5(&200(1'(' )25 )8//7(;7 38%/,&$7,21  &DVWRULQDHWDOY0DGLVRQ 1R  3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

&RXQW\6FKRRO%GHWDO (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU )LOH 1DPH DS

>7@KH VFKRRO ERDUGjV XQLIRUP SROLF\ ZLOO SDVV FRQVWLWXWLRQDO VFUXWLQ\ LI LW IXUWKHUV DQ LPSRUWDQW RU 81,7('67$7(6&28572)$33($/6 VXEVWDQWLDO JRYHUQPHQW LQWHUHVW  LI WKH LQWHUHVW LV XQUHODWHGWRWKHVXSSUHVVLRQRIVWXGHQWH[SUHVVLRQ DQGLI )257+(6,;7+&,5&8,7 WKHLQFLGHQWDOUHVWULFWLRQVRQ)LUVW$PHQGPHQWDFWLYLWLHV BBBBBBBBBBBBBBBBB DUHQRPRUHWKDQLVQHFHVVDU\WRIDFLOLWDWHWKDWLQWHUHVW ,G FLWLQJ 8QLWHG 6WDWHV Y 2j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j 3ODLQWLII   FRQWHQWLRQWKDWSULQFLSDO)XOW]UHDVRQDEO\EHOLHYHGWKDWDSULRU  ILJKWRFFXUUHGDVDUHVXOWRIWKHSUHVHQFHRIDFRQIHGHUDWHIODJ Y  DQGWKDWSULRUILJKWJDYH)XOW]UHDVRQWRDQWLFLSDWHDGGLWLRQDO  GLVUXSWLRQWKHQGHIHQGDQWVjUHJXODWLRQRISODLQWLIIVjFRQGXFW 0$',621 &2817< 6&+22/  ZDV QR PRUH WKDQ WKDW QHFHVVDU\ WR DFKLHYH D FRPSHOOLQJ  JRYHUQPHQWLQWHUHVWDQGGLGQRWYLRODWHWKH)LUVW$PHQGPHQW %2$5' 6+$1121 s2+1621 :,//,$0 )8/7= 6+$1121   s2+1621DV6XSHULQWHQGHQW  RIWKH0DGLVRQ&RXQW\  6FKRRO'LVWULFW :,//,$0  )8/7=DV3ULQFLSDORI  0DGLVRQ&HQWUDO+LJK6FKRRO  'HIHQGDQWV$SSHOOHHV  1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW/H[LQJWRQ 1R n+HQU\5:LOKRLWsU'LVWULFWsXGJH

  &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ  &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

$UJXHG 'HFHPEHU VFKRRODFWLYLWLHV6HH7LQNHU 86DW *UD\QHG 86DW  'HFLGHGDQG)LOHG 0DUFK 7KH)LIWK&LUFXLWjVUHFHQWHYDOXDWLRQRI)LUVW$PHQGPHQW %HIRUH 0(55,77.(11('<DQG*,/0$1&LUFXLW SURWHFWLRQLQDVFKRROVHWWLQJLVDSSOLFDEOHKHUH6HH&DQDG\ sXGJHV Y%RVVLHU3DULVK6FKRRO%RDUG:/ WK&LU sDQ ,Q&DQDG\WKH)LIWK&LUFXLWXSKHOGDVFKRROj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sGHOLYHUHGWKHRSLQLRQRIWKHFRXUWLQZKLFK %HFDXVH  FKRLFHRIFORWKLQJLVSHUVRQDOH[SUHVVLRQWKDW *,/0$1sMRLQHG.(11('<s SS GHOLYHUHG KDSSHQV WR RFFXU RQ WKH VFKRRO SUHPLVHV DQG   WKH DVHSDUDWHFRQFXUULQJRSLQLRQ 6FKRRO %RDUGjV XQLIRUP SROLF\ LV XQUHODWHG WR DQ\ YLHZSRLQWDOHYHORIVFUXWLQ\VKRXOGDSSO\LQWKLVFDVH BBBBBBBBBBBBBBBBB WKDWLVKLJKHUWKDQ WKH VWDQGDUGLQ.XKOPHLHUEXWOHVV VWULQJHQWWKDQWKHVFKRRORIILFLDOjVEXUGHQLQ7LQNHU 23,1,21 BBBBBBBBBBBBBBBBB &DQDG\  :/    7KDW VDPH VWDQGDUG VKRXOG DSSO\ WR WKH SUHVHQW FDVH ZKHUH   SODLQWLIIVj FKRLFH RI 0(55,77 &LUFXLW s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mLOOHJDOLPPRUDORU UDFLVW LPSOLFDWLRQVl  )ROORZLQJ WKHLU VXVSHQVLRQV WKH VWXGHQWVEURXJKWVXLWFKDOOHQJLQJWKHFRQVWLWXWLRQDOLW\RIWKH GLVFLSOLQDU\DFWLRQVDQGWKHGLVWULFWFRXUWJUDQWHGVXPPDU\  MXGJPHQWIRUWKHVFKRROERDUG$IWHUUHYLHZLQJWKDWGHFLVLRQ , FHUWDLQO\ DJUHH ZLWK WKH SULQFLSOH SXW IRUWK E\ WKH PDMRULW\ WKDW

ZHILQGWKDWZHDUHXQDEOHWRUHVROYHWKHFRQVWLWXWLRQDOLW\RI UHJXODWLRQ RI )LUVW $PHQGPHQW VSHHFK PXVW EH FRQWHQW QHXWUDO %HFDXVH

WKH VFKRRO ERDUGjV DFWLRQV ZLWKRXW NQRZLQJ WKH PDQQHU LQ WKH LPSOLFDWHG SRUWLRQ RI WKH VFKRROjV GUHVV FRGH SROLF\ SURKLELWLQJ DQ\

ZKLFKWKHVFKRROERDUGHQIRUFHGLWVGUHVVFRGHDQGZKHWKHU GUHVV ZKLFK ZRXOG FDXVH GLVUXSWLRQ LV FRQWHQW QHXWUDO KRZHYHU , VLPSO\ GR QRW ILQG D GLVFXVVLRQ RI FRQWHQW QHXWUDOLW\ GLVSRVLWLYH LQ WKLV FDVH  &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ  &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

