![PDUNHWSODFHZRXOGGRWKHVDPHDQGDOORI0LQDZRXOGUHVRXQGZLWKWKHWDNELUDW,EQ
8PDUXVHGWR
VDWKHWDNELUDWGXULQJWKRVHGDVRI0LQDDIWHUWKHSUDHUVDQGZKLOHRQKLVEHGLQKLVWHQWZKLOH
VLWWLQJ DQG ZKLOH ZDONLQJ GXULQJ DOO RI WKRVH GDV 0DLPXQD ZRXOG VD WKH WDNELUDW RQ WKH GD RI
VDFULILFH7KHZRPHQXVHGWRVDWDNELUDWEHKLQG$EEDQLEQ
8WKPDQDQG
8PDULEQ
$EGXOD]L]DORQJ
ZLWKWKHPHQLQWKHPRVTXHGXULQJWKHGDVRIWDVKULT$O+DIL]LEQ+DMDUVDLG7KHVHUHSRUWVVKRZ
WKDWWKHWDNELUDWDUHPDGHGXULQJDOOWKHWLPHVRIWKHVHGDVDIWHUVDODKDQGDOORWKHUWLPHV6RPHVD
WKHWDNELUDWDUHPDGHRQODIWHUWKHVDODKDQGVRPHVDWKHDUHWREHPDGHRQODIWHUWKHIDUGSUDHUV
DQGQRWDIWHUQDZDIORWKHUVGHFODUHWKHPWREHIRUPHQDQGQRWIRUZRPHQZKLOHVRPHVDWKDWWKH
DUHRQOWREHVDLGLQFRQJUHJDWLRQVDQGQRWLQGLYLGXDOOZKLOHRWKHUVUHVHUYHWKHPRQOIRUWKRVHZKR
SHUIRUPWKHVDODKRQWLPHDQGQRWIRUWKRVHZKRDUHPDNLQJXSDPLVVHGSUDHUDQGVRPHVDRQOIRU
UHVLGHQWVDQGQRWWUDYHOOHUVZKHUHDVRWKHUVWKLQNWKHDUHRQOIRUWKHSHRSOHRIWKHFLWDQGQRWIRU
WKHSHRSOHRIWKHFRXQWUVLGH$SSDUHQWODO%XNKDULLVRIWKHRSLQLRQWKDWLWLVIRUDOOSHRSOHDQGWKH
UHSRUWVWKDWKHKDVWUDQVPLWWHGVXSSRUWKLVRSLQLRQ
7KHVHWDNELUDWFDQEHPDGHLQPDQGLIIHUHQWIRUPV7KHPRVWDXWKHQWLFIRUPLVWKDWZKLFKKDVEHHQ
UHFRUGHGZLWKDVDKLKFKDLQE
$EGXUUD]DTIURP6DOPDQZKRVDLG7KHPDGHWDNELUDWZLWK
$OODKX
DNEDU $OODKX DNEDU $OODKX DNEDU NDEHHUD
)URP
8PDU DQG LEQ 0DV
XG WKH IROORZLQJ LV UHODWHG
$OODKX DNEDU $OODKX DNEDU /D LODKD LOODOODK $OODKX DNEDU $OODKX DNEDU ZD OLOODKLOKDPG
7UDQVODWLRQ $OODK LV WKH JUHDWHVW $OODK LV WKH JUHDWHVW 7KHUH LV QR *RG EXW $OODK $OODK LV WKH
JUHDWHVW$OODKLVWKHJUHDWHVW$OOSUDLVHEHORQJVWR$OODK
)LTK=DNDKGHILQLWLRQ
=DNDKRUDOPVWD[FDQEHGHILQHGDVWKDWSRUWLRQRIDPDQ
VZHDOWKZKLFKLVGHVLJQDWHGIRUWKHSRRU
7KHWHUPLVGHULYHGIURPWKH$UDELFYHUEDOURRWPHDQLQJWRLQFUHDVHWRSXULIDQGWREOHVV,W
ILQGLWVRULJLQLQ$OODK
VFRPPDQGWR7DNHVDGDTDKFKDULW](https://image.slidesharecdn.com/fiqhussunnahzakatfasting-121118074524-phpapp01/85/fiqh-us-sunnahzakatfasting-1-320.jpg)
![IURPWKHLUSURSHUWLQRUGHUWRSXULI
DQGVDQFWLIWKHPDW7DXEDK@7KDWLVZKWKLVNLQGRIVDGDTDKLVFDOOHG]DNDKIRUESDLQJLW
RQHLVDVSLULQJWRDWWDLQEOHVVLQJ SXULILFDWLRQDQGWKHFXOWLYDWLRQRIJRRGGHHGV
7DNLQJ LQWR DFFRXQW LWV YHU QDWXUH LW LV QR ZRQGHU WKDW ]DNDK FRQVWLWXWHV RQH RI WKH ILYH SLOODUV RI
,VODP ,W LV DVVRFLDWHG ZLWK SUDHU VDODK](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Recomendados
Más contenido relacionado
La actualidad más candente
La actualidad más candente (16)
Similar a Fiqh us sunnah_zakat_fasting
Similar a Fiqh us sunnah_zakat_fasting (20)
Más de Caller To Islam / الداعية الإسلامي
Más de Caller To Islam / الداعية الإسلامي (20)
Fiqh us sunnah_zakat_fasting
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
- 2. IURPWKHLUSURSHUWLQRUGHUWRSXULI DQGVDQFWLIWKHPDW7DXEDK@7KDWLVZKWKLVNLQGRIVDGDTDKLVFDOOHG]DNDKIRUESDLQJLW RQHLVDVSLULQJWRDWWDLQEOHVVLQJ SXULILFDWLRQDQGWKHFXOWLYDWLRQRIJRRGGHHGV 7DNLQJ LQWR DFFRXQW LWV YHU QDWXUH LW LV QR ZRQGHU WKDW ]DNDK FRQVWLWXWHV RQH RI WKH ILYH SLOODUV RI ,VODP ,W LV DVVRFLDWHG ZLWK SUDHU VDODK
