Yama Ribbons and Bows Co. v. United States

6OLS2S 173 81,7('67$7(6&28572),17(51$7,21$/75$'(

<$0$5,%%216$1'%2:6&2 3ODLQWLII Y 81,7('67$7(6 %HIRUH 7LPRWK\&6WDQFHX&KLHI-XGJH 'HIHQGDQW &RXUW1R DQG %(5:,&.2))5$<//& 'HIHQGDQW,QWHUYHQRU

23,1,21$1'25'(5 >2UGHULQJUHPDQGRIDILQDODJHQF\GHWHUPLQDWLRQLQDFRXQWHUYDLOLQJGXW\SURFHHGLQJRQ QDUURZZRYHQULEERQVZLWKZRYHQVHOYHGJHIURPWKH3HRSOH¶V5HSXEOLFRI&KLQD@ 'DWHG: December 30, 2019  John J. KenkelGH.LHIIHU +RUJDQ3//&RI:DVKLQJWRQ'&IRUSODLQWLII<DPD 5LEERQVDQG%RZV&R:LWKKLPRQWKHEULHIZHUHAlexandra H. SalzmanJudith L.

HoldsworthDQGJ. Kevin Horgan Kara M. Westercamp7ULDO&RXQVHO&RPPHUFLDO/LWLJDWLRQ%UDQFK&LYLO'LYLVLRQ 86'HSDUWPHQWRI-XVWLFHRI:DVKLQJWRQ'&IRUGHIHQGDQW:LWKKHURQWKHEULHIZHUH Joseph H. Hunt$VVLVWDQW$WWRUQH\*HQHUDOJeanne E. Davidson'LUHFWRUDQGPatricia M.

McCarthy$VVLVWDQW'LUHFWRU2IFRXQVHORQWKHEULHIZDVPaul Keith$WWRUQH\2IILFHRI WKH&KLHI&RXQVHOIRU7UDGH(QIRUFHPHQW &RPSOLDQFH86'HSDUWPHQWRI&RPPHUFH Gregory C. Dorris3HSSHU+DPLOWRQ//3RI:DVKLQJWRQ'&IRUGHIHQGDQW LQWHUYHQRU%HUZLFN2IIUD\//& 6WDQFHX&KLHI-XGJH ,QWKLVDFWLRQSODLQWLII<DPD5LEERQVDQG%RZV&R ³<DPD´  FRQWHVWVDQDGPLQLVWUDWLYHGHWHUPLQDWLRQWKH,QWHUQDWLRQDO7UDGH$GPLQLVWUDWLRQ86 &RXUW1R 3DJH   'HSDUWPHQWRI&RPPHUFH ³&RPPHUFH´RUWKH³'HSDUWPHQW´ LVVXHGWRFRQFOXGHDSHULRGLF UHYLHZRIDFRXQWHUYDLOLQJGXW\ ³&9'´ RUGHURQQDUURZZRYHQULEERQVZLWKZRYHQVHOYHGJH IURPWKH3HRSOH¶V5HSXEOLFRI&KLQD ³&KLQD´RUWKH³35&´ 5XOLQJWKDWWKHGHWHUPLQDWLRQLV FRQWUDU\WRODZLQFHUWDLQUHVSHFWVWKHFRXUWUHPDQGVWKHGHWHUPLQDWLRQWR&RPPHUFHIRU DSSURSULDWHFRUUHFWLYHDFWLRQ ,%$&.*5281' $7KH&RQWHVWHG'HWHUPLQDWLRQ 7KHFRQWHVWHGGHWHUPLQDWLRQ WKH³)LQDO5HVXOWV´ LVNarrow Woven Ribbons With Woven Selvedge From the People’s Republic of China: Final Results of Countervailing Duty Administrative Review; 2015)HG5HJ ,QW¶O7UDGH$GPLQ0DU  ³Final Results´ 7KH)LQDO5HVXOWVLQFRUSRUDWHGE\UHIHUHQFHDQH[SODQDWRU\GRFXPHQW'HFLVLRQ 0HPRUDQGXPIRUWKH)LQDO5HVXOWVRI&RXQWHUYDLOLQJ'XW\$GPLQLVWUDWLYH5HYLHZ  1DUURZ:RYHQ5LEERQVZLWK:RYHQ6HOYHGJHIURPWKH3HRSOH¶V5HSXEOLFRI&KLQD ,QW¶O 7UDGH$GPLQ0DU  35'RF-$SSDW  ³)LQDO'HFLVLRQ0HP´  %7KH$GPLQLVWUDWLYH5HYLHZ3UHOLPLQDU\5HVXOWVDQG)LQDO5HVXOWV &RPPHUFHLVVXHGDFRXQWHUYDLOLQJGXW\RUGHU WKH³2UGHU´ RQQDUURZZRYHQULEERQV ZLWKZRYHQVHOYHGJHIURP&KLQD WKH³VXEMHFWPHUFKDQGLVH´ LQ Narrow Woven Ribbons With Woven Selvedge From the People’s Republic of China: Countervailing Duty Order

  7KLV2SLQLRQDQG2UGHUGLVFORVHVRQO\LQIRUPDWLRQLQFOXGHGLQSXEOLFYHUVLRQVRI UHFRUGGRFXPHQWVDQGLQIRUPDWLRQVXEVHTXHQWO\PDGHSXEOLFLQWKH3UHOLPLQDU\'HFLVLRQ 0HPRUDQGXPWKH)LQDO'HFLVLRQ0HPRUDQGXPRUWKHSXEOLFYHUVLRQVRIWKHSDUWLHV¶ILOLQJV 7KHUHIRUHVROHO\FLWDWLRQVWRWKHSXEOLFYHUVLRQVRIUHFRUGGRFXPHQWVDUHSURYLGHG$OO FLWDWLRQVWRWKH³-$SS´DUHWRWKH-RLQW$SSHQGL[3XEOLF9HUVLRQ 'HF (&)1R &RXUW1R 3DJH   )HG5HJ ,QW¶O7UDGH$GPLQ6HSW  ³Order´ &RPPHUFHLQLWLDWHGWKH UHYLHZDWLVVXHWKHILIWKSHULRGLFUHYLHZRIWKH2UGHURQ1RYHPEHU XSRQWKHUHTXHVWRI %HUZLFN2IIUD\//& ³%HUZLFN2IIUD\´ WKHSHWLWLRQHULQWKHFRXQWHUYDLOLQJGXW\LQYHVWLJDWLRQ DQGWKHGHIHQGDQWLQWHUYHQRULQWKHSUHVHQWDFWLRQInitiation of Antidumping and Countervailing Duty Administrative Reviews)HG5HJ ,QW¶O7UDGH$GPLQ1RY   7KHUHYLHZSHUWDLQHGWRHQWULHVRIVXEMHFWPHUFKDQGLVHPDGHGXULQJWKHSHULRGRIUHYLHZ ³325´ RI-DQXDU\WKURXJK'HFHPEHUId.DW&RPPHUFHLGHQWLILHG <DPDDVWKHVROHH[SRUWHURUSURGXFHURIWKHVXEMHFWPHUFKDQGLVHWREHUHYLHZHGId. &RPPHUFHSXEOLVKHGWKHSUHOLPLQDU\UHVXOWVRIWKHUHYLHZRQ6HSWHPEHU Narrow Woven Ribbons With Woven Selvedge From the People’s Republic of China: Preliminary Results of Countervailing Duty Administrative Review; 2015)HG5HJ  ,QW¶O7UDGH$GPLQ6HSW  ³Preliminary Results´ &RPPHUFHSUHOLPLQDULO\DVVLJQHG <DPDDWRWDOQHWFRXQWHUYDLODEOHGXW\VXEVLG\UDWHRIId.DW &RPPHUFH LQFRUSRUDWHGE\UHIHUHQFHDGHFLVLRQPHPRUDQGXPIRUWKHSUHOLPLQDU\UHVXOWV'HFLVLRQ 0HPRUDQGXPIRU3UHOLPLQDU\5HVXOWVRI&RXQWHUYDLOLQJ'XW\$GPLQLVWUDWLYH5HYLHZ  1DUURZ:RYHQ5LEERQVZLWK:RYHQ6HOYHGJHIURPWKH3HRSOH¶V5HSXEOLFRI&KLQD ,QW¶O 7UDGH$GPLQ$XJ  35'RF-$SSDW  ³3UHOLPLQDU\'HFLVLRQ0HP´    7KHFRXQWHUYDLOLQJGXW\RUGHUDSSOLHVJHQHUDOO\WRZRYHQULEERQVFHQWLPHWHUVRU OHVVLQZLGWKDQGRIDQ\OHQJWKWKDWDUHFRPSRVHGLQZKROHRULQSDUWRIPDQPDGHILEHUVDQG WKDWKDYHZRYHQVHOYHGJH6RPHH[FOXVLRQVDSSO\Narrow Woven Ribbons With Woven Selvedge From the People’s Republic of China: Countervailing Duty Order)HG5HJ  ,QW¶O7UDGH$GPLQ6HSW 7KHWHUP³VHOYHGJH´ UHIHUVWR³WKHHGJHRQHLWKHUVLGHRIDZRYHQRUIODWNQLWWHGIDEULFVRIDVKLRQHGDVWRSUHYHQW UDYHOLQJ´Selvage or selvedge:(%67(5¶67+,5'1(:,17(51$7,21$/',&7,21$5< 81$%5,'*('   &RXUW1R 3DJH   ,QWKH)LQDO5HVXOWV&RPPHUFHDVVLJQHG<DPDDWRWDOQHWFRXQWHUYDLODEOHGXW\VXEVLG\ UDWHRIXQFKDQJHGIURPWKH3UHOLPLQDU\5HVXOWVFinal Results)HG5HJDW &3URFHHGLQJVLQWKH&RXUWRI,QWHUQDWLRQDO7UDGH <DPDLQVWLWXWHGWKLVDFWLRQLQ0DUFK&RPSO 0DU (&)1R%HIRUH WKHFRXUWLV<DPD¶VPRWLRQIRUMXGJPHQWRQWKHDJHQF\UHFRUGEURXJKWXQGHU86&,75XOH 3O<DPD¶V0RWIRU-XSRQWKH$JHQF\5 -XO\ (&)1R ³3O¶V%U´ <DPD¶V PRWLRQLVRSSRVHGE\GHIHQGDQW8QLWHG6WDWHV'HI¶V5HVSLQ2SS¶QWR3O¶V0RWIRU-XSRQ WKH$JHQF\5 1RY  (&)1R  ³'HI¶V%U´ DQGE\GHIHQGDQWLQWHUYHQRU%HUZLFN 2IIUD\'HI,QW%HUZLFN2IIUD\¶V5HVSLQ2SS¶QWR3O¶V0RWIRU-RQWKH$JHQF\5 1RY  (&)1R ³'HI,QW¶V%U´ 7KHFRXUWKHOGRUDODUJXPHQWRQ<DPD¶V PRWLRQRQ0D\ 2UDO$UJXPHQW 0D\ (&)1R ,,',6&866,21 $-XULVGLFWLRQDQG6WDQGDUGRI5HYLHZ 7KHFRXUWH[HUFLVHVMXULVGLFWLRQDFFRUGLQJWRVHFWLRQRIWKH&XVWRPV&RXUWV$FWRI  86&† F SXUVXDQWWRZKLFKWKHFRXUWUHYLHZVDFWLRQVFRPPHQFHGXQGHU VHFWLRQ$RIWKH7DULII$FWRI as amended ³7DULII$FW´  86&†D LQFOXGLQJDQDFWLRQFRQWHVWLQJDILQDOGHWHUPLQDWLRQWKDW&RPPHUFHLVVXHVWRFRQFOXGHDQ DGPLQLVWUDWLYHUHYLHZRIDFRXQWHUYDLOLQJGXW\RUGHUSee  86&†D D  % LLL ,Q UHYLHZLQJDILQDOGHWHUPLQDWLRQWKHFRXUW³VKDOOKROGXQODZIXODQ\GHWHUPLQDWLRQILQGLQJRU FRQFOXVLRQIRXQGWREHXQVXSSRUWHGE\VXEVWDQWLDOHYLGHQFHRQWKHUHFRUGRURWKHUZLVHQRW

