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High Court of Karnataka · body
2025 DAILYLAW 63121 (KAR)
SHAZIYA v. THE STATE OF KARNATAKA
WPHC/200011/2025 · 2025-08-14
H P Sandesh, T M Nadaf
body2025
[ 2025 DAILYLAW 63121 (KAR) · dailylaw.ai ]
[ 2025 DAILYLAW 63121 (KAR) · dailylaw.ai ]
Judgment text
Extracted from the PDF above. The PDF is authoritative.
- 1 -
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C3 =49?;47 B4?5@G := ?C3 94<3 @< ?C4? ?C3 >3?@?@:835 @< ?C3 D@=3 := 63?38;3 6 ;<?;B C4B36 ;<?;BC4A@8F=:;59C@765383<>:8638?8:<?:"C4A3 <;HB@??36 4 >5:>:<47 ?: 53<>:8638? :- =:5 ?C3 >53A38?@A3 63?38?@:8 := >3?@?@:835*< C;<H486 486 <;HB@??36463?4@73653>:5?47:8FD@?C6:9;B38?<@8A:I@8F ?C3>5:A@<@:8<:=?C3::8649? ?@<47<:9:8?38636?C4? H4<36 :8 ?C3 >5:>:<47 B463 HE 53<>:8638?< : ?: " 53<>:8638? :- 3G359@<@8F C@< >:D35 ;8635 39?@:8 &( := ?C3 4584?4I4 %53A38?@:8 := 48F35:;< 9?@A@?@3< := ::?73FF35< 5;F
==38635< 4BH735< ::864 BB:547 54==@9
==38635< 7;B 54HH35< 486 '@63::5;6@:%@54?3<9?1#"&C353@84=?3553=35536?:
4< J?C3 9?* =:5 H53A@?E( >4<<36 48 :5635 64?36
- 5 -
---"@84<3:::864-%
--" 9:>E:=?C3:5635@<47<:>5:6;9364<883G;53 ?@< 47<:9:8?38636?C4?53<>:8638?:?4?347<:9:8=@5B36 :5635>4<<36HE53<>:8638?:-?C5:;FC48:563564?36 -1--"883G;53
%;5<;48? ?: H:?C ?C3<3 :5635< 4 53>53<38?4?@:8 D4< F@A38 HE ?C3 63?38;3 64?36 --" H3=:53 ?C3 6A@<:5E:456@363?4@8@8F4;?C:5@?E4<>35883G;53 486 ?C3 73??35 := 53<>:8638? : 64?36 --" 53K39?@8F ?C3 53>53<38?4?@:8 @< 4? 883G;53 ? @< 9:8?38636?C4?83G?48:?@93D4<@<<;36HE?C36A@<:5E :456 &53<>:8638? :( 4<I@8F ?C3 63?38;3 ?: H3 >53<38? H3=:53 ?C3B =:5 <;HB@??@8F C@< 53>53<38?4?@:8< 99:56@8F7E?C353>53<38?4?@:8D4<F@A38:8"-- :?C?C38:?@934<D3774<?C353>53<38?4?@:8D353>74936 H3=:53?C36A@<:5E:456
" ?@<9:8?38636?C4??C353<>:8638?<>45?@9;7457E ?C3 63?4@8@8F 4;?C:5@?E 47:8F D@?C ?C3 63?38?@:8 :5635 64?36 ---" 6@6 8:? <;>>7E ?C3 9:B>@74?@:8 :=
- 6 -
6:9;B38?< DC@9C D353 537@36 ;>:8 =:5 >4<<@8F ?C3 63?38?@:8 :5635 4F4@8<? ?C3 C;<H486 := ?C3 >3?@?@:835 C3E=;58@<C36:87E?C39:>@3<:=?C363?38?@:8:5635486 F5:;86<:=63?38?@:8H;?6@68:?>5:6;93477?C35373A48? B4?35@47 9:8<@63536 =:5 ?C3 >;5>:<3 := >4<<@8F ?C3 63?38?@:8:5635 , ? @< 47<: 9:8?38636 ?C4?
?C3 C;<H486 := ?C3 >3?@?@:835 47<: <;HB@??36 4 53>53<38?4?@:8 64?36 --"53L;3<?@8F=:565:>>@8F?C3>5:>:<47;8635?C3 >5:A@<@:8< := ?C3 ::864 9? &C353@8 4=?35 53=35536 ?: 4< J?C3 9?*( =5:B 37745E 4@7 @B@7457E ?C3 >3?@?@:835 47<:
<;HB@??36 4 53>53<38?4?@:8 H3=:53 ?C3 6A@<:5E :456 :BB@??33DC@9CD4<47<:53K39?36HE53<>:8638?: / 3<>:8638? :
D@?C:;? ?4I@8F @8?:
9:8<@6354?@:8 ?C3 B4864?:5E >5:A@<@:8< := ?C3 9? 486 D@?C:;?9453=;77E3G4B@8@8F?C3B4?35@47:8539:56>4<<36 ?C3 :5635 9:8=@5B@8F ?C3 63?38?@:8 :5635 >4<<36 HE 53<>:8638? :- A@63 :5635 64?36 -1--" ?C353HE 6@539?@8F?C363?38;3?:H3I3>?@863?38?@:8=:54>35@:6
- 7 -
:= :83 E345 <?45?@8F =5:B ?C3 :5635 64?36 ---" C3<4@6:5635@<47<:>5:6;9364<883G;53 # ? @< 9:8?38636 ?C4? H:?C 883G;53< 486 >4<<36 HE 53<>:8638? : 486 - 453 @773F47 486 8:? <;<?4@84H73 @8 ?C3 3E3< := 74D 486 453 7@4H73 ?: H3 <3? 4<@63 C3 >3?@?@:835 D@?C:;? 48E :?C35 47?3584?@A3 4>>5:49C36?C@<:;5?HE=@7@8F?C@<D5@?>3?@?@:8 1 C3F5:;86<;5F36@8<;>>:5?:=?C3>3?@?@:8453 4<=:77:D< ? @< ?C3 =@5<? 9:8?38?@:8 ?C4? @8A:94?@:8 := ?C3 >5:A@<@:8<:=?C3::8649?4F4@8<??C363?38;3?:I33> C@B;863563?38?@:8=:54>35@:6:=:83E345@<@773F47486 @B>35B@<<@H73486?C3<4B39:;76H3@8A:I36:87E4F4@8<? 935?4@8974<<3<:= >35<:8<DC:453@8A:7A36@8:59:BB@? 648F35:;<49?@A@?@3<M<;9C4<H::?73FF35<65;F:==38635< F4BH735< ::864 @BB:547 ?54==@9 :==38635< <7;B F54HH35<A@63:4864;6@:>@54?3<3?9 ?@<47<:9:8?38636 ?C4? ?C3 9? @< @8?38636?: B4@8?4@8 >;H7@9 :5635 486 ?C3
- 8 -
:5635 =:5 >53A38?@A3 63?38?@:8 948 H3 >4<<36 :87E @8 53<>39? := <;9C 49?@A@?@3< C3 >35<:8 <:;FC? ?: H3 63?4@836 B;<? <?5@9?7E <L;4537E =477 D@?C@8 ?C3 63=@8@?@:8>53A@3D ;8635 ?C3 9? 3537E H394;<3 935?4@8 94<3< 453 >386@8F :5 53F@<?3536 4F4@8<? ?C3 63?38;3 9488:?H34F5:;86?:@8A:I3?C3>5:A@<@:8<:=?C39?=:5 >4<<@8F48:5635:=>53A38?@A363?38?@:8 ?@<9:8?38636?C4?53<>:8638?<:?:"H3@8F ?C34;?C:5@?ED@?C:;??4I@8F@8?:9:8<@6354?@:8?C39@59;745 64?36---1@<<;36HE?C3?4?3:A358B38?MDC@9C >5:A@63<F;@637@83<=:5@8A:I@8F?C3>5:A@<@:8<:=?C39?M C4A3 <;HB@??36 ?C3 >5:>:<47 ?: 53<>:8638? :- =:5 63?38?@:8C3<4@69@59;745<>39@=@9477EB4864?3<?C4?:87E 53938? 94<3< >53=354H7E 8:? :7635 ?C48 ?: E345< <C:;76 H3 F@A38 >53=353893 4<3< >35?4@8@8F ?: >35<:847 38B@?E<C:;768:?H39:8<@63536486>45?@9;745<4<?:?C3 974<<486548I:=?C3499;<3663?38;64?3:=53734<3:8 H4@7<C:;76H3<>39@=@9477E486B4864?:5@7EB38?@:836
- 9 -
- C3 63?4@8@8F 4;?C:5@?E <C:;76 9453=;77E >35;<3 ?C3B4?35@47<H3=:53>4<<@8F?C3:5635H;?@8?C3>53<38? 94<3 ?C3 53<>:8638?< C4A3 8:? 9:B>7@36 D@?C ?C3 F;@637@83<@<<;36;8635?C3<4@69@59;745DC@73>4<<@8F?C3 63?38?@:8:5635 ?@<9:8?38636?C4?53<>:8638?<:?:"C4A3 8:?=;58@<C36?C3H::I73?9:8?4@8@8FA45@:;<>45?@9;745<:= 63?38;3 5;88@8F @8?: ," >4F3< ? @< 4773F36 ?C4? ?C3 4;?C:5@?@3<D@77=;77E486@8?38?@:8477ED@?CC376?C3<4B3:8 499:;8? := DC@9C ?C3 63?38;3 &@3 ?C3 >3?@?@:8352< C;<H486( 486 >3?@?@:835 D353 ;84D453 := ?C3 B4?35@47 9:7739?364F4@8<?C@B486?C39:8?38?<?C353:=D3@FC36@8 ?C3B@86:=?C363?4@8@8F4;?C:5@?EDC@73>4<<@8F?C3:5635 := >53A38?@A3 63?38?@:8 C3 8:8<;>>7E := ?C:<3 6:9;B38?<@<47<:9:8?545E?:<?4?;?:5E>5:A@<@:8< ? @< 47<: 9:8?38636 ?C4? 53<>:8638? :- C4< D@?CC376 <3A3547 >@393< := @8=:5B4?@:8 486 :?C35 5373A48? 6:9;B38?<DC@9CD:;76C4A3C464H345@8F:8?C3B@86 := ?C3 63?4@8@8F 4;?C:5@?E DC@73 >4<<@8F ?C3 @B>;F836
- 10 -
:5635< 3<>:8638?
