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

9,25(/ ),(5$1 ;  3HWLWLRQHU   1R Y  !  ,00,*5$7,21 $1'  1$785$/,=$7,21 6(59,&(  s2+1 $6+&52)7$WWRUQH\  *HQHUDO  5HVSRQGHQWV   1 2Q3HWLWLRQIRU5HYLHZRIDQ2UGHURIWKH%RDUGRI ,PPLJUDWLRQ$SSHDOV 1R$  $UJXHG 0D\ 'HFLGHGDQG)LOHG 2FWREHU %HIRUH 1255,6DQG&2/(&LUFXLWsXGJHV +2/6&+8+'LVWULFWsXGJH

7KH +RQRUDEOH sRKQ ' +ROVFKXK 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 6RXWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ

  )LHUDQY,16 1R

BBBBBBBBBBBBBBBBB &2816(/ $5*8('   sRHO $ 3HUOPXWWHU &OHYHODQG 2KLR IRU 3HWLWLRQHU3DWULFN6KHQ81,7('67$7(6'(3$570(17 2)s867,&(2)),&(2),00,*5$7,21/,7,*$7,21 :DVKLQJWRQ'&IRU5HVSRQGHQWV21%5,() sRHO$ 3HUOPXWWHU&OHYHODQG2KLRIRU3HWLWLRQHU&DUO+0F,QW\UH sUsRKQ/'DYLV81,7('67$7(6'(3$570(172) s867,&( 2)),&( 2) ,00,*5$7,21 /,7,*$7,21 :DVKLQJWRQ'&IRU5HVSRQGHQWV BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB $/$1(1255,6&LUFXLWsXGJH3HWLWLRQHU9LRUHO)LHUDQ FKDOOHQJHVDILQDORUGHURIWKH%RDUGRI,PPLJUDWLRQ$SSHDOV %,$ GHQ\LQJKLVPRWLRQWRUHPDQGDQGUHRSHQGHSRUWDWLRQ SURFHHGLQJVIRUWKHSXUSRVHRIDSSO\LQJIRUFDQFHOODWLRQRI UHPRYDO:HDIILUPWKH%,$GHFLVLRQ ,)DFWXDODQG3URFHGXUDO%DFNJURXQG )LHUDQ LV D FLWL]HQ RI 5RPDQLD ZKR HQWHUHG WKH 8QLWHG 6WDWHV DV D VWRZDZD\ LQ 0D\    +H ZDV WDNHQ LQWR FXVWRG\E\WKH,PPLJUDWLRQDQG1DWXUDOL]DWLRQ6HUYLFH ,16 DQGZDVSDUROHGLQWRWKH8QLWHG6WDWHV PHDQLQJWKDWKHZDV UHOHDVHG EXW QRW mODZIXOO\ DGPLWWHGl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

*LYHQWKHXQDYDLODELOLW\RI† I UHOLHIWR)LHUDQWKHUH 5RPDQLDDVUHTXLUHGIRUDV\OXPRUZLWKKROGLQJRIH[FOXVLRQ ZDVQRDEXVHRIGLVFUHWLRQLQGHQ\LQJKLVPRWLRQWRUHPDQG DQGGHSRUWDWLRQ KLVFDVH )LHUDQDSSHDOHGWRWKH%,$:KLOHWKHDSSHDOZDVSHQGLQJ ,9&RQFOXVLRQ &RQJUHVVHQDFWHGDQHZODZFDOOHGWKH,OOHJDO,PPLJUDWLRQ 5HIRUPDQG,PPLJUDQW5HVSRQVLELOLW\$FW3XE/ )RUWKHIRUHJRLQJUHDVRQVZHDIILUPWKH%,$jVGHFLVLRQ 6WDW      ,,5,5$ ZKLFKLQVWLWXWHG DQGOLIWWKHVWD\RIUHPRYDO DPRUHUHVWULFWLYHVFKHPHGHVLJQHGWRH[SHGLWHWKHUHPRYDORI XQODZIXO DOLHQV DQG WR OLPLW WKHLU DELOLW\ WR REWDLQ GLVFUHWLRQDU\UHOLHI$VKNLY,16)G   WK&LU    0RVW RI WKH ,,5,5$ FKDQJHV ZHQW LQWR HIIHFW RQ $SULO DQGZHUHQRWUHWURDFWLYH,,5,5$† D  F  7KHUHZHUHKRZHYHUVHYHUDOmWUDQVLWLRQDOUXOHVlWKDW DSSOLHGWRSURFHHGLQJVEHJXQEHIRUHWKHHIIHFWLYHGDWHRIWKH DFW6HHHJ,,5,5$† F  $  2Q1RYHPEHU  &RQJUHVVDJDLQFKDQJHGWKHODZ ZLWKWKHHQDFWPHQWRIWKH1LFDUDJXDQ$GMXVWPHQWDQG&HQWUDO $PHULFDQ5HOLHI$FW3XE/1R6WDW      1$&$5$   7KH DFW HDVHG WKH VWULFW UHTXLUHPHQWV RI WKH ,,5,5$ IRU FHUWDLQ DOLHQV LQFOXGLQJ TXDOLILHG 5RPDQLDQV E\ DSSO\LQJ WKH OHVV VWULQJHQW SUH ,,5,5$UHTXLUHPHQWV6HH1$&$5$† D  E $WLVVXH LQWKLVFDVHLVD1$&$5$DPHQGPHQWRQWKHFDQFHOODWLRQRI UHPRYDOn† E ZKLFKLQVHUWHG† I LQWKH,,5,5$

 ,Q UHOHYDQW SDUW WKH VWDWXWH UHDGV

I 63(&,$/ 58/( )25 &$1&(//$7,21 2) 5(029$/ n  ,1 *(1(5$/ n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n $ WKH DOLHQ n  )LHUDQY,16 1R 1R )LHUDQY,16

)LHUDQ UHDG WKLV QHZ SURYLVLRQ DV DSSO\LQJ WR KLP DQG KH QDWLRQDOLWLHVIURPWKHUHWURDFWLYHDSSOLFDWLRQRIWKHµVWRSWLPHj ILOHGDPRWLRQWRUHPDQGKLVFDVHWRWKHLPPLJUDWLRQMXGJHIRU UXOHl  7UHLPDQQ  :/  DW  GLVFXVVLQJ LQ FRQVLGHUDWLRQRIKLVDSSOLFDWLRQIRUVXVSHQVLRQRIGHSRUWDWLRQ GLFWD KRZ 1$&$5$ †  D  RQ WLPH FDOFXODWLRQ FRXOG RUFDQFHOODWLRQRIUHPRYDOXQGHUWKHQHZODZ UHQGHU VRPH DOLHQV HOLJLEOH IRU VXVSHQVLRQ RI GHSRUWDWLRQ  6HFWLRQ J RIWKH,,5,5$FDQIXQFWLRQIRUWKHVHDOLHQVE\ 2Q)HEUXDU\WKH%,$DGRSWHGWKHGHFLVLRQRIWKH DOORZLQJWKHPWRUHRSHQGHSRUWDWLRQRUUHPRYDOSURFHHGLQJV LPPLJUDWLRQMXGJHDQGGHQLHG)LHUDQjVPRWLRQWRUHPDQGWKH DQGGHQLDORI)LHUDQjVFODLPZLOOQRWUHQGHU,,5,5$† J FDVHIRUDKHDULQJ,QGHQ\LQJ)LHUDQjVPRWLRQIRUDUHPDQG PHDQLQJOHVV WKH%,$H[SODLQHG 2WKHUFRXUWVKDYHUHDFKHGWKHFRQFOXVLRQWKDWWKHROGODZ :H ILQG WKDW ZH PXVW GHQ\ WKH DSSOLFDQWj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m0RWLRQVWRUHRSHQGHSRUWDWLRQ GHSRUWDWLRQ  ,G DW   7KH FRXUW LQ UHYLHZLQJ WKLV RUUHPRYDOSURFHHGLQJVl@ GHWHUPLQDWLRQDSSOLHGSUH ODZDQGQRWHGWKDWLQYLHZRI WKHQHZ,,5,5$SURYLVLRQRQmFDQFHOODWLRQRIUHPRYDOlLWV ,Q UH 9LRUHO )LHUDQ )LOH $    &OHYHODQG %,$ GHFLVLRQ GLG QRW DSSO\ WR DOLHQV ZKR ZHUH SODFHG LQ )HE  