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 DS

81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB

)$5,' 0$68' $6$' ; 3HWLWLRQHU$SSHOODQW    1R  Y  !  s$1(7 5(12$WWRUQH\  *HQHUDO '25,6 0(,661(5  /<11 81'(5'2:1 /(6/,(  ./,1()(/7(5 ,00,*5$7,21  $1' 1$785$/,=$7,21   6(59,&(  5HVSRQGHQWV$SSHOOHHV     1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH 1R n7KRPDV$:LVHPDQsU'LVWULFWsXGJH $UJXHG 1RYHPEHU  'HFLGHGDQG)LOHG 0DUFK

  $VDGY5HQRHWDO 1R 

%HIRUH 5<$1DQG1255,6&LUFXLWsXGJHV ('*$5 &KLHI'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8('   /LQGD 5RVH 526( ,00,*5$7,21 /$: ),501DVKYLOOH7HQQHVVHHIRU$SSHOODQW6WHSKHQs)O\QQ 86 '(3$570(17 2) s867,&( 2)),&( 2) ,00,*5$7,21/,7,*$7,21IRU$SSHOOHHV21%5,() /LQGD5RVH526(,00,*5$7,21/$:),501DVKYLOOH 7HQQHVVHHIRU$SSHOODQW:LOOLDP&(UE0DUJDUHWs3HUU\ 86 '(3$570(17 2) s867,&( 2)),&( 2) ,00,*5$7,21 /,7,*$7,21 :DVKLQJWRQ '& IRU $SSHOOHHV BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB 5<$1&LUFXLWsXGJH7KHSHWLWLRQHU)DULG0DVXG$VDG DSSHDOV WKH GLVWULFW FRXUWjV GHFLVLRQ GLVPLVVLQJ KLV KDEHDV FRUSXVSHWLWLRQXQGHU86&†$VDGFRQWHQGVWKDW WKHGLVWULFWFRXUWHUURQHRXVO\FRQFOXGHGWKDWKHZDVLQHOLJLEOH IRUDZDLYHURIGHSRUWDWLRQXQGHUIRUPHUVHFWLRQ F RIWKH ,PPLJUDWLRQ DQG 1DWLRQDOLW\ $FW RI   ,1$   86& †LQOLJKWRIVHFWLRQ G RIWKH$QWLWHUURULVP DQG(IIHFWLYH'HDWK3HQDOW\$FWRI  $('3$ 3XE/ 1R6WDW   ZKLFKGHQLHVVHFWLRQ  F UHOLHIWRDOLHQVVXFKDV$VDGZKRKDYHEHHQFRQYLFWHG RIFHUWDLQHQXPHUDWHGFULPHV)RUWKHUHDVRQVWKDWIROORZZH $)),50 WKH GLVWULFW FRXUWjV MXGJPHQW GLVPLVVLQJ $VDGjV KDEHDVFRUSXVSHWLWLRQ

7KH +RQRUDEOH 5 $OODQ (GJDU &KLHI 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 7HQQHVVHH VLWWLQJ E\ GHVLJQDWLRQ 1R  $VDGY5HQRHWDO 

