English Legal System Study Units

8/2/2019 English Legal System Study Units

http://slidepdf.com/reader/full/english-legal-system-study-units 1/50

µ$6¶/(9(/ /$:

(1*/,6+ /(*$/ 6 <67(0

678'< 81,76 $1' (;$0 48(67,216

$6,) 78)$/



$VLI7XIDO

ZZZODZWHDFKHUFRXN

&217(176

0RGXOH0DFKLQHU\RI-XVWLFH

&LYLOFRXUWVDQGRWKHUPHWKRGVRIGLVSXWHUHVROXWLRQ

&LYLO&RXUWV $OWHUQDWLYHVWRWKH&RXUWV 7ULEXQDOV 7KH(XURSHDQ&RXUWRI-XVWLFH

&ULPLQDOSURFHVVDQGWKHFULPLQDOFRXUWV 3ROLFH3RZHUV &ULPLQDO&RXUWV

3HQDOV\VWHP 3ULQFLSOHVRI6HQWHQFLQJ 3RZHUVRI&RXUWV

0RGXOH/HJDO3HUVRQQHO

/HJDOSHUVRQQHO -XGLFLDU\ %DUULVWHUVDQG6ROLFLWRUV &URZQ3URVHFXWLRQ6HUYLFH

/D\SHRSOHLQWKHOHJDOV\VWHP /D\0DJLVWUDWHV -XULHV

3URYLVLRQRIOHJDOVHUYLFHV *RYHUQPHQW )XQGLQJ

$GYLFHDJHQFLHV 5ROHRIOHJDOSURIHVVLRQ

0RGXOH6RXUFHVRI/DZ

'RFWULQHRISUHFHGHQW 0HFKDQLFVRI3UHFHGHQW

/DZPDNLQJSRWHQWLDO

/HJLVODWLRQ $FWVRI3DUOLDPHQW 'HOHJDWHG/HJLVODWLRQ 6WDWXWRU\,QWHUSUHWDWLRQ

(XURSHDQ/DZ ,QVWLWXWLRQV 3ULPDU\DQGVHFRQGDU\VRXUFHV

/DZ5HIRUP ,PSHWXVIRUODZUHIRUP

/DZUHIRUPDJHQFLHV

6DPSOH([DPLQDWLRQ3DSHUV



$VLI7XIDO

ZZZODZWHDFKHUFRXN

&,9,/&28576

:+$7<281(('725(6($5&+

&RXQW\&RXUWDQG+LJK&RXUWMXULVGLFWLRQDWILUVWLQVWDQFHVPDOOFODLPVIDVWWUDFNPXOWLWUDFN $SSHDOVDQGDSSHOODWHFRXUWV3UREOHPVRIXVLQJWKHFRXUWV

5(&200(1'('5($',1*

-0DUWLQ7KH(QJOLVK/HJDO6\VWHP6HFRQG(GLWLRQFKDSWHU(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHP7KLUG(GLWLRQFKDSWHU

352*5(667(67

:KRHQTXLUHGLQWRWKHFLYLOMXVWLFHV\VWHPLQWKHV"

:KDWGLGKHVD\WKHFLYLOMXVWLFHV\VWHPVKRXOGEH" :HUHWKHVHDLPVEHLQJDFKLHYHG"

:KDWUHIRUPVZHUHUHFRPPHQGHG"

([SODLQWKHRYHUULGLQJREMHFWLYHRIWKHQHZ&LYLO3URFHGXUH5XOHV"

:KDWFRQWUROGRMXGJHVQRZKDYHRYHUSURFHHGLQJV"

:KDWDUHWKHWKUHHWUDFNV"

+DYHWKH:RROI5HIRUPVEHHQVXFFHVVIXO"VHHQHZVSDSHUDUWLFOHV

+RZDUHFLYLOFDVHVVWDUWHG":KLFKGRFXPHQWLVUHTXLUHGDQGKRZPXFKPRQH\"

:KDWDFWLRQZLOOWKHGHIHQGDQWWKHQWDNH"

:KDWZLOOWKHMXGJHWKHQGR"

+RZDUHVPDOOFODLPVGHDOWZLWKLQWKH&RXQW\&RXUW"

%ULHIO\OLVWWKHGHIHFWVRIWKHVPDOOFODLPVSURFHGXUH

%ULHIO\OLVWWKHMXULVGLFWLRQRIWKH&RXQW\&RXUW

%ULHIO\OLVWWKHMXULVGLFWLRQRIWKH+LJK&RXUW

:KDWDUHDSSHOODWHFRXUWV"/LVWWKHP

:KDWLVWKHDSSHDOURXWHIURPWKH&RXQW\&RXUW"

:KDWLVWKHDSSHDOURXWHIURPWKH+LJK &RXUW"

:KDWIXUWKHUDSSHDOVDUHSRVVLEOH"

%ULHIO\H[SODLQWKHUHPHGLHVDYDLODEOHLQFLYLOFDVHV"

+RZDUHFLYLOMXGJPHQWVHQIRUFHG"

:KDWSURSRVDOVIRUUHIRUPKDYHEHHQPDGH"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

$/7(51$7,9(6727+(&28576

:+$7<281(('725(6($5&+

$UELWUDWLRQFRQFLOLDWLRQPHGLDWLRQ

5(&200(1'('5($',1*

-0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHU(OOLRWW4XLQQ(QJOLVKOHJDO6\VWHPFKDSWHU

352*5(667(67

:KDWLVQHJRWLDWLRQ"

:KDWLVPHGLDWLRQ"

:KDWLVDIRUPDOLVHGVHWWOHPHQWFRQIHUHQFH"

:KDWPHGLDWLRQVHUYLFHVDUHDYDLODEOH"

:KDWUHVHDUFKKDVEHHQFDUULHGRXWRQPHGLDWLRQ"

:KDWLVFRQFLOLDWLRQ"

+RZGR$&$6SOD\DUROHLQFRQFLOLDWLRQ"

:KDWLVSULYDWHDUELWUDWLRQ"

:KDWDUHWKHSULQFLSOHVEHKLQGWKH$UELWUDWLRQ$FW"

:KDWLVD6FRWWY$YHU\ FODXVH"

:KHUH WKHUH LV DQ DUELWUDWLRQ DJUHHPHQW LQ D FRQWUDFW ZKDW GRHV WKH $UELWUDWLRQ $FW SURYLGH"

+RZLVWKHDUELWUDWRUFKRVHQ"

2XWOLQHWKHSURFHGXUHIRUWKHDUELWUDWLRQKHDULQJ

:KDWLVDQDZDUGDQGFDQLWEHFKDOOHQJHG"

+RZLVDUELWUDWLRQXVHGLQFRQVXPHUGLVSXWHV"

+RZLVDUELWUDWLRQXVHGLQWKHFRXUWVLHWKH&RXQW\&RXUWDQGWKH&RPPHUFLDO&RXUW"

:KDWDUHWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIDUELWUDWLRQ"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216217+(&,9,/352&(66

$% ,QVWUXPHQWV /WG RUGHUHG PDFKLQHU\ ZRUWK IURP ;< 0DFKLQHV /WG :KHQWKHPDFKLQHU\DUULYHGLWGLGQRWZRUNSURSHUO\DQG$%,QVWUXPHQWVZHUHXQDEOHWRXVHLW IRUWKHLUZRUN$%,QVWUXPHQWVFODLPWKDWWKLVKDVFRVWWKHPRYHULQORVWRUGHUVDQGWKH\ZLVKWRFODLPWKLVDPRXQWDQGWKHFRVWRIUHSDLUVWRWKHPDFKLQHU\IURP;<0DFKLQHV/WG

$QVZHUDOO SDUWV

D ([SODLQWR$%,QVWUXPHQWV/WGLQZKLFKFRXUWDQGKRZWKH\FRXOGVWDUWDFRXUWDFWLRQDJDLQVW;<0DFKLQHV/WGDQGZKDWSUREOHPVDUHOLNHO\WRRFFXULQEULQJLQJD FDVHWRFRXUW>@

E 'LVFXVV ZKDW DOWHUQDWLYH PHWKRGV RI UHVROYLQJ WKH GLVSXWH DUH DYDLODEOH WR $%,QVWUXPHQWV/WG>@

F ,IWKHFDVHLVGHFLGHGLQFRXUWZKDWDSSHDOURXWHVDUHDYDLODEOHWRWKHSDUWLHV">@

2&5-XQH

:KDWUHIRUPVFDQEHVXJJHVWHGWRLPSURYHWKHFLYLOMXVWLFHV\VWHP"

2&50D\

&RPSDUHWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIERWKL WULEXQDOVLL FRPPHUFLDODUELWUDWLRQZLWKWKHXVHRIWKHFRXUWVIRUUHVROYLQJFLYLOGLVSXWHV

2[IRUG%RDUG0D\

³1RZWKDWWKHMXULVGLFWLRQRIWKHVPDOOFODLPVFRXUWKDVEHHQLQFUHDVHGWR$OWHUQDWLYH'LVSXWH5HVROXWLRQLVOHVVLPSRUWDQW´

7RZKDWH[WHQWLIDWDOOGR\RXDJUHHZLWKWKLVVWDWHPHQW"

2[IRUG%RDUG0D\

7ZR PRQWKV DJR 6SHQGHUV /WG SXUFKDVHG PDFKLQHU\ IRU XVH LQ WKHLU IDFWRU\ IURP :KL]](OHFWULFV 7KHPDFKLQHU\ FRVW EXWLV GHIHFWLYH DQGKDV JRQH ZURQJ VHYHUDOWLPHV6SHQGHUVZLVKWRFODLPFRPSHQVDWLRQIURP:KL]](OHFWULFV

D ,QZKLFKFRXUWVFRXOGDFODLPEHPDGH">PDUNV@

E :KDWRWKHUPHWKRGVRIUHVROYLQJWKHGLVSXWHPLJKWEHXVHG">PDUNV@

F $GYLVH6SHQGHUV/WGRQWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIWKHYDULRXVPHWKRGVRIGLVSXWHUHVROXWLRQLQFOXGLQJWKHFRXUWVZKLFKDUHDYDLODEOHWRWKHP>PDUNV@

2[IRUG%RDUG0D\

³:HDLPDWD5ROOV5R\FHV\VWHPRIFLYLOMXVWLFHEXWPRVWSHRSOHZRXOGSUHIHUDQDIIRUGDEOHPLQL´

$UHWKHFRXUWVWKHPRVWHIIHFWLYHZD\RIGHDOLQJZLWKFLYLOFODLPV"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

+DUULHWKDVEHHQLQMXUHGLQDURDGWUDIILFDFFLGHQWFDXVHGE\$QJHODVQHJOLJHQFHDQGZLVKHVWRFODLPGDPDJHVIRUKHUSDLQDQGVXIIHULQJ

D $GYLVH+DUULHWDVWRZKHUHDQGKRZVKHFRXOGVWDUWFLYLOSURFHHGLQJVDJDLQVW $QJHOD>PDUNV@

E ,IVKHLVGLVVDWLVILHGZLWKWKHUHVXOWRIWKHFDVHZKDWDSSHDOVDUHRSHQWRKHU">@

F 7RZKDWH[WHQWKDYHWKHFKDQJHVLQMXULVGLFWLRQXQGHUWKH&RXUWVDQG/HJDO6HUYLFHV $FWLPSURYHGWKHFRXUWDVDIRUXPIRUSHUVRQDO LQMXU\GLVSXWHV">PDUNV@

2[IRUG%RDUG0D\

(EHQH]HU6FURRJHDOOHJHVKHKDVEHHQGHIDPHGE\DQDUWLFOHLQDQHZVSDSHU

D $GYLVHKLPZKHWKHUKHFDQREWDLQOHJDODLGDQGDGYLFH>PDUNV@

E ([SODLQ WR KLP ZKLFK FRXUW ZRXOG KHDU WKH FDVH DQG LI KH LV QRW VXFFHVVIXO ZKDW

DSSHDOURXWHVZRXOGEHRSHQWRKLP>PDUNV@

F +RZVDWLVIDFWRU\LVWKHSUHVHQWPHWKRGRIGHDOLQJZLWKGHIDPDWLRQDFWLRQV">@

2[IRUG%RDUG0D\

/DFRQVROG0RUODQGDVHFRQGKDQGFDU0RUODQG KDVQRZGLVFRYHUHGWKDWWKHFDUEHORQJHGWR1LPURGZKRKDVUHFODLPHGLW0RUODQGQRZZLVKHVWRVXH/DFRQIRUWKHSXUFKDVHSULFH

L %HIRUHZKDWFRXUWRUWULEXQDOPD\WKHSURFHHGLQJVWDNHSODFH">PDUNV@

LL :KDWDSSHDOVLI DQ\PLJKW EH DYDLODEOHLI0RUODQG LVGLVVDWLVILHGZLWK WKH GHFLVLRQ">PDUNV@

LLL ,VWKHODZUHODWLQJWRWKHDGMXGLFDWLRQRIVPDOOFODLPVVDWLVIDFWRU\">PDUNV@

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

75,%81$/6

:+$7<281(('725(6($5&+

5ROHDQGFRPSRVLWLRQRIDGPLQLVWUDWLYHWULEXQDOVLQRXWOLQH

5(&200(1'('5($',1*

-0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHU(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHPFKDSWHU

352*5(667(67

:KDWUROHLVSOD\HGE\DGPLQLVWUDWLYHWULEXQDOVLQWKHOHJDOV\VWHP"

:KDWLVWKHFRPSRVLWLRQRIWULEXQDOV"

:KDWLVWKHSURFHGXUHLQWULEXQDOV"

