United States v. True

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

(/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
)LOH 1DPH DS

81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB

81,7(' 67$7(6 2) $0(5,&$ ;
3ODLQWLII$SSHOOHH 

 1R
Y 
!

'$9,' 3 758( 
'HIHQGDQW$SSHOODQW 
1
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH:HVWHUQ'LVWULFWRI.HQWXFN\DW2ZHQVERUR
1RnsRVHSK+0F.LQOH\sU'LVWULFWsXGJH
$UJXHG$SULO
'HFLGHGDQG)LOHG0D\
%HIRUH*8<%2**6DQG68+5+(,15,&+&LUFXLW
sXGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8('  /HVOLH : sDFREV 7+203621 +,1(
)/25<&OHYHODQG2KLRIRU$SSHOODQW1DQF\&*DUULVRQ
81,7(' 67$7(6 '(3$570(17 2) s867,&(
$17,75867',9,6,21:DVKLQJWRQ'&IRU$SSHOOHH
21%5,()/HVOLH:sDFREV7KRPDV)=\FK*HRIIUH\6
0HDUQV.HQQHWK*&ROH7+203621+,1( )/25<
&OHYHODQG2KLRIRU$SSHOODQW1DQF\&*DUULVRQsRKQs


 8QLWHG6WDWHVY7UXH 1R 1R 8QLWHG6WDWHVY7UXH 

3RZHUV ,,, 81,7(' 67$7(6 '(3$570(17 2) WRFURVVH[DPLQDWLRQUHJDUGLQJKLVSOHDDJUHHPHQWDQGRWKHU
s867,&($17,75867',9,6,21:DVKLQJWRQ'&IRU PDWWHUV  7UXH KDV QRW VKRZQ WKDW WKH *RYHUQPHQW DFWHG
$SSHOOHH LPSURSHUO\RUWKDWLWFRQVWLWXWHVYH[DWLRXVQHVVRUEDGIDLWK
MXVWLI\LQJ DQ DZDUG RI DWWRUQH\ IHHV XQGHU WKH +\GH
BBBBBBBBBBBBBBBBB $PHQGPHQW2QWKLVUHFRUG7UXHKDVVLPSO\QRWVKRZQWKDW
WKH*RYHUQPHQWODFNHGSUREDEOHFDXVHWRLQGLFWKLPRUWKDWLW
23,1,21 FRQVFLRXVO\SXUVXHGWKHDFWLRQRXWRILOOZLOOWRZDUGVKLP
BBBBBBBBBBBBBBBBB
7KHGLVWULFWFRXUWVDWWKURXJKDWULDOODVWLQJPRUHWKDQWZR
68+5+(,15,&+&LUFXLWsXGJH7KH+\GH$PHQGPHQW ZHHNV,WZDVLQWKHXQLTXHSRVLWLRQRISHUVRQDOO\YLHZLQJ
DXWKRUL]HVUHDVRQDEOHDWWRUQH\IHHVDQGOLWLJDWLRQH[SHQVHVWR WKHGHPHDQRURIDOOWKHZLWQHVVHVDQGEHLQJDEOHWRMXGJHWKHLU
DSUHYDLOLQJSDUW\LQDFULPLQDOFDVHLIDFRXUWILQGVWKDWWKH FUHGLELOLW\,WZDVDOVRLQWKHXQLTXHSRVLWLRQRISHUVRQDOO\
JRYHUQPHQWjVSRVLWLRQZDVmYH[DWLRXVIULYRORXVRULQEDG YLHZLQJWKH*RYHUQPHQWjVFRQGXFWLQWKLVFDVH,WLVIRUWKHVH
IDLWKl3XE/1R†6WDW UHDVRQVWKDWDQDEXVHRIGLVFUHWLRQVWDQGDUGLVVRSHFXOLDUO\
UHSULQWHG LQ  86& † $ +LVWRULFDO DQG 6WDWXWRU\ DSSURSULDWH:HILQGWKDWRQWKLVUHFRUGWKHGLVWULFWFRXUWGLG
1RWHVKHUHLQDIWHUm86&†$6WDWXWRU\1RWHVl QRWDEXVHLWVGLVFUHWLRQLQGHQ\LQJ7UXHjV+\GH$PHQGPHQW
DSSOLFDWLRQ

,Q LWV HQWLUHW\ WKH +\GH $PHQGPHQW SURYLGHV *LYHQWKLVRXWFRPHZHQHHGQRWDGGUHVV7UXHjVDOWHUQDWLYH
DUJXPHQWWRUHPDQGIRUDQHYLGHQWLDU\KHDULQJ
'XULQJ ILVFDO \HDU  DQG LQ DQ\ ILVFDO \HDU WKHUHDIWHU WKH
FRXUW LQ DQ\ FULPLQDO FDVH RWKHU WKDQ D FDVH LQ ZKLFK WKH
9&RQFOXVLRQ
GHIHQGDQW LV UHSUHVHQWHG E\ DVVLJQHG FRXQVHO SDLG IRU E\ WKH
SXEOLF SHQGLQJ RQ RU DIWHU WKH GDWH RI WKH HQDFWPHQW RI WKLV $FW
>1RY  @ PD\ DZDUG WR D SUHYDLOLQJ SDUW\ RWKHU WKDQ WKH
$FFRUGLQJO\ EHFDXVH 7UXH GLG QRW PHHW KLV EXUGHQ RI
8QLWHG 6WDWHV D UHDVRQDEOH DWWRUQH\jV IHH DQG RWKHU OLWLJDWLRQ VKRZLQJWKDWWKH*RYHUQPHQWjVSRVLWLRQZDVYH[DWLRXVRULQ
H[SHQVHV ZKHUH WKH FRXUW ILQGV WKDW WKH SRVLWLRQ RI WKH 8QLWHG EDGIDLWKZH$)),50WKHGLVWULFWFRXUWjVGHQLDORI7UXHjV
6WDWHV ZDV YH[DWLRXV IULYRORXV RU LQ EDG IDLWK XQOHVV WKH FRXUW DSSOLFDWLRQIRUDWWRUQH\jVIHHVDQGH[SHQVHVXQGHUWKH+\GH
ILQGV WKDW VSHFLDO FLUFXPVWDQFHV PDNH VXFK DQ DZDUG XQMXVW
$PHQGPHQW
6XFK DZDUGV VKDOO EH JUDQWHG SXUVXDQW WR WKH SURFHGXUHV DQG
OLPLWDWLRQV EXW QRW WKH EXUGHQ RI SURRI SURYLGHG IRU DQ DZDUG
XQGHU VHFWLRQ  RI WLWOH  8QLWHG 6WDWHV &RGH 7R
GHWHUPLQH ZKHWKHU RU QRW WR DZDUG IHHV DQG FRVWV XQGHU WKLV
VHFWLRQ WKH FRXUW IRU JRRG FDXVH VKRZQ PD\ UHFHLYH HYLGHQFH
H[ SDUWH DQG LQ FDPHUD ZKLFK VKDOO LQFOXGH WKH VXEPLVVLRQ RI
FODVVLILHG HYLGHQFH RU HYLGHQFH WKDW UHYHDOV RU PLJKW UHYHDO WKH
LGHQWLW\ RI DQ LQIRUPDQW RU XQGHUFRYHU DJHQW RU PDWWHUV RFFXUULQJ
EHIRUH D JUDQG MXU\ DQG HYLGHQFH RU WHVWLPRQ\ VR UHFHLYHG VKDOO
EH NHSW XQGHU VHDO )HHV DQG RWKHU H[SHQVHV DZDUGHG XQGHU WKLV
SURYLVLRQ WR D SDUW\ VKDOO EH SDLG E\ WKH DJHQF\ RYHU ZKLFK WKH
SDUW\ SUHYDLOV IURP DQ\ IXQGV PDGH DYDLODEOH WR WKH DJHQF\ E\
DSSURSULDWLRQ 1R QHZ DSSURSULDWLRQV VKDOO EH PDGH DV D UHVXOW
RI WKLV SURYLVLRQ

