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DUBAI (Reuters) - Human Rights Watch (HRW) has called on United Arab Emirates authorities to disclose the whereabouts and condition of a daughter of Dubai’s ruler, following reports that she was forcibly returned after fleeing the Gulf Arab state. The rights group identified the daughter as Sheikha Latifa bin Mohammad al-Maktoum, 32, and said that failure to disclose her status could “qualify as an enforced disappearance, given the evidence suggesting that she was last seen as UAE authorities were detaining her”. UAE officials did not immediately respond to a Reuters request for comment. A source close to the government of Dubai told Reuters that “Latifa is safe and sound with her family” but declined further comment, citing legal considerations. The UAE has also yet to comment on recent media reports that Sheikha Latifa, a daughter of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, announced in a video that she was fleeing the emirate due to restrictions imposed on her by her family. The reports said she escaped with the help of friends on a yacht owned by a Frenchman which was later intercepted off the coast of India. “A witness told Human Rights Watch that UAE authorities intercepted Sheikha Latifa on March 4, 2018, as she tried to flee by sea to a third country, and returned her to the UAE,” the rights group said in its statement. HRW Quote: d two friends of Sheikha Latifa as saying she had not been seen or heard from for two months. “If she is detained she needs to be given the rights all detainees should have, including being taken before an independent judge,” it said. The rights group Quote: d Finnish national Tiina Jauhiainen, described as a friend of Sheikha Latifa who was one of several foreigners on the boat, as saying the Indian Coast Guard participated in the raid on the vessel in coordination with UAE authorities. Jauhiainen said that on March 22 UAE authorities allowed her to return to Finland, and they allowed the yacht’s owner Herve Jaubert, who holds French and American citizenship, to leave the UAE along with the boat’s crew around the same time. Rights groups have criticized the UAE, a key U.S. ally and the Gulf’s trading and tourism hub, of clamping down on dissent. Like most Gulf states, the UAE brooks little public criticism of ruling family members, senior officials or policy. Reporting By Aziz El Yaakoubi; Editing by Ghaida Ghantous/Keith Weir

Rights group asks UAE for whereabouts of Dubai princess

May 23, 2018 / 5:48 PM / Updated 22 minutes ago Cricket - India's Hotstar sets new benchmark with IPL streaming record Sudipto Ganguly 4 Min Read MUMBAI (Reuters) - The Indian Premier League match between Chennai and Hyderabad on Tuesday set a new global benchmark with 8.26 million concurrent viewers logging onto Hotstar, the chief executive of the video streaming platform told Reuters. Two-time champions Chennai Super Kings marched into the final of the IPL after South African Faf du Plessis smashed a blistering 67 not out to fashion their thrilling two-wicket victory against Sunrisers Hyderabad. As Du Plessis mounted a spectacular counter-attack to take Chennai home with five balls to spare after the side had been left shell-shocked at 62 for six while chasing 140 to reach the final, all previous records on Hotstar tumbled. “If I look back over the tournament, we have been hitting new high quite frequently,” Hotstar Chief Executive Ajit Mohan said in an interview. “The first barrier we wanted to cross was the 5 million concurrency. Nobody had done that for a sporting event and for us that was a first milestone which we crossed early in the tournament. “Tuesday was quite significant because... this is really establishing a new global benchmark in terms of the number of simultaneous users for an online event on video.” Austrian daredevil Felix Baumgartner’s leap in 2012 into the stratosphere from a balloon near the edge of space 24 miles (39 km) above Earth was watched by a record audience of more than 8 million people live on YouTube. Hotstar, which exclusively streams HBO’s hit “Game of Thrones” show in India, could see even bigger audience with Sunday’s IPL final. Twenty-First Century Fox-backed Star India, which runs the Hotstar streaming service, paid a staggering 163.48 billion rupees (£1.79 billion) last September for the television and digital rights of the IPL for five years. However, for Hotstar the ongoing IPL is the fifth season of streaming the popular Twenty20 tournament in the country of 1.2 billion people obsessed with cricket. Star invested 12.33 billion rupees after winning the IPL rights and that has bore fruit with their technology being resilient enough to address and serve a scale that other streaming platforms across the globe has not seen. “We genuinely believe that we can bring people online in India,” Mohan told Reuters. “We have hit a certain scale that has really allowed us to take off. We added 150 million users in April. “We have invested dramatically in building technology capabilities. We have now built a platform that can take that sort of scale. A five million scale would be difficult to support on most video platforms even today.” Introducing features such as Watch’NPlay, a virtual play-along game associated with live sports, ahead of the IPL season has also helped. “You are watching the match and it also allows you to play a game at the same time. For me, that’s made a huge difference,” Mohan added. “It has provided us a very clear differentiator for why people should come and watch the match on Hotstar. “It has also attracted a whole bunch of casual cricket followers. It’s expanding the universe of cricket followers and IPL. Casual gaming can be very powerful in a country with young demographics like India.” Reporting by Sudipto Ganguly; editing by Pritha Sarkar

INTERVIEW-Cricket-India's Hotstar sets new benchmark with IPL streaming record

MUSCATINE, Iowa, May 8, 2018 /PRNewswire/ -- HNI Corporation (NYSE: HNI) announced today its Board of Directors approved a 4% increase in its quarterly dividend to 29.5 cents per share on its common stock. The dividend will be payable on June 1, 2018, to shareholders of record at the close of business on May 18, 2018. About HNI Corporation HNI Corporation is a NYSE traded company (ticker symbol: HNI) providing products and solutions for the home and workplace environments. HNI Corporation is a leading global office furniture manufacturer and is the nation's leading manufacturer of hearth products. The Corporation's strong brands have leading positions in their markets. More information can be found on the Corporation's website at www.hnicorp.com . For Information Contact: Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400 Jack D. Herring, Treasurer, Director of Finance and Investor Relations (563) 506-9783 View original content: http://www.prnewswire.com/news-releases/hni-corporation-increases-quarterly-dividend-300644517.html SOURCE HNI Corporation

HNI Corporation Increases Quarterly Dividend

Most people should start screening tests for colon and rectal cancers at age 45, rather than waiting for age 50, as long recommended, the American Cancer Society said Wednesday. The group said that the initial test does not have to be a colonoscopy, a procedure that typically requires a day off from work and an often-unpleasant bowel cleansing routine. Instead, it could be one of several other tests, including home stool tests available by prescription. Other expert groups still recommend starting at age 50. That's the stance of the influential U.S. Preventive Services Task Force , which last reviewed the issue in 2016. More from USA Today: Taytulla birth control packaging error could lead to accidental pregnancy; recall issued Lowe's bans paint strippers after protest campaign Ambien-maker to Roseanne: Racism is not a side effect of our drug But the shift by the cancer society is based on new information about the rise in colon and rectal cancer among younger adults, said Andrew Wolf, an associate professor of medicine at the University of Virginia. He led the group writing the new recommendations. Colon and rectal cancers have increased 51% among adults under age 50 since 1994, the cancer society said. "We don't know why it's going on," Wolf said, noting that suspects include obesity and poor diet. "But it's increasingly clear that it is happening." Meanwhile, cases and deaths have fallen in older adults, at least partly due to screening, which can lead to the detection and removal of polyps before they become cancerous. Most of the nation's 140,000 annual cases and 50,000 deaths from colon and rectal cancer still occur among people over age 55. But the share of cases involving younger adults has risen to 29% for rectal cancer and 17% for colon cancer, a recent study showed. While few trials have looked at screening 45-year-olds, new statistical models reviewed by the cancer society showed that the younger group should benefit nearly as much as slightly older adults do, Wolf said. But because the evidence is not as strong, the society said its recommendation for screening at 45 was "qualified." That means that "we hope that doctors will look at this and at least start discussions of colorectal cancer screening with their 45-year-old patients," Wolf said. It could be a complicated discussion. Not only do major groups now differ on starting ages, they also differ on how strongly they recommend various tests. A group representing three professional societies of gastroenterologists said in 2017 that African Americans should start screening at 45, because they are at increased risk, but that others should wait until age 50. It also said the best tests are colonoscopies every 10 years or a test called FIT (fecal immunochemical testing) to check for blood in the stool every year. The group gave lower rankings to other screening strategies, including CT scans every five years or a stool test that checks for both blood and DNA changes every three years. By contrast, the cancer society said the tests are equally acceptable – though worrisome results on any test other than a colonoscopy need to be followed up with a colonoscopy. "We do know that a lot of folks have distinct preferences when offered a choice," Wolf said. "The best colorectal screening test is the one that gets done." While the overall costs and benefits of earlier screening remain unclear, the message that screening is important and can come in many forms is crucial, said David Weinberg, chairman of medicine at Fox Chase Cancer Center, Philadelphia. "The bottom line is that if you regularly participate in colon cancer screening, you have a reduced risk of getting and dying from colon cancer," said Weinberg, who was not involved in the cancer society guidelines. The qualified endorsement of screening at age 45 is reasonable and "will lead to a lot of discussion and investigation," said Douglas Rex, a professor of medicine at Indiana University. He was lead author on the differing recommendations from the gastroenterology groups. What happens now will be partly up to insurers. Some will not cover testing in younger patients right away, Wolf said. And some will cover stool testing, but refuse to cover follow-up colonoscopies for those with abnormal results, he said. The out-of-pocket cost for a colonoscopy can range from a few hundred dollars to several thousand dollars. A DNA stool test can cost several hundred dollars, but a yearly stool test for blood alone can cost as little as $20, Rex said. Colonoscopy also carries risks, including bowel perforation and complications from anesthesia. The risks rise with age. That's one reason the cancer society and preventive services task force recommend screening be considered on a case by case basis after age 75 and stopped after age 85. The new recommendations apply to people at average risk for colon and rectal cancer. Those at higher risk, because of their personal or family history, may be urged to get screening earlier or more often.

Start colon cancer screening at 45, not 50, American Cancer Society urges

April 30 (Reuters) - MasTec Inc: * MASTEC ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS, RECORD BACKLOG AND INCREASED ANNUAL GUIDANCE * SEES Q2 2018 REVENUE ABOUT $1.78 BILLION * Q1 REVENUE $1.4 BILLION VERSUS I/B/E/S VIEW $1.24 BILLION * Q1 EARNINGS PER SHARE VIEW $0.21 — THOMSON REUTERS I/B/E/S * SEES Q2 2018 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.03 * SEES FY 2018 ADJUSTED NON-GAAP EARNINGS PER SHARE $3.65 * SEES Q2 2018 GAAP EARNINGS PER SHARE $1.00 * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.35 * SEES FY 2018 REVENUE ABOUT $6.9 BILLION * BACKLOG AS OF MARCH 31, 2018 AT $7.6 BILLION, A $464 MILLION SEQUENTIAL INCREASE WHEN COMPARED TO YEAR END 2017 Source text for Eikon: Further company coverage:

