High Court of Punjab and HaryanaRSA/2051/2014dismissed

Sunil Sood And Others v. Nikhil Jaitwani And Others

2018-12-01Mr. Justice Dr. Shekher Dhawan22 pages

!" # !" # !" # !" # " # " # " # " # $%&'(()*%)(+,-./ 00-''*%+/

-./$/ &1,&'*&+2*%&*%)(+,-./ -/0(%)-%+/ 34 34 34 34 .-/-%+ .-/-%+ .-/-%+ .-/-%+

./,&/,55*.2*'"-%&(.)6(7*+-2&+,

.8$'2*%+&%5,")6(7*+-9(.+,-*00-''*%+/

.1/,*:,*%"-%&(.)6(7*+-2&+,

.*%+(/,,*.;*")6(7*+-9(.+,-.-/0(%)-%+/ <=<=<= <=<=<= <=<=<= <=<=<= " " " " ;+$/,0* -6& /&%7- )-7-*/-) 9&'-) &6&' $&+ ( )*+-) >> ?# /--1&%5)-7'*.*+&(%+(+,--99-7++,*++,- /*'-3)--)/)*+-)

! ?>!*%) ?>>-@-7$+-)A:,-.&% 9*6($.(9)-9-%)*%+/( *%)"%*;-':" &%()8$;*.*&+2*%& *%) &B*: 8$;*. *&+2*%&" .-/0-7+&6-':" &% .-/0-7+ (9 ($/- (CC3 #".--%*.1"&6&' &%-/" $),&*%*,-.-&%*9+-.+(A- .-9-..-)*/+,-D/$&+0.(0-.+:E 2-.-9(.+,-0$.0(/-(9/-7$.&+:

9(.*)6*%7-;-%+(9'(*%A:)-9-%)*%+/( *%)&%9*6($.(9 )-9-%)*%+(F*%)*//$7,"(%':7.-*+-)*;(.+5*5-&%9*6($.(9 )-9-%)*%+/( *%) 9(.*/$;(9/?

" G3 .*:-.2*/ ;*)-&%+,-/$&+9(..-)-;0+&(%(9+,-/$&+0.(0-.+:$.&%5+,-

0-%)-%7: (9 +,- /$&+" &%() 8$;*. *&+2*%& *%) &B*: 8$;*.

*&+2*%&*'/(9&'-)*/$&+9(.0(//-//&(%(9+,-/$&+0.(0-.+:*%)9(. .-7(6-.:(9/>" G3+(2*.)/)*;*5-/9(.$/-(9(77$0*+&(%(9 +,- ,($/- 9(. * 0-.&() (9 +,.-- :-*./ &- 9.(;

! ?# +(

! ?## &)- (.)-. )*+-) !> ?? " A(+, +,- /$&+/ 2-.- 7(%/('&)*+-) % #

" +,- +.&*' ($.+ )-7.--) +,- /$&+ (9 0'*&%+&99 $/,0* -6& /&%7- )-7-*/-) *%) ,-') +,*+ +,- /*'- )--)/)*+-)

! ?>!*%) ?>>&%9*6($.(9)-9-%)*%+/ ( *%)2-.-&%+,-%*+$.-(9/-7$.&+:9(..-30*:;-%+(9+,- '(*%*;($%+*)6*%7-)A:)-9-%)*%+/( *%)+()-9-%)*%+ (F*%)2($'),*6-%(-99-7+(%+,-+&+'-G(2%-./,&0(9+,-/$&+ 0.(0-.+:/$AB-7++(+,-0'*&%+&99;*1&%5*0*:;-%+(9/? " G3 *'(%5 2&+, &%+-.-/+ H I 0-. *%%$; 9.(; ?>> +( )-9-%)*%+/( *%)2&+,&%*0-.&()(9+,.--;(%+,/*%)9*&'&%5 2,&7,/$&+(9+,-0'*&%+&992($')A-)--;-)+(A-)&/;&//-),- /$&+9&'-)A: &%()8$;*.*&+2*%&*%) &B*:8$;*.*&+2*%&9(.

0(//-//&(%(9+,-/$&+0.(0-.+:2*/",(2-6-.")&/;&//-) F 2(7&6&'*00-*'/*.(/-9.(;+,-B$)5;-%+*%))-7.-- )*+-) #

0*//-) A: +,- +.&*' ($.+ %- *00-*' 2*/ *5*&%/+ )-7.-- &% +,- /$&+ 9&'-) A: $/,0* -6& /&%7- )-7-*/-) *%)+,-/-7(%)*00-*'2*/*5*&%/+)&/;&//*'(9+,- /$&+9&'-)A: &%()8$;*.*&+2*%&*%) &B*:8$;*.*&+2*%&9(.

0(//-//&(%(9+,-/$&+0.(0-.+:(+,+,-*00-*'//+*%))-7&)-) 6&)-7(;;(%B$)5;-%+)*+-)

0*//-)A:+,-'-*.%-) ))&+&(%*' &/+.&7+ $)5-" $),&*%* *%) &% +-.;/ +,-.-(9" 7&6&' *00-*' *.&/&%5($+(9&6&'$&+( )*+-) >> ?# ,*/

F A--% 0*.+': *''(2-) *%) +,- /$&+ 9&'-) A: $/,0* -6& /&%7- )-7-*/-) ,*/ A--% )-7.--) +( +,- -99-7+ +,*+ +,- *00-''*%+G )-9-%)*%+/2($')-@-7$+-/*'-3)--)(9+,-/$&+0.(0-.+:&%9*6($. (9$/,0*-6&G,-. /(%0*:;-%+(9 /?

" G3*'(%52&+, &%+-.-/+H

I 0-.*%%$; 2&+, J$*.+-.': .-/+/ 77(.)&%5':" )&.-7+&(%/ 2-.- &//$-) +( +,- .-/0(%)-%+G0'*&%+&99/ &- / (9 $/,0*-6&/&%7-)-7-*/-) +()-0(/&+*;($%+(9/?

" G3 *'(%52&+,$0+(3)*+-&%+-.-/+H

I0-.*%%$;2&+,J$*.+-.':

.-/+/2&+,&%+,.--;(%+,/9.(;+,-)*+-(9B$)5;-%+"9*&'&%52,&7, /$&+(9+,-0'*&%+&99G.-/0(%)-%+/2*/+(A-)&/;&//-)*%)&6&'$&+ ( >(9 ??#9&'-)A:+,-*00-''*%+//--1&%50(//-//&(%(9+,- /$&+0.(0-.+:2*/)--;-)+(,*6-A--%)-7.--)

+&/*5*&%/+/$7,A*71).(0+,*++,-0'*&%+&99G*00-''*%+/ *.-&%/-7(%)*00-*'A-9(.-+,&/($.+*//*&'&%5+,-B$)5;-%+ )*+-)

0*//-)A:+,-'(2-.00-''*+-($.+

,- A.&-9 9*7+$*' ;*+.&@ 2($') A- %-7-//*.: *+ +,- ($+/-+ ! &6&' $&+ ( )*+-) >> ?# 2*/ 9&'-) A:

;+$/,0* -6& /&%7- )-7-*/-) (% +,- *6-.;-%+/ +,*+ )-9-%)*%+(F&/,-.,$/A*%)-9-%)*%+/( *%)*%)+,-&.

