Court Opinion

ID: 2970444
Source: CourtListenerOpinion
Date Created: 2015-09-22 16:13:05.76285+00
Date Added: 2024-06-11T15:01:56.237515
License: Public Domain

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 DS

81,7('67$7(6&28572)$33($/6
             )257+(6,;7+&,5&8,7
               BBBBBBBBBBBBBBBBB

s$1( % &$8',// 5,&+$5'          ;
7 &$8',// &+5,6723+(5            
&$8',// /$55< 7                  
                                     1R
&$8',// 0$5,$1 3$9,21,           
         3ODLQWLIIV$SSHOODQWV !
                                   
                                   
            Y                     
                                   
(8%$1.6 )$506 ,1&D             
.HQWXFN\&RUSRUDWLRQ0 )        
                                   
(8%$1. s2+1 (8%$1.               
5,&+$5' 6 (8%$1.                 
)5$1&(6 . (8%$1.                 
0$57+$ ( *58+27                  
        'HIHQGDQWV$SSHOOHHV 
                                   
                                  1
      $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
    IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW/H[LQJWRQ
  1Rn+HQU\5:LOKRLWsU'LVWULFWsXGJH
                $UJXHGsXO\
        'HFLGHGDQG)LOHG6HSWHPEHU
%HIRUH68+5+(,15,&+6,/(5DQG*,/0$1&LUFXLW
                    sXGJHV

                           
     &DXGLOOHWDOY(XEDQNV                    1R
      )DUPV,QFHWDO

                     BBBBBBBBBBBBBBBBB
                          &2816(/
$5*8('s5REHUW/\RQVsU:22':$5'+2%621
	 )8/721 //3 /H[LQJWRQ .HQWXFN\ IRU $SSHOODQWV
*URYHU $ &DUULQJWRQ :+,7( 3(&. &$55,1*721
:,//,$06 	 1($/ //3 0W 6WHUOLQJ .HQWXFN\ IRU
$SSHOOHHV21%5,()s5REHUW/\RQVsU*OHQ6%DJE\
:22':$5' +2%621 	 )8/721 //3 /H[LQJWRQ
.HQWXFN\IRU$SSHOODQWV*URYHU$&DUULQJWRQ:+,7(
3(&. &$55,1*721 :,//,$06 	 1($/ //3 0W
6WHUOLQJ.HQWXFN\IRU$SSHOOHHV
                     BBBBBBBBBBBBBBBBB
                         23,1,21
                     BBBBBBBBBBBBBBBBB
  68+5+(,15,&+ &LUFXLW sXGJH  3ODLQWLIIV DSSHDO WKH
GLVWULFWFRXUWjVGLVPLVVDORIWKLVGLYHUVLW\DFWLRQDULVLQJRXWRI
FODLPV IRU GLVVROXWLRQ RI D FRUSRUDWLRQ DQG DQ DFFRXQWLQJ
7KHGLVWULFWFRXUWGLVPLVVHGWKHFDVHRQWKHEDVLVRI%XUIRUG
DEVWHQWLRQ:H$)),50
                                ,
   3ODLQWLIIV DUH VKDUHKROGHUV LQ D FORVHO\ KHOG .HQWXFN\
FRUSRUDWLRQ (XEDQNV )DUPV ,QF  ,Q WKHLU FRPSODLQW
3ODLQWLIIVDOOHJHWKDWDVKDUHKROGHUGHDGORFNH[LVWVDQGWKDWWKH
EXVLQHVVRIWKHFRUSRUDWLRQFDQQRORQJHUEHFRQGXFWHGWRWKH
DGYDQWDJHRIWKHVKDUHKROGHUVJHQHUDOO\3ODLQWLIIVUHTXHVWHG
WKDW'HIHQGDQW(XEDQNV)DUPV,QFEHGLVVROYHGSXUVXDQWWR
.\5HY6WDW%RQWKHJURXQGVRIGHDGORFNDQGLWV
DIIDLUV EH ZRXQG XS  3ODLQWLIIV DOVR VRXJKW DQ DFFRXQWLQJ
JLYHQ WKHLU EHOLHI WKDW RQH RU PRUH RI WKH LQGLYLGXDO
'HIHQGDQWV KDG HQJDJHG LQ FHUWDLQ WUDQVDFWLRQV ZLWK
'HIHQGDQW(XEDQN)DUPV,QFDQGWKDWDVDUHVXOWRIWKHVH
WUDQVDFWLRQVWKRVH'HIHQGDQWVUHFHLYHGEHQHILWVZKLFKZHUH
QRW DYDLODEOH WR VKDUHKROGHUV JHQHUDOO\ DQG IRU ZKLFK
    &DXGLOOHWDOY(XEDQNV                   1R      1R                     &DXGLOOHWDOY(XEDQNV       
      )DUPV,QFHWDO                                                                                  )DUPV,QFHWDO

