           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


 81,7(' 67$7(6 2) $0(5,&$        ;
           3ODLQWLII$SSHOOHH     
                                   
                                      1R
            Y                     
                                    !
                                   
 &$5/ 5$< 0,//(5                  
         'HIHQGDQW$SSHOODQW 
                                  1
      $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
     IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW/RQGRQ
   1RnsHQQLIHU%&RIIPDQ'LVWULFWsXGJH
                   $UJXHG2FWREHU
             'HFLGHGDQG)LOHG'HFHPEHU
%HIRUH6,/(5DQG0225(&LUFXLWsXGJHV0F.,1/(<
                    'LVWULFWsXGJH
                       BBBBBBBBBBBBBBBBB
                            &2816(/
$5*8('  sDPHV ( +LEEDUG /RQGRQ .HQWXFN\ IRU
$SSHOODQW  sRKQ 3DWULFN *UDQW $66,67$17 81,7('
67$7(6$77251(</H[LQJWRQ.HQWXFN\IRU$SSHOOHH

    
     7KH +RQRUDEOH sRVHSK + 0F.LQOH\ sU 8QLWHG 6WDWHV 'LVWULFW
sXGJH IRU WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ



                                   
     8QLWHG6WDWHVY0LOOHU                         1R

21 %5,()  sDPHV ( +LEEDUG /RQGRQ .HQWXFN\ IRU
$SSHOODQW&KDUOHV3:LVGRPsU$66,67$1781,7('
67$7(6 $77251(< /H[LQJWRQ .HQWXFN\ 6WHSKHQ &
6PLWK $66,67$17 81,7(' 67$7(6 $77251(<
/RQGRQ.HQWXFN\IRU$SSHOOHH
  0F.,1/(<'sGHOLYHUHGWKHRSLQLRQRIWKHFRXUWLQ
ZKLFK 6,/(5 s MRLQHG  0225( s S  GHOLYHUHG D
VHSDUDWHFRQFXUULQJRSLQLRQ
                      BBBBBBBBBBBBBBBBB
                          23,1,21
                      BBBBBBBBBBBBBBBBB
  0F.,1/(<'LVWULFWsXGJH'HIHQGDQW&DUO5D\0LOOHU
DSSHDOVWKHGLVWULFWFRXUWjVGHQLDORIKLVPRWLRQWRVXSSUHVV
HYLGHQFHREWDLQHGIURPDVHDUFKRIKLVPRELOHKRPH)RUWKH
IROORZLQJUHDVRQVZH$)),50WKHMXGJPHQWRIWKHGLVWULFW
FRXUW
                  67$1'$5'2)5(9,(:
  7KLV&RXUWUHYLHZVDGLVWULFWFRXUWjVGHFLVLRQRQDPRWLRQ
WR VXSSUHVV HYLGHQFH XQGHU WZR FRPSOHPHQWDU\ VWDQGDUGV
8QLWHG6WDWHVY/HDNH)GWK&LU
)LUVW ZH PXVW XSKROG WKH GLVWULFW FRXUWjV IDFWXDO ILQGLQJV
XQOHVVFOHDUO\HUURQHRXV8QLWHG6WDWHVY+LOO)G
 WK &LU   6HFRQG OHJDO FRQFOXVLRQV DV WR WKH
H[LVWHQFH RI SUREDEOH FDXVH DUH UHYLHZHG GH QRYR  ,G  ,Q
UHYLHZLQJWKHGLVWULFWFRXUWjVGHFLVLRQWKHHYLGHQFHPXVWEH
YLHZHGLQWKHOLJKWPRVWIDYRUDEOHWRWKHJRYHUQPHQW8QLWHG
6WDWHVY:DONHU)GWK&LU
                  67$7(0(172))$&76
  2QsXO\7LP)HHWKH6KHULIIRIsDFNVRQ&RXQW\
.HQWXFN\ UHFHLYHG LQIRUPDWLRQ IURP DQ LQIRUPDQW QDPHG
7RQ\ +DDV UHJDUGLQJ DQ LQGRRU PDULMXDQD JURZ RSHUDWLRQ