9*+,-.$'/&*//*&+2*%&2-.-7'(/-9.&-%)/(9)-9-%)*%+(F -9-%)*%+(F&%,&/A$/&%-//,*)/$99-.-)*%),*)A(..(2-) ;(%-: 9.(; G/ -2 ,*.*+ ,-;&7*' %)$/+.&-/ 2,&7, 2*/ (2%-)*%);*%*5-)A:)-9-%)*%+/( *%)*'(%52&+,+,-&.

9*+,-. $'/&*//*&+2*%&&//+*+-)+(,*6-,-'0-))-9-%)*%+ (F*%)/+(()*/*5$*.*%+(.9(.,&;+(2*.)/*)6*%7-;-%+(9 '(*%(9/ " G3A:+,-$%B*A*%)&%)*%1$7,*;($%+(9

/ " G32*//+*+-)+(,*6-A--%0*&)A: G/-2,*.*+ ,-;&7*' %)$/+.&-/ +( $%B*A *%) &%) *%1 (% A-,*'9 (9 )-9-%)*%+ (F $.+,-. 9&%*%7&*' )-*'&%5/ *'/( +((1 0'*7A-+2--%)-9-%)*%+(F*%) G/-2,*.*+,-;&7*'%)$/+.&-/ *%)$'+&;*+-':"+(+*'*;($%+)$-9.(;)-9-%)*%+(F&%9*6($. (9-2,*.*+,-;&7*'%)$/+.&-/7*;-+(/

" G3 &%7- )-9-%)*%+(F2*/&%%--)(9 ;(.-;(%-:")-9-%)*%+/(

*%)*5.--)+(*)6*%7-9$.+,-.'(*%+()-9-%)*%+(F(%+,- *..*%5-;-%++,*+0'*&%+&99$/,0*-6&/&%7-)-7-*/-) 2($') -@-7$+-/*'-3)--)(9,*'90(.+&(%(9+,-/$&+0.(0-.+:&%9*6($.(9 )-9-%)*%+( *%)+,-.-*9+-.+2((+,-./*'-3)--)/&%.-/0-7+(9 +,-A*'*%7-,*'9(9+,-/$&+0.(0-.+:&%9*6($.(9)-9-%)*%+/(

*%)%'&-$(9/$7,*..*%5-;-%+")-9-%)*%+/( *%)2($') 0*:+(+,-0'*&%+&99*9$.+,-./$;(9/ " G3&%7*/,9(.$/-A:

,-.,$/A*%)&-)-9-%)*%+(F,-+(+*'/*'-37(%/&)-.*+&(%"*/ /$7,"9(.+,-/*'-3)--)/2*/)-+-.;&%-)*//? " G3&%7'$)&%5 +,- -*.'&-. /$; (9 /

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

! ?>!&%9*6($.(9)-9-%)*%+( 9(.*7(%/&)-.*+&(%*;($%+

(9/F>"

G3&%.-/0-7+(9,*'9/,*.-(9+,-/$&+0.(0-.+:,- *..*%5-;-%+ )-6&/-) A-+2--% +,- 0*.+&-/ 2*/ .-)$7-) &%+( 2.&+&%5&%+,-9(.;(9*5.--;-%+)*+-)> ?>!(2-6-."*9+-.

0$++&%5)(2%+,-*5.--;-%+)*+-)> ?>!&%A'*71*%)2,&+-"

+,-0*.+&-/*.-/+*+-)+(,*6-;$+$*'':*5.--)+,*+&%/+-*)(9+2( /*'-3)--)/+(A--@-7$+-)&%9*6($.(9)-9-%)*%+/( *%)&% .-/0-7+(9+,-.-;*&%&%5,*'9/,*.-(9+,-/$&+0.(0-.+:"*/&%5'- /*'-3)--)A--@-7$+-)A:$/,0*-6&/&%7-)-7-*/-) &%9*6($.

(9 )-9-%)*%+ ( *'(%- 9(. * 7(%/&)-.*+&(% *;($%+ (9 /F " G3'*&%+&99&//+*+-)+(,*6--@-7$+-)/$7,/*'-3)--)(%

?>> *%) *+ /$7, /+*5-" 0(/+3)*+-) 7,-J$-/ 9(. /F"

G3 -*7, 2&+,).*2% (% $%B*A *%) &%) *%1 A: +,- 0'*&%+&99&%9*6($.(9)-9-%)*%+/( *%)2-.-)-'&6-.-)+( +,-;-9-%)*%+/( *%)-%7*/,-)+,.--(9+,- 7,-J$-/ /0-.*5.--;-%+)*+-)> ?>!")-9-%)*%+/( *%)2-.- 5&6-%+,-.&5,++(.-7(6-.+,-A*'*%7-)$-+(+,-;(%-@0&.:(9 9&6-:-*./A-5&%%&%59.(; ?>>+,.($5,/*'-(90.(0-.+:*%) +,-0'*&%+&99 ,*) +,- .&5,+ +( 0*: +,- ;(.+5*5- ;(%-: &% 9$'' )$.&%5+,-0-.&()(99&6-:-*./*%)+(.-)--;+,-0.(0-.+:+2*/ /+*+-)+,*+*9+-.-%7*/,;-%+(9+,-+,.--7,-J$-/"+,-0.&%7&0*' ;(.+5*5-*;($%+2*/.-)$7-)A:*%*;($%+(9/ "

G3*%)"

+,$/"7*;-+(/# "

G3 ,-0'*&%+&992*/%-6-.&%9(.;-)*/ .-5*.)/+,- >7,-J$-/*%)2*/%(+-6-%*2*.-*/+(2,-+,-. +,-+2(/*'-3)--)/-@-7$+-)A:,-.,*)A--%$/-)A:)-9-%)*%+/ ( *%)+(*6*&'(9*%:'(*%9.(;$%B*A*%)&%)*%1+&/ 9$.+,-./+*+-)+,*+&%+,-;(%+,(9$%-" ?# "0'*&%+&992*%+-)+( 0*:A*71+()-9-%)*%+/( *%)+,-*;($%+(9;(.+5*5-"A$+

! +,- 0.-7&/- *;($%+ 2*/ +( A- 7*'7$'*+-) A: +,- *))&+&(% (9 &%+-.-/+$0(%+,-/$;(9/# "

G3*%)2,&7,2*/(%':+(+,- 1%(2'-)5- (9 )-9-%)*%+/ ( *%) " A$+ +,- /*;- 2*/ %(+ )&/7'(/-) +( ,-. '*&%+&99 -6-% )&/0*+7,-) +-'-5.*; *%) * .-5&/+-.-)'-++-.+()-9-%)*%+/( *%)-*7,*/.-5*.)/,-.

