           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


 :,//,$0 $ $17+21< ,,,         ;
        3HWLWLRQHU$SSHOODQW      
                                   
                                     1R
           Y                      
                                    !
                                   
 '21 '(:,77:DUGHQ               
        5HVSRQGHQW$SSHOOHH 
                                  1
      $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
     IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV
   1RnsDPHV/*UDKDP'LVWULFWsXGJH
                    $UJXHGsDQXDU\
                'HFLGHGDQG)LOHGsXO\
%HIRUH5<$1DQG*,/0$1&LUFXLWsXGJHV32/67(5
                   'LVWULFWsXGJH
                       BBBBBBBBBBBBBBBBB
                             &2816(/
$5*8('  3DPHOD &RQJHU&R[ 2+,2 38%/,&
'()(1'(5 &200,66,21 &ROXPEXV 2KLR IRU
$SSHOODQW'LDQH0DOORU\2)),&(2)7+($77251(<

    
     7KH +RQRUDEOH 'DQ $DURQ 3ROVWHU 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ



                                    
     $QWKRQ\Y'H:LWW                               1R

*(1(5$/ &ROXPEXV 2KLR IRU $SSHOOHH  21 %5,()
3DPHOD &RQJHU&R[ 2+,2 38%/,& '()(1'(5
&200,66,21 &ROXPEXV 2KLR IRU $SSHOODQW  'LDQH
0DOORU\ 2)),&( 2) 7+( $77251(< *(1(5$/
&ROXPEXV2KLRIRU$SSHOOHH
                      BBBBBBBBBBBBBBBBB
                          23,1,21
                      BBBBBBBBBBBBBBBBB
   '$1 $$521 32/67(5 'LVWULFW sXGJH  3HWLWLRQHU
$SSHOODQW:LOOLDP$$QWKRQ\DVWDWHSULVRQHULQFDUFHUDWHG
IRU DJJUDYDWHG PXUGHU DSSHDOV WKH GLVWULFW FRXUWjV RUGHU
GHQ\LQJKLVSHWLWLRQIRUDZULWRIKDEHDVFRUSXVILOHGSXUVXDQW
WR86&7KHRQO\LVVXHRQDSSHDOLVZKHWKHUWKH
WULDO FRXUWjV DGPLVVLRQ RI WKH WHVWLPRQ\ RI WZR ZLWQHVVHV
UHFRXQWLQJ VWDWHPHQWV PDGH E\ DQ RXWRIFRXUW GHFODUDQW
YLRODWHGWKH6L[WK$PHQGPHQWjV&RQIURQWDWLRQ&ODXVH)RU
WKH IROORZLQJ UHDVRQV WKH GHFLVLRQ RI WKH GLVWULFW FRXUW LV
$)),50('
                         ,%DFNJURXQG
  2Q2FWREHUDMXU\FRQYLFWHG:LOOLDP$QWKRQ\RI
WKH DJJUDYDWHG PXUGHU RI 3DWULFLD 6PLWK ZLWK ILUHDUP
VSHFLILFDWLRQV$QWKRQ\ZDVVHQWHQFHGWROLIHLPSULVRQPHQW
ZLWKHOLJLELOLW\IRUSDUROHDWWKHHQGRIWZHQW\\HDUVSOXVWKUHH
\HDUVDGGLWLRQDOLQFDUFHUDWLRQIRUWKHILUHDUPVSHFLILFDWLRQ
  6HYHUDOPRQWKVSULRUWRWKHPXUGHU6PLWKKDGILOHGIHORQ\
WKHIW FKDUJHV ZLWK WKH SROLFH DJDLQVW $QWKRQ\jV IULHQG
5RPPHOO.QR[IRUVWHDOLQJDULQJIURPKHUDSDUWPHQWZKHQ
.QR[ZDVSHUIRUPLQJDURXWLQHSHVWH[WHUPLQDWLRQ.QR[
ZKRKDGDSULRUFULPLQDOUHFRUGIHDUHGJRLQJWRMDLOIRUWKH
WKHIW2QWKHHYHQLQJRIsDQXDU\5RPPHOO.QR[DQG
:LOOLDP$QWKRQ\GURYHWR6PLWKjVDSDUWPHQWFRPSOH[ZLWK
5RPPHOOjV EURWKHU sRKQ .QR[ DQG 5RPPHOOjV JLUOIULHQG
0DU\ m%XII\l 3D\QH  :KHQ WKH\ JRW WR WKH DSDUWPHQW
FRPSOH[sRKQDQG5RPPHOO.QR[VWD\HGLQWKHFDUZKLOH
3D\QHDQG$QWKRQ\ZDONHGWR6PLWKjVGRRU$V6PLWKVWDUWHG
    $QWKRQ\Y'H:LWW                               1R       1R                                $QWKRQ\Y'H:LWW           

  ,Q DQ\ HYHQW WKH DGPLVVLRQ RI 5RPPHOOjV VWDWHPHQWV WR        WRRSHQWKHGRRUVKHZDVVKRW DQG NLOOHGZLWK5RPPHOOjV
5HJLQD WHOOLQJ KHU WKDW KH ZDQWHG 6PLWK VKRW EHFDXVH KH       JXQ  6XEVHTXHQWO\ 5RPPHOO .QR[ DQG :LOOLDP $QWKRQ\
GLGQjWZDQWWRJRWRMDLOWKDWKHLQWHQGHGWRSD\$QWKRQ\DQG          ZHUHSURVHFXWHGIRUDJJUDYDWHGPXUGHUDQGWULHGVHSDUDWHO\
3D\QHSUHVXPDEO\IRUWKHLUVHUYLFHVDQGWKDWKHZDQWHG
KHUWROLHDERXWKLVZKHUHDERXWVWKHHYHQLQJRIWKHPXUGHU                $W$QWKRQ\jVWULDOWKHVWDWHFDOOHG'HWHFWLYHsDPHV6FRWW
DQGKHOSKLPFUHDWHDQDOLELGLGQRWYLRODWHWKH&RQIURQWDWLRQ         'HWHFWLYH 6FRWW WHVWLILHG WKDW KH LQYHVWLJDWHG WKH WKHIW RI
&ODXVH EHFDXVH WKH\ ZHUH GHFODUDWLRQV DJDLQVW 5RPPHOOjV           3DWULFLD 6PLWKjV ULQJ  $V D UHVXOW RI KLV LQYHVWLJDWLRQ
SHQDO LQWHUHVW  :LOOLDPVRQ Y 8QLWHG 6WDWHV  86      FULPLQDOFKDUJHVZHUHILOHGDJDLQVW5RPPHOO.QR[DIRUPHU
