Offi-Guid-TOEFL
.pdf
6IEHMRK
+6))2 -')&)6+7
-GIFIVKW EVI QEWWMZI FPSGOW SJ MGI MVVIKYPEV MR WLETI XLI] JPSEX [MXL SRP] EFSYX TIVGIRX SJ XLIMV QEWW EFSZI XLI WIE WYVJEGI 8LI] EVI JSVQIH F] KPEGMIVWhPEVKI VMZIVW SJ MGI XLEX FIKMR MRPERH MR XLI WRS[W SJ +VIIRPERH %RXEVGXMGE ERH %PEWOEhERH QSZI WPS[P] XS[EVH XLI WIE 8LI JSV[EVH QSZIQIRX XLI QIPXMRK EX XLI FEWI SJ XLI KPEGMIV [LIVI MX QIIXW XLI SGIER ERH [EZIW ERH XMHEP EGXMSR GEYWI FPSGOW SJ MGI XS FVIEO SJJ ERH JPSEX SYX XS WIE
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
3RI I\TPEREXMSR JSV KVIIR MGIFIVKW EXXVMFYXIW XLIMV GSPSV XS ER STXMGEP MPPYWMSR [LIR FPYI MGI MW MPPYQMREXIH F] E RIEV LSVM^SR VIH 7YR FYX KVIIR MGIFIVKW WXERH SYX EQSRK [LMXI ERH FPYI MGIFIVKW YRHIV E KVIEX ZEVMIX] SJ PMKLX GSRHMXMSRW %RSXLIV WYK KIWXMSR MW XLEX XLI GSPSV QMKLX FI VIPEXIH XS MGI [MXL LMKL PIZIPW SJ QIXEPPMG GSQ TSYRHW MRGPYHMRK GSTTIV ERH MVSR 6IGIRX I\TIHMXMSRW LEZI XEOIR MGI WEQTPIW JVSQ KVIIR MGIFIVKW ERH MGI GSVIWhZIVXMGEP G]PMRHVMGEP MGI WEQTPIW VIEGLMRK HS[R XS KVIEX HITXLWhJVSQ XLI KPEGMEP MGI WLIPZIW EPSRK XLI %RXEVGXMG GSRXMRIRX %REP]WIW SJ XLIWI GSVIW ERH WEQTPIW TVSZMHI E HMJJIVIRX WSPYXMSR XS XLI TVSFPIQ
8LI MGI WLIPJ GSVIW [MXL E XSXEP PIRKXL SJ QIXIVW JIIX [IVI PSRK IRSYKL XS TIRIXVEXI XLVSYKL KPEGMEP MGIh[LMGL MW JSVQIH JVSQ XLI GSQTEGXMSR SJ WRS[ ERH GSRXEMRW EMV FYFFPIWhERH XS GSRXMRYI MRXS XLI GPIEV FYFFPI JVII MGI JSVQIH JVSQ WIE[EXIV XLEX JVII^IW SRXS XLI FSXXSQ SJ XLI KPEGMEP MGI 8LI TVSTIVXMIW SJ XLMW GPIEV WIE MGI [IVI ZIV] WMQMPEV XS XLI MGI JVSQ XLI KVIIR MGIFIVK 8LI WGMIRXMWXW GSRGPYHIH XLEX KVIIR MGIFIVKW JSVQ [LIR E X[S PE]IV FPSGO SJ WLIPJ MGI FVIEOW E[E] ERH GET WM^IW XYVRW YTWMHI HS[R I\TSWMRK XLI FYFFPI JVII WLIPJ MGI XLEX [EW JSVQIH JVSQ WIE[EXIV
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
'LIQMGEP IZMHIRGI WLS[W XLEX TPEXIPIXW QMRYXI JPEX TSVXMSRW SJ MGI JSVQ MR XLI
+3 32 83 8,) 2)<8 4%+) K
83)*0 M&8 4VEGXMGI 8IWX
|
[EXIV ERH XLIR EGGVIXI ERH WXMGO XS XLI FSXXSQ SJ XLI MGI WLIPJ XS JSVQ E WPYWL TEVXMEPP] |
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|
