0 0 0 rg BT 266.00 684.68 Td (in ) Tj ET Q q 0 0 0 rg BT 278.84 684.68 Td (the ) Tj ET Q q 0 0 0 rg BT 297.01 684.68 Td (SP) Tj ET Q q 0 0 0 rg BT 309.25 684.68 Td (A\) ) Tj ET Q q 0 0 0 rg BT 325.42 684.68 Td (to ) Tj ET Q q 0 0 0 rg BT 338.26 684.68 Td (be ) Tj ET Q q 0 0 0 rg BT 353.10 684.68 Td (funded ) Tj ET Q q 0 0 0 rg BT 389.93 684.68 Td (by ) Tj ET Q q 0 0 0 rg BT 405.43 684.68 Td (the ) Tj ET Q q 0 0 0 rg BT 423.60 684.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 477.10 684.68 Td (Member) Tj ET Q q 0 0 0 rg BT 517.09 684.68 Td (. ) Tj ET Q q 0 0 0 rg BT 523.60 684.68 Td ( ) Tj ET Q q 0 0 0 rg BT 526.33 684.68 Td (Any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 672.68 Td (amounts ) Tj ET Q q 0 0 0 rg BT 259.43 672.68 Td (funded ) Tj ET Q q 0 0 0 rg BT 296.52 672.68 Td (by ) Tj ET Q q 0 0 0 rg BT 312.28 672.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 363.37 672.68 Td (on ) Tj ET Q q 0 0 0 rg BT 379.14 672.68 Td (account ) Tj ET Q q 0 0 0 rg BT 420.21 672.68 Td (of ) Tj ET Q q 0 0 0 rg BT 433.97 672.68 Td (the ) Tj ET Q q 0 0 0 rg BT 452.40 672.68 Td (Deposit ) Tj ET Q q 0 0 0 rg BT 493.49 672.68 Td (\(as ) Tj ET Q q 0 0 0 rg BT 511.25 672.68 Td (may ) Tj ET Q q 0 0 0 rg BT 535.67 672.68 Td (be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 660.68 Td (reduced ) Tj ET Q q 0 0 0 rg BT 255.01 660.68 Td (by ) Tj ET Q q 0 0 0 rg BT 269.05 660.68 Td (the ) Tj ET Q q 0 0 0 rg BT 285.75 660.68 Td (Escrow ) Tj ET Q q 0 0 0 rg BT 323.33 660.68 Td (Amount\) ) Tj ET Q q 0 0 0 rg BT 368.70 660.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 393.40 660.68 Td (be ) Tj ET Q q 0 0 0 rg BT 406.77 660.68 Td (credited ) Tj ET Q q 0 0 0 rg BT 447.45 660.68 Td (to ) Tj ET Q q 0 0 0 rg BT 458.82 660.68 Td (NorthStar's ) Tj ET Q q 0 0 0 rg BT 515.02 660.68 Td (capital ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 648.68 Td (account ) Tj ET Q q 0 0 0 rg BT 255.31 648.68 Td (following ) Tj ET Q q 0 0 0 rg BT 304.98 648.68 Td (the ) Tj ET Q q 0 0 0 rg BT 322.64 648.68 Td (formation ) Tj ET Q q 0 0 0 rg BT 372.96 648.68 Td (of ) Tj ET Q q 0 0 0 rg BT 385.95 648.68 Td (the ) Tj ET Q q 0 0 0 rg BT 403.61 648.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 456.61 648.68 Td (Member) Tj ET Q q 0 0 0 rg BT 496.60 648.68 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 621.87 Td (Capital Contributions:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 621.68 Td (Any ) Tj ET Q q 0 0 0 rg BT 238.88 621.68 Td (capital ) Tj ET Q q 0 0 0 rg BT 274.07 621.68 Td (calls ) Tj ET Q q 0 0 0 rg BT 299.27 621.68 Td (by ) Tj ET Q q 0 0 0 rg BT 314.47 621.68 Td (the ) Tj ET Q q 0 0 0 rg BT 332.34 621.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 382.87 621.68 Td (other ) Tj ET Q q 0 0 0 rg BT 410.73 621.68 Td (than ) Tj ET Q q 0 0 0 rg BT 434.60 621.68 Td (Permitted ) Tj ET Q q 0 0 0 rg BT 484.47 621.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 522.34 621.68 Td (Calls ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 609.68 Td (will ) Tj ET Q q 0 0 0 rg BT 236.67 609.68 Td (require ) Tj ET Q q 0 0 0 rg BT 273.65 609.68 Td (the ) Tj ET Q q 0 0 0 rg BT 291.31 609.68 Td (prior ) Tj ET Q q 0 0 0 rg BT 317.63 609.68 Td (approval ) Tj ET Q q 0 0 0 rg BT 362.62 609.68 Td (of ) Tj ET Q q 0 0 0 rg BT 375.61 609.68 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 422.28 609.68 Td (. ) Tj ET Q q 0 0 0 rg BT 428.28 609.68 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 585.68 Td (T) Tj ET Q q 0 0 0 rg BT 221.49 585.68 Td (o ) Tj ET Q q 0 0 0 rg BT 232.58 585.68 Td (the ) Tj ET Q q 0 0 0 rg BT 252.32 585.68 Td (extent ) Tj ET Q q 0 0 0 rg BT 286.72 585.68 Td (the ) Tj ET Q q 0 0 0 rg BT 306.47 585.68 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 353.30 585.68 Td (, ) Tj ET Q q 0 0 0 rg BT 361.39 585.68 Td (subject ) Tj ET Q q 0 0 0 rg BT 400.46 585.68 Td (to ) Tj ET Q q 0 0 0 rg BT 414.88 585.68 Td (the ) Tj ET Q q 0 0 0 rg BT 434.62 585.68 Td (immediately ) Tj ET Q q 0 0 0 rg BT 499.69 585.68 Td (preceding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 573.68 Td (paragraph ) Tj ET Q q 0 0 0 rg BT 267.63 573.68 Td (and ) Tj ET Q q 0 0 0 rg BT 289.61 573.68 Td (Fees ) Tj ET Q q 0 0 0 rg BT 321.59 573.68 Td (and ) Tj ET Q q 0 0 0 rg BT 343.57 573.68 Td (Carry ) Tj ET Q q 0 0 0 rg BT 380.88 573.68 Td (below) Tj ET Q q 0 0 0 rg BT 409.42 573.68 Td (, ) Tj ET Q q 0 0 0 rg BT 417.08 573.68 Td (calls ) Tj ET Q q 0 0 0 rg BT 443.72 573.68 Td (for ) Tj ET Q q 0 0 0 rg BT 462.37 573.68 Td (additional ) Tj ET Q q 0 0 0 rg BT 515.02 573.68 Td (capital ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 561.68 Td (contributions ) Tj ET Q q 0 0 0 rg BT 280.70 561.68 Td (to ) Tj ET Q q 0 0 0 rg BT 292.41 561.68 Td (be ) Tj ET Q q 0 0 0 rg BT 306.10 561.68 Td (made ) Tj ET Q q 0 0 0 rg BT 334.46 561.68 Td (by ) Tj ET Q q 0 0 0 rg BT 348.83 561.68 Td (its ) Tj ET Q q 0 0 0 rg BT 362.54 561.68 Td (members ) Tj ET Q q 0 0 0 rg BT 408.90 561.68 Td (or ) Tj ET Q q 0 0 0 rg BT 421.27 561.68 Td (partners, ) Tj ET Q q 0 0 0 rg BT 465.29 561.68 Td (as ) Tj ET Q q 0 0 0 rg BT 477.66 561.68 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 532.33 561.68 Td (FC ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 549.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 240.48 549.68 Td (provide ) Tj ET Q q 0 0 0 rg BT 279.95 549.68 Td (a ) Tj ET Q q 0 0 0 rg BT 288.10 549.68 Td (copy ) Tj ET Q q 0 0 0 rg BT 314.24 549.68 Td (of ) Tj ET Q q 0 0 0 rg BT 327.05 549.68 Td (such ) Tj ET Q q 0 0 0 rg BT 351.87 549.68 Td (capital ) Tj ET Q q 0 0 0 rg BT 386.66 549.68 Td (call ) Tj ET Q q 0 0 0 rg BT 406.80 549.68 Td (request ) Tj ET Q q 0 0 0 rg BT 444.27 549.68 Td (\(each, ) Tj ET Q q 0 0 0 rg BT 476.06 549.68 Td (a ) Tj ET Q q 0 0 0 rg BT 484.20 549.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 527.01 549.68 Td (Call ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 537.68 Td (Notice\) ) Tj ET Q q 0 0 0 rg BT 258.96 537.68 Td (to ) Tj ET Q q 0 0 0 rg BT 270.94 537.68 Td (each ) Tj ET Q q 0 0 0 rg BT 295.56 537.68 Td (Member) Tj ET Q q 0 0 0 rg BT 335.55 537.68 Td (. ) Tj ET Q q 0 0 0 rg BT 341.20 537.68 Td ( ) Tj ET Q q 0 0 0 rg BT 343.85 537.68 Td (Upon ) Tj ET Q q 0 0 0 rg BT 373.16 537.68 Td (receipt ) Tj ET Q q 0 0 0 rg BT 408.45 537.68 Td (of ) Tj ET Q q 0 0 0 rg BT 421.09 537.68 Td (any ) Tj ET Q q 0 0 0 rg BT 441.06 537.68 Td (permitted ) Tj ET Q q 0 0 0 rg BT 489.70 537.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 527.00 537.68 Td (Call ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 525.68 Td (Notice, ) Tj ET Q q 0 0 0 rg BT 252.59 525.68 Td (each ) Tj ET Q q 0 0 0 rg BT 277.17 525.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 320.42 525.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 345.68 525.68 Td (be ) Tj ET Q q 0 0 0 rg BT 359.61 525.68 Td (required ) Tj ET Q q 0 0 0 rg BT 402.19 525.68 Td (to ) Tj ET Q q 0 0 0 rg BT 414.12 525.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 438.72 525.68 Td (its ) Tj ET Q q 0 0 0 rg BT 452.65 525.68 Td (pro ) Tj ET Q q 0 0 0 rg BT 471.25 525.68 Td (rata ) Tj ET Q q 0 0 0 rg BT 491.83 525.68 Td (share ) Tj ET Q q 0 0 0 rg BT 519.75 525.68 Td (of ) Tj ET Q q 0 0 0 rg BT 532.35 525.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 513.68 Td (same ) Tj ET Q q 0 0 0 rg BT 242.66 513.68 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 301.85 513.68 Td (, ) Tj ET Q q 0 0 0 rg BT 307.85 513.68 Td (Required ) Tj ET Q q 0 0 0 rg BT 360.16 513.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 397.82 513.68 Td (Contributions\). ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 486.87 Td (Failure to Fund:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 486.68 Td (If ) Tj ET Q q 0 0 0 rg BT 229.18 486.68 Td (a ) Tj ET Q q 0 0 0 rg BT 240.70 486.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 287.54 486.68 Td (fails ) Tj ET Q q 0 0 0 rg BT 314.39 486.68 Td (to ) Tj ET Q q 0 0 0 rg BT 329.91 486.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 358.10 486.68 Td (any ) Tj ET Q q 0 0 0 rg BT 381.61 486.68 Td (portion ) Tj ET Q q 0 0 0 rg BT 422.47 486.68 Td (of ) Tj ET Q q 0 0 0 rg BT 438.65 486.68 Td (any ) Tj ET Q q 0 0 0 rg BT 462.17 486.68 Td (Required ) Tj ET Q q 0 0 0 rg BT 512.34 486.68 Td (Capital ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 474.68 Td (Contribution ) Tj ET Q q 0 0 0 rg BT 280.77 474.68 Td (other ) Tj ET Q q 0 0 0 rg BT 309.87 474.68 Td (than ) Tj ET Q q 0 0 0 rg BT 334.96 474.68 Td (Permitted ) Tj ET Q q 0 0 0 rg BT 386.06 474.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 425.15 474.68 Td (Calls, ) Tj ET Q q 0 0 0 rg BT 457.26 474.68 Td (the ) Tj ET Q q 0 0 0 rg BT 476.36 474.68 Td (non-defaulting ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 462.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 263.44 462.68 Td (may ) Tj ET Q q 0 0 0 rg BT 291.88 462.68 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 310.99 462.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 340.78 462.68 Td (such ) Tj ET Q q 0 0 0 rg BT 370.56 462.68 Td (portion ) Tj ET Q q 0 0 0 rg BT 413.01 462.68 Td (of ) Tj ET Q q 0 0 0 rg BT 430.79 462.68 Td (such ) Tj ET Q q 0 0 0 rg BT 460.57 462.68 Td (Required ) Tj ET Q q 0 0 0 rg BT 512.34 462.68 Td (Capital ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 450.68 Td (Contribution ) Tj ET Q q 0 0 0 rg BT 282.64 450.68 Td (on ) Tj ET Q q 0 0 0 rg BT 300.95 450.68 Td (behalf ) Tj ET Q q 0 0 0 rg BT 337.23 450.68 Td (of ) Tj ET Q q 0 0 0 rg BT 353.53 450.68 Td (the ) Tj ET Q q 0 0 0 rg BT 374.50 450.68 Td (defaulting ) Tj ET Q q 0 0 0 rg BT 429.45 450.68 Td (member ) Tj ET Q q 0 0 0 rg BT 475.07 450.68 Td (and ) Tj ET Q q 0 0 0 rg BT 498.71 450.68 Td (dilute ) Tj ET Q q 0 0 0 rg BT 532.34 450.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 438.68 Td (defaulting ) Tj ET Q q 0 0 0 rg BT 265.78 438.68 Td (Member's ) Tj ET Q q 0 0 0 rg BT 315.39 438.68 Td (percentage ) Tj ET Q q 0 0 0 rg BT 369.48 438.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 406.92 438.68 Td (on ) Tj ET Q q 0 0 0 rg BT 421.05 438.68 Td (a ) Tj ET Q q 0 0 0 rg BT 428.50 438.68 Td (1.5:1 ) Tj ET Q q 0 0 0 rg BT 454.96 438.68 Td (basis, ) Tj ET Q q 0 0 0 rg BT 484.09 438.68 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 500.88 438.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 525.00 438.68 Td (such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 426.68 Td (portion ) Tj ET Q q 0 0 0 rg BT 255.17 426.68 Td (of ) Tj ET Q q 0 0 0 rg BT 270.68 426.68 Td (such ) Tj ET Q q 0 0 0 rg BT 298.18 426.68 Td (Required ) Tj ET Q q 0 0 0 rg BT 347.67 426.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 387.84 426.68 Td (Contribution ) Tj ET Q q 0 0 0 rg BT 454.68 426.68 Td (as ) Tj ET Q q 0 0 0 rg BT 470.19 426.68 Td (a ) Tj ET Q q 0 0 0 rg BT 481.02 426.68 Td (loan ) Tj ET Q q 0 0 0 rg BT 507.19 426.68 Td (\(each, ) Tj ET Q q 0 0 0 rg BT 541.67 426.68 Td (a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 414.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 263.16 414.68 Td (Loan\) ) Tj ET Q q 0 0 0 rg BT 299.31 414.68 Td (at ) Tj ET Q q 0 0 0 rg BT 310.15 414.68 Td (the ) Tj ET Q q 0 0 0 rg BT 326.98 414.68 Td (rate ) Tj ET Q q 0 0 0 rg BT 347.14 414.68 Td (of ) Tj ET Q q 0 0 0 rg BT 359.32 414.68 Td (20% ) Tj ET Q q 0 0 0 rg BT 383.49 414.68 Td (per ) Tj ET Q q 0 0 0 rg BT 400.99 414.68 Td (annum, ) Tj ET Q q 0 0 0 rg BT 438.83 414.68 Td (to ) Tj ET Q q 0 0 0 rg BT 450.34 414.68 Td (be ) Tj ET Q q 0 0 0 rg BT 463.84 414.68 Td (repaid ) Tj ET Q q 0 0 0 rg BT 496.00 414.68 Td (as ) Tj ET Q q 0 0 0 rg BT 508.17 414.68 Td (set ) Tj ET Q q 0 0 0 rg BT 523.68 414.68 Td (forth ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 402.68 Td (herein, ) Tj ET Q q 0 0 0 rg BT 251.63 402.68 Td (or ) Tj ET Q q 0 0 0 rg BT 265.27 402.68 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 286.91 402.68 Td (obtain ) Tj ET Q q 0 0 0 rg BT 320.54 402.68 Td (third ) Tj ET Q q 0 0 0 rg BT 346.85 402.68 Td (party ) Tj ET Q q 0 0 0 rg BT 375.15 402.68 Td (equity ) Tj ET Q q 0 0 0 rg BT 408.79 402.68 Td (to ) Tj ET Q q 0 0 0 rg BT 421.77 402.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 447.41 402.68 Td (such ) Tj ET Q q 0 0 0 rg BT 473.05 402.68 Td (portion ) Tj ET Q q 0 0 0 rg BT 511.36 402.68 Td (of ) Tj ET Q q 0 0 0 rg BT 525.00 402.68 Td (such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 390.68 Td (Required ) Tj ET Q q 0 0 0 rg BT 261.99 390.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 299.66 390.68 Td (Contribution ) Tj ET Q q 0 0 0 rg BT 364.00 390.68 Td (on ) Tj ET Q q 0 0 0 rg BT 379.01 390.68 Td (terms ) Tj ET Q q 0 0 0 rg BT 408.68 390.68 Td (to ) Tj ET Q q 0 0 0 rg BT 421.02 390.68 Td (be ) Tj ET Q q 0 0 0 rg BT 435.35 390.68 Td (determined ) Tj ET Q q 0 0 0 rg BT 492.34 390.68 Td (by ) Tj ET Q q 0 0 0 rg BT 507.34 390.68 Td (the ) Tj ET Q q 0 0 0 rg BT 525.01 390.68 Td (non-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 378.68 Td (defaulting ) Tj ET Q q 0 0 0 rg BT 267.32 378.68 Td (Member) Tj ET Q q 0 0 0 rg BT 307.31 378.68 Td (. ) Tj ET Q q 0 0 0 rg BT 313.99 378.68 Td ( ) Tj ET Q q 0 0 0 rg BT 317.66 378.68 Td (In ) Tj ET Q q 0 0 0 rg BT 331.33 378.68 Td (addition, ) Tj ET Q q 0 0 0 rg BT 377.33 378.68 Td (in ) Tj ET Q q 0 0 0 rg BT 390.34 378.68 Td (the ) Tj ET Q q 0 0 0 rg BT 408.68 378.68 Td (event ) Tj ET Q q 0 0 0 rg BT 438.34 378.68 Td (that ) Tj ET Q q 0 0 0 rg BT 460.00 378.68 Td (a ) Tj ET Q q 0 0 0 rg BT 469.00 378.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 513.33 378.68 Td (fails ) Tj ET Q q 0 0 0 rg BT 537.66 378.68 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 366.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 239.78 366.68 Td (any ) Tj ET Q q 0 0 0 rg BT 259.89 366.68 Td (portion ) Tj ET Q q 0 0 0 rg BT 297.34 366.68 Td (of ) Tj ET Q q 0 0 0 rg BT 310.12 366.68 Td (any ) Tj ET Q q 0 0 0 rg BT 330.23 366.68 Td (Required ) Tj ET Q q 0 0 0 rg BT 377.00 366.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 414.45 366.68 Td (Contribution, ) Tj ET Q q 0 0 0 rg BT 481.57 366.68 Td (such ) Tj ET Q q 0 0 0 rg BT 506.35 366.68 Td (Member ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 354.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 240.66 354.68 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 273.65 354.68 Td (its ) Tj ET Q q 0 0 0 rg BT 287.98 354.68 Td (voting ) Tj ET Q q 0 0 0 rg BT 321.65 354.68 Td (rights, ) Tj ET Q q 0 0 0 rg BT 354.99 354.68 Td (if ) Tj ET Q q 0 0 0 rg BT 365.32 354.68 Td (any) Tj ET Q q 0 0 0 rg BT 381.86 354.68 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 330.68 Td (In ) Tj ET Q q 0 0 0 rg BT 228.13 330.68 Td (addition, ) Tj ET Q q 0 0 0 rg BT 273.58 330.68 Td (if ) Tj ET Q q 0 0 0 rg BT 284.04 330.68 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 301.16 330.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 351.62 330.68 Td (is ) Tj ET Q q 0 0 0 rg BT 362.75 330.68 Td (the ) Tj ET Q q 0 0 0 rg BT 380.54 330.68 Td (defaulting ) Tj ET Q q 0 0 0 rg BT 432.32 330.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 476.10 330.68 Td (with ) Tj ET Q q 0 0 0 rg BT 500.56 330.68 Td (respect ) Tj ET Q q 0 0 0 rg BT 537.67 330.68 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 318.68 Td (any ) Tj ET Q q 0 0 0 rg BT 235.85 318.68 Td (Required ) Tj ET Q q 0 0 0 rg BT 283.37 318.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 321.55 318.68 Td (Contribution, ) Tj ET Q q 0 0 0 rg BT 389.42 318.68 Td (and ) Tj ET Q q 0 0 0 rg BT 410.27 318.68 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 427.79 318.68 Td (such ) Tj ET Q q 0 0 0 rg BT 453.31 318.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 491.50 318.68 Td (Call ) Tj ET Q q 0 0 0 rg BT 515.02 318.68 Td (Notice ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 306.68 Td (required ) Tj ET Q q 0 0 0 rg BT 259.66 306.68 Td (capital ) Tj ET Q q 0 0 0 rg BT 296.31 306.68 Td (contributions ) Tj ET Q q 0 0 0 rg BT 364.32 306.68 Td (to ) Tj ET Q q 0 0 0 rg BT 378.33 306.68 Td (pay ) Tj ET Q q 0 0 0 rg BT 400.34 306.68 Td (debt ) Tj ET Q q 0 0 0 rg BT 425.67 306.68 Td (service ) Tj ET Q q 0 0 0 rg BT 464.33 306.68 Td (under ) Tj ET Q q 0 0 0 rg BT 496.33 306.68 Td (the ) Tj ET Q q 0 0 0 rg BT 515.67 306.68 Td (Senior ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 294.68 Td (Facility ) Tj ET Q q 0 0 0 rg BT 256.37 294.68 Td (and/or ) Tj ET Q q 0 0 0 rg BT 291.73 294.68 Td (the ) Tj ET Q q 0 0 0 rg BT 310.75 294.68 Td (Third ) Tj ET Q q 0 0 0 rg BT 342.12 294.68 Td (Lien ) Tj ET Q q 0 0 0 rg BT 368.81 294.68 Td (Facility) Tj ET Q q 0 0 0 rg BT 404.69 294.68 Td (, ) Tj ET Q q 0 0 0 rg BT 412.40 294.68 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 459.25 294.68 Td (, ) Tj ET Q q 0 0 0 rg BT 466.95 294.68 Td (or ) Tj ET Q q 0 0 0 rg BT 481.65 294.68 Td (its ) Tj ET Q q 0 0 0 rg BT 497.69 294.68 Td (applicable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 282.68 Td (af) Tj ET Q q 0 0 0 rg BT 224.11 282.68 Td (filiate ) Tj ET Q q 0 0 0 rg BT 254.56 282.68 Td (who ) Tj ET Q q 0 0 0 rg BT 277.70 282.68 Td (is ) Tj ET Q q 0 0 0 rg BT 288.17 282.68 Td (the ) Tj ET Q q 0 0 0 rg BT 305.30 282.68 Td (lender ) Tj ET Q q 0 0 0 rg BT 337.75 282.68 Td (under ) Tj ET Q q 0 0 0 rg BT 367.54 282.68 Td (either ) Tj ET Q q 0 0 0 rg BT 397.33 282.68 Td (the ) Tj ET Q q 0 0 0 rg BT 414.46 282.68 Td (Senior ) Tj ET Q q 0 0 0 rg BT 448.26 282.68 Td (Facility ) Tj ET Q q 0 0 0 rg BT 487.39 282.68 Td (and/or ) Tj ET Q q 0 0 0 rg BT 520.34 282.68 Td (Third ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 270.68 Td (Lien ) Tj ET Q q 0 0 0 rg BT 240.90 270.68 Td (Facility ) Tj ET Q q 0 0 0 rg BT 281.47 270.68 Td (as ) Tj ET Q q 0 0 0 rg BT 295.38 270.68 Td (applicable, ) Tj ET Q q 0 0 0 rg BT 351.59 270.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 378.17 270.68 Td (be ) Tj ET Q q 0 0 0 rg BT 393.40 270.68 Td (estopped ) Tj ET Q q 0 0 0 rg BT 439.97 270.68 Td (from ) Tj ET Q q 0 0 0 rg BT 467.21 270.68 Td (asserting ) Tj ET Q q 0 0 0 rg BT 513.77 270.68 Td (that ) Tj ET Q q 0 0 0 rg BT 535.67 270.68 Td (an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 258.68 Td (event ) Tj ET Q q 0 0 0 rg BT 244.41 258.68 Td (of ) Tj ET Q q 0 0 0 rg BT 257.83 258.68 Td (default ) Tj ET Q q 0 0 0 rg BT 294.57 258.68 Td (has ) Tj ET Q q 0 0 0 rg BT 313.99 258.68 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 362.38 258.68 Td (and/or ) Tj ET Q q 0 0 0 rg BT 396.46 258.68 Td (exercising ) Tj ET Q q 0 0 0 rg BT 449.20 258.68 Td (any ) Tj ET Q q 0 0 0 rg BT 469.95 258.68 Td (remedies, ) Tj ET Q q 0 0 0 rg BT 519.68 258.68 Td (under ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 246.68 Td (the ) Tj ET Q q 0 0 0 rg BT 231.52 246.68 Td (Facility ) Tj ET Q q 0 0 0 rg BT 270.05 246.68 Td (for ) Tj ET Q q 0 0 0 rg BT 285.91 246.68 Td (failure ) Tj ET Q q 0 0 0 rg BT 319.09 246.68 Td (to ) Tj ET Q q 0 0 0 rg BT 330.28 246.68 Td (pay ) Tj ET Q q 0 0 0 rg BT 349.48 246.68 Td (the ) Tj ET Q q 0 0 0 rg BT 366.00 246.68 Td (portion ) Tj ET Q q 0 0 0 rg BT 402.53 246.68 Td (of ) Tj ET Q q 0 0 0 rg BT 414.39 246.68 Td (the ) Tj ET Q q 0 0 0 rg BT 430.92 246.68 Td (debt ) Tj ET Q q 0 0 0 rg BT 453.44 246.68 Td (service ) Tj ET Q q 0 0 0 rg BT 489.28 246.68 Td (to ) Tj ET Q q 0 0 0 rg BT 500.48 246.68 Td (be ) Tj ET Q q 0 0 0 rg BT 513.67 246.68 Td (funded ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 234.68 Td (by ) Tj ET Q q 0 0 0 rg BT 230.08 234.68 Td (such ) Tj ET Q q 0 0 0 rg BT 255.16 234.68 Td (Required ) Tj ET Q q 0 0 0 rg BT 302.23 234.68 Td (Capital ) Tj ET Q q 0 0 0 rg BT 339.97 234.68 Td (Contribution ) Tj ET Q q 0 0 0 rg BT 404.39 234.68 Td (\(any ) Tj ET Q q 0 0 0 rg BT 428.80 234.68 Td (such ) Tj ET Q q 0 0 0 rg BT 453.88 234.68 Td (instance, ) Tj ET Q q 0 0 0 rg BT 499.28 234.68 Td (the ) Tj ET Q q 0 0 0 rg BT 517.02 234.68 Td (Loan ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 222.68 Td (EOD ) Tj ET Q q 0 0 0 rg BT 242.66 222.68 Td (Carveout\).) Tj ET Q endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 490.95 771.40 Td (Exhibit B) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 708.87 Td (Guaranty for Purchaser) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 696.87 Td (Termination Fee:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 708.68 Td (Concurrently ) Tj ET Q q 0 0 0 rg BT 281.93 708.68 Td (with ) Tj ET Q q 0 0 0 rg BT 306.89 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 325.17 708.68 Td (execution ) Tj ET Q q 0 0 0 rg BT 375.43 708.68 Td (of ) Tj ET Q q 0 0 0 rg BT 389.04 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 407.32 708.68 Td (SP) Tj ET Q q 0 0 0 rg BT 419.57 708.68 Td (A, ) Tj ET Q q 0 0 0 rg BT 434.85 708.