                                                                                       5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
        8QLWHG6WDWHVY0DUWLQH]HWDO        1RV                         3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

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

H[FHHGHG WKH VWDWXWRU\ PD[LPXP E\ WHQ \HDUV   )G                                 )LOH 1DPH DS

DW   +HUH 0DUWLQH]jV VHQWHQFH H[FHHGV WKH VWDWXWRU\
PD[LPXPE\WZHOYHDQGDKDOI\HDUVDQG6DXFHGDjVVHQWHQFH
H[FHHGVWKHVWDWXWRU\PD[LPXPE\ILIWHHQ\HDUV%HFDXVH                     81,7('67$7(6&28572)$33($/6
WKH$SSUHQGLHUURUFOHDUO\DIIHFWHGWKHRXWFRPHRIWKHFDVH                                   )257+(6,;7+&,5&8,7
ZHH[HUFLVHRXUGLVFUHWLRQWRQRWLFHWKHSODLQVHQWHQFLQJHUURU                                 BBBBBBBBBBBBBBBBB
DQGYDFDWHERWKVHQWHQFHVDQGUHPDQGIRUUHVHQWHQFLQJ
                                   ,9
                                                                               81,7(' 67$7(6 2) $0(5,&$        ;
   %HFDXVHWKH$SSUHQGLHUURUDIIHFWHG$SSHOODQWVjVXEVWDQWLDO                          3ODLQWLII$SSHOOHH      
ULJKWV DQG XQGHUPLQHG WKH IDLUQHVV RI WKH SURFHHGLQJV ZH                                                
9$&$7( WKHLU UHVSHFWLYH VHQWHQFHV DQG 5(0$1' IRU                                                             1RV
UHVHQWHQFLQJ                                                                            Y                     
                                                                                                                  !
                                                                                                                 
                                                                               s8$1 $1721,2 0$57,1(=             
                                                                               s8$1 $50$1'2           
                                                                               6$8&('$                
                                                                                    'HIHQGDQWV$SSHOODQWV 
      6DXFHGD ZDV VHQWHQFHG WR D WHUP RI  PRQWKV  \HDUV RQ ERWK                                           
WKH FRQVSLUDF\ DQG SRVVHVVLRQ FRXQWV WR EH VHUYHG FRQFXUUHQWO\ 7KH                                             1
SUHVFULEHG VWDWXWRU\ PD[LPXP IRU HDFK FRXQW LV ILYH \HDUV XQGHU 
86&  E' 2Q UHPDQG HYHQ LI WKH GLVWULFW FRXUW RSWV WR UXQ             $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
WKH VHQWHQFHV IRU ERWK FRXQWV FRQVHFXWLYHO\ WKH WRWDO SXQLVKPHQW WKDW ZLOO          IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW)OLQW
UHVXOW LV  \HDUV ZKLFK LV OHVV WKDQ 6DXFHGDjV FXUUHQW  \HDU VHQWHQFH         1Rn3DXO9*DGROD'LVWULFWsXGJH
&OHDUO\ 6DXFHGDjV VXEVWDQWLDO ULJKWV ZHUH DIIHFWHG E\ WKH $SSUHQGL HUURU
&I 8QLWHG 6WDWHV Y 7D\ORU 1R   :/  DW  WK
&LU $SU   ILQGLQJ QR SUHMXGLFH ZKHUH GHIHQGDQW ZKR ZDV                                $UJXHGsDQXDU\
FRQYLFWHG RQ PXOWLSOH FRXQWV ZRXOG UHFHLYH VDPH RYHUDOO VHQWHQFH RQ
UHPDQG XQSXEOLVKHG                                                                      'HFLGHGDQG)LOHGsXQH
     