sRLQW$SSHQGL[DW  SURFHHGLQJV RQ RU DIWHU $SULO     ,G DW   VHH DOVR 7UHLPDQQY ,161R :/DW  WK&LU'HF  XQSXEOLVKHGPHPRUDQGXPRSLQLRQ m$OWKRXJK ,,5,5$ UHSHDOHG †  D  >VXVSHQVLRQ RI L LV QRW LQDGPLVVLEOH RU GHSRUWDEOH XQGHU SDUDJUDSK  RU  RI VHFWLRQ  D RU SDUDJUDSK GHSRUWDWLRQ@DQGUHSODFHGLWZLWK,1$†$>FDQFHOODWLRQRI     RU  RI VHFWLRQ  D RI WKH ,PPLJUDWLRQ UHPRYDO@ IRU DOLHQV OLNH 7UHLPDQQ SODFHG LQ SURFHHGLQJV DQG 1DWLRQDOLW\ $FW DQG LV QRW DQ DOLHQ GHVFULEHG EHIRUH$SULO † D JRYHUQVl  LQ VHFWLRQ  E  % L RI VXFK $FW LL KDV EHHQ SK\VLFDOO\ SUHVHQW LQ WKH 8QLWHG )LHUDQ ZDV SODFHG LQ H[FOXVLRQ SURFHHGLQJV RQ 0D\  6WDWHV IRU D FRQWLQXRXV SHULRG RI QRW OHVV WKDQ    ORQJ EHIRUH WKH HIIHFWLYH GDWH RI WKH ,,5,5$  7KH \HDUV LPPHGLDWHO\ SUHFHGLQJ WKH GDWH RI VXFK DSSOLFDWLRQ SURYLVLRQXSRQZKLFKKHUHOLHVWKHUHIRUHGRHVQRWDSSO\WRKLV LLL KDV EHHQ D SHUVRQ RI JRRG PRUDO FKDUDFWHU FDVH  )LHUDQjV DUJXPHQW LV OLPLWHG WR DVVHUWLQJ WKDW KH LV GXULQJ VXFK SHULRG DQG HOLJLEOHIRUUHOLHIXQGHUWKHVSHFLDOUXOH KHGRHVQRWFODLPWKDW LY HVWDEOLVKHV WKDW UHPRYDO ZRXOG UHVXOW LQ KH LV HQWLWOHG WR UHOLHI XQGHU WKH ROG DFW VR ZH QHHG QRW H[WUHPH KDUGVKLS WR WKH DOLHQ RU WR WKH DOLHQjV GLVFXVVWKHXQDYDLODELOLW\RIUHOLHIXQGHUWKHROG,1$6HH VSRXVH SDUHQW RU FKLOG ZKR LV D FLWL]HQ RI WKH 8QLWHG 6WDWHV RU DQ DOLHQ ODZIXOO\ DGPLWWHG IRU 3DWHO)GDW ILQGLQJDQH[FOXGDEOHDOLHQLQHOLJLEOH SHUPDQHQW UHVLGHQFH>@ IRUVXVSHQVLRQRIGHSRUWDWLRQXQGHUSUH,,5,5$ODZ  ,,5,5$ †  I  $   )LHUDQY,16 1R 1R )LHUDQY,16 

UHPRYDOl )  5(*  ,16LQWHULPUXOH )LHUDQSHWLWLRQVWKLVFRXUWWRUHYLHZWKHGHQLDORIKLVPRWLRQ VWDWLQJ WKDW WKRVH SODFHG LQ H[FOXVLRQ SURFHHGLQJV EHIRUH WRUHPDQGDQGUHRSHQ $SULO DUHVXEMHFWWRWKHSUH,,5,5$UXOHVJRYHUQLQJ H[FOXVLRQ  ,,6WDWXWRU\%DFNJURXQG 0RUHRYHUWKHDPHQGPHQWjVSXUSRVHLVWRDSSO\SUH,,5,5$ 8QGHUWKH,PPLJUDWLRQDQG1DWLRQDOLW\$FW ,1$ EHIRUH VWDQGDUGVWRDOLHQVZKRDUHVXEMHFWWRWKHRWKHUVWULFWHUWHUPV WKH   DPHQGPHQWV WKH ODZ GLVWLQJXLVKHG EHWZHHQ RI WKH ,,5,5$  )LHUDQ LV QRW VXEMHFW WR WKH JHQHUDO GHSRUWDEOHDQGH[FOXGDEOHDOLHQV$GHSRUWDEOHDOLHQZDVDQ DPHQGPHQWVPDGHE\WKH,,5,5$ZKLFKDSSO\RQO\WRDOLHQV DOLHQZKRKDGEHHQDGPLWWHGLQWRWKH8QLWHG6WDWHVEXWKDGWR SODFHG LQ SURFHHGLQJV DIWHU $SULO    VHH ,,5,5$ EH H[SHOOHG  6HH  86& †      $Q H[FOXGDEOH † D EXWLVVXEMHFWWRWKHWHUPVRIWKHSUH,,5,5$ODZ DOLHQZDVDQDOLHQZKRZDVLQHOLJLEOHIRUDGPLVVLRQLQWRWKH 7KXVWKHDPHQGPHQWjVSXUSRVHWRLPSRVHSUH,,5,5$WHUPV 8QLWHG6WDWHV VXFKDQDOLHQFRXOGEHSDUROHGLQWRWKH8QLWHG ZRXOG EH LOORJLFDO KHUH ZKHUH SUH,,5,5$ WHUPV DOUHDG\ 6WDWHVSHQGLQJWKHLQLWLDWLRQRIH[FOXVLRQSURFHHGLQJVEXWWKH JRYHUQ DOLHQ DOWKRXJK SK\VLFDOO\ LQ WKH 8QLWHG 6WDWHV ZDV QHYHUWKHOHVV GHHPHG H[FOXGDEOH  6HH  86& †  D )LHUDQ WULHV WR DYRLG WKLV FRQFOXVLRQ E\ DUJXLQJ WKDW WKH   86&† G  /HQJ0D\0DY%DUEHU VXFFHHGLQJ ,,5,5$ VXEVHFWLRQ †  J  ZRXOG EH 86       7KH QHZ VWDWXWRU\ VFKHPH DGRSWHG PHDQLQJOHVVLIZHGRQRWDSSO\WKHVSHFLDOFDQFHOODWLRQUXOH GLIIHUHQWWHUPLQRORJ\WKDWUHSODFHGWKHH[FOXVLRQGHSRUWDWLRQ WR KLP  6HFWLRQ  J  SURYLGHV IRU PRWLRQV mWR UHRSHQ GLVWLQFWLRQ  SURYLVLRQV IRU mUHPRYDOl QRZ FRYHU ERWK GHSRUWDWLRQRUUHPRYDOSURFHHGLQJVlIRUDQ\DOLHQmZKRKDV H[FOXGDEOHDOLHQV QRZWHUPHGmLQDGPLVVLEOHl DQGGHSRUWDEOH EHFRPHHOLJLEOHIRUFDQFHOODWLRQRIUHPRYDORUVXVSHQVLRQRI DOLHQV6HH86&†† D  D GHSRUWDWLRQDVDUHVXOWRIWKHDPHQGPHQWVPDGHE\VHFWLRQ  RI WKHl 1$&$5$  $FFRUGLQJ WR )LHUDQ QR DOLHQV 8QGHUWKHROG,1$WKH$WWRUQH\*HQHUDOKDGWKHGLVFUHWLRQ DOUHDG\ LQ SURFHHGLQJV ZRXOG mEHFRPH HOLJLEOHl DV WKH WR VXVSHQG WKH GHSRUWDWLRQ RI TXDOLILHG DOLHQV LI FHUWDLQ SURYLVLRQFRQWHPSODWHVXQGHURXUUHDGLQJ FRQGLWLRQV ZHUH PHW  WKLV GLVFUHWLRQ GLG QRW H[WHQG WR H[FOXGDEOHDOLHQV6HH86&† D    /HQJ0D\ )LHUDQjVDUJXPHQWQHJOHFWVWKHFKDQJHVLQRWKHUVXEVHFWLRQV 0D86DW7KHQHZ,,5,5$UHSHDOHGWKLVDXWKRULW\ RIWKH1$&$5$ZKLFKPD\DSSO\WRDOLHQVDQGUHQGHUWKHP DQGUHSODFHGLWZLWKDSURYLVLRQRQmFDQFHOODWLRQRIUHPRYDOl HOLJLEOH IRU VXVSHQVLRQ RI GHSRUWDWLRQ  )RU LQVWDQFH WKH ZKLFK FRQWDLQHG PRUH UHVWULFWLYH UXOHV  ,,5,5$ †  D  1$&$5$DOVRDPHQGHGWKHUXOHVRQFDOFXODWLQJWKHWLPHRI FRGLILHGDW86&† E&RQJUHVVWKHQDPHQGHGWKLV DQ DOLHQjV UHVLGHQFH LQ WKH 8QLWHG 6WDWHV UHOHYDQW WR