&%+-%+&(% +( 0*: A*71 +,- *;($%+ &% J$-/+&(%" A$+ /&%7- %( .-/0(%/-2*/9(.+,7(;&%5"/$&+2*/&%/+&+$+-)9(.)-7'*.*+&(%*/ *'/(9(..-)-;0+&(%(9+,-/$&+0.(0-.+:(%0*:;-%+(9*;($%+ )$-+()-9-%)*%+/( *%) -9-%)*%+/( *%)$0(% A-&%50$++(%(+&7-"9&'-)*2.&++-%/+*+-;-%+ +2*/*);&++-) +,*+$'/&*//*&+2*%&*%))-9-%)*%+(F2-.-7'(/-9.&-%)/ *%)+,*+(%*77($%+(9/$99-.&%5'(//-/&%A$/&%-//A:)-9-%)*%+ (F";(%-:,*)A--%A(..(2-)9.(; G/-2,*.*+,-;&7*'

%)$/+.&-/"(2%-)*%);*%*5-)A:)-9-%)*%+/( *%)*'(%5 2&+,+,-&.9*+,-.+2*/9$.+,-.*);&++-)+,*+$'/&*//*&+2*%& ,*)*//&/+-))-9-%)*%+(F9&%*%7&*'':*%)-6-%/+(()5$*.*%+(. 9(.,&;&%+,-*)6*%7-;-%+(9'(*%(9/ " G3A:$%B*A*%) &%)*%1,-*;($%+(9/

" G3)$-9.(;)-9-%)*%+(F +( G/-2,*.*+,-;&7*'%)$/+.&-/2*/%(+)&/0$+-)+2*/ *'/(*);&++-)+,*+)-9-%)*%+(F2*/&%%--)(9;(.-;(%-: *%)"*77(.)&%5':"0'*&%+&99$/,0*-6&/&%7-)-7-*/-) ,*)/(') ,*'9/,*.-(9+,-/$&+0.(0-.+:+()-9-%)*%+( 9(.*/$;(9 / " G3+2*//+*+-)+,*+)-9-%)*%+/( *%),*)(99-.-) +,*++,-0'*&%+&99;*:.-30$.7,*/-+,-0.(0-.+:2,&7,/,-,*//(') +()-9-%)*%+( *9+-.0*:&%5+,-+(+*'($+/+*%)&%5*;($%+(9 /?

" G3*'(%52&+,&%+-.-/+*++,-A*%1.*+-'*&%+&99*%),-. ,$/A*%)G)-9-%)*%+ (F /($5,+ * +&;-39.*;- (9 9&6- :-*./ +(

> -%*A'-+,-;+(.-30$.7,*/-+,-0.(0-.+:*%)+(0*:A*71+,- -%+&.- *;($%+ *'(%5 2&+, &%+-.-/+ */ ,*) A--% 0.(0(/-) A: )-9-%)*%+/( *%)*%)+,-&.9*+,-.$'/&*//*&+2*%&+2*/ /+*+-)&%+,-2.&++-%/+*+-;-%++,*+9(.+,-.-;*&%&%5,*'9/,*.- (9+,-/$&+0.(0-.+:"/*'-3)--))*+-) ?>>2*/-@-7$+-)&% 9*6($.(9)-9-%)*%+(9(./F " G3 6-%+,($5,*7+$*'

0(//-//&(%(9+,-/$&+0.(0-.+:2*/)-'&6-.-)+()-9-%)*%+/(

*%)":-++,-0'*&%+&99*%))-9-%)*%+(F2-.-0-.;&++-)+( .-/&)-&%+,-/$&+0.(0-.+:+(-%*A'-+,-;+(*..*%5-*'+-.%*+- /$&+*A'-*77(;;()*+&(%6-%+,($5,*5.--;-%+)*+-)> ?>!

2*/ *);&++-)" A$+ +,- /+*%) 2*/ +*1-% +,*+ +,- /*;- /+(() /$0-./-)-) $0(% -@-7$+&(% (9 /*'-3)--) )*+-) ?>> 9(.

.-;*&%&%5,*'9/,*.-(9+,-/$&+0.(0-.+:+2*/)-%&-)+,*++,- 9&./+/*'-3)--))*+-)

! ?>!2*/-@-7$+-)&%0$./$*%7-+(*%:

*..*%5-;-%+G*5.--;-%+ *%) .*+,-. +,- *5.--;-%+ )*+-) > ?>!2*/-%+-.-)&%+(*9+-.+,--@-7$+&(%(9+,-/*'-3)--) )*+-)

! ?>! + 2*/ /+*+-) +,*+ +,- /*'-3)--) )*+-)

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

# 2-.-+,-*A/('$+-(2%-./(9+,-/$&+0.(0-.+:A:6&.+$-(9+,- +2(/*'-3)--)/%+,-2.&++-%/+*+-;-%+"&+2*/*'/(/+*+-)+,*+ &%7*/-+,-($.+7(;-/+(+,-7(%7'$/&(%+,*++,-*5.--;-%+ )*+-)> ?>!2*/%(+/$0-./-)-)A:+,-0*.+&-/*%)+,*++,- /*'-3)--)/ )*+-)

! ?>! *%) ?>> 2-.-" &% 9*7+"

;(.+5*5-3)--)/"&%/$7,-6-%+*/$;(9;(.-+,*%/!'*1,/&/ )$-9.(;+,-0'*&%+&99+(2*.)/0.&%7&0*'*%)&%+-.-/+*%)2,&7,A- )&.-7+-) +(A-0*&)9(..-)--;&%5+,-0.(0-.+: +2*//+*+-) +,*++,-*%17,*.5-/&%+-.-/+*++,-.*+-;(.-+,*% I0-. *%%$;2&+,;(%+,':.-/+/(%*)6*%7-/;*)-*5*&%/+0.(0-.+: *%))-9-%)*%+/( *%)"&%/$7,-6-%+$*'&+:"2($')A--%+&+'-) +( /$7, &%+-.-/+ */2-'' +2*/)-%&-) +,*++,-0'*&%+&99,*) (99-.-)+(0*:A*71*%:*;($%++()-9-%)*%+/( *%)&%$%-"

?# -9-%)*%+(F9&'-)*2.&++-%/+*+-;-%+*);&++&%5+,- -%+&.-7'*&;(9+,-0'*&%+&99 >

.(;+,-0'-*)&%5/(9+,-0*.+&-/"+,-9(''(2&%5&//$-/ 2-.-9.*;-)A:+,-+.&*'($.+ K,-+,-. +,- /*'- )--)/ )*+-)

! ?>! *%)

?>> 7($0'-) 2&+, *5.--;-%+ )*+-) > ?>!