QIPXIH WRS[ 8LI WPYWL MW GSQTEGXIH F] ER YRORS[R QIGLERMWQ ERH WSPMH FYFFPI |
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JVII MGI MW JSVQIH JVSQ [EXIV LMKL MR WSPYFPI SVKERMG WYFWXERGIW ;LIR ER MGIFIVK |
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|
WITEVEXIW JVSQ XLI MGI WLIPJ ERH GETWM^IW XLI KVIIR MGI MW I\TSWIH |
|
|
8LI %QIV] -GI 7LIPJ ETTIEVW XS FI YRMUYIP] WYMXIH XS XLI TVSHYGXMSR SJ KVIIR MGI |
|
|
FIVKW 3RGI HIXEGLIH JVSQ XLI MGI WLIPJ XLIWI FIVKW HVMJX MR XLI GYVVIRXW ERH [MRH |
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W]WXIQW WYVVSYRHMRK %RXEVGXMGE ERH GER FI JSYRH WGEXXIVIH EQSRK %RXEVGXMGEtW PIWW |
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GSPSVJYP MGIFIVKW |
|
4 |
-GIFIVKW EVI QEWWMZI FPSGOW SJ MGI MVVIKYPEV MR WLETI XLI] JPSEX [MXL SRP] EFSYX |
|
% |
TIVGIRX SJ XLIMV QEWW EFSZI XLI WIE WYVJEGI 8LI] EVI JSVQIH F] KPEGMIVWhPEVKI VMZIVW |
|
6 |
||
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%SJ MGI XLEX FIKMR MRPERH MR XLI WRS[W SJ +VIIRPERH %RXEVGXMGE ERH %PEWOEhERH QSZI
+
6
%
4
,
WPS[P] XS[EVH XLI WIE 8LI JSV[EVH QSZIQIRX XLI QIPXMRK EX XLI FEWI SJ XLI KPEGMIV [LIVI MX QIIXW XLI SGIER ERH [EZIW ERH XMHEP EGXMSR GEYWI FPSGOW SJ MGI XS FVIEO SJJ ERH JPSEX SYX XS WIE
(MVIGXMSRW 
%GGSVHMRK XS TEVEKVETL EPP SJ XLI JSPPS[MRK EVI XVYI SJ MGIFIVKW )<')48
8LI] HS RSX LEZI E VIKYPEV WLETI 8LI] EVI JSVQIH [LIVI KPEGMIVW QIIX XLI SGIER 1SWX SJ XLIMV QEWW MW EFSZI XLI WIE WYVJEGI ;EZIW ERH XMHIW GEYWI XLIQ XS FVIEO SJJ KPEGMIVW
4 -GIFIVKW EVI SVHMREVMP] FPYI XS [LMXI EPXLSYKL XLI] WSQIXMQIW ETTIEV HEVO SV STEUYI
% |
FIGEYWI XLI] GEVV] KVEZIP ERH FMXW SJ VSGO 8LI] QE] GLERKI GSPSV [MXL GLERKMRK PMKLX |
|
6 |
||
|
%GSRHMXMSRW ERH GPSYH GSZIV KPS[MRK TMRO SV KSPH MR XLI QSVRMRK SV IZIRMRK PMKLX FYX
+
6 XLMW GSPSV GLERKI MW KIRIVEPP] VIPEXIH XS XLI PS[ ERKPI SJ XLI 7YR EFSZI XLI LSVM^SR
%
4 ,S[IZIV XVEZIPIVW XS %RXEVGXMGE LEZI VITIEXIHP] VITSVXIH WIIMRK KVIIR MGIFIVKW MR XLI
,;IHHIPP 7IE ERH QSVI GSQQSRP] GPSWI XS XLI %QIV] -GI 7LIPJ MR )EWX %RXEVGXMGE
%GGSVHMRK XS TEVEKVETL [LEX GEYWIW MGIFIVKW XS WSQIXMQIW ETTIEV HEVO SV STEUYI#
