02a0382p.06

&RQWVKLS&RQWDLQHUOLQHV
Y+RZDUG,QG,QF
1R
7KH RXWFRPH PLJKW EH GLIIHUHQW KDG +RZDUG GHOLYHUHG WKH JRRGV WR
IUHLJKWIRUZDUGHU 7UDQVZRUOG DQG WKHQ 7UDQVZRUOG VXEFRQWUDFWHG
GHOLYHU\ WR &RQWVKLS 7KH IDFWV DOOHJHG KRZHYHU FDQQRW VXSSRUW VXFK D
ILQGLQJ
0LFK1: VHHDOVR:UHQFK
//&Y7DFR%HOO&RUS)G WK&LU
GLVWLQJXLVKLQJDTXDVLFRQWUDFWIURPDFRQWUDFWLPSOLHGLQ
IDFW FHUWGHQLHG6&W
7KHGLVWULFWFRXUWZDVQRWVLWWLQJLQGLYHUVLW\MXULVGLFWLRQ
EXWUDWKHUKDGRULJLQDOMXULVGLFWLRQRYHUWKLVPDULWLPHDFWLRQ
7KXVZHDSSO\IHGHUDOFRPPRQODZZKLFKDOVRUHFRJQL]HV
TXDVLFRQWUDFWV6HH8QLWHG6WDWHVY&DOLIRUQLD)GDW

7KHXQGLVSXWHGIDFWVYLHZHGLQWKHOLJKWPRVWIDYRUDEOHWR
+RZDUGDUHVXIILFLHQWWRHVWDEOLVKWKHQHFHVVDU\HOHPHQWVRID
TXDVLFRQWUDFW +RZDUG ,QGXVWULHV GHOLYHUHG LWV JRRGV WR
&RQWVKLS DQG &RQWVKLS WUDQVSRUWHG WKRVH JRRGV H[DFWO\ DV
+RZDUG,QGXVWULHVZLVKHG,QGRLQJVR&RQWVKLSFRQIHUUHG
DEHQHILWRQ+RZDUG,QGXVWULHV,WLVFOHDUWKDW&RQWVKLSGLG
QRWEHKDYHRSSRUWXQLVWLFDOO\DQGVHHNRXW+RZDUG,QGXVWULHV
RUWULFN+RZDUG,QGXVWULHVLQWRXVLQJLWVVHUYLFHVEXWUDWKHU
EHKDYHGDVDQ\FDUULHUZRXOGLIDVKLSSHUGHOLYHUHGJRRGVWRLW
,QGHHGWKHUHLVQRGLVSXWHIURP+RZDUG,QGXVWULHVDVWRWKH
DPRXQW RI VKLSSLQJ FKDUJHV RU ZKHWKHU WKH VHUYLFH ZDV
SHUIRUPHG DGHTXDWHO\ ,Q OLJKW RI WKHVH IDFWV +RZDUG
,QGXVWULHV¶SD\PHQWVWR7UDQVZRUOGZHUHXQGHUWDNHQDWLWVRZQ
ULVN7KXVHYHQLIWKHUHLVDQLVVXHRIIDFWUHJDUGLQJZKHWKHU
WKHUHZDVDQDJUHHPHQWEHWZHHQWKHSDUWLHVWKHUHLVQRQHHG
IRU D ILQGHU RI IDFW WR GHFLGH WKDW LVVXH DV ZH EHOLHYH WKH
XQGLVSXWHG IDFWV YLHZHG PRVW IDYRUDEO\ WR +RZDUG FOHDUO\
HVWDEOLVKDTXDVLFRQWUDFW
,,,
)RUWKHIRUHJRLQJUHDVRQVWKHMXGJPHQWRIWKHGLVWULFWFRXUW
LVDIILUPHG

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
&2176+,3 &217$,1(5/,1(6
,1&
3ODLQWLII$SSHOOHH
Y
+2:$5' ,1'8675,(6 ,1&
'HIHQGDQW$SSHOODQW
75$16:25/' )5(,*+7
)25:$5',1* ,1&
'HIHQGDQW
;!

