6(&21'',9,6,21

>*51R-XO\@

7+( 3(23/( 2) 7+( 3+,/,33,1(6 SODLQWLIIDSSHOOHH YV (1*,1((5

52'2/)2',$=DFFXVHGDSSHOODQW

'(&,6,21
7255(6-5-

5RGROIR
(UZLQ
 'LD] VHHNV WKH PDQGDWH RI WKLV &RXUW WR UHYLHZ WKH GHFLVLRQ GDWHG
6HSWHPEHURIWKH5HJLRQDO7ULDO&RXUWWK-XGLFLDO5HJLRQ%UDQFK'DYDR&LW\>@
LQ &ULPLQDO &DVH 1R   FRQYLFWLQJ KLP RI WKH FULPH RI ,OOHJDO 5HFUXLWPHQW LQ /DUJH
6FDOHDQGVHQWHQFLQJKLPWRVXIIHUOLIHLPSULVRQPHQWDQGWRSD\DILQHRI3SOXVWKH
FRVWV
,QDQ,QIRUPDWLRQGDWHG$XJXVW$VVLVWDQW&LW\3URVHFXWRU'DYLG:1DWLYLGDGRI
'DYDR&LW\FKDUJHGDSSHOODQWRIYLRODWLQJ$UWLFOHVDDQGELQUHODWLRQWR$UWLFOHRI
WKH/DERU&RGHDVDPHQGHGDVIROORZV

7KDWVRPHWLPHLQWKHPRQWKRI-XO\LQWKH&LW\RI'DYDRDQGZLWKLQWKHMXULVGLFWLRQRIWKLV
+RQRUDEOH&RXUWWKHDERYHPHQWLRQHGDFFXVHGSXUSRUWLQJKLPVHOIWRKDYHWKHFDSDFLW\WRFRQWUDFWHQOLVW
DQGWUDQVSRUW)LOLSLQRZRUNHUVIRUHPSOR\PHQWDEURDGSDUWLFXODUO\%UXQHLDQG-DSDQGLGWKHQDQGWKHUH
ZLOOIXOO\XQODZIXOO\UHFUXLWDQGSURPLVHHPSOR\PHQWMRESODFHPHQWDEURDGWR0DU\$QQH1DYDUUR
0DULD7KHUHVD)DEULFDQWHDQG0DULD(OHQD5DPLUH]ZLWKRXWILUVWVHFXULQJWKHUHTXLUHGOLFHQVHDQGRU
DXWKRULW\IURPWKH'HSDUWPHQWRI/DERUDQG(PSOR\PHQW

&2175$5<72/$:>@

7KHDQWHFHGHQWIDFWVIRXQGE\WKH&RXUWDTXRUHDGV
0DU\ $QQH 1DYDUUR ZDV  \HDUV ROG VLQJOH DQG D VWXGHQW RI WKH 8QLYHUVLW\ RI WKH
,PPDFXODWH&RQFHSFLRQLQWDNLQJXS%DFKHORURI6FLHQFHLQ0XVLF'DYDR&LW\
0DULD7KHUHVD)DEULFDQWHZDV\HDUVROGVLQJOHDQGMREOHVVLQ6KHLVDFFRUGLQJO\
DFRPPHUFHJUDGXDWHRIWKH1RWUH'DPH8QLYHUVLW\LQ&RWDEDWR&LW\
0DULD (OHQD 5DPLUH] ZDV  \HDUV ROG PDUULHG DQG D EXVLQHVVZRPDQ LQ  6KH LV
DFFRUGLQJO\DFROOHJHJUDGXDWHRIWKH8QLYHUVLW\RI0LQGDQDRLQ'DYDR&LW\ZKHUHVKHILQLVKHG
WKHFRXUVHRI%DFKHORURI6FLHQFHLQ&RPPHUFHPDMRULQPDQDJHPHQW
)URP WKH FRPELQHG WHVWLPRQLHV RI WKHVH WKUHH FRPSODLQDQWV WKH &RXUW KDV JDWKHUHG WKDW
WKLVLVZKDWKDSSHQHGZKLFKJDYHULVHWRWKLVFDVH

