                                                                                   5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
     1HVWHUHWDOY$OOHJLDQFH                    1R                       3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

      +HDOWKFDUH&RUS                                                          (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
                                                                                            )LOH 1DPH DS

DUH IRU OLIH 3LUHOOL QRZ LQVWUXFWV WKLV &RXUW WKDW ZKHQ DQ
HPSOR\HURQLWVRZQLQLWLDWLYHSURYLGHVPDWHULDOO\IDOVHRU           81,7('67$7(6&28572)$33($/6
LQDFFXUDWHLQIRUPDWLRQWRHPSOR\HHVDVWRWKHIXWXUHEHQHILWV
RIDSODQDQGWKHHPSOR\HHVUHO\XSRQWKDWLQIRUPDWLRQWR                                 )257+(6,;7+&,5&8,7
WKHLUGHWULPHQWWKHHPSOR\HUIDLOVWRXSKROGLWVILGXFLDU\GXW\                             BBBBBBBBBBBBBBBBB
WRDFWVROHO\LQWKHEHVWLQWHUHVWVRIWKHSODQSDUWLFLSDQWVXQGHU
(5,6$6HH3LUHOOL)GDWm7KXVZLWKUHVSHFWWR
WKHVLWXDWLRQSUHVHQWHGZKHQDQHPSOR\HURQLWVRZQLQLWLDWLYH
GLVVHPLQDWHVIDOVHDQGPLVOHDGLQJLQIRUPDWLRQDERXWDEHQHILW            /(( 1(67(5 720 62:'(56 ;
SODQWKHSRVLWLRQRIWKH6L[WK&LUFXLWLVDOLJQHGZLWKWKDWRI          '21 6&+1(,'(5                   
WKH7KLUG&LUFXLWLQ8QLV\Vl,QWKHPDWWHUEHIRUHXVWRGD\                  3ODLQWLIIV$SSHOODQWV 
WKHIDFWXDODOOHJDWLRQVDSSHDUWRLQGLFDWHYLDWKHVOLGHVKRZ                                               1R
DQGSULQWHGEXOOHWLQVSUHVHQWHGWR3ODLQWLIIVE\'HIHQGDQWVDV                                            
                                                                                    Y                     !
ZHOO DV YLD 3ODLQWLIIVj RZQ WHVWLPRQ\ WKDW D TXHVWLRQ PD\                                       
KDYHUHPDLQHGWRVXSSRUWDEUHDFKRIILGXFLDU\FODLPXQGHU                                                
(5,6$DVVHWIRUWKLQ3LUHOOL6HHLGDW                       $//(*,$1&( +($/7+&$5(            
                                                                         &25325$7,21                     
  :LWKWKDWVDLGKRZHYHULWVKRXOGEHHPSKDVL]HGWKDWWKLV                      'HIHQGDQW$SSHOOHH 
FDVHIDLOVXQGHUWKHOHJDOWKHRU\XSRQZKLFKLWZDVSOHDGHG                                              
EUHDFKRIFRQWUDFWDQGWKLVFRQFXUUHQFHLVQRWWRDGGUHVVWKH                                           1
SRWHQWLDOPHULWVRIDQ\RWKHUOHJDOWKHRU\XSRQZKLFKWKLVFDVH
PD\KDYHEHHQEURXJKW                                                       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
                                                                               IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW'D\WRQ
  , WKHUHIRUH UHVSHFWIXOO\ FRQFXU LQ IXOO LQ WKH PDMRULW\         1Rn:DOWHU+5LFH&KLHI'LVWULFWsXGJH
RSLQLRQ
                                                                                          $UJXHG6HSWHPEHU
                                                                                      'HFLGHGDQG)LOHGsDQXDU\
                                                                        %HIRUH.583$16.<DQG&/$<&LUFXLWsXGJHV*:,1
                                                                                         'LVWULFWsXGJH




                                                                            
                                                                             7KH +RQRUDEOH sDPHV 6 *ZLQ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH
                                                                        1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ



                                                                                                           
    1HVWHUHWDOY$OOHJLDQFH                 1R      1R                      1HVWHUHWDOY$OOHJLDQFH        
     +HDOWKFDUH&RUS                                                                                        +HDOWKFDUH&RUS

                    BBBBBBBBBBBBBBBBB                                                    BBBBBBBBBBBBBBBBB
                         &2816(/                                                          &21&855(1&(
                                                                                         BBBBBBBBBBBBBBBBB
$5*8('  6FRWW $ /HIHODU 0,//,625 	 12%,/
&OHYHODQG2KLRIRU$SSHOODQWV%ULDQ7sRKQVRQ%$.(5               &/$< &LUFXLW sXGJH FRQFXUULQJ  7KH PDMRULW\ LV
	 +267(7/(5 &ROXPEXV 2KLR IRU $SSHOOHH                    FRUUHFWLQLWVFRQFOXVLRQWKDW3ODLQWLIIVjVWDWHODZEUHDFKRI
21 %5,()  3DXO & 0RUULVRQ 0,//,625 	 12%,/             FRQWUDFWFODLPVVHHNLQJWRUHFRYHUFHUWDLQmWUDQVLWLRQEHQHILWVl
&OHYHODQG2KLRIRU$SSHOODQWV%ULDQ7sRKQVRQ(OL]DEHWK      DOOHJHGO\ SURPLVHG WR 3ODLQWLIIV E\ 'HIHQGDQW $OOHJLDQFH
$0F1HOOLH%$.(5	+267(7/(5&ROXPEXV2KLRIRU                +HDOWKFDUH &RUSRUDWLRQ DQG UHOLHG XSRQ E\ 3ODLQWLIIV LQ
$SSHOOHH                                                          GHFLGLQJ WR WHUPLQDWH WKHLU HPSOR\PHQW ZLWK %D[WHU
                                                                   ,QWHUQDWLRQDO ,QF DUH SUHHPSWHG E\ WKH (PSOR\PHQW
  .583$16.<sGHOLYHUHGWKHRSLQLRQRIWKHFRXUWLQ            5HWLUHPHQW 6HFXULW\ $FW RI  m(5,6$l  86&
ZKLFK&/$<sDQG*:,1'sMRLQHG&/$<sSS            HW VHT  ,Q DGGLWLRQ WKH PDMRULW\ LV FRUUHFW LQ LWV
DOVRGHOLYHUHGDVHSDUDWHFRQFXUULQJRSLQLRQ                  KROGLQJ WKDW 3ODLQWLIIVj FODLPV IRU WKH XQSDLG WUDQVLWLRQ
                                                                   EHQHILWVIDLODVDPDWWHURIODZXQGHU(5,6$LQDVPXFKDVWKH
                    BBBBBBBBBBBBBBBBB                              SODQGRFXPHQWVGRQRWSURYLGHIRUWKHEHQHILWVLQTXHVWLRQ
                                                                   7KHUHIRUH,IXOO\FRQFXULQWKHPDMRULW\RSLQLRQKRZHYHU,
