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People’s United: PeopleS United Financial Reports First Quarter Net Income Of $62.9 Million, Or $0.21 Per Share, And Announces Dividend Increase BRIDGEPORT, CT

The following excerpt is from the company's SEC filing.

Peoples United Financial, Inc. (NASDAQ: PBCT) today reported net income of $62.9 million, or $0.21 per share, for the first quarter of 2016, compared to $59.2 million, or $0.20 per share, for the first quarter of 2015, and $70.8 million, or $0.23 per share, for the fourth quarter of 2015. Included in the results for the fourth quarter of 2015 was a net after-tax gain of $6.1 million ($0.02 per share) resulting from the sale of the Companys payroll services business.

The Companys Board of Directors voted to increase the common stock dividend to an annual rate of $0.68 per share. Based on the closing s tock price on April 20, 2016, the dividend yield on Peoples United Financial common stock is 4.1 percent. The quarterly dividend of $0.17 per share is payable May 15, 2016 to shareholders of record on May 1, 2016.

Our performance this quarter reflects our continued focus on further improving profitability, while moving the company forward with a long-term view, commented Jack Barnes, President and Chief Executive Officer. Net income increased six percent from a year ago, driven by solid net interest income growth and effective expense management. In what is typically a seasonally slower quarter for loan growth, total period-end loans grew one percent annualized. Residential mortgage results remained strong with growth of 11 percent annualized, while commercial loan balances were slightly lower from year-end. However, on a quarterly average basis, commercial loans grew more than four percent annualized. We also experienced annualized organic deposit growth of 11 percent in the quarter, driven by our continued emphasis on franchise-wide cross-sell and deposit gathering efforts.

Barnes continued, We remain committed to making investments that create value for both customers and shareholders. As such, we are pleased to announce today the acquisition of Eagle Insurance Group, a full-service agency and customer-focused commercial insurance broker based in eastern Massachusetts. The acquisition deepens the Companys presence in the region as well as expands our already strong relationships and expertise in commercial lines.

Barnes concluded, Finally, we are also pleased to announce our 23

consecutive annual dividend increase, which demonstrates our commitment to deliver shareholder value through the consistent return of capital.

more

nancial, Inc. Reports

Q Earnings

Page 2

Ongoing efforts to improve operating leverage through revenue growth and proactively managing costs were evident in the quarter, stated David Rosato, Senior Executive Vice President and Chief Financial Officer. Revenues grew two percent from the prior year quarter due to higher net interest income, while total expenses were better than the first quarter expectations we set forth at year-end. Net interest income continued to benefit from loan growth as well as our decision to increase the securities portfolio in recent periods due to the prolonged low interest rate environment. Even with this increase, the securities portfolio as a percentage of total assets remains low relative to peers at 17 percent.

Rosato concluded, We maintained excellent asset quality across each portfolio, as net charge-offs as a percentage of average loans were only nine basis points for the quarter. Capital ratios were once again strong, especially given the Companys diversified business mix and history of exceptional credit risk management.

At March 31, 2016, Peoples United Financials common equity tier 1 capital and total risk-based capital ratios were 9.7 percent and 11.6 percent, respectively, and the tangible equity ratio stood at 7.3 percent. For Peoples United Bank N.A., common equity tier 1 capital and total risk-based capital ratios were 10.9 percent and 13.0 percent, respectively, at March 31, 2016.

Net loan charge-offs as a percentage of average total loans on an annualized basis were 0.09 percent in the first quarter of 2016, consistent with the fourth quarter of 2015, and an improvement from 0.11 percent in the first quarter of 2015. For the originated loan portfolio, non-performing loans equaled 0.61 percent of loans at March 31, 2016, compared to 0.58 percent at December 31, 2015 and 0.68 percent at March 31, 2015.

Return on average assets of 0.65 percent for the first quarter of 2016 declined from 0.75 percent in the fourth quarter of 2015 and 0.66 percent in the first quarter of 2015. Return on average tangible stockholders equity of 9.4 percent in the first quarter of 2016 declined from 10.7 percent in the fourth quarter of 2015, but increased from 9.2 percent in the first quarter of 2015.

