High Court of Punjab and HaryanaCWP/4215/2016disposed of

M/S Laqshya Media Pvt Ltd v. State Of Punjab & ORS

2016-08-23Mr. Justice Ramendra Jain,Mr. Justice Jitendra Chauhan24 pages

#$% &%'()(*+,-,)$ ./

!+ 0 1!22 1 0 1!2 22 3%)%*$+ !3(4,)56#*$#(*/&7'#$% 3$5%8%$($(*%3 !3#-95#* #*)#:/&&:&7'#$%%*%3#:/,*;#< !3)5=6,9#3 #>#>/&7'#$% 33%)8*&%*$) $ #;%)5 (*&#:

5%8%$($(*%35#) (:%&$5%83%)%*$8%$($(*)%%=(*-?,#)5(*-

$5%3&%3&#$%& **%@,3%A "/8#))%&<4$5%99())(*%3/ !,*('(8#:383#$(*/1,&5(#*#/&%9#*&(*-#&7%3$()%9%*$$#@#9,*$(*- $ /BB/

CA 1%#3*%&',*)%: 3$5%8%$($(*%3),<9($$%&$5#$$5%8%$($(*%3 %*$%3%&(*$#'*'%))(*#-3%%9%*$D($5!C)1,&5(#*#($4 ,)2%37('%) 1$& 3)53$/0$5%98#*40"*

E*$%39) $5%#-3%%9%*$/$5% 8%$($(*%3D#)-3#*$%&'*'%))(*$&%)(-*/<,(:&#*&9#(*$#(*<,))5%:$%3)

#$&(

%3%*$8:#'%)/D5('5D%3%$<%$3#*) %33%&$$5%98#*4 3%%

'5#3-%# $%3%@8(34 $5%'*'%))(*8%3(&5%8%$($(*%3D#)-(7%*3(-5$ $&()8:#4#&7%3$()%9%*$) . $D#)#3-,%&$5#$$5%8%$($(*%3D#)%#3:(%3()),%&:%$$%3)&#$%&

/ E

#*& BE

3#()(*- (::%-#: &%9#*&

#&7%3$()%9%*$$#@5)%D%3%(98,-*%&<4 (:(*-

5%D3($8%$($(*D#)&()8)%& * F

D($5#&(3%'$(*$$5% #,$53($(%)$&%'(&%$5%:%-#:*$('%&#$%& FE

-$)%37%&<4$5% 8%$($(*%3<48#))(*-#)8%#=(*-3&%35%8%$($(*%3D#) ,3$5%3&(3%'$%&$ &%8)($ /

CA5%*%%& ,:D#)&*%5%:%-#:*$('%D#)&()8)%& <43%)8*&%*$.<48#))(*-3&%3&#$%& /D5('55#)<%%* (98,-*%&(*$5%83%)%*$8%$($(* 1%#3*%& ',*)%: 3 $5% 8%$($(*%3/ D5(:% '5#::%*-(*- $5% # 3%)#(& 3&%3/ ),<9($$%& $5#$ 2%'$(* F $5% ,*;#< !,*('(8#:

383#$(*'$/ FB 3)53$/0$5%'$0"837(&%) 3$#@%)/D5('5'#*<% (98)%&<4$5%383#$(*$(*':,&%)$#@*#&7%3$()%9%*$2,<A)%'$(* ."$5%3% 837(&%)$5#$$#@%)#))8%'( (%&(*),<A)%'$(*) "#*& ")5#::

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

"$5%3% /( *$#:3%#&4(98)%&

2%'$(* $5%'$D#)3% %33%&$/D5('5)8%'( ('#::4&%#:) D($5$#@*#&7%3$()%9%*$)$837(&%)$5#$%7%348%3)*:(#<:%$8#4$#@ ,*&%3)8%'( (%&'*&($(*))5#::8#4$5%)#9%'#:',:#$%&#$),'53#$%/#)9#4 <%)8%'( (%&<4$5%7%3*9%*$2,<A)%'$(* "$5%3% 837(&%)$5#$$#@ :%7(#<:%,*&%3$5()),<A)%'$(*)5#::<%8#4#<:%(*#&7#*'%(*),'5*,9<%3 (*)$#:9%*$)#*&(*),'59#**%3/#)9#4<%&%$%39(*%&<4$5%<4%A:#D) 9#&%(*$5()<%5#:

G 4%A:#DH5#)<%%*&% (*%&,*&%32%'$(* " $5% '$$9%#*#<4%A:#D 3#9%&,*&%3$5%'$<4*$( ('#$(*(*$5%

('(#:

-#>%$$%2%'$(*.FF ""B" $5%'$D#)3% %33%&$/D5('5837(&%) 3

3#9(*- <4%A:#D)D($53% %3%*'%$),<9())(* 3%$,3*)<4$5%8%3)* :(#<:% $ 8#4 #*4 $#@ ,*&%3 $5% '$ 2%'$(* .FF ""E" $5% '$ 837(&%) 3 3#9(*- <4%A:#D) 3#*4$5%39#$$%33%:#$(*-$:%74/ #))%))9%*$/'::%'$(*/3% ,*&33%9())(* $#@%),*&%3$5%'$ ) 3%-#3&) 3#$% $#@/ :%#3*%& ',*)%: 3 $5% 8%$($(*%3 3% %33%&$$5%*$( ('#$(*&#$%& B

/()),%&<4$5%7%3*9%*$

,*;#</)8%'( 4(*-3#$%) $#@*#&7%3$()%9%*$)/D5('5D#)3%7()%&7(&% *$( ('#$(*&#$%&

B $D#) ,3$5%3#3-,%&$5#$&%)8($%#::$5%)%%*#<:(*-837()(*) )8%'( ('#::4 3%?,(3(*- 3#9(*- <4%A:#D) 3 :%74/ (:(*- 3%$,3*)/ #))%))9%*$/'::%'$(*/3% ,*&%$'D($53% %3%*'%$$5%$#@%):%7(#<:%,*&%3 $5%'$/*<4%A:#D)5#7%<%%* 3#9%&/(*$5%#<)%*'% D5('5$5%$#@* #&7%3$()%9%*$',:&*$<%&%9#*&%&/#)$5%:%74D,:&$#=%$5%'5#3#'$%3 <%(*-'* ()'#$34 E 5%,*;#< !,*('(8#:,$&3&7%3$()%9%*$:('4/

