a franchise act for british columbia - British Columbia Law Institute

7 downloads 306 Views 1MB Size Report
as to apply not only to claims enforceable under the Act, but also to claims arising from a franchise ...... template a
Report on

A FRANCHISE ACT FOR BRITISH COLUMBIA

! !

!

!

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

"#$%&'!%(! )!*&)(+,-.#!/+'!0%&! 1&-'-.,!2%3456-)!

! ! ! 1278!"#$%&'!(%9!:;!

?@!

1&-'-.,!2%3456-)!7)A!8(.'-'4'#! ! !

"#$$!%&'(!)&**+!,-./01'.(2!34!51.(.'6!73*89:.&+!;&-&!!;?@!"A"!

! ;3.! !

!



(60!:0'(!.-!38(10&&!P.=!!! ! L0!0'M0! 31&*! !(60!53&1>!34!W.1001&:*0! (.90! &->! 04431(!.-!>.'! :2! @3-2! L.*'3-+! P03-&1>! T3*'\2+! 5*&.1! V0:&-0+! &->! X&90'!)=!53->+!Y=7=!.-!'6&1.-K!(60.1!\-3O*0>K0!&->!.-'.K6(!(6138K6!>.'01'6.M! &->!.-.(.&(./0!.-!K0-01&(.-K!(60!*+$,"-.(/-0+#1$2%2()#&+!&->!.-!M&1(.0/0*3M0>!.(!&->!.('!&!(6.'!10M31(+!.-!M&1(.+!&->! 7&13*2-! P&O'=! ! `(601! 57PQ! '(&44! 909:01'! O63! 6&/0! ! (3! (6.'! M13c010!5*3->.-+!!%*._&:0(6!T.-'0-(+!&->!a&1&6!76&3=! ! !

!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

F/17G!H*!2HIFGIFJ!

! "#"$%&'("!)%**+,- .................................................................................................................../0! 1+,&!23" .......................................................................................................................................4! $5+1&",!'!!!!'3&,26%$&'23 ..........................................................................................................4! Z=!!]0-01&* ============================================================================================================================================================"! 5=!!@60!73-'8*(&(.3-!T&M01============================================================================================================================$! 7=!!73-(0-('!34!(6.'!V0M31(=============================================================================================================================$! $5+1&",!''!!!!3+&%,"!27!+!7,+3$5')".........................................................................................8! Z=!!]0-01&* ============================================================================================================================================================d! 5=!!@2M0'!34!H1&-!7&M.(&*!`8(*&2 =====================================#! $=!!@60!W3O-'.>0B!!Q-(1.-'.!H1&-!41&-O&1>!Q'*&->g'!a*.K6(*2!)3>.4.0>!;01'.3-!34!(60!,P77!)3>0*=================$#! d=!!f0O!518-'O.0*=====================================================================================eD! W=!!Z-&*2'.'!34!(60!,-.4319!H1&-0&*.-K================================================?"! C0F!!W&9&K0'!431!.-(014010-.1001!&!a0((*090-(!ZK10090-(==============="D#! W=!!73-&=!!H1&-!&->!:0/01&K0!38(*0('+!(60!63'M.(&*.(2!.->8'(12+!0&*01'6.M'+!&->!3(601!10(&.*01'!34!K33>'!&->!'01/.'! 31! '01/.!M01.3>!34!(.90+!.-!10(81-!431!M&290-(!34!400'!&->!132&*(.0'! 4139!(60!'&*0!10/0-80'=!@60!41&-! 9&2! :0! 10j8.10>!(3!/01(.'.-K!48->!!:2!(60!41&-!/&1.38'!4319'!34!3M01&(.3-&*!'8MM31(!(3! (60!41&-! !K33>O.**!431!.('!M13>8!3MM10''./0*2+!O.(638(!10K&1>!431!(60!41&-0!132&*G (.0'!3-!K13''!'&*0!M13'!0/0-!.4!&!41&-39!48**2!-0K3(.&(0>=!!Q-!93'(!!(019'=! ! @60'0!10&*.(.0'!6&/0!.810=!`-*2!f0O!518-'O.! :2! (60.1! 30'! (6&(! 34! Z*:01(&+! )&-.(3:&+! &->! T=%=Q=+! (6&(! >.'!10K8*&(.3-'=!!).G -31! >0402(-%2%-?0&$"+(",(7$-%#&(7$2&-$0*./012!34! &!>.'!9&2!:0!'01.38'*2!9.'*0&>.-K=!!@60!41&-.-K!'(&(090-('! 9&>0! .-! &! 4.-&-..'! (3! .!10K8*&(.3-'=!!! @60'0! &10! 1040110>! (3! &'! hO1&MG&138->i! >3!>.'0!(60!.9M*090-(.-K!M13/.-0!0IM0-'0+!O6.!.-K!(3!'0! (3! &-! &1:.(1&(.3-! .10!3(601!10G (&.*01'!34!K33>'!&->!'01/.!38(*0('!Ch8-.('iF!.-!7&-&>&!O.(6!m"DD!:.**.3-! .-!&--8&*!'&*0'="!!@6.'!&938-('!(3!d=d!M01!&g'!K13''!>390'(.8+#! &->! 93'(! 10&(0+!51.(.'6!73*89:.&!6&'!-3(!43**3O0>!'8.(=! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

"=! 7&-&>.&-!H1&-!0-&.&-! c81.'>.! ,fQWV`Q@! 93>0*'! 431! 41&-.4.0>!431!0-&!&>>.G (.3-&*!0IM*&-&(312!.I!Z!0! -&90'+! *3K3'+! &->! M1393(.3-&*! 9&(01.&*'="e! ! Q(! 9&2! &*'3! .-/3*/0! '! &''3! O.(6! (60! 41&-09&1\! 31! (1&>0! -&90! 431! 8'0! .-! (60! 41&-! 9&1\0(.-K! &>/.! 3(601!4319'!34!3M01&(.3-&*!'8MM31(!(3!(60!41&-/01(.'.-K!48->+!(3!O6.0>!(3!M10'01/0! 9&1\0(!'6&10!&->!(3!:8.*>!&->!10(&.-!801!&!! 10M31(.-K! '2'(09'="S! ! @60! 41&-!O.(6!(60!41&-0!-&90!31!(1&>09&1\+!'3!(6&(! ! -3(! 10&>.*2! >.'(.-K8.'6! :0(O00-! (60! 41&-! 3M01&(0>! 8->01! (60! -&90!34!O0**G\-3O-!h63(0*!0*=!!@60!41&-0-(!:8'.-0''! 3O-01=$"! ! @60! 3-*2! 3/01(! 0&*01'6.M'! &10! 34(0-! 3M01&(0>! 8->01! (6.'!\.->!34!41&-01!&!G 801!(6.'!\.->!34!41&-!(3!&'!.:5&$85%C:+$&(,-0+#1$2%2+!0-%0(,-0+#1$2%2+!31!7%?%5"8.%+&( ,-0+#1$2%2=eS! !

29!!*&)(+,-.-(D!/.!)!14.-(#..!J'&)'#DV!

"#!!.1/!96&'3/! 41&-09&1\+! M*8'! (60! 8'0! 34! M1393G (.3-&*!0/0*3M0>!:2!(60!41&-! :8'.-0''!'2'(09!8->01!O6.82!:00-!0'G (&:*.'60>!10>8+!2:8-0+!-3(0!"$!&(!$$=! eS=! 401'!(3!4.-&-0-(! :8'.G -0''=ED!!Q4!41&-!&->!3M01&(0>!:2!(60!41&-3.-K! '.K-.4.+!':8-0+!-3(0!"$K(&(!R=! EE=! a3+!2:8-0+!-3(0!"E!&(!d=! Ed=! 4!(3!(60!*3!132&*(.0'!(60!41&-/01(.'.-K+! (60! 3:*.K&(.3-! (3! M&1(.! (3! /01(.'.-K!48->+!.4!(60!41&-!3(601!3M01&(.3-&*!&''.'(&-'!(60!*0-K(6!34!(.90!(6&(!(60!41&-!(3!3M01&(0!(60!41&-&-04&8*(! :2! (60! 41&-+!(60!41&-04&8*(!34!&-2!3:*.K&(.3-!8->01!(60!41&-&1>! &K10090-(!.-!8'0!&(!(60!(.90!34!10-0O&*U!C>F!M&2!&!10-0O&*!400H!! ?E=! 4!(60!M13M3'0>! M81!.-! (60!41&-!6010=! ! Z!41&-.'M8(0'=! ! !*#$$9&((.20(.")$:.;42-$ @60!*.!'01/..-K! 34!(60!&K10090-(!.'!K./0-!.('!31>.-&12!90&-.-K=!!@60!'3G!hM&13*!0/.>0-! (60! 3(601! 4&/381'! (60! M&1(2! O63! >.>!-3(+!(60!&K10090-(!O.**!:0!60*>!(3!6&/0!(60!90&-.-K!(6&(!.'!*0''!4&/381&:*0!(3!(60! M&1(2!O63!M10M&10>!(60!&K10090-(=!!Q-!93'(!!.-!4&/381!34!(60!41&-0K100'!3-!41&-0-!(18'(!.-!(60!41&-G !&/3.>! 8! 431! 3-0! &-3(601g'! *0K.(.9&(0! .-(010'('=SE! ! @6.'! >8(2! 10j8.10'! (609! (3! >0&*! hM139M(*2+!63-0'(*2+!4&.1*2!&->!10&'3-&:*2i!O.(6!3-0!&-3(601!.-!(60!81&(.3-! 34!(60!10*&(.3-'6.M=S?! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! S$=!! T$-+0(?H(P$2&%-(="+:&+!p"RSdq!"!a=7=V=!$=!!a00!&*'3!O%0:#03%(?H(U-0+7(V(6"'(Q&7H(C$DD"F+!"R!5=P=V=! Ce>!"R?+!&(!M&1&=!$S!C`-(=!a=7=X=F=!!Q-!T$-+0+!63O0/01+!(60!M&1(.0'!O010!10*&(./0*2!0j8&*!.-!(019'!34! (60.1!:8'.-0''!'3M6.'(.! 41&-801'(&->.-K!(6&(!3-0!M&1(2!6&'! 10*.-j8.'60>!.('!3O-!'0*4G.-(010'(!&->!&K100>!(3!&!4&.(6!'8:'.'(0>!8->01!&!41&-!(60!&!(60!(1.&*!>0!4&.(6=!!5&'0>!3-!!1%50+:K!2:8-0+!-3(0!SE+!M*0&>.-K'!&**0K.-K!(60!:10&8(2!34!K33>!4&.(6!:2!&!M&1(2!(3!&!41&-2(N$WW0+!$DD?!57a7!SR$!&(!M&1&=!"#=! S#=! )55%3-0(",(["-&1().%-$#0(4+#H(?H(!&%?%+2+!$DD#!57a7!"$$D+!&(!M&1&=!E"=!@60!>040->&-(!41&-!(6&(!.(!6&>!-3(! :10&!(60!>8(2=!!@60!!(6&(+!O60(601!31!-3(!&!>8(2!34!K33>!4&.(6!&1.'0'!8->01!&!41&-G !:0!10j8.10>!(3! .'2+! (60! 8! (6&(!(60!M&1(2!'00\.-K!.(!.'!&*'3!.-!:10&81.-K!(60!(019! 34!(60!M*&.-(.44g'!41&-!(3!&-3(601!41&-0G 9&->0>!(6&(!(60!M*&.-(.44!3:'01/0!(60!10'(1.!&*'3!M8-.(./0!>&9&K0'=! #"=! ]$88'(N-$+&(@+&%-8-$2%2(Q&7H(?H(N095$:R(C"RREF+!"DD!5=7=P=V=!C$>F!dd!&(!SE!C7=Z=F=! #$=!! Q%07%-(B$+7"92(/021$"+2(Q&7H(?H(S".%(N-"7:#&2(4+#H+!p"RReq!5=7=X=!f3=!""#$!CYPF!C7=Z=FH!!@6.'!0j8.G (&:*0!M1.-80!>0*&2!>.'0-(.(*.-K!&!M*&.-G (.44!(3!&-!0j8.(&:*0!1090>2!.'!\-3O-!&'!50#1%2=!

