Garg Inox Ltd v. State Of Haryana & ORS
!"#
$%& '&()*)+, -.-*% /
", 0 1"2 2
0 1"2 22 3&*&+%, "34)5$67)+'$8/2&+)3 '9($%&:)%; "3 <$3'&&=2;&3$+/"3*&-=%$/ "3)<$+*;-;$-;$+ 3"32$+'&&=2)+.;/ "3;)3$.$';:$/"3 >;)+$92' 3 "34)?3$<2)+.;/"3 >;)9$'6$2' 3 "3$?&*;-=%$/"33$*;$+%-=%$ 3 "34$)>;$9$)+/"3$3'&&=2)+.; ;)88+ 3 "3 3)5&+'&37$-*;)?/"3$9)+'3$$)+$+' "3 *;)*;;$-';$36/ '9($%&* 3%;& =&%)%)+&3* "3 +?-3")%%$8/ ''8 '9($%&&+&3$8/$36$+$ "34)+'2 ;$3':$5/ '9($%& 3/$+(;?-8$ "3$;&&87;8)$+'"34$3-+$%;$?/ '9($%&* 3 41 $5&*; )+'$8 ;)*3'&3:)88')*=*& $>-+(; =&%)%)+*/$*'&%$)8&'
>&8:, 23 $3%)&*+$<&
$3.+@1)<)%&'92%$%& $36$+$!%;&3*
A 2-36$*;+)1)<)%&'92%$%& $36$+$!%;&3*
$3. 8-<)+)9%1%'92%$%& $36$+$!%;&3* B B 2<$+6&3$<)(*1%'92%$%& $36$+$!%;&3*
A $5&*;+'-*%3)&*92%$%& $36$+$!%;&3*
$++$ .3<=8&@9%1%'92%$%& $36$+$!%;&3* C
"D* ;$3%)6$%%&@92%$%& $36$+$!%;&3*
"D*7$<8$)(&")8892%$%& $36$+$!%;&3* A
"D*$)$+-<$$+)(&$+'&+&3$8")88*92%$%& $36$+$$+'%;&3*
B 4&&3)8$+'&+&3$8")88*92%$%& $36$+$!%;&3*
3<$ .3%&(;92%$%& $36$+$!%;&3*
"D*2;)92;$?%))(&")8892%$%& $36$+$!%;&3*
C 2-+3)*&)(&1$+'9%1%'92%$%& $36$+$!%;&3* B
"D* $+*$8)(&$+'&+&3$8")88*92%$%& $36$+$! %;&3*
A "D* $+*$8)(&$+'&+&3$8")88*92%$%& $36$+$! %;&3*
2;3&&$.'$<>$ .3)(@=3%*9%1%'92%$%& $36$+$!%;&3* C
"D*"$;$9)3 .3'*92%$%& $36$+$!%;&3*
"D* ;$3%)6$%%&@92%$%& $36$+$!%;&3* A
$?$*; .3%&(;9%1%'92%$%& $36$+$!%;&3*
B
3<$ .3%&(;9%1%'92%$%& $36$+$!%;&3*
4&&39&3*&$*1%'92%$%& $36$+$!%;&3*
13'73)*;+$)(&")88*92%$%& $36$+$!%;&3*
B "D*<)(&!&+&3$8")88*92%$%& $36$+$!%;&3* B BB
..$3:$8'$+'%;&3*92%$%& $36$+$!%;&3* BB $96%) .3'*9%1%'$+'%;&3*92%$%& $36$+$$+'%;&3* BBB $3.+%&3+$%)+$8$+'%;&3*92%$%& $36$+$!%;&3* C BB $+&*;)(&")88*$+'%;&3*92%$%& $36$+$!%;&3* BB
2;3)73)*;+$9&3*&$*$+'%;&3*92%$%& $36$+$! %;&3* A B A "D*2;3&&73)*;$+73)=$&&'*92%$%& $36$+$! %;&3*
B 6$82%$3 .3%&(;9%1%'92%$%& $36$+$!%;&3*
7&*;$9@=3%92%$%& $36$+$$+'%;&3*
CC
$.86+%&3+$%)+$89%1%'92%$%& $36$+$! %;&3*
A ;$+*;6$< 3%;&3*92%$%& $36$+$$+'%;&3*
B B $>$9&3*&$* #1%'92%$%& $36$+$!%;&3*
+'-*%3)&*$+'%;&3*92%$%& $36$+$!%;&3*
"$;$>)3+'-*%3)&*$+'%;&3*92%$%& $36$+$!%;&3*
C
+%&3+$%)+$892%$%& $36$+$!%;&3*
3&&+4)88$.& .3* #1%'92%$%& $36$+$!%;&3*
A C 729&3*&$*9%1%'92%$%& $36$+$!%;&3* B
$.$+)(&")88*$+'%;&3*92%$%& $36$+$$+'%;&3* B AB
$.86+%&3+$%)+$89%1%'92%$%& $36$+$! %;&3* B C
2)+.8$)(& .3+'-*%3)&*92%$%& $36$+$!%;&3*
"D*4&+-*%%&@92%$%& $36$+$!%;&3* BB
"D*4&+-*%%&@92%$%& $36$+$!%;&3* B B
)9)&3$<&-3+)*;)+.*9%1%'92%$%& $36$+$ $+'%;&3* CB
2$(;'&9$&@%)8&*92%$%& $36$+$!%;&3* BC
"72=-+%&@9%1%'92%$%& $36$+$!%;&3*
2$(;'&9$<&-3+)*;)+.9%1%'92%$%& $36$+$ $+'%;&3* BA
<&&@%)8&*+')$1%'92%$%& $36$+$!%;&3* C
$.$%$<7;$++$2=)++)+.")88*9%1%'9 2%$%& $36$+$!%;&3* C
3&<%&@92%$%& $36$+$$+'%;&3* A
-%3)&3>$8*9%1%'92%$%& $36$+$!%;&3* C
$36$+$;$<>&3* <<&3(&$+'+'-*%3692%$%& $36$+$$+'%;&3* B
BB
"D*$36$+$8&+")88* #1%'92%$%& $36$+$ $+'%;&3*
B
-3$988&+")8892%$%& $36$+$!%;&3*
"D*2)+.8$)(&")88*92%$%& $36$+$!%;&3* C
)<2$.$3)>&3*92%$%& $36$+$!%;&3* C
)<2$.$3)>&3*92%$%& $36$+$!%;&3* A BBAC
"'&3+ $)3)&*1%'92%$%& $36$+$$+'%;&3*
A
-3-7)3=$ .3'*$+'%;&3*92%$%& $36$+$ $+'%;&3*
BA
"D*$3)*+*+%&3=3)*&*92%$%& $36$+$!%;&3*
BA C
+%&3+$%)+$892%$%& $36$+$$+'%;&3*
BAA
"D*9&3*&$*92%$%& $36$+$$+'%;&3*
"D* ..$3:$8 .3+'-*%3)&*92%$%& $36$+$! %;&3*
C
"D*$<$)(&")88*92%$%& $36$+$!%;&3*
CC
"D*+)%&'@=3%*92%$%& $36$+$!%;&3*
C
"D*"9&3*&$*$+'%;&3*92%$%& $36$+$!