Peoples United Financial, a diversified financial services company with over $39 billion in total assets, provides commercial and retail banking, as well as wealth management services through a network of approximately 400 branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. Through its subsidiaries, Peoples United Financial provides equipment financing, brokerage and insurance services.

Page 3

1Q 2016 Financial Highlights

Summary

Net income totaled $62.9 million, or $0.21 per share.

Net interest income totaled $240.1 million in 1Q16 compared to $238.8 million in 4Q15.

Net interest margin decreased four basis points from 4Q15 to 2.83% reflecting:

New loan volume at rates higher than the existing portfolio (increase of three basis points).

Increase in average investment, deposit and borrowing balances (decrease of five basis points).

One less calendar day in 1Q16 (decrease of two basis points).

Provision for loan losses totaled $10.5 million.

Net loan charge-offs totaled $6.0 million, of which $1.9 million related to loans with previously-established specific reserves.

Net loan charge-off ratio of 0.09% in 1Q16.

Reflects a $6.3 million increase in the originated allowance for loan losses.

Non-interest income was $82.3 million in 1Q16 compared to $93.3 million in 4Q15.

Gain on sale of the payroll services business totaled $9.2 million in 4Q15.

Insurance revenue increased $1.8 million.

Bank service charges decreased $1.2 million.

Commercial banking lending fees decreased $1.1 million.

Assets under administration and those under full discretionary management, neither of which are reported as assets of Peoples United Financial, totaled $10.4 billion and $5.6 billion, respectively, at March 31, 2016, compared to $9.9 billion and $5.6 billion, respectively, at December 31, 2015.

Non-interest expense totaled $217.3 million in 1Q16 compared to $217.0 million in 4Q15.

Compensation and benefits increased $2.1 million, primarily reflecting seasonally-higher payroll-related costs in 1Q16.

Regulatory assessments expense increased $0.9 million.

Professional and outside services expense decreased $0.5 million.

Other non-interest expense includes a $2.5 million charge for writedowns of banking house assets in 4Q15.

The efficiency ratio was 62.7% in 1Q16 compared to 61.0% in 4Q15 (see page 14).

The effective income tax rate was 33.5% for 1Q16 and 33.4% for the full-year of 2015.

Page 4

Commercial Banking

Commercial loans decreased $19 million from December 31, 2015.

The mortgage warehouse portfolio increased $2 million from December 31, 2015.

Average commercial loans totaled $20.4 billion in 1Q16, an increase of $216 million, or 4% annualized, from 4Q15.

Commercial deposits totaled $9.4 billion at March 31, 2016 compared to $8.9 billion at December 31, 2015.

The ratio of originated non-performing commercial loans to originated commercial loans was 0.59% at March 31, 2016 compared to 0.51% at December 31, 2015.

Non-performing commercial assets, excluding acquired non-performing loans, totaled $131.2 million at March 31, 2016 compared to $117.6 million at December 31, 2015.

For the originated commercial portfolio, the allowance for loan losses as a percentage of loans was 0.92% at March 31, 2016 compared to 0.90% at December 31, 2015.

The commercial originated allowance for loan losses represented 156% of originated non-performing commercial loans at March 31, 2016 compared to 177% at December 31, 2015.

Retail Banking

Residential mortgage loans increased $144 million, or 11% annualized, from December 31, 2015.

Average residential mortgage loans totaled $5.5 billion in 1Q16, an increase of $101 million, or 7% annualized, from 4Q15.

Home equity loans decreased $24 million from December 31, 2015.

Average home equity loans totaled $2.1 billion in 1Q16, unchanged from 4Q15.

Retail deposits (excluding brokered deposits) totaled $17.1 billion at March 31, 2016 compared to $16.9 billion at December 31, 2015.

The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 0.57% at March 31, 2016 compared to 0.71% at December 31, 2015.

