                                                                            5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
     1HDJXHHWDOY&\QNDUHWDO      1RV                    3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

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

XQGHU86&LILWFKRRVHVWRGRVR6HH9DORWY                        )LOH 1DPH DS

6RXWKHDVW/RFDO6FK'LVW%GRI(GXF)G
WK&LU:HQRWHLQSDVVLQJVRPHDPELJXLW\LQWKH
GLVWULFW FRXUWjV RSLQLRQ ZLWK UHVSHFW WR GHIHQGDQW &LW\ RI   81,7('67$7(6&28572)$33($/6
:RUWKLQJWRQ7KHGLVWULFWFRXUWILUVWGHWHUPLQHGWKDWm>W@KH                       )257+(6,;7+&,5&8,7
FLW\DQGWKHVFKRROGLVWULFWDUHLPPXQHIURPOLDELOLW\RQ                      BBBBBBBBBBBBBBBBB
WKHVWDWHODZFODLPVlEXWZHQWRQWRVWDWHWKDWmEHFDXVHD
UHDVRQDEOHMXU\FRXOGILQGWKHDFWLRQVRI6HUJHDQW0XUSK\DQG
0U &\QNDU ZHUH QRW UHDVRQDEOH RU QHFHVVDU\ XQGHU WKH
FLUFXPVWDQFHV'HIHQGDQWV&\QNDUDQGWKH:RUWKLQJWRQ&LW\            s21$7+$1 1($*8(E\KLV           ;
6FKRRO'LVWULFWDUHQRWHQWLWOHGWRVXPPDU\MXGJPHQWRQWKLV         PRWKHUDQGQH[WIULHQG&DURO       
>FRUSRUDOSXQLVKPHQW@FODLPl0HPRUDQGXPDQG2UGHUDW               1HDJXH&$52/ 1($*8(              
   $OWKRXJK ZH DVVXPH WKDW VXPPDU\ MXGJPHQW KDV                                            1RV
EHHQJUDQWHGWRWKHVFKRROGLVWULFWWKHGLVWULFWFRXUWZLOOKDYH    s2+1 1($*8(                       
DQRSSRUWXQLW\RQUHPDQGWRUHVROYHDQ\FRQIXVLRQUHVSHFWLQJ                  3ODLQWLIIV$SSHOOHHV      !
                                                                                                        
WKHUHVROXWLRQRISODLQWLIIVjVWDWHODZFODLPV                                                         
                                                                                Y                      
  7KH GLVWULFW FRXUWjV GHQLDO RI TXDOLILHG LPPXQLW\ WR                                           
GHIHQGDQWV 0XUSK\ DQG &\QNDU LV UHYHUVHG DQG WKH FDXVH                                          
UHPDQGHG IRU IXUWKHU SURFHHGLQJV FRQVLVWHQW ZLWK WKLV          3$8/ &<1.$5
RSLQLRQ                                                             :257+,1*721 &,7< 6&+22/ 
                                                                                                        
                                                                     ',675,&7 :257+,1*721              
                                                                     &,7< 6&+22/ ',675,&7               