%;&3*
B
A
+)E-&3)+%*92%$%& $36$+$$+'%;&3*
A B A
7)3%)2=)++)+.")88*92%$%& $36$+$$+'%;&3* C
"D*$8$@6'*92%$%& $36$+$!%;&3* C
$5)+'&37-<$3$+'%;&3*92%$%& $36$+$!%;&3* C
A
""+)9&3*)%63-*%92%$%& $36$+$!%;&3*
BA
"D*8>$8$%$+'&&'*!%;&3*92%$%& $36$+$!
%;&3* CB C
"D*73)*;+$"&%$8$+'$+%;&392%$%& $36$+$!%;&3* C A 2-3&*;7-<$34&3*-*2%$%& $36$+$$+'%;&3*
$8$2-+'3)'*$+'%;&3*4&3*-*2%$%& $36$+$$+' %;&3* CC CAC
"$;$9)3;&<)($84&3*-*2%$%& $36$+$$+'%;&3* C
3<)8$9&3*&$*$+'$+%;&34&3*-*2%$%& $36$+$$+' %;&3* CA B
"D*-=%$"&%$8+'-*%3)&*4&3*-*2%$%& $36$+$$+' %;&3*
B BB
"D*)<$8$6$+88)+.")88*4&3*-*2%$%& $36$+$$+' %;&3*
B
2<%+'-)+'$84&3*-*2%$%& $36$+$$+'%;&3*
B
"D*3)=$%) $8$5)'&++'-*%3)&*4&3*-*2%$%& $36$+$$+'%;&3* :&9&3/%;& $(%*;$9&>&&+&@%3$(%&' 3<
;$88&+.&;$*>&&+<$'&%%;&9)3&* (8$-*& %;&$36$+$ 8&(%3)()%6&.-8$%36<<)**)+ -%6%*-==86&8&(%3)()%6+3&E-&*%/ :&3%3&(9&3&@=&+')%-3&)+(-33&')+=39)')+.*-==86!:&3% 3&E-)3&*&(-3)%6#&.-8$%)+*/ 3*;3%/0%;&&.-8$%)+*0#$* 3$<&'
>6 $36$+$ 8&(%3)()%6 &.-8$%36 <<)**)+ 3 *;3%/ 0%;& <<)**)+0# $+' 8&%%&3 '$%&' ++&@-3& FB# )**-&' >6 3&*=+'&+%/9)'&:;)(;'&<$+';$*>&&+3$)*&'%;$* -3%;&3>&&+ =3$6&' %;$% %;& =&%)%)+&3 >& =&3<)%%&' % -3+)*; >$+? .-$3$+%&& 3 )33&9($>8& 8&%%&3 (3&')% )+ 8)&- '&=*)% $'9$+(& (+*-<=%)+ '&=*)%D*&(-3)%6)+($*;
B % )* =8&$'&' %;$% %;& =&%)%)+&3 )* =->8)( 8)<)%&' (<=$+6 &+.$.&')+%;&>-*)+&** <$+- $(%-3& *%$)+8&***%&&8:)3&*$+'>$3*% )*%;&8$3.&*-==86(+*-<&3 &8&(%3)()%6;&.3)&9$+(&:$*+$((-+% '&<$+' / A/
/
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
/ :;)(; )+(8-'&' (<=&%)%)+/ &
)()&+(6/ &(+<)($8 -*& %;& 3&*-3(&*/=%)<-<)+9&*%<&+%*$+'&*=&()$886*$ &.-$3')+.%;&(+*-<&3*0 )+%&3&*% %%;&*$<&%)<&/3&(9&36 (*% &8&(%3)()%6)+$3&$*+$>8& <$++&3:$*$8*=39)'&'
& -3%;&3 *-><)%%&' %;$% 2&(%)+ %;& (% &+9)*$.&* (+*%)%-%)+ 2%$%&<<)**)+)+&9&362%$%&/:;&3&$*2&(%)+ %;& (%=39)'&* 3=:&3* %;&2%$%&<<)**)+%<$?&3&.-8$%)+* 2->F*&(%)+ # G'#%;&3& :$*3& &33&'%/:;)(;=39)'&* 3 3$<)+. &.-8$%)+*=39)')+. 3%&3<*$+'(+')%)+* 3'&%&3<)+$%)+ %$3)
-+'&32&(%)+ %;& (%<=-.+)+.%;&&.-8$%)+*+86%%;&&@%&+% %;$%)%=39)'&* 3'&=*)% $'9$+(&(+*-<=%)+'&=*)%)+($*;/8&$3+&' (-+*&8 3%;&=&%)%)+&3*-><)%%&'%;$%%;&3&)*+&@=8$+$%)+.)9&+)+%;& &.-8$%)+*35-*%) )($%)+)+%;&*%$+'%$?&+>6%;&3&*=+'&+%*)+3&=86%
%;&=&%)%)+$*%:;6+86($*;)*>&)+.)+*)*%&'-=+/:;&3&$*%*&(-3& %;&)+%&3&*% %;&8)(&+*&&/%;&=&%)%)+&3)*3&$'6$+':)88)+.% -3+)*;
>$+?.-$3$+%&&3)33&9($>8&8&%%&3 (3&')%;&8)(&+*&&)*%*&(-3&%;& >)88*3$)*&'%$(+*-<&3+($*&/%;&>)88)*+%=$)'/%;&$<-+%($+9&36 :&88 >& 3&(9&3&' 3< %;& >$+? .-$3$+%&& 3 %;& 8&%%&3 (3&')%
)*(++&(%)+ &8&(%3)()%6)*=&3<)**)>8&;&($*;)*>&)+.$*?&' 3 3< %;&(+*-<&3+86%>&+& )%%;&8)(&+*&&/$*)%:)88.&+&3$%&;-.&($=)%$8 :)%;+(33&*=+')+.>&+& )%%%;&(+*-<&3 2&(%)+ %;& (% =39)'&*%;$%&9&+%;&)+%&3&*% %;&(+*-<&3)*$8*%>&?&=%)+<)+'/ >-% ) *&&+ )+ %;$% 8).;%/ %;& =39)*)+* )+ %;& &.-8$%)+* $3& %%$886 -+3&$*+$>8& ;& <<)**)+ ;$' $)8&' % &@&3()*& %;& 5-3)*')(%)+ 9&*%&')+)%>6+%>$8$+()+.%;&)+%&3&*% %;&8)(&+*&&$*:&88$*%;& (+*-<&3 %;&8)(&+*&&)*3-++)+.)+%8**&*$+'%;&&
3%>63&(9&3)+.
