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

:,/(< 7 1,&+2/6 s5 ; 3HWLWLRQHU$SSHOODQW    1R Y  !  81,7(' 67$7(6 2) $0(5,&$  5HVSRQGHQW$SSHOOHH  1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH:HVWHUQ'LVWULFWRI0LFKLJDQDW*UDQG5DSLGV 1R n5LFKDUG$(QVOHQ'LVWULFWsXGJH 6XEPLWWHG 0DUFK 'HFLGHGDQG)LOHG $SULO %HIRUH 6,/(5DQG*,/0$1&LUFXLWsXGJHV +(<%851 &KLHI'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ 21 %5,()   'RQDOG 'DQLHOV $66,67$17 81,7(' 67$7(6 $77251(< *UDQG 5DSLGV 0LFKLJDQ IRU

7KH +RQRUDEOH sRKQ * +H\EXUQ ,, &KLHI 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ

  1LFKROVY8QLWHG6WDWHV 1R

$SSHOOHH:LOH\71LFKROVsU/HDYHQZRUWK.DQVDVSUR VH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB 6,/(5&LUFXLWsXGJH3HWLWLRQHU:LOH\71LFKROVsUD SULVRQHU SURFHHGLQJ SUR VH DSSHDOV WKH GLVWULFW FRXUWjV MXGJPHQW GHQ\LQJ KLV PRWLRQ IRU FRUUHFWLRQ RI VHQWHQFH SXUVXDQWWR 86&†%HFDXVHZHILQG1LFKROVjV PRWLRQWLPHEDUUHGZHDIILUP %DFNJURXQG 2Q sDQXDU\    WKH 8QLWHG 6WDWHV $WWRUQH\ ILOHG D VLQJOHFRXQWLQIRUPDWLRQLQWKH'LVWULFW&RXUWIRUWKH:HVWHUQ 'LVWULFWRI0LFKLJDQFKDUJLQJ1LFKROVZLWKEHLQJDIHORQLQ SRVVHVVLRQRIILUHDUPVDIWHUKDYLQJEHHQFRQYLFWHGRIDWOHDVW WKUHHYLROHQWIHORQLHVLQYLRODWLRQRI86&††  J  DQG  H   7KH SUHYLRXV YLROHQW IHORQLHV LQFOXGHG WZR EUHDNLQJ DQG HQWHULQJ FRQYLFWLRQV LQ YLRODWLRQ RI 0LFK &RPS/DZV†DQGDQDUPHGUREEHU\FRQYLFWLRQLQ YLRODWLRQRI0LFK&RPS/DZV†  1LFKROV DSSHDUHG ZLWK FRXQVHO RQ sDQXDU\    DQG HQWHUHG D SOHD RI JXLOW\  7KH 8QLWHG 6WDWHV PDGH D QRQ ELQGLQJRUDODJUHHPHQWWKDWLWZRXOGUHFRPPHQGWKDW1LFKROV UHFHLYH WKH ILIWHHQ\HDU PLQLPXP FXVWRGLDO VHQWHQFH PDQGDWHGE\†  H  2Q$SULO WKHGLVWULFWFRXUWHQWHUHGLWVMXGJPHQW VHQWHQFLQJ1LFKROVWRDFXVWRGLDOWHUPRIILIWHHQ\HDUVDWHUP RIVXSHUYLVHGUHOHDVHRIILYH\HDUVDILQHDQGD VSHFLDO DVVHVVPHQW  1LFKROV ILOHG QR GLUHFW DSSHDO RI KLV FRQYLFWLRQRUVHQWHQFH 0RUHWKDQHLJKW\HDUVODWHURQsXO\1LFKROVILOHG DPRWLRQSXUVXDQWWR86&†IRUFRUUHFWLRQRIKLV VHQWHQFH+HDUJXHGWKDWKHUHFHLYHGDQLPSURSHUVHQWHQFH 1R 1LFKROVY8QLWHG6WDWHV 