                                                                 HPSOR\HHRI2KLR([WHUPLQDWLQJ&R7KHFKDUJHVDJDLQVW
                                                                        5RPPHOOZHUHGURSSHGDIWHU6PLWKjVPXUGHU
   (YHQ LI WKRVH VWDWHPHQWV WKDW ZHUH QRW FOHDUO\ DJDLQVW
5RPPHOOjV SHQDO LQWHUHVW ZHUH LQVXIILFLHQWO\ UHOLDEOH WR EH        5RELQ'XQODSDUHVLGHQWRI6PLWKjVDSDUWPHQWFRPSOH[
DGPLWWHGDWWULDOWKHLUDGPLVVLRQZRXOGFRQVWLWXWHKDUPOHVV            WHVWLILHGWKDWRQsDQXDU\VKHKHDUGJXQVKRWVLQWKH
HUURU EHFDXVH RI RXU FRQFOXVLRQ WKDW WKH\ GLG QRW KDYH D      FRPSOH[DQGDIWHUKHDULQJWKHVKRWVORRNHGRXWKHUZLQGRZ
VXEVWDQWLDODQGLQMXULRXVHIIHFWRULQIOXHQFHLQGHWHUPLQLQJWKH        DQGVDZZKDWVKHEHOLHYHGWREHDZKLWHZRPDQZLWKVKRUW
MXU\jV YHUGLFW  %UHFKW  86 DW   3ULRU WR 5HJLQD   ERXQF\KDLUUXQQLQJDZD\IURPWKHEXLOGLQJ6KHGLGQRWVHH
.QR[jV WHVWLPRQ\ WKHUH ZDV VXIILFLHQW FRUURERUDWLQJ               DQ\RQH HOVH LQ WKH FRXUW\DUG  6KH FDOOHG  ZKHQ VKH
WHVWLPRQ\IURPsRKQ.QR[DQG0DU\3D\QHGHVFULELQJWKH                  GLVFRYHUHGWKDWKHUQHLJKERU3DWULFLD6PLWKKDGEHHQVKRW
HYHQWV RQ WKH HYHQLQJ RI 6PLWKjV PXUGHU PDNLQJ 5HJLQD
.QR[jV KHDUVD\ WHVWLPRQ\ LQ WKLV UHJDUG FXPXODWLYH  ,Q           'HWHFWLYH %ULDQ /DF\ ZKR KHDGHG WKH LQYHVWLJDWLRQ RI
DGGLWLRQKDEHDVSHWLWLRQHUVDUHQRWHQWLWOHGWRUHOLHIEDVHGRQ        6PLWKjVPXUGHUWHVWLILHGWKDWWKHSROLFHKDGQRLPPHGLDWH
WULDOHUURUXQOHVVWKH\FDQHVWDEOLVKWKDWWKHHUURUUHVXOWHGLQ        VXVSHFWV$IHZGD\VODWHUKRZHYHUKHUHFHLYHGDWHOHSKRQH
DFWXDOSUHMXGLFHDQLVVXH$QWKRQ\QHYHUDGGUHVVHG0F*KHH            FDOOIURPDIHPDOHQDPHG5HJLQD.QR[ODWHULGHQWLILHGDV
)GDW                                                        5RPPHOOjVZLIHZKRFODLPHGWRKDYHLQIRUPDWLRQUHJDUGLQJ
                                                                        6PLWKjVPXUGHU+HSHUVXDGHGKHUWRFRPHWRWKHVWDWLRQDQG
                        ,9&RQFOXVLRQ                                 DIWHUYHULI\LQJKHULGHQWLW\LQWHUYLHZHGKHU$VDUHVXOWRI
                                                                        WKDWLQWHUYLHZWKHLQYHVWLJDWLRQIRFXVHGRQ5RPPHOO.QR[
 %DVHG RQ WKH IRUHJRLQJ WKH GLVWULFW FRXUWjV GHQLDO RI         sRKQ .QR[ D SHUVRQ QDPHG m:LOOl DQG D ZRPDQ QDPHG
$QWKRQ\jVKDEHDVSHWLWLRQLV$)),50('                                  m%XII\l5HJLQD.QR[DJUHHGWRDFFRPSDQ\SROLFHRIILFHUV
                                                                        WR WKH DSDUWPHQW RI sRKQ .QR[ ZKHUH WKH\ IRXQG DQG
                                                                        DSSUHKHQGHG sRKQ 5RPPHOO DQG DQ XQLGHQWLILHG ZRPDQ
                                                                        'HWHFWLYH/DF\LQWHUYLHZHGsRKQ.QR[DQGWHVWLILHGWKDWDIWHU
                                                                        WKH LQWHUYLHZ WKH IRXU VXVSHFWV UHPDLQHG WKH VDPH EXW KH

                                                                            
                                                                             3D\QH   ZDV QRW FKDUJHG DQG sRKQ .QR[ SOHG JXLOW\ WR WKH OHVVHU
                                                                        RIIHQVH RI PDQVODXJKWHU D SOHD WKDW ZDV ODWHU ZLWKGUDZQ 7KH VWDWH
                                                                        XOWLPDWHO\ GURSSHG WKH FKDUJHV DJDLQVW sRKQ

                                                                            
                                                                             7KH WHVWLPRQ\ RI WKH ZLWQHVVHV UHFRXQWHG EHORZ LV VHW IRUWK LQ WKH
                                                                        RUGHU LQ ZKLFK WKH\ ZHUH FDOOHG   
     $QWKRQ\Y'H:LWW                               1R       1R                               $QWKRQ\Y'H:LWW        

