                                                                                5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
     8QLWHG6WDWHVY&RU%RQ                      1R                      3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

      &XVWRP%XOOHW&R                                                      (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
                                                                                         )LOH 1DPH DS

&6XEMHFWPDWWHUsXULVGLFWLRQ
  &RU%RQDUJXHVWKDWWKHIDLOXUHRIWKHLQGLFWPHQWWRDOOHJH        81,7('67$7(6&28572)$33($/6
DIILUPDWLYH DFWV RI HYDVLRQ GHSULYHG WKH GLVWULFW FRXUW RI                     )257+(6,;7+&,5&8,7
VXEMHFWPDWWHU MXULVGLFWLRQ  $ PDMRULW\ RI WKH FLUFXLWV                         BBBBBBBBBBBBBBBBB
KRZHYHUKDVVSHFLILFDOO\UHMHFWHGWKHQRWLRQWKDWWKHIDLOXUH
RIDQLQGLFWPHQWWRDOOHJHDQHOHPHQWRIDQRIIHQVHFKDUJHG
SUHYHQWV D GLVWULFW FRXUW IURP KDYLQJ VXEMHFWPDWWHU
MXULVGLFWLRQRYHUWKHLQGLFWPHQW8QLWHG6WDWHVY6DQFKH]       81,7(' 67$7(6 2) $0(5,&$         ;
)GWK&LU8QLWHG6WDWHVY3UHQWLVV                    3ODLQWLII$SSHOOHH      
)GWK&LU8QLWHG6WDWHVY1DQFH                                              
 )G   WK &LU  8QLWHG 6WDWHV Y                                            1R
                                                                                 Y                      
0RMLFD%DH])GVW&LU,QVWHDG                                              !
mVXFKIDLOXUHLVVXEMHFWWRKDUPOHVVHUURUUHYLHZl3UHQWLVV                                           
 )G DW   *LYHQ RXU SUHYLRXV GLVSRVLWLRQ RI WKH     &25%21 &86720 %8//(7              
TXHVWLRQRIKDUPOHVVHUURU&RU%RQjVDUJXPHQWIDLOV                 &2                               
                                                                               'HIHQGDQW$SSHOODQW 
                       ,,,&RQFOXVLRQ                                                                  
                                                                                                        1
   )RUWKHIRUHJRLQJUHDVRQVWKHMXGJPHQWRIWKHGLVWULFWFRXUW
LV$)),50('                                                                $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
                                                                           IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW
                                                                       1Rn%HUQDUG$)ULHGPDQ'LVWULFWsXGJH
                                                                                        6XEPLWWHG0DUFK
                                                                                    'HFLGHGDQG)LOHG$SULO
                                                                         %HIRUH.(11('<DQG%2**6&LUFXLWsXGJHV
                                                                                    &2))0$1'LVWULFWsXGJH




                                                                         
                                                                          7KH +RQRUDEOH sHQQLIHU % &RIIPDQ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
                                                                     WKH (DVWHUQ DQG :HVWHUQ 'LVWULFWV RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ



                                                                                                        
        8QLWHG6WDWHVY&RU%RQ                           1R        1R                         8QLWHG6WDWHVY&RU%RQ            
         &XVWRP%XOOHW&R                                                                                               &XVWRP%XOOHW&R