BRIEF-Mastec Reports Q1 GAAP Earnings Per Share $0.32

First Quarter Results Meaningfully Exceeded LaSalle’s Expectations; EBITDA Outperformed Outlook by Approximately $6 Million or 15% First Quarter Unaffected Property RevPAR Flat Strong Growth in Corporate and International Travel Segments Increases Full Year 2018 Outlook BETHESDA, Md.--(BUSINESS WIRE)-- LaSalle Hotel Properties (NYSE: LHO) today announced results for the quarter ended March 31, 2018. The Company’s results are summarized below. First Quarter 2018 2017 % Var. (dollars in millions except per share/unit data) Net (loss) income attributable to common shareholders (1) $ (11.1 ) $ 76.1 -114.6 % Net (loss) income attributable to common shareholders per diluted share (1) $ (0.10 ) $ 0.67 -114.9 % Unaffected Properties (Excludes Washington, DC, Key West and Properties Under Renovation) RevPAR (2) $ 169.97 $ 169.56 0.2 % All Properties RevPAR (2) $ 165.23 $ 178.81 -7.6 % Hotel EBITDAre Margin (2) 23.7 % 27.4 % Hotel EBITDAre Margin Change (2) -370 bps Adjusted EBITDAre (2) $ 47.6 $ 61.8 -23.0 % Note: Adjusted EBITDAre in the first quarter of 2017 included $3.6 million for assets that the Company sold in 2017. Adjusted FFO attributable to common shareholders and unitholders (2) $ 37.3 $ 51.3 -27.3 % Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit (2) $ 0.33 $ 0.45 -26.7 % (1) First quarter 2017 net income included $74.4 million of gains from the sales of Hotel Deca, Lansdowne Resort, and Alexis Hotel. (2) See the discussion of non-GAAP measures and the tables later in this press release for reconciliations from net (loss) income to such measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA for real estate (“EBITDAre”), adjusted funds from operations (“FFO”), and pro forma hotel EBITDAre. Room revenue per available room (“RevPAR”) is presented on a pro forma basis to reflect hotels in the Company’s current portfolio. See “Statistical Data for the Hotels - Pro Forma” later in this press release. Michael D. Barnello, President and Chief Executive Officer of LaSalle said, “First quarter results were meaningfully stronger than we expected and we are seeing the markets continue to build on this momentum so far in the second quarter. During the first quarter, corporate and international demand rebounded in our portfolio, and our early indication for the second quarter is that these positive trends should continue. Additionally, despite rising supply, the Manhattan market experienced its highest RevPAR growth of any quarter dating back to 2013, which is very promising. These data points are notably more positive than we expected just two months ago. We are encouraged by the market strength we are seeing and have raised our full year outlook; we believe the LaSalle portfolio is well positioned to capitalize on these drivers.” Mr. Barnello added, “Furthermore, during the first quarter, we continued to make significant progress on our strategic and financial objectives and are confident in the unique value of our assets and position in the market. We delivered strong operational execution with flat RevPAR at our unaffected properties, demonstrated disciplined expense management and completed the majority of our renovations that began at the end of 2017. Importantly, we maintained our focus on prudent capital allocation and repurchased shares under the share repurchase program, creating additional value for our shareholders.” First Quarter 2018 Results Net Loss: The Company’s net loss attributable to common shareholders was $11 million, which changed by $87 million from the same period in 2017, primarily due to $74 million of gains from three asset sales last year. RevPAR: The Company’s first quarter 2018 RevPAR decreased 7.6% to $165, driven by a 4.0% reduction in average daily rate to $221 and an occupancy decline of 3.7% to 74.9%. Excluding the Company’s hotels located in Washington, DC and Key West and hotels under renovation, RevPAR was approximately flat to last year. First Quarter 2017 and 2018 RevPAR Bridge: Actual Results Inauguration (1) Renovation Displacement Subtotal Anomalies Market Conditions First Quarter First Quarter 2017 RevPAR Actual 275 bps 100 bps 375 bps -235 bps 1.4 % First Quarter 2018 RevPAR Outlook -330 bps -265 bps -595 bps -255 bps -8.5 % First Quarter 2018 RevPAR Actual -330 bps -260 bps -590 bps -170 bps -7.6 % Outlook vs. Actual 0 bps 5 bps 5 bps 85 bps 90 bps (1) First quarter 2017 RevPAR (and the 2017 inauguration impact) did not include the results from Mason & Rook Hotel because it was not open for the first quarter of 2016. Mason & Rook Hotel is included in the full year 2018 outlook. The table below further subdivides the above “Market Conditions” category to show integration disruption at the Company’s nine hotels managed by IHG (Kimpton) and two hotels managed by Marriott (Westin). As shown in the table, the impact of the integration disruption increased relative to the Company’s expectations during the first quarter by 55 basis points, while the unaffected market conditions improved by 140 basis points. First Quarter 2018 Market Conditions Detail Integration Impact (1) Unaffected Market Conditions Total Market Conditions First Quarter 2018 RevPAR Outlook -60 bps -195 bps -255 bps First Quarter 2018 RevPAR Actual -115 bps -55 bps -170 bps Outlook vs. Actual -55 bps 140 bps 85 bps (1) Includes disruption at the Company’s hotels managed by IHG (Kimpton) and Marriott (Westin). The original outlook for the integration impact in the first quarter was Quote: d on the Company’s fourth quarter 2017 earnings call. Hotel EBITDAre Margin: The Company’s hotel EBITDAre margin was 23.7%, which declined by 370 basis points from the first quarter 2017. The Company’s hotel expenses declined by 1% during the quarter. Adjusted EBITDAre: The Company’s adjusted EBITDAre was $48 million, a decrease of $14 million from the first quarter 2017. Adjusted FFO: The Company generated adjusted FFO of $37 million, or $0.33 per diluted share/unit, compared to $51 million, or $0.45 per diluted share/unit, for the first quarter 2017. Capital Investments: The Company invested $39 million of capital in its hotels in the first quarter. The majority of this investment was for renovations, which are now mostly complete at Westin Copley Place in Boston, Paradise Point Resort and Spa in San Diego, Chamberlain and Le Montrose Suite Hotel in West Hollywood, Hotel Spero (formerly Serrano Hotel) and Harbor Court Hotel in San Francisco, and The Heathman Hotel in Portland. The Company anticipates investing approximately $175 million of capital in its hotels in 2018, as previously disclosed. Balance Sheet and Capital Markets Activities Balance Sheet Summary as of March 31, 2018: The Company had total outstanding debt of $1.1 billion, and total net debt to trailing 12 month Corporate EBITDA (as defined in the financial covenant section of the Company’s senior unsecured credit facility, adjusted for all cash and cash equivalents on its balance sheet) was 2.6 times. The Company’s fixed charge coverage ratio was 5.3 times, and its weighted average interest rate for the first quarter was 3.2%. The Company had capacity of $773 million available on its credit facilities, in addition to $229 million of cash and cash equivalents on its balance sheet. Hyatt Regency Boston Harbor Bond Repayment: On March 1, 2018, the Company repaid the $42.5 million of outstanding bonds on the Hyatt Regency Boston Harbor with cash on hand. Share Repurchase: Between February 26, 2018 and March 5, 2018, the Company repurchased 2,982,800 common shares of the Company at a cost of $74.5 million and a weighted average price of $24.96 per share under the Company’s previously announced share repurchase program, which equates to an 8.1% capitalization rate on 2017 NOI. The Company has approximately $500 million of capacity remaining in its share repurchase authorization. The Company has not repurchased any common shares under the program since March 5, 2018. Key West Impact Update: In the first quarter, the Company recorded $1.3 million of business interruption proceeds related to losses in 2017 following Hurricane Irma. The Company will continue to process business interruption claims for both of the Key West properties. Full Year 2018 Outlook The Company is updating its full year outlook for 2018 to account for outperformance during the first quarter and second quarter outlook only. The Company has not made any changes to its outlook in the second half of 2018 at this time. The outlook is based on the current economic environment and assumes no acquisitions, dispositions, or capital markets activity. Mr. Barnello concluded, “With the bulk of the renovations behind us, coupled with the strong rebound in corporate and international travel, we are more confident than ever that LaSalle is poised to deliver compelling shareholder returns, and we are pleased to raise our full year outlook as a result. As always, we remain focused on enhancing value for shareholders and open-minded to all viable opportunities to achieve our objectives with our irreplaceable portfolio of outstanding hotel assets, solid balance sheet and strong cash flow.” The Company’s RevPAR, hotel EBITDAre margin, and financial expectations for 2018 are shown in the table below: Full Year 2018 Outlook (dollars in millions except per share/unit data) Original Current Variance at Midpoint Net income $ 68 $70 to $73 +$3.5 RevPAR change -2.0 % -1.0% to -0.5% +125 bps Hotel expenses change 2.0 % 2.5% to 2.7% +60 bps Hotel EBITDAre margin 30.4 % 30.9% to 31.1% +60 bps Hotel EBITDAre margin change -275 bps -230 bps to -210 bps +55 bps Adjusted EBITDAre $ 291 $302 to $305 +$12.5 Adjusted FFO $ 235 $241 to $244 +$7.5 Adjusted FFO per diluted share/unit $ 2.06 $2.16 to $2.19 +$0.12 Second Quarter 2018 Outlook The Company is providing a second quarter outlook for 2018, as shown in the following table: Second Quarter 2018 Outlook (dollars in millions except per share/unit data) Current Excluding Kimpton and Marriott Net income $40 to $43 RevPAR change 0.0% to 1.5% 2.0% to 3.5% Adjusted EBITDAre $102 to $105 Adjusted FFO $82 to $85 Adjusted FFO per diluted share/unit $0.74 to $0.77 The only anomaly affecting the Company’s second quarter outlook is the continued integration-related disruption at all nine of its Kimpton-managed hotels and both of its Marriott-managed Westin hotels. Excluding these 11 hotels, the implied RevPAR outlook range for the second quarter is 2.0% to 3.5%. If any of the foregoing estimates and assumptions prove to be inaccurate, actual results for the second quarter and full year 2018 may vary, and could vary significantly, from the amounts shown above. Achievement of the anticipated results is subject to the risks discussed in the Company’s filings with the Securities and Exchange Commission. Dividend On March 15, 2018, the Company declared a first quarter 2018 dividend of $0.45 per common share. On March 28, 2018, the Company announced its dividend policy for the remaining quarters of 2018. Pursuant to the dividend policy, the Company expects to pay a quarterly dividend of $0.225 per common share for each of the quarters ending June 30, 2018, September 30, 2018 and December 31, 2018. To the extent that the regular quarterly dividends for 2018 do not satisfy the annual distribution requirements under the REIT provisions of the Internal Revenue Code, the Company expects to satisfy the annual distribution requirements by paying a special dividend in January 2019. The adoption of a dividend policy does not commit the Company to declare future dividends at the expected levels, or at all. The timing, form and amount of any future dividends will be in the discretion of the Company’s Board of Trustees and will depend upon the Company’s cash flow, financial condition and capital expenditure requirements, the annual REIT distribution requirements and other factors that the Board deems relevant. Earnings Call The Company will conduct its quarterly conference call on Thursday, May 10, 2018 at 8:00 AM eastern time. To participate in the conference call, please dial (800) 289-0438 . Additionally, a live webcast of the conference call will be available through the Company’s website. A replay of the conference call webcast will also be archived and available online through the Investor Relations section of the Company’s website. About LaSalle Hotel Properties LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 41 properties, which are upscale, full-service hotels, totaling 10,452 guest rooms in 11 markets in seven states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale, full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging groups, including Access Hotels & Resorts, Accor, Benchmark Hospitality, Davidson Hotel Company, Evolution Hospitality, HEI Hotels & Resorts, Highgate Hotels, Hilton, Hyatt Hotels Corporation, IHG, JRK Hotel Group, Inc., Marriott International, Noble House Hotels & Resorts, Outrigger Lodging Services, Provenance Hotels, Two Roads Hospitality, and Viceroy Hotel Group. This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words “will,” "believe," "expect," "intend," "anticipate," "estimate," "project," “may,” “plan,” “seek,” “should,” or similar expressions. Forward-looking statements in this press release include, among others, statements about the Company’s outlook for RevPAR, adjusted FFO, adjusted EBITDAre and derivations thereof, dividend policy, share repurchase program, asset management strategies, insurance coverage, and capital expenditure program. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) risks associated with the hotel industry, including competition for guests and meetings from other hotels and alternative lodging companies, increases in wages, energy costs and other operating costs, potential unionization or union disruption, actual or threatened terrorist attacks, any type of flu or disease-related pandemic and downturns in general and local economic conditions, (ii) the availability and terms of financing and capital and the general volatility of securities markets, (iii) the Company’s dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly, (iv) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act of 1990, as amended, and similar laws, (v) interest rate increases, (vi) the possible failure of the Company to maintain its qualification as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured losses, (viii) risks associated with redevelopment and repositioning projects, including delays and cost overruns, (ix) the risk of a material failure, inadequacy, interruption or security failure of the Company’s or the hotel managers’ information technology networks and systems, and (x) the risk factors discussed in the Company’s Annual Report on Form 10-K as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. For additional information or to receive press releases via e-mail, please visit our website at www.lasallehotels.com . LASALLE HOTEL PROPERTIES Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2018 December 31, 2017 (unaudited) Assets: Investment in hotel properties, net $ 3,297,028 $ 3,265,615 Property under development 18,191 49,459 Cash and cash equivalents 228,985 400,667 Restricted cash reserves 13,871 14,262 Hotel receivables (net of allowance for doubtful accounts of $361 and $404, respectively) 30,875 35,916 Debt issuance costs for borrowings under credit facilities, net 3,001 3,274 Deferred tax assets 5,882 2,136 Prepaid expenses and other assets 58,756 43,612 Total assets $ 3,656,589 $ 3,814,941 Liabilities: Borrowings under credit facilities $ 0 $ 0 Term loans, net of unamortized debt issuance costs 853,341 853,195 Bonds payable, net of unamortized debt issuance costs 0 42,494 Mortgage loan, net of unamortized debt issuance costs 224,671 224,432 Accounts payable and accrued expenses 144,043 134,216 Advance deposits 27,610 26,625 Accrued interest 2,497 2,383 Distributions payable 53,852 55,135 Total liabilities 1,306,014 1,338,480 Commitments and contingencies Equity: Shareholders’ Equity: Preferred shares of beneficial interest, $0.01 par value (liquidation preference of $260,000), 40,000,000 shares authorized; 10,400,000 shares issued and outstanding 104 104 Common shares of beneficial interest, $0.01 par value, 200,000,000 shares authorized; 113,251,427 shares issued and 110,379,395 shares outstanding, and 113,251,427 shares issued and 113,209,392 shares outstanding, respectively 1,132 1,132 Treasury shares, at cost (71,731 ) (1,181 ) Additional paid-in capital, net of offering costs of $82,865 and $82,842, respectively 2,765,336 2,767,924 Accumulated other comprehensive income 19,072 10,880 Distributions in excess of retained earnings (366,590 ) (305,708 ) Total shareholders’ equity 2,347,323 2,473,151 Noncontrolling Interests: Noncontrolling interests in consolidated entities 16 18 Noncontrolling interests of common units in Operating Partnership 3,236 3,292 Total noncontrolling interests 3,252 3,310 Total equity 2,350,575 2,476,461 Total liabilities and equity $ 3,656,589 $ 3,814,941 LASALLE HOTEL PROPERTIES Consolidated Statements of Operations and Comprehensive Income (in thousands, except share and per share data) (unaudited) For the three months ended March 31, 2018 2017 Revenues: Hotel operating revenues: Room $ 155,422 $ 178,365 Food and beverage 43,632 52,304 Other operating department 20,107 20,367 Total hotel operating revenues 219,161 251,036 Other income 3,862 3,369 Total revenues 223,023 254,405 Expenses: Hotel operating expenses: Room 49,186 52,323 Food and beverage 34,816 39,148 Other direct 2,933 4,184 Other indirect 62,194 69,656 Total hotel operating expenses 149,129 165,311 Depreciation and amortization 45,315 47,263 Real estate taxes, personal property taxes and insurance 16,028 16,115 Ground rent 3,829 3,385 General and administrative 6,516 6,554 Costs related to unsolicited takeover offer 2,651 0 Other expenses 1,220 1,918 Total operating expenses 224,688 240,546 Operating (loss) income (1,665 ) 13,859 Interest income 834 142 Interest expense (10,160 ) (9,827 ) Loss from extinguishment of debt 0 (1,706 ) (Loss) income before income tax benefit (10,991 ) 2,468 Income tax benefit 4,027 4,773 (Loss) income before gain on sale of properties (6,964 ) 7,241 Gain on sale of properties 0 74,358 Net (loss) income (6,964 ) 81,599 Noncontrolling interests of common units in Operating Partnership 2 (110 ) Net (loss) income attributable to the Company (6,962 ) 81,489 Distributions to preferred shareholders (4,116 ) (5,405 ) Net (loss) income attributable to common shareholders $ (11,078 ) $ 76,084 LASALLE HOTEL PROPERTIES Consolidated Statements of Operations and Comprehensive Income - Continued (in thousands, except share and per share data) (unaudited) For the three months ended March 31, 2018 2017 Earnings per Common Share - Basic: Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (0.10 ) $ 0.67 Earnings per Common Share - Diluted: Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ (0.10 ) $ 0.67 Weighted average number of common shares outstanding: Basic 112,163,674 112,923,719 Diluted 112,163,674 113,306,209 Comprehensive Income: Net (loss) income $ (6,964 ) $ 81,599 Other comprehensive income: Unrealized gain on interest rate derivative instruments 8,209 1,124 Reclassification adjustment for amounts recognized in net (loss) income (6 ) 985 1,239 83,708 Noncontrolling interests of common units in Operating Partnership (9 ) (112 ) Comprehensive income attributable to the Company $ 1,230 $ 83,596 LASALLE HOTEL PROPERTIES FFO, EBITDA and EBITDAre (in thousands, except share/unit and per share/unit data) (unaudited) For the three months ended March 31, 2018 2017 Net (loss) income $ (6,964 ) $ 81,599 Depreciation 45,154 47,131 Amortization of deferred lease costs 120 79 Gain on sale of properties 0 (74,358 ) FFO $ 38,310 $ 54,451 Distributions to preferred shareholders (4,116 ) (5,405 ) FFO attributable to common shareholders and unitholders $ 34,194 $ 49,046 Pre-opening, management transition and severance expenses 208 82 Costs related to unsolicited takeover offer 2,651 0 Loss from extinguishment of debt 0 1,706 Hurricane property insurance proceeds, net of related repairs and cleanup costs (355 ) 0 Loss from The Marker Waterfront Resort original development deficiencies 145 0 Non-cash ground rent 454 465 Adjusted FFO attributable to common shareholders and unitholders $ 37,297 $ 51,299 Weighted average number of common shares and units outstanding: Basic 112,308,897 113,068,942 Diluted 112,714,534 113,451,432 FFO attributable to common shareholders and unitholders per diluted share/unit $ 0.30 $ 0.43 Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit $ 0.33 $ 0.45 For the three months ended March 31, 2018 2017 Net (loss) income $ (6,964 ) $ 81,599 Interest expense 10,160 9,827 Income tax benefit (4,027 ) (4,773 ) Depreciation and amortization 45,315 47,263 EBITDA $ 44,484 $ 133,916 Gain on sale of properties 0 (74,358 ) EBITDAre $ 44,484 $ 59,558 Pre-opening, management transition and severance expenses 208 82 Costs related to unsolicited takeover offer 2,651 0 Loss from extinguishment of debt 0 1,706 Hurricane property insurance proceeds, net of related repairs and cleanup costs (355 ) 0 Loss from The Marker Waterfront Resort original development deficiencies 145 0 Non-cash ground rent 454 465 Adjusted EBITDAre $ 47,587 $ 61,811 Corporate expense 8,011 8,632 Interest and other income (4,698 ) (3,512 ) Pro forma hotel level adjustments, net (1) 1,302 (2,889 ) Hotel EBITDAre $ 52,202 $ 64,042 (1) Pro forma includes all properties owned by the Company as of March 31, 2018. LASALLE HOTEL PROPERTIES Hotel Operational Data Schedule of Property Level Results - Pro Forma(1) (in thousands) (unaudited) For the three months ended March 31, 2018 2017 Revenues: Room $ 155,422 $ 168,175 Food and beverage 43,632 47,045 Other 21,092 18,384 Total hotel revenues 220,146 233,604 Expenses: Room 49,186 49,764 Food and beverage 34,816 35,620 Other direct 2,931 2,397 General and administrative 18,215 18,575 Information and telecommunications systems 4,010 4,180 Sales and marketing 17,544 17,775 Management fees 5,954 6,751 Property operations and maintenance 8,923 9,066 Energy and utilities 6,252 6,466 Property taxes 14,487 13,785 Other fixed expenses (2) 5,626 5,183 Total hotel expenses 167,944 169,562 Hotel EBITDAre $ 52,202 $ 64,042 Hotel EBITDAre Margin 23.7 % 27.4 % (1) This schedule includes the operating data for the three months ended March 31, 2018 and 2017 for all properties owned by the Company as of March 31, 2018. (2) Other fixed expenses includes ground rent expense, but excludes ground rent payments for The Roger and Harbor Court in all periods due to the hotels being subject to capital leases of land and building under GAAP. At The Roger, the base ground rent payments were $99 for the three months ended March 31, 2018 and 2017. At Harbor Court, the base and participating ground rent payments were $235 and $288 for the three months ended March 31, 2018 and 2017, respectively. LASALLE HOTEL PROPERTIES Statistical Data for the Hotels - Pro Forma (1) (unaudited) For the three months ended March 31, 2018 2017 Total Portfolio Occupancy 74.9 % 77.8 % Decrease (3.7 )% ADR $ 220.62 $ 229.92 Decrease (4.0 )% RevPAR $ 165.23 $ 178.81 Decrease (7.6 )% For the three months ended March 31, 2018 Market Detail RevPAR Variance % Boston (7.4)% Chicago 2.8% Key West (9.3)% Los Angeles (8.3)% New York 2.6% Other (2) 5.3% San Diego Downtown (4.1)% San Francisco (6.4)% Washington, DC (24.9)% (1) Pro forma includes the statistical data for all properties owned by the Company as of March 31, 2018. (2) Other includes The Heathman Hotel in Portland, Chaminade Resort in Santa Cruz, Embassy Suites Philadelphia - Center City in Philadelphia, L’Auberge Del Mar in Del Mar, and The Hilton San Diego Resort and Paradise Point Resort in San Diego. LASALLE HOTEL PROPERTIES 2018 Outlook - FFO and Adjusted FFO (in millions, except per share/unit data) (unaudited) For the three months ending June 30, 2018 Low High Net income $ 40.1 $ 43.1 Depreciation and amortization 45.5 45.5 FFO $ 85.6 $ 88.6 Distributions to preferred shareholders (4.1 ) (4.1 ) FFO attributable to common shareholders and unitholders $ 81.5 $ 84.5 Non-cash ground rent 0.5 0.5 Adjusted FFO attributable to common shareholders and unitholders $ 82.0 $ 85.0 Weighted average number of common shares and units outstanding (diluted) 110.8 110.8 FFO attributable to common shareholders and unitholders per diluted share/unit $ 0.74 $ 0.76 Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit $ 0.74 $ 0.77 For the year ending December 31, 2018 Low High Net income $ 69.8 $ 72.8 Depreciation and amortization 185.9 185.9 FFO $ 255.7 $ 258.7 Distributions to preferred shareholders (16.5 ) (16.5 ) FFO attributable to common shareholders and unitholders $ 239.2 $ 242.2 Non-cash ground rent 1.8 1.8 Adjusted FFO attributable to common shareholders and unitholders $ 241.0 $ 244.0 Weighted average number of common shares and units outstanding (diluted) 111.4 111.4 FFO attributable to common shareholders and unitholders per diluted share/unit $ 2.15 $ 2.17 Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit $ 2.16 $ 2.19 LASALLE HOTEL PROPERTIES 2018 Outlook - EBITDAre and Adjusted EBITDAre (in millions) (unaudited) For the three months ending June 30, 2018 Low High Net income $ 40.1 $ 43.1 Interest expense and income tax expense 15.9 15.9 Depreciation and amortization 45.5 45.5 EBITDAre $ 101.5 $ 104.5 Non-cash ground rent 0.5 0.5 Adjusted EBITDAre $ 102.0 $ 105.0 For the year ending December 31, 2018 Low High Net income $ 69.8 $ 72.8 Interest expense and income tax expense 44.4 44.4 Depreciation and amortization 186.0 186.0 EBITDAre $ 300.2 $ 303.2 Non-cash ground rent 1.8 1.8 Adjusted EBITDAre $ 302.0 $ 305.0 The Company’s full year 2018 outlook for hotel EBITDAre margin of 30.9% on the low end and 31.1% on the high end is calculated using estimated total hotel revenue of $1,052 million and $1,055 million, respectively. Non-GAAP Financial Measures The Company considers the non-GAAP measures of FFO (including FFO per share/unit), adjusted FFO (including adjusted FFO per share/unit), EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre to be key supplemental measures of the Company’s performance and should be considered along with, but not as alternatives to, net income or loss as a measure of the Company’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO, adjusted FFO, EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre to be helpful in evaluating a real estate company’s operations. FFO, adjusted FFO, EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre do not represent cash generated from operating activities as determined by GAAP and should not be considered as alternatives to net income or loss, cash flows from operations or any other operating performance measure prescribed by GAAP. FFO, adjusted FFO, EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre are not measures of the Company’s liquidity, nor are such measures indicative of funds available to fund the Company’s cash needs, including its ability to make cash distributions. These measurements do not reflect cash expenditures for long-term assets and other items that have been or will be incurred. FFO, adjusted FFO, EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDAre may include funds that may not be available for management’s discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions and other commitments and uncertainties. To compensate for this, management considers the impact of these excluded items to the extent they are material to operating decisions or the evaluation of the Company’s operating performance. FFO The white paper on FFO approved by the National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income or loss (computed in accordance with GAAP), excluding gains or losses from sales of properties and items classified by GAAP as extraordinary, plus real estate-related depreciation and amortization and impairment writedowns, and after comparable adjustments for the Company’s portion of these items related to unconsolidated entities and joint ventures. The Company computes FFO consistent with the standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company. With respect to FFO, the Company believes that excluding the effect of extraordinary items, real estate-related depreciation and amortization and impairments, and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance, can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common shareholders. However, FFO may not be helpful when comparing the Company to non-REITs. EBITDA and EBITDAre EBITDA represents net income or loss (computed in accordance with GAAP), excluding interest expense, income tax, depreciation and amortization. The white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate” approved by NAREIT defines EBITDAre as net income or loss (computed in accordance with GAAP), excluding interest expense, income tax, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and after comparable adjustments for the Company’s portion of these items related to unconsolidated affiliates. The Company computes EBITDAre consistent with the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company. With respect to EBITDA, the Company believes that excluding the effect of non-operating expenses and non-cash charges, and the portion of these items related to unconsolidated entities, all of which are also based on historical cost accounting and may be of limited significance in evaluating current performance, can help eliminate the accounting effects of depreciation and amortization, and financing decisions and facilitate comparisons of core operating profitability between periods and between REITs, even though EBITDA also does not represent an amount that accrues directly to common shareholders. In addition, the Company believes the presentation of EBITDAre, which adjusts for certain additional items including gains on sale of property, allows for meaningful comparisons with other REITs and between periods and is more indicative of the ongoing performance of its assets. Adjusted FFO and Adjusted EBITDAre The Company presents adjusted FFO (including adjusted FFO per share/unit) and adjusted EBITDAre, which measures are adjusted for certain additional items, including impairment losses (to the extent included in EBITDAre), loss from extinguishment of debt, acquisition transaction costs, costs associated with management transitions or the departure of executive officers, costs associated with the recognition of issuance costs related to the redemption of preferred shares, non-cash ground rent and certain other items. The Company excludes these items as it believes it allows for meaningful comparisons with other REITs and between periods and is more indicative of the ongoing performance of its assets. As with FFO, EBITDA and EBITDAre, the Company’s calculation of adjusted FFO and adjusted EBITDAre may be different from similar adjusted measures calculated by other REITs. Hotel EBITDAre The Company also presents hotel EBITDAre, which excludes the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities. In addition, hotel EBITDAre is presented on a pro forma basis to include the results of operations of certain hotels under previous ownership acquired during the periods presented and exclude the results of operations of any hotels sold or closed for renovations during the periods presented. Results for the hotels for periods prior to the Company’s ownership were provided by prior owners and have not been adjusted by the Company or audited by its auditors. The Company believes that presenting pro forma hotel EBITDAre, excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities, provides a more complete understanding of the operating results over which the individual hotels and operators have direct control. The Company believes these property-level results provide investors with supplemental information on the ongoing operational performance of each of the hotels and the effectiveness of the third-party management companies operating the Company’s business on a property-level basis. NOI Capitalization Rates The Company calculates the capitalization rates based on 12-month net operating income (“NOI”). The Company defines NOI as hotel revenues (room and other hotel operating revenues) less hotel expenses (hotel operating expenses, real estate and personal property taxes, insurance, ground rent, furniture, fixtures and equipment reserve, and other hotel expenses). View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005242/en/ LaSalle Hotel Properties Kenneth G. Fuller or Max D. Leinweber 301-941-1500 Source: LaSalle Hotel Properties

LaSalle Hotel Properties Reports First Quarter

SEOUL, May 25 (Reuters) - Direct communication between the leaders of North Korea and the United States is necessary, South Korea urged on Friday. The comment followed a letter by U.S. President Donald Trump on Thursday informing North Korean leader Kim Jong Un of his withdrawal from what would have been the two countries’ first ever summit, set for June 12 in Singapore. At a meeting on Friday, security advisers to South Korean leader Moon Jae-in vowed to keep up efforts to improve ties between the two Koreas, which would contribute to better ties between Pyongyang and Washington and complete denuclearisation of the Korean peninsula, a presidential press secretary told a news briefing. (Reporting by Hyonhee Shin Editing by Clarence Fernandez)

Direct communication needed between leaders of N.Korea, U.S., South Korea says

Highlights Completed the vend-in of 172,629 square feet of newly built retail and industrial assets Rental Revenue grew 6% to $18.02 million over Q1-2017 Net operating income grew 3% to 11.08 million over Q1-2017 Adjusted funds from operations (AFFO) declined 7% to $4.89 million or $0.18 per unit Debt to Gross Book Value (GBV) ratio of 56%, well below our maximum threshold of 65% Distributions of $0.05625 per trust unit were paid in January, February and March for a payout ratio of 96% EDMONTON, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Melcor REIT (TSX:MR.UN) today announced results for the first quarter ended March 31, 2018. Rental revenue grew 6% over the prior year as a result of portfolio growth over the same period. Net operating income also grew by 3% to $11.08 million. AFFO was down 7% due to the timing and non-cash costs related to the Melcor Acquisition. Andrew Melton, President & CEO of Melcor REIT commented: "It is my pleasure to report on the first quarter of 2018 as we celebrate our fifth anniversary. With our fourth vend-in from the Melcor Developments pipeline completed early in the quarter, we both grew and strengthened our portfolio, contributing to steady occupancy and growth in average rents in spite of continued challenges in some of our markets. We also continue to find creative ways to overcome challenging markets by adjusting for and capitalizing on market trends across all asset classes. With a solid financial position, we remain well-positioned to continue to achieve steady results and to capitalize on growth opportunities." Q1-2018 Highlights: Our portfolio grew 6% in the first quarter through the closing of the Melcor Acquisition, the fourth acquisition under our right of first offer with Melcor. The Melcor Acquisition was comprised of 172,629 sf (owned GLA) of recently constructed, high-quality retail and industrial properties which improved both the mix and overall quality of our assets. Growth across key indicators was tempered by a decline in same-asset performance in the first quarter; particularly in our Edmonton office assets where market fundamentals remain challenging. Our proactive engagement on renewing existing tenants and pursuing new tenants resulted in a healthy retention rate of 67.1% at quarter end and overall occupancy of 90.5%. The stability and diversity of our portfolio with respect to both tenant profile and asset class enable the REIT to continue navigating through economic cycles. We are focused on the real estate fundamentals of asset enhancement and property management while conservatively managing our debt. Highlights of our performance in the first quarter include: Revenue growth of 6% and NOI growth of 3% over Q1-2017 as a result of the Melcor Acquisition completed on January 12, 2018, which added 172,629 sf to our owned portfolio. We secured key renewals on leases with three top revenue generating tenants (including one subsequent to the quarter) representing approximately 100,000 sf of GLA in the Edmonton area. We continued to execute on our proactive leasing strategy to both retain existing and attract new tenants. We completed new and renewed leasing representing 133,663 sf (including holdovers) for a retention rate of 67.1% at March 31, 2018. Same-asset NOI was down 5% over Q1-2017 and 2% from Q4-2017, trending with a decline in same-asset occupancy and weighted average base rents. The decline in our Northern Alberta office assets was partially offset by same-asset income and occupancy growth in retail and office assets in Southern Alberta, British Columbia and Regina. Net income (loss) in the current and comparative periods is significantly impacted by non-cash fair value losses on investment properties due to changes in capitalization rates/NOI and Class B LP Units due to changes in the REIT's unit price. Management believes adjusted funds from operations (AFFO) is a better reflection of our true operating performance. AFFO was $4.89 million or $0.18 per share, down 7% from Q1-2017 and stable over Q4-2017. The timing of the Melcor Acquisition resulted in a slight drag on AFFO in the first quarter. We sold two Edmonton area retail properties (including one subsequent to the quarter) for gross proceeds of $20.65 million as part of our capital recycling strategy. We issued 2,035,500 trust units to complete the Melcor Acquisition, increasing our public float by 18%. We paid distributions of $0.05625 per trust unit in January, February and March for a quarterly payout ratio of 96%. As at March 31, 2018 we have $1.26 million in cash and additional capacity under our revolving credit facility. We conservatively manage our debt, with a debt to GBV on the low end of our target range. Financial Highlights Three months ended March 31 ($000s) 2018 2017 Δ % Non-Standard KPIs Net operating income (NOI) 11,075 10,737 3 % Funds from operations (FFO) 6,702 6,815 (2 )% Adjusted funds from operations (AFFO) (5) 4,893 5,250 (7 )% Adjusted Cash Flow from Operations (ACFO) 4,837 5,193 (7 )% Rental revenue 18,017 17,000 6 % Income before fair value adjustments 3,420 3,580 (4 )% Fair value adjustment on investment properties (6) (1 ) (16,459 ) nm Distributions to unitholders 2,225 1,882 18 % Cash flows from operations 3,697 2,827 31 % Same-asset NOI 9,766 10,333 (5 )% Per unit metrics Income (loss) - diluted $ 0.21 ($1.21 ) FFO $ 0.24 $0.26 AFFO (5) $ 0.18 $0.20 Distributions $ 0.17 $0.17 Payout ratio 96 % 83 % 31-Mar-18 31-Dec-17 Δ% Total assets ($000s) 723,854 676,237 7 % Equity ($000s) (1) 280,314 260,600 8 % Debt ($000s) (2) 396,680 353,340 12 % Weighted average interest rate on debt 3.69 % 3.75 % (2 %) Debt to GBV, excluding convertible debentures (maximum threshold - 60%) 48 % 47 % 2 % Finance costs coverage ratio (3) 2.66 2.93 (9 )% Debt service coverage ratio (4) 2.38 2.60 (8 )% Calculated as the sum of trust units and Class B LP Units at their book value. In accordance with IFRS the Class B LP Units are presented as a financial liability in the consolidated financial statements. Calculated as the sum of total amount drawn on revolving credit facility, mortgages payable, Class C LP Units, excluding unamortized fair value adjustment on Class C LP Units, liability held for sale and convertible debentures, excluding unamortized discount and transaction costs. Calculated as the sum of FFO and finance costs; divided by finance costs, excluding distributions on Class B LP Units and fair value adjustment on derivative instruments. Calculated as FFO; divided by sum of contractual principal repayments on mortgages payable and distributions of Class C LP Units, excluding amortization of fair value adjustment on Class C LP Units. We adopted REALpac's new guidance on AFFO in Q2-2017 retroactively. See Adjusted Funds From Operations in the MD&A for details. The abbreviation nm is shorthand for not meaningful and is used through this MD&A where appropriate. Operational Highlights 31-Mar-18 31-Dec-17 Δ% Number of properties 37 37 — % Gross leasable area (GLA) (sf) 2,861,546 2,710,862 6 % Occupancy (weighted by GLA) 90.5 % 91.8 % (1 %) Retention (weighted by GLA) 67.1 % 80.6 % (17 %) Weighted average remaining lease term (years) 5.06 4.66 9 % Weighted average base rent (per sf) $ 16.78 $ 15.88 6 % MD&A and Financial Statements Information included in this press release is a summary of results. This press release should be read in conjunction with the REIT's Q1-2018 quarterly report to unitholders. The REIT’s consolidated financial statements and management’s discussion and analysis for the three-months ended March 31, 2018 can be found on the REIT’s website at www.MelcorREIT.ca or on SEDAR ( www.sedar.com ). Conference Call & Webcast Unitholders and interested parties are invited to join management on a conference call to be held Friday, May 4, 2018 at 11:00 AM ET (9:00 AM MT). Call 416-340-8527 in the Toronto area; 1-800-355-4959 toll free. The call will also be webcast (listen only) at http://www.gowebcasting.com/9243 . A replay of the call will be available at the same URL shortly after the call is concluded. Annual General Meeting & Webcast Unitholders and interested parties are invited to join us at our Annual General Meeting on Thursday, May 10, 2018 at 10:00 AM MT. The AGM will also be webcast (listen only) at http://www.gowebcasting.com/9248 . About Melcor REIT Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties in western Canadian markets. Its portfolio is currently made up of interests in 36 properties representing approximately 2.83 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan; and Kelowna, British Columbia. For more information, please visit www.MelcorREIT.ca . Non-standard Measures NOI, FFO, AFFO and ACFO are key measures of performance used by real estate operating companies; however, they are not defined by International Financial Reporting Standards (IFRS), do not have standard meanings and may not be comparable with other industries or income trusts. These non-IFRS measures are defined and discussed in the REIT’s MD&A 2018, which is available on SEDAR at www.sedar.com . Forward-looking Statements: This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; the REIT’s ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. The REIT’s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT’s filings with securities regulators. Contact Information: Nicole Forsythe Director, Corporate Communications Tel: 1.855.673.6931 ir@melcorREIT.ca Source: Melcor Real Estate Investment Trust

