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

*(25*( /$1( %(9(5/< ; s21(6  3ODLQWLIIV$SSHOOHHV   1R   81,7(' 67$7(6 2) $0(5,&$ !  ,QWHUYHQRU   Y   67$7( 2) 7(11(66((   'HIHQGDQW$SSHOODQW   32/. &2817< 7(11(66((  HWDO  'HIHQGDQWV    1 2Q3HWLWLRQIRU5HKHDULQJRIDQ $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH 1R n7KRPDV$+LJJLQV'LVWULFWsXGJH 'HFLGHGDQG)LOHG sDQXDU\ %HIRUH 0$57,1&KLHI&LUFXLWsXGJH 68+5+(,15,&+ DQG6,/(5&LUFXLWsXGJHV

  /DQHHWDOY6WDWHRI7HQQHVVHHHWDO 1R 

BBBBBBBBBBBBBBBBB &2816(/ 21%5,() 0DU\0&ROOLHU6(OL]DEHWK0DUWLQ2)),&( 2)7+($77251(<*(1(5$/&,9,//,7,*$7,21 67$)) 6(59,&(6 ',9 1DVKYLOOH 7HQQHVVHH IRU $SSHOODQW  :LOOLDP s %URZQ :,//,$0 s %52:1 $662&,$7(6&OHYHODQG7HQQHVVHHIRU$SSHOOHHV6HWK 0 *DODQWHU 6DUDK ( +DUULQJWRQ 81,7(' 67$7(6 '(3$570(172)s867,&(&,9,/5,*+76',9,6,21 :DVKLQJWRQ'&IRU,QWHUYHQRU BBBBBBBBBBBBBBBBBBBBBB $0(1'('23,1,21 BBBBBBBBBBBBBBBBBBBBBB %2<&()0$57,1s5&KLHI&LUFXLWsXGJH7KLV&RXUW LQLWLDOO\LVVXHGDQRSLQLRQLQWKLVFDVHRQsXO\:H KHOGWKDW/DQHDQGsRQHVVWDWHGFODLPVIRXQGHGLQGXHSURFHVV YLRODWLRQVDQGXQGHU3RSRYLFKY&X\DKRJD&RXQW\&RXUWRI &RPPRQ3OHDV)G WK&LU  HQEDQF FHUW GHQLHG6&W 2FWREHU 7HQQHVVHHDQGWKH RWKHU VWDWH GHIHQGDQWV ZHUH QRW LPPXQH IURP /DQH DQG sRQHVjVGDPDJHVFODLPVXQGHU7LWOH,,RIWKH$PHULFDQVZLWK 'LVDELOLWLHV$FW2Q6HSWHPEHUZHJUDQWHGWKH6WDWHRI 7HQQHVVHHjVPRWLRQIRUSDQHOUHKHDULQJ$OOSDUWLHVVXEPLWWHG VXSSOHPHQWDOEULHIV7HQQHVVHHDUJXHGWKDW/DQHDQGsRQHVjV FODLPV DUH QRW EDVHG RQ GXH SURFHVV YLRODWLRQV DQG WKDW 7HQQHVVHHWKHUHIRUHHQMR\V(OHYHQWK$PHQGPHQWLPPXQLW\ IURPVXLWRQWKRVHFODLPV2QUHKHDULQJDQGIRUWKHIROORZLQJ UHDVRQV ZH $)),50 WKH GLVWULFW FRXUWjV GHQLDO RI 7HQQHVVHHjVPRWLRQWRGLVPLVVDQG5(0$1'WKLVFDVHIRU IXUWKHUSURFHHGLQJV ,Q3RSRYLFKZHFRQVLGHUHGWKHYDOLGLW\RIWKHDEURJDWLRQ RIDVWDWHjVLPPXQLW\WRVXLWE\SULYDWHSDUWLHVXQGHU7LWOH,, RIWKH$PHULFDQVZLWK'LVDELOLWLHV$FW*XLGLQJRXUKDQG WKURXJK RXU HYDOXDWLRQ ZDV WKH 6XSUHPH &RXUWjV UHFHQW GHFLVLRQLQ8QLYHUVLW\RI$ODEDPDY*DUUHWW86 1R  /DQHHWDOY6WDWHRI7HQQHVVHHHWDO 

