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High Court of Karnataka · body
2025 DAILYLAW 92238 (KAR)
MALLAMMA W/O NEELKANTHRAO v. RAJSHEKHAR S/O LATE NEELKANTHRAO
RSA/7213/2012 · 2025-09-15
Shivashankar Amarannavar
body2025
[ 2025 DAILYLAW 92238 (KAR) · dailylaw.ai ]
[ 2025 DAILYLAW 92238 (KAR) · dailylaw.ai ]
Judgment text
Extracted from the PDF above. The PDF is authoritative.
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$" 1234556472382769:;9686<94<=3 >=>"5?4;2<@ => 36=-43296 =16 AB9@C6<= 4<9 96D?66 94=69 #!"#!# 5433692< > "#!! :; =16)43=
?4DE>B?= 294? D><82?C2<@ =16 AB9@C6<= 4<9 96D?66 94=69
"!!#!! 543369 2< >#.. :; =16 ?7 2F27 %B9@6(?<*294? !#
164556774<=3 >=>"G6?69686<94<=3 > =>"4<9?635><96<=3 >=> G6?65742<=2883 >=> 2<
>#.. !"
16 D436 >8 =16 5742<=2883 43 4F6??69 2< =16 5742<= 23 =14= 5742<=288 > 23 =16 3>< 4<9 >=16? 5742<=2883 4?6=1694B@1=6?3:>?<=>74=6?2 667E4<=1?4>=1?>B@1 123 76@477; G69969 G286 <4C67; C= 6674CC4 G286 >8
667E4<=1?4> <>G 96D64369
16 84=16? >8 =16 5742<=2883 <4C67; 66714<=1?4>4<95742<=288 >G6?6A>2<=>G<6?3
- 5 -
2< 5>336332>< >8 =16 4<D63=?47 74<93 ;
> C643B?2<@ #4D?63!@B<=4<>G6<=6?692<=16 43; > C643B?2<@!4D?63#@B<=43>83&542364<9 ;
># C643B?2<@ ! 4D?63 # @B<=43 >8 3& 542364<9; >.6<=2?67;C643B?2<@#4D?63 ! @B<=4 <>G 6<=6?69 2< =16 43 ;
>. C643B?2<@ 4D?63 ! @B<=4 >8 3"- 54236 4<9 ;
>. C643B?2<@ 4D?63 >8 3"- 54236 4<9 4 ?63296<=247 1>B36 :64?2<@ 4<D14;4= > 4<9 D4==763169:64?2<@4<D14;4= >##47732=B4=694=F2774@6 >E?4<4
H4<923=294? 4* 742<=288 > 47><@ G2=1 123 84=16? G6?6 A>2<=7;
DB7=2F4=2<@ =16 3429 3B2= 74<93 43 D>54?D6<6?3 4<9 =16 5742<=288384=16?- 667E4<=1?4>2<=16D454D2=;>84<4@6? 4<9 4?=4 >8 2<9B %>2<= 84C27; D><323=2<@ >8 12C3678 123 G286 C= 6674CC4 4<9 5742<=288 > 4 D>54?D6<6? C4<4@69=1684C27;48842?3=2771237286=2C6742<=2883 >3# => 48=6? =162? C4??24@63 ?63292<@ 47><@ G2=1 =162? ?6356D=2F61B3:4<93
- 6 -
:*
16 84=16? >8 5742<=288 > <4C67; 667E4<=1?4> 6I52?69 >< !!.. 48=6? 4 7><@ 32DE<633 8=6? 123 964=1 =16 6<=2?6 3B2= 5?>56?=263 4?6 2<16?2=69 4<9 3BDD66969 :; =16 5742<=2883 43 A>2<= >G<6?3 4<9 A>2<= 5>33633>?343=165742<=2883,C>=16?C= 6674CC4149 47?649;6I52?69
D*B?2<@=167286=2C6>8=1684=16?2<>?96?=>366 =14= =16 4:>F6 3429 3B2= 74<93 31>B79 <>= 6ID6693 =16 D6272<@72C2=35?63D?2:69B<96?=164<968>?C3D=143 @>= 6<=6?69 =16 3B2= 74<93 ;
>#- C643B?2<@ ! 4D?63 # @B<=43 4<9 ; >..
C643B?2<@ 4D?63 2< =16 <4C6 >8 5742<=288 > 4<9 =16 ?6C42<2<@ 3B2= 74<93 14F6:66<96=42<69:;12C2<123<4C6G2=1>B=6886D=2<@ 4<; 54?=2=2>< >8 =16 A>2<= 84C27; 5?>56?=263 F6< 28 =16 6<=?263 G6?6 C496 2< =16 <4C6 >8 5742<=288 > :B= 5742<=288 >4<912384=16?:>=114F6A>2<=7;DB7=2F4=69477 =16 3B2= 74<93 96=42769 4:>F6 2< =16 D454D2=; >8 A>2<= >G<6?34<9A>2<=5>33633>?34<9<>54?=2=2><:;C6=634<9 :>B<93143=4E6<574D6
- 7 -
9* 8=6? 964=1 >8 =16 84=16? =16 5742<=2883 14F6 3BDD66969 => =16 3B2= 5?>56?=263 2< =16 D454D2=; >8 A>2<= >G<6?34<95742<=288 >:62<@=16><7;C476C6C:6?2< =1684C27;23DB7=2F4=2<@=163B2=74<932<=16D454D2=;>84 4?=44<94<4@6? 6* < 84D= =16 9686<94<=3 14F6 @>= <> ?2@1= >? 2<=6?63=4<9=16;4?6<>=D><D6?<6962=16?G2=1=1684C27;
>? =16 5?>56?=263 >8 =16 5742<=2883 :B= 9686<94<= > 23 C47482967; D742C2<@ 16?3678 => =16 36D><9 G286 >8 74=6 -
667E4<=1?4> 4<9 316 473> D742C3 =14= 9686<94<= >3# 4<9"4?616?94B@1=6?3:>?<=1?>B@174=6- 667E4<=1?4> B=2<84D=9686<94<= >23<62=16?=1636D><9G286<>? 9686<94<= >3# 4<9 " 4?6 :>?< =1?>B@1 667E4<=1?4> 16 3429 667E4<=1?4> D4<<>= =4E6 =16 36D><9 G286 4<9 C4??; G2=1 9686<94<= > 9B?2<@ =16 ;64? .# 9B?2<@ =167286=2C6>812376@477;G69969G286C= 6674CC4 G1> 143 6I52?69 9B?2<@ =16 ;64? . 3 3BD1 =16 9686<94<=314F6@>=<>?2@1=2<=163B2=5?>56?=263
- 8 -
8*8=6?=16964=1>85742<=2880384=16?9686<94<= > 455?>4D169=16F2774@64DD>B<=4<=8>?34<D=2><>8CB=4=2>< >874<9; >#4<9; >.G12D1G6?6<>C2<477; 3=4<92<@2<=16<4C6>874=6- 667E4<=1?4>><=16:>@B3 @?>B<93=14=74=6- 667E4<=1?4>149:6HB64=169=163429 74<93; >#4<9; >.47><@G2=11478>8=16 3B2=1>B362<16?84F>B?B<96?4?6@23=6?692779669F296 9>DBC6<= >#.-.# 94=69 .! .. < 84D= 74=6 -