Melcor REIT announces first quarter 2018 results

May 17, 2018 / 12:01 PM / Updated an hour ago Atletico charged by UEFA over 'racist behaviour', fireworks Reuters Staff 2 Min Read (Reuters) - Europa League winners Atletico Madrid have been charged with “racist behaviour” by UEFA for a banner displayed by fans during their 3-0 win over Olympique de Marseille in the final on Wednesday. Soccer Football - Europa League Final - Olympique de Marseille vs Atletico Madrid - Groupama Stadium, Lyon, France - May 16, 2018 Atletico Madrid players and staff celebrate in front of the fans after winning the Europa League REUTERS/Peter Cziborra European soccer’s governing body said in a statement on Thursday that it had opened proceedings against the Spanish side under Article 14 of its disciplinary regulations. Marseille and Atletico also face punishment for setting off fireworks during the match. The French team’s famously passionate fans unleashed a whirlwind of flares and firecrackers moments before kickoff and the game began under a thick cloud of smoke. Atletico set off a small number of flares in their end after each of Antoine Griezmann’s two goals while the French supporters engulfed the air with another display of flares, some of which were thrown onto the pitch, near the end of the game. Marseille fans also caused “acts of damage” at the Groupama Stadium, the home of rivals Olympique Lyonnais and the French club were charged by UEFA after their players returned late to start the second half. UEFA’s Control, Ethics and Disciplinary Body will deal with the case on May 31. Reporting by Hardik Vyas in Bengaluru and Richard Martin; Editing by Toby Davis

Atletico charged by UEFA over 'racist behaviour', fireworks

By Bloomberg 6:12 AM EDT A private equity firm linked to a Tesla director spent more than 100 days at the carmaker’s battery factory late last year to help increase Model 3 sedan production, according to a filing vouching for its beleaguered board. Valor Management Corp., whose founder and chief executive is Tesla’s lead independent director Antonio Gracias, contributed to “numerous improvements that led to increased Model 3 production rates,” Tesla (tsla) said in the filing Tuesday . The carmaker said it paid Valor $34,347 to reimburse for travel, equipment and “budget lodging” near the Nevada factory. Tesla is defending its board from a campaign by CtW Investment Group, an activist group working with union pension funds that oppose the re-appointments of Gracias and two other directors. In siding with CtW and recommending that investors vote against Gracias, proxy adviser Institutional Shareholder Services said the payment Tesla had disclosed making to Valor compromised his independence. The filing elaborates on what was a vague disclosure in Tesla’s proxy statement released April 26, which described the payment to Valor as being for consulting services related to “operational optimization.” Tesla said then that $34,347 was an immaterial cost and that the services were “provided on an arm’s length basis to Tesla.” The board concluded that it didn’t impede Gracias from making independent judgments as a director. The Tuesday filing said that Gracias supported and was personally involved in having Valor’s senior operations team help Tesla at the gigafactory near Reno, Nev. CtW also opposes the re-appointments of Tesla directors Kimbal Musk, the brother of CEO Elon Musk and a food entrepreneur; and James Murdoch, the CEO of Twenty-First Century Fox (fox) . The filing released Tuesday is a slide deck listing the credentials of the three directors and a series of Tesla’s accomplishments. Tesla said that its mission to accelerate the transition to sustainable energy products “requires a board willing to commit to long-term goals.” Since handing over the first Model 3s to employees in July 2017, Tesla has pushed back production goals for the car several times, citing issues with battery-pack output at the gigafactory and with automating assembly lines. On Friday, Musk tweeted that the company was making progress toward boosting production in all four zones of the gigafactory. SPONSORED FINANCIAL CONTENT

Tesla Defends Paying a PE Firm Linked to Its Lead Independent Director. But Investor Activists Want Him Out

May 16, 2018 / 2:47 AM / Updated 14 minutes ago Ash cloud from Hawaii volcano sparks red alert for aviation Terray Sylvester 4 Min Read PAHOA, Hawaii (Reuters) - Explosions intensified on Hawaii’s Kilauea volcano on Tuesday, spewing ash and triggering a red alert for aircraft for the first time since the latest eruption began 12 days ago. Ash and volcanic smog, or vog, as it is called, rose to 12,000 feet (3,657 meters) above Kilauea’s crater and floated southwest, showering cars on Highway 11 with grey dust and prompting an “unhealthy air” advisory in the community of Pahala, 18 miles (29 km) from the summit. An aviation red alert means a volcanic eruption is under way that could spew ash along aircraft routes, the U.S. Geological Survey (USGS) says on its website. Ash was also a new hazard for residents of Hawaii’s Big Island, already grappling with volcanic gas and lava that has destroyed 37 homes and other structures and forced the evacuation of about 2,000 residents. A shift in winds was expected to bring ash and vog inland on Wednesday and make them more concentrated, said John Bravender of the National Oceanic and Atmospheric Administration (NOAA). “We’re observing more or less continuous emission of ash now with intermittent, more energetic ash bursts or plumes,” Steve Brantley, a deputy scientist in charge at the Hawaiian Volcano Observatory (HVO), said on a conference call with reporters. The observatory warned the eruption could become more violent. “At any time, activity may become more explosive, increasing the intensity of ash production and producing ballistic projectiles near the vent,” the HVO said in a statement on the change in aviation alert level to red from orange. Ash is not poisonous but irritates the nose, eyes and airways. It can make roads slippery and large emissions could cause the failure of electrical power lines, said USGS chemist David Damby. Jolon Clinton, 15, (L), and her sister, Halcy, 17, take photos of a fissure near their home on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii. REUTERS/Terray Sylvester NEW FISSURE The eruption has hit the island’s tourism industry. Big Island summer hotel bookings have dropped by almost half from last year, Rob Birch, executive director of the Island of Hawaii Visitor Bureau, told journalists on a conference call. College exchange student Constantin Plinke, 24, was planning to go to the Hawaii Volcanoes National Park before it was shut. “We had a big list of things to do and maybe 80 percent of them were in the national park,” he said, after stopping by the side of the road to watch ash plumes rising into the air. “It’s sad.” The area taking the brunt of the eruption is about 25 miles (40 km) down Kilauea’s eastern flank, near the village of Pahoa. Lava has burst from the ground to tear through housing developments and farmland, threatening one of the last exit routes from coastal areas, state Highway 132. The latest fissure in the earth opened on Tuesday, spewing lava and toxic gases that pushed air quality into “condition red” around Lanipuna Gardens and nearby farms, causing “choking and inability to breathe,” the Hawaiian Volcano Observatory and Hawaii County Civil Defense said. Road crews put metal plates over steaming cracks on nearby Highway 130 and reopened it to give coastal residents an escape route should a lava flow reach the ocean and block another road, Highway 137, Civil Defense said. No major injuries or deaths have been reported from the eruption. Slideshow (2 Images) A looming menace remains the possibility of an “explosive eruption” of Kilauea, an event last seen in 1924. Pent-up steam could drive a 20,000-foot (6,100-meter) ash plume out of the crater and scatter debris over 12 miles (19 km), the USGS said. Reporting by Terray Sylvester in Pahoa; additional reporting by Jolyn Rosa in Honolulu; Writing by Andrew Hay in Taos, New Mexico; Editing by Jonathan Oatis and Clarence Fernandez

Ash cloud from Hawaii volcano sparks aviation red alert

SARASOTA, Fla., May 07, 2018 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) (the “Company”) today reported its financial results for the first quarter ended April 1, 2018. Financial Highlights * Net Sales increase 2.6% to $26,429,687 versus the prior year quarter as a 10.3% growth in the Industrial sector offset a moderate decline in the automotive sector. * Gross Margins of 17.5% pressured by raw material price increases and operational start-up costs in the UK. * Earnings Per Common share was a loss of $0.02 for this quarter versus earnings of $0.03 in the same quarter of the previous year. Overview The first quarter of this year was testimony to the diversification strategy of the Company as increases in Net Sales of the Industrial sector offset a moderate decline in sales of the Automotive sector resulting in an increase in overall Net Sales for the quarter of 2.6% versus the first quarter of last year. The Industrial sector grew more than 10% versus last year as sales to off-the-highway equipment manufacturers and a revitalization of the hospitality and physical fitness industries sparked the increases. The Automotive sector was tepid this quarter (-1.1%) as gains in our UK operations offset a decline in the domestic business. Raw material prices continue to be a challenge as increases put in place have been accepted for the most part by customers in the Industrial sector over the first quarter of this year. The automotive customers have contracts in place so price increases are not as easily accepted in this segment. We continue to work on operating efficiencies and expense reduction programs to offset raw material increases in general. Overall, we continue to deliver operational improvement at both of our major US and UK operational facilities and we continue to bid on major automotive platforms in segments more preferred by discriminating consumers (SUV’s and trucks). This will take time but we remain positive for better results particularly in the second half of this year. Net Sales Net Sales for the quarter increased 2.6% to $26,429,687 versus $25,758,429 in the first quarter of last year. The Automotive sector (65.2% of Net Sales) declined 1.1% for the quarter as growth in the European automotive market could not offset a decline in the US automotive market. European automotive sales represented approximately 72.5% of Net Sales in the Automotive sector this quarter. As previously mentioned, we are bidding on platforms of major automotive OEM’s to diversify our product offerings to the US industry which should rekindle growth. The Industrial sector (34.8% of Net Sales) had a very strong quarter as sales increased 10.3% versus the quarter of the previous year. This was primarily due to sharp increases in sales to off-the-highway equipment manufacturers especially in the US. The seating marketplace was also good this quarter with increases to the physical fitness and hospitality industries. Operating Income Operating Income for the quarter was significantly below the prior year results (-48.3%) primarily as a result of Gross Profit Margins declining to 17.5% versus 20.9% in the quarter of the prior year. The delays in the timing of raw material price increases being accepted by customers, production inefficiencies as a result of new platform development and a change in the mix of high vs. lower margin sales lead to the margin erosion. This will improve as we move forward and the first quarter of this year should be the low point of the year barring any catastrophic occurrences. Net Loss/Income Available to Common Shareholders Net Loss for the quarter, after Preferred stock dividends, was $294,820 or a loss of $0.02 per common share versus Net Income of $470,776 or income of $0.03 per common share. For further details, see the in the Company’s Form 10-Q filed on May 7, 2018. The Company will have comments on the quarter in an earnings conference call on May 8, 2018 at 9:00 am (EDT). Persons wishing to access the conference call may do so by dialing 888-394-8218 (U.S.) and 323-701-0225 (International), and using the ID #7660024. Howard F. Curd, President, will discuss our earnings on the call and will be available for questions. The call will also be available by logging on to www.uniroyalglobal.com and accessing the webcast link ( http://public.viavid.com/player/index.php?id=129704 ) in the investor relations section. A replay of the conference call will be available beginning May 8, 2018 through August 8, 2018 by calling 844-512-2921 (US) or 412-317-6671 (International) and using Pin #7660024. The webcast will be archived on www.uniroyalglobal.com in the investor relations section until May 8, 2019. About Uniroyal Global Engineered Products, Inc.: Uniroyal Global Engineered Products, Inc . (UNIR) is a leading manufacturer of vinyl coated fabrics that are durable, stain resistant, cost-effective alternatives to leather, cloth and other synthetic fabric coverings. Uniroyal Global Engineered Products, Inc.’s revenue in 2017 was derived 67.5% from the automotive industry and approximately 32.5% from the recreational, industrial, indoor and outdoor furnishings, hospitality and health care markets. Our primary brand names include Naugahyde ® , BeautyGard ® , Flame Blocker™, Spirit Millennium ® , Ambla ® , Amblon ® , Velbex ® , Cirroflex ® , Plastolene ® and Vynide ® . Forward-Looking Statements: Except for statements of historical fact, certain information contained in this press release constitutes , including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “intend,” “should,” “planned,” “estimated” and “potential” and words of similar import, as well as all references to the future. These are based on Uniroyal Global Engineered Products, Inc.’s current expectations. The Company cautions investors that made by the Company are not guarantees of future performance and that a variety of factors could cause the Company´s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company´s . The which may affect the operations, performance, development and results of the Company´s business include, but are not limited to, the following: uncertainties relating to economic conditions, uncertainties relating to customer plans and commitments, the pricing and availability of equipment, materials and inventories, currency fluctuations, technological developments, performance issues with suppliers, economic growth, delays in testing of new products, the Company’s ability to successfully integrate acquired operations, the Company’s dependence on key personnel, the Company’s ability to protect its intellectual property rights, the effectiveness of cost-reduction plans, rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these , which speak only as of the date the statement was made. Uniroyal Global Engineered Products, Inc. Public Relations : TTC Group, Inc. Vic Allgeier, 646-290-6400 vic@ttcominc.com Uniroyal Global Engineered Products, Inc. ASSETS (Unaudited) April 1, 2018 December 31, 2017 CURRENT ASSETS Cash and cash equivalents $ 820,723 $ 1,267,319 Accounts receivable, net 16,599,946 15,167,468 Inventories, net 19,972,809 19,769,662 Other current assets 796,255 846,362 Related party receivable 21,180 37,116 Total Current Assets 38,210,913 37,087,927 PROPERTY AND EQUIPMENT, NET 17,733,381 17,289,058 OTHER ASSETS Intangible assets 3,376,400 3,295,896 Goodwill 1,079,175 1,079,175 Other long-term assets 3,976,314 3,902,246 Total Other Assets 8,431,889 8,277,317 TOTAL ASSETS $ 64,376,183 $ 62,654,302 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Checks issued in excess of bank balance $ 328,742 $ 686,640 Lines of credit 19,857,378 19,340,468 Current maturities of long-term debt 1,195,332 1,155,490 Current maturities of capital lease obligations 431,377 408,425 Accounts payable 10,806,363 10,358,761 Accrued expenses and other liabilities 3,956,040 3,594,684 Related party obligation 588,460 286,955 Current portion of postretirement benefit liability - health and life 143,287 143,287 Total Current Liabilities 37,306,979 35,974,710 LONG-TERM LIABILITIES Long-term debt, less current portion 2,828,168 2,467,433 Capital lease obligations, less current portion 443,281 531,218 Related party lease financing obligation 2,149,960 2,153,327 Long-term debt to related parties 2,612,524 2,765,655 Postretirement benefit liability - health and life, less current portion 2,532,536 2,547,076 Other long-term liabilities 851,166 822,492 Total Long-Term Liabilities 11,417,635 11,287,201 Total Liabilities 48,724,614 47,261,911 STOCKHOLDERS' EQUITY Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price) 617,571 617,571 Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price) 463,179 463,179 Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value) 75 75 Common stock, 95,000,000 shares authorized ($.001 par value) 18,690,030 shares issued and outstanding as of both April 1, 2018 and December 31, 2017 18,690 18,690 Additional paid-in capital 35,044,933 34,944,972 Accumulated deficit (20,571,764 ) (20,276,944 ) income (loss) 78,885 (375,152 ) Total Stockholders' Equity 15,651,569 15,392,391 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 64,376,183 $ 62,654,302 Uniroyal Global Engineered Products, Inc. (Unaudited) Three Months Ended April 1, 2018 April 2, 2017 NET SALES $ 26,429,687 $ 25,758,429 COST OF GOODS SOLD 21,812,193 20,382,282 Gross Profit 4,617,494 5,376,147 OPERATING EXPENSES: Selling 1,349,030 1,284,947 General and administrative 1,948,301 1,821,466 Research and development 421,963 533,854 OPERATING EXPENSES 3,719,294 3,640,267 Operating Income 898,200 1,735,880 OTHER INCOME (EXPENSE): Interest and other debt related expense (456,364 ) (389,856 ) Other income 33,282 99,254 Net Other Expense (423,082 ) (290,602 ) INCOME BEFORE TAX PROVISION 475,118 1,445,278 TAX PROVISION (BENEFIT) (14,521 ) 234,586 NET INCOME 489,639 1,210,692 Preferred stock dividend (784,459 ) (739,916 ) NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ (294,820 ) $ 470,776 EARNINGS (LOSS) PER COMMON SHARE: Basic $ (0.02 ) $ 0.03 Diluted $ (0.02 ) $ 0.03 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 18,690,030 18,723,226 Diluted 18,690,030 18,813,333 Source:Uniroyal Global Engineered Products, Inc.

Uniroyal Global Engineered Products, Inc. Reports Net Sales of $26,429,687 and A Net Loss Available to Common Shareholders of $294,820 or a Loss of $0.02 per Diluted Share for the First Quarter Ended April 1, 2018

May 15 (Reuters) - Recon Technology Ltd: * RECON TECHNOLOGY REPORTS FISCAL 2018 THIRD QUARTER AND FIRST NINE MONTHS FINANCIAL RESULTS * Q3 NON-GAAP LOSS PER SHARE $0.06 EXCLUDING ITEMS * Q3 LOSS PER SHARE $0.11 * Q3 REVENUE ROSE 181.2 PERCENT TO $2.6 MILLION Source text for Eikon: Further company coverage: Our Standards: The Thomson Reuters Trust Principles.

BRIEF-Recon Technology Q3 Non-GAAP Loss Per Share $0.06

As Harvey Weinstein prepared to appear in court to face charges of sex crimes, the film studio he founded called for a bankruptcy court order to block a class-action lawsuit seeking to hold The Weinstein Co to account for his alleged misconduct. The studio in court papers on Thursday argued for an order to enforce its bankruptcy stay on litigation. Allowing the lawsuit to proceed could spur a “race to the courthouse” to file similar actions given the crush of allegations against its co-founder, according to the company. To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2xdS2NJ

Weinstein Co seeks bankruptcy stay on 'casting couch' class action

NAPA, Calif., May 24, 2018 /PRNewswire/ -- On Wednesday, May 23, 2018, Kelly Norris, Vice President and General Manager of Heritage Sotheby's International Realty announced that the Napa-based brokerage is joining Golden Gate Sotheby's International Realty . The announcement marks a significant moment—what Norris described as a natural evolution for the wine country brokerage. "We are thrilled to join such an elite and quality company like Golden Gate Sotheby's International Realty. I'm excited not only personally but for my agents, staff and the entire community of Napa Valley. Heritage Sotheby's International Realty has been a staple in Napa for many years and joining Golden Gate Sotheby's International Realty is a natural evolution built on a solid foundation of exemplary customer service and integrity. Joining forces with such a powerhouse will serve the community of Napa in ways unimaginable beforehand," said Norris. Heritage Sotheby's International Realty was established in 2007 and is one of the most highly respected brokerages in the region, having built a reputation for dedicating its resources to provide the most professional and productive real estate services in Napa Valley. This union strengthens Golden Gate Sotheby's International Realty's presence in Napa Valley and enhances its network which spans from Wine Country to Marin County, the East Bay, San Francisco, the Peninsula and Silicon Valley. It also furthers the brokerage's President and CEO Bill Bullock's vision for one unified San Francisco Bay Area brand within the Sotheby's International Realty Affiliate network—fueling an increasingly powerful referral network and shared knowledge of markets among the brokerage's nearly 500 agents. "Our expanding brokerage brings together market leaders in each region we serve to form a powerful network of the finest caliber agents and most talented staff in the industry. With our growth into Napa Valley and union with Heritage Sotheby's International Realty, we can provide the highest level of service and local market access throughout the San Francisco Bay Area," said Bullock. For media inquiries, please email MediaInquiries@ggsir.com About Golden Gate Sotheby's International Realty: Golden Gate Sotheby's International Realty has over 480 agents in 22 offices throughout the San Francisco Bay Area serving the counties of Alameda, Contra Costa, Marin, Napa, San Mateo, Santa Clara, Solano, Sonoma and San Francisco. For more information, please visit www.GoldenGateSIR.com View original content with multimedia: http://www.prnewswire.com/news-releases/heritage-sothebys-international-realty-joins-premier-san-francisco-bay-area-brokerage-golden-gate-sothebys-international-realty-strengthens-presence-in-napa-valley-300654046.html SOURCE Golden Gate Sotheby’s International Realty

Heritage Sotheby's International Realty Joins Premier San Francisco Bay Area Brokerage: Golden Gate Sotheby's International Realty Strengthens Presence in Napa Valley

May 24 (Reuters) - Portola Pharmaceuticals Inc: * PORTOLA PHARMACEUTICALS RECEIVES $100 MILLION MILESTONE PAYMENT FROM HEALTHCARE ROYALTY PARTNERS FOR FDA APPROVAL OF ANDEXXA® Source text for Eikon: Further company coverage:

BRIEF-Portola Pharmaceuticals Receives $100 Mln Milestone Payment From Healthcare Royalty Partners For FDA Approval Of Andexxa