D#)3% %33%&$<4:%#3*%&',*)%: 3$5%8%$($(*%3$),<9($$5#$$5%)#9%

837(&%)*:4$5%837()(*)3%-#3&(*-#&7%3$()%9%*$#*&$5%)# %-,#3&)$ <%$#=%* 3$5%8,38)%$#:)837(&%) 39&% #::$9%*$$5%3% F * $5% # 3%)#(& #'$,#: 9#$3(@/ $5% '*$%*$(* () $5#$ $5% &%9#*&#*&3%'7%34 $#@,*&%3#*4)$#$,$%D(::#3()%*:4# $%3$5% 83'%&,3% 3 (:(*- 3%$,3*/#))%))9%*$/#88%#:)/8%*#:$(%)/(*$%3%)$#*& '*)%?,%*'% &% #,:$#3%837(&%&*$5%#<)%*'% $5%)%9#'5(*%34 837()(*)/&(3%'$&%9#*&3#()%&<43%)8*&%*$.()7(:#$(7% 3$(':% $5%*)$($,$(* *&(#($5,$#

3&(*-838%3883$,*($4

5%#3(*-#*& 3#9(*-#*4#))%))9%*$ $#@/&(3%'$:4&%9#*&*$('%D#) ()),%&$D#) ,3$5%3#3-,%&$5#$%7%*$5%3&%3*D8#))%&()*$5%:%-#: *$('%-$)%37%&<4$5%8%$($(*%3/*#&(3%'$(*()),%&<4$5()',3$ %#3:(%3$5%3D()%/$5%837()(*) $5%'$&*$837(&% 38#))(*-

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

F 2

I2$#$% 7#::##;#%&&4#*&$5%3)/ FB2

E#*&99())(*%3/%*$3#:@'()%#*&,)$9)/6%3#:#7!C)1#3)%* ,<31$&/

/($D#)),<9($$%&$5#$$5%&%9#*&<%(*- '* ()'#$34(*$5%#<)%*'% 9#'5(*%34837()(*)/$5%)#9%&%)%37%)$ <%)%$#)(&%

2$(:: ,3$5%3/($D#)),<9($$%&$5#$3% %3%*'%$$5%837()(*)

2%'$(*) #*& B $5%'$<4$5%3%)8*&%*$)(*$5%3%8:4()$$#::4 9()8:#'%&/#)$5%3%()*#))%))9%*$ $#@/ 3D5('5$5%837()(*)D(::

#88:45%837()(*) !,*('(8#:'',*$&%/ F.

#3%#:) * 3%:%7#*'%#)($$#:=) 9#(*$%*#*'% 3%'3&#*&&%)*$83%)'3(<%#*4 83'%&,3% 3#))%))9%*$

#()(*-$5%()),% &%:#4/($D#)),<9($$%&$5#$*$('% 3$5%

(3)$$(9% 3&%9#*&(*-$#@ 3$5%4%#3

E*D#3&)D#)()),%&(*$5% 4%#3

/5%*'%/$5%)#9%D#)$(9%A<#33%&/#)%7%*#))%))9%*$',:&<%

3#9%&D($5(*#3%#)*#<:%$(9%*),883$ $5()#3-,9%*$/3%:(#*'%D#) 8:#'%&,8*2$#$% ,*;#<#*&$5%3)7 5#$(*&# ()$3('$8!(:= *(*1$&/

2..

1%#3*%&',*)%: 33%)8*&%*$) $/D5(:%3% %33(*-$ $5%837()(*) 2%'$(* $5%'$/),<9($$%&$5#$$5%837()(*)#3% ?,($%%@8:('($3$#@%)/$5%8%3)*:(#<:%/$#@#<:%%7%*$#*&$5%3#$% $#@ () $<%&% (*%&::$53%%8#3#A9%$%3)#3% ,:

(::%&(*$5%83%)%*$'#)% 2%'$(* $5%'$&% (*%)$5%8%3)*#*&$5%%7%*$,#:($4(*D5('5$5% $#@():%7(#<:%5%3#$% $#@()$<%)8%'( (%&<4$5%7%3*9%*$5% *%%& ,:D#)&*%<4()),(*-*$( ('#$(*)&#$%& B

#*&

2,<A)%'$(* " 2%'$(* $5%'$837(&%)$5#$#&7%3$()%9%*$$#@() 8#4#<:%(* #&7#*'%7%*( $5%*,9<%3 (*)$#:9%*$) 5#7%*$ <%%* )8%'( (%&<4 3#9(*-<4%A:#D)/$5#$D(::*$9#=%$5%)%'$(*,*D3=#<:% #*&:%742%'$(* . $5%'$835(<($)#&7%3$()%9%*$D($5,$ D3($$%*8%39())(* $5%99())(*%3 $5%!,*('(8#:383#$(*$

,3$5%3837(&%)$5#$),'5#8%39())(*)5#::*$<%-3#*$%&(*'#)%$5% #&7%3$()%9%*$'*$3#7%*%)#*4<4%A:#D9#&%,*&%3$5%'$3$5%$#@/(

#*4/&,%(* 3%)8%'$ $5%#&7%3$()%9%*$ 5#) *$<%%* 8#(&$ ,3$5%3 837(&%)$5#$8%39())(*()$<%-3#*$%&*:4 3$5%8%3(& 3D5('5$#@ 5#) <%%* 8#(& 2%'$(* $5% '$ 837(&%) 3 8D%3) $5% 99())(*%3(*'#)%#*4#&7%3$()%9%*$()&()8:#4%&(*7(:#$(* $5% 837()(*) 2%'$(* . $5%'$2,'5#*#&7%3$()%9%*$'#*<%&(3%'$%& $<%3%97%&(99%&(#$%:45%837()(*) $5%'$/(* #'$/#3%)%:

#))%))9%*$837()(*)$()*:4* #(:,3% #8%3)*:(#<:%$8#4$#@$5#$ #<(::())%*$(*$%39) $5%837()(*) 2%'$(* .

$5%'$$837(&%) $5%8#3$(',:#3) $5%$#@#*&$5%8%3(& 3D5('5$5%)#9%()&%9#*&%& 2,<A)%'$(*" 2%'$(* .

