           5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
                3XUVXDQW WR 6L[WK &LUFXLW 5XOH                              8QLWHG6WDWHVY/DQJ                          1R
        (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
                    )LOH 1DPH DS
                                                                          67$7(6 $77251(< *UDQG 5DSLGV 0LFKLJDQ IRU
                                                                          $SSHOOHH
81,7('67$7(6&28572)$33($/6                                                                 BBBBBBBBBBBBBBBBB
                   )257+(6,;7+&,5&8,7                                                           23,1,21
                     BBBBBBBBBBBBBBBBB                                                         BBBBBBBBBBBBBBBBB
                                                                             521$/'/((*,/0$1&LUFXLWsXGJH'RQQD/DQJSOHG
 81,7(' 67$7(6 2) $0(5,&$       ;                                        JXLOW\ WR D RQHFRXQW LQIRUPDWLRQ FKDUJLQJ KHU ZLWK PDLO
           3ODLQWLII$SSHOOHH                                           IUDXG7KHGLVWULFWFRXUWVHQWHQFHGKHUWRDPRQWKWHUPRI
                                                                         LPSULVRQPHQW IROORZHG E\  \HDUV RI VXSHUYLVHG UHOHDVH
                                     1R                         /DQJDSSHDOVDVHQWHQFLQJHQKDQFHPHQWXQGHU8QLWHG6WDWHV
           Y                                                            6HQWHQFLQJ*XLGHOLQHV%ZKLFKFRQFHUQVWKHDEXVHRI
                                   !                                      DSRVLWLRQRIWUXVWRUXVHRIDVSHFLDOVNLOO)RUWKHUHDVRQVVHW
                                                                         IRUWKEHORZZH$)),50WKHMXGJPHQWRIWKHGLVWULFWFRXUW
 '211$ /$1*                      
          'HIHQGDQW$SSHOODQW                                                                ,%$&.*5281'
                                 1
       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW                       $ )DFWXDOEDFNJURXQG
  IRUWKH:HVWHUQ'LVWULFWRI0LFKLJDQDW*UDQG5DSLGV
    1Rn5LFKDUG$(QVOHQ'LVWULFWsXGJH                          +HUPDQQ 0LOOHU ,QF +0, D IXUQLWXUH PDQXIDFWXULQJ
                                                                          FRPSDQ\EDVHGLQ=HHODQG0LFKLJDQHPSOR\HG/DQJDVD