Same-hospital net patient revenue grew 6.7%. Admissions increased 0.3%, adjusted admissions increased 0.6%, and revenue per adjusted admission increased 6.0%. Ambulatory Care same-facility system-wide revenue grew 2.7%, with cases up 3.2% and revenue per case down 0.5%. Surgical revenue grew 2.3%, with cases down 0.5% and revenue per surgical case up 2.8%. Conifer’s revenues increased 0.5% with revenue from third parties up 4.5%. Tenet reported net income from continuing operations available to Tenet shareholders of $98 million or $0.95 per diluted share in the first quarter compared to a net loss of $52 million or $0.52 per diluted share in the first quarter of 2017. After adjusting for certain items, which totaled $39 million or $0.38 per share in the first quarter of 2018, Tenet reported Adjusted diluted earnings per share from continuing operations of $0.57 in the first quarter of 2018 compared to an Adjusted diluted loss per share of $0.27 in the first quarter of 2017. Adjusted EBITDA was $665 million in the first quarter of 2018 compared to $527 million in the first quarter of 2017. Adjusted EBITDA in the first quarter of 2018 consisted of $402 million in the Hospital segment, $165 million in the Ambulatory segment and $98 million in the Conifer segment. Net cash provided by operating activities was $113 million compared to $186 million in the first quarter of 2017; the $73 million decrease was primarily due to an anticipated $82 million reduction in receipts related to the California Provider Fee program. Free Cash Flow was an outflow of $30 million, a decrease of $18 million when compared to an outflow of $12 million in the first quarter of 2017. Adjusted Free Cash Flow was $4 million, a $6 million decrease when compared to $10 million in the first quarter of 2017. 2018 Outlook has been increased to reflect net income from continuing operations attributable to Tenet common shareholders of $105 million to $180 million, Adjusted EBITDA of $2.550 billion to $2.650 billion, diluted earnings per share from continuing operations of $1.02 to $1.75 and Adjusted diluted earnings per share from continuing operations of $1.36 to $1.70. DALLAS--(BUSINESS WIRE)-- Tenet Healthcare Corporation (NYSE: THC) reported net income from continuing operations available to Tenet shareholders of $98 million in the first quarter of 2018, compared to a $52 million net loss from continuing operations in the first quarter of 2017. Adjusted EBITDA was $665 million in the first quarter of 2018 compared to $527 million in the first quarter of 2017. “The actions we have taken to be a more efficient, agile and decisive organization have resulted in stronger financial performance,” said Ronald A. Rittenmeyer, executive chairman and CEO. “We are continuing our focus on improving quality, growth and financial results and will be exploring additional opportunities to enhance margins and shareholder returns.” Hospital Operations and Other Segment Net operating revenues in the Hospital Operations and other segment were $3.947 billion, down 4.1 percent from the first quarter of 2017, primarily due to divestitures and a decline in health plan revenues. On a same-hospital basis, net patient revenues after implicit price concessions (as discussed below in the section titled “New Revenue Recognition Accounting Rules and Uncompensated Care”) was $3.594 billion, up 6.7 percent from the first quarter of 2017. Adjusted admissions were up 0.6 percent and revenue per adjusted admission was up 6.0 percent, with 190 basis points related to the California Provider Fee and a benefit from increased acuity. Same-hospital revenue included $64 million from the California Provider Fee Program in the first quarter of 2018 compared to no revenue in the first quarter of 2017 since the 2017 program was not approved until December 2017. Adjusted EBITDA in Tenet’s hospital segment was $402 million, an increase of $93 million or 30.1 percent as compared to $309 million in the first quarter of 2017. The $93 million increase in Adjusted EBITDA in the hospital segment was primarily driven by: (i) a $64 million increase in California Provider Fee revenue, (ii) a $12 million favorable adjustment in Q1’18 to malpractice and workers’ compensation expense related to an increase in the discount rate, (iii) strong cost management within the company’s hospital operations and corporate overhead functions, and (iv) increased acuity, which were partially offset by divestiture activity. Tenet’s health plan business recognized $6 million of revenue and a $1 million EBITDA loss in the first quarter of 2018 versus $65 million of revenue and a $16 million loss in the first quarter of 2017. The revenue and expenses associated with the Company’s health plan operations are included in Tenet’s consolidated statements of operations; however, the results are excluded from Adjusted EBITDA in both periods. Selected operating expenses in the segment, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased 2.7 percent on a per adjusted admission basis in the first quarter of 2017. Exchanges Same-hospital exchange outpatient visits were 49,680 in the first quarter of 2018, up 11.4 percent from the first quarter of 2017. Tenet’s same-hospital exchange admissions were 4,677 in the first quarter of 2018, down 1.1 percent from the first quarter of 2017. Ambulatory Care Segment During the first quarter of 2018, the Ambulatory segment produced net operating revenues of $498 million, representing an increase of 9.5 percent as compared to $455 million in the first quarter of 2017. In addition, the Ambulatory segment generated Adjusted EBITDA of $165 million, up 7.8 percent from $153 million in the first quarter of 2017 and Adjusted EBITDA less facility-level noncontrolling interest was $109 million, up 9.0 percent from $100 million in the first quarter of 2017. The results of many of the facilities in which the Ambulatory segment has an investment are not consolidated by Tenet. To help analyze the segment’s results of operations, management uses system-wide measures, which include revenues and cases of both consolidated and unconsolidated facilities. On a same-facility system-wide basis, revenue in the Ambulatory segment increased 2.7 percent, with cases increasing 3.2 percent and revenue per case declining 0.5 percent. In the surgical business, which represents the majority of the revenue in the Ambulatory segment, same-facility system-wide revenue grew 2.3 percent, with cases down 0.5 percent and revenue per case up 2.8 percent, reflecting growth in higher-acuity surgical procedures. In the non-surgical business, same-facility system-wide revenue grew 11.8 percent, with revenue per case up 2.8 percent and cases up 8.7 percent, reflecting strong growth in urgent care visits due in part to the elevated flu season. Conifer Segment During the first quarter of 2018, Conifer’s revenue increased 0.5 percent to $404 million, up from $402 million in the first quarter of 2017. Revenue from third party customers grew 4.5 percent to $254 million. Conifer’s revenue in the first quarter of 2018 included $10 million of contract termination fees related to one of Conifer’s customers selling its hospital to a system that chose to insource revenue cycle management. Conifer generated $98 million of Adjusted EBITDA in the first quarter of 2018, up 50.8 percent from $65 million in the first quarter of 2017. After normalizing for two items that increased Conifer’s Adjusted EBITDA by $13 million in the first quarter of 2018, Adjusted EBITDA grew by 31 percent, primarily driven by improvements in Conifer’s cost structure. The two items totaling $13 million were the aforementioned $10 million contract termination fee and $3 million in customer incentive payments. Net Income and Earnings Per Share Tenet reported net income from continuing operations available to Tenet shareholders of $98 million, or $0.95 per diluted share, in the first quarter of 2018 compared to a net loss of $52 million, or $0.52 per diluted share, in the first quarter of 2017. As shown on Table #2, net income from continuing operations available to Tenet shareholders of $98 million included: (i) $47 million of pre-tax impairment and restructuring charges consisting of $19 million of impairment charges primarily from the write-down of assets held for sale in the Chicago area to their estimated fair value, $25 million of restructuring charges primarily related to employee severance associated with the Company’s cost reduction initiatives, and $3 million of acquisition-related costs; (ii) a $110 million pre-tax gain on sales, consolidation and deconsolidation of facilities, primarily related to a $98 million pre-tax gain on the sale of MacNeal Hospital in the Chicago area on March 1, 2018 and a $13 million pre-tax gain on the sales of our minority interests in several Dallas-area hospitals; and (iii) an $8 million pre-tax loss from other items. These items collectively increased pre-tax income by $55 million, after-tax income by $39 million and diluted earnings per share by $0.38. After adjusting for the items listed above and on Table #2, Tenet produced Adjusted net income from continuing operations available to Tenet shareholders of $59 million, or $0.57 per diluted share, during the first quarter of 2018, as compared to an Adjusted net loss from continuing operations attributable to Tenet shareholders of $27 million, or $0.27 per diluted share, in the first quarter of 2017. A reconciliation of GAAP net income (loss) available to Tenet shareholders to Adjusted net income (loss) from continuing operations and Adjusted diluted earnings (loss) per share from continuing operations available to Tenet shareholders is contained in Table #2 at the end of this release. Cash Flow and Liquidity Cash and cash equivalents were $974 million at March 31, 2018 compared to $611 million at December 31, 2017. The Company had no outstanding borrowings on its $1 billion credit line as of March 31, 2018. Accounts receivable days outstanding from continuing operations were 54.3 at March 31, 2018 compared to 55.8 at December 31, 2017. Net cash provided by operating activities was $113 in the first quarter of 2018, representing a $73 million decrease compared to $186 million in the first quarter of 2017. After subtracting $143 million and $198 million of capital expenditures in the first quarters of 2018 and 2017, respectively, Free Cash Flow was an outflow of $30 million in the first quarter of 2018, a decline of $18 million compared to an outflow of $12 million in the first quarter of 2017. Adjusted Free Cash Flow was $4 million in the first quarter of 2018, representing a $6 million decrease from $10 million in the first quarter of 2017. The year-over-year declines in net cash provided by operating activities, free cash flow and adjusted free cash flow were primarily due to an anticipated $82 million reduction in receipts related to the California Provider Fee program. Net cash provided by investing activities was $373 million in the first quarter of 2018 compared to $189 million of net cash used in investing activities in the first quarter of 2017. The 2018 period included $559 million of proceeds from the sales of facilities, long-term investments and other assets, primarily from the sale of the Company’s two hospitals in the Philadelphia area, MacNeal Hospital and the Company’s minority interest in several Dallas-area hospitals. Net cash used in financing activities was $123 million in the first quarter of 2018 compared to $141 million of net cash used in financing activities in the first quarter of 2017. The 2018 period included $50 million of debt retirement through open market purchases. Reconciliations of net cash provided by operating activities to both Free Cash Flow and Adjusted Free Cash Flow are contained in Table #3 at the end of this release. Outlook The Company’s revised Outlook for 2018 includes: Revenue of $17.9 billion to $18.3 billion, Net income from continuing operations available to Tenet common shareholders of $105 million to $180 million, Adjusted EBITDA of $2.550 billion to $2.650 billion, Net cash provided by operating activities of $1.245 billion to $1.550 billion, Adjusted Free Cash Flow of $725 million to $925 million, Diluted earnings per share from continuing operations available to Tenet shareholders of $1.02 to $1.75, and Adjusted diluted earnings per share from continuing operations available to Tenet shareholders of $1.36 to $1.70. The Company raised the midpoint of its previous 2018 Adjusted EBITDA Outlook range by $50 million to reflect higher expectations for Conifer, primarily as a result of the business achieving improvements in its cost structure on a faster pace than previously anticipated. The Outlook for 2018 assumes equity in earnings of unconsolidated affiliates of $160 million to $170 million, net income attributable to noncontrolling interests of $410 million to $430 million and an average diluted share count of 103 million. The Outlook for net income attributable to noncontrolling interests reflects a reduction in noncontrolling interest expense as a result of Tenet increasing its ownership in USPI from 80 percent to 95 percent, effective April 26, 2018, substantially offset by increased noncontrolling interest expense at Conifer resulting from our increased expectations for Conifer’s net income this year. The Company’s Outlook for the second quarter of 2018 includes: Revenue of $4.475 billion to $4.675 billion, Net income from continuing operations available to Tenet shareholders ranging from a loss of $5 million to income of $10 million, Adjusted EBITDA of $605 million to $655 million, Earnings per diluted share from continuing operations available to Tenet shareholders ranging from a loss of $0.05 to earnings of $0.10, and Adjusted earnings per diluted share from continuing operations available to Tenet shareholders ranging from $0.15 to $0.29. The Outlook for the second quarter assumes equity in earnings of unconsolidated affiliates of $35 million to $40 million, net income attributable to noncontrolling interests of $95 million to $105 million, and an average diluted share count of 102 million. Additional details on Tenet’s Outlook for both the second quarter and calendar year 2018 are available in Tables #4, #5 and #6 at the end of this press release and in an accompanying slide presentation that is accessible through the Company’s website at www.tenethealth.com/investors . New Revenue Recognition Accounting Rules and Uncompensated Care Effective January 1, 2018, Tenet adopted the Financial Accounting Standards Board Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) using a modified retrospective method of application. For our Hospital Operations and other and Ambulatory Care segments, the adoption of ASU 2014-09 resulted in changes to our presentation for and disclosure of revenue primarily related to uninsured or underinsured patients. Prior to the adoption of ASU 2014-09, a significant portion of our provision for doubtful accounts related to self-pay patients, as well as co-pays, co-insurance amounts and deductibles owed to us by patients with insurance. Under ASU 2014-09, the estimated uncollectable amounts due from these patients are generally considered implicit price concessions that are a direct reduction to net operating revenues, with a corresponding material reduction in the amounts previously considered provision for doubtful accounts. Since implicit price concessions are essentially similar to provision for doubtful accounts, for comparability purposes with the 2017 period implicit price concessions in the 2018 quarter are compared to provision for doubtful accounts in the 2017 quarter. Tenet’s implicit price concessions in the first quarter of 2018 were $347 million, representing a ratio of 6.9 percent of revenues before these items compared to $383 million in the first quarter of 2017, or 7.4 percent of revenues. The decrease in this ratio was primarily attributable to hospital divestitures, revenue growth in our Ambulatory segment, and revenue from the California Provider Fee program revenue being recorded in the first quarter of 2018. Tenet’s uncompensated care costs, defined as the sum of implicit price concessions, provision for doubtful accounts, charity care write-offs and uninsured discounts, were $1.362 billion and $1.342 billion in the first quarters of 2018 and 2017, respectively, including $1.015 billion and $959 million, respectively, of charity care write-offs and uninsured discounts that were offered through Tenet’s Compact with Uninsured Patients. Uncompensated care in the first quarter of 2018 represented 22.5 percent of revenue before implicit price concessions, bad debts, uninsured discounts and charity care write-offs, up from 21.8 percent in the first quarter of 2017. Nearly all of Tenet’s uncompensated care is associated with the Hospital Operations and other segment. Uninsured plus charity admissions increased by 536 admissions, or 5.9 percent on a same-hospital basis in the first quarter of 2018 compared to the first quarter of 2017. Uninsured plus charity outpatient visits increased by 1,806 visits, or 1.6 percent, on a same-hospital basis. Management’s Webcast Discussion of First Quarter Results Tenet management will discuss the Company’s first quarter 2018 results on a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on May 1, 2018. Investors can access the webcast through the Company’s website at www.tenethealth.com/investors . A set of slides, which will be referred to on the conference call, is available on the Quarterly Results section of the Company’s website. Additional information regarding Tenet’s quarterly results of operations is contained in its Form 10-Q report for the three months ended March 31, 2018, which will be filed with the Securities and Exchange Commission and posted on the Company’s website before the webcast. This press release includes certain non-GAAP measures, such as Adjusted EBITDA, Adjusted net income (loss) from continuing operations attributable to Tenet shareholders, Adjusted diluted earnings (loss) per share from continuing operations attributable to Tenet shareholders, Free Cash Flow and Adjusted Free Cash Flow. Reconciliations of these measures to the most comparable GAAP measure are contained in the tables at the end of this release. Tenet Healthcare Corporation is a diversified healthcare services company with approximately 115,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the Company operates general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities in the United States and the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com . The terms "THC", "Tenet Healthcare Corporation", "the Company", "we", "us" or "our" refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable. This release contains “forward-looking statements” - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “estimate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2017, and subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission. Tenet uses its Company website to provide important information to investors about the Company including the posting of important announcements regarding financial performance and corporate developments. TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in millions except per share amounts) Three Months Ended March 31, 2018 % 2017 % Change Net operating revenues: Net operating revenues before provision for doubtful accounts $ 5,196 Less: Provision for doubtful accounts 383 Net operating revenues $ 4,699 100.0 % 4,813 100.0 % (2.4 )% Equity in earnings of unconsolidated affiliates 25 0.5 % 29 0.6 % (13.8 )% Operating expenses: Salaries, wages and benefits 2,227 47.3 % 2,380 49.4 % (6.4 )% Supplies 774 16.5 % 765 15.9 % 1.2 % Other operating expenses, net 1,060 22.6 % 1,187 24.7 % (10.7 )% Electronic health record incentives (1 ) — % (1 ) — % — % Depreciation and amortization 204 4.3 % 221 4.6 % Impairment and restructuring charges, and acquisition-related costs 47 1.0 % 33 0.7 % Litigation and investigation costs 6 0.1 % 5 0.1 % Gains on sales, consolidation and deconsolidation of facilities (110 ) (2.3 )% (15 ) (0.3 )% Operating income 517 11.0 % 267 5.5 % Interest expense (255 ) (258 ) Other non-operating expense, net (1 ) (5 ) Loss from early extinguishment of debt (1 ) — Income from continuing operations, before income taxes 260 4 Income tax benefit (expense) (70 ) 33 Income from continuing operations, before discontinued operations 190 37 Discontinued operations: Income (loss) from operations 1 (2 ) Income tax benefit (expense) — 1 Income (loss) from discontinued operations 1 (1 ) Net income 191 36 Less: Net income attributable to noncontrolling interests 92 89 Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders $ 99 $ (53 ) Amounts available (attributable) to Tenet Healthcare Corporation common shareholders Income (loss) from continuing operations, net of tax $ 98 $ (52 ) Income (loss) from discontinued operations, net of tax 1 (1 ) Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders $ 99 $ (53 ) Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders: Basic Continuing operations $ 0.97 $ (0.52 ) Discontinued operations 0.01 (0.01 ) $ 0.98 $ (0.53 ) Diluted Continuing operations $ 0.95 $ (0.52 ) Discontinued operations 0.01 (0.01 ) $ 0.96 $ (0.53 ) Weighted average shares and dilutive securities outstanding (in thousands): Basic 101,392 100,000 Diluted* 102,656 100,000 * Had we generated income from continuing operations in the three months ended March 31, 2017 the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 848 thousand shares. TENET HEALTHCARE CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, (Dollars in millions) 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 974 $ 611 Accounts receivable, less allowance for doubtful accounts 2,519 2,616 Inventories of supplies, at cost 294 289 Income tax receivable 20 5 Assets held for sale 599 1017 Other current assets 1,228 1,035 Total current assets 5,634 5,573 Investments and other assets 1,433 1,543 Deferred income taxes 383 455 Property and equipment, at cost, less accumulated depreciation and amortization 6,906 7,030 Goodwill 7,036 7,018 Other intangible assets, at cost, less accumulated amortization 1,792 1,766 Total assets $ 23,184 $ 23,385 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 666 $ 146 Accounts payable 1,059 1,175 Accrued compensation and benefits 708 848 Professional and general liability reserves 222 200 Accrued interest payable 332 256 Liabilities held for sale 406 480 Other current liabilities 1,168 1,227 Total current liabilities 4,561 4,332 Long-term debt, net of current portion 14,223 14,791 Professional and general liability reserves 651 654 Defined benefit plan obligations 528 536 Deferred income taxes 36 36 Other long-term liabilities 627 631 Total liabilities 20,626 20,980 Commitments and contingencies Redeemable noncontrolling interests in equity of consolidated subsidiaries 1,942 1,866 Equity: Shareholders’ equity: Common stock 7 7 Additional paid-in capital 4,833 4,859 Accumulated other comprehensive loss (239 ) (204 ) Accumulated deficit (2,248 ) (2,390 ) Common stock in treasury, at cost (2,418 ) (2,419 ) Total shareholders’ equity (deficit) (65 ) (147 ) Noncontrolling interests 681 686 Total equity 616 539 Total liabilities and equity $ 23,184 $ 23,385 TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) Three Months Ended (Dollars in millions) March 31, 2018 2017 Net income $ 191 $ 36 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 204 221 Provision for doubtful accounts — 383 Deferred income tax expense (benefit) 70 — Stock-based compensation expense 9 13 Impairment and restructuring charges, and acquisition-related costs 47 33 Litigation and investigation costs 6 5 Gains on sales, consolidation and deconsolidation of facilities (110 ) (15 ) Loss from early extinguishment of debt 1 — Equity in earnings of unconsolidated affiliates, net of distributions received 9 4 Amortization of debt discount and debt issuance costs 11 11 Pre-tax loss (income) from discontinued operations (1 ) 2 Other items, net (1 ) (2 ) Changes in cash from operating assets and liabilities: Accounts receivable (66 ) (446 ) Inventories and other current assets (41 ) 132 Income taxes — (34 ) Accounts payable, accrued expenses and other current liabilities (183 ) (161 ) Other long-term liabilities 1 26 Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (33 ) (24 ) Net cash provided by (used in) operating activities from discontinued operations, excluding income taxes (1 ) 2 Net cash provided by operating activities 113 186 Cash flows from investing activities: Purchases of property and equipment — continuing operations (143 ) (198 ) Purchases of businesses or joint venture interests, net of cash acquired (16 ) (6 ) Proceeds from sales of facilities and other assets 425 20 Proceeds from sales of marketable securities, long-term investments and other assets 134 9 Purchases of equity investments (30 ) (1 ) Other long-term assets 7 (12 ) Other items, net (4 ) (1 ) Net cash provided by (used in) investing activities 373 (189 ) Cash flows from financing activities: Repayments of borrowings under credit facility — — Proceeds from borrowings under credit facility — — Repayments of other borrowings (91 ) (89 ) Proceeds from other borrowings 7 6 Debt issuance costs — (2 ) Distributions paid to noncontrolling interests (64 ) (63 ) Proceeds from sale of noncontrolling interests 5 10 Purchases of noncontrolling interests (9 ) — Proceeds from exercise of stock options and employee stock purchase plan 9 2 Other items, net 20 (5 ) Net cash used in financing activities (123 ) (141 ) Net increase (decrease) in cash and cash equivalents 363 (144 ) Cash and cash equivalents at beginning of period 611 716 Cash and cash equivalents at end of period $ 974 $ 572 Supplemental disclosures: Interest paid, net of capitalized interest $ (169 ) $ (130 ) Income tax refunds (payments), net $ 1 $ (1 ) TENET HEALTHCARE CORPORATION SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS (1) (Unaudited) (Dollars in millions except per adjusted patient day Three Months Ended March 31, and per adjusted patient admission amounts) 2018 2017 Change Admissions, Patient Days and Surgeries Number of hospitals (at end of period) 69 76 (7 ) * Total admissions 182,306 196,907 (7.4 )% Adjusted patient admissions 320,868 347,150 (7.6 )% Paying admissions (excludes charity and uninsured) 172,490 186,648 (7.6 )% Charity and uninsured admissions 9,816 10,259 (4.3 )% Admissions through emergency department 125,076 126,473 (1.1 )% Paying admissions as a percentage of total admissions 94.6 % 94.8 % (0.2 )% * Charity and uninsured admissions as a percentage of total admissions 5.4 % 5.2 % 0.2 % * Emergency department admissions as a percentage of total admissions 68.6 % 64.2 % 4.4 % * Surgeries — inpatient 47,223 51,800 (8.8 )% Surgeries — outpatient 63,008 69,604 (9.5 )% Total surgeries 110,231 121,404 (9.2 )% Patient days — total 858,648 923,339 (7.0 )% Adjusted patient days 1,486,139 1,603,698 (7.3 )% Average length of stay (days) 4.71 4.69 0.4 % Licensed beds (at end of period) 18,457 20,439 (9.7 )% Average licensed beds 18,685 20,440 (8.6 )% Utilization of licensed beds 51.1 % 50.2 % 0.9 % * Outpatient Visits Total visits 1,842,539 2,039,942 (9.7 )% Paying visits (excludes charity and uninsured) 1,725,976 1,908,212 (9.6 )% Charity and uninsured visits 116,563 131,730 (11.5 )% Emergency department visits 697,001 733,051 (4.9 )% Paying visits as a percentage of total visits 93.7 % 93.5 % 0.2 % * Charity and uninsured visits as a percentage of total visits 6.3 % 6.5 % (0.2 )% * Total emergency department admissions and visits 822,077 859,524 (4.4 )% Revenues Net patient revenues (3) $ 3,643 $ 3,728 (2.3 )% Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day Net patient revenue (3) per adjusted patient admission $ 11,354 $ 10,739 5.7 % Net patient revenue (3) per adjusted patient day $ 2,451 $ 2,325 5.4 % Total selected operating expenses (salaries, wages and benefits, supplies and other operating expenses) per adjusted patient admission (2) $ 10,561 $ 10,288 2.7 % Net Patient Revenues (3) from: Medicare 21.5 % 23.1 % (1.6 )% * Medicaid 8.8 % 7.4 % 1.4 % * Managed care 65.0 % 65.2 % (0.2 )% * Self-pay 1.0 % 0.3 % 0.7 % * Indemnity and other 3.7 % 4.0 % (0.3 )% * (1) Represents the consolidated results of Tenet’s acute care hospitals and related outpatient facilities included in the Hospital Operations and other segment. (2) Excludes operating expenses from Tenet's health plans. (3) Less implicit price concessions and provision for doubtful accounts. * This change is the difference between the 2018 and 2017 amounts shown. TENET HEALTHCARE CORPORATION SELECTED STATISTICS – CONTINUING SAME HOSPITALS (1) (Unaudited) (Dollars in millions except per adjusted patient day Three Months Ended March 31, and per adjusted patient admission amounts) 2018 2017 Change Admissions, Patient Days and Surgeries Number of hospitals (at end of period) 69 69 — * Total admissions 179,208 178,725 0.3 % Adjusted patient admissions 314,022 312,003 0.6 % Paying admissions (excludes charity and uninsured) 169,548 169,601 — % Charity and uninsured admissions 9,660 9,124 5.9 % Admissions through emergency department 123,224 115,133 7.0 % Paying admissions as a percentage of total admissions 94.6 % 94.9 % (0.3 )% * Charity and uninsured admissions as a percentage of total admissions 5.4 % 5.1 % 0.3 % * Emergency department admissions as a percentage of total admissions 68.8 % 64.4 % 4.4 % * Surgeries — inpatient 46,575 47,539 (2.0 )% Surgeries — outpatient 61,754 62,895 (1.8 )% Total surgeries 108,329 110,434 (1.9 )% Patient days — total 843,793 837,488 0.8 % Adjusted patient days 1,453,447 1,440,173 0.9 % Average length of stay (days) 4.71 4.69 0.4 % Licensed beds (at end of period) 18,089 18,107 (0.1 )% Average licensed beds 18,089 18,107 (0.1 )% Utilization of licensed beds 51.8 % 51.4 % 0.4 % * Outpatient Visits Total visits 1,798,885 1,817,295 (1.0 )% Paying visits (excludes charity and uninsured) 1,684,875 1,705,091 (1.2 )% Charity and uninsured visits 114,010 112,204 1.6 % Emergency department visits 684,057 652,284 4.9 % Paying visits as a percentage of total visits 93.7 % 93.8 % (0.1 )% * Charity and uninsured visits as a percentage of total visits 6.3 % 6.2 % 0.1 % * Total emergency department admissions and visits 807,281 767,417 5.2 % Revenues Net patient revenues (2) $ 3,594 $ 3,368 6.7 % Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day Net patient revenue (2) per adjusted patient admission $ 11,445 $ 10,796 6.0 % Net patient revenue (2) per adjusted patient day $ 2,473 $ 2,339 5.7 % Net Patient Revenues (2) from: Medicare 21.3 % 23.5 % (2.2 )% * Medicaid 8.8 % 7.0 % 1.8 % * Managed care 64.9 % 65.0 % (0.1 )% * Self-pay 1.3 % 0.3 % 1.0 % * Indemnity and other 3.7 % 4.2 % (0.5 )% * (1) Information for our Hospital Operations and other segment is presented on a same-hospital basis, which includes the results of our same 69 hospitals operated throughout the three months ended March 31, 2018 and 2017, and associated outpatient facilities but excludes the results of hospitals Tenet divested, since January 1, 2017. (2) Less implicit price concessions