QHZVFKHPHZKHQLWHQDFWHGWKH1$&$5$LQWKHIROORZLQJ VXVSHQVLRQRIGHSRUWDWLRQHOLJLELOLW\IRUWKHFODVVRIDOLHQV \HDUWRFUHDWHDQH[FHSWLRQIRUTXDOLI\LQJDOLHQVIURP&HQWUDO IURP FHUWDLQ &HQWUDO $PHULFDQ DQG IRUPHU 6RYLHW %ORF $PHULFDQ DQG IRUPHU 6RYLHW %ORF FRXQWULHV ZKR FRXOG FRXQWULHV  1$&$5$ †  D   DPHQGLQJ ,,5,5$ EHQHILWIURPWKHOHVVVWULQJHQWROGUXOHVUDWKHUWKDQWKHQHZ † F  & 6RPHDOLHQVPD\WKDQNVWRWKLVDPHQGPHQW ,,5,5$UXOHV7KHSURYLVLRQDWLVVXHKHUHLVWKHmVSHFLDOUXOH ILQGWKDWWKH\KDYHHQRXJK\HDUVLQUHVLGHQFHWRTXDOLI\IRU IRU FDQFHOODWLRQ RI UHPRYDOl 1$&$5$ †  E   7KLV VXVSHQVLRQ RI GHSRUWDWLRQ ZKHUHDV WKH\ ZRXOG QRW KDYH VSHFLDO UXOH VWDWHV WKDW LW DSSOLHV WR mDQ DOLHQ ZKR LV EHIRUHWKH1$&$5$DPHQGPHQW6HH$VKNL)GDW  LQDGPLVVLEOHRUGHSRUWDEOHIURPWKH8QLWHG6WDWHVlLIVKHRU H[SODLQLQJLQGLFWDWKDWm1$&$5$VHFWLRQDPHQGHGWKH KHPHHWVFHUWDLQUHTXLUHPHQWV1$&$5$† E )LHUDQ WUDQVLWLRQUXOHVLQ,,5,5$VHFWLRQ F  WRH[HPSWFHUWDLQ DUJXHVWKDWWKLVVSHFLDOUXOHDSSOLHVWRKLP VLQFHKHZDVLQ  )LHUDQY,16 1R 1R )LHUDQY,16 

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m>V@XEMHFWWRWKHVXFFHHGLQJ :H UHYLHZ WKH %,$jV GHQLDO RI D PRWLRQ WR UHPDQG IRU SURYLVLRQVRIWKLVVXEVHFWLRQLQWKHFDVHRIDQDOLHQZKRLVLQ DEXVH RI GLVFUHWLRQ  $VKNL  )G DW   :H UHYLHZ H[FOXVLRQ RU GHSRUWDWLRQ SURFHHGLQJV EHIRUH WKH WLWOH ,,,$ TXHVWLRQVRIVWDWXWRU\LQWHUSUHWDWLRQGHQRYRLGEXWZLWKGXH HIIHFWLYHGDWH>$SULO @nWKHDPHQGPHQWVPDGHE\ GHIHUHQFHWRWKHLQWHUSUHWDWLRQE\WKH$WWRUQH\*HQHUDODQG WKLVVXEWLWOHVKDOOQRWDSSO\>@l,,5,5$† F  VHHDOVR %,$  ,16 Y $JXLUUH$JXLUUH  86    ,,5,5$ †  D  HIIHFWLYH GDWH   7KHUH DUH QHYHUWKHOHVV &KHYURQ86$,QFY1DWXUDO5HV'HI&RXQFLO,QF VHYHUDO UXOHV ODEHOHG mWUDQVLWLRQDO UXOHVl RU LQ RXU FDVH D 86   8QGHUWKLVDQDO\VLVZHPXVWILUVWDVN mVSHFLDOUXOHl7KHWUDQVLWLRQDOUXOHVDUHH[SOLFLWDERXWWKHLU mZKHWKHU&RQJUHVVKDVGLUHFWO\VSRNHQWRWKHSUHFLVHTXHVWLRQ DSSOLFDWLRQ  RQH RQ UHVLGHQF\ TXDOLILFDWLRQV DSSOLHV IRU DW LVVXHl  &KHYURQ  86 DW   :H mHPSOR\>@ H[DPSOHWRRUGHUVWRVKRZFDXVHmLVVXHGEHIRUHRQRUDIWHU WUDGLWLRQDO WRROV RI VWDWXWRU\ FRQVWUXFWLRQl WR DVFHUWDLQ WKH WKHGDWHRIWKHHQDFWPHQWRIWKLVDFWl,,5,5$† F  $  LQWHQWRI&RQJUHVVRQWKHLVVXH,GDWQ ,I&RQJUHVV KDVDGGUHVVHGWKHTXHVWLRQLWVDQVZHUmLVWKHODZDQGPXVWEH )LHUDQ LQYRNHV D UXOH FDSWLRQHG mVSHFLDO UXOH IRU JLYHQHIIHFWl,G,IWKHUHLVDPELJXLW\LQWKHVWDWXWHWKHQZH FDQFHOODWLRQRIUHPRYDOl,,5,5$† I 7KLVUXOHGRHV GHWHUPLQH mZKHWKHU WKH DJHQF\jV DQVZHU LV EDVHG RQ D QRWVD\WKDWLWDSSOLHVWRRUGHUVLVVXHGEHIRUHWKHHQDFWPHQW SHUPLVVLEOHFRQVWUXFWLRQRIWKHVWDWXWHl,GDW GDWH  &RQJUHVVjV IDLOXUH WR LQFOXGH ODQJXDJH DSSO\LQJ † I WRFDVHVLQLWLDWHGSULRUWRWKH,,5,5$jVHQDFWPHQW )LHUDQFODLPVWKDWKHLVHOLJLEOHIRUFDQFHOODWLRQRIUHPRYDO DQG&RQJUHVVjVH[SUHVVDSSOLFDWLRQRIVHYHUDORWKHU,,5,5$ XQGHU,,5,5$† I 2QDSSHDOWKH,16DUJXHVWKDWWKH SURYLVLRQVWRSUHHQDFWPHQWEHKDYLRUOHDGXVWRFRQFOXGHWKDW SURYLVLRQRQO\DSSOLHVWRDOLHQVSODFHGLQSURFHHGLQJVRQRU &RQJUHVVLQWHQGHG† I WRDSSO\WRDOLHQVZKRVHRUGHUVRI DIWHU$SULO 7KH%,$LQLWVGHFLVLRQGLGQRWDGGUHVV UHPRYDOZHUHHQWHUHGDIWHUWKH,,5,5$6HH6KHULILY,16 WKHUHWURDFWLYLW\RIWKH,,5,5$SURYLVLRQLQYRNHGE\)LHUDQ )G  :/  DW  WK &LU $XJ   ,QVWHDG LW GHWHUPLQHG WKDW WKH SURYLVLRQ ZDV LQDSSOLFDEOH KROGLQJWKDW1$&$5$VXVSHQVLRQRIGHSRUWDWLRQGRHVQRW EHFDXVH)LHUDQZDVH[FOXGDEOHZKLFKZRXOGEDUKLPIURP DSSO\WRDQDOLHQSODFHGLQH[FOXVLRQSURFHHGLQJVEHIRUHWKH UHOLHIXQGHUWKHROG,1$7KH%,$VXSSRUWHGLWVFRQFOXVLRQ HIIHFWLYH GDWH RI WKH ODZ  &DVWUR&RUWH] Y ,16   )G ZLWKDFLWDWLRQWRD FDVHKROGLQJWKDWDOLHQVLQH[FOXVLRQ  WK&LU  KROGLQJWKDWDQ,,5,5$SURYLVLRQ SURFHHGLQJVZHUHQRWHOLJLEOHIRUVXVSHQVLRQRIGHSRUWDWLRQ RQUHLQVWDWHPHQWRIRUGHUVRIUHPRYDOGLGQRWDSSO\WRDOLHQV ZKRUHHQWHUHGSULRUWRWKH,,5,5$jVHIIHFWLYHGDWH VHHDOVR &21* 5(&66 1RY    6HQDWH  H[SODQDWRU\ PHPRUDQGXP RQ WKH 2PQLEXV $SSURSULDWLRQV $VKNL LQYROYHG D PRWLRQ WR UHRSHQ ZKLOH )LHUDQ VW\OHG KLV PRWLRQ %LOO FRQWDLQLQJ 1$&$5$  VWDWLQJ WKDW m(OLJLEOH &ODVV 6HH ,Q UH <HZRQGZRVHQ  , DV RQH WR UHPDQG 7KH GLIIHUHQFH LQ WLWOH LV QRW VLJQLILFDQW EHFDXVH WKH WZR 0HPEHUV ZKR ZHUH QRW LQ H[FOXVLRQ RU GHSRUWDWLRQ 1 'HF  %,$     )G   WK &LU PRWLRQV DUH WUHDWHG LQ D VLPLODU IDVKLRQ SURFHHGLQJVDVRI$SULO PD\DSSO\IRUFDQFHOODWLRQRI    5RGULJXH] Y ,16