, $VDG D QDWLYH RI ,VUDHO DQG D FLWL]HQ RI sRUGDQ ZDV DGPLWWHGWRWKH8QLWHG6WDWHVDVDVWXGHQWRQ$XJXVW  DQG EHFDPH D SHUPDQHQW UHVLGHQW RQ sXO\      7KH ,PPLJUDWLRQDQG1DWXUDOL]DWLRQ6HUYLFH ,16 EHJDQVHHNLQJ $VDGjVGHSRUWDWLRQDIWHUKHZDVFRQYLFWHGRQsXO\ IRU GUXJUHODWHGRIIHQVHVLQYLRODWLRQRI86&††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sXO\ DQLPPLJUDWLRQ MXGJH GHQLHG $VDGjV VHFWLRQ  F  DSSOLFDWLRQ DIWHU FRQFOXGLQJWKDW$VDGZDVLQHOLJLEOHIRUVXFKDZDLYHUXQGHU VHFWLRQ G RIWKH$('3$6HFWLRQ G SURYLGHVWKDW DOLHQVFRQYLFWHGRIFHUWDLQFULPHVLQFOXGLQJWKRVHRIZKLFK $VDGZDVFRQYLFWHGDUHVWDWXWRULO\LQHOLJLEOHIRU,1$VHFWLRQ  F  GLVFUHWLRQDU\ ZDLYHUV  6HFWLRQ  F  SHUPLWV WKH $WWRUQH\ *HQHUDO LQ FHUWDLQ FLUFXPVWDQFHV WR H[HUFLVH GLVFUHWLRQWRZDLYHWKHGHSRUWDWLRQRIDQRWKHUZLVHGHSRUWDEOH DOLHQ,Q1RYHPEHU WKH%RDUGRI,PPLJUDWLRQ$SSHDOV %,$ DIILUPHGWKHLPPLJUDWLRQMXGJHjVRUGHUDQGGLVPLVVHG $VDGjV DSSHDO  7KLV FRXUW GLVPLVVHG $VDGjV SHWLWLRQ IRU UHYLHZ RI WKH %,$ GHFLVLRQ DIWHU GHWHUPLQLQJ LW ODFNHG DSSHOODWHMXULVGLFWLRQXQGHUVHFWLRQ F  * RIWKH,OOHJDO ,PPLJUDWLRQ 5HIRUP DQG ,PPLJUDQW 5HVSRQVLELOLW\ $FW RI   ,,5,5$  2Q0DUFK $VDGILOHGDSHWLWLRQIRUZULWRIKDEHDV FRUSXVSXUVXDQWWR86&†ZLWKWKH8QLWHG6WDWHV  $VDGY5HQRHWDO 1R  1R  $VDGY5HQRHWDO

'LVWULFW&RXUWIRUWKH0LGGOH'LVWULFWRI7HQQHVVHHLQZKLFK DOLHQV IURP WKLV FRXQWU\ LV D OHJLWLPDWH SXUSRVH WKDW LV QRW KH FKDOOHQJHG WKH %,$jV GHFLVLRQ WKDW VHFWLRQ  G YLRODWLYHRI$VDGjVHTXDOSURWHFWLRQULJKWV SUHFOXGHG KLP IURP VHHNLQJ D GLVFUHWLRQDU\ ZDLYHU RI KLV GHSRUWDWLRQRUGHUYLDVHFWLRQ F $VDGDOVRFODLPHGWKDW 9, VHFWLRQ  