5(&200(1'(' )25 )8//7(;7 38%/,&$7,21  8QLWHG6WDWHVY(GZDUGV 1R  3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

(/(&7521,& &,7$7,21  )(' $SS 3 WK &LU

GHFLGH ZKHWKHU KLV HDUO\ UHOHDVH IURP SUREDWLRQ VKRXOG EH )LOH 1DPH DS

WUHDWHGWKHVDPHDVLVHDUO\UHOHDVHIURPLQFDUFHUDWLRQZLWK WKH UHVXOW WKDW LW ZRXOG QRW TXDOLI\ WKH GHIHQGDQW IRU WKH DGGLWLRQDORQHSRLQWRQKLVFULPLQDOKLVWRU\VFRUH 81,7('67$7(6&28572)$33($/6 $OWKRXJKWKHUHDSSHDUVWREHQRDXWKRULW\RQWKLVTXHVWLRQ )257+(6,;7+&,5&8,7 RQH ZD\ RU WKH RWKHU ZH FRQFOXGH WKDW WKH ODQJXDJH RI BBBBBBBBBBBBBBBBB †$ F  $ LVWRRFOHDUWRSHUPLWVXFKDQLQWHUSUHWDWLRQ RI WKH DSSOLFDEOH SURYLVLRQ :H WKXV KROG WKDW WKH WHUP RI SUREDWLRQLPSRVHGE\WKHWULDOFRXUWUDWKHUWKDQWKHDFWXDO 81,7(' 67$7(6 2) $0(5,&$ ; OHQJWKRISUREDWLRQVHUYHGE\WKHGHIHQGDQWLVFRQWUROOLQJRQ 3ODLQWLII$SSHOOHH  WKHFDOFXODWLRQSXUVXDQWWR†$ F  $ ,WIROORZVWKDW  WKHGLVWULFWFRXUWGLGQRWHUULQLWVFULPLQDOKLVWRU\FDOFXODWLRQ  1R  Y  &21&/86,21 !  /$55< + (':$5'6  :HFRQFOXGHWKDWWKHLVVXHVUDLVHGE\(GZDUGVRQDSSHDO 'HIHQGDQW$SSHOODQW  DUHHLWKHUPRRWRUZLWKRXWPHULW:HWKHUHIRUH$)),50WKH MXGJPHQWRIWKHGLVWULFWFRXUW 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV 1R n*HRUJH&6PLWK'LVWULFWsXGJH $UJXHG 6HSWHPEHU 'HFLGHGDQG)LOHG 1RYHPEHU %HIRUH '$8*+75(<DQG*,/0$1&LUFXLWsXGJHV &2+16HQLRU'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8('   5REHUW ( 5RVHQEHUJ 5DYHQQD 2KLR IRU $SSHOODQW  'DQLHO $OOHQ %URZQ $66,67$17 81,7(' 67$7(6 $77251(< &ROXPEXV 2KLR IRU $SSHOOHH

7KH +RQRUDEOH $YHUQ &RKQ 6HQLRU 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ

  8QLWHG6WDWHVY(GZDUGV 1R  1R  8QLWHG6WDWHVY(GZDUGV 

21 %5,()   5REHUW ( 5RVHQEHUJ 5DYHQQD 2KLR IRU DQDO\VLV XQGHU WKH SHUVRQDO DFFHSWDQFH RI UHVSRQVLELOLW\ $SSHOODQW  'DQLHO $OOHQ %URZQ $66,67$17 81,7(' SURYLVLRQVRI†(6HH8QLWHG6WDWHVY+DUSHU)G 67$7(6$77251(<&ROXPEXV2KLRIRU$SSHOOHH  WK&LU FHUWGHQLHG6&W    XQGHU †(mWKHGHIHQGDQWPXVWFRRSHUDWHDVWRKLPVHOIQRWDV BBBBBBBBBBBBBBBBB WRRWKHUVl 1HYHUWKHOHVVWKHGHWDLOHGILQGLQJVDQGFRPPHQWV PDGH E\ WKH GLVWULFW MXGJH DW WKH VHQWHQFLQJ KHDULQJ 23,1,21 HPSKDVL]H (GZDUGVjV ODFN RI FRRSHUDWLRQ DV WR KLV RZQ BBBBBBBBBBBBBBBBB SURVHFXWLRQ  7KRVH IDFWXDO GHWHUPLQDWLRQV DUH QRW FOHDUO\ HUURQHRXVDQGVXSSRUWWKHFRQFOXVLRQWKDW(GZDUGVGLGQRWLQ 0$57+$ &5$,* '$8*+75(< &LUFXLW sXGJH  7KH IDFW DFFHSW UHVSRQVLELOLW\ IRU KLV FULPLQDO PLVGHHGV  7KH GHIHQGDQW/DUU\(GZDUGVHQWHUHGJXLOW\SOHDVWRRQHFRXQW GLVWULFWFRXUWjVUHIXVDOWRUHGXFHWKHGHIHQGDQWj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†$ F  RI 7KHIDFWVSHUWLQHQWWRWKHGHIHQGDQWj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†$ F  $  DVVLVWWKHPLQVWHDOLQJWDNLQJDQGDEVWUDFWLQJRXWJRLQJ :LWKRXWTXHVWLRQ(GZDUGVGLGQRWVSHQGDWOHDVWGD\V OHWWHUV IURP DXWKRUL]HG GHSRVLWRULHV IRU PDLO PDWWHU LQFDUFHUDWHGIRUWKHFKDOOHQJHGRIIHQVHV1HYHUWKHOHVVWKH 7\SLFDOO\PDLOER[HVLQIURQWRISHUVRQDOUHVLGHQFHVLQWKH SUHVHQWHQFH UHSRUW SUHSDUHG IRU WKH GHIHQGDQW FOHDUO\ &HQWUDO2KLRDUHD LQGLFDWHV WKDW LQ DGGLWLRQ WR WKH WZRGD\ MDLO VHQWHQFH WKH 'HIHQGDQW (GZDUGV DQG FRGHIHQGDQW 'DYH DQG GHIHQGDQWZDVDOVRVHQWHQFHGWRm\HDUSUREDWLRQlIRUWKH SHUVRQVZKRPWKH\UHFUXLWHGZRXOGVHDUFKWKURXJKWKRVH RIIHQVHV+HQFHLWZRXOGDSSHDUWKDWXQGHUWKHSURYLVLRQVRI OHWWHUVVHHNLQJRXWJRLQJSD\PHQWVIRUELOOVDQGLQYRLFHV † $ F   DQG † $ F  RI WKH JXLGHOLQHV RQH SRLQW 'DYH DQG (GZDUGV DQG SHUVRQV ZKRP WKH\ UHFUXLWHG PXVWEHDGGHGWRWKHGHIHQGDQWjVFULPLQDOKLVWRU\FDWHJRU\IRU ZRXOGUHWDLQWKHEDQNFKHFNVIRXQGLQVXFKOHWWHUVDQG WKH FKDOOHQJHG RIIHQVHV  +RZHYHU (GZDUGV ZDV UHOHDVHG IURP SUREDWLRQ DIWHU RQO\ VL[ PRQWKV :H PXVW WKHUHIRUH  8QLWHG6WDWHVY(GZDUGV 1R  1R  8QLWHG6WDWHVY(GZDUGV 

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j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j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jV GHQLDO RI WKH DFFHSWDQFH RI JURXSHGDQGWKHGHIHQGDQWVHQWHQFHGLQDFFRUGDQFHZLWKWKH UHVSRQVLELOLW\UHGXFWLRQZDVEDVHGXSRQ(GZDUGVjVIDLOXUHWR KLJKHURIWKHRIIHQVHOHYHOVDSSOLFDEOHWRWKHWZRFULPHV7KH RIIHU VDWLVIDFWRU\ DVVLVWDQFH LQ WKH DSSUHKHQVLRQ RI FR FRXUWWKXVFDOFXODWHG(GZDUGVjVRIIHQVHOHYHODWLGHQWLILHG GHIHQGDQW 'DYH  6XFK D ODFN RI FRRSHUDWLRQ LQ WKH KLPDVDFULPLQDOKLVWRU\FDWHJRU\,,,RIIHQGHUDQGVHQWHQFHG LQYHVWLJDWLRQ DQG DUUHVW RI DQRWKHU SHUVRQ KRZHYHU LV KLPWRPRQWKVLQSULVRQWKHKLJKHVWSHUPLVVLEOHVHQWHQFH DUJXDEO\PRUHJHUPDQHWRDQLQTXLU\XQGHU†.RIWKH ZLWKLQ WKH DSSOLFDEOH VHQWHQFLQJ UDQJH  7KH GLVWULFW MXGJH JXLGHOLQHV VXEVWDQWLDO DVVLVWDQFH WR DXWKRULWLHV  WKDQ WR DQ DOVRRUGHUHGWKHGHIHQGDQWWRVHUYHDQDGGLWLRQDOWKUHH\HDUV RQ VXSHUYLVHG UHOHDVH DQG GLUHFWHG (GZDUGV DQG WZR FR  8QLWHG6WDWHVY(GZDUGV 1R  1R  8QLWHG6WDWHVY(GZDUGV 

