           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


 /(( <($*(5                      ;
          3ODLQWLII$SSHOODQW     
                                   
                                     1R
            Y                     
                                    !
                                   
 *(1(5$/ 027256                    
 &25325$7,21                      
          'HIHQGDQW$SSHOOHH 
                                   
                                  1
      $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
    IRUWKH1RUWKHUQ'LVWULFWRI2KLRDW<RXQJVWRZQ
   1Rn3HWHU&(FRQRPXV'LVWULFWsXGJH
                    $UJXHGsDQXDU\
             'HFLGHGDQG)LOHG6HSWHPEHU
 %HIRUH1255,66,/(5DQG%5,*+7&LUFXLWsXGJHV
                       BBBBBBBBBBBBBBBBB
                             &2816(/
$5*8('0LFKDHO'5RVVL*8$51,(5,	6(&5(67
:DUUHQ 2KLR IRU $SSHOODQW  5REHUW 6 :DONHU s21(6
'$<5($9,6	32*8(&OHYHODQG2KLRIRU$SSHOOHH

    
     7KH +RQRUDEOH 0\URQ + %ULJKW &LUFXLW sXGJH RI WKH 8QLWHG 6WDWHV
&RXUW RI $SSHDOV IRU WKH (LJKWK &LUFXLW VLWWLQJ E\ GHVLJQDWLRQ



                                   
       <HDJHUY*HQHUDO0RWRUV&RUS                 1R

21%5,()0LFKDHO'5RVVL*8$51,(5,	6(&5(67
:DUUHQ 2KLR IRU $SSHOODQW  5REHUW 6 :DONHU s21(6
'$<5($9,6	32*8(&OHYHODQG2KLRIRU$SSHOOHH
                       BBBBBBBBBBBBBBBBB
                           23,1,21
                       BBBBBBBBBBBBBBBBB
   %5,*+7&LUFXLWsXGJH:KHQ/HH<HDJHU<HDJHUZDV
QRW VHOHFWHG IRU *HQHUDO 0RWRUV &RUSRUDWLRQ
V *0&
V
DSSUHQWLFHSURJUDPKHVXHGDOOHJLQJWKDW*0&GLVFULPLQDWHG
DJDLQVWKLPRQWKHEDVLVRIKLVUDFHDQGVH[LQYLRODWLRQRI
7LWOH 9,, RI WKH &LYLO 5LJKWV $FW RI   86&
 H DQG WKH )LIWK $PHQGPHQW  RI WKH 8QLWHG 6WDWHV
&RQVWLWXWLRQ7KHGLVWULFWFRXUWJUDQWHGVXPPDU\MXGJPHQW
LQIDYRURI*0&
   2QDSSHDO<HDJHUDUJXHVWKDWWKHGLVWULFWFRXUWHUUHGZKHQ
LWGHWHUPLQHGWKDWKHODFNHGVWDQGLQJWRPDNHKLV7LWOH9,,
UDFH DQG VH[ GLVFULPLQDWLRQ FODLPV DJDLQVW *0& DQG WKDW
*0&GLGQRWYLRODWH<HDJHU
VHTXDOSURWHFWLRQULJKWVXQGHU
WKH)LIWK$PHQGPHQW
V'XH3URFHVV&ODXVHEHFDXVH*0&
V
DSSUHQWLFHSURJUDPGLGQRWDULVHXQGHUFRORURIODZ)RUWKH
UHDVRQVGLVFXVVHGEHORZZH$)),50
, s85,6',&7,21
  7KHGLVWULFWFRXUWKDGMXULVGLFWLRQXQGHU86&
:HKDYHMXULVGLFWLRQXQGHU86&<HDJHU
VQRWLFH
RIDSSHDOZDVWLPHO\ILOHG
,, %$&.*5281'
   *0& UHFUXLWV DSSOLFDQWV LQWR LWV VNLOOHG WUDGH SRVLWLRQV
HJ 7UXFN 5HSDLU 7RRO 0DNLQJ WKURXJK LWV DSSUHQWLFH
WUDLQLQJSURJUDPDSSUHQWLFHSURJUDP*0&DGPLQLVWHUV


    
     7KH +RQRUDEOH 3HWHU & (FRQRPXV 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
WKH 1RUWKHUQ 'LVWULFW RI 2KLR
1R             <HDJHUY*HQHUDO0RWRUV&RUS            