                        23,1,21                                    ZULWHVHSDUDWHO\DWWKLVWLPHWRUHLQIRUFHWKHEDVLVXSRQZKLFK
                    BBBBBBBBBBBBBBBBB                              WKHPDMRULW\KROGLQJUHVWV
   .583$16.<&LUFXLWsXGJH,QWKLVGLYHUVLW\VWDWHODZ              %DVHGRQWKHOHJDOWKHRU\XSRQZKLFK3ODLQWLIIVjVRXJKWWR
EUHDFKRIFRQWUDFWDFWLRQWKHSODLQWLIIDSSHOODQWV/HH1HVWHU    UHFRYHUWKHWUDQVLWLRQEHQHILWVLQWKLVFDVHEUHDFKRIFRQWUDFW
7RP 6RZGHUV DQG 'RQ 6FKQHLGHU FROOHFWLYHO\ mWKH            LW LV IDFWXDOO\ XQGLVSXWHG WKDW WKH SODQ GRFXPHQWV GR QRW
SODLQWLIIVlRUmWKH)RUPHU(PSOR\HHVlKDYHFRQWHVWHGWKH         SURYLGHIRUWKHWKHVHEHQHILWVDQGWKDWDVDUHVXOWUHFRYHU\LV
GLVWULFW FRXUWjV MXGJPHQW IRU WKHLU HUVWZKLOH HPSOR\HU      SUHFOXGHGXQGHU(5,6$+RZHYHUSXUVXDQWWRWKLV&RXUWjV
GHIHQGDQWDSSHOOHH $OOHJLDQFH +HDOWKFDUH &RUSRUDWLRQ            UHFHQWGHFLVLRQLQsDPHVY3LUHOOL$UPVWURQJ7LUH&R
m+HDOWKFDUHlRUmWKHGHIHQGDQWlDVXEVLGLDU\RI$OOHJLDQFH      )GWK&LUKDG3ODLQWLIIVSURFHHGHGXQGHUD
&RUSRUDWLRQ m$OOHJLDQFHl  7KH )RUPHU (PSOR\HHV KDYH       EUHDFKRIILGXFLDU\GXW\WKHRU\DQRSHQTXHVWLRQPD\KDYH
FODLPHGWKDW$OOHJLDQFH+HDOWKFDUHSURPLVHGWKHPHLJKW\HDUV       UHPDLQHG DV WR ZKHWKHU 'HIHQGDQW RQ LWV RZQ LQLWLDWLYH
RIVSHFLDOSHQVLRQSODQFRQWULEXWLRQVUHIHUUHGWRDVmWUDQVLWLRQ   SURYLGHGPDWHULDOO\IDOVHRULQDFFXUDWHLQIRUPDWLRQUHJDUGLQJ
EHQHILWVlRUmWUDQVLWLRQFRQWULEXWLRQVlLQH[FKDQJHIRUWKHLU      IXWXUHEHQHILWVXQGHUWKHSODQXSRQZKLFK3ODLQWLIIVUHOLHGWR
YROXQWDU\ LQWHUFRPSDQ\ MRE WUDQVIHUV  +RZHYHU              WKHLUGHWULPHQW
DSSUR[LPDWHO\ WZR \HDUV DIWHU WKRVH UHDVVLJQPHQWV
+HDOWKFDUH WHUPLQDWHG WKH HPSOR\PHQW RI HDFK SODLQWLII        $VWKHFDVHRI,QUH8QLV\V&RUS)GG&LU
VLPXOWDQHRXVO\GLVFRQWLQXLQJWKHLUWUDQVLWLRQEHQHILWV7KH       LQVWUXFWVWKH7KLUG&LUFXLWWKDWDUHVHUYDWLRQRIULJKWV
WULDOFRXUWUXOHGWKDWWKHSODLQWLIIVKDGQRWSURYHGVXVWDLQDEOH   SURYLVLRQ FDQQRW SURWHFW DQ HPSOR\HU IURP OLDELOLW\ IRU D
FODLPV XQGHU 2KLR FRQWUDFW ODZ EHFDXVH WKRVH VWDWH ODZ    EUHDFK RI ILGXFLDU\ GXW\ FODLP XQGHU (5,6$ ZKHQ WKH
FDXVHVRIDFWLRQZHUHSUHFOXGHGE\IHGHUDOSUHHPSWLRQXQGHU       HPSOR\HUGHOLEHUDWHO\IRVWHUVDEHOLHIWKDWUHWLUHPHQWEHQHILWV
WKH(PSOR\HH5HWLUHPHQW,QFRPH6HFXULW\$FWRIDV
     1HVWHUHWDOY$OOHJLDQFH                      1R       1R                    1HVWHUHWDOY$OOHJLDQFH      
      +HDOWKFDUH&RUS                                                                                            +HDOWKFDUH&RUS

HQWLUHO\ E\ (5,6$ MXULVSUXGHQFH  1HVWHU Y $OOHJLDQFH             DPHQGHG  86&   HW VHT m(5,6$l DQG
+HDOWKFDUH&RUS)6XSSG6'2KLR7KLV               IXUWKHUPRUHWKHSODLQWLIIVKDGIDLOHGWRSURYHWKDWWKH(5,6$
UHYLHZLQJFRXUWIROORZLQJFDUHIXOVWXG\DQGFRQVLGHUDWLRQRI             SODQGRFXPHQWVVXSSRUWHGWKHLUFODLPV1HVWHUY$OOHJLDQFH
WKHGLVWULFWFRXUWjVZHOOUHDVRQHGRSLQLRQDQGMXGJPHQWIRU               +HDOWKFDUH&RUS)6XSSG6'2KLR7KH
WKH GHIHQGDQW WKH EULHIV DQG DUJXPHQWV RI FRXQVHO WKH           VROHTXHVWLRQSRVHGRQUHYLHZLVZKHWKHUWKHSODLQWLIIVKDYH