,QZKLFKWZRZD\VDUHWULEXQDOVFRQWUROOHGE\WKHFRXUWV"

:KDWUROHVDUHSOD\HGE\WKH3DUOLDPHQWDU\2PEXGVPDQDQGWKH&RXQFLORQ7ULEXQDOV"

&RQVLGHUWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIWULEXQDOV

+DYHDQ\RWKHUSUREOHPVEHHQUDLVHG"

:KDWRIILFLDOUHYLHZRIWULEXQDOVLVFXUUHQWO\WDNLQJSODFH"VHH/&'SUHVVUHOHDVH

(;$048(67,216

&RPSDUHWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIERWKL WULEXQDOVLL FRPPHUFLDODUELWUDWLRQZLWKWKHXVHRIWKHFRXUWVIRUUHVROYLQJGLVSXWHV

2[IRUG%RDUG0D\

(YDOXDWHWKHUROHRIWZRRIWKHIROORZLQJ

D 7ULEXQDOVE 7KH&URZQ3URVHFXWLRQ6HUYLFHF 4XHHQ¶V%HQFK'LYLVLRQDO&RXUW

2[IRUG%RDUG0D\

D :KDWUROHGRWULEXQDOVSOD\LQRXUOHJDOV\VWHP"DQG

E $UHWKHPHWKRGVRIVXSHUYLVLQJWULEXQDOVDQGUHYLHZLQJWKHLUGHFLVLRQVDGHTXDWH"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

7+((8523($1&28572)-867,&(

:+$7<281(('725(6($5&+

$UWLFOHIRUPHUO\$UHIHUUDOVUHODWLRQVKLSWR(QJOLVKFRXUWV

5(&200(1'('5($',1*

-0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHU(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHPFKDSWHUS

352*5(667(67

:KDWLVWKHIXQFWLRQRIWKH(&-"

:KDWLVWKHFRPSRVLWLRQRIWKH(&-"

:KDWLVWKHILUVWW\SHRIFDVHWKH(&-GHFLGHV"

:KDWUHIHUHQFHVIURPQDWLRQDOFRXUWVGRHVWKH(&-KHDU"

:KDWGRHV$UWLFOHIRUPHUO\$UWLFOHRIWKH(&7UHDW\VWDWH"

:KDWLVWKHGLIIHUHQFHEHWZHHQDGLVFUHWLRQDU\UHIHUUDODQGD PDQGDWRU\UHIHUUDO"

:KDWJXLGHOLQHVGLGWKH&RXUWRI$SSHDOJLYHLQ%XOPHUY%ROOLQJHU "

:KDWJXLGHOLQHVGLGWKH(&-JLYHLQ&,/),7Y0LQLVWURGHOOD6DQLWD "

:KDWODWHVWJXLGHOLQHVKDVWKH(&-LVVXHGIRUUHIHUUDOVIRUSUHOLPLQDU\UXOLQJV"

'RHVWKH(&-GHFLGHFDVHVUHIHUUHGWRLWE\QDWLRQDOFRXUWV"

:KDWLVWKHUROHRIWKH&RXUWRI)LUVW,QVWDQFH"

&RQVLGHUWKHGLIIHUHQFHVEHWZHHQWKH(&-DQG(QJOLVKFRXUWV

(;$048(67,216

6HH'DWD3DSHU4-XQH

'HVFULEH WKH FRPSRVLWLRQ DQG UROH RI WKH (XURSHDQ &RXUW RI -XVWLFH DQG HYDOXDWH LWVLPSRUWDQFHZLWKUHJDUGWRWKH(QJOLVKOHJDOV\VWHP

2[IRUG%RDUG0D\

'HVFULEHDQGHYDOXDWHWKHZRUNRIWKH(XURSHDQ&RXUWRI-XVWLFH

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

32/,&(32:(56

:+$7<281(('725(6($5&+

3RZHUVWRVWRSDQGVHDUFKSRZHUVRIDUUHVWSRZHUVRIGHWHQWLRQDQGWKHWUHDWPHQWRIVXVSHFWVDWWKHSROLFHVWDWLRQ%DODQFHRILQGLYLGXDOULJKWVDQGWKHQHHGIRULQYHVWLJDWLYHSRZHUV

5(&200(1'('5($',1*

-0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHU(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHPFKDSWHUS

352*5(667(67

%$&.*5281'

&RQVLGHU WKH EDFNJURXQG WR WKH 3ROLFH DQG &ULPLQDO (YLGHQFH $FW LH WKH 5R\DO&RPPLVVLRQRQ &ULPLQDO3URFHGXUH

*LYHH[DPSOHVRIPLVFDUULDJHVRIMXVWLFHLQWKHVDQGV

&RQVLGHU WKHUROH RI WKH5R\DO &RPPLVVLRQ RQ &ULPLQDO -XVWLFH DOVRNQRZQ DV WKH5XQFLPDQ&RPPLVVLRQ

:KDWDUHµDUUHVWDEOHRIIHQFHV¶DQGµVHULRXVDUUHVWDEOHRIIHQFHV¶"

32:(56726723$1'6($5&+

:KHQGRWKHSROLFHKDYHWKHSRZHUWRVWRSDQGVHDUFKSHRSOHDQGYHKLFOHV"

$UHWKHUHDQ\VDIHJXDUGV"

:KDWFULWLFLVPVKDYHEHHQPDGHRIWKLVSRZHU"

'RWKHSROLFHKDYHDQ\RWKHUSRZHUVWRVWRSDQG VHDUFK"

:KHQFDQWKHSROLFHPDNHURDGFKHFNVLQDQDUHD"

32:(56726($5&+35(0,6(6

:KHQFDQWKHSROLFHHQWHUSUHPLVHVZLWKDVHDUFKZDUUDQW"

:KDWLVWKHFRUUHFWSURFHGXUH"

'RWKHSROLFHKDYHWRFRPSO\SUHFLVHO\ZLWKWKHVHUHTXLUHPHQWV"

&DQWKHSROLFHHQWHUSUHPLVHVZLWKRXWDVHDUFKZDUUDQWXQGHU3$&("

:KHQHOVHFDQWKHSROLFHHQWHUDQGVHDUFKSUHPLVHV"

:KDWZLOOKDSSHQLIWKHSROLFHH[FHHGWKHLUSRZHUV"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

32:(562)$55(67

:KDWDUHWKHJHQHUDOSROLFHSRZHUVRIDUUHVW"

:KHQFDQWKHSROLFHDQGSULYDWHFLWL]HQVDUUHVWZLWKRXWDZDUUDQW"

:KDWH[WUDSRZHUVGRWKHSROLFHKDYHFRPSDUHGWRSULYDWHFLWL]HQV"

:KDWDUHUHDVRQDEOHJURXQGVIRUVXVSHFWLQJ"

:KDWSRZHUVRIDUUHVWGRWKHSROLFHKDYHXQGHUV"

:KDWRWKHUSRZHUVRIDUUHVWGRWKHSROLFHKDYH"

,QZKDWPDQQHUPXVWWKHDUUHVWEHPDGH"

'RWKHSROLFHKDYHWKHULJKWWRVHDUFKDQDUUHVWHGSHUVRQ"

32:(562)'(7(17,21

D :KDWDUHWKHWLPHOLPLWVRQGHWHQWLRQ"

E :KDWLVWKHUROHRIWKH&XVWRG\2IILFHU"

:KDWDUHWKHULJKWVRIDGHWDLQHGSHUVRQ"

&DQDGHWDLQHGSHUVRQEHTXHVWLRQHGE\WKHSROLFH"

:KDWSURWHFWLRQGRVXVSHFWVKDYHLQWKHZD\WKH\VKRXOGEHWUHDWHGZKLOVWEHLQJGHWDLQHGDQGTXHVWLRQHG"

:KDWFKDQJHVKDYHEHHQPDGHWRWKHULJKWWRVLOHQFH"

:KDWDUHWKHUXOHVUHJDUGLQJVWULSVHDUFKHV"

:KDWDUHWKHUXOHVUHJDUGLQJLQWLPDWHVHDUFKHV"

:KDWDUHWKHUXOHVUHJDUGLQJWKHWDNLQJRIILQJHUSULQWVDQGERG\VDPSOHV"

&203/$,176

+RZFDQFRPSODLQWVEHPDGHDJDLQVWWKHSROLFH"

&DQDFLYLODFWLRQEHFRPPHQFHGDJDLQVWWKHSROLFH"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

&KDUOLHDJHGZKHQ ZDONLQJGRZQD VWUHHWQHDUKLVKRPH LVVWRSSHG E\D SROLFHRIILFHUZKRGHPDQGVWKDW&KDUOLHHPSW\KLVSRFNHWV:KHQ&KDUOLH DVNVZK\WKHSROLFHRIILFHUWHOOVKLP WKDW KH LVJRLQJ WREH WDNHQ WRWKHORFDO SROLFH VWDWLRQ $WWKHSROLFHVWDWLRQ &KDUOLH LVLPPHGLDWHO\LQWHUYLHZHGDERXWDEXUJODU\7KHLQWHUYLHZODVWIRUIRXUKRXUV

([SODLQZKDWULJKWV&KDUOLHKDVLQWKLV VLWXDWLRQDQGGLVFXVVZKHWKHUWKHVHULJKWVKDYHEHHQEUHDFKHG

2&5-XQH

7RZKDWH[WHQWGRHVWKHODZUHODWLQJWRSROLFHSRZHUVVXFKDVWKRVHWRVWRSVHDUFKDUUHVWDQG GHWDLQ VWULNH D EDODQFH EHWZHHQ DOORZLQJ WKH SROLFH VXIILFLHQW IUHHGRP WR LQYHVWLJDWHFULPHDQGDGHTXDWHO\SURWHFWLQJWKHLQGLYLGXDO¶VULJKWV"

2&50D\

'HVPRQGDJHGKDVEHHQDUUHVWHGE\WKHSROLFHLQFRQQHFWLRQZLWKDPXUGHU

D 'HVFULEH DQG FRPPHQWRQWKHSROLFH SRZHUV LQUHVSHFW RIGHWHQWLRQERG\ VHDUFKHVDQGLQWHUYLHZDWWKHSROLFHVWDWLRQLQVXFKDFDVH>PDUNV@

E &ULWLFDOO\ FRPPHQW RQ WKH UROH RI WKH &URZQ 3URVHFXWLRQ 6HUYLFH LQ WKH FDVH LI'HVPRQGLVFKDUJHGZLWKPXUGHU>PDUNV@

2[IRUG%RDUG0D\

7RQ\ZDVVWRSSHGLQWKHVWUHHWE\DSROLFHRIILFHUZKRLQVLVWHGWKDWKHKDGWKHULJKWWRVHDUFK7RQ\1RWKLQJZDVIRXQGLQWKHVHDUFKEXW7RQ\ZDVWKHQWDNHQWRWKHORFDOSROLFHVWDWLRQIRUTXHVWLRQLQJDERXWDUHFHQWEXUJODU\

D $GYLVH7RQ\DERXWKLVULJKWVXQGHUWKH3ROLFHDQG&ULPLQDO (YLGHQFH$FW>PDUNV@

E +RZDGHTXDWHDUHWKHVHSURYLVLRQVIRUVDIHJXDUGLQJWKHOLEHUW\RIWKHFLWL]HQ">@

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

&5,0,1$/&28576

:+$7<281(('725(6($5&+

3UHWULDOPDWWHUVEDLOPRGHRIWULDOFRPPLWWDOSURFHHGLQJV-XULVGLFWLRQRI0DJLVWUDWHV¶&RXUWV<RXWK&RXUWVDQG&URZQ&RXUWVDWILUVWLQVWDQFH $SSHDOV5ROHRIWKH&ULPLQDO&DVHV5HYLHZ&RPPLVVLRQ

5(&200(1'('5($',1*

-0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHUVDQG(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHPFKDSWHU

352*5(667(67

35(75,$/0$77(56

:KDWDUHWKHWKUHHFDWHJRULHVRIFULPLQDORIIHQFHV"

:KDWLVQHZILUVWKHDULQJWKDWWDNHVSODFHLQWKH0DJLVWUDWHV¶&RXUWIRUVXPPDU\DQGLQGLFWDEOHRIIHQFHV"

&RQVLGHUWKHSROLFHSRZHUVWRJUDQWEDLO

'RWKHSROLFHKDYHWKHSRZHUWRLPSRVHFRQGLWLRQVRQD JUDQWRIEDLO"

+RZZLOODFRXUWGHFLGHKRZWRJUDQWEDLOXQGHUWKH%DLO$FW"

:KDWFKDQJHVZHUHPDGHWRWKHJUDQWLQJRIEDLOE\WKH&-$DQGWKH%$$"

:KDWRWKHUOLPLWDWLRQVZHUHSODFHGRQWKHJUDQWLQJRIEDLOE\WKH&-32$"

:KDWLVWKHUROHRIWKH&URZQ3URVHFXWLRQ6HUYLFH"

+RZGRHVWKH&36GHFLGHLIDSURVHFXWLRQVKRXOGFRQWLQXH"

:KDWZHUHWKHUHVXOWVRIWKH&36$QQXDO5HSRUW"

:KDWZHUHWKH UHVXOWVRIWKH*OLGHZHOO5HSRUW-XQH"

-85,6',&7,21

:KDWLVWKHMXULVGLFWLRQRIWKH0DJLVWUDWHV&RXUWV"

:KDWLVWKH<RXWKFRXUW"

:KDWLVWKHMXULVGLFWLRQRIWKH&URZQ&RXUW"