7.-*+-*;(.+5*5-.-5*.)&%5+,-0.(0-.+:&%)&/0$+-L 9 //$- ( &/ 0.(6-)" 2,-+,-. +,- 0'*&%+&99 &/ -%+&+'-)+(.-)-;0+&(%(9+,-0.(0-.+:)-/7.&A-)&%+,- ,-*)%(+-L F K,-+,-. +,- *5.--;-%+ )*+-) > ?>! 2*/ /$0-./-)-)A:/*'-)--))*+-) ?>>"&9/("&+/ -99-7+L

K,-+,-.+,-/$&+&/%(+;*&%+*&%*A'-"*/*''-5-)&% 0.-'&;&%*.:(AB-7+&(%/( *%)L

-'&-9E

? # $.&%5 +,- 0-%)-%7: (9 +,- *9(.-3%(+&7-) /$&+" )-9-%)*%+/ &%()8$;*.*&+2*%&*%) &B*:8$;*.*&+2*%&9&'-) &6&'$&+( >)*+-)

! ?##/--1&%50(//-//&(%(9+,-/$&+ 0.(0-.+:(%+,-*6-.;-%+/+,*+$/,0*-6&,*)/('),*'9/,*.- (9 +,- /$&+ 0.(0-.+: 9(. / " G3 6&)- /*'-3)--) )*+-)

! ?>!$A/-J$-%+':"(%*77($%+(9&%)-A+-)%-//(9,$/A*%) (9$/,0*-6& *%)*/$;(9/ " G3A-&%5)$-"*/-7(%) /*'-3)--)2*/-@-7$+-)(% ?>>*/.-5*.)/+,-A*'*%7-,*'9 /,*.-(9+,-/$&+0.(0-.+:&%9*6($.(9)-9-%)*%+(,-(0+&(% +(.-30$.7,*/-+,-0.(0-.+:2&+,$/,0*-6&/&%7-)-7-*/-)

2*/ 2&+,&% * 0-.&() (9 9&6- :-*./ $0(% .-+$.% (9 +,- +(+*' ($+/+*%)&%5 *;($%+*'(%5 2&+,&%+-.-/+ 6-% +,($5,$/,0* -6&/&%7-)-7-*/-) ,*)&//$-) 7,-J$-/(9/F"

G3-*7,"

(%':+,.--7,-J$-/2-.--%7*/,-)"2,-.-*/.-;*&%&%57,-J$-/ A($%7-) $/,0* -6&" *77(.)&%5':" 9(.9-&+-) ,-. .&5,+ +( .-3 0$.7,*/-+,-0.(0-.+:6-%+,($5,"0,:/&7*'0(//-//&(%(9+,- ,($/-,*)A--%)-'&6-.-)*++,-+&;-(9-@-7$+&(%(9+,-9&./+ /*'-3)--))*+-)

! ?>!"A$+(%*77($%+(9+,-9.&-%)':+-.;/"

$/,0*-6&*%),-.,$/A*%)2-.-*''(2-)+(.-/&)-&%+,-,($/- */ '&7-%/--/ 0(% A-&%5 */1-) +( 6*7*+- +,- /$&+ 0.(0-.+:" $/,0*-6&*%),-.,$/A*%).-9$/-)*%)"*77(.)&%5':"/$&+9(. 0(//-//&(%(9+,-/$&+0.(0-.+:*'(%52&+,7(;0-%/*+&(%9(.$/- *%)(77$0*+&(%2*/9&'-) $7,/$&+2*/7(%+-/+-)A:$/,0* -6& *%) ,-. ,$/A*%) ; *.1*/, (() A: 9&'&%5 * 2.&++-% /+*+-;-%+*%)+*1&%5*/+*%)&%+-.;/(9+,-*6-.;-%+/;*)-&% &6&'$&+( )*+-) >> ?# +,*+,*)A--%9&'-)A:$/,0* -6& (''(2&%5&//$-/2-.-9.*;-)A:+,-+.&*'($.+&%&6&'$&+

( >(9 ?## K,-+,-.+,-0'*&%+&99/*.-(2%-./(9+,-0.(0-.+: *%)*.--%+&+'-)+(0(//-//&(%(9+,-/*;-L K,-+,-.+,-0'*&%+&99/*.--%+&+'-)+(.-7(6-.:(9 *77($%+(9$/-*%)(77$0*+&(%"&9/("+(2,*+-@+-%+L FK,-+,-.+,-0.-/-%+/$&+&/'&*A'-+(A-/+*:-)$%)-. -7 L

K,-+,-. +,- /$&+ &/ %(+ 0.(0-.': 6*'$-) 9(. +,- 0$.0(/-(97($.+9--*%)B$.&/)&7+&(%L

K,-+,-.+,-/*'-)--)-@-7$+-)A:)-9-%)*%+(

&%9*6($.(90'*&%+&992*/*;(.+5*5-)--)"&9/("&+/ -99-7+L !K,-+,-.*5.--;-%+)--))*+-)> ?>!*%)/*'- )--)/2-.--@-7$+-)*%)/*'-)--)2*/+(,*6-+,- -99-7+(%':&%+-.;/(9+,-*5.--;-%+L > K,-+,-. +,- )-9-%)*%+ ( ,*) 7(;;&++-) +,- A.-*7,(9+,-*5.--;-%+"&%J$-/+&(%"&9/("&+/-99-7+L #-'&-9E ? .&*' ($.+ 6&)- B$)5;-%+ *%) )-7.--" )*+-) #

")-7&)-)A(+,+,-/$&+/+(5-+,-.*%)+((1*6&-2+,*+ +,-*5.--;-%+)*+-)> ?>!2*/%(+/$0-./-)-)*%)+,-/*'-3 )--)/ )*+-)

! ?>! *%) ?>> ,*) A--% -@-7$+-) +(2*.)/ /-7$.&+: (9 +,- '(*% *;($%+ *)6*%7-) &% 9*6($. (9 )-9-%)*%+(F//$7,"//$-/(+( &%&6&'$&+( (9

?# 2-.-,-')&%9*6($.(90'*&%+&99$/,0*-6&//$-/( *%) &%&6&'$&+( >(9 ?##2-.-,-')*5*&%/++,-0'*&%+&99/ +,-.-&%"%*;-':" &%()8$;*.*&+2*%&*%) &B*:8$;*.*&+2*%& *%) +,-: 2-.- 9($%) %(+ -%+&+'-) +( 0(//-//&(% (9 +,- /$&+ 0.(0-.+: &6&' $&+ ( (9 ?# 2*/ )-7.--) /$AB-7+ +( 0*:;-%+(9/?

" G3*'(%52&+,&%+-.-/+H I0-.*%%$;

2-9 ?>>A:0'*&%+&99$/,0*-6&+()-9-%)*%+/( *%) 2&+,&% +,.-- ;(%+,/" 9*&'&%5 2,&7, /$&+ 2*/ )--;-) +( A- )&/;&//-)

,-+2(*00-*'/9&'-)A: &%()8$;*.*&+2*%&*%)

&B*:8$;*.*&+2*%&/+*%))-7&)-)6&)-7(;;(%B$)5;-%+)*+-)

0*//-)A:+,-'(2-.00-''*+-($.+*%)2,-.-A:7&6&' *00-*' -;*%*+&%5 9.(;7&6&'*00-*'( (9 ?# ,*/A--% 0*.+':*''(2-)*%)+,-/$&+9&'-)A:$/,0*-6&/&%7-)-7-*/-)

,*/A--%)-7.--)+(+,--99-7++,*++,-/*'-3)--)/0-.+*&%&%5+( /$&+0.(0-.+:2($')A--@-7$+-)&%9*6($.(9$/,0*-6&G,-. / $0(% 0*:;-%+ (9 /?

" G3 *'(%5 2&+, &%+-.-/+ H

I 0-.

