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266 UGEWTGF PCVWTCN ICU HQT 612¿U WUG KP KVU TGHKPGT[ CU TGSWKTGF D[ VJG CITGGOGPV DGVYGGP VJGO CV TGIWNCT OCTMGV RTKEGU WPFGT CP GKIJV [GCT EQPVTCEV
VQ CPF C [GCT EQPVTCEV VQ WPFGT TGIWNCT OCTMGV RTKEGU #ITGGOGPV YKVJ 5VCT 2GVTQNGWO 4GHKPKPI 2NE
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6Q RTGXGPV UWEJ RGTUQPPGN TKUMU 266 JCU TGNKGF QP VYQ ECTGGT OCPCIGOGPV OGEJCPKUOU (KTUV HQT VJG OCPCIGOGPV ITQWR VJG 266 )TQWR¿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KP XQNWOG QT SWCNKV[ VJG KPCDKNKV[ VQ VCMG RTG RCKF ICU QT VQ UGEWTG GPQWIJ ICU UWRRN[ VQ CEEQOOQFCVG TKUKPI FGOCPF CPF VJG XQNCVKNKV[ QH VJG QKN RTKEG YJKEJ KP VWTP CHHGEVU ICU RTKEGU 6JGUG TKUMU EQWNF CHHGEV 266¿U HKPCPEKCN UVCVWU CPF RGTHQTOCPEG 6Q CEEQOOQFCVG VJGUG TKUMU 266 OQPKVQTU ICU UWRRN[ CPF FGOCPF OQXGOGPV YJKNG ENQUGN[ EQQTFKPCVKPI YKVJ VJG UGNNGTU CPF VJG DW[GTU RTGRCTCVKQP QH GHHKEKGPV NQPI VGTO ICU UWRRN[ RNCPU CPF TGIWNCTN[ TGXKGYU VJGO CU YGNN CU PGIQVKCVKPI YKVJ VJG UGNNGTU CPF EWUVQOGTU VQ KFGPVKH[ UQNWVKQPU VQ RQUUKDNG ETKUGU /QTGQXGT ICU FGOCPF JCU CNYC[U GZEGGFGF OKPKOWO EQPVTCEV SWCPVKVKGU VJWU GPCDNG 266 VQ CEETWG XQNWOGU HQT WUKPI KP NQYGTKPI VJG OKPKOWO QHHVCMG XQNWOGU WPFGT VJG CPPWCN CITGGOGPVU ÁECTT[ HQTYCTFÂ ICU URGEKHKGF KP EGTVCKP )5#U
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¿U DWUKPGUU KPENWFKPI VJG RTKEG EQPVTQN QH .2) CPF 0)8
266 JCU CEJKGXGF UVGCF[ DWUKPGUU ITQYVJ CU C TGUWNV QH KVU KPXGUVOGPV KP CUUQTVGF EQORCPKGU YJKNG HQEWUKPI QP HQTIKPI NKPM WRU QH KPVGITCVGF DWUKPGUUGU
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QH KPXGUVOGPV 266 JCU RWV KP RNCEG C U[UVGO CPF CP KPVGTPCN WPKV VQ VTCEM KVU RGTHQTOCPEG CPF TKUM HCEVQTU QH KPXGUVGF RTQLGEVU CU YGNN CU EQPUVCPVN[ CEEGNGTCVKPI QTICPK\CVKQPCN EQORGVGPE[ FGXGNQROGPV CPF RGTUQPPGN RQVGPVKCN VQ CEEQOOQFCVG KVU QXGTUGCU DWUKPGUUGU CPF KPXGUVOGPV
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266¿U DWUKPGUU QRGTCVKQPU OWUV EQPHQTO VQ TGNGXCPV NGIKUNCVKQPU CPF TGIWNCVKQPU CDQWV KORCEVU QP VJG GPXKTQPOGPV CPF UCHGV[ YJKEJ VGPF VQ DG OQTG FKHHKEWNV +H UWEJ PGY NCYU CTG RTQOWNICVGF QT KH EJCPIGU CTG OCFG VQ VJG GPHQTEGOGPV RQNKE[ VJG[ OC[ UJCEMNG 266¿U QRGTCVKQP QT UJCTRN[ TCKUG QRGTCVKPI EQUVU +P CFFKVKQP TKUMU EQWNF CTKUG KP VJG VKOG TGSWKTGF CPF EQPFKVKQPU HQT VJG CRRTQXCN QH GPXKTQPOGPVCN KORCEV CUUGUUOGPV '+# QT GPXKTQPOGPVCN CPF JGCNVJ KORCEV CUUGUUOGPVU '*+#U KPENWFKPI VJG RCTVKEKRCVKQP RTQEGUU CPF EQOOWPKV[ CEEGRVCPEG KPENWFKPI CEEGRVCPEG QH 266¿U DWUKPGUU CV CNN KVU UKVGU YJKEJ EQWNF ECWUG RTQLGEV FGNC[U CPF CHHGEV KVU HWVWTG DWUKPGUUGU CPF KPEQOG IGPGTCVKQP 6Q CFFTGUU VJGUG TKUMU 266 OQPKVQTU CPF CPCN[\GU VJG KORCEVU QH EJCPIGU KP GPXKTQPOGPVCN CPF UCHGV[ NCYU CPF TGIWNCVKQPU QP KVU QRGTCVKQP +V CNUQ ENQUGN[ EQQTFKPCVGU YKVJ IQXGTPOGPV CIGPEKGU CRRNKGU CXCKNCDNG KPHQTOCVKQP VQ FGXGNQR YQTM RNCPU CPF TGURQPUG OGCUWTGU CPF GPUWTGU QPIQKPI EQOOWPKV[ TGNCVKQPU CEVKXKVKGU KP QRGTCVKPI CTGCU YKVJ C EQPUVCPV HQEWU QP EQOOWPKV[ RCTVKEKRCVKQP
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-G[ HCEVQTU UWRRQTVKPI 266¿U UWEEGUUHWN DWUKPGUU GZRCPUKQP KPENWFG C EQPVKPWGF TKUG KP ICU EQPUWORVKQP CPF VJG CDKNKV[ VQ GZRCPF KVU ICU VTCPUOKUUKQP U[UVGO 266¿U OCPCIGOGPV QH ICU FGNKXGT[ VQ OGGV EWUVQOGTU¿ FGUKTGF SWCNKV[ CPF ETGCVKQP QH XCNWG VQ UWUVCKP TKUKPI ICU FGOCPF +P CFFKVKQP 266¿U DWUKPGUU GZRCPUKQP KU NKOKVGF D[ VJG TGCEJ QH KVU ICU VTCPUOKUUKQP U[UVGO VQ EWUVQOGTU VJG OCKPVGPCPEG QH ICU VTCPUOKUUKQP U[UVGOU HQT VJG NQPIGUV UGTXKEG NKHG KVU ICU UGRCTCVKQP ECRCEKV[ CPF VJG UWEEGUU KP DWKNFKPI 266 )TQWR¿U RGVTQEJGOKECN RNCPVU &GXGNQROGPV QH RTQLGEVU EQWNF HCNN DGJKPF UEJGFWNGU HQT XCTKQWU TGCUQPU KPENWFKPI
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FGNC[U KP KFGPVKH[KPI EQPVTCEVQTU RTQEWTGOGPV QH GSWKROGPV YKVJ NQPI NGCF VKOG CPF VTCPURQTV VKOG EQOOWPKVKGU¿ CPF NCPFNQTFU¿ EQQRGTCVKQP HKNKPI HQT CRRTQXCNU HTQO TGNGXCPV IQXGTPOGPV CIGPEKGU CPF UGEWTKPI QH '+# CRRTQXCNU 6JWU KH RTQLGEVU CTG FGNC[GF 266¿U HKPCPEKCN CPF RGTHQTOCPEG QWVEQOGU CTG CV UVCMG 266 VCMGU VJG CFOKPKUVTCVKQP QH ETKVKECN RCVJ OCVVGTU UGTKQWUN[ KPENWFKPI VJG CEEGNGTCVKQP QH EQPUVTWEVKQP EQPVTCEVQT JKTKPI ENQUG OQPKVQTKPI QH EQPUVTWEVKQP GSWKROGPV RWTEJCUGU RTGRCTCVKQP QH OKVKICVKPI OGCUWTGU HQT GPXKTQPOGPVCN KORCEVU EQPUVCPV OQPKVQTKPI QH PGY NGIKUNCVKQP CPF TGIWNCVKQPU OQPKVQTKPI CPF CPCN[UKU QH KORCEVU QP RTQLGEV GZGEWVKQP FGXGNQROGPV QH RGQRNG RCTVKEKRCVKQP RNCPU CPF RTGRCTCVKQP QH EQPVKPIGPE[ RNCPU CPF OGCUWTGU VQ GCUG RQVGPVKCN KORNKECVKQPU QH FGNC[GF RTQLGEV EQORNGVKQP
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6Q RTQOQVG EQPUVCPV ITQYVJ 266 KPXGUVU KP PGY RTQLGEVU GZRCPFU KVU DWUKPGUUGU QT CFLWUVU KVU QRGTCVKQP 5QOGVKOGU UWEJ KPXGUVOGPV OC[ DG WPFGTVCMGP VJTQWIJ PGY EQORCPKGU QT NKPM WRU YKVJ UVTCVGIKE RCTVPGTU QT VJTQWIJ 266 )TQWR EQORCPKGU 5QOG QH VJGUG EQORCPKGU OC[ RTQDCDN[ UVKNN UVCTVKPI RTQLGEVU QT OC[ PQV [GV DG HKPCPEKCNN[ UVTQPI 6JWU UJCTGJQNFGTU QT 266 YKNN UVKNN PGGF VQ GZVGPF EQUV QXGTTWP UWRRQTV VQ CNNQY VJGUG EQORCPKGU VQ QRGTCVG WPFGT UVTCVGIKGU CPF DWUKPGUU RQNKEKGU QH 266 )TQWR CU C YJQNG 5QOG QH VJGUG EQORCPKGU OC[ PGGF ECUJ FGHKEKGPE[ UWRRQTV FWTKPI EQOOGTEKCN QRGTCVKQP YJKEJ OC[ DG C HQTEG OCLGWTG VJWU ECNNKPI HQT HKPCPEKCN JGNR HTQO VJG UJCTGJQNFGTU KU GUUGPVKCN 266 YKNN EQPUKFGT GZVGPFKPI NQCPU QT EQOOGTEKCN ETGFKV QT DQVJ VQ KPFKXKFWCN CHHKNKCVGU KP VJG DGNKGH VJCV UWEJ C RQNKE[ CPF CEVKQP YQWNF HQUVGT UWUVCKPCDNG UVTGPIVJ HQT 266 )TQWR +P GZVGPFKPI UWEJ HKPCPEKCN UWRRQTV VQ VJGUG CHHKNKCVGU YJGVJGT VJTQWIJ UWDQTFKPCVGF NQCPU EQOOGTEKCN ETGFKV QT NQCPU HTQO VJG UJCTGJQNFGTU 266 ECPPQV IWCTCPVGG VJCV VJGUG EQORCPKGU ECP TGRC[ UWEJ NQCPU QT ETGFKV VJCV VJG[ YKNN PQV HCEG HKPCPEKCN YQGU CICKP QT VJCV VJG[ YKNN PQV PGGF HKPCPEKCN UWRRQTV HTQO 266 CICKP 4GCUQPU OGPVKQPGF CDQXG EQWNF CHHGEV 266¿U RGTHQTOCPEG CPF HKPCPEKCN UVCVWU /QTGQXGT KH 266 QT CP[ OGODGT QH 266 )TQWR DGEQOGU C FGHCWNV RCTV[ WPFGT CP[ CITGGOGPV QP UJCTGJQNFGT UWRRQTV UQOG ETGFKVQTU OC[ CEEGNGTCVG FGDV TGRC[OGPV 6JGTGHQTG 266 ECPPQV IWCTCPVGG VJCV 266 YKNN PQV TCKUG KVU UJCTGJQNFKPI TCKUG KVU UJCTGJQNFKPI VQ OQTG VJCP JCNH QT VCMG QXGT UWEJ C EQORCP[ KH UWEJ CEVKQP KU EQPUKFGTGF OQTG DGPGHKEKCN +H VJKU UJQWNF JCRRGP VJG 6JCK CEEQWPVKPI UVCPFCTFU TGSWKTG VJCV 266 EQPUQNKFCVG VJG HKPCPEKCN UVCVGOGPVU QH VJG EQORCP[ KP SWGUVKQP YKVJ VJQUG QH 266 )TQWR GHHGEVKXG HTQO VJG FCVG QH UWEJ EQPVTQN +P UJQTV UWEJ EQPUQNKFCVKQP RWVU 266¿U QXGTCNN HKPCPEKCN UVCPFKPI CV UVCMG
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6JG DWUKPGUUGU QH 266 KP RCTVKEWNCT RGVTQNGWO GZRNQTCVKQP CPF RTQFWEVKQP PCVWTCN ICU VTCPUOKUUKQP U[UVGOU ICU UGRCTCVKQP RNCPVU CPF VJG RGVTQEJGOKECN DWUKPGUUGU TGSWKTG OCUUKXG ECRKVCN KPXGUVOGPVU VJCV CTG RCKF KP CFXCPEG #NVJQWIJ 266 ENQUGN[ OQPKVQTU CPF OCPCIGU DWUKPGUU TKUMU VJG CEVWCN KPXGUVOGPV ECRKVCN TGSWKTGF OC[ FGXKCVG HTQO RTQLGEV RNCPU FWG VQ HCEVQTU DG[QPF KVU EQPVTQN YJKEJ EQWNF RQVGPVKCNN[ CHHGEV VJG UWEEGUU CPF RTQLGEV ECRKVCN EQUVU 5KPEG 266¿U DWUKPGUU HQEWUGU QP HQUVGTKPI NQPI VGTO ITQYVJ CPF IQQF EQTRQTCVG IQXGTPCPEG KV JCU EQPVKPWQWUN[ ITQYP 266 RNCPU VQ KPXGUV KP RTWFGPV DWUKPGUU GZRCPUKQP YKVJ FWG EQPUKFGTCVKQP HQT UQWTEGU QH ECRKVCN RCTVKEWNCTN[ ECRKVCN UVTWEVWTKPI VJCV YKNN GPCDNG KV VQ OCKPVCKP GUUGPVKCN HKPCPEKCN TCVKQU CV UWKVCDNG NGXGNU EQORCTCDNG VQ EQORCPKGU KP VJG UCOG KPFWUVT[ %QPVKPWQWU OQPKVQTKPI QH HCEVQTU EQPEGTPKPI VJG UQWTEKPI QH KPXGUVOGPV ECRKVCN JCU CUUWTGF 266 VJCV KV ECP UGEWTG UWHHKEKGPV CPF UWKVCDNG HWPFU HQT HWVWTG DWUKPGUU GZRCPUKQP
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#U QH &GEGODGT 266 JCF UGEWTGF FQOGUVKE NQCPU QH OKNNKQP DCJV KP VJG HQTO QH 266 DQPFU IWCTCPVGGF D[ VJG /KPKUVT[ QH (KPCPEG VQIGVJGT YKVJ DQPFU CPF FGDGPVWTGU PQV IWCTCPVGGF D[ VJG OKPKUVT[ YQTVJ OKNNKQP DCJV HQT C VQVCN QH OKNNKQP DCJV (QTGKIP NQCPU YGTG KP VJG HQTO QH 266 FGDGPVWTGU QH 75 FQNNCT CPF [GP FGPQOKPCVKQPU PQV IWCTCPVGGF D[ VJG OKPKUVT[ GSWKXCNGPV VQ OKNNKQP DCJV 6JGUG DQPFU CPF FGDGPVWTGU CTG UWOOCTK\GF DGNQY
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266 DQPFU IWCTCPVGGF D[ VJG /KPKUVT[ QH (KPCPEG Æ &QOGUVKE DQPFU 266 DQPFU PQV IWCTCPVGGF D[ VJG /KPKUVT[ QH (KPCPEG Æ &QOGUVKE FGDGPVWTGU Æ (QTGKIP FGDGPVWTGU 6QVCN ¦ÑÀÍà ÓÎÓÀË
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0QPG 0QPG
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(KVEJ 4CVKPI¿U PCVKQPCN TCVKPI QH NQPI VGTO 266 FGDGPVWTGU CV ¾### VJC ¿ YKVJ C UVCDNG QWVNQQM /QQF[¿U KPVGTPCVKQPCN TCVKPI QH HQTGKIP 266 FGDGPVWTGU CV ¾$CC ¿ YKVJ C UVCDNG QWVNQQM 5 2¿U KPVGTPCVKQPCN TCVKPI QH HQTGKIP 266 FGDGPVWTGU CV ¾$$$ ¿ YKVJ C UVCDNG QWVNQQM &GVCKNU QH FQOGUVKE CPF HQTGKIP 266 FGDGPVWTGU