                    6XEPLWWHGsXQH                             WUDGHLQVSHFLDOLVWIURPsDQXDU\RIWR)HEUXDU\RI
                                                                          /DQJjVMREZDVWRKLUHFRQWUDFWRUVWRUHPRYHDQGGLVSRVHRI
               'HFLGHGDQG)LOHGsXQH                          XVHGRIILFHIXUQLWXUHIURPFRPSDQLHVWKDWKDGSXUFKDVHGQHZ
                                                                          +0,IXUQLWXUH,QsXQHRI/DQJFUHDWHGDQHQWLW\WKDW
        %HIRUH%2**6DQG*,/0$1&LUFXLWsXGJHV                        VKH FDOOHG 6W\OH ,QF ZKLFK KDG D WHOHSKRQH DQVZHULQJ
                  0$5%/(<'LVWULFWsXGJH                               VHUYLFHDQGDPDLOLQJDGGUHVVLQ0HPSKLV7HQQHVVHH

                       BBBBBBBBBBBBBBBBB                                     $V+0,jVWUDGHLQVSHFLDOLVW/DQJSURFHVVHGDILFWLWLRXV
                                                                          LQYRLFHIURP6W\OH,QFWR+0,LQsDQXDU\RIIRUZRUN
                             &2816(/                                      WKDW KDG LQ IDFW EHHQ SURYLGHG E\ DQRWKHU FRPSDQ\  6KH
                                                                          UHFHLYHG SD\PHQW IURP +0, IRU WKH LQYRLFH WKHQ ZDLWHG
21%5,()7KRPDV&5RZVH\&XPPLQJ*HRUJLDIRU                        VHYHUDOPRQWKVWRGHWHUPLQHZKHWKHU+0,ZRXOGGLVFRYHUWKH
$SSHOODQW  7KRPDV s *H]RQ $66,67$17 81,7('                       IUDXG  6DWLVILHG WKDW +0, ZDV LQ WKH GDUN /DQJ EHJDQ WR
                                                                          URXWLQHO\ VXEPLW IUDXGXOHQW LQYRLFHV  %\ WKH WLPH +0,
                                                                          GLVFRYHUHGLQWKHVXPPHURIWKDW/DQJZDVGHIUDXGLQJ
                                                                          LWVKHKDGVXEPLWWHGDSSUR[LPDWHO\IUDXGXOHQWLQYRLFHV
                                                                         LQYROYLQJ 6W\OH ,QF  +0, VXIIHUHG D WRWDO ORVV RI RYHU
     7KH +RQRUDEOH $OJHQRQ / 0DUEOH\ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
WKH 6RXWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ



                                    
1R                           8QLWHG6WDWHVY/DQJ                    8QLWHG6WDWHVY/DQJ                            1R

DVWKHUHVXOWRI/DQJjVFRQGXFWE\WKHWLPHWKDWKHU             VXSHUYLVLRQ EDVHG RQ KHU HVWDEOLVKHG WUXVW DQG VSHFLDOL]HG
