      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


&20&$67 &$%/(9,6,21            ;
7$</25                          
                    3HWLWLRQHU 
                                    1RV
          &URVV5HVSRQGHQW 
                                  !
                                 
          Y                     
                                 
1$7,21$/ /$%25 5(/$7,216 
%2$5'                           
                 5HVSRQGHQW 
                                 
             &URVV3HWLWLRQHU 
                                 
&20081,&$7,216 :25.(56 
2) $0(5,&$ /2&$/            
$)/&,2                         
                   ,QWHUYHQRU 
                                 
                                1
   2Q3HWLWLRQIRU5HYLHZDQG&URVV$SSOLFDWLRQIRU
         (QIRUFHPHQWRID'HFLVLRQDQG2UGHU
        RIWKH1DWLRQDO/DERU5HODWLRQV%RDUG
            1RV&$5&
             $UJXHG6HSWHPEHU
        'HFLGHGDQG)LOHG1RYHPEHU



                           
       &RPFDVW&DEOHYLVLRQ7D\ORU               1RV
        Y1/5%

 %HIRUH0(55,77DQG*,/0$1&LUFXLWsXGJHV%(//
                   'LVWULFWsXGJH
                       BBBBBBBBBBBBBBBBB
                            &2816(/
$5*8('  7KHRGRUH 5 2SSHUZDOO .,(1%$80
233(5:$// +$5'< 	 3(/721 %LUPLQJKDP
0LFKLJDQIRU3HWLWLRQHU'HLUGUH)LW]SDWULFN1$7,21$/
/$%25 5(/$7,216 %2$5' $33(//$7( &2857
%5$1&+:DVKLQJWRQ'&IRU5HVSRQGHQW7KHRGRUH(
0HFNOHU/$:2)),&(62)7+(2'25((0(&./(5
5RFN\5LYHU2KLRIRU,QWHUYHQRU21%5,()7KHRGRUH
5 2SSHUZDOO .,(1%$80 233(5:$// +$5'< 	
3(/721 %LUPLQJKDP 0LFKLJDQ IRU 3HWLWLRQHU  'HLUGUH
)LW]SDWULFN )UHGHULFN & +DYDUG 1$7,21$/ /$%25
5(/$7,216%2$5'$33(//$7(&2857%5$1&+
:DVKLQJWRQ'&IRU5HVSRQGHQW7KHRGRUH(0HFNOHU
/$: 2)),&(6 2) 7+(2'25( ( 0(&./(5 5RFN\
5LYHU2KLRsRKQ*$GDP6WXDUW0,VUDHO0$57(16
,&(*($5<./$66/(**+,2,65$(/	*25&+2:
6RXWKILHOG0LFKLJDQIRU,QWHUYHQRU
                       BBBBBBBBBBBBBBBBB
                           23,1,21
                       BBBBBBBBBBBBBBBBB
   521$/' /(( *,/0$1 &LUFXLW sXGJH  &RPFDVW
&DEOHYLVLRQ ,QF VHHNV UHYLHZ RI WKH 1DWLRQDO /DERU
5HODWLRQV%RDUGjV'HFLVLRQDQG2UGHUGLUHFWLQJ&RPFDVWWR
UHFRJQL]H&RPPXQLFDWLRQV:RUNHUVRI$PHULFD/RFDO
$)/&,2WKH8QLRQDVWKHHPSOR\HHVjH[FOXVLYHEDUJDLQLQJ
UHSUHVHQWDWLYH DW LWV 7D\ORU 0LFKLJDQ IDFLOLW\  &RPFDVW
DOOHJHVWKDWWKH8QLRQXQGXO\LQIOXHQFHGWKHRXWFRPHRIWKH

    
     7KH +RQRUDEOH 5REHUW +ROPHV %HOO 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
WKH :HVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
    &RPFDVW&DEOHYLVLRQ7D\ORU              1RV         1RV            &RPFDVW&DEOHYLVLRQ7D\ORU            
      Y1/5%                                                                                                          Y1/5%