%;&$'9$+(&(+*-<=%)+'&=*)%)+($*;)*%*&%
%;$%/)%($+9&36:&88 >&=$3% %;&%$3)
;&=-3=*&)*+86-+5-*%&+3)(;<&+% %;&8)(&+*&& 9&+%;&>5&(%* %;& (%$8*=39)'&%;$%)+%&3&*% %;&(+*-<&3)*% >&:$%(;&' C & -3%;&3 3& &33&' % ()3(-8$3 F D2D C '$%&'
A C )**-&' >6"$;$3$*;%3$ 2%$%&8&(%3)()%6 )*%3)>-%)+ 1%'/ :;&3&%;&(+*-<&3*;$9&>&&+=&3<)%%&'% -3+)*;>$+?.-$3$%+&&3 )33&9($>8&8&%%&3 (3&')%+(&%;&8)(&+*&&*)+%;&32%$%&*$3&>&)+. =&3<)%%&'% -3+)*;>$+?.-$3$+%&&3)33&9($>8&8&%%&3 (3&')%)+8)&- ($*;$*$'9$+(&(+*-<=%)+'&=*)%/%;&(+*-<&3*)+%;&2%$%& $36$+$ *;-8'+%>&')*(3)<)+$%&';)8&3& &33)+.%%;&5-'.<&+% +0>8& %;&2-=3&<&-3%)+ &33 886*3=+1%'9 2%$%&8&(%3)()%6
$3'/ AA 2 /)%:$**-><)%%&'%;$%) %;&$(%)+ %;&
C $-%;3)%)&* )* -+3&$*+$>8& $+' -+(+*()+$>8&/ %;& (-3% ($+ $8:$6* )+%&3 &3&+%;&($*&)+;$+'/%;&&.-8$%)+*$3&%%$886-+3&$*+$>8&$+' -+(+*()+$>8&;& $(%%;$%%;&>)88*$3&%>&3$)*&'$ %&3+&<+%;3 %:<+%;* 3')
&3&+%($%&.3)&* (+*-<&3*)*$8:$6*%$?&+($3& $% %;&%)<& )@$%)+ %$3)
>6%;&<<)**)+& -3%;&3*-><)%%&'%;$% %;&5-'.<&+%<$6>&3&8)&'-=+>68&$3+&'(-+*&8 3%;&3&*=+'&+%*/ ;:&9&3/%;& $(%3&<$)+*%;$%%;&)**-&$*%:;&%;&3$'9$+(&(+*-<=%)+ '&=*)% ($+ >& ')3&(%&' % >& '&=*)%&' )+ ($*; 3 >$+? .-$3$+%&&D)33&9($>8&8&%%&3 (3&')%($+>&$((&=%&'/:$*+%(+*)'&3&')+ %;$%5-'.<&+%-3%;&3/3& &3&+(&:$*$8*<$'&%5-'.<&+%* %;)*(-3% )+"D* +)82=)++&3*9%%$3$36$+$ )58)4)%3$+).$<1%'$+'%;&3*/ A B#1 $+'"$+')>)+'.$3;+'-(%)+-3+$(& **()$%)+9 -+5$>2%$%&8&(%3)()%6&.-8$%36<<)**)+&3$+'$+%;&3/ B# 1BCC
+%;&%;&3;$+'/8&$3+&'(-+*&8 3%%$3$36$+$ )58) 4)%3$+ ).$<1%'*-><)%%&'%;$%2&(%)+BC %;& (%&<=:&3*%;& 8)(&+*&& % $*? 3 *&(-3)%6 3< $+6 =&3*+ :; 3&E-)3&* *-==86 &8&(%3)()%6% -3%;&3=39)'&*%;$%%;&8)(&+*&&*;$88=$6)+%&3&*%&E-)9$8&+% %%;&>$+?3$%&3<3&/$*<$6>&*=&() )&'>6%;&(+(&3+&'2%$%& <<)**)++%;&*&(-3)%6$+'3& -+'*-(;*&(-3)%6+%;&3&E-&*% %;& =&3*+'&=*)%)+.%;&*$<&+($*&/%;&(+*-<&3 $)8*% -3+)*;*&(-3)%6$* 3&E-)3&'/;)*=:&3*-==86($+>&')*(++&(%&' +6(+*-<&3)*=&3<)%%&'
%%$?&=:&3*-==86%;3-.;=3&F=$)'<&%&3$*:&88;&$ 3&*$)'*&(%)+ (8&$386*;:*%;$%%;&*&(-3)%6;$*%>&)+($*;+86/$*%;&3:)*&%;&3&)* + E-&*%)+ =$6<&+% )+%&3&*% "&3&86 + >$+? .-$3$+%&& 3 )33&9($>8&8&%%&3 (3&')%/%;&3&($++%>&$+6')3&(%)+%=$6)+%&3&*%;&
&.-8$%)+* ;$9& >&&+ 3$<&' )+ &@&3()*& =:&3* (+ &33&' + %;& <<)**)+-+'&32&(%)+ # 9#$+' :# %;& (%;&&.-8$%)+*
3$<&'3&E-)3)+.%;&(+*-<&3%'&=*)%%;&*&(-3)%6)+($*;($++%>&*$)' %>&>&6+'%;&=:&3*(+ &33&'+%;&<<)**)+% 3$<&&.-8$%)+* 3%;&3).;% %;&8)(&+*&&%;$9&*&(-3)%64)3&* $+63&.-8$%)+($+>& (;$88&+.&'+86) )%)*>&6+'%;&*%$%-%&-+'&3:;)(;)%)* 3$<&';& 5-'.<&+%)+&33 886*3=+1%'0*($*& *-=3$#:$*3& &33&'%*;:$* %:;$%)*%;&+$%-3& $'9$+(&(+*-<=%)+'&=*)%$+':;6)%)*3&E-)3&' %>&'&=*)%&';&3).;% %;&8)(&+*&&%'&<$+'*&(-3)%6:$*-=;&8'>6 +0>8&%;&2-=3&<&-3%;&5-'.<&+% +0>8&%;&2-=3&<&-3%)+