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 485.80 708.68 Td (will ) Tj ET Q q 0 0 0 rg BT 508.08 708.68 Td (agree ) Tj ET Q q 0 0 0 rg BT 537.68 708.68 Td (to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 696.68 Td (provide, ) Tj ET Q q 0 0 0 rg BT 262.05 696.68 Td (on ) Tj ET Q q 0 0 0 rg BT 281.45 696.68 Td (behalf ) Tj ET Q q 0 0 0 rg BT 318.83 696.68 Td (of ) Tj ET Q q 0 0 0 rg BT 336.22 696.68 Td (the ) Tj ET Q q 0 0 0 rg BT 358.28 696.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 415.67 696.68 Td (Member) Tj ET Q q 0 0 0 rg BT 455.84 696.68 Td (, ) Tj ET Q q 0 0 0 rg BT 466.24 696.68 Td (a ) Tj ET Q q 0 0 0 rg BT 478.96 696.68 Td (guaranty ) Tj ET Q q 0 0 0 rg BT 528.34 696.68 Td (\(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 684.68 Td (Guaranty\) ) Tj ET Q q 0 0 0 rg BT 276.80 684.68 Td (for ) Tj ET Q q 0 0 0 rg BT 293.29 684.68 Td (the ) Tj ET Q q 0 0 0 rg BT 310.46 684.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 362.96 684.68 Td (Member) Tj ET Q q 0 0 0 rg BT 404.05 684.68 Td () Tj ET Q q 0 0 0 rg BT 407.39 684.68 Td (s ) Tj ET Q q 0 0 0 rg BT 414.56 684.68 Td (pro ) Tj ET Q q 0 0 0 rg BT 433.06 684.68 Td (rata ) Tj ET Q q 0 0 0 rg BT 453.54 684.68 Td (share ) Tj ET Q q 0 0 0 rg BT 481.36 684.68 Td (of ) Tj ET Q q 0 0 0 rg BT 493.86 684.68 Td (that ) Tj ET Q q 0 0 0 rg BT 514.36 684.68 Td (certain ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 672.68 Td (guaranty ) Tj ET Q q 0 0 0 rg BT 259.81 672.68 Td (of ) Tj ET Q q 0 0 0 rg BT 272.64 672.68 Td (the ) Tj ET Q q 0 0 0 rg BT 290.13 672.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 340.07 672.68 Td (T) Tj ET Q q 0 0 0 rg BT 346.57 672.68 Td (ermination ) Tj ET Q q 0 0 0 rg BT 401.38 672.68 Td (Fee ) Tj ET Q q 0 0 0 rg BT 421.54 672.68 Td (\(as ) Tj ET Q q 0 0 0 rg BT 438.36 672.68 Td (such ) Tj ET Q q 0 0 0 rg BT 463.19 672.68 Td (term ) Tj ET Q q 0 0 0 rg BT 488.01 672.68 Td (is ) Tj ET Q q 0 0 0 rg BT 498.85 672.68 Td (defined ) Tj ET Q q 0 0 0 rg BT 537.66 672.68 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 660.68 Td (the ) Tj ET Q q 0 0 0 rg BT 232.63 660.68 Td (SP) Tj ET Q q 0 0 0 rg BT 244.87 660.68 Td (A\). ) Tj ET Q q 0 0 0 rg BT 263.50 660.68 Td ( ) Tj ET Q q 0 0 0 rg BT 266.47 660.68 Td (Concurrently ) Tj ET Q q 0 0 0 rg BT 332.75 660.68 Td (with ) Tj ET Q q 0 0 0 rg BT 357.05 660.68 Td (the ) Tj ET Q q 0 0 0 rg BT 374.68 660.68 Td (execution ) Tj ET Q q 0 0 0 rg BT 424.29 660.68 Td (of ) Tj ET Q q 0 0 0 rg BT 437.25 660.68 Td (the ) Tj ET Q q 0 0 0 rg BT 454.88 660.68 Td (SP) Tj ET Q q 0 0 0 rg BT 467.12 660.68 Td (A, ) Tj ET Q q 0 0 0 rg BT 481.76 660.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 499.40 660.68 Td (will ) Tj ET Q q 0 0 0 rg BT 521.04 660.68 Td (agree ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 648.68 Td (to ) Tj ET Q q 0 0 0 rg BT 226.52 648.68 Td (deposit ) Tj ET Q q 0 0 0 rg BT 263.38 648.68 Td (an ) Tj ET Q q 0 0 0 rg BT 276.89 648.68 Td (amount ) Tj ET Q q 0 0 0 rg BT 315.07 648.68 Td (equal ) Tj ET Q q 0 0 0 rg BT 343.25 648.68 Td (to ) Tj ET Q q 0 0 0 rg BT 354.77 648.68 Td ($2,500,000 ) Tj ET Q q 0 0 0 rg BT 410.96 648.68 Td (\(the ) Tj ET Q q 0 0 0 rg BT 431.80 648.68 Td (Escrow ) Tj ET Q q 0 0 0 rg BT 474.82 648.68 Td (Amount\) ) Tj ET Q q 0 0 0 rg BT 525.67 648.68 Td (with ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 636.68 Td (Madison ) Tj ET Q q 0 0 0 rg BT 260.39 636.68 Td (T) Tj ET Q q 0 0 0 rg BT 267.29 636.68 Td (itle ) Tj ET Q q 0 0 0 rg BT 285.47 636.68 Td (Agency) Tj ET Q q 0 0 0 rg BT 322.01 636.68 Td (, ) Tj ET Q q 0 0 0 rg BT 328.66 636.68 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 357.97 636.68 Td (as ) Tj ET Q q 0 0 0 rg BT 371.62 636.68 Td (escrow ) Tj ET Q q 0 0 0 rg BT 409.25 636.68 Td (agent ) Tj ET Q q 0 0 0 rg BT 438.89 636.68 Td (\(the ) Tj ET Q q 0 0 0 rg BT 461.20 636.68 Td (Escrow ) Tj ET Q q 0 0 0 rg BT 505.36 636.68 Td (Agent\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 624.68 Td (which ) Tj ET Q q 0 0 0 rg BT 247.92 624.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 274.18 624.68 Td (be ) Tj ET Q q 0 0 0 rg BT 289.10 624.68 Td (held ) Tj ET Q q 0 0 0 rg BT 313.35 624.68 Td (by ) Tj ET Q q 0 0 0 rg BT 328.94 624.68 Td (the ) Tj ET Q q 0 0 0 rg BT 347.20 624.68 Td (Escrow ) Tj ET Q q 0 0 0 rg BT 385.98 624.68 Td (Agent ) Tj ET Q q 0 0 0 rg BT 418.90 624.68 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 463.82 624.68 Td (to ) Tj ET Q q 0 0 0 rg BT 476.75 624.68 Td (a ) Tj ET Q q 0 0 0 rg BT 485.67 624.68 Td (Contribution ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 612.68 Td (and ) Tj ET Q q 0 0 0 rg BT 236.97 612.68 Td (Reimbursement ) Tj ET Q q 0 0 0 rg BT 316.57 612.68 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 374.52 612.68 Td (under ) Tj ET Q q 0 0 0 rg BT 406.49 612.68 Td (which ) Tj ET Q q 0 0 0 rg BT 440.46 612.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 459.78 612.68 Td (will ) Tj ET Q q 0 0 0 rg BT 483.09 612.68 Td (agree ) Tj ET Q q 0 0 0 rg BT 513.70 612.68 Td (for ) Tj ET Q q 0 0 0 rg BT 532.34 612.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 600.68 Td (benefit ) Tj ET Q q 0 0 0 rg BT 250.64 600.68 Td (of ) Tj ET Q q 0 0 0 rg BT 262.96 600.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 312.61 600.68 Td (that ) Tj ET Q q 0 0 0 rg BT 332.93 600.68 Td (the ) Tj ET Q q 0 0 0 rg BT 349.92 600.68 Td (Escrow ) Tj ET Q q 0 0 0 rg BT 387.72 600.68 Td (Amount ) Tj ET Q q 0 0 0 rg BT 429.38 600.68 Td (will ) Tj ET Q q 0 0 0 rg BT 450.37 600.68 Td (be ) Tj ET Q q 0 0 0 rg BT 464.02 600.68 Td (used ) Tj ET Q q 0 0 0 rg BT 488.34 600.68 Td (to ) Tj ET Q q 0 0 0 rg BT 500.00 600.68 Td (fund ) Tj ET Q q 0 0 0 rg BT 524.32 600.68 Td (FC) Tj ET Q q 0 0 0 rg BT 542.33 600.68 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 588.68 Td (pro ) Tj ET Q q 0 0 0 rg BT 233.00 588.68 Td (rata ) Tj ET Q q 0 0 0 rg BT 253.00 588.68 Td (portion ) Tj ET Q q 0 0 0 rg BT 289.67 588.68 Td (of ) Tj ET Q q 0 0 0 rg BT 301.67 588.68 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 317.67 588.68 Td (any ) Tj ET Q q 0 0 0 rg BT 337.01 588.68 Td (amounts ) Tj ET Q q 0 0 0 rg BT 379.68 588.68 Td (which ) Tj ET Q q 0 0 0 rg BT 411.01 588.68 Td (may ) Tj ET Q q 0 0 0 rg BT 433.68 588.68 Td (be ) Tj ET Q q 0 0 0 rg BT 447.02 588.68 Td (required ) Tj ET Q q 0 0 0 rg BT 489.00 588.68 Td (to ) Tj ET Q q 0 0 0 rg BT 500.35 588.68 Td (be ) Tj ET Q q 0 0 0 rg BT 513.68 588.68 Td (funded ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 576.68 Td (by ) Tj ET Q q 0 0 0 rg BT 229.37 576.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 279.07 576.68 Td (under ) Tj ET Q q 0 0 0 rg BT 308.76 576.68 Td (the ) Tj ET Q q 0 0 0 rg BT 325.79 576.68 Td (Guaranty ) Tj ET Q q 0 0 0 rg BT 372.81 576.68 Td (and/or ) Tj ET Q q 0 0 0 rg BT 405.84 576.68 Td (\(y\) ) Tj ET Q q 0 0 0 rg BT 422.21 576.68 Td (the ) Tj ET Q q 0 0 0 rg BT 439.24 576.68 Td (Deposit ) Tj ET Q q 0 0 0 rg BT 478.94 576.68 Td (which ) Tj ET Q q 0 0 0 rg BT 510.64 576.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 535.67 576.68 Td (be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 564.68 Td (disbursed ) Tj ET Q q 0 0 0 rg BT 265.27 564.68 Td (by ) Tj ET Q q 0 0 0 rg BT 281.54 564.68 Td (Escrow ) Tj ET Q q 0 0 0 rg BT 320.86 564.68 Td (Agent ) Tj ET Q q 0 0 0 rg BT 354.46 564.68 Td (to ) Tj ET Q q 0 0 0 rg BT 368.07 564.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 419.67 564.68 Td (on ) Tj ET Q q 0 0 0 rg BT 435.94 564.68 Td (the ) Tj ET Q q 0 0 0 rg BT 454.87 564.68 Td (closing ) Tj ET Q q 0 0 0 rg BT 493.81 564.68 Td (date ) Tj ET Q q 0 0 0 rg BT 518.07 564.68 Td (of ) Tj ET Q q 0 0 0 rg BT 532.34 564.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 552.68 Td (T) Tj ET Q q 0 0 0 rg BT 221.91 552.68 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 273.31 552.68 Td (or) Tj ET Q q 0 0 0 rg BT 282.83 552.68 Td (, ) Tj ET Q q 0 0 0 rg BT 287.92 552.68 Td (if ) Tj ET Q q 0 0 0 rg BT 297.34 552.68 Td (the ) Tj ET Q q 0 0 0 rg BT 314.09 552.68 Td (closing ) Tj ET Q q 0 0 0 rg BT 350.84 552.68 Td (does ) Tj ET Q q 0 0 0 rg BT 374.93 552.68 Td (not ) Tj ET Q q 0 0 0 rg BT 392.35 552.68 Td (occur) Tj ET Q q 0 0 0 rg BT 418.52 552.68 Td (, ) Tj ET Q q 0 0 0 rg BT 423.61 552.68 Td (substantially ) Tj ET Q q 0 0 0 rg BT 486.36 552.68 Td (concurrently ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 540.68 Td (with ) Tj ET Q q 0 0 0 rg BT 239.33 540.68 Td (the ) Tj ET Q q 0 0 0 rg BT 256.99 540.68 Td (payment ) Tj ET Q q 0 0 0 rg BT 301.31 540.68 Td (of ) Tj ET Q q 0 0 0 rg BT 314.31 540.68 Td (such ) Tj ET Q q 0 0 0 rg BT 339.31 540.68 Td (amounts ) Tj ET Q q 0 0 0 rg BT 382.97 540.68 Td (by ) Tj ET Q q 0 0 0 rg BT 397.97 540.68 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 444.63 540.68 Td (. ) Tj ET Q q 0 0 0 rg BT 450.63 540.68 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 513.87 Td (Distributions:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 513.68 Td (Subject to the parties agreeing to reasonable reserve requirements ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 501.68 Td (taking into account the business needs of, and any requirement to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 489.68 Td (pay debt service applicable to, Purchaser and its direct or indirect ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 477.68 Td (subsidiaries, the Purchaser shall make distributions of its net cash ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 465.68 Td (flow on a quarterly basis without the consent of any party) Tj ET Q q 0 0 0 rg BT 490.82 465.68 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 441.68 Td (Subject to requirements imposed by lenders, if any) Tj ET Q q 0 0 0 rg BT 458.16 441.68 Td (, the Formation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 429.68 Td (Member shall distribute its net cash flows on a quarterly basis.) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 490.95 771.40 Td (Exhibit B) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 708.87 Td (Fees and Carry:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 708.68 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 230.66 708.68 Td (A) Tj ET Q q 0 0 0 rg BT 238.66 708.68 Td ( management fee \(the Management Fee\) in respect of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 696.68 Td (services rendered by FC and Safanad to the Purchaser and its ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 684.68 Td (subsidiaries of 65 bps on the aggregate acquisition cost \(including ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 672.68 Td (leverage, but excluding any portion of the purchase price ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 660.68 Td (representing adjustments for cash or cash equivalents, and excluding ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 648.68 Td (any contingent payments unless such amounts are actually paid\) of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 636.68 Td (all investments held directly or indirectly by such entities, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 624.68 Td (respectively) Tj ET Q q 0 0 0 rg BT 272.19 624.68 Td (, shall be paid monthly in arrears. NorthStar shall have ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 612.68 Td (no rights to participate in, or receive any portion of, such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 600.68 Td (management fee. ) Tj ET Q q 0 0 0 rg BT 302.74 600.68 Td (The Management Fee will be subordinated to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 588.68 Td (payments of debt service and any then-current capital, operating or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 576.68 Td (other expenses of Purchaser or its subsidiaries. Purchaser shall not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 564.68 Td (be permitted to make capital calls in any fiscal year to fund more ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 552.68 Td (than 2/3 of the aggregate Management Fee payable to FC and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 540.68 Td (Safanad during the applicable fiscal year) Tj ET Q q 0 0 0 rg BT 409.92 540.68 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 516.68 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 231.78 516.68 Td (The Purchaser and/or its subsidiaries shall pay to FC and Safanad ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 504.68 Td (upon the closing of \(x\) the ) Tj ET Q q 0 0 0 rg BT 344.76 504.68 Td (T) Tj ET Q q 0 0 0 rg BT 351.66 504.68 Td (ransaction, and \(y\) an acquisition of any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 492.68 Td (new property by such respective entities, an acquisition fee in an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 480.68 Td (aggregate amount equal to one percent \(1.0%\) of the aggregate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 468.68 Td (acquisition cost \(including leverage, but excluding any portion of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 456.68 Td (purchase price representing adjustments for cash or cash equivalents, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 444.68 Td (and excluding any contingent payments unless such amounts are ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 432.68 Td (actually paid\) of either the ) Tj ET Q q 0 0 0 rg BT 344.39 432.68 Td (T) Tj ET Q q 0 0 0 rg BT 351.30 432.68 Td (ransaction or such property) Tj ET Q q 0 0 0 rg BT 481.48 432.68 Td (, as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 420.68 Td (applicable. NorthStar shall have no rights to participate in, or receive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 408.68 Td (any portion of, such acquisition fee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 384.68 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 234.10 384.68 Td (The cash flow waterfall of the Purchaser shall be as follows:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 360.68 Td ( \(i\) payment of any principal amount and interest under a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 348.68 Td (Member Loan \(or the equivalent thereof under the Purchaser) Tj ET Q q 0 0 0 rg BT 506.66 348.68 Td () Tj ET Q q 0 0 0 rg BT 510.00 348.68 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 336.68 Td (governing documents\); ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 312.68 Td ( \(ii\) to the Formation Member and Safanad until they receive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 300.68 Td (compound interest on their contributed capital of a percentage ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 288.68 Td (amount equal to 10% per annum;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 264.68 Td ( \(iii\) to the Formation Member and Safanad until they receive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 252.68 Td (100% of their contributed capital;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 228.68 Td ( \(iv\) a 50/50 catch up split between the Special Members, on the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 216.68 Td (one hand and the Formation Member and Safanad, on the other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 204.68 Td (hand, until the Special Members have received an amount equal to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 192.68 Td (20% of the dif) Tj ET Q q 0 0 0 rg BT 283.77 192.68 Td (ference between \(x\) all amounts distributed by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 180.68 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 261.83 180.68 Td (, and \(y\) the aggregate capital contributions of all ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 168.68 Td (Members to the Purchaser; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 144.68 Td ( \(v\) 80% to the Formation Member and Safanad and 20% to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 132.68 Td (Special Members.) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 490.95 771.40 Td (Exhibit B) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 708.87 Td (Restrictions on Transfer:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 708.68 Td (Any ) Tj ET Q q 0 0 0 rg BT 237.86 708.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 280.70 708.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 305.55 708.68 Td (be ) Tj ET Q q 0 0 0 rg BT 319.07 708.68 Td (permitted ) Tj ET Q q 0 0 0 rg BT 367.24 708.68 Td (to ) Tj ET Q q 0 0 0 rg BT 378.77 708.68 Td (transfer ) Tj ET Q q 0 0 0 rg BT 417.60 708.68 Td (its ) Tj ET Q q 0 0 0 rg BT 431.13 708.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 468.64 708.68 Td (in ) Tj ET Q q 0 0 0 rg BT 480.16 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 497.01 708.68 Td (Formation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 696.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 259.80 696.68 Td (to ) Tj ET Q q 0 0 0 rg BT 273.29 696.68 Td (an ) Tj ET Q q 0 0 0 rg BT 288.76 696.68 Td (af) Tj ET Q q 0 0 0 rg BT 297.87 696.68 Td (filiate ) Tj ET Q q 0 0 0 rg BT 330.00 696.68 Td (of ) Tj ET Q q 0 0 0 rg BT 344.15 696.68 Td (such ) Tj ET Q q 0 0 0 rg BT 370.29 696.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 415.10 696.68 Td (without ) Tj ET Q q 0 0 0 rg BT 455.91 696.68 Td (the ) Tj ET Q q 0 0 0 rg BT 474.72 696.68 Td (consent ) Tj ET Q q 0 0 0 rg BT 515.53 696.68 Td (of ) Tj ET Q q 0 0 0 rg BT 529.68 696.68 Td (any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 684.68 Td (other ) Tj ET Q q 0 0 0 rg BT 241.95 684.68 Td (Member) Tj ET Q q 0 0 0 rg BT 282.12 684.68 Td (, ) Tj ET Q q 0 0 0 rg BT 287.41 684.68 Td (except ) Tj ET Q q 0 0 0 rg BT 321.01 684.68 Td (as ) Tj ET Q q 0 0 0 rg BT 333.30 684.68 Td (set ) Tj ET Q q 0 0 0 rg BT 348.92 684.68 Td (forth ) Tj ET Q q 0 0 0 rg BT 374.54 684.68 Td (under ) Tj ET Q q 0 0 0 rg BT 404.15 684.68 Td (REIT) Tj ET Q q 0 0 0 rg BT 435.92 684.68 Td ( ) Tj ET Q q 0 0 0 rg BT 438.21 684.68 Td (Status. ) Tj ET Q q 0 0 0 rg BT 478.17 684.68 Td ( ) Tj ET Q q 0 0 0 rg BT 480.46 684.68 Td (Except ) Tj ET Q q 0 0 0 rg BT 516.07 684.68 Td (for ) Tj ET Q q 0 0 0 rg BT 532.35 684.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 672.68 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 270.30 672.68 Td (no ) Tj ET Q q 0 0 0 rg BT 287.94 672.68 Td (other ) Tj ET Q q 0 0 0 rg BT 318.24 672.68 Td (direct ) Tj ET Q q 0 0 0 rg BT 351.20 672.68 Td (or ) Tj ET Q q 0 0 0 rg BT 366.84 672.68 Td (indirect ) Tj ET Q q 0 0 0 rg BT 409.13 672.68 Td (transfers ) Tj ET Q q 0 0 0 rg BT 456.09 672.68 Td (of ) Tj ET Q q 0 0 0 rg BT 471.73 672.68 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.36 672.68 Td (in ) Tj ET Q q 0 0 0 rg BT 532.34 672.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 660.