3XE / 1R  †   6WDW  
 8QLWHG6WDWHVY7UXH 1R 1R 8QLWHG6WDWHVY7UXH 

*RYHUQPHQWjVSRVLWLRQZDVYH[DWLRXVRULQEDGIDLWKXQGHU 'HIHQGDQW'DYLG37UXHm7UXHlDSSHDOVIURPWKHGHQLDORI
WKH+\GH$PHQGPHQW KLV DSSOLFDWLRQ IRU DWWRUQH\jV IHHV DQG H[SHQVHV XQGHU WKH
+\GH$PHQGPHQWIROORZLQJKLVDFTXLWWDOE\DMXU\RISULFH
&7ULDO7DFWLFV IL[LQJFRQVSLUDF\FKDUJHVLQYLRODWLRQRI†RIWKH6KHUPDQ
$FW 86&†7UXHFODLPVKHLVHQWLWOHGWRIHHVDQG
7UXH DOVR DUJXHV WKDW FHUWDLQ WULDO FRQGXFW E\ WKH H[SHQVHV XQGHU WKH +\GH $PHQGPHQW EHFDXVH WKH
*RYHUQPHQWFRQVWLWXWHGYH[DWLRXVQHVVRUEDGIDLWKMXVWLI\LQJ *RYHUQPHQWSURVHFXWHGKLPRXWVLGHWKHDSSOLFDEOHVWDWXWHRI
DQDZDUGXQGHUWKH+\GH$PHQGPHQW)RULQVWDQFH7UXH OLPLWDWLRQVODFNHGVXIILFLHQWSURRIRIWKHFKDUJHVDJDLQVWKLP
DVVHUWV WKDW WKH *RYHUQPHQWjV XVH RI %XVVH\jV WHVWLPRQ\ WRSURFHHGZLWKWKHSURVHFXWLRQDQGHQJDJHGLQDYDULHW\RI
DERXWWKHDOOHJHGFRQYHUVDWLRQEHWZHHQ&DOGZHOODQG7UXH PLVFRQGXFWGXULQJWULDO7KH*RYHUQPHQWUHVSRQGVWKDWWKLV
WKDW/RQJPLUHGLVFXVVHGZLWK%XVVH\DQGWKHIDLOXUHRIWKH DSSHDOLVEDUUHGEHFDXVH7UXHIDLOHGWRFRPSO\ZLWKDOOWKH
*RYHUQPHQW WR FDOO /RQJPLUH RU &DOGZHOO DV ZLWQHVVHV UHTXLUHPHQWV XQGHU WKH (TXDO $FFHVV WR sXVWLFH $FW 
GHVSLWHLWVNQRZOHGJHRIDUJXDEO\FRQWUDGLFWRU\VWDWHPHQWV 86&†HWVHTm($s$lZKLFKWKH+\GH$PHQGPHQW
JLYHQE\WKHGHFODUDQWVZDVDYH[DWLRXVRUEDGIDLWKSRVLWLRQ LQFRUSRUDWHV DVVHUWLQJ WKDW WKHVH UHTXLUHPHQWV DUH
7KH*RYHUQPHQWKDGSURYLGHG7UXHZLWKWKHVWDWHPHQWVRI MXULVGLFWLRQDO$OVRDWLVVXHLVWKHSURSHUVWDQGDUGRIUHYLHZ
/RQJPLUHDQG&DOGZHOOLQ%UDG\PDWHULDO7UXHFRXOGKDYH IRUGHFLVLRQVRQ+\GH$PHQGPHQWDSSOLFDWLRQV
FDOOHG /RQJPLUH RU &DOGZHOO DV ZLWQHVVHV WR H[RQHUDWH
KLPVHOI+HFKRVHQRWWRFDOOWKHP7KXVZHILQGWKLVEDVLV )RUWKHIROORZLQJUHDVRQVZH$)),50
IRU7UXHjV+\GHDSSOLFDWLRQPHULWOHVV
,%DFNJURXQG
:HOLNHZLVHUHMHFW7UXHjVDUJXPHQWWKDWWKH*RYHUQPHQW
GHOLEHUDWHO\ PLVOHG 3RUWHU DQG 0HFKWHQEHUJ DW WULDO E\ ,Q 'HFHPEHU  WKH *RYHUQPHQW EHJDQ LQYHVWLJDWLQJ
VHOHFWLYHO\ZLWKKROGLQJFHUWDLQIDFWVGXULQJTXHVWLRQLQJDQG DOOHJHG DQWLWUXVW YLRODWLRQV LQ WKH FRPPHUFLDO H[SORVLYHV
WKDWWKLVFRQVWLWXWHGYH[DWLRXVRUEDGIDLWKFRQGXFW7UXHKDG LQGXVWU\  7KH DQWLWUXVW YLRODWLRQV EHJDQ LQ  ZLWK D
DPSOHRSSRUWXQLW\WRFURVVH[DPLQHWKHVHZLWQHVVHVDQGKLV FRQVSLUDF\ WR IL[ SULFHV DQG ULJ ELGV  7KH LQYHVWLJDWLRQ
FRXQVHO GLG LQ IDFW H[WHQVLYHO\ FURVVH[DPLQH 7UXHjV LQYROYHG PDQXIDFWXUHUV DQG GLVWULEXWRUV RI FRPPHUFLDO
VXERUGLQDWHVUHJDUGLQJWKHYDULRXVHYLGHQFHDERXWZKLFKKH H[SORVLYHVVHUYLQJWKHDUHDVRIZHVWHUQ.HQWXFN\VRXWKHUQ
QRZFRPSODLQV7KXVZHDOVRILQGWKLVEDVLVIRU7UXHjV+\GH ,QGLDQD DQG VRXWKHUQ ,OOLQRLV WKH m:HVWHUQ .HQWXFN\
DSSOLFDWLRQPHULWOHVV 5HJLRQl  %\ ODWH 6HSWHPEHU  IRXU FRUSRUDWH
FRQVSLUDWRUVDQGVHYHUDORIILIWHHQLQGLYLGXDOFRQVSLUDWRUVKDG
7UXHIXUWKHUDUJXHVD+\GHDZDUGZDVSURSHUEHFDXVHWKH ZDLYHG LQGLFWPHQW DQG KDG SOHDGHG JXLOW\ WR LQIRUPDWLRQV
*RYHUQPHQWFRHUFHG0HFKWHQEHUJ)RUH[DPSOH7UXHFODLPV FKDUJLQJFRQVSLUDF\+RZHYHUWKH*RYHUQPHQWZDLWHGXQWLO
WKDW 0HFKWHQEHUJ DGPLWWHG KLV RZQ UROH RQO\ DIWHU WKH 6HSWHPEHUWRLQGLFW7UXHDYLFHSUHVLGHQWRIRQHRI
*RYHUQPHQW WKUHDWHQHG WR LQGLFW KLP WKDW 0HFKWHQEHUJ WKH FRUSRUDWH FRQVSLUDWRUV RQ RQH FRXQW RI FRQVSLULQJ WR
LPSOLFDWHG 7UXH RQO\ DIWHU WKH *RYHUQPHQW WKUHDWHQHG WR XQUHDVRQDEO\ UHVWUDLQ LQWHUVWDWH WUDGH DQG FRPPHUFH LQ
LPSULVRQKLPDQGWKDWWKH*RYHUQPHQWUHTXLUHG0HFKWHQEHUJ YLRODWLRQ RI †  RI WKH 6KHUPDQ $FW  7KHUH LV D ILYH\HDU
WR WHVWLI\ FRQVLVWHQWO\ ZLWK KLV VWDWHPHQWV GXULQJ WKH VWDWXWHRIOLPLWDWLRQVIRUVXFKFKDUJHV6HH86&†
LQYHVWLJDWLRQ+HUH0HFKWHQEHUJZDVQRWSURKLELWHGE\WKH
WHUPVRIKLVSOHDDJUHHPHQWIURPWHVWLI\LQJDERXW7UXHDQG 7KH ,QGLFWPHQW DOOHJHG 7UXH HQJDJHG LQ D FRQVSLUDF\
WKH SOHD DJUHHPHQW ZDV DYDLODEOH WR 7UXHjV FRXQVHO EHJLQQLQJmVRPHWLPHLQWKH)DOODQGFRQWLQXLQJDWOHDVW
0RUHRYHU0HFKWHQEHUJGLGLQIDFWWHVWLI\DQGZDVVXEMHFW XQWLO VRPHWLPH LQ l  7KH ,QGLFWPHQW VWDWHG WKDW WKH
 8QLWHG6WDWHVY7UXH 1R 1R 8QLWHG6WDWHVY7UXH 

