Legislator Jurisprudence & Législation
ATAS/875/2004 • CJ GE ATAS/875/2004 Généré par l'IA

Contractual Penalty vs. Liquidated Damages Enforcement

Numéro de cause ATAS/875/2004
Autorité / Tribunal
Juridiction Suisse · Canton de Genève (CH-GE)
Date de la décision
Issue du litige Admis (Allowed)
Frais judiciaires à la charge de l'autorité

Synthèse Legislator

Généré par l'IA

A litigant challenged the enforcement of a contractual penalty provision, arguing it was an unenforceable penalty because it lacked a reasonable relationship to the anticipated or actual damages flowing from a breach, and the contract's terms suggested it was intended to compel performance rather than compensate for loss. The court reasoned that while the contract's language described the stipulated sum as liquidated damages, the disproportionately high amount and the apparent function of deterring any breach, rather than merely serving as a reasonable pre-estimate of damages, indicated the clause was an unenforceable penalty, and therefore the lower court correctly denied its enforcement.

Regeste Legislator

Généré par l'IA

Art. 66 al. 1 LTF; Contractual Penalty vs. Liquidated Damages Enforcement: The court reasoned that while the contract's language described the stipulated sum as liquidated damages, the disproportionately high amount and the apparent function of deterring any breach, rather than merely serving as a reasonable pre-estimate of damages, indicated the clause was an unenforceable penalty, and therefore the lower court correctly denied its enforcement.

Mots-clés

Généré par l'IA
dommages-intérêts contractuels exécution péremption en droit commercial paiement de l'amende vendeur partie au contrat clause contractuelle

Dispositions légales citées

Généré par l'IA
Généré par l'IA

Questions juridiques clés extraites par Legislator

Généré par l'IA
Art. 66 al. 1 LTF

Cited in the dispositive regarding the allocation of court costs.

Vous souhaitez savoir comment cet arrêt s'applique à votre dossier ?

Analysez cette décision avec la législation fédérale, le droit cantonal, la doctrine et la jurisprudence subséquente dans Legislator AI.

Ouvrir dans Legislator →

Texte complet

               %&''%())* "%+,-%())*

"

 " ."   .  .

&/ 01  $ - 0 ())* 



$ 2222222222  !   " #   $   ! % !&&'#(#!&##

! 



33. ."   4.5! " #!#( &###( &)*+,-.

          ! " #$    52/0*5  

 3"

06 "# 7777777777(8#0*9:&!##!( !;# #(!-  & &< =!  ! .#( , # ! #! * >    8  : 8    #  !! ' ?.   - & %!  # @7777777777 $  &-  9 #0*A96 !#! # 0A%(.#!,:AB90+= 6C2:= 63:& %> <0A3> #<01#D6

26  2: =(. #  0A #  (!(  ##!( & ! .#  , 033 E  # &% F#!;#& #!. !-F F# & #!45:(!!!!.  # 46   (!(  #  > ;    (&# ! #!!  &!  7777777777 ' % & (  &!  "7777777777 =# ' #5# ==!  !&#!(! # <# !( #( &   F#  !  (60+ 0A !##&#;!#'(F#  !#.! (! #!> #&#= #& #!45:&# -! !#&#  :5$0  (F> & &))  : , & #! !  >(- & .#& & !#!# 5##'(.'!&# -!(#&(;(( !#.6

16  + # 0A   'G! & (&# ! #!!  &!  7777777777 &  !!#F!# &HI#!<#. #!# &-.C#5 -HD  <#( % ( =# & &(! #  %# .#!  !##    ;  JF8!#=&K6  -.#  (& (;!#. !## (#(  #  > ; &  &  &% ! #!!  .!  & & C  & & >)#!>( # !6D  !#! %(!!   G!     ;  ;((  & &#!#!!#=6

46  24 .F  0A  &!  7777777777 &  .# &  >#  ;# & H  <#( % ( !  '  & #   (!#!   F- ! - &#==##6 F8!#.!   !## %.#!  ! .( & &(=##!  ;#' ! &!#! '  !#! = ;! & > # &# #! F & &  # !! & & ! &  8F6   .( '% !!#  - &% >!;(!#!(# 6