1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV
1R²(GPXQG$6DUJXV-U'LVWULFW-XGJH
$UJXHG2FWREHU
'HFLGHGDQG)LOHG1RYHPEHU
%HIRUH.(11('<1255,6DQG%$7&+(/'(5
&LUFXLW-XGJHV

-- 1 of 4 --

&RQWVKLS&RQWDLQHUOLQHV
Y+RZDUG,QG,QF
1R
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' 'DYLG + 6WDUNH\ 0(7&$/) '85(1
0255,667$5.(< :$,''XEOLQ2KLRIRU$SSHOODQW
0DUN-HIIUH\6KHULII/83(56+(5,)) 1(,'(17+$/
&ROXPEXV 2KLR IRU $SSHOOHH 21 %5,() 'DYLG +
6WDUNH\ 0(7&$/) '85(1 0255,6 67$5.(<
:$,''XEOLQ2KLRIRU$SSHOODQW0DUN-HIIUH\6KHULII
/83(56+(5,)) 1(,'(17+$/&ROXPEXV2KLRIRU
$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
$/$1 ( 1255,6 &LUFXLW -XGJH 'HIHQGDQW +RZDUG
,QGXVWULHV ,QF ³+RZDUG ,QGXVWULHV´ D ODXQGU\ GHWHUJHQW
SURGXFHUDSSHDOVDJUDQWRIVXPPDU\MXGJPHQWLQIDYRURI
SODLQWLII&RQWVKLS&RQWDLQHUOLQHV,QF ³&RQWVKLS´ DIUHLJKW
FDUULHU IRU VKLSSLQJ FKDUJHV WRWDOLQJ RQ WKUHH
VHSDUDWHLQWHUQDWLRQDOVKLSPHQWVRIGHWHUJHQW)RUWKHUHDVRQV
VHWIRUWKEHORZZHDIILUPWKHMXGJPHQWRIWKHGLVWULFWFRXUW
,
7KHNH\IDFWVLQWKHFDVHDQGWKHSRVLWLRQVRIWKHSDUWLHV
ZHUHVHWIRUWKE\WKHGLVWULFWFRXUWDVIROORZV
&RQWVKLSLVDPDULWLPHVKLSSHUDQGEULQJVWKLVDFWLRQ
DJDLQVW+RZDUGIRUSD\PHQWRIFHUWDLQIUHLJKWFKDUJHV
+RZDUGSURGXFHVODXQGU\GHWHUJHQWDQGLVLQWKHEXVLQHVV
RIFRPSRXQGLQJRUEOHQGLQJFHUWDLQFKHPLFDOSURGXFWV
7KHSURGXFWDWLVVXHZDVVKLSSHGIURP+RZDUG¶VSODQWLQ
+RXVWRQ7H[DVWRWKH1DWLRQRI6\ULDLQ)HEUXDU\DQG
0DUFKRI
1R &RQWVKLS&RQWDLQHUOLQHV
Y+RZDUG,QG,QF

GLUHFWO\IURPLWVIDFWRU\WR&RQWVKLS¶VYHVVHOV1RQHWKHOHVV
GHOLYHU\ RI WKH JRRGV WR &RQWVKLS¶V YHVVHOV ZLWK QR SULRU
GHDOLQJV RU RWKHU DUUDQJHPHQWV GRHV QRW HVWDEOLVK WKDW DQ
DJUHHPHQWH[LVWHGEHWZHHQWKHSDUWLHV7KXVIRUWKHSXUSRVHV
RIVXPPDU\MXGJPHQWWKHUHLVDJHQXLQHLVVXHRIPDWHULDOIDFW
DVWRZKHWKHUDQDJUHHPHQWH[LVWHG%HFDXVHDQDJUHHPHQWLV
DQHFHVVDU\HOHPHQWWRDFRQWUDFWLPSOLHGLQIDFWXQGHUWKH
GLVWULFWFRXUW¶VRZQVWDWHPHQWRIWKHODZVXPPDU\MXGJPHQW
ZDVLPSURSHURQWKHWKHRU\RIFRQWUDFWLPSOLHGLQIDFW
+RZHYHUWKHIDFWVYLHZHGLQWKHOLJKWPRVWIDYRUDEOHWR
+RZDUG,QGXVWULHVQHYHUWKHOHVVJLYHULVHWRDFRQWUDFWLPSOLHG
LQODZ,WLVDVLPSOHKRUQERRNUXOHWKDWDFRQWUDFWLPSOLHGLQ
IDFW PXVW HPERG\ DOO WKH HOHPHQWV RI DQ H[SUHVV FRQWUDFW
LQFOXGLQJ DQ DFWXDO DJUHHPHQW EHWZHHQ WKH SDUWLHV (YHQ
ZKHQD³PHHWLQJRIWKHPLQGV´GRHVQRWRFFXUKRZHYHUD
FRQWUDFWLPSOLHGLQODZVRPHWLPHVUHIHUUHGWRDVD³TXDVL
FRQWUDFW´ PD\ H[LVW EDVHG RQ SULQFLSOHV RI HTXLW\ DQG WR
SUHYHQW XQMXVW HQULFKPHQW 6HH 8QLWHG 6WDWHV Y 6WDWH RI
&DOLIRUQLD)G WK&LU ³$WWKH
KHDUW RI DQ DFWLRQ EDVHG RQ TXDVLFRQWUDFW OLHV D FODLP RI
XQMXVWHQULFKPHQWDQGVXFKTXDVLFRQWUDFWOLDELOLW\LVGLFWDWHG
E\ WKH QHHGV RI MXVWLFH DQG IDLUQHVV´ DII¶G 86