FRXOG QRZ LGHQWLI\ m%XII\l DV 0DU\ 3D\QH DQG m:LOOl DV            $SSO\LQJWKHVHIDFWRUVWRWKHSUHVHQWFDVHZHFRQFOXGHWKDW
:LOOLDP $QWKRQ\  'HWHFWLYH /DF\ REVHUYHG SDUW RI                WKHDGPLVVLRQRI5RPPHOOjVVWDWHPHQWVWR5HJLQD.QR[DWWKH
5RPPHOOjVLQWHUYLHZDQGSHUVRQDOO\LQWHUYLHZHG5RPPHOO                 WULDORI:LOOLDP$QWKRQ\GLGQRWYLRODWHWKH&RQIURQWDWLRQ
DIWHUZKLFKKHDJDLQFRQILUPHGWKHVDPHIRXUVXVSHFWV                  &ODXVH EHFDXVH WKH\ FDUULHG SDUWLFXODUL]HG JXDUDQWHHV RI
                                                                        WUXVWZRUWKLQHVV)LUVW5RPPHOOPDGHH[SUHVVDVVHUWLRQVRI
   $IWHU'HWHFWLYH/DF\jVWHVWLPRQ\EXWEHIRUHWKHVWDWHFDOOHG         SDVWIDFWDVKHGHWDLOHGWKHHYHQWVRIWKHHYHQLQJOHDGLQJXSWR
0DU\3D\QHWKHWULDOFRXUWKHOGDSUHOLPLQDU\KHDULQJXQGHU            6PLWKjVPXUGHU6HFRQG5RPPHOOKDGSHUVRQDONQRZOHGJH
2KLR (YLG 5  RXWVLGH WKH SUHVHQFH RI WKH MXU\ WR       RIWKHIDFWVDVVHUWHGEHFDXVHE\DOODFFRXQWVKHZDVSUHVHQW
GHWHUPLQHWKHDGPLVVLELOLW\RI3D\QHjVmKHDUVD\lWHVWLPRQ\             DW WKH DSDUWPHQW ZKHQ WKH PXUGHU RFFXUUHG  7KLUG WKH
$WWKHFRQFOXVLRQRIWKHKHDULQJWKHWULDOMXGJHUXOHGWKDWWKH        OLNHOLKRRGWKDW5RPPHOOjVUHFROOHFWLRQRIWKHIDFWVZDVIDXOW\
VWDWHKDGVXIILFLHQWHYLGHQFHWRPDNHDSULPDIDFLHVKRZLQJ             LVH[WUHPHO\UHPRWHEHFDXVHWKH\ZHUHPDGHRQWKHHYHQLQJ
RIDFRQVSLUDF\EXWWKDWLWZRXOGQHHGWRSUHVHQWLWVHYLGHQFH         RIWKHPXUGHUVKRUWO\DIWHULWRFFXUUHG)RXUWKLWLVXQOLNHO\
LQWKHSURSHURUGHU                                                    WKDW5RPPHOOIDEULFDWHGWKHIDFWVEHFDXVHKHYROXQWDULO\PDGH
                                                                        WKHVWDWHPHQWVWRKLVZLIHLQWKHSULYDF\RIWKHLUKRPHDQG
   7KHUHDIWHU0DU\3D\QHWHVWLILHGWRWKHIROORZLQJIDFWV6KH        WKH\ZHUHDJDLQVWKLVSHQDOLQWHUHVW6XFKVWDWHPHQWVPDGHWR
PHW5RPPHOO.QR[LQ1RYHPEHUDQGEHJDQDQLQWLPDWH                 D IDPLO\ PHPEHU RU SHUFHLYHG DOO\ LQ FRQILGHQFH KDYH
UHODWLRQVKLS ZLWK KLP  6KH ODWHU PHW 5RPPHOOjV EURWKHU        SUHYLRXVO\EHHQGHHPHGVXIILFLHQWO\WUXVWZRUWK\6HH7RFFR
sRKQDQG:LOOLDP$QWKRQ\ZKRZDVLQWURGXFHGWRKHUDV                 )GDW%UXWRQY3KLOOLSV)6XSSG
5RPPHOOjVmFRXVLQl7KHIRXUVSHQWDORWRIWLPHWRJHWKHU             ('0LFK5RPPHOODSSDUHQWO\YLHZHGKLVZLIHDV
RIWHQ ZHQW WR D FOXE FDOOHG 'HHjV DQG 5RPPHOO mDOZD\V         DQDOO\EHFDXVHKHDVNHGIRUKHUDVVLVWDQFHLQFUHDWLQJDQDOLEL
FDOOHGWKHVKRWVl$WWKHWLPHRIWKHPXUGHU3D\QHZDVDZDUH          IRUKLPDQGFRQFHDOLQJWKHFULPH
RIWKHWKHIWFKDUJHVEURXJKWDJDLQVW5RPPHOO2QsDQXDU\
5RPPHOOFDOOHGDQGLQYLWHGKHURXW5RPPHOODUULYHG                 $OWKRXJKXOWLPDWHO\FRQFOXGLQJWKDW5RPPHOOjVVWDWHPHQWV
DW 3D\QHjV KRPH ZLWK sRKQ .QR[ DQG :LOOLDP $QWKRQ\             WR 5HJLQD .QR[ ERUH VXIILFLHQW LQGLFLD RI UHOLDELOLW\ WKH
7KH\DOOJRWLQWRsRKQjVFDUDQGGURYHWR6PLWKjVDSDUWPHQW             GLVWULFW FRXUW H[SUHVVHG FRQFHUQ ZLWK UHJDUG WR WKH IRXUWK
FRPSOH[8SRQDUULYDODWWKHDSDUWPHQWFRPSOH[5RPPHOO                'XWWRQIDFWRU7KHFRXUWTXRWLQJ/HHY,OOLQRLV86
SRLQWHGRXW6PLWKjVDSDUWPHQW+HDVNHG3D\QHLIVKHZRXOG             SRLQWHGRXWWKDWDmFRGHIHQGDQWjVFRQIHVVLRQ
DFFRPSDQ\$QWKRQ\WRWKHDSDUWPHQWDQGNQRFNRQWKHODG\jV              LVSUHVXPSWLYHO\XQUHOLDEOHDVWRWKHSDVVDJHVGHWDLOLQJWKH
GRRUZKRKDGILOHGFKDUJHVDJDLQVWKLP5RPPHOOVRWKDW                GHIHQGDQWjV FRQGXFW RU FXOSDELOLW\ EHFDXVH WKRVH SDVVDJHV
$QWKRQ\ FRXOG WDON WR KHU DERXW GURSSLQJ WKH FKDUJHV           PD\ZHOOEHWKHSURGXFWRIWKHFRGHIHQGDQWjVGHVLUHWRVKLIWRU
5RPPHOOWROG3D\QHWKDWKHZDQWHGKHUWRNQRFNRQWKHGRRU              VSUHDGEODPHFXUU\IDYRUDYHQJHKLPVHOIRUGLYHUWDWWHQWLRQ
EHFDXVHWKHZRPDQZRXOGQRWRSHQWKHGRRUIRUDEODFNPDQ               WRDQRWKHUl7KHVHFRQFHUQVKRZHYHUDUHPRVWVDOLHQWZKHUH
$QWKRQ\ EXW ZRXOG RSHQ LW IRU D ZKLWH ZRPDQ 3D\QH        D FRGHIHQGDQW LPSOLFDWHV D GHIHQGDQW LQ KLV FRQIHVVLRQ WR