% LIEZ] GPSYH GSZIV 8LI TVIWIRGI SJ KVEZIP SV FMXW SJ VSGO 8LI PS[ ERKPI SJ XLI 7YR EFSZI XLI LSVM^SR 8LI TVIWIRGI SJ PEVKI GVEGOW MR XLIMV WYVJEGI
6IEHMRK
3RI I\TPEREXMSR JSV KVIIR MGIFIVKW EXXVMFYXIW XLIMV GSPSV XS ER STXMGEP MPPYWMSR [LIR
4
%FPYI MGI MW MPPYQMREXIH F] E RIEV LSVM^SR VIH 7YR FYX KVIIR MGIFIVKW WXERH SYX EQSRK
6
% [LMXI ERH FPYI MGIFIVKW YRHIV E KVIEX ZEVMIX] SJ PMKLX GSRHMXMSRW %RSXLIV WYKKIWXMSR
+MW XLEX XLI GSPSV QMKLX FI VIPEXIH XS MGI [MXL LMKL PIZIPW SJ QIXEPPMG GSQTSYRHW MR
6
%GPYHMRK GSTTIV ERH MVSR 6IGIRX I\TIHMXMSRW LEZI XEOIR MGI WEQTPIW JVSQ KVIIR MGI
4
,FIVKW ERH MGI GSVIWhZIVXMGEP G]PMRHVMGEP MGI WEQTPIW VIEGLMRK HS[R XS KVIEX
HITXLWhJVSQ XLI KPEGMEP MGI WLIPZIW EPSRK XLI %RXEVGXMG GSRXMRIRX %REP]WIW SJ XLIWI GSVIW ERH WEQTPIW TVSZMHI E HMJJIVIRX WSPYXMSR XS XLI TVSFPIQ
;LMGL SJ XLI WIRXIRGIW FIPS[ FIWX I\TVIWWIW XLI IWWIRXMEP MRJSVQEXMSR MR XLI LMKLPMKLXIH WIRXIRGI MR XLI TEWWEKI# 
GLSMGIW GLERKI XLI QIERMRK MR MQTSVXERX [E]W SV PIEZI SYX IWWIRXMEP MRJSVQEXMSR
3RI I\TPEREXMSR RSXIW XLEX KVIIR MGIFIVKW WXERH SYX EQSRK SXLIV MGIFIVKW YRHIV E KVIEX ZEVMIX] SJ PMKLX GSRHMXMSRW FYX XLMW MW EXXVMFYXIH XS ER STXMGEP MPPYWMSR 3RI I\TPEREXMSR JSV XLI GSPSV SJ KVIIR MGIFIVKW EXXVMFYXIW XLIMV GSPSV XS ER STXMGEP MPPYWMSR XLEX SGGYVW [LIR XLI PMKLX JVSQ E RIEV LSVM^SR VIH 7YR WLMRIW SR E FPYI MGIFIVK 3RI I\TPEREXMSR JSV KVIIR MGIFIVKW EXXVMFYXIW XLIMV GSPSV XS E KVIEX ZEVMIX] SJ PMKLX GSRHMXMSRW FYX KVIIR MGIFIVKW WXERH SYX FIWX EQSRK SXLIV MGIFIVKW [LIR MPPYQM REXIH F] E RIEV LSVM^SR VIH 7YR 3RI I\TPEREXMSR EXXVMFYXIW XLI GSPSV SJ KVIIR MGIFIVKW XS ER STXMGEP MPPYWMSR YRHIV WTIGMEP PMKLX GSRHMXMSRW FYX KVIIR MGIFIVKW ETTIEV HMWXMRGX JVSQ SXLIV MGIFIVKW YRHIV E KVIEX ZEVMIX] SJ PMKLX GSRHMXMSRW
+3 32 83 8,) 2)<8 4%+) K
83)*0 M&8 4VEGXMGI 8IWX
4
%
6
%
8LI MGI WLIPJ GSVIW [MXL E XSXEP PIRKXL SJ QIXIVW JIIX [IVI PSRK IRSYKL XS
TIRIXVEXI XLVSYKL KPEGMEP MGIh[LMGL MW JSVQIH JVSQ XLI GSQTEGXMSR SJ WRS[ ERH
GSRXEMRW EMV FYFFPIWhERH XS GSRXMRYI MRXS XLI GPIEV FYFFPI JVII MGI JSVQIH JVSQ WIE