FRXOG FHUWDLQO\ EH UHVWULFWHG EXW RQO\ LI WKH IRUELGGHQ 0DGLVRQ&RXQW\+LJK6FKRROKDGDFWXDOO\H[SHULHQFHGDQ\ FRQGXFW mPDWHULDOO\ GLVUXSWV FODVVZRUN RU LQYROYHV UDFLDOO\EDVHGYLROHQFHSULRUWRWKHVXVSHQVLRQV$VDUHVXOW VXEVWDQWLDOGLVRUGHURULQYDVLRQRIWKHULJKWVRIRWKHUVl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jV@ DW0DGLVRQ&HQWUDO+LJK6FKRROORFDWHGLQ0DGLVRQ&RXQW\ FRPSHOOLQJ LQWHUHVW LQ KDYLQJ DQ XQGLVUXSWHG VFKRRO .HQWXFN\&DVWRULQDZDVDMXQLRUDQG'DUJDYHOODIUHVKPDQ VHVVLRQFRQGXFLYHWRWKHVWXGHQWVjOHDUQLQJDQGGRHVQRW $WWKHWLPH&DVWRULQDDQG'DUJDYHOOZHUHGDWLQJ1HLWKHU XQQHFHVVDULO\LQWHUIHUHZLWK)LUVW$PHQGPHQWULJKWV)DU KDG SUHYLRXVO\ H[SHULHQFHG DQ\ VLJQLILFDQW GLVFLSOLQDU\ IURP KDYLQJ DQ LPSHUPLVVLEO\ EURDG SURSK\ODFWLF SUREOHPV RUGLQDQFH >WKH WRZQ@ SXQLVKHV RQO\ FRQGXFW ZKLFK GLVUXSWVRULVDERXWWRGLVUXSWQRUPDOVFKRRODFWLYLWLHV 2QWKHPRUQLQJRI6HSWHPEHUERWKSODLQWLIIVDUULYHGDW 7KDW GHFLVLRQ LV PDGH DV LW VKRXOG EH RQ DQ VFKRROZHDULQJPDWFKLQJ+DQN:LOOLDPVsUFRQFHUW7VKLUWV LQGLYLGXDOL]HG EDVLV JLYHQ WKH SDUWLFXODU IDFWV RI WKH JLYHQWRWKHPE\'DUJDYHOOjVIDWKHU&RXQWU\PXVLFVWDU+DQN VLWXDWLRQ :LOOLDPVsUZDVSLFWXUHGRQWKHIURQWRIWKH7VKLUWVDQGWZR &RQIHGHUDWHIODJVZHUHGLVSOD\HGRQWKHEDFNDORQJZLWKWKH ,GDW 7KXVWKHRQO\FRQGXFWWKDWFDQEHUHJXODWHGLQ SKUDVHm6RXWKHUQ7KXQGHUl7KHSODLQWLIIVVDLGWKDWWKH\ZHUH RUGHU WR DFKLHYH WKH FRPSHOOLQJ LQWHUHVW RI D VWDEOH ZHDULQJWKH7VKLUWVLQFRPPHPRUDWLRQRI+DQN:LOOLDPV HGXFDWLRQDOHQYLURQPHQWLVDFWLYLW\ZKLFKZLOOGLVUXSWWKDW 6UjVELUWKGD\DQGWRH[SUHVVWKHLUVRXWKHUQKHULWDJH:KHQ HQYLURQPHQW1RRWKHUUHJXODWLRQRISURWHFWHGVSHHFKFDQEH WKH WZR VWXGHQWV ZHQW WR WKH SULQFLSDOjV RIILFH WR FKDQJH FRQVLGHUHGQDUURZO\WDLORUHGWRPHHWWKLVFRPSHOOLQJLQWHUHVW 'DUJDYHOOjV FODVV VFKHGXOH WKH SULQFLSDO :LOOLDP )XOW] ,QVKRUWHYLGHQFHRIOLNHO\GLVUXSWLRQLVERWKVXIILFLHQWDQG LQIRUPHGWKHPWKDWWKH&RQIHGHUDWHIODJHPEOHPYLRODWHGWKH QHFHVVDU\WRMXVWLI\UHJXODWLRQRISURWHFWHGVSHHFKLQDVFKRRO VFKRROjVGUHVVFRGH+HJDYHWKHVWXGHQWVWKHFKRLFHRIHLWKHU VHWWLQJ7KHUHIRUH,ZRXOGQRWRQO\FRQFOXGHWKDWWKHVFKRRO WXUQLQJWKHVKLUWVLQVLGHRXWIRUWKHUHVWRIWKHGD\RUUHWXUQLQJ ZRXOG QRW QHFHVVDULO\ EH UHTXLUHG WR SURKLELW 0DOFROP ; KRPH WR FKDQJH  )XOW] EDVHG WKLV LQVWUXFWLRQ RQ KLV VKLUWV LI LW SURKLELWV FRQIHGHUDWH IODJ VKLUWV EXW LQ IDFW , LQWHUSUHWDWLRQ RI WKH VFKRROjV GUHVV FRGH ZKLFK SURKLELWV TXHVWLRQZKHWKHUWKHVFKRROFRXOGEHSHUPLWWHGWRSURKLELW VWXGHQWV IURP ZHDULQJ DQ\ FORWKLQJ RU HPEOHP mWKDW LV GLVSOD\LQJDV\PERORIHLWKHU0DOFROP;RUWKHFRQIHGHUDWH REVFHQHVH[XDOO\VXJJHVWLYHGLVUHVSHFWIXORUZKLFKFRQWDLQV IODJXQOHVVLWFRXOGVKRZHYLGHQFHWKDWVXFKDGLVSOD\ZRXOG VORJDQVZRUGVRULQDQ\ZD\GHSLFWVDOFRKROGUXJVWREDFFR UHVXOWLQGLVUXSWLRQ)LUVW$PHQGPHQWSURWHFWHGFRQGXFWPD\ RUDQ\LOOHJDOLPPRUDORUUDFLVWLPSOLFDWLRQl7KHGUHVVFRGH RQO\EHUHJXODWHGLILWGLVUXSWVRULVDERXWWRGLVUXSWQRUPDO VSHFLILHGWKDWLIWKHYLRODWLRQFRXOGQRWEHFRUUHFWHGDWVFKRRO WKHQWKHSULQFLSDOKDGWKHDXWKRULW\WRVHQGWKHRIIHQGHUKRPH  &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ  &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

WR FKDQJH DQG WR DVVLJQ DSSURSULDWH SXQLVKPHQW  :KHQ WKDW mFDXVH>V@GLVUXSWLRQRIWKHHGXFDWLRQDOSURFHVVl s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j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jGHVLUHWRZHDU WKHDQDO\VLVLQWKLVFDVH$OWKRXJKWKH7LQNHU&RXUWGLGVD\ WKH 7VKLUWV )XOW] VXVSHQGHG WKHP IRU D VHFRQG WKUHHGD\ WKDWm>L@WLVDOVRUHOHYDQWWKDWWKHVFKRRODXWKRULWLHVGLGQRW SHULRG&DVWRULQDDQG'DUJDYHOOQHYHUUHWXUQHGWR0DGLVRQ SXUSRUWWRSURKLELWWKHZHDULQJRIDOOV\PEROVRISROLWLFDORU &HQWUDODQGZHUHVXEVHTXHQWO\JLYHQKRPHVFKRROLQJE\WKHLU FRQWURYHUVLDO VLJQLILFDQFHl WKH &RXUW WKHQ LPPHGLDWHO\ SDUHQWV DFNQRZOHGJHG WKDW WKH FDVH ZRXOG EH GLIIHUHQW ZHUH WKHUH HYLGHQFH RI GLVUXSWLRQ  ,G DW   7KH &RXUW VWDWHG WKDW ,QUXOLQJRQWKHVWXGHQWVjVXLWFKDOOHQJLQJWKHLUVXVSHQVLRQV mFRQGXFW E\ WKH VWXGHQW    ZKLFK IRU DQ\ UHDVRQ    WKH GLVWULFW FRXUW IRXQG WKDW ZHDULQJ WKH 7VKLUWV GLG QRW PDWHULDOO\GLVUXSWVFODVVZRUNRULQYROYHVVXEVWDQWLDOGLVRUGHU TXDOLI\ DV mVSHHFKlDQG WKDW HYHQ LI LW ZHUH mVSHHFKl WKH    LV RI FRXUVH QRW LPPXQL]HG E\ WKH FRQVWLWXWLRQDO SODLQWLIIV IDLOHG WR VKRZ D )LUVW $PHQGPHQW YLRODWLRQ  ,Q JXDUDQWHHRIIUHHGRPRIVSHHFKl,GDW7KH6XSUHPH DGGLWLRQWKHFRXUWUHMHFWHGWKHSODLQWLIIVj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jDXWKRULW\ WRUHJXODWHVWXGHQWVSHHFK"7KHGLVWULFWFRXUWjVDQVZHUWRWKH  ILUVWTXHVWLRQWKDWZHDULQJWKH+DQN:LOOLDPVsU7VKLUWV )XOW]jV GHSRVLWLRQ WHVWLPRQ\ ZDV DV IROORZV

