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

(/(&7521,& &,7$7,21  )(' $SS 3 WK &LU

&RPPLVVLRQHU SURIIHUHG QR HYLGHQFH DW WULDO WR UHEXW WKLV )LOH 1DPH DS

SUHVXPSWLRQ$WWKLVVWDJHRIWKHSURFHHGLQJVWKHSHWLWLRQHUV FRQWHQGZHVKRXOGEHDEOHWRDVVHVVWKHGLIIHUHQFHEHWZHHQ WKH YDOXH RI WKH SURSHUWLHV ZKLFK ZDV WKH VXEMHFW RI 81,7('67$7(6&28572)$33($/6 WHVWLPRQ\DWWULDODQGWKHSUHVXPHGIDLUPDUNHWYDOXHRIWKH )257+(6,;7+&,5&8,7 6&,1  7KH GLIIHUHQFH ZRXOG UHSUHVHQW WKH DPRXQW RI WKH BBBBBBBBBBBBBBBBB EDUJDLQVDOHLIDQ\SXUVXDQWWR† %XWWKHSHWLWLRQHUVGLGQRWDGYDQFHWKLVDUJXPHQWXQWLOWKHLU UHSO\EULHIDQGWKHUHIRUHWKH&RPPLVVLRQHUZDVQRWDIIRUGHG (67$7( 2) '8,/,2 ; DQRSSRUWXQLW\WRUHVSRQG0RUHRYHULWLVXQFOHDUIURPWKH &267$1=$GHFHDVHG  UHFRUGZKHWKHUWKH&RPPLVVLRQHUSURIIHUHGHYLGHQFHDWWKH 0,&+$(/ &267$1=$  WULDOWRUHEXWWKHSUHVXPSWLRQRIWKHIDLUPDUNHWYDOXHRIWKH  1R 6&,16HH(VWDWHRI*LEUDXVNDVY&RPPjU7& ([HFXWRU     VWDWLQJ WKDW WKH IDLUPDUNHWYDOXH SUHVXPSWLRQ 3HWLWLRQHUV$SSHOODQWV !  FDQEHUHIXWHGE\HYLGHQFHWKDWWKHQRWHLVZRUWKOHVVWKDQLWV  SUHVXPHGYDOXH :HZLOOWKHUHIRUHUHPDQGWKHDFWLRQWRWKH Y  WD[ FRXUW IRU WKH SXUSRVH RI UHVROYLQJ WKH &RPPLVVLRQHUjV  DOWHUQDWLYHDUJXPHQWWKDWWKH6&,1FRQVWLWXWHGDEDUJDLQVDOH  WKDWVXEMHFWVWKHHVWDWHWRJLIWWD[DWLRQXQGHU† &200,66,21(5 2) ,17(51$/ 5(9(18(   ,,,&21&/86,21 5HVSRQGHQW$SSHOOHH  )RUDOORIWKHUHDVRQVVHWIRUWKDERYHZH5(9(56(WKH 1 MXGJPHQWRIWKHWD[FRXUWDQG5(0$1'WKHFDVHIRUIXUWKHU 2Q$SSHDOIURPWKH8QLWHG6WDWHV7D[&RXUW SURFHHGLQJVFRQVLVWHQWZLWKWKLVRSLQLRQ 1R  n'DYLG/DUR7D[&RXUWsXGJH 6XEPLWWHG )HEUXDU\ 'HFLGHGDQG)LOHG )HEUXDU\  %HIRUH *,/0$1DQG*,%%216&LUFXLWsXGJHV 32/67(5'LVWULFWsXGJH

7KH +RQRUDEOH 'DQ $DURQ 3ROVWHU 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ

  (VWDWHRI&RVWDQ]DY&RPPjU 1R 1R (VWDWHRI&RVWDQ]DY&RPPjU 

BBBBBBBBBBBBBBBBB DWWULDOWKDW'XLOLRZDVH[SHFWHGWROLYHVRPHZKHUHEHWZHHQ DQG \HDUVIURPWKHWLPHWKDWKHVLJQHGWKH6&,1+LV &2816(/ SUHPDWXUH GHDWK GXH WR FRPSOLFDWLRQV IURP VXUJHU\ ZDV FOHDUO\QRWDQWLFLSDWHG,QDGGLWLRQWKHIDFWWKDWWKH6&,1ZDV 21%5,() &KDUOHV/0F.HOYLH5LWD$%DLUG'2/' IXOO\VHFXUHGE\DPRUWJDJHRQWKHSURSHUWLHVIXUWKHUUHIXWHV 63$7+0F.(/9,( 'H/8&$3&7UR\0LFKLJDQIRU DQ\LQIHUHQFHWKDWWKHVDOHZDVQRWERQDILGH $SSHOODQWV  7HUHVD 7 0LOWRQ 5LFKDUG )DUEHU 81,7(' 67$7(6 '(3$570(17 2) s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s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jV DOWHUQDWLYH WKHQRWHZDVIXOO\SDLG DUJXPHQWWKDWWKH6&,1FRQVWLWXWHGDEDUJDLQVDOHWKDWZLOO LQFUHDVHWKHHVWDWHjVDGMXVWHGWD[DEOHJLIWV3XUVXDQWWR 'XLOLRGLHGDSSUR[LPDWHO\ILYHPRQWKVDIWHUWKHLVVXDQFHRI 86&†m>Z@KHUHSURSHUW\LVWUDQVIHUUHGIRUOHVVWKDQ WKH6&,1E\ZKLFKSRLQW0LFKDHOKDGSDLGRIIRQO\DVPDOO DQ DGHTXDWH DQG IXOO FRQVLGHUDWLRQ LQ PRQH\ RU PRQH\jV SRUWLRQ RI WKH QRWH  0LFKDHO DV WKH H[HFXWRU RI 'XLOLRjV ZRUWKWKHQWKHDPRXQWE\ZKLFKWKHYDOXHRIWKHSURSHUW\ HVWDWHVXEVHTXHQWO\ILOHGDIHGHUDOHVWDWHWD[UHWXUQGHFODULQJ H[FHHGHGWKH YDOXHRIWKHFRQVLGHUDWLRQVKDOOEHGHHPHGD WKDWWKHHVWDWHKDGQROLDELOLW\IRUHVWDWHWD[7KH,56LVVXHG JLIWDQGVKDOOEHLQFOXGHGLQFRPSXWLQJWKHDPRXQWRIJLIWV DQRWLFHRIGHILFLHQF\EDVHGRQLWVGHWHUPLQDWLRQWKDWWKHVDOH PDGH GXULQJ WKH FDOHQGDU \HDUl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m>W@KHIDLUPDUNHWYDOXHRIQRWHVLVSUHVXPHGWR EHWKHDPRXQWRIXQSDLGSULQFLSDOSOXVLQWHUHVWDFFUXHGWRWKH GDWH RI GHDWKl  &)5 †  DQG WKDW WKH  (VWDWHRI&RVWDQ]DY&RPPjU 1R 1R (VWDWHRI&RVWDQ]DY&RPPjU 