   7KHKHDULQJRIILFHUIRXQGWKDWLWZDVWKH8QLRQjVSUDFWLFH           UHSUHVHQWDWLRQHOHFWLRQE\DQQRXQFLQJGXULQJWKHFDPSDLJQ
WR KRVW D SDUW\ ZLQ RU ORVH XSRQ WKH FRQFOXVLRQ RI DQ      WKDW LW ZRXOG SURYLGH IUHH WUDQVSRUWDWLRQ DQG RQH QLJKWjV
HOHFWLRQRUJDQL]LQJ FDPSDLJQ  ,Q DGGLWLRQ DOO &RPFDVW           ORGJLQJLQ&KLFDJRRYHUWKHZHHNHQGIROORZLQJWKHHOHFWLRQ
HPSOR\HHVZHUHLQYLWHGWRWKHSDUW\UHJDUGOHVVRIWKHLUVXSSRUW         IRUHPSOR\HHVZKRZLVKHGWRDWWHQGDWZRKRXUPHHWLQJRQ
IRUWKH8QLRQ7KHIDFWWKDWWKH8QLRQRSWLPLVWLFDOO\FDOOHGLW        FDEOHLQGXVWU\LVVXHVDWSPWKDW6XQGD\DIWHUQRRQ$
D mYLFWRU\ SDUW\l GRHV QRW LQ DQG RI LWVHOI PDNH WKH SDUW\   VHFRQGREMHFWLRQZDVILOHGFRQFHUQLQJWKH8QLRQjVLQYLWDWLRQ
REMHFWLRQDEOH  )RU WKHVH UHDVRQV &RPFDVWjV DOOHJDWLRQV          IRUDOOHPSOR\HHVWRDWWHQGDmYLFWRU\SDUW\lRQWKHQLJKWRI
FRQFHUQLQJWKHSDUW\DUHZLWKRXWPHULW                                 WKHHOHFWLRQ
                     ,,,&21&/86,21                                      $VDUHVXOWRIWKHVHWZRLQVWDQFHVRIDOOHJHGPLVFRQGXFW
                                                                        &RPFDVWDUJXHVWKDWWKHHOHFWLRQVKRXOGEHVHWDVLGH$%RDUG
  )RUDOORIWKHUHDVRQVVHWIRUWKDERYHZHJUDQW&RPFDVWjV            KHDULQJRIILFHURYHUUXOHG&RPFDVWjVREMHFWLRQVDQGFHUWLILHG
SHWLWLRQIRUUHYLHZDQGGHQ\WKH%RDUGjVFURVVDSSOLFDWLRQIRU          WKH8QLRQ$WKUHHPHPEHUSDQHORIWKH%RDUGDIILUPHGWKH
HQIRUFHPHQWRILWV2UGHU                                               KHDULQJRIILFHUjVGHWHUPLQDWLRQ7KH%RDUGQRZFURVVDSSOLHV
                                                                        IRUHQIRUFHPHQWRILWV'HFLVLRQDQG2UGHU)RUWKHUHDVRQVVHW
                                                                        IRUWKEHORZZHJUDQW&RPFDVWjVSHWLWLRQIRUUHYLHZRQWKH
                                                                        LVVXHRIWKH8QLRQjVWULSRIIHUDQGGHQ\WKH%RDUGjVFURVV
                                                                        DSSOLFDWLRQIRUHQIRUFHPHQWRILWV2UGHU
                                                                                              ,%$&.*5281'
                                                                        $)DFWXDOEDFNJURXQG
                                                                          &RPFDVWLVDFRUSRUDWLRQHQJDJHGLQWKHWUDQVPLVVLRQRI
                                                                        FDEOHWHOHYLVLRQ SURJUDPPLQJ LQ VRXWKHUQ 0LFKLJDQ   2Q
                                                                        sXO\   WKH 8QLRQ ILOHG DQ HOHFWLRQ SHWLWLRQ ZLWK WKH
                                                                        %RDUGVHHNLQJWRUHSUHVHQW&RPFDVWjVHOLJLEOHHPSOR\HHV
                                                                        LQ7D\ORU0LFKLJDQ$SSUR[LPDWHO\WKUHHZHHNVEHIRUHWKH
                                                                        HOHFWLRQ 6KDQQRQ .LUNODQG RQH RI WKH 8QLRQjV SULQFLSDO
                                                                        RUJDQL]HUVLQYLWHG&RPFDVWHPSOR\HHVWRFRPHWR&KLFDJR
                                                                        IRUDZHHNHQGWRDWWHQGDWZRKRXUFDEOHPHHWLQJGXULQJWKH
                                                                        DQQXDOFRQYHQWLRQRIWKH8QLRQjVSDUHQWRUJDQL]DWLRQ7KH
                                                                        PHHWLQJ ZDV VFKHGXOHG IRU ODWH 6XQGD\ DIWHUQRRQ RQ WKH
                                                                        ZHHNHQGIROORZLQJWKHHOHFWLRQ
                                                                          .LUNODQGWROGWKHSURVSHFWLYHYRWHUVWKDWWKHPHHWLQJZRXOG
                                                                        SURYLGH D JRRG RSSRUWXQLW\ IRU WKHP WR mFRPSDUH QRWHVl
                                                                        DERXWWKHFDEOHLQGXVWU\+HDOVRLQIRUPHGWKHHPSOR\HHVWKDW
                                                                        WKH8QLRQZRXOGSD\WKHWUDQVSRUWDWLRQDQGKRWHOH[SHQVHVRI
                                                                        WKRVHZKRDWWHQGHG:KHQDVNHGIRUDVKRZLQJRILQWHUHVW
     &RPFDVW&DEOHYLVLRQ7D\ORU              1RV        1RV             &RPFDVW&DEOHYLVLRQ7D\ORU            
      Y1/5%                                                                                                          Y1/5%