G  YLRODWHG WKH (TXDO 3URWHFWLRQ &ODXVH E\ DIIRUGLQJGLVFUHWLRQDU\UHOLHIIRUVRPHDOLHQVEXWGHQ\LQJLW )RU WKH IRUHJRLQJ UHDVRQV WKH GLVWULFW FRXUWjV MXGJPHQW IRU RWKHUV  7KH GLVWULFW FRXUW JUDQWHG WKH JRYHUQPHQWjV GLVPLVVLQJ$VDGjVKDEHDVFRUSXVSHWLWLRQXQGHU86& PRWLRQWRGLVPLVVWKHFDVHRQ2FWREHU 7KHGLVWULFW †LV$)),50(' FRXUW FRQFOXGHG WKDW WKH %,$jV ILQGLQJ WKDW $VDG ZDV VWDWXWRULO\ LQHOLJLEOH IRU VHFWLRQ  F  UHOLHI ZDV QRW D UHWURDFWLYHDSSOLFDWLRQRI$('3$VHFWLRQ G DQGGLGQRW YLRODWHKLVGXHSURFHVVULJKWV)XUWKHUPRUHWKHGLVWULFWFRXUW UHMHFWHG WKH SHWLWLRQHUjV FODLP WKDW VHFWLRQ  G jV DSSOLFDWLRQ LQ $VDGjV FDVH YLRODWHG WKH (TXDO 3URWHFWLRQ &ODXVH EHFDXVH WKH GLVWLQFWLRQ LQ VHFWLRQ  G  EHWZHHQ H[FOXGDEOHDQGGHSRUWDEOHDOLHQVKDGDUDWLRQDOUHODWLRQVKLSWR WKH OHJLWLPDWH JRYHUQPHQWDO SXUSRVH RI H[SHGLWLRXVO\ UHPRYLQJIURPWKHFRXQWU\DOLHQVFRQYLFWHGRIFULPHV $VDGILOHGWKLVWLPHO\DSSHDO ,, 7KLV FRXUW UHYLHZV GH QRYR D GLVWULFW FRXUWjV MXGJPHQW GLVPLVVLQJ D KDEHDV FRUSXV SHWLWLRQ ILOHG XQGHU  86& †6HH0XVWDWDY8QLWHG6WDWHV'HSjWRIsXVWLFH )G  WK&LU  ,,, )LUVWZHPXVWDGGUHVVWKHFRPSOH[VWDWXWRU\EDFNJURXQG WKDW SURYLGHV WKH IRXQGDWLRQ IRU WKLV FDVH  7KLV FDVH LV JRYHUQHGE\WKH,1$)RUPHU,1$VHFWLRQ F FRGLILHG DW86&† F    SURYLGHG  $OLHQVODZIXOO\DGPLWWHGIRUSHUPDQHQWUHVLGHQFHZKR WHPSRUDULO\SURFHHGHGDEURDGYROXQWDULO\DQGQRWXQGHU DQRUGHURIGHSRUWDWLRQDQGZKRDUHUHWXUQLQJWRDODZIXO XQUHOLQTXLVKHGGRPLFLOHRIVHYHQFRQVHFXWLYH\HDUVPD\ EH DGPLWWHG LQ WKH GLVFUHWLRQ RI WKH $WWRUQH\ *HQHUDO 7KHILUVWVHQWHQFHRIWKLVVXEVHFWLRQVKDOOQRWDSSO\  $VDGY5HQRHWDO 1R  1R  $VDGY5HQRHWDO 