The ratio of originated non-performing home equity loans to originated home equity loans was 0.90% at March 31, 2016 compared to 0.92% at December 31, 2015.

Page 5

Conference Call

On April 21, 2016, at 8 a.m., Eastern Time, Peoples United Financial will host a conference call to discuss this earnings announcement. The call may be heard through

www.peoples.com

by selecting Investor Relations in the About Us section on the home page, and then selecting Conference Calls in the News and Events section. Additional materials relating to the call may also be accessed at Peoples United Banks web site. The call will be archived on the web site and available for approximately 90 days.

Certain statements contained in this release are forward-looking in nature. These include all statements about Peoples United Financials plans, objectives, expectations and other statements that are not historical facts, and usually use words such as expect, anticipate, believe, should and similar expressions. Such statements represent managements current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause Peoples United Financials actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to Peoples United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on pricing, spending, third-party relationships and revenues; and (9) changes in regulation resulting from or relating to financial reform legislation. Peoples United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Access Information About Peoples United Financial at

Peoples United Financial, Inc.

FINANCIAL HIGHLIGHTS

Three Months Ended

March 31,

Dec. 31,

Sept. 30,

June 30,

(dollars in millions, except per share data)

Earnings Data:

Net interest income (fully taxable equivalent)

Non-interest income (1)

Operating non-interest expense (2)

Income before income tax expense

Operating earnings (2)

Selected Statistical Data:

Net interest margin (3)

Return on average assets (3)

Operating return on average assets (2), (3)

Return on average tangible assets (3)

Return on average stockholders equity (3)

Return on average tangible stockholders equity (3)

Operating return on average tangible stockholders equity (2), (3)

Efficiency ratio (2)

Common Share Data:

Basic and diluted earnings per share

Operating earnings per share (2)

Dividends paid per share

0.1675

Dividend payout ratio

Operating dividend payout ratio (2)

Book value per share (end of period)

Tangible book value per share (end of period) (2)

Stock price:

Close (end of period)

Common shares (end of period) (in millions)

303.27

302.86

302.39

302.11

301.18

Weighted average diluted common shares (in millions)

301.86

301.38

301.00

300.09

299.15

Three months ended December 31, 2015 includes a $9.2 million net gain resulting from the sale of Peoples United Banks payroll services business.

Effective with the quarter ended March 31, 2016, certain expenses are no longer considered to be non-operating expenses. Accordingly, operating metrics are not applicable. See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13.

Annualized.

FINANCIAL HIGHLIGHTS - Continued

As of and for the Three Months Ended

(dollars in millions)

Financial Condition Data:

Total assets (1)

39,181

38,872

37,472

37,177

36,401

28,511

28,411

27,672

27,562

26,929

Securities

Short-term investments (2)

Allowance for loan losses

Goodwill and other acquisition-related intangible assets

Deposits

29,106

28,417

28,280

27,435

27,150

Borrowings

Notes and debentures (1)

Stockholders equity

Total risk-weighted assets (3):

29,744

29,646

28,990

28,688

28,100

Peoples United Bank, N.A.

29,738

29,621

28,953

28,648

28,084

Non-performing assets (4)

Average Balances:

28,159

27,853

27,496

27,125

26,504

Securities (5)

Total earning assets

35,005

34,233

33,621

32,925

32,105

38,694

37,900

37,251

36,611

35,762

28,721

28,481

27,810

27,236

26,579

Total funding liabilities

33,429

32,705

32,142

31,485

30,632

Ratios:

Net loan charge-offs to average total loans (annualized)

Non-performing assets to originated loans, real estate owned and repossessed assets (4)

Originated allowance for loan losses to:

Originated loans (4)

Originated non-performing loans (4)

Average stockholders equity to average total assets

Stockholders equity to total assets

Tangible stockholders equity to tangible assets (6)

Total risk-based capital (3):

Prior period amounts have been adjusted to reflect the reclassification of debt issuance costs from total assets to notes and debentures.