!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

?:!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! ! 8-0j8./3!3-!(60!41&-.-K=! ! @6010! .'! -3! 3:*.K&(.3-! 10'(.-K! 3-! (60! 41&-! &! 4&*'0! .9M10''.3-! (6&(! >.'.! &! 10*8! (3! .->8!(60!:8'.-0''! 34!(60!41&-8&(.3-!.-!4&!:1.04*2!0IM*&.-'!63O!.(!>0/0*3M0>=!!T&1(.!&-&*2'.'=! !

19!!2,)&)+'#&-.'-+.!%0!24&&#('!2)()C-)(!*&)(+,-.#!7#D-.3)'-%(!

L6.*0!(6010!&10!&!40O!>.44010-.&-!41&-G 0! 31! 3(601! &2'!&4(01!.(!.'!'.K-0>!.4!(60!41&-0*./01!&!>.'&9&K0'! 431! :10&8(2=!!@60!'(&(8(312!>8(2!34!4&.1!>0&*.-K!3:*.K0'!(60!M&1G (.0'! (3! &! 4&.(6! &->! .-! &'URR! ! l! &!41&->.(.3-&*! *&-K8&K0!'(&(.-K!(6&(!(60!>8(2!3:*.K0'!M&1(.0'!(3!&!41&-8(2!34!K33>!4&.(6+!9.'10M10'0-(&(.3-!.-!&!>.'0/0*3M0>!&*3-K!.&-!41&-!.-.(.&**2!.-!Z*:01(&!.9M3'0>!&!10K8*&G (312! '! .-! '0**.-K! 41&-! (3! 10K8*&(.3-! 34! (60! M3'(G0-!8->01!(6.'!'2'(09!O&'!0/.>0-(!.-! (60!"R#Dg'=!!Z!3-0>!(60!'00!431!(60!M81M3'0!34!'0((.-K!38(!(60!M3O01'!34!(60!>0'G .K-&(0>!:3>2+!10j8.1.-K!41&-!41&-! :3>2! (3! !.('!&!M13(001!(60! Z*:01(&!&->!`-(&1.3!*0K.'*&(.3-=!!H1&-&2'!&4(01!10.'!&!>.'01!(60!Z8(2!34!4&.1!>0&*.-K="$$! ! @60!*+$,"-.(/-0+#1$2%2()#&!6&'!&>>.(.3-&*!M13/.'.3-'!>0&*.-K!O.(6!>.'M8(0!10'3*8(.3-! (6&(!&10!.-(0->0>!(3!&/01(!*.(.K&(.3-!:0(O00-!41&-.&(.3-!M13810! .'!.-.(.&(0>!:2!>0*./012!34!&!-3(..&(.3-!:2!0.(601!M&1(2=!!`-0!34!(60!(O3!8-.G 4319!10K8*&(.3-'!(6&(!&.&(.3-! M13810="$d! ! T&1(.&(312! .4! 3-0! M&1(2! (3! (60!41&-!Q'*&->!0-&!&!/-0+#1$2%2()#&!41&-0**0>!3-!(60!*+$,"-.(/-0+#1$2%2()#&+!:8(!>.4401'!4139!.(!.-!'390! 10'M00'!0IM10''*2!(6&(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ""R=!4!(60!713O-= !!Z-3(601!>.44010-30'!-3(! .-.'M8(0!10'3*8(.3-!M13/.'.3-'!34!(60!*+$,"-.(/-0+#1$2%2()#&!(6&(!.&(.3-!M13810=!! ! @60!10K8*&(.3-!8->01!(60!T=%=Q=!'(&(8(0!>0&*.-K!O.(6!>.'.'30*./012! .-! &! 9&&:*0! 90>.89!C'84=!

$D"DF!

&(!

"ed#+!

3-*.-0!

&(B!

"ed=!a00!f=5=!).-.'(12!34!X8'(.!73-'8901!Z44&.1'+!E"+2:5&0&$"+(N08%-("+(G%3:50&$"+2(*+7%-(&1%( /-0+#1$2%2()#&!C$DDRF+!3-*.-0!&(!6((MBNNOOO=K-:=!:2!&!10M31(!:2!(60!)&-.(3:&!P&O! V04319! 7399.''.3-! (6&(! 100>! *0K.'*&(.3-! &*3-K! (60! *.-0'! 34! (60! *+$,"-.( /-0+#1$2%2( )#&! O.(6! &! -89:01! 34! 93>.4..4.01!.(=! ! )&-.(3:&!*0K.'*&(.3-!M13/.>0'!(6&(!&!>.'&2'!:0G 4310!&!41&-30'!-3(!.-+! '=!dC$F!34!(60!f=5=!10K8*&(.3-!&**3O'!431!&!90>.&(31!(3!:0!!(6&(!(60!.&(.3-!:0!'6&10>!0j8&**2!8-*0''!(60!M&1(.0'!3(6G 01O.'0!&K100=! "eS=!!:8-0+!-3(0!R=! "e#=!P0+$&"04.-.(.3-!34!h41&-&2'!:04310!&!41&-+!31!&-2!'!31!'01/.!:2! (60!41&-0'.K-&(0>!:2!(60!41&-!:2!(60!41&-!431!'&*0!31!>.'(1.:8(0>!31!'0.'M*&2! 1&! :2! (60! 41&-'! 04.-.(.3-!0I(0->'!(3!:8'.-0''!&11&-K090-('!6&/.-K!(60'0!0*0G 90-('B! ! !

l! ! &! 1.K6(! (3! 3M01&(0! &! :8'.-0''! &''3! O.(6! (60! 41&-09&1\+! (1&>0!-&90+!31!3(601!'29:3*!34!.'(1.:8(0!M13>8! :2!(60!41&-!.-!10(81-!431!M&290-('!:2!(60!41&-04.-.(.3-'!34!h41&-04.-.(.3-! .'! >0*.:01&(0*2! :13&>! .-! 31>01! (3! 0I(0->! (60! M13/.'.3-'! 34! (60!Z0&*.-K+!(3!&!O.>0!1&-K0!34!9&1\0(.-K!&11&-K0G 90-('!!(3!.-0!&!'8:41&-04.-0>!&'!&!M01'3-!O63!>.10.10.-K!(0I(!O1.(01!!3-!M&1&K1&M6!C:F!34!(60!8-.4319!>04.-.(.3-!34!h41&-03! (&M0! '8MM*.01'!9&2!4.->!(6&(!(60.1!&11&-K090-('!.-&>/01(0-(*2!4&**!O.(6.-!(6.'!:1&-04.-.(.3-! 34!&!v41&-8(2!34!4&.1!>0&*.-K!3-!(60!M&1(.0'!(3!&!41&-0&*.-K! .-! (60! M014319&-! 0-4310&*.-K!.-0'!(60!>8(2!(3!&!4&.(6!&->!.-!&'=!

! @60! '(&(8(312! >8(2! 34! 4&.1! >0&*.-K! &MM*.0'! (3! (60! M014319&-! &*'3! (3! (60! 0-G 431>0>!.-!(60!8-.4319!Z01!(3!0-'810!(6&(!(60!>8(2!34!4&.1!>0&*.-K!O38*>!&((&30'! 09&1\!31!:1&->!&->!'.9M*2!10'0**'!(609!3-!.('!3O-!&01!.('!3O-!-&90!O.(638(! 6&/.-K!(3!M&2!&!132&*(2!31!400!(3!(60!:1&->!3O-01=!

