           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                      
                                    !
                                   
 /(( :,//,$06                     
         'HIHQGDQW$SSHOODQW 
                                  1
      $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
     IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW
    1Rn5REHUW+&OHODQG'LVWULFWsXGJH
                      $UJXHG$SULO
             'HFLGHGDQG)LOHG'HFHPEHU
    %HIRUH5<$1DQG%$7&+(/'(5&LUFXLWsXGJHV
               0$7,$&KLHI'LVWULFWsXGJH
                       BBBBBBBBBBBBBBBBB
                             &2816(/
$5*8('*DU\s&UHZV&DUR0LFKLJDQIRU$SSHOODQW
sDPHV & 0LWFKHOO $66,67$17 81,7(' 67$7(6
$77251(< %D\ &LW\ 0LFKLJDQ IRU $SSHOOHH

    
     7KH +RQRUDEOH 3DXO 5 0DWLD &KLHI 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ



                                    
      8QLWHG6WDWHVY:LOOLDPV                   1R      1R                       8QLWHG6WDWHVY:LOOLDPV        

21%5,()*DU\s&UHZV&DUR0LFKLJDQIRU$SSHOODQW            DJUHHPHQWGLGQRWSURYLGHWKHFRQVSLUDWRUV:LOOLDPVDQG'HO
sDPHV & 0LWFKHOO $66,67$17 81,7(' 67$7(6                     %RVTXH mVXEVWDQWLDO FRQWDFWVl WR 0LFKLJDQ  :H GR QRW
$77251(<%D\&LW\0LFKLJDQIRU$SSHOOHH                         EHOLHYHWKDWDJRYHUQPHQWLQIRUPDQWPD\DUELWUDULO\GHWHUPLQH
                                                                    YHQXHPHUHO\E\VWDWLQJIDOVHO\ZKHUHKHLQWHQGVWRWDNHWKH
                    BBBBBBBBBBBBBBBBB                               GUXJVIRUUHVDOH
                        23,1,21                                       :HFRQFOXGHWKDWYHQXHZDVQHYHUSURSHULQ0LFKLJDQDQG
                    BBBBBBBBBBBBBBBBB                               WKH GLVWULFW FRXUW HUUHG LQ UHIXVLQJ WR WUDQVIHU WKH FDVH WR
                                                                    7H[DV:HPXVWWKHUHIRUHUHYHUVHWKHFRQYLFWLRQ
  5<$1 &LUFXLW sXGJH  /HH :LOOLDPV ZDV LQGLFWHG DQG
FRQYLFWHGE\DMXU\IRURQHFRXQWRIFRQVSLUDF\WRSRVVHVV            :H QHHG QRW UHDFK WKH MXU\ LQVWUXFWLRQ LVVXH UHJDUGLQJ
ZLWKLQWHQWWRGLVWULEXWHPDULMXDQDLQYLRODWLRQRI86&      YHQXHRUDQ\RIWKHRWKHULVVXHVLQWKHFDVHEHFDXVHDQHZWULDO
2QDSSHDO:LOOLDPVUDLVHVPDQ\LVVXHVEXWZHQHHG         LQ7H[DVLVUHTXLUHG
QRWUHDFKPRVWRIWKHPEHFDXVHZHFRQFOXGHDVDPDWWHURI
ODZWKDWYHQXHZDVQRWSURSHULQ0LFKLJDQZKHUHWKHFDVH             7KH MXGJPHQW RI FRQYLFWLRQ LV 5(9(56(' DQG WKH
ZDV WULHG DQG WKDW WKH GLVWULFW FRXUW HUUHG LQ GHQ\LQJ     VHQWHQFHLV9$&$7('