$SSO\LQJ 0LFKLJDQ ODZ ZH KDG RFFDVLRQ WR GUDZ D
GLVWLQFWLRQ EHWZHHQ FRQWUDFWV LPSOLHG LQ ODZ DQG FRQWUDFWV
LPSOLHGLQIDFW
7KHUHDUHWZRNLQGVRILPSOLHGFRQWUDFWVRQHLPSOLHGLQ
IDFW DQG WKH RWKHU LPSOLHG LQ ODZ 7KH ILUVW GRHV QRW
H[LVWXQOHVVWKHPLQGVRIWKHSDUWLHVPHHWE\UHDVRQRI
ZRUGVRUFRQGXFW7KHVHFRQGLVTXDVLRUFRQVWUXFWLYH
DQGGRHVQRWUHTXLUHDPHHWLQJRIPLQGVEXWLVLPSRVHG
E\ILFWLRQRIODZWRHQDEOHMXVWLFHWREHDFFRPSOLVKHG
HYHQLQFDVHQRFRQWUDFWZDVLQWHQGHG
0XUUD\+LOO3XEO¶QV,QFY$%&&RPPXQLFDWLRQV,QF
)G WK&LU TXRWLQJ&DVFDGHQY0DJU\WD

-- 2 of 4 --

&RQWVKLS&RQWDLQHUOLQHV
Y+RZDUG,QG,QF
1R
6\ULD1RULVWKHUHDQ\FODLPE\+RZDUGWKDWWKHSURGXFW
VKLSSHGE\&RQWVKLSRQEHKDOIRI+RZDUGGLGQRWUHDFK
LWVXOWLPDWHGHVWLQDWLRQRUZHUHQRWGHOLYHUHGLQSURSHU
RUGHU
&RQWVKLS &RQWDLQHUOLQHV :/ DW
HPSKDVLVDGGHG
+RZDUGDJUHHVWKDWWKHGLVWULFWFRXUWFRUUHFWO\VWDWHGWKH
ODZRIFRQWUDFWVLPSOLHGLQIDFWEXWDUJXHVLQVWHDGWKDWWKHUH
LV D JHQXLQH LVVXH RI IDFW UHJDUGLQJ ZKHWKHU WKHUH ZDV DQ
DJUHHPHQWEHWZHHQWKHSDUWLHV$QDIILGDYLWGDWHG-DQXDU\
IURP-DPHV+RZDUGVWDWHGWKDW+RZDUG,QGXVWULHVZDV
XQDZDUH WKDW DQ\ SDUWLHV RWKHU WKDQ 7UDQVZRUOG ZRXOG EH
LQYROYHGLQVKLSSLQJLWVSURGXFWDQGWKDWLWZDVQRWDZDUHRI
WKHH[LVWHQFHRI&RQWVKLSQRUGLGLWKDYHDQ\FRQWDFWVZLWK
&RQWVKLS7KLVDIILGDYLWZDVVZRUQDIWHU&RQWVKLSPRYHGIRU
VXPPDU\MXGJHPHQWDQGWKHGLVWULFWFRXUWQRWHGWKDWLWFRXOG
QRW EH XVHG WR FUHDWH D JHQXLQH LVVXH RI IDFW EHFDXVH LW
FRQIOLFWHGZLWK-DPHV+RZDUG¶VHDUOLHUDIILGDYLW&RQWVKLS
&RQWDLQHUOLQHV:/DW Q
+RZDUG ,QGXVWULHV DUJXHV WKDW WKH 'HFHPEHU
DIILGDYLWGRHVQRWVXSSRUWWKHGLVWULFWFRXUW¶VDVVHUWLRQWKDW
³+RZDUG¶VRZQSUHVLGHQW>-DPHV+RZDUG@VZRUHWKDW+RZDUG
GHOLYHUHG WKH JRRGV WR &RQWVKLS¶V YHVVHOV NQRZLQJ DQG
LQWHQGLQJWKDWWKHSURGXFWEHVKLSSHGWR6\ULD´:HDJUHHWKDW
WKHGLVWULFWFRXUW¶VSDUDSKUDVHRI-DPHV+RZDUG¶VVWDWHPHQWV
LPSXWHV D PHQWDO VWDWH WR +RZDUG WKDW LV DEVHQW IURP WKH
DIILGDYLWZKLFKPHUHO\DFNQRZOHGJHVWKDW+RZDUG,QGXVWULHV
GHOLYHUHGWKHJRRGVWR&RQWVKLS$FFHSWLQJDVZHPXVWWKH
IDFWVDVDOOHJHGE\+RZDUG,QGXVWULHVZHFRQFOXGHIRUWKH
SXUSRVHRIVXPPDU\MXGJPHQWWKDWWKHSDUWLHVKDGQRSULRU
GHDOLQJVDQGWKDW+RZDUGZDVXQDZDUHWKDW&RQWVKLSZDVWKH
FDUULHU
+RZDUG,QGXVWULHV¶DVVHUWLRQWKDWLWGLGQRWNQRZ&RQWVKLS
ZDVWKHFDUULHUFRQIOLFWVRIFRXUVHZLWKWKH'HFHPEHU
DIILGDYLW WKDW DFNQRZOHGJHG WKDW LWV JRRGV ZHUH VKLSSHG
1R &RQWVKLS&RQWDLQHUOLQHV
Y+RZDUG,QG,QF

