You are on page 1of 8

6WDWHRI0LQQHVRWD

&RXQW\RI+HQQHSLQ

'LVWULFW&RXUW
WK-XGLFLDO'LVWULFW
3URVHFXWRU)LOH1R
&RXUW)LOH1R

6WDWHRI0LQQHVRWD

&5


&203/$,17

3ODLQWLII

6XPPRQV

YV
1(.,0$9$/'(=/(9<3281'6'2%
/HH$YHQXH1
%URRNO\Q3DUN01
'HIHQGDQW
7KH &RPSODLQDQW VXEPLWV WKLV FRPSODLQW WR WKH &RXUW DQG VWDWHV WKDW WKHUH LV SUREDEOH FDXVH WR EHOLHYH
'HIHQGDQWFRPPLWWHGWKHIROORZLQJRIIHQVH V 
&2817,
&KDUJH7UHVSDVV3UHPLVHVRI$QRWKHU5HIXVHWR'HSDUW
0LQQHVRWD6WDWXWH E  ZLWKUHIHUHQFHWR E
0D[LPXP6HQWHQFHGD\VDQGRU
2IIHQVH/HYHO0LVGHPHDQRU
2IIHQVH'DWH RQRUDERXW 
&RQWURO ,&5 
&KDUJH 'HVFULSWLRQ 7KDW DW WKH WLPH DQG SODFH EHORZDOOHJHG WKH DERYHQDPHG 'HIHQGDQW GLG
LQWHQWLRQDOO\ WUHVSDVV XSRQ WKH SUHPLVHV RI DQRWKHU WR ZLW 02$ DQG ZLWKRXW FODLP RI ULJKW UHIXVH WR
GHSDUWWKHUHIURPRQGHPDQGRIWKHODZIXOSRVVHVVRU
&2817,,
&KDUJH$LGLQJDQG$EHWWLQJ7UHVSDVV3UHPLVHVRI$QRWKHU5HIXVHWR'HSDUW
0LQQHVRWD6WDWXWH E  ZLWKUHIHUHQFHWR E 
0D[LPXP6HQWHQFHGD\VDQGRU
2IIHQVH/HYHO0LVGHPHDQRU
2IIHQVH'DWH RQRUDERXW 
&RQWURO ,&5 
&KDUJH 'HVFULSWLRQ DLGLQJ DQG DEHWWLQJ DQG EHLQJ DLGHG DQG DEHWWHG E\ DQRWKHU 7KDW DW WKH WLPH DQG
SODFH EHORZDOOHJHG WKH DERYHQDPHG 'HIHQGDQW GLG LQWHQWLRQDOO\ WUHVSDVV XSRQ WKH SUHPLVHV RI
DQRWKHU WR ZLW 02$ DQG ZLWKRXW FODLP RI ULJKW UHIXVH WR GHSDUW WKHUHIURP RQ GHPDQG RI WKH ODZIXO
SRVVHVVRU
&2817,,,
&KDUJH8QODZIXO$VVHPEO\
0LQQHVRWD6WDWXWHZLWKUHIHUHQFHWR
0D[LPXP6HQWHQFHGD\VDQGRU