$EVWHQWLRQLQ$FWLRQVIRU'DPDJHV&ROXP/5HY          'HIHQGDQW(XEDQN)DUPVVXIIHUHGDGHWULPHQW7KH\EURXJKW
Q                                                 VXLWLQIHGHUDOFRXUWRQWKHEDVLVRIGLYHUVLW\MXULVGLFWLRQ
  ,QVKRUWIRUDOOWKHIRUHJRLQJUHDVRQVWKHGLVWULFWFRXUWGLG     'HIHQGDQWV ILOHG D PRWLRQ WR GLVPLVV DUJXLQJ WKDW WKH
QRWDEXVHLWVGLVFUHWLRQLQDEVWDLQLQJXQGHU%XUIRUG             GLVWULFWFRXUWVKRXOGDEVWDLQ7KHGLVWULFWFRXUWJUDQWHGWKH
                                                                    PRWLRQ KROGLQJ WKDW DEVWHQWLRQ ZDV DSSURSULDWH XQGHU
                              ,,,                                  %XUIRUGY6XQ2LO&R867KHGLVWULFW
                                                                    FRXUW KHOG WKDW DEVWHQWLRQ ZDV DSSURSULDWH EHFDXVH mWKH
  7KHRUGHURIWKHGLVWULFWFRXUWJUDQWLQJ'HIHQGDQWVjPRWLRQ       .HQWXFN\ *HQHUDO $VVHPEO\ DQG .HQWXFN\ &RXUWV KDYH
WRGLVPLVVLV$)),50('                                           ZRUNHG WR GHYHORS DQG SUHVHUYH D XQLIRUP DQG FRKHUHQW
                                                                    SROLF\ZLWKUHVSHFWWRFRUSRUDWHGLVVROXWLRQlDQGWKDWmWKH
                                                                    GLVSRVLWLRQRIGHDGORFNHGFRUSRUDWLRQVLVFHUWDLQO\DPDWWHURI
                                                                    VXEVWDQWLDOSXEOLFFRQFHUQl
                                                                      3ODLQWLIIVILOHGWKLVWLPHO\DSSHDO
                                                                                                    ,,
                                                                      7KLV&RXUWUHYLHZVDGLVWULFWFRXUWjVGHFLVLRQWRDEVWDLQIRU
                                                                    DEXVHRIGLVFUHWLRQ6HH8QLWHG6WDWHVY.HQWXFN\)G
                                                                    WK&LUVWDWLQJWKDWm>Z@KLOHZHQRUPDOO\UHYLHZ
                                                                    GHQRYRDGLVWULFWFRXUWjVGHFLVLRQWRDEVWDLQZHKDYHDW
                                                                    OHDVWRQRQHRFFDVLRQUHYLHZHGVXFKDGHFLVLRQIRUDEXVHRI
                                                                    GLVFUHWLRQl REVHUYLQJ WKDW LQ DQ\ HYHQW WKHUH LV OLWWOH
                                                                    SUDFWLFDOGLIIHUHQFHEHWZHHQWKHWZRVWDQGDUGVLQDEVWHQWLRQ
                                                                    FDVHVEHFDXVHWKHGLVWULFWFRXUWjVGLVFUHWLRQLVQDUURZHGE\LWV
                                                                    REOLJDWLRQ WR H[HUFLVH GLVFUHWLRQ LQ DOO EXW WKH PRVW
                                                                    H[WUDRUGLQDU\FDVHVFHUWGHQLHG6&W
                                                                       $EVWHQWLRQLVmDQH[WUDRUGLQDU\DQGQDUURZH[FHSWLRQWRWKH
                                                                    GXW\RID'LVWULFW&RXUWWRDGMXGLFDWHDFRQWURYHUV\SURSHUO\
                                                                    EHIRUH LWl  &RORUDGR 5LYHU :DWHU &RQVHUYDWLRQ 'LVW Y
                                                                    8QLWHG 6WDWHV  86     7KH GRFWULQH LV
                                                                    EDVHGRQSULQFLSOHVRIIHGHUDOLVPDQGFRPLW\4XDFNHQEXVK
                                                                    Y $OOVWDWH ,QV &R  86     ,Q
                                                                    4XDFNHQEXVKWKH6XSUHPH&RXUWDUWLFXODWHGWKHGRFWULQHDV
                                                                    IROORZV
                                                                      8OWLPDWHO\ZKDWLVDWVWDNHLVDIHGHUDOFRXUWjVGHFLVLRQ
                                                                      EDVHGRQDFDUHIXOFRQVLGHUDWLRQRIWKHIHGHUDOLQWHUHVWV
      &DXGLOOHWDOY(XEDQNV                      1R     1R                    &DXGLOOHWDOY(XEDQNV      
       )DUPV,QFHWDO                                                                                   )DUPV,QFHWDO

