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

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

KDYHEHHQSODXVLEOH7KHGHFLVLRQWKDWWKHZHDSRQZDVRQO\                            )LOH 1DPH DS

FDSDEOHRIVHPLDXWRPDWLFILUHZDVJHQHURXV$UDWLRQDOWULHU
RIIDFWFRXOGDQGGLGFRQFOXGHWKDWWKHZHDSRQZDVFDSDEOH
RI VHPLDXWRPDWLF ILUH ZH WKHUHIRUH DIILUP 6\NHVjV             81,7('67$7(6&28572)$33($/6
FRQYLFWLRQDQGVHQWHQFHRQWKHFRXQW                                          )257+(6,;7+&,5&8,7
& 2IIHQVH/HYHO(QKDQFHPHQWV                                                          BBBBBBBBBBBBBBBBB

   )LQDOO\ 6\NHV DUJXHV WKDW WKH FRXUW LQDSSURSULDWHO\
LQFUHDVHG KLV RIIHQVH OHYHO IRU KLV OHDGHUVKLS UROH LQ WKH    81,7(' 67$7(6 2) $0(5,&$       ;
RIIHQVH DQG IRU REVWUXFWLRQ RI MXVWLFH  7KLV DUJXPHQW LV              3ODLQWLII$SSHOOHH     
IRUHFORVHGEHFDXVHRIKLVFOHDUZDLYHURIKLVULJKWWRDSSHDO                                           
WKH MXGJHjV VHQWHQFLQJ GHWHUPLQDWLRQ 7KHUH LV QR UHDVRQ                                           1R
ZKDWVRHYHU WKDW 6\NHVjV ZDLYHU RI KLV ULJKW WR DSSHDO WKH                Y                    
VHQWHQFHRQWKHVHLVVXHVVKRXOGQRWEHUHVSHFWHGWKHUHLVQR                                            !
                                                                                                        
VWDQGDUG RI SURRI LVVXH KHUH  &RQVHTXHQWO\ ZH DIILUP        7,027+< / 6<.(6                
8QLWHG6WDWHVY%D]]L)GWK&LU                    'HIHQGDQW$SSHOODQW 
                                ,,,                                                                    1
                                                                            $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
  )RUWKHDERYHUHDVRQVZH$)),506\NHVjVFRQYLFWLRQDQG                 IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH
VHQWHQFH                                                                  1RnsRKQ71L[RQ'LVWULFWsXGJH
                                                                                        $UJXHG$SULO
                                                                                   'HFLGHGDQG)LOHGsXQH
                                                                         %HIRUH5<$1%2**6DQG&2/(&LUFXLWsXGJHV
                                                                                         BBBBBBBBBBBBBBBBB
                                                                                              &2816(/
                                                                      $5*8('  'DYLG / &RRSHU 1DVKYLOOH 7HQQHVVHH IRU
                                                                      $SSHOODQW9DQ69LQFHQW$66,67$1781,7('67$7(6