- 3. LQ HLJKWWZR 4XU DQLF YHUVHV $OODK WKH ([DOWHG 2QH SUHVFULEHG LW LQ +LV %RRN 7KH 4XU DQ
- 4. +LV 0HVVHQJHU FRUURERUDWHG LW E KLV VXQQDK
- 7. KHVDLGWRKLPRXDUHJRLQJWRDSHRSOH ZKRDUH3HRSOHRIWKH6FULSWXUH,QYLWHWKHPWRDFFHSWWKHVKDKDGDKWKDWWKHUHLVQRJRGEXW$OODKDQG , DP +LV 0HVVHQJHU ,I WKH DFFHSW DQG DIILUP WKLV WHOO WKHP WKDW $OODK WKH *ORULRXV 2QH KDV HQMRLQHGILYHSUDHUVXSRQWKHPGXULQJWKHGDDQGQLJKW,IWKHDFFHSWWKDWWHOOWKHPDOVRWKDW+H KDVHQMRLQHGVDGDTDKXSRQWKHLUDVVHWVZKLFKZLOOEHWDNHQIURPWKHULFKRIWKH0XVOLP
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
- 10. LQHVWHHPWKURXJKJRRGGHHGVDQGEOHVVLQJVVRWKDWWKHZLOOEHZRUWKRIKDSSLQHVVERWKQRZDQGLQ WKHDIWHUOLIH )LTKE ,Q UHIHUHQFH WR WKH OLIH KHUHDIWHU $OODK UHYHDOV /R 7KRVH ZKR NHHS IURP HYLO ZLOO GZHOO DPLG JDUGHQV DQG ZDWHUVSULQJV WDNLQJ WKDW ZKLFK WKHLU /RUG JLYHV WKHP )RU WKH ZHUH EHIRUH GRHUV RI JRRG 7KH XVHG WR VOHHS EXW OLWWOH RI WKH QLJKW DQG LQ WKH KRXUV RI WKH HDUO GDZQ WKH SUDHG IRU IRUJLYHQHVV,QWKHLUZHDOWKWKHEHJJDUDQGWKHRXWFDVWKDGGXHVKDUHD]K=KDULDW@$OODK YLHZV EHQHILFHQFH DQG ULJKWHRXVQHVV DV H[FOXVLYH TXDOLWLHV RI WKH SLRXV ,W LV EHFDXVH RI WKHLU EHQHILFHQFHWKDWWKHSUDDWQLJKWDQGDVN$OODK VIRUJLYHQHVVDWGDZQDVDZDRIZRUVKLSSLQJDQG DSSURDFKLQJ+LP7KHLUEHQHILFHQFHLVOLNHZLVHLQWKHLUJLYLQJWRWKHQHHGWKHLUVKDUHRIPHUFDQG VPSDWK $OODK IXUWKHU FRQILUPV $QG WKH EHOLHYHUV PHQ DQG ZRPHQ DUH SURWHFWLQJ IULHQGV RI RQH DQRWKHU WKH HQMRLQ WKH ULJKW DQG IRUELG WKH ZURQJ WKH SHUIRUP SUDHU DQG SD WKH ]DNDK DQG WKH REH $OODKDQG+LV0HVVHQJHU8SRQWKHP$OODKZLOOKDYHPHUFDW7DXEDK@ 6XFKDUHWKHSHRSOHEOHVVHGE$OODKDQGJLYHQ+LVPHUF WKRVHZKREHOLHYHLQ+LPZKRWDNHFDUH RI HDFK RWKHU WKURXJK VXSSRUW DQG ORYH ZKR H[KRUW IDLUQHVV DQG UHVWUDLQ OHZG EHKDYLRU ZKR KDYH VWURQJWLHVZLWK$OODKWKURXJKSUDHUDQGZKRVWUHQJWKHQWKHLUPXWXDOUHODWLRQVWKURXJK]DNDK )LQDOOWKHVHSHRSOHDVUHIOHFWHGLQDO+DMMDUH7KRVHZKRLIZHJLYHWKHPSRZHULQWKHODQG SHUIRUPSUDHUVDQGSD]DNDKDQGHQMRLQNLQGQHVVDQGIRUELGLQHTXLW*LYLQJ]DNDKLVWKHUHIRUH RQHRIWKHUHDVRQVIRUZKLFKWKHULJKWHRXVDUHJLYHQDXWKRULWRQHDUWK )LTK([KRUWDWLRQWR*LYH=DNDKLQWKH+DGLWK $W7LUPL]KL UHODWHV IURP $EX .DEVKDK DO$QPDUL WKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH VDLG , VZHDUXSRQWKUHHWKLQJV
- 12. IURP$EX+XUDLUDKWKDWWKH0HVVHQJHURI $OODKXSRQZKRPEHSHDFHVDLG$OODKUHFHLYHVFKDULWE+LVULJKWKDQGDQGWKHQ+HFDXVHVLWWR JURZ IRU HDFK RI RX -XVW DV RX UDLVH D KRUVH FROW IRDO RU RXQJ ZHDQHG FDPHO VR WKDW PRUVHO EHFRPHVDVODUJHDVWKH0RXQWRI 8KXG 2I WKLV KDGLWK V FRQWHQW :DNL VDV 7KLV LV VDQFWLRQHG EWKH 4XU DQ 'R WKH QRW NQRZ WKDW LW LV $OODK DORQH ZKR FDQ DFFHSW WKH UHSHQWDQFH RI +LV VHUYDQWV DQGLVWKHWUXH
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
- 16. +HZLOOODIODWRQDVDQGVRIWSODLQDQGWKHZLOOUXQ RYHU KLP KHDYLO RQH DIWHU DQRWKHU XQWLO $OODK SURQRXQFHV MXGJPHQW RQ +LV VHUYDQWV GXULQJ D GD ODVWLQJ ILIW WKRXVDQGV HDUV 7KH LQGLYLGXDO LQ TXHVWLRQ@ ZLOO WKHQ EH VKRZQ KLV SDWK OHDGLQJ KLP HLWKHUWR3DUDGLVHRUWR+HOO(TXDOOQRRZQHURIJRDWVZKRGRHVQRWSD]DNDKZLOOEHVSDUHG
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
- 20. FDWWOH ,I WKH UHQRXQFH WKHLU FRPPLWPHQW WR $OODK DQG +LV 0HVVHQJHU WKH ZLOO EH JRYHUQHG E DQ HQHPZKRLVDVWUDQJHUWRWKHPDQGZKRZLOOWDNHDZDVRPHRIZKDWWKHSRVVHVV,IWKHLUUXOHUVGR QRWUXOHDFFRUGLQJWR$OODK V%RRNWKHZLOOEHDIIOLFWHG EFLYLOZDU$OODKIRUELGWKDWWKHVHVKRXOG KDSSHQWRRX $O%XNKDUL DQG 0XVOLP UHODWH IURP DO$KQDI LEQ 4DVWKDWKHVDLG,ZDVLQWKHFRPSDQRIVRPH PHQRI4XUDLVKZKHQDPDQ$EX=KDUUDO*KDIDULDFRPSDQLRQRIWKH3URSKHW
- 21. FDPHZLWKFRDUVH KDLUFORWKHVDQGDSSHDUDQFH+HVWRRGXSJUHHWHGWKHPDQGVDLG ,QIRUPWKRVHZKRKRDUGSURSHUW WKDWDVWRQHZLOOEHKHDWHGLQWKH)LUHVRI+HOODQGWKHQSODFHGRQWKHQLSSOHVRIWKHLUEUHDVWVXQWLOLW FRPHVRXWIURPWKHWRSRIWKHLUVKRXOGHUV,WZLOOWKHQEHSODFHGRQWKHWRSRIWKHLUVKRXOGHUVXQWLOLW FRPHVRXWDJDLQIURPWKHQLSSOHRIWKHLUEUHDVWVDQGWKHZLOOEHVKDNHQ 7KHQKHOHIW,IROORZHGKLP DQGVDWQHDUKLPQRWNQRZLQJZKRKHZDV,VDLG 7KHVHSHRSOHGLVOLNHGZKDWRXVDLGWRWKHP +H REVHUYHG 7KHGRQRWXQGHUVWDQGDQWKLQJWKDWPIULHQGVDLGWRPH ,DVNHG :KRLVRXUIULHQG +H UHSOLHG 7KH 3URSKHW XSRQ ZKRP EH SHDFH 2QH GD KH DVNHG PH@ 'R RX VHH WKH 0RXQW RI 8KXG , ORRNHG DW WKH VXQ WR VHH KRZ PXFK RI WKH GDZDVOHIWDV,WKRXJKWWKDWWKH0HVVHQJHURI $OODKXSRQZKRPEHSHDFHZDQWHGWRVHQGPHRQDQHUUDQGIRUKLP,VDLG HV 8SRQWKLVKHVDLG 1RWKLQJZRXOGGHOLJKWPHPRUHWKDQKDYLQJJROGHTXDOWRWKHEXONRI8KXGDQGVSHQGLQJDOORILWLQ $OODK VZD
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
- 23. WKHUXOHUFRXOGWDNH KDOI RI WKH GHIDXOWHU V PRQH LQ DGGLWLRQ WR WKH FDOFXODWHG DPRXQW RI ]DNDK DV D SXQLVKPHQW 7KLV YLHZLVEDVHGRQZKDW$KPDGDQ1DVD L$EX'DZXGDO+DNLPDQGDO%DLKDTLKDYHUHFRUGHGIURP %DK]LEQ+DNLPDOOWKHZDEDFNWRKLVJUDQGIDWKHUZKRVDLG,KHDUGWKH0HVVHQJHURI$OODKXSRQ ZKRPEHSHDFHVD :KHWKHUWKHFDPHOVRIWKH]DNDKSDHUDUH JURZQRUEDEFDPHOVLWPDNHVQR GLIIHUHQFHLQKLVUHZDUGLIKHJDYHWKHPZLOOLQJO+RZHYHU
- 24. LIVRPHRQHUHIUDLQVIURPSDLQJLWLW ZLOOEHWDNHQIURPKLPDORQJZLWKKDOIKLVSURSHUWIRULWLVDULJKWRIRXU/RUGWKH%OHVVHGDQGWKH ([DOWHGQRWDULJKWRIWKHKRXVHRI0XKDPPDG $VNHG DERXW LWV FKDLQ $KPDG UXOHG LW JRRG KDVVDQ
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
- 28. WKH HDUFRXQWKDZO
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
- 32. UHODWHIURP $LVKDKWKDWWKH3URSKHWXSRQZKRP EH SHDFH VDLG :KHQHYHU VDGDTDK ZKLFK LV SDDEOH LV PL[HG ZLWK D SURSHUW LW ZLOO GHVWUR WKDW SURSHUW7KHVDPHKDGLWKLVUHODWHGEDO+XPDGLZLWKWKLVDGGLWLRQ,IRXKDYHWRSDVDGDTDK ZKLFKLVSDDEOHWKHQLWPXVWEHVHWDVLGHRUWKHXQODZIXOSURSHUW@ZLOOGHVWURWKHODZIXORQH )LTKD3DLQJ=DNDKLQ$GYDQFH ,WLVSHUPLVVLEOHIRU ]DNDKWREHSDLGIRUHYHQWZRHDUVLQDGYDQFH$O=XKULGLGQRWVHHDQSUREOHP LQSDLQJKLV]DNDKEHIRUHWKHKDZO$O+DVDQZDVRQFHDVNHGLIDPDQZKRKDGSDLGKLV]DNDKIRU WKUHH HDUV LQ DGYDQFH IXOILOOHG KLV REOLJDWLRQ $O+DVDQ DQVZHUHG LQ WKH DIILUPDWLYH 2I WKLV YLHZ DVK6KDXNDQLVDLG7KLVZDVWKHYLHZRIDVK6KDI L$KPDGDQG$EX+DQLIDK,WZDVVXSSRUWHGE DO+DGLDQGDO4DVLP$O0X DDGELOODKDOVRVXEVFULEHVWRWKLVRSLQLRQDVEHLQJEHWWHUEXWKHVDV WKDW0DOLN5DEL DK6XIDQDWK7KDXUL'DZXG$EX 8EDGLEQDO+DULWKDQGDQ1DVLUZKRFRPHV IURPWKH3URSKHW VIDPLO
