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Pbi Hgcoei Aohpcix
G Qtu`y fe Jfegeafgc Lrfccfgeai
B. Divfe Lyue
Eovihlir 70
@IEGCF FEZIQPO\Q, CCA
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@IEGCF FEZIQPO\Q, CCA
Aoetiets
Lgadmroue` 1
Arigtfem Cflirty Hi`fg - 7667 2
Pbi Cflirty Ietftfis 79
Zgcugtfoes 11
Qohi Bfstory 91
\ijirieais :> hfccfoe wortb oj gssits jroh
PAF, roumbcy bgcj tbi vgcui fe aglci systihs ge` tbi otbir bgcj fe
promrghhfem stgdis, hostcy hfeorfty fetirists fe shgcc ge` cgrmi
abgeeics.
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@IEGCF FEZIQPO\Q, CCA
Arigtfem Cflirty Hi`fg - 7667
Qourais; Vou Age li g Qtoad Hgrdit Miefus. Aglci Aowloy. Jfcfems.
Cflirty Hi`fg riturei` 79x tbi feftfgc fevisthietfe two yigrs Qbgriboc`irs riaifvi` rfmbts tbgt ietftci` tbih to ixabgemi sohi oj
tbifr PAF stoad jor sbgris fe tbi eiw aohpgey
Cflirty wgs fssufem g hgxfhuh oj oecy PAF sbgris. Igab rfmbt + 7: sbgris ojPAF (gt $7:) 8 7 sbgri oj Cflirty Hi`fg! 8 $
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@IEGCF FEZIQPO\Q, CCA
Arigtfem Cflirty Hi`fg - 7667
Qourais; Vou Age li g Qtoad Hgrdit Miefus. Aglci Aowloy. Jfcfems.
Hgcoei wgs mrgeti` eoetrgesjirglci optfoes to purabgsi 7>>,>>>
sbgris oj Cflirty gt prfai pir sbgri iqugc to $
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@IEGCF FEZIQPO\Q, CCA
Arigtfem Cflirty Hi`fg - 7667
Qourai; Aglci Aowloy; Kobe Hgcoei ge` tbi \fsi oj tbi Ho`ire Aglci Lusfeiss
Ly tbi suhhir oj 7661, sbgris tbgt feftfgccy soc` jor $>, sie`fem Hgcoeis fevisthiet oj $0>h
Jor Hgcoei, tbi trgesgatfoe wgs icimget mfvie tbi mgfes aghi wftbout
ieorhous feaohi tgxis, sfeai ft wgs struaturi` vfg stoad swgps,wbfab wiri eot tgxglci
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@IEGCF FEZIQPO\Q, CCA
Pbi Cflirty Ietftfis
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@IEGCF FEZIQPO\Q, CCA
Hgcoeis Gcpbglit Qoup
CHAG / CHAL / CHAD (Cflirty Hi`fg)
CL\@G / CL\@L / CL\@D (Cflirty Lrog`lge`)
WZAG / WZAL (Cflirty Fetirgatfvi)
CZEPG / CZEPL (Cflirty Zieturis)
CP\^G / CP\^L (Cflirty PrfpG`vfsor)
CLPVG / CLPVL / CLPVD (Cflirty Mcolgc)
QP\[G / QP\[L (Qtgrz)
Euhirous otbir aurriet ietftfis (@FQAG / @FQAL, GQAHG / GQAHL,
IR^I G/L, P\F^ G/L)
Euhirous otbir privfous ietftfis (PAF Zieturis, PAF Fetc, CQP[G /
CQP[L, CAG^G / CAG^L, CH@FG / CH@FL)
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@IEGCF FEZIQPO\Q, CCA
Hgcoei Qtrgtimy - Pbi Jcywbiic
Agsb jcow, ILFP@G pfoeiir
Pgx ijjfafieay / tgx `ijirrgc
Eit opirgtfem cossis, tgx sbfic`
Civirgmi, lucdbig`s
Iqufty sbrfed, opportuefstfa
Qyeirmfis / Qagci, borfzoetgc / virtfagc
Aost / Agpix ri`uatfoe
Qpfeojjs / \ivirsi Horrfs Prust / Hirmirs
Prgadfem stoads
Qtoad swgp / ixabgemis
Bgr` / sojt aoetroc, votfem stoad
@iaietrgcfzgtfoe
Kofet Zieturis
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@IEGCF FEZIQPO\Q, CCA
Abroeocomy
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@IEGCF FEZIQPO\Q, CCA
Ietfty Quhhgry
CHAG / CHAL / CHAD (Cflirty Hi`fg) - Boc`s QF\F, CVZ, otbir gssits CL\@G / CL\@L / CL\@D(Cflirty Lrog`lge`) - Boc`s ABP\, P]A,
otbir gssits
WZAG / WZAL (Cflirty Fetirgatfvi, Prgadfem stoad) - Boc`s WZA, BQEF,
otbir gssits
CZEPG / CZEPL (Cflirty Zieturis, Prgadfem stoad) - Boc`s IR^I, P]A,
ixabgemiglci `ilt, otbir gssits, tbi pulcfa bi`mi jue`
CP\^G / CP\^L (Cflirty Prfp G`vfsor Boc`fems) - Boc`s P\F^, Luy
Qigsoes
CLPVG / CLPVL / CLPVD (Cflirty Mcolgc) - Fetiregtfoegc aglciaoesocf`gtfoe
QP\[G / QP\[L (Qtgrz) - Aoetiet ietfty spfeojj jroh CHAG
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@IEGCF FEZIQPO\Q, CCA
CFEPG + CZEPG - 72.7>
CZEPG wgs spue ojj jroh CFEPG Gumust 7>, 7< gt$0> pir sbgri. Fe Eov 71, CZEPG fs $7 pir sbgri
CFEPG sbgris 8 7 CZEPG sbgri
1 CZEPG sbgris 8 7 \fmbt gt g % `fsaouet to `gy Z]G^
Gssits feacu`i ^ulcfa Boc`fems (P\F^, IR^I, P]R, P]A, FFCM, P\II, GOC) +Agsb + Pgx g`kusthiets
Cfglfcftfis feacu`i tgx-g`vgetgmi` ixabgemiglci ilt
Eo `gtis wiri mfvie fe gey jfcfems (to diip fevistors muissfem)
Oecy gpprovi` spfeojj oe Gumust 2, 7
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@IEGCF FEZIQPO\Q, CCA
CZEPG + CP\^G - 70.>2.
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@IEGCF FEZIQPO\Q, CCA
CFEPG 8 WZAG + \igttrflutfoe 70.7>.
CFEPG liaohis WZAG + \igttrflutfoe
WZAG (WZA Mroup)to boc` WZA ricgti` gssits, BQEF stgdi, AE\ stgdi,
Agsb, Airtgfe Cfglfcftfis
iAohhirai gssits (suab gs ^rovf`i Aohhirai, JP@ stgdi, Lgadaouetry.