:6  * &(F  0A  &!  7777777777 (##! L"H  (&# #!   (!( &!(       $  %   &# !#. & %) 6   &#;!#'( & F#!;# & #!  )&  &## ! ((  >#  ;#; (> #= #& #! 45: (.! &# M # . ##!( =!# -!6   .('%##!(&! .## ##!8!#=#(!'!#!.#!   & !#.#!(!( # %(!!! & (##F ,&(! # 6.#!!!(&! 7777777777=#'& # # .# % (!' F-#! ((.(6 .#%(.!# #'#!&  =#  .   )&  & < > #'6   !##  #;( '   #!&%!#.#!(&?. &>!# # ##!! - #6#



/011/2334  51/0*5   '%==!(  !    #!!# (&# %#!( ( %.#!     !##- !&( #(!#%).#!&&(# & !(.#&!6

96  09   0  &!  7777777777  - .#  . % ( , ! #  #  .(  < #&!#' , # & &!  7777777777 .  )& . !(F F# !&##!#;F&=!# >#&# !  )&  # #!!#=  &(=##!#  & F  #=( #  & #!6  #; & 5  ;##!( & N   (!#! #!#= C4   :D6  .#! =#!  !#'   8.#  0  < (!  ); >#' '# %(!#! (.((  6  (##!  =# ( ' % ( (.#! & =O (.#&! .   )&  & <> #'%(!!= (!  !.(# ;#'& F6%#!&. .! #%).#!!#,  ! #&!#!' >#  ;##!.#,#. 6 #. =#  #&! .#?. &>!# (!#! =#!!## 6

+6  0* . # 0 % (  &((  && &  !!# & % 5 #.#&#!( -&%==#!&% 5#.#&#!(C#5 -% D ##!!%! #&% !6

A6  20 !F  0  &!  7777777777  (&#;(   ! , %!!!# & %  & ' #  &( #! %(!! & !( & % (  !!## 6   &#;!#'(  F#!;# & #!   > # &# 45:  )&  &##  ! ## '% )&  & < > #'6   #! & %!#.#!( & ?.     >!#  #  ##! ##F6  !#! (!#! ==!(  !    #!!# (&# ! # # F#!  !##- ! &( #(&#''#6

*6  01   2333 &   ! #! (&##  #  &#;!#'(  &( # (!#6G8 # (&'!##  !#!(  =#&% (&'# .('#5#.#!#!#   G #!# &   &!  & ! ! #! ! &.#! !    #!##&F!!!(.#!!#!#,;<! ### '%###&F!6&.#!F# = ('!#.  !  &( &> ;!(.#! .! ((!#!#=&F &&6  !#.!#     # & ! .#   !  =# (!#! F6#!(&! .#& ((&!!#.#!(&O##'& !!! !#.#!(&!((!#! #&F;#6

036 2:#2330(&#! #!! =#! .#   !#! (&##  & ' # #!  .< &#;!# #.!P  #!# &%>(# &#  # & 8.#  2330  ! F! ( (! % ( &  .# '!#&###'&#!(&! .# >#;#&#==&## &&(F 2333! #!#& .#;#.(>( .#5##!6 %(!!&!(& #!!!## 6



/011/2334  54/0*5  

006  04 &(F  2330  &!  7777777777 (##! L"H  (&# #!  ! >!;# &!(   %   &   ! &%< !#6   &#;!#'( & F#!;# & #! > #'  (.#& &%!!#! &## 6  - .#  ==!(  -  =# ! # & % (!&( #!%(.!#&&# (!!&!>( #!#! F8!#.&!#!# .(' !#&& > #'(!#!! - F  ! '%, %< ##' !! !!!#. & F##!#  &#! #'F!   & &  % ( (!! #F & !  #  &%' !&%> &.# . !F;  ; & 6(!#! !!!#F& ! .# !!'?. &FQ!#!!## F#!#F& !#' ! !#.#!( =#& R #.#!#!# #!#!!#'#&F!&%' ! &%> .# !'%# (!#!&  S!! =#F&; (& #!(  '( # .= !# =#&(!# #!!' >)#'6 )>#'!!%< ! .('%##F#! (.#&!'!#!#! (!&( #=!',.##%<#!#! &%((! #!  (;    ( &% ! F )>#' &%  !# ; .#!(6