TXDUWHUO\ EDVLV WR OLPLW WKH QXPEHU RI EDQN WUDQVDFWLRQVl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mVRDVWRFOHDUO\GRFXPHQWWKH PRQWKVIRUZKLFK1RWHSD\PHQWVKDGEHHQPDGHl7KHIDFW ,Q 2FWREHU RI   ZKHQ KH ZDV  \HDUV ROG 'XLOLR WKDWKHREYLRXVO\ZURWHDGLIIHUHQWGDWHRQWRSRIWKHRULJLQDO ZDQWHG WR UHWXUQ WR ,WDO\ DQG VHOO KLV )OLQW SURSHUWLHV  +H GDWHV LV IXUWKHU HYLGHQFH WKDW KH ZDV QRW WU\LQJ WR KLGH DFFRUGLQJO\ VRXJKW WKH DGYLFH RI KLV DWWRUQH\ sRKQ 6SDWK DQ\WKLQJE\WKHDOWHUDWLRQV0RUHRYHUSXUVXDQWWR'XLOLRjV ZKRVXJJHVWHGWKDW'XLOLRVHOOWKHUHVWDXUDQWDQGSURSHUWLHVWR RUDO LQVWUXFWLRQV FRQFHUQLQJ WKH SD\PHQW SODQ LW LV QRW 0LFKDHOLQH[FKDQJHIRUD6&,1,QODWH'HFHPEHURI  VXUSULVLQJWKDW0LFKDHOGLGQRWPDNHDQRWKHUSD\PHQWRQWKH RU HDUO\ sDQXDU\ RI   0LFKDHO VLJQHG D 6&,1 LQ WKH QRWH DIWHU WHQGHULQJ WKH WKUHH FKHFNV LQ 0DUFK  7KH QH[W DPRXQW RI   $ PRUWJDJH IXOO\ VHFXULQJ WKH TXDUWHUO\ SD\PHQW ZRXOG QRW KDYH WDNHQ SODFH XQWLO s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sDQXDU\)HEUXDU\ XQFRQGLWLRQDO SURPLVVRU\ QRWH  7KLV FRQWHQWLRQ KRZHYHU DQG0DUFKE\PHDQVRIWKUHHEDFNGDWHGFKHFNV0LFKDHO EDVLFDOO\TXHVWLRQVWKHYDOLGLW\RIDQ\6&,1DQDUJXPHQWWKDW WHQGHUHGQRIXUWKHUSD\PHQWVRQWKH6&,1SULRUWR'XLOLRjV WKH WD[ FRXUW KDV ORQJ VLQFH UHMHFWHG  (VWDWH RI 0RVV Y GHDWKRQ0D\  &RPPjU7&     XSKROGLQJWKHYDOLGLW\ RID6&,1 6HHJHQHUDOO\6KHOGRQ,%DQRII 0LFKDHO2 'XLOLRXQH[SHFWHGO\GLHGIURPDWR[LFUHDFWLRQWRE\SDVV +DUW]1HZ7D[&RXUW&DVH([SDQGV2SSRUWXQLWLHVIRU6HOI VXUJHU\SHUIRUPHGWKHSUHYLRXVGD\+HKDGEHHQVXIIHULQJ &DQFHOOLQJ ,QVWDOOPHQW 1RWHV  s 7D[jQ    IURP KHDUW GLVHDVH GXULQJ WKH ILQDO  \HDUV RI KLV OLIH GLVFXVVLQJWKHSHUPLVVLELOLW\RIDQGUHDVRQVIRUH[HFXWLQJD 1HYHUWKHOHVV'XLOLRjVOLIHH[SHFWDQF\DWWKHWLPHKHH[HFXWHG 6&,1  WKH6&,1ZDVEHWZHHQDQG \HDUV

0RUHRYHUGHVSLWH'XLOLRjVKHDUWSUREOHPVWKHUHZDVQR $V WKH H[HFXWRU RI KLV IDWKHUjV HVWDWH 0LFKDHO ILOHG D HYLGHQFHWKDWHLWKHU0LFKDHORU'XLOLRSUHVXPHGWKDW'XLOLR IHGHUDOHVWDWHWD[UHWXUQGHFODULQJWKDWWKHHVWDWHKDGQRHVWDWH ZRXOGGLHZLWKLQDIHZ\HDUVRIVLJQLQJWKH6&,1OHWDORQH WD[OLDELOLW\7KHHVWDWHWD[UHWXUQLGHQWLILHGWKH6&,1DVDQ ZLWKLQILYHPRQWKVRIWKHVLJQLQJ0HGLFDOH[SHUWVWHVWLILHG HVWDWH DVVHW EXW FODLPHG WKDW WKH QRWH KDG QR YDOXH WR WKH HVWDWHGXHWRWKHFDQFHOODWLRQXSRQGHDWKSURYLVLRQ  (VWDWHRI&RVWDQ]DY&RPPjU 1R 1R (VWDWHRI&RVWDQ]DY&RPPjU 