                                                                      $77251(< 1DVKYLOOH 7HQQHVVHH IRU $SSHOOHH
                                                                      21 %5,()  'DYLG / &RRSHU 1DVKYLOOH 7HQQHVVHH IRU
                                                                      $SSHOODQW  6XQQ\ $ 0 .RVK\ $66,67$17 81,7('
                                                                      67$7(6$77251(<1DVKYLOOH7HQQHVVHHIRU$SSHOOHH



                                                                                                   
     8QLWHG6WDWHVY6\NHV                            1R        1R                            8QLWHG6WDWHVY6\NHV          

                       BBBBBBBBBBBBBBBBB                                      7KHFDVHDJHQWWHVWLILHGWKDWGXULQJSURIIHUVHVVLRQV6\NHV
                                                                           VWDWHGWKDWWKHJXQKDGm$5RQWKHVLGH6\NHVVHOHFWHG
                           23,1,21                                         WKH JXQ IURP DPRQJ D QXPEHU RI ZHDSRQV WKDW KDG EHHQ
                       BBBBBBBBBBBBBBBBB                                   VWROHQIURPDPDMRUPDULMXDQDGHDOHUjVKRXVH6\NHVVWDWHG
                                                                           WKDWKHRULJLQDOO\KDGIRXUFOLSVZLWKWKHZHDSRQ+RZHYHU
  %2**6&LUFXLWsXGJH)HGHUDOSULVRQHU7LPRWK\6\NHV                    6\NHVFODLPHGWKDWKHKDGQHYHUVHHQWKHULIOHILUHGDQGWKDW
FKDOOHQJHVKLVVHQWHQFHEDVHGRQ$SSUHQGLY1HZsHUVH\                  WKHZHDSRQZDVXQORDGHGGXULQJWKHUREEHU\
 86    +H DOVR FODLPV WKDW WKHUH ZDV
LQVXIILFLHQW HYLGHQFH WR VXSSRUW WKH GLVWULFW FRXUWjV ILQGLQJ         6\NHVjVH[SHUWWHVWLILHGDWWKHVHQWHQFLQJKHDULQJ+HQRWHG
WKDWKHXVHGDVHPLDXWRPDWLFDVVDXOWZHDSRQLQFRQGXFWLQJ                 WKDWLWZDVLPSRVVLEOHWRWHOOZKHWKHUWKHJXQZDVFDSDEOHRI
WKHEDQNUREEHU\DQGWKDWWKHGLVWULFWFRXUWHUUHGLQDSSO\LQJ            IXOODXWRPDWLFILUHIURPWKHYLGHRWDSHEHFDXVHRIWKHWDSHjV
VHYHUDO VHQWHQFLQJ HQKDQFHPHQWV  :H DIILUP 6\NHVjV                  SRRUTXDOLW\+HGLGQRWVHHH[WHUQDOSLHFHVWKDWZRXOGUHQGHU
FRQYLFWLRQDQGVHQWHQFH                                                   WKH ZHDSRQ IXOO\ DXWRPDWLF  +H DOVR WHVWLILHG WKDW LW ZDV
                                                                           SRVVLEOHIRUWKHZHDSRQWREHFDSDEOHRIIXOODXWRILUHZLWKRXW
                                   ,                                       H[WHUQDOSLHFHV
   7LPRWK\6\NHVDQGWKUHHDFFRPSOLFHVUREEHGWKH6XQ7UXVW                    0U 6\NHVjV DUJXPHQW DW WKH VHQWHQFLQJ KHDULQJ ZDV
%DQNLQ1DVKYLOOH7HQQHVVHHRQsXO\'XULQJWKH                  WKHUHIRUHWKDWWKHFRXUWFRXOGQRWUXOHRXWWKHSRVVLELOLW\WKDW