:- C4< 47<: 8:? =;58@<C36 ?C3 H4@7 :5635< DC353HE ?C363?38;3D4< 38745F36 :8 H4@7 @8 ?C3 94<3< 53F@<?3536 4F4@8<? C@B C@< C4< 53<;7?36 @8 <;>>53<<@:8 := 5373A48? B4?35@47 486 8:8=;58@<C@8F := ?C:<3:5635<A@?@4?3<?C3:5635:=63?38?@:8
" );5?C35@?@<9:8?38636?C4??C3@B>;F836:5635 >4<<36HE53<>:8638?:-9:B>73?37E749I<4>>7@94?@:8:= B@86486C4<H338>4<<36B39C48@9477EHE?4?33537E 53=355@8F ?: ?C3 8;BH35 := 94<3< >386@8F 4F4@8<? ?C3 63?38;3 486 455@A@8F 4? 4 <;HK39?@A3 <4?@<=49?@:8 D@?C:;? 4847EN@8F 349C 94<3 @863>38638?7E @< 355:83:;< C353 @< 8:B4?35@47?:<C:D?C4??C353D4<<;HK39?@A3<4?@<=49?@:8 ?:>4<<48:5635 , 8:?C359:8?38?@:8@<?C4??C3@B>;F836:5635:= >53A38?@A363?38?@:8@<?:?477E@8A@:74?@:8:=39?@:8:= ?C39?3<>:8638?:D4<53L;@536?:>7493?C394<3 := ?C3 63?38;3 H3=:53 ?C3 6A@<:5E :456 D@?C@8 ?C533 D33I< 486 >7493 H3=:53 @? ?C3 F5:;86< ;8635 DC@9C ?C3 :5635:=63?38?@:8C46?:H3>4<<36
- 11 -
/ ?@<47<:9:8?38636?C4?53<>:8638?:9488:? >4<< 48 :5635 := 63?38?@:8 =:5 4 >35@:6 := - B:8?C< 4? :83<?53?9C<>35>5:A@<:?:;H<39?@:8-:=39?@:8:= := ?C3 ::864 9? ?C3 4;?C:5@?E 4? ?C3 =@5<? @8<?4893 C4<?:>4<<48:5635:=63?38?@:8=:54>35@:6:=B:8?C< C3534=?35 @=?C34;?C:5@?E @8?386<?: =;5?C3563?4@8C@B >4<<:5635:=63?38?@:8?C4??:8:?H3E:86B:8?C<@3 4=?353G>@5E:=3A35E?C533B:8?C<?C353B;<?H34=53<C :5635 := 63?38?@:8 C353=:53 ?C3 @B>;F836 :5635 @< @8 A@:74?@:8:=5?@973--&"(:=?C3:8<?@?;?@:8:= 86@4486@< 7@4H73?:H3L;4<C36 # ? @< 9:8?38636 ?C4? ?C3 53<>:8638?< DC@73 @8A:I@8F?C3>5:A@<@:8<:=?C3::8649?D353H:;86?:
=:77:D <?5@9? >5:936;53 @8 499:564893 D@?C 74D 486 <4B3 C4<8:?H3386:83 ?@<8:?C@8FH;?9;5?4@7@8F=5336:B:= 48 @86@A@6;47 3893 ?C3 63?38?@:8 :5635 53L;@53< @8?35=353893HE?C@<:;5? 1 C3 7345836 9:;8<37 =:5 ?C3 >3?@?@:835 A3C3B38?7E 9:8?386< ?C4? ?C3 8:89:B>7@4893 D@?C
- 12 -
39?@:8 := ?C3 ::864 9? 486 ?C3 =4@7;53 ?: >5:A@63 ?C363?38;3D@?C48:>>:5?;8@?E:=H3@8FC3456D@?C@8- 64E<H3=:53?C36A@<:5E:45647:8FD@?C8:8=;58@<C@8F := 6:9;B38?< 486 F5:;86< := 63?38?@:8 <;==35< =5:B 53B:?383<< 486 >5:G@B@?E 486 47<: <4B3 @< 8:? D@?C@8 63=@8@?@:8:=?C3::8649? - C39:;8<3747<:<>39@=@9477E9:8?386<?C4?@8477 ?C3 94<3< ?C3 63?38;3 D4< F548?36 H4@7 H;? ?C:<3 H4@7 :5635< 486 5373A48? B4?35@47< D353 8:? >5:6;936 H3=:53 ?C363?4@8@8F4;?C:5@?EDC@73@8A:I@8F?C3>5:A@<@:8<:=?C3 ::864 9? 486 >4<<@8F ?C3 63?38?@:8 :5635 64?36 ---" - ? @< =;5?C35 <;HB@??36 ?C4? ?C3 =49? ?C4? ?C3 63?38;3@8?C394<3:=5@B3:#--":=4FC4A38654 4F45 %:7@93 ?4?@:8 D4< 475346E 53734<36 :8 --"M@3 " 64E< >5@:5 ?: ?C3 >4<<@8F := ?C3 >53A38?@A363?38?@:8:5635M@<4B4?35@47=49?:5?C4?:;FC? ?: C4A3 H338 ?4I38 @8?: 9:8<@6354?@:8 HE ?C3 63?4@8@8F 4;?C:5@?EH;?D4<@F8:536A@?@4?@8F?C338?@53>5:93<<
- 13 -
-- C39:;8<3747<:A3C3B38?7E9:8?386?C4?DC38 ?C3 3G?358B38? :5635 D4< >4<<36 ?C3 <4B3 D4< 47<:
L;4<C36 A38 @8 <>@?3 := ?C4? ?C3 53<>:8638?< C4A3 9:BB@??3648355:5@8>4<<@8F?C3>53<38?63?38?@:8:5635 - 8 <;>>:5? := C@< 45F;B38? 7345836 9:;8<37 =:5 ?C3 >3?@?@:835 537@36 ;>:8 ?C3 K;6FB38? := ?C@< :;5?
>4<<36 @8 % : ---" 64?36 -,--" DC353@8 ?C3 D5@? >3?@?@:8 D4< 477:D36 486 ?C3 63?38?@:8 :56354<D3774<?C39:8=@5B4?@:8:5635D353L;4<C36 - C3 9:;8<37 @8 <;>>:5? := C@< 45F;B38? 537@36 ;>:8 ?C3 K;6FB38? := :8*H73 >3G :;5? @8 ?C3 94<3 :=
53>:5?36@8
()*+ ,H5:;FC??:8:?@93 := ?C@< :;5? >454F54>C 8:< 486 " DC353@8 63?4@736 6@<9;<<@:8 D4< B463 4H:;? @<<;3 := 63?38?@:8 :5635 DC@9C D@77 7346 ?: 46653<< =@5<?7E DC3?C35 ?C3 4773F3649?<:=9:BB@<<@:8=:5DC@9C?C363?38;3C4<H338 I3>? ;8635 63?38?@:8 453 >53K;6@93 ?: >;H7@9 :5635 486 <39:867E DC3?C35 477 5373A48? 9@59;B<?4893< D353
- 14 -
9:8<@63536:5DC3?C3548E3G?5483:;<=49?:5<D3@FC36@8 ?C3B@86:=63?4@8@8F4;?C:5@?E7346@8F?:9:897;<@:8?C4? 63?38;3 @< 4 C4H@?;47 :==38635 486 =:5 >53A38?@:8 := =;5?C3595@B3<HEC@BC3:;FC??:H363?4@836 ?C4<?: H3;8635<?::64<=;864B38?47@B>354?@A34<?:C:D?C@< :;5? 6@<?@8F;@<C36 H3?D338 6@<?;5H4893< 5374?36 ?: 74D 486:56354866@<?;5H4893<94;<36?:>;H7@9:5635 -" C39:;8<3747<:537@36;>:8K;6FB38?:=:8*H73 ;>53B3:;5?@894<3:=
!"#$% DC353 ?C3 6@<?@89?@:8 H3?D338 J74D 486 :5635* 486 J>;H7@9 :5635* @< 9745@=@36 C3 6@<9;<<@:8 @8 >454F54>C :# @<5373A48?DC353@8?C3:8*H73 :;5?C4< =@847@N36 ?C3@<<;3@8A:7A36@897;6@8F?C363=@8@?@:8:=O::8649?P 48647<:>454F54>C:-DC353@848:H<35A4?@:8@<B463 ?C4? 74D @< D377 <3??736 ?C4? >:D35 ;8635 48E 3849?B38? 5374?@8F ?: >53A38?@A3 63?38?@:8 C4< ?: H3 3G359@<36 D@?C 6;3945394;?@:848653<?54@8 ?@<47<:H5:;FC??:8:?@93 := ?C@< :;5??C4? @8 >454F54>C :- 53F456@8F 3<<38?@47
- 15 -
9:893>?:=>53A38?@A363?38?@:8@<?C4??C363?38?@:8:=4 >35<:8 @< 8:? ?: >;8@<C C@B =:5 <:B3?C@8F C3 C4< 6:83 H;??:>53A38?C@B=5:B6:@8F@?C3H4<@<:=63?38?@:8@< ?C3<4?@<=49?@:8:=?C3G39;?@A34H:;??C37@I37@C::6:=?C3 63?38;349?@8F@84B48835<@B@745?:C@<>4<?49?<DC@9C @< 7@I37E ?: 4==39? 46A35<37E ?C3 B4@8?384893 := >;H7@9 :5635?C353HE>53A38?C@BHE48:5635:=63?38?@:8=5:B 6:@8F ?C3 <4B3 ? @< 47<: H5:;FC? ?: ?C3 8:?@93 := ?C@< :;5? ?C4? @8 >454F54>C : := ?C3 <4@6 639@<@:8 @? @< C376 ?C4? @? @< ?C3 6;?E := ?C3 :;5? ?: @<<;3 D5@?< ?:
<4=3F;456 ?C3 =5336:B := 9@?@N38< 4F4@8<? 45H@?545E 486 @773F4763?38?@:8 -, );5?C35 ?C3 9:;8<37 C4< 47<: 537@36 ;>:8 ?C3 K;6FB38? 53>:5?36 @8 &$ '() ! *$ + ,( -. DC353@8 ?C@< :;5? :H<35A36?C4?@894<3:=>35<:8DC:@<:8H4@74??@B3:= >4<<@8F63?38?@:8:5635C@<H4@74>>7@94?@:8486H4@7:5635 >4<<36 ?C353:8 453 A@?47 6:9;B38?< 486 <4B3 <C:;76 8393<<45@7E H3 >74936 H3=:53 ?C3 63?4@8@8F 4;?C:5@?E 486
- 16 -
9:>@3< ?C353:= <C:;76 H3 <;>>7@36 ?: ?C3 >35<:8 4F4@8<? DC:B?C363?38?@:8:5635@<>4<<36:89:B>7@4893D@?C ?C@< 53L;@53B38? D:;76 538635 ?C3 63?38?@:8 :5635 @773F47 486A@:64H@8@?@:
-/ C3 9:;8<37 47<: 537@36 ;>:8 ?C3 K;6FB38?
53>:5?36 @8 " $ ' () *$/ 0 1 2 '3DC353@8@?D4<C376?C4??C3 53L;@53B38?:=>749@8F?C3F5:;86<:=63?38?@:8H3=:53?C3 6A@<:5E:456D@?C@8D33I<=5:B?C364?3:=63?38?@:8 @< B4864?:5E 486 C4< ?: H3 9:B>7@36 D@?C <?5@9?7E :8 9:B>7@4893 D@?C ?C3 <4@6 53L;@53B38? D:;76 538635 ?C3 63?38?@:8:5635@8:>354?@A3:83G>@5E:=<4@6>35@:6 -# C3 9:;8<37 =;5?C35 537@36 ;>:8 ?C3 K;6FB38? 53>:5?36@84&4$'()5&*$+-3
'3 DC353@8 @8 >454F54>C :/@?@<:H<35A36?C4?@=5373A48?B4?35@47<C4A38:?H338 >74936 H3=:53 ?C3 63?4@8@8F 4;?C:5@?E @? 4B:;8?< ?: <;>>53<<@:8:=5373A48?B4?35@47=49?<486?C3<4?@<=49?@:8
- 17 -
:= ?C3 63?4@8@8F 4;?C:5@?E @< ?: H3 C376 4< @B>4@536 486 A@?@4?36HE8:84>>7@94?@:8:=B@86 -1 :;8<37 47<: 537@36 ;>:8 ?C3 K;6FB38? 53>:5?36 @8 4& "$ ' ()!!# *$/ ' 1 C3 9:;8<37 537E@8F ;>:8 ?C@< K;6FB38? D:;76 A3C3B38?7E 9:8?386 ?C4? @8 ?C@< K;6FB38? @? @< C376 ?C4? 3G93>?:83:==389353=35536?:@8?C3:5635:=63?38?@:8477 :?C3594<3<<;==35=5:B53B:?383<<486D48?:=>5:G@B@?E ?:?C3:5635:=63?38?@:83893?C363?38?@:89488:?H3 <;<?4@836486@<7@4H73?:H3<3?4<@63 C39:;8<3747<:537@36;>:8?C3K;6FB38?:=?C@< :;5?64?36<?;F;<?--@8B?C538@I4A<?4?3:= 4584?4I4>4<<36@8%:-1"/--DC353@847<:
?C3 D5@? >3?@?@:8 D4< 477:D36 486 H:?C ?C3 :5635 := 63?38?@:84<D3774<?C39:8=@5B4?@:8:5635D353L;4<C36 %35 9:8?54 ?C3 9:;8<37 4>>345@8F =:5 ?C3 ?4?3 D:;76A3C3B38?7E9:8?386?C4?@?@<8:?@86@<>;?3?C4??C3 C;<H486:=?C3>3?@?@:835@<45:D6E<C33?35486?C4??C3
- 18 -
5:D6E <C33? D4< :>3836 @8 ?C3 E345 - @?<37= C3 9:;8<37 H5:;FC? ?: ?C3 8:?@93 := ?C@< :;5? @8 ?C3 <?4?3B38? := :HK39?@:8< =@736 HE ?4?3 ?C4? 53<>:8638? 8:-?::I8:?3:=B4?35@47<9:7739?36HE53<>:8638?:< ?: " DC: <;HB@??36 ?C3 >5:>:<47 DC@73 >4<<@8F ?C3 63?38?@:8:5635 - C39:;8<37=;5?C35<;HB@?<4F4@8<?63?38;3?C4? ?:?477E - 94<3< D353 53F@<?3536 >45?@9;7457E ?C3 94<3< 53F@<?3536 ;8635 % :==3893< 453 486 - 94<3< ;8635 486453;863539?@:8/486&(:=5% @897;6@8F :==3893 ;8635 39?@:8 /, &54>3( @8 5@B3 :---C353453<3A38:?C3594<3<;863539?@:8 / := % 77 ?C3<3 94<3< @8A:7A3 C3@8:;< :==3893< @8A:7A@8F C@< <@G 499:B>7@93< 486 :;? := ?C4? ?D: := ?C3 ?C3B453=4B@7EB3BH35<C3=4B@7E47<:C4<495@B@847 H49IF5:;86 C3 9:;8<37 47<: 9:8?386< ?C4? ?C:<3 94<3< 548F3=5:B?C3E345-?@77?C3539:BB3864?@:84<36 :8 ?C@< @? @< 9:8?38636 ?C4? ?C353 D4< 4 H@F ?C534? ?: >;H7@9:5635?548L;@7@?E@8?C39@?EC363?38;3@<453F;745
- 19 -
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
- 20 -
" C3 9:;8<37 47<: A3C3B38?7E 9:8?386< ?C4?
