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+PVTQFWEVKQP |
KPEJ &KCIQPCN .%& 68 &8& |
%QPPGEVKQPU |
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%1/$+0#6+10 |
$CUKE UGVWR |
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68 QRGTCVKQP |
$CUKE RNC[DCEM
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||
6JKU OCPWCN YKNN JGNR [QW WUG OCP[ GZEKVKPI HGCVWTGU QH [QWT |
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PGY .%& 68 $GHQTG QRGTCVKPI [QWT .%& 68 RNGCUG TGCF |
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VJKU OCPWCN EQORNGVGN[ CPF MGGR KV PGCTD[ HQT HWVWTG |
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TGHGTGPEG |
9JGTG;QWT685VCPFU |
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0=BAPU -NA?=QPEKJO |
%QPITCVWNCVKQPU QP [QWT RWTEJCUG |
|
9#40+0) 61 4'&7%' 6*' 4+5- 1( (+4' 14 |
#U [QW GPLQ[ [QWT PGY 68 MGGR VJGUG UCHGV[ VKRU KP OKPF |
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'.'%64+% 5*1%- &1 016 ':215' 6*+5 |
6JG +UUWG |
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|
/CP[ JQOGU KP HCEV JCXG OQTG VJCP QPG 68 |
||
4+5- 1( '.'%64+% 5*1%- |
6JG JQOG VJGCVGT GPVGTVCKPOGPV GZRGTKGPEG KU C ITQYKPI VTGPF |
|
&1 016 12'0 |
CPF NCTIGT 68U CTG RQRWNCT RWTEJCUGU JQYGXGT VJG[ CTG PQV |
|
9#40+0) 61 4'&7%' 6*' 4+5- 1( '.'%64+% |
CNYC[U UWRRQTVGF QPVJG RTQRGT 68 UVCPFU |
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5QOGVKOGU 68U CTG KORTQRGTN[ UGEWTGF QT KPCRRTQRTKCVGN[ |
||
5*1%- &1 016 4'/18' %18'4 14 $#%- |
||
UKVWCVGF QP FTGUUGTU DQQMECUGU UJGNXGU FGUMU CWFKQ URGCMGTU |
||
01 75'4 5'48+%'#$.' 2#465 +05+&' 4'('4 |
||
EJGUVU QT ECTVU #U C TGUWNV 68U OC[ HCNN QXGT ECWUKPI WPPGEGUUCT[ |
||
5'48+%+0) 61 37#.+(+'& 5'48+%' 2'45100'. |
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KPLWT[ |
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6JG NKIJVPKPI HNCUJ YKVJ CTTQYJGCF U[ODQN YKVJKP CP |
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GSWKNCVGTCN VTKCPING KU KPVGPFGF VQ CNGTV VJG WUGT VQ |
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VJG RTGUGPEG QH WPKPUWNCVGF őFCPIGTQWU XQNVCIGŒ |
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YKVJKP VJG RTQFWEVŏU GPENQUWTG VJCV OC[ DG QH |
6QUJKDC %CTGU |
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UWHHKEKGPV OCIPKVWFG VQEQPUVKVWVG C TKUM QH GNGEVTKE |
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UJQEM VQ RGTUQPU |
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6JG GZENCOCVKQP RQKPV YKVJKP CP GSWKNCVGTCN VTKCPING |
6JG EQPUWOGT GNGEVTQPKEU KPFWUVT[ |
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KU KPVGPFGF VQ CNGTV VJG WUGT VQ VJG RTGUGPEG QH |
KU EQOOKVVGF VQ OCMKPI JQOG |
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KORQTVCPV QRGTCVKPI CPF OCKPVGPCPEG UGTXKEKPI |
GPVGTVCKPOGPV GPLQ[CDNG CPF |
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KPUVTWEVKQPU KP VJG NKVGTCVWTG CEEQORCP[KPI VJG |
UCHG |
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CRRNKCPEG |
6JG %QPUWOGT 'NGEVTQPKEU |
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4 /+&+$ |
#UUQEKCVKQP HQTOGF VJG *QOG |
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'PVGTVCKPOGPV 5WRRQTV |
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5CHGV[ %QOOKVVGG EQORTKUGF |
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6Q RTGXGPV KPLWT[ VJKU CRRCTCVWU OWUV DG UGEWTGN[ CVVCEJGF VQ |
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QH 68 CPF EQPUWOGT GNGEVTQPKEU |
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VJG HNQQT YCNN KP CEEQTFCPEG YKVJ VJG KPUVCNNCVKQP KPUVTWEVKQPU |
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HWTPKVWTG OCPWHCEVWTGTU VQ CFXQECVG |
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5GG KVGO QP RCIG |
EJKNFTGPŏU UCHGV[ CPF GFWECVG |
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EQPUWOGTU CPF VJGKT HCOKNKGU |
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4 /+&+$ +H [QW FGEKFG VQ YCNN OQWPV VJKU VGNGXKUKQP |
CDQWV VGNGXKUKQP UCHGV[ |
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CNYC[U WUG C 7. .KUVGF YCNN DTCEMGV CRRTQRTKCVG HQT VJG |
6WPG +PVQ 5CHGV[ |
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UK\G CPF YGKIJV QH VJKU VGNGXKUKQP 6JG WUG QH CP[ YCNN |
||
DTCEMGV QVJGT VJCP C 7. .KUVGF YCNN DTCEMGV CRRTQRTKCVG HQT |
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VJG UK\G CPF YGKIJV QH VJKU VGNGXKUKQP HQT YCNN OQWPVKPI VJKU |
1PG UK\G FQGU 016 HKV CNN 7UG CRRTQRTKCVG HWTPKVWTG NCTIG GPQWIJ VQ |
|
VGNGXKUKQP EQWNF TGUWNV KP UGTKQWU DQFKN[ KPLWT[ CPF QT |
UWRRQTV VJG YGKIJV QH [QWT 68 CPF QVJGT GNGEVTQPKE EQORQPGPVU |
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RTQRGTV[ FCOCIG |
7UG CRRTQRTKCVG CPING DTCEGU UVTCRU CPF CPEJQTU VQ UGEWTG [QWT HWTPKVWTG |
|
5GG Œ4GOQXKPI VJG 2GHGUVCN 5VCPFŒ 5GG RCIG |
VQ VJG YCNN DWV PGXGT UETGY CP[VJKPI FKTGEVN[ KPVQ VJG 68 |
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%CTGHWNN[ TGCF CPF WPFGTUVCPF VJG QVJGT GPENQUGF KPUVTWEVKQPUHQT RTQRGT |
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+,1"1, 13&+01 ))"/0 |
WUG QH VJKU RTQFWEV |
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||
#XQKF RNCEKPI CP[ KVGO QP VQR QH [QWT 68 UWEJ CU C 8%4 TGOQVG EQPVTQN |
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6JKU KU C TGOKPFGT VQ ECNN VJG %#68 U[UVGO KPUVCNNGT |
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QT VQ[ VJCV C EWTKQWU EJKNF OC[ TGCEJ HQT |
||
VQ #TVKENG QH VJG 0'% YJKEJ RTQXKFGU IWKFGNKPGU HQT |
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4GOGODGT VJCV EJKNFTGP ECP DGEQOG GZEKVGF YJKNG YCVEJKPI CRTQITCO |
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RTQRGT ITQWPFKPI CPF KP RCTVKEWNCT URGEKHKGU VJCV VJG ECDNG |
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CPF ECP RQVGPVKCNN[ RWUJ QT RWNN C 68 QXGT |
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ITQWPF UJCNN DG EQPPGEVGF VQ ITQWPFKPI U[UVGO QH VJG |
5JCTG QWT UCHGV[ OGUUCIG CDQWV VJKU JKFFGP JC\CTF QH VJG JQOG YKVJ |
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DWKNFKPI CU ENQUG VQ VJG RQKPV QH CDNG GPVT[ CU RTCEVKECN |
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[QWT HCOKN[ CPF HTKGPFU 6JCPM [QW |
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(QT CFFKVKQPCN CPVGPPC ITQWPFKPI KPHQTOCVKQP UGG KVGO |
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CPF QP RCIG |
4EHOKJ HR@ |
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NHEJCPKJ 3 2 0 |
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SSS " KNC |
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%CWVKQP %JCPIGU QT OQFKHKECVKQPU VQ VJKU GSWKROGPV PQV GZRTGUUN[ CRRTQXGF D[ 6QUJKDC EQWNF XQKF VJG WUGTŏU CWVJQTKV[ VQ QRGTCVG VJKU GSWKROGPV