!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

TU!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! ! (&\0-!(3!0-431.'01! .(="dd!!%I&9M*0'!34!>.'!'&*0!31!&''.K-90-(!34!(60!41&-8(2!34!4&.1!>0&*.-K!&->!K33>!4&.(6!10j8.10'!M&1(.0'!(3!>0&*! hM139M(*2+! 63-0'(*2+! 4&.1*2! &->! 10&'3-&:*2i! O.(6! 3-0! &-3(601="d?! ! Q(! 10j8.10'! 0&!4&.(6!&->!4&.1!>0&*G .-K! .-! 41&-39! 34! &''33! '3="?D!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! "dd=!,-.4319!H1&-0j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l! ! !3-!M01'3--0*!O63!&>9.-.'(01!.(U! l!!!(60!&/&.*&:.*.(2!(3!41&-+!&->!63O!(60!.&(0*2! &:3/0! (6&(! O&'! 'M0-(! 3-! &>/01(.'.-K+! 0(! 31! ! :2! (60! 41&-! M1&.-K! 9&(01.&*! 4&010>!.-!(60!!:2!(60!41&-.'(1.:8(0'! '.9.*&1! K33>'! 31! '01/.01! &! >.44010-(! (1&>09&1\+!(1&>0!-&90+!0(0'!&!*.'(!34!O6010!(60'0!M13G /.'.3-'!&10!438->!.-!(60!&K10090-(U"RR! !! !#1%7:5%2(",(,-0+#1$2%%2K(,"-.%-(,-0+#1$2%%2K(%&#H! ! ! l!!!&!'(&(090-(!(6&(!&((&!(3!(60!>.'.'!'.-!34!(60!93'(!10!T=%=Q=!V0K=!%7$e$ND?+!'=!?=!!a0.'01!4139!(60!10j8.1090-(!(3!>.'!>30'!-3(!39.(!&!9&(01.&*!4&.-K=! ! @60!41&-30'! -3(! &MM*2! (3! 03.-K!ha(&(090-('!34!)&(01.&*!76&-K0i!*&(01!.-!(6.'!!-3!9&(01.&*!0-(.!*.\0O.'0!M13/.>0! -3!.-!6&'!&*10&>2!:00-!M13/.>0>=! ! Q4!(60!41&-!>0(&.*0>!>.'>.(.3-!(3!(60!10j8.1090-(!431!>0*./012!34!&!M10G3.'.-K! .-! (60! .-(01/&*! :0(O00-! >0*./012! &->! (60! '.K-.-K! 34! &! 41&-004.-0>!!.-!(60!8-.4319!Z!CEF!&!1.K6(!(3!'80!(60!41&-!&((09M(!(3!>3!'3!.'!/3.>=$$"! ! !*#$94&$-2"2,20(8$(&-3.--.0'$(&1&68$ I$J((B1%+($&($2(0?0$50&2'!:04310!(60!0&1*.01!34!(60! '.K-.-K! 34! (60! 41&-01&(.3-F+! 31! (60! >.'01!(60!Z!3M01&(.-K!(60!41&-0-(.! >.44010-(*2+!.-!'8.'+!63O0/01+!(6&(!>0*./012!34!&! >.'04.!(6&(!h&!>330'!-3(!:0.'30*./010>! (3! (60! 41&->.(.3-+!-3-G'(&(8(312!10''+! &!M*&.-(.44!'00\.-K!0j8.(&:*0!10*.04!98'(!'63O!(6&(!6.'!31!601!M&'(!10!.-!(60!(1&-'G &.'0(&.*0>!.-! '=!?C?F!&10!10j8.10>!(3!:0!9&>0!:2!(60!41&-&2'!34!(60!>&(0! 34! 10'+!(60104310+!(60!1.K6(!(3!M&290-(!&*'3!&MM0&1'!(3!:0!&:'3*8(0w=! ! pZq! 41&-! (60! 0IM10''! *&-K8&K0! 34! (60! Z.9.-.'6! (60! 1.K6('!34!&!41&-.'!(6&(!(60!93(./0!34!&!41&-!>&(0>!&(0!3-!(60!'!431!:0*.0/.-Ki!(6&(!(60!4&!&10!&./.>8&*!-00>!.-/0'(.K&(0+!-31!:0*.0/0=! ! a3!&!'.K-0>!!>.'0-(!41&-!(60!(O3!M01'3-'!O63'0!(2M0>!-&90'!O010! K./0-+! 3**&1'! 431! -3-G>.'040-F!E!&(!M&1&'=!"G$+!*0&/0!(3!&MM0&*!1048'0>+!p$D"Dq!a77Z!f3=!CYPF!RE!B!! @60! pZ>0>F! a00!&*'3!YefLXZD(E0+070(4+#H(?H(="550-(4&(Q&7HK(2:8-0+!-3(0!$DE!&(!M&1&=!S$!C7=Z=FB! @60!M81M3'0!34!(60!*0K.'*&(.3-!.'!(3!M13(03'+!(60!41&-!(60!M01'3-'!*.&:*0!O63!&09-.42! (60! 41&-.'K0!31!3! -3! 10&'3-&:*0! K138->'! (3! :0*.0/0! (6&(! (6010! 6&>! :00-! &! 9.'10M10'0-(&(.3-!31!(6&(!(60!.9M8K-0>!M&1(!34!(60!10M31(!>.>!-3(!4&.1*2!10M10'0-(!(60!3M.-.3-!34! (60!0IM01(!31!M8:*.'! 431! :0*.0/.-K! (6010! O&'! -3! 9.'10M10'0-(&(.3-! &->! (60! M01'3-! :0*.0/0>! (6010! O&'! -3! 9.'10M10'0-(&(.3-!C(60!h>80!>.*.K0-040-0090>!10*.&-!M13/.'.3-!.'!O60(601!(60!M10'89M(.3-!34!10*.&-!.-!'.(8&(.3-'!3(601!(6&-!3-0!.-!O6.!(6&(!.(!.'!-3(!3M0-!(3!(60!41&-G !6&/0!0-(010>!.-(3!(60!41&-.0&*.-K!8->01!(60!8-.4319!Z!(60!41&-!&:3/0+!(60!8-.4319!Z8(2!34!4&.1!>0&*.-K!-3(!3-*2!.-!(60! M014319&-!0-431!31!(6&(! .(!.'!-0.-K!.-!*.K6(!34!(60!!(60!>8(2!(3!(60!h0I01!(60!3(601!M13/.-!(60!8-.4319!Z3!-3(=!! ! !&#$$!431!M13'M0.'M0-'0! O.(6! 0*0.0'+! &->! &! 41&-.0'! .-! &-3(601! M13/.-0'.1&:*0!431!M13/.-!3-!(60!8-.4319!Z>10''!(60!9&((01!34!0*0.0'!0IG M10''*2=! !

F#!!3'&69./!+/&*59.'*0!

@60!*+$,"-.(/-0+#1$2%2()#&!M13/.>0'!431!&!4319!34!M&1(2G.-.(.&(0>!9&->&(312!90>.&G (.3-!.-!(60!0/0-(!(6010!.'!&!>.'M8(0!:0(O00-!(60!M&1(.0'!(3!(60!41&-&2'=$dR! ! Q4! (6010! .'! -3! 10'3*8(.3-+! 0.(601! M&1(2! 9&2! >0*./01! &! -3(..&(0!-3(!9310!(6&-!eD!>&2'!&4(01!>0*./012!34!(60!-3(..'M8(0!&->!:04310!"d! >&2'!6&/0!0*&M'0>!'.-.&(.3-!.'!9&->&(312=$?"!!@60!M13.&(.3-!.'!M10'!.-!(60!8-.4319!P%7$0&$"+(G%3:50&$"+=$?$! ! `-*2!f0O!518-'O.&(312!90>.&(.3-!M13810!.-!.('!41&-0'.'M8(0!10'3*8(.3-!M13810!98'(!.-0!104G 010-!.10.108(2!8->01!(60!Z!(3K0(601! O.(6!'(&(8(312!01! (60! Z!.-!(60!M13/.-!*)!)+%0(1'&//!.*!?%'4/!*+!+/5/%&/!+'71.&!903/+!.1/!%(.!

Z-2!M81M31(0>!O&./01!31!10*0&'0!:2!&!41&-0>!(3!48*4.*!(60!M3*.! (6.'! *0K.'*&(.3-+! O6.!4319!&>60G '.3-!.'M*&!6&'!:00-!>00>!.-!`-(&1.3=!!@60!01!&! '0((*090-(!&K10090-(=$??! ! ! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! $??=!D`DaYLa(b+&0-$"(4+#H(?H(6:&"-(6$.%(Q%0-+$+3(E%+&-%2+!2:8-0+!-3(0!$e$=!@60!)&-.(3:&!P&O!V04319! 7399.''.3-!100>!(6&(!)&-.(3:&!41&-01!(60!*0K.'*&(.3-!O38*>!-3(!M10/0-(!&!M*&.-(.44!4139!K./.-K! &!/&*.>!10*0&'0!&'!M&1(!34!&!M3'(G>.'M8(0!'0((*090-(B!2:8-0+!-3(0!"$!&(!""?G""S=!!