  &LWDWLRQVWRWKH8QLWHG6WDWHV&RGHDUHWRWKHHGLWLRQ &RXUW1R 3DJH   LQDFFRUGDQFHZLWKODZ´ 86&†D E  6XEVWDQWLDOHYLGHQFHUHIHUVWR³VXFK UHOHYDQWHYLGHQFHDVDUHDVRQDEOHPLQGPLJKWDFFHSWDVDGHTXDWHWRVXSSRUWDFRQFOXVLRQ´SKF USA, Inc. v. United States)G )HG&LU  TXRWLQJConsol. Edison Co. v. NLRB86      %&RXQWHUYDLOLQJ'XWLHVXQGHUWKH7DULII$FW 6HFWLRQ D RIWKH7DULII$FWGLUHFWVJHQHUDOO\WKDW&RPPHUFHLVWRLPSRVHD FRXQWHUYDLOLQJGXW\LI   &RPPHUFHGHWHUPLQHVWKDWWKHJRYHUQPHQWRIDFRXQWU\RUDQ\ SXEOLFHQWLW\ZLWKLQWKDWFRXQWU\³LVSURYLGLQJGLUHFWO\RULQGLUHFWO\DFRXQWHUYDLODEOHVXEVLG\ ZLWKUHVSHFWWRWKHPDQXIDFWXUHSURGXFWLRQRUH[SRUWRIDFODVVRUNLQGRIPHUFKDQGLVH LPSRUWHGRUVROG RUOLNHO\WREHVROG IRULPSRUWDWLRQLQWRWKH8QLWHG6WDWHV´ DQG  WKH86 ,QWHUQDWLRQDO7UDGH&RPPLVVLRQGHWHUPLQHVWKDWDQLQGXVWU\LQWKH8QLWHG6WDWHVLVPDWHULDOO\ LQMXUHGRUWKUHDWHQHGZLWKPDWHULDOLQMXU\E\UHDVRQRIWKHVXEVLGL]HGLPSRUWV 86& † D $³FRXQWHUYDLODEOHVXEVLG\´H[LVWVJHQHUDOO\ZKHUHDJRYHUQPHQWDODXWKRULW\ SURYLGHVDILQDQFLDOFRQWULEXWLRQWRDSHUVRQDQGDEHQHILWLVWKHUHE\FRQIHUUHGDQGWKHVXEVLG\ PHHWVWKHUHTXLUHPHQWRI³VSHFLILFLW\´DVVHWIRUWKLQWKHVWDWXWH 86&†   $  &7KH([SRUW%X\HU¶V&UHGLW3URJUDP ,QWKH)LQDO5HVXOWV&RPPHUFHDWWULEXWHGWR<DPDSDUWLFLSDWLRQLQQXPHURXV JRYHUQPHQWDOSURJUDPVDQGDVVLJQHGLQGLYLGXDOVXEVLG\UDWHV ³SURJUDPUDWHV´ IRUHDFKRQH UHVXOWLQJLQWKHRYHUDOOVXEVLG\UDWHRISee )LQDO'HFLVLRQ0HP-$SSDW2I WKHSURJUDPUDWHVWKHKLJKHVWRQHLQFOXGHGLQ<DPD¶VVXEVLG\UDWHZDVZKLFK &RPPHUFHDWWULEXWHGWR<DPDLQUHODWLRQWR&KLQD¶V³([SRUW%X\HU¶V&UHGLW3URJUDP´ WR ZKLFKLWDOVRUHIHUVDVWKH³(;,0%X\HU¶V&UHGLWV3URJUDP´DQGWKH³(;,0%DQN&UHGLW &RXUW1R 3DJH   3URJUDP´  ³(%&3´ DQH[SRUWSURPRWLQJORDQSURJUDPDGPLQLVWHUHGE\WKH([SRUW,PSRUW %DQNRI&KLQD ³(;,0%DQN´ Id.DW :KHQVXEVLGL]DWLRQWDNHVWKHIRUPRIDJRYHUQPHQWORDQD³EHQHILW´LVFRQIHUUHG³LI WKHUHLVDGLIIHUHQFHEHWZHHQWKHDPRXQWWKHUHFLSLHQWRIWKHORDQSD\VRQWKHORDQDQGWKH DPRXQWWKHUHFLSLHQWZRXOGSD\RQDFRPSDUDEOHFRPPHUFLDOORDQWKDWWKHUHFLSLHQWFRXOG DFWXDOO\REWDLQRQWKHPDUNHW´ 86&†  ( LL  ,QLWV5XOHPRWLRQ<DPDDUJXHVWKDWWKHUHFRUGGRHVQRWFRQWDLQHYLGHQFHWKDW HLWKHU<DPDRULWVFXVWRPHUVXVHGWKH(%&3DQGWKHUHE\REWDLQHGDEHQHILWWKDW&RPPHUFH XQODZIXOO\GLVUHJDUGHGUHFRUGHYLGHQFHWKDW<DPDDQGLWVFXVWRPHUVZHUHnotXVHUVRIWKH SURJUDPDQGWKDWWKH'HSDUWPHQW¶VDWWULEXWLQJXVHRIWKH(%&3WR<DPDWKHUHIRUHZDVFRQWUDU\ WRODZ3O¶V%U<DPDDOVRDUJXHVWKDW&RPPHUFHDSSOLHGDUDWHEDVHGRQ³IDFWV RWKHUZLVHDYDLODEOH´DQGDQ³DGYHUVHLQIHUHQFH´ZLWKRXWDQDGHTXDWHEDVLVLQWKHUHFRUGId. DW ,QWKHDOWHUQDWLYH<DPDFKDOOHQJHVDVXQUHDVRQDEOHDQGSXQLWLYHDQGDV XQVXSSRUWHGE\UHFRUGHYLGHQFHWKH'HSDUWPHQW¶VDVVLJQLQJDSURJUDPUDWHRIIRUWKH (%&3LQGHWHUPLQLQJ<DPD¶VRYHUDOOVXEVLG\UDWHId. DW 

  7KHVHFRQGKLJKHVWSURJUDPUDWH ad valoremZDVIRUWKHSURYLVLRQRIV\QWKHWLF \DUQWR<DPDIRUOHVVWKDQDGHTXDWHUHPXQHUDWLRQ'HFLVLRQ0HPRUDQGXPIRUWKH)LQDO5HVXOWV RI&RXQWHUYDLOLQJ'XW\$GPLQLVWUDWLYH5HYLHZ 1DUURZ:RYHQ5LEERQVZLWK:RYHQ 6HOYHGJHIURPWKH3HRSOH¶V5HSXEOLFRI&KLQD ,QW¶O7UDGH$GPLQ0DU  35'RF -$SSDW 7KHUHPDLQLQJSURJUDPUDWHVZHUHFRQVLGHUDEO\VPDOOHUWKDQWKRVHIRUWKH ([SRUW%X\HU¶V&UHGLW3URJUDP ³(%&3´ DQGV\QWKHWLF\DUQSee id. &RXUW1R 3DJH   '7KH'HSDUWPHQW¶V'HFLVLRQWR,QFOXGHWKH(%&33URJUDPLQ'HWHUPLQLQJ<DPD¶V2YHUDOO 6XEVLG\5DWHDQGWKH6WDWHG5DWLRQDOH  7KH7DULII$FWSURYLGHVIRULPSRVLWLRQRIDFRXQWHUYDLOLQJGXW\RQO\LIDEHQHILWLV ³FRQIHUUHG´XSRQDSHUVRQDVDUHVXOWRIDILQDQFLDOFRQWULEXWLRQ 86&†  %  +HUH&RPPHUFHLPSRVHGDFRXQWHUYDLOLQJGXW\RQH[SRUWVRI<DPD¶VPHUFKDQGLVHZLWKRXW UHDFKLQJDILQGLQJRIIDFWWKDWDEHQHILWIURPWKH(%&3DFWXDOO\ZDVFRQIHUUHGXSRQ<DPD WKURXJKSDUWLFLSDWLRQLQWKH(%&3E\<DPDRULWVFXVWRPHUV,QVWHDGDVGLVFXVVHGEHORZLQWKLV 2SLQLRQDQG2UGHU&RPPHUFHLQIHUUHGSDUWLFLSDWLRQLQWKH(%&3DQGWKHFRQIHUULQJRID EHQHILWWKHUHIURPDV³IDFWVRWKHUZLVHDYDLODEOH´ZLWKDQ³DGYHUVHLQIHUHQFH´LQYRNLQJLWV DXWKRULW\XQGHU  86&†HVXEVHFWLRQV D DQG E UHVSHFWLYHO\:KHQLQYRNLQJERWK SURYLVLRQV&RPPHUFHUHIHUVWRLWVXVHRIVXEVHFWLRQV D DQG E WRJHWKHUDV³DGYHUVHIDFWV DYDLODEOH´RU³$)$´)RUWKH)LQDO5HVXOWV&RPPHUFHFRQFOXGHGWKDW³FRQVLVWHQWZLWKRXU SUDFWLFHZKHUHWKH*2&>LHWKHJRYHUQPHQWRI&KLQD@ZLWKKHOGQHFHVVDU\LQIRUPDWLRQDQG IDLOHGWRFRRSHUDWHE\QRWDFWLQJWRWKHEHVWRILWVDELOLW\WRFRPSO\ZLWKRXUUHTXHVWVIRU LQIRUPDWLRQ&RPPHUFHDSSOLHG$)$WRWKH*2&E\ILQGLQJWKDW WKHH[SRUWEX\HU¶VFUHGLWV SURJUDPFRQVWLWXWHVDILQDQFLDOFRQWULEXWLRQDQGLVVSHFLILF´)LQDO'HFLVLRQ0HP-$SS DW &RPPHUFHSUHVHQWHGLWVUHDVRQLQJIRUUHVRUWLQJWR³IDFWVRWKHUZLVHDYDLODEOH´LQWKH 3UHOLPLQDU\DQGWKH)LQDO'HFLVLRQ0HPRUDQGD,QERWK&RPPHUFHGHFOLQHGWRGHFLGHZKHWKHU WKHUHFRUGHYLGHQFHGLGRUGLGQRWVXSSRUWDILQGLQJWKDW<DPDXVHGRUEHQHILWWHGIURPWKH (%&3,QVWHDGWKH'HSDUWPHQW¶VDSSURDFKZDVWRGHFLGHWKDWWKHUHFRUGHYLGHQFHGLGnot DOORZ LWWRILQGWKDW<DPDGLGnot XVHRUEHQHILWIURPWKHSURJUDP ³$VH[SODLQHGLQWKHPreliminary &RXUW1R 3DJH   ResultsZHFRQWLQXHWRILQGWKDWWKHLQIRUPDWLRQRQWKHUHFRUGGRHVQRWVXSSRUW&RPPHUFH ILQGLQJWKDW<DPDGLGQRWXVHWKHH[SRUWEX\HU¶VFUHGLWSURJUDPGXULQJWKH325´)LQDO 'HFLVLRQ0HP-$SSDW $FFRUGLQJWR&RPPHUFH³>D@VZHQRWHGLQWKHPreliminary ResultsWKH*2&KDVQRWSURYLGHGWKHUHTXHVWHGLQIRUPDWLRQDQGGRFXPHQWDWLRQQHFHVVDU\IRU &RPPHUFHWRGHYHORSDFRPSOHWHXQGHUVWDQGLQJRIWKLV>([SRUW%X\HU¶V&UHGLW@SURJUDP i.e. WKH6WDQGDUG4XHVWLRQV$SSHQGL[LQIRUPDWLRQSHUWDLQLQJWRWKHUHYLVLRQWRWKHSURJUDP DQGWKHXVHRIWKLUGSDUW\EDQNVWRGLVEXUVHVHWWOHH[SRUWEX\HU¶VFUHGLWV ´ Id.DW &RPPHUFHDGGHGWKDW³>V@XFKLQIRUPDWLRQLVFULWLFDOWRXQGHUVWDQGLQJKRZH[SRUWEX\HU¶V FUHGLWVIORZWRDQGIURPIRUHLJQEX\HUVDQGWKH(;,0%DQNRI&KLQD$EVHQWWKHUHTXHVWHG LQIRUPDWLRQZHDUHXQDEOHWRUHO\RQWKH*2&¶VDQG<DPD¶VFODLPVRIQRQXVHRIWKLV SURJUDP´Id. 7KH³UHTXHVWHGLQIRUPDWLRQ´WKDW&RPPHUFHLGHQWLILHGDVPLVVLQJLVLQWKUHHFDWHJRULHV   UHVSRQVHVWRWKH³6WDQGDUG4XHVWLRQV$SSHQGL[´   LQIRUPDWLRQFRQFHUQLQJD UHYLVLRQWRWKH(%&3WKDWDFFRUGLQJWR&RPPHUFHHOLPLQDWHGDUHTXLUHPHQWWKDWSDUWLFLSDWLRQ LQWKHSURJUDPUHTXLUHVWKDWWKHFRQWUDFWDPRXQWEHPRUHWKDQWZRPLOOLRQ86GROODUV DQG  DOLVWRIWKLUGSDUW\EDQNVLQYROYHGLQWKHGLVEXUVHPHQWVHWWOHPHQWRIH[SRUWEX\HU¶VFUHGLWV 3UHOLPLQDU\'HFLVLRQ0HP-$SSDW )LQDO'HFLVLRQ0HP-$SSDW &RPPHUFHVWDWHGIXUWKHUWKDW³ZHUHTXHVWHGWKHLQIRUPDWLRQDVHFRQGWLPHLQD VXSSOHPHQWDOTXHVWLRQQDLUHWRZKLFKWKH*2&LQPDQ\LQVWDQFHVFKRVHQRWWRSURYLGHVSHFLILF LQIRUPDWLRQUHTXHVWHGDERXWWKLVSURJUDP´)LQDO'HFLVLRQ0HP-$SSDW&RPPHUFH DGGHGWKDW³ZHFRQWLQXHWRILQGWKDWWKH*2&ZLWKKHOGQHFHVVDU\LQIRUPDWLRQWKDWZDV UHTXHVWHGRILWDQGWKXV&RPPHUFHPXVWFRQWLQXHWRUHO\RQIDFWVRWKHUZLVHDYDLODEOHLQWKHVH &RXUW1R 3DJH    ILQDOUHVXOWVSXUVXDQWWRVHFWLRQ D  $ DQG & RIWKH$FW´Id.6HFWLRQ D  $   86&†H D  $ ZKLFKGLUHFWVWKHXVHRI³IDFWVRWKHUZLVHDYDLODEOH´DSSOLHVLI³DQ LQWHUHVWHGSDUW\RUDQ\RWKHUSHUVRQZLWKKROGVLQIRUPDWLRQWKDWKDVEHHQUHTXHVWHG´E\ &RPPHUFH³XQGHUWKLVVXEWLWOH´6HFWLRQ D  &  86&†H D  & DSSOLHV³LI DQLQWHUHVWHGSDUW\RUDQ\RWKHUSHUVRQ«VLJQLILFDQWO\LPSHGHVDSURFHHGLQJXQGHUWKLV VXEWLWOH´7KXV&RPPHUFHIRXQGWKDWWKH&KLQHVHJRYHUQPHQWZLWKKHOGLQIRUPDWLRQ &RPPHUFHUHTXHVWHGDQGVLJQLILFDQWO\LPSHGHGWKHUHYLHZ&RPPHUFHIRXQGIXUWKHUWKDW &KLQDIDLOHGWRDFWWRWKHEHVWRILWVDELOLW\LQUHVSRQGLQJWRWKH'HSDUWPHQW¶VUHTXHVWVIRU LQIRUPDWLRQDQGRQWKDWEDVLVLQYRNHGLWV³DGYHUVHLQIHUHQFH´DXWKRULW\XQGHU 86& †H E 8QGHUWKDWSURYLVLRQLI&RPPHUFH³ILQGVWKDWDQLQWHUHVWHGSDUW\KDVIDLOHGWR FRRSHUDWH´&RPPHUFH³LQUHDFKLQJWKHDSSOLFDEOHGHWHUPLQDWLRQXQGHUWKLVVXEWLWOHPD\ XVHDQLQIHUHQFHWKDWLVDGYHUVHWRWKHLQWHUHVWVRIWKDWSDUW\LQVHOHFWLQJIURPDPRQJWKHIDFWV RWKHUZLVHDYDLODEOH´ 86&†H E  &RPPHUFHDFNQRZOHGJHGLQLWVGHFLVLRQWKDWLWKDGIRXQGWKH&KLQHVHJRYHUQPHQW UDWKHUWKDQ<DPDWREHWKHSDUW\LWFRQVLGHUHGWRKDYHIDLOHGWRFRRSHUDWHLQUHVSRQGLQJWR UHTXHVWVIRULQIRUPDWLRQ&RPPHUFHUHDVRQHGWKDW³WKHIRUHLJQJRYHUQPHQWLVLQWKHEHVW SRVLWLRQWRSURYLGHLQIRUPDWLRQUHJDUGLQJILQDQFLDOFRQWULEXWLRQDQGEHQHILW´)LQDO'HFLVLRQ   7KH7DULII$FWSURYLGHVJHQHUDOO\WKDW&RPPHUFHLVWRXVH³IDFWVRWKHUZLVHDYDLODEOH´ LI³QHFHVVDU\LQIRUPDWLRQLVQRWDYDLODEOHRQWKHUHFRUG´ 86&†H D  RULI³DQ LQWHUHVWHGSDUW\RUDQ\RWKHUSHUVRQ² $ ZLWKKROGVLQIRUPDWLRQWKDWKDVEHHQUHTXHVWHGE\WKH DGPLQLVWHULQJDXWKRULW\>LH&RPPHUFH@RUWKH&RPPLVVLRQXQGHUWKLVVXEWLWOH % IDLOVWR SURYLGHVXFKLQIRUPDWLRQE\WKHGHDGOLQHVIRUVXEPLVVLRQRIWKHLQIRUPDWLRQRULQWKHIRUPDQG PDQQHUUHTXHVWHG & VLJQLILFDQWO\LPSHGHVDSURFHHGLQJXQGHUWKLVVXEWLWOHRU ' SURYLGHV VXFKLQIRUPDWLRQEXWWKHLQIRUPDWLRQFDQQRWEHYHULILHGDVSURYLGHGLQVHFWLRQP L RIWKLV WLWOH>FRQFHUQLQJWKHYHULILFDWLRQSURFHVV@´ 86&†H D   &RXUW1R 3DJH   0HP-$SSDW&RPPHUFHDGGHGWKDW³>R@EYLRXVO\WKLVKDVDQHIIHFWRQWKHUHVSRQGHQW FRPSDQ\>LH<DPD@EXWWKLVGRHVQRWPHDQWKDW&RPPHUFH¶VDSSOLFDWLRQRI$)$ZDV XQODZIXO´Id.1RWDEO\&RPPHUFHDGGHGWKDW³[t]he respondent company has the opportunity to demonstrate that it did not use, or benefit from, the program at issue.´Id. HPSKDVLVDGGHG  (&RPPHUFH)DLOHGWR3URYLGH<DPDD0HDQLQJIXO2SSRUWXQLW\WR'HPRQVWUDWH7KDW,W'LG 1RW%HQHILWIURPWKH(%&3DQG:URQJO\&RQFOXGHG,W/DFNHGWKH,QIRUPDWLRQWR0DNHWKH ³%HQHILW´'HWHUPLQDWLRQ  <DPD¶VSULPDU\FODLPLQWKLVOLWLJDWLRQLVWKDW&RPPHUFHDFWHGXQODZIXOO\LQLQFOXGLQJ WKH(%&3SURJUDPUDWHLQWKHRYHUDOOVXEVLG\UDWHLWGHWHUPLQHGIRU<DPDEDVHGRQIDFWV RWKHUZLVHDYDLODEOHDQGDQDGYHUVHLQIHUHQFHVWHPPLQJIURPWKH'HSDUWPHQW¶VILQGLQJWKDWWKH JRYHUQPHQWRI&KLQDZDVDQRQFRRSHUDWLQJSDUW\$VWKHFRXUWH[SODLQVLQWKLV2SLQLRQDQG 2UGHUWKH'HSDUWPHQW¶VDFWLRQZDVQRWODZIXO &RPPHUFHPXVWWUHDGFDUHIXOO\ZKHQLWVXVHRIDQDGYHUVHLQIHUHQFHZRXOGLQMXUHD SDUW\VXFKDV<DPDZKLFK&RPPHUFHGLGQRWILQGWRKDYHIDLOHGWRFRRSHUDWHLQUHVSRQGLQJWR WKH'HSDUWPHQW¶VUHTXHVWVIRULQIRUPDWLRQSeeChangzhou Trina Solar Energy Co. v. United States&,7BBBB)6XSSG   ³Changzhou II´  ³&RPPHUFHPD\ DSSO\$)$HYHQLIWKHFROODWHUDOHIIHFWLVWRµDGYHUVHO\LPSDFWDFRRSHUDWLQJSDUW\¶ &RPPHUFHKRZHYHUVKRXOGµVHHNWRDYRLGVXFKLPSDFWLIUHOHYDQWLQIRUPDWLRQH[LVWVHOVHZKHUH RQWKHUHFRUG¶´ TXRWLQJArcher Daniels Midland Co. v. United States&,7BBBB ) 6XSSG  &RPPHUFHGLGQRWVHHNWRDYRLGWKHDGYHUVHLPSDFWGHVSLWHWKH   %HFDXVHWKHFRXUWFRQFOXGHVRQ<DPD¶VSULPDU\FODLPWKDWWKH'HSDUWPHQW¶VXVHRI LWV³$)$´DXWKRULW\ZDVXQODZIXOLQWKLVFDVHLWGRHVQRWUHDFK<DPD¶VFODLPLQWKHDOWHUQDWLYH WKDWLWZDVXQUHDVRQDEOHDQGSXQLWLYHWKDWWKH'HSDUWPHQWDVVLJQHGDVDQDGYHUVHLQIHUHQFHD SURJUDPUDWHRIIRUWKH(%&3LQGHWHUPLQLQJ<DPD¶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did not XVHRU EHQHILWIURPWKH(%&3LQOLJKWRIDQ\HYLGHQFHWKDW<DPDdid XVHRUEHQHILWIURPLW:KLOHWKH UHFRUGFRQWDLQHGHYLGHQFHRIWKHIRUPHUWKHUHZDVQRHYLGHQFHRIWKHODWWHU,QVWHDGRI DGGUHVVLQJWKHUHFRUGHYLGHQFHVSHFLILFDOO\&RPPHUFHGLVUHJDUGHGLWXSRQDYDJXHFODLPWKDW GXHWRWKH&KLQHVHJRYHUQPHQW¶VIDLOXUHWRVXEPLWWKHWKUHHLGHQWLILHGFDWHJRULHVRIUHTXHVWHG LQIRUPDWLRQRQWKH(%&3LWODFNHG³DFRPSOHWHDQGUHOLDEOHXQGHUVWDQGLQJ´RIWKHSURJUDP )LQDO'HFLVLRQ0HP-$SSDW,QWKLVZD\&RPPHUFHUHOLHGRQDILQGLQJWKDWLWVODFNRI XQGHUVWDQGLQJRIWKH(%&3UHVXOWLQJIURPWKH&KLQHVHJRYHUQPHQW¶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reliminary ResultsZHDUHXQDEOHWRUHO\RQLQIRUPDWLRQ SURYLGHGE\<DPDGXHWR&RPPHUFH¶VODFNRIVXIILFLHQWLQIRUPDWLRQWRSURYLGHD FRPSOHWHDQGUHOLDEOHXQGHUVWDQGLQJRIWKHSURJUDP  )LQDO'HFLVLRQ0HP-$SSDW7KLVFRQFOXVRU\VWDWHPHQWPLVFRQVWUXHVWKHGHWHUPLQDWLRQ WKHVWDWXWHUHTXLUHGWKH'HSDUWPHQWWRPDNH&RPPHUFHZDVHPSRZHUHGWRLPSRVHD FRXQWHUYDLOLQJGXW\WRUHGUHVVWKH(%&3RQO\LILWIRXQGWKDWDILQDQFLDOFRQWULEXWLRQZDV SURYLGHG³WRDSHUVRQ´ LH<DPD ³DQGDEHQHILW>ZDV@WKHUHE\FRQIHUUHG´ 86& †  % ,QVWHDGRIGRLQJWKDW&RPPHUFHSODFHG<DPDLQWKHSRVLWLRQRISURYLQJD QHJDWLYH ³ZHFRQWLQXHWRILQGWKDWWKHLQIRUPDWLRQRQWKHUHFRUGGRHVnotVXSSRUW&RPPHUFH ILQGLQJWKDW<DPDGLGnotXVHWKHH[SRUWEX\HU¶VFUHGLWSURJUDPGXULQJWKH325´)LQDO 'HFLVLRQ0HP-$SSDW  HPSKDVLVDGGHG DQGGHFOLQHGWRFRQVLGHUWKHUHFRUGHYLGHQFH <DPDSURGXFHGLQLWVHQGHDYRUWRSURYHLWVQRQXVHRIWKH(%&3&RPPHUFHDSSHDUVWRKDYH ORVWVLJKWRIWKHLVVXHZKLFKZDVQRWZKHWKHU&RPPHUFHKDGD³FRPSOHWHDQGUHOLDEOH XQGHUVWDQGLQJRIWKHSURJUDP´id.DWEXWZKHWKHU<DPDGLGRUGLGQRWXVHRUEHQHILWIURP WKDWSURJUDP 7KHWKUHHFDWHJRULHVRILQIRUPDWLRQ&RPPHUFHLGHQWLILHGDVPLVVLQJGRQRWMXVWLI\WKH 'HSDUWPHQW¶VIDLOXUHWRPDNHWKH³EHQHILW´GHWHUPLQDWLRQWKHVWDWXWHUHTXLUHG,QVXPPDU\WKH LQIRUPDWLRQUHTXHVWHGLQWKH6WDQGDUG4XHVWLRQV$SSHQGL[WKDWSHUWDLQHGWRWKHTXHVWLRQRI ZKHWKHU<DPDEHQHILWWHGIURPWKHSURJUDPZDVSUHVHQWRQWKHUHFRUG$VWRWKHSURJUDP UHYLVLRQWKHUHFRUGFRQWDLQHGFRQIOLFWLQJLQIRUPDWLRQRQWKHTXHVWLRQRIZKHWKHUWKHPLOOLRQ WKUHVKROGZDVLQHIIHFWCompare 'HS¶W&RPPHUFH0HP³$GPLQLVWUDWLYH5HYLHZRI &RXQWHUYDLOLQJ'XW\2UGHURQ&LWULFDQG&HUWDLQ&LWUDWH6DOWV 9HULILFDWLRQRIWKH4XHVWLRQQDLUH &RXUW1R 3DJH   5HVSRQVHV6XEPLWWHGE\WKH*RYHUQPHQWRIWKH3HRSOH¶V5HSXEOLFRI&KLQD´ ,QW¶O7UDGH $GPLQ2FW  35'RF-$SSDW  ³6DOWV9HULILFDWLRQ0HP´ with *RY¶WRI &KLQD6XSSOHPHQWDO1HZ6XEVLG\$OOHJDWLRQV4XHVWLRQQDLUH5HVSRQVH 0D\  35 'RFV-$SSDW  ³&KLQD6XSSOHPHQWDO16$5HVSRQVH´ %XWQHLWKHUWKHUHFRUGQRU WKH'HSDUWPHQW¶VH[SODQDWLRQVLQLWVGHFLVLRQPHPRUDQGDHVWDEOLVKDQ\VSHFLILFUHOHYDQFHRI WKDWTXHVWLRQWRWKHLVVXHEHIRUH&RPPHUFHZKLFKZDVZKHWKHU<DPDEHQHILWWHGIURPWKH (%&37KHWKLUGFDWHJRU\RILQIRUPDWLRQ&RPPHUFHLGHQWLILHGDVPLVVLQJDERXW³WKHXVHRI WKLUGSDUW\EDQNVWRGLVEXUVHVHWWOHH[SRUWEX\HU¶VFUHGLWV´)LQDO'HFLVLRQ0HP-$SSDW DOVRIDLOVDVDEDVLVIRUWKH'HSDUWPHQW¶VGHWHUPLQDWLRQ7KURXJKWKH&KLQHVHJRYHUQPHQW¶V UHVSRQVHWKH'HSDUWPHQWZDVLQIRUPHGWKDWRQO\WKH(;,0%DQNZDVLQYROYHGLQ ³GLVEXUVHPHQW´RI(%&3FUHGLWVDQG&RPPHUFHGLGQRWILQGWKDWWKHUHFRUGFRQWDLQHG LQIRUPDWLRQFRQWUDGLFWLQJWKLVVWDWHPHQW,QLWV16$TXHVWLRQQDLUHV&RPPHUFHGLGQRWDVNWKH JRYHUQPHQWRI&KLQDIRUDOLVWRIEDQNVLQYROYHGLQWKH³settlement´ DVRSSRVHGWRWKH GLVEXUVHPHQW RI(%&3FUHGLWVDOWKRXJKLQWKH)LQDO'HFLVLRQ0HPRUDQGXP&RPPHUFH SUHVXPHGWKDWLWKDGSee6XSSOHPHQWDO1HZ6XEVLG\$OOHJDWLRQV4XHVWLRQQDLUHWRWKH *RYHUQPHQWRI&KLQD $SU  35'RF -$SSDW ³6XSSOHPHQWDO16$ 4XHVWLRQQDLUHWR&KLQD´  ³3URYLGHDOLVWRIDOOSDUWQHUFRUUHVSRQGHQWEDQNVLQYROYHGLQ disbursementRIIXQGVXQGHUWKH([SRUW%X\HU¶V&UHGLW3URJUDP´ HPSKDVLVDGGHG  7KH5HFRUG&RQWDLQHG&RQVLGHUDEOH(YLGHQFHWKDW<DPD'LG1RW8VHRU%HQHILWIURPWKH (%&3EXW&RQWDLQHG1R(YLGHQFHWRWKH&RQWUDU\  ,QFOXGHGLQ<DPD¶VUHFRUGDUHWKHUHVSRQVHVWRWKH'HSDUWPHQW¶VUHTXHVWWKDW<DPD SURYLGH  DOLVWRIFXVWRPHUVWRZKLFK<DPDH[SRUWHGVXEMHFWPHUFKDQGLVHGXULQJWKH325  &RXUW1R 3DJH    DQH[SODQDWLRQRIWKHUROH<DPDSOD\HGLQDVVLVWLQJLWVFXVWRPHUVWRREWDLQH[SRUWEX\HU FUHGLWV DQG  LI<DPDFODLPHGWKDWQRQHRILWVFXVWRPHUVXVHGEX\HUFUHGLWVGXULQJWKH325D GHWDLOHGH[SODQDWLRQRIWKHVWHSV<DPDWRRNWRPDNHWKLVGHWHUPLQDWLRQ'HS¶W&RPPHUFH /HWWHUWR<DPDUH 1HZ6XEVLG\$OOHJDWLRQV 0DU  35'RF-$SSDW  ³16$4XHVWLRQQDLUHWR<DPD´  <DPDSURYLGHGDOLVWRILWVH[SRUWFXVWRPHUVGXULQJWKH325<DPD1HZ6XEVLG\ $OOHJDWLRQV4XHVWLRQQDLUH5HVSRQVH 0DU  35'RF-$SSDW  ³<DPD16$5HVSRQVH´  UHIHUULQJWRDQ³([KLELW16$´VXEPLWWHGWR&RPPHUFHZLWKLWV UHVSRQVH EXWDEVHQWIURPWKHSXEOLFMRLQWDSSHQGL[VXEPLWWHGWRWKHFRXUW FRQWDLQLQJDOLVWRI <DPD¶VH[SRUWFXVWRPHUVLQQXPEHUGXULQJWKH325  <DPDUHVSRQGHGDVIROORZVWRWKHLQTXLU\DERXWWKHUROH<DPDSOD\HGLQDVVLVWLQJLWV FXVWRPHUVWRREWDLQEX\HUFUHGLWV ³1RWDSSOLFDEOH<DPDGLGQRWSURYLGHDQ\DVVLVWDQFHWRLWV FXVWRPHUVLQREWDLQLQJEX\HUFUHGLWV)XUWKHUQRQHRI<DPD¶VH[SRUWFXVWRPHUVKDGREWDLQHG RUKDGWULHGWRREWDLQEX\HUFUHGLWVIURP(;,0%DQNRIWKH35&GXULQJ325´Id.DW $VWRWKHVWHSV<DPDWRRNWRPDNHWKHGHWHUPLQDWLRQRIQRQXVH<DPD¶VUHVSRQVHVWDWHGWKDW ³<DPDFRQWDFWHGDOOLWVH[SRUWFXVWRPHUVDVOLVWHGLQ([KLELW16$DQGFRQILUPHGQR FXVWRPHUVKDGREWDLQHGEX\HUV¶FUHGLWIURP&KLQD([,P%DQNLQWKH325´Id.DW $OVRLQFOXGHGLQWKHUHFRUGLVWKHVWDWHPHQWE\WKHJRYHUQPHQWRI&KLQDWKDW³>D@IWHU FRQVXOWDWLRQZLWK(;,0%DQNDQG<DPDWKH*2&FRQILUPVWKDWQRQHRIWKH86FXVWRPHUVRI <DPDXVHGWKH([SRUW%X\HU¶V&UHGLWVIURP(;,0%DQNGXULQJWKH325´&KLQD 6XSSOHPHQWDO16$5HVSRQVH-$SSDW5HVSRQGLQJWRWKH'HSDUWPHQW¶VTXHVWLRQRIWKH VWHSVWDNHQWRGHWHUPLQHZKHWKHUWKHUHZDVXVHRIWKHSURJUDPWKH*2&VWDWHGWKHIROORZLQJ  &RXUW1R 3DJH   7KH*2&KDGREWDLQHGOLVWRI<DPD¶>sic@86H[SRUWFXVWRPHUV>sic@ZKLFKWKHQ ZDVSURYLGH>sic@WR(;,0%DQN(;,0%DQNWKHQVHDUFKHGLQLWVRZQ V\VWHPVHDFKRIFXVWRPHUVLGHQWLILHGRQWKHOLVW7KHVHDUFKUHVXOWVLQGLFDWHWKDW QRQHRIWKHFXVWRPHUVKDGEDODQFHVIRUH[SRUWEX\HU¶VFUHGLWVGXULQJWKH325 7KXV*2&FRQILUPVWKLVSURJUDPZDVQRWXVHGE\WKHVHFXVWRPHUVGXULQJWKH 325  Id.DW2QWKLVUHFRUG&RPPHUFHZDVQRWIUHHWRLJQRUHUHFRUGHYLGHQFHWKDW<DPDGLGQRW EHQHILWIURPWKH(%&3 &RPPHUFH,PSHUPLVVLEO\,QIHUUHG<DPD¶V3DUWLFLSDWLRQLQWKH(%&3IURPWKH0DQQHULQ ZKLFKWKH*RYHUQPHQWRI&KLQD5HVSRQGHGWR4XHVWLRQQDLUHV  &RPPHUFHVHQWWKH&KLQHVHJRYHUQPHQWWKH³,QLWLDO4XHVWLRQQDLUH´IRUWKH DGPLQLVWUDWLYHUHYLHZRQ'HFHPEHU 'HS¶W&RPPHUFH,QLWLDO4XHVWLRQQDLUH 'HF   35'RF-$SSDW  ³,QLWLDO4XHVWLRQQDLUH´ 7KLVTXHVWLRQQDLUHGLGQRW VSHFLILFDOO\PHQWLRQWKH(%&35DWKHULWFRQWDLQHGDVHFWLRQWLWOHG³SURJUDPVQRWXVHGRU SURYLGHG>sic@ QRPHDVXUDEOHEHQHILWV´ZKLFKVHWRXWVHYHQWHHQGLIIHUHQWSURJUDPVDQG LQVWUXFWHGWKH*2&WR³SOHDVHDQVZHUDOOTXHVWLRQVLQWKHStandard Questions Appendix and any other applicable appendicesRIWKLVVHFWLRQ´IRUHDFKSURJUDPXVHGE\DQ\FRPSDQ\GXULQJ WKH325Id. DW HPSKDVLVLQRULJLQDO 7KHTXHVWLRQQDLUHLQVWUXFWHGIXUWKHUWKDW³>L@I

  ,QUHFHQWGHFLVLRQVWKLV&RXUWKDVUHMHFWHGRURWKHUZLVHGHFOLQHGWRVXVWDLQWKH 'HSDUWPHQW¶VDSSOLFDWLRQRIDPHWKRGRORJ\VLPLODUWRWKDWXVHGKHUH Guizhou Tyre Co. v. United States&,7BB)6XSSG   ³Guizhou I´ Changzhou Trina Solar Energy Co. v. United States&,7BB)6XSSG   ³Changzhou II´  Changzhou Trina Solar Energy Co. v. United States&,7BB)6XSSG 1RY   ³Changzhou III´ Guizhou Tyre Co. v. United States&,7BB )6XSSG 0D\  ³Guizhou II´ Guizhou Tyre Co. v. United States&,7BB )6XSSG  $XJ  ³Guizhou III´ Changzhou Trina Solar Energy Co. v. United States &,7BB :/ 1RY  ³Changzhou IV´ Changzhou Trina Solar Energy Co. v. United States&,7BB :/  1RY  ³Changzhou V´ Guizhou Tyre Co. v. United States,&,7BB :/  'HF  ³Guizhou IV´  &RXUW1R 3DJH   QRUHVSRQGHQWFRPSDQ\XVHGDSURJUDPGXULQJWKHVWDWHGWLPHSHULRGSOHDVHVRVWDWH \RXQHHG QRWSURYLGHDUHVSRQVHWRWKHDSSHQGLFHVIRUWKHSURJUDP´Id.DW ,QDFFRUGDQFHZLWKWKH LQVWUXFWLRQVFRQWDLQHGLQWKHTXHVWLRQQDLUHid. DWWKHJRYHUQPHQWRI&KLQDIRUZDUGHG 6HFWLRQ,,,RIWKHTXHVWLRQQDLUHWR<DPDZKLFKVXEPLWWHGDUHVSRQVHDQGVXSSRUWLQJH[KLELWV <DPD$IILOLDWHG&RPSDQ\4XHVWLRQQDLUH5HVSRQVH 'HF  35'RF-$SSDW  <DPD6HFWLRQ,,,4XHVWLRQQDLUH5HVSRQVH -DQ   35'RFV -$SSDW   FRQWDLQLQJH[KLELWV  <DPD¶VUHVSRQVHGLGQRWPHQWLRQWKH(%&3Id. 7KHJRYHUQPHQWRI&KLQDIDLOHGWRVXEPLWDTXHVWLRQQDLUHUHVSRQVHE\WKHGXHGDWHRI -DQXDU\DQGRQ-DQXDU\UHTXHVWHGDQH[WHQVLRQXQWLO)HEUXDU\ ZKLFK&RPPHUFHGHQLHGRQ)HEUXDU\'HS¶W&RPPHUFH0HPUH ,QLWLDO4XHVWLRQQDLUH )HE  35'RF-$SSDW %XWDVGLVFXVVHGEHORZWKHIDLOXUHRIWKH JRYHUQPHQWRI&KLQDWRVXEPLWDWLPHO\UHVSRQVHGLGQRWMXVWLI\WKH'HSDUWPHQW¶VLQIHUULQJD EHQHILWWR<DPDIURPWKH(%&3DVIDFWVRWKHUZLVHDYDLODEOHZLWKDQDGYHUVHLQIHUHQFH 2Q)HEUXDU\GHIHQGDQWLQWHUYHQRU%HUZLFN2IIUD\VXEPLWWHGD³QHZVXEVLG\ DOOHJDWLRQ´LGHQWLI\LQJVHYHUDOVXEVLG\SURJUDPVIURPZKLFKLWDUJXHG<DPDEHQHILWWHGGXULQJ WKH325DPRQJWKHPWKH(%&3%HUZLFN1HZ6XEVLG\$OOHJDWLRQ )HE  35 'RFV-$SSDW see also id.DW ³>7@KH'HSDUWPHQWKDVLQLWLDWHGDQ LQYHVWLJDWLRQLQWRWKLVSURJUDP>LHWKH(%&3@DQGKDVIRXQGLWFRXQWHUYDLODEOHLQPDQ\FDVHV´ DQG³VKRXOGGRVRKHUH´ $FFRUGLQJWRWKLVVXEPLVVLRQWKH([SRUW,PSRUW%DQNRI&KLQD SURYLGHG³H[SRUWFRQWLQJHQWORDQVDWSUHIHUHQWLDOUDWHV´GXULQJWKH325IRUFHUWDLQSURGXFWV LQFOXGLQJWH[WLOHVId.DW &RXUW1R 3DJH   &RPPHUFHSURFHHGHGWRLQYHVWLJDWHWKHQHZVXEVLG\DOOHJDWLRQLQFOXGLQJ<DPD¶V DOOHJHGXVHRIWKH(%&3'HS¶W&RPPHUFH0HPUH 1HZ6XEVLG\$OOHJDWLRQV 0DU  35'RF-$SSDW &RPPHUFHVHQWWKH&KLQHVHJRYHUQPHQWDQG<DPDDGGLWLRQDO TXHVWLRQQDLUHV ³QHZVXEVLG\DOOHJDWLRQV´ ³16$´ TXHVWLRQQDLUHV  ,QWKH)LQDO'HFLVLRQ0HPRUDQGXP&RPPHUFHIRXQGWKDWWKH&KLQHVHJRYHUQPHQWGLG QRWSURYLGHFHUWDLQLQIRUPDWLRQ&RPPHUFHUHTXHVWHGLQWKH6WDQGDUG4XHVWLRQV$SSHQGL[DQG WKDWWKLVLQIRUPDWLRQZDVQHFHVVDU\WRHYDOXDWLQJ³WKH*2&¶VDQG<DPD¶VFODLPVRIQRQXVHRI WKLVSURJUDP´)LQDO'HFLVLRQ0HP-$SSDW7KLVILQGLQJZDVQRWVXSSRUWHGE\ VXEVWDQWLDOHYLGHQFHRQWKHUHFRUG 7KHILUVW16$TXHVWLRQQDLUHLVVXHGWRWKH&KLQHVHJRYHUQPHQWGDWHG0DUFK LQVWUXFWHGLWWR³>D@QVZHUDOOTXHVWLRQVLQWKHIROORZLQJDSSHQGLFHVIRUWKLVSURJUDP Standard Questions Appendix.