EHLQJFRQGXFWHGDWWKHPRELOHKRPHUHVLGHQFHRI&DUO5D\
0LOOHU+DDVLQIRUPHG6KHULII)HHWKDWKHKDGREVHUYHGWKH
    8QLWHG6WDWHVY0LOOHU                         1R       1R                        8QLWHG6WDWHVY0LOOHU       

                    BBBBBBBBBBBBBBBBBBBB                                JURZRSHUDWLRQLQWKHHDUO\SDUWRIsXO\ZKLOHKHZDV
                                                                        SHUIRUPLQJ HOHFWULFDO DQG SOXPELQJ ZRUN IRU 0LOOHU DW
                      &21&855(1&(                                       0LOOHUjVQHZKRPHWKDWZDVXQGHUFRQVWUXFWLRQ$W0LOOHUjV
                    BBBBBBBBBBBBBBBBBBBB                                LQYLWDWLRQ+DDVHQWHUHG0LOOHUjVGRXEOHZLGHPRELOHKRPH
  .$5(1 1(/621 0225( &LUFXLW sXGJH FRQFXUULQJ                   $WWKLVWLPH0LOOHUVKRZHG+DDVKLVLQGRRUPDULMXDQDJURZ
$OWKRXJK,FRQFXULQWKHPDMRULW\jVRSLQLRQ,QRWHWKDWWKLVLV        RSHUDWLRQ ZKLFK FRQVLVWHG RI WKUHH EHGURRPV FRQWDLQLQJ
DFORVHFDVH7KHUHFRUGLVVLOHQWZKHWKHU7RQ\+DDVNQHZ              QXPHURXV PDULMXDQD SODQWV  2Q sXO\   DW
WKDW KH ZRXOG EH QDPHG LQ WKH DIILGDYLW LQ VXSSRUW RI WKH    DSSUR[LPDWHO\QRRQ0LOOHUDJDLQLQYLWHG+DDVLQWRKLVPRELOH
VHDUFK ZDUUDQW DQG WKH DIILGDYLW GRHV QRW DWWHVW WR +DDVjV    KRPH ZKHUH IRU D VHFRQG WLPH +DDV REVHUYHG 0LOOHUjV
UHOLDELOLW\  6KHULII )HHjV FRUURERUDWLRQ FRQVLVWHG RI WKH       LQGRRU PDULMXDQD JURZ RSHUDWLRQ LQ DGGLWLRQ WR PDULMXDQD
ZKROO\LQQRFHQWIDFWVRIWKHORFDWLRQDQGRZQHUVKLSRIWKH              SODQWVDQGPDULMXDQDEHLQJGULHG$WDSSUR[LPDWHO\
SURSHUW\  :HUH LW QRW IRU WKLV FRXUWjV HQ EDQF RSLQLRQ LQ   SPWKDWVDPHGD\+DDVFDOOHG6KHULII)HHDQGLQIRUPHGKLP
8QLWHG6WDWHVY$OOHQ)GWK&LUHQEDQF         RIZKDWKHKDGREVHUYHGMXVWDVKRUWWLPHHDUOLHU
DQGLWVHQGRUVHPHQWRI8QLWHG6WDWHVY3HOKDP)G              6KHULII )HH FRQGXFWHG WKH IROORZLQJ LQGHSHQGHQW
WK &LU  , ZRXOG FRQFOXGH WKDW WKH DIILGDYLW ZDV       LQYHVWLJDWLRQWRFRUURERUDWHVRPHRIWKHVWDWHPHQWVPDGHE\
LQVXIILFLHQW%RXQGDV,DPE\$OOHQDQG3HOKDP,FRQFXU             +DDV 6KHULII )HH DQG +DDV GURYH WR WKH PRELOH KRPH LQ
                                                                        TXHVWLRQDQGREVHUYHGWKHUHVLGHQFHDQGVXUURXQGLQJDUHD
                                                                        6KHULII )HH UHFRUGHG GLUHFWLRQV DQG PLOHDJH WR WKH PRELOH
                                                                        KRPH6KHULII)HHFKHFNHGFRXQW\UHFRUGVWRGHWHUPLQHWKH
                                                                        RZQHURIWKHPRELOHKRPHDOWKRXJKWKHUHVXOWRIWKDWLQTXLU\