GLGQRWTXDOLI\DVmVSHHFKlZDVLQFRUUHFW7KHSODLQWLIIV 4 +RZ PDQ\ WLPHV KDYH \RX DVNHG VRPHERG\ WR WDNH D

ZRUH WKH VKLUWV WR H[SUHVV D FHUWDLQ YLHZSRLQW DQG WKDW 0DOFROP ; VKLUW RII LQ \RXU VFKRRO"

YLHZSRLQWZDVHDVLO\DVFHUWDLQDEOHE\DQREVHUYHU2QWKH $ ,jYH DVNHG WKHP RQ, FDQjW FRXQW EXW ,jYH DVNHG WKHP RQ VHYHUDO RFFDVLRQV VHFRQG TXHVWLRQ YLHZLQJ DOO RI WKH IDFWV LQ WKH OLJKW PRVW 4 :KHQ ZDV WKH ODVW WLPH \RX DVNHG WKHP" IDYRUDEOH WR WKH SODLQWLIIV LW DSSHDUV WKDW WKH VFKRRO ERDUG $ , GRQjW UHFDOO , KDYHQjW VHHQ RQH WKLV \HDU s$   &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ  &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

,QDGGLWLRQ ,FDQQRWDJUHHZLWKWKHPDMRULW\jVVWDWHPHQW HQIRUFHGWKHGUHVVFRGHLQDQXQHYHQDQGYLHZSRLQWVSHFLILF WKDWWKHVFKRROjVmUDWLRQDOHIRUWKHVXVSHQVLRQVZDVWKDWWKH7 PDQQHU WKHUHE\ YLRODWLQJ FRUH YDOXHV RI WKH )LUVW VKLUWV YLRODWHG WKH VFKRRO GUHVV FRGH ZKLFK EDQV FORWKLQJ $PHQGPHQW,QDGGLWLRQWKHVFKRROKDVQRWVKRZQWKDWWKH FRQWDLQLQJ DQ\ µLOOHJDO LPPRUDO RU UDFLVW LPSOLFDWLRQVjl SODLQWLIIVjFRQGXFWFUHDWHVDOLNHOLKRRGRIYLROHQFHRURWKHU :KLOH,DJUHHWKDWSULQFLSDO)XOW]EDQQHGWKHVKLUWVEHFDXVH GLVUXSWLRQWKDWZDUUDQWVWKLVNLQGRIUHJXODWLRQ WKH\YLRODWHGWKHVFKRROjVGUHVVFRGHKHGLGQRWUHO\RQWKH mUDFLVWLPSOLFDWLRQVlSRUWLRQRIWKHSROLF\&RQWUDU\WRWKH 7KH3ODLQWLIIVj&RQGXFWZDV6SHHFK*RYHUQHGE\WKH PDMRULW\jV GHVFULSWLRQ RI WKH IDFWV )XOW]jV GHSRVLWLRQ )LUVW $PHQGPHQW o ,Q 7H[DV Y sRKQVRQ   86   WHVWLPRQ\FOHDUO\LQGLFDWHVWKDWKHH[SOLFLWO\UHIXVHGWRVD\    WKHIODJEXUQLQJFDVH WKH6XSUHPH&RXUWODLGRXWWKH WKDWKHWKRXJKWWKHIODJZDVUDFLVW VWDQGDUGIRUZKDWFRQGXFWFRQVWLWXWHVH[SUHVVLRQSURWHFWHGE\ WKH)LUVW$PHQGPHQW7KLVLQTXLU\IRFXVHGRQmZKHWKHU>D@Q  4 1RZLVQjWLWWUXHWKDW\RXWROGP\FOLHQWVDQGWKH LQWHQW WR FRQYH\ D SDUWLFXODUL]HG PHVVDJH ZDV SUHVHQW DQG SDUHQWV RI P\ FOLHQWV WKDW WKH &RQIHGHUDWH )ODJ ZDV D >ZKHWKHU@WKHOLNHOLKRRGZDVJUHDWWKDWWKHPHVVDJHZRXOGEH UDFLVWV\PERORQWKDWGD\" XQGHUVWRRGE\WKRVHZKRYLHZHGLWl,GDW,QWKHLQVWDQW $ ,GRQjWNQRZLI,VDLGLWLQWKDWWHUPV,VDLGWKDWWKH FDVHWKHGLVWULFWFRXUWFRQFOXGHGWKDWWKHSODLQWLIIVLQWHQGHG &RQIHGHUDWH)ODJLVRIIHQVLYHWRFHUWDLQVWXGHQWV WRFRPPHPRUDWH+DQN:LOOLDPV6UjVELUWKGD\7KHFRXUW  IRXQG WKDW WKLV ZDV D SDUWLFXODUL]HG PHVVDJH EXW WKDW WKLV 4 6RWRWKHEHVWRI\RXUUHFROOHFWLRQ\RXQHYHUUHODWHG PHVVDJHZDVXQDVFHUWDLQDEOHEDVHGRQWKHSODLQWLIIVjGHFLVLRQ WR WKHP WKDW LW ZDV \RXU RSLQLRQ WKDW WKH &RQIHGHUDWH WRZHDUD+DQN:LOOLDPVsU7VKLUW7KHFRXUWFKDUDFWHUL]HG %DWWOH)ODJLVDUDFLVWV\PEROLVWKDW\RXUWHVWLPRQ\" WKH ZHDULQJ RI WKHVH 7VKLUWV DV D mPHUH GLVSOD\l RI D $   7KDW LV P\ RSLQLRQ  , WKLQN LQ P\ RSLQLRQ WKH FRQIHGHUDWHIODJDQGUXOHGWKDWWKLVGLGQRWUHVXOWLQDILQGLQJ &RQIHGHUDWH)ODJLVRIIHQVLYHWREODFNVWXGHQWV RISURWHFWHGVSHHFK%RWKSODLQWLIIVKRZHYHUWHVWLILHGWKDW WKH\LQWHQGHGWRFRQYH\SULGHLQWKHLUVRXWKHUQKHULWDJHLQ s$ /DWHULQWKHGHSRVLWLRQSODLQWLIIVjDWWRUQH\DQG DGGLWLRQWRDQ\PHVVDJHDVVRFLDWHGZLWK+DQN:LOOLDPV6U )XOW]KDGWKHIROORZLQJH[FKDQJH 7KHVFKRROERDUGGRHVQRWGLVSXWHWKHSODLQWLIIVjFODLPWKDW WKH\DOVRLQWHQGHGWRDIILUPWKHLUVRXWKHUQEDFNJURXQGV7KH 4 :HOOOHWPHMXVWFXWULJKWWRWKHFKDVHWKHQ'R\RX 7VKLUWVSURPLQHQWO\GLVSOD\HGWZR&RQIHGHUDWHIODJVDQGWKH WKLQNWKH&RQIHGHUDWH)ODJLVDUDFLVWV\PERO" SKUDVHm6RXWKHUQ7KXQGHUl,QDGGLWLRQERWK+DQN:LOOLDPV $   7KDWjV \RX NQRZ DV IDU DV ,jP FRQFHUQHG WKH 6U DQG +DQN :LOOLDPV s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jVKLUWVWKH XQGHUVWRRG WKH 7VKLUWV WR FRQYH\  %HFDXVH WKH SODLQWLIIVj UHFRUGSHUPLWVWKHILQGLQJWKDW)XOW]DFWHGXQGHUWKHSRUWLRQ LQWHQGHG H[SUHVVLRQ ZDV ERWK D FRPPHPRUDWLRQ RI +DQN RIWKHVFKRROjVGUHVVFRGHSROLF\ZKLFKSURKLELWVDQ\DWWLUH :LOOLDPV6UjVELUWKGD\DVZHOODVDVWDWHPHQWDIILUPLQJWKH SODLQWLIIVjVKDUHGVRXWKHUQKHULWDJHWKHLUGHFLVLRQWRZHDUWKH  &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ  &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