**)*%$+%88&(%3 &+%3$8@()*&/;$+'$+$.$3/&*% &+.$89
-+8=+')$1%'$+'%;&3*/ A #2 :$*3& &33&'%*-><)%%;$% %;&2%$%&'&*+%3-++>$+?.-$3$+%&&;&5-'.<&+% %;)*(-3%)+"D*
+)82=)++&3*0($*& *-=3$#:$*3& &33&'%*-><)%%;$%*$<&&.-8$%)+* :&3&(;$88&+.&':)%;3& &3&+(&%%;&$<-+% *&(-3)%6$+'%;&=&%)%)+* :&3&')*<)**&':&9&3/;&')'+%')*=-%&%;& $(%%;$%(;$88&+.&)+%;*& =&%)%)+*:$*<&3&86%%;&$<-+% *&(-3)%6'&<$+'&'$+'+%%;&)**-& $*%:;&%;&3)%*;-8'>&)+($*;3)+%;& 3< >$+?.-$3$+%&&3 )33&9($>8&8&%%&3 (3&')% A & -3%;&3 *-><)%%&' %;$% %;& &.-8$%)+* 3$<&' >6 %;& <<)**)+)+$36$+$($++%>&*$)'%>& <&3&86>&($-*&)+ %;& 2%$%& "$;$3$*;%3$/ %;& 8)(&+*&& =&3<)%%&' -3+)*;)+. >$+?
.-$3$+%&&)+8)&- ($*;& -3%;&3*-><)%%&'%;$%%;&(+*-<&3$**-(;)* +%%*-
&3$+68**)+($*&%;&$<-+%)*'&=*)%&')+($*;/$*%;&$<-+% $'9$+(&(+*-<=%)+'&=*)%3&(&)9&'>6%;&8)(&+*&&;$*>&&+%$?&+ ($3& $*=$3% %;&:3?)+.($=)%$8 3%;&=-3=*& '&%&3<)+$%)+
A %$3)
)+%&3<* $36$+$8&(%3)()%6&.-8$%36<<)**)+ &3<*$+' +')%)+* 3 &%&3<)+$%)+ $3)
3 &+&3$%)+/ 3$+*<)**)+/ ;&&8)+. $+' )*%3)>-%)+ $+' &%$)8 2-==86 -+'&3 "-8%) &$3 $3)
3$<&:3?# &.-8$%)+*/ & -3%;&3 *-><)%%&' %;$% )+ ($*&%;& *&(-3)%6)*+%%$?&+)+($*;/%;$%:-8'<&$+%;$%%;&8)(&+*&&:)88;$9&% 3$)*&<3&8$+* 3:3?)+.($=)%$8 3<%;& )+$+()$8)+*%)%-%)+*$+'=$6 )+%&3&*%%;&3&+;&(*%:)88>&$''&'%%;&%$3)
1&$3+&'(-+*&8$==&$3)+. 3%;&<<)**)+*-><)%%&'%;$% =:&3 %;&<<)**)+% 3$<&&.-8$%)+*:)%;3& &3&+(&%%;&3).;% %;&8)(&+*&&%(8$)<*&(-3)%6)*+%)+')*=-%&>$8$+(&%;&)+%&3&*% %;&8)(&+*&&$*:&88$*%;&(+*-<&3$+'?&&=)+.)+9)&:%;&=39)*)+* 2&(%)+BC %;& (%/8$-*&C %;&&.-8$%)+*=39)'&* 3=$6<&+% )+%&3&*%+$'9$+(&(+*-<=%)+'&=*)%;&3$%& )+%&3&*%'&%&3<)+&'
>6%;&<<)**)+ 3%;&6&$3 F :$* H=&3$++-<"&$+)+.
%;&3&>6%;&)+%&3&*% %;&(+*-<&3;$*>&&+%$?&+($3& & -3%;&3 *-><)%%&'%;$%+(&%;&(<=&%&+(& %;&$-%;3)%6 3$<)+.%;&&.-8$%)+* )*+%)+')*=-%&/%;&*&$3&+%(+%3$36%%;&=39)*)+* %;& (%/-+'&3 :;)(;%;&*&$3& 3$<&'3$.$)+*%%;&=->8)(=8)(6/%;&*$<&($++%>&*$)' %>&
+%;&=:&3 5-')()$83&9)&:/%;)*(-3%:-8'+%8)?& % *->*%)%-%&%;&>$+? .-$3$+%&& 3($*;/$* -*&')+ %;& (% $+' %;& &.-8$%)+* 3$<&'%;&3&-+'&3 +3&*=+*&%%;&(+%&+%)+*3$)*&'>68&$3+&'(-+*&8 3%;& 3&*=+'&+%*/8&$3+&'(-+*&8 3%;&=&%)%)+&3*-><)%%&'%;$%)+++& %;& 5-'.<&+%* ()%&' >6 %;& 3&*=+'&+%*/ %;& )**-& $* % :;&%;&3 $'9$+(& (+*-<=%)+'&=*)%;$*%>&)+($*;+86$+'+%)+%;& 3< >$+?
.-$3$+%&&3)33&9($>8&8&%%&3 (3&')%;$*>&&+.+&)+%
&$3'8&$3+&'(-+*&8 3%;&=$3%)&*$+'=&3-*&'%;&=$=&3 >?