+[EXIV XLEX JVII^IW SRXS XLI FSXXSQ SJ XLI KPEGMEP MGI 8LI TVSTIVXMIW SJ XLMW GPIEV WIE
6
%MGI [IVI ZIV] WMQMPEV XS XLI MGI JVSQ XLI KVIIR MGIFIVK 8LI WGMIRXMWXW GSRGPYHIH
4
,XLEX KVIIR MGIFIVKW JSVQ [LIR E X[S PE]IV FPSGO SJ WLIPJ MGI FVIEOW E[E] ERH GET
WM^IW XYVRW YTWMHI HS[R I\TSWMRK XLI FYFFPI JVII WLIPJ MGI XLEX [EW JSVQIH JVSQ WIE[EXIV
8LI [SVH TIRIXVEXI MR XLI TEWWEKI MW GPSWIWX MR QIERMRK XS
GSPPIGX
TMIVGI
QIPX
IRHYVI
%GGSVHMRK XS TEVEKVETL LS[ MW KPEGMEP MGI JSVQIH#
&] XLI GSQTEGXMSR SJ WRS[ &] XLI JVII^MRK SJ WIE[EXIV SR XLI FSXXSQ SJ MGI WLIPZIW &] FVIEOMRK E[E] JVSQ XLI MGI WLIPJ &] XLI GETWM^MRK SJ E X[S PE]IV FPSGO SJ WLIPJ MGI
%GGSVHMRK XS TEVEKVETL MGI WLIPJ GSVIW LIPTIH WGMIRXMWXW I\TPEMR XLI JSVQEXMSR SJ KVIIR MGIFIVKW F] WLS[MRK XLEX
XLI MGI EX XLI FSXXSQ SJ KVIIR MGIFIVKW MW FYFFPI JVII MGI JSVQIH JVSQ JVS^IR WIE[EXIV
FYFFPI JVII MGI MW JSYRH EX XLI XST SJ XLI MGI WLIPJ
KPEGMEP MGI MW PMKLXIV ERH JPSEXW FIXXIV XLER WIE MGI XLI GPIEV WIE MGI EX XLI FSXXSQ SJ XLI MGI WLIPJ MW WMQMPEV XS MGI JVSQ E KVIIR MGIFIVK
6IEHMRK
% KVIIR MGIFIVK XLEX WXVERHIH NYWX [IWX SJ XLI %QIV] -GI 7LIPJ WLS[IH X[S HMWXMRGX PE]IVW FYFFP] FPYI [LMXI MGI ERH FYFFPI JVII KVIIR MGI WITEVEXIH F] E SRI QIXIV PSRK MGI PE]IV GSRXEMRMRK WIHMQIRXW 8LI KVIIR MGI TSVXMSR [EW XI\XYVIH F] WIE[EXIV
IVSWMSR ;LIVI GVEGOW [IVI TVIWIRX XLI GSPSV [EW PMKLX KVIIR FIGEYWI SJ PMKLX WGEX
4
%XIVMRK [LIVI RS GVEGOW [IVI TVIWIRX XLI GSPSV [EW HEVO KVIIR 2S EMV FYFFPIW [IVI
6 |
TVIWIRX MR XLI KVIIR MGI WYKKIWXMRK XLEX XLI MGI [EW RSX JSVQIH JVSQ XLI GSQTVIWWMSR |
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% |
||
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||
+ |
SJ WRS[ FYX MRWXIEH JVSQ XLI JVII^MRK SJ WIE[EXIV 0EVKI GSRGIRXVEXMSRW SJ WMRKPI |
|
6 |
||
|
%GIPPIH SVKERMWQW [MXL KVIIR TMKQIRXW GSPSVMRK WYFWXERGIW SGGYV EPSRK XLI IHKIW SJ
4
,XLI MGI WLIPZIW MR XLMW VIKMSR ERH XLI WIE[EXIV MW VMGL MR XLIMV HIGSQTSWMRK SVKERMG