7KH HVVHQFH RI WKH SDUWLHV GLVSXWH LV HDVLO\
VXPPDUL]HG$FFRUGLQJWR+RZDUGDQGQRWFRQWHVWHGE\
&RQWVKLS +RZDUG FRQWDFWHG 7UDQVZRUOG )UHLJKW
)RUZDUGLQJ ,QF ³7UDQVZRUOG´ D FRPSDQ\ ZKLFK
RSHUDWHG DV D IUHLJKW IRUZDUGHU (VVHQWLDOO\ D IUHLJKW
IRUZDUGHU DVVLVWV D VKLSSHU LQ ERRNLQJ DQG SUHSDULQJ
FDUJR IRU VKLSPHQW $FFRUGLQJ WR +RZDUG LW SDLG
7UDQVZRUOG IRU DOO RI WKH SD\PHQWV DOOHJHG WR EH GXH
&RQWVKLSDVVHWIRUWKLQWKH&RPSODLQW)XUWKHU+RZDUG
FRQWHQGVWKDW7UDQVZRUOGZDVQRWLWVDJHQWDQGKDGQR
DXWKRULW\ WR LQFXU D GHEW RQ LWV EHKDOI ZLWK &RQWVKLS
)LQDOO\ +RZDUG FODLPV WKDW LW DW QR WLPH VLJQHG DQ\
GRFXPHQWV RU ELOOV RI ODGLQJ E\ ZKLFK LW EHFDPH
REOLJDWHGWRSD\&RQWVKLS
,QUHSO\&RQWVKLSFRQWHQGV WKDW+RZDUGZDVELOOHG
GLUHFWO\ ZLWK WKH H[SRUW LQYRLFHV 7KH ELOOV RI ODGLQJ
OLVWHG+RZDUGDVOLDEOHIRUWKHSD\PHQWRIVKLSSLQJFRVWV
(YHQLQWKHDEVHQFHRIDQDJHQF\UHODWLRQVKLSEHWZHHQ
7UDQVZRUOG DQG +RZDUG &RQWVKLS HPSKDVL]HV WKDW
+RZDUG DFWXDOO\ GHOLYHUHG WKH JRRGV WR &RQWVKLS¶V
YHVVHOV +RZDUG¶V RZQ SUHVLGHQW VZRUH WKDW +RZDUG
GHOLYHUHGLWVSURGXFWWR&RQWVKLS¶VYHVVHOVLQ+RXVWRQ
7H[DVIRUVKLSPHQWWR6\ULD:KLOH&RQWVKLSGRHVQRW
GLVSXWH WKDW +RZDUG SDLG 7UDQVZRUOG IRU WKH IUHLJKW
FKDUJHV&RQWVKLSFRQWHQGVWKDW+RZDUGGLGVRDWLWVRZQ
SHULODQGZDVREOLJDWHGWRLQVXUHSD\PHQWWRWKHDFWXDO
VKLSSHURIWKHJRRGV
&RQWVKLS&RQWDLQHUOLQHV,QFY+RZDUG,QG,QF1R&
:/DW 6'2KLR6HSW
FLWDWLRQRPLWWHG IRRWQRWHRPLWWHG
2ULJLQDOO\ &RQWVKLS VXHG ERWK 7UDQVZRUOG DQG +RZDUG
,QGXVWULHVEXWDSSHDUVWRKDYHEHHQXQDEOHWRFROOHFWIURP
7UDQVZRUOG 7\SLFDOO\ WKH REOLJDWLRQV RI WKH SDUWLHV WKH
VKLSSHUWKHFDUULHUDQGWKHIUHLJKWIRUZDUGHU DUHVHWIRUWKLQ
WKHELOOVRIODGLQJZKLFKXVXDOO\VSHFLI\WKHSURGXFWWREH
VKLSSHGWKHFRVWRIVKLSSLQJGHVWLQDWLRQVDQGWKHOLNH,Q