,Q-XQHWKH\ZHUHDOOHQUROOHGDWWKH+HQLFKL7HFKQR([FKDQJH&XOWXUDO)RXQGDWLRQLQ'DYDR&LW\
VWXG\LQJ1LSRQJJR7KHLUWHDFKHUZDV0UV5HPHGLRV$SOLFDGRU
 2QH GD\ 0UV $SOLFDGRU WROG WKHP WKDW LI WKH\ ZDQWHG WR JR DQG ZRUN DEURDG SDUWLFXODUO\
%UXQHLZKHUHWKH\FRXOGHDUQDVDODU\RIIRUIRXUKRXUVGDLO\ZRUNVKHZRXOGUHIHU
WKHPWR0U3DXOR/LPZKRNQHZRQH(QJU(UZLQ'LD]ZKRZDVUHFUXLWLQJDSSOLFDQWVIRU%UXQHL
WVQSS WVQS
$FFRPSDQLHG E\ 0UV $SOLFDGRU WKH WKUHH FRPSODLQDQWV ZHQW WR 0U 3DXOR /LP ZKR
H[SODLQHGWRWKHPWKDWKHZDVQRWWKHRQHUHFUXLWLQJZRUNHUVEXW(QJU'LD]WVQS
0U /LP LQIRUPHG WKHP WKDW KLV FKLOGUHQ KDG DOUHDG\ DSSOLHG ZLWK (QJU 'LD] DQG WKDW WKH
UHTXLUHPHQWV ZHUH ELRGDWD SDVVSRUW PHGLFDO FKHFNXS ,' DQG LQFRPH WD[ UHWXUQ DQG
3 IRU SURFHVVLQJ RI WKHLU SDSHUV WVQ  SS      SS   
7HOOLQJWKHPWKDWKHNQHZSUHWW\ZHOOWKHUHFUXLWHU(QJU'LD]DQGWKDW:HGRQ
WKDYHWRZRUU\
ZHFDQUHDOO\JRDEURDGDQGDVDPDWWHURIIDFWKHVDLGWKDWKLVWKUHHFKLOGUHQZHUHDSSO\LQJWR
JRWR%UXQHLKHRIIHUHGWRDFFRPSDQ\WKHPWR(QJU(UZLQ'LD]DWWKHRIILFHRIWKH&,6WVQ
 S  7KH\ DVNHG 0U /LP ZKHQ KH ZDV DYDLODEOH DQG KH VDLG -XO\  
6DWXUGD\PRUQLQJWVQS
2Q -XO\  0U 3DXOR /LP DQG 0UV 5HPHGLRV $SOLFDGRU DFFRPSDQLHG WKH WKUHH
FRPSODLQDQWVWR(QJU'LD]ZKRZDVWKHQEHLQJGHWDLQHGLQWKH&,6'HWHQWLRQ&HQWHULQ'DYDR
&LW\DQGLQWURGXFHGWKHPWRKLP7KH FRPSODLQDQWV DVNHG (QJU 'LD] ZK\ KH ZDV LQVLGH WKH
FHOO DQG KH H[SODLQHG WKDW IRXU DSSOLFDQWV KDG ILOHG D FDVH DJDLQVW KLP EHFDXVH WKH\ FRXOG
QRWDFFHSWWKDWWKH\ZHUHVLFNRIKHSDWLWLVDQGWKDWWKH&,6HOHPHQWVDUHMXVWPDNLQJPRQH\RXW
RILW WVQ S 7KH\ DVNHG KLP LI KH ZDV UHFUXLWLQJ DSSOLFDQWV IRU %UXQHL DQG KH
VDLG \HV WKH\ DOVR LQTXLUHG ZKDW ZHUH WKH UHTXLUHPHQWV DQG KH VDLG IRXU SDVVSRUW VL]H
SLFWXUHV RI HDFK DSSOLFDQW ELRGDWD LQFRPH WD[ UHWXUQ PHGLFDO FHUWLILFDWH 1%, FOHDUDQFH
SDVVSRUW 3 IRU SURFHVVLQJ RI WKH SDSHUV RI HDFK DSSOLFDQW DQG 3 DV
SODFHPHQW IHH EXW RQO\ 3 IRU SODQH IDUH ZDV WR EH SDLG E\ HDFK DSSOLFDQW WKH
EDODQFHRI3ZDVWREHSDLGE\PHDQVRIVDODU\GHGXFWLRQVWVQSWVQ
S S 7KH 3 IRU SURFHVVLQJ RI WKHLU UHVSHFWLYH DSSOLFDWLRQV ZDV WR EH
SDLGDWWKHKRXVHRI(QJU'LD]DW$ULHV6WUHHW*6,6+HLJKWV'DYDR&LW\ZLWKWHOHSKRQH
QRWVQS
0DU\$QQH1DYDUURSDLG3WR(QJU'LD]DWKLVUHVLGHQFHRQ-XO\([K
&7KHUHLVQRH[SODQDWLRQE\KHUZK\VKHSDLGRQO\3DQGQRW3
0DULD 7KHUHVD )DEULFDQWH SDLG RQO\ 3 WR (QJU 'LD] DOVR RQ -XO\   ([K
( 6KH SDLG RQO\ WKDW DPRXQW EHFDXVH DFFRUGLQJ WR KHU WHVWLPRQ\ VKH DOUHDG\ KDG D
SDVVSRUWDQG(QJU'LD]VDLGVKHZDVUHTXLUHGWRSD\RQO\3WVQS
0DULD(OHQD5DPLUH]SDLGWR(QJU'LD]3EXWVKHORVWKHUUHFHLSWWVQS
+RZHYHULWZDVUHWXUQHGWRKHUE\(QJU'LD]RQ$XJXVW([K*
([KLELW * LV D 5(&(,37 VLJQHG E\ WKH WKUHH FRPSODLQDQWV DFNQRZOHGJLQJ WKH UHWXUQ WR
WKHPUHVSHFWLYHO\RIWKHDPRXQWVRI33DQG3E\WKHDFFXVHGDQG
KLVZLIHZKRDOVRVLJQHGLWDVZLWQHVVHVWVQS
$IWHU VXEPLWWLQJ WR WKH DFFXVHG DOO WKH UHTXLUHG SDSHUV DQG XQGHUJRLQJ PHGLFDO
H[DPLQDWLRQEHIRUHWKHUHWXUQRIVDLGDPRXQWVWRWKHFRPSODLQDQWVWKH\DVNHGKLPZKHQWKH\
FRXOGOHDYH7KHDFFXVHGWROGWKHPWRZDLWIRUWKUHHWRIRXUZHHNVDVKLVSDSHUVZHUHVWLOOEHLQJ
SURFHVVHG E\ WKH &,6 WVQ  S  'XULQJ WKLV SHULRG ZKHQ WKH DFFXVHG KDG DOUHDG\
EHHQ UHOHDVHG IURP GHWHQWLRQ WHVWLPRQ\ RI WKH DFFXVHG WVQ  SS  WKH
FRPSODLQDQWVNHSWLQTXLULQJIURPKLPZKHQWKH\ZRXOGEHOHDYLQJIRU%UXQHLJRLQJWRKLVKRXVH
VHYHUDO WLPHV ZKHUH WKH\ VDZ PDQ\ RWKHU DSSOLFDQWV OLNH WKHP %XW WKH DFFXVHG MXVW NHSW
VD\LQJWKDWKLVSDSHUVZHUHVWLOOZLWKWKH&,6WVQS
 :KHQ KH ZDV VWLOO GHWDLQHG KH WROG WKH FRPSODLQDQWV WKDW WKH QDPH RI KLV DJHQF\ LV
FRQILGHQWLDO EXW WKH RZQHU WKHUHRI LV (UOLQGD 5RPXDOGH] ZKR XVHG WR EH KHU VLF PLVWUHVV
DVVXULQJ WKHP WKDW ZH GRQ
W KDYH WR ZRUU\ DERXW LW EHFDXVH KH VDLG LW LV JRYHUQPHQW SURMHFW
DQGWKHQKHVDLGKHZLOOHVFRUWXVWR3KLOLSSLQH3OD]D+RWHOIRUEULHILQJEHIRUHOHDYLQJIRUDEURDG
DQGDIWHUWKHEULHILQJDWWKH3KLOLSSLQH3OD]D+RWHOZHZLOOSURFHHGWR32($ZKHUHZHZLOOVLJQ
DFRQWUDFWWKDWLVWKHWLPHZHZLOOJLYHKLPWKHDPRXQWRI3DQGWKHQZHZLOOSURFHHG
WRWKHUHVLGHQFHRI(UOLQGD5RPXDOGH]ZKHUHZHZLOOEHVWD\LQJIRUWKUHHGD\VWVQSS