LWV DSSUHQWLFH SURJUDP LQ FRPSOLDQFH ZLWK LWV FROOHFWLYH
EDUJDLQLQJ DJUHHPHQW ZLWK WKH ,QWHUQDWLRQDO 8QLRQ 8$:
8$:
   *0& VHHNV DSSUHQWLFH DSSOLFDQWV E\ SXEOLVKLQJ QRWLFHV
ZLWK LQIRUPDWLRQ DERXW WKH SURJUDP DQG WKH DSSOLFDWLRQ
SURFHVV:KLWHPDOHVLQWHUHVWHGLQWKHDSSUHQWLFHSURJUDP
PXVWVXEPLWDSSOLFDWLRQV*0&DFFHSWVDOLPLWHGQXPEHURI
DSSOLFDWLRQV HDFK KLULQJ SHULRG RQ D ILUVWFRPH ILUVWVHUYH
EDVLV*0&VHQGVFRPSOHWHGDSSOLFDWLRQVWRDQLQGHSHQGHQW
ILUPWKDWUDQGRPO\VHOHFWVDVSHFLILHGQXPEHURIDSSOLFDQWV
ZKR DUH WKHQ SHUPLWWHG WR WDNH D ZULWWHQ H[DPLQDWLRQ  ,Q
DGGLWLRQ*0&VHHNVTXDOLILHGPLQRULW\DQGIHPDOHDSSOLFDQWV
WR WKH DSSUHQWLFH SURJUDP WKURXJK LWV FRQWDFWV ZLWK ORFDO
PLQRULW\ DQG IHPDOH HPSOR\PHQW RUJDQL]DWLRQV  (DFK
DSSOLFDQWOLVWVWKHWRSWKUHHVNLOOHGWUDGHVIRUZKLFKWKH\ZDQW
WREHFRQVLGHUHG
  :KLWH PDOH DSSOLFDQWV WKDW DUH UDQGRPO\ VHOHFWHG WDNH D
ZULWWHQ H[DP WKDW HYDOXDWHV WKHLU JHQHUDO DELOLWLHV LQ DUHDV
VXFKDVPDWKHPDWLFVDQGUHDGLQJFRPSUHKHQVLRQ5HFUXLWHG
PLQRULW\ DSSOLFDQWV DQG IHPDOH DSSOLFDQWV DUH SHUPLWWHG WR
WDNH WKH ZULWWHQ H[DPLQDWLRQ ZLWKRXW EHLQJ UDQGRPO\
VHOHFWHG  ,I DQ DSSOLFDQW KDV SUHYLRXVO\ WDNHQ DQ H[DP DW
DQRWKHU*0&SODQWDQGLVUDQGRPO\VHOHFWHGWKHDSSOLFDQW
PD\KDYHWKHLUSUHYLRXVWHVWVFRUHWUDQVIHUUHG
  $SSOLFDQWVDUHUDQNHGE\WKHLUZULWWHQH[DPVFRUH7KHWRS
WKLUW\SHUFHQWRIPLQRULW\DSSOLFDQWVIHPDOHDSSOLFDQWVDQG
ZKLWH PDOH DSSOLFDQWV DUH LQWHUYLHZHG $SSOLFDQWV UHFHLYH
DQRWKHUVFRUHIRUWKHLULQWHUYLHZSHUIRUPDQFH
  $SSOLFDQWVUHFHLYHDQRYHUDOOUDQNLQJIRUHDFKVNLOOHGWUDGH
EDVHGRQWKHVXPRIWKHLUZULWWHQWHVWDQGLQWHUYLHZVFRUHV
7KHKLJKHVWSRVVLEOHVFRUHLVVHYHQW\WZR$SSUHQWLFHVKLS
VHOHFWLRQVDUHEDVHGVROHO\RQWKHDSSOLFDQWV
WRWDOVFRUHV
  *0& NHHSV VHSDUDWH OLVWV IRU VHQLRULW\ DSSOLFDQWV DQG
QRQVHQLRULW\DSSOLFDQWVSXUVXDQWWRWKHWHUPVRILWVFROOHFWLYH
EDUJDLQLQJDJUHHPHQWZLWKWKH8$:7KXVIRUHYHU\WZR
     <HDJHUY*HQHUDO0RWRUV&RUS                  1R       1R             <HDJHUY*HQHUDO0RWRUV&RUS         

VHQLRULW\ DSSOLFDQWV RIIHUHG DSSUHQWLFHVKLSV RQO\ RQH                7ZRIHGHUDOGLVWULFWFRXUWVKDYHFRQVLGHUHGWKLVTXHVWLRQ
QRQVHQLRULW\DSSOLFDQWPD\EHRIIHUHGDQDSSUHQWLFHVKLS                DQG ERWK KHOG WKDW D YROXQWDU\ FRQWUDFWXDO UHODWLRQVKLS
                                                                        EHWZHHQ D SULYDWH FRUSRUDWLRQ DQG WKH IHGHUDO JRYHUQPHQW
   $SSOLFDQWV
 UDQNHG SRVLWLRQV RQ WKH VHQLRULW\ DQG              GRHVQRWPDNHWKHSULYDWHFRUSRUDWLRQDQDFWRUXQGHUFRORURI
QRQVHQLRULW\OLVWVPD\FKDQJHLQWKHIROORZLQJWKUHHZD\V              IHGHUDOODZ,Q0F/DXJKOLQY*UHDW/DNHV'UHGJH	'RFN
DVQHZDSSOLFDQWVDUHWHVWHGDQGDGGHGWRWKHOLVWDV          &R)6XSS1'2KLRWKHFRXUWGHWHUPLQHG
DSSOLFDQWVDUHVHOHFWHGIRUDSSUHQWLFHVKLSVDQGWDNHQRIIWKH           WKDWWKHGHIHQGDQW
VLPSOHPHQWDWLRQRIDQDIILUPDWLYHDFWLRQ
OLVW DQG  ZKHQ DSSOLFDQWV DUH DOORZHG WR UHWHVW DQG WKH   SURJUDPLQFRPSOLDQFHZLWK([HFXWLYH2UGHU1RZDV
RYHUDOOUDQNLQJVDUHUHDGMXVWHG7KHLQLWLDORYHUDOOUDQNLQJV          YROXQWDU\DQGQRWIHGHUDODFWLRQ/LNHZLVHLQ.LSSY/79