+DQN:LOOLDPV7VKLUWVFRQVWLWXWHVVSHHFKIDOOLQJZLWKLQWKH QRHYLGHQFHRIGLVUXSWLRQWRMXVWLI\WKHUHJXODWLRQ%XW7LQNHU )LUVW$PHQGPHQW DFNQRZOHGJHGWKDWDFWXDOGLVUXSWLRQPD\MXVWLI\UHJXODWLRQRI VSHHFKH[SODLQLQJWKDWmWKHSURKLELWLRQRIH[SUHVVLRQRIRQH   7KH 6FKRRO %RDUGjV $XWKRULW\ 7R 5HJXODWH WKH SDUWLFXODU RSLQLRQ DW OHDVW ZLWKRXW HYLGHQFH WKDW LW LV 3ODLQWLIIVj6SHHFKo7KLVFDVHLVJRYHUQHGE\WKH6XSUHPH QHFHVVDU\WRDYRLGPDWHULDODQGVXEVWDQWLDOLQWHUIHUHQFHZLWK &RXUWjVODQGPDUNGHFLVLRQFRQFHUQLQJVWXGHQWVSHHFK7LQNHU VFKRROZRUNRUGLVFLSOLQHLVQRWFRQVWLWXWLRQDOO\SHUPLVVLEOHl Y 'HV 0RLQHV ,QGHSHQGHQW 6FKRRO 'LVWULFW   86  ,GDW HPSKDVLVDGGHG    :KLOH7LQNHUKDVEHHQQDUURZHGE\WZRPRUHUHFHQW FDVHV%HWKHO6FKRRO'LVWULFW1RY)UDVHU86 7KH6L[WK&LUFXLWKDVSUHYLRXVO\UHFRJQL]HGWKDWDVKRZLQJ    DQG +D]HOZRRG 6FKRRO 'LVWULFW Y .XKOPHLHU  RI OLNHO\ GLVUXSWLRQ LV WKH FHQWUDO WHQHW WR SHUPLVVLEOH 86   QHLWKHURIWKHVHGHFLVLRQVDOWHUHG7LQNHUjV UHJXODWLRQRI)LUVW$PHQGPHQWVSHHFKLQDVFKRROVHWWLQJ,Q FRUH SULQFLSOHV FRQFHUQLQJ WKH FLUFXPVWDQFHV XQGHU ZKLFK 0HOWRQY<RXQJ)G WK&LU  WKLVFRXUW SXEOLFVFKRROVPD\UHJXODWHVWXGHQWVSHHFK,Q7LQNHUWKH XSKHOG D VFKRRO UHJXODWLRQ EDQQLQJ WKH GLVSOD\ RI WKH 6XSUHPH&RXUWVWUXFNGRZQWKHVFKRROGLVWULFWjVEDQRQWKH FRQIHGHUDWHIODJ7KH0HOWRQFRXUWKHOGWKDWm>X@QOLNHWKH ZHDULQJ RI EODFN DUPEDQGV WR SURWHVW WKH 9LHWQDP :DU 7LQNHU FDVH ZKHUH WKH &RXUW IRXQG QR HYLGHQFH RI HLWKHU &HQWUDOWRWKHGHFLVLRQZDVWKHIDFWWKDWWKHVFKRROGLVWULFWGLG DFWXDO RU SRWHQWLDO GLVUXSWLYH FRQGXFW EXW RQO\ DQ QRW EDQ RWKHU FORWKLQJ WKDW H[SUHVVHG FRQWURYHUVLDO YLHZV µXQGLIIHUHQWLDWHG IHDU RU DSSUHKHQVLRQ RI GLVWXUEDQFHj WKH LQFOXGLQJ ,URQ &URVVHV ZKLFK ZHUH RIWHQ XQGHUVWRRG DV UHFRUGLQWKHSUHVHQWFDVHUHIOHFWVTXLWHFOHDUO\WKDWVFKRRO V\PEROVRI+LWOHUDQGWKH1D]LV7LQNHU 86DW RIILFLDOV KDG HYHU\ ULJKW WR DQWLFLSDWH WKDW D WHQVH UDFLDO 7KLV DVSHFW RI WKH GHFLVLRQ LV FRQVLVWHQW ZLWK D QXPEHU RI VLWXDWLRQFRQWLQXHGWRH[LVWDVRIWKHRSHQLQJRIVFKRROl,G ODWHU 6XSUHPH &RXUW GHFLVLRQV VLJQDOLQJ WKDW YLHZSRLQW DW7KXVWKHVFKRROZDVDOORZHGWRUHJXODWHEHFDXVHRI VSHFLILFVSHHFKUHVWULFWLRQVDUHDQHJUHJLRXVYLRODWLRQRIWKH IDFWXDOHYLGHQFHVKRZLQJWKDWWKHIODJZRXOGFDXVHGLVUXSWLRQ )LUVW $PHQGPHQW  6HH HJ 5RVHQEHUJHU Y 5HFWRU DQG 9LVLWRUVRIWKH8QLYHUVLW\RI9LUJLQLD86  ,QWKHSUHVHQWFDVHDSK\VLFDOILJKWEHWZHHQVWXGHQWVRQH    m'LVFULPLQDWLRQ DJDLQVW VSHHFK EHFDXVH RI LWV GD\HDUOLHUFDXVHGE\DQLPDJHRIWKHFRQIHGHUDWHIODJZRXOG PHVVDJHLVSUHVXPHGWREHXQFRQVWLWXWLRQDOl 5$9Y6W JLYH WKH SULQFLSDO D FRQFUHWH EDVLV WR WKLQN DGGLWLRQDO 3DXO  86        VWULNLQJ GRZQ D GLVUXSWLRQZRXOGHQVXHLISODLQWLIIVZHUHSHUPLWWHGWRZHDU 0LQQHVRWDKDWHVSHHFKVWDWXWHRQWKHEDVLVRILPSHUPLVVLEOH WKHIODJVKLUWV7KHSULRUILJKWGLVWLQJXLVKHVWKLVFDVHIURP YLHZSRLQWGLVFULPLQDWLRQ  7LQNHUDQGSODFHVLWLQWKHFDWHJRU\RIFDVHVLQZKLFKIDFWXDO HYLGHQFHGHPRQVWUDWHVWKDWGLVUXSWLRQZLOOOLNHO\UHVXOW7KH ,Q FRQWUDVW )UDVHU FRQFHUQHG D VFKRROjV GHFLVLRQ WR PDMRULW\ FODLPV WKDW WKH HYLGHQFH RI WKH ILJKW LV QRW GLVFLSOLQH D VWXGHQW DIWHU KH XVHG mRIIHQVLYHO\ OHZG DQG GLVSRVLWLYHEHFDXVHRWKHUVWXGHQWVWHVWLILHGWKDWWKHILJKWZDV LQGHFHQWVSHHFKl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jV SODLQWLIIVjVKLUWVZRXOGVSDUNPRUHGLVUXSWLRQ  &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ  &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