0DU\ $QQH 1DYDUUR DVNHG KHU IDWKHU IRU 3 IRU KHU SODQH IDUH DQG VR WKH\
PRUWJDJHGWKHLUSLDQRIRU3WR6HUYH/RDQ0DUWDVHYLGHQFHGE\DSURPLVVRU\QRWH
IRU3([K' WVQS
)URPWKHERUURZHG30DU\$QQH1DYDUURVHWDVLGH3IRUSODFHPHQW
IHHDQGWKHUHPDLQLQJ3,XVHGLQEX\LQJWUDYHOLQJEDJGUHVVHVVKRHVDQGRIFRXUVH
PDNHXSVLFEHFDXVHZHZHUHWROGWKDWZHZLOOEHZRUNLQJWKHUHDVVDOHVJLUOV7KHQKDLUEDQG
SDLURIHDUULQJVDQGULQJWVQSS,WZDVWKHDFFXVHGZKRWROGWKHPWKDWWKH\
ZRXOG EH ZRUNLQJ LQ RQH RI WKH GHSDUWPHQW VWRUHV LQ %UXQHL DQG UHFHLYLQJ D PRQWKO\ SD\ RI
IRUZRUNLQJRQO\IRXUKRXUVDGD\WVQS(DUOLHUVKHVDLG(QJU'LD]WROG
KHUDQGKHUFRFRPSODLQDQWVKHUHLQWKDWWKH3ZDVIRUSODQHIDUHWVQS
0DULD7KHUHVD)DEULFDQWHZHQWKRPHWR&RWDEDWRWRVHFXUHWKHUHTXLUHG3 +HU
IDWKHUVROGDKRUVHIRU3$VIRUWKHEDODQFHRI32XUSODQZDVWRPRUWJDJH
RXUILYHKHFWDUHODQGWRDIULHQGRIP\IDWKHU
4:DVWKHODQGDFWXDOO\PRUWJDJH"
$7KHPRQH\ZDVUHDG\IRUUHOHDVH
41RZZDVWKHPRQH\UHOHDVH"
$1RVLU
4:K\"
$7KHPRQH\ZDVVXSSRVHGWREHUHOHDVHGRQ$XJXVWEXWEHIRUHWKDWGDWH$XJXVW,FDPH
EDFNWR'DYDRDQGZHQWWRWKHRIILFHRI32($DQGYHULI\ZKHWKHU(QJU'LD]ZDVLQGHHGD
OLFHQVHGUHFUXLWHU
4:KDWGLG\RXILQGRXWZKHQ\RXJRWKHUH"
$+HLVQRWUHJLVWHUHGRULQWKHOLVW+LVQDPHGRHVQRWDSSHDURQWKHOLVW
4:LWKZKRPGLG\RXWDONWRZLWKWKH32($"
$$WW\(YDQJHOLR
41RZXSRQOHDUQLQJWKDW0U'LD]LVQRWLQFOXGHGLQWKHPDVWHUVOLVWZKDWGLG\RXGR"
$$IWHUNQRZLQJWKDW,ZHQWWRP\WZRFRPSDQLRQV0D(OHQD5DPLUH]DQG0DU\$QQH1DYDUUR
DQGLQIRUPHGWKHPRIZKDW,IRXQGRXWWKDWWKHDJHQF\UHSUHVHQWHGE\(QJU'LD]ZDVDIDNH
DJHQF\DQG,DGYLVHGWKHPWKH\WRRVKRXOGIROORZLWXSE\WKHPVHOYHV
41RZRI\RXURZQNQRZOHGJHGLGWKH\GR"
$<HVVLU
4:KDWDERXW\RX"
$<HVVLUZHVHWDGDWHWRJRWRWKH32($EXWEHIRUHWKDWZHDJUHHGWKDWZHZLOOJRDQGVHH
(QJU'LD]WRJHWEDFNWKHPRQH\WKDWZHSDLGDVZHOODVWKHSDSHUV
 4'LG\RXDFWXDOO\JRWR(QJU'LD]"
$<HVVLU
4:KDWKDSSHQHG"
$:HZHQWWRVHH(QJ'LD]DQGZKHQZHPHWKLPKHJUHHWXVE\VD\LQJ,I\RXDUHUHDG\WR
OHDYH" %XW ZH WROG KLP WKDW ZH DUH QRW JRLQJ WR OHDYH DQG ZH DUH ZLWKGUDZLQJ RXU
DSSOLFDWLRQVEHFDXVHZHIRXQGIURPWKHRIILFHRIWKH32($WKDWKHLVDIDNHUHFUXLWHUDQGVR
KHJRWDQJU\DQGVDLGWKDWLIRXUSXUSRVHLQJRLQJWKHUHZDVWRZLWKGUDZKHVDLGZHFDQDQG
ZHFDQJHWEDFNRXUGRFXPHQWVWKHQH[WGD\EXWKHVDLGZHZLOOKDYHWRSD\KLPFKDUJHV
$QGZHVDLGZKDWIRU"+HVDLGIRUODERUEHFDXVHKHDOUHDG\VHFXUHGDSODQHWLFNHWIRUXV
DQGZKHQ,DVNHGZKHUHWKHSODQHWLFNHWVDUH"+HVDLGLWLVLQ&DJD\DQWVQSS

$W WKH 32($ WKH WKUHH FRPSODLQDQWV OHDUQHG WKDW WKH DJHQF\ UHSUHVHQWHG E\ (QJU 'LD]
ZDVDIDNHDJHQF\WVQS7KH 3KLOLSSLQH 2YHUVHDV (PSOR\PHQW $GPLQLVWUDWLRQ
LVVXHGD&(57,),&$7,21([K$ZKLFKUHDGV

7KLVLVWRFHUWLI\WKDW(QJ
U'LD]DND(UZLQ5XG\(GZLQ5RGROIR$ULHO0DWHRRI$ULHV6W*6,6
6XEG0DWLQD'DYDR&LW\0U3DXOR/LPDQG5HPHGLRV$SOLFDGRUERWKRI6WR5RVDULR6W%XKDQJLQ
'DYDR&LW\ZHUHQHYHUJUDQWHGDQDXWKRULW\WRFRQGXFWUHFUXLWPHQWIRURYHUVHDVHPSOR\PHQWLQ'DYDR
&LW\RULQDQ\SDUWRI5HJLRQ;,DQGWKDWWKHDJHQF\RIWKHIRUPHUNQRZQDV3KLO-DS&RQVWU
QDQG
7DQDNDDQG'LD]$VVRZHUHQHYHUEHHQDOLFHQVHGDJHQF\IRURYHUVHDVUHFUXLWPHQW

