N-Q 1 a_internationalequity.htm PUTNAM INTERNATIONAL EQUITY FUND a_internationalequity.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-06190)
Exact name of registrant as specified in charter: Putnam International Equity Fund
Address of principal executive offices: 100 Federal Street, Boston, Massachusetts 02110
Name and address of agent for service: Robert T. Burns, Vice President
100 Federal Street
Boston, Massachusetts 02110
Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: June 30, 2019
Date of reporting period: September 30, 2018



Item 1. Schedule of Investments:













Putnam International Equity Fund

The fund's portfolio
9/30/18 (Unaudited)
COMMON STOCKS (99.2%)(a)
Shares Value
Australia (2.5%)
Challenger, Ltd. 1,742,149 $14,104,298
Insurance Australia Group, Ltd. 1,851,772 9,798,210
23,902,508
Canada (3.3%)
Cenovus Energy, Inc. 1,159,700 11,645,035
Constellation Software, Inc. 11,100 8,162,859
Magna International, Inc. 222,500 11,687,860
31,495,754
China (3.5%)
Brilliance China Automotive Holdings, Ltd. 4,812,000 7,781,962
Sunny Optical Technology Group Co., Ltd. 608,100 7,014,432
Tencent Holdings, Ltd. 213,058 8,796,278
Want Want China Holdings, Ltd. 11,885,000 10,004,937
33,597,609
Denmark (0.9%)
Danske Bank A/S 335,586 8,814,298
8,814,298
France (12.1%)
Airbus SE 139,258 17,491,145
Eurazeo SA 130,917 10,313,284
Kering SA 14,281 7,655,430
Natixis SA 2,097,678 14,233,121
Societe Generale SA 326,299 14,006,070
TOTAL SA 465,401 30,173,371
Veolia Environnement SA 552,353 11,024,114
Vinci SA 109,051 10,384,857
115,281,392
Germany (10.9%)
adidas AG 62,348 15,266,877
Bayer AG 212,941 18,915,968
Evonik Industries AG 403,247 14,443,666
HC Brillant Services GmbH (acquired various dates from 8/2/13 to 8/31/16, cost $20) (Private)(F)(RES)(NON) 30 26
KION Group AG 117,717 7,235,595
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $20) (Private)(F)(RES)(NON) 15 13
New Middle East Other Assets GmbH (acquired 8/2/13, cost $8) (Private)(F)(RES)(NON) 6 5
Rheinmetall AG 120,702 12,621,109
Siemens AG 124,296 15,923,599
Uniper SE 605,996 18,652,222
103,059,080
India (0.7%)
HDFC Bank, Ltd. ADR 73,800 6,944,580
6,944,580
Ireland (3.6%)
Bank of Ireland Group PLC 1,305,657 9,997,583
CRH PLC 417,358 13,655,287
Kerry Group PLC Class A 94,812 10,485,265
34,138,135
Italy (1.1%)
Pirelli & C SpA(NON) 1,206,876 10,128,191
10,128,191
Japan (22.3%)
Asahi Group Holdings, Ltd. 321,700 13,944,486
Chugai Pharmaceutical Co., Ltd. 200,800 12,901,250
Daikin Industries, Ltd. 56,700 7,547,857
Hoya Corp. 333,800 19,830,576
KDDI Corp. 424,800 11,736,025
Komatsu, Ltd. 458,600 13,949,319
Kyocera Corp. 154,200 9,255,800
Kyudenko Corp. 248,800 9,875,796
ORIX Corp. 1,178,700 19,109,008
Seven & i Holdings Co., Ltd. 220,800 9,833,198
Shiseido Co., Ltd. 233,300 18,067,301
Sony Corp. 322,400 19,766,224
Sumitomo Mitsui Financial Group, Inc. 406,300 16,399,329
Toshiba Corp.(NON) 358,200 10,356,337
Toyota Motor Corp. 314,400 19,632,706
212,205,212
Luxembourg (1.1%)
Global Fashion Group SA (acquired 8/2/13, cost $1,009,308) (Private)(F)(RES)(NON) 23,826 222,426
Orion Engineered Carbons SA 311,800 10,008,780
10,231,206
Netherlands (4.8%)
Heineken NV 121,832 11,423,752
Koninklijke Ahold Delhaize NV 744,127 17,063,388
Unilever NV ADR 312,950 17,428,119
45,915,259
Poland (0.6%)
Wizz Air Holdings PLC(NON) 154,149 5,780,407
5,780,407
Singapore (1.4%)
DBS Group Holdings, Ltd. 694,100 13,246,823
13,246,823
South Korea (1.1%)
Samsung Electronics Co., Ltd. (Preference) 309,348 10,555,620
10,555,620
Spain (1.2%)
CaixaBank SA 2,442,649 11,168,321
11,168,321
Sweden (2.5%)
Assa Abloy AB Class B 550,071 11,057,248
SKF AB Class B 667,004 13,160,109
24,217,357
Switzerland (3.0%)
Novartis AG 239,191 20,570,329
SIG Combibloc Group AG(NON) 622,518 7,802,090
28,372,419
Taiwan (0.9%)
Sino-American Silicon Products, Inc. 3,246,000 8,334,798
8,334,798
United Kingdom (18.2%)
Ashtead Group PLC 386,748 12,284,611
Associated British Foods PLC 527,627 15,748,541
AstraZeneca PLC 233,426 18,142,280
BP PLC 3,207,666 24,637,884
Burford Capital, Ltd. 402,444 10,197,167
Compass Group PLC 609,874 13,561,164
Nomad Foods, Ltd.(NON) 405,000 8,205,300
Prudential PLC 853,530 19,574,283
Quilter PLC 3,808,857 6,667,277
Rio Tinto PLC 425,505 21,518,610
Virgin Money Holdings UK PLC 1,828,466 9,144,427
Wolseley PLC 155,103 13,170,809
172,852,353
United States (3.5%)
Amazon.com, Inc.(NON) 4,800 9,614,400
KKR & Co., Inc. Class A 397,600 10,842,552
NXP Semiconductors NV(NON) 152,500 13,038,748
33,495,700
Total common stocks (cost $876,604,486) $943,737,022