IRUHDFKVNLOOHGWUDGHDUHJHQHUDWHGZLWKRXWUHJDUGWRUDFHRU          $HURVSDFH	'HI)6XSS1'7H[DV
VH[+RZHYHUPLQRULW\DQGIHPDOHDSSOLFDQWVPD\DWWHPSW               WKHFRXUWGHWHUPLQHGWKDWDSULYDWHSDUW\
VLPSOHPHQWDWLRQRI
WRLQFUHDVHWKHLUWRWDOVFRUHVE\SDUWLFLSDWLQJLQ*0&
V3UH           D GUXJWHVWLQJ SURJUDP LQ FRPSOLDQFH ZLWK LWV FRQWUDFWXDO
$SSUHQWLFH 7UDLQLQJ 3URJUDP WUDLQLQJ SURJUDP DQG WKH          UHODWLRQVKLS ZLWK WKH JRYHUQPHQW ZDV YROXQWDU\ DQG QRW
RYHUDOOUDQNLQJVDUHDGMXVWHGDFFRUGLQJO\                              IHGHUDODFWLRQ
   *0&FRQGXFWVDWUDLQLQJSURJUDPIRUPLQRULW\DQGIHPDOH                ,QWKLVFDVH*0&GLGQRWDFWXQGHUFRORURIIHGHUDOODZ
DSSOLFDQWV ZKRVH VFRUHV DUH QHDU WKH VHOHFWLRQ UDQJH  7KH     *0& YROXQWDULO\ HQWHUHG LQWR LWV FRQWUDFW ZLWK WKH IHGHUDO
WUDLQLQJSURJUDPSURYLGHVDGGLWLRQDOWUDLQLQJWRPLQRULW\DQG           JRYHUQPHQWDQGLWVDSSUHQWLFHSURJUDPZDVLWVRZQFUHDWLRQ
IHPDOH DSSUHQWLFH SURJUDP FDQGLGDWHV  )ROORZLQJ WKHLU            *0&GHVLJQHGLPSOHPHQWHGDQGKDVDOZD\VDGPLQLVWHUHGLWV
WUDLQLQJPLQRULW\DQGIHPDOHDSSOLFDQWVPD\WDNHDZULWWHQ             DSSUHQWLFHVKLSSURJUDPLQGHSHQGHQWO\IURPWKHJRYHUQPHQW
WHVWWKDWPD\LPSURYHWKHLUWRWDOVFRUHE\XSWRVHYHQSRLQWV          ,Q DGGLWLRQ ZH QRWH WKDW <HDJHU FLWHG QR OHJDO DXWKRULW\
+RZHYHUWKHWUDLQLQJSURJUDPSDUWLFLSDQWVPD\QRWUHFHLYH              VXSSRUWLQJ KLV DUJXPHQW WKDW *0& DFWHG XQGHU FRORU RI
D WRWDO VFRUH H[FHHGLQJ WKH PD[LPXP SRVVLEOH VFRUH RI           IHGHUDOODZZKHQLWYROXQWDULO\LPSOHPHQWHGLWVDSSUHQWLFH
VHYHQW\WZR7KHWUDLQLQJSURJUDP
VSDUWLFLSDQWV
WHVWSRLQWV          SURJUDP7KHUHIRUH*0&GLGQRWDFWDVDQLQVWUXPHQWRIWKH
DUHDGGHGWRWKHLUWRWDOVFRUHVDQGWKHRYHUDOOUDQNLQJVDUH           IHGHUDOJRYHUQPHQWLQDGPLQLVWHULQJLWVDSSUHQWLFHSURJUDP
DGMXVWHGDFFRUGLQJO\                                                   DQGWKH)LIWK$PHQGPHQWGRHVQRWDSSO\WRWKHFRQGXFWRI
                                                                        *0&LQWKLVFDVH
   <HDJHU LV D QRQVHQLRULW\ ZKLWH PDOH  +H DSSOLHG WR WKH
DSSUHQWLFHSURJUDPDW*0&
V/RUGVWRZQ$VVHPEO\3ODQWLQ                 ,9 &21&/86,21
  +H WRRN KLV ILUVW ZULWWHQ H[DP LQ  DQG ZDV
LQWHUYLHZHGLQIRUKLVVHOHFWHGWKUHHSRVLWLRQV7UXFN               7KH GLVWULFW FRXUW GLG QRW HUU ZKHQ LW JUDQWHG VXPPDU\
5HSDLU 7RRO 0DNLQJ DQG 3LSHILWWLQJ  +H DWWDLQHG KLV         MXGJPHQWLQIDYRURI*0&RQ<HDJHU
V7LWOH9,,DQG)LIWK
KLJKHVW VFRUH ILIW\WKUHH LQ 7UXFN 5HSDLU  ,Q  IRXU    $PHQGPHQW FODLPV  7KHUHIRUH ZH $)),50 WKH GLVWULFW
VHQLRULW\ SRVLWLRQV DQG RQH QRQVHQLRULW\ SRVLWLRQ LQ 7UXFN       FRXUW
VJUDQWVRIVXPPDU\MXGJPHQWLQIDYRURI*0&
5HSDLU EHFDPH DYDLODEOH  7KH QRQVHQLRULW\ SRVLWLRQ ZDV
ILOOHG E\ D ZKLWH PDOH ZLWK D VFRUH RI VL[W\HLJKW ILIWHHQ
SRLQWVKLJKHUWKDQ<HDJHU
VVFRUH,QDQHZDSSUHQWLFH
FODVVZDVVHOHFWHGEXWRQO\WZRVHQLRULW\DQGQRQRQVHQLRULW\
SRVLWLRQVRSHQHGLQ7UXFN5HSDLU
    <HDJHUY*HQHUDO0RWRUV&RUS                   1R       1R             <HDJHUY*HQHUDO0RWRUV&RUS          