9#40+0) *CPFNKPI VJG EQTF QP VJKU RTQFWEV QT EQTFU CUUQEKCVGF YKVJ CEEGUUQTKGU UQNF YKVJ VJKU RTQFWEV YKNN GZRQUG [QW VQ NGCF C EJGOKECN MPQYP VQ VJG 5VCVG QH %CNKHQTPKC VQ ECWUG DKTVJ FGHGEVU QT QVJGT TGRTQFWEVKXG JCTO
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4GCF VJGUG KPUVTWEVKQPU
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(QNNQY CNN KPUVTWEVKQPU
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%NGCP QPN[ YKVJ FT[ ENQVJ
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2TQVGEV VJG RQYGT EQTF HTQO DGKPI YCNMGF QP QT RKPEJGF RCTVKEWNCTN[ CV RNWIU EQPXGPKGPEG TGEGRVCENGU CPF VJG RQKPV YJGTG VJG[ GZKV HTQO VJG CRRCTCVWU
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7UG QPN[ YKVJ VJG ECTV UVCPF VTKRQF
DTCEMGV QT VCDNG URGEKHKGF D[ VJG OCPWHCEVWTGT QT UQNF YKVJ VJG CRRCTCVWU 9JGP C ECTV KU WUGF WUG ECWVKQP YJGP OQXKPI VJG ECTV CRRCTCVWU EQODKPCVKQP VQ CXQKF KPLWT[ HTQO VKR QXGT
7PRNWI VJKU CRRCTCVWU FWTKPI NKIJVPKPI UVQTOU QT
YJGP WPWUGF HQT NQPI RGTKQFU QH VKOG
4GHGT CNN UGTXKEKPI VQ SWCNKHKGF UGTXKEG RGTUQPPGN
5GTXKEKPI KU TGSWKTGF YJGP VJG CRRCTCVWU JCU DGGP FCOCIGF KP CP[ YC[ UWEJ CU RQYGT UWRRN[ EQTF QT RNWI KU FCOCIGF NKSWKF JCU DGGP URKNNGF QT QDLGEVU JCXG HCNNGP KPVQ VJG CRRCTCVWU VJG CRRCTCVWU JCU DGGP GZRQUGF VQ TCKP QT OQKUVWTG FQGU PQV QRGTCVG PQTOCNN[ QT JCU DGGP FTQRRGF
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Ŗ #.9#;5 VWTP QHH VJG 68 CPF WPRNWI VJG RQYGT
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Ŗ 6Q RTGXGPV RGTUQPCN KPLWT[ PGXGT JCPFNG VJG
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VJG 68 CP[ VKOG KV JCU DGGP FCOCIGF QT FTQRRGF
6Q CXQKF FCOCIG VQ VJKU RTQFWEV PGXGT RNCEG QT UVQTG
VJG 68 KP FKTGEV UWPNKIJV JQV JWOKF CTGCU QT CTGCU
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QT QVJGT QRGP HNCOGU CYC[ HTQO VJKU RTQFWEV CV CNN VKOGU
0GXGT OQFKH[ VJKU GSWKROGPV %JCPIGU QT OQFKHKECVKQPU OC[ XQKF C VJG YCTTCPV[ CPF D VJG WUGTŏU CWVJQTKV[ VQ QRGTCVG VJKU GSWKROGPV WPFGT VJG TWNGU QH VJG (GFGTCN %QOOWPKECVKQPU %QOOKUUKQP
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2'4510#. +0,74; &'#6* 14 |
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0GXGT RNCEG KVGOU UWEJ CU XCUGU CSWCTKWOU QT ECPFNGU QP VQR QH VJG 68
9#40+0) 6Q RTGXGPV KPLWT[ VJKU CRRCTCVWU OWUV DG
UGEWTGN[ CVVCEJGF VQ VJG HNQQT YCNN KP CEEQTFCPEG YKVJ VJG
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#NYC[U RNCEG VJG 68 QP 5VWTF[ VKG CU UJQTV CU RQUUKDNG OKP KP |
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VJG HNQQT QT C UVWTF[ NGXGN |
%NKR |
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UVCDNG UWTHCEG VJCV ECP |
*QQMU |
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UWRRQTV VJG YGKIJV |
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QH VJG WPKV 7UG C |
5ETGY |
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UVWTF[ VKG DGVYGGP |
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VJG 68ŏU TGCT JQQM |
$CPF 68 VQR |
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CPF VJG TGCT YCNN RKNNCT 68 UKFG |
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GVE VQ UGEWTG VJG 68
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0GXGT RNCEG VJG 68 |
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Ŗ QP C DGF UQHC TWI QT UKOKNCT UWTHCEG |