!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

;:!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

2Q/PFG"!8N!!!8IFG"I/F8HI/7!!.-!$DDS=! $?R=!@60!10j8.1090-('!431!(60!!H@7!V8*0!.-0B! .-4319&(.3-!&:38(!(60!41&-!&44.*.&(0'U!(60!:8'.-0''!0IM01.0-0-(.(.0'!&->!*&'(!4./0!20&1'g!:8'.-0''!0IM01.0-.-K! &->! ! *.(.K&(.3-! &K&.-'(! (60! 41&-.100.-K! :&-\18M(8!'8MM*.01U!.-4319&(.3-!&'!(3!(60!'M0!10'(1.!(3!41&-0'0>!:2!(60!41&-!'(&(0!&K0-!&(&!31!K./0!-3!'8!.->..'!!10&'3-'!431!(60!01&*! @1&>0! 7399.''.3-+! ha(&(0! `44.0! Q'*&->!&->!L&'6.-K(3-+!.(!.'!.**0K&*!431!&!41&-!(6010:2!&/3.>!(019.G -&(.3-=$Sd! ! a(&(0!*&O'!>3!-3(!10j8.10!41&-0!431!&!1.K6(!34!10-0O&*=!Q4! &-!&K10090-(!>30'!'3!M13/.>0+!63O0/01+!93'(!'(&(0'!(6&(!6&/0!*0K.'*&(0>!3-!(60!'8:G c03!'3=$S?!!! ! Q-!(60!3(601!'(&(0'!O.(6!*0K.'*&(.3-!10'M001(&\.-K!-3(!(3!0-431!.'!'.9.*&1+!:8(!-3(!.>0-(.!34!.-4319&(.3-!!:2!(60!7&-&>.&-!*0K.'*&(.3-=$##! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! $#$=!H31!0I&9M*0+!.-!Z1\&-'&'+!&!41&-.-K!M&'(!K90-(!31!M0->.-K!&.-K!*3'!31!'01/.+!&->!(60!.(.3-'!8->01!O6.0>U!>0(&.*'!3-!(60! 1&-K0!34!&2'!:04310!(60!10-0O&*=$#R!!@60!>30G *./010>!0*0!(60!41&-0!M13/.>0'!431!&!h=!!@60!41&-&2'!34!(60!0&1*.01!34!0-(12!.-(3!(60!&K10090-(!31!(60!M&290-(!34!&-2! 0'!(6&(!&!10j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c8-.&*!31>01!C:8(!-3(!>&9&K0'F! 3-!:06&*4!34!&-!&KK1.0/0>!M01'3-=!!a00!&*'3!H1&-0*! P&O! >0&*'! 3-*2! O.(6! (60!3:*.K&(.3-!34!>.'0*!P&O+!(60!41&-0*./01!&!>.'!41&-!?e!909:01!0!.-!10'M00>!:2!(60!41&-0!-&90+!31!:8'.-0''!-&90U!&!>0'81.-K!O6.>10''0'+!M3'.(.3-'!60*>+!&->!:8'.-0''! 0IM01.0-!34! &44.*.&(0'! 34! (60! 41&-0! -&90U! (60! -&90'+!:8'.-0''!&>>10''0'!&->!:8'.-0''!M63-0!-89:01'!34!(60!41&-!34!(60!41&-0! -&90! O63'0! 38(*0('! &10! .-! ! (3! :0! 41&-81.-K! (60! (6100!M&'(!4.'U!.-4319&(.3-! 3-!(60!N31!'01/.! .-'!&->N31!'01/G .! &-2! 43189! '0*0! .-4319&(.3-! 10K&1>.-K! (60! (019'! &->! .(.3-'! 34! 10-0O&*+! .4! &-2U! &-2!

:;!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! ! @60!)3>0*!Z0'!431!&!1.K6(!(3!(019.-&(0!(60!41&-!(60!.-4319&(.3-!10j8.10>!(3!:0!>.'.>!-3(!10*2!3-!(60!9.'10M10'0-(&(.3-+!31!(019.-&(.3-!34!(60!41&-2!.-!(60!=e"$! ! ! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3(601!.-4319&(.3-!-0.-K=!Q4!.-4319&(.3-!.'! M13/.>0>!(3!(60!M13'M001G *2.-K!9&(01.&*!&''89M(.3-'B!2:8-0+!-3(0!eDd+!&1(=!?=! eD#=!4&+!-&90*2!(63'0!34!f0O!518-'O.!)&-.(3:&+!43**3O!(60! 93>0*!34!(60!8-.4319!Z! :0! (&-(&938-(! (3! 0100! 31! .-/0'(90-(! 431!! 51.(.'6!73*89:.&!(3!0-&! 90&'810'!O.(6.-!7&-&>&=e"e! ! `81! .-4319&(.3-! .'! (6&(! 10M8(&:*0! 41&-2! 43**3O! (60! '&90! M1&3!(3!1&.'0!&!j80'(.3-!&:38(!(60!-00>!431!*0K.'*&(./0!.-(01/0-(.3-+!.(!! O.(6! 0j8&*! &1>!&!>0! :2! (60! a0/0-(6! T13(390-(! C$DDSF+! 3-*.-0! &(! 6((MBNNOOO=&.(G&0! :2! (60! )&-.(3:&! P&O! V04319! 7399.''.3-! .-! 104010-!48->'!.-!(60!41&-!:8'.-0''0'! 10M10'0-(!&!'.K-.4.0*+! 34! O6.! :2! &! '0*4G09M*320>!.->./.>8&*!O.(6!-3!M&.>!60*MB!$!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! ! 9310!3-0138'!31!.-(18'./0!10j8.1090-('=!!73-/01'0*2+!!9&\0!*.((*0!'0-'0!431!51.(.'6!73*89:.&!(3!0-&093-'(1&G :*0!10&'3-!&(!(60!M10'0-(!(.90!431!0-&..4..'(.-K8.'6! :0(O00-!(60!&K10090-(!K1&-(.-K!(60!41&-!.-(3!:2!(60!41&-!(6&(!(60!*+$,"-.(/-0+#1$2%2()#&!.'!0I!'8:'0j80-(!&-0-(*2! M13M3'0>! (3! &>>10''! &-! &MM1060->0>! .-(01M10(&(.3-=e"?! ! ! Q-! !(3!&0K100!34!8-.4319.(2!:0(O00-!c81.'>.!:0!9&>0! 3-!&!6&193-._0>!:&'.'!O6010/01!M3''.:*0=!!H31!(6.'!10&'3-+!.(!O38*>!:0!&>/.'&:*0!431! 51.(.'6! 73*89:.&g'! *0K.'*&(810! (3! >0401! &! 04.-.(.3-! 34! h41&-0**0>! 3-! (60! *+$,"-.( /-0+#1$2%2( )#&! 8-(.*! (60! M100! (3! (60! `-(&1.3! K3/01-90-(! 10K&1>.-K! (60! >04.-.(.3-! &10! \-3O-!&->!.(!:0.01!31K&-._&(.3-!'8KK0'(0>!.-!.('!10'M3-'0!(3!(60!! &MM*2!(3!(60!41&-.>!-3(!M10/0-(!M&1(.0'!4139!&>3M(.-K!(60!Z!dEGdd+!a(1&(62+! X=!!(6&(!P$702(E0+070(6&>!-3(!>0&*(!>.10.'0-(!31K&-._&(.3-!81K0>!(6&(!(60!0I09M(.3-!8->01!'0&2'!:04310!(60!M&1(.0'!0-(01!.-(3!(60!41&-=! ! Z'! 41&-!:2!(609=!! ! ! W@! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! ! @60! 90&-.-K! 34! h3O-01'6.Mi! .-! (6.'! 01'! '638*>! -3(! &8(39&(.! (3! 6&/0! (60! M1.-K0!34!(60!41&-04.-.(.3-! 34! h3O-01'6.Mi!O38*>!6&/0!(3!:0!.-'01(0>!.-!(60!*0K.'*&(.3-!431!(60!M81M3'0!34!(60!0IG 09M(.3-=!!L0!j80'(.3-!(60!8'048*-0''!34!&>>.-K!481(601!.'.'! *0-K(60-.-K! 34! (60! (.9041&90! 431! 0-(.(*090-(!(3!(60!0I09M(.3-!.'!-3(!01!O63! .'! &*10&>2! 4&9.*.&1! O.(6! (60! 41&-01g'! \-3O*G 0>K0!.'!10*0/&-(!O.(6!10'M0!(3!0->!"$D!>&2'!:04310!(60!41&-.-K! (60! *&-K8&K0! 34! (60! 0I09M(.3-! 8->01! '030'!-3(!0I!&!M10'! &938-(+!O6.!:0G .-K!(60!90&-.-K!34!h(3(&*!&--8&*!.-/0'(90-(!(3!&!3M01&(0=i!!!Q-!M&1(.!!'638*>! :0! &>3M(0>! .-! M104010-.-K! .-! (60! 8-.4319! Z>.(.3-+!(60!! (60! *&! .-! (60! *.-0! 34! :8'.-0''! &''3! O.(6! (60! 41&-! 3-*2! :0! m"+DDD+DDD! .4! (60! 41&-.-K! (3! (60! ! .-! 51.(.'6! 73*89:.&! 41&-=! ! f0(!O31(6!8->01!(6.'!0I09M(.3-!.'!'0*4G&''0''0>+!'3!(60!41&-3! (3! '01/0+! :8(! .-! 10&*.(2! (60! :8'.-0''! 10M8(&(.3-! 34! &-! 0'(&:*.'60>! 41&-0(&.*'! 34! .'!:2!(60!41&-! (6&(! (60! 41&-! 10M81'./0(1$A("'34.-&-$C32$"'6$=&6."2.0'$:&;,)"2.0'$ Z'!-3(0>!.-!76&M(01!QQQ+!T=%=Q=!&->!)&-.(3:&!>.>!-3(!.-.&(.3-!M13/.G '.3-'! 34! (60! *+$,"-.( /-0+#1$2%2( )#&! .-(3! (60.1! 10'M00/0*3M0>! 10'381.'M8(0'=! @60!Q-'(.(8(0!10'B! YH((O-$&$21(E"5:..! (60! >0(&.*0>! M1301!(60!8-.4319!10K8*&(.3-!431!8'0!.-!c81.'>..&(.3-! .'! &! /3*8-(&12! M130-(! (6.1>! M&1(2=! Z-2! M&1(2! 9&2! M13M3'0! 90>.&(.3-! 31! 3(601! >.'M8(0! 10'3*8(.3-! M13! (3! &! >.'M8(0! 8->01! (60! 41&-!(3!10'3*/0!(60!>.'M8(0!.4!&K100>!(3!:2!&**!M&1(.0'=!