FRQVSLUDF\LQYROYHGDVLQJOHFRQWLQXLQJDJUHHPHQWWRULJ LVDPSOLILHGE\VRPHWHVWLPRQ\WKDWWKHFRQVSLUDF\HQGHGE\
ELGVIRUWKHVDOHRIFRPPHUFLDOH[SORVLYHVIL[SULFHVIRU PLG RU HDUOLHU DQG WKDW WKH *RYHUQPHQW HQWHUHG LQWR
H[SORVLYHVSURGXFWVDOORFDWHFXVWRPHUVLQWKH:HVWHUQ WROOLQJDJUHHPHQWVZLWK'UXU\DQG:HVWPDDV)XUWKHUPRUH
.HQWXFN\5HJLRQDQGUHFHLYHSD\PHQWVIRUWKHVHVDOHV ZLWQHVVHVFRXOGQRORQJHUUHFDOOVSHFLILFHYHQWVRUZKHQWKH\
7KHGLVWULFWFRXUWDW7UXHjVUHTXHVWRUGHUHGWKH*RYHUQPHQW RFFXUUHGnWKHYHU\HYLOWKDWOLPLWDWLRQSHULRGVDUHPHDQWWR
WR SURYLGH 7UXH ZLWK D %LOO RI 3DUWLFXODUV LGHQWLI\LQJ WKH DGGUHVV
VSHFLILFELGVSULFHVSURGXFWVDQGFXVWRPHUVWKDWZHUHWKH
EDVLV IRU WKH DOOHJDWLRQV LQ WKH ,QGLFWPHQW  7KH %LOO RI +RZHYHUWKHUHZDVHYLGHQFHWRVXSSRUWWKH*RYHUQPHQWjV
3DUWLFXODUVj DOOHJDWLRQV UHJDUGLQJ LQFUHDVHV LQ DQQXDO SULFH SRVLWLRQWKDWWKHFRQVSLUDF\H[WHQGHGLQWRODWHDQGHYHQ
OLVWV DOOHJHG WKDW WKH SULFHIL[LQJ FRQVSLUDF\ H[WHQGHG LQWR LQWR   )RU H[DPSOH 3RUWHU LPSOLFDWHG 7UXH LQ WKH
 DQG WKDW WKH FRQVSLUDF\ DV WR SULFH LQFUHDVHV IRU 1RYHPEHU  $1)2 LQFUHDVH  0RUHRYHU .LVHU D
DPPRQLXP QLWUDWH FRPELQHG ZLWK IXHO RLO m$1)2l FRPSHWLWRU DGPLWWHG VSHDNLQJ ZLWK ERWK RI 7UXHjV
H[WHQGHGLQWRODWH VXERUGLQDWHV DV ZHOO DV DQRWKHU FRPSHWLWRU DERXW WKLV
LQFUHDVH ZKLFK ZDV HYHQWXDOO\ SDVVHG RQ WR FXVWRPHUV
7KH*RYHUQPHQWDOOHJHGWKDWIRXUFRPSDQLHVZHUHSDUWRI )XUWKHU RQFH HVWDEOLVKHG D FRQVSLUDF\ mLV SUHVXPHG WR
WKHFRQVSLUDF\7UXHjVHPSOR\HU$XVWLQ3RZGHU&RPSDQ\ FRQWLQXHXQWLOWKHUHLVDQDIILUPDWLYHVKRZLQJWKDWLWKDVEHHQ
$XVWLQDQH[SORVLYHVPDQXIDFWXUHU,&,([SORVLYHV86$ DEDQGRQHGl8QLWHG6WDWHVY+D\WHU2LO&R)G
,QF,&,DQG'\QR1REHO,QF'\QRIRUPHUO\,5(&2 WK&LU(YHQLI7UXHZHUHQRWDZDUHRIDOO
DOVRPDQXIDFWXUHUVDQG0LQH(TXLSPHQW 0LOO6XSSO\,QF WKHFRQYHUVDWLRQVKHLVQRQHWKHOHVVOLDEOHIRUWKHDFWVRIRWKHU
0(06&2DGLVWULEXWRU$OOIRXUFRUSRUDWHFRQVSLUDWRUV FRQVSLUDWRUV SHUIRUPHG LQ IXUWKHUDQFH RI WKHLU DJUHHPHQW
ZDLYHGLQGLFWPHQWDQGSOHDGHGJXLOW\7KH,&,'\QRDQG DEVHQWSURRIWKDWKHKDVZLWKGUDZQIURPWKHDJUHHPHQW6HH
0(06&2 SOHD DJUHHPHQWV ZHUH ILOHG LQ $XJXVW DQG LGDW:LWKGUDZDOUHTXLUHVDVKRZLQJWKDWDGHIHQGDQW
6HSWHPEHU7KH$XVWLQSOHDDJUHHPHQWZDVQRWILOHG DIILUPDWLYHO\ DFWHG WR GHIHDW RU GLVDYRZ WKH FRQVSLUDF\jV
XQWLO 6HSWHPEHU  DOPRVW RQH \HDU SULRU WR 7UXHjV SXUSRVH6HH8QLWHG6WDWHVY/DVK)GWK
,QGLFWPHQWRQ6HSWHPEHU7KHSOHDDJUHHPHQWVZLWK &LUm0HUHFHVVDWLRQRIDFWLYLW\LVQRWHQRXJKl,G
,&,'\QRDQG0(06&2VWDWHGWKDWWKHFRQVSLUDF\ODVWHG +HUHHYHQLIWKHFRQVSLUDWRUVDWVRPHSRLQWLQDJUHHGWR
mIURPODWHXQWLOPLGl7KHVHFRPSDQLHVSOHDGHG QRORQJHUGLVFXVVSULFLQJDQGELGGLQJWKHUHZDVQRHIIHFWLYH
JXLOW\WRDFRQVSLUDF\LQYROYLQJSULFHIL[LQJRIFRPPHUFLDO ZLWKGUDZDOE\DQ\FRFRQVSLUDWRUEHFDXVHWKH\FRQWLQXHGWR
H[SORVLYHV$XVWLQjVSOHDDJUHHPHQWVLPLODUO\LQGLFDWHGWKH DFWEDVHGRQWKHLUSULRUGLVFXVVLRQVZKHQWKH\SDVVHGRQWR
FRQVSLUDF\LQYROYHGSULFHIL[LQJRIFRPPHUFLDOH[SORVLYHV FXVWRPHUVWKH1RYHPEHU$1)2LQFUHDVH7KHUHFRUG
EXWVWDWHGWKDWWKHFRQVSLUDF\ODVWHGmIURP)DOOXQWLODW FRQWDLQVQRHYLGHQFHWKDWDQ\RIWKHFRQVSLUDWRUVOHWDORQH
OHDVWPLGl 7UXHDFWHGWRGHIHDWRUGLVDYRZWKHLULOOHJDOSXUSRVH,QIDFW
3RUWHUjV WHVWLPRQ\ VKRZV WKDW 7UXH ZDV DZDUH KLV
$OWKRXJKVRPHRIWKHLQGLYLGXDOFRFRQVSLUDWRUVZHUHJLYHQ VXERUGLQDWHV ZHUH GLVFXVVLQJ XSFRPLQJ SULFHV ZLWK
LPPXQLW\LQH[FKDQJHIRUWKHLUFRRSHUDWLRQDQGWHVWLPRQ\ FRPSHWLWRUV EXW QHYHU GLVVXDGHG WKHP IURP KDYLQJ VXFK
VHYHUDO RI WKHP SOHDGHG JXLOW\ WR WKH DQWLWUXVW FRQVSLUDF\ GLVFXVVLRQV,QVKRUWEHFDXVHWKHUHZDVHYLGHQFHWRVXSSRUW
LQFOXGLQJ7KRPDV0HFKWHQEHUJRQHRI7UXHjVVXERUGLQDWHV DILQGLQJWKDWWKHFRQVSLUDF\FRQWLQXHGSDVW6HSWHPEHU
DW$XVWLQ0HFKWHQEHUJjVSOHDDJUHHPHQWLQGLFDWHGWKDWWKH ZHFDQQRWVD\WKDWWKH*RYHUQPHQWODFNHGSUREDEOHFDXVHLQ
FRQVSLUDF\ ODVWHG mIURP )DOO  XQWLO PLGl  7KH SXUVXLQJ WKLV SURVHFXWLRQ RU WKDW LW GLG VR RXW RI LOO ZLOO
0HFKWHQEHUJSOHDDJUHHPHQWOLNHWKH$XVWLQSOHDDJUHHPHQW WRZDUGV7UXH$JDLQ7UXHKDVIDLOHGWRGHPRQVWUDWHWKDWWKH
 8QLWHG6WDWHVY7UXH 1R 1R 8QLWHG6WDWHVY7UXH 

