           5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
                3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

        (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
                    )LOH 1DPH DS




81,7('67$7(6&28572)$33($/6
                   )257+(6,;7+&,5&8,7
                     BBBBBBBBBBBBBBBBB


 81,7(' 67$7(6 2) $0(5,&$       ;
           3ODLQWLII$SSHOOHH    
                                  
                                     1R
           Y                     
                                   !
                                  
$/21=2 )8/721 +29(5              
          'HIHQGDQW$SSHOODQW 
                                 1
       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
  IRUWKH:HVWHUQ'LVWULFWRI0LFKLJDQDW*UDQG5DSLGV
1Rn5REHUW+ROPHV%HOO&KLHI'LVWULFWsXGJH
                       $UJXHG0D\
               'HFLGHGDQG)LOHGsXQH
%HIRUH68+5+(,15,&+DQG*,/0$1&LUFXLWsXGJHV
              +22''LVWULFWsXGJH
                       BBBBBBBBBBBBBBBBB
                             &2816(/
$5*8('  0HOYLQ +RXVWRQ 'HWURLW 0LFKLJDQ IRU
$SSHOODQW  'RQDOG $ 'DYLV $66,67$17 81,7('
67$7(6 $77251(< *UDQG 5DSLGV 0LFKLJDQ IRU

    
     7KH +RQRUDEOH sRVHSK 0 +RRG 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH
(DVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ



                                   
     8QLWHG6WDWHVY+RYHU                           1R

$SSHOOHH21%5,()0HOYLQ+RXVWRQ'HWURLW0LFKLJDQ
IRU $SSHOODQW  'RQDOG $ 'DYLV $66,67$17 81,7('
67$7(6 $77251(< *UDQG 5DSLGV 0LFKLJDQ IRU
$SSHOOHH
                      BBBBBBBBBBBBBBBBB
                          23,1,21
                      BBBBBBBBBBBBBBBBB
   s26(3+ 0 +22' 'LVWULFW sXGJH  7KH GHIHQGDQW
$ORQ]R)XOWRQ+RYHUZDVFRQYLFWHGRIFRQVSLUDF\WRFRPPLW
DQRIIHQVHDJDLQVWWKH8QLWHG6WDWHVE\FDXVLQJFRXQWHUIHLW
FXUUHQF\ WR EH EURXJKW LQWR WKH FRXQWU\ DQG SRVVHVVLQJ
XWWHULQJ SXEOLVKLQJ DQG SDVVLQJ WKH VDPH LQ YLRODWLRQ RI
 86&   DQG RI EX\LQJ VHOOLQJ H[FKDQJLQJ
WUDQVIHUULQJ DQG SDVVLQJ FRXQWHUIHLW FXUUHQF\ DV WUXH DQG