2IIHQVH/HYHO0LVGHPHDQRU
2IIHQVH'DWH RQRUDERXW 
&RQWURO ,&5 
&KDUJH 'HVFULSWLRQ 7KDW DW WKH WLPH DQG SODFH EHORZDOOHJHG WKH DERYHQDPHG 'HIHQGDQW GLG ZKHQ
WKUHH RU PRUH SHUVRQV DVVHPEOH ZLWKRXW ODZIXO SXUSRVH DQG FRQGXFW WKHPVHOYHV LQ D GLVRUGHUO\ PDQQHU
DVWRGLVWXUERUWKUHDWHQWKHSXEOLFSHDFH
&2817,9
&KDUJH$LGLQJDQG$EHWWLQJ8QODZIXO$VVHPEO\
0LQQHVRWD6WDWXWHZLWKUHIHUHQFHWR
0D[LPXP6HQWHQFHGD\VDQGRU
2IIHQVH/HYHO0LVGHPHDQRU
2IIHQVH'DWH RQRUDERXW 
&RQWURO ,&5 
&KDUJH 'HVFULSWLRQ DLGLQJ DQG DEHWWLQJ DQG EHLQJ DLGHG DQG DEHWWHG E\ DQRWKHU 7KDW DW WKH WLPH DQG
SODFH EHORZDOOHJHG WKH DERYHQDPHG 'HIHQGDQW GLG ZKHQ WKUHH RU PRUH SHUVRQV DVVHPEOH ZLWKRXW
ODZIXOSXUSRVHDQGFRQGXFWWKHPVHOYHVLQDGLVRUGHUO\PDQQHUDVWRGLVWXUERUWKUHDWHQWKHSXEOLFSHDFH
&28179
&KDUJH'LVRUGHUO\&RQGXFW2IIHQVLYH$EXVLYH1RLV\2EVFHQH
0LQQHVRWD6WDWXWH  ZLWKUHIHUHQFHWR
0D[LPXP6HQWHQFHGD\VDQGRU
2IIHQVH/HYHO0LVGHPHDQRU
2IIHQVH'DWH RQRUDERXW 
&RQWURO ,&5 
&KDUJH 'HVFULSWLRQ 7KDW DW WKH WLPH DQG SODFH EHORZDOOHJHG WKH DERYHQDPHG 'HIHQGDQW GLG HQJDJH LQ
RIIHQVLYH REVFHQH DEXVLYH ERLVWHURXV RU QRLV\ FRQGXFW RU LQ RIIHQVLYH REVFHQH RU DEXVLYH ODQJXDJH
WHQGLQJ UHDVRQDEO\ WR DURXVH DODUP DQJHU RU FDXVH UHVHQWPHQW LQ RWKHUV RU SURYRNH DQ DVVDXOW RU
EUHDFKRIWKHSHDFH
&28179,
&KDUJH$LGLQJDQG$EHWWLQJ'LVRUGHUO\&RQGXFW2IIHQVLYH$EXVLYH1RLV\2EVFHQH
0LQQHVRWD6WDWXWH  ZLWKUHIHUHQFHWR
0D[LPXP6HQWHQFHGD\VDQGRU
2IIHQVH/HYHO0LVGHPHDQRU
2IIHQVH'DWH RQRUDERXW 
&RQWURO ,&5 
&KDUJH 'HVFULSWLRQ DLGLQJ DQG DEHWWLQJ DQG EHLQJ DLGHG DQG DEHWWHG E\ DQRWKHU 7KDW DW WKH WLPH DQG
SODFH EHORZDOOHJHG WKH DERYHQDPHG 'HIHQGDQW GLG HQJDJH LQ RIIHQVLYH REVFHQH DEXVLYH ERLVWHURXV
RU QRLV\ FRQGXFW RU LQ RIIHQVLYH REVFHQH RU DEXVLYH ODQJXDJH WHQGLQJ UHDVRQDEO\ WR DURXVH DODUP DQJHU
RUFDXVHUHVHQWPHQWLQRWKHUVRUSURYRNHDQDVVDXOWRUEUHDFKRIWKHSHDFH
&28179,,


&KDUJH3XEOLF1XLVDQFH,QWHUIHUH2EVWUXFW5HQGHU'DQJHURXV3XEOLF5RDG:DWHU
0LQQHVRWD6WDWXWH  ZLWKUHIHUHQFHWR
0D[LPXP6HQWHQFHGD\VDQGRUILQH
2IIHQVH/HYHO0LVGHPHDQRU
2IIHQVH'DWH RQRUDERXW 
&RQWURO ,&5 
&KDUJH 'HVFULSWLRQ 7KDW DW WKH WLPH DQG SODFH EHORZDOOHJHG WKH DERYHQDPHG 'HIHQGDQW GLG LQWHUHIHUH
ZLWKREVWUXFWRUUHQGHUGDQJHURXVIRUSDVVDJHDSXEOLFKLJKZD\RUULJKWRIZD\
&28179,,,
&KDUJH $LGLQJ DQG $EHWWLQJ 3XEOLF 1XLVDQFH,QWHUIHUH2EVWUXFW5HQGHU 'DQJHURXV 3XEOLF
5RDG:DWHU
0LQQHVRWD6WDWXWH  ZLWKUHIHUHQFHWR
0D[LPXP6HQWHQFHGD\VDQGRUILQH
2IIHQVH/HYHO0LVGHPHDQRU
2IIHQVH'DWH RQRUDERXW 
&RQWURO ,&5 
&KDUJH 'HVFULSWLRQ DLGLQJ DQG DEHWWLQJ DQG EHLQJ DLGHG DQG DEHWWHG E\ DQRWKHU 7KDW DW WKH WLPH DQG
SODFH EHORZDOOHJHG WKH DERYHQDPHG 'HIHQGDQW GLG LQWHUHIHUH ZLWK REVWUXFW RU UHQGHU GDQJHURXV IRU
SDVVDJHDSXEOLFKLJKZD\RUULJKWRIZD\