                                                                     %2$5' 2) ('8&$7,21                 
                                                                     '$1,(/ 0853+<          
                                                                     &,7< 2) :257+,1*721                
                                                                                              
                                                                                                        
                                                                            'HIHQGDQWV$SSHOODQWV 
                                                                                                       1
                                                                           $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
                                                                          IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV
                                                                        1RnsRKQ'+ROVFKXK'LVWULFWsXGJH
                                                                                      $UJXHG0D\
                                                                                'HFLGHGDQG)LOHGsXO\



                                                                                                
        1HDJXHHWDOY&\QNDUHWDO         1RV   1RV             1HDJXHHWDOY&\QNDUHWDO             

    %HIRUH1255,6DQG6,/(5&LUFXLWsXGJHV67((+                 XQGHU DUUHVW XVH RI KDQGFXIIV DORQH FDQQRW DPRXQW WR
                     'LVWULFWsXGJH                                 H[FHVVLYHIRUFHlIRRWQRWHRPLWWHGFI$WZDWHU Y&LW\RI
                                                                      /DJR 9LVWD  6 &W   ZDUUDQWOHVV DUUHVW
                       BBBBBBBBBBBBBBBBB                              LQFOXGLQJKDQGFXIILQJIRUPLQRUFULPLQDORIIHQVHGRHVQRW
                                                                      YLRODWH)RXUWK$PHQGPHQW,Q.DLQDFDVHWKDWLQYROYHGD
                             &2816(/                                  SROLFHPDQZKRKDGDOOHJHGO\JUDEEHGDVXVSHFWjVPRWKHUE\
                                                                      WKHQHFNDQGSXVKHGKHU DJDLQVWWKHZDOOZHSURYLGHGWKH
$5*8('  6WHYHQ /HH 6PLWK 60,7+ 	 &2/1(5                     IROORZLQJDQDO\VLVRIWKHGRFWULQHRITXDOLILHGLPPXQLW\