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mDQDFFXVHGKDVDULJKWWR EHSUHVHQWDWDOOVWDJHVRIWKHWULDOZKHUHKLVDEVHQFHPLJKW IUXVWUDWH WKH IDLUQHVV RI WKH SURFHHGLQJVl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mWR JXDUDQWHH PHDQLQJIXO HQIRUFHPHQWl RI WKH FRQVWLWXWLRQDO ULJKWV RI WKH GLVDEOHG   )G DW   ,Q GRLQJ VR &RQJUHVV PD\ UHTXLUH VWDWHV WR FRQVLGHU WKH QDWXUH RI WKH FRQVWLWXWLRQDOULJKWDWLVVXHWKHRIWHQUHODWLYHO\VPDOOFRVWRI FRPSOLDQFHDQGWKHHIIHFWRIIDLOXUHWRDFFRPPRGDWHWKRVH ZLWK GLVDELOLWLHV  ,Q WKH FRQWH[W RI WKH FDVH EHIRUH XV  /DQHHWDOY6WDWHRI7HQQHVVHHHWDO 1R  1R  /DQHHWDOY6WDWHRI7HQQHVVHHHWDO 

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j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jIDLOXUHWRDFFRPPRGDWHWKH QHHGVRITXDOLILHGSHUVRQVZLWKGLVDELOLWLHVPD\UHVXOWGLUHFWO\ IURPXQFRQVWLWXWLRQDODQLPXVDQGLPSHUPLVVLEOHVWHUHRW\SHV 7LWOH,,HQVXUHVWKDWWKHUHIXVDOWRDFFRPPRGDWHDQLQGLYLGXDO ZLWKDGLVDELOLW\LVJHQXLQHO\EDVHGRQXQUHDVRQDEOHFRVWRU DFWXDO LQDELOLW\ WR DFFRPPRGDWH QRW RQ LQFRQYHQLHQFH RU XQIRXQGHGFRQFHUQVDERXWFRVWV 7KLV VWDWXWRU\ SURWHFWLRQ LV D SUHYHQWLYH PHDVXUH FRPPHQVXUDWH WR WKH JUDYLW\ RI SUHFOXGLQJ  DFFHVV WR WKH FRXUWV E\ WKRVH ZLWK GLVDELOLWLHV  ,Q DGGLWLRQ WKHVH UHTXLUHPHQWVDUHFDUHIXOO\WDLORUHGWRWKHXQLTXHIHDWXUHVRI GLVDELOLW\GLVFULPLQDWLRQWKDWSHUVLVWVLQSXEOLFVHUYLFHV$ VLPSOHEDQRQGLVFULPLQDWLRQDJDLQVWWKRVHZLWKGLVDELOLWLHV ODFNVWHHWK7KHFRQWLQXLQJOHJDF\RIGLVFULPLQDWLRQLVWRR SRZHUIXO7LWOH,,DIILUPDWLYHO\SURPRWHVLQWHJUDWLRQRIWKRVH ZLWKGLVDELOLWLHV sRQHVDQG/DQHDUHVHHNLQJWRYLQGLFDWHWKHLUULJKWRIDFFHVV WR WKH FRXUWV LQ 7HQQHVVHH  /DQH DOOHJHV WKDW KH KDV EHHQ GHQLHG WKH EHQHILW RI DFFHVV WR WKH FRXUWV  sRQHV VLPLODUO\ DOOHJHVWKDWVKHKDVEHHQH[FOXGHGIURPFRXUWKRXVHVDQGFRXUW SURFHHGLQJVE\DQLQDELOLW\WRDFFHVVWKHSK\VLFDOIDFLOLWLHV 7HQQHVVHH UHVSRQGV WKDW WKH YLRODWLRQV DOOHJHG DUH QRW GXH SURFHVVYLRODWLRQV7KHGLIILFXOWTXHVWLRQVSUHVHQWHGE\WKLV