7KH +RQRUDEOH 5 $OODQ (GJDU &K

IRU WKH (DVWHUQ 'LVWULFW RI 7HQQHVVHH VLWW



5(&200(1'(' )25 )8//

3XUVXDQW WR 6L[WK &LUF

(/(&7521,& &,7$7,21  )

)LOH 1DPH D

	


	




	+$521  )(11,*

	






286(+2/' 5(',7

	(59,&(6 
1&

0(5,&$ $1. 

	



 !"#$%&'!
(&!	&

#$&'!	,&'!$*()&$(+&#

../01%,	$

$2,!45!%-!

*!+(!("!4 

!#$!4789
7

'(!#*()&$(+&3
 












	  	;"5( &"()
8 <
8	,)=; '( #$  !""&  >(""(% 9 $&!$ 

?8			8
<	",%-,)'((+'$! !$%

	
77
?<>77!@8$=!@8$= #$ !""!!)
	;"5(

&"()3',$$;
8<
8	,)=;'( #$ !""&>(""(%9$&!$ 

 3' 3$?8			8
<	",%-,)'((+'$! !$%

	'$7!""!)	
77
?<>77!@8$=!@8$=*5(>"!A!$	B

	*	<*	8",%-,)'( #$ !""!!)

78 3 !"(5!$! &'!  (( # &'! +,$& ( @'(+'

9
73C(!*9*3D /E!"(5!$!)! $&! ((())!&(2( $&++,$$(2( $&







78($+,(&3,2!"(&(##	'$#!(2 !")

#$%&'!()&$(+&+,$&F)	! &!%-!$$!$()%())(2'!$ +% "(& ( @'(+' )'! )!!=) & -$(2  +")) +&(2()& *!#!&) ,)!'" $!(& 	!$5(+!) 
+DG,)!'"HE%!$(+=DGHE#$ ""!2! 5("&() #&'! #!!$" $,&'( 7!(2 +&DG
7H $  G+&HE 0 
	 I J    "(&(##

""!2!)&'&*!#!&)!A&!!'!$+$!(&&'!+'$2!'!$#!!#$(2)@(&',& $ !$";()+")(2&'&#!!) #(+! +'$2! ) $!K,($! -; 
7  '! ()&$(+& +,$&()%())!"(&(##F)+% "(&!&!$%((2&'&$!2,"&() $%,"2&!-;&'!!!$"!)!$5!$DGHE@'(+'!A+",! 5!$"(%(& #!!) #$% &'! !#((&( # G#(+!
 

+'$2!)H -$$! '!$ +"(%)  >( $&	

	


"(&(##'")+$!(&+$$(2(

# *!#!& ,)!'" ( ..+K,($! &'! (&!$!)& ( ../,)!'"F) +$!(& +$ $&#"!)&-"()'!"(&(##F)+$!(&"(%(&""@!'!$&(+$!)!&'&"(%(&@ ,$+')!'& ,$+')! ,)'!&'!$(2("";2$!!, +$!(&"("(&(##F)+$!(&"(%(&*!#!&)+'$2! # L.  %&' #$ !$!%(!5!$&'!$(2(""(%(&+'$2!@)%(&&!#$%&'!#(+%&'";)&&!%!&()&!@!@ ,$+')!$!-(&@'(+'@!$!+"+,"&!

) ((+&! "(&(## )!!=) &

-!'"##""+,)&%!$)@''"()),!-;*!#!&)	'!""!2!)#(% )(25!$"(%(&#!!)(&'!% !$5)(5!"(&(##+"(%)&'&*&'!($+,)&%!$)&!A+!!&'!($$("(%(&), $!K,!)&&'!(% #!!#$2(25!$&'&"(%(&"(#$!2(2$!),"&)(!A$-(&& &," !$+!&2!$&!#!!A&!!5!$&'!"(%(&)$!),
75("&()"(&(##$!K,!)&)!+"$&$;C,2%!&&'&&'!5()+")! ,$),&&
7D+,&D+,&

E

) #,$&'!$ !A "(! -!"@&'

"(&(##F) +% "(&  *!#!
 







)&&!  +"(% ,!$ !  (5  D-EDJE -!+,)! &'!%(()&$&(5! $!2,"&() (&!$ $!&(2 
7 D'!$!(#&!$G!2,"&(MHE!A $!))";!A+",!#!!)+'$2!#$!A+!!(2+$!(&"(%(&#$%&'!!#((&(#&'!G#(+!+'$2!H






'(),$&$!5(!@)
()&$(+&+,$&N)()%())"#

+% "(& ,!$ ,"! D-EDJE   
  
 0J  6 6 DJ&' ($ ../E D+(&(2 
!
6.J./DJ&'($..6EE),+'%&(&'!,$&++! &))&$,!@!"" "!!#+&)""!2!(&'!+% "(&@(""()%())&'!+% "(&";(#(& !$)-!;,-&&'&&'! "(&(##+ $5!)!&##+&)(), $&#&'!+"(%)&'&@,"!&(&"!'(%$'!$&$!"(!#"##
$%!&'000.0JDJ&'($../ED+(&(2
!

 
 ..  . .6 DJ&' ($..JEE  """"!2&()%,)&-!+)&$,!(&'!"(2'&%)$-"!&&'! "(&(##
"'./000DJ&'($..E



"(&(##$2,!)&'&&'! "("2,2!#
7%&!)