3URFHVV &ODXVH JLYHV ULVH WR %LYHQV HPSOR\PHQW                        ,Q<HDJHUH[HUFLVHGKLVRSWLRQWRUHWDNHWKHZULWWHQ
GLVFULPLQDWLRQDFWLRQ$%LYHQVDFWLRQLVDMXGLFLDOO\FUHDWHG         H[DPDQGFKDQJHGKLV7UXFN5HSDLUSUHIHUHQFHWR0LOOZULJKW
GDPDJHV UHPHG\ GHVLJQHG WR YLQGLFDWH YLRODWLRQV RI                 $IWHUKLVLQWHUYLHZV<HDJHUDFKLHYHGDWRWDOVFRUHRIVL[W\LQ
FRQVWLWXWLRQDOULJKWVE\IHGHUDODFWRUV86DW,Q        0LOOZULJKW ILIW\VHYHQ LQ 7RRO 0DNLQJ DQG ILIW\ILYH LQ
9HFWRU5HVHDUFK,QFY+RZDUG	+RZDUG$WWRUQH\V3&                 3LSHILWWLQJ/DWHUWKDW\HDU*0&VHOHFWHGDSSUHQWLFHVIRULWV
 )G   WK &LU  WKLV FRXUW KHOG WKDW      $VVHPEO\ 3ODQW  7KLUWHHQ VHQLRULW\ DQG VL[ QRQVHQLRULW\
SULYDWHDFWRUVZKRFDXVHFRQVWLWXWLRQDOLQMXULHVFDQEHKHOG             0LOOZULJKWDSSUHQWLFHVKLSVEHFDPHDYDLODEOH6L[VHQLRULW\
OLDEOHIRUGDPDJHVXQGHU%LYHQVLIWKHLUFRQGXFWLVVRUHODWHG          DQG WKUHH QRQVHQLRULW\ 3LSHILWWLQJ DSSUHQWLFHVKLSV EHFDPH
WRWKHIHGHUDOJRYHUQPHQWWKDWWKH\FDQEHUHJDUGHGDVIHGHUDO           DYDLODEOH7KUHHVHQLRULW\DQGRQHQRQVHQLRULW\7RRO0DNLQJ
DJHQWV RU DFWRUV WKDW LV WKDW WKH SULYDWH FRUSRUDWLRQ DFWHG   DSSUHQWLFHVKLSVEHFDPHDYDLODEOH<HDJHU
VWRWDOVFRUHSODFHG
XQGHUFRORURIIHGHUDOODZ6HHDOVR+DPPRQVY1RUIRON6              KLP IRXUWHHQWK DPRQJ WKH QRQVHQLRULW\ ZKLWH PDOHV IRU
&RUS)GWK&LU7KHUHIRUH*0&
V              0LOOZULJKWWZHQW\IRXUWKIRU3LSHILWWLQJDQGWKLUW\VL[WKIRU
OLDELOLW\ GHSHQGV RQ ZKHWKHU *0& DFWHG XQGHU FRORU RI            7RRO 0DNLQJ  7KH WRS ILIW\ FDQGLGDWHV IRU WKH DSSUHQWLFH
IHGHUDOODZZKHQLWLPSOHPHQWHGLWVDSSUHQWLFHSURJUDP                  SRVLWLRQVZHUHDOOZKLWHPDOHVDQG<HDJHUZDVQRWDPRQJ
                                                                         WKHP$IWHUWKHWUDLQLQJSURJUDPSRLQWVZHUHIDFWRUHGLQWR
   *0& LPSOHPHQWHG LWV DSSUHQWLFH SURJUDP DV SDUW RI D           WKHRYHUDOOUDQNLQJVWKLUW\HLJKWZKLWHPDOHVZHUHDFFHSWHG
&RQFLOLDWLRQ $JUHHPHQW ZLWK WKH (TXDO (PSOR\PHQW                    LQWRWKHDSSUHQWLFHSURJUDP:RPHQDQGPLQRULWLHVZKRKDG
2SSRUWXQLW\&RPPLVVLRQ7KH$JUHHPHQWWHUPLQDWHGE\LWV                 VFRUHV ORZHU WKDQ <HDJHU
V EHIRUH WKH\ SDUWLFLSDWHG LQ WKH
RZQ WHUPV LQ  EHIRUH DQ\ RI WKH HYHQWV UHODWLQJ WR        WUDLQLQJ SURJUDP ZHUH VHOHFWHG IRU WKH DSSUHQWLFHVKLS
<HDJHU
VFRPSODLQWRFFXUUHG3XUVXDQWWR([HFXWLYH2UGHU                SURJUDP
1RZKLFKUHTXLUHVJRYHUQPHQWFRQWUDFWRUVWRKDYH
DIILUPDWLYHDFWLRQSURJUDPV*0&FRQWLQXHGLWVDSSUHQWLFH                   ,Q  <HDJHU DSSOLHG WR WKH DSSUHQWLFH SURJUDP DW
SURJUDPLQFRPSOLDQFHZLWKWKH8QLWHG6WDWHV'HSDUWPHQWRI               *0&
V/RUGVWRZQ)DEULFDWLRQ3ODQW7KH)DEULFDWLRQ3ODQW
/DERU
V 2IILFH RI )HGHUDO &RQWUDFW &RPSOLDQFH 3URJUDPV            LVDVHSDUDWHIDFLOLW\IURPWKH$VVHPEO\3ODQWDQGLWKDVLWV
([HFXWLYH 2UGHU 1R   &)5                RZQ VHSDUDWH DSSUHQWLFH SURJUDP  $SSOLFDQWV ZLWK D
UHSULQWHG DV DPHQGHG LQ  86&  H QRWH  7KH           SUHYLRXVVFRUHDWDQRWKHU*0&IDFLOLW\PD\KDYHWKHLUWRWDO
DSSUHQWLFHSURJUDPLVDOVRUHJLVWHUHGZLWKWKH'HSDUWPHQWRI             VFRUHDSSOLHGWRWKH)DEULFDWLRQ3ODQWDSSUHQWLFHSURJUDPEXW
/DERU
V%XUHDXRI$SSUHQWLFH7UDLQLQJ<HDJHUDUJXHVWKDW               WKH\ PXVW ILUVW JR WKURXJK WKH UDQGRP VHOHFWLRQ SURFHVV
*0&
VFRPSOLDQFHZLWKWKHVHJRYHUQPHQWSURJUDPVDVSDUW                  <HDJHU ZDV QRW UDQGRPO\ VHOHFWHG IRU WKH QRQVHQLRULW\
RILWVFRQWUDFWXDOUHODWLRQVKLSZLWKWKHJRYHUQPHQWHVWDEOLVKHV          DSSOLFDQWOLVWDQGWKHUHIRUHKLVVFRUHVZHUHQRWWUDQVIHUUHG
WKDW*0&ZDVDFWLQJXQGHUFRORURIODZDQGWKHUHIRUH*0&
VKRXOG EH FRQVLGHUHG D IHGHUDO DFWRU VXEMHFW WR )LIWK              <HDJHUILOHGDFRPSODLQWDJDLQVW*0&DOOHJLQJYLRODWLRQV
$PHQGPHQWFRQVWUDLQWV                                                   RI 7LWOH 9,, DQG WKH )LIWK $PHQGPHQW LQ UHODWLRQ WR WKH
                                                                         DGPLQLVWUDWLRQ RI WKH DSSUHQWLFH SURJUDP DW WKH $VVHPEO\
   7KH GLVWULFW FRXUW GHWHUPLQHG WKDW *0&
V YROXQWDU\              3ODQW/DWHUKHILOHGDQDPHQGHGFRPSODLQWPDNLQJ7LWOH9,,
FRPSOLDQFH ZLWK JRYHUQPHQW UHJXODWLRQV DV SDUW RI LWV             DQG)LIWK$PHQGPHQWFODLPVLQUHODWLRQWRWKHDGPLQLVWUDWLRQ
FRQWUDFWXDOUHODWLRQVKLSZLWKWKHJRYHUQPHQWGLGQRWVXSSRUW             RI WKH DSSUHQWLFH SURJUDP DW WKH )DEULFDWLRQ 3ODQW  7KH
DILQGLQJRIDFWLRQXQGHUIHGHUDOODZ:HDJUHH                      GLVWULFWFRXUWILUVWJUDQWHG*0&
VPRWLRQIRUSDUWLDOVXPPDU\
                                                                         MXGJPHQW RQ <HDJHU
V 7LWOH 9,, FODLPV LQ UHODWLRQ WR WKH
                                                                         $VVHPEO\3ODQWDQGRQ<HDJHU
V)LIWK$PHQGPHQWFODLPVLQ
     <HDJHUY*HQHUDO0RWRUV&RUS                   1R       1R             <HDJHUY*HQHUDO0RWRUV&RUS         

