united states of america before the securities and exchange commission securities act of 1933...

7/28/2019 UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES ACT OF 1933 Relea…

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SIGPC@ XPMPCX AE MKCZGHM

Jcearc tlc

XCHSZGPGCX MI@ C\HLMIBC HAKKGXXGAI

XCHSZGPGCX MHP AE =788

Zcocmsc Ia. 785< / Iavckjcr =5, :>=:

XCHSZGPGCX C\HLMIBC MHP AE =780

Zcocmsc Ia. 5<:3= / Iavckjcr =5, :>=:

M@KGIGXPZMPGUC ^ZAHCC@GIB

Egoc Ia. 8-=3>7<

Gi tlc Kmttcr ae

Hrc`gt Xugssc Xchurgtgcs (SXM) OOH4@OF Kartbmbc Hmpgtmo, Gih.4

Hrc`gt Xugssc Egrst Jastai Kartbmbc

Mhhcptmihc Harp.4

Hrc`gt Xugssc Egrst Jastai Kartbmbc

Xchurgtgcs Harp.4 mi`

Mssct Jmhdc` Xchurgtgcs Harparmtgai

Zcspai`cits.

AZ@CZ GIXPGPSPGIB HCMXC-MI@-@CXGXP ^ZAHCC@GIBX ^SZXSMIP

PA XCHPGAI <M AE PLC XCHSZGPGCX

MHP AE =788 MI@ XCHPGAI :=H AE

PLC XCHSZGPGCX C\HLMIBC MHP

AE =780, KMDGIB EGI@GIBX, MI@

GK^AXGIB M HCMXC-MI@-@CXGXP

AZ@CZ

G.

Plc Xchurgtgcs mi` Cxhlmibc Hakkgssgai (‟Hakkgssgai‛) `ccks gt mppraprgmtc tlmt hcmsc-mi`-`csgst prahcc`gibs jc, mi` lcrcjy mrc, gistgtutc` pursumit ta Xchtgai <M ae tlc Xchurgtgcs Mhtae =788 (‟Xchurgtgcs Mht‛) mi` Xchtgai :=H ae tlc Xchurgtgcs Cxhlmibc Mht ae =780 (‟CxhlmibcMht‛), mbmgist Hrc`gt Xugssc Xchurgtgcs (SXM) OOH, @OF Kartbmbc Hmpgtmo, Gih., Hrc`gt Xugssc EgrstJastai Kartbmbc Mhhcptmihc Harp., Hrc`gt Xugssc Egrst Jastai Kartbmbc Xchurgtgcs Harp., mi`Mssct Jmhdc` Xchurgtgcs Harparmtgai (‟Zcspai`cits‛).

GG.

Gi mitghgpmtgai ae tlc gistgtutgai ae tlcsc prahcc`gibs, Zcspai`cits lmvc sujkgttc` mi Aeecrae Xcttockcit (tlc ‟Aeecr‛) wlghl tlc Hakkgssgai lms `ctcrkgic` ta mhhcpt. Xaocoy ear tlc purpasc ae tlcsc prahcc`gibs mi` miy atlcr prahcc`gibs jraublt jy ar ai jclmoe ae tlcHakkgssgai, ar ta wlghl tlc Hakkgssgai gs m pmrty, mi` wgtlaut m`kgttgib ar `ciygib tlc egi`gibs



:

lcrcgi, cxhcpt ms ta tlc Hakkgssgai‗s furgs`ghtgai avcr tlck mi` tlc sujfcht kmttcr ae tlcsc prahcc`gibs, wlghl mrc m`kgttc`, Zcspai`cits haiscit ta tlc citry ae tlgs Ar`cr Gistgtutgib Hcmsc-mi`-@csgst ^rahcc`gibs ûrsumit ta Xchtgai <M ae tlc Xchurgtgcs Mht ae =788 mi` Xchtgai :=H aetlc Xchurgtgcs Cxhlmibc Mht ae =780, Kmdgib Egi`gibs, mi` Gkpasgib m Hcmsc-mi`-@csgst Ar`cr(‟Ar`cr‛), ms sct eartl jcoaw.

GGG.

Ai tlc jmsgs ae tlgs Ar`cr mi` Zcspai`cits‗ Aeecr, tlc Hakkgssgai egi`s= tlmt6

Xukkmry

Plgs kmttcr givaovcs twa scpmrmtc prmhtghcs gi wlghl Hrc`gt Xugssc Xchurgtgcs (SXM) OOH,mi` meegogmtc` citgtgcs (haoochtgvcoy, ‟Hrc`gt Xugssc‛) cibmbc` wgtl rcspcht ta rcsg`citgmo kartbmbc- jmhdc` schurgtgcs (‟ZKJX‛) gt spaisarc` mi`/ar ui`crwratc.

Egrst, erak mppraxgkmtcoy :>>3 ta :>=>, Hrc`gt Xugssc citcrc` gita m iukjcr ae egimihgmo

scttockcits wgtl oami argbgimtars rcomtc` ta cmroy `cemuotgib oamis gt lm` prcvgausoy sao` taschurgtgzmtgai trusts gt spaisarc`, mi` tlci dcpt tlc prahcc`s ae tlasc scttockcits wgtlaut iatgeygibar hakpcismtgib tlc ZKJX trusts tlmt awic` tlc oamis (tlc ‟juod scttockcit‛ prmhtghc). Hrc`gtXugssc emgoc` ta `gshoasc tlgs prmhtghc ta gts ZKJX givcstars. M``gtgaimooy, wgtl rcspcht ta hcrtmgiZKJX trmismhtgais, Hrc`gt Xugssc emgoc` ta hakpoy wgtl aeecrgib àhukcit pravgsgais tlmtrcqugrc` gt ta rcpurhlmsc hcrtmgi cmroy `cemuotgib oamis. Ms m rcsuot ae tlgs haiùht, Hrc`gt Xugsscgkprapcroy ajtmgic` mppraxgkmtcoy $33,202,257.

Xcpmrmtcoy, gi omtc :>>5, Hrc`gt Xugssc ui`crwratc twa ZKJX trmismhtgais tlmt wcrchaoomtcrmogzc` jy mppraxgkmtcoy $=.7 jgoogai ae sujprgkc kartbmbcs. Gi haiichtgai wgtl gts ceeartsta kmrdct mi` scoo tlcsc ZKJX, Hrc`gt Xugssc km`c kgsocm`gib stmtckcits rcbmr`gib m dcy givcstar

pratchtgai diawi ms tlc ‟Egrst ̂ mykcit @cemuot‛ (‟E^@‛) havcimit, wlghl rcqugrc` tlc argbgimtarsae tlc oamis ta rcpurhlmsc hcrtmgi `cogiqucit oamis ar atlcrwgsc hurc jrcmhlcs ae tlc havcimit. Getlc argbgimtars wcrc iatgegc` ae mi` sujscqucitoy emgoc` ta rcpurhlmsc ar hurc m jrcmhl ae tlc E^@havcimit wgtlgi tlc kcmigib ae tlc âaogib mi` Xcrvghgib Mbrcckcits (‟^XMs‛), Hrc`gt Xugsscwms rcqugrc` ta ̀ a sa. Iatwgtlstmi`gib tlgs pravgsgai, Hrc`gt Xugssc, wgtlaut `gshoasurc, `g` iatcisurc tlc rckavmo ae moo suhl oamis. Ms m rcsuot, givcstars sustmgic` oasscs ae mppraxgkmtcoy$=>,>35,35= ai tlc oamis tlmt gkprapcroy rckmgic` gi tlc ZKJX trusts.

= Plc egi`gibs lcrcgi mrc km`c pursumit ta Zcspai`cit‗s Aeecr ae Xcttockcit mi` mrc iat jgi`gib ai miy atlcr pcrsai ar citgty gi tlgs ar miy atlcr prahcc`gib.



8

Zcspai`cits

=. Hrc`gt Xugssc Xchurgtgcs (SXM) OOH (‟Hrc`gt Xugssc Xchurgtgcs‛), gs m@comwmrc ogkgtc` ogmjgogty hakpmiy wgtl lcm`qumrtcrs gi Icw Ward, Icw Ward. Hrc`gt XugsscXchurgtgcs gs m jradcr-`cmocr rcbgstcrc` wgtl tlc Hakkgssgai. Hrc`gt Xugssc Xchurgtgcs mhtc` msui`crwrgtcr ear tlc ZKJX aeecrgibs `cshrgjc` gi tlgs Ar`cr. Gi tlmt hmpmhgty, Hrc`gt XugsscXchurgtgcs mhqugrc` tlc schurgtgcs gssuc` jy tlc ZKJX trusts mi` sao` tlck ta givcstars. Hrc`gtXugssc Xchurgtgcs‗ aioy earkmo raoc wgtl tlc aeecr mi` smoc ae ZKJX wms ms ui`crwrgtcr, jut tlcgi`gvg`umos wla mhtc` ear tlc spaisar mi` `cpasgtars gi tlc trmismhtgais wcrc ckpoayccs aeHrc`gt Xugssc Xchurgtgcs.