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
- 34. GRHV QRW DJUHH WKDW LW VKRXOG EH SDLG EHIRUH LWV WLPH 2Q WKH RWKHU KDQG WKH JURXS ZKLFK YLHZV LW DV VLPLODU WR WKH FDVH RI GHIHUUHG REOLJDWRU GXHV DSSURYHV LWV YROXQWDU SDPHQW LQ DGYDQFH,QVXSSRUWRIKLVYLHZDVK6KDI LUHODWHVDKDGLWKIURP $OLWKDWWKH3URSKHWXSRQZKRPEH SHDFHDVNHGIRUDO $EEDV VDGDTDKEHIRUHLWVGXHGDWH LVODPPHVVDJHFRP
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
- 37. $W7LUPL]KLUHODWHV,DVNHGDO%XNKDULLI KH FRQILUPV WKLV KDGLWK +H VDLG ,W LV DXWKHQWLF $W7LUPL]KL DOVR VDV -XULVWV UHFRJQL]H WKDW VDGDTDKVKRXOGEHWDNHQRXWRIDQDPRXQWOHVVWKDQILYHRXQFHVDZDT
- 38. 2QHRXQFHXTLDK
- 39. HTXDOV IRUW GLUKDPV )LYH DZDT HTXDO GLUKDPV 7ZR KXQGUHG GLUKDPV HTXDO WZHQWVHYHQ ULDOV HTXDO (JSWLDQSLDVWHUV )LTKDRPELQLQJ*ROGDQG6LOYHU ,I D SHUVRQ RZQV JROG DQG VLOYHU EXW QHLWKHU RI WKHP RQ LWV RZQ FRQVWLWXWHV D QLVDE KH VKRXOG QRW FRPELQHWKHWZRLQRUGHUWRREWDLQDQLVDE7KLVLVEHFDXVHWKHDUHQRWRIWKHVDPHNLQG7KHEDVLF LVODPPHVVDJHFRP
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
- 46. 7KHUHIRUHLW LVQRWUHDVRQDEOHWRH[HPSWEXVLQHVVPHQIURPWKHLUVRFLHWDOREOLJDWLRQVZKHQWKHSRVVHVVPRVWRIWKH QDWLRQ VZHDOWK )LTK:KHQ*RRGVFDQEH-XGJHGDV7UDGLQJ*RRGV 7KH DXWKRU RI DO0XJKP VWDWHV WKDW 0HUFKDQGLVH FDQ RQO EH FRQVLGHUHG DV WUDGLQJ JRRGV IRU WZR UHDVRQV 7KH DFWXDO SRVVHVVLRQ RI PHUFKDQGLVH LV DFTXLUHG E DQ DFW VXFK DV D FRPPHUFLDO WUDQVDFWLRQ PDUULDJHGLYRUFHGHPDQGHGEWKHZLIHNKXO
- 48. RQODVIRUH[DPSOHLQWKHFDVHRIIDVWLQJ,WGRHV QRWPDNHDQGLIIHUHQFHZKHWKHUDSHUVRQFDPHWRSRVVHVVVXFKLWHPVEEXLQJWKHPRUQRWEHFDXVH KLVSRVVHVVLRQLVEDQDFWVLPLODUWRLQKHULWDQFH 7KH JRRGV DUH LQWHQGHG DW WKH WLPH RI SRVVHVVLRQ IRU WUDGH 7KHVH DUH FRQVLGHUHG DV QRQWUDGH JRRGVHYHQWKRXJKWKHSHUVRQLQWHQGVWRXVHWKHPODWHUIRUWUDGH +RZHYHU LI KH SRVVHVVHV WKHVH JRRGV WKURXJK LQKHULWDQFH DQG LQWHQGV WKHP IRU WUDGH WKH DUH QRW FRQVLGHUHGDVWUDGHJRRGVEHFDXVHWKHGHWHUPLQLQJIDFWRULQVXFKFDVHVLVWKHVWDWXVRIDFTXLVLWLRQQRW WKH WHPSRUDU VWDWH RI WUDGH 0HUH LQWHQWLRQ ZLOO QRW SURYLGHDYDOLGUHDVRQWRFKDQJHLWVVWDWXV)RU H[DPSOH LI D SHUVRQ LQWHQGV WR WUDYHO ZLWKRXW HPEDUNLQJ XSRQ LW WKHQ WKH PHUH H[SUHVVLRQ RI KLV LQWHQWLRQ ZLOO QRW FRQVWLWXWH WKH DFW RI WUDYHOLQJ /LNHZLVH LI D SHUVRQ ERXJKW PHUFKDQGLVH IRU WUDGH DQGWKHQLQWHQGHGLWIRUSRVVHVVLRQLWZRXOGEHFRQVLGHUHGDVVXFKDQG]DNDKZLOOQRWEHSDLGRQLW )LTK+RZLV=DNDKRQ7UDGH0RQHWREH3DLG 2QHZKRSRVVHVVHVPHUFKDQGLVHZLWKDQLVDEIRUDHDUVKRXOGSD]DNDKRQLWWKHDPRXQWRIZKLFKLV D TXDUWHU RI D WHQWK RI LWV YDOXH 7KLV VKRXOG EH GRQH E D EXVLQHVVPDQ HYHU HDU +RZHYHU WKH SHULRGRIDHDUGRHVQRWFRPHLQWRHIIHFWXQOHVVKLVLQYHQWRUFRQVWLWXWHVDQLVDE $VVXPLQJ D EXVLQHVVPDQ SRVVHVVHV PHUFKDQGLVH VKRUW RI D QLVDE DQG SDUW RI D HDU KDV SDVVHG KLV LQYHQWRUVXEVHTXHQWOLQFUHDVHVWKURXJKDQXQXVXDOULVHLQYDOXHEHFDXVHRIVXSSODQGGHPDQGRU WKURXJKSULFHIOXFWXDWLRQ