ZKDWFRPSHWLWRUVZHUHSODQQLQJRQELGGLQJDQGWHVWLILHGWKDW ZDVILOHGLQODWH6HSWHPEHUDOPRVWRQH\HDUSULRUWR
KH KDG DGYLVHG 7UXH WKDW 0HFKWHQEHUJ ZDV GLVFXVVLQJ 7UXHjV,QGLFWPHQW6KRUWO\DIWHU0HFKWHQEHUJVLJQHGKLVSOHD
XSFRPLQJ SULFHV ZLWK FRPSHWLWRUV  6XFK IDFWV JDYH WKH DJUHHPHQWWKH*RYHUQPHQWILOHGDQLQIRUPDWLRQDJDLQVWKLP
*RYHUQPHQWSUREDEOHFDXVHWRSURVHFXWH7UXH WKDWDOOHJHGWKHFRQVSLUDF\FRQWLQXHGmDWOHDVWLQWRPLGl
2I FRXUVH LQ WKH HQG WKH MXU\ GLG QRW ILQG WKH FKDUJHV 7KH *RYHUQPHQW DOVR HQWHUHG LQWR WROOLQJ DJUHHPHQWV
SURYHGEH\RQGDUHDVRQDEOHGRXEW*LYHQLQFRQVLVWHQFLHVLQ UHJDUGLQJWKHVWDWXWHRIOLPLWDWLRQVZLWKWZRRIWKHLQGLYLGXDO
WKHUHFRUGDQGWKHLQDELOLW\RIZLWQHVVHVWRUHFROOHFWHYHQWV FRFRQVSLUDWRUV'RQDOGs:HVWPDDVDQG)UHGHULFN&'UXU\
WKLV UHVXOW LV QRW VXUSULVLQJ  D@Q\WKLQJZHSULFHWRDQRQFXVWRPHU
EHFRPHREVFXUHGE\WKHSDVVDJHRIWLPHDQGWRPLQLPL]HWKH ZKLOH WU\LQJ WR JHW SULFHV LQFUHDVHG ZH ZLOO EH JLYLQJ D
GDQJHU RI RIILFLDO SXQLVKPHQW EHFDXVH RI DFWV LQ WKH IDU KLJKEDOOSULFH:HZLOOWU\WRJLYHDWRKLJKHUSULFHRQ
GLVWDQWSDVWl,GDW $QIRSHUWRQl7KHPHVVDJHDOVRLQFOXGHGLQIRUPDWLRQDERXW
:HKDYHVRPHFRQFHUQVDERXWWKH*RYHUQPHQWjVGHOD\LQ
LQGLFWLQJ 7UXH LQ OLJKW RI WKH IDFW WKDW RWKHU FRQVSLUDWRUV 
HQWHUHG SOHD DJUHHPHQWV RQH WR WZR \HDUV EHIRUH 7UXHjV (FRQH[ ZDV DFTXLUHG E\ 0LGODQG 3RZGHU &RPSDQ\ 0LGODQG LQ
 D KROGLQJ FRPSDQ\ KDOIRZQHG E\ 'DYLG &KLOGV IRUPHUO\ RI
LQGLFWPHQW DQG WKDW WKHVH DJUHHPHQWV DOPRVW XQLYHUVDOO\ $XVWLQ DQG KDOIRZQHG E\ '\QR 0LGODQG DOVR HYHQWXDOO\ RZQHG
VWDWHGWKDWWKHFRQVSLUDF\ODVWHGXQWLOPLG2XUFRQFHUQ 0(06&2 'UXU\ ZDV ODWHU D YLFH SUHVLGHQW RI '\QR
 8QLWHG6WDWHVY7UXH 1R 1R 8QLWHG6WDWHVY7UXH 

