FC[KR[[CLE FZ@IV - ELV ICE@A
KZB@VBF LE :406-40-0>
@atcus Kaluf, Cek. I`cr H`rgbt Y`aub li tnb Klhhle [tlkg `s li M`eu`ry 0?tn, :406
[uhh`ry li Y`au`tcle Beo`obhbet Vncs cs ` v`au`tcle (tnb "@ppr`cs`a") li tnb prcv`tb bqucty li @atcus Kaluf, Cek. (tnb "Klhp`ey") `s li M`eu`ry 0?tn, :406 (tnb "@ppr`cs "@ppr`cs`a `a F`tb"). F`tb"). Trbibrrbf Trbibrrbf Zbture, Cek. ("Trbibrrb ("Trbibrrbf f Zbture") Zbture") w`s beo`obf beo`obf tl prlvcfb prlvcfb tncs lpcecle lpcecle li tnb i`cr h`rgbt v`aub ("IHY") li leb sn`rb li @atcus Kaluf, Cek. le ` kalsbay-nbaf, hcelrcty j`scs (tnb "Y`aub"), sujmbkt tl tnb cekaufbf [t`tbhbet li Achctceo Klefctcles. Lur lpcecle cs tn`t tnb Y`aub le tnb @ppr`cs`a F`tb w`s=
[bkurcty [bku [b kurc rcty ty Ka`ss Ka`s Ka `sss
Iuaa Iu Iuaay Iua aay ayy Fc Fcau Fcautb Fca autb utbf tbf f [n [n`r [n`rbs [n` `rbs rbs bs
I`cr I`cr H`rgbt H`rgbt Y`aub Y`aub
Klhhle [tlkg
3,??6,444
$4.:;: pbr sn`rb
Fbicectcle li I`cr H`rgbt Y`aub Ce tncs `e`ayscs wb n`vb ilaalwbf tnb fbicectcle sbt ilrtn jy tnb Cetbre`a Zbvbeub [brvckb `ef tnb klurts= I`cr H`r I`cr `rggbt Y` Y`au aubb cs fbi bicceb ebf f `s tn tnbb `h `hllue uett `t wn wncckn tn tnbb prlp lpbr brty ty wlu luaf af kn kn`e `eob ob n` n`ef efss jbt btwb wbbe be ` wca caac aceo eo ju juyb ybrr `e `ef f ` wca caac aceo eo sb sbaa aabr br,, wn wnbe be tn tnbb il ilrrhb hbrr cs el eltt ue uefb fbrr kl klhp hpua uasscl cle e tl ju juyy `e `ef f tn tnbb a` a`tt ttbr br cs el eltt ue uef fbr `e `eyy kl klhp hpua uasc scle le tl sba baa, a, jl jltn tn p`rtcbs n`vceo rb`sle`jab rb`sle`jab gelwabfob li tnb rbabv`et i`kts.
:
Y`au`tcle @pprl`kn _b ilaalwbf @CKT@'s Y`au`tcle li Trcv`tbay-Nbaf Klhp`ey Bqucty [bkurctcbs Cssubf `s Klhpbes`tcle (tnb "Tr`ktckb @cf") `ef tnb slurkbs acstbf ce tnb @ppbefckbs, klhpabtceo tnb ilaalwceo stbps, `ef rbmbktceo hbtnlfs wb ibat wbrb uesuct`jab=
0. Bst`jacsn Refbrayceo @ssuhptcles ∝ ∝ Vbrh, Yla`tcacty, ∝ Yla`tcacty, Z`tb
∝ ∝ Ilrbsbbe ∝ Ilrbsbbe Bvbets
∝ ∝ Jrb`gplcet ∝ Jrb`gplcet _`tbri`aa
_b usbf tnb kalsbst Vrb`sury r`tb tl tnb bxpbktbf tbrh, `ef tnb tnb ncst ncstlr lrck` ck`aa vla` vla`tc tcac acty ty li klhp`r`jab pujack pbbrs lvbr tnb s`hb pbrclf.
_b `kkluetbf ilr `ey prlm prlmbk bktb tbf f ice`e ice`ekc kc`a `a bvbe bvbets ts usceo oucf`ekb irlh h`e`obhbet.
_b allgbf `t tnb Klhp`ey's gelw`jab k`pct`a strukturb `ef ilu iluef tnb acqucf`tcle `hluets `t wnckn tnb ka`ch le v`aub kn`eobs.
∝ ∝ Klhp`r`jabs ∝ Klhp`r`jabs
∝ ∝ J`kgslavb ∝ J`kgslavb Hlfba
∝ ∝ Ceklhb ∝ Ceklhb Hbtnlf
Vnb Klhp`ey flbs elt n`vb beluon BJCVF@ tl jb hb`e hb`ece ceoi oiua ua,, sl wb usbf usbf ` klhp`r`jab s`abs huatcpab. _b knls knlsbb