































���

6(;�$1'�6(;8$/�25,(17$7,21�81'(5�7,7/(�9,,�2)�7+(�&,9,/�5,*+76�
$&7�2)�������6$0(��6,0,/$5��25�',67,1&7"�

�
%\�/DXUHQ�$EUDPV�

�

$ERXW�WKH�$XWKRU�

0DMRU���(QJOLVK�Ƈ� �0LQRUV ���7KHRORJ\��0DQDJHPHQW�	�/HDGHUVKLS�Ƈ�*UDGXDWLRQ�<HDU�������Ƈ� �$FWLYLWLHV ���$SSD�

9ROXQWHHUV��8QLYHUVLW\�:LQG�(QVHPEOH��7KH�+HLJKWV��)HDWXUHV�0DJD]LQH�6HFWLRQ��Ƈ� �&DUHHU�*RDOV ���

&RQVLGHULQJ�SURIHVVLRQV�LQ�ODZ�RU�WKH�SXEOLVKLQJ�LQGXVWU\�

�

6XPPDU\�RI�6XEPLVVLRQ�

$EUDPV�GHOLQHDWHV�WKH�DUJXPHQWV�ERWK�IRU�DQG�DJDLQVW�LQWHUSUHWLQJ�7LWOH�9,,�RI�WKH�&LYLO�5LJKWV�$FW�RI�����¶V�

SURWHFWLRQ�IURP�VH[�EDVHG�GLVFULPLQDWLRQ�LQ�WKH�ZRUNSODFH�WR�LQFOXGH�VH[XDO�RULHQWDWLRQ�DV�ZHOO��'UDZLQJ�RQ�

SUHFHGHQW�HVWDEOLVKHG�LQ�VHYHUDO�ODQGPDUN�/*%74��FDVHV��$EUDPV�VKHGV�OLJKW�RQ�WKH�LQFRQVLVWHQF\�RI�MXGLFLDO�

UXOLQJV�UHJDUGLQJ�WKLV�LVVXH��:KLOH�KHU�HVVD\�WKRURXJKO\�H[SORUHV�WKH�LQFHQWLYHV�DQG�UDPLILFDWLRQV�IRU�WKH�&RXUW�

WR�SURWHFW�DJDLQVW�VH[XDO�RULHQWDWLRQ�GLVFULPLQDWLRQ�LQ�WKH�SHQGLQJ�6&2786�FDVHV�RI� �%RVWRFN�Y��&OD\WRQ�&RXQW\��

*HRUJLD ��DQG� �$OWLWXGH�([SUHVV�,QF��Y��=DUGD ���$EUDPV�XOWLPDWHO\�DUJXHV�WKDW�WKHUH�LV�QR�UHSODFHPHQW�IRU�WKH�

OHJLVODWLYH�EUDQFK¶V�GLUHFW�DQG�XQDPELJXRXV�PRGLILFDWLRQ�RI�7LWOH�9,,���

� �



���

6(;�$1'�6(;8$/�25,(17$7,21�81'(5�7,7/(�9,,�2)�7+(�&,9,/�5,*+76�$&7�2)�������
6$0(��6,0,/$5��25�',67,1&7"�

�

,QWURGXFWLRQ�

:LWK�HYHU\�SDVVLQJ�\HDU��WKH�GLDORJXH�VXUURXQGLQJ�VH[XDO�RULHQWDWLRQ�DQG�VH[XDO�LGHQWLW\�KDV�LQFUHDVHG�

LQ�VFRSH�ZLWKLQ�8QLWHG�6WDWHV�VRFLDO�FXOWXUH��H[WHQGLQJ�LQWR�WKH�SURIHVVLRQDO�ZRUOG�DV�ZHOO��,QHYLWDEO\��WKRVH�ZKR�

LGHQWLI\�DV�/*%74��DQG�WKRVH�ZKR�GLVDJUHH�ZLWK�WKLV�OLIHVW\OH�LQWHUVHFW�DW�ZRUNSODFHV�DFURVV�WKH�FRXQWU\��

'HVSLWH�WKH�OHJDO�JRDOV�RI�SURPRWLQJ�HTXLW\��ODZV�DUH�RIWHQ�DPELJXRXV�DQG�PRYHPHQWV�IRU�VRFLDO�FKDQJH�VHUYH�

DV�D�FRQVLVWHQW�KXE�IRU�ELWWHU�FRQIOLFW��8QGHU� �%RVWRFN�Y��&OD\WRQ�&RXQW\ ���WKH�RSHQO\�JD\�PDOH�SODLQWLII�ZDV�ILUHG�

IRU�EHKDYLRU�FRQVLGHUHG�³XQEHFRPLQJ´�RI�DQ�HPSOR\HH� �$IWHU�EHJLQQLQJ�D�QHZ�MRE�DW�&KLOG�:HOIDUH�6HUYLFHV���

LQ�&OD\WRQ�&RXQW\��*HRUJLD�DV�D�FRRUGLQDWRU�LQ�������KH�DOOHJHV�WKDW�QHJDWLYH�FULWLFLVP�DERXW�KLV�VH[XDO�

RULHQWDWLRQ�E\�ILJXUHV�RI�DXWKRULW\�DURVH�DV�D�UHVXOW�RI�KLV�LQYROYHPHQW�LQ�D�³JD\��UHFUHDWLRQDO�VRIWEDOO�OHDJXH�´ ���

7KH�SODLQWLII�FODLPV�WKDW�KH�GLG�QRW�HQJDJH�LQ�DQ\�LPSURSHU�FRQGXFW��DV�HYLGHQFHG�E\�WKH�&RXQW\¶V�LQWHUQDO�DXGLW�

RI�WKH�IXQGV�KH�PDQDJHG��1HYHUWKHOHVV��LQ�-XQH������WKH�³&OD\WRQ�&RXQW\�WHUPLQDWHG�3ODLQWLII��DOOHJHGO\�IRU�

FRQGXFW�XQEHFRPLQJ�RI�RQH�RI�LWV�HPSOR\HHV��7KH�SODLQWLII�DOOHJHV�WKDW�WKLV�UHDVRQ�ZDV�WKH�SUHWH[W�IRU�

GLVFULPLQDWLRQ�EDVHG�RQ�KLV�VH[XDO�RULHQWDWLRQ�´ ���

$QRWKHU�FXUUHQWO\�SHQGLQJ�6XSUHPH�&RXUW�/*%74��FDVH�EURXJKW�XQGHU�WKH�&LYLO�5LJKWV�$FW�LV� �$OWLWXGH�

([SUHVV�,QF��Y��=DUGD ���LQ�ZKLFK�WKH�SODLQWLII��D�JD\�PDOH�VN\GLYLQJ�LQVWUXFWRU��ZDV�WHUPLQDWHG�EHFDXVH�KH�

LQIRUPHG�IHPDOH�FOLHQWV��ZKRP�KH�ZDV�VWUDSSHG�WR�IRU�VN\GLYLQJ�SXUSRVHV��WKDW�KH�ZDV�JD\�LQ�DQ�HIIRUW�WR�

UHDVVXUH�WKHP��$�IHPDOH�FOLHQW¶V�ER\IULHQG�UHSRUWHG�WKLV�WR�WKH�FRPSDQ\��DQG�=DUGD�ZDV�WHUPLQDWHG�DV�DQ�

HPSOR\HH�EHFDXVH�KH�³IDLOHG�WR� �FRQIRUP�WR�WKH�VWUDLJKW�PDOH�PDFKR�VWHUHRW\SH�´ �,Q�WKH�UXOLQJ�RI�WKLV�FDVH��WKH���

FRXUW�DVVHUWHG�WKDW�WKH�SODLQWLII�IDLOHG�WR�ILQG�HQRXJK�FRUUHODWLRQ�EHWZHHQ�KLV�WHUPLQDWLRQ�DQG�7LWOH�9,,�IRU�KLV�

FDVH�WR�EH�YDOLG ���

ÃÄ� �%RVWRFN�Y��&OD\WRQ�&W\��������8�6��'LVW��/(;,6����������������
ÃÅ� �,ELG��
ÃÆ� �,ELG��
ÃÇ� �=DUGD�Y��$OWLWXGH�([SUHVV��,QF��������8�6��$SS��/(;,6���������������



���

�%URDGO\��7LWOH�9,,�RXWODZV�HPSOR\PHQW�GLVFULPLQDWLRQ�³ �EHFDXVH�RI�VXFK�LQGLYLGXDO¶V�UDFH��FRORU��

UHOLJLRQ��VH[��RU�QDWLRQDO�RULJLQ�´ �7KLV�HVVD\�ZLOO�H[SORUH�WKH�SRWHQWLDO�OHJDO�FRQWURYHUVLHV�LQYROYHG�LQ�WKHVH���

7LWOH�9,,�FDVHV��VKRXOG�WKH�6XSUHPH�&RXUW�GHFLGH�WR�H[WHQG�SURWHFWLRQV�RI�GLVFULPLQDWLRQ�WR�LQFOXGH�VH[XDO�

RULHQWDWLRQ���

�

+LVWRU\�

6LQFH�������WKHUH�KDV�EHHQ�D�SDWFKZRUN�RI�YDULRXV�FDVH�UXOLQJV�DQG�VWDWH�OHYHO�OHJLVODWLRQ�LQYROYLQJ�

VH[XDO�RULHQWDWLRQ�LQ�WKH�ZRUNSODFH��,Q�WKH�DEVHQFH�RI�D�FRQVLVWHQW�IHGHUDO�VWDWXWH��VWDWHV�KDYH�FKDPSLRQHG�WKHLU�

RZQ�OHJLVODWLRQ�VSHFLILF�WR�GLVFULPLQDWLRQ�EDVHG�RQ�VH[XDO�RULHQWDWLRQ��$V�RI�������

µ³)LIWHHQ�VWDWHV�DQG�:DVKLQJWRQ��'�&��KDYH�SDVVHG�ODZV�WKDW�LQFOXGH�SURWHFWLRQV�DJDLQVW�ERWK�VH[XDO�

RULHQWDWLRQ�DQG�JHQGHU�LGHQWLW\�GLVFULPLQDWLRQ�LQ�WKH�ZRUNSODFH��6RPH�VWDWHV�ILUVW�SDVVHG�VH[XDO�

RULHQWDWLRQ�ODZV�DQG�WKHQ�DGGHG�JHQGHU�LGHQWLW\�ODQJXDJH�LQ�VXEVHTXHQW�OHJLVODWLRQ��H�J���&DOLIRUQLD�DQG�

0DVVDFKXVHWWV���2WKHUV�SDVVHG�D�VLQJOH�ODZ�WKDW�LQFOXGHG�ERWK�W\SHV�RI�SURWHFWLRQV��H�J���,RZD�

DQG�2UHJRQ��´ ���

$V�RI�������D�WRWDO�RI�WZHQW\�WZR�VWDWHV�RXW�RI�ILIW\�KDYH�QRQ�GLVFULPLQDWLRQ�SURWHFWLRQV�VSHFLILFDOO\�UHJDUGLQJ�

VH[XDO�RULHQWDWLRQ��ZKLFK�RIIHU�YDU\LQJ�OHYHOV�RI�SURWHFWLRQ� �6WHUHRW\SLFDOO\�OLEHUDO�VWDWHV�WHQG�WR�KDYH�PRUH���

OHJLVODWLRQ�SURWHFWLQJ�/*%74��HPSOR\HHV�WKDQ�VWHUHRW\SLFDOO\�FRQVHUYDWLYH�VWDWHV��SDUWLFXODUO\�LQ�WKH�6RXWK� ���

&KDQJLQJ�VRFLDO�DWWLWXGHV�WRZDUGV�GLVFULPLQDWLRQ�LQ�WKH�ZRUNSODFH�DUH�UHIOHFWHG�LQ�WKLV�LQFUHDVH�LQ�VWDWH�

OHJLVODWLRQ�EHWZHHQ������DQG������DORQH���

*RYHUQPHQW�DJHQFLHV�DUH�QRZ�H[SHFWHG�WR�WDNH�D�YHU\�VSHFLILF�VWDQGSRLQW�ZLWK�UHVSHFW�WR�WKH�&LYLO�

5LJKWV�$FW��,Q�WHUPV�RI�LWV�LQWHUSUHWDWLRQ��WKH�8QLWHG�6WDWHV�(TXDO�(PSOR\PHQW�2SSRUWXQLW\�&RPPLVVLRQ�

UHOHDVHG�D�VWDWHPHQW�LQ������RUGHULQJ�WKDW�³ �IHGHUDO�DJHQFLHV�VKRXOG�RUGLQDULO\�SURFHVV�D�FRPSODLQW�RI�

ÃÈ� �³7LWOH�9,,�RI�WKH�&LYLO�5LJKWV�$FW�RI������´�8�6��(TXDO�(PSOR\PHQW�2SSRUWXQLW\�&RPPLVVLRQ��
���-HURPH�+XQW��³$�6WDWH�E\�6WDWH�([DPLQDWLRQ�RI�1RQGLVFULPLQDWLRQ�/DZV�DQG�3ROLFLHV�´�&HQWHU�IRU�$PHULFDQ�3URJUHVV��������
ÃÊ� �6DUDK�:DUEHORZ�HW�DO���³�����6WDWH�(TXDOLW\�,QGH[�´�+XPDQ�5LJKWV�&DPSDLJQ�)RXQGDWLRQ�������������
ÄÁ� �,ELG��



���

GLVFULPLQDWLRQ�RQ�WKH�EDVLV�RI�VH[XDO�RULHQWDWLRQ�DV�FODLPV�RI�VH[�GLVFULPLQDWLRQ�XQGHU�7LWOH�9,,�RI�WKH�&LYLO�

5LJKWV�$FW�RI������´ ����

�

$QDO\VLV�

,Q�UXOLQJ�WR�H[WHQG�7LWOH�9,,��WKH�&RXUW�ULVNV�H[WUDSRODWLQJ�WKH�WHUPLQRORJ\�RI�WKH�OHJLVODWLRQ�IRU�WKH�VDNH�

RI�PDWFKLQJ�PRGHUQ�VRFLDO�QRUPV��LW�LV�IDLUO\�XQOLNHO\�WKDW�GLVFULPLQDWLRQ�EDVHG�RQ�VH[XDO�RULHQWDWLRQ�ZRXOG�

KDYH�EHHQ�DFFRXQWHG�IRU�RU�LPSOLHG�E\�OHJLVODWRUV�LQ�������DV�WKH�FRQFHSW�RI�QRQ�WUDGLWLRQDO�VH[XDOLW\�ZDV�VWLOO�

H[WUHPHO\�FRQWURYHUVLDO� �:KLOH�WKH�OHJLVODWRUV�ZHUH�SULPDULO\�FRQFHUQHG�ZLWK�UDFLDO�GLVFULPLQDWLRQ��SURWHFWLRQV���

IRU�VH[�GLVFULPLQDWLRQ�³ZHUH�DGGHG�WR�WKH�&LYLO�5LJKWV�$FW�RI������DW�D�ODWH�VWDJH�LQ�WKH�OHJLVODWLYH�SURFHVV�DQG�

ODFN�D�EDFNJURXQG�RI�GHEDWH�RU�OHJLVODWLYH�KLVWRU\�´ �-XGLFLDO�LQYROYHPHQW�ZLWK�³FRQJUHVVLRQDO�LQWHQW´ ��� ��

LQYROYHV�WKH�ULVN�RI�OHJLVODWLQJ�IURP�WKH�EHQFK²DOORZLQJ�RQH�SLOODU�RI�JRYHUQPHQW�WR�VWHS�ZLWKLQ�WKH�ERXQGV�RI�

DQRWKHU��$GGLWLRQDOO\��WKH�ODZ�H[LVWV�WR�FUHDWH�HTXLW\��EXW�UHTXLUHV�WKH�DXWKRULW\�WR�GR�VR��,I�WKH�ODZ�EHFRPHV�

GLOXWHG�DQG�IOH[LEOH�WR�PDWFK�WKH�VRFLDO�YLHZV�RI�FKDQJLQJ�WLPHV��WKH�ODQJXDJH�RI�WKH�ODZ�ULVNV�ORVLQJ�VRPH�RI�LWV�

SRWHQF\�DQG�LQWHJULW\���

$�QHZ�UXOLQJ�LQ�IDYRU�RI�H[WHQGLQJ�7LWOH�9,,�WR�HQFRPSDVV�VH[XDO�RULHQWDWLRQ�ZRXOG�DOVR�FKDOOHQJH�

GHFDGHV�ZRUWK�RI�SUHFHGHQW��)ROORZLQJ�WKH�SDVVLQJ�RI�WKH�&LYLO�5LJKWV�$FW�RI�������FRXUWV�ODUJHO\�UXOHG�DJDLQVW�

LQWHUSUHWLQJ�VH[XDO�RULHQWDWLRQ�XQGHU�³VH[�´ �,Q� �'H6DQWLV�Y��3DFLILF�7HOHSKRQH�DQG�7HOHJUDSK�&R� ���������D���

&DOLIRUQLD�'LVWULFW�$SSHDOV�&RXUW�UHMHFWHG�D�FDVH�IURP�PXOWLSOH�DSSHOODQWV�ZKR�FODLPHG�WKDW�WKH�ZRUNSODFH�

GLVFULPLQDWLRQ�WKH\�ZHUH�H[SHULHQFLQJ�DV�D�UHVXOW�RI�WKHLU�VH[XDO�RULHQWDWLRQ�ZDV�XQODZIXO�XQGHU�7LWOH�9,,��7KH�

DSSHOODQWV�LQ� �'H6DQWLV� �DUJXHG�WKDW�&RQJUHVV�KDG�LQGHHG�PHDQW�WR�LQFOXGH� �VH[XDO�RULHQWDWLRQ�XQGHU�VH[��EHFDXVH�

KRPRVH[XDO�GLVFULPLQDWLRQ�KDV�D�GLVSURSRUWLRQDWH�HIIHFW�RQ�PHQ��ZKLFK�LQ�HIIHFW��DPRXQWV�WR�JHQGHU�RU�

ÄÂ� �³7LWOH�9,,�RI�WKH�&LYLO�5LJKWV�$FW�RI������´�8�6��(TXDO�(PSOR\PHQW�2SSRUWXQLW\�&RPPLVVLRQ��
ÄÃ� �-HIIUH\�7��6SRHUL���3HQQV\OYDQLD�$YHQXH�7XJ�RI�:DU��7KH�3UHVLGHQW�9HUVXV�&RQJUHVV�RYHU�WKH�%DQ�RQ�+RPRVH[XDOV�LQ�WKH�
0LOLWDU\����:DVKLQJWRQ�8QLYHUVLW\�-RXUQDO�RI�8UEDQ�DQG�&RQWHPSRUDU\�/DZ����������������������+HLQ2QOLQH��
ÄÄ� �'DYLG�$��/DQGDX��³(PSOR\PHQW�'LVFULPLQDWLRQ�$JDLQVW�/HVELDQV�DQG�*D\V��7KH�,QFRPSOHWH�/HJDO�5HVSRQVHV�RI�WKH�8QLWHG�6WDWHV�
DQG�WKH�(XURSHDQ�8QLRQ�´��'XNH�-RXUQDO�RI�&RPSDUDWLYH�DQG�,QWHUQDWLRQDO�/DZ����������
ÄÅ� �³7LWOH�9,,�RI�WKH�&LYLO�5LJKWV�$FW�RI������´�8�6��(TXDO�(PSOR\PHQW�2SSRUWXQLW\�&RPPLVVLRQ��
���,ELG��



���

VH[�EDVHG�GLVFULPLQDWLRQ��+RZHYHU��WKH�&RXUWV�UHMHFWHG�WKLV�DUJXPHQW�DQG�FODLPHG�WKHUH�ZDV�QR�LQWHQW�EHKLQG�

WKH�WHUP�³VH[´ �DVLGH�IURP�LWV�OLWHUDO�PHDQLQJ�RI�JHQGHU��DQG�GLG�QRW�H[WHQG�LW�WR�VH[XDO�RULHQWDWLRQ� ��� ��

$OWKRXJK�VRFLDO�FKDQJH�LV�LQHYLWDEOH��SUHFHGHQWV�UHPDLQ�LPSRUWDQW��DQG�WKH� �'H6DQWLV ��FDVH�LV�IDLUO\�

SUR[LPDO�WR�WKH�GUDIWLQJ�RI�7LWOH�9,,��,I�FRXUWV�LQ������ZHUH�LQWHUSUHWLQJ�7LWOH�9,,�ZLWKRXW�LQFOXGLQJ�VH[XDO�

RULHQWDWLRQ��LW�LV�KLJKO\�SUREDEOH�WKDW�ODZPDNHUV�RI�WKH�VRFLDO�PLQGVHW�IURP�DOPRVW�WZR�GHFDGHV�EHIRUH�ZHUH�

GRLQJ�WKH�VDPH� ���0RUH�UHFHQWO\��LQ�WKH�HDUO\�����V��WKH�SODLQWLII�LQ� �&DUUHQR�Y��,%(: ���������H[SHULHQFHG�

UHOHQWOHVV�DQG�GHPHDQLQJ�VH[XDO�KDUDVVPHQW�DW�KLV�ZRUNSODFH�DV�D�UHVXOW�RI�KLV�VH[XDO�RULHQWDWLRQ��$IWHU�EULQJLQJ�

VXLW�IRU�D�YLRODWLRQ�RI�7LWOH�9,,��WKH�FRXUWV�GHFLGHG�WKDW�YHUEDO�DQG�SK\VLFDO�DVVDXOWV�RQ�WKH�SODLQWLII�ZHUH�QRW�D�

UHVXOW�RI�KLV�VH[��EXW�UDWKHU�EHFDXVH�KH�ZDV�D�SHUFHLYHG�KRPRVH[XDO��UHQGHULQJ�D�FOHDU�OLQH�EHWZHHQ�WKH�WZR�

LGHQWLILFDWLRQV� �$FFRUGLQJ�WR�WKH�&RXUW��LI�KH�KDG�EHHQ�GLVFULPLQDWHG�DJDLQVW�VSHFLILFDOO\�EHFDXVH�KH�ZDV�PDOH����

WKLV�ZRXOG�KDYH�EHHQ�SURWHFWHG�XQGHU�7LWOH�9,,��KRZHYHU��WKH�GLVFULPLQDWLRQ�DJDLQVW�KLP�ZDV�EDVHG�RQ�KLV�

VH[XDO�RULHQWDWLRQ��ZKLFK�7LWOH�9,,�GRHV�QRW�H[SOLFLWO\�LQFOXGH²UHLWHUDWLQJ�WKH�GLVWLQFWLRQ�EHWZHHQ�WKH�WZR��

(YHQ�WKH�RULJLQDO�FRXUWV�LQ� �+LYHO\�Y��,Y\�7HFK�&RPPXQLW\�&ROOHJH�RI�,QGLDQD� ��������KHOG�WKLV�SUHFHGHQW�XQWLO�LW�

ZDV�RYHUWXUQHG�E\�DQ�DSSHDOV�FRXUW� ���

2QO\�UHFHQWO\�KDYH�FRXUWV�EHJXQ�WR�RYHUWXUQ�WKHVH�SUHFHGHQWV��UHDVRQLQJ�IRU�DQ�LQVHSDUDEOH�OLQN�EHWZHHQ�

VH[�DQG�VH[XDO�RULHQWDWLRQ��$V�PHQWLRQHG�SUHYLRXVO\��WKH�8QLWHG�6WDWHV�(TXDO�(PSOR\PHQW�&RPPLVVLRQ�

FRQFOXGHG�DIWHU� �%DOGZLQ�Y��)R[[ ��LQ������WKDW�VH[XDO�RULHQWDWLRQ�ZDV�D�VH[�EDVHG�FRQFHSW�DQG�VKRXOG�EH�GHDOW�

ZLWK�XQGHU�7LWOH�9,,�DV�VXFK��7KH�SODLQWLII�ZDV�UXOHG�WR�KDYH�EHHQ�XQODZIXOO\�ILUHG�IURP�KLV�MRE�DV�DQ�DLU�WUDIILF�

FRQWUROOHU�IRU�KLV�VH[XDO�RULHQWDWLRQ��³ �7KH�UHDVRQLQJ��LQ�VKRUW��LV�WKDW�LI�D�PDQ�PDUULHV�D�PDQ�DQG�JHWV�ILUHG�DV�D�

UHVXOW��WKH�RXWFRPH�ZRXOG
YH�EHHQ�GLIIHUHQW�WKDQ�LI�KH�ZHUH�D�ZRPDQ��ZKR�OLNHO\�ZRXOGQ
W�KDYH�EHHQ�ILUHG�IRU�

PDUU\LQJ�D�PDQ��´ �$�VLPLODU�DUJXPHQW�ZDV�PDGH�LQ�RQH�RI�WKH�FDVHV�DW�KDQG��WKH�SODLQWLII�LQ� �=DUGD�Y��$OWLWXGH���

ÄÇ� �³7LWOH�9,,�RI�WKH�&LYLO�5LJKWV�$FW�RI������´�8�6��(TXDO�(PSOR\PHQW�2SSRUWXQLW\�&RPPLVVLRQ��
ÄÈ� �'H�6DQWLV�Y��3DFLILF�7HO��	�7HO��&R��������8�6��$SS��/(;,6����������������
����6DPXHO�$��0DUFRVVRQ��³+DUDVVPHQW�RQ�WKH�%DVLV�RI�6H[XDO�2ULHQWDWLRQ��$�&ODLP�RI�6H[�'LVFULPLQDWLRQ�8QGHU�7LWOH�9,,�´�
*HRUJHWRZQ�/DZ�-RXUQDO�������������
ÄÊ� �%ULGJHW�%UD]LO���<RX�%HWWHU�:RUN��(PSOR\PHQW�'LVFULPLQDWLRQ��7LWOH�9,,��DQG�6H[XDO�2ULHQWDWLRQ����7KH�8QLYHUVLW\�RI�.DQVDV�/DZ�
5HYLHZ�������������������
ÅÁ� �-RH�3LQVNHU���$�4XLHW�7ULXPSK�IRU�*D\�:RUNHUV����$WODQWLF�2QOLQH����������



���

([SUHVV ��DUJXHG�D�YLRODWLRQ�RI�7LWOH�9,,�XQGHU�WKH�FODLP�WKDW�³VH[XDO�RULHQWDWLRQ�ZDV�GHILQHG�E\�RQH
V�VH[�LQ�

UHODWLRQ�WR�WKH�VH[�RI�WKRVH�WR�ZKRP�RQH�LV�DWWUDFWHG��PDNLQJ�VXFK�GLVFULPLQDWLRQ�LPSRVVLEOH�ZLWKRXW�

FRQVLGHULQJ�VH[�´ �$W�LWV�FRUH��WKLV�UXOLQJ�DQG�DUJXPHQW�LPSO\�WKDW�WKH�QDWXUH�RI�VH[XDO�RULHQWDWLRQ�LV�VR���

IXQGDPHQWDOO\�FRQQHFWHG�WR�WKH�FRQFHSW�RI�VH[�WKDW�WKHVH�LGHDV�FDQQRW�EH�UHDVRQDEO\�VHSDUDWHG�IURP�HDFK�RWKHU���

,Q�WKH�DUJXPHQWV�IRU� �%RVWRFN��DQG� �=DUGD���WKH�-XVWLFHV�UHIHU�WR�D�³WHVW´�IURP� �0DQKDUW�Y��0DGLVRQ�

0HPRULDO�+RVSLWDO��LQ�������LQ�ZKLFK�WKH�SODLQWLII��ZKR�ZDV�D�QXUVH��ZDV�DOOHJHGO\�GLVFULPLQDWHG�DJDLQVW�

EHFDXVH�VKH�ZDV�QRW�UHKLUHG�DIWHU�WDNLQJ�WLPH�RII�IRU�SUHJQDQF\� �7KLV�FDVH�SURGXFHG�D�WHVW�WR�LGHQWLI\�LQVWDQFHV���

RI�JHQGHU�GLVFULPLQDWLRQ��D�SODLQWLII�LV�GLVFULPLQDWHG�DJDLQVW�LI�³VLPLODUO\�VLWXDWHG�LQGLYLGXDOV�RXWVLGH�RI�KHU�

SURWHFWHG�FODVV�UHFHLYHG�PRUH�IDYRUDEOH�WUHDWPHQW�´ �,Q�HVVHQFH��LI�D�SHUVRQ�RI�WKH�RSSRVLWH�VH[�RI�WKLV�SODLQWLII���

ZRXOG�KDYH�H[SHULHQFHG�D�GLIIHUHQW�RXWFRPH�LQ�WKH�VDPH�VLWXDWLRQ��GLVFULPLQDWLRQ�FDQ�EH�SURYHQ���

7KH�&RXQVHO�LQ�GHIHQVH�RI�WKH�SODLQWLIIV�LQ�WKH� �%RVWRFN��DQG� �=DUGD��FDVHV�DUJXH�WKDW�VH[XDO�RULHQWDWLRQ�LV�

LQKHUHQWO\�WLHG�WR�VH[�XQGHU�WKLV�YHU\�WHVW��,Q�D�TXDVL�UHLWHUDWLRQ�RI�WKH�UHDVRQLQJ�IURP�WKH�%DOGZLQ�FDVH��LW�ZDV�

DUJXHG�WKDW�³7LWOH�9,,�ZDV�LQWHQGHG�WR�PDNH�VXUH�WKDW�PHQ�ZHUH�QRW�GLVDGYDQWDJHG�UHODWLYH�WR�ZRPHQ�DQG�

ZRPHQ�ZHUH�QRW�GLVDGYDQWDJHG�UHODWLYH�WR�PHQ�´ ��7KHUHIRUH��ZKHQ�D�PDQ�LV�GLVFULPLQDWHG�DJDLQVW�IRU�KLV���

KRPRVH[XDO�RULHQWDWLRQ��IRU�URPDQWLFDOO\�SUHIHUULQJ�PDOHV�ZKHUHDV�D�ZRPDQ�ZRXOG�QRW�EH��RU�ZKHQ�D�ZRPDQ�LV�

GLVFULPLQDWHG�DJDLQVW�IRU�KHU�KRPRVH[XDO�RULHQWDWLRQ�SUHIHUULQJ�RWKHU�IHPDOHV�ZKHUHDV�D�PDQ�ZRXOG�QRW�EH��

WKHUH�LV�DQ�LQKHUHQW�GLVDGYDQWDJH�WR�ZKLFK�VH[�LV�LQKHUHQWO\�OLQNHG��6KH�IXUWKHU�DUJXHV�WKDW�LQWHUSUHWLQJ�VH[XDO�

RULHQWDWLRQ�GLVFULPLQDWLRQ�DV�UHODWHG�WR�VH[�LQ�WKLV�ZD\�DFWXDOO\�UHTXLUHV�QR�H[WUDSRODWLRQ�RI�WKH�RULJLQDO�PHDQLQJ�

RI�7LWOH�9,,�DW�DOO� ���

%\�LQWHUSUHWLQJ�7LWOH�9,,�LQ�WKLV�PDQQHU��WKHUH�ZRXOG�EH�PRUH�SURWHFWLRQV�IRU�D�PLQRULW\�JURXS�ZKR��

EDVHG�RQ�WKH�YDVW�QXPEHU�RI�FDVHV�RI�ZRUNSODFH�GLVFULPLQDWLRQ�DQG�HYLGHQW�QHHG�IRU�VWDWH�OHJLVODWLRQ��KDV�

HQGXUHG�GHFDGHV�RI�KDUGVKLS�ZLWKLQ�WKH�ZRUNSODFH��&RQYHUVHO\��WKLV�LQWHUSUHWDWLRQ�JLYHV�HPSOR\HUV�HYHQ�PRUH�

ÅÂ� �=DUGD�Y��$OWLWXGH�([SUHVV��,QF��������8�6��$SS��/(;,6��������������
ÅÃ�� �0DQKDUW�Y��0DGLVRQ�0HP��+RVS��������8�6��'LVW��/(;,6���������������
���,ELG��
ÅÅ� �=DUGD�Y��$OWLWXGH�([SUHVV��,QF��������8�6��$SS��/(;,6���������������
ÅÆ� �%RVWRFN�Y��&OD\WRQ�&RXQW\�������*HRU��$SS���2\H]���������



���

HOHPHQWV�WR�FRQVLGHU�LQ�WKHLU�WUHDWPHQW�RI�WKHLU�HPSOR\HHV�DQG�SRWHQWLDO�KLUHV��ZKLFK�PD\�EH�VHHQ�DV�D�EXVLQHVV�

LQFRQYHQLHQFH���

�

&RQFOXVLRQ�

,W�DSSHDUV�WKDW�WKH�VRXUFH�RI�WKLV�FRQWURYHUV\�LV�D�ODFN�RI�FOHDU��IHGHUDO�OHJLVODWLRQ�GHILQLQJ�SURWHFWLRQV�IRU�

VH[XDO�RULHQWDWLRQ�ZLWKLQ�WKH�ZRUNSODFH��'LIIHUHQW�JHRJUDSKLF�DUHDV�DQG�WKHLU�FRXUWV�DUH�OLNHO\�WR�UXOH�GLIIHUHQWO\�

GHSHQGLQJ�RQ�WKH�LGHRORJLFDO�VWDQGSRLQWV�WKDW�JRYHUQ�WKH�UHJLRQ��GHVSLWH�WKH�FDOO�WR�UHPDLQ�LPSDUWLDO��WKHUH�LV�

DOVR�D�VHQVH�RI�IUHHGRP�LQ�WKLV�LQWHUSUHWDWLYH�UHODWLYLVP��&RQYHUVHO\��WKHVH�LQFRQVLVWHQFLHV�FUHDWH�SHUVRQDO�

KDUGVKLSV�DQG�FRPSOH[�OLWLJDWLRQ��7KH�6XSUHPH�&RXUW�FRXOG�FUHDWH�DQ�HQWLUHO\�QHZ�SUHFHGHQW��EXW�LQ�HLWKHU�FDVH��

QR�MXGLFLDO�DFWLRQ�FDQ�UHSODFH�D�FRQFUHWH�LQVWUXFWLRQ�IURP�WKH�OHJLVODWLYH�EUDQFK���

%DVHG�RQ�WKH�WRQH�DQG�FRQWHQW�RI�UHFHQW�RUDO�DUJXPHQWV�IURP�WKH�6XSUHPH�&RXUW��FRXQVHOV�DUJXLQJ�LQ�

GHIHQVH�RI�DOORZLQJ�VH[XDO�RULHQWDWLRQ�GLVFULPLQDWLRQ�WR�EH�FRYHUHG�E\�7LWOH�9,,�PDNH�FRPSHOOLQJ�DUJXPHQWV��

DQG�WKH�-XVWLFHV�VHHP�WR�EH�UHYHDOLQJ�WKDW�WKH\�DUH�PRYHG�E\�VXFK�DUJXPHQWV��+RZHYHU��WKHVH�LQWHUSUHWDWLRQV�

VHHP�LQFUHDVLQJO\�FRPSOH[��QRW�QHFHVVDULO\�OHDGLQJ�WR�DQ�REYLRXV�UXOLQJ��(YHQ�E\�PRGHUQ�VWDQGDUGV��H[WHQGLQJ�

³VH[´�WR�VH[XDO�RULHQWDWLRQ�UHTXLUHV�D�OHQJWK\�H[SODQDWLRQ��,Q�WHUPV�RI�SUHFHGHQW��WKH�PRUH�IRUPDOLVW�MXGJHV�ZLOO�

PRVW�OLNHO\�UXOH�LQ�OLJKW�RI� �&DUUHQR��RU� �'H6DQWLV ���DQG�UXOH�ZLWK�EXVLQHVV�RZQHUV�DQG�WKH�RULJLQDO�EHGURFN�

PHDQLQJ�RI�WKH�GRFXPHQW�LQ�PLQG��0HDQZKLOH��WKH�PRUH�UHDOLVW�MXGJHV�PD\�FDSLWDOL]H�RQ�WKH�RSSRUWXQLW\�WR�XVH�

WKH�LPSOLFLW�FRQQRWDWLRQV�RI�WKH�ODQJXDJH�LQ�D�ZD\�WKDW�VXSSRUWV�D�PDUJLQDOL]HG�JURXS�DQG�H[SDQGV�WKH�

JRYHUQPHQW¶V�DELOLW\�WR�SURWHFW�WKHP��%HFDXVH�WKH�&RXUW�KDV�D�PDMRULW\�RI�FRQVHUYDWLYH�DSSRLQWHG�MXGJHV��WKH�

UXOLQJ�PD\�OLNHO\�DOLJQ�ZLWK�WKH�IRUPDOLVW�YLHZ���

7R�DSSURDFK�WKLV�LVVXH�IURP�D�IHGHUDO�DQG�VWUXFWXUDO�YLHZ�RI�WKH�8�6��JRYHUQPHQW��WKH�PRVW�HIIHFWLYH�

VROXWLRQ�ZRXOG�EH�IRU�WKH�OHJLVODWLYH�EUDQFK�WR�GLUHFWO\�DPHQG�7LWOH�9,,�LQ�D�PDQQHU�WKDW�ZRXOG�FOHDUO\�GLVSOD\�

VXSSRUW�RU�UHMHFWLRQ��7KLV�FRXOG�LQFOXGH�SDVVLQJ�WKH�(TXDOLW\�$FW��ZKLFK�ZRXOG�GLUHFWO\�H[SDQG�WKH�ODQJXDJH�RI�

7LWOH�9,,�WR�SURWHFW�PRUH�VSHFLILF�FDWHJRULHV�RI�/*%74��HPSOR\HHV�LQ�WKH�ZRUNSODFH��RU�HYHQ�DQ�DPHQGPHQW�



���

H[SUHVVO\�FRQFOXGLQJ�WKDW�WKH�IHGHUDO�JRYHUQPHQW�GRHV�QRW�SURYLGH�SURWHFWLRQV�RI�VH[XDO�RULHQWDWLRQ�

GLVFULPLQDWLRQ� �,Q�HLWKHU�FDVH��DQG�ZLWK�PRUDO�YDOXHV�DVLGH��WKH�MXGLFLDO�EUDQFK�ZRXOG�QRW�EH�SXW�LQ�WKH�SRVLWLRQ���

WR�EH�WKH�YRLFH�GHQ\LQJ�SURWHFWLRQ�WR�YLFWLPV�RI�VH[XDO�RULHQWDWLRQ�GLVFULPLQDWLRQ��RU�WKH�YRLFH�H[SDQGLQJ�WKH�

PHDQLQJ�RI�WKH�ODZ�RQ�D�QDWLRQDO�VWDJH��$V�VKRZQ�E\�WKH�LQFRQVLVWHQFLHV�LQ�VWDWH�OHJLVODWLRQ�DQG�XQSUHGLFWDEOH�

UXOLQJV��WKHUH�LV�D�FOHDU�QHHG�IRU�D�GHILQLWLYH�FRQFOXVLRQ���

$V�RI�1RYHPEHU�������WKH�(TXDOLW\�$FW�LV�VWLOO�LQ�FRPPLWWHH�LQ�WKH�6HQDWH�DIWHU�SDVVLQJ�WKURXJK�WKH�

+RXVH��SHQGLQJ�IXUWKHU�UHYLHZ� �:LWKRXW�IHGHUDO�OHJLVODWLRQ�RXWOLQLQJ�FOHDU�SURWHFWLRQV��LW�PD\�EH�PRUH���

DGYDQWDJHRXV�WR�UXOH�DJDLQVW�LQFOXGLQJ�VH[XDO�RULHQWDWLRQ�XQGHU�7LWOH�9,,�DQG�DOORZ�WKH�OHJLVODWLYH�EUDQFK�LWVHOI�

WR�HQXPHUDWH�WKH�SDUDPHWHUV�RI�GLVFULPLQDWLRQ��$OWKRXJK�WKLV�ZRXOG�XOWLPDWHO\�LQMXUH�WKH�SODLQWLIIV�LQ� �%RVWRFN�Y��

&OD\WRQ�&RXQW\��DQG� �$OWLWXGH�([SUHVV�,QF��Y��=DUGD ���DQ\�IXWXUH�FDVHV�ZRXOG�EH�SURWHFWHG�E\�H[SOLFLW�OHJLVODWLRQ��

DQG�WKH�&RXUW�ZRXOG�QRW�KDYH�WR�FUHDWH�D�SUHFHGHQW�VROHO\�IRU�WKH�SXUSRVHV�RI�DFFRPPRGDWLRQ��7KHUH�DUH�PRUDO�

FRQVHTXHQFHV�DQG�LPSOLFDWLRQV�UHJDUGOHVV�RI�ZKLFK�GLUHFWLRQ�WKH�FRXUW�GHFLGHV�WR�JR��DQG�RQH�FDQ�RQO\�KRSH�

UHVROXWLRQV�DQG�UHOLHI�IURP�GLVFULPLQDWLRQ�DJDLQVW�RXU�QDWLRQ¶V�HPSOR\HHV�DUH�RQ�WKH�KRUL]RQ��

�

� �

ÅÇ� �6XH�$VKWLDQ\��³7KH�(TXDOLW\�$FW�������0DLQ�&RQFHSWV�´��,QWHUQDWLRQDO�-RXUQDO�RI�'LVFULPLQDWLRQ�DQG�WKH�/DZ��������������������
ÅÈ� �'DYLG�1��&LFLOOLQH��³+�5�����������WK�&RQJUHVV��������������(TXDOLW\�$FW�´�&RQJUHVV�JRY��6HSW������������



���

6H[�DQG�6H[XDO�2ULHQWDWLRQ�8QGHU�7LWOH�9,,�RI�WKH�&LYLO�5LJKWV�$FW�RI�������6DPH��6LPLODU��
RU�'LVWLQFW"�
�
$VKWLDQ\��6XH���7KH�(TXDOLW\�$FW�������0DLQ�&RQFHSWV��� �,QWHUQDWLRQDO�-RXUQDO�RI�'LVFULPLQDWLRQ�DQG�WKH�/DZ��

����QR�������0DUFK���������������+HLQ2QOLQH��
KWWSV���KHLQRQOLQH�RUJ�SUR[\�EF�HGX�+2/�3"K KHLQ�MRXUQDOV�LMGLVFOZ��	L ���

%UD]LO��%ULGJHW���<RX�%HWWHU�:RUN��(PSOR\PHQW�'LVFULPLQDWLRQ��7LWOH�9,,��DQG�6H[XDO�2ULHQWDWLRQ��� �7KH��
8QLYHUVLW\�RI�.DQVDV�/DZ�5HYLHZ�� �����0DUFK�������������
KWWSV���DGYDQFH�OH[LV�FRP�SUR[\�EF�HGX�DSL�GRFXPHQW"FROOHFWLRQ DQDO\WLFDO�PDWHULDOV	LG XUQ�FRQWHQW,W
HP��9;��&7�����&9�1�<+���������	FRQWH[W ��������

%RVWRFN�Y��&OD\WRQ�&W\��������8�6��'LVW��/(;,6���������8QLWHG�6WDWHV�'LVWULFW�&RXUW�IRU�WKH�1RUWKHUQ�'LVWULFW��
RI�*HRUJLD��$WODQWD�'LYLVLRQ�1RYHPEHU����������)LOHG���
KWWSV���DGYDQFH�OH[LV�FRP�SUR[\�EF�HGX�DSL�GRFXPHQW"FROOHFWLRQ FDVHV	LG XUQ�FRQWHQW,WHP��5 �1*�9:�

���)*-5���)<���������	FRQWH[W ��������
³%RVWRFN�Y��&OD\WRQ�&RXQW\�´� �2\H]���$FFHVVHG����1RY�������� �ZZZ�R\H]�RUJ�FDVHV��������������
&LFLOOLQH��'DYLG�1��³+�5�����������WK�&RQJUHVV��������������(TXDOLW\�$FW�´�&RQJUHVV�JRY ����6HSW������������

ZZZ�FRQJUHVV�JRY�ELOO����WK�FRQJUHVV�KRXVH�ELOO������
'H�6DQWLV�Y��3DFLILF�7HO��	�7HO��&R�������)��G�����������8�6��$SS��/(;,6�����������)DLU�(PSO��3UDF��&DV���

�%1$�����������(PSO��3UDF��'HF���&&+��3������8QLWHG�6WDWHV�&RXUW�RI�$SSHDOV�IRU�WKH�1LQWK�&LUFXLW�
0D\������������
KWWSV���DGYDQFH�OH[LV�FRP�SUR[\�EF�HGX�DSL�GRFXPHQW"FROOHFWLRQ FDVHV	LG XUQ�FRQWHQW,WHP��6�:�9;
<�������0�.1���������	FRQWH[W ��������

+XQW��-HURPH��³$�6WDWH�E\�6WDWH�([DPLQDWLRQ�RI�1RQGLVFULPLQDWLRQ�/DZV�DQG�3ROLFLHV�´�&HQWHU�IRU�$PHULFDQ��
3URJUHVV��������
KWWSV���ZZZ�DPHULFDQSURJUHVV�RUJ�LVVXHV�OJEW�UHSRUWV������������������D�VWDWH�E\�VWDWH�H[DPLQDWLRQ�RI
�QRQGLVFULPLQDWLRQ�ODZV�DQG�SROLFLHV��

/DQGDX��'DYLG�$��³(PSOR\PHQW�'LVFULPLQDWLRQ�$JDLQVW�/HVELDQV�DQG�*D\V��7KH�,QFRPSOHWH�/HJDO�5HVSRQVHV��
RI�WKH�8QLWHG�6WDWHV�DQG�WKH�(XURSHDQ�8QLRQ�´� �'XNH�-RXUQDO�RI�&RPSDUDWLYH�DQG�,QWHUQDWLRQDO�/DZ�
�������� �KWWSV���VFKRODUVKLS�ODZ�GXNH�HGX�FJL�YLHZFRQWHQW�FJL"DUWLFOH ����	FRQWH[W GMFLO�

0DQKDUW�Y��0DGLVRQ�0HP��+RVS��������8�6��'LVW��/(;,6��������8QLWHG�6WDWHV�'LVWULFW�&RXUW�IRU�WKH�'LVWULFW�RI��
,GDKR�)HEUXDU\�����������)LOHG���
KWWSV���DGYDQFH�OH[LV�FRP�SUR[\�EF�HGX�DSL�GRFXPHQW"FROOHFWLRQ FDVHV	LG XUQ�FRQWHQW,WHP��%--�07+
��)��'��������������	FRQWH[W ��������

0DUFRVVRQ��6DPXHO�$���+DUDVVPHQW�RQ�WKH�%DVLV�RI�6H[XDO�2ULHQWDWLRQ��$�&ODLP�RI�6H[�'LVFULPLQDWLRQ�8QGHU��
7LWOH�9,,��� �*HRUJHWRZQ�/DZ�-RXUQDO� �����QR�����1RYHPEHU��������
KWWSV���DGYDQFH�OH[LV�FRP�SUR[\�EF�HGX�DSL�GRFXPHQW"FROOHFWLRQ DQDO\WLFDO�PDWHULDOV	LG XUQ�FRQWHQW,W
HP��6����<1����&9���;:���������	FRQWH[W ��������

3LQVNHU��-RH���$�4XLHW�7ULXPSK�IRU�*D\�:RUNHUV��� �$WODQWLF�2QOLQH�� �-XO\������������
KWWSV���DGYDQFH�OH[LV�FRP�SUR[\�EF�HGX�DSL�GRFXPHQW"FROOHFWLRQ QHZV	LG XUQ�FRQWHQW,WHP��*+��%&�
��-&*��9��;���������	FRQWH[W ��������

³7LWOH�9,,�RI�WKH�&LYLO�5LJKWV�$FW�RI������´�8�6��(TXDO�(PSOR\PHQW�2SSRUWXQLW\�&RPPLVVLRQ���



���

KWWSV���ZZZ�HHRF�JRY�ODZV�VWDWXWHV�WLWOHYLL�FIP�
6SRHUL��-HIIUH\�7���3HQQV\OYDQLD�$YHQXH�7XJ�RI�:DU��7KH�3UHVLGHQW�9HUVXV�&RQJUHVV�RYHU�WKH�%DQ�RQ��

+RPRVH[XDOV�LQ�WKH�0LOLWDU\��7KH��� �:DVKLQJWRQ�8QLYHUVLW\�-RXUQDO�RI�8UEDQ�DQG�&RQWHPSRUDU\�/DZ��
��������������������+HLQ2QOLQH��
KWWSV���KHLQRQOLQH�RUJ�SUR[\�EF�HGX�+2/�3"K KHLQ�MRXUQDOV�ZDXFO��	L ����

:DUEHORZ��6DUDK��HW�DO��³�����6WDWH�(TXDOLW\�,QGH[�´�+XPDQ�5LJKWV�&DPSDLJQ�)RXQGDWLRQ�������������
KWWSV���DVVHWV��KUF�RUJ�ILOHV�DVVHWV�UHVRXUFHV�6(,������5HSRUW�SGI�

=DUGD�Y��$OWLWXGH�([SUHVV��,QF�������)��G�����������8�6��$SS��/(;,6�����������)DLU�(PSO��3UDF��&DV���%1$���
����������(PSO��3UDF��'HF���&&+��3�������������:/����������8QLWHG�6WDWHV�&RXUW�RI�$SSHDOV�IRU�WKH�
6HFRQG�&LUFXLW�)HEUXDU\�����������'HFLGHG���
KWWSV���DGYDQFH�OH[LV�FRP�SUR[\�EF�HGX�DSL�GRFXPHQW"FROOHFWLRQ FDVHV	LG XUQ�FRQWHQW,WHP��55.�)%�
��)&6%�6������������	FRQWH[W ��������

�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
7KH�&RQVXPHU�)LQDQFLDO�3URWHFWLRQ�%XUHDX¶V�6LQJOH�'LUHFWRU�6WUXFWXUH��$�9LDEOH�DQG�
&RQVWLWXWLRQDO�5HJXODWRU\�$SSURDFK"�
�
³$GPLQLVWUDWLRQ�RI�%DUDFN�2EDPD�´ ���*RY
W�3XEOLVKLQJ�2IILFH���-XQH����������������

KWWSV���ZZZ�JRYLQIR�JRY�FRQWHQW�SNJ�333������ERRN��SGI�333������ERRN��GRF�SJ������SGI�


