                                                                                  5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
     3DOPHUY&DUOWRQ                              1R                       3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

                                                                               (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU

7KLVZDLWDPRXQWHGWRPRUHWKDQWKHµQRUPDOjGD\SHULRG                                 )LOH 1DPH DS

VXJJHVWHGE\WKH6HFRQG&LUFXLWDVDUHDVRQDEOHSHULRGIRUD
SHWLWLRQHU WR UHWXUQ WR IHGHUDO MXULVGLFWLRQ DQG WKH UHFRUG
RIIHUVQRUHDVRQIRUWKHWZRPRQWKGHOD\                             81,7('67$7(6&28572)$33($/6
  )RUWKHUHDVRQVVHWRXWDERYHZH$)),50WKHMXGJPHQWRI                                )257+(6,;7+&,5&8,7
WKHGLVWULFWFRXUW                                                                         BBBBBBBBBBBBBBBBB


                                                                        '$9,' 3$/0(5                    ;
                                                                                3HWLWLRQHU$SSHOODQW 
                                                                                                          
                                                                                                            1R
                                                                                  Y                      
                                                                                                           !
                                                                                                          
                                                                        +2:$5' &$5/721:DUGHQ           
                                                                                5HVSRQGHQW$SSHOOHH 
                                                                                                        1
                                                                             $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
                                                                          IRUWKH(DVWHUQ'LVWULFWRI7HQQHVVHHDW.QR[YLOOH
                                                                           1RnsDPHV+sDUYLV'LVWULFWsXGJH
                                                                                         $UJXHG6HSWHPEHU