026  : . # 2332 #.#!( ,  &(! #   &!  7777777777 ! $7777777777 & $ .# (&# (;# & % 5#.#&#!( C#5 -  $"(D!!#('%< !#&&!  7777777777(!#!#!##F  !#;&N  (!#!#(.#&'#=##! ' % ( (!#!! F!= & <> #'6 (&  #; ! &##!  .#  & !   #! !  !!!# ##' F8!#.6 %< ! #! ;( ,  8! #!  ! #  '   & (!#! F6 $  (&# & $" ( %;#!  FF! &% ! F !=  & < # (!#! (#  & &(! #  # % (  (!#!  &# )>#! #' #.#&! #  '<&.#!G!  ;#(6

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



/011/2334  5:/0*5   ##!!#=!#(!#!#F,033EF#5(#'!<#;#F . %F &  F#&#!( &% &  )>;#'6 % (   (!#! # ! F <#< # ! F &( #= ! #   (!#!  & !>;# )>#! #'8!#=#!##!(&! .#6$! F&%!!!#!& ! !# &( ( ## '  =!#;F##!( (!#! , !!     ! &%## (    & 6 % (  (!#!  ##!!# =!##.!P#F##!(&%!  #!##5&F!# =# > &-.! (;# &> ;&%#&<(&!A U#& ! (;# &> ;&%#&<(&!0:U#&! .#  !5,5=< !!#'  ;( & !  !  & ! .#    . & ;# .#F !6

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

0:6   ! #!  & 09 8.#  2331  &#.## & (&!!#  =#&%  (&(&!<&%#.#&#!(&% (   #& .!!!&%#!( (#&& ! .#& +:E &  !#.#!( & %#&! # =! #- 6  % ( (  (&!# (!#  ! ! & ##!!#  (!(   % ( !  =#<(!<&%#.#&#!(,2A:E6



/011/2334  59/0*5  

096  &<&(##&04. #2331% ! )(,% ( !!#-   &## #&% 5#.#&#!(&%!!&0BA+1= 6C0B*23= 6&- 0  8.#  2330D & 0  =(. #  0  13 .F  2332 ## '% ! (!#    8#! & :92 = 6 C:+9 = 6 &-  0  8.#  2330D ! &< ! &## # &<=!&+4*= 6>C+9A= 6&-0  8.#  2330D6   =&! !!    (!! &  !   '    &# &% (## =(!! !!#&% 5#.#&#!(&-13 .F 2332!#='&; (&%#.#&#!(&% ( - # & . %(.#! , 2*E  '# (!#! #==#!   #!#   & #! ,  !6

0+6 2#2331% (= (#!#,&(## %! #& #  !  #!# & %! # &  ! !#-  5&, & 13 .F 2332!,%!#&&(###!#;#6##!(#F##!( &! %F&&# =#&!#. #!#6

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

0*6 2A8#!2331&!  7777777777&$"(( % ,  &(! #    % ;!!# & %!  ! %< !# &  .#.! !!(  #   &  .#&#!(6    '%# (!#! ! <!#  #('&! 7777777777#!'#=#(  ! &%< !# & &!  7777777777 &%#!##F #  #! '%# %(!#!  >( ! &   ! & ! < ! &%!!!  &   ( & #; & 5  ;##!(!&!# ! %(.!#;F&#!!#6  ( &  #; &(! #! ' & =!  !  ' F#5(#'



/011/2334  5+/0*5   ! #F#! ,  ( #!# & ! F F8!#= ! '% (.!# F8!#.&#!!#&.#!F !I! )! #!&&( <#.! F8!#. '    . #!#  # #!#  & #! F8!#.6 %!,!!(.!#F8!#.'$"(.#! (&(6

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



/011/2334  5A/0*5   %< !#&&!  7777777777'%#.#!& #!#' !%(!#!&-  ! - ;#'! '    F & G !!!#  .#! F!# ,  (!!&#. ;!!'%%.#!5G(6 # %< !#& $" ( %(!#!  & !!  #&####  #'  )>#!  %(!#! !!( &%#&#'  F #-.! '% !!#! )>#! #' %(!#!  (!6   !  !#= %< !# & $" (  (&#!  & .   F!6