´'HS¶W&RPPHUFH/HWWHUWR*RY¶WRI&KLQDUH 1HZ6XEVLG\$OOHJDWLRQV 0DU  35'RF-$SSDW  ³)LUVW16$4XHVWLRQQDLUH´ 7KH6WDQGDUG 4XHVWLRQV$SSHQGL[LVQRWVSHFLILFWRWKH(%&3RUDQ\RWKHUSURJUDP,WFRQWDLQVOHWWHU GHVLJQDWHGTXHVWLRQV³$´WKURXJK³0´PDQ\RIZKLFKFRQWDLQHGVXESDUWVZLWKDGGLWLRQDO TXHVWLRQVSee id.DW   6WDQGDUG4XHVWLRQV$SSHQGL[ 4XHVWLRQ$VRXJKW³D GHVFULSWLRQRIWKHSURJUDPLQFOXGLQJWKHSXUSRVHRIWKHSURJUDPDQGWKHGDWHLWZDV HVWDEOLVKHG´ Id. DW 4XHVWLRQ%DVNHGIRUWKHQDPHVDQGDGGUHVVHVRIWKHJRYHUQPHQW DJHQFLHVRUDXWKRULWLHVUHVSRQVLEOHIRUDGPLQLVWHULQJWKHSURJUDPId.,QIRUPDWLRQUHVSRQVLYH WRERWKTXHVWLRQVLVRQWKHUHFRUGRIWKHUHYLHZSURYLGHGLQWKHJRYHUQPHQWRI&KLQD¶VUHVSRQVH WRWKHVHFRQG16$TXHVWLRQQDLUHDVGLVFXVVHGEHORZ%HFDXVHWKHUHLVQRHYLGHQFHRQWKH UHFRUGWKDW<DPDEHQHILWWHGIURPWKH(%&3 DQGWKHUHLVHYLGHQFHWKDWLWGLGQRW WKHUHFRUG &RXUW1R 3DJH   HYLGHQFHGRHVQRWHVWDEOLVKDQ\UHOHYDQFHRITXHVWLRQV&WKURXJK0RIWKH6WDQGDUG4XHVWLRQV $SSHQGL[ ,QLWVUHVSRQVHWRWKHILUVW16$TXHVWLRQQDLUHWKHJRYHUQPHQWRI&KLQDVWDWHGWKDWWKH 'HSDUWPHQW¶VTXHVWLRQVUHJDUGLQJWKH(%&3ZHUH³>Q@RWDSSOLFDEOH´DV³<DPDFRQILUPVQRQH RILWVFXVWRPHUVKDYHXVHGWKLVSURJUDP3OHDVHUHIHUWR<DPD¶VUHVSRQVH´*RY¶WRI&KLQD 1HZ6XEVLG\$OOHJDWLRQV5HVSRQVH 0DU  35'RFV-$SSDW  ³&KLQD 16$5HVSRQVH´  7KLVTXHVWLRQQDLUHDIWHUGLUHFWLQJWKH&KLQHVHJRYHUQPHQWWRDQVZHUWKH TXHVWLRQVLQWKH6WDQGDUG4XHVWLRQV$SSHQGL[OLVWHGVHYHQVSHFLILFUHTXHVWVIRULQIRUPDWLRQ TXDOLILHGE\LQWURGXFWRU\LQVWUXFWLRQVOLPLWLQJWKHUHTXHVWVWRLQIRUPDWLRQ³UHJDUGLQJ([SRUW %X\HU¶V&UHGLWVSURYLGHGWRDOO86FXVWRPHUVRIWKHUHVSRQGHQW LQFOXGLQJDOOUHVSRQGLQJ FURVVRZQHGDIILOLDWHGFRPSDQLHV GXULQJWKH325´)LUVW16$4XHVWLRQQDLUH-$SSDW HPSKDVLVLQRULJLQDO 7KHLQVWUXFWLRQVUHSHDWHGWKLVOLPLWDWLRQUHTXHVWLQJWKHLQIRUPDWLRQ ³UHJDUGLQJDOOEX\HUFUHGLWVSURYLGHGWRWKHUHVSRQ>G@HQW¶VFXVWRPHUV´Id. HPSKDVLVLQ RULJLQDO 7KHUHIRUHWKHUHVSRQVHIURPWKHJRYHUQPHQWRI&KLQDWRWKHILUVW16$TXHVWLRQQDLUH ZDVQRWDIDLOXUHWRFRRSHUDWHXQOHVVFRQWUDU\WRWKH&KLQHVHJRYHUQPHQW¶VUHVSRQVH   7KHLQVWUXFWLRQVIRU4XHVWLRQ&RIWKH$SSHQGL[SURYLGHGDVIROORZV   ,IQRQHRIWKHVHFRPSDQLHV>LHWKHFRPSDQLHVXQGHUUHYLHZ@DSSOLHGIRU UHFHLYHGFODLPHGDFFUXHGRUXVHGDVVLVWDQFHXQGHUWKLVSURJUDPGXULQJWKH SHULRGGHVLJQDWHG>LHWKHSHULRGRIUHYLHZ@you need not reply to all of the remaining questions in this Appendix  'HS¶W&RPPHUFH/HWWHUWR*RY¶WRI&KLQDUH 1HZ6XEVLG\$OOHJDWLRQV 0DU  35 'RF-$SSDW  HPSKDVLVDGGHG :KLOHWKH'HSDUWPHQW¶V16$4XHVWLRQQDLUHWR &KLQDFRQWDLQHGDJHQHUDOGLUHFWLYHWR³DQVZHUDOOTXHVWLRQV´LQWKH6WDQGDUG4XHVWLRQV $SSHQGL[WKHVSHFLILFH[FHSWLRQWRWKLVJHQHUDOGLUHFWLYHZKLFKDSSHDUHGLQ4XHVWLRQ&FDQEH UHDGWRDSSO\LQWKLVLQVWDQFH &RXUW1R 3DJH    &RPPHUFHSHUPLVVLEO\FRXOGILQGWKDWDQ\(%&3FUHGLWVWR<DPD¶VFXVWRPHUVDFWXDOO\ZHUH SURYLGHGGXULQJWKH3257KLVKRZHYHULVQRWWKHFDVHIRUWKHUHFRUGFRQWDLQVQRHYLGHQFH WKDWWKHUHZHUHDQ\VXFKFUHGLWVDQGFRQVLGHUDEOHHYLGHQFHWKDWWKHUHZHUHQRW1HYHUWKHOHVVLQ DVXSSOHPHQWDO16$TXHVWLRQQDLUHGDWHG$SULOWKDW&RPPHUFHVHQWWRWKH&KLQHVH JRYHUQPHQW&RPPHUFHWROGWKHJRYHUQPHQWRI&KLQDWKDWLQWKHJRYHUQPHQW¶V0DUFK UHVSRQVHWRWKHILUVW16$TXHVWLRQQDLUHLWIRXQG³deficiencies, omissionsDQGDUHDVZKHUH IXUWKHUFODULILFDWLRQLVQHHGHG´6XSSOHPHQWDO16$4XHVWLRQQDLUHWR&KLQD-$SSDW HPSKDVLVDGGHG $VWR³GHILFLHQFLHVDQGRPLVVLRQV´DQGDQ\DOOHJHGIDLOXUHRIWKH&KLQHVH JRYHUQPHQWWRFRRSHUDWHVWHPPLQJIURPWKHILUVW16$TXHVWLRQQDLUHWKH'HSDUWPHQW¶VILQGLQJV ZHUHXQVXSSRUWHGE\WKHUHFRUG7KHUHFRUGVXJJHVWVWKDW&RPPHUFHPLVLQWHUSUHWHGLWVRZQ TXHVWLRQQDLUHLQVWUXFWLRQVRYHUORRNLQJWKHTXDOLI\LQJLQWURGXFWRU\ZRUGVTXRWHGDERYH 7KH&KLQHVHJRYHUQPHQW¶VUHVSRQVHWRWKH$SULOVXSSOHPHQWDO16$ TXHVWLRQQDLUHGDWHG0D\SURYLGHGDGHWDLOHGGLVFXVVLRQRIWKHRSHUDWLRQRIWKH(%&3 DVDGPLQLVWHUHGE\WKH(;,0%DQN&KLQD6XSSOHPHQWDO16$5HVSRQVH-$SSDW %HFDXVHRIWKLVUHFRUGHYLGHQFHDQGWKHDIRUHPHQWLRQHGPLVLQWHUSUHWDWLRQE\&RPPHUFHRILWV RZQTXHVWLRQQDLUHWKHFRXUWFDQQRWVXVWDLQWKH'HSDUWPHQW¶VILQGLQJWKDWDIDLOXUHE\WKH JRYHUQPHQWRI&KLQDWRUHVSRQGWRTXHVWLRQVLQWKH6WDQGDUG4XHVWLRQV$SSHQGL[ RU VXEVHTXHQWTXHVWLRQVUHODWHGWRLW SUHYHQWHG&RPPHUFHIURPGHWHUPLQLQJZKHWKHU<DPDRULWV FXVWRPHUVEHQHILWWHGIURPWKH([SRUW%X\HU¶V&UHGLW3URJUDPGXULQJWKH325 &RXUW1R 3DJH   7KH5HFRUG'RHV1RW'HPRQVWUDWHWKH6SHFLILF5HOHYDQFHRIWKH0LOOLRQ&RQWUDFW 7KUHVKROGWRWKH4XHVWLRQRI:KHWKHU<DPD%HQHILWWHGIURPWKH(%&3  7KHFRXUWDOVRLVXQDEOHWRVXVWDLQWKH'HSDUWPHQW¶VILQGLQJWKDWLQIRUPDWLRQ&RPPHUFH VDLGWREHPLVVLQJIURPWKHUHFRUGFRQFHUQLQJDUHYLVLRQWRWKH(%&3ZKLFKLWDOOHJHVWKH JRYHUQPHQWRI&KLQDIDLOHGWRSURYLGHSUHYHQWHGLWIURPGHWHUPLQLQJZKHWKHU<DPDXVHGRU EHQHILWWHGIURPWKHSURJUDP$VWRWKHUHOHYDQFHRIWKHUHYLVLRQ&RPPHUFHPDLQWDLQHG WKDWWKLVUHYLVLRQHOLPLQDWHGDQ(%&3UHTXLUHPHQWWKDWSDUWLFLSDWLRQLQWKHSURJUDPUHTXLUHVWKDW WKHFRQWUDFWDPRXQWRQZKLFKDORDQLVVRXJKWEHPRUHWKDQPLOOLRQLQ86GROODUVSee 3UHOLPLQDU\'HFLVLRQ0HP-$SSDW&RPPHUFHVWDWHGWKDWLWKDGSODFHGRQWKHUHFRUG ³>L@QIRUPDWLRQREWDLQHGLQDSULRU&9'SURFHHGLQJ´LQGLFDWLQJWKHHOLPLQDWLRQRIWKH UHTXLUHPHQWId. ,QLWV0D\UHVSRQVHWRWKH'HSDUWPHQW¶VVXSSOHPHQWDO16$TXHVWLRQQDLUHWKH &KLQHVHJRYHUQPHQWVWDWHGWKDWWKHFRQWUDFWDPRXQWPXVWEHPRUHWKDQPLOOLRQ86GROODUV WKDWWKLVUHTXLUHPHQWFRXOGQRWEHVDWLVILHGE\FRPELQLQJLQYRLFHVRIOHVVHUDPRXQWVWKDWWKH (;,0%DQNKDGFRQILUPHGWKLVUHTXLUHPHQWDQGWKDWLWKDGDWWDFKHGWRLWVUHVSRQVH³$UWLFOH RIWKH$GPLQLVWUDWLYH0HDVXUHVRI([SRUW%X\HU¶V&UHGLWRI(,%& µ$GPLQLVWUDWLYH 0HDVXUHV¶ ´LQZKLFKWKHUHTXLUHPHQWLVVHWIRUWK&KLQD6XSSOHPHQWDO16$5HVSRQVH -$SSDW &RPPHUFHDGGHGWRWKHUHFRUGWZRVXEPLVVLRQVIURPSULRUSURFHHGLQJV7KHILUVWZDVD &RPPHUFHYHULILFDWLRQUHSRUWGDWHG2FWREHURIDTXHVWLRQQDLUHUHVSRQVHRIWKH &KLQHVHJRYHUQPHQWLQDQDGPLQLVWUDWLYHUHYLHZRIDFRXQWHUYDLOLQJGXW\RUGHURQFLWULFDFLGV DQGFLWUDWHVDOWVIURP&KLQD6DOWV9HULILFDWLRQ0HP-$SSDW7KHUHSRUWGHVFULEHVD &RXUW1R 3DJH   PHHWLQJEHWZHHQ'HSDUWPHQWRIILFLDOVZLWK(;,0%DQNRIILFLDOVDQGVWDWHVDVIROORZV ³2QH RIWKHFRQGLWLRQV>RIWKH(%&3@SULRUWRDQGGXULQJWKH325ZDVWKDWVDOHVFRQWUDFWVKDYHWREH DPLQLPXPRI86PLOOLRQ(;,0RIILFLDOVLQGLFDWHGWKHAdministrative MeasuresZDV UHYLVHGLQDQGHOLPLQDWHGWKHFRQWUDFWPLQLPXP´Id.DW 7KHVHFRQGVXEPLVVLRQDGGHGWRWKHUHFRUGLVWKH³*RYHUQPHQWRI&KLQDWK 6XSSOHPHQWDO5HVSRQVH´LQDQDGPLQLVWUDWLYHUHYLHZRIDFRXQWHUYDLOLQJGXW\RUGHURQFHUWDLQ DPRUSKRXVVLOLFDIDEULFIURP&KLQDGDWHG6HSWHPEHU/HWWHUIURP3HUNLQV&RLH ³*RYHUQPHQWRI&KLQDWK6XSSOHPHQWDO5HVSRQVH´ 6HSW  35'RF-$SS DW   ³&KLQD6LOLFD)DEULF5HVSRQVH´ 7KHRQO\UHIHUHQFHLQWKLVGRFXPHQWVXJJHVWLQJ WKDWWKHPLOOLRQFRQWUDFWWKUHVKROGZDVHOLPLQDWHGLQLVLQWKH'HSDUWPHQW¶VILUVW TXHVWLRQ7KDWTXHVWLRQUHIHUVWRDQHDUOLHUTXHVWLRQQDLUHUHVSRQVHLQWKDWSURFHHGLQJLQZKLFK WKH&KLQHVHJRYHUQPHQWPHQWLRQHGWKDWWKHPLOOLRQUHTXLUHPHQWZDVLQHIIHFW&RPPHUFH DVNHGIRUDFODULILFDWLRQRIWKH³GLVFUHSDQF\´ZLWKRWKHULQIRUPDWLRQLQWKH'HSDUWPHQW¶V SRVVHVVLRQZKLFKSRVVLEO\LVDUHIHUHQFHWRWKHYHULILFDWLRQUHSRUWGLVFXVVHGDERYH7KH JRYHUQPHQWRI&KLQD¶VUHVSRQVHUHIHUV&RPPHUFHWRWKH³2000 Rules Governing Export Buyers’ Credit DOVRUHIHUUHGWRDVµAdministrative Measures¶ LQZKLFKWKH86PLOOLRQ WKUHVKROGUHTXLUHPHQWDSSHDUHGIRUWKHILUVWWLPH´Id.DW7KHUHVSRQVHDOVRVWDWHVWKDW Administrative Measures³UHPDLQLQHIIHFW´DQG³ZHUHQRWUHSHDOHGRUUHSODFHGLQ´E\ JXLGHOLQHVLVVXHGLQZKLFKWKH&KLQHVHJRYHUQPHQWGHVFULEHGDV³LQWHUQDOWRWKHEDQN QRQSXEOLFDQGQRWDYDLODEOHIRUUHOHDVH´Id.DW 7KHRQO\UHFRUGHYLGHQFHWKDWWKHPLOOLRQWKUHVKROGZDVGLVFRQWLQXHGLQLVWKH 'HSDUWPHQW¶VVWDWHPHQWLQLWVYHULILFDWLRQUHSRUWRQWKHUHYLHZRQFLWULFDFLGDQGFLWULFVDOWVDQG &RXUW1R 3DJH   WKHDSSDUHQWO\UHODWHGUHIHUHQFHWRLWLQWKHTXHVWLRQQDLUHPHQWLRQHGDERYH$OORWKHUUHFRUG HYLGHQFHLQFOXGLQJERWKRIWKH&KLQHVHJRYHUQPHQW¶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

 'HIHQGDQWLQWHUYHQRUXQSHUVXDVLYHO\DUJXHVWKDW³>W@KLVVDPH$)$GHWHUPLQDWLRQ IROORZLQJWKHFKDQJHVWRWKH(%&3URJUDPZDVXSKHOGE\WKH&RXUWLQRZBC Grp.

Shareholding Co. v. United States)6XSSG  &W,QW¶O7UDGH ´ 'HI,QW%HUZLFN2IIUD\¶V5HVSLQ2SS¶QWR3O¶V0RWIRU-RQWKH$JHQF\5 1RY   (&)1R7KHFRXUWGLVDJUHHVWKDWLWLV³WKHVDPH$)$GHWHUPLQDWLRQ´RBZC Grp. LQYROYHGIDFWVQRWSUHVHQWRQWKLVUHFRUGKHUHLQFOXGLQJUHMHFWLRQRIDSURIIHUHGWUDQVODWLRQRI Administrative Measures DVXQWLPHO\QHZLQIRUPDWLRQ,QVXSSRUWRIWKHVDPHDUJXPHQW GHIHQGDQWLQWHUYHQRUUHOLHVXSRQChangzhou Trina Solar Energy Co. v. United States&,7 BBBB )6XSSG   ³Changzhou I´ 7KLVGHFLVLRQDOVRLV LQDSSRVLWHDVLWLQYROYHGDUHIXVDOE\WKHJRYHUQPHQWRI&KLQDWRDOORZDFFHVVWRUHFRUGVGXULQJ WKHYHULILFDWLRQSURFHGXUHWKDWUHODWHGWRWKHTXHVWLRQRIDFXVWRPHU¶VSRVVLEOHXVHRIWKH(%&3 &RXUW1R 3DJH   &RPPHUFH1HYHU5HTXHVWHG,QIRUPDWLRQRQ7KLUG3DUW\%DQNV,QYROYHGLQWKH³6HWWOHPHQW´ RI([SRUW%X\HU¶V&UHGLWVDQGWKH)LQGLQJRI1RQFRRSHUDWLRQDVWRWKLV5HTXHVWLV8QVXSSRUWHG  7KHWKLUGFDWHJRU\RILQIRUPDWLRQ&RPPHUFHFODLPHGWRQHHGDQGFODLPHGWKH&KLQHVH JRYHUQPHQWIDLOHGWRSURYLGHZDVLQIRUPDWLRQRQ³WKHXVHRIWKLUGSDUW\EDQNVWRGLVSHUVHVHWWOH H[SRUWEX\HU¶VFUHGLWV´)LQDO'HFLVLRQ0HP-$SSDW7KHUHFRUGGRHVQRWVXSSRUWD ILQGLQJWKDWWKH&KLQHVHJRYHUQPHQWIDLOHGWRDQVZHUWKHLQTXLU\UHJDUGLQJGLVEXUVHPHQWRI FUHGLWV7KHJRYHUQPHQWRI&KLQDFODULILHGWKDWQREDQNRWKHUWKDQWKH(;,0%DQNGLVEXUVHG FUHGLWVXQGHUWKH(%&3DQGSURYLGHGDGHWDLOHGGLVFXVVLRQRIWKHSURFHVV7KHUHFRUGDOVR UHYHDOVWKDW&RPPHUFHFRQWUDU\WRLWVILQGLQJRIQRQFRRSHUDWLRQQHYHUUHTXHVWHGIURPWKH JRYHUQPHQWRI&KLQDLQIRUPDWLRQRQWKHVHWWOHPHQWRI(%&3FUHGLWV ,QLWVILUVW16$TXHVWLRQQDLUH&RPPHUFHDVNHGWKHJRYHUQPHQWRI&KLQDWR³>S@URYLGHD OLVWRIDOOSDUWQHUFRUUHVSRQGHQWEDQNVLQYROYHGLQGLVEXUVHPHQWRIIXQGVXQGHUWKH([SRUW %X\HU¶V&UHGLW3URJUDP´)LUVW16$4XHVWLRQQDLUH-$SSDW+RZHYHUDVWKHFRXUW GLVFXVVHGDERYHWKLVUHTXHVWIRULQIRUPDWLRQZDVOLPLWHGE\WKHLQVWUXFWLRQVRQWKHSUHYLRXV SDJHRIWKDWTXHVWLRQQDLUHZKLFKVSHFLILHGWKDWWKHJRYHUQPHQWPXVWDQVZHUWKLV DQGVL[RWKHU  TXHVWLRQV³UHJDUGLQJ([SRUW%X\HU¶V&UHGLWVSURYLGHGWRDOO86FXVWRPHUVRIWKHUHVSRQGHQW LQFOXGLQJDOOUHVSRQGLQJFURVVRZQHGDIILOLDWHGFRPSDQLHV GXULQJWKH325´Id. DW HPSKDVLVLQRULJLQDO 7KHLQVWUXFWLRQVUHSHDWHGWKLVOLPLWDWLRQUHTXHVWLQJWKHLQIRUPDWLRQ ³UHJDUGLQJDOOEX\HUFUHGLWVSURYLGHGWRWKHUHVSRQ>G@HQW¶VFXVWRPHUV´Id. HPSKDVLVLQ RULJLQDO 7KH&KLQHVHJRYHUQPHQWUHVSRQGHG³1RWDSSOLFDEOH<DPDFRQILUPVQRQHRILWV FXVWRPHUVKDYHXVHGWKLVSURJUDP3OHDVHUHIHUWR<DPD¶VUHVSRQVH´&KLQD16$5HVSRQVH -$SSDW %HFDXVHWKHUHFRUGDVDZKROHGRHVQRWVXSSRUWDILQGLQJWKDW<DPD¶VFXVWRPHUV &RXUW1R 3DJH   XVHGWKHSURJUDPWKHUHVSRQVHRIWKH&KLQHVHJRYHUQPHQWFDQQRWEHVKRZQWREHLQFRUUHFWDQG WKH'HSDUWPHQW¶VILQGLQJRIQRQFRRSHUDWLRQE\WKH&KLQHVHJRYHUQPHQWLVDOVRXQVXSSRUWHGDV WRWKHUHTXHVWIRULQIRUPDWLRQRQWKLUGSDUW\EDQNVDVSUHVHQWHGLQWKHILUVW16$TXHVWLRQQDLUH ,QLWVVXSSOHPHQWDO16$TXHVWLRQQDLUH&RPPHUFHDJDLQUHTXHVWHGWKDWWKH&KLQHVH JRYHUQPHQW³>S@URYLGHDOLVWRIDOOSDUWQHUFRUUHVSRQGHQWEDQNVLQYROYHGLQGLVEXUVHPHQWRI IXQGVXQGHUWKH([SRUW%X\HU¶V&UHGLW3URJUDP´6XSSOHPHQWDO16$4XHVWLRQQDLUHWR&KLQD -$SSDW7KH&KLQHVHJRYHUQPHQW¶VUHVSRQVHZDVWKDW³([SRUW,PSRUW (;,0 %DQNRI WKH35&LVWKHRQO\EDQNZKLFKLVLQYROYHGLQWKH([SRUW%X\HU¶V&UHGLWV3URJUDP´&KLQD 6XSSOHPHQWDO16$5HVSRQVH-$SSDW7KLVUHVSRQVHUHDVRQDEO\FDQEHUHDGDV UHVSRQGLQJVSHFLILFDOO\WRWKHTXHVWLRQWKDW&RPPHUFHDVNHGLHZKDWEDQNVZHUHLQYROYHGLQ GLVEXUVHPHQW RI(%&3IXQGVDQGUHIHUULQJWRWKHJRYHUQPHQWHQWLW\WKDWDGPLQLVWHUVWKH