667E4<=1?4> 143 <62=16? :6HB64=169 =16 4:>F6 3429 5?>56?=263<>?16G436<=2=769=>6I6DB=64<;27796692< 84F>B?>89686<94<= ><>?316@6=34<;?2@1=>?2<=6?63= =>=1634293B2=5?>56?=263<84D==163429 667E4<=1?4> G43 3B886?2<@ 8?>C
4<9 >=16? 92364363 72E6 54?47;323 6=D4<916G43:69?2996<8>?456?2>9>8C>?6=14<=G> ;64?3 5?2>? => 123 964=1 )>? 123 =?64=C6<= 16 G43 473> 49C2==692<=162F27>352=47294?4<916G43B<4:76=> G47E=47E4<9723=6<473>9B6=>=164:>F6342992364363 >=163>D477692779669143:66<8>?@694<9D?64=69:; 9686<94<= > 2< >?96? => 965?2F6 =16 5742<=2883 >8 =162? 76@47 ?2@1=3 4<9 2<=6?63= 2< =16 5?>56?=263 768= :; =16 96D64369
- 9 -
@*B?2<@=1656<96<D;>8=16CB=4=2><5?>D6692<@3 :68>?6 =16 449
4132794? 41:4772 9686<94<= > 143 D764?7; 49C2==69 =14= 316 23 =16 36D><9 G286 >8 74=6 -
667E4<=1?4>4<9=14==16342974<934?6:62<@DB7=2F4=69 4<9C4<4@69:;5742<=288 >47><6:B=2<352=6>8=14= =16 449
4132794? G1276 ?6A6D=2<@ =16 >:A6D=2>< => =16 56=2=2><3 82769 :; 5742<=288 > 143 34<D=2><69 =16 CB=4=2>< 2< =16 <4C6 >8 9686<94<= > >< "!#..# @@?26F69 G2=1 =14= 5742<=288 > 82769 4< 455647 :68>?6 =1633=>CC2332><6?294?G12D123473>923C233692< )276 >$-.#-."94=69!!#.. 1* 8=6? 964=1 >8 =16 84=16?
=16 5742<=2883 47><6 4?6 6<=2=769 => 2<16?2= 4<9 3BDD669 => =16 5?>56?=263 768= :; =162?96D6436984=16?4<9=169686<94<=314F6<>D><D6?< 4=477G2=1=1634C64<93>=165742<=2883C4;:696D74?69 => :6 =16 A>2<= >G<6?3 4<9 A>2<= 5>33633>?3 >8 74<93 ; >##; >. 4<9.4<9473>=> =163B2=1>B36
- 10 -
2*<D436=163B2=8>?96D74?4=2><>8A>2<=>G<6?3125 >8=165742<=2883G2=1?6@4?9=>=163B2=74<934<9=163B2= 1>B36 D4<<>= :6 96D?669 8>? 4<; ?643>< =16< =16 5742<=2883 47=6?<4=2F67; D742C =16 54?=2=2>< 4<9 3654?4=6 5>336332>< >8 =162? 76@47 314?6 2< =16 3B2= 74<93 4<9 =16 3B2=1>B364356?=165?>F232><3>8=162<9B4G4<9=16 5742<=2883 C4; :6 477>==69 =162? =1 314?6 2< =16 3B2= 5?>56?=263:;G4;>854?=2=2><
A*
163B2=2347=6?<4=2F67;8>?54?=2=2><4<93654?4=6 5>336332>< >8 =16 3B2= 5?>56?=263 =16 5742<=2883 43E69 =16 9686<94<=3 => 49C2= =16 A>2<= >G<6?3125 4<9 A>2<= 5>336332><>8=165742<=2883>F6?=163B2=5?>56?=263 ! 169686<94<=314F682769=16G?2==6<3=4=6C6<= 96<;2<@=16D436>8=165742<=28834<9D><=6<969=14=54?43
>3 => >8 =16 5742<= 4?6 <>= D>??6D= = 23 =?B6 =14= 5742<=288 > 23 =16 3>< 4<9 5742<=2883 >3# => 4?6 =16 94B@1=6?3:>?< =>74=6 - 667E4<=1?4> =1?>B@1 123 G286 C= 6674CC4
16 4776@4=2><3>8 =16 5742<=2883 =14= =16 84=16? >8 =16 5742<=2883 667E4<=1?4> 4<9 5742<=288 >
- 11 -
G6?6=16A>2<=>G<6?34<95>33633>?3>8=163B2=74<934<9 =163B2=1>B3634<9G6?6DB7=2F4=2<@A>2<=7;43D>54?D6<6?3 4<9=1684=16?>8=165742<=2883<4C67; 667E4<=1?4>2<=16 D454D2=; >8 =16 4<4@6? 4<9 4?=4 >8 =16 2<9B %>2<= 84C27; D><323=2<@ >8 12C3678 123 G286 C= 6674CC4 4<9 5742<=288 > 43 D>54?D6<6?3 C4<4@69 84C27; 48842?3 =2771237286=2C64?6477G?><@4<98473684D=32<F26G>8=16 84D=3<>=692<8B?=16?54?43>8=123G?2==6<3=4=6C6<==23 =?B6 =14= =16 84=16? >8 =16 5742<=2883 6I52?69 >< !!..:B=23G?><@=>34;=14=16926948=6?47><@ 32DE<633=23473>G?><@=>34;=14=48=6?12396C236=16 6<=2?6 3B2= 5?>56?=263 4?6 2<16?2=694<9 3BDD66969 :; =16 5742<=288343A>2<=>G<6?34<9A>2<=5>33633>?3
4*
14=54?43 >3=>&>8=165742<=4?64:3>7B=67;
G?><@ 4<9 84736 16<D6 96<269
16 4776@4=2><3 >8 =16 5742<=2883=14=9B?2<@=167286=2C6>8=162?84=16?162<>?96? => 366 =14= =16 4:>F6 3429 3B2= 74<93 31>B79 <>= 6ID669 =16 D6272<@ 72C2=3 5?63D?2:69 B<96? =16 4<9 68>?C3 D= 143 <>= 6<=6?69 =16 3B2= 74<93 ;
># C643B?2<@
- 12 -
!4D?63#@B<=434<9.C643B?2<@ 4D?632<=16 <4C6>85742<=288 >4<9?6C42<2<@3B2=74<9314F6:66< 96=42<69 :; 12C 2< 123 <4C6 G2=1>B= 6886D=2<@ 4<;
54?=2=2>< >8 =16 A>2<= 84C27; 5?>56?=263 4?6 477 G?><@ 4<9 8473684D=3)B?=16?4776@4=2><3>8=165742<=2883=14=6F6<28 =16 6<=?263 G6?6 C496 2< =16 <4C6 >8 5742<=288 > :B= 5742<=2884<912384=16?:>=114F6A>2<=7;DB7=2F4=69477=16 3B2= 74<93 2< =16 D454D2=; >8 =16 A>2<= >G<6?3 4<9 A>2<= 5>33633>?3 4<9 <> 54?=2=2>< :; C6=63 4<9 :>B<93 149 =4E6<574D64?6477G?><@4<98473684D=3=23473>G?><@ =>34;=14=48=6?=16964=1>8=1684=16?=165742<=288314F6 3BDD66969 => =16 3B2= 5?>56?=; 2< =16 D454D2=; >8 A>2<= >G<6?34<95742<=288 >:62<@=16><7;C476C6C:6?2< =1684C27;23DB7=2F4=2<@=163B2=74<932<=16D454D2=;>84 4?=44<94<4@6?