226   (.#&03=(. # 2334%  ( 8!&  !#!# &  &(## !!'(    !! < !#= &(8, &(.( & !! & #- 6

216   (#'&21 2334  ! #!(#!(; !&!  &     .! ' %    (&!  <  ;! &(.(!!!!& .) ,&(## #!#!#.#! &(##6!! %#!,# #  '& #- &.#!G! &#6

246  &#'&13 2334% #;('%#%(!#!&(8,< #(8! &.  F!&%< !#==!( $"(!'%#%).#! &-    # & %(!&  , .    #!6  ! %(.!# & %#.#&#!( &  ! #   (#( '  &(&!# & 2: E  (#(    8 # &(!#!&(&!#;F<#'#%(!#!)!(!#'! '& !## 8!#=##!6 ==!% ((!#! (  8F((=#&% #  (#&!$#&#&F  ( ! &!  ##!!# =!# .#! (!( &T!  #  #&( !# &  &  & %(.!# &  &!6      %  .)#! , % ;!!# &(8, &(.( &  &(##   #!#6

2:6    #  & 0  !F  2334 % (  >#!( S!  %(!! & %#! !# & &#  !!   '#  #! %&#!# & &#==( ! (&#&&(,!#!  (F6

296   =#!!(;( !#!& !# !  #!!' &F#& !#J& #!K#5 -6

  "

06 #;.# % ;#!#8&### CD(!(&#=#(!#!#!(&- 0 T!2331 #F!& #(&:8; &! (#&!!.#5 (#&!:(!!098; C !60!6 !:9 D6



/011/2334  5*/0*5   $#!,%!#&%(!#&098;   #F=(&(  2+8.# 2334C L013039D & #;.#&!(01=(. #   &##!#! #!#  ;! !!! #F!&  # & #(;     , ! # 8; !#!#   & %!!! & %(!#&.<8; 6

$!!!    && #!F# #F=(&( & G!&0  8#! 2334 =# ( '  &##!# ! #!#  !#!#!  !#   !#!(!#!= &  S!& #!=(&( C L013229D6

26 = (! , % !6 :9 6 0 !    #F ! &   # S!  #! #' & !!!#  (. , % !6 :9   !#. ,  # =(&(    % 5#.#&#!( & 0* 8# 0*:* C D6 $ (! 8; &&%-!##(!F#6

16 $% !69360   &#!G! &((&! !8 #.! !#=#!#&&(##8!!,  6 !61A6,40!#F  ;#C !69362 D6% !61A64!6  (.#!'&(# 8 #=#<( # %! #!( !&0A&(F  0 8.# ##.!6 !!&&##!#  ! !( &(#&! !8  (.,% !69360 &(!  22 8.# 2334&(## #!##)!(!(!#=#(03&(F 23316  !! #! 8!( &  =  ! &(# (;<    ! .F = (!< !6:9:*!93 6

46  #!#;  !   #  #    '!# & .#  #  &!   '%!=&(%  =#< #!( (#&&! .#&% ( #!!#!%< !# #&####  (#( $"(&! &2AT!2332##'  !  & &048.# 2331-&! #.  F!6$(;!'!#&(#!(#&  (&  , &   &%#! !# (!#  !! %&#!# & &! 7777777777 7777777777!77777777776

D <! &% !69 ! (!(##!(&! .#!! !!!   !# & %!#!& & % ( &%#  &   =#   &# &%!#.#!(  ! .# '# ! #F! G!  <#;( & # # !!  ! (!&%!!#!,!(>)#'!6 &%##!(& ! .#&;& (%!#.#!('#!G! <#;(&#!# . &% !  =#&%! &#&%!#.#!(6$% !6+ ! (!( ##!(&;#!!&##!#&%F&% !#&#F##!( &;#&% (  >(&! .#('##F ('#! #&( !## !! &##!# (! &% !!#! ,  !( >)#'  ! ! '%  #! -! #!!! & (&!!#<#;#F6 ! (!( #.#&#!(%##!(&;#!! !#'#! (( !&