!

D#!!+/795%.'*0!*)!.1/!)+%0(1'&*+:)+%0(1'&//!+/5%.'*0&1'6! Q-!76&M(01!Q;!.(!O&'!-3(0>!(6&(!-890138'!,=a=!'(&(0'!&'!O0**!&'!Z8'(1&*.&!6&/0!*&O'! (6&(!K3/01-!&'M00&*.-K=!! a390!41&-! (6&(! 41&-! &(! ! 3MM10''./0! 8-.*&(01&*! 8! 6&/0! 10->010>! (60! )&-.(3:&! *0K.'*&(.3-! 38(! 34! '(0M+! &->! '.K-.4.0-(.4.0>!.-!8(2!34!4&.1!>0&*.-K!.'!&*'3!!:8'.-0''!&01&(.3-'=!!@6010!.'!&!*0K.(.9&(0!0&*G .-K! .'! &! 4*0I.:*0! .-'(1890-(+! &->! 7&-&>.&-! ! (3! .-/3\0! .(! O60-! ! &! M&1(2! (3! &! 41&-0>!:0-04.(!&->!M81M3'0!34!(60!41&-01!(60!`-(&1.3!&->!f0O!518-'O.30*!,->01!7&-&>.&-!P&O'ki!C$DD?G $DDSF!$?!H1&-&1>!4319!34! >.'.'(&-!M13:*09'!34!.-G .!:0!'8:'(&-(.&*!31! '(1.0.'.'3!:0!9.'*0&>.-K! .-!&!K./0-!!(3!'0(!8M!(60!41&-&1>=! ! @6100! 34! 4./0! M13/.-&1>! 34! '8:'(&-(.&*! .-K! &! >.'01&G (.3-i!431!(60!M81M3'0!34!(60!M13/.'.3-'!'(&(.-K!O60-!&!>.'0*./010>=eEe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f0O! 518-'O..10! 38(*0('! Ch!-&90'+!0(K0! 10.'!&*'3!&**3O!(60!10j8.1090-(! 431!&!O1.((0-!&K90-(!34!.('!10!:2!&-!0*0!:0!3:/.38'!3-!(60!4&.'.'! O38*>! -3(! !&!>.'!!M13! >.'!:0!&:*0!(3!9&\0!(6&(!>0(019.-&(.3-!10&>.*2=! ! L0! M13M3'0! (6&(! 51.(.'6! 73*89:.&! 41&-0*./012! .-! &! 9&&:*0! 4319=! ! Q-! 31>01! (3! ! 0*0K0>!10.'G !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! edd=!a00'!(6&(!&!*0K&*!10j8.1090-(! (3!M13/.>0!.-4319&(.3-!31!&!10!.'!'&(.'4.0>!.4!.(!.'!M13/.>0>!0*0!.4!(60!.-G 4319&(.3-!31!10!900('!(60!'&90!10j8.1090-('!&'!.-!''=!?C:F!&->!C!&*'3!.'!31K&-._0>!.-! (60!'&90!31!'8:'(&-(.&**2!(60!'&90!9&--01!&'!(60!'M0!-3-G0*03!&K090-(!31!3(601!0*0!,'&+/6+/&/0.%.'*0!%(.'*0!

Z! 41&-01! (60! *+$,"-.( /-0+#1$2%2( )#&! .4! (60! 9.'*0&>.-K! .-4319&(.3-! ! 34! &! 10/0-80! 31! 3M01&(.-K! 8!(3!0-(..'! 43100>! (3! (60! 41&-.'!(3!.!:2!&-2! &>>.(.3-&*! .-4319&(.3-! 10j8.10>! (3! '=i!!! ! @60! ,P77! L31\.-K! ]138M! >00>! &K&.-'(! &**3O.-K! O1&MG&138->'! 3-! (60! K138->! (6&(!(602!O38*>!>0(1&!O38*>!:0!8--0G*33\.-K! '(&(090-('! (2M.!(6&(!&=!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! ! 6&193-._0>!'2'(09!'8.42!(60!4319&(!431! 98! 109&.-! '8:c0.'.0'!&:&->3-0>!:0'07!%0!/K.+%6+*4'0('%5!4/09/!

a390! 41&-.'M8(0'! :0(O00-! (60!M&1(.0'!(3!:0!1040110>!(3!&1:.(1&(.3-!1&(601!(6&-!:0!>00>!:2!&!!&*'3! 'M00! (60! M13/.-! .-! s! $DDED=d! 34! (60! E05$,"-+$0( O:2$+%22( 0+7( N-",%22$"+2( E"7%+! O6.'B! $DDED=d=!!Z!M13/.'.3-!.-!&!41&-! O.(6! 10'M0! 6&/0! 0-(010>! .-(3! &! ! .-! 76&M(01! QQQ+! (60! 8-.4319! Z009'! &! 41&-!(6&(!M81!(3!6&/0!10*.0>!3-!(60!10M10'0-(&(.3-'!.-!&!M13'M0!10!(60!M13G 'M0.>! -3(! M13/.>0! 431! &! >040-.>! (60! *0K.'*&(.3-! O6.K0! 60*>! (6&(! (60! M10'89M(.3-! O&'! ! 8->010/0*3M01!(3!&((09M(!(3!10:8(!(60!M10'89M(.3-! &->!h>.10!(3!>.'=!Z4(01!-3(.-K! (6&(! .(! .'! (60! M81M3'0! 34! (60! '(&(8(0! (6&(! >0(019.-0'! O60(601! &! >009.-K! M13/.'.3-! B!!! ! Z'! Q! 6&/0! >.'! &:3/0+! >.'!3-!.''801'i!wZ!-3-G10:8((&:*0!M10'89M(.3-!!.-(014010!O.(6!(6.'!:&*G &-!O38*>!-3(!'01/0!(60!'(&(8(312!M81M3'0!:06.->!*0K.'*&(0>!>.'! K0! 34! &**! (60! 4&! :0! 60*>! *.&:*0! 431! &! 9.'10M10'0-(&(.3-! 34! O6.! &->! 8-c8'(! 10'8*(+! O6.! M*&.'0+!-3(!(3!M*&0/0*3M01q!.-(3!(60!13*0!34!.-'8101!431!p.-/0'(31'q=e?#!

! @6.'!&MM13&!09.-0-(*2!4&.1!.-!.':!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

"-#!!+/5/%&/!*)!&.%.9.*+>!+'71.!*+!(5%',!903/+!%!&/..5/,/0.!%7+//,/0.! Q-!76&M(01!QQQ!.(!.'!-3(0>!(6&(!`-(&1.3!! (60'0!10&(.3-'!M13/.>0!(60!:&'.'!431!&-!&MM13M1.&(0!41&90O31\=! ! ! ! ! ! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! eSD=!V7L!"R="DD=$$DC$F=!

?>W!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

!

P/"F!F[H\R"/*F!7GS8J7/F8HI! !

f3(0B!!@60!>1&4(!*0K.'*&(.3-!.-!(6.'!T&1(!100>!431!0-&.4.0>! M13/.'.3-!&MM0&1'!.-!.(&*.8!&4(01!0&.4.!(60!104010-.'! ! ! ! C..F!!(60!41&-0'.K-&(0>! :2!(60!41&-! 431! '&*0! 31! >.'G (1.:8(0>!31!'0.'M*&2!1&!:2!(60!41&-!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

O!ITUN]SQU!^ONYJ!TSPQU!WROW!WUN^!VXUT!PXW!OQQXNV!_SWR!(OPOVSOP!WNOVU:^ONY!\U`ST\OWSXP!WUN^SPX\: X`a#! ! %P!SPQ\[TS]U!VUMSPSWSXP!XM!MNOPQRSTU!_OT!QRXTUP!SP!XNVUN!WX!QObW[NU!O!_SVU!NOP`U!XM!NU\OWSXPTRSbT! T[ZcUQW!WX!NUd[SNU^UPWT!T[QR!OT!MOSN!VUO\SP`!Z[W!O\TX!WX!UeU^bW!QUNWOSP!XWRUNT!8S#U#!Z[TSPUTT!Xb: bXNW[PSWSUT!XN!^[\WS\U]U\!^ONYUWSP`;!MNX^!WRU!VSTQ\XT[NU!NUd[SNU^UPWT#!.RU!%QW![TUT!O!M[PQWSXPO\! WUTW!ZOTUV!XP!WRU!\U]U\!XM!QXPWNX\!SP!WRU!VUMSPSWSXP!NOWRUN!WROP!NU\aSP`!XP!_ROW!WRU!bONWSUT!QRXXTU! WX!QO\\!WRU!NU\OWSXPTRSb#!.RU!VUMSPSWSXP!O\TX!UeWUPVT!WX!O!IMNOPQRSTXNAT!OTTXQSOWUJ#!