& 3& :& =3(&&' % (+*)'&3 %;& (+%&+%)+* 3$)*&' >6 8&$3+&'(-+*&8 3%;&=$3%)&*/)%:-8'>&$==3=3)$%&%3& &3%%;& 3&8&9$+%=39)*)+*$+'%;&*(;&<& %;& (%;&*$<&$3&&@%3$(%&'
>&8:, 2&(%)+*BC/ (#$+' '#/ # 9# :#$+' G'# %;& (%
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
'-3)+.:;)(;%;& $)8-3&(+%)+-&* # ;&3& $+6 =&3*+ ;$* +% .)9&+ *-(; *&(-3)%6 $* )* <&+%)+&' )+ *->F*&(%)+ # 3 %;& *&(-3)%6 .)9&+ >6 $+6 =&3*+ ;$* >&(<& )+9$8)' 3 )+*-
)()&+%/ %;& ')*%3)>-%)+ 8)(&+*&&<$6/>6+%)(&/3&E-)3&%;$%=&3*+/:)%;)+%;)3%6'$6* $ %&3%;&*&39)(& %;&+%)(&/%.)9&;)<3&$*+$>8&*&(-3)%6
3%;&=$6<&+% $88<+)&*:;)(;<$6>&(<&'-&%;)<)+ 3&*=&(% %;&*-==86 &8&(%3)()%63=39)*)+ *-(;8)+&3 =8$+%3<&%&3
# %;&=&3*+3& &33&'%)+*->F*&(%)+ # $)8*%.)9&*-(;
*&(-3)%6/ %;& ')*%3)>-%)+ 8)(&+*&& <$6/ ) ;& %;)+?* )%/ ')*(+%)+-&%;&*-==86 &8&(%3)()%6 3%;&=&3)''-3)+.:;)(;
%;& $)8-3&(+%)+-&* B#;&')*%3)>-%)+8)(&+*&&*;$88=$6)+%&3&*%&E-)9$8&+%%%;& >$+?3$%&3<3&/$*<$6>&*=&() )&'>6%;&(+(&3+&'2%$%& <<)**)+/+%;&*&(-3)%63& &33&'%)+*->F*&(%)+ #$+'
3& -+'*-(;*&(-3)%6+%;&3&E-&*% %;&=&3*+:;.$9& *-(;*&(-3)%6 # ')*%3)>-%)+ 8)(&+*&& *;$88 +% >& &+%)%8&' % 3&E-)3& *&(-3)%6)+=-3*-$+(& (8$-*& $# *->F*&(%)+ #) %;& =&3*+ 3&E-)3)+. %;& *-==86)* =3&=$3&' % %$?&%;&*-==86 %;3-.;$=3&F=$6<&+%<&%&3 @@@@@@ "#$ %
! ;& ==3=3)$%&<<)**)+*;$88/ *->5&(%%%;&=39)*)+* %;)* (%/*=&() 6%;&%&3<*$+'
(+')%)+* 3%;&'&%&3<)+$%)+ %$3)
/$+')+')+.*/*;$88 >&.-)'&'>6%;& 88:)+./+$<&86,F @@@@@@ (#%;& $(%3*:;)(;:-8'&+(-3$.&(<=&%)%)+/&
)()&+(6/ &(+<)($8 -*& %;& 3&*-3(&*/ .' =&3 3<$+(& $+'
=%)<-<)+9&*%<&+%*I '#*$ &.-$3')+. (+*-<&3*0)+%&3&*%$+'$%%;&*$<&%)<&/
3&(9&36 %;&(*% &8&(%3)()%6)+$3&$*+$>8&<$++&3/ @@@@@@ #&# '
(%
! @@@@@@ #+=$3%)(-8$3$+':)%;-%=3&5-')(&%%;&.&+&3$8)%6 %;& =:&3 (+%$)+&' )+ *->F*&(%)+ #/ *-(; 3&.-8$%)+* <$6 =39)'& 3$883$+6 %;& 88:)+.<$%%&3*/+$<&86,F @@@@@@ 9# 3&$*+$>8& *&(-3)%6 =$6$>8& % %;& ')*%3)>-%)+ 8)(&+*&& -+'&3*->F*&(%)+ # 2&(%)+BCI :#=$6<&+% )+%&3&*%+*&(-3)%6-+'&3*->F*&(%)+ B# 2&(%)+BCI @@@@@@ G'#%;&%&3<*$+'(+')%)+* 3'&%&3<)+$%)+ %$3)
-+'&3 *&(%)+ I @@@@@@ 8$-*& %;&&.-8$%)+* :&3%3&E-)3&*&(-3)%6 ;&8)(&+*&&<$63&E-)3&$+6=&3*+/:;3&E-)3&*$*-==86 &8&(%3)()%6%;)*=3&<)*&*)+=-3*-$+(& *&(%)+B %;&
(%/%.)9&;)<*&(-3)%6/ 3%;&=$6<&+% $88<+)&*/:;)(;
<$6>&(<&'-&%;)<)+3&*=&(% %;&&8&(%3)()%6*-==8)&'D%>&*-==8)&'%*-(;=&3*+ +*-<=%)+2&(-3)%6#, $+6 &8&(%3)( 8)+&D =8$+%D <&%&3 % >& =39)'&' >6 %;& 8)(&+*&& 3*-==86)+.&8&(%3)()%6%*-(;=&3*+I
%;&=&3*+ $)8*%.)9&*-(;*&(-3)%6/3& &33&'%)+ 3&.-8$%)+/%;&8)(&+*&&<$6/) ;&%;)+?* )%/3& -*&%.)9& %;&*-==86 &8&(%3)()%63%=39)'&%;&&8&(%3)(8)+&D=8$+%D <&%&3 3%;&=&3)''-3)+.:;)(;%;& $)8-3&(+%)+-&*
+*-<=%)+2&(-3)%6 ;&1(+*-<&3**;$88$%$88%)<&*<$)+%$)+:)%;%;& 8)(&+*&&$+$<-+%&E-)9$8&+%%(+*-<=%)+(;$3.&*
-3<+%;*:;&3&9&3>)F<+%;86>)88)+.)*)+9.-&$+' %: <+%;* )+ %;& ($*& <+%;86 >)88)+. (6(8&/ $* (+*-<=%)+*&(-3)%6%:$3'*%;&&8&(%3)()%6*-==8)&'D% >&*-==8)&'%;)<$.$)+*%$+6'& $-8%)+=$6<&+%'-3)+.