HPSOR\PHQWZDVWHUPLQDWHGLQ)HEUXDU\RI                            SRVLWLRQl  7KH 365 WKHUHIRUH UHFRPPHQGHG D WZROHYHO
                                                                          LQFUHDVH XQGHU  %  /DQJjV DWWRUQH\ REMHFWHG WR WKLV
% 3URFHGXUDOEDFNJURXQG                                                 UHFRPPHQGDWLRQ  ,Q D OHWWHU WR WKH SUREDWLRQ RIILFHU KH
                                                                          ZURWH
  ,Q 0DUFK RI  /DQJ ZDV FKDUJHG LQ D RQHFRXQW
LQIRUPDWLRQZLWKPDLOIUDXGLQYLRODWLRQRI86&                0UV /DQJ FHUWDLQO\ GLG VWHDO IURP KHU HPSOR\HU
6KH SOHG JXLOW\  +HU FDVH ZDV WKHQ UHIHUUHG WR WKH 8QLWHG         +RZHYHU VKH GLG QRW DEXVH D SRVLWLRQ RI SXEOLF RU
6WDWHV3UREDWLRQ2IILFHIRUDSUHVHQWHQFHLQYHVWLJDWLRQDQG                   SULYDWHWUXVW6LQFH0UV/DQJZDVHPSOR\HGDVD
UHSRUW                                                                       WUDGHLQ VSHFLDOLVW ZKR KDG WR VHQG DOO LQYRLFHV DQG
                                                                              LQIRUPDWLRQWRFRUSRUDWHKHDGTXDUWHUVIRUDSSURYDOZH
   7KH3UHVHQWHQFH5HSRUW365SODFHG/DQJjVEDVHRIIHQVH                    GRQRWEHOLHYHWKDWKHUMREZDVDSRVLWLRQWKDWKHOGWKH
OHYHO DW  WKHQ DGGHG  OHYHOV IRU VSHFLILF RIIHQVH                OHYHO RI WUXVW DQG GLVFUHWLRQ FRQWHPSODWHG E\ WKH
FKDUDFWHULVWLFV  ,W QH[W UHFRPPHQGHG D WZROHYHO                       FRPPLVVLRQLQGUDIWLQJ866*%7KXV0UV
HQKDQFHPHQWEDVHGXSRQ8QLWHG6WDWHV6HQWHQFLQJ*XLGHOLQHV                    /DQJjV2IIHQVHOHYHOVKRXOGQRWEHLQFUHDVHGE\WKHWZR
%ZKLFKFRQFHUQVWKHDEXVHRIDSRVLWLRQRIWUXVWRUXVH               OHYHOV\RXFRQWHQGLQSDUDJUDSKQXPEHURI\RXU3UH
RIDVSHFLDOVNLOO/DQJREMHFWHGWRWKLVHQKDQFHPHQW$IWHU                6HQWHQFH,QYHVWLJDWLRQ5HSRUW
D KHDULQJ WKH GLVWULFW FRXUW RYHUUXOHG KHU REMHFWLRQ DQG
VHQWHQFHGKHUWRDPRQWKWHUPRILPSULVRQPHQWIROORZHG                  7KH SUREDWLRQ RIILFHU UHVSRQGHG WR WKLV REMHFWLRQ LQ DQ
E\\HDUVRIVXSHUYLVHGUHOHDVH7KLVWLPHO\DSSHDOIROORZHG           DGGHQGXP WR WKH 365 LQ ZKLFK KH UHSRUWHG WKDW KH KDG
                                                                          VSRNHQmZLWKWKH0DQDJHURI%XVLQHVV5LVN$VVXUDQFHZKR
  %RWKSDUWLHVKDYHVWDWHGWKDWRUDODUJXPHQWLVXQQHFHVVDU\             LQIRUPHGWKLVRIILFHU>WKDW@0V/DQJKDGWKHDXWKRULW\DQG
+DYLQJH[DPLQHGWKHEULHIVDQGWKHUHFRUGZHXQDQLPRXVO\                 GLGVLJQIRUDOORIKHULQYRLFHV0V/DQJjVERVVZDVQRW