SURJUDP,WZDVLPSHUPLVVLEOHRQWKLVUHFRUGIRU&RPPHUFHWRVWDWHDILQGLQJWKDWWKH JRYHUQPHQWRI&KLQDKDGIDLOHGWRSURYLGHUHTXHVWHGLQIRUPDWLRQUHJDUGLQJ³WKHXVHRIWKLUG SDUW\EDQNVWRsettle H[SRUWEX\HU¶VFUHGLWV´)LQDO'HFLVLRQ0HP-$SSDW HPSKDVLV DGGHG &RPPHUFHQHYHUDVNHGWKHJRYHUQPHQWRI&KLQDIRULQIRUPDWLRQRQWKHSDUWLFLSDWLRQRI WKLUGSDUW\EDQNVLQWKH³VHWWOHPHQW´RI(%&3FUHGLWV+DYLQJFKRVHQQRWWRPDNHWKLVLQTXLU\ &RPPHUFHFRXOGQRWSHUPLVVLEO\EDVHDQ\ILQGLQJVLQWKH)LQDO5HVXOWVRQWKHIDOVHSUHPLVHWKDW LWKDG :KDWLVPRUHWKHUHFRUGFRQWDLQHGLQIRUPDWLRQRQWKHSURFHGXUHVIROORZHGE\WKH (;,0%DQN7KHUHVSRQVHRIWKH&KLQHVHJRYHUQPHQWWRWKHVXSSOHPHQWDO16$TXHVWLRQQDLUH SURYLGHGVXFKLQIRUPDWLRQDQGDGGLWLRQDOLQIRUPDWLRQRQWKHSURFHVVLVFRQWDLQHGLQWKH TXHVWLRQQDLUHUHVSRQVHRIWKHJRYHUQPHQWRI&KLQDLQWKHSURFHHGLQJRQFHUWDLQDPRUSKRXV &RXUW1R 3DJH   VLOLFDIDEULFZKLFK&RPPHUFHLWVHOISODFHGRQWKHUHFRUGSee &KLQD6XSSOHPHQWDO16$ 5HVSRQVH-$SSDW &KLQD6LOLFD)DEULF5HVSRQVH-$SSDW 7KHODWWHU GLVFXVVHVWKHSRVVLEOHUROHRIEDQNVRWKHUWKDQWKH(;,0%DQNLQWKHRYHUDOOSURFHVVRI VHWWOHPHQWRIIXQGVEXWLWLVFRQVLVWHQWZLWKWKHUHVSRQVHWKDWWKH(;,0%DQNLVWKHRQO\HQWLW\ WKDWSHUIRUPVWKHGLVEXUVHPHQW 2QWKHUHFRUGFRQVLGHUHGRQWKHZKROH&RPPHUFHZDVQRWIUHHWRLJQRUHWKHHYLGHQFH WKHJRYHUQPHQWRI&KLQDDIWHUREWDLQLQJIURPWKH(;,0%DQNWKHVHDUFKUHVXOWVRQ<DPD¶V FXVWRPHUVSURYLGHG7KLVHYLGHQFHFRQVLVWHGRIWKHJRYHUQPHQW¶VVWDWHPHQWVWKDWDWWKH(;,0 %DQN³QRQHRIWKHFXVWRPHUVKDGEDODQFHVIRUH[SRUWEX\HU¶VFUHGLWVGXULQJWKH325´DQGWKDW WKHUHIRUH³*2&FRQILUPVWKLVSURJUDPZDVQRWXVHGE\WKHVHFXVWRPHUVGXULQJWKH325´ &KLQD6XSSOHPHQWDO16$5HVSRQVH-$SSDW1RUZDV&RPPHUFHIUHHWRLJQRUHWKH HYLGHQFHFRQVLVWLQJRI<DPD¶VVWDWHPHQWVWKDWLWFRQWDFWHGDOOLWVH[SRUWFXVWRPHUVZKLFKLW LGHQWLILHGLQLWVTXHVWLRQQDLUHUHVSRQVH³DQGFRQILUPHGQRFXVWRPHUVKDGREWDLQHGEX\HUV¶ FUHGLWIURP&KLQD([,P%DQNLQWKH325´<DPD16$5HVSRQVH-$SSDW'HIHQGDQW LQWHUYHQRUDUJXHVWKDW<DPDVKRXOGKDYHREWDLQHGFHUWLILFDWLRQVRIQRQXVHIURPHDFKRILWV FXVWRPHUV'HI,QW¶V%UEXWWKHDEVHQFHRIVXFKFHUWLILFDWLRQVLVQRWDMXVWLILFDWLRQ DOORZLQJ&RPPHUFHWRLJQRUHWKHUHFRUGHYLGHQFHWKDWH[LVWHG7KHUHLVQREDVLVLQWKHUHFRUG XSRQZKLFKLWUHDVRQDEO\FRXOGEHSUHVXPHGRUVSHFXODWHG²DV&RPPHUFHDSSDUHQWO\GLG²WKDW D<DPDFXVWRPHUFRXOGKDYHREWDLQHGRUSDUWLFLSDWHGLQDORDQXQGHUWKH([SRUW%X\HU¶V&UHGLW 3URJUDPDERXWZKLFKERWK  WKH(;,0%DQNKDGQRUHFRUGDQG  <DPDDQGWKHFXVWRPHU LWVHOIZHUHXQDZDUH &RXUW1R 3DJH   'HIHQGDQW5HOLHVRQ,QDSSRVLWH-XGLFLDO'HFLVLRQVLQ$GYRFDWLQJWKDWWKH)LQDO5HVXOWV0XVW %H6XVWDLQHG  'HIHQGDQWUHOLHVRQKYD, Inc. v. United States)G )HG&LU IRU WKHSURSRVLWLRQWKDW³&RPPHUFHPD\DSSO\DQDGYHUVHLQIHUHQFHEDVHGXSRQWKH&KLQHVH JRYHUQPHQW¶VIDLOXUHWRSURYLGHUHTXHVWHGLQIRUPDWLRQLQDFRXQWHUYDLOLQJGXW\SURFHHGLQJHYHQ ZKHQWKHUHVSRQGHQWFRRSHUDWHV´'HI¶V%U7KLVUHOLDQFHLVHUURQHRXVLQWZRUHVSHFWV KYDLQYROYHGDQDQWLGXPSLQJGXW\QRWDFRXQWHUYDLOLQJGXW\SURFHHGLQJSee KYD)G DW&RXQWHUYDLOLQJGXW\SURFHHGLQJVLQYROYHGLIIHUHQWFRQVLGHUDWLRQVEHFDXVHWKH H[SRUWLQJFRXQWU\¶VJRYHUQPHQWLVRIWHQLQWKHEHVWSRVLWLRQWRSURYLGHLQIRUPDWLRQQHFHVVDU\WR WKH'HSDUWPHQW¶VGHWHUPLQDWLRQKYD LVDOVRGLVWLQJXLVKDEOHLQWKDWWKHFRRSHUDWLQJSDUW\ZDVD 86LPSRUWHUDQGWKHQRQFRRSHUDWLQJSDUW\ZDVWKHH[SRUWHURIWKHPHUFKDQGLVH$VWKH&RXUW RI$SSHDOVUHFRJQL]HGSODLQWLII.<',QFDVDQLPSRUWHUXQDIILOLDWHGZLWKWKHQRQFRRSHUDWLQJ H[SRUWHUZDVQRWHQWLWOHGE\VWDWXWHRUUHJXODWLRQWRLWVRZQDVVHVVPHQWUDWHKYD )GDW ,QVKRUWKYD KDVQRWKLQJWRGRZLWKWKLVFDVH 'HIHQGDQWDOVRUHOLHVRQFine Furniture (Shanghai) Ltd. v. United States)G  )HG&LU  ³Fine Furniture´ IRUWKHSULQFLSOHWKDW³FRRSHUDWLQJUHVSRQGHQWVPD\EH VXEMHFWWRFROODWHUDOHIIHFWVGXHWRWKHDGYHUVHLQIHUHQFHVDSSOLHGZKHQDJRYHUQPHQWIDLOVWR UHVSRQGWR&RPPHUFH¶VTXHVWLRQV´'HI¶V%U TXRWLQJFine Furniture)GDW  Fine Furniture LVGLVWLQJXLVKDEOHIURPWKLVFDVHLQWKDWLQFine Furniture³&RPPHUFHGLGQRW DSSO\DGYHUVHLQIHUHQFHVWRVXEVWLWXWHIRUDQ\LQIRUPDWLRQWKDWZDVDFWXDOO\VXEPLWWHGE\WKH FRRSHUDWLQJUHVSRQGHQWV´Fine Furniture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¶V GHWHUPLQDWLRQWRLPSXWHWR<DPDDEHQHILWIURPWKH(%&3XVLQJIDFWVRWKHUZLVHDYDLODEOHRUDQ DGYHUVHLQWHUIHUHQFH2QUHPDQG&RPPHUFHQRZPXVWPDNHWKH³EHQHILW´GHWHUPLQDWLRQWKH VWDWXWHUHTXLUHGLWWRPDNHDVWRWKH(%&3LWPXVWGRVRZLWKRXWUHVRUWWRIDFWVRWKHUZLVH DYDLODEOHRUDQDGYHUVHLQIHUHQFHDQGLWPXVWUHGHWHUPLQH<DPD¶VRYHUDOOVXEVLG\UDWHLQ DFFRUGDQFHZLWKWKDWILQGLQJ %HFDXVHWKHUHLVRQO\RQHFRUUHFWLRQWREHPDGHLQWKH)LQDO5HVXOWVXSRQUHPDQGWKH FRXUWLVDOORZLQJDSHULRGRIRQO\GD\VLQZKLFKWKH'HSDUWPHQWPXVWVXEPLWLWVQHZ GHWHUPLQDWLRQ'XHWRWKHOLPLWHGQDWXUHRIWKHFRUUHFWLRQWREHPDGHWKHFRXUWGRHVQRW DQWLFLSDWHWKHQHHGWRJUDQWDQH[WHQVLRQRIWKLVWLPHSHULRGDQGZLOOGRVRRQO\LQWKHPRVW H[WUDRUGLQDU\FLUFXPVWDQFHV &RXUW1R 3DJH

)RUDOOWKHUHDVRQVVWDWHGDERYHWKHFRXUWUHPDQGVWKH)LQDO5HVXOWVWR&RPPHUFHIRU FRUUHFWLRQDFFRUGLQJWRWKLV2SLQLRQDQG2UGHU7KHUHIRUHXSRQFRQVLGHUDWLRQRIDOOSDSHUVDQG SURFHHGLQJVKDGKHUHLQDQGXSRQGXHGHOLEHUDWLRQLWLVKHUHE\ 25'(5('WKDWWKH0RWLRQIRU-XGJPHQWRQWKH$JHQF\5HFRUGRI3ODLQWLII<DPD 5LEERQVDQG%RZV&R -XO\ (&)1REHDQGKHUHE\LVJUDQWHG DQGLWLVIXUWKHU 25'(5('WKDW&RPPHUFHVKDOOFRUUHFWLWVHUURUVFRQFHUQLQJWKH([SRUW%X\HU¶V &UHGLW3URJUDPDQGVXEPLWDQHZGHWHUPLQDWLRQXSRQUHPDQG ³5HPDQG5HGHWHUPLQDWLRQ´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ecember 30, 2019 1HZ<RUN1HZ<RUN