<SEC-DOCUMENT>0001193125-14-324987.txt : 20140828
<SEC-HEADER>0001193125-14-324987.hdr.sgml : 20140828
<ACCEPTANCE-DATETIME>20140828131407
ACCESSION NUMBER:		0001193125-14-324987
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140828
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140828
DATE AS OF CHANGE:		20140828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S GLOBAL INVESTORS INC
		CENTRAL INDEX KEY:			0000754811
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				741598370
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13928
		FILM NUMBER:		141070989

	BUSINESS ADDRESS:	
		STREET 1:		7900 CALLAGHAN RD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78229
		BUSINESS PHONE:		2103081234

	MAIL ADDRESS:	
		STREET 1:		7900 CALLAGHAN ROAD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78229

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED SERVICES ADVISORS INC /TX/
		DATE OF NAME CHANGE:	19950321
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d782247d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 Or 15(d) Of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): August&nbsp;28, 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>U.S. GLOBAL INVESTORS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Texas</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-13928</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>74-1598370</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State of other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>7900 Callaghan Road, San Antonio, Texas</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>78229</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: 210-308-1234 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Written communications pursuant to Rule 425 under the Securities Act (17 CFR230.425) </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12) </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </B></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.02 Results of Operations and Financial Condition. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>On August&nbsp;27, 2014, U.S. Global Investors, Inc. issued a press release reporting earnings and other financial results for its fiscal
year ended June&nbsp;30, 2014. A copy of the press release is attached and being furnished as Exhibit 99.1. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements
and Exhibits. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Exhibit 99.1 &#150; Press Release issued by U.S. Global Investors, Inc. dated August&nbsp;27, 2014, reporting
earnings and other financial results for the fourth quarter and fiscal year ended June&nbsp;30, 2014. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>U.S. Global Investors, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>By:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Lisa Callicotte</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>Lisa Callicotte</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>Chief Financial Officer</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dated: August&nbsp;28, 2014 </B></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d782247dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contact:</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Susan Filyk</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Relations</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">210.308.1286</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>sfilyk@usfunds.com</U></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g782247image1.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>For Immediate Release </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>U.S. Global Investors, Inc. Reports Results for Fiscal Year 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Increases Investment in Galileo Global Equity Advisors, Streamlines Products and Operations </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B>************************************************************************<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAN ANTONIO&#150;August 27, 2014&#150;</B>U.S. Global Investors, Inc. (<U>NASDAQ</U>: <U>GROW</U>), a boutique registered investment advisory firm
specializing in natural resources and emerging markets, today reported a net loss of $970,000, or (0.06) cents per share, on revenues of $11.4 million for the fiscal year ended June&nbsp;30, 2014. For the fiscal year 2013, U.S. Global Investors
recorded a net loss of $194,000, or (0.01) cents per share, on operating revenues of $17.3 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the fourth quarter of fiscal year 2014, the
company had net income of $260,000, or 0.02 cents per share, on operating revenues of $2.9 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;30, 2014, total assets under management
as of period end were $1.23 billion compared to $1.16 billion on June&nbsp;30, 2013, an increase of 6 percent. The increase in total assets under management was a positive outcome of the June&nbsp;1, 2014, acquisition of a controlling interest in
Galileo Global Equity Advisors, Inc. and the inclusion of Galileo&#146;s $267 million in assets under management, as of June&nbsp;30, 2014. During fiscal 2014, U.S. Global Investors&#146; average assets under management were $1.08 billion, compared
to $1.55 billion in fiscal 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A Transitional Year </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Fiscal year 2014 was a challenging transitional year for U.S. Global Investors,&#148; says Frank Holmes, CEO of U.S. Global Investors, Inc. &#147;The
company accomplished strategic objectives in simplifying our operations and product lineup during a difficult environment for resources and emerging markets. The streamlining changes required expensive and time-consuming legal and regulatory
processes but those one-time costs are behind us. Our organization is substantially leaner and nimbler, our product line is streamlined and our focus is on our core competency of money management.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Simultaneously, the company pursued growth strategies by increasing its investment in Galileo, a high-performing Canadian-based investment advisor, and laying
the groundwork for launching exchange traded funds (ETFs). </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FY14 earnings, Page 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2014 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging markets, gold and natural resources experienced a challenging three-year decline which negatively
affected investor sentiment, shifted investors from longer-term actively managed strategies to short-term ETF trading and impacted GROW&#146;s revenues. While the company has always maintained a lean and reflexive cost structure, during fiscal year
2014, the company put in place a series of additional positive changes to control costs and improve competitiveness in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In December 2013, U.S.
Global Investors exited the expensive money market fund business by closing its Treasury money market fund and successfully converting its government money market fund to a higher yielding, ultra-short government bond fund. Over the past five years,
bearing the expense of subsidizing yields and protecting the integrity of the $1 NAV has cost the money market fund industry nearly $24 billion in waived expenses, according to the Investment Company Institute. U.S. Global Investors&#146; move away
from money market funds reduced the company&#146;s cash drain from continuing these costly products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Without economies of scale, the costs of maintaining
mutual funds have become exceedingly expensive as regulatory and distribution costs have risen dramatically over the past decade. As a result, U. S. Global made the decision to merge or liquidate several of the company&#146;s small funds that were
unprofitable. As a result, as of January 2014, the company has a simplified product line with nine actively managed mutual funds in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
December 2013, the company completed the outsourcing of its fund transfer agency services to U.S. Bancorp, a leading provider of mutual fund shareholder services. This change streamlined U.S. Global Investors&#146; operations, created economies of
scale for fund shareholders, reduced internal regulatory and compliance costs, and created a leaner professional staff focused on money management and marketing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Increased Investment in Galileo </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In June 2014, U.S.
Global Investors completed its purchase of an additional 15 percent in Galileo Global Equity Advisors, based in Toronto. This strategic partnership brought U.S. Global Investors&#146; ownership, through its wholly owned subsidiary U.S. Global
Investors (Canada) Ltd., to approximately 65 percent of the issued and outstanding shares of Galileo. &#147;Galileo has received numerous awards for outstanding fund performance and we believe it is well positioned for continued success and growth
in Canada,&#148; says Holmes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This relationship empowers Galileo&#146;s management team to build the business with U.S. Global&#146;s additional
investment capital and marketing support while U.S. Global benefits from Galileo&#146;s proven track record in fund management and a platform for potentially expanding product offerings in Canada. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Planning to Enter ETF Market </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Global Investors has
been granted exemptive relief by the Securities and Exchange Commission, allowing the company to begin the process of bringing ETF products to market. &#147;These investment vehicles are in high demand by investors, and we are excited to soon expand
our fund offerings with innovative and dynamic ETF products,&#148; say Holmes. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FY14 earnings, Page 3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2014 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Share Repurchase Program </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During this transition year, U.S. Global Investors continued purchasing outstanding stock. Since the program began in January 2013, the company has purchased
shares totaling 148,403 class A shares using cash of approximately $463,000. The company used an algorithm to purchase shares on down days, following the rules and regulations that restrict the amounts and times when shares can be purchased on any
given day. The share repurchase plan expires at the end of the calendar year 2014 but may be suspended or discontinued at any time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Continued Strong
Balance Sheet </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company had net working capital of approximately $24.7 million at the end of fiscal year 2014. With approximately $5.9 million in
cash and cash equivalents and $24 million in securities recorded at fair value, which together comprise approximately 79 percent of total assets, U.S. Global Investors has adequate liquidity and is in a position to pursue potential investment
opportunities. The company has had no long-term debt since 2004 and owns its headquarters building. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S. Global Continues GROW Dividends </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company has continued to pay monthly dividends for more than six years and will continue its dividend payments in the fourth calendar quarter of 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company&#146;s board of directors approved payment of the $0.005 per share per month dividend beginning in October 2014 and continuing through December
2014. The record dates are October&nbsp;13,&nbsp;November&nbsp;10 and December&nbsp;15, and the payment dates will be October&nbsp;27,&nbsp;November&nbsp;24 and December&nbsp;29. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the end of this period, the company will have paid monthly dividends for more than seven years. At the August&nbsp;15, 2014, closing price of $3.52, the
$0.005 monthly dividend equals a 1.7 percent yield on an annualized basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The continuation of future cash dividends will be determined by U.S.
