)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQGRSLQLRQV

)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQG
RSLQLRQV
8QLWHG6WDWHV6XSUHPH&RXUW
$%5$06Y86
1R
$UJXHG'HFLGHG1RYHPEHU
0U+DUU\:HLQEHUJHURI1HZ<RUN&LW\IRUSODLQWLIIVLQHUURU
0U$VVLVWDQW$WWRUQH\*HQHUDO5REHUW36WHZDUWIRUWKH8QLWHG6WDWHV
0U-XVWLFH&/$5.(GHOLYHUHGWKHRSLQLRQRIWKH&RXUW
2QDVLQJOHLQGLFWPHQWFRQWDLQLQJIRXUFRXQWVWKHILYHSODLQWLIIVLQHUURUKHUHLQDIWHUGHVLJQDWHGWKH
GHIHQGDQWVZHUHFRQYLFWHGRIFRQVSLULQJWRYLRODWHSURYLVLRQVRIWKH>86@(VSLRQDJH$FW
RI&RQJUHVVVHFWLRQWLWOH,RI$FW-XQHF6WDWDVDPHQGHGE\$FW0D\
F6WDW>&RPS6WF@
(DFKRIWKHILUVWWKUHHFRXQWVFKDUJHGWKHGHIHQGDQWVZLWKFRQVSLULQJZKHQWKH8QLWHG6WDWHVZDVDW
ZDUZLWKWKH,PSHULDO*RYHUQPHQWRI*HUPDQ\WRXQODZIXOO\XWWHUSULQWZULWHDQGSXEOLVK,QWKHILUVW
FRXQW
GLVOR\DOVFXUULORXVDQGDEXVLYHODQJXDJHDERXWWKHIRUPRIJRYHUQPHQWRIWKH8QLWHG6WDWHV
LQ
WKHVHFRQGFRXQWODQJXDJH
LQWHQGHGWREULQJWKHIRUPRIJRYHUQPHQWRIWKH8QLWHG6WDWHVLQWR
FRQWHPSWVFRUQFRQWXPHO\DQGGLVUHSXWH
DQGLQWKHWKLUGFRXQWODQJXDJH
LQWHQGHGWRLQFLWHSURYRNH
DQGHQFRXUDJHUHVLVWDQFHWRWKH8QLWHG6WDWHVLQVDLGZDU
7KHFKDUJHLQWKHIRXUWKFRXQWZDVWKDWWKH
GHIHQGDQWVFRQVSLUHG
ZKHQWKH8QLWHG6WDWHVZDVDWZDUZLWKWKH,PSHULDO*HUPDQ*RYHUQPHQW
XQODZIXOO\DQGZLOOIXOO\E\XWWHUDQFHZULWLQJSULQWLQJDQGSXEOLFDWLRQWRXUJHLQFLWHDQGDGYRFDWH
FXUWDLOPHQWRISURGXFWLRQRIWKLQJVDQGSURGXFWVWRZLWRUGQDQFHDQGDPPXQLWLRQQHFHVVDU\DQG
HVVHQWLDOWRWKHSURVHFXWLRQRIWKHZDU
7KHRIIHQVHVZHUHFKDUJHGLQWKHODQJXDJHRIWKHDFWRI
&RQJUHVV
,WZDVFKDUJHGLQHDFKFRXQWRIWKHLQGLFWPHQWWKDWLWZDVDSDUWRIWKHFRQVSLUDF\WKDWWKHGHIHQGDQWV
ZRXOGDWWHPSWWRDFFRPSOLVKWKHLUXQODZIXOSXUSRVHE\SULQWLQJZULWLQJDQGGLVWULEXWLQJLQWKHFLW\RI1HZ
<RUNPDQ\FRSLHVRIDOHDIOHWRUFLUFXODUSULQWHGLQWKH(QJOLVKODQJXDJHDQGRIDQRWKHUSULQWHGLQWKH
<LGGLVKODQJXDJHFRSLHVRIZKLFKSURSHUO\LGHQWLILHGZHUHDWWDFKHGWRWKHLQGLFWPHQW
$OORIWKHILYHGHIHQGDQWVZHUHERUQLQ5XVVLD7KH\ZHUHLQWHOOLJHQWKDGFRQVLGHUDEOHVFKRROLQJDQGDW
WKHWLPHWKH\ZHUHDUUHVWHGWKH\KDGOLYHGLQWKH8QLWHG6WDWHVWHUPVYDU\LQJIURPILYHWRWHQ\HDUVEXW
QRQHRIWKHPKDGDSSOLHGIRUQDWXUDOL]DWLRQ)RXURIWKHPWHVWLILHGDVZLWQHVVHVLQWKHLURZQEHKDOIDQG
RIWKHVHWKUHHIUDQNO\DYRZHGWKDWWKH\ZHUH
UHEHOV

UHYROXWLRQLVWV
>86@
DQDUFKLVWV

WKDWWKH\GLGQRWEHOLHYHLQJRYHUQPHQWLQDQ\IRUPDQGWKH\GHFODUHGWKDWWKH\KDGQRLQWHUHVW
ZKDWHYHULQWKHJRYHUQPHQWRIWKH8QLWHG6WDWHV7KHIRXUWKGHIHQGDQWWHVWLILHGWKDWKHZDVD
6RFLDOLVW

DQGEHOLHYHGLQ
DSURSHUNLQGRIJRYHUQPHQWQRWFDSLWDOLVWLF
EXWLQKLVFODVVLILFDWLRQWKHJRYHUQPHQWRI
WKH8QLWHG6WDWHVZDV
FDSLWDOLVWLF

,WZDVDGPLWWHGRQWKHWULDOWKDWWKHGHIHQGDQWVKDGXQLWHGWRSULQWDQGGLVWULEXWHWKHGHVFULEHGFLUFXODUV
DQGWKDWRIWKHPKDGEHHQSULQWHGDQGGLVWULEXWHGDERXWWKHGGD\RI$XJXVW7KHJURXS
KDGDPHHWLQJSODFHLQ1HZ<RUN&LW\LQURRPVUHQWHGE\GHIHQGDQW$EUDPVXQGHUDQDVVXPHGQDPH
DQGWKHUHWKHVXEMHFWRISULQWLQJWKHFLUFXODUVZDVGLVFXVVHGDERXWWZRZHHNVEHIRUHWKHGHIHQGDQWV
KWWSFDVHODZILQGODZFRPXVVXSUHPHFRXUWKWPO





