7KLVFKDSWHUVHHNVWRDVVHVVWKHLPSOLFDWLRQVRI WKHVHTXHVWLRQVVSHFL¿FDOO\WKHFRQFHSWXDOL]DWLRQ RSHUDWLRQDOL]DWLRQ DQG LPSOLFDWLRQV RI WKH 15& IURPWKHSHUVSHFWLYHRIWKHDQDO\WLFDOIUDPHZRUNRI H[FOXVLRQIURPSXEOLFJRRGV,WDUJXHVWKDWVWDEOH FLWL]HQVKLS LV D SXEOLF JRRG DQG WKH 15&²DV D OHJDODQGEXUHDXFUDWLFSURFHVV²DPRXQWVWRH[FOXVLRQIURPSXEOLFJRRGV 7KH¿UVWSDUWRIWKLVFKDSWHUKDVDUJXHGWKDWVWDEOHFLWL]HQVKLSLVDSXEOLFJRRGZLWKLQWKHPHDQLQJ RIWKH,;5VVLQFHLWLV¿UVWLQVWUXPHQWDOO\YDOXDEOH IRUSHUVRQVWRDFFHVVWKHLUHQWLWOHPHQWVDQGULJKWV DQGVHFRQGLQKHUHQWO\YDOXDEOHDVKDYLQJDEHDULQJ RQWKHLUGLJQLW\DVKXPDQEHLQJV0RUHRYHUXQVWDEOHFLWL]HQVKLS²PDUNHGE\DUELWUDU\SURFHVVHVDQG ODFN RI DFFRXQWDELOLW\²HQJHQGHUV WKH WKLUG JHQUH RI H[FOXVLRQ ,W YLFWLPL]HV LQGLYLGXDOV DQG IRUFHV WKHPWRGLYHUWWKHLUUHVRXUFHVIURPDFKLHYLQJRWKHU SXEOLFJRRGVWRZDUGVSURYLQJWKHLUFLWL]HQVKLS 7KHVHFRQGSDUWRIWKLVFKDSWHUGUDZVIURPHPSLULFDO HYLGHQFH WR DUJXH WKDW WKH 15& HQJHQGHUV WKHVHIRUPVRIH[FOXVLRQDWWKHWKUHHGL൵HUHQWOHYHOV RI GHVLJQ LPSOHPHQWDWLRQDQG FRQVHTXHQFHV7KH FKDSWHUVKRZVWKDWULJKWIURPWKHEHJLQQLQJWKHUH ZHUHVHULRXVÀDZVLQWKHGHVLJQRIWKHSURFHVVWKDW XQGHUFXW LQVWLWXWLRQDO DFFRXQWDELOLW\ DQG WUDQVSDUHQF\ 7KHVH GHVLJQ ÀDZV ZHUH IXUWKHU DJJUDYDWHG E\WKHLQH൶FLHQFLHVDQGRYHUVLJKWVDWWKHOHYHORI LPSOHPHQWDWLRQ:HGUDZIURPHPSLULFDODQGHWKQRJUDSKLF HYLGHQFH WR DOVR VKRZ WKDW LQVWLWXWLRQV LPSOHPHQWLQJ WKH SURFHVV UHÀHFWHG ELDV 7KHVH HPSLULFDOLQVLJKWV²WKDWHYLQFHWKHVHULRXVÀDZVLQ WKH15&SURFHVV²KDYHZHDNHQHGDQGFRQWLQXHWR ZHDNHQVWDEOHFLWL]HQVKLSRILQQXPHUDEOH,QGLDQV )ODZHG EXUHDXFUDWLF DQG OHJDO SURFHVVHV OLNH WKH 15&SURGXFHVHYHUHXQFHUWDLQW\IRUWKHFLWL]HQVKLS VWDWXV RI SHUVRQV KHLJKWHQLQJ WKHLU YXOQHUDELOLW\ GLVUXSWLQJWKHLUOLYHVDQGFDXVLQJWDQJLEOHDQGLQWDQJLEOHKDUPWRWKHP6XFKSURFHVVHVWKXVDPRXQW WRH[FOXVLRQ 7KH¿QDOSDUWRIWKHFKDSWHUHQGVZLWKUHFRPPHQGDWLRQV WR UHIRUP DQG LQ VRPH FDVHV VXEVWLWXWHWKHH[LVWLQJ6WDWHSROLFLHV 3. Background $VVDPKDVEHHQZLWQHVVLQJDQWLLPPLJUDQWPRYHPHQWV DQG SRSXODU UHVHQWPHQW IURP ORFDOV DQG HDUOLHUVHWWOHUVVWDUWLQJIURPWKHFRORQLDOHUDZKHQ %ULWLVK FRORQL]HUV EURXJKW $GLYDVL ODERXUHUV IRU WHDSODQWDWLRQDQG0XVOLPSHDVDQWVIRUDJULFXOWXUH ZRUN,QSRVWFRORQLDO$VVDPWKHUKHWRULFRIµLOOHJDO LPPLJUDWLRQ¶ DQG GLVFRQWHQWPHQWFRQWLQXHG WR JURZRYHUWLPH,QWKH¿UVW1DWLRQDO5HJLVWHURI&LWL]HQVZDVSUHSDUHGWRLGHQWLI\LOOHJDOLPPLJUDQWV IURP (DVW 3DNLVWDQ 6LQFH WKHQ DQWLLPPLJUDQW SROLWLFV KDV EHHQ IHHGLQJ WKH $VVDPHVH FRPPXQLW\ZLWKWKHIHDURIORVLQJWKHLUODQGLGHQWLW\DQGFXOWXUH2QWKHRWKHUKDQG%HQJDOLRULJLQ 0XVOLPDQG%HQJDOL+LQGXFRPPXQLWLHVKDYHEHHQ UHJXODUO\ H[SHULHQFLQJ SHUVHFXWLRQ DQG PDVV YLROHQFH ,Q WKH ODWH V VHYHUDO WKRXVDQG 0XVOLPV ZHUH IRUFHIXOO\ GHSRUWHG WR (DVW 3DNLVWDQ XQGHU D GUDFRQLDQ VFKHPH FDOOHG WKH 3UHYHQWLRQ RI ,Q¿OWUDWLRQIURP3DNLVWDQ 3,3 ZLWKRXWIROORZLQJDQ\ OHJDOPHFKDQLVPRIGHWHFWLRQDQGGHSRUWDWLRQ7KH $VVDP 3ROLFH KDV D XQLTXH RUJDQL]DWLRQ WR GHDO ZLWK WKH LVVXHV RI µLOOHJDO LPPLJUDWLRQ¶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µWKHSURFHVVRIGHSRUWDWLRQZDVRQLQVSLWHRIWKHIDFWWKDWWKHUHZDVQR IRUPDODJUHHPHQWZLWK(DVW3DNLVWDQRU%DQJODGHVK RQ GHSRUWDWLRQ¶ µ7KRVH GD\V¶ KH ZHQW RQ WR VD\ µZHGHSRUWHGWKRXVDQGVWKHUHZDVQRKXHDQGFU\ :KDWZDVKDSSHQLQJZDVFRQVLGHUHGQDWXUDO¶ TXRWHGLQ3LVKDURW\  Indian Exclusion Report | 193 Electronic copy available at: https://ssrn.com/abstract=3718512

Select target paragraph3