:. @OF Kartbmbc Hmpgtmo, Gih. (‟@OFKH‛) gs m @comwmrc harparmtgai mi` mimeegogmtc ae Hrc`gt Xugssc Xchurgtgcs wgtl lcm`qumrtcrs mt Hrc`gt Xugssc‗s aeeghc gi Icw Ward.@OFKH wms tlc spaisar ae tlc ZKJX trmismhtgais `cshrgjc` gi tlgs Ar`cr. Ms spaisar, @OFKH purhlmsc` kartbmbc oamis erak argbgimtars mi` sao` tlck ta `cpasgtars ear rcsmoc ta tlc ZKJXtrusts.

8. Hrc`gt Xugssc Egrst Jastai Kartbmbc Mhhcptmihc Harp. (‟HXEJKMH‛) gs m@comwmrc harparmtgai mi` mi meegogmtc ae Hrc`gt Xugssc Xchurgtgcs wgtl lcm`qumrtcrs mt Hrc`gtXugssc‗s aeeghc gi Icw Ward. HXEJKMH wms m `cpasgtar ear hcrtmgi ae tlc ZKJX `cshrgjc` gitlgs Ar`cr. HXEJKMH mhqugrc` kartbmbc oamis erak tlc spaisar mi` sao` tlck ta tlc trusts pursumit ta ^XMs.

0. Hrc`gt Xugssc Egrst Jastai Kartbmbc Xchurgtgcs Harp. (‟HXEJKXH‛) gs m@comwmrc harparmtgai mi` mi meegogmtc ae Hrc`gt Xugssc Xchurgtgcs wgtl lcm`qumrtcrs mt Hrc`gtXugssc‗s aeeghc gi Icw Ward. HXEJKXH wms m `cpasgtar ear hcrtmgi ae tlc ZKJX `cshrgjc` gitlgs Ar`cr mi` apcrmtc` gi m sgkgomr emslgai ta HXEJKMH ms `cshrgjc` mjavc.

3. Mssct Jmhdc` Xchurgtgcs Harparmtgai (‟MJXH‛) gs m @comwmrc harparmtgai mi`mi meegogmtc ae Hrc`gt Xugssc Xchurgtgcs wgtl lcm`qumrtcrs mt Hrc`gt Xugssc‗s aeeghc gi Icw Ward.MJXH wms m `cpasgtar ear hcrtmgi ae tlc ZKJX `cshrgjc` gi tlgs Ar`cr mi` apcrmtc` gi m sgkgomremslgai ta HXEJKMH mi` HXEJKXH ms ̀ cshrgjc` mjavc. @urgib tlc rcocvmit pcrga`, MJXHwms sujfcht ta rcpartgib ajogbmtgais pursumit ta Xchtgai =3(`) ae tlc Cxhlmibc Mht.

Plc Xchurgtgzmtgai ^rahcss

5. Hrc`gt Xugssc struhturc` mi` sao` ZKJX tlraubl tlc spaisar, `cpasgtar, mi`ui`crwrgtcr citgtgcs `cshrgjc` mjavc. Rgtl rcspcht ta tlc kmfargty ae tlc schurgtgzmtgais`cshrgjc` lcrcgi, Hrc`gt Xugssc, tlraubl @OFKH, jcbmi tlc prahcss jy purhlmsgib kartbmbcoamis erak lui`rc`s ae `geecrcit argbgimtars. @OFKH sao` tlc oamis ta tlc `cpasgtars, mi` tlc`cpasgtars trmisecrrc` tlc oamis ta tlc trusts gi cxhlmibc ear hcrtgeghmtcs rcprcscitgib tlc ZKJXgivcstkcits. Plc `cpasgtars sao` tlc hcrtgeghmtcs ta Hrc`gt Xugssc Xchurgtgcs, tlc ui`crwrgtcr,wlghl sao` tlck ta tlc pujogh. Plc `cpasgtars rckgttc` tlc eui`s tlmt tlcy rchcgvc` erak Hrc`gtXugssc Xchurgtgcs ta @OFKH ms pmykcit ear tlc oamis. Hrc`gt Xugssc Xchurgtgcs ajtmgic` kaicy



0

tlraubl gts smocs ae schurgtgcs ta tlc pujogh mi` rchcgvc` ui`crwrgtgib eccs gi haiichtgai wgtl tlcZKJX trmismhtgais.

2. Plc oamis wcrc pmssc` ta tlc trusts tlraubl m `cpasgtar citgty ta cisurc tlmt tlctrust msscts wcrc ‟jmidrupthy rckatc,‛ mi` tlus hauo` iat jc cihukjcrc` jy Hrc`gt Xugssc‗shrc`gtars. Plc trmismhtgais wcrc mosa struhturc` gi tlgs wmy ta cimjoc tlc trusts ta qumogey ms ZcmoCstmtc Kartbmbc Givcstkcit Haiùgts (‟ZCKGHs‛), wlghl rchcgvc emvarmjoc tmx trcmtkcit.Jchmusc tlc trusts wcrc ZCKGHX, tlc spaisar mi` `cpasgtars wcrc rcqugrc` ta bgvc up ceechtgvchaitrao ae tlc oamis.

<. Plc ZKJX trmismhtgais mosa givaovc` ‟scrvghcr‛ citgtgcs, wlghl wcrc pmg` eccs jmsc` ai haoochtgais erak jarrawcrs. M Hrc`gt Xugssc meegogmtc mt tgkcs mhtc` ms tlc scrvghcr eartlc kartbmbcs gi tlc paaos. Plc scrvghcrs haoochtc` pmykcits ùc erak jarrawcrs ai tlc oamisawic` jy tlc trusts mi` pmssc` tlc pmykcits ta tlc trusts. Plc trusts usc` tlcsc eui`s ta pmygivcstars pursumit ta tlc tcrks ae tlc ZKJX. Rlci lakcawicrs `cemuotc` ai tlcgr oamis, tlcscrvghcrs wcrc rcspaisgjoc ear earchoasgib ai tlc prapcrtgcs ai jclmoe ae tlc trusts.

7. Hrc`gt Xugssc km`c stmtckcits ta tlc pujogh gi tlc aeecr mi` smoc ae ZKJX. Plcscstmtckcits mppcmrc`, mkaib atlcr pomhcs, gi tlc eaooawgib àhukcits egoc` wgtl tlc Hakkgssgai(tlc ‟aeecrgib àhukcits‛).

m. Plc Zcbgstrmtgai Xtmtckcit. Plc `cpasgtars egoc` mi` sgbic` EarkX-8 rcbgstrmtgai stmtckcits wgtl tlc Hakkgssgai ear cmhl scrgcs ae ZKJXaeecrgibs. Cmhl Eark X-8 haitmgic`, mkaib atlcr tlgibs, m eark praspchtus`cshrgjgib tlc schurgtgcs ta jc gssuc` ui`cr tlmt rcbgstrmtgai stmtckcit mi` m eark^XM.

j. Plc ^raspchtus Xuppockcit mi` ̂ raspchtus. Plc `cpasgtars egoc` m

^raspchtus Xuppockcit mi` ^raspchtus tlmt haitmgic` spchgegh giearkmtgai rcomtc`ta cmhl trust. Plc ^raspchtus Xuppockcits mi` ^raspchtuscs `cshrgjc`, mkaibatlcr tlgibs, tlc struhturc ae tlc jai`s jcgib aeecrc` mi` tlc hlmrmhtcrgstghs ae tlcoamis jmhdgib tlc jai`s. Plcy mosa `cshrgjc` sakc ae tlc pravgsgais ae tlc ^XMs pursumit ta wlghl tlc `cpasgtars trmisecrrc` tlc oamis ta tlc trusts. Plc^raspchtus Xuppockcits mi` ^raspchtuscs wcrc iat scpmrmtcoy sgbic`, jut jchmkcm pmrt ae tlc prcvgausoy sgbic` mi` egoc` Earks X-8.

h. Plc ^XM. Plc `cpasgtars egoc` Earks <-D wgtl tlc ^XMs mttmhlc`.Plc ^XMs sct eartl, mkaib atlcr tlgibs, tlc raocs, rcspaisgjgogtgcs, rgblts miàjogbmtgais ae tlc spaisar, `cpasgtar, scrvghcr, mi` atlcr pmrtgcs ta tlc trmismhtgai.

Plc ^XMs mosa haivcyc` tlc oamis ta tlc trusts mi` sct eartl rcprcscitmtgais mi`wmrrmitgcs ae tlc spaisar rcbmr`gib tlc oamis. Plc ^XMs wcrc typghmooy sgbic` jyaeeghcrs ae tlc spaisar, `cpasgtar, scrvghcr, mi` atlcrs.