! h41&-! (3! (6&(! '8:41&-! ! C:F!!&!'8:41&-! ! C>F!!(60!K33>O.**!&''3!O.(6!(60!41&-!(3!(6&(!'8:41&-.10.10!.-(3!3-!31!&4(01!(60!01!(60!&K100G 90-(!.'!M&1(*2!31!O63**2!.-!m$+2%-&(A:-$27$#&$"+nU!&->! ! C:F!!&!10-0O&*!31!0I(0-'.3-!0-(010>!.-(3!3-!31!&4(01!(60!! '0! :2! (60! 41&-'! 31! '01/.! C5F!! >30'! -3(! K1&-(! 10M10'0-(&(.3-&*! 1.K6('! (3! 31! 0I01! :0! >04.-0>! 8->01! (6&(! '8:'0!&!41&-!.-4319&(.3-!10j8.10>!:2!'8:'0.'PDD$ ',1*&(.';T#! .RU! %\ZUNWO! %QW! UeU^bWT! MNX^! VSTQ\XT[NU! QUNWOSP!VUbXTSW!O`NUU^UPWT!OPV!QXPMSVUPWSO\SWa!O`NUU^UPWT#!.RU!*PWONSX!%QW!ROT!PX!TS^S\ON!Ue: U^bWSXP#!%P!O`NUU^UPW!_RSQR!ST!NUTWNSQWUV!WX!QXPMSVUPWSO\SWa!XN!VUTS`POWSXP!XM!O!\XQOWSXP!TRX[\V! ZU!OZ\U!WX!ZU!UPWUNUV!SPWX!bNSXN!WX!VSTQ\XT[NU!OPV!TRX[\V!WRUNUMXNU!ZU!UeU^bW!MNX^!VSTQ\XT[NU#!%! bNXTbUQWS]U!MNOPQRSTUU!_X[\V!PXW!ZU!bNUc[VSQUV!SP!WRST!NU`ONV#! !

"0JMWP/QG!IM!/GPMIWIMPFP/QG!QR!RIFGJK/LM!FNIMMTMGP! C"EF!! W0'M.(0! '8:'0&2'!&4(01!10.'!(3!M13/.>0!(60!>.'.'0*./010>!(3!(60!41&-+!&(!(60!41&-G >10''!431!'01/.!431!(6&(!M81M3'0!.-!(60! 41&-0*./010>!M01'3-&**2U! C:F!!3-!(60!4.4(6!>&2!&4(01!.(!O&'!9&.*0>U! C&2!.(!.'!'0-(!:2!4&I+!.4!'0-(!:04310!d!M=9=U! C>F!!3-!(60!>&2!&4(01!.(!O&'!'0-(!:2!4&I+!.4!'0-(!&(!31!&4(01!d!M=9=U! C0F!! 3-! (60! >&2! >0(019.-0>! .-! &&2+!(60!-3(.33'!(3!:0*.0/0!&->!>.>!-3(!:0*.0/0!(6&(+! ! !C.F!!!(6010!6&>!:00-!&!9.'10M10'0-(&(.3-+! C..F!!(60!M&1(!34!(60!>.'! -3(!4&.1*2!10M10'0-(!(60!10M31(+!3M.-.3-!31!'(&(090-(!34!(60!0IM01(+!31! C...F!(60!M&1(!34!(60!>.'PDD$',1*&(.';T#!&#D8B;!SPQXNbXNOWUT!QX^bXPUPWT!XM!WRU!*P: WONSX! %QW! OPV! WRU! %\ZUNWO! %QWh! _SWR! PUQUTTONa! Q\ONSMSQOWSXPT#! &#D8V;h! WOYUP! MNX^! WRU! %\ZUNWO! %QWh! Q\ONSMSUT! WROW! TWOWU^UPWT! XM! b[Z\SQ! XMMSQSO\T! ^[TW! ZU! SP! _NSWSP`! OPV! WROW! O! Ib[Z\SQ! XMMSQSO\! VXQ[: ^UPWJ! OT! [TUV! SP! WRU! %\ZUNWO! %QW! ^UOPT! O! NUbXNWh! XbSPSXP! XN! TWOWU^UPW! XM! O! b[Z\SQ! XMMSQSO\#! &#D8B;8U;!O\\X_T!O!VUMUPQU!WX!O!\SOZS\SWa!Q\OS^!_RUNU!O!bUNTXP!ROT!QXPV[QWUV!V[U!VS\S`UPQU!SP!ON: NS]SP`!OW!WRU!VUQSTSXP!WROW!WRUNU!_OT!PX!^STNUbNUTUPWOWSXP!OPV!SP!MOQW!ZU\SU]UV!WROW!WRUNU!_OT!PX! ^STNUbNUTUPWOWSXP#! !

! ^Q/GP!FGH!LMYMIFO!O/FU/O/PX! #=!!C"F!!Z**!31!&-2!3-0!31!9310!34!(60!M&1(.0'!(3!&!41&-01!(6.'!Z>.(.3-! (3! &->! >3! -3(! >013K&(0! 4139! &-2! 3(601! 1.K6(! 31! 1090>2! &-2! M&1(2! (3! &! 41&-PDD$',1*&(.';T#!.RST!TUQWSXP!WNOQYT!WRU!*PWONSX!%QW!Z[W!ROT! ZUUP!O^UPVUV!TX!OT!WX!bUN^SW!WRU!SPTUNWSXP!XM!WRU!Obb\SQOZ\U!bNX]SPQU!XN!WUNNSWXNa#! ! BCLI Comment: The italicized wording in s. 10(1) has been substituted to reflect Recommendation 15. The purpose of the change in wording is to extend s. 10 to claims arising under a franchise agreement, regardless of whether they are based on the Act or on common law. Statutory and common law claims may be properly asserted simultaneously in a franchise dispute, and without this extension of the scope of s. 10, the effect of a choice of law or exclusive jurisdiction clause in a franchise agreement could be to force a party to choose between abandoning a non-statutory cause of action on one hand or splitting its case and having to sue in two jurisdictions. Subsection (2) reflects Recommendation 16 and is added to remove any uncertainty as to whether s. 10 of the Act applies to arbitration clauses in franchise agreements.

! ,/NKPL!JFGGQP!UM!\F/YMH! ""=!IDJ(Z-2!M81M31(0>!O&./01!31!10*0&'0!:2!&!41&-! :2! '8'! .'! 0440.-K!431!(60.1!8'0U! ! C3F!!10'M00!8->01!'8:'0!.-4319&(.3-!&:38(!(60!41&-0M0->0-(!*0K&*!&->!4.-&-G /..'.'3!:8'.-0''+! ! ! C...F!!(60!-&90!34!&-2!&''3+!.4!(60!41&-! (3! &.'&:*0!&->+!.4!'3+! 8->01!O6&(!.(.3-'+! ! ! C..F!!&-!0'(.9&(0!34!(60!01*2.-K!(60!0'(.9&(0+!&->! ! ! C...F!! &-2! 3(601! !&938-(!34!(60!M&290-(!&->!O60-!(60!M&290-(!.'! >80U! ! ]M722^! 2%55#('_! .RU! bNSPQSb\UT! `[SVSP`! WRST! VSTQ\XT[NU! SWU^! _UNU! WROW! QOWU`XNSUT! XM! TWONW:[b!

!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

?T:!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

MUUT!TRX[\V!ZU!YUbW!VSTWSPQWh!OPV!WROW!WRU!VSTQ\XT[NU!SWU^!TRX[\V!VSTWSP`[STR!ZUW_UUP!SPSWSO\!QObS: WO\!SP]UTW^UPW!OPV!XP:`XSP`!UebUPTUT!bOSV!WX!WRU!MNOPQRSTXN#!.RU!+U`[\OWSXP!O\TX!NUd[SNUT!WROW!O! VSTQ\XT[NU! VXQ[^UPW! SPQ\[VU! TbUQSMSQO\\a! VUTQNSZUV! QXTWT! OTTXQSOWUV! _SWR! WRU! UTWOZ\STR^UPW! XM! WRU! MNOPQRSTUh! OT! _U\\! OT! XWRUN! NUQ[NNSP`! XN! STX\OWUV! MUUT! XN! bOa^UPWT! ^OVU! WX! WRU! MNOPQRSTXNh! _RUWRUN!VSNUQW!XN!SPVSNUQW#! !

2PKMI!RMML! C:F!!(60!-&(810!&->!&938-(!34!&-2!10!:&'0'!8->01*2.-K!(60!0'(.9&(0+! ! ! C..F!!(6&(!(60!&''89M(.3-'!&->!:&'0'!8->01*2.-K!(60!0'(.9&(0!&10!10&'3-&:*0+! &->! ! ! C...F!! O6010! .-4319&(.3-! (6&(! '8:'(&-(.&(0'! (60! 0'(.9&(0! .'! &/&.*&:*0! 431! .-G 'M0+!&!'(&(090-(!(3!(6&(!04G 40&(312+!&!'(&(090-(!'M0+! ! ! C/F!! +!.4!&-2+!(6&(!.'!31!9&2!:0!'M0-(!M1.9&1.*2!431!(60!

?@>!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

! ! ! !

! !