                                                                                     'HFLGHGDQG)LOHGsDQXDU\
                                                                        %HIRUH'$8*+75(<*,/0$1DQG*,%621&LUFXLW
                                                                                           sXGJHV
                                                                                              BBBBBBBBBBBBBBBBB
                                                                                                    &2816(/
                                                                       $5*8('  'DYLG % +LOO 1HZSRUW 7HQQHVVHH IRU
                                                                       $SSHOODQW  (OL]DEHWK % 0DUQH\ 2)),&( 2) 7+(
                                                                       $77251(<*(1(5$/&5,0,1$/s867,&(',9,6,21

                                                                           
                                                                            7KH +RQRUDEOH sRKQ 5 *LEVRQ &LUFXLW sXGJH RI WKH 8QLWHG 6WDWHV
                                                                       &RXUW RI $SSHDOV IRU WKH (LJKWK &LUFXLW VLWWLQJ E\ GHVLJQDWLRQ



                                                                                                          
     3DOPHUY&DUOWRQ                               1R       1R                            3DOPHUY&DUOWRQ       

1DVKYLOOH7HQQHVVHHIRU$SSHOOHH21%5,()'DYLG%                   7RDFKLHYHWKHREMHFWLYHRI5RVHY/XQG\86
+LOO 1HZSRUW 7HQQHVVHH IRU $SSHOODQW  (OL]DEHWK %            DV UHHQIRUFHG E\ $('3$ VHH  86&
0DUQH\ 2)),&( 2) 7+( $77251(< *(1(5$/                            E$ZKLFKLVWRDVVXUHWKDWDGLVWULFWFRXUWZLOO
&5,0,1$/s867,&(',9,6,211DVKYLOOH7HQQHVVHHIRU                    QRWJUDQWUHOLHIRQXQH[KDXVWHGFODLPVWKH6HFRQG &LUFXLW
$SSHOOHH'DYLG3DOPHU0RXQWDLQ&LW\7HQQHVVHHSURVH              HVWDEOLVKHG WKH IROORZLQJ IUDPHZRUN IRU FLUFXPVWDQFHV LQ
                                                                        ZKLFKDGLVPLVVDOZLWKRXWSUHMXGLFHmµFRXOGMHRSDUGL]HWKH
                      BBBBBBBBBBBBBBBBB                                 WLPHOLQHVVRIDFROODWHUDODWWDFNjl=DUYHOD)GDW
                                                                        TXRWLQJ )UHHPDQ Y 3DJH  )G   WK &LU
                          23,1,21                                       $GLVWULFWFRXUWVKRXOGGLVPLVVRQO\WKHXQH[KDXVWHG