%;&=&3)'%;& .3&&<&+% 3*-==86 &+&3.6)*)+
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
B %;&8)(&+*&&*;$88+%>&&+%)%8&'%(88&(%(+*-<=%)+ *&(-3)%6 3<*-(;=&3*+ 39)'&'%;$%)+%;&($*& &@)*%)+.(+*-<&3* 13 #:;=% 3%;&*-==86%;3-.;=3&F=$6<&+%<&%&3/ %;& >$8$+(& $<-+% (+*-<=%)+ *&(-3)%6 *-(;
(+*-<&3*$ %&3$'5-*%)+.$.$)+*%=3&F=$6<&+%$<-+%* =$6$>8&>6%;&</) $+6/*;$88>&3& -+'&' B ;&(+*-<=%)+*&(-3)%6$<-+%*;$88>&=$)'&)%;&3)+ ($*;38($8(;&E-& *# -%*%$%)+(;&E-& *#:)88+%>& $((&=%&'#3%;3-.;'&<$+''3$ %
#'3$:+)+ $9-3 %;&8)(&+*&& @@@@@@ 8$-*&C %;&&.-8$%)+* C +%&3&*%++*-<=%)+2&(-3)%6$+'"&%&32&(-3)%6 ;&8)(&+*&&*;$88=$6)+%&3&*%++*-<=%)+2&(-3)%6 $+' <&%&3*&(-3)%6'&=*)%&' >6%;&(+*-<&3$%%;& 2$9)+. $+?3$%&+%) )&'>62%$%& $+? +')$3*-(;
;).;&33$%&$*%;&<<)**)+<$6 )@/ 3<%)<&% %)<&;&)+%&3&*%$((3-)+.%%;&(3&')% %;&(+*-<&3 *;$88>&$'5-*%&')+&+&3.6>)88* =3)83"$6 &9&36 6&$33)+%;& )+$8>)88) =&3<$+&+%')*(++&(%)+)* *-.;%>6%;&(+*-<&3'-3)+.%;&6&$3J B 2&(%)+BC %;& (%/$*3& &33&'%$>9&/&<=:&3*%;& 8)(&+*&&%$*?$+6=&3*+:;3&E-)3&**-==86 &8&(%3)()%6%.)9&;)< 3&$*+$>8&*&(-3)%6/$*<$6>&'&%&3<)+&'>6%;&&.-8$%)+*;&*&(-3)%6 )*+$((-+% %;&=$6<&+%/:;)(;<$6>&(<&'-& 3<%;&(+*-<&3+
$((-+% *-==86 &8&(%3)()%63:;&3&$+6&8&(%3)(8)+&3&8&(%3)($8=8$+% 3&8&(%3)($8<&%&3)*%>&=39)'&' 3*-==86)+.&8&(%3)()%6%*-(;=&3*+ +($*& $)8-3& %;$%=&3*+%.)9&*&(-3)%6/%;&8)(&+*&&<$63& -*&% *-==86&8&(%3)()%63=39)'&$+6%;&3 $()8)%6+($*&%;&*&(-3)%6*.)9&+ >6$+6=&3*+>&(<&*)+9$8)'3)+*-
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
(%+&@&3()*&%;&3& /%;&)<=-.+&'&.-8$%)+*:&3& 3$<&':$6>$(?
)+%;&6&$3 /:;)(;$3&*-.;%%>&(;$88&+.&'+:$ %&3<3&%;$+$ '&($'&/%;-.;%;&3&<$6;$9&>&&+'&=*)% *&(-3)%6+3&8&$*& +&:
(++&(%)+*3$'')%)+$8'&<$+' *&(-3)%6+$((-+% )+(3&$*&'8$'
3=:&3%$3)
$+'%;&$<-+%<$6;$9&>&&+=$)'$%%;$%%)<&
& 3&%;&&+$(%<&+% %;& (%/%;&&8&(%3)()%6*-==86:$* >&)+.3&.-8$%&'>6%;&8&(%3)()%6 2-==86# (%/AB 2&(%)+BA%;&3& &+$>8&'%;&8&(%3)()%6 $3'% 3$<&&.-8$%)+*;&&.-8$%)+*:&3&
3$<&'$%%;$%%)<& 3'&<$+' *&(-3)%6'&=*)%;&*$<&:&3&-+'&3 (+*)'&3$%)+>& 3&+0>8&%;&2-=3&<&-3%)+ &33 886*3=+ 1%'0* ($*& *-=3$#+0>8&%;&2-=3&<&-3%=)+&'+%;&+$%-3&
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
C
3%;&3&(9&36 %;&$<-+%>& 3&$(%)+ 3')*(++&(%)+ (-8'>&%$?&+&:)88.)9&+&)88-*%3$%)+$*)*)+%;&($*& $5$*%;$+;& 88:)+.)*%;&>)88)+.(6(8&, $# +*-<=%)+=&3)'
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
$ %&3 %;&&@=)36 %;&*$)'=&3)' B;-*/)%:)88>&(8&$3%;$%%;&%3-&+$%-3& %;&%3$+*$(%)+ )+ %;&*& ($*&* )* +& $'9$+(& =$6<&+% (;$3.&* 3 (+*-<=%)+ &8&(%3)()%6 &*%)<$%&' 3 $ =&3)' $==3@)<$%&86%;3&&<+%;*2-(;$+$'9$+(&)*8)$>8&%>& <$'&.'$+'?&=%$%%;&*%)=-8$%&'8&9&8 3<<+%;% <+%;%)*=&+%%;&(+*-<&3%=&3<)%$'5-*%<&+% %;& $'9$+(&)+%;& )3*%)+*%$+(&;&3&$ %&3/;&(-8'<$?&.'