7KLVFHUWLILFDWLRQLVEHLQJLVVXHGXSRQWKHZULWWHQUHTXHVWRI0D(OHQD5DPLUH]0DU\$QQH1DYDUUR
DQG0D7KHUHVD)DEULFDQWHIRUZKDWHYHUOHJDOSXUSRVHLWPD\VHUYHWKHPEHVW

$XJXVW'DYDR&LW\3KLOLSSLQHV

6JG*$8'(1&,2'(/$3($

8QLW&RRUGLQDWRU

7KH WKUHH FRPSODLQDQWV ZLWKGUHZ WKHLU DSSOLFDWLRQV IURP (QJU 'LD] ZLWKRXW SD\LQJ KLV
FKDUJHV7KH DPRXQWV WKH\ SDLG IRU SURFHVVLQJ IHHV ZHUH DOO UHWXUQHG WR WKHP E\ (QJU 'LD]
([K*>@
2Q6HSWHPEHUWKHWULDOFRXUWUHQGHUHGDGHFLVLRQILQGLQJWKHDSSHOODQWJXLOW\RIWKH
FULPHFKDUJHGWKHGLVSRVLWLYHSRUWLRQRIZKLFKVWDWHV

:+(5()25(WKLV&RXUWILQGVWKHDFFXVHG5RGROIR
(UZLQ
'LD]JXLOW\EH\RQGUHDVRQDEOHGRXEWRIWKH
RIIHQVHRIODUJHVFDOHLOOHJDOUHFUXLWPHQWDQGVHQWHQFHVKLPWRVXIIHUOLIHLPSULVRQPHQWDQGWRSD\DILQH
RI3SOXVWKHFRVWV

$FFXVHGDSSHOODQW'LD]SUHGLFDWHGWKHLQVWDQWDSSHDORQWKHIROORZLQJDVVLJQPHQWRIHUURUV
,

7+(/2:(5&2857(55(',1),1',1*7+$77+($&&86('12721/<&21),1('
+,06(/)72)$&,/,7$7,1*7+(3$663257$1'0(',&$/(;$0,1$7,212)7+(
&203/$,1$176%87$/623520,6('7+(0(03/2<0(17$%52$'
,,

7+(/2:(5&2857(55(',1127),1',1*7+$77+($&&86(':$60(5(/<$
)$&,/,7$7252)75$9(/'2&80(176$1'127$1,//(*$/5(&58,7(5
,,,

7+(/2:(5&2857(55(',1&219,&7,1*7+($&&86('2)7+(&5,0(&+$5*('>@

7KHIRUHJRLQJDVVLJQHGHUURUVEHLQJLQWHUWZLQHGVKDOOEHGLVFXVVHGWRJHWKHU
7KHFULPHRILOOHJDOUHFUXLWPHQWDVGHILQHGXQGHU$UWLFOHVDLQUHODWLRQWR$UWLFOHVE
DQGDQGSHQDOL]HGXQGHU$UWLFOHRIWKH/DERU&RGHDVDPHQGHGE\3UHVLGHQWLDO'HFUHH
 DQG 3UHVLGHQWLDO 'HFUHH  LV DQ\ UHFUXLWPHQW DFWLYLW\ LQFOXGLQJ WKH SURKLELWHG
SUDFWLFHVHQXPHUDWHGXQGHU$UWLFOHXQGHUWDNHQE\DQRQOLFHQVHHRUQRQKROGHURIDXWKRULW\

7KXV LQ 3HRSOH Y &DEDFDQJ>@ WKLV &RXUW UXOHG WKDW WKH FULPH RI LOOHJDO UHFUXLWPHQW LV
FRPPLWWHGZKHQWZRHOHPHQWVFRQFXUQDPHO\
@7KDW WKH RIIHQGHU KDV QR YDOLG OLFHQVH RU DXWKRULW\ UHTXLUHG E\ ODZ WR HQDEOH RQH WR ODZIXOO\
HQJDJHLQUHFUXLWPHQWDQGSODFHPHQWRIZRUNHUVDQG
@ 7KDW WKH RIIHQGHU XQGHUWDNHV HLWKHU DQ\ DFWLYLW\ ZLWKLQ WKH PHDQLQJ RI UHFUXLWPHQW DQG
SODFHPHQW GHILQHG XQGHU $UWLFOH E RU DQ\ SURKLELWHG SUDFWLFHV HQXPHUDWHG XQGHU $UWLFOH

$UWLFOH  E RI WKH /DERU &RGH SURYLGHV IRU WKH VWDWXWRU\ GHILQLWLRQ RI UHFUXLWPHQW DQG
SODFHPHQWDVIROORZV

5HFUXLWPHQWDQGSODFHPHQWUHIHUVWRDQ\DFWRIFDQYDVVLQJHQOLVWLQJFRQWUDFWLQJWUDQVSRUWLQJXWLOL]LQJ
KLULQJRUSURFXULQJZRUNHUVDQGLQFOXGHVUHIHUUDOVFRQWUDFWVHUYLFHVSURPLVLQJRUDGYHUWLVLQJIRU
HPSOR\PHQWORFDOO\RUDEURDGZKHWKHUIRUSURILWRUQRW3URYLGHGWKDWDQ\SHUVRQRUHQWLW\ZKLFKLQDQ\
PDQQHURIIHUVRUSURPLVHVIRUDIHHHPSOR\PHQWWRWZRRUPRUHSHUVRQVVKDOOEHGHHPHGHQJDJHGLQ
UHFUXLWPHQWDQGSODFHPHQW