DJUHH WKDW mWKH IDFWV DQG OHJDO DUJXPHQWV DUH DGHTXDWHO\          UHTXLUHG WR RYHUVHH KHU WUDQVDFWLRQVl  $W WKH VHQWHQFLQJ
SUHVHQWHGLQWKHEULHIVDQGUHFRUGDQGWKHGHFLVLRQDOSURFHVV            KHDULQJ WKH GLVWULFW FRXUW RYHUUXOHG /DQJjV REMHFWLRQ
ZRXOGQRWEHVLJQLILFDQWO\DLGHGE\RUDODUJXPHQWl)HG5              UHDVRQLQJDVIROORZV
$SS3D&
                                                                              $FFRUGLQJWRWKH0DQDJHURI%XVLQHVV5LVN$VVXUDQFH
                         ,,$1$/<6,6                                        IURP+HUPDQ0LOOHU>VLF@'HIHQGDQW/DQJDOWKRXJKQRW
                                                                              RIILFLDOO\GHVLJQDWHGDPDQDJHUKDGWKHDXWKRULW\WRVLJQ
  /DQJFRQWHQGVWKDWWKHGLVWULFWFRXUWHUUHGLQDGRSWLQJWKH                 DOORIKHULQYRLFHVDQGZDVLQFKDUJHRIDOOWUDGHLQV,Q
365jV UHFRPPHQGDWLRQ WKDW KHU RIIHQVH OHYHO VKRXOG EH                  DGGLWLRQ 'HIHQGDQW /DQJjV ERVV ZDV QRW UHTXLUHG WR
LQFUHDVHGWZROHYHOVIRUDEXVLQJDSRVLWLRQRIWUXVW8QLWHG                 RYHUVHH KHU WUDQVDFWLRQV     'XH WR WKH REYLRXV
6WDWHV 6HQWHQFLQJ *XLGHOLQHV  % UHTXLUHV VXFK DQ                  GLVFUHWLRQDU\QDWXUHRI/DQJjVSRVLWLRQVKHZDVDEOHWR
HQKDQFHPHQW ZKHUH WKH GHIHQGDQW mDEXVHG D SRVLWLRQ RI                  VXEPLW QXPHURXV IDOVH YRXFKHUV , WKLQN WZHQW\ IRU
SXEOLF RU SULYDWH WUXVW    LQ D PDQQHU WKDW VLJQLILFDQWO\       SD\PHQWZLWKRXWREYLRXVGHWHFWLRQ,WKHUHIRUHILQG
IDFLOLWDWHGWKHFRPPLVVLRQRIFRQFHDOPHQWRIWKHRIIHQVHl                    KHU SRVLWLRQ GLG KROG WKH OHYHO RI WUXVW DQG GLVFUHWLRQ
                                                                              FRQWHPSODWHGE\WKHHQKDQFHPHQWODQJXDJH
  3DUDJUDSK  RI /DQJjV 365 VWDWHG m0V /DQJ KDYLQJ
ZRUNHGIRU+0,IRUDSSUR[LPDWHO\\HDUVDQGEHLQJWKH                     /DQJDUJXHVRQDSSHDOWKDWLUUHVSHFWLYHRIWKHPHULWVRIWKH
RQO\ WUDGHLQ VSHFLDOLVW ZDV VXEMHFWHG WR VLJQLILFDQWO\ OHVV      HQKDQFHPHQWWKHGLVWULFWFRXUWFRPPLWWHGUHYHUVLEOHHUURUE\
1R                         8QLWHG6WDWHVY/DQJ                 8QLWHG6WDWHVY/DQJ                             1R

UHO\LQJRQIDFWXDOILQGLQJVFRQWDLQHGLQWKH365UDWKHUWKDQ          IDFWXDO DOOHJDWLRQV LQ WKH 365 >SUHVHQWHQFH UHSRUW@ KDV WKH
PDNLQJLWVRZQGHWHUPLQDWLRQRIWKHIDFWV6KHSRLQWVRXWWKDW       EXUGHQRISURGXFLQJVRPHHYLGHQFHEH\RQGDEDUHGHQLDOWKDW