UREEHU\6\NHVEUDQGLVKHGDQDVVDXOWZHDSRQ6\NHVGLGQRW                WKHZHDSRQZDVDUHSOLFD+LVGHIHQVHFRXQVHODUJXHGWKDWWKH
ILUH KH SRLQWHG WKH ZHDSRQ DW EDQN FXVWRPHUV DQG UREEHG          UREEHUVZHUHmLGLRWVlZKRSRVVLEO\FRXOGKDYHEURXJKWQRQ
WKHPZKLOHKLVDFFRPSOLFHVUREEHGWKHEDQNSURSHU$YLGHR               ILULQJZHDSRQVRQDEDQNUREEHU\
VXUYHLOODQFHFDPHUDSKRWRJUDSKHG6\NHVXVLQJWKHZHDSRQ
)URPWKHSKRWRJUDSKVLWZDVLPSRVVLEOHWRWHOOZKHWKHUWKH                  7KLV DUJXPHQW LV LQFRUUHFW  7KH JRYHUQPHQW QHHG VKRZ
JXQ KDG IXOO DXWRPDWLF ILUH FDSDELOLW\ RU VHPLDXWRPDWLF            RQO\ WKDW WKH ZHDSRQ ZDV PRUH OLNHO\ WKDQ QRW FDSDEOH RI
VLQJOHVKRWFDSDELOLW\7KHUREEHUVOHIWWKHEDQNZLWKRYHU               VHPLDXWRPDWLFILUH7KHUHLVOLWWOHGRXEWWKDWEDQNUREEHUV
LQFDVK7KHUREEHUVJRWLQWRDVWROHQFDUZKLFKWKH\            ZKRKDGWDNHQJUHDWFDUHLQWKHSODQQLQJDQGH[HFXWLRQRI
WKHQ DEDQGRQHG IRU WZR JHWDZD\ FDUV RQH RI ZKLFK ZDV             WKHLUUDLGZRXOGEULQJHIIHFWLYHZHDSRQU\6\NHVjVDUJXPHQW
6\NHVjV&DGLOODF7KH\GURYHWR6\NHVjVKRXVHZKHUHWKH\                 WKDWWKHZHDSRQFRXOGKDYHEHHQDQRQILULQJUHSOLFDGHILHV
GLYLGHGWKHORRW                                                         EHOLHIDQGLVFHUWDLQO\QRWWKHPRVWOLNHO\VFHQDULR
   6\NHVDQGWKHRWKHUVZHUHDUUHVWHGDQGFKDUJHG$WILUVW                7KHMXGJHjVGHFLVLRQIDYRUHG6\NHVKHDYLO\DILQGLQJWKDW
6\NHVLQWHUIHUHGZLWKWKHLQYHVWLJDWLRQ+HDWWHPSWHGWRSDVV             WKHZHDSRQZDVPRUHOLNHO\WKDQQRWDPDFKLQHJXQZRXOG
D QRWH WR D UHODWLYH WHOOLQJ KLP ZKDW WR VD\ WR DXWKRULWLHV
'XULQJKLVILUVWLQWHUYLHZ6\NHVGHQLHGDOOLQYROYHPHQWZLWK
WKHUREEHU\DQGFODLPHGWKDWKLVFDUZDVLQWKHVKRSWKDWGD\
6\NHVKDGKLVJLUOIULHQG6KHPLFLD:KLWHREWDLQDIDOVHFDU                   
                                                                                 $Q $5 LV D PLOLWDU\VW\OH DVVDXOW ULIOH OLNH WKH 0 EXW
UHSDLULQYRLFHIRUKLV&DGLOODFWKDWFRUURERUDWHGKLVVWRU\WKDW           PDQXIDFWXUHG E\ &ROW IRU VDOH WR FLYLOLDQV 6\NHV GHVFULEHG WKH ZHDSRQ
WKHFDUZDVLQWKHVKRSRQWKHGD\RIWKHUREEHU\                         DV DQ 0 WR FRGHIHQGDQWV $XWRPDWLF DVVDXOW ULIOHV DUH JHQHUDOO\
                                                                           LOOHJDO 6HPLDXWRPDWLF DVVDXOW ULIOHV VXFK DV WKH $5 DUH DOVR QRZ

  6\NHVHYHQWXDOO\FKDQJHGKLVVWRU\DQGSOHGJXLOW\WRWKH                LOOHJDO DIWHU 6HSWHPEHU   86&  Y KRZHYHU SUHYLRXVO\
                                                                           RZQHG VHPLDXWRPDWLF ZHDSRQV DUH JUDQGIDWKHUHG XQGHU  86&
UREEHU\FKDUJHV7KHSOHDDJUHHPHQWFRQWDLQHGDZDLYHURI                  Y
     8QLWHG6WDWHVY6\NHV                        1R      1R                         8QLWHG6WDWHVY6\NHV        

   5HEPDQQ LV HDVLO\ GLVWLQJXLVKHG IURP WKH FXUUHQW FDVH     DSSHDO mRQ DQ\ JURXQG ZKDWHYHU LQ H[FKDQJH IRU WKH