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266% 0# 266% 1# 266% 1$ 266% &# 266% &$ 266% 1# 266% 1$ 266% # 266% # 266% 0# 266% % 266% # 266% $ 266% # 266% 1# 266% &# 266% &$ 266% &# 266% 0# 266% # 266% $
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;GCT ;GCT
GXGT[ UKZ OQPVJU
;GCT ;GCT
GXGT[ UKZ OQPVJU
;GCT ;GCT
GXGT[ UKZ OQPVJU
;GCT ;GCT
GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU
;GCT ;GCT
;GCT GXGT[ UKZ OQPVJU
;GCT ;GCT
;GCT GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU
;GCT ;GCT
GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU
;GCT ;GCT
GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU
;GCT ;GCT
;GCT GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU
;GCT ;GCT
;GCT GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU
;GCT ;GCT
GXGT[ UKZ OQPVJU
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[GCTU OQPVJU CPF FC[U [GCTU CPF FC[U [GCTU OQPVJU CPF FC[U [GCTU OQPVJU CPF FC[U
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266% % 266% # 266% # 266% # 266% # 266% &#
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;GCT ;GCT
GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU
;GCT ;GCT
;GCT GXGT[ UKZ OQPVJU
;GCT ;GCT
;GCT GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU
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[GCTU OQPVJU CPF FC[U
TGFGGOCDNG CHVGT ;GCT
TGFGGOCDNG CHVGT ;GCT [GCTU
TGFGGOCDNG CHVGT ;GCT CPF ;GCT CPF CU FGHKPGF KP VJG VGTOU QP TKIJVU CPF FWVKGU QH VJG KUUWGTU CPF VJG JQNFGTU
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75& DQPF 75& DQPF 5COWTCK DQPF 75& DQPF 75& DQPF 266% &# UYCRRGF VQ 75& 266% &$ UYCRRGF VQ 75& 266% # UYCRRGF VQ 75& 266% &$ UYCRRGF VQ 75& 266% # UYCRRGF VQ 75&
GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU GXGT[ UKZ OQPVJU QP CXGTCIG GXGT[ UKZ OQPVJU QP CXGTCIG GXGT[ UKZ OQPVJU .+$14 RNWU GXGT[ UKZ OQPVJU QP CXGTCIG GXGT[ UKZ OQPVJU .+$14 RNWU GXGT[ UKZ OQPVJU
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266 GPVGTGF KPVQ C ETQUU EWTTGPE[ UYCR HTQO DCJV FGPQOKPCVGF FGDGPVWTGU YQTVJ OKNNKQP DCJV VQ FQNNCT FGPQOKPCVGF QPGU YQTVJ OKNNKQP 75 CV C HKZGF KPVGTGUV TCVG CXGTCIKPI RGT [GCT VJWU NGCXKPI OKNNKQP DCJV KP DCJV FGPQOKPCVGF NQCPU 266 GPVGTGF KPVQ C ETQUU EWTTGPE[ UYCR HTQO DCJV FGPQOKPCVGF FGDGPVWTGU YQTVJ OKNNKQP VQ FQNNCT FGPQOKPCVGF QPGU YQTVJ OKNNKQP 75 CV C HKZGF KPVGTGUV TCVG CXGTCIKPI RGT [GCT 266 GPVGTGF KPVQ C ETQUU EWTTGPE[ UYCR HTQO DCJV FGPQOKPCVGF FGDGPVWTGU YQTVJ OKNNKQP DCJV VQ FQNNCT FGPQOKPCVGF QPGU YQTVJ OKNNKQP 75 CV C HNQCVKPI KPVGTGUV TCVG QH O.+$14 266 GPVGTGF KPVQ C ETQUU EWTTGPE[ UYCR HTQO DCJV FGPQOKPCVGF FGDGPVWTGU YQTVJ OKNNKQP DCJV VQ FQNNCT FGPQOKPCVGF QPGU YQTVJ OKNNKQP 75 CV C HKZGF KPVGTGUV TCVG CXGTCIKPI RGT [GCT 266 GPVGTGF KPVQ C ETQUU EWTTGPE[ UYCR HTQO DCJV FGPQOKPCVGF FGDGPVWTGU YQTVJ OKNNKQP DCJV VQ FQNNCT FGPQOKPCVGF QPGU YQTVJ OKNNKQP 75 CV C HNQCVKPI KPVGTGUV TCVG QH O.+$14
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1P #RTKN VJG #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU #)/ CEMPQYNGFIGF VJG KUUWCPEG CPF QHHGT QH YCTTCPVU VQ VJG 2TGUKFGPV VJG OCPCIGOGPV 266 GORNQ[GGU CPF GORNQ[GGU QH 266 )TQWR EQORCPKGU UGEQPFGF VQ 266 6JG YCTTCPVU EQPUKUVGF QH VYQ DCVEJGU Æ 266 9 PWODGTKPI WPKVU QHHGTGF KP Æ 266 9 PWODGTKPI WPKVU QHHGTGF KP 6JG #)/ CRRTQXGF VJG KUUWCPEG CPF QHHGT QH CNN 266 9 WPKVU EQXGTKPI VJG RWTEJCUG QH EQOOQP UJCTGU 'CEJ YCTTCPV EQPVCKPGF HQWT RQTVKQPU GCEJ GZGTEKUCDNG QP VJG NCUV QRGTCVKPI FC[ QH C VJTGG OQPVJ RGTKQF VJTQWIJQWV VJG NKHG QH VJG YCTTCPV &GVCKNGF UWOOCT[ QH VJG CNNQECVKQP KU CU HQNNQYU ®ÍÐÒÇÍÌ
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266 OCPCIGU EWUVQOGTU CPF OCTMGVKPI KP EQORNKCPEG YKVJ KVU XKUKQP CPF OKUUKQP VQ ECVGT VQ EQPUWOGTU¿ FKXGTUG PGGFU CPF GZRGEVCVKQPU +V VJWU FKXKFGU KVU OCTMGV KPVQ VJTGG WPKVU )CU YKVJ VYQ ITQWRU QH EWUVQOGTU PCVWTCN ICU EWUVQOGTU CPF RTQFWEVU EWUVQOGTU 1KN YKVJ VJTGG ITQWRU QH EWUVQOGTU TGVCKN EWUVQOGTU EQOOGTEKCN EWUVQOGTU CPF UWRRN[ UCNGU CPF +PVGTPCVKQPCN 6TCFKPI YKVJ VJTGG ITQWRU QH EWUVQOGTU PCOGN[ RTQFWEVU RTQFWEV VTCPURQTVCVKQP CPF TKUM OCPCIGOGPV %WUVQOGTU¿ NKHG E[ENGU CTG FKXKFGF KPVQ HQWT ITQWRU RQVGPVKCN EWTTGPV ITQYKPI CPF GZ EWUVQOGTU 266 JCU VJTGG RTQEGUUGU KP VCMKPI KP XKGYU EQOOGPVU CPF EQORNCKPVU HTQO EWUVQOGTU &KTGEV EQPVCEV VJTQWIJ VJG NKMGU QH XKUKVU OGGVKPIU VTCKPKPI UGOKPCTU %QPVCEV VJTQWIJ KPHQTOCVKQP OGFKC YKVJ EJCPPGNU UWEJ CU RJQPG HCZ YGDUKVG UQEKCN PGVYQTM CPF ECNN EGPVGT 6JTQWIJ UWTXG[U D[ C VJKTF RCTV[ EQXGTKPI CNN ITQWRU QH EWUVQOGTU CPF VJGKT NKHG E[ENGU (TGSWGPEKGU QH VJG RTQEGUUGU XCT[ YKVJ GCEJ EJCPPGN +PHQTOCVKQP TGEGKXGF HTQO EWUVQOGTU YKNN DG WUGF CU FCVC QP VJGKT PGGFU UQ VJCV 266 ECP FGUKIP PGY RTQFWEVU QT KPPQXCVKQPU VQ OCVEJ VJG PGGFU UWEJ CU 266 $NWG +PPQXCVKQP RTQFWEVU QH PQXGN HQTOWNCU 266 2GTHQTOC 5[PVJGVKE NWDTKECVKPI QKN 266 .KHG 5VCVKQP %CH #OC\QP EQHHGG UJQRU CPF #OC\QP 'ODTCEG QWVUKFG UGTXKEG UVCVKQPU 6JG FCVC CTG CNUQ WUGF KP VJG %WUVQOGT 4GNCVKQPUJKR /CPCIGOGPV RNCP %4/ 2NCP VQ FGXGNQR DWUKPGUU EQPUWNVCPV RTQITCOU FGUKIPGF HQT CTGC UCNG OCPCIGTU VQ RTQXKFG DWUKPGUU EQPUWNVCPE[ VQ UCNG CIGPVU KP JQNFKPI UCNGU RTQOQVKQP YKVJ QVJGT RTQFWEVU UGTXKEGU CPF KP 266 /QVQT 5RQTV HQT TCEG ECTU OQVQTE[ENGU CPF LGV UMKU WUKPI 266 NWDTKECVKPI QKN # VQVCN QH CEVKXKVKGU YGTG JGNF KP
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6QVCN 5CNCT[ 6QVCN $QPWU 2TQXKFGPV HWPF EQPVTKDWVKQP 1VJGTU KH CRRNKECDNG ¦ÑÀÍà ³ÎÓÀË
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7PKV $CJV
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1VJGT %QORGPUCVKQP 266 JCU KPUVKVWVGF GORNQ[GG YGNHCTG CPF QVJGT EQORGPUCVKQP CRCTV HTQO UCNCT[ DQPWU CPF RTQXKFGPV HWPF EQPVTKDWVKQP HQT OCPCIGOGPV CPF CNN GORNQ[GGU KP MGGRKPI YKVJ GEQPQOKE EQPFKVKQPU EQUV QH NKXKPI CPF QVJGT UVCPFCTFU HQT RGGT EQORCPKGU UWEJ CU JQWUKPI CNNQYCPEG WREQWPVT[ CNNQYCPEG CPF QXGTVKOG RC[OGPV +P CPF 266 CRRTQXGF VYQ VTCPEJGU QH OKNNKQP WPKVU QH YCTTCPVU HQT VJG 2TGUKFGPV VJG OCPCIGOGPV GORNQ[GGU CPF GORNQ[GGU HTQO CHHKNKCVGF EQORCPKGU UGTXKPI 266 KP C OQXG VQ DQQUV OQVKXCVKQP CPF CV VJG UCOG VKOG TGYCTF VJG OCPCIGOGPV CPF GORNQ[GGU HQT VJGKT VQVCN EQPUKUVGPV FGFKECVKQP 6JKU KPEGPVKXG YCU FGUKIPGF VQ ETGCVG C UGPUG QH QYPGTUJKR CPF GPEQWTCIG RCTVKEKRCVKQP KP VJG OCPCIGOGPV CPF FGXGNQROGPV QH 266 DGPGHKVKPI KVU RGTHQTOCPEG CPF DWUKPGUU QRGTCVKQPU &GVCKNU YGTG TGRQTVGF WPFGT Á266¿U 9CTTCPVUÂ
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266 CRRNKGU %CTGGT /CPCIGOGPV VQ RTGRCTG CPF RTQOQVG VJG OCPCIGOGPV CPF CNN GORNQ[GGU YKVJ UMKNNU CPF MPQYNGFIG VQ HKV VJG 266 FGUKIPGF OQFGN KP EQRKPI YKVJ VJG OKUUKQPU CPF ETGCVKPI XCNWGU HQT VJG QTICPK\CVKQP 266 JCU CRRNKGF VJKU OQFGN KP FGXGNQRKPI KVU GORNQ[GGU HQT ITGCVGT GHHKEKGPE[ D[ FKXKFKPI GORNQ[GGU KPVQ VYQ RTQHGUUKQPCN ITQWRU YKVJ ENGCT CPF GHHKEKGPV KPVGTEQPPGEVGF
UGPKQT OCPCIGOGPV CPF UVCHH YKVJ C U[UVGO QP TGETWKVOGPV CUUGUUOGPV CPF KPFKXKFWCN FGXGNQROGPV RNCP KP RNCEG Æ 5GPKQT OCPCIGOGPV GSWKXCNGPV VQ XKEG RTGUKFGPVU WRYCTF CTG UWDLGEV VQ UVCHH FGXGNQROGPV ECNNGF )TQWR .GCFGT &GXGNQROGPV YJKEJ UWUVCKPU VJG
PGGFU QH JKIJ NGXGN GZGEWVKXGU KP DQVJ SWCPVKV[ CPF SWCNKV[ /CPCIGOGPV QH VJKU ITQWR KU UWRGTXKUGF D[ C RCPGN QH %'1¿U KP 266 )TQWR ECNNGF VJG 266 )TQWR /CPCIGOGPV %QOOKVVGG 266)/% YKVJ TGURQPUKDKNKV[ HQT FGHKPKPI FKTGEVKQPU CPF VJG RQNKE[ QP FGXGNQROGPV RNCP HQT UGPKQT OCPCIGOGPV CPF C 266 ECTGGT EQWPUGNKPI VGCO ECNNGF 266 )TQWR 'ZGEWVKXG %QWPUGNKPI 6GCO
'%6 YKVJ VJG TGURQPUKDKNKV[ HQT UWRRQTVKPI VJG FGUKIPKPI QH FGXGNQROGPV RNCPU HQT UGPKQT OCPCIGOGPV Æ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¿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¿U DWUKPGUU 266 CNUQ KORNGOGPVGF VJG .KHGVKOG .GCTPKPI 1TICPK\CVKQP /GEJCPKUO +V CNUQ GXQNXGF KVU MPQYNGFIG OCPCIGOGPV U[UVGO HQT GUUGPVKCN TGNGXCPV KPHQTOCVKQP YJKNG GPEQWTCIKPI VJG OCPCIGOGPV CPF CNN VQ FQ VJG UCOG CPF WRFCVG VJKU TGIWNCTN[ +V OCFG VJKU U[UVGO CXCKNCDNG HQT CNN VQ HCEKNKVCVG NGCTPKPI CPF GHHKEKGPV RTQDNGO UQNXKPI YJKNG CEVKXGN[ RTQOQVKPI GORNQ[GGU¿ QYP