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 268.14 660.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 311.93 660.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 337.73 660.68 Td (be ) Tj ET Q q 0 0 0 rg BT 352.20 660.68 Td (permitted ) Tj ET Q q 0 0 0 rg BT 401.32 660.68 Td (without ) Tj ET Q q 0 0 0 rg BT 441.13 660.68 Td (the ) Tj ET Q q 0 0 0 rg BT 458.93 660.68 Td (consent ) Tj ET Q q 0 0 0 rg BT 498.72 660.68 Td (of ) Tj ET Q q 0 0 0 rg BT 511.86 660.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 529.67 660.68 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 648.68 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 261.66 648.68 Td (.) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 490.95 771.40 Td (Exhibit B) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 708.87 Td (Lockout and Sale of) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 696.87 Td (Subsidiary:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 708.68 Td (Any ) Tj ET Q q 0 0 0 rg BT 240.70 708.68 Td (sale ) Tj ET Q q 0 0 0 rg BT 264.39 708.68 Td (of ) Tj ET Q q 0 0 0 rg BT 279.43 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 299.12 708.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 355.49 708.68 Td (by ) Tj ET Q q 0 0 0 rg BT 372.53 708.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 424.88 708.68 Td (for ) Tj ET Q q 0 0 0 rg BT 443.91 708.68 Td (the ) Tj ET Q q 0 0 0 rg BT 463.60 708.68 Td (42 ) Tj ET Q q 0 0 0 rg BT 480.64 708.68 Td (month ) Tj ET Q q 0 0 0 rg BT 516.34 708.68 Td (period ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 696.68 Td (following ) Tj ET Q q 0 0 0 rg BT 263.74 696.68 Td (the ) Tj ET Q q 0 0 0 rg BT 280.47 696.68 Td (closing ) Tj ET Q q 0 0 0 rg BT 317.21 696.68 Td (of ) Tj ET Q q 0 0 0 rg BT 329.28 696.68 Td (the ) Tj ET Q q 0 0 0 rg BT 345.87 696.68 Td (T) Tj ET Q q 0 0 0 rg BT 352.77 696.68 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 404.16 696.68 Td (\(the ) Tj ET Q q 0 0 0 rg BT 424.89 696.68 Td (Major ) Tj ET Q q 0 0 0 rg BT 461.62 696.68 Td (Decision ) Tj ET Q q 0 0 0 rg BT 506.35 696.68 Td (Period\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 684.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 239.23 684.68 Td (be ) Tj ET Q q 0 0 0 rg BT 252.12 684.68 Td (a ) Tj ET Q q 0 0 0 rg BT 259.01 684.68 Td (Major ) Tj ET Q q 0 0 0 rg BT 289.90 684.68 Td (Decision ) Tj ET Q q 0 0 0 rg BT 334.12 684.68 Td (requiring ) Tj ET Q q 0 0 0 rg BT 379.67 684.68 Td (the ) Tj ET Q q 0 0 0 rg BT 395.90 684.68 Td (consent ) Tj ET Q q 0 0 0 rg BT 434.12 684.68 Td (of ) Tj ET Q q 0 0 0 rg BT 445.68 684.68 Td (each ) Tj ET Q q 0 0 0 rg BT 469.22 684.68 Td (of ) Tj ET Q q 0 0 0 rg BT 480.78 684.68 Td (the ) Tj ET Q q 0 0 0 rg BT 497.01 684.68 Td (Formation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 672.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 259.46 672.68 Td (\(which ) Tj ET Q q 0 0 0 rg BT 296.60 672.68 Td (consent ) Tj ET Q q 0 0 0 rg BT 337.07 672.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 363.54 672.68 Td (in ) Tj ET Q q 0 0 0 rg BT 376.69 672.68 Td (turn ) Tj ET Q q 0 0 0 rg BT 399.83 672.68 Td (require ) Tj ET Q q 0 0 0 rg BT 437.62 672.68 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 485.39 672.68 Td () Tj ET Q q 0 0 0 rg BT 488.72 672.68 Td (s ) Tj ET Q q 0 0 0 rg BT 497.21 672.68 Td (consent ) Tj ET Q q 0 0 0 rg BT 537.67 672.68 Td (in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 660.68 Td (accordance ) Tj ET Q q 0 0 0 rg BT 270.79 660.68 Td (with ) Tj ET Q q 0 0 0 rg BT 293.97 660.68 Td (Management ) Tj ET Q q 0 0 0 rg BT 369.11 660.68 Td (above\) ) Tj ET Q q 0 0 0 rg BT 403.60 660.68 Td (and ) Tj ET Q q 0 0 0 rg BT 422.76 660.68 Td (Safanad. ) Tj ET Q q 0 0 0 rg BT 468.85 660.68 Td (At ) Tj ET Q q 0 0 0 rg BT 482.69 660.68 Td (any ) Tj ET Q q 0 0 0 rg BT 501.86 660.68 Td (time ) Tj ET Q q 0 0 0 rg BT 525.02 660.68 Td (after ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 648.68 Td (the ) Tj ET Q q 0 0 0 rg BT 233.17 648.68 Td (expiration ) Tj ET Q q 0 0 0 rg BT 285.33 648.68 Td (of ) Tj ET Q q 0 0 0 rg BT 298.84 648.68 Td (the ) Tj ET Q q 0 0 0 rg BT 317.01 648.68 Td (Major ) Tj ET Q q 0 0 0 rg BT 349.84 648.68 Td (Decision ) Tj ET Q q 0 0 0 rg BT 396.01 648.68 Td (Period, ) Tj ET Q q 0 0 0 rg BT 433.85 648.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 476.01 648.68 Td (may ) Tj ET Q q 0 0 0 rg BT 500.18 648.68 Td (notify ) Tj ET Q q 0 0 0 rg BT 532.35 648.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 636.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 269.79 636.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 315.24 636.68 Td (of ) Tj ET Q q 0 0 0 rg BT 330.03 636.68 Td (its ) Tj ET Q q 0 0 0 rg BT 346.17 636.68 Td (desire ) Tj ET Q q 0 0 0 rg BT 379.61 636.68 Td (to ) Tj ET Q q 0 0 0 rg BT 393.74 636.68 Td (cause ) Tj ET Q q 0 0 0 rg BT 425.19 636.68 Td (the ) Tj ET Q q 0 0 0 rg BT 444.64 636.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 496.75 636.68 Td (to ) Tj ET Q q 0 0 0 rg BT 510.88 636.68 Td (sell ) Tj ET Q q 0 0 0 rg BT 532.34 636.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 624.68 Td (Subsidiary) Tj ET Q q 0 0 0 rg BT 265.55 624.68 Td (. ) Tj ET Q q 0 0 0 rg BT 271.68 624.68 Td (After ) Tj ET Q q 0 0 0 rg BT 301.01 624.68 Td (receipt ) Tj ET Q q 0 0 0 rg BT 337.67 624.68 Td (of ) Tj ET Q q 0 0 0 rg BT 351.67 624.68 Td (such ) Tj ET Q q 0 0 0 rg BT 377.68 624.68 Td (notice ) Tj ET Q q 0 0 0 rg BT 411.02 624.68 Td (\(a ) Tj ET Q q 0 0 0 rg BT 424.35 624.68 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 478.35 624.68 Td (Notice\) ) Tj ET Q q 0 0 0 rg BT 523.68 624.68 Td (from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 612.68 Td (Safanad, ) Tj ET Q q 0 0 0 rg BT 259.88 612.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 301.76 612.68 Td (and ) Tj ET Q q 0 0 0 rg BT 322.32 612.68 Td (the ) Tj ET Q q 0 0 0 rg BT 340.21 612.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 393.45 612.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 437.33 612.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 463.23 612.68 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 510.44 612.68 Td (in ) Tj ET Q q 0 0 0 rg BT 523.01 612.68 Td (good ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 600.68 Td (faith ) Tj ET Q q 0 0 0 rg BT 239.67 600.68 Td (for ) Tj ET Q q 0 0 0 rg BT 256.33 600.68 Td (a ) Tj ET Q q 0 0 0 rg BT 264.33 600.68 Td (period ) Tj ET Q q 0 0 0 rg BT 297.66 600.68 Td (of ) Tj ET Q q 0 0 0 rg BT 310.33 600.68 Td (six ) Tj ET Q q 0 0 0 rg BT 327.01 600.68 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 343.68 600.68 Td (months ) Tj ET Q q 0 0 0 rg BT 381.69 600.68 Td (to ) Tj ET Q q 0 0 0 rg BT 393.70 600.68 Td (determine ) Tj ET Q q 0 0 0 rg BT 444.35 600.68 Td (how ) Tj ET Q q 0 0 0 rg BT 467.69 600.68 Td (they ) Tj ET Q q 0 0 0 rg BT 491.03 600.68 Td (collectively ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 588.68 Td (want ) Tj ET Q q 0 0 0 rg BT 246.05 588.68 Td (to ) Tj ET Q q 0 0 0 rg BT 263.10 588.68 Td (proceed ) Tj ET Q q 0 0 0 rg BT 308.80 588.68 Td (\(the ) Tj ET Q q 0 0 0 rg BT 335.17 588.68 Td (Negotiation ) Tj ET Q q 0 0 0 rg BT 404.88 588.68 Td (Period\), ) Tj ET Q q 0 0 0 rg BT 456.25 588.68 Td (provided ) Tj ET Q q 0 0 0 rg BT 506.63 588.68 Td (that ) Tj ET Q q 0 0 0 rg BT 532.34 588.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 576.68 Td (Negotiation ) Tj ET Q q 0 0 0 rg BT 275.53 576.68 Td (Period ) Tj ET Q q 0 0 0 rg BT 310.73 576.68 Td (will ) Tj ET Q q 0 0 0 rg BT 333.28 576.68 Td (be ) Tj ET Q q 0 0 0 rg BT 348.48 576.68 Td (shortened ) Tj ET Q q 0 0 0 rg BT 399.00 576.68 Td (to ) Tj ET Q q 0 0 0 rg BT 412.21 576.68 Td (three ) Tj ET Q q 0 0 0 rg BT 440.07 576.68 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 457.94 576.68 Td (months ) Tj ET Q q 0 0 0 rg BT 497.15 576.68 Td (if ) Tj ET Q q 0 0 0 rg BT 508.35 576.68 Td (Safanad ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 564.68 Td (delivers ) Tj ET Q q 0 0 0 rg BT 255.60 564.68 Td (a ) Tj ET Q q 0 0 0 rg BT 263.54 564.68 Td (Sale ) Tj ET Q q 0 0 0 rg BT 286.82 564.68 Td (Notice ) Tj ET Q q 0 0 0 rg BT 321.42 564.68 Td (at ) Tj ET Q q 0 0 0 rg BT 332.69 564.68 Td (any ) Tj ET Q q 0 0 0 rg BT 352.63 564.68 Td (time ) Tj ET Q q 0 0 0 rg BT 376.58 564.68 Td (following ) Tj ET Q q 0 0 0 rg BT 425.86 564.68 Td (the ) Tj ET Q q 0 0 0 rg BT 443.13 564.68 Td (48 ) Tj ET Q q 0 0 0 rg BT 457.75 564.68 Td (month ) Tj ET Q q 0 0 0 rg BT 491.03 564.68 Td (anniversary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 552.68 Td (of ) Tj ET Q q 0 0 0 rg BT 227.98 552.68 Td (the ) Tj ET Q q 0 0 0 rg BT 245.62 552.68 Td (closing ) Tj ET Q q 0 0 0 rg BT 283.26 552.68 Td (of ) Tj ET Q q 0 0 0 rg BT 296.23 552.68 Td (the ) Tj ET Q q 0 0 0 rg BT 313.66 552.68 Td (T) Tj ET Q q 0 0 0 rg BT 320.57 552.68 Td (ransaction. ) Tj ET Q q 0 0 0 rg BT 375.86 552.68 Td ( ) Tj ET Q q 0 0 0 rg BT 378.84 552.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 420.47 552.68 Td (may ) Tj ET Q q 0 0 0 rg BT 444.11 552.68 Td (not ) Tj ET Q q 0 0 0 rg BT 462.42 552.68 Td (deliver ) Tj ET Q q 0 0 0 rg BT 498.72 552.68 Td (more ) Tj ET Q q 0 0 0 rg BT 526.35 552.68 Td (than ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 540.68 Td (one ) Tj ET Q q 0 0 0 rg BT 235.33 540.68 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 282.99 540.68 Td (Notice ) Tj ET Q q 0 0 0 rg BT 317.98 540.68 Td (during ) Tj ET Q q 0 0 0 rg BT 352.31 540.68 Td (any ) Tj ET Q q 0 0 0 rg BT 372.63 540.68 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 432.28 540.68 Td (12-month ) Tj ET Q q 0 0 0 rg BT 481.94 540.68 Td (period.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 516.68 Td (If ) Tj ET Q q 0 0 0 rg BT 226.58 516.68 Td (upon ) Tj ET Q q 0 0 0 rg BT 254.16 516.68 Td (the ) Tj ET Q q 0 0 0 rg BT 272.41 516.68 Td (expiration ) Tj ET Q q 0 0 0 rg BT 324.64 516.68 Td (of ) Tj ET Q q 0 0 0 rg BT 338.22 516.68 Td (the ) Tj ET Q q 0 0 0 rg BT 356.47 516.68 Td (Negotiation ) Tj ET Q q 0 0 0 rg BT 416.70 516.68 Td (Period ) Tj ET Q q 0 0 0 rg BT 451.62 516.68 Td (the ) Tj ET Q q 0 0 0 rg BT 469.86 516.68 Td (parties ) Tj ET Q q 0 0 0 rg BT 505.43 516.68 Td (have ) Tj ET Q q 0 0 0 rg BT 531.67 516.68 Td (not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 504.68 Td (reached ) Tj ET Q q 0 0 0 rg BT 255.12 504.68 Td (an ) Tj ET Q q 0 0 0 rg BT 269.26 504.68 Td (agreement ) Tj ET Q q 0 0 0 rg BT 322.04 504.68 Td (and ) Tj ET Q q 0 0 0 rg BT 342.18 504.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 383.65 504.68 Td (still ) Tj ET Q q 0 0 0 rg BT 404.47 504.68 Td (desires ) Tj ET Q q 0 0 0 rg BT 440.61 504.68 Td (to ) Tj ET Q q 0 0 0 rg BT 452.76 504.68 Td (cause ) Tj ET Q q 0 0 0 rg BT 482.22 504.68 Td (the ) Tj ET Q q 0 0 0 rg BT 499.70 504.68 Td (Purchaser ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 492.68 Td (to ) Tj ET Q q 0 0 0 rg BT 227.35 492.68 Td (sell ) Tj ET Q q 0 0 0 rg BT 247.04 492.68 Td (the ) Tj ET Q q 0 0 0 rg BT 264.72 492.68 Td (Subsidiary) Tj ET Q q 0 0 0 rg BT 315.27 492.68 Td (, ) Tj ET Q q 0 0 0 rg BT 321.29 492.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 362.96 492.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 388.64 492.68 Td (have ) Tj ET Q q 0 0 0 rg BT 414.31 492.68 Td (the ) Tj ET Q q 0 0 0 rg BT 431.99 492.68 Td (right ) Tj ET Q q 0 0 0 rg BT 457.67 492.68 Td (to ) Tj ET Q q 0 0 0 rg BT 470.03 492.68 Td (cause ) Tj ET Q q 0 0 0 rg BT 499.69 492.68 Td (Purchaser ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 480.68 Td (to ) Tj ET Q q 0 0 0 rg BT 230.42 480.68 Td (obtain ) Tj ET Q q 0 0 0 rg BT 266.50 480.68 Td (an ) Tj ET Q q 0 0 0 rg BT 283.91 480.68 Td (appraisal ) Tj ET Q q 0 0 0 rg BT 333.31 480.68 Td (from ) Tj ET Q q 0 0 0 rg BT 362.72 480.68 Td (an ) Tj ET Q q 0 0 0 rg BT 380.13 480.68 Td (independent ) Tj ET Q q 0 0 0 rg BT 444.86 480.68 Td (qualified ) Tj ET Q q 0 0 0 rg BT 493.60 480.68 Td (third ) Tj ET Q q 0 0 0 rg BT 522.34 480.68 Td (party ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 468.68 Td (appraiser ) Tj ET Q q 0 0 0 rg BT 262.12 468.68 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 317.25 468.68 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 371.03 468.68 Td (to ) Tj ET Q q 0 0 0 rg BT 383.51 468.68 Td (all ) Tj ET Q q 0 0 0 rg BT 398.65 468.68 Td (parties ) Tj ET Q q 0 0 0 rg BT 433.79 468.68 Td (of ) Tj ET Q q 0 0 0 rg BT 446.93 468.68 Td (the ) Tj ET Q q 0 0 0 rg BT 464.74 468.68 Td (fair ) Tj ET Q q 0 0 0 rg BT 484.55 468.68 Td (market ) Tj ET Q q 0 0 0 rg BT 521.01 468.68 Td (value ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 456.68 Td (of ) Tj ET Q q 0 0 0 rg BT 228.00 456.68 Td (the ) Tj ET Q q 0 0 0 rg BT 245.66 456.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 299.99 456.68 Td (\(such ) Tj ET Q q 0 0 0 rg BT 328.98 456.68 Td (fair ) Tj ET Q q 0 0 0 rg BT 348.63 456.68 Td (market ) Tj ET Q q 0 0 0 rg BT 384.95 456.68 Td (value ) Tj ET Q q 0 0 0 rg BT 413.94 456.68 Td (determination, ) Tj ET Q q 0 0 0 rg BT 486.58 456.68 Td (the ) Tj ET Q q 0 0 0 rg BT 504.24 456.68 Td (Price\). ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 432.68 Td (Following ) Tj ET Q q 0 0 0 rg BT 266.46 432.68 Td (receipt ) Tj ET Q q 0 0 0 rg BT 301.23 432.68 Td (of ) Tj ET Q q 0 0 0 rg BT 313.34 432.68 Td (such ) Tj ET Q q 0 0 0 rg BT 337.46 432.68 Td (appraisal, ) Tj ET Q q 0 0 0 rg BT 385.89 432.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 426.66 432.68 Td (may ) Tj ET Q q 0 0 0 rg BT 449.45 432.68 Td (notify ) Tj ET Q q 0 0 0 rg BT 480.23 432.68 Td (the ) Tj ET Q q 0 0 0 rg BT 497.01 432.68 Td (Formation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 420.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 257.55 420.68 Td (that ) Tj ET Q q 0 0 0 rg BT 277.44 420.68 Td (it ) Tj ET Q q 0 0 0 rg BT 286.01 420.68 Td (has ) Tj ET Q q 0 0 0 rg BT 303.90 420.68 Td (decided ) Tj ET Q q 0 0 0 rg BT 343.11 420.68 Td (not ) Tj ET Q q 0 0 0 rg BT 360.34 420.68 Td (to ) Tj ET Q q 0 0 0 rg BT 371.57 420.68 Td (cause ) Tj ET Q q 0 0 0 rg BT 400.12 420.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 449.33 420.68 Td (to ) Tj ET Q q 0 0 0 rg BT 460.56 420.68 Td (sell ) Tj ET Q q 0 0 0 rg BT 479.12 420.68 Td (the ) Tj ET Q q 0 0 0 rg BT 495.68 420.68 Td (Subsidiary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 408.68 Td (or ) Tj ET Q q 0 0 0 rg BT 229.06 408.68 Td (that ) Tj ET Q q 0 0 0 rg BT 251.11 408.68 Td (it ) Tj ET Q q 0 0 0 rg BT 261.84 408.68 Td (would ) Tj ET Q q 0 0 0 rg BT 295.90 408.68 Td (like ) Tj ET Q q 0 0 0 rg BT 317.96 408.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 369.33 408.68 Td (to ) Tj ET Q q 0 0 0 rg BT 382.72 408.68 Td (sell ) Tj ET Q q 0 0 0 rg BT 403.45 408.68 Td (the ) Tj ET Q q 0 0 0 rg BT 422.17 408.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 477.56 408.68 Td (for ) Tj ET Q q 0 0 0 rg BT 495.62 408.68 Td (an ) Tj ET Q q 0 0 0 rg BT 511.00 408.68 Td (amount ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 396.68 Td (equal ) Tj ET Q q 0 0 0 rg BT 244.61 396.68 Td (to ) Tj ET Q q 0 0 0 rg BT 257.56 396.68 Td (the ) Tj ET Q q 0 0 0 rg BT 275.84 396.68 Td (Price. ) Tj ET Q q 0 0 0 rg BT 310.12 396.68 Td (If ) Tj ET Q q 0 0 0 rg BT 321.73 396.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 364.00 396.68 Td (determines ) Tj ET Q q 0 0 0 rg BT 420.27 396.68 Td (that ) Tj ET Q q 0 0 0 rg BT 441.89 396.68 Td (it ) Tj ET Q q 0 0 0 rg BT 452.18 396.68 Td (desires ) Tj ET Q q 0 0 0 rg BT 489.12 396.68 Td (to ) Tj ET Q q 0 0 0 rg BT 502.07 396.68 Td (cause ) Tj ET Q q 0 0 0 rg BT 532.34 396.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 384.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 265.96 384.68 Td (to ) Tj ET Q q 0 0 0 rg BT 278.93 384.68 Td (sell ) Tj ET Q q 0 0 0 rg BT 299.24 384.68 Td (the ) Tj ET Q q 0 0 0 rg BT 317.54 384.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 372.51 384.68 Td (at ) Tj ET Q q 0 0 0 rg BT 384.82 384.68 Td (the ) Tj ET Q q 0 0 0 rg BT 403.12 384.68 Td (Price, ) Tj ET Q q 0 0 0 rg BT 434.42 384.68 Td (the ) Tj ET Q q 0 0 0 rg BT 452.72 384.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 506.36 384.68 Td (Member ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 372.68 Td (\(or) Tj ET Q q 0 0 0 rg BT 228.51 372.68 Td (, ) Tj ET Q q 0 0 0 rg BT 236.37 372.68 Td (as ) Tj ET Q q 0 0 0 rg BT 251.22 372.68 Td (set ) Tj ET Q q 0 0 0 rg BT 269.40 372.68 Td (forth ) Tj ET Q q 0 0 0 rg BT 297.59 372.68 Td (in ) Tj ET Q q 0 0 0 rg BT 311.78 372.68 Td (the ) Tj ET Q q 0 0 0 rg BT 331.29 372.68 Td (immediately ) Tj ET Q q 0 0 0 rg BT 396.13 372.68 Td (following ) Tj ET Q q 0 0 0 rg BT 447.65 372.68 Td (sentence, ) Tj ET Q q 0 0 0 rg BT 496.81 372.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 516.35 372.68 Td (and/or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 360.68 Td (NorthStar\) ) Tj ET Q q 0 0 0 rg BT 272.03 360.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 300.40 360.68 Td (have ) Tj ET Q q 0 0 0 rg BT 328.76 360.68 Td (the ) Tj ET Q q 0 0 0 rg BT 349.13 360.68 Td (right ) Tj ET Q q 0 0 0 rg BT 377.50 360.68 Td (to ) Tj ET Q q 0 0 0 rg BT 392.54 360.68 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 443.90 360.68 Td (which ) Tj ET Q q 0 0 0 rg BT 478.93 360.68 Td (right ) Tj ET Q q 0 0 0 rg BT 507.30 360.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 535.68 360.68 Td (be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 348.68 Td (exercised ) Tj ET Q q 0 0 0 rg BT 261.82 348.68 Td (in ) Tj ET Q q 0 0 0 rg BT 272.66 348.68 Td (the ) Tj ET Q q 0 0 0 rg BT 288.83 348.68 Td (manner ) Tj ET Q q 0 0 0 rg BT 326.33 348.68 Td (set ) Tj ET Q q 0 0 0 rg BT 341.17 348.68 Td (forth ) Tj ET Q q 0 0 0 rg BT 366.01 348.68 Td (in ) Tj ET Q q 0 0 0 rg BT 376.85 348.68 Td (the ) Tj ET Q q 0 0 0 rg BT 393.03 348.68 Td (immediately ) Tj ET Q q 0 0 0 rg BT 454.52 348.68 Td (following ) Tj ET Q q 0 0 0 rg BT 502.70 348.68 Td (sentence, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 336.68 Td (Safanad) Tj ET Q q 0 0 0 rg BT 256.98 336.68 Td (s ) Tj ET Q q 0 0 0 rg BT 265.00 336.68 Td (indirect ) Tj ET Q q 0 0 0 rg BT 304.99 336.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 343.66 336.68 Td (in ) Tj ET Q q 0 0 0 rg BT 356.33 336.68 Td (the ) Tj ET Q q 0 0 0 rg BT 374.34 336.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 429.02 336.68 Td (for ) Tj ET Q q 0 0 0 rg BT 446.35 336.68 Td (the ) Tj ET Q q 0 0 0 rg BT 464.36 336.68 Td (net ) Tj ET Q q 0 0 0 rg BT 482.36 336.68 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 528.35 336.68 Td (\(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 324.68 Td ("Safanad's ) Tj ET Q q 0 0 0 rg BT 268.33 324.68 Td (Interest ) Tj ET Q q 0 0 0 rg BT 307.26 324.68 Td (Price"\) ) Tj ET Q q 0 0 0 rg BT 343.75 324.68 Td (that ) Tj ET Q q 0 0 0 rg BT 364.70 324.68 Td (would ) Tj ET Q q 0 0 0 rg BT 397.64 324.68 Td (be ) Tj ET Q q 0 0 0 rg BT 411.92 324.68 Td (distributed ) Tj ET Q q 0 0 0 rg BT 466.19 324.68 Td (to ) Tj ET Q q 0 0 0 rg BT 478.47 324.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 520.07 324.68 Td (in ) Tj ET Q q 0 0 0 rg BT 532.35 324.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 312.68 Td (event ) Tj ET Q q 0 0 0 rg BT 243.97 312.68 Td (the ) Tj ET Q q 0 0 0 rg BT 261.61 312.