UHODWLRQ WR ERWK 3ODQWV  7KHQ WKH GLVWULFW FRXUW JUDQWHG      ZDVQRWUDQGRPO\VHOHFWHGWREHLQFOXGHGRQWKH)DEULFDWLRQ
*0&
VPRWLRQIRUVXPPDU\MXGJPHQWLQUHODWLRQWR<HDJHU
V                3ODQW QRQVHQLRULW\ DSSOLFDQW OLVW  0LQRULW\ DQG IHPDOH
7LWOH9,,FODLPVUHJDUGLQJWKH)DEULFDWLRQ3ODQW<HDJHUILOHG          FDQGLGDWHVDUHQRWVXEMHFWHGWRWKHUDQGRPVHOHFWLRQSURFHVV
DWLPHO\QRWLFHRIDSSHDO2QDSSHDO<HDJHUDUJXHVWKDWKH             <HDJHUDUJXHVWKDWKLVVFRUHVZRXOGKDYHEHHQWUDQVIHUUHGWR
KDV VWDQGLQJ WR UDLVH KLV 7LWOH 9,, FODLPV DQG *0&
V            WKH)DEULFDWLRQ3ODQWH[FHSWIRUKLVUDFHDQGVH[DQGWKDWLI
DSSUHQWLFHSURJUDPFRQVWLWXWHVDFWLRQXQGHUFRORURIODZDQG            KLVVFRUHVKDGEHHQWUDQVIHUUHGKHZRXOGKDYHEHHQVHOHFWHG
WKHUHIRUH *0& VKRXOG EH VXVFHSWLEOH WR KLV )LIWK                 DVD0LOOZULJKWDSSUHQWLFH
$PHQGPHQWFODLPV
                                                                           :KHWKHU<HDJHU
VVFRUHVZRXOGKDYHEHHQWUDQVIHUUHGEXW
,,, ',6&866,21                                                          IRUKLVUDFHDQGVH[LVLQDSSRVLWH7KHUHOHYDQWTXHVWLRQIRU
                                                                         WKHSXUSRVHRIDVVHVVLQJVWDQGLQJLVZKHWKHU<HDJHUZRXOG
   :HUHYLHZWKHGLVWULFWFRXUW
VJUDQWRIVXPPDU\MXGJPHQW              KDYH EHHQ KLUHG DV DQ DSSUHQWLFH LI KH KDG EHHQ UDQGRPO\
GHQRYR7D\ORUY0LFK'HSWRI&RUU)GWK            VHOHFWHG
&LU:HYLHZWKHHYLGHQFHLQWKHOLJKWPRVWIDYRUDEOH
WRWKHQRQPRYLQJSDUW\WRGHWHUPLQHZKHWKHUDJHQXLQHLVVXH                 <HDJHU ODFNV VWDQGLQJ EHFDXVH KH ZRXOG QRW KDYH EHHQ
RIPDWHULDOIDFWH[LVWV$GLFNHVY6+.UHVV	&R86          VHOHFWHGDVD0LOOZULJKWDSSUHQWLFHHYHQLIKLVVFRUHVKDGEHHQ
6XPPDU\MXGJPHQWLVSURSHULIWKHHYLGHQFH             WUDQVIHUUHG WR WKH )DEULFDWLRQ 3ODQW  <HDJHU DFKLHYHG D
VKRZ>V@WKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFW          ZULWWHQH[DPLQDWLRQVFRUHRIWKLUW\WKUHH(YHQLIZHDVVXPH
DQGWKDWWKHPRYLQJSDUW\LVHQWLWOHGWRDMXGJPHQWDVDPDWWHU          IRUWKHVDNHRIDUJXPHQWWKDW<HDJHUZRXOGKDYHDFKLHYHG
RIODZ)HG5&LY3F                                         WKHPD[LPXPLQWHUYLHZVFRUHRIWZHQW\VHYHQKLVWRWDOVFRUH
                                                                         ZRXOGKDYHEHHQVL[W\,Q*0&KLUHGWZRQRQVHQLRULW\
                                 $                                      ZKLWH PDOH 0LOOZULJKW DSSUHQWLFHV DQG ERWK KDG VFRUHV RI
                                                                         VL[W\IRXU(YHQLI<HDJHU
VVFRUHVKDGEHHQWUDQVIHUUHGWRWKH
  $UWLFOH ,,, RI WKH &RQVWLWXWLRQ OLPLWV WKH MXULVGLFWLRQ RI     )DEULFDWLRQ 3ODQW KH ZRXOG QRW KDYH EHHQ VHOHFWHG IRU D
IHGHUDOFRXUWVWRFDVHVRUFRQWURYHUVLHV 86 & $% DUW,,,          0LOOZULJKWDSSUHQWLFHVKLSEHFDXVHWKHWZRQRQVHQLRULW\ZKLWH
   7KH FDVHVRUFRQWURYHUVLHV UHTXLUHPHQW KDV WKH              PDOHVKLUHGE\*0&SRVVHVVHGVXSHULRUTXDOLILFDWLRQVLH
IROORZLQJWKUHHHOHPHQWVDQLQMXU\LQIDFWDFDXVDO            KLJKHU VFRUHV  7KXV <HDJHU ODFNV VWDQGLQJ EHFDXVH KH
UHODWLRQVKLSEHWZHHQWKHFKDOOHQJHGFRQGXFWDQGWKHLQMXU\              VXIIHUHGQRLQMXU\LQIDFW7KHUHIRUHWKHGLVWULFWFRXUWGLGQRW
DQG  D OLNHOLKRRG WKDW WKH LQMXU\ ZLOO EH UHGUHVVHG E\ D   HUUZKHQLWJUDQWHGVXPPDU\MXGJPHQWLQIDYRURI*0&RQ
IDYRUDEOH GHFLVLRQ  1RUWKHDVWHUQ )OD &KDSWHU RI WKH             <HDJHU
V7LWOH9,,FODLPVUHJDUGLQJWKH)DEULFDWLRQ3ODQW
$VVRFLDWHG*HQ&RQWUDFWRUVRI$PY&LW\RIsDFNVRQYLOOH
867RVKRZDQLQMXU\LQIDFWLQ                                             '
WKH FRQWH[W RI DIILUPDWLYH DFWLRQ SURJUDPV WKH FKDOOHQJHU
QHHGRQO\VKRZWKDWEXWIRUWKHSURJUDPKHZRXOGKDYHEHHQ                )LQDOO\<HDJHUDUJXHVWKDW*0&
VUHIXVDOWRKLUHKLPLQWR
FRQVLGHUHGIRUWKHMRE%UXQHWY&LW\RI&ROXPEXV           LWV DSSUHQWLFH SURJUDP YLRODWHG KLV HTXDO SURWHFWLRQ ULJKWV
)GWK&LU                                           XQGHUWKH)LIWK$PHQGPHQW
V'XH3URFHVV&ODXVH$OWKRXJK
                                                                         <HDJHU
V FRPSODLQW GRHV QRW VD\ VR ZH DVVXPH WKDW KH LV
  <HDJHU DUJXHV WKDW KH VDWLVILHG WKH LQMXU\ LQ IDFW             DOOHJLQJ KLV )LIWK $PHQGPHQW FODLP XQGHU %LYHQV Y 6L[
UHTXLUHPHQW IRU KLV 7LWOH 9,, FODLPV UHJDUGLQJ *0&
V              8QNQRZQ 1DPHG $JHQWV  86    6HH DOVR
$VVHPEO\ 3ODQWEHFDXVHKHVXIIHUHGWKUHHGLVWLQFWLQMXULHV             'DYLVY3DVVPDQ86KROGLQJWKDW
)LUVW <HDJHU DUJXHV KH KDV EHHQ LQMXUHG EHFDXVH WUDLQLQJ        HTXDOSURWHFWLRQFRPSRQHQWRIWKH)LIWK$PHQGPHQW
V'XH
    <HDJHUY*HQHUDO0RWRUV&RUS                1R      1R                      <HDJHUY*HQHUDO0RWRUV&RUS                             