$5%'$837(&%)$5#$$5%$#@/( *$8#(&/ # $%3($<%'9%)&,%/$5%99())(*%39#4()),%#*$('% &%9#*& 2%'$(* .E $5%'$837(&%) 383'%&,3% 33%'7%34 $#@/( *$ 8#(& 2%'$(* $5% '$ 837(&%) 3 #88%#: #-#(*)$ #*4 :%74 3 #))%))9%*$ $#@/ D5%3%#) 2%'$(* B $5% '$ 837(&%) 3 83%A '*&($(* 3 %*$%3$#(*9%*$ #88%#: $ D#) ),<9($$%& $5#$ '98:%$% 9#'5(*%345#)<%%*837(&%&,*&%3$5%'$ 3:%74/$5%8%3)*:(#<:%$8#4 $#@/(*'(&%*'% $#@#*&3#$% $#@,3$5%383'%&,3% 3#))%))9%*$/ &%9#*&*$('%/3%'7%34#*&8%*#:$45#7%#:)<%%*837(&%&/5%*'%/$5% '*$%*$(*$5#$$5%3%#3%*9#'5(*%34837()(*)()$$#::49()'*'%(7%&* ),883$ $5%8:%#/3%:(#*'%D#)8:#'%&,8*$5%;,&-9%*$ $5()',3$(*

3(;!5#*,8$#72$#$% #34#*##*&#*$5%3/

"(7(:"

. %#3&:%#3*%&',*)%: 3$5%8#3$(%)#*&8%3,)%&$5%8#8%3 <=

5%3%:%7#*$837()(*) $5%'$#3%3%83&,'%&5%3%,*&%3+

*$5()'$/,*:%))$5%'*$%@$$5%3D()% 3%?,(3%)/A @@@@@@ ! 00<4%A:#D00 9%#*) # <4%A:#D 9#&% ,*&%3 $5() '$/ <4 *$( ('#$(*(*$5%

('(#:#>%$$%I @@@@@@ "#$% &

()

* & ) % )++ )

, & A-!

5%383#$(*)5#::/ 3$5%8,38)%) $5()'$/:%74$5%

::D(*-$#@%)+A @@@@@@

!#$#@*#&7%3$()%9%*$)$5%3$5#*#&7%3$()%9%*$)8,<:()5%& (**%D)8#8%3)I @@@@@@ .!5%$#@%))8%'( (%&(*),<A)%'$(* "#*&),<A)%'$(* "

)5#::<%:%7(%&#$),'53#$%)#)9#4/ 39$(9%$$(9%/<% )8%'( (%& <4 $5% 7%3*9%*$ <4 *$( ('#$(* #*& )5#:: <% #))%))%&#*&'::%'$%&(*#''3&#*'%D($5$5%837()(*) $5() '$#*&$5%<4%A:#D)9#&%$5%3%,*&%3 @@@@@@ -

$% & -! 7%348%3)*/D5%3%'$)/ %@5(<($)/ (@%)33%$#(*),8*37%3#*4:#*&/<,(:&(*-/D#::/ <#3&(*-/ 3#9%/8)$3)$3,'$,3%3,8*3(*#*47%5(':%#*4 #&7%3$()%9%*$3/D5 &()8:#4)#*4#&7%3$()%9%*$$8,<:(' 7(%D(*#*49#**%3D5#$)%7%3/7()(<:% 39#8,<:(')$3%%$3 8,<:('8:#'%(*':,&(*-#*4#&7%3$()%9%*$%@5(<($%&<49%#*)

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

%'$)$5%3%(*3$#*4)#:%/%*$%3$#(*9%*$39%%$(*-$ <%5%:&*3,8*3(*$5%)#9%I3

! 3%:#$%)$$5%*#9% $5%:#*&3<,(:&(*-,8*37%3 D5('5$5%#&7%3$()%9%*$()%@5(<($%&/3$$5%*#9% $5% D*%33'',8(%3 ),'5:#*&3<,(:&(*-I3

! 3%:#$%)$$5%<,)(*%)) #3#(:D#4#&9(*()$3#$(*#*&() %@5(<($%&D($5(*#*43#(:D#4)$#$(*3,8*#*4D#::3$5%3 838%3$4 #3#(:D#4#&9(*()$3#$(*I3 !3%:#$%)$#*4#'$(7($4 $5%7%3*9%*$3*(* *&(# 3$5%383#$(* "5%$#@*#*4#&7%3$()%9%*$:%7(#<:%,*&%3$5())%'$(*

F )5#::<%8#4#<:%(*#&7#*'%(*),'5*,9<%3 (*)$#:9%*$)#*& (*),'59#**%3#)9#4<%&%$%39(*%&<4<4%A:#D)9#&%(*$5() <%5#:

- . & / / & '&& A "#&7%3$()%9%*$)5#::<% %3%'$%&/%@5(<($%&/ (@%&33%$#(*%&,8*37%3#*4:#*&/ <,(:&(*-/D#::/<#3&(*-/ 3#9%/8)$3)$3,'$,3%3,8*(*#*4 7%5(':%3)5#::<%&()8:#4%&(*#*49#**%3D5#$)%7%3(*#*4 8:#'%D($5(*$5%($4D($5,$$5%D3($$%*8%39())(* $5% 99())(*%3-3#*$%&(*#''3&#*'%D($5<4%A:#D)9#&%,*&%3 $5()'$ "5%99())(*%3)5#::*$-3#*$),'58%39())(*/( #"$5%#&7%3$()%9%*$'*$3#7%*%)#*4<4%A:#D9#&%,*&%3$5() '$I3 <"$5%$#@/( #*4/&,%(*3%)8%'$ $5%#&7%3$()%9%*$5#)*$ <%%* 8#(& ."2,<;%'$$$5%837()(*) ),<A)%'$(* "/(*$5%'#)%

#* #&7%3$()%9%*$ :(#<:% $ $5% #&7%3$()%9%*$ $#@/ $5% 99())(*%3)5#::-3#*$8%39())(* 3$5%8%3(&$D5('5 $5%8#49%*$ $5%$#@3%:#$%)#*&* %%)5#::<%'5#3-%&(* 3%)8%'$ ),'58%39())(* @@@@@@ - 0 / '&& ) ) A