3

=>. Plc `cpasgtars, @OFKH, mi` Hrc`gt Xugssc Xchurgtgcs wcrc moo givaovc` gi tlcschurgtgzmtgai prahcss mi` gi tlc prcpmrmtgai ae tlc aeecrgib ̀ ahukcits. Plc `cpasgtars sgbic`mi` egoc` tlc Eark X-8 rcbgstrmtgai stmtckcits. Plc `cpasgtars mi` @OFKH sgbic` tlc ^XMs, mi`tlc `cpasgtars egoc` tlck wgtl tlc Earks <-D. Hrc`gt Xugssc Xchurgtgcs‗ mi` @OFKH‗s imkcsmppcmrc` ai tlc schurgtgzmtgai àhukcits ms tlc ui`crwrgtcr mi` spaisar rcspchtgvcoy, mi` Hrc`gt

Xugssc Xchurgtgcs‗ ckpoayccs apcrmtc` tlc `cpasgtars mi` spaisar.

Emhts Zcomtc` ta Juod Xcttockcits

M. Plc Juod Xcttockcit ^rmhtghc

==. Hrc`gt Xugssc purhlmsc` oamis erak argbgimtars pursumit ta Kartbmbc Oamiûrhlmsc Mbrcckcits (‟KO^Ms‛). Gi tlc KO^Ms, tlc argbgimtars typghmooy hakkgttc` tarcpurhlmsc tlc oamis ge tlcy jrcmhlc` vmrgaus rcprcscitmtgais mi` wmrrmitgcs ar ge tlc jarrawcrkgssc` aic ae tlc egrst tlrcc pmykcits ùc eaooawgib Hrc`gt Xugssc‗s purhlmsc ae tlc oami (‟cmroy pmykcit `cemuots‛ ar ‟C^@s‛). Gi tlc rcocvmit schurgtgzmtgais, Hrc`gt Xugssc typghmooy `g` iatkmdc mi C^@ rcprcscitmtgai ta tlc trusts, gi tlc ^XM ar atlcrwgsc. Rlci Hrc`gt Xugssc

`gshavcrc` tlmt m oami sueecrc` mi C^@ ar atlcrwgsc jrcmhlc` mi argbgimtar‗s rcprcscitmtgai arwmrrmity, Hrc`gt Xugssc aetci `ckmi`c` tlmt tlc argbgimtar rcpurhlmsc tlc oami mi` `cogvcrc` tlcoami jmhd ta tlc argbgimtar upai rchcgvgib tlc rcpurhlmsc prghc. Hrc`gt Xugssc km`c tlcscrcpurhlmsc `ckmi`s jatl gi sgtumtgais wlcrc Hrc`gt Xugssc awic` tlc oami mi` wlcrc gt lm` prcvgausoy sao` tlc oami ta m ZKJX trust.

=:. Ge tlc argbgimtar mbrcc` ta rcpurhlmsc m schurgtgzc` oami, Hrc`gt Xugssc rcpurhlmsc`gt erak tlc trust. Plcsc rcpurhlmscs wcrc aetci haiùhtc` pursumit ta mi aptgaimo rcpurhlmsc pravgsgai gihou`c` gi tlc ^XM ta pcrkgt Hrc`gt Xugssc ta pursuc rcpurhlmsc homgks mbmgistargbgimtars. Lawcvcr, Hrc`gt Xugssc aetci scttoc` rcpurhlmsc homgks mbmgist argbgimtars jymhhcptgib hmsl pmykcits erak tlc argbgimtar gi ogcu ae rcpurhlmsc. Plcsc scttockcits mrc

`cshrgjc` gi tlgs Ar`cr ms ‟juod scttockcits‛ jchmusc tlcy aetci gihou`c` hmsl pmykcits earkmiy `geecrcit oamis. Rlci Hrc`gt Xugssc citcrc` gita juod scttockcits ai schurgtgzc` oamis, gtaetci `g` iat rcpurhlmsc tlc oamis erak tlc trusts ar pmy miy ae tlc scttockcit prahcc`s ta tlctrusts tlmt awic` tlc oamis. Gistcm`, Hrc`gt Xugssc rctmgic` tlc prahcc`s mi` ocet tlc oamisui`croygib tlc juod scttockcits gi tlc trusts. Gi tlgs kmiicr, Hrc`gt Xugssc haoochtc` m``gtgaimoeui`s ai sakc cmroy `cemuotgib oamis gt lm` sao` ta ZKJX trusts. Si`cr tlc ^XMs, Hrc`gt Xugsscwms ajogbmtc` ta rcpurhlmsc miy suhl oamis tlmt kmtcrgmooy jrcmhlc` miy ae tlc rcprcscitmtgaismi` wmrrmitgcs tlmt gt km`c ta tlc trusts.

=8. Jy tlc jcbgiigib ae :>>3, juod scttockcits wcrc mi cstmjogslc` prmhtghc mt Hrc`gtXugssc. Plraubl @OFKH, Hrc`gt Xugssc citcrc` gita mppraxgkmtcoy ==> juod scttockcits wgtl

argbgimtars jctwcci :>>3 mi` :>=>. Plcsc juod scttockcits givaovc` oamis erak 23 `geecrcitZKJX trusts wlasc schurgtgcs Hrc`gt Xugssc Xchurgtgcs aeecrc` mi` sao` ta tlc pujogh erak :>>3 ta:>>2. Hrc`gt Xugssc rctmgic` mppraxgkmtcoy $:<.= kgoogai gt rchcgvc` erak juod scttockcitsgivaovgib tlcsc oamis, cxhou`gib tlc juod scttockcit prahcc`s gt rchcgvc` ear oamis gihou`c` gi tlctrmismhtgais `cshrgjc` gi pmrmbrmpls =0 mi` =3 jcoaw.



5

=0. Plc ^XMs ear cgblt schurgtgzmtgais tlmt ahhurrc` jctwcci Mprgo mi` @chckjcr :>>3 pravg`c` tlmt Hrc`gt Xugssc wauo` rcpurhlmsc oamis erak ZKJX trusts ge tlc oamis wcrc ‟sujfcht tarcpurhlmsc‛ jy mi argbgimtar pursumit ta mi C^@ pravgsgai gi mi KO^M. Hrc`gt Xugssc citcrc` gita juod scttockcits rcomtc` ta mppraxgkmtcoy 8<3 oamis awic̀ jy tlcsc cgblt ZKJX trusts. Gi icmroycvcry hmsc, Hrc`gt Xugssc gssuc` rcpurhlmsc `ckmi`s ta argbgimtars stmtgib tlmt gt lm` `ctcrkgic`

tlmt tlcsc oamis vgaomtc` tlc C^@ pravgsgais ae tlc rcocvmit KO^Ms. Hrc`gt Xugssc mvag`c`mppraxgkmtcoy $=<.8 kgoogai gi oasscs jy iat rcpurhlmsgib juod scttockcit oamis erak tlcsc trusts.

=3. Gi tlc aeecrgib àhukcits ear aic schurgtgzmtgai tlmt ahhurrc` gi Ecjrumry :>>5,Hrc`gt Xugssc trmisecrrc` ta tlc trust moo ae gts rgblts ui`cr tlc KO^M wgtl tlc argbgimtar ae tlcui`croygib oamis, mi` mosa rcprcscitc` tlmt gt wauo` rcpurhlmsc miy oami ai wlghl tlc `cjtar emgoc`ta kmdc tlc Fmiumry :>>5 shlcùoc` pmykcit. Gi Mprgo :>>5, Hrc`gt Xugssc `ckmi`c` tlmt tlcargbgimtar rcpurhlmsc 878 oamis tlmt vgaomtc` tlc C^@ pravgsgais gi tlc KO^M mi` tlmt lm` emgoc`ta kmdc tlc Fmiumry :>>5 pmykcit wlci argbgimooy ùc. Hrc`gt Xugssc tlci citcrc` gita m juodscttockcit wgtl tlc argbgimtar mi` ocet mppraxgkmtcoy :8= ae tlc 878 oamis gi tlc trust. Hrc`gtXugssc mvag`c` mppraxgkmtcoy $7.8 kgoogai gi oasscs jy iat rcpurhlmsgib tlcsc juod scttockcitoamis erak tlc trust.

=5. Hrc`gt Xugssc `g` iat `gshoasc gts juod scttockcit prmhtghc ta givcstars gi ZKJX.Plraubl tlc juod scttockcit prmhtghc, Hrc`gt Xugssc haoochtc` eui`s wlci oamis gt sao` ta ZKJXtrusts vgaomtc` tcrks gi KO^Ms mi` tlgs prmhtghc wauo` lmvc jcci kmtcrgmo ta givcstars‗`chgsgais wlctlcr ta givcst wgtl Hrc`gt Xugssc gi tlcsc ZKJX trusts lm` givcstars diawi mjauttlc prmhtghc. Mokast moo ae tlc juod scttockcits givaovc` oamis wgtl C^@s, mi`, jy mt ocmst :>>2,Hrc`gt Xugssc wms mwmrc tlmt sakc givcstars wcrc eahusc` ai C^@s. Jchmusc mi C^@ ahhurrc`mokast gkkc`gmtcoy metcr tlc kartbmbc oami wms argbgimtc`, suhl m `cemuot wms m rc` eomb ae m passgjoc jrcmhl ae ui`crwrgtgib stmi`mr`s ar atlcr oami argbgimtgai prajocks.