FRXUWLQLWVPRWLRQIRUVXPPDU\MXGJPHQWDQG<HDJHUKDGD            SURJUDPSRLQWVDZDUGHGWRPLQRULW\DQGIHPDOHDSSUHQWLFH
FKDQFH WR UHVSRQG  7KHUHIRUH ZH FDQ FRQVLGHU ZKHWKHU       FDQGLGDWHV ZLOO DGYHUVHO\ DIIHFW KLV IXWXUH UDQNLQJ  7R
<HDJHU KDV HVWDEOLVKHG D SULPD IDFLH FDVH RI UHYHUVH         GHPRQVWUDWHDQLQMXU\LQIDFWDSODLQWLIIPXVWVKRZWKDWKH
GLVFULPLQDWLRQ                                                      KDVVXVWDLQHGRULVLPPHGLDWHO\LQGDQJHURIVXVWDLQLQJVRPH
                                                                     GLUHFWLQMXU\DVWKHUHVXOWRIWKHFKDOOHQJHGFRQGXFWDQG
  $SULPDIDFLHFDVHRIUHYHUVHGLVFULPLQDWLRQLVHVWDEOLVKHG        WKHLQMXU\RUWKUHDWRILQMXU\PXVWEHERWKUHDODQGLPPHGLDWH
XSRQDVKRZLQJWKDW
EDFNJURXQGFLUFXPVWDQFHVVXSSRUWWKH           QRW FRQMHFWXUDO RU K\SRWKHWLFDO  &LW\ RI /RV $QJHOHV Y
VXVSLFLRQ WKDW WKH GHIHQGDQW LV WKDW XQXVXDO HPSOR\HU ZKR    /\RQV  86    LQWHUQDO TXRWDWLRQV
GLVFULPLQDWHVDJDLQVWWKHPDMRULW\
DQGXSRQDVKRZLQJ         RPLWWHG
WKDW WKH HPSOR\HU WUHDWHG GLIIHUHQWO\ HPSOR\HHV ZKR ZHUH
VLPLODUO\VLWXDWHGEXWQRWPHPEHUVRIWKHSURWHFWHGJURXS             7KHGLVWULFWFRXUWGHWHUPLQHGWKDW<HDJHU
VSRWHQWLDOIXWXUH
0XUUD\Y7KLVWOHGRZQ5DFLQJ&OXE,QF)G             LQMXU\ ZDV WRR VSHFXODWLYH WR VDWLVI\ $UWLFOH ,,,
V VWDQGLQJ
WK &LU  TXRWLQJ 3DUNHU Y %DOWLPRUH 	 2KLR 55    UHTXLUHPHQWV  :H DJUHH  $Q\ SRVVLEOH LQMXU\ WR <HDJHU
V
&R)G'&&LU*0&PDLQWDLQV           IXWXUH UDQNLQJ LV QRW LPPLQHQW  *0& PD\ WHUPLQDWH LWV
WKHUH LV QR HYLGHQFH VXSSRUWLQJ DQ LQIHUHQFH WKDW LW         WUDLQLQJSURJUDPDWDQ\WLPH)XWXUHQRQVHQLRULW\DSSUHQWLFH
GLVFULPLQDWHVDJDLQVWZKLWHPHQLQWKHDGPLQLVWUDWLRQRILWV         DSSOLFDQWV PD\ DFKLHYH KLJKHU XQDGMXVWHG VFRUHV WKDQ
DSSUHQWLFHSURJUDP:HDJUHH                                       <HDJHU
V DQG SUHYHQW KLP IURP EHFRPLQJ DQ DSSUHQWLFH
                                                                     UHJDUGOHVVRIWKHWUDLQLQJSURJUDP7KHUHIRUH<HDJHU
VFODLP
  7KHUHLVQRHYLGHQFHWKDW*0&LVWKHXQXVXDOHPSOR\HU              RI SRWHQWLDO IXWXUH LQMXU\ LV WRR VSHFXODWLYH WR JUDQW KLP
WKDW GLVFULPLQDWHV DJDLQVW WKH PDMRULW\  7KH DSSUHQWLFH      VWDQGLQJ
SURJUDP
VRYHUDOOUDQNLQJVUHYHDOWKDWWZHQW\WKUHHRIWKHWRS
WZHQW\ILYHQRQVHQLRULW\FDQGLGDWHVIRU0LOOZULJKWZHUHZKLWH          6HFRQG<HDJHUDUJXHVWKDWKHZDVLQMXUHGEHFDXVHKHGLG
PHQWZHQW\HLJKWRIWKHWRSWKLUW\QRQVHQLRULW\FDQGLGDWHVIRU      QRWUHFHLYHDQDSSUHQWLFHVKLSLQ7RVDWLVI\$UWLFOH,,,
V
3LSHILWWLQJ ZHUH ZKLWH PHQ DQG WZHQW\IRXU RI WKH WRS       FDVHVRUFRQWURYHUVLHV UHTXLUHPHQW WKHUH PXVW EH D FDXVDO
WZHQW\ILYH QRQVHQLRULW\ FDQGLGDWHV IRU 7RRO 0DNLQJ ZHUH       UHODWLRQVKLSEHWZHHQWKHFKDOOHQJHGFRQGXFWDQGWKHLQMXU\
ZKLWHPHQ,QIDFWHLJKW\SHUFHQWRIWKHDSSUHQWLFHVKLSVLQ        1RUWKHDVWHUQ )OD &KDSWHU RI WKH $VVRFLDWHG *HQ
<HDJHU
V VHOHFWHG WUDGHV ZHUH DZDUGHG WR ZKLWH PHQ           &RQWUDFWRUV RI $P Y &LW\ RI sDFNVRQYLOOH  86 DW
7KHUHIRUH WKH GLVWULFW FRXUW GLG QRW HUU ZKHQ LW JUDQWHG   
VXPPDU\MXGJPHQWLQIDYRURI*0&RQ<HDJHU
V7LWOH9,,
FODLPV FRQFHUQLQJ WKH $VVHPEO\ 3ODQW EHFDXVH WKHUH LV QR       7KHGLVWULFWFRXUWGHWHUPLQHGWKDWUHJDUGOHVVRIWKHWUDLQLQJ
HYLGHQFHWKDW*0&GLVFULPLQDWHVDJDLQVWZKLWHPHQLQWKH             SURJUDP<HDJHUZRXOGQRWKDYHUHFHLYHGDQDSSUHQWLFHVKLS
DGPLQLVWUDWLRQRILWVDSSUHQWLFHSURJUDP                          LQ  DQG WKHUHIRUH WKDW QR FDXVDO FRQQHFWLRQ H[LVWHG
                                                                     EHWZHHQ*0&
VWUDLQLQJSURJUDPDQG<HDJHU
VDOOHJHGLQMXU\
                               &                                   :H DJUHH  <HDJHU ZDV QRW LQMXUHG ZLWKLQ WKH PHDQLQJ RI
                                                                     $UWLFOH,,,EHFDXVH*0&KLUHGILIW\DSSUHQWLFHVLQDQG
  7KHGLVWULFWFRXUWGHWHUPLQHGWKDW<HDJHUODFNHGVWDQGLQJ
WR UDLVH KLV 7LWOH 9,, FODLPV FRQFHUQLQJ *0&
V 
DSSUHQWLFHSURJUDPDWLWV)DEULFDWLRQ3ODQW<HDJHUDUJXHV                
WKDWKHKDVVWDQGLQJEHFDXVHKHVDWLVILHG$UWLFOH,,,
VLQMXU\LQ           ,Q KLV EULHI <HDJHU DUJXHG WKDW KH VXIIHUHG LQMXU\ LQ  