67$7(0(172)352%$%/(&$86(

7KDWRQRUDERXW'HFHPEHU%ORRPLQJWRQSROLFHZHUHDOHUWHGWRWKHH[LVWHQFHRID)DFHERRN
ZHESDJHSXUSRUWLQJWRRUJDQL]HDODUJHVFDOHGHPRQVWUDWLRQEHLQJRUJDQL]HGE\DJURXSLGHQWLI\LQJLWVHOI
DV%ODFN/LYHV0DWWHU %/0 RQ'HFHPEHUDWWKH0DOORI$PHULFD 02$ WK$YHQXH
%ORRPLQJWRQ+HQQHSLQ&RXQW\0LQQHVRWD7KHZHESDJHZDVHQWLWOHG%ODFN/LYHV0DWWHUDWWKH0DOORI
$PHULFD %/002$ DQGFRQWDLQHGOLQNVDQGFURVVUHIHUHQFHVWRDQRWKHU)DFHERRNSDJH%ODFN/LYHV
0DWWHU0LQQHDSROLVZKLFKKDGUHFHQWO\WDNHQFUHGLWIRUKRVWLQJDGHPRQVWUDWLRQRQ,QWHUVWDWH:LQ
0LQQHDSROLVZKLFKFORVHGWKHIUHHZD\2Q'HFHPEHUWKH02$FRS\LQJ%ORRPLQJWRQSROLFH
VHQWYLDFRXULHUDOHWWHUWRWKHVHOILGHQWLILHGRUJDQL]HUVRIWKHGHPRQVWUDWLRQVXEVHTXHQWO\LGHQWLILHGDV
0LFKDHO$QWKRQ\0F'RZHOO '2%  0F'RZHOO DQG0LFD/DXUHQ*ULPP '2%
*ULPP DVZHOODV1LFKRODV(VSLQRVD (VSLQRVD DGYLVLQJWKHPWKDWWKH02$SURKLELWVDOOIRUPVRI
SURWHVWGHPRQVWUDWLRQDQGSXEOLFGHEDWHRQLWVSUHPLVHV7KHOHWWHULQYLWHGWKHRUJDQL]HUVWRFRQWDFWWKH
&LW\RI%ORRPLQJWRQ &LW\ WRVHFXUHXVHRILWVSURSHUW\LPPHGLDWHO\DGMDFHQWWRWKH02$2Q'HFHPEHU
(VSLQRVDFRS\LQJ*ULPPDQG0F'RZHOOHPDLOHGWKH&LW\VWDWLQJWKDWWKHHYHQWZRXOGEH
KDSSHQLQJRQ'HFHPEHUWKDQGWKDWWKHUHZHUHQRSODQVWRFDQFHOLW7KH&LW\VHQWWKUHHVXEVHTXHQWH
PDLOVWR(VSLQRVD0F'RZHOODQG*ULPPDVNLQJWKHPWRXVHWKH&LW\RZQHGSURSHUW\DGMDFHQWWRWKH
02$UHLWHUDWLQJWKDWWKH02$LVSULYDWHSURSHUW\WKDWKDVQHYHUDOORZHGSULYDWHGHPRQVWUDWLRQVDQGWKDW
WKH&LW\ZRXOGSURVHFXWHDQ\RQHLGHQWLILHGE\SROLFHDVYLRODWLQJWKHODZ%/002$SRVWHGRQ)DFHERRN
WKH02$
VOHWWHUDQGLWVUHVSRQVHWKDWWKHJURXSZDVXQGHWHUUHGDQGH[SHFWHGWKRXVDQGVRISURWHVWRUVWR
DWWHQGWKHSURWHVWORFDWHGLQWKH02$URWXQGD*ULPPJDYHDQLQWHUYLHZWRWKHPHGLDEHIRUHWKHSURWHVW
DFNQRZOHGJLQJWKDWVKHZDVDOHDGHURI%/0DQGWKDWWKHSURWHVWZRXOGSURFHHGDVRULJLQDOO\SODQQHG
*ULPPDOVRJDYHDQLQWHUYLHZDIWHUWKHSURWHVWVWDWLQJWKDW>V@KHFDOOVWKHSURWHVWDVXFFHVVQRERG\FDQ
LJQRUHZKDWKDSSHQHG6DWXUGD\
%ORRPLQJWRQ3ROLFH6HUJHDQW*LOHVOHDUQHGWKURXJK%/002$WKDWRUJDQL]HUVRIWKHGHPRQVWUDWLRQZHUH
FRQGXFWLQJDSODQQLQJPHHWLQJRQWKHHYHQLQJRI'HFHPEHU7KHWUDLQLQJDQGSUHSDUDWLRQ
VHVVLRQZDVRSHQWRWKHSXEOLFDQGSODLQFORWKHG%ORRPLQJWRQSROLFHRIILFHUVDWWHQGHGLW7KHOHDGHUVRI
WKHSODQQHGGHPRQVWUDWLRQDQGSULPDU\VSHDNHUVDWWKHSODQQLQJPHHWLQJZHUHLGHQWLILHGDV*ULPPDQG
0F'RZHOODVZHOODV.DQGDFH/HDQQH0RQWJRPHU\ '2%  0RQWJRPHU\ &DWKHULQH&ODLUH
6DORQHN '2%  6DORQHN 7RGG$OODQ'DKOVWURP '2%  'DKOVWURP $GMD6DUD
*LOGHUVOHYH '2%  *LOGHUVOHYH DQG6KDQQRQ/HH%DGH '2%  %DGH 3ROLFH
VXEVHTXHQWO\LGHQWLILHGDGGLWLRQDORUJDQL]HUVDV-LH5RVH:URQVNL5LOH\ '2%  :URQVNL
5LOH\ $PLW\/HEDXEH)RVWHU '2%  )RVWHU DQG3DPHOD$QQ7ZLVV '2%
7ZLVV (DFKRIWKHVSHDNHUVDWWKHSODQQLQJVHVVLRQFRQWLQXHGWRGLUHFWSHRSOHWRWKH02$URWXQGDIRUWKH
SXUSRVHRIFDOOLQJDWWHQWLRQWRWKHLUSULYDWHFDXVHE\GLVUXSWLQJEXVLQHVVRQWKHEXVLHVWVKRSSLQJGD\RIWKH
\HDU0RQWJRPHU\UDQWKHSODQQLQJPHHWLQJ6KHFODLPHGWREHSDUWRIVHYHUDOHDUOLHUGLUHFWDFWLRQ
SURWHVWVLQWKHSDVWDQGH[SODLQHGWKHVWUXFWXUHRIWKHSURWHVW0RQWJRPHU\UHTXHVWHGSDUWLFLSDQWVWREH
SURWHVWSROLFHOLDLVRQYROXQWHHUVVWDWLQJDSUHIHUHQFHIRUSHRSOHRIFRORUDQGUHTXHVWHGSDUWLFLSDQWVWR
EHSURWHVWPDUVKDOVVWDWLQJDSUHIHUHQFHIRUZKLWHSHRSOH0RQWJRPHU\HPSKDVL]HGWKHLPSRUWDQFHRI
SDUWLFLSDQWVSRVWLQJPHVVDJHVRQVRFLDOPHGLDUHPDLQLQJLQWKHSXEOLFH\HFKDQWLQJDQGVLJQPDNLQJ
0F'RZHOOOLNH0RQWJRPHU\LGHQWLILHGKLPVHOIDVDQRUJDQL]HURIWKHSURWHVW:KLOH0F'RZHOOVWDWHGWKDW
WKH02$LVSULYDWHSURSHUW\KHWROGWKHJURXSWKDWLWUHPDLQHGWKHVLWHIRUWKHSURWHVW0F'RZHOOOHGVRPH
RIWKHJURXSLQKLV&KULVWPDVFDUROVZLWKDWZLVWDQGFKDQWV$WWKHHQGRIWKHSODQQLQJVHVVLRQ0F'RZHOO
DQG0RQWJRPHU\OHGWKHHVWLPDWHGWUDLQHHVLQFKDQWLQJ*LOGHUVOHYHUDQWKHEUHDNRXWVHVVLRQRQ
WKHXVHRIVRFLDOPHGLDGXULQJWKHSURWHVW%DGHWUDLQHGSURWHVWPDUVKDOVLQKRZWRPRYHWKHSURWHVWRUV
IURPSODFHWRSODFHDQGKRZWRVWDOOSROLFHE\WHOOLQJWKHPWKDWDSROLFHOLDLVRQZDVRQWKHZD\%DGHWROG
WKHWUDLQHHVWRPHHWE\WKHODUJH&KULVWPDVWUHHVLQWKH02$
VURWXQGDDWSPRQ'HFHPEHU
0DUVKDOYROXQWHHUVJDYH%DGHWKHLUFHOOSKRQHQXPEHUVIRUDSKRQHOLVWDQGUHFHLYHGDWH[W
PHVVDJHRQ'HFHPEHUIURPDWHOHSKRQHQXPEHUUHJLVWHUHGWR6DORQHN3ROLFHKDGLQFOXGHGD
&LW\FHOOSKRQHQXPEHURQWKHOLVW,QDODWHUWH[W%DGHFKDQJHGWKHSUHOLPLQDU\PHHWLQJWR,.($
VIRRG