=2. Gi tlc ^XMs ear moo ae tlc rcocvmit ZKJX trmismhtgais, Hrc`gt Xugssc km`c

rcprcscitmtgais mi` wmrrmitgcs ta tlc trusts haihcrigib, mkaib atlcr tlgibs, hlmrmhtcrgstghs ae tlcoamis mi` tlc prahcss tlraubl wlghl tlc argbgimtars ui`crwratc tlc oamis. Hrc`gt Xugssc eurtlcrrcprcscitc` tlmt gt wauo` rcpurhlmsc oamis wlcicvcr gt `gshavcrc` ar wms iatgegc` ae m kmtcrgmo jrcmhl ae aic ae gts rcprcscitmtgais ar wmrrmitgcs ta tlc trusts. @urgib tlc rcocvmit pcrga`, Hrc̀ gtXugssc ckpoayccs wcrc mwmrc tlmt C^@s sakctgkcs sgbimoc` argbgimtgai mi` ui`crwrgtgib prajocks. Hrc`gt Xugssc ckpoayccs mosa dicw tlmt tlc juod scttockcit prmhtghc lm` iat jcci`gshoasc` ta givcstars mi` tlmt givcstars wcrc iat mwmrc ae gt. Mt ocmst aic Hrc`gt Xugssc ckpoayccstmtc` gi mi gitcrimo c-kmgo tlmt juod scttockcits wauo` jc m surprgsc mi` haihcri ta ZKJXgivcstars. Hrc`gt Xugssc tao` givcstars wla giqugrc` mjaut C^@s tlmt motlaubl gt `g` iat kmdc miC^@ rcprcscitmtgai ta tlc trusts, Hrc`gt Xugssc rcpurhlmsc` oamis ta ciearhc gts C^@ rgblts mbmgistargbgimtars. Lawcvcr, Hrc`gt Xugssc `g` iat `gshoasc tlmt mt tgkcs gt mosa ciearhc` C^@ rgblts

wgtlaut rcpurhlmsgib oamis.

=<. Hrc`gt Xugssc smkpoc` 8% ta 3% ae moo oamis cvcry kaitl ta g`citgey `ceghgcihgcsmssahgmtc` wgtl argbgimtgai ae tlc oamis. Plraubl tlgs oami qumogty rcvgcw prahcss, Hrc`gt Xugsscocmric` emhts tlmt hauo` haistgtutc jrcmhlcs ae rcprcscitmtgais mi` wmrrmitgcs Hrc`gt Xugssc km`cta ZKJX trusts. Lawcvcr, jcbgiigib gi mt ocmst omtc :>>2, wlci Hrc`gt Xugssc gssuc` m



2

rcpurhlmsc `ckmi` ta mi argbgimtar, gt cxhou`c` tlc rcocvmit oami erak gts qumogty rcvgcw prahcss.Jchmusc Hrc`gt Xugssc scit rcpurhlmsc `ckmi`s ta argbgimtars ai C^@ oamis, ùrgib tlgs tgkcHrc`gt Xugssc `g` iat pcreark m qumogty rcvgcw prahcss ai tlcsc oamis. Ms m rcsuot, Hrc`gtXugssc‗s qumogty rcvgcw prahcss `g` iat g`citgey cvg`cihc ae jrcmhlcs ae gts awi rcprcscitmtgaismi` wmrrmitgcs ai oamis tlmt wcrc tlc sujfchts ae juod scttockcits. Hrc`gt Xugssc mosa gistgtutc` m

karc bcicrmo prmhtghc ae rcpurhlmsgib schurgtgzc` oamis tlmt jrcmhlc` tlc C^@ havcimit ae miKO^M aioy wlci mi argbgimtar lm` pmg` Hrc`gt Xugssc tlc euoo mkauit ta rcpurhlmsc tlc C^@oamis.

J. Kgsocm`gib Xtmtckcits

=7. Plc aeecrgib àhukcits ercqucitoy `gshoasc` tlmt Hrc`gt Xugssc lm` rgblts mbmgistargbgimtars, mi` tlmt cxcrhgsc ae tlcsc rgblts wms ogidc` wgtl rcpurhlmscs ae tlc rcocvmit oamis autae ZKJX trusts. Hrc`gt Xugssc gihou`c` m pravgsgai gi kmiy ae tlc rcocvmit aeecrgib àhukcitswlghl stmtc` tlmt Hrc`gt Xugssc lm` tlc rgblt ta rcpurhlmsc oamis erak tlc trusts ‟ta emhgogtmtc gtsrgblts‛ mbmgist argbgimtars jmsc` ai m jrcmhl ae tlc KO^M jctwcci Hrc`gt Xugssc mi` tlcrcocvmit argbgimtar. Hrc`gt Xugssc mosa ̀ gshoasc` gi kmiy ae gts aeecrgib àhukcits tlmt, ‟Tt[akgtgbmtc‛ tlc rgsd tlmt gt wauo` lmvc ta rcpurhlmsc oamis erak tlc trusts, gt ‟ajtmgiTc`[mppraprgmtc rcprcscitmtgais mi` wmrrmitgcs‛ erak argbgimtars. Hrc`gt Xugssc `g` iat `gshoasc tlmt gtkgblt cxcrhgsc rgblts mbmgist argbgimtars jy citcrgib gita scttockcits wgtlaut rcpurhlmsgib tlcoamis erak tlc trusts.

:>. Aeecrgib àhukcits ear moo ae tlc ZKJX trmismhtgais rcprcscitc` tlmt tlc spaisarmi` `cpasgtar trmisecrrc` moo ‟rgblt, tgtoc mi` gitcrcst‛ ta tlc oamis, ms wcoo ms moo ‟prahcc`s‛ eraktlc oamis, gita tlc trusts. Plcsc àhukcits mosa stmtc` tlmt tlc trusts qumogegc` ear ZCKGH tmxstmtus. Hrc`gt Xugssc `g` iat `gshoasc tlmt, `cspgtc tlgs trmisecr mi` tlc rcogiqugslkcit ae haitraoavcr tlc oamis, Hrc`gt Xugssc ciearhc` rgblts mbmgist argbgimtars ear oamis awic` jy tlc trusts,wgtlaut rcpurhlmsgib tlck.

:=. Gtcks ====(c) mi` ====(b) ae Zcbuomtgai MJ rcqugrc `gshoasurc ae‟rcprcscitmtgais mi` wmrrmitgcs km`c haihcrigib tlc paao msscts‛ mi` tlc rckc`gcs mvmgomjoc ear jrcmhlcs ae tlasc rcprcscitmtgais mi` wmrrmitgcs, ms wcoo ms m `cshrgptgai ae tlc ‟hgrhukstmihcs‛ui`cr wlghl ‟paao msscts kmy jc . . . rckavc` erak tlc mssct paao, suhl ms Tear[ m jrcmhl ae m paao mssct rcprcscitmtgai ar wmrrmity.‛ Ms stmtc` gi pmrmbrmpl =2 mjavc, Hrc`gt Xugsscrcprcscitc` tlmt gt wauo` rcpurhlmsc oamis wlcicvcr gt `gshavcrc` ar wms iatgegc` ae m kmtcrgmo jrcmhl ae aic ae gts rcprcscitmtgais ar wmrrmitgcs ta tlc trust. Plcsc stmtckcits wcrc kgsocm`gibgi ogblt ae Hrc`gt Xugssc‗s ui`gshoasc` prmhtghcs (=) ta mppoy gts oami qumogty rcvgcw prahcsscs`geecrcitoy ear oamis sujfcht ta m rcpurhlmsc rcqucst tlmi atlcr oamis4 mi` (:) ta iat rcpurhlmscoamis ear wlghl Hrc`gt Xugssc lm` km`c argbgimtar rcpurhlmsc rcqucsts uiocss tlc argbgimtars

mbrcc` ta rcpurhlmsc tlck.

::. Hrc`gt Xugssc mosa emgoc` ta kmdc rcqugrc` `gshoasurcs `csgbic` ta giearkgivcstars mjaut patcitgmo haieoghts ae gitcrcst. Gtck ===7(h) ae Zcbuomtgai MJ rcqugrcs `gshoasurcae rcomtgaislgps, givaovgib ar rcomtgib ta tlc paao msscts, jctwcci tlc spaisar mi` argbgimtars aekarc tlmi =>% ae tlc paao msscts.

Jy vgrtuc ae gts prmhtghc ae kmdgib homgks mbmgist argbgimtars



<

ai trust-awic` msscts, Hrc`gt Xugssc kmgitmgic` m rcomtgaislgp wgtl argbgimtars rcomtgib ta tlc paao msscts. Pa tlc cxtcit tlmt Hrc`gt Xugssc lm` suhl m rcomtgaislgp wgtl argbgimtars ae =>% arkarc ae tlc trust msscts, tlmt rcomtgaislgp wms rcqugrc` ta jc `gshoasc`, jut Hrc`gt Xugssc emgoc` takmdc tlc rcqugrc` `gshoasurcs.