Global&#146;s board of directors, at its sole discretion, after review of the company&#146;s financial performance and other factors, and is dependent on earnings, operations, capital requirements, general financial condition of the company and
general business conditions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Earnings Webcast Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company has scheduled a webcast for 7:30 a.m. Central time on Thursday, August&nbsp;28, 2014, to discuss the company&#146;s key financial results for the
fiscal year. Frank Holmes, CEO and chief investment officer, will be accompanied on the webcast by Susan McGee, president and general counsel, and Lisa Callicotte, chief financial officer. Click <U>here</U> to register or visit
<U>www.usfunds.com</U>. Please log in at least 5 minutes prior to the start of the webcast. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FY14 earnings, Page 4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2014 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Selected financial data (unaudited): </B><I>(dollars in thousands, except per share data) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>Three months ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>6/30/2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>3/31/2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>6/30/2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,742</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(445</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(524</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Other Income (Loss)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(84</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Expense (Benefit)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(51</TD>
<TD NOWRAP VALIGN="bottom">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(193</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Income (Loss) from Continuing Operations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">273</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(415</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Loss from Discontinued Operations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(35</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Income (Loss)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(450</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Net Income Attributable to Non-Controlling Interest</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Income (Loss) Attributable to U.S. Global Investors</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(28</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(450</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Earnings (Loss) per share (basic and diluted)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.02</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Avg. common shares outstanding (basic)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,437,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,454,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,477,333</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Avg. common shares outstanding (diluted)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,437,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,454,932</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,477,333</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Avg. assets under management (billions)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><B>Selected financial data for fiscal year: </B><I>(dollars in thousands, except per share data) </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">11,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,318</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,841</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating Loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,402</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(191</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Other Income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income Tax Expense (Benefit)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(517</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss from Continuing Operations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(720</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss from Discontinued Operations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(243</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(165</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(963</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(194</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Net Income Attributable to Non-Controlling Interest</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Loss Attributable to U.S. Global Investors</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(970</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(194</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss per share (basic and diluted)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.06</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.01</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Avg. common shares outstanding (basic)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,459,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,482,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Avg. common shares outstanding (diluted)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,459,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,482,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Avg. assets under management (billions)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>#### </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FY14 earnings, Page 5 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2014 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About U.S. Global Investors, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The story of U.S. Global Investors goes back more than 40 years when it began as an investment club. Today, U.S. Global Investors, Inc.
(<U>www.usfunds.com</U>) is a registered investment advisor that focuses on profitable niche markets around the world. Headquartered in San Antonio, Texas, the company provides money management and other services to U.S. Global Investors Funds and
other international clients. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements and Disclosure </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release and other statements by U.S. Global Investors may include certain &#147;forward-looking statements&#148; including statements relating to
revenues, expenses and expectations regarding market conditions. You can identify these forward-looking statements by the use of words such as &#147;outlook,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;potential,&#148;
&#147;opportunity,&#148; &#147;seeks,&#148; &#147;anticipates&#148; or other comparable words. Such statements involve certain risks and uncertainties and should be read with corporate filings and other important information on the company&#146;s
website, <U>www.usfunds.com</U>, or the Securities and Exchange Commission&#146;s website at <U>www.sec.gov</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These filings, such as the
company&#146;s annual report and Form 10-K, should be read in conjunction with the other cautionary statements that are included in this release. Future events could differ materially from those anticipated in such statements and there can be no
assurance that such statements will prove accurate and actual results. The company undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Galileo Funds are not offered for sale in the United States. </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g782247image1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g782247image1.jpg
M_]C_X``02D9)1@`!``$`8`!@``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$``("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@,#`@(#`@("`P0#`P,#!`0$`@,$!`0$!`,$!`,!`@("`@("`@("`@,"
M`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`__$`#8````&`P$````````````````$!08'"`$"`PD!`0`"`P$!
M```````````````#!`$"!@4'_\(`$0@`:0")`P$1``(1`0,1`?_:``P#`0`"
M$`,0```!F[HJR/+C&3-N:*,>1@:TRMPY+L\V#1C+<V``[XS9SF;-8.CK*E"0
MM8UG_P`2=HWXTC5&GIQS-SU@F&!X"B;`,'(K-TE:S_-V:G=+65:&\@^7+I-C
M:_&>AV8-S1_>%/S'D+AR.QL8"15KIJUM.9LTA[.E8WC+N#)"/557=4W;9,?@
M3[$@!`53N;FI5'H:[$]2*]?%7:<=94D'PYLF!B^E&X(MB&^),\29PQ;2$`)#
M+%0V*V]%7,;XMKS5FCW:4K(\5=UR1K&JQ7V,ACT(U2ENPI<+\.9(URVQJFX5
MN:1Y=T(VM+5<Y9J%U-5V^3*]O.D*;X4XM@#T(GWY\K$$R;5[[L5MFX<\X@KI
M:UM>9M5UZ2M:#F[-6.BK%8=I%\N5:K[`!QOQJ%"0J`5<F?/J9T0=T5>P7.67
M5'F#^DK69YNS5CHJS[\6>*_9AFWGK&0";>C4J,@``:MW2*O9AESQ)EZKMUQF
M(NCK6OYRS5;HZS]\2=0BS$?MP.>IO(/ERLV_&\*,F2._4B;5S1>J[R7Y,N!)
MGU!''N06OYRS1GM:3+GU`!#LZLGT(U.'8"//J^?.D7ZVV`&3!IDIY>A7`WZ`
M=[0C/TH]A5ARERX5HLN.MMW&U8UXY*\66Q9U5(\G8\\=F<..^/2WYMZ50.NI
MQ/ZL7/(WKE&EU7(<\<YX;8-:Y(;X,8%=AZ-ID`9/*GO>3A[P````````````
M``#_Q``M$```!@$!!P(&`P`````````!`@,$!08`!Q`1$A,4%A<5(2`B(S$U
M-S9`0?_:``@!`0`!!0*U6F>BYTTWJ84%)S4I(B-[O#E3N_4/C97&^2&*VK4)
M!<)G4X0-/:E%'N#4G"S6II@&;U-`?6=3MWK&IV>L:G9ZQJ=D79[8-CR74Y6I
M<O(!$8W9%?N6JB)TX[VGK-%-W:23APY>=2?IRJ'(!$^`Q1$5@``^`YRID?+`
MOJ/EB53;ZA0")W8JHI+$;'=,E6$E'DFE9>*<.YA6.5M1A`38W^1,#`.*GY9?
M?:LN1(#+I.=0\OJ!G5U]@V?;)!AZS8:X#*+:N'"+BS8`"82(%`G1&(/MRP$!
MVWJ>581E=/S+'EN!4VH72SV=+/9TL[A8&3>/#5Z9<MAA9*'=).4U3M1`KC8H
M84BD7-U"KPY'#Q4##.B,M9S$(GJ'E_7Z6ZCNWXY^L;[8D!3*3'Y!_&)N<$7+
M;$G8J8!@$K]8Y0SB$!F)EE"Q]/B%$FSD@IZCY:VA'][K3Q1W$JJD03:I&(38
M^4,JZ>*@1'%&I#G;/3))JG34V&,1,C%%6ZS0-$N!\GRM2LG/V1(F-7YC?U+G
M:^W)K+*BLIL*ZX6_(6;X#MOPKKNKHYCR(1Q22.\\DH4^I63G[(?@11LU<K5-
M;_-DR8!<_!+34="HA&REN.BF>-3(<BI,6]]1<G1`NH[;ZQUD47*)6$S6\C[-
M$/S;AW2'Y#!^0'UJ@6&>H6B:"*J[".5V*-0XP=<L5?V+FH;Y2.MWD.9SR),Y
MY$F<>W!S)%),/6YS6>?4,I:+"L!9$QC,[@O'AY$F<\AS.>1)G/(DSGD.9P=0
MI@P5236E+GFJ?\DD&:!*E,,4D)B>CDU4ZI&M)21AB.)%T\JJ3F47@6KMFC6>
M4Q=MFYK]VRP<.U*X1-@[K#%BL-=9,FBU0(DOVJR4E*"`EMV7ZKSDU--JA>V9
M24V\)@-4OYER4.WIG/5M0%,+4KZ3"TZ\D1[4OXIC2KJ+GL^];QI-T,F-2OHE
M[0O?$-0OABEJ%[(>H5"QQ=C_`*;_Q``_$``!`00%!PD&!P`#`0`````!`@`#
M$2$2,4%1\`00$V%Q@9$B,E)RH;'!T>$4(#13@M(C,#-"8I+Q0$.BLO_:``@!
