<br /> <br /> <br />%UDHZRRG+LOOVUG$GG7HQW38'3KDVH6XSSRUWLQJ1DUUDWLYH&RPSOHWHQHVV5HILOLQJ3DJH <br /> <br />7KHGLVFXVVLRQWKDWIROORZVKHUHLVSUHPLVHGRQWKHDVVXPSWLRQWKDWD*RDO6FHQLF6LWHLV <br />SUHVHQWRQWKHVLWHDQGWKDWLWLVSURWHFWHGLQDOLPLWHGZD\IURPFRQIOLFWLQJUHVLGHQWLDOXVHVE\WKH <br />IRRWHOHYDWLRQVWDQGDUG <br /> <br />7KHIRRWVWDQGDUGZDVIRUPXODWHGLQWKH/DQG8VH&RGH8SGDWH /8&8  <br /> <br />7KHUHJXODWLRQDWLVVXHKHUHZDVQRWFKDOOHQJHGLQWKH+%$DSSHDO,WVVWDWXVDVD*RDO <br />UHJXODWLRQKDVQRWEHHQDGMXGLFDWHGLQWKHLQWHULP7KHTXHVWLRQUHPDLQVWKHUHIRUHZKHWKHULWLV <br />DQDPHQGPHQWRIDSUHH[LVWLQJ*RDOUHJXODWLRQ,ILWLVVXFKDQDPHQGPHQWWKHQLWPD\QRWEH <br />DSSOLHGDVD*RDOSURWHFWLYHPHDVXUHQRZEHFDXVHDVWKH&LW\DGPLWWHGLQ/8&8ILQGLQJVDQG <br />LWVGHIHQVHDW/8%$LWZDVQRWHQDFWHGLQFRPSOLDQFHZLWKWKH*RDO5XOH1RSDUWRIWKH <br />/8&8RUGLQDQFHZDVHQDFWHGWRDPHQGD*RDOUHJXODWLRQDVVWDWHGLQWKH+%$GHFLVLRQDQG <br />WKH&LW\%ULHIWR/8%$ <br /> <br />7KHSUH/8&8UHJXODWLRQVUHODWLQJWRWKHIRRWVWDQGDUGZHUHIRXQGLQWKH³WKUHHGLJLW´FRGH <br />VWDQGDUGVIRU38'VDW(&  D   <br /> <br />³7KHSURSRVHGGHYHORSPHQWLVFRQVLVWHQWZLWKWKHUHODWHGSROLFLHVDQG <br />GHYHORSPHQWVWDQGDUGVLQDSSOLFDEOHDGRSWHGUHILQHPHQWSODQVDQGVSHFLDO <br />DUHDVWXGLHV´ <br /> <br />7KDWWULJJHUHGGLUHFWDSSOLFDWLRQRIWKH6RXWK+LOOV6WXG\SROLFLHV7KHUHOHYDQWSROLF\LV <br /> <br />7KDWDOOYDFDQWSURSHUW\DERYHDQHOHYDWLRQRI¶EHSUHVHUYHGIURPDQ <br />LQWHQVLYHOHYHORIGHYHORSPHQWVXEMHFWWRWKHIROORZLQJH[FHSWLRQV <br />'HYHORSPHQWRILQGLYLGXDOUHVLGHQFHVRQH[LVWLQJORWVDQG <br />'HYHORSPHQWXQGHUSODQQHGXQLWGHYHORSPHQWSURFHGXUHVZKHQLW <br />FDQEHGHPRQVWUDWHGWKDWDSURSRVHGGHYHORSPHQWLVFRQVLVWHQWZLWK <br />WKHSXUSRVHVRIWKLVVHFWLRQ <br /> <br />7KXVSULRUWR/8&8DSURSHUW\RZQHUFRXOGJHWRQHGZHOOLQJRQDQ³H[LVWLQJORW´DQGWKH\ <br />FRXOGJHWPXOWLSOHGZHOOLQJVRQDORWWKURXJK38'SURFHGXUHVDQGDGHPRQVWUDWLRQRI <br />FRPSOLDQFHZLWKWKH³SXUSRVHV´RIWKHSODQ7KDWHVWDEOLVKHGWZRURDGVWRDQDSSURYDO±RQH <br />URDGIRUDVLQJOHGZHOOLQJDVRIULJKWDQGSRWHQWLDOO\PXOWLSOHGZHOOLQJVZLWKD38' <br /> <br />7KRVHSUH/8&8GHYHORSPHQWULJKWVIRUODQGDERYHIHHWZHUHVKUXQNVXEVWDQWLDOO\E\WKH <br />/8&8FOHDUDQGREMHFWLYHGHYHORSPHQWULJKWVLQWZRZD\V)LUVWWKHHQWLWOHPHQWWRDVLQJOH <br />UHVLGHQFHRQDQH[LVWLQJORWZDVOLPLWHGWRORWVH[LVWLQJRQ$XJXVW WKHHIIHFWLYHGDWHRI <br />/8&8 DQGD38'ZDVUHTXLUHGWRJHWHYHQWKDWRQHGZHOOLQJ6HFRQG38'DYHQXHWRJHW <br />PXOWLSOHGZHOOLQJVRQODQGDERYHIHHWZDVH[WLQJXLVKHG7KHVHZHUHVXEVWDQWLDOUROOEDFNV <br />$VDUHIHUHQFHSRLQWDVWRZKDWVFDOHRIFKDQJHVWR*RDOUHJXODWLRQVZHUHIRXQGE\/8%$WR <br />WULJJHUWKHQHHGIRUD*RDODQDO\VLVVHHKRZ/8%$UHVROYHGWKHFKDOOHQJHVWRVSHFLILF <br />UHJXODWLRQVLQWKH+%$GHFLVLRQ2U/8%$7KHPDJQLWXGHRIWKHDPHQGPHQWV <br />PDGHE\WKH&LW\KHUHDUHSODLQO\RIWKHPDJQLWXGHWKDWUHTXLUHV*RDOUHYLHZEHIRUHEHLQJ <br />DSSURYHGDV*RDOUHJXODWLRQV <br />