&ROXPEXV 2KLR sRKQ & $OEHUW &5$%%( %52:1
s21(6 32776 	 6&+0,'7 &ROXPEXV 2KLR IRU                           ,IWKHH[FHVVLYHIRUFHFRQVLVWHGRIKDQGFXIILQJKHU
$SSHOODQWV  sRKQ : /HLEROG &ROXPEXV 2KLR IRU                LQFRQQHFWLRQZLWKDQDUUHVWWKHFODLPZRXOGIDLOEHFDXVH
$SSHOOHHV  21 %5,()  6WHYHQ /HH 6PLWK 60,7+ 	               LW ZRXOG EH DSSDUHQW RQ LWV IDFH WKDW QR FRQVWLWXWLRQDO
&2/1(5 &ROXPEXV 2KLR sRKQ & $OEHUW &5$%%(                   YLRODWLRQKDGEHHQSOHDGHG,QVXFKDQLQVWDQFHWKHFODLP
%52:1s21(632776	6&+0,'7&ROXPEXV2KLR                          ZRXOGEHVXEMHFWWRGLVPLVVDOXQGHU5XOHERIWKH
IRU $SSHOODQWV  sRKQ : /HLEROG &ROXPEXV 2KLR IRU           )HGHUDO5XOHVRI&LYLO3URFHGXUHRUVXPPDU\MXGJPHQW
$SSHOOHHV                                                              ,WZRXOGQRWEHQHFHVVDU\WRPDNHDTXDOLILHGLPPXQLW\
                                                                        DQDO\VLV,IKRZHYHUWKHSODLQWLIIZHUHWRDPHQGDQG
                       BBBBBBBBBBBBBBBBB                                VWDWH WKH H[FHVVLYH IRUFH FRQVLVWHG RI WKH GHIHQGDQW
                                                                        LQWHQWLRQDOO\DQGPDOLFLRXVO\KDQGFXIILQJKHUVRWLJKWO\
                           23,1,21                                      WKDWVKHORVWFLUFXODWLRQLQERWKKHUZULVWVDQGVXIIHUHG
                       BBBBBBBBBBBBBBBBB                                SK\VLFDO LQMXU\ WKHQ WKH TXDOLILHG LPPXQLW\ DQDO\VLV
  $/$1 ( 1255,6 &LUFXLW sXGJH  'HIHQGDQWV 3DXO                ZRXOGKDYHWREHPDGH
&\QNDUDQG'DQLHO0XUSK\DSSHDOIURPWKHSDUWLDOGHQLDORI            .DLQ)GDW:HQRZPDNHH[SOLFLWZKDWWKLVFRXUW
WKHLU PRWLRQV IRU VXPPDU\ MXGJPHQW  6SHFLILFDOO\ WKHVH       LQ .DLQ LPSOLHG ZKHQ WKHUH LV QR DOOHJDWLRQ RI SK\VLFDO
GHIHQGDQWVWDNHLVVXHZLWKWKHGLVWULFWFRXUWjVFRQFOXVLRQWKDW       LQMXU\WKHKDQGFXIILQJRIDQLQGLYLGXDOLQFLGHQWWRDODZIXO
WKH\ZHUHQRWHQWLWOHGWRTXDOLILHGLPPXQLW\ZLWKUHVSHFWWR          DUUHVWLVLQVXIILFLHQWDVDPDWWHURIODZWRVWDWHDFODLPRI
SODLQWLIIsRQDWKDQ1HDJXHjVDOOHJDWLRQWKDWWKH\GHSULYHGKLP         H[FHVVLYHIRUFHXQGHUWKH)RXUWK$PHQGPHQW7KHWKUHVKROG
RI KLV )RXUWK $PHQGPHQW ULJKW WR EH IUHH IURP H[FHVVLYH      LQTXLU\LQDTXDOLILHGLPPXQLW\LQTXLU\LVZKHWKHUDSODLQWLII
IRUFH  )RU WKH UHDVRQV WKDW IROORZ ZH KROG WKDW WKH       KDVVWDWHGDYDOLGFRQVWLWXWLRQDOFODLP7XUQHUY6FRWW
XQGLVSXWHGIDFWVIDLOWRVXSSRUWDFODLPRIH[FHVVLYHIRUFHDV        )GWK&LU8QGHUWKHXQGLVSXWHGIDFWVRI