&'&*!#!&)(+",!)#(+!+'$2!&'!%&'";#!!(% )!"(&(##F)%&'";)&&!%!&#$!A+!!(2'!$+$!(&"(%(&	'!%(&)&'&!2,"&(M $%,"2&!-;&'!  ') !A+",! #$% &'! !#((&( # &'! &!$%G#(+!+'$2!H#!!)(% )!#$!A+!!(2+$!(&"(%(&@!5!$ )'! $2,!)&'&&'! $!2,"&( +#"(+&) @(&'&'! "("2,2!#&'!)&&,&!(),+'+)!)&'!	, $!%!,$&')'!"&'&+,$&)%,)&(2$!&'!$!2,"&())&2(5!!##!+&&&'!)&&,&!	'!#,$&'!$+&!)&'&
7()+),%!$ $&!+&()&&,&!%,)&-!+)&$,!"(-!$"";))& $!5!&&'!&; !#+&((@'(+'*!#!&)$!@!22!

 UHTXLUHG WR GLVFORVH XQGHU VRPH FLUFXP

7KLV PHUHO\ DGGV WR ODFN RI XQLIRUPLW\ DQ

-)()#$&'()$!),"&#+,$)!-!+ !2,"&( M ( 2 #(&' 
++",)(($&
?#(&) ((!&(&"! & (%%,(&; #$% +(5(" IJD#E
@,"##($%&'!!+((&)!&($!&;
 







,Q LWV IRRWQRWH  WKH PDMRULW\ VD\V WKDW LW¶V KROGLQJ LV 3OLPLWHG WR

WKRVH LQVWDQFHV LQ ZKLFK WKH FUHGLWRU NQRZLQJO\ SHUPLWV WKH FUHGLW FDUGKROGHU WR H[FHHG KLV RU KHU FUHGLW OLPLW ́ 3UHVXPDEO\ WKLV PHDQV WKDWFUHGLW FDUG LVVXHUV PXVW RQO\ GLVFORVH DQ RYHUOLPLW IHH ZKHQ WKH\ KDYHEHHQ PDGH DZDUH WKDW DQ RYHUOLPLW FKDUJH LV SHQGLQJ DSSURYDO DQG WKH\WKHQ SHUPLW WKH FKDUJH WR JR WKURXJK 7KXV VRPH FDUG LVVXHUV PD\ EH

(&!$ $!&&(  &'!$ (# &'! )&&,&! () )("!& $%-(2,,)@(&'$!) !+&&&'!) !+(#(+()),!&'!K,!)&(#$&'!+,$&()@'!&'!$&'!2!+;F))@!$()-)! !$%())(-"!+)&$,+&(#&'!)&&,&!


(	&'
%''&'J6
	/6/D./E'!	, $!%!,$&')")) !+(#(+"";)(&'&((&!$ $!&(2&'!
7&'!!!$"!)!$5! $F)  (() +)&$,(2 &'! +& )'," -!() )(&(5! ,"!)) G!%)&$-"; ($$&("H  ) 


!

	0000J0D./E'()+($+,(& ') '!" &'& G( 
7 +&() @! !#!$ & &'!$!2,"&()(&!$ $!&(2&'!+&H"
"*	+J./.0DJ&'($../E

'!%C$(&;F)(&!$ $!&&(#IJ0DE%(2'&@!""-!

$!)-"!!:-,&)()&'&#&'!!!$"!)!$5!$!$&("; (& +& -! )( &'& &'! !!$" !)!$5!F)!A+",)(#5!$"(%(&+'$2!) #$%&'! #(+!+'$2!(!2,"&(M()!%)&$-";($$&("'!!!$"!)!$5!%!$!"; #(""!(-"="!#&-;2$!))(&'!
7"2(O!5!$"(%(&+'$2!)&,&(+( &!"&! ;%!&)+'$2!)#$!"(K,!+;$!#,"&'!)!&'!$+'$2!)$!+"!$";& $&#&'!#(+!+'$2!-!+,)!&'!;$!) &'! ()&$(+& +,$& ++",! )& !A&!)( # +$!(&++,$$!+!)  '! )%! + -! $!)-"; )( -,&5!$"(%(&#!!)

'!%C$(&;F)++",)((&'()+)!!##!+&(5!";%!)

!2,"&( M ( &'() +($+,(&  '! &(" ,(#$%(&;!)&-"()'!-;&'!!!$"!)!$5!$#$+),%!$+$!(&()&'!$!-;-$!+'!
&&'(=&'&&'!$!()),##(+(!&

 

*!#!&) +&! &'& &'!

()%())! "(&(##F) +% "(&!A+",!)5!$"(%(&#!!)#$%&'!'!;$2,!&'&!2,"&(MF)!A#$%&'!!#((&(#&'!#(+!&+&$$;&
7&'&&,$& '5! )&$!))!&'& +,$&) )(&!$ $!&&()#
7("";*+&!(2#(&'+% "(+!@(&#("!&()+")!&'!5!$"(%(&#!&'& ,$),& & 0 
	 I J(%%,!#$%+(5(""(-("(&;(&'!



'! ,$ )!#
7()G&)),

#+$!(&&!$%))&'&&'!+),%&'!5$(,)+$!(&&!$%)5(",(#$%!,)!#+$!(&& $(++,$&!,#($+$!(&-(""(20
	IJDE:)
	00000.D./.ED!A "(& )),$! G%!(2#," ()+"),+),%!$)HE:"
*

DJ&'($...ED'"(2&'&
7&'! (#$%! ,)! # +$!(& -; %!(2#," ()+"),$! # +$!(& &!+,)!#
7F) ,$ )!# $&&$)+&() &'() ,$& ') '!"+)&$,! "(-!$""; ( &'! +),%-*
	+66

DG
7()$!%!(")&&,&!)'(#5$#&'!+),%!$HED+(&&(


7'@!5!$()&!A',)&(5

&'!  &'! ,&'$(&; G& !"-$#$%!@$=25!$(2&'!+%%!