3D\QHUHOXFWDQWO\DJUHHGWRGRLW$IWHU3D\QHNQRFNHGRQ              DXWKRULWLHVZKRKDYHWKHGLVFUHWLRQWRWUHDWWKHFRGHIHQGDQW
6PLWKjV GRRU DQG 6PLWK EHJDQ XQORFNLQJ LW $QWKRQ\ WROG         OHQLHQWO\DQGWRSXUVXHFKDUJHVDJDLQVWKLVDFFRPSOLFH,QWKLV
3D\QHVKHFRXOGJREDFNWRWKHFDU2QKHUZD\EDFNWRWKH             FDVHKRZHYHU5RPPHOOLPSOLFDWHG$QWKRQ\LQGHVFULELQJ
FDUVKHKHDUGDJXQVKRW:KHQVKHWXUQHGVKHVDZ$QWKRQ\             WKHFULPHWRKLVZLIHRQWKHQLJKWRIWKHPXUGHU,WLVXQOLNHO\
UXQQLQJ WRZDUG KHU ZLWK D JXQ  6KH WHVWLILHG WKDW WKH JXQ   WKDW KH FRQFRFWHG WKLV VWRU\ DQG VKDUHG LW ZLWK KLV ZLIH LQ
ORRNHGOLNHRQHVKHKDGSUHYLRXVO\VHHQ5RPPHOOFDUU\RQ                RUGHUWRVHFXUHVRPHIXWXUHOHJDOEHQHILW
VHYHUDORFFDVLRQVDQGSXWLQWKHSRFNHWRIKHUFRDWZKHQWKH\
       $QWKRQ\Y'H:LWW                           1R       1R                             $QWKRQ\Y'H:LWW        

WRSURYHWKDW5RPPHOODFWXDOO\EHOLHYHG$QWKRQ\LQWHQGHGWR            ZHQWWRmWKHEDUl$QWKRQ\JUDEEHG3D\QHE\WKHDUPVDLG
WDON WR 6PLWK DERXW GURSSLQJ WKH FKDUJHV RU WKDW KH WUXO\    mPRYHELWFKlDQGUDQWRWKHFDU$VWKHIRXUGURYHDZD\
EHOLHYHG6PLWKZRXOGQRWRSHQWKHGRRUIRU$QWKRQ\UDWKHU            IURP WKH DSDUWPHQW FRPSOH[ 3D\QH RSHQHG WKH GRRU DQG
WKHVWDWHPHQWVZHUHDGPLVVLEOHWRVKRZZK\3D\QHZHQWWR               YRPLWHG8SRQVHHLQJ WKLV5RPPHOOWZLVWHGKHUDUPDQG
6PLWKjVDSDUWPHQWZLWK$QWKRQ\5RPPHOOjVWKUHDWWRKDUP              WKUHDWHQHGWRNLOOKHULIKHHYHQWKRXJKWVKHZRXOGWHOODQ\RQH
3D\QHZDVDGPLVVLEOHWRVKRZZK\VKHKHVLWDWHGWRFRQWDFW              ZKDWRFFXUUHGWKDWHYHQLQJDGGLQJmULJKWJX\V"loWRZKLFK
SROLFHVRRQHU%HFDXVHWKHVHRXWRIFRXUWVWDWHPHQWVGRQRW           $QWKRQ\UHVSRQGHGm<RXJRWWKDWULJKWFX]l
FRQVWLWXWH KHDUVD\ 3D\QH FRXOG SURSHUO\ WHVWLI\ WR WKHP
ZLWKRXWDQ\UHVXOWLQJYLRODWLRQRI$QWKRQ\jVFRQVWLWXWLRQDO               sRKQ.QR[WHVWLILHGWKDWRQWKHHYHQLQJRI6PLWKjVPXUGHU
ULJKWWRFRQIURQWDGYHUVHZLWQHVVHV                                   KHDFFRPSDQLHG5RPPHOO3D\QHDQG$QWKRQ\RQZKDWKH
                                                                       EHOLHYHGWREHDPDULMXDQDUXQ7KHJURXSVWRSSHGDW6PLWKjV
                                %                                     DSDUWPHQWFRPSOH[EXWKHGLGQRWVHHZKLFKDSDUWPHQW3D\QH
                                                                       DQG $QWKRQ\ YLVLWHG  sRKQ GLG QRW VSHDN ZLWK 5RPPHOO
   7KHGLVWULFWFRXUWFRQFOXGHGWKDWWKHDGPLVVLRQRI5HJLQD           $QWKRQ\RU3D\QHDIWHUOHDYLQJWKHFRPSOH[DQGGLGQRWOLVWHQ
.QR[jV WHVWLPRQ\ UHJDUGLQJ KHU KXVEDQGjV RXWRIFRXUW             WRWKHFRQYHUVDWLRQ,QVWHDGKHOLVWHQHGWRORXGPXVLFRQWKH
VWDWHPHQWV GLG QRW YLRODWH IHGHUDO ODZ EHFDXVH LW ERUH         FDUVWHUHRsRKQIXUWKHUWHVWLILHGWKDWDIWHUKHDQG5RPPHOO
VXIILFLHQW LQGLFLD RI UHOLDELOLW\  :H DJUHH  2XWRIFRXUW    ZHUHLQFXVWRG\5RPPHOOWROGsRKQWKDWKHZDQWHGsRKQWR
VWDWHPHQWV WKDW GR QRW ILW ZLWKLQ D ILUPO\ URRWHG KHDUVD\     LPSOLFDWH3D\QHDQG$QWKRQ\LQ6PLWKjVPXUGHUDQGWRWHOO
H[FHSWLRQ GR QRW YLRODWH WKH &RQIURQWDWLRQ &ODXVH LI WKH\     WKH SROLFH WKDW KH 5RPPHOO ZDV QRW DW WKH VFHQH  sRKQ
SRVVHVV mSDUWLFXODUL]HG JXDUDQWHHV RI WUXVWZRUWKLQHVVl            UHIXVHGWRFKDQJHKLVVWRU\DQG5RPPHOOWKUHDWHQHGWRKDUP
8QLWHG 6WDWHV Y7RFFR)GWK&LU            KLVFKLOGUHQ
TXRWLQJ /LOO\  86 DW   7KH JXDUDQWHHV PXVW EH
LQKHUHQWLQWKHFLUFXPVWDQFHVVXUURXQGLQJWKHWHVWLPRQ\LWVHOI          5RPPHOOjV ZLIH 5HJLQD .QR[ WHVWLILHG WKDW 5RPPHOO
LWLVLQVXIILFLHQWWKDWRWKHUHYLGHQFHFRUURERUDWHVLW,G           UHWXUQHG KRPH DW DERXW  SP WKH HYHQLQJ RI 6PLWKjV
                                                                       PXUGHU+HWROGKHUWKDWKHZHQWWR6PLWKjVDSDUWPHQWDORQJ
  ,Q 'XWWRQ WKH 6XSUHPH &RXUW LGHQWLILHG IDFWRUV mZLGHO\       ZLWK KLV EURWKHU 3D\QH DQG $QWKRQ\  +H H[SODLQHG WKDW
YLHZHG DV GHWHUPLQDWLYH RI ZKHWKHU D VWDWHPHQW PD\ EH          3D\QHDQG$QWKRQ\ZHQWWR6PLWKjVGRRUDQG3D\QHDVNHGWR