JHQXLQH LQ YLRODWLRQ RI  86&    7KH GHIHQGDQW
DSSHDOVKLVVHQWHQFHIRUWKHVHFRQYLFWLRQVFRQWHQGLQJWKDWWKH
GLVWULFWFRXUWLPSURSHUO\LQFUHDVHGKLVRIIHQVHOHYHOEDVHG
RQWKHIDFWWKDWSDUWRIGHIHQGDQWjVRIIHQVHVZDVFRPPLWWHG
RXWVLGH RI WKH 8QLWHG 6WDWHV DQG  HUUHG LQ XVLQJ
GHIHQGDQWjVSHUMXU\LQKLVILUVWWULDODVWKHEDVLVIRUDQRIIHQVH
OHYHO LQFUHDVH IRU REVWUXFWLRQ LQ WKH VHFRQG WULDO  )RU WKH
IROORZLQJUHDVRQVZH$)),50
,%DFNJURXQG
  7KHGHIHQGDQWZDVLQGLFWHGDORQJZLWKWKUHHFRGHIHQGDQWV
)HOLSH*XLOHUPR:DWHG6FRWW+DUROG%DUQHVDQG6DPXHO
7HUIDRQsXQHIRUFRQVSLUDF\WRFRPPLWDQRIIHQVH
DJDLQVWWKH8QLWHG6WDWHVE\FDXVLQJFRXQWHUIHLWFXUUHQF\WREH
EURXJKWLQWRWKHFRXQWU\DQGSRVVHVVLQJXWWHULQJSXEOLVKLQJ
DQG SDVVLQJ WKH VDPH LQ YLRODWLRQ RI  86&    ,Q
DGGLWLRQ HDFK PHPEHU RI WKH FRQVSLUDF\ ZDV FKDUJHG
LQGLYLGXDOO\ ZLWK EX\LQJ VHOOLQJ H[FKDQJLQJ WUDQVIHUULQJ
DQG SDVVLQJ FRXQWHUIHLW FXUUHQF\ DV WUXH DQG JHQXLQH LQ
YLRODWLRQRI86&:DWHGDQG%DUQHVVXEVHTXHQWO\
SOHDGHGJXLOW\WRWKHFKDUJHVDQGDJUHHGWRWHVWLI\RQEHKDOI
RIWKH8QLWHG6WDWHVDJDLQVW7HUIDDQGWKHGHIHQGDQW
1R                       8QLWHG6WDWHVY+RYHU        

  7KH UHFRUG UHIOHFWV WKDW LQ  :DWHG EHJDQ PRYLQJ
FRXQWHUIHLW PRQH\ LQWR WKH 8QLWHG 6WDWHV IURP &DOL
&RORPELDIRUDPDQGXEEHGmsXDQFKRl:DWHGHQOLVWHGWKH
DLGRI%DUQHV7HUIDDQGHYHQWXDOO\WKHGHIHQGDQW
   :DWHGWHVWLILHGWKDWKHPHWWKHGHIHQGDQWWKURXJKDPXWXDO
IULHQG VHYHUDO \HDUV SULRU WR WKH FRXQWHUIHLWLQJ RSHUDWLRQ
:DWHG FRQWDFWHG WKH GHIHQGDQW DQG DVNHG LI KH ZRXOG EH
LQWHUHVWHG LQ KHOSLQJ KLP PRYH VRPH FRXQWHUIHLW LQWR WKH
8QLWHG6WDWHV7KHGHIHQGDQWWROG:DWHGWKDWKHPLJKWEH
LQWHUHVWHG:DWHGGLGQRWKDYHWKHFRXQWHUIHLWDWWKLVWLPH
KRZHYHU
  :DWHGDJDLQFRQWDFWHGWKHGHIHQGDQWLQ0DUFKRIDQG
DUUDQJHGIRUKLPWRPHHWZLWK%DUQHVLQ'HWURLWWRSLFNXS
LQFRXQWHUIHLWELOOV)ROORZLQJWKHLQLWLDOPHHWLQJ
:DWHG DUUDQJHG DQRWKHU SLFNXS IRU WKH GHIHQGDQW RI DQ
DGGLWLRQDOWKURXJK%DUQHV7KHUHDIWHU7HUIDDQGWKH
GHIHQGDQW DIWHU PRYLQJ WKH FRXQWHUIHLW ZRXOG PDNH FDVK
GHSRVLWV RI mJRRGl PRQH\ LQWR D MRLQW FKHFNLQJ DFFRXQW
RZQHG E\ %DUQHV DQG :DWHG  2Q DW OHDVW WZR RFFDVLRQV
:DWHG DQG WKH GHIHQGDQW ZLUHG SD\PHQWV GLUHFWO\ WR
&RORPELD
  ,Q $SULO RI  :DWHG DUUDQJHG IRU %DUQHV WR UHFHLYH