M`P`!/P%Z]6A82@`RC/?K%S4\IZ"<;VIY0/V)&-K:9^9!`,+@?-M+E$^0):CY
ML'K\R"4Q%DX][:3*`0F@F)LP6IY3\L8WM2RGY:<?4U+*?EB6.DU/*?EC'U-3
MRGH)QO:GE/RTXWM3RGY:<;VIY3\M./J:GE/RTXWLEX]TB4+2!';=MS*^)1U?
MN99T<*,U*D$W[+H6L$!1_$FH5"P;+]N9//7]/<RTI/\`$BHVL"2I`//"ICZ9
M0U1UUY_#WU?$.]A[CF4892@W(^YG0C^*9*75J38T`:VF-8[?7P9*DTU\H3H]
MS4D$PI#DZ\5,JB7KH@B41#=+\I1CE#HBT'N.9\(ODIO`CLI-X9UI"GBQ68)A
M&SL.]G0"01"TSAB4F)!>H`J29[81`QJ_)RA=%-$1!5W>K(_4R?J^!S+^(=PD
M8"'$M![TQ_7&-DX/?F#^N,;)P>_,']<8OA/1%1ITX&P@6>K:-Y`ITL`9F7^]
MS4%(+N"@9U65&)LGW\6"K*C=^0OEO4.Q,(Y1NWLJ64.I0D>XYGYHOT&X#O.<
M]'$,ZZW?6\"Q$<5-,:QVV\;-;;/=6H(22SE$!35SUS\F5\0[E"1[CF>"D_2D
MU%'W,Y521K1R3N\V)@P$-IK\MV=?.=];P.<C<6C"2I:[,\A7(!A%\N/_`%(J
M%YQP#=D&5\0[V'N.8_$HZOW,K\)=/]JI*U7%JS_$=IVZAV^XOG.NMX'W8$<W
M@<2[M31%IA"N+$E^:*9.A;?LQM8``0$@,ROB'6P]QS'XE%G)^YE5%,C2E`L"
M7')5-V>:JZ%A]Q7.=;3W8P?=6\2[$5&&JUJ*WT"\Y"!4+<<-0-;<P0K2-T!X
M[6!C5F5+*'>P]QS'XE'5^YA72X;/7N8@$0(B&HK<\SEHZ)KW,EZA4HT2+%2.
M97.==8__`"<U6IE/G:/W1-PGZ-2>KYJ=&+U5[ACLDARE$^>J\XQMST;1R3W[
M>]HPK$-=GHROB76P]QS/S1>I(L3KO-TV]I7<F6KUW>C>TO+DRU'SU#!+>TO+
MD\#YZNW:RGY5)2$G<?-J:AS24"X$P':6TKR7+,0<&5L(QN[6TSSIG'!J=IY>
MU1AV0]96LE^4\U"!#5YEO:7G\>!\V]I>7)X'S;VEY<G@?-O:7ER>!\V]I>7)
MX'S;VE?1$-_FSM96^03*$9"JH\,V4_JCJ^)8I_"=D"9)C#'E>RDP7"$A",.,
M+9G6RTB11`I)N,:HS$O\9TD*409P!,-EF+2R>40:(@%"SLA&W%C:/E&<*2U`
M#QU>#%`(=IJ-%6^$<18.X"D8@@IB-IQ7XL1^,193W0Q_C:,1KA%92,>C:.48
MQ`)!U7`;;/1M$$P!7`RX6P]6T:0'D9P"8;S6VBFH1FF$97W<,%M$*2DA1BG8
M(G'HSC]5&_N.9^Z6M8*4Q`3"L7[6T3\5)(^H>;:)_P!&`.M+:/**X&(_D-[:
M!]T/_0;191<95<I-=^UM$_'[3_8>>[8VB?PA1E=235B/^MHLHN-4.<&T+Z/,
MMC6//4VB?]&HQYPKXMH7\(49=85WUSKMBVB?]$RJY0EY[VT3_HP^H5<=VQM$
M_N,H6CSX-HG_`$9]9/%G3IXEXE13`"-HN/\`Q/_$`%,0``$"`P0#"0D,!@@'
M``````$"`P01(0`%$C$305$&$!0B(S)A<8$50E)359&ST_`6("0S-#9C<Y*A
ML=$P8G*4LM(E-4-4=(/!\4!D@I.BP^'_V@`(`0(``3\!NNZX&*@7(N,=>;P/
M%ODRF4L+9%"A1G-1MP/<T,[P?':GU%DP.YQ9"41L2I1R`D3Y@Q9=QW(TD*=C
M'FIY8W&D'S*:!MW)W/R0KNBX$KGA)=9`,C(R):U6?NFXH:1>BXA"%9*F@H/4
MH,D??9-V[GE-./ICGRTU+$<2-9E3D:ZIRG*8MP3<SY0?\Z?46X+N8\HO^='J
M;<%W,>47_.CU/MVBPA-S.J\'_.GU%N";F?*#_G3ZBW`]S7]_B/\`Q]1;@>YK
MR@_YT^HMP/<UY0B/.GU%N![FO*$1YT^HM%79=0NV)C8&(>=+!0GC%.&:EH29
MC1I.2MN\Q\V8W5\+3^#%H1E5X%?")(983C<BC0MC8KQBCJ!XTI#*SL9P9G!=
M2-%#D<9_G1"MND5FUJXHD!/G$V*BHE2B5$U)-2>VT1\@N[_/_C%H&*B&5AIL
M:9EVBV%U;6-9(U*2)D*3QATY6?90U#1:X96*!<A^2SHK3HTB5?K@RXQ`*F\'
MO/;V]NWWT+\VKS^N;](SO0B%.[G(II`FMR,2E(Z3H)6O-:60BZF#R$(>5(_M
MHCOEG:$<U'GG.R%K;.)"BDC_`$,ZC(B8!D:4%N2>(RAUY:]$<JZU(5F2>,%*
M5W@L_#1!@H!*6%K*"_/"DJ`XXUIF/OVV$)%LLXA#.Z1^@XBJ(G74:J4#2BA@
MGDJS'"&KIO5AYEQMM(;=3C2I(GC2E0!,JD2F!L'Z'JK/99A"FMSMZMK&%:(A
M`4-ATC--ZY'`S<D8^1/0/..)GEB0RV4^8Y6KKJ34]>O?@HG@UVP#JU.!D./E
M03*2\)$D3QH(-9I%0:F1M>;CL0\V[#.*&)AE0;QJQR*4I!SXTR94)4>JS;;C
M5TQ[C[R]-$MI+;:E*)#*7$S<(43A"E2":"<C^AW.P*(B*X0[AT<+5*2:J7JI
M.<D9DY3IMM&IP7=NB'_.`^=Q@[UW%"=SEXEQ!<0'5S2%821HV<E#*VFNWR>Y
M^\J_EMIKM\GN?O*OY?:5M-=OD]S]Y5_+;NI"0K(@.YY<91/&A3IEB5(R,TA6
M)!R(UZ[(O2!0ZV]W+Q.,!*6RIY1PA`XI`ESAMMPN'C&+P46%M.:%.)TKTBE)
MTB`$RXH`3(8?!%!.=ELJ;3C!#C-!I$SPS\%7@*_55(RKE^@@!P&Z8V\54=BO
M@[$]AYZQ[:K0RE*W-WF5**E:9NI))HM@9FN]<;>EN2-9R+KKJ!UJ9;`L,NG>
M9Y))B"`</%;!UN;92,P@<:2AA/--2)_CO0?Q%X_4#TK=FW%M&:%8=HU$;"#0
M@Y'HI:3+LI28=)R)DTK+(GXL\XD&382`!6RDJ09+24&F8EF)C[J^]@8)R/B6
MH9NF/G*\!(S4>H??+;:^HMMUYN#AJ0=WC1H`R*A12NDZI]=H3YM7G]<WZ1C>
MN]]4-<#[Z<V8Y"NN6@IVVO>'2Q&K4U\GB@'VB,L+E2!^RJ8Z+(0IQ:4)S4=>
M0&LF4Y)2)DG4!.SRTJ*4MT::&%'GXRS4C$O-4J4&_!_)[Q^H3Z9O?0\I"=&H