                      BBBBBBBBBBBBBBBBB                                 FODLPVLQWKHKDEHDVSHWLWLRQDQGVWD\IXUWKHUSURFHHGLQJVRQ
                                                                        WKH UHPDLQLQJ SRUWLRQ XQWLO WKH SHWLWLRQHU KDV H[KDXVWHG
  0$57+$ &5$,* '$8*+75(< &LUFXLW sXGJH  7KH                     KLVKHUUHPHGLHVLQVWDWHFRXUW,G7RDOOD\WKHFRQFHUQWKDW
SHWLWLRQHU7HQQHVVHHVWDWHSULVRQHU'DYLG3DOPHUDSSHDOVWKH          DSHWLWLRQHUPLJKWWDNHDQXQGXHDPRXQWRIWLPHWRSXUVXH
GLVWULFWFRXUWjVVXDVSRQWHGLVPLVVDORIKLVSHWLWLRQIRUDZULW        VWDWHFRXUWUHPHGLHVWKHFRXUWLPSRVHGDEULHIUHDVRQDEOH
RIKDEHDVFRUSXV7KHFRXUWKHOGWKDWWKHSHWLWLRQZDVWLPH            WLPHOLPLWXSRQWKHSHWLWLRQHUWRSUHVHQWFODLPVWRVWDWHFRXUWV
EDUUHGXQGHUWKH$QWL7HUURULVPDQG(IIHFWLYH'HDWK3HQDOW\             DQGUHWXUQWRIHGHUDOFRXUWH[KDXVWLRQmQRUPDOO\GD\Vl
$FW RI  $('3$  86&  G EHFDXVH            DIWHUDVWD\LVHQWHUHGIRUWKHIRUPHUDQGmGD\VlDIWHUVWDWH
3DOPHUjVVWDWHSRVWFRQYLFWLRQDFWLRQZDVQRWmSURSHUO\ILOHGl          FRXUWH[KDXVWLRQLVFRPSOHWHGIRUWKHODWWHU,GDWm,I
VR DV WR WROO $('3$jV OLPLWDWLRQV SHULRG  +RZHYHU RXU        HLWKHUFRQGLWLRQRIWKHVWD\LVQRWPHWWKHVWD\PD\ODWHUEH
UHYLHZLQGLFDWHVWKDWDQLQWHUYHQLQJ8QLWHG6WDWHV6XSUHPH              YDFDWHGQXQFSURWXQFDVRIWKHGDWHWKHVWD\ZDVHQWHUHGDQG
&RXUWFDVH$UWX]Y%HQQHWW86KDVUHQGHUHG           WKHSHWLWLRQPD\EHGLVPLVVHGl,G,Q DGGLWLRQWKHFRXUW
WKH GLVWULFW FRXUWjV UDWLRQDOH HUURQHRXV  1HYHUWKHOHVV WKH     UXOHGWKDWWKHGHIHQGDQWjVILUVWKDEHDVSHWLWLRQVKRXOGKDYH
6WDWH KDV SURSRVHG DQ DOWHUQDWLYH JURXQG XSRQ ZKLFK WKH         EHHQ VWD\HG VLQFH FRPSOHWH GLVPLVVDO MHRSDUGL]HG WKH
GLVPLVVDO RI 3DOPHUjV FDVH PD\ EH DIILUPHG DQG ZH KDYH        WLPHOLQHVVRIKLVFROODWHUDODWWDFN,GDW
GHWHUPLQHGWKDWWKHGLVWULFWFRXUWjVGHQLDORIUHOLHIVKRXOGEH
XSKHOG RQ WKDW EDVLV %XW LQ GRLQJ VR ZH QRWH WKH UHFHQW     7KH6HFRQG&LUFXLWDSSURDFKLVHPLQHQWO\UHDVRQDEOH,W
RSLQLRQRIDVLVWHUFLUFXLW=DUYHODY$UWX])GG         DGGUHVVHVWKHHTXLWDEOHFRQFHUQVUDLVHGE\sXVWLFH6WHYHQVLQ
&LUWKDWPLJKWKDYHSURYLGHG3DOPHUZLWKDEDVLVIRU           'XQFDQSUHVHUYHVWKHLQWHUHVWVLQFRPLW\HPEUDFHGE\/XQG\
IHGHUDO UHOLHI KDG WKH IDFWXDO FLUFXPVWDQFHV EHHQ VOLJKWO\      DQGSUHYHQWVWKHSRWHQWLDODEXVH RIWKHZULWSHUSHWUDWHGE\
GLIIHUHQWLQKLVFDVH                                                  VRPH SHWLWLRQHUV  $V FRXQWHQDQFHG E\ sXVWLFH 6WHYHQV
                                                                        &RQJUHVVFRXOGQRWKDYHGHVLUHGWKHRXWFRPHIDFLQJ3DOPHU