DQRWKHUVKLSPHQWRIIURP&RORPELD2IWKDWPRQH\
ZDVGLVWULEXWHGWR7HUIDDQGWKHUHPDLQLQJ
WRWKHGHIHQGDQW:DWHUWKHQSODQQHGDQRWKHUGHOLYHU\IURP
&RORPELDWRWDNHSODFHLQ0D\RI
  :DWHGWHVWLILHGWKDWKHKDGDUUDQJHGIRUWRDUULYH
IURP &RORPELD EXW KH EHFDPH FRQFHUQHG ZKHQ WKH 0D\
GHOLYHU\ZDVGHOD\HGIRUVRPHUHDVRQ8QNQRZQWR:DWHG
WKHPRQH\KDGDFWXDOO\EHHQLQWHUFHSWHGE\FXVWRPVRIILFLDOV
LQ 0HPSKLV 7HQQHVVHH  &XVWRPV RIILFLDOV KDG EHHQ
SUHYLRXVO\QRWLILHGWREHORRNLQJIRUSDFNDJHVFRPLQJIURP
&RORPELDWR*UDQG5DSLGV0LFKLJDQ6HFUHW6HUYLFHDJHQWV
DUUDQJHGIRUDFRQWUROOHGGHOLYHU\RIWKHSDFNDJHRQ0D\
ZKLFKOHGWRWKHDUUHVWRI%DUQHV:DWHGZDVVXEVHTXHQWO\
DUUHVWHGRQ0D\
     8QLWHG6WDWHVY+RYHU                       1R      1R                       8QLWHG6WDWHVY+RYHU       

  7KH JRYHUQPHQW DUUDQJHG IRU WZR PRUH FRQWUROOHG             ,9&RQFOXVLRQ
GHOLYHULHV WR WDNH SODFH RQ 0D\  IRU WKH SXUSRVH RI
DUUHVWLQJ 7HUID DQG WKH GHIHQGDQW  %DUQHV FRQWDFWHG WKH      1HLWKHURIWKHGHIHQGDQWjVDUJXPHQWVPHULWUHYHUVDORIWKH
GHIHQGDQWDQGDUUDQJHGDSLFNXSRIWKHFRXQWHUIHLWPRQH\           VHQWHQFLQJFRXUWjVDSSOLFDWLRQRIWKH*XLGHOLQHHQKDQFHPHQWV
7KH GHIHQGDQW ZDV DUUHVWHG ZKHQ KH DUULYHG DW WKH           7KH SODLQ ODQJXDJH RI 866*  %E GRHV QRW
SUHGHWHUPLQHGORFDWLRQDQGDWWHPSWHGWRWDNHSRVVHVVLRQRI          LPSRVHDNQRZOHGJHUHTXLUHPHQW(YHQLIVXFKDUHTXLUHPHQW
WKHFRXQWHUIHLW                                                   ZHUHUHDGLQWRWKHSURYLVLRQWKHVHQWHQFLQJFRXUWIRXQGWKDW
                                                                    WKHGHIHQGDQWKDGVXFKNQRZOHGJH
  7KH GHIHQGDQW DQG 7HUID ZHUH LQLWLDOO\ WULHG MRLQWO\ RQ
6HSWHPEHUEHIRUHsXGJH5LFKDUG$ODQ(QVOHQ%RWK             866*  & SURYLGHV IRU DQ DGGLWLRQDO WZROHYHO
:DWHGDQG%DUQHVWHVWLILHGRQEHKDOIRIWKH8QLWHG6WDWHV2Q      HQKDQFHPHQWIRUSHUMXU\7KHUHFRUGLVUHSOHWHZLWKIDFWXDO
6HSWHPEHUQHDUWKHHQGRIWKHSURFHHGLQJVsXGJH          ILQGLQJVDVZHOODVH[DPSOHVRIWKHGHIHQGDQWjVSHUMXU\:H
(QVOHQ GHFODUHG D PLVWULDO ZLWK UHJDUGV WR WKH GHIHQGDQW   ILQGSHUVXDVLYHWKH1LQWK&LUFXLWjVGHFLVLRQLQ6WRXWZKLFK
EDVHGRQLQHIIHFWLYHDVVLVWDQFHSURYLGHGE\GHIHQVHFRXQVHO        FRQFOXGHV WKDW FRQVLGHUDWLRQ RI SHUMXUHG WHVWLPRQ\ IURP D