)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQGRSLQLRQV

ZHUHDUUHVWHG7KHGHIHQGDQW$EUDPVDOWKRXJKQRWDSULQWHURQ-XO\SXUFKDVHGWKHSULQWLQJ
RXWILWZLWKZKLFKWKHFLUFXODUVZHUHSULQWHGDQGLQVWDOOHGLWLQDEDVHPHQWURRPZKHUHWKHZRUNZDVGRQH
DWQLJKW7KHFLUFXODUVZHUHGLVWULEXWHGVRPHE\WKURZLQJWKHPIURPDZLQGRZRIDEXLOGLQJZKHUHRQH
RIWKHGHIHQGDQWVZDVHPSOR\HGDQGRWKHUVVHFUHWO\LQ1HZ<RUN&LW\
7KHGHIHQGDQWVSOHDGHG
QRWJXLOW\
DQGWKHFDVHRIWKHJRYHUQPHQWFRQVLVWHGLQVKRZLQJWKHIDFWVZH
KDYHVWDWHGDQGLQLQWURGXFLQJLQHYLGHQFHFRSLHVRIWKHWZRSULQWHGFLUFXODUVDWWDFKHGWRWKHLQGLFWPHQW
DVKHHWHQWLWOHG
5HYROXWLRQLVWV8QLWHIRU$FWLRQ
ZULWWHQE\WKHGHIHQGDQW/LSPDQDQGIRXQGRQKLP
ZKHQKHZDVDUUHVWHGDQGDQRWKHUSDSHUIRXQGDWWKHKHDGTXDUWHUVRIWKHJURXSDQGIRUZKLFK
$EUDPVDVVXPHGUHVSRQVLELOLW\
7KXVWKHFRQVSLUDF\DQGWKHGRLQJRIWKHRYHUWDFWVFKDUJHGZHUHODUJHO\DGPLWWHGDQGZHUHIXOO\
HVWDEOLVKHG
2QWKHUHFRUGWKXVGHVFULEHGLWLVDUJXHGVRPHZKDWIDLQWO\WKDWWKHDFWVFKDUJHGDJDLQVWWKH
GHIHQGDQWVZHUHQRWXQODZIXOEHFDXVHZLWKLQWKHSURWHFWLRQRIWKDWIUHHGRP>86@RI
VSHHFKDQGRIWKHSUHVVZKLFKLVJXDUDQWHHGE\WKH)LUVW$PHQGPHQWWRWKH&RQVWLWXWLRQRIWKH8QLWHG
6WDWHVDQGWKDWWKHHQWLUH(VSLRQDJH$FWLVXQFRQVWLWXWLRQDOEHFDXVHLQFRQIOLFWZLWKWKDWDPHQGPHQW
7KLVFRQWHQWLRQLVVXIILFLHQWO\GLVFXVVHGDQGLVGHILQLWHO\QHJDWLYHGLQ6FKHQFNY8QLWHG6WDWHVDQG%DHU
Y8QLWHG6WDWHV866XS&WDQGLQ)URKZHUNY8QLWHG6WDWHV866XS
&W
7KHFODLPFKLHIO\HODERUDWHGXSRQE\WKHGHIHQGDQWVLQWKHRUDODUJXPHQWDQGLQWKHLUEULHILVWKDWWKHUH
LVQRVXEVWDQWLDOHYLGHQFHLQWKHUHFRUGWRVXSSRUWWKHMXGJPHQWXSRQWKHYHUGLFWRIJXLOW\DQGWKDWWKH
PRWLRQRIWKHGHIHQGDQWVIRUDQLQVWUXFWHGYHUGLFWLQWKHLUIDYRUZDVHUURQHRXVO\GHQLHG$TXHVWLRQRI
ODZLVWKXVSUHVHQWHGZKLFKFDOOVIRUDQH[DPLQDWLRQRIWKHUHFRUGQRWIRUWKHSXUSRVHRIZHLJKLQJ
FRQIOLFWLQJWHVWLPRQ\EXWRQO\WRGHWHUPLQHZKHWKHUWKHUHZDVVRPHHYLGHQFHFRPSHWHQWDQG
VXEVWDQWLDOEHIRUHWKHMXU\IDLUO\WHQGLQJWRVXVWDLQWKHYHUGLFW7UR[HOO$GPLQLVWUDWRUY'HODZDUH
/DFNDZDQQD :HVWHUQ55&R8666XS&W/DQFDVWHUY&ROOLQV86
66XS&W&KLFDJR 1RUWK:HVWHUQ5\&RY2KOH8666XS&W
:HVKDOOQRWQHHGWRFRQVLGHUWKHVXIILFLHQF\XQGHUWKHUXOHMXVWVWDWHGRIWKHHYLGHQFHLQWURGXFHG
DVWRDOORIWKHFRXQWVRIWKHLQGLFWPHQWIRUVLQFHWKHVHQWHQFHLPSRVHGGLGQRWH[FHHGWKDWZKLFKPLJKW
ODZIXOO\KDYHEHHQLPSRVHGXQGHUDQ\VLQJOHFRXQWWKHMXGJPHQWXSRQWKHYHUGLFWRIWKHMXU\PXVWEH
DIILUPHGLIWKHHYLGHQFHLVVXIILFLHQWWRVXVWDLQDQ\RQHRIWKHFRXQWV(YDQVY8QLWHG6WDWHV86
6XS&W&ODDVVHQY8QLWHG6WDWHV866XS&W'HEVY8QLWHG6WDWHV
8666XS&W
7KHILUVWRIWKHWZRDUWLFOHVDWWDFKHGWRWKHLQGLFWPHQWLVFRQVSLFXRXVO\KHDGHG
7KH+\SRFULV\RIWKH
8QLWHG6WDWHVDQGKHU$OOLHV
$IWHUGHQRXQFLQJ3UHVLGHQW:LOVRQDVDK\SRFULWHDQGDFRZDUGEHFDXVH
WURRSVZHUHVHQWLQWR5XVVLDLWSURFHHGVWRDVVDLORXUJRYHUQPHQWLQJHQHUDOVD\LQJ>86@

+LV>WKH3UHVLGHQW
V@VKDPHIXOFRZDUGO\VLOHQFHDERXWWKHLQWHUYHQWLRQLQ5XVVLDUHYHDOVWKHK\SRFULV\

RIWKHSOXWRFUDWLFJDQJLQ:DVKLQJWRQDQGYLFLQLW\

,WFRQWLQXHV

+H>WKH3UHVLGHQW@LVWRRPXFKRIDFRZDUGWRFRPHRXWRSHQO\DQGVD\
:HFDSLWDOLVWLFQDWLRQV
FDQQRWDIIRUGWRKDYHDSUROHWDULDQUHSXEOLFLQ5XVVLD
$PRQJWKHFDSLWDOLVWLFQDWLRQV$EUDPVWHVWLILHGWKH8QLWHG6WDWHVZDVLQFOXGHG
*URZLQJPRUHLQIODPPDWRU\DVLWSURFHHGVWKHFLUFXODUFXOPLQDWHVLQ

7KH5XVVLDQ5HYROXWLRQFULHV:RUNHUVRIWKH:RUOG$ZDNH5LVH3XWGRZQ\RXUHQHP\DQGPLQH

KWWSFDVHODZILQGODZFRPXVVXSUHPHFRXUWKWPO





)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQGRSLQLRQV

<HVIULHQGVWKHUHLVRQO\RQHHQHP\RIWKHZRUNHUVRIWKHZRUOGDQGWKDWLV&$3,7$/,60

7KLVLVFOHDUO\DQDSSHDOWRWKH
ZRUNHUV
RIWKLVFRXQWU\WRDULVHDQGSXWGRZQE\IRUFHWKHJRYHUQPHQW
RIWKH8QLWHG6WDWHVZKLFKWKH\FKDUDFWHUL]HDVWKHLU
K\SRFULWLFDO

FRZDUGO\
DQG
FDSLWDOLVWLF
HQHP\
,WFRQFOXGHV

$ZDNH$ZDNH\RX:RUNHUVRIWKH:RUOG
5(92/87,21,676

7KHVHFRQGRIWKHDUWLFOHVZDVSULQWHGLQWKH<LGGLVKODQJXDJHDQGLQWKHWUDQVODWLRQLVKHDGHG

:RUNHUV:DNH8S
$IWHUUHIHUULQJWR
KLV0DMHVW\0U:LOVRQDQGWKHUHVWRIWKHJDQJGRJVRIDOO
FRORUV
LWFRQWLQXHV

:RUNHUV5XVVLDQHPLJUDQWV\RXZKRKDGWKHOHDVWEHOLHILQWKHKRQHVW\RIRXUJRYHUQPHQW

ZKLFKGHIHQGDQWVDGPLWWHGUHIHUUHGWRWKH8QLWHG6WDWHVJRYHUQPHQW

PXVWQRZWKURZDZD\DOOFRQILGHQFHPXVWVSLWLQWKHIDFHWKHIDOVHK\SRFULWLFPLOLWDU\SURSDJDQGD
ZKLFKKDVIRROHG\RXVRUHOHQWOHVVO\FDOOLQJIRUWK\RXUV\PSDWK\\RXUKHOSWRWKHSURVHFXWLRQRIWKH
ZDU

7KHSXUSRVHRIWKLVREYLRXVO\ZDVWRSHUVXDGHWKHSHUVRQVWRZKRPLWZDVDGGUHVVHGWRWXUQDGHDIHDU
WRSDWULRWLF>86@DSSHDOVLQEHKDOIRIWKHJRYHUQPHQWRIWKH8QLWHG6WDWHVDQGWRFHDVHWR
UHQGHULWDVVLVWDQFHLQWKHSURVHFXWLRQRIWKHZDU
,WJRHVRQ

:LWKWKHPRQH\ZKLFK\RXKDYHORDQHGRUDUHJRLQJWRORDQWKHPWKH\ZLOOPDNHEXOOHWVQRWRQO\IRU
WKH*HUPDQVEXWDOVRIRUWKH:RUNHUV6RYLHWVRI5XVVLD:RUNHUVLQWKHDPPXQLWLRQIDFWRULHV\RX
DUHSURGXFLQJEXOOHWVED\RQHWVFDQQRQWRPXUGHUQRWRQO\WKH*HUPDQVEXWDOVR\RXUGHDUHVW
EHVWZKRDUHLQ5XVVLDDQGDUHILJKWLQJIRUIUHHGRP

,WZLOOQRWGRWRVD\DVLVQRZDUJXHGWKDWWKHRQO\LQWHQWRIWKHVHGHIHQGDQWVZDVWRSUHYHQWLQMXU\WR
WKH5XVVLDQFDXVH0HQPXVWEHKHOGWRKDYHLQWHQGHGDQGWREHDFFRXQWDEOHIRUWKHHIIHFWVZKLFK
WKHLUDFWVZHUHOLNHO\WRSURGXFH(YHQLIWKHLUSULPDU\SXUSRVHDQGLQWHQWZDVWRDLGWKHFDXVHRIWKH
5XVVLDQ5HYROXWLRQWKHSODQRIDFWLRQZKLFKWKH\DGRSWHGQHFHVVDULO\LQYROYHGEHIRUHLWFRXOGEH
UHDOL]HGGHIHDWRIWKHZDUSURJUDPRIWKH8QLWHG6WDWHVIRUWKHREYLRXVHIIHFWRIWKLVDSSHDOLILWVKRXOG
EHFRPHHIIHFWLYHDVWKH\KRSHGLWPLJKWZRXOGEHWRSHUVXDGHSHUVRQVRIFKDUDFWHUVXFKDVWKRVH
ZKRPWKH\UHJDUGHGWKHPVHOYHVDVDGGUHVVLQJQRWWRDLGJRYHUQPHQWORDQVDQGQRWWRZRUNLQ
DPPXQLWLRQIDFWRULHVZKHUHWKHLUZRUNZRXOGSURGXFH
EXOOHWVED\RQHWVFDQQRQ
DQGRWKHUPXQLWLRQVRI
ZDUWKHXVHRIZKLFKZRXOGFDXVHWKH
PXUGHU
RI*HUPDQVDQG5XVVLDQV
$JDLQWKHVSLULWEHFRPHVPRUHELWWHUDVLWSURFHHGVWRGHFODUHWKDW

$PHULFDDQGKHU$OOLHVKDYHEHWUD\HG>WKH:RUNHUV@7KHLUUREEHULVKDLPVDUHFOHDUWRDOOPHQ7KH
GHVWUXFWLRQRIWKH5XVVLDQ5HYROXWLRQWKDWLVWKHSROLWLFVRIWKHPDUFKWR5XVVLD

:RUNHUVRXUUHSO\WRWKHEDUEDULFLQWHUYHQWLRQKDVWREHDJHQHUDOVWULNH$QRSHQFKDOOHQJHRQO\ZLOO
OHWWKHJRYHUQPHQWNQRZWKDWQRWRQO\WKH5XVVLDQ:RUNHUILJKWVIRU>86@IUHHGRPEXW
DOVRKHUHLQ$PHULFDOLYHVWKHVSLULWRI5HYROXWLRQ

7KLVLVQRWDQDWWHPSWWREULQJDERXWDFKDQJHRIDGPLQLVWUDWLRQE\FDQGLGGLVFXVVLRQIRUQRPDWWHUZKDW
PD\KDYHLQFLWHGWKHRXWEUHDNRQWKHSDUWRIWKHGHIHQGDQWDQDUFKLVWVWKHPDQLIHVWSXUSRVHRIVXFKD
SXEOLFDWLRQZDVWRFUHDWHDQDWWHPSWWRGHIHDWWKHZDUSODQVRIWKHJRYHUQPHQWRIWKH8QLWHG6WDWHVE\
KWWSFDVHODZILQGODZFRPXVVXSUHPHFRXUWKWPO





)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQGRSLQLRQV

EULQJLQJXSRQWKHFRXQWU\WKHSDUDO\VLVRIDJHQHUDOVWULNHWKHUHE\DUUHVWLQJWKHSURGXFWLRQRIDOO
PXQLWLRQVDQGRWKHUWKLQJVHVVHQWLDOWRWKHFRQGXFWRIWKHZDU
7KLVSXUSRVHLVHPSKDVL]HGLQWKHQH[WSDUDJUDSKZKLFKUHDGV

'RQRWOHWWKHJRYHUQPHQWVFDUH\RXZLWKWKHLUZLOGSXQLVKPHQWLQSULVRQVKDQJLQJDQGVKRRWLQJ:H
PXVWQRWDQGZLOOQRWEHWUD\WKHVSOHQGLGILJKWHUVRI5XVVLD:RUNHUVXSWRILJKW