,Q3HRSOHY3DQLV>@ZHPDGHWKHSURQRXQFHPHQWWKDWDQ\RIWKHDFWVPHQWLRQHGLQ$UWLFOH
EZLOOFRQVWLWXWHUHFUXLWPHQWDQGSODFHPHQWHYHQLIRQO\RQHSURVSHFWLYHZRUNHULVLQYROYHG
7KH QXPEHU RI SHUVRQV GHDOW ZLWK LV QRW DQ HVVHQWLDO LQJUHGLHQW RI WKH DFW RI UHFUXLWPHQW DQG
SODFHPHQW
$UWLFOH D FOHDUO\ VKRZV WKDW LOOHJDO UHFUXLWPHQW LV DQ RIIHQVH ZKLFK LV HVVHQWLDOO\
FRPPLWWHGE\DQRQOLFHQVHHRUQRQKROGHURIDXWKRULW\
$ QRQOLFHQVHH RU QRQKROGHU RI DXWKRULW\ PHDQV DQ\ SHUVRQ FRUSRUDWLRQ RU HQWLW\ ZKLFK
KDVQRWEHHQLVVXHGDYDOLGOLFHQVHRUDXWKRULW\WRHQJDJHLQUHFUXLWPHQWDQGSODFHPHQWE\WKH
6HFUHWDU\RI/DERURUZKRVHOLFHQVHRUDXWKRULW\KDVEHHQVXVSHQGHGUHYRNHGRUFDQFHOOHGE\
WKH32($RUWKH6HFUHWDU\>@
0RUHRYHU UHFUXLWPHQW DQG SODFHPHQW DFWLYLWLHV RI DJHQWV RU UHSUHVHQWDWLYHV ZKRVH
DSSRLQWPHQWVE\DOLFHQVHHRUKROGHURIDXWKRULW\ZHUHQRWSUHYLRXVO\DXWKRUL]HGE\WKH32($
VKDOOOLNHZLVHFRQVWLWXWHLOOHJDOUHFUXLWPHQW>@
:HUXOHGLQ3HRSOHYV*RFHLQWKLVZLVH
$UWLFOHERIWKH/DERU&RGHDVDPHQGHGE\3UHVLGHQWLDO'HFUHH1RSURYLGHV
WKDWDQ\UHFUXLWPHQWDFWLYLW\LQFOXGLQJWKHSURKLELWHGSUDFWLFHVHQXPHUDWHGLQ$UWLFOHRIVDLG
&RGH XQGHUWDNHQ E\ QRQ OLFHQVHHV RU QRQKROGHUV RI DXWKRULW\ VKDOO EH GHHPHG LOOHJDO DQG
SXQLVKDEOH XQGHU $UWLFOH  WKHUHRI 7KH VDPH DUWLFOH IXUWKHU SURYLGHV WKDW LOOHJDO UHFUXLWPHQW
VKDOO EH FRQVLGHUHG DQ RIIHQVH LQYROYLQJ HFRQRPLF VDERWDJH LI DQ\ RI WKH TXDOLI\LQJ
FLUFXPVWDQFHVH[LVWQDPHO\

D@ZKHQLOOHJDOUHFUXLWPHQWLVFRPPLWWHGE\DV\QGLFDWHWKDWLVLIFDUULHGRXWE\DJURXSRIWKUHHRUPRUH
SHUVRQVFRQVSLULQJRUFRQIHGHUDWLQJZLWKRQHDQRWKHURU

E@ZKHQLOOHJDOUHFUXLWPHQWLVFRPPLWWHGLQODUJHVFDOHWKDWLVLIFRPPLWWHGDJDLQVWWKUHHRUPRUH
SHUVRQVLQGLYLGXDOO\RUDVDJURXS>@

&RQVLGHULQJWKHFOHDULPSRUWRIWKHIRUHJRLQJGRFWULQHZKLFKVSHOOVWKHXQPLVWDNDEOHLQWHQW
RI WKH VSHFLILF SURYLVLRQ DSSOLFDEOH DW EDU WKH LQVWDQW FDVH ZLWKRXW GRXEW LQYROYHV LOOHJDO
UHFUXLWPHQWLQODUJHVFDOH
7KH HOHPHQWV RI WKH FULPH RI LOOHJDO UHFUXLWPHQW LQ ODUJH VFDOH ZKLFK DUH XQGRXEWHGO\
SUHVHQWLQWKLVFDVHDUH
@ WKH RIIHQGHU LV D QRQOLFHQVHH RU QRQKROGHU RI DXWKRULW\ WR HQJDJH LQ UHFUXLWPHQW DQG
SODFHPHQWDFWLYLW\
@WKHRIIHQGHUXQGHUWDNHVUHFUXLWPHQWDQGSODFHPHQWDFWLYLW\GHILQHGXQGHU$UWLFOHERUDQ\
SURKLELWHGSUDFWLFHVHQXPHUDWHGXQGHU$UWLFOHDQG

@LOOHJDOUHFUXLWPHQWLVFRPPLWWHGDJDLQVWWKUHHRUPRUHSHUVRQVLQGLYLGXDOO\RUDVDJURXS>@
$VFDQEHDVFHUWDLQHGDIWHUDWKRURXJKUHDGLQJRIWKHUHFRUGVDSSHOODQW'LD]ZDVQHLWKHUD
OLFHQVHHQRUDKROGHURIDXWKRULW\WRTXDOLI\KLPWRODZIXOO\HQJDJHLQUHFUXLWPHQWDQGSODFHPHQW
DFWLYLW\