EHFDXVHKHGLGQRWKDYHWKUHHSULRUYLROHQWIHORQ\FRQYLFWLRQV WRMXVWLI\DQHQKDQFHPHQWXQGHU†  H DQGHYHQLIKHGLG XQGHU0LFKLJDQODZKLVULJKWVZHUHUHVWRUHGSURKLELWLQJWKH XVHRIWKHVHRIIHQVHVIRUSXUSRVHVRIHQKDQFHPHQWSXUVXDQW WR†  D   7KHGLVWULFWFRXUWGHQLHG1LFKROVjVPRWLRQKROGLQJWKDWLW ZDVERWKWLPHEDUUHGDQGSURFHGXUDOO\GHIDXOWHG7KHFRXUW KRZHYHU JUDQWHG D FHUWLILFDWH RI DSSHDODELOLW\ FRQFOXGLQJ WKDW1LFKROVKDGPDGHDVXEVWDQWLDOVKRZLQJRIWKHGHQLDORI DFRQVWLWXWLRQDOULJKWEDVHGRQWKHUHWURDFWLYLW\RI+DPSWRQY 8QLWHG6WDWHV )G  WK&LU  6WDQGDUGRI5HYLHZ m,Q UHYLHZLQJ D GLVWULFW FRXUW V GHQLDO RI D PRWLRQ XQGHU 6HFWLRQ  ZH DSSO\ D FOHDUO\ HUURQHRXV VWDQGDUG WR LWV IDFWXDOILQGLQJVDQGUHYLHZLWVFRQFOXVLRQVRIODZGHQRYRl +\DWW Y 8QLWHG 6WDWHV  )G   WK &LU  FLWDWLRQRPLWWHG  'LVFXVVLRQ 1LFKROV FRQWHQGV WKDW KH UHFHLYHG DQ LPSURSHU VHQWHQFH EHFDXVH RQH RI WKH UHTXLVLWH HOHPHQWV IRU KLV HQKDQFHG VHQWHQFHXQGHU86&†  H GLGQRWH[LVW6SHFLILFDOO\ KHDVVHUWVWKDWKLVWZRFRQYLFWLRQVIRUEUHDNLQJDQGHQWHULQJ DQGKLVDUPHGUREEHU\FRQYLFWLRQXVHGE\WKHJRYHUQPHQWWR HQKDQFHKLVVHQWHQFHZHUHQRWYLROHQWIHORQLHV0RUHRYHUKH DVVHUWVWKDWDIWHUWKHRSLQLRQLQ+DPSWRQLWLVQRZFOHDUWKDW XQGHU0LFKLJDQODZKLVFLYLOULJKWVZHUHUHVWRUHGDVWRWKHVH WKUHHSULRUFRQYLFWLRQVSURKLELWLQJWKHXVHRIWKHVHRIIHQVHV DV HQKDQFHPHQWV SXUVXDQW WR  86& †  D   $GGLWLRQDOO\ 1LFKROV DUJXHV WKDW KLV PRWLRQ LV QRW WLPH EDUUHG DQG WKDW JRRG FDXVH H[LVWV IRU KLV IDLOXUH WR SXUVXH WKHVHLVVXHVRQGLUHFWDSSHDO 7KH$QWLWHUURULVPDQG(IIHFWLYH'HDWK3HQDOW\$FWRI  m$('3$l DPHQGHG86&†E\DGGLQJ D WLPH OLPLWSURYLVLRQIRUPRWLRQVE\IHGHUDOSULVRQHUVIRUFROODWHUDO UHOLHI$VDPHQGHG†SURYLGHVLQSHUWLQHQWSDUW  1LFKROVY8QLWHG6WDWHV 1R 1R 1LFKROVY8QLWHG6WDWHV 