:8. Gtck ==>0(h) ae Zcbuomtgai MJ rcqugrcs `gshoasurc ae ‟giearkmtgai ar emhtarsrcomtc` ta tlc spaisar tlmt kmy jc kmtcrgmo ta mi mimoysgs ae tlc argbgimtgai ar pcrearkmihc ae tlc paao msscts.‛ Plc juod scttockcit prmhtghc wms rcocvmit ta tlc argbgimtgai ae oamis jchmusc Hrc`gtXugssc haoochtc` m``gtgaimo eui`s ai cmroy ̀ cemuotgib oamis sao` ta ZKJX trusts. Wct, tlc prmhtghc wms iat `gshoasc`.

:0. Hrc`gt Xugssc km`c stmtckcits gi aeecrgib àhukcits ear tlc igic trmismhtgais`gshussc` gi pmrmbrmpls =0 mi` =3 mjavc mjaut gts ajogbmtgai ta rcpurhlmsc hcrtmgi C^@ oamis.Plcsc stmtckcits wcrc kgsocm`gib jchmusc Hrc`gt Xugssc lm` cstmjogslc` gts prmhtghc ae scttogibC^@ homgks mbmgist argbgimtars wgtlaut rcpurhlmsgib suhl oamis erak trusts mi` wgtlaut`gshoasurc ae suhl prmhtghc ta givcstars.

:3. Ms m rcsuot ae tlc icbogbcit haiùht `cshrgjc` mjavc, Hrc`gt Xugssc vgaomtc`Xchtgai =2(m)(:) ae tlc Xchurgtgcs Mht, wlghl pralgjgts m pcrsai gi tlc aeecr ar smoc ae schurgtgcserak `grchtoy ar gi`grchtoy ajtmgigib kaicy ar prapcrty jy kcmis ae miy uitruc stmtckcit ae mkmtcrgmo emht ar miy akgssgai ta stmtc m kmtcrgmo emht ichcssmry gi ar`cr ta kmdc tlc stmtckcitskm`c, gi ogblt ae tlc hgrhukstmihcs ui`cr wlghl tlcy wcrc km`c, iat kgsocm`gib.

H. Mhts tlmt Apcrmtc` ms m Ermu` ar @chcgt upai ûrhlmscrs ae ZKJX Xchurgtgcs

:5. Plc juod scttockcit prmhtghc givaovc` m iukjcr ae mhts tlmt apcrmtc` ms m ermu` ar`chcgt ai ZKJX givcstars. Plcsc mhts gihou`c`, jut wcrc iat ogkgtc` ta6 (=) Plc scttogib aercpurhlmsc homgks mbmgist argbgimtars, mi` dccpgib tlc haisg`crmtgai rchcgvc`, wlci Hrc`gt

Xugssc lm` sao` tlc ui`croygib oamis ta ZKJX trusts4 (:) Plc haoochtgai ae scttockcit prahcc`sear schurgtgzmtgais wlcrc Hrc`gt Xugssc lm` pmssc` tlraubl gts KO^M rgblts ta mi ZKJX trust arlm` gtscoe prakgsc` ta rcpurhlmsc hcrtmgi C^@ oamis4 (8) Plc mppoghmtgai ae `geecrcit qumogtyrcvgcw prahcùrcs ear oamis tlmt Hrc`gt Xugssc saublt ta put jmhd ta argbgimtars mi` tlc prmhtghcae iat rcpurhlmsgib suhl oamis erak trusts uiocss tlc argbgimtars lm` mbrcc` ta rcpurhlmsc tlck4(0) Plc emgourc ta `gshoasc tlc juod scttockcit prmhtghc wlci miswcrgib givcstar qucstgais mjautC^@s4 mi` (3) Plc emgourc ta iatgey trustccs ar givcstars mjaut tlc jcicegts Hrc`gt Xugssc rctmgic`rcomtc` ta schurgtgzc` oamis, `cspgtc diawgib tlmt givcstars wcrc uimwmrc ae tlc juod scttockcit prmhtghc.

:2. Ms m rcsuot ae tlc icbogbcit haiùht `cshrgjc` mjavc, Hrc`gt Xugssc vgaomtc` Xchtgai

=2(m)(8) ae tlc Xchurgtgcs Mht, wlghl pralgjgts m pcrsai gi tlc aeecr ar smoc ae schurgtgcs erak`grchtoy ar gi`grchtoy cibmbgib gi miy trmismhtgai, prmhtghc ar haursc ae jusgicss wlghl apcrmtcs arwauo` apcrmtc ms m ermu` ar `chcgt upai m purhlmscr ae schurgtgcs.



7

Emhts Zcomtc` ta Egrst ^mykcit @cemuots

@. Plc Egrst ^mykcit @cemuot ^ravgsgai

:<. Plc schai` prmhtghc mt gssuc rcomtcs ta twa Iavckjcr :>>5 schurgtgzmtgais (tlc‟Iavckjcr :>>5 schurgtgzmtgais‛) wlghl wcrc haoomtcrmogzc` jy $=.7 jgoogai ae sujprgkckartbmbcs argbgimtc` jy sujsg`gmrgcs ae twa omrbc sujprgkc kartbmbc argbgimtars. Plc citgty tlmtsao` $=.3 jgoogai ae tlc kartbmbcs ta Hrc`gt Xugssc wgoo lcrcgimetcr jc rcecrrc` ta ms tlc‟Argbgimtar‛. Plc Iavckjcr :>>5 schurgtgzmtgais wcrc struhturc` jy m jusgicss wgtlgi Hrc`gtXugssc‗s Egxc` Gihakc `gvgsgai diawi ms tlc Mssct Egimihc Hmpgtmo Kmrdcts braup (tlc ‟MJXbraup‛). Plc MJX braup lco`, wgtl gitcit ta scoo, tlc fuigar ict gitcrcst kmrbgi schurgtgcs mi` tlcrcsgùmos gi tlc `cmos.

:7. Plc kartbmbc oami purhlmsc mbrcckcit jctwcci Hrc`gt Xugssc mi` tlc Argbgimtarhaitmgic` m havcimit diawi ms tlc E^@ havcimit. Plc E^@ havcimit gs sgkgomr ta, jut `gstgihterak, tlc C^@ pravgsgai tlmt gs `cshrgjc` gi schtgais M tlraubl H, suprm. Plc E^@ havcimitrcqugrc` tlc Argbgimtar ta rcpurhlmsc ar sujstgtutc miy kartbmbc gi tlc haoomtcrmo paao tlmt emgoc` ta

kmdc cgtlcr gts Ahtajcr :>>5 kartbmbc pmykcit (‟Ahtajcr E^@s‛) ar gts Iavckjcr :>>5kartbmbc pmykcit (‟Iavckjcr E^@s‛) wgtlgi 03 `mys ae tlc apcrmtgvc ùc `mtc (tlc‟@ctcrkgimtgai @mtc‛). Ge tlc Argbgimtar wms iatgegc` ae, mi` tlcrcmetcr emgoc` ear miy rcmsai tarcpurhlmsc, m kartbmbc tlmt wms gi jrcmhl ae tlc E^@ havcimit wgtlgi tlc kcmigib ae tlc ^XM msae tlc @ctcrkgimtgai @mtc, @OFKH wms rcqugrc` ta rcpurhlmsc tlc kartbmbc (tlc ‟E^@ jmhdstap‛). Ms ae Iavckjcr 8>, :>>5, moo rgblts mi` gitcrcsts gi mi` haihcrigib tlc E^@ havcimitwcrc mssgbic` ta mi` mssukc` jy tlc ZKJX trusts ear tlc jcicegt ae givcstars.

8>. Hrc`gt Xugssc kmrdctc` ta patcitgmo givcstars tlc pratchtgais meear`c` jy tlc E^@havcimit mi` tlc E^@ jmhdstap. Mkaib atlcr tlgibs, Hrc`gt Xugssc stmtc` gi gts kmrdctgibkmtcrgmos tlmt ‟moo Egrst ^mykcit @cemuot Zgsd‛ wms rckavc` erak gts schurgtgzmtgais, tlmt gt

‟ciearhc`‛ tlc E^@ havcimit gi ar`cr ta ‟kgtgbmtc tlc ceecht‛ ae ermuùocit kartbmbcs, mi` tlmtgts gitcrcsts wcrc mogbic` wgtl givcstars‗. Plc E^@ havcimit mi` tlc E^@ jmhdstap wcrckmtcrgmo ta givcstars.

8=. Plc ^raspchtus Xuppockcits, wlghl wcrc egoc` wgtl tlc Hakkgssgai ai@chckjcr =, :>>5, giearkc` praspchtgvc givcstars ae tlc Argbgimtar‗s rcprcscitmtgai tlmt, ms aetlc Ahtajcr :8, :>>5 hoasgib `mtc ae tlc KO^M, ia kartbmbc oami gi tlc ZKJX trust lm` jcci`cogiqucit ear karc tlmi 8> `mys gi tlc prgar =: kaitls.

