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

+HDOWKFDUH&RUS (/(&7521,& &,7$7,21  )(' $SS  3 WK &LU )LOH 1DPH D S

DUH IRU OLIH 3LUHOOL QRZ LQVWUXFWV WKLV &RXUW WKDW ZKHQ DQ HPSOR\HURQLWVRZQLQLWLDWLYHSURYLGHVPDWHULDOO\IDOVHRU 81,7('67$7(6&28572)$33($/6 LQDFFXUDWHLQIRUPDWLRQWRHPSOR\HHVDVWRWKHIXWXUHEHQHILWV RIDSODQDQGWKHHPSOR\HHVUHO\XSRQWKDWLQIRUPDWLRQWR )257+(6,;7+&,5&8,7 WKHLUGHWULPHQWWKHHPSOR\HUIDLOVWRXSKROGLWVILGXFLDU\GXW\ BBBBBBBBBBBBBBBBB WRDFWVROHO\LQWKHEHVWLQWHUHVWVRIWKHSODQSDUWLFLSDQWVXQGHU (5,6$6HH3LUHOOL)GDW m7KXVZLWKUHVSHFWWR WKHVLWXDWLRQSUHVHQWHGZKHQDQHPSOR\HURQLWVRZQLQLWLDWLYH GLVVHPLQDWHVIDOVHDQGPLVOHDGLQJLQIRUPDWLRQDERXWDEHQHILW /(( 1(67(5 720 62:'(56 ; SODQWKHSRVLWLRQRIWKH6L[WK&LUFXLWLVDOLJQHGZLWKWKDWRI '21 6&+1(,'(5  WKH7KLUG&LUFXLWLQ8QLV\Vl ,QWKHPDWWHUEHIRUHXVWRGD\ 3ODLQWLIIV$SSHOODQWV  WKHIDFWXDODOOHJDWLRQVDSSHDUWRLQGLFDWHYLDWKHVOLGHVKRZ  1R DQGSULQWHGEXOOHWLQVSUHVHQWHGWR3ODLQWLIIVE\'HIHQGDQWVDV  Y ! ZHOO DV YLD 3ODLQWLIIVj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n:DOWHU+5LFH&KLHI'LVWULFWsXGJH RSLQLRQ $UJXHG 6HSWHPEHU 'HFLGHGDQG)LOHG sDQXDU\ %HIRUH .583$16.<DQG&/$<&LUFXLWsXGJHV *:,1 'LVWULFWsXGJH