:LOOLDPVjVPRWLRQWRFKDQJHYHQXH
    7KHUHIRUHZHZLOOUHYHUVHWKHMXGJPHQWRIFRQYLFWLRQ
                               ,
  /HH:LOOLDPVEHFDPHLQYROYHGLQWKHGUXJFRQVSLUDF\ZKHQ
5RQDOG&DUERQLDJRYHUQPHQWLQIRUPDQWFRQWDFWHGKLPWR
DUUDQJH WKH SXUFKDVH RI PDULMXDQD  &DUERQL EHFDPH D
FRQILGHQWLDO LQIRUPDQW IRU WKH JRYHUQPHQW VSHFLILFDOO\ WKH
'($ LQ RUGHU WR UHGXFH KLV VHQWHQFH RQ GUXJ FKDUJHV
XQUHODWHG WR WKLV FDVH  +H ZRUNHG IRU DQG VXSSOLHG
LQIRUPDWLRQWR6SHFLDO$JHQW&DU\)UHHPDQLQ0LFKLJDQE\
ZD\RIWDSHUHFRUGHGFRQYHUVDWLRQVKHKDGZLWK:LOOLDPVDQG
FRGHIHQGDQW 5RGROIR 'HO %RVTXH UHJDUGLQJ KLV GHVLUH WR
SXUFKDVHPDULMXDQD$OORIWKHFRQYHUVDWLRQVDQGHYHQWVLQ
IXUWKHUDQFH RI WKH FRQVSLUDF\ WRRN SODFH LQ DQG DURXQG
+RXVWRQ7H[DV
  2QsDQXDU\&DUERQLFDOOHG:LOOLDPVWRDUUDQJHD
SXUFKDVHRIPDULMXDQD&DUERQLWROG:LOOLDPVWKDWKHKDG
WRVSHQGDQGLWZDVDJUHHGWKDW:LOOLDPVZRXOGSXW
&DUERQLLQWRXFKZLWK:LOOLDPVjVEURWKHULQODZ'HO%RVTXH
ZKRZRXOGSURYLGHWKHGUXJDQGWKDW:LOOLDPVZRXOGUHFHLYH
SHUSRXQGRIPDULMXDQDDVDIHHIRUDUUDQJLQJWKHGHDO
    8QLWHG6WDWHVY:LOOLDPV                        1R       1R                       8QLWHG6WDWHVY:LOOLDPV          

XQGHUFRYHUDJHQWZDVQRWDFRQVSLUDWRU0RUHRYHUKHNQHZ                6RRQWKHUHDIWHUDFRQYHUVDWLRQWRRNSODFHEHWZHHQ&DUERQL
WKDWWKHPDULMXDQDZRXOGQHYHUEHVROGLQ0LFKLJDQEHFDXVH               DQG'HO%RVTXHLQZKLFKWKH\GLVFXVVHG&DUERQLjVUHFHLYLQJ
KHZDVIDFLOLWDWLQJWKHGUXJUDLGWKDWZRXOGHQGWKHFRQVSLUDF\          PDULMXDQDDWSHUSRXQGIRUDWRWDORI
LQ7H[DV                                                              'HO %RVTXH WROG &DUERQL WKDW WKH PDULMXDQD ZRXOG EH
                                                                         VXSSOLHGWRKLPE\WKUHHSHRSOH
  :HGLVDJUHHZLWKWKHGLVWULFWFRXUWjVDQDO\VLVUHJDUGLQJWKH
VXEVWDQWLDOFRQWDFWVWHVW$SSO\LQJWKHWHVWWRWKHIDFWVLQWKLV         2QsDQXDU\&DUERQLDQG:LOOLDPVVSRNHDJDLQRQ
FDVH ZH FRQFOXGH WKDW YHQXH LV QRW SURSHU LQ 0LFKLJDQ          WKHSKRQH&DUERQLWROG:LOOLDPVWKDWKHKDGLQ
EHFDXVHWKHGHIHQGDQWjVDJUHHPHQWZDVPDGHLQ7H[DV               FDVKDQGDFKHFNIRULQRUGHUWREX\WKHPDULMXDQD
DOORIWKHRYHUWDFWVFRQVWLWXWLQJWKHRIIHQVHRFFXUUHGLQ           7KLV ZRXOG PHDQ WKDW DW  SHU SRXQG &DUERQL FRXOG
7H[DVWKHORFXVRIWKHHIIHFWRIWKHFULPLQDOFRQGXFWZDV           SXUFKDVHSRXQGV&DUERQLWROG:LOOLDPVWKDWKHZDV
H[FOXVLYHO\ LQ 7H[DV EHFDXVH ZKLOH &DUERQL PHQWLRQHG             JRLQJ WR JLYH DOO KLV PRQH\ WR 'HO %RVTXH DQG WKDW 'HO
0LFKLJDQ DV KLV ILQDO GHVWLQDWLRQ WKH FRQVSLUDWRUV GLG QRW      %RVTXHFRXOGJLYH:LOOLDPVKLVSRUWLRQRIWKHFDVK:KHQ