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FGXGNQROGPV QH VJGKT RQVGPVKCN UKPEG VJKU KU C EQTPGTUVQPG VQ C JKIJ RGTHQTOCPEG QTICPK\CVKQP VJCV KU Á6Q DGEQOG C .GCTPKPI 1TICPK\CVKQP YG TGN[ QP JWOCP KPVGNNKIGPEG .GCTPKPI KU CP QPIQKPI NKHGNQPI RTQEGUUÂ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VJG 2TGUKFGPV %'1 PQV QPN[ EQPVKPWCNN[ JGNF TGIWNCT OGGVKPIU YKVJ GORNQ[GGU CPF CVVGPFGF OGGVKPIU COQPI VJG OCPCIGOGPV CPF UVCHH DQVJ KP CPF QWVUKFG 266 DWV CNUQ UWTXG[GF GORNQ[GGU¿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¿U OCPCIGOGPV CPF GORNQ[GGU DGNKGXG VJCV VJG 266 )TQWR %QTG 8CNWGU MPQYP CU 52+4+6 YKNN JGNR 266 )TQWR VJG GZGEWVKXGU CPF UVCHH ETGCVG C EQOOQP YQTM RCVJ FKTGEVKQP CPF DGNKGH VJCV CNKIP YKVJ VJG XKUKQP QH 266 )TQWR VQ DGEQOG C UWUVCKPCDNG JKIJ RGTHQTOCPEG QTICPK\CVKQP 6JGUG EQTG XCNWGU UGTXG CU IWKFGNKPGU KP HQTOWNCVKPI KFGCU CPF DGNKGHU YJKEJ KPHNWGPEG YQTM RTCEVKEG CPF DGJCXKQT 6JWU 52+4+6 KU C MG[ GNGOGPV VQ UVTGPIVJGP 266 EWNVWTGU FGEKUKQP OCMKPI CPF UGPUG QH DGNQPIKPI YJKNG KPURKTKPI
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GORNQ[GGU VQ DG DQVJ UOCTV CPF EQPUEKGPVKQWU 52+4+6 EQPUKUVU QH ± 5[PGTI[ ® 2GTHQTOCPEG GZEGNNGPEG § +PPQXCVKQP ° 4GURQPUKDKNKV[ HQT UQEKGV[ § +PVGITKV[ GVJKEU ² 6TWUV TGURGEV
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¿U RQNKE[ IWKFGNKPGU # OCPCIGOGPV RQQN JCU DGGP FGXGNQRGF EQPUKUVKPI QH OCPCIGOGPV GZGEWVKXGU CPF CPQVJGT RQVGPVKCN RQQN HQT MG[ CTGCU +P CPF 266 KORTQXGF VJG )TQWR .GCFGT &GXGNQROGPV 2TQLGEV ).&2 VQ NC[ FQYP C UWEEGUUKQP RNCP HQT RGTUQPPGN YJGP VJG VKOG EQOGU HQT CUUWOKPI JKIJGT RQUKVKQPU VJCV DGEQOG XCECPV PCOGN[ Æ 2TGUKFGPV Æ 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 5'82 QT GSWKXCNGPV Æ 'ZGEWVKXG 8KEG 2TGUKFGPV '82 QT GSWKXCNGPV Æ 8KEG 2TGUKFGPV 82 QT GSWKXCNGPV %QTG TGURQPUKDNG OCPCIGOGPV RCTVKGU CPF WPKVU CTG CU HQNNQYU Æ 266 )TQWR /CPCIGOGPV %QOOKVVGG 266)/% Æ 266 )TQWR 'ZGEWVKXG %QWPUGNKPI 6GCO '%6 Æ %QTRQTCVG *WOCP 4GUQWTEGU %QOOKVVGG *4% Æ 5'82 %QTRQTCVG /CPCIGOGPV QT GSWKXCNGPV KP 266 )TQWR Æ '82 %QTRQTCVG *WOCP 4GUQWTEGU Æ *WOCP 4GUQWTEG 5VTCVGI[ CPF 2QNKE[ &GRCTVOGPV Æ 'ZGEWVKXG CPF 2GTUQPPGN %CRCDKNKV[ /CPCIGOGPV &GRCTVOGPV
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Æ *WOCP 4GUQWTEG /CPCIGOGPV &GRCTVOGPV QH GCEJ DWUKPGUU WPKV Æ .GCTPKPI CPF &GXGNQROGPV &GRCTVOGPV
5[UVGOU CPF RQNKEKGU JCXG DGGP FGHKPGF HQT IWKFCPEG KPENWFKPI VJGUG CURGEVU Æ 2TKPEKRNGU CPF TCVKQPCNGU Æ 2GTHQTOCPEG CUUGUUOGPV Æ #RRTQCEJGU Æ 4QNGU CPF FWVKGU QH KPXQNXGF RCTVKGU Æ 5[UVGO RTQEGUUGU -G[ 2TQEGFWTGU &GHKPKPI HQT GCEJ RQUKVKQP VJG DWUKPGUU FTKXGT CPF UWEEGUU RTQHKNGU 5GNGEVKQP QH RQQN OGODGTU +PFKXKFWCN CUUGUUOGPV QH RQVGPVKCN CICKPUV VJG RTQHKNGU QH RTQOQVGF RQUKVKQPU TGUWNVKPI KP CURGEVU PGGFKPI FGXGNQROGPV +PFKXKFWCN FGXGNQROGPV RNCPPKPI CPF KORNGOGPVCVKQP YKVJ C OGPVQTKPI U[UVGO FGUKIPGF VQ GPCDNG VJG RNCPU VQ CEJKGXG VCTIGVU
2GTHQTOCPEG KP Æ 5GNGEVKQP QH 5'82 RQQN OGODGTU HTQO '82U RQQN OGODGTU CU QH &GEGODGT RQQN OGODGTU CNTGCF[ RTQOQVGF Æ 5GNGEVKQP QH '82 RQQN OGODGTU HTQO 82U RQQN OGODGTU CU QH &GEGODGT RQQN OGODGTU CNTGCF[ RTQOQVGF Æ 5GNGEVKQP QH 82 RQQN OGODGTU HTQO 266 FKXKUKQP OCPCIGTU RQQN OGODGTU CU QH &GEGODGT RQQN OGODGTU CNTGCF[ RTQOQVGF
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&KUENQUWTG QH KPHQTOCVKQP KU C MG[ KPFGZ QH VTCPURCTGPE[ CP KORQTVCPV HCEVQT VQ ETGCVG EQPHKFGPEG COQPI KPXGUVQTU CPF UVCMGJQNFGTU 266 XCNWGU EQTTGEV CEEWTCVG FKUENQUWTG QH KPHQTOCVKQP CPF ETGCVGU PWOGTQWU EJCPPGNU QH FKUENQUWTG QH KPHQTOCVKQP UQ VJCV CNN UVCMGJQNFGTU ECP ICKP GCU[ CEEGUU VQ KPHQTOCVKQP 266 RTQOQVGU CYCTGPGUU COQPI FKTGEVQTU VJG OCPCIGOGPV CPF GORNQ[GGU QH VJG KORQTVCPEG QH IQQF EQTRQTCVG IQXGTPCPEG CPF VTCPURCTGPE[ VQ VJGKT YQTM CPF ETGCVGU CRRTQRTKCVG OGEJCPKUOU VQ TGEGKXG EQORNCKPVU CPF HCKT VTGCVOGPV DQVJ HQT VJQUG YJQ HKNG EQORNCKPVU CPF VJQUG YJQ JCXG DGGP EQORNCKPGF CICKPUV
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266 RTGRCTGF VJG 5WUVCKPCDKNKV[ 4GRQTV VQ EQOOWPKECVG KVU RQNKE[ OCPCIGOGPV CRRTQCEJ CPF QWVEQOGU QH KVU GEQPQOKE UQEKCN CPF GPXKTQPOGPVCN RGTHQTOCPEG D[ TGN[KPI QP VJG 5WUVCKPCDKNKV[ 4GRQTVKPI )WKFGNKPGU CPF 1KN CPF )CU 5GEVQT 5WRRNGOGPV 1)55 8GTUKQP QH VJG )NQDCN 4GRQTVKPI +PKVKCVKXG )4+ CRRTQCEJ VQ GPUWTG VJCV VJG KPHQTOCVKQP FKUENQUWTG YCU UWKVCDNG VQ CPF OQTG URGEKHKE HQT VJG DWUKPGUU YKVJ EQORNGVGPGUU CUUGUUGF CV VJG # NGXGN 266 JCU EQOOKUUKQPGF CP GZVGTPCN RCTV[ HQT VJG EGTVKHKECVKQP QH VJG TGRQTV¿U CEEWTCE[ VTCPURCTGPE[ CPF CEEQWPVCDKNKV[ HQT VJG UGEQPF EQPUGEWVKXG [GCTU CPF [GCTU VQ EQOG 6JKU TGRQTV VQIGVJGT YKVJ VJG CPPWCN TGRQTV YCU FGNKXGTGF VQ VJG UJCTGJQNFGTU CPF KU CEEGUUKDNG VQ VJQUG KPVGTGUVGF XKC YYY RVVRNE EQO 'XGT UKPEG 266¿U RTKXCVK\CVKQP CPF UJCTG VTCFKPI QP 5'6 KP 1EVQDGT VJG +PXGUVQT 4GNCVKQPU &GRCTVOGPV JCU DGGP GUVCDNKUJGF CU C ENGCTKPI JQWUG HQT FKUENQUKPI GUUGPVKCN KPHQTOCVKQP VQ KPXGUVQTU CPF HKPCPEKCN TGRQTVKPI YJKEJ KPENWFGU RGTHQTOCPEG TGRQTVU HKPCPEKCN UVCVGOGPVU CPF KPHQTOCVKQP TGRQTVGF VQ 5'6 VQIGVJGT YKVJ SWCTVGTN[ OCPCIGOGPV FKUEWUUKQP CPF
CPCN[UKU /& # TGRQTVU YKVJ WRFCVGF RGTHQTOCPEG CPF EQTRQTCVG FKTGEVKQPU 6JGUG CTG FKUENQUGF VQ FQOGUVKE CPF KPVGTPCVKQPCN UJCTGJQNFGTU HCKTN[ TGIWNCTN[ CPF VJQTQWIJN[ # SWCTVGTN[ KPXGUVQTU¿ OCIC\KPG WPFGT VJG ÁJCRRKPGUUÂ VKVNG JCU DGGP RTGRCTGF VQ EQOOWPKECVG DWUKPGUU KPHQTOCVKQP CPF FCVC CU YGNN CU 266¿U RGTHQTOCPEG CKOGF CV FGDGPVWTG JQNFGTU CPF VJG SWCTVGTN[ PGYUNGVVGT Á266 $K\YC[Â YKVJ VJG UCOG RWTRQUG CKOGF CV EQOOQP UJCTGJQNFGTU 6JG VYQ RWDNKECVKQPU CTG KP 6JCK CPF 'PINKUJ VQ EQOOWPKECVG 266¿U XKUKQP OKUUKQP SWCTVGTN[ RGTHQTOCPEG %) OCPCIGOGPV VQYCTF UWUVCKPCDKNKV[ CPF QVJGT EWTTGPV OCLQT CEVKXKVKGU +PXGUVQTU OC[ EQPVCEV VJG FGRCTVOGPV FKTGEVN[ QT VJTQWIJ VJG 266 YGDUKVG YJKEJ KU TGIWNCTN[ WRFCVGF HQT KPHQTOCVKQP KP 6JCK CPF 'PINKUJ YJKEJ KPENWFGU Æ #PPWCN TGRQTV (QTO Æ /CLQT KPXGUVOGPV RTQLGEV KPHQTOCVKQP Æ 2TQEWTGOGPV CPF JKTKPI Æ 2QNKE[ UVCVGOGPVU D[ VJG OCPCIGOGPV Æ +ORNGOGPVCVKQP QH IQXGTPOGPV RQNKEKGU Æ -G[ RNCPU Æ %QTRQTCVG IQXGTPCPEG RQNKEKGU CPF RTQOQVKQPCN CEVKXKVKGU Æ (KPCPEKCN RGTHQTOCPEG Æ 0QP HKPCPEKCN RGTHQTOCPEGU Æ *KIJNKIJVU QH UQEKCN TGURQPUKDKNKV[ CEVKXKVKGU
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6JTQWIJ VJG [GCTU 266 JCU XCNWGF VJG FKUENQUWTG QH KPHQTOCVKQP VJCV KU CEEWTCVG EQORNGVG VTCPURCTGPV CPF EQORTGJGPUKXG CU YGNN CU FKTGEV CPF KPFKTGEV RTGUGPVCVKQP QH RGTHQTOCPEG CPF MGGRKPI KPXGUVQTU UJCTGJQNFGTU CPF TGNGXCPV RCTVKGU KPHQTOGF QH KVU KPHQTOCVKQP # UWOOCT[ QH QWT CEVKXKVKGU CRRGCTU DGNQY Æ &KTGEV 266 TGIWNCTN[ RTGUGPVU KPHQTOCVKQP VQ CPCN[UVU KPXGUVQTU CPF GORNQ[GGU CV CPCN[UVU¿ OGGVKPIU TQCFUJQYU EQPHGTGPEG ECNNU CPF EQPHGTGPEGU 266 CNUQ JQNFU LQKPV CEVKXKVKGU YKVJ 5'6 VQ OGGV OKPQT KPXGUVQTU #PCN[UVU KPXGUVQTU CPF KPVGTGUVGF RCTVKGU CNUQ LQKP EQORCP[ XKUKVU VQ OGGV QWT OCPCIGOGPV CPF CNYC[U KPSWKTG CDQWV QWT WRFCVGU +P VJGUG MG[ CEVKXKVKGU VQQM RNCEG
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+PVGTPCVKQPCN TQCFUJQYU &QOGUVKE TQCFUJQYU #PCN[UV OGGVKPIU %TGFKV TCVKPI TGXKGYU %QORCP[ XKUKVU EQPHGTGPEG ECNNU ' OCKN RJQPG ECNNU VKOGU FCKN[ ,QKPV CEVKXKVKGU YKVJ 5'6 CPF QVJGT CIGPEKGU VQ OGGV KPXGUVQTU 6TKRU HQT KPUVKVWVKQPCN KPXGUVQTU VQ XKUKV CPF OGGV OCPCIGOGPV VGCO OGODGTU 6TKRU HQT OKPQT KPXGUVQTU VQ XKUKV CPF OGGV OCPCIGOGPV 6JG RNCPPGF XKUKV VGCO OGODGTU
VJTGG DCVEJGU KP 0QXGODGT YCU OQXGF VQ (GDTWCT[ DGECWUG QH VJG )TGCV (NQQFU 4GNCVKQPU CEVKXKVKGU YKVJ FGDGPVWTG JQNFGTU
VKOGU FCKN[
6JG XKUKV
VJTGG DCVEJGU YCU RNCPPGF KP 0QXGODGT
Æ +PFKTGEV +PHQTOCVKQP CDQWV 266 KVU RGTHQTOCPEG HKPCPEKCN UVCVGOGPVU CPF TGRQTVU HKNGF YKVJ 5'6 CTG HQWPF CV YYY UGV QT VJ 266¿U YGDUKVG CPF VJG ÁJCRRKPGUUÂ OCIC\KPG HQT FGDGPVWTG JQNFGTU CU YGNN CU VJG SWCTVGTN[ PGYUNGVVGT Á266 $K\YC[Â HQT EQOOQP UJCTGJQNFGTU Æ +PXGUVQTU CPF KPVGTGUVGF RCTVKGU ECP CNUQ OCMG KPSWKTKGU VQ +PXGUVQT 4GNCVKQPU CV 6GN VJTQWIJ G OCKN CV KT"RVVRNE EQO QT VJTQWIJ 266 YGDUKVG CV YYY RVVRNE EQO Æ +P CFFKVKQP 266 JCU EQPUVCPVN[ RWDNKEK\GF PGYU DWUKPGUU CEVKXKVKGU CPF RTQLGEV WRFCVGU CRCTV HTQO CFFTGUUKPI SWGUVKQPU CPF HCEKNKVCVKPI EQPVCEVU HQT VJG OGFKC CPF VJG RWDNKE 6JG CEVKXKVKGU VJKU [GCT CRRGCT CU HQNNQY
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' OCKNU 0GYU RJQVQ TGNGCUGU 2TGUU EQPHGTGPEGU /GFKC XKUKVU VQ QRGTCVKQPU FQOGUVKE CPF KPVGTPCVKQPCN 9GNEQOKPI CPF KPHQTOCVKQP RTQXKUKQP VQ XKUKVKPI CIGPEKGU HQT CUUQTVGF RWTRQUGU
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#NN UVCMGJQNFGTU JCXG GSWCN CEEGUU VQ 266¿U RWDNKE KPHQTOCVKQP KPENWFKPI TGRQTVKPI QH PGYU CPF NGCFU YJGVJGT KPUKFG VJG %QORCP[ VJTQWIJ VJG KPVTCPGV YGDDQCTF QT QWVUKFG VJG %QORCP[ VJTQWIJ KVU YGDUKVG D[ RJQPG NGVVGT QT G OCKN 2NGCUG EQPVCEV +PXGUVQT 4GNCVKQPU 1HHKEG QH VJG 2TGUKFGPV CPF %QTRQTCVG 5GETGVCT[ %QTRQTCVG %QOOWPKECVKQPU QT VJG 1TFGTKPI %WUVQOGT 4GNCVKQPU %GPVGT VJTQWIJ VJGUG EJCPPGNU Æ 6GNGRJQPG %CNN %GPVGT Æ 9GDUKVG YYY RVVRNE EQO +PXGUVQT 4GNCVKQPU KT"RVVRNE EQO 1HHKEG QH VJG 2TGUKFGPV CPF %QTRQTCVG 5GETGVCT[ EQTRQTCVGUGETGVCT["RVVRNE EQO %QTRQTCVG %QOOWPKECVKQP &GRCTVOGPV EQTRQTCVG"RVVRNE EQO 1TFGTKPI %WUVQOGT 4GNCVKQPU %GPVGT QTE"RVVRNE EQO