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 315.92 312.68 Td (were ) Tj ET Q q 0 0 0 rg BT 342.22 312.68 Td (sold ) Tj ET Q q 0 0 0 rg BT 365.20 312.68 Td (for ) Tj ET Q q 0 0 0 rg BT 382.18 312.68 Td (an ) Tj ET Q q 0 0 0 rg BT 396.48 312.68 Td (amount ) Tj ET Q q 0 0 0 rg BT 435.46 312.68 Td (equal ) Tj ET Q q 0 0 0 rg BT 464.43 312.68 Td (to ) Tj ET Q q 0 0 0 rg BT 476.74 312.68 Td (the ) Tj ET Q q 0 0 0 rg BT 494.38 312.68 Td (Price, ) Tj ET Q q 0 0 0 rg BT 525.02 312.68 Td (after ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 300.68 Td (deducting ) Tj ET Q q 0 0 0 rg BT 263.96 300.68 Td (all ) Tj ET Q q 0 0 0 rg BT 277.60 300.68 Td (applicable ) Tj ET Q q 0 0 0 rg BT 328.55 300.68 Td (costs ) Tj ET Q q 0 0 0 rg BT 354.20 300.68 Td (and ) Tj ET Q q 0 0 0 rg BT 373.17 300.68 Td (expenses ) Tj ET Q q 0 0 0 rg BT 418.13 300.68 Td (and ) Tj ET Q q 0 0 0 rg BT 437.10 300.68 Td (debt ) Tj ET Q q 0 0 0 rg BT 459.40 300.68 Td (repayment. ) Tj ET Q q 0 0 0 rg BT 517.69 300.68 Td (Either ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 288.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 233.74 288.68 Td (or ) Tj ET Q q 0 0 0 rg BT 247.81 288.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 299.20 288.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 325.93 288.68 Td (be ) Tj ET Q q 0 0 0 rg BT 341.32 288.68 Td (entitled ) Tj ET Q q 0 0 0 rg BT 381.38 288.68 Td (to ) Tj ET Q q 0 0 0 rg BT 394.78 288.68 Td (exercise ) Tj ET Q q 0 0 0 rg BT 438.15 288.68 Td (the ) Tj ET Q q 0 0 0 rg BT 456.88 288.68 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 504.26 288.68 Td (Right ) Tj ET Q q 0 0 0 rg BT 535.00 288.68 Td (on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 276.68 Td (behalf ) Tj ET Q q 0 0 0 rg BT 247.25 276.68 Td (of ) Tj ET Q q 0 0 0 rg BT 259.51 276.68 Td (the ) Tj ET Q q 0 0 0 rg BT 276.44 276.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 328.70 276.68 Td (Member) Tj ET Q q 0 0 0 rg BT 368.87 276.68 Td (, ) Tj ET Q q 0 0 0 rg BT 374.14 276.68 Td (in ) Tj ET Q q 0 0 0 rg BT 385.74 276.68 Td (which ) Tj ET Q q 0 0 0 rg BT 417.33 276.68 Td (case ) Tj ET Q q 0 0 0 rg BT 440.25 276.68 Td (the ) Tj ET Q q 0 0 0 rg BT 457.17 276.68 Td (electing ) Tj ET Q q 0 0 0 rg BT 497.42 276.68 Td (party ) Tj ET Q q 0 0 0 rg BT 524.34 276.68 Td (shall ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 264.68 Td (\(or ) Tj ET Q q 0 0 0 rg BT 231.81 264.68 Td (may ) Tj ET Q q 0 0 0 rg BT 255.29 264.68 Td (cause ) Tj ET Q q 0 0 0 rg BT 284.76 264.68 Td (an ) Tj ET Q q 0 0 0 rg BT 298.91 264.68 Td (af) Tj ET Q q 0 0 0 rg BT 308.02 264.68 Td (filiate ) Tj ET Q q 0 0 0 rg BT 338.82 264.68 Td (to\) ) Tj ET Q q 0 0 0 rg BT 354.97 264.68 Td (acquire ) Tj ET Q q 0 0 0 rg BT 393.10 264.68 Td (Safanad) Tj ET Q q 0 0 0 rg BT 435.09 264.68 Td (s ) Tj ET Q q 0 0 0 rg BT 442.58 264.68 Td (indirect ) Tj ET Q q 0 0 0 rg BT 482.05 264.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 520.19 264.68 Td (in ) Tj ET Q q 0 0 0 rg BT 532.35 264.68 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 252.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 269.09 252.68 Td (on ) Tj ET Q q 0 0 0 rg BT 283.84 252.68 Td (the ) Tj ET Q q 0 0 0 rg BT 301.26 252.68 Td (terms ) Tj ET Q q 0 0 0 rg BT 330.68 252.68 Td (set ) Tj ET Q q 0 0 0 rg BT 346.76 252.68 Td (forth ) Tj ET Q q 0 0 0 rg BT 372.84 252.68 Td (herein; ) Tj ET Q BT /F1 12.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 408.91455078125 251.080078125 m 451.57080078125 251.080078125 l s q 0 0 0 rg BT 408.91 252.68 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 451.57 252.68 Td (, ) Tj ET Q q 0 0 0 rg BT 457.33 252.68 Td (that ) Tj ET Q q 0 0 0 rg BT 478.08 252.68 Td (if ) Tj ET Q q 0 0 0 rg BT 488.16 252.68 Td (both ) Tj ET Q q 0 0 0 rg BT 512.25 252.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 529.68 252.68 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 240.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 264.08 240.68 Td (desire ) Tj ET Q q 0 0 0 rg BT 294.48 240.68 Td (to ) Tj ET Q q 0 0 0 rg BT 305.57 240.68 Td (exercise ) Tj ET Q q 0 0 0 rg BT 346.63 240.68 Td (the ) Tj ET Q q 0 0 0 rg BT 363.04 240.68 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 408.11 240.68 Td (Right, ) Tj ET Q q 0 0 0 rg BT 439.53 240.68 Td (then ) Tj ET Q q 0 0 0 rg BT 461.94 240.68 Td (Safanad) Tj ET Q q 0 0 0 rg BT 503.93 240.68 Td (s ) Tj ET Q q 0 0 0 rg BT 510.35 240.68 Td (indirect ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 228.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 253.78 228.68 Td (in ) Tj ET Q q 0 0 0 rg BT 266.58 228.68 Td (the ) Tj ET Q q 0 0 0 rg BT 284.70 228.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 339.50 228.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 365.63 228.68 Td (be ) Tj ET Q q 0 0 0 rg BT 380.42 228.68 Td (allocated ) Tj ET Q q 0 0 0 rg BT 427.19 228.68 Td (pro ) Tj ET Q q 0 0 0 rg BT 446.64 228.68 Td (rata ) Tj ET Q q 0 0 0 rg BT 468.09 228.68 Td (between ) Tj ET Q q 0 0 0 rg BT 511.53 228.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 529.67 228.68 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 216.68 Td (NorthStar) Tj ET Q q 0 0 0 rg BT 261.66 216.68 Td (. ) Tj ET Q q 0 0 0 rg BT 268.49 216.68 Td (If ) Tj ET Q q 0 0 0 rg BT 280.31 216.68 Td (the ) Tj ET Q q 0 0 0 rg BT 298.79 216.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 352.61 216.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 397.09 216.68 Td (does ) Tj ET Q q 0 0 0 rg BT 422.91 216.68 Td (not ) Tj ET Q q 0 0 0 rg BT 442.07 216.68 Td (exercise ) Tj ET Q q 0 0 0 rg BT 485.20 216.68 Td (the ) Tj ET Q q 0 0 0 rg BT 503.68 216.68 Td (Purchase ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 204.68 Td (Right, ) Tj ET Q q 0 0 0 rg BT 248.23 204.68 Td (then ) Tj ET Q q 0 0 0 rg BT 272.44 204.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 314.64 204.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 340.86 204.68 Td (be ) Tj ET Q q 0 0 0 rg BT 355.74 204.68 Td (permitted ) Tj ET Q q 0 0 0 rg BT 405.28 204.68 Td (to ) Tj ET Q q 0 0 0 rg BT 418.17 204.68 Td (cause ) Tj ET Q q 0 0 0 rg BT 448.37 204.68 Td (the ) Tj ET Q q 0 0 0 rg BT 466.58 204.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 517.45 204.68 Td (to ) Tj ET Q q 0 0 0 rg BT 530.34 204.68 Td (sell ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 192.68 Td (the ) Tj ET Q q 0 0 0 rg BT 233.56 192.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 288.79 192.68 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 334.01 192.68 Td (to ) Tj ET Q q 0 0 0 rg BT 347.25 192.68 Td (a ) Tj ET Q q 0 0 0 rg BT 356.47 192.68 Td (customary ) Tj ET Q q 0 0 0 rg BT 410.35 192.68 Td (sale ) Tj ET Q q 0 0 0 rg BT 432.91 192.68 Td (process, ) Tj ET Q q 0 0 0 rg BT 475.79 192.68 Td (and ) Tj ET Q q 0 0 0 rg BT 497.02 192.68 Td (customary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 180.68 Td (sale ) Tj ET Q q 0 0 0 rg BT 238.55 180.68 Td (contract, ) Tj ET Q q 0 0 0 rg BT 285.08 180.68 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 341.95 180.68 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 397.47 180.68 Td (to ) Tj ET Q q 0 0 0 rg BT 411.69 180.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 455.23 180.68 Td (and ) Tj ET Q q 0 0 0 rg BT 477.45 180.68 Td (the ) Tj ET Q q 0 0 0 rg BT 497.00 180.68 Td (Formation ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 168.68 Td (Member ) Tj ET Q q 0 0 0 rg BT 258.65 168.68 Td (for ) Tj ET Q q 0 0 0 rg BT 275.64 168.68 Td (a ) Tj ET Q q 0 0 0 rg BT 283.97 168.68 Td (cash ) Tj ET Q q 0 0 0 rg BT 308.29 168.68 Td (amount ) Tj ET Q q 0 0 0 rg BT 347.29 168.68 Td (equal ) Tj ET Q q 0 0 0 rg BT 376.27 168.68 Td (to ) Tj ET Q q 0 0 0 rg BT 388.61 168.68 Td (or ) Tj ET Q q 0 0 0 rg BT 401.60 168.68 Td (greater ) Tj ET Q q 0 0 0 rg BT 437.91 168.68 Td (than ) Tj ET Q q 0 0 0 rg BT 461.57 168.68 Td (the ) Tj ET Q q 0 0 0 rg BT 479.23 168.68 Td (Price.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 144.68 Td (Appropriate and reasonable time periods for each response and the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 132.68 Td (sales process to be set forth in the Purchaser LLC ) Tj ET Q q 0 0 0 rg BT 454.94 132.68 Td (Agreement.) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 490.95 771.40 Td (Exhibit B) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 75.00 707.87 Td (REIT Status:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 707.68 Td (The ) Tj ET Q q 0 0 0 rg BT 239.26 707.68 Td (parties ) Tj ET Q q 0 0 0 rg BT 276.86 707.68 Td (currently ) Tj ET Q q 0 0 0 rg BT 325.78 707.68 Td (intend ) Tj ET Q q 0 0 0 rg BT 361.38 707.68 Td (that ) Tj ET Q q 0 0 0 rg BT 384.99 707.68 Td (the ) Tj ET Q q 0 0 0 rg BT 405.25 707.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 462.20 707.68 Td (will ) Tj ET Q q 0 0 0 rg BT 486.47 707.68 Td (qualify ) Tj ET Q q 0 0 0 rg BT 526.07 707.68 Td (as ) Tj ET Q q 0 0 0 rg BT 541.68 707.68 Td (a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 695.68 Td (domestically ) Tj ET Q q 0 0 0 rg BT 281.00 695.68 Td (controlled ) Tj ET Q q 0 0 0 rg BT 334.32 695.68 Td (qualified ) Tj ET Q q 0 0 0 rg BT 381.65 695.68 Td (investment ) Tj ET Q q 0 0 0 rg BT 438.99 695.68 Td (entity ) Tj ET Q q 0 0 0 rg BT 470.99 695.68 Td (for ) Tj ET Q q 0 0 0 rg BT 489.66 695.68 Td (purposes ) Tj ET Q q 0 0 0 rg BT 537.00 695.68 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 683.68 Td (Section ) Tj ET Q q 0 0 0 rg BT 253.46 683.68 Td (897\(h\) ) Tj ET Q q 0 0 0 rg BT 287.91 683.68 Td (of ) Tj ET Q q 0 0 0 rg BT 300.37 683.68 Td (the ) Tj ET Q q 0 0 0 rg BT 317.49 683.68 Td (Code ) Tj ET Q q 0 0 0 rg BT 345.28 683.68 Td (throughout ) Tj ET Q q 0 0 0 rg BT 400.40 683.68 Td (the ) Tj ET Q q 0 0 0 rg BT 417.52 683.68 Td (term ) Tj ET Q q 0 0 0 rg BT 441.97 683.68 Td (of ) Tj ET Q q 0 0 0 rg BT 454.43 683.68 Td (the ) Tj ET Q q 0 0 0 rg BT 471.55 683.68 Td (investment, ) Tj ET Q q 0 0 0 rg BT 529.67 683.68 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 671.68 Td (will ) Tj ET Q q 0 0 0 rg BT 236.90 671.68 Td (use ) Tj ET Q q 0 0 0 rg BT 256.13 671.68 Td (commercially ) Tj ET Q q 0 0 0 rg BT 325.33 671.68 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 379.87 671.68 Td (ef) Tj ET Q q 0 0 0 rg BT 388.98 671.68 Td (forts ) Tj ET Q q 0 0 0 rg BT 414.21 671.68 Td (to ) Tj ET Q q 0 0 0 rg BT 426.77 671.68 Td (ensure ) Tj ET Q q 0 0 0 rg BT 461.32 671.68 Td (that ) Tj ET Q q 0 0 0 rg BT 482.55 671.68 Td (it ) Tj ET Q q 0 0 0 rg BT 492.45 671.68 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 537.00 671.68 Td (as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 659.68 Td (such. ) Tj ET Q q 0 0 0 rg BT 242.94 659.68 Td (No ) Tj ET Q q 0 0 0 rg BT 260.56 659.68 Td (direct ) Tj ET Q q 0 0 0 rg BT 290.82 659.68 Td (or ) Tj ET Q q 0 0 0 rg BT 303.77 659.68 Td (indirect ) Tj ET Q q 0 0 0 rg BT 343.37 659.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 381.64 659.68 Td (in ) Tj ET Q q 0 0 0 rg BT 393.92 659.68 Td (the ) Tj ET Q q 0 0 0 rg BT 411.53 659.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 465.81 659.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 491.42 659.68 Td (be ) Tj ET Q q 0 0 0 rg BT 505.70 659.68 Td (acquired ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 647.68 Td (by ) Tj ET Q q 0 0 0 rg BT 231.34 647.68 Td (any ) Tj ET Q q 0 0 0 rg BT 253.00 647.68 Td (person ) Tj ET Q q 0 0 0 rg BT 289.33 647.68 Td (that ) Tj ET Q q 0 0 0 rg BT 311.67 647.68 Td (is ) Tj ET Q q 0 0 0 rg BT 324.01 647.68 Td (not ) Tj ET Q q 0 0 0 rg BT 343.68 647.68 Td (a ) Tj ET Q q 0 0 0 rg BT 353.35 647.68 Td (US ) Tj ET Q q 0 0 0 rg BT 373.03 647.68 Td (person ) Tj ET Q q 0 0 0 rg BT 409.36 647.68 Td (for ) Tj ET Q q 0 0 0 rg BT 427.69 647.68 Td (purposes ) Tj ET Q q 0 0 0 rg BT 474.69 647.68 Td (of ) Tj ET Q q 0 0 0 rg BT 489.03 647.68 Td (determining ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 635.68 Td (whether ) Tj ET Q q 0 0 0 rg BT 257.94 635.68 Td (the ) Tj ET Q q 0 0 0 rg BT 276.88 635.68 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 332.51 635.68 Td (qualifies ) Tj ET Q q 0 0 0 rg BT 378.11 635.68 Td (as ) Tj ET Q q 0 0 0 rg BT 392.40 635.68 Td (a ) Tj ET Q q 0 0 0 rg BT 402.01 635.68 Td (domestically ) Tj ET Q q 0 0 0 rg BT 467.62 635.68 Td (controlled ) Tj ET Q q 0 0 0 rg BT 520.55 635.68 Td (REIT) Tj ET Q q 0 0 0 rg BT 547.00 635.68 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 623.68 Td (without ) Tj ET Q q 0 0 0 rg BT 258.63 623.68 Td (Safanad) Tj ET Q q 0 0 0 rg BT 300.61 623.68 Td (s ) Tj ET Q q 0 0 0 rg BT 312.24 623.68 Td (prior ) Tj ET Q q 0 0 0 rg BT 342.53 623.68 Td (written ) Tj ET Q q 0 0 0 rg BT 383.48 623.68 Td (approval; ) Tj ET Q q 0 0 0 rg BT 435.76 623.68 Td (provided ) Tj ET Q q 0 0 0 rg BT 485.38 623.68 Td (that ) Tj ET Q q 0 0 0 rg BT 510.33 623.68 Td (nothing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 611.68 Td (contained ) Tj ET Q q 0 0 0 rg BT 264.66 611.68 Td (herein ) Tj ET Q q 0 0 0 rg BT 297.65 611.68 Td (shall ) Tj ET Q q 0 0 0 rg BT 323.33 611.68 Td (be ) Tj ET Q q 0 0 0 rg BT 337.67 611.68 Td (deemed ) Tj ET Q q 0 0 0 rg BT 377.99 611.68 Td (to ) Tj ET Q q 0 0 0 rg BT 390.34 611.68 Td (prohibit, ) Tj ET Q q 0 0 0 rg BT 434.35 611.68 Td (or ) Tj ET Q q 0 0 0 rg BT 447.35 611.68 Td (require ) Tj ET Q q 0 0 0 rg BT 484.34 611.68 Td ( ) Tj ET Q q 0 0 0 rg BT 487.36 611.68 Td (the ) Tj ET Q q 0 0 0 rg BT 505.03 611.68 Td (approval ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 599.68 Td (of ) Tj ET Q q 0 0 0 rg BT 229.04 599.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 271.72 599.68 Td (or ) Tj ET Q q 0 0 0 rg BT 285.76 599.68 Td (FC ) Tj ET Q q 0 0 0 rg BT 304.48 599.68 Td (for) Tj ET Q q 0 0 0 rg BT 317.99 599.68 Td (, ) Tj ET Q q 0 0 0 rg BT 325.03 599.68 Td ( ) Tj ET Q q 0 0 0 rg BT 329.07 599.68 Td (any ) Tj ET Q q 0 0 0 rg BT 350.44 599.68 Td (transfer ) Tj ET Q q 0 0 0 rg BT 391.12 599.68 Td (or ) Tj ET Q q 0 0 0 rg BT 405.16 599.68 Td (listing ) Tj ET Q q 0 0 0 rg BT 439.20 599.68 Td (of ) Tj ET Q q 0 0 0 rg BT 453.24 599.68 Td (shares ) Tj ET Q q 0 0 0 rg BT 487.27 599.68 Td (of ) Tj ET Q q 0 0 0 rg BT 501.30 599.68 Td (NHI, ) Tj ET Q q 0 0 0 rg BT 529.67 599.68 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 587.68 Td (NHI's ) Tj ET Q q 0 0 0 rg BT 245.54 587.68 Td (obligations ) Tj ET Q q 0 0 0 rg BT 301.26 587.68 Td ( ) Tj ET Q q 0 0 0 rg BT 303.64 587.68 Td (above ) Tj ET Q q 0 0 0 rg BT 334.68 587.68 Td (are ) Tj ET Q q 0 0 0 rg BT 351.71 587.68 Td (subject ) Tj ET Q q 0 0 0 rg BT 388.08 587.68 Td (to ) Tj ET Q q 0 0 0 rg BT 399.80 587.68 Td (the ) Tj ET Q q 0 0 0 rg BT 416.84 587.68 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 462.54 587.68 Td (duties ) Tj ET Q q 0 0 0 rg BT 493.59 587.68 Td (of ) Tj ET Q q 0 0 0 rg BT 505.97 587.68 Td (NHI ) Tj ET Q q 0 0 0 rg BT 529.68 587.68 Td (and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 575.68 Td (its ) Tj ET Q q 0 0 0 rg BT 229.34 575.68 Td (Board ) Tj ET Q q 0 0 0 rg BT 261.66 575.68 Td (of ) Tj ET Q q 0 0 0 rg BT 274.66 575.68 Td (Directors ) Tj ET Q q 0 0 0 rg BT 322.31 575.68 Td (to ) Tj ET Q q 0 0 0 rg BT 334.64 575.68 Td (its ) Tj ET Q q 0 0 0 rg BT 348.98 575.68 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 412.63 575.68 Td (and ) Tj ET Q q 0 0 0 rg BT 432.95 575.68 Td (to ) Tj ET Q q 0 0 0 rg BT 445.29 575.68 Td (other ) Tj ET Q q 0 0 0 rg BT 472.94 575.68 Td (constituencies. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 551.68 Td (The ) Tj ET Q q 0 0 0 rg BT 237.44 551.68 Td (parties ) Tj ET Q q 0 0 0 rg BT 273.22 551.68 Td (agree ) Tj ET Q q 0 0 0 rg BT 302.98 551.68 Td (to ) Tj ET Q q 0 0 0 rg BT 316.10 551.68 Td (work ) Tj ET Q q 0 0 0 rg BT 344.55 551.68 Td (in ) Tj ET Q q 0 0 0 rg BT 357.67 551.68 Td (good ) Tj ET Q q 0 0 0 rg BT 385.45 551.68 Td (faith ) Tj ET Q q 0 0 0 rg BT 411.23 551.68 Td (to ) Tj ET Q q 0 0 0 rg BT 424.35 551.68 Td (cause ) Tj ET Q q 0 0 0 rg BT 454.79 551.68 Td (the ) Tj ET Q q 0 0 0 rg BT 473.23 551.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 524.33 551.68 Td (LLC ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 539.68 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 270.07 539.68 Td (to ) Tj ET Q q 0 0 0 rg BT 281.17 539.68 Td (include ) Tj ET Q q 0 0 0 rg BT 318.25 539.68 Td (provisions ) Tj ET Q q 0 0 0 rg BT 370.02 539.68 Td (permitting ) Tj ET Q q 0 0 0 rg BT 421.77 539.68 Td (Safanad ) Tj ET Q q 0 0 0 rg BT 462.18 539.68 Td (to ) Tj ET Q q 0 0 0 rg BT 473.28 539.68 Td (restructure ) Tj ET Q q 0 0 0 rg BT 526.34 539.68 Td (and/) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 527.68 Td (or ) Tj ET Q q 0 0 0 rg BT 227.28 527.68 Td (transfer ) Tj ET Q q 0 0 0 rg BT 266.21 527.68 Td (its ) Tj ET Q q 0 0 0 rg BT 279.83 527.68 Td (interest ) Tj ET Q q 0 0 0 rg BT 317.44 527.68 Td (in ) Tj ET Q q 0 0 0 rg BT 329.06 527.68 Td (the ) Tj ET Q q 0 0 0 rg BT 346.00 527.68 Td (Purchaser ) Tj ET Q q 0 0 0 rg BT 395.60 527.68 Td (to ) Tj ET Q q 0 0 0 rg BT 407.22 527.68 Td (protect ) Tj ET Q q 0 0 0 rg BT 442.82 527.68 Td (itself ) Tj ET Q q 0 0 0 rg BT 469.10 527.68 Td (if ) Tj ET Q q 0 0 0 rg BT 478.72 527.68 Td (the ) Tj ET Q q 0 0 0 rg BT 495.66 527.68 Td (Subsidiary ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 515.68 Td (is ) Tj ET Q q 0 0 0 rg BT 227.61 515.68 Td (expected ) Tj ET Q q 0 0 0 rg BT 274.86 515.68 Td (to ) Tj ET Q q 0 0 0 rg BT 288.80 515.68 Td (lose ) Tj ET Q q 0 0 0 rg BT 312.74 515.68 Td (its ) Tj ET Q q 0 0 0 rg BT 328.68 515.68 Td (status ) Tj ET Q q 0 0 0 rg BT 360.63 515.68 Td (as ) Tj ET Q q 0 0 0 rg BT 375.23 515.68 Td (a ) Tj ET Q q 0 0 0 rg BT 385.16 515.68 Td (domestically ) Tj ET Q q 0 0 0 rg BT 451.09 515.68 Td (controlled ) Tj ET Q q 0 0 0 rg BT 504.35 515.68 Td (qualified ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 503.68 Td (investment ) Tj ET Q q 0 0 0 rg BT 271.50 503.68 Td (entity; ) Tj ET Q q 0 0 0 rg BT 306.00 503.68 Td (provided ) Tj ET Q q 0 0 0 rg BT 352.50 503.68 Td (such ) Tj ET Q q 0 0 0 rg BT 378.34 503.68 Td (transfer ) Tj ET Q q 0 0 0 rg BT 418.83 503.68 Td (or ) Tj ET Q q 0 0 0 rg BT 432.67 503.68 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 497.82 503.68 Td (would ) Tj ET Q q 0 0 0 rg BT 531.66 503.68 Td (not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.00 491.68 Td (adversely ) Tj ET Q q 0 0 0 rg BT 263.98 491.68 Td (impact ) Tj ET Q q 0 0 0 rg BT 299.63 491.68 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 349.96 491.68 Td (or ) Tj ET Q q 0 0 0 rg BT 362.96 491.68 Td (Formation ) Tj ET Q q 0 0 0 rg BT 415.95 491.68 Td (in ) Tj ET Q q 0 0 0 rg BT 428.29 491.68 Td (any ) Tj ET Q q 0 0 0 rg BT 448.61 491.68 Td (material ) Tj ET Q q 0 0 0 rg BT 490.92 491.68 Td (respect.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 490.30 771.40 Td (Exhibit C) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 238.65 711.70 Td (Equity Commitment Letters) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 719.25 Td (CER) Tj ET Q q 0 0 0 rg BT 164.91 719.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 199.17 719.25 Td (TION BY) Tj ET Q q 0 0 0 rg BT 240.76 719.25 Td ( ) Tj ET Q q 0 0 0 rg BT 243.08 719.25 Td (THE CHIEF) Tj ET Q q 0 0 0 rg BT 297.99 719.25 Td ( EXECUTIVE OFFICER PURSUANT) Tj ET Q q 0 0 0 rg BT 464.22 719.25 Td ( ) Tj ET Q q 0 0 0 rg BT 466.54 719.25 Td (T) Tj ET Q q 0 0 0 rg BT 473.03 719.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.20 707.25 Td (17 CFR 240.13a-14\(a\)/15\(d\)-14\(a\),) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.50 695.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 270.23 695.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 375.89 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.21 695.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.70 695.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.60 683.25 Td (SECTION 302 OF) Tj ET Q q 0 0 0 rg BT 262.13 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 264.45 683.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 379.94 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.89 683.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 402.82 683.