IDFWUHTXLUHPHQW7KHUHFRUGVKRZVWKDW<HDJHUZDVQHYHUD
                                                                     DQG      +RZHYHU        <HDJHU   FRQFHGHG      DW   RUDO   DUJXPHQW   WKDW   KH   ODFNV

                                                                     VWDQGLQJ   IRU   KLV      DQG      FODLPV    7KHUHIRUH     ZH   DGGUHVV       VROHO\

YLDEOHDSSUHQWLFHSURJUDPFDQGLGDWHEHFDXVHKLVDSSOLFDWLRQ          <HDJHU
V  FODLP
     <HDJHUY*HQHUDO0RWRUV&RUS                    1R        1R              <HDJHUY*HQHUDO0RWRUV&RUS            

ILIW\ FDQGLGDWHV ZLWK KLJKHU XQDGMXVWHG VFRUHV RXWUDQNHG             EHHQ KLUHG IRU DQ DSSUHQWLFHVKLS  6HH %UXQHW Y &LW\ RI
<HDJHU  7KXV *0&
V WUDLQLQJ SURJUDP GLG QRW SUHYHQW              &ROXPEXV)GDWKROGLQJWKDWWRKDYHVWDQGLQJLQWKH
<HDJHUIURPREWDLQLQJDQDSSUHQWLFHVKLS7KHUHIRUHWKHUHLV              FRQWH[WRIDIILUPDWLYHDFWLRQSURJUDPVWKHFKDOOHQJHUQHHG
QRFDXVDOFRQQHFWLRQEHWZHHQ*0&
VWUDLQLQJSURJUDPDQG                    RQO\ VKRZ WKDW EXW IRU WKH SURJUDP KH ZRXOG KDYH EHHQ
<HDJHU
VDOOHJHGLQMXU\RIIDLOLQJWRUHFHLYHDQDSSUHQWLFHVKLS           FRQVLGHUHGIRUWKHMRE<HDJHU
VH[FOXVLRQIURPWKH
                                                                           WUDLQLQJSURJUDPLVUHOHYDQWIRUWKLVFDVHRQO\DVLWUHODWHVWR
   7KLUG <HDJHU DUJXHV WKDW KH VXIIHUHG DQ LQMXU\ LQ IDFW        *0&
VIDLOXUHWRKLUHKLPDVDQDSSUHQWLFH7KHUHFRUGVKRZV
EHFDXVH KH ZDV QRW DOORZHG WR SDUWLFLSDWH LQ WKH WUDLQLQJ         WKDW<HDJHUDOOHJHGLQKLVFRPSODLQWWKDW*0&YLRODWHG7LWOH
SURJUDP LQ   ,Q VXSSRUW RI KLV VWDQGLQJ DUJXPHQW            9,,DQGWKH)LIWK$PHQGPHQWZKHQLWUHIXVHGWRKLUHKLPLQWR
<HDJHUUHOLHVXSRQ5HJHQWVRIWKH8QLYRI&DOY%DNNH              LWVDSSUHQWLFHSURJUDP<HDJHU
VFRPSODLQWVHHNVLQMXQFWLYH
86,Q%DNNHDZKLWHPDOHDSSOLFDQWFODLPHGWKH              UHOLHI HOLPLQDWLQJ WKH WUDLQLQJ SURJUDP SUHFLVHO\ EHFDXVH
PHGLFDO VFKRRO
V VSHFLDO DGPLVVLRQV SURJUDP YLRODWHG WKH             <HDJHU
VFRPSODLQWLVSUHGLFDWHGRQWKHDVVXPSWLRQWKDWEXW
)RXUWHHQWK $PHQGPHQW
V (TXDO 3URWHFWLRQ &ODXVH EHFDXVH                IRU WKH WUDLQLQJ SURJUDP KH ZRXOG KDYH EHHQ KLUHG IRU DQ
VL[WHHQRIRQHKXQGUHGVHDWVZHUHUHVHUYHGIRUGLVDGYDQWDJHG               DSSUHQWLFHVKLS  *0&
V IDLOXUH WR DFFHSW <HDJHU LQWR WKH
PLQRULW\VWXGHQWV7KH&RXUWDGGUHVVHG$UWLFOH,,,
VVWDQGLQJ             WUDLQLQJSURJUDPGRHVQRWFRQVWLWXWHDQLQMXU\LQIDFWEHFDXVH
UHTXLUHPHQWVEHIRUHLWUHDFKHGWKHPHULWVRI%DNNH
V(TXDO                 LWLVQRWFDXVDOO\UHODWHGWRKLVDOOHJHGLQMXU\LQWKLVFDVHnKLV
3URWHFWLRQ FODLP  7KH &RXUW GHWHUPLQHG WKDW LW ZDV QRW           H[FOXVLRQ IURP WKH DSSUHQWLFH SURJUDP  :H KDYH DOUHDG\