*%%$; 2&+, J$*.+-.': .-/+/ ,- '(2-. 00-''*+- ($.+ ,*/ *99&.;-)+,-9&%)&%5/(9+,-+.&*'($.+(%//$-/( +( (9&6&'

$&+( )*+-) >> ?# *%),*/,-')+,*++,-/*'-3)--)/ )*+-)

! ?>!*% ?>>*/*'/(*5.--;-%+)*+-)> ?>!

,*)A--%-@-7$+-)(%':+(2*.)//-7$.&+:9(..-30*:;-%+(9+,- '(*%*;($%+(9/?

" G3,-B$)5;-%+(9+,-+.&*'($.+,*/ A--%;()&9&-)+(+,--@+-%++,*++,-'&*A&'&+:(9$/,0*-6&G,-. /*/.-5*.)/.*+-(9&%+-.-/+,*/A--%6*.&-)*%)&+,*)A--% ,-')+,*+/$7,.*+-(%+,-($+/+*%)&%5*;($%+(9/? " G3A- -%,*%7-)9.(;/&;0'-.*+-(9&%+-.-/+(9 I0-.*%%$;+(

I 0-.*%%$;2&+,J$*.+-.':.-/+/*%)7*'7$'*+-)9.(;+,-)*+-(9 *5.--;-%+)*+-)> ?>!"@,&A&+

'*&%+&99G*00-''*%+/ &- / (9 $/,0* -6& *.- &% /-7(%)*00-*'A-9(.-+,&/ ($.+*//*&'&%5+,-B$)5;-%+)*+-)

0*//-) A: +,- '-*.%-) ))&+&(%*' &/+.&7+ $)5-" $),&*%*

-*.%-)/-%&(.7($%/-'.-0.-/-%+&%5+,-*00-''*%+/,*/ /$A;&++-) +,*+ %( '(*% 2*/ (A+*&%-) A: +,- )-9-%)*%+G .-/0(%)-%+/9.(;+,-$%B*A*%)&%)*%1*%)%-&+,-.2*/+,- /$&+ 0.(0-.+: ;(.+5*5-) 2&+, +,- *%1 + &/ $.5-) +,*+ %( -6&)-%7- 2*/ *))$7-) (% .-7(.) +( /$A/+*%+&*+- +,*+ '(*% (9 /?

" G3,*)A--%+*1-%A:+,-)-9-%)*%+G.-/0(%)-%+/&%+,- :-*. ?>! *9+-.;(.+5*5&%5 +,-/$&+0.(0-.+: *%) $%)-./$7, 7&.7$;/+*%7-/"+,-+.&*'($.+,*).&5,+9$'':)-7.--)+,-/$&+(9 +,-0'*&%+&99G*00-''*%+/+(.-0*:+,-'(*%*;($%+(9/? " G3 *'(%52&+,&%+-.-/+H I0-.*%%$;2-9 ?>> +&/ 6-,-;-%+': 7(%+-%)-) +,*+ '(2-. 00-''*+- ($.+ ,*/ 5.(//': -..-)&%;()&9:&%5+,-B$)5;-%+(9+,-+.&*'($.+2&+,.-5*.)+( .*+-(9&%+-.-/+(9 I0-.*%%$;*%)-%,*%7&%5+,-/*;-+(

I2&+,J$*.+-.':.-/+/ $.+,-.*.5$-)+,*+&+&/*7'-*.7*/-(9 ;&/3.-*)&%5*%);&/3*00.-7&*+&(%(9-6&)-%7-"&%*/;$7,*/"*/ 0-.*5.--;-%+)*+-)> ?>!"@,&A&+ "+,-*00-''*%+/,-.-&% 2-.-A($%)+(0*:+,-*;($%+(9&%+-.-/++,*+2($')*77.$-(% +,-'(*%*;($%++(A-+*1-%A:+,-)-9-%)*%+G.-/0(%)-%+/9.(; $%B*A*%)&%)*%1+&/*.5$-)+,*++,-'(2-.00-''*+-($.+ ,*/ 7(;0'-+-': (6-.'((1-) +,- */0-7+ +,*+ +,- )-9-%)*%+G .-/0(%)-%+/)&)%(+.*&/-*%:'(*%(9/?

" G39.(;$%B*A*%) &%)*%1*9+-.;(.+5*5&%5+,-/$&+0.(0-.+:*%)"+,-.-9(.-"*/ 0-. +-.;/ *%) 7(%)&+&(%/ (9 +,- *5.--;-%+ )*+-) > ?>!"

@,&A&+ "+,-*00-''*%+/7($')%(+,*6-A--%;*)-'&*A'-+(0*: +,- -%,*%7-) &%+-.-/+ .*+- (9

I 2&+, J$*.+-.': .-/+/ -+ *%(+,-.*.5$;-%+.*&/-)A:'-*.%-)/-%&(.7($%/-'&/+,*++,- '(2-.00-''*+-($.+,*/2.(%59$'':.-'&-)$0(%+,-)-0(/&+&(%(9

K *.&/,*,&"*/*'/(+,-7-.+&9&7*+-"@,&A&+K G"*%)+( ,*6-7(%7'$)-)+,*+*'(*%(9/?

" G3,*/A--%.*&/-)9.(;

+,-*%1&%7+(A-. ?>!+&/*.5$-)+,*+/$7,7-.+&9&7*+-2*/ (%':&%)&7*+&6-(9+,-.*+-/(9&%+-.-/+0.-6*'-%+*++,-.-'-6*%+ 0(&%+(9+&;-&%7*/-'(*%*;($%+(9/?

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

F -.7(%+.*"'-*.%-)/-%&(.)6(7*+-.-0.-/-%+&%5+,- )-9-%)*%+G.-/0(%)-%+/,*//$A;&++-)+,*++,-B$)5;-%+0*//-) A:+,-'(2-.00-''*+-($.+&/2-''3.-*/(%-)*%)A*/-)$0(%)$- *00.-7&*+&(%(9-6&)-%7-*))$7-)&%($.+ ,-9&%)&%5/(9+,- +.&*'($.+,*6-A--%*99&.;-)A:+,-'(2-.00-''*+-($.+*%) +,-(%':;()&9&7*+&(%2&+,.-5*.)+(.*+-(9&%+-.-/+&/&%'&%-2&+, +,- +-.;/ *%) 7(%)&+&(%/ (9 +,- *5.--;-%+ )*+-) > ?>!"