and provision for doubtful accounts. * This change is the difference between the 2018 and 2017 amounts shown. TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in millions except per share amounts) Three Months Ended Year Ended Three Months Ended 3/31/2017 6/30/2017 9/30/2017 12/31/2017 12/31/2017 3/31/2018 Net operating revenues: Net operating revenues before provision for doubtful accounts $ 5,196 $ 5,173 $ 4,941 $ 5,303 $ 20,613 Less: Provision for doubtful accounts 383 371 355 325 1,434 Net operating revenues 4,813 4,802 4,586 4,978 19,179 $ 4,699 Equity in earnings of unconsolidated affiliates 29 28 38 49 144 25 Operating expenses: Salaries, wages and benefits 2,380 2,346 2,264 2,284 9,274 2,227 Supplies 765 780 740 800 3,085 774 Other operating expenses, net 1,187 1,159 1,120 1,104 4,570 1,060 Electronic health record incentives (1 ) (6 ) (1 ) (1 ) (9 ) (1 ) Depreciation and amortization 221 222 219 208 870 204 Impairment and restructuring charges, and acquisition-related costs 33 41 329 138 541 47 Litigation and investigation costs 5 1 6 11 23 6 Gains on sales, consolidation and deconsolidation of facilities (15 ) (23 ) (104 ) (2 ) (144 ) (110 ) Operating income 267 310 51 485 1,113 517 Interest expense (258 ) (260 ) (257 ) (253 ) (1,028 ) (255 ) Other non-operating expense, net (5 ) (5 ) (4 ) (8 ) (22 ) (1 ) Loss from early extinguishment of debt — (26 ) (138 ) — (164 ) (1 ) Income (loss) from continuing operations, before income taxes 4 19 (348 ) 224 (101 ) 260 Income tax benefit (expense) 33 12 60 (324 ) (219 ) (70 ) Income (loss) from continuing operations, before discontinued operations 37 31 (288 ) (100 ) (320 ) 190 Discontinued operations: Income (loss) from operations (2 ) 2 (1 ) 1 — 1 Income tax benefit (expense) 1 (1 ) — — — — Income (loss) from discontinued operations (1 ) 1 (1 ) 1 — 1 Net income (loss) 36 32 (289 ) (99 ) (320 ) 191 Less: Net income attributable to noncontrolling interests 89 87 78 130 384 92 Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders $ (53 ) $ (55 ) $ (367 ) $ (229 ) $ (704 ) $ 99 Amounts available (attributable) to Tenet Healthcare Corporation common shareholders Income (loss) from continuing operations, net of tax $ (52 ) $ (56 ) $ (366 ) $ (230 ) $ (704 ) $ 98 Income (loss) from discontinued operations, net of tax (1 ) 1 (1 ) 1 — 1 Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders $ (53 ) $ (55 ) $ (367 ) $ (229 ) $ (704 ) $ 99 Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders: Basic Continuing operations $ (0.52 ) $ (0.56 ) $ (3.63 ) $ (2.28 ) $ (7.00 ) $ 0.97 Discontinued operations (0.01 ) 0.01 (0.01 ) 0.01 — 0.01 $ (0.53 ) $ (0.55 ) $ (3.64 ) $ (2.27 ) $ (7.00 ) $ 0.98 Diluted Continuing operations $ (0.52 ) $ (0.56 ) $ (3.63 ) $ (2.28 ) $ (7.00 ) $ 0.95 Discontinued operations (0.01 ) 0.01 (0.01 ) 0.01 — 0.01 $ (0.53 ) $ (0.55 ) $ (3.64 ) $ (2.27 ) $ (7.00 ) $ 0.96 Weighted average shares and dilutive securities outstanding (in thousands): Basic 100,000 100,612 100,812 100,945 100,592 101,392 Diluted 100,000 100,612 100,812 100,945 100,592 102,656 TENET HEALTHCARE CORPORATION SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS (1) (Unaudited) (Dollars in millions except per adjusted patient day and per adjusted patient admission amounts) Three Months Ended Year Ended Three Months Ended 3/31/2017 6/30/2017 9/30/2017 12/31/2017 12/31/2017 03/31/2018 Admissions, Patient Days and Surgeries Number of hospitals (at end of period) 76 76 73 72 72 69 Total admissions 196,907 190,394 185,389 186,185 758,875 182,306 Adjusted patient admissions 347,150 342,439 332,035 332,642 1,354,266 320,868 Paying admissions (excludes charity and uninsured) 186,648 179,889 174,803 176,158 717,498 172,490 Charity and uninsured admissions 10,259 10,505 10,586 10,027 41,377 9,816 Admissions through emergency department 126,473 121,807 120,493 123,887 492,660 125,076 Paying admissions as a percentage of total admissions 94.8 % 94.5 % 94.3 % 94.6 % 94.5 % 94.6 % Charity and uninsured admissions as a percentage of total admissions 5.2 % 5.5 % 5.7 % 5.4 % 5.5 % 5.4 % Emergency department admissions as a percentage of total admissions 64.2 % 64.0 % 65.0 % 66.5 % 64.9 % 68.6 % Surgeries — inpatient 51,800 52,083 50,939 50,292 205,114 47,223 Surgeries — outpatient 69,604 71,366 67,321 68,604 276,895 63,008 Total surgeries 121,404 123,449 118,260 118,896 482,009 110,231 Patient days — total 923,339 874,930 853,059 857,728 3,509,056 858,648 Adjusted patient days 1,603,698 1,552,302 1,502,831 1,505,130 6,163,961 1,486,139 Average length of stay (days) 4.69 4.60 4.60 4.61 4.62 4.71 Licensed beds (at end of period) 20,439 20,435 19,433 19,141 19,141 18,457 Average licensed beds 20,440 20,435 19,783 19,320 19,995 18,685 Utilization of licensed beds 50.2 % 47.0 % 46.9 % 48.3 % 48.1 % 51.1 % Outpatient Visits Total visits 2,039,942 1,981,848 1,867,471 1,901,864 7,791,125 1,842,539 Paying visits (excludes charity and uninsured) 1,908,212 1,849,697 1,741,815 1,777,790 7,277,514 1,725,976 Charity and uninsured visits 131,730 132,151 125,656 124,074 513,611 116,563 Emergency department visits 733,051 724,785 685,096 711,268 2,854,200 697,001 Paying visits as a percentage of total visits 93.5 % 93.3 % 93.3 % 93.5 % 93.4 % 93.7 % Charity and uninsured visits as a percentage of total visits 6.5 % 6.7 % 6.7 % 6.5 % 6.6 % 6.3 % Total emergency department admissions and visits 859,524 846,592 805,589 835,155 3,346,860 822,077 Revenues Net patient revenues (3) $ 3,728 $ 3,719 $ 3,522 $ 3,860 $ 14,829 $ 3,643 Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day Net patient revenue (3) per adjusted patient admission $ 10,739 $ 10,860 $ 10,607 $ 11,604 $ 10,950 $ 11,354 Net patient revenue (3) per adjusted patient day $ 2,325 $ 2,396 $ 2,344 $ 2,565 $ 2,406 $ 2,451 Total selected operating expenses (salaries, wages and benefits, supplies and other operating expenses) per adjusted patient admission (2) $ 10,288 $ 10,394 $ 10,367 $ 10,492 $ 10,384 $ 10,561 Net Patient Revenues (3) from: Medicare 23.1 % 22.0 % 22.0 % 20.4 % 21.9 % 21.5 % Medicaid 7.4 % 7.5 % 7.1 % 12.9 % 8.8 % 8.8 % Managed care 65.2 % 65.9 % 66.1 % 61.5 % 64.6 % 65.0 % Self-pay 0.3 % 0.5 % 0.3 % 1.3 % 0.6 % 1.0 % Indemnity and other 4.0 % 4.1 % 4.5 % 3.9 % 4.1 % 3.7 % (1) Represents the consolidated results of Tenet’s acute care hospitals and related outpatient facilities included in the Hospital Operations and other segment. (2) Excludes operating expenses from Tenet's health plans. (3) Less implicit price concessions and provision for doubtful accounts. TENET HEALTHCARE CORPORATION SELECTED STATISTICS – CONTINUING SAME HOSPITALS (1) (Unaudited) (Dollars in millions except per adjusted patient day and per adjusted patient admission amounts) Three Months Ended Year Ended Three Months Ended 3/31/2017 6/30/2017 9/30/2017 12/31/2017 12/31/2017 3/31/2018 Admissions, Patient Days and Surgeries Number of hospitals (at end of period) 69 69 69 69 69 69 Total admissions 178,725 173,096 172,854 176,220 700,895 179,208 Adjusted patient admissions 312,003 308,046 307,115 312,281 1,239,445 314,022 Paying admissions (excludes charity and uninsured) 169,601 163,657 162,815 166,453 662,526 169,548 Charity and uninsured admissions 9,124 9,439 10,039 9,767 38,369 9,660 Admissions through emergency department 115,133 110,834 112,554 117,155 455,676 123,224 Paying admissions as a percentage of total admissions 94.9 % 94.5 % 94.2 % 94.5 % 94.5 % 94.6 % Charity and uninsured admissions as a percentage of total admissions 5.1 % 5.5 % 5.8 % 5.5 % 5.5 % 5.4 % Emergency department admissions as a percentage of total admissions 64.4 % 64.0 % 65.1 % 66.5 % 65.0 % 68.8 % Surgeries — inpatient 47,539 47,933 47,995 48,089 191,556 46,575 Surgeries — outpatient 62,895 64,401 62,244 64,202 253,742 61,754 Total surgeries 110,434 112,334 110,239 112,291 445,298 108,329 Patient days — total 837,488 795,533 792,268 808,903 3,234,192 843,793 Adjusted patient days 1,440,173 1,395,843 1,384,475 1,407,645 5,628,136 1,453,447 Average length of stay (days) 4.69 4.60 4.58 4.59 4.61 4.71 Licensed beds (at end of period) 18,107 18,123 18,149 18,089 18,089 18,089 Average licensed beds 18,107 18,123 18,150 18,113 18,123 18,089 Utilization of licensed beds 51.4 % 48.2 % 47.4 % 48.5 % 48.9 % 51.8 % Outpatient Visits Total visits 1,817,295 1,772,765 1,721,806 1,777,087 7,088,953 1,798,885 Paying visits (excludes charity and uninsured) 1,705,091 1,658,374 1,606,014 1,659,011 6,628,490 1,684,875 Charity and uninsured visits 112,204 114,391 115,792 118,076 460,463 114,010 Emergency department visits 652,284 647,233 628,868 661,111 2,589,496 684,057 Paying visits as a percentage of total visits 93.8 % 93.5 % 93.3 % 93.4 % 93.5 % 93.7 % Charity and uninsured visits as a percentage of total visits 6.2 % 6.5 % 6.7 % 6.6 % 6.5 % 6.3 % Total emergency department admissions and visits 767,417 758,067 741,422 778,266 3,045,172 807,281 Revenues Net patient revenues (2) $ 3,368 $ 3,348 $ 3,261 $ 3,638 $ 13,615 $ 3,594 Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day Net patient revenue (2) per adjusted patient admission $ 10,796 $ 10,869 $ 10,618 $ 11,650 $ 10,985 $ 11,445 Net patient revenue (2) per adjusted patient day $ 2,339 $ 2,399 $ 2,355 $ 2,584 $ 2,419 $ 2,473 Net Patient Revenues (2) from: Medicare 23.5 % 22.3 % 21.9 % 20.3 % 22.0 % 21.3 % Medicaid 7.0 % 7.1 % 6.8 % 13.1 % 8.6 % 8.8 % Managed care 65.0 % 65.8 % 66.1 % 61.1 % 64.4 % 64.9 % Self-pay 0.3 % 0.6 % 0.3 % 1.5 % 0.7 % 1.3 % Indemnity and other 4.2 % 4.2 % 4.9 % 4.0 % 4.3 % 3.7 % (1) Information for our Hospital Operations and other segment is presented on a same-hospital basis, which includes the results of our same 69 hospitals operated throughout the three months ended March 31, 2018 and 2017, and associated outpatient facilities but excludes the results of hospitals Tenet divested, since January 1, 2017. (2) Less implicit price concessions and provision for doubtful accounts. TENET HEALTHCARE CORPORATION SEGMENT REPORTING (Unaudited) (Dollars in millions) March 31, December 31, 2018 2017 Assets Hospital Operations and other $ 16,271 $ 16,466 Ambulatory Care 5,811 5,822 Conifer 1,102 1,097 Total $ 23,184 $ 23,385 Three Months Ended March 31, 2018 2017 Capital expenditures: Hospital Operations and other $ 120 $ 183 Ambulatory Care 15 11 Conifer 8 4 Total $ 143 $ 198 Net operating revenues: Hospital Operations and other total prior to inter-segment eliminations (1) $ 3,947 $ 4,115 Ambulatory Care 498 455 Conifer Tenet 150 159 Other customers 254 243 Total Conifer revenues 404 402 Inter-segment eliminations (150 ) (159 ) Total $ 4,699 $ 4,813 Equity in earnings of unconsolidated affiliates: Hospital Operations and other $ (2 ) $ 2 Ambulatory Care 27 27 Total $ 25 $ 29 Adjusted EBITDA: Hospital Operations and other (2) $ 402 $ 309 Ambulatory Care 165 153 Conifer 98 65 Total $ 665 $ 527 Depreciation and amortization: Hospital Operations and other $ 175 $ 187 Ambulatory Care 17 22 Conifer 12 12 Total $ 204 $ 221 (1) Hospital Operations and other revenues includes health plan revenues of $6 million and $65 million for the three months ended March 31, 2018 and 2017, respectively. (2) Hospital Operations and other Adjusted EBITDA excludes health plan losses of $(1) million and $(16) million for the three months ended March 31, 2018 and 2017, respectively. TENET HEALTHCARE CORPORATION STATEMENT OF OPERATIONS – AMBULATORY CARE SEGMENT (Unaudited) (Dollars in millions) Three Months Ended March 31, 2018 2017 Ambulatory Care as Reported Under GAAP Unconsolidated Affiliates Ambulatory Care as Reported Under GAAP Unconsolidated Affiliates Net operating revenues: Net operating revenues before provision for doubtful accounts $ 462 $ 475 Less: Provision for doubtful accounts (7 ) (10 ) Net operating revenues (1) $ 498 $ 493 455 465 Equity in earnings of unconsolidated affiliates (2) 27 — 27 — Operating expenses: Salaries, wages and benefits 162 120 150 114 Supplies 106 130 94 121 Other operating expenses, net 92 105 85 97 Depreciation and amortization 17 16 22 16 Impairment and restructuring charges, and acquisition-related costs 1 — 5 — Gains on sales, consolidation and deconsolidation of facilities (1 ) — (7 ) — Operating income 148 122 133 117 Interest expense (36 ) (5 ) (35 ) (6 ) Other 2 — 1 — Net income from continuing operations, before income taxes 114 117 99 111 Income tax expense (15 ) (2 ) (18 ) (2 ) Net income 99 $ 115 81 $ 109 Less: Net income attributable to noncontrolling interests 64 66 Net income attributable to Tenet Healthcare Corporation common shareholders $ 35 $ 15 Equity in earnings of unconsolidated affiliates $ 27 $ 27 (1) On a same-facility system-wide basis, net revenue in Tenet’s Ambulatory Care segment increased 2.7% during the three months ended March 31, 2018, with cases increasing 3.2% and revenue per case decreasing 0.5%. (2) At March 31, 2018, 108 of the 338 facilities in the Company’s Ambulatory segment were not consolidated based on the nature of the segment’s joint venture relationships with physicians and prominent healthcare systems. Although revenues of the segment’s unconsolidated facilities are not recorded as revenues by the Company, equity in earnings of unconsolidated affiliates is nonetheless a significant portion of the Company’s overall earnings. To help analyze results of operations, management also uses system-wide operating measures such as system-wide revenue growth, which includes revenues of both consolidated and unconsolidated facilities. We control our remaining 230 facilities and account for these investments as consolidated subsidiaries. Non-GAAP Financial Measures Adjusted EBITDA, a non-GAAP measure, is defined by the Company as net income (loss) attributable to Tenet Healthcare Corporation common shareholders before (1) the cumulative effect of changes in accounting principle, (2) net loss (income) attributable to noncontrolling interests, (3) income (loss) from discontinued operations, (4) income tax benefit (expense), (5) other non-operating income (expense), net, (6) gain (loss) from early extinguishment of debt, (7) interest expense, (8) litigation and investigation (costs) benefit, net of insurance recoveries, (9) net gains (losses) on sales, consolidation and deconsolidation of facilities, (10) impairment and restructuring charges and acquisition-related costs, (11) depreciation and amortization and (12) income (loss) from divested operations and closed businesses (i.e., the Company’s health plan businesses). Litigation and investigation costs do not include ordinary course of business malpractice and other litigation and related expense. Adjusted net income (loss) from continuing operations attributable to Tenet Healthcare Corporation common shareholders, a non-GAAP measure, is defined by the Company as net income (loss) attributable to Tenet Healthcare Corporation common shareholders before (1) impairment and restructuring charges, and acquisition-related costs, (2) litigation and investigation costs, (3) gains on sales, consolidation and deconsolidation of facilities, (4) gain (loss) from early extinguishment of debt, (5) income (loss) from divested operations and closed businesses, (6) the associated impact of these five items on taxes and noncontrolling interests, and (7) net income (loss) from discontinued operations. Adjusted diluted earnings (loss) per share from continuing operations, a non-GAAP term, is defined by the Company as Adjusted net income (loss) from continuing operations attributable to Tenet Healthcare Corporation common shareholders divided by the weighted average primary or diluted shares outstanding in the reporting period. Free Cash Flow, a non-GAAP measure, is defined by the Company as (1) net cash provided by (used in) operating activities, less (2) purchases of property and equipment from continuing operations. Adjusted Free Cash Flow, a non-GAAP measure, is defined by the Company as (1) Adjusted net cash provided by (used in) operating activities from continuing operations, less (2) purchases of property and equipment from continuing operations. Adjusted net cash provided by (used in) operating activities, a non-GAAP measure, is defined by the Company as cash provided by (used in) operating activities prior to (1) payments for restructuring charges, acquisition-related costs and litigation costs and settlements, and (2) net cash provided by (used in) operating activities from discontinued operations. The Company believes the foregoing non-GAAP measures are useful to investors and analysts because they present additional information on the Company’s financial performance. Investors, analysts, Company management and the Company’s Board of Directors utilize these non-GAAP measures, in addition to GAAP measures, to track the Company’s financial and operating performance and compare the Company’s performance to its peer companies, which utilize similar non-GAAP measures in their presentations. The Human Resources Committee of the Company’s Board of Directors also uses certain of these measures to evaluate management’s performance for the purpose of determining incentive compensation. Additional information regarding the purpose and utility of specific non-GAAP measures used in this release is set forth below. The Company believes that Adjusted EBITDA is a useful measure, in part, because certain investors and analysts use both historical and projected Adjusted EBITDA, in addition to other GAAP and non-GAAP measures, as factors in determining the estimated fair value of shares of the Company’s common stock. Company management also regularly reviews the Adjusted EBITDA performance for each operating segment. The Company does not use Adjusted EBITDA to measure liquidity, but instead to measure operating performance. We use, and we believe investors and analysts use, Free Cash Flow and Adjusted Free Cash Flow as supplemental measures to analyze cash flows generated from our operations because we believe it is useful to investors in evaluating our ability to fund distributions paid to noncontrolling interests, acquisitions, purchasing equity interests in joint ventures or repaying debt. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Because these measures exclude many items that are included in our financial statements, they do not provide a complete measure of our operating performance. For example, the Company’s definitions of Free Cash Flow and Adjusted Free Cash Flow do not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows From Financing Activities on the Company’s Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, (ii) distributions paid to noncontrolling interests, or (iii) payments under the Put/Call Agreement for USPI redeemable noncontrolling interest, which are recorded on the Statement of Cash Flows as the purchase of noncontrolling interest. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company’s financial performance. A reconciliation of net income (loss) attributable to Tenet Healthcare Corporation common shareholders, the most comparable GAAP measure, to Adjusted EBITDA is set forth in Table #1 below for each quarter in 2017 and 2018. A reconciliation of net income (loss) attributable to Tenet Healthcare Corporation common shareholders, the most comparable GAAP measure, to Adjusted net income from continuing operations attributable to Tenet Healthcare Corporation common shareholders is set forth in Table #2 below for each quarter in 2017 and 2018. A reconciliation of net cash provided by (used in) operating activities, the most comparable GAAP measure, to Free Cash Flow and Adjusted Free Cash Flow is set forth in Table #3 below for each quarter in 2017 and 2018. TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #1 – Reconciliation of Net Income Available (Loss Attributable) to Tenet Healthcare Corporation Common Shareholders to Adjusted EBITDA (Unaudited) (Dollars in millions) 2017 2018 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1st Qtr Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders $ (53 ) $ (55 ) $ (367 ) $ (229 ) $ (704 ) $ 99 Less: Net income attributable to noncontrolling interests (89 ) (87 ) (78 ) (130 ) (384 ) (92 ) Income (loss) from discontinued operations, net of tax (1 ) 1 (1 ) 1 — 1 Income (loss) from continuing operations 37 31 (288 ) (100 ) (320 ) 190 Income tax benefit (expense) 33 12 60 (324 ) (219 ) (70 ) Loss from early extinguishment of debt — (26 ) (138 ) — (164 ) (1 ) Other non-operating expense, net (5 ) (5 ) (4 ) (8 ) (22 ) (1 ) Interest expense (258 ) (260 ) (257 ) (253 ) (1,028 ) (255 ) Operating income 267 310 51 485 1,113 517 Litigation and investigation costs (5 ) (1 ) (6 ) (11 ) (23 ) (6 ) Gains on sales, consolidation and deconsolidation of facilities 15 23 104 2 144 110 Impairment and restructuring charges, and acquisition-related costs (33 ) (41 ) (329 ) (138 ) (541 ) (47 ) Depreciation and amortization (221 ) (222 ) (219 ) (208 ) (870 ) $ (204 ) Loss from divested and closed businesses (16 ) (19 ) (6 ) — (41 ) (1 ) Adjusted EBITDA $ 527 $ 570 $ 507 $ 840 $ 2,444 $ 665 Net operating revenues $ 4,813 $ 4,802 $ 4,586 $ 4,978 $ 19,179 $ 4,699 Less: Net operating revenues from health plans 65 25 10 10 110 6 Adjusted net operating revenues $ 4,748 $ 4,777 $ 4,576 $ 4,968 $ 19,069 $ 4,693 Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders as a % of net operating revenues (1.1 )% (1.1 )% (8.0 )% (4.6 )% (3.7 )% 2.1 % Adjusted EBITDA as a % of adjusted net operating revenues (Adjusted EBITDA margin) 11.1 % 11.9 % 11.1 % 16.9 % 12.8 % 14.2 % TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #2 – Reconciliation of Net Income Available (Loss Attributable) to Tenet Healthcare Corporation Common Shareholders to Adjusted Net Income (Loss) from Continuing Operations Attributable to Common Shareholders (Unaudited) (Dollars in millions except per share amounts) 2017 2018 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1st Qtr Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders $ (53 ) $ (55 ) $ (367 ) $ (229 ) $ (704 ) $ 99 Net income (loss) from discontinued operations (1 ) $ 1 (1 ) 1 — 1 Net income (loss) from continuing operations (52 ) (56 ) (366 ) (230 ) (704 ) 98 Less: Impairment and restructuring charges, and acquisition-related costs (1) (33 ) (41 ) (329 ) (138 ) (541 ) (47 ) Litigation and investigation costs (5 ) (1 ) (6 ) (11 ) (23 ) (6 ) Gains on sales, consolidation and deconsolidation of facilities (2) 15 23 104 2 144 110 Loss from early extinguishment of debt (3) — (26 ) (138 ) — (164 ) (1 ) Loss from divested and closed businesses (16 ) (19 ) (6 ) — (41 ) (1 ) Tax impact of above items 14 25 26 49 114 (16 ) Tax reform adjustment — — — (252 ) (252 ) — Noncontrolling interests impact of above items — — — (23 ) (23 ) — Adjusted net income (loss) from continuing operations attributable to common shareholders $ (27 ) $ (17 ) $ (17 ) $ 143 $ 82 $ 59 Diluted earnings (loss) per share $ (0.52 ) $ (0.56 ) $ (3.63 ) $ (2.28 ) $ (7.00 ) $ 0.95 Less: Impairment and restructuring charges, and acquisition-related costs (0.33 ) (0.41 ) (3.26 ) (1.35 ) (5.34 ) (0.46 ) Litigation and investigation costs (0.05 ) (0.01 ) (0.06 ) (0.11 ) (0.23 ) (0.06 ) Gains on sales, consolidation and deconsolidation of facilities 0.15 0.23 1.03 0.02 1.42 1.08 Loss from early extinguishment of debt — (0.26 ) (1.37 ) — (1.62 ) (0.01 ) Loss from divested and closed businesses (0.16 ) (0.19 ) (0.06 ) — (0.40 ) (0.01 ) Tax impact of above items 0.14 0.25 0.26 0.48 1.12 (0.16 ) Tax reform adjustment — — — (2.47 ) (2.49 ) — Noncontrolling interests impact of above items — — — (0.23 ) (0.23 ) — Adjusted diluted earnings (loss) per share from continuing operations $ (0.27 ) $ (0.17 ) $ (0.17 ) $ 1.40 $ 0.81 $ 0.57 Weighted average basic shares outstanding (in thousands) 100,000 100,612 100,812 100,945 100,592 101,392 Weighted average dilutive shares outstanding (in thousands) 100,848 101,294 101,523 101,853 101,380 102,656 (1) Impairment and restructuring charges, and acquisition-related costs of $47 million in the three months ended March 31, 2018 consists of $19 million of impairment charges, primarily related to our Chicago-area facilities, $25 million of restructuring charges and $3 million of acquisition-related costs. (2) Gain on sales, consolidation and deconsolidation of facilities of $110 million in the three months ended March 31, 2018 was primarily related to a gain on sale of MacNeal Hospital and its related physician practices and related assets in Chicago area and the sales of our minority interests in several Dallas-area hospitals. (3) Loss from early extinguishment of debt of $1 million in the three months ended March 31, 2018 was related to the Company’s debt redemptions. TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #3 – Reconciliations of Net Cash Provided By Operating Activities to Free Cash Flow and Adjusted Free Cash Flow from Continuing Operations (Unaudited) (Dollars in millions) 2017 2018 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1st Qtr Net cash provided by operating activities $ 186 $ 215 $ 308 $ 491 $ 1,200 $ 113 Purchases of property and equipment (198 ) (150 ) (144 ) (215 ) (707 ) (143 ) Free cash flow $ (12 ) $ 65 $ 164 $ 276 $ 493 $ (30 ) Net cash provided by (used in) investing activities $ (189 ) $ (119 ) $ 535 $ (206 ) $ 21 $ 373 Net cash used in financing activities $ (141 ) $ (193 ) $ (889 ) $ (103 ) $ (1,326 ) $ (123 ) Net cash provided by operating activities $ 186 $ 215 $ 308 $ 491 $ 1,200 $ 113 Less: payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (24 ) (38 ) (26 ) (37 ) (125 ) (33 ) Net cash provided by (used in) operating activities from discontinued operations 2 (4 ) (1 ) (2 ) (5 ) (1 ) Adjusted net cash provided by operating activities from continuing operations 208 257 335 530 1,330 147 Purchases of property and equipment (198 ) (150 ) (144 ) (215 ) (707 ) (143 ) Adjusted free cash flow – continuing operations $ 10 $ 107 $ 191 $ 315 $ 623 $ 4 TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #4 – Reconciliation of Outlook Net Income (Loss) Attributable to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted EBITDA (Unaudited) (Dollars in millions) Q2 2018 2018 Low High Low High Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders $ (10 ) $ 10 $ 100 $ 180 Less: Net income attributable to noncontrolling interests (95 ) (105 ) (410 ) (430 ) Net loss from discontinued operations, net of tax (5 ) — (5 ) — Income tax expense (45 ) (50 ) (205 ) (225 ) Interest expense (250 ) (260 ) (1,000 ) (1,010 ) Loss from early extinguishment of debt — — (5 ) — Other non-operating expense, net — (5 ) (10 ) (15 ) Gains on sales, consolidation and deconsolidation of facilities (1) — — 110 110 Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements (1) (25 ) (15 ) (125 ) (75 ) Depreciation and amortization (195 ) (205 ) (790 ) (810 ) Loss from divested and closed businesses — (5 ) (10 ) (15 ) Adjusted EBITDA $ 605 $ 655 $ 2,550 $ 2,650 Income (loss) from continuing operations $ (5 ) $ 10 $ 105 $ 180 Net operating revenues $ 4,475 $ 4,675 $ 17,900 $ 18,300 Income (loss) from continuing operations as a % of operating revenues (0.1 )% 0.2 % 0.6 % 1.0 % Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin) 13.5 % 14.0 % 14.2 % 14.5 % (1) The Company has provided an estimate of restructuring charges and related payments that it anticipates in 2018. The Company does not generally forecast impairment charges, acquisition-related costs, litigation costs and settlements, gains (losses) on sales, and consolidation and deconsolidation of facilities because the Company does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook. TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #5 – Reconciliation of Outlook Net Income (Loss) Attributable to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted Net Income (Loss) from Continuing Operations Attributable to Common Shareholders (Unaudited) (Dollars in millions except per share amounts) Q2 2018 2018 Low High Low High Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders $ (10 ) $ 10 $ 100 $ 180 Net loss from discontinued operations, net of tax (5 ) $ — (5 ) — Net income (loss) from continuing operations (5 ) 10 105 180 Less: Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements (25 ) (15 ) (125 ) (75 ) Gains on sales, consolidation and deconsolidation of facilities — — 110 110 Loss from early extinguishment of debt — — (5 ) — Loss from divested and closed businesses — (5 ) (10 ) (15 ) Tax impact of above items 5 — (5 ) (15 ) Noncontrolling interests impact of above items — — — — Adjusted net income (loss) from continuing operations available (attributable) to common shareholders $ 15 $ 30 $ 140 $ 175 Diluted earnings (loss) per share $ (0.05 ) $ 0.10 $ 1.02 $ 1.75 Less: Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements (0.25 ) (0.14 ) (1.21 ) (0.73 ) Gains on sales, consolidation and deconsolidation of facilities — — 1.07 1.07 Loss from early extinguishment of debt — — (0.05 ) — Loss from divested and closed businesses — (0.05 ) (0.10 ) (0.15 ) Tax impact of above items 0.05 — (0.05 ) (0.14 ) Noncontrolling interests impact of above items — — — — Adjusted diluted earnings (loss) per share from continuing operations $ 0.15 $ 0.29 $ 1.36 $ 1.70 Weighted average basic shares outstanding (in thousands) 101,000 101,000 102,000 102,000 Weighted average dilutive shares outstanding (in thousands) 102,000 102,000 103,000 103,000 TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #6 – Reconciliation of Outlook Net Cash Provided by Operating Activities to Outlook Adjusted Free Cash Flow from Continuing Operations (Dollars in millions) 2018 Low High Net cash provided by operating activities $ 1,245 $ 1,550 Less: Payments for restructuring charges, acquisition-related costs and litigation costs and settlements (1) (100 ) (50 ) Net cash used in operating activities from discontinued operations (5 ) — Adjusted net cash provided by operating activities – continuing operations 1,350 1,600 Purchases of property and equipment – continuing operations (625 ) (675 ) Adjusted free cash flow – continuing operations (2) $ 725 $ 925 (1) The Company has provided an estimate of payments that it anticipates in 2018 related to restructuring charges. The Company does not generally forecast payments related to acquisition-related costs and litigation costs and settlements because the Company does not believe that it can forecast these items with sufficient accuracy since some of these items may be indeterminable at the time the Company provides its financial Outlook. (2) The Company's definition of Adjusted Free Cash Flow does not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows From Financing Activities on the Company's Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, (ii) distributions paid to noncontrolling interests, or (iii) payments under the Put/Call Agreement for USPI redeemable noncontrolling interests, which are recorded on the Statement of Cash Flows as the purchase of noncontrolling interests. View source version on businesswire.com: https://www.businesswire.com/news/home/20180430006364/en/ Tenet Healthcare Corporation Investor Contact Brendan Strong, 469-893-6992 investorrelations@tenethealth.com or Media Contact Lesley Bogdanow, 469-893-2640 mediarelations@tenethealth.com Source: Tenet Healthcare Corporation