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Ŗ VQQ ENQUG VQ FTCRGU EWTVCKPU |
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QT YCNNU QT |
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Ŗ KP C EQPHKPGF URCEG UWEJ CU |
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C DQQMECUG DWKNV KP ECDKPGV |
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QT CP[ QVJGT RNCEG YKVJ RQQT XGPVKNCVKQP |
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6JG UNQVU CPF QRGPKPIU CTG RTQXKFGF VQ RTQVGEV VJG 68 HTQO |
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QXGTJGCVKPI CPF VQ JGNR OCKPVCKP TGNKCDNG QRGTCVKQP QH VJG 68 |
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.GCXG C URCEG QH CV NGCUV KPEJGU CTQWPF VJG 68 |
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+/2146#06 5#(')7#4&5 &RQWLQXHG
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%CTG EQPV HTQO RTGXKQWU EQNWOP |
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#NYC[U OCMG UWTG VJG CPVGPPC U[UVGO KU RTQRGTN[ |
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-GGR [QWT HKPIGTU YGNN ENGCT QH VJG FKUE UNQV CU KV KU ENQUKPI |
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ITQWPFGF VQ RTQXKFG CFGSWCVG RTQVGEVKQP CICKPUV |
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(CKNWTG VQ FQ UQ OC[ ECWUG UGTKQWU RGTUQPCN KPLWT[ |
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XQNVCIG UWTIGU CPF DWKNV WR UVCVKE EJCTIGU UGG |
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9JGP [QW WUG JGCFRJQPGU MGGR VJG XQNWOG CV C |
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5GEVKQP QH VJG 0CVKQPCN 'NGEVTKE %QFG |
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OQFGTCVG NGXGN 7UKPI JGCFRJQPGU EQPVKPWQWUN[ |
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#PVGPPC |
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CV C JKIJ XQNWOG OC[ ECWUG JGCTKPI FCOCIG |
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0'8'4 NQQM FKTGEVN[ KPVQ VJG FKUE UNQV QT XGPVKNCVKQP |
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NGCF KP YKTG |
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5GNGEVKPI VJG XKFGQ KPRWV UQWTEG
2TGUU +0276 VQ XKGY C UKIPCN HTQO CPQVJGT FGXKEG EQPPGEVGF VQ [QWT 68 UWEJ CU C 8%4 QT &8& RNC[GT ;QW ECP UGNGEV #06 8+&'1 8+&'1 %QNQT5VTGCO *& *&/+ QT 2% QP VJG DCEM RCPGN FGRGPFKPI QP YJKEJ KPRWV LCEMU [QW WUGF VQ EQPPGEV [QWT FGXKEGU
2TGUU +0276 QP VJG TGOQVG EQPVTQN VQ FKURNC[ VJG EWTTGPV UKIPCN UQWTEG 6Q EJCPIG VJG KPRWV UQWTEG RTGUU +0276 CICKP QT RTGUU
5174%' 5'.'%6+10
#068+&'1
8+&'1
%QNQT5VTGCO *&*&/+2%
= ? 5'.'%6
%QPPGEVKPI VQ C 8%4
6Q RNC[DCEM HTQO VJG 8%4 EQPPGEV VJG 8%4 VQ VJG 68 &8& CU UJQYP |
5KIPCN HNQY |
|
5GNGEV VJG ő8+&'1 Œ D[ RTGUUKPI +0276 TGRGCVGFN[ |
||
|
4GCT8+&'1 +0
6Q #7&+1 . 4 8+&'1 +0
6JG 8+&'1 +0 VGTOKPCNUECPDGWUGF
KP VJG UCOG YC[ #WFKQ 8KFGQ ECDNG PQV UWRRNKGF
TGF |
8%4 |
YJKVG |
|
[GNNQY |
|
|
6Q #WFKQ 8KFGQ 176 |
%QPPGEVKPI VQ C ECOEQTFGT
6Q RNC[DCEM HTQO VJG ECOEQTFGT EQPPGEV VJG ECOEQTFGT VQ VJG 68 &8& CU UJQYP |
5KIPCN HNQY |
5GNGEV VJG ő8+&'1 Œ D[ RTGUUKPI +0276 TGRGCVGFN[ |
4GCT8+&'1 +0
6Q #7&+1 . 4 8+&'1 +0
6JG 8+&'1 +0 VGTOKPCNUECPDGWUGF KP VJG UCOG YC[
TGF
YJKVG %COEQTFGT
[GNNQY
#WFKQ 8KFGQ ECDNG PQV UWRRNKGF 6Q #WFKQ 8KFGQ 176
%QPPGEVKPI VQ C 68 )COG
;QW ECP GPLQ[ RNC[KPI C 68 ICOG QP VJG UETGGP D[ CFLWUVKPI VQ VJG UWKVCDNG DTKIJVPGUU HQT [QWT G[GU