SODFHGEHIRUHWKHMXU\WKRXJKWKHUHLVQRFRQIURQWDWLRQRIWKH         XVHWKHWHOHSKRQH+HVDLGWKDW$QWKRQ\VWHSSHGIURPWKH
GHFODUDQWl   86 DW   7KHVH IDFWRUV LQFOXGH      VLGHRIWKHDSDUWPHQWDQGVKRW6PLWKLQWKHIDFHWKURXJKWKH
ZKHWKHUWKHKHDUVD\VWDWHPHQWFRQWDLQHGDQH[SUHVVDVVHUWLRQ           JODVV+HWROG5HJLQDWKDWKHSODQQHGWRSD\$QWKRQ\DQG
RISDVWIDFWZKHWKHUWKHGHFODUDQWKDGSHUVRQDONQRZOHGJH         3D\QHHDFKIRUJRLQJDORQJZLWKWKHSODQDQGIXUWKHU
RI WKH IDFW DVVHUWHG  ZKHWKHU WKH SRVVLELOLW\ WKDW WKH    DVNHG 5HJLQD WR OLH LQ RUGHU WR FUHDWH DQ DOLEL IRU KLV
VWDWHPHQWZDVEDVHGXSRQDIDXOW\UHFROOHFWLRQLVUHPRWHLQ            ZKHUHDERXWVGXULQJWKHWLPHRIWKHPXUGHU+HDVNHG KHU
WKHH[WUHPHDQGZKHWKHUWKHFLUFXPVWDQFHVVXUURXQGLQJ             KHOSLQVHDUFKLQJWKHKRXVHIRUVWUD\EXOOHWVLQWKHHYHQWWKH
WKHVWDWHPHQWPDNHLWOLNHO\WKDWWKHGHFODUDQWIDEULFDWHGWKH         KRXVH ZDV HYHQWXDOO\ VHDUFKHG  +H WROG 5HJLQD WKDW KH
DVVHUWLRQRIIDFW'XWWRQ86DW                         ZDQWHG6PLWKVKRWEHFDXVHKHGLGQRWZDQWWRJRWRMDLO2Q
                                                                       sDQXDU\   5HJLQD FRQWDFWHG WKH SROLFH DQG PDGH D
                                                                       YLGHRWDSHG VWDWHPHQW WR 'HWHFWLYH %ULDQ /DF\ EHFDXVH VKH
                                                                      ZDVVFDUHGDQGEHOLHYHGWKDW5RPPHOOVKRXOGEHSXQLVKHG
     1HLWKHU SDUW\ GLVSXWHV WKDW 5RPPHOO ZDV XQDYDLODEOH WR WHVWLI\
SUHVXPDEO\ EHFDXVH KH ZRXOG KDYH H[HUFLVHG KLV )LIWK $PHQGPHQW ULJKW   6KHIXUWKHUWHVWLILHGWKDW5RPPHOOFRQWDFWHGKHUQXPHURXV
DJDLQVW FRPSHOOHG VHOILQFULPLQDWLRQ
       $QWKRQ\Y'H:LWW                                1R     1R                               $QWKRQ\Y'H:LWW        

WLPHVZKLOHDZDLWLQJWULDOWRDVNKHUWROLHIRUKLPDQGVKH               )LQDOO\HUURULQDGPLVVLRQRIKHDUVD\WHVWLPRQ\E\WKHWULDO
LGHQWLILHGWKHPXUGHUZHDSRQDVEHORQJLQJWRKHUKXVEDQG                FRXUWLVKDUPOHVVLILWGLGQRWKDYHDmVXEVWDQWLDODQGLQMXULRXV
                                                                         HIIHFWRULQIOXHQFHLQGHWHUPLQLQJWKHMXU\jVYHUGLFWl%UHFKW
  :LOOLDP$QWKRQ\SUHVHQWHGDQDOLELGHIHQVH+LVXQFOHDQG             86DWm8QGHUWKLVVWDQGDUGKDEHDVSHWLWLRQHUV
DXQWWHVWLILHGWKDWRQWKHHYHQLQJRI6PLWKjVPXUGHU$QWKRQ\           DUHQRWHQWLWOHGWRKDEHDVUHOLHIEDVHGRQWULDOHUURUXQOHVVWKH\
ZDVDWKRPHZLWKWKHPIURPWKHODWHDIWHUQRRQWKURXJK               FDQHVWDEOLVKWKDWLWUHVXOWHGLQµDFWXDOSUHMXGLFHjl0F*KHH
SP                                                                     Y<XNLQV)GWK&LUTXRWLQJ%UHFKW
                                                                         86DW
   )ROORZLQJ KLV FRQYLFWLRQ $QWKRQ\ ILOHG D GLUHFW DSSHDO
DVVHUWLQJDPRQJRWKHUDUJXPHQWVWKDWWKHVWDWHIDLOHGWROD\                                             $
D SURSHU IRXQGDWLRQ WR DGPLW WKH KHDUVD\ VWDWHPHQWV RI
5RPPHOO.QR[DQGWKDWHYHQZLWKDSURSHUIRXQGDWLRQWKH                   ,QWKHLQVWDQWFDVH0DU\3D\QHWHVWLILHGWRWZRRXWRIFRXUW
KHDUVD\ HYLGHQFH ZDV LPSURSHUO\ DGPLWWHG  7KH DSSHOODWH          VWDWHPHQWV PDGH WR KHU E\ 5RPPHOO .QR[  )LUVW WKDW
SDQHOGHWHUPLQHGWKDW0DU\3D\QHWHVWLILHGWRWKHIROORZLQJ              5RPPHOO DVNHG KHU WR DFFRPSDQ\ $QWKRQ\ WR 6PLWKjV
WZRRXWRIFRXUWVWDWHPHQWV                                            DSDUWPHQWWRNQRFNRQWKHGRRUVRWKDW$QWKRQ\FRXOGWDONWR
                                                                         6PLWKDERXWGURSSLQJWKHFKDUJHVDJDLQVW5RPPHOODQGWKDW
    WKDW5RPPHOODVNHGKHUWRNQRFNRQ6PLWKjVGRRUVR               KHQHHGHGKHUWRGRLWEHFDXVH6PLWKZRXOGQRWRSHQWKHGRRU
    WKDW DSSHOODQW FRXOG WDON WR KHU DERXW GURSSLQJ WKH          IRUDEODFNPDQ6HFRQGWKDW5RPPHOOWKUHDWHQHGKHUOLIHLI
    FKDUJHVDQGWKDW5RPPHOOWKUHDWHQHG3D\QHjVOLIHLI             VKHWROGDQ\RQHZKDWKDSSHQHGWKDWHYHQLQJ
    VKHWROGDQ\RQHZKDWKDSSHQHGWKHUHWKDWQLJKW
                                                                           7KHGHILQLWLRQRIKHDUVD\LVWKHVDPHXQGHUERWKWKH2KLR
6WDWHY$QWKRQ\)UDQNOLQ$SS1R$3$                   DQG)HGHUDO5XOHVRI(YLGHQFH7KDWLVKHDUVD\LVGHILQHGDV
:/DW2KLR$SS2FW7KHDSSHDOV                  mD VWDWHPHQW RWKHU WKDQ RQH PDGH E\ WKH GHFODUDQW ZKLOH
FRXUWIRXQGWKDWWKHSURVHFXWLRQLQWURGXFHGWKHILUVWVWDWHPHQW          WHVWLI\LQJDWWKHWULDORUKHDULQJRIIHUHGLQHYLGHQFHWRSURYH
EHIRUH HVWDEOLVKLQJ WKH H[LVWHQFH RI D FRQVSLUDF\ EHWZHHQ         WKHWUXWKRIWKHPDWWHUDVVHUWHGl2KLR(YLG5&)HG
5RPPHOODQG$QWKRQ\EXWFRQFOXGHG                                      5(YLGF(YLGHQFHLVQRWKHDUVD\LILWLVQRWRIIHUHGWR
                                                                         SURYH WKH WUXWK RI WKH PDWWHU DVVHUWHG  6HH HJ 6WDWH Y
    7KH SUHPDWXUH LQWURGXFWLRQ RI WKH VWDWHPHQW DOWKRXJK          6PLWK2KLR6WG1(G
    LPSURSHUZDVQRWSUHMXGLFLDOWR>$QWKRQ\@EHFDXVHWKH               6WDWHY*HER\2KLR$SSG1(G
    VWDWHFRXOGKDYHHOLFLWHGWKHVWDWHPHQWIURP3D\QHDWWKH            6WDOERVN\Y%HOHZ)GWK&LU
    HQGRIKHUWHVWLPRQ\LQVWHDGRILQWKHPLGGOH                       8QLWHG6WDWHVY%UDQKDP)GWK&LU
                                                                         8QLWHG6WDWHVYsRKQVRQ)GWK&LU
,G  7KDW VDLG WKH DSSHDOV FRXUW DOVR FRQFOXGHG WKDW WKH      ,QWKHFDVHVXEMXGLFH3D\QHZDVDSDUWLFLSDQWLQWKH
WHVWLPRQ\ ZRXOG KDYH EHHQ DGPLVVLEOH WR H[SODLQ 3D\QHjV           HYHQWVWKDWRFFXUUHGDW6PLWKjVDSDUWPHQWRQWKHQLJKWRIWKH
DFWLRQV  ,G  7KH DSSHOODWH FRXUW VXPPDULO\ GLVPLVVHG           PXUGHU$VVXFKVKHZLWQHVVHGDQGKHDUGHYHU\WKLQJDERXW
$QWKRQ\jVDUJXPHQWUHJDUGLQJWKHDGPLVVLELOLW\RI5RPPHOOjV              ZKLFKVKHWHVWLILHG+HUWHVWLPRQ\GLGQRWFRQVWLWXWHKHDUVD\
VWDWHPHQWV DV LQWURGXFHG WKURXJK WKH WHVWLPRQ\ RI 5HJLQD         EHFDXVH WKH RXWRIFRXUW VWDWHPHQWV ZHUH DGPLVVLEOH WR
.QR[                                                                    H[SODLQKHUDFWLRQVRQWKHQLJKWRIWKHPXUGHUDQGKHULQDFWLRQ
                                                                         LQ DSSURDFKLQJ WKH DXWKRULWLHV DIWHUZDUGV  )RU LQVWDQFH
    /LNHZLVHDSSHOODQWjVDUJXPHQWVWKDW5HJLQD.QR[ZKR                5RPPHOOjVVWDWHPHQWVWR3D\QHZHUHQRWQHFHVVDULO\RIIHUHG
    WHVWLILHG ODWHU >WKDQ 3D\QH@ WHVWLILHG SULRU WR WKH VWDWH
       $QWKRQ\Y'H:LWW                                 1R        1R                              $QWKRQ\Y'H:LWW         

LQGHSHQGHQW SURRIl  6WDWH Y &DUWHU  2KLR 6WG               KDYLQJSUHVHQWHGVXIILFLHQWHYLGHQFHRIDFRQVSLUDF\DUH
V\OODEXV    1(G  2KLR   7KH 6XSUHPH                QRWZHOOWDNHQ
&RXUW RI 2KLR KDV KHOG KRZHYHU WKDW WKH SUHPDWXUH
DGPLVVLRQ RI FRFRQVSLUDWRU VWDWHPHQWV SULRU WR WKH                      ,G7KH6XSUHPH&RXUWRI2KLRGHQLHG$QWKRQ\jVUHTXHVWIRU
HVWDEOLVKPHQWRIWKHFRQVSLUDF\LVKDUPOHVVHUURUVRORQJDV                  OHDYHWRDSSHDOILQGLQJQRVXEVWDQWLDOFRQVWLWXWLRQDOTXHVWLRQ
LQGHSHQGHQW SURRI RI WKH FRQVSLUDF\ ZDV DGPLWWHG LQWR                  6WDWHY$QWKRQ\2KLR6WG1(G
HYLGHQFHEHIRUHWKHFDVHZDVVXEPLWWHGWRWKHMXU\6WDWHY                 +LVSHWLWLRQIRUSRVWFRQYLFWLRQUHOLHIZDVDOVRGHQLHG
sDORZLHF2KLR6WG1(G2KLR
                                                                           2Q KDEHDV UHYLHZ $QWKRQ\ DJDLQ DUJXHG WKDW WKH VWDWH
                                                                              IDLOHGWROD\DSURSHUIRXQGDWLRQIRUDGPLVVLRQRIWKHKHDUVD\
   )LQGLQJWKDWDFRQVSLUDF\GRHVQRWQHFHVVDULO\HQGZLWKWKH                VWDWHPHQWVDWWULEXWHGWR5RPPHOO.QR[7KHGLVWULFWFRXUW
FRPPLVVLRQ RI D FULPH WKH 2KLR 6XSUHPH &RXUW KDV                     GHWHUPLQHGWKDW3D\QHjVUHFRXQWLQJRI5RPPHOOjVVWDWHPHQWV
LQWHUSUHWHGWKHODQJXDJHRI5XOH'HWRSHUPLWWKH                   GLGQRWGHQ\$QWKRQ\KLV6L[WK$PHQGPHQWULJKWWRFRQIURQW
DGPLVVLRQRIRXWRIFRXUWVWDWHPHQWVRIDFRFRQVSLUDWRUPDGH                  ZLWQHVVHVEHFDXVHWKH\GLGQRWFRQVWLWXWHKHDUVD\mLQOLJKWRI
GXULQJFRQFHDOPHQWRIWKHFULPH6WDWHY6KHOWRQ2KLR                   WKH FLUFXPVWDQFHV SUHVHQWl  ,W IXUWKHU GHWHUPLQHG WKDW WKH
6WG  V\OODEXV    1(G    ,Q WKLV           DGPLVVLRQRI5RPPHOOjVRXWRIFRXUWVWDWHPHQWVWR5HJLQD
UHVSHFWWKH2KLRUXOHGLIIHUVIURPWKHWUDGLWLRQDOFRPPRQODZ                .QR[DOVRGLGQRWYLRODWHWKH&RQIURQWDWLRQ&ODXVHEHFDXVH
IRUPXODWLRQRIWKHFRFRQVSLUDWRUH[FHSWLRQZKLFKGRHVQRW                    XQGHU 'XWWRQ Y (YDQV  86    WKH\ ERUH
LQFOXGHVWDWHPHQWVPDGHGXULQJWKHFRQFHDOPHQWSKDVHRIWKH                   VXIILFLHQWLQGLFLDRIUHOLDELOLW\EDVHGRQWKHIDFWWKDWWKH\ZHUH
FULPH'XWWRQ86DWFLWLQJ/XWZDNY8QLWHG6WDWHV               PDGH VKRUWO\ DIWHU WKH FULPH ZLWKLQ WKH FRQILQHV RI WKH
86.UXOHZLWFKY8QLWHG6WDWHV86                    KXVEDQGZLIHUHODWLRQVKLSZHUHXWWHUHGYROXQWDULO\DQGZHUH
(YHQLIWKHRXWRIFRXUWVWDWHPHQWLVQRWILUPO\                DJDLQVW5RPPHOOjVSHQDOLQWHUHVW)LQDOO\FLWLQJ%UHFKWY
URRWHG WR D KHDUVD\ H[FHSWLRQ WKH VWDWHPHQW PD\ \HW EH              $EUDKDPVRQ86DQG.RWWHDNRVY8QLWHG
DGPLWWHG EXW RQO\ XSRQ mD VKRZLQJ RI SDUWLFXODUL]HG                   6WDWHV86WKHGLVWULFWFRXUWQRWHGWKDWHYHQ
JXDUDQWHHVRIWUXVWZRUWKLQHVVl+LOO)GDWTXRWLQJ               LI5HJLQDjVWHVWLPRQ\FRQVWLWXWHGLPSHUPLVVLEOHKHDUVD\WKH
2KLR Y 5REHUWV  86 DW   7KH mSDUWLFXODUL]HG               VWDWHPHQWVGLGQRWKDYHDmVXEVWDQWLDODQGLQMXULRXVHIIHFWlRQ
JXDUDQWHHVl DUH GHWHUPLQHG EDVHG XSRQ WKH WRWDOLW\ RI                  WKHMXU\jVYHUGLFW
FLUFXPVWDQFHVUHVWULFWHGWRWKRVHWKDWVXUURXQGWKHPDNLQJRI
WKHVWDWHPHQWDQGUHQGHUWKHGHFODUDQWSDUWLFXODUO\ZRUWK\RI                                     ,,6WDQGDUGRI5HYLHZ
EHOLHI:ULJKW86DW
                                                                                 :HUHYLHZGHQRYRDGLVWULFWFRXUW
VGLVPLVVDORID
                                                                              SHWLWLRQEXWUHYLHZWKHFRXUWjVIDFWXDOILQGLQJVIRUFOHDUHUURU
                                                                              &DUVRQ Y %XUNH  )G   WK &LU   7KH
                                                                              GLVWULFWFRXUWLVQRWDXWKRUL]HGWRJUDQWDKDEHDVSHWLWLRQZLWK
                                                                             UHVSHFWWRDQ\FODLPWKDWZDVDGMXGLFDWHGRQWKHPHULWVLQWKH
      7R DGPLW D VWDWHPHQW XQGHU 5XOH 'H ILYH FRQGLWLRQV PXVW
EH PHW  D FRQVSLUDF\ PXVW H[LVW  WKH GHIHQGDQW PXVW KDYH EHHQ D       VWDWHFRXUWVXQOHVVWKHDGMXGLFDWLRQUHVXOWHGLQDGHFLVLRQWKDW
SDUWLFLSDQW LQ WKH FRQVSLUDF\  WKH GHFODUDQW PXVW KDYH EHHQ D             ZDVFRQWUDU\WRRULQYROYHGDQXQUHDVRQDEOHDSSOLFDWLRQ
SDUWLFLSDQW LQ WKH FRQVSLUDF\  WKH VWDWHPHQW WR EH LQWURGXFHG PXVW KDYH   RI FOHDUO\ HVWDEOLVKHG IHGHUDO ODZ RU  ZDV EDVHG RQ DQ
EHHQ PDGH LQ WKH FRXUVH RI WKH FRQVSLUDF\ DQG  WKH VWDWHPHQW PXVW
KDYH EHHQ LQ IXUWKHUDQFH RI WKH FRQVSLUDF\ $9,90 Y 0LOR  2KLR 6WG
                                                                              XQUHDVRQDEOH GHWHUPLQDWLRQ RI WKH IDFWV LQ OLJKW RI WKH
   1(G    DEURJDWHG RQ DOW JURXQGV E\ 6WDWH
                                                                              HYLGHQFHSUHVHQWHGWRWKHVWDWHFRXUWV86&G
Y $GNLQV  2KLR $SSG   1(G                         8QGHUWKHmFRQWUDU\WRlFODXVHDIHGHUDOKDEHDVFRXUWPD\
     $QWKRQ\Y'H:LWW                                 1R       1R                              $QWKRQ\Y'H:LWW         

JUDQW WKH SHWLWLRQ LI WKH VWDWH FRXUW DUULYHV DW D FRQFOXVLRQ   SURKLELW WKH DGPLVVLRQ RI KHDUVD\ VWDWHPHQWV DJDLQVW D
RSSRVLWHWRWKDWUHDFKHGE\WKH6XSUHPH&RXUWRQDTXHVWLRQ               FULPLQDO GHIHQGDQW HYHQ WKRXJK WKH DGPLVVLRQ RI VXFK
RIODZRULIWKHVWDWHFRXUWGHFLGHVDFDVHGLIIHUHQWO\WKDQWKH          VWDWHPHQWVPLJKWEHWKRXJKWWRYLRODWHWKHOLWHUDOWHUPVRIWKH
6XSUHPH&RXUWKDVRQDVHWRIPDWHULDOO\LQGLVWLQJXLVKDEOH                &ODXVHl86DWFLWLQJ0DWWR[Y8QLWHG6WDWHV
IDFWV:LOOLDPVY7D\ORU868QGHU              863RLQWHUY7H[DV86
WKHmXQUHDVRQDEOHDSSOLFDWLRQlFODXVHDIHGHUDOKDEHDVFRXUW             7KH6XSUHPH&RXUWKDVHVWDEOLVKHGDWZRSDUWWHVW
PD\JUDQWWKHSHWLWLRQLIWKHVWDWHFRXUWLGHQWLILHVWKHFRUUHFW          IRU GHWHUPLQLQJ ZKHWKHU KHDUVD\ LV DGPLVVLEOH XQGHU WKH
JRYHUQLQJOHJDOSULQFLSOHIURPWKH6XSUHPH&RXUWjVGHFLVLRQV              &RQIURQWDWLRQ&ODXVH+LOOY%ULJDQR)G
EXW XQUHDVRQDEO\ DSSOLHV WKDW SULQFLSOH WR WKH IDFWV RI WKH      WK&LUFHUWGHQLHG86FLWLQJ
SHWLWLRQHUjVFDVH,G                                                   2KLRY5REHUWV86+HDUVD\HYLGHQFH
                                                                          LVDGPLVVLEOHRQO\ZKHUHWKHGHFODUDQWLVXQDYDLODEOHDQG
                           ,,,$QDO\VLV                                  WKH KHDUVD\ VWDWHPHQW EHDUV DGHTXDWH mLQGLFLD RI
                                                                          UHOLDELOLW\l+LOO)GDWFLWLQJ2KLRY5REHUWV
   7KH TXHVWLRQ SUHVHQWHG LV ZKHWKHU WKH RXWRIFRXUW               86 DW   5HOLDELOLW\ LV LQIHUUHG ZKHUH WKH RXWRIFRXUW
VWDWHPHQWVRI5RPPHOO.QR[DGPLWWHGWKURXJKWKHWHVWLPRQ\                VWDWHPHQWLVVXEMHFWWRDILUPO\URRWHGKHDUVD\H[FHSWLRQ,G
RI0DU\3D\QHDQG5HJLQD.QR[GXULQJWKHWULDORI:LOOLDP                 7KH6XSUHPH&RXUWKDVGHWHUPLQHGWKDWLIWKHRXWRIFRXUW
$QWKRQ\ YLRODWHG $QWKRQ\jV 6L[WK $PHQGPHQW ULJKW WR                GHFODUDQWLVDFRFRQVSLUDWRURIWKHGHIHQGDQWWKHSURVHFXWLRQ
FRQIURQWZLWQHVVHV7KH&RQIURQWDWLRQ&ODXVHRIWKH6L[WK                QHHGQRWHVWDEOLVKWKHXQDYDLODELOLW\RIWKHGHFODUDQW8QLWHG
$PHQGPHQW SURYLGHV m,Q DOO FULPLQDO SURVHFXWLRQV WKH              6WDWHVY,QDGL86RUWKHUHOLDELOLW\RI
DFFXVHGVKDOOHQMR\WKHULJKWWREHFRQIURQWHGZLWKWKH             KLV VWDWHPHQWV %RXUMDLO\ Y 8QLWHG 6WDWHV  86 
ZLWQHVVHV DJDLQVWKLPl86&RQVWDPHQG9,,GDKRY                +RZHYHUWKH%RXUMDLO\KROGLQJLVOLPLWHGWRWKRVH
:ULJKW867KHSXUSRVHRIWKH&ODXVH              VWDWHPHQWV WKDW IDOO ZLWKLQ WKH WUDGLWLRQDO FRPPRQ ODZ
LVWRmHQVXUHWKHUHOLDELOLW\RIWKHHYLGHQFHDJDLQVWDFULPLQDO          IRUPXODWLRQRIWKHKHDUVD\H[FHSWLRQ$WFRPPRQODZWKH
GHIHQGDQWE\VXEMHFWLQJLWWRULJRURXVWHVWLQJLQWKHFRQWH[WRI          KHDUVD\ H[FHSWLRQ WKDW DOORZV HYLGHQFH RI DQ RXWRIFRXUW
DQ DGYHUVDU\ SURFHHGLQJ EHIRUH WKH WULHU RI IDFWl  /LOO\ Y    VWDWHPHQWRIRQHFRQVSLUDWRUWREHDGPLWWHGDJDLQVWKLVIHOORZ
9LUJLQLD  86    LQWHUQDO TXRWDWLRQ          FRQVSLUDWRUDSSOLHVRQO\LIWKHVWDWHPHQWZDVPDGHGXULQJWKH
RPLWWHG6XFKWHVWLQJLVQRWSRVVLEOHZKHUHWKHJRYHUQPHQW              FRXUVHDQGLQIXUWKHUDQFHRIWKHFRQVSLUDF\'XWWRQ86
HQGHDYRUVWRSUHVHQWWKHKHDUVD\VWDWHPHQWVRIDQRXWRIFRXUW            DW
GHFODUDQWWKURXJKWKHWHVWLPRQ\RIDZLWQHVV/LOO\86
DWFLWLQJ&DOLIRUQLDY*UHHQ86              7KH2KLR5XOHVRI(YLGHQFHSURYLGHWKDWDVWDWHPHQWLVQRW
                                                                          KHDUVD\LILWLVPDGHmE\DFRFRQVSLUDWRURIDSDUW\GXULQJWKH
   7KH&RQIURQWDWLRQ&ODXVHUHDGOLWHUDOO\ZRXOGEDUWKHXVH            FRXUVHDQGLQIXUWKHUDQFHRIWKHFRQVSLUDF\XSRQLQGHSHQGHQW
RIDOORXWRIFRXUWVWDWHPHQWVRIDGHFODUDQWZKRLVQRWSUHVHQW          SURRIRIWKHFRQVSLUDF\l2KLR(YLG5'H8QGHU
DW WULDO KRZHYHU WKH 6XSUHPH &RXUW KDV UHMHFWHG VXFK DQ        2KLR SURFHGXUH WKH VWDWHPHQW RI D FRFRQVSLUDWRU LV QRW
H[WUHPH LQWHUSUHWDWLRQ RI WKLV &ODXVH  8QLWHG 6WDWHV Y          DGPLVVLEOHXQWLOmWKHSURSRQHQWRIWKHVWDWHPHQWKDVPDGHD
,VPRLOD)GWK&LUFHUWGHQLHG             SULPD IDFLH VKRZLQJ RI WKH H[LVWHQFH RI WKH FRQVSLUDF\ E\
86FLWLQJ,GDKR86DW6KHUPDQY
6FRWW)GWK&LUFHUWGHQLHG86
   ,Q ,GDKR IRU H[DPSOH WKH 6XSUHPH &RXUW
QRWHG WKDW WKH &RQIURQWDWLRQ &ODXVH mGRHV QRW QHFHVVDULO\