      :H GHFOLQH $SSHOODQWVj LQYLWDWLRQ WR ILQG WKDW  86&   LV         %HIRUHs21(6DQG&2/(&LUFXLWsXGJHV18*(17
XQFRQVWLWXWLRQDO LQ OLJKW RI WKH 6XSUHPH &RXUWjV GHFLVLRQ LQ    $SSUHQGL
                                                                                                 'LVWULFWsXGJH
$SSHOODQWV DUJXH WKDW WKH GUXJ VWDWXWH LV XQFRQVWLWXWLRQDO EHFDXVH
&RQJUHVV LQWHQGHG IRU GUXJ TXDQWLW\ WR EH D VHQWHQFLQJ IDFWRU ZKHUHDV
$SSUHQGL   UHTXLUHV GUXJ TXDQWLW\ WR EH VXEPLWWHG WR WKH MXU\ IRU SRRI
EH\RQG D UHDVRQDEOH GRXEW 7KH $SSHOODQWVj DUJXPHQW UHVWV RQ DQ
XQWHQDEO\ EURDG DQG HUURQHRXV UHDGLQJ RI   $SSUHQGL
                                                   7KH 6XSUHPH &RXUW
LQ  $SSUHQGL  H[SUHVVO\ GHFOLQHG WR RYHUUXOH LWV HDUOLHU KROGLQJ WKDW
VHQWHQFLQJ IDFWRUV PD\ EH XVHG WR LQFUHDVH WKH SHQDOW\ IRU DQ RIIHQVH
XQGHU D SUHSRQGHUDQFH RI WKH HYLGHQFH VWDQGDUG    6HH 6&W DW 
Q 5DWKHU    $SSUHQGL  RQO\ UHTXLUHV WKRVH VHQWHQFLQJ IDFWRUV WKDW
                                                                                  
LQFUHDVH WKH SHQDOW\ EH\RQG   WKH VWDWXWRU\ PD[LPXP WR EH VXEPLWWHG IRU            7KH +RQRUDEOH 'RQDOG & 1XJHQW 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
SURRI EH\RQG D UHDVRQDEOH GRXEW ,G DW  HPSKDVLV DGGHG              WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ


                                                                                                               
    8QLWHG6WDWHVY0DUWLQH]HWDO     1RV       1RV            8QLWHG6WDWHVY0DUWLQH]HWDO             

                    BBBBBBBBBBBBBBBBB                              UHYLHZDUHWKHUHPXVWEHDQHUURUWKHHUURUPXVWEH
                                                                   SODLQ  WKH HUURU PXVW DIIHFW WKH $SSHOODQWVj VXEVWDQWLDO
                         &2816(/                                   ULJKWV DQG  WKH HUURU PXVW VHULRXVO\ DIIHFW WKH IDLUQHVV
                                                                   LQWHJULW\ RU SXEOLF UHSXWDWLRQ RI MXGLFLDO SURFHHGLQJV  6HH
$5*8('  5REHUW s 'XQQ %D\ &LW\ 0LFKLJDQ sRDQ          sRKQVRQY8QLWHG6WDWHV866&W
(OOHUEXVFK0RUJDQ7UR\0LFKLJDQIRU$SSHOODQWV'DYLG          /(GG
s 'HEROG $66,67$17 81,7(' 67$7(6 $77251(<
'HWURLW 0LFKLJDQ IRU $SSHOOHH  21 %5,()  5REHUW s       7KH6XSUHPH&RXUWHVWDEOLVKHGLQ$SSUHQGLWKDWm>R@WKHU
'XQQ%D\&LW\0LFKLJDQsRDQ(OOHUEXVFK0RUJDQ7UR\            WKDQWKHIDFWRIDSULRUFRQYLFWLRQDQ\IDFWWKDWLQFUHDVHVWKH
0LFKLJDQ IRU $SSHOODQWV  'DYLG s 'HEROG $66,67$17       SHQDOW\IRUDFULPHEH\RQGWKHSUHVFULEHGVWDWXWRU\PD[LPXP
81,7('67$7(6$77251(<'HWURLW0LFKLJDQsDQHW/                PXVWEHVXEPLWWHGWRDMXU\DQGSURYHGEH\RQGDUHDVRQDEOH
3DUNHU$66,67$1781,7('67$7(6$77251(<%D\                      GRXEWl   6 &W DW   7KH SUHVFULEHG VWDWXWRU\
&LW\0LFKLJDQIRU$SSHOOHH                                      PD[LPXP IRU WUDIILFNLQJ LQ DQ XQGHWHUPLQHG DPRXQW RI
                                                                   PDULMXDQD LV ILYH \HDUV  6HH  86&   E'
                    BBBBBBBBBBBBBBBBB                              0DUWLQH]jVVHQWHQFHRIPRQWKV\HDUVEDVHGLQSDUW
                                                                   RQ WKH GLVWULFW FRXUWjV ILQGLQJ RI D GUXJ TXDQWLW\ E\ D
                        23,1,21                                    SUHSRQGHUDQFH RI WKH HYLGHQFHH[FHHGV WKH ILYH \HDU
                    BBBBBBBBBBBBBBBBB                              VWDWXWRU\PD[LPXPDQGWKXVUHSUHVHQWVDFOHDUYLRODWLRQRI
                                                                   $SSUHQGL)RUWKHVDPHUHDVRQ6DXFHGDjVVHQWHQFHRI
   1$7+$1,(/5s21(6&LUFXLWsXGJH7KLVFDVHLVDQ             PRQWKV\HDUVDOVRYLRODWHV$SSUHQGL,WLVFOHDUWKDWWKH
DSSHDO E\ sXDQ 0DUWLQH] DQG sXDQ 6DXFHGD IURP WKHLU        GLVWULFW FRXUWjV VHQWHQFLQJ RI ERWK 0DUWLQH] DQG 6DXFHGD
FRQYLFWLRQVDQGVHQWHQFHVVWHPPLQJIURPWKHLULQYROYHPHQW          FRQVWLWXWHVSODLQHUURU
LQDGUXJFRQVSLUDF\$OWKRXJK$SSHOODQWVUDLVHDQXPEHURI
LVVXHVRQDSSHDOWKHRQO\FODLPVWKDWPHULWGLVFXVVLRQDUH      $SSHOODQWV PXVW DOVR GHPRQVWUDWH WKDW WKH HUURU DIIHFWHG
6DXFHGDjV FODLP WKDW WKH SURVHFXWLRQ HQJDJHG LQ LPSURSHU    WKHLU VXEVWDQWLDO ULJKWV DQG XQGHUPLQHG WKH IDLUQHVV RI WKH
YRXFKLQJEROVWHULQJ DQG  $SSHOODQWVj FODLP WKDW WKHLU    SURFHHGLQJV6HHsRKQVRQ86DW,Q8QLWHG6WDWHV
VHQWHQFHVYLRODWH$SSUHQGLY1HZsHUVH\86        Y 3DJH WKH 6L[WK &LUFXLW IRXQG WKDW WKH GHIHQGDQWjV
6&W/(GG                          mVXEVWDQWLDO ULJKWV ZHUH DIIHFWHG DQG WKH IDLUQHVV RI WKH
                                                                   SURFHHGLQJVZDVXQGHUPLQHGlZKHUHWKHGHIHQGDQWjVVHQWHQFH
                              ,
   ,Q)HEUXDU\WKH'UXJ(QIRUFHPHQW$JHQF\m'($l
                                                                       
