01a0261p.06

3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO
1RV
,,,&21&/86,21
&05$KDVQRWVDWLVILHGWKHUHTXLUHPHQWVWRLQWHUYHQHDVRI
ULJKWEHFDXVHLWZDVQRWWLPHO\LQEULQJLQJLWVPRWLRQVDQGGLG
QRWHVWDEOLVKDQDGHTXDWHVXEVWDQWLDOLQWHUHVWLQHLWKHUODZVXLW
%HFDXVHLWKDVQRWHVWDEOLVKHGWKHVHQHFHVVDU\HOHPHQWVZH
GRQRWDQDO\]HWKHFODLPVRILPSDLUPHQWRIWKHDSSOLFDQW¶V
DELOLW\WRSURWHFWLWVLQWHUHVWLQWKHDEVHQFHRILQWHUYHQWLRQ
DQGZKHWKHU&05$¶VLQWHUHVWLVLQDGHTXDWHO\UHSUHVHQWHGE\
WKHSDUWLHVDOUHDG\EHIRUHWKHFRXUW6HH0LFKLJDQ6WDWH$)/
&,2)GDW
7KHMXGJPHQWVRIWKHGLVWULFWFRXUWVDUH$)),50('

5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB

81,7(' 67$7(6 2) $0(5,&$
3ODLQWLII$SSHOOHH
&20081,7< 5(+$%,/,7$7,21
$*(1&,(6 2) 7(11(66((
,1&
3URSRVHG
,QWHUYHQRU$SSHOODQW
3(23/( ),567 2) 7(11(66((
,QWHUYHQRU$SSHOOHH
Y
67$7( 2) 7(11(66((
'HIHQGDQW$SSHOOHH

3(23/( ),567 2) 7(11(66((
RQEHKDOIRILWVPHPEHUV
%211,( &+$))((E\KHUQH[W
IULHQG&U\VWDO*RRGPDQ
'2:(// +$55,6E\KLVQH[W
IULHQG5RFN\$NLQ()),(
(67(//( 3,33,1E\KHUQH[W
IULHQG)UDQFHV+DPEOHQ
6$1'5$ -2 352&725E\KHU
QH[WIULHQG(YHO\Q
0F&RUPDFN&<17+,$ '$:1
;!

1RV

-- 1 of 8 --

3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO
1RV
6200(59,//(E\KHUSDUHQWV
DQGQDWXUDOJXDUGLDQV-HII
DQG.DWK\6RPPHUYLOOH
.(9,1 75283(E\KLVQH[W
IULHQG&KDUOHV+DOO-8$1,7$
:5,*+7E\KHUQH[WIULHQG
:LOOLDP$*RRGPDQ-U
0$5< $11 $9(5<E\KHU
QH[WIULHQG-DVRQ(ODP
$8'5,1,(&( +2//,67(5E\
KHUQH[WIULHQG(WK\O(UYLH
.(11(7+ /(( ('',( -21(6
/$55< :$<1( 9$8*+1
&+$5/(6 :,/+2,7(
&$52/<1 %5,77 5(%(&&$
:25.0$1 -(11< %(//(
*5((1:22' '$9,'
%$/7+523 7(55< %($7<
81,7(' 67$7(6 2) $0(5,&$
3ODLQWLIIV$SSHOOHHV
Y
&/29(5 %27720
'(9(/230(17$/ &(17(5
'21 681'48,67LQKLV
RIILFLDOFDSDFLW\DV*RYHUQRU
RIWKH6WDWHRI7HQQHVVHH
-8/,( %5$7&+(5LQKHU
RIILFLDOFDSDFLW\DV
6XSHULQWHQGHQWRI&ORYHU
%RWWRP'HYHORSPHQWDO
&HQWHU7(11(66((
'(3$570(17 2) 0(17$/
+($/7+ $1' 0(17$/

1RV 3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO

WRWKDWSHUVRQZLWKRXWSHUPLVVLRQRIWKH6WDWHSXUVXDQWWR
7&$ F
3URYLGHU $JUHHPHQW ˆ ( &05$ UHOLHV RQ WKLV FRXUW¶V
GHFLVLRQ LQ /LQWRQ Y &RPPLVVLRQHU RI +HDOWK DQG
(QYLURQPHQW)G WK&LU ZKHUHZHKHOGWKDW
LQWHUYHQWLRQ ZDV DSSURSULDWH EHFDXVH LQGLYLGXDO QXUVLQJ
KRPHVKDGDVXEVWDQWLDOLQWHUHVWLQDVXLWLQYROYLQJD6WDWH
SODQWRUHPHG\YLRODWLRQVRIWKH0HGLFDLG$FW,Q/LQWRQ
FRQWUDFWVEHWZHHQWKH6WDWHDQGQXUVLQJKRPHVFRQWDLQHGD
ORFNLQSURYLVLRQWKDWSURKLELWHGSURYLGHUVIURPRSWLQJRXWRI
WKH6WDWH¶V0HGLFDLGV\VWHPXQWLOWKHODVWSDWLHQWYROXQWDULO\
OHIW WKH QXUVLQJ KRPH ,G DW 7KLV SURYLVLRQ
HIIHFWLYHO\ SUHFOXGHG WKH QXUVLQJ KRPHV IURP WHUPLQDWLQJ
WKHLUPHPEHUVKLSLQ0HGLFDLG,GDW:HUHYHUVHGWKH
GLVWULFWFRXUWLQ/LQWRQDQGKHOGWKDWWKHHIIHFWRIWKHORFNLQ
YLRODWHGWKHFRQWUDFWXDODQGVWDWXWRU\ULJKWVRIQXUVLQJKRPHV
DQG JDYH WKH QXUVLQJ KRPHV D VXEVWDQWLDO LQWHUHVW LQ WKH
OLWLJDWLRQWRMXVWLI\LQWHUYHQWLRQ,GDW
,Q3HRSOH)LUVWDQGWKH8QLWHG6WDWHVY6WDWHRI7HQQHVVHH
WKHGLVWULFWMXGJHVKHOGWKDWWKHORFNLQSURYLVLRQLQWKHLUFDVHV
GLGQRWKDYHWKHVDPHHIIHFWDVLQ/LQWRQDQGGLGQRWMXVWLI\D
VXEVWDQWLDOLQWHUHVWLQWKLVFDVHWRDOORZLQWHUYHQWLRQ)LUVW
WKHDJUHHPHQWVLQWKHVHFDVHVDOORZWKHVHUYLFHSURYLGHUWR
SHWLWLRQ WKH 6WDWH WR WHUPLQDWH RU PRGLI\ VHUYLFHV WR WKH
PHQWDOO\ UHWDUGHG RU WKRVH ZLWK PHQWDO GLVDELOLWLHV DQG
WKHUHE\GRQRWFUHDWHDSHUPDQHQWREOLJDWLRQDVLVWKHFDVHLQ
/LQWRQ6HFRQGWKHORFNLQSURYLVLRQLQWKHFDVHVEHIRUHXV
GRHV QRW HVWDEOLVK DQ LQGHILQLWH REOLJDWLRQ RQ VHUYLFH
SURYLGHUVWRFRQWUDFWZLWKWKH6WDWHDVLQ/LQWRQ7KLUGWKH
FRPPXQLW\EDVHGVHUYLFHSURYLGHUVYROXQWDULO\HQWHUHGLQWR
FRQWUDFWV ZLWK WKH 6WDWH DQG UHPDLQ IUHH WR UHQHJRWLDWH DOO
DVSHFWVRILWVFRQWUDFWVZLWKWKH6WDWHRI7HQQHVVHH
&05$¶VHFRQRPLFLQWHUHVWDQGLWVLQWHUHVWLQWKHORFNLQ
SURYLVLRQ GR QRW UHDFK WKH OHYHO RI UHTXLVLWH VXEVWDQWLDO
LQWHUHVWUHTXLUHGWRLQWHUYHQH