                                                                        ZDVQRWVWDWHGLQWKHDIILGDYLWDQG6KHULII)HHOHDUQHGWKDW
                                                                        0LOOHUjVQLFNQDPHZDVm+LSS\l%DVHGRQWKHVHIDFWV6KHULII
                                                                        )HHWKHDIILDQWREWDLQHGDVHDUFKZDUUDQWRQsXO\
                                                                        IRU WKH UHVLGHQFH RI 0LOOHU  7KH H[HFXWLRQ RI WKH VHDUFK
                                                                        ZDUUDQWFRQILUPHGWKHH[LVWHQFHRIDQLQGRRUPDULMXDQDJURZ
                                                                        RSHUDWLRQ0LOOHUZDVSUHVHQWGXULQJWKHVHDUFK$IWHUKHZDV
                                                                        DGYLVHG RI KLV 0LUDQGD ULJKWV 0LOOHU ZDLYHG KLV ULJKW WR
                                                                        UHPDLQVLOHQWDQGH[SODLQHGWKDWKHZDVWKHVROHRFFXSDQWRI
                                                                        WKHPRELOHKRPH0LOOHUDOVRDFFHSWHGUHVSRQVLELOLW\IRUWKH
                                                                        PDULMXDQDDQGLQGRRUJURZRSHUDWLRQORFDWHGLQWKHPRELOH
                                                                        KRPH
                                                                          7KHVHDUFKRIWKHPRELOHKRPHUHVXOWHGLQWKHVHL]XUHRI
                                                                         PDULMXDQD SODQWV  JUDPV DSSUR[LPDWHO\ RQH
                                                                        SRXQG RI SURFHVVHG PDULMXDQD PDULMXDQD FLJDUHWWH EXWWV
                                                                        PDULMXDQDSLSHVDQGJODVVERQJV,QYHVWLJDWLQJRIILFHUVDOVR
                                                                        VHL]HGYDULRXVHTXLSPHQWDVVRFLDWHGZLWKDPDULMXDQDJURZ
                                                                        RSHUDWLRQ LQFOXGLQJ JURZ OLJKWV WLPHUV SXPSV IDQV DQG
                                                                        FKHPLFDOV)RUHQVLFODERUDWRU\WHVWVFRQILUPHGWKDWWKHSODQWV
     8QLWHG6WDWHVY0LOOHU                           1R        1R                         8QLWHG6WDWHVY0LOOHU        

DQG SURFHVVHG VXEVWDQFHV ZHUH LQ IDFW PDULMXDQD                     FULPHl WKDQ +DDVjV GLUHFW YLHZLQJ RI WKH LQGRRU JURZ
6XEVHTXHQWO\ 0LOOHU ZDV DUUHVWHG DQG LQGLFWHG RQ WKUHH             RSHUDWLRQLQ0LOOHUjVPRELOHKRPH
