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

81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOOHH    1R Y  !  1250$1 /(( +$55,6  'HIHQGDQW$SSHOODQW  1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW&RYLQJWRQ 1R n:LOOLDP2%HUWHOVPDQ'LVWULFWsXGJH $UJXHG 0D\ 'HFLGHGDQG)LOHG sXQH %HIRUH 0(55,7768+5+(,15,&+DQG*,/0$1 &LUFXLWsXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8('   .HYLQ 0 6FKDG 6&+$'  &22. ,QGLDQ 6SULQJV2KLRIRU$SSHOODQWsDPHV($UHKDUW$66,67$17 81,7('67$7(6$77251(</H[LQJWRQ.HQWXFN\IRU $SSHOOHH21%5,() .HYLQ06FKDG6&+$' &22. ,QGLDQ6SULQJV2KLRIRU$SSHOODQW:HQGH0RUULV&URVV $66,67$1781,7('67$7(6$77251(<&LQFLQQDWL

  8QLWHG6WDWHVY+DUULV 1R

2KLR &KDUOHV 3 :LVGRP sU $66,67$17 81,7(' 67$7(6$77251(</H[LQJWRQ.HQWXFN\IRU$SSHOOHH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB 0(55,77&LUFXLWsXGJH'HIHQGDQW1RUPDQ/HH+DUULV DSSHDOV KLV FRQYLFWLRQV IRU FUDFN FRFDLQH GLVWULEXWLRQ LQ YLRODWLRQRI86&† D  DQGSRVVHVVLRQRIDILUHDUP E\ D FRQYLFWHG IHORQ LQ YLRODWLRQ RI  86& †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jV GULYLQJ SULYLOHJHV KDG EHHQ VXVSHQGHG LQGHILQLWHO\ DQG REWDLQHG D GHVFULSWLRQ RI WKH GHIHQGDQWjV YHKLFOHDQG2KLRWHPSRUDU\OLFHQVHSODWHQXPEHU 7KH SROLFH VHW XS VXUYHLOODQFH DW WKH KRWHO DQG VDZ WKH GHIHQGDQWDUULYHZLWK1RUPD)D\H:DVKLQJWRQZKRKDGD UHSXWDWLRQ DV D FRFDLQH GHDOHU DQG HQWHU URRP   6RRQ DIWHU&KULV%DNHUDQG(UQHVWR'HODQH\DUULYHGLQDEOXH  'DWVXQDQGHQWHUHGURRP$IWHUDIHZPLQXWHV'HODQH\ OHIWWKHURRPUHWULHYHGDEODFNSODVWLFER[IURPWKHWUXQNRI WKHFDUDQGUHWXUQHGWRWKHURRP/DWHU'HODQH\DQG%DNHU OHIW WKH URRP ZLWK WKH ER[  7KH RIILFHUV WKHQ VWRSSHG 'HODQH\jV FDU EHFDXVH LW KDG H[SLUHG WDJV  7KH RIILFHUV 1R 8QLWHG6WDWHVY+DUULV 

VPHOOHGDVWURQJRGRURIPDULMXDQDHPLWWLQJIURPWKHFDUDQG DIWHUILQGLQJPDULMXDQDLQWKHFDUDUUHVWHG'HODQH\DQG%DNHU IRU SRVVHVVLRQ RI PDULMXDQD  ,Q D VHDUFK RI 'HODQH\jV FDU SXUVXDQWWRWKHDUUHVWWKHRIILFHUVIRXQGDTXDQWLW\RIFUDFN FRFDLQHPRUHFRQVLVWHQWZLWKDQLQWHQWWRGLVWULEXWHWKDQIRU SHUVRQDOXVHDQGODWHUIRXQGDFDOLEHU6PLWK :HVVRQ UHYROYHULQDEODFNSODVWLFER[LQWKHWUXQN 7KH RIILFHUV WKHQ UHFHLYHG ZRUG WKDW WKH GHIHQGDQW DQG :DVKLQJWRQ ZHUH OHDYLQJ WKH KRWHO URRP  :KHQ WKH GHIHQGDQW SDVVHG 2IILFHU 1HDO RQ WKH KLJKZD\ WKH RIILFHU VWRSSHGDQGDUUHVWHGKLPIRURSHUDWLQJDFDUZLWKDVXVSHQGHG GULYHUj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j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jV FDU  'HODQH\ VWDWHG WKDW WKH GHIHQGDQW LQVWUXFWHG KLP WR UHWULHYH WKH JXQ IURP 6KLUOH\  8QLWHG6WDWHVY+DUULV 1R 1R 8QLWHG6WDWHVY+DUULV