aoh, Lo`ylufc`fem.aoh, Ivfti.aoh), Agsb, Airtgfe Cfglfcftfis
7 WZAG Qbgri 8 7 CFEPG Qbgri
iAohhirai gssits ($7.9l) + $7l agsb 8 :2h CZEPG sbgris
Qipgrgtfoe to bfmbcfmbt vgcui oj WZAG ge` iAohhirai gssits
Bfmbcfmbt mrowtb, hgrmfe ixpgesfoe, bf``ie gssits
Aoetfeui` gaaritfvi sbgri luylgads
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@IEGCF FEZIQPO\Q, CCA
WZA Mroup WZA Mroup, g trgadfem stoad (privfouscy CFEPG trgadfem stoad), aoesfsts oj
WZA, 12% oweirsbfp oj BQEF, ge` airtgfe gssits
Bfmbcfmbtfem WZA ieglcis g acigeir aohpgrglci gegcysfs
Qfhpcfjfi` struaturi gccows jor hori tgrmiti` sbgri ripurabgsis ge`
iqufty feaietfvis
WZA fs tbi cgrmist bohi sboppfem eitword fe tbi YQ
WZA bgs ge gttrgatfvi hgrmfe ge` agsb jcow projfci
Gttrgatfvi austohir lgsi tbgt ixbflfts stglci ge` bglftugc iemgmihiet
gatfvfty Quaaissjuc trgesftfoe to holfci ge` oecfei
Qfmefjfaget ripurabgsi gatfvfty
Ixpge`fem ojj-lgcgeai sbiit vgcui
WZAG Quhhgry
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@IEGCF FEZIQPO\Q, CCA
Cflirty Zieturis CZEPG, g trgadfem stoad, fs g aocciatfoe oj `fvirsfjfi` fevisthiets
CZEPG aoesfsts oj IR^I, FFCM, P\II, P]A, P]R, Qocgr, Agsb, Airtgfe
Cfglfcftfis
\igttrflutfoe trgesgatfoe risucti` fe g huab cgrmir pro jorhg ietfty wftb
sagci ge` g lrog` hge`gti
G``ftfoe oj tbi `fmftgc aohhirai gssits tbgt feacu`i Lgadaouetry.aoh,
Lo`ylufc`fem.aoh, AohhiraiBul, Ivfti, ^rovf`i Aohhirai (JP@
trgesgatfoe), ge` Pbi \fmbt Qtgrt
^otietfgc to uecoad vgcui ihli``i` fe `fmftgc aohhirai gssits ^ro jorhg agsb ixpiati` to li $
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@IEGCF FEZIQPO\Q, CCA
Cflirty PrfpG`vfsor Boc`fems CP\^G wgs arigti` 70.>2.
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@IEGCF FEZIQPO\Q, CCA
CHAG + CL\@G - 70.77.>9
CHAG spfeojj oj CL\@G CHAG (Cflirty Hi`fg) boc`s QF\F, CVZ, otbir gssits
CL\@G (Cflirty Lrog`lge`) boc`s ABP\, P]A, otbir gssits
7 CHAG sbgri 8 >.
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@IEGCF FEZIQPO\Q, CCA
Cflirty Hi`fg CHAG fs g boc`fem aohpgey wbfab owes vgrfous aoetroc ge` eoe-aoetroc
posftfoes
^ulcfacy trg`i` gssits feacu`i QF\F ge` CVZ gs wicc gs otbir pulcfa
boc`fems
^rfvgti gssits feacu`i tbi Gtcgetg Lrgvis HCL tigh ge` Droiedi Grieg
Aurrietcy, post tbi CL\@G spfeojj, strgtimfa fevisthiets QF\F ge` CVZ
gaaouet jor ovir 2>% oj EGZ jor CHAG
CHAG oweirsbfp oj QF\F fs 9=% ge` aoetfeui` luylgad gatfvfty gt QF\F
sbouc` fearigsi CHAG oweirsbfp ^otietfgc juturi trgesgatfoe to bfmbcfmbt vgcui oj QF\F gssits tbroumb
trgesgatfoe litwiie CHAG ge` QF\F
CHAG Quhhgry
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@IEGCF FEZIQPO\Q, CCA
Cflirty Lrog`lge` CL\@G fs g boc`fem aohpgey tbgt limge trg`fem 70.77.>9
CL\@G fs g puri pcgy oe tbi aoesocf`gtfoe oj tbi aglci fe`ustry
^ulcfacy trg`i` gssits feacu`i ABP\ ge` P]A