7KH +RQRUDEOH sDPHV 6 *ZLQ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ

  1HVWHUHWDOY$OOHJLDQFH 1R 1R 1HVWHUHWDOY$OOHJLDQFH  +HDOWKFDUH&RUS +HDOWKFDUH&RUS

BBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBB &2816(/ &21&855(1&( BBBBBBBBBBBBBBBBB $5*8('   6FRWW $ /HIHODU 0,//,625  12%,/ &OHYHODQG2KLRIRU$SSHOODQWV%ULDQ7sRKQVRQ%$.(5 &/$< &LUFXLW sXGJH FRQFXUULQJ  7KH PDMRULW\ LV  +267(7/(5 &ROXPEXV 2KLR IRU $SSHOOHH FRUUHFWLQLWVFRQFOXVLRQWKDW3ODLQWLIIVjVWDWHODZEUHDFKRI 21 %5,()   3DXO & 0RUULVRQ 0,//,625  12%,/ FRQWUDFWFODLPVVHHNLQJWRUHFRYHUFHUWDLQmWUDQVLWLRQEHQHILWVl &OHYHODQG2KLRIRU$SSHOODQWV%ULDQ7sRKQVRQ(OL]DEHWK DOOHJHGO\ SURPLVHG WR 3ODLQWLIIV E\ 'HIHQGDQW $OOHJLDQFH $0F1HOOLH%$.(5 +267(7/(5&ROXPEXV2KLRIRU +HDOWKFDUH &RUSRUDWLRQ DQG UHOLHG XSRQ E\ 3ODLQWLIIV LQ $SSHOOHH GHFLGLQJ WR WHUPLQDWH WKHLU HPSOR\PHQW ZLWK %D[WHU ,QWHUQDWLRQDO ,QF DUH SUHHPSWHG E\ WKH (PSOR\PHQW .583$16.<sGHOLYHUHGWKHRSLQLRQRIWKHFRXUWLQ 5HWLUHPHQW 6HFXULW\ $FW RI   m(5,6$l    86& ZKLFK&/$<sDQG*:,1'sMRLQHG&/$<s SS †  HW VHT  ,Q DGGLWLRQ WKH PDMRULW\ LV FRUUHFW LQ LWV  DOVRGHOLYHUHGDVHSDUDWHFRQFXUULQJRSLQLRQ KROGLQJ WKDW 3ODLQWLIIVj FODLPV IRU WKH XQSDLG WUDQVLWLRQ EHQHILWVIDLODVDPDWWHURIODZXQGHU(5,6$LQDVPXFKDVWKH BBBBBBBBBBBBBBBBB SODQGRFXPHQWVGRQRWSURYLGHIRUWKHEHQHILWVLQTXHVWLRQ 7KHUHIRUH,IXOO\FRQFXULQWKHPDMRULW\RSLQLRQ KRZHYHU, 23,1,21 ZULWHVHSDUDWHO\DWWKLVWLPHWRUHLQIRUFHWKHEDVLVXSRQZKLFK BBBBBBBBBBBBBBBBB WKHPDMRULW\KROGLQJUHVWV .583$16.<&LUFXLWsXGJH,QWKLVGLYHUVLW\VWDWHODZ %DVHGRQWKHOHJDOWKHRU\XSRQZKLFK3ODLQWLIIVjVRXJKWWR EUHDFKRIFRQWUDFWDFWLRQWKHSODLQWLIIDSSHOODQWV/HH1HVWHU UHFRYHUWKHWUDQVLWLRQEHQHILWVLQWKLVFDVHEUHDFKRIFRQWUDFW 7RP 6RZGHUV DQG 'RQ 6FKQHLGHU FROOHFWLYHO\ mWKH LW LV IDFWXDOO\ XQGLVSXWHG WKDW WKH SODQ GRFXPHQWV GR QRW SODLQWLIIVlRUmWKH)RUPHU(PSOR\HHVl KDYHFRQWHVWHGWKH SURYLGHIRUWKHWKHVHEHQHILWVDQGWKDWDVDUHVXOWUHFRYHU\LV GLVWULFW FRXUWjV MXGJPHQW IRU WKHLU HUVWZKLOH HPSOR\HU SUHFOXGHGXQGHU(5,6$+RZHYHUSXUVXDQWWRWKLV&RXUWjV GHIHQGDQWDSSHOOHH $OOHJLDQFH +HDOWKFDUH &RUSRUDWLRQ UHFHQWGHFLVLRQLQsDPHVY3LUHOOL$UPVWURQJ7LUH&R m+HDOWKFDUHlRUmWKHGHIHQGDQWl DVXEVLGLDU\RI$OOHJLDQFH )G  WK&LU KDG3ODLQWLIIVSURFHHGHGXQGHUD &RUSRUDWLRQ m$OOHJLDQFHl   7KH )RUPHU (PSOR\HHV KDYH EUHDFKRIILGXFLDU\GXW\WKHRU\DQRSHQTXHVWLRQPD\KDYH FODLPHGWKDW$OOHJLDQFH+HDOWKFDUHSURPLVHGWKHPHLJKW\HDUV UHPDLQHG DV WR ZKHWKHU 'HIHQGDQW RQ LWV RZQ LQLWLDWLYH RIVSHFLDOSHQVLRQSODQFRQWULEXWLRQVUHIHUUHGWRDVmWUDQVLWLRQ SURYLGHGPDWHULDOO\IDOVHRULQDFFXUDWHLQIRUPDWLRQUHJDUGLQJ EHQHILWVlRUmWUDQVLWLRQFRQWULEXWLRQVl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