QEXIVMEP 8LI KVIIR MGIFIVK HMH RSX GSRXEMR PEVKI EQSYRXW SJ TEVXMGPIW JVSQ XLIWI SV KERMWQW FYX XLI MGI LEH EGGYQYPEXIH HMWWSPZIH SVKERMG QEXXIV JVSQ XLI WIE[EXIV -X ETTIEVW XLEX YRPMOI WEPX HMWWSPZIH SVKERMG WYFWXERGIW EVI RSX I\GPYHIH JVSQ XLI MGI MR XLI JVII^MRK TVSGIWW %REP]WMW WLS[W XLEX XLI HMWWSPZIH SVKERMG QEXIVMEP EFWSVFW IRSYKL FPYI [EZIPIRKXLW JVSQ WSPEV PMKLX XS QEOI XLI MGI ETTIEV KVIIR
;L] HSIW XLI EYXLSV QIRXMSR XLEX q8LI KVIIR MGI TSVXMSR [EW XI\XYVIH F] WIE[EXIV IVSWMSRr#
8S I\TPEMR [L] GVEGOW MR XLI MGIFIVK ETTIEVIH PMKLX KVIIR MRWXIEH SJ HEVO KVIIR
8S WYKKIWX XLEX KVIIR MGI MW QSVI IEWMP] IVSHIH F] WIE[EXIV XLER [LMXI MGI MW
8S WYTTSVX XLI MHIE XLEX XLI KVIIR MGI LEH FIIR XLI FSXXSQ PE]IV FIJSVI GETWM^MRK
8S I\TPEMR LS[ XLI EMV FYFFPIW LEH FIIR VIQSZIH JVSQ XLI KVIIR MGI
8LI [SVH EGGYQYPEXIH MR XLI TEWWEKI MW GPSWIWX MR QIERMRK XS
GSPPIGXIH
JVS^IR
VIPIEWIH
GSZIVIH
8LI [SVH I\GPYHIH MR XLI TEWWEKI MW GPSWIWX MR QIERMRK XS
OITX SYX
GSQTVIWWIH
HEQEKIH
KEXLIVIH XSKIXLIV
+3 32 83 8,) 2)<8 4%+) K
83)*0 M&8 4VEGXMGI 8IWX
4 'LIQMGEP IZMHIRGI WLS[W XLEX TPEXIPIXW QMRYXI JPEX TSVXMSRW SJ MGI JSVQ MR XLI [EXIV
% |
ERH XLIR EGGVIXI ERH WXMGO XS XLI FSXXSQ SJ XLI MGI WLIPJ XS JSVQ E WPYWL TEVXMEPP] |
|
6 |
||
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%QIPXIH WRS[ 8LI WPYWL MW GSQTEGXIH F] ER YRORS[R QIGLERMWQ ERH WSPMH FYFFPI
+ |
JVII MGI MW JSVQIH JVSQ [EXIV LMKL MR WSPYFPI SVKERMG WYFWXERGIW ;LIR ER MGIFIVK |
6 |
|
% |
WITEVEXIW JVSQ XLI MGI WLIPJ ERH GETWM^IW XLI KVIIR MGI MW I\TSWIH |
4 |
|
, |
|
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8LI [SVH EGGVIXI MR XLI TEWWEKI MW GPSWIWX MR QIERMRK XS |
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EHZERGI |
|
XVERWJIV |
|
JPEXXIR SYX |
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GSQI XSKIXLIV |
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;LMGL SJ XLI JSPPS[MRK MW 238 I\TPEMRIH MR XLI TEWWEKI# |
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;L] FPSGOW SJ MGI FVIEO SJJ [LIVI KPEGMIVW QIIX XLI SGIER |
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;L] FPSGOW SJ WLIPJ MGI WSQIXMQIW GETWM^I EJXIV FVIEOMRK SJJ |
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;L] KVIIR MGIFIVKW EVI GSQQSRP] TVSHYGIH MR WSQI TEVXW SJ %RXEVGXMGE |