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c81.'>.0'!.-!!.-!31>01!431!(6.'!W.'.-K=! ! )(E%-&$,$#0&%(",(/-0+#1$2"-(21055(!(60!(O3!10K8*&(.3-'!9&>0!8->01!(60!Z! P%7$0&$"+F! O010! ! 8->01! (60! &8'M.! (60! 10K8*&(.3-'! 9&>0! 8->01! (60! Z!(3!(6&(!'8:41&-!:2!(60!41&-! ! C>F!!(60!K33>O.**!&''3!O.(6!(60!41&-!(3!(6&(!'8:41&-.10.10.10!.-!(60!K1&-(!34!(60!41&-!.-(3!3-!31!&4(01!(60!01! (60! &K10090-(! .'! M&1(*2! 31! O63**2!.-!p.-'01(!c81.'>.! ! C:F!!&!10-0O&*!31!0I(0-'.3-!0-(010>!.-(3!3-!31!&4(01!(60!30'!-3(!&MM*2!(3+! ! C&F!!&-!09M*3201G09M*3200!10*&(.3-'6.MU! ! C:F!!&!M&1(-01'6.MU! ! C04.-0>! 8->01! '8:'0&F! 31! &'! O38*>! :0! >04.-0>! 8->01! (6&(! '8:'0F!!&-!&11&-K090-(!&1.'.-K!4139!&-!&K10090-(!(3!8'0!&!(1&>0G9&1\+!(1&>0!-&90+!*3K3!31!&>G /01(.'.-K! 31! 3(601! !(2M0!(3!:0!K1&-(0>!.-!7&-&>&!:2! (60!*.0!-&90+!*3K3!31!&>/01(.'.-K!31!3(601!!0-431.'!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

%\ZUNWO!%QW#! ! ! *MPKQHL!QR!HMO/YMIX! C$F!!Z!>.'=! ! 2%55#('_!T#B8-;#!.RST!T[ZTUQWSXP!O\\X_T!O!bNX]SPQU!WX!bNUTQNSZU!XWRUN!^UWRXVT!XM!VU\S]UNa!XM!O! VSTQ\XT[NU! VXQ[^UPW! 8U#`#! U\UQWNXPSQ! ^OS\! i! Q[NNUPW\a! ZUSP`! QXPTSVUNUV! Za! WRU! )UVUNO\! .NOVU! (X^^STTSXP!SP!NUTbUQW!XM![PSMXN^!MNOPQRSTU!XMMUNSP`!QSNQ[\ONT!SP!WRU!9PSWUV!&WOWUT;#! ! )FTM! CeF!!Z!>.'30*./010>!&'!10j8.10>!8->01!'8:'03.'! .-4319&(.3-! 10j8.10>! :2! '8:'0.'!(6010!6&'!:00-!-3!9&(01.&*!!C?F!.4!(60!&K10090-(+! ! C&F!!10j8.10'!\00M.-K!0-(.&*!31!M136.:.('!(60!8'0!34!.-4319&(.3-+! ! ! ! C.F!!(6&(!.'!31!.'.'&2'!&4(01!10.'!(3!M13/.>0! (60!>.'.'0*./010>!(3!(60!41&-+! &(! (60! 41&-G

?:@!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

>10''!431!'01/.!431!(6&(!M81M3'0!.-!(60!41&-0*./010>!M01'3-&**2U! C:F!!3-!(60!4.4(6!>&2!&4(01!.(!O&'!9&.*0>U! C&2!.(!.'!'0-(!:2!4&I+!.4!'0-(!:04310!d!M=9=U! C>F!!3-!(60!>&2!&4(01!.(!O&'!'0-(!:2!4&I+!.4!'0-(!&(!31!&4(01!d!M=9=U! C0F!! 3-! (60! >&2! >0(019.-0>! .-! &&2+!(60!-3(.33! (3! .'310O!!(60!41&-3'!(3!:0*.0/0!&->!>.>!-3(!:0*.0/0!(6&(+! ! ! ! C.F!!(6010!6&>!:00-!&!9.'10M10'0-(&(.3-+!

?:;!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

! ! ! !

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

C..F!! (60! M&1(! 34! (60! >.'! -3(! 4&.1*2!10M10'0-(!(60!10M31(+!3M.-.3-!31!'(&(090-(!34!(60!0IM01(+!31! C...F!!(60!M&1(!34!(60!>.''!(3!:0*.0/0!&->!>.>!-3(!:0*.0/0!(6&(+! ! ! ! C.F!!(6010!6&>!:00-!&!9.'10M10'0-(&(.3-+! ! ! C..F!! (60! M&1(! 34! (60! >.'! -3(! 4&.1*2!10M10'0-(!(60!10M31(+!3M.-.3-!31!'(&(090-(!34!(60!M8:*..'0!3-!(60!&8(631.(2!34!&-!0IM01(!31!34!&!'(&(090-(!.-!O1.(.-K! :2!&!M8:*.!-3(!M81M31(.-K!(3!:0!&!!&-!.-/0'(.K&(.3-!'844.0!10&'3-&:*0!K138->'!431!:0*.0/.-K! (6&(!(6010!O&'!-3!9.'10M10'0-(&(.3-+!&->! ! ! C..F!!:0*.0/0>!(6010!O&'!-3!9.'10M10'0-(&(.3-=! ! 2%55#('_!T#D8B;#!&#D8B;!SPQXNbXNOWUT!QX^bXPUPWT!XM!WRU!*PWONSX!%QW!OPV!WRU!%\ZUNWO!%QWh!_SWR! PUQUTTONa!Q\ONSMSQOWSXPT#!&#D8V;h!WOYUP!MNX^!WRU!%\ZUNWO!%QWh!Q\ONSMSUT!WROW!TWOWU^UPWT!XM!b[Z\SQ!XM: MSQSO\T!^[TW!ZU!SP!_NSWSP`!OPV!WROW!O!Ib[Z\SQ!XMMSQSO\!VXQ[^UPWJ!OT![TUV!SP!WRU!%\ZUNWO!%QW!^UOPT!O! NUbXNWh! XbSPSXP! XN! TWOWU^UPW! XM! O! b[Z\SQ! XMMSQSO\#! &#D8B;8U;! O\\X_T! O! VUMUPQU! WX! O! \SOZS\SWa! Q\OS^! _RUNU!O!bUNTXP!ROT!QXPV[QWUV!V[U!VS\S`UPQU!SP!ONNS]SP`!OW!WRU!VUQSTSXP!WROW!WRUNU!_OT!PX!^STNUb: NUTUPWOWSXP!OPV!SP!MOQW!ZU\SU]UV!WROW!WRUNU!_OT!PX!^STNUbNUTUPWOWSXP#! ! 6/LWSPM!IMLQOSP/QG! #=C"F!!Z-2!M&1(2!(3!&!41&-.'M8(0!O.(6!3-0!31!9310!3(601!M&1(.0'! (3!(60!&K10090-(!9&2!>0*./01!(3!(60!M&1(2!31!M&1(.0'!O.(6!O639!(60!M&1(2!6&'!&!>.'M8(0!&! -3(..'M8(0!'0((.-K!38(+! ! C&F!!(60!-&(810!34!(60!>.'M8(0U!&->! ! C:F!!(60!>0'.10>!38(.'M8(0=! ! +PPMTWP!FP!/GRQITFO!IMLQOSP/QG! C$F!!L.(6.-!"d!>&2'!&4(01!>0*./012!34!(60!-3(..'M8(0+!(60!M&1(.0'!(3!(60!>.'M8(0!'6&**!&(G (09M(!(3!10'3*/0!(60!>.'M8(0=! !

!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

?::!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

! *MH/FP/QG! CeF!!Q4!(60!M&1(.0'!(3!(60!>.'M8(0!4&.*!(3!10'3*/0!(60!>.'M8(0!8->01!'8:'0.'M8(0!9&2+!O.(6.-!eD!>&2'!&4(01!>0*./012!34!(60!-3(..'M8(0!:8(!-3(!:04310!(60!0IG M.12!34!(60!"d!>&2'!431!10'3*/.-K!(60!>.'M8(0!8->01!'8:'00*./01!&!-3(..G &(0!(3!&**!(60!M&1(.0'!(3!(60!41&-.'M8(0!'6&**!43**3O!(60!18*0'!'0(! 38(!.-!(60!10K8*&(.3-'!10'M0.&(.3-=! ! $QGR/HMGP/FO/PX!QR!TMH/FP/QG! CdF!!f3!M01'3-!'6&**!>.'01!(6.'!'0!(3!:0! *.&:*0! .-! &-! &01! (6&(! '8:'001!(6.'!Z>.(.3-!(3!&->!>3!-3(!>013K&(0!4139!&-2! 3(601!1.K6(!31!1090>2!&-2!M&1(2!(3!&!41&-0!p.-'01(!c8G 1.'>.!O&./01!31!10*0&'0!:2!&!41&-! :2! '8'! .'! 0440!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

M81M3'0!34!'0!M10'!.-!(60!90>.&(.3-!M13!M13/.>.-K!431!(60.1!8'0U! ! C6F!!10'M0! 31! (3! :0! 3M01&(0>! 8->01! (60! '&90! (1&>0G9&1\+! (1&>0!-&90+!*3K3!31!&>/01(.'.-K!31!3(601!0M0->0-(! *0K&*! &->! 4.-&-/..'.'3!:8'.-0''+! ! ! C...F!!(60!-&90!34!&-2!&''3+! .4! (60! 41&-.'&:*0!&->+!.4!'3+!8->01!O6&(! .(.3-'+! ! ! C..F!! &-! 0'(.9&(0! 34! (60! 01*2.-K!(60!0'(.9&(0+!&->! ! ! C...F!!&-2!3(601!! &938-(!34!(60!M&290-(!&->!O60-!(60!M&290-(!.'!>80U! ! 2%55#('_! .RU! bNSPQSb\UT! `[SVSP`! WRST! VSTQ\XT[NU! SWU^! _UNU! WROW! QOWU`XNSUT! XM! TWONW:[b! MUUT! TRX[\V!ZU!YUbW!VSTWSPQWh!OPV!WROW!WRU!VSTQ\XT[NU!SWU^!TRX[\V!VSTWSP`[STR!ZUW_UUP!SPSWSO\!QObSWO\!SP: ]UTW^UPW!OPV!XP:`XSP`!UebUPTUT!bOSV!WX!WRU!MNOPQRSTXN#!.RU!+U`[\OWSXP!O\TX!NUd[SNUT!WROW!O!VST: Q\XT[NU!VXQ[^UPW!SPQ\[VU!TbUQSMSQO\\a!VUTQNSZUV!QXTWT!OTTXQSOWUV!_SWR!WRU!UTWOZ\STR^UPW!XM!WRU! MNOPQRSTUh! OT! _U\\! OT! XWRUN! NUQ[NNSP`! XN! STX\OWUV! MUUT! XN! bOa^UPWT! ^OVU! WX! WRU! MNOPQRSTXNh! _RUWRUN!VSNUQW!XN!SPVSNUQW#! ! 2PKMI!RMML! C:F!!(60!-&(810!&->!&938-(!34!&-2!10!:&'0'!8->01*2.-K!(60!M13c0! M10'0-(&(.3-!&10!10&'3-&:*0+! ! ! C...F!!(60!M01.3>!!:2!(60!M13c0!:2!(60!41&-.4401!.-!10'M0!