Includes securities purchased under agreements to resell.

March 31, 2016 amounts and ratios are preliminary.

Excludes acquired loans.

Average balances for securities are based on amortized cost.

See Non-GAAP Financial Measures and Reconciliation to GAAP beginning on page 13.

CONSOLIDATED STATEMENTS OF CONDITION

Cash and due from banks

Total cash and cash equivalents

Securities:

Trading account securities, at fair value

Securities available for sale, at fair value

4,746.1

4,527.7

4,356.8

Securities held to maturity, at amortized cost

1,678.8

1,609.6

Federal Home Loan Bank and Federal Reserve Bank stock, at cost

Total securities

6,731.6

6,449.4

5,576.7

Loans held for sale

Loans:

Commercial real estate

10,046.4

10,028.8

9,470.4

Commercial and industrial

7,707.1

7,748.7

7,405.5

Equipment financing (1)

2,977.8

2,973.3

2,821.3

5,600.8

5,457.0

5,050.6

Consumer

2,178.6

2,203.1

2,181.5

Total loans

28,510.7

28,410.9

26,929.3

Less allowance for loan losses

(215.5

(211.0

(200.9

Total loans, net

28,295.2

28,199.9

26,728.4

2,079.0

2,087.8

2,096.6

Bank-owned life insurance

Premises and equipment

Other assets (2)

39,181.0

38,871.8

36,401.2

Liabilities

Deposits:

Non-interest-bearing

6,091.4

6,178.6

5,761.9

Savings, interest-bearing checking and money market

18,134.9

17,420.7

16,086.4

4,879.2

4,818.1

5,301.6

Total deposits

29,105.5

28,417.4

27,149.9

Borrowings:

Federal Home Loan Bank advances

3,063.1

3,463.8

2,165.9

Customer repurchase agreements

Federal funds purchased

Other borrowings

Total borrowings

3,717.3

4,307.3

3,142.9

Notes and debentures (2)

1,050.4

1,033.1

1,036.2

Other liabilities

Total liabilities

34,389.8

34,140.2

31,719.3

Stockholders Equity

Common stock

Additional paid-in capital

5,344.3

5,337.7

5,304.2

Retained earnings

Accumulated other comprehensive loss

(134.7

(177.2

(140.6

Unallocated common stock of Employee Stock Ownership Plan, at cost

(150.0

(151.8

(157.2

Treasury stock, at cost

(1,161.9

(1,161.8

(1,161.6

Total stockholders equity

4,791.2

4,731.6

4,681.9

Total liabilities and stockholders equity

Represents loans and leases held by Peoples Capital and Leasing Corp. and Peoples United Equipment Finance Corp.

CONSOLIDATED STATEMENTS OF INCOME

Sept. 30,

June 30,

(in millions, except per share data)

Interest and dividend income:

Total interest on loans

Total interest and dividend income

Interest expense:

Total interest expense

Net interest income after provision for loan losses

Non-interest income:

Investment management fees

Operating lease income

Cash management fees

Customer interest rate swap income, net

Brokerage commissions

Net gains on sales of residential mortgage loans

Net (losses) gains on sales of acquired loans

Gain on sale of business, net of expenses

Other non-interest income

Total non-interest income (2)

Non-interest expense:

Occupancy and equipment

Operating lease expense

Amortization of other acquisition-related intangible assets

Total non-interest expense (2)

Income tax expense

Basic and diluted earnings per common share

Total non-interest income includes $9.2 million of non-operating income for the three months ended December 31, 2015. Total non-interest expense includes $3.8 million, $0.1 million, $3.0 million and $6.0 million of non-operating expenses for the three months ended December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)

Yield/

Assets:

Securities (3)

6,498.0

6,133.1

5,325.0

9,997.6

9,911.1

9,401.6

7,478.1

7,426.5

7,063.1

2,951.9

2,874.3

2,832.9

5,540.3

5,440.6

5,010.1

2,191.7

2,200.7

2,196.4

28,159.6

27,853.2

26,504.1

35,005.4

34,233.4

32,105.0

Other assets (4)