WKHUH ZHUH mKDQGV DOO RYHU WKH SODFHl  7KH HPSOR\HHV         & 7KH %RDUG GLG QRW HUU LQ GHWHUPLQLQJ WKDW WKH
FRQVLVWHQWO\ GHVFULEHG WKH RIIHU DV D IUHH ZHHNHQG WULS WR       8QLRQjV SUHHOHFWLRQ RIIHU RI D mYLFWRU\ SDUW\l ZDV
&KLFDJRDWWKH8QLRQjVH[SHQVH,QWKHHQGILYHHPSOR\HHV               DFFHSWDEOHFRQGXFW
WUDYHOHGWR&KLFDJRDOWKRXJKDWOHDVWWZRRWKHUVKDGSODQQHG
RQDWWHQGLQJDQGGURSSHGRXWVKRUWO\EHIRUHWKHZHHNHQGGXH               &RPFDVW DOVR FODLPV WKDW WKH 8QLRQjV SUHHOHFWLRQ
WRODVWPLQXWHFRQIOLFWV                                              DQQRXQFHPHQWRIDmYLFWRU\SDUW\lSRUWUD\HGWKH8QLRQDVD
                                                                       PDMRUJUDQWRURIVSHFLDOEHQHILWVWRWKHYRWLQJHPSOR\HHV,W
  $OWKRXJKWKHPHHWLQJZDVQRWVFKHGXOHGWRWDNHSODFHXQWLO           FRQFHGHVWKDWWKHSDUW\ZRXOGQRWKDYHEHHQREMHFWLRQDEOHRQ
SPRQ6XQGD\WKHHPSOR\HHVZHUHGULYHQWR&KLFDJR              DVWDQGDORQHEDVLVEXWZKHQYLHZHGLQFRQMXQFWLRQZLWKWKH
RQ6DWXUGD\PRUQLQJ7KHHPSOR\HHVWKXVKDGIUHHWLPHRYHU            &KLFDJRWULSRIIHU&RPFDVWFODLPVWKDWWKHSDUW\DPRXQWHGWR
WKH ZHHNHQG IRU SHUVRQDO DFWLYLWLHV DQG WKH UHFRUG LQ IDFW   D VSHFLDO EHQHILW LQWHQGHG VROHO\ WR PRWLYDWH HPSOR\HHV WR
VKRZVWKDWWKHILYHHPSOR\HHVZKRZHQWRQWKHWULSVSHQWWKH           YRWH IRU WKH 8QLRQ  7KH HYLGHQFH LQ WKLV FDVH GRHV QRW
H[WUD WLPH YLVLWLQJ IDPLO\ PHPEHUV VKRSSLQJ DQG                VXSSRUW&RPFDVWjVREMHFWLRQ
VLJKWVHHLQJ  7KH FRVW WR WKH 8QLRQ IRU WKH ZHHNHQG WULS
ZRUNHGRXWWRDSSUR[LPDWHO\SHUHPSOR\HH                             $EVHQWDQ\VKRZLQJRILPSURSULHW\LQDXQLRQjVSURPLVHWR
                                                                       KROG D SRVWHOHFWLRQ SDUW\ VXFK DQ RIIHU LV QRW FRQVLGHUHG
  $VHFUHWEDOORWHOHFWLRQZDVFRQGXFWHGDPRQJWKH&RPFDVW             FRQGXFWWKDWZRXOGUHDVRQDEO\LQWHUIHUHZLWKDQHOHFWLRQ6HH
HPSOR\HHVRQ$XJXVWWRYRWHRQZKHWKHUWKH8QLRQ              1/5%Y/	s(TXLSPHQW&R)GG&LU
ZRXOGEHFRPHWKHLUFROOHFWLYHEDUJDLQLQJUHSUHVHQWDWLYH2I           ILQGLQJWKDWDXQLRQjVSURPLVHWRKRVWDSRVWHOHFWLRQSDUW\
WKHYRWHVFDVWE\WKHHOLJLEOHHPSOR\HHVZHUHLQ             ZDVQRWREMHFWLRQDEOHFRQGXFW,Q.X[0IJ&RY1/5%
IDYRU RI WKH 8QLRQ DQG  DJDLQVW  7KH HOHFWLRQ ZDV WKXV    )G   WK &LU  WKLV FRXUW VWDWHG WKDW
GHFLGHGE\DYRWHVZLQJ                                            mVXSSO\LQJIRRGDQGVRIWGULQNVLVFRPPRQSODFHLQ$PHULFDQ
                                                                       HOHFWLRQVDQGLVQRWWKHHTXLYDOHQWRIEX\LQJYRWHV>7@KHUH
%3URFHGXUDOEDFNJURXQG                                              LV QR HYLGHQFH LQ WKH UHFRUG WKDW WKH IRRG DQG VRIW GULQNV
                                                                       VXSSOLHG LQ WKLV FDVH ZHUH VR H[RUELWDQW DV WR DPRXQW WR
   2Q 6HSWHPEHU   &RPFDVW ILOHG REMHFWLRQV WR WKH       EULEHVl  6XFK LV WKH FDVH KHUH  7KH SDUW\ WRRN SODFH DW D
HOHFWLRQDOOHJLQJWKDWWKH8QLRQVRXJKWWRXQGXO\LQIOXHQFH           QHLJKERUKRRGERZOLQJDOOH\DGMDFHQWWR&RPFDVWjVIDFLOLW\
WKHRXWFRPHE\LWVFDPSDLJQWDFWLFV7KH%RDUGjV5HJLRQDO             3L]]DVDODGDQGEHYHUDJHVZHUHSURYLGHGIRUDSSUR[LPDWHO\
'LUHFWRUGHWHUPLQHGWKDWWZRRI&RPFDVWjVREMHFWLRQVUDLVHG            SHRSOHDWDWRWDOFRVWRI
VXEVWDQWLDODQGPDWHULDOLVVXHVWKDWZDUUDQWHGDQHYLGHQWLDU\
KHDULQJ  7KHVH FKDOOHQJHV ZHUH WR  WKH 8QLRQjV               &RPFDVWUHOLHVRQ7UHQFRU,QFY1/5%)GWK
DQQRXQFHPHQWWKUHHZHHNVEHIRUHWKHHOHFWLRQWKDWLWZRXOG             &LU  WR VXJJHVW WKDW D SUHHOHFWLRQ SURPLVH WR KROG D
SD\ IRU WUDQVSRUWDWLRQ DQG KRWHO DFFRPPRGDWLRQV IRU DQ\         SRVWHOHFWLRQSDUW\KDVWKH SRWHQWLDOWRLQIOXHQFHYRWHV,Q
HPSOR\HH LQWHUHVWHG LQ VSHQGLQJ D ZHHNHQG LQ &KLFDJR WR        7UHQFRU WKH FRXUW UHTXLUHG WKH %RDUG WR KROG D KHDULQJ
DWWHQGWKHXQLRQVSRQVRUHGFRQIHUHQFHDQGWKH8QLRQjV             FRQFHUQLQJWKHXQLRQjVSOHGJHWRKRVWmWKHELJJHVWSDUW\LQWKH
ZLGHO\SXEOLFL]HGLQYLWDWLRQDZHHNEHIRUHWKHHOHFWLRQWRD           KLVWRU\RI7H[DVlEHFDXVHVXFKDSURPLVHmPD\KDYHVHUYHG
mYLFWRU\SDUW\lRQWKHHYHQLQJRIWKHHOHFWLRQWKHH[SHQVHVRI        DV D SRVVLEOH LQGXFHPHQW WR JHW HPSOR\HHV WR YRWH IRU WKH
ZKLFKZRXOGEHSDLGE\WKH8QLRQ                                    8QLRQl,GDW1RVXFKJUDQGLRVHSOHGJHVZHUHPDGH
                                                                       LQWKHSUHVHQWFDVH
    &RPFDVW&DEOHYLVLRQ7D\ORU             1RV        1RV            &RPFDVW&DEOHYLVLRQ7D\ORU            
      Y1/5%                                                                                                        Y1/5%