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RGT [GCT ITQWRU RGTUQPU
ITQWRU RGTUQPU
6JG SWGTKGU EQOOGPVU CPF TGEQOOGPFCVKQPU YKNN DG HQTYCTFGF VQ TGNGXCPV WPKVU VQ VCMG CEVKQPU VJTQWIJ EQORNCKPVU OCPCIGOGPV U[UVGO (QNNQY WR QP VJG CEVKQP KU FQPG VJTQWIJ G OCKN GXGT[ VJTGG FC[U +H VJG CEVKQP KU PQV EQORNGVGF C PQVKHKECVKQP YKNN DG UGPV VQ CPQVJGT NGXGN QH UWRGTXKUQTU HQT CEVKQP 9JGP EQORNGVGF TGURQPUKDNG WPKVU YKNN PQVKH[ VJG EQPVCEV RGTUQP U YKVJ CPQVJGT HQNNQY WR VQ HKPF QWV CDQWV VJGKT UCVKUHCEVKQP YKVJ VJG UGTXKEGU QH VJG ECNN EGPVGT QHHKEGTU YJKEJ YKNN JGNR KORTQXKPI KPHQTOCVKQP U[UVGO OCPCIGOGPV 6JG OCPCIGOGPV VTCEMU CNN KPHQTOCVKQP GXGT[ OQPVJ VQ FGVGEV VTGPFU CPF CRRN[ VJGO CU CP CRRTQCEJ HQT TGHKPGOGPV QH RTQEGUUGU RTQFWEVU CPF UGTXKEGU VQ TGURQPF VQ CNN UVCMGJQNFGTU 6JKU [GCT VJG SWGTKGU EQOOGPVU CPF TGEQOOGPFCVKQPU TGEGKXGF VQVCNGF OQUVN[ QP GPGTI[ ETGFKV ECTFU RTQFWEV QTFGTU CPF 266¿U RTQLGEVU 266 QHHGTU QRRQTVWPKVKGU HQT VJG RWDNKE VQ HKNG EQORNCKPVU QP KORTQRGT DGJCXKQT QH FKTGEVQTU VJG OCPCIGOGPV CPF UVCHHU QT VJGKT XKQNCVKQP QH 266¿U DWUKPGUU GVJKEU 6JG[ CTG VQ DG FKTGEVGF VQ VJG 1HHKEG QH %QTRQTCVG #WFKV 1HHKEG QH VJG 2TGUKFGPV CPF VJG %QTRQTCVG 5GETGVCT[ CPF *WOCP 4GUQWTEGU &GRCTVOGPV 266 VTGCVU CNN EQORNCKPVU QP VJG DCUKU QH GSWCNKV[ VTCPURCTGPE[ CPF HCKTPGUU VQ CNN EQPEGTPGF #P CRRTQRTKCVG VKOGHTCOG VQ EQPUKFGT VJG EQORNCKPVU KU UGV CPF VJG UGETGE[ CPF VJG RTQVGEVKQP QH VJQUG YJQ HKNG VJG EQORNCKPVU YKNN DG QDUGTXGF 0Q EQORNCKPV QP GVJKEU YCU OCFG KP
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'82 %QTRQTCVG (KPCPEG
'82 %QTRQTCVG #EEQWPVKPI
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'82 1TICPK\CVKQP 'HHGEVKXGPGUU
1HHKEG QH %QTRQTCVG .GICN
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'82 5VTCVGIKE 2NCPPKPI '82 4GVCKN /CTMGVKPI '82 %QOOGTEKCN +PVGTPCVKQPCN /CTMGVKPI '82 6GTOKPCN 1RGTCVKQPU '82 5WRRN[ .QIKUVKEU '82 .WDTKECPVU $WUKPGUU
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0QVGU 5'82 5GPKQT 'ZGEWVKXG 2TGUKFGPV '82 'ZGEWVKXG 8KEG 2TGUKFGPV 82 8KEG 2TGUKFGPV
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6QFC[ VJG $QCTF QH 266 2NE CEEQTFKPI VQ VJG EGTVKHKECVKQP QH VJG /KPKUVT[ QH %QOOGTEG FCVGF (GDTWCT[ EQPUKUVU QH FKTGEVQTU Æ PQP GZGEWVKXG FKTGEVQTU VGP QH YJQO CTG KPFGRGPFGPV FKTGEVQTU YJKEJ GZEGGFGF JCNH QH VJG $QCTF Æ 1PG OCPCIGOGPV FKTGEVQT dŚĞ ŽĂƌĚ ŽĨ ŝƌĞĐƚŽƌƐ EQPUKUVGF QH
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&T 0QTMWP 5KVVJKRJQPI
TGUKIPGF QP (GDTWCT[ /T 8KEJGV -CUGOVJQPIUTK /T 9CVEJCTCMKVK 9CVEJCTQVJCK /T %JWNCUKPIJ 8CUCPVCUKPIJ /T -TCKTKV 0KNMWJC /TU $GPLC .QWKEJCTGQP /T #TMJQO 6GTORKVVC[CRCKUKVJ /T 9CTQQPVJGR 9CVEJCTCRQTP &T %JKVTCRQPIUG -YCPIUWMUVKVJ /T /QPVTK 5QVCPIMWT )GP 9CTCYCV +PFTCFCV /T 5KJCUCM 2JWCPIMGVMGQY /T +PUQTP $WCMGQY /T $QQPUQO .GTFJKTWPYQPI /T 5WVJGR .KWOUKTKLCTGTP &T 2CKNKP %JWEJQVVCYQTP
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%JCKTOCP HTQO ,CPWCT[ VQ &GEGODGT CPF HTQO #RTKN (GDTWCT[ +PFGRGPFGPV &KTGEVQT %JCKTOCP
UKPEG (GDTWCT[ +PFGRGPFGPV &KTGEVQT +PFGRGPFGPV &KTGEVQT &KTGEVQT &KTGEVQT +PFGRGPFGPV &KTGEVQT +PFGRGPFGPV &KTGEVQT &KTGEVQT +PFGRGPFGPV &KTGEVQT +PFGRGPFGPV &KTGEVQT +PFGRGPFGPV &KTGEVQT +PFGRGPFGPV &KTGEVQT +PFGRGPFGPV &KTGEVQT &KTGEVQT &KTGEVQT CPF 5GETGVCT[ VQ VJG DQCTF
2TGUKFGPV %'1
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#RTKN ,CPWCT[ #RTKN #RTKN #RTKN #RTKN 1EVQDGT 1EVQDGT 1EVQDGT 0QXGODGT 0QXGODGT &GEGODGT #RTKN #RTKN (GDTWCT[ 5GRVGODGT
(QT VJG $QCTF CRRQKPVGF PGY FKTGEVQTU VQ TGRNCEG VJQUG VJCV GKVJGT EQORNGVGF VJGKT VGTOU QT TGUKIPGFCU HQNNQYU 0Q /T +PUQTP $WCMGQY TGRNCEGF /T 5WTCRQP 0KVKMTCKRQV YJQ EQORNGVGF JKU VGTO QP #RTKN 0Q /T $QQPUQO .GTFJKTWPYQPI TGRNCEGF /T -TCKTKV 'WEJWMCPQPEJCK YJQ TGUKIPGF QP #RTKN 0Q /T 8KEJGV -CUGOVJQPIUTK TGRNCEGF )GP 2TKP 5WXCPCFCV YJQ TGUKIPGF QP 1EVQDGT 0Q /T 5WVJGR .KWOUKTKLCTGTP TGRNCEGF &T 0QTMWP 5KVVJKRJQPI YJQ TGUKIPGF QP (GDTWCT[
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Æ Æ Æ
6JG 0CVKQPCN &GHGPEG %QWTUG 0CVKQPCN &GHGPEG %QNNGIG
%NCUU QH VJ 6JCKNCPF %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO %NCUU QH VJ 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& 4%2
Ôòõî Âûóèõìèñæèö
2TGUGPV 2TGUGPV
8KEG 2TGUKFGPV 4GUGCTEJ CPF #UUGVU #HHCKTU %JKCPI /CK 7PKXGTUKV[ 8KEG 2TGUKFGPV #ECFGOKE #HHCKTU %JKCPI /CK 7PKXGTUKV[ &GRWV[ 2GTOCPGPV 5GETGVCT[ /KPKUVT[ QH 'PGTI[ &KTGEVQT 0WENGCT 2QYGT 2TQITCO &GXGNQROGPV 1HHKEG 2GTOCPGPV 5GETGVCT[ /KPKUVT[ QH 'PGTI[
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ Æ
%JCKTOCP 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF 266'2 %JCKTOCP 6JCKQKN 2WDNKE %QORCP[ .KOKVGF 612
«Ð ´ÇÁÆÃÒ ©¿ÑÃËÒÆÍÌÅÑÐÇ %JCKTOCP
¥¢¦ Ðëäõè Íòööèööìòñ
¥ÃÌ µ¿Ð¿Õ¿Ò §ÌÂп¿Ò
Âçøæä÷ìòñö
«Ð µ¿ÐÍÍÌÒÆÃÎ µ¿ÒÁƿпÎÍÐÌ +PFGRGPFGPV &KTGEVQT /GODGT QH VJG #WFKV %QOOKVVGG
«Ð §ÌÑÍÐÌ Ó¿ÉÃÍÕ +PFGRGPFGPV &KTGEVQT
«Ð ±ÓÒÆÃÎ ªÇÓËÑÇÐÇÈ¿ÐÃÐÌ &KTGEVQT
¢Ð ®¿ÇÊÇÌ ¡ÆÓÁÆÍÒÒ¿ÕÍÐÌ
&KTGEVQT 5GETGVCT[ VQ VJG $QCTF /GODGT QH VJG 0QOKPCVKPI %QOOKVVGG
Ëòñè
Âçøæä÷ìòñö
+PFGRGPFGPV &KTGEVQT
+PFGRGPFGPV &KTGEVQT /GODGT QH VJG %QTRQTCVG )QXGTPCPEG %QOOKVVGG
¾êè ²¶
Æ Æ
¾êè ²® Ëòñè
$CEJGNQT QH $WUKPGUU #FOKPKUVTCVKQP +PUVKVWVG QH 6GEJPQNQI[ CPF 8QECVKQPCN 'FWECVKQP 6JCKNCPF /CUVGT QH 2WDNKE #FOKPKUVTCVKQP 0CVKQPCN +PUVKVWVG QH &GXGNQROGPV #FOKPKUVTCVKQP 0+&# 6JCKNCPF
Àèõ÷ìéìæä÷ìòñö
Æ
0QPG
ï
ÌÌÓ¿Ê °ÃÎÍÐÒ ï ®²² ®ÓÀÊÇÁ ¡ÍËοÌ× ªÇËÇÒÃÂ
Ôòõî Âûóèõìèñæèö
#UUKUVCPV 5GETGVCT[ VQ VJG /KPKUVGT QH %QOOGTEG 5GETGVCT[ VQ VJG (QTGKIP #HHCKTU %QOOKVVGG /GODGT QH VJG 1RRQUKVKQP 2CTVKGU 9JKR /GODGT QH *QWUG QH 4GRTGUGPVCVKXGU 2CTV[ .KUV #UUKUVCPV 5GETGVCT[ VQ VJG 2TKOG /KPKUVGT &GRWV[ %JCKTOCP QH +PFWUVTKCN %QOOKVVGG #EVKPI %JCKTOCP QH +PFWUVTKCN %QOOKVVGG /GODGT QH VJG %QCNKVKQP 2CTVKGU 9JKR &GRWV[ /KPKUVGT QH 6TCPURQTV /GODGT QH *QWUG QH 4GRTGUGPVCVKXGU 2CTV[ .KUV &GRWV[ %JCKTOCP QH VJG %QCNKVKQP 2CTVKGU 9JKR #EVKPI 5GETGVCT[ QH 6JCK 4CM 6JCK 2CTV[
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
0QPG
«Ð ¡ÆÓÊ¿ÑÇÌÅÆ ´¿Ñ¿ÌÒ¿ÑÇÌÅÆ +PFGRGPFGPV &KTGEVQT
¾êè ³¯
%JCKTOCP QH VJG #WFKV %QOOKVVGG
¥¢¦ Ðëäõè Íòööèööìòñ
Ëòñè
Âçøæä÷ìòñö
Æ Æ Æ Æ Æ Æ
$CEJGNQT QH .CYU ..$ *QPU %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF $CTTKUVGT CV .CY 6JG +PUVKVWVKQP QH .GICN 'FWECVKQP 6JCKNCPF /CUVGT QH %QORCTCVKXG .CY /%. 7PKXGTUKV[ QH +NNKPQKU 75# *QPQTCT[ &QEVQTCVG &GITGG KP .CYU 4COMJCOJCGPI 7PKXGTUKV[ 6JCKNCPF *QPQTCT[ &QEVQTCVG &GITGG KP .CYU %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF *QPQTCT[ &QEVQTCVG &GITGG KP .CYU ;QPQM 7PKXGTUKV[ 6JCKNCPF
Àèõ÷ìéìæä÷ìòñö
Æ Æ Æ Æ
Æ
6JG 0CVKQPCN &GHGPEG %QWTUG 0CVKQPCN &GHGPEG %QNNGIG
%NCUU QH VJ 6JCKNCPF 2QNKVKEU CPF )QXGTPCPEG KP &GOQETCVKE 5[UVGOU HQT 'ZGEWVKXGU %QWTUG 6JCKNCPF %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO
%NCUU QH VJ 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 (0& 7(5 #%2 4GHTGUJGT %QWTUG &%2 ()2 %GTVKHKECVG KP 6QR 'ZGEWVKXGU KP VJG 'PGTI[ 'FWECVKQP 2TQITCO 6JCKNCPF 'PGTI[ #ECFGO[ %NCUU QH UV
Ôòõî Âûóèõìèñæèö
2TGUGPV
&GRWV[ #VVQTPG[ )GPGTCN 6JG 1HHKEG QH VJG #VVQTPG[ )GPGTCN #VVQTPG[ )GPGTCN 6JG 1HHKEG QH VJG #VVQTPG[ )GPGTCN
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
0QPG
«ÐÑ ÃÌÈ¿ ªÍÓÇÁÆ¿ÐÃÍÌ
¾êè ²¶
¥¢¦ Ðëäõè Íòööèööìòñ
Ëòñè
&KTGEVQT /GODGT QH VJG 4GOWPGTCVKQP %QOOKVVGG
Âçøæä÷ìòñö
Æ Æ Æ
$ # #EEQWPVKPI 6JCOOCUCV 7PKXGTUKV[ 6JCKNCPF .. $ 6JCOOCUCV 7PKXGTUKV[ 6JCKNCPF / 2 # %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF
Àèõ÷ìéìæä÷ìòñö
Æ Æ Æ Æ Æ Æ Æ
/KFFNG /CPCIGOGPV 2TQHGUUKQPCN &GXGNQROGPV 4GXGPWG %CPCFC '&+ 6CZCVKQP 6GEJPQNQI[ HQT /KFFNG /CPCIGOGPV 4GXGPWG &GRCTVOGPV #WUVTCNKC CPF 0GY <GCNCPF 5VTCVGIKE 6JKPMKPI CPF 'ZGEWVKXG #EVKQP -GNNQII 5EJQQN QH /CPCIGOGPV 75# 6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTUG 0CVKQPCN &GHGPUG %QNNGIG %NCUU QH VJ 6JCKNCPF %GTVKHKECVG QH 2WDNKE &KTGEVQT %GTVKHKECVKQP 2TQITCO 2WDNKE &KTGEVQT +PUVKVWVG 2&+ 6JCKNCPF %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO
%NCUU QH VJ 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 #%2 5(' CPF 4%2
Ôòõî Âûóèõìèñæèö
5GRV 1EV 2TGUGPV
&GRWV[ &KTGEVQT )GPGTCN 4GXGPWG &GRCTVOGPV 2TKPEKRCN #FXKUQT QP 6CZ $CUG /CPCIGOGPV 4GXGPWG &GRCTVOGPV +PURGEVQT )GPGTCN 1HHKEG QH 2GTOCPGPV 5GETGVCT[ HQT (KPCPEG &GRWV[ 2GTOCPGPV 5GETGVCT[ QH /KPKUVT[ QH (KPCPEG &KTGEVQT )GPGTCN 'ZEKUG &GRCTVOGPV /KPKUVT[ QH (KPCPEG &KTGEVQT )GPGTCN %WUVQOU &GRCTVOGPV /KPKUVT[ QH (KPCPEG
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
0QPG
รฏย ย
ย ร ร ร ยฟร ยฐร ร ร ร ร ย ย รฏย ยฎยฒยฒ ยฎร ร ร ร ร ยกร ร ร ยฟร ร ยชร ร ร ร ร ร