|
%QPPGEV C 68 )COG VQ VJG 68 &8& |
5KIPCN HNQY |
|
|
5GNGEV VJG ő)#/'Œ D[ RTGUUKPI )#/' |
||
|
|
6JG )#/' OQFG UETGGP CRRGCTU |
|
|
|
Ŗ 6JKU 68 &8& JCU VJG )#/' OQFG HWPEVKQP UGG RCIG |
|
4GCT8+&'1 +0
6Q #7&+1 . 4 8+&'1 +0
1PN[ VJG 8+&'1 +0 VGTOKPCNU ECP DG WUGF YKVJ VJG )#/' OQFG
0QVGU
TGF
YJKVG[GNNQY
#WFKQ 8KFGQ ECDNG PQV UWRRNKGF 6Q #WFKQ 8KFGQ 176
Ŗ ;QW ECP CNUQ EJCPIG VJG 68 UETGGP VQ VJG FGUKTGF OQFG D[ RTGUUKPI VJG %* 
DWVVQPU
Ŗ 6JG 68 &8& ECP CNUQ DG WUGF CU C FKURNC[ FGXKEG HQT OCP[ XKFGQ ICOGU *QYGXGT FWG VQ VJG YKFG XCTKGV[ QH FKHHGTGPV V[RGU QH UKIPCN IGPGTCVGF D[ VJGUG FGXKEGU CPF UWDUGSWGPV JQQM WR XCTKCVKQPU TGSWKTGF VJG[ JCXG PQV CNN DGGP KPENWFGF KP VJG UWIIGUVGF EQPPGEVKQP FKCITCOU ;QWŏNN PGGF VQ EQPUWNV GCEJ EQORQPGPVŏU 1YPGTŏU /CPWCN HQT CFFKVKQPCN KPHQTOCVKQP
Ŗ +PVGTCEVKXG XKFGQ ICOGU VJCV KPXQNXG UJQQVKPI C őIWPŒ V[RG QH LQ[UVKEM CV QP UETGGP VCTIGV OC[ PQV YQTM QP VJKU 68 &8&
$QQM < KPFD |
|
&RQQHFWLQJ WR RSWLRQDO HTXLSPHQW &RQWLQXHG
%QPPGEVKPI VQ CP QRVKQPCN GSWKROGPV YKVJ 5 XKFGQ QWVRWV
+H [QW EQPPGEV C 8%4 YKVJ CP 5 8+&'1 ECDNG VQ VJG 5 8+&'1 +0 LCEM CV VJG DCEM QH VJG 68 &8& [QW OWUV CNUQ EQPPGEV VJG CWFKQ ECDNGU VQ VJG #7&+1 +0 8+&'1 +0 LCEMU CV VJG DCEM QH VJG 68 &8& 6JG 5 8+&'1 ECDNG QPN[ ECTTKGU VJG XKFGQ UKIPCN 6JG CWFKQ UKIPCN KU UGRCTCVGF
5GNGEV VJG ő8+&'1 Œ D[ RTGUUKPI +0276 TGRGCVGFN[
5KIPCN HNQY |
TGF |
'Z 8%4 YKVJ 5 8KFGQ |
4GCT |
YJKVG |
|
|
6Q #WFKQ . 4 176 |
|
|
6Q #7&+1 . 4 +0 |
RNC[DCEM |
|
|
|
6Q 5 8+&'1 +0 |
|
6Q 5 8+&'1 176 |
|
#WFKQ ECDNG PQV UWRRNKGF |
|
5 8KFGQ ECDNG PQV UWRRNKGF
0QVG 9JGP VJG 5 8+&'1 ECDNG CPF VJG UVCPFCTF XKFGQ ECDNG CTG EQPPGEVGF CV VJG UCOG VKOG VJG 5 XKFGQ ECDNG VCMGU RTGEGFGPEG
%QPPGEVKPI CP QRVKQPCN GSWKROGPV YKVJ %QNQT5VTGCOs %QORQPGPV XKFGQ QWVRWV
;QWT 68 &8& KU ECRCDNG QH WUKPI %QNQT5VTGCOs EQORQPGPV XKFGQ %QPPGEVKPI [QWT 68 &8& VQ C EQORQPGPV XKFGQ EQORCVKDNG &8& RNC[GT UWEJ CU C 6QUJKDC &8& RNC[GT YKVJ %QNQT5VTGCOs ECP ITGCVN[ GPJCPEG RKEVWTG SWCNKV[ CPF RGTHQTOCPEG
5GNGEV VJG ő%QNQT5VTGCO *&Œ D[ RTGUUKPI +0276 TGRGCVGFN[
5KIPCN HNQY
4GCT
|
|
'Z &8& RNC[GT YKVJ %QORQPGPV XKFGQ |
|
6Q #WFKQ . 4 176 |
|
6Q %1/210'06 |
6Q #7&+1 . 4 +0 |
|
; 2$ 24 +0 |
|
|
|
#WFKQ ECDNG PQV UWRRNKGF |
6Q %QORQPGPV |
|
|
8KFGQ 176 |
|
%QORQPGPV XKFGQ ECDNG PQV UWRRNKGF |
|
9JGP WUKPI VJG %QORQPGPV XKFGQ ECDNG CP #WFKQ ECDNG OWUV DG EQPPGEVGF VQ #7&+1 +0 . 4 %1.14 564'#/ *& +0 LCEMU
0QVGU
Ŗ 4GHGT VQ VJG QYPGTŏU OCPWCN QH VJG EQPPGEVGF GSWKROGPV CU YGNN
Ŗ 9JGP [QW EQPPGEV VJG WPKV VQ QVJGT GSWKROGPV DG UWTG VQ VWTP QHH VJG RQYGT CPF WPRNWI CNN QH VJG GSWKROGPV HTQO VJG YCNN QWVNGV DGHQTG OCMKPI CP[ EQPPGEVKQPU
Ŗ +H [QW RNCEG VJG WPKV PGCT C VWPGT QT TCFKQ VJG TCFKQ DTQCFECUV UQWPF OKIJV DG FKUVQTVGF +P VJKU ECUG RNCEG VJG WPKV CYC[ HTQO VJG VWPGT CPF TCFKQ
UPQKVEGPPQ%
$QQM < KPFD |
|
%QPPGEVKQPU
;QW ECP GPLQ[ JKIJ SWCNKV[ F[PCOKE UQWPFU D[ EQPPGEVKPI VJG |
6JKU UGEVKQP WUGU VJG HQNNQYKPI TGHGTGPEG OCTM |
|||
68 &8& VQ QRVKQPCN CWFKQ GSWKROGPV |
|
|
(TQPV URGCMGT |
%GPVGT URGCMGT |
|
|
|
||
|
|
|
||
|
|
|
4GCT URGCMGT |
5KIPCN HNQY |
|
|
|
5WD YQQHGT |
|
%QPPGEVKPI VQ CP CORNKHKGT GSWKRRGF YKVJ C &QND[s &KIKVCN FGEQFGT
&QND[ &KIKVCN
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
&QND[ 5WTTQWPF OCTM |
4GCT |
|
#ORNKHKGT GSWKRRGF YKVJ C &QND[ &KIKVCN FGEQFGT
6Q 126+%#. 
V[RG FKIKVCN 
CWFKQ KPRWV 
6Q 126+%#. &+)+6#. 