ZDJJLQJWKHGRJl$WWKHWLPHRIWKHHOHFWLRQWKH&RPFDVW              2Q6HSWHPEHUD%RDUGKHDULQJZDVFRQGXFWHGWR
HPSOR\HHVZHUHRQO\DZDUHRIWKH8QLRQjVSURPLVHWRSD\IRU           ORRNLQWRWKHVHDOOHJDWLRQV6XEVHTXHQWO\WKHKHDULQJRIILFHU
WKHLUWUDQVSRUWDWLRQDQGRQHQLJKWjVDFFRPPRGDWLRQVZLWKRXW          LVVXHG D UHSRUW UHFRPPHQGLQJ WKDW ERWK RI &RPFDVWjV
DQ\VSHFLILFDWLRQRIDPRQHWDU\DPRXQW                              REMHFWLRQV EH RYHUUXOHG  7KH 8QLRQjV RIIHU RI WKH WULS WR
                                                                      &KLFDJRZDVGHHPHGQRWWRKDYHLQIOXHQFHGWKHRXWFRPHRI
  7KH %RDUG JRHV RQ WR SRVLW WKDW E\ DWWDFKLQJ D FDYHDW     WKH HOHFWLRQ EHFDXVH WKH KHDULQJ RIILFHU IRXQG WKDW  WKH
UHTXLULQJHPSOR\HHVWREHUHVSRQVLEOHIRUWKHLURZQH[SHQVHV          HPSOR\HHV ZRXOG KDYH EHHQ HQWLWOHG WR DWWHQG WKH FDEOH
DERYHDQGEH\RQGWUDQVSRUWDWLRQDQGORGJLQJWKHWHUPVRIWKH         LQGXVWU\PHHWLQJDQGEHUHLPEXUVHGIRUWKHLUH[SHQVHVWKH
RIIHU mSXW WKH HPSOR\HHV RQ QRWLFH WKDW WKH RIIHU GLG QRW   RIIHU ZDV PDGH DYDLODEOH WR DOO HPSOR\HHV DQG ZDV QRW
SRUWHQGDQ\H[FHVVLYHSHFXQLDU\EHQHILWVl%XWWKLVEHJVWKH         FRQWLQJHQW RQ WKH RXWFRPH RI WKH HOHFWLRQ  WKH RIIHU WR
TXHVWLRQRIZKHWKHUSHUSHUVRQLVmH[FHVVLYHlDTXHVWLRQ         SURYLGHYDQWUDQVSRUWDWLRQDQGRQHQLJKWjVORGJLQJFRXOGQRW
WKDW WKH %RDUG KDV DQVZHUHG LQ WKH DIILUPDWLYH RQ SULRU      EHFRQVLGHUHGDVXEVWDQWLDOLQGXFHPHQWDQGWKHSD\PHQW
RFFDVLRQV  6HH 2ZHQV,OOLQRLV  1/5%             E\WKH8QLRQIRUWKHHPSOR\HHVjH[SHQVHVZDVQRWH[FHVVLYH
KROGLQJ WKDW WKH GLVWULEXWLRQ RI  MDFNHWV FRQVWLWXWHG      0RUHRYHUWKHRIILFHUGHWHUPLQHGWKDWWKHDQQRXQFHPHQWRI
REMHFWLRQDEOHFRQGXFW'ULOFRD'LYLVLRQRI6PLWK,QWjO,QF      WKHYLFWRU\SDUW\GLGQRWLQWHUIHUHZLWKWKHHPSOR\HHVjDELOLW\
1/5%KROGLQJWKDWWKHUDIIOHRIDWULSWR          WRH[HUFLVHWKHLUIUHHDQGIDLUFKRLFHLQWKHHOHFWLRQEHFDXVH
+DZDLLRU'LVQH\ODQGZDVmVRJUHDWDVWRGLYHUWWKHDWWHQWLRQ         WKH SDUW\ ZDV QRW FRQGLWLRQHG XSRQ WKH RXWFRPH RI WKH
RIHPSOR\HHVDZD\IURPWKHHOHFWLRQDQGLWVSXUSRVHlHYHQ            HOHFWLRQDQGDOOHPSOR\HHVZHUHLQYLWHGWRDWWHQG
WKRXJKLWVFKDQFHYDOXHSHUHPSOR\HHZDVDSSUR[LPDWHO\
                                                                        $IWHUWKHKHDULQJRIILFHURYHUUXOHG&RPFDVWjVREMHFWLRQV
  )LQDOO\ WKH 8QLRQ DQG %RDUG DOOHJH WKDW WKH RIIHU ZDV     &RPFDVW ILOHG H[FHSWLRQV WR WKH RIILFHUjV UHSRUW  ,Q LWV
OHJLWLPDWHEHFDXVHLWZDVQRWFRQWLQJHQWRQWKHHPSOR\HHVj            'HFLVLRQDQG2UGHUWKH%RDUGUHMHFWHG&RPFDVWjVH[FHSWLRQV
VXSSRUWRIWKH8QLRQ7KLVWRRLVXQFRQYLQFLQJ7KH%RDUG         DGRSWHGWKHKHDULQJRIILFHUjVILQGLQJVDQGFHUWLILHGWKH8QLRQ
QRWHGLQ0DLOLQJ6HUYLFHVWKDWHYHQZKHQVXFKJUDWXLWLHVDUH          DV WKH H[FOXVLYH FROOHFWLYHEDUJDLQLQJ UHSUHVHQWDWLYH RI
RIIHUHG XSRQ WKH VDPH WHUPV WR HPSOR\HHV ZKR PDNH QR         &RPFDVWjVHPSOR\HHV7KH%RDUGVSHFLILFDOO\KHOGWKDWWKH
SOHGJH RI VXSSRUW WKH\ LPSRVH XSRQ YRWHUV DQ LPSOLFLW        ZHHNHQGWULSRIIHUZDVRILQVXEVWDQWLDOYDOXHDQGZRXOGQRW
mFRQVWUDLQWWRYRWHIRUWKHGRQRU8QLRQl0DLOLQJ6HUYV,QF       WHQGWRLQIOXHQFHHPSOR\HHVjYRWHV
1/5%
                                                                        ,QRUGHUWRREWDLQMXGLFLDOUHYLHZ&RPFDVWKDVUHIXVHGWR
  3URYLGLQJWUDQVSRUWDWLRQDQGRQHQLJKWjVORGJLQJVRWKDWWKH        EDUJDLQZLWKWKH8QLRQ2Q0D\WKH8QLRQILOHG
HPSOR\HHV FRXOG KDYH D IUHH ZHHNHQG LQ &KLFDJR LQ             XQIDLUODERUSUDFWLFHFKDUJHVSURWHVWLQJ&RPFDVWjVUHIXVDOWR
FRQMXQFWLRQZLWKWKHWZRKRXUXQLRQPHHWLQJZDVVXIILFLHQWO\          EDUJDLQ  8OWLPDWHO\ WKH %RDUG IRXQG WKDW &RPFDVW KDG
YDOXDEOHWRLQIOXHQFHWKHYRWHZLWKRXWUHODWLRQWRWKHPHULWVRI      YLRODWHG86&DDQGRIWKH1DWLRQDO/DERU
WKH HOHFWLRQ  6HH 1HVWOH ,FH &UHDP  )G DW         5HODWLRQV $FW DQG RUGHUHG LW WR EDUJDLQ ZLWK WKH 8QLRQ
$FFRUGLQJO\WKH%RDUGHUUHGZKHQLWFHUWLILHGWKH8QLRQDV           &RPFDVWILOHGWKLVSHWLWLRQIRUUHYLHZRIWKH%RDUGjVGHFLVLRQ
WKHHPSOR\HHVjH[FOXVLYHEDUJDLQLQJUHSUHVHQWDWLYH                   DQGWKH%RDUGFURVVDSSOLHGIRUHQIRUFHPHQWRILWVEDUJDLQLQJ
                                                                      RUGHU  7KH 8QLRQ LQWHUYHQHG LQ RUGHU WR SDUWLFLSDWH LQ WKH
                                                                      DSSHDO5HVROXWLRQRIERWKWKHHOHFWLRQLVVXHVDQGWKHXQIDLU
     &RPFDVW&DEOHYLVLRQ7D\ORU              1RV        1RV            &RPFDVW&DEOHYLVLRQ7D\ORU           
      Y1/5%                                                                                                         Y1/5%