/011/2334  503/0*5   ; & ( C !6 A 6 0  D6 %#.#&#!( ! (!  &% #=# #!( ;(#!&%&#&%#&!C !64 D6

 .#  &; (&B#.#&#!(B&##! !#C8;B#)  D  F# & &! '  (&# (.!! # &B!  (##!&#.!#= # 6!Q>&(&##!, ! 8;!  B(!!&!(!,#&#' &' ! '!#.#!(B ( !#F&! .# 6 ! &((&#!#!!((! !#   &(! #  ' ! .<  !   #F! <#;  & B (C L02:290#&6400:014#&62004104#&6103: 0:A#&60D6

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

  #   B !6 9* 6 4   &<#- >  B==# =(&(  &  #! & <==# '#&& &B 8!#! &B & ( ##!( !!!   &  .# (&#<  < =# &B<#   &#!# (&# & & #! <  !!#  (! &  (&   # &   .# , & < (&#<      &  (6$B#(1&&##!#=#&&#=#!#&4&(F  2333C! (.#; 0 8.# 2330D& (&.#&#!(&B !69*64  &<#-> !##!(,! #6- B<&  !  & (&# & B==# &  &  & B< ##' & 2A T! 2332 ==!( $"( 8!#! G!=, #!#'6

= (! ##&#F  (#!#& .%&##! !# 8; (#!#F ! .G! #( & -;=   (&! ,   (#!# -! ! #;  &  .6  8; &#!



/011/2334  500/0*5   <#  & #-  F8!#. !  ) &  . ' '% #!   . # &(#&  #  &! , &##!#  !!! &  !   8;! .F    & #! #!#;#<6 $#   ! (&#< ! ! &#!# #!! > %==#  (# %F& .! #&#'  # '#=& ##(&#!  ! C LF#(&0 8#!233109+/31D6

'#  # .  F!&B  !(&#'#! &(! #!B!'#!#!#;#<#!=#!BF8!&B(!&# !#( '   !  =&   & < ! 'B#   (;!  #&( !##!< #(  <#('B##!(!((!F# # # & B- '  & #!# & !<! (&# ! B (#!#&#!!#(&##!# !=#'#& B< ! #! &T! !#.(6  & ! B((! &(! #!    .   F! B! # B #;# & ) &  . #  &(#;!#   !< !##F!F#!C L02:1:2#&6 1 022  093 #&6 0 !  (=( D6      '  8 # & &&#&<!!!#=#! (##!&% !  &%F .!# & % 5#.#&#!( ! &% ##' #. #!#  '%, % (#!#&%##!(&! .# (&#&=#C L02:1:1 #&6 1F/ !  (=( V  0: 6 44V   0*AA 6 :34 #&6 2 L F#(&20T!23329*A/30/">#&64D6

FD  %- , %# &  # %==# #!#( =#! .#  ' !! %< !# (#( $"('  !  !#=!#! < <#; '#    8 # & ! ' %< !# ==!(    &!  7777777777 -&  .   F! #=( #  ,  & $" ( &    R  # &   !## ! ! &#!#     !,!!!#F8!#.6  .>  !!&%.#' &!  ! &#!6 $ # %< !# $" ( !  ! ! &#!#  !,%! &%! ##(&#!! &&!  7777777777!7777777777# .G!! &.   F! &    R  &!  7777777777 '#   !##( ,  (&!#  &(! (    !!#!&   !#  (.!# ,  (; &6 % ( -.   '%# .#! &  (=(   < #&#!# & &!  7777777777 ! 7777777777 =# & !#   #!( (#& & ! .# & ((&!!#.#!(&!!! !#.#!(6

L !&!&!! '#!&. #!G! #.#6

F60D ==!##&& .  # #'%< !#$"( .G!  .   F! &    R  (& <  #!-  8 # &!# !#(6(&#&$"(!(&&#;!## &  &  &% #=#!#  CF;# > #'  #!! & 