FRXUW$OVRVSHDNLQJWRWKHWUDLQHHVDWWKHSODQQLQJPHHWLQJZDV1HNLPD9DOGH]/HY\3RXQGV '2%
  /HY\3RXQGV 6KHDGYLVHGDWWHQGHHVRQKRZHYHQWVFRXOGDQGVKRXOGSOD\RXWGXULQJWKH
SURWHVW,QVXEVHTXHQWPHGLDLQWHUYLHZV/HY\3RXQGVVWDWHGWKDW%/0VKRXOGQRWKDYHWRDELGHE\WKH
02$UXOHVIRUSURWHVWV,QWKRVHLQWHUYLHZV/HY\3RXQGVLGHQWLILHGKHUVHOIDVDODZ\HUDQGODZSURIHVVRU
(VSLQRVDODWHUVWDWHGRQKLVSXEOLFO\DFFHVVLEOH7ZLWWHUDFFRXQW:HWUDLQHGSHRSOHLQGLUHFWDFWLRQ
WRQLJKW:H
UHUHDG\IRUWKH02$
2Q7KXUVGD\'HFHPEHU6DORQHNFRQWDFWHG%ORRPLQJWRQ3ROLFH&KLHI3RWWVIURPKHUFHOOSKRQH
DQGDVNHGWRPHHWZLWKKLPDQGUHSUHVHQWDWLYHVRIWKH02$7KHPHHWLQJRFFXUUHGWKHIROORZLQJDIWHUQRRQ
DQGLQFOXGHG&KLHI3RWWV'HSXW\&KLHI+DUWOH\02$6HFXULW\'LUHFWRU'5H\QROGVDQG6DORQHNDQG
'DKOVWURPERWKRIZKRPLGHQWLILHGWKHPVHOYHVDVRUJDQL]HUVRIWKHLQWHQGHGSURWHVWGHPRQVWUDWLRQ:KLOH
SROLFHDQG5H\QROGVFRQWLQXHGWRZDUQ6DORQHNDQG'DKOVWURPWKDWWKHSODQQHGGHPRQVWUDWLRQZDVLOOHJDO
DQGOLNHO\WRUHVXOWLQDUUHVWVRUJDQL]HUVLQVLVWHGWKDWWKHSURWHVWZRXOGJRRQDVSODQQHGGLVFXVVHGWKH
JHQHUDOPDQQHULQZKLFKLWZRXOGEHFRQGXFWHGDQGWKDWLWZRXOGODVWIRUDSSUR[LPDWHO\WZRRUPRUHKRXUV
2Q6DWXUGD\'HFHPEHUDWSP%/0PDUVKDOVPHWDWWKH,.($IRRGFRXUW,NHD
:D\%ORRPLQJWRQ+HQQHSLQ&RXQW\0LQQHVRWD3ODLQFORWKHG%ORRPLQJWRQSROLFHRIILFHUVDOVRDWWHQGHG
WKLVPHHWLQJ%DGHLGHQWLILHGKHUVHOIDVWKHSULPDU\PDUVKDODQGVWDWHGWKDWVKHZRXOGPDNHGHFLVLRQVDQG
SURYLGHGLUHFWLRQVIRUWKHPDUVKDOVWKURXJKRXWWKHSURWHVWXVLQJWKHWH[WJURXS#%/0PDUVKDOV%DGH
LQWURGXFHG)RVWHUDQG:URQVNL5LOH\DVWKHEDFNXSKHDGPDUVKDOVZKRZRXOGSURYLGHGLUHFWLRQLQKHU
DEVHQFH%DGHGHWDLOHGWKDWDIWHUDVVHPEOLQJWKHWKRXVDQGVRISHRSOHDFFHSWLQJWKHLQYLWDWLRQWRSURWHVWLQ
WKHURWXQGDWKH\ZRXOGSURWHVWZLWKVLJQVDQGFKDQWVXQWLOWKHILUVW02$GHPDQGWROHDYHDWZKLFKWLPHWKH
SURWHVWRUVZRXOGVWDJHDGLHLQE\O\LQJRQWKHIORRU%DGHDGYLVHGWKDWPDUVKDOVZRXOGEHGLUHFWHGWR
PRYHSURWHVWRUVWRWKH6HDUVFRXUWDWWKH02$DQGDJDLQFKDQWDQGSURWHVWXQWLOWKHQH[W02$GHPDQGWR
OHDYHZKLFKZRXOGVHUYHDVDSURPSWWRVWDJHDVHFRQGGLHLQ1RWXQWLOWKHWKLUG02$GHPDQGWROHDYH
ZRXOGPDUVKDOVVWDUWPRYLQJSURWHVWRUVRXWRIWKHEXLOGLQJ%DGHDGYLVHGWKHPDUVKDOVWRHQWHUWKH02$
DORQHWRDYRLGLGHQWLILFDWLRQZLWKWKHSURWHVW%DGHWKHQWH[WHGWKDWVKHKDGJRQHWRWKH%DUQHVDQG1REOH