HQWLUHO\ E\ (5,6$ MXULVSUXGHQFH  1HVWHU Y $OOHJLDQFH DPHQGHG   86& †  HW VHT m(5,6$l  DQG +HDOWKFDUH&RUS)6XSSG  6'2KLR 7KLV IXUWKHUPRUHWKHSODLQWLIIVKDGIDLOHGWRSURYHWKDWWKH(5,6$ UHYLHZLQJFRXUWIROORZLQJFDUHIXOVWXG\DQGFRQVLGHUDWLRQRI SODQGRFXPHQWVVXSSRUWHGWKHLUFODLPV1HVWHUY$OOHJLDQFH WKHGLVWULFWFRXUWjVZHOOUHDVRQHGRSLQLRQDQGMXGJPHQWIRU +HDOWKFDUH&RUS)6XSSG  6'2KLR 7KH WKH GHIHQGDQW WKH EULHIV DQG DUJXPHQWV RI FRXQVHO WKH VROHTXHVWLRQSRVHGRQUHYLHZLVZKHWKHUWKHSODLQWLIIVKDYH PDWHULDOV LQFOXGHG LQ WKH SDUWLHVj MRLQW DSSHQGL[ DQG WKH YDOLG EUHDFK RI FRQWUDFW FODLPV XQGHU HLWKHU 2KLR ODZ RU FRQWUROOLQJOHJDODXWKRULWLHVKDVXSRQGHQRYRH[DPLQDWLRQ (5,6$ MXULVSUXGHQFH DJDLQVW WKHLU IRUPHU HPSOR\HU LGHQWLILHG QR UHYHUVLEOH HUURU RI IDFW RU ODZ LQ WKH GLVWULFW DQFKRUHG LQ LWV IDLOXUH WR FRQWULEXWH DOOHJHGO\SURPLVHG MXGJHjVUHVROXWLRQRIWKHSODLQWLIIjVFODLPV$FFRUGLQJO\WKH WUDQVLWLRQ EHQHILWV WR WKH )RUPHU (PSOR\HHVj (5,6$ GLVWULFW FRXUWjV $SULO   UXOLQJ LV DGRSWHG DV WKH JRYHUQHGSHQVLRQDFFRXQWVDIWHU$XJXVW  GHFLVLRQRIWKLVUHYLHZLQJFRXUW 7KH)RUPHU(PSOR\HHVKDYHHYLGHQFHGWKDWLQ WKHLU %HFDXVHHDFKRIWKH SODLQWLIIVjDVVLJQPHQWVRIHUURUZDV WKHQHPSOR\HU %D[WHU ,QWHUQDWLRQDO ,QF m%D[WHUl PLVFRQFHLYHG ILQDO MXGJPHQW IRU WKH GHIHQGDQW LV UHRUJDQL]HG LWV RSHUDWLRQV  $ SRUWLRQ RI %D[WHUjV $)),50(' PDQXIDFWXULQJ DFWLYLWLHV ZHUH UHVWUXFWXUHG XQGHU D QHZO\ LQFRUSRUDWHG VSLQRII FRPSDQ\ $OOHJLDQFH &RUSRUDWLRQ ZKLFK DV VWDWHG SUHYLRXVO\ RZQHG D VXEVLGLDU\ NQRZQ DV $OOHJLDQFH+HDOWKFDUH&RUSRUDWLRQWKHGHIHQGDQWKHUHLQ7KH IRXQGHUVRI$OOHJLDQFHFUHDWHGDQLQGLYLGXDODFFRXQWSHQVLRQ EHQHILW SODQ IRU LWV ZRUNHUV HIIHFWLYH 2FWREHU    &HUWDLQ%D[WHUHPSOR\HHVLQFOXGLQJWKHSODLQWLIIVZHUHDVNHG WR WUDQVIHU WR $OOHJLDQFH+HDOWKFDUH HIIHFWLYH 2FWREHU   ZKLFKZRXOGFDXVHWKHPWRORVHWKHLUDFFUXHGEHQHILWV LQ WKH %D[WHU GHILQHG EHQHILW SHQVLRQ SODQ  7R HQFRXUDJH WKRVH HPSOR\HHV WR DFFHSW QHZ MREV ZLWK $OOHJLDQFH WKH SULQFLSDOV RI WKH QHZ HQWHUSULVH RIIHUHG WKHP VSHFLDO DGGLWLRQDO mWUDQVLWLRQ FRQWULEXWLRQVl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