ODERUSUDFWLFHFKDUJHWXUQVRQWKH8QLRQjVFRQGXFWGXULQJWKH             $V QRWHG DERYH WKH %RDUG JURXQGHG LWV GHFLVLRQ RQ LWV
HOHFWLRQ                                                             ILQGLQJmWKDWWKHRIIHUHGEHQHILWLVLQVXEVWDQWLDODQGZRXOGQRW
                                                                       UHDVRQDEO\WHQGWRLQIOXHQFHHPSOR\HHVjYRWHVl,QVXSSRUWRI
                        ,,$1$/<6,6                                  LWVILQGLQJWKH%RDUGFLWHGWZRRILWVSULRUGHFLVLRQV1X6NLQ
                                                                       ,QWHUQDWLRQDO1/5%XSKROGLQJDQHOHFWLRQ
$6WDQGDUGRIUHYLHZ                                                 LQZKLFKWKHXQLRQGLVWULEXWHGm8QLRQ<HVl7VKLUWVDQG
                                                                       6RQ\&RUSRI$PHULFD1/5%XSKROGLQJDQ
  2XUDQDO\VLVEHJLQVE\QRWLQJWKDWm&RQJUHVVKDVYHVWHGWKH          HOHFWLRQLQZKLFKWKHXQLRQUDIIOHGRIIDWHOHYLVLRQVHWZLWKD
%RDUG ZLWK FRQVLGHUDEOH GLVFUHWLRQ LQ VXSHUYLVLQJ DQG            mFKDQFHYDOXHlWRHDFKYRWHURI7KH%RDUGKRZHYHU
UHJXODWLQJ UHSUHVHQWDWLRQ HOHFWLRQVl  1/5% Y 7HQQHVVHH         KDVUHFHQWO\RYHUUXOHG6RQ\DQGDGRSWHGDEDQRQDOOHOHFWLRQ
3DFNHUV,QF)GWK&LU,QRUGHUmWR        GD\UDIIOHV6HH$WODQWLF/LPRXVLQH,QF1/5%1R
DVVXUH HPSOR\HHV WKH JUHDWHVW IUHHGRP RI FKRLFH LQ WKH         $XJXVW,QDQDO\]LQJWKHUDIIOHOLQHRIFDVHVWKH
VHOHFWLRQ RI WKHLU UHSUHVHQWDWLYHVl WKH %RDUG VWULYHV WR       %RDUGQRWHGLWVIDLOXUHWREHmFRQVLVWHQWZKHQIRFXV>LQJ@
FRQGXFWUHSUHVHQWDWLRQHOHFWLRQVmLQDQDWPRVSKHUHLQZKLFK            RQ WKH YDOXH RI WKH SUL]H WR GHWHUPLQH ZKHWKHU D UDIIOH LV
HPSOR\HHV DUH IUHH IURP SUHVVXUH FRHUFLRQ DQG XQGXH            REMHFWLRQDEOHl,GDW
LQIOXHQFHIURPHLWKHUWKHHPSOR\HURUWKHXQLRQl,G7KHVH
mODERUDWRU\ FRQGLWLRQVl DUH QHFHVVDU\ WR JDXJH WKH IUHH           %RWK WKH %RDUG DQG WKH 8QLRQ KDYH EHODWHGO\ DVVHUWHG
XQLQKLELWHG FKRLFH RI WKH HPSOR\HHV  :KHQ D SDUW\jV           DGGLWLRQDOUDWLRQDOHVLQDQDWWHPSWWRSRUWUD\WKH&KLFDJRWULS
SUHHOHFWLRQ FRQGXFW XQGXO\ LQIOXHQFHV WKH UHVXOW RI DQ          DVDOHJLWLPDWHXQLRQDFWLYLW\7KLVUHDVRQLQJGRHVQRWDSSHDU
HOHFWLRQmWKH%RDUGKDVVHWDVLGHVXFKHOHFWLRQDQGRUGHUHGD         LQHLWKHUWKHKHDULQJRIILFHUjV5HSRUWDQG5HFRPPHQGDWLRQRU
QHZRQHl,G                                                       WKH%RDUGjV'HFLVLRQDQG2UGHUm:HDUHQRWIUHHWRDFFHSW
                                                                       µDSSHOODWH FRXQVHOjV SRVW KRF UDWLRQDOL]DWLRQ IRU DJHQF\
  $SDUW\VHHNLQJWRRYHUWXUQWKHUHVXOWVRIDUHSUHVHQWDWLRQ          DFWLRQj LQ OLHX RI UHDVRQV DQG ILQGLQJV HQXQFLDWHG E\ WKH
HOHFWLRQEHDUVmWKHEXUGHQRIVKRZLQJWKDWWKHHOHFWLRQZDV            %RDUGl  )ODYR5LFK  )G   WK &LU 
QRWFRQGXFWHGIDLUO\l1/5%Y6XSHULRU&RDWLQJV,QF           FLWLQJ1/5%Y0HWURSROLWDQ/LIH,QV&R86
)G   WK &LU   ,Q RUGHU WR VDWLVI\ LWV   7KHUHIRUHZHQHHGQRWGLVFXVVWKHVHDIWHUWKHIDFW
EXUGHQWKHREMHFWLQJSDUW\PXVWGHPRQVWUDWHWKDWmXQODZIXO            MXVWLILFDWLRQV
FRQGXFWRFFXUUHGZKLFKLQWHUIHUHGZLWKHPSOR\HHVjH[HUFLVH
RIIUHHFKRLFHWRVXFKDQH[WHQWWKDWLWPDWHULDOO\DIIHFWHGWKH          7KH%RDUGDQGWKH8QLRQDOVRDVVHUWWKDWEHFDXVHWKH8QLRQ
UHVXOWRIWKHHOHFWLRQl1/5%Y6KUDGHUjV ,QF)G           RQO\UHLPEXUVHGWKHHPSOR\HHVIRUDPRGHVWDPRXQWRIDFWXDO
WK&LU                                             H[SHQVHVWKHRIIHUZDVOHJLWLPDWH7KH\FRQWHQGWKDW1/5%
                                                                       Y%DVLF:LUH3URGXFWV,QF)GWK&LU
  %HFDXVH WKH m%RDUG KDV EURDG GLVFUHWLRQ WR GHWHUPLQH          VKRXOGDSSO\UDWKHUWKDQ1HVWOH,FH&UHDP7KLVDUJXPHQW
ZKHWKHUWKHFLUFXPVWDQFHVRIDQHOHFWLRQKDYHDOORZHGWKH              KRZHYHULVQRWSHUVXDVLYH,Q%DVLF:LUHWKHXQLRQjVSRVW
HPSOR\HHVWRH[HUFLVHIUHHFKRLFHLQGHFLGLQJZKHWKHUWREH            HOHFWLRQSD\PHQWRIWRLWVHOHFWLRQREVHUYHUZDVIRXQGWR
UHSUHVHQWHGE\DXQLRQl1/5%Y'XULURQ&R,QF)G           EHDmUHDVRQDEOHUHLPEXUVHPHQWIRUH[SHQVHVlDQGWKHUHIRUH
WK&LUWKH%RDUGjVILQGLQJVZLWKUHVSHFW         XQREMHFWLRQDEOH)GDW+HUHWKHIDFWVFDOOIRUD
WRZKHWKHUDQHOHFWLRQUHIOHFWHGWKHmIDLUDQGIUHHFKRLFHlRI         GLIIHUHQWFRQFOXVLRQ$SUHHOHFWLRQRIIHURIDQH[SHQVHVSDLG
WKHHPSOR\HHVmZLOOQRWEHGLVWXUEHGRQDSSHDOZKHUHWKHUHLV          ZHHNHQGWULSOLQNHGWRDWZRKRXUPHHWLQJVPDFNVRImWKHWDLO
VXEVWDQWLDOHYLGHQFHLQWKHUHFRUGDVDZKROHWRVXSSRUWLWV
    &RPFDVW&DEOHYLVLRQ7D\ORU              1RV         1RV          &RPFDVW&DEOHYLVLRQ7D\ORU          
      Y1/5%                                                                                                        Y1/5%