FDIp%HFDXVH02$VHFXULW\RIILFHUVLGHQWLILHGKHUDVDSURWHVWRUJDQL]HUWKH\HVFRUWHGKHURIIWKH
SURSHUW\'HVSLWHWKLV%DGHFRQWLQXHGWRWH[WLQVWUXFWLRQVWRWKHPDUVKDOVFRQFOXGLQJZLWKWKHWH[W:H
VKXWLWGRZQ\
DOO*UHDWZRUN
2Q6DWXUGD\'HFHPEHUEHWZHHQDQGSPDQHVWLPDWHGSHRSOH
JDWKHUHGDWWKHSODFHGHVLJQDWHGRQ%/002$IRUWKHGHPRQVWUDWLRQWKHPDLQURWXQGDRIWKH02$'RRUV
WRWKH02$FRQWDLQHGDZDUQLQJWKDWGHPRQVWUDWLRQVDQGSURWHVWVZHUHVWULFWO\SURKLELWHG02$
PDQDJHPHQWDOVRDQQRXQFHGWRWKHDVVHPEOLQJFURZGDWSPYLDWKHSXEOLFDGGUHVVV\VWHPWKDWWKHLU
HYHQWZDVXQDXWKRUL]HGDQGRUGHUHGDOOSDUWLFLSDQWVWROHDYHWKHEXLOGLQJ$WSP02$PDQDJHPHQW
SRVWHGWKHVDPHZDUQLQJRQWKHDXGLRYLVXDOVFUHHQLQWKHURWXQGD02$PDQDJHPHQWJDYHDGGLWLRQDO
DXGLEOHRUGHUVWROHDYHDWSPDQGSP(DFKWLPHWKLVRUGHUZDVJLYHQWKHFURZGYHKHPHQWO\
REMHFWHGDQGEHFDPHGHPRQVWUDEO\ORXGHU0RQWJRPHU\VLWXDWHGKHUVHOILQWKHPLGGOHRIWKHSURWHVWDQG
OHGWKHODUJHJURXSRISURWHVWRUVLQORXGERLVWHURXVVKRXWLQJDQGFKDQWLQJ7KHFURZGHQJDJHGLQORXG
ERLVWHURXVFKDQWV2IILFHUVREVHUYHG)RVWHU:URQVNL5LOH\DQG0RQWJRPHU\LQWKHFHQWHURIWKHURWXQGD
OHDGLQJWKHFKDQWV7KH\ZHUHODWHUMRLQHGE\7ZLVV$IWHUDERXWPLQXWHVRIFKDQWLQJSROLFHDWWHPSWHGWR
GLVSHUVHWKHSURWHVWRUV'XULQJWKLVWLPH02$FXVWRPHUVZHUHXQDEOHWRHQWHUWKHURWXQGDDQGZHUH
EORFNHGIURPVRPHKDOOZD\V7KHSURWHVWRUV
\HOOLQJZDVVRORXGWKDWSROLFHFRXOGKHDULWWKURXJKRXW
1LFNHORGHRQ8QLYHUVHDQGWKHHQWLUHHDVWVLGHRIWKH02$3URWHVWRUVZHUHORFDWHGRQDOOIRXUOHYHOVRIWKH
RSHQURWXQGD2IILFHUV.QHDQG%DUODQGZHUHVSLWRQIURPDQXSSHUOHYHORIWKHURWXQGD2IILFHUVREVHUYHG
WKDWPDQ\02$JXHVWVZHUHYHU\IUXVWUDWHGE\WKHLULQDELOLW\WRJHWWKURXJKWKHURWXQGDDQGKDOOZD\VWRWKHLU
GHVWLQDWLRQV2IILFHUVREVHUYHGPDQ\IDPLOLHVZLWKFKLOGUHQZKRDSSHDUHGYLVLEO\IULJKWHQHGDQGXSVHWE\
WKHSURWHVWRUV
$VSURWHVWRUVPRYHGIURPWKHURWXQGDRIILFHUVREVHUYHGDQGSKRWRJUDSKHG'DKOVWURPOHDGLQJFKDQWVQHDU
WKH%XLOG$%HDU:RUNVKRSZKHUHKHDQG6DORQHNLQVWUXFWHGSURWHVWRUVWRVWRSDQGOD\RQWKHIORRUDIWHU
02$VHFXULW\RUGHUHGWKHPWRGLVSHUVH$VVRPHRIWKHSURWHVWRUVOHIWRIILFHUVREVHUYHG)RVWHU
PDUVKDOLQJRQWKHQRUWKVLGHRIWKHURWXQGDERWKNHHSLQJSURWHVWRUVIURPJRLQJQRUWKWRZDUG6HDUVDQG
NHHSLQJ02$FXVWRPHUVRXWRIWKHURWXQGD2IILFHUVKHDUG:URQVNL5LOH\WHOOLQJPDUVKDOVWRFRQWLQXH