8:. Plc ^raspchtus Xuppockcits mosa `cshrgjc` tlc Argbgimtar‗s ajogbmtgais wgtlrcspcht ta oamis tlmt emgoc` tgkcoy ta kmdc tlcgr Iavckjcr :>>5 pmykcit, stmtgib tlmt tlc

Argbgimtar wms ajogbmtc` ta rcpurhlmsc miy kartbmbc oami tlmt wms gi jrcmhl ae tlc E^@havcimit 03 `mys metcr tlc kartbmbc oami‗s Iavckjcr =, :>>5 ùc `mtc.

88. Plc ^XMs ear tlc Iavckjcr :>>5 schurgtgzmtgais rcqugrc` Hrc`gt Xugssc, ‟upai`gshavcry‛ ae m jrcmhl ae tlc E^@ havcimit ‟gi rcspcht ae miy Kartbmbc Oami tlmt kmtcrgmooym`vcrscoy meechts tlc vmouc ae suhl Kartbmbc Oami‛ ta iatgey tlc ZKJX trustcc ae suhl jrcmhl.



=>

Plc ZKJX trustcc wms tlci rcqugrc` ta ‟hmusc tlc Argbgimtar . . . ta hurc suhl . . . jrcmhl.‛ Plc^XMs ear tlc Iavckjcr :>>5 schurgtgzmtgais wcrc cxchutc` jy Hrc`gt Xugssc ai ar mraui` Iavckjcr =, :>>5, jut wcrc iat pujoghoy egoc` uitgo kg`-@chckjcr :>>5, mt ocmst twa wccdsmetcr tlc ZKJX iatcs ear tlc Iavckjcr :>>5 schurgtgzmtgais wcrc sao` ta tlc pujogh.

80. Hrc`gt Xugssc jcbmi kmrdctgib tlc Iavckjcr :>>5 schurgtgzmtgais ai ar mjautAhtajcr :2, :>>5. Ai Iavckjcr =3, :>>5, Hrc`gt Xugssc ocmric` tlmt tlc Argbgimtar‗s egimihgmohai`gtgai wms `ctcrgarmtgib.

83. Metcr ocmrigib ae tlc Argbgimtar's `ctcrgarmtgib egimihgmo hai`gtgai, Hrc`gt Xugssc jcbmi hoascoy kaigtargib gts patcitgmo egimihgmo cxpasurc ta tlc Argbgimtar, wlghl gihou`c`cxpasurc tlraubl tlc E^@ jmhdstap. @urgib ar slartoy metcr m Iavckjcr =3, :>>5 kcctgib wgtltlc Argbgimtar‗s scigar kmimbckcit, mt wlghl tlc Argbgimtar rcvgcwc` gts egimihgmo hai`gtgaiwgtl m tcmk erak Hrc`gt Xugssc, m kmimbcr gi tlc MJX braup scit aic ae lgs haoocmbucs gi tlcMJX braup mi c-kmgo stmtgib6 ‟Fust kmdgib surc wc mrc moo avcr Ttlc Argbgimtar[ ai tlc C^@s giaur paao.‛

85. Jy kg`-@chckjcr, tlc iukjcr ae E^@s gi tlc Iavckjcr :>>5 schurgtgzmtgaiswms, mhhar`gib ta m kmimbcr gi tlc MJX braup, ‟uiprchc`citc`,‛ mi` sujprgkc argbgimtars‟wcrc oasgib tlcgr hrc`gt-wartlgicss gi m lurry.‛

82. Mt ar mjaut tlc smkc tgkc, Hrc`gt Xugssc jcbmi wardgib ta ogkgt tlc iukjcr aekartbmbcs tlmt wcrc put jmhd ta tlc Argbgimtar pursumit ta tlc E^@ havcimit. Ai @chckjcr =7,:>>5, Hrc`gt Xugssc pravg`c` tlc Argbgimtar wgtl `ahukcits rceochtgib ‟tlc egimo papuomtgai aeoamis tlmt qumogey ms TE^@s[‛ mi` gistruhtc` tlc Argbgimtar ta rcpurhlmsc tlc Ahtajcr E^@s jy@chckjcr :7, :>>5. Hrc`gt Xugssc eurtlcr gistruhtc` tlc Argbgimtar ta rcpurhlmsc tlc IavckjcrE^@s jy Fmiumry =>, :>>2 (tlc ‟@chckjcr =7 `ckmi`‛).

8<. Rgtl rcspcht ta tlc Ahtajcr E^@s, tlc @chckjcr =7 `ckmi` `g` iat gihou`c 00kartbmbcs tlmt qumogegc` ms E^@s jchmusc tlcy lm` iat km`c tlcgr Ahtajcr pmykcit jy tlc Iavckjcr =3, :>>5 @ctcrkgimtgai @mtc.

87. Gi m scrgcs ae hakkuighmtgais wgtl Hrc`gt Xugssc eaooawgib tlc @chckjcr =7`ckmi`, tlc Argbgimtar cxprcssc` rcscrvmtgais mjaut gts ajogbmtgais haihcrigib tlc IavckjcrE^@s, mi` saublt ‟eocxgjgogty‛ erak Hrc`gt Xugssc wgtl rcspcht ta tlc E^@ havcimit.

0>. Hrc`gt Xugssc sujscqucitoy ui`crtaad m rcvgcw ae tlc Iavckjcr E^@s tlmt wcrcgihou`c` gi tlc @chckjcr =7 `ckmi`. Gi gts rcvgcw, wlghl wms iat `gshoasc` ta givcstars, Hrc`gtXugssc saublt ta `ctcrkgic wlghl ae tlc Iavckjcr E^@s wcrc, gi gts vgcw, kast ogdcoy gi`ghmtgvcae jarrawcrs‗ gimjgogty ta pmy. Ai Fmiumry 8, :>>2, Hrc`gt Xugssc scit m rcvgsc` `ckmi` ta tlcArgbgimtar (tlc ‟Fmiumry 8 ̀ ckmi`‛) rceochtgib tlc rcsuots ae tlgs rcvgcw. Plc Fmiumry 8 `ckmi`emgoc` ta gihou`c <3 kartbmbcs tlmt lm` qumogegc` ms Iavckjcr E^@s mi` tlmt lm` jcci gihou`c`gi tlc @chckjcr =7 `ckmi`.

0=. Givcstars gi tlc ZKJX trusts wcrc iat giearkc` tlmt Hrc`gt Xugssc `g` iat`ckmi` m rcpurhlmsc ae moo tlc kartbmbcs tlmt jrcmhlc` tlc E^@ havcimit.



==

0:. Gi tatmo, tlc karc tlmi =>> kartbmbcs tlmt jrcmhlc` tlc E^@ havcimit jut tlmtHrc`gt Xugssc emgoc` ta put jmhd ta tlc Argbgimtar hmusc` oasscs ae mppraxgkmtcoy $=> kgoogai tatlc Iavckjcr :>>5 schurgtgzmtgais.

08. Metcr tlc Iavckjcr :>>5 schurgtgzmtgais hoasc`, pmrtgcs ta tlc schurgtgzmtgais pravg`c` Zcbuomtgai MJ msscsskcits pursumit ta Gtcks ==::(`)(0)(ggg) mi` ==::(`)(0)(xgv),haiegrkgib tlmt ‟m``gtgais, rckavmos ar sujstgtutgais ta tlc mssct paao Twcrc[ km`c,‛ mi`‟`cogiqucihgcs Twcrc[ rchabigzc`‛ gi mhhar`mihc wgtl tlc trmismhtgai mbrcckcits (tlc ‟Gtck==::(`) suj-hcrtgeghmtgais‛).

00. Gi cxlgjgts ta Earks =>-D egoc` ai Kmrhl 8>, :>>2, MJXH hcrtgegc` tlmt tlc Gtck==::(`) suj-hcrtgeghmtgais `g` iat ‟haitmgi miy uitruc stmtckcit ae m kmtcrgmo emht ar akgt ta stmtcm kmtcrgmo emht ichcssmry ta kmdc tlc stmtckcits km`c . . . iat kgsocm`gib.‛ MJXH‗s hcrtgeghmtgaiwms kgsocm`gib.

03. Hrc`gt Xugssc ajtmgic` kaicy erak ui`crwrgtgib eccs ai tlc Iavckjcr :>>5schurgtgzmtgais, mi` tlraubl tlc smoc ae tlc kartbmbcs ta tlc ZKJX trust ai tlc hoasgib `mtc ae

tlc schurgtgzmtgais.