3,688.8

3,666.6

3,657.1

38,694.2

37,900.0

35,762.1

Liabilities and stockholders equity:

5,992.3

6,049.3

5,603.2

17,905.6

17,453.7

15,692.0

4,823.6

4,977.6

5,284.1

28,721.5

28,480.6

26,579.3

2,880.0

2,353.8

2,058.0

3,663.6

3,187.2

3,018.1

Notes and debentures (4)

1,043.8

1,037.5

1,034.5

33,428.9

32,705.3

30,631.9

33,933.4

33,164.0

31,099.0

4,760.8

4,736.0

4,663.1

Net interest income/spread (5)

Average yields earned and rates paid are annualized.

Average balances and yields for securities are based on amortized cost.

Prior period amounts have been adjusted to reflect the reclassification of debt issuance costs from other assets to notes and debentures.

The fully taxable equivalent adjustment was $7.3 million, $6.5 million and $5.8 million for the three months ended March 31, 2016, December 31, 2015 and March 31, 2015, respectively.

Loans acquired in connection with business combinations are initially recorded at fair value, determined based upon an estimate of expected cash flows, including a reduction for estimated credit losses, and without carryover of the respective portfolios historical allowance for loan losses. A decrease in expected cash flows in subsequent periods may indicate that a loan is impaired, which would require the establishment of an allowance for loan losses. As such, selected asset quality metrics have been highlighted to distinguish between the originated portfolio and the acquired portfolio.

NON-PERFORMING ASSETS

Originated non-performing loans:

Commercial:

Retail:

Other consumer

Total originated non-performing loans (1)

Total REO

Repossessed assets

Total non-performing assets

Acquired non-performing loans (contractual amount) (2)

Originated non-performing loans as a percentage of originated loans

Non-performing assets as a percentage of:

Originated loans, REO and repossessed assets

Tangible stockholders equity and originated allowance for loan losses

Reported net of government guarantees totaling $16.2 million at March 31, 2016, $16.9 million at December 31, 2015, $17.3 million at September 30, 2015, $16.6 million at June 30, 2015 and $17.5 million at March 31, 2015.

Represents acquired loans that meet Peoples United Financials definition of a non-performing loan but are not, under the accounting model for acquired loans, subject to classification as non-accrual in the same manner as originated loans. Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are first applied against the non-accretable difference established in purchase accounting and then to any allowance for loan losses recognized subsequent to acquisition.

PROVISION AND ALLOWANCE FOR LOAN LOSSES

Allowance for loan losses on originated loans:

Balance at beginning of period

Charge-offs

Recoveries

Balance at end of period

Allowance for loan losses on acquired loans:

Total allowance for loan losses

Commercial originated allowance for loan loss as a percentage of originated commercial loans

Retail originated allowance for loan losses as a percentage of originated retail loans

Total originated allowance for loan losses as a percentage of:

NET LOAN CHARGE-OFFS (RECOVERIES)

Dec. 31,

Total net loan charge-offs

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP

In addition to evaluating Peoples United Financial Inc. (Peoples United) results of operations in accordance with U.S. generally accepted accounting principles (GAAP), management routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible book value per share and operating earnings metrics. Management believes these non-GAAP financial measures provide information useful to investors in understanding Peoples Uniteds underlying operating performance and trends, and facilitates comparisons with the performance of other financial institutions. Further, the efficiency ratio and operating earnings metrics are used by management in its assessment of financial performance, including non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of Peoples Uniteds capital position.

The efficiency ratio, which represents an approximate measure of the cost required by Peoples United to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill impairment charges, amortization of other acquisition-related intangible assets, losses on real estate assets and non-recurring expenses, which are also excluded in arriving at operating non-interest expense) (the numerator) to (ii) net interest income on a fully taxable equivalent (FTE) basis plus total non-interest income (including the FTE adjustment on bank-owned life insurance (BOLI) income, and excluding gains and losses on sales of assets other than residential mortgage loans and acquired loans, and non-recurring income) (the denominator). In addition, operating lease expense is excluded from total non-interest expense and netted against operating lease income within non-interest income to conform with the reporting approach applied to fee-based businesses already presented on a net basis. Peoples United generally considers an item of income or expense to be non-recurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.