                             BBBBBBBBBBBBBBBBB                                 WKDW &RU%RQ ZDV GLVDGYDQWDJHG LQ DQ\ ZD\ E\ WKH
                                                                               LQGLFWPHQWjVDOOHJHGGHILFLHQF\,QVWHDGWKHUHFRUGLQGLFDWHV
                                &2816(/                                        WKDW &RU%RQ NQHZ ZKLFK VSHFLILF DIILUPDWLYH DFWV LW ZDV
                                                                               DFFXVHG RI FRPPLWWLQJ DQG SXUVXHG D YLJRURXV GHIHQVH WR
21 %5,()  6WHSKHQ s 'XQQ 7UR\ 0LFKLJDQ IRU                        DWWHPSW WR VKRZ WKDW LW KDG QRW FRPPLWWHG WKHP  )RU
$SSHOODQW  .ULVKQD 6 'LJKH $66,67$17 81,7('                           H[DPSOH LQ DGGLWLRQ WR LWV SURELQJ FURVVH[DPLQDWLRQ RI
67$7(6$77251(<'HWURLW0LFKLJDQIRU$SSHOOHH                              %DPEL )LVFKHU &RU%RQ SUHVHQWHG WKH WHVWLPRQ\ RI WZR
                                                                               H[SHUWZLWQHVVHVLQRUGHUWRUHIXWHWKHJRYHUQPHQWjVFDVH
                             BBBBBBBBBBBBBBBBB
                                                                                  7KH 6XSUHPH &RXUW KDV REVHUYHG WKDW WKHUH KDV EHHQ D
                                 23,1,21                                       mGULIW RI WKH ODZ DZD\ IURP WKH UXOHV RI WHFKQLFDO DQG
                             BBBBBBBBBBBBBBBBB                                 IRUPDOL]HGSOHDGLQJlDQGWKDWWKHUHIRUHmFRQYLFWLRQVDUHQR
                                                                               ORQJHUUHYHUVHGEHFDXVHRIPLQRUDQGWHFKQLFDOGHILFLHQFLHV
  &2))0$1'LVWULFWsXGJH7KLVDSSHDOUDLVHVWKHTXHVWLRQ                    ZKLFKG>R@QRWSUHMXGLFHWKHDFFXVHGl5XVVHOO86DW
RI ZKHWKHU D IHORQ\ FRQYLFWLRQ IRU WD[ HYDVLRQ XQGHU                  $FFRUGLQJ WR WKH &RXUW WKLV WUHQG FXOPLQDWHG LQ WKH
86&PXVWEHUHYHUVHGEHFDXVHWKHLQGLFWPHQWGLG                      DGRSWLRQRI)HG5&ULP3DZKLFKSURYLGHVWKDWm>D@Q\
QRWDOOHJHVSHFLILFDIILUPDWLYHDFWVRIHYDVLRQ%HFDXVHWKH                  HUURUGHIHFWLUUHJXODULW\RUYDULDQFHZKLFKGRHVQRWDIIHFW
GHIHQGDQWKDVQRWVXIIHUHGSUHMXGLFHDVDUHVXOWRIWKHDOOHJHG                VXEVWDQWLDOULJKWVVKDOOEHGLVUHJDUGHGlm6XEVWDQWLDOULJKWV
GHIHFWZH$)),50WKHGLVWULFWFRXUWjVMXGJPHQW                               LQWXUQDUHDIIHFWHGRQO\ZKHQDGHIHQGDQWVKRZVµSUHMXGLFH
                               ,%DFNJURXQG                                  WRKLVDELOLW\WRGHIHQGKLPVHOIDWWULDOWRWKHJHQHUDOIDLUQHVV
                                                                               RI WKH WULDO RU WR WKH LQGLFWPHQWjV VXIILFLHQF\ WR EDU
   &RU%RQ &XVWRP %XOOHW &R m&RU%RQl PDQXIDFWXUHV                     VXEVHTXHQWSURVHFXWLRQVjl8QLWHG6WDWHVY+DWKDZD\
ILUHDUP DPPXQLWLRQ   86&   LPSRVHV DQ                   )G   WK &LU  TXRWLQJ 8QLWHG 6WDWHV Y
H[FLVH WD[ RQ DOO WD[DEOH VDOHV RI DPPXQLWLRQ E\ VXFK                 0LOOHU  86   Q   7KLV UXOH LV IXOO\
PDQXIDFWXUHUV&RU%RQZDVLQGLFWHGRQVL[WHHQFRXQWVRI                      DSSOLFDEOHWRWKHSUHVHQWDSSHDO$V&RU%RQIDLOHGWRPHHW
WD[HYDVLRQXQGHU86&IRUDOOHJHGO\HYDGLQJLWV                  LWV EXUGHQ RI SURYLQJ SUHMXGLFH DQG KDV QRW HYHQ DOOHJHG
WD[OLDELOLW\GXULQJHDFKFDOHQGDUTXDUWHUIURP                    SUHMXGLFHDQ\GHIHFWLQWKHLQGLFWPHQWZDVKDUPOHVVHUURU
WKURXJKE\UHSRUWLQJRQO\SDUWRILWVDPPXQLWLRQVDOHV                   6HHLGDW8QLWHG6WDWHVY:LOOLDPV)G
(DFKFRXQWWUDFNLQJWKHDSSOLFDEOHVWDWXWRU\ODQJXDJHUHDG                 WK &LU   7R KROG RWKHUZLVH ZRXOG EH WR KROG WKH
                                                                               JRYHUQPHQWmWRVXFKVWULFWQHVVRIDYHUPHQWVDVPLJKWGHIHDW
                                                                               WKHHQGVRIMXVWLFHl/RWW)GDW