3XUVXDQW WR WKH &HUWLILFDWLRQ LVVXHG E\ WKH 32($ GDWHG WK RI $XJXVW >@ GXO\
VLJQHGE\*DXGHQFLRGHOD3HQD8QLW&RRUGLQDWRUDSSHOODQWZDVQHYHUJUDQWHGDQDXWKRULW\WR
FRQGXFWUHFUXLWPHQWIRURYHUVHDVHPSOR\PHQW
$VWRWKHWKLUGHOHPHQWRIWKHFULPHWKHUHZHUHREYLRXVO\WKUHHSHUVRQVZKRZHUHYLFWLPV
RIWKHDSSHOODQW
VQHIDULRXVDFWRIODUJHVFDOHLOOHJDOUHFUXLWPHQW
5HODWLYH WR WKH TXHVWLRQ RI ZKHWKHU RU QRW DSSHOODQW 'LD] ZDV HQJDJHG LQ UHFUXLWPHQW
DFWLYLW\ LW LV FOHDU IURP WKH WHVWLPRQLHV RI WKH WKUHH FRPSODLQDQWV WKDW DSSHOODQW XQGHUWRRN WR
UHFUXLWWKHPWKXV
0DULD(OHQD5DPLUH]WHVWLILHGLQWKHIROORZLQJWHQRU
4:KHQ\RXZHQWWRVHH0U'LD]ZKDWKDSSHQHG"
$:HZHUHLQWURGXFHGE\0U/LPWR'LD]DQGWKHQZHDVNHG'LD]LILWLVWUXHWKDWKH
VUHFUXLWLQJ
DSSOLFDQWVIRUDEURDG+HVDLGWKDWKHLVUHFUXLWLQJDSSOLFDQWVIRU-DSDQRU%UXQHLDQGLIZH
KDYH3ZHFDQJRWR%UXQHLDQGZHZLOOEHJLYHQSULRULW\LIZHKDYHWKHDPRXQW
4:KDWHOVHGLG\RXDVN0U'LD]"
$:HDVNHGKLPZKDWZHUHWKHUHTXLUHPHQWV
4$QGZKDWGLGKHDQVZHU"
$:HOO KH WROG XV WKDW ZH DUH UHTXLUHG WR VXEPLW  FRSLHV RI SDVVSRUW ,' SKRWRV LQFRPH WD[
UHWXUQSDVVSRUWPHGLFDOFHUWLILFDWHDQGWKHDPRXQWRI3DQGKHIXUWKHUVDLGWKDWRXU
SODFHPHQWIHHZLOOEH3EXWDOOZHKDYHWRSD\LQDGYDQFHLVWKHDPRXQWRI3
DQGWKHUHPDLQLQJEDODQFHRI3VKDOOEHJLYHQWKURXJKVDODU\GHGXFWLRQV>@
0DULD7KHUHVD)DEULFDQWHWHVWLILHGLQWKHIROORZLQJPDQQHU
 6KHGHFODUHG
4:KDWHOVHGLG\RXDVN0U'LD]"
$:HDVNHGKLPLIKHLVLQGHHGUHFUXLWLQJDSSOLFDQWVIRU%UXQHL$QGKHVDLG<HV$IWHUWKDWZH
DVNHGKLPZKDWDUHWKHUHTXLUHPHQWVDQGKHWROGXVWKDWZHQHHGSDVVSRUWIRXUSDVVSRUW
VL]H ,' SLFWXUHV LQFRPH WD[ UHWXUQ DQG 1%, FOHDUDQFH DQG LI ZH KDYH GLSORPDV WR DWWDFK
ZLWKRWKHUGRFXPHQWV
4:KDWHOVHGLG0U'LD]WHOO\RXWRGR"
$+HVDLGWKDWLIZHDUHLQWHUHVWHGKHZLOOWDNHFDUHRIWKHSURFHVVLQJRIWKHGRFXPHQWVE\JLYLQJ
KLPWKHDPRXQWRI3DQGWKDWKHH[SODLQHGWKDWRXUSODFHPHQWIHHZLOOEHLQWKHVXPRI
3DQGZHZLOOMXVWKDYHWRUDLVH3IRUWKHSURFHVVLQJRIRXUYLVDSODQHWLFNHWV
DQG32($H[SHQVHV>@
6KHFRQWLQXHG
4:KDWDERXW\RXUZRUNLQ%UXQHLZKDWGLG\RXDVNKLP"
$,DVNHG(QJU'LD]ZKHWKHURXUZRUNZRXOGEHFRQWUDFWZRUNHUDQGKHVDLG\HVDQGZHGLGQRW
KDYH WR ZRUU\ DERXW LW EHFDXVH KH VDLG LW ZDV D JRYHUQPHQW SURMHFW DQG WKHQ KH VDLG KH
ZRXOGHVFRUWXVWR3KLOLSSLQH3OD]D+RWHOIRUEULHILQJEHIRUHOHDYLQJIRUDEURDGDQGDIWHUWKH
EULHILQJ ZH ZLOO SURFHHG WR WKH 32($ ZKHUH ZH ZRXOG VLJQ RXU FRQWUDFW DQG DIWHU VLJQLQJ
WKDW LV WKH WLPH ZH ZRXOG JLYH WKH DPRXQW RI 3 DQG WKHQ ZH ZRXOG SURFHHG WR WKH
UHVLGHQFHRI(UOLQGD5RPXDOGH]ZKHUHZHZRXOGEHVWD\LQJIRUWKUHHGD\V>@
7KH VDPH WKLQJ ZDV WHVWLILHG WR E\ 0DU\ $QQH 1DYDUUR $SSHOODQW WROG KHU WKDW KH ZDV
UHFUXLWLQJFRQWUDFWZRUNHUVIRUDEURDGSDUWLFXODUO\%UXQHLDQGSURPLVHGKHUDMRERSSRUWXQLW\LI
VKHFDQSURGXFHYDULRXVDPRXQWVRIPRQH\IRUH[SHQVHVDQGSURFHVVLQJRIGRFXPHQWV>@
7HVWLI\LQJLQKLVEHKDOIDSSHOODQWGHQLHGWKHVHFRPSODLQDQWV
DOOHJDWLRQV+HDVVHUWHGWKDW
KHQHYHUPDGHDSURPLVHLQIDYRURIFRPSODLQDQWVIRUHPSOR\PHQWDEURDGEXWDVVLVWHGWKHPLQ
WKHSURFXUHPHQWRISDVVSRUWVDQGPHGLFDOFHUWLILFDWHV
7KLV&RXUWLVQRWKRZHYHUSHUVXDGHGE\DSSHOODQW
VEDUHGHQLDOV
(YLGHQWO\ JUHDWHU ZHLJKW PXVW JHQHUDOO\ EH JLYHQ WR WKH SRVLWLYH WHVWLPRQLHV RI WKH
SURVHFXWLRQZLWQHVVHVWKDQWRWKHGHQLDORIWKHGHIHQGDQWLQZHLJKLQJFRQWUDGLFWRU\GHFODUDWLRQV
DQGVWDWHPHQWV>@:HVWDWHGWKLVUXOHZLWKFXUWHPSKDVLVLQ*RFHVXSUDWKDW

7KHODPHGHIHQVHFRQVLVWLQJRIVXFKEDUHGHQLDOVE\DSSHOODQWFDQQRWRYHUFRPHWKHHYLGHQFHSUHVHQWHG
E\WKHSURVHFXWLRQSURYLQJKHUJXLOWEH\RQGUHDVRQDEOHGRXEW>@