M!QH=ZK4=J59IR$]1E6V@2Y6&)5]&KXQ/FHKK&LREO@*4I*4)*EJ,@D9D[!9T
MIN*!X,@_TK&I&E4*EALUP3R2=6TDE4I`6R[+0E-S-Y?7-_QL;S'S8C?\4/P8
MM"@7G`F[Y_#8/$Y"[7$&KC/^J;2T+/TS^T50WM$QFL]\DSPXD$5]Y"&4/>1^
M@3Z5OV_/W@)29@R(REJL'$.R#\TG+2I%1D..B4E@`&<L+BE&96;:!V:<"=*%
MG"@HXP4:4$M=0"-NW.S;;-P-)B'\+U[.IY)F<TL@CGJEU]IXHI,V==<><6ZZ
MLK<<,U$ZS[:LAJWH7YM7E]<W_&QO,?-B-U?"A^#%H7$AU+P44<'DYB&8ED!U
MY&59$RG9YIN^VUQD(@-7BBK\/.>,>,:VF68SZS;*A$B-1U='9OPOR:\^AA/I
M4>]@KOBH]>&'1-(YRS1"!K*E='1,]%C%P=QI6U=ZA&1ZP`X\?BD2GQ4C7T9]
M8G*RU(BEJ=4LHB5U5B.)+BCX"C5)U!"B1*N("RDJ0K"I)2H:CLV]6P[T)\VK
MSZ'T>D8WF!/<S&@?WI/_`*.NSW))$,,TF;DM;G@ZN9E(B85BLVXMEQ+K2RVX
M@S2I-"#8Q,!>LN'_``&.$APE`Y)SZY&JO.4.FT3=$=#)TF#A4/J>8Y1!&VE1
M//*W1D1_M:%^2WG]0GTR-X5,A4[`)G[K0]RWE$5$.66QFM[DTCSU^ZW!;GN\
M@Q<2;Q?']BQ1JFI2Y_G/6,K1E\1,4C0-)3!P@H&6>+T<8BI_#?0^0`VZG3,C
MO2:IRYBN],DA(U`:K:'$,3"BX`)E,N53MFD<X9F:)R`FJ5H3YLWE]<CTC.]<
M$.B*NA]E9*4JBC4821)#)[]*DZMEO<O`>-?^VGU=O<O`>-?^VGU=O<O`>-?K
M^NGU=H>XVH4XH:.BV/V7$R/6DMD'M%C`L.)E$M(B5>&XV@+/:D)\X`-A=%VH
M#J4P:$I=`2L#$)I!!E+%E,>PLFZ+L;,TP+7_`%#%E^T38PH`E#K,&/H6VDD_
M:;5T9"FJS]Q-1/Q\=%O="W4R[$X,(\WX6]R\!XU[[:?5^W;;W+P'C7_MI]7[
M=MO<M`>-?_[B/5V]R\!XU_[:?5^W9;W+P'C7_MI]7[=EO<Q``@AY\$9$+1T?
M1VO*$;@KDCFVU*7C+2U*7AQ%1>;F3A`!/3+[M[<O_5SO^)7Z)NT.\LWK&L+<
MY-#;*D()D*\XC7UUIKM"/*7"$J?`><,1HRX0)A*U!!&6)"!*H[T3M`1"D*<8
MC,;40VVA:RXM"FE`JEI&U`##B5WO8*"UZ1+L-#MJ9.`N.MMJ<('))50KK0'I
M-`;19;AFWVDQ+Q>7"/K3-0(DA!Y28`PJ&J6JMF;T6U"CB:3@D&P\XI2R%++D
MN;0S-:DDS-+(CG67;Q?PEQA+\.G`I1QH#R$T;343KEKK9=Y8GC#I"5M.HB<#
MB"9@LH.(&DM>8R.1(LTXX+A2\%JTHA"K&3-6(3K6<ZV[I/MM22VETL0;42M2
ME<_%G0`U[<[)O%2G^#Z'E%I9<9KSVW`2M2MFB`.+;+ILU>3[R%.M0BE-C2X9
M$`XFU2"53IB5GT96%X//.W<&BA"7G'TNI(4D@LIGA(/&!$P:9GLLB]E*1#NZ
M)(1%(B%MB?&3H*\IJDH"1ES5$6[J/IAF(IR&"&GABQ`E8;33G@#$)G7(I2,[
M7[6Z(OJ9].C5O7#><#!03C,3$:)9>4N6!Q7%+;:9S0DC,'S6<O:XG9%U]"R,
MB6'SV<S+HL;XN-125/H.`%*?@[W%2JA`XE`10[;"]+@"%-:5L-KEB3P=["<.
M5,'>ZK&_+H4,*HL*2:$%A[^3V^^R;SW/HGA<;$P4GD'N:<T\S(ZP/RD;UN$X
M9NMG`,*?@[U`,A\7D-2<A8WQ<97I"^@K!Q!6@>Q8MO,SZ?SMW4N`*Q:1O%-1
MGP=Z<U44?B\U"BCF:BW=FY`WH1$I#4L.#0/8</@X<$I5RMW7N*O+HXR`V>0>
MJ@9(/$YH\'*W=JY0I*A$I"D#"#H'IA/@@X,LJ?\`RW=6X05D/-@N\^4.]QLI
MSXFOJV6[K7%)"=,W)LS3R#W%.T<G0G;^=A>UQ#$0\V%+F"1#O5"N=/D]="=N
MNQO:X2$)+R"AJB!P=Z21^J,$AU96O>][NB;MB6&(G2/.:/"G1NIYKJ%&JD`"
M0!U_\(#_Q`!3$``"`0($`@4%"0@."P$````!`@,$$0`%$B$3,10B05%A!A`C
M,H$5)#,T4G&1DZ$6-4)UL=35\"`V1&)R=(*2E;.TM<'3)29`0U5CA)2BPM%3
M_]H`"`$!``8_`J;)\GI<MJ./EB5OOU9]>OI%7&X#I5Q($"0*=^V^^^USY/Y/
M;E=5G8?^.:X:27(\CBC07:20RHB@<RS-F]@,/'29-E=84-F-)19G4QW\)8:Y
MD;V-B6,>3M"TD`0S(F7YH[Q"52\>M5KC:Z@_1B04F4Y'))#?C0%*J.HBT['7
M3RYFLBC^3BEII,DR99JS5T=.%5G7I!)!*YG9#8&VJU])MRP"/)_)['][./RY
MKC2<@R>X[HZD_:,TQ]X,G^KJOTIBX\G\GM_!J!^7-<6^Y[*.SE'4GG\V:>&+
M_<]D_P#-GO\`1[JX_:_DWT3_`*6Q^U_)OHF_2V/VOY-]$WZ6QEF29[EV64:U
MZ5,GH(ZCC\.*DJID9'-=*@O+3Z3<'MY<_-DSV#?ZON+'QDS8?XXC:CU-4UTB
M0TF217X=6P[8E'Q6--V9QU;DD[X$WE/(:_,(W][Y0UXLFIE!98C3P7*YD[6;
MTDFINH;(!@)$BPB,:>"H"JB]FE5%M/LQY1#LMD]AV#WI)RP:N7WK+2KKILSI
M;)6TTG(#7_O(V8A>$UT-][<\97!7H(LZI<X`S"&R@O$<JJ#1U$%N5&T>L\,%
M@DYGWWQP/9J!WT]V&56L'V;QQ"T@ZCGEV_-^3'HQZ-$TGL"M?DH[=K?1C8`=
MOM_8,[<E%SCR:8*5ME]6-_XEFY_Q\V63S$+%!Y-RRRL>Q(Y,V9C]`Q)Y15J6
MJ\R6U%$V_0,K7:"%+^K)+\(YVYC&B5%==^?-=2E"48;HVEF&I2#N<*PUUL-S
M<=7IB*S.2JWTI.@O&J@\,HL?.0XSYY*VFA65<I,?'F2G9M-+*K=28JPL?#"Q
M"ORXTM"4,@:L@775,`8PEY5NL4+!KV=&XUKAHCCR7KZ*KIIJK55TE0()XIKP
MFFDEAXHB<\I`X!_YA[\$@:1W7O;V^96J.]>%?K<Q9;`#G;MQ^OV=^-5K[K?>
MU@38L=CL.>#M;?;Q\?#S[LH)%QJV72-V9FMU5"W-_#'DU40.DD,U#5R1NGJ.