?C3 38?@53=@73H::I73?9:8?4@8@8F4H:;?>4F3<D4<@<<;36 ?:?C363?38;3:8---";863545393@>?:=63?38;3 HE53<>:8638?:"C3>C:?:F54>C<:=C486@8F:A35?C3 H::I73? HE 53<>:8638? :" 486 47<: 4 >38 65@A3 453 >5:6;936 4< 883G;53 486
" C3 9:;8<37 A3C3B38?7E 9:8?386< ?C4? 8: @8=:5B4?@:8 D4< D@?CC376 C338?@53H::I73?F@A38?:?C363?38;3B4EH3947736=:5 =5:B?C363?38;3 , C3 9:;8<37 A3C3B38?7E 9:8?386< ?C4? ?C3 K;6FB38?<537@36;>:8HE?C3>3?@?@:8354538:?4>>7@94H73 ?:?C3=49?<:=?C394<3:=C4863537EH394;<3@8<:B3:= ?C394<3<?C363?38;3D4<49L;@??369488:?H34F5:;86 ?C4?63?38?@:8:56359488:?H3>4<<36C349L;@??47<D353 :87E 6;3 ?: ?C534?< ?: D@?83<<3< 486 4773F4?@:8< ?C4? 6:9;B38?<4538:? >74936:8539:56 9488:?H3 4993>?36 3<>:8638? :- C4< @BB36@4?37E ?548<B@??36 4 9:>E := ?C3:56354?883G;53?:3<>:8638?:486<:47<: ?C34773F4?@:8?C4?8:?>749@8F:=:5635H3=:53?C36A@<:5E
- 21 -
:456 @< 47<: 355:83:;< 486 :5635 := 9:8=@5B4?@:8 D4< >4<<36 :8 -1--" 883G;53<, 486 / 973457E 6@<97:<3C4A@8F=;58@<C36?C36:9;B38?<48653<>:8638?< C4A3?4I388:?3:=:A35477H3C4A@:5:=63?38;3C:7@<?@9477E 486>4<<36?C363?4@736:5635 / C39:;8<37=;5?C35<;HB@?<?C4?:8--" 53<>:8638? : @<<;36 4 8:?@93 ?: ?C3 63?38;3 ?: H3 >53<38? =:5 38L;@5E :8 "--" H3=:53 ?C3 6A@<:5E :456 C3 63?38;3 4??38636 ?C5:;FC A@63: 9:8=35389@8F =5:B47745@38?547 4@748647:8FD@?CC@<D@=34??386@8F >CE<@9477E H3=:53 6A@<:5E :456 C3 :HK39?@:8< D353 <;HB@??36486?C3<4B3@<>5:6;9364<883G;53<#486 1C39:;8<37=@8477E9:8?386<?C4??C363?38?@:8:5635 ?548<74?36 @8?: 8F7@<C 748F;4F3 486 488464 748F;4F3 D4<47<:=;58@<C364<>35883G;53<4863893 C39488:?3<94>3486?4I3<C37?35;8635?C33G9;<3?C4? C3@<8:?4H73?:<>34I488464C363?38;39488:?H3 F@A386:;H?:=H383=@?:=4773F366374E ?@<<;HB@??36?C4? 3A35E:>>:5?;8@?ED4<3G?38636?:?C363?38;34<D3774<
- 22 -
?: C@< D@=3 C3 6A@<:5E :456 4=?35 >5:A@6@8F <;==@9@38? :>>:5?;8@?EF4A3@?*<:>@8@:8486?4?3>4<<36?C3:5635 64?36-1--"4<>35883G;53- # C3 7345836 9:;8<37 @8 <;>>:5? := C@< <;HB@<<@:8537@36;>:8?C3K;6FB38?:=?C3:8*H73>3G :;5?@8?C394<3:= )-.+*
* &
(DC353@8 :8*H73 >3G :;5? 477:D36 <4@6 % 486 <3? 4<@63 ?C3 :5635 := @A@<@:8 389C := @FC :;5? := 8654 %5463<C %:,#---C39:;8<37H5:;FC??:8:?@93:=?C3 6@<9;<<@:8 B463 @8 ?C3 K;6FB38? @8 >454F54>C :" 53F456@8F?C39:8?38?@:8<54@<36HE?C34>>37748?486?C3 <;HB@<<@:8< :8 H3C47= := ?C3 53<>:8638? 486 H5:;FC? ?:
8:?@93 := ?C@< :;5? ?C4? 3<<38?@47 9:893>? := >53A38?@A3 63?38?@:8D4<6@<9;<<36@8>454F54>C:<,1-<:47<:
<3A3547K;6FB38?<D3536@<9;<<363>45?@9;7457EH5:;FC? ?: 8:?@93 := ?C@< :;5? >454F54>C :- @8 53<>39? := 5?@973--&(&4(:=?C3:8<?@?;?@:8:= 86@4:;8<3747<:
H5:;FC? ?: ?C3 8:?@93 := ?C@< :;5? 63?4@736 6@<9;<<@:8 B463 HE >454F54>C : 486 : 47<: 6@<9;<<@:8
- 23 -
B463 D@?C 53F456 ?: 74D 486 :5635 486 >;H7@9 :5635 @8 >454F54>C8:<"?:,"4869:8?386?C4?<4@6K;6FB38?@< <L;4537E4>>7@94H73?:94<3:8C486 1 );5?C35 ?C3 9:;8<37 H5:;FC? ?: 8:?@93 := ?C3 883G;53K;6FB38? := ?C3 @A@<@:8 389C := ?C@< :;5? @8 % : -,--- DC353@8 @? D4< :H<35A36 ?C4? QD3 6: 8:? =@86 48E @8=@5B@?E @8 ?C3 >5:936;53 =:77:D36 HE ?C3 53<>:8638?< @8 I33>@8F ?C3 63?38;3;863563?38?@:8;8635?C39?QC39:;8<3747<:
H5:;FC? ?: 8:?@93 := ?C@< :;5? ?C3 K;6FB38?
:= :8*H73 ;>53B3:;5?@894<3:=6
7
53>:5?36@845#0, 4& DC353@8 6@<9;<<@:8 @< B463 ?C4? ?C3 <9:>3 := K;6@9@47 53A@3D @8 >53A38?@A3 63?38?@:8 94<3< 9:8=@8@8F :;5?< ?: 4<<3<< >5:936;547 9:B>7@4893 486 B474 =@63 @8?38? 54?C35 ?C48 L;3<?@:8@8F ?C3 <;HK39?@A3 <4?@<=49?@:8 := ?C3 63?4@8@8F 4;?C:5@?E DC353@8 47<: 6@<9;<<@:8 D4< B463 53F456@8F >;H7@9 :5635 486 74D 486 :5635 486
- 24 -
>5:A@636 =54B3D:5I =:5 4<<3<<@8F <9:>3 := >53A38?@A3 63?38?@:8 C3 7345836 9:;8<37 =;5?C35 537@36 ;>:8 ?C3 639@<@:8 53>:5?36 @8 8 0 *9 699. *
353>:5?36@80,45 !:486H5:;FC??:
?C3 8:?@93 := ?C@< :;5? ?: >454F54>C : DC353 @? @< C376?C4?48:5635:=63?38?@:8@?@<?5@?374D?C4?48:5635 := 63?38?@:8 @< 8:? 9;54?@A3 :5 53=:5B4?@A3 :5 >;8@?@A3 49?@:8H;?4>53A38?@A349?@:84A:D36:HK39?:=DC@9C@< ?: >53A38? 48?@<:9@47 486 <;HA35<@A3 373B38?< =5:B @B>35@7@8F ?C3 D37=453 := ?C3 9:;8?5E :5 <39;5@?E := ?C3 84?@:8 3 H5:;FC? ?: 8:?@93 := ?C@< :;5? >454F54>C :DC353463?4@7366@<9;<<@:8D4<B463 :;8<3747<:537@36;>:8K;6FB38?@8?C394<3:= ; 3 1
2
;
53>:5?36 ! 4!486A3C3B38?7E9:8?386?C4?463?4@7366@<9;<<@:8 D4< B463 @8 ?C3 K;6FB38? ?C4? 53L;@53B38? := >4<<@8F 63?38?@:8:5635=5:B?@B3?:?@B3@8?C3B4883553=35536
- 25 -
C4< F:? @?< :D8 <@F8@=@94893 >45?@9;7457E 9:8<@635@8F ?C3 5?@973 --&( 63?4@736 6@<9;<<@:8 D4< 47<: B463 53F456@8F @B>:5?4893 := B4@8?384893 := >;H7@9 :5635 @8 >4<<@8F 4 63?38?@:8 :5635 486 ?C3 6@<?@89?@:8 H3?D338 J>;H7@9:5635*486J74D486:5635*C4<H338973457E63=@836 HE ?C3 :8<?@?;?@:8 389C @8 ?C3 94<3 := * , -
( 53>:5?36 @8 45""$ 4 , #5 DC@9C @< 6@<9;<<36 @8 >454F54>C :"":=?C3<4@6K;6FB38? - C373458369:;8<3747<:H5:;FC??:?C38:?@93:= ?C@< :;5? ?C3 6@<9;<<@:8 B463 @8 >454F54>C :< / DC353@8 ?C3 94<3 := %@E;<C 548?@747 3C?4 D4< 47<:
6@<9;<<36>45?@9;7457E@8>454F54>C:/<?4?@8F?C4?8:? :87E?C4?63?4@8@8F4;?C:5@?EC4<?:539:56@?<<4?@<=49?@:8 ?C4? @? @< 8393<<45E ?: >53A38? 63?38;3 =5:B @86;7F@8F @8 <;9C 49?@A@?@3< 486 ?C@< <4?@<=49?@:8 C4< ?: H3 455@A36 4? H4<36:89536@H73B4?35@47:8539:56 C3 7345836 9:;8<37 47<: 537@36 ;>:8 ?C3 :5635 >4<<36 @8 % : /--" HE ?C@< :;5? 64?36
- 26 -
-,,--" @8 ?C3 94<3 := ,9
'3DC353@847<:463?4@7366@<9;<<@:8D4<B463 HE@A@<@:8389C>45?@9;7457ED@?C53F456?:39?@:8-:= ?C3 9? @3 49?@:8 ;>:8 53>:5? := ?C3 6A@<:5E :456 DC353@847<:C376?C4??C3E6:8:?=@8648E534<:8?:C:76 ?C4? ?C3 :5635 >4<<36 HE F:A358B38? 486 63?38?@:8 4;?C:5@?E@<@773F474869:8?545E?:74D 8 <;>>:5? := C@< <;HB@<<@:8 9:;8<37 B463 7@<? := <E8:><@< 486 64?3< C3 539:56< <C:D ?C4?