#*4#&7%3$()%9%*$()%3%'$%&/%@5(<($%&3 (@%&/3%$#(*%&(* '*$3#7%*$(* $5% 837()(*) )%'$(* ./ $5% 99())(*%39#43%?,(3%$5%D*%33'',8(%3 $5%:#*&/

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

)8%'( 4$5%8#3$(',:#3) $5%$#@#*&$5%8%3(& 3D5('5$5% '5#3-%()9#&% ." $5%#9,*$)8%'( (%&(*$5%<(::()8#(&D($5(*#8%3(&

( $%%*&#4) 39$5%83%)%*$#$(*$5%3% #3%<#$% (7%8%3 '%*$)5#::<%#::D%&(*$5%#9,*$ $#@ " $5%$#@*7%5(':%)#*&#*(9#:)3$5%$5%#$3%$#@3$5% $#@*#&7%3$()%9%*$)()*$8#(&# $%3($5#)<%'9%&,%/$5% 99())(*%39#4'#,)%$<%)%37%&,8*$5%8%3)*:(#<:%

3 $5% 8#49%*$ $5% )#9% # *$('% &%9#*& (* $5% 83%)'3(<%& 39

"3%7%34*$('% &%9#*&)%37%&,*&%3),<A)%'$(*"#

%% ),'5 #9,*$ *$ %@'%%&(*- (7% 3,8%%) #) 9#4 <% &%$%39(*%&<4<4%A:#D)9#&%(*$5()<%5#:

)5#::<%8#4#<:%<4 $5%8%3)**D59$5%*$('%())%37%&#*&)5#::<%(*':,&%& (*$5%')$) 3%'7%34 @@@@@@ -.2 ) *%

*4),9&,%*#'',*$

$#@8#4#<:%,*&%3$5()'$9#4<%3%'7%3%&/$-%$5%3D($5 ')$) 3%'7%34/ $53,-5 $5% ::D(*- 83'%))%) <4 $5% 98%$%*$,$53($4/A #"<4)%37('% D3($ &%9#*&*$5%&% #,:$%3I <"<4&()$3#(*$#*&)#:% #&% #,:$%30)97#<:%838%3$4I '" <4 $5% #$$#'59%*$ #*& )#:% &% #,:$%30) (997#<:% 838%3$4I &"(*$5%'#)% '$3(#*&$::/<4$5%)%(>,3%#*&)#:%

-&)#*&7%5(':%)I#*& %"(*$5%'#)% $#@%)*:#*&#*&<,(:&(*-)/<4$5%#$$#'59%*$ 3%*$&,%(*3%)8%'$ $5%838%3$43#*4$5%3838%3$4 D*%&<4$5%&% #,:$%3 @@@@@@ - 0( +* & 3 ) "*#88%#:#-#(*)$ $5%:%743#))%))9%*$ #*4$#@/$5%3$5#*$#@*<,(:&(*- #*& :#*& ,*&%3 $5() '$ )5#:: :(% $ $5% (7()(*#:

99())(*%3D5)5#::&%'(&%$5%)#9%# $%3-(7(*-$$5% #88%::#*$#*883$,*($4 <%(*-5%#3&%($5%3D($5(*$5%:'#:

#3%# $5%($435()5%#&A?,#3$%3)

" /<% 3%3*$5%5%#3(*- #*#88%#:,*&%3$5())%'$(*/ #*4 ?,%)$(* :#D 3 ,)#-% 5#7(*- $5% 3'% :#D 3 '*)$3,'$(* # &',9%*$ #3()%)/ $5% (7()(*#:

99())(*%3*5()D*9$(*9#4/3*$5%#88:('#$(*

#*48#3$4$$5%#88%#:/)5#::/&3#D,8#)$#$%9%*$ $5% #'$) $5%'#)%/#*&$5%?,%)$(*)#3()(*-/#*&3% %3$5%)$#$%9%*$ D($55()8(*(**$5%?,%)$(* 3$5%&%'()(* $5%(-5 ,3$ ." * # 3% %3%*'% <%(*- 9#&% ,*&%3 ),<A)%'$(* "/ $5% ),<)%?,%*$83'%%&(*-)(*$5%'#)%)5#::<%/#)*%#3:4#)9#4 <%/(*'* 39($4D($5$5%3,:%)3%:#$(*-$3% %3%*'%)$$5% (-5,3$'*$#(*%&(*3&%3J1K $5%(3)$2'5%&,:%$ $5%&% (7(:3'%&,3%/ E "*%7%34#88%#:/$5%')$))5#::<%(*$5%&()'3%$(* $5% #88%::#$%#,$53($4

")$)#D#3&%&,*&%3$5())%'$(*$$5%383#$(*)5#::<% 3%'7%3#<:%<4$5%383#$(*#)#*#33%#3 $#@&,% 39$5% #88%::#*$ " $5%383#$(* #(:)$8#4#*4')$)#D#3&%&$#* #88%::#*$D($5(*$%*&#4)# $%3$5%&#$% $5%3&%3 38#49%*$ $5%3% /$5%#88%::#$%#,$53($49#43&%3$5%99())(*%3$ 8#4$5%#9,*$$$5%#88%::#*$ - 4 '

* +

#88%#: )5#:: <% %*$%3$#(*%&,*&%32%'$(* /,*:%))A #"$5%#88%#:()/(*$5%'#)% $#@*:#*&)#*&<,(:&(*-)/ <3,-5$D($5(*$5(3$4&#4)*%@$# $%3$5%&#$% #,$5%*$('#$(*

. $5%#))%))9%*$:()$,*&%3)%'$(*

%@':,)(7% $5%$(9% 3%?,()($% 3<$#(*(*-#'84 $5%3%:%7#*$%*$3(%)$5%3%(*"/3 #)$5%'#)%9#4<%/D($5(*$5(3$4&#4) $5%&#$%*D5('5#* #9%*&9%*$() (*#::49#&%,*&%32%'$(*

./#*&/(*$5%'#)% #*4$5%3$#@/D($5(*$5(3$4&#4)*%@$# $%3$5%&#$% $5% 3%'%(8$ $5% *$('% #))%))9%*$ 3 #:$%3#$(*

#))%))9%*$3/( **$('%5#)<%%*-(7%*/D($5(*$5(3$4&#4) # $%3$5%&#$% )%37('% $5% (3)$*$('% &%9#*&(*3%)8%'$ $5%3% + 37(&%&$5#$#*#88%#:9#4<%#&9($$%&# $%3$5%%@8(3#$(*