	&0J6DG2$!))')) !!$" !)!$5! $    )
J 







(&!$ $!&&( "(+&(#&'!&$,&'("!(2"@HE:0
	IJDED!A "((2&'&&'!G)'"" $!)+$(-! $!2,"&() & +$$; ,& &'! ,$ )!) # &'()),-+' &!$HE'!	, $!%!,$&')$!+2(O!&'&
7()'(2'";&!+'(+"+&&'&!#!$!+!)',"-!2(5!&&'! F) (&!$ $!&&( # &'! +& ) "2 ) ),+'(&!$ $!&&()$!&($$&("
	&0J/
!A "((2&'!!#!$!+!&'&+,$&))',"##$&&'!F)(&!$ $!&&(#
7&'!,$&)&&!4

@'"";  $& #$% C,$() $,!&(" +)(!$&() $+2$!))(" (&!& !#!$!+! & &'!    PQ ()+% !""!-;!+!))(&;:+,$&&'&&$(!)&+'$&&$,!+,$)! & &'! +&F) ,$ )! !%-$=) ,   5;2!@(&',&+% ))@'!(&()$!2$)&'!2!+;F)5(!@)'!++! &#G%!(2#,"()+"),$!H&'&(%&!)
7+&-! "(!(&'!-)&$+&

()+"),$! !) & %! ()+"),$! &'!$(&!)+$(-!)-"+!-!&@!!G+% !&(2+)(!$&()#+% "!&!()+"),$!&'!!!&5(P(#$%&("5!$"QH

&D(&"(+)(&'!$(2("E'(),$&")'))&&!&'&G(
7+&()(&@(""!#!$&&'!$!2,"&()(&!$ $!&(2&'!+&H"J&.0D+(&(2
	

& 0J0E   @!5!$ @'("! &'!  ') -!! 2(5! -$,&'$(&;( $!)+$(-(2$!2,"&()&+$$;,&&'! ,$ )!)#
7&'(),&'$(&;()+#(!&!##$&)&G!##!+&,&!&'! ,$ )!# P&'! +&Q& $!5!& +($+,%5!&($ !5)(&'!$!# $& #+("(&&! +% "(+!&'!$!@(&'H  0 
	IJDE',)&'!F),&'$(&;()&@(&',&"(%(&)	")
.'0
	0.D./E D'"(2 &'& +,$&) !! "; !#!$ & $!2,"&() &'& $! & $! ,2& & 
7E: ((&'
)%
"./JJ66 D* ($ ..E D'"(2 &'& !) (&! ,&'$(&;I JDE 2$&) & &'!  $!% @) !+!))$; #$+"$(#(+&(#&'!$&("(&;#$!2,"&()&'&+#"(+&!

 #()&'&(++$+!@(&'&'!2##(+!+'$2!&'!!#!&'&&'!!A&!)(#+$!(&H'!%5!$"(%(&#!!()G(% )!(+(!&-!+,)! #&!$ &'! "(&(## $!+'!!##!+&$!K,!)&!%$!+$!(&-;!A !$%(&&(2'!$&!A+!!&'!"(%(&!#!&) (% )! &'! #!! G(++$!(&H
&'!$@$)&'!!#!@)%=(2+'$2!)5!$'!$"(%(&)

'!$! $! &@ $-"!%) @(&' 

 "(&(##!)&""!2!('!$+% #$!=@"!2! # &'! "(&(##F) %C$(&;F) #+&," ++",)(  +&!&()( "(&(##F)-$(!#	(%&(&()%()),!$!"(%(&!&$!5(!@(2&'!#+&))&'!
"'!%/'
DJ&'($E:%
( 6  DJ&' ($ E ))!$&(('!$-$(!#&'&+$!(&+!+()()&@'!&'!$$&P !$%(&&!&2&'$,2'H%;&$%,$ !$)"!A !$(!+!@!=+'!+=+$!(&+$)"(!-!#$!+@!5!$&'()%;&-!&$,!("
7  !2,"&( M  "; &$)+&()&C,)&&')!#&'! 

>!$!%()'!-;&'!	, $>'!+,$& $!5(!@)2!)&&,&! @'(+' (& %(()&!$)  !&!$%(!) 2$!)) ') &  $!+()! K,!)&( & ()),! &'! (% )!(&)@+)&$,+&(#!+!))$; ( &'! -)!+! 
/ 









	
	



*9 '(!# *()&$(+& 3,2! ())!&(2 ( $&

++,$$(2( $&!+,)!
&&'(=&'&&'!"2,2!#&'!$,&'(7!(2+&DG
7HE!+!))$(";@$$&)&'! (+",)( #  5!$"(%(& #!! ( &'! #(+! +'$2! 
())!&#$%$&


#&'!%C$(&; ((

0
	IJ0DE2!!$"";!#(!)#(+!+'$2!)

#""@)4

A+! &)&'!$@()! $5(!(&'())!+&(&'!%,&#&'!#(+!+'$2!(+!+&(@(&';+),%!$+$!(&&$)+&()'""-!!&!$%(!)&'!),%#""+'$2!) ;-"!($!+&";$(($!+&";-;&'! !$)&@'%&'! +$!(&() !A&!! (% )!($!+&";$(($!+&";-;&'!+$!(&$)(+(!&&&'!!A&!)(#+$!(&

'!)&&,&!&'!) !+(#(!))%!!A% "!)#&; !)#+'$2!)&'&%,)&-!(+",!) $&#&'!#(+!+'$2!()+")!& +),%!$)  !2,"&( M $%,"2&! -; &'! !!$"!)!$5! $ & (% "!%!& &'! 
7 #"!)'!) ,& (+)(!$-"!!&("@'&()@'&()&&-!(+",!@(&'( &'! #(+! +'$2!  ) &'! %C$(&; (&) ,&!2,"&(M+"!$";0'#$%&'!!#((&(##(+!+'$2!GP+Q'$2!)#$+&,",&(+( &!"&! ;%!&#$0'  '  $ #$ !"(K,!+; !#,"& $ )(%("$ ++,$$!+!H    I JD+EDE D!% ')()), "(!E

'!%C$(&;++",!)+&$$;&&'!!!$"!)!$5!