    LQ UHWDLQLQJ MXULVGLFWLRQ RYHU WKH GLVSXWH DQG WKH          LQFRUSRUDWH LQ WKH VWDWH  :H VHH QR UHDVRQ WR GLVWXUE
    FRPSHWLQJ FRQFHUQ IRU WKH mLQGHSHQGHQFH RI VWDWH             LPSRUWDQWVWDWHLQWHUHVWVLQWKLVFDVHHLWKHU
    DFWLRQl%XUIRUG86DWWKDWWKH6WDWHjV
    LQWHUHVWVDUHSDUDPRXQWDQGWKDWDGLVSXWHZRXOGEHVWEH             7KH 6HFRQG &LUFXLW KDV UHDFKHG D VLPLODU FRQFOXVLRQ
    DGMXGLFDWHG LQ D VWDWH IRUXP  6HH 1236, VXSUD       7KHUHDVKHUHDVKDUHKROGHUEURXJKWVXLWWRREWDLQGLVVROXWLRQ
    86 DW     TXHVWLRQ XQGHU %XUIRUG LV ZKHWKHU   RID1HZ<RUNFRUSRUDWLRQ7KH&RXUWKHOG
    DGMXGLFDWLRQLQIHGHUDOFRXUWZRXOGmXQGXO\LQWUXGHLQWR
    WKH SURFHVVHV RI VWDWH JRYHUQPHQW RU XQGHUPLQH WKH            7KLVFDVHLPSOLFDWHV%XUIRUGJLYHQWKHFRPSUHKHQVLYH
    6WDWHjV DELOLW\ WR PDLQWDLQ GHVLUHG XQLIRUPLW\l  7KLV       UHJXODWLRQRIFRUSRUDWHJRYHUQDQFHDQGH[LVWHQFHE\1HZ
    HTXLWDEOHGHFLVLRQEDODQFHVWKHVWURQJIHGHUDOLQWHUHVWLQ           <RUN
    KDYLQJFHUWDLQFODVVHVRIFDVHVDQGFHUWDLQIHGHUDOULJKWV
    DGMXGLFDWHGLQIHGHUDOFRXUWDJDLQVWWKH6WDWHjVLQWHUHVWV             8QGHU WKHVH FLUFXPVWDQFHV DEVWHQWLRQ ZRXOG DYRLG
    LQ PDLQWDLQLQJ mXQLIRUPLW\ LQ WKH WUHDWPHQW RI DQ             QHHGOHVV LQWHUIHUHQFH ZLWK 1HZ <RUNjV UHJXODWRU\
    µHVVHQWLDOO\ORFDOSUREOHPjl86DWDQG            VFKHPH JRYHUQLQJ LWV FRUSRUDWLRQV  1HZ <RUN KDV D
    UHWDLQLQJORFDOFRQWURORYHUmGLIILFXOWTXHVWLRQVRIVWDWH           VWURQJ LQWHUHVW LQ WKH FUHDWLRQ DQG GLVVROXWLRQ RI LWV
    ODZ EHDULQJ RQ SROLF\ SUREOHPV RI VXEVWDQWLDO SXEOLF          FRUSRUDWLRQV DQG LQ WKH XQLIRUP GHYHORSPHQW DQG
    LPSRUW>@l&RORUDGR5LYHU86DW                       LQWHUSUHWDWLRQ RI WKH VWDWXWRU\ VFKHPH UHJDUGLQJ LWV
                                                                         FRUSRUDWLRQV0RUHRYHUWRH[HUFLVHMXULVGLFWLRQRYHU
,G                                                                     D GLVVROXWLRQ RI D VWDWH FRUSRUDWLRQ ZRXOG DOORZ mWKH
                                                                         SRVVLELOLW\RIIHGHUDOGLVVROXWLRQDFWLRQVEDVHGRQ>VWDWH
  ,Q %XUIRUG WKH 6XQ 2LO &RPSDQ\ FKDOOHQJHG LQ IHGHUDO          VWDWXWHV@ EHLQJ FRPPHQFHG LQ D QXPEHU RI GLIIHUHQW
FRXUW WKH 7H[DV 5DLOURDG &RPPLVVLRQjV JUDQW RI DQ RLO            GLVWULFWVLQZKLFKDSDUWLFXODUFRUSRUDWLRQZDVVXEMHFW
GULOOLQJSHUPLW7KH6XSUHPH&RXUWKHOGWKDWDEVWHQWLRQZDV             WR VHUYLFH WKHUHE\ SODFLQJ DQ RQHURXV EXUGHQ RQ WKH
QHFHVVDU\EHFDXVHWKHRUGHUZDVSDUWRIDFRPSOH[UHJXODWRU\             FRUSRUDWLRQ
V\VWHP HVWDEOLVKHG XQGHU 7H[DV ODZ WR IXUWKHU WKH VWDWHjV
LQWHUHVWLQRLODQGJDVUHVRXUFHV6HH%XUIRUG86              ,QDGGLWLRQHYHU\IHGHUDOFRXUWWKDWKDVDGGUHVVHGWKH
  7KH &RXUW HPSKDVL]HG WKDW 7H[DV ODZ FRQVROLGDWHG            LVVXHRIGLVVROYLQJVWDWHFRUSRUDWLRQVKDVHLWKHUDEVWDLQHG
MXGLFLDOUHYLHZRIFRPPLVVLRQRUGHUVLQDVLQJOHVWDWHGLVWULFW          RUQRWHGWKDWDEVWHQWLRQZRXOGEHDSSURSULDWHDVVXPLQJ
FRXUW ZKLFK DOORZHG WKH FRXUWV WR DFTXLUH VSHFLDOL]HG            MXULVGLFWLRQH[LVWHG
NQRZOHGJHRIWKHRLODQGJDVUHJXODWLRQVDQGLQGXVWU\DQG
WKHUHIRUH DFW DV mZRUNLQJ SDUWQHUV ZLWK WKH 5DLOURDG            )ULHGPDQ)GDWFLWLQJFDVHV
&RPPLVVLRQLQWKHEXVLQHVVRIFUHDWLQJDUHJXODWRU\V\VWHP
IRUWKHRLOLQGXVWU\l,GDW                                    )LQDOO\DVRQHFRPPHQWDWRUKDVDGYRFDWHGm>W@KURXJKWKH
                                                                       UHSHDWHG DGMXGLFDWLRQ RI DFWLRQV WR GLVVROYH FORVH
   7KH 6XSUHPH &RXUW KDV VXEVHTXHQWO\ H[SODLQHG WKDW             FRUSRUDWLRQVWKHVWDWHFRXUWVDFTXLUHDGHSWKRINQRZOHGJH
%XUIRUGDEVWHQWLRQLVDSSURSULDWHZKHUHWLPHO\DQGDGHTXDWH            DERXW WKH FRPSOH[ IDFWXDO FLUFXPVWDQFHV VXUURXQGLQJ
VWDWHFRXUW UHYLHZ LV DYDLODEOH DQG  D FDVH SUHVHQWV        G\VIXQFWLRQDO FRUSRUDWLRQV WKDW DOORZV WKHP WR GHYHORS DQ
mGLIILFXOWTXHVWLRQVRIVWDWHODZEHDULQJRQSROLF\SUREOHPVRI        XQGHUVWDQGLQJRIZKHQGLVVROXWLRQLVUHTXLUHGDQGZKHQRWKHU
VXEVWDQWLDOSXEOLFLPSRUWZKRVHLPSRUWDQFHWUDQVFHQGVWKH              UHPHGLHVDUHPRUHDSSURSULDWHl/HZLV<HOLQ1RWH%XUIRUG
    &DXGLOOHWDOY(XEDQNV                       1R       1R                     &DXGLOOHWDOY(XEDQNV        
      )DUPV,QFHWDO                                                                                       )DUPV,QFHWDO