EDVHG RQ WKHLU EHOLHI WKDW sXDQ 6DXFHGD ZDV LQYROYHG LQ          86&  E' DOVR SURYLGHV IRU D VWDWXWRU\ PD[LPXP RI
PDULMXDQDVDOHVDWWHPSWHGWRVHWXSGHOLYHU\RISRXQGVRI     WHQ \HDUV LI WKH GHIHQGDQW KDV D SULRU IHORQ\ GUXJ FRQYLFWLRQ 7KH
PDULMXDQD WR 6DXFHGD  sXDQ 5H\HV 5RQDOG &DUERQL DQ      *RYHUQPHQW DUJXHV WKDW WKH WHQ \HDU VWDWXWRU\ PD[LPXP DSSOLHV WR
                                                                   6DXFHGDjV VHQWHQFH LQ OLJKW RI KLV SULRU IHORQ\ GUXJ FRQYLFWLRQ 7KH
LQIRUPDQWDQGXQGHUFRYHU'($$JHQW)UHHPDQPHWZLWK              *RYHUQPHQW RYHUORRNV  86&   ZKLFK SURYLGHV WKDW m>Q@R SHUVRQ
6DXFHGD WR GLVFXVV PDULMXDQD WUDIILFNLQJ  7KH\ ZHQW WR    ZKR VWDQGV FRQYLFWHG RI DQ RIIHQVH XQGHU WKLV SDUW VKDOO EH VHQWHQFHG WR
6DXFHGDjVKRWHOLQ%LUFK5XQ0LFKLJDQZKHUHKHH[DPLQHG          LQFUHDVHG SXQLVKPHQW E\ UHDVRQ RI RQH RU PRUH SULRU FRQYLFWLRQV XQOHVV
WZR GLIIHUHQW VDPSOHV RI PDULMXDQD  6DXFHGD GHFOLQHG WR   EHIRUH WULDO RU EHIRUH HQWU\ RI D SOHD RI JXLOW\ WKH 8QLWHG 6WDWHV DWWRUQH\
SXUFKDVHWKHPDULMXDQDFLWLQJLWVSRRUTXDOLW\6DXFHGDZDV       ILOHV DQ LQIRUPDWLRQ ZLWK WKH FRXUW   l 7KH *RYHUQPHQW GLG QRW ILOH