PDWHULDOV LQFOXGHG LQ WKH SDUWLHVj MRLQW DSSHQGL[ DQG WKH        YDOLG EUHDFK RI FRQWUDFW FODLPV XQGHU HLWKHU 2KLR ODZ RU
FRQWUROOLQJOHJDODXWKRULWLHVKDVXSRQGHQRYRH[DPLQDWLRQ             (5,6$ MXULVSUXGHQFH DJDLQVW WKHLU IRUPHU HPSOR\HU
LGHQWLILHG QR UHYHUVLEOH HUURU RI IDFW RU ODZ LQ WKH GLVWULFW   DQFKRUHG LQ LWV IDLOXUH WR FRQWULEXWH DOOHJHGO\SURPLVHG
MXGJHjVUHVROXWLRQRIWKHSODLQWLIIjVFODLPV$FFRUGLQJO\WKH           WUDQVLWLRQ EHQHILWV WR WKH )RUPHU (PSOR\HHVj (5,6$
GLVWULFW FRXUWjV $SULO   UXOLQJ LV DGRSWHG DV WKH         JRYHUQHGSHQVLRQDFFRXQWVDIWHU$XJXVW
GHFLVLRQRIWKLVUHYLHZLQJFRXUW
                                                                             7KH)RUPHU(PSOR\HHVKDYHHYLGHQFHGWKDWLQWKHLU
 %HFDXVHHDFKRIWKH SODLQWLIIVjDVVLJQPHQWVRIHUURUZDV                WKHQHPSOR\HU %D[WHU ,QWHUQDWLRQDO ,QF m%D[WHUl
PLVFRQFHLYHG ILQDO MXGJPHQW IRU WKH GHIHQGDQW LV                   UHRUJDQL]HG LWV RSHUDWLRQV  $ SRUWLRQ RI %D[WHUjV
$)),50('                                                                 PDQXIDFWXULQJ DFWLYLWLHV ZHUH UHVWUXFWXUHG XQGHU D QHZO\
                                                                          LQFRUSRUDWHG VSLQRII FRPSDQ\ $OOHJLDQFH &RUSRUDWLRQ
                                                                          ZKLFK DV VWDWHG SUHYLRXVO\ RZQHG D VXEVLGLDU\ NQRZQ DV
                                                                          $OOHJLDQFH+HDOWKFDUH&RUSRUDWLRQWKHGHIHQGDQWKHUHLQ7KH
                                                                          IRXQGHUVRI$OOHJLDQFHFUHDWHGDQLQGLYLGXDODFFRXQWSHQVLRQ
                                                                          EHQHILW SODQ IRU LWV ZRUNHUV HIIHFWLYH 2FWREHU  
                                                                          &HUWDLQ%D[WHUHPSOR\HHVLQFOXGLQJWKHSODLQWLIIVZHUHDVNHG
                                                                          WR WUDQVIHU WR $OOHJLDQFH+HDOWKFDUH HIIHFWLYH 2FWREHU 
                                                                          ZKLFKZRXOGFDXVHWKHPWRORVHWKHLUDFFUXHGEHQHILWV
                                                                          LQ WKH %D[WHU GHILQHG EHQHILW SHQVLRQ SODQ  7R HQFRXUDJH
                                                                          WKRVH HPSOR\HHV WR DFFHSW QHZ MREV ZLWK $OOHJLDQFH WKH
                                                                          SULQFLSDOV RI WKH QHZ HQWHUSULVH RIIHUHG WKHP VSHFLDO
                                                                          DGGLWLRQDO mWUDQVLWLRQ FRQWULEXWLRQVl WR WKHLU UHWLUHPHQW
                                                                          DFFRXQWVLQH[FKDQJHIRUWKHLUYROXQWDU\MREUHDVVLJQPHQWV
                                                                          DQGVXUUHQGHURIWKHLUDFFXPXODWHGSHQVLRQEHQHILWVXQGHUWKH