- 49. VRWKDWLWFRQVWLWXWHVDQLVDERUKHVROGPHUFKDQGLVHIRUWKHSULFHRIDQLVDE RU GXULQJ WKH FRXUVH RI WKH HDU KH FRPHV WR SRVVHVV RWKHU PHUFKDQGLVH ZKLFK WRJHWKHU ZLWK KLV SUHYLRXVDPRXQWFRPSOHWHVDQLVDEWKHQWKHKDZOIRUWKHSXUSRVHRI]DNDK
- 50. VWDUWVDWWKDWWLPHDQG WKH WLPH HODSVHG LV QRW WDNHQ LQWR FRQVLGHUDWLRQ 7KLV LV WKH YLHZ RI WKH +DQDILDK DWK7KDXUL DVK6KDI L,VKDT$EX 8EDLG$EX7KDXUDQG,EQDO0XQ]KLU $FFRUGLQJWR$EX+DQLIDKLIWKHPHUFKDQGLVHLQSRVVHVVLRQFRQVWLWXWHVDQLVDEDWWKHEHJLQQLQJRIWKH HDU DQG DOVR DW WKH HQG ]DNDK ZLOO VWLOO EH DSSOLFDEOH HYHQ WKRXJK WKH QLVDE PLJKW KDYH GHFUHDVHG ZLWKLQ WKDW WLPH 7KH UHDVRQ LV WKDW LW LV GLIILFXOW WR DVFHUWDLQ LWV FRPSOHWHQHVV LQ WKH LQWHUYHQLQJ SHULRG LVODPPHVVDJHFRP
- 51. 7KH +DQEDOLDK KROG WKDW LI WKH PHUFKDQGLVH GHFUHDVHV GXULQJ WKH FRXUVH RI WKH HDU DQG LQFUHDVHV DJDLQ XQWLO LW FRQVWLWXWHV D QLVDE WKH UHTXLVLWH
- 52. SHULRG RI D HDU VWDUWV DOO RYHU DJDLQ EHFDXVH LW KDV EHHQLQWHUUXSWHGLQLWVFRXUVHEWKHGHFUHDVH )LTK=DNDKRQSODQWVDQGIUXLW $OODKKDVPDGH]DNDKREOLJDWRURQSODQWVDQGIUXLWIRU+HVDV2RXZKREHOLHYH6SHQGRIWKH JRRG WKLQJV ZKLFK RX KDYH HDUQHG DQG RI WKDW ZKLFK :H EULQJ IRUWK IURP WKH HDUWK DO%DTDUDK @ =DNDK LV FDOOHG H[SHQGLWXUH QDIDTDK
- 53. *LYLQJ WKH MXVWLILFDWLRQ IRU SDLQJ ]DNDK RQ SURGXFH $OODKVDV+HLWLVZKRSURGXFHVJDUGHQVWUHOOLVHGDQGXQWUHOOLVHGDQGWKHGDWHSDOPDQGWKHFURSVRI GLYHUVH IODYRUV DQG WKH ROLYH DQG WKH SRPHJUDQDWH OLNH DQG XQOLNH (DW RI WKHIUXLWWKHUHRIZKHQLW SURGXFHV IUXLW DQG SD LWV GXH XSRQ WKH KDUYHVWGDDO$Q DP@,QKLVH[SODQDWLRQRIWKHZRUG KDTTGXH
- 55. DQGWKHKDOIWLWKH )LTKD=DNDKRQ3ODQWVDQG)UXLWVDWWKH7LPHRIWKH3URSKHW 'XULQJWKHWLPHRIWKH3URSKHWXSRQZKRPEHSHDFH]DNDKZDVOHYLHGRQZKHDWEDUOHGDWHVDQG UDLVLQV $EX %XUGDK UHODWHG IURP $EX 0XVD DQG 0X D]K WKDW ZKHQ WKH0HVVHQJHURI$OODKXSRQZKRPEH SHDFH VHQW WKH ODWWHU WZR
- 56. WR HPHQ WR WHDFK LWV LQKDELWDQWV ,VODP KH FRPPDQGHG WKHP WR OHY VDGDTDKRQORQZKHDWEDUOHGDWHVDQGUDLVLQV7KLVKDGLWKLVUHODWHGEDG'DUDTXWQLDO+DNLPDW 7DEDUDQLDQGDO%DLKDTL RPPHQWLQJRQWKHVWDWXVRIWKHUHSRUWDO%DLKDTLVDVWKDWLWVFKDLQLVPXWWDVLOXQLQWHUUXSWHG
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
- 63. ZDWHUPHORQVDQGRWKHUVRIWKHLUNLQGWKHUHLVQR]DNDK RQWKHP 0DOLN KROGV WKDW ]DNDK LV SDDEOH RQ WKDW ZKLFK LV SURGXFHG RQ WKH ODQG DQG ZKLFK VWDV EHFRPHV GUDQGLVSODQWHGEKXPDQEHLQJV7KLVLQFOXGHVODQGSURGXFHXVHGDVQRQSHULVKDEOHIRRGPXTWDW
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
- 68. RUVDIIORZHUDQGVHVDPHVHHGV $FFRUGLQJWR$KPDG]DNDKLVDOVRSDDEOHRQGUIUXLWVVXFKDVGDWHVUDLVLQVDSULFRWVILJVDOPRQGV KD]HOQXWVDQGSLVWDFKLRQXWVLIWKHSUHFHGLQJVSHFLILFDWLRQVDSSOWRWKHP7KHUHLVQR]DNDKRQIUHVK IUXLW VXFK DV SHDFKHV SHDUV DSSOHV DSULFRWV DQG ILJV ,Q WKH VDPH ZD LW LV QRW GXH RQ YHJHWDEOHV VXFKDVWKHWZRNLQGVRIFXFXPEHUZDWHUPHORQVHJJSODQWVWXUQLSVDQGFDUURWV )LTK=DNDKRQ2OLYHV $Q1DZDZLVDV$VIRUROLYHVRXU6KDI LDK@YLHZLVWKDWWKHUHLVQR]DNDKRQWKHP7KLVLVDOVR WKHRSLQLRQRI+DVDQLEQ6DOLK,EQ$EX/DODDQG$EX 8EDLG 6FKRODUV VXFK DV DV=XKUL DO$X]D L DO/DWK 0DOLN DWK7KDXUL $EX +DQLIDK DQG $EX 7KDXU PDLQWDLQWKDWWKHUHLV]DNDKRQROLYHV$]=XKULDO/DWKDQGDO$X]D LKROG'HWHUPLQHLWVTXDQWLW EFRQMHFWXUHXNKDUUDV