ODWHU DUUHVWHG DW D KRWHO LQ $XEXUQ +LOOV 0LFKLJDQ       VXFK DQ LQIRUPDWLRQ EHIRUH WULDO WKXV LW FDQ QRW QRZ UHO\ RQ 6DXFHGDjV
                                                                   SULRU FRQYLFWLRQ WR LQFUHDVH KLV VHQWHQFH XQGHU  E'
       8QLWHG6WDWHVY0DUWLQH]HWDO         1RV          1RV          8QLWHG6WDWHVY0DUWLQH]HWDO          

FRPPHQWV ZHUH LPSURSHU D GHIHQGDQW PXVW VKRZ WKDW WKH               6XEVHTXHQWWRWKHDUUHVWWKHSROLFHORFDWHGDQGVHDUFKHGWKUHH
LPSURSULHW\ZDVVRIODJUDQWWKDWLWUHTXLUHGUHYHUVDOEHFDXVH                VWRUDJH XQLWV UHQWHG E\ 6DXFHGD  2QH XQLW FRQWDLQHG
RQO\DUHWULDOFRXOGFRUUHFWWKHHUURU,GDW7KHVWDQGDUG           DSSUR[LPDWHO\SRXQGVRIPDULMXDQD
IRU GHWHUPLQLQJ IODJUDQF\ LV  ZKHWKHU WKH VWDWHPHQWV
WHQGHG WR PLVOHDG WKH MXU\ RU SUHMXGLFH WKH GHIHQGDQW             ,QWKHPHDQWLPHsXDQ5H\HVDQG&DUERQLUHWXUQHGWRWKH
ZKHWKHU WKH VWDWHPHQWV ZHUH LVRODWHG RU DPRQJ D VHULHV RI           +RXVWRQ7H[DVDUHDZKHUHsXDQ0DUWLQH]DUUDQJHGIRU
LPSURSHU VWDWHPHQWV  ZKHWKHU WKH VWDWHPHQWV ZHUH                   SRXQGV RI PDULMXDQD WR EH GHOLYHUHG WR 5H\HVj UHVLGHQFH
GHOLEHUDWHO\ RU DFFLGHQWO\ EHIRUH WKH MXU\ DQG  WKH WRWDO       sXDQ 0DUWLQH] ZDV ODWHU DUUHVWHG DW KLV KRPH LQ +RXVWRQ
VWUHQJWKRIWKHHYLGHQFHDJDLQVWWKHDFFXVHG,GDW                7H[DV'XULQJWKHVHDUFKRI0DUWLQH]jVKRPHRIILFHUVIRXQG
8QLWHG6WDWHVY0RQXV)GWK&LU                   SRXQGVRIPDULMXDQD
,Q WKLV FDVH WKH LPSURSHU EROVWHULQJ LQYROYHG RQO\ RQH
LVRODWHGFRPPHQWDQGGRHVQRWULVHWRWKHOHYHORIIODJUDQF\                   sXDQ 0DUWLQH] DQG sXDQ 6DXFHGD ZHUH LQGLFWHG LQ WKH
)XUWKHUPRUHJLYHQWKHRYHUZKHOPLQJHYLGHQFHLQVXSSRUWRI                   (DVWHUQ 'LVWULFW RI 0LFKLJDQ DORQJ ZLWK IRXU RWKHU FR
6DXFHGDjVFRQYLFWLRQWKHLPSURSHUEROVWHULQJGRHVQRWPHULW                 GHIHQGDQWV  0DUWLQH] DQG 6DXFHGD ZHUH FKDUJHG ZLWK
D UHYHUVDO  6HH )UDQFLV  )G DW  ILQGLQJ WKDW WR        FRQVSLUDF\WRGLVWULEXWHPDULMXDQDLQYLRODWLRQRI86&
UHYHUVHDFRQYLFWLRQEHFDXVHRIDQRQIODJUDQWVWDWHPHQWD                  6DXFHGDZDVDOVRFKDUJHGZLWKSRVVHVVLRQZLWKWKH
UHYLHZLQJ FRXUW PXVW GHWHUPLQH WKDW WKH SURRI RI WKH                 LQWHQWWRGLVWULEXWHLQYLRODWLRQRI86&D$
GHIHQGDQWjVJXLOWLVQRWRYHUZKHOPLQJ$FFRUGLQJO\ZHILQG                MXU\ IRXQG 0DUWLQH] DQG 6DXFHGD JXLOW\ RI FRQVSLUDF\ WR
WKDWWKHLPSURSHUEROVWHULQJGRHVQRWDPRXQWWRSUHMXGLFLDO                  GLVWULEXWHPDULMXDQD7KHMXU\DOVRIRXQG6DXFHGDJXLOW\RI
HUURU                                                                     SRVVHVVLRQ ZLWK WKH LQWHQW WR GLVWULEXWH  7KH GLVWULFW FRXUW