DPDWWHURIODZDQGWKDWWKHGHIHQGDQWVDUHWKHUHIRUHHQWLWOHG        WKLV FDVH WKH DQVZHU WR WKDW LQTXLU\ LV QR  $FFRUGLQJO\
WRTXDOLILHGLPPXQLW\                                                GHIHQGDQWV 0XUSK\ DQG &\QNDU DUH HQWLWOHG WR TXDOLILHG
  $WWKHWLPHWKDWWKHGLVSLULWLQJHYHQWVWKDWJDYHULVHWRWKLV      LPPXQLW\
VXLW RFFXUUHG sRQDWKDQ 1HDJXH ZDV D VHYHQWK JUDGHU DW          :LWKUHVSHFWWRWKHVWDWHODZFODLPVRQUHPDQGWKHGLVWULFW
:RUWKLQJZD\0LGGOH6FKRRO+HZDVLQYROYHGLQWZRILJKWV             FRXUWKDVWKHGLVFUHWLRQWRH[HUFLVHVXSSOHPHQWDOMXULVGLFWLRQ

                                                                         
     7KH +RQRUDEOH *HRUJH &DUDP 6WHHK 8QLWHG 6WDWHV 'LVWULFW sXGJH        ,Q WKLV FDVH WKH GLVWULFW FRXUW KHOG WKDW sRQDWKDQjV DUUHVW ZDV ODZIXO
IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ         WKDW GHFLVLRQ LV QRW QRZ EHIRUH XV
      1HDJXHHWDOY&\QNDUHWDO       1RV         1RV        1HDJXHHWDOY&\QNDUHWDO      

)GWK&LUVDPH:HUHFHQWO\               DWVFKRROIRUZKLFKKHZDVUHTXLUHGWRDWWHQGGHWHQWLRQRQ
H[SODLQHG KRZ WR GHWHUPLQH ZKHWKHU DQ RIILFHU ZDV                WKUHH 6DWXUGD\V  2Q 0D\   WKH SULQFLSDO RI WKH
mREMHFWLYHO\UHDVRQDEOHlLQWKHVHWHUPV                                VFKRROGHIHQGDQW&\QNDUFDOOHGsRQDWKDQLQWRKLVRIILFHDQG
                                                                        DVNHGKLPLIKHZDVDZDUHRIDOHWWHUIURPKLVPRWKHU&DURO
    ,QGHWHUPLQLQJZKHWKHUH[FHVVLYHIRUFHZDVXVHG             1HDJXHREMHFWLQJWRWKH6DWXUGD\GHWHQWLRQVsRQDWKDQVDLG
    FRXUWVPXVWDVNZKHWKHUWKHRIILFHUjVDFWLRQVLQOLJKWRI          KHZDQWHGWRFDOOKLVSDUHQWVEXWWKHSULQFLSDOUHSOLHGWKDWKH
    WKH WRWDOLW\ RI WKH FLUFXPVWDQFHV ZHUH REMHFWLYHO\           KDGDOUHDG\WULHGXQVXFFHVVIXOO\WRUHDFKWKHP$OWKRXJKWKH
    UHDVRQDEOH  %HFDXVH WKLV LV D WHVW RI REMHFWLYH            VXFFHVVLRQRIHYHQWVLVQRWQHFHVVDULO\FOHDUsRQDWKDQDJUHHV
    UHDVRQDEOHQHVVWKHXQGHUO\LQJPRWLYDWLRQVRIWKHRIILFHU           WKDW WKH IROORZLQJ WKLQJV KDSSHQHG  WKH SULQFLSDO WROG
    LQPDNLQJWKHDUUHVWVKRXOGQRWEHH[DPLQHG                        sRQDWKDQWRVLWGRZQsRQDWKDQUHSOLHGWKDWWKHSULQFLSDOZDV
                                                                        DmIDJJRWlDQGm)\RXl:KHQWKHSULQFLSDOVDLGKHZDVJRLQJ
       ,Q GHWHUPLQLQJ ZKHWKHU DQ RIILFHUjV DFWLRQV ZHUH           WR WDSH UHFRUG WKH PHHWLQJ sRQDWKDQ NQRFNHG WKH WDSH
    UHDVRQDEOH WKH VSHFLILF IDFWV RI HDFK FDVH DUH NH\        UHFRUGHURXWRIKLVKDQGVGXFNHGXQGHUWKHSULQFLSDOjVDUP