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jQ RI 8QLY ,9 3URIHVVRUV  86      6HYHUDO FLUFXLW FRXUWVIDFLQJWKLVVDPHLVVXHKDYHFRQFOXGHGWKDWWKHUHLVD $ OHJLWLPDWHJRYHUQPHQWDOSXUSRVHLQHOLPLQDWLQJVHFWLRQ F UHOLHIWRGHSRUWDEOHDOLHQVFRQYLFWHGRIFHUWDLQFULPHVEHFDXVH ,QLWLDOO\ZHPXVWGHWHUPLQHZKHQGHSRUWDWLRQSURFHHGLQJV RIWKHSRVVLEOHSXEOLFVDIHW\ULVNWKRVHLQGLYLGXDOVSRVH6HH DJDLQVW $VDG mFRPPHQFHGl EHFDXVH DV ZH VKDOO H[SODLQ $OPRQY5HQR )G VW&LU FHUWGHQLHG mFRPPHQFHlLVDWHUPRIDUWLQWKH,16UHJXODWLRQVGHILQLQJ 6&W  sXUDGR*XWLHUUH]Y*UHHQH )G WKHWLPHRIYHVWLQJRIMXULVGLFWLRQLQWKH,PPLJUDWLRQ&RXUW WK &LU   FHUW GHQLHG  6 &W    ,16 UHJXODWLRQV LQGLFDWH WKDW GHSRUWDWLRQ SURFHHGLQJV 5HTXHQD5RGULJXH] Y 3DVTXDUHOO   )G   WK &LU FRPPHQFHZKHQWKHDSSURSULDWHFKDUJLQJGRFXPHQWLVILOHG  'H6RXVDY5HQR )G G&LU DQG ZLWK WKH ,PPLJUDWLRQ &RXUW  2QH UHJXODWLRQ SURYLGHV LQ /D*XHUUH Y 5HQR  )G  WK &LU    FHUW UHOHYDQW SDUW WKDW m>M@XULVGLFWLRQ YHVWV DQG SURFHHGLQJV GHQLHG6&W   EHIRUH DQ ,PPLJUDWLRQ sXGJH FRPPHQFH ZKHQ D FKDUJLQJ GRFXPHQWLVILOHGZLWKWKH,PPLJUDWLRQ&RXUWE\WKH6HUYLFHl :HDJUHHZLWKWKHGLVWULFWFRXUWWKDW$VDGIDLOHGWRPHHWKLV  &)5 †  D     )XUWKHUPRUH WKH UHJXODWLRQ DW EXUGHQRIVKRZLQJWKDWVHFWLRQ F jVFODVVLILFDWLRQDPRQJ &)5†VWDWHVLQSDUW m$QH[FOXVLRQSURFHHGLQJ DOLHQV LQ GHSRUWDWLRQ DQG H[FOXVLRQ SURFHHGLQJV ZDV QRW LV FRPPHQFHG E\ WKH ILOLQJ RI )RUP , ZLWK WKH UDWLRQDOO\ UHODWHG WR D OHJLWLPDWH JRYHUQPHQWDO SXUSRVH ,PPLJUDWLRQ &RXUW DQG DQ DOLHQ LV FRQVLGHUHG WR EH LQ ([SHGLWLQJWKHSURFHVVWRUHPRYHFRQYLFWHGDQGGHSRUWDEOH H[FOXVLRQSURFHHGLQJVRQO\XSRQVXFKILOLQJl  $VDGY5HQRHWDO 1R  1R  $VDGY5HQRHWDO 