%;&*;3% $88)+(+*-<=%)+(;$3.&*$+'%;&*&(-3)%6'&=*)%
>& 3&$(%-$8')*(++&(%)+ (%-$886*=&$?)+./)%)*+86$ %&3 %;3&&<+%;*%;&')*(++&(%)+%$?&*=8$(&&+(&/)%)*8)?&$ 3-++)+.(-33&+%$((-+% ;&(6(8& >)88)+.>6%;& $3''&<+*%3$%&*%;$%)+%;& 9&36+$%-3& %;)+.*/ %;& (+*-<&3 )* *-==8)&' &+&3.6 + (3&')%;&(<=-8*36'&=*)%)+%;&(+%&@% >)88)+.(6(8&)* ;$3'86$'&E-$%&%*&(-3&=$6<&+%*%%;& $3'>6%;&%)<&%;&
3<$8>)88>6%;& $3')*3$)*&'+%;&(+*-<&3++& *&+*&/%;&(+*-<=%)+*&(-3)%6'&=*)%3&=3&*&+%*+86$=$3% %;&<+&6:;)(;)*=$6$>8&%%;& $3'+%;&>)88>&)+.
3$)*&'$.$)+*%%;&(+*-<&3;-*/%;& $3'*&(-3&*)%*&8 >6 3&*3%)+.%*-(;'&=*)%%(9&3=$3% %;&8)$>)8)%6 3*-==86 &8&(%3)()%6 %;& $3' +&&'* )+$+(& 3 =3'-(%)+/*-==86$+'%;&3F(;$3.&*+&(&**$36 3*-==86 &8&(%3)()%6 3 %;)* =-3=*&/ )% %$?&* 8$+* 3< 9$3)-*
)+$+()$8)+*%)%-%)+*;)*)*>&*%)88-*%3$%&') +&8?*$%%;& %3$+*$(%)+* -+5$>8&(%3)()%6 $3':;&3&&8&(%3)(&+&3.6 )* .&+&3$%&' %;3-.; ;6'3 $* :&88 $* %;&3<$8 =8$+%* 3 -8%)<$%&*$8&%%;&(+*-<&3* %;&%%$8=:&3.&+&3$%&'
$>-% =&3 (&+% )* %;3-.; ;6'3 =8$+%* ;& 3&<$)+)+. &+&3.6)*.&+&3$%&'%;3-.;%;&3<$8=:&3=8$+%*:;)(;$3& =&3$%&'+($8D)8 -&%8)<)%&';6'33&*-3(&*:)%;)+%;& 2%$%& -+5$>%;&'&=&+'&+(6+=:&3+%;&3<$8=8$+%*)* +%;&)+(3&$*&;&=3&*&+%3&E-)3&<&+% 3:3?)+. %;&3<$8 =8$+%* )*<3&%;$+ 8$?; %++&* ($8 =&3$++-<+ $'')%)+/ %;-*$+'?)88)%3& -3+$(&)8)*3&E-)3&';&
A $8 <=$+)&*D$8 +')$ 1)<)%&' %.&%;&3 :)%; <$53 *-==8)&3* =:&3=8$+%8)?&"D* 1'&<$+'(*% ($8D *=$3&*D=35&(%* )+ $'9$+(& 3 %;& *-==86 <$%&3)$8 ;&
$3')*$8*3&E-)3&'%=-3(;$*&=:&3 3<&+%3$8=35&(%* /)+3'&3%<&&%%;&'&<$+' 3=:&3>6 %;& (+*-<&3*3=-3(;$*& *-(; =:&3 $.$)+ $'9$+(& =$6<&+%$3&<$'&>6%;& $3'+*-(;$'9$+(&*%;& $3')* +%=$)'$+6)+%&3&*%;&&
&(%)*/%;& $3')*>8).&'%>&$3 %;&8)$>)8)%6 ;-+'3&'* (33&* 3-=&&*=&3$++-<%;$* +=%)+>-%%=$6%;&(;$3.&*$+''&=*)%*)+3'&3%?&&= %;&=:&3$9$)8$>8&$%$8&9&8%<&&%:)%;%;&'&<$+' %;& (+*-<&3*%)*%;&($*& %;& $3'%;$%)%;$*=&+&'8&%%&3* (3&')%>6<$?)+.$'9$+(&'&=*)%*)+ $9-3 $%)+$8 ;&3<$8 :&3 3=3$%)+ $+' %;& *-==8)&3* $8 +')$ 1)<)%&';$*$8*$*?&'%;& $3'%=&+3&989)+.8&%%&3* (3&')% )+ $9-3 $8 (<=$+)&*D$8 +')$ 1)<)%&'
&*=$%(; ($8)*+86$.$)+*%%;&8&%%&3 (3&')% C3<%;&$>9&/)%)*(8&$3%;$%:;)8&%;&8&(%3)()%6 $3'
)*3&E-)3&'%<$?&(8**$8$'9$+(&*%.&+&3$%&&8&(%3)()%6 $+' *-==86 % (+*-<&3*/ %;& (+*-<&3* -*& $+' (+*-<& &8&(%3)()%6+(3&')%3$+.)+. 3<% <+%;*'&=&+')+.