FRXQWV   LQWHQWLRQDOO\ PDQXIDFWXULQJ D 6FKHGXOH ,
FRQWUROOHGVXEVWDQFHLQYLRODWLRQRI86&D                   $GGLWLRQDOIDFWVVXSSRUWWKHYHUDFLW\DQGUHOLDELOLW\RI+DDV
NQRZLQJO\DQGLQWHQWLRQDOO\SRVVHVVLQJZLWKWKHLQWHQWWR              +DDVH[SODLQHGLQGHWDLOWKHEDVLVE\ZKLFKKHREWDLQHGWKLV
GLVWULEXWHD6FKHGXOH,FRQWUROOHGVXEVWDQFHLQYLRODWLRQRI            LQIRUPDWLRQ+HHYHQSURYLGHGGDWHVDQGWLPHVWKDWKHKDG
86&  D DQG  IRUIHLWXUH RI SURSHUW\ XVHG WR       EHHQ LQ 0LOOHUjV PRELOH KRPH DQG REVHUYHG WKH LQGRRU
FRPPLWRUIDFLOLWDWHWKHGUXJFULPHVSXUVXDQWWR86&                 JURZLQJRSHUDWLRQ7KHLQIRUPDWLRQSURYLGHGE\+DDVZDV
                                                                   VXIILFLHQWO\ GHWDLOHG UDWKHU WKDQ EHLQJ JHQHUDOL]HG RU
                                                                           DPELJXRXV  7KH DIILGDYLW VSHFLILHV WKDW 0LOOHU OLYHG LQ D
   2Q6HSWHPEHU0LOOHUILOHGDPRWLRQWRVXSSUHVV                PRELOHKRPHQRWMXVWDKRPH0RUHRYHU+DDVDSSDUHQWO\
DOOHYLGHQFHVHL]HGIURPWKHPRELOHKRPHDQGWKHVXUURXQGLQJ               NQHZWKHGLUHFWLRQVWR0LOOHUjVPRELOHKRPHDVHYLGHQFHGE\
DUHD  0LOOHU FODLPHG WKDW WKH VHDUFK ZDUUDQW DQG DIILGDYLW       +DDVOHDGLQJ6KHULII)HHWRWKHPRELOHKRPHjVORFDWLRQ7KH
ZHUH IDFLDOO\ LQYDOLG GXH WR D ODFN RI SUREDEOH FDXVH  2Q      DIILGDYLW DOVR VSHFLILHG WKDW WKH GUXJ LQ TXHVWLRQ ZDV
2FWREHU   0DJLVWUDWH sXGJH s % sRKQVRQ sU               PDULMXDQD o DQG QRW MXVW PDULMXDQD EXW VSHFLILFDOO\
UHFRPPHQGHG WKDW WKH PRWLRQ WR VXSSUHVV EH JUDQWHG  2Q           PDULMXDQDSODQWVDQGGULHGPDULMXDQD+DDVIXUWKHUSURYLGHG
2FWREHUIROORZLQJREMHFWLRQVDQGUHVSRQVHVE\WKH                WKDWWKHLQGRRUPDULMXDQDJURZLQJRSHUDWLRQFRXOGEHIRXQG
SDUWLHV sXGJH sHQQLIHU % &RIIPDQ GHQLHG WKH PRWLRQ WR            LQWKUHHEHGURRPV+DDVDOVRQRWHGWKDWPDULMXDQDZDVLQWKH
VXSSUHVV2Q0DUFK0LOOHUHQWHUHGDFRQGLWLRQDO                  SURFHVVRIEHLQJGULHGDVRSSRVHGWRVLPSO\VWDWLQJWKDWWKHUH
JXLOW\ SOHD WR &RXQW 2QH  &RXQWV 7ZR DQG 7KUHH ZHUH             H[LVWHGGULHGRUSURFHVVHGPDULMXDQD6HHHJ8QLWHG6WDWHV
GLVPLVVHG  2Q sXQH   WKH GLVWULFW FRXUW VHQWHQFHG        Y6RQDJHUH)GWK&LUILQGLQJWKDW
0LOOHU WR D SULVRQ WHUP RI  PRQWKV WKH PDQGDWRU\              DQDPHGLQIRUPDQWWKDWKDGQHYHUSURYLGHGLQIRUPDWLRQWRWKH
PLQLPXP7KLVDSSHDOIROORZHG                                            SROLFHDQGKHQFHGLGQRWKDYHDKLVWRU\RIUHOLDELOLW\GLGQRW
                                                                           SRVHDSUREOHPJLYHQWKHULFKGHWDLOWKHLQIRUPDQWVXSSOLHG