^rfvgti gssits feacu`i Prui^osftfoe
Qfhfcgr to tbi CZEPG rfmbts ojjirfem, CL\@G wfcc aoe`uat g rfmbts ojjirfem
gt g % `fsaouet
ABP\ stge`s to lieijft jroh 7) tbi aurriet AHAQG/P]A hirmir
struaturi (gssuhfem tbi hirmir fs aohpciti`) vfg tbi gssit swgp, gssit
purabgsi, spfeojj oj MrigtCge` (aurrietcy Hf`wist) Aglci, or
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@IEGCF FEZIQPO\Q, CCA
Qtgrz QP\[G fs g pgy ticivfsfoe eitword
QP\[G wgs g spfeojj (tiabefagccy tbi rihgfefem pgriet aohpgey) jroh
CHAG fe 71.>7.72
Hgfe simhiet fs Eitwords wbfab ojjirs tbi Qtgrz ge` Ieaori abgeeics
Oemofem trgesftfoe to fearigsi` orfmfegc promrghhfem, joccowfem tbi
suaaissjuc ixghpcis oj BLO, Qbowtfhi, ge` Eitjcfx
Qulstgetfgc luylgad promrgh ge` gttrgatfvi jrii agsb jcow
Hgegmihiet bgs stgti` tbi comfa oj QP\[G gs pgrt oj g cgrmir aohpgey
(g sgci oj QP\[G)
QP\[G Quhhgry
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@IEGCF FEZIQPO\Q, CCA
CLPVG + CFCG - 79.W7
CLPVG spfeojj oj CFCG CLPVG (Cflirty Mcolgc) boc`s Iuropi aglci, YD aglci, otbir gssits
CFCG (Cflirty CgtGh) boc`s Abfci aglci, ^uirto \fao aglci, otbir gssits
CLPVG sbgri 8 7 CFCG sbgri
Qipgrgtfoe to arigti puri pcgy Iuropige ge` Cgtfe Ghirfage iquftfis
Qipgrgtfoe to bfmbcfmbt vgcui oj CFCG gssits wftbfe CLPVG
Lotb Eiw CLPVG ge` CFCG wfcc li struaturi` gs trgadfem stoads
Gccow igab ietfty to pursui gpproprfgti vgcui arigtfoe pgtb
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@IEGCF FEZIQPO\Q, CCA
Cflirty Mcolgc CLPVG fs g boc`fem aohpgey jor fetiregtfoegc aglci gssits
Iuropige aglci provf`ir, oei oj cgrmist fe tbi worc`
Aori hgrdits YD, Mirhgey, Licmfuh, Qwftzircge`, ge` tbi Eitbircge`s
Borfzoetgc ge` virtfagc gaqufsftfoes
Lieijft oj sulstgetfgc EOCs
Civiri` iqufty sbrfed pcgylood
Eo `fvf`ie` vs piirs
Eiw CLPVG wfcc li struaturi` gs g trgadfem stoad
Arigtfoe oj ietfty to ripcfagti strgtimy jor Cgtfe Ghirfage hgrdits
CLPVG Quhhgry
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@IEGCF FEZIQPO\Q, CCA
Cflirty Cgtfe Ghirfag Ypoe sipgrgtfoe, CFCG wfcc li struaturi` gs g trgadfem stoad
CFCG wfcc arigti g puri pcgy rimfoegc ietfty
CFCG wfcc riprisiet opirgtfoes fe Cgtfe Ghirfag ge` tbi Agrfllige (CfCGA
Mroup)
Feftfgccy, CFCG wfcc bgvi gttrfluti` 7>>% fetirists fe ZP\ McolgcAoh ge`
ZP\ ]friciss, ge` :>% fetirist fe Cflirty Aglcivfsfoe oj ^uirto \fao
CFCG Quhhgry
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@IEGCF FEZIQPO\Q, CCA
Qohi Bfstory
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@IEGCF FEZIQPO\Q, CCA
Qohi Bfstory; Aohpoue`fem gt PAF
Qourai; Pbi Outsf`irs
$7 fevisti` gt tbi limfeefem oj tbi Hgcoei irg fe76=1 wgs wortb ovir $6>> ly 7662
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@IEGCF FEZIQPO\Q, CCA
Qohi Bfstory; Qpfes/Qpcfts gt PAF
Qourai; Pbi Outsf`irs