                                                                             IRXQGE\DSUHSRQGHUDQFHRIWKHHYLGHQFHWKDW0DUWLQH]ZDV
  6DXFHGDUDLVHVDQXPEHURIRWKHULVVXHVDOORIZKLFKDUH                  UHVSRQVLEOHIRUNJRIPDULMXDQDDQGVHQWHQFHGKLPWR
ZLWKRXWPHULW                                                              PRQWKVEDVHGLQSDUWRQWKDWILQGLQJ7KHGLVWULFWFRXUW
                                                                             IRXQGE\DSUHSRQGHUDQFHRIWKHHYLGHQFHWKDW6DXFHGDZDV
                                  ,,,                                       UHVSRQVLEOHIRUNJRIPDULMXDQD%DVHGLQSDUWRQWKDW
                                                                             ILQGLQJWKHGLVWULFWFRXUWVHQWHQFHG6DXFHGDWRDWHUPRI
   $SSHOODQWVDUJXHWKDW WKHLUVHQWHQFHVVKRXOGEHYDFDWHG                 PRQWKVRQERWKWKHFRQVSLUDF\DQGSRVVHVVLRQFRXQWVWREH
SXUVXDQWWRWKH6XSUHPH&RXUWjVUHFHQWGHFLVLRQLQ$SSUHQGL                  VHUYHGFRQFXUUHQWO\
Y1HZsHUVH\866&W/(GG
$SSHOODQWVGLGQRWUDLVHWLPHO\REMHFWLRQVRQWKH
$SSUHQGL LVVXH DQG WKHUHIRUH ZH UHYLHZ WKHLU $SSUHQGL                    
                                                                                   %DVHG RQ WKH TXDQWLW\ RI GUXJV DWWULEXWHG WR 0DUWLQH] WKH FRXUW
FODLPVIRUSODLQHUURU6HH8QLWHG6WDWHVY3DJH)G                 IRXQG WKDW 0DUWLQH]jV EDVH RIIHQVH OHYHO ZDV  SXUVXDQW WR 86
WK&LU7KHIRXUSURQJVRISODLQHUURU                 6HQWHQFLQJ *XLGHOLQH 0DQXDO  ' DF  7KH FRXUW
                                                                             HQKDQFHG KLV RIIHQVH OHYHO E\ WZR OHYHOV SXUVXDQW WR  'E IRU
                                                                             SRVVHVVLRQ RI D GDQJHURXV ZHDSRQ IRU D WRWDO RIIHQVH OHYHO RI  7KH
                                                                             FRXUW IRXQG WKDW 0DUWLQH] ZDV LQ FULPLQDO KLVWRU\ FDWHJRU\ ,, ZKLFK
                                                                            FRPELQHG ZLWK WKH WRWDO RIIHQVH OHYHO SURGXFHG D VHQWHQFLQJ UDQJH RI
      7KH GLVWULFW FRXUW GLG QRW DEXVH LWV GLVFUHWLRQ LQ DGPLWWLQJ XQGHU
                                                                              PRQWKV
)HG 5 (YLG  G( VWDWHPHQWV RI WKH FRFRQVSLUDWRUV ZKLFK ZHUH
PDGH LQ IXUWKHUDQFH RI WKH FRQVSLUDF\ $OVR WKH GLVWULFW FRXUWjV ILQGLQJV
                                                                                 