ย ย ยซร ย ยฑร ร ยฟร ยฟร ยฎร ร ยฟร ร ร ร ร ร ร ร ร
+PFGRGPFGPV &KTGEVQT /GODGT QH VJG %QTRQTCVG )QXGTPCPEG %QOOKVVGG
ยพรชรจ ยฒยฒ
ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ร รฒรฑรจ
ร รงรธรฆรครทรฌรฒรฑรถ
ร ร
$CEJGNQT QH 2QNKVKECN 5EKGPEG +PVGTPCVKQPCN 4GNCVKQPU %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF /CUVGT QH #TVU KP +PVGTPCVKQPCN 2WDNKE 2QNKE[ ,QJPU *QRMKPU 7PKXGTUKV[ 75#
ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
#UUKUVCPV 5GETGVCT[ )GPGTCN 1HHKEG QH 0CVKQPCN 'EQPQOKE CPF 5QEKCN &GXGNQROGPV $QCTF 0'5&$ 5GPKQT #FXKUGT KP 2QNKE[ CPF 2NCP 0'5&$ &GRWV[ 5GETGVCT[ )GPGTCN 0'5&$ 5GETGVCT[ )GPGTCN 0'5&$
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร
0QPG
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร
0QPG
ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
ย ย ยซร ย ยฉร ยฟร ร ร ร ยฌร ร ร ร ร ยฟ &KTGEVQT )GPGTCN &GRCTVOGPV QH +PHQTOCVKQP CPF 5RQMGUOCP QH VJG /KPKUVT[ QH (QTGKIP #HHCKTU &GRWV[ 2GTOCPGPV 5GETGVCT[ /KPKUVT[ QH (QTGKIP #HHCKTU #ODCUUCFQT 2GTOCPGPV 4GRTGUGPVCVKXG QH 6JCKNCPF VQ VJG 7PKVGF 0CVKQPU 1HHKEG CPF 1VJGT +PVGTPCVKQPCN 1TICPK\CVKQPU KP )GPGXC 2GTOCPGPV 5GETGVCT[ /KPKUVT[ QH (QTGKIP #HHCKTU
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร
0QPG
ย ย ยซร ย ย ร ร ร ร ร ยฒร ร ร ร ร ร ร ยฟร ยฟร ยฟร ร ร ร ร +PFGRGPFGPV &KTGEVQT %JCKTOCP QH VJG 4GOWPGTCVKQP %QOOKVVGG ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ยพรชรจ ยฒยณ
ร รฒรฑรจ
ร รงรธรฆรครทรฌรฒรฑรถ
ร ร ร
$ # 'EQPQOKEU 6JCOOCUCV 7PKXGTUKV[ 6JCKNCPF / # &GXGNQROGPV 'EQPQOKEU 9KNNKCOU %QNNGIG 75# *QPQTCT[ &GITGG &QEVQT QH .KDGTCN #TVU 5KUCMGV 4CLCDJCV 7PKXGTUKV[ 6JCKNCPF
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร ร ร ร
5GPKQT 'ZGEWVKXG %KXKN 5GTXCPV %QOOKUUKQP %NCUU QH VJ 6JCKNCPF 6JG 0CVKQPCN &GHGPEG %QWTUG 0CVKQPCN &GHGPEG %QNNGIG
%NCUU QH VJ 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &#2 &%2 #%2 %CRKVCN /CTMGV #ECFGO[ 6QR 'ZGEWVKXG 2TQITCO %NCUU QH UV 6JCKNCPF
&KTGEVQT /GODGT QH VJG 4GOWPGTCVKQP %QOOKVVGG /GODGT QH VJG 0QOKPCVKPI %QOOKVVGG ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ยพรชรจ ยณยฎ
ร รฒรฑรจ
ร รงรธรฆรครทรฌรฒรฑรถ
ร ร
$ 5E /GEJCPKEU 'PIKPGGTKPI -CUGVUCTV 7PKXGTUKV[ 6JCKNCPF / 5E 2GVTQNGWO 'PIKPGGTKPI 0GY /GZKEQ +PUVKVWVG QH /KPKPI CPF 6GEJPQNQI[ 75#
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร ร ร
6JG 0CVKQPCN &GHGPEG %QWTUG 0CVKQPCN &GHGPEG %QNNGIG
%NCUU QH VJ 6JCKNCPF %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO
%NCUU QH VJ 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& 7(5 &#2 #%2 CPF 4 55 ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ &GRWV[ &KTGEVQT )GPGTCN &GRCTVOGPV QH /KPGTCN (WGNU &KTGEVQT )GPGTCN &GRCTVOGPV QH /KPGTCN (WGNU &GRWV[ 2GTOCPGPV 5GETGVCT[ /KPKUVT[ QH 'PGTI[ 5GRV &KTGEVQT )GPGTCN &GRCTVOGPV QH #NVGTPCVKXG 'PGTI[ &GXGNQROGPV CPF 'HHKEKGPE[ /KPKUVT[ QH 'PGTI[ 1EV 2TGUGPV %JCKTOCP QH VJG $QCTF 6GEJPKECN 2GVTQNGWO 6TCKPKPI +PUVKVWVG ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ ร &KTGEVQT %JCKTOCP QH VJG 'PVGTRTKUGYKFG 4KUM /CPCIGOGPV %QOOKVVGG $CPIEJCM 2GVTQNGWO 2WDNKE %QORCP[ .KOKVGF $%2
ÌÌÓ¿Ê °ÃÎÍÐÒ ï ®²² ®ÓÀÊÇÁ ¡ÍËοÌ× ªÇËÇÒÃÂ
«Ð µ¿ÒÁƿпÉÇÒÇ µ¿ÒÁÆ¿ÐÍÒÆ¿Ç
+PFGRGPFGPV &KTGEVQT %JCKTOCP QH VJG 0QOKPCVKPI %QOOKVVGG %JCKTOCP QH VJG %QTRQTCVG )QXGTPCPEG %QOOKVVGG ¥¢¦ Ðëäõè Íòööèööìòñ
¾êè ²¯
Ëòñè
Âçøæä÷ìòñö
Æ Æ Æ
$CEJGNQT QH #TVU 2QNKVKECN 5EKGPEG -CUGVUCTV 7PKXGTUKV[ 6JCKNCPF / 2 # /CUVGT QH 2WDNKE #FOKPKUVTCVKQP 4QQUGXGNV 7PKXGTUKV[ 75# *QPQTCT[ &GITGG QH &QEVQT QH 2JKNQUQRJ[ &GRCTVOGPV QH #FOKPKUVTCVKQP 4COMJCOJCGPI 7PKXGTUKV[ 6JCKNCPF
Àèõ÷ìéìæä÷ìòñö
Æ Æ Æ Æ Æ
Æ Æ
6JG 5VCVG 2TKXCVG 2QNKVKECN 5GEVQT %QWTUG 0CVKQPCN &GHGPEG %QNNGIG %NCUU QH VJ 6JCKNCPF %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO
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
Ôòõî Âûóèõìèñæèö
2TGUGPV
#UUKUVCPV .QTF %JCODGTNCKP )TCPF %JCODGTNCKP
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñ
Æ
&KTGEVQT +42% 2WDNKE %QORCP[ .KOKVGF +42%
«Ð ÍÍÌÑÍË ªÃÐÂÆÇÐÓÌÕÍÌÅ +PFGRGPFGPV &KTGEVQT /GODGT QH VJG #WFKV %QOOKVVGG ¥¢¦ Ðëäõè Íòööèööìòñ Âçøæä÷ìòñö
Æ Æ Æ
¾êè ²¶
Ëòñè
$ 'PI %KXKN 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF / 'PI %KXKN 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF &T +PI %KXKN 'PIKPGGTKPI +05# 6QWNQWUG (TCPEG Àèõ÷ìéìæä÷ìòñöb Æ 6JG 0CVKQPCN &GHGPEG %QWTUG 0CVKQPCN &GHGPEG %QNNGIG %NCUU QH VJ 6JCKNCPF Æ 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 (5& #%2 ##%2 /(/ /+# /+4 /(4
Ôòõî Âûóèõìèñæèö
2TGUGPV 2TGUGPV
ï
8KEG 2TGUKFGPV HQT 2TQRGTV[ /CPCIGOGPV #HHCKTU %JWNCNQPIMQTP 7PKXGTUKV[ /GODGT QH (KPCPEKCN 2QNKE[ %QOOKVVGG %JWNCNQPIMQTP 7PKXGTUKV[ /GODGT QH %JWNCNQPIMQTP 7PKXGTUKV[ %QWPEKN /GODGT QH 6JCK 4GF %TQUU 5QEKGV[ $QCTF &GCP (CEWNV[ QH 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
0QPG
ï ¢Ð ¡ÆÇÒпÎÍÌÅÑà ©Õ¿ÌÅÑÓÉÑÒÇÒÆ &KTGEVQT
¥¢¦ Ðëäõè Íòööèööìòñ
¾êè ³° «¶²±
Âçøæä÷ìòñö
Æ Æ Æ
$ 'PI /GEJCPKECN 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF / 'PI +PFWUVTKCN 'PIKPGGTKPI .COCT 7PKXGTUKV[ 75# &QEVQT QH +PFWUVTKCN 'PIKPGGTKPI .COCT 7PKXGTUKV[ 75#
Àèõ÷ìéìæä÷ìòñö
Æ Æ Æ
5VCPHQTF 'ZGEWVKXG 2TQITCO 5VCPHQTF 7PKXGTUKV[ 75# 6JG 0CVKQPCN &GHGPEG %QWTUG 0CVKQPCN &GHGPEG %QNNGIG
%NCUU QH 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 (0& 4%% 0%)% Ôòõî Âûóèõìèñæèö 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 9QTMKPI CU 2TGUKFGPV 266 'ZRNQTCVKQP 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV )CU $WUKPGUU 7PKV 266 %JKGH 1RGTCVKPI 1HHKEGT 7RUVTGCO 2GVTQNGWO CPF )CU $WUKPGUU )TQWR 266 2TGUGPV %JCKTOCP QH VJG $QCTF 266 +PVGTPCVKQPCN %QORCP[ .KOKVGF Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
0QPG
ïï «Ð «ÍÌÒÐÇ ±ÍÒ¿ÌÅÉÓÐ +PFGRGPFGPV &KTGEVQT ¥¢¦ Ðëäõè Íòööèööìòñ Âçøæä÷ìòñö
Æ Æ
$ # (CEWNV[ QH %QOOGTEG CPF #EEQWPVCPE[ %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF / $ # 0QTVJTQR 7PKXGTUKV[ 75#
¾êè ² Ëòñè
ï
ÌÌÓ¿Ê °ÃÎÍÐÒ ï ®²² ®ÓÀÊÇÁ ¡ÍËοÌ× ªÇËÇÒÃÂ
Àèõ÷ìéìæä÷ìòñö
Æ
%CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO %NCUU QH VJ 6JCKNCPF Ôòõî Âûóèõìèñæèö 'ZGEWVKXG &KTGEVQT )GQ +PHQTOCVKEU CPF 5RCEG 6GEJPQNQI[ &GXGNQROGPV #IGPE[ )+56&# 2WDNKE 1TICPK\CVKQP &KTGEVQT 0CVKQPCN +PPQXCVKQP #IGPE[ &KTGEVQT 2TQXKPEKCN 9CVGTYQTMU #WVJQTKV[ 'ZGEWVKXG &KTGEVQT 0CVKQPCN *QWUKPI #WVJQTKV[ /KPKUVT[ QH 5QEKCN &GXGNQROGPV CPF *WOCP 5GEWTKV[ 2TGUGPV /CPCIKPI &KTGEVQT 2TGUVKIG &KTGEV /CTMGVKPI %Q .VF Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
0QPG
ï ¥ÃÌ µ¿Ð¿Õ¿Ò §ÌÂп¿Ò
+PFGRGPFGPV &KTGEVQT /GODGT QH VJG %QTRQTCVG )QXGTPCPEG %QOOKVVGG ¥¢¦ Ðëäõè Íòööèööìòñ
¾êè ³°
Ëòñè
Âçøæä÷ìòñö
Æ Æ Æ
$CEJGNQT QH 5EKGPEG #TO[ %JWNCEJQOMNCQ 4Q[CN /KNKVCT[ #ECFGO[ %NCUU QH UV 6JCKNCPF %QOOCPF CPF )GPGTCN 5VCHH %QNNGIG %NCUU QH VJ 6JCKNCPF / $ # 6JG %KXKN /KNKVCT[ /$# 2TQITCO -CUGVUCTV 7PKXGTUKV[ KP %QQRGTCVKQP YKVJ VJG 0CVKQPCN &GHGPEG 5VWFKGU +PUVKVWVG 6JCKNCPF %NCUU QH VJ
Àèõ÷ìéìæä÷ìòñö
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%QOOCPF CPF )GPGTCN 5VCHH 1HHKEGT %QWTUG (V .GCXGPYQTVJ -CPUCU 75# &GHGPUG 4GUQWTEGU /CPCIGOGPV %QWTUG 0CXCN 2QUVITCFWCVG 5EJQQN /QPVGTG[ %CNKHQTPKC 75# %GTVKHKECVG KP #FXCPEGF 5GEWTKV[ /CPCIGOGPV 2TQITCO 0CVKQPCN &GHGPEG %QNNGIG 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 2&+ Ôòõî Âûóèõìèñæèö 5VCHH 1HHKEGT VQ VJG /KPKUVT[ QH &GHGPUG &GRWV[ %QOOCPFKPI )GPGTCN %JWNCEJQOMNCQ 4Q[CN /KNKVCT[ #ECFGO[ #UUKUVCPV %JKGH QH VJG )GPGTCN 5VCHH /KPKUVT[ QH &GHGPEG 5GPKQT 'ZRGTV 4Q[CN 6JCK #TO[ 5GETGVCT[ VQ VJG /KPKUVT[ QH &GHGPEG 2TGUGPV #FXKUQT VQ VJG 5GETGVCT[ QH VJG /KPKUVGT QH &GHGPEG Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
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0QPG
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+PFGRGPFGPV &KTGEVQT /GODGT QH VJG #WFKV %QOOKVVGG Âçøæä÷ìòñö
Æ
$CEJGNQT &GITGG KP $WUKPGUU #FOKPKUVTCVKQP /CLQT KP /CTMGVKPI 6JG 7PKXGTUKV[ 6JCK %JCODGT QH %QOOGTEG 6JCKNCPF Æ /CUVGT QH 5EKGPEG KP +PHQTOCVKQP 5[UVGO /+5 'PIKPGGTKPI 5EJQQN )GQTIG 9CUJKPIVQP 7PKXGTUKV[ 75# Àèõ÷ìéìæä÷ìòñö
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6.%# 'ZGEWVKXG &GXGNQROGPV 2TQITCO '&2 %NCUU 6JCK .KUVGF %QORCPKGU #UUQEKCVKQP )COG HQT )NQDCN )TQYVJ %NCUU #RTKN /CTEJ 5KPIVGN 6JCK +PUVKVWVG QH &KTGEVQTU &%2 (5& #%2 ##%2 /+# /+4 Ôòõî Âûóèõìèñæèö #UUKUVCPV 8KEG 2TGUKFGPV /CTMGVKPI 1PG %CNN #FXCPEG +PHQ 5GTXKEG 2NE /CPCIKPI &KTGEVQT #FXCPEG O2#; %QORCP[ .KOKVGF #UUKUVCPV 8KEG 2TGUKFGPV %QTRQTCVG $WUKPGUU #FXCPEG +PHQ 5GTXKEG 2NE 8KEG 2TGUKFGPV %QTRQTCVG 5CNGU #FXCPEG +PHQ 5GTXKEG 2NE 2TGUGPV 8KEG 2TGUKFGPV 8KEG %JCKTOCP QH VJG $QCTF 'ZGEWVKXG 1HHKEG #FXCPEG +PHQ 5GTXKEG 2NE Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
0QPG