5XOHRIWKH)HGHUDO5XOHVRI&ULPLQDO3URFHGXUHSURYLGHV           FDOOV WKH UHOLDELOLW\ RU FRUUHFWQHVV RI WKH DOOHJHG IDFWV LQWR
WKDWDVHQWHQFLQJFRXUWmPXVWnIRUDQ\GLVSXWHGSRUWLRQRIWKH         TXHVWLRQl,GDWDOWHUDWLRQVLQRULJLQDO
SUHVHQWHQFHUHSRUWRURWKHUFRQWURYHUWHGPDWWHUnUXOHRQWKH
GLVSXWHRUGHWHUPLQHWKDWDUXOLQJLVXQQHFHVVDU\l)HG         1RWKLQJLQ3DUURWWLVWRWKHFRQWUDU\/DQJLVFRUUHFWWKDW
5&ULP3L%,Q8QLWHG6WDWHVY3DUURWW)G       WKHGHIHQGDQWLQ3DUURWWmFRQWHQGHGJHQHUDOO\WKDWWKHUHZDV
 WK &LU  WKLV FRXUW H[SODLQHG WKDW 5XOH        QRHYLGHQFHWRVXSSRUWlWKHHQKDQFHPHQWDWLVVXH)G
mSURKLELWVDFRXUWIDFHGZLWKDGLVSXWHRYHUVHQWHQFLQJIDFWRUV       DWZLWKRXWKLPVHOISURGXFLQJDQ\HYLGHQFHWRFDOOWKH
IURPDGRSWLQJWKHIDFWXDOILQGLQJVRIWKHSUHVHQWHQFHUHSRUW          UHOLDELOLW\ RU FRUUHFWQHVV RI WKH 365jV IDFWV LQWR TXHVWLRQ
ZLWKRXW PDNLQJ IDFWXDO GHWHUPLQDWLRQV RI LWV RZQl  ,G DW   7KLVFRXUWVWDWHGWKDWmWKH'LVWULFW&RXUWHUUHGE\IDLOLQJWR
$FFRUGLQJWR/DQJDIWHUVKHREMHFWHGWR3DUDJUDSK           PDNHLQGHSHQGHQWIDFWXDOILQGLQJVVXIILFLHQWWRVXSSRUWWKH
RIKHU365WKHGLVWULFWFRXUWFRXOGQRWFRQFOXGHWKDWVKHKDG        HQKDQFHPHQWl,GDW,WWKHUHIRUHYDFDWHGWKH
DEXVHGDSRVLWLRQRIWUXVWXQOHVVWKHJRYHUQPHQWLQWURGXFHG           GLVWULFWFRXUWjVLPSRVLWLRQRIWKHHQKDQFHPHQWDQGUHPDQGHG
HYLGHQFHWRVXSSRUWWKHHQKDQFHPHQW                                  IRU UHFRQVLGHUDWLRQ  7KH UHDVRQ KRZHYHU WKDW WKH GLVWULFW
                                                                      FRXUWHUUHGLQUHO\LQJRQWKH365LQ3DUURWWZDVQRWWKDWWKH
  :HILQGKHUDUJXPHQWXQSHUVXDVLYH,QRXURSLQLRQWKH             GHIHQGDQWKDGFDOOHGWKHUHOLDELOLW\RUFRUUHFWQHVVRIDQ\IDFW
DERYHTXRWHGDVVHUWLRQE\/DQJjVDWWRUQH\LVQRWVXIILFLHQWWR        LQWKH365LQWRTXHVWLRQ5DWKHUWKLVFRXUWGHFLGHGWKDWWKH
JLYHULVHWRDmGLVSXWHlZLWKLQWKHPHDQLQJRI5XOH6HH          HQKDQFHPHQW UHTXLUHG WKH H[LVWHQFH RI D FUXFLDO IDFW
8QLWHG6WDWHVY7UHDGZD\)GWK&LU          XQPHQWLRQHGE\WKH365DWDOO,GDWm7KHSUHVHQWHQFH
m:HFDQILQGQRUHDVRQWRUHTXLUHDGLVWULFWFRXUWWRPDNH           UHSRUW DGRSWHG E\ >WKH GLVWULFW FRXUW@ LQ VXSSRUW RI WKH
LQGHSHQGHQW ILQGLQJV RXWVLGH WKH 365 ZKHQ WKH IDFWV DUH       HQKDQFHPHQW>@LVVLOHQWRQWKHLVVXHl5HPDQGZDVWKHUHIRUH
XQGLVSXWHGl:HDJUHHZLWKWKHUHDVRQLQJRIWKH6HYHQWK             QHFHVVDU\WRDVFHUWDLQLQWKHILUVWLQVWDQFHZKHWKHUWKDWIDFW
&LUFXLWWKDW                                                          H[LVWHG3DUURWWWKXVGRHVQRWHVWDEOLVKDEURDGUXOHWKDWDQ\