168B?=16?4776@4=2><3>8=165742<=2883 =14==169686<94<=314F6@>=<>?2@1=>?2<=6?63=4<9=16; 4?6<>=D><D6?<6962=16?G2=1=1684C27;>?=165?>56?=263 >8=165742<=28834<99686<94<= >23C47482967;D742C2<@ 16?3678 => :6 =16 36D><9 G286 >8 74=6 667E4<=1?4> 4<9 9686<94<=3 >3# 4<9 " 4?6 :>?< => 16? =1?>B@1
- 13 -
667E4<=1?4>4?6477 G?><@ 4<9 84736= 23 473> G?><@ => 34; =14= =16 C4??24@6 >8 9686<94<= > G2=1 74=6 -
667E4<=1?4> =>>E 574D6 2< =16 ;64? .# < 84D=
667E4<=1?4> C4??269 G2=1 9686<94<= > 2< =16 ;64? ." 2=367843 56? =16 DB3=>C 5?6F4272<@ 2< =162? D>CCB<2=; :*
14=54?4 >4<9?6564=6954?4 >4<954?4
>. >8 =16 5742<= 4?6 477 G?><@ 4<9 84736 4<9 16<D6 96<269=23=?B6=14=9686<94<= >><=16:4323>8=16 ?6@23=6?69 277 9669 :64?2<@ 9>DBC6<= >#.-.# 94=69 .! .. 455?>4D169 =16 F2774@6 4DD>B<=4<= 8>? 34<D=2>< >8 CB=4=2>< >8 =16 74<93 43 C6<=2><69 =16?62< :B==169231><63=5742<=288 >82769>:A6D=2><38>?=163429 CB=4=2>< :B= =16 449
4132794? 4<14772 923C23369 123 56=2=2>< @@?26F69 :; =14= >?96? 5742<=288 > 143 82769 4< 455647 :68>?6 =16 33= >CC2332><6? 294? 4<9 =16 342945564723473>923C23369><!!#..DD>?92<@7;
<4C6 >8 9686<94<= > 23 6<=6?69 2< =16 43 =16 6ID7B32F6>G<6?4<95>33633>?4<9477=169686<94<=34?6
- 14 -
6<A>;2<@=1634295?>56?=26343C6<=2><692<=16277<669 A>2<=7;
16 5742<=2883 14F6 <> ?2@1= >? D><D6?< G2=1 >G<6?3125 4<9 5>336332>< >8 =16 74<93 4<9 =16 1>B363 31>G< 2< =16 277 9669
16 4776@4=2><3 >8 =16 5742<=2883 =14= 74=6 - 667E4<=1?4> 143 <62=16? :6HB64=169 =16 3B2= 5?>56?=; 16 G43 6<=2=769 => 6I6DB=6 4<; 277 669 2< 84F>B? >8 =16 9686<94<=3 <>? =16; @6= 4<; ?2@1= 4<9 2<=6?63=2<=163B2=5?>56?=2634?6477G?><@4<98473684D=3 16 8B?=16? 4776@4=2><3 >8 =16 5742<=2883 =14= =16 3429
667E4<=1?4> G43 3B886?2<@ 8?>C
4<9 >=16? 92364363 72E6 54?47;323 6=D 4<9 16 G43 :69?2996< 8>? 4 56?2>9 >8 C>?6 =14< =G> ;64?3 5?2>? => 123 964=1 4<9 8>? 123 =?64=C6<= 16 G43 49C2==69 2< 2F27 >352=47 294? 43 16 G43B<4:76=>G47E=47E4<9723=6<9B6=>=164:>F63429 92364363 4<9 3> =16 3> D47769 G277 9669 143 :66< 8>?@69 4<9 D?64=69 :; 9686<94<= > 2< >?96? => 965?2F6 =16 5742<=2883>8=162?6HB47?2@1=34<92<=6?63=2<=165?>56?=263 768=:;=1696D643694?6477G?><@4<98473684D=3=23=?B6 =14= 9686<94<=
> 23 =16 36D><9 G286 >8 74=6
- 15 -
667E4<=1?4> 4<9 =162? C4??24@6 :62<@ 56?8>?C69 2< =16 ;64? ." 43 56? =16 DB3=>C 5?6F4272<@ 2< =162? D>CCB<2=; B= 2= 23 G?><@ => 34; =14= 9686<94<= > 49C2==69:68>?6=16 449
4132794?=>=166886D==14==16 5742<=28834?6DB7=2F4=2<@4<9C4<4@2<@=163B2=5?>56?=263 48=6? =16 96C236 >8 74=6 667E4<=1?4> = 23 =?B6 =14= =16
449
4132794? 34<D=2><69 =16 CB=4=2>< 2< =16 <4C6 >8 9686<94<= > >< "!#..# 4<9 4@@?26F69 G2=1 =14= CB=4=2>< 5742<=288 > 82769 455647 :68>?6 =16 33= >CC2332><6? 294? G12D1 23 473> 923C23369 >< !!#..48=6?9B66<HB2?;4<948=6?164?2<@:>=1=16 54?=263
16 4776@4=2><3 >8 =16 5742<=2883 =14= 48=6? =16 96C236 >8 =162? 84=16? =16 5742<=2883 47><6 4?6 6<=2=769 => 2<16?2=4<93BDD669=>=165?>56?=263768=:;=162?96D64369 84=16?