?C3 4FC4A38654 4F45 %:7@93 ?4?@:8 8<>39?:5 <;HB@??36 4 53>:5??:?C3:BB@<<@:835:=%:7@93474H;54F@@?E47:8F D@?C 539:56< ?C5:;FC <<@<?4893 :BB@<<@:835 := %:7@93 474H;54F@ :8 "---" 4<36 :8 ?C3 <4@6 53>:5? ?C3 <<@<?48? :BB@<<@:835 := %:7@93 474H;54F@ C4< 539:BB3863653>:5??:?C33>;?E:BB@<<@:835:=%:7@93 &4D 486
5635( 474H;54F@ :8 "---" C3 3>;?E :BB@<<@:835 := %:7@93 386:5<36 ?C3 <4B3 ?: ?C3 :BB@<<@:835:=%:7@93474H;54F@:8#---"
- 27 -
" C3534=?35 ?C3 :BB@<<@:835 := %:7@93 474H;54F@>4<<3663?38?@:8:8---"9:>E:=?C3 <4@6 :5635 D4< 47<: =:5D45636 ?: ?C3 3953?45E ?:
:A358B38? :B3 3>45?B38? &4D 486
5635( DC:
>4<<36 ?C3 9:8=@5B4?@:8 :5635 64?36 -1--" C3 3>;?E3953?45E?::A358B38?:B33>45?B38?&4D 486
5635(>74936?C363?38?@:8:5635H3=:53?C36A@<:5E :456:8-#--" , C3 7345836 9:;8<37 9:8?386< ?C4? ?C3 A35E 9:8?38?@:8 ?C4? D@?C@8 - 64E< ?C3 <4B3 D4< 8:? >74936 H3=:53 ?C3 6A@<:5E :456 9488:? H3 4993>?36 C3 9:;8<37 47<: >5:6;936 ?C3 539:56< H3=:53 ?C3 :;5? C4A@8F =;58@<C36 ?C3 63?4@7< :8 -#--" H3=:53 ?C3 6A@<:5E :456 :;8<37 47<: 9:8?38636 ?C4? ?C3 53>53<38?4?@:8 D4< F@A38 :8 --" HE ?C3 63?38;3 C@B<37= 486 ?C3 :BB@<<@:835 := %:7@93 474H;54F@ F4A3 :HK39?@:8?:?C386353953?45E?::A?3>45?B38?:= :B3 38F47;5; :8 ---"
8 --" 8635 3953?45E ?: :A? @<<;36 48 386:5<3B38? 53K39?@8F
- 28 -
53>53<38?4?@:8 DC@9C D4< <35A36 :8 63?38;3 :8 #--" / C3 6A@<:5E :456 =@G36 ?C3 C345@8F 64?3 4<
"--" 486 8:?@93 D4< @<<;36 :8 --" C3 >5:9336@8F<:=?C36A@<:5E:456973457E6@<97:<3?C4?48 :>>:5?;8@?ED4<4==:5636?:?C363?38;3486?C36A@<:5E :456F4A3@?<:>@8@:8:8/--"4<36:8?C4??C3 53>:5? D4< <;HB@??36 ?: ?C3 :A358B38? 486 ?C3 8635 3953?45E ?: :A358B38? :B3 3>45?B38? >4<<36 ?C3 :5635 9:8=@5B@8F ?C3 63?38?@:8 :5635 HE ?C3 6A@<:5E :456:8-1--"4869:B>7@36477>5:936;533893@? 6:3<8:?53L;@5348E@8?35=353893:=?C@<:;5? # 4A@8F C3456 ?C3 7345836 9:;8<37 =:5 ?C3 >3?@?@:835 486 ?C3 7345836 9:;8<37 =:5 ?C3 53<>:8638?< 486;>:8>35;<47:=?C3B4?35@474A4@74H73:8539:56486 ?C3>5@89@>73<74@66:D8@8?C3K;6FB38?<9@?36<;>54?C3 >:@8?<?C4?45@<3=:59:8<@6354?@:8H3=:53?C@<:;5?453 8
+
'9 $1&9
- 29 -
+
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" 39?@:8-:=?C39?1#,DC@9C94B3@8?:=:593 =5:B-#-1#,5346<?C;< Q
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- 30 -
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- 31 -
"- 39?@:8 - := ?C3 9? >5:A@63< =:5 49?@:8 ;>:8 ?C353>:5?:=?C36A@<:5E:456DC@9C5346<?C;< <
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" 4A@8F 9:8<@63536 ?C3 >5:A@<: 53=35536 <;>54 ?C@<:;5?C4<?:?4I38:?3:=?C3B4?35@47:8539:56486
- 32 -
47<: ?C3 3<<38?@47 53L;@53B38? := 9:893>? := >53A38?@A3 63?38?@:8 //01234. 0563-07012 18092 -0:0123:0 0201231
"" 3=:53 9:8<@635@8F ?C3 B4?35@47 :8 539:56 ?C3 :;5? C4< ?: ?4I3 8:?3 := ?C3 3<<38?@47 53L;@53B38? := 9:893>?:=>53A38?@A363?38?@:8C3=49??C4?63?38?@:8:= 4>35<:8@<8:??:>;8@<C=:5?C349?C3C4<6:83H;??: >53A38?C@B=5:B6:@8F4<@B@74549?@8?C3=;?;53DC@9C B4E 94;<3 >;H7@9 ?548L;@7@?E C3 H4<@< =:5 63?38?@:8 @< 47<:?:?C3<;HK39?@A3<4?@<=49?@:8:=?C33G39;?@A3H4<36 :84534<:84H73>5:H4H@7@?E:=?C37@I37@C::6:=?C363?38;3 9:8?@8;@8F <@B@745 49?< 4< 9:BB@??36 3457@35 486 ?: ?4I3 8:?3:=>4<?49?<C3>;5>:<3:=>4<<@8F<;9C48:5635:= 63?38?@:8 @< ?: >53A38? C@B =5:B 9:BB@??@8F <@B@745 49?< ?C4? 453 F:@8F ?: 4==39? <:9@3?E 4? 745F3 C353 @< 8:
>4547737 H3?D338 ?C3 >5:<39;?@:8 @8 4 :;5? := 74D 486 4 63?38?@:8 :5635 ;8635 ?C3 9?
:= 1#, >53A38?@A3
- 33 -
63?38?@:8:5635@<8:?=:548E95@B@8479:8A@9?@:8=:549?< 6:83 3457@35 H;? :87E 4 >5@B@?@A3 49?@:8 ?: 4A:@6 C@B 94;<@8F<;9C49?<@8=;?;53
", C3>:D35:=>53A38?@A363?38?@:8@<L;47@?4?@A37E 6@==3538? =5:B >;8@?@A3 63?38?@:8 486 ?C3 <4B3 @< 4 >5394;?@:845E >:D35 ?: H3 3G359@<36 H4<36 :8 4 534<:84H7348?@9@>4?@:8?C4??C363?38;3B4E9:BB@?<;9C :==3893< ? 9488:? H3 4 >4547737 >5:9336@8F< 486 <4B3 6:3< 8:? :A3574> 48E >5:<39;?@:8 := 49?< 475346E 9:BB@??368:5635:=>53A38?@A363?38?@:8B4EH3B463 H3=:53 :5 6;5@8F >5:<39;?@:8 47<: 486 ?C3 <4B3 D@?C :5 3A38 D@?C:;? >5:<39;?@:8 @8 48?@9@>4?@:8 :5 3A38 4=?35 6@<9C45F3:549L;@??47
"/ ?@<47<:A35E97345?C4?>386389E:=>5:<39;?@:8 6:3< 8:? H45 ?: >4<<@8F := 48 :5635 := >53A38?@A3 63?38?@:8 4< C376 @8 ?C3 K;6FB38? := ?C3 :8*H73 >3G :;5?@8?C394<3:=6
&<;>54(
- 34 -
"# C3 :;5? 47<: C4< 4 6;?E ?: @<<;3 ?C3 D5@? ?:
<4=3F;456 ?C3 =5336:B := 9@?@N38< 4F4@8<? 48E 45H@?545E 49?@:8 ?4I38 ?: I33> 4 >35<:8 @8 @773F47 63?38?@:8 HE 3G359@<@8F?C33G?54:56@845E53B36E4A4@74H73?:49@?@N38 ;86355?@973--,:55?@973-:=?C3:8<?@?;?@:8:= 86@4
"1 C3 C4H34< 9:5>;< @< 4 53B36E 63<@F836 ?: =49@7@?4?3?C353734<3:=>35<:8<DC:C4A3H33863?4@836 ;874D=;77E 486 8:? ?: >;8@<C ?C3 >35<:8 63?4@8@8F C@73 3G359@<@8F?C3D5@?:=C4H34<9:5>;<?C3:;5?94894;<3 48E>35<:8DC:@<@B>5@<:836?:H3H5:;FC?H3=:53@?486 F3? ?C3 I8:D736F3 := ?C3 534<:8< 4< ?: DCE C3 @< @B>5@<:836C3C4H34<9:5>;<53B36E@<4A4@74H734F4@8<? 48E>35<:8<;<>39?36:=63?4@8@8F48:?C35;874D=;77E486 8:? B3537E 4F4@8<? ?C3 >:7@93 :5 :?C35 >;H7@9 :==@935< DC:<3 6;?@3< 8:5B477E @897;63 4553<? 486 63?38?@:8 C3 :;5? B;<? 3G4B@83 <;9C 94<3< 486 47<: 63?35B@83 DC3?C35?C353D4<48E73F4794;<3=:5?C363?38?@:8 =?C3 :;5? 9:897;63< ?C4? ?C353 D4< 8: 73F47 94;<3 =:5 63?38?@:8?C3:;5?9483G359@<3@?<>:D35<:5:?C35D@<3
- 35 -
=;864B38?47 5@FC?< := 4 9@?@N38 ;8635 5?@973 - := ?C3 :8<?@?;?@:8 := 86@4 F3?< K3:>456@N36 DC@9C F;4548?33< >5:?39?@:8:=7@=3486>35<:8477@H35?E , 4A@8F 9:8<@63536 ?C3 9:893>? := >53A38?@A3 63?38?@:8@8@?<3<<38?@47=:5B4?486?C353B36E>5:A@636 ?: 4 >35<:8 DC: C4< H338 63?4@836 ?C@< :;5? C4< ?: 3G4B@83?C3B4?35@47:8539:56 -61;/-<4..01=31=2<0-0:0123:00201231 , C3 =@5<? 486 =:53B:<? 9:8?38?@:8 := ?C3 >3?@?@:835@8?C3D5@?>3?@?@:8@<?C4?39?@:8:=?C39? >5:A@63< ?: 3G4B@83 DC3?C35 ?C353 453 48E A@:74?@:8 := >5:A@<@:8< := ?C3 9? 486 @8 ?35B< := 39?@:8 53<>:8638? :- C4< ?: >7493 4 >35<:8 ;8635 63?38?@:8 H3=:53?C36A@<:5E:456D@?C@8?C533D33I<47:8FD@?C ?C3F5:;86<:8DC@9C?C3:5635:=63?38?@:8@<>4<<36C3 73458369:;8<37=:5?C3>3?@?@:835A3C3B38?7E9:8?386?C4? ?C3 <4B3 D4< 8:? 6:83 486 ?C4? 477 B4?35@47< D353 8:? >74936D@?C@8-64E<H3=:53?C36A@<:5E:456
- 36 -
,- C3 :A358B38? 6A:94?3 4< 4F4@8<? ?C@< F5:;86 H5:;FC? ?: ?C3 8:?@93 := ?C@< :;5? ?C3 7@<? := 3A38?< 486 <E8:><@< =@736 HE ?C3 53<>:8638? ?4?3 486 >45?@9;7457E H5:;FC?