MC4&:D,O[WS912*2O2\JHJ5[<^%-F=<DH^8QEL6465;*H'(*HTJ!X!0//GM/%
M%1&O>ARJ.!ZC47IM8?B5<<?19E9.HJR.;$=4:M\5%!F%-3R20YEF<9K>B0"C
MXR2RRM'L@Z.@1"WJJH!`\,9/%1TL`IZ&KG%75P0Q11M7S4DK)2(T:#B-'#J=
M]S;4H\P4<R;#""0<0JMNMUK?-?!,<Q7>Z"U]//Q\3CK^DMU6.GG8V;8>/Y,;
M$'S;\NW#9=3!^D5^N(U*JUJ>A+'6FO3L\OJA;WM?'D&P_P"!RI]7E^;1_P#K
MYLA6"9*>8Y73"*:2(3(C].S*Q,1(U_-C[]4G]$Q_YN/OU2?T3'_FX^_5)MO]
MZ(^0[?A<>[29X*>K?1T>J@H8PW!BO'=-,K*895YJ1N`+B^*NF^Z3A"KGGJJJ
M.'+8(C4F<^G0R<2XC(OU!C(EXU/-3=.<4]$E-T6**7H=4[S:E9W,CH6+W]8J
M+\L<$ZH:FQ;HLUA*47F\=MIHQ<7=+BYMSQ%?Y5OI!`^T^=WMJ%M5MMK>L3<\
MK6^WOQQ3MJ8:[;"W+\F-O@T_!')P1S^W;YAA%27JMM(HVMI/;?E[?DC&5Y`G
M6I<M89MF7.UP`U/$Y[_5V_?8\FTC1(T%%661%"JNJAS9C91RW/FR>JL;4N69
M?.]NQ(LUK6<_S0<;<N8^8[C[/,M$I(UCB5+"W5IE(!3>UC*Q"71@Z@EQL,6&
MP&P'<!RP@;U2P![-K]^/)O\`&LO]VUN&:P^5\ET=;Z7AD7=)`=P>_?!N'JZ<
M#8HNJLC]<V9!\:4*(U!6\K,Y)VP'CGXJHQ7JOJ`*,8V7P.I67?NP&'(BXPL/
M+4NIR.WLTCPV/V>8'M'?ORQ69K,H8B$)3Q;7:J<%$IU7]\UNM\F_CB7,<Q.G
M.,[DZ5*T@]2!^M#!WQ[6-NZV/)Q6M?H-5RW_`'!FMO-0T4GJU7DQ/#WV+OFX
M#6[P;'$,=3?IV7,V6URMZXFI>HK-_#B"D8>62^E!V6U,>21H"1JD=[*JWW+`
M8:26W2:@B2HMOI(6T<"M8$Q1"X75ON?/Y,LW/W5F'SVRRMWPRZK.^P';X^RU
M_-QHV:GJ+`&6/DX`(`FC/5EL"P%_5U$C$25T8AV15J(KFDD)LH`)ZT+%K]5^
MP7OB=S;T:"*'>^JY/I!\KO'F>21UCCC4O)(YTHB+S9B>0&%K'0_<[E4K=!BD
M&E:^KCV:9QS9.T]@%EYNUM)W)TEF[>KV#N7PQY.J/5Z#5E/`=!S;;V$>;)OQ
M`W]=FN%SI5_T5FO"I,ZL-J:H7JTU??L!]1ML=5KTU(>:/=9ZHCU3I?=(5(.E
MTMJ9'4]7]AY,%C8>ZDY^G+ZZV"Y%NX=P[O.8#&K`AE.K<:7V(*6WYG!-'I9=
MST.9K1GUV(@G.],Q8QC?7&JI98Q>^',D@IS$G$F2I]"T48U>D;5MHLA8$$[6
M/;AJ&B,M+Y-4TGORN`T29E(ANL,.KDO:.ZVIM]*B"&GA6.GIX^'%$FP5;$?3
M?<D[DDG%G0*A[03=?G[_`+,>36DW"Y?5?;19NWY"/-DWX@/]=FN)*1D27IJM
M2B)_58..NS;&P1;L+[74"^(<JS.5ZC))3HRO-F'Q1C^XZ[L1;^JWCW<@000=
MPP-U8=A!',>?R54'J^Z$E_X2Y?4"UN_G^QXE=,%8CT5,G7J9V[%CB&^_>;#$
M53G2-E62Q,7I,N3:NJ-0^$FD.\:D<^7@.W$5.D:R4$*A(S"@CEI8U7=IXUZL
MJ]5F:1`INP&DG?`DC8.AVN._M4CL8=H[/-Y-W-_>-5_8,U\V3DD`#R?<DDV`
M`ES:YOV6&#7&]G4QTJM^!37^$%B1>8]:ZDADT'$E/41)-!,NF6*0:D=?$'\N
M&]Q[YQE%RQRFID]^4HW^(3_ABW*,^&.#QCE]8-GH<R'1)U;Y*\0V??%[;=_,
M>P]N/)_\92_V&I\VIR$4?A2$(OTN0,:7KEJIM[4V7CI<Q([.IU5WV];V8*Y9
M0+D-(=C79E=JPJ1ZT%/;8^P?/@UD[29IF3;M75WI&4\_0QFXCW\YFIWZ-4$;
MR(H*2>O83P\I5UR,_820+G;`2K44[$Z5EU7I92>5I3\"VZBTFG4S62]L>3G\
M1JO[!FOFHJN)49X\AB&ES*JG779BANT,B.-F[&'CMCXKEGS<&HL`/^HV'_S'
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M29JW,X:FIC5F9N&`:>.2VP\-AA(XJ&;H=/%DHKHZ2.1M,D]/3FHC+V;A5,KF
M0`-^&;#%-79*M+59;45M534J45#4P9A`T<:S&BK(79C-P8=^*!XMSQ.E9&:A
M:7+JNNAHE8JU?/3K=*:Z=:W>%WQ0U3Y7ED=%3^463TM1PJ=HI$:JJ%`HS$[M
MQX&!ZVH;%?'#'CFG&;^4F;9900TT"&&D%&TI#5`N-*>CL$4"R];'DY0:UIJX
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M4;2#3K]<`G&89339G--5Y?(81!)#%2R5DXU,RTC2/HD*(`2A8,Q]7EC*%.Q6
M7,5([B,IK1YJ>KRV@:JITRJ"F9UJJ*"TR5E7,R::FHC;U)(]P+=;PPR4M'64
MZ.=3K%FN5JI8<FT].MJMV\\2B.AK$%1)'-.%S;+!QI86UPR2^_\`KR(^X)W&
M$J335_2(@XBF]U\LXD8D&E])%=MJ%PW?VX62/*IHY$.I'3,LJ5T8;ZE<5UP;
MX3B4^8-PY4G2^;Y9U9H]XYA[_P#A5.X;LQ+II:Y>.[2S6S?+?222`AY&]_\`
MPC`[MS/;@TZT58L!CX)B&;99P^%VQ:>G_!GM7D>W'"--7F+1%%PSF^6E>'`V
MN%+&O]5&W7NMMCIARZI-7Q.-TDYIE?'XPY2<7IVK7XWPAZ'6WCJ&K$/NMEEU
MJW]>I7W_`+3GM?GB2)LMJ3%+-TB6,YIE>B2H%[3.O3K-+N>MXX@0TE:R4VGH
MZG-LK(AT^KP[UW5MV#QQ._0ZS54QB&H/NKE?IX5]6*3W]UHQV+V=F(D:DK62
M%HWB4YMEA"/"+0L/?_K(-E/X/9B>5:.L66J.JID&:Y7Q)VW&J5^G79K$[\]\
M9;75V6FGI*<U9EE-7E\NGBY?50)U8*MW:\DD8V3MN?#_`&/_Q``H$`$!``("