$IWHUPRUHRIWKHVDPHNLQGWKHFLUFXODUFRQFOXGHV

:RHXQWRWKRVHZKRZLOOEHLQWKHZD\RISURJUHVV/HWVROLGDULW\OLYH

,WLVVLJQHG
7KH5HEHOV

7KDWWKHLQWHUSUHWDWLRQZHKDYHSXWXSRQWKHVHDUWLFOHVFLUFXODWHGLQWKHJUHDWHVWSRUWRIRXUODQGIURP
ZKLFKJUHDWQXPEHUVRIVROGLHUVZHUHDWWKHWLPHWDNLQJVKLSGDLO\DQGLQZKLFKJUHDWTXDQWLWLHVRIZDU
VXSSOLHVRIHYHU\NLQGZHUHDWWKHWLPHEHLQJPDQXIDFWXUHGIRUWUDQVSRUWDWLRQRYHUVHDVLVQRWRQO\WKH
IDLULQWHUSUHWDWLRQRIWKHPEXWWKDWLWLVWKHPHDQLQJZKLFKWKHLUDXWKRUVFRQVFLRXVO\LQWHQGHGVKRXOGEH
FRQYH\HGE\WKHPWRRWKHUVLVIXUWKHUVKRZQE\WKHDGGLWLRQDOZULWLQJVIRXQGLQWKHPHHWLQJSODFHRIWKH
GHIHQGDQWJURXSDQGRQWKHSHUVRQRIRQHRIWKHP2QHRIWKHVHFLUFXODUVLVKHDGHG
5HYROXWLRQLVWV
8QLWHIRU$FWLRQ

$IWHUGHQRXQFLQJWKH3UHVLGHQWDV
2XU.DLVHU
DQGWKHK\SRFULV\RIWKH8QLWHG6WDWHVDQGKHU$OOLHVWKLV
DUWLFOHFRQFOXGHV>86@
6RFLDOLVWV$QDUFKLVWV,QGXVWULDO:RUNHUVRIWKH:RUOG6RFLDOLVWV
/DERUSDUW\PHQDQGRWKHUUHYROXWLRQDU\RUJDQL]DWLRQV8QLWHIRU$FWLRQDQGOHWXVVDYHWKH:RUNHUV

5HSXEOLFRI5XVVLD

.QRZ\RXORYHUVRIIUHHGRPWKDWLQRUGHUWRVDYHWKH5XVVLDQUHYROXWLRQZHPXVWNHHSWKHDUPLHVRI
WKHDOOLHGFRXQWULHVEXV\DWKRPH

7KXVZDVDJDLQDYRZHGWKHSXUSRVHWRWKURZWKHFRXQWU\LQWRDVWDWHRIUHYROXWLRQLISRVVLEOHDQGWR
WKHUHE\IUXVWUDWHWKHPLOLWDU\SURJUDPRIWKHJRYHUQPHQW
7KHUHPDLQLQJDUWLFOHDIWHUGHQRXQFLQJWKH3UHVLGHQWIRUZKDWLVFKDUDFWHUL]HGDVKRVWLOLW\WRWKH5XVVLDQ
UHYROXWLRQFRQWLQXHV

:HWKHWRLOHUVRI$PHULFDZKREHOLHYHLQUHDOOLEHUW\VKDOOSOHGJHRXUVHOYHVLQFDVHWKH8QLWHG
6WDWHVZLOOSDUWLFLSDWHLQWKDWEORRG\FRQVSLUDF\DJDLQVW5XVVLDWRFUHDWHVRJUHDWDGLVWXUEDQFHWKDW
WKHDXWRFUDWVRI$PHULFDVKDOOEHFRPSHOOHGWRNHHSWKHLUDUPLHVDWKRPHDQGQRWEHDEOHWRVSDUH
DQ\IRU5XVVLD

,WFRQFOXGHVZLWKWKLVGHILQLWHWKUHDWRIDUPHGUHEHOOLRQ

,IWKH\ZLOOXVHDUPVDJDLQVWWKH5XVVLDQSHRSOHWRHQIRUFHWKHLUVWDQGDUGRIRUGHUVRZLOOZHXVH
DUPVDQGWKH\VKDOOQHYHUVHHWKHUXLQRIWKH5XVVLDQ5HYROXWLRQ

7KHVHH[FHUSWVVXIILFLHQWO\VKRZWKDWZKLOHWKHLPPHGLDWHRFFDVLRQIRUWKLVSDUWLFXODURXWEUHDNRI
ODZOHVVQHVVRQWKHSDUWRIWKHGHIHQGDQWDOLHQDQDUFKLVWVPD\KDYHEHHQUHVHQWPHQWFDXVHGE\RXU
JRYHUQPHQWVHQGLQJWURRSVLQWR5XVVLDDVDVWUDWHJLFRSHUDWLRQDJDLQVWWKH*HUPDQVRQWKHHDVWHUQ
EDWWOHIURQW\HWWKHSODLQSXUSRVHRIWKHLUSURSDJDQGDZDVWRH[FLWHDWWKHVXSUHPHFULVLVRIWKHZDU
GLVDIIHFWLRQVHGLWLRQULRWVDQGDVWKH\KRSHGUHYROXWLRQLQWKLVFRXQWU\IRUWKHSXUSRVHRI
HPEDUUDVVLQJDQGLISRVVLEOHGHIHDWLQJWKHPLOLWDU\SODQVRIWKHJRYHUQPHQWLQ(XURSH$WHFKQLFDO
GLVWLQFWLRQPD\SHUKDSVEHWDNHQEHWZHHQGLVOR\DODQGDEXVLYHODQJXDJHDSSOLHGWRWKHIRUPRIRXU
JRYHUQPHQWRUODQJXDJHLQWHQGHGWREULQJWKHIRUP>86@RIRXUJRYHUQPHQWLQWRFRQWHPSW
DQGGLVUHSXWHDQGODQJXDJHRIOLNHFKDUDFWHUDQGLQWHQGHGWRSURGXFHOLNHUHVXOWVGLUHFWHGDJDLQVWWKH
KWWSFDVHODZILQGODZFRPXVVXSUHPHFRXUWKWPO