?: ?C3 8:?@93 := ?C@< :;5? ?C4? ?C3 3>;?E3953?45E?::A358B38?:B33>45?B38?4D 486
5635>74936?C363?38?@:8:5635D@?C539:56<H3=:53 ?C3 6A@<:5E :456 :8 -#--" 486 C3893 ?C3 =@5<? 9:8?38?@:8 ?C4? ?C3 B4?35@47 D4< 8:? >74936 H3=:53 ?C3 6A@<:5E :456 D@?C@8 - 64E< 4< 9:8?3B>74?36 ;8635 39?@:8 := ?C3 9? 9488:? H3 4993>?36 486 ?C353 @< 9:B>7@4893 := >749@8F := ?C3 63?38?@:8 :5635 H3=:53 ?C3 6A@<:5E :456 D@?C@8 4 <>48 := # 64E< 4< ?C3 :5635 := >53A38?@A3 63?38?@:8 :5635 D4< >4<<36 :8 ---" C3 B4?35@47 47<: 6@<97:<3< ?C4? ?C3 6A@<:5E :456 =@G36 ?C364?3:=C345@8F:8"--"A@63639@<@:8?4I38:8 --" @?<37= C3 >:7@93 8:?@93 D4< @8?@B4?36 ?: ?C3 >3?@?@:835 C353@8HE 84B3 C4N@E4486?C363?38;3 ?@< 97345?C4??C3>5:9336@8F<:=?C36A@<:5E:4569:8<@<?@8F ?C3 C4@5B48 486 3BH35< 9:86;9?36 C345@8F 486
- 37 -
=;5?C35>5:A@63648:>>:5?;8@?E?:?C3<4@6>3?@?@:835486 63?38;3 ?C5:;FC A@63: 9:8=353893 4>>34536 :8
"--" 486 ?C3 6A@<:5E :456 F@A38 ?C3 :>@8@:8 4H:;??C363?38;3:8/--" , ? @< A35E 97345 =5:B 477 ?C3<3 >5:936;53< ?C4? 4=?35 >4<<@8F := >53A38?@A3 63?38?@:8 :5635 9:B>7@4893 D4< B463 486 4=?35 F@A@8F 48 :>>:5?;8@?E :87E ?C3 9:8=@5B4?@:8 :5635 D4< >4<<36 :8 -1--" ? @< 47<:
@B>:5?48? ?: 8:?3 ?C4? ?C3 :>@8@:8 := ?C3 6A@<:5E:456 D4< 47<: <;HB@??36 ?: ?C3 :A358B38? :8 -"--" @?<37= 486 ?C3 <4B3 D4< 9:8<@63536 DC@73 9:8=@5B@8F ?C3 >53A38?@A363?38?@:8:56353893?C3=@5<?F5:;86;5F36 HE ?C3 >3?@?@:835*< 9:;8<37 D@77 8:? 9:B3< ?: ?C3 4@6 := >3?@?@:835 , C3 <39:86 F5:;86 ;5F36 HE ?C3 9:;8<37 4>>345@8FH3=:53?C@<:;5?@<?C4??C36:9;B38?<4538:? >74936 H3=:53 >4<<@8F ?C3 >53A38?@A3 :5635 486 D@?C:;? <;>>7E@8F := 6:9;B38?< ?: ?C3 63?38;3 48 :5635 D4<
- 38 -
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
?: 8:?3 ?C4? - 94<3< 453 53F@<?3536 4F4@8<? C@B ;8635 % <: 47<: 94<3< 453 53F@<?3536 ;8635 486 5%
- 39 -
47<: C3 <4B3 @< 3G?549?36 @8 ?C3 >53A38?@A3 63?38?@:8 :5635C3?4H73<C:D@8F?C394<3<53F@<?35364F4@8<?C@B 5346<4<=:77:D< . .380 24231 -41; -:3/31 .4> 420 -09-2 -0/012/2426/ 2<084/0
<C:I 4F45 ,- 39- -"", D % #,- ://"- 49L;@??36 4=?35 ?5@47 4? ' 667 ) :;5? 474H;54F@ :8#---
:; 453 @8 ?C3 B4??35 - 4F45 - 39/ # /",5D 1 % --- :-#- 49L;@??36 4=?35 ?5@47 4? 667 3<<@:8< ;6F3 474H;54F@ :8-
:; 453 @8 ?C3 B4??35
4F45 --/ 39- -
"",5D % -- :,###-/ 49L;@??36 4=?35 ?5@47 4? 667 ) :;5? 474H;54F@ :8-,,-#
:; 453 @8 ?C3 B4??35
4F45 -# 39 /# - -/
"",5D 1 % ##-# :,-- 49L;@??36 4=?35 ?5@47 4? 667 3<<@:8< ;6F3 474H;54F@ :8 ,#--
:; 453 @8 ?C3 B4??35
" 4F45
"-# 391 -//
"",5D % ##-# :"/-1 49L;@??36 4=?35 38L;@5E 4? %57 3<<@:8< ;6F3 474H;54F@ :8
- 40 -
-----
:; 453 - @8 ?C3 B4??35 , <C:I 4F45 ---- 39 /1 ##-,1-/ %
"-- :""--- >386@8F?5@474?%57 ) :;5? 474H;54F@ 3G? 64?3 := C345@8F ---"
:; 453 @8 ?C3 B4??35 / 4F45 #--- 39 /# - -/
"1"", 5D1 % -- :/-- 49L;@??36 4=?35 38L;@5E4? 667 3<<@:8< ;6F3 474H;54F@ :8 -/1--
:; 453 @8 ?C3 B4??35 # ?4?@:8 4N45 -- 39 -- /
"",5D % -- :"--- %386@8F ?5@47 4? 3<<@:8< ;6F3 474H;54F@ 3G? 4?3 := C345@8F --"
:; 453 - @8 ?C3 B4??35 1 4F45 -1-- 39- /,",5D % 1-- :--- %386@8F ?5@47 4? 667 ) :;5? 474H;54F@ 3G? 64?3 := C345@8F -,"--"
:; 453 @8 ?C3 B4??35
4F45 #-- 39 /# - -/
"",5D 1 % -",-- :#,-- >386@8F =:5 ?5@47 4? 667 ):;5? 474H;54F@ 3G? 64?3 := C345@8F 1--"
:; 453 @8 ?C3 B4??35
4F45 ,--- 39-- --- C45F3<C33?
>386@8F=:5
- 41 -
9?- <95;?@8EH3=:53%%
- 4F45 #--" 39"&-( #&(1
"-"&-( 5D&"( 9?- 1--- C3 94<3 @< <?@77 ;8635@8A3<?@F4?@:8
0243./-0=4-;31=-84/0/ . .380 24231 420 -09-2 -41; -:3/31 .4> -0/012/2426/ 2<084/0
4F45 1-, ,-, /5% :;86:A35 - 4F45 -,-/ --/ /5% :;86:A35
4F45 --# ,-# /5% :;86:A35
4F45 #--1
"-1 &+( 5% :;86:A35
" 4F45 -1 1"-1 /5% :;86:A35 , <C:I 4F45 -/-- --- /5% :;86:A35:8 -/-- / 4F45 //-- -- /5% :;86:A35:8 -#/-- # ?4?@:8 4N45 --"--- ---- /5% :;86:A35:8
",--- 1 4F45 -/--- ---- /5% :;86:A35:8 #---
4F45 #--- --- /5% :;86:A35:8 ---
4F45 -- 1--- /5% :;86:A35:8 ---:86 =:5=3@?36:8
- 42 -
1--6;3?: 53F@<?54?@:8:= 5:#-- 39/ #- -/"
",5D1 % )@83:= < @B>:<36:8E:; 6;3?:=7:4?@8F ?35B<486 9:86@?@:8<:=?C3 H:86
,, C3 A35E F5:;86 ?C4? 8: 6:9;B38?< D353 =;58@<C36 >5@:5 ?: ?C3 >53A38?@A3 63?38?@:8 :5635 ?C3 53<>:8638?!:A358B38?6A:94?3>74936:8539:56?C3 63?4@7< =:5 C4A@8F <;>>7@36 477 ?C3 6:9;B38?< ?: ?C3 63?38;3 486 ?C3 7@<? := 3A38?< ? @< 97345 ?C4? ?C3 6:9;B38?<D@?CH::I9:8?4@8@8F ," R " >4F3< @8 ?:?47 >4F3< D4< <;>>7@36 ?: ?C3 63?38;3 :8 ---" @?<37= : 3A@63893 ?C3 <4@6 =49? ?C3 7345836 :A358B38? 6A:94?3 537@3< ;>:8 ?C3 6:9;B38?< @3 883G;53< 486 " ! >C:?:F54>C< DC@9C 973457E 6@<97:<3 ?C4? 477 ?C3 >45?@9;745<453=;58@<C36?:?C363?38;347:8FD@?CH::I73? 4868:?4<9:8?38636:87EF5:;86<=:563?38?@:83893
- 43 -
?C3 9:8?38?@:8 := ?C3 >3?@?@:835 9488:? H3 4993>?36 ?C4? 6:9;B38?< 453 8:? <;>>7@36 %C:?:F54>C 973457E 63>@9?< ?C4?38?@536:9;B38?<453<;>>7@36@8<>@547H@86@8F ,/ C3 ?C@56 F5:;86 ;5F36 HE ?C3 >3?@?@:835 H3=:53 ?C3 :;5? @< ?C4? F5:;86< DC@9C 453 @8A:I36 HE ?C3 4;?C:5@?E<;==35<=5:B53B:?383<<486>5:G@B4?394;<3=:5 >4<<@8F <;9C 48 :5635 C3 9:;8<37 =:5 >3?@?@:835 @8 <;>>:5?:=C@<45F;B38?537@36;>:8?C3K;6FB38?:=?C@< :;5? >4<<36 @8 ?C3 94<3 := -3 &<;>54( 9:8?386@8F ?C4? ?C3 @A@<@:8 389C := ?C@< :;5? @8>454F54>C:/6@<9;<<36@863?4@7?C4?@=?C35373A48? B4?35@47< C4A3 8:? H338 >74936 H3=:53 ?C3 63?4@8@8F 4;?C:5@?E@?4B:;8?<?:<;>>53<<@:8:=5373A48?B4?35@47< 486 <4?@<=49?@:8 := 63?4@8@8F 4;?C:5@?E @< ?: H3 C376 @B>4@536 486 A@?@4?36 HE 8:84>>7@94?@:8 := B@86 : 6:;H?@8>454F54>C:/@?D4<6@<9;<<36?C4?:;?:=, 94<3<C3D4<49L;@??36@894<3<486:87E-94<3<453 >386@8F4F4@8<??C363?38;3486C3C4<H33853734<36:8 H4@7 C3 389C =;5?C35 :H<35A36 ?C4? @8 ?C3 :5635 :=
- 44 -
63?38?@:8 D3 6: 8:? =@86 48E 53=353893 ?: ?C3 :5635< >4<<36 HE ?C3 9:B>3?38? :;5?
38745F36 ?C3 63?38;3 :8 H4@7@8?C3<3?D:95@B@84794<3< ,# 4A@8F 9:8<@63536 ?C3 6@<9;<<@:8 B463 @8 >454F54>C:/?C@<:;5?C4<?:4847E<3DC3?C35=49?;47 4<>39?<:=?C3<4@694<3453<@B@745?:?C3>53<38?94<3 ? C4< ?: H3 8:?36 ?C4? DC@73 >4<<@8F ?C3 >53A38?@A3 63?38?@:8:5635F5:;86<:=63?38?@:8C4<H338<?4?36486 47<:@?@<<>39@=@9477EB38?@:836@8?C3:5635@?<37=?C4?C3 D4< H:58 :8 -,,11 486 C3 @< C4A@8F 4 D@=3 486 9C@76538 486 C3 7@A3< @8 4 K:@8? =4B@7E 53=353893 D4< B463 ?C4? 4? ?C3 4F3 := - C3 C4< <?45?36 95@B@847 49?@A@?@3< HE =:5B@8F C@< :D8 95@B@847 F48F 486 F:? @8A:7A36 @8 477 <:5?< := F::864 49?@A@?@3< 7@I3 D@376@8F B49C3?3< 486 <D:56< @8 >;H7@9 >7493< >@9I@8F L;45537< D@?C:;?48E534<:84H;<@8F@8=@7?CE748F;4F3F5@3A:;<7E C;5?@8F4??3B>??:B;5635=:5B@8F;874D=;74<<3BH7E=:5 45<:8?C534??:7@=33?93893@?@<?4I388:?3?C4??C3 <:9@3?E4?745F3@<;86359:8<?48?=3456;3?:C@<49?@A@?@3<
- 45 -
486?C353D353-94<3<53F@<?35364F4@8<?C@B8:?:87E 53F@<?3536;8635?C3 %H;?47<:;863583D3849?B38?:= --=:594;<@8FA:7;8?45EC;5?4??3B>??:B;5635 6@<:H3E@8F ?C3 :5635 := ?C3 >;H7@9 <35A48? @8?38?@:847 >5:A:94?@:8486@8<;7??:6@<?;5H>3493486?548L;@7@?E486 <:47<:94<3<45353F@<?3536;863539?@:8/:=5% >45? =5:B ?C4? C3 C46 47<: @86;7F36 @8 ?C3 :==3893< 4F4@8<? ?C3 D:B38 <;HK39?@8F D:B38 ;8635 ?C534? =:5 <3G;47 49? ?C4? @< :;?54F@8F ?C3 B:63<?E := D:B38 486 9:8=@8@8F ?C3B ?: C:;<3 486 C4A@8F =:59@H73 @8?359:;5<3 D@?C?C3A@9?@B47:8FD@?CC@<499:B>7@93< ?@<8:?C@8F H;?9:BB@??@8F48:==38934F4@8<?D:B389534?@8F=345@8 ?C3 B@86 := A@9?@B 3893 ?C3 K;6FB38? 537@36 ;>:8 HE ?C39:;8<37=:5?C3>3?@?@:835D@778:?9:B3<?:?C34@6:= =49?;47 4<>39?< := ?C3 94<3 :8 C486 486 @8 ?C3 >53<38? 94<3:87E@8<@G94<3<C3D4<49L;@??36:8H383=@?:=6:;H? =:5749I:=3A@63893=:5>5:<39;?@:8:;?:=-94<3< ,1 C3 9:;8<37 =:5 ?C3 >3?@?@:835 53=35536 ?C3 94<3 := , (
&<;>54( DC353@8 @? @< C376 ?C4? @8 ?C3
- 46 -
94<3 := >35<:8 DC: @< :8 H4@7 4? ?C3 ?@B3 := >4<<@8F 63?38?@:8:5635C@<H4@74>>7@94?@:8486H4@7:5635>4<<36 ?C353:8453A@?476:9;B38?<486<4B3<C:;768393<<45@7E H3 >74936 H3=:53 63?4@8@8F 4;?C:5@?E 486 9:>@3< ?C353:8 <C:;76H3<;>>7@36?:?C3>35<:84F4@8<?DC:B63?38?@:8 :5635 @< >4<<36 486 8:89:B>7@4893 D@?C 53L;@53B38? D:;7653863563?38?@:8:5635@773F47486A:@6 & / 3 C4A3 475346E >:@8?36 :;? ?C4? =:5 C4A@8F <;>>7@36?C36:9;B38?<>C:?:F54>C<453>5:6;936H3=:53 ?C3 :;5? 4< >35 883G;53" 4< D377 4< ?C3 A35E 6:9;B38?< 453 47<: >74936 H3=:53 ?C@< :;5? HE ?C3 >3?@?@:835*< 9:;8<37 C@B<37= :8 /,--" 47:8F D@?C B3B: C3 A35E 6:9;B38?< DC@9C 453 <;>>7@36 ?: ?C3 63?38;3453>74936H3=:53?C@<:;5?486C3893@?@<97345 ?C4?477?C36:9;B38?<C4A3H338<;>>7@36?:?C363?38;3 <: 47<: 477 ?C3<3 B4?35@47< D353 47<: >74936 H3=:53 ?C3 ;?C:5@?E H3=:53 >4<<@8F ?C3 >53A38?@A3 63?38?@:8 :5635 353 F548?@8F := H4@7 @?<37= 9488:? H3 4 F5:;86 ?: 8:8
- 47 -
9:8<@6354?@:8:=>4<<@8F4>53A38?@A363?38?@:8:5635C3 3<<38?@4753L;@53B38?<4536@<9;<<36@863?4@74H:A3 / 4A@8F >35;<36 ?C3 >53A38?@A3 63?38?@:8 :5635 DC353@8 <>39@=@9477E <?4?36 ?C3 F5:;86< := 63?38?@:8 486 8;BH35 := 94<3< 53F@<?3536 4F4@8<?
