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

(/(&7521,& &,7$7,21  )(' $SS $ WK &LU )LOH 1DPH DD

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

81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOOHH  &URVV$SSHOODQW     1RV    Y !   s2( 6$%,12   '$1,(/ . 67(:$57   '211$ *  67(:$57     'HIHQGDQWV$SSHOODQWV  &URVV$SSHOOHHV  1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&LQFLQQDWL 1R n+HUPDQs:HEHU'LVWULFWsXGJH $UJXHG 6HSWHPEHU 'HFLGHGDQG)LOHG 2FWREHU %HIRUH '$8*+75(<DQG*,/0$1&LUFXLWsXGJHV &2+16HQLRU'LVWULFWsXGJH

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

  8QLWHG6WDWHVY 1RV  6DELQRHWDO

BBBBBBBBBBBBBBBBBBBBB $0(1'('23,1,21 BBBBBBBBBBBBBBBBBBBBB 0$57+$ &5$,* '$8*+75(< &LUFXLW sXGJH  $V FURVVDSSHOODQWWKHJRYHUQPHQWKDVILOHGDSHWLWLRQUHTXHVWLQJ D UHKHDULQJ E\ WKH RULJLQDO SDQHO LQ WKLV FDVH RQ WKH LVVXH SUHVHQWHG LQ 6HFWLRQ ,,* RI WKH RSLQLRQ UHOHDVHG RQ 'HFHPEHU 6HH8QLWHG6WDWHVY6DELQR)G  WK&LU 6SHFLILFDOO\WKHJRYHUQPHQW DUJXHVWKDWZHHUUHGLQDIILUPLQJWKHGLVWULFWFRXUWjVGHFLVLRQ QRW WR DSSO\ DQ HQKDQFHPHQW IRU REVWUXFWLRQ RI MXVWLFH LQ VHQWHQFLQJ GHIHQGDQWV sRH 6DELQR DQG 'RQQD 6WHZDUW +DYLQJKDGWKHEHQHILWRIWKHJRYHUQPHQWjVEULHILQJRQWKLV LVVXH DQG WKH FURVVDSSHOOHHVj UHVSRQVH D PDMRULW\ RI WKH SDQHOFRQFOXGHVWKDWWKHJRYHUQPHQWjVSRVLWLRQKDVPHULW:H WKHUHIRUH RUGHU SXEOLFDWLRQ RI WKH DWWDFKHG UHYLVLRQ RI D SRUWLRQRIRXUSULRURSLQLRQ 7KHJRYHUQPHQWjVSHWLWLRQWRUHKHDULV*5$17('DQGDV DUHVXOWWKHSDQHOjVRSLQLRQLVDPHQGHGDVUHIOHFWHGLQWKH DWWDFKHGUHYLVLRQsXGJH&RKQGLVVHQWVIURPWKLVRUGHUDQG ZRXOGDGKHUHWRWKHSRVLWLRQWDNHQLQRXURULJLQDORSLQLRQ 7KHUHPDLQLQJSHWLWLRQIRUUHKHDULQJE\WKHSDQHOILOHGRQ EHKDOIRIsRH6DELQRLV'(1,(' ,,',6&866,21 *6HQWHQFLQJ'HWHUPLQDWLRQV (QKDQFHPHQWIRU2EVWUXFWLRQRIsXVWLFH 7KHJRYHUQPHQWDUJXHVWKDWWKHGLVWULFWFRXUWjVIDLOXUHWR DSSO\DQREVWUXFWLRQRIMXVWLFHHQKDQFHPHQWLQVHQWHQFLQJsRH 6DELQRDQG'RQQD6WHZDUWFRQVWLWXWHGHUURU7KHVHQWHQFLQJ JXLGHOLQHV SURYLGH WKDW m>L@I    WKH GHIHQGDQW ZLOOIXOO\ REVWUXFWHGRULPSHGHGRUDWWHPSWHGWRREVWUXFWRULPSHGH WKH DGPLQLVWUDWLRQ RI MXVWLFH GXULQJ WKH LQYHVWLJDWLRQ SURVHFXWLRQRUVHQWHQFLQJRIWKHLQVWDQWRIIHQVHRIFRQYLFWLRQ 1RV  8QLWHG6WDWHVY  6DELQRHWDO