-=+%;&($%&.36 (+*-<&3*
F*&%=$3% %;&$<-+% %;&(+*-<&3:&*%%;& $3'(+%)+-$886%&+*-3&%)<&86 =$6<&+% >)88*>6%;& $3'%)%**-==8)&3*/%;&$'9$+(& (+*-<=%)+'&=*)%)*3&E-)3&'%>&?&=%:)%;%;& $3'
>& 3&(<<&+()+.*-==86%%;&(+*-<&3;&(8$-*&*)+%;&
(+%3$(%)+3&8$%)+%(+')%)+* *-==86 &8&(%3)(&+&3.6 &+$>8& %;& $3' % $'5-*% %;& >)88 $.$)+*% *-(; '&=*)%* ;&3& 3&/%;)*)*+%$($*& <&3&'&=*)% <+&6$*)+ (<<&3()$8%3$+*$(%)+
@@@@@@ A +%;&*&()3(-<*%$+(&*/:&(+(8-'&%;$%%;&>5&(% *&(-3)%6'&=*)%)*%&+*-3&=3=&3=$6<&+% >)88* @@@@@@ C 88:)+.=$3$ 3<%;&5-'.<&+% 73?*92&(3&%$36/
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
&3&+%%6=&* (+*-<&3*$+' 3$<& $ -+) 3<=8)(6 3'&<$+' *&(-3)%6;&3&($++%>&')
&3&+%=$3$F
<&%&3* 3')
&3&+%(+*-<&3*2&(-3)%6 3$9&3$.&(+*-<=%)+ %;3&& <+%;* 3($*;'&=*)%:$* -+'%>&3&$*+$>8& A + "$+') >)+'.$3; +'-(%)+ -3+$(& **()$%)+0* ($*& *-=3$#/$ )9)*)+ &+(; %;)*(-3%-=;&8'*)<)8$3&.-8$%)+* 3$<&'
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
3$<&';&*(=& =:&3)+%;&($*&)+;$+')*2&(%)+BC %;& (% 3<$>$3&=&3-*$8%;&3& -+'&3%;&*(;&<& %;& (%/)%)*=8$)+$+'
&9)'&+%%;$%*&(-3)%6;$*%>&)+($*;$*%;&8)(&+*&&;$*>&&+<$+'$%&'% =$6)+%&3&*%&E-)9$8&+%%%;&>$+?3$%&3<3&/$*<$6>&*=&() )&'>6%;& 2%$%&<<)**)+/+*-(;*&(-3)%6'&=*)%*&(-3)%6)*%>&'&<$+'&'
3<$(+*-<&3/:;)*=3&=$3&'%%$?&*-==86%;3-.;$=3&F=$)'<&%&3
* $3 $* *$ &.-$3')+. %;& )+%&3&*% %;& (+*-<&3* )* (+(&3+&'/)+-3=)+)+/%;$%;$*>&&+$==3=3)$%&86%$?&+($3& >6%;& =39)*)+* %;& (%$+'%;&&.-8$%)+* 3$<&'%;&3&-+'&3)3*%86/%;& *$<&)*>6:$6 =$6<&+% )+%&3&*%+*-(;'&=*)%$%%;&3$%&%>& '&%&3<)+&'>6%;&<<)**)+/:;)(;)+%;&6&$3 F :$**%$%&'%>& N H=&3$++-</:;)(;)*E-)%&3&$*+$>8&$+'$==$3&+%86<$@)<-<3$%& )+%&3&*% 3'&=*)%)+$>$+?
-3%;&3/$*;$*>&&+')*(-**&')+%;&5-'.<&+% +0>8&%;& 2-=3&<&-3%)+&33 886*3=+1%'0*($*& *-=3$#%;$%%;&8)(&+*&& 3&E-)3&* <+&6 3%;& =-3=*& .&+&3$%)+/=-3(;$*&$+'*-==86 &8&(%3)()%6%%;&(+*-<&3*)+$'9$+(&$+'%;&>)88*$3&3$)*&'8$%&3+%)* $?)+' :3?)+.($=)%$8
%&3<$533& 3<*:&3&($33)&'-%)+&8&(%3)( *-==86*6*%&</%;&<<)**)+:$*(+*%)%-%&':)%;$+>5&(%%9&3F*&&
)@$%)+ %$3)
3 *-==86 &8&(%3)()%6 ;& &@&3()*& )* '+& $ %&3 $
3')+.'-&==3%-+)%6%%;&(+*-<&3*$*:&883%;&=-3=*&/%;& <<)**)+ 3$<&' $36$+$8&(%3)()%6&.-8$%36<<)**)+ &3<* $+'+')%)+* 3 &%&3<)+$%)+ $3)
3&+&3$%)+/3$+*<)**)+/ ;&&8)+. $+' )*%3)>-%)+ $+' &%$)8 2-==86 -+'&3 "-8%) &$3 $3)
3$<&:3?# &.-8$%)+*/ 8$-*& %;&3& =39)'&* 3 (<=+&+%* :3?)+.($=)%$8$+'+& %;&(<=+&+%* :3?)+.
($=)%$8 33&%$)8*-==86 &8&(%3)()%6)*%;&(+*-<&3*&(-3)%6D$'9$+(& (+*-<=%)+'&=*)%"&$+)+.%;&3&>6/%;&$<-+% $'9$+(&(+*-<=%)+ '&=*)%'&=*)%&'>6%;&(+*-<&3:)%;%;&8)(&+*&&/+:;)(;=39)*)+ 3 =$6<&+% )+%&3&*%;$*>&&+<$'&/)*%$?&+($3& >6%;&<<)**)+ 3 (+*)'&3)+.%;&3&E-)3&<&+% :3?)+.($=)%$8 $8)(&+*&&;&%$3)
)*
)+$886'&%&3<)+&'?&&=)+.)+9)&:%;&(*%%>&)+(-33&' 3.&+&3$%)+/ =-3(;$*&$+'*-==86 &8&(%3)()%6
+63&8$@$%)+.)9&+>6%;&2%$%& "$;$3$*;%3$($++%>&$ .3-+'%*%3)?&':+%;&&.-8$%)+*)+%;&2%$%& $36$+$/:;)(;;$9& >&&+ 3$<&')+&@&3()*& =:&3*(+ &33&'-+'&3%;& (%;&$3.-<&+%)* <&3&86%>&+%)(&'$+'3&5&(%&'
B 2&(%)+ %;& (%;$*3&8&9$+(& 3'&%&3<)+$%)+ %$3)
$+' 3 $'9$+(&(+*-<=%)+'&=*)% *&=$3$%&2&(%)+BC %;& (%)* %;&3& %($++%>&=)+&'>6$+6*%3&%(; )<$.)+$%)+%;$%%;& &.-8$%)+*$3&>&6+'%;&=39)*)+* 2&(%)+BC %;& (%/:;)(;)%*&8 *-..&*%%;$%*&(-3)%6;$*%>&)+($*;;&&.-8$%)+*$3&)+8)+&%;&3& / ;&+(&/($++%>&*$)'%>&>&6+'%;&=39)*)+* %;& (% 3%;&3&$*+*<&+%)+&'$>9&/:&'+% )+'$+6<&3)%)+ %;&=3&*&+%=&%)%)+* ((3')+.86/%;&*$<&$3&')*<)**&':&9&3/)+($*& $+6 %;&=&%)%)+&3*3&=3&*&+%*%;&(<=&%&+%$-%;3)%6*&&?)+.%'&=*)% %;&$'')%)+$8*&(-3)%6$<-+%)+)+*%$8<&+%*/%;&*$<&<$6>&(+*)'&3&' *6<=$%;&%)($886>6 3$<)+.$-+) 3<=8)(6 $5&*; )+'$8# -'.& $3)+'&32)+.;2)';-# -'.&
-.-*% /
<?
;&%;&3*=&$?)+.D3&$*+&'
&*D ;&%;&3&=3%$>8&, &*D