                                                                                   
                                                                                    7KH GLVWULFW FRXUW GLG QRW UXOH WKDW DQ\ GHIHFW LQ WKH LQGLFWPHQW
     
       86&   SURYLGHV LQ SHUWLQHQW SDUW WKDW m>D@Q\ SHUVRQ ZKR     FRQVWLWXWHG KDUPOHVV HUURU   <HW WKLV FRXUW PD\ DIILUP D GLVWULFW FRXUWjV
ZLOOIXOO\ DWWHPSWV LQ DQ\ PDQQHU WR HYDGH RU GHIHDW DQ\ WD[  VKDOO  EH   MXGJPHQW RQ DQ\ JURXQG VXSSRUWHG E\ WKH UHFRUG      &LW\   0JPW &RUS Y
JXLOW\ RI D IHORQ\   l                                                     86 &KHP &R ,QF    )G   WK &LU 
       8QLWHG6WDWHVY&RU%RQ                           1R        1R                          8QLWHG6WDWHVY&RU%RQ        
        &XVWRP%XOOHW&R                                                                                                &XVWRP%XOOHW&R

'DQLHO)GDWEXWVHH/RWWY8QLWHG6WDWHV                     2QRUDERXW>GDWH@LQWKH(DVWHUQ'LVWULFWRI0LFKLJDQ
)GWK&LUDVVHUWLQJWKDW6SLHVGLGQRWDGG                  6RXWKHUQ 'LYLVLRQ 'HIHQGDQWV 3(7(5 3, DQG &25
DVXEVWDQWLYHHOHPHQWWRDQRIIHQVHXQGHUEXWRQO\                      %21 &86720 %8//(7 &2 ZLOOIXOO\ DWWHPSWHG WR
FRQVWUXHGWKHVWDWXWRU\ ODQJXDJHmZLOOIXOO\DWWHPSWVLQDQ\                    HYDGH DQG GHIHDW D WD[ LPSRVHG XQGHU WKLV WLWOH RU WKH
PDQQHUWRGHIHDWDQ\WD[l                                                   SD\PHQWWKHUHRIRQDPPXQLWLRQVDOHVWKDWZHUHGXHDQG
                                                                                RZLQJIURP&25%21&86720%8//(7&2IRUWKH
%+DUPOHVV(UURU                                                              >TXDUWHUDQGFDOHQGDU\HDULQTXHVWLRQ@LQYLRODWLRQRI
                                                                                7LWOH8QLWHG6WDWHV&RGHVHFWLRQVDQG
  $OWKRXJK DQ DIILUPDWLYH DFW FRQVWLWXWHV DQ HOHPHQW RI D
FDVHWKLVFRXUWQHHGQRWGHFLGHZKHWKHUDQLQGLFWPHQW                   ,PPHGLDWHO\DIWHUWKHMXU\ZDVLPSDQHOHG&RU%RQILOHGD
XQGHU   PXVW DOOHJH DQ DIILUPDWLYH DFW EHFDXVH WKH              PRWLRQ WR GLVPLVV DWWDFNLQJ WKH LQGLFWPHQW DV IDWDOO\
GHILFLHQF\LQWKHLQGLFWPHQWKHUHLIDQ\FRQVWLWXWHGKDUPOHVV               GHIHFWLYH EHFDXVH LW GLG QRW DOOHJH DQ DIILUPDWLYH DFW RI
HUURU  &RU%RQ GRHV QRW FODLP WKDW LW ORVW DQ\ RI WKH             HYDVLRQ7KHGLVWULFWFRXUWGHQLHGWKHPRWLRQDVXQWLPHO\DQG
SURWHFWLRQVLQWHQGHGWREHIXUQLVKHGE\WKHUHTXLUHPHQWWKDW                  PHULWOHVV,WGLGQRWKRZHYHUH[SUHVVO\DGGUHVVZKHWKHUDQ
DQ LQGLFWPHQW DOOHJH DOO RI WKH HOHPHQWV RI WKH RIIHQVH              DIILUPDWLYH DFW RI HYDVLRQ VKRXOG KDYH EHHQ DOOHJHG LQ WKH
FKDUJHG  7KLV UHTXLUHPHQW ZKLFK GHULYHV IURP WKH )LIWK              LQGLFWPHQW
$PHQGPHQWjV'XH3URFHVV'RXEOHsHRSDUG\DQG*UDQGsXU\