CONVERTIBLE PREFERRED STOCKS (—%)(a)
Shares Value
Global Fashion Group SA zero % cv. pfd. (acquired various dates from 7/11/16 to 9/14/17, cost $121,606) (Luxembourg) (Private)(F)(RES)(NON) 18,499 $176,150
Total convertible preferred stocks (cost $121,606) $176,150

SHORT-TERM INVESTMENTS (1.4%)(a)
Principal amount/shares Value
Putnam Short Term Investment Fund 2.24%(AFF) Shares 12,278,309 $12,278,309
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.97%(P) Shares 120,000 120,000
U.S. Treasury Bills 2.057%, 11/15/18(SEGSF) $478,000 476,756
U.S. Treasury Bills 2.044%, 11/8/18(SEGSF) 367,000 366,198
U.S. Treasury Bills 2.016%, 10/18/18(SEGSF) 50,000 49,951
U.S. Treasury Bills 2.014%, 11/1/18(SEGSF) 9,000 8,984
U.S. Treasury Bills 0.625%, 10/11/18 16,000 15,991
U.S. Treasury Bills 2.109%, 10/25/18(SEGSF) 281,000 280,610
Total short-term investments (cost $13,596,866) $13,596,799

TOTAL INVESTMENTS
Total investments (cost $890,322,958) $957,509,971













FORWARD CURRENCY CONTRACTS at 9/30/18 (aggregate face value $229,023,060) (Unaudited)


Counterparty Currency Contract type* Delivery date Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Buy 10/17/18 $5,876,022 $5,948,526 $(72,504)
British Pound Sell 12/19/18 13,571,833 13,590,198 18,365
Canadian Dollar Sell 10/17/18 1,630,979 1,551,966 (79,013)
Euro Sell 12/19/18 13,037,924 13,216,908 178,984
Hong Kong Dollar Buy 11/19/18 853,329 852,471 858
Barclays Bank PLC
British Pound Sell 12/19/18 114,475 114,941 466
Euro Buy 12/19/18 306,540 307,642 (1,102)
Hong Kong Dollar Buy 11/19/18 20,889,043 20,866,305 22,738
Swiss Franc Buy 12/19/18 19,869,882 20,099,060 (229,178)
Citibank, N.A.
Australian Dollar Buy 10/17/18 4,711,575 4,770,128 (58,553)
British Pound Sell 12/19/18 3,679,965 3,645,881 (34,084)
Canadian Dollar Sell 10/17/18 1,850,158 1,817,696 (32,462)
Danish Krone Buy 12/19/18 5,062,052 5,079,974 (17,922)
Japanese Yen Buy 11/19/18 221,264 224,602 (3,338)
New Zealand Dollar Buy 10/17/18 37,985 38,623 (638)
Credit Suisse International
Swedish Krona Buy 12/19/18 4,060,081 3,983,543 76,538
Goldman Sachs International
Australian Dollar Buy 10/17/18 56,892 57,610 (718)
British Pound Sell 12/19/18 81,637 82,174 537
Canadian Dollar Buy 10/17/18 64,824 64,666 158
Canadian Dollar Sell 10/17/18 64,824 63,464 (1,360)
Chinese Yuan (Offshore) Sell 11/19/18 33,348,337 33,735,418 387,081
HSBC Bank USA, National Association
New Zealand Dollar Buy 10/17/18 1,625,256 1,653,436 (28,180)
JPMorgan Chase Bank N.A.
Canadian Dollar Sell 10/17/18 6,038,241 5,911,334 (126,907)
Euro Buy 12/19/18 637,972 639,737 (1,765)
Japanese Yen Buy 11/19/18 3,646,667 3,695,989 (49,322)
Norwegian Krone Buy 12/19/18 6,909,086 6,694,383 214,703
Singapore Dollar Sell 11/19/18 432,984 435,114 2,130
South Korean Won Sell 11/19/18 11,630,104 11,445,337 (184,767)
Swedish Krona Sell 12/19/18 2,645,635 2,599,618 (46,017)
Swiss Franc Buy 12/19/18 37,581,491 38,063,340 (481,849)
NatWest Markets PLC
British Pound Buy 12/19/18 289,263 287,868 1,395
State Street Bank and Trust Co.
Australian Dollar Buy 10/17/18 365,065 371,685 (6,620)
Canadian Dollar Buy 10/17/18 123,452 120,838 2,614
Canadian Dollar Sell 10/17/18 123,452 121,927 (1,525)
Israeli Shekel Buy 10/17/18 4,664,536 4,679,857 (15,321)
Japanese Yen Buy 11/19/18 16,819,942 17,257,720 (437,778)
UBS AG
Australian Dollar Buy 10/17/18 2,451,572 2,494,539 (42,967)
WestPac Banking Corp.
Canadian Dollar Sell 10/17/18 2,490,886 2,438,542 (52,344)
Unrealized appreciation 906,567
Unrealized (depreciation) (2,006,234)
Total $(1,099,667)