                          ',6&866,21                                       DQGWKHFRUURERUDWLYHHIIRUWVRIWKHDIILDQW)RUDOORIWKHVH
                                                                           UHDVRQVZHILQGWKDWWKHLVVXLQJMXGJHKDGDVXEVWDQWLDOEDVLV
   7KH )RXUWK $PHQGPHQW VWDWHV WKDW mQR :DUUDQWV VKDOO              IRUFRQFOXGLQJWKDWDVHDUFKRI0LOOHUjVPRELOHKRPHZRXOG
LVVXH EXW XSRQ SUREDEOH FDXVH VXSSRUWHG E\ 2DWK RU               XQFRYHUHYLGHQFHRIZURQJGRLQJ
DIILUPDWLRQ    l  86 &RQVW DPHQG ,9  m7KH WHVW IRU
SUREDEOHFDXVHLVVLPSO\ZKHWKHUWKHUHLVDIDLUSUREDELOLW\                 %HFDXVHZHILQGWKDWWKHLQIRUPDWLRQFRQWDLQHGLQ6KHULIIjV
WKDW FRQWUDEDQG RU HYLGHQFH RI D FULPH ZLOO EH IRXQG LQ D       )HH DIILGDYLW JDYH WKH LVVXLQJ MXGJH D VXEVWDQWLDO EDVLV IRU
SDUWLFXODUSODFHl8QLWHG6WDWHVY0XUSK\)G             FRQFOXGLQJ WKDW D VHDUFK ZRXOG XQFRYHU HYLGHQFH RI
WK&LUTXRWLQJ8QLWHG6WDWHVY6KDPDHL]DGHK                 ZURQJGRLQJLWLVQRWQHFHVVDU\WRDGGUHVVWKHDSSOLFDELOLW\RI
)GWK&LU8QLWHG6WDWHVY)LQFK               WKH mJRRG IDLWKl H[FHSWLRQ DUWLFXODWHG LQ 8QLWHG 6WDWHV Y
)GWK&LU,WLVQRWQHFHVVDU\WKDWWKH              /HRQ86
HYLGHQFH HVWDEOLVKLQJ SUREDEOH FDXVH UHIOHFW WKH GLUHFW
SHUVRQDOREVHUYDWLRQVRIDODZHQIRUFHPHQWRIILFLDO8QLWHG                                        &21&/86,21
6WDWHVY:LOOLDPV)GWK&LUFLWLQJ
8QLWHG6WDWHVY9HQWUHVFD86,Q                   )RU WKH UHDVRQV VWDWHG ZH $)),50 WKH GLVWULFW FRXUWjV
IDFW WKH HYLGHQFH PD\ EH EDVHG XSRQ D FRQILGHQWLDO                GHQLDORI'HIHQGDQW0LOOHUjVPRWLRQWRVXSSUHVV
      8QLWHG6WDWHVY0LOOHU                       1R      1R                         8QLWHG6WDWHVY0LOOHU         

VHDUFKIRUWKDWHYLGHQFHl,GDW,QWKDWFDVHRIILFHUV       LQIRUPDQWjV WLS VR ORQJ DV WKH LVVXLQJ MXGJH LV UHDVRQDEO\
DUUHVWHGDPDQ%URZQGULYLQJDWUXFNFRQWDLQLQJVL[SRXQGV          DVVXUHGWKDWWKHFRQILGHQWLDOLQIRUPDQWZDVFUHGLEOHDQGWKH
RIPDULMXDQD,GDW:KHQDVNHGE\WKHRIILFHUVZKHUH          LQIRUPDWLRQZDVUHOLDEOH,G
KHREWDLQHGWKHPDULMXDQD%URZQUHVSRQGHGWKDWWKHGUXJV
ZHUH IURP msDPHV 3HOKDP DW  &RXUW $YHQXH LQ               7KH6XSUHPH&RXUWLQ,OOLQRLVY*DWHV86
0HPSKLVl,G7KHRIILFHUVWKHQGURYHWRWKLVDGGUHVVZKHUH        DGRSWHGDWRWDOLW\RIWKHFLUFXPVWDQFHVDSSURDFKWR
%URZQLGHQWLILHGWKHUHVLGHQFHDVWKHSODFHIURPZKLFKKHKDG         GHWHUPLQHZKHWKHUSUREDEOHFDXVHH[LVWVm5LJLGOHJDOUXOHVl
REWDLQHGWKHPDULMXDQD,G,PPHGLDWHO\WKHUHDIWHURQHRI          VKRXOG QRW EH WKH JXLGLQJ KDQG RI SUREDEOH FDXVH
WKHRIILFHUVGUDIWHGWKHIROORZLQJDIILGDYLW                         GHWHUPLQDWLRQV8QLWHG6WDWHVY.LQJ)GWK