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+PFGRGPFGPV &KTGEVQT Âçøæä÷ìòñö
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$CEJGNQT QH 'FWECVKQP $WTCRJC 7PKXGTUKV[
$CPIUCGP 'FWECVKQPCN %QNNGIG 6JCKNCPF /CUVGT QH 2WDNKE #FOKPKUVTCVKQP 0CVKQPCN +PUVKVWVG QH &GXGNQROGPV #FOKPKUVTCVKQP 0+&# 6JCKNCPF &QEVQTCVG QH 2WDNKE #FOKPKUVTCVKQP %GPVWT[ 7PKXGTUKV[ 75# Àèõ÷ìéìæä÷ìòñöb Æ 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& (5& &%2 Ôòõî Âûóèõìèñæèö
%QQTFKPCVQT VJG 7PKVGF 0CVKQPU *KIJ %QOOKUUKQPGT HQT 4GHWIGGU 70*%4 'ZGEWVKXG QH 5WTCVJKR %Q .VF CPF 6JCK $GXGTCIG 2WDNKE %Q .VF #FXKUQT .CQ 5JKPCYCVTC 6GNGEQO %Q .VF
ย ร ร ร ยฟร ยฐร ร ร ร ร ย ย รฏย ยฎยฒยฒ ยฎร ร ร ร ร ยกร ร ร ยฟร ร ยชร ร ร ร ร ร
2TGUGPV
#FXKUQT 5CPRCVQPI #ITKEWNVWTCN %QQRGTCVKXG %JKCPIOCK 'ZGEWVKXG #FXKUQT 6JCK $GXGTCIG 2WDNKE %Q .VF CPF 6 % % )TQWR
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร
0QPG
รฏย ย ยซร ย ยฑร ร ร ร ร ยชร ร ร ร ร ร ร ร ยฟร ร ร ร &KTGEVQT
ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ยพรชรจ ยฒยต ร รฒรฑรจ
ร ร
$ 5E KP %KXKN 'PIKPGGTKPI %JKCPI /CK 7PKXGTUKV[ 2QUV )TCFWCVG &KRNQOC *[FTCWNKE 'PIKPGGTKPI +PVGTPCVKQPCN +PUVKVWVG QH *[FTCWNKE 'PIKPGGTKPI &GNHV VJG 0GVJGTNCPFU &WVEJ )QXGTPOGPV 5EJQNCTUJKR 2TQITCO XKC VJG &GRCTVOGPV QH 6GEJPKECN CPF 'EQPQOKE %QQRGTCVKQP
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร
ร
0CVKQPCN &GHGPEG 5VWFKGU +PUVKVWVG 5WRTGOG %QOOCPF *GCFSWCTVGTU ,QKPV 5VCHH 2TQITCO %NCUU QH TF 'PGTI[ 'ZGEWVKXG 2TQITCO %NCUU QH UV /KPKUVT[ QH 'PGTI[ %KXKN 5GTXKEG 6TCKPKPI +PUVKVWVG %56+ 1HHKEG QH VJG %KXKN 5GTXKEG %QOOKUUKQP 1%5% %KXKN 5GTXKEG 'ZGEWVKXG 2TQITCO %NCUU QH VJ 0CVKQPCN &GHGPEG 5VWFKGU +PUVKVWVG 0CVKQPCN &GHGPEG %QNNGIG 6JG 0CVKQPCN &GHGPEG %QWTUG %NCUU QH UV 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &#2 CPF #%2
ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
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
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร
&KTGEVQT 5GETGVCT[ VQ VJG $QCTF /GODGT QH VJG 0QOKPCVKPI %QOOKVVGG ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ยพรชรจ ยฒยณ
ยญยซยญยญยฏยฎยดยญ
ร รงรธรฆรครทรฌรฒรฑรถ
ร รงรธรฆรครทรฌรฒรฑรถ
ร ร ร
รฏย ย ยขร ย ยฎยฟร ร ร ร ยกร ร ร ร ร ร ร ยฟร ร ร ร
รฏย ย
+PFGRGPFGPV &KTGEVQT &KTGEVQT VQ VJG 4KUM /CPCIGOGPV %QOOKVVGG 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF
ร ร ร ร
$ 'PI %JGOKECN 'PIKPGGTKPI *QPU %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF /CUVGT QH 'PIKPGGTKPI KP %JGOKECN 'PIKPGGTKPI 6QM[Q +PUVKVWVG QH 6GEJPQNQI[ ,CRCP &QEVQT QH 'PIKPGGTKPI KP %JGOKECN 'PIKPGGTKPI 6QM[Q +PUVKVWVG QH 6GEJPQNQI[ ,CRCP *QPQTCT[ &QEVQTCVG &GITGG KP 5WUVCKPCDNG 'PGTI[ CPF 'PXKTQPOGPV 6GEJPQNQI[ CPF /CPCIGOGPV 4CLCOCPICNC 7PKXGTUKV[ QH 6GEJPQNQI[ 4CVVCPCMQUKP 6JCKNCPF
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร ร ร ร ร ร ร
ร ร
266 'ZGEWVKXG .GCFGTUJKR 2TQITCO )' %TQVQPXKNNG 75# 0+&# 'ZGEWVKXG .GCFGTUJKR 2TQITCO 9JCTVQP 7PKXGTUKV[ QH 2GPPU[NXCPKC 75# +PFWUVTKCN .KCKUQP 2TQITCO +.2 /CUUCEJWUGVVU +PUVKVWVG QH 6GEJPQNQI[ 75# &KRNQOC 6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTUG 0CVKQPCN &GHGPEG %QNNGIG %NCUU QH VJ 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &#2 &%2 (0& #%'2 %GTVKHKECVG KP 6QR 'ZGEWVKXGU KP VJG 'PGTI[ 'FWECVKQP 2TQITCO 6JCKNCPF 'PGTI[ #ECFGO[ %NCUU QH UV %QTRQTCVG )QXGTPCPEG 2TQITCO HQT &KTGEVQTU CPF 'ZGEWVKXGU QH 5VCVG 'PVGTRTKUGU CPF 2WDNKE 1TICPK\CVKQPU
%NCUU QH VJ -KPI 2TCLCFJKRQMยฟU +PUVKVWVG 6QR 'ZGEWVKXGU 2TQITCO %CRKVCN /CTMGV #ECFGO[
%NCUU QH VJ 6JCKNCPF 6QR 'ZGEWVKXG 2TQITCO KP %QOOGTEG CPF 6TCFG 6'2%Q6
%NCUU QH UV 7PKXGTUKV[ QH VJG 6JCK %JCODGT QH %QOOGTEG
ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
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ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร ร
&KTGEVQT +42% 2WDNKE %QORCP[ .KOKVGF &KTGEVQT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF
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%JKGH (KPCPEKCN 1HHKEGT
%JKGH 1RGTCVKPI 1HHKEGT 7RUVTGCO 2GVTQNGWO CPF )CU $WUKPGUU )TQWR
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5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[
2TGUKFGPV CPF %JKGH 'ZGEWVKXG 1HHKEGT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV )CU $WUKPGUU 7PKV
%JKGH 'ZGEWVKXG 1HHKEGT 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 1KN $WUKPGUU 7PKV
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 2GVTQEJGOKECNU 4GHKPKPI $WUKPGUU 7PKV
%JKGH 'ZGEWVKXG 1HHKEGT 6JCKQKN 2WDNKE %QORCP[ .KOKVGF
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5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV *WOCP 4GUQWTEGU 1TICPK\CVKQP 'ZEGNNGPEG
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5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV +PVGTPCVKQPCN 6TCFKPI $WUKPGUU 7PKV
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2TGUKFGPV +42% 2WDNKE %QORCP[ .KOKVGF
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2TGUKFGPV %JKGH 'ZGEWVKXG 1HHKEGT
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2TGUKFGPV %JKGH 'ZGEWVKXG 1HHKEGT %JKGH (KPCPEKCN 1HHKEGT
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%JKGH 1RGTCVKPI 1HHKEGT 7RUVTGCO 2GVTQNGWO CPF )CU $WUKPGUU )TQWR
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5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV *WOCP 4GUQWTEGU 1TICPK\CVKQP 'ZEGNNGPEG
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$ 'PI %JGOKECN 'PIKPGGTKPI *QPU %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF Æ /CUVGT QH 'PIKPGGTKPI KP %JGOKECN 'PIKPGGTKPI 6QM[Q +PUVKVWVG QH 6GEJPQNQI[ ,CRCP Æ &QEVQT QH 'PIKPGGTKPI KP %JGOKECN 'PIKPGGTKPI 6QM[Q +PUVKVWVG QH 6GEJPQNQI[ ,CRCP Æ *QPQTCT[ &QEVQTCVG &GITGG KP 5WUVCKPCDNG 'PGTI[ CPF 'PXKTQPOGPV 6GEJPQNQI[ CPF /CPCIGOGPV 4CLCOCPICNC 7PKXGTUKV[ QH 6GEJPQNQI[ 4CVVCPCMQUKP 6JCKNCPF Àèõ÷ìéìæä÷ìòñö
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5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 1KN $WUKPGUU 7PKV
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5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 2GVTQEJGOKECNU 4GHKPKPI $WUKPGUU 7PKV
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5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV +PVGTPCVKQPCN 6TCFKPI $WUKPGUU 7PKV
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2TGUKFGPV CPF %JKGH 'ZGEWVKXG 1HHKEGT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF
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%JKGH 'ZGEWVKXG 1HHKEGT 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF
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2TGUKFGPV 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF
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5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV )CU $WUKPGUU 7PKV
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%NCUU QH VJ 6JCKNCPF 6QR 'ZGEWVKXG 2TQITCO KP %QOOGTEG CPF 6TCFG 6'2%Q6
%NCUU QH UV 7PKXGTUKV[ QH VJG 6JCK %JCODGT QH %QOOGTEG
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&GE
'ZGEWVKXG 8KEG 2TGUKFGPV 2GVTQEJGOKECNU 4GHKPKPI $WUKPGUU 7PKV 266 YQTMKPI CU 2TGUKFGPV QH 266 #UCJK %JGOKECN %QORCP[ .KOKVGF 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 2GVTQEJGOKECNU 4GHKPKPI $WUKPGUU 7PKV 266 YQTMKPI CU 2TGUKFGPV QH 266 2QN[OGT /CTMGVKPI %QORCP[ .KOKVGF CPF 266 #UCJK %JGOKECN %QORCP[ .KOKVGF
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,CP ,WPG ,WPG 5GRV 5GRV 2TGUGPV
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU 2TGUKFGPV +42% 2WDNKE %QORCP[ .KOKVGF %JKGH 1RGTCVKPI 1HHKEGT 7RUVTGCO 2GVTQNGWO CPF )CU $WUKPGUU )TQWR 266 2TGUKFGPV %JKGH 'ZGEWVKXG 1HHKEGT 266
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Æ Æ
&KTGEVQT +42% 2WDNKE %QORCP[ .KOKVGF &KTGEVQT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF
«Ð ±ÓÐÍÌÅ ÓÊ¿ÉÓÊ %JKGH (KPCPEKCN 1HHKEGT ¥¢¦ Ðëäõè Íòööèööìòñ
Æ
Æ
¾êè ²´
Æ
Æ
Æ
Æ
Æ
«±®°³
$CEJGNQT QH 5EKGPEG KP +PFWUVTKCN 'PIKPGGTKPI CPF 1RGTCVKQPU 4GUGCTEJ 5[TCEWUG 7PKXGTUKV[ 0GY ;QTM 75# /CUVGT QH 'PIKPGGTKPI KP 1RGTCVKQPU 4GUGCTEJ %QTPGNN 7PKXGTUKV[ 0GY ;QTM 75# /CUVGT QH $WUKPGUU #FOKPKUVTCVKQP %QTPGNN 7PKXGTUKV[ 0GY ;QTM 75#
2/& *CTXCTF 7PKXGTUKV[ $QUVQP 75# &GOQETCVKE 2QNKVKEU CPF )QXGTPCPEG HQT *KIJ .GXGN #FOKPKUVTCVQTU 2TQITCO -KPI 2TCLCFJKRQM¿U +PUVKVWVG 6JCKNCPF %NCUU QH VJ 6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTUG 0CVKQPCN &GHGPUG %QNNGIG 6JCKNCPF %NCUU QH VJ %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO 6JCKNCPF %NCUU QH VJ 6JG 2TQITCO HQT 5GPKQT 'ZGEWVKXGU QP %TKOKPCN ,WUVKEG #FOKPKUVTCVKQP 0CVKQPCN ,WUVKEG #ECFGO[ 6JCKNCPF