M`0,$`P`#`0`````!$0`A,4%1$&&!<9&A\"#!\4"QT>'_V@`(`0$``3\AJZA=
MNA/MAM;(,#D6\CN-JZNKQBYZ;TL("!VS))K7?AX55#3O6<B!>@`:H/JQ'GEC
MQ2P!IT>EPRQ(MEHBGAODJDT,$JH\4%,7]D03Y9^<E^E^O^L'WW"\2;`%-\Y3
M&3H/*-<FWT[SZ(6=;Y;[?P:-FSDNO%*R4(N!B08@TEU!'>GK'*.B+>TR=D",
M=,V""%@C<@"B@)3+F!8:!`ZZ$XGDP.$&'2@ZP$'3TR</?&DO`(R(INY]%4@T
M5DB24".[^9NX[HT":;^VE^^"@L\B*<(9R4>3VR.$*C7$RRXKHCSE78*H!4U6
M<M_@R<]\>P>ZPP3!+0K['C_SZ<>UB.,I[.G%N#0:R&*8BVEQB)Z"`EBD/D@)
M)<2#A3M08XT.U3$R@D1(+X$1,UYR#V:F,K'H3Q4;K3O=(I87'+I;(QI;W"MN
M_/I7E<G;%%D.G:>`SBWN'&^4HU072XO'PN`:@)%J#H<'DT(VL`33RNO;T@*A
MME>V<?;?WP$(:E$8Y`R+6.X`$XJAL.F%/L85<:\UW]`'V<35C:<.&.@'T]!4
M)I&CX3C.O#H`UL6(8$&_-9S)B>4B#!J8B\Z@#B@:$T;/0R:(/*L,.8-6KR#H
M!P,L#``$ORD`;Z!<<+K/(T,3:G+@#0,?AP1_'7HR.FCMQ.[>IAM^IL`>C:%L
MZI,.$U);M#\K_?10`H%`?C=;=WK/:/;?_GT#1%2`II`JIT!N:AN2M$6E;@*A
MA`8`6YY-PMP/9A77@8'2QD#59F<.5P`'MG*!H83'#0[//XD>IK9Z"+#0$DM"
MTP,&',Y.(3L`<^,*\FG!MK4WV1KR=U3;B-B;`MK2/H<\1N*A\XK?+#ZUIS(*
M!5='=[]$H']1-4^!=YN+KV^=S\H]*,><IJBD,0!%4``$`#@$'P!CGA36*%]F
M?;>SQF/2>)P"$"K<T3D$45F1&+08CAZQ<K;2'2J+H4CEG6,G2-[)>L`4AJ')
M%.+1[X<6X56J)]@1Y/;+B)QVZQ[4P;D&/9J98$[P7I?VKLP^X(FJ>0OS]\Y4
MJLTINRP]RX_`7K;^[")V%[QBA>EGZ'')A,;<#&CE&P-/C3O7U$F&_P`2<^W_
M`+S5H)GBN\ZTK[^C%LE?#C2\[\HR_"L7)SH(XJMYF[<.ZM>P]-@I-[]#!<#"
M77A8-M1C?":6@X(X`H;D93'1-<CKZ9QH972C->$'QZ?JCZ/OB(+$#GO#)%Z<
MH9QB$4E:\OHRL_\``_Z-0_5YI]\VI,*V1JH7Z^J)FIO@I($#:B,28A76[$MB
M)(F[PA0@78,BMNR)8&,WCWJ,0'*0!#RN#A=*O2%:J320*N,**E#WEP;X,:$A
MW<NFOH/#O]:Z]]8[(DEU,I4412BX2&Z84*\P.U`&1$`X*1!TYA$3SZG@*5R%
M=%=V-ZW_`!HN[JI>>%^0<@Q-:$`YX2T\J9N3IO6``Q`.RF'AQ#\$'DKBNUIW
MZ)4BYUO!2OC\?EP"SVF@B2`5>@KQFM2-@;>H8G0I"XX9A=#4[!=#9UEXZ`QO
MD7CU#UH]+D[!S^F%/32/MFI1?!VG-'0GAS]E[7SGTPUY&!TYNH3SBMC1N2'/
MN')-[8\8NV94)U<+L=*8H/\`1WN5]VVXJM6OE]%+)D1[>A5.34@S0O?TC4A3
MEY4N"AM)I:2:H^A:TPP)[*':XJC):##0!$@!J`0.M.L_P?Q\=7[>V?`_CY^O
MGZ5XPR%:1ZS-Z)K>Q"9+*CRT?O(^+'/[Q(4"O7G8'&A/?47Z56<+]V,+@L$?
M#)JMVH[IJ8%T8O8[M"MY7^2^Z?)Y[]E_5/\`+_/Q[_5(_K[_`/O[>V?KGCQO
MU^B_U?Q_/K]%J2\<(39[3GJVG.'@([NX%+JP5>5]/Z(?IQ@IS?/<=J<FC-9>
M*C[-,%#JQ*!C]E:7PS'7*J#!,Y8-;H+O$AU-Y%?)/$931L$7<SP4J[3Y^3-#
M3JNJA#;[OYPZ$,>TA`/R2)SV8-G'LU$4.I)W,V7RJ>WU(AVCCPMR`AD]1MX@
MLO1VD1O[)`]G`Z!&.%E%+DN]5%-F`%&2A!0XM]5,.4AB!@=A!VQ>$(H1RE#[
MB>B56J3L+0=[850#/UH_BG1\/U8>S-1JZ\KY-CC3LFB&.[\'%E8&?J9"`?F[
M<]_#&?2>254:\X(2IT^<91.-44<C#D17@$&J,AHX@$GTAML8'<:9IR],N%=@
MP>;6<(O)L5?1W?A<.(IYWAX$Z+MVXC:5*&F]05*0$<9^(?H!U2'1X.]R.54H
MZVD+#PZA:B3!T`Q;HB^7$U_/>2#-*25_X@#_V@`,`P$``A`#$```$.5[R@<:
MTP)D"TDT0)",_+&!!))D&`+`)!((F+3>%P!)(:%0,(01`!N-7P&!8!?"&D`%
M`(OS*'M@.`!(&,+K[M!BB)6,(29#!*9,([LZ3OSYR#^.5XJ&V"``````````
M_\0`(A`!`0`#`0`#`0$!``,``````1$`(3%!$%%A@9%Q($#A_]H`"`$!``$_
M$!WTB@ZAJ8>BXS9<Q8&D*?W6AP'&62E#1"H`N0"/<8L,*.VN!(V=>U"-L^SE
M)'+Q>G/</R%RRI8TN)-\3V3&H_HF-BJ`WLU[,'5_&>N]1!OB-YCYB:V$C)^]
M/^OIC)C(FHA1CP!$&68X809@#M30444(4IY&*A@C5#IH%TZPF:^=*6ZFWGGV
M9/SG\4L-;<Z4YO)_FSK)_P`V-=+A%^M@3FFX%SX"*K=9>\I2(R-F]5&P*%Z;
MS"0IA'"?[3F4BDLQ=\46C6\86:!4,-8O75`,0`@T%6CY&"MK.B$A@3#<,5A7
M874$>E*N.&!58L&942;=$"A$^Y0-M`1Z-1TC'^0S8:P(!4*"YO'K!Y"U<L4(
MF>);C[+F<I<;4JN]_-++LC/0;&?Q_P`QP#B!8(`UL!4*E0V"V(+)M1H`![5;
MY,<Z^<>I$T0!*D+E8C:%BA&IM:SC+RY0;TC`=.3A^"0UE@4LH\6$+6!`P9TV
M[4UK:=XS?BK`+A`@<.RDL4X``E8-,_R.PAI-DV0965SEQ3)#RFX51[H1.7`O
M00A!0=0\B"$[LUJK0)%4>8S[()V00[(=(!>P*!>G80IV%9_K@8A,1H*%>RH.