7KH&RPPLVVLRQHURI,QWHUQDO5HYHQXHLVVXHGDQRWLFHRI /DERPEDUGH Y &RPPjU  7&     GHILFLHQF\WKDWSURSRVHGDQLQFUHDVHLQ'XLOLRjVJURVVHVWDWH m,QWUDIDPLO\WUDQVDFWLRQVDUHVXEMHFWWRULJLGVFUXWLQ\ EHFDXVH  WKH6&,1ZDVQRWDERQDILGHWUDQVDFWLRQRULQ +RZHYHUWKLVSUHVXPSWLRQPD\EHUHEXWWHGE\DQDIILUPDWLYH WKHDOWHUQDWLYH  WKHWUDQVDFWLRQZDVDmEDUJDLQVDOHlWKDW VKRZLQJWKDWWKHUHH[LVWHGDWWKHWLPHRIWKHWUDQVDFWLRQDUHDO ZRXOGLQFUHDVHWKHHVWDWHjVDGMXVWHGWD[DEOHJLIWV)ROORZLQJ H[SHFWDWLRQRIUHSD\PHQWDQGLQWHQWWRHQIRUFHWKHFROOHFWLRQ DWULDOWKHWD[FRXUWUXOHGWKDWWKHVDOHZDVQRWDERQDILGH RIWKHLQGHEWHGQHVVl $VVXFKm>W@KHJLYLQJRIDQRWHRU WUDQVDFWLRQ&RQVHTXHQWO\WKHWD[FRXUWKHOGWKDWWKH6&,1 RWKHU HYLGHQFH RI LQGHEWHGQHVV ZKLFK PD\ EH OHJDOO\ SURYLGHGQRFRQVLGHUDWLRQIRUWKHUHVWDXUDQWDQGSURSHUWLHV HQIRUFHDEOHLVQRWLQLWVHOIFRQFOXVLYHRIWKHH[LVWHQFHRID DQGWKDWWKHLUIXOOYDOXHPLQXVWKHWKUHHSD\PHQWVGHSRVLWHG ERQD ILGH GHEW  ,W PXVW EH FOHDUO\ VKRZQ WKDW LW ZDV WKH E\ 0LFKDHO ZDV D WD[DEOH JLIW IURP 'XLOLR WR 0LFKDHO LQWHQWLRQ RI WKH SDUWLHV WR FUHDWH D GHEWRUFUHGLWRU VWDWXVl 0LFKDHODSSHDOVWKH MXGJPHQWRIWKHWD[FRXUWFRQWHQGLQJ (VWDWHRI9DQ$QGDY&RPPjU7&   WKDWWKHWD[FRXUWHUUHGLQKROGLQJWKDWWKHVDOHZDVQRWDERQD LQWHUQDOFLWDWLRQVRPLWWHG DIIjG )G  G&LU  ILGHWUDQVDFWLRQ SHUFXULDP  ,,$1$/<6,6 0LFKDHODIILUPDWLYHO\WHVWLILHGWKDWLWZDVWKH&RVWDQ]DVj LQWHQWLRQ IRU 0LFKDHO WR VDWLVI\ DOO RI WKH SD\PHQWV GXH $ 6WDQGDUGRIUHYLHZ SXUVXDQWWRWKH6&,1$WWRUQH\6SDWKDOVRWHVWLILHGWKDWWKH &RVWDQ]DVH[SHFWHGWKHQRWHWREHSDLGLQIXOO :HUHYLHZWKHWD[FRXUWjVILQGLQJVRIIDFWXQGHUWKHmFOHDUO\ HUURQHRXVlVWDQGDUG'RZQVY&RPPjU)G 4  :DV 'XLOLR &RVWDQ]D ZLOOLQJ WR VLPSO\ JLIW