$5%8%3(&83%)'3(<%&$5%3% 3<4$5())%'$(*( $5%#88%::#*$ )#$() (%)$5%#88%::#$%#,$53($4$5#$5%5#&),

('(%*$'#,)% 3 *$83% %33(*-$5%#88%#:D($5(*$5#$8%3(& <" $5% #9,*$/ ( #*4/ (* &()8,$% (* $5% #88%#: 5#) <%%* &%8)($%&<4$5%#88%::#*$(*$5%

('% $5%383#$(* ."" / &5

+/ -!2,<;%'$$$5%837()(*) $5()'$$5%383#$(*9#4(*#&&($(*$#*4<4%A:#D) D5('5($()%98D%3%&$9#=%<4#*4$5%3837()(* $5() '$/9#=%<4%A:#D)$837(&% 3#::3#*4 $5% ::D(*- 9#$$%3)/*#9%:4/AA 4%A:#D)3%:#$(*-$$#@#$(*I @@ @@ @@ 4!$5%),<9())(* 3%$,3*)<4$5%8%3)*):(#<:%$8#4#*4 $#@,*&%3$5()'$I 2!#*4$5%39#$$%33%:#$(*-$$5%:%74/#))%))9%*$/'::%'$(*/ 3% ,*&33%9())(* $#@%),*&%3$5()'$+

@@@@@@H

)8%3$5%)'5%9% $5%'$/%)8%'(#::43%-#3&(*-$#@#$(*/ 2%'$(* F

"&" $5% '$ %*#<:%) $5% 383#$(* $ :%74 $#@ * #&7%3$()%9%*$)$5%3$5#*#&7%3$()%9%*$)8,<:()5%&(**%D)8#8%3)2,<A )%'$(*."$5%3% 837(&%)$5#$$#@%)#))8%'( (%&)5#::<%:%7(%&#$),'5 3#$%) #) 9#4 <% )8%'( (%& <4 $5% 7%3*9%*$ 39 $(9% $ $(9% <4 *$( ('#$(*()),%&(* $5() <%5#:

$)5#::<%#))%))%&#*&'::%'$%&(* #''3&#*'% D($5 $5% 837()(*) $5% '$ #*& $5% <4%A:#D) 3#9%& $5%3%,*&%3

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

$()*$(*&()8,$%$5#$*<4%A:#D)5#7%<%%* 3#9%&,*&%3$5% 837()(*)#)**%D%3%3% %33%&$#$$5%$(9% 5%#3(*-

B 2%'$(* . $5%'$835(<($)%3%'$(*/%@5(<($(*%$' #*4 #&7%3$()%9%*$D($5,$D3($$%*8%39())(* $5%99())(*%3/D5('5()*$ $<%-3#*$%&/ /(*'#)%$5%$#@/( #*4/&,%(*3%)8%'$ $5%

#&7%3$()%9%*$ 5#) *$ <%%* 8#(& 5% 3#$%) #&7%3$()%9%*$ $#@/ #) %*7()#-%& (* 2%'$(* $5% '$ 5#7% <%%* )8%'( (%& <4 $5% 7%3*9%*$7(&%*$( ('#$(*&#$%& B

**%@,3%AE"$9%*$(*) $5%)(>% $5%#&7%3$()%9%*$#*&$5%3#$% $#@2,<A)%'$(*." 2%'$(*

. $5%'$837(&%)$5#$(*'#)% #*#&7%3$()%9%*$:(#<:%$$#@/$5% 99())(*%3)5#::-3#*$8%39())(* 3$5%8%3(&$D5('5$5%8#49%*$

$5%$#@3%:#$%)

E 2%'$(* $5%'$837(&%)$5#$(*'#)%#*4#&7%3$()%9%*$ ()%@5(<($%&33%$#(*%&(*'*$3#7%*$(* $5%837()(*) 2%'$(* .

$5%'$/$5%99())(*%39#43%?,(3%$5%D*%33'',8(%3$3%97%$5% )#9%* #(:,3%/5%'#*-%$($&()9#*$:%&33%97%&

F 2%'$(* .

$5% '$ 837(&%) $5#$ (* '#)% $#@ * #&7%3$()%9%*$5#)<%'9%&,%/$5%99())(*%39#4)%37%*$('%*$5% 8%3)*:(#<:%$8#4$5%)#9%(*83%)'3(<%& 39$5(*- 39$5%'$3 $5%,:%)5#)<%%*3% %33%&$)5D$5#$#*4 395#)<%%*83%)'3(<%& 3 ()),(*-),'5*$('%

2%'$(* .E $5%'$837(&%) 3$5%9#**%3 3%'7%34

$#@%)

2%'$(* $5%'$837(&%) 3#88%#:#-#(*)$$5%:%743 #))%))9%*$ #*4$#@$5%3$5#*$5%$#@*<,(:&(*-#*&:#*&/D5%3%#) 2%'$(* B $5%'$837(&%) 3'*&($(* 3%*$%3$#(*9%*$ #88%#: 7%*$5,-52%'$(*.FF $5%'$%*#<:%)$5%383#$(*$

3#9%<4%A:#D)/D5('5(*':,&%)$5%<4%A:#D)3%:#$(*-$$#@#$(*3%-#3&(*- ),<9())(* 3%$,3*)/:%74/#))%))9%*$/'::%'$(*/3% ,*&33%9())(*/* ,:%)D%3%3% %33%&#$$5%$(9% 5%#3(*-/D5('59#45#7%<%%* 3#9%& 3 $5%8,38)% :%74/#))%))9%*$#*&'::%'$(* $#@:%7(#<:%

. 5%'*'%))(*#-3%%9%*$D#)%@%',$%&<%$D%%*$5%98#*4 #*& $5% 8%$($(*%3 3 &%)(-*/ (*#*'%/ '*)$3,'$(*/ 9#(*$%*#*'% #*& $3#*) %3 <,))5%:$%3)*