$ &'&  5!$"(%(& #!! G#"") )K,$!"; @(&'( &'!)&&,&$;!#((&(#  #(+! +'$2!'!$!()%-(2,(&;H  
 $!) !+&#,""; ()2$!!  5!$"(%(& #!!) $!@'!$!%!&(!(IJ0DE'!%C$(&;!&'!"!))

 

3ULRU WR  5HJXODWLRQ = GLG QRW 

D FUHGLW OLPLW IURP WKH WHUP 3ILQDQFH FKUHJXODWLRQ DIWHU &RQJUHVV SDVVHG WKH 7UXWK 3XE / 1R   6WDW  

&RQVXPHU 5LJKWV DQG 5HPHGLHV   :5HJ   $SULO   3>3UHJXODWLRQ@ FRUUHVSRQGV WR  F RI WRQH LWHP WR WKH OLVW 7KH UHYLVHG UHJXODWLRIRU H[FHHGLQJ D FUHGLW OLPLW IURP WKH ILQD

@(&'
7()+"),$! $!K,($!%!" $%&("()+,&$&!)

	!+&(J0DE!#(!)G#(+A+! &)&'!$@()! $5(!(#&'!#(+!+'$2!(+!++$!(&&$)+&()'""-!!&!$+'$2!) ;-"!($!+&";$(@'%&'! +$!(&() !A&!! (($!+&";-;&'!+$!(&$)(#+$!(&

0
	IJ0DE	(%("$&G#(+!+'$2!H)G&'!+)&#+G;+'$2! ;-"!($!+&";$((% )!-;&'!+$!(&$)+$!(&IJDED#$%&'()!#((&(##(+!+',&(+( &!"&! ;%!&#$!A+!"(K,!+; !#,"& $  )(%("$IJD+EDE

!";(2&'!()&$(

-,&2(5!!#!$!+!&&'!&!$% #(+! +'$2!  ()%()-!+,)!#!2,"&(MF)!A+",)(&'!!#((&(##(+!+'$2!"" &'! +&!2$(!) # #!!) !A+",#(+!+'$2!,!$IJD+EDE
/ 







@'(+'&'! +$!(& @) !A&!!'5!-!!-$!+'!-;&'!-$$@!$'!()&$(+&+,$&!&!$%(!&'&G"(&(##)!!=)"(-!$"(&!$ $!&&( # 
7 &@(&')&(2&'! "("2,2! # !2,"&( MH  
& ++",! &'& &'! G$&("";H!A+",!#!!)#$!A+!!(2+$!(&"(%(&#$%&'! !#((&( # G#(+! +'$2!H -!+,)! ),+' #!!) $!G+'$2!)#$ )&+$!(&!A&!)(!5!&)&'&@!$!&2$!!& -; &'! $&(!)H  ++$(2 & &'! ()&$(+& +,$& 2$!!%!&@) $!+'!-;&'! $&(!) $!2$(2 +,)&%!$)G,("&!$"";!A+!!(2&'!($+$!(&"(%(&H',)(&'!"&'&&'!$&("";'!&!$%(!&'&-!+,)!#!!)),+')&'!!"(&(##@)+'$2!(&'()+)!@!$!";))!))!@'!$!&'!+,)&%!$-$!+'!&'!$(2("&!$%)#&'!+$!(&2$!!%!&;#!!)(% )!(+(!&&&'&-$!+'+,"&-!+)&$,!)#(+!+'$2!)

*!#!&)$2,!&'&&'!()&$(+&+,$&@)+$$!+&&'&

&'(),$&%,)&, '"&'!F)(&!$ $!&&(#!2,"&(M-!+,)!(&()G$&("";-)!H3,)&)&'!()&$(+&+,$&#, *!#!&) +&! &'& &'! 5!$"(%(& #!!  ""&'!$#!!)!A+",!#$%&'!)&&,&$;!#((&(#G#(+!+'$2!H ,!$ I JD+EDE )'$!  G+%% &'!%!H!";(2  "2,2! #$% &'! ()&$(+& +,$&F)  ((*!#!&)+"(%

""#&'!)! )&+$!(&!A&!)(++,$$!+!)$!!(5("&(#&'!2$!!, &!$%), @'(+'&'!+$!(&@)!A&!!	,+'+'$2!)$!!5!$(% )!, -$$@!$@')(% ";#""@)&'!&!$%)#&'!2$!!%!&'! !!$"!)!$5!$ $&("";!&!$%(!&'&&'!)! +'$2!) #$ +&) %,&(2 & -$!+'!) # &'!2$!!, +$!(&!A&!)($!&#(+!+'$2!)