|
;L] KVIIR MGIFIVKW GSRXEMR PEVKI EQSYRXW SJ HMWWSPZIH SVKERMG TMKQIRXW |
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8LI TEWWEKI WYTTSVXW [LMGL SJ XLI JSPPS[MRK WXEXIQIRXW EFSYX XLI %QIV] -GI |
|
7LIPJ# |
|
8LI %QIV] -GI 7LIPJ TVSHYGIW SRP] KVIIR MGIFIVKW |
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8LI %QIV] -GI 7LIPJ TVSHYGIW KVIIR MGIFIVKW FIGEYWI MXW MGI GSRXEMRW LMKL PIZIPW |
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SJ QIXEPPMG GSQTSYRHW WYGL EW GSTTIV ERH MVSR |
|
8LI %QIV] -GI 7LIPJ TVSHYGIW KVIIR MGIFIVKW FIGEYWI XLI WIE[EXIV MW VMGL MR E |
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TEVXMGYPEV OMRH SJ WSPYFPI SVKERMG QEXIVMEP |
|
2S KVIIR MGIFIVKW EVI JSYRH JEV JVSQ XLI %QIV] -GI 7LIPJ |
|
-GIFIVKW EVI SVHMREVMP] FPYI XS [LMXI EPXLSYKL XLI] WSQIXMQIW ETTIEV HEVO SV STEUYI |
|
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FIGEYWI XLI] GEVV] KVEZIP ERH FMXW SJ VSGO 8LI] QE] GLERKI GSPSV [MXL GLERKMRK PMKLX |
|
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GSRHMXMSRW ERH GPSYH GSZIV KPS[MRK TMRO SV KSPH MR XLI QSVRMRK SV IZIRMRK PMKLX FYX |
|
4 |
XLMW GSPSV GLERKI MW KIRIVEPP] VIPEXIH XS XLI PS[ ERKPI SJ XLI 7YR EFSZI XLI LSVM^SR |
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% |
||
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6 |
,S[IZIV XVEZIPIVW XS %RXEVGXMGE LEZI VITIEXIHP] VITSVXIH WIIMRK KVIIR MGIFIVKW MR XLI |
|
% |
|
+;IHHIPP 7IE ERH QSVI GSQQSRP] GPSWI XS XLI %QIV] -GI 7LIPJ MR )EWX %RXEVGXMGE
6 |
3RI I\TPEREXMSR JSV KVIIR MGIFIVKW EXXVMFYXIW XLIMV GSPSV XS ER STXMGEP MPPYWMSR |
|
% |
||
4 |
[LIR FPYI MGI MW MPPYQMREXIH F] E RIEV LSVM^SR VIH 7YR FYX KVIIR MGIFIVKW WXERH SYX |
|
, |
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7 |
EQSRK [LMXI ERH FPYI MGIFIVKW YRHIV E KVIEX ZEVMIX] SJ PMKLX GSRHMXMSRW %RSXLIV |
WYKKIWXMSR MW XLEX XLI GSPSV QMKLX FI VIPEXIH XS MGI [MXL LMKL PIZIPW SJ QIXEPPMG GSQ
ERH