+HUH6\NHVERWKZDLYHGWKHULJKWWRKDYHDMXU\FRQVLGHUWKH        FRQFHVVLRQV PDGH E\ WKH 8QLWHG 6WDWHV LQ WKLV SOHD
ILUHDUPV FKDUJH DQG ZDLYHG WKH ULJKW WR KDYH WKDW           DJUHHPHQWl  7KH ZDLYHU GLG QRW DSSO\ WR RQH DVSHFW RI
GHWHUPLQDWLRQPDGHRQDUHDVRQDEOHGRXEWVWDQGDUG7KHUH            &RXQWWKHZHDSRQVFKDUJH7KHSOHDEDUJDLQVWDWHGWKDWWKH
ZDVQRFOHDUHUURULQWKHGLVWULFWFRXUWjVILQGLQJDFFRUGLQJO\     FRXUWZDVWRGHFLGHE\DSUHSRQGHUDQFHRIWKHHYLGHQFHWKH
ZHDIILUP                                                           W\SHRIZHDSRQ6\NHVXVHGGXULQJWKHUREEHU\
% 6XIILFLHQF\RIWKH(YLGHQFH                                         7KHJXQXVHGE\6\NHVLQWKHUREEHU\ZDVQHYHUUHFRYHUHG
                                                                     sDPHV 6\NHV 6\NHVjV EURWKHU WROG )%, DJHQWV WKDW WKH
  6\NHV TXHVWLRQV ZKHWKHU WKH GLVWULFW FRXUW KDG VXIILFLHQW   ZHDSRQ ZDV D IXOO\ DXWRPDWLF DVVDXOW ULIOH  &RGHIHQGDQW
HYLGHQFH WR GHWHUPLQH WKDW WKH JXQ KH ZDV FDUU\LQJ ZDV      $QWRXLQHsRQHVWROGDJHQWVWKDWWKHGHIHQGDQWKDGWROGKLP
FDSDEOHRIVHPLDXWRPDWLFILUH7KHVWDQGDUGRIUHYLHZIRU          WKHZHDSRQZDVDXWRPDWLF:KHQWKHLVVXHZDVWULHG6\NHVjV
LQVXIILFLHQW HYLGHQFH FODLPV LV ZKHWKHU DIWHU YLHZLQJ WKH    H[SHUWFODLPHGWKDWWKHUHZDVQRZD\WRGHWHUPLQHZKHWKHURU
IDFWV LQ WKH OLJKW PRVW IDYRUDEOH WR WKH SURVHFXWLRQ DQ\   QRW WKH ZHDSRQ ZDV FDSDEOH RI DXWRPDWLF ILUH IURP WKH
UDWLRQDOWULHURIIDFWFRXOGKDYHIRXQGWKHHVVHQWLDOHOHPHQWV       SLFWXUHVRIWKHUREEHU\7KHH[SHUWDOVRFODLPHGWKDWKHZDV
RIWKHFULPHEH\RQGDUHDVRQDEOHGRXEWsDFNVRQY9LUJLQLD        XQDEOH WR UXOH RXW WKH SRVVLELOLW\ WKDW WKH ZHDSRQ ZDV D
868QLWHG6WDWHVY(OO]H\)G          UHSOLFD
WK&LU
                                                                        6\NHV DOVR HQWHUHG DQ XQVZRUQ ZULWWHQ VWDWHPHQW DW WKH
  86&FSURYLGHVSHQDOWLHVIRUXVHRIWKUHH          VHQWHQFLQJKHDULQJZLWKUHVSHFWWRWKHZHDSRQ+HVWDWHGWKDW
FDWHJRULHVRIZHDSRQVHDFKEHDULQJPDQGDWRU\FRQVHFXWLYH            KHKDGQHYHUILUHGLWDQGGLGQRWNQRZZKHWKHULWZDVFDSDEOH
VHQWHQFHVIRUXVHRIDILUHDUPLQUHODWLRQWRDEDQNUREEHU\        RIHLWKHUDXWRPDWLFRUVHPLDXWRPDWLFILUHQRUZKHWKHURUQRW
PDFKLQHJXQDZHDSRQFDSDEOHRIIXOO\DXWRPDWLFILUHVHPL         LWZDVDUHSOLFD
DXWRPDWLF DVVDXOW ZHDSRQ DQG QRUPDO ILUHDUP  7KH
PDQGDWRU\FRQVHFXWLYHVHQWHQFHLV\HDUVIRUPDFKLQHJXQV            7KH MXGJH IRXQG WKDW WKH SUHSRQGHUDQFH RI WKH HYLGHQFH
\HDUVIRUVHPLDXWRPDWLFDVVDXOWZHDSRQVDQG\HDUVIRU         VKRZHG WKDW WKH ZHDSRQ ZDV D VHPLDXWRPDWLF ULIOH  7KH
DQ\RWKHUILUHDUP                                                   FRXUWWKHUHIRUHLPSRVHGWKHPDQGDWRU\\HDUFRQVHFXWLYH
                                                                     VHQWHQFHUHTXLUHGE\VWDWXWH