#7&+1 176
QRVKECN ECDNG PQV UWRRNKGF
/CPWHCEVWTGF WPFGT NKEGPUG HTQO &QND[ .CDQTCVQTKGU ő&QND[Œ CPF VJG FQWDNG & U[ODQN CTG VTCFGOCTMU QH &QND[
.CDQTCVQTKGU
%QPPGEVKPI VQ CP CORNKHKGT GSWKRRGF YKVJ C &65s FGEQFGT
&KIKVCN 6JGCVGT 5[UVGOU &65
&65 KU C JKIJ SWCNKV[ UWTTQWPF VGEJPQNQI[ WUGF KP VJGCVGTU CPF PQY CXCKNCDNG HQT JQOG WUG QP &8& XKFGQ FKUEU QT CWFKQ %&U +H [QW JCXG C &65 FGEQFGT QT RTQEGUUQT [QW ECP QDVCKP VJG HWNN DGPGHKV QH EJCPPGN &65 GPEQFGF UQWPF VTCEMU QP &8&
XKFGQ FKUEU QT CWFKQ %&U
4GCT
#ORNKHKGT GSWKRRGF YKVJ
C &65 FGEQFGT
6Q 126+%#. V[RG FKIKVCN CWFKQ KPRWV
6Q 126+%#. &+)+6#. 
#7&+1 176
QRVKECN ECDNG PQV UWRRNKGF
ő&65Œ CPF ő&65 &KIKVCN 1WVŒ CTG TGIKUVGTGF VTCFGOCTMU QH &65 +PE
$QQM < KPFD |
|
%QPPGEVKQPU
&RQQHFWLQJ WR RSWLRQDO HTXLSPHQW &RQWLQXHG 3RZHU VRXUFH
6JKU UGEVKQP WUGU VJG HQNNQYKPI TGHGTGPEG OCTM
|
(TQPV URGCMGT |
%GPVGT URGCMGT |
|
||
|
4GCT URGCMGT |
5KIPCN HNQY |
|
||
|
5WD YQQHGT |
|
%QPPGEVKPI VQ CP CORNKHKGT GSWKRRGF YKVJ CP /2') CWFKQ FGEQFGT
/2') UQWPF
;QW ECP GPLQ[ OQVKQP RKEVWTG CPF NKXG EQPEGTV &8& XKFGQ FKUEU GPEQFGF XKC VJG /2') TGEQTFKPI U[UVGO YKVJ F[PCOKE TGCNKUVKE UQWPF D[ EQPPGEVKPI CP CORNKHKGT GSWKRRGF YKVJ CP /2') CWFKQ FGEQFGT QT /2') CWFKQ RTQEGUUQT
4GCT
#ORNKHKGT GSWKRRGF YKVJ CP /2') CWFKQ FGEQFGT
6Q 126+%#. |
6Q 126+%#. &+)+6#. |
|
V[RG FKIKVCN |
||
#7&+1 176 |
||
CWFKQ KPRWV |
||
|
QRVKECN ECDNG PQV UWRRNKGF
UPQKVEGPPQ%
%QPPGEVKPI VQ CP CORNKHKGT GSWKRRGF YKVJ C FKIKVCN CWFKQ KPRWV
EJCPPGN FKIKVCN UVGTGQ
;QW ECP GPLQ[ VJG F[PCOKE UQWPF QH EJCPPGN FKIKVCN UVGTGQ D[ EQPPGEVKPI CP CORNKHKGT GSWKRRGF YKVJ C FKIKVCN CWFKQ KPRWV CPF
URGCMGT U[UVGO TKIJV CPF NGHV HTQPV URGCMGTU 0QVG 2%/ CWFKQ KU NKOKVGF VQ &8& QT %& RNC[DCEM 4GCT
#ORNKHKGT GSWKRRGF YKVJ C
&KIKVCN CWFKQ KPRWV
6Q 126+%#. V[RG FKIKVCN CWFKQ KPRWV
6Q 126+%#. &+)+6#. 