&ODXVHV DQG WKH 6L[WK $PHQGPHQWjV 1RWLFH &ODXVH VHHNV                    $OWKRXJKWKHLQGLFWPHQWGLGQRWDOOHJHDQDIILUPDWLYHDFW
SULPDULO\WRHQVXUHWKDWDQDFFXVHGLVUHDVRQDEO\LQIRUPHGRI                 &RU%RQOHDUQHGVRRQDIWHULQGLFWPHQWDQGZHOOEHIRUHWULDO
WKHFKDUJHPDGHDJDLQVWKLPVRWKDWKHFDQSUHSDUHDGHIHQVH                 WKDW D GLVJUXQWOHG H[HPSOR\HH %DPEL )LVFKHU ZRXOG EH
6HH5XVVHOO86DW&RU%RQKRZHYHUGRHV                   WHVWLI\LQJ WKDW LW ILOHG IDOVH WD[ UHWXUQV GHVWUR\HG VDOHV
QRW FODLP WKDW WKH IDLOXUH RI WKH LQGLFWPHQW WR DOOHJH DQ           LQYRLFHV DQG PDLQWDLQHG D VHFRQG IDOVH VHW RI UHFRUGV WR
DIILUPDWLYH DFW SUHYHQWHG LW IURP SUHSDULQJ D GHIHQVH RU              FRQFHDOWKHWUXHDPRXQWRILWVDPPXQLWLRQVDOHV'XULQJWKH
FDXVHGLWVXUSULVHRUSUHMXGLFH1RUGRHVWKHUHFRUGVXJJHVW                 MXU\ WULDO &RU%RQ FURVVH[DPLQHG )LVFKHU UHJDUGLQJ KHU
                                                                              DOOHJDWLRQVDQGRWKHUZLVHSUHVHQWHGDUREXVWGHIHQVH%RWK
                                                                              VLGHVDUJXHG&RU%RQjVDOOHJHGDIILUPDWLYHDFWVWRWKHMXU\
                                                                             2Q$SULOWKHMXU\IRXQG&RU%RQJXLOW\RIWKLUWHHQ
      ,Q &OD\ Y 8QLWHG 6WDWHV  )G  WK &LU  WKH )LIWK
&LUFXLW UHYHUVHG D IHORQ\ WD[ FRQYLFWLRQ EHFDXVH WKH LQGLFWPHQW IDLOHG WR     FRXQWV2Q1RYHPEHUsXGJH)ULHGPDQVHQWHQFHG
DOOHJH DQ DIILUPDWLYH DFW RI HYDVLRQ :LWKRXW H[SUHVVO\ RYHUUXOLQJ &OD\      LWWRWKUHH\HDUVjSUREDWLRQDQGRUGHUHGLWWRSD\LQ
KRZHYHU WKH )LIWK &LUFXLW VXEVHTXHQWO\ GHFLGHG /RWW ZKLFK XSKHOG DQ
                                                                              UHVWLWXWLRQDILQHRIDQGDVSHFLDODVVHVVPHQWRI
LQGLFWPHQW SOHG mVXEVWDQWLDOO\ LQ WKH ODQJXDJH RI WKH VWDWXWHl DIWHU
GHFLGLQJ WKDW 6SLHV GLG QRW DGG WKH VXEVWDQWLYH HOHPHQW RI DQ DIILUPDWLYH
                                                                              7KLVDSSHDOIROORZHG
DFW 7KLV KROGLQJ LV ZHDNHQHG KRZHYHU E\ WKH IDFW WKDW WKH LQGLFWPHQW
LQ /RWW DFWXDOO\ ZHQW IXUWKHU WKDQ FKDUJLQJ WKH RIIHQVH LQ WKH ZRUGV RI WKH
VWDWXWH  LW DOOHJHG DIILUPDWLYH DFWV 6HH /RWW  )G DW  :KHQ
JLYHQ DQ RSSRUWXQLW\ WR UHVROYH WKH FRQIOLFW EHWZHHQ /RWW DQG &OD\ LQ             
                                                                                    3HWHU 3L WKH RZQHU RI &RU%RQ ZDV DFTXLWWHG RQ DOO FRXQWV DQG
8QLWHG 6WDWHV Y :LOOLDPV  )G  WK &LU  KRZHYHU WKH
                                                                              GRHV QRW WKHUHIRUH MRLQ LQ WKLV DSSHDO
)LIWK &LUFXLW GLG QRW WDNH LW DOWKRXJK LWV KROGLQJ LQGLFDWHV WKDW &OD\
UHWDLQV MXULVSUXGHQWLDO YLWDOLW\ $V WKHVH FDVHV FRQVWLWXWH )LIWK &LUFXLW
                                                                                  