DmFRUSRUDWHGLYRUFHlSUHYHQWVLWIURPWHUPLQDWLQJWKHOLIHRI           UHVXOWLQWKHFDVHWKHQDWEDUlRUWKHmH[HUFLVHRIIHGHUDO
DFRUSRUDWLRQZKLFKGHSHQGVXSRQVWDWHODZIRULWVH[LVWHQFH           UHYLHZRIWKHTXHVWLRQLQDFDVHDQGLQVLPLODUFDVHVZRXOGEH
MXVW DV D IHGHUDO FRXUWjV ODFN RI VXEMHFW PDWWHU MXULVGLFWLRQ   GLVUXSWLYHRIVWDWHHIIRUWVWRHVWDEOLVKDFRKHUHQWSROLF\ZLWK
RYHUGLYRUFHSURFHHGLQJVDYRLGVLQWHUIHULQJZLWKVWDWHODZV              UHVSHFW WR D PDWWHU RI VXEVWDQWLDO SXEOLF FRQFHUQl  1HZ
JRYHUQLQJGRPHVWLFUHODWLRQV$QNHQEUDQGWY5LFKDUGV              2UOHDQV 3XE 6HUY ,QF Y &RXQFLO RI WKH &LW\ RI 1HZ
86    KROGLQJ WKDW WKH GRPHVWLFUHODWLRQV         2UOHDQV  86    TXRWDWLRQ RPLWWHG
H[FHSWLRQ mGLYHVWV WKH IHGHUDO FRXUWV RI SRZHU WR LVVXH          m1236,l 6HH DOVR $GD&DVFDGH :DWFK &R Y &DVFDGH
GLYRUFHDOLPRQ\DQGFKLOGFXVWRG\GHFUHHVl                         5HV5HFRYHU\,QF)GWK&LUVWDWLQJ
                                                                         WKDW%XUIRUGHQXQFLDWHGWZRIDFWRUVZKLFKMXVWLI\DEVWHQWLRQ
   0RUHRYHUDVZHKHOGLQWKHXQSXEOLVKHGGHFLVLRQRI+XQWHU            QDPHO\WKHSUHVHQFHRIDFRPSOH[VWDWHUHJXODWRU\VFKHPH
Y606,QF)G:/DW
WK&LU             ZKLFKZRXOGEHGLVUXSWHGE\IHGHUDOUHYLHZDQGWKHH[LVWHQFH
$SUXQSXEOLVKHGSHUFXULDPLQYROYLQJDVLPLODU              RIDVWDWHFUHDWHGIRUXPZLWKVSHFLDOL]HGFRPSHWHQFHLQWKH
VWDWXWRU\VFKHPHXQGHU0LFKLJDQODZ                                    SDUWLFXODUDUHD
     :H KDYH OLWWOH GLIILFXOW\ LQ ILQGLQJ WKDW WKH 6WDWH RI                                     $
  0LFKLJDQ KDV HQDFWHG D FRPSUHKHQVLYH OHJLVODWLYH
  VFKHPHJRYHUQLQJEXVLQHVVHVZKLFKHOHFWWRLQFRUSRUDWH                    3ODLQWLIIVDUJXHWKDWWKHGLVWULFWFRXUWHUUHGEHFDXVH%XUIRUG
  LQ WKDW VWDWH  0LFK &RPS /DZV $QQ                DEVWHQWLRQLVOLPLWHGWRVLWXDWLRQVLQYROYLQJDSDUWLFXODUL]HG
  HWVHTHWVHT7KHVWDWHKDVDVXEVWDQWLDODQG           VWDWH DGPLQLVWUDWLYH SURFHHGLQJ DQG VSHFLDOL]HG MXGLFLDO
  RYHUULGLQJ LQWHUHVW LQ WKH UHJXODWLRQ RI FRUSRUDWLRQV            UHYLHZ7KXV3ODLQWLIIVFRQWHQGWKDW%XUIRUGDEVWHQWLRQZDV
  VHHNLQJWKHEHQHILWVDQGSURWHFWLRQVRILWVODZVDQGWKH               QRWPHDQWWREHDSSOLHGWRFRUSRUDWHGLVVROXWLRQV3ODLQWLIIV
  SULYLOHJHRIGRLQJEXVLQHVVZLWKLQLWVERUGHUV7KHVWDWH             FODLP 1236, OLPLWHG WKH XVH RI %XUIRUG DEVWHQWLRQ WR
  VKRXOGEHSHUPLWWHGWRH[HUFLVHFRQWURORYHUWKHLQWHUQDO              VLWXDWLRQVZKHUHVWDWHDGPLQLVWUDWLYHDJHQFLHVDUHLQYROYHG
  DIIDLUVRILWVGRPHVWLFFRUSRUDWLRQVIUHHIURPLQWHUIHUHQFH            :HGLVDJUHH
  E\IHGHUDOFRXUWVSDUWLFXODUO\ZKHUHWKHLVVXHLVZKHWKHU
  WKH FRUSRUDWLRQ VKRXOG EH SHUPLWWHG WR FRQWLQXH LQ                ,Q1236,DXWLOLW\FRPSDQ\WKDWKDGEHHQRUGHUHGE\WKH
  H[LVWHQFHRUEHGLVVROYHG0RUHRYHUWKHOHJLVODWXUHKDV              )HGHUDO (QHUJ\ 5HJXODWRU\ &RPPLVVLRQ WR SD\ SDUW RI WKH
  SURYLGHG D IRUXP ZLWK VSHFLDOL]HG FRPSHWHQFH LQ WKH             EXLOGLQJDQGRSHUDWLQJFRVWVRIDQXFOHDUUHDFWRUVRXJKWDUDWH
  DUHDV RI LQWHUQDO FRUSRUDWH PDWWHUV  sXULVGLFWLRQ RYHU         LQFUHDVHIURPWKH&RXQFLORIWKH&LW\RI1HZ2UOHDQV7KH
  FRUSRUDWH GLVVROXWLRQ UHVWV H[FOXVLYHO\ ZLWK WKH FLUFXLW         FRXQFLOZDVWKHORFDOUDWHPDNLQJERG\ZLWKILQDODXWKRULW\
  FRXUWRIWKHFRXQW\LQZKLFKWKHUHJLVWHUHGRIILFHRIWKH              RYHUWKHXWLOLW\jVUHWDLOUDWHV1236,86DW7KH
  FRUSRUDWLRQ LV ORFDWHG  0LFK &RPS /DZV $QQ                  FRXQFLO GHQLHG WKH UDWH LQFUHDVH DQG WKH XWLOLW\ VRXJKW DQ
                                                         LQMXQFWLRQ LQ IHGHUDO FRXUW DJDLQVW HQIRUFHPHQW RI WKH
                                                                         FRXQFLOjVRUGHUDQGDGHFODUDWLRQWKDWWKHXWLOLW\ZDVHQWLWOHG
$OWKRXJKZHDUHQRWERXQGE\DQXQSXEOLVKHGRSLQLRQZH                  WR D UDWH LQFUHDVH  7KH XWLOLW\ FODLPHG WKDW IHGHUDO ODZ
DJUHHZLWKWKLVUHDVRQLQJDQGDGRSWLWKHUH/LNH0LFKLJDQ             UHTXLUHGWKHFRXQFLOWRDOORZLWWRUHFRYHULWVVKDUHRIWKHFRVW
WKH .HQWXFN\ /HJLVODWXUH KDV HQDFWHG D FRPSUHKHQVLYH               RIWKHUHDFWRU
OHJLVODWLYH VFKHPH WR JRYHUQ EXVLQHVVHV ZKLFK HOHFW WR
      &DXGLOOHWDOY(XEDQNV                       1R     1R                         &DXGLOOHWDOY(XEDQNV          
       )DUPV,QFHWDO                                                                                         )DUPV,QFHWDO