)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQGRSLQLRQV

3UHVLGHQWDQG&RQJUHVVWKHDJHQFLHVWKURXJKZKLFKWKDWIRUPRIJRYHUQPHQWPXVWIXQFWLRQLQWLPHRI
ZDU%XWLWLVQRWQHFHVVDU\WRDGHFLVLRQRIWKLVFDVHWRFRQVLGHUZKHWKHUVXFKGLVWLQFWLRQLVYLWDORU
PHUHO\IRUPDOIRUWKHODQJXDJHRIWKHVHFLUFXODUVZDVREYLRXVO\LQWHQGHGWRSURYRNHDQGWRHQFRXUDJH
UHVLVWDQFHWRWKH8QLWHG6WDWHVLQWKHZDUDVWKHWKLUGFRXQWUXQVDQGWKHGHIHQGDQWVLQWHUPVSODLQO\
XUJHGDQGDGYRFDWHGDUHVRUWWRDJHQHUDOVWULNHRIZRUNHUVLQDPPXQLWLRQIDFWRULHVIRUWKHSXUSRVHRI
FXUWDLOLQJWKHSURGXFWLRQRIRUGQDQFHDQGPXQLWLRQVQHFHVVDU\DQGHVVHQWLDOWRWKHSURVHFXWLRQRIWKH
ZDUDVLVFKDUJHGLQWKHIRXUWKFRXQW7KXVLWLVFOHDUQRWRQO\WKDWVRPHHYLGHQFHEXWWKDWPXFK
SHUVXDVLYHHYLGHQFHZDVEHIRUHWKHMXU\WHQGLQJWRSURYHWKDWWKHGHIHQGDQWVZHUHJXLOW\DVFKDUJHGLQ
ERWKWKHWKLUGDQGIRXUWKFRXQWVRIWKHLQGLFWPHQWDQGXQGHUWKHORQJHVWDEOLVKHGUXOHRIODZ
KHUHLQEHIRUHVWDWHGWKHMXGJPHQWRIWKH'LVWULFW&RXUWPXVWEH
$)),50('
0U-XVWLFH+2/0(6GLVVHQWLQJ
7KLVLQGLFWPHQWLVIRXQGHGZKROO\XSRQWKHSXEOLFDWLRQRIWZROHDIOHWVZKLFK,VKDOOGHVFULEHLQDPRPHQW
7KHILUVWFRXQWFKDUJHVDFRQVSLUDF\SHQGLQJWKHZDUZLWK*HUPDQ\WRSXEOLVKDEXVLYHODQJXDJHDERXW
WKHIRUPRIJRYHUQPHQWRIWKH8QLWHG6WDWHVOD\LQJWKHSUHSDUDWLRQDQGSXEOLVKLQJRIWKHILUVWOHDIOHWDV
RYHUWDFWV7KHVHFRQGFRXQWFKDUJHVDFRQVSLUDF\SHQGLQJWKHZDUWRSXEOLVKODQJXDJHLQWHQGHGWR
EULQJWKHIRUPRIJRYHUQPHQWLQWRFRQWHPSWOD\LQJWKHSUHSDUDWLRQDQGSXEOLVKLQJRIWKHWZROHDIOHWVDV
RYHUWDFWV7KHWKLUGFRXQWDOOHJHVDFRQVSLUDF\WRHQFRXUDJHUHVLVWDQFHWRWKH8QLWHG6WDWHVLQWKH
VDPHZDUDQGWRDWWHPSWWRHIIHFWXDWHWKHSXUSRVHE\SXEOLVKLQJWKHVDPHOHDIOHWV7KHIRXUWKFRXQW
OD\VDFRQVSLUDF\>86@WRLQFLWHFXUWDLOPHQWRISURGXFWLRQRIWKLQJVQHFHVVDU\WRWKH
SURVHFXWLRQRIWKHZDUDQGWRDWWHPSWWRDFFRPSOLVKLWE\SXEOLVKLQJWKHVHFRQGOHDIOHWWRZKLFK,KDYH
UHIHUUHG
7KHILUVWRIWKHVHOHDIOHWVVD\VWKDWWKH3UHVLGHQW
VFRZDUGO\VLOHQFHDERXWWKHLQWHUYHQWLRQLQ5XVVLD
UHYHDOVWKHK\SRFULV\RIWKHSOXWRFUDWLFJDQJLQ:DVKLQJWRQ,WLQWLPDWHVWKDW
*HUPDQPLOLWDULVP
FRPELQHGZLWKDOOLHGFDSLWDOLVPWRFUXVKWKH5XVVLDQUHYROXWLRQ
JRHVRQWKDWWKHW\UDQWVRIWKHZRUOG
ILJKWHDFKRWKHUXQWLOWKH\VHHDFRPPRQHQHP\ZRUNLQJFODVVHQOLJKWHQPHQWZKHQWKH\FRPELQHWR
FUXVKLWDQGWKDWQRZPLOLWDULVPDQGFDSLWDOLVPFRPELQHGWKRXJKQRWRSHQO\WRFUXVKWKH5XVVLDQ
UHYROXWLRQ,WVD\VWKDWWKHUHLVRQO\RQHHQHP\RIWKHZRUNHUVRIWKHZRUOGDQGWKDWLVFDSLWDOLVPWKDWLWLV
DFULPHIRUZRUNHUVRI$PHULFDHWFWRILJKWWKHZRUNHUV
UHSXEOLFRI5XVVLDDQGHQGV
$ZDNH$ZDNH
\RXZRUNHUVRIWKHZRUOG5HYROXWLRQLVWV
$QRWHDGGV
,WLVDEVXUGWRFDOOXVSUR*HUPDQ:HKDWHDQG
GHVSLVH*HUPDQPLOLWDULVPPRUHWKDQGR\RXK\SRFULWLFDOW\UDQWV:HKDYHPRUHUHDVRQIRUGHQRXQFLQJ
*HUPDQPLOLWDULVPWKDQKDVWKHFRZDUGRIWKH:KLWH+RXVH

7KHRWKHUOHDIOHWKHDGHG
:RUNHUV:DNH8S
ZLWKDEXVLYHODQJXDJHVD\VWKDW$PHULFDWRJHWKHUZLWKWKH
$OOLHVZLOOPDUFKIRU5XVVLDWRKHOSWKH&]HFNR6ORYDNVLQWKHLUVWUXJJOHDJDLQVWWKH%ROVKHYLNLDQGWKDW
KLVWLPHWKHK\SRFULWHVVKDOOQRWIRROWKH5XVVLDQHPLJUDQWVDQGIULHQGVRI5XVVLDLQ$PHULFD,WWHOOVWKH
5XVVLDQHPLJUDQWVWKDWWKH\QRZPXVWVSLWLQWKHIDFHRIWKHIDOVHPLOLWDU\SURSDJDQGDE\ZKLFKWKHLU
V\PSDWK\DQGKHOSWRWKHSURVHFXWLRQRIWKHZDUKDYHEHHQFDOOHGIRUWKDQGVD\VWKDWZLWKWKHPRQH\
WKH\KDYHOHQWRUDUHJRLQJWROHQG
WKH\ZLOOPDNHEXOOHWVQRWRQO\IRUWKH*HUPDQVEXWDOVRIRUWKH
:RUNHUV6RYLHWVRI5XVVLD
DQGIXUWKHU
:RUNHUVLQWKHDPPXQLWLRQIDFWRULHV\RXDUHSURGXFLQJEXOOHWV
ED\RQHWVFDQQRQWRPXUGHUQRWRQO\WKH*HUPDQV>86@EXWDOVR\RXUGHDUHVWEHVWZKR
DUHLQ5XVVLDILJKWLQJIRUIUHHGRP
,WWKHQDSSHDOVWRWKHVDPH5XVVLDQHPLJUDQWVDWVRPHOHQJWKQRWWR
FRQVHQWWRWKH
LQTXLVLWLRQDU\H[SHGLWLRQLQ5XVVLD
DQGVD\VWKDWWKHGHVWUXFWLRQRIWKH5XVVLDQ
UHYROXWLRQLV
WKHSROLWLFVRIWKHPDUFKRQ5XVVLD
7KHOHDIOHWZLQGVXSE\VD\LQJ
:RUNHUVRXUUHSO\WR
WKLVEDUEDULFLQWHUYHQWLRQKDVWREHDJHQHUDOVWULNH
DQGDIWHUDIHZZRUGVRQWKHVSLULWRIUHYROXWLRQ
H[KRUWDWLRQVQRWWREHDIUDLGDQGVRPHXVXDOWDOOWDONHQGV
:RHXQWRWKRVHZKRZLOOEHLQWKHZD\RI
SURJUHVV/HWVROLGDULW\OLYH7KH5HEHOV