'HODQH\jVKRXVHDQGEULQJLWWRWKHKRWHO:KHQ'HODQH\OHIW SUHSDUDWLRQSODQNQRZOHGJHLGHQWLW\RUDEVHQFHRIPLVWDNH WKHKRWHOURRPKHUHWULHYHGWKHJXQIURPKLVFDU'HODQH\ RUDFFLGHQW,G+HUHNQRZOHGJHDQGLQWHQWZHUHDWLVVXHLQ WHVWLILHGWKDWKHRSHQHGWKHFDVHKHOGWKHJXQDQGVKRZHGLW WKHWULDO7KHGHIHQGDQWjVSDVWLQYROYHPHQWLQWKHVDOHDQG WR WKH GHIHQGDQW EHIRUH SXWWLQJ LW EDFN LQ WKH ER[  7KLV GLVWULEXWLRQRIFUDFNFRFDLQHZDVUHOHYDQWWRVKRZKLVLQWHQW WHVWLPRQ\ FRQWUDGLFWHG KLV JUDQG MXU\ WHVWLPRQ\ WKDW WKH WRGLVWULEXWHFRFDLQHDQGZHUHDOVRSDUWRIDFRPPRQVFKHPH GHIHQGDQWKDGSRVVHVVHGWKHJXQLQWKHURRP RUSODQWRGLVWULEXWHFUDFNFRFDLQH7KH MXU\ZDVSURSHUO\ LQVWUXFWHG WR FRQVLGHU WKH GHIHQGDQWjV EDG DFWV RQO\ DV WR 'HODQH\WKHQWRRNWKHJXQEDFNWRKLVFDU$WWULDO'HODQH\ ZKHWKHU WKH\ GHPRQVWUDWHG DQ LQWHQW WR GLVWULEXWH FUDFN WHVWLILHG WKDW WKH GHIHQGDQW VDLG WKDW WKH JXQ ZDV QRW KLV FRFDLQHDVDOOHJHG7KXVZHILQGWKDWWKHGLVWULFWFRXUWGLG %HIRUH WKH JUDQG MXU\ KRZHYHU 'HODQH\ WHVWLILHG WKDW WKH QRWDEXVHLWVGLVFUHWLRQE\DOORZLQJWKHDGPLVVLRQRIHYLGHQFH GHIHQGDQWZDQWHG'HODQH\WRNHHSLWIRUKLP1HLWKHU%DNHU RIWKHGHIHQGDQWjVSULRUFRQYLFWLRQDQGEDGDFWV QRU:DVKLQJWRQFRXOGUHFDOOZKHWKHUWKHGHIHQGDQWKHOGWKH JXQDIWHU'HODQH\EURXJKWLWLQWKHURRPRUWKHFRQWHQW RI )LQDOO\WKHGHIHQGDQWDUJXHVWKDWWKHGLVWULFWFRXUWHUUHGE\ GHIHQGDQWjVLQVWUXFWLRQVWR'HODQH\ IDLOLQJWRGLVPLVVKLVLQGLFWPHQWEHFDXVHLWZDVSURFXUHGZLWK SHUMXUHGWHVWLPRQ\7KLVFODLPKRZHYHULVQRWUHYLHZDEOH 7KHMXU\IRXQGWKHGHIHQGDQWJXLOW\ERWKRINQRZLQJO\DQG E\WKLV&RXUW$WQRWLPHEHIRUHRUGXULQJKLVWULDOGLGWKH LQWHQWLRQDOO\GLVWULEXWLQJFUDFNFRFDLQHDQGRISRVVHVVLRQRI GHIHQGDQWUHTXHVWDGLVPLVVDORIKLVLQGLFWPHQWEDVHGRQWKH D ILUHDUP E\ D FRQYLFWHG IHORQ  $SSO\LQJ WKH GHIHQGDQWjV DOOHJHG SHUMXU\  7KH IDLOXUH WR UDLVH WKLV )HGHUDO 5XOH RI SULRUFRQYLFWLRQDVDVHQWHQFHHQKDQFLQJIDFWRUWKHGLVWULFW &ULPLQDO 3URFHGXUH  E   LVVXH SUHFOXGHV UHYLHZ  )HG FRXUW VHQWHQFHG WKH GHIHQGDQW WR WKLUW\ \HDUV RQ WKH 5XOH&ULP3URF E  VHH8QLWHG6WDWHVY+D\HV GLVWULEXWLRQFRXQWDQGWHQ\HDUVRQWKHILUHDUPFRXQWWREH )G  WK&LU %DVHGRQWKHIRUHJRLQJZH VHUYHGFRQFXUUHQWO\ DIILUPWKHGHIHQGDQWjVFRQYLFWLRQVDQGVHQWHQFHV $SSUHQGL&ODLP 7KH GHIHQGDQW DVVHUWV WKDW WKH GLVWULFW FRXUWjV IDLOXUH WR VXEPLWWKHGUXJTXDQWLW\GHWHUPLQDWLRQWRWKHMXU\YLRODWHVKLV FRQVWLWXWLRQDOULJKWVLQOLJKWRI8QLWHG6WDWHVY$SSUHQGL 86  DQREMHFWLRQGHIHQVHFRXQVHOIDLOHGWRUDLVH EHORZ  +HUH DOWKRXJK WKH LQGLFWPHQW FKDUJHG WKH GUXJ DPRXQW  JUDPV RI FRFDLQH EDVH  LQ OLQH ZLWK WKH )LIWK $PHQGPHQWUHTXLUHPHQWRImLQGLFWPHQWRIDJUDQGMXU\l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