QHFHVVDU\ IRU %DNNH WR VKRZ WKDW KH ZRXOG KDYH EHHQ               GHWHUPLQHGWKDWUHJDUGOHVVRIWKHWUDLQLQJSURJUDP<HDJHU
DGPLWWHGZLWKRXWWKHUHVHUYDWLRQRIVHDWVEHFDXVHVWDQGLQJ                ZRXOG QRW KDYH UHFHLYHG DQ DSSUHQWLFHVKLS LQ  DQG
PD\EHHVWDEOLVKHGLIWKHSODLQWLIILVQRWJLYHQWKHRSSRUWXQLW\           WKHUHIRUHKHZDVQRWLQMXUHGZLWKLQWKHPHDQLQJRI$UWLFOH,,,
WR FRPSHWH IRU DOO RI WKH DYDLODEOH VORWV  ,G DW  Q   EHFDXVH WKHUH LV QR FDXVDO FRQQHFWLRQ EHWZHHQ *0&
V
<HDJHULQVLVWVWKDWKHKDVVWDQGLQJWRFKDOOHQJHKLVH[FOXVLRQ             WUDLQLQJSURJUDPDQG<HDJHU
VDOOHJHGLQMXU\
IURP *0&
V WUDLQLQJ SURJUDP XQGHU%DNNH
V LQMXU\ LQ IDFW
DQDO\VLVEHFDXVHQRZKLWHPDOHVPD\SDUWLFLSDWHLQ*0&
V                                                    %
WUDLQLQJSURJUDP
                                                                              +RZHYHUHYHQLIZHDVVXPHIRUWKHVDNHRIDUJXPHQWWKDW
  7KHGLVWULFWFRXUWGLVWLQJXLVKHG%DNNHRQWKHEDVLVWKDWWKH             <HDJHUKDGVWDQGLQJWREULQJD7LWOH9,,DFWLRQFRQFHUQLQJ
WUDLQLQJSURJUDPZDVQRWDQHGXFDWLRQDOSURJUDP7KH                 *0&
V $VVHPEO\ 3ODQW DSSUHQWLFH SURJUDP VXFK DFWLRQ
FRXUW GHWHUPLQHG WKDW WKH  WUDLQLQJ SURJUDP PHUHO\              ZRXOG QRW VWDQG RQ WKH PHULWV EHFDXVH <HDJHU FDQQRW
DIIRUGHGPLQRULWLHVDQGIHPDOHVWKHRSSRUWXQLW\WRHDUQXSWR              HVWDEOLVKDSULPDIDFLHFDVHRIUHYHUVHGLVFULPLQDWLRQ:H
VHYHQ H[WUD WRWDO SRLQWV  7KH GLVWULFW FRXUW FRQFOXGHG WKDW      UHFRJQL]H WKDW WKH GLVWULFW FRXUW GLG QRW UHDFK WKLV LVVXH
<HDJHUIDLOHGWRVKRZKHZDVH[FOXGHGIURPDSURJUDPWKDW                  +RZHYHUWKLVFRXUWFDQDIILUPDJUDQWRIVXPPDU\MXGJPHQW
KHZDVHQWLWOHGWREHFDXVHWKHWUDLQLQJSURJUDPZDVQRWDQ                 RQ D JURXQG SUHVHQWHG WR WKH GLVWULFW FRXUW LI WKH RSSRVLQJ
HGXFDWLRQDO SURJUDP  +RZHYHU UHJDUGOHVV RI ZKHWKHU WKH            SDUW\KDGDFKDQFHWRUHVSRQG)R[Y9DQ2RVWHUXP
GLVWULFWFRXUW
VDWWHPSWWRGLVWLQJXLVK%DNNHVXFFHHGV<HDJHU             )GWK&LUFLWLQJ+HUPY6WDIIRUG
ODFNV VWDQGLQJ XQGHU $UWLFOH ,,,
V FDVHVRUFRQWURYHUVLHV             )GQWK&LU$QDSSHOODWHFRXUWFDQ
UHTXLUHPHQW                                                               ILQGDQDOWHUQDWLYHEDVLVIRUFRQFOXGLQJWKDWDSDUW\LVHQWLWOHG
                                                                           WRVXPPDU\MXGJPHQWSURYLGHGLWSURFHHGVFDUHIXOO\VR
  2XU$UWLFOH,,,VWDQGLQJDQDO\VLVIRFXVHVRQZKHWKHU<HDJHU              WKHRSSRVLQJSDUW\LVQRWGHQLHGDQRSSRUWXQLW\WRUHVSRQGWR
KDVVKRZQWKDWEXWIRUWKHWUDLQLQJSURJUDPKHZRXOGKDYH                WKHQHZWKHRU\*0&SUHVHQWHGWKLVLVVXHWRWKHGLVWULFW