                                                                          %D[WHUSODQ7KHSODLQWLIIVKDYHDOOHJHGZLWKRXWVXSSRUWLQJ
                                                                          HYLGHQFHWKDW$OOHJLDQFHRIILFLDOVKDGSURPLVHGWKHPYLDD
                                                                          VOLGH VKRZ SUHVHQWDWLRQ DQGRU SULQWHG EXOOHWLQV HLJKW IXOO
                                                                          \HDUV RI WUDQVLWLRQ EHQHILWV ZKLFK ZRXOG EH SDLG WKURXJK
                                                                          2FWREHU
                                                                            %\FRQWUDVW$OOHJLDQFHHYLGHQFHGWKDWLWVRIILFLDOZULWWHQ
                                                                          3ODQ 6XPPDU\ HIIHFWLYH 2FWREHU   XQDPELJXRXVO\
                                                                          SRVLWHG WKDW DQ\ HPSOR\HH RWKHUZLVH HQWLWOHG D WUDQVLWLRQ
                                                                          EHQHILWFRQWULEXWLRQPXVWZLWKH[FHSWLRQVQRWUHOHYDQWWRWKH
       1HVWHUHWDOY$OOHJLDQFH                     1R       1R                        1HVWHUHWDOY$OOHJLDQFH            
        +HDOWKFDUH&RUS                                                                                               +HDOWKFDUH&RUS

FDVHVXEMXGLFHIRUHPSOR\HHVZKRUHWLUHGRUGLHGZLWKLQWKH               H[DPLQHG XQGHU WKH GHIHUHQWLDO mDUELWUDU\ DQG FDSULFLRXVl
SODQ\HDUEHHPSOR\HGE\$OOHJLDQFHRQWKHODVWGD\RIWKH                VWDQGDUG)LUHVWRQH7LUH	5XEEHU&RY%UXFK86
VXEMHFWSODQ\HDUZKLFKZDV'HFHPEHURIWKHRUGLQDU\                   6DQIRUGY+DUYDUG,QGXV,QF)G
FDOHQGDU \HDU  )XUWKHUPRUH WKH 3ODQ 6XPPDU\ VSHFLILHG              WK &LU   7KH $OOHJLDQFH &RUSRUDWLRQ
WKDW DOWKRXJK D mWUDQVLWLRQl HPSOR\HH FRXOG  UHFHLYH               5HWLUHPHQW3ODQGRFXPHQWEHVWRZHGmFRPSOHWHDQG
WUDQVLWLRQEHQHILWVIRUDPD[LPXPRIHLJKW\HDUVKHRUVKH                XQIHWWHUHGGLVFUHWLRQlXSRQWKHDGPLQLVWUDWLYHFRPPLWWHHWR
ZRXOGIRUIHLWDQ\IXWXUHXQDFFUXHGWUDQVLWLRQEHQHILWVVKRXOG              FRQVWUXHSODQWHUPVDQGGHILQHWKHULJKWVDQGEHQHILWVRISODQ
WKHHPSOR\HHKDYHmLQFXUUHGD7HUPLQDWLRQRI(PSOR\PHQWl                   SDUWLFLSDQWV  +RZHYHU WKH GLVWULFW FRXUW UHVROYHG WKDW
RUZDVRWKHUZLVHQRWmHPSOR\HGRQWKHODVWGD\RIWKH3ODQ                 $OOHJLDQFHKDGZDLYHGWKDWFRQWHQWLRQE\QHJOHFWLQJWRDVVHUW
<HDUl0RUHRYHUWKH3ODQ6XPPDU\H[SODLQHGWKDWWUDQVLWLRQ               LWSULRUWRWKHHQWU\RIMXGJPHQWDJDLQVWLW$FFRUGLQJO\WKH
EHQHILWV ZRXOG EH FDOFXODWHG XVLQJ D SHUFHQWDJH RI WKH             GLVWULFWMXGJHH[DPLQHGWKHGHQLDORIWKH)RUPHU(PSOR\HHVj
HPSOR\HHjV EDVH SD\ IRU D JLYHQ SODQFDOHQGDU \HDU                 FODLPVGHQRYR6HH1HVWHU)6XSSGDW
$FFRUGLQJO\ LI D IRUPHU HPSOR\HH UHFHLYHG QR EDVH SD\
GXULQJ D JLYHQ FDOHQGDU \HDU WKDW LQGLYLGXDO FRXOG QRW EH          )XUWKHUPRUHEHFDXVHWKHTXHVWLRQRI(5,6$SUHHPSWLRQ