RI IDFW ZLWK UHJDUG WR WKH REVWUXFWLRQ RI MXVWLFH HQKDQFHPHQW 866*           %DVHG RQ WKH TXDQWLW\ RI GUXJV DWWULEXWHG WR 6DXFHGD WKH FRXUW
 & DQG WKH UROH LQ WKH RIIHQVH HQKDQFHPHQW 866*  %          IRXQG WKDW 6DXFHGDjV EDVH RIIHQVH OHYHO ZDV  SXUVXDQW WR 866*
ZHUH QRW FOHDUO\ HUURQHRXV                                                   ' DF 7KH GLVWULFW FRXUW HQKDQFHG KLV RIIHQVH OHYHO E\ WZR
      8QLWHG6WDWHVY0DUWLQH]HWDO          1RV           1RV         8QLWHG6WDWHVY0DUWLQH]HWDO        

                                   ,,                                        SURVHFXWRUGLGQRWHQJDJHLQLPSURSHUYRXFKLQJEHFDXVHWKH
                                                                              SURVHFXWRUGLGQRWPDNHDQ\FRPPHQWVLQGLFDWLQJWKDWVKH
  6DXFHGDDUJXHVRQDSSHDOWKDWWKHSURVHFXWRULPSURSHUO\                     KDGDSHUVRQDOEHOLHILQ&DUERQLjVFUHGLELOLW\
YRXFKHGIRUDQGEROVWHUHGWKHWHVWLPRQ\RIWKH*RYHUQPHQWjV
PDLQZLWQHVVLQIRUPDQW5RQDOG&DUERQL$WWULDOWKHGLVWULFW                  $OWKRXJK WKH SURVHFXWRUjV DWWHPSW WR HOLFLW WHVWLPRQ\ LQ
FRXUWRYHUUXOHGGHIHQVHREMHFWLRQVWRWKHIROORZLQJTXHVWLRQV                 VXSSRUWRI&DUERQLjVFUHGLELOLW\LVFOHDUO\QRWYRXFKLQJWKLV
SRVHGE\WKH*RYHUQPHQWWR5RGQH\*OHQGHQLQJDQDUFRWLFV                     OLQHRILQTXLU\GRHVFRQVWLWXWHLPSURSHUEROVWHULQJ7KH&RXUW
GHSXW\                                                                       LQ )UDQFLV VWDWHG WKDW m>E@ROVWHULQJ RFFXUV ZKHQ WKH
                                                                              SURVHFXWRU LPSOLHV WKDW WKH ZLWQHVVjV WHVWLPRQ\ LV
  41RZ\RXjYHKDGWKHRFFDVLRQWRZRUNZLWK0U&DUERQL                     FRUURERUDWHGE\HYLGHQFHNQRZQWRWKHJRYHUQPHQWEXWQRW
QRWRQO\RQWKLVFDVHEXWRQVRPHRWKHUFDVHV"                                NQRZQ WR WKH MXU\l  ,G DW   6LJQLILFDQWO\ WKH &RXUW
                                                                              SURYLGHGWKDWWKHSURVHFXWRUmPD\DVNDJRYHUQPHQWDJHQWRU
    $<HV0DjDP                                                            RWKHUZLWQHVVHVZKHWKHUKHZDVDEOHWRFRUURERUDWHZKDWKH
                                                                              OHDUQHGLQWKHFRXUVHRIDFULPLQDOLQYHVWLJDWLRQ+RZHYHULI
    4$SSUR[LPDWHO\KRZPDQ\"                                                WKHSURVHFXWRUSXUVXHVWKLVOLQHRITXHVWLRQLQJVKHPXVWDOVR
                                                                              GUDZ RXW WHVWLPRQ\ H[SODLQLQJ KRZ WKH LQIRUPDWLRQ ZDV
    $6HYHQRWKHUFDVHV                                                     FRUURERUDWHGDQGZKHUHLWRULJLQDWHGl,GHPSKDVLVDGGHG
  4 $QG ZKDW GLG \RX ILQG DERXW WKH LQIRUPDWLRQ KH KDG             7KXVLIDSURVHFXWRUDVNVDJRYHUQPHQWDJHQWZKHWKHUWKH
SURYLGHGWR\RX"                                                              DJHQW ZDV DEOH WR FRUURERUDWH LQIRUPDWLRQ SURYLGHG E\ DQ
                                                                              LQIRUPDQWWKHSURVHFXWRUPXVWLQWURGXFHWRWKHMXU\KRZWKDW
  $ 7KDW WKH LQIRUPDWLRQ KHjV SURYLGHG KDV DOZD\V EHHQ               LQIRUPDWLRQ ZDV FRUURERUDWHG HJ YLD GRFXPHQWV RU
FUHGLEOHLWjVEHHQDFFXUDWHDQGWUXWKIXO                                    VHDUFKHV,G