                                                                      &LU   ,QVWHDG WKH WRWDOLW\ RI WKH FLUFXPVWDQFHV WHVW
    2QsDQXDU\WKHDIILDQW>6ZDLQ@WDONHGWR3D\WRQ           UHTXLUHVWKHLVVXLQJMXGJHWRmPDNHDSUDFWLFDOFRPPRQVHQVH
    %URZQ ZKR VWDWHG WR WKH DIILDQW WKDW ZLWKLQ WKH SDVW     GHFLVLRQ    JLYHQ DOO WKH FLUFXPVWDQFHV VHW IRUWK LQ WKH
    WZHQW\IRXU  KRXUV KH KDG EHHQ LQVLGH WKH DERYH       DIILGDYLW EHIRUH KLP LQFOXGLQJ WKH µYHUDFLW\j DQG µEDVLV RI
    GHVFULEHG UHVLGHQFH RI sLP 3HOKDP DQG KDG VHHQ sLP        NQRZOHGJHj RI SHUVRQV VXSSO\LQJ KHDUVD\ LQIRUPDWLRQl
    3HOKDP VWRULQJ 	 VHOOLQJ 0DULMXDQD LQVLGH WKH               0XUSK\)GDWTXRWLQJ*DWHV86DW
    DIRUHPHQWLRQHG UHVLGHQFH WKH VDPH EHLQJ ORFDWHG LQ         :KLOHYHUDFLW\UHOLDELOLW\DQGEDVLVRINQRZOHGJHDUHKLJKO\
    0HPSKLV6KHOE\&RXQW\7HQQHVVHH                                UHOHYDQWLQGHWHUPLQLQJWKHYDOXHRIDQLQIRUPDQWjVUHSRUW
                                                                      WKHVHHOHPHQWVDUHQRWVHSDUDWHDQGLQGHSHQGHQWUHTXLUHPHQWV
,G%DVHGRQWKHVHIDFWVDQGQRRWKHUSROLFHFRUURERUDWLRQ          WKDWDUHWREHLQIOH[LEO\H[DFWHGLQHYHU\FDVH*DWHV
EHVLGHVKDYLQJ%URZQLGHQWLI\WKHUHVLGHQFHLQTXHVWLRQWKLV         86 DW   5DWKHU mD GHILFLHQF\ LQ RQH PD\ EH
&RXUW KHOG WKDW LQWHUSUHWLQJ WKH DIILDQWjV DIILGDYLW mLQ D    FRPSHQVDWHGIRULQGHWHUPLQLQJWKHRYHUDOOUHOLDELOLW\RIDWLS
FRPPRQVHQVHPDQQHU>WKHPDJLVWUDWH@KDGDVXEVWDQWLDO           E\DVWURQJVKRZLQJDVWRWKHRWKHURUE\VRPHRWKHULQGLFLD
EDVLVIRUFRQFOXGLQJWKDWDVHDUFKZRXOGXQFRYHUHYLGHQFHRI          RIUHOLDELOLW\l,GDWFLWDWLRQVRPLWWHG
ZURQJGRLQJl  ,G DW   $FFRUGLQJ WR WKH &RXUW m>W@KH
DIILGDYLW ZKLFK ZDV EDVHG RQ WKH VWDWHPHQWV RI D QDPHG         $QLVVXLQJMXGJHjVILQGLQJVRISUREDEOHFDXVHVKRXOGEH
LQIRUPDQWVWDWHGWKDWµZLWKLQWKHSDVWWZHQW\IRXUKRXUV        JLYHQJUHDWGHIHUHQFHE\WKHUHYLHZLQJFRXUWDQGVKRXOGQRW
>%URZQ@KDGEHHQLQVLGHWKHUHVLGHQFHRIsLP3HOKDPDQG         EH UHYHUVHG XQOHVV DUELWUDULO\ H[HUFLVHG  8QLWHG 6WDWHV Y
KDGVHHQsLP3HOKDPVWRULQJ	VHOOLQJ0DULMXDQDjl,G        $OOHQ)GWK&LUFLWLQJ8QLWHG6WDWHV
7KH&RXUWIXUWKHUVWDWHGm>L@QDSUDFWLFDOVHQVHWKHUHFRXOG        Y6ZLKDUW)GWK&LU&RXUWV
KDUGO\EHPRUHVXEVWDQWLDOHYLGHQFHRIWKHH[LVWHQFHRIWKH           VKRXOG UHYLHZ WKH VXIILFLHQF\ RI DQ DIILGDYLW XQGHUO\LQJ D
PDWHULDO VRXJKW DQG LWV UHOHYDQFH WR D FULPH WKDQ %URZQjV    VHDUFKZDUUDQWLQDFRPPRQVHQVHUDWKHUWKDQK\SHUWHFKQLFDO
GLUHFWYLHZLQJRIPDULMXDQDLQ3HOKDPjVKRXVHl,G                 PDQQHU8QLWHG6WDWHVY3HOKDP)GWK&LU