4<9 =16 9686<94<=3 14F6 <> D><D6?< 4= 477 4<9 3> =16 5742<=2883 4?6 => :6 96D74?69 43 =16 A>2<= >G<6?3 4<9 A>2<=5>33633>?3>8=163B2=74<934<9=163B2=1>B364?6477 G?><@4<98473684D=32<F26G>8=1684D=3<>=692<8B?=16? 54?43>8=123G?2==6<3=4=6C6<=
- 16 -
D*
14= 54?4 >3! => # >8 =16 5742<= 4?6 <>= D>??6D=
16 4776@4=2><3 >8 =16 5742<=2883 =14= 28 :; 4<;
?643>< =16 3B2= 8>? 96D74?4=2>< 8>? A>2<= >G<6?3125 >8 =16 5742<=2883G2=1?6@4?9=>=163B2=74<934<9=163B2=1>B36 D4<<>= :6 96D?669 8>? 4<; ?643><3 =14< =16 5742<=2883 D742C47=6?<4=2F67;=1654?=2=2><4<93654?4=65>336332><>8 =162? 76@47314?63 2< =16 3B2= 74<934<9=16 3B2= 1>B3643 56? 2<9B 4G 8>? 477>=C6<= >8 =1 314?6 2< =16 3B2= 5?>56?=; :6 G4; >8 54?=2=2>< 4?6 4:3>7B=67; G?><@ 4<9 84736
168B?=16?4776@4=2><3>8=165742<=2883=14==163B2= 2347=6?<4=2F67;8>?54?=2=2><4<93654?4=65>336332><>8=16 3B2=5?>56?=2634<9=16;43E69=169686<94<=3=>49C2==16 A>2<=>G<6?31254<9A>2<=5>336332><>8=165742<=2883>F6? =16 3B2= 5?>56?=263 G12D1 14F6 :66< 96<269 :; =16C >< # !#..G12D12331>G<43=1694=6>8D4B36>84D=2>< 4?6 477 G?><@ 4<9 84736 84D=3
16 5742<=2883 14F6 @>= <> D4B36>84D=2><=>8276=1233B2=
1694=6>896<2474<9=16 94=6 >8 D4B36 >8 4D=2>< 31>G< :; =16 5742<=2883 4?6 82D=2=2>B3
- 17 -
9*
14= 5742<=288 > 4<9 96D64369 - 667E4<=1?4> G6?6=16C6C:6?3>8=1692F296984C27;4<954?=2=2><149 =4E6< 574D6 2< :6=G66< =16C :; C6=63 4<9 :>B<93 4<9 4DD>?92<@7;6<=?263G6?6D14<@692<=16?6F6<B6?6D>?93 33BD1=165742<=288034776@4=2><=14==1634296<=?2634?6 C496 => 34F6 =16 3B2= 74<93 8?>C D6272<@ B<96? =16 4<9 68>?C3D=:6D>C634:3>7B=67;G?><@4<984736
6*
14= =16 96D64369 - 667E4<=1?4> 9B6 => =16 36?F2D63 ?6<96?69 :; =16 9686<94<=3 4<9 :62<@ 8B77;
34=238269 G2=1 =16C 143 :6HB64=169 =16 74<93 4<9 =16 1>B3631>G<=16?62<6ID7B32F67;>G<694<95>3363369:;
12C 16 :62<@ =1692F2969 C6C:6? ?2@1=7; 4<9 76@477; 2< 84F>B? >8 =16 9686<94<=3 :; 6I6DB=2<@ 4 9B7; ?6@23=6?69 277 9669 :64?2<@ >DBC6<=
>#.-.# 94=69 .! ..G2=1123>G<8?66G2774<9D><36<=G2=13>B<9 C2<94<9@>>936<3634<9G2=1>B=4<;9B?633>?D>6?D2>< 8?>C4<;329634<948=6?B<96?3=4<92<@=16D><=6<=32<8B77 ?649->F6? 4<9 6I5742<69 => 12C 2< 4<<494 4<@B4@63 :63=E<>G<=>12C1632@<69=162772<5?636<D6>8=16
- 18 -
4==63=2<@ G2=<63363 =16?6=> 8=6? =16 96C236 >8
667E4<=1?4> =16 9686<94<=3 47><6 2<16?2=69 4<9 3BDD66969 => 477 =16 5?>56?=263 768= :; =16 96D64369 -
667E4<=1?4> :4369 B5>< =16 277 9669 G12D1 143 :66< 4D=69 B5><
16 CB=4=2><3 14F6 ?2@1=7; :66< 34<D=2><69 4<9 =16 6<=?263 2< =16 ?6F6<B6 ?6D>?93 4?6 C496 2< =16 <4C6 >8 9686<94<= > 43 =16 6ID7B32F6 >G<6? 4<9 5>33633>? =16?6>8 4<9 477 =16 3429 5?>56?=263 4?6 2< =16 A>2<=6<A>;C6<=>8=169686<94<=3
165742<=288314F6@>= <>?2@1=>?D><D6?<G14=3>6F6?G2=1=1634295?>56?=263
8*
163B2=>8=165742<=28832<=165?636<=8>?C23<>= 76@477;=6<4:76
163B2=>8=165742<=288323<>=G2=12<=2C6 2<=6?C3>8=16?672683D742C69
!
< =16 :4323 >8 =16 4:>F6 576492<@3 =16
?247 >B?=1438?4C69=168>77>G2<@233B63-
- 19 -
! "
#$%
"
" ! " & ! "
' (
) ! &
$
! 16 5742<=2883 6I4C2<69 => 4<9 @>= C4?E69I=>
169686<94<=36I4C2<69=> 4<9@>=C4?E69I=>I"
- 20 -
!&
16
?247 >B?= 48=6? 164?2<@ 4<9 455?6D24=2<@ =166F296<D6><?6D>?91434<3G6?69233B6 >3=>"4<9 2< =16 <6@4=2F6 4<9 233B6 > 2< =16 4882?C4=2F6 4<9 923C23369=163B2=>8=165742<=2883
! @@?26F69:;=1634C6=165742<=288314F682769 4556472< > "#!! ><=168276>8)43=
?4DE>B?= 294? 16 )2?3= 556774=6 >B?= 48=6? 164?2<@ =16 4?@BC6<=3 >< :>=1 32963 143 8>?CB74=69 =16 8>77>G2<@ 5>2<=38>?D><3296?4=2><- ! ! " *
+,'#-$#
.%-
! *
!. 164556774=6>B?=1434<3G6?695>2<= >2< =16 4882?C4=2F6 4<9 36=-43296 =16 AB9@C6<= 4<9 96D?66 543369 :; =16
?247 >B?= 4<9 96D?669 =16 3B2= 54?=7;
- 21 -
1>792<@=14==165742<=28834?66<=2=769=>=1314?664D1 2< =16 3B2= 5?>56?=263 4<9 "!=1 314?6 >8 =162? 84=16?,3 314?6 =1 2< =16 3B2= 5?>56?=263 14776<@2<@ =16 AB9@C6<= 4<9 96D?66 >8 =16 )2?3= 556774=6 >B?= =16 9686<94<=314F682769=165?636<=455647
! 16455647D4C6=>:649C2==69=>D><3296?=16 8>77>G2<@3B:3=4<=247HB63=2><>874G- / 0 1
*
$#
2 ' (
3 64?9 =16 764?<69 6<2>? >B<367 8>? =16 4556774<=34<9=16764?<69D>B<3678>?=16?635><96<=3
# 64?<69 6<2>? >B<367 8>? =16 4556774<=3 G>B79D><=6<9=14==16277I#94=69.! ..23 4 ?6@23=6?69 277 4<9 2= 23 6I6DB=69 :;
667E4<=1?4> 2< 84F>B?>89686<94<=3 >=>":6HB64=12<@1235?>56?=263
- 22 -
2<84F>B?>89686<94<=3 >=>"
163429 667E4<=1?4> 9269 >< !!.. 686<94<=3 > => " 82769 4< 45572D4=2>< 8>? CB=4=2<@ =162? <4C63 2< =16 ?6F6<B6 ?6D>?93 >< =16 :4323 >8 3429 277 4<9 8>? =16 3429 45572D4=2>< 5742<=288
> 143 82769 >:A6D=2><3 ><
"!.. 16D>5;>8=163429 >:A6D=2><3234=I < =16 3429 >:A6D=2><3 5742<=288 > 143 96<269 =16 277 3=4=2<@ =14= 2= 23 4 :>@B3 4<9 D?64=69 ><6
16 449 41432794? :; 123 >?96? 94=69 "!#..# 143 477>G69 45572D4=2><
16 5742<=2883 14F6 82769 4< 455647 :68>?6 =16 3323=4<= >CC2332><6? 4<9 =16 34C6 D4C6 => :6 923C23369 >< !!#.. 6 3B:C2=3 =14= =16 5742<=2883 D4C6=>E<>G?6@4?92<@=1634292774<9=162?>:A6D=2><3 (I*94=69"!..D><=42<34F6?C6<=3=14=27723 D?64=69 4<9 2= 23 <>= @6<B2<6
16?68>?6 =16 D4B36 >8 4D=2>< => 8276 =16 3B2= 366E2<@ 96D74?4=2>< =14= 277 23 <B77 4<9 F>29 4?>36 >< "!.. 4<9 =16 3B2= 82769 >< !!