s$DW                                                                ,QWKHFDVHDWEDUWKHSURVHFXWRUHOLFLWHGWHVWLPRQ\IURP
                                                                              QDUFRWLFVGHSXW\*OHQGHQLQJWKDWLQHDFKRIWKHVHYHQSULRU
   7KH6L[WK &LUFXLWLQ8QLWHG6WDWHVY)UDQFLVVWDWHGWKDW                 FDVHVZKHUH&DUERQLSURYLGHGLQIRUPDWLRQWRWKHSROLFHWKH
m>L@PSURSHUYRXFKLQJRFFXUVZKHQDSURVHFXWRUVXSSRUWVWKH                    LQIRUPDWLRQKDGEHHQFRUURERUDWHG+RZHYHUWKHSURVHFXWRU
FUHGLELOLW\RIDZLWQHVVE\LQGLFDWLQJDSHUVRQDOEHOLHILQWKH               GLG QRW SURYLGH WKH MXU\ ZLWK HYLGHQFH RI KRZ LQ WKRVH
ZLWQHVVjVFUHGLELOLW\WKHUHE\SODFLQJWKHSUHVWLJHRIWKHRIILFH              LQVWDQFHVWKHLQIRUPDWLRQZDVFRUURERUDWHG,WZDVSUHFLVHO\
RIWKH8QLWHG6WDWHV$WWRUQH\EHKLQGWKDWZLWQHVVl)G                 WKLV W\SH RI RPLVVLRQ WKDW WKH &RXUW LQ )UDQFLV GHHPHG
  WK &LU   m>,@PSURSHU YRXFKLQJ LQYROYHV              LPSURSHUEROVWHULQJ,GDWm7KHSURVHFXWRUjVIDLOXUHWR
HLWKHU EOXQW FRPPHQWV RU FRPPHQWV WKDW LPSO\ WKDW WKH                 LQWURGXFH WR WKH MXU\ ZKHWKHU WKH LQIRUPDWLRQ ZDV
SURVHFXWRUKDVVSHFLDONQRZOHGJHRIIDFWVQRWLQIURQWRIWKH                 FRUURERUDWHGYLDGRFXPHQWVVHDUFKHVFRQYHUVDWLRQVRURWKHU
MXU\l,GFLWDWLRQVRPLWWHG+HUHLWLVFOHDUWKDWWKH           PHDQV ZRXOG OHDG D UHDVRQDEOH MXU\ WR EHOLHYH WKDW WKH
                                                                              SURVHFXWRUZDVLPSO\LQJDJXDUDQWHHRIWUXWKIXOQHVVEDVHGRQ
                                                                              IDFWVRXWVLGHWKHUHFRUGl+HUHZHILQGWKDWWKHSURVHFXWRU
                                                                              HQJDJHGLQLPSURSHUEROVWHULQJ
OHYHOV IRU REVWUXFWLRQ RI MXVWLFH SXUVXDQW WR  &      7KH FRXUW DOVR
HQKDQFHG KLV RIIHQVH OHYHO DQRWKHU WKUHH OHYHOV IRU KLV UROH LQ WKH RIIHQVH
SXUVXDQW WR  % IRU D WRWDO RIIHQVH OHYHO RI    7KH FRXUW IRXQG WKDW
                                                                                :H QRZ WXUQ WR WKH TXHVWLRQ RI ZKHWKHU WKH LPSURSHU
6DXFHGD KDG D FULPLQDO KLVWRU\ FDWHJRU\ RI , ZKLFK FRPELQHG ZLWK WKH        EROVWHULQJDPRXQWVWRSUHMXGLFLDOHUURU8SRQDVKRZLQJWKDW
WRWDO RIIHQVH OHYHO SURGXFHG D VHQWHQFLQJ UDQJH RI  PRQWKV