*!#!&F)$&

>! ()2$!! @(&' *!#!&)  &'! ()&$(+& +,$& #$

)!5!$"$!))($)&)!A "(!-5!@!'5!'!"&'&
7 )  $!%!(" )&&,&! %,)& -! 2(5!  "(-!$"(&!$ $!&&((#5$#+),%!$)($!$& $&!+&&'!%

 

3ODLQWLII LV LQ QR ZD\ SUHMXGLFHG E

UHSO\ EULHI VKH VWDWHV WKDW 'HIHQGDQWV¶ JRKHU FODLPV LQDVPXFK DV VKH QRW RQO\ VHH

UHOLHI 'XULQJ RUDO DUJXPHQWV KHU FR

+RZHYHU E\ KROGLQJ WKDW RQ WKH IDFWV RI 'HIHQGDQWV FRPSOLHG ZLWK 5HJXODWLRQ  I VKRXOG EH DIIRUGHG LPPXQLW\ IULPSO\ WKDW LQ DOO FDVHV ZKHUH D SDUW\ DUJXZLWK 5HJXODWLRQ = KH LV HQWLWOHG WR WKH EH6HH HJ &R[  )G DW  H[SODLQ

SURWHFWLRQ WR D FUHGLWRU ZKR KRQHVWO\ EXW P= FLWDWLRQV RPLWWHG :H QHHG QRW GHLQVWDQFHV PD\ DULVH ZKHUH UHOLDQFH RQ  GHIHQVH ZRXOG EH XQDYDLOLQJ

(% )!#$!A+!!(2'!$+$!(&"&'!()%())"#+,&

#"(&(#)'!)!!=)%!&$;%2!)




'!()&$(+&+,$&!$$!(#("(2

("(&(##F) #5$(++","(&(## ( &'() +)! $!),"&! #$"(&(##)F $& @'! )'! !A+)&$,(2 &'! ""!2&() ( "#5$ &'! 5!$"(%(& #!! @) !A&!)(#+$!(&&'&*!#!&&'!$!#$!#""))K,$!";@(&'(&'!G#(+!+'$2!H!5!$&'!"!))$!"(!&'! "("2,2!#!2(& +#"(+&) @(&' &'! "( "2,!A+",!)#!!)+'$2!#$!A+!!(!#((&(#&'!G#(+!+'$2!H*!#!&) %; & -! '!" "(-%())(: '@!5!$ "(&(## %;2()&*!#!&)#$!K,(&-"!$!#$2(2$!))@!	

	&'!%&&!$&&'!
J 







@! !A!$+()! ,$ ()+$!&( & !&!$&( &'!($ $2,%!&"&',2'(&@)& ))!, -!"@

 (&) #+! !2,"&( M !A $!))"; )&&!) &'& +'$2!)

(% )! #$!A+!!(2+$!(&"(%(&)$!!A+",! #$%&'!G#(+! +'$2!H    I JD+EDE  5!

)),%(2""""!2&()("(&(##F)+% "(&$!&$,!+)&$,(2&')! ""!2&()(&'!"(2'& %)& #5$-"!&"(&(##(&(),() ,&!&'&&'!#!!&()),!(&'()+)!@)(% )!#$G!A+!!(2+$!(&"(%(&H)!K,!&";!5!(#&'! )&&,&! $!K,($! *!#!&)&()+")!&'() #!! ) #(+!+'$2!,!K,(5+"";!2,"&(M(&0


	IJD#ED"(-("(&;#$G;+&!$%(&&!(2#(&'(+#$%(&;@(&'H$!2,"&(E:"
) 	 
 0/  ./ .  D6&' ($ .6/ED##($%(2()%())" R$2$&# ),%%$;C,2%!&(#5$#!#!&)!A "((2&'&-!+,)!!#!&),() ,&!"; +% "(! @(&' !2,"&( M "&',2' &'!!2,"&( +#"(+&! @(&' ()+"),$! $!K,($!%!&) ,!$
7&'!;+,"& ,$),&&IJD#E-!'!"+(5("";"(-"! #$&'!($ #(",$!& #""@
7E:0'$"!)" >$(2'& < $&',$  (""!$ !!$" $+&(+! $+!,$! I 66 & J/ D ! ..E D!A "((2 &'&"&',2'2!!$"$,"! $!5!&)))!$&(2##($%&(5!!#!)!%&(&()%())@'!$!!#!)!() "((&) #+!+,$&) 2!!$""; ""@ (&E D#&&! +(&&() %(&&!E  
(&( "(&(## ') & (&! & ; () ,&! #+&,"()),! $!2$(2@'!&'!$*!#!&)+&!(2 #(&'-;$!";(2&'!!A+",)($; $5()()(!2,"&(M1
$"	J	, . D* 
"" E D&(2 &'& +&$$; & !#!&F) )(&( &'& "2,2! +&(! ( (!$ +$!&! "; (+(!&"(&!$!)&-5(&(2!!#$()+"),$!,!$
7&@ &'!$ #!!$" +,$&) $!5(,)"; ' '!" &'& !A+&"2,2! +$!&!  )!+,$(&; (&!$!)& @'(+' ( $!K,($!()+"),$!E)!, &'!,() ,&!#+&)#&'()+)!0
	 I JD#E  "(!)  *!#!&) $! !&(&"! &(%%,(&;#$%+(5(""(-("(&;#$#("(2&()+")!) $&#&'!#(+!+'$2!"(&(##F)%&'";)&&!%!&)&'!#!!

 (+$!(&&$)+&()"

66&',)
7%,("(&(##F)#5$(&'!()&&"2,2!(IJD+EDE#!2,"(% )! ( &'() +)! #"") )K,!#((&(##(+!+'$2!


&()$,(%!&$;&'&G&'!)&$&(

)&&,&!()&'!"2,2!#&'!)&&,&! + 
 2-/ !