..23:6;><956?2>9>872C2=4=2><32<D6?=2D76# >8 =16 2C2=4=2>< D= 5?>F2963 =16 72C2=4=2>< >8 !" ;64?3
- 23 -
8>?366E2<@96D74?4=2><8?>C=1694=6>8?2@1==>3B682?3= 4DD?B636D><=6<969=14==169686<94<=314F6=4E6<=16 34299686<D6>8=1672C2=4=2><2<=16G?2==6<3=4=6C6<=6 5?4;38>?8>?CB74=2<@=164992=2><473B:3=4<=247HB63=2><>8 74G><=165>2<=>872C2=4=2><
" 6 8B?=16? D><=6<93 =14= =16?6 G43 4 54?=2=2>< 2< :6=G66< 667E4<=1?4> 4<9 123 3>< - 4A316E14? (5742<=288 >* 2< =16 ;64? .& 4<9 J 314?6 143 :66< @2F6<2<74<95?>56?=263=>5742<=288 >4A316E14?4<9 J 314?6 143 :66< ?6=42<69 :;
667E4<=1?4>
16?68>?6 =16 3429 5?>56?=263 ?6=42<69 :; 12C 4?6 123 4:3>7B=6 5?>56?=263 4<916 143 ?2@1==> :6HB64=1 1235?>56?=263 2< 84F>B? >8 9686<94<=3 > => " 6 8B?=16? 3B:C2=3 =14= =16?64?6CB=4=2><6<=?263G2=1?6356D==>=16342992F232>< >8 5?>56?=263 2< :6=G66< 667E4<=1?4> 4<9 123 3>< 4A316E14?4<9=163429CB=4=2>< 6<=?26314F63>B@1==> :6 5?>9BD69 B<96? >##!# 82769 B<96? ?96? B76#&>847><@G2=1D>5;>8=16CB=4=2><?6@23=6? ?6D>?93 >8 ?2@1=3 >8 ; >3# # . 4<9 .4?63>B@1==>:65?>9BD69
- 24 -
16 3429 9>DBC6<=3 G>B79 2<92D4=6 =16 84D= >8 92F232><>8=165?>56?=2634C><@ 667E4<=1?4>4<91233>< 4A316E14?5742<=288 >
16?68>?6=1634299>DBC6<= 23?6HB2?698>?96D292<@=16723:6=G66<=1654?=263
68B?=16?D><=6<93=14="G1>23><6>8=16 4==63=2<@ G2=<63363 => 277 I# 143 96<269 16 4==63=2<@2774356?6D=2><&>8=16F296<D6D=G12D1 5?>F2963=14=28=164==63=2<@G2=<63396<263=166I6DB=2>< >8 =16 277 2= 23 => :6 5?>F69 :; >=16? 6F296<D6 " 23 4<>=16? 4==63=2<@ G2=<633 4<9 6F296<D6 G277 63=4:7231 =16 6I6DB=2>< >8 =16 277 :;
667E4<=1?4> 2< 84F>B? >8 9686<94<=3 >=>"63B:C2=3=14==165764>8D6272<@ >8 74<9 1>792<@ 8>? 92F232>< >8 =16 5?>56?=263 2< :6=G66< =163429 667E14<=14>4<91233><4A316E14?(5742<=288
>*2<=16;64?.&234<4C634E69686<D632<D6=16?6 G43<>D6272<@>874<91>792<@328=161>792<@>8456?3>< 237633=14<"4D?63>874<9
- 25 -
6 574D2<@ ?6724<D6 >< =16 AB9@C6<= >8 =16 ><,:76B5?6C6>B?=2<=16D436>8
?65>?=69 2< !"## 143 D><=6<969=14==1627723?6@23=6?6945?63BC5=2><4:>B= @6<B2<6<633 143 => :6 9?4G< 4<9 2= 23 8>? >=16? 54?=; => 9235?>F62=2=1=1636165?4;69=>477>G=164556474<9 ?63=>?6 =16 AB9@C6<= 4<9 96D?66 543369 :; =16
?247 >B?= & 64?<69 D>B<367 8>? =16 ?635><96<=3 G>B79 D><=6<9 =14= =16 9686<94<=3 14F6 <>= >:=42<69 5?>:4=6 G2=1?6@4?9=>277I#
16C692D47?6D>?935?>9BD69 26 I& 4?6 =16 C692D47 D4?9 >8 667E4<=1?4> 4<9 923D14?@6 3BCC4?; 4= I 233B69 :; 23=?2D= B?@6>< 2<92D4=63=14=16G43
54=26<=4<916G4349C2==692< =16 >352=47 9B?2<@ B@B3=-..