352&('85(

:KDWDUHWKHSRZHUVRIPDJLVWUDWHVLQVXPPDU\WULDOV"

:KDWKDSSHQVGXULQJDVXPPDU\WULDOLIWKHGHIHQGDQWSOHDGVJXLOW\"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

:KDWKDSSHQVGXULQJDVXPPDU\WULDOLIWKHGHIHQGDQWSOHDGVQRWJXLOW\"

:KDWLVWKHSURFHGXUHIRUWKHWULDORIWULDEOHHLWKHUZD\RIIHQFHV"

:KDWDUHWKHLPSOLFDWLRQVRIFKRRVLQJMXU\WULDO"

6KRXOGWKHULJKWWRFKRRVHWULDOE\MXU\EHNHSW"

:KDWDUHFRPPLWWDOVIRUVHQWHQFH"

:KDWDUHFRPPLWWDOSURFHHGLQJV"

:KDWSUHOLPLQDU\PDWWHUVDULVHFRQFHUQLQJWULDORQLQGLFWPHQWLQWKH&URZQ&RXUW"

:KDWLVWKHWULDOSURFHGXUHGXULQJWULDORQLQGLFWPHQW"

$33($/6

:KDWLVWKHDSSHDOURXWHIURPWKH0DJLVWUDWHV&RXUWWRWKH&URZQ&RXUW"

&DQWKHUHEHDIXUWKHUDSSHDO"

:KDWLVWKHDSSHDOURXWHIURPWKH0DJLVWUDWHV&RXUWWR4XHHQV%HQFK'LYLVLRQDO&RXUW"

&RQVLGHUWKHDSSHDOURXWHIURPWKH4%'&WRWKH+RXVHRI/RUGV

:KDWDSSHDOVFDQEH PDGHIURPWKH&URZQ&RXUWE\WKHGHIHQGDQW"

:KDWDUHWKHUXOHVRQDSSHDOV"

:KDWDUHWKHJURXQGVXQGHUZKLFKWKH&RXUWRI$SSHDOFDQDOORZDQDSSHDO"

&DQWKHSURVHFXWLRQDSSHDODJDLQVWDQDFTXLWWDO"

&DQWKHSURVHFXWLRQDSSHDODJDLQVWDQXQGXO\OHQLHQWVHQWHQFH"

:KDWLVWKHSURFHGXUHIRUDSSHDOLQJWRWKH+RXVHRI/RUGV"

:KDWLVWKHUROHRIWKH&ULPLQDO&DVHV5HYLHZ&RPPLVVLRQ"

+RZVDWLVIDFWRU\KDVWKHSHUIRUPDQFHEHHQRIWKH&ULPLQDO&DVHV5HYLHZ&RPPLVVLRQ"

5()250

:KDWKDYHEHHQWKHUHVXOWVVRIDURI/RUG-XVWLFH$XOG¶V&ULPLQDO&RXUWV5HYLHZ"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

$QVZHU ERWK SDUWV

D ([SODLQ WKH ULJKWV RI DSSHDO LQ FULPLQDO FDVHV DYDLODEOH WR WKH SURVHFXWLRQ DQGGHIHQFHPDUNV

E &RQVLGHU WR ZKDW H[WHQW WKHVH ULJKWV RI DSSHDO DUH DGHTXDWH IRU SUHYHQWLQJPLVFDUULDJHVRIMXVWLFHPDUNV

2&50D\

*DYLQLVGXHWREHWULHGDW$PFDVWHU&URZQ&RXUWIRUUREEHU\RIIURPDEDQN

D ,IKHLVIRXQGJXLOW\ZKDWDSSHDOURXWHVDUHRSHQWRKLP">PDUNV@

E :KDWDSSHDOULJKWVDUHDYDLODEOHWRWKHSURVHFXWLRQ">PDUNV@

F ,VWKLVV\VWHPRIDSSHDOVVDWLVIDFWRU\">PDUNV@

2[IRUG%RDUG0D\

-HVVLFDDJHGLVFKDUJHGZLWKWKHIWRIDSDLURIMHDQV

D :KHUHDQGKRZFDQVKHJHWOHJDODLGDQGDGYLFHDQGZKDWSUREOHPVLVVKHOLNHO\WRHQFRXQWHU">PDUNV@

E &ULWLFDOO\FRQVLGHUZKHUHKHUFDVHZLOOEHWULHG>PDUNV@

F ,IVKHLVFRQYLFWHGZKDWDSSHDOURXWHVDUHDYDLODEOHWRKHU">PDUNV@

2[IRUG%RDUG0D\

%LOO6\NHVLVFKDUJHGZLWKPDQVODXJKWHU

D ([SODLQWR KLP WKH VHTXHQFH RIHYHQWVWKDW ZLOORFFXU DIWHUKHLV FKDUJHGXS WRDQGLQFOXGLQJKLV WULDO>PDUNV@

E &ULWLFDOO\H[DPLQHWKHSURFHVVRIVHOHFWLRQRIWKHMXU\IRUWKHWULDO>PDUNV@

2[IRUG%RDUG0D\

D ([SODLQWKHFULPLQDODSSHDOV\VWHPIURPWKH0DJLVWUDWHV&RXUWDQGWKH&URZQ&RXUW

E 7RZKDWH[WHQWVKRXOGWKLVDSSHDOV\VWHPEHUHIRUPHG"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

,VRXUV\VWHPRIFULPLQDOMXVWLFHLQWKH&URZQ&RXUWDQGWKH0DJLVWUDWHV&RXUWVVDWLVIDFWRU\"

2[IRUG%RDUG0D\

-HUHP\DJHGLVDOOHJHGWRKDYHVWROHQIURPKLVHPSOR\HU.DWKHULQH

L ,QZKDWFRXUWVPD\-HUHP\EHSURVHFXWHG":KDWDUHWKHLPSOLFDWLRQVLIRQHFRXUWLVFKRVHQUDWKHUWKDQDQRWKHU">PDUNV@

LL ,IKHLVFRQYLFWHGRIWKHIWWRZKDWFRXUWVPD\KHDSSHDODVVXPLQJWKDWKHWDNHVHYHU\RSSRUWXQLW\RIDSSHDOLQJRSHQWRKLP">PDUNV@

LLL ,I KH LV DFTXLWWHG RU FRQYLFWHG DQG JLYHQ ZKDW WKH SURVHFXWLRQ UHJDUGV DV D OLJKWVHQWHQFHKRZFDQWKHSURVHFXWLRQKDYHWKHDFTXLWWDORUVHQWHQFHDSSHDOHGDJDLQVWRUUHYLHZHG">PDUNV@

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

35,1&,3/(62)6(17(1&,1*

:+$7<281(('725(6($5&+

$LPVRIVHQWHQFLQJSXUSRVHDQGHIIHFWRIVHQWHQFHVUHRIIHQGLQJUDWHV

5(&200(1'('5($',1*


352*5(667(67

0DNHUHYLVLRQQRWHVRQWKHIROORZLQJDLPVRIVHQWHQFLQJ

5HWULEXWLRQ

'HQXQFLDWLRQ

,QFDSDFLWDWLRQ3URWHFWLRQRIWKH3XEOLF

'HWHUUHQFH

5HKDELOLWDWLRQDQG

5HSDUDWLRQ

:KDWLVWKHVHQWHQFLQJSUDFWLFHLQWKHFRXUWV"

&RQVLGHUSHQDOSROLFLHVDQGWKHLUHIIHFWV0DUWLQS

:KDWKDVEHHQWKHVWDWHRIWKHSULVRQSRSXODWLRQ"

+DYHWKHUHEHHQVHULRXVGLVWXUEDQFHVZLWKLQSULVRQV"

,VWKHUHDQ\HYLGHQFHRIUDFLVPLQVHQWHQFLQJ"

+RZKDYHZRPHQEHHQWUHDWHGE\WKHVHQWHQFLQJSURFHVV"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

32:(562)&28576

:+$7<281(('725(6($5&+

$QXQGHUVWDQGLQJRIWKHGLIIHUHQWW\SHVRIVHQWHQFHVHJFXVWRGLDOFRPPXQLW\ILQHVDQGGLVFKDUJHVFRPSHQVDWLRQDQGRWKHUSRZHUV

5(&200(1'('5($',1*

-0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHU(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHPFKDSWHUVDQG

352*5(667(67

:KDWUHIRUPVZHUHHQDFWHGLQWKH3RZHUVRIWKH&ULPLQDO&RXUWV6HQWHQFLQJ$FW"

:KDWFXVWRGLDOVHQWHQFHVDUHDYDLODEOHIRUDGXOWRIIHQGHUV"

:KDWFXVWRGLDOVHQWHQFHVDUHDYDLODEOHIRU\RXQJRIIHQGHUV"

:KDWFRPPXQLW\VHQWHQFHVPD\EHLPSRVHGRQRIIHQGHUVDJHGDQGRYHU"

:KDWRWKHUVHQWHQFHVDUHDYDLODEOHIRUGHDOLQJZLWK\RXQJRIIHQGHUV"0DUWLQS

:KDWW\SHVRIILQHVPD\EHLPSRVHG"

:KDWLVDGLVFKDUJH"

:KDWLVELQGLQJRYHU"

&DQDSHUVRQEHGLVTXDOLILHGIURPGULYLQJ"

:KDWVHQWHQFLQJSRZHUVDUHDYDLODEOHIRUGHDOLQJZLWKPHQWDOO\LOORIIHQGHUV"

:KDW RWKHU SRZHUV GR WKH FRXUWV KDYH WR FRPSHQVDWH YLFWLPV DQGRU PDNH VXUH WKDW WKHGHIHQGDQWGRHVQRWEHQHILWIURPDFULPH"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

(YDOXDWH ZKHWKHU UHWULEXWLRQ VKRXOG EH WKH PDLQ DLP RI WKH FULPLQDO MXVWLFH V\VWHP ZKHQRIIHQGHUVDUHVHQWHQFHG6XSSRUW\RXUDUJXPHQWVE\UHIHUHQFHWRGLIIHUHQW W\SHVRIVHQWHQFH

2&5-XQH

$QG\ DJHG KDV EHHQIRXQGJXLOW\LQ WKH 'RQEULGJH&URZQ &RXUWRI DVVDXOWLQJ%HQDQGFDXVLQJKLPVHULRXVLQMXULHV

D %ULHIO\H[SODLQWKHW\SHVRIVHQWHQFHVDYDLODEOHLQKLVFDVHPDUNV

E 'LVFXVV KRZDQG ZK\ WKH FRXUWZRXOG GHFLGH ZKLFK VHQWHQFHWR LPSRVH XSRQ KLPPDUNV

2&50D\

&RQVLGHUKRZWKHYDULRXVVHQWHQFHVDYDLODEOHWRWKHFRXUWVIRUGHDOLQJZLWKFULPLQDORIIHQGHUVPD\EHXVHGWRSURPRWHGLIIHUHQWVHQWHQFLQJDLPV

2[IRUG%RDUG0D\

2QWKHVDPHGD\WZRGHIHQGDQWVDSSHDULQVHSDUDWHFDVHVDWWKH2[EULGJH&URZQ&RXUW

%HQ KDV EHHQ IRXQG JXLOW\ RI VWHDOLQJ D SDLU RI WUDLQHUV IURP D VKRS +H LV DJHG XQHPSOR\HGXQPDUULHGDQGOLYHVZLWKKLVPRWKHU +HKDV RQH SUHYLRXVFRQYLFWLRQ IRUWKHIW

ZKHQKHZDVDJHG

-LPKDVSOHDGHGJXLOW\WRVWHDOLQJIURPWKHILUPZKHUHKHZRUNVDVDQDFFRXQWDQW+HLVDJHGDQGPDUULHGZLWKWKUHHFKLOGUHQ+HKDVQRSUHYLRXVFRQYLFWLRQV

D :KDWVHQWHQFLQJSRZHUVKDVWKHMXGJHWRGHDOZLWKDGXOWRIIHQGHUVVXFKDVWKHVH"

E :KDW IDFWRUV ZRXOG WKH MXGJH WDNH LQWR DFFRXQW LQ GHWHUPLQLQJ WKH DSSURSULDWHVHQWHQFHVLQHDFKRIWKHVHFDVHV"

2[IRUG%RDUG0D\

,VXQLIRUPLW\RIVHQWHQFHVWKHPRVWLPSRUWDQWDLPLQVHQWHQFLQJ"

2[IRUG%RDUG0D\

%HUQDUGDJHGLVFRQYLFWHGE\WKH0LGVKLUH<RXWK&RXUWRIFDXVLQJFULPLQDOGDPDJH

D :KDWVHQWHQFLQJSRZHUVGRHVWKHFRXUWKDYHLQUHVSHFWRIKLP"

E :K\ DUH WKHUHGLIIHUHQFHV LQWKHVHQWHQFHV DYDLODEOHIRU \RXQJ RIIHQGHUV DQG DGXOWRIIHQGHUV"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

&RQVLGHUFULWLFDOO\WKHVHQWHQFLQJUHIRUPVLQWURGXFHGE\WKH&ULPLQDO-XVWLFH$FW

2[IRUG%RDUG0D\

³7KHILUVWREMHFWLYHVRISXQLVKPHQWVKRXOGEHGHQXQFLDWLRQRIDQGUHWULEXWLRQIRUWKHFULPH

6KRXOGWKHVHEHWKHPDLQDLPVZKHQVHQWHQFLQJRIIHQGHUV"

2[IRUG%RDUG0D\

-DPHVDJHGLVFKDUJHGZLWKDVVDXOWLQJ'DYLGDQGFDXVLQJKLPDFWXDOERGLO\KDUP-DPHVLQWHQGVSOHDGLQJJXLOW\LQWKH (UHZKRQ0DJLVWUDWHV&RXUW