-- 2 of 8 --

3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO
1RV
)LUVW &05$ SRLQWV WR LWV HFRQRPLF LQWHUHVW LQ DVVXULQJ
DGHTXDWH IXQGLQJ IRU LPSOHPHQWDWLRQ RI WKH VHWWOHPHQW
DJUHHPHQWVDQGLWVFRQWUDFWXDOULJKWVLQDJUHHPHQWVZLWKWKH
6WDWHWRSURYLGHFRPPXQLW\EDVHGVHUYLFHV7KHSDUWLHVWR
WKHVH ODZVXLWV KDYH HQWHUHG LQWR FRQVHQW GHFUHHV DLPHG DW
JXDUDQWHHLQJWKDW 7HQQHVVHHSURYLGHDWOHDVWWKHPLQLPXP
OHYHORIFDUHWRGHYHORSPHQWDOO\GLVDEOHGLQGLYLGXDOVUHTXLUHG
E\IHGHUDOODZ&05$GRHVQRWFKDOOHQJHWKHWHUPVRIWKHVH
DJUHHPHQWVRUFRQWHQGWKDWWKH\IDOOEHORZZKDWIHGHUDOODZ
UHTXLUHV&05$LVRQO\FRQFHUQHGZLWKWKHOHYHORIIXQGLQJ
SURYLGHGE\WKH6WDWHWRFRPPXQLW\EDVHGVHUYLFHSURYLGHUV
&05$¶VFODLPHGLQWHUHVWGRHVQRWFRQFHUQWKHFRQVWLWXWLRQDO
DQGVWDWXWRU\YLRODWLRQVDOOHJHGLQWKHOLWLJDWLRQEXWUDWKHU
KRZ PXFK LWV PHPEHUV JHW SDLG IRU SURYLGLQJ VHUYLFHV
&05$ KDV DQ LQWHUHVW LQ WKH HFRQRPLF FRPSRQHQW RI WKH
VHWWOHPHQW EXW WKH FRQVHQW GHFUHHV REOLJDWH WKH 6WDWH QRW
&05$WRIXQGFRPPXQLW\VHUYLFHVDGHTXDWHO\%\WKHWHUPV
RIWKHVHWWOHPHQWDJUHHPHQWVLWLVWKHUHVSRQVLELOLW\RIWKH
6WDWH RI 7HQQHVVHH WR SURYLGH DGHTXDWH DQG DSSURSULDWH
FRPPXQLW\ VHUYLFHV WR PHPEHUV RI WKH SODLQWLII FODVV
,PSOHPHQWDWLRQRIWKHVHWWOHPHQWDJUHHPHQWGRHVQRWDOWHU
&05$¶VHFRQRPLFLQWHUHVWVZLWKWKH6WDWHWRSURYLGHVXSSRUW
DQGVHUYLFHVWRWKHFODVVPHPEHUVQRULWVDELOLW\WRQHJRWLDWH
WKHWHUPVRIWKHVHFRQWUDFWV)XUWKHUDVIRXQGE\ERWKGLVWULFW
FRXUW MXGJHV &05$ FDQ SURWHFW LWV HFRQRPLF LQWHUHVWV LQ
FRQWUDFWQHJRWLDWLRQVZLWKWKH6WDWHE\OREE\LQJWKHOHJLVODWLYH
DQGH[HFXWLYHEUDQFKHVIRUIDYRUDEOHIXQGLQJDUUDQJHPHQWV
DQGLQVWDWHFRXUWVE\VXLQJWRHQIRUFHLWVFRQWUDFWXDOULJKWV
6HFRQG&05$FODLPVWRKDYHDVXIILFLHQWLQWHUHVWLQWKH
OLWLJDWLRQ EHFDXVH RI WKH ORFNLQ SURYLVLRQ LQ WKH 3URYLGHU
$JUHHPHQW 7KH 3URYLGHU $JUHHPHQW SURYLVLRQ DW LVVXH
VWDWHV
2QFHD&RQWUDFWRULVVHUYLQJDSHUVRQRQWKHVXSSRUWHG
OLYLQJPHGLFDOVXSSRUWHGOLYLQJHQKDQFHGRUVXSSRUWHG
OLYLQJEHKDYLRUDOUDWHVWKH&RQWUDFWRUPXVWFRQWLQXHWR
SURYLGHVHUYLFHVDQGPD\QRWGLVFKDUJHRUGHQ\VHUYLFHV
1RV 3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO

5(7$5'$7,21 7(11(66((
'(3$570(17 2) +($/7+
5867< 6(,%(57LQKLVRIILFLDO
FDSDFLW\DV$VVLVWDQW
&RPPLVVLRQHURI7HQQ&DUH
&20&$5( ,1& )5(',$ 6
:$'/(< 0'LQKHURIILFLDO
FDSDFLW\DV&RPPLVVLRQHURI
+HDOWK*5((1( 9$//(<
'(9(/230(17$/ &(17(5
1$7 7 :,16721
'(9(/230(17$/ &(17(5 2
67(3+(1 527+LQKLVRIILFLDO
FDSDFLW\DV6XSHULQWHQGHQWRI
&ORYHU%RWWRP
'HYHORSPHQWDO&HQWHU
52%(57 (5%LQKLVRIILFLDO
FDSDFLW\DV6XSHULQWHQGHQWRI
WKH*UHHQH9DOOH\
'HYHORSPHQWDO&HQWHU3(7(
'$9,'621 %(1 ',6+0$1
7+20$6 68//,9$1 -2+1
)(5*8621LQKLVRIILFLDO
FDSDFLW\DV&RPPLVVLRQHURI
)LQDQFHDQG$GPLQLVWUDWLRQ
'HIHQGDQWV$SSHOOHHV
&20081,7< 5(+$%,/,7$7,21
$*(1&,(6 2) 7(11(66((
&05$
3URSRVHG
,QWHUYHQRU$SSHOODQW

1

-- 3 of 8 --

3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO
1RV
7KH +RQRUDEOH -RKQ )HLNHQV 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU WKH
(DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUWV
IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOHDQGWKH
:HVWHUQ'LVWULFWRI7HQQHVVHHDW0HPSKLV
1RV²5REHUW/(FKROV
&KLHI'LVWULFW-XGJH-RQ3KLSSV0F&DOOD'LVWULFW-XGJH
$UJXHG$SULO
'HFLGHGDQG)LOHG$XJXVW
%HIRUH1(/621DQG%$7&+(/'(5&LUFXLW-XGJHV
)(,.(16'LVWULFW-XGJH
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' :LOOLDP 0 %DUULFN :((' +8%%$5'
%(55< '28*+7< 1DVKYLOOH 7HQQHVVHH IRU
$SSHOODQWV -XGLWK $ *UDQ 38%/,& ,17(5(67 /$:
&(17(52)3+,/$'(/3+,$3KLODGHOSKLD3HQQV\OYDQLD
'LDQQH 6WDPH\ '\FXV 2)),&( 2) 7+( $77251(<
*(1(5$/ 1DVKYLOOH 7HQQHVVHH .HYLQ . 5XVVHOO
81,7(' 67$7(6 '(3$570(17 2) -867,&( &,9,/
5,*+76 ',9,6,21 :DVKLQJWRQ '& IRU $SSHOOHHV
21 %5,() :LOOLDP 0 %DUULFN :LOOLDP % +XEEDUG
:((' +8%%$5' %(55< '28*+7< 1DVKYLOOH
7HQQHVVHH IRU $SSHOODQWV -XGLWK $ *UDQ 38%/,&
,17(5(67 /$: &(17(5 2) 3+,/$'(/3+,$
3KLODGHOSKLD3HQQV\OYDQLD'LDQQH6WDPH\'\FXV2)),&(
2) 7+( $77251(< *(1(5$/ 1DVKYLOOH 7HQQHVVHH
.HYLQ . 5XVVHOO 0DUN / *URVV /LVD :LOVRQ (GZDUGV
81,7(' 67$7(6 '(3$570(17 2) -867,&( &,9,/
5,*+76',9,6,21:DVKLQJWRQ'&-DFN:'HUU\EHUU\
1RV 3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO

V\VWHPWRFRPSO\ZLWKWKH8QLWHG6WDWHV&RQVWLWXWLRQIHGHUDO
VWDWXWHVDQGWKHFRXUWV¶RUGHUV
&05$KDVQRWVKRZQWKDWDQ\RIWKHIDFWRUVWKDWGHWHUPLQH
WLPHOLQHVV RI LQWHUYHQWLRQ ZHLJK LQ IDYRU RI DOORZLQJ LW WR
LQWHUYHQHWKLVODWHLQHLWKHUODZVXLW7KHUHIRUHZHDUHOHIW
ZLWKD³GHILQLWHDQGILUPFRQYLFWLRQWKDWWKHFRXUWVGLGQRW
FRPPLWDFOHDUHUURURIMXGJPHQW´+XH\)GDW
% :KHWKHU&05$KDVDVXEVWDQWLDOOHJDOLQWHUHVWLQ
WKHVXEMHFWPDWWHURIWKHSHQGLQJOLWLJDWLRQZKLFK
PD\EHLPSDLUHG
&05$ FODLPV WKDW LW KDV D VXEVWDQWLDO LQWHUHVW LQ WKLV
OLWLJDWLRQEHFDXVHRILWVHFRQRPLFLQWHUHVWLQKRZFRPPXQLW\
VHUYLFH SURJUDPV DUH IXQGHG DQG EHFDXVH RI WKH ORFNLQ
SURFHGXUHHVWDEOLVKHGLQWKHVHWWOHPHQWDJUHHPHQWVWKDWDIIHFW
KRZFRPPXQLW\EDVHGVHUYLFHVDUHSURYLGHG:HKDYHKHOG
WKDW
>,@Q WKLV FLUFXLW ZH VXEVFULEH WR D ³UDWKHU H[SDQVLYH
QRWLRQRIWKHLQWHUHVWVXIILFLHQWWRLQYRNHLQWHUYHQWLRQRI
ULJKW´ 0LFKLJDQ 6WDWH $)/&,2 Y 0LOOHU )G
WK&LU )RUH[DPSOHDQLQWHUYHQRU
QHHGQRWKDYHWKHVDPHVWDQGLQJQHFHVVDU\WRLQLWLDWHD
ODZVXLW6HHLG3XUQHOOY&LW\RI$NURQ)G
WK&LU :HKDYHDOVR³FLWHGZLWKDSSURYDO
GHFLVLRQVRIRWKHUFRXUWVμUHMHFWLQJWKHQRWLRQWKDW5XOH
D UHTXLUHVDVSHFLILFOHJDORUHTXLWDEOHLQWHUHVW´
0LOOHU)GDW TXRWLQJ3XUQHOO)GDW
³7KHLQTXLU\LQWRWKHVXEVWDQWLDOLW\RIWKHFODLPHG
LQWHUHVWLVQHFHVVDULO\IDFWVSHFLILF´,G
*UXWWHUY%ROOLQJHU)G WK&LU :H
UHYLHZ WKH GHFLVLRQV RI WKH GLVWULFW FRXUWV GH QRYR WR
GHWHUPLQH ZKHWKHU WKH\ SURSHUO\ KHOG WKDW &05$ GLG QRW
HVWDEOLVKDVXEVWDQWLDOLQWHUHVWLQWKHOLWLJDWLRQ6HH6WXSDN
7KUDOO)GDW