BBBBBBBBBBBBBBBBBBBB GHFLVLRQWRFHQVRUFHUWDLQDUWLFOHVLQWKHVFKRROQHZVSDSHU 7KH&RXUWIRXQGWKDWWKHVFKRROQHZVSDSHUZDVQRWDSXEOLF &21&855(1&( IRUXPDQGWKDWVFKRRORIILFLDOVDUHHQWLWOHGWRH[HUFLVHJUHDWHU BBBBBBBBBBBBBBBBBBBB FRQWURO RYHU mVFKRROVSRQVRUHGl VSHHFK VXFK DV D VFKRRO QHZVSDSHU+D]HOZRRG86DW%H\RQGWKH .(11('<&LUFXLWsXGJHFRQFXUULQJ,FRQFXUZLWKWKH WKUHH mVFKRROVSHHFKl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jV RSLQLRQ  &RQWUDU\ WR WKH PDMRULW\jV DUJXPHQW , ILQG WKDW DXWKRULW\ WR EDQ &RQIHGHUDWH IODJV LQ VRPHZKDW GLIIHUHQW LQGLYLGXDO VSHHFK QRW VSRQVRUHG E\ WKH VFKRRO PD\ EH IDFWXDOFLUFXPVWDQFHV UHJXODWHGLQDVFKRROVHWWLQJLIDQGRQO\LIWKHUHLVVSHFLILF HYLGHQFH WR VXSSRUW D EHOLHI WKDW WKH FRQGXFW ZLOO UHVXOW LQ 7KHIDFWVZKHQYLHZHGLQWKHOLJKWPRVWIDYRUDEOHWRWKH GLVUXSWLRQWRWKHVFKRROjVHGXFDWLRQDOHQYLURQPHQW SODLQWLIIV GLVWLQJXLVK WKH 0DGLVRQ &RXQW\ EDQ RQ &RQIHGHUDWHIODJVIURPWKHEDQVXSKHOGLQDOOIRXURIWKHVH 7KHPDMRULW\DFFHSWVWKHDUJXPHQWWKDWWKLVFDVHLVIDFWXDOO\ FDVHV)LUVWWKHSODLQWLIIVWHVWLILHGWKDWRWKHUPHPEHUVRIWKH VLPLODUWR7LQNHUDQGLVWKHUHIRUHJRYHUQHGE\WKH6XSUHPH VWXGHQWERG\ZRUHFORWKLQJYHQHUDWLQJ0DOFROP;DQGZHUH &RXUWjVKROGLQJWKHUHLQYDOLGDWLQJDVFKRROjVEDQRQEODFN QRW GLVFLSOLQHG  6HFRQG WKH SODLQWLIIV ZHUH ZHDULQJ WKH DUPEDQGV ZRUQ WR SURWHVW WKH 9LHWQDP ZDU  7KH PDMRULW\ GLVSXWHG FORWKLQJ LQ D PDQQHU WKDW GLG QRW GLVUXSW VFKRRO DSSDUHQWO\ IDLOV WR UHFRJQL]H KRZHYHU WKDW LQ 7LQNHU WKH DFWLYLW\ RU FDXVH XQUHVW GXULQJ WKH VFKRRO GD\  7KLUG &RXUWH[SOLFLWO\UHOLHGRQWKHIDFWWKDWmWKHUHZHUHQRWKUHDWV &DVWRULQD DQG 'DUJDYHOO ZHUH FOHDUO\ PDNLQJ D SHUVRQDO RUDFWVRIYLROHQFHRQVFKRROSUHPLVHVlLGDWZKLOHLQ VWDWHPHQWLQGHFLGLQJWRZHDUWKH+DQN:LOOLDPVsU7VKLUWV WKHSUHVHQWFDVHWKHUHLVHYLGHQFHWRVXSSRUWDOLNHOLKRRGRI LQ RWKHU ZRUGV WKHUH LV QR ZD\ WKDW WKHLU VSHHFK FRXOG EH GLVUXSWLRQ'HVSLWHWKHPDMRULW\jVVXPPDU\VWDWHPHQWWKDWWKH FRQVLGHUHGWREHmVFKRROVSRQVRUHGlQRUGLGWKHVWXGHQWVXVH VFKRRO EDQQHG WKH FRQIHGHUDWH IODJ VKLUWV mZLWKRXW DQ\ DQ\VFKRROUHVRXUFHVWRH[SUHVVWKHLUYLHZV VKRZLQJRIGLVUXSWLRQlWKHUHFRUGVKRZVWKDWDILJKWEURNH RXWLQYROYLQJVWXGHQWVZHDULQJFRQIHGHUDWHIODJ7VKLUWVWKH 7DNLQJWKHVHIDFWVLQWRFRQVLGHUDWLRQWKH0DGLVRQ&RXQW\ GD\ EHIRUH )XOW] SURKLELWHG SODLQWLIIV IURP ZHDULQJ WKHLU FDVH LV PRUH DQDORJRXV WR 7LQNHU WKDQ WR HLWKHU )UDVHU RU VKLUWV DQG )XOW] VWDWHG WKDW VWXGHQWV WROG KLP WKDW WKH +D]HOZRRG  ,Q 7LQNHU WKH 'HV 0RLQHV VFKRRO ERDUG KDG FRQIHGHUDWHIODJZDVWKHFDXVHRIWKDWSULRUILJKW s$ DGRSWHGDSROLF\VSHFLILFDOO\EDQQLQJWKHZHDULQJRIEODFN $OWKRXJK LW LV FOHDU WKDW HYHQ LQ D VFKRRO VHWWLQJ DUPEDQGV  7KH SROLF\ VWDWHG WKDW DQ\ VWXGHQWV IRXQG LQ mXQGLIIHUHQWLDWHGIHDURUDSSUHKHQVLRQRIGLVWXUEDQFHLVQRW YLRODWLRQZRXOGEHDVNHGWRUHPRYHWKHRIIHQGLQJDUWLFOH LI HQRXJKWRRYHUFRPHWKHULJKWWRIUHHGRPRIH[SUHVVLRQlLG WKHVWXGHQWUHIXVHGVXVSHQVLRQZRXOGIROORZXQWLOWKHVWXGHQW DW  WKH 6XSUHPH &RXUW KDV UHFRJQL]HG D FRPSHOOLQJ UHWXUQHG ZLWKRXW WKH DUPEDQG  7KH SODLQWLIIV LQWHQWLRQDOO\ JRYHUQPHQW LQWHUHVW LQ SURWHFWLQJ D VFKRROjV HGXFDWLRQDO YLRODWHGWKHSROLF\DQGZHUHVHQWKRPH)ROORZLQJWKHLUOHJDO HQYLURQPHQW7LQNHUUHMHFWHGDVFKRROjVDELOLW\WRUHJXODWH FKDOOHQJHWRWKHVXVSHQVLRQWKH6XSUHPH&RXUWVWUXFNGRZQ EDVHGRQWKHFRQWHQWRIWKHYLHZVH[SUHVVHGZKHUHWKHUHZDV WKH VFKRRO SROLF\ DV XQFRQVWLWXWLRQDO  $V D SUHOLPLQDU\  &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ  &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