7KH WULDO FRXUW FLWHG VHYHUDO IDFWRUV LQ VXSSRUW RI WKLV   PLVWULDO LV UHOHYDQW LQ GHWHUPLQLQJ ZKHWKHU RU QRW DQ
GHWHUPLQDWLRQ                                                    REVWUXFWLRQRIMXVWLFHHQKDQFHPHQWVKRXOGEHDSSOLHGLQWKH
                                                                    VHQWHQFLQJSKDVHRIDVXEVHTXHQWWULDORQWKHVDPHFKDUJHV
  7KH GHIHQGDQW ZDV WULHG D VHFRQG WLPH RQ WKH VDPH
FKDUJHVLQIURQWRIsXGJH5REHUW+ROPHV%HOO$MXU\IRXQG          %DVHG RQ WKH IRUHJRLQJ FRQFOXVLRQV WKH GHFLVLRQ RI WKH
WKHGHIHQGDQWJXLOW\RQERWKFRXQWV2Q)HEUXDU\         GLVWULFW FRXUW WR DSSO\ ERWK VHQWHQFLQJ HQKDQFHPHQW
WKHGHIHQGDQWZDVVHQWHQFHGWRWKLUW\VL[PRQWKVRQHDFK       SURYLVLRQVLV$)),50('
FRXQWWREHVHUYHGFRQFXUUHQWO\,QUHDFKLQJLWVGHFLVLRQWKH
FRXUWUHOLHGRQWKH3UHVHQWHQFH,QYHVWLJDWLRQ5HSRUWSUHSDUHG
E\WKHSUREDWLRQRIILFH7KH5HSRUWFDOOHGIRUHQKDQFHPHQWV
EDVHGRQREVWUXFWLRQRIMXVWLFHWKHGHIHQGDQWjVSHUMXU\
XQGHU866*&DQGFRPPLVVLRQRISDUWRIWKH
FULPH RXWVLGH RI WKH 8QLWHG 6WDWHV LQ &ROXPELD XQGHU
866*  %  7KH GHIHQGDQW DSSHDOV WKH FRXUWjV
DSSOLFDWLRQRIWKHVH*XLGHOLQHVWRLQFUHDVHKLVRIIHQVHOHYHO
,,6WDQGDUGRI5HYLHZ
   /HJDO FRQFOXVLRQV UHJDUGLQJ DSSOLFDWLRQ RI WKH 8QLWHG
6WDWHV 6HQWHQFLQJ *XLGHOLQHV DUH UHYLHZHG GH QRYR ZKLOH
IDFWXDOILQGLQJVDUHUHYLHZHGIRUmFOHDUHUURUl8QLWHG6WDWHV
Y 5DOHLJK  )G   WK &LU  FLWDWLRQV
RPLWWHG
      8QLWHG6WDWHVY+RYHU                        1R      1R                          8QLWHG6WDWHVY+RYHU         

UHDVRQHGWKDWWKHVDPHFRQGXFWZDVDWLVVXHLQERWKWKHILUVW         ,,,'LVFXVVLRQ
WULDODQGWKHSOHDDQGWKDWWKHUHIRUHWKH\IRUPHGSDUWRIWKH
VDPHSURVHFXWLRQXQGHUWKH*XLGHOLQH                                  $ (QKDQFHPHQW IRU 2IIHQVHV 2FFXUULQJ 2XWVLGH WKH
                                                                           8QLWHG6WDWHV
  *LYHQWKDWLQWKHLQVWDQWFDVHWKHGHIHQGDQWZDVUHWULHGRQ
WKHYHU\VDPHFKDUJHVDQGQRWMXVWRQUHGXFHGFKDUJHVDVLQ           7KHGHIHQGDQWFRQWHQGVWKDWWKHGLVWULFWFRXUWLPSURSHUO\
6WRXW WKH 1LQWK &LUFXLWjV UHDVRQLQJ ZRXOG VHHP WR DSSO\     LQFUHDVHGWKHRIIHQVHOHYHOEDVHGRQWKHDVVHUWLRQWKDWSDUWRI