%NCUU QH VJ 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 4 55 6JCK +PVGNNKIGPV +PXGUVQTU 2TQITCO 6JCK +PXGUVQTU #ECFGO[
%NCUU QH UV
Ôòõî Âûóèõìèñæèö
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
&KTGEVQT 6JCK .WDG $CUG 2WDNKE %QORCP[ .KOKVGF
«Ð µÇÁÆ¿Ç ®ÍÐÌÉÃпÒÇÕ¿Ò
%JKGH 1RGTCVKPI 1HHKEGT 7RUVTGCO 2GVTQNGWO CPF )CU $WUKPGUU )TQWR
¾êè ²¶
«®¶±±
Âçøæä÷ìòñö
Æ
Àèõ÷ìéìæä÷ìòñö
Æ Æ
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU %JKGH 'ZGEWVKXG 1HHKEGT 6JCKQKN 2WDNKE %QORCP[ .KOKVGF %JKGH (KPCPEKCN 1HHKEGT 266
¥¢¦ Ðëäõè Íòööèööìòñ
Âçøæä÷ìòñö
Æ
2TGUGPV
ï ï
'ZGEWVKXG 8KEG 2TGUKFGPV +PVGTPCVKQPCN 6TCFKPI 266 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV +PVGTPCVKQPCN 6TCFKPI 266
$ 'PI 'NGEVTQPKE 'PIKPGGTKPI -JQP -CGP 7PKXGTUKV[ 6JCKNCPF Æ /CUVGT QH 2WDNKE #FOKPKUVTCVKQP 0CVKQPCN +PUVKVWVG &GXGNQROGPV #FOKPKUVTCVKQP 0+&# 6JCKNCPF Àèõ÷ìéìæä÷ìòñö
Æ
#UKC 'ZGEWVKXG 2TQITCO #'2 )' /CPCIGOGPV &GXGNQROGPV +PUVKVWVG Æ 5GPKQT 'ZGEWVKXG 2TQITCO 5'2 5CUKP )TCFWCVG +PUVKVWVG QH $WUKPGUU #FOKPKUVTCVKQP %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF Æ 0+&# 9JCTVQP 'ZGEWVKXG .GCFGTUJKR 2TQITCO 6JG 9JCTVQP 5EJQQN 7PKXGTUKV[ QH 2GPPU[NXCPKC 75# Æ 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 Ôòõî Âûóèõìèñæèö
2TGUGPV
'ZGEWVKXG 8KEG 2TGUKFGPV 2TQLGEV /CPCIGOGPV 'ZRNQTCVKQP 2TQFWEVKQP CPF )CU $WUKPGUU )TQWR 266 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU 2TGUKFGPV 266 .0) %QORCP[ .KOKVGF 'ZGEWVKXG 8KEG 2TGUKFGPV 0CVWTCN )CU 8GJKENG 266 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV )CU $WUKPGUU 7PKV 266 %JKGH 1RGTCVKPI 1HHKEGT 7RUVTGCO 2GVTQNGWO CPF )CU $WUKPGUU )TQWR 266
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ Æ
%JCKTOCP 266 )TGGP 'PGTI[ 2VG .VF &KTGEVQT 'ZGEWVKXG &KTGEVQT /GODGT QH 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG /GODGT QH %QTRQTCVG )QXGTPCPEG %QOOKVVGG +42% 2WDNKE %QORCP[ .KOKVGF Æ &KTGEVQT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF
รฏย ย
ย ร ร ร ยฟร ยฐร ร ร ร ร ย ย รฏย ยฎยฒยฒ ยฎร ร ร ร ร ยกร ร ร ยฟร ร ยชร ร ร ร ร ร
ย ย ยซร ย ยฌร ร ร ยฟร ร ยฟร ยกร ยฟร ร ร ร ร ร ร ยฟ
%JKGH 1RGTCVKQPU 1HHKEGT &QYPUVTGCO 2GVTQNGWO $WUKPGUU )TQWR ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ยพรชรจ ยฒยด
ร ยญยซยญยญยญยณยตยฒ
$ 'PI %KXKN 'PIKPGGTKPI %JKCPI /CK 7PKXGTUKV[ 6JCKNCPF / $ # 6JCOOCUCV 7PKXGTUKV[ 6JCKNCPF
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร
ร ร
ร
ร ร
2TQITCO HQT )NQDCN .GCFGTUJKR 2). *CTXCTF $WUKPGUU 5EJQQN 75# 1ZHQTF 'PGTI[ 5GOKPCT 7$TGCM 6JTQWIJ 2TQITCO HQT 5GPKQT 'ZGEWVKXGU $25' +/& +PUVKVWVG 5YKV\GTNCPF 6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTEG 0CVKQPCN &GHGPEG %QNNGIG %NCUU QH VJ 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 6QR 'ZGEWVKXG 2TQITCO %CRKVCN /CTMGV #ECFGO[
%NCUU QH VJ
ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
'ZGEWVKXG 8KEG 2TGUKFGPV 5WRRN[ CPF .QIKUVKEU 266 'ZGEWVKXG 8KEG 2TGUKFGPV 0CVWTCN )CU 8GJKENG 266 'ZGEWVKXG 8KEG 2TGUKFGPV +PVGTPCVKQPCN 6TCFKPI $WUKPGUU 7PKV 266 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ 266 %JKGH 1RGTCVKQPU 1HHKEGT &QYPUVTGCO 2GVTQNGWO $WUKPGUU )TQWR 266
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร &KTGEVQT $CPIEJCM 2GVTQNGWO 2WDNKE %QORCP[ .KOKVGF ร &KTGEVQT 266 )NQDCN %JGOKECN %QORCP[ .KOKVGF ร &KTGEVQT 6JCKQKN 2WDNKE %QORCP[ .KOKVGF ย ย ยซร ย ยฎร ร ร ร ยฟร ยฒร ร ยฟร ร ร ร ยฟร ร ร ร ร
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV *WOCP 4GUQWTEGU 1TICPK\CVKQP 'ZEGNNGPEG ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ ร รงรธรฆรครทรฌรฒรฑรถ
ร
$ 'PI -KPI /QPIMWVยฟU +PUVKVWVG QH 6GEJPQNQI[ .CFMTCDCPI 6JCKNCPF
/CUVGT QH 2QNKVKECN 5EKGPEG 2WDNKE #FOKPKUVTCVKQP 6JCOOCUCV 7PKXGTUKV[ 6JCKNCPF
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร รงรธรฆรครทรฌรฒรฑรถ
ร ร
ร
ยพรชรจ ยฒยณ
5VTCVGIKE *WOCP 4GUQWTEG /CPCIGOGPV *CTXCTF 7PKXGTUKV[ 75# ร 0+&# 9JCTVQP 'ZGEWVKXG .GCFGTUJKR 2TQITCO 6JG 9JCTVQP 5EJQQN 7PKXGTUKV[ QH 2GPPU[NXCPKC 75# ร 5GPKQT 'ZGEWVKXG 2TQITCO 5'2 5CUKP )TCFWCVG +PUVKVWVKQP QH $WUKPGUU #FOKPKUVTCVKQP QH %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF ร 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 #%'2 ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร ร ร
%JCKTOCP 266 2QN[OGT .QIKUVKEU %QORCP[ .KOKVGF %JCKTOCP 266 +%6 5QNWVKQPU %QORCP[ .KOKVGF &KTGEVQT 266 2QN[OGT /CTMGVKPI %QORCP[ .KOKVGF
ย ย ยซร ย ยฑร ร ยฟร ร ยฟร ยฟร ร ร ร ยฎร ร ร ร ร ร ร ยฟร ร
ยพรชรจ ยฒยฐ
ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ร รฒรฑรจ
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[
ร รงรธรฆรครทรฌรฒรฑรถ
ร
$CEJGNQT &GITGG %JGOKECN 'PIKPGGT %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF ร /CUVGT &GITGG $WUKPGUU #FOKPKUVTCVKXG %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร ร ยญยซยญยญยญยฏยถยฏ
8KEG 2TGUKFGPV %QTRQTCVG &GXGNQROGPV 266 8KEG 2TGUKFGPV *WOCP 4GUQWTEGU 2QNKE[ 266 'ZGEWVKXG 8KEG 2TGUKFGPV *WOCP 4GUQWTEGU 266 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV *WOCP 4GUQWTEGU 1TICPK\CVKQP 'ZEGNNGPEG 266
#FXCPEG /CPCIGOGPV 2TQITCO +05'#& 7PKXGTUKV[ (TCPEG 6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTUG 0CVKQPCN &GHGPUG %QNNGIG %NCUU QH VJ 6JCKNCPF ร 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2
ÌÌÓ¿Ê °ÃÎÍÐÒ ï ®²² ®ÓÀÊÇÁ ¡ÍËοÌ× ªÇËÇÒÃÂ
Ôòõî Âûóèõìèñæèö
2TGUGPV
/CPCIKPI &KTGEVQT 5%$ 5GEWTKVKGU %Q .VF /CPCIKPI &KTGEVQT 5%$ 5GEWTKVKGU %Q .VF 'ZGEWVKXG 8KEG 2TGUKFGPV $WUKPGUU &GXGNQROGPV 266 +PVGTPCVKQPCN %QORCP[ .KOKVGF CPF 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ 266 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ 266
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
8KEG %JCKTOCP 266 +PVGTPCVKQPCN %QORCP[ .KOKVGF 266+
«Ð ¡Æ¿ÐÁÐÇà Óп̿ɿÌÍÌ¿
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV )CU $WUKPGUU 7PKV ¥¢¦ Ðëäõè Íòööèööìòñ
¾êè ²µ
«®¶°¶
Âçøæä÷ìòñö
Æ
$ 'PI /GEJCPKECN 'PIKPGGTKPI -CUGVUCTV 7PKXGTUKV[ 6JCKNCPF
Àèõ÷ìéìæä÷ìòñö
Æ
-KPI 2TCLCFJKRQM¿U +PUVKVWVG #FXCPEGF %GTVKHKECVG %QWTUG KP 2WDNKE #FOKPKUVTCVKQP CPF .CY HQT 'ZGEWVKXGU Æ 6JCK +PUVKVWVG QH &KTGEVQTU +1& &%2 Æ 266 )' 'ZGEWVKXG 2TQITCO )' %TQVQPXKNNG 75# Ôòõî Âûóèõìèñæèö
2TGUGPV
8KEG 2TGUKFGPV 4C[QPI )CU 2NCPV )CU $WUKPGUU 7PKV 266 'ZGEWVKXG 8KEG 2TGUKFGPV 0CVWTCN )CU 6TCPUOKUUKQP )CU $WUKPGUU 7PKV 266 'ZGEWVKXG 8KEG 2TGUKFGPV 0CVWTCN )CU 2TQEGUUKPI )CU $WUKPGUU 7PKV 266 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV )CU $WUKPGUU 7PKV 266
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
«Ð ±¿ÐÓÌ °ÓÌÅÉ¿ÑÇÐÇ
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 1KN $WUKPGUU 7PKV ¥¢¦ Ðëäõè Íòööèööìòñ
ï
¾êè ²² «®²¯²
Âçøæä÷ìòñö
Æ
$ 'PI +PFWUVTKCN 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF Æ / 5 /CPCIGOGPV 2QN[VGEJPKE +PUVKVWVG QH 0GY ;QTM 75# Àèõ÷ìéìæä÷ìòñö
Æ
6JKTV[ (QWTVJ 1ZHQTF 'PGTI[ 5GOKPCT 5V %CVJGTKPG¿U %QNNGIG 1ZHQTF 7PKXGTUKV[ 7Æ 0+&# 9JCTVQP 'ZGEWVKXG .GCFGTUJKR 2TQITCO 6JG 9JCTVQP 5EJQQN QH VJG 7PKXGTUKV[ QH 2GPPU[NXCPKC 75# Æ 6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTUG 0CVKQPCN &GHGPUG %QNNGIG %NCUU QH TF 6JCKNCPF Æ 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& %52 &%2 (0& Ôòõî Âûóèõìèñæèö
2TGUGPV
8KEG 2TGUKFGPV 1HHKEG QH 2TGUKFGPV 8KEG 2TGUKFGPV %QTRQTCVG 2WDNKE 4GNCVKQP 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG %QOOWPKECVKQP 5QEKCN 4GURQPUKDKNKV[ 'ZGEWVKXG 8KEG 2TGUKFGPV %QOOGTEKCN +PVGTPCVKQPCN /CTMGVKPI 'ZGEWVKXG 8KEG 2TGUKFGPV 4GVCKN /CTMGVKPI 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 1KN $WUKPGUU 7PKV
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ Æ
%JCKTOCP 266 4GVCKN $WUKPGUU %QORCP[ .KOKVGF 2664$ %JCKTOCP 266 4GVCKN /CPCIGOGPV %QORCP[ .KOKVGF 2664/ Æ &KTGEVQT 6JCK 2GVTQNGWO 2KRGNKPG %QORCP[ .KOKVGF 6JCRRNKPG
Æ
&KTGEVQT 'CUV /GFKVGTTCPGCP )CU 5 # ' #TCD 4GRWDNKE QH 'I[RV
«Ð ±ÓÉÐÇÒ ±ÓпÀÍÒÑÍÎÍÌ
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 2GVTQEJGOKECNU 4GHKPKPI $WUKPGUU 7PKV ¥¢¦ Ðëäõè Íòööèööìòñ Âçøæä÷ìòñö
Æ
¾êè ²±
«´
$ 'PI %JGOKECN 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF
รฏย ย
ย ร ร ร ยฟร ยฐร ร ร ร ร ย ย รฏย ยฎยฒยฒ ยฎร ร ร ร ร ยกร ร ร ยฟร ร ยชร ร ร ร ร ร
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร
6.%# 'ZGEWVKXG &GXGNQROGPV 2TQITCO '&2 6JCK .KUVGF %QORCPKGU #UUQEKCVKQP 6JCKNCPF ร 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 #%2 /+4 ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
#UUKUVCPV /CPCIKPI &KTGEVQT $WUKPGUU 6JCKQKN 2WDNKE %QORCP[ .KOKVGF 612 #UUKUVCPV /CPCIKPI &KTGEVQT 5VTCVGIKE 2NCPPKPI $WUKPGUU &GXGNQROGPV 612 'ZGEWVKXG 8KEG 2TGUKFGPV 5WDUKFKCT[ 2NCPPKPI /CPCIGOGPV 2GVTQEJGOKECNU 4GHKPKPI $WUKPGUU 7PKV 266 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 2GVTQEJGOKECNU 4GHKPKPI $WUKPGUU 7PKV 266
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร
&KTGEVQT 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF 266)% ร &KTGEVQT 5VCT 2GVTQNGWO 4GHKPKPI %QORCP[ .KOKVGF 524% ร &KTGEVQT 266 +PVGTPCVKQPCN %QORCP[ .KOKVGF 266+
รฏย ย ยซร ย ยฑยฟร ยฟร ร ร ร ยฉร ร ยฟร ร ยฟร
ยพรชรจ ยฒยต
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV +PVGTPCVKQPCN 6TCFKPI $WUKPGUU 7PKV
ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ยญยซยญยญยฏยญยถยณ
ร รงรธรฆรครทรฌรฒรฑรถ
ร ร
$ 'PI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF / 5 5EKGPEG %KXKN 'PIKPGGTKPI 7PKXGTUKV[ QH /KUUQWTK 75#
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร ร
.GCFGTUJKR 2TQITCO +/& +PUVKVWVG 0+&# 9JCTVQP 'ZGEWVKXG .GCFGTUJKR 2TQITCO 6JG 9JCTVQP 5EJQQN 7PKXGTUKV[ QH 2GPPU[NXCPKC 75#
ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
'ZGEWVKXG 8KEG 2TGUKFGPV 266 9QTMKPI CU 5WRRN[ CPF 2NCPPKPI /CPCIGT #NNKCPEG 4GHKPKPI %QORCP[ .KOKVGF 'ZGEWVKXG 8KEG 2TGUKFGPV 266 9QTMKPI CU &GRWV[ %'1 5WRRN[ 2NCPPKPI 5VCT 2GVTQNGWO 4GHKPKPI %QORCP[ .KOKVGF 'ZGEWVKXG 8KEG 2TGUKFGPV +PVGTPCVKQPCN 6TCFKPI $WUKPGUU 7PKV 266
2TGUGPV
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV +PVGTPCVKQPCN 6TCFKPI $WUKPGUU 7PKV 266
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร ร
&KTGEVQT $CPIEJCM 2GVTQNGWO 2WDNKE %QORCP[ .KOKVGF %JCKTOCP 266 +PVGTPCVKQPCN 6TCFKPI 2VG .VF
รฏรฏย ยซร ย ยฒร ร ร ร ยดร ร ร ร ยฟร ร ร ร
ยพรชรจ ยฒยฑ
2TGUKFGPV CPF %JKGH 'ZGEWVKXG 1HHKEGT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ยญยซยญยญยญยฎยถยณ
ร รงรธรฆรครทรฌรฒรฑรถ
ร
$ 'PI %JGOKECN 'PIKPGGTKPI *QPU %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF ร / 5 %JGOKECN 'PIKPGGTKPI 4KEG 7PKXGTUKV[ 75# ร / 5 2GVTQNGWO 'PIKPGGTKPI 7PKXGTUKV[ QH *QWUVQP 75# ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร
2TQITCO HQT )NQDCN .GCFGTUJKR 2). *CTXCTF $WUKPGUU 5EJQQN 75# ร &GOQETCVKE 2QNKVKEU CPF )QXGTPCPEG HQT *KIJ .GXGN #FOKPKUVTCVQTU 2TQITCO %NCUU QH VJ -KPI 2TCLCFJKRQMยฟU +PUVKVWVG 6JCKNCPF ร 5GPKQT 'ZGEWVKXG 2TQITCO 5'2 5CUKP )TCFWCVG +PUVKVWVG QH $WUKPGUU #FOKPKUVTCVKQP %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF ร %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO %NCUU QH VJ 6JCKNCPF ร 6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTUG PF 0CVKQPCN &GHGPUG %QNNGIG %NCUU QH 6JCKNCPF ร 6JG 2TQITCOOG HQT 5GPKQT 'ZGEWVKXGU QP ,WUVKEG #FOKPKUVTCVKQP %NCUU QH VJ 6JCKNCPF ร 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 (5& 4%% ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ &GXGNQROGPV 266 %JKGH (KPCPEKCN 1HHKEGT CPF 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ 266 %JKGH (KPCPEKCN 1HHKEGT 266 2TGUKFGPV CPF %JKGH 'ZGEWVKXG 1HHKEGT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร
&KTGEVQT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF 266'2
ย ร ร ร ยฟร ยฐร ร ร ร ร ย ย รฏย ยฎยฒยฒ ยฎร ร ร ร ร ยกร ร ร ยฟร ร ยชร ร ร ร ร ร
รฏย ย ยซร ย ย ร ร ร ยฑร ร ร ร ยฟร ร ร ร ยฟร ร ร ร
%JKGH 'ZGEWVKXG 1HHKEGT 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
ยพรชรจ ยณยญ
ยญยซยญยญยฑยถยฒยถ
ร รงรธรฆรครทรฌรฒรฑรถ
ร ร ร
$ 5E )GQNQI[ %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF / $ # 6JCOOCUCTV 7PKXGTUKV[ 6JCKNCPF 6JG *QPQTCT[ &GITGG QH &QEVQT KP 2WDNKE #FOKPKUVTCVKQP $CPIMQMVJQPDWTK 7PKXGTUKV[ 6JCKNCPF
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร
ร ร
2TQLGEV +PXGUVOGPV #RRTCKUCN CPF /CPCIGOGPV CPF )NQDCN .GCFGTUJKR *CTXCTF 7PKXGTUKV[ 75# %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO
%NCUU QH UV 6JCKNCPF 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &#2 .$2 4 %#%
ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ CPF &GXGNQROGPV 266 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU %JKGH 'ZGEWVKXG 1HHKEGT 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU 2TGUKFGPV %'1 266 'ZRNQTCVKQP CPF 2TQFWEVKQP 2WDNKE %QORCP[ .KOKVGF 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU %'1 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร
&KTGEVQT CPF 5GETGVCT[ VQ VJG $QCTF QH &KTGEVQTU 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF 266)% ร %JCKTOCP 266 2JGPQN %QORCP[ .KOKVGF 26%. ร %JCKTOCP 266 2QN[GVJ[NGPG %QORCP[ .KOKVGF 2662' ร %JCKTOCP 266 %JGOKECN +PVGTPCVKQPCN 2TKXCVG .KOKVGF ร %JCKTOCP 266 %JGOKECN +PVGTPCVKQPCN #UKC 2CEKHKE 41* .KOKVGF ร %JCKTOCP 'OGT[ 1NGQEJGOKECNU / 5FP $JF ร 8KEG %JCKTOCP 8KP[VJCK 2WDNKE %QORCP[ .KOKVGF 806 ร &KTGEVQT 8'0%14': *QNFKPI (TCPEG 5#5 ร &KTGEVQT 266)% +PVGTPCVKQPCN 0GVJGTNCPFU $ 8
รฏย ย ยซร ย ยดร ร ร ยฟร ยฟร ยฉร ร ร ร ร ยฟร ร ยฟร %JKGH 'ZGEWVKXG 1HHKEGT 6JCKQKN 2WDNKE %QORCP[ .KOKVGF ยฅยขยฆ ร รซรครตรจ ร รฒรถรถรจรถรถรฌรฒรฑ
รฏย ย
ยพรชรจ ยฒยต
ยญยซยญยญยฎยญยถยถ
ร รงรธรฆรครทรฌรฒรฑรถ
ร ร
$ 'PI /GEJCPKECN %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF / 5 /GEJCPKECN 'PIKPGGTKPI 6GZCU # + 7PKXGTUKV[ 75#
ร รจรตรทรฌรฉรฌรฆรครทรฌรฒรฑรถ
ร
ร
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ร
6QR 'ZGEWVKXG 2TQITCO KP %QOOGTEG CPF 6TCFG
6'2%16 %CRKVCN /CTMGV #ECFGO[ .GCFGTUJKR 2TQITCO
%NCUU QH VJ 6JCKNCPF 6JCK +PUVKVWVGU QH &KTGEVQTU #UUQEKCVKQP +1& &%2 (0& %GTVKHKECVG KP .GCFGTUJKR &GXGNQROGPV 2TQITCO ร 'PJCPEKPI %QORGVKVKXGPGUUร D[ +PVGTPCVKQPCN +PUVKVWVG HQT /CPCIGOGPV &GXGNQROGPV +/&
ร รฒรตรฎ ร รปรณรจรตรฌรจรฑรฆรจรถ
2TGUGPV
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
ร รจรฏรจรนรครฑรท ร รฐรณรฒรตรทรครฑรท ร รฒรถรฌรทรฌรฒรฑรถ
ร
&KTGEVQT CPF 5GETGVCT[ QH $QCTF &KTGEVQTU 6JCKQKN 2WDNKE %QORCP[ .KOKVGF ร %JCKTOCP 6JCK .WDG $CUG 2WDNKE %QORCP[ .KOKVGF ร %JCKTOCP 6JCKQKN 2QYGT %QORCP[ .KOKVGF ร %JCKTOCP +PFGRGPFGPV 2QYGT 6JCKNCPF %QORCP[ .KOKVGF
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$ 'PI %JGOKECN 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF /CUVGT QH 'PIKPGGTKPI KP %JGOKECN 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ 6JCKNCPF /CUVGT QH $WUKPGUU #FOKPKUVTCVKQP /CPCIGOGPV 5CUKP )TCFWCVG +PUVKVWVG QH $WUKPGUU #FOKPKUVTCVKQP 6JCKNCPF
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Æ
6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTUG 0CVKQPCN &GHGPEG %QNNGIG %NCUU 6JCKNCPF Æ 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &#2 Ôòõî Âûóèõìèñæèö
2TGUGPV
2TGUKFGPV #NNKCPEG 4GHKPKPI %QORCP[ .KOKVGF #4% 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 #TQOCVKEU CPF 4GHKPKPI 2WDNKE %QORCP[ .KOKVGF 266#4 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU 2TGUKFGPV %'1 266#4 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU 2TGUKFGPV 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ Æ Æ Æ Æ
&KTGEVQT 266 )NQDCN %JGOKECN 2WDNKE %QORCP[ .KOKVGF &KTGEVQT 6JCK 6CPM 6GTOKPCN %QORCP[ .KOKVGF &KTGEVQT 266 7VKNKV[ %QORCP[ .KOKVGF &KTGEVQT 2TGUKFGPV 266 2QN[GVJ[NGPG %QORCP[ .KOKVGF %JCKTOCP 266 /CKPVGPCPEG CPF 'PIKPGGTKPI %QORCP[ .KOKVGF Æ %JCKTOCP 02% 5CHGV[ CPF 'PXKTQPOGPVCN 5GTXKEG %QORCP[ .KOKVGF
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$ $ # #UUWORVKQP 7PKXGTUKV[ 6JCKNCPF / $ # (KPCPEG +PVGTPCVKQPCN $WUKPGUU *KIJ &KUVKPEVKQP #TOUVTQPI 7PKXGTUKV[ 75#
Àèõ÷ìéìæä÷ìòñö
Æ
&QEVQTCN %QWTUG KP *WOCP 4GUQWTEGU /CPCIGOGPV CPF /CPCIGTKCN 'EQPQOKEU )QNFGP )CVG 7PKXGTUKV[ 75# Æ 'ZGEWVKXG 'FWECVKQP 2TQITCO *CTXCTF $WUKPGUU 5EJQQN 75# Æ &KRNQOC 6JG 0CVKQPCN &GHGPEG %QNNGIG 6JG 5VCVG 2TKXCVG 5GEVQT CPF 2QNKVKECN 5GEVQTU %QWTUG %NCUU 6JCKNCPF Æ 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP +1& &%2 Æ 266 )TQWR '82 .GCFGTUJKR &GXGNQROGPV 2TQITCO EQ JQUVGF D[ 266 2WDNKE %QORCP[ .KOKVGF CPF &GXGNQROGPV &KOGPUKQPU +PVGTPCVKQPCN &&+ Æ #FXCPEGF 5GEWTKV[ /CPCIGOGPV 2TQITCO #5/2 6JG 0CVKQPCN &GHGPEG %QNNGIG #UUQEKCVKQP QH 6JCKNCPF Ôòõî Âûóèõìèñæèö
2TGUGPV
'ZGEWVKXG 8KEG 2TGUKFGPV $WUKPGUU (KPCPEG 6JG #TQOCVKEU 6JCKNCPF 2WDNKE %QORCP[ .KOKVGF 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ %QOOGTEKCN 266 #TQOCVKEU CPF 4GHKPKPI 2WDNKE %QORCP[ .KOKVGF 266#4 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV %QTRQTCVG 5VTCVGI[ 2NCPPKPI #EVKPI 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 2QTV #UUGV /CPCIGOGPV $WUKPGUU 7PKV +42% 2WDNKE %QORCP[ .KOKVGF +42% 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 266 YQTMKPI CU 2TGUKFGPV +42% 2WDNKE %QORCP[ .KOKVGF
Ïèïèùäñ÷ Æðóòõ÷äñ÷ Íòöì÷ìòñö
Æ
&KTGEVQT CPF 5GETGVCT[ QH VJG $QCTF +42% 2WDNKE %QORCP[ .KOKVGF Æ &KTGEVQT 266 2QN[OGT /CTMGVKPI %QORCP[ .KOKVGF Æ &KTGEVQT 6JCK #$5 %QORCP[ .KOKVGF Æ &KTGEVQT +42% 21.;1. %QORCP[ .KOKVGF Æ &KTGEVQT +42% 1KN %QORCP[ .KOKVGF Æ %JCKTOCP +42% # . %QORCP[ .KOKVGF Æ &KTGEVQT 7$' %JGOKECNU #UKC 2WDNKE %QORCP[ .KOKVGF
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ร รฒรฐรณรครฑรผ
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2TGUGPVGF D[
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