TSYRHW MRGPYHMRK GSTTIV ERH MVSR 6IGIRX I\TIHMXMSRW LEZI XEOIR MGI WEQTPIW JVSQ KVIIR MGIFIVKW ERH MGI GSVIWhZIVXMGEP G]PMRHVMGEP MGI WEQTPIW VIEGLMRK HS[R XS KVIEX HITXLWhJVSQ XLI KPEGMEP MGI WLIPZIW EPSRK XLI %RXEVGXMG GSRXMRIRX %REP]WIW SJ XLIWI GSVIW ERH WEQTPIW TVSZMHI E HMJJIVIRX WSPYXMSR XS XLI TVSFPIQ
6IEHMRK
0SSO EX XLI JSYV WUYEVIW ? A XLEX MRHMGEXI [LIVI XLI JSPPS[MRK WIRXIRGI GSYPH FI EHHIH XS XLI TEWWEKI
7GMIRXMWXW LEZI HMJJIVIH EW XS [LIXLIV MGIFIVKW ETTIEV KVIIR EW E VIWYPX SJ PMKLX GSRHMXMSRW SV FIGEYWI SJ WSQIXLMRK MR XLI MGI MXWIPJ
;LIVI [SYPH XLI WIRXIRGI FIWX JMX#
-GIFIVKW EVI SVHMREVMP] FPYI XS [LMXI EPXLSYKL XLI] WSQIXMQIW ETTIEV HEVO SV STEUYI FIGEYWI XLI] GEVV] KVEZIP ERH FMXW SJ VSGO 8LI] QE] GLERKI GSPSV [MXL GLERKMRK PMKLX GSRHMXMSRW ERH GPSYH GSZIV KPS[MRK TMRO SV KSPH MR XLI QSVRMRK SV IZIRMRK PMKLX FYX XLMW GSPSV GLERKI MW KIRIVEPP] VIPEXIH XS XLI PS[ ERKPI SJ XLI 7YR EFSZI XLI LSVM^SR 7GMIRXMWXW LEZI HMJJIVIH EW XS [LIXLIV MGIFIVKW ETTIEV KVIIR EW E VIWYPX SJ PMKLX GSRHMXMSRW SV FIGEYWI SJ WSQIXLMRK MR XLI MGI MXWIPJ
,S[IZIV XVEZIPIVW XS %RXEVGXMGE LEZI VITIEXIHP] VITSVXIH WIIMRK KVIIR MGIFIVKW MR XLI ;IHHIPP 7IE ERH QSVI GSQQSRP] GPSWI XS XLI %QIV] -GI 7LIPJ MR )EWX %RXEVGXMGE
3RI I\TPEREXMSR JSV KVIIR MGIFIVKW EXXVMFYXIW XLIMV GSPSV XS ER STXMGEP MPPY WMSR [LIR FPYI MGI MW MPPYQMREXIH F] E RIEV LSVM^SR VIH 7YR FYX KVIIR MGIFIVKW WXERH SYX EQSRK [LMXI ERH FPYI MGIFIVKW YRHIV E KVIEX ZEVMIX] SJ PMKLX GSRHM XMSRW %RSXLIV WYKKIWXMSR MW XLEX XLI GSPSV QMKLX FI VIPEXIH XS MGI [MXL LMKL PIZIPW SJ QIXEPPMG GSQTSYRHW MRGPYHMRK GSTTIV ERH MVSR 6IGIRX I\TIHMXMSRW LEZI XEOIR MGI WEQTPIW JVSQ KVIIR MGIFIVKW ERH MGI GSVIWhZIVXMGEP G]PMRHVMGEP MGI WEQTPIW VIEGLMRK HS[R XS KVIEX HITXLWhJVSQ XLI KPEGMEP MGI WLIPZIW EPSRK XLI %RXEVGXMG GSRXMRIRX %REP]WIW SJ XLIWI GSVIW ERH WEQTPIW TVSZMHI E HMJJIVIRX WSPYXMSR XS XLI TVSFPIQ
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hZIVXMGEP G]PMRHVMGEP MGI WEQTPIW VIEGLMRK HS[R XS KVIEX HITXLWhJVSQ XLI KPEGMEP MGI WLIPZIW EPSRK XLI %RXEVGXMG GSRXMRIRX %REP]WIW SJ XLIWI GSVIW ERH WEQTPIW TVSZMHI E HMJJIVIRX WSPYXMSR XS XLI TVSFPIQ
+3 32 83 8,) 2)<8 4%+) K
83)*0 M&8 4VEGXMGI 8IWX