16?68>?6 16 G43 <>= 14F2<@3>B<93=4=B3>8C2<9=>6I6DB=6=162774<9=16?6 23 4 6F296<D6 >8 " 2< 3B55>?= >8 =16 3429 4356D= 6 3B:C2=3=14=4=7643=!#G2=<633634?6?6HB2?698>?F47292=; >8=162773"14396<269=164==63=2<@277=16277
- 26 -
9>63 <>= D>C57; 6D=2>< " (D* >8 =16 <924< BDD6332>< D= < =14= 5>2<= 16 574D63 ?6724<D6 >< =16 96D232>< >8 =16 ><,:76 B5?6C6 >B?= 2< =16 D436 >8 $ % $
% &&!'&( 6 3B:C2=3 =14= =16 CB=4=2>< 5?>D6692<@3 >< =16:4323>82774?6<>=C42<=42<4:76432=23=169>C42<>8 =16 2F27 >B?= => 96D296 =16 F47292=; >8 =16 277 < =14= 5>2<= 16 574D63 ?6724<D6 >< =16 96D232>< >8 =16 491;4 ?49631 2@1 >B?= 2< =16 D436 >8 ) *+ +& % ,
&
2<-*./#& 96D2969><!#( . 63B:C2=3=14==16HB63=2><>8F47292=;>8 CB3=:696=6?C2<69:;=162F27>B?=4<9HB63=2><>8=2=76 143=>:6?686??69=>=162F27>B?=4<9=16?623<>56?2>9 >8 72C2=4=2>< 43 5?63D?2:69 < =14= 5>2<= 16 ?67269 B5>< =1696D232><>8=16491;4?496312@1>B?=2<=16D436 >8$%0 ?65>?=692< 12$!'/3*!3
- 27 -
#! 6 3B:C2=3 =14= 28 :>=1 =16 >B?=3 14F6 D><DB??6<=7; 1679 =14= =16 277 36=-B5 :; =16 5742<=2883 23 <>=4@6<B2<69>DBC6<==16<=123>B?=D4<<>=?6433633 =166F296<D6?674=2<@=>5?>>8>8277:;14F2<@?6D>B?36=> 6D=2><!!>8 <=14=5>2<=16574D63?6724<D6B5>< =1696D232>< >8=16 >>?92<4=6 6<D1 >8 =123 >B?=2< =16 D436>8.%
4 $5 , 2< $1.!#&!! 96D2969><!(( # 68B?=16?D><=6<969=14=28=16?672683>B@1=23 <>=496HB4=6>?5?>56?=16>B?=143@>=5>G6?=>C>B79 B<96? ?96? $ B76 & >8 < =14= 5>2<= 16 574D63 ?6724<D6 >< =16 96D232>< >8 =16 >>?92<4=6 6<D1 >8 =123 >B?=2<=16D43606,
04
&01&#/&( ## 6 8B?=16? 3B:C2=3 =14= 9686<94<=3 >B@1= => 14F63>B@1=96D74?4=2><3:4369><=162774<9=16;14F6 <>= 3>B@1= 3BD1 4 ?67268
16 )2?3= 556774=6 >B?= 143
- 28 -
?2@1=7; 455?6D24=2<@ =16 6F296<D6 143 96D?669 =16 3B2= >8 =165742<=288368B?=16?3B:C2=3=14=2<=1636D><9455647 4< 45572D4=2>< B<96? ?96? B76 #& >8 366E2<@ 5?>9BD=2><>84992=2><479>DBC6<=3D4<<>=:66<=6?=42<69 4<9 C>?63> =16 9>DBC6<=3 5?>9BD69 47><@ G2=1 45572D4=2><4?6>:=42<692<=16;64?#!#4<9=16?623<> D436C496>B=8>?<>=5?>9BD2<@=1634299>DBC6<=32<=16 ?247>B?=2=1=1636165?4;69=>923C233=16455647 #" 4F2<@164?9=16764?<69D>B<3673><:>=1=16 54?=263 =123 >B?= 56?B369 =16 2C5B@<69 AB9@C6<=3 4<9 ?247>B?=?6D>?93 # 556774<=3 > => " G6?6 9686<94<=3 4<9 ?635><96<=3 >=> G6?65742<=2883 >=> :68>?6=16 ?247>B?= # 742<=2883 >=> 4?63><4<9=1?6694B@1=6?3 >8 667E4<=1?4> 4<9 123 G286 C= 6674CC4
16 3429 C= 6674CC4 9269 2< =16 ;64? . 4<9 =16 3429
667E4<=1?4> 9269 >< !!.. 16 3429 667E4<=1?4>
- 29 -
149 4 36D><9 G286 :; <4C6 C= 4774CC4 4<9 316 23 9686<94<= >686<94<=3 >#4<9"4?6=G>94B@1=6?3 >8 C= 6674CC4 4<9 667E4<=1?4> F6< =1>B@1 =16 5742<=2883 14F6 64?726?
9235B=69 =16 ?674=2><3125 >8 9686<94<=3 > => " G2=1 667E4<=1?4> =16 6F296<D6 5?>9BD69 :; =16 54?=263 63=4:723169 =14= =16 3429 C= 4774CC4 (9686<94<= >* 23 4 36D><9 G286 4<9 9686<94<=3 ># 4<9 " 4?6 =G> 94B@1=6?3 >8 =16 3429
667E4<=1?4> =1?>B@1 C= 4774CC4 (9686<94<=3 >* = 23 473> <>= 2< 9235B=6 =14= 667E4<=1?4> C4??269 => 9686<94<= > C= 4774CC4 9B?2<@ 7286=2C6 >8 123 82?3= G286 C= 6674CC4
16 3429 C= 4774CC4 (9686<94<= >*92699B?2<@=1656<96<D;>8=123455647 4<94556774<=3 >#4<9"G1>4?6=G>94B@1=6?34?616? 76@47162?3 # =G43356D282D9686<D6>8=169686<94<=3=14=2< =16 ;64? .& =16?6 G43 4 54?=2=2>< :6=G66< =16 3429
667E4<=1?4>4<91233><-4A316E14?(5742<=288 >*4<9 2< =16 3429 54?=2=2>< J 314?6 2< =16 3B2= 5?>56?=263 G43
- 30 -
@2F6<=>4A316E14?(5742<=288 >*4<9J314?6143:66< ?6=42<69 :; =16 3429 667E4<=1?4>
16 3429 54?=2=2>< 23 9235B=69 :; =16 5742<=2883
16 5742<=2883 D><=6<969 =14= =16?6G43D6272<@72C2=>81>792<@>8=1674<934<92<>?96? => >F6?-D>C6 =16 34C6 =16 5?>56?=263 G6?6 92F2969 4C><@ 667E4<=1?4> 4<9 123 3>< 4A316E14? 143 49C2==692<123D?>33-6I4C2<4=2><=14=12384=16?2<8>?C69 12C4:>B=CB=4=2><>8123<4C62<=16?6F6<B6?6D>?932< ?6356D= >8 =16 5?>56?=; 48=6? CB=4=2>< 123 <4C6 2< =16 3429 ?6D>?93 143 :66< 6<=6?69 9B?2<@ =16 ;64? .&-&. 4<9123<4C6G43CB=4=692<?6356D=>8=1674<9:64?2<@ ; >.4<9; >#4<912384=16?,3<4C6G43 CB=4=69 2< ?6356D= >8 74<9 ; >. 4<9 ; ># 6143473>49C2==69=14=161439B@:>?6-G6772<C29976 >8=165?>56?=263I! >8; >#C643B?2<@ ! 4D?63 # @B<=43 G43 3=4<92<@ 2< =16 <4C6 >8 4A316E14? (5742<=288 >* I
>8 ;
>. C643B?2<@ 4D?63232<=16<4C6>84A316E14?(5742<=288
>*
1674<9:64?2<@; >#C643B?2<@!4D?63
- 31 -
#@B<=43233=4<92<@2<=16<4C6>89686<94<= >(C= 4774CC4* 4<9
>8 =16 34C6 4= I 4<9 3> 473> 74<9;
>.C643B?2<@ 4D?63!@B<=4G12D1234= I"3=4<92<@2<=16<4C6>8C=4774CC4
16<4C6 >8 C= 4774CC4 D4C6 => :6 CB=4=69 => =16 3B2= 5?>56?=263><=16:4323>8277I#3429=>14F6:66< 6I6DB=69:; 667E4<=1?4>2<84F>B?>89686<94<=3 >=>
"
16 6<=?; >8 <4C6 >8 5742<=288 > 2< =16 ?6D>?9 >8 ?2@1=3 56?=42<2<@ => =16 5?>56?=; :64?2<@ ; ># C643B?2<@ ! 4D?63 # @B<=43 4<9 ;
>. C643B?2<@ 4D?63 2< =16 <4C6 >8 5742<=288 > = 2<92D4=63 =14= =16?6 G43 4 92F232>< 2< =16 5?>56?=263 2< :6=G66< 5742<=288 > 4A316E14? 4<9 123 84=16? 667E4<=1?4> ?2>? => =16 6<=?; >8 <4C6 >8 C= 4774CC4 ?674=2<@ => =16 3B2= 5?>56?=263 =16 <4C6 >8
667E14<=?4>G43CB=4=69ID65==16>?4734;>85742<=288
> =14= 2< >?96? => >F6?-D>C6 D6272<@ >8 74<9 1>792<@3 =16 5?>56?=263 G6?6 92F2969 <> >=16? 6F296<D6 143:66<574D69><?6D>?9
1634296<8>?D6C6<=>8D6272<@
- 32 -
>874<91>792<@3143:66<6<9692<=16;64?.&"-& 4<9 2=G43<>=6I23=2<@9B?2<@=16;64?.&-&. 16F6?;84D= =14= 667E4<=1?4> C4??269 => 9686<94<= > 9B?2<@ =16 7286=2C6>812382?3=G286C= 6674CC4=45564?3=14=2< >?96?=>>F6?-D>C6=169235B=634C><@=1682?3=G2864<9 36D><9 G286 4<9 => E665 =16 82?3= G286 4<9 16?