- 69. DQGWKHQWDNHLWV]DNDKLQWKHIRUPRIROLYHRLOZKLOH0DOLNVDV7KHUH LV QR QHHG WR FRPSXWH LWV TXDQWLW E FRQMHFWXUH XNKDUUDV
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
- 72. RQ WKDWZKLFKLVOHVVWKDQILYHDZVXT,WLVDOVRQDUUDWHGE$KPDGDQGDO%DLKDTLZLWKDJRRGFKDLQ $EX 6D LG DO.KXGUL UHSRUWHG WKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH VDLG 7KHUH LV QR VDGDTDK RQ DQDPRXQWRIGDWHVRUJUDLQVOHVVWKDQILYHDZVXT$ZXVXTEFRQVHQVXVRIRSLQLRQLVVL[WVD DVD FXELF PHDVXUH RI YDULQJ PDJQLWXGH
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
- 75. RQHRQZKLFKDWLWKHLVGXH DQG WKH RWKHU RQ ZKLFK RQO KDOI RI WKH WLWKH LV GXH +H WKHUHIRUH GLVWLQJXLVKHG EHWZHHQ WKH WZR FDWHJRULHV RQO LQ UHVSHFW WR WKH DPRXQW GXH 7KHUH LV QR PHQWLRQ RI DQ DPRXQW RI QLVDE LQ WKLV KDGLWK+RZHYHUKHPHQWLRQHGLWH[SOLFLWOLQDQRWKHUKDGLWKZKLFKFDQQRWEHLJQRUHGDVVRPHWKLQJ LVODPPHVVDJHFRP
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
- 78. $V WR WKH SURGXFH ZKLFK FDQQRW EH PHDVXUHG ,EQ 4XDGDPDK VDV 7KH QLVDE RI VDIIURQ FRWWRQDQGVXFKLWHPVLVWREHZHLJKHGDW,UDTLSRXQGVUDWODQ,UDTLUDWOHTXDOVDSSUR[LPDWHO GLUKDPV
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
- 81. $OORIWKHFRVWVLQYROYHGLQKDUYHVWLQJWUDQVSRUWDWLRQWKUHVKLQJFOHDQLQJVWRULQJDQGRWKHUVDUHWREH ERUQHEWKHRZQHUIURPKLVSURSHUWDQGVKRXOGQRWEHDFFRXQWHGIRUDJDLQVWWKH]DNDKWREHSDLG ,EQ $EEDV DQG ,EQ 8PDU KROG WKDW ZKDWHYHU LV ERUURZHG IRU WKH SXUSRVH RI WLOOLQJ SODQWLQJ DQG KDUYHVWLQJVKRXOGILUVWEHWDNHQRXW 7KLV LV HYLGHQW IURP WKHLU IROORZLQJ VWDWHPHQWV UHSRUWHG E -DELU LEQ =DLG WKDW ,EQ $EEDV DQG ,EQ 8PDU VDLG WKDW D PDQ ZKR ERUURZV LQ RUGHU WR VSHQG LW HLWKHURQFXOWLYDWLRQRIKLVODQG
- 83. IDPLOPXVWILUVWSDRIIKLVGHEWWKHQSD]DNDKRQ WKHUHVW,EQ $EEDVVDLG)LUVWKHPXVWSDRII ZKDW KH VSHQW RQ FXOWLYDWLRQ DQG WKHQ SD ]DNDK RQ WKH UHVW DKD LEQ $GDP UHODWHG WKLV LQ DO .KDUDM ,EQ +D]P UHODWHV IURP $WD WKDW DOO H[SHQVHV DUH WR EH GHGXFWHG ILUVW ,I ]DNDK LV DSSOLFDEOH WR WKH UHPDLQLQJDPRXQWRQOWKHQZLOOLWEHSDLG )LTK=DNDKRQ.KDUDMLDK/DQG /DQGVXEMHFWWRWD[LVGLYLGHGLQWRWZRFDWHJRUHV XVKULDK ODQG WLWKH ODQG
- 84. ODQG RZQHG E SHRSOH ZKR DFFHSWHG ,VODP ZLOOLQJO RU ZKR ZHUH FRQTXHUHGEIRUFHDQGKDGWKHLUODQGGLYLGHGDPRQJWKHFRQTXHURUVRUODQGUHYLYHGDQGFXOWLYDWHG E0XVOLPVDQG NKDUDMLDK ODQG WD[DEOH ODQG
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
- 86. ERWK ]DNDK DQG NKDUDM DUH D NLQG RI REOLJDWLRQV KDJT
- 88. 6LQFHWKHWLWKHLVSDDEOHEWKH IRUFHRIWKHWH[WLWFDQQRWEHQHJDWHGENKDUDMZKLFKEHFRPHVSDDEOHEWKHIRUFHRILMWLKDG$EX +DQLIDK KROGV WKDW WKHUH LV QR WLWKH RQ NKDUDM ODQG .KDUDM KH VDV LV GXH RQO ZKHQ WKH ODQG LV FRQTXHUHGZKHUHDV
- 89. RQHRIWKHFRQGLWLRQVJRYHUQLQJWKHREOLJDWRUQDWXUHRIWKHWLWKHLVWKDWWKHODQG VKRXOGQRWEHNKDUDMLDK7KH9DOLGLWRI$EX+DQLIDK V9LHZ ,PDP $EX +DQLIDK SURYLGHV WKH IROORZLQJ HYLGHQFH IRU KLV YLHZ $FFRUGLQJ WR ,EQ 0DV XG WKH 3URSKHW XSRQ ZKRP EH SHDFH VDLG 1HLWKHU NKDUDM QRU WLWKH XVKU@ DUH SDDEOH VLPXOWDQHRXVO RQ WKHODQGRID0XVOLP 7KHSUHFHGLQJKDGLWKLVEFRQVHQVXVKHOGWREHZHDNGD LI