@,&A&+ $.+,-.*.5$-)+,*++,-'(*%*;($%+,*6&%5A--% *)6*%7-)&%9*6($.(9;*.1*/,(()&-,$/A*%)(90'*&%+&99 $/,0*-6&/&%7-)-7-*/-) "$%)-.)&99&7$'+9&%*%7&*'+&;-/+,*+ ,-2*/0*//&%5+,.($5,*%)+,-/*'-3)--)/,*6&%5A--%-@-7$+-) A: $/,0* -6& 0-.+*&%&%5 +( +,- /$&+ 0.(0-.+: +( /-.6- */ *

/-7$.&+:9(..-0*:&%5+,-)-A+"+,-)&.-7+&(%/%(2A-&%5&//$-)+( .-)--;+,-0.(0-.+:,*)+(7*+-.-6-%9(.+,-&%+-.-/+7(;0(%-%+ 9(.+,-*;($%+(9;(%-:+,*+,*)A--%.*&/-)+(.$%+,-9&.; G/ -2,*.*+,-;&7*'%)$/+.&-/

($%/-'9(.+,-0*.+&-/,*6-A--%,-*.)*+'-%5+,*%) -6-%+,-.-7(.)/(9+,-7*/-+,*+,*)A--%.-J$&/&+&(%-),*6A--%0-.$/-);&%$+-':

7(%7$..-%+6&-2,*/A--%+*1-%A:A(+,+,-($.+/ A-'(2$0(%)$-*00.-7&*+&(%(9-6&)-%7-+,*++,-/*'-3)--)/&% J$-/+&(%)*+-)

! ?>!*%) ?>>*%)*'/(+,-*5.--;-%+ )*+-) > ?>! 2-.- (%': +( /-7$.- +,- '(*% *;($%+ (9 /?

" G3 *%) +,- &%+-%+&(% (9 0'*&%+&99 $/,0* -6& /&%7- )-7-*/-) 2*/%(++(/-''+,-.-/&)-%+&*'/$&+0.(0-.+: *+,-." +,&/2*/0.-7&/-':+,-7*/-(9+,-0'*&%+&99G*00-''*%+/+,-;/-'6-/

! .&*'($.+,*))-7.--)+,-/$&+(90'*&%+&99$/,0*-6& /&%7-)-7-*/-) *%)&//$-))&.-7+&(%/9(..-)-;0+&(%(9+,-/$&+ 0.(0-.+:/$AB-7++(0*:;-%+(9/?

" G3*'(%52&+,&%+-.-/+H

I0-.*%%$;9.(; ?>>K,&'-*99&.;&%5+,-9&%)&%5/(9 +,-+.&*'($.+"+,-'(2-.00-''*+-($.+6&)-&;0$5%-)B$)5;-%+ )*+-)

,*/;()&9&-)+,-B$)5;-%+*%))-7.--+(+,- -@+-%+(9-%,*%7&%5+,-.*+-(9&%+-.-/+9.(; I+(

I0-.

*%%$;2&+,J$*.+-.':.-/+/ $7,6&-2,*/A--%+*1-%A:+,- '(2-.00-''*+-($.+&%+-.;/(9+,-9(''(2&%5.-*/(%&%5*)(0+-) &%+,-&;0$5%-)B$)5;-%+ DK,-.-*/+,-.-&/%()($A+*A($++,-9*7++,*+ +,-*5.--;-%+@ 2*/-@-7$+-)2&+,*%&%+-%+&(% +(7(;-+(+,-.-/7$-(9+,-,$/A*%)(9$/,0*-6&

.-/0(%)-%+*%)+,-/*'-+.*%/*7+&(%/)*+-)

! ?>!

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

G3+($/,0*-6&"&+&/+,-*);&++-) 7*/-(90'*&%+&99G.-/0(%)-%++,*+,$'/&*//*&+2*%&" 9*+,-.(9*00-''*%+/2*/.$%%&%5*7(%7-.%&%+,-%*;- (9 -2 ,*.*+ ,-;&7*' %)$/+.&-/ *%) 2*/ ,*6&%5 )-*'&%5/2&+,A*%1/,-.-9(.-"-6-%&9+,-*00-''*%+/ ,*)*6*&'-)+,-'(*%9*7&'&+:&%+,-%*;-(9+,-&.(2% 9&.;" +,-9*7+ +,*+($+ (9 +,-/*&) '(*% +.*%/*7+&(%" /?

G3 2-.- *6*&'-) A: +,- ,$/A*%) (9 0'*&%+&99 2($')/,(2+,*++,-'&*A&'&+:(90'*&%+&99+(0*:&%+-.-/+ *++,-*%1.*+-"2,&7,(0-.*+-/2&+,;(%+,':.-/+/" 7*%%(+A-)-%&-)E

> ,-6&-2+*1-%A:+,-'(2-.00-''*+-($.+2($') .-J$&.-+(A--@*;&%-)&%+,-A*71).(0(9+,-*5.--;-%+)*+-) > ?>!"@,&A&+ "2,&7,7(%7-)-)':2*/-%+-.-)&%+(A-+2--%

+,-0*.+&-/ (.9*7&'&+:(9.-*):.-9-.-%7-"+,-*5.--;-%+&%&+/ -%+&.-+:&/.-30.()$7-),-.-$%)-.

D K-" &%()8$;*.*&+2*%&"*.+%-.&% &.;$'/&*// *&+2*%& (%/" $),&*%* *%) ,.& &B*: 8$;*.

*&+2*%&/(%(9,.&$'/&*//*&+2*%&"F!?"%)$/+.&*' .-*3" $),&*%* &./+*.+:

*%)$/,0*-6&(() 2&9-(9,.&;*.1*/,(()/(%(9,.&;*.*+, (()".-/&)-%+/(9 #33CC".--%*.1"&6&' &%-/"

$),&*%*,*+,.&;*.1*/,((),$/A*%)(9 &./+ *.+:(2-/*'(*%*;($%+(9/

" G3+( G/-2 ,*.*+ ,-;&7*' %)$/+.&-/" F!?" %)$/+.&*' .-*3 .-/-%+':",-)(-/%(+,*6-+,-*;($%+&%7*/,*%) ;(.-(6-." G/ -2 ,*.*+ ,-;&7*' %)$/+.&-/"

%)$/+.&*' .-*3" $),&*%* &/ &% %--) (9 ;(%-: ,-.-9(.-" +,- -7(%) *.+: ,*/ (99-.-) &+/ ($/- (3CC" #".--%*.1"&6&' &%-/" $),&*%**%)(% 2,&7, G/,*.*+,-;&7*'%)$/+.&-/" $),&*%*/,*'' (A+*&% '(*% 9.(; $%B*A *%) &%) *%1 &;&+-)" $),&*%**%)/,*'';--+&+/0.-/-%+%--) ,$/"9(. +,&/"+,-9(''(2&%55.--;-%+,*/A--%-%+-.-)&%+( A-+2--%$/3 ;+$/,0*-6&"+,--7(%)0*.+:,*/-@-7$+-) **'---).-5*.)&%5M/,*.-(9,-.*A(6-,($/-(%

! ?>!*%),*/.-7-&6-)*%*;($%+(9/F>"

G3 A:2*:(9,-J$-(

! !? $+(9+,-.-;*&%&%5M/,*.-" GF.)/,*.-/,*''A- +.*%/9-..-)&%+,-%*;-(9,.& &%()8$;*.*&+2*%& *%)+,-*;($%+(9/ " G39(.+,-*A(6-/,*''A1-0+A:2*:(9+.$/+*;*%*+ 2&+, G/-2,*.*+ ,-;&7*' %)$/+.&-/ &% '&-$ (9 +,- '(*% *;($%+ )$- 9.(;,.&;*.1*/, ,- .-;*&%&%5 GF.) /,*.- &% +,- *A(6- ,($/- /,*''A-+.*%/9-..-)&%+,-%*;-(9,.& &B*:8$;*.