DJUHH WR WKDW DQG LQ WUXWK HYHQ &DUERQL GLG QRW LQWHQG WR   &DUERQLVDLGKHZDVVWLOOVKRUW:LOOLDPVVXJJHVWHG
FDXVHWKHGUXJWREHVHQWWR0LFKLJDQDQG7H[DVLVWKH              WKDW&DUERQLGRVRPHZRUNRQ:LOOLDPVjVURRIWRPDNHXSWKH
YHQXH WKDW LV PRVW VXLWDEOH IRU IDFW ILQGLQJ EHFDXVH WKH       GLIIHUHQFH
GHIHQGDQWVOLYHLQ7H[DVWKHLUIDPLOLHVIULHQGVDQGSRWHQWLDO
FKDUDFWHU ZLWQHVVHV OLYH WKHUH DQG DV ZH KDYH VDLG WKH          &DUERQLDQG'HO%RVTXHPHWVHYHUDOWLPHVEHWZHHQ
RIIHQVHDQGDOORILWVHOHPHQWVRFFXUUHGWKHUH                       SPDQGSPRQsDQXDU\ZKLOHWKH\ZDLWHGIRUWKH
                                                                         PDULMXDQDWRDUULYH$WRQHSRLQW&DUERQLVDZSRXQGVRI
   7KHJRYHUQPHQWjVDUJXPHQWWKDW0LFKLJDQZDVDSURSHU                  PDULMXDQDLQDUHIULJHUDWRULQ'HO%RVTXHjVJDUDJH$URXQG
YHQXH DV ZHOO DV 7H[DV LV XQSHUVXDVLYH  0LFKLJDQ ZDV           SP &DUERQL VDZ WKUHH PHQ XQORDGLQJ ODUJH EXQGOHV
FKRVHQ DV D YHQXH VROHO\ IRU WKH FRQYHQLHQFH RI WKH             IURPWKHWUXQNRIDFDULQ'HO%RVTXHjVJDUDJH6KRUWO\DIWHU
JRYHUQPHQWWKHFDVHDJHQWZKRZDVmVSRQVRULQJl&DUERQL                   SP D VHDUFK ZDUUDQW ZDV H[HFXWHG DW 'HO %RVTXHjV
ZDVORFDWHGLQ0LFKLJDQDQGWKHXQUHODWHGFULPLQDORIIHQVH               UHVLGHQFH6HYHUDOODUJHEXQGOHVZHUHIRXQGDWWKHVLGHRIWKH
IRUZKLFK&DUERQLZDVDZDLWLQJVHQWHQFHZDVSHQGLQJWKHUH               JDUDJHZKHUHLWDSSHDUHGVRPHRQHKDGKXUULHGO\WKURZQWKHP
1RQH RI WKH RYHUW DFWV LQ FRQVXPPDWLRQ RI WKH FRQVSLUDF\        GRZQDQGVWLOOPRUHPDULMXDQDZDVIRXQGLQ'HO%RVTXHjV
RFFXUUHG LQ 0LFKLJDQ DQG WKH FRQVSLUDF\ KDG QR HIIHFW LQ        JDUDJH
0LFKLJDQ0RUHRYHULWZDVQHYHULQWHQGHGWRKDYHDQ\HIIHFW
WKHUH&DUERQLDFWLQJIRUWKHJRYHUQPHQWNQHZZKHQKHZDV               :LOOLDPVZDVLQGLFWHGLQWKH(DVWHUQ'LVWULFWRI0LFKLJDQ
PDNLQJKLVGUXJGHDOVZLWK:LOOLDPVWKDWWKHGUXJVZRXOG                 IRUFRQVSLUDF\WRSRVVHVVZLWKLQWHQWWRGLVWULEXWHPDULMXDQD
QHYHUUHDFK0LFKLJDQDQGWKDWWKHGUXJVZRXOGEHVHL]HGDQG              LQYLRODWLRQRI86&+HSOHGQRWJXLOW\WRWKH
WKHGHIHQGDQWDUUHVWHGLQ7H[DV7KHJRYHUQPHQWjVDUJXPHQW              FKDUJHDQGILOHGDSUHWULDOPRWLRQWRFKDQJHYHQXHDUJXLQJ
QRWZLWKVWDQGLQJWKHUHLVQRHYLGHQFHWKDWWKHFRQVSLUDWRUV              WKDW 7H[DV ZDV WKH SURSHU YHQXH IRU WKH SURVHFXWLRQ  7KH
IL[HG WKH SULFH RI WKH PDULMXDQD EDVHG XSRQ WKHLU                PRWLRQ ZDV GHQLHG  'XULQJ WKH WULDO :LOOLDPV ILOHG DQ
GHWHUPLQDWLRQWKDWWKHGUXJFRXOGEHUHVROGIRUDKLJKHUSULFH          REMHFWLRQWRWKHSURSRVHGMXU\LQVWUXFWLRQVUHJDUGLQJYHQXH
LQ 0LFKLJDQ  7KH FRQVSLUDF\ EHWZHHQ :LOOLDPV DQG 'HO            EXW KLV REMHFWLRQ ZDV RYHUUXOHG  $W WKH FORVH RI WKH WULDO