D./EG-)!&+"!$";!A $!))&'! +&$$;&'&"2,2! %,)& ++",)(5!H&:"!.DJ&'($.//ED!A "((2%!(2 # "!2()"&( @! %,)"2,2!#&'!)&&,&!(&)!"#HEG'@$),)!$! $!),%!&!A $!H)+"
'!.0J($ ..E D+(&&( %(&&!E  !#(!)&'!#(+!+'$2!)&'!)-;&'! !$)&@'%+$!(&()!A+$!(&$G)(+(!&&&'!!A&!I J0DE  D!% ')() !E*!#!&) (% )! &'! L. $!K,!)&!@)2$&!(&(& 2$&! "(&(##F) $!K,!)& #$!),"&!('!$!A+!!(2'!$+$!(&(% )!&'!5!$"(%(&#!!',)IJ0DE&'!2!!$"$,"!)#)L.#!!@)(% )!(+(!&&"(&(## ,$),&&
7*!()+")!&'!#!!)#(+!+'$2!0
	IJ/DEDED"()&(2#&'!$!K,($!()+"),$!)-;+$!D$!K,($(2%,&##(+!+'$)&&!%!&E
 







*!#!&) #(" & $2,! &'& &'! L. #!! @) &

(% )! (+(!& & &'! !A&!)( # +$!(& -,& ()&!5!'!%!&";+&!&'&&'(),$&%,)&!#!$&!2,"&(M >! ()2$!!   GP>Q! !#!$ &  2!+;N) $!)-"!(&!$ $!&&(#)&&,&!(&%(()&!$),"!))&'!(&!$!))()+"!$H
&6/.DJ&'

($..JE D+(&&((&!$"K,&&(%$=)%(&&!E>'!$!)&&,&!2!+;$!2,"&($!2$(2&'!)%!%&&!$)+#"(+&+,$&)%,)&!#!$&&'!)&&,&!5

 
 
  &' /J 
	 / . D.//ED!A "((2&'&&!&!$%(!@'!&'!$$!2,"&(+#"(+&)@(&'  )&&,&!&'! )&$&(2 (&()&'! )&&,&!(&)!"#:(#&'!)&&,&!()+"!$,%-(2,,)&'!%&&!$()5!$&'!+,$&)2!+;%,)&2(5!!##!+&&2$!))("(&!&EG
)+!$&((2&'! "(%!(2#&'!)&&,&!&'!+,$&%,)&"=&&'! $&(+,"$)&&,&$;"2,2!&()),!)@!"")&'!"2,2!!)(2#&'!)&&,&!)@'"!H&:

(
"6/./6DJ&'($ED)%!E)@!'5!!A "(!
7()$!%!(")&&,&!&'& %,)& -! +)&$,! -$"; ( &'! +),%!$F) #5$" J  & .0   '! 5!$"(%(& #!! *!#!&)(% )! #"") )K,$!"; @(&'( &'! )&&,&$; !#((&( # #(+! +'$2!   0 
	 I J0DE  '!$! () %-(2,(&;,$&'!$)()!5(!&#$%&'!$ $5()()#&'!+&GP&Q'!()+"),$!#&'!#(+!+'$2!()&&'!'!$&#H
7 "(O-!&' !,$& < S&'"!!  S!!)& &("),%!$7@!&!$-1I&/D&'

! ...E   '! #(+! +'$2!()(&!!& $5(! ++,$&! $(+!&2 #$+$!(&
7!%)&'&(&-!()+")!%$!+) (+,,)";&'&'!$(&!%)&D#&&!+(&&() %(&&!E:   0 
	 I JDE D"()&(2#(+!+'$2!)!##!@(&!%)&'&%,)&-!G()+")! '
'!&'&'!$(&!%)&$(#$%&(HED!% ')()!E:0
	IJ/DEDED(+",(2&'!#(+!+'$2!)!#&'!$!K,($!()+"),$!)EG	!!(2&'! +" '$ #(2,$!) P(! &'! #(+! +'$2!Q '!" )+),%!$)&!&!$%(!@'!&'!$&,)!+$!(&$&H)'(2'+$!(& +)&) !+,$2! $!)&$(&  !,$& < S!!)&


I&/&'&!&'!#(",$!&++,$&!";$! $!)!&

 

)'!)!!=)!K,(&-"!$!"(!#@'(+'()2 #(&' $!"(+! !#!)!  

D$!"(!5(2+$!(&$R"!!$+&(2(

"&',2'&'!()&$(+& +,$&(

 (( @'; (& #("! & +)(!$2,%!&@!&!&'&()&$(+&+G@!"")!&&"!H$,"!&'&G $&;%#($)&&(%!($! ";-$(!#H6/&'	, D+(&(2	
. 0.00 DJ&'($&; (+"";$!#$(#$%+)(!$(2&'!"@!$+,$&)"6
""	($..6E'&$,"!'@!5!$()!A "(!4

P&Q'! %&&!$ # @'& K,!)&()$!)"5!#$&'!#($)&&(%! &&'!()+$!&(#&'!+,$&)#&'!#+&)#((5(,"+)!)+($+,%)&+!) ( @'(+'  #!C,)&(#(!($!)"5(2()),!

  

#

@'!$!G(C,)&(+!%(2'&&'!$@()(&'($+,(&')'!"P&'&()+$!&(&!+(!@'!&'!$&()&$(+& +,$& ( & $!+'(#&"!2"!&'!$!+$')-!! !":(!+((2@'!&'!$&!A)'," +)(!$ @'!&'!$&'! $!+"!$@'!&'!$(C,)&(+!%(2'

&D+(&&()%(&&!!% ')(

!+,)!@!-!"(!5!&'&&'!())

2#(&'+% "(+!@(&'!2,"
 







GHFLVLRQV VXFK D K\SRWKHWLFDO VFHQDULR LV QRW EHIRUH XV 3ODLQWLII KDVDOOHJHG LQ KHU FRPSODLQW WKDW 'HIHQGDQWV URXWLQHO\ DOORZ FRQVXPHUV WR

H[FHHG WKHLU DSSOLFDEOH FUHGLW OLPLWV ,G 7KXV VKH KDV DOOHJHG WKDW WKHXOWLPDWH GHFLVLRQ VTXDUHO\ UHVWV LQ WKH KDQGV RI 'HIHQGDQWV &RQWUDU\ WRWKH GLVVHQW¶V FRQWHQWLRQ RXU KROGLQJ LV RI FRXUVH OLPLWHG WR WKRVHLQVWDQFHV LQ ZKLFK WKH FUHGLWRU NQRZLQJO\ SHUPLWV WKH FUHGLW FDUG KROGHUWR H[FHHG KLV RU KHU FUHGLW OLPLW DQG WKHQ LPSRVHV D IHH LQFLGHQW WR WKHH[WHQVLRQ RI WKDW FUHGLW



*!#!&)$2,!&'&!5!(#&'(),$&G(5"(&!P)Q&'!