*&+2*%&"F!?"%)$/+.&*'.-**%)+,-*;($%+(9+,- /*;- (9 /F " G3 /,*'' A- 1-0+ A: 2*: (9 +.$/+

> *;*%*+ 2&+, -2 ,*.*+ ,-;&7*' %)$/+.&-/" %)$/+.&*'.-*3" $),&*%* ,-0.-/-%+*;($%+7(;-/+(/?

" G3 ,- /*&)*;($%+/,*''A-+*1-%*/'(*%9.(;$%B*A*%) &%) *%1 &;&+-) A: -.6 ,.& &%() 8$;*." &B*:

8$;*.*&+2*%&*%)8(+,&( #/,*''A-;(.+5*5-) 2&+,+,-*%1 ,-+(+*'*;($%+(9/?

" G3*'(%52&+,+,- *;($%+(9&%+-.-/+'-6&-)A:+,-*%1"+,-/*;-/,*'' A-+,-.-/0(%/&A&'&+:(9+,-/-7(%)0*.+: K,*+-6-." ;(%+,':&%/+*';-%+ /,*''A-9&@-)"+,--7(%)*.+: /,*''1--00*:&%5+,-/*;- ,-J$-/(9/F G3 -*7,A:2*:(9*)6*%7-/,*''A-5&6-%+( &./+*.+:A:

+,- -7(%) *.+: *%) 9(. +,- A*'*%7- *;($%+" +,- 7,-J$-/,*''A-5&6-%/$A/-J$-%+': ,-.-/0(%/&A&'&+:/,*''A-(9+,--7(%)*.+:+( .-0*: +,- 0.&%7&0*' */ 2-'' */ +,- &%+-.-/+ *;($%+

(.-(6-."+,&/*;($%+/,*''A-.-0*&)2&+,&%*0-.&() (9 :-*./9+,--%+&.-*;($%+&/%(+.-0*&)2&+,&%* 0-.&()(9 :-*./"+,-%+,-9&./+0*.+:/,*'',*6-+,- .&5,++(/-''+,-*A(6-,($/-*%).-7(6-.+,-A*'*%7- *;($%+ K&+,&%+,-0-.&()(9 :-*./"+,-9&./+0*.+:

/,*'',*6-%(.&5,++(/-''+,-,($/- ,- 0(//-//&(% (9 ($/- ( #33CC" .--% *.1" $),&*%*/,*''.-;*&%2&+,+,--7(%)*.+:"&+ /,*''%(+0*:*%:.-%++(+,- &./+*.+:*%).-5*.)&%5 +,-8(+,&"+,--7(%)*.+:/,*''1--0)-0(/&+&%5*'' +,-+*@-/ 9*+*%:+&;-"+,--7(%)*.+:2*%+/+(/-''+,- 8(+,& +( /(;- +,&.) 0-./(%" +,-% A-9(.- +,&/" +,- -7(%)*.+:/,*''0*:+,--%+&.-A*'*%7-*;($%++(

&./+*.+:*%)(A+*&%.-7-&0+9.(;&+*%)+,-.-*9+-." +,- &./+*.+:" &%()8$;*.*%) &B*:8$;*./,*''A- '&*A'- +( -@-7$+- +,- *'- --) (9 +,-&. .-/0-7+&6- /,*.-/&%9*6($.(9-7(%)*.+:*%)+,--7(%)*.+: /,*''A--%+&+'-)+(.-7-&6-+,-/*'-7(%/&)-.*+&(%

# 9+,--7(%)*.+:)-0(/&+/+,--%+&.-*;($%+ *%)A:2,&7,+,-'(*%*;($%+(9+,-*%1&/.-0*&) *'(%5 2&+, +,- *;($%+ (9 &%+-.-/+" +,-% &% +,*+ /&+$*+&(%"+,- &./+*.+:" &%()8$;*.*%) &B*:8$;*.

/,*'' 5-+ +,- *'- --) (9 +,-&. .-/0-7+&6- /,*.-/ -@-7$+-)&%9*6($.(9+,--7(%)*.+:(.+,-&.'-5*' ,-&./*%)+,-:/,*''A-.-/0(%/&A'-+(-@-7$+-+,-/*&) *'---),--@0-%/-/(9+,-*'---)/,*''AA(.%-A:+,--7(%)*.+:(.+,-&.'-5*',-&./%+,&/ 7(%+-@+"+,- &./+*.+:/,*''%(+.*&/-*%:(AB-7+&(%/ 9*%:(AB-7+&(%,*/.*&/-)A:+,- &./+*.+:"+,-%+,- /-7(%) 0*.+: /,*'',*6- +,-.&5,++(5-++,-*A(6- &;0'-;-%+-)+,.($5,+,-($.+ 9+,--7(%)*.+: ,*/+(9&'-*/$&+"+,-%+,--@0-%/-/(9+,-/$&+/,*''AA(.%-A:+,- &./+*.+: (+,+,-0*.+&-//,*''A-A($%)A:+,-7(%+-%+/ (9+,-*A(6-5.--;-%+"2,&7,,*6-A--%,-*.)*%) $%)-./+(()*%)*9+-.$%)-./+*%)&%5+,-7(%+-%+/"A(+, +,-0*.+&-/,*6-/&5%-)+,-/*;- *+-)> ?>!

&./+*.+:

)G3$/,0**%& )G3 &%()8$;*.*&+2*%& -7(%)*.+:

)G3 &B*:8$;*.*&+2*%& K&+%-// K&+%-// )G3*')-6&%5, )G3E

# ,--%+&.-7*/-(9+,-*00-''*%+/,&%5-/(%7(%)&+&(%/ ( *%) (9+,-*5.--;-%+*%)2,-.-$%)-.+,-($+/+*%)&%5 )-A+&/&%)&7*+-)*//?

" G3*%)&+,*/9$.+,-.A--%;-%+&(%-) +,*+/$7,*;($%+2($')A-+*1-%*/'(*%9.(;$%B*A*%)&%) *%1A: &%()8$;*.*&+2*%&*%) &B*:8$;*.*&+2*%&$0(% ;(.+5*5&%5+,-/$&+0.(0-.+: ,-'&*A&'&+:(9/? " G3*'(%5 2&+,+,-*;($%+(9&%+-.-/++(A-'-6&-)A:+,-*%12*/+,- .-/0(%/&A&'&+:(9+,-D/-7(%)0*.+:E+(+,-*5.--;-%+&-$/,0* -6&/&%7-)-7-*/-) ,-0.-7&/-*.5$;-%+A-&%5.*&/-)(%

A-,*'9(9+,-*00-''*%+/&/+,*++,-/$&+0.(0-.+:,*)%(+A--% ;(.+5*5-)*%)%(-6&)-%7-,*)A--%*))$7-)&%/$7,.-5*.) *%)"*//$7,"+,--%,*%7-).*+-(9&%+-.-/+&;0(/-)A:+,-'(2-. 00-''*+-($.+$0(%+,-($+/+*%)&%5'(*%*;($%+(9/? " G3 7*%%(+/$/+*&%

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

" G3+( G/-2,*.*+,-;&7*'%)$/+.&-/&/*'/(+,- 7(%7-)-)0(/&+&(%(%9*7+/ +&/7(;;(%5.($%)A-+2--%+,- 0*.+&-/+,*+;*.1*/,(().-J$&.-);(.-9$%)/ +2*/(% *77($%+(9+,-0.(@&;&+:A-+2--%+,-0*.+&-/*%)2&+,*6&-2+( *//&/+;*.1*/,(()+,*+*%*..*%5-;-%+2*/2(.1-)($+*%) 2,&7,/+(().-9'-7+-)&%+,-*5.--;-%+)*+-)> ?>!"@,&A&+ ,-*5.--;-%+&9.-*)*/*2,('-7'-*.':/0-''/($++,*+ G/

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

" G3 -/0(%/&A&'&+:2*/9(&/+-)$0(%+,- /-7(%) 0*.+: &- $/,0* -6& /&%7- )-7-*/-) +( 7'-*. +,- ($+/+*%)&%5*;($%+(9/?

" G3*'(%52&+,*;($%+(9&%+-.-/+ '-6&-)A:+,-*%12&+,&%*0-.&()(99&6-:-*./*%)+,-.-$0(%+( ,*6-+,-/$&+0.(0-.+:.-)--;-)'-*.':"+,-(AB-7+/($5,++(A- *7,&-6-)&%+-.;/(9*5.--;-%+)*+-)> ?>!"@,&A&+ "2*/ +2(39(')&-+(/-7$.-+,-*;($%+*)6*%7-)*/'(*%&%9*6($.(9 ; *.1*/, (()" ,$/A*%) (9 0'*&%+&99 $/,0* -6& /&%7- )-7-*/-) "*/*'/(+(.*&/-9$%)/9(. G/-2,*.*+,-;&7*'

%)$/+.&-/$0(%(A+*&%&%5 '(*%9.(;+,-*%1 *5*&%/++,-/$&+ 0.(0-.+: -7(.)/ (9 +,- 7*/- 2($') /,(2 +,*+ $'/& *// *&+2*%& ,*) *00-*.-) */ K *%) ,*) )-0(/-) +,*+ &%() 8$;*.*&+2*%&*%) &B*:8$;*.*&+2*%&*.-,&//(%/*%)+,*+;

*.1*/," )-9-%)*%+ (F &% &6&' $&+ ( (9 ?# 2*/ 0.-6&($/':1%(2%+(,&;K 9$.+,-./+*+-)+,*+,-*'(%52&+, ,&//(%/2*/+,-0*.+%-.(9 G/-2,*.*+,-;&7*'%)$/+.&-/ *%)+,-.-2*/*%(+,-.9&.; %+-.0.&/-/&%2,&7,,&//(%/

&%()8$;*.*&+2*%&*%) &B*:8$;*.*&+2*%&2-.-+,-0*.+%-./ K .-2*'" *%*5-."$%B*A*%)&%)*%1,*))-0(/-) +,*+'(*%(9/> " G3,*)A--%*6*&'-)(9A:+,-0*.+%-./,&0(9

&%()8$;*.*&+2*%&*%) &B*:8$;*.*&+2*%&-9$.+,-./+*+-) +,*++&''F F ?>#+,-.*+-(9&%+-.-/+2*/ ! I0-.*%%$;2&+, J$*.+-.':.-/+/*%)+,-.-*9+-.+,-.*+-(9&%+-.-/+2*/

I0-.

*%%$;2&+,J$*.+-.':.-/+/K8 &++*'"(99&7&*'(9+,-*%1(9 *.()*,*))-0(/-)+,*+ G/-2,*.*+,-;&7*'%)$/+.&-/2*/ ,*6&%5*77($%+&%+,-*%1*%)+,*++&+'-)--)/)*+-)

! ?>!

*%) ?>>2-.-;(.+5*5-)0-.+*&%&%5+(+,-/$&+0.(0-.+: ,-)-9-%)*%+G.-/0(%)-%+/,*6-*'/(.-'&-)$0(%@,&A&+KG

&- *%1 /+*+-;-%+ (9 $%B*A *%) &%) *%1 2,&7, 7'-*.': &%)&7*+-) (6-.3).*9+ 9*7&'&+: ,*6&%5 A--% *6*&'-) (9 A: +,- )-9-%)*%+G.-/0(%)-%+/*5*&%/+0.(0-.+: %*%(6-.6&-2(9+,- ;*++-." 9&%*%7&*' ,-'0 ,*6&%5 A--% -@+-%)-) &% 9*6($. (9 ; *.1*/,(()",$/A*%)(90'*&%+&99$/,0*-6&/&%7-)-7-*/-)

*%)+,-)-9-%)*%+G.-/0(%)-%+/,*6&%5.*&/-)9$%)/A:*6*&'&%5(9 (6-.).*9+9*7&'&+:"+,-6&-2+*1-%A:+,-'(2-.00-''*+-($.++( 0*:+,-($+/+*%)&%5)-A+(9/?

" G3*'(%52&+,&%+-.-/+*++,- A*%1.*+-/0.-6*'-%+7*%%(+A-9*$'+-) ,-9--A'-*++-;0+;*)-A:'-*.%-)7($%/-'+(*6(&) +,-A$.)-%(9&%+-.-/+A:7(%+-%)&%5+,*++,-0'*&%+&99G*00-''*%+ 2*/.-*):+(.-0*:+,-'(*%*;($%+*'(%52&+,&%+-.-/+*77.$-) 2&+,&%+,-/+&0$'*+-)0-.&()(99&6-:-*./&%$%- ?# */0-.

*5.--;-%+ )*+-) > ?>!" @,&A&+ " *%) '-++-./ $%)-.

.-5&/+-.-)7(6-.*%)+-'-5.*;/,*6&%5A--%*'/(/-%+)(-/%(+ 7$+;$7,&7-9+,--%+&.-($+/+*%)&%5*;($%+*'(%52&+,&%+-.-/+

,*)A--%*6*&'*A'-2&+,+,-0'*&%+&99G*00-''*%++(/--1.-)-;0+&(% (9 +,- /$&+ 0.(0-.+: &% $%- ?# " /,- ($5,+ +( ,*6- +*1-% &;;-)&*+-'-5*'.-).-//&9,-.6-./&(%&/+(A-A-'&-6-)+,*++,- )-9-%)*%+G.-/0(%)-%+/ 2-.- %(+ .-/0(%)&%5 +( ,-. '-++-./G +-'-5.*;/,-/$&+7*;-+(A-9&'-)A:0'*&%+&99G*00-''*%+$/,0* -6&/&%7-)-7-*/-) &%+,-;(%+,(9$':" ?# F

(.+,-.-*/(%/.-7(.)-)*A(6-"%(&%9&.;&+:&/9($%)&% +,-&;0$5%-)B$)5;-%+)*+-)

0*//-)A:+,-'(2-.

00-''*+-($.+ ,-.- &/ %( ;-.&+ &% +,- *00-*' *%) +,- /*;- &/ )&/;&//-)

" # " # " # " # (+- (+- (+- (+- K,-+,-./0-*1&%5G.-*/(%-) -/G( K,-+,-.-0(.+*A'- -/G(