M%/K3A4RS(8,UA;^J)`?"+$PED067X`2T*;6#T?8K=8Z`F0#```"/!\,&C"TH
M%'Z(9`36"(S:A<]WU-Z7HH\G!L9Y(WLX0E=HVJX,>09^T8/]3!NG76H("AI$
M"N@"-R$^(XTE(3--!$B1-=S"`KT0X*`^)@,<!Y0W^I\&<J(2N63ITMU.X#D#
M"&2K)@"C,SJ#02#E4[<S576RX@BFVXHS2CLC8P&&@)42FJUM'[^U*R\9^1K4
M_/O;?815`K55&,Q2#@P)5<TCG+O6WCE:XSJ<<["P&0M%!#[$>4&NS!%)R,:=
M2G8+D>L`0LJH"&J7CT^._/D=,=.N!BSK`V@Q.N0*/?/7$NJMWC"T:Y0#JE^V
M00KFZTLKP-T-UURG"$NCW>TPF@(L1*&BLS_1!Q8"N.G"BD;12Y^VO-M&:M+G
MX<#/%=:WK7QJX>$8S[`#"P`2^+PA?P2NV5WB'#U8043<U:2].@@@``#0.*'`
M.<_F+R/&#*4D(TGW`T@]TH3IW%!YD)=_E3V$*"I6L'D6"(D"J31V5TP76/"'
M]AR$D%441#XD-H704*5-,JB:D<BP?O+Y[BI-*0BXP9ZG?M%$T^8_$1'S`D*:
M#`I6_`+#ID).G@!!HF&",\L7^I%MM(,7X0MC+I@V%@<CJ[X4W!3R)/;\E7D&
M@436Q;-(4EA"H$\HXE6).:`VGQ)Q1.`W!)/59BU\33:D)0.FB"YN$N+6!I6.
MJC\7RC\V9`FK_`5##8=%K"/<T'&PQ>,W;N9*4(F`@W&3HJ77;-$(R@`@5N'P
M&2W1HJIPS_B\Z/6%D=URO1!"-HUKJ[^AEH8I4_\`@/Q+=RNW56-T%T`0U3N2
MEB&D:L%5\^9!'S9:.["P!0EZ:9S$>6QED0>%WZ]TY;ED%R(",^&8FN`XKD-A
M*5"(5NX8%2@I#(1T,`$72*ED8X,YC2`!]OK=,1/@:OP94V0]X`55(78',0D,
M&&JEL%<#\Y[MNM^B0"9IS%ZQ)%J&B!'?RV\@4?E(AO@1303Y!H!O@';X!G`4
MSMVNI0$3PR&>/I8UB#:P"H:JEB0'.WP13,6)TD#0P`C(@3)YYR?_`#(P)5,!
MCN2.:`@&OA.5\6M_%"()T+"L0J`J:+Y4!6,/QG6E12!+4=J'!9POK0K$]P7<
MAG;U%C0VS5O2R.IA`4^FBCJ&H3""\9/)HZ(S9C#CNA`5@5\`KK\,("9252(0
M$KXC>8?9!AD";31]"A,K3LF8AENS-<2W(.U-I3I8-)L\1*1JBK/M<%$11&B:
M1.(_>)",84-0;/2A$0*R'!`"P=@`HPE&'&@3X$A_OU`P1#7N@&N4OH$)SJ:"
M`>6P@"`:!_Q],DAHG857[/O#\)1FKQ?(>/T&\B%L0P))A`2--+M)+"BZ8FD=
M#HQI@A;:]S"MJ(2!3>3$=+0`S3`-=0P6,2\*!,K&V`+!,001:)`H"MPY@4[U
M;5(0=J@VL-.L"?0\_@)L_P!>:N2AAPW5D5[_`-8;!CY./C)##KB]/%IHN`.:
M.='-.>7FV,N1I]EFJ'A-D(@BB&8BBF,L/'M`?'H`OTG2:C2(G?FVDQN0FP8J
MV1IC=M7Y.I=X%8T.?$H'.?JDW5)H8VD?LS0)%6CHP/YC099T;7ZAJ\WO2DTA
M#@M`,)XG@X+WVH5%L$,(<$A!#8L*6"4B`?$^E<&@;8B7`M/\O,YV2UBL*='M
MF41(9!R%E%9E<$Q@+()QBU.?DH]7]P*L_&-D`'$TE#TE`4[%:X8O$<6$%@G*
M"(QE-:GQ<D(V="&$I)B^#*\B^Y74)`9Q<3RB;,\*@\<\X@!(C47_`*(5!@;<
M8=0F$BI,/=S&^128(!"`Z*`K@LL*ZK<NRP8"`IT:[<A7!A\P9.%"7!416KMZ
M)C1J66EOK&:*=Z,!**H:VN,8,/B7!U7D=,Q0#B.-'%O36?5@+A$)P@L78?36
M4D6->D8,KJ<;VPVK!S,+1E!AC%^9<`N'`+@UVSEAPP?_`%(`_\0`*1`!``("
M`@$#!`(#`0$``````1$A,4$`46$0<8&1H<'PL>$@,-'Q0/_:``@!`P`!/Q"2
MI;TTRN`K;ZQPL"J>],9K.XS&81!SB&5F"IMK6,Q.*E!G:RDR!9A8R5#*G,2^
M,D[>*%^^SQV7Z`^A+7WU(/'J!K36?CAG>)Y#-,34.OSP?\OD>$B<2XIHEKWY
M'/OHG7MX3[7A'D,F/W^GT;@\WRAU>\UXO[2$^]<@J"O/TZN[KIFN>`QW_P"8
MV-]#S_B7[>SN_P":Y\!,9T5XS@F'N"^5N=:)0)(9&2-X??T]G<Q,6,'7(5JB
M&LI,!H&T`2*M\9L=1@[.DJ25TP`R@%!`8.4&`RJ>P5C5LN-$`++,!&`(T#L<
M0TRD1:8,6+<01B!8#1(*C./'C^_ZKMX_Q'VQ_'QKA_0_<<Q\<G[8_P`,?'*]
M9!_+^(S7D]"8@$6>BWVK^(82R>AFZT1`"[VQ<$`T!(8\9QF&V_/-?MU3+G3`
M%`-N25F"R:4]/QK.^8M#L@6'N4/A^.2!E($6&23-)7O.C_3CQ'`P!1B/%'W^
M(J#TS=`X>0?/5&2;J%C0!@&*K8?P>QCU$X6CW&0AC(LX)N!)B0L!),G18C02
MF2.#,2A0!N(763-J1+_T+/`)(2%)-#0(F8O(<7U/M(*%H1!B(Z/0MR&=TYOI
M.SWBGS6'"(/;$^,+50XB\'A^C7M#A9<>(CP_B=11-3;P5F?%"0H0:@:EZ89.