  7KH GHWHUPLQDWLRQ RI WKH GLVWULFW FRXUW WKDW WKH ZHDSRQ
EUDQGLVKHGE\6\NHVGXULQJWKH6XQ7UXVWUREEHU\ZDVDWOHDVW            7KHSOHDDJUHHPHQWDOVRQRWHGWKDWWKHJRYHUQPHQWZRXOG
FDSDEOHRIVHPLDXWRPDWLFILUHZDVVXSSRUWHGE\VXIILFLHQW          VHHNDWKUHHOHYHODJJUDYDWLQJUROHVHQWHQFLQJHQKDQFHPHQW
HYLGHQFH  6\NHVjV FRGHIHQGDQWV GHVFULEHG WKH ZHDSRQ DV      IRU 6\NHVjV OHDGHUVKLS UROH LQ WKH RIIHQVH DQG D WZROHYHO
DXWRPDWLF  sDPHV 6\NHV WHVWLILHG DW WKH KHDULQJ WKDW WKH   REVWUXFWLRQRIMXVWLFHVHQWHQFLQJHQKDQFHPHQW6\NHVZDV
GHIHQGDQW KDG VKRZHG KLP WKH ZHDSRQ DQG FDOOHG LW D         IUHHWRRSSRVHWKHRIIHQVHOHYHOHQKDQFHPHQWVEXWZDLYHGKLV
PDFKLQHJXQsDPHV6\NHVWHVWLILHGWKDWWKHGHIHQGDQWWROG          ULJKW WR DSSHDO WKRVH GHWHUPLQDWLRQV  7KH MXGJH LPSRVHG
KLPWKDWWKHZHDSRQZRXOGNHHSILULQJDVORQJDVWKHWULJJHU         RIIHQVHOHYHOHQKDQFHPHQWVIRU6\NHVjVOHDGHUVKLSUROHLQWKH
ZDVGHSUHVVHGDQGWKDWKHZRXOGVKRRWKLVZD\RXWRIWKH            RIIHQVHDQGIRUREVWUXFWLRQRIMXVWLFH
EDQNLIWKHSROLFHDUULYHG
                                                                       'HVSLWH WKH ZDLYHUV 6\NHV DSSHDOV KLV VHQWHQFH DQG
                                                                     FRQYLFWLRQDUJXLQJWKDWWKH\YLRODWH$SSUHQGLDQGZHUHQRW
      8QLWHG6WDWHVY6\NHV                       1R       1R                         8QLWHG6WDWHVY6\NHV          

VXSSRUWHG E\ VXIILFLHQW HYLGHQFH  6\NHV DOVR DSSHDOV WKH       VKDOOJRYHUQWKHLPSULVRQPHQWVHQWHQFHDSSOLFDEOHWRWKLV
DSSOLFDWLRQRIWKHRIIHQVHOHYHOHQKDQFHPHQWV                         FRXQW,IWKHFRXUWILQGVWKDWRQHRIWKHILUHDUPVZDVD
                                                                        PDFKLQHJXQ WKH GHIHQGDQW LV VXEMHFW WR D WKLUW\ \HDU
                                ,,                                      PDQGDWRU\FRQVHFXWLYHVHQWHQFHRQ&RXQW7KUHH,IWKH
                                                                        FRXUWILQGVWKDWRQHRIWKHILUHDUPVZDVDVHPLDXWRPDWLF
$ $SSUHQGLDQG:DLYHU                                                  DVVDXOW ZHDSRQ WKH GHIHQGDQW LV VXEMHFW WR D WHQ \HDU
                                                                        PDQGDWRU\FRQVHFXWLYHVHQWHQFHRQ&RXQW7KUHH,IWKH
  &RQVWLWXWLRQDOFKDOOHQJHVWRVHQWHQFHVDUHTXHVWLRQVRIODZ           FRXUWILQGVWKDWQHLWKHUDVHPLDXWRPDWLFDVVDXOWZHDSRQ
VXEMHFWWRGHQRYRUHYLHZ8QLWHG6WDWHVY6PLWK)G             QRUDPDFKLQHJXQZDVXVHGDQGFDUULHGLQUHODWLRQWRWKH
WK&LU+RZHYHUDFRQVWLWXWLRQDOULJKW            EDQN UREEHU\ WKH GHIHQGDQW LV VXEMHFW WR D ILYH \HDU
PD\EHNQRZLQJO\DQGYROXQWDULO\ZDLYHG8QLWHG6WDWHVY              PDQGDWRU\FRQVHFXWLYHVHQWHQFHRQ&RXQW7KUHH
$VKH)GWK&LU$GLVWULFWFRXUWjV
GHWHUPLQDWLRQWKDWDZDLYHUZDVNQRZLQJO\DQGYROXQWDULO\             s$DW7KHSOHDEDUJDLQDOVRVWDWHGm$VQRWHGEHORZ