D1279?6< 3654?4=67;=16342992F232><>8=165?>56?=263C2@1=14F6 :66<=4E6<574D6
1634293B@@63=2><5B==>2<123 D?>33-6I4C2<4=2><143:66<96<269:;12C
16
?247>B?= 574D2<@ ?6724<D6 >< =16 96D232>< >8 =16 2F232>< 6<D1 >8 =123 >B?= ?65>?=69 2< 12$ !'#" . (/ 01$ 143 1679 =14= G16< 4 D2=2K6< G2=1 4 F26G => @42< 3>C6 49F4<=4@6 6886D=3 4 54?=2=2>< 764<3 2< 84F>B? >8 123 1><63=;>85B?5>364<976@47:614F2>?34<95?63BC63=14= =1654?=2=2><23?6474<9F4729=D>B79<>=433BC6=14=4 14C9>DBC6<=3G43:?>B@1=4:>B=G2=14F26G=>9686D= =165?>F232><3 >8 74G
16
?247 >B?= 8B?=16? ?2@1=7; 1679 =14=D><9BD=>84A316E14?96F67>52<@1235>?=2>< >874<9><7;:;92@@2<@4:>?6-G6774<92??2@4=2<@J>8=16
- 33 -
3B2= 5?>56?=; G2=1 =16 1675 >8 :>?6-G677 4<9 ?4232<@ =16 3B@4?D4<6 @>63 => 31>G =14= =16?6 G43 54?=2=2>< 2< =16 ;64?.& #&
16 )2?3= 556774=6 >B?= >:36?F2<@ =14= <> CB=4=2>< 143 :66< 5?>9BD69 => 31>G =14= 43 56? =16 54?=2=2>< 2< =16 ;64? .& 143 923:6726F69 =16 34C6 4<9 1679=14==16?6G43<>54?=2=2><<>?96?=>>F6?-D>C6=16 3429 >:36?F4=2>< >8 =16 )2?3= 556774=6 >B?= =16 4556774<=3 14F6 82769 >##!# B<96? ?96? B76 #& >8 366E2<@ 5?>9BD=2>< >8 4992=2><47 6F296<D6 :; 5?>9BD2<@!9>DBC6<=3C><@=1682F69>DBC6<=3><6 23 D6?=28269 D>5; >8 =16 CB=4=2>< ?6@23=6? >8 =16 $2774@6 >E?4<4 (* G12D1 23 2< 2<92 >92 74<@B4@6 G2=1 =?4<374=2><D>5;2<92D4=6=14==16?6G434CB=4=2><2<=16 ;64?.&?6@4?92<@=1654?=2=2><2<:6=G66< 667E4<=1?4> 4<91233><43A316E14? # ><3296?2<@ =16 3429 9>DBC6<=3 4<9 >=16? 9>DBC6<=3 5?>9BD69 :68>?6 =16
?247 >B?= ?6@4?92<@ CB=4=2><>8=165?>56?=2632<=16<4C6>85742<=288 >-
- 34 -
4A316E14?4<9233B2<@>83654?4=6
2<?6356D=>8=16 5?>56?=;; >#C643B?2<@!4D?63#@B<=434<9 ;
>. C643B?2<@ 4D?63 G277 63=4:7231 =14==16?6 G43 4 54?=2=2>< 2< :6=G66< 667E4<=1?4> 4<9 123 3>< 4A316E14? 3 =16?6 4?6 47?649; 9>DBC6<=3 >< ?6D>?9 ?6@4?92<@ =16 CB=4=2>< >8 =16 5?>56?=263 43 56? =16 92F232><2<=16;64?.&2<:6=G66< 667E4<=1?4>4<9123 3>< 4A316E14? (5742<=288 >*
16 5?>9BD=2>< >8 =16 4992=2><476F296<D6:;G4;>89>DBC6<=35?>9BD69B<96? >##!#82769B<96? ?96? B76#&>823<>= <6D6334?;
#. ><3296?2<@ =16 4:>F6 4356D=3 =16
?247 >B?= 143 ?2@1=7; 1679 =14= 2=6C >3 4<9 # >8 =16 3B2= 5?>56?=263 26 ;
> 4<9 . 14F6 6HB477; 92F2969 4C><@ 667E4<=1?4>4<91233><4A316E14?2<=16;64? .&4<9?2@1=7;1679=14=233B6 > 143:66<5?>F69:; =169686<94<=3
- 35 -
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16
?247>B?=574D2<@><=166F296<D6>8" 47><@ G2=1 6F296<D6 >8 1679 =14= I# 277 6I6DB=69:; 667E4<=1?4>2<84F>B?>89686<94<=3 >=>
" :6HB64=12<@ 123 314?6 >8 =16 5?>56?=263 23 5?>F69
16 )2?3= 556774=6 >B?= 574D2<@ ?6724<D6 >< =16 6F296<D6 >8
"4<99>DBC6<=34=I3&4<9C692D47?6D>?93>8
667E4<=1?4> 143 1679 =14= I# 277 143 <>= :66< 5?>F694<9=163429 667E4<=1?4>G43<>=2<3>B<93=4=B3 >8C2<94==16=2C6>86I6DB=2<@=16277
16342982<92<@ >8=16
?247>B?=4<9=16)2?3=556774=6>B?=D4<<>=:6 2<=6?86?69G2=12<=12336D><9455647B<96?6D=2><!!>8
" =23<>=2<9235B=6=14==163B2=5?>56?=2634?6 D>54?D6<6?; 5?>56?=263 >8 667E4<=1?4> 4<9 A>2<= 84C27;
C6C:6?3 >8 667E4<=1?4> < =16 D436 >8 7
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?65>?=69 2< 12$(/!/=16><,:76B5?6C6>B?=1679=14= =1694B@1=6?23473>4D>54?D6<6?4<91436HB47314?6=> =14=>843><2<=16D>54?D6<6?;5?>56?=263
16;4?6473>
- 36 -
6<=2=769=>=16314?62<=16D>54?D6<6?;5?>56?=26328=16?6 G43 <> 54?=2=2><4C><@ D>54?D6<6?3 < 4?4 >#. =16 ><,:76B5?6C6>B?=>:36?F69=1B3- /-4