!<#)() 3($4 ,)2%37('%5%98#*4 5#) <%%* (*'383#$%& $53,-5 %?,($4 '*$3(<,$(* <4 !,*('(8#: 383#$(*#*&,*;#<* 3#)$3,'$,3% %7%:89%*$ #3&5%8%$($(*%3 5#)<%%*#D#3&%&$5%'*$3#'$$&%)(-*/ (*#*'%/<,(:&#*&9#(*$#(*<,) )5%:$%3)&,3(*-$5%'*'%))(*8%3(&#*&#$$5%%*& $5%'*'%))(* 8%3(&/$3#*) %3#$*')$$$5%98#*4$5%<,))5%:$%3)#:*-D($5#::

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

/ D5%3%#) '%3$#(* $#@%) #3% $ <% 8#(& # $%3 #))%))9%*$5%$#@%)/D5('5#3%8#4#<:%(*#&7#*'%/#3%$#@%)*7%5(':%) #*&#*(9#:)#*&$#@%)*#&7%3$()%9%*$)$()*:4# $%38#49%*$ $5%)% $#@%)$5#$*%'%))#348%39())(*()-3#*$%&5#$()$5%3%#)*$5#$$5%'$ &%)*$%7%*%*7()#-%#))%))9%*$ $5%)%$48%) $#@%) 5%*:4 )$3(*-%*$837()(*837(&%&()$5#$(*'#)%#*4*%%3%'$)3%@5(<($)#*4 #&7%3$()%9%*$(*'*$3#7%*$(*$$5%837()(*) 2%'$(* . $5%'$/ D5('5835(<($)#&7%3$()%9%*$)D($5,$8%39())(* $5%99())(*%3/ D5('5'#*<%-3#*$%&*:4*8#49%*$ $#@/()$5#$$5%8%3)*'*'%3*%& '#*<%&(3%'$%&$3%97%$5%)#9%3($ '#*<%-$3%97%&<4$5%

B 99())(*%3837()(* $5%'$3<4%A:#D)5#7%<%%*3% %33%&$/ D5('5837(&% 3#))%))9%*$#*&'::%'$(* $#@$5#$$# $%3#

3&(*- 883$,*($4 5%#3(*-2%'$(* .

" $5%'$837(&%) 3()),#*'%

&%9#*&*$('%&(3%'$:4D($5,$$5%3%<%(*-#*4837()(* 3)5D'#,)% *$('%#*&5%#3(*-<% 3%8#))(*-3&%3 #))%))9%*$#*&'*)%?,%*$:4 &%9#*&*$('% 7%*$5%*,9<%3 (*)$#:9%*$) 38#49%*$ $#@(* #&7#*'%/#)#3%$<%)8%'( (%&<4 3#9(*-<4%A:#D)(*$%39) 2%'$(*

" $5% '$/ 5#7% #:) *$ <%%* 3% %33%& $ 88%#: () #:) 9#(*$#(*#<:% #-#(*)$ :%74 3 #))%))9%*$ $#@ *% $5% )$3(*-%*$ '*&($(*:#(&&D*(*2%'$(* B $5%'$()$5#$#9,*$(*&()8,$%5#) $<%&%8)($%&<% 3%$5%#88%#:'#*<%%*$%3$#(*%&*$5%#<)%*'% #*4 #))%))9%*$3:%74/*#88%#:'#*8))(<:4<%9#(*$#(*%&

5%:%74#*&3%'7%34 $#@(*$5%#<)%*'% 9#'5(*%34 837()(*)(*#$#@(*-)$#$,$%5#)<%%*'*)(&%3%&<4*0<:%$5%2,83%9% ,3$ 39$(9%$$(9%5%()),%D#)'*)(&%3%&<4*0<:%$5%2,83%9% ,3$(*6,**#$5#$5#$5,**(!8(:#(30)'#)%),83#"/D5%3%(*($D#) <)%37%&#),*&%3+ GF L 3&(*#3(:4/ # $#@(*- )$#$,$% :#4) &D* # 3%-,:#3 9#'5(*%34 39#=(*-#))%))9%*$ $5%$#@838)%&$<% (98)%&<4$5%)$#$,$%$:#4)&D*&%$#(:%&83'%&,3%#)$ *$('%$$5%838)%&#))%))%%$9#=%#3%$,3*(*3%)8%'$

838%3$4838)%&$<%$#@%&/83%)'3(<%)$5%#,$53($4#*& $5%83'%&,3% 35%#3(*-#*4<;%'$(*)$$5%:(#<(:($4 3 $#@#$(*3#)$$5%%@$%*$ $5%$#@838)%&$<%:%7(%&/ #*& (*#::4/#)$$5%3(-5$$'5#::%*-%$5%3%-,:#3($4

#))%))9%*$ 9#&%/ <43%',3)% $83'%%&(*-)(*#5(-5%3

E '(7(:',3$5%'$9%3%:4&%':#3%)$5% '98%$%*'% $5% 7%3*9%*$$ 9#=% # 837()(*#: #))%))9%*$/ #*& <4 7(3$,% 2%'$(*. $5%!#&3#)%7%*,%%'7%34'$/

E/$5%:#*&5:&%3)9#4<%:(#<:%$8#4$5%$#@5%'$ <%(*- )(:%*$ #) $ $5% 9#'5(*%34 #*&83'%&,3%$ <%

::D%& (* 9#=(*- $5% #))%))9%*$ :%#7%) ($ $ $5% @%',$(7%$%7:7%$5%3%?,()($%9#'5(*%34#*&83'%&,3% 5%D5:% $5(*-/ 39<%-(**(*-$%*&/()$3%#$%&#) # 8,3%:4#&9(*()$3#$(7%'5#3#'$%3/'98:%$%:4(-*3(*-$5%:%-#: 8)($(*$5#$$5%#))%))9%*$ #$#@*8%3)*3838%3$4 ()#$:%#)$ #?,#)(A;,&('(#:'5#3#'$%3H

* #-#**#$5 #=)52(*-572$#$% / F 2

./*0<:%$5%2,83%9%,3$D#)%@#9(*(*-$5%'*)$($,$(*#:7#:(&($4 $5%1#3-%1#*&:&(*-)#@'$.

