Ǔ Ȳ Ȳ É ȡ Ȣ ȣ \ ȡ ȡ \ Ȳ ǐ ¡ȡ ȡ Ʈ ȡȡ Ĥ ȡǔ Ȱ ğ Ȳȡ ȡ Ǖ ȡ \ Ĥ Ȣ ²²² ODl \lWKl # #\VW$ ² IFJNM IRNNX HD0\ `NMN )NNLNIMU GN IX(XI\I>NU YINIXH@ IWOLMHJNHIJHMN7LN\IQXNDGYL]K\@GNVYXTHIUQVSTGVJ6D@EOGV`NMNOR= ONNNMNGKOZSXNGVI\VL]GNI NUIGN WNUNJ6$ Ϯ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ > IFJNMMN7HVDXN6GN"NN9GKF8QNVF/UKRDL]FDNXGVI\ODIRNNXGVYNKX/)NNILU/)NNXK /R NNOX OD/)NNYNVD HVD )NNIXIJU []NHKN U)NN NJMK /)NNXK IXGNNVD GV L]NINGNMNVD GNV NI'UNVD GV 8N[HX U)NN L]5NNVWXOTIXI SUGMXVGVON)N ON)N\NVGXN6GN"NN9NVDGNVOT2RI/)NUU)NNIRIXIHUGMXVGVI\YINIXH$ +NNMU[NMN7GVSN6JUMRVDRN=HVDIFJNMMN7IRNNXHD0\`NMNIX(XI\I>NULHVDJYINIXIHUJNV , JYINIXH GJNWNOGV[N$ EOGNIR/UNMODLZN=IFJNMMN7HVDJNV[N$ J M N 7 O M G N M ` N M N M N W L H VD Y I N O ZI S U I G V W N X V G K I U I ) N O V L ]R C¥ N J N V[ N $ E O Y I N I X H G V L ]N R N N X N VD H VD@ ) N N I / ) N I U @ M N 7 O M G N M ` N M N [ ]N H K N U ) N N N J M K ^ N V N VD H VD Y)NRNMN7OMGNM`NMN O(GLOVL]NINGCU/)NNXKIXGNNVDGV/)NNXKL]NINGNMNVDHVD W\IXGNOVYNOD[]JN NNIH\J6D$ EOYINIXHHVD@WFUGIGODQ+N=OVY8)NNYLVI^NUXJNV G OVYI+NL]VUJ6@IW\NGNYLMOHNJ¥NN=NEOYINIXHGVYNKXYLM OHNJ¥NN=GVIGOKGNO+NKGC5NVDGVIXR=JNGVI\OMGNM`NMNYINOZISUGNVE=Y8 LQNINGNMK ͖ >N OVYI+NL]VUJ6@\G0KNNNUTY)NRNIGOKY8ONHI[]NVDOVIXIH=U\DFNVUM YNGNM GKW\ GVV LM S\NHNX NX Y)NRN HNXRF\OV LIMSNI\UNX IWOOV W\IXGNNVDGVG1NVMOVQZOMV1NVMUGIXU/)NNXLM\NV[NVD@WNXRMNVDRDHRVI NNVDU)NN HN\NVD@ONHI[]NVD@E5NIQGNVLJTySNNWNOGV$ [ O V Y I + N L ]VU J 6 W \ I X G N N VD H VD L ]R V N G M X V G V I \ \ G 0 K @ E =D9 @ L 5 ) N M @ \ N VJ V@ E5NIQOVFXKOKKYN6MEOOVIRRI^NUJ6W\IXGNNVDGVIGXNMVGK+NZIHIWOGNPLNV[ ONHN8U \NV[NVD `NMN XJNXV@ L])NN GV YXTONM NNIH=G YXT%NXNVD YN6M L]^NN\X GV ON)N ON)N \NV[NVD@ WNXRMNVD RD HRVI NNVD@ HN\NVD U)NN ONHI[]NVD@ E5NIQ GNV MN7 OMGNM GV NNMN YN6M IXD NGVYNKXXN6GN#XNRGVHNHOV\NQXVYN6MPUNMXVGVI\IGNWNUNJ6 "N OV YI+NL]VU J6@ OMGNM `NMN EO L HVD IXT'U LQNINGNMK N EO YINIXHGVYNKXYDS\YINGNMKGVIGOKGNO+NKGC5NVDGVIXR=JNGVI\OMGNM `NMNYINOZISUGNVE=Y8LQNINGNMK OVYI+NL]VUJ6@IW\NGNOHNJ¥NN= S OVYI+NL]VUJ6@IW\VGNGNVE=YLMOHNJ¥NN=#OHNJ¥NN= U)NN ODIRNNXGV YXT31VQU)NNYXT31VQUGVYNKX)NNLIM+NNINUI /UMKLDSNUKMNWOD/)NNXNVD U)NN NJMK/)NNXKIXGNNVDGV/)NNXKL]NINGNM 1 OVYI+NL]VUJ6@O(FI8NUMNW/RL]HD0\GVYNT'U W IW\N OVYI+NL]VUJ6@MN7OMGNM`NMNEOLHVDYINOZISUGNVE=MNW/RIW\N ! OV YI+NL]VU J6@ XN6GN#XNR GV HNH OV W\ IXGNNVD GV IGOK G XN6GN"NN9 OV I R L M K U I Q N N H VD Q ZO M K X N 6G N " N N 9 G V I X U / ) N N X U G X N 6G N # X N R G V H N H O V \ N V[ N VD@ W N X R M N VD RDHRVI NNVDU)NNHN\NVD@ONHI[]NVD@E5NIQGNYNRN[HX$ } OVYI+NL]VUJ6@IFJNMOMGNM 9 HVD NNIH\ J6D@ +NNMU ODIRNNX GV RVD RD RVD OD NNVNX `NMN [I%U ¤H N I /UMK LDSNU MNW OD/)NNX OV ODFDINU []NHKN IXGN RD NJMK IXGN U)NN O DI R N N X G V Y X T3 1 VQ H VD ) N N L I M + N N I N U L DS N U Y N 6M Y X T3 1 VQ U H VD ) N N L I M + N N I N U X[MLNI\GN % OV YI+NL]VU J6@ MN7 OMGNM GV MNWL HVD L]GNI NU YINOZSXN U)NN YI+N2I'U GMXNUQXTONMOH!NWNV[N$ 0 OVYI+NL]VUJ6@EOYINIXHGVYNKXFXNK[KIXHNR\K`NMNIRIJU OVYI+NL]VUJ6@\NVGXN6GN"NN9OVEUMGNVE=XN6GN"NN9 N