LQFUHDVHWKHRIIHQVHOHYHOE\OHYHOVl86 6(17(1&,1* *8,'(/,1(6 0$18$/ † &    2XU UHYLHZ RI WKH GLVWULFW FRXUWjV OHJDO LQWHUSUHWDWLRQ RI WKH VHQWHQFLQJ JXLGHOLQHVLVUHYLHZHGGHQRYR8QLWHG6WDWHVYsRQHV )G WK&LU  +RZHYHUZHPD\QRWUHMHFW WKH GLVWULFW FRXUW V IDFWXDO ILQGLQJV XQOHVV WKH\ DUH FOHDUO\ HUURQHRXV 8QLWHG 6WDWHV Y 3UXLWW  )G   WK &LU   7KH SUHVHQWHQFH UHSRUW SUHSDUHG E\ WKH SUREDWLRQ RIILFH SULRU WR 0UV 6WHZDUWjV VHQWHQFLQJ LQFOXGHG WKH IROORZLQJ UHFRPPHQGDWLRQ (YLGHQFHSURGXFHGDWWULDOLQGLFDWHG>WKDW@'RQQD 6WHZDUW DSSHDUHG EHIRUH D )HGHUDO *UDQG sXU\ DQG WHVWLILHG VKH GLG QRW NQRZ DQ LQGLYLGXDO QDPHG 6DP 6SLQH$WEHVWVKHWHVWLILHGVKHPD\KDYHKHDUGRIWKH QDPHEXWGLGQRWNQRZ6DP6SLQHSHUVRQDOO\RUKDYH DQ\UHODWLRQVKLSZLWKKLP$WWULDOWKHGHIHQVHSUHVHQWHG HYLGHQFH WKH 6WHZDUWV HQWHUHG LQWR D FRQWUDFWXDO UHODWLRQVKLS ZLWK 6SLQH IRU 6SLQH WR SXUFKDVH 'DQFR 7UDQVPLVVLRQ6DP6SLQHZDVDOVRQDPHGDVWUXVWHHRI DFRXSOHRIFUHDWHGµWUXVWVj'RQQD6WHZDUWZDVDOVRLQ SRVVHVVLRQRID6DP6SLQHVLJQDWXUHVWDPSVKHXVHGWR VLJQDQGHQGRUVHFKHFNV7KHUHIRUH6WHZDUWLPSHGHGWKH FRXUVHRIWKHLQYHVWLJDWLRQE\O\LQJWRWKH)HGHUDO*UDQG sXU\DQGDQXSZDUGDGMXVWPHQWLVZDUUDQWHG 1HYHUWKHOHVVDW'RQQD6WHZDUWjVVHQWHQFLQJKHDULQJWKH GLVWULFW MXGJH H[SODLQHG WKDW KH ZRXOG QRW LPSRVH WKH HQKDQFHPHQWEHFDXVHDOWKRXJKWKHMXGJHVHHPHGWREHOLHYH WKDW 6WHZDUWjV WHVWLPRQ\ PD\ KDYH EHHQ REVWUXFWLYH  KH FRQFOXGHGWKDWUHO\LQJXSRQLWWRHQKDQFHKHUVHQWHQFHZRXOG DPRXQWWRGRXEOHFRXQWLQJ 7KLV&RXUWKDVUHOLHGKHDYLO\RQWKHWHVWLPRQ\EHIRUH WKLV JUDQG MXU\ E\ LQGLYLGXDOV DV HYLGHQFH RI WKH DJUHHPHQW DQG DV HYLGHQFH RI WKH RYHUW DFWV WKDW ZHUH QHFHVVDU\WRHVWDEOLVKWKLVFRQVSLUDF\,I,VD\WKDWWKHVH  8QLWHG6WDWHVY 1RV  1RV  8QLWHG6WDWHVY 6DELQRHWDO 6DELQRHWDO