1RDUJXPHQWVHHPVWREHQHFHVVDU\WRVKRZWKDWWKHVHSURQXQFLDPHQWRVLQQRZD\DWWDFNWKHIRUPRI
KWWSFDVHODZILQGODZFRPXVVXSUHPHFRXUWKWPO





)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQGRSLQLRQV

JRYHUQPHQWRIWKH8QLWHG6WDWHVRUWKDWWKH\GRQRWVXSSRUWHLWKHURIWKHILUVWWZRFRXQWV:KDWOLWWOH,
KDYHWRVD\DERXWWKHWKLUGFRXQWPD\EHSRVWSRQHGXQWLO,KDYHFRQVLGHUHGWKHIRXUWK:LWKUHJDUGWR
WKDWLWVHHPVWRRSODLQWREHGHQLHGWKDWWKHVXJJHVWLRQWRZRUNHUVLQWKHDPPXQLWLRQIDFWRULHVWKDWWKH\
DUHSURGXFLQJEXOOHWVWRPXUGHUWKHLUGHDUHVWDQGWKHIXUWKHUDGYRFDF\RIDJHQHUDOVWULNHERWKLQWKH
VHFRQGOHDIOHWGRXUJHFXUWDLOPHQWRISURGXFWLRQRIWKLQJVQHFHVVDU\WRWKHSURVHFXWLRQRIWKHZDUZLWKLQ
WKHPHDQLQJRIWKH$FWRI0D\F6WDWDPHQGLQJVHFWLRQRIWKHHDUOLHU$FWRI
&RPS6WF%XWWRPDNHWKHFRQGXFWFULPLQDOWKDWVWDWXWHUHTXLUHVWKDWLWVKRXOGEH
ZLWK
LQWHQWE\VXFKFXUWDLOPHQWWRFULSSOHRUKLQGHUWKH8QLWHG6WDWHVLQWKHSURVHFXWLRQRIWKHZDU
,WVHHPV
WRPHWKDWQRVXFKLQWHQWLVSURYHG
,DPDZDUHRIFRXUVHWKDWWKHZRUG
LQWHQW
DVYDJXHO\XVHGLQRUGLQDU\OHJDOGLVFXVVLRQPHDQVQRPRUH
WKDQNQRZOHGJHDWWKHWLPHRIWKHDFWWKDWWKHFRQVHTXHQFHVVDLGWREHLQWHQGHGZLOOHQVXH(YHQOHVV
WKDQWKDWZLOOVDWLVI\WKHJHQHUDOSULQFLSOHRIFLYLODQGFULPLQDOOLDELOLW\$PDQPD\KDYHWRSD\GDPDJHV
PD\EHVHQWWRSULVRQDWFRPPRQODZPLJKWEHKDQJHGLIDWWKHWLPHRIKLVDFW>86@KH
NQHZIDFWVIURPZKLFKFRPPRQH[SHULHQFHVKRZHGWKDWWKHFRQVHTXHQFHVZRXOGIROORZZKHWKHUKH
LQGLYLGXDOO\FRXOGIRUHVHHWKHPRUQRW%XWZKHQZRUGVDUHXVHGH[DFWO\DGHHGLVQRWGRQHZLWKLQWHQW
WRSURGXFHDFRQVHTXHQFHXQOHVVWKDWFRQVHTXHQFHLVWKHDLPRIWKHGHHG,WPD\EHREYLRXVDQG
REYLRXVWRWKHDFWRUWKDWWKHFRQVHTXHQFHZLOOIROORZDQGKHPD\EHOLDEOHIRULWHYHQLIKHUHJUHWVLWEXW
KHGRHVQRWGRWKHDFWZLWKLQWHQWWRSURGXFHLWXQOHVVWKHDLPWRSURGXFHLWLVWKHSUR[LPDWHPRWLYHRI
WKHVSHFLILFDFWDOWKRXJKWKHUHPD\EHVRPHGHHSHUPRWLYHEHKLQG
,WVHHPVWRPHWKDWWKLVVWDWXWHPXVWEHWDNHQWRXVHLWVZRUGVLQDVWULFWDQGDFFXUDWHVHQVH7KH\
ZRXOGEHDEVXUGLQDQ\RWKHU$SDWULRWPLJKWWKLQNWKDWZHZHUHZDVWLQJPRQH\RQDHURSODQHVRU
PDNLQJPRUHFDQQRQRIDFHUWDLQNLQGWKDQZHQHHGHGDQGPLJKWDGYRFDWHFXUWDLOPHQWZLWKVXFFHVV
\HWHYHQLILWWXUQHGRXWWKDWWKHFXUWDLOPHQWKLQGHUHGDQGZDVWKRXJKWE\RWKHUPLQGVWRKDYHEHHQ
REYLRXVO\OLNHO\WRKLQGHUWKH8QLWHG6WDWHVLQWKHSURVHFXWLRQRIWKHZDUQRRQHZRXOGKROGVXFK
FRQGXFWDFULPH,DGPLWWKDWP\LOOXVWUDWLRQGRHVQRWDQVZHUDOOWKDWPLJKWEHVDLGEXWLWLVHQRXJKWR
VKRZZKDW,WKLQNDQGWROHWPHSDVVWRDPRUHLPSRUWDQWDVSHFWRIWKHFDVH,UHIHUWRWKH)LUVW
$PHQGPHQWWRWKH&RQVWLWXWLRQWKDW&RQJUHVVVKDOOPDNHQRODZDEULGJLQJWKHIUHHGRPRIVSHHFK
,QHYHUKDYHVHHQDQ\UHDVRQWRGRXEWWKDWWKHTXHVWLRQVRIODZWKDWDORQHZHUHEHIRUHWKLV&RXUWLQWKH
&DVHVRI6FKHQFN866XS&W)URKZHUN866XS&WDQG
'HEV866XS&WZHUHULJKWO\GHFLGHG,GRQRWGRXEWIRUDPRPHQWWKDWE\WKH
VDPHUHDVRQLQJWKDWZRXOGMXVWLI\SXQLVKLQJSHUVXDVLRQWRPXUGHUWKH8QLWHG6WDWHVFRQVWLWXWLRQDOO\PD\
SXQLVKVSHHFKWKDWSURGXFHVRULVLQWHQGHGWRSURGXFHDFOHDUDQGLPPLQHQWGDQJHUWKDWLWZLOOEULQJ
DERXWIRUWKZLWKFHUWDLQVXEVWDQWLYHHYLOVWKDWWKH8QLWHG6WDWHVFRQVWLWXWLRQDOO\PD\VHHNWRSUHYHQW7KH
SRZHUXQGRXEWHGO\LV>86@JUHDWHULQWLPHRIZDUWKDQLQWLPHRISHDFHEHFDXVHZDU
RSHQVGDQJHUVWKDWGRQRWH[LVWDWRWKHUWLPHV
%XWDVDJDLQVWGDQJHUVSHFXOLDUWRZDUDVDJDLQVWRWKHUVWKHSULQFLSOHRIWKHULJKWWRIUHHVSHHFKLV
DOZD\VWKHVDPH,WLVRQO\WKHSUHVHQWGDQJHURILPPHGLDWHHYLORUDQLQWHQWWREULQJLWDERXWWKDW
ZDUUDQWV&RQJUHVVLQVHWWLQJDOLPLWWRWKHH[SUHVVLRQRIRSLQLRQZKHUHSULYDWHULJKWVDUHQRWFRQFHUQHG
&RQJUHVVFHUWDLQO\FDQQRWIRUELGDOOHIIRUWWRFKDQJHWKHPLQGRIWKHFRXQWU\1RZQRERG\FDQVXSSRVH
WKDWWKHVXUUHSWLWLRXVSXEOLVKLQJRIDVLOO\OHDIOHWE\DQXQNQRZQPDQZLWKRXWPRUHZRXOGSUHVHQWDQ\
LPPHGLDWHGDQJHUWKDWLWVRSLQLRQVZRXOGKLQGHUWKHVXFFHVVRIWKHJRYHUQPHQWDUPVRUKDYHDQ\
DSSUHFLDEOHWHQGHQF\WRGRVR3XEOLVKLQJWKRVHRSLQLRQVIRUWKHYHU\SXUSRVHRIREVWUXFWLQJKRZHYHU
PLJKWLQGLFDWHDJUHDWHUGDQJHUDQGDWDQ\UDWHZRXOGKDYHWKHTXDOLW\RIDQDWWHPSW6R,DVVXPHWKDW
WKHVHFRQGOHDIOHWLISXEOLVKHGIRUWKHSXUSRVHVDOOHJHGLQWKHIRXUWKFRXQWPLJKWEHSXQLVKDEOH%XWLW
VHHPVSUHWW\FOHDUWRPHWKDWQRWKLQJOHVVWKDQWKDWZRXOGEULQJWKHVHSDSHUVZLWKLQWKHVFRSHRIWKLV
ODZ$QDFWXDOLQWHQWLQWKHVHQVHWKDW,KDYHH[SODLQHGLVQHFHVVDU\WRFRQVWLWXWHDQDWWHPSWZKHUHD
IXUWKHUDFWRIWKHVDPHLQGLYLGXDOLVUHTXLUHGWRFRPSOHWHWKHVXEVWDQWLYHFULPHIRUUHDVRQVJLYHQLQ
6ZLIW &RY8QLWHG6WDWHV8666XS&W,WLVQHFHVVDU\ZKHUHWKHVXFFHVVRI
KWWSFDVHODZILQGODZFRPXVVXSUHPHFRXUWKWPO