ZKDW FHUWDLQ GLVWULEXWRUV ZHUH JRLQJ WR ELG IRU YDULRXV FRHUFHGLWVNH\ZLWQHVVDQGWKDWWKLVFRQVWLWXWHGYH[DWLRXVRU
SURGXFWV DW VSHFLILF DFFRXQWV DQG DVNHG IRU D UHWXUQ FDOO EDGIDLWKFRQGXFW7KHVHODWWHUDUJXPHQWVFDQEHFODVVLILHGDV
DGYLVLQJRI(FRQH[jVLQWHQWLRQV LQYROYLQJWKH*RYHUQPHQWjVWULDOWDFWLFV
5HJDUGLQJWKLVLQLWLDOWKUHHPRQWKDJUHHPHQWsRKQ%XVVH\ $'HFLVLRQWR3URVHFXWH
RI :.( WHVWLILHG WKDW LQ 'HFHPEHU  KLV VXSHUYLVRU
sRVHSK</RQJPLUHVDLGWKDWKHKDGVSRNHQZLWK&KLOGVDQG 7RSURYHDFRQVSLUDF\XQGHU†RIWKH6KHUPDQ$FWWKH
WKDW&KLOGVLQGLFDWHGWKH\QHHGHGWRUDLVHSULFHV%XVVH\DOVR JRYHUQPHQWPXVWSURYHWKDWWKHGHIHQGDQWHQWHUHGLQWRD
WHVWLILHGWKDW/RQJPLUHVDLG:LWKHUV:DOOHU&DOGZHOOWKHYLFH FRQWUDFW FRPELQDWLRQ RU FRQVSLUDF\ DQG  WKH FRQWUDFW
SUHVLGHQWRI:.(jVSDUHQWFRPSDQ\,&,mFRXOGWDNHFDUHRI FRPELQDWLRQ RU FRQVSLUDF\ DPRXQWHG WR DQ XQUHDVRQDEOH
7UXHlDW$XVWLQ%XVVH\LQGLFDWHGWKDW/RQJPLUHODWHUVDLG UHVWUDLQW RI WUDGH RU FRPPHUFH DPRQJ WKH VHYHUDO 6WDWHV
WKDW$XVWLQKDGEHHQmWDNHQFDUHRIl%XVVH\WKRXJKWWKDWWKLV &RQWjO&DEOHYLVLRQY$P(OHF3RZHU&R)G
PHDQW&DOGZHOOVSRNHZLWK7UXHEXWKHDGPLWWHGWKDWKHKDG  WK &LU   'LVVHPLQDWLRQ RI SULFH LQIRUPDWLRQ
QRSHUVRQDONQRZOHGJHZKHWKHUWKHFRQYHUVDWLRQWRRNSODFH DORQH ZLWKRXW D SXUSRVH WR UHVWUDLQ FRPSHWLWLRQ GRHV QRW
RIIHQG WKH $FW  6HH LG DW   6LPLODUO\ DEVHQW DQ
&KLOGVWHVWLILHGUHJDUGLQJWKHLQLWLDODJUHHPHQWDQGVWDWHG XQODZIXOSXUSRVHDFRPSDQ\PD\H[DPLQHDQGFRQVLGHULQ
WKDW KH VSRNH ZLWK %XVVH\ DQG 0HFKWHQEHUJ LQ 'HFHPEHU WKHHVWDEOLVKPHQWRILWVRZQUDWHVWKHUDWHVFKDUJHGE\VLPLODU
+HLQGLFDWHGWKDWWKH\GLVFXVVHGVSHFLILFELGVDQGSULFH FRPSDQLHVLQWKHLQGXVWU\6HHLGDW
LQFUHDVHVDWVSHFLILFDFFRXQWVDQGWKDWKHWKHQDWWHPSWHGWR
FRQWDFW(FRQH[OHDYLQJWKHPHVVDJHZLWK9LQFHQW+RZHYHU $GPLWWHGO\WKHUHFRUGVKRZVWKDWPDQ\RIWKHGLVFXVVLRQV
&KLOGVLQGLFDWHGWKDWWRKLVNQRZOHGJH7UXHZDVQHYHUSDUW EHWZHHQ WKH FRPSHWLWRUV ZHUH VLPSO\ OHJLWLPDWH DIWHUWKH
RIWKHRULJLQDOWKUHHPRQWKDJUHHPHQW IDFWSULFHYHULILFDWLRQVDQGQRWDJUHHPHQWVWRIL[SULFHVULJ
ELGV RU DOORFDWH FXVWRPHUV VXFK DV WKDW WHVWLILHG WR E\
0HFKWHQEHUJ RQ WKH RWKHU KDQG LPSOLFDWHG 7UXH LQ WKH :HVWPDDV$WWKHVDPHWLPHKRZHYHUGHVSLWHFRQIOLFWLQJ
LQLWLDO DJUHHPHQW E\ WHVWLI\LQJ WKDW KH VSRNH ZLWK 7UXH LQ WHVWLPRQ\7UXHjVFRPSHWLWRUVDQGERWKRIKLVVXERUGLQDWHV
'HFHPEHUDIWHU&KLOGVLQLWLDOO\FRQWDFWHGKLPWKDWKH WHVWLILHGWKDWWKHFRQVSLUDWRUVGLVFXVVHGSULFLQJLQFUHDVHVSULRU
WROG 7UXH WKDW &KLOGV VKDUHG ELG SULFHV ZLWK KLP DQG WKDW WR PDNLQJ DQQRXQFHPHQWV WKDW WKHVH GLVFXVVLRQV ZHUH IRU
7UXH LQGLFDWHG WKH\ VKRXOG ELG KLJKHU  7KHLU FRPSDQ\ XQODZIXOSXUSRVHVDQGWKDW7UXHSHUVRQDOO\SDUWLFLSDWHGLQ
XOWLPDWHO\ VXEPLWWHG D KLJKHU ELG WKDQ &KLOGVj FRPSDQ\ VRPHRIWKHGLVFXVVLRQV)RUH[DPSOH%XVVH\DFRPSHWLWRU
&KLOGVjFRPSDQ\ZRQWKH$1)2SRUWLRQRIWKHELGZKLOH WHVWLILHGWKDWKLVERVVLQGLFDWHGWKDW7UXHjVFRPSDQ\KDGEHHQ
$XVWLQZRQDQRWKHUSRUWLRQRIWKHELG2QFURVVH[DPLQDWLRQ mWDNHQ FDUH RIl LPSO\LQJ WKDW &DOGZHOO VSRNH ZLWK 7UXH
0HFKWHQEHUJDFNQRZOHGJHGWKDWKHFRXOGQRWUHPHPEHUZKHQ SHUVRQDOO\ DERXW VXFK PDWWHUV LQ   'UXU\ DQRWKHU
FRPSHWLWRUWHVWLILHGWKDWKHSHUVRQDOO\VSRNHZLWK7UXHDERXW
XSFRPLQJ SULFHV DQG ELGGLQJ LVVXHV  ,Q DGGLWLRQ 7UXHjV