 $5()(#!2,"&(M&()),!'!$!H&'!;$!!&(&"!&&'!2#(&'(%%,(&;!#!)!#IJD#E
 !$&(!& $&0
	IJD#E $5(!)

 $5()(#&'())!+&((% )(2;"(-("(&;)'"" ";&;+&!$%(&&!(2#(&'(+#$%(&; @(&' ; $,"! $!2,"&( $(&!$ $!&&(&'!$!#-;&'!$&@(&')&(2&'&#&!$),+'+& $ %())( ') ++,$$! ),+' $,"! $!2,"&((&!$ $!&&( $  $5" () %!! $!)+(! $!&!$%(!-;C,(+("$&'!$,&'$(&;&-!(5"(#$;$!)

&G'()!#!)!()5("-"!&+$!(&$";(#'!+&)T(+#$%(&;F@(&'+!$&(##(+("(&!$ $!&&()#&'!$,&'(7!(2+&H0
)+"'60 /0 /0 DJ&' ($ ./0E  *!#!&) +&! &'&"(&(## #(") & ""!2! &'& &'!; ( & +& ( 2 #(&'+#$%+!@(&'!2,"&(M',)*!#!&)))!$&&'&&'!; $! !&(&"! & (%%,(&; ,!$ 0 
	 I JD#E"(&(##+"(%)&'&&'(),$&+&+)(!$&'()%&&!$-!+,)!*!#!&)$()!(&#$&'!#($)&&(%!(&'!($$! ";-$(!#-!#$!&'!()&$(+&+,$&@'(+'(&+)(!$&'()$2,%!&"(&(##")+&!)&'&&'(),$&)',"&!&!$&(&'()$2,%!&-!+,)!(& $()!) #+&,"()),!)&'!$!)",&(#@'(+'()( $ $(&!&'!+,$$!&%&("(&(###,$&'!$$2,!)&'&((&(&%!&$;%2!)

 

,Q DGGLWLRQ 3ODLQWLII QRW RQO\ DOOHJ

FXVWRPHUV WR H[FHHG WKHLU FUHGLW OLPLWV E\ WKHP DQG LPSRVLQJ XSRQ WKHP D IHH IRU GR3V\VWHPDWLFDOO\ ́ SRVW WKLV IHH RQ WKHLVWDWHPHQWV DV D QHZ SXUFKDVH RQ ZKLFK FDOFXODWHG -$ DW      3ODLLV LQFXUULQJ D GRXEOH SHQDOW\ DV VKH LV SHQDOW\ DQG WKHQ PXVW SD\ ILQDQFH FKDUKROGLQJ ZH QHHG QRW DGGUHVV WKLV LVVXH&'! #(+! +'$2! +&$5!!)  $5((2!K,&!()+"),$!($=@"!2!-";-!-"!&+% $!&'!,(#$%!,)!#+$!(&H0

66  &   ',) +IJ0DE!#((2&'!#(+!+' ,$ )!#
7)@'"!!5!$"(%(&#!!)),+')&')!(% G#(+!+'$2!H+#"(+&)@(&'&'!
),+'()&+!)&'!$!2,"&(+
	&.

>!")()2$!!@(&'&'!()&$

L. #!! @) (% )! -!+,)!A+!!!'!$+$!(&"(%(&H"(&(&'&*!#!&) !$%(&&!'!$&"(%(&	'! #,$&'!$+&!)('!+$!(& @) !A&!! & ""@ '!$++! &(2&'!)! #+&) )&$,! "!A+!! '!$ +$!(& "(%(&  &'!$+$!(&($!$&%=! ,$+')!)!+"(! '!$ $!K,!)&  
)&! &+'$2!'!$L.#!!#$(2-$!+'!&'!&!$%)#'!$$(2(*!#!&)F @(""(2!)) & $!!+,)!*!#!&)=@(2";'!$ +$!(& "(%(&  +'$2! '!!A&!)(#+$!(&&'&#!!()-;0
	IJ0DE
 







'HIHQGDQWV DOVR FLWH WR XQSXEOLVKHG GHFLVLRQV WR VXSSRUW WKHLU

DUJXPHQW 6HH 6LPV Y 8QLRQ 3ODQWHUV %DQN RI 1RUWKHDVW 0LVV 1$ 1R

&9%$  :/  DW 
 1' 0LVV )HE  GLVPLVVLQJ SODLQWLII¶V FRPSODLQW DQG KROGLQJ WKDW  IHH EDQN FKDUJHGEHFDXVH SODLQWLII¶V DFFRXQW ZDV RYHUGUDZQ ZDV QRW DQ XQGLVFORVHG ILQDQFH