   7KHGLVWULFWMXGJHZKRGLVPLVVHG3DOPHUjVSHWLWLRQUXOHG             WKHSUHFOXVLRQRIDWLPHO\ILOHGSHWLWLRQIRUWKHZULWGXHWRWKH
WKDW LW ZDV XQWLPHO\ SXUVXDQW WR WKH RQH\HDU JUDFH SHULRG     QHHG WR DFFRUG VWDWH FRXUWV WKH RSSRUWXQLW\ WR DGMXGLFDWH
HVWDEOLVKHG WR DFFRPPRGDWH WKRVH SHWLWLRQHUV ZKRVH VWDWH          FODLPV
FRQYLFWLRQVEHFDPHILQDOSULRUWR$SULO$('3$jV
HIIHFWLYHGDWH6HH,VKDPY5DQGOH)GWK             1HYHUWKHOHVVDGRSWLRQRIWKH6HFRQG&LUFXLWjVDSSURDFKLQ
&LU  FHUW GHQLHG BBB 86 BBB  6 &W        WKLV FDVH ZRXOG QRW DIIRUG 3DOPHU WKH UHOLHI KH VHHNV
7KHGLVWULFWMXGJHDOVRGHWHUPLQHGWKDWWKHSHWLWLRQHUjV        $OWKRXJK KLV VWDWHFRXUW UHPHGLHV ZHUH H[KDXVWHG RQ
VWDWH SRVWFRQYLFWLRQ SHWLWLRQ ZDV QRW mSURSHUO\ ILOHGl           0DUFK   KH ZDLWHG XQWLO 0D\   EHIRUH KH
SXUVXDQW WR WKH $('3$ SURYLVLRQ WKDW WROOV WKH RQH\HDU         UHWXUQHGWRIHGHUDOFRXUWDQGILOHGDVHFRQGKDEHDVSHWLWLRQ
OLPLWDWLRQVSHULRGIRUWKHmWLPHGXULQJZKLFKDSURSHUO\ILOHG
       3DOPHUY&DUOWRQ                             1R     1R                               3DOPHUY&DUOWRQ         

    FRXUW VKRXOG QRW UHWDLQ MXULVGLFWLRQ RYHU D PHULWRULRXV    DSSOLFDWLRQIRU6WDWHSRVWFRQYLFWLRQRURWKHUFROODWHUDOUHYLHZ
    FODLPDQGVWD\IXUWKHUSURFHHGLQJVSHQGLQJWKHFRPSOHWH           LVSHQGLQJl86&G+HQFHWKHFRXUW
    H[KDXVWLRQ RI VWDWH UHPHGLHV  ,QGHHG WKHUH LV HYHU\     KHOGWKHRQH\HDUJUDFHSHULRGWRZKLFKGDSSOLHV
    UHDVRQWRGRVRZKHQ$('3$JLYHVDGLVWULFWFRXUWWKH             ZDV QRW WROOHG  7KH SHWLWLRQHU QRZ DSSHDOV WKDW
    DOWHUQDWLYH RI VLPSO\ GHQ\LQJ D SHWLWLRQ FRQWDLQLQJ         GHWHUPLQDWLRQ
    XQH[KDXVWHGEXWQRQPHULWRULRXVFODLPVVHH86&
    EHG6XSS9DQGZKHQWKHIDLOXUHWR             3DOPHUZDVFRQYLFWHGRIDJJUDYDWHGUDSHLQVWDWHFRXUWLQ
    UHWDLQ MXULVGLFWLRQ ZRXOG IRUHFORVH IHGHUDO UHYLHZ RI D    DQGZDVVHQWHQFHGWR\HDUVLPSULVRQPHQW+HILOHG
    PHULWRULRXVFODLPEHFDXVHRIWKHODSVHRI$('3$jV              KLV ILUVW SHWLWLRQ IRU SRVWFRQYLFWLRQ UHOLHI LQ  7KLV
    \HDUOLPLWDWLRQVSHULRG                                          OLWLJDWLRQZDVXQVXFFHVVIXODQGKHILOHGDVHFRQGSHWLWLRQLQ
                                                                      sXO\7KDWSHWLWLRQZDVGLVPLVVHGE\WKHVWDWHWULDOFRXUW
,G                                                                 LQ )HEUXDU\  DQG WKH 7HQQHVVHH &RXUW RI &ULPLQDO
                                                                      $SSHDOV DIILUPHG WKH GLVPLVVDO RQ sXO\   2Q