                                                                      mEDUHERQHVlREMHFWLRQWRWKH365UHTXLUHVWKHGLVWULFWFRXUW
  >D@GHIHQGDQWFDQQRWVKRZWKDWD365LVLQDFFXUDWHE\               WRWDNHDGGLWLRQDOHYLGHQFH
  VLPSO\GHQ\LQJWKH365jVWUXWK,QVWHDGEH\RQGVXFKD
  EDUHGHQLDOKHPXVWSURGXFHVRPHHYLGHQFHWKDWFDOOVWKH              ,QWKHLQVWDQWFDVH/DQJIDLOHGWRSURGXFHDQ\HYLGHQFHWR
  UHOLDELOLW\ RU FRUUHFWQHVV RI WKH DOOHJHG IDFWV LQWR         VXSSRUWKHUDUJXPHQWWKDWVKHKDGQRWDEXVHGDSRVLWLRQRI
  TXHVWLRQ,IDGHIHQGDQWPHHWVWKLVEXUGHQRISURGXFWLRQ          WUXVW  6KH GLG QRW IRU H[DPSOH SURYLGH DQ DIILGDYLW
  WKH JRYHUQPHQW PXVW WKHQ FRQYLQFH WKH FRXUW WKDW WKH        FRQWUDGLFWLQJWKH365jVILQGLQJVWKDWVKHmZDVVXEMHFWHGWR
  365jVIDFWVDUHDFWXDOO\WUXH%XWWKHGHIHQGDQWJHWVQR           VLJQLILFDQWO\OHVVVXSHUYLVLRQEDVHGRQKHUHVWDEOLVKHGWUXVW
  IUHHULGHKHPXVWSURGXFHPRUHWKDQDEDUHGHQLDORUWKH          DQGVSHFLDOL]HGSRVLWLRQlRUWKDWKHUmERVVZDVQRWUHTXLUHG
  MXGJHPD\UHO\HQWLUHO\RQWKH365                                 WR RYHUVHH KHU WUDQVDFWLRQVl  1RU GLG VKH VR WHVWLI\ DW WKH
                                                                      VHQWHQFLQJKHDULQJ&I7UHDGZD\)GDWDIILUPLQJ
8QLWHG6WDWHVY0XVWUHDG)GWK&LU         WKHGLVWULFWFRXUWjVXVHRIWKH365WRGHWHUPLQHWKHTXDQWLW\RI
FLWDWLRQVDQGLQWHUQDOTXRWDWLRQPDUNVRPLWWHG2XURZQ            GUXJVIRUZKLFKWKHGHIHQGDQWZDVUHVSRQVLEOHQRWLQJWKDWWKH
FRXUWLQWKHXQSXEOLVKHGGHFLVLRQRI8QLWHG6WDWHVY'RODQ         GHIHQGDQW mFRXOG KDYH RIIHUHG HYLGHQFH WKDW KH VKRXOG EH
1R   :/  WK &LU 2FW          DFFRXQWDEOHIRUDVPDOOHUDPRXQWl
UHDFKHGWKHVDPHFRQFOXVLRQm>$@GHIHQGDQWZKRFKDOOHQJHV
1R                          8QLWHG6WDWHVY/DQJ                  8QLWHG6WDWHVY/DQJ                            1R

   ,QVWHDG VKH GLG QR PRUH WKDQ SUHVHQW KHU DWWRUQH\jV            KROGLQJ VXFK SRVLWLRQV RUGLQDULO\ DUH VXEMHFW WR
XQVXSSRUWHGOHWWHUFRQWHVWLQJDPDWHULDOIDFWLQWKHRULJLQDO              VLJQLILFDQWO\ OHVV VXSHUYLVLRQ WKDQ HPSOR\HHV ZKRVH
365DQGGHQ\LQJWKHDSSOLFDELOLW\RI%8QGHUWKHVH                 UHVSRQVLELOLWLHVDUHSULPDULO\QRQGLVFUHWLRQDU\LQQDWXUH
FLUFXPVWDQFHV WKH GLVWULFW FRXUW ZDV QRW UHTXLUHG WR WDNH         )RU WKLV DGMXVWPHQW WR DSSO\ WKH SRVLWLRQ RI SXEOLF RU
DGGLWLRQDO HYLGHQFH DQG FRXOG SURSHUO\ UHO\ RQ WKH IDFWV          SULYDWHWUXVWPXVWKDYHFRQWULEXWHGLQVRPHVLJQLILFDQW
IRXQG LQ WKH UHYLVHG 365 WR HYDOXDWH WKH SURSULHW\ RI WKH        ZD\WRIDFLOLWDWLQJWKHFRPPLVVLRQRUFRQFHDOPHQWRIWKH