  2IIHULQJWRSURYLGHIUHHWUDQVSRUWDWLRQDQGORGJLQJIRUD             FRQFOXVLRQVl1/5%Y'LFNLQVRQ3UHVV,QF)G
ZHHNHQGLQ&KLFDJRHYHQWKRXJKOLQNHGWRDWWHQGDQFHDWD               WK&LUFLWDWLRQRPLWWHG7KH6XSUHPH&RXUW
WZRKRXUPHHWLQJODWHRQ6XQGD\DIWHUQRRQFRQVWLWXWHVMXVW             KDVGHILQHGmVXEVWDQWLDOHYLGHQFHlDVmVXFKUHOHYDQWHYLGHQFH
VXFKDQLPSHUPLVVLEOHLQGXFHPHQW7KHVLWXDWLRQPLJKWKDYH             DVDUHDVRQDEOHPLQGPLJKWDFFHSWDVDGHTXDWHWRVXSSRUWD
EHHQGLIIHUHQWLIWKHHPSOR\HHVKDGEHHQLQYLWHGWRDWWHQGD            FRQFOXVLRQl&RQVROLGDWHG(GLVRQ&RY1/5%86
WZRGD\PHHWLQJVXEVWDQWLDOO\RFFXS\LQJWKHZHHNHQGRULI              
WKH\ KDG EHHQ WUDQVSRUWHG EDFN DQG IRUWK RQ 6XQGD\ RQO\
:KHUH WKH 8QLRQ FURVVHG WKH OLQH ZDV LQ SURYLGLQJ D IUHH         2QWKHRWKHUKDQGWKLVFRXUWLVQRWDmPHUHUXEEHUVWDPSl
SHUVRQDO EHQHILW DOO RXW RI SURSRUWLRQ WR WKH WZR KRXUV RI    IRU WKH %RDUGjV GHFLVLRQV  6HH 8IRUPD6KHOE\ %XVLQHVV
OHJLWLPDWHHGXFDWLRQDODFWLYLW\                                        )RUPV,QFY1/5%)GWK&LU
                                                                        $OWKRXJK WKH FRXUW LV OLPLWHG WR UHYLHZLQJ WKH %RDUGjV
   )XUWKHUPRUH WKHUH DSSHDUV WR EH QR IRXQGDWLRQ LQ WKH        LQIHUHQFHV IRU D GHWHUPLQDWLRQ RI mUHDVRQDEOHQHVV  QRW
UHFRUG IRU WKH KHDULQJ RIILFHUjV GHWHUPLQDWLRQ WKDW WKH          ULJKWQHVVl1/5%Y6W)UDQFLV+HDOWKFDUH&HQWUH)G
mHPSOR\HHV ZRXOG KDYH EHHQ HQWLWOHG WR DWWHQG WKH FDEOH           WK &LU  ZH mZLOO QRW EH ERXQG E\ WKH
LQGXVWU\ PHHWLQJ DQG EH UHLPEXUVHG IRU WKH H[SHQVHV              %RDUGjV FRQFOXVLRQV ZKHQ WKH %RDUGjV GHWHUPLQDWLRQV JR
LQFXUUHGl7KHPHHWLQJEURXJKWWRJHWKHUXQLRQOHDGHUVDQG              EH\RQGZKDWJRRGVHQVHSHUPLWVl/RFDO8QLRQ1RY
GHOHJDWHVWRGLVFXVVWKHSRWHQWLDOHIIHFWRQWKHFDEOHLQGXVWU\         1/5%)GWK&LU
RIWKHPHUJHUEHWZHHQ$7	7DQG7HOH&RPPXQLFDWLRQV,QF
DVXEMHFW EHDULQJOLWWOHUHODWLRQWRWKHHPSOR\HHVjFRQFHUQV           % 7KH%RDUGHUUHGLQFRQFOXGLQJWKDWWKH8QLRQjVRIIHU
DERXW WKH WHUPV DQG FRQGLWLRQV RI WKHLU HPSOR\PHQW DW              RIDIUHHZHHNHQGWULSWR&KLFDJRGLGQRWLPSURSHUO\
&RPFDVWjV7D\ORU0LFKLJDQIDFLOLW\                                       DIIHFWWKHHOHFWLRQUHVXOWV
  ,W LV DOVR QR GHIHQVH WKDW WKH EHQHILW JUDQWHG FRXOG KDYH     7KH%RDUGjVSULQFLSDOGXW\LQFRQGXFWLQJDUHSUHVHQWDWLRQ
EHHQ URXWLQHO\ H[WHQGHG WR 8QLRQ PHPEHUV  ,Q 0DLOLQJ           HOHFWLRQLVWRmLQVXUHWKHIDLUDQGIUHHFKRLFHRIEDUJDLQLQJ
6HUYLFHVWKH%RDUGHTXDWHGDXQLRQjVJUDQWRIIUHHPHGLFDO             UHSUHVHQWDWLYHVE\HPSOR\HHVl1/5%Y6DYDLU0IJ&R
VFUHHQLQJGXULQJWKHFULWLFDOSHULRGZLWKDQHPSOR\HUJUDQWHG           86$VERWKWKH%RDUGDQGWKHFRXUWVKDYH
ZDJHLQFUHDVH7KH%RDUGRUGHUHGDQHZHOHFWLRQEHFDXVHWKH            ORQJUHFRJQL]HGWKLVJRDOFDQQRWEHDFKLHYHGZKHQFDPSDLJQ
XQLRQKDGLQVWLOOHGLQWKHHPSOR\HHVDVHQVHRIREOLJDWLRQWR           WDFWLFVLQGXFHZRUNHUVWRFDVWWKHLUYRWHVXSRQJURXQGVRWKHU
WKH GRQRU XQLRQ DQG WKHUHE\ WDLQWHG HPSOR\HH IUHH FKRLFH       WKDQ WKH DGYDQWDJHV DQG GLVDGYDQWDJHV RI XQLRQ
6HH 0DLOLQJ 6HUYV  1/5% DW  Q   $OWKRXJK WKH      UHSUHVHQWDWLRQ
XQLRQZDVIUHHWRSURPLVHHPSOR\HHVWKDWWKH\ZRXOGUHFHLYH
WKLV EHQHILW WKH %RDUG HPSKDVL]HG WKDW WKH XQLRQ ZDV             7KH 6XSUHPH &RXUWjV GHFLVLRQ LQ 6DYDLU 0DQXIDFWXULQJ
SUHFOXGHG IURP SURYLGLQJ WKH PHGLFDO VFUHHQLQJ WR WKHP           SURYLGHVWKHIRXQGDWLRQIRUWKLVFLUFXLWjVFDVHODZUHJDUGLQJ
VKRUWO\ EHIRUH WKH HOHFWLRQ  6HH LG DW   &RPFDVW     WKHHIIHFWVRISUHHOHFWLRQEHQHILWVRQDUHSUHVHQWDWLRQHOHFWLRQ
DVVHUWV ZLWK JRRG UHDVRQ WKDW LI LW KDG PDGH D VLPLODU      ,Q 6DYDLU 0DQXIDFWXULQJ WKH XQLRQ RIIHUHG WR ZDLYH LWV
SUHHOHFWLRQRIIHURIDQH[SHQVHVSDLGZHHNHQGWULSERWKWKH            LQLWLDWLRQ IHHV IRU HPSOR\HHV ZKR DJUHHG WR VLJQ XQLRQ
%RDUG DQG 8QLRQ ZRXOG SHUFHLYH WKH RIIHU DV SDWHQWO\            UHFRJQLWLRQVOLSVDVDVKRZRISUHHOHFWLRQVXSSRUW6HHLGDW
REMHFWLRQDEOH                                                        $OWKRXJKWKHXQLRQZRQWKHHOHFWLRQWKH6XSUHPH&RXUW
                                                                        KHOGWKDWWKHHPSOR\HUZDVQRWERXQGE\WKHHOHFWLRQUHVXOWV
     &RPFDVW&DEOHYLVLRQ7D\ORU              1RV         1RV           &RPFDVW&DEOHYLVLRQ7D\ORU          
      Y1/5%                                                                                                         Y1/5%