  6HFRQG UHO\LQJ XSRQ D mUHDVRQDEOH EHOLHI WKDW &RQJUHVV      'HFHPEHU   WKH 7HQQHVVHH 6XSUHPH &RXUW GHQLHG
FRXOG QRW KDYH LQWHQGHG WR EDU IHGHUDO KDEHDV UHYLHZ IRU     3DOPHUjVDSSOLFDWLRQIRUSHUPLVVLRQWRDSSHDODQGRQH\HDU
SHWLWLRQHUVZKRLQYRNHWKHFRXUWjVMXULVGLFWLRQZLWKLQWKH         ODWHUWRWKHGD\RQ'HFHPEHU3DOPHUILOHGKLVKDEHDV
\HDU LQWHUYDO SUHVFULEHG E\ $('3$l sXVWLFH 6WHYHQV             SHWLWLRQLQIHGHUDOFRXUW
SURSRVHG WKDW GLVWULFW FRXUWV HTXLWDEO\ WROO WKH OLPLWDWLRQV
SHULRGGXULQJWKHWLPHWKDWDILUVWKDEHDVSHWLWLRQLVSHQGLQJ           2Q 0DUFK   WKH IHGHUDO GLVWULFW FRXUW JUDQWHG
EHIRUHDGLVPLVVDOZLWKRXWSUHMXGLFH,G,QDGGLWLRQsXVWLFH      3DOPHUjVPRWLRQIRUYROXQWDU\GLVPLVVDOZLWKRXWSUHMXGLFH
6WHYHQVQRWHGWKDWQHLWKHURIKLVVXJJHVWLRQVFRQWUDYHQHGWKH         LQ RUGHU WR SHUPLW WKH H[KDXVWLRQ RI VWDWH UHPHGLHV 2Q
mQDUURZKROGLQJlRIWKHPDMRULW\RSLQLRQLQ'XQFDQLGDW            0D\3DOPHUUHILOHGKLVKDEHDVSHWLWLRQLQIHGHUDO
 DQG WKH PDMRULW\ DJUHHG E\ GHFODULQJ WKDW sXVWLFH       GLVWULFW FRXUW EXW LW ZDV GLVPLVVHG WZR ZHHNV ODWHU ZLWK
6WHYHQVjVFRQFHUQSUHVHQWHGDQLVVXHWKDWZDVQRWEHIRUHWKH          SUHMXGLFH RQ WKH JURXQG WKDW LW ZDV XQWLPHO\ 7KH GLVWULFW
&RXUWLGDW                                                   FRXUWKHOGWKDW$('3$DSSOLHGDQGWKDWWKH$FWjVRQH\HDU
                                                                      OLPLWDWLRQV SHULRG KDG QRW EHHQ WROOHG E\ WKH VHFRQG VWDWH
   ,Q FLUFXPVWDQFHV VLPLODU WR WKH FDVH DW EDU WKH 6HFRQG   SRVWFRQYLFWLRQ SHWLWLRQ EHFDXVH WKH VWDWH SHWLWLRQ ZDV QRW
&LUFXLW DGRSWHG WKH DOWHUQDWLYH DSSURDFK UHFRPPHQGHG E\         mSURSHUO\ILOHGlXQGHU$('3$7KLVUXOLQJZDVEDVHGRQWKH
sXVWLFH6WHYHQV,Q=DUYHODY$UWX])GG&LU          VWDWH FRXUW GHFLVLRQ WKDW 3DOPHUjV VHFRQG SRVWFRQYLFWLRQ
WKHFRXUWDGGUHVVHGDVLWXDWLRQLQZKLFKDGHIHQGDQWjV         SHWLWLRQZDVEDUUHGEHFDXVHLWVXQGHUO\LQJFODLPVKDGEHHQ
ILUVWKDEHDVSHWLWLRQZDVGLVPLVVHGZLWKRXWSUHMXGLFHRQQRQ         SUHYLRXVO\GHWHUPLQHGRUZDLYHGZKHQQRWUDLVHGLQKLVILUVW
H[KDXVWLRQJURXQGV7KHILUVWSHWLWLRQZDVILOHGZLWKRQO\WZR       SRVWFRQYLFWLRQSHWLWLRQ
GD\V RI HOLJLELOLW\ UHPDLQLQJ RQ KLV JUDFH SHULRG  7KH
GHIHQGDQWILOHGIRUVWDWHSRVWFRQYLFWLRQUHOLHIRQO\QLQHGD\V         7KDW LQWHUSUHWDWLRQ RI WKH $FW KDV VLQFH SURYHG WR EH
DIWHUWKHGLVPLVVDORIKLVILUVWSHWLWLRQ)RXUWHHQGD\VDIWHUWKH   LQFRUUHFW,Q$UWX]Y%HQQHWWWKH&RXUWFODULILHGWKHPHDQLQJ
ILQDOGLVSRVLWLRQRIKLVXQH[KDXVWHGFODLPVLQVWDWHFRXUWWKH       RI WKH SKUDVH mSURSHUO\ ILOHGl DV LW LV XVHG LQ WKH WROOLQJ