SURWHVWLQJIRUDQRWKHUPLQXWHV*LOGHUVOHYHMRLQHGWKHJURXSOHDGLQJFKDQWLQJSURWHVWRUVWKURXJKWKH
02$KDOOZD\V*LOGHUVOHYHODWHUVSRNHWRWKHPHGLDDERXWKHUUROHLQWKHGHPRQVWUDWLRQ+XQGUHGVRI
SURWHVWRUVWRRNWRWKHKDOOZD\VDQGFRQWLQXHG\HOOLQJDQGFKDQWLQJ$WSPDJURXSRISURWHVWRUV
PDUFKHGWKURXJK1LFNHORGHRQ8QLYHUVH6HUJHDQW6SDUNZKLOHSRVWHGDWWKHOHYHORQHVRXWKGRRUVRIWKH
02$REVHUYHGWKHJURXSRISURWHVWRUVPDUFKLQJIURPZHVWWRHDVWVKRXWLQJFKDQWVEHIRUHSURFHHGLQJWR
WKHVHFRQGIORRUDQGPDUFKLQJWKURXJKWKHKDOOZD\VZKLFKFDXVHGFXVWRPHUVDORQJWKHLUURXWHWRVWRSDQG
PRYHRIWKHLUZD\6HUJHDQW6SDUNGHVFULEHGWKHLQWHQVLW\RIWKHSURWHVWRUV
ZRUGVDQGFRQGXFWDVIUDQWLF
DQGXQFRQWUROOHG7KHSURWHVWRUVWKHQZHQWWRWKHWKLUGIORRURIWKH02$DQGVWDUWHGPDUFKLQJDQGFKDQWLQJ
DQGZHUHVRRQMRLQHGE\DVHFRQGODUJHJURXSRISURWHVWRUV2IILFHUVREVHUYHG0F'RZHOOOHDGLQJWKH
JURXSLQERWKPRYHPHQWDQGFKDQWVDQGKHODWHUVSRNHWRWKHPHGLDDERXWWKHSURWHVW7KHGHPRQVWUDWLRQ
ZLWKLQWKHKDOOZD\VFRQWLQXHGIRURYHUDQKRXU0HDQZKLOHRXWRQWKH02$
VLQWHUQDOULQJURDGDODUJH
JURXSRISURWHVWRUVEORFNHGWUDIILFIURPWUDYHOLQJRQWKHURDGZD\DQGFRQWLQXHGVKRXWLQJFKDQWLQJILVW
SXPSLQJDQGZDYLQJEDQQHUV2IILFHUVREVHUYHGDQGSKRWRJUDSKHG0RQWJRPHU\DVVKHOHGDJURXSRI
SURWHVWRUVZKREORFNHGWKH02$
VULQJURDGQHDUWKHWUDQVLWVWDWLRQ2IILFHUVSKRWRJUDSKHG/HY\3RXQGV
ZLWKWKHJURXSRISURWHVWRUVEORFNLQJWKHULQJURDG/DWHURQ'HFHPEHU0RQWJRPHU\SRVWHGRQ
KHU7ZLWWHUDFFRXQW:HVKXWGRZQWKH02$\
DOO$IWHUDSSUR[LPDWHO\WZRKRXUVWKHSURWHVWRUVZHUH
FOHDUHGIURPWKH02$SURSHUW\7KHFRVWWRWKHWD[SD\HUVRIWKH&LW\IRUWKHSROLFHRYHUWLPHDQGDGGLWLRQDO
SROLFHUHVRXUFHVRIRWKHUFRPPXQLWLHVFXUUHQWO\H[FHHGV7KHFRVWWRWKH02$IRUWKHDGGLWLRQDO
VHFXULW\QHHGHGWRPDLQWDLQSXEOLFVDIHW\GXULQJWKHGHPRQVWUDWLRQFXUUHQWO\H[FHHGV
%DVHGRQWKHDERYH\RXUFRPSODLQDQWVWDWHVWKDWRQ'HFHPEHUZLWKLQWKHFRUSRUDWHOLPLWVRIWKH
&LW\RI%ORRPLQJWRQ+HQQHSLQ&RXQW\6WDWHRI0LQQHVRWD1HNLPD9DOGH]/HY\3RXQGVWKHQDQGWKHUH
EHLQJGLGYLRODWHWKHDERYHOLVWHGSURYLVLRQV