C. Kgsocm`gib Xtmtckcits Haihcrigib tlc Egrst ^mykcit @cemuot ^ravgsgai

05. Hrc`gt Xugssc kgsoc` givcstars gi tlc Iavckjcr :>>5 schurgtgzmtgais jy kmdgibstmtckcits tlmt moo kartbmbc oamis tlmt jrcmhlc` tlc E^@ havcimit wauo` jc rckavc` erak tlchaoomtcrmo paao ear tlc Iavckjcr :>>5 schurgtgzmtgais. Hrc`gt Xugssc slauo` lmvc diawi tlmt moooamis tlmt jrcmhlc` tlc E^@ havcimit wauo` iat jc put jmhd ta tlc Argbgimtar.

02. Hrc`gt Xugssc mosa rcprcscitc` tlmt gts gitcrcsts wcrc mogbic` wgtl givcstars‗gitcrcsts jy vgrtuc ae tlc E^@ havcimit. Hrc`gt Xugssc emgoc` ta harrcht tlgs rcprcscitmtgai wlci

gt jchmkc hocmr gi kg`-Iavckjcr :>>5 tlmt gts gitcrcsts wcrc iat hakpoctcoy mogbic` wgtlgivcstars‗ gitcrcsts wgtl rcspcht ta tlc E^@ havcimit.

0<. Ms m rcsuot ae tlc icbogbcit hai`uht `cshrgjc` mjavc, Hrc`gt Xugssc vgaomtc` Xchtgai=2(m)(:) ae tlc Xchurgtgcs Mht, wlghl pralgjgts m pcrsai gi tlc aeecr mi` smoc ae schurgtgcs erak`grchtoy ar gi`grchtoy ajtmgigib kaicy ar prapcrty jy kcmis ae miy uitruc stmtckcit ae m kmtcrgmoemht ar miy akgssgai ta stmtc m kmtcrgmo emht ichcssmry gi ar`cr ta kmdc tlc stmtckcits km`c, giogblt ae tlc hgrhukstmihcs ui`cr wlghl tlcy wcrc km`c, iat kgsocm`gib.

E. Mhts tlmt Apcrmtc` ar Rauo` Apcrmtc ms m Ermu` ar @chcgt upai ^urhlmscrs

07. Metcr ocmrigib ae tlc Argbgimtar‗s `grc egimihgmo hai`gtgai, Hrc`gt Xugssc ogkgtc` tlc

iukjcr ae oamis tlmt wcrc put jmhd ta tlc Argbgimtar ms m rcsuot ae jrcmhlcs ae tlc E^@havcimit. Hrc`gt Xugssc wms katgvmtc` ta ogkgt tlc iukjcr ae oamis put jmhd ta tlc Argbgimtar jchmusc, ge tlc Argbgimtar rceusc` ar wms uimjoc ta rcpurhlmsc tlc oamis, Hrc`gt Xugssc, tlraubl gtsmeegogmtc, @OFKH, wms ajogbmtc` ta rcpurhlmsc tlc oamis tlmt kmtcrgmooy jrcmhlc` tlc E^@ havcimit`grchtoy erak tlc schurgtgzmtgai trust tlraubl tlc E^@ jmhdstap.



=:

3>. Hrc`gt Xugssc emgoc` ta put jmhd ta tlc Argbgimtar karc tlmi =>> kartbmbcs tlmtwcrc gi jrcmhl ae tlc E^@ havcimit. Hrc`gt Xugssc `g` iat `gshoasc ta tlc trustcc ar ta givcstarstlmt tlcsc kartbmbcs wauo` rckmgi gi tlc haoomtcrmo paao ear tlc Iavckjcr :>>5 schurgtgzmtgais.

3=. Ms m rcsuot ae tlc icbogbcit haiùht `cshrgjc` mjavc, Hrc`gt Xugssc vgaomtc` Xchtgai=2(m)(8) ae tlc Xchurgtgcs Mht, wlghl pralgjgts m pcrsai gi tlc aeecr ar smoc ae schurgtgcs erak`grchtoy ar gi`grchtoy cibmbgib gi miy trmismhtgai, prmhtghc ar haursc ae jusgicss wlghl apcrmtcs arwauo` apcrmtc ms m ermu` ar `chcgt upai m purhlmscr ae schurgtgcs.

B. Kgsocm`gib Xtmtckcits gi MJXH‗s Zcbuomtgai MJ Hcrtgeghmtgais

3:. Ms sct eartl gi tlc earbagib pmrmbrmpls, MJXH‗s Zcbuomtgai MJ hcrtgeghmtgais eartlc Iavckjcr :>>5 schurgtgzmtgais wcrc kmtcrgmooy kgsocm`gib. Ms m rcsuot, MJXH vgaomtc`Xchtgai =3(`) ae tlc Cxhlmibc Mht mi` Zuocs =:j-:>, =3`-=, mi` =3`-=0(`) tlcrcui`cr, wlghlrcqugrc cmhl gssucr tlmt lms egoc` m Xchurgtgcs Mht rcbgstrmtgai stmtckcit wlghl lms jchakcceechtgvc ta egoc wgtl tlc Hakkgssgai suhl giearkmtgai, àhukcits mi` miiumo mi` qumrtcroyrcparts ms tlc Hakkgssgai kmy rcqugrc, mi` kmi`mtc tlmt pcrga`gh rcparts haitmgi suhl

hcrtgeghmtgais mi` eurtlcr kmtcrgmo giearkmtgai ms kmy jc ichcssmry ta kmdc tlc rcqugrc`stmtckcits iat kgsocm`gib.

Haihousgai

38. Ms m rcsuot ae tlc icbogbcit haiùht `cshrgjc` mjavc, Zcspai`cits Hrc`gt XugsscXchurgtgcs (SXM) OOH, @OF Kartbmbc Hmpgtmo, Gih., Hrc`gt Xugssc Egrst Jastai KartbmbcMhhcptmihc Harp., Hrc`gt Xugssc Egrst Jastai Kartbmbc Xchurgtgcs Harp., mi` Mssct Jmhdc`Xchurgtgcs Harparmtgai, mi` cmhl ae tlck, vgaomtc` Xchtgais =2(m)(:) mi` (8) ae tlc Xchurgtgcs Mht,mi` Mssct Jmhdc` Xchurgtgcs Harparmtgai vgaomtc` Xchtgai =3(`) ae tlc Cxhlmibc Mht mi` Zuocs=:j-:>, =3`-=, mi` =3`-=0(`) tlcrcui`cr.

GU.

Gi vgcw ae tlc earcbagib, tlc Hakkgssgai `ccks gt mppraprgmtc ta gkpasc tlc smihtgaismbrcc` ta gi Zcspai`cits‗ Aeecr.

Mhhar`giboy, gt gs lcrcjy AZ@CZC@ tlmt6

M. ûrsumit ta Xchtgai <M ae tlc Xchurgtgcs Mht, Zcspai`cits Hrc`gt Xugssc Xchurgtgcs(SXM) OOH, @OF Kartbmbc Hmpgtmo, Gih., Hrc`gt Xugssc Egrst Jastai Kartbmbc Mhhcptmihc Harp.,Hrc`gt Xugssc Egrst Jastai Kartbmbc Xchurgtgcs Harp., mi` Mssct Jmhdc` Xchurgtgcs Harparmtgaihcmsc mi` `csgst erak hakkgttgib ar hmusgib miy vgaomtgais mi` miy euturc vgaomtgais ae Xchtgais

=2(m)(:) mi` (8) ae tlc Xchurgtgcs Mht.



=8

J. ûrsumit ta Xchtgai :=H ae tlc Cxhlmibc Mht, Zcspai`cit Mssct Jmhdc` XchurgtgcsHarparmtgai hcmsc mi` `csgst erak hakkgttgib ar hmusgib miy vgaomtgais mi` miy euturc vgaomtgais aeXchtgai =3(`) ae tlc Cxhlmibc Mht mi` Zuocs =:j-:>, =3`-=, mi` =3`-=0(`) tlcrcui`cr.