HQKDQFHPHQW6HH8QLWHG6WDWHVY:LDQW)G                RIIHQVHHJE\PDNLQJWKHGHWHFWLRQRIWKHRIIHQVHRU
WK&LUKROGLQJWKDWWKHGLVWULFWFRXUWGLGQRWHUULQPDNLQJ          WKH GHIHQGDQWjV UHVSRQVLELOLW\ IRU WKH RIIHQVH PRUH
DILQGLQJRQWKHEDVLVRIWKH365ZLWKRXWWDNLQJDGGLWLRQDO               GLIILFXOW
HYLGHQFHZKHUHm>D@OWKRXJK>WKHGHIHQGDQW@ZHDNO\UHLWHUDWHG
KLV SRVLWLRQ WKDW WKH UHGXFWLRQ LQ GRQDWLRQV ZDV PHUHO\        866HQWHQFLQJ*XLGHOLQHV0DQXDO%FPWQ$V
VSHFXODWLYHKHRIIHUHGQRUHDVRQZKDWVRHYHUWRFRQWUDGLFWWKH         ERWK WKH GLVWULFW FRXUW DQG WKH 365 QRWHG /DQJjV SRVLWLRQ
HYLGHQFHLQWKHSUHVHQWHQFHUHSRUWDQGWKHVHQWHQFLQJMXGJH           DOORZHGKHUWKHGLVFUHWLRQWRKLUHLQGHSHQGHQWFRPSDQLHVDQG
IRXQGLWFUHGLEOHlFHUWGHQLHG6&W             WRVXEPLWWKHLULQYRLFHVDQGQRRQHDW+0,ZDVUHTXLUHGWR
                                                                       RYHUVHH KHU WUDQVDFWLRQV  7KHVH IDFWRUV XQGRXEWHGO\
  /DQJ DUJXHV DOWHUQDWLYHO\ WKDW RQ WKH PHULWV WKH            IDFLOLWDWHGERWKWKHFRPPLVVLRQDQGWKHFRQFHDOPHQWRIWKH
HQKDQFHPHQWVKRXOGQRWKDYHEHHQDSSOLHGLQKHUFDVH:H              RIIHQVH:HWKHUHIRUHILQGQRHUURUnFOHDURURWKHUZLVHnLQ
UHYLHZWKHGLVWULFWFRXUWjVDSSOLFDWLRQRI%XQGHUWKH           WKH GLVWULFW FRXUWjV GHFLVLRQ WR DSSO\ WKH WZROHYHO
mFOHDUO\HUURQHRXVlVWDQGDUGZKHUHDVKHUHLWLVIDFWERXQG         HQKDQFHPHQWRI%LQWKLVFDVH
%XIRUGY8QLWHG6WDWHV86DIILUPLQJWKH
XVHRIDGHIHUHQWLDOVWDQGDUGRIUHYLHZWRWKHGLVWULFWFRXUWjV                               ,,,&21&/86,21
IDFWERXQGDSSOLFDWLRQRIWKH6HQWHQFLQJ*XLGHOLQHV8QLWHG
6WDWHVYsDFNVRQ5DQGROSK)GWK&LU               )RU DOO RI WKH UHDVRQV VHW IRUWK DERYH ZH $)),50 WKH
KROGLQJWKDWZKHUHWKHGLVWULFWFRXUWjVDSSOLFDWLRQRI          MXGJPHQWRIWKHGLVWULFWFRXUW
WKH6HQWHQFLQJ*XLGHOLQHVLVIDFWERXQGERWKIDFWXDOILQGLQJV
DQGDSSOLFDWLRQRIWKH*XLGHOLQHVWRWKRVHIDFWVVKRXOGEHVHW
DVLGH RQO\ LI WKH\ DUH FOHDUO\ HUURQHRXV  %XW VHH 8QLWHG
6WDWHVY*LOOLDP)GWK&LUFLWLQJ
LQGLFWDSUH%XIRUGSUHFHGHQWIRUWKHSURSRVLWLRQWKDWm>Z@H
UHYLHZ GH QRYR WKH GLVWULFW FRXUWjV GHWHUPLQDWLRQ WKDW D
GHIHQGDQWRFFXSLHGDSRVLWLRQRIWUXVWIRUWKHSXUSRVHVRIWKH
6HQWHQFLQJ*XLGHOLQHVl
  7KHDSSOLFDWLRQQRWHVIRU%SURYLGHLQSHUWLQHQWSDUW
DVIROORZV
  m3XEOLFRUSULYDWHWUXVWlUHIHUVWRDSRVLWLRQRISXEOLFRU
  SULYDWHWUXVWFKDUDFWHUL]HGE\SURIHVVLRQDORUPDQDJHULDO
  GLVFUHWLRQLHVXEVWDQWLDOGLVFUHWLRQDU\MXGJPHQWWKDWLV
  RUGLQDULO\ JLYHQ FRQVLGHUDEOH GHIHUHQFH  3HUVRQV