GHIHQGDQWILOHGDVHFRQGKDEHDVSHWLWLRQEXWWKHGLVWULFWFRXUW      SURYLVLRQRI86&GDVIROORZV
GLVPLVVHGWKHSHWLWLRQZLWKSUHMXGLFHEHFDXVHKHH[FHHGHG
KLVJUDFHSHULRGE\QLQHGD\VH[FOXGLQJRWKHUmWROODEOHlGD\V         m>$@Q DSSOLFDWLRQ LV µSURSHUO\ ILOHGj ZKHQ LWV GHOLYHU\
,GDW                                                          DQG DFFHSWDQFH DUH LQ FRPSOLDQFH ZLWK WKH DSSOLFDEOH
                                                                        ODZV DQG UXOHV JRYHUQLQJ ILOLQJV  7KHVH XVXDOO\
      3DOPHUY&DUOWRQ                               1R    1R                              3DOPHUY&DUOWRQ          

    SUHVFULEH IRU H[DPSOH WKH IRUP RI WKH GRFXPHQW WKH     HYHQLIWKLVILOLQJFRXOGTXDOLI\DVDSRVWFRQYLFWLRQSHWLWLRQ
    WLPH OLPLWV XSRQ LWV GHOLYHU\ WKH FRXUW DQG RIILFH LQ   XQGHU VWDWH ODZ LW LV FOHDU IURP WKH VWDWH DSSHDOV FRXUWjV
    ZKLFKLWPXVWEHORGJHGDQGWKHUHTXLVLWHILOLQJIHH      GHFLVLRQWKDWWKLVSOHDGLQJGLGQRWSUHVHQWDIHGHUDOTXHVWLRQ
    %XW LQ FRPPRQ XVDJH WKH TXHVWLRQ ZKHWKHU DQ               IRUUHYLHZ%HFDXVHmDVWDWHSHWLWLRQIRUSRVWFRQYLFWLRQRU
    DSSOLFDWLRQ KDV EHHQ µSURSHUO\ ILOHGj LV TXLWH VHSDUDWH    RWKHU FROODWHUDOUHYLHZPXVWSUHVHQWDIHGHUDOO\FRJQL]DEOH
    IURPWKHTXHVWLRQZKHWKHUWKHFODLPVFRQWDLQHGLQWKH             FODLPIRULWWRWROOWKHVWDWXWHRIOLPLWDWLRQVSXUVXDQWWR
    DSSOLFDWLRQDUHPHULWRULRXVDQGIUHHRISURFHGXUDOEDUl          86&Gl3DOPHUjVDUJXPHQWIDLOVDVDPDWWHURI
                                                                      ODZ$XVWLQY0LWFKHOO)GWK&LU
%HQQHWW  86 DW  FLWDWLRQV DQG IRRWQRWH RPLWWHG     FHUWGHQLHG86
HPSKDVLV LQ RULJLQDO  7KXV WKH GLVWULFW FRXUW HUUHG LQ
FRQFOXGLQJWKDW3DOPHUjVVHFRQGSRVWFRQYLFWLRQSHWLWLRQZDV            ,Q DGGLWLRQ 3DOPHU DVVHUWV WKDW KLV VHFRQG VWDWH SRVW
QRWmSURSHUO\ILOHGlDQGWKH6WDWHFRQFHGHVDVPXFKLQLWV          FRQYLFWLRQSHWLWLRQGLGQRWEHFRPHILQDOXQWLOWKHH[SLUDWLRQ
EULHIWRWKHFRXUW                                                   RIWKHGD\ZLQGRZWKDWKH KDG LQ ZKLFKWRSHWLWLRQWKH
                                                                      8QLWHG6WDWH6XSUHPH&RXUWIRUDZULWRIFHUWLRUDUL:HKDYH
   7KH6WDWHXUJHVKRZHYHUWKDWGLVPLVVDORI3DOPHUjVKDEHDV        KHOGKRZHYHUWKDWmGGRHVQRWWROOWKHOLPLWDWLRQV
SHWLWLRQPD\VWLOOUHVWXSRQWKHIDLOXUHWRUHILOHLWZLWKLQWKH      SHULRG WR WDNH LQWR DFFRXQW WKH WLPH LQ ZKLFK D GHIHQGDQW
SUHVFULEHGOLPLWDWLRQVSHULRG$VLQGLFDWHGDERYHWKHVHFRQG        FRXOGKDYHSRWHQWLDOO\ILOHGDSHWLWLRQIRUFHUWLRUDULZLWKWKH