Cflirty Hi`fg wgs tbi jfrst fe g sirfis oj trgadfem stoads tbgt Hgcoei
arigti`, feacu`fem PAF Zieturis (jor Piciport, Qprfet/^AQ, ge` otbir eoe
aglci gssits) ge` PAF Fetiregtfoegc (jor PAFs oweirsbfp fe hfsaiccgeious
jorifme aglci gssits)
Hgcoei stgrti` wftb tbi spfeojj oj ]istire Pici-Aohhuefagtfoes
hfarowgvi lusfeiss fe 7627
Ly tbi tfhi oj tbi sgci to GP&P, PAF bg` spue ojj g rihgrdglci sivie
`fjjiriet ietftfis to sbgriboc`irs
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@IEGCF FEZIQPO\Q, CCA
* Lgsi` oe tbi aurriet sbgri aouet gt fstrflutfoe/ixabgemi, f.i., gjtir stoad spcfts** Oei ixabgemi rfmbt to tie`ir 7: PAF sbgris oj iftbir acgss wiri gwgr i` jor iviry > sbgris bic`
Qourai; A\Q^, PAF Geeugc \iports
Qourai; ]fccfgh Pbore`fdi
Cfstfem pirfo`
@fstrflutfoe/ixabgemi tirhs*
@fstrflutfoe oj 7;7 jor PAF Acgss G
@fstrflutfoe oj 7; jor PAF Acgss G
@fstrflutfoe oj 7; jor PAF Acgss L
@fstrflutfoe oj 7;71 jor PAF Acgss G
@fstrflutfoe oj 7;71 jor PAF Acgss L
Pie`ir oj 7;7: jor PAF Acgss G**
Pie`ir oj 7;7: jor PAF Acgss L**
@fstrflutfoe oj 7;0 jor PAF Acgss G
@fstrflutfoe oj 7;0 jor PAF Acgss L
@fstrflutfoe oj 7;0 jor PAF Acgss G
@fstrflutfoe oj 7;0 jor PAF Acgss L
Ixabgemi oj
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@IEGCF FEZIQPO\Q, CCA
Qohi Bfstory; FGAF & Lgrry @fccir
Qourai; Fevistors ]icaohi FGA Qpfeojj
Pbi aurriet stgdis fe IR^I, P\F^ (IR^I Qpfe), FFCM, P\II, CVZ (PDPH)
aghi jroh oei aohpgey, FGAF, wbfab orfmfegccy aohpciti` g jfvi-wgy
spfeojj fe >2
Cflirty owei` glout 1>% oj FGAF aohhoe ge` glout :
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@IEGCF FEZIQPO\Q, CCA
Eovihlir 0, 70 -CHAG spfe-ojj oj CL\@G.Cflirty Hi`fg aohpciti` tbi spfe-ojj oj Cflirty Lrog`lge`. Igab boc`ir oj Cflirty Hi`fg Qirfis
G/L/A Aohhoe Qtoad (CHAG/CHAL/CHAD)riaifvi` oei-jourtb oj g sbgri oj tbi aorrispoe`fem sirfis oj Cflirty Lrog`lge` Aohhoe Qtoad
(CL\@G/CL\@L/CL\@D). Fhhi`fgticy gjtir tbi spfe-ojj, tbi tgx lgsfs oj igab CHAG/CHAL/CHADsbgri bic` prfor to tbi spfe-ojj wfcc li
gccoagti` litwiie tbi orfmfegc sbgri ge` tbi eiw sbgri fssui` gs pgrt oj tbi spfe-ojj. Agsb wgs fssui` fe cfiu oj jrgatfoegc sbgris. Acfad biri
jor lgsfs gccoagtfoe
Oatolir , 70- WZAG rigttrflutfoe wftb CZEPG.Pbi WZA Mroup (jorhircy rijirri` to gs tbi Cflirty Fetirgatfvi Mroup) ge` Cflirty
Zieturis Mroup aohpciti` g rigttrflutfoe trgesgatfoe tbroumb wbfab tbi WZA Mroup sbgriboc`irs ("WZAG ge` WZAL") riaifvi` g `fstrflutfoe
oj >.70 hfccfoe fe agsb wiri rigttrfluti` jroh tbi WZA Mroup to tbi Cflirty
Zieturis Mroup. Agsb wgs pgf` fe cfiu oj jrgatfoegc sbgris. Fhhi`fgticy gjtir tbi rigttrflutfoe, tbi tgx lgsfs oj igab WZAG/WZAL sbgris bic`
prfor to tbi rigttrflutfoe wfcc li gccoagti` litwiie tbi orfmfegc sbgris ge` tbi eiw CZEPG/CZEPL sbgris `fstrfluti`. Acfad biri jor LgsfsGccoagtfoe.