-- 4 of 8 --

3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO
1RV
DW 7KLV IDFWRU ZHLJKV DJDLQVW WLPHO\ LQWHUYHQWLRQ E\
&05$
3UHMXGLFHWRWKH3DUWLHV
&05$ FODLPV WKDW WKHUH LV QR SUHMXGLFH WR WKH SDUWLHV
EHFDXVH&05$GRHV QRW GLVSXWHDQ\LVVXHVLQWKHSUHVHQW
VHWWOHPHQW DJUHHPHQWV 7KH GLVWULFW MXGJHV FRQFOXGHG WKDW
DOORZLQJ LQWHUYHQWLRQ DW WKLV ODWH VWDJH RI WKH SURFHHGLQJ
ZRXOGDGGDFRPSOLFDWHGLVVXHWRWKHOLWLJDWLRQ7KH\KHOG
WKDWWKHLVVXHVUDLVHGE\&05$ZHQWEH\RQGWKHVFRSHRIWKH
VXLW¶VLQLWLDOIRFXVRQWKHFRQVWLWXWLRQDOLVVXHDQGVWDWXWRU\
ULJKWVRIGHYHORSPHQWDOO\GLVDEOHGUHVLGHQWVRIVWDWHIDFLOLWLHV
DQGZRXOGUHTXLUHFRQVLGHUDEOHWLPHDQGH[SHQVHXQQHFHVVDU\
LQOLJKWRI&05$¶VDFFHVVWRRWKHUIRUDIRUUHVROXWLRQRILWV
FRQFHUQ:KLOH&05$KDVDJUHHGQRWWRGLVSXWHWKHWHUPVRI
WKHVHWWOHPHQWDJUHHPHQWVLWKDVQRWPDGHWKHVDPHSURPLVH
DVWRWKHUHPHGLDOSODQVWKHGUDIWLQJRIZKLFKLQYROYHGWKH
SDUWLFLSDWLRQ RI PRUH WKDQ VWDNHKROGHUV RYHU PDQ\
PRQWKV 7KHUH LV D ULVN WR WKH H[WHQW &05$ VHHNV WR
LQWHUYHQH WR GLVFXVV UHLPEXUVHPHQW UDWHV SD\PHQW
PHWKRGRORJLHVRUDQ\RWKHULWHPVRQLWVOLVWRIJULHYDQFHV
WKDW SUHMXGLFH DJDLQVW WKH RWKHU SDUWLHV ZLOO RFFXU VXFK
DWWHPSWVPD\IRUFHWKHSDUWLHVLQWRFROODWHUDOOLWLJDWLRQRYHU
HFRQRPLFLVVXHVLQFDVHVWKDWKDYHDOUHDG\VHWWOHGWKHPHULWV
RISODLQWLIIV¶FODLPV6HH%UDGOH\Y0LOOLNHQ)G
WK &LU 7KLV IDFWRU DOVR ZHLJKV DJDLQVW
&05$¶VLQWHUYHQWLRQ
8QXVXDO&LUFXPVWDQFHV
,Q3HRSOH)LUVW&05$DGPLWVWKDWWKHUHDUHQRXQXVXDO
FLUFXPVWDQFHVVXSSRUWLQJLQWHUYHQWLRQ,Q8QLWHG6WDWHVY
7HQQHVVHH&05$FRQWHQGVWKHUHDUHXQXVXDOFLUFXPVWDQFHV
EHFDXVH RI WKH SHQGLQJ DSSHDOV DQG DFWLYH SURFHHGLQJV
FRQFHUQLQJ FRPSOLDQFH ZLWK WKH GLVWULFW FRXUW¶V RUGHUV
+RZHYHU QRWKLQJ LQ WKHVH SURFHHGLQJV KDV DQ\ HIIHFW RQ
&05$GLUHFWO\7KH6WDWHRI7HQQHVVHHQRWWKH&05$LV
XOWLPDWHO\ UHVSRQVLEOH IRU WKH IXQGLQJ RI LWV PHQWDO KHDOWK
1RV 3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO

-U :$5' '(55<%(55< 7+203621 1DVKYLOOH
7HQQHVVHHIRU$SSHOOHHV
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
)(,.(16'LVWULFW-XGJH7KHDERYHFDSWLRQHGFDVHVKDYH
EHHQFRQVROLGDWHGIRUSXUSRVHVRIWKLVDSSHDO&RPPXQLW\
5HKDELOLWDWLRQ$JHQFLHVRI7HQQHVVHH &05$ DSSHDOVWKH
GHFLVLRQVRIWKHWZRGLVWULFWFRXUWVWKDWGHQLHGLWVSHWLWLRQVWR
LQWHUYHQHDVDPDWWHURIULJKWSXUVXDQWWR)HGHUDO5XOHRI&LYLO
3URFHGXUH D %HFDXVH&05$¶VSHWLWLRQVDUHXQWLPHO\
DQGLWKDVQRWDGYDQFHGDQ\VXEVWDQWLDOULJKWWRLQWHUYHQHLWV
DSSHDOVDUHGHQLHG
,%$&.*5281'
&05$LVDQDVVRFLDWLRQRIQRQSURILWDJHQFLHVWKDWSURYLGH
VHUYLFHVWRUHWDUGHGSHUVRQVDQGWKRVHZLWKPHQWDOGLVDELOLWLHV
LQ FRPPXQLW\ SODFHPHQWV 7KHVH VHUYLFHV LQFOXGH FDVH
PDQDJHPHQWUHVLGHQWLDOPHGLFDOVXSSRUWVXSSRUWHGOLYLQJ
WUDQVSRUWDWLRQ GD\ VHUYLFHV DQG RWKHU VHUYLFHV &05$
UHSUHVHQWV WKH LQWHUHVWV RI WKH FRPPXQLW\EDVHG VHUYLFH
SURYLGHU LQGXVWU\ LQ OHJLVODWLYH H[HFXWLYH DQG MXGLFLDO
PDWWHUV &05$ KDV PHPEHUV LQFOXGLQJ PRVW RI WKH
FRPPXQLW\ DJHQFLHV LQ WKH 6WDWH RI 7HQQHVVHH 7KH YDVW
PDMRULW\RIWKHVHFRPPXQLW\DJHQFLHVLVQRQSURILWIRUPHGLQ
ORFDOFRPPXQLWLHVDQGUHFHLYHVIXQGLQJIURPWKH6WDWHDQG
IHGHUDOJRYHUQPHQW
&05$DSSHDOVWKHGHFLVLRQVRI-XGJH5REHUW/(FKROVLQ
3HRSOH)LUVWRI7HQQHVVHHY&ORYHU%RWWRP'HYHORSPHQWDO
&HQWHUDQG-XGJH-RQ30F&DOODLQ8QLWHG6WDWHVY6WDWHRI
7HQQHVVHHWKDWGHQLHGLWVPRWLRQVWRLQWHUYHQHLQWKHSUHVHQW

-- 5 of 8 --

3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO
1RV
,Q 3HRSOH )LUVW -XGJH (FKROV KHOG WKDW &05$ GLG QRW WLPHO\ ILOH
LWV PRWLRQ WR LQWHUYHQH DQG HYHQ LI LW KDG WKH RUJDQL]DWLRQ KDV QR
VXEVWDQWLDO LQWHUHVW LQ WKH OLWLJDWLRQ ,Q 8QLWHG 6WDWHV Y 7HQQHVVHH -XGJH
0F&DOOD KHOG WKDW &05$ ODFNHG D VXEVWDQWLDO LQWHUHVW LQ WKH OLWLJDWLRQ
DQG LQ WKH DOWHUQDWLYH KHOG WKDW WKH RUJDQL]DWLRQ KDG QRW WLPHO\ ILOHG LWV
PRWLRQ WR LQWHUYHQH )RU SXUSRVHV RI WKLV DSSHDO WKLV GLVWLQFWLRQ PDNHV
OLWWOH GLIIHUHQFH
OLWLJDWLRQ 7KH WZR FDVHV KDYH EHHQ FRQVROLGDWHG IRU
SXUSRVHV RI WKLV DSSHDO 7KH XQGHUO\LQJ ODZVXLWV ZHUH
EURXJKWE\WKH8QLWHG6WDWHVDQGSULYDWHSODLQWLIIVDJDLQVWWKH
6WDWH RI 7HQQHVVHH UHJDUGLQJ WKH RSHUDWLRQ RI LWV PHQWDO
KHDOWKV\VWHP,QHDFKFDVH&05$DOOHJHGLQLWVSHWLWLRQ
WKDWWKH6WDWHRI7HQQHVVHHKDGYLRODWHGWKHFRQVWLWXWLRQDODQG
VWDWXWRU\ULJKWVRILQGLYLGXDOVZKRDUHPHQWDOO\UHWDUGHGDQG
GHYHORSPHQWDOO\ GLVDEOHG ,W DWWHPSWHG WR LQWHUYHQH DV RI
ULJKWDQGSHUPLVVLYHO\LQERWKFDVHVSXUVXDQWWR)HGHUDO5XOH
RI&LYLO3URFHGXUH D DQG E &05$RQO\DSSHDOVWKH
GHFLVLRQVWKDWGHQLHGWKHPWKHDELOLW\WRLQWHUYHQHDVRIULJKW
SXUVXDQWWR)HGHUDO5XOHRI&LYLO3URFHGXUH D
:HZLOOUHO\RQWKHDPSOHIDFWXDOEDFNJURXQGSURYLGHGLQ
SUHYLRXVRSLQLRQVLQWKHVHWZRFDVHVWRGHVFULEHWKHHYHQWV
OHDGLQJ XS WR &05$¶V DWWHPSW WR LQWHUYHQH 6HH 8QLWHG
6WDWHVY6WDWHRI7HQQHVVHH)G 7DEOH :/
WK&LU 3HRSOH)LUVWRI7HQQY$UOLQJWRQ
'HYHORSPHQWDO&WU)G 7DEOH :/
WK&LU 8QLWHG6WDWHVY6WDWHRI7HQQHVVHH)
6XSS :' 7HQQ 3HRSOH )LUVW RI 7HQQ Y
$UOLQJWRQ'HYHORSPHQWDO&WU)6XSS :'7HQQ

,,$1$/<6,6
&05$FRQWHQGVWKDWLWZDVLPSURSHUO\GHQLHGWKHULJKWWR
LQWHUYHQHLQWKHWZRFDVHVSXUVXDQWWR)HGHUDO5XOHRI&LYLO
3URFHGXUH D 8QGHU )HGHUDO 5XOH RI &LYLO 3URFHGXUH
D DQRXWVLGHUPD\LQWHUYHQHDVRIULJKW
1RV 3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO

FRQFHUQLQJWKHW\SHVTXDOLW\ORFDWLRQDQGDFFHVVLELOLW\
RIWKHSURSRVHGFRPPXQLW\KHDOWKFDUHVHUYLFHVDORQJ
ZLWK WKH FULWLFDO UROH RI WKH FRPPXQLW\ KHDOWK FDUH
SURYLGHUV LQ SURYLGLQJ WKHVH VHUYLFHV WR WKH 6WDWH RI
7HQQHVVHH IRU WKH EHQHILW RI WKH 3ODLQWLIIV
,QYHVWLJDWLRQVUHSRUWVMXGLFLDOVHWWOHPHQWFRQIHUHQFHV
DQGKHDULQJVKDYHEHHQFRQGXFWHG
+HKHOGWKDWWKLVIDFWRUZHLJKHGDJDLQVWDOORZLQJLQWHUYHQWLRQ
,Q8QLWHG6WDWHVY6WDWHRI7HQQHVVHH-XGJH0F&DOODDOVR
IRXQG WKDW WKLV IDFWRU ZHLJKHG DJDLQVW DOORZLQJ &05$ WR
LQWHUYHQH+HVWDWHG
&05$¶VLQWHUHVWGHYHORSHGDWWKHODWHVWGDWHZKHQWKH
&RPPXQLW\3ODQZDVHQWHUHGZKLFKZDVLQ7KH
ILVFDO FULVLV RI WKH 6WDWH DQG RWKHU UHIHUHQFHG EURNHQ
SURPLVHV RI WKH 6WDWH GR QRW FKDQJH WKH IDFW WKDW
&05$¶V LQWHUHVWV HYHQ EURDGO\ FRQVWUXHG ZHUH
DSSDUHQWDWWKHODWHVWGDWHZKHQWKH&RPPXQLW\3ODQ
ZHQWLQWRHIIHFW
+HKHOGWKDW&05$ZDLWHGWRRORQJEHIRUHLQWHUYHQLQJ
:HDJUHHZLWKWKHGHFLVLRQVRIWKHGLVWULFWFRXUWV$QHQWLW\
WKDWLVDZDUHWKDWLWVLQWHUHVWVPD\EHLPSDLUHGE\WKHRXWFRPH
RIWKHOLWLJDWLRQLVREOLJDWHGWRVHHNLQWHUYHQWLRQDVVRRQDVLW
LV UHDVRQDEO\ DSSDUHQW WKDW LW LV HQWLWOHG WR LQWHUYHQH 6HH
1$$&3 Y 1HZ <RUN 86 DW 6 &W DW
&X\DKRJD9DOOH\5\&RY7UDF\)G WK&LU
6WRWWVY0HPSKLV)LUH'HS¶W)G Q
WK &LU DSSOLFDQWV ³VKRXOG KDYH DWWHPSWHG WR
LQWHUYHQHZKHQWKH\ILUVWEHFDPHDZDUHRIWKHDFWLRQUDWKHU
WKDQDGRSWLQJDμZDLWDQGVHH¶DSSURDFK´ *LYHQWKDWWKH
VHWWOHPHQWDJUHHPHQWVVSHFLILFDOO\DGGUHVVWUDLQLQJDQGWKH
GHOLYHU\ RI VHUYLFHV LQ WKH FRPPXQLW\ ³LW ZRXOG QRW KDYH
UHTXLUHGXQXVXDOSUHVFLHQFHRQWKHSDUWRIWKHLQWHUYHQRUVWR
UHFRJQL]H WKDW WKHLU LQWHUHVWV ZHUH LPSOLFDWHG´ ZKHQ WKH
GHFUHHZDVILUVWSURSRVHG&X\DKRJD9DOOH\5\&R)G

-- 6 of 8 --

3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO
1RV
UHFHLYH WLPHO\ DQG DSSURSULDWH VHUYLFHV¶ LQWHUYHQWLRQ E\
&05$ZRXOGQRWDFFRPSOLVKWKHVHDLPV)LQDOO\VKRXOG
&05$KRSHWKURXJKLQWHUYHQWLRQWRREWDLQKLJKHUUDWHVDQG
IHZHUREOLJDWLRQVIRUFRPPXQLW\SURYLGHUVWKLVIRUXPLVQRW
WKHDSSURSULDWHIRUXPWRVHHNVXFKUHOLHI´
,Q8QLWHG6WDWHVY6WDWHRI7HQQHVVHH-XGJH0F&DOODKHOG
WKDW³7KHVHVWDWHGSXUSRVHVGRQRWULVHWRWKHOHYHOUHTXLULQJ
LQWHUYHQWLRQ´ +H KHOG WKDW ³7KH 6WDWH RI 7HQQHVVHH LV
UHVSRQVLEOHIRUHQVXULQJWKDWWKHVHLQWHUHVWVDUHSURWHFWHGDQG
&05$ DJHQFLHV DUH DOUHDG\ SDUWLFLSDWLQJ LQ WKH
LPSOHPHQWDWLRQRIWKH5HPHGLDO2UGHUE\SURYLGLQJVHUYLFHV
WRWKHFODVVPHPEHUV´
7KHLQWHUHVWVDVVHUWHGE\&05$IRUVHHNLQJLQWHUYHQWLRQ
DUHQRWFRPSHOOLQJ7KLVIDFWRUDOVRZHLJKVDJDLQVWDILQGLQJ
RIWLPHO\LQWHUYHQWLRQ
7KH OHQJWK RI WLPH SUHFHGLQJ WKH DSSOLFDWLRQ
GXULQJZKLFKWKH$SSOLFDQWNQHZRUVKRXOGKDYH
NQRZQRILWVLQWHUHVWLQWKHFDVH
&05$DGPLWVLWNQHZRIWKHOLWLJDWLRQLQERWKFDVHVDWDOO
VWDJHVDQGLWDOVRNQHZWKDWLWVPHPEHUVKDGDQLQWHUHVWLQWKH
RXWFRPHRIWKHOLWLJDWLRQ,WFRQWHQGVWKDWLWEHOLHYHGWKDWWKH
H[LVWLQJSDUWLHVWRWKHWZRFDVHVDGHTXDWHO\UHSUHVHQWHGLWV
LQWHUHVWLQLWLDOO\DQGWKXVLWZDVQRWUHTXLUHGWRLQWHUYHQHLQ
WKH ODZVXLWV ,W QRZ FODLPV WKDW LW RQO\ UHFHQWO\ EHFDPH
DSSDUHQWWKDWWKHVHSDUWLHVZHUHQRWDGHTXDWHO\UHSUHVHQWLQJ
LWVLQWHUHVW
,Q3HRSOH)LUVW-XGJH(FKROVIRXQGWKDW&05$NQHZRI
WKHOLWLJDWLRQDWDOOVWDJHVDQGGLGQRWDWWHPSWWRLQWHUYHQH
ZKHQLWNQHZWKDWWKHLQWHUHVWVRIWKHFRPPXQLW\SURYLGHUV
ZHUH DIIHFWHG E\ WKH OLWLJDWLRQ DQG SURSRVHG VHWWOHPHQW
DJUHHPHQW+HVWDWHG
,W LV XQGLVSXWHG WKDW &05$ KDV EHHQ DZDUH RI WKH
ODZVXLWVWKHWLPHFRQVXPLQJQHJRWLDWLRQVEHWZHHQWKH
SDUWLHV DQG LQWHUHVW JURXSV WKH GLVSXWHG LVVXHV
1RV 3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO

8SRQ WLPHO\ DSSOLFDWLRQ DQ\RQH VKDOO EH SHUPLWWHG WR
LQWHUYHQHLQDQDFWLRQZKHQWKHDSSOLFDQWFODLPVDQ
LQWHUHVWUHODWLQJWRWKHSURSHUW\RUWUDQVDFWLRQZKLFKLV
WKHVXEMHFWRIWKHDFWLRQDQGWKHDSSOLFDQWLVVRVLWXDWHG
WKDWWKHGLVSRVLWLRQRIWKHDFWLRQPD\DVSUDFWLFDOPDWWHU
LPSDLURULPSHGHWKHDSSOLFDQW¶VDELOLW\WRSURWHFWWKDW
LQWHUHVW XQOHVV WKH DSSOLFDQW¶V LQWHUHVW LV DGHTXDWHO\
UHSUHVHQWHGE\H[LVWLQJSDUWLHV
7KHFULWHULDWKDWPXVWEHVDWLVILHGEHIRUHLQWHUYHQWLRQDVRI
ULJKWZLOOEHJUDQWHGDUH WLPHOLQHVVRIWKHDSSOLFDWLRQWR
LQWHUYHQH WKHDSSOLFDQW¶VVXEVWDQWLDOOHJDOLQWHUHVWLQWKH
FDVH LPSDLUPHQWRIWKHDSSOLFDQW¶VDELOLW\WRSURWHFWWKDW
LQWHUHVW LQ WKH DEVHQFH RI LQWHUYHQWLRQ DQG LQDGHTXDWH
UHSUHVHQWDWLRQRIWKDWLQWHUHVWE\SDUWLHVDOUHDG\EHIRUHWKH
FRXUW6HH0LFKLJDQ6WDWH$)/&,2Y0LOOHU)G
WK&LU
$ GLVWULFW FRXUW¶V GHQLDO RI LQWHUYHQWLRQ DV RI ULJKW LV
UHYLHZHGGHQRYRH[FHSWIRUWKHWLPHOLQHVVHOHPHQWZKLFKLV
UHYLHZHGIRUDQDEXVHRIGLVFUHWLRQ6HH*UXWWHUY%ROOLQJHU
)G WK&LU FLWLQJ-DQVHQY&LW\RI
&LQFLQQDWL)G WK&LU
$ 7LPHOLQHVV
&05$ FRQWHQGV WKDW QRZ LV WKH DSSURSULDWH WLPH WR
LQWHUYHQHDQGWKDWLWILOHGLWVPRWLRQVWLPHO\EHFDXVHLWOHDUQHG
VKRUWO\SULRUWREULQJLQJLWVPRWLRQVWKDWLWVLQWHUHVWVZHUHQRW
EHLQJUHSUHVHQWHGE\WKHH[LVWLQJSDUWLHV:HKDYHLGHQWLILHG
VHYHUDO IDFWRUV WR EH HVWDEOLVKHG LQ GHWHUPLQLQJ ZKHWKHU D
UHTXHVWIRULQWHUYHQWLRQLVWLPHO\
WKHSRLQWWRZKLFKWKHVXLWKDV SURJUHVVHG WKH
SXUSRVHIRUZKLFKLQWHUYHQWLRQLVVRXJKW WKHOHQJWK
RI WLPH SUHFHGLQJ WKH DSSOLFDWLRQ GXULQJ ZKLFK WKH
SURSRVHG LQWHUYHQRU NQHZ RU UHDVRQDEO\ VKRXOG KDYH
NQRZQRIKLVLQWHUHVWLQWKHFDVH WKHSUHMXGLFHWRWKH
RULJLQDOSDUWLHVGXHWRWKHSURSRVHGLQWHUYHQRU¶VIDLOXUH
DIWHUKHRUVKHNQHZRUUHDVRQDEO\VKRXOGKDYHNQRZQRI