- 90. DKDLEQ $QEDVDKUHSRUWHGLWRQWKH DXWKRULW RI $EX +DQLIDK IURP +DPPDG IURP ,EUDKLP DQ1DNKD L IURP $OTDPDK IURP ,EQ 0DV XG IURPWKH3URSKHWXSRQZKRPEHSHDFH $O%DLKDTLSUREHVLWVFKDLQDQGVDVLQDO0D ULIDKDV6XQDQZDDO$WKDU7KHSUHFHGLQJKDGLWKLV QDUUDWHGE$EX+DQLIDKIURP+DPPDGIURP,EUDKLPRQKLVRZQDXWKRULW7KXVDKDUHSRUWHGLQ VXVSHQGHG PDUIX
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
- 92. $Q1DZDZL VDV ,I WKLV KDGLWK PHDQV ZKDW WKH WKH +DQDILDK@ FODLP WKHQ LW PHDQV WKDW ]DNDK FRXOGQRWEHHQMRLQHGRQGLUKDPVGLQDUVDQGPHUFKDQGLVH,IWKLVLVVRWKHQQRERGVXEVFULEHVWRLW ,W ZDV UHSRUWHG WKDW ZKHQ WKH GDKTDQ JUDQGHH
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
- 94. GLGQRWSRVVHVVDQWKLQJZKLFKUHTXLUHGWKHOHYRIDWLWKHRQLW ,W LV VDLG WKDW WKH SUDFWLFH RI WKH UXOHUV DQG LPDPV ZDV QRW WR FRPELQH WKH XVKU DQG NKDUDM ,EQ DO 0XQ]KLUGLVDSSURYHVRIVXFKDSUDFWLFHEHFDXVH 8PDULEQ $EGXOD]L]GLGFRPELQHWKHWZR ,WLVDOVRVDLGWKDWNKDUDMLVWKHRSSRVLWHRI XVKU7KLVPHDQVWKDWNKDUDMLVDFRQVHTXHQFHRIFRQTXHVW ZKHUHDV XVKULVDQDFWRIZRUVKLS7KHUHIRUHWKHWZR FDQQRWEHFRPELQHGDWRQHWLPH
- 96. EXW LW LV QRW WHQDEOH LQ WKH ORQJ UXQ 1HYHUWKHOHVV QRW DOO IRUPV RI NKDUDM DUH EDVHG RQ IRUFH DQG FRQTXHVW VLQFH VRPH RI LWV IRUPV DUH LQVWLWXWHG ZLWKRXW IRUFH DV IRU H[DPSOH LQ WKH FDVH RI ODQGV DGMRLQLQJDNKDUDMODQGRULQWKHFDVHRIDFTXLUHGDQGUHYLYHGODQGZDWHUHGZLWKVWUHDPV ,WLVDOVRVDLGWKDWWKHUHDVRQEHKLQGWKHLPSRVLWLRQRINKDUDMDQG XVKULVRQHWKDWLVDQDFWXDOORU SRWHQWLDOO LHOGLQJ ODQG 7KLV FDQ EH H[SODLQHG E UHFDOOLQJ WKDW LI LW LV PDUVK ODQG RI QR EHQHILW VDENKDK
- 97. WKHUH LV QR NKDUDM RU XVKU RQ LW 7KDW LV RQH FDXVH FDQQRWGHPDQGWZRGXHVRIWKHVDPH NLQG 7KLV LV VLPLODU WR WKH FDVH RI DQ LQGLYLGXDO ZKR IRU D HDU SRVVHVVHV IUHHJUD]LQJ FDPHOV VD LPDK
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
- 103. HVWLPDWH KHU ]DNDK@ 7KHQ WKH0HVVHQJHUXSRQZKRPEHSHDFHHVWLPDWHGWHQDZVXTDQGWROGKHU 7KH DPRXQW RI ]DNDK@ KDV EHHQ FDOFXODWHG RQ RXU RUFKDUG V@ SURGXFH 7KLV LV QDUUDWHG E DO%XNKDUL 7KLV LV WKH SUDFWLFH RI WKH 0HVVHQJHU RI $OODK XSRQ ZKRP EH SHDFH DQG KLV FRPSDQLRQV DQG WKH VFKRODUVREVHUYHGLW 7KH+DQDILDKKDYHGLIIHUHQWYLHZVEHFDXVHWKHFRQVLGHUFRQMHFWXUHWREHXQFHUWDLQDQGWKHUHIRUH RI QR XVH LQ GHWHUPLQLQJ WKH DPRXQW RZHG 6WLOO WKH WUDGLWLRQ RI WKH 0HVVHQJHU RI $OODK LV D EHWWHU JXLGH D]KD
- 104. EHFDXVHFRQMHFWXUHLVQRWJXHVVLQJLWLVDGLOLJHQWDWWHPSWWRHVWLPDWHWKHDPRXQWRIWKH SURGXFH ,W LV WKH VDPH DV HVWLPDWLQJ WKH DPRXQW RI WKH SURGXFH ORVW EHFDXVH RI LWV EHLQJ URWWHQ RU PRWKULGGHQ
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