Kucy > p.h. [email protected]. tfhi oe Kucy =, 70, tbi riaor`
`gti jor tbi `fvf`ie`, riaifvi` g `fvf`ie` oj two sbgris oj Qirfis A aohhoe stoad jor igab sbgri oj Qirfis G or Qirfis L aohhoe stoad bic` ly
tbih gs oj tbi riaor` `gti. Acfad biri jor lgsfs gccoagtfoe
Gumust
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@IEGCF FEZIQPO\Q, CCA
Kgeugry 71, 71 - CHAG spfe-ojj oj QP\[G.Ijjiati` ly Oc` CHA, (f) gcc oj tbi lusfeissis, gssits, ge` cfglfcftfis oj Oc` CHA, otbir tbge Qtgrz,
CCA,wiri aoetrfluti` to Cflirty Qpfeao, Fea., g jorhir sulsf`fgry oj Oc` CHA4 (ff) Oc` CHA wgs rieghi` Qtgrz (QP\[)4 (fff) Cflirty Qpfeao, Fea.
wgs rieghi` Cflirty Hi`fg Aorporgtfoe (Eiw CHA)4 ge` (fv) gcc oj tbi stoad oj Eiw CHAG `fstrfluti` oe Kgeugry 77, 71 to tbi boc`irs oj
riaor` oj Oc` CHA stoad oe tbi riaor` `gti. Acfad biri jor Lgsfs Gccoagtfoe.
Gumust 7>, 7
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@IEGCF FEZIQPO\Q, CCA
Kuei 2, >0,Cflirty Hi`fg Fetiregtfoegc Qpfe Ojj jroh Cflirty Hi`fg; >.>9 sbgris oj CLPVG/CLPVL fssui` jor igab 7 sbgri oj C/CHA.L.
Acfad biri jor Lgsfs Gccoagtfoe.
Oatolir 17, >.>0 trgesjirglci sulsarfptfoe rfmbts fssui` jor igab sbgri oj Qirfis G
aohhoe stoad ge` Qirfis L aohhoe stoad bic`. Igab wboci rfmbt ietftci` tbi boc`ir to purabgsi oei sbgri oj Qirfis G aohhoe stoad gt g
sulsarfptfoe prfai oj $:.>> pir sbgri.
Gumust 7>, >7, Cflirty Hi`fg Qpcft Ojj jroh GP&P; Igab sbgri oj CHM.G/L ixabgemi` oe g 7 jor 7 lgsfs jor sbgris oj tbi eiw Cflirty
Hi`fg Qirfis G ge` Qirfis L Aohhoe stoad, trg`fem oe tbi Eiw Vord Qtoad Ixabgemi ue`ir tbi syhlocs CHA.G ge` CHA.L rispiatfvicy.