%RVTXHZDVVLPSO\RQHWRVHOOWKHPDULMXDQDLQ7H[DVWRD                :LOOLDPVPRYHGIRUMXGJPHQWRIDFTXLWWDOSXUVXDQWWR)HG5
EX\HU LQ 7H[DV ZKR SURIHVVHG WKDW LW ZDV KLV SXUSRVH           &ULP3EXWWKHPRWLRQZDVGHQLHG
DOWKRXJKLWZDVQRWWRUHVHOOWKHGUXJVLQ0LFKLJDQ7KDW
      8QLWHG6WDWHVY:LOOLDPV                        1R     1R                     8QLWHG6WDWHVY:LOOLDPV       

                                  ,,                                   0LFKLJDQWKHJRYHUQPHQWDUJXHVDQGWKHUHIRUHYHQXHZDV
                                                                        SURSHULQ0LFKLJDQDOWKRXJKQRWRQO\LQ0LFKLJDQ
  $WWULDOPRVWRIWKHHYLGHQFHLQWURGXFHGDJDLQVW:LOOLDPV
FDPHIURPWDSHUHFRUGHGFRQYHUVDWLRQVEHWZHHQ&DUERQLWKH                 7KH JRYHUQPHQW FODLPV WKDW RWKHU IDFWV MXVWLI\ YHQXH LQ
XQGHUFRYHULQIRUPDQWDQG:LOOLDPVDQGEHWZHHQ&DUERQL                 0LFKLJDQ  :LOOLDPVjV FRGHIHQGDQW ZDV LQ FXVWRG\ LQ
DQG 'HO %RVTXH  'XULQJ D WDSHG FRQYHUVDWLRQ EHWZHHQ            0LFKLJDQ SHQGLQJ WULDO :LOOLDPVjV DWWRUQH\ UHVLGHV LQ
&DUERQLDQG:LOOLDPV&DUERQLDVNHGm>,@VWKHUHDQ\JRRG               0LFKLJDQGRFXPHQWVDQGSK\VLFDOHYLGHQFHKDGDOUHDG\EHHQ
VPRNH DURXQG"l WR ZKLFK :LOOLDPV UHVSRQGHG m<HDK           VKLSSHGWR0LFKLJDQDQGZLWQHVVHVZHUHSUHVHQWLQ0LFKLJDQ
>S@OHQW\RILWl7KHIROORZLQJFROORTX\HQVXHG                      :KLOHWKHJRYHUQPHQWDGPLWVWKDWYHQXHZDVSURSHULQ7H[DV
                                                                        LWDUJXHVWKDWLWLVDOVRSURSHULQ0LFKLJDQDQGWKHUHIRUHWKH
    >&DUERQL@ 6HWPHXS                                 FDVHVKRXOGQRWKDYHEHHQWUDQVIHUUHGWR7H[DV
    >:LOOLDPV@ <HS,FDQjWUHDOO\WDONPDQ\RXNQRZ                                        %
    &DOOPHLQWKHPRUQLQJPDQDERXW
                                                                           7KHGHIHQGDQWDUJXHVWKDWDQDFFXUDWHUHDGLQJRIWKHIDFWV
 'XULQJ D FRQYHUVDWLRQ WKH IROORZLQJ GD\ &DUERQL DQG            RIWKHFDVHVKRZVWKDWQRRYHUWDFWVRFFXUUHGLQ0LFKLJDQDQG
:LOOLDPVIXUWKHUGLVFXVVHGWKHWHUPVRIWKHGHDO                     WKDW WKH GHFODUHG LQWHQWLRQ RI RQH RI WKH SDUWLHV WR WKH
                                                                        WUDQVDFWLRQnWKHJRYHUQPHQWjVXQGHUFRYHUDJHQWnWRWDNHWKH
    >&DUERQL@ ,ZDQWWRVSHQGDERXW                         GUXJVWR0LFKLJDQLVQRWHQRXJKWRMXVWLI\YHQXHEHLQJODLG
                                                                        LQ0LFKLJDQ
    >:LOOLDPV@ 2ND\:HOOo
                                                                                                       9,