- 109. QLVDE 7KH QLVDE PXVW EH FRQVLGHUHG RQ HYHU FDWHJRU E LWVHOI 7KLV LV EHFDXVH WKHUH DUH YDULRXV FDWHJRULHVDQGPDQNLQGV7KHUHIRUHEDUOHFDQQRWEHDGGHGWRZKHDWQRUFDQWKHODWWHUEHDGGHGWR WKH IRUPHU ZKLFK LV DOVR WUXH RI GDWHV DQG UDLVLQV DQG FKLFNSHDV DQG OHQWLOV 7KLV LV WKH RSLQLRQ RI $EX+DQLIDKDVK6KDI LDQG$KPDGDFFRUGLQJWRRQHRIWKHUHSRUWV0RVWRIWKHHDUOVFKRODUVKROG WKLVRSLQLRQ ,EQDO0XQ]KLUVDVWKDWPRVWVFKRODUVFRQFXUWKDWFDPHOVFDQQRWEHFRPELQHGZLWKFDWWOHRUVKHHSRU FDWWOHZLWKVKHHSQRUGDWHVZLWKUDLVLQV7KXVWKHUHFDQEHQRFRPELQLQJRIGLIIHUHQWNLQGVRISURGXFH RUDQLPDOV7KRVHZKRDOORZVXFKDSUDFWLFHGRLWZLWKRXWDQDXWKHQWLFSURRI )LTK:KHQ=DNDKLV'XHRQ3ODQWVDQG)UXLWV =DNDKLVGXHRQSODQWVZKHQWKHJUDLQVPDWXUHDQGDUHUHDGWREHUXEEHGRIIDQGRQWKHIUXLWZKHQLW LVULSHQHG,QWKHFDVHRIGDWHVIRUH[DPSOHWKHLQGLFDWLRQZLOOEHWKHLUEULJKWQHVVRUUHGFRORUDQG ZLWK JUDSHV WKHLU VZHHWQHVV =DNDK EHFRPHV GXH RQO DIWHU JUDLQV DUH KXVNHG RU WKH IUXLW EHFRPHV GULHG,IWKHIDUPHUVROGKLVJUDLQDIWHULWKDGPDWXUHGDQGWKHIUXLWDIWHULWKDGULSHQHGWKHQLWV]DNDK ZLOOEHSDLGEKLPDQGQRWWKHEXHU7KLVLVEHFDXVHWKHREOLJDWLRQWRSD]DNDKEHFDPHGXHZKHQ WKHSURGXFHZDVVWLOOLQWKHRZQHU VSRVVHVVLRQ )LTKD3DPHQWRI*RRG7KLQJV
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
- 112. ZKLFKVWDWHVWKDW]DNDKPXVWEHSDLGRQKRQH QRULVWKHUHDFRQVHQVXV7KHUHIRUHWKHUHLVQR]DNDKRQKRQH7KLVLVWKHRSLQLRQRIPRVWVFKRODUV 7KH+DQDILDKDQG$KPDGDUHRIWKHRSLQLRQWKDWKRQHLVVXEMHFWWR]DNDKHYHQWKRXJKWKHUHLVQR HYLGHQFH IRU WKLV YLHZ LQDQWUDGLWLRQH[FHSWIRUVRPHWUDGLWLRQV DWKDU
- 113. ZKLFKVXSSRUWHDFKRWKHU 7KHLUUHDVRQLVWKDWVLQFHLWLVSURGXFHGIURPEORVVRPVWUHHVDQGIORZHUVDQGZHLJKHGDQGVWRUHGOLNH RWKHU WSHV RI SURGXFH ]DNDK LV GXH RQ LW 7KH DOVR VD LW LV VXEMHFW WR ]DNDK EHFDXVH WKH FRVW RI SURGXFLQJLWLVOHVVWKDQWKHFRVWRIJURZLQJIUXLWVDQGSODQWV$EX+DQLIDKPDGHLWDFRQGLWLRQWKDW LVODPPHVVDJHFRP
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
- 115. :KHQWKHDUHWHQWKHLU]DNDKLVWZRVKHHS7KXVHYHUWLPHWKHLQFUHDVHEILYHWKH]DNDKGXHRQ WKHP LV RQH PRUH VKHHS +RZHYHU ZKHQ WKH UHDFK WZHQWILYHWKH GXH ]DNDK LV D VKHFDPHO ELQW PDNKDGRUELQWODEXQ
- 117. :KHQ WKH UHDFK IRUWVL[ WKH GXH ]DNDK LV D VKHFDPHO KXTTDK
- 121. :KHQ WKH QXPEHU RI FDPHOV LV DERYH RQ HYHU IRUW RXQJ VKHFDPHOV RQH ELQW ODEXQLVGXH$QGRQHYHU ILIWDERYHDRXQJVKHFDPHOKXTTDK
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
- 127. 6KHHS DUH VXEMHFW WR ]DNDK ZKHQ WKHLU QXPEHU UHDFKHV IRUW :KHQ WKH KHUG FRXQWV IRUW IUHHO JUD]LQJKHDGVDWWKHHQGRIWKHHDULWV]DNDKLVRQHVKHHS7KLVLVDSSOLFDEOHXQWLOWKHQXPEHUUHDFKHV DWZKLFKSRLQWXSXQWLOWKH]DNDKLVWZRVKHHS)URPWRWKHLU]DNDKLVWKUHHVKHHS :KHQ WKH QXPEHU LV DERYH RQH DGGLWLRQDO VKHHS LV DGGHG IRU HDFK LQFUHPHQW RI RQH KXQGUHG RXQJVKHHSMD]K
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
- 131. RQFHUQLQJWKHVDGDTDKRIFDWWOHKHVDLG:KHQFDWWOHQXPEHUEHWZHHQWKLUW DQG IRUW WKH ]DNDK LV D RXQJ FDOI RI RQH HDU ROG WDEL
- 132. RU D EXOO RU FRZ RI RQH HDU DQG DOUHDG VWDUWLQJWKHVHFRQGMD]K RUMD]K DK
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
- 135. D VKHHS NHSW DW KRPH IRU PLON DUUDK
- 136. D SUHJQDQW HZH DO UQDNKLG
- 138. $EGXOODK LEQ 0X DZLDK DO*KDGLUL UHSRUWHG WKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH VDLG :KRHYHUSHUIRUPVWKHVHWKUHHDFWVZLOOKDYHKDGVDYRUHG
- 139. DWDVWHRIEHOLHI LUQDQ