D :KDWSRZHUVGRWKHPDJLVWUDWHVKDYHWRGHDOZLWKKLP"DQG

E $UHWKRVHSRZHUVVDWLVIDFWRU\"

2[IRUG%RDUG0D\

&ULWLFDOO\H[DPLQHWKHSULQFLSOHVRQZKLFKERWK

D DGXOWRIIHQGHUVDQGE MXYHQLOHRIIHQGHUV

DUHGHDOWZLWKE\WKH&ULPLQDO&RXUWV

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

-8',&,$5<

:+$7<281(('725(6($5&+

$SSRLQWPHQWWHQXUHLQGHSHQGHQFHUROH LQFOXGLQJUROH LQMXGLFLDOUHYLHZ DQGHQIRUFHPHQWRIKXPDQULJKWVLQRXWOLQHUROHRIWKH/RUG&KDQFHOORU7KHWKHRU\RIWKHVHSDUDWLRQRISRZHUV

5(&200(1'('5($',1*


352*5(667(67

$332,170(17$1'52/(

:KRDUHWKHVXSHULRUMXGJHV"

:KDWDUHWKHVSHFLILFMXGLFLDOSRVWV"

:KRDUHWKHLQIHULRUMXGJHV"

:KRDSSRLQWVMXGJHV"

:KHUHFDQWKHTXDOLILFDWLRQVIRUWKHGLIIHUHQWMXGLFLDOSRVWVEHIRXQG"

+RZDUHVXSHULRUMXGJHVDSSRLQWHG"

+RZDUHWKH/DZ/RUGVDSSRLQWHG"

+RZDUH/RUGV-XVWLFHVRI$SSHDODSSRLQWHG"

+RZDUH+LJK&RXUWMXGJHVDSSRLQWHG"

+RZDUHLQIHULRUMXGJHVDSSRLQWHG"

+RZDUH&LUFXLWMXGJHVDSSRLQWHG"

+RZDUH5HFRUGHUVDSSRLQWHG"

+RZDUH'LVWULFWMXGJHVDSSRLQWHG"

+RZDUH6WLSHQGLDU\PDJLVWUDWHVDSSRLQWHG"

0DNHQRWHVRQWKHFULWLFLVPVRIWKHFRPSRVLWLRQRIWKH%HQFK

0DNHQRWHVRQWKHWUDLQLQJWKDWMXGJHVUHFHLYH

:KDWUHIRUPVFRXOGEHPDGHWRWKHDSSRLQWPHQWRIWKHMXGLFLDU\"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

7(185(

:K\LVLWLPSRUWDQWWKDWMXGJHVVKRXOGEHIUHHIURPSROLWLFDOLQWHUIHUHQFH"

:KDWVHFXULW\RIWHQXUHGRVXSHULRUMXGJHVKDYH"

:KDWVHFXULW\RIWHQXUHGRLQIHULRUMXGJHVKDYH"

:KHQPXVWMXGJHVUHWLUH"

-8',&,$/,1'(3(1'(1&(

:KDWLVWKHGRFWULQHRIWKHVHSDUDWLRQRISRZHUV"

+RZLVWKHMXGLFLDU\LQGHSHQGHQWIURPWKHOHJLVODWXUH"

+RZLVWKHMXGLFLDU\LQGHSHQGHQWIURPWKHH[HFXWLYH"

+RZDUHMXGJHVSURWHFWHGIURPRXWVLGHSUHVVXUH"

:KDWLVWKHHYLGHQFHWKDWMXGJHVDUHQRWIUHHRUDUHIUHHIURPSROLWLFDOELDV"

52/(2)/25'&+$1&(//25

+RZLVWKHSRVLWLRQRIWKH/RUG&KDQFHOORULQFRQWUDGLFWLRQWRWKHGRFWULQHRIWKHVHSDUDWLRQRISRZHUV"

+DYHSDVW/RUG&KDQFHOORUVEHHQKLJKO\LQYROYHGLQSROLWLFV"

:KDWDGPLQLVWUDWLYHIXQFWLRQVGRHVWKH/RUG &KDQFHOORUKDYH"

:KDWFULWLFLVPVKDYHEHHQPDGHRIWKHSUHVHQWV\VWHPRIWKHDGPLQLVWUDWLRQRIMXVWLFH"

:KDWDUHWKHDUJXPHQWVIRUDQGDJDLQVWD0LQLVWU\RI-XVWLFH"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

&ULWLFDOO\H[DPLQHZKHWKHUWKHUROHRIWKH/RUG&KDQFHOORULVLQFRQIOLFWZLWKWKHGRFWULQHRIWKHVHSDUDWLRQRISRZHUV

2&50D\

&ULWLFDOO\ FRQVLGHU WKH SRVVLEOH HIIHFW RI UHFHQW UHIRUPV WR WKH DSSRLQWPHQW DQG WUDLQLQJ RI MXGJHV

2[IRUG%RDUG0D\

+RZWUXHLVLWWRVD\WKDWWKH/RUG &KDQFHOORUVSRVLWLRQLVLQFRQIOLFWZLWKWKHSULQFLSOHRIMXGLFLDOLQGHSHQGHQFH"

2[IRUG%RDUG0D\

³7KHLULJQRUDQFHRIZKROHDUHDVRI%ULWLVKOLIHLVVKDWWHULQJ7KH\UHFHLYHQRWUDLQLQJZKDWHYHUZKLFKPLJKWKHOSWKHPUHFRJQLVHDQGRYHUFRPHWKHLUSUHMXGLFHV/RUG*LIIRUG

,QWKHOLJKWRIWKLVVWDWHPHQWGLVFXVVWKHDSSRLQWPHQWDQGWUDLQLQJRIMXGJHV

2[IRUG%RDUG0D\

D 7RZKDWH[WHQWLVWKHRIILFHRI/RUG&KDQFHOORUDQRXWRIGDWHUHOLFIURPWKHSDVW">@E :KDW ZRXOGEHWKHDGYDQWDJHVRIFUHDWLQJD0LQLVWU\RI-XVWLFH">PDUNV@

2[IRUG%RDUG0D\

&DQWUXHLQGHSHQGHQFHHYHUEHDFKLHYHGXQGHUWKHSUHVHQWPHWKRGRIDSSRLQWPHQW"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

%$55,67(56$1'62/,&,7256

:+$7<281(('725(6($5&+

7UDLQLQJZRUNVXSHUYLVRU\UROHRI%DU&RXQFLODQG/DZ6RFLHW\5ROHRISDUDOHJDOVLQRXWOLQH/HJDO6HUYLFHV2PEXGVPDQ&URZQ3URVHFXWLRQ6HUYLFHUROHSHUVRQQHO'LUHFWRURI3XEOLF3URVHFXWLRQV

5(&200(1'('5($',1*

-0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHUDQGIRUWKH&36FKDSWHU(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHPFKDSWHUDQGIRUWKH&36S

352*5(667(67

62/,&,7256$1'%$55,67(56

0DNHQRWHVRQWKHWUDLQLQJRIVROLFLWRUV

:KDWFULWLFLVPVKDYHEHHQPDGHRIWKHWUDLQLQJSURFHVV"

:KDWW\SHVRIZRUNDUHVROLFLWRUVXVXDOO\LQYROYHGLQ"

:KDWUROHLVSOD\HGE\VROLFLWRUVLQFRQYH\DQFLQJ"

:KDWULJKWVRIDGYRFDF\GRVROLFLWRUVKROG"

&DQVROLFLWRUVIRUPPXOWLGLVFLSOLQHSDUWQHUVKLSV"

&DQDVROLFLWRUEHVXHGIRUQHJOLJHQFH"

&DQ RIILFLDO FRPSODLQWV EH PDGH DJDLQVW VROLFLWRUV" &RQVLGHU WKH UROH RI WKH 6ROLFLWRUV&RPSODLQWV%XUHDXDQGWKH2IILFHIRUWKH6XSHUYLVLRQRI 6ROLFLWRUV

:KDWUROHLVSOD\HGE\WKH/HJDO6HUYLFHV2PEXGVPDQ"

0DNHQRWHVRQWKHWUDLQLQJRIEDUULVWHUV

:KDWW\SHVRIZRUNDUHEDUULVWHUVXVXDOO\LQYROYHGLQ"

:KDWDUH4XHHQV&RXQVHO"

&DQDEDUULVWHUEHVXHGIRUQHJOLJHQFH"

&DQRIILFLDOFRPSODLQWVEHPDGHDJDLQVWEDUULVWHUV"

:KDWUROHLVSOD\HG E\WKH/HJDO6HUYLFHV2PEXGVPDQ"

:KDWZRXOGIXVLRQRIWKHOHJDOSURIHVVLRQLQYROYH"

:KDWDUHWKHDGYDQWDJHVRIIXVLRQ"

:KDWDUHWKHGLVDGYDQWDJHVRIIXVLRQ"

+DYHZRPHQLQWKHOHJDOSURIHVVLRQVXIIHUHGIURPGLVFULPLQDWLRQ"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

+DYHHWKQLFPLQRULWLHVLQWKHOHJDOSURIHVVLRQVXIIHUHGIURPGLVFULPLQDWLRQ"

:KRDUH/HJDO([HFXWLYHV"

&52:13526(&87,216(59,&(&36

:K\ZDVWKH&36FUHDWHG"

+RZLVWKH&36RUJDQLVHG"

:KDWDUHWKHIXQFWLRQVRIWKH&36"

:KDWIDFWRUVDUHWDNHQLQWRDFFRXQWZKHQGHFLGLQJZKHWKHUWRSURVHFXWH"

:KDWFULWLFLVPVKDYHEHHQPDGHRIWKHGLVFRQWLQXDQFHRIFDVHVE\WKH&36"&RQVLGHUWKHUHVXOWVRIWKH&36$QQXDO5HSRUW

+DVWKHUHYLVHGFRGHRISUDFWLFHEHHQVXFFHVVIXO"

:KDWZHUHWKHUHVXOWVRIWKH*OLGHZHOO5HSRUW-XQH"

5()250

:KDWSURSRVDOVIRUUHIRUPKDYHUHFHQWO\EHHQPDGHHQDFWHG"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

6LQFHWKHUHKDYHEHHQPDQ\FKDQJHVWRERWKWKHOHJDOSURIHVVLRQDQGWKHSURYLVLRQRIOHJDO VHUYLFHV ([SODLQ WKHVH FKDQJHV DQG FULWLFDOO\ GLVFXVV ZKHWKHU WKH\ KDYH LPSURYHGDFFHVVWRMXVWLFHIRUWKHRUGLQDU\SHUVRQ

2&5-XQH

D 'HVFULEHDQGFRPPHQWFULWLFDOO\RQERWKWKHWUDLQLQJDQGZRUNRIVROLFLWRUV>PDUNV@

E +RZFDQGLVVDWLVILHGFOLHQWVFRPSODLQDERXWWKHLUVROLFLWRUVDQGDUHWKHVHSURFHGXUHVDGHTXDWH">PDUNV@

2[IRUG%RDUG0D\

7RZKDWH[WHQWDUHWKHUHIRUPVRIWKHOHJDOSURIHVVLRQRYHUWKHODVWGHFDGHVDWLVIDFWRU\":KDWRWKHUUHIRUPVLIDQ\FRXOGEHMXVWLILHG"

2[IRUG%RDUG0D\

7R ZKDW H[WHQW LV LW WUXH WKDW WKH OLQHV RI GHPDUFDWLRQ EHWZHHQ WKH OHJDO SURIHVVLRQV KDYHEHFRPHLQFUHDVLQJO\EOXUUHG"

2[IRUG%RDUG0D\

+DYHWKHUHFHQWUHIRUPVRIWKHOHJDOSURIHVVLRQLPSURYHGLWV RUJDQLVDWLRQDQGDFKLHYHGPRUHVDWLVIDFWRU\UHVXOWVIRUFRQVXPHUVRIOHJDOVHUYLFHV"

2[IRUG%RDUG0D\

'RHVWKHSUHVHQWV\VWHPRIOHJDOHGXFDWLRQDQGWUDLQLQJSURYLGHWKHODZ\HUVWKDWWKLVFRXQWU\QHHGV"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

/$<0$*,675$7(6

:+$7<281(('725(6($5&+

$SSRLQWPHQWVRFLDOEDFNJURXQGWUDLQLQJUROHHYDOXDWLRQDQGFULWLFLVP5ROHRIWKHPDJLVWUDWHV¶FOHUNLQRXWOLQH

5(&200(1'('5($',1*


352*5(667(67

+RZPDQ\OD\PDJLVWUDWHVDUHWKHUH"

:KDWDUHWKHTXDOLILFDWLRQVWREHFRPHDOD\PDJLVWUDWH"

:KRDUHQRWHOLJLEOHWREHDSSRLQWHGDVOD\PDJLVWUDWHV"

:KDWDUHWKHTXDOLILFDWLRQVWREHFRPHDVWLSHQGLDU\PDJLVWUDWH"

+RZDUHOD\PDJLVWUDWHVDSSRLQWHG"

:KDWZDVWKHGLUHFWLYHWKDW/RUG*DUGLQHU/&LVVXHGLQ"

:KDWKDVWKHFXUUHQW/RUG&KDQFHOORU/RUG,UYLQHVDLGRQWKLVPDWWHU"

+RZLVWKHSUHVHQWFRPSRVLWLRQRIWKHEHQFKSHUFHLYHG"