-- 3 of 4 --

&RQWVKLS&RQWDLQHUOLQHV
Y+RZDUG,QG,QF
1R
&RQWVKLS RULJLQDOO\ EURXJKW VXLW LQ D 8QLWHG 6WDWHV 'LVWULFW &RXUW LQ
1HZ -HUVH\ +RZDUG PRYHG IRU GLVPLVVDO DOOHJLQJ WKDW LW FRQGXFWHG QR
EXVLQHVV LQ 1HZ -HUVH\ DQG ILOHG WKLV DIILGDYLW LQ VXSSRUW 7KH SDUWLHV
HYHQWXDOO\ FRQVHQWHG WR UHPRYH WKH FDVH WR WKH 8QLWHG 6WDWHV 'LVWULFW
&RXUW IRU WKH 6RXWKHUQ 'LVWULFW RI 2KLR
WKLVFDVHWKHUHOHYDQWELOOVRIODGLQJDUHXQVLJQHG+RZDUG
,QGXVWULHVDUJXHVWKDWWKHELOOVRIODGLQJGRQRWFRQVWLWXWHD
ELQGLQJFRQWUDFWDOWKRXJKWKH\GRQRWFRQWHVWWKHVKLSSLQJ
FKDUJHVRIVSHFLILHGLQWKHELOOV
,QJUDQWLQJ&RQWVKLS¶VPRWLRQIRUVXPPDU\MXGJPHQWWKH
GLVWULFWFRXUWDFFHSWHGDVWUXH+RZDUG¶VDVVHUWLRQWKDWWKHELOOV
RIODGLQJZHUHQRWUHOHYDQWEXWIRXQGWKDWWKHFLUFXPVWDQFHV
FUHDWHGDFRQWUDFWLPSOLHGLQIDFW
,,
:HUHYLHZDJUDQWRIVXPPDU\MXGJPHQWGHQRYR3LQQH\
'RFNDQG7UDQVS&RY3HQQ&HQW&RUS)G
WK&LU $FRXUWPD\JUDQWVXPPDU\MXGJPHQW
RQO\LIWKHUHLVQRJHQXLQHLVVXHRIPDWHULDOIDFW)HG5&LY
3 F 0DWVXVKLWD(OHF,QGXV&R/WGY=HQLWK5DGLR
&RUS86 ,QDGGLWLRQWKHHYLGHQFH
PXVWEHYLHZHGLQWKHOLJKWPRVWIDYRUDEOHWRWKHQRQPRYLQJ
SDUW\$GLFNHVY6+.UHVV &R86