SRVWFRQYLFWLRQSHWLWLRQWROOHGWKHSHULRGXQWLO'HFHPEHU          8QLWHG6WDWHV6XSUHPH&RXUWIROORZLQJDVWDWHFRXUWjVGHQLDO
WKHGDWHRQZKLFKWKHOHDYHWRDSSHDOWKHSHWLWLRQZDV          RISRVWFRQYLFWLRQUHOLHIl,VKDP)GDW
GHQLHGE\WKH7HQQHVVHH6XSUHPH&RXUW3DOPHUZDLWHGXQWLO
'HFHPEHU   WKH HQWLUH RQH\HDU SHULRG WR ILOH KLV      +HQFH IRU UHDVRQV RWKHU WKDQ WKRVH DQQRXQFHG E\ WKH
IHGHUDO KDEHDV SHWLWLRQ  $OWKRXJK WKH KDEHDV SHWLWLRQ ZDV    GLVWULFWFRXUWWKHMXGJPHQWGHQ\LQJ3DOPHUUHOLHILQWKLVFDVH
LQLWLDOO\WLPHO\WKHSHULRGH[SLUHGRQWKHGD\WKDWLWZDVILOHG    PXVWEHDIILUPHG,QVRKROGLQJKRZHYHUZHWDNHQRWHRIWKH
:KHQWKDWSHWLWLRQZDVGLVPLVVHGZLWKRXWSUHMXGLFHRQ0DUFK           DQDO\VLV SXW IRUZDUG LQ 'XQFDQ VXSUD LQ ZKLFK sXVWLFH
WRDOORZH[KDXVWLRQRIDJURXQGIRUUHOLHILQVWDWH          6WHYHQV LQ D FRQFXUULQJ RSLQLRQ MRLQHG E\ sXVWLFH 6RXWHU
FRXUW WKH UHILOLQJ RQ 0D\   ZDV XQWLPHO\ 6HH       UHPDUNHG WKDW m&RQJUHVV    RYHUORRNHG WKH FODVV RI
'XQFDQY:DONHU86BBB6&W            SHWLWLRQHUV ZKRVH WLPHO\ ILOHG KDEHDV SHWLWLRQV UHPDLQ
IHGHUDOKDEHDVSHWLWLRQLVQRWDQDSSOLFDWLRQIRUm6WDWH      SHQGLQJLQGLVWULFWFRXUWSDVWWKHOLPLWDWLRQVSHULRGRQO\WREH
SRVWFRQYLFWLRQ RU RWKHU FROODWHUDO UHYLHZl ZLWKLQ WKH          GLVPLVVHGDIWHUWKHFRXUWEHODWHGO\UHDOL]HVWKDWRQHRUPRUH
PHDQLQJRIGDQGWKXVGRHVQRWWROOWKHSHULRGRI          FODLPV KDYH QRW EHHQ H[KDXVWHGl  'XQFDQ  6 &W DW
OLPLWDWLRQVHPSKDVLVDGGHG$VDUHVXOW3DOPHUFRXOGQRW            7R FLUFXPYHQW WKLV DQRPDO\ sXVWLFH 6WHYHQV
YDOLGO\ UHILOH KLV KDEHDV SHWLWLRQ EHFDXVH WKH OLPLWDWLRQV     UHFRPPHQGHGWZRDOWHUQDWLYHFRXUVHVRIDFWLRQDGLVWULFWFRXUW
SHULRGXQGHU$('3$KDGUXQRXWRQWKHGDWHRIKLVLQLWLDO             PLJKWXQGHUWDNH)LUVWsXVWLFH6WHYHQVVXJJHVWHGWKDWGLVWULFW
ILOLQJ                                                               FRXUWV LPSOHPHQW D VWD\ RYHU KDEHDV SURFHHGLQJV XQWLO
                                                                      XQH[KDXVWHGFODLPVDUHDGGUHVVHGLQVWDWHFRXUWV
   3DOPHUDWWHPSWVWRFLUFXPYHQWWKLVSURFHGXUDOREVWDFOHE\
DUJXLQJWKDWDmSHWLWLRQIRUGHFODUDWRU\RUGHUlWKDWKHILOHGLQ        >$@OWKRXJKWKH&RXUWjVSUH$('3$GHFLVLRQLQ5RVHY
VWDWH FRXUW LQ $XJXVW  ZDV QRW ILQDOO\ GLVPLVVHG XQWLO     /XQG\    SUHVFULEHG WKH GLVPLVVDO RI IHGHUDO KDEHDV
0DUFKDQGWKDWLWVKRXOGDOVREHFRQVLGHUHGWREHD           FRUSXVSHWLWLRQVFRQWDLQLQJXQH[KDXVWHGFODLPVLQRXU
SRVWFRQYLFWLRQSHWLWLRQWKDWWROOHGWKHOLPLWDWLRQVSHULRG%XW       SRVW$('3$ ZRUOG WKHUH LV QR UHDVRQ ZK\ D GLVWULFW