:KDWDUHWKHGXWLHVRIPDJLVWUDWHV"

:KDWWUDLQLQJGROD\PDJLVWUDWHVUHFHLYH"

:KHQPXVWPDJLVWUDWHVUHWLUH"

:KHQFDQWKH/RUG&KDQFHOORUUHPRYHDPDJLVWUDWH"

:KDWLVWKHUROHRIWKHPDJLVWUDWHVFOHUN"

&RQVLGHUWKHDGYDQWDJHVDQGGLVDGYDQ WDJHVRIOD\PDJLVWUDWHV"

:KDWLVD'LVWULFW-XGJH0DJLVWUDWHV¶&RXUW"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

:LWK UHIHUHQFH WR ERWK MXULHV DQG OD\ PDJLVWUDWHV GLVFXVV ZKHWKHU WKH SDUWLFLSDWLRQ RI OD\

SHRSOHLQWKHOHJDOV\VWHPLVGHVLUDEOH

2&50D\

³7ZRPDMRUFULWLFLVPVPD\EHPDGHDERXWOD\PDJLVWUDWHV7KHVHDUHILUVWWKDWWKHPHWKRGRIVHOHFWLRQGRHVQRWSURGXFHDEDODQFHGEHQFKDQGVHFRQGWKDWWKHLUWUDLQLQJLVLQDGHTXDWHIRUWKHZRUNWKH\DUHUHTXLUHGWRGR´

7RZKDWH[WHQWDUHWKHVHFULWLFLVPVMXVWLILHG"

2[IRUG%RDUG0D\

µ7KHFRPPRQFULWLFLVPLVWKDWERWKPDJLVWUDWHVDQGMXULHVSURGXFH³DPDWHXUMXVWLFHJHWWLQJWRRPDQ\GHFLVLRQVZURQJ¶'XJGDOHHWDO

:LWK UHIHUHQFH WR WKH DERYH VWDWHPHQW FRPSDUH DQG FRQWUDVW WKH UROH RI PDJLVWUDWHV DQG MXULHV

2[IRUG%RDUG0D\

$UHOD\PDJLVWUDWHVUHTXLUHGWRSOD\WRRJUHDWDUROHLQRXUOHJDOV\VWHP"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

-85,(6

:+$<<281(('725(6($5&+

4XDOLILFDWLRQVRIMXURUVVHOHFWLRQRIMXU\SDQHOVUROHLQFULPLQDODQGFLYLOFDVHVHYDOXDWLRQDQGFULWLFLVP $OWHUQDWLYHVWRMXU\

5(&200(1'('5($',1*


352*5(667(67

&RQVLGHUWKHKLVWRU\RIWKHMXU\V\VWHP

+RZRIWHQDUHMXULHVXVHGLQFULPLQDODQGFLYLOFDVHV"

:KHQDUHMXULHVXVHGLQ&RURQHUVFRXUWV"

:KDWDUHWKHTXDOLILFDWLRQVIRUMXU\VHUYLFH"

:KHQZLOODSHUVRQEHGLVTXDOLILHGIURPMXU\VHUYLFH"

:KLFKJURXSVRISHRSOHDUHLQHOLJLEOHIRUMXU\VHUYLFH"

:KRFDQEHH[FXVHGIURPMXU\VHUYLFHDVRIULJKW"

:KHQFDQDSHUVRQEHH[FXVHGIURPMXU\VHUYLFHDWWKHGLVFUHWLRQRIWKHFRXUW"

&DQDMXGJHGLVFKDUJHDMXURUIRUODFNRIFDSDFLW\"

+RZDUHDMXU\VHOHFWHG"

:KDW DUHWKHWZRW\SHVRIMXU\YHWWLQJ"

:KDWFKDOOHQJHVFDQEHPDGHWRRQHRUPRUHRIWKHMXURUV"

:KDWFULWLFLVPVKDYHEHHQPDGHRIWKHVHOHFWLRQRIMXULHV"

:KDWLVWKHMXU\VUROHLQFULPLQDOFDVHV"

&RQVLGHUWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIMXU\WULDO

:KDWDUHWKHVSHFLDOSUREOHPVRIXVLQJMXULHVLQFLYLOFDVHV"

:KDWDOWHUQDWLYHVDUHWKHUHWRWULDOE\MXU\"

:KDWSURSRVDOVIRUUHIRUPKDYHUHFHQWO\EHHQPDGHHQDFWHG"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

:LWK UHIHUHQFH WR ERWK MXULHV DQG OD\ PDJLVWUDWHV GLVFXVV ZKHWKHU WKH SDUWLFLSDWLRQ RI OD\

SHRSOHLQWKHOHJDOV\VWHPLVGHVLUDEOH

2&50D\

:KDWDUJXPHQWVFRXOGEHSXWIRUZDUGLQIDYRXURIDEROLVKLQJMXULHVLQERWKFLYLO DQGFULPLQDOFDVHV"

2[IRUG%RDUG0D\

:RXOGWKH TXDOLW\ RI FULPLQDOMXVWLFHEHLPSURYHG E\ DEROLVKLQJ WKHXVH RI MXULHV LQ FULPLQDOFRXUWV"

2[IRUG%RDUG0D\

³7KHFRPPRQ FULWLFLVP LVWKDW ERWKPDJLVWUDWHV DQG MXULHV SURGXFHµDPDWHXU¶MXVWLFH JHWWLQJWRRPDQ\GHFLVLRQVZURQJ´ 'XJGDOHHWDO

:LWK UHIHUHQFH WR WKH DERYH VWDWHPHQW FRPSDUH DQG FRQWUDVW WKH UROH RI PDJLVWUDWHV DQG MXULHV

2[IRUG%RDUG0D\

%LOO6\NHVLVFKDUJHGZLWKPDQVODXJKWHU

D ([SODLQWR KLP WKH VHTXHQFH RIHYHQWVWKDW ZLOORFFXU DIWHUKH LVFKDUJHG XSWRDQGLQFOXGLQJKLVWULDO>PDUNV@

E &ULWLFDOO\H[DPLQHWKHSURFHVVRIVHOHFWLRQRIWKHMXU\IRUWKHWULDO>PDUNV@

2[IRUG%RDUG0D\

³:H EHOLHYHWKDW WZHOYH SHUVRQV VHOHFWHG DW UDQGRP DUHOLNHO\ WR EH DFURVVVHFWLRQ RI WKHSHRSOHDVDZKROHDQGWKXVUHSUHVHQWWKHYLHZVRIWKHFRPPRQPDQ´

/RUG'HQQLQJ05LQ5Y6KHIILHOG&URZQ&RXUWH[SDUWH%URZQORZ

'RHVWKLVSURYLGHDVDWLVIDFWRU\MXVWLILFDWLRQIRUWULDOE\MXU\LQFULPLQDOFDVHV",VWKHUHDQ\RWKHUVDWLVIDFWRU\MXVWLILFDWLRQ"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

3529,6,212)/(*$/6(59,&(6

:+$7<281(('725(6($5&+

*RYHUQPHQW IXQGLQJ /HJDO $LG %RDUG/HJDO 6HUYLFHV &RPPLVVLRQ &RPPXQLW\ /HJDO 6HUYLFH&ULPLQDO 'HIHQFH 6HUYLFH IXQGLQJ RI FLYLO DQGF ULPLQDO FDVHV DGYLFH VFKHPHV LQ FLYLODQG FULPLQDOFDVHV$FFHVVWR-XVWLFH $GYLFHDJHQFLHV3XUSRVHDQGUROHRI&LWL]HQV¶$GYLFH%XUHDX[ODZFHQWUHVRWKHUDGYLFHDJHQFLHVLQRXWOLQHRQO\5ROHRIOHJDOSURIHVVLRQ3ULYDWHIXQGLQJRIFDVHVFRQGLWLRQDOIHHV

5(&200(1'('5($',1*


352*5(667(67

*29(510(17)81',1*

:KDWDUHWKHPDLQGLIILFXOWLHVIRUDSHUVRQVHHNLQJOHJDODVVLVWDQFH"

:KDWZHUHWKHPDLQJHQHUDOSULQFLSOHVRIWKH5XVKFOLIIH&RPPLWWHHUHSRUWLQ"

([SODLQ WKH WKUHH SHULRGV RI WKH GHYHORSPHQW RI WKH *RYHUQPHQW VFKHPH RI OHJDO DLG DQGDGYLFH"

:KDWGLGWKH$FFHVVWR-XVWLFH$FWGR"

:KDWLVWKH/HJDO6HUYLFHV&RPPLVVLRQ"

:KDWLVWKH&RPPXQLW\/HJDO6HUYLFH"

:KDWLVWKH&RPPXQLW\/HJDO6HUYLFH)XQG"

:KLFKPDWWHUVFDQQRWEHIXQGHGE\WKH&RPPXQLW\/HJDO6HUYLFHV)XQG

:KRZLOOIXQGLQJSULRULW\EHJLYHQWR"

:KDWLVWKHIXQGLQJFULWHULD"([SODLQWKHILQDQFLDOOLPLWVWKHFULWHULDIRUIXQGLQJDQGWKHPHULWVRIWKHFDVH

:KDWDUHFRQGLWLRQDOIHHV"

:KDWLVWKH3ROLFH6WDWLRQ'XW\6ROLFLWRU6FKHPH"

:KDWFULWLFLVPVKDYHEHHQPDGHRIWKH3ROLFH6WDWLRQ'XW\6ROLFLWRU6FKHPH"

+RZGR'XW\6ROLFLWRUVRSHUDWHDWWKH0DJLVWUDWHV&RXUWV"

+RZGRHVWKH&ULPLQDO/HJDO$LGVFKHPHZRUN"

([SODLQWKHPHULWVWHVW

:KDWFULWLFLVPVKDYHEHHQPDGHRIWKHPHULWVWHVW"

([SODLQWKHPHDQVWHVWDQGDQ\FULWLFLVPVPDGHRILW



$VLI7XIDO

ZZZODZWHDFKHUFRXN

:KDWFULWLFLVPVKDYHEHHQPDGHRIWKH&ULPLQDO/HJDO$LGVFKHPH"

:KDWLVWKH&ULPLQDO'HIHQFH6HUYLFH"

$'9,&($*(1&,(6

:KLFKRWKHUERGLHVSURYLGHOHJDODGYLFHDQGKHOS"

([SODLQWKHZRUNLQJRIWKH&LWL]HQV$GYLFH%XUHDX[

:KDWFRPPHQWVGLGWKH%HQVRQ &RPPLVVLRQPDNH"

+RZGR/DZ&HQWUHVRSHUDWH"

:KDWDUHWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRI/DZ&HQWUHV"

([SODLQWKHIROORZLQJVFKHPHVUXQE\ODZ\HUV

&KHDSIUHHLQWHUYLHZ $/$6)UHH5HSUHVHQWDWLRQ8QLW&RQGLWLRQDO)HHV



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

6LQFHWKHUHKDYHEHHQPDQ\FKDQJHVWRERWKWKHOHJDOSURIHVVLRQDQGWKHSURYLVLRQRIOHJDO VHUYLFHV ([SODLQ WKHVH FKDQJHV DQG FULWLFDOO\ GLVFXVV ZKHWKHU WKH\ KDYH LPSURYHGDFFHVVWRMXVWLFHIRUWKHRUGLQDU\SHUVRQ

2&5-XQH

([SODLQWRWKHIROORZLQJWKUHHSHRSOHZKDWSUREOHPVWKH\PD\KDYHLQREWDLQLQJOHJDODLGDQGDGYLFH

D $PULW ZKR ZLVKHV WR FODLP IRU XQIDLU GLVPLVVDO $PULW KDV QRW EHHQ DEOH WR ILQGDQRWKHUMREDQGLVVWLOOXQHPSOR\HG

E %HQ D SHQVLRQHU ZKR ZLVKHV WR FODLP GDPDJHV IRU LQMXULHV KH VXIIHUHG LQ D URDGWUDIILFDFFLGHQW

F &DUROLQHDQ\HDUROGVWXGHQWZKRKDVEHHQFKDUJHGZLWKWKHWKHIWRID SHUVRQDO

VWHUHRVHWIURPDORFDOVKRS

2[IRUG%RDUG0D\

:KDWSDUWLFXODUSUREOHPVGRGHIHQGDQWVLQFULPLQDOFDVHVKDYHLQREWDLQLQJOHJDODLGDQGDGYLFH"+RZFRXOGWKHV\VWHPEHLPSURYHG"

2[IRUG%RDUG0D\

:KDWUHIRUPVFRXOGEHVXJJHVWHGIRULPSURYLQJWKHOHJDODLGDQGDGYLFHVFKHPH"

2[IRUG%RDUG0D\

-HVVLFDDJHGLVFKDUJHGZLWKWKHIWRIDSDLURIMHDQV

D :KHUHDQGKRZFDQVKHJHWOHJDODLGDQGDGYLFHDQGZKDWSUREOHPVLVVKHOLNHO\WRHQFRXQWHU">PDUNV@

2[IRUG%RDUG0D\

³)LQDQFLDO FRQVWUDLQWV RQ OHJDO DLG DQG DGYLFH VFKHPHV KDYH VHYHUHO\ OLPLWHG DFFHVV WR MXVWLFH´

'LVFXVV

2[IRUG%RDUG0D\

(EHQH]HU6FURRJHDOOHJHVKHKDVEHHQGHIDPHGE\DQDUWLFOHLQDQHZVSDSHU

D $GYLVHKLPZKHWKHUKHFDQREWDLQOHJDODLGDQGDGYLFH>PDUNV@

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

%URZQKDVEHHQLQYROYHGLQDURDGWUDIILFDFFLGHQWZLWK*UHHQDVDUHVXOWRIZKLFKWKHSROLFHKDYHFKDUJHG%URZQZLWKGDQJHURXVGULYLQJDQG*UHHQKDVVWDUWHGFLYLOSURFHHGLQJVDJDLQVW%URZQFODLPLQJGDPDJHVLQH[FHVVRI