6,*1$785(6$1'$33529$/6
&RPSODLQDQWUHTXHVWVWKDW'HIHQGDQWVXEMHFWWREDLORUFRQGLWLRQVRIUHOHDVHEH
 DUUHVWHGRUWKDWRWKHUODZIXOVWHSVEHWDNHQWRREWDLQ'HIHQGDQW
VDSSHDUDQFHLQFRXUWRU
 GHWDLQHGLIDOUHDG\LQFXVWRG\SHQGLQJIXUWKHUSURFHHGLQJVDQGWKDWVDLG'HIHQGDQWRWKHUZLVH
EHGHDOWZLWKDFFRUGLQJWRODZ
&RPSODLQDQW

0DUWLQ(DUOH\
6JW&ULPHV$JDLQVW3HUVRQ8QLW
:2OG6KDNRSHH5G
%ORRPLQJWRQ01
%DGJH

(OHFWURQLFDOO\6LJQHG
30

6XEVFULEHGDQGVZRUQWREHIRUHWKHXQGHUVLJQHG
GVZRUQWREHIRUHWKHXQG
GH
HUUVL
V JQ
JQHG
H 
HG
1RWDU\3XEOLFRU
RU
DO
-XGLFLDO2IILFLDO

/DUU\0HQD3HDFH2IILFHU
/DUU\
\ 0H
0HQD
QD 3H
3HDFH
3HDF
DFFH2I
2IILILILFHU
/L
LFH
FHQV
QVH
H 1X
1XPE
XP
PE
EHU




/LFHQVH1XPEHU
+
+H
HQQHS
SLQ
Q &RXQW
QW\\ 0LQ
L QHVRWD
W 
+HQQHSLQ&RXQW\0LQQHVRWD
0\
0
\ OLF
LFHQ
HQVVH
H H[SLU
[S UHV
[S
HV 
HV







0\OLFHQVHH[SLUHV
3
3R
ROLFH
OLOLFFH
H 2II
IILFFHU
HU
3ROLFH2IILFHU



 : 2OG
G 6K
KD
DNRSHH5G
:2OG6KDNRSHH5G
%O
%
ORRPL
RR
RPL
PLQJ
QJWR
QJ
WRQ
Q 01 
%ORRPLQJWRQ01

(OHFWURQLFDOO\6LJQHG
(O
(
OHF
HFWU
WUURQ
RQLFFDO
D O\6LJQHG






 
 30
30

%HLQJDXWKRUL]HGWRSURVHFXWHWKHRIIHQVHVFKDUJHG,DSSURYHWKLVFRPSODLQW
HG
G WR SU
SURVVH
HFFXWHWKHRIIIH
IHQVVHV
HV FKD
KDUJ
JHG
HG , DSSU
DSSU
DS
S RYYH WK
WKLVV FRPSO
RP
PS DLLQWW
WWR
WRUQ
WR
RU H\
\ 6DQGUD-RKQVRQ
6DQG
6D
QGUD
D -RK
RKQV
KQV
QVRQ
QVRQ
RQ
3URVHFXWLQJ$WWRUQH\
& W\
&L
\ $WWWRUQH
RUQH
RU
QH\\
&LW\$WWRUQH\