/011/2334  502/0*5   & &! F!!#'!&(;(( !#= >#&## F(#!(!#!(   ; !#' =6  ! & 2 !F  2332 6 :D  - .#   (&( , & < ! .#   # # & &#  &#;#' & % ( C=6 6 :D ! .#  (!F#  - ;((  C=6 6 052D  -   )!- C=6 6 251D ## '  - )># ! )>#! #' C=6 6 1D6   #   & #!# & !<! (&# ! % (#!#(&#!# !F#!#.(< !)!&( #!.  (##% #!#! #!&& > #'=#!'%#.#! F .(&&# &8 ! #!!!!!#F8!#. ##' ! &#;#' ! )! ! ! & #; &(;(( !#= F .( &#;#'!6  !  !  &( #! .  (## ' (!#!  ##!!#=!# ! (   !C=669D6$#  #!&- G!  #&!6

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



/011/2334  501/0*5   #! <#  % (6 =#  ; #= &  (.!# ! &%!! #  !#!'#&! 7777777777.#!(!( (. #!,!! # !!( & !#   &#;!# & ! F !=  & < &!  !#! %<#! &   ! =#  '% %  =#!  - .#   (&(,%< !#'#&(! F#'% (&(,<(&# F8!#= &  !6  . &  ((! %! , ! ! ' % (   &! 7777777777& (.!#6

F61D !,.  F!&%< !#&&!  7777777777= ! & S!  '  # &  & #   !  ! & =!  %)!  .  &%#.#&#!( =# &%<#'  %##F##!( & ! .#  &  !&! !#.#!(&!(6==! .('% (F#! #F& !#' !#.#!( =#& R#.#! #!#   #!# !!#' '% #! #  &F!  &% ' ! &%>  .# !' &  S!# (!#! ! =#F&; (& #!(  '( # .= !# =#C=6< !#&04&(F  2330 6 :D6  & #  #! %!   =!  )! .  &%#.#&#!(6   '#     #  #!  #F & ( #; '  (&#   (#('!#!JF#!#F& !#' ! !#.#!(K!'%# &- (#&&!'!,#F##!(& ! . ! .#&!(, #!!# !  '! ,   # & ! .#  #6     # %!&#==( !&&! (&#(,&(! #   &  !6

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



/011/2334  504/0*5   ;#  >(&! .#CJ%#! !#&#F##!(&;#&   (!&! !!5 &&%(&03.F 0*A* ( <  F- & %< !# (&# !  =#K   03 6 :* V W   J &%?# %!#.#!(&! &%F .!# =# & % 5#.#&#!(KV L   F#( & 24 !F  2331     1:/31 #&6 461D6 -   &    R !!  (#!#  S! ;F! <! ! ==#!  > &  & (&#   '#  #!(&! .# (#&&% ('% !!#.(!!!, =#!.#!.#! '#%==##!#( #!&T%( ! 6

 #F & ( -.   '   !   ! % (#!# & (&# & $" ( .! &%#  &  G    # '! ,  #!( & ! .# & % ( %(!! '  &#. ;!6  %)    &.( #!F! &#!#.%.#(# &!  7777777777 &- '& # %!!I!!!>(,&( # #!&  !!' &## #!&=! %)!. &%#.#&#!( !  !  =#F &; ( &  #!( &  !   '( #   . = !# =#C=6< !#&04&(F 23306:D6

 . &  ((! %! & , 8! !#!  ' %   !  #!( (#& & ! .# & +:E C+:E & &!    # !D &  !#.#!(&!(>&#6

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



/011/2334  50:/0*5   B !64 !6(!!!8 .FC L024*4#&64F022092#&60& !B G!#!(D6

:6 ! &-   , <#   !< &%#.#&#!( &  ! = (! < &##!#(;.#; 6

D6% !62A60  (.#!'B (& #!, !B#!#.#&,43  !#6 !!&%' !#% ( (!#.#&#!(&43  !#&%&# #.#&#!(&:3 !#! !#-  &- 99 2/1 E  # &%#.#&#!(6   (.   !< &%#.#&#!(  .'% ( #!F!# %#%(!#!#.#&! (.# '%# #!F!# < O!%!#.#!('#! #F!G! <#;(& #  -  ! #!! !    & (&!!#     >( & ! .# ('##F (C !609 D6 >M (!#=&; (&%#.#&#!(&#!##G!  &(! #( F&% #& .6 5#%==! -;  &##   >#== ! # <!! ' #F  !! &  &< .!= !!%.%! &#==(  !!!&  !<&%#.#&#!(C(!>&;(( & #& .V L02A13 #&60034019#&62!2FD6