D $GYLVHEURZQDV WRKRZKHPD\REWDLQOHJDODLGDQGDGYLFH>PDUNV@

DQG

E 'R\RXWKLQNWKDWVXFKSURYLVLRQVIRUOHJDODLGDQGDGYLFHDUHDGHTXDWH">PDUNV@

2[IRUG%RDUG0D\

³,W LVIRU3DUOLDPHQWWRGHFLGHWKHH[WHQW WR ZKLFKOHJDOVHUYLFHVDUHWREH SURYLGHG DWSXEOLFH[SHQVHWRPHHWWKHQHHGVRIWKHPDMRULW\RIWKHSRSXODWLRQ%XWXQOHVVOHJDOVHUYLFHVDUHSURYLGHGWKHIXOOEHQHILWRIRXUOHJDOULJKWVFDQQRWEHUHDOLVHG´5R\DO&RPPLVVLRQRQ/HJDO6HUYLFHV

'LVFXVVZLWKUHIHUHQFHERWKWRFULPLQDODQGFLYLOODZ

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

'2&75,1(2)35(&('(17

:+$7<281(('725(6($5&+

0HFKDQLFV RI SUHFHGHQW 3UHFHGHQW DV RSHUDWHG LQ WKH (QJOLVK /HJDO 6\VWHP VWDUH GHFLVLV RELWHUGLFWDUDWLRGHFLGHQGL KLHUDUFK\RIWKHFRXUWVELQGLQJDQGSHUVXDVLYHSUHFHGHQWRYHUUXOLQJUHYHUVLQJGLVWLQJXLVKLQJ/DZPDNLQJSRWHQWLDO2ULJLQDOSUHFHGHQWWKH3UDFWLFH6WDWHPHQWGLVWLQJXLVKLQJWKHUROHRIWKH MXGJHV

5(&200(1'('5($',1*

-DFTXHOLQH0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHU(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHPFKDSWHUS

352*5(667(67

:KDWLVMXGLFLDOSUHFHGHQW"

:KDWLVWKHPHDQLQJRIVWDUHGHFLVLV"

:KDWLVWKHUDWLRGHFLGHQGL RIDMXGLFLDOGHFLVLRQ"

:KDWLVDQRELWHUGLFWXP"

&RQVLGHUWKHGLIIHUHQFHEHWZHHQDELQGLQJSUHFHGHQWDQGD SHUVXDVLYHSUHFHGHQW

([SODLQ WKH V\VWHP RI SUHFHGHQW LQ UHODWLRQ WR WKH KLHUDUFK\ RI WKH FRXUWV HVSHFLDOO\ WKH

+RXVHRI/RUGVDQGWKH&RXUWRI$SSHDO

:KDWLVWKHPHWKRGRIGLVWLQJXLVKLQJ"

:KDWLVRYHUUXOLQJ"

:KDWLVUHYHUVLQJ"

:KHQZLOODGHFLVLRQKDYHEHHQJLYHQ SHULQFXULDP"

:KDWZHUHWKHUHDVRQVIRUWKH3UDFWLFH6WDWHPHQW"

&RQVLGHUWKHH[DPSOHVRIMXGLFLDOODZPDNLQJDQGVRFLDOFKDQJH

8QGHUZKDWFLUFXPVWDQFHVKDYHWKH+RXVHRI/RUGVUHIXVHGWRPDNHODZ"

&RQVLGHUWKHJXLGHOLQHVLQ&Y'33

*LYHUHFHQWH[DPSOHVRIMXGLFLDOODZPDNLQJ

&RPSDUHWKHV\VWHPRISUHFHGHQWZLWKDQ\RWKHUOHJDOV\VWHP

&RQVLGHUWKHDGYDQWDJHVDQGGLVDGYDQ WDJHVRISUHFHGHQW

:KDWLVWKHOD\RXWRIDODZUHSRUWOLNH"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

µ7KHV\VWHPRIMXGLFLDOSUHFHGHQWSHUPLWVERWKIOH[LELOLW\DQGVWDELOLW\LQWKHODZ¶ ([SODLQDQGFRPPHQWRQKRZSUHFHGHQWDFKLHYHVERWKWKHVHDLPV

2&5-XQH

6HH'DWD3DSHU4

2&50D\

µ,Q OHJDO PDWWHUV VRPH GHJUHH RI FHUWDLQW\ LV DW OHDVW DV YDOXDEOH D SDUW RI MXVWLFH DVSHUIHFWLRQ¶/RUG+DLOVKDPLQ&DVVHOO&R/WGY%URRPH

,QWKHOLJKWRIWKLVTXRWDWLRQFULWLFDOO\GLVFXVVWKHV\VWHPRIMXGLFLDOSUHFHGHQWDVRSHUDWHGLQ

WKH(QJOLVK/HJDO6\VWHP

2[IRUG%RDUG0D\

6HH'DWD3DSHU4

2&50D\

(YDOXDWHWKHVWDWHPHQWWKDW³SUHFHGHQWLVDXVHIXOWRROEXWDEDGPDVWHU´

2[IRUG%RDUG0D\

³,W LVQRWRSHQ WR WKH &RXUWRI $SSHDOWR JLYHJUDWXLWRXVDGYLFH WRMXGJHVRIILUVWLQVWDQFHWRLJQRUHGHFLVLRQVRIWKH+RXVHRI/RUGV´/RUG+DLOVKDPLQ&DVVHOOY%URRPH

'LVFXVVWKHV\VWHPRISUHFHGHQWLQWKHOLJKWRIWKLVTXRWDWLRQ

2[IRUG%RDUG0D\

³7KHMXGJHLVDGHVLJQHUDVPXFKDVDWHFKQLFLDQ+HFUHDWHVWKHFRPPRQODZLQWKHSURFHVVRIVHHNLQJLW´'XJGDOHHWDO

'LVFXVVZLWKUHIHUHQFHWRMXGLFLDOSUHFHGHQW

2[IRUG%RDUG0D\

'RWKHVWUHQJWKVRIWKH(QJOLVKV\VWHPRIMXGLFLDOSUHFHGHQWRXWZHLJKLWVZHDNQHVVHV"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

³2I FRXUVH ZH PXVW KDYH D JHQHUDO GRFWULQH RI SUHFHGHQW RWKHUZLVH ZH FDQ KDYH QRFHUWDLQW\%XWZHPXVWILQGDPLGGOHZD\ZKLFKSUHYHQWVSUHFHGHQWIURPEHLQJRXUPDVWHU´/RUG5HLGLQDOHFWXUH

'LVFXVV

2[IRUG%RDUG0D\

³:KLOVWWKLVFRXUWVKRXOGUHJDUGLWVHOIDVQRUPDOO\ERXQGE\ DSUHYLRXVGHFLVLRQRIWKHFRXUWQHYHUWKHOHVVLWVKRXOGEHDWOLEHUW\WRGHSDUWIURPLWLILWLVFRQYLQFHGWKDWWKHSUHYLRXVGHFLVLRQZDVZURQJ´/RUG'HQQLQJ05LQ'DYLVY-RKQVRQ

&ULWLFDOO\ HYDOXDWH WKLV RSLQLRQ RI WKH SRVLWLRQ UHVSHFWLQJ DQ\ DSSHOODWH FRXUW LQ WKH (QJOLVK/HJDO6\VWHP

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

$&762)3$5/,$0(17

:+$7<281(('725(6($5&+

*UHHQSDSHUV:KLWHSDSHUVOHJLVODWLYHVWDJHVLQ3DUOLDPHQW

5(&200(1'('5($',1*


$'',7,21$/,1)250$7,21

7KHFRQFHSWRISDUOLDPHQWDU\VRYHUHLJQW\PHDQVWKDW3DUOLDPHQWLVWKHVXSUHPHOHJDODXWKRULW\LQWKH8.,QPDQ\FRXQWULHVIRUH[DPSOHWKH86$WKHOHJLVODWXUHLVOLPLWHGE\WKHFRQVWLWXWLRQLQWKHODZVLWFDQ RU FDQQRW PDNH 7KH 86 6XSUHPH &RXUW FDQ GHFODUH ODZV SDVVHG E\ WKH OHJLVODWXUH WR EHXQFRQVWLWXWLRQDODQGWKHUHIRUH LQYDOLG +RZHYHUWKH WUDGLWLRQDO YLHZ LQ WKH8. LV WKDW 3DUOLDPHQW LVVXEMHFWWRQRVXFKOHJDOOLPLWDWLRQDQGWKDWWKH8.FRXUWVKDYHQRSRZHUWRGHFODUHODZVGXO\SDVVHGE\3DUOLDPHQWLQYDOLG

$FFRUGLQJWR'LFH\DQLQHWHHQWKFHQWXU\ZULWHU RQWKH%ULWLVKFRQVWLWXWLRQ ³,QWKHRU\3DUOLDPHQWKDVWRWDOSRZHU,WLVVRYHUHLJQ'LFH\VYLHZRISDUOLDPHQWDU\VRYHUHLJQW\FRQVLVWHGRIIRXUIDFWRUV

3DUOLDPHQWLVFRPSHWHQWWRSDVVODZVRQDQ\VXEMHFW 3DUOLDPHQWVODZVFDQUHJXODWHWKHDFWLYLWLHVRIDQ\RQHDQ\ZKHUH 3DUOLDPHQW FDQQRW ELQG LWV VXFFHVVRUV DV WR WKH FRQWHQW PDQQHU DQG IRUP RI

VXEVHTXHQWOHJLVODWLRQDQG /DZVSDVVHGE\3DUOLDPHQWFDQQRWEHFKDOOHQJHGE\WKHF RXUWV

352*5(667(67

:KDWLVWKHFRQFHSWRISDUOLDPHQWDU\VRYHUHLJQW\"

:KDWDUH$FWVRI3DUOLDPHQW"

&RQVLGHUWKHSUHOHJLVODWLYHSURFHGXUH

+RZDUH$FWVRI3DUOLDPHQWLQWURGXFHG"

&RQVLGHUWKHSURFHVVLQ3DUOLDPHQW

+RZGLGWKH'LVDELOLW\'LVFULPLQDWLRQ$FWHYHQWXDOO\EHFRPHODZ"

:KDWFULWLFLVPVFDQEHPDGHRIWKHOHJLVODWLYHSURFHVV"

(;$048(67,216

6HH'DWD3DSHU40D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

'(/(*$7('/(*,6/$7,21

:+$7<281(('725(6($5&+

2UGHUV LQ &RXQFLO VWDWXWRU\ LQVWUXPHQWV E\ODZV FRQWURO RI GHOHJDWHG OHJLVODWLRQ UHDVRQV IRUGHOHJDWLQJOHJLVODWLYHSRZHUV

5(&200(1'('5($',1*


352*5(667(67

:KDWLVGHOHJDWHGOHJLVODWLRQ"

:KDWDUHWKHWKUHHGLIIHUHQWW\SHVRIGHOHJDWHGOHJLVODWLRQ"

:K\LVGHOHJDWHGOHJLVODWLRQQHFHVVDU\"

+RZLVGHOHJDWHGOHJLVODWLRQFRQWUROOHGE\

D 3DUOLDPHQWE 7KHFRXUWV"

:KDWFULWLFLVPVFDQEHPDGHRIGHOHJDWHGOHJLVODWLRQ"

(;$048(67,216

'HOHJDWHGOHJLVODWLRQLVDQXQGHPRFUDWLFPHWKRGRIODZPDNLQJ¶,QWKHOLJKWRIWKLVTXRWDWLRQGLVFXVVWKHGLIIHUHQWW\SHVRIGHOHJDWHGOHJLVODWLRQ

2&5-XQH

6HH'DWD3DSHU40D\

:K\LVLWQHFHVVDU\WRKDYHFRQWUROVRYHUGHOHJDWHGOHJLVODWLRQ"$UHWKHSUHVHQWFRQWUROVVDWLVIDFWRU\"

2[IRUG%RDUG0D\

³'HOHJDWHGOHJLVODWLRQLV DQLQFUHDVLQJO\ LPSRUWDQW VRXUFH RIODZ EXW RQHZKLFK FDQ OHDGWRDEXVHRIWKHSULQFLSOHRIGHPRFUDWLFODZPDNLQJ´

&ULWLFDOO\HYDOXDWHWKLVVWDWHPHQW

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

67$78725<,17(535(7$7,21

:+$7<281(('725(6($5&+

/LWHUDOUXOH*ROGHQUXOH0LVFKLHIUXOHSXUSRVLYHDSSURDFKUXOHVRIODQJXDJHSUHVXPSWLRQVLQWULQVLFDQGH[WULQVLFDLGVHIIHFWRIPHPEHUVKLSRIWKH(XURSHDQ8QLRQRQLQWHUSUHWDWLRQ

5(&200(1'('5($',1*


352*5(667(67

:K\PD\WKHPHDQLQJRIDQ$FWRI3DUOLDPHQW EHXQFOHDU"

:KDWLVWKHOLWHUDOUXOHRILQWHUSUHWDWLRQ"

*LYHDQH[DPSOH

:KDWLVWKHJROGHQUXOHRILQWHUSUHWDWLRQ"

*LYHDQH[DPSOH

:KDWLVWKHPLVFKLHIUXOH"