FKDUJH EHFDXVH LW ZDV QRW D ILQDQFH FKDUJH XQGHU 5HJXODWLRQ = 6WUXWPDQ

Y &KHP %DQN 1R  &LY  :/  DW 
 6'1< 6HSW  KROGLQJ WKDW  IHH LPSRVHG E\ EDQN WR GHOLYHU VHFXULW\ WRSODLQWLIIV¶ QHZ OHQGHU ZDV QRW D ILQDQFH FKDUJH EHFDXVH WKH IHH ZDV QRWDVVHVVHG DV DQ LQFLGHQW WR WKH H[WHQVLRQ RI FUHGLW 1HLWKHU RI WKHVH FDVHVLQYROYH IHHV IRU H[FHHGLQJ D FUHGLW OLPLW XQGHU  F )XUWKHU6WUXWPDQ LV HDVLO\ GLVWLQJXLVKDEOH EHFDXVH WKH FRXUW LQ WKDW FDVH H[SUHVVO\KHOG DQG WKH IDFWV RI WKDW FDVH VKRZ WKDW WKH IHH LPSRVHG ZDV QRWLQFLGHQW WR WKH H[WHQVLRQ RI FUHGLW 6WUXWPDQ  :/  DW 


7KH VDPH KROGV WUXH IRU +DKQ Y +DQN¶V $PEXODQFH 6HUY ,QF  )G WK &LU  DOVR FLWHG E\ 'HIHQGDQWV ZKHUH WKH FRXUW IRXQG

SHUVXDVLYH WKH UHDVRQLQJ WKDW WKH VHUYLFHV UHQGHUHG E\ DQ DPEXODQFH

FRPSDQ\ GLG QRW UHVXOW LQ H[WHQGLQJ FUHGLW ,G DW  ,Q WKH LQVWDQW FDVH

LW LV XQTXHVWLRQDEOH WKDW WKH IHH ZDV LPSRVHG EHFDXVH 3ODLQWLII ZDVH[WHQGHG DGGLWLRQDO FUHGLW ZKLFK FDXVHG KHU WR H[FHHG KHU RULJLQDOO\DJUHHG XSRQ FUHGLW OLPLW ,Q DQ\ HYHQW WKH XQSXEOLVKHG RSLQLRQV FLWHG E\'HIHQGDQWV GR QRW VHUYH DV ELQGLQJ DXWKRULW\ RQ WKLV &RXUW 6HH HJ8QLWHG 6WDWHV Y %DUQHV  )G   Q WK &LU 

$!5!$!) (&!*!#!&)F$2,%!&)&&'!+&$$;

@! )!! 5)&()&(+&(-!&@!!&'!5!$"(%(& +'$2! &()),!(&'()+)!&'!&'!$+'$2!)"()&!(IJD+EDE*!#!&)+(&!)!5!$"+)!)(@'(+'+,$&)'5!'!"&'&-!+,)! #!!)(% )! #$,&(+( &!"&! ;%!&  !#,"& $ !"(K,!+; $! !A+",! #$% &'!!#((&(##(+!+'$2!),!$IJD+EDE&'!;$!&#(+!+'$2!)@(&'(&'!%!(2#
7(


.60D.&'($..ED'"(2&'& 25!$%!& ( & -$!+' 
7 -!+,)! (& #("! &G+"!$";(#$%H)+'"$)'( $!+( (!&#&'!%2!),!, '()!#,"&:,!$IJD+EDE+'$2!)#$!#,"&$!&#(+!+'$2!)E:&%#

/6/JD*=$..JED)%!E!#&'!+)!)+(&!-;*!#!&)(5"5!&'!&; !#5!$"(%(&#!!&()),!(&'()+)!,$&'!$( )(&,&()@'!$!&'!+),%!$()(

!#,"&()!"(K,!&( ;%!&$),-%(&),&(+( &!

 

7KH GLVVHQW FRQWHQGV WKDW 3DUW ,,, RI 

LV SUREOHPDWLF IRU WZR UHDVRQV  'HIHQGDQWV KDG IRUHNQRZOHGJH RI KHU RYFDUG LVVXHUV VXFK DV 'HIHQGDQWV PD\ QRYHUOLPLW FKDUJHV 3ZLOO EH SHUPLWWHG WR JLV LQFRUUHFW DQG WKH VHFRQG LV LUUHOHYDQW LDOOHJHV WKDW 'HIHQGDQWV URXWLQHO\ SHUPLW FOLPLWV DQG GLG VR LQ WKLV FDVH DV WR 3PHPEHU ́ -$ DW    6KH ISHUPLWWHG DOO SXUSRUWHG FODVV PHPEHUV WR WKHP WR H[FHHG WKHLU DSSOLFDEOH FUHGLW O

7KXV FRQVWUXLQJ WKH DOOHJDWLRQV LQ WKH IDYRUDEOH WR 3ODLQWLII VKH FOHDUO\ DIRUHNQRZOHGJH RI KHU RYHUOLPLW FKDUJHVVXSSRUW 3ODLQWLII¶V DUJXPHQW WKDW 'HIHQZKHWKHU RYHUOLPLW FKDUJHV 3ZLOO EH SHUPGLVVHQW FODLPV FUHGLW FDUG LVVXHUV 3PD\ 

"&! ;%!& &'! "!!$ () "+!0
'!&-!$&'!+)&#&'!#( !$),)(5!"(&(##F)$2,%!G&'! "!!$ () $2,-"; & $()= #-"(2&()(#(&)+,)&%!$)$!"!!$P)',"+!$&(";-!""@!!#,"&#!!&++,&#$&'())),&@!5!$&'!)+!$(()!'!$!&'!-$$@!$')$!+'!'!$+$!(&&'!"!!$2$!!)&&'-,&))!))!)#!!)$!),"&
+"!$";()(% )!(+(!&&&'!!


	IJ0DE


7)&&!)&'&&'!%,&#

&'! ),% # "" +'$2!) ;-"! -!A&!!(+(!&&&'!!A&!)(IJ0DE*!#!&)+'$2!"#!! #&!$ &'!; 2$!! & !A&! ' ,$),&&
7&'& #!! %,)&+'$2!0
	IIJ0DE!A&!& 
7  !2,"&( M +,%-(2,,)"2,2!#
7+