                                                                      FLWLQJ9HQWUHVFD86DW7KHWUDGLWLRQDO
  sXVWDVLQ3HOKDP+DDVKDGEHHQLQ0LOOHUjVKRPHZLWKLQ            VWDQGDUGIRUUHYLHZLQJDQLVVXLQJMXGJHjVILQGLQJRISUREDEOH
WZHQW\IRXUKRXUVRIWKHLVVXDQFHRIWKHVHDUFKZDUUDQW+DDV        FDXVH mKDV EHHQ WKDW VR ORQJ DV WKH PDJLVWUDWH KDG D
KDGSHUVRQDOO\REVHUYHGWKHLQGRRUPDULMXDQDJURZRSHUDWLRQ          µVXEVWDQWLDOEDVLVIRUFRQFOXG>LQJ@jWKDWDVHDUFKZRXOG
)XUWKHUPRUH+DDVZDVZLOOLQJWREHQDPHGLQWKHDIILGDYLW           XQFRYHU HYLGHQFH RI ZURQJGRLQJ WKH )RXUWK $PHQGPHQW
$FFRUGLQJO\mWKHUHFRXOGKDUGO\EHPRUHVXEVWDQWLDOHYLGHQFH         UHTXLUHVQRPRUHl,GTXRWLQJ*DWHV86DW
RIWKHH[LVWHQFHRIWKHPDWHULDOVRXJKWDQGLWVUHOHYDQFHWRD
      8QLWHG6WDWHVY0LOOHU                      1R    1R                           8QLWHG6WDWHVY0LOOHU      

   $FFRUGLQJO\WKHLVVXHLQWKLVFDVHLVZKHWKHUWKHmWRWDOLW\      KRPH  7KH DIILDQW ZHQW WR WKH sDFNVRQ &RXQW\ 39$
RI WKH FLUFXPVWDQFHVl VXSSRUWHG WKH LVVXLQJ MXGJHjV            2IILFHWRGHWHUPLQHZKRRZQHGWKHSURSHUW\7KHDIILDQW
GHWHUPLQDWLRQWKDWWKHUHZDVDmVXEVWDQWLDOEDVLVlWRFRQFOXGH       OHDUQHG WKDW &DUO 5 0LOOHU ZDV DOVR NQRZQ E\ WKH
mWKDWDVHDUFKZRXOGXQFRYHUHYLGHQFHRIZURQJGRLQJl7KH           QLFNQDPHRI+LSS\
LVVXLQJ MXGJH KDG EHIRUH KLP WKH DIILGDYLW VXEPLWWHG E\
6KHULII)HHLQVXSSRUWRIWKHVHDUFKZDUUDQWLQTXHVWLRQ7KDW      0LOOHUDUJXHVWKDWWKHDIILGDYLWZDVLQVXIILFLHQWWRHVWDEOLVK
DIILGDYLWSURYLGHGLQSHUWLQHQWSDUWDVIROORZV                   SUREDEOHFDXVHLQVRIDUDVLWIDLOHGWRSURYLGHDQ\EDVLVDVWR
                                                                   WKHUHOLDELOLW\RUYHUDFLW\RIWKHLQIRUPDQW0RUHVSHFLILFDOO\
      $IILDQW KDV EHHQ DQ RIILFHU LQ WKH DIRUHPHQWLRQHG     0LOOHUDUJXHVWKDWDQDPHGLQIRUPDQWZKRKDVQHYHUEHIRUH
    DJHQF\IRUDSHULRGRI\HDUVDQGWKHLQIRUPDWLRQDQG        JLYHQ LQIRUPDWLRQ WR WKH SROLFH LV WDQWDPRXQW WR DQ
    REVHUYDWLRQV FRQWLQXHG >VLF@ KHUHLQ ZHUH UHFHLYHG DQG    DQRQ\PRXVWLSVWHU$VVXFK0LOOHUPDLQWDLQVWKDWWKHUHYLHZ
    PDGHLQKLVFDSDFLW\DVDQRIILFHUWKHUHRI                    RIVXFKDQDIILGDYLWVKRXOGEHFRQGXFWHGXQGHUWKHVWDQGDUGV
                                                                   DSSOLHG WR DQRQ\PRXV WLSVWHUV LH WKH UHTXLUHPHQW RI
      2QWKHWKGD\RIsXO\DWDSSUR[LPDWHO\         VXEVWDQWLDOSROLFHFRUURERUDWLRQ
    SPDIILDQWUHFHLYHGLQIRUPDWLRQIURPREVHUYHG7RQ\
    +DDV7RQ\+DDVVWDWHVWKDWKHKDGEHHQ ZRUNLQJIRU             :HGLVDJUHHZLWK0LOOHUDQGILQGWKDWWKHDIILGDYLWSURYLGHV
    &DUO 5 0LOOHU GRLQJ HOHFWULFDO DQG SOXPELQJ ZRUN RQ   DVXEVWDQWLDOEDVLVWRFRQFOXGHWKDWDVHDUFKZRXOGXQFRYHU