#7&+1 176 
QRVKECN ECDNG PQV UWRRNKGF
0QVGU
Ŗ &1 016 EQPPGEV VJG 126+%#. &+)+6#.#7&+1 176 LCEM QH VJG 68 &8& VQ VJG #% 4( KPRWV QH C &QND[ &KIKVCN 4GEGKXGT
6JKU KPRWV QP [QWT # 8 4GEGKXGT KU TGUGTXGF HQT .CUGTFKUE WUG QPN[ CPF KU KPEQORCVKDNG YKVJ VJG 126+%#. &+)+6#.#7&+1
176 LCEM QH VJG 68 &8&
Ŗ %QPPGEV VJG 126+%#. &+)+6#.#7&+1 176 LCEM QH VJG 68 &8& VQ VJG ő126+%#.Œ KPRWV QH C 4GEGKXGT QT 2TQEGUUQT Ŗ 4GHGT VQ VJG QYPGTŏU OCPWCN QH VJG EQPPGEVGF GSWKROGPV CU YGNN
Ŗ 9JGP [QW EQPPGEV VJG 68 &8& VQ QVJGT GSWKROGPV DG UWTG VQ VWTP QHH VJG RQYGT CPF WPRNWI CNN QH VJG GSWKROGPV HTQO VJG
|
YCNN QWVNGV DGHQTG OCMKPI CP[ EQPPGEVKQPU |
Ŗ |
6JG QWVRWV UQWPF QH VJG 68 &8& JCU C YKFG F[PCOKE TCPIG $G UWTG VQ CFLWUV VJG TGEGKXGTŏU XQNWOG VQ C OQFGTCVG NKUVGPKPI NGXGN |
|
1VJGTYKUG VJG URGCMGTU CPF [QWT JGCTKPI OC[ DG FCOCIGF D[ C UWFFGP JKIJ XQNWOG UQWPF |
Ŗ 6WTP QHH VJG CORNKHKGT DGHQTG [QW EQPPGEV QT FKUEQPPGEV VJG 68 &8&ŏU RQYGT EQTF +H [QW NGCXG VJG CORNKHKGTŏU RQYGT QP VJG |
|
|
URGCMGTU OC[ DG FCOCIGF |
2QYGT UQWTEG
#% 1WVNGV 61 75' #% 219'4 5174%'
7UG VJG RQYGT EQTF RTQXKFGF HQT QRGTCVKQP QP #% +PUGTV VJG RQYGT EQTF KPVQ C UVCPFCTF 8 *\ #% QWVNGV
0QVGU
Ŗ 0GXGT EQPPGEV VJG RQYGT EQTF RNWI VQ QVJGT VJCP VJG URGEKHKGF XQNVCIG 8 *\7UG VJG CVVCEJGF RQYGT EQTF QPN[
Ŗ +H [QW ECWUG C UVCVKE FKUEJCTIG YJGP VQWEJKPI VJG WPKV CPF VJG WPKV HCKNU VQ HWPEVKQP UKORN[ WPRNWIVJG WPKV HTQO VJG#% QWVNGV CPF RNWI KV DCEM KP 6JG WPKV UJQWNF TGVWTP VQ PQTOCN QRGTCVKQP
Ŗ +H VJG RQYGT EQTF RNWI KU RNWIIGF KP HQT VJG HKTUV VKOG YCKV HQT CRRTQZ UGEQPFU DGHQTGRTGUUKPI VJG 219'4 DWVVQP
$QQM < KPFD |
|
6Q *&/+ +0 6Q CFWKQ +0
6Q CFWKQ 176 |
6Q &8+ 176 |
#WFKQ ECDNG PQV UWRRNKGF
*&/+ VQ &8+ CFCRVGT ECDNG PQV UWRRNKGF
0QVG
;QW OWUV UGV VJG *&/+ CWFKQ KPRWV UGVVKPI VQ ő&8+Œ KP VJG #7&+1 OGPW UGG RCIG
$QQM < KPFD |
|
%QPPGEVKQPU
&RQQHFWLQJ WR D 3& SHUVRQDO FRPSXWHU
%QPPGEVKPI VQ C 2%
$GHQTG [QW EQPPGEV VJKU 68 &8& VQ [QWT 2% EJCPIG VJG CFLWUVOGPV QH [QWT 2%ŏU 4GUQNWVKQP CPF 4GHTGUJ TCVG 5GG ő/QPKVQTŒ FKURNC[ OQFGUŒ DGNQY
/QPKVQT FKURNC[ OQFGU
/QFG |
4GUQNWVKQP |
4GHTGUJ TCVG |
8)# |
Z |
*\ |
8)# |
Z |
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58)# |
Z |
*\ |
:)# |
Z *\ |
|
9:)# |
Z *\ |
|
9:)# |
Z |
*\ |
UPQKVEGPPQ%
%QPPGEV QPG GPF QH C OCNG VQ OCNG 8)# ECDNG VQ VJG XKFGQ ECTF QH VJG EQORWVGT CPF VJG QVJGT GPF VQ VJG 8)# EQPPGEVQT 2% CV VJG UKFG QH VJG 68 &8& (KZ VJG EQPPGEVQTU HKTON[ YKVJ VJG UETGYU QP VJG RNWI +P ECUG QH C /WNVKOGFKC EQORWVGT EQPPGEV VJG CWFKQ ECDNGU VQ VJG CWFKQ QWVRWVU QH [QWT /WNVKOGFKC EQORWVGT CPF VQ VJG #7&+1 . CPF 4 EQPPGEVQTU QH VJG 2% +0 LCEMU QH VJG 68 &8&
5GV VJG XKFGQ KPRWV UQWTEG VQ 2% OQFG 5GG ő5GNGEVKPI VJG XKFGQ KPRWV UQWTEGŒ QP RCIG CPF ő2KEVWTG 5QWPF EQPVTQN CFLWUVOGPVU KP 2% OQFGŒ QP RCIGU CPF 6JG 68 &8& ECP DG WUGF CU C EQORWVGT OQPKVQT