   7KH6XSUHPH&RXUWUHYHUVHGWKHGLVWULFWFRXUWjVGLVPLVVDO            DIIDLUV RI D GRPHVWLF FRUSRUDWLRQ RI WKH VWDWHl ,G DW 
XQGHU %XUIRUG KROGLQJ WKDW WKH mFDVH >GLG@ QRW LQYROYH D      7KHSODLQWLIIVKDYHRIIHUHGQREDVLVQRUKDYHZHGLVFRYHUHG
VWDWHODZFODLPQRUHYHQDQDVVHUWLRQWKDWWKHIHGHUDOFODLPV          RQHWRGHSDUWIURPWKLVUHDVRQLQJLQWKHSUHVHQWFDVH
>ZHUH@LQDQ\ZD\HQWDQJOHGLQDVNHLQRIVWDWHODZWKDWPXVW
EHXQWDQJOHGEHIRUHWKHIHGHUDOFDVHFDQSURFHHGl1236,                 7KH8QLWHG6WDWHV'LVWULFW&RXUWIRUWKH(DVWHUQ'LVWULFWRI
 86 DW  LQWHUQDO TXRWDWLRQ PDUNV RPLWWHG DQG         1HZ <RUN GUHZ DQ LPSRUWDQW GLVWLQFWLRQ EHWZHHQ
EHFDXVH WKHUH ZDV QR VHULRXV WKUHDW RI FRQIOLFW EHWZHHQ         GLVFUHWLRQDU\ FODLPV VHHNLQJ HTXLWDEOH UHOLHI UHODWLQJ WR D
DGMXGLFDWLRQ RI WKH IHGHUDO FODLP SUHVHQWHG DQG WKH VWDWHjV     FRUSRUDWLRQ VXFK DV GLVVROXWLRQ DQG FRPPRQ ODZ FODLPV
LQWHUHVWLQHQVXULQJXQLIRUPLW\LQUDWHPDNLQJGHFLVLRQV                DULVLQJRXWRIDFWLRQVWKDWWKHFRUSRUDWHRIILFHUVPLJKWKDYH
                                                                        WDNHQVXFKDVEUHDFKRIILGXFLDU\GXW\EUHDFKRIFRQWUDFW
       :KLOH%XUIRUGLVFRQFHUQHGZLWKSURWHFWLQJFRPSOH[               DQGDOOHJDWLRQVRIIUDXG)HLZXV)6XSSGDW
    VWDWH DGPLQLVWUDWLYH SURFHVVHV IURP XQGXH IHGHUDO              GLVPLVVLQJ WKH SODLQWLIIjV HTXLWDEOH FODLPV VHHNLQJ
    LQIOXHQFHLWGRHVQRWUHTXLUHDEVWHQWLRQZKHQHYHUWKHUH            GLVVROXWLRQ RI D 1HZ <RUN FRUSRUDWLRQ EXW VWD\LQJ WKH
    H[LVWVVXFKDSURFHVVRUHYHQLQDOOFDVHVZKHUHWKHUHLV          SODLQWLIIjVOHJDOFODLPVIRUGDPDJHVSHQGLQJWKHUHVROXWLRQRI
    D SRWHQWLDO IRU FRQIOLFW ZLWK VWDWH UHJXODWRU\ ODZ RU       WKH GLVFUHWLRQDU\ FODLPV LQ VWDWH FRXUW  7KH GLVWULFW FRXUW
    SROLF\     +HUH 1236,jV SULPDU\ FODLP LV WKDW WKH   H[SODLQHG WKDW mZKLOH D IHGHUDO FRXUW PD\ DEVWDLQ IURP
    &RXQFLO LV SURKLELWHG E\ IHGHUDO ODZ IURP UHIXVLQJ WR       H[HUFLVLQJMXULVGLFWLRQRYHUGLVFUHWLRQDU\FODLPVIRUHTXLWDEOH
    SURYLGH UHLPEXUVHPHQW IRU )(5&DOORFDWHG ZKROHVDOH              UHOLHIVXFKDVDGHPDQGIRUFRUSRUDWHGLVVROXWLRQRUEX\RXW
    FRVWV8QOLNHDFODLPWKDWDVWDWHDJHQF\KDVPLVDSSOLHG           WKH&RXUWPD\QRWUHOLQTXLVKMXULVGLFWLRQRYHUFRPPRQODZ
    LWV ODZIXO DXWKRULW\ RU KDV IDLOHG WR WDNH LQWR             FODLPVIRUGDPDJHVl,GDWVHHDOVR)ULHGPDQ)G
    FRQVLGHUDWLRQ RU SURSHUO\ ZHLJK UHOHYDQW VWDWHODZ             DW  H[SODLQLQJ WKDW DEVWHQWLRQ LV DSSURSULDWH ZKHUH D
    IDFWRUVIHGHUDODGMXGLFDWLRQRIWKLVVRUWRISUHHPSWLRQ           SODLQWLIIEULQJVGLVFUHWLRQDU\FODLPVVHHNLQJHTXLWDEOHUHOLHI
    FODLP ZRXOG QRW GLVUXSW WKH 6WDWHjV DWWHPSW WR HQVXUH       EHFDXVHRIWKHVWDWHjVLQWHUHVWmLQWKHXQLIRUPGHYHORSPHQW
    XQLIRUPLW\ LQ WKH WUHDWPHQW RI DQ HVVHQWLDOO\ ORFDO          DQG LQWHUSUHWDWLRQ RI WKH VWDWXWRU\ VFKHPH UHJDUGLQJ LWV
    SUREOHP                                                            FRUSRUDWLRQVl
1236,86DWLQWHUQDOTXRWDWLRQPDUNVRPLWWHG                 7KLV GLVWLQFWLRQ FRXQVHOV WKH IHGHUDO FRXUWV DJDLQVW
$OWKRXJKWKHIRUHJRLQJODQJXDJHVXJJHVWVWKDW%XUIRUGPD\               DEVWDLQLQJLQFRUSRUDWHDFWLRQVXQOHVVWKHYHU\H[LVWHQFHRI
EHDVOLPLWHGDV3ODLQWLIIVLQGLFDWHWKHVHVWDWHPHQWVPXVWQRW         WKHFRUSRUDWLRQnLWVHOIDFUHDWXUHRIVWDWHODZnLVFDOOHGLQWR
EH WDNHQ RXW RI FRQWH[W EHFDXVH LQ 1236, WKH RQO\ LVVXH      TXHVWLRQ6HH&RQNOLQY8QLWHG6WDWHV6KLSEXLOGLQJ&R
SUHVHQWHGZDVRQHRIIHGHUDOSUHHPSWLRQZKLFKRYHUULGHVDQ\            )   &&'1s  m7KH FRUSRUDWLRQ LV WKH
VWDWHLQWHUHVW7KXVWKHUHZDVQRIHDURIIHGHUDOGLVUXSWLRQRI       FUHDWXUH RI WKH VWDWH  ,W GHULYHV LWV OLIH IURP WKH VWDWH  ,W
VWDWH DGPLQLVWUDWLYH SURFHVVHV EHFDXVH LQ WKDW LQVWDQFH WKH     SRVVHVVHVWKHSRZHUVFRQIHUUHGE\WKHVWDWH7KHSHULRGRILWV
IHGHUDO LQWHUHVW ZDV VXSHULRU  ,QGHHG WKH 6XSUHPH &RXUW       H[LVWHQFH LV GHWHUPLQHG VROHO\ E\ WKH ZLOO RI WKH VWDWHl
H[SOLFLWO\VWDWHGWKDWWKHSULQFLSOHVXQGHUO\LQJ%XUIRUGZHUH           TXRWHGLQ)HLZXV)6XSSGDW$FRUSRUDWLRQLQ
mQRWLPSOLFDWHGlEHFDXVHWKHFHQWUDOLVVXHmGRHVQRWGHPDQG             WKLVVHQVHWDNHVRQDVSHFWVRIDPDUULDJH7KHGLVVROXWLRQRI
VLJQLILFDQW IDPLOLDULW\ ZLWK DQG ZLOO QRW GLVUXSW VWDWH         D FRUSRUDWLRQ PLJKW LQ IDFW EH WKRXJKW RI DV D mFRUSRUDWH
UHVROXWLRQ RI GLVWLQFWO\ ORFDO UHJXODWRU\ IDFWV RU SROLFLHVl   GLYRUFHl  7DNLQJ WKLV DQDORJ\ RQH VWHS IXUWKHU D IHGHUDO
1236,86DW                                               FRXUWjVGHFLVLRQWRDEVWDLQLQHTXLWDEOHDFWLRQVVHHNLQJVXFK
    &DXGLOOHWDOY(XEDQNV                       1R       1R                     &DXGLOOHWDOY(XEDQNV       
      )DUPV,QFHWDO                                                                                       )DUPV,QFHWDO