    0U0LOOHUjVQHZKRXVH0U0LOOHULQYLWHG7RQ\+DDV          HYLGHQFH RI ZURQJGRLQJ 7KH VLPSOH IDFW LV WKDW WKH
    LQWR KLV GRXEOH ZLGH PRELOH KRPH DQG VKRZHG 7RQ\       LQIRUPDQW +DDV ZDV QDPHG LQ WKH DIILGDYLW LQ TXHVWLRQ
    +DDVKLVLQGRRUJURZLQJRSHUDWLRQ*URZLQJRSHUDWLRQ          6KHULII )HH VSRNH WR +DDV RQ WZR RFFDVLRQV RYHU WKH
    FRQVLVWHG RI WKUHH EHGURRPV WKDW FRQWDLQHG QXPHURXV      WHOHSKRQH6KRUWO\DIWHURQHRIWKRVHFDOOV6KHULII)HHDQG
    PDULMXDQD SODQWV  7RQ\ +DDV REVHUYHG WKLV LQGRRU       +DDVGURYHWRJHWKHUWRWKHORFDWLRQRI0LOOHUjVPRELOHKRPH
    JURZLQJRSHUDWLRQLQWKHILUVWSDUWRIsXO\2QsXO\     7KDWEHLQJVR+DDVZDVQRWDQDQRQ\PRXVWLSVWHUDQGZLOO
    DWDSSUR[LPDWHO\SP7RQ\+DDVZDVLQ          QRW EH WUHDWHG DV VXFK  0RUHRYHU ZLWK +DDVjV LGHQWLW\
    WKHGRXEOHZLGHPRELOHKRPHRI&DUO50LOOHUDQGDJDLQ        VHFXUHG +DDV KLPVHOI ZDV VXEMHFW WR SURVHFXWLRQ LI WKLV
    VDZ WKH LQGRRU JURZLQJ RSHUDWLRQ DQG WKH PDULMXDQD      LQIRUPDWLRQZDVIDEULFDWHG $GDPVY:LOOLDPV86
    SODQWV LQ WKH PRELOH KRPH DQG 7RQ\ +DDV REVHUYHG       
    PDULMXDQDEHLQJGULHGLQWKHPRELOHKRPH
                                                                      7KHIDFWVRIWKLVFDVHDUHYHU\VLPLODUWRWKRVHLQ8QLWHG
      7RQ\+DDVWROGWKHDIILDQWRQsXO\RIZKDWKH       6WDWHV Y 3HOKDP  )G  WK &LU  ZKHUH ZH
    KDGREVHUYHGLQWKHPRELOHKRPHRI&DUO50LOOHUDQG          IRXQGWKDWWKHUHZDVSUREDEOHFDXVHWRLVVXHDZDUUDQW,Q
    VKRZHGWKHDIILDQWWKHORFDWLRQRI&DUO50LOOHUjVPRELOH     3HOKDP WKLV &RXUW KHOG WKDW m>Z@KHQ D ZLWQHVV KDV VHHQ
    KRPH2QsXO\7RQ\+DDVFDOOHGWKHDIILDQWDW        HYLGHQFHLQDVSHFLILFORFDWLRQLQWKHLPPHGLDWHSDVWDQGLV
    DSSUR[LPDWHO\DQGLQIRUPHGWKHDIILDQWDVWRZKDW        ZLOOLQJ WR EH QDPHG LQ WKH DIILGDYLW WKH µWRWDOLW\ RI WKH
    KHKDGREVHUYHGLQWKHPRELOHKRPHRQsXO\           FLUFXPVWDQFHVjSUHVHQWVDµVXEVWDQWLDOEDVLVjIRUFRQGXFWLQJD
      $FWLQJRQWKHLQIRUPDWLRQUHFHLYHGDIILDQWFRQGXFWHG
    WKHIROORZLQJLQGHSHQGHQWLQYHVWLJDWLRQ7RQ\+DDVDQG             
    DIILDQW GURYH WR WKH ORFDWLRQ RI WKH PRELOH KRPH           .HQWXFN\ 5HYLVHG 6WDWXWHV   SURYLGHV WKDW m>D@ SHUVRQ LV


    REVHUYHGWKHPRELOHKRPHDQGVXUURXQGLQJDUHDZURWH
                                                                   JXLOW\ RI IDOVHO\ UHSRUWLQJ DQ LQFLGHQW ZKHQ KH NQRZLQJO\ JLYHV IDOVH
                                                                   LQIRUPDWLRQ WR DQ\ ODZ HQIRUFHPHQW RIILFHU ZLWK LQWHQW WR LPSOLFDWH
    GRZQ WKH GLUHFWLRQ DQG PLOHDJH WR JHW WR WKH PRELOH   DQRWKHUl   6XFK DQ RIIHQVH LV D &ODVV $ PLVGHPHDQRU