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hZIVXMGEP G]PMRHVMGEP MGI WEQTPIW VIEGLMRK HS[R XS KVIEX HITXLWhJVSQ XLI KPEGMEP MGI WLIPZIW EPSRK XLI %RXEVGXMG GSRXMRIRX %REP]WIW SJ XLIWI GSVIW ERH WEQTPIW TVSZMHI E HMJJIVIRX WSPYXMSR XS XLI TVSFPIQ
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
3RI I\TPEREXMSR JSV KVIIR MGIFIVKW EXXVMFYXIW XLIMV GSPSV XS ER STXMGEP MPPY WMSR [LIR FPYI MGI MW MPPYQMREXIH F] E RIEV LSVM^SR VIH 7YR FYX KVIIR MGIFIVKW WXERH SYX EQSRK [LMXI ERH FPYI MGIFIVKW YRHIV E KVIEX ZEVMIX] SJ PMKLX GSRHM XMSRW %RSXLIV WYKKIWXMSR MW XLEX XLI GSPSV QMKLX FI VIPEXIH XS MGI [MXL LMKL PIZIPW SJ QIXEPPMG GSQTSYRHW MRGPYHMRK GSTTIV ERH MVSR 7GMIRXMWXW LEZI HMJJIVIH EW XS [LIXLIV MGIFIVKW ETTIEV KVIIR EW E VIWYPX SJ PMKLX GSRHMXMSRW SV FIGEYWI SJ WSQIXLMRK MR XLI MGI MXWIPJ 6IGIRX I\TIHMXMSRW LEZI XEOIR MGI WEQTPIW JVSQ KVIIR MGIFIVKW ERH MGI GSVIWhZIVXMGEP G]PMRHVMGEP MGI WEQTPIW VIEGLMRK HS[R XS KVIEX HITXLWhJVSQ XLI KPEGMEP MGI WLIPZIW EPSRK XLI %RXEVGXMG GSRXMRIRX %REP] WIW SJ XLIWI GSVIW ERH WEQTPIW TVSZMHI E HMJJIVIRX WSPYXMSR XS XLI TVSFPIQ
6IEHMRK
(MVIGXMSRW 
8LMW UYIWXMSR MW [SVXL TSMRXW
7IZIVEP WYKKIWXMSRW VERKMRK JVSQ PMKLX GSRHMXMSRW XS XLI TVIWIRGI SJ QIXEPPMG GSQTSYRHW LEZI FIIR SJJIVIH XS I\TPEMR [L] WSQI MGIFIVKW ETTIEV KVIIR
F
F
F
-GI GSVIW [IVI YWIH XS HIXIVQMRI XLEX KVIIR MGIFIVKW [IVI JSVQIH JVSQ XLI GSQTEGXMSR SJ QIXEPPMG GSQTSYRHW MRGPYHMRK GSTTIV ERH MVSR
%PP MGI WLIPZIW GER TVSHYGI KVIIR MGIFIVKW FYX XLI %QIV] -GI 7LIPJ MW IWTIGMEPP] [IPP WYMXIH XS HS WS
+VIIR MGIFIVKW JSVQ [LIR E X[S PE]IV FPSGO SJ MGI FVIEOW E[E] JVSQ E KPEGMIV ERH GETWM^IW I\TSWMRK XLI FSXXSQ WIE MGI XS ZMI[
-GI GSVIW ERH WEQTPIW VIZIEPIH XLEX FSXL MGI WLIPZIW ERH KVIIR MGIFIVKW GSRXEMR E PE]IV SJ FYFFP] KPEGMEP MGI ERH E PE]IV SJ FYFFPI JVII WIE MGI
+VIIR MGIFIVKW EVI [LMXI YRXMP XLI] GSQI MRXS GSRXEGX [MXL WIE[EXIV GSRXEMRMRK TPEXIPIXW ERH WSPYFPI SV KERMG KVIIR TMKQIRXW
-R E KVIIR MGIFIVK XLI WIE MGI GSR XEMRW PEVKI GSRGIRXVEXMSRW SJ SVKERMG QEXXIV JVSQ XLI WIE[EXIV
7834 8LMW MW XLI IRH SJ XLI 6IEHMRK WIGXMSR SJ 83)*0 M&8 4VEGXMGI 8IWX