ZLWKHYHQJUHDWHUIRUFHKHUH                                     WKHRIIHQVHVZDVFRPPLWWHGRXWVLGHRIWKH8QLWHG6WDWHV,Q
                                                                      VXSSRUW RI WKLV FRQWHQWLRQ WKH GHIHQGDQW PDLQWDLQV WKDW
   7KHRQO\UHPDLQLQJLVVXHLVZKHWKHUWKHVHQWHQFLQJFRXUW           HYLGHQFHRIIHUHGDWWULDODQGVHQWHQFLQJZDVLQVXIILFLHQWWR
LGHQWLILHG VXIILFLHQW ILQGLQJV RI IDFW LQ VXSSRUW RI WKH      HVWDEOLVK WKDW KH KDG NQRZOHGJH RI WKH RULJLQ RI WKH
REVWUXFWLRQ RI MXVWLFH HQKDQFHPHQW  ,Q 8QLWHG 6WDWHV Y      FRXQWHUIHLWFXUUHQF\7KLVDUJXPHQWLVZLWKRXWPHULW
'XQQLJDQ86WKH6XSUHPH&RXUWKHOGWKDW
D VHQWHQFLQJ HQKDQFHPHQW EDVHG RQ SHUMXU\ PXVW EH                7KH*XLGHOLQHLQTXHVWLRQ866*%EVWDWHV
DFFRPSDQLHGE\DQLQGHSHQGHQWILQGLQJE\WKHFRXUWWKDWWKH           m,IDQ\SDUWRIWKHRIIHQVHZDVFRPPLWWHGRXWVLGHWKH8QLWHG
GHIHQGDQW GLG LQ IDFW FRPPLW SHUMXU\  ,G DW           6WDWHV LQFUHDVH >WKH EDVH RIIHQVH OHYHO@ E\  OHYHOVl  7KH
)XUWKHUPRUH WKH &RXUW QRWHG WKDW LW LV SUHIHUDEOH IRU WKH   SODLQ ODQJXDJH RI WKH SURYLVLRQ GRHV QRW UHTXLUH WKDW D
VHQWHQFLQJ FRXUW WR DGGUHVV HDFK HOHPHQW RI WKH DOOHJHG       GHIHQGDQWSRVVHVVH[SUHVVNQRZOHGJHRIDQ\DFWVRFFXUULQJ
SHUMXU\LQDFOHDUDQGVHSDUDWHILQGLQJ,G2QWKHRWKHUKDQG     RXWVLGHRIWKH8QLWHG6WDWHV,QVWHDGLWSURYLGHVIRUDWZR
WKH &RXUW GLG VWDWH WKDW D GLVWULFW FRXUWjV HQKDQFHPHQW LV   OHYHOHQKDQFHPHQWEDVHGVROHO\RQWKHIDFWWKDWmDQ\SDUWlRI
VXIILFLHQWLIWKHFRXUWPDNHVDILQGLQJRIREVWUXFWLRQRIMXVWLFH     WKH DFW RFFXUUHG RXWVLGH RI WKH 8QLWHG 6WDWHV  7KHUH LV QR
WKDWHQFRPSDVVHVDOORIWKHIDFWXDOSUHGLFDWHVIRUDILQGLQJRI       EDVLV IRU D NQRZOHGJH UHTXLUHPHQW WR EH UHDG LQWR WKH
SHUMXU\,G,QWKHFDVHDWKDQGWKHGLVWULFWFRXUWPDGHVXFK      *XLGHOLQH
ILQGLQJVRIIDFW7RZLW
                                                                         (YHQ LI WKH *XLGHOLQH ZHUH VR FRQVWUXHG KRZHYHU WKH
    7KLV&RXUWKDVUHYLHZHGWKLVWUDQVFULSW>IURPWKHPLVWULDO        GLVWULFW FRXUW IRXQG  DQG WKH UHFRUG UHIOHFWV  WKDW WKH
    SURFHHGLQJ@DQGLVVKRFNHGVKRFNHGZLWK0U+RYHUjV              GHIHQGDQWSRVVHVVHGVXFKNQRZOHGJH)RUH[DPSOH:DWHG