7KHDFWVRIWKHDSSHOODQWZKLFKZHUHFOHDUO\GHVFULEHGLQWKHOXFLGWHVWLPRQLHVRIWKHWKUHH
YLFWLPVVXFKDVFROOHFWLQJIURPHDFKRIWKHFRPSODLQDQWVSD\PHQWIRUSDVVSRUWPHGLFDOWHVWV
SODFHPHQWIHHSODQHWLFNHWVDQGRWKHUVXQGU\H[SHQVHVSURPLVLQJWKHPHPSOR\PHQWDEURDG
FRQWUDFWLQJDQGDGYHUWLVLQJIRUHPSOR\PHQWXQTXHVWLRQDEO\FRQVWLWXWHDFWVRIODUJHVFDOHLOOHJDO
UHFUXLWPHQW
$SSHOODQWVRXJKWUHIXJHLQWKHWHVWLPRQLHVRIKLVWKUHHZLWQHVVHVWKDWZRXOGJLYHFUHGHQFH
WRWKHFODLPWKDWKHZDVRQO\DIDFLOLWDWRURIWUDYHOGRFXPHQWVDQGQRWDUHFUXLWHU
7KHWULDOFRXUWGLGQRWJLYHZHLJKWWRDSSHOODQW
VDOOHJDWLRQV
$VREVHUYHGE\WKHWULDOFRXUWWKHWHVWLPRQ\RI(GJDU0DFRPDRLVLQFUHGLEOHZKLFKZRXOG
UDLVHVHULRXVGRXEWVDERXWKLVPRWLYHDVDZLWQHVV>@,WDOVRGHVFULEHVWKHWHVWLPRQ\RI3DXOR
/LP DV XQFOHDU DQG FRQIXVLQJ>@ 1HLWKHU ZDV WKH WHVWLPRQ\ RI $EHGQLJR 1HUL JLYHQ PXFK
FUHGLWE\WKHWULDOFRXUW
$GPLWWHGO\ WKH ILQGLQJV RI WKH WULDO FRXUW DV WR WKH FUHGLELOLW\ RI ZLWQHVVHV DUH WR EH JLYHQ
JUHDWZHLJKWDQGDKLJKGHJUHHRIUHVSHFWE\WKH$SSHOODWH&RXUW
,Q3HRSOHYV5H\HV6&5$ZHHQXQFLDWHGWKHUXOHWKDW

:KHQWKHLVVXHLVWKHFUHGLELOLW\RIZLWQHVVHVDSSHOODWHFRXUWVZLOOLQJHQHUDOQRWGLVWXUEWKHILQGLQJVRI
WKHWULDOFRXUWXQOHVVFHUWDLQIDFWVRUFLUFXPVWDQFHVRIZHLJKWKDYHEHHQRYHUORRNHGPLVXQGHUVWRRGRU
PLVDSSOLHGZKLFKLIFRQVLGHUHGPLJKWDIIHFWWKHUHVXOWRIWKHFDVH7KLVLVEHFDXVHWKHWULDOFRXUWKHDUG
WKHWHVWLPRQ\RIWKHZLWQHVVHVDQGREVHUYHGWKHLUGHSRUWPHQWDQGPDQQHURIWHVWLI\LQJGXULQJWULDO>@

,Q WKH FDVH DW EDU ZH VHH QR UHDVRQ WR GLVWXUE WKHVH REVHUYDWLRQV RI WKH WULDO FRXUW $
FDUHIXOVFUXWLQ\RIWKHUHFRUGVUHYHDOVWKDWQRIDFWVRUFLUFXPVWDQFHVKDGEHHQRYHUORRNHGRU
PLVDSSOLHGE\WKHWULDOFRXUWZKLFKPLJKWDIIHFWWKHUHVXOWRIWKHFDVHZKHQFRQVLGHUHG
$VDSWO\SRLQWHGRXWE\WKH6ROLFLWRU*HQHUDOWRZLW

:LWKWKHHYLGHQFHRQUHFRUGLWLVKDUGWREHOLHYHWKDWVHUYLFHVSURPLVHGE\WKHDSSHOODQWWRWKHWKUHH
FRPSODLQDQWVZHUHWRFRQVLVWRQO\RIKLVDVVLVWDQFHLQWKHSURFXUHPHQWRISDVVSRUWVDQGPHGLFDO
FHUWLILFDWHVIRUHDFKRIWKHPIRUWKH\WKHPVHOYHVFRXOGKDYHHDVLO\VHFXUHGWKHVHGRFXPHQWVDWDOHVVHU
FRVW0RUHRYHUWKHIDFWWKDWWKHDSSHOODQWVWLOOFROOHFWHG3IURP7KHUHVD)DEULFDQWHZKRDOUHDG\KDG
DSDVVSRUWEHOLHVKLVFODLPWKDWKLVVHUYLFHVZHUHOLPLWHGRQO\WRSURFXULQJDSDVVSRUWDQGPHGLFDO
FHUWLILFDWH>@

7KH DFFXVHG
V DVVHUWLRQ WKDW KH RQO\ DVVLVWHG LQ WKH SURFHVVLQJ RI SDVVSRUW DQG PHGLFDO
FHUWLILFDWHLVQRWKLQJPRUHWKDQDIULYRORXVH[FXVHWRGLYHUWWKHWUXWK
/LNHZLVHLWLVWKHVHWWOHGUXOHWKDWDSHUVRQLVJXLOW\RILOOHJDOUHFUXLWPHQWZKHQKHJLYHVWKH
LPSUHVVLRQWKDWKHKDVWKHSRZHUWRVHQGZRUNHUVDEURDG>@$SSHOODQW'LD]PDQLIHVWO\JDYH
WKDW LPSUHVVLRQ WR WKH WKUHH FRPSODLQDQWV WKDW KH KDG WKH DELOLW\ WR VHQG ZRUNHUV DEURDG
0LVUHSUHVHQWLQJKLPVHOIDVDUHFUXLWHURIZRUNHUVIRU%UXQHLKHSURPLVHGWKHPZRUNIRUDIHH
DQGFRQYLQFHGWKHPWRJLYHWKHLUPRQH\IRUWKHSXUSRVHRIJHWWLQJDQHPSOR\PHQWRYHUVHDV
7KHILQGLQJVRIWKHWULDOFRXUWWRZKLFKZHDJUHHZHUHDUULYHGDWZLWKPHWLFXORXVFDUHWR
ZLW

7KHUHLVQRGLUHFWDQGH[SUHVVGHQLDOE\0U'LD]RIWKHIROORZLQJWHVWLPRQLHVRIWKHFRPSODLQDQWV

@7KDWWKH\KDGDVNHG0U'LD]LIKHZDV
UHFUXLWLQJDSSOLFDQWVIRU%UXQHL
DQGKHVDLG
<HV


@7KDWZKHQDVNHGZKDWKLVUHTXLUHPHQWVZHUHKHVDLGIRXUSDVVSRUWVL]HSLFWXUHVELRGDWDLQFRPHWD[
UHWXUQVPHGLFDOFHUWLILFDWHV1%,FOHDUDQFHSDVVSRUW3IRUSURFHVVLQJIHHDQG3DV
SODFHPHQWIHHEXWRQO\3IRUSODQHIDUHZDVWREHSDLGDVWKHEDODQFHRI3ZDVSD\DEOHE\
VDODU\GHGXFWLRQV