M+`DFB2NF,.X&>U0'@#@`!8!+)9RJB[""BQS-)BB2,@L*4/\`H77!DTA(!W$=
M7DB0$"`_),#!<XB<P8.('EVIK$7UG3'CBVZOT4H9))4BA6TRU4IS&"(_=>E/
MQI_G^NLB9X`AU$>S9N9O,#KA#0GB)267PK#9+"41R$*KPP_1(_Q=,50.UH*'
M^.2(#"F+@F/BFS6G*UO*P7Q8U8GQE]!I2!^P;V+77$$:>+S4?$(287JF`*N#
M53.`)BU@#;QI*Q:`@%O")*`IJ=^M1HT^.XB9_%CC\>@K(Q90):@GL-#ALY-`
M>`RSXJC?XX>,:]%!5D*_I[%E[.74MNDBB'S/R:%08"`(0`]JWRNNR?BB,5&8
M)W*3Z5CJ_P"J9C,0S'&#.#!HE,?C=RP=-E$^.A3HRD"$1(18_P`*>X(B:OST
M3%E^8Y]H]4,177.B8]K>$BS%%`H3/(YP`B1'5L&+(6D]N-)DDXL9*(^X8(D*
M@`CT`QYSMWS'B/W!?TX8U15\I]FHTRY/2(\D'GK)ZH[3WV18B!$F\M>)C4E\
M0)\I$J9;8-C$!-@7ZG%4;HH?FYQ]KI_B6PD@M$Q1\.4*SCDT%V/5G,V3W`-@
MD"`B`$#2,UAE%?3@`5)CV2DK8D)IYCQ'#T]7BG%'L8W#)Z.,8#;@*[,?\X93
MV`>E:Y1:,D$#.>(`(0B5'Z'TX3)I2N!F)V.;,R;HX^B2AJGJZ8VUJ!+YCA[#
MW(J3&Z#^I]%!:`[K^>HY+$"Q;?$CT[^U\MDV5]R!1#[BC,@X96X*[(T%@3<7
M#9DJ_O[UZ(D\JAT0!AA;97*\D@\2#.XSC2!1ECA""HFZRS=S=ZDJ85XY@7"^
M"Y%"ZO@96I`CNX`!+9`GPDBQ\@Q/>^SN],>*,>"C/BF<Y1,0X?B\#)(A0J4-
M1)8)[6&((@&`#4I-Y)Y>FQ%`C=`!T&U)A+!4!`,9,R$IC,1,IJ!=(NZ"(B%$
M8NV5E@<A>L(YH[DO"333$5'44_3>,0:OXZZ/R?;7T?@+P<'B(_3]_P!A^#\'
M[]SYHA54B0V]@Q7]<(P`!)`,8KX04`0#,\KIJ3U^+OA1UD%G$#J:L)E(!".1
M`<4=`D%)HE"HF.K?8`$`8D*#`@M8HX>"C1`LK2$ZJXF$&-36$E1$+!E"0:MK
M,P6=F`D-BLH:!B"921$<J*"+$DMF'<$)Q24!`Q&(&*OG%#'=.%4&`C3!GK4-
MVPP(1C>#`B`<QK78+BPXB,])!4(6`4U#0YEQ4(C.<2)D,1,&V1BN9,E$0Z$8
M$DB>F)M1)(SFQ,1D75@:MG;D\F$`R9")R00X5EI9K-?B7N8PPG7I%6"4$(G"
M-;U.^!4(Z!FHLE$U.<%Q7(I)HE#L$W+%I?C#020,"2W.4U(MY9AI>`(TAT+4
M!<]5UX8$P=1H0(B!X9M)42``B'U'5LX+`FW98ABL0`H$$8S%T6),CD41%``'
M1BQJ(&"IF(B5M%B!7:B&U#0KZO"89F!)A$S%FW?7Q`IW.%3*4*%:_H6N,@,D
MK#&4$"DR=S-A,VDDDLAF&D@85-%)>3`,5&.JQT)DK&,7R+"%ED5[*J)J*FZ<
M9V:,D2!`*]=OF,?_`!C_Q``I$`$!``("`@$#!`(#`0`````!$2$Q`$%188$0
M<:$@L<'PD>%`T?$P_]H`"`$"``$_$)2&?)JKPJ,@$'*CNBPBYDWAOO\`ZK7=
M`;7$!*N>O#P0&*&I]H^<A^3AGB1G#D`:2YN0"LX>;%,9+EW'P[G+>930($(2
M*%+(EX,4CTGIU/\`U&=7PXNI1ED3D.CG]:U?X_D]BP5G2*>-D=?W')0FP0\K
M`G:WX%,%Y'JZW_'\N1Z9_#_+\/J^D_T_"7[X8:IX3_3^%_#ZHC_FJH!\N0%C
M4$>-).&2/7@R?SK<Y>29`'TCB&9P'H\2);UK8F,R8<04H-U.DH<JI57RO!.C
M/?[^.NNK_(L&YYWR.(5A4X;S!P7W-(,""=<;<[.O[-:"8#OEG]^.7\<^<]V_
MAN[NFM;#K]&O4_O5_9Y[F"B0QE/-\^)@E>+:`CLR-GWV:X/]<F`7=%JQ(R.0
M\%K8<.&`&M0`IH,.8B3B=F"MQ,=8`0#@2NR.$8;F6>&.14'#1:%,5+L%X6@$
MCB2@R61U)9_\`5`*0`*JX`*96'GP+CC_`-X2)FKPG9UZ)]!](HD#-CL!728S
MRJJ5*+534O:JJ_5>\'E`7D`:YL!!"Q2^."E#U(J(O%+(X.*$J+`0I)^O7QS(
M@P0CRB65#@!)%Q4:N<D(;"Z!#X^#EJ;?9J`*_?BF;'/T?@Q^%>NM:YZC_H_8
MM^1V/!(%&`=G1[*@>Q\D`"@K\E40!1!,9>"@AM\AY!Y`XT93B%WP2CI";`7(
M"CF:0`.24!+X*(DJ_KUZG#N#:7;!V1@S((Y'C-L*Y1*BH!OT9E>%8*=TED[J
MF,U`"R5%(,)C"8=0V>#[&OI"4.E*%'#2:'!`/"JJM2J^W*_+],>M,/K/K/\`
M'F\!JZ0'"IR$0F6U%I"<8]#:O=4+"-IY@$#4`Q0M1ATGZ2(0[@E398`RB*#I
M41!7`S[@13P*0&^";L2:ILQ?%T8-=?31G,SA=P\*3NS3P+SQ&(E8+*&V.N3#
M)+4V7A`QT<L'*%+`[;0`"!2.@&OJ)Z]'6"(S+LWB.X<UZ^AE[*6K(N4RH32!
M+4$K%8!`K<B`%?H8<UZF/DP_XU]#2(-5&@.WC0>0\5@C`@OF@33OV7\N_FWW
MP0VONLQ7WUCQ_CF'3ZZ>T\?)QJ0%C4,3M'<C2&;8LF"`@/P$+,$`Q<UZGUQ9
M@IYUV!F?YGES7U(.<*H49$1HB423XRGAD`F4D@H5J%(LA:YFI9B%8!*!!1=L
MMCP4AN!<-*CBCQ[V4;H@!``````YKU/[UR<+_BV%UFD[^/IAE8UXZ93)O+B'
MY066F%'V!KQ*6#3DA"CP9C6^!TC6O$4H0B$484.11$<B3Z^\&5]S_>>=FMGU
MUZG,SX-?-A@`-/06N9`K';RN,8HH2I+AU7I.H8(<X,`8`#K.2$V@.E?8>KS7
MJ<?Q&?8#'6,:-7/T80JD`7,(2;.-.YMYD`!/6`VHH=`@*DX$BR",B(GL*-&%
M'FN""/H!'=`Z0Y!5-`H*R98I7``=':`M!:[`X2/1R9)]^8^''Y[/C7S)WQ0[
M@<H#>M6BF`N3(3/5X;/EPE!O>`VD8WWPRSR"4PKA+U0##>#!'T%)TRR8H&X=
MNM$FC_7TH8`C#$5R/9"Z9<EJF%@A<DD$(Y307VW7]L.@^W>K;?HH>!%@U#!(
MRM.D<\MNOG.NU4R<E>U,YYK@77IO[@Q\=\U$.GX?PUW3SQ4P1N^8;+(N1F.E
M"F(\F`9V90_*`7JI$1*P4`L(^ZG'CB]IG#Y,J&,#1F>=F@:09*PYPAI0\0=U
MLCT`D)T`](N3T/[O>/;J7?A3%/1EU^4A?,?"F'R0P9#7V0/"M-WD]?T_.'\.
M65/WC3C]F_BGG!I,&@(^6N<CAD37'$^T!8)0%G<!@?1!:$ECUG^S-+1XAI.,
M`D"Q$7);5./<BFY"L(T":@M0!1RJ("+`VS"I2Q/C!)!5!`MAL'A%_=FH!J?<
MBJ*7F!Z"H(QFPHQZC>1<+!PBZ!2F087`!U+5N`0E`,09H,X0,9;F4T"VS=CG
M)6^8PQ*QCG;8!3B#&/-B"RDTC80SIJ6I"9]"%P+6%N:EQ3P8(&`+A&`&1(!M
M0U)"&R!4"(>33:P5A1`P&"HL6:5\&4GA"???T,`>.TA!L.+>P"*N)Z)@.>C-
M7L9L6UA'>8`>?F!"BF"##"KF%"W1:T!!@VO30H(B3(L<;$3`;J%)XH.@B&I,
M@HO0.--35R<2,+`[*H60+14^HOUG:9DT)DQBQ'1D8,$**)""*X9:X=JOE1'D
M`U@&==&:T#V,LA$2OS6J&EBC#,P(+D-0,JP$R%7L+=YXA?ZTK_<!%R-J+G(4
B&I"-'"`.Y8F3_)T+`28T-"3/,$%0(@+(0@C!#,'_`(?_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