WKHVH WK&LU m)DFWXDOILQGLQJVDUHFOHDUO\HUURQHRXVLI SURSHUWLHVWR0LFKDHO" EDVHGXSRQWKHHQWLUHUHFRUGWKHUHYLHZLQJFRXUWLVOHIWZLWK $ 1R WKH GHILQLWH DQG ILUP FRQYLFWLRQ WKDW D PLVWDNH KDV EHHQ 4 :K\QRW" FRPPLWWHGl=DFNY&RPPjU )G WK&LU $  %HFDXVH    >K@H ZDQWHG SD\PHQW RYHU WLPH VR KH   LQWHUQDOTXRWDWLRQPDUNVRPLWWHG  FRXOGUHWLUHLQ,WDO\ % %RQDILGHWUDQVDFWLRQ 7KHWD[FRXUWKRZHYHUTXHVWLRQHGWKHSDUWLHVjVLQFHULW\ H[SUHVVLQJFRQFHUQVDERXWWKHDFWXDOGDWHWKHGRFXPHQWVZHUH 6HFWLRQ E RIWKH,QWHUQDO5HYHQXH&RGHSURYLGHVWKDW VLJQHGWKHGDWHRQZKLFKWKHWKUHHSD\PHQWVZHUHPDGHDQG DQ HVWDWH WD[ PXVW EH SDLG RQ WKH YDOXH RI D GHFHGHQWjV WKH IDFW WKDW 0LFKDHO DOWHUHG WKH GDWHV RI WKH FKHFNV  %XW DGMXVWHG WD[DEOH JLIWV VXEMHFW WR WKH H[FHSWLRQV FRQWDLQHG 0LFKDHOVDWLVIDFWRULO\H[SODLQHGDOOWKUHHFLUFXPVWDQFHV$ WKHUHLQ86&† E   7KHWD[FRXUWKHOGWKDW EULHIGHOD\LQH[HFXWLRQDIWHUWKHVWDWHGGDWHRI'HFHPEHU 'XLOLRjVHVWDWHZDVOLDEOHIRUWD[XQGHU† E EHFDXVHWKH  ZDVVLPSO\GXHWRWKHQHHGRIWKHDWWRUQH\WRSLFNDGDWH WUDQVIHURIWKHSURSHUWLHVWR0LFKDHOZDVDJLIWQRWDERQD XSRQ ZKLFK WR EDVH DQ DPRUWL]DWLRQ VFKHGXOH ZKHUH WKH ILGHWUDQVDFWLRQ GRFXPHQWVZHUHWREHFLUFXODWHGE\PDLOIRUVLJQDWXUH7KH IDFW WKDW DOO RI WKH GRFXPHQWV ZHUH VLJQHG ZLWKLQ VHYHUDO 6LQFHD6&,1OHDYHVmQR>@LQWHUHVWUHPDLQLQJLQGHFHGHQWDW ZHHNVWKHUHDIWHULVWKXVHQWLUHO\LQFRQVHTXHQWLDO KLVGHDWKlLWLVZKHQERQDILGHmQRWLQFOXGLEOHLQKLVJURVV HVWDWHl  (VWDWH RI 0RVV Y &RPPjU  7&    $V IRU WKH GHOD\ LQ PDNLQJ WKH ILUVW WKUHH LQVWDOOPHQWV   %XWD6&,1VLJQHGE\IDPLO\PHPEHUVLVSUHVXPHG 0LFKDHO WHVWLILHG WKDW KLV IDWKHU ZDQWHG WR EH SDLG mRQ D WR EH D JLIW DQG QRW D ERQD ILGH WUDQVDFWLRQ  (VWDWH RI