!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

?W:!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

! ! C/.F!!O6010!.-4319&(.3-!(6&(!'8:'(&-(.&(0'!(60!M13c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c81.'>.0'! .-! 0!8->01!.(U! C30'!-3(!39.(!&!9&(01.&*!0!8->01!.(U!&->! C>F!!>30'!-3(!39.(!&!9&(01.&*!'!(3!:0!!.-!31>01!431!(6.'!a(&(090-(! 34!)&(01.&*!76&-K0!-3(!(3!:0!9.'*0&>.-K=! ! )( E%-&$,$#0&%( ",( /-0+#1$2"-( 21055( .'M8(0!:0(O00-!(609+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! eS$=!!Z'!&!?!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

:8(!6&'!-3!M3O01!(3!8-.*&(01&**2!10'3*/0!(60!>.'M8(0U! ! hM&1(2i!90&-'!&!M&1(2!(3!&!41&-.'M8(0!O.(6!3-0!31!9310!3(601! M&1(.0'!(3!(60!41&-0*./010>!8->01!'8:'0&2'!&4(01!(60!-3(..G &(0!O&'!>0*./010>!(3!&**!(60!M&1(.0'!(3!(60!41&-.&(31!O.(6.-!(60!(.90!10j8.10>!:2!'8:'0.'M8(0+! (60! 90>.&(31! 31! &-2! M&1(2! 9&2! -3(.42! (60! 31K&-._&(.3-! 31! !8->01!'8:'0.&(31+!&->!'6&**!-3(.42!0&!*.'('U! ! C:F!!(60!10j8.1090-(!(6&(!&!90>.&(31!:0!-08(1&*+!.->0M0->0-(!&->!.9M&1(.&*!/.'!u!/.'!(60!M&1G (.0'!&->!(60!>.'M8(0U! ! CU! ! C0F!!(60!&/&.*&:.*.(2!34!(60!M01'3-'!O63!9&2!:0!&MM3.-(0>U! ! C4F!!(60!-&(810!34!(60!>.'M8(0U!&->! ! CKF!!&-2!3(601!01'!10*0/&-(!(3!(60!'0*0.&(31! &MM3.-(0>! :2! (60! 13'(01! 31K&-._&(.3-! 31! !8->01!'8:'0.&(31! .'! 34! (60! 3M.-.3-! (6&(! (60! >.'M8(0! .'! 01! (3! 0-(.4.3!(.9.-K!9&((01'=! ! "0JKFGNM!QR!/GRQITFP/QG! d=C"F!!%&!.''80'!'6&**!:0!>0*./010>!(3!(60!90>.&(31!&->!(60!3(601!M&1G (.0'!-3(!*0''!(6&-!"E!>&2'!:04310!(60!4.1'(!90>.&(.3-!'0''.3-!.'!'8*0>!(3!:0!60*>=! ! $QLPL!QR!TMH/FP/QG! ?=C"F!!@60!M&1(.0'!'6&**!c3.-(*2!!'.K-!&!90>.&(.3-!400!>0.&(.3-!.&(.3-!.&(.3-!400!>0.&(.3-!&>>10''0>!&-2!&938-(!.-!.&(.3-!400!>0! &(! &! M10G 90>.&(.3-!./.>8&*+! ! ! C..F!! (60! M&1(2! .'! 8->01! &! *0K&*! >.'&:.*.(2! &->! (60! 3(601! M01'3-! .'! (60! M&1(2g'! *0K&*! K8&1>.&-+! ! ! C...F!!(60!M&1(2!.'!'84401.-K!4139!&!90-(&*!31!M62'...&(.3-! ! ! C:F!!0.(601+! ! ! C.F!!6&/0!48**!&8(631.(2!(3!'0((*0!(60!>.'M8(0!3-!(60!M&1(2g'!:06&*4+!31! ! ! C..F!! :0! &:*0! (3! .&(.3-! !&!M10G90>.&(.3-!! &! M10G90>.&(.3-! .&(.3-!.'!!O60-+! ! C&F!!&**!(60!.''80'!&10!10'3*/0>U!31! ! C:F!!(60!90>.&(31!(019.-&(0'!(60!90>.&(.3-!M1.31!(3!(60!.''80'!:0.-K!10'3*/0>=! ! C$F!!L60-!&!90>.&(.3-!.'!+!(60!90>.&(31!'6&**!0*./01!&!!8->01!'8:'0.'M8(0! 98'(! :0K.-! O.(6.-! Ed! >&2'! &4(01! &! 90>.&(31! .'! &MM3.-(0>! 8->01!'0&(0+! ! C&F!!.'!'M0!:2!(60!90>.&(31!.-!O1.(.-K!O.(6!(60!&K10090-(!34!&**!(60!M&1(.0'U!31! ! C:F!!.'!31>010>!:2!(60!01!'8:'001!! ! C:F!!O60(601!(60!90>.&(.3-!O.**!:0!9310!*.\0*2!(3!'8!(3!&**3O!(60!M&1G (.0'!(3!&.&(31!'6&**!(019.-&(0!(60!90>.&(.3-+!O60(601!31!-3(!(60!.''80'!&10!10'3*/0>+! &4(01!"D!6381'!34!90>.&(.3-=! ! C$F!!@60!90>.&(31!9&2!(019.-&(0!(60!90>.&(.3-!0&1*.01!.4!60!31!'60!.'!34!(60!3M.-.3-!(6&(!(60!

=>;!

! ! 1&-'-.,!2%3456-)!7)A!8(.'-'4'#!

!

"#$%&'!%(!)!*&)(+,-.#!/+'!0%&!1&-'-.,!2%3456-)! ! !

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c8>K90-(! .-! (60! *0K&*! M13.-K! 31! K1&-(.-K! &-! &O&1>!31!9&\.-K!&!>0(019.-&(.3-!.-!(60!&1:.(1&(.3-=! ! #=!!!!W.'9.''.-K!(60!&MM*.04&8*(=! ! R=!!!!)&\.-K!&-2!31>01!.(!01'!&MM13M1.&(0=! ! CEF!!Q4!(60!&/.('!O38*>!04&8*(!&->!'8MM31(.-K!&44.>&/.('!:0!(10&(0>! &'!0-(.&*+!'0&*0>!&->!-3(!4319!M&1(!34!(60!M8:*.U!31! ! C:F!! 9&\0! &-2! 3(601! 31>01! 10'M0301'!&MM13M1.&(0=! ! CdF!!Q-!&!*0K&*!M13.-K!31!&1:.(1&(.3-!.-!10'M0!.''80'!(3!:0!>0*./010>!8->01!'8:'0! ! &KM!WFIP/ML!PQ!PKM!H/LWSPM!TSLP!_Q/GPOX!FWWQ/GP!F!TMH/FPQIV! dFe!!/R!PKMIM!FIM!RQSI!QI!RM\MI!WFIP/ML!PQ!PKM!H/LWSPMV!\/PK/G!4f!HFXL!FRPMI!HMO/YMIX!QR! PK/L!GQP/JMg!QI! dUe!! /R! PKMIM! FIM! R/YM! QI! TQIM! WFIP/ML! PQ! PKM! H/LWSPMV! \/PK/G! ;4! HFXL! FRPMI! HMO/YMIX! QR! PK/L!GQP/JM.! ! 2PKMI\/LMV!FGX!QR!PKM!WFIP/ML!PQ!PKM!H/LWSPM!TFX!FWWOX!PQ!F!IQLPMI!QINFG/hFP/QGV!QI!/R! PKMIM!/L!GQ!IQLPMI!QINFG/hFP/QGV!PQ!PKM!JQSIPV!RQI!PKM!FWWQ/GPTMGP!QR!F!TMH/FPQI.! ! nnnnnnnnnnnn!!!!!!! E.,*%%%%%%%%%% % MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM% B#54.,3'*%(6%&.',U! ! iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! ! iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! ! iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! ! ;.!1FIPXZL!WQL/P/QG!FGH!/GPMIMLPL!d\KFP!PKM!WFIPX!KQWML!PQ!FJK/MYMe! R9'#*6%$3//.'U! ! iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! ! iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! ! iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! ! ! +PPFJK!FGX!FRR/HFY/PL!/G!LSWWQIP.! % MMMMMMMMMMMM% E.,*!! ! iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! B#54.,3'*%(6%&.',?T!

! ! @60! 51.(.'6! 73*89:.&! P&O! Q-'(.(8(0! 0IM10''0'! .('! (6&-\'! (3! .('! M1.-01'! .-! (60!M&'(!20&1B! ! • P&O!H38->&(.3-!34!51.(.'6!73*89:.&U! •

f3(&12!H38->&(.3-!34!51.(.'6!73*89:.&U!

• •

V0&*!%'(&(0!H38->&(.3-!34!51.(.'6!73*89:.&U! ! ).-.'(12!34!X8'(.!Z((31-02!]0-01&*!431!51.(.'6!73*89:.&U!



%9M*3290-(!&->!a3&U!



73-(.-8.-K!P0K&*!%>8!a81/0231'U!&->!



;&-8&*'! &->! 4.19'! O63! 6&/0! M13/.>0>!4.-&-