VXERUGLQDWH0HFKWHQEHUJWHVWLILHGWKDWKHVSRNH ZLWK7UXH
7KLV OLQH RI WHVWLPRQ\ ZDV WKH VXEMHFW RI DQ REMHFWLRQ E\ 7UXH DERXWKLVFRQYHUVDWLRQVZLWKDFRPSHWLWRULQ+HDOVR
EHFDXVH WKH *RYHUQPHQW KDG VXEPLWWHG %UDG\ PDWHULDO SULRU WR WULDO GLVFXVVHG ZLWK 7UXH KLV ODWHU FRQYHUVDWLRQV UHJDUGLQJ
UHYHDOLQJ WKDW /RQJPLUH DQG &DOGZHOO HLWKHU GHQLHG RU KDG QR UHFROOHFWLRQ
RI WKLV FRQYHUVDWLRQ LPSOLFDWLQJ 7UXH LQ WKH LQLWLDO WKUHHPRQWK DJUHHPHQW
VXUFKDUJHVZLWKWKHVDPHFRPSHWLWRUVXUFKDUJHVZKLFKZHUH
7KH *RYHUQPHQW GLG QRW FDOO /RQJPLUH RU &DOGZHOO DV ZLWQHVVHV 7UXH
XOWLPDWHO\ SDVVHG WKURXJK WR FXVWRPHUV LQ   3RUWHU
REMHFWHG XQGHU 5XOH  RQ WKH JURXQG WKDW LW ZRXOG PLVOHDG WKH MXU\ DQG OLNHZLVH GHVFULEHG KLV FRQYHUVDWLRQV ZLWK 7UXH UHJDUGLQJ
EH XQIDLUO\ SUHMXGLFLDO WR KLP
 8QLWHG6WDWHVY7UXH 1R 1R 8QLWHG6WDWHVY7UXH 