Operating earnings exclude from net income those items that management considers to be of such a non-recurring or infrequent nature that, by excluding such items (net of income taxes), Peoples Uniteds results can be measured and assessed on a more consistent basis from period to period. Items excluded from operating earnings, which include, but are not limited to: (i) non-recurring gains/losses; (ii) writedowns of banking house assets and related lease termination costs; (iii) severance-related costs; (iv) merger-related expenses, including acquisition integration and other costs; and (v) charges related to executive-level management separation costs, are generally also excluded when calculating the efficiency ratio. Effective with the quarter ended March 31, 2016, recurring writedowns of banking house assets and certain severance-related costs are no longer considered to be non-operating expenses. Operating earnings per share is derived by determining the per share impact of the respective adjustments to arrive at operating earnings and adding (subtracting) such amounts to (from) GAAP earnings per share. Operating return on average assets is calculated by dividing operating earnings (annualized) by average total assets. Operating return on average tangible stockholders equity is calculated by dividing operating earnings (annualized) by average tangible stockholders equity. The operating dividend payout ratio is calculated by dividing dividends paid by operating earnings for the respective period.

The tangible equity ratio is the ratio of (i) tangible stockholders equity (total stockholders equity less goodwill and other acquisition-related intangible assets) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangible assets) (the denominator). Tangible book value per share is calculated by dividing tangible stockholders equity by common shares (total common shares issued, less common shares classified as treasury shares and unallocated Employee Stock Ownership Plan (ESOP) common shares).

In light of diversity in presentation among financial institutions, the methodologies used by Peoples United for determining the non-GAAP financial measures discussed above may differ from those used by other financial institutions.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP - continued

EFFICIENCY RATIO AND OPERATING NON-INTEREST EXPENSE

Adjustments to arrive at operating non-interest expense:

Writedowns of banking house assets

Severance-related costs

Operating lease expense (1)

Other (2)

Total non-interest expense for efficiency ratio

Net interest income (FTE basis)

Total revenues

Adjustments:

BOLI FTE adjustment

Net security gains

Other (3)

Total revenues for efficiency ratio

Operating lease expense is excluded from total non-interest expense and netted against operating lease income within non-interest income to conform with the reporting approach applied to fee-based businesses already presented on a net basis.

Items classified as other and deducted from non-interest expense for purposes of calculating the efficiency ratio include, as applicable, certain franchise taxes, real estate owned expenses, contract termination costs and non-recurring expenses.

Items classified as other and added to (deducted from) total revenues for purposes of calculating the efficiency ratio include, as applicable, asset write-offs and gains associated with the sale of branch locations.

TANGIBLE EQUITY RATIO

Less: Goodwill and other acquisition-related intangible assets

Tangible assets

37,102

36,784

35,387

35,086

34,304

Tangible equity ratio

TANGIBLE BOOK VALUE PER SHARE

Common shares issued

399.54

399.24

398.84

398.66

397.81

Less: Shares classified as treasury shares

Unallocated ESOP shares

OPERATING EARNINGS

Net income, as reported

Adjustments to arrive at operating earnings:

Total pre-tax adjustments

Tax effect

Total adjustments, net of tax

Earnings per share, as reported

Adjustments to arrive at operating earnings per share:

Total adjustments per share

Average total assets

Operating return on average assets (annualized)

OPERATING RETURN ON AVERAGE TANGIBLE STOCKHOLDERS EQUITY

Less: Average goodwill and average other acquisition-related intangible assets

Average tangible stockholders equity

Operating return on average tangible stockholders equity (annualized)

OPERATING DIVIDEND PAYOUT RATIO

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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