XQVDWLVILHG DQG WKH FRUSRUDWLRQ LV LQVROYHQW RU WKH                0RUHRYHULQDVXEVHTXHQWFDVH4XDFNHQEXVKWKH6XSUHPH
FRUSRUDWLRQKDVDGPLWWHGLQZULWLQJWKDWWKHFUHGLWRUjVFODLP            &RXUW HPSKDVL]HG WKDW WKHUH LV QR mIRUPXODLF WHVW IRU
LV GXH DQG RZLQJ DQG WKH FRUSRUDWLRQ LV LQVROYHQW  ,G        GHWHUPLQLQJZKHQGLVPLVVDOLVDSSURSULDWHXQGHU%XUIRUGl
%/LNHVKDUHKROGHUGLVVROXWLRQSURFHHGLQJV             4XDFNHQEXVK  86 DW   7KHUH WKH &DOLIRUQLD
YHQXH IRU FUHGLWRU GLVVROXWLRQV OLHV LQ WKH FRXQW\ RI WKH       ,QVXUDQFH&RPPLVVLRQHUDVWUXVWHHIRULQVROYHQWUHLQVXUHGV
FRUSRUDWLRQjVSULQFLSDORIILFH,G%                 EURXJKW VXLW LQ VWDWH FRXUW WR UHFRYHU UHLQVXUDQFH SURFHHGV
                                                                         XQGHUFRPPRQODZWRUWDQGFRQWUDFWWKHRULHV7KHUHLQVXUHU
  6HFWLRQ % LQFOXGHV DGGLWLRQDO SURFHGXUHV IRU            UHPRYHG WKH FDVH WR IHGHUDO FRXUW  7KH GLVWULFW FRXUW
MXGLFLDOGLVVROXWLRQ,WSURYLGHVWKDWLWVKDOOQRWEHQHFHVVDU\        UHPDQGHGWKHDFWLRQRQWKHEDVLVRI%XUIRUG7KH6XSUHPH
WR PDNH VKDUHKROGHUV SDUWLHV WR D FRUSRUDWH GLVVROXWLRQ           &RXUWUXOHGWKDWWKHGLVWULFWFRXUWjVDEVWHQWLRQZDVHUURQHRXV
SURFHHGLQJXQOHVVUHOLHILVVRXJKWDJDLQVWWKHPLQGLYLGXDOO\            EHFDXVH%XUIRUGDEVWHQWLRQGRHVQRWDSSO\WRVXLWVVHHNLQJ
,G%)LQDOO\WKHVWDWXWHLQVWUXFWVWKDWWKH           GDPDJHV,GDW6LJQLILFDQWO\WKH6XSUHPH&RXUWGLG
FRXUWPD\LVVXHLQMXQFWLRQVDSSRLQWDUHFHLYHURUFXVWRGLDQ             QRWEDVHLWVUXOLQJRQWKHIDFWWKDWDVWDWHFRXUWUDWKHUWKDQDQ
SHQGHQWH OLWH WDNH RWKHU DFWLRQ QHFHVVDU\ WR SUHVHUYH WKH       DJHQF\ ZDV FKRVHQ WR LPSOHPHQW &DOLIRUQLDjV LQVXUDQFH
FRUSRUDWHDVVHWVDQGFDUU\RQWKHEXVLQHVVRIWKHFRUSRUDWLRQ           VFKHPH,GDW.HQQHG\sFRQFXUULQJm7KHIDFWWKDW
XQWLODIXOOKHDULQJFDQEHKHOG,G%               DVWDWHFRXUWUDWKHUWKDQDQDJHQF\ZDVFKRVHQWRLPSOHPHQW
                                                                         &DOLIRUQLDjVVFKHPHSURYLGHGPRUHUHDVRQQRWOHVVIRUWKH
  3ODLQWLIIVFODLPWKDWWKHMXGLFLDOGLVVROXWLRQVWDWXWHGRHVQRW        IHGHUDOFRXUWWRVWD\LWVKDQGl6HHDOVR1HOVRQY0XUSK\
GHPRQVWUDWH D FRPSOH[ UHJXODWRU\ VFKHPH  7KH\ IXUWKHU            )GWK&LUVWDWLQJWKDWDQDJHQF\jV
DUJXH WKDW WKH RQO\ W\SH RI GLVVROXWLRQ LQ WKH VWDWXWH WKDW    UROH LQ D GLVSXWH LV QRW HVVHQWLDO WR MXVWLI\ %XUIRUG