    &RXUWVVKRXOGSD\SDUWLFXODUDWWHQWLRQWRmWKHVHYHULW\RI          DQGUDQRXWRIWKHRIILFH
    WKH FULPH DW LVVXH ZKHWKHU WKH VXVSHFW SRVHV DQ
    LPPHGLDWHWKUHDWWRWKHVDIHW\RIWKHRIILFHUVRURWKHUV             3ULQFLSDO &\QNDU KDG KLV VHFUHWDU\ FDOO  LQ WKH
    DQGZKHWKHUKHLVDFWLYHO\UHVLVWLQJDUUHVWRUDWWHPSWLQJ           PHDQWLPHsRQDWKDQZHQWWRWKHFDIHWHULDDQGUHVXPHGHDWLQJ
    WRHYDGHDUUHVWE\IOLJKWl:KLOHFRXUWVPXVWORRNWRWKH          KLV OXQFK ZKLFK KDG EHHQ LQWHUUXSWHG E\ WKH SULQFLSDOjV
    WRWDOLW\RI WKH FLUFXPVWDQFHVLQGHWHUPLQLQJZKHWKHUD            VXPPRQV:KHQWKHSROLFHDUULYHG3ULQFLSDO&\QNDUWROG
    VHL]XUHZDVUHDVRQDEOHWKH\PXVWEHVXUHWRYLHZWKRVH             WKHPZKDWKDGKDSSHQHGLQFOXGLQJDQDOOHJHGmFKHVWEXWWLQJl
    IDFWVmIURPWKHSHUVSHFWLYHRIDUHDVRQDEOHRIILFHURQWKH          E\sRQDWKDQ7KHSROLFHRIILFHUVSURFHHGHGWRWKHFDIHWHULD
    VFHQHUDWKHUWKDQZLWKWKHYLVLRQRIKLQGVLJKWl            ZLWK3ULQFLSDO&\QNDUZKRDVNHGsRQDWKDQWRFRPHWRWKH
                                                                        RIILFH:KHQWKLVUHTXHVWZHQWXQKHHGHG2IILFHU.LP+XUVW
,GDWFLWDWLRQVWR*UDKDPY&RQQRURPLWWHG                     VDLG m&RPH RQ sRQDWKDQ OHWjV JRl ZKHUHXSRQ sRQDWKDQ
                                                                        VWHSSHGRQKHUIRRWDQGZDONHGTXLFNO\RXWRIWKHFDIHWHULD
  3ODLQWLIIV GR QRW DOOHJH SK\VLFDO LQMXU\ IURP WKH              $VsRQDWKDQSDVVHG6HUJHDQW0XUSK\0XUSK\WRRNKLVDUP
KDQGFXIILQJZKLFKODVWHGDWPRVWWKLUW\WKUHHPLQXWHVWKH             DQGKHOGLWEHKLQGsRQDWKDQjVEDFN
SROLFHORRVHQHGWKHFXIIVZKHQsRQDWKDQVRUHTXHVWHG,QIDFW
&DURO 1HDJXH DJUHHG LQ KHU GHSRVLWLRQ WKDW VKH ZDV mQRW          :KHQ WKH JURXS UHDFKHG WKH SULQFLSDOjV RIILFH 6HUJHDQW
FODLPLQJ DQ\ SK\VLFDO LQMXU\ WR sRQDWKDQ DV D UHVXOW RI WKH   0XUSK\ DVNHG 3ULQFLSDO &\QNDU LI KH VKRXOG KDQGFXII
KDQGFXIILQJl                                                         sRQDWKDQ&\QNDUVDLG\HVDQGWKHVHUJHDQWGLGVR6HUJHDQW
                                                                        0XUSK\VWDWHGWKDWKHZDVDIUDLGsRQDWKDQPLJKWDVVDXOWWKH
   7KLVFRXUWjVRSLQLRQLQ.DLQY1HVELWW)GWK           SULQFLSDODJDLQ$FFRUGLQJWRsRQDWKDQWKHKDQGFXIIVVWD\HG
&LUVXSSRUWVRXUYLHZWKDWWKHKDQGFXIILQJRIDSHUVRQ          RQ IRU WKLUW\WKUHH PLQXWHV KH VWUXJJOHG D ELW ZKLOH
LQWKHFRXUVHRIDQRWKHUZLVHODZIXODUUHVWIDLOVDVDPDWWHURI       KDQGFXIIHGDQGKHDVNHGWKHSROLFHWRORRVHQWKHFXIIVZKLFK