@7KDWKHZDVDVNHGE\WKHFRPSODLQDQWVDVWRZKDWDJHQF\KHZRXOGEHUHIHUULQJWKHPKHVDLG
WKH
QDPHRIWKHDJHQF\LVFRQILGHQWLDOEXWWKHRZQHUWKHUHRILVRQH(UOLQGD5RPXDOGH]ZKRXVHGWREHKLV
PLVWUHVV
WKDWWKHFRPSODLQDQWVGLGQRWKDYHWRZRUU\EHFDXVH
LWLVDJRYHUQPHQWSURMHFWDQGWKHQKHVDLG
KH
GHVFRUWXVWRWKH3KLOLSSLQH3OD]D+RWHOIRUEULHILQJEHIRUHOHDYLQJIRUDEURDGDQGDIWHUWKHEULHILQJ
ZHZLOOSURFHHGWR32($ZKHUHZHZLOOVLJQRXUFRQWUDFWDQGDIWHUWKHVLJQLQJWKDWLVWKHWLPHZHZLOO
JLYHWKH3DQGWKHQZHZLOOSURFHHGWRWKHUHVLGHQFHRI(UOLQGD5RPXDOGH]ZKHUHZHZLOOEH
VWD\LQJIRUWKUHHGD\V

@7KDW0U'LD]WROGWKHFRPSODLQDQWVWKDWWKH\ZRXOGEHZRUNLQJ
DVVDOHVJLUOVLQRQHRIWKHGHSDUWPHQW
VWRUHVLQ%UXQHLWKDWWKH\ZLOOEHJHWWLQJDPRQWKDQGWKH\ZLOOEHRQO\ZRUNLQJIRXUKRXUVDGD\

7KHVHDUHGHILQLWHO\SURKLELWHGSUDFWLFHVRUDFWLYLWLHVFRQVWLWXWLQJODUJHVFDOHLOOHJDOUHFUXLWPHQW
DFFRUGLQJWRWKHDERYHTXRWHGSURYLVLRQVRIWKHODZ7KHUHLVQRGHQLDORIWKHVHE\WKHDFFXVHG>@

7KLV &RXUW LV DZDUH RI D QHZ ODZ 5$  RWKHUZLVH NQRZQ DV 0LJUDQW :RUNHUV IRU
2YHUVHDV (PSOR\PHQW ZKLFK ZDV DSSURYHG RQ -XQH   ,W LV $Q $FW WR ,QVWLWXWH WKH
3ROLFLHVRI2YHUVHDV(PSOR\PHQWDQG(VWDEOLVKD+LJKHU6WDQGDUGRI3URWHFWLRQDQG3URPRWLRQ
RI WKH :HOIDUH RI 0LJUDQW :RUNHUV WKHLU )DPLOLHV DQG 2YHUVHDV )LOLSLQRV LQ 'LVWUHVV DQG IRU
2WKHU 3XUSRVHV 7KLV QHZ ODZ DPHQGV WKH SHUWLQHQW SURYLVLRQV RI WKH /DERU &RGH RI WKH
3KLOLSSLQHV DQG JLYHV D QHZ GHILQLWLRQ RI WKH FULPH RI LOOHJDO UHFUXLWPHQW DQG SURYLGHV IRU LWV
KLJKHUSHQDOW\
:HDUHQRWLQDQ\ZD\DSSO\LQJWKHRWKHUZLVHUHVWULFWLYHSURYLVLRQVRIWKLVQHZODZDVLWLV
QRWDSSOLFDEOHLQWKHFDVHDWEDUFRQVLGHULQJWKHUXOHWKDWFULPHVDUHSXQLVKDEOHE\WKHODZVLQ
IRUFHDWWKHWLPHRIWKHLUFRPPLVVLRQ
,QV\QWKHVLVFRQVLGHULQJWKHSRVLWLYHWHVWLPRQLHVRIWKHFRPSODLQDQWVDJDLQVWWKHQHJDWLYH
EDUH GHQLDOV RI DFFXVHGDSSHOODQW QR RWKHU FRQFOXVLRQ FRXOG EH DUULYHG DW EXW WR VXVWDLQ WKH
FRQYLFWLRQRIDFFXVHGDSSHOODQWILQGLQJWKHODWWHUJXLOW\RIODUJHVFDOHLOOHJDOUHFUXLWPHQWEH\RQG
UHDVRQDEOHGRXEW
,19,(:2)7+()25(*2,1*35(0,6(6WKH'HFLVLRQDSSHDOHGIURPGDWHG6HSWHPEHU
  LV KHUHE\ $)),50(' LQ DOO UHVSHFWV ZLWK FRVWV DJDLQVW DFFXVHGDSSHOODQW 5RGROIR
'LD]
6225'(5('
5HJDODGR&KDLUPDQ5RPHUR3XQRDQG0HQGR]D--FRQFXU

>@3HQQHGE\-XGJH$XJXVWR9%UHYD

>@,QIRUPDWLRQSS5HFRUG

>@'HFLVLRQSS5HFRUG

>@%ULHIIRU$SSHOODQWSS5ROOR

>@*51R-XO\

>@*51R/-XO\

>@6HFGRI5XOHV,PSOHPHQWLQJ3'

>@6HFQGSDU5XOH9%N,,32($5XOHVDQG5HJXODWLRQVRQ2YHUVHDV(PSOR\PHQW

>@*51R$XJXVW

>@3HRSOHYV%DXWLVWD*51R)HE3HRSOHYV&RURQDFLRQ*51R6HSW

>@([KLELW$S5HFRUG
>@7616HSWHPEHUS

>@,ELGS

>@,ELGS

>@7616HSWSS

>@3HRSOHYV6XOSLFLR3DMDUUHV*51R$SULO3HRSOHYV5HVXPD*51RV-XQH

>@*51R$XJXVW

>@'HFLVLRQS5HFRUG

>@,ELGS5HFRUG

>@*51R0DUFK

>@$SSHOOHH
V%ULHIS5ROOR

>@ 3HRSOH YV 0DQXQJDV *5 1R  0DUFK   )ORUHV YV 3HRSOH *5 1RV  -XO\ 

>@'HFLVLRQSS6XSUD