HQWLWOHGWRDQ\WUDQVLWLRQFRQWULEXWLRQIRUWKDWDQQXP                    RIVWDWHODZFODLPVLVRQHRIODZLWDOVRLVDVVHVVHGGHQRYR
                                                                           &UDEEVY&RSSHUZHOG7XELQJ3URGXFWV&R)G
  ,Q $XJXVW  +HDOWKFDUH VROG WKH IDFLOLW\ ZKHUH WKH           WK &LU   *HQHUDOO\ (5,6$ EURDGO\ SUHFOXGHV DQ\
SODLQWLIIV KDG ZRUNHG VLQFH 2FWREHU    'XULQJ D            VWDWH ODZ FDXVH RI DFWLRQ ZKLFK UHODWHV WR DQ\ HPSOR\HH
GRZQVL]LQJ WKDW IROORZHG WKH VDOH WKH SODLQWLIIV ZHUH              EHQHILW SODQ  6HH  86&  D 5XVK 3UXGHQWLDO
GLVPLVVHG$FFRUGLQJO\EHFDXVHQRQHRIWKHSODLQWLIIVZDVDQ             +02 ,QF Y 0RUDQ  6 &W   
$OOHJLDQFH+HDOWKFDUHHPSOR\HHRQ'HFHPEHUQRQH                  6SHFLILFDOO\ DQ\ MXULGLFDO FRPSODLQW IRU UHFRYHU\ RI DQ\
UHFHLYHG DQ\ WUDQVLWLRQ EHQHILW FRQWULEXWLRQV IRU  QRU         EHQHILWV DOOHJHGO\ GXH WR WKH SODLQWLII XQGHU DQ HPSOR\HH
GXULQJ DQ\ VXEVHTXHQW \HDU  )ROORZLQJ WKH SODLQWLIIVj              EHQHILWSODQLVVWULFWO\DQGH[FOXVLYHO\JRYHUQHGE\(5,6$
XQVXFFHVVIXO GHPDQGV WR +HDOWKFDUHjV (5,6$ SODQ                      MXULVSUXGHQFH*RUGRQY%DUQHV3XPSV,QF)G
DGPLQLVWUDWRU IRUSRVWWHUPLQDWLRQWUDQVLWLRQSD\PHQWVWKH\              WK&LU)LVKHUY&RPEXVWLRQ(QJLQHHULQJ,QF
LQLWLDWHG EUHDFK RI FRQWUDFW DFWLRQV DJDLQVW WKHLU IRUPHU           )GWK&LU
HPSOR\HULQ2KLRFRXUWZKLFKWKHGHIHQGDQWVXEVHTXHQWO\
UHPRYHG WR IHGHUDO GLVWULFW FRXUW E\ UHDVRQ RI FLWL]HQVKLS           ,QWKHFDVHLQVWDQWHUWKHGLVWULFWFRXUWFRQFOXGHGWKDW
GLYHUVLW\                                                           WKH VXEMHFW SODQ GRFXPHQWV GLG QRW HQWLWOH WKH )RUPHU
                                                                           (PSOR\HHVWRWKHFODLPHGXQSDLGWUDQVLWLRQFRQWULEXWLRQVDQG
  7\SLFDOO\FRXUWVUHYLHZDUHWLUHPHQWSODQDGPLQLVWUDWRUjV               WKHUHIRUH WKH SODLQWLIIV KDG QRW SURYHG WKHLU FODLPV XQGHU
GHQLDORIEHQHILWFODLPVGHQRYRXQOHVVWKHSODQGRFXPHQWV                (5,6$MXULVSUXGHQFHDQGQR2KLRFRQWUDFWODZFODLPIRU
LQYHVWWKHSODQDGPLQLVWUDWRUZLWKGLVFUHWLRQDU\DXWKRULW\WR              WKHGLVSXWHGWUDQVLWLRQEHQHILWVZDVFRJQL]DEOHEHFDXVHWKH
GHWHUPLQHEHQHILWHOLJLELOLW\RUWRFRQVWUXHWKHWHUPVRIWKH              SODLQWLIIVj FODLPV IRU WKRVH SHQVLRQ EHQHILWV LV FRQWUROOHG
SODQLQZKLFKLQVWDQFHWKHSODQDGPLQLVWUDWRUjVGHFLVLRQLV
                                                                               
                                                                                ,I D SODQ ILGXFLDU\jV GHWHUPLQDWLRQ SDVVHV WKH KLJKO\ GHPDQGLQJ GH
    
     &3/07   WKH $OOHJLDQFH &RUSRUDWLRQ 5HWLUHPHQW 3ODQ GRFXPHQW     QRYR MXGLFLDO UHYLHZ VWDQGDUG WKHQ D IRUWLRUL LW DOVR VDWLVILHV WKH IDU OHVV
WKH $OOHJLDQFH SODQ DGPLQLVWUDWRU ZDV D FRPPLWWHH FRPSRVHG RI DW OHDVW     ULJRURXV GHPDQGV RI WKH GHIHUHQWLDO mDUELWUDU\ DQG FDSULFLRXVl UHYLHZ
WKUHH SHUVRQV                                                             VWDQGDUG