7KHXVHRIWKHUHFRJQLWLRQVOLSVZDVIRXQGWRKDYHLQWHUIHUHG           ZHPXVWDFNQRZOHGJHDQ\HYLGHQFHZKLFKXQGHUPLQHVWKH
ZLWK WKH HPSOR\HHVj IUHH DQG IDLU FKRLFH  )LUVW WKH &RXUW   SDUWLFXODU GHFLVLRQ RI WKH %RDUGl  6HH 8IRUPD6KHOE\
UHDVRQHGWKDWWKHXQLRQFRXOGSRLQWWRWKHVOLSVDQGFUHDWHD           %XVLQHVV)RUPV,QFY1/5%)GWK&LU
IDOVHSRUWUDLWRIHPSOR\HHVXSSRUWIRUWKHXQLRQ6HHLG7KH         LQWHUQDOTXRWDWLRQPDUNVRPLWWHG
&RXUWUHIXVHGWRDOORZYRWHVWREHmERXJKWDQGVROGlLQWKLV
PDQQHU,G,QDGGLWLRQWKH&RXUWH[SUHVVHGLWVFRQFHUQWKDW           $FFRUGLQJO\WKLVFRXUWKDVGHWHUPLQHGLQWKHSDVWDVKDV
HPSOR\HHV ZRXOG IHHO mREOLJHG WR FDUU\ WKURXJK RQ WKHLU         WKH%RDUGWKDWXQLRQFRQIHUUHGEHQHILWVIDUOHVVmVXEVWDQWLDOl
VWDWHGLQWHQWLRQWRVXSSRUWWKHXQLRQlHYHQWKRXJKWKHVOLSV           WKDQWKHDYHUDJHYDOXHLQYROYHGKHUHZHUHVXIILFLHQWO\
ZHUHVLJQHGIRUWKHIHHZDLYHUDQGZHUHQRWOHJDOO\ELQGLQJLQ          YDOXDEOHWREHIRXQGREMHFWLRQDEOH6HH1/5%Y6KUDGHUjV
DQ\ZD\,GDW                                                ,QF)GWK&LULQYDOLGDWLQJDQHOHFWLRQ
                                                                        ZKHUH WKH XQLRQ JDYH RXW KDWV DQG 7VKLUWV WKURXJKRXW WKH
  :KHQH[DPLQLQJDSUHHOHFWLRQEHQHILWFRQIHUUHGE\DXQLRQ            YRWLQJSHULRGV2ZHQV,OOLQRLV,QF1/5%
WKLV FLUFXLWjV FDVH ODZ FRXQVHOV WKDW WKH ILUVW TXHVWLRQ LV    VHWWLQJDVLGHDQHOHFWLRQLQZKLFKWKHXQLRQKDGGLVWULEXWHG
ZKHWKHUWKHEHQHILWLVVXIILFLHQWO\YDOXDEOHDQGGHVLUDEOHLQ           MDFNHWVZRUWKEHWZHHQYRWLQJVHVVLRQV,IXQLRQKDWV7
WKH H\HV RI WKH SHUVRQ WR ZKRP LW LV RIIHUHG WR KDYH WKH    VKLUWV DQG MDFNHWV DUH FRQVLGHUHG VXIILFLHQWO\ YDOXDEOH WR
SRWHQWLDO WR LQIOXHQFH WKDW SHUVRQjV YRWH  6HH 1HVWOH ,FH     LQIOXHQFHDQHPSOR\HHjVYRWHWKHQVXUHO\WKHRIIHURIDIUHH
&UHDP &R Y 1/5%  )G   WK &LU            ZHHNHQGWULSWR&KLFDJRILWVZLWKLQWKLVFDWHJRU\
KROGLQJWKDWWKHXQLRQFRQIHUUHGLPSHUPLVVLEOHEHQHILWVRQ
WKH HPSOR\HHV ZKHQ LW ILOHG D SUHHOHFWLRQ ODZVXLW RQ WKHLU       %HFDXVHWKHILUVWSDUWRIWKH1HVWOH,FH&UHDP&RWHVWLV
EHKDOIDJDLQVWWKHHPSOR\HU7KHVHFRQGTXHVWLRQEHFRPHV             VDWLVILHGZHQRZH[SORUHWKHVHFRQGTXHVWLRQRIZKHWKHUWKH