PDWWHUWKH&RXUWIRUPDOO\UHFRJQL]HGWKHIDFWWKDWVWXGHQWVGR WKHVFKRRODQGWKDWWKHFRPPLWWHHjVVSHFLILFILQGLQJVVKRZHG QRWmVKHGWKHLUFRQVWLWXWLRQDOULJKWVWRIUHHGRPRIVSHHFKRU WKDW WKHUH ZDV PRUH WKDQ mDQ XQGLIIHUHQWLDWHG IHDU RU H[SUHVVLRQDWWKHVFKRROKRXVHJDWHl7LQNHU 86DW DSSUHKHQVLRQRIGLVWXUEDQFHl0HOWRQ)GDW 7KRXJK VFKRROV KDYH WKH DXWKRULW\ WR VHW UHJXODWLRQV $VDUHVXOWWKHFRXUWUHFRJQL]HGWKDWWKRXJKWKHFDVHZDVD SHUWDLQLQJWRWKHOHQJWKRIVNLUWVRUKDLUWKH&RXUWKHOGWKDW FORVHRQHWKHVXVSHQVLRQZDVDYDOLGH[HUFLVHRIWKHVFKRRO WKHUHZDVQREDVLVIRUDSROLF\WKDWSXQLVKHGmVLOHQWSDVVLYH ERDUGjVFRQVWLWXWLRQDODXWKRULW\XQGHU7LQNHU,G H[SUHVVLRQ RI RSLQLRQ XQDFFRPSDQLHG E\ DQ\ GLVRUGHU RU GLVWXUEDQFHRQWKHSDUWRISHWLWLRQHUVl,GDW7KH&RXUW 7KHIRUHJRLQJGLVFXVVLRQRIWKHWKUHH6XSUHPH&RXUWDQG GUHZVSHFLDODWWHQWLRQWRWKHIDFWWKDWWKHSODLQWLIIVjDFWLRQV WZR&RXUWRI$SSHDOVFDVHVGHPRQVWUDWHVWKHLPSRUWDQFHRI GLG QRW FDXVH DQ\ LQWHUIHUHQFH mZLWK VFKRROVj ZRUN RU >@ WKHIDFWXDOFLUFXPVWDQFHVLQVFKRROVSHHFKFDVHVDQGZK\D FROOLVLRQZLWKWKHULJKWVRIRWKHUVWXGHQWVWREHVHFXUHDQGWR UHPDQGLVQHFHVVDU\LQWKLVFDVHVRWKDWWKHGLVWULFWFRXUWFDQ EHOHWDORQHl,G,QWKHORZHUFRXUWSURFHHGLQJVWKHGLVWULFW UHVROYH WKH SODLQWLIIVj IDFWXDO DVVHUWLRQV  ,I WKH VWXGHQWVj FRXUW KDG EDVHG LWV GHFLVLRQ XSKROGLQJ WKH VFKRRO ERDUGjV FODLPVUHJDUGLQJWKH0DOFROP;LQVSLUHGFORWKLQJ LHWKDW DFWLRQV RQ WKH IHDU RI GLVWXUEDQFH EXW WKH 6XSUHPH &RXUW RWKHU VWXGHQWV ZRUH WKLV W\SH RI FORWKLQJ DQG ZHUH QRW UHMHFWHG WKLV DUJXPHQW EHFDXVH mXQGLIIHUHQWLDWHG IHDU RU GLVFLSOLQHG  DQG WKHLU FODLPV WKDW WKHUH ZHUH QR SULRU DSSUHKHQVLRQRIGLVWXUEDQFHLVQRWHQRXJKWRRYHUFRPHWKH GLVUXSWLYH DOWHUFDWLRQV DV D UHVXOW RI &RQIHGHUDWH IODJV DUH ULJKWWRIUHHGRPRIH[SUHVVLRQl,G,QDGGLWLRQWKH6XSUHPH IRXQGFUHGLEOHWKHFRXUWEHORZZRXOGEHUHTXLUHGWRVWULNH &RXUWZDVFOHDUO\LQIOXHQFHGE\WKHIDFWWKDWWKHVFKRROERDUG GRZQWKHVWXGHQWVj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m;lV\PERODVVRFLDWHGZLWK0DOFROP;DQGWKH%ODFN VWXGHQW DFWLYLW\ DQG EHKDYLRU  ,Q HLWKHU FLUFXPVWDQFH WKH 0XVOLPPRYHPHQW7KHVFKRROjVUHIXVDOWREDUWKHZHDULQJ IDFWVDUHHVVHQWLDOWRWKHDSSOLFDWLRQRIWKHOHJDOIUDPHZRUN RI WKLV DSSDUHO DORQJ ZLWK WKH &RQIHGHUDWH IODJ JLYHV WKH GLVFXVVHG KHUHLQ  $FFRUGLQJO\ WKH VXPPDU\ MXGJPHQW LV DSSHDUDQFH RI D WDUJHWHG EDQ VRPHWKLQJ WKDW WKH 6XSUHPH UHYHUVHGDQGWKHFDVHUHPDQGHGWRWKHGLVWULFWFRXUWIRUWULDO &RXUWKDVURXWLQHO\ VWUXFNGRZQDVDYLRODWLRQRIWKH)LUVW $PHQGPHQW  6HH HJ 3ROLFH 'HSDUWPHQW RI &KLFDJR Y 0RVOH\86     VWULNLQJGRZQDQRSLFNHWLQJODZ WKDWFRQWDLQHGDQH[FHSWLRQIRURQO\ODERUUHODWHGSLFNHWLQJ  &LW\ RI 0DGLVRQ sRLQW 6FKRRO 'LVWULFW 1R  Y :LVFRQVLQ (PSOR\PHQW 5HODWLRQV &RPPLVVLRQ   86    KROGLQJ WKDW D VFKRRO ERDUG FDQQRW EDU RQO\ QRQXQLRQ WHDFKHUVIURPVSHDNLQJDWDSXEOLFPHHWLQJFRQFHUQLQJWKH ERDUGjVODERUUHODWLRQV 7KH&RXUWKDVKHOGWKDWWKLVW\SHRI EDQ LV D mPRUH EODWDQWl YLRODWLRQ RI WKH )LUVW $PHQGPHQW  &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