    EROGIDFHGOLHV7KHPRQLHVZKHQKHJRWWKHPKRZKH             WHVWLILHG WKDW WKH FRXQWHUIHLW PRQH\ RULJLQDWHG LQ &DOL
    XVHGWKHPKRZPXFKKHJRW,PHDQWKHJRYHUQPHQWjV             &ROXPELD IURP DQ LQGLYLGXDO UHIHUUHG WR DV msXDQFKRl
    RXWOLQHG WKHP  7KHUHjV QR UHDVRQ WR UHSHDW ZKDW WKH     :DWHGDOVRWHVWLILHGRQERWKGLUHFWDQGFURVVH[DPLQDWLRQWKDW
    JRYHUQPHQW MXVW VDLG DQG 0U 'DYLV MXVW VDLG EHFDXVH      RQDWOHDVWWZRRFFDVLRQVWKHGHIHQGDQWZLUHGSD\PHQWVIRU
    WKDWjVH[DFWO\ZKDWWKHWUDQVFULSWUHIOHFWV&OHDUO\JUHDWO\     WKH FRXQWHUIHLW PRQH\ GLUHFWO\ WR &RORPELD  ,Q DGGLWLRQ
    DWRGGVZLWKDOOWKHHYLGHQFHLQWKLVFDVH                       $JHQW6ZHHQH\RIWKH8QLWHG6WDWHV6HFUHW6HUYLFHWHVWLILHG
                                                                      DW WKH VHQWHQFLQJ KHDULQJ WKDW IROORZLQJ KLV DUUHVW :DWHG
:HUHWKHUHWREHDQ\GRXEWsXGJH%HOOSXWLWGLUHFWO\m,GRQjW      LQIRUPHG WKH 6HFUHW 6HUYLFH WKDW WKH GHIHQGDQW KDG WZLFH
NQRZZKDWZRUOGZHjUHOLYLQJLQEXW0U+RYHUFRPPLWWHG              ZLUHGPRQH\WKURXJK:HVWHUQ8QLRQIURP'HWURLW0LFKLJDQ
SHUMXU\l                                                             WR &DOL &RORPELD  7KHUH ZDV QR HYLGHQFH ZKDWVRHYHU
                                                                      RIIHUHGWRUHIXWHWKHWHVWLPRQ\RIHLWKHUZLWQHVV%DVHGRQ
                                                                      WKLV XQGLVSXWHG WHVWLPRQ\  DQG RQ WKH DEVHQFH RI DQ\
                                                                      HYLGHQFH LQ UHEXWWDO  WKH GLVWULFW FRXUW IRXQG 866*
                                                                      %WREHDSSOLFDEOH
      8QLWHG6WDWHVY+RYHU                             1R        1R                         8QLWHG6WDWHVY+RYHU        

   ,QFRQFOXVLRQDSODLQUHDGLQJRI866*%GRHVQRW               ILUVWSURFHHGLQJFXOPLQDWHGLQDPLVWULDOGHFODUHGRQDFFRXQW
VXJJHVWDNQRZOHGJHUHTXLUHPHQW(YHQLINQRZOHGJHZHUH                     RILQHIIHFWLYHDVVLVWDQFHRIFRXQVHO
UHTXLUHGKRZHYHUWKHUHFRUGFRQWDLQVDPSOHIDFWVWRLPSXWH
NQRZOHGJH RI WKH FRXQWHUIHLW FXUUHQF\jV RULJLQ WR WKH                   $ GHIHQGDQWjV ULJKW WR WHVWLI\ LV D IXQGDPHQWDO