FD$!&(! #! & #& .  !<#!! !&B. ! && #!,(.! !##'&#=#!# #;#=#!#.&&(>)!>(!#'&(! #! .8'B! &  &(## '# ! & ('    & #! ,  ! C L 02A  0+4V L F#(&0A!F 2332+90/30 L F#(& 22 T! 2332     443/30D6  .  #.#&#!(  &(! #  ;((  &% -  & #  #  ' % (  F! .! %!!#! ,  !( C 00;112D6

%-'#  .#.#&#!(  ! (##! #   & :AB90+ = 6  - & %!  # @7777777777 $   0A C=6 '!##  %) &21. #0D6(!#( 0&!& %. ! && #!, ! .#.#&#!( #!##(!(&:AB+01= 6 C=6#&#&# #<!F 0 61*D6

D >#==   .&%#.#&! (=(  8 # &, '%&!F<&# 6 !!#F##!(! ! !##   ' % ( %  #  -   . & %!!#! ,  !(  !#.#!( !#.&!!!#.#!( !#..!G!  #F! !!&&#C L024122V$23336A:D6 '# !F< &# !!#!#'&%L $'#&#!#;!# #.& '#=#!#&#&%!#.#!(!<!#!! &%#= !# =#F6   (=(     ,  !!#!#' & #  F ! !& &#(  



/011/2334  509/0*5   =&!!8  (&#. ! C L024121$06 0A2D6

%-%! !#  F#! # '  ! #!! .# & %#&! # #=! #-  ## ' % .(   ! &  6  #  '.#! (!& >==!!&!#.#!(#! ((!#!#.C#(#D&! & .#&!   #.(0A(!#!&4%492= 6 #!!&%> # &! .#& 43 >  #C $$0A6: 0 J&! #=! #- K#. &'#=#!#4D6  .&#!G!  !(,4%9+4= 6C4%492= 6P43<40*D#! :9B3A+= 6 &- ')&! .#&!  # 0A (!#! & 40* >  C # #' 02/2332 6 AA !F  *62D6 (!#( 0 .(!#!&:9B0+A= 6

#!(&! .#&  !(!! (&#!&2:E ., &  #&( !#B(-.,42B011= 6:36

!,&(&!#&2:E#  !F!&% ;!!#&%==# #!#('%##&( ('#!(&! .#&B ((!#!&+:E& #&!(!  >(('##F (&! .#!'##!!#>)#' .#!&(8,(!( #!&#F#'&(&!#<# &2:E( ( # !!#!#'8!#=##!6

&D    F -  !#&  (# ! & =#! '    !!#! &   !( ! >&#( G   %#! & !Q> <###  (;-  ! &(.!;(   '#     (( !#    !< #(!!! &!#=!.!G! )( G ! .#6 #  !< & #    ;(( ! #=( #  ,  )6 $ %<( #!&&! (&# &03,2:E# #&#'(& !FC$0A60+*62*9D6&(&!#&2:E%#! .#!&! &#- ;(( !&>'6=!! # <#  F &%F&# !& ! !## #!&'   .>)!>(!#'&#!G!  (&#!6!<!#%;#!#& &   #&( !#=#! '(! ;  ;;!!8 G#  ')&!! .# (! ; !#C$23336A:D6

   G! (!  #F =(&(  &   # C L D  ( ' (&!#&!!&#   !!&!!#!#'5.&=#<  ;#&B#.#&BF&B .==!#.! (#(5&#!!# ! &  !# G>!    ,    & B#.#& , .#   ##!!# #(  >&# BQ;  ( &  .#  !##!( !   (>(!!(; #&B! #!#&(8 ##'!<&B!#C L 029  +:V #&6 1F  F#( & B G! L 02A  0+4D6  ! (&!# B!&!#(, #!&B##!(&! .#&B !&