* The exchange currency for all contracts listed is the United States Dollar.












Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank.
Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from July 1, 2018 through September 30, 2018 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $951,259,353.
(NON) This security is non-income-producing.
(RES) This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $398,620, or less than 0.1% of net assets.
(AFF) Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
Name of affiliate Fair value as of 6/30/18 Purchase cost Sale proceeds Investment income Shares outstanding and fair value as of 9/30/18
Short-term investments
Putnam Cash Collateral Pool, LLC*# $7,440,075 $5,662,975 $13,103,050 $33,469 $—
Putnam Short Term Investment Fund** 11,123,170 104,010,746 102,855,607 88,012 12,278,309
Total Short-term investments $18,563,245 $109,673,721 $115,958,657 $121,481 $12,278,309
* No management fees are charged to Putnam Cash Collateral Pool, LLC. There were no realized or unrealized gains or losses during the period.
# The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the fund had no securities out on loan.
** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.

(SEGSF) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $958,809.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
At the close of the reporting period, the fund maintained liquid assets totaling $1,312,287 to cover certain derivative contracts.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Financials 21.5%
Industrials 17.7
Consumer staples 13.9
Consumer discretionary 12.1
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. Collateral posted to the fund which cannot be sold or repledged totaled $358,282 at the close of the reporting period.
Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty.
Termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity.
At the close of the reporting period, the fund had a net liability position of $1,609,988 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $958,809 and may include amounts related to unsettled agreements.












ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks:
    Australia $23,902,508 $— $—
    Canada 31,495,754 — —
    China 33,597,609 — —
    Denmark 8,814,298 — —
    France 115,281,392 — —
    Germany 103,059,036 — 44
    India 6,944,580 — —
    Ireland 34,138,135 — —
    Italy 10,128,191 — —
    Japan 212,205,212 — —
    Luxembourg 10,008,780 — 222,426
    Netherlands 45,915,259 — —
    Poland 5,780,407 — —
    Singapore 13,246,823 — —
    South Korea 10,555,620 — —
    Spain 11,168,321 — —
    Sweden 24,217,357 — —
    Switzerland 28,372,419 — —
    Taiwan 8,334,798 — —
    United Kingdom 172,852,353 — —
    United States 33,495,700 — —
Total common stocks 943,514,552 — 222,470
Convertible preferred stocks — — 176,150
Short-term investments 12,398,309 1,198,490 —
Totals by level $955,912,861 $1,198,490 $398,620



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(1,099,667) $—
Totals by level $— $(1,099,667) $—

During the reporting period, transfers within the fair value hierarchy, if any (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above), did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.

Fair Value of Derivative Instruments as of the close of the reporting period
Asset derivatives Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815 Fair value Fair value
Foreign exchange contracts $906,567 $2,006,234
Total $906,567 $2,006,234

The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount) $332,400,000

For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



Item 2. Controls and Procedures:
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) Changes in internal control over financial reporting: Not applicable
Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam International Equity Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: November 28, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: November 28, 2018

By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: November 28, 2018