)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQGRSLQLRQV

WKHDWWHPSWGHSHQGVXSRQRWKHUVEHFDXVHLIWKDWLQWHQWLVQRWSUHVHQWWKHDFWRU
VDLPPD\EH
DFFRPSOLVKHGZLWKRXWEULQJLQJDERXWWKHHYLOVVRXJKWWREHFKHFNHG$QLQWHQWWRSUHYHQWLQWHUIHUHQFH
ZLWKWKHUHYROXWLRQLQ5XVVLDPLJKWKDYHEHHQVDWLVILHGZLWKRXWDQ\KLQGUDQFHWRFDUU\LQJRQWKHZDULQ
ZKLFKZHZHUHHQJDJHG
,GRQRWVHHKRZDQ\RQHFDQILQGWKHLQWHQWUHTXLUHGE\WKHVWDWXWHLQDQ\RIWKHGHIHQGDQW
VZRUGV7KH
VHFRQGOHDIOHWLVWKHRQO\RQHWKDWDIIRUGVHYHQDIRXQGDWLRQIRUWKHFKDUJHDQGWKHUHZLWKRXWLQYRNLQJ
WKHKDWUHGRI*HUPDQPLOLWDULVPH[SUHVVHGLQWKHIRUPHURQHLWLVHYLGHQW>86@IURPWKH
EHJLQQLQJWRWKHHQGWKDWWKHRQO\REMHFWRIWKHSDSHULVWRKHOS5XVVLDDQGVWRS$PHULFDQLQWHUYHQWLRQ
WKHUHDJDLQVWWKHSRSXODUJRYHUQPHQWQRWWRLPSHGHWKH8QLWHG6WDWHVLQWKHZDUWKDWLWZDVFDUU\LQJRQ
7RVD\WKDWWZRSKUDVHVWDNHQOLWHUDOO\PLJKWLPSRUWDVXJJHVWLRQRIFRQGXFWWKDWZRXOGKDYHLQWHUIHUHQFH
ZLWKWKHZDUDVDQLQGLUHFWDQGSUREDEO\XQGHVLUHGHIIHFWVHHPVWRPHE\QRPHDQVHQRXJKWRVKRZDQ
DWWHPSWWRSURGXFHWKDWHIIHFW
,UHWXUQIRUDPRPHQWWRWKHWKLUGFRXQW7KDWFKDUJHVDQLQWHQWWRSURYRNHUHVLVWDQFHWRWKH8QLWHG
6WDWHVLQLWVZDUZLWK*HUPDQ\7DNLQJWKHFODXVHLQWKHVWDWXWHWKDWGHDOVZLWKWKDWLQFRQQHFWLRQZLWKWKH
RWKHUHODERUDWHSURYLVLRQVRIWKH$FW,WKLQNWKDWUHVLVWDQFHWRWKH8QLWHG6WDWHVPHDQVVRPHIRUFLEOHDFW
RIRSSRVLWLRQWRVRPHSURFHHGLQJRIWKH8QLWHG6WDWHVLQSXUVXDQFHRIWKHZDU,WKLQNWKHLQWHQWPXVWEH
WKHVSHFLILFLQWHQWWKDW,KDYHGHVFULEHGDQGIRUWKHUHDVRQVWKDW,KDYHJLYHQ,WKLQNWKDWQRVXFKLQWHQW
ZDVSURYHGRUH[LVWHGLQIDFW,DOVRWKLQNWKDWWKHUHLVQRKLQWDWUHVLVWDQFHWRWKH8QLWHG6WDWHVDV,
FRQVWUXHWKHSKUDVH
,QWKLVFDVHVHQWHQFHVRIWZHQW\\HDUVLPSULVRQPHQWKDYHEHHQLPSRVHGIRUWKHSXEOLVKLQJRIWZR
OHDIOHWVWKDW,EHOLHYHWKHGHIHQGDQWVKDGDVPXFKULJKWWRSXEOLVKDVWKH*RYHUQPHQWKDVWRSXEOLVKWKH
&RQVWLWXWLRQRIWKH8QLWHG6WDWHVQRZYDLQO\LQYRNHGE\WKHP(YHQLI,DPWHFKQLFDOO\ZURQJDQGHQRXJK
FDQEHVTXHH]HGIURPWKHVHSRRUDQGSXQ\DQRQ\PLWLHVWRWXUQWKHFRORURIOHJDOOLWPXVSDSHU,ZLOODGG
HYHQLIZKDW,WKLQNWKHQHFHVVDU\LQWHQWZHUHVKRZQWKHPRVWQRPLQDOSXQLVKPHQWVHHPVWRPHDOOWKDW
SRVVLEOHFRXOGEHLQIOLFWHGXQOHVVWKHGHIHQGDQWVDUHWREHPDGHWRVXIIHUQRWIRUZKDWWKHLQGLFWPHQW
DOOHJHVEXWIRUWKHFUHHGWKDWWKH\DYRZDFUHHGWKDW,EHOLHYHWREHWKHFUHHGRILJQRUDQFHDQG
LPPDWXULW\ZKHQKRQHVWO\KHOGDV,VHHQRUHDVRQWRGRXEWWKDWLWZDVKHOGKHUHEXWZKLFKDOWKRXJK
PDGHWKHVXEMHFWRIH[DPLQDWLRQDWWKH>86@WULDOQRRQHKDVDULJKWHYHQWRFRQVLGHULQ