4GCT
6Q CFWKQ 176 
6Q CFWKQ +0
%QPXGTUKQP CFCRVGT KH PGEGUUCT[
0QVGU
Ŗ 5QOG 2% OQFGNU ECPPQV DG EQPPGEVGF VQ VJKU 68 Ŗ 6JG QP UETGGP FKURNC[U YKNN JCXG C FKHHGTGPV CRRGCTCPEG KP 2% OQFG VJCP KP 68 OQFG
$QQM < KPFD |
|
$CUKE UGVWR
6HWWLQJ WKH ODQJXDJH
6JKU 68 &8& ECP FKURNC[ VJG QP UETGGP NCPIWCIG KP 'PINKUJ 5RCPKUJ QT (TGPEJ KP VJG 68 OQFG 5GNGEV VJG NCPIWCIG [QW RTGHGT HKTUV VJGP RTQEGGF YKVJ VJG QVJGT OGPW QRVKQPU
'06'4
':+6 %#0%'. /'07
5GVVKPI NCPIWCIG
2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU
QT
VQ FKURNC[ VJG ő5'672Œ OGPW
5'672
.#0)7#)' |
'0).+5* |
68 %#$.' |
%#$.' |
%* 241)4#/ |
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#&& '4#5' |
|
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5'.'%6 |
#&,756 |
2TGUU
VQ UGNGEV ő.#0)7#)'Œ VJGP RTGUU
QT
VQ UGNGEV VJG FGUKTGF NCPIWCIG 'PINKUJ '0).+5* 5RCPKUJ '52#¤1. QT (TGPEJ (4#0 #+5 VJGP RTGUU '06'4
5'672
.#0)7#)' |
'0).+5* |
'0).+5* |
'52#¤1. |
|
(4#0 #+5 |
||
|
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|
|
68 %#$.' |
%#$.' |
|
|
%* 241)4#/ |
|
|
|
#&& '4#5' |
|
|
|
|
|
|
|
5'.'%6 
#&,756
2TGUU ':+6 %#0%'. VQ ENGCT VJG OGPW UETGGP
0QVGU
Ŗ+H VJG WPKV FQGU PQV QRGTCVG RTQRGTN[ QT 0Q MG[ QRGTCVKQP D[ VJG WPKV CPF QT VJG TGOQVG EQPVTQN
5VCVKE GNGEVTKEKV[ GVE OC[ CHHGEV VJG 68 &8&ŏU QRGTCVKQP +P UWEJ ECUG FKUEQPPGEV VJG #% EQTF QPEG VJGP EQPPGEV KV CICKP
Ŗ 6JG 68 UGEVKQP JCU KVU QYP OGPW CPF &8& UGEVKQP CNUQ
JCU KVU QYP OGPW
$QQM < KPFD |
|
6HWWLQJ WKH V\VWHP FORFN 7R VHW WKH 2Q WLPHU
1P VKOGT HGCVWTG CNNQYU [QW VQ RTQITCO VJG 68 &8& VQ VWTP QP CWVQOCVKECNN[ CV CUGV VKOG ;QW OWUV UGV VJG ENQEM DGHQTG [QW ECP RTQITCO VJG 10 VKOGT
|
'06'4 |
|
':+6 %#0%'. /'07
5GVVKPI VJG U[UVGO ENQEM 6Q UGV VJG 1P VKOGT
2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU
QT
VQ FKURNC[ VJG ő5'672Œ OGPW
5'672
.#0)7#)' |
'0).+5* |
68 %#$.' |
%#$.' |
%* 241)4#/ |
|
#&& '4#5' |
|
|
|
|
|
5'.'%6 |
#&,756 |
2TGUU
VQ UGNGEV ő5;56'/ %.1%-Œ RTGUU 
QT
VQ UGV VJG JQWT 6JGP RTGUU '06'4
5'672
#52'%6 |
1(( |
|
|
5+)0#. /'6'4 |
1(( |
|
|
#761 5*76 1(( |
|
||
5;56'/ %.1%- |
|
|
#/ |
|
|
|
|
|
|
||
5'.'%6 |
#&,756 |
||
|
'06'4 0':6 |
||
2TGUU QT VQ UGV VJG OKPWVG VJGP RTGUU '06'4
5'672
#52'%6 |
1(( |
|
|
5+)0#. /'6'4 |
1(( |
|
|
#761 5*76 1(( |
|
|
|
5;56'/ %.1%- |
|
#/ |
|
|
|
|
|
|
|
|
|
5'.'%6 |
#&,756 |
|
|
|
'06'4 0':6 |
|
|
2TGUU ':+6 %#0%'. VQ ENGCT VJG OGPW UETGGP
0QVG
+H VJG RQYGT UQWTEG HQT VJG 68 &8& KU KPVGTTWRVGF HQT GZCORNG
VJG RQYGT EQTF KU WPRNWIIGF QT C RQYGT HCKNWTG QEEWTU [QW
YKNN PGGF VQ TGUGV VJG ENQEM
2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU 
QT
VQ FKURNC[ VJG ő126+10Œ OGPW
126+10
(#814+6' %* %* .#$'. 8+&'1 .#$'.
10 6+/'4 10 #/
5'.'%6 |
#&,756 |
2TGUU
VQ JKIJNKIJV VJG ő106+/'4Œ VJGP RTGUU QT
VQ UGNGEV ő10Œ VJGP RTGUU
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