    >&DUERQL@ 7KDWZD\,jOOKDYHHQRXJKWRZKHUH,FDQJR
    XSWKHUHWR0LFKLJDQDQGVWD\WKHUHDZKLOH+H\/HH               $IWHU FDUHIXOO\ UHYLHZLQJ WKH RSLQLRQV RI WKH PDJLVWUDWH
    XSWKHUHWKH\SD\PRUHSHUSRXQG                                 MXGJHDQGWKHGLVWULFWFRXUWDQGH[DPLQLQJWKHUHFRUGZHILQG
                                                                        QRHYLGHQFHWKDWWKHRIIHQVHRUDQ\RYHUWDFWLQIXUWKHUDQFHRI
    >:LOOLDPV@ <HDK<HDK,NQRZ                                  WKH:LOOLDPV'HO%RVTXHFRQVSLUDF\RFFXUUHGLQ0LFKLJDQRU
                                                                        WKDWDQ\HIIHFWRIWKHFRQVSLUDF\RFFXUUHGWKHUH
    >&DUERQL@ $QG,PHDQLWjVPXFKQLFHUEXWGRQjWJHWQR
    WUDVK  *HW JRRG RQHV  ,W GRQjW KDYH WR EH H[FHOOHQW     6LQFHDJRYHUQPHQWDJHQWFDQQRWEHDFRQVSLUDWRU8QLWHG
    0HGLXP$VORQJDVLWjVQRWDOOSUHVVHGLQ OLNHD           6WDWHVY3HQQHOO)GWK&LUWKHRQO\
    URFN,ZDQWQLFHIOXII\EXGV                                    FRQVSLUDWRUVZHUH:LOOLDPVDQG'HO%RVTXH7KHHYLGHQFH
                                                                        WDNHQLQWKHOLJKWPRVWIDYRUDEOHWRWKHSURVHFXWLRQVKRZV
    >:LOOLDPV@ 8PKPP                                               WKDWWKHVHPHQFRQVSLUHGWRVHOOPDULMXDQDWKHHYLGHQFHGRHV
    >&DUERQL@ RULILWjVSUHVVHGDVORQJDVLWVPRNHVJRRG        QRWVKRZWKDWWKHLUDJUHHPHQWZDVWRGRVRIRUWKHSXUSRVHRI
    ,jOOVHWWOHIRUWKDW$QGILJXUHSXW\RXUDSLHFH RQ           FDXVLQJWKHGUXJVWREHUHVROGRUGLVWULEXWHGLQ0LFKLJDQ7KH
    HDFKRQH                                                         HYLGHQFH VKRZV DW PRVW WKDW :LOOLDPV DQG 'HO %RVTXH
                                                                        DJUHHGWRDGUXJWUDQVDFWLRQWKDWEHJDQZDVFRQVXPPDWHG
    >:LOOLDPV@ :HOOOHWjVWDONDERXWWKDWRQDQRWKHUOLQH            DQG HQGHG LQ 7H[DV  ,W LV WUXH WKDW WKH\ KHDUG &DUERQL
    PDQ                                                              PHQWLRQWKDWKHZDVJRLQJWRVHOOWKHPDULMXDQDLQ0LFKLJDQ
                                                                        EHFDXVH KH FRXOG JHW PRUH PRQH\ IRU LW EXW &DUERQL WKH
      8QLWHG6WDWHVY:LOOLDPV                         1R        1R                      8QLWHG6WDWHVY:LOOLDPV         

   7KLVFRXUWVWDWHGLQ8QLWHG6WDWHVY6FDLIH)G                 $WWULDO&DUERQLWHVWLILHGWKDW:LOOLDPVUHIHUUHGKLPWRKLV
WK &LU  WKDW mYHQXH LV SURSHU LQ FRQVSLUDF\                EURWKHULQODZ 5RGROIR 'HO %RVTXH DQG PDGH WKH
SURVHFXWLRQVLQDQ\GLVWULFWZKHUHWKHFRQVSLUDF\ZDVIRUPHG                DUUDQJHPHQWVIRU&DUERQLWRFRQWDFW'HO%RVTXH