 : 2OG
OG 6KDNR
KDNR
KD
NRSH
SHH 5G
SHH
G
:2OG6KDNRSHH5G
%ORR
%O
RPLLQJ
QJWRQ
WRQ
WR
Q 01 




%ORRPLQJWRQ01


 



 

 

(OOHF
(
HFWU
WURQ
RQLF
RQ
LFDO
DOOOO\ 6LJ
JQH
HG
G
(OHFWURQLFDOO\6LJQHG








 30
30

),1',1*2)352%$%/(&$86(
)URP WKH DERYH VZRUQ IDFWV DQG DQ\ VXSSRUWLQJ DIILGDYLWV RU VXSSOHPHQWDO VZRUQ WHVWLPRQ\ , WKH ,VVXLQJ 2IILFHU KDYH
GHWHUPLQHG WKDW SUREDEOH FDXVH H[LVWV WR VXSSRUW VXEMHFW WR EDLO RU FRQGLWLRQV RI UHOHDVH ZKHUH DSSOLFDEOH 'HIHQGDQWV DUUHVW
RU RWKHU ODZIXO VWHSV EH WDNHQ WR REWDLQ 'HIHQGDQWV DSSHDUDQFH LQ FRXUW RU 'HIHQGDQWV GHWHQWLRQ LI DOUHDG\ LQ FXVWRG\
SHQGLQJIXUWKHUSURFHHGLQJV'HIHQGDQWLVWKHUHIRUHFKDUJHGZLWKWKHDERYHVWDWHGRIIHQVH V 

; 6800216
7+(5()25(<287+('()(1'$17$5(680021('WRDSSHDURQBBBBBBBBBBBBBBBBDWBBBBB$030
EHIRUHWKHDERYHQDPHGFRXUWDW<RUN$YHQXH6(GLQD01WRDQVZHUWKLVFRPSODLQW
,)<28)$,/72$33($5LQUHVSRQVHWRWKLV6800216D:$55$17)25<285$55(67VKDOOEHLVVXHG

:$55$17
7R WKH 6KHULII RI WKH DERYHQDPHG FRXQW\ RU RWKHU SHUVRQ DXWKRUL]HG WR H[HFXWH WKLV ZDUUDQW , RUGHU LQ WKH QDPH RI WKH 6WDWH
RI 0LQQHVRWD WKDW WKH 'HIHQGDQW EH DSSUHKHQGHG DQG DUUHVWHG ZLWKRXW GHOD\ DQG EURXJKW SURPSWO\ EHIRUH WKH FRXUW LI LQ
VHVVLRQ  DQG LI QRW EHIRUH D -XGJH RU -XGLFLDO 2IILFHU RI VXFK FRXUW ZLWKRXW XQQHFHVVDU\ GHOD\ DQG LQ DQ\ HYHQW QRW ODWHU WKDQ
KRXUVDIWHUWKHDUUHVWRUDVVRRQDVVXFK-XGJHRU-XGLFLDO2IILFHULVDYDLODEOHWREHGHDOWZLWKDFFRUGLQJWRODZ
([HFXWHLQ012QO\

([HFXWH1DWLRQZLGH

([HFXWHLQ%RUGHU6WDWHV

25'(52)'(7(17,21
6LQFH WKH 'HIHQGDQW LV DOUHDG\ LQ FXVWRG\ , RUGHU VXEMHFW WR EDLO RU FRQGLWLRQV RI UHOHDVH WKDW WKH 'HIHQGDQW FRQWLQXH WR EH
GHWDLQHGSHQGLQJIXUWKHUSURFHHGLQJV
%DLO
&RQGLWLRQVRI5HOHDVH
7KLVFRPSODLQWLVLVVXHGE\WKHXQGHUVLJQHG-XGJHDVRIWKHIROORZLQJGDWH-DQXDU\
-XGLFLDO2IILFHU

-RKQ0F6KDQH


(OHFWURQLFDOO\6LJQHG30

6ZRUQWHVWLPRQ\KDVEHHQJLYHQEHIRUHWKH-XGLFLDO2IILFHUE\WKHIROORZLQJZLWQHVVHV

&2817<2)+(11(3,1
67$7(2)0,11(627$

&OHUN
V6LJQDWXUHRU)LOH6WDPS

6WDWHRI0LQQHVRWD
3ODLQWLII

5(78512)6(59,&(

YV

,KHUHE\&HUWLI\DQG5HWXUQWKDW,KDYHVHUYHGDFRS\RIWKLV
6XPPRQVXSRQWKH'HIHQGDQWKHUHLQQDPHG

1HNLPD9DOGH]/HY\3RXQGV

6LJQDWXUHRI$XWKRUL]HG6HUYLFH$JHQW

'HIHQGDQW

You might also like