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 418.83 683.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 660.25 Td (I, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.33 660.25 Td (Ronald J. Jeanneault) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.81 660.25 Td (, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 637.25 Td (1.I ) Tj ET Q q 0 0 0 rg BT 101.83 637.25 Td (have ) Tj ET Q q 0 0 0 rg BT 123.21 637.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 162.35 637.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.30 637.25 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.62 637.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.12 637.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 249.83 637.25 Td (on ) Tj ET Q q 0 0 0 rg BT 262.33 637.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 286.50 637.25 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.83 637.25 Td (Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.05 637.25 Td ( ) Tj ET Q q 0 0 0 rg BT 309.55 637.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.38 637.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 362.32 637.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 408.12 637.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 443.11 637.25 Td (Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 614.25 Td (2.Based ) Tj ET Q q 0 0 0 rg BT 122.57 614.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.70 614.25 Td (my ) Tj ET Q q 0 0 0 rg BT 149.61 614.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 198.12 614.25 Td (this ) Tj ET Q q 0 0 0 rg BT 214.70 614.25 Td (report ) Tj ET Q q 0 0 0 rg BT 240.71 614.25 Td (does ) Tj ET Q q 0 0 0 rg BT 261.17 614.25 Td (not ) Tj ET Q q 0 0 0 rg BT 276.08 614.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 307.64 614.25 Td (any ) Tj ET Q q 0 0 0 rg BT 324.21 614.25 Td (untrue ) Tj ET Q q 0 0 0 rg BT 351.89 614.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 392.34 614.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.80 614.25 Td (a ) Tj ET Q q 0 0 0 rg BT 409.37 614.25 Td (material ) Tj ET Q q 0 0 0 rg BT 444.26 614.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 461.38 614.25 Td (or ) Tj ET Q q 0 0 0 rg BT 471.84 614.25 Td (omit ) Tj ET Q q 0 0 0 rg BT 492.31 614.25 Td (to ) Tj ET Q q 0 0 0 rg BT 502.22 614.25 Td (state ) Tj ET Q q 0 0 0 rg BT 522.67 614.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.24 614.25 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 67.03 602.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 107.94 602.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.77 602.25 Td (make ) Tj ET Q q 0 0 0 rg BT 141.47 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.73 602.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 199.98 602.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 226.18 602.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.01 602.25 Td (light ) Tj ET Q q 0 0 0 rg BT 256.39 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.76 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.02 602.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 339.71 602.25 Td (under ) Tj ET Q q 0 0 0 rg BT 364.52 602.25 Td (which ) Tj ET Q q 0 0 0 rg BT 391.01 602.25 Td (such ) Tj ET Q q 0 0 0 rg BT 411.38 602.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.64 602.25 Td (were ) Tj ET Q q 0 0 0 rg BT 477.11 602.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 503.31 602.25 Td (not ) Tj ET Q q 0 0 0 rg BT 518.14 602.25 Td (misleading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 590.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.09 590.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.37 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.09 590.25 Td (period ) Tj ET Q q 0 0 0 rg BT 154.14 590.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 188.28 590.25 Td (by ) Tj ET Q q 0 0 0 rg BT 200.78 590.25 Td (this ) Tj ET Q q 0 0 0 rg BT 217.73 590.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 567.25 Td (3.Based ) Tj ET Q q 0 0 0 rg BT 122.30 567.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.16 567.25 Td (my ) Tj ET Q q 0 0 0 rg BT 148.79 567.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 197.03 567.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.11 567.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.95 567.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 294.52 567.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.82 567.25 Td (other ) Tj ET Q q 0 0 0 rg BT 333.22 567.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.06 567.25 Td (information ) Tj ET Q q 0 0 0 rg BT 419.13 567.25 Td (included ) Tj ET Q q 0 0 0 rg BT 455.43 567.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.06 567.25 Td (this ) Tj ET Q q 0 0 0 rg BT 481.37 567.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 509.61 567.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 533.12 567.25 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.82 555.25 Td (all ) Tj ET Q q 0 0 0 rg BT 73.87 555.25 Td (material ) Tj ET Q q 0 0 0 rg BT 109.67 555.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 144.92 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.19 555.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.21 555.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 241.53 555.25 Td (results ) Tj ET Q q 0 0 0 rg BT 270.69 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.06 555.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 326.76 555.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.25 555.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 365.06 555.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 390.33 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.71 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.97 555.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 457.78 555.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.15 555.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 483.03 555.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.51 555.25 Td (for) Tj ET Q q 0 0 0 rg BT 511.77 555.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.32 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.58 555.25 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 90.82 543.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.09 543.25 Td (this ) Tj ET Q q 0 0 0 rg BT 118.04 543.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.25 Td (4.) Tj ET Q q 0 0 0 rg BT 95.82 520.25 Td (The ) Tj ET Q q 0 0 0 rg BT 114.21 520.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 154.75 520.25 Td (s ) Tj ET Q q 0 0 0 rg BT 161.49 520.25 Td (other ) Tj ET Q q 0 0 0 rg BT 184.88 520.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 226.60 520.25 Td (of) Tj ET Q q 0 0 0 rg BT 234.75 520.25 Td (ficer\(s\) ) Tj ET Q q 0 0 0 rg BT 266.46 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.75 520.25 Td (I ) Tj ET Q q 0 0 0 rg BT 289.92 520.25 Td (are ) Tj ET Q q 0 0 0 rg BT 304.98 520.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 353.37 520.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.88 520.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 418.49 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.78 520.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 486.39 520.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 529.79 520.25 Td (controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.91 508.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 115.24 508.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 130.37 508.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 163.82 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.06 508.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 217.19 508.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 235.09 508.25 Td (Rules13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 302.71 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.61 508.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 366.84 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.74 508.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 418.75 508.25 Td (control ) Tj ET Q q 0 0 0 rg BT 450.54 508.25 Td (over ) Tj ET Q q 0 0 0 rg BT 471.78 508.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 510.23 508.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 550.35 508.25 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 82.49 496.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.76 496.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 496.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 151.07 496.25 Td (Rules13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 216.61 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.55 496.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 277.70 496.25 Td (for ) Tj ET Q q 0 0 0 rg BT 291.86 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.58 496.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 346.84 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.78 496.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (\(a\)Designed ) Tj ET Q q 0 0 0 rg BT 159.12 478.25 Td (such ) Tj ET Q q 0 0 0 rg BT 181.21 478.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 225.51 478.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 261.48 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.68 478.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 329.80 478.25 Td (or ) Tj ET Q q 0 0 0 rg BT 341.89 478.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 372.85 478.25 Td (such ) Tj ET Q q 0 0 0 rg BT 394.94 478.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 439.24 478.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 475.21 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.41 478.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 541.03 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 478.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 466.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 157.15 466.25 Td (under ) Tj ET Q q 0 0 0 rg BT 184.01 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.44 466.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 254.15 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.03 466.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 296.22 466.25 Td (that ) Tj ET Q q 0 0 0 rg BT 315.32 466.25 Td (material ) Tj ET Q q 0 0 0 rg BT 352.17 466.25 Td (information ) Tj ET Q q 0 0 0 rg BT 403.48 466.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 438.13 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.00 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.32 466.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 510.68 466.25 Td (including ) Tj ET Q q 0 0 0 rg BT 552.55 466.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 454.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 170.65 454.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 222.98 454.25 Td (is ) Tj ET Q q 0 0 0 rg BT 232.27 454.25 Td (made ) Tj ET Q q 0 0 0 rg BT 256.53 454.25 Td (known ) Tj ET Q q 0 0 0 rg BT 286.37 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.76 454.25 Td (us ) Tj ET Q q 0 0 0 rg BT 308.26 454.25 Td (by ) Tj ET Q q 0 0 0 rg BT 320.87 454.25 Td (others ) Tj ET Q q 0 0 0 rg BT 347.92 454.25 Td (within ) Tj ET Q q 0 0 0 rg BT 376.09 454.25 Td (those ) Tj ET Q q 0 0 0 rg BT 399.81 454.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 433.81 454.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 482.51 454.25 Td (during ) Tj ET Q q 0 0 0 rg BT 511.23 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.06 454.25 Td (period ) Tj ET Q q 0 0 0 rg BT 554.22 454.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 442.25 Td (which ) Tj ET Q q 0 0 0 rg BT 144.44 442.25 Td (this ) Tj ET Q q 0 0 0 rg BT 161.39 442.25 Td (report ) Tj ET Q q 0 0 0 rg BT 187.76 442.25 Td (is ) Tj ET Q q 0 0 0 rg BT 196.93 442.25 Td (being ) Tj ET Q q 0 0 0 rg BT 221.65 442.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 424.25 Td (\(b\)Designed ) Tj ET Q q 0 0 0 rg BT 158.42 424.25 Td (such ) Tj ET Q q 0 0 0 rg BT 179.23 424.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 212.26 424.25 Td (control ) Tj ET Q q 0 0 0 rg BT 243.08 424.25 Td (over ) Tj ET Q q 0 0 0 rg BT 263.33 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.80 424.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 342.44 424.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.26 424.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 382.96 424.25 Td (such ) Tj ET Q q 0 0 0 rg BT 403.78 424.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 436.81 424.25 Td (control ) Tj ET Q q 0 0 0 rg BT 467.62 424.25 Td (over ) Tj ET Q q 0 0 0 rg BT 487.87 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.34 424.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.16 412.25 Td (be ) Tj ET Q q 0 0 0 rg BT 142.48 412.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 181.91 412.25 Td (under ) Tj ET Q q 0 0 0 rg BT 208.57 412.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.78 412.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 278.27 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.93 412.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 324.36 412.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 371.00 412.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 413.75 412.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 455.95 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.05 412.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 514.81 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.02 412.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 400.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 156.16 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.60 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.82 400.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 234.35 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.68 400.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.67 400.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 325.88 400.25 Td (for ) Tj ET Q q 0 0 0 rg BT 339.54 400.25 Td (external ) Tj ET Q q 0 0 0 rg BT 373.75 400.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 411.30 400.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.08 400.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 468.04 400.25 Td (with ) Tj ET Q q 0 0 0 rg BT 487.82 400.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 527.03 400.25 Td (accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 388.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 163.87 388.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (\(c\)Evaluated ) Tj ET Q q 0 0 0 rg BT 159.71 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.06 370.25 Td (ef) Tj ET Q q 0 0 0 rg BT 181.64 370.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 228.20 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.66 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.01 370.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 293.55 370.25 Td (s ) Tj ET Q q 0 0 0 rg BT 299.57 370.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 342.25 370.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 376.59 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.16 370.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 439.16 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 455.73 370.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 496.18 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.08 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 522.66 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 548.67 370.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 358.25 Td (conclusions ) Tj ET Q q 0 0 0 rg BT 166.82 358.25 Td (about ) Tj ET Q q 0 0 0 rg BT 191.13 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.45 358.25 Td (ef) Tj ET Q q 0 0 0 rg BT 213.03 358.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 259.56 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.30 358.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 326.95 358.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 361.26 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.80 358.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 426.26 358.25 Td (as ) Tj ET Q q 0 0 0 rg BT 436.69 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.12 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.44 358.25 Td (end ) Tj ET Q q 0 0 0 rg BT 477.97 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.40 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.72 358.25 Td (period ) Tj ET Q q 0 0 0 rg BT 530.36 358.25 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 346.25 Td (by ) Tj ET Q q 0 0 0 rg BT 130.00 346.25 Td (this ) Tj ET Q q 0 0 0 rg BT 146.95 346.25 Td (report ) Tj ET Q q 0 0 0 rg BT 173.33 346.25 Td (based ) Tj ET Q q 0 0 0 rg BT 198.59 346.25 Td (on ) Tj ET Q q 0 0 0 rg BT 211.09 346.25 Td (such ) Tj ET Q q 0 0 0 rg BT 231.92 346.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 278.85 346.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 328.25 Td (\(d\)Disclosed ) Tj ET Q q 0 0 0 rg BT 159.27 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.72 328.25 Td (this ) Tj ET Q q 0 0 0 rg BT 184.85 328.25 Td (report ) Tj ET Q q 0 0 0 rg BT 210.40 328.25 Td (any ) Tj ET Q q 0 0 0 rg BT 226.51 328.25 Td (change ) Tj ET Q q 0 0 0 rg BT 256.50 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.95 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.84 328.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 320.38 328.25 Td (s ) Tj ET Q q 0 0 0 rg BT 325.95 328.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 358.17 328.25 Td (control ) Tj ET Q q 0 0 0 rg BT 388.16 328.25 Td (over ) Tj ET Q q 0 0 0 rg BT 407.61 328.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.26 328.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 482.59 328.25 Td (that ) Tj ET Q q 0 0 0 rg BT 499.26 328.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 535.91 328.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.70 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 173.25 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 180.13 316.25 Td (most ) Tj ET Q q 0 0 0 rg BT 202.56 316.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 229.97 316.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 254.61 316.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 285.92 316.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 304.45 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 344.99 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 351.87 316.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 379.30 316.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 403.94 316.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 435.24 316.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.01 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.21 316.25 Td (case ) Tj ET Q q 0 0 0 rg BT 481.41 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.72 316.25 Td (an ) Tj ET Q q 0 0 0 rg BT 505.15 316.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 534.79 316.25 Td (report\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 304.25 Td (that ) Tj ET Q q 0 0 0 rg BT 136.05 304.25 Td (has ) Tj ET Q q 0 0 0 rg BT 152.94 304.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 197.04 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 204.63 304.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 235.11 304.25 Td (or ) Tj ET Q q 0 0 0 rg BT 247.00 304.25 Td (is ) Tj ET Q q 0 0 0 rg BT 257.23 304.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 304.10 304.