$VDG DUJXHV WKDW SURFHHGLQJV DJDLQVW KLP FRPPHQFHG UHWURDFWLYHHIIHFWLHZKHWKHULWZRXOGLPSDLUULJKWVDSDUW\ ZKHQKHZDVVHUYHGZLWKWKHILUVW26&SULRUWRWKHHQDFWPHQW SRVVHVVHGZKHQKHDFWHGLQFUHDVHDSDUW\jVOLDELOLW\IRUSDVW RI$('3$VHFWLRQ G LQ$SULO PDNLQJKLPHOLJLEOH FRQGXFWRULPSRVHQHZGXWLHVZLWKUHVSHFWWRWUDQVDFWLRQV IRU D KHDULQJ XQGHU VHFWLRQ  F   $FFRUGLQJ WR $VDG DOUHDG\FRPSOHWHGl,GDWm>)@DPLOLDUFRQVLGHUDWLRQVRI DSSO\LQJVHFWLRQ G jVEDQRQVHFWLRQ F ZDLYHUVWR IDLUQRWLFHUHDVRQDEOHUHOLDQFHDQGVHWWOHGH[SHFWDWLRQVRIIHU KLP ZRXOG EH DQ LPSHUPLVVLEOH UHWURDFWLYH DSSOLFDWLRQ RI VRXQGJXLGDQFHl,GDW VHFWLRQ G  (YHQ LI ZH IRXQG SHUVXDVLYH $VDGj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†  F      $VDG EHFDPH D %DVHGXSRQWKHSODLQODQJXDJHRI&)5† D TXRWHG SHUPDQHQWUHVLGHQWRIWKH8QLWHG6WDWHVRQsXO\  EXW DERYHZHKROGWKDWWKHGHSRUWDWLRQSURFHHGLQJVDJDLQVW$VDG ZRXOG QRW KDYH EHHQ HOLJLEOH IRU  F  UHOLHI XQWLO VHYHQ GLGQRWFRPPHQFHXQWLOWKHDSSURSULDWHFKDUJLQJGRFXPHQW FRQVHFXWLYH \HDUV ODWHU RQ sXO\    DIWHU $('3$ ZDVILOHGZLWKWKH,PPLJUDWLRQ&RXUWRQ6HSWHPEHU  VHFWLRQ  G jV HIIHFWLYH GDWH RI $SULO    $GGLWLRQDOO\ $VDG GLG QRW HYHQ ILOH IRU D ZDLYHU RI % GHSRUWDWLRQXQGHUVHFWLRQ F XQWLO0DUFK DOPRVW D\HDUDIWHUVHFWLRQ G jVHIIHFWLYHGDWH %HFDXVH WKH GHSRUWDWLRQ SURFHHGLQJV ZHUH FRPPHQFHG DJDLQVW$VDGLQ6HSWHPEHU DIWHUVHFWLRQ G RIWKH $VDGXUJHVWKLVFRXUWWRIROORZWKHGHFLVLRQVRIRXUVLVWHU $('3$EHFDPHHIIHFWLYH$VDGKDGQRSURWHFWHGLQWHUHVWLQ FLUFXLWVLQ$ODQLV%XVWDPDQWHY5HQR)G UHWDLQLQJKLVDELOLW\WRDSSO\IRUDGLVFUHWLRQDU\ZDLYHUXQGHU  WK &LU   KROGLQJ WKDW mSURFHHGLQJV    VHFWLRQ  F   $VDG FODLPV WKDW VHFWLRQ  G  ZDV FRPPHQFHG>ZKHQ@WKHRUGHUWRVKRZFDXVHZDVVHUYHG UHWURDFWLYHO\DSSOLHGLQKLVFDVHIRUWZRUHDVRQV   KHZDV RQ>WKHLPPLJUDQW@DQGDZDUUDQWRIGHWDLQHUKDGEHHQILOHG UHO\LQJRQWKHDYDLODELOLW\RIVHFWLRQ F UHOLHIDWWKHWLPH DJDLQVWKLPlDQG:DOODFHY5HQR )G  VW KHZDVVHUYHGZLWKWKHILUVW26& DQG  KHGLGQRWDSSHDO &LU   KROGLQJ WKDW mZKHQ DQ RUGHU WR VKRZ FDXVH LV KLVFULPLQDOFRQYLFWLRQLQUHOLDQFHRQWKHSRVVLELOLW\RIEHLQJ VHUYHGRQWKHDOLHQWKHGHSRUWDWLRQSURFHVVKDVHIIHFWLYHO\ JUDQWHGUHOLHIXQGHUVHFWLRQ F  EHJXQ DQG H[SHFWDWLRQV SURSHUO\ IRUP HYHQ LI WKHUH LV QR DFWXDO UHOLDQFHl  7KH $ODQLV%XVWDPDQWH DQG :DOODFH ,Q/DQGJUDIY86,)LOP3URGXFWV86   WKH GHFLVLRQVZHUHEDVHGDWOHDVWLQSDUWRQWKHDOLHQjVOHJLWLPDWH 8QLWHG6WDWHV6XSUHPH&RXUWDUWLFXODWHGDWZRVWHSWHVWIRU UHOLDQFHWKDWVHFWLRQ F UHOLHIZDVDYDLODEOH$VDGGLGQRW GHWHUPLQLQJ WKH UHWURDFWLYLW\ RI D VWDWXWH     ZKHWKHU OHJLWLPDWHO\UHO\RQWKHSRVVLELOLW\WKDWVHFWLRQ F UHOLHI &RQJUHVVSUHVFULEHGWKHVWDWXWHjVWHPSRUDOUHDFK DQGLIQRW ZRXOG EH DIIRUGHG WR KLP EHFDXVH KH KDG QRW PHW WKH  DGHWHUPLQDWLRQZKHWKHUUHWURVSHFWLYHDSSOLFDWLRQZRXOG HOLJLELOLW\UHTXLUHPHQWVIRU F UHOLHIXQWLODIWHU$('3$ KDYHDmUHWURDFWLYHHIIHFWl6HHLGDW:KHQFRQVLGHULQJ VHFWLRQ G KDGEHHQHQDFWHG WKHVHFRQGVWHSRIWKHWHVWWKH/DQGJUDI&RXUWVWDWHGWKDWD mFRXUWPXVWGHWHUPLQHZKHWKHUWKHQHZVWDWXWHZRXOGKDYH