SLFWXUH RI D &RQIHGHUDWH IODJ GXULQJ KLV PDWK FODVV WKXV EHFDXVH mJRYHUQPHQW UHJXODWLRQ PD\ QRW UHJXODWH VSHHFK YLRODWLQJWKHVFKRROjVm5DFLDO+DUDVVPHQWDQG,QWLPLGDWLRQl EDVHGRQLWVVXEVWDQWLYHFRQWHQWRUWKHPHVVDJHLWFRQYH\Vl SROLF\  +H ZDV VXEVHTXHQWO\ VXVSHQGHG DQG EURXJKW VXLW 5RVHQEHUJHU86DW  FKDOOHQJLQJWKHFRQVWLWXWLRQDOLW\RIKLVSXQLVKPHQW7KH7HQWK &LUFXLWXSKHOGWKHVXVSHQVLRQDVDOHJLWLPDWHH[HUFLVHRIWKH 9LHZLQJ WKH IDFWV LQ WKH OLJKW PRVW IDYRUDEOH WR WKH VFKRROj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jV GHFLVLRQ LQ :HVW PHUHO\ &RXQW\6FKRRO%RDUGEDQQHG&RQIHGHUDWHIODJVLQDPRUHmDG GHPRQVWUDWHVWKDWDVFKRROERDUGPD\EDQUDFLDOO\GLYLVLYH KRFlPDQQHU7KLVPHDQVWKDWLQ7LQNHUWKHUHZDVDIRUPDOO\ V\PEROV ZKHQ WKHUH KDV EHHQ DFWXDO UDFLDOO\ PRWLYDWHG WDUJHWHGEDQIURPWKHYHU\EHJLQQLQJZKHUHDVWKH0DGLVRQ YLROHQFHDQGZKHQWKHSROLF\LVHQIRUFHGZLWKRXWYLHZSRLQW &RXQW\GUHVVFRGHLVDIDFLDOO\QHXWUDOSROLF\WKDWLVHQIRUFHG GLVFULPLQDWLRQ6LQFHWKH0DGLVRQ&RXQW\DFWLRQGRHVQRW DFFRUGLQJWRWKHVWXGHQWVLQDFRQWHQWVSHFLILFPDQQHU,IWKH DSSHDUWRVDWLVI\HLWKHURQHRIWKHVHFULWHULDWKH7HQWK&LUFXLW VWXGHQWVjFODLPLVWUXHRQO\FHUWDLQLGHRORJLFDOSRVLWLRQVDUH GHFLVLRQLVRIOLPLWHGXWLOLW\LQWKHDGMXGLFDWLRQRIWKHFDVH EDUUHG IURP H[SUHVVLRQ RQ VFKRRO SURSHUW\  %DVHG RQ WKH EHIRUHWKLVFRXUW 6XSUHPH&RXUWUXOLQJVLQ7LQNHU0RVOH\DQG5RVHQEHUJHU WKH VFKRRO ERDUG FDQQRW VLQJOH RXW &RQIHGHUDWH IODJV IRU 6LPLODUO\ WKLV FRXUWjV GHFLVLRQ LQ 0HOWRQ FRQFHUQHG D VSHFLDOWUHDWPHQWZKLOHDOORZLQJRWKHUFRQWURYHUVLDOUDFLDODQG &KDWWDQRRJDSXEOLFVFKRROjV VXVSHQVLRQRIDVWXGHQWIRU SROLWLFDOV\PEROVWREHGLVSOD\HG ZHDULQJDMDFNHWZLWKD&RQIHGHUDWHIODJSDWFK7KHVFKRROLQ TXHVWLRQZKLFKKDGSUHYLRXVO\EHHQDQDOOZKLWHVFKRROZDV 7KH PRUH UHFHQW 6XSUHPH &RXUW GHFLVLRQV GLVFXVVLQJ LQWHJUDWHGLQ RQO\IRXU\HDUVEHIRUHWKHVXVSHQVLRQ,Q VFKRROVj DXWKRULW\ WR UHJXODWH VWXGHQW VSHHFK DUH QRW WKDWIRXU\HDUSHULRGWKHKLJKVFKRROLQTXHVWLRQH[SHULHQFHG DSSOLFDEOHWRWKLVVLWXDWLRQ%RWK)UDVHUDQG+D]HOZRRG VLJQLILFDQW UDFLDO WHQVLRQ PXFK RI ZKLFK VSUXQJ IURP WKH WKHWZRFDVHVRIWHQFLWHGIRUSXEOLFVFKRROVjSRZHUWRUHJXODWH VFKRROjVV\PERO WKH&RQIHGHUDWHIODJ WKHVFKRROjVDWKOHWLF WKHLUVWXGHQWVjVSHHFKFRQWDLQLPSRUWDQWIDFWXDOGLIIHUHQFHV QLFNQDPH WKH m5HEHOVl  DQG WKH VFKRROjV ILJKW VRQJ WKDWGLVWLQJXLVKWKHPIURPWKHLQVWDQWFRQWURYHUV\)UDVHU m'L[LHl )ROORZLQJ WKHVHSUREOHPVDVSHFLDOFRPPLWWHH XSKHOGWKHGLVFLSOLQLQJRIWKHVWXGHQWjVSURIDQHQRPLQDWLQJ FRQYHQHGWRDGGUHVVWKHVHUDFLDOSUREOHPVPDGHDVSHFLILF VSHHFK EDVHG RQ WKH VFKRROjV QHHG WR WHDFK VWXGHQWV DERXW ILQGLQJ WKDW WKH &RQIHGHUDWH IODJ ZDV D FDXVH RI XQUHVW DSSURSULDWHVRFLHWDOEHKDYLRU IXUWKHUPRUHWKH&RXUWIRXQG 5HO\LQJRQWKDWILQGLQJWKHVFKRROERDUGEDQQHGWKHGLVSOD\ WKDWWKHVFKRROKDGZLGHODWLWXGHLQGHWHUPLQLQJWKHmPDQQHU RIWKH&RQIHGHUDWHIODJ+DYLQJEHHQLQIRUPHGRIWKHEDQ RIVSHHFKlWKDWZDVSHUPLVVLEOHRQVFKRROJURXQGV)UDVHU SODLQWLII0HOWRQWKHQZRUHDMDFNHWZLWKD&RQIHGHUDWHIODJ 86DW,QWKHLQVWDQWFDVHKRZHYHUWKHVFKRROLV SDWFK WR VFKRRO DQG ZDV VXVSHQGHG  ,Q UHYLHZLQJ KLV QRW DWWHPSWLQJ WR UHJXODWH WKH mPDQQHU RI VSHHFKl  )RU VXVSHQVLRQWKLVFRXUWDSSOLHG7LQNHUWRWKHUHJXODWLRQILQGLQJ H[DPSOHDVWXGHQWZRXOGEHSHUPLWWHGWRDWWHQGFODVVZHDULQJ WKDWWKHKLVWRU\RIXQUHVWDPRXQWHGWRDPDWHULDOGLVUXSWLRQDW D7VKLUWZLWKDIODJRQLWLIWKHIODJZDVLQVXSSRUWRIWKH  &DVWRULQDHWDOY0DGLVRQ 1R  1R  &DVWRULQDHWDOY0DGLVRQ  &RXQW\6FKRRO%GHWDO &RXQW\6FKRRO%GHWDO