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†  OLPLWVLWVDSSOLFDWLRQWR JRYHUQPHQWDODFWLRQ GHFLVLRQV RI WKH 6XSUHPH &RXUW LQ ZKLFK QHZ ULJKWV DUH    WKH GDWH RQ ZKLFK WKH ULJKW DVVHUWHG ZDV LQLWLDOO\ UHFRJQL]HG DQG H[SOLFLWO\ PDGH UHWURDFWLYH WR FDVHV RQ UHFRJQL]HGE\WKH6XSUHPH&RXUWLIWKDWULJKWKDVEHHQ FROODWHUDOUHYLHZ%HFDXVH1LFKROVGRHVQRWDVVHUWDQHZO\ QHZO\ UHFRJQL]HG E\ WKH 6XSUHPH &RXUW DQG PDGH UHFRJQL]HGULJKWE\WKH8QLWHG6WDWHV6XSUHPH&RXUWPDGH UHWURDFWLYHO\DSSOLFDEOHWRFDVHVRQFROODWHUDOUHYLHZ RU UHWURDFWLYHO\DSSOLFDEOHWRKLVFDVH†  GRHVQRWDSSO\  WKHGDWHRQZKLFKWKHIDFWVVXSSRUWLQJWKHFODLPRU FODLPVSUHVHQWHGFRXOGKDYHEHHQGLVFRYHUHGWKURXJKWKH ,Q KLV DSSHDO WR WKLV FRXUW 1LFKROV IDLOV WR DOOHJH DQ H[HUFLVHRIGXHGLOLJHQFH LPSHGLPHQWWRILOLQJKLVSUHVHQWPRWLRQXQGHUVXEVHFWLRQ   $GGLWLRQDOO\KHIDLOVWRDOOHJHQHZIDFWVLQKLVFDVHWKDWFRXOG 7KH$('3$EHFDPHHIIHFWLYHRQ$SULO )HGHUDO QRW KDYH EHHQ  GLVFRYHUHG ZLWKLQ WKH RQH\HDU OLPLWDWLRQ SULVRQHUV ZKRVH FRQYLFWLRQV EHFDPH ILQDO SULRU WR WKH SHULRGSXUVXDQWWRVXEVHFWLRQ  %HFDXVH1LFKROVjV† HIIHFWLYHGDWHRIWKH$FWDUHHQWLWOHGWRDJUDFHSHULRGRIRQH PRWLRQIDLOVWRPHHWDQ\RIWKHUHTXLVLWHVWDWXWRU\FULWHULDWKDW \HDURUXQWLO$SULO WRILOHWKHLUPRWLRQVIRUUHOLHI PLJKWKDYHDOORZHGKLPWRILOHWKLVPRWLRQPRUHWKDQHLJKW XQGHU†6HH+\DWW)GDW 1LFKROVSOHDGHG \HDUVDIWHUWKHILQDOMXGJPHQWLQKLVFDVHWKHPRWLRQLVWLPH JXLOW\WREHLQJDIHORQLQSRVVHVVLRQRIDILUHDUPLQsDQXDU\ EDUUHG  DQGMXGJPHQWLQKLVFDVHZDVHQWHUHGRQ$SULO  +HIDLOHGWRILOHDGLUHFWDSSHDODQGWKHMXGJPHQWEHFDPHILQDO $)),50(' RQ$SULO +HGLGQRWILOHKLV†PRWLRQXQWLO sXO\  ZHOO EH\RQG WKH RQH\HDU JUDFH SHULRG ZKLFK HQGHGRQ$SULO  ,QKLVEULHI1LFKROVDVVHUWVIRUWKHILUVWWLPHWKDW†  DSSOLHVWRKLVFDVH+HFRQWHQGVWKDWWKH6L[WK&LUFXLWjV  ,Q KLV WUDYHUVH 1LFKROV DUJXHG WKDW KH GLG KDYH DQ LPSHGLPHQW WR GHFLVLRQ LQ +DPSWRQ FKDQJHG WKH ODZ RI WKLV FLUFXLW ILOLQJ KLV PRWLRQ XQGHU VXEVHFWLRQ   +H PDLQWDLQHG WKDW EHFDXVH KH FRQFHUQLQJWKHUHVWRUDWLRQRIFLYLOULJKWVWRFRQYLFWHGIHORQV ZDV FKDOOHQJLQJ RQH RI KLV VWDWHODZ FRQYLFWLRQV LQ WKH VWDWH V\VWHP DQG XQGHU0LFKLJDQODZDQGWKHUHIRUHEDVHGRQ†  WKH GLG QRW UHFHLYH D ILQDO RUGHU XQWLO sXO\    WKLV FUHDWHG DQ RQH\HDUOLPLWDWLRQSHULRGUXQVIURPWKHGDWHRQZKLFKWKH LPSHGLPHQW ZKLFK FDXVHG KLV †  PRWLRQ WR EH WLPHO\ 7KH GLVWULFW

6L[WK&LUFXLWLQLWLDOO\UHFRJQL]HGWKDWQHZULJKWLQ+DPSWRQ FRXUW IRXQG WKHUH ZDV QR VXSSRUW IRU 1LFKROVjV SRVLWLRQ WKDW KLV ODWH DSSHDO LQ WKH 0LFKLJDQ FRXUW V\VWHP ZDV VRPHKRZ D JRYHUQPHQW %HFDXVHKLV†PRWLRQZDVILOHGZLWKLQRQH\HDURIWKH LPSHGLPHQW WR WKH ILOLQJ RI KLV †  PRWLRQ 7KLV LVVXH UDLVHG LQ WKH +DPSWRQGHFLVLRQ1LFKROVVXEPLWVWKDWLWLVQRWWLPHEDUUHG GLVWULFW FRXUW EXW QRW RQ DSSHDO LV FRQVLGHUHG DEDQGRQHG DQG ZLOO QRW EH 1LFKROVFRQWHQGVWKDWDOWKRXJKWKLVLVQRWD6XSUHPH&RXUW UHYLHZHG $00 (QHUWHFK (OHF ,QF Y 0DKRQLQJ &RXQW\ &RPPjUV  )G   WK &LU