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 330.43 304.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.77 304.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 385.86 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 393.45 304.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 414.50 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.27 304.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 470.81 304.25 Td (s ) Tj ET Q q 0 0 0 rg BT 478.26 304.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 512.36 304.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 304.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 292.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.98 292.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 196.91 292.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.25 Td (5.) Tj ET Q q 0 0 0 rg BT 95.82 269.25 Td (The ) Tj ET Q q 0 0 0 rg BT 113.40 269.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 153.94 269.25 Td (s ) Tj ET Q q 0 0 0 rg BT 159.87 269.25 Td (other ) Tj ET Q q 0 0 0 rg BT 182.45 269.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 223.36 269.25 Td (of) Tj ET Q q 0 0 0 rg BT 231.51 269.25 Td (ficer\(s\) ) Tj ET Q q 0 0 0 rg BT 262.41 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.88 269.25 Td (I ) Tj ET Q q 0 0 0 rg BT 284.25 269.25 Td (have ) Tj ET Q q 0 0 0 rg BT 305.16 269.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 346.91 269.25 Td (based ) Tj ET Q q 0 0 0 rg BT 371.72 269.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.75 269.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.12 269.25 Td (most ) Tj ET Q q 0 0 0 rg BT 420.60 269.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 447.06 269.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 490.75 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.11 269.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.69 269.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (over ) Tj ET Q q 0 0 0 rg BT 71.18 257.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.56 257.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 152.13 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.31 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.94 257.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 219.48 257.25 Td (s ) Tj ET Q q 0 0 0 rg BT 226.78 257.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 262.40 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.25 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.87 257.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 319.27 257.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 364.89 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.62 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.25 257.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 432.79 257.25 Td (s ) Tj ET Q q 0 0 0 rg BT 440.09 257.25 Td (board ) Tj ET Q q 0 0 0 rg BT 466.26 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.00 257.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 516.39 257.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 531.46 257.25 Td (persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.49 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.20 245.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 156.35 245.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 227.25 Td (\(a\)) Tj ET Q q 0 0 0 rg BT 117.05 227.25 Td (All ) Tj ET Q q 0 0 0 rg BT 132.24 227.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 176.87 227.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 227.03 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.88 227.25 Td (material ) Tj ET Q q 0 0 0 rg BT 279.06 227.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 328.12 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.31 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.95 227.25 Td (design ) Tj ET Q q 0 0 0 rg BT 381.47 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 392.21 227.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 432.39 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.14 227.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 476.09 227.25 Td (control ) Tj ET Q q 0 0 0 rg BT 506.83 227.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 227.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 215.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 157.16 215.25 Td (which ) Tj ET Q q 0 0 0 rg BT 184.60 215.25 Td (are ) Tj ET Q q 0 0 0 rg BT 199.82 215.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 246.14 215.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 271.92 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.70 215.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 324.02 215.25 Td (af) Tj ET Q q 0 0 0 rg BT 331.61 215.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 349.60 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.82 215.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 405.36 215.25 Td (s ) Tj ET Q q 0 0 0 rg BT 412.26 215.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 440.82 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 215.25 Td (record, ) Tj ET Q q 0 0 0 rg BT 482.64 215.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 518.14 215.25 Td (summarize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.44 203.25 Td (report ) Tj ET Q q 0 0 0 rg BT 160.82 203.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.30 203.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 250.79 203.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 185.25 Td (\(b\)) Tj ET Q q 0 0 0 rg BT 117.61 185.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 137.02 185.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 162.82 185.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 197.22 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 207.75 185.25 Td (not ) Tj ET Q q 0 0 0 rg BT 222.72 185.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 260.17 185.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.36 185.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 313.44 185.25 Td (management ) Tj ET Q q 0 0 0 rg BT 366.73 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 377.25 185.25 Td (other ) Tj ET Q q 0 0 0 rg BT 399.99 185.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 444.95 185.25 Td (who ) Tj ET Q q 0 0 0 rg BT 464.37 185.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.44 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 492.07 185.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 536.48 185.25 Td (role ) Tj ET Q q 0 0 0 rg BT 554.22 185.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.22 173.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 172.76 173.25 Td (s ) Tj ET Q q 0 0 0 rg BT 179.15 173.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 212.19 173.25 Td (control ) Tj ET Q q 0 0 0 rg BT 243.02 173.25 Td (over ) Tj ET Q q 0 0 0 rg BT 263.29 173.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.77 173.25 Td (reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 136.75 m 334.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 136.75 m 492.5 136.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 141.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 141.32 Td (/s/ RONALD J. JEANNEAULT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 127.32 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 127.32 Td (Ronald J. Jeanneault) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 113.32 Td (Title:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.00 113.31 Td (Chief Executive Officerand President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 99.32 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 99.32 Td (November 13, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.80 719.25 Td (CER) Tj ET Q q 0 0 0 rg BT 166.56 719.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 200.82 719.25 Td (TION BY) Tj ET Q q 0 0 0 rg BT 242.41 719.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.73 719.25 Td (THE CHIEF) Tj ET Q q 0 0 0 rg BT 299.64 719.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 358.26 719.25 Td ( OFFICER PURSUANT) Tj ET Q q 0 0 0 rg BT 462.53 719.25 Td ( ) Tj ET Q q 0 0 0 rg BT 464.85 719.25 Td (T) Tj ET Q q 0 0 0 rg BT 471.34 719.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.20 707.25 Td (17 CFR 240.13a-14\(a\)/15\(d\)-14\(a\),) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.50 695.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 270.23 695.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 375.89 695.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.21 695.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.70 695.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.60 683.25 Td (SECTION 302 OF) Tj ET Q q 0 0 0 rg BT 262.13 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 264.45 683.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 379.94 683.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.89 683.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 402.82 683.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 418.83 683.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 660.25 Td (I, Debra ) Tj ET Q q 0 0 0 rg BT 97.71 660.25 Td (A. Hess, certify that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 637.25 Td (1.I ) Tj ET Q q 0 0 0 rg BT 101.83 637.25 Td (have ) Tj ET Q q 0 0 0 rg BT 123.21 637.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 162.35 637.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.30 637.25 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.62 637.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.12 637.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 249.83 637.25 Td (on ) Tj ET Q q 0 0 0 rg BT 262.33 637.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 286.50 637.25 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.83 637.25 Td (Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.05 637.25 Td ( ) Tj ET Q q 0 0 0 rg BT 309.55 637.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.38 637.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 362.32 637.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 408.12 637.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 443.11 637.25 Td (Inc.;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 614.25 Td (2.Based ) Tj ET Q q 0 0 0 rg BT 122.57 614.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.70 614.25 Td (my ) Tj ET Q q 0 0 0 rg BT 149.61 614.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 198.12 614.25 Td (this ) Tj ET Q q 0 0 0 rg BT 214.70 614.25 Td (report ) Tj ET Q q 0 0 0 rg BT 240.71 614.25 Td (does ) Tj ET Q q 0 0 0 rg BT 261.17 614.25 Td (not ) Tj ET Q q 0 0 0 rg BT 276.08 614.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 307.64 614.25 Td (any ) Tj ET Q q 0 0 0 rg BT 324.21 614.25 Td (untrue ) Tj ET Q q 0 0 0 rg BT 351.89 614.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 392.34 614.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.80 614.25 Td (a ) Tj ET Q q 0 0 0 rg BT 409.37 614.25 Td (material ) Tj ET Q q 0 0 0 rg BT 444.26 614.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 461.38 614.25 Td (or ) Tj ET Q q 0 0 0 rg BT 471.84 614.25 Td (omit ) Tj ET Q q 0 0 0 rg BT 492.31 614.25 Td (to ) Tj ET Q q 0 0 0 rg BT 502.22 614.25 Td (state ) Tj ET Q q 0 0 0 rg BT 522.67 614.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.24 614.25 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.25 Td (fact ) Tj ET Q q 0 0 0 rg BT 67.03 602.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 107.94 602.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.77 602.25 Td (make ) Tj ET Q q 0 0 0 rg BT 141.47 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.73 602.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 199.98 602.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 226.18 602.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.01 602.25 Td (light ) Tj ET Q q 0 0 0 rg BT 256.39 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.76 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.02 602.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 339.71 602.25 Td (under ) Tj ET Q q 0 0 0 rg BT 364.52 602.25 Td (which ) Tj ET Q q 0 0 0 rg BT 391.01 602.25 Td (such ) Tj ET Q q 0 0 0 rg BT 411.38 602.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 455.64 602.25 Td (were ) Tj ET Q q 0 0 0 rg BT 477.11 602.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 503.31 602.25 Td (not ) Tj ET Q q 0 0 0 rg BT 518.14 602.25 Td (misleading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 590.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.09 590.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.37 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.09 590.25 Td (period ) Tj ET Q q 0 0 0 rg BT 154.14 590.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 188.28 590.25 Td (by ) Tj ET Q q 0 0 0 rg BT 200.78 590.25 Td (this ) Tj ET Q q 0 0 0 rg BT 217.73 590.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 567.25 Td (3.Based ) Tj ET Q q 0 0 0 rg BT 122.30 567.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.16 567.25 Td (my ) Tj ET Q q 0 0 0 rg BT 148.79 567.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 197.03 567.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.11 567.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.95 567.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 294.52 567.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.82 567.25 Td (other ) Tj ET Q q 0 0 0 rg BT 333.22 567.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.06 567.25 Td (information ) Tj ET Q q 0 0 0 rg BT 419.13 567.25 Td (included ) Tj ET Q q 0 0 0 rg BT 455.43 567.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.06 567.25 Td (this ) Tj ET Q q 0 0 0 rg BT 481.37 567.25 Td (report, ) Tj ET Q q 0 0 0 rg BT 509.61 567.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 533.12 567.25 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.82 555.25 Td (all ) Tj ET Q q 0 0 0 rg BT 73.87 555.25 Td (material ) Tj ET Q q 0 0 0 rg BT 109.67 555.25 Td (respects ) Tj ET Q q 0 0 0 rg BT 144.92 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.19 555.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.21 555.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 241.53 555.25 Td (results ) Tj ET Q q 0 0 0 rg BT 270.69 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.06 555.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 326.76 555.25 Td (and ) Tj ET Q q 0 0 0 rg BT 344.25 555.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 365.06 555.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 390.33 555.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.71 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.97 555.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 457.78 555.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.15 555.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 483.03 555.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.51 555.25 Td (for) Tj ET Q q 0 0 0 rg BT 511.77 555.25 Td (, ) Tj ET Q q 0 0 0 rg BT 517.32 555.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.58 555.25 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 90.82 543.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.09 543.25 Td (this ) Tj ET Q q 0 0 0 rg BT 118.04 543.25 Td (report;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.25 Td (4.) Tj ET Q q 0 0 0 rg BT 95.82 520.25 Td (The ) Tj ET Q q 0 0 0 rg BT 114.21 520.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 154.75 520.25 Td (s ) Tj ET Q q 0 0 0 rg BT 161.49 520.25 Td (other ) Tj ET Q q 0 0 0 rg BT 184.88 520.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 226.60 520.25 Td (of) Tj ET Q q 0 0 0 rg BT 234.75 520.25 Td (ficer\(s\) ) Tj ET Q q 0 0 0 rg BT 266.46 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.75 520.25 Td (I ) Tj ET Q q 0 0 0 rg BT 289.92 520.25 Td (are ) Tj ET Q q 0 0 0 rg BT 304.98 520.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 353.37 520.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.88 520.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 418.49 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.78 520.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 486.39 520.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 529.79 520.25 Td (controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.91 508.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 115.24 508.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 130.37 508.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 163.82 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.06 508.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 217.19 508.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 235.09 508.25 Td (Rules13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 302.71 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.61 508.25 Td (15d-15\(e\)\) ) Tj ET Q q 0 0 0 rg BT 366.84 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.74 508.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 418.75 508.25 Td (control ) Tj ET Q q 0 0 0 rg BT 450.54 508.25 Td (over ) Tj ET Q q 0 0 0 rg BT 471.78 508.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 510.23 508.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 550.35 508.25 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 82.49 496.25 Td (in ) Tj ET Q q 0 0 0 rg BT 92.76 496.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 496.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 151.07 496.25 Td (Rules13a-15\(f\) ) Tj ET Q q 0 0 0 rg BT 216.61 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.55 496.25 Td (15d-15\(f\)\) ) Tj ET Q q 0 0 0 rg BT 277.70 496.25 Td (for ) Tj ET Q q 0 0 0 rg BT 291.86 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.58 496.25 Td (registrant ) Tj ET Q q 0 0 0 rg BT 346.84 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.78 496.25 Td (have:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (\(a\)Designed ) Tj ET Q q 0 0 0 rg BT 159.12 478.25 Td (such ) Tj ET Q q 0 0 0 rg BT 181.21 478.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 225.51 478.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 261.48 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.68 478.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 329.80 478.25 Td (or ) Tj ET Q q 0 0 0 rg BT 341.89 478.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 372.85 478.25 Td (such ) Tj ET Q q 0 0 0 rg BT 394.94 478.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 439.24 478.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 475.21 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.41 478.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 541.03 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 478.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 466.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 157.15 466.25 Td (under ) Tj ET Q q 0 0 0 rg BT 184.01 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.44 466.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 254.15 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.03 466.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 296.22 466.25 Td (that ) Tj ET Q q 0 0 0 rg BT 315.32 466.25 Td (material ) Tj ET Q q 0 0 0 rg BT 352.17 466.25 Td (information ) Tj ET Q q 0 0 0 rg BT 403.48 466.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 438.13 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.00 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.32 466.25 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 510.68 466.25 Td (including ) Tj ET Q q 0 0 0 rg BT 552.55 466.