GHDOLQJZLWKWKHFKDUJHVEHIRUHWKH&RXUW
3HUVHFXWLRQIRUWKHH[SUHVVLRQRIRSLQLRQVVHHPVWRPHSHUIHFWO\ORJLFDO,I\RXKDYHQRGRXEWRI\RXU
SUHPLVHVRU\RXUSRZHUDQGZDQWDFHUWDLQUHVXOWZLWKDOO\RXUKHDUW\RXQDWXUDOO\H[SUHVV\RXUZLVKHVLQ
ODZDQGVZHHSDZD\DOORSSRVLWLRQ7RDOORZRSSRVLWLRQE\VSHHFKVHHPVWRLQGLFDWHWKDW\RXWKLQNWKH
VSHHFKLPSRWHQWDVZKHQDPDQVD\VWKDWKHKDVVTXDUHGWKHFLUFOHRUWKDW\RXGRQRWFDUHZKROH
KHDUWHGO\IRUWKHUHVXOWRUWKDW\RXGRXEWHLWKHU\RXUSRZHURU\RXUSUHPLVHV%XWZKHQPHQKDYH
UHDOL]HGWKDWWLPHKDVXSVHWPDQ\ILJKWLQJIDLWKVWKH\PD\FRPHWREHOLHYHHYHQPRUHWKDQWKH\EHOLHYH
WKHYHU\IRXQGDWLRQVRIWKHLURZQFRQGXFWWKDWWKHXOWLPDWHJRRGGHVLUHGLVEHWWHUUHDFKHGE\IUHHWUDGH
LQLGHDVWKDWWKHEHVWWHVWRIWUXWKLVWKHSRZHURIWKHWKRXJKWWRJHWLWVHOIDFFHSWHGLQWKHFRPSHWLWLRQRI
WKHPDUNHWDQGWKDWWUXWKLVWKHRQO\JURXQGXSRQZKLFKWKHLUZLVKHVVDIHO\FDQEHFDUULHGRXW7KDWDW
DQ\UDWHLVWKHWKHRU\RIRXU&RQVWLWXWLRQ,WLVDQH[SHULPHQWDVDOOOLIHLVDQH[SHULPHQW(YHU\\HDULI
QRWHYHU\GD\ZHKDYHWRZDJHURXUVDOYDWLRQXSRQVRPHSURSKHF\EDVHGXSRQLPSHUIHFWNQRZOHGJH
:KLOHWKDWH[SHULPHQWLVSDUWRIRXUV\VWHP,WKLQNWKDWZHVKRXOGEHHWHUQDOO\YLJLODQWDJDLQVWDWWHPSWVWR
FKHFNWKHH[SUHVVLRQRIRSLQLRQVWKDWZHORDWKHDQGEHOLHYHWREHIUDXJKWZLWKGHDWKXQOHVVWKH\VR
LPPLQHQWO\WKUHDWHQLPPHGLDWHLQWHUIHUHQFHZLWKWKHODZIXODQGSUHVVLQJSXUSRVHVRIWKHODZWKDWDQ
LPPHGLDWHFKHFNLVUHTXLUHGWRVDYHWKHFRXQWU\,ZKROO\GLVDJUHHZLWKWKHDUJXPHQWRIWKH*RYHUQPHQW
WKDWWKH)LUVW$PHQGPHQWOHIWWKHFRPPRQODZDVWRVHGLWLRXVOLEHOLQIRUFH+LVWRU\VHHPVWRPHDJDLQVW
WKHQRWLRQ,KDGFRQFHLYHGWKDWWKH8QLWHG6WDWHVWKURXJKPDQ\\HDUVKDGVKRZQLWVUHSHQWDQFHIRUWKH
6HGLWLRQ$FWRI$FW-XO\F6WDWE\UHSD\LQJILQHVWKDWLWLPSRVHG2QO\WKH
HPHUJHQF\WKDWPDNHVLWLPPHGLDWHO\GDQJHURXVWROHDYHWKHFRUUHFWLRQRIHYLOFRXQVHOVWRWLPHZDUUDQWV
KWWSFDVHODZILQGODZFRPXVVXSUHPHFRXUWKWPO





)LQG/DZ
V8QLWHG6WDWHV6XSUHPH&RXUWFDVHDQGRSLQLRQV

>86@PDNLQJDQ\H[FHSWLRQWRWKHVZHHSLQJFRPPDQG
&RQJUHVVVKDOOPDNHQRODZ

DEULGJLQJWKHIUHHGRPRIVSHHFK
2IFRXUVH,DPVSHDNLQJRQO\RIH[SUHVVLRQVRIRSLQLRQDQG
H[KRUWDWLRQVZKLFKZHUHDOOWKDWZHUHXWWHUHGKHUHEXW,UHJUHWWKDW,FDQQRWSXWLQWRPRUHLPSUHVVLYH
ZRUGVP\EHOLHIWKDWLQWKHLUFRQYLFWLRQXSRQWKLVLQGLFWPHQWWKHGHIHQGDQWVZHUHGHSULYHGRIWKHLUULJKWV
XQGHUWKH&RQVWLWXWLRQRIWKH8QLWHG6WDWHV
0U-XVWLFH%5$1'(,6FRQFXUVZLWKWKHIRUHJRLQJRSLQLRQ

KWWSFDVHODZILQGODZFRPXVVXSUHPHFRXUWKWPO