RU LQ DQ\ GLVWULFW ZKHUH DQ RYHUW DFW LQ IXUWKHUDQFH RI WKH
FRQVSLUDF\ZDVSHUIRUPHGl,GDWFLWLQJ8QLWHG6WDWHV                   $FFRUGLQJ WR WKH WDSHG FRQYHUVDWLRQV &DUERQL LQIRUPHG
Y:LQVKLS)GWK&LU'RZQLQJY                 'HO%RVTXHWKDWLWZDVKLVLQWHQWLRQWRWDNHWKHPDULMXDQDKH
8QLWHG 6WDWHV  )G   WK &LU                   SXUFKDVHGLQ7H[DVDQGWRVHOOLWLQ0LFKLJDQ,QIXUWKHUDQFH
m&RQVSLUDF\DQGGUXJLPSRUWDWLRQDUHFRQWLQXRXVFULPHVWKDW                RIWKLVSODQ&DUERQLDQG'HO%RVTXHPHWLQDSDUNLQJORWRI
LV WKH\ DUH QRW FRPSOHWHG XQWLO WKH GUXJV UHDFK WKHLU ILQDO      DVXSHUPDUNHWDQGGLVFXVVHGWKHGHDO'HO%RVTXHDJUHHGWR
GHVWLQDWLRQ DQG YHQXH LV SURSHU LQ DQ\ GLVWULFW DORQJ WKH         VXSSO\SRXQGVRIPDULMXDQDIRUDERXWWRSHU
ZD\l8QLWHG6WDWHVY7XUQHU)GWK&LU                 SRXQG&DUERQLVWDWHGm,ZDQWDOOWKHPRQH\DWRQFHWRJHW
 LQWHUQDO TXRWDWLRQ PDUNV DQG FLWDWLRQV RPLWWHG               DOOJRRGRQHV$QGWKHQ,jOOWDNHRII,jPKHDGHGVWUDLJKW
9HQXHPD\DOVREHKDGLQPRUHWKDQRQHORFDWLRQ8QLWHG                    WR0LFKLJDQl/DWHULQWKHFRQYHUVDWLRQ
6WDWHVY5HHG)GG&LU
                                                                              >'HO%RVTXH@ /HWPHDVN\RXVRPHWKLQJ&DQ,FRXQW
  ,Q8QLWHG6WDWHVY:LOOLDPV)GWK&LU                RQ \RX"  ,I , WHOO WKLV JX\ m+H\ PDQ EULQJ PH D
ZHDGRSWHGIURP5HHG)GWKHVXEVWDQWLDOFRQWDFWV                  WKRXVDQGSRXQGVlZLOO\RXWXUQWKHPIRUPH"
WHVWWRGHWHUPLQHYHQXH%RWKFRXUWVFRQFOXGHG
                                                                              >&DUERQL@     2K\HDK>H[SOHWLYH@\HDK
    mDUHYLHZRIUHOHYDQWDXWKRULWLHVGHPRQVWUDWHVWKDWWKHUH
    LV QR VLQJOH GHILQHG SROLF\ RU PHFKDQLFDO WHVW WR                 >'HO%RVTXH@ 2ND\
    GHWHUPLQHFRQVWLWXWLRQDOYHQXH5DWKHUWKHWHVWLVEHVW
    GHVFULEHG DV D VXEVWDQWLDO FRQWDFWV UXOH WKDW WDNHV LQWR          >&DUERQL@ ,jOOHYHQSXWDOOWKDWGRZQMXVWWRVKRZ
    DFFRXQWDQXPEHURIIDFWRUVnWKHVLWHRIWKHGHIHQGDQWjV                   JRRGIDLWK
    DFWVWKHHOHPHQWVDQGQDWXUHRIWKHFULPHWKHORFXVRI
    WKHHIIHFWRIWKHFULPLQDOFRQGXFWDQGWKHVXLWDELOLW\RI                >'HO%RVTXH@ /RRN/HWPH,ZDVWDONLQJWR/HH\RX
    HDFKGLVWULFWIRUDFFXUDWHIDFWILQGLQJl                         NQRZDQGPLQG\RX,GRQjWZDQWWRSXW/HHWRWKHVLGH
                                                                              RUQRWKLQJ
:LOOLDPV)GDWTXRWLQJ5HHG)GDW
                                                                              >&DUERQL@     2K,NQRZ
                                   9
                                                                              >'HO%RVTXH@ +HjVP\EURWKHULQODZ2ND\"$QGWKH