,90HULWV KHVSRNHZLWK7UXHDERXWWKHVHPDWWHUV+HWHVWLILHGRQUH
GLUHFWH[DPLQDWLRQKRZHYHUWKDWKHKDGSUHYLRXVO\VWDWHGLQ
7KH+\GH$PHQGPHQWGRHVQRWGHILQHZKDWFRQVWLWXWHVD DGRFXPHQWSUHSDUHGIRUVHQWHQFLQJSXUSRVHVLQKLVRZQFDVH
JRYHUQPHQWSRVLWLRQWKDWLVmYH[DWLRXVlRUmLQEDGIDLWKl WKDW7UXHDVNHGKLPWRFRQWDFW&KLOGVLQ'HFHPEHUWR
6HH  86& † $ 6WDWXWRU\ 1RWHV  7KH )RXUWK DQG ILQGRXWZKDW&KLOGVZRXOGELGRQDSDUWLFXODUDFFRXQW7@KHUH DUH JRRG UHDVRQV ZK\ WKH SOHDGLQJ FURVVDSSHDO7UXHjVDUJXPHQWLVZLWKRXWPHULW$SSHOODWH
UHTXLUHPHQWVVKRXOGEHUHDGDVSHUPLWWLQJVRPHGHJUHH FRXUWVPXVWLQGHSHQGHQWO\DVFHUWDLQWKHLURZQMXULVGLFWLRQDV
RIIOH[LELOLW\:HNQRZIURPRXUH[SHULHQFHERWKXQGHU ZHOO DV WKH ORZHU FRXUWjV MXULVGLFWLRQ  6HH %HQGHU Y
WKH(TXDO$FFHVVWRsXVWLFH$FWDQGLQRWKHULQVWDQFHVRI :LOOLDPVSRUW $UHD 6FK 'LVW  86   
GHSDUWXUH IURP WKH $PHULFDQ 5XOH RQ IHHV WKDW IHH )XUWKHU PDWWHUV UDLVHG EHORZ DV DOWHUQDWLYH JURXQGV LQ
SHWLWLRQVPXVWEHSUHSDUHGZLWKJUHDWFDUHEHFDXVHWKH\ VXSSRUWRIDMXGJPHQWDUHSURSHUO\EHIRUHWKLV&RXUWHYHQLQ
DUHRIWHQKRWO\FRQWHVWHG/LWLJDWLRQRYHUIHHDPRXQWV WKH DEVHQFH RI D FURVVDSSHDO  6HH 8QLWHG )RRG
KDVRQVRPHRFFDVLRQVEHHQDOPRVWDVSURWUDFWHGDVWKH &RPPHUFLDO:RUNHUV8QLRQ/RFDOY6:2KLR5HJjO
XQGHUO\LQJ ODZVXLW  &RQJUHVV FDQQRW KDYH EHHQ 7UDQVLW$XWK)GQWK&LU7KXV
XQPLQGIXORIWKLVUHDOLW\,IZHZHUHWRFRQVWUXHVHFWLRQ ZHPD\SURSHUO\UHYLHZWKH*RYHUQPHQWjVDUJXPHQWWKDWWKH
G%>WRPDNHWKHSOHDGLQJVWDQGDUGVFRQWDLQHG GLVWULFWFRXUWODFNHGMXULVGLFWLRQWRFRQVLGHU7UXHjVGHIHFWLYH
WKHUHLQ MXULVGLFWLRQDO@ WKH UHVXOW ZRXOG EH WR IRUFH DSSOLFDWLRQIRUDWWRUQH\jVIHHVXQGHUWKH+\GH$PHQGPHQW
FRXQVHOWRGHPDQGWKHKLJKHVWDPRXQWDQGLQFOXGHWKH
ODUJHVWQXPEHURIKRXUVDQGLWHPVRIH[SHQVHWKH\FRXOG 7KH +\GH $PHQGPHQW H[SOLFLWO\ LQFRUSRUDWHV WKH
GUHDP XS  7KDW ZRXOG EH VR EHFDXVH WKH ORJLF RI WKH SURFHGXUHVDQGOLPLWDWLRQVSURYLGHGIRUDZDUGVRIDWWRUQH\
JRYHUQPHQWjV SRVLWLRQ DV WR WKH PHDQLQJ RI VHFWLRQ IHHV XQGHU WKH ($s$  6HH  86& † $ 6WDWXWRU\
G%ZRXOGSUHFOXGHDQ\XSZDUGDPHQGPHQWRI 1RWHVUHSURGXFHGVXSUDQRWH
WKHSHWLWLRQDIWHUWKHH[SLUDWLRQRIWKHWKLUW\GD\ILOLQJ
SHULRG  ,W VHHPV XQOLNHO\ WKDW &RQJUHVV ZRXOG KDYH 8QGHUWKH($s$
LQWHQGHG DQ\WKLQJ VR LQFRQVLVWHQW ZLWK VRXQG
DGPLQLVWUDWLRQDQGIDLUDGMXGLFDWLRQRIIHHGLVSXWHV $SDUW\VHHNLQJDQDZDUGRIIHHVDQGRWKHUH[SHQVHV
7KXVZHFRQFOXGHWKDW&RQJUHVVGLGQRWLQWHQGWKDW VKDOOZLWKLQWKLUW\GD\VRIILQDOMXGJPHQWLQWKHDFWLRQ
GHIHFWV LQ WKH SOHDGLQJ UHTXLUHPHQWV RI VHFWLRQ VXEPLW WR WKH FRXUW DQ DSSOLFDWLRQ IRU IHHV DQG RWKHU
G%EHWUHDWHGDVMXULVGLFWLRQDO6RORQJDVD H[SHQVHVZKLFKVKRZVWKDWWKHSDUW\LVDSUHYDLOLQJSDUW\
IHH SHWLWLRQLVILOHGZLWKLQWKHWKLUW\GD\SHULRGZKLFK DQGLVHOLJLEOHWRUHFHLYHDQDZDUGXQGHUWKLVVXEVHFWLRQ
SXWVWKHFRXUWDQGHYHQWXDOO\WKHJRYHUQPHQWRQQRWLFH DQGWKHDPRXQWVRXJKWLQFOXGLQJDQLWHPL]HGVWDWHPHQW
WKDWWKHSHWLWLRQHUVHHNVIHHVXQGHUWKH(TXDO$FFHVVWR IURP DQ\ DWWRUQH\ RU H[SHUW ZLWQHVV UHSUHVHQWLQJ RU
sXVWLFH$FWWKHFRXUWPD\FRQVLGHUWKHSHWLWLRQDQGPD\ DSSHDULQJLQEHKDOIRIWKHSDUW\VWDWLQJWKHDFWXDOWLPH
DEVHQW SUHMXGLFH WR WKH JRYHUQPHQW RU QRQFRPSOLDQFH
ZLWK FRXUW RUGHUV IRU WLPHO\ FRPSOHWLRQ RI WKH IHH
GHWHUPLQDWLRQSHUPLWVXSSOHPHQWDWLRQ 
:H QRWH WKDW WKH GLVWULFW FRXUW GHFLGHG 7UXHjV DSSOLFDWLRQ RQ WKH
,GDW7KXVWKH'XQQFRXUWKHOGWKDWWKHGLVWULFWFRXUW PHULWV ZLWKRXW FRPPHQWLQJ DERXW 7UXHjV GHIHFWLYH DSSOLFDWLRQ DQG WKH
KDGVXEMHFWPDWWHUMXULVGLFWLRQEHFDXVHWKHDSSOLFDWLRQZDV LPSOLFDWLRQV IRU LWV RZQ MXULVGLFWLRQ 7UXH KDG LQGLFDWHG LQ KLV EULHIV

WLPHO\ILOHG6HHLGDW EHORZ WKDW KH FRXOG SURSHUO\ VXSSOHPHQW KLV DSSOLFDWLRQ WR LQFOXGH D QHW
ZRUWK VWDWHPHQW DQG LWHPL]DWLRQ LI WKHVH ZHUH GHHPHG QHFHVVDU\ E\ WKH
FRXUW :H WKHUHIRUH DVVXPH WKDW 7UXH FRXOG KDYH SURYLGHG VXFK
5HO\LQJ RQ 'XQQ ERWK WKH %D]DOR DQG 6LQJOHWRQ FRXUWV VXSSOHPHQWDWLRQ WR FRUUHFW WKH GHIHFWV LQ KLV DSSOLFDWLRQ
GLVWLQJXLVKHG EHWZHHQ WKH ILOLQJ SHULRG DQG SOHDGLQJ
UHTXLUHPHQWVRI†G%DQGKHOGWKDWRQO\WKHWKLUW\ 
7KH ($s$ DXWKRUL]HV WKH DZDUG RI DWWRUQH\Vj IHHV DQG FRVWV WR
GD\ILOLQJUHTXLUHPHQWLVMXULVGLFWLRQDO6HH%D]DOR)G SULYDWH SDUWLHV ZKR SUHYDLO DJDLQVW WKH JRYHUQPHQW LQ FLYLO DFWLRQV $00 
86& †  09 806
 8QLWHG6WDWHVY7UXH 1R 1R 8QLWHG6WDWHVY7UXH 