PDGHLVUHYLHZHGIRUFOHDUHUURU,ELG                             WKH GHIHQGDQW KDV WKH ULJKW WR DSSHDO WKH FRXUWjV IDFWXDO
                                                                      ILQGLQJVRQWKHPRVWVHULRXVW\SHRIILUHDUPXVHGDQGFDUULHG
    86&  F UHTXLUHV D PDQGDWRU\ FRQVHFXWLYH      LQWKHEDQNUREEHU\ls$DW
VHQWHQFHIRUDQ\RQHZKRXVHVRUFDUULHVDILUHDUPGXULQJD
FULPHRIYLROHQFH7KHVWDWXWHSUHVFULEHVGLIIHUHQWPDQGDWRU\          +RZHYHUWKHSOHDEDUJDLQOLPLWHG6\NHVjVULJKWWRDSSHDO
FRQVHFXWLYHVHQWHQFHVEDVHGRQWKHW\SHRIILUHDUPLQYROYHG          WKHVHQWHQFHRQDQ\RWKHULVVXH
3ULRUWR$SSUHQGLGHWHUPLQDWLRQVZHUHPDGHE\DMXGJH
RQDSUHSRQGHUDQFHVWDQGDUG6\NHVLVFRUUHFWWKDWDEVHQW             7KHGHIHQGDQWLVDZDUHWKDW86&DIIRUGVD
ZDLYHUWKHZHDSRQVFKDUJHVKRXOGKDYHEHHQKHDUGE\              GHIHQGDQW WKH ULJKW WR DSSHDO WKH VHQWHQFH LPSRVHG
D MXU\ DQG SURYHQ EH\RQG D UHDVRQDEOH GRXEW  &DVWLOOR Y     $FNQRZOHGJLQJWKLVWKHGHIHQGDQWNQRZLQJO\ZDLYHVWKH
8QLWHG6WDWHV86                                   ULJKW WR DSSHDO DQ\ VHQWHQFH LQ WKH RIIHQVH OHYHO DV
                                                                        GHWHUPLQHGE\WKHFRXUWRQDQ\JURXQGZKDWHYHU
   +RZHYHU LQIRUPHG ZDLYHUV DUH YDOLG  8QLWHG 6WDWHV Y
%D]]L)GWK&LU7KHSOHDEDUJDLQ          s$DW
VWDWHG
                                                                        'HVSLWH WKLV ODQJXDJH 6\NHV UHOLHV RQ 8QLWHG 6WDWHV Y
    $V WR &RXQW 7KUHH >WKH ZHDSRQV FKDUJH@ WKH SDUWLHV       5HEPDQQ  )G  WK &LU  WR DUJXH WKDW KLV
    DJUHHWROLWLJDWHWKHW\SHRIILUHDUPVZKLFKZHUHXVHGDQG        ZDLYHUZDVQRWYROXQWDU\RUNQRZLQJ,QWKDWFDVHWKH6L[WK
    FDUULHGE\WKHGHIHQGDQWRUKLVFRFRQVSLUDWRUVLQUHODWLRQ       &LUFXLWKHOGWKDWDZDLYHUZDVQRWVXIILFLHQWO\YROXQWDU\ZKHQ
    WR WKH EDQN UREEHU\  7KH SDUWLHV DJUHH WKDW WKH         WKHGHIHQGDQWZDLYHGKHUULJKWWRDMXU\WULDORQDQHOHPHQW
    VHQWHQFLQJMXGJHVKDOOPDNHWKHGHWHUPLQDWLRQRIZKDW             ZLWKRXWZDLYLQJWKHULJKWWRKDYHWKDWHOHPHQWSURYHQEH\RQG
    FDWHJRU\RIILUHDUPVZDVXVHGDQGFDUULHGLQWKHEDQN             DUHDVRQDEOHGRXEW,GDW7KH5HEPDQQFRXUWIRXQG
    UREEHU\E\DSUHSRQGHUDQFHRIWKHHYLGHQFHVWDQGDUG              WKDWDOWKRXJKWKHGHIHQGDQWYROXQWDULO\ZDLYHGKHUULJKWWRD
                                                                      MXU\WULDOVKHmGLGQRWZDLYHWKHULJKWWRKDYHDFRXUWGHFLGH
s$DWHPSKDVLVDGGHG7KHSOHDEDUJDLQFRQWLQXHG               DQ\UHPDLQLQJHOHPHQWVRIWKHRIIHQVHEH\RQGDUHDVRQDEOH
                                                                      GRXEWDVRSSRVHGWRPDNLQJWKRVHGHWHUPLQDWLRQVE\DPHUH
    7KH FRXUWjV IDFWXDO ILQGLQJV DV WR WKH PRVW VHULRXV       SUHSRQGHUDQFHRIWKHHYLGHQFHl5HEPDQQ)GDW
    FDWHJRU\RIILUHDUPXVHGDQGFDUULHGLQWKHEDQNUREEHU\