Tenet Reports Results for the First Quarter Ended March 31, 2018

May 24, 2018 / 10:17 PM / Updated an hour ago U.S. Senate defence bill would bar Turkey from buying F-35 jets Patricia Zengerle 3 Min Read WASHINGTON (Reuters) - A U.S. Senate committee passed its version of a $716 billion (534.49 billion pounds) defence policy bill on Thursday, including a measure to prevent Turkey from purchasing Lockheed Martin F-35 Joint Strike Fighter jets. FILE PHOTO: Three F-35 Joint Strike Fighters, (rear to front) AF-2, AF-3 and AF-4, flies over Edwards Air Force Base in this December 10, 2011 handout photo provided by Lockheed Martin. Darin Russell/Courtesy of Lockheed Martin/Handout via REUTERS The amendment to the National Defense Authorization Act, or NDAA, from Democratic Senator Jeanne Shaheen and Republican Senator Thom Tillis, would remove Turkey from the F-35 programme over its detention of U.S. citizen Andrew Brunson, Shaheen’s office said. Brunson, a Christian pastor who could be jailed for up to 35 years, denied terrorism and spying charges in a Turkish court this month. He has been in pre-trial detention since 2016. It also faults NATO ally Turkey for its agreement with Russia in December to buy S-400 surface-to-air missile batteries. Ankara wants the system to boost its defence capabilities amid threats from Kurdish and Islamist militants at home and conflicts across its borders in Syria and Iraq. According to Shaheen’s office, the intention to purchase the Russian system is sanctionable under U.S. law. “There is tremendous hesitancy (about) transferring sensitive F35 planes and technology to a nation who has purchased a Russian air defence system designed to shoot these very planes down,” said Senator Shaheen. Relations between Ankara and Washington have been strained over a host of issues in recent months, including U.S. policy in Syria and a number of legal cases against Turkish and U.S. nationals being held in the two countries. Turkey has said it would retaliate if the United States enacted a law halting weapons sales to the country. Turkey plans to buy more than 100 of the F-35 jets, and has had talks with Washington about the purchase of Patriot missiles. The move to buy S-400s, which are incompatible with the NATO systems, has unnerved NATO member countries, which are already wary of Moscow’s military presence in the Middle East, prompting NATO officials to warn Turkey of unspecified consequences. The NDAA is several steps from becoming law. The House of Representatives passed its version of the legislation earlier on Thursday. The Senate must still pass its version of the bill and the two versions must be reconciled before a final compromise bill can come up for a vote in both the House and Senate later this year. Reporting by Patricia Zengerle; editing by Diane Craft

U.S. Senate defence bill would bar Turkey from buying F-35 jets

NEW YORK (AP) — A New York City artist is facing eviction and a $185,000 fine after renting out her rent-regulated loft to tourists on Airbnb. The New York Post reports a judge ruled this week that a landlord could evict Eileen Hickey. Landlord Robert Moskowitz says Hickey's rentals made $4,500 a month, triple what she pays. Moskowitz says Hickey violated state laws against short-term renting and profiting off rent-stabilized apartments. Hickey says the Airbnb rentals spanned 85 nights over 10 months a few years ago. She says she needed money for her then-husband's medical bills and believed the rentals were legal. The 72-year-old also owns a Manhattan condo. She says she uses it as an office. San Francisco-based Airbnb said Friday it encourages tenants to consult their landlords before renting out their homes.

New York City loft-dweller fined $185K for tourist rentals

NEWTON, Mass.--(BUSINESS WIRE)-- Purchase intent-driven marketing and sales services company TechTarget, Inc. (Nasdaq: TTGT) today announced three (3) months ended March 31, 2018 by posting them to its website. Please visit TechTarget’s Investor Information section of our website at http://investor.techtarget.com to view our Letter to Shareholders with supplemental financial information. Conference Call and Webcast TechTarget will discuss these financial results in a conference call at 5:00 p.m. (Eastern Time) today (May 9, 2018). Our Letter to Shareholders with supplemental financial information will be posted to the Investor Information section of our website simultaneously with this press release. NOTE : Our Letter to Shareholders will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers. The public is invited to listen to a live webcast of TechTarget’s conference call, which can be accessed on the Investor Information section of our website at http://investor.techtarget.com . The conference call can also be heard via telephone by dialing 1-888-339-0724 (US callers), 1-855-669-9657 (Canadian callers) or 1-412-902-4191 (International callers). For those investors unable to participate in the live conference call, a replay of the conference call will be available via telephone beginning May 9, 2018 one (1) hour after the conference call through June 9, 2018 at 9:00 a.m. ET. To listen to the replay, US callers should dial 1-877-344-7529 and use the conference number 10118567. Canadian callers should dial 1-855-669-9658 and also use the conference number 10118567. International callers should dial 1-412-317-0088 and also use the conference number 10118567. The webcast replay will also be available on http://investor.techtarget.com during the same period. About TechTarget TechTarget (Nasdaq: TTGT) is the global leader in purchase intent-driven marketing and sales services that deliver business impact for enterprise technology companies. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies’ information technology needs. By understanding these buyers’ content consumption behaviors, TechTarget creates the purchase intent insights that fuel efficient and effective marketing and sales activities for clients around the world. TechTarget has offices in Boston, London, Munich, Paris, San Francisco, Singapore and Sydney. For more information, visit techtarget.com and follow us on Twitter @TechTarget . © 2018 TechTarget, Inc. All rights reserved. TechTarget and the TechTarget logo are registered trademarks of TechTarget. All other trademarks are the property of their respective owners. View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006445/en/ Investor Inquiries TechTarget Daniel T. Noreck, 617-431-9449 Chief Financial Officer dnoreck@techtarget.com or Media Inquiries TechTarget Garrett Mann, 617-431-9371 Director of Marketing gmann@techtarget.com Source: TechTarget, Inc.

TechTarget First Quarter Conference Call and Webcast

By Kirsten Korosec 8:24 AM EDT Japan’s SoftBank plans to invest $2.25 billion into GM’s self-driving car unit Cruise to help bring fleets of autonomous vehicles to market faster. The investment, made from its Vision Fund, will give Softbank (sftby) a 19.6% stake in Cruise, which has been operating as a separate unit from GM. GM (gm) said Thursday it will also invest $1.1 billion into Cruise upon closing of the transaction. The GM and SoftBank Vision Fund investments are expected to provide the capital needed to commercialize a fleet of self-driving ride-hailing service beginning in 2019. “We were blown away by the ability of the Cruise team to iterate quickly, to work through the integrated approach, which we believe is crucial to the success of this business, Michael Ronen, managing partner of SoftBank Investment Advisers said during a conference call with reporters Thursday. Cruise’s speed and approach to safety paired with GM’s ability to produce volumes of self-driving vehicles at scale helped clinch the deal, Ronen noted. The investment will be made in two parts. The first tranche of $900 million will be made at the closing of the transaction. Once Cruise’s autonomous vehicles are ready for commercial deployment, Softbank will complete the second investment of $1.35 billion. Softbank and GM Cruise have agreed to a 7-year term before either party can seek liquidity outside of the partnership. “That’s a good benchmark to what we believe should be a runway for this technology to get to, at least, close to maturity,” Ronen said, adding there will be plenty of growth between now and the end of term. The Softbank Vision Fund has has become a dominant force in the venture community with aggressive and large investments in some of the most prominent startups in the world. Its investments include a variety of ride-hailing companies such as Uber, China’s Didi Chuxing, Grab, Ola, and 99. “GM has made significant progress toward realizing the dream of completely automated driving to dramatically reduce fatalities, emissions, and congestion,” Ronen said in a statement released prior to the conference call. “The GM Cruise approach of a fully integrated hardware and software stack gives it a unique competitive advantage. We are very impressed by the advances made by the Cruise and GM teams, and are thrilled to help them lead a historic transformation of the automobile industry.” GM acquired Cruise in 2016 and has been testing self-driving cars in San Francisco as well as a suburb of Phoenix. GM announced in November during its investor day plans to introduce an autonomous ride-sharing service to several big cities in 2019. In January, GM filed a petition asking the federal government permission to deploy self-driving Chevy Bolts that have no steering wheel, pedals, or other manual controls in preparation to launch its robo ride-sharing service. SPONSORED FINANCIAL CONTENT

SoftBank Will Invest $2.25 Billion in GM’s Self-Driving Car Unit Cruise

May 23, 2018 / 2:57 PM / Updated 3 hours ago Why the world needs more than one Ebola vaccine Kate Kelland , Ben Hirschler 7 Min Read LONDON (Reuters) - - In the life-and-death race to make the first effective vaccine against Ebola, one company - Merck - seems bound to win. A World Health Organization (WHO) worker prepares to administer a vaccination during the launch of a campaign aimed at beating an outbreak of Ebola in the port city of Mbandaka, Democratic Republic of Congo May 21, 2018. REUTERS/Kenny Katombe But others drugmakers, such as Johnson & Johnson and GlaxoSmithKline, are also in the running - and must stick with it even though they are unlikely to make a profit, experts say, because the world needs more than one Ebola vaccine. Immunizations with Merck’s VSV EBOV experimental shot began in Congo this week - a big moment in a 40-year fight against a disease that until now could only be tackled by isolation and strict hygiene. Having this vaccine means the world is better placed now than it was in 2014-2016, when the hemorrhagic fever killed more than 11,300 people in history’s worst Ebola outbreak in West Africa. Still, relying on one potential vaccine from one company does not make sense, either in terms of ensuring resilient supply or the best protection against the virus, says Jeremy Farrar, director of the Wellcome Trust global health charity. “It’s critical that we encourage companies to keep working on this,” he told Reuters. “Firstly, it may be that two vaccines may have very different characteristics. “And we also need more than one manufacturer. You can’t expect one company to carry the burden of the whole production facility for an Ebola vaccine.” Ebola is a fearsome disease but it is also still rare, making the potential market for an emergency vaccine highly sporadic and very likely unprofitable. This poses a dilemma for drug companies: With no real prospect of a financial return, can they justify the investment, even when they get support from government agencies and charities. GSK’s put its Ebola vaccine work on hold after it was unable to progress its product through clinical trials towards the end of the 2014-16 epidemic, due to the dwindling number of Ebola cases. A spokesman said it is monitoring the situation. A slide is pictured during a briefing for World Health Assembly (WHA) delegates on the Ebola outbreak response in Democratic Republic of the Congo at the United Nations in Geneva, Switzerland, May 23, 2018. REUTERS/Denis Balibouse J&J is pushing ahead. Since the big West African outbreak, the company has gone on to test its vaccine on 5,000 volunteers in 11 separate trials, confirming its safety and ability to generate an immune response. “We are not doing this for a commercial purpose,” said Paul Stoffels, J&J’s Chief Scientific Officer told Reuters in an interview. “If you have technology that can help fight the most deadly virus in the world, then you can’t stand back and not do this. “There are also benefits to us. We are also learning all the time about vaccine technology, which has advanced our science.” COMPLEMENTARY J&J’s two-part vaccine - being developed with Danish biotech Bavarian Nordic - works differently to Merck’s and its protection, if confirmed, is expected to be longer lasting. Merck’s shot is well suited for “ring vaccination” of people in recent contact with new Ebola cases, but a long-lasting option would be a good bet for healthy support workers coming in to fight the crisis. “Certainly from what we know about the J&J vaccine, it could have a very complementary use,” said Peter Salama, the World Health Organization’s deputy director-general for emergency preparedness and response. “It looks like it takes a little longer to develop the immune response, but at the same time it may last a lot longer ... it could be an ideal vaccine for healthcare workers, for example, who you could proactively vaccinate and know that they are protected for 10 years or so.” A slide is pictured during a briefing for World Health Assembly (WHA) delegates on the Ebola outbreak response in Democratic Republic of the Congo at the United Nations in Geneva, Switzerland, May 23, 2018. REUTERS/Denis Balibouse One problem remains the lengthy, complex and expensive process of getting new vaccines licensed by Western regulators, like the U.S. Food and Drug Administration (FDA). Merck - whose vaccine was originally developed by the Public Health Agency of Canada and then handed to NewLink Genetics, before Merck took it on in 2014 - does not expect to be ready to seek an FDA marketing authorization license for VSV EBOV until 2019. This is in part due to “unforeseen facility and engineering issues” at a manufacturing plant being built in Germany, Merck’s spokeswoman Pamela Eisele said. “We ... are focused on getting vaccine manufacturing on-line as quickly as possible.” The company could get a pay-off when the vaccine is finally licensed, in the form of an FDA priority review voucher, which can be used with another product of its choice or sold on. The FDA issues such vouchers for innovative drugs or vaccines tackling neglected or rare diseases, including Ebola, and past examples have been sold for up to $350 million. The only licensed Ebola vaccines come from separate groups in Russia and China. Their products have been approved by local regulators only on the basis of limited clinical data. An FDA license is widely regarded as the definitive stamp of approval. BEYOND EBOLA Large drug companies remain the only realistic vehicles for manufacturing vaccines at scale and the problem of incentivizing them to work on non-profitable diseases in poor countries stretches beyond Ebola. “In any vaccine market, at some point the manufacturers assess whether its a viable market to continue, and they may stop,” Salama told Reuters. Sanofi, for example, dropped development of a Zika vaccine last year, despite promising early clinical results, following a row over future pricing of the product, which was originally developed by U.S. Army researchers. Such hesitancy by drug companies is going to need to be overcome, experts say, especially since a crowded world can expect an increasing number of deadly encounters with microbes. In the past 60 years, the number of new infectious diseases affecting humans has increased fourfold and the number of outbreaks per year has more than tripled, according to report from the International Vaccines Task Force. Only this week India has been hit by the brain-damaging Nipah virus, killing 10 people, while Nigeria had its worst Lassa fever outbreak on record earlier this year. There are currently no vaccines for either of these, but both are on a WHO research and development priority list alongside Ebola, Zika, MERS and Crimean-Congo hemorrhagic fever. Reporting by Kate Kelland and Ben Hirschler, editing by Anna Willard

Why the world needs more than one Ebola vaccine

MEXICO CITY (Reuters) - Mexican leftist presidential candidate Andres Manuel Lopez Obrador retains a double-digit lead in the race to win the July 1 election but his second-place rival has slightly closed the gap, a poll showed on Wednesday. Leftist front-runner Andres Manuel Lopez Obrador of the National Regeneration Movement (MORENA) speaks during a meeting with students of the Instituto Tecnologico y de Estudios Superiores de Monterrey (ITESM) in Monterrey, Mexico April 27, 2018. REUTERS/Daniel Becerril The poll was the first conducted by newspaper Reforma since an April 22 televised presidential debate, when the trailing pack of candidates launched sustained attacks on Lopez Obrador, putting him on the defensive. The April 26-30 voter poll showed Lopez Obrador winning 48 percent support, unchanged from a Reforma voter survey earlier in April. His nearest rival, Ricardo Anaya, who heads a right-left coalition, gained four points to 30 percent support. Jose Antonio Meade, candidate of the ruling Institutional Revolutionary Party remained in third place. His backing slipped one point to 17 percent, the poll showed. Lopez Obrador vows to reduce inequality without raising taxes or debt, and he is likely to slow an economic liberalization program promoted by the current government. His government could also be more combative with U.S. President Donald Trump. Trump’s claims that Mexican illegal immigrants are rapists and criminals and his complaints that Mexico has taken advantage of the United States over trade have made him unpopular south of the border. The figures for the three candidates stripped out the 18 percent of respondents who expressed no preference. The poll surveyed 1,200 voters and had a margin of error of 3.6 percentage points. In his third consecutive bid to reach the presidency, Lopez Obrador, a 64-year-old former mayor of Mexico City, has capitalized on widespread disenchantment with the PRI over political corruption, rising levels of violence and sluggish economic growth. The survey showed Margarita Zavala, wife of former President Felipe Calderon, slipping to 3 percent from 5 percent previously. The former governor of the state of Nuevo Leon, Jaime Rodriguez Calderon, who shocked Mexicans when he suggested during the presidential debate that thieves should have their hands chopped off, dropped 1 point and now just has 2 percent. Still, only 9 percent said the debate had changed their mind regarding who they planned to vote for. The debate was watched by 55 percent of those surveyed. The survey also showed Lopez Obrador comfortably beating his two main rivals in direct head-to-head contests, though by smaller margins than in the prior poll. Facing Anaya, he wins by a margin of 48 percent to 33 percent, and against Meade, by 52 percent to 24 percent. Reporting by Miguel Angel Gutierrez and Anthony Esposito; Editing by Catherine Evans and Alistair Bell