FDVHVXEMXGLFHIRUHPSOR\HHVZKRUHWLUHGRUGLHGZLWKLQWKH H[DPLQHG XQGHU WKH GHIHUHQWLDO mDUELWUDU\ DQG FDSULFLRXVl SODQ\HDUEHHPSOR\HGE\$OOHJLDQFHRQWKHODVWGD\RIWKH VWDQGDUG)LUHVWRQH7LUH 5XEEHU&RY%UXFK 86 VXEMHFWSODQ\HDU ZKLFKZDV'HFHPEHURIWKHRUGLQDU\    6DQIRUGY+DUYDUG,QGXV,QF)G FDOHQGDU \HDU   )XUWKHUPRUH WKH 3ODQ 6XPPDU\ VSHFLILHG     WK &LU    7KH $OOHJLDQFH &RUSRUDWLRQ WKDW DOWKRXJK D mWUDQVLWLRQl HPSOR\HH FRXOG  UHFHLYH 5HWLUHPHQW3ODQGRFXPHQW† EHVWRZHGmFRPSOHWHDQG WUDQVLWLRQEHQHILWVIRUDPD[LPXPRIHLJKW\HDUVKHRUVKH XQIHWWHUHGGLVFUHWLRQlXSRQWKHDGPLQLVWUDWLYHFRPPLWWHHWR ZRXOGIRUIHLWDQ\IXWXUHXQDFFUXHGWUDQVLWLRQEHQHILWVVKRXOG FRQVWUXHSODQWHUPVDQGGHILQHWKHULJKWVDQGEHQHILWVRISODQ WKHHPSOR\HHKDYHmLQFXUUHGD7HUPLQDWLRQRI(PSOR\PHQWl SDUWLFLSDQWV  +RZHYHU WKH GLVWULFW FRXUW UHVROYHG WKDW RUZDVRWKHUZLVHQRWmHPSOR\HGRQWKHODVWGD\RIWKH3ODQ $OOHJLDQFHKDGZDLYHGWKDWFRQWHQWLRQE\QHJOHFWLQJWRDVVHUW <HDUl0RUHRYHUWKH3ODQ6XPPDU\H[SODLQHGWKDWWUDQVLWLRQ LWSULRUWRWKHHQWU\RIMXGJPHQWDJDLQVWLW$FFRUGLQJO\WKH EHQHILWV ZRXOG EH FDOFXODWHG XVLQJ D SHUFHQWDJH RI WKH GLVWULFWMXGJHH[DPLQHGWKHGHQLDORIWKH)RUPHU(PSOR\HHVj HPSOR\HHj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†  D  5XVK 3UXGHQWLDO GLVPLVVHG$FFRUGLQJO\EHFDXVHQRQHRIWKHSODLQWLIIVZDVDQ +02 ,QF Y 0RUDQ  6 &W     $OOHJLDQFH+HDOWKFDUHHPSOR\HHRQ'HFHPEHU QRQH 6SHFLILFDOO\ DQ\ MXULGLFDO FRPSODLQW IRU UHFRYHU\ RI DQ\ UHFHLYHG DQ\ WUDQVLWLRQ EHQHILW FRQWULEXWLRQV IRU   QRU EHQHILWV DOOHJHGO\ GXH WR WKH SODLQWLII XQGHU DQ HPSOR\HH GXULQJ DQ\ VXEVHTXHQW \HDU  )ROORZLQJ WKH SODLQWLIIVj EHQHILWSODQLVVWULFWO\DQGH[FOXVLYHO\JRYHUQHGE\(5,6$ XQVXFFHVVIXO GHPDQGV WR +HDOWKFDUHj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jV WKHUHIRUH WKH SODLQWLIIV KDG QRW SURYHG WKHLU FODLPV XQGHU GHQLDORIEHQHILWFODLPVGHQRYRXQOHVVWKHSODQGRFXPHQWV (5,6$MXULVSUXGHQFH DQG  QR2KLRFRQWUDFWODZFODLPIRU LQYHVWWKHSODQDGPLQLVWUDWRUZLWKGLVFUHWLRQDU\DXWKRULW\WR WKHGLVSXWHGWUDQVLWLRQEHQHILWVZDVFRJQL]DEOHEHFDXVHWKH GHWHUPLQHEHQHILWHOLJLELOLW\RUWRFRQVWUXHWKHWHUPVRIWKH SODLQWLIIVj FODLPV IRU WKRVH SHQVLRQ EHQHILWV LV FRQWUROOHG SODQLQZKLFKLQVWDQFHWKHSODQDGPLQLVWUDWRUjVGHFLVLRQLV  ,I D SODQ ILGXFLDU\jV GHWHUPLQDWLRQ SDVVHV WKH KLJKO\ GHPDQGLQJ GH  &3/07 WKH $OOHJLDQFH &RUSRUDWLRQ 5HWLUHPHQW 3ODQ GRFXPHQW †  QRYR MXGLFLDO UHYLHZ VWDQGDUG WKHQ D IRUWLRUL LW DOVR VDWLVILHV WKH IDU OHVV WKH $OOHJLDQFH SODQ DGPLQLVWUDWRU ZDV D FRPPLWWHH FRPSRVHG RI DW OHDVW ULJRURXV GHPDQGV RI WKH GHIHUHQWLDO mDUELWUDU\ DQG FDSULFLRXVl UHYLHZ WKUHH SHUVRQV VWDQGDUG