*LYHDQH[DPSOH

:KLFKLVEHWWHUWKHOLWHUDODSSURDFKRUWKHSXUSRVLYHDSSURDFKWRVWDWXWRU\LQWHUSUHWDWLRQ"

*LYLQJH[DPSOHVZKDWDUHWKHWKUHHUXOHVRIODQJXDJH"

:KDWSUHVXPSWLRQVDERXWWKHODZZLOODMXGJHPDNH"

:KDWLQWULQVLFDLGVFDQDMXGJHXVHWRKHOSH[SODLQWKHPHDQLQJRIDQ$FW"

:KDWH[WULQVLFDLGVFDQDMXGJHXVHWRKHOSH[SODLQWKHPHDQLQJRIDQ$FW"

+RZXVHIXOLV+DQVDUGLQLQWHUSUHWLQJVWDWXWHV"

:KDWDUHH[SODQDWRU\QRWHV"

+RZPXVW(QJOLVKODZEDVHGRQ(XURSHDQODZEHLQWHUSUHWHG"

(;$048(67,216

6HH'DWD3DSHU4 -XQH

6HH'DWD3DSHU40D\

6HH'DWD3DSHU40D\

6HH'DWD3DSHU40D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

³7KH (QJOLVKFRXUWV PXVW IROORZ WKH (XURSHDQ SDWWHUQ 1R ORQJHU PXVW WKH\ H[DPLQH WKHZRUGVLQPHWLFXORXVGHWDLO1RORQJHUPXVWWKH\ DUJXHDERXWWKHSUHFLVHJUDPPDWLFDOVHQVH7KH\PXVWORRNWRWKHSXUSRVHRULQWHQW´/RUG'HQQLQJLQ%XOPHUY%ROOLQJHU

7RZKDWH[WHQWGR\RXDJUHHWKDWMXGJHVVKRXOGXVHWKH(XURSHDQSXUSRVLYHDSSURDFKZKHQ

LQWHUSUHWLQJVWDWXWHVLQWKH(QJOLVKFRXUWV"

2[IRUG%RDUG0D\

³6WDWXWHODZFRQVLVWVRIWKHZRUGVWKDW3DUOLDPHQWKDVHQDFWHG,WLVIRUWKHFRXUWVWRFRQVWUXHWKRVHZRUGVDQGLWLVWKHFRXUWVGXW\LQVRGRLQJWRJLYHHIIHFWWRWKHLQWHQWLRQRI3DUOLDPHQWLQXVLQJWKRVHZRUGV´/RUG%URZQH:LONLQVRQLQ3HSSHUY+DUW

+RZGRWKHFRXUWVJRDERXWGLVFRYHULQJWKHLQWHQWLRQRI3DUOLDPHQWZKHQLQWHUSUHWLQJ$FWVRI3DUOLDPHQW"

2[IRUG%RDUG0D\

³7KHODZKDVWREHLQWHUSUHWHGEHIRUHLWFDQEHDSSOLHGDQGLQWHUSUHWDWLRQLVDFUHDWLYHDFWLYLW\´/RUG5DGFOLIIH

'LVFXVVZLWKUHIHUHQFHWRVWDWXWRU\LQWHUSUHWDWLRQ

2[IRUG%RDUG0D\

³6RPHPD\ VD\ « WKDW MXGJHV VKRXOG QRW SD\DQ\ DWWHQWLRQ WR ZKDW LV VDLG LQ 3DUOLDPHQW7KH\VKRXOGJURSHDERXWLQWKHGDUNIRUWKHPHDQLQJRIDQ$FWZLWKRXWVZLWFKLQJRQWKHOLJKW´/RUG'HQQLQJ05LQ'DYLVY-RKQVRQ

'LVFXVVZLWKUHIHUHQFHWRVWDWXWRU\LQWHUSUHWDWLRQ

2[IRUG%RDUG0D\

³:KHQ 3DUOLDPHQW OHJLVODWHV « WKH UROHRI WKH MXGLFLDU\ LVFRQILQHG WRDVFHUWDLQLQJIURPWKHZRUGVWKDW 3DUOLDPHQWKDV DSSURYHGDVH[SUHVVLQJLWV LQWHQWLRQZKDWWKDWLQWHQWLRQZDVDQG

JLYLQJHIIHFWWRLW:KHUHWKHPHDQLQJRIWKHVWDWXWRU\ZRUGVLVSODLQDQGXQDPELJXRXVLWLVQRWIRU WKH MXGJHV WR LQYHQW IDQFLHG DPELJXLWLHV DV DQ H[FXVH IRU IDLOLQJ WR JLYH HIIHFW WR SODLQPHDQLQJ EHFDXVH WKH\ WKHPVHOYHV FRQVLGHU WKDW WKH FRQVHTXHQFHV RI GRLQJ VR ZRXOG EHLQH[SHGLHQWRUHYHQXQMXVWRULPPRUDO´/RUG'LSORFNLQ'XSRUW6WHHOV/WGY6LUV

'LVFXVV

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(8523($1/$:

:+$7<281(('725(6($5&+

,QVWLWXWLRQV 7KH ODZ PDNLQJ IXQFWLRQV RI WKH &RXQFLO &RPPLVVLRQ 3DUOLDPHQW WKH UROH DQGFRPSRVLWLRQRIWKH(XURSHDQ&RXUWRI-XVWLFH3ULPDU\DQGVHFRQGDU\VRXUFHV7UHDWLHVUHJXODWLRQVGLUHFWLYHVDQGGHFLVLRQVWKHLULPSOHPHQWDWLRQE\WKHFRXUWVWKHLPSDFWRI(XURSHDQ8QLRQODZRQGRPHVWLFOHJDOLQVWLWXWLRQVDQGODZ

5(&200(1'('5($',1*


352*5(667(67

&RQVLGHUWKHUROHVRIWKHIRXULQVWLWXWLRQVRIWKH(XURSHDQ&RPPXQLW\

&RQVLGHUWKH(XURSHDQ8QLRQVODZPDNLQJSURFHVV

:KDWDUHWUHDWLHV"

:KDWDUHUHJXODWLRQV"

:KDWDUHGLUHFWLYHV"

:KDW LVWKHSULQFLSOHRIGLUHFWDSSOLFDELOLW\"

:KDWLVWKHSULQFLSOHRIGLUHFWHIIHFW"

:KDWKDSSHQVLIWKHUHLVDFRQIOLFWEHWZHHQ(XURSHDQ/DZDQG1DWLRQDO/DZ"

:KDWKDVEHHQWKHHIIHFWRI(XURSHDQODZRQ(QJOLVKODZDQGSDUOLDPHQWDU\VRYHUHLJQW\"



$VLI7XIDO

ZZZODZWHDFKHUFRXN

(;$048(67,216

6HH'DWD3DSHU4-XQH

&ULWLFDOO\ FRQVLGHU KRZPHPEHUVKLS RI WKH (XURSHDQ 8QLRQDIIHFWV WKHODZ LQ (QJODQG DQG:DOHV

2&50D\

([SODLQZKDWLVPHDQWE\ WKH WHUPVµYHUWLFDO HIIHFW¶DQGµKRUL]RQWDOHIIHFW¶ LQFRQQHFWLRQ ZLWK(XURSHDQODZDQGHYDOXDWHWKHLULPSRUWDQFHLQ(QJOLVKODZ

2[IRUG%RDUG0D\

+RZLPSRUWDQWDQ HIIHFWGRHVWKHSULQFLSOHRIGLUHFWDSSOLFDELOLW\LQ(XURSHDQ&RPPXQLW\ODZKDYHRQGRPHVWLF(QJOLVKODZ"

2[IRUG%RDUG0D\

&ULWLFDOO\GLVFXVVWKHHIIHFWHQWU\LQWRWKH(XURSHDQ&RPPXQLW\KDVKDGRQWKHVRYHUHLJQW\RI3DUOLDPHQW

2[IRUG%RDUG0D\

+RZ IDU KDV ERWK WKH PDNLQJ RI ODZ DQG LWV LQWHUSUHWDWLRQ EHHQ DIIHFWHG E\ WKH 8QLWHG.LQJGRPVPHPEHUVKLSRIWKH(XURSHDQ&RPPXQLWLHV"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

/$:5()250

:+$7<281(('725(6($5&+

,PSHWXV IRU ODZ UHIRUP 7KH UROH RI3DUOLDPHQW WKH UROH RIWKH MXGJHV HIIHFW RI SXEOLF RSLQLRQ DQGSUHVVXUHJURXSV/DZUHIRUP DJHQFLHV 7KH UROH RI WKH /DZ&RPPLVVLRQ 5R\DO &RPPLVVLRQV DQG RWKHU DJHQFLHV LQRXWOLQH

5(&200(1'('5($',1*

-DFTXHOLQH0DUWLQ7KH(QJOLVK/HJDO6\VWHPFKDSWHU(OOLRWW4XLQQ(QJOLVK/HJDO6\VWHPFKDSWHU

352*5(667(67

:KDWLVWKHUROHRIWKH/DZ&RPPLVVLRQ"

+DVWKHZRUNRIWKH/DZ&RPPLVVLRQEHHQVXFFHVVIXO"

:KDWLVWKHUROHRI5R\DO&RPPLVVLRQV"

*LYHH[DPSOHVRIWKHZRUNRI5R\DO&RPPLVVLRQV

&RQVLGHUWKHUROHDQGZRUNRIWKH/DZ5HIRUP&RPPLWWHH

&RQVLGHUWKHUROHDQGZRUNRIWKH&ULPLQDO/DZ5HYLVLRQ&RPPLWWHH

+RZFDQSXEOLFRSLQLRQDQGSUHVVXUHJURXSVLQIOXHQFHODZUHIRUP"

(;$048(67,216

6HH'DWD4XHVWLRQ

2&5

&ULWLFDOO\HYDOXDWHWKHUROHRIODZUHIRUPERGLHV

2[IRUG%RDUG0D\

³,W VKDOOEH WKHGXW\ RI « WKH&RPPLVVLRQV WR WDNH DQGNHHS XQGHU UHYLHZ DOOWKH ODZZLWKZKLFKWKH\DUHUHVSHFWLYHO\FRQFHUQHGZLWKDYLHZ WRLWV V\VWHPDWLFGHYHORSPHQWDQGUHIRUPLQFOXGLQJLQSDUWLFXODUWKHFRGLILFDWLRQRIVXFKODZV/DZ&RPPLVVLRQV$FW

6KRXOGWKH /DZ&RPPLVVLRQFRQFHQWUDWHRQFRGLILFDWLRQRUDUHWKHUHPRUHVXLWDEOHZD\VRIUHIRUPLQJWKHODZ"

2[IRUG%RDUG0D\



$VLI7XIDO

ZZZODZWHDFKHUFRXN

2&5

$GYDQFHG6XEVLGLDU\*&(

/$:

'(6&5,3725

8QLW0DFKLQHU\RI-XVWLFH

GDWHRIH[DPLQDWLRQ

KRXUPLQV $GGLWLRQDO PDWHULDOV

$QVZHUSDSHU

7,0( KRXUPLQV

,16758&7,21672&$1','$7(6

:ULWH\RXUQDPH&HQWUHQXPEHUDQGFDQGLGDWHQXPEHULQWKHVSDFHVSURYLGHGRQWKHDQVZHUSDSHUDQVZHUERRNOHW

:ULWH\RXUDQVZHUVRQWKHVHSDUDWHDQVZHUSDSHUSURYLGHG

,I\RXXVHPRUHWKDQRQHVKHHWRISDSHUIDVWHQWKHVKHHWVWRJHWKHU

$QVZHUWZR TXHVWLRQV

,1)250$7,21)25&$1','$7(6

7KHQXPEHURIPDUNVLVJLYHQLQEUDFNHWV>@DWWKHHQGRIHDFKTXHVWLRQRUSDUWTXHVWLRQ

<RXZLOOEHDZDUGHGPDUNVIRUDFFXUDWHVSHOOLQJSXQFWXDWLRQDQGJUDPPDU



$VLI7XIDO

ZZZODZWHDFKHUFRXN

$QVZHUWZRTXHVWLRQV

D'HVFULEHWKHPDLQFLYLOFRXUWVDQGWKHLUMXULVGLFWLRQ >PDUNV@

E'LVFXVVWKHSUREOHPVRIPDNLQJDFODLPLQWKHFLYLOFRXUWV >PDUNV@

D'HVFULEHWKHPDLQVHQWHQFHVDYDLODEOHWRWKHFRXUWV >PDUNV@

E([SODLQWKHGLIIHUHQWDLPVRIVHQWHQFLQJ >PDUNV@

*DYLQLVGXHWREHWULHGDW$PFDVWHU&URZQ&RXUWRQDFKDUJHRIUREEHU\

D,IKHLVIRXQGJXLOW\ZKDWDSSHDOURXWHVDUHRSHQWRKLP" >PDUNV@

E&RPSDUHWKHULJKWVRIDSSHDORIWKHSURVHFXWLRQZLWKWKRVHRIWKHGHIHQFH >PDUNV@

'HVPRQGDJHGKDVEHHQDUUHVWHGE\WKHSROLFHRQVXVSLFLRQRIPXUGHU

D'HVFULEHWKHSROLFHSRZHUVLQUHVSHFWRIGHWHQWLRQERG\VHDUFKHVDQGLQW HUYLHZDWWKHSROLFHVWDWLRQLQVXFKDFDVH >PDUNV@

E$GYLVH'HVPRQGRIKLVULJKWVZKLOHKHLVGHWDLQHG >PDUNV@



$VLI7XIDO

ZZZODZWHDFKHUFRXN

2&5


/$:

'(6&5,3725

8QLW/HJDO3HUVRQQHO

GDWHRIH[DPLQDWLRQ

KRXUPLQV $GGLWLRQDOPDWHULDOV

$QVZHUSDSHU

7,0( KRXUPLQV

,16758&7,21672&$1','$7(6




$QVZHUWZR TXHVWLRQV

,1)250$7,21)25&$1','$7(6





$VLI7XIDO

ZZZODZWHDFKHUFRXN

$QVZHUWZR TXHVWLRQV

D'HVFULEHDQGFRPPHQWRQWKHWUDLQLQJDQGZRUNRIVROLFLWRUV >PDUNV@

E([SODLQDQGFRPPHQWRQWKHVXSHUYLVRU\UROHRILWKH/DZ6RFLHW\LLWKH/HJDO6HUYLFH¶V2PEXGVPDQ >PDUNV@

D([SODLQWKHWKHRU\RIWKHVHSDUDWLRQRISRZHUV >PDUNV@

E7RZKDWH[WHQWFDQLWEHVDLGWKDWWKH/RUG&KDQFHOORU¶VUROHLVLQFRQIOLFWZLWKWKHWKHRU\RIWKHVHSDUDWLRQRISRZHUV" >PDUNV@

D'HVFULEHWKHVHOHFWLRQWUDLQLQJDQGUROHRIOD\PDJLVWUDWHV >PDUNV@

E'LVFXVVWKHDGYDQWDJHVDQGGLVDGYDQWDJHVRIXVLQJOD\PDJLVWUDWHVLQWKH(QJOLVK/HJDO6\VWHP >PDUNV@

D([SODLQKRZDSHUVRQLQDFULPLQDOFDVHFDQREWDLQOHJDODGYLFHDQGU HSUHVHQWDWLRQ>PDUNV@

E'LVFXVVWKHSUREOHPVDSHUVRQPLJKWHQFRXQWHULQWU\LQJWRREWDLQOHJDODGYLFHDQGUHSUHVHQWDWLRQLQDFULPLQDOFDVH >PDUNV@



$VLI7XIDO

ZZZODZWHDFKHUFRXN

2&5


/$:

'(6&5,3725

8QLW6RXUFHVRI/DZ

GDWHRIH[DPLQDWLRQ

KRXUPLQV $GGLWLRQDOPDWHULDOV

$QVZHUSDSHU

7,0( KRXUPLQV

,16758&7,21672&$1','$7(6




$QVZHURQH TXHVWLRQ

,1)250$7,21)25&$1','$7(6





$VLI7XIDO

ZZZODZWHDFKHUFRXN

$QVZHURQH TXHVWLRQRQO\

5HDGWKHIROORZLQJVRXUFHRIPDWHULDODQGDQVZHUTXHVWLRQVDWRGZKLFKIROORZ

([HUFLVHRQODZ5HIRUPDQG -XGLFLDO3UHFHGHQW

6285&($

,Q 6FKRUVFK 0HLHU *PE+ Y +HQQLQ WKH *HUPDQ FRPSDQ\ VXHG DQG DVNHG IRU MXGJPHQW LQ'HXWVFKPDUNV7KHMXGJHUHIXVHG 7KHFRPSDQ\DSSHDOHG 7KHUHZDVDGHFLVLRQRIWKH+RXVHRI/RUGVRQO\IRXUWHHQ\HDUVEHIRUH5H+DYDQD5DLOZD\V ZKLFKKHOGWKDWDQ(QJOLVKFRXUWFRXOGRQO\JLYHMXGJPHQWLQVWHUOLQJ7KH&RXUWRI$SSHDORXJKWWRKDYHIROORZHGWKH+DYDQDFDVH:HWXUQHGDEOLQGH\H:HZHUHJXLOW\RIZKDW/RUG:LOEHUIRUFHDIWHUZDUGVGHVFULEHGDVVRPHGLVWRUWLRQRIWKH MXGLFLDOSURFHVV:HJDYHMXGJPHQWLQ'HXWVFKPDUNV

,Q 0LOLDQJRVY*HRUJH)UDQN7H[WLOHV WKH 6ZLVVILUPVDZWKHUHSRUWLQ WKH 7LPHVRIWKH 6FKRUVFKY +HQQLQ FDVH &RXQVHO DPHQGHG KLV FODLP DQG DVNHG IRU MXGJPHQW LQ 6ZLVV )UDQFV 7KH FDVH

UHDFKHGWKH +RXVH RI/RUGV 7KH+RXVH WKHPVHOYHVRYHUUXOHGWKH+DYDQD FDVHIRU LWZDVRQO\E\

GRLQJVRWKDWWKH\FRXOGJLYHMXGJPHQWLQ6ZLVV)UDQFV

,W ZDV D GHFLVLRQ RIWKH JUHDWHVW LPSRUWDQFH %XW LW RQO\FDPHDERXWEHFDXVHZH ZHUHJXLOW\RI DGLVWRUWLRQ RI WKH MXGLFLDO SURFHVV ,I LQ 6FKRUVFK ZH KDG KHOG RXUVHOYHV ERXQG E\ +DYDQD LQ0LOLDQJRV WKH6ZLVVILUP ZRXOGDXWRPDWLFDOO\ KDYH WDNHQ MXGJHPHQW LQVWHUOLQJ >DQG@ ZRXOGQRW KDYHDSSHDOHG7KH+RXVHRI/RUGVZRXOGQHYHUKDYHKDGWKHRSSRUWXQLW\RIRYHUUXOLQJWKH+DYDQDFDVH

$GDSWHGIURP7KH'LVFLSOLQHRI/DZ/RUG'HQQLQJ%XWWHUZRUWKV

6285&(%

7KHUHFDQEHQRGRXEWWKDWWKHLQVWLWXWLRQRIWKH/DZ&RPPLVLRQPDUNVDJUHDWVWHSIRUZDUGLQWKH

SURFHVV RI ODZ UHIRUP >7KLV@ ZLOO PHDQ WKDW WKH LPSRUWDQFH RI MXGLFLDO ODZPDNLQJ ZKLFK KDVEHHQGZLQGOLQJQRZIRUD FHQWXU\RUPRUHZLOOSUREDEO\DOPRVWHQWLUHO\YDQLVKEXWZLWKRXWKRSHGLPPLQJWKH QDPH DQG UHSXWDWLRQ RI /RUG 'HQQLQJ ZKR ZLOO VWDQG IRU IXWXUH JHQHUDWLRQV DV WKH ODVW JUHDW MXGLFLDOLQQRYDWRU

$GDSWHGIURP7KH3URFHVVRI/DZ5HIRUP/RUG'HYOLQ/DZ6RFLHW\*D]HWWH

D 5HIHUWR6RXUFH$([SODLQKRZWKHGRFWULQHRISUHFHGHQWXVXDOO\ZRUNV>@

E 5HIHUWR6RXUFH%'HVFULEHWKHFKDUDFWHUDQGUROHRIWKH/DZ&RPPLVVLRQ>@

F 'LVFXVVWKHZD\VLQZKLFKDMXGJHRIWKH&RXUWRI$SSHDOLVDEOHWRUHIRUPWKHODZ>@

G 5H+DYDQD5DLOZD\V ZDVGHFLGHGE\WKH+RXVHRI/RUGVLQ0LOLDQJRVUHDFKHGWKH

+RXVHRI/RUGVLQ

L ([SODLQWKHGRFWULQHZKLFKDOORZHGWKH+RXVHRI/RUGVWRRYHUUXOHLWVSUHFHGHQWLQWKHHDUOLHUFDVH

LL +RZ LI DW DOO ZRXOG WKHLU DQVZHU KDYH GLIIHUHG LI 0LOLDQJRV KDG FRPH EHIRUH WKH+RXVHRI/RUGVLQ">@

7RWDOPDUNV



$VLI7XIDO

5HDGWKHIROORZLQJH[WUDFWDQGDQVZHUSDUWVDWRFZKLFKIROORZ

([HUFLVHRQ6WDWXWRU\,QWHUSUHWDWLRQ

7KH FDVH RI 5 Y 0DJLQQLV >@ $OO (5 +/ ZDV FRQFHUQHG ZLWK WKH ,QWHUSUHWDWLRQ RI WKH

0LVXVHRI'UXJV$FWE\VRIZKLFK

³LWLVDQ RIIHQFH IRU DSHUVRQWRKDYHDFRQWUROOHGGUXJLQKLV SRVVHVVLRQZKHWKHUODZIXOO\RU QRWZLWKLQWHQWWRVXSSO\WRDQRWKHU³7KHSROLFHKDGIRXQGDSDFNDJHRIFDQQDELVUHVLQLQWKHGHIHQGDQWVFDU+HVDLGWKDWWKHSDFNDJHZDVQRWKLVEXWKDGEHHQOHIWLQKLVFDUE\DIULHQGIRUFROOHFWLRQODWHU 7KHGHIHQGDQWZDVFRQYLFWHGDQGDSSHDOHG

>,QWKH+RXVHRI/RUGV@WKHLU/RUGVKLSVKHOGWKDWWKHGHIHQGDQWZDVJXLOW\RIWKHRIIHQFHEHFDXVHDSHUVRQLQXQODZIXOSRVVHVVLRQRIDFRQWUROOHGGUXJOHIWZLWKKLPIRUVDIHNHHSLQJE\DQRWKHUSHUVRQKDGWKHQHFHVVDU\LQWHQWWRVXSSO\LWWRDQRWKHUHYHQWKRXJKWKHVXSSO\ZDVQRWEHLQJPDGHIURPWKHSURYLGHUVRZQUHVRXUFHVLIKLVLQWHQWLRQZDVWRUHWXUQLWWRWKHRWKHUSHUVRQDQGIRUWKDWRWKHUSHUVRQVSXUSRVHV

7KHPDMRULW\RIWKHLU/RUGVKLSVSXUSRUWHGWRDSSO\WKHRUGLQDU\QDWXUDOPHDQLQJRIWKHZRUGVXSSO\/RUG*RIIRI&KLHYHOH\KRZHYHUGLVVHQWHG RQWKDWYHU\SRLQWDQGUHIHUUHGWR GHILQLWLRQVRI WKHZRUGJLYHQLQ7KH6KRUWHU2[IRUG(QJOLVK'LFWLRQDU\ ,QKLVYLHZWKHZRUGVXSSO\ZDVQRWDSWWRGHVFULEHDWUDQVDFWLRQLQZKLFK$KDQGHGEDFNWR%JRRGVZKLFK%KDGSUHYLRXVO\OHIWZLWK$7KXVWKHFORDNURRPDWWHQGDQWOHIWOXJJDJHRIILFHUZDUHKRXVHPDQDQGVKRHUHSDLUHUGRQRWLQRUGLQDU\SDUODQFHµVXSSO\¶WKHLUFXVWRPHUV/RUG*RIIZDVIXUWKHURIWKHRSLQLRQWKDWWKHSDUWLFXODURIIHQFHLQTXHVWLRQZDVDLPHGDW GUXJ SXVKHUV WKH GHIHQGDQW ZDV QRW D SXVKHU DQG VKRXOG KDYH EHHQ FKDUJHG ZLWK WKH OHVVHURIIHQFH RI XQODZIXO SRVVHVVLRQ ,I KH VDLG SHUVRQV LQ WKH SRVLWLRQ RI WKH GHIHQGDQW ZHUH WR EHFRQYLFWHG RISRVVHVVLRQ ZLWK LQWHQWWR VXSSO\LW ZDV XSWR3DUOLDPHQWDQG QRWWKHFRXUWVWRHQODUJHWKHGHILQLWLRQRIVXSSO\

$GDSWHGIURP7KH(QJOLVK/HJDO3URFHVV7HUHQFHOQJPDQ%ODFNVWRQHV

D 5HIHUWRWKH6RXUFH8VLQJH[DPSOHVH[SODLQWKHOLWHUDOUXOHRIVWDWXWRU\LQWHUSUHWDWLRQ>@

E ,GHQWLI\DQGH[SODLQRWKHUDSSURDFKHVWRVWDWXWRU\LQWHUSUHWDWLRQWKDWFRXOGKDYHEHHQXVHGE\WKHMXGJHVLQ0DJLQQLV >@

F 8VLQJ\RXUNQRZOHGJHRIWKHUXOHVRIVWDWXWRU\LQWHUSUHWDWLRQFRQVLGHUZKHWKHUHDFKRIWKHIROORZLQJKDVFRPPLWWHGDQRIIHQFHE\KDYLQJDFRQWUROOHGGUXJLQKLV SRVVHVVLRQZKHWKHUODZIXOO\RUQRWZLWKWKHLQWHQWWRVXSSO\LWWRDQRWKHU >OLQHVRIWKHVRXUFH@

L *HRUJH KDV FDQQDELV LQ KLV SRFNHW ZKLFK KH LQWHQGV WR VPRNH ZLWK KLV JLUOIULHQG+DQQDK

LL 6LPRQ D GRFWRU KDV WDNHQ FRQWUROOHG GUXJVIURPKLV SDWLHQW7LPDQ DGGLFWDQGLVSODQQLQJWRGHOLYHUWKHPWRWKHSROLFH

LLL $QQLHLV%LOOVPRWKHU2QHGD\%LOODVNVLIVKHZLOONHHSDVHDOHGEURZQSDSHU SDFNDJHIRUKLPZKLOHKHJRHVRXW7KHSDFNDJHFRQWDLQVDNLORJUDPRIKHURLQ >@

7RWDOPDUNV

Documents

English Legal System Study Units