OVYI+NL]VUJ6@RJIR¥NKRN=IWOGVI\XN6GN"NN9NVDGVI\F8QNVF/UKGK [KJNV U OVYI+NL]VUJ6@MN7OMGNM`NMNNNIMURDIXD NGVYNKXXIQNy@!K\@ UN\NF@LE=X@96DG@YNJM@W\XI\GNy@XJM@SN6M@W\N N06H@HX@E5NIQ$ ϯ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ )N OV YI+NL]VU J6@ OMGNM `NMN IXT'U GNVE= YXTHD0\ LQNINGNMK N YXTHD0\Q0NINGNMKY)NRNEOYINIXHGVYNKXYXTHD0\LQNINGNMKGVIGOKGN O+NKGC5NVDGVIXR=JNGVI\OMGNM`NMNYINOZISUGNVE=Y8LQNINGNMK$ Q OVYI+NL]VUJ6@IFJNMOMGNMGNLIMRJXIR+NN[$ N OVYI+NL]V UJ6IFJNMOMGNMGNW\ODONNXIR+NN[ X O V Y I + N L ]VU J 6@ O M G N M ` N M N E O L H VD I X T' U L Q N I N G N M K N E O YINIXHGVYNKXMNW/RYINGNMKGVIGOKGNO+NKGC5NVDGVIXR=JNGVI\OMGNM `NMNYINOZISUGNVE=Y8LQNINGNMK ,, IW\N OHNJ¥NN= GV I\@ OH OH LM@ IX(XI\I>NU GMXN IRINLZN= U)NN 8NOD[U JNV[N G LDWKGCU U)NN "NNVINU GMXN IG GN6X XN6GN "NN9 \NVG XN6GN"NN9 OH!N WNV[N U)NN O(FI8NU IW\V IWOHVD EO YINIXH GV L]NVWXN)N= P8JVD S\NXN U)NN YRI/)NU OH!N WNV[N >N IXWKXN6GN"NN9GNG&WN\VXNU)NNPOV\NVGXN6GN"NN9"NNVINUGMXN [ E 3 1 TG 2 I ' U # O D/ ) N N O V L ]N , U Y N R VQ X G V Y N \ N VG H VD Y N R G U N X TO N M O H O H L M Y/)NNKXN6GN"NN9"NNVINUGMXN "N RJNy@XN\NVGXN6GN"NN9/)NNILUGMXNWJNyPOGKYNR GUNOH!KWN IGOK\NVGXN6GN"NN9GKLIMOKHNIXNN=IMUGMXN S IGOKXN6GN"NN9GNHN[=FQ\XN 1 I G O K \ N VG X N 6G N " N N 9 @ I W O V R J Y N R G O H ! V@ G N V M N VG Q VX N Y N 6M W LZR=OVODSNI\URDYINOZISU\NVGXN6GN"NN9GNV NNIH\IGNWNXN$ PLNNMNGVYNKXL]5VGVONMIW/9V NX@"NNVNNN@/)NNLX@LIM+NNNN@FQ\NRRDMNVG I W \ V G V O H N J ¥ N N = ` N M N O M G N M O V I R I X I S U L ]N I N G N M G V L ZI R =G Y X TH N VQ X O V R D O M G N M ` N M N I R I J U M K I U O V@ M N W L H VD I W \ V G V O H N J ¥ N N = ` N M N Y I N O ZI S U I G N W N V[ N U ) N N I W \ V G V R VF O N E 9 L M + N K Y L \ N V0 I G N W N V[ N $ I G O K \ N VG X N 6G N " N N 9 G V X V / ) N \ S X R D / ) N \ L M I G O K L ]G N M G V / ) N N K # Y / ) N N K IXHN=NGVLZR=OMGNMGVW\ODONNXIR+NN[OVYIN%NILUIXHGVYXTONMYXNLI¥N L]N,UGMXNYIXRN=JNV[N$ \ N VG X N 6G N " N N 9 N VD G K F 8 Q N VF / U K @ I X D N U ) N N L ]F D N X G K N I ' U O H N J ¥ N N =# Y L M O H N J ¥ N N =# /)NNXKL]NINGNMHV DIRIJUMKIUOVOMGNMIXIJUGMOGV[K$ Y8UMN=7KRDY8U=IW\N\NVGXN6GN"NN9NVDGKF8QNVF/UK@IXD NRDL]FDNXGK NI'U@ OMGNM`NMNIRIXI SUIRIJUL]I¤NGVYNKXOHNJ¥NN=#YLMOHNJ¥NN=HVDIXIJUJNV[K$ 4VMKGVYNKXXN6GN#XNRGNIXFDNX@+NNM^NHUN@LIMSN\XGNOH@E5NIQOMGNMGV LIMRJXIR+NN[`NMNIXNN=IMUIRIJUL]I¤NGVYNKXJNV[K$ X N 6G N " N N 9 # X N 6G N # X N R L I M S N \ X G V O TM I ^ N U O DS N \ X R D N U N N U I X D N J VU T OH OH LM OMGNM `NMN IQ NN IXQV= N U IGN WN OGV[N@ IWOGN YXTLN\X YIXRN=JNV[N$ XN6GN"NN9#XN6GN#XNR GN LIMSN\X@ ODSN\X RD IXD N GN IXMK^NN IW\N OHNJ¥NN= ` N M N L ]N I N G CU M N W / R Y I N G N M K O V Y 8 ZX / U M G V I G O K L Q N I N G N M K O V I G N W N O G V[ N $ Y N L Q N G K I / ) N I U H VD W \ O DO N N X I R + N N [ G V Y X TM N V N L M X N 6G N " N N 9 O V L I M S N \ X L M M N VG \[NKWNOGV[K$ XN6GN"NN9 OV LIMSN\X YNIQ GV ¤H HVD XQK GV LNIMI/)NIUGK@ U9FDN@ ODMSXN@ G9NR IXMNVNG GN= GK OTM^NN@ FN OV OTM^NN@ YNIQ ODFDNK L]IUGZ\ I/)NIU P5L8X JNVXV GK OD+NNRXNGVHQaQVXWMW\ODONNXIR+NN[GVYXTMNVNLMF8QNVF/UK#LIMSN\XGNIXU O H H VD F Q \ N R N / ) N [ X @ W 6O N I G P L T' U J N V@ I G N W N O G V[ N $ ϰ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ ,,, \NVGXN6GN"NN9NVDOVL)NGM9NV\GKROZ\KOMGNM`NMNIRIXI SUIRIJUL]I¤NGVYNKXGK WNV[K$ L)NGM@WJNy\NVGXN6GN"NN9YRI/)NUJNV@PXQMNVLM@WNVIW\VGVOHNJ¥NN=`NMNOMGNMOV IRIXI SU L]NINGNM GV LZIR=GYXTHNVQX OV@ OH OH LM@ IXU IGNWNV@ O+NK 2I'UNVD@ WNXRMNVD RD HRVI NNVD@ RNJXNVD GV ON)N ON)N IGOK XN6GN#XNR OV IGOK W\ IXGNNVD GNV LNM G M X V R N \ V H N \ N VD Y N 6M O N H I [ ] N VD L M L ]+ N N I M U I G V W N VD[ V@ I G 8 U T \ N VG O VR N L M I X N VI W U U ) N N L ]VI N U L M L ) N G M L ]+ N N I M U X J K D J N VD[ V$ LM8UT@ OMGNM OH OH LM J "NNVINU GM OGV[K GK GNVE= 2I'U@ WNXRM RD HRV NK@RNJXNY8HN\RDONH[]KGNVVOVL)NGMOV1Z9L]N,UJ6$ L)NGM ONMNK IGOK \NVG XN6GN"NN9 GV L)NGM GK ROZ\K RD OD[]JN GV I\ OMGNM `NMN IRIXI SUIRIJUL]I¤NGVYNKXL)NGMONMNKGNIW\N[W9HVDL]GN NXYIXRN=JNV[N$ L)NGM ONMNK@ )NNI/)NIU@ F8QNVF/UNNMK N /)NNXK L]NINGNM N OHNJ¥NN= `NMN YINGCU GNVE= Y82I'U@/L9LOVI\I>NUY)NRNHTIQ]ULHVD@VOVL)NGMGKONMNK/)NNXKGIJ8QK +NNNN HVD /)NNK UN6M LM \NVG XN6GN"NN9NVD GV XWQKG OJW QC L]QI N=U GMV[N RD Y N R G U N X TO N M N I N VD G K H N y[ L M E O V P L \ & N + N K G M N V[ N $ ,9 O M G N M O H O H L M @ 2 R / ) N N F X N V M > N X V J VU T I X W K X N 6G N " N N 9 N VD G V O DS N \ X R D I X D N U ) N N NI NVDRDODLI¥NGKOTM^NNGVI\EOYINIXHOVOD[UIXHNR\KFXNOGV[K$ P L N N M N G V Y N K X [ I % U R D Y I N O ZI S U I X H N R \ K G N M N W L H VD L ]G N N X I G N W N V[ N $ 9 \NVGXN6GN"NN9U)NNIXWKXN6GN"NN9GVUJU4VMKGVYNKXXN6GN#XNR GNIXFDNX@LIMSN\X@+NNM^NHUN@WKRXM^NG8ZXUHOTM^NNPLGMNNVD@E5NIQGNIXNN=MNRDGNN=8RXOMGNM GVLIMRJXIR+NN[`NMNIRIXI SUIXHNR\KGVL]NRNNXNVDOVYN31NIQUJNV[N@IWOGNYXTLN\XYIXRN=JNV[N$ 9, F8QNVF/UKRN=GVQN6MNXNNMN GVYNKXFDQNVF/U \NVGXN6GN"NN9NVDGVHNH\NVDHVDIGOKL]NGCIUGYNLQNGVGNMNY)NRNIGOKVOVY8GNMNNVDOVFDQNVF/UKRN=GV HGN\HVDJNIXJTE=JNV@UNVIXUYRINGVI\FDQNVF/UMNI NGKHN4KJVUTOMGNMIXHFXNOGV[K$ 9,, \NVG XN6GN"NN9NVDGK F8QNVF/UKOVPQa+NZUMNW/RGNPLNV[RD2OMGNM`NMNIXNN=IMUIRIJUMKIUOVIGNWNOGV[N$ ϱ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ 9,,, O^NHL]NINGNM`NMN\NVGXN6GN"NN9NVDGKF8QNVF/UKOVPQa+NZUIGOKL]GNMGVIRRNQNVD OV 2I)NU GNVE= F8QNVF/UNNMK#2I'U ODFDINU YXTHD0\ LQNINGNMK GV 8NN\ HVD YLK\ QNI>N\GMOGV[N$ LM8UT@ VOV F8QNVF/UK GV HNH\NVD HVD@ IWOHVD OHNJ¥NN=#YLM OHNJ¥NN= YXTHNVQX GV YNKX O^NH L]NINGNM JNV RJNy L]HD0\ GV YNT'U GV 8NN\ HVD YLK\ QNI>N\ GK WNV[K$ G Y X TH D0 \ L Q N I N G N M K ` N M N L N I M U Y N Q V N G V I R O DI / ) N U G K [ E = L TX M K ^ N N N I S G N Y L M O H N J ¥ N N =# O H N J ¥ N N = G V 8 N N \ H VD Q N I > N \ G K W N V[ K $ >N YLMOHNJ¥NN=#OHNJ¥NN= `NMNLNIMUYNQV NGVIRLTXMK^NN NISGNL]HD0\GV Y N T' U G V 8 N N \ H VD Q N I > N \ G K W N V[ K $ [ R 6O V H N H \ N VD H VD@ W J N y Y L K \ L ]H D0 \ G V Y N T' U G V 8 N N \ H VD Q N I > N \ G K [ K J N V@ YNT'U`NMNVOVLNIMUYNQV NGVIRLTXMK^NNNISGNMNW/R LN=QGVOH^N QNI>N\GKWNV[K$ ,; L]5VGFDQNVF/UNNMKNPOGV`NMNL]NINGCUGNVE=Y82I'UIQOMGNM`NMNFDQNVF/UK GVI\IXNN=IMUIXHNVDRDFDQNVF/UKGK NUNV=DGNP<\D"NXGMUNJ6Y)NRNPLV^NNGMUNJ6@ UNVOMGNM`NMNOH OHLMIRIXI SUIRIJUMKIUGVYNKX@IW\NOHNJ¥NN=NPXGV ` N M N Y I N G CU G N VE = Y 8 Y I N G N M K ` N M N Q D0 # W TH N =X N Y I N M N VI L U I G N W N [ N $ PLNNMN RD NNMN GV YNKX \NVG XN6GN"NN9 U)NN IXWK XN6GN"NN9 GV UJU 4VMK GV YNKX XN6GN#XNR GN IXFDNX@ LIMSN\X@ +NNM ^NHUN@ OTM^NN5HG YXTQV N@ E5NIQ GV I\ OMGNM `NMN IRIXI SU RD IXNN=IMU IXHNVD U)NN NUNV=D GN P<\D"NX GMUN J6@ UNV OMGNM `NMN OH OH LM IRIXI SU IRIJU MKIU GV YNKX@ IW\N OHNJ¥NN= N PXGV `NMN Y I N G CU G N VE = Y 8 Y I N G N M K ` N M N Q D0 # W TH N =X N # J W N =X N Y I N M N VI L U I G N W N [ N $ PLNNMN RD GV YNKX@ WNyS HVD QNVNK LNV WNXV LM@ ODFDINU F8QNVF/UNNMK#F8QNVF/UNNMK`NMNYINGCU2I'UGNVUKXHNJGNONNNMNGNMNRNO Y)NRN YINGUH @ L3SNO JWNM GN Y)N=Q0 Y)NRN F8QNVF/UK IXM/UKGMN GK G N M =R N E = G K W N O G V[ K N P ' U O + N K Q 0 Y I N M N VI L U I G V W N O G DV[ V$ IGOK \NVG XN6GN OV LNM GMXV RN\N GNVE= 2I'U\NVGXN6GN"NN9GVL]FDNXRDODSN\XGVI\OMGNM`NMNIRIXI SUIXHNVDGNP<\D"NXGMUNJ6Y)NRN P L V^ N N G M U N J 6@ U N V O M G N M ` N M N O H O H L M I R I X I S U I R I J U M K I U G V Y N K X @ W N yS H VD Q N V N K L N V W N X V L M @ I W \ V GV OHNJ¥NN= Y)NRN PXGV `NMN YINGCU GNVE= Y8 YINGNMK `NMN G HNJ GN ONNNMN GNMNRNO Y)NRN YINGUH @LNySJWNMGNY)N=Q0Y)NRNP'UQNVXNVDQ0YINMNVILUIGNWNOGV[N$ I W \ V G V O H N J ¥ N N = / U M O V Y I N G CU I G O K L Q N I N G N M K ` N M N N N M N R D H VD I Q V [ V YNQV NOV2I)NUGNVE=2I'UYNQV NGKIUI)NOVUKOIQXNVDGV+NKUMIW\NOHNJ¥NN= GVOH^NYLK\QNMGMOGV[N$ P L N N M N G V Y N K X I W \ V G V O H N J ¥ N N = G V Y N Q V N O V 2 I ) N U G N VE = 2 I ' U I W \ N O H N J ¥ N N = G V Y N Q V N G K I U I ) N O V U K O I Q X N VD G V + N K U M L ]H D0 \ G V Y N T' U G V O H ^ N Y L K \ G M OGV[N$ ϲ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ ; NNMNHVD)NNVLFDINU\NVGXK\NHK`NMNF8QNVF/UK GVHNH\V HVD /9N(L N T< G U ) N N M I W / 9 V N X 4 K O VO V G M N X N H N H VD P Q a[ CJ K U G K W N V[ K $ \NVGXN6GN"NN9NVDGKF8QNVF/UKHVDIGOKL]GNMGVFGNVMNI N GK ROZ\K GK GNM=RNE= OMGNM `NMN IRIJU L]I¤N GV YNKX \NVG HNy[ ROZ\K GV OD[U L]NRNNXNVD GV YNKX GK WNV[K$ L]5VG YDS\YINGNMK@YDS\GKYINGNIMUNGV+NKUMYRI/)NU\NVGXN6GN"NN9NVDGK OZ SK GN ODNNMN MNW/R []NH@ RN0=@ )NNXN OD>N@ >NVOMN OD>N@ E5NIQ GV &N6MV GV ON)N EO L]NVWXN)N=IR NVNLOVU6NMMIW/9MHVD@GMV[N$ I W \ V G N O H N J ¥ N N = + N K I W \ V H VD Y R I / ) N U \ N VG X N 6G N " N N 9 N VD G K O ZS K G N O D N N M N P L N N M N H VD PI<\I>NUMKIUOVGMV[N$ \NVGXN6GN"NN9NVDGKOZSKOMGNMGVRVFONE=9LML]GNI NU+NKGKWNV[K$ \NVGXN6GN"NN9NVDU)NN4VMKGK+NZIHGNIWOL]NVWXNODFDINUL]NVWXNVDGVI\/RKGCIU QK [K JNV POHVD F8QNVF/UNNMK Y)NRN YINGCU IGOK 2I'U `NMN GNVE= LIMRU=X /RKGN= XJKDJNV[N PLNNMNGVYNKX\NVGXN6GN"NN9NVDU)NN4VMKGK+NZIHGVY8U[=UW\IXGN :DWHU %RG\ GN/RLRDLNIMI/)NGKGNYXTM^NNRDODM^NNYIXRN=JNV[N$ EO YINIXH GV Y8 L]NRNNXNVD GV YNKX@ OMGNM EO YINIXH GV L]NRNNXNVD GNV G N N =I 8 R U G M X V J VU T Y I N O ZS X