UHPRWHO\DSSURDFKHVWKHUHTXLUHPHQWVIRUJUDQWLQJ%XUIRUG                DEVWHQWLRQ)ULHGPDQY5HYHQXH0JPW)G
GLVVROXWLRQLVWKHSURFHHGLQJE\WKHDWWRUQH\JHQHUDOEHFDXVH           G&LUDIILUPLQJH[HUFLVHRI%XUIRUGDEVWHQWLRQLQ
WKHVWDWXWHRXWOLQHVLPSRUWDQWVWDWHLQWHUHVWVDVWKHVWDWXWRU\          DFWLRQ VHHNLQJ WKH LQYROXQWDU\ GLVVROXWLRQ RI D VWDWH
EDVLVIRUDWWRUQH\JHQHUDOGLVVROXWLRQDQGOLPLWVVXLWWRRQH            FRUSRUDWLRQ LQ WKH DEVHQFH RI DJHQF\ DFWLRQ )HLZXV Y
VSHFLILFFRXUWWKH)UDQNOLQ&RXQW\&LUFXLW&RXUW                     *HQSDU,QF)6XSSG('1<
                                                                         DEVWDLQLQJLQDQDFWLRQVHHNLQJWKHLQYROXQWDU\GLVVROXWLRQRI
  7KLV DUJXPHQW RYHUORRNV WKH LPSRUWDQW VWDWH LQWHUHVWV            D VWDWH FRUSRUDWLRQ XQGHU WKH VWDWHjV EXVLQHVV FRUSRUDWLRQV
LPSOLFDWHGLQDVKDUHKROGHUGLVVROXWLRQ$VHDUO\DVWKH          ODZEXWVHH6W3DXO,QV&RY7UHMR)GWK
6XSUHPH &RXUW UHFRJQL]HG WKH SURSULHW\ RI IHGHUDO FRXUWV          &LUm7KHFRQFHUQVJRYHUQLQJWKH%XUIRUGDEVWHQWLRQ
DEVWDLQLQJLQFRUSRUDWHGLVVROXWLRQDFWLRQV3HQQV\OYDQLDY            GRFWULQHDUHQRWSUHVHQWLQWKHLQVWDQWFDVH6W3DXOjVODZVXLW
:LOOLDPV  86    KROGLQJ WKDW WKH          GRHV QRW LQYROYH D VWDWH DGPLQLVWUDWLYH SURFHHGLQJl  ,Q
GLVWULFW FRXUW HUUHG LQ H[HUFLVLQJ MXULVGLFWLRQ RYHU D            VKRUW 3ODLQWLIIVj UHOLDQFH RQ LVRODWHG UHIHUHQFHV WR VWDWH
VKDUHKROGHUjV FRPSODLQW VHHNLQJ WKH OLTXLGDWLRQ RI D               DGPLQLVWUDWLYHDJHQFLHVLQ1236,LQVXSSRUWRILWVDUJXPHQW
3HQQV\OYDQLDFRUSRUDWLRQEHFDXVHVWDWHVWDWXWHVHVWDEOLVKHG             WKDW %XUIRUG LV OLPLWHG WR DFWLRQV LQYROYLQJ VWDWH
DPHFKDQLVPIRUWKHVKDUHKROGHUWRDFKLHYHWKHVDPHUHVXOWV            DGPLQLVWUDWLYHDJHQFLHVLVXQSHUVXDVLYH
7KH &RXUW LQ :LOOLDPV H[SODLQHG WKDW m>L@W KDV ORQJ EHHQ
DFFHSWHG SUDFWLFH IRU WKH IHGHUDO FRXUWV WR UHOLQTXLVK WKHLU       3ODLQWLIIV DOVR DUJXH WKDW $GD&DVFDGH :DWFK VXSUD
MXULVGLFWLRQ LQ IDYRU RI WKH VWDWH FRXUWV ZKHUH LWV H[HUFLVH   RXWOLQHVVWULFWVWDQGDUGVIRUDSSO\LQJ%XUIRUGDEVWHQWLRQDQG
ZRXOG LQYROYH FRQWURO RI RU LQWHUIHUHQFH ZLWK WKH LQWHUQDO       UHTXLUHVDVWDWHFUHDWHGIRUXPZLWKVSHFLDOL]HGFRPSHWHQFHLQ
     &DXGLOOHWDOY(XEDQNV                      1R       1R                       &DXGLOOHWDOY(XEDQNV         
      )DUPV,QFHWDO                                                                                        )DUPV,QFHWDO