GHIHQGDQW6XFKDIDFWXDOILQGLQJE\DORZHUFRXUWZLOORQO\                FRQVWLWXWLRQDO ULJKW VXEMHFW RQO\ WR YROXQWDU\ DQG NQRZLQJ
EH RYHUWXUQHG ZKHQ IRXQG WR EH FOHDUO\ HUURQHRXV DQG D             ZDLYHU8QLWHG6WDWHVY:HEEHU)GWK&LU
ILQGLQJRIIDFWZLOOEHGHHPHGFOHDUO\HUURQHRXVRQO\ZKHUH                  FLWDWLRQVRPLWWHG'HIHQVHFRXQVHO
VUROHLVWRDGYLVH
WKHUHLVDGHILQLWHDQGILUPFRQYLFWLRQWKDWDPLVWDNHKDVEHHQ              WKHGHIHQGDQWZKHWKHURUQRWKHVKRXOGWDNHWKHVWDQGEXWWKH
FRPPLWWHG EDVHG RQ D UHYLHZ RI WKH UHFRUG DV D ZKROH             XOWLPDWHGHFLVLRQEHORQJVWRWKHGHIHQGDQW,GDW%DVHG
5DOHLJK  DW   %DVHG RQ WKH UHFRUG KHUH QR VXFK           RQWKHVHIXQGDPHQWDOSULQFLSOHVLWLVGLIILFXOWWRXQGHUVWDQG
PLVWDNH FDQ EH VDLG WR KDYH RFFXUUHG  7KH GHIHQGDQWjV              WKHGHIHQGDQWjVDUJXPHQWWKDWKLVFXOSDELOLW\LVOHVVHQHGE\
DUJXPHQWLVZLWKRXWPHULW                                                   KLV FRXQVHOjV LQHIIHFWLYH DVVLVWDQFH  7KH VHQWHQFLQJ FRXUW
                                                                             DGGUHVVHGWKLVLVVXHE\QRWLQJWKDWGHIHQVHFRXQVHOGLGQRWSXW
    % (QKDQFHPHQWIRU2EVWUXFWLRQRIsXVWLFH3HUMXU\                      ZRUGV LQWR WKH GHIHQGDQWjV PRXWK DQG WKDW WKHUHIRUH
                                                                             GHIHQGDQWVKRXOGQRWEHDEOHWRSODFHEODPHRQFRXQVHOLQ
   7KH GHIHQGDQW DOVR FRQWHQGV WKDW WKH GLVWULFW FRXUW                GHIHQGDQWjV ILUVW WULDO  5DWKHU WKH FRXUW IRXQG WKDW WKH
HUURQHRXVO\LQFUHDVHGWKHRIIHQVHOHYHOEDVHGRQKLVSHUMXU\                 GHIHQGDQWjV SHUMXUHG WHVWLPRQ\ ZDV YROLWLRQDO DQG WKDW
LQ WKH ILUVW WULDO  7KH GHIHQGDQW DOOHJHV WKDW WKH ILUVW WULDO   WKHUHIRUH LW FRXOG QRW EH H[FXVHG EDVHG RQ LQHIIHFWLYH
FRXUWjV GHFLVLRQ WR GHFODUH D PLVWULDO EDVHG RQ LQHIIHFWLYH          DVVLVWDQFH
DVVLVWDQFHRIFRXQVHOQHJDWHVWKHDELOLW\RIWKHGLVWULFWFRXUWWR
FRQVLGHUKLVSHUMXU\LQVHQWHQFLQJ$OWKRXJKDTXHVWLRQRI                    7KH LVVXH WKHQ ZRXOG VHHP WR UHGXFH WR WKLV $UH
ILUVWLPSUHVVLRQLQWKLV&LUFXLWWKH1LQWK&LUFXLWKDVUHMHFWHG             GHIHQGDQWjV ILUVW DQG VHFRQG WULDOV SDUW RI WKH VDPH