Kuei 6, >>,7109 sbgri PAOHG jor igab sbgri oj CLPVG bic` oe Gumust 0, 76604 >.>790< sbgri
PAOHL jor igab sbgri oj CLPVL bic` oe Gumust 0, 7660
Kgeugry 71, 766=,1-jor-< Qtoad Qpcft; 7 g``ftfoegc sbgri oj CLPVG jor iviry < sbgris oj CLPVG ge` CLPVL
Gumust 7>, 7669,`fstrflutfoe oj Cflirty trgadfem stoad; >..6=9 sbgris PAOHG/L jor igab sbgri oj CLPVG/L4 7 sbgri PAOH^ jor igab sbgri oj CLPV^
Hgrab 7=, 7661,
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@IEGCF FEZIQPO\Q, CCA
Gs you cood lgad gt your agriir, wfcc you sbgri sohi ixghpcis oj your host suaaissjuc fevisthiets?
Hy host suaaissjuc fevisthiet fevocvi` oei oj tbi ixiautfvis tbgt F bgvi ge ieorhous ghouet oj rispiat jor, Kobe
Hgcoei.Kobe jor yigrs big`i` up Pici-Aohhuefagtfoes (PAF), wbfab wgs tbi lfmmist aglci aohpgey fe tbi lusfeiss. Fe tbi igrcy
766>s, bi `iaf`i` to spfe ojj Cflirty Hi`fg, wbfab wgs g aocciatfoe oj PAFs promrghhfem ge` aglci eitword gssits, ge` bi `f` ft
fe typfagc Kobe Hgcoei jgsbfoe. Ft wgs g viry aohpcfagti` spcft-ojj, eot g spfeojj. Pbiy sit up ge ixabgemi rgtfo litwiie
Cflirty ge` PAF tbgt piopci `f`et ue`irstge`. Pbi prospiatus wgs `guetfem. Kobe put cow vgcugtfoes oe tbi gssits, liagusi
eoei oj tbih wiri trg`i` pulcfacy. F tboumbt ft wgs ge ieorhouscy gttrgatfvi sftugtfoe.
]i `iaf`i` wi stfcc covi` PAF. ]i `f`et wget to mfvi up our oweirsbfp, so wi wiet out fe tbi opie hgrdit ge` loumbt ieoumb
PAF sbgris to sulhft feto tbfs spcft-ojj so tbgt wi wouc` owe glout 79% oj Cflirty Hi`fg, gs wicc. Ge` tbie wi gatugccy loumbt
sohi rfmbts ge` tboumbt hgyli wi wouc` uctfhgticy owe 72% or 76% oj Cflirty Hi`fg.
Pwo `gys lijori tbi `igc acosi`, F mot g agcc jroh Kobe Hgcoei liagusi bi deiw wbgt F wgs `ofem.Bi sgf`, Mor`y, ciss
tbge bgcj tbi piopci gri mofem to ixirafsi tbifr rfmbts to trg`i feto tbi spcft-ojj, so youri mofem to owe 01% oj Cflirty Hi`fg.
F tgcdi` to our cgwyirs ge` wi jfmuri` out tbgt, gctboumb tbi oweirsbfp cfhft wgs %, wi wiri oecy mofem to bgvi glout 7
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@IEGCF FEZIQPO\Q, CCA
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Aglci Aowloy; Kobe Hgcoei ge` tbi \fsi oj tbi Ho`ire Aglci Lusfeissly Hgrd \olfabgux
Pbi Lfccfoegfri Qbicc Mghi; Bow Aglci Lgroe Kobe Hgcoei ge` Gssorti`
Aorporgti Pftges Fevieti` g Juturi Eolo`y ]geti`ly C.K. @gvfs
Ie` oj tbi Cfei; Pbi \fsi ge` Jgcc oj GP&P ly Ciscfi Aguciy
Pbi Outsf`irs ly ]fccfgh Pbore`fdi
Vou Age li g Qtoad Hgrdit Miefus ly Koic Mriielcgtt
Grtfacis
^riss \icigsis
Jfcfems