?C3 63?38;3 @8 ?C3 ?4H73A38;86355%94<3<45353F@<?35364F4@8<? ?C363?38;3@8A:I@8F39?@:8</486C@73>4<<@8F ?C3:5635534<:8<453<3?:;??C4??C3>5@B3534<:8<=:5 C@< 4553<? ;8635 ?C3 ::864 9? C3 <>39@=@9 534<:8 @< F@A38@8F5:;86:?C4?C3@<4>5@B3499;<36@8454>3 94<3 ?C4? @< :;?54F@8F ?C3B:63<?E := 4 D:B48 486 47<:
A@:74?@8F := ?C3 :A358B38? 5635 HE 94;<@8F A:7;8?45E @8K;5@3< ?: >;H7@9 94;<@8F 4 9:8<?48? =345 >48@9 486 @8<39;5@?E@8?C3B@86:=?C3>;H7@94?745F3@8I474H;54F@ 9@?E486:A35477C3@<@8A:7A36@8- %94<3<H;?C3D4< 49L;@??36 @8 , 94<3< :87E 486 ?C3 53B4@8@8F 94<3< 453 >386@8F>45?=5:B?C4?C3D4<45:D6E<C33?35486?C3 <4B3 D4< :>3836 :8 - @?<37= 486 ?C3 5:D6E <C33? @< 3A38 <?@77 9:8?@8;36 ? @< <?4?36 ?C4? C3 ;<36 ?:
- 48 -
=:5B48;874D=;74<<3BH7E486@8A:7A36@8@773F4749?@A@?@3< @8474H;45F@@?E7@I34<<4;7?@8FD@?C648F35:;<D34>:8< 94;<@8FF5@3A:;<@8K;5@3<48647<:4??3B>?36?:B;5635 /- ? @< 47<: ?4I38 8:?3 := ?C4? C3 @< 4 C4H@?;47 :==38635@8B48E95@B@84794<3<486C39:8?@8;3695@B@847 49?@A4?3< =5:B - ?: --" 486 47<: C3 @< 94;<@8F 6@<?;5H4893@8>;H7@9:5635486?C534?>;H7@9:5635A38@8 ?C3 534<:8< <3? :;? @8 >454F54>C :/ := ?C3 >53A38?@A3 63?38?@:8 :5635 @? @< <>39@=@9477E B38?@:836 ?C4? C3 C46 @86;7F36 @8 6@<?;5H@8F >3493 486 ?548L;@7@?E =:5 DC@9C 95@B3 ;8635 39?@:8 / := 5% D4< 47<: 53F@<?3536 3 >5:B@<36 := 63938? H3C4A@:5 =:5 4 E345 H3=:53 ?C3 :;5?:=>39@47G39;?@A34F@<?54?3H;?C4<A@:74?36?C3 <4B3 3893 :8 499:;8? := A@:74?@:8 := ?C3 ?35B< 486 9:86@?@:8< := ?C3 <4@6 H:86 48 38L;@5E D4< C376 486 48 :5635D4<>4<<36@B>:<@8F=@83:=<3893@?@< ?4I388:?3:=?C39:86;9?:=?C363?38;36@<53F456@8F?C3 :5635 A38 @8 <>@?3 := 3G39;?@:8 := H:86 C3 6@6 8:? 9:B>7ED@?C?C3<4B3
- 49 -
/ ? @< 47<: @B>:5?48? ?: 8:?3 ?C4? 48 3G?358B38? :5635 D4< 47<: >4<<36 486 8: 6:;H? ?C3 9:;8<37 4>>345@8F=:5?C3>3?@?@:835H5:;FC??:8:?@93:=?C@<:;5? ?C4? ?C3 <4@6 :5635 D4< L;4<C36 HE ?C@< :;5? ;? ?C3 =49?@<?C4?48:5635D4<>4<<36@8A:I@8F39?@:8"":=?C3 4584?4I4 %:7@93 9? 1, 486 C3 C46 H338 3G?353836 =5:B?C3K;5@<6@9?@:8:=474H;54F@@?E?::64F;@<?5@9? =:5 4 >35@:6 := :83 E345 @3 =5:B -- ?:
1--" C:;FC ?C3 63?38;3 4>>34536 H3=:53 ?C3 9:8935836 K;5@<6@9?@:847 >:7@93 C3 3<94>36 =5:B ?C3 <4@6 7@B@?< 486 D4< 4H<38? =5:B ?C3 7@B@?< := ?C3 <4@6 >:7@93 <?4?@:8 ? @< =;5?C35 <?4?36 ?C4? C3 D38? @8 C@6@8F 486 <?45?3653<@6@8F4?474H;54F@@?E@8F5:<<A@:74?@:8:=?C3 :5635 := ?C3 >:7@93 486 C3893 :8 ?C3 H4<@< := ?C3 <4B3 47<: :83 B:53 9:B>74@8? D4< 53F@<?3536 4F4@8<? C@B 486 94<3D4<53F@<?3536H;?D4<L;4<C36<;H<3L;38?7E / C3A35E9:86;9?:=?C363?38;3D4<?4I388:?3 := HE ?C3 63?4@8@8F 4;?C:5@?@3< 486 ?C3 :A358B38? 3 C4< A@:74?36 ?C3 :A358B38?
5635 486 >53A38?@8F ?C3
- 50 -
>;H7@9 <35A48? =5:B 6@<9C45F@8F ?C3@5 6;?@3< 4< 6@<9;<<36 4H:A3 77 ?C3<3 =49?< 453 ?4I38 8:?3 := 486 ?C3 >5@B3 534<:8<=:5C@<63?38?@:8;8635?C3::8649?@<47<:<3? :;? @8 ?C3 :5635 3893 ?C3 K;6FB38? := ?C@< :;5? 53=35536<;>54D@778:?9:B3<?:?C34@6:=?C3>3?@?@:835 <@893 477 B4?35@47< D353 <;>>7@36 ?: C@B 486 47<: H3=:53 ?C3;?C:5@?E /" C3 9:;8<37 @8 <;>>:5? := C@< 45F;B38? D@?C 53F456 ?: ?C3 53B:?383<< @< 9:8935836 537@36 ;>:8 ?C3 K;6FB38?@8?C394<3:=' &<;>54(:6:;H? @8?C@<K;6FB38??C3@A@<@:8389C:=?C@<:;5?C376?C4? 3G93>?:83:==389353=35536?:@8?C3:5635:=63?38?@:8477 :?C3594<3<<;==35=5:B53B:?383<<486D48?:=>5:G@B@?E ?: ?C3 :5635 := 63?38?@:8 3893 63?38?@:8 9488:? H3 <;<?4@836 486 @< 7@4H73 ?: H3 <3? 4<@63 : 6:;H? DC@73 >4<<@8F <;9C 48 :5635 47<: 4 6@<9;<<@:8 D4< B463 ?C4? :;? := -- 95@B@847 94<3< ?C3 63?38;3 @< 49L;@??36 @8 - 94<3< 486 C3 @< 38745F36 :8 H4@7 @8 53B4@8@8F 94<3< G93>?:83:==389353=35536?:@8?C3:5635:=63?38?@:8477
- 51 -
:?C3594<3<<;==35=5:B53B:?383<<486D48?:=>5:G@B@?E ?: ?C3 :5635 := 63?38?@:8 C@< K;6FB38? 47<: D@77 8:? 9:B3<?:?C34@6:=?C3>3?@?@:835<@893?C363?38;3C4< @86;7F36 @8 8:? :87E 94;<@8F C;5? H;? 47<: @8A:7A36 @8 9:BB@??@8F ?C3 :==3893 := 4??3B>? ?: B;5635 486 47<:
@8A:7A36 @8 9:BB@??@8F <3G;47 49? 47:8F D@?C C@< :?C35 499:B>7@93<C:;FC?C39:;8<37=:5?C3>3?@?@:835H5:;FC? ?:?C38:?@93:=?C@<:;5??C4?@8?C394<3;863539?@:8 /,:= %?C363?38;3D4<4554E364<499;<36:-H;? ?C3=49??C4?94;<@8F7@=3?C534?63?4@8@8F?C3A@9?@B@8?C3 C:;<3 486 <;HK39?36 C35 ?: <3G;47 49? 47:8F D@?C C@< 499:B>7@93<@<4F54A3:==38934F4@8<?D:B38HE9534?@8F =345@8C35B@86486C3893?C3K;6FB38?537@36:8HE?C3 >3?@?@:835D@778:?9:B3<?:?C34@6:=?C3>3?@?@:835 /, :D 9:B@8F ?: ?C3 4<>39? := @<<;3 := O74D 486 :5635P 486 O>;H7@9 :5635P ?C3 9:;8<37 @8 <;>>:5? := C@< 45F;B38? C4< 537@36 ;>:8 ?D: K;6FB38?< 3=355@8F ?C3 =@5<? K;6FB38? @8 ?C3 94<3 := &<;>54(?C39:;8<37C4<>45?@9;7457EH5:;FC??:8:?@93?C3
- 52 -
>454F54>C:<486"DC353@86@<9;<<@:8@<B463 D@?C 53F456 ?: ?C3 @<<;3< @8 ?C3 63?38?@:8 :5635 DC@9C 8336 ?: 46653<< =@5<? DC3?C35 ?C3 4773F36 49?< := 9:BB@<<@:8 =:5 DC@9C ?C3 63?38;3 C4< H338 I3>? ;8635 63?38?@:8453>53K;6@9@47?:?C3>;H7@9:5635486<39:867E DC3?C35 477 5373A48? 9@59;B<?4893< D353 9:8<@63536 :5 DC3?C35 3G?5483:;< =49?:5< D3@FC36 @8 ?C3 B@86 := ?C3 63?4@8@8F 4;?C:5@?E 7346@8F ?: ?C3 9:897;<@:8 ?C4? ?C3 63?38;3 @< 4 C4H@?;47 :==38635 486 =:5 >53A38?@:8 := =;5?C3595@B3<HEC@B 8>454F54>C:"6@<9;<<@:8D4< B463 D@?C 53F456 ?: ;8635<?486@8F := =;864B38?47 @B>354?@A34<?:C:D?C3:;5?C4<6@<?@8F;@<C36H3?D338 6@<?;5H4893< 5374?4H73 ?: 74D 486 :5635 486 6@<?;5H4893< 94;<36 ?: >;H7@9 :5635 486 @8 >454F54>C :, @? @< 6@<9;<<36 4H:;? ?C3 <4B3 C3 :;5? 47<: 537@36 ;>:8 >454F54>C :# DC353@8 6@<9;<<@:8 D4< B463 HE 53=355@8F ?C3 K;6FB38? @8 ?C3 94<3 := 2
1 753>:5?36@845#$4 5: ?