Lopez Obrador lead narrows slightly in Mexico presidency race

May 10, 2018 / 2:23 PM / Updated 3 hours ago US STOCKS-Wall St rises as CPI data cools inflation fears Reuters Staff * Qualcomm rises on $10 bln share buyback plan * U.S. consumer prices rise 0.2 pct in April vs est 0.3 pct * Wells Fargo up, sees $4 bln in expense reductions by end of 2019 * Indexes up: Dow up 0.39 pct, S&P 0.42 pct, Nasdaq 0.38 pct (Updates to open) By Sruthi Shankar May 10 (Reuters) - Wall Street was higher on Thursday after U.S. consumer prices increased modestly in April, cooling worries of accelerating inflation that would have made a case for faster interest rate hikes. A Labor Department report showed its consumer price index (CPI) rose 0.2 percent, below the economists’ expectation of 0.3 percent, as rising costs for gasoline and rental accommodation were tempered by a moderation in healthcare prices. Excluding the volatile food and energy components, consumer prices rose 2.1 percent year-on-year in April, matching March’s increase. U.S. Treasury yields added to their earlier decline after the data. The stock market has been riding an oil rally for the past two days following President Donald Trump’s decision to withdraw the United States from a nuclear deal with Iran. Oil prices were on track for their biggest weekly increase in a month on expectations of potential disruption to crude flows from major exporter Iran as the United States plans to reimpose sanctions. Rising oil prices have helped the S&P 500 energy index outperform other major sectors in the quarter with gains of 12.6 percent. “The market wants to see a breakout in a particular sector,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York. “So far, we’ve had in energy.” “If the kind of gains we saw yesterday holds over, people will move into the market. The next level of resistance to watch is probably around where we closed 2,700.” At 9:53 a.m. EDT the Dow Jones Industrial Average was up 94.74 points, or 0.39 percent, at 24,637.28, the S&P 500 was up 11.44 points, or 0.42 percent, at 2,709.23 and the Nasdaq Composite was up 27.53 points, or 0.38 percent, at 7,367.43. Among stocks, Wells Fargo rose 1.1 percent after the lender said it expects efficiency efforts to cut expenses by $2 billion annually in 2018 and 2019. Qualcomm rose 2.3 percent after the chipmaker approved a new $10 billion share buyback program that replaces the previous $15 billion program. Nvidia, which is set to report earnings after the closing bell on Thursday, was up 1.2 percent. Macy’s dropped 4.9 percent after Morgan Stanley downgraded the retailer’s stock to “underweight”. Advancing issues outnumbered decliners by a 2.49-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.46-to-1 ratio on the Nasdaq. The S&P index recorded 25 new 52-week highs and 2 new lows, while the Nasdaq recorded 78 new highs and 11 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)

US STOCKS-Wall St rises as CPI data cools inflation fears

May 1, 2018 / 6:37 AM / Updated 7 hours ago 'We're in the Money' - Sainsbury's CEO filmed singing after Asda deal Reuters Staff 2 Min Read LONDON (Reuters) - The chief executive of Sainsbury’s ( SBRY.L ) was filmed singing “We’re in the Money” hours after announcing that the supermarket he runs would buy rival Asda, boosting his company’s value by 860 million pounds. FILE PHOTO: Mike Coupe, CEO of Sainsbury's poses in a store in Redhill, Britain, March 27, 2018. REUTERS/Peter Nicholls CEO Mike Coupe was waiting in a studio when cameras caught him singing the song from the musical 42nd Street in footage that was later released by British broadcaster ITV. Related Coverage Factbox - Sainsbury's swoops for Walmart's Asda to create new No.1 UK supermarket “We’re in the money, the sky is sunny. Let’s lend it, spend it, send it rolling along,” he sings before sipping his coffee. The Asda deal has already made Coupe significantly richer, with his 1.28 million shares going up in value by 500,000 pounds following the announcement. Coupe apologised, saying he was sorry if anyone was offended. “This was an unguarded moment trying to compose myself before a TV interview. It was an unfortunate choice of song, from the musical 42nd Street which I saw last year,” he said in a statement emailed by Sainsbury’s. Sainsbury’s said on Monday it would buy Asda, owned by Walmart ( WMT.N ) for around 7.3 billion pounds, in a bold attempt to overtake long-time leader Tesco ( TSCO.L ) as Britain’s biggest supermarket group by market share. Reporting by Sarah Young; editing

'We're in the Money' - Sainsbury's CEO filmed singing after Asda deal

JPMorgan investment specialist: We're favoring international markets over U.S. markets 2 Hours Ago Anastasia Amoroso, JPMorgan investment specialist, and CNBC's Mike Santoli discuss Warren Buffett's comments on stocks and bonds and their performance thus far.

JPMorgan investment specialist: We're favoring international markets over U.S. markets

The yield on U.S. 10-year Treasury note yield hit a new multiyear high overnight, returning to a level not seen since 2011. The 10-year yield briefly hit 3.128 percent, its highest level since July 8, 2011 when the note yielded as high as 3.184 percent. The 30-year bond yield also briefly hit a new high; it topped 3.2640 percent overnight, its highest level since Oct. 3, 2014 when the 30-year yielded as high as 3.276 percent. Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- Though fixed income investor did not receive much in the way of economic data on Friday, the recent climb in yields comes after a flood of news earlier this week. On Thursday, the Labor Department said new applications for U.S. jobless benefits increased more than anticipated, but the number of Americans on unemployment fell to its lowest level since 1973. Initial claims for state unemployment benefits rose 11,000 to a seasonally adjusted 222,000 for the week ended May 12, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims rising to 215,000 in the latest week. The latest figures add to a growing narrative that the labor market is approaching full employment with the jobless rate near a 17-year low of 3.9 percent. The Federal Reserve, which seeks to balance goals of maximum employment and stable prices, has forecast an unemployment rate of 3.8 percent by the end of the year. Tighter labor markets are usually considered a bellwether of labor input wages in classical economics: When workers are in higher demand, employers will typically have to pay more for their services. Wages, in turn, are often seen as a prelude to higher prices throughout the economy as people spend more as their paychecks grow. Rising inflation, which threatens Treasury prices because it erodes the purchasing power of their fixed payments, puts upward pressure on rates.

US yields fall back after climbing to fresh seven-year peak

May 30, 2018 / 10:56 AM / Updated 12 minutes ago Bank of Montreal's quarterly earnings beat market expectations Reuters Staff 1 Min Read TORONTO, May 30 (Reuters) - Bank of Montreal on Wednesday reported second quarter results which were ahead of market expectations, helped by strong performances at its retail and wealth management businesses in Canada and the United States. Canada’s fourth biggest lender said earnings per share, excluding exceptional items, rose by 15 percent to C$2.20 in the quarter to March 31. Analysts had on average forecast earnings of C$2.12 per share, according to Thomson Reuters I/B/E/S data. (Reporting by Matt Scuffham; editing by David Evans)

Bank of Montreal's quarterly earnings beat market expectations

MUMBAI/NEW DELHI (Reuters) - At the International Energy Forum in Delhi in April, the world's top oil producer Saudi Aramco inked a preliminary deal here to partner with a consortium of Indian players to build a $44 billion refinery and petrochemical project on India's west coast. Saudi Energy Minister Khalid al-Falih addresses the media flanked by India's Oil Minister Dharmendra Pradhan (L) and Saudi Aramco Chief Executive Officer Amin Nasser (R) during International Energy Forum (IEF) to announce Saudi Aramco's participation in the planned refinery project in western state of Maharashtra, in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain The huge project was touted as a gamechanger for both parties - offering India steady fuel supplies and meeting Saudi Arabia’s need to secure regular buyers for its oil. Despite the obvious benefits, though, the prospects for the plan - in the works since 2015 - are growing dimmer by the day. Thousands of farmers oppose the refinery and are refusing to surrender land, fearing it could damage a region famed for its Alphonso mangoes, vast cashew plantations and fishing hamlets that boast bountiful catches of seafood. “We earn enough to fulfill our needs and we do not want to surrender our lands for a refinery at any cost,” says Sandesh Desai, standing amid his fruit-laden mango orchard in Nanar, a village in Ratnagiri district, some 400 km (250 miles) south of Mumbai. Land acquisition has always been a contentious issue in rural India, where a majority of the population depends on farming for their livelihood. In 2008, for example, India’s Tata Motors had to shelve plans for a car factory in an eastern state after facing widespread protests from farmers. And while Prime Minister Narendra Modi has tried to ease land acquisition rules to jumpstart delayed projects worth tens of billions of dollars, the government has faced resistance to amending populist laws enacted by his predecessors. Like Desai, a majority of the farmers from 14 villages around Ratnagiri that need to be relocated for the refinery project firmly oppose the plan, a state government official told Reuters. Opposition politicians and even a local ally of Modi’s Bhartiya Janta Party (BJP) support the farmer movement, complicating matters further for the government ahead of state and general elections in 2019. The state government, which is responsible for acquiring the land for the project, has so far failed to secure even one acre of the roughly 15,000 acres needed for the refinery, Maharashtra Industries Minister Subhash Desai told Reuters. “The state is not going to acquire land as a majority of the farmers are against the plan,” said Desai, the minister, who is a member of the Shiv Sena, a regional party allied with the BJP in the Maharashtra state government. Under land acquisition rules at least 70 percent of the land owners need to provide consent for a project, he said. Still, some believe that the opponents are only objecting to get better compensation packages for their land. “Eventually all stakeholders will give their consent, but it will take time,” said Ajay Singh Sengar, who heads a rival forum that supports the refinery project. A local government official in the area said he thought many farmers would agree to a deal once a compensation package was announced. JOB PROMISES The Ratnagiri Refinery & Petrochemicals Ltd (RRPL), which is running the project, says the 1.2-million-barrel-per-day (bpd) refinery, and an integrated petrochemical site with a capacity of 18 million tonnes per year, will help create direct and indirect employment for up to 150,000 people, with jobs that pay better than agriculture or fishing. But farmers say they have sufficient work in their orchards and fields. “We don’t have enough people to maintain our mango orchards. That’s why every year we employ migrant labor from Nepal,” says Arvind Samant, the secretary of a farmers’ and fishermen’s group that was created to organize opposition to the project. Samant says instead of a refinery the government should bring agro-processing plants or other industries that suit local needs. RRPL, a joint venture between Indian Oil Corp (IOC), Hindustan Petroleum and Bharat Petroleum, said suggestions the refinery would hurt the environment were baseless. It says it will continue to cultivate mangoes and cashews on some 4,500 acres of land around the project. Despite the opposition, RRPL is hopeful the project will proceed. “Some people misguided farmers and created fear. We’re now trying to answer each and every doubt,” said Anil Nagwekar, a spokesman for the RRPL, adding RRPL was struggling to convince farmers as they refused to even discuss the plan with the company. Hundreds of people have joined non-violent protests, blocking surveyors from even measuring land needed for the site, said Omkar Prabhudesai, who heads the local group opposing the project. “There is no point in listening to the company’s views. We have already decided not to give our land,” said Prabhudesai. FAINT HOPES The refinery, announced in 2015, was to be commissioned by 2022, but delays in land acquisition mean the deadline is likely to be pushed back. “Ideally the state government should have acquired land by now and the work for the project should have started. The delay could impact deadlines,” said RRPL’s Nagwekar. Saudi Aramco declined to comment, while India’s oil ministry did not respond to a Reuters email seeking comment. Even if the government wanted to implement the project, it would not start any land acquisition process before elections in 2019, conceded a senior state government official, who asked not to be named due to the sensitivity of the matter. “Sensing political mileage every political party is opposing the project. For the next one year there won’t be any progress,” the official said. Workers of the Maharashtra Navnirman Sena (MNS), a regional party, vandalized offices of RRPL in Mumbai in April. An MNS spokesman confirmed reports of the incident and said the party was strongly opposed to the refinery plan. Parties like the Indian National Congress, and the Nationalist Congress Party also oppose the plan. Still, some officials remain hopeful. Building a large project such as this in India was possible, but could take years, said IOC’s head of refineries Rama Gopal. “We conceived the Paradip refinery project in 1994,” he said, referring to a plant it runs on the east coast. “But for various reasons the project got delayed and it was finally only commissioned in 2014.” Reporting by Rajendra Jadhav and Nidhi Verma; Editing by Euan Rocha and Alex Richardson Our Standards: The Thomson Reuters Trust Principles.

Land acquisition woes thwart India's mega refinery plan with Saudi Aramco

Targeting DEXTENZA™ NDA Resubmission in the Second Quarter of 2018 BEDFORD, Mass.--(BUSINESS WIRE)-- Ocular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced financial results for the first quarter ended March 31, 2018 and provided a business update. “We entered 2018 with an exciting set of opportunities that include a number of regulatory and clinical milestones,” said Antony Mattessich, President and Chief Executive Officer. “With the right strategy, objectives and leadership in place, we are able to turn our full attention to execution and, most importantly, to the demonstration of our ability to deliver on the immense promise of our platform technology. Top among our objectives is the continued advancement of our product pipeline and the re-submission of DEXTENZA which we continue to target for the second quarter of 2018.” Key Highlights and Upcoming Events DEXTENZA™ New Drug Application (NDA) resubmission to the U.S. Food and Drug Administration (FDA) remains on track for the second quarter of 2018. DEXTENZA is a long-acting, preservative-free formulation of dexamethasone that uses Ocular Therapeutix’s proprietary hydrogel technology and offers a full course of steroid treatment to treat post-surgical ocular pain in a single administration. The Company has made significant progress addressing not only the specific issues raised by the FDA in its most recent Complete Response Letter, but also the implementation of upgrades to the overall quality systems and key operating procedures necessary to reach GMP compliance. Based on the progress, Ocular Therapeutix is reiterating prior guidance that it is targeting resubmission of the NDA in the second quarter of 2018. OTX-TP (travoprost insert) Phase 3 topline efficacy data for the treatment of glaucoma now expected in the first half of 2019. OTX-TP is a long-acting, preservative-free formulation of travoprost for patients with primary open-angle glaucoma and ocular hypertension. While enrollment in this large trial has continued steadily, it has proceeded more slowly than projected. Therefore, the Company is adjusting guidance that topline data will now be available in the first half of 2019 rather than the second half of 2018. To address this enrollment issue, the Company is intensifying efforts with current sites to identify eligible patients and continues to add new sites to help complete enrollment. Plans to initiate an open label one-year safety extension study for OTX-TP (travoprost insert) for glaucoma in the second quarter 2018. The Company will initiate an open-label, one-year safety extension study with its first Phase 3 study. This study will contribute to the safety data to support OTX-TP’s eventual product registration. First patient dosed in OTX-TIC (travoprost implant) U.S. Phase 1 clinical trial with plans to report clinical data in the first half of 2019. OTX-TIC is Ocular Therapeutix’s second glaucoma program targeting patients needing a higher level of intraocular pressure reduction. The product is a bioresorbable, travoprost-containing hydrogel implant delivered via intracameral injection. The U.S. Phase 1 trial is a multi-center, open-label, proof-of-concept clinical trial to evaluate the safety, efficacy, durability, and tolerability of OTX-TIC in patients with primary open-angle glaucoma and ocular hypertension. Plans to initiate ex-U.S. Phase 1 clinical trial for OTX-TKI (tyrosine kinase inhibitor implant) in the second quarter of 2018. OTX-TKI is a bioresorbable, hydrogel fiber implant with anti-angiogenic properties, delivered by intravitreal injection. Preclinical data have demonstrated the ability to deliver an efficacious dose of OTX-TKI to the posterior segment of the eye for the treatment of VEGF-induced retinal leakage for an extended duration of up to twelve months. The study will be a multi-center, open-label, dose escalation study to test the safety, durability, and tolerability of OTX-TKI. The Company also plans to evaluate biological activity by following visual acuity over time and measuring retinal thickness using standard optical coherence tomography (OCT). Regeneron collaboration continues for the development of OTX-IVT (aflibercept implant). The Company, along with Regeneron, continues to progress on the development of an extended-delivery formulation of the VEGF trap aflibercept(EYLEA®), delivered by intravitreal injection, for the treatment of retinal diseases such as wet Age-Related Macular Degeneration (AMD). The Company remains encouraged by the engagement of both teams and the multiple possibilities to which this partnership could lead. First Quarter 2018 Financial Results As of March 31, 2018, cash and cash equivalents totaled $62.9 million. Cash used in operating activities was $12.5 million in the first quarter of 2018, compared to $14.6 million for the first quarter of 2017. The decrease of $2.1 million was due to a savings in operating expenses as a result of the restructuring in the third quarter of 2017. Ocular Therapeutix reported a net loss of approximately $(13.8) million, or $(0.40) per share, for the quarter ended March 31, 2018, compared to a net loss of $(16.0) million, or $(0.58) per share, for the comparable quarter in 2017. The net loss for the first quarter of 2018 included $2.4 million in non-cash charges for stock-based compensation and depreciation compared to $2.0 million in similar non-cash charges for the first quarter of 2017. Total costs and operating expenses for the three-month period ended March 31, 2018 were $13.8 million, as compared to $16.1 million for the comparable period in 2017. Increases in (i) Research and Development expenses to advance the clinical and preclinical development of the Company’s hydrogel platform technology and its portfolio of drug product candidates and (ii) General and Administrative expenses driven by increased professional fees primarily from higher litigation expenses were more than offset by significant savings in Selling and Marketing expenses due to the restructuring in the third quarter of 2017. Ocular Therapeutix generated $340 thousand in revenue during the three-month period ended March 31, 2018 from product sales of ReSure ® Sealant, as compared to $475 thousand during the three-month period ended March 31, 2017. As of May 1, 2018, there were approximately 37.3 million shares issued and outstanding. Based on the Company’s current plans and forecasted expenses, Ocular Therapeutix believes that existing cash and cash equivalents, will fund operating expenses, debt service obligations, and capital expenditure requirements through the first quarter of 2019, exclusive of any potential payment under the Regeneron partnership. This is of course subject to a number of assumptions about the Company’s clinical development programs and other aspects of our business. Conference Call & Webcast Information Members of the Ocular Therapeutix management team will host a live conference call and webcast today at 4:30 pm Eastern Time to review the Company's financial results and provide a general business update. The live webcast can be accessed by visiting the Investors section of the Company’s website at investors.ocutx.com. Please connect at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call (844) 464-3934 (U.S.) or (765) 507-2620 (International) to listen to the live conference call. The conference ID number for the live call will be 3148379. An archive of the webcast will be available until August 8, 2018 on the Company’s website. About Ocular Therapeutix, Inc. Ocular Therapeutix, Inc. is a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology. Ocular Therapeutix’s lead product candidate, DEXTENZA™ (dexamethasone insert), has completed Phase 3 clinical development for the treatment of ocular pain and inflammation following ophthalmic surgery. OTX-TP (travoprost insert) is in Phase 3 clinical development for the reduction of intraocular pressure in patients with primary open-angle glaucoma and ocular hypertension. The Company’s earlier stage assets include OTX-TIC, an extended-delivery travoprost intracameral implant for the reduction of intraocular pressure in patients with glaucoma and ocular hypertension, as well as sustained release intravitreal implants for the treatment of retinal diseases. These intravitreal implants include the development of OTX-TKI, a tyrosine kinase inhibitor (TKI), and, in collaboration with Regeneron, OTX-IVT, an extended-delivery protein-based anti-vascular endothelial growth factor (VEGF) trap. Ocular Therapeutix's first product, ReSure® Sealant, is FDA-approved to seal corneal incisions following cataract surgery. Forward Looking Statements Any statements in this press release about future expectations, plans and prospects for the Company, including the development and regulatory status of the Company’s product candidates, such as the Company’s regulatory submissions for and the timing and conduct of, or implications of results from, clinical trials of DEXTENZA™ for the treatment of post-surgical ocular pain and inflammation, including with respect to manufacturing deficiencies identified by the FDA, the Company’s expectations regarding resubmitting its NDA to the FDA and the prospects for approvability of DEXTENZA for these indications, OTX-TP for the treatment of primary open-angle glaucoma and ocular hypertension, OTX-TIC for the treatment of primary open-angle glaucoma and ocular hypertension, OTX-TKI for the treatment of retinal diseases including wet AMD, and OTX-IVT as an extended-delivery formulation of the VEGF trap aflibercept for the treatment of retinal diseases including wet AMD; the ongoing development of the Company’s extended-delivery hydrogel depot technology; the potential utility of any of the Company’s product candidates; potential commercialization of the Company’s product candidates; the potential benefits and future operation of the collaboration with Regeneron Pharmaceuticals, including any potential future payments thereunder; the sufficiency of the Company’s cash resources and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend", "goal," "may", "might," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, those related to the timing and costs involved in commercializing ReSure® Sealant or any product candidate that receives regulatory approval, the initiation, timing and conduct of clinical trials, availability of data from clinical trials and expectations for regulatory submissions and approvals, the Company’s scientific approach and general development progress, the availability or commercial potential of the Company’s product candidates, the sufficiency of cash resources, the outcome of the Company’s ongoing legal proceedings and need for additional financing or other actions and other factors discussed in the “Risk Factors” section contained in the Company’s quarterly and annual reports on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this release. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this release. Ocular Therapeutix, Inc. Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Revenue: Product revenue $ 340 $ 475 Total revenue 340 475 Costs and operating expenses: Cost of product revenue 80 115 Research and development 8,227 6,729 Selling and marketing 717 6,027 General and administrative 4,771 3,276 Total costs and operating expenses 13,795 16,147 Loss from operations (13,455) (15,672) Other income (expense): Interest income 176 92 Interest expense (486) (443) Total other expense, net (310) (351) Net loss $ (13,765) $ (16,023) Net loss per share, basic and diluted $ (0.40) $ (0.58) Weighted average common shares outstanding, basic and diluted 34,792,848 27,643,746 Comprehensive loss: Net loss $ (13,765) $ (16,023) Other comprehensive loss: Unrealized loss on marketable securities — (4) Total other comprehensive loss — (4) Total comprehensive loss $ (13,765) $ (16,027) Ocular Therapeutix, Inc. Balance Sheets (In thousands, except share and per share data) (Unaudited) March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 62,911 $ 41,538 Accounts receivable 170 226 Inventory 139 122 Prepaid expenses and other current assets 1,256 1,453 Total current assets 64,476 43,339 Property and equipment, net 10,595 10,478 Restricted cash 1,614 1,614 Total assets $ 76,685 $ 55,431 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 3,477 $ 3,571 Accrued expenses and deferred rent 3,603 4,310 Notes payable, net of discount, current 6,071 5,545 Total current liabilities 13,151 13,426 Deferred rent, long-term 3,336 3,387 Notes payable, net of discount, long-term 11,014 12,471 Total liabilities 27,501 29,284 Commitments and contingencies (Note 10) Stockholders’ equity: Preferred stock, $0.0001 par value; 5,000,000 shares authorized and no shares issued or outstanding at March 31, 2018 and December 31, 2017, respectively — — Common stock, $0.0001 par value; 100,000,000 shares authorized and 37,280,054 and 29,658,202 shares issued and outstanding at March 31, 2018 and December 31, 2017 4 3 Additional paid-in capital 300,210 263,409 Accumulated deficit (251,030) (237,265) Total stockholders’ equity 49,184 26,147 Total liabilities and stockholders’ equity $ 76,685 $ 55,431 View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006395/en/ Investors Ocular Therapeutix Donald Notman Chief Financial Officer dnotman@ocutx.com or Westwicke Partners Chris Brinzey Managing Director chris.brinzey@westwicke.com or Media Ocular Therapeutix Scott Corning Senior Vice President, Commercial scorning@ocutx.com Source: Ocular Therapeutix, Inc.