ODZWRVWDWHDFODLPIRUH[FHVVLYHIRUFH6HHDOVR3DOVKRRN           WKH\GLGsRQDWKDQjVSDUHQWVDUULYHGVKRUWO\WKHUHDIWHUDQG
Y sDUUHWW  ) 6XSS G   1' 2KLR          3ULQFLSDO &\QNDU ZKR GLG QRW SUHVV FULPLQDO FKDUJHV
m,QVRIDUDV>SODLQWLIIjV@FODLPUHVWVHQWLUHO\RQWKHIDFWWKDWKH     VXVSHQGHGsRQDWKDQIRUWHQGD\V
ZDVKDQGFXIIHG>WRDEHQFKLQDKROGLQJFHOO@WKHUHLVQR
FDXVHRIDFWLRQIRUH[FHVVLYHIRUFH,WPD\EHWUXHWKDWLWZDV
XQQHFHVVDU\EXWLQWKHFRQWH[WRISODFLQJDQLQGLYLGXDO
     1HDJXHHWDOY&\QNDUHWDO        1RV        1RV          1HDJXHHWDOY&\QNDUHWDO         

  sRQDWKDQjV SDUHQWV DSSHDOHG WKH VXVSHQVLRQ DQG DIWHU D       DSSURSULDWH  $V WKLV FRXUW KDV QRWHG WKH GLVWULFW FRXUWjV
KHDULQJ WKH VXVSHQVLRQ ZDV UHGXFHG WR HLJKW GD\V  7KH       UHDVRQLQJWKDWWKHUHZDVDQLVVXHRIIDFWGRHVQRWLPPXQL]H
1HDJXHVDSSHDOHGWKHGHFLVLRQWRWKH)UDQNOLQ&RXQW\&RXUW             LVVXHVRIODZXQGHUO\LQJWKHTXDOLILHGLPPXQLW\DQDO\VLV6HH
RI&RPPRQ3OHDVZKLFKIRXQGIRUWKHGHIHQGDQWV                      6DQGHUIHUY1LFKROV)GQWK&LU
                                                                       sRKQVRQYsRQHVGLGQRWEDUUHYLHZRIWKHFDVHHYHQWKRXJK
  3ODLQWLIIVILOHGVXLWDJDLQVWWKHGHIHQGDQWVLQIHGHUDOFRXUW        WKHGLVWULFWFRXUWSKUDVHGLWVGHQLDORITXDOLILHGLPPXQLW\LQ
RQsXQH7KHLUVHFRQGDPHQGHGFRPSODLQWDOOHJHG               WHUPVRIWKHHYLGHQFHVXSSRUWLQJSODLQWLIIjVFODLPEHFDXVH
WKDWGHIHQGDQWVYLRODWHGsRQDWKDQjVULJKWVXQGHUWKH)RXUWK           SODLQWLIIjV YHUVLRQ RI HYHQWV GLG QRW VWDWH D FODLP IRU D
)LIWK (LJKWK DQG )RXUWHHQWK $PHQGPHQWV WKDW WKH               FRQVWLWXWLRQDOYLRODWLRQ
GHIHQGDQWV LQIOLFWHG VHYHUH HPRWLRQDO GLVWUHVV WKDW WKH\
FRPPLWWHGDVVDXOWDQGEDWWHU\WKDWmWKHLQWHQWLRQDOUHVWUDLQW            *RYHUQPHQW RIILFLDOV LQ FLYLO FDVHV DUH SURWHFWHG IURP
RIIUHHGRPZDVGRQHZLWKLQGLIIHUHQFHWRWKHVWDWXWRU\     OLDELOLW\LIWKHLUFRQGXFWGRHVQRWmYLRODWHFOHDUO\HVWDEOLVKHG
FLYLOULJKWVRI3ODLQWLIIlDQGWKDWWKHVFKRROGLVWULFWIDLOHGWR     VWDWXWRU\RUFRQVWLWXWLRQDOULJKWVRIZKLFKDUHDVRQDEOHSHUVRQ
DGHTXDWHO\WUDLQDQGVXSHUYLVHSULQFLSDO&\QNDU                     ZRXOGKDYHNQRZQl+DUORZY)LW]JHUDOG86
                                                                       m>7@KHFRQWRXUVRIWKHULJKWPXVWEHVXIILFLHQWO\
   %HFDXVHWKHSURFHHGLQJVLQWKHGLVWULFWFRXUWKDYHQRWEHHQ         FOHDUWKDWDUHDVRQDEOHRIILFLDOZRXOGXQGHUVWDQGWKDWKLVRU
WHUPLQDWHGE\WKHLVVXDQFHRIDILQDORUGHURXUMXULVGLFWLRQLV       KHU FRQGXFW YLRODWHV WKDW ULJKWl  :HJHQHU Y &LW\ RI
OLPLWHGWRWKHFRQVLGHUDWLRQRIZKHWKHUGHIHQGDQWV&\QNDUDQG          &RYLQJWRQ)GWK&LU7REHFOHDUO\