                                   $                                         WKLQJLVWKDWZKDW,ZDQWWRFXWGRZQLVWKHDFWLYLW\\RX
                                                                              NQRZPHFDOOKLPKLPFDOO\RX\RXFDOOKLPKHFDOOV
   7KHJRYHUQPHQWDUJXHVWKDWXQGHUWKHVXEVWDQWLDOFRQWDFWV                  PH7KDWjVKRZFRPH,WROGKLPm/HWPHWDONWR
WHVW YHQXH LV SURSHU LQ D GLVWULFW ZKLFK LV WKH ORFXV RI WKH     5RQQLH/HWPHWHOOKLPZKDWZHQHHGWRGRLQRUGHUWR
HIIHFW RI WKH FULPLQDO FRQGXFW  5HHG  )G DW           FXWGRZQRQDOOWKLVVl\RXNQRZ
$FFRUGLQJWR&DUERQLWKHGUXJVZHUHKHDGHGIRUGLVWULEXWLRQ
LQ0LFKLJDQEHFDXVHWKHGUXJVFRXOGEHVROGIRUDKLJKHUSULFH                :LOOLDPV ZDV FRQYLFWHG RQ FRXQW RQH RI FRQVSLUDF\ WR
LQ 0LFKLJDQ  7KH HIIHFW RI WKH FULPH ZRXOG EH IHOW LQ           SRVVHVVZLWKLQWHQWWRGLVWULEXWHPDULMXDQD+HZDVVHQWHQFHG
      8QLWHG6WDWHVY:LOOLDPV                       1R       1R                      8QLWHG6WDWHVY:LOOLDPV        

WR  PRQWKVj LPSULVRQPHQW DQG ILYH \HDUVj VXSHUYLVHG               7ULDOVKDOOEHDWVXFK3ODFHRU3ODFHVDVWKH&RQJUHVVPD\
UHOHDVH                                                                 E\/DZKDYHGLUHFWHG
                                ,,,                                     86&RQVWDUW,,,FOm7KHJXDUDQWHHLVIRUDWULDOLQ
                                                                         WKH VWDWH DQG GLVWULFW ZKHUH WKH RIIHQVH ZDV FRPPLWWHGl
   :LOOLDPVUDLVHVWZRFODLPVRIHUURUUHJDUGLQJYHQXH+H              8QLWHG6WDWHVY2j'RQQHOO)GWK&LU
DOOHJHV WKDW   WKH GLVWULFW FRXUWjV GHFLVLRQ WR GHQ\ KLV     )XUWKHU WKLV JXDUDQWHH LV DSSOLHG WKURXJK )HG 5
PRWLRQWRFKDQJHYHQXHZDVHUURUDQGWKHGLVWULFWFRXUW             &ULP3ZKLFKVWDWHV
JDYHDQLPSURSHULQVWUXFWLRQWRWKHMXU\UHJDUGLQJYHQXH
                                                                             ([FHSWDVRWKHUZLVHSHUPLWWHGE\VWDWXWHRUE\WKHVH
  3ULRUWRWULDO:LOOLDPVILOHGDPRWLRQKHWHUPHGm0RWLRQ                UXOHVWKHSURVHFXWLRQVKDOOEHKDGLQDGLVWULFWLQZKLFK
IRU&KDQJHRI9HQXHl,QKLVEULHIEHIRUHXVKHPDNHVWZR                WKHRIIHQVHZDVFRPPLWWHG7KHFRXUWVKDOOIL[WKHSODFH
VSHFLILF DUJXPHQWV UHJDUGLQJ YHQXH  )LUVW WKDW YHQXH ZDV         RI WULDO ZLWKLQ WKH GLVWULFW ZLWK GXH UHJDUG WR WKH
LPSURSHU LQ WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ EHFDXVH              FRQYHQLHQFHRIWKHGHIHQGDQWDQGWKHZLWQHVVHVDQGWKH
DFFRUGLQJWR)HG5&ULP3SURVHFXWLRQLVSURSHULQmD              SURPSWDGPLQLVWUDWLRQRIMXVWLFH
GLVWULFW LQ ZKLFK WKH RIIHQVH ZDV FRPPLWWHGl  :LOOLDPV