WKHSDUWLFXODUDUHD6HH%XUIRUG86DWQRWLQJWKDW                                           %
WKH7H[DVOHJLVODWXUHKDGHVWDEOLVKHGDV\VWHPRIWKRURXJK
MXGLFLDOUHYLHZRI5DLOURDG&RPPLVVLRQRUGHUVZKLFKFRXOG                 3ODLQWLIIV DOVR FRQWHQG WKDW HYHQ LI %XUIRUG DEVWHQWLRQ
EHDSSHDOHGWRDVLQJOHVWDWHGLVWULFWFRXUWLQ7UDYLV&RXQW\          DSSOLHVZKHUHQRVWDWHDGPLQLVWUDWLYHDJHQF\LVLQYROYHGWKLV
DQGWKHQUHYLHZHGE\DEUDQFKRIWKHFRXUWRIFLYLODSSHDOV             FDVH GRHV QRW PHHW WKH VWDQGDUGV IRU DEVWDLQLQJ  6HFWLRQ
DQGWKHVWDWHVXSUHPHFRXUWDQG$GD&DVFDGH:DWFK                % JRYHUQV MXGLFLDO GLVVROXWLRQ RI .HQWXFN\
)G DW   ILQGLQJ WKDW WKH 6WDWH RI 0LFKLJDQ KDV D   FRUSRUDWLRQV 6KDUHKROGHUGLVVROXWLRQPD\EHDFFRPSOLVKHG
FRPSOH[V\VWHPRISHUPLWUHYLHZDQGDSSURYDOSURFHVVIRU                LI LW LV HVWDEOLVKHG WKDW WKH GLUHFWRUV DUH GHDGORFNHG LQ WKH
KD]DUGRXV ZDVWH IDFLOLWLHV LQFOXGLQJ FHQWUDOL]HG MXGLFLDO         PDQDJHPHQWRIFRUSRUDWHDIIDLUVWKHVKDUHKROGHUVDUHXQDEOH
UHYLHZLQ,QJKDP&RXQW\&LUFXLW&RXUW                                 WR EUHDN WKH GHDGORFN DQG WKH GHDGORFN LV FDXVLQJ HLWKHU
                                                                        LUUHSDUDEOH LQMXU\ WR WKH FRUSRUDWLRQ RU SUHYHQWLQJ WKH
   3ODLQWLIIVj DUJXPHQW LJQRUHV WKLV &RXUWjV KROGLQJ LQ           EXVLQHVV RI WKH FRUSRUDWLRQ IURP EHLQJ FRQGXFWHG WR WKH
0DF'RQDOGY9LOODJHRI1RUWKSRUW0LFKLJDQ)G               VKDUHKROGHUVjEHQHILW.\5HY6WDW%D
WK&LU7KHUHODQGRZQHUVVXHGWKHYLOODJHDQGWKH            6KDUHKROGHUGLVVROXWLRQPD\DOVREHREWDLQHGLIWKHGLUHFWRUV
0LFKLJDQ6WDWH7UHDVXUHUUHODWLQJWRWKHRZQHUVKLSDQGODQG             RUWKRVHLQFRQWURORIWKHFRUSRUDWLRQKDYHDFWHGDUHDFWLQJ
XVH RI D SRUWLRQ RI D SODWWHG VWUHHW  7KH 0LFKLJDQ /DQG     RUZLOODFWLQDIUDXGXOHQWPDQQHU,G%E
'LYLVLRQ $FW HQDFWHG E\ WKH VWDWH OHJLVODWXUH WR JRYHUQ        7KLUGGLVVROXWLRQPD\DOVREHREWDLQHGLILWLVVKRZQWKDWWKH
ODZVXLWVDQGSODWFKDQJHVUHTXLUHGWKDWVXLWVEHILOHGLQWKH          VKDUHKROGHUVDUHGHDGORFNHGLQYRWLQJSRZHUDQGKDYHIDLOHG
FLUFXLWFRXUWLQZKLFKWKHVXEGLYLVLRQFRYHUHGE\WKHSODWLV           ZLWKLQDFHUWDLQSHULRGRIWLPHWRHOHFWVXFFHVVRUVWRGLUHFWRUV
ORFDWHG  ,G DW  FLWLQJ 0LFK &RPS /DZV $QQ             ZKRVH WHUPV KDYH H[SLUHG  ,G  %F  7KH
:HKHOGWKDWWKHGLVWULFWFRXUWSURSHUO\DEVWDLQHG         VWDWXWH IXUWKHU SURYLGHV WKDW YHQXH IRU D VKDUHKROGHU
EHFDXVH 0LFKLJDQ ODZ SURYLGHV D UHJXODWRU\ VFKHPH WR             GLVVROXWLRQVXLWmVKDOOOLHLQWKHFRXQW\ZKHUHDFRUSRUDWLRQjV
DGGUHVVGLVSXWHVUHODWLQJWRODQGXVH,QSDUWLFXODUZHQRWHG         SULQFLSDORIILFHRULIQRQHLQWKLVVWDWHLWVUHJLVWHUHGRIILFH
WKDWm0LFKLJDQKDVHVWDEOLVKHGDSROLF\DQGKDVFRQVROLGDWHG            LVRUZDVODVWORFDWHGl.\5HY6WDW%
MXGLFLDOUHYLHZRIWKHVHFDVHVLQWKHORFDOIRUXPVEHVWVXLWHG
WRDGMXGLFDWHWKHORFDOLVVXHVDQGIDFWVUDLVHGLQVXFKFDVHVl            7KHVWDWXWHDOVRSURYLGHVIRUGLVVROXWLRQLQDSURFHHGLQJE\
,G  +HUH DV LQ 0DF'RQDOG MXGLFLDO UHYLHZ LV QRW             WKHDWWRUQH\JHQHUDOLIWKHDWWRUQH\JHQHUDOHVWDEOLVKHVWKDWWKH
FRQFHQWUDWHGLQDQ\RQHVLQJOHFRXUWEXWUDWKHUSODFHGLQORFDO        FRUSRUDWLRQ REWDLQHG LWV DUWLFOHV RI LQFRUSRUDWLRQ WKURXJK
IRUXPVZLWKLQWKHFRXUWVRIJHQHUDOMXULVGLFWLRQ6HH.\5HY         IUDXGRUWKHFRUSRUDWLRQKDVFRQWLQXHGWRH[FHHGRUDEXVHWKH
6WDW%                                                DXWKRULW\FRQIHUUHGXSRQLWE\ODZ.\5HY6WDW%
                                                                        9HQXHIRUGLVVROXWLRQDFWLRQVE\WKHDWWRUQH\JHQHUDO
  ,Q VXP 3ODLQWLIIVj DUJXPHQWV WKDW %XUIRUG DEVWHQWLRQ LV       OLH LQ )UDQNOLQ &RXQW\  ,G  %  sXGLFLDO
XQDYDLODEOH EHFDXVH QR VWDWH DGPLQLVWUDWLYH DJHQF\ LV             GLVVROXWLRQLVDOVRDYDLODEOHLQDSURFHHGLQJE\DFUHGLWRULI
LQYROYHG DQG MXGLFLDO UHYLHZ LV QRW FHQWUDOL]HG LQ D VLQJOH    WKH FUHGLWRU HVWDEOLVKHV WKDW LWV FODLP KDV EHHQ UHGXFHG WR
GLVWULFWFRXUWDUHXQDYDLOLQJ                                        MXGJPHQW WKH H[HFXWLRQ RQ WKH MXGJPHQW LV UHWXUQHG

                                                                            
                                                                             6XEWLWOH  RI 7LWOH  RI WKH .HQWXFN\ 5HYLVHG 6WDWXWHV ZKLFK
                                                                        JRYHUQV 3ULYDWH &RUSRUDWLRQV DQG $VVRFLDWLRQV DOVR FRQWDLQV SURFHGXUHV
                                                                        IRU 9ROXQWDU\ 'LVVROXWLRQ DQG $GPLQLVWUDWLYH 'LVVROXWLRQ