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- 38 -
"#
16><,:76B5?6C6>B?=1679=14=2<F26G>8 =166I574<4=2><=>6D=2><(*>82<9BBDD6332><D= . 2= 23 1679 =14= G16?6 4 5764 >8 >?47 54?=2=2>< 23 3B55>?=69 :; 5B:72D 9>DBC6<=3 4<9 54?=2=2>< 23 82<47 :; 6F2<D692<=1634C6C4<<6?43282=149:66<6886D=69:; 496D?66>84>B?=2=C4;:64DD65=69
"" < =16 D436 >< 14<9 =16 6F296<D6 63=4:723163 =14= =16?6 G43 4 54?=2=2>< :6=G66< 667E4<=1?4> 4<9 123 3><4A316E14?(5742<=288 >*2<=16;64?.&4<92=23 6F296<D69:;5B:72D9>DBC6<=26CB=4=2><4<96<=?;2< =16?6F6<B6?6D>?93>8=165?>56?=263<F26G>8=163429 5?2>?54?=2=2><2<:6=G66<5742<=288 >4<9 667E14<=1?4> 5742<=2883 >#=> G1>4?694B@1=6?3>8 667E4<=1?4>4<9 =1?>B@1 123 82?3= G286 C= 6674CC4 4?6 <>= 6<=2=769 => 54?=2=2><4<9314?62<=16D>54?D6<6?;5?>56?=263
16;4?6 6<=2=769 => 314?6 2< =16 5?>56?=263 >8 667E4<=1?4> G12D1 G6?6 477>==69 => 12C 2< =16 54?=2=2>< =4E6< 574D6 2< =16 ;64?.&
- 39 -
" < F26G >8 =16 3429 54?=2=2>< 2< =16 ;64? .& =16 314?6 477>==69 => 667E4<=1?4> :6D4C6 123 3654?4=6 5?>56?=263 8=6?
123 964=1 123 D1279?6< 4?6 6<=2=769 => 314?62<=16C686<94<=3 >#4<9"4?6473>D1279?6< 94B@1=6?3>8 667E4<=1?4>=1?>B@112336D><9G286C= 4774CC4(9686<94<= >*435?>56?=263G6?6477>==69=> =16 314?6 >8 667E4<=1?4> 4?6 123 3654?4=6 5?>56?=263 :62<@ D1279?6< >8 36D><9 G286 (2<F4729 C4??24@6* =16; 4?6 473>6<=2=769=>314?62<=16C47><@G2=15742<=2883 >=> 16?68>?65742<=2883 >=> 4<99686<94<=3 >#4<9
"4?66<=2=769=>314?62<=165?>56?=263>8 667E4<=1?4> 686<94<= >4774CC4:62<@436D><9G286C4??269 => 667E4<=1?4>9B?2<@=167286=2C6>812382?3=G286C=
6674CC423<>=6<=2=769=>4<;314?62<=165?>56?=263>8
667E4<=1?4> 16?68>?6 5742<=2883
> =>
4<9 9686<94<=3 >#4<9 " 4?6 6<=2=769 => 6HB47 314?6 2< =16 5?>56?=263>8 667E4<=1?4>26;
>C643B?2<@! 4D?63 # @B<=43 4<9 ;
>. C643B?2<@ 4D?63 ! @B<=4
161>B365?>56?=;:64?2<@4<D14;4= >4<9
- 40 -
D4==76 3169 :64?2<@ 4<D14;4= >## 32=B4=69 2< >E?4<4 F2774@6>8294? 47BE44?6A>2<=84C27;4<D63=?475?>56?=263 >8 667E4<=1?4>
16?68>?6 5742<=2883 > => :62<@ =16 3><4<9=1?6694B@1=6?34?66<=2=769=>6HB47314?62<=16 34295?>56?=263686<94<=3 >#4<9":62<@=16D1279?6< >8 2<F4729 C4??269 4?6 <>= 6<=2=769 => 314?6 2< =16 3429 1>B365?>56?=263
" 64?<69D>B<3678>?=164556774<=3CBD14?@B69 >< =16 72C2=4=2>< 8>? 8272<@ =16 3B2=
16 3B2= 23 82769 8>? 54?=2=2>< 4<9 8>? 96D74?4=2>< =14= 277 6I6DB=69 :;
667E4<=1?4>23<B77 4<9F>29
163429277 231679=>:6 <>= 5?>F69 :; =16 9686<94<=3 3 =16 C42< ?67268 >8 =16 5742<=2883238>?54?=2=2><>8=163B2=5?>56?=263=16?623<> 4<; 72C2=4=2><8>? 8272<@ =163B2= 8>? 54?=2=2>< >?63> =16 3B2=8>?54?=2=2><238276948=6?=16964=1>8 667E4<=1?4>
" ><3296?2<@ =16 4:>F6 4356D=3 =16 3B:3=4<=247 HB63=2>< >8 74G 4<3G6?69 4DD>?92<@7; < =16 ?63B7= =16 8>77>G2<@+
- 41 -
1645564723477>G692<54?=
16 AB9@C6<= 4<9 96D?66 543369 :; =16 )2?3= 556774=6 >B?= 2< > "#!! 23 C>928269 43 B<96?-
163B2=2< >#..2354?=7;96D?669
742<=2883 >=> 4<99686<94<=3 >#4<9" 4?66<=2=7698>?=1314?664D12<=165?>56?=; :64?2<@ ;
> C643B?2<@ ! 4D?63 # @B<=434<9;
>.C643B?2<@ 4D?63! @B<=432=B4=694=>E?4<4(*F2774@6
742<=2883 > => 4?6 6<=2=769 => =1 314?6 64D1 2< =16 1>B36 5?>56?=; :64?2<@ 4<D14;4=
> 4<9 4==76 169 :64?2<@ 4<D14;4=
>##32=B4=694=>E?4<4(*F2774@6
- 42 -
16 54?=263 4?6 6<=2=769 => 54?=2=2>< 4<9 3654?4=6 5>336332>< >8 =162? ?6356D=2F6 314?63 :;C6=634<9:>B<93
?4G?672C2<4?;6D?664DD>?92<@7;
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