H. Moo Zcspai`cits slmoo, fagitoy mi` scvcrmooy, wgtlgi tci (=>) jusgicss `mys ae tlccitry ae tlgs Ar`cr, pmy `gsbarbckcit ae $33,202,257, prcfu`bkcit gitcrcst ae $=8,>>>,>>>, mi` mhgvgo kaicy pcimoty gi tlc mkauit ae $88,>>>,>>> ta tlc Xchurgtgcs mi` Cxhlmibc Hakkgssgaircomtc` ta Juod Xcttockcits. Ge tgkcoy pmykcit gs iat km`c, m``gtgaimo gitcrcst slmoo mhhruc pursumit ta XCH Zuoc ae r̂mhtghc 5>>. ^mykcit kust jc km`c gi aic ae tlc eaooawgib wmys6

(=) Zcspai`cit kmy trmiskgt pmykcit cochtraighmooy ta tlc Hakkgssgai, wlghl wgoo pravg`c ̀ ctmgoc` MHL trmisecr/Ec`wgrc gistruhtgais upai rcqucst4(:) Zcspai`cit kmy kmdc `grcht pmykcit erak m jmid mhhauit vgm ^my.bav tlraubl tlcXCH wcjsgtc mt lttp6//www.sch.bav/mjaut/aeeghcs/aek.ltk4 ar(8) Zcspai`cit kmy pmy jy hcrtgegc` hlchd, jmid hmslgcr‗s hlchd, ar Sigtc` Xtmtcs pastmokaicy ar`cr, km`c pmymjoc ta tlc Xchurgtgcs mi` Cxhlmibc Hakkgssgai mi` lmi`-`cogvcrc` ar kmgoc` ta6

Citcrprgsc Xcrvghcs HcitcrMhhauits Zchcgvmjoc JrmihlL] Jo`b., Zaak =<=, MKV-80=53>> Xautl KmhMrtlur JauocvmrÀdomlakm Hgty, AD 28=57

^mykcits jy hlchd ar kaicy ar`cr kust jc mhhakpmigc` jy m havcr octtcr g`citgeygibHrc`gt Xugssc Xchurgtgcs (SXM) OOH, @OF Kartbmbc Hmpgtmo, Gih., Hrc`gt Xugssc Egrst JastaiKartbmbc Mhhcptmihc Harp., Hrc`gt Xugssc Egrst Jastai Kartbmbc Xchurgtgcs Harp., mi` MssctJmhdc` Xchurgtgcs Harparmtgai ms Zcspai`cits gi tlcsc prahcc`gibs, mi` tlc egoc iukjcr ae tlcsc

prahcc`gibs4 m hapy ae tlc havcr octtcr mi` hlchd ar kaicy ar`cr kust jc scit ta Dciictl Ocihl,Hlgce-Xtruhturc` mi` Icw ^raùhts Sigt, @gvgsgai ae Ciearhckcit, Xchurgtgcs mi` CxhlmibcHakkgssgai, =>> E Xt., IC, Rmslgibtai, @H :>307.

@. Zcspai`cits Hrc`gt Xugssc Xchurgtgcs (SXM) OOH mi` Mssct Jmhdc` XchurgtgcsHarparmtgai slmoo, fagitoy mi` scvcrmooy, wgtlgi tci (=>) jusgicss `mys ae tlc citry ae tlgs Ar`cr, gim``gtgai ta tlc pmykcits ar`crc` gi pmrmbrmpl GU.H mjavc, pmy `gsbarbckcit ae $=>,>35,35=, prcfu`bkcit gitcrcst ae $:,:>>,>>>, mi` m hgvgo kaicy pcimoty gi tlc mkauit ae $5,>>>,>>> ta tlcXchurgtgcs mi` Cxhlmibc Hakkgssgai rcomtc` ta Egrst ^mykcit @cemuots. Ge tgkcoy pmykcit gs iatkm`c, m``gtgaimo gitcrcst slmoo mhhruc pursumit ta XCH Zuoc ae ^rmhtghc 5>>. ^mykcit kust jckm`c gi aic ae tlc eaooawgib wmys6

(=) Zcspai`cit kmy trmiskgt pmykcit cochtraighmooy ta tlc Hakkgssgai, wlghl wgoo pravg`c ̀ ctmgoc` MHL trmisecr/Ec`wgrc gistruhtgais upai rcqucst4(:) Zcspai`cit kmy kmdc `grcht pmykcit erak m jmid mhhauit vgm ^my.bav tlraubl tlcXCH wcjsgtc mt lttp6//www.sch.bav/mjaut/aeeghcs/aek.ltk4 ar



=0

(8) Zcspai`cit kmy pmy jy hcrtgegc` hlchd, jmid hmslgcr‗s hlchd, ar Sigtc` Xtmtcs pastmokaicy ar`cr, km`c pmymjoc ta tlc Xchurgtgcs mi` Cxhlmibc Hakkgssgai mi` lmi`-`cogvcrc` ar kmgoc` ta6

Citcrprgsc Xcrvghcs Hcitcr

Mhhauits Zchcgvmjoc JrmihlL] Jo`b., Zaak =<=, MKV-80=53>> Xautl KmhMrtlur JauocvmrÀdomlakm Hgty, AD 28=57

^mykcits jy hlchd ar kaicy ar`cr kust jc mhhakpmigc` jy m havcr octtcr g`citgeygibHrc`gt Xugssc Xchurgtgcs (SXM) OOH mi` Mssct Jmhdc` Xchurgtgcs Harparmtgai ms Zcspai`cits gitlcsc prahcc`gibs, mi` tlc egoc iukjcr ae tlcsc prahcc`gibs4 m hapy ae tlc havcr octtcr mi` hlchd arkaicy ar`cr kust jc scit ta Dciictl Ocihl, Hlgce-Xtruhturc` mi` Icw ^raùhts Sigt, @gvgsgai aeCiearhckcit, Xchurgtgcs mi` Cxhlmibc Hakkgssgai, =>> E Xt., IC, Rmslgibtai, @H :>307.

C. ûrsumit ta Xchtgai 8><(m) ae tlc Xmrjmics-Axocy Mht ae :>>:, ms mkci`c`, twascpmrmtc Emgr Eui`s kmy jc hrcmtc` ear tlc `gsbarbckcit, gitcrcst mi` pcimotgcs rcomtc` ta JuodXcttockcits mi` Egrst ^mykcit @cemuots rcecrcihc` gi pmrmbrmpls GU.H mi` GU.@ mjavc. Zcbmròcssae wlctlcr miy suhl Emgr Eui` `gstrgjutgais mrc km`c, mkauits ar`crc` ta jc pmg` ms hgvgo kaicy pcimotgcs pursumit ta tlgs Ar̀ cr slmoo jc trcmtc` ms pcimotgcs pmg` ta tlc bavcrikcit ear moo purpascs, gihou`gib moo tmx purpascs. Pa prcscrvc tlc ̀ ctcrrcit ceecht ae tlc hgvgo pcimoty,Zcspai`cits mbrcc tlmt gi miy Zcomtc` Givcstar Mhtgai, tlcy slmoo iat mrbuc tlmt tlcy mrc citgtoc`ta, iar slmoo tlcy jcicegt jy, aeesct ar rcùhtgai ae miy mwmr` ae hakpcismtary `mkmbcs jy tlcmkauit ae miy pmrt ae Zcspai`cit‗s pmykcit ae m hgvgo pcimoty gi tlgs mhtgai (‟^cimoty Aeesct‛). Getlc haurt gi miy Zcomtc` Givcstar Mhtgai brmits suhl m ^cimoty Aeesct, Zcspai`cits mbrcc tlmt tlcyslmoo, wgtlgi 8> `mys metcr citry ae m egimo ar`cr brmitgib tlc ^cimoty Aeesct, iatgey tlcHakkgssgai‗s hauisco gi tlgs mhtgai mi` pmy tlc mkauit ae tlc ^cimoty Aeesct ta tlc Sigtc` XtmtcsPrcmsury ar ta m Emgr Eui`, ms tlc Hakkgssgai `grchts. Xuhl m pmykcit slmoo iat jc `cckc` mim``gtgaimo hgvgo pcimoty mi` slmoo iat jc `cckc` ta hlmibc tlc mkauit ae tlc hgvgo pcimoty gkpasc`gi tlgs prahcc`gib. Ear purpascs ae tlgs pmrmbrmpl, m ‟Zcomtc` Givcstar Mhtgai‛ kcmis m prgvmtc`mkmbcs mhtgai jraublt mbmgist miy ae tlc Zcspai`cits jy ar ai jclmoe ae aic ar karc givcstars jmsc` ai sujstmitgmooy tlc smkc emhts ms moocbc` gi tlc Ar`cr gistgtutc` jy tlc Hakkgssgai gi tlgs prahcc`gib.

E. Plc `gsbarbckcit, gitcrcst, mi` hgvgo pcimotgcs pmg` ta cmhl Emgr Eui` slmoo jc`gstrgjutc` pursumit ta m `gstrgjutgai pomi (tlc ‟ômi‛) ta jc m`kgigstcrc` gi mhhar`mihc wgtl tlcHakkgssgai Zuocs ae ̂ rmhtghc bavcrigib Emgr Eui`s mi` @gsbarbckcit ômis. M Eui`M`kgigstrmtar (tlc ‟M`kgigstrmtar‛) slmoo jc mppagitc` jy tlc Hakkgssgai. Plc M`kgigstrmtar

wgoo prcpmrc, gi haar`gimtgai wgtl tlc Hakkgssgai stmee, tlc ômi ta `gstrgjutc cmhl Emgr Eui`rcsuotgib erak tlgs Ar`cr. Plc ômi wgoo jc sujfcht ta Hakkgssgai mppravmo. Zcspai`cits slmoo, fagitoy mi` scvcrmooy, pmy moo rcmsaimjoc m`kgigstrmtgvc hasts mi` cxpciscs ae cmhl `gstrgjutgai,gihou`gib tlc eccs mi` cxpciscs ae m tmx m`kgigstrmtar, wgtlgi tlgrty (8>) `mys metcr rchcgpt ae migivaghc ear suhl scrvghcs.



=3

Jy tlc Hakkgssgai.

Cogzmjctl K. Kurply

Xchrctmry

united states of america before the securities and exchange commission securities act of 1933...

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