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 454.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 170.65 454.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 222.98 454.25 Td (is ) Tj ET Q q 0 0 0 rg BT 232.27 454.25 Td (made ) Tj ET Q q 0 0 0 rg BT 256.53 454.25 Td (known ) Tj ET Q q 0 0 0 rg BT 286.37 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.76 454.25 Td (us ) Tj ET Q q 0 0 0 rg BT 308.26 454.25 Td (by ) Tj ET Q q 0 0 0 rg BT 320.87 454.25 Td (others ) Tj ET Q q 0 0 0 rg BT 347.92 454.25 Td (within ) Tj ET Q q 0 0 0 rg BT 376.09 454.25 Td (those ) Tj ET Q q 0 0 0 rg BT 399.81 454.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 433.81 454.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 482.51 454.25 Td (during ) Tj ET Q q 0 0 0 rg BT 511.23 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.06 454.25 Td (period ) Tj ET Q q 0 0 0 rg BT 554.22 454.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 442.25 Td (which ) Tj ET Q q 0 0 0 rg BT 144.44 442.25 Td (this ) Tj ET Q q 0 0 0 rg BT 161.39 442.25 Td (report ) Tj ET Q q 0 0 0 rg BT 187.76 442.25 Td (is ) Tj ET Q q 0 0 0 rg BT 196.93 442.25 Td (being ) Tj ET Q q 0 0 0 rg BT 221.65 442.25 Td (prepared;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 424.25 Td (\(b\)Designed ) Tj ET Q q 0 0 0 rg BT 158.42 424.25 Td (such ) Tj ET Q q 0 0 0 rg BT 179.23 424.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 212.26 424.25 Td (control ) Tj ET Q q 0 0 0 rg BT 243.08 424.25 Td (over ) Tj ET Q q 0 0 0 rg BT 263.33 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.80 424.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 342.44 424.25 Td (or ) Tj ET Q q 0 0 0 rg BT 353.26 424.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 382.96 424.25 Td (such ) Tj ET Q q 0 0 0 rg BT 403.78 424.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 436.81 424.25 Td (control ) Tj ET Q q 0 0 0 rg BT 467.62 424.25 Td (over ) Tj ET Q q 0 0 0 rg BT 487.87 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.34 424.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 129.16 412.25 Td (be ) Tj ET Q q 0 0 0 rg BT 142.48 412.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 181.91 412.25 Td (under ) Tj ET Q q 0 0 0 rg BT 208.57 412.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.78 412.25 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 278.27 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.93 412.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 324.36 412.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 371.00 412.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 413.75 412.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 455.95 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.05 412.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 514.81 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.02 412.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 400.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 156.16 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.60 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.82 400.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 234.35 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.68 400.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.67 400.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 325.88 400.25 Td (for ) Tj ET Q q 0 0 0 rg BT 339.54 400.25 Td (external ) Tj ET Q q 0 0 0 rg BT 373.75 400.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 411.30 400.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.08 400.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 468.04 400.25 Td (with ) Tj ET Q q 0 0 0 rg BT 487.82 400.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 527.03 400.25 Td (accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 388.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 163.87 388.25 Td (principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (\(c\)Evaluated ) Tj ET Q q 0 0 0 rg BT 159.71 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.06 370.25 Td (ef) Tj ET Q q 0 0 0 rg BT 181.64 370.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 228.20 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.66 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.01 370.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 293.55 370.25 Td (s ) Tj ET Q q 0 0 0 rg BT 299.57 370.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 342.25 370.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 376.59 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.16 370.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 439.16 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 455.73 370.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 496.18 370.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.08 370.25 Td (this ) Tj ET Q q 0 0 0 rg BT 522.66 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 548.67 370.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 358.25 Td (conclusions ) Tj ET Q q 0 0 0 rg BT 166.82 358.25 Td (about ) Tj ET Q q 0 0 0 rg BT 191.13 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.45 358.25 Td (ef) Tj ET Q q 0 0 0 rg BT 213.03 358.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 259.56 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.30 358.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 326.95 358.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 361.26 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.80 358.25 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 426.26 358.25 Td (as ) Tj ET Q q 0 0 0 rg BT 436.69 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.12 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.44 358.25 Td (end ) Tj ET Q q 0 0 0 rg BT 477.97 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.40 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.72 358.25 Td (period ) Tj ET Q q 0 0 0 rg BT 530.36 358.25 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 346.25 Td (by ) Tj ET Q q 0 0 0 rg BT 130.00 346.25 Td (this ) Tj ET Q q 0 0 0 rg BT 146.95 346.25 Td (report ) Tj ET Q q 0 0 0 rg BT 173.33 346.25 Td (based ) Tj ET Q q 0 0 0 rg BT 198.59 346.25 Td (on ) Tj ET Q q 0 0 0 rg BT 211.09 346.25 Td (such ) Tj ET Q q 0 0 0 rg BT 231.92 346.25 Td (evaluation; ) Tj ET Q q 0 0 0 rg BT 278.85 346.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 328.25 Td (\(d\)Disclosed ) Tj ET Q q 0 0 0 rg BT 159.27 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.72 328.25 Td (this ) Tj ET Q q 0 0 0 rg BT 184.85 328.25 Td (report ) Tj ET Q q 0 0 0 rg BT 210.40 328.25 Td (any ) Tj ET Q q 0 0 0 rg BT 226.51 328.25 Td (change ) Tj ET Q q 0 0 0 rg BT 256.50 328.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.95 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.84 328.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 320.38 328.25 Td (s ) Tj ET Q q 0 0 0 rg BT 325.95 328.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 358.17 328.25 Td (control ) Tj ET Q q 0 0 0 rg BT 388.16 328.25 Td (over ) Tj ET Q q 0 0 0 rg BT 407.61 328.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.26 328.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 482.59 328.25 Td (that ) Tj ET Q q 0 0 0 rg BT 499.26 328.25 Td (occurred ) Tj ET Q q 0 0 0 rg BT 535.91 328.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.70 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 173.25 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 180.13 316.25 Td (most ) Tj ET Q q 0 0 0 rg BT 202.56 316.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 229.97 316.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 254.61 316.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 285.92 316.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 304.45 316.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 344.99 316.25 Td (s ) Tj ET Q q 0 0 0 rg BT 351.87 316.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 379.30 316.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 403.94 316.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 435.24 316.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.01 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.21 316.25 Td (case ) Tj ET Q q 0 0 0 rg BT 481.41 316.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.72 316.25 Td (an ) Tj ET Q q 0 0 0 rg BT 505.15 316.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 534.79 316.25 Td (report\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 304.25 Td (that ) Tj ET Q q 0 0 0 rg BT 136.05 304.25 Td (has ) Tj ET Q q 0 0 0 rg BT 152.94 304.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 197.04 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 204.63 304.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 235.11 304.25 Td (or ) Tj ET Q q 0 0 0 rg BT 247.00 304.25 Td (is ) Tj ET Q q 0 0 0 rg BT 257.23 304.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 304.10 304.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 330.43 304.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.77 304.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 385.86 304.25 Td (af) Tj ET Q q 0 0 0 rg BT 393.45 304.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 414.50 304.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.27 304.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 470.81 304.25 Td (s ) Tj ET Q q 0 0 0 rg BT 478.26 304.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 512.36 304.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 304.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 292.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.98 292.25 Td (reporting; ) Tj ET Q q 0 0 0 rg BT 196.91 292.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 269.25 Td (5.) Tj ET Q q 0 0 0 rg BT 95.82 269.25 Td (The ) Tj ET Q q 0 0 0 rg BT 113.40 269.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 153.94 269.25 Td (s ) Tj ET Q q 0 0 0 rg BT 159.87 269.25 Td (other ) Tj ET Q q 0 0 0 rg BT 182.45 269.25 Td (certifying ) Tj ET Q q 0 0 0 rg BT 223.36 269.25 Td (of) Tj ET Q q 0 0 0 rg BT 231.51 269.25 Td (ficer\(s\) ) Tj ET Q q 0 0 0 rg BT 262.41 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.88 269.25 Td (I ) Tj ET Q q 0 0 0 rg BT 284.25 269.25 Td (have ) Tj ET Q q 0 0 0 rg BT 305.16 269.25 Td (disclosed, ) Tj ET Q q 0 0 0 rg BT 346.91 269.25 Td (based ) Tj ET Q q 0 0 0 rg BT 371.72 269.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.75 269.25 Td (our ) Tj ET Q q 0 0 0 rg BT 399.12 269.25 Td (most ) Tj ET Q q 0 0 0 rg BT 420.60 269.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 447.06 269.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 490.75 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.11 269.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.69 269.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (over ) Tj ET Q q 0 0 0 rg BT 71.18 257.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.56 257.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 152.13 257.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.31 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.94 257.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 219.48 257.25 Td (s ) Tj ET Q q 0 0 0 rg BT 226.78 257.25 Td (auditors ) Tj ET Q q 0 0 0 rg BT 262.40 257.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.25 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.87 257.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 319.27 257.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 364.89 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.62 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.25 257.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 432.79 257.25 Td (s ) Tj ET Q q 0 0 0 rg BT 440.09 257.25 Td (board ) Tj ET Q q 0 0 0 rg BT 466.26 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.00 257.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 516.39 257.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 531.46 257.25 Td (persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.49 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.20 245.25 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 156.35 245.25 Td (functions\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 227.25 Td (\(a\)) Tj ET Q q 0 0 0 rg BT 117.05 227.25 Td (All ) Tj ET Q q 0 0 0 rg BT 132.24 227.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 176.87 227.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 227.03 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.88 227.25 Td (material ) Tj ET Q q 0 0 0 rg BT 279.06 227.25 Td (weaknesses ) Tj ET Q q 0 0 0 rg BT 328.12 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.31 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.95 227.25 Td (design ) Tj ET Q q 0 0 0 rg BT 381.47 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 392.21 227.25 Td (operation ) Tj ET Q q 0 0 0 rg BT 432.39 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.14 227.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 476.09 227.25 Td (control ) Tj ET Q q 0 0 0 rg BT 506.83 227.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 227.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 215.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 157.16 215.25 Td (which ) Tj ET Q q 0 0 0 rg BT 184.60 215.25 Td (are ) Tj ET Q q 0 0 0 rg BT 199.82 215.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 246.14 215.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 271.92 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.70 215.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 324.02 215.25 Td (af) Tj ET Q q 0 0 0 rg BT 331.61 215.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 349.60 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.82 215.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 405.36 215.25 Td (s ) Tj ET Q q 0 0 0 rg BT 412.26 215.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 440.82 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 215.25 Td (record, ) Tj ET Q q 0 0 0 rg BT 482.64 215.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 518.14 215.25 Td (summarize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.44 203.25 Td (report ) Tj ET Q q 0 0 0 rg BT 160.82 203.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 198.30 203.25 Td (information; ) Tj ET Q q 0 0 0 rg BT 250.79 203.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 185.25 Td (\(b\)) Tj ET Q q 0 0 0 rg BT 117.61 185.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 137.02 185.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 162.82 185.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 197.22 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 207.75 185.25 Td (not ) Tj ET Q q 0 0 0 rg BT 222.72 185.25 Td (material, ) Tj ET Q q 0 0 0 rg BT 260.17 185.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.36 185.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 313.44 185.25 Td (management ) Tj ET Q q 0 0 0 rg BT 366.73 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 377.25 185.25 Td (other ) Tj ET Q q 0 0 0 rg BT 399.99 185.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 444.95 185.25 Td (who ) Tj ET Q q 0 0 0 rg BT 464.37 185.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.44 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 492.07 185.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 536.48 185.25 Td (role ) Tj ET Q q 0 0 0 rg BT 554.22 185.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.22 173.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 172.76 173.25 Td (s ) Tj ET Q q 0 0 0 rg BT 179.15 173.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 212.19 173.25 Td (control ) Tj ET Q q 0 0 0 rg BT 243.02 173.25 Td (over ) Tj ET Q q 0 0 0 rg BT 263.29 173.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.77 173.25 Td (reporting.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 122.75 m 334.5 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 122.75 m 492.5 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 122.75 m 334.5 122.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 127.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 127.32 Td (/s/ DEBRA A. HESS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 127.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 113.32 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 113.32 Td (Debra A. Hess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 99.32 Td (Title:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.00 99.31 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 99.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 85.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 85.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 85.32 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 85.32 Td (November 13, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 85.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.15 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 164.91 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 199.17 718.25 Td (TION BY) Tj ET Q q 0 0 0 rg BT 240.76 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 243.08 718.25 Td (THE CHIEF) Tj ET Q q 0 0 0 rg BT 297.99 718.25 Td ( EXECUTIVE OFFICER PURSUANT) Tj ET Q q 0 0 0 rg BT 464.22 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 466.54 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 473.03 718.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.70 706.25 Td (18 U.S.C. SECTION 1350,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.50 694.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 270.23 694.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 375.89 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.21 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.70 694.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.10 682.25 Td (SECTION 906 OF) Tj ET Q q 0 0 0 rg BT 273.63 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.95 682.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 391.44 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 393.39 682.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 414.32 682.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 430.33 682.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 664.25 Td (In ) Tj ET Q q 0 0 0 rg BT 97.08 664.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 143.70 664.25 Td (with ) Tj ET Q q 0 0 0 rg BT 164.22 664.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.19 664.25 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.25 664.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 250.22 664.25 Td (on ) Tj ET Q q 0 0 0 rg BT 262.97 664.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 287.38 664.25 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.71 664.25 Td (Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.94 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.68 664.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.76 664.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 363.95 664.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 410.00 664.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 445.23 664.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 463.25 664.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 481.54 664.25 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 535.38 664.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 664.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.63 652.25 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 652.25 Td ( ) Tj ET Q q 0 0 0 rg BT 103.92 652.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.77 652.