0XUSK\ ZHUH HQWLWOHG WR TXDOLILHG LPPXQLW\ RQ SODLQWLIIVj       HVWDEOLVKHG D ULJKW PXVW KDYH EHHQ GHFLGHG E\ WKH 8QLWHG
)RXUWK$PHQGPHQWFODLPRIH[FHVVLYHIRUFH6HH0LWFKHOOY            6WDWHV6XSUHPH&RXUWWKH&RXUWRI$SSHDOVRUWKHKLJKHVW
)RUV\WK86KROGLQJmWKDWDGLVWULFW            FRXUWRIWKHVWDWHLQZKLFKWKHDOOHJHGYLRODWLRQRFFXUUHG,G
FRXUWjVGHQLDORIDFODLPRITXDOLILHGLPPXQLW\WRWKHH[WHQW
WKDW LW WXUQV RQ DQ LVVXH RI ODZ LV DQ DSSHDODEOH µILQDO      7KLVFRXUWKDVKHOGWKDWWKHULJKWWREHIUHHIURPH[FHVVLYH
GHFLVLRQj ZLWKLQ WKH PHDQLQJ RI  86&                 IRUFH LV D FOHDUO\ HVWDEOLVKHG )RXUWK $PHQGPHQW ULJKW
QRWZLWKVWDQGLQJ WKH DEVHQFH RI D ILQDO MXGJPHQWl               :DOWRQY&LW\RI6RXWKILHOG)GWK&LU
)XUWKHUPRUH D GHIHQGDQW PD\ QRW DSSHDO D VXPPDU\               $VWKHGLVWULFWFRXUWUHFRJQL]HGVXFKFODLPVWXUQRQ
MXGJPHQWRUGHURQDTXDOLILHGLPPXQLW\FODLPmLQVRIDUDVWKDW          ZKHWKHUWKHRIILFHUjVDFWLRQVZHUHmREMHFWLYHO\UHDVRQDEOHl
RUGHUGHWHUPLQHVZKHWKHURUQRWWKHSUHWULDOUHFRUGVHWVIRUWK         ,GFLWLQJ*UDKDPY&RQQRU86
DµJHQXLQHjLVVXHRIIDFWIRUWULDOlsRKQVRQYsRQHV86      0RUHRYHU D YLDEOH H[FHVVLYH IRUFH FODLP FDQ EH SUHPLVHG
,QWKLVFDVHWKHGLVWULFWFRXUWLGHQWLILHGD        XSRQKDQGFXIILQJ,GH[FHVVLYHIRUFHFODLPFDQEHSUHPLVHG
IDFWXDOGHWHUPLQDWLRQWKDWPXVWEHUHVROYHGE\DMXU\ZKHWKHU         XSRQKDQGFXIILQJLIRIILFHUNQHZSODLQWLIIKDGDQLQMXUHGDUP
LWZDVUHDVRQDEOHIRU6HUJHDQW0XUSK\WRKDQGFXIIsRQDWKDQ             DQGDOVRNQHZSODLQWLIISRVHGQRWKUHDWVHHDOVR0DUWLQY
XQGHUWKHFLUFXPVWDQFHV:KLOHWKHH[LVWHQFHRIDJHQXLQH             +HLGHPDQ)GWK&LURYHUO\
LVVXH RI PDWHULDO IDFW W\SLFDOO\ SUHFOXGHV DSSHDO WKH          WLJKWDSSOLFDWLRQRIKDQGFXIIVGHVSLWHSURWHVWDWLRQVRISODLQWLII
XQGLVSXWHGIDFWVVXSSRUWDILQGLQJRITXDOLILHGLPPXQLW\DVD          FDQVWDWHH[FHVVLYHIRUFHFODLP.RVWU]HZDY&LW\RI7UR\
PDWWHU RI ODZ DQG WKHUHIRUH UHYLHZ E\ WKLV FRXUW LV
                                                                           
                                                                             m:H UHYLHZ WKH GHQLDO RI VXPPDU\ MXGJPHQW RQ JURXQGV RI
                                                                       TXDOLILHG LPPXQLW\ GH QRYR EHFDXVH DSSOLFDWLRQ RI WKLV GRFWULQH LV D
                                                                       TXHVWLRQ RI ODZl 0F&ORXG Y 7HVWD  )G   WK &LU 
                                                                       FLWLQJ 0XPIRUG Y =LHED  )G   WK &LU 