H[SHQGHGDQGWKHUDWHDWZKLFKIHHVDQGRWKHUH[SHQVHV :HKDYHKHOGWKDWWKHGD\WLPHSHULRGLVMXULVGLFWLRQDO
ZHUHFRPSXWHG LQ WKH ($s$ FRQWH[W  6HH 3HWHUV Y 6HFj\ RI +HDOWK DQG
+XPDQ 6HUYV  )G   WK &LU  SHU
86&†G%$mSDUW\lLVGHILQHGLQSHUWLQHQW FXULDP  %HFDXVH WKH +\GH $PHQGPHQW LQFRUSRUDWHV WKH
SDUW DV mDQ LQGLYLGXDO ZKRVH QHW ZRUWK GLG QRW H[FHHG ($s$ SURFHGXUHV DQG OLPLWDWLRQV WKHUH LV QR UHDVRQ WR
l DW WKH WLPH WKH DFWLRQ ZDV ILOHG   86& FRQFOXGHWKDWWKHGD\SHULRGLVQRWDOVRMXULVGLFWLRQDOLQ
†G%+RZHYHUWKH+\GH$PHQGPHQWH[SOLFLWO\ WKH+\GHFRQWH[W:HKDYHQRWKRZHYHUDGGUHVVHGZKHWKHU
GRHV QRW DGRSW WKH ($s$ EXUGHQ RI SURRI 6HH  86& WKH RWKHU UHTXLUHPHQWV LQ WKH VDPH VHQWHQFH RI
†$6WDWXWRU\1RWHV,QVWHDGLWUHTXLUHVWKHDSSOLFDQWWR †G%DVWKHOLPLWDWLRQVSHULRGZKLFKSHUWDLQWRWKH
SURYH WKDW WKH JRYHUQPHQWjV SRVLWLRQ ZDV mYH[DWLRXV FRQWHQWVRIWKHDSSOLFDWLRQDUHMXULVGLFWLRQDO,QWKH($s$
IULYRORXV RU LQ EDG IDLWKl  ,G  7KXV XQGHU WKH SODLQ FRQWH[W WKUHH &LUFXLWV KDYH UXOHG WKDW WKH\ DUH VLPSO\
PHDQLQJRIWKHVHSURYLVLRQVDQDSSOLFDQWPXVWDSSO\IRU SOHDGLQJUHTXLUHPHQWV6HH6LQJOHWRQY$SIHO)G
IHHVDQGH[SHQVHVZLWKLQGD\VRIWKHILQDOMXGJPHQW WK&LUSHUFXULDPLQYROYLQJDQDSSOLFDWLRQ
DOOHJH WKDW WKH 8QLWHG 6WDWHVjV SRVLWLRQ ZDV YH[DWLRXV IRU IHHV XQGHU WKH ($s$ %D]DOR Y :HVW  )G 
IULYRORXV RU LQ EDG IDLWK  DOOHJH WKDW KH SUHYDLOHG  )HG&LUVDPH'XQQY8QLWHG6WDWHV)G
DOOHJHWKDWKHLVDQHOLJLEOHmSDUW\lXQGHU†G% G &LU  VDPH  %XW VHH %D]DOR  )G DW 
DOOHJH WKH DPRXQW VRXJKW DQG  LQFOXGH DQ LWHPL]HG 6FKDOOsGLVVHQWLQJQRWLQJWKDWWLPHOLPLWDQGSOHDGLQJ
VWDWHPHQWIURPKLVDWWRUQH\RUH[SHUWVWDWLQJWKHDFWXDOWLPH UHTXLUHPHQWVDUHIRXQGLQDVLQJOHVHQWHQFHRIWKH($s$WKDW
VSHQW DQG WKH UDWH DW ZKLFK WKH IHHV DQG H[SHQVHV ZHUH FRQWDLQVPDQGDWRU\ODQJXDJHVRWKDWERWKUHTXLUHPHQWVDUH
FRPSXWHG MXULVGLFWLRQDODOVRQRWLQJWKDWZDLYHUVRIVRYHUHLJQLPPXQLW\
PXVWEHVWULFWO\FRQVWUXHG'XQQ)GDW$GDPV
+HUH7UXHWLPHO\ILOHGKLV+\GH$PHQGPHQWDSSOLFDWLRQ sGLVVHQWLQJVDPH8QLWHG6WDWHVY+RSNLQV'RGJH6DOHV
ZLWKLQGD\VRIWKHMXGJPHQWRIDFTXLWWDOEXWIDLOHGWRDOOHJH ,QF  ) 6XSS   ' 0LQQ  RUGHU
KLVQHWZRUWK,QDGGLWLRQDOWKRXJK7UXHOLVWHGKLVIHHVDQG VDPH LQYROYLQJ IDLOXUH RI DSSOLFDQW WR DOOHJH LW ZDV DQ
H[SHQVHV IRU ZKLFK KH ZDV VHHNLQJ UHLPEXUVHPHQW KLV HOLJLEOHSDUW\6LHUUD&OXEY%URZQ1R&
DSSOLFDWLRQGLGQRWLQFOXGHWKHUHTXLUHGLWHPL]HGVWDWHPHQWV :/  1' ,OO  PHPRUDQGXP RSLQLRQ DQG
IURPKLVDWWRUQH\VRUH[SHUWV7KH*RYHUQPHQWDUJXHVWKDW RUGHUVDPHDGRSWLQJ'XQQDQG%D]DORGLVVHQWV
7UXHjV IDLOXUH WR LQFOXGH WKHVH HOHPHQWV LQ KLV DSSOLFDWLRQ
GHSULYHGWKHGLVWULFWFRXUWRIMXULVGLFWLRQWRFRQVLGHU7UXHjV ,Q 'XQQ WKH DSSOLFDQWV WLPHO\ ILOHG WKHLU DWWRUQH\ IHH
DSSOLFDWLRQ  7KH TXHVWLRQ EHIRUH XV WKHQ LV ZKHWKHU WKH DSSOLFDWLRQEXWIDLOHGWRVSHFLI\WKHDPRXQWVRXJKWDQGGLG
UHTXLUHPHQWVVHWIRUWKLQ†G%DVLQFRUSRUDWHGE\ QRWLQFOXGHWKHUHTXLVLWHLWHPL]DWLRQ6HH'XQQ)GDW
WKH+\GH$PHQGPHQWDUHMXULVGLFWLRQDORUPHUHO\SOHDGLQJ   $IILGDYLWV VXEVHTXHQWO\ ILOHG KRZHYHU SURYLGHG
UHTXLUHPHQWV LWHPL]DWLRQVVXSSRUWHGE\GHWDLOHGH[KLELWV6HHLGDW
,QKROGLQJWKDWWKHGLVWULFWFRXUWKDGMXULVGLFWLRQWKH'XQQ
FRXUW GLVWLQJXLVKHG WZR NLQGV RI UHTXLUHPHQWV LQ
 †G%DMXULVGLFWLRQDOOLPLWDWLRQVSHULRGIRUILOLQJ
8QGHU WKH ($s$ D SUHYDLOLQJ SDUW\ PXVW DOOHJH WKH JRYHUQPHQWjV
SRVLWLRQ ZDV mQRW VXEVWDQWLDOO\ MXVWLILHGl  86& † G%
DQG D SOHDGLQJ VWDQGDUG  6HH LG DW   7KH 'XQQ FRXUW
+RZHYHU XQGHU WKH ($s$ LW LV WKH JRYHUQPHQWjV EXUGHQ WR SURYH WKDW LWV
UHDVRQHG
SRVLWLRQ ZDV VXEVWDQWLDOO\ MXVWLILHG $00 HJ &UDZIRUG Y 6XOOLYDQ 
)G   WK &LU  8QLWHG 6WDWHV Y  $FUHV RI /DQG
 )G   WK &LU