B" %#:(*-D($5$5% #3-,9%*$ $5#$ $5% '$ &(& *$ 9#=% # )8%'( (' 837()(* #<,$ $5% 9#'5(*%34 3#))%))9%*$33%'7%34 $#@/$5%,3$<)%37%&#),*&%3+ BL( #$#@(*-)$#$,$%9#=%)*)8%'( ('837()(*#<,$ $5%9#'5(*%34$3%'7%3$#@#*&$5%83'%&,3%$9#=%$5% #))%))9%*$ $5%$#@#*&:%#7%)($%*$(3%:4$$5%%@%',$(7% $&%7()%),'59#'5(*%34#)($$5(*=) ($#*&$83%)'3(<%),'5 83'%&,3%#)#88%#3)$($$<% #(3/#*''#)(*9#4#3()%

3$5%',3$)$'*)(&%3D5%$5%3$5% #(:,3%$837(&% 3 #9#'5(*%34#*&$83%)'3(<%#83'%&,3%&%)*$$%*& $ 9#=% $5% (98)($(* $5%$#@ #* ,*3%#)*#<:% 3%)$3('$(* D($5(*$5%9%#*(*- 3$(':% " *(98)($(* $#@

F D5('5(*$5% #<)%*'% # 83%)'3(<%&9#'5(*%34#*&$5% 83%)'3(<%&83'%&,3%D,:&8#3$#=% $5%'5#3#'$%3 # 8,3%:4#&9(*()$3#$(7%#

#(3'#*/ (* # 838%3 )%*)%/ <% '5#::%*-%&#)'*$3#7%*(*-3$(':% "

B * #(#9=3()5*#72$#$% (5#3/ F.2 B/ *0<:%$5%2,83%9%,3$D#)%@#9(*(*-$5%'*)$($,$(*#:7#:(&($4

$5% (5#3#@#$(**#))%*-%3)#*&&)#33(%&<4,<:('2%37('% !$3 K%5(':%)" '$/ F %($%3#$(*- $5% 7(%D $#=%* (* 6,**#$5#$ 5#$5,**(!8(:#(30)'#)%),83#"/*0<:%$5%2,83%9%,3$5%:&$5#$ #)$#$,$%()*$<%4*&$5%8#:% :(9($#$(*)83%)'3(<%&<43$(':%) #*&

F $5%*)$($,$(*#*&$5#$$5%$%)$ 3%#)*#<:%*%))83%)'3(<%&<4 3$(':%.

<"();,)$('(#<:%D%7%3/(*'#)%)D5%3%$5%)$#$,$%D#) '98:%$%:4&()'3(9(*#$343837(&%)*83'%&,3#:9#'5(*%34 3 #))%))9%*$#*&:%74 $#@3D5%3%($D#)'* ()'#$34/$5%,3$D,:&<% ;,)$( (%&(*)$3(=(*- ($ &D* #) ,*'*)$($,$(*#: * ),'5 '#)%) $5% '5#3#'$%3 $5%9#$%3(#:837()(*) $5%(98,-*%&)$#$,$%9#4<%),'5#) 9#4;,)$( 4$5%,3$$#=(*-$5%7(%D$5#$(*),<)$#*'%$5%$#@(*-)$#$,$%() #':#= #&8$%& <4 $5% :%-():#$,3% 3 #'5(%7(*- ($) '* ()'#$34 8,38)% E *2$#$% 7#::##;#%&&4/ FB2 E/ *0<:%$5%2,83%9%,3$D#)%@#9(*(*-$5%'*)$($,$(*#:7#:(&($4

$5%*&53#3#&%)51#*& %7%*,%&&($(*#:))%))9%*$"#*&%)) %7()(*'$/ F F "#)#9%*&%&<4$5%9%*&9%*$'$ .

F "$('(*-$5%#<)%*'% 9#'5(*%34837()(*)(*$5%(98,-*%& %*#'$9%*$)/($D#)<)%37%&#),*&%3+

G L ( 2%'$(* () 8,$ #)(&%/ $5%3% () #<):,$%:4 * 837()(* (* $5%'$83%)'3(<(*-$5%9&% #))%))9%*$ 2%'$(*).#*&#3%'5#3-(*-)%'$(*)#*&$5%4)#4(* %

%'$ $5#$ # 8%3)* D(:: 5#7% $ 8#4 #*#&&($(*#: #))%))9%*$8%3#'3%(*3%)8%'$ <$5&34#*& D%$ :#*&) 5%4&*$:#4&D*5D$5%#))%))9%*$)5,:&<%:%7(%& *$('%5#)<%%*83%)'3(<%&/*883$,*($4()-(7%*$ $5%8%3)*$?,%)$(*$5%#))%))9%*$*5():#*&5%3%() * 83'%&,3% 3 5(9 $ #-($#$% $5%'33%'$*%)) $5% ':#))( ('#$(*9#&%<48:#'(*-5():#*&(*#8#3$(',:#3':#)) D($53% %3%*'%$#4#',$/#'3%#-%3%7%* $#3#9 5% '$ &%) *$%7%**9(*#$%$5%#88383(#$%

('%3$9#=%$5% #))%))9%*$ $ &%#: D($5 ?,%)$(*) #3()(*- (*3%)8%'$

#))%))9%*$) #*& &%) *$ 83%)'3(<% $5%83'%&,3% 3 #))%))9%*$5%D5:%$5(*-():% $(*#*%<,:,) 39

3(% :4)$#$%&,*&%3$5%'$ $5%3% () * 83'%&,3% 3 #))%))9%*$#*&5D%7%3-3(%7,)$5%<:,*&%39#&%$5%3%()* D#4 3 $5% #--3(%7%& 8#3$4$-%$($'33%'$%&5()()# $48('#: '#)% D5%3% # $#@(*- )$#$,$%&%) *$ 837(&% #*4 9#'5(*%34 #))%))9%*$H

F *%(*>*&(#"1$&72$#$% / " 2./ *0<:%$5%2,83%9%,3$<)%37%&#),*&%3+ G5(),3$5#)(*#:*-:(*% &%'()(*) 3%*&%3%& 39 $(9% $ $(9%/ %985#)()%& $5% (983$#*'% 9#'5(*%34 837()(*) 3 #))%))9%*$ $#@%)#*& %%) 3%'7%3#<:%

,*&%3#$#@(*-)$#$,$%**% $5%%#3:(%3&%'()(*)* $5%),<;%'$#*)$($,$(* %*'5 $5(),3$(*6!8(:

#(372$#$% 6%3#:# F 2

%@#9(*%&$5% '*)$($,$(*#:7#:(&($4 $5%3#7#*'3%A'5(*1#*&#@ '$

"5(:%3%'-*()(*-D5#$()*DD%::A)%$$:%& 83(*'(8:% :#D$5#$#$#@(*- )$#$,$%()*$D5::4(99,*%

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

::$5%# 3%)#(&;,&-9%*$)D%3%3% %33%&$D($5#8837#:<4 *0<:%$5%2,83%9%,3$(* !C)1#3)%* ,<31$&0) '#)%),83#"/ D5%3%'5#3-% )%37('%$#@*$5%(*&(7()(<:%D3=)'*$3#'$)83(3$

BD#))%$#)(&%#)$5%(*#*'%'$/ FF&(&*$:#4&D*'5#3-%3 9#'5(*%34837()(*)$:%74#*&#))%)))%37('%$#@*$5%)%$3#*)#'$(*) .

* $5% '#)% (* 5#*&/ $5% 98#*4 D5('5 %*$%3%& (*$ $5% '*'%))(* #-3%%9%*$ D($5 $5% 8%$($(*%3 () # '98#*4 (* D5('5 $5% 383#$(* ($)%:

5:&) 9#;3($4 )5#3%)$ 5#& -3#*$%& 8%39())(* 3

&()8:#4 #&7%3$()%9%*$)*($(#::4/$5%:%$$%3D#))%*$$$5%8%$($(*%3 3%?,(3(*-($$8#4$5%#&7%3$()%9%*$$#@ 39$5%&#$% #-3%%9%*$D($5(*B D3=(*-&#4)#*&#:) ,3*()5$5%&%$#(:) #&7%3$()%9%*$)&()8:#4%&#*& $5%:'#$(*$5%3% 5%# 3%)#(&:%$$%3())$#$%&$<%

)$5% &',9%*$5#)<%%*8:#'%&*3%'3&/($D#)*$)(-*%&<4#*4*%$D#) 3%8:(%& $ <4 $5% 8%$($(*%3 7(&% :%$$%3 &#$%& .

/ $ D5('5 $5% ))()$#*$99())(*%3)"/!,*('(8#:383#$(*/1,&5(#*#/7(&%:%$$%3 &#$%&

3%)8*&%&<4)$#$(*-$5#$($D#)$5%&,$4 $5%8%$($(*%3$ 8#4 #&7%3$()%9%*$ $#@ #) 8%3 $5% #-3%%9%*$ #*& (* '#)% #(:,3%/ 83'%%&(*-) 33%97#: $5%#&7%3$()%9%*$)#*&#:) 3$%39(*#$(*-$5% '*$3#'$)5#::<%(*($(#$%&$D#) ::D%&<4#*$5%3:%$$%3&#$%&E

39$5%))()$#*$99())(*%3)"/!,*('(8#:383#$(*3%?,(3(*-$5% 8%$($(*%3$&%8)($$5%#9,*$ $#@9%*$(*%&(*$5%*$('%* #(:,3%/ 83'%%&(*-) 33%97#: #&7%3$()%9%*$#*& 3$%39(*#$(*-$5%'*$3#'$ D%3%$<%(*($(#$%&5%3%()#*$5%3*$('%&#$%& BE

()),%&,*&%3 $5%)(-*#$,3%) 2,8%3(*$%*&%*$M"/!,*('(8#:383#$(*/1,&5(#*# (*$5%)#9%:(*% . 5%8%$($(*%3-$#:%-#:*$('%&#$%& FE

()),%&$$5% !,*('(8#: 383#$(* #*& $5% 98#*4 ':#(9(*- $5#$ &%9#*&

#&7%3$()%9%*$ $#@ D#) (::%-#: 5%3%# $%3/ $5% 8%$($(*%3 (:%&

(* $5() ',3$/ D5('5 D#) &()8)%& * F

D($5,$#*4%@83%))(* 8(*(*D($5#&(3%'$(*$3%)8*&%*$ $5%3%(* $ $#=%# (*#: &%'()(* * $5%:%-#: *$('%-$ )%37%& <4$5% 8%$($(*%3 5% 8%$($(*%3 D#) ,3$5%3 &(3%'$%& $ &%8)($ # ),9

CA5%*%%& ,:D#)&*%<4$5%8%$($(*%3#*&$5%!,*('(8#: 383#$(*&%'(&%& $5%:%-#: *$('%-$ )%37%& <4$5%8%$($(*%37(&%

. (98,-*%& 3&%3 &#$%& 5:&(*- $5% #&7%3$()%9%*$ $#@ $ <% 8#4#<:%<4$5%8%$($(*%3 .. *$5%'#)%(*5#*&/$5%!,*('(8#:383#$(*()),%&*$('% 3 &%8)($ $#@ * #&7%3$()%9%*$ 2,'5 # *$('% '#**$ <% )#(& $ <% #,$53()%&/( 3%#&(*'*)*#*'%D($5$5%837()(*) 2%'$(*)/ ./ #*& .

$5%'$)5#)#:3%#&4<%%**$('%&/(*'#)%$5%3%()7(:#$(*<4 #*48%3)*(*%3%'$(*-3&()8:#4(*-#*4#&7%3$()%9%*$/$5%*:48D%3 '* %33%&*$5%99())(*%3()%($5%3$-%$($3%97%&33%97%$5% )#9%7%*$5,-52%'$(* .

$5%'$%*7()#-%)()),#*'% #&%9#*& *$('% 33%'7%34 $5%#&7%3$()%9%*$$#@&,%*#83%)'3(<%& 39/ 5D%7%3/ * 39/ #) ),'5/ D#) 3% %33%& $ 5%3% () * 83'%&,3% 83%)'3(<%&(*$5%'$3$5%,:%)3%-#3&(*- (:(*- 3%$,3*)/#))%))9%*$

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

5%8%$($(*)$#*&)&()8)%& #''3&(*-:4 #;%)5 (*&#:"

,&-% #3(*&%32(*-52(&5,"

,&-% ,-,)$ ./ 9= 5%$5%3)8%#=(*-C3%#)*%&+

%)C 5%$5%33%83$#<:%+

%)C