-- 7 of 8 --

3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO
1RV
KLV LQWHUHVW LQ WKH FDVH WR DSSO\ SURPSWO\ IRU
LQWHUYHQWLRQ DQG WKH H[LVWHQFH RI XQXVXDO
FLUFXPVWDQFHV PLOLWDWLQJ DJDLQVW RU LQ IDYRU RI
LQWHUYHQWLRQ
*UXEEVY1RUULV)G WK&LU ³7KH
GHWHUPLQDWLRQ RI ZKHWKHU D PRWLRQ WR LQWHUYHQH LV WLPHO\
VKRXOG EH HYDOXDWHG LQ WKH FRQWH[W RI DOO UHOHYDQW
FLUFXPVWDQFHV´-DQVHQ)GDW:HZLOOILQGDQ
DEXVHRIGLVFUHWLRQRQO\ZKHQOHIWZLWKWKH³GHILQLWHDQGILUP
FRQYLFWLRQ WKDW WKH FRXUW FRPPLWWHG D FOHDU HUURU RI
MXGJPHQWLQWKHFRQFOXVLRQLWUHDFKHGXSRQDZHLJKLQJRIWKH
UHOHYDQWIDFWRUV´RUZKHUHLW³LPSURSHUO\DSSOLHVWKHODZRU
XVHVDQHUURQHRXVOHJDOVWDQGDUG´+XH\Y6WLQH)G
WK &LU FLWDWLRQV DQG LQWHUQDO TXRWDWLRQV
RPLWWHG
6WDJHRIWKH3URFHHGLQJ
&05$ FRQWHQGV WKDW WKH GLVWULFW MXGJHV DEXVHG WKHLU
GLVFUHWLRQZKHQWKH\GHQLHGWKHPRWLRQVWRLQWHUYHQH&05$
DUJXHVLWGLGQRWEHFRPHDZDUHRILWVLQGHSHQGHQWLQWHUHVWWR
LQWHUYHQH XQWLO WKH LPSOHPHQWDWLRQ RI WKH VHWWOHPHQW
DJUHHPHQWVUHTXLUHGLWVPHPEHUVWRSURYLGHFRPPXQLW\EDVHG
VHUYLFHV WR LQGLYLGXDOV ZLWKRXW D JXDUDQWHH RI VXIILFLHQW
SD\PHQWE\WKH6WDWHRI7HQQHVVHH&05$FLWHVWR*UXEEV
DQG/LQWRQY&RPPLVVLRQHU)G WK&LU
IRUWKHSURSRVLWLRQWKDWLQWHUYHQRUVFDQWLPHO\DSSHDOGXULQJ
WKHUHPHGLDOVWDJHVRIDFRQVHQWGHFUHH6HH*UXEEVVXSUD
/LQWRQVXSUD
:HKDYHUHFHQWO\VWDWHGWKDWWKHWLPHRILQWHUYHQWLRQLVQRW
WKH GHWHUPLQLQJ IDFWRU EXW UDWKHU WKDW ³DOO FLUFXPVWDQFHV´
PXVWEHH[DPLQHGWRGHWHUPLQHWKHVXEVWDQWLYHSURJUHVVWKDW
KDVRFFXUUHGLQWKHOLWLJDWLRQ6HH6WXSDN7KUDOOY*OLFNPDQ
)G WK &LU ³7KH SURSULHW\ RI
LQWHUYHQWLRQLQDQ\JLYHQFDVHKRZHYHUPXVWEHPHDVXUHG
XQGHU μDOO FLUFXPVWDQFHV¶ RI WKDW SDUWLFXODU FDVH´ FLWLQJ
1$$&3Y1HZ<RUN866&W
1RV 3HRSOH)LUVWRI7HQQHWDOY
&ORYHU%RWWRP'HY&WUHWDO

,IWKHOLWLJDWLRQKDV³PDGHH[WHQVLYHSURJUHVVLQWKH
GLVWULFWFRXUWEHIRUHWKHDSSHOODQWVPRYHGWRLQWHUYHQH´WKHQ
WKLVIDFWRUZHLJKVDJDLQVWLQWHUYHQWLRQ,G
,QWKHVHFDVHVWKHUHZDVYHU\OLWWOHIRUHLWKHUGLVWULFWMXGJH
WR GR ZKHQ &05$ ILOHG LWV SHWLWLRQV IRU LQWHUYHQWLRQ ,Q
3HRSOH)LUVW-XGJH(FKROVKDGFRQGLWLRQDOO\DSSURYHGWKH
LQLWLDOVHWWOHPHQW WKHSDUWLHVKDGSUHSDUHGWKH&RPPXQLW\
'HYHORSPHQW3ODQUHTXLUHGE\KLP+HKDGDSSURYHGWKLV
SODQDQGWKHPRWLRQIRUILQDODSSURYDORIWKHVHWWOHPHQWZDV
DOUHDG\SHQGLQJEHIRUHKLP,Q8QLWHG6WDWHVY7HQQHVVHH
-XGJH0F&DOODKDGDSSURYHGVHYHUDOUHPHGLDORUGHUVWREULQJ
WKH PHQWDO KHDOWK V\VWHP LQWR FRPSOLDQFH ZLWK WKH &LYLO
5LJKWVRI,QVWLWXWLRQDOL]HG3HUVRQV$FW 86&†
DQG KDG DSSURYHG WKH &RPPXQLW\ 3ODQ $OO VXEVWDQWLYH
LVVXHV KDG EHHQ UHVROYHG E\ ERWK MXGJHV DW WKH WLPH RI
&05$¶VILOLQJIRULQWHUYHQWLRQDQGDOOWKDWZDVUHTXLUHGZDV
ILQDO DSSURYDO E\ WKH MXGJHV 7KLV IDFWRU ZHLJKV VWURQJO\
DJDLQVWDOORZLQJLQWHUYHQWLRQE\&05$6HH6WXSDN7KUDOO
)GDW
3XUSRVHRIWKH,QWHUYHQWLRQ
&05$VWDWHVWKDWLWVLPSO\UHTXHVWVWKHRSSRUWXQLW\WREH
DQDFWLYHSDUW\LQIXWXUHUHPHGLDOSURFHHGLQJV&05$ZRXOG
OLNHWKHRSSRUWXQLW\WRSDUWLFLSDWHLQWKHLPSOHPHQWDWLRQRIWKH
VHWWOHPHQWDJUHHPHQWVWRDGYRFDWHDQGSURWHFWWKHUHJXODWRU\
DQGHFRQRPLFLQWHUHVWVRIFRPPXQLW\SURYLGHUVDQGWRDVVXUH
WKDWVXIILFLHQWRWKHUUHVRXUFHVDUHSURYLGHGLQWKHFRPPXQLW\
LQ D WLPHO\ PDQQHU VR WKDW LQGLYLGXDOV UHFHLYH WLPHO\ DQG
DSSURSULDWHVHUYLFHV&05$FRQWHQGVWKDWWKURXJKRXWWKH
UHPHGLDOSKDVHWKHFRXUWVDQGWKHSDUWLHVZLOODGGUHVVPDWWHUV
ZKLFKZLOOGLUHFWO\LPSOLFDWHWKHVFRSHTXDOLW\WLPLQJDQG
IXQGLQJRIVHUYLFHVWREHSHUIRUPHGE\&05$PHPEHUV
,Q3HRSOH)LUVW-XGJH(FKROVIRXQGWKDWWKLVDUJXPHQWGLG
QRW VWDWH DQ DGHTXDWH ³SXUSRVH IRU WKH LQWHUYHQWLRQ´ +H
VWDWHG³%HFDXVHLWLVWKH6WDWH¶VUHVSRQVLELOLW\WRDVVXUHWKDW
μUHVRXUFHVDUHSURYLGHGLQWKHFRPPXQLW\¶DQGμLQGLYLGXDOV

-- 8 of 8 --