SUHFHGHQW DQG WKHUH LV QR 6L[WK &LUFXLW FDVH DGGUHVVLQJ WKH LVVXH RI               7KH FRXQWV ZHUH LGHQWLFDO H[FHSW IRU WKH GDWHV LQYROYHG   (DFK
ZKHWKHU DIILUPDWLYH DFWV PXVW EH DOOHJHG LQ WKH LQGLFWPHQW WKLV LVVXH QHHG   TXDUWHU RI HYHU\ FDOHQGDU \HDU IURP  WR  VXSSRUWHG D VHSDUDWH
QRW EH UHVROYHG DW SUHVHQW                                                   FRXQW
     8QLWHG6WDWHVY&RU%RQ                         1R       1R                          8QLWHG6WDWHVY&RU%RQ             
      &XVWRP%XOOHW&R                                                                                             &XVWRP%XOOHW&R

   2QDSSHDO&RU%RQUHQHZVWKHDUJXPHQWVWKDWLWPDGHWR               VRXUFHV RI LQFRPH  >RU@ DQ\ FRQGXFW WKH OLNHO\ HIIHFW RI
WKHGLVWULFWFRXUWWKDWWKHLQGLFWPHQWZDVGHIHFWLYHEHFDXVH           ZKLFKZRXOGEHWRPLVOHDGRUWRFRQFHDOl,GDW7KH
LWGLGQRWDOOHJHDQDIILUPDWLYHDFWRIHYDVLRQDQGWKDWWKLV            &RXUW H[SODLQHG WKDW DQ DIILUPDWLYH DFW RI HYDVLRQ
GHIHFWSUHFOXGHGWKHGLVWULFWFRXUWIURPKDYLQJVXEMHFWPDWWHU           GLVWLQJXLVKHVWKHIHORQ\RIIHQVHRIWD[HYDVLRQXQGHUE
MXULVGLFWLRQRYHUWKHFDVH                                              IURPOHVVHUWD[RIIHQVHVVXFKDVWKHZLOOIXOIDLOXUHWRSD\WD[HV
                                                                         XQGHUD,G
                          ,,'LVFXVVLRQ
                                                                            (YHQWKRXJK6SLHVGLGQRWGLUHFWO\DGGUHVVWKHDGHTXDF\RI
$$GHTXDF\RIWKH,QGLFWPHQW                                           IHORQ\WD[LQGLFWPHQWVLWKDVEHHQGHHPHGUHOHYDQWWRWKDW
                                                                         LVVXH&DVHVQRZURXWLQHO\VWDWHWKDWXQGHUWKHKROGLQJLQ
  :KHWKHUDQLQGLFWPHQWDGHTXDWHO\FKDUJHVDQRIIHQVHLVD               6SLHV DQ DIILUPDWLYH DFW RI HYDVLRQ LV DQ HOHPHQW RI DQ
TXHVWLRQRIODZVXEMHFWWRGHQRYRUHYLHZ8QLWHG6WDWHVY             RIIHQVHXQGHU6HHHJ6DQVRQHY8QLWHG6WDWHV
&ROOLV  )G   WK &LU   $Q LQGLFWPHQW      868QLWHG6WDWHVY%DUURZ)G
DGHTXDWHO\FKDUJHVDQRIIHQVHLILWLQFOXGHVWKHHOHPHQWV            WK&LU8QLWHG6WDWHVY'DQLHO)G
RI WKH RIIHQVH LQWHQGHG WR EH FKDUJHG  QRWLILHV WKH         WK&LU&OD\Y8QLWHG6WDWHV)G
GHIHQGDQW RI mZKDW KH PXVW EH SUHSDUHG WR PHHWl DQG            WK&LU7KXVWKHZHLJKWRIDXWKRULW\VXSSRUWVWKH
 DOORZV WKH GHIHQGDQW WR LQYRNH D IRUPHU FRQYLFWLRQ RU       SURSRVLWLRQWKDWWKUHHHOHPHQWVPXVWEHSURYHGWRVXVWDLQD
DFTXLWWDOLQWKHHYHQWRIDVXEVHTXHQWSURVHFXWLRQ5XVVHOOY           FRQYLFWLRQXQGHUDWD[GHILFLHQF\ZLOOIXOQHVV
8QLWHG6WDWHV868QLWHG6WDWHVY             DQGDQDIILUPDWLYHDFWRIHYDVLRQRUDWWHPSWHGHYDVLRQ
0DUWLQH])GWK&LU8QLWHG6WDWHVY            6HHHJ6DQVRQH86DW%DUURZ)GDW
9DQRYHU)GWK&LU$GGLWLRQDOO\
m>L@QDQLQGLFWPHQWXSRQDVWDWXWHLWLVQRWVXIILFLHQWWRVHW
IRUWK WKH RIIHQFH LQ WKH ZRUGV RI WKH VWDWXWH XQOHVV WKRVH        
ZRUGVRIWKHPVHOYHVIXOO\GLUHFWO\DQGH[SUHVVO\ZLWKRXW                     6HFWLRQ D SURYLGHG WKDW m>D@Q\ SHUVRQ UHTXLUHG  WR SD\ DQ\