WHVWLPRQ\ D MXURU 7RQ\ *LQWHU DGYLVHG WKH FRXUW WKDW KH HUURUEHFDXVHWKHHUURUGRHVQRWVHULRXVO\DIIHFWWKHIDLUQHVVRI ZRUNHG ZLWK *UHJRU\j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jV SRVVHVVLRQ DQG XVH RI FRQVLGHULQJZKHWKHUWKHUHZDVVXIILFLHQWHYLGHQFHWRVXVWDLQ PDULMXDQDGXULQJWKHFRFDLQHWUDQVDFWLRQ7KHGHIHQGDQWILOHG DFRQYLFWLRQZHPXVWGHWHUPLQHmZKHWKHUDIWHUYLHZLQJWKH DSUHWULDOPRWLRQLQOLPLQHVHHNLQJWRH[FOXGHWKLVHYLGHQFH HYLGHQFHLQWKHOLJKWPRVWIDYRUDEOHWRWKHSURVHFXWLRQDQ\ 7KH GLVWULFW FRXUW PDGH D SUHOLPLQDU\ UXOLQJ JUDQWLQJ WKH UDWLRQDOWULHURIIDFWFRXOGKDYHIRXQGWKHHVVHQWLDOHOHPHQWV GHIHQGDQWjVPRWLRQ RIWKHFULPHEH\RQGDUHDVRQDEOHGRXEWls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s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jVWKHRU\7KXVEDVHGRQWKHWHVWLPRQ\DWWULDOD UDWLRQDO WULHU RI IDFW  FRXOG KDYH IRXQG WKDW WKH GHIHQGDQW 7KHGHIHQGDQWQH[WDVVHUWVWKDWWKHGLVWULFWFRXUWHUUHGE\ NQRZLQJO\ DQG LQWHQWLRQDOO\ GLVWULEXWHG FUDFN FRFDLQH LQ DGPLWWLQJ LQWR HYLGHQFH KLV SULRU GUXJ FRQYLFWLRQ DQG YLRODWLRQRI86&† D   VXEVHTXHQWEDGDFWV6SHFLILFDOO\WKHGHIHQGDQWEHOLHYHVWKDW WKHGLVWULFWFRXUWHUUHGE\DOORZLQJWHVWLPRQ\FRQFHUQLQJKLV 6LPLODUO\WKHGHIHQGDQWjVFRQYLFWLRQXQGHUFRXQWWZRRI SULRUFRQYLFWLRQRQ0D\IRUGUXJWUDIILFNLQJKLV WKHLQGLFWPHQWLVVXSSRUWHGE\WKHHYLGHQFHSUHVHQWHGDWWULDO SUHDUUHVWGLVWULEXWLRQRIFUDFNFRFDLQHWR&KULV%DNHUDQGKLV VXFK WKDW mDQ\ UDWLRQDO WULHU RI IDFW FRXOG KDYH IRXQG WKH SRVWDUUHVWVXSSO\LQJRIFUDFNFRFDLQHWR0DU\&DURO+HQU\ HVVHQWLDOHOHPHQWVRIWKHFULPHEH\RQGDUHDVRQDEOHGRXEWl 8QGHU)HG5XOH(YLG E HYLGHQFHRIRWKHUFULPHVRU 8QGHU  86& †  J  WKH JRYHUQPHQW PXVW SURYH EDGDFWVLVDGPLVVLEOHWRSURYHPRWLYHRSSRUWXQLW\LQWHQW EH\RQG D UHDVRQDEOH GRXEW WKDW   WKH GHIHQGDQW KDG D  8QLWHG6WDWHVY+DUULV 1R 1R 8QLWHG6WDWHVY+DUULV 

SUHYLRXVIHORQ\FRQYLFWLRQDQG  RQRUDERXWWKHQLJKWLQ 7U7UDQV7KHMXU\WKHQKDGWRGHFLGHZKHWKHUWR TXHVWLRQWKHGHIHQGDQWSRVVHVVHGDILUHDUP,G'HIHQGDQWjV EHOLHYH 0U 'HODQH\jV WHVWLPRQ\ DW WULDO RU KLV JUDQG MXU\ SULRUGUXJFRQYLFWLRQLQ0D\RI LVXQGLVSXWHGOHDYLQJ WHVWLPRQ\9LHZLQJWKHHYLGHQFHLQWKHOLJKWPRVWIDYRUDEOH RQO\WKHTXHVWLRQRISRVVHVVLRQ8QGHU†  J HLWKHUDFWXDO WRWKHSURVHFXWLRQZHILQGWKDWDUHDVRQDEOHMXURUFRXOGKDYH RUFRQVWUXFWLYHSRVVHVVLRQLVVXIILFLHQW6HH8QLWHG6WDWHVY PDGHWKHFUHGLELOLW\GHWHUPLQDWLRQWKDW'HODQH\ZDVO\LQJDW 0XUSK\)G  WK&LU   WULDODQGWHOOLQJWKHWUXWKDWKLVJUDQGMXU\SURFHHGLQJ$VD UHVXOW ZH ILQG WKDW WKH HYLGHQFH LQWURGXFHG DW WULDO ZDV $WWULDO(UQHVWR'HODQH\WHVWLILHGWKDWKHEURXJKWWKHEODFN VXIILFLHQW WR VXVWDLQ WKH FRQYLFWLRQ XQGHU †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jPSUHWW\VXUH,VDWRQWKHEHGDQG WKH GHIHQGDQW IDLOHG WR UHQHZ WKLV PRWLRQ  +LV IDLOXUH WR RSHQHGXSWKHFDVH UHQHZSUHFOXGHVUHYLHZE\WKLV&RXUW$PRWLRQmWRVHYHU FRXQWVRUFRGHIHQGDQWVLVGHHPHGZDLYHGLILWLVQRWUHQHZHG 4 $QGZKDWKDSSHQHG" DWWKHHQGRIWKHHYLGHQFHl8QLWHG6WDWHVY+XGVRQ)G $ 1RWKLQJ KDSSHQHG  :H MXVW VDW DQG ORRNHG DWWKH  WK&LU  7KXVZHILQGWKDWWKHGHIHQGDQW SLVWRODQG,FORVHGWKHFDVHEDFNXS KDVIDLOHGWRSUHVHUYHWKLVLVVXHIRUDSSHDO

4 'LG\RXJLYHWKHJXQWRWKHGHIHQGDQW" 'HIHQGDQWDOVRDVVHUWVWKDWKLV6L[WK$PHQGPHQWULJKWWRD WULDOE\DQLPSDUWLDOMXU\ZDVYLRODWHGE\WKHGLVWULFWFRXUWjV $ 1RPDjDP IDLOXUHWRUHPRYHDMXURUIRUFDXVHGXULQJWKHWULDO%HFDXVH WKHGHIHQGDQWIDLOHGWRUDLVHDQREMHFWLRQDWWULDOZHUHYLHZ 7U 7UDQV   $IWHU WKLV WHVWLPRQ\ WKH SURVHFXWRU WKHGLVWULFWFRXUWjVGHFLVLRQIRUSODLQHUURU6HH8QLWHG6WDWHV LPSHDFKHG'HODQH\ZLWKKLVJUDQGMXU\WHVWLPRQ\ Y+HUQGRQ86  WK&LU  MXURUELDV  $OWKRXJKWKHGHIHQGDQWKDVDULJKWWRDQLPSDUWLDOMXU\KH 4 7KHWRSRIWKHSDJH>RIWKHJUDQGMXU\WUDQVFULSW@ DOVRKDVWKHEXUGHQRIVKRZLQJWKDWWKHMXU\ZDVELDVHG6HH WKHTXHVWLRQVDUH m<RXJDYHKLPWKHJXQ"lWKHTXHVWLRQDQG 5RVVY2NODKRPD86    \RXUDQVZHUEHLQJ m,HLWKHUJLYHLWWRKLPRUSXWLWRQWKHEHG DQGKHRSHQHGWKHFDVHXSl'R\RXUHPHPEHUVD\LQJWKDW $W WULDO 6SHFLDO $JHQW *ZHQ *UHJRU\ WHVWLILHG IRU WKH EHIRUHWKHJUDQGMXU\" SURVHFXWLRQDVDQH[SHUWLQWKHDUHDRILQWHUVWDWHQH[XVDQG ILUHDUPV6KHWHVWLILHGWKDWWKHILUHDUPLQTXHVWLRQZDVD $ ,GRQjWUHPHPEHUVD\LQJWKDWEXWLWjVWKHUHLQEODFNDQG FDOLEHU6PLWK :HVVRQKDQGJXQZKLFKZDVPDQXIDFWXUHGLQ ZKLWHVRREYLRXVO\,VDLGWKDW 6SULQJILHOG 0DVVDFKXVHWWV DQG WUDYHOHG LQ LQWHUVWDWH FRPPHUFHWRWKH&RPPRQZHDOWKRI.HQWXFN\'XULQJKHU