D VLPLODU DUJXPHQW DQG WKH DUJXPHQW DSSHDUV LQFRQVLVWHQW              mSURVHFXWLRQl IRU SXUSRVHV RI 866*  &"  ,I VR
ZLWKDSODLQUHDGLQJRIWKH*XLGHOLQHLQTXHVWLRQ866*                  GHIHQGDQWjVDUJXPHQWLVZLWKRXWPHULW
&7KH*XLGHOLQHUHDGV
                                                                               7KLVLVVRPHWKLQJRIDQRYHOOHJDOTXHVWLRQ7KHRQO\FRXUW
    ,I$WKHGHIHQGDQWZLOOIXOO\REVWUXFWHGRULPSHGHGRU                 WR KDYH DGGUHVVHG WKLV LVVXH LQ D SXEOLVKHG RSLQLRQ LV WKH
    DWWHPSWHGWRREVWUXFWRULPSHGHWKHDGPLQLVWUDWLRQRI                   8QLWHG 6WDWHV &RXUW RI $SSHDOV IRU WKH 1LQWK &LUFXLW LQ
    MXVWLFH GXULQJ WKH FRXUVH RI WKH LQYHVWLJDWLRQ                    8QLWHG6WDWHVY6WRXW)GWK&LU
    SURVHFXWLRQ RU VHQWHQFLQJ RI WKH LQVWDQW RIIHQVH RI
    FRQYLFWLRQDQG%WKHREVWUXFWLYHFRQGXFWUHODWHGWRL                 ,Q6WRXWWKHGHIHQGDQWDIWHUDPLVWULDOSOHGJXLOW\WRD
    WKHGHIHQGDQWjVRIIHQVHRIFRQYLFWLRQDQGDQ\UHOHYDQW                   OHVVVHULRXVFKDUJHEDVHGRQWKHVDPHFULPLQDOFRQGXFW,Q
    FRQGXFW RU LL D FORVHO\ UHODWHG RIIHQVH LQFUHDVH WKH         DGGUHVVLQJ WKH YHU\VDPHTXHVWLRQGHFLGHGKHUHWKH1LQWK
    RIIHQVHOHYHOE\OHYHOV                                               &LUFXLWKHOGWKDWWKHGHIHQGDQWjVSHUMXU\LQWKHILUVWWULDOWKH
                                                                             PLVWULDO FRXOG EH FRQVLGHUHG IRU SXUSRVHV RI DSSO\LQJ
866*&HPSKDVLVDGGHG                                         866*&ZKHQWKHGHIHQGDQWVXEVHTXHQWO\SOHDGHG
                                                                             JXLOW\WRUHGXFHGFKDUJHV6DLGWKHFRXUWm7KHPHUHIDFWWKDW
  7KH GHIHQGDQW GRHV QRW DUJXH WKDW KH GLG QRW SHUMXUH              DIWHUDPLVWULDO>WKHGHIHQGDQW@SOHGJXLOW\WRDOHVVVHULRXV
KLPVHOILQWKHILUVWWULDO,QVWHDGWKHGHIHQGDQWDVVHUWVWKDWKLV         RIIHQVHEDVHGRQWKHVDPHFULPLQDOFRQGXFWGRHVQRWPDNHWKH
SHUMXU\VKRXOGQRWEHFRQVLGHUHGLQKLVVHQWHQFLQJEHFDXVHWKH               SOHD EDUJDLQ LQWR D VHSDUDWH SURVHFXWLRQl  ,G DW 
                                                                             HPSKDVLVDGGHG,QVXSSRUWRIWKLVFRQFOXVLRQWKHFRXUW