FRXQWU\jV 2O\PSLF WHDP  $V D UHVXOW LW LV WKH FRQWHQW RI WRUHJXODWHVWXGHQWVSHHFK DQGWKHZD\7LQNHUGLIIHUVIURP VSHHFK QRW WKH PDQQHU WKDW WKH 0DGLVRQ &RXQW\ 6FKRRO +D]HOZRRG %RDUGZLVKHVWRUHJXODWH,QDGGLWLRQDFOHDUXQGHUSLQQLQJRI WKH&RXUWjVKROGLQJLQ)UDVHUZDVWKHGLVUXSWLYHQDWXUHRIWKH >7@KH VWDQGDUG DUWLFXODWHG LQ 7LQNHU IRU GHWHUPLQLQJ SODLQWLIIjVQRPLQDWLQJVSHHFKDQGWKHIDFWWKDWWKHVDQFWLRQV ZKHQDVFKRROPD\SXQLVKVWXGHQWH[SUHVVLRQQHHGQRW ZHUHQRWEDVHGRQRQHSDUWLFXODUSROLWLFDOYLHZSRLQW,GDW DOVREHWKHVWDQGDUGIRUGHWHUPLQLQJZKHQDVFKRROPD\ $VVXPLQJWKDWWKHUHKDVQRWEHHQDQ\UDFLDOO\PRWLYDWHG UHIXVHWROHQGLWVQDPHDQGUHVRXUFHVWRWKHGLVVHPLQDWLRQ YLROHQFH RU WKUHDW LQ WKH 0DGLVRQ &RXQW\ VFKRROV WKH RIVWXGHQWH[SUHVVLRQ,QVWHDGZHKROGWKDWHGXFDWRUVGR SODLQWLIIVjGLVSOD\RIWKH&RQIHGHUDWHIODJPD\QRWKDYHKDG QRWRIIHQGWKH)LUVW$PHQGPHQWE\H[HUFLVLQJHGLWRULDO DQ\VLJQLILFDQWGLVUXSWLYHHIIHFW7KHGHIHQGDQWVGRFODLP FRQWURORYHUWKHVW\OHDQGFRQWHQWRIVWXGHQWVSHHFKLQ WKDWSULRUWRWKHSODLQWLIIVjVXVSHQVLRQWKHUHZDVDUDFLDOO\ VFKRROVSRQVRUHGH[SUHVVLYHDFWLYLWLHVVRORQJDVWKHLU EDVHGDOWHUFDWLRQRQVFKRROJURXQGVEXWSODLQWLIIVFRQWHQG DFWLRQVDUHUHDVRQDEO\UHODWHGWROHJLWLPDWHSHGDJRJLFDO WKDW UDFH ZDV QRW WKH FDXVH RI WKH GLVWXUEDQFH  7KLV FRQFHUQV,GDW GLVDJUHHPHQW VLPSO\ KLJKOLJKWV WKH QHHG IRU D WULDO WR GHWHUPLQHWKHSUHFLVHIDFWVRIWKLVVLWXDWLRQ 7KH 0DGLVRQ &RXQW\ 6FKRRO %RDUGjV DFWLRQV FDQQRW EH MXGJHGXVLQJWKHPRUHOHQLHQW+D]HOZRRGVWDQGDUGEHFDXVH +D]HOZRRGFRQFHUQHGDSXEOLFVFKRROjVGHFLVLRQWRFHQVRU WKHVSHFLDOFLUFXPVWDQFHVSUHVHQWLQ+D]HOZRRGDUHVRFOHDUO\ WZRDUWLFOHVVODWHGIRUDSSHDUDQFHLQWKHVFKRROQHZVSDSHU DEVHQWLQ0DGLVRQ&RXQW\&DVWRULQDDQG'DUJDYHOOjVDFWLRQV RQH FRQFHUQHG SUHJQDQW VWXGHQWV DW WKH VFKRRO WKH RWKHU ZHUHQRWVFKRROVSRQVRUHGQRUGLGWKHVFKRROVXSSO\DQ\RI GLVFXVVHGWKHLPSDFWRIGLYRUFHRQVWXGHQWV7KHSUHJQDQF\ WKHUHVRXUFHVLQYROYHGLQWKHLUZHDULQJWKH7VKLUWV0RVW VWRU\ZDVUHMHFWHGEHFDXVHWKHSULQFLSDOIHDUHGWKDWLQVSLWHRI LPSRUWDQWO\QRUHDVRQDEOHREVHUYHUFRXOGFRQFOXGHWKDWWKH WKHSVHXGRQ\PVXVHGLQWKHDUWLFOHWKHVXEMHFWVPLJKWVWLOOEH VFKRROKDGVRPHKRZHQGRUVHGWKHVWXGHQWVj GLVSOD\RIWKH LGHQWLILHGE\WKHVFKRROFRPPXQLW\7KHGLYRUFHVWRU\ZDV &RQIHGHUDWHIODJ$VDUHVXOW7LQNHULVWKHPRVWUHOHYDQWRI UHMHFWHG EHFDXVH LW FRQWDLQHG QHJDWLYH LQIRUPDWLRQ DERXW WKHWKUHH6XSUHPH&RXUWFDVHVFRQFHUQLQJVFKRROVSHHFKDQG VFKRROSDUHQWVDQGWKHUHZDVLQVXIILFLHQWWLPHWRSHUPLWWKHP VHWVIRUWKWKHOHJDOIUDPHZRUNWKDWWKHGLVWULFWFRXUWVKRXOG WR UHVSRQG WR WKH IDFWV VHW RXW LQ WKH DUWLFOH 7KH 6XSUHPH DSSO\WRLWVIDFWXDOILQGLQJV8VLQJWKH7LQNHUVWDQGDUGWKDW &RXUWUHMHFWHGWKHQHZVSDSHUVWDIIPHPEHUVjVXLWRQDQXPEHU mVLOHQWSDVVLYHH[SUHVVLRQRIRSLQLRQXQDFFRPSDQLHGE\DQ\ RIEDVHV WKHVFKRROSDSHUZDVQRWDSXEOLFIRUXPSXEOLVKLQJ GLVRUGHU RU GLVWXUEDQFH RQ WKH SDUW RI SHWLWLRQHUVl LV QRW WKHSDSHUZDVDVFKRROVSRQVRUHGDFWLYLW\WKDWZDVSDUWRIDQ VXEMHFWWRUHJXODWLRQ7LQNHU 86DWLWLVFOHDUWKDW DGYDQFHG MRXUQDOLVP FODVV DQG UHDGHUV ZRXOG SHUFHLYH DIRUPDOIDFWXDOILQGLQJZLWKUHVSHFWWRWKHGLVWXUEDQFHLI DUWLFOHV DSSHDULQJ LQ WKH VFKRRO SDSHU DV EHLQJ mVFKRRO DQ\FDXVHGE\WKHSODLQWLIIVjDFWLRQVLVQHFHVVDU\EHIRUHD DSSURYHGl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jVGHVFULSWLRQRIZKHQDVFKRROKDVJUHDWHUDXWKRULW\ GRHVQRW,Q:HVWMXQLRUKLJKVFKRROVWXGHQW7:GUHZD