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 189.50 652.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 652.25 Td (, ) Tj ET Q q 0 0 0 rg BT 213.97 652.25 Td (as ) Tj ET Q q 0 0 0 rg BT 224.28 652.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 244.58 652.25 Td (with ) Tj ET Q q 0 0 0 rg BT 264.33 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.52 652.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 319.92 652.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.33 652.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 377.73 652.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 430.27 652.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.24 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.43 652.25 Td (date ) Tj ET Q q 0 0 0 rg BT 475.06 652.25 Td (hereof ) Tj ET Q q 0 0 0 rg BT 502.57 652.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 520.09 652.25 Td (Report\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Ronald ) Tj ET Q q 0 0 0 rg BT 80.89 640.25 Td (J. ) Tj ET Q q 0 0 0 rg BT 89.28 640.25 Td (Jeanneault, ) Tj ET Q q 0 0 0 rg BT 135.98 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 146.30 640.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 170.52 640.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 212.50 640.25 Td (Of) Tj ET Q q 0 0 0 rg BT 222.87 640.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 243.18 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.51 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.73 640.25 Td (Company) Tj ET Q q 0 0 0 rg BT 305.97 640.25 Td (, ) Tj ET Q q 0 0 0 rg BT 310.46 640.25 Td (hereby ) Tj ET Q q 0 0 0 rg BT 339.67 640.25 Td (certifies, ) Tj ET Q q 0 0 0 rg BT 376.37 640.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 412.81 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.58 640.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 434.58 640.25 Td (U.S.C. ) Tj ET Q q 0 0 0 rg BT 463.53 640.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 495.53 640.25 Td (1350, ) Tj ET Q q 0 0 0 rg BT 520.03 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 530.35 640.25 Td (adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 86.94 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.22 628.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 147.21 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.04 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.76 628.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 238.57 628.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 255.51 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.34 628.25 Td (2002, ) Tj ET Q q 0 0 0 rg BT 291.34 628.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 311.34 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.62 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.33 628.25 Td (best ) Tj ET Q q 0 0 0 rg BT 354.94 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.77 628.25 Td (his ) Tj ET Q q 0 0 0 rg BT 379.94 628.25 Td (knowledge:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 610.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 610.25 Td (The ) Tj ET Q q 0 0 0 rg BT 130.50 610.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 159.67 610.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 180.50 610.25 Td (complies ) Tj ET Q q 0 0 0 rg BT 218.56 610.25 Td (with ) Tj ET Q q 0 0 0 rg BT 238.29 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.45 610.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 306.61 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.89 610.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 348.83 610.25 Td (13\(a\) ) Tj ET Q q 0 0 0 rg BT 371.88 610.25 Td (or ) Tj ET Q q 0 0 0 rg BT 382.16 610.25 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 405.77 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.05 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.22 610.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 471.61 610.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 512.55 610.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 528.94 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.22 610.25 Td (1934; ) Tj ET Q q 0 0 0 rg BT 564.50 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 598.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 580.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 580.25 Td (The ) Tj ET Q q 0 0 0 rg BT 130.58 580.25 Td (information ) Tj ET Q q 0 0 0 rg BT 179.82 580.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 220.72 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.53 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.78 580.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 274.02 580.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 297.71 580.25 Td (presents, ) Tj ET Q q 0 0 0 rg BT 335.01 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 344.82 580.25 Td (all ) Tj ET Q q 0 0 0 rg BT 356.84 580.25 Td (material ) Tj ET Q q 0 0 0 rg BT 391.63 580.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 428.37 580.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.62 580.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.63 580.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 519.43 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.90 580.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.83 568.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 167.99 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.82 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.53 568.25 Td (Company) Tj ET Q q 0 0 0 rg BT 231.77 568.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 536.75 m 452.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 536.75 m 452.5 536.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.55 542.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 541.42 Td (/s/ RONALD J. JEANNEAULT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 527.32 Td (Ronald J. Jeanneault) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 283.00 512.46 Td (Chief Executive Officerand President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.30 497.42 Td (Date:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 498.32 Td (November 13, 2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 475.25 Td (This ) Tj ET Q q 0 0 0 rg BT 105.40 475.25 Td (certification ) Tj ET Q q 0 0 0 rg BT 155.33 475.25 Td (accompanies ) Tj ET Q q 0 0 0 rg BT 208.60 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.44 475.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 251.28 475.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 287.35 475.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.75 475.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 345.87 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.83 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.67 475.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 434.80 475.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 450.86 475.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.82 475.25 Td (2002 ) Tj ET Q q 0 0 0 rg BT 482.44 475.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.51 475.25 Td (shall ) Tj ET Q q 0 0 0 rg BT 519.02 475.25 Td (not, ) Tj ET Q q 0 0 0 rg BT 535.92 475.25 Td (except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.88 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.19 463.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 103.72 463.25 Td (required ) Tj ET Q q 0 0 0 rg BT 140.14 463.25 Td (by ) Tj ET Q q 0 0 0 rg BT 153.23 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.55 463.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 234.83 463.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 252.37 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.80 463.25 Td (2002, ) Tj ET Q q 0 0 0 rg BT 289.39 463.25 Td (be ) Tj ET Q q 0 0 0 rg BT 301.93 463.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 336.12 463.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 357.55 463.25 Td (by ) Tj ET Q q 0 0 0 rg BT 370.64 463.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.96 463.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 427.94 463.25 Td (for ) Tj ET Q q 0 0 0 rg BT 442.70 463.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 481.35 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.78 463.25 Td (Section18 ) Tj ET Q q 0 0 0 rg BT 538.37 463.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 463.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.93 451.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 451.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 150.24 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.07 451.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 186.07 451.25 Td (as ) Tj ET Q q 0 0 0 rg BT 196.90 451.25 Td (amended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 439.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 427.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 427.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.41 427.25 Td (signed ) Tj ET Q q 0 0 0 rg BT 124.25 427.25 Td (original ) Tj ET Q q 0 0 0 rg BT 158.10 427.25 Td (of ) Tj ET Q q 0 0 0 rg BT 169.17 427.25 Td (this ) Tj ET Q q 0 0 0 rg BT 186.35 427.25 Td (written ) Tj ET Q q 0 0 0 rg BT 217.42 427.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 258.47 427.25 Td (required ) Tj ET Q q 0 0 0 rg BT 294.53 427.25 Td (by ) Tj ET Q q 0 0 0 rg BT 307.27 427.25 Td (Section906, ) Tj ET Q q 0 0 0 rg BT 360.00 427.25 Td (or ) Tj ET Q q 0 0 0 rg BT 371.07 427.25 Td (other ) Tj ET Q q 0 0 0 rg BT 394.35 427.25 Td (document ) Tj ET Q q 0 0 0 rg BT 436.52 427.25 Td (authenticating, ) Tj ET Q q 0 0 0 rg BT 498.41 427.25 Td (acknowledging, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.78 415.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 102.11 415.25 Td (adopting ) Tj ET Q q 0 0 0 rg BT 139.56 415.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.23 415.25 Td (signature ) Tj ET Q q 0 0 0 rg BT 193.34 415.25 Td (that ) Tj ET Q q 0 0 0 rg BT 210.79 415.25 Td (appears ) Tj ET Q q 0 0 0 rg BT 243.77 415.25 Td (in ) Tj ET Q q 0 0 0 rg BT 254.01 415.25 Td (typed ) Tj ET Q q 0 0 0 rg BT 278.68 415.25 Td (form ) Tj ET Q q 0 0 0 rg BT 300.57 415.25 Td (within ) Tj ET Q q 0 0 0 rg BT 328.58 415.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.25 415.25 Td (electronic ) Tj ET Q q 0 0 0 rg BT 385.12 415.25 Td (version ) Tj ET Q q 0 0 0 rg BT 417.01 415.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.79 415.25 Td (this ) Tj ET Q q 0 0 0 rg BT 444.69 415.25 Td (written ) Tj ET Q q 0 0 0 rg BT 475.47 415.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 516.24 415.25 Td (required ) Tj ET Q q 0 0 0 rg BT 552.01 415.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 99.48 403.25 Td (has ) Tj ET Q q 0 0 0 rg BT 114.79 403.25 Td (been ) Tj ET Q q 0 0 0 rg BT 135.65 403.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 173.18 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.94 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.14 403.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 238.01 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.43 403.25 Td (will ) Tj ET Q q 0 0 0 rg BT 271.97 403.25 Td (be ) Tj ET Q q 0 0 0 rg BT 283.39 403.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 317.57 403.25 Td (by ) Tj ET Q q 0 0 0 rg BT 329.56 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.75 403.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 384.62 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.04 403.25 Td (furnished ) Tj ET Q q 0 0 0 rg BT 440.80 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.56 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.76 403.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 506.17 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.59 403.25 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 103.07 391.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.90 391.25 Td (its ) Tj ET Q q 0 0 0 rg BT 125.84 391.25 Td (staf) Tj ET Q q 0 0 0 rg BT 140.10 391.25 Td (f ) Tj ET Q q 0 0 0 rg BT 145.93 391.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 168.43 391.25 Td (request.) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 32.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 730.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.80 718.25 Td (CER) Tj ET Q q 0 0 0 rg BT 166.56 718.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 200.82 718.25 Td (TION BY) Tj ET Q q 0 0 0 rg BT 242.41 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.73 718.25 Td (THE CHIEF) Tj ET Q q 0 0 0 rg BT 299.64 718.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 358.26 718.25 Td ( OFFICER PURSUANT) Tj ET Q q 0 0 0 rg BT 462.53 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 464.85 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 471.34 718.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.70 706.25 Td (18 U.S.C. SECTION 1350,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.50 694.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 270.23 694.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 375.89 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 378.21 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.70 694.25 Td (O) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.10 682.25 Td (SECTION 906 OF) Tj ET Q q 0 0 0 rg BT 273.63 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.95 682.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 391.44 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 393.39 682.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 414.32 682.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 430.33 682.25 Td ( 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 664.25 Td (In ) Tj ET Q q 0 0 0 rg BT 97.08 664.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 143.70 664.25 Td (with ) Tj ET Q q 0 0 0 rg BT 164.22 664.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.19 664.25 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.25 664.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 250.22 664.25 Td (on ) Tj ET Q q 0 0 0 rg BT 262.97 664.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 287.38 664.25 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.71 664.25 Td (Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.94 664.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.68 664.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.76 664.25 Td (NorthStar ) Tj ET Q q 0 0 0 rg BT 363.95 664.25 Td (Healthcare ) Tj ET Q q 0 0 0 rg BT 410.00 664.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 445.23 664.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 463.25 664.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 481.54 664.25 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 535.38 664.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.79 664.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.63 652.25 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.94 652.25 Td ( ) Tj ET Q q 0 0 0 rg BT 103.92 652.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.77 652.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 189.50 652.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 652.25 Td (, ) Tj ET Q q 0 0 0 rg BT 213.97 652.25 Td (as ) Tj ET Q q 0 0 0 rg BT 224.28 652.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 244.58 652.25 Td (with ) Tj ET Q q 0 0 0 rg BT 264.33 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.52 652.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 319.92 652.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.33 652.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 377.73 652.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 430.27 652.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.24 652.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.43 652.25 Td (date ) Tj ET Q q 0 0 0 rg BT 475.06 652.25 Td (hereof ) Tj ET Q q 0 0 0 rg BT 502.57 652.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 520.09 652.25 Td (Report\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Debra ) Tj ET Q q 0 0 0 rg BT 77.11 640.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 90.27 640.25 Td (Hess, ) Tj ET Q q 0 0 0 rg BT 115.66 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 127.43 640.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 153.09 640.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 193.74 640.25 Td (Of) Tj ET Q q 0 0 0 rg BT 204.11 640.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 225.87 640.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.64 640.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.30 640.25 Td (Company) Tj ET Q q 0 0 0 rg BT 291.54 640.25 Td (, ) Tj ET Q q 0 0 0 rg BT 297.48 640.25 Td (hereby ) Tj ET Q q 0 0 0 rg BT 328.13 640.25 Td (certifies, ) Tj ET Q q 0 0 0 rg BT 366.27 640.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 404.15 640.25 Td (to ) Tj ET Q q 0 0 0 rg BT 415.37 640.25 Td (18 ) Tj ET Q q 0 0 0 rg BT 428.81 640.25 Td (U.S.C. ) Tj ET Q q 0 0 0 rg BT 459.21 640.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 492.64 640.25 Td (1350, ) Tj ET Q q 0 0 0 rg BT 518.58 640.25 Td (as ) Tj ET Q q 0 0 0 rg BT 530.35 640.25 Td (adopted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 86.94 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.22 628.25 Td (Section906 ) Tj ET Q q 0 0 0 rg BT 147.21 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.04 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.76 628.25 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 238.57 628.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 255.51 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.34 628.25 Td (2002, ) Tj ET Q q 0 0 0 rg BT 291.34 628.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 311.34 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 321.62 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.33 628.25 Td (best ) Tj ET Q q 0 0 0 rg BT 354.94 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.77 628.25 Td (her ) Tj ET Q q 0 0 0 rg BT 381.04 628.25 Td (knowledge:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 610.25 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 610.25 Td (The ) Tj ET Q q 0 0 0 rg BT 130.50 610.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 159.67 610.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 180.50 610.25 Td (complies ) Tj ET Q q 0 0 0 rg BT 218.56 610.25 Td (with ) Tj ET Q q 0 0 0 rg BT 238.29 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.45 610.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 306.61 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.89 610.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 348.83 610.25 Td (13\(a\) ) Tj ET Q q 0 0 0 rg BT 371.88 610.25 Td (or ) Tj ET Q q 0 0 0 rg BT 382.16 610.25 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 405.77 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.05 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.22 610.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 471.61 610.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 512.55 610.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 528.94 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.22 610.25 Td (1934; ) Tj ET Q q 0 0 0 rg BT 564.50 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 598.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 580.25 Td (2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 580.25 Td (The ) Tj ET Q q 0 0 0 rg BT 130.58 580.25 Td (information ) Tj ET Q q 0 0 0 rg BT 179.82 580.25 Td 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