DQ\ XQFHUWDLQW\ VHW IRUWK DOO RI WKH HOHPHQWV QHFHVVDU\ WR     WD[  ZKR ZLOOIXOO\ IDLOV WR SD\ VXFK WD[  VKDOO LQ DGGLWLRQ WR RWKHU

FRQVWLWXWHWKHRIIHQFHLQWHQGHGWREHSXQLVKHGl5XVVHOO           SHQDOWLHV SURYLGHG E\ ODZ EH JXLOW\ RI D PLVGHPHDQRU   l 6HFWLRQ
                                                                         E SURYLGHG WKDW mDQ\ SHUVRQ UHTXLUHG  WR FROOHFW DFFRXQW IRU DQG
86DWTXRWLQJ8QLWHG6WDWHVY&DUOO86           SD\ RYHU DQ\ WD[  ZKR ZLOOIXOO\ DWWHPSWV LQ DQ\ PDQQHU WR HYDGH RU
                                                                 GHIHDW DQ\ WD[  VKDOO LQ DGGLWLRQ WR RWKHU SHQDOWLHV SURYLGHG E\ ODZ EH
                                                                         JXLOW\ RI D IHORQ\   l 6SLHV GLVWLQJXLVKHG WKHVH WZR SURKLELWLRQV DV
   ,Q6SLHVY8QLWHG6WDWHV 86WKH             IROORZV
6XSUHPH &RXUW UHYHUVHG D FRQYLFWLRQ XQGHU WKH VWDWXWRU\
                                                                             7KH GLIIHUHQFH EHWZHHQ WKH WZR RIIHQVHV LW VHHPV WR XV LV IRXQG
SUHGHFHVVRUWRERIWKH5HYHQXH$FWRI                  LQ WKH DIILUPDWLYH DFWLRQ LPSOLHG IURP WKH WHUP mDWWHPSWl DV
EHFDXVH WKH WULDO FRXUW UHIXVHG WR LQVWUXFW WKH MXU\ WKDW DQ       XVHG LQ WKH IHORQ\ VXEVHFWLRQ   >,@Q HPSOR\LQJ WKH WHUPLQRORJ\
DIILUPDWLYHDFWLVQHFHVVDU\WRFRQVWLWXWHDZLOOIXODWWHPSWWR              RI DWWHPSW WR HPEUDFH WKH JUDYHVW RI RIIHQVHV DJDLQVW WKH
HYDGHWD[HV$FFRUGLQJWRWKH&RXUWDQDIILUPDWLYHDFWRI                  UHYHQXHV &RQJUHVV LQWHQGHG VRPH ZLOOIXO FRPPLVVLRQ LQ
HYDVLRQ LQFOXGHV EXW LV QRW OLPLWHG WR mFRQGXFW VXFK DV           DGGLWLRQ WR WKH ZLOOIXO RPLVVLRQV WKDW PDNH XS WKH OLVW RI

NHHSLQJ D GRXEOH VHW RI ERRNV PDNLQJ IDOVH HQWULHV RU              PLVGHPHDQRUV

DOWHUDWLRQV RU IDOVH LQYRLFHV RU GRFXPHQWV GHVWUXFWLRQ RI       6SLHV  86 DW 6HFWLRQV D DQG E KDYH EHHQ UHSODFHG E\
ERRNV RU UHFRUGV FRQFHDOPHQW RI DVVHWV RU FRYHULQJ XS            86&   DQG   UHVSHFWLYHO\ 6HH 8QLWHG 6WDWHV Y +RRN
                                                                          )G   Q WK &LU 