ZKHWKHUWKHEHQHILWLQIOXHQFHGWKHYRWHZLWKRXWUHODWLRQWRWKH         EHQHILWKDGWKHSRWHQWLDOWRLQIOXHQFHWKHYRWHZLWKRXWUHODWLRQ
PHULWV RI WKH HOHFWLRQ  6HH LG DW   :KHQ D EHQHILW    WRWKHPHULWVRIWKHHOHFWLRQ6HH1HVWOH,FH&UHDP&R
LPSRVHV D VHQVH RI REOLJDWLRQ WR WKH XQLRQ LW VXIILFHV WR    )GDW7KH%RDUGDUJXHVWKDWDWWHQGDQFHDWWKHQDWLRQDO
LQYDOLGDWHWKHHOHFWLRQ,G                                           FDEOHWHOHYLVLRQPHHWLQJLVMXVWWKHVRUWRIFRQFHUWHGDFWLYLW\
                                                                        WKDW ZRUNHUV KDYH WKH ULJKW WR SDUWLFLSDWH LQ DQG WKDW
   %DVHGRQH[LVWLQJ%RDUGDQGFLUFXLWSUHFHGHQWZHFRQFOXGH           IDFLOLWDWLQJDWWHQGDQFHDWDJDWKHULQJRIXQLRQVXSSRUWHUVDQG
WKDW WKHUH LV D ODFN RI VXEVWDQWLDO HYLGHQFH WR VXSSRUW WKH   FDEOHWHOHYLVLRQHPSOR\HHVLVFHUWDLQO\UHODWHGWRWKHPHULWVRI
%RDUGjVILQGLQJWKDWWKH8QLRQjVSUHHOHFWLRQRIIHURIDIUHH            WKHHOHFWLRQ
ZHHNHQG WULS WR &KLFDJR GLG QRW KDYH WKH SRWHQWLDO WR
LQIOXHQFHWKHHPSOR\HHVjYRWHV7KH%RDUGWKHUHIRUHHUUHGLQ             $OWKRXJK ZH ZRXOG DJUHH WKDW XQLRQ VXSSRUW IRU
FHUWLI\LQJWKH8QLRQDVWKHHPSOR\HHVjH[FOXVLYHEDUJDLQLQJ             HGXFDWLRQDO DQG LQIRUPDWLRQDO DFWLYLWLHV LV UHOHYDQW WR WKH
UHSUHVHQWDWLYH,QWKH%RDUGjV'HFLVLRQDQG&HUWLILFDWLRQLW          TXHVWLRQRIZKHWKHUWKHHOHFWLRQZRXOGEHQHILWWKHHPSOR\HHV
GLVPLVVHV WKH LQIOXHQFH RI WKH &KLFDJR WULS LQ D VLQJOH        WKH XQLRQ PD\ QRW JLYH YRWHUV mIUHH VDPSOHVl RI EHQHILWV
IRRWQRWHZKLFKVXPPDULO\VWDWHVmWKDWWKHRIIHUHGEHQHILWLV           EHIRUHDQHOHFWLRQ6HH0DLOLQJ6HUYV,QF1/5%
LQVXEVWDQWLDO DQG ZRXOG QRW WHQG WR LQIOXHQFH HPSOR\HHVj           VHWWLQJ DVLGH DQ HOHFWLRQ ZKHUH WKH XQLRQ
YRWHVl  $OWKRXJK ZH ZLOO JHQHUDOO\ GHIHU WR WKH                SURYLGHG IUHH PHGLFDO VFUHHQLQJV WR HPSOR\HHV EHIRUH WKH
GHWHUPLQDWLRQV RI WKH %RDUG DQG QRW VXEVWLWXWH RXU RZQ          HOHFWLRQ:DJQHU(OHFWULF&RUS1/5%
MXGJPHQWLQLWVSODFHmZHGRQRWIXQFWLRQDVDPHUHUXEEHU             RYHUWXUQLQJDQHOHFWLRQZKHUHWKHXQLRQPDGHDSUHHOHFWLRQ
VWDPSIRUWKHIDFWXDOGHWHUPLQDWLRQVPDGHEHORZDQG         JLIWRIOLIHLQVXUDQFHWRHPSOR\HHV