Ocular Therapeutix™ Reports First Quarter 2018 Financial Results and Business Update

TOKYO—A bet by Japanese auto makers that Americans still want sedans is turning out to be expensive. April sales in the U.S. from Japan’s big three auto makers—Toyota Motor Corp., Nissan Motor Co. and Honda Motor Co.—were down, with Nissan suffering a double-digit drop. The big culprit was the sedan, the bread-and-butter car for the Japanese... To Read the Full Story Subscribe Sign In

Japan’s Bet on Sedans Sends Americans to the Off-Ramp

FIFA bids for mini-World Cup Wednesday, May 02, 2018 - 01:13 Sat, 28 Apr, 2018 - (1:07) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products:

FIFA bids for mini-World Cup

JERUSALEM, May 24 (Reuters) - Bank Hapoalim, Israel’s largest lender, reported a drop in quarterly net profit that missed estimates due to a provision in connection with a United States tax evasion investigation and on higher credit loss expenses. Hapoalim said on Thursday it earned 628 million shekels ($176 million) in the first quarter, down from 767 million shekels a year earlier and compared with 799 million shekels forecast in a Reuters poll of analysts. The bank set aside an additional provision of 60 million to cover a possible future settlement the U.S. tax evasion probe. It previously had provisioned a total of $348 million. Hapoalim said it would pay a quarterly dividend of 251 million shekels, or 18.35 per share, representing a payout of 40 percent of net profit. Net interest income rose to 2.16 billion shekels in the quarter from 2.07 billion a year earlier while credit loss expenses jumped to 250 million shekels from 107 million. Its core Tier 1 capital ratio to risk-weighted assets, a key measure of financial strength, slipped to 11.05 percent from 11.26 percent at the end of 2017. ($1 = 3.5695 shekels) (Reporting by Steven Scheer, Editing by Ari Rabinovitch)

Israel's Bank Hapoalim Q1 profit narrows on U.S. tax probe provision

WASHINGTON (Reuters) - The White House said on Tuesday it expects to wrap up negotiations with Canada, the European Union and Mexico on announced U.S. tariffs on steel and aluminum imports within a 30-day extended exemption period. “It’s a 30-day extension and we expect for these negotiations to be completed at the end of those 30 days,” White House spokeswoman Sarah Sanders told reporters. “Hopefully we can get something that works for everybody.” Reporting by Steve Holland; Writing by Tim Ahmann; Editing by Eric Beech

White House says expects to complete tariff talks during 30-day exemption period

CNBC.com The appetizers include chilled oysters and cracklins' with pimento cheese On Saturday, May 5, more than 160,000 people will watch the 144th Kentucky Derby at Churchill Downs. And 22,000 lucky attendees, those who bought tickets for the premium dining areas , will have access to executive chef David Danielson's official menu . Tickets for Millionaires Row and the Skye Terrace, which are the exclusive, interior dining rooms, start at $36,000 per table of eight . The table, which is good for both Friday and Saturday, includes a chef's table buffet and alcoholic and non-alcoholic beverages, among other amenities like live mutuel tellers and self-service betting machines. Attendees can also purchase tickets for the Luxury Trackside Club for $2,750 per person. The two-day package comes with all-inclusive catering and open bar, plus other amenities. Here's exactly what the roughly 14 percent of racegoers with premium dining access will be eating this weekend: Appetizers Charred pecans and maple-bourbon reduction Courtesy of Churchill Downs Roasted beets, Capriole goat cheese and tarragon Peach and Tomato Caprese Salad Goat cheese

The Kentucky Derby menu only 14 percent of racegoers get to enjoy

DIYARBAKIR, Turkey (Reuters) - Two Turkish village guards were killed and three others wounded when a roadside bomb exploded on Thursday as their vehicle was traveling in an area near Turkey’s border with Iraq and Iran, security sources said. The Turkish military launched an air-backed operation in the southeastern province of Hakkari to find those responsible for the attack, believed to have been carried out by Kurdistan Workers Party (PKK) militants, sources said. Turkey’s village guard militia supports the Turkish army in its fight against the PKK in the mainly Kurdish southeast. The PKK, which has waged an insurgency in the region since the 1980s, has camps in the mountains of northern Iraq, from where it frequently carries out attacks in nearby Hakkari. The group is designated a terrorist organization by Turkey, the United States and the European Union. More than 40,000 people, most of them Kurds, have been killed in the conflict. Writing by Ece Toksabay; Editing by Daren Butler/Keith Weir

Roadside bomb kills two village guards in Turkey's southeast: sources

MOSCOW (Reuters) - Russia’s Alrosa ( ALRS.MM ), the world’s largest diamond producer by output, plans to boost revenue from selling rare, colored stones where demand is stable, although it is a niche business. Polished diamonds are pictured at the polishing affiliate of Russian diamond producer Alrosa in Moscow, Russia February 12, 2018. Picture taken February 12, 2018. REUTERS/Sergei Karpukhin Nature gives fancy colors to about one in every 10,000 rough diamonds of gem quality that are mined around the world. The stones that can be blue, pink or green form a special asset class, relying on a consumer passion for something exotic and unusual. This also means they are less affected by other factors driving supply and demand in the main diamond market. The global market for polished colored diamonds is now dominated by Rio Tinto ( RIO.L ) and Anglo American’s ( AAL.L ) De Beers. But state-controlled Alrosa aims to compete. “We hope that ... Alrosa will become one of the global leaders in sales of polished colored diamonds,” Evgeny Agureev, the head of Alrosa sales division, told Reuters. He said the stones would come straight from the producer, ensuring “transparent origin” in an industry that has been working hard to prevent stones that have been mined in areas that could fuel conflict from reaching the market. Slideshow (5 Images) Alrosa and De Beers produce about half of the world’s rough diamonds of all types, white or colored. But Alrosa’s marketing system can sometimes lack the more sophisticated image of its rivals, given the firm’s Soviet past. It has tended to sell rough diamonds in bulk, without sifting out the colored gems that can earn a premium. Till now, its diamond polishing business of clear and colored stones has been modest, generating just 2 percent of its total $4.6 billion revenue in 2017. Agureev said that, starting from 2018, Alrosa would sort its diamonds into 19 categories of stones and would aim to polish most of these to secure higher prices. While profit margins are lower in the global polishing industry than the rough diamond business, Alrosa is confident it can earn more from selling cut and polished colored gems. “The polished diamond should be more expensive because it is a ready-made final product for which there is a demand, and we have taken all the production risks on ourselves,” said Pavel Vinikhin, the head of Alrosa’s polishing division. Those risks include the challenge of cutting and polishing colored gems, which can crack more easily than clear stones. Alrosa plans to process colored diamonds that are mined from its remote Russian regions in its Moscow cutting and polishing facility. It also has another facility in Siberia. Last year, the company mined a 27.85-carat pink diamond and a 34.17-carat yellow one. The number, size and shape of polished gems to be produced from these stones has yet to be determined. Prices for diamonds depend on their color, size and cut quality. In 2017, a huge 59.6-carat pink polished diamond, the “Pink Star”, was sold for a record $71.2 million in Hong Kong. “The market for fancy diamonds is relatively small given the inherent limited supply and the end-demand is primarily a relatively small group of wealthy individual buyers that are less sensitive to price,” said diamond analyst Paul Zimnisky. “Selling fancy diamonds through a separate channel could allow for more price efficiency as it would attract a more competitive niche group of industry buyers,” he added. Reporting by Diana Asonova; Additional reporting and writing by Polina Devitt; Editing by Edmund Blair

Russia's Alrosa sees rosy prospects from colorful diamonds

01:32 Israeli gunfire killed dozens and wounded thousands more protesters along the Gaza border on Monday, health officials said, as demonstrators streamed to the frontier on the day the United States prepared to open its embassy in Jerusalem. Israeli gunfire killed dozens and wounded thousands more protesters along the Gaza border on Monday, health officials said, as demonstrators streamed to the frontier on the day the United States prepared to open its embassy in Jerusalem. //reut.rs/2GdOZnK

52 killed in Gaza protest as U.S. moves embassy to Jerusalem

WASHINGTON, May 8 (Reuters) - A senior White House official on Tuesday denied a New York Times report that said U.S. President Donald Trump had told France’s President Emmanuel Macron that he would be withdrawing from the Iran nuclear deal. “The president did not tell Macron those things,” the official said. (Reporting by Steve Holland Writing by Makini Brice Editing by Bill Trott)

White House denies NY Times report of U.S. withdrawal from Iran nuclear deal

The stock market is likely to struggle between now and the Nov. 6 midterm elections. And it isn’t because stocks favor one party or the other. It’s because investors hate uncertainty, and these elections create a healthy dose of just that. If anything, this year’s election season appears to be creating an above-average amount of uncertainty,...

Why Stocks Can’t Wait for the Midterms to Be Over

DENVER, Resolute Energy Corporation (NYSE:REN) announced today that it will issue a press release covering operating and financial results for the first quarter ended March 31, 2018, after the market close on Monday, May 7, 2018. An investor conference call to review the first quarter results will be held on Tuesday, May 8, 2018, at 10:00 AM Eastern Daylight Time. Date: Tuesday, May 8, 2018 Time: 10:00 AM EDT / 9:00 AM CDT / 8:00 AM MDT / 7:00 AM PDT Call: (866) 548-4713 (US), (323) 794-2093 (International) Replay: Available through Monday, May 14, 2018, at (844) 512-2921 (US) or (412) 317-6671 (International), Passcode 3751357. About Resolute Energy Corporation Resolute is an independent oil and gas company focused on the acquisition and development of unconventional oil and gas properties in the Delaware Basin portion of the Permian Basin of west Texas. For more information, visit www.resoluteenergy.com . The Company routinely posts important information about the Company under the Investor Relations section of its website. The Company's common stock is traded on the NYSE under the ticker symbol "REN." Contact: HB Juengling Vice President - Investor Relations Resolute Energy Corporation 303-534-4600 hbjuengling@resoluteenergy.com Source:Resolute Energy Corporation

Resolute Energy Corporation to announce results for the first quarter ended March 31, 2018, will hold an investor conference call on Tuesday, May 8 at 10:00 am EDT

NEW DELHI (Reuters) - India’s antitrust regulator has approved the acquisition of U.S. seed major Monsanto Co ( MON.N ) by Bayer AG ( BAYGn.DE ), in a decision that moves the $62.5 billion deal a step closer to the finish line. FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo German conglomerate Bayer is preparing to close the takeover this quarter, giving it control of more than 25 percent of the world’s seed and pesticides market. Both Bayer and Monsanto had subsidiaries in India, making it mandatory for them to receive clearance from the Competition Commission of India (CCI). The acquisition had been approved “subject to compliance of certain modifications,” the CCI said on Twitter, without elaborating. A source with direct knowledge of the matter said CCI’s clearance was among the last antitrust hurdles for the deal. The CCI hasn’t yet made public the conditions imposed, but the source said the watchdog had asked for divestment of Bayer’s agriculture seeds, vegetable seeds, glufosinate-ammonium and the digital agriculture business. In a statement on Tuesday, Bayer said the Indian clearance was “another milestone” towards the global acquisition. The takeover, one of a trio of major deals in the agribusiness sector in recent years, would create a company with a share of more than a quarter of the world’s seed and pesticides market. Bayer last week said Russia’s antitrust regulator FAS had approved the company’s Monsanto takeover. Reporting by Aditya Kalra; Editing by Euan Rocha/Keith Weir

UPDATE 1-Indian regulator clears Bayer's deal for Monsanto

TORONTO, May 24, 2018 (GLOBE NEWSWIRE) -- Sumtra Diversified Inc. (“ Sumtra” or the “ Company ”) (NEX:SDV.H) today announced that further to its press release of January 10, 2018, it wishes to provide an update on its proposed reverse takeover transaction (the “ Transaction ”) with MJardin Group (“ MJardin” ). Sumtra and MJardin have agreed to an amendment to the terms of the previously announced binding letter of intent (the “ LOI ”) in order to extend the time required to finalize the terms of the Transaction and enter into the definitive agreement until June 30, 2018. The amended LOI also provides that a “break fee” of C$200,000 shall be payable to Sumtra in certain circumstances as described in the amended LOI, a copy of which is available on Sumtra’s SEDAR profile at www.sedar.com . All other terms of the LOI remain in effect. The closing of the Transaction is subject to the execution of definitive documentation, the completion of due diligence, and the receipt of all necessary regulatory, shareholder and third party consents and approvals. The Transaction is expected to close in or around September 2018. About MJardin Group MJardin​ ​​is​ ​a​ ​highly​ ​specialized​ ​professional​ ​operating​ ​company​ ​that​ ​operates more licensed cultivation, processing and retail cannabis facilities than any other party in the sector throughout North America. ​​MJardin​ ​provides​ ​turnkey​ ​cannabis​ ​cultivation, processing and distribution solutions​ ​including​ ​licensure​ ​support,​ ​facility​ ​design,​ ​systems​ implementation,​ ​facility​ ​ramp-up​ ​and​ ​the day-to-day​ ​operational​ ​management​ ​required​ ​in​ ​a​ ​large-scale, professionally​ ​managed​ ​cannabis​ ​facility. MJardin is headquartered in Denver, Colorado with an additional office in Toronto, Ontario. For​ ​more​ ​information, ​​please​ ​visit​ MJardin.com ​. Further Information Sumtra and MJardin will provide further details in respect of the Transaction including a summary of material terms thereof once definitive agreements have been entered into. Trading in the Sumtra Shares has been halted pursuant to the policies of the TSXV and the Company expects that trading will remain halted pending the completion of the Transaction. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. No stock exchange has in any way passed upon the merits of the Transaction or approved or disapproved the contents of this press release. For further information, please contact: Robert G. Shoniker, President Sumtra Diversified Inc. Tel: 416 863-6096 E-mail: bshoniker@couragecapital.com Forward Looking Information This news release contains certain forward-looking statements that reflect the current views and/or expectations of management with respect to performance, business and future events, including but not limited to express or implied statements and assumptions regarding the Company's intention to negotiate for or complete the Transaction. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. In particular, there is no guarantee that the parties will successfully negotiate and enter into a definitive agreement or complete the Transaction contemplated herein, that the Company's due diligence will be satisfactory or that the Company will obtain any required shareholder or regulatory approvals. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law. All information contained in this press release with respect to MJardin, its business and proposed corporate reorganization and financing was supplied by MJardin for inclusion herein. Sumtra has not conducted due diligence on the information provided and does not assume any responsibility for the accuracy or completeness of such information. MJardin Media Contact Cory Ziskind ICR 646-277-1232 MJardin@icrinc.com Source:Sumtra Diversified Inc.

Sumtra Diversified Inc. Provides Update on Proposed Reverse Takeover Transaction with MJardin Group

Home and rent prices in the United States have increased 73 percent and 61 percent, respectively, since 2000. But incomes for millennials haven't matched that: They've increased only 31 percent in the same time frame. As a result, young people "face a housing market where rent and home prices have risen faster than incomes for decades," real-estate website Apartment List reports , and in order to keep up with those rising prices, "many millennials receive financial support from families." Apartment List conducted a survey of more than 13,000 millennials to determine how many receive regular help from family with rent or a down payment, as well as how much assistance they receive. According to the findings, about 8 percent of non-student millennials receive money from family members in order to pay rent each month, and "while most of these renters receive relatively small sums each month, one in three receive rent in full from their parents." Another 15 percent still live with their parents to cut costs. And, since not everyone can get or will take support, one in four millennials ends up spending more than half their income on rent. Apartment List points out that assistance comes in different forms, too, since "40 percent of millennials receive help from parents with everyday expenses, including rent, child care, phone bills and car payments. An even larger share likely receive one-time help, such as help with a down payment, moving costs or money after losing a job." When it comes to a down payment on a home, 17 percent of millennials expect financial help from family and, of those, one in three expect to have at least 30 percent of their payment covered. The finding makes sense: Saving for a down payment can take 20 years in some metro areas . In Los Angeles, for example, renters anticipate needing $36,340 to cover a down payment. A 20 percent down payment on the average condo costs more than twice that, reports Apartment List. Of respondents who receive rent assistance, some are unemployed but many work service jobs as receptionists, nurses, teachers and cashiers. Even college-educated millennials, who tend to earn higher incomes , can struggle to save thanks to the burden of student loans . And the problem of housing costs plagues even older renters: "With sky-high rents in many cities," notes Apartment List, "2 percent of renters over 40 receive help from mom and dad." While family can provide a safety net for financial troubles, such as sudden unemployment or an unexpected medical expense , it can become problematic if it turns into financial dependency. It can also give rich kids an unfair advantage, the site notes, since "although renters from a lower-income background are more likely to need assistance, they are less likely to have parents who can support them, reinforcing existing wealth inequality ." If you're looking to save on rent, mortgage or put a down payment on a home, check out these budgeting hacks , credit card tips and ways to save on an apartment or a house . Like this story? Like CNBC Make It on Facebook Don't miss: Less than 20% of Americans say they're living the American Dream—here's why Video by Mary Stevens and Zack Guzman show chapters Location alone won't determine if your home is a great investment, but this will 9:20 AM ET Tue, 21 March 2017 | 01:05

Here’s the reason so many young people need mom and dad to pay their rent

SEOUL (Reuters) - South Korean regulators turned up the heat on Samsung Group [SAGR.UL] over its complex ownership structure, with the country’s antitrust chief saying on Thursday the arrangement for control at the nation’s top conglomerate was “not sustainable”. FILE PHOTO - Samsung Group chief, Jay Y. Lee, is surrounded by media as he arrives at the Seoul Central District Court in Seoul, South Korea, January 18, 2017. REUTERS/Kim Hong-Ji/File Photo Samsung Group is controlled through a web of circular shareholdings between companies such as Samsung C&T, Samsung Life Insurance, and Samsung Electronics. Critics have said the structure has enabled the family of Samsung heir Jay Y. Lee to retain control of the companies in the conglomerate, especially crown jewel Samsung Electronics, with minimum investments. “The clear fact is, the current ownership and control structure of Samsung Group, which goes from Vice Chairman Jay Y. Lee to Samsung C&T to Samsung Life Insurance to Samsung Electronics, is not sustainable,” Kim Sang-jo, chairman of the Korea Fair Trade Commission, told reporters on the sidelines of a meeting with business leaders. Circular shareholdings have been common among Korea’s powerful family-controlled conglomerates, or chaebols, who have faced growing calls for reform from the government and investors. Kim is popularly known as the “chaebol sniper” for his shareholder activist campaigns before joining the Commission. He has often criticized chaebols for their complicated cross-shareholding structures that he has said are aimed at cementing family control. In 2016, as part of an activist group, Kim had suggested Samsung Group could resolve its complex structure by first setting up a financial holding company centered around Samsung Life Insurance, and by then forming a holding company centered around Samsung Electronics. Kim said on Thursday he is urging Jay Y. Lee to make a decision concerning the ownership structure, adding that Samsung Electronics Vice Chairman Yoon Boo-keun, who attended the meeting, had told him it will be considered. A Samsung Electronics spokesman did not have an immediate comment. Samsung Group has come for criticism earlier too, most notably from U.S. activist hedge fund Elliott Management, which proposed as a solution in 2016 that Samsung Electronics split itself into two. Samsung Electronics rejected that proposal but accepted part of the fund’s proposals by announcing plans to cancel its existing treasury shares worth over $35 billion by 2018. Others have also questioned the group’s ownership structure recently. The country’s top financial regulator said on Wednesday that Samsung Life Insurance must consider ways to lessen the risk of having too much of its assets concentrated in one place, including selling some or all of Samsung Life’s stake in Samsung Electronics. “Lessening the risk of concentrated assets is key to securing financial stability, which is what we are interested in,” said Choi Jong-ku, Chairman of the Financial Services Commission. “If there are any concerns about retaining management control (of Samsung Electronics), we are saying, look for ways to keep it while lessening the risk.” Samsung Life Insurance is at the heart of a cross-shareholding structure in which it owns about 8 percent of Samsung Electronics, which has a market value of about $340 billion, according to Thomson Reuters data. Reporting by Heekyong Yang and Yuna Park; Additional reporting and writing by Joyce Lee; Editing by Muralikumar Anantharaman

Samsung Group's ownership structure unsustainable: South Korea antitrust chief

VIENNA (Reuters) - The fate of the landmark nuclear deal signed by Iran and six major powers in July 2015 hangs in the balance ahead of an announcement by U.S. President Donald Trump due on Tuesday at 1800 GMT. European officials said Trump is expected to announce that he is pulling out of the agreement. Below are some key restrictions that the deal, officially called the Joint Comprehensive Plan of Action, imposes on Iran’s nuclear activities. Those restrictions are policed by the U.N. nuclear watchdog, the International Atomic Energy Agency. OVERVIEW The biggest obstacle to building a nuclear weapon is obtaining enough fissile material — highly enriched uranium or plutonium — for the core of the bomb. A central aim of the deal was to extend the time Iran would need to do that, if it chose to, to a year from about 2-3 months. The JCPOA, which took effect in January 2016, cuts off the plutonium track while severely restricting uranium enrichment. PLUTONIUM Iran was building a heavy-water reactor at Arak that could eventually have produced spent fuel from which plutonium could be separated. Under the JCPOA: - The core of that reactor has been removed and filled with concrete to make it unusable - The reactor is being redesigned so as to “minimize the production of plutonium and not to produce weapon-grade plutonium in normal operation”. - All spent fuel from Arak will be shipped out of Iran. (For the reactor’s lifetime) - Iran commits not to engage in reprocessing or reprocessing research activities. (For 15 years) URANIUM ENRICHMENT Iran has two vast enrichment sites, at Natanz and Fordow. Much of Natanz is deep underground and Fordow is buried inside a mountain, which is widely believed to protect them from aerial bombardment. The deal allows Iran to continue enrichment at Natanz but with a series of constraints. It turns Fordow into a "nuclear, physics and technology center" where centrifuges are used for purposes other than enrichment, like producing stable isotopes here The JCPOA: - Slashes the number of centrifuges installed in Iran to roughly 6,000 from around 19,000 before the deal here . (For 10 years, though a centrifuge cap at Fordow remains in place for 15 years) - Caps at 3.67 percent the purity to which Iran can enrich uranium — far below the roughly 90 percent threshold of weapons-grade. Before the deal, it enriched uranium to up to 20 percent purity. (For 15 years) - Restricts Iran’s stock of low-enriched uranium to 202.8 kg, or technically 300 kg of uranium hexafluoride (UF6), the gas that is fed into centrifuges. Iran produced more than 15 tonnes of enriched UF6 before the deal. (For 15 years) - Bans enrichment and nuclear material from Fordow. (For 15 years) - Only allows Iran to enrich uranium with its first-generation IR-1 centrifuges. (For 10 years) - Lets Iran carry out research with small numbers of more advanced centrifuges, but without accumulating enriched uranium. OVERSIGHT The text of the deal also: - Requires Iran to provisionally apply the IAEA Additional Protocol — which grants the agency wide-ranging inspection powers — and “subsequently seek ratification and entry into force”. For more on inspections, click on - Grants U.N. nuclear inspectors daily access to Natanz and Fordow (for 15 years) - Says the deal’s signatories must vet Iran’s purchases of nuclear or dual-use equipment - Bans Iran from carrying out a range of activities that could contribute to making a nuclear bomb, such as computer simulations of a nuclear explosion or designing certain multi-point detonation systems. In some cases, those activities can be carried out with the other signatories’ approval. Reporting by Francois Murphy, Editing by William Maclean

Factbox: A year from the bomb - Iran deal's nuclear restrictions

May 3 (Reuters) - GAMING INNOVATION GROUP INC: * Q1 OPERATING REVENUES OF EUR 37.3 MILLION, UP 62% FROM Q1 2017 * EBITDA FOR Q1 2018 SUBSTANTIALLY IMPROVED TO EUR 4.3 MILLION, COMPARED TO EUR -0.4 MILLION IN Q1 2017 Source text for Eikon: (Gdynia Newsroom) Our

Gaming Innovation Group Q1 EBITDA Up At EUR 4.3 Mln