ZHUHQRWDFWVLQUHODWLRQVKLSWRWKHFRQVSLUDF\EXWUDWKHU HQKDQFHPHQWFDQEHDIILUPHGRQDQ\RWKHUEDVLV,WDSSHDUV ZHUHIRUWKHSXUSRVHVRIREVWUXFWLQJWKHDGPLQLVWUDWLRQRI IURPWKHGLVWULFWFRXUWjVUHPDUNVDWVHQWHQFLQJWKDWLWEHOLHYHG MXVWLFH WKHQ , DP JRLQJ WR KDYH WR LQ VRPH PHDVXUH WKDW'RQQD6WHZDUWjVJUDQGMXU\WHVWLPRQ\PD\KDYHULVHQWR UHHYDOXDWHP\ILUPFRQYLFWLRQWKDWWKHYHUGLFWRIWKHJXLOW WKHOHYHORIREVWUXFWLRQRIMXVWLFHEXWWKDWsRH6DELQRjVGLG WKHYHUGLFWRIJXLOW\E\WKHMXU\LVFRUUHFWLQUHJDUGVWR QRW$OWKRXJKWKHJRYHUQPHQWDUJXHVWKDWWKHGLVWULFWFRXUWjV WKHFRQVSLUDF\FKDUJH YLHZ RI 6DELQRjV WHVWLPRQ\ XQGHUHVWLPDWHV LWV REVWUXFWLYH HIIHFW ZH DUH QRW SHUVXDGHG WKDW WKH GLVWULFW FRXUWj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j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