FODLPVWKDWVLQFHQHLWKHUWKHRIIHQVHQRUDQ\RIWKHRYHUWDFWV          )HG5&ULP3
ZLWKZKLFKKHLVFKDUJHGRFFXUUHGLQ0LFKLJDQEXWUDWKHULQ
7H[DVYHQXHZDVQRWSURSHULQ0LFKLJDQ:LOOLDPVUHPLQGV                  m4XHVWLRQVRIYHQXHLQFULPLQDOFDVHVWKHUHIRUHDUHQRW
XVWKDWKHSUHVHUYHGWKHLVVXHIRUDSSHDOEHFDXVHKHILOHGDQ            PHUHO\PDWWHUVRIIRUPDOOHJDOSURFHGXUH7KH\UDLVHGHHS
REMHFWLRQWRWKHSURSRVHGMXU\LQVWUXFWLRQVUHJDUGLQJYHQXH             LVVXHVRISXEOLFSROLF\LQWKHOLJKWRIZKLFKOHJLVODWLRQPXVW
EXWLWZDVRYHUUXOHG                                                  EHFRQVWUXHGl8QLWHG6WDWHVYsRKQVRQ86
                                                                         +RZHYHUWKLVFRXUWKDVVWDWHGm>Z@HFRQFOXGHWKDW
   6HFRQG :LOOLDPV DUJXHV WKDW YHQXH VKRXOG KDYH EHHQ            YHQXH LV OLNHZLVH D SULYLOHJH JUDQWHG WR WKH DFFXVHG UDWKHU
WUDQVIHUUHG WR 7H[DV XQGHU )HG 5 &ULP 3 E IRU WKH      WKDQ D MXULVGLFWLRQDO SUHUHTXLVLWH D FRQFOXVLRQ ZKLFK LV
FRQYHQLHQFHRIWKHSDUWLHV                                            FRQVLVWHQW ZLWK WKH RYHUZKHOPLQJ FDVH ODZ KROGLQJ WKDW
                                                                         LPSURSHUYHQXHPD\EHZDLYHGl:LOOLDPVY8QLWHG6WDWHV
   )RUWKHUHDVRQVZHVKDOOGLVFXVVZHDJUHHWKDWYHQXHZDV             )GWK&LU
QRWSURSHULQ0LFKLJDQDQGWKDWWKHFDVHPXVWWKHUHIRUHEH
WUDQVIHUUHGWR7H[DV                                                   )HGHUDO5XOHRI&ULPLQDO3URFHGXUHEVWDWHVWKDWDFDVH
                                                                         PD\EHWUDQVIHUUHGWRDQRWKHUYHQXH
                                 ,9
                                                                             E7UDQVIHULQ2WKHU&DVHV)RUWKHFRQYHQLHQFHRI
  $UWLFOH ,,, 6HFWLRQ  &ODXVH  RI WKH 8QLWHG 6WDWHV           SDUWLHVDQGZLWQHVVHVDQGLQWKHLQWHUHVWRIMXVWLFHWKH
&RQVWLWXWLRQVWDWHVWKHEDVLFYHQXHUHTXLUHPHQWVIRUFULPLQDO              FRXUW XSRQ PRWLRQ RI WKH GHIHQGDQW PD\ WUDQVIHU WKH
SURVHFXWLRQVXQGHUIHGHUDOODZ                                          SURFHHGLQJDVWRWKDWGHIHQGDQWRUDQ\RQHRUPRUHRIWKH
                                                                           FRXQWVWKHUHRIWRDQRWKHUGLVWULFW
      7KH 7ULDO RI DOO &ULPHV H[FHSW LQ &DVHV RI
    ,PSHDFKPHQWVKDOOEHE\sXU\DQGVXFK7ULDOVKDOOEH               )HG5&ULP3E:KHQDVLQWKLVFDVHDFRQVSLUDF\LV
    KHOGLQWKH6WDWHZKHUHWKHVDLG&ULPHVVKDOOKDYHEHHQ              FKDUJHG WKH TXHVWLRQ RI ORFDWLQJ WKH SURSHU YHQXH FDQ EH
    FRPPLWWHGEXWZKHQQRWFRPPLWWHGZLWKLQDQ\6WDWHWKH              GLIILFXOW