@< <>39@=@9477E <?4?36 ?C4? =:5 48 49? ?: L;47@=E 4< 4
- 53 -
6@<?;5H4893?:>;H7@9:5635?C3<>39@=@949?@A@?EB;<?C4A3 48@B>49?:8?C3H5:46359:BB;8@?E:5?C3F383547>;H7@9 3A:I@8F =337@8F< := =345 >48@9 :5 @8<39;5@?E :? 3A35E 94<3 := 4 F383547 6@<?;5H4893 ?: >;H7@9 ?548L;@7@?E 4==39?< ?C3 >;H7@9 :5635 486 ?C3 L;3<?@:8 ?: H3 4<I36 4< 45?@9;74?364866:3< @? 7346 ?:6@<?;5H4893 := ?C39;5538? 7@=3:=?C39:BB;8@?E<:4<?:4B:;8?46@<?;5H4893:=?C3 >;H7@9 :5635 :5 6:3< @? 4==39? 83457E 48 @86@A@6;47 734A@8F ?C3?548L;@7@?E:=?C3<:9@3?E;86@<?;5H36 // C3:?C35K;6FB38?537@36;>:8HE?C39:;8<37@8 ?C3 94<3 := &<;>54( DC353@8 ?C3 >3G :;5? C4< 6@<9;<<36 D@?C 53F456 ?: 39?@:8 -&F( := ?C3 ::864 9? 1#, 63=@836 @8 >454F54>C :# 486 47<:
6@<9;<<36 @8 63?4@7 @8 >454F54>C :- ?C4? 74D @< D377 <3??736 ?C4? ?C3 >:D35 ;8635 48E 3849?B38? 5374?@8F ?: >53A38?@A363?38?@:8C4<?:H33G359@<36D@?CF534?9453 94;?@:848653<?54@8?C39:;8<37C4<47<:H5:;FC??:?C3 8:?@93:=?C@<:;5??C3>454F54>C:-?C4??C33<<38?@47 9:893>?:=>53A38?@A363?38?@:8@<?C4??C363?38?@:8:=4
- 54 -
>35<:8@<8:??:>;8@<CC@B=:5<:B3?C@8FC3C4<6:83H;? ?:>53A38?C@B=5:B6:@8F@? /# C@<:;5?47<:D:;767@I3?:6@<9;<<D@?C53F456 ?: ?C3 74D 486 :5635 486 >;H7@9 :5635 94;<@8F ?C3 6@<?;5H4893 ?: ?C3 >;H7@9 :5635 @8 I33>@8F ?C3 >5:A@<@:8< ;8635 39?@:8 := ?C3 9? >:D35 ?: B4I3 :5635< 63?4@8@8F 935?4@8 >35<:8< 486 47<: 39?@:8 - 486 := ?C39?4864847E<36?C3B4?35@47:8539:56< /1 : ?4I38:?3 :=9:8<?@?;?@:847>5:A@<@:8< ;8635 5?@973 --&(&4( := ?C3 :8<?@?;?@:8 DC@9C @< 5374?4H73 ?: ?C3@8@?@47>35@:6:=63?38?@:846@<?@89?@:8D4<B463D@?C 53F456 ?: >;H7@9 :5635 486 74D 486 :5635 @8 ?C3 :8<?@?;?@:847 389C @8 ?C3 94<3 := * , - (
&<;>54( ?C4? 6:3< ?C3 3G>53<<@:8 O>;H7@9 :5635P ?4I3@83A35EI@86:=6@<:5635:5:87E<:B3SC348<D35 ?: ?C@< <35A3< ?:6@<?@8F;@<C O>;H7@9 :5635P =5:BO74D486 :5635PH394;<3?C374??35;86:;H?367E?4I3<@8477:=?C3B %;H7@9:5635@=6@<?;5H36B;<?7346?:>;H7@96@<:5635
- 55 -
# C@< :;5? D:;76 47<: 7@I3 ?: 537E ;>:8 ?C3 K;6FB38? := ?C3 >3G :;5? @8 ?C3 94<3 := 2 &<;>54( DC353 48 :994<@:8 45@<38 ?: 9:8<@635 ?C3 >;H7@9 :5635 486 74D 486 :5635 48 :H<35A4?@:8 @< B463 ?C4? >;H7@9:5635D4<<4@6?:3BH5493B:53:=?C39:BB;8@?E ?C4874D486:5635%;H7@9:5635@<?C33A38?3B>::=?C3 7@=3 := ?C3 9:BB;8@?E ?4I@8F ?C3 9:;8?5E 4< 4 DC:73 :5 3A384<>39@=@367:947@?E@<?;5H4893:=>;H7@9:5635@<?:
H3 6@<?@8F;@<C36 =5:B 49?< 6@539?36 4F4@8<? @86@A@6;47< DC@9C6:8:?6@<?;5H?C3<:9@3?E?:?C33G?38?:=94;<@8F4 F3835476@<?;5H4893:=>;H7@9?548L;@7@?E # C@< :;5? D:;76 47<: 7@I3 ?: 537E ;>:8 ?C3 K;6FB38?@8?C394<3:=;
3- 3 1
753>:5?36@80,45# :& DC@73 6@<9;<<@8F ?C3 <4B3 @? @< ?4I38 8:?3 := ?C4? 9:8<@635@8F ?C3 B4?35@47 373B38?< := 95@B3 ?C3 C@<?:5@9 ?3<?< DC@9C 349C 9:BB;8@?E 4>>7@3< 453 @8?5@8<@9 D5:8F=;783<< 486 <:9@47 3G>36@389E DC@9C 453 ?C3 ?D:
- 56 -
B:<?@B>:5?48?=49?:5<DC@9CC4A3736?:?C363<@F84?@:8 :=935?4@89:86;9?4<95@B@847 #- C@< :;5?
D:;76 47<: 7@I3 ?: 537E ;>:8 ?C3 K;6FB38? := ?C3 >3G :;5? @8 ?C3 94<3 := *93 9 1 7 53>:5?36 @8 45#!$ !DC353@8DC@736@<9;<<@8FD@?C53F456?: ?C374D486:5635486>;H7@9:5635@?@<<?4?36?C4?3A35E 4<<4;7?@84>;H7@9>74937@I34>;H7@95:46486?35B@84?@8F @8?C3634?C:=4A@9?@B@<7@I37E?:94;<3C:55:54863A38 >48@9486?355:5@8?C:<3DC:453?C3<>39?4?:5<;??C4? 6:3< 8:? B348 ?C4? 477 := <;9C @89@638?< 6: 8393<<45@7E 94;<3 6@<?;5H4893 :5 6@<7:94?@:8 := ?C3 9:BB;8@?E 7@=3 := ?C37:947@?@3<@8DC@9C?C3E4539:BB@??36 =<;9C4849? @< 9:BB@??36 9534?@8F C:55:5 @8 ?C3 B@86 := ?C3 F383547 >;H7@9@?4??549?<>;H7@9:5635 # C3?5;36@<?@89?@:8H3?D338?C34534<:=>;H7@9 :563548674D486:5635@<47<:6@<9;<<36@8?C3K;6FB38? :=?C3>3G:;5?@8?C394<3:=
3' 1* 53>:5?36 @8 45:$
- 57 -
!>45?@9;7457E@8>454F54>C:@?@<C376?C4?:;5? C4< ?: <33 ?C4? ?C3 63F533 486 3G?38? := @?< 5349C ;>:8 <:9@3?E ?@<?C3>:?38?@47@?E:=?C349??:6@<?;5H?C33A38 ?3B>: := ?C3 7@=3 := ?C3 9:BB;8@?E DC@9C B4I3< @? >53K;6@9@47?:?C3B4@8?384893:=>;H7@9:5635 # 4A@8F9:8<@63536?C3>5@89@>73<74@66:D8@8?C3 K;6FB38?< 53=35536 HE ?C3 9:;8<37 4>>345@8F =:5 ?C3 >3?@?@:8354<D3774<?C3K;6FB38?<DC@9CC4A3H338537@36 ;>:8 HE ?C@< :;5? ?C3 :;5? C4< ?: ?4I3 8:?3 := ?C3 B4?35@47:8539:564A@8F>35;<36?C3B4?35@47:8539:56 @8?C3>53<38?94<3:8C486D3C4A3475346E>:@8?36:;? ?C4??C363?38;3C4<<?45?36C@<95@B@84749?@A@?@3<4??C3 4F3:=-@8?C3E345-486?C3<4B3D4<9:8?@8;36 ?@77?C364?3:=>4<<@8F:=>53A38?@A363?38?@:8:5635 ?@< 47<: A35E <>39@=@9 @8 ?C3 :5635 ?C4? C3 @86;7F36 @8 9:BB@??@8F ?C3 :==3893< >;8@<C4H73 ;8635 % 4< D377 4< --<:47<:5%%45?@9;7457EC3C46@86;7F36@8 477 <:5?< := F::864 49?@A@?@3< 7@I3 D@376@8F B49C3?3< 486 <D:56< @8 >;H7@9 >7493< >@9I@8F L;45537< D@?C:;? 48E
- 58 -
534<:8 4H;<@8F @8 =@7?CE 748F;4F3 94;<@8F F5@3A:;< C;5?@8F4??3B>?@8F?:B;5635=:5B@8F;874D=;74<<3BH7E =:5 45<:8 ?C534? ?: 7@=3 ?: ?C3 <:9@3?E 4? 745F3 486 47<: 9:BB@??@8F=:59@H73<3G;4749?:8D:B3847:8FD@?C:?C35 499:B>7@93< C3<3534<:8<453 47<:<?4?36 DC@73 >4<<@8F ?C3:5635:=63?38?@:8486DC38<;9CH3@8F?C394<3@?@< 8:?C@8F H;? 8:? :87E 74D 486 :5635 H;? 47<: ?C3 >;H7@9 :56356@<?;5H4893C349?:=63?38;34==39?@8F<:9@3?E4? 745F3 486 9:BB;8@?E 3893 ?C3 K;6FB38?< DC@9C ?C3 >3?@?@:835C4<537@36;>:8D@778:?9:B3?:?C34@6:=C@B ?:<3?4<@63?C3:5635:=63?38?@:8 #" C3:?C35F5:;86<;5F36H3=:53?C@<:;5??C4? ?C3 >53A38?@A3 :5635 D@77 8:? 4??549? ?C3 63=@8@?@:8 := ::864 9? 486 8: 6:;H? ?C3 :;5? C4< ?: 3G4B@83 DC3?C35 @? 9:B3< D@?C@8 ?C3 63=@8@?@:8 := J::864* C@< :;5?D:;767@I3?:53=35?C363=@8@?@:8:=J::864*4A@8F >35;<3639?@:8-&F(:=?C3::8649?1#, @?63=@83< ?C3?35B JF::864* B348< 4 >35<:8DC: 3@?C35 HEC@B<37= :54<4B3BH35:=:5734635:=4F48FC4H@?;477E9:BB@?<
- 59 -
:54??3B>?<?:9:BB@?:54H3?<?C39:BB@<<@:8:=:==3893< >;8@<C4H73 ;8635 C4>?35 .' :5 C4>?35 .' :5 C4>?35.. :=?C3 86@48%3847:634A@8F5346?C@< 63=@8@?@:848647<:9:8<@635@8F?C3534<:8<4<<@F836@8?C3 63?38?@:8 :5635 @? @< A35E 97345 ?C4? ?C3 63?38;3 C4< @86;7F36 @8 9:BB@??@8F ?C3 :==3893 9534?@8F =345 @8 ?C3 B@86 := ?C3 F383547 >;H7@9 @8 ?C3 <?533? 4< D377 4< 9:BB@??@8F?C3:==38934F4@8<?D:B38?C4??:4<3G;4749?