N ` N M N @ I X H N R \ K F X N O G V[ K $ L]5VG IXH@ FXNV WNXV GV FNQ )NN NK"N]@ IFJNM MN7 IRNNX HD0\ GV QNVXNVD OQXNVD GV OH^NM>NNWNV[N$ OMGNMNPOGVL]NINGNIMNVD NOMGNMGVIGOKYINGNMKNGH=SNMKGVIR@IGOKFNUGVI\@WNVEOYINIXHGVYNKXOQa+NNROV IGN[NJNVNOQa+NNROVGMXVGNYN NJNV@GNVE=RNQNY8GN=RNIJNyODNNIMUXJKDGKWNV[K$ FD[N\ XN6"NN9 YINIXH@ WJNy UG IFJNM MN7 HVD J \N[Z J6@ UQa `NMN M¹ RD IXMIOUIGNWNUNJ6$ EOYINIXHGVL]NRNNXOMGNMGVY8IR+NN[NVD`NMNFXNV[VRDYINIXIHUO+NKV OV L ]N R N N X N VD G N / ) N N X \ VD[ V Y N 6M Y I + N + N N R K J N VD[ V$ EO YINIXH HVD )NN PLFDINU GV IORN PLNNMN RD PLNNMN GV YNKX VON IXMOX U)NN OD NNVNX ONNNMN >ND0 YNIXH@ GN GK NNMN GV O N N N M N U N \ N [ Z J N VX V L M VO V I X M O X N VD G V L ]+ N N R G V O N H N 8 P L N VW X G V L ]I U G Z\ X J K D J N VD[ V Y)NRNPOVL]+NNIRUGMXVRN\NXJKDOH!NWN[N$ ODl \lWKl # ² I F J N M I R N N X H D0 \ ` N M N ) N N L N I M U Y N 6M H J N H I J H M N 7 L N \ ` N M N I Q X N DG YL]K\@GNVYXTHU GN I X ( X I \ I > N U Y D[ ]VW K Y X TR N Q I F J N M M N 7 L N \ G V L ]N I N G N M O V E O G V ` N M N L ]G N I N U I G N W N U N J 6@ I W O V + N N M U K O DI R N N X G V YXT31VQ GV>ND0GVYNKXP'UYINIXHGNYD[]VWK+NNNNHVDL]NINGCULN%OH!NWNV[N$ ϳ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ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² 7KLV DFW PD\ EH FDOOHG 7KH %LKDU )HUU\JKDW 6HWWOHPHQW DQG 0DQDJHPHQW$FW ,WVKDOOH[WHQGWRWKHZKROHRIWKH6WDWHRI%LKDU ,WVKDOOFRPHLQWRIRUFHRQVXFKGDWHDVQRWLILHGE\WKH6WDWH*RYHUQPHQW LQWKH2IILFLDO*D]HWWH 7KH SURYLVLRQV RI WKLV $FW LQFOXGH FROOHFWLRQ RI LQFRPH IURP ZDWHU ERGLHV LQ UXUDO DQG XUEDQ DUHDV E\ WKH 6WDWH *RYHUQPHQW RU /RFDO $XWKRULWLHVRIWKHORFDOERGLHVGXO\DXWKRUL]HGE\WKH6WDWH*RYHUQPHQW DVWKHFDVHPD\EH 'HILQLWLRQV ,QWKLV$FWXQOHVVWKHFRQWH[WRWKHUZLVHUHTXLUHV² D $GGLWLRQDO&ROOHFWRU PHDQVWKH$GGLWLRQDO&ROOHFWRURIWKH'LVWULFWRU DQ\RWKHURIILFHUQRWLILHGE\WKH*RYHUQPHQWWRGLVFKDUJHDQ\ RUDOORI WKHIXQFWLRQVRIWKH$GGLWLRQDO&ROOHFWRUXQGHUWKLV$FW E ³%RDW´ PHDQVDYHKLFOHRIYHUWLFDOVKDSHPDGHRIZRRGRUPHWDORUDQ\ RWKHUPDWHULDORUDYHKLFOHRSHUDWHGE\KXPDQIRUFHIURPRQHHQGRID ZDWHUERG\WRWKHRWKHUDWDIL[HGSODFHFDUU\LQJSHRSOHDQLPDOVDQGWR WUDQVSRUWFDWWOHDQGJRRGVPDWHULDOVHWF F ³)HUU\JKDW´ PHDQV D ODGGHU PDGH RI ZRRG EULFN VWRQH LURQ HWF WR HQWHUZDWHUERGLHVDQGLPSOLHVWKHODQGDORQJWKHEDQNVRIZDWHUERGLHV ZKLFKLVJHQHUDOO\XVHGE\WKHSHRSOHIRUEDWKLQJUHOLJLRXVULWXDOVDVSHU FXVWRPDQGZDVKLQJDVZHOODVORDGLQJDQGXQORDGLQJRISHRSOHDQLPDOV DQG FDWWOH JRRGV DQG PDWHULDOV HWF E\ ERDWIHUU\ XQGHU WKH KROG DQG FRQWURORIWKH6WDWH*RYHUQPHQW G ³&LUFOH2IILFHU´ PHDQVDQRIILFHUDSSRLQWHGDVVXFKE\WKH*RYHUQPHQW RUDQ\ RWKHURIILFHUQRWLILHGE\WKH*RYHUQPHQWWRGLVFKDUJHDQ\RUDOO RIWKHIXQFWLRQVRID&LUFOH2IILFHUXQGHUWKLV$FW H ³&ROOHFWRU´ PHDQVWKH&ROOHFWRURIWKH'LVWULFW I ³&RPSHWHQW $XWKRULW\´ PHDQV DQ\ &ROOHFWRU$GGLWLRQDO &ROOHFWRU RI WKH GLVWULFW DQG WKH ORFDO DXWKRULW\ RI WKH WKUHHWLHU 3DQFKD\DWL 5DM ,QVWLWXWLRQV DQG 8UEDQ /RFDO %RGLHV DV GHILQHG XQGHU $UWLFOH DQG $UWLFOH3RIWKH&RQVWLWXWLRQ J ³&RPPLVVLRQHU´ PHDQV WKH &RPPLVVLRQHU RI WKH 5HYHQXH 'LYLVLRQ FRQFHUQHG K ³'LVWULFW´ PHDQV DQ\ UHYHQXH GLVWULFW QRWLILHG DV VXFK E\ WKH 6WDWH *RYHUQPHQW ϴ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ L ³)HUU\´ PHDQV WKH PRYHPHQW RI SHRSOH DQLPDOV DQG FDWWOH DV ZHOO DV JRRGV PDWHULDOV HWF E\ ERDW IURP RQH JKDW RI ZDWHU ERGLHV LQ WKH RSSRVLWHGLUHFWLRQWRWKHGHVLJQDWHGSODFHRIDQRWKHUJKDW M ³*RYHUQPHQW´ PHDQVWKH*RYHUQPHQWRI%LKDU N ³/RFDO$XWKRULW\´ LQFOXGHVWKHFRQFHUQHGUXUDOERGLHVXQGHUWKHWKUHH WLHU3DQFKD\DW5DM ,QVWLWXWLRQDQGXUEDQERGLHVFRQVWLWXWHGUHVSHFWLYHO\ E\ WKH UG DQG WK $PHQGPHQWV RI WKH &RQVWLWXWLRQ RI ,QGLD DQG 3DQFKD\DWV DV GHILQHG LQ $UWLFOH RI WKH &RQVWLWXWLRQ DQG 0XQLFLSDOLWLHVDVGHILQHGLQ$UWLFOH3 O ³1RWLILFDWLRQ´ PHDQVDQRWLILFDWLRQSXEOLVKHGLQWKH2IILFLDO*D]HWWHRI WKH 6WDWH *RYHUQPHQW DQG WKH H[SUHVVLRQ ³QRWLILHG´ VKDOO EH FRQVWUXHG DFFRUGLQJO\ P 3UHVFULEHG PHDQVSUHVFULEHGE\UXOHVPDGHXQGHUWKLV$FW Q ³3ULYDWH)HUU\JKDW´ PHDQVDJKDWRWKHUWKDQDSXEOLFIHUU\JKDW R ³6HWWOHPHQW <HDU´ PHDQV WKH ILQDQFLDO \HDU IRU ZKLFK VHWWOHPHQW IRU JKDWVLVPDGH S ³:DWHU%RGLHV´ PHDQV ULYHUV ODNHV SRQGV SLQHV WDQNV DKDUV ZDWHU FKDQQHOVFDQDOVFKDXUVGDPVPDQDVHWFXQGHUWKHKROGDQGFRQWUROO RIWKH6WDWH*RYHUQPHQW T ³6XE'LYLVLRQDO 2IILFHU´ PHDQV D6XE'LYLVLRQDO 2IILFHU DSSRLQWHG E\ WKH *RYHUQPHQW RU D 6XE'LYLVLRQDO 0DJLVWUDWH RU DQ\ RWKHU RIILFHU QRWLILHG E\ WKH*RYHUQPHQW WR SHUIRUP DQ\ RU DOO RI WKH IXQFWLRQV RI D 6XE'LYLVLRQDO2IILFHUXQGHUWKLV$FW U 7UDQVSRUW 'HSDUWPHQW PHDQV WKH 'HSDUWPHQW RI 7UDQVSRUW XQGHU WKH *RYHUQPHQWRI%LKDU V :DWHU 5HVRXUFHV 'HSDUWPHQW PHDQV WKH 'HSDUWPHQW RI :DWHU 5HVRXUFHVXQGHUWKH*RYHUQPHQWRI%LKDU W ³5HYHQXH 2IILFHU´ PHDQV DQ RIILFHU DSSRLQWHG DV VXFK E\ WKH *RYHUQPHQW RU DQ\ RWKHU RIILFHU QRWLILHG E\ WKH *RYHUQPHQW WR GLVFKDUJHDQ\RUDOORIWKHIXQFWLRQVRID5HYHQXH2IILFHUXQGHUWKLV$FW &KDSWHU,, 3XEOLF)HUU\JKDWV 3RZHU WR GHFODUH HVWDEOLVK GHILQH DQG GLVFRQWLQXH SXEOLF IHUU\JKDWV E\ WKH 'LVWULFW &ROOHFWRU ²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ϵ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ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²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² &ROOHFWLRQ RI WROO IURP SXEOLF IHUULHV VKDOO EH GRQH XQGHU WKHSUHVFULEHG SURFHGXUHODLGGRZQE\WKH*RYHUQPHQW 7ROO ZKHUH SXEOLF IHUU\ LV VLWXDWHG DW VXFK UDWHV DV PD\ EH IL[HG IURP WLPHWRWLPHE\WKH&ROOHFWRURIWKHGLVWULFWZLWKWKHSULRUDSSURYDORIWKH DXWKRULW\HPSRZHUHGE\WKH*RYHUQPHQWVKDOOEHOHYLHGRQDOOSHUVRQV DQLPDOV DQG FDWWOH YHKLFOHV DV ZHOO DV ZLOO EH OHYLHG RQ JRRGV DQG PDWHULDOVFURVVLQJRYHUDQ\ZDWHUERG\E\DERDWRUIHUU\EXWVKDOOQRWEH FKDUJHGRQWKRVHHPSOR\HGDQGWUDQVPLWWHGRQSXEOLFSXUSRVH ϭϬ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ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² 7KH*RYHUQPHQWPD\IURPWLPHWRWLPHPDNHUXOHVFRQVLVWHQWZLWKWKLV $FW IRU WKH RSHUDWLRQ DQG FRQWURO RI SULYDWH IHUULHV IRU PDLQWHQDQFH RI RUGHUDQGIRUWKHVDIHW\RISDVVHQJHUVDQGSURSHUW\ 7KH UXOHV FRQVWLWXWHG DQG QRWLILHG XQGHU VXEVHFWLRQ VKDOO EH SXEOLVKHGLQWKH2IILFLDO*D]HWWH &KDSWHU9 &RQWURORI)HUU\%RDWRSHUDWLRQV 'HWHUPLQDWLRQ DQG LPSOHPHQWDWLRQ RI UHJLVWUDWLRQ RSHUDWLRQ ORDG FDSDFLW\ DQG RWKHU VDIHW\ LQVWUXFWLRQV HWF RI WKH ERDWIHUU\ ² 7KH GHWHUPLQDWLRQ DQG LPSOHPHQWDWLRQRIUHJLVWUDWLRQRSHUDWLRQORDGFDSDFLW\OLIHVDYLQJPLQLPXPVDIHW\GHYLFH LQVWUXPHQWV HWF RI WKH ERDWIHUU\ XQGHU WKH SXEOLF IHUU\ DV ZHOO DV SULYDWH IHUU\ VKDOO EH UHJXODWHG E\ WKH SURYLVLRQV RI WKH UXOHV GHOLQHDWHG E\ WKH 'HSDUWPHQW RI 7UDQVSRUW RI WKH *RYHUQPHQWFRPSOLDQFHRIZKLFKVKDOOEHPDQGDWRU\ &KDSWHU9, 5HPLVVLRQLQWKHVHWWOHPHQWRI3XEOLF)HUU\JKDW 5HPLVVLRQLQSXEOLFIHUU\JKDWVHWWOHPHQW ² ,QFDVHRIDQ\QDWXUDOFDODPLW\RUIRU DQ\VXFKRWKHUUHDVRQVLIWKHUHLVDORVVLQWKHPLGRIWKHVHWWOHPHQW\HDUWKH*RYHUQPHQW PD\ PDNH UXOHV IRU WKH UHPLVVLRQ RI WKH VHWWOHG DPRXQW IRU D WLPH SHULRG UHODWLQJ SXEOLF IHUU\JKDWVHWWOHGXQGHUVHFWLRQ &KDSWHU9,, 'HSRVLWDQGXWLOL]DWLRQRIUHYHQXHDFFUXHGIURP3XEOLF)HUU\JKDWV 'HSRVLW DQG XVH RI UHYHQXH DFFUXHG IURP WKH VHWWOHPHQW RI SXEOLF IHUU\ JKDWV ² 7KHUHYHQXHDFFUXHGIURPWKHVHWWOHPHQWRISXEOLFIHUU\JKDWVVKDOOEHXWLOL]HGDQG RXWOD\HGLQWKHPDQQHUDVSUHVFULEHGE\WKH*RYHUQPHQW ϭϭ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ &KDSWHU9,,, $SSHDODQG5HYLVLRQ $SSHDODQG5HYLVLRQUHODWLQJWRWKHVHWWOHPHQWRISXEOLFIHUU\JKDWV ² $SSHDO $Q\ VHWWOHPHQW KROGHU RU D SHUVRQ DJJULHYHG E\ DQ\ W\SH RI GLVSXWH DULVLQJ RXW RI OHDVH VHWWOHPHQW RI SXEOLF IHUU\JKDWV E\ WKH FRPSHWHQWDXWKRULW\PD\ ILOHDQDSSHDOLQWKHFRXUW RIWKHFRQFHUQHG 6XE'LYLVLRQDO2IILFHU 3URYLGHG WKDW LQ FDVHV RI VXFK VHWWOHPHQW LQ ZKLFK WKH &ROOHFWRU$GGLWLRQDO &ROOHFWRU LV WKH FRPSHWHQW DXWKRULW\ VXEMHFW WR DSSURYDODQDSSHDOVKDOOEHILOHGLQWKH&RXUWRIWKH&RPPLVVLRQHURI WKH'LYLVLRQ 5HYLVLRQ ²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² (YHU\VHWWOHPHQWKROGHURUDQ\RWKHUSHUVRQDXWKRUL]HGE\KLPLIYLRODWHV RU QHJOHFWV WKH UXOHV DQG FRQGLWLRQV RI WKH VHWWOHPHQW SUHVFULEHG E\ WKH *RYHUQPHQWSXQLVKPHQWILQHVKDOOEHLPSRVHGE\ WKH'LVWULFW&ROOHFWRU RUDQ\RWKHUVXFKRIILFHUDXWKRUL]HGE\KLPLQWKHPDQQHUSUHVFULEHGDQG ODLGGRZQE\WKH*RYHUQPHQWIURPWLPHWRWLPH 8QGHUVXEVHFWLRQDQGVHFWLRQYLRODWLRQVRIWKHUXOHVDQGFRQGLWLRQV ODLGGRZQDQGSUHVFULEHGE\ WKH*RYHUQPHQWIRUUHJLVWUDWLRQRSHUDWLRQ ORDG FDSDFLW\ VDIHW\ LQVWUXFWLRQV HWF SXQLVKPHQWILQH GHPXUUDJH VKDOO EHLPSRVHGE\WKH'LVWULFW&ROOHFWRURUDQ\RWKHUVXFKRIILFHUDXWKRUL]HG E\ KLP XQGHU WKH SUHVFULEHG UXOHV GHOLQHDWHG E\ WKH *RYHUQPHQW IURP WLPHWRWLPH 8QGHU VXEVHFWLRQ DQG RQ EHLQJ IRXQG JXLOW\ DIWHU VXFK LQTXLU\ XQGHUWKHSUHVFULEHGPDQQHUGHOLQHDWHGE\WKH*RYHUQPHQWIURPWLPHWR WLPHWKHFRQFHUQHGVHWWOHPHQWKROGHUSHUVRQDXWKRUL]HGE\WKHVHWWOHPHQW KROGHU VKDOO EH SXQLVKDEOH ZLWK VLPSOH LPSULVRQPHQW IRU WKUHH PRQWKVRUDPD[LPXPILQHRIILIW\WKRXVDQGRUFDQFHOODWLRQRI VHWWOHPHQWRUDOORIWKHDERYHSXQLVKPHQWVFDQEHLPSRVHG 3HQDOW\RQIDXOWRISDVVHQJHUVLQSXEOLFIHUU\ ² ,IDQ\SHUVRQFURVVLQJRYHUD SXEOLFIHUU\YLRODWHVRUQHJOHFWVWKHUXOHVODLGGRZQE\WKH*RYHUQPHQWIRUWKHPDQDJHPHQW DQG RSHUDWLRQ RI WKH SXEOLF IHUU\ WKHQ RQ EHLQJ IRXQG JXLOW\ DIWHU VXFK LQTXLU\ XQGHU WKH SUHVFULEHGPDQQHUGHOLQHDWHGE\WKH*RYHUQPHQWIURPWLPHWRWLPHRQHPRQWKVLPSOH ϭϮ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ LPSULVRQPHQWRUDPD[LPXPILQHRIILYHWKRXVDQGRUERWKWKHDERYHSHQDOWLHVFDQ EHLPSRVHGE\WKH&ROOHFWRURIWKHGLVWULFWRUE\DQ\RWKHUVXFKRIILFHUDXWKRUL]HGE\KLP $SSHDOWRWKH&RPPLVVLRQHU ² $Q\SHUVRQDJJULHYHGE\WKHRUGHUSDVVHGE\WKHVXFKRIILFHUVDXWKRUL]HG E\ WKH&ROOHFWRU RI WKH GLVWULFW XQGHU VHFWLRQ DQG PD\ ZLWKLQ WKLUW\GD\VIURPWKHGDWHRIWKHRUGHUILOHDQDSSHDOWRWKH&ROOHFWRURI WKHGLVWULFW $Q\SHUVRQDJJULHYHGE\WKHRUGHUSDVVHGE\WKH&ROOHFWRURIWKHGLVWULFW XQGHU VXEVHFWLRQ PD\ ILOH DQ DSSHDO WR WKH &RPPLVVLRQHU RI WKH 'LYLVLRQZLWKLQWKLUW\GD\V &KDSWHU; 0LVFHOODQHRXV 6WDPS GXW\ DQG IHHV ² ,Q FDVH RI VHWWOHPHQW E\ SXEOLF DXFWLRQ DV SURYLGHG LQ VHFWLRQWKHVWDPSGXW\DQGUHJLVWUDWLRQIHHVKDOOEHOHYLHGLQVXFKDJUHHPHQW 5HFRYHU\RIRXWVWDQGLQJVHWWOHPHQWDPRXQW ² $FWLRQIRUUHFRYHU\RIDQ\NLQG RIDUUHDUVLQWKHVHWWOHPHQWRISXEOLFIHUU\JKDWVZLOOEHWDNHQXQGHUWKHUHOHYDQWSURYLVLRQV RIWKH3XEOLF'HPDQG5HFRYHU\XQGHUWKHSURFHGXUHSUHVFULEHGE\WKHJRYHUQPHQW 8SNHHSRIOLVWRISXEOLFIHUU\JKDWV ² (YHU\ &LUFOH 2IILFHU VKDOO PDLQWDLQ D OLVW RI SXEOLF IHUU\JKDWV ORFDWHG ZLWKLQ WKHMXULVGLFWLRQ RI WKH&LUFOH ZLWK WKH GHWDLOV RIUHYHQXH YLOODJH ZDUG WKDQD QXPEHU NKHVUD QXPEHU HWF LQ WKH UHJLVWHU VSHFLDOO\ GHVLJQDWHGIRUWKLVSXUSRVH 7KH &ROOHFWRU RI WKH GLVWULFW VKDOO DOVR PDLQWDLQ WKH OLVW RI SXEOLF IHUU\JKDWV ORFDWHG LQ WKH GLVWULFW LQ VXFK PDQQHU DV GHVFULEHG LQ VXE VHFWLRQ 7KHOLVWRISXEOLFIHUU\JKDWVZLOODOVREHSXEOLVKHGRQWKHZHEVLWHRIWKH *RYHUQPHQW &KDQJHRISXUSRVHQRWWREHDOORZHG ² 1RFKDQJHIURPWKHSXUSRVHRUUHODWHGSXUSRVHVE\WKHVHWWOHPHQWKROGHU RUDQ\RWKHUSHUVRQDXWKRUL]HGVKDOOEHDOORZHGIRUZKLFKWKHODQGRIWKH SXEOLFIHUU\JKDWVDQGIHUU\LVVDQFWLRQHG 0DLQWHQDQFHDQGSURWHFWLRQRIWKHQDWXUHDQGHFRORJ\RIWKHZDWHUERG\ ZLWKLQWKHODQGRISXEOLFIHUU\JKDWDQGIHUU\XQGHUVXEVHFWLRQVKDOO EHPDQGDWRU\ 3RZHURI*RYHUQPHQWWRPDNHUXOHV ² 6XEMHFW WR WKH RWKHU SURYLVLRQV RI WKLV $FW WKH *RYHUQPHQW PD\ E\ QRWLILFDWLRQPDNHUXOHVIRUFDUU\LQJRXWWKHSURYLVLRQVRIWKLV$FW (YHU\UXOHDIWHUEHLQJPDGHVKDOOEHODLGEHIRUHERWKWKH+RXVHVRIWKH %LKDU6WDWH/HJLVODWXUHDVVRRQDVSRVVLEOH 3URWHFWLRQ RI DFWLRQ WDNHQ LQ JRRG IDLWK XQGHU WKH $FW ² 1R VXLW RU RWKHU SURFHHGLQJV VKDOO EH LQVWLWXWHG DJDLQVW WKH *RYHUQPHQW RU LWV DXWKRULWLHV RU DQ\ RIILFHU RU HPSOR\HH RI WKH *RYHUQPHQW IRU DQ\WKLQJ ZKLFK LV GRQH LQ JRRG IDLWK RU LQWHQGHG WR EH GRQHXQGHUWKLV$FW ϭϯ ǐ ¡ȡ \ ȡȡ \ Ĥ Ȣ 5HSHDODQG6DYLQJV ² 7KH%HQJDO)HUULHV$FWLQVRIDUDVLWLVDSSOLFDEOHLQWKH6WDWHRI %LKDULVKHUHE\DEURJDWHGDQGUHSHDOHG 7KH SURYLVLRQV RI WKLV $FW VKDOO VXSHUVHGH DQG RYHUULGH DOO VXFK SURYLVLRQVPDGHDQGHQDFWHGE\RWKHU'HSDUWPHQWVRIWKH*RYHUQPHQW 6DYH DV SURYLGHG LQ WKLV $FW VXFK UHSHDO DQG DPHQGPHQW XQGHU VXE VHFWLRQV DQG VKDOO QRW EH KHOG WR SUHMXGLFH RU DIIHFW WKH JHQHUDO DSSOLFDWLRQ RI VHFWLRQ RI WKH *HQHUDO &ODXVHV $FW RI ZLWKUHJDUGWRWKHHIIHFWRIUHSHDOV 5DPHVK&KDQG0DOYL\D 6HFUHWDU\ ŝŚĂƌ ͕ ²²²² \Ȣ ¢ ǔ ȡ Ǖġ ȡ ǐ ¡ȡ ȡ Ʈ ȡȡ Ĥ ȡ ǔ f Ȳ Ǖǐġ @ ǐ ¡ȡ \ ȡȡ Ȣ ȣ Ȣ@ :HEVLWHKWWSHJD]HWWHELKQLFLQ
Lexace India is a legal-information & technology platform — not a law firm. It does not advertise, solicit work, or provide legal advice, and no advocate–client relationship is created. Bare-act text for general information; verify against the official source.