,QILQGLQJDFRQWUDFWLPSOLHGLQIDFWWKHGLVWULFWFRXUWUHOLHG
KHDYLO\RQDQDIILGDYLWGDWHG'HFHPEHUDQGVXEPLWWHG
LQVXSSRUWRIDPRWLRQWRGLVPLVV,QWKHDIILGDYLW-DPHV
+RZDUG WKH SUHVLGHQW RI +RZDUG ,QGXVWULHV WHVWLILHG DV
IROORZV
7KLVDFWLRQFRQFHUQVWKHQRQSD\PHQWRIRFHDQIUHLJKW
IRU WKUHH VKLSPHQWV RI FKHPLFDO SURGXFWV VKLSSHG E\
+RZDUG,QGXVWULHV,QFRQERDUG3ODLQWLII¶V>&RQWVKLS¶V@
YHVVHOVZKLFKVKLSPHQWVZHUHORDGHGWRWKHYHVVHOVDW
WKHSRUWRI+RXVWRQ7H[DVLQ)HEUXDU\DQG0DUFK
1R &RQWVKLS&RQWDLQHUOLQHV
Y+RZDUG,QG,QF

IRUFDUULDJHWR/DWDNLD6\ULD7KHVHVKLSPHQWVPRYHG
IURPRXU+RXVWRQ7H[DVSODQWGLUHFWO\WRWKHYHVVHOVLQ
WKHSRUWRI+RXVWRQ7H[DV
5HO\LQJKHDYLO\RQ+RZDUG¶VDGPLVVLRQWKDWLWGHOLYHUHGWKH
GHWHUJHQWWR&RQWVKLSGLUHFWO\WKHGLVWULFWFRXUWIRXQGWKDWD
FRQWUDFWLPSOLHGLQIDFWH[LVWHGEHWZHHQWKHSDUWLHV
,WLVDIXQGDPHQWDOWHQHWRIFRQWUDFWODZWKDWDOHJDOO\
ELQGLQJFRQWUDFWFDQEHLPSOLHG³IURPWKHFLUFXPVWDQFHV
DQGFRQGXFWRIWKHSDUWLHV´&RRSHUY/DNHZRRG(QJ¶J
0IJ &R )G WK &LU ,Q
³FLUFXPVWDQFHVZKLFKDFFRUGLQJWRWKHRUGLQDU\FRXUVH
RIGHDOLQJDQGWKHFRPPRQXQGHUVWDQGLQJRIPHQVKRZ
DPXWXDOLQWHQWLRQWRFRQWUDFW´DFRQWUDFWLPSOLHGLQIDFW
DULVHV /XLWKO\ Y &DYDOLHU &RUSRUDWLRQ 1HZ (UD
9HQGLQJ,QF86$SS/(;,6DW WK
&LU TXRWLQJ :HDWKHUO\ Y $PHULFDQ $J &KHP
&R 6:G 7HQQ $SS ³$Q
LPSOLHGLQIDFWFRQWUDFWLVRQHWKDWLVμIRXQGHGXSRQD
PHHWLQJRIPLQGVZKLFKDOWKRXJKQRWHPERGLHGLQDQ
H[SUHVVFRQWUDFWLVLQIHUUHGDVDIDFWIURPFRQGXFWRI
WKH SDUWLHV VKRZLQJ LQ WKH OLJKW RI WKH VXUURXQGLQJ
FLUFXPVWDQFHV WKHLU WDFLW XQGHUVWDQGLQJ¶´
&RQJORPHUDWHG +RVWV /WG Y -HSFR ,QF
86$SS/(;,6DW WK&LU TXRWLQJ
3DUNHUY'HSDUWPHQWRI+HDOWK(GXFDWLRQDQG:HOIDUH
)6XSS 0'7HQQ ³+HQFHWKH
GLVWLQFWLYHIHDWXUHRIDQLPSOLHGLQIDFWFRQWUDFWLVWKDWLW
LVLPSOLHGIURPFRQGXFWDQGFLUFXPVWDQFHVDVLGHIURP
WKLVWKHUHLVQRGLIIHUHQFHEHWZHHQDQH[SUHVVFRQWUDFW
DQGDQLPSOLHGFRQWUDFW´&RQJORPHUDWHG+RVWV
86$SSDW
7KH IDFWV DQG FLUFXPVWDQFHV VXUURXQGLQJ WKH
WUDQVDFWLRQEHWZHHQ+RZDUGDQG&RQWVKLSUHVXOWHGLQD
FRQWUDFWLPSOLHGLQIDFW+RZDUG¶VRZQSUHVLGHQWVZRUH
WKDW+RZDUGGHOLYHUHGWKHJRRGVWR&RQWVKLS¶VYHVVHOV
NQRZLQJDQGLQWHQGLQJWKDWWKHSURGXFWEHVKLSSHGWR

-- 4 of 4 --