47:8F D@?C C@< 499:B>7@93< 4< 734635 := F48F 486 C4H@?;477E9:BB@??@8F:==3893<7@I34??3B>??:B;5635486 B45<C47@?E D@?C 63467E D34>:8< @8 ?C3 7:947@?E D@?C C@< F48FC38<;9CB4?35@47<4539:7739?36486?C3<4B3453 3G?549?36@8?C3>53A38?@A363?38?@:8:5635D36:8:?=@86 48E F5:;86 ?: <3? 4<@63 ?C3 :5635 4< <:;FC? @8 ?C3 >3?@?@:8 #, C3:?C35F5:;86;5F36HE?C3>3?@?@:835@<?C4? D@?C53F456?:?C3>35@:6:=63?38?@:8:5635@<9:8935836 :6:;H?@?@<9:8?38636?C4?DC@73@8A:I@8F?C3>5:A@<@:8< 7@I3::8649?DC@9C@<6549:8@48@884?;534533G>39?36
- 60 -
?: 49? <?5@9?7E @8 499:564893 := ?C3 >5:A@<@:8< := ?C3 49? 48647<:?:<33?C4?=5336:B:=@86@A@6;47@<8:?9;5?4@736 : 6:;H? ?C3 B353 >386@8F := 8;BH35 := 94<3< @< 8:? 4 F5:;86?:>4<<<;9C48:5635 #/ C3 9:;8<37 =:5 ?C3 >3?@?@:835 A3C3B38?7E 9:8?386< ?C4? @8 477 ?C3 94<3< 4F4@8<? ?C3 63?38;3 H4@7 D4<F548?36486C3C4<8:?A@:74?36?C3H4@79:86@?@:8< ? @<47<:9:8?38636?C4?@=?C353453F5@3A4893<?:<33I=:5 94893774?@:8 := H4@7 : 6:;H? B353 @8A:7A3B38? @8 <:B3 95@B3<6:3<8:?7346?:>;H7@9:5635C39:;5?C4<?:?4I3 8:?3 := ?C3 =49? ?C4? ?C353 @< 4 >5:?39?@:8 ;8635 ?C3 :8<?@?;?@:8 =5336:B := 48 @86@A@6;47 486 47<: @? @< 9:8?38636?C4?>4<<@8F:=>53A38?@:8:5635=:5-B:8?C< 4? 4 <?53?9C @< A@:74?@8F := ?C3 =;864B38?47 5@FC? C3 :5635:=63?38?@:8=:5-B:8?C<@<H3@8F9:8?545E?:?C3 >5@89@>73< 74@6 6:D8 @8 ?C3 K;6FB38? @8 ?C3 94<3 := 1 1 '3 53>:5?36@84&"$'()#
- 61 -
## 4A@8F9:8<@63536?C@<F5:;8647<:?C363?4@736 6@<9;<<@:8 D4< B463 @8 ?C3 K;6FB38? := ?C3 >3G :;5? 53=35536HE?C39:;8<374>>345@8F=:5?C3?4?3@8?C394<3 := ; 3 &<;>54( @897;6@8F ?C3 94<3 := 3 - 1
.% 2
;
53>:5?36 @8 4&$ 4! # 486 47<: ?C3 94<3 := 69 ' 1
-
53>:5?36@8455$ 4##486<:47<:
K;6FB38? @8 ?C3 94<3 := . 2
; < (=
$ ,
*9
1 ' 53>:5?36 @8 4:$ & ! 486 3A38 @8 ?C3 94<3 := -3
1 ; < 53>:5?36 @8 0, 45& # 8 >454F54>C : ?4I@8F 8:?3 := 5?@973 --&(&4( := ?C3 :8<?@?;?@:8 @? @< 6@<9;<<36 @8 63?4@7 ?C4? 9:8?@8;4?@:8:=?C363?38?@:8>;5<;48??:?C39:8=@5B4?:5E :5635 >4<<36 HE ?C3 ?4?3 :A358B38? 8336 8:? 47<: <>39@=E?C3>35@:6:=63?38?@:8T83@?C35@?@<53<?5@9?36?:4 >35@:6 := ?C533 B:8?C< :87E = 48E >35@:6 @< <>39@=@36 @8
- 62 -
?C39:8=@5B4?:5E:5635?C38?C3>35@:6:=63?38?@:8D:;76 H3;>?:<;9C>35@:6@=8:>35@:6@<<>39@=@36?C38@?D:;76 H3=:54B4G@B;B>35@:6:=-B:8?C<=5:B?C364?3:= 63?38?@:8 ? @< 47<: 6@<9;<<36 D@?C 53F456 ?: B:8?C<* >35@:6 @< 9:8935836 =:5 9:B>7@4893 := 9:8<@635@8F ?C3 B4??35H3=:53?C36A@<:5E:456 #1 ? @< 47<: C376 @8 ?C@< K;6FB38? 4? >454F54>C : ?C4? ?C3 6A@<:5E :456 C4< F@A38 @?< :>@8@:8 C:76@8F ?C4? ?C353 @< <;==@9@38?
94;<3 =:5 63?38?@:8 C353=:53 ;8635 5?@973 --&(&4( ?C3 6A@<:5E :456 D:;76C4A3?:F@A3@?<:>@8@:8D@?C@84>35@:6:=B:8?C< =5:B ?C3 64?3 := 63?38?@:8 486 63>386@8F ;>:8 ?C3 :>@8@:8 3G>53<<36 HE ?C3 6A@<:5E :456 ?C3 ?4?3 :A358B38? 948 ;8635 39?@:8 - := ?C3 9? 3@?C35 9:8=@5B?C3:5635:=63?38?@:8:59:8?@8;3?C363?38?@:8:= ?C3 >35<:8 =:5 4 B4G@B;B >35@:6 := - B:8?C< 4< <>39@=@36 @8 39?@:8 := ?C3 9? :5 53734<3 ?C3 63?38;3 =:5?CD@?C 4< ?C3 94<3 B4E H3 4A@8F 9:8<@63536 ?C3
- 63 -
>5@89@>73<74@66:D8@8?C@<K;6FB38??C3A35E9:8?38?@:8 :=?C3>3?@?@:83547<:9488:?H34993>?36 1 4A@8F >35;<36 ?C3 B4?35@47 :8 539:56 486 C4A@8FF@A389:8<9@:;<9:8<@6354?@:8:=B4?35@474A4@74H73 :8539:56@8?C3K;6FB38?:=?C3>3G:;5?@8?C394<3 := 8 0 &<;>54( >45?@9;7457E @8 >454F54>C : 53F456@8F <;HK39?@A3 <4?@<=49?@:8@< 9:8935836@?@< C3764<;8635 4 %$7
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- 64 -
" "
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" " 7 &B>C4<@<<;>>7@36(
1 ? @< A35E 97345 ?C4? ?C3 :;5? B;<? H3 9:8<9@:;<?C4??C3<4?@<=49?@:8:=?C363?4@8@8F4;?C:5@?E@< J<;HK39?@A3* @8 84?;53 486 ?C3 9:;5? 9488:? <;H<?@?;?3 @?< :>@8@:8 =:5 ?C3 <;HK39?@A3 <4?@<=49?@:8 := ?C3 63?4@8@8F 4;?C:5@?E486@8?35=353D@?C?C3:5635:=63?38?@:84<?C3 63?4@8@8F4;?C:5@?E@<@897:<3<;5A3@774893:=?C363?38;3 @8?C3=@376 1- 8?C394<3:8C486D3C4A3475346E6@<9;<<36 @863?4@7?C4??C@<>3?@?@:835C46@86;7F36@8?:?47-94<3< =:5 ?C3 :==3893< >;8@<C4H73 ;8635 % 4< D377 4< 5%486C3C469:8?@8;36?:@86;7F3@8<;9C49?<=5:B - @897;6@8F 8:? :87E :==3893< 4F4@8<? ?C3 >;H7@9 ?548L;@7@?E4863A38@897;6@8F?C3>;H7@9:5635<:47<:?C3 74D 486 :5635 DC@9C C4A3 H338 6@<9;<<36 @8 63?4@7
- 65 -
53F456@8F 6@<?@89?@:8 H3?D338 ?C3 <4B3 @?C 53F456 ?: ?C339?@:8:=?C39?@?@<A35E97345?C4??C3B4?35@47 =:;86 4F4@8<? ?C3 >3?@?@:835 @< <;==@9@38? ?: >4<< <;9C 48 :5635 C3 4;?C:5@?E :87E :8 <;HK39?@A3 <4?@<=49?@:8 DC@73 >4<<@8F<;9C48:5635486F5:;86<:=63?38?@:8D4<47<: <3?:;?>45?@9;7457E@8>454F54>C:<?:/48663?4@7<:= 94<3<D35347<:?4I388:?3:=4<D3774<?C3534<:8<453 <3? :;? @8 >454F54>C :< 486 - 486 9:B3< ?: ?C3 9:897;<@:8 ?C4? C3 @< @86;7F36 @8 F::864 49?@A@?@3< 486 C4H@?;47:==38635486C389339?@:8:=?C39?9:;76H3 @8A:I36 9:8<@635@8F ?C4? C3 @< 4 5:D6E<C33?35 H3@8F >5@B3 499;<36 @8 54>3 94<3 486 <?45?36 C@< 95@B@847 49?@A@?@3<<@893-48647<:@84??3B>?@8F?:?4I3?C37@=3 := 4 >35<:8< @8 ?:?47 - 94<3< 453 53F@<?3536 ;8635 % 4865%:8<@635@8F477?C3B4?35@479:B3<?:?C3 9:897;<@:8?C4?@?@<?C3?386389E?:6@<?;5H?C3>3493486 ?548L;@7@?E:=?C3<:9@3?E4?745F3HEC@<9:A35?486:A35? @773F47 49?@A@?@3< 486 C@< H3C4A@:5 @< 47<: 8:?C@8F H;? 48 48?@<:9@47 373B38?
48E :=?C3 A@9?@B<6: 8:?4>>5:49C
- 66 -
?C3 >:7@93 :;? := C@< =345 486 @8 <:B3 94<3< D@?83<<3< D353?;5836C:<?@7348647<:?C:;FCC3C4<H33838745F36 :8 H4@7 486 C4A@8F ?4I38 8:?3 := ?C3 46A48?4F3< := F548?@8F := H4@7 C3 @86;7F36 @8 9:8?@8;@8F ?C3 <@B@745 :==3893<@897;6@8F48:==38934F4@8<?D:B3848647<:48?@ <:9@47 49?@A@?@3< DC@9C 453 H3E:86 9:8?5:7 C3 49L;@??47 48638745F@8FC@B:8H4@79488:?H34F5:;86?:<3?4<@63 ?C3 @B>;F836 :5635 C4A@8F @8?: ?:?: 9:8<@6354?@:8 := ?C3 B4?35@47 :8 539:56 486 ?C353 @< 4 <;HK39?@A3 <4?@<=49?@:8 C3 63?4@8@8F 4;?C:5@?E DC@73 >4<<@8F <;9C 48 :5635 := 63?38?@:8 @? @< ?4I38 8:?3 := 477 ?C3<3 =49?:5< @8?: 9:8<@6354?@:848647<:?C3B4?35@47DC@9CC4<H338>74936 H3=:53 ?C@< :;5? 486 :?C35 >5:A@<@:8< 453 47<: 9:B>7@36 D@?CDC@739:8=@5B@8F?C3:5635:=63?38?@:8?C36A@<:5E :456*<:>@8@:8D4<47<:?4I38@8?:9:8<@6354?@:8 1 C36A@<:5E:456C4<F@A3848:>>:5?;8@?EHE =@G@8F ?C3 64?3 :8 "--" 486 C3456 ?C3 63?38;3 ?C5:;FC A@63: 9:8=353893 486 ?C38 F4A3 48 :>@8@:8 :8 /--" C3 <4B3 D4< 9:BB;8@94?36 ?: ?C3
- 67 -
:A358B38? ?C3534=?35 9:8<@635@8F 38?@53 B4?35@47 ?C3 :A358B38?9:8=@5B36?C3:5635:=63?38?@:8 1 C38 <;9C B4?35@47< 453 4A4@74H73 H3=:53 ?C3 :;5? D3 C4A3 >35;<36 ?C3 38?@53 539:56< @8 63?4@7 486 ?C3B4?35@4747<: 6@<97:<3<?C4?C3@<94;<@8F6@<?;5H4893 := >;H7@9 :5635 8 3<<38?@47 9:893>? =:5 >53A38?@A3 63?38?@:8@<?C363?38?@:8:=4>35<:8@<8:??:>;8@<CC@B 486 :87E D@?C 48 @8?38?@:8 ?: >53A38? C@B @8 6:@8F ?C3 <@B@745 95@B@847 49?< @8 =;?;53 4< ?C3 49?@A@?@3< := ?C3 63?38;3 @< H3E:86 9:8?5:7 @8 8:5B47 9:;5<3 486 <4B3 @< 47<:<3??73674D?C4?>:D35;863548E3849?B38?5374?@8F ?:>53A38?@A363?38?@:8@<4>5394;?@:845E>:D353G359@<36 486?C3<4B3C4<H3384>>7@36HE?C353<>:8638?<DC@73 >4<<@8F<;9C4>53A38?@A363?38?@:8:5635 1" C38 <;HK39?@A3 <4?@<=49?@:8 @< =:;86 DC@73 >4<<@8F<;9C48:5635D36:8:?=@8648EF5:;86?C4??C3 <4B3 @< 8:? <;<?4@84H73 @8 ?C3 3E3 := 74D C353 @< 8: @8=@5B@?E@8?C3<4@6:5635486>5:936;53C4<H338=:77:D36
- 68 -
HE3A389:8=@5B@8F?C3<4B33893?C353@<8:B35@?486 ?C3>3?@?@:8@<63A:@6:=B35@?< 1, 8A@3D:=?C36@<9;<<@:8<B4634H:A3D3>4<< ?C3=:77:D@8F
C3>3?@?@:8@<
;& ) + %
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