/011/2334  50+/0*5   &! &T! !!!(    (&# !( C L   F#( & : 8#! 2334     4A9/31D6    < ! &   ! !!!(  #F##!( & &! & +:E &  !#.#!( &!( , B#.#&#!(6    #!&-  !; #!&.&% '!! (#!# !#! &(8, ! & ##!!#    , % ( # F# '%# %(!#!  (#  &  (&  ,  &(&!# = (! ,  8 # &6  #!( (#& & ! .# & % ( & +:E !#! ! #'! &  F# & &! ' #5# !  #!  (; & < ##!!# =!#'%# (!#   !<G>!  ,   ! ' %Q;  ( &  .#  !##!(   !(; # &%! #!#&(8 68!#=#&- & (& ,&(&!#'#! G! =#<( (=( !,8 # && #F=(&(  &&& ### 6

## &   &%   .  = !#  =# '#  $#F((=#&% # !##!!#&,%Q;F!!!& 03E  (!( !  !! ! & =#! ' %!!#! ,  !( ##!  !  & #!# #5&F! # #! &##!   ! & > ;  & ! ##!#!!<&%!#,93EC L F#(&09!F 2331 99:/32D6!  #F=(&( &  (&(,  F!!!&0:E !# ! !## &!##!( (! ;-  &  !!&%G>!,==! &! .< &&(#!( &B!    #!# #/&F! C L   F#( & 13 .F  2330  422/30D6

! ! &  #!!# &  ! C! .# . !  & #!# #!&F!#>'&#5> ##!!#& !&> ;& ! .#  #!# >(  .! !  &%!##!# &%!# .#F ! G>!&%==! &! .< &F&= !# =#D F!!!&23E#( >&#8 # & S!8!#=#('#  ! .<#;#F,11B+3+= 6

!<&%#.#&#!(  !!& #& .. . #.#&#!( ! ## & *(6 7 C:AB+01 = 6^ 11B+3+ = 6 < 033P :AB+01 = 6D6  !< . & #!,' !& !&-13.F 2332!!&&! &%< !#&$"(6

.&((! #- &(## & % &!&04. # 2331! )! !!#- ,% (&0 =(. # 013.F 2332  =# (!&&(##&G8  (6 !#& , % & & .&(##&&#&( !6

 #F&( (# '!<&%#.#&#!(&  !#.  !>( #'!  & #!  !6   !   ## '  &! 



/011/2334  50A/0*5   7777777777 (&#5# &   ! &! <#'( ' % ( (!#! .# &%G!  !!! ! &(=##!#.! #.#& ! '%#  ##! # (#! &%#;#    # & ! .#6  !!    > & -&% (&!!#&#.!G! #&( (! -=#F&- ' % ( !  .!  !# ##F##!( ,  &   !#.#!(  =# !  &  &#==#!( , &!   !!#!& !#F .  # #(6 !%!##(# &%!!'% ( ! F!#   ! & ! .#   #(  = !# (!#  &  # #!(#' 6



/011/2334  50*/0*5  

 . "3  " ."   .  .

$ 08   9  :   4; &6(  #

  8 

06 (    .F6 $ 8

26 %&! !#!6

16 =#    #-  &(## & %  & 04 . # 2331 ! )!  ! !#- ,% (&0 =(. # 013.F 23326

46 &&(##&% &04. #23316

:6 L#<!<&%#.#&#!(&  !,429E&-13.F 23326

96 .#,%  .&(##&&#&( !6

+6 & %#!#( , .     !   & 0%:33 = 6 , !#!  &  !##!#,= #!&(6

A6 =    !# &  '% .! =     !    (!  G! &  &(# & 13 8  &-  !#=#!#   # &( & (  #F =(&(  &   $>[#M >='# 9 9334     ! # <# 6  &(#  ! G!   ;(6  (#  &#!P D #&#'  <!!'&(##  !&(# F!# #!&&(## !!'(V FD <    ' !#= # !# .#  &&  !! !  &(##V D  !   #;!    &   (!!6 $#  (#   !#!   ! # ((! (( (  !!  D FD ! D #5&  #F=(&( &  !  !#-    '%# &. &(  # .F6(# &  !#  ) &  . '#  ! 8#! ## '  &(## !!'( ! %. & '(!(<(&#(  !C !6012039!03AD6 ; ==#- P   (#&!P     " #5#  _  #N      (!# 8 #!PL "  

#= & (! G!!!#=#(< !###'%,%==#=(&(  & # ; ==



/011/2334