REVWUXFWLRQRIWKHDGPLQLVWUDWLRQRIMXVWLFHLQIXUWKHUDQFHRI 6RWKHQ,ZLOOGHILQLWLYH>VLF@UXOHGHILQLWLYH>VLF@UXOHLQ WKHIUDXGXOHQWVFKHPHVXFKDVJLYLQJIDOVHWHVWLPRQ\EHIRUH 0UV6WHZDUWjVFDVHWKDWWKHWZRSRLQWHQKDQFHPHQWZLOO WKHJUDQGMXU\RUEULELQJDZLWQHVV EHGHQLHG 7KHUHLVQRGLVSXWHWKDWWKHGHIHQGDQWVjIDOVHJUDQG MXU\ 7KHSUHVHQWHQFHUHSRUWIRUsRH6DELQRDOVRUHFRPPHQGHG WHVWLPRQ\ZDVWUHDWHGE\WKHJRYHUQPHQWDWWULDODVSDUWRIWKH DQREVWUXFWLRQRIMXVWLFHHQKDQFHPHQWEDVHGXSRQIDOVHJUDQG .OHLQFRQVSLUDF\IRXURIWKHRYHUWDFWVOLVWHGLQWKH MXU\WHVWLPRQ\ LQGLFWPHQWLQYROYHGIDOVHWHVWLPRQ\WRWKHJUDQGMXU\DQGWKH JRYHUQPHQWFDOOHGWKHJUDQGMXU\UHSRUWHUWRWHVWLI\DWVRPH ,QIRUPDWLRQVXSSOLHGE\WKH'HSDUWPHQWRIsXVWLFHWULDO SRLQW GXULQJ WKH GD\ WULDO WR UHDG SRUWLRQV RI WKH IDOVH DWWRUQH\ KDQGOLQJ WKLV FDVH LQGLFDWHV WKDW LQ VZRUQ JUDQG MXU\ WHVWLPRQ\  +RZHYHU WKH UHOHYDQW LQTXLU\ IRU >WHVWLPRQ\@ EHIRUH WKH *UDQG sXU\ IRU WKH 6RXWKHUQ SXUSRVHV RI LGHQWLI\LQJ ZKHWKHU LPSHUPLVVLEOH GRXEOH 'LVWULFW RI 2KLR ORRNLQJ LQWR WKLV PDWWHU sRH 6DELQR FRXQWLQJ ZRXOG UHVXOW IURP HQKDQFLQJ WKH GHIHQGDQWVj SHUMXUHG KLPVHOI RQ D QXPEHU RI RFFDVLRQV WKHUHE\ VHQWHQFHVIRUREVWUXFWLRQRIMXVWLFHLVZKHWKHUmSUHFLVHO\WKH DWWHPSWLQJWRLPSHGHRUREVWUXFWMXVWLFHE\QRWWHOOLQJWKH VDPHDVSHFWlRIWKHGHIHQGDQWVjFRQGXFW)DUURZ )G WUXWK DV WR KLV UHODWLRQVKLS ZLWK WKH 6WHZDUWV DQG ZKR DW  HPSKDVLVDGGHG ZRXOGEHUHOLHGXSRQWRGHWHUPLQH FRQWUROOHGWKHVHYHUDOmWUXVWVlKHZDVQDPHGDVmWUXVWHHl WKHGHIHQGDQWVjUHVSHFWLYHEDVHRIIHQVHOHYHOVDQGWRVXSSRUW EHIRUHWKH*UDQGsXU\ WKH VHQWHQFLQJ HQKDQFHPHQW  6HH 3HUNLQV   )G DW  ILQGLQJ QR LPSHUPLVVLEOH GRXEOH FRXQWLQJ ZKHUH mRQH +RZHYHUDW6DELQRjVVHQWHQFLQJKHDULQJWKHGLVWULFWFRXUW LQFUHDVHIRFXVHVVROHO\RQWKHGHIHQGDQWjVFRQGXFWDQGWKH GHFOLQHG WR LPSRVH WKH HQKDQFHPHQW DSSDUHQWO\ QRW RQO\ RWKHU LQFUHDVH IRFXVHV RQ WKH QDWXUH DQG GHJUHH RI KDUP EHFDXVHRIWKHSHUFHLYHGSUREOHPZLWKGRXEOHFRXQWLQJEXW FDXVHGE\WKHGHIHQGDQWjVFRQGXFWl  DOVREHFDXVHWKHFRXUWFRQFOXGHG6DELQRjVWHVWLPRQ\GLGQRW DPRXQWWRREVWUXFWLRQRIMXVWLFH 7KHDQVZHUKHUHLVVXUHO\mQRl7REHVXUHWKHGLVWULFW FRXUW GLG QRW HUU LQ FRQFOXGLQJ WKDW WKH IDOVH JUDQG MXU\ 7KH&RXUWRQWKHLVVXHRIWKHHQKDQFHPHQWSXUVXDQWWR WHVWLPRQ\ZDVUHODWHGWRWKHGHIHQGDQWVjFRPSOH[VFKHPHWR &ILQGVWKDWXQGHUWKHFLUFXPVWDQFHVWKDWKDYH REVWUXFWWKHFROOHFWLRQRIUHYHQXHE\WKH,56ZKLFKVFKHPH EHHQSUHVHQWHGLQWKHHYLGHQFHLQWKLVFDVHWKDWLVWKH LV SXQLVKDEOH XQGHU †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†& HQKDQFHPHQW

*LYHQ WKDW WKH REVWUXFWLRQ HQKDQFHPHQW ZRXOG QRW KDYH 7KLV&RXUWFDQQRWVD\LQWKHPRGHUQFRQWH[WRIWHVWLPRQ\ DPRXQWHG WR LPSHUPLVVLEOH GRXEOH FRXQWLQJ WKH TXHVWLRQ WRDJUDQGMXU\WKDWWKHVWDWHPHQWVFRQWDLQHGLQKLVJUDQG EHFRPHV ZKHWKHU WKH GLVWULFW FRXUWjV UHIXVDO WR LPSRVH WKH MXU\WHVWLPRQ\ZDVREVWUXFWLRQRIMXVWLFH  8QLWHG6WDWHVY 1RV  1RV  8QLWHG6WDWHVY  6DELQRHWDO 6DELQRHWDO

 2XUGHFLVLRQLQ8QLWHG6WDWHVY7DOOH\)G   WK&LU LVLOOXVWUDWLYH7KHUHZHKHOGWKDWDQmRIILFLDO 7KH&RXUWZRXOGDOVRILQGWKDWWKHHQKDQFHPHQWRIWZR YLFWLPl HQKDQFHPHQW XQGHU 86 6(17(1&,1* *8,'(/,1(6 SRLQWVIRUREVWUXFWLRQRIMXVWLFHZRXOGEHLQDSSURSULDWH 0$18$/ † $ GLG QRW FRQVWLWXWH GRXEOH FRXQWLQJ HYHQ LQWKLVFDVHSULPDULO\EHFDXVHWKHHOHPHQWRIREVWUXFWLRQ WKRXJKWKHXQGHUO\LQJRIIHQVHZDVVROLFLWLQJWKHPXUGHURID RI MXVWLFH REVWUXFWLRQ RI WKH XVXDO IXQFWLRQV RI WKH IHGHUDODJHQWLQYLRODWLRQRI86&†:HREVHUYHG JRYHUQPHQWLVDQHOHPHQWRIWKHRIIHQVHRIFRQYLFWLRQ WKDW WKH FRPPHQWDU\ WR † $ SURYLGHV WKDW WKH RIILFLDO DQGWKDWWKHDFWLYLWLHVRIWKLVGHIHQGDQWGLGQRWH[FHHG YLFWLPHQKDQFHPHQWmVKRXOGQRWDSSO\LIWKHRIIHQVHJXLGHOLQH WKDW HOHPHQW VR WKDW LW ZRXOG UHTXLUH DQ DGGLWLRQDO VSHFLILFDOO\ LQFRUSRUDWHV WKH IDFWRU RI WKH YLFWLP EHLQJ DQ HQKDQFHPHQWWRFUHDWHDIXQGDPHQWDOO\IDLUVHQWHQFH RIILFLDOl,G HPSKDVLVDGGHG %HFDXVHWKHRIIHQVHOHYHO JXLGHOLQHIRUWKHFULPHRIVROLFLWDWLRQ †$ GLGQRWWDNH 7KHODZLQWKLVFLUFXLWLVZHOOVHWWOHGWKDWDVHQWHQFLQJFRXUW LQWRFRQVLGHUDWLRQWKHYLFWLPjVRIIHQVHVWDWXVoDOWKRXJKWKH PXVW DSSO\ WKH HQKDQFHPHQW LI D GHIHQGDQW SURYLGHV D VWDWXWRU\RIIHQVHGLGoWKHFRXUWKHOGWKDWmQRGRXEOHFRXQWLQJ PDWHULDOO\IDOVHVWDWHPHQWWRDJUDQGMXU\6HH8QLWHG6WDWHV KDVRFFXUUHGl,G Y 0DKDIIH\  )G   WK &LU   7KH JRYHUQPHQW QRZ DUJXHV WKDW WKH GLVWULFW FRXUW GHFOLQHG WR 7XUQLQJWRWKHFDVHDWKDQGLWLVFOHDUWKDWDSSOLFDWLRQRIWKH DSSO\†&LQSDUWEHFDXVHLWHUURQHRXVO\GHWHUPLQHGWKDW REVWUXFWLRQRIMXVWLFHHQKDQFHPHQWWR'RQQD6WHZDUWDQGsRH REVWUXFWLRQRIWKHODZIXORSHUDWLRQRIWKH8QLWHG6WDWHVLVWKH 6DELQR ZRXOG QRW KDYH DPRXQWHG WR LPSHUPLVVLEOH GRXEOH HVVHQFH RI D †  FRQVSLUDF\ DQG WKHUHIRUH WKDW DQ\ FRXQWLQJ7KH\ZHUHFRQYLFWHGRIFRQVSLUDF\WRGHIUDXGWKH REVWUXFWLRQ RI MXVWLFH E\ WKH GHIHQGDQWV KDG DOUHDG\ EHHQ JRYHUQPHQWXQGHU†ZKLFKSURYLGHVLQUHOHYDQWSDUW WDNHQLQWRDFFRXQWXQGHUWKHJXLGHOLQHV7KHJRYHUQPHQWDOVR DUJXHVWKDWWKHGLVWULFWFRXUWHUUHGLQILQGLQJWKDWsRH6DELQR V ,I WZR RU PRUH SHUVRQV FRQVSLUH HLWKHU WR FRPPLW DQ\ DQG'RQQD6WHZDUW VIDOVHVWDWHPHQWVEHIRUHWKHJUDQGMXU\ RIIHQVH DJDLQVW WKH 8QLWHG 6WDWHV RU WR GHIUDXG WKH ZHUHQRWPDWHULDOPLVUHSUHVHQWDWLRQV 8QLWHG6WDWHVRUDQ\DJHQF\WKHUHRILQDQ\PDQQHURUIRU DQ\SXUSRVHDQGRQHRUPRUHRIVXFKSHUVRQVGRDQ\DFW &RQWUDU\ WR WKH GLVWULFW FRXUWjV UXOLQJ ZH FRQFOXGH DV D WRHIIHFWWKHREMHFWRIWKHFRQVSLUDF\HDFKVKDOOEHILQHG OHJDOPDWWHUWKDWLPSRVLQJDQREVWUXFWLRQHQKDQFHPHQWLQWKLV XQGHUWKLVWLWOHRULPSULVRQHGQRWPRUHWKDQILYH\HDUVRU FDVH ZRXOG QRW DPRXQW WR LPSHUPLVVLEOH GRXEOHFRXQWLQJ ERWK )LUVW DV WKH GLVWULFW FRXUW DFNQRZOHGJHG QRWKLQJ LQ WKH VHQWHQFLQJJXLGHOLQHVSURKLELWVWKHDSSOLFDWLRQRID†&  86& †   7KH REMHFW RI WKH GHIHQGDQWVj .OHLQ HQKDQFHPHQWWRDGHIHQGDQWFRQYLFWHGRID.OHLQFRQVSLUDF\ FRQVSLUDF\ZDVTXLWHVLPSO\WRHYDGHWD[HV7KHRIIHQVH XQGHU86&†6HFRQGWKHmHVWDEOLVKHGUXOHlLQWKLV OHYHO IRU WKH FRQVSLUDF\ FRXQW ZDV GHWHUPLQHG IRU HDFK FLUFXLWLVWKDWmLPSHUPLVVLEOHµGRXEOHFRXQWLQJjRFFXUVZKHQ SXUVXDQWWR86 6(17(1&,1* *8,'(/,1(6 0$18$/†7  SUHFLVHO\WKHVDPHDVSHFWRIDGHIHQGDQWjVFRQGXFWIDFWRUVLQWR ZKLFKDSSOLHVWRFRQVSLUDFLHVXQGHU†WKDWDUHGHVLJQHGWR KLVVHQWHQFHLQWZRVHSDUDWHZD\Vl8QLWHG6WDWHVY)DUURZ mGHIUDXG WKH 8QLWHG 6WDWHV E\ LPSHGLQJ LPSDLULQJ  )G  WK&LU  FLWLQJ8QLWHG6WDWHVY3HUNLQV REVWUXFWLQJ DQG GHIHDWLQJ    WKH FROOHFWLRQ RI UHYHQXHl  )G WK&LU   86 6(17(1&,1* *8,'(/,1(6 0$18$/†7 FPWQ    FLWDWLRQRPLWWHG :HVHHQRUHDVRQWRFRQFOXGHWKDW WKLV JXLGHOLQH WDNHV LQWR FRQVLGHUDWLRQ D GHIHQGDQWjV