           5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
                3XUVXDQW WR 6L[WK &LUFXLW 5XOH                             (OOHU0HGLD&RY&LW\                       1R
        (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
                                                                               RI&OHYHODQG2KLR
                    )LOH 1DPH DS

                                                                         %$.(5 	 +267(7/(5 &OHYHODQG 2KLR IRU $SSHOOHH
81,7('67$7(6&28572)$33($/6                                           21%5,()5RQDOGs2j/HDU\&,7<2)&/(9(/$1'
                                                                         /$:'(3$570(172)),&(2)',5(&7252)/$:
                    )257+(6,;7+&,5&8,7                                &OHYHODQG2KLR)UHGHULFN51DQFH6WHYHQ$)ULHGPDQ
                      BBBBBBBBBBBBBBBBB                                  648,5( 6$1'(56 	 '(036(< &OHYHODQG 2KLR IRU
                                                                         $SSHOODQW'DYLG/0DUEXUJHU%$.(5	+267(7/(5
                                                                         &OHYHODQG2KLRIRU$SSHOOHH0DUN'7XFNHUsDPHV)
                                                                         'H/HRQH %(1(6&+ )5,('/$1'(5 &23/$1 	
 (//(5 0(',$ &203$1<              ;                                     $5212))&ROXPEXV2KLRIRU$PLFXV&XULDH
          3ODLQWLII$SSHOOHH       
                                                                                             BBBBBBBBBBBBBBBBB
                                      1R
            Y                                                                                   23,1,21
                                     !                                                        BBBBBBBBBBBBBBBBB
                                    
 &,7< 2) &/(9(/$1' 2+,2           
          'HIHQGDQW$SSHOODQW                                             3(5&85,$0,QWKLVDSSHDOWKH&LW\RI&OHYHODQGDVNV
                                   1                                     XVWRXSKROGWKHYDOLGLW\RIDPXQLFLSDORUGLQDQFHEDQQLQJ
                                                                         ZLWKLQ FLW\ OLPLWV DOO ELOOERDUG DGYHUWLVLQJ RI DOFRKROLF
       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW                      EHYHUDJHVH[FHSWLQFHUWDLQLQVWDQFHVDQGLQUHVWULFWHGDUHDV
      IRUWKH1RUWKHUQ'LVWULFWRI2KLRDW&OHYHODQG                    RI&OHYHODQG$OWKRXJKWKH&LW\FODLPHGWREHPRWLYDWHGE\
    1Rn'RQDOG&1XJHQW'LVWULFWsXGJH                       WKHHQWLUHO\ODXGDEOHJRDORIFXUELQJXQGHUDJHGULQNLQJLQWKH
                                                                         FRPPXQLW\WKHSODLQWLII(OOHU0HGLD&RPSDQ\VXFFHVVIXOO\
                      $UJXHG0DUFK                            VXHG WR HQMRLQ LPSOHPHQWDWLRQ RI WKH RUGLQDQFH RQ WKH
                                                                         JURXQGV WKDW WKH OHJLVODWLYH DFWLRQ ZDV SUHHPSWHG E\ VWDWH
                'HFLGHGDQG)LOHG$SULO                       VWDWXWH DQG DOVR ZDV DQ XQFRQVWLWXWLRQDO UHVWULFWLRQ RQ
                                                                         IUHHGRPRIVSHHFK6HH(OOHU0HGLD&RY&LW\RI&OHYHODQG
  %HIRUH'$8*+75(<DQG*,%%216&LUFXLWsXGJHV                        )6XSSG1'2KLR
               0,//6'LVWULFWsXGJH
                                                                           6SHFLILFDOO\ WKH GLVWULFW FRXUW FRQFOXGHG WKDW 2KLR
                        BBBBBBBBBBBBBBBBB                                DGPLQLVWUDWLYHUHJXODWLRQVJHQHUDOO\DOORZPDQXIDFWXUHUVDQG
                                                                         GLVWULEXWRUVRIDOFRKROLFEHYHUDJHVWRDGYHUWLVHRQELOOERDUGV
                              &2816(/                                    QRWORFDWHGLQWKHLPPHGLDWHYLFLQLW\RIDFKXUFKVFKRRORU
                                                                         SXEOLF SOD\JURXQG  7KXV UXOHG WKH FRXUW WKH &LW\ RI
$5*8('  5RQDOG s 2j/HDU\ &,7< 2) &/(9(/$1'                     &OHYHODQGjVDWWHPSWWROLPLWVXFKDGYHUWLVLQJIXUWKHUmVHUYHV
/$:'(3$570(172)),&(2)',5(&7252)/$:                               WR SURKLELW WKH DGYHUWLVLQJ RI DOFRKROLF EHYHUDJHV LQ DUHDV
&OHYHODQG 2KLR IRU $SSHOODQW  'DYLG / 0DUEXUJHU              ZKHUHLWLVRWKHUZLVHOHJDOXQGHUVWDWHODZWRGRVR,QWKLV
                                                                         ZD\ WKH UHVWULFWLYH QDWXUH RI WKH RUGLQDQFH SODFHV LW LQ
                                                                         FRQIOLFWZLWKWKHPRUHJHQHUDOVWDWHZLGHVWDWXWHl,GDW
    
     7KH +RQRUDEOH 5LFKDUG 0LOOV 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH
&HQWUDO 'LVWULFW RI ,OOLQRLV VLWWLQJ E\ GHVLJQDWLRQ



                                     
1R                         (OOHU0HGLD&RY&LW\         
                                        RI&OHYHODQG2KLR

  $GGLWLRQDOO\DQDO\]LQJWKHUHOHYDQW8QLWHG6WDWHV6XSUHPH
&RXUWGHFLVLRQVLQ&HQWUDO+XGVRQ*DV	(OHFWULF&RUSY
3XEOLF 6HUYLFH &RPPLVVLRQ RI 1HZ <RUN  86 
DQG/RULOODUG7REDFFR&RY5HLOO\86
 WKH GLVWULFW FRXUW GHWHUPLQHG WKDW WKH &OHYHODQG
RUGLQDQFH DOVR LQIULQJHG XSRQ (OOHU 0HGLDjV IUHH VSHHFK
JXDUDQWHHV$VVWDWHGE\WKHGLVWULFWFRXUWWKHRUGLQDQFHQRW
RQO\FRQVWLWXWHVmQHDUO\DFRPSOHWHEDQRQWKHFRPPXQLFDWLRQ
RIWUXWKIXOLQIRUPDWLRQDERXWOHJDODOFRKROLFSURGXFWVWRDGXOW
FRQVXPHUVlEXWmWKHUDQJHRIFRPPXQLFDWLRQVUHVWULFWHGE\
WKHRUGLQDQFHDOVRVHHPVXQGXO\EURDGl(OOHU0HGLD)
6XSSGDWFLWLQJ/RULOODUG7REDFFR
  %HFDXVHWKHUHDVRQVZK\MXGJPHQWVKRXOGEHHQWHUHGIRU
WKH SODLQWLII LQ WKLV FDVH KDYH EHHQ DEO\ DUWLFXODWHG E\ WKH
GLVWULFWFRXUWWKHLVVXDQFHRIDIXOOZULWWHQRSLQLRQE\WKLV
FRXUW ZRXOG EH GXSOLFDWLYH DQG ZRXOG VHUYH QR XVHIXO
SXUSRVH  $FFRUGLQJO\ ZH $)),50 WKH MXGJPHQW RI WKH
GLVWULFW FRXUWXSRQWKHUHDVRQLQJVHWRXWLQLWVRSLQLRQDQG
RUGHUSXEOLVKHGDV(OOHU0HGLD&RY&LW\RI&OHYHODQG
)6XSSG1'2KLR