GHIHQGDQWVWRSD\DWRWDORI LQUHVWLWXWLRQWRWKH 'HIHQGDQW (GZDUGV DOVR FRQWHQGV WKDW WKH GLVWULFW FRXUW YLFWLPVRIWKHFULPHV(GZDUGVQRZUDLVHVVL[FKDOOHQJHVWR HUUHGLQUHIXVLQJWRJUDQWKLPDUHGXFWLRQLQKLVWRWDORIIHQVH WKHFDOFXODWLRQRIKLVSULVRQVHQWHQFH OHYHOIRUKLVDFFHSWDQFHRIUHVSRQVLELOLW\LQDFFRUGDQFHZLWK WKH SURYLVLRQV RI † ( RI WKH 8QLWHG 6WDWHV 6HQWHQFLQJ ',6&866,21 *XLGHOLQHV  %HFDXVH RI WKH IDFWLQWHQVLYH QDWXUH RI DQ DFFHSWDQFHRIUHVSRQVLELOLW\GHWHUPLQDWLRQKRZHYHUDGLVWULFW ,Q HYDOXDWLQJ VHQWHQFLQJ LVVXHV RQ DSSHDO WKLV FRXUW FRXUWjVGHFLVLRQLQVXFKDPDWWHUZLOOEHRYHUWXUQHGRQO\LI UHYLHZV mIDFWXDO ILQGLQJV LQ UHODWLRQ WR DSSOLFDWLRQ RI WKH FOHDUO\HUURQHRXV6HH8QLWHG6WDWHVY=LPPHU)G 6HQWHQFLQJ*XLGHOLQHVVXEMHFWWRWKHGHIHUHQWLDOµFOHDUO\   WK&LU  0RUHRYHUWKHPHUHHQWU\RIDJXLOW\SOHD HUURQHRXVjVWDQGDUGRIUHYLHZl8QLWHG6WDWHVY+XUVW GRHV QRW HQWLWOH D GHIHQGDQW WR D VHQWHQFH UHGXFWLRQ DV D )G   WK &LU    m/HJDO FRQFOXVLRQV DUH PDWWHURIULJKW6HH8QLWHG6WDWHVY0DKDIIH\)G UHYLHZHGGHQRYRl,G  WK&LU   ,QKLVILUVWIRXUDOOHJDWLRQVRIHUURURQDSSHDOWKHGHIHQGDQW ,Q GHQ\LQJ (GZDUGV WKH UHTXHVWHG DFFHSWDQFH RI WDNHV LVVXH ZLWK YDULRXV DVSHFWV RI WKH GLVWULFW FRXUWj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jV GHIHQGDQWZDVZLWKKHU'HVSLWHWKHREYLRXVIDFWWKDWWKH VHQWHQFHIRULPSHGLQJWKHDGPLQLVWUDWLRQRIMXVWLFHZKHQWKH GHIHQGDQWKDGORFDWHG0V'DYHWKHGHIHQGDQWGLGQRW GHIHQGDQWZDVDOVRFRQYLFWHGRIWKHVXEVWDQWLYHRIIHQVHRI DWWHPSWWRFRQWDFWODZHQIRUFHPHQWWRQRWLI\WKHPRI0V REVWUXFWLRQRIMXVWLFHXQGHU86&† E   'DYHjV ZKHUHDERXWV  ,Q IDFW WKH VKRUW WLPH SHULRG EHWZHHQ WKH GHIHQGDQWjV UHOHDVH RQ ERQG DQG WKH ODZ (YHQZLWKWKHDOOHJHGO\LPSURSHUDGMXVWPHQWVWRWKHEDVH HQIRUFHPHQWjVILQGLQJRI0V'DYHZLWKWKHGHIHQGDQW RIIHQVH OHYHO IRU WKH FULPH WKH GLVWULFW FRXUW UXOHG WKDW UDLVHV WKH LQIHUHQFH WKDW WKH GHIHQGDQW NQHZ RI 0V (GZDUGVjVRIIHQVHOHYHOIRUWKHFRQVSLUDF\FULPHVKRXOGEH 'DYHj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jVFKDOOHQJHVWRWKHFDOFXODWLRQ GHIHQGDQWKDVEHHQLQWHUYLHZHGWZLFHE\WKH3UREDWLRQ RIWKHRIIHQVHOHYHOIRUWKHFULPHRIFRQVSLUDF\WRUHFHLYHDQG 2IILFH UHJDUGLQJ KLV UROH LQ WKH RIIHQVH RI FRQYLFWLRQ SRVVHVVVWROHQPDLODUHWKHUHIRUHPRRWDQGZHQHHGQRWQRZ 'XULQJ KLV ILUVW LQWHUYLHZ WKH GHIHQGDQW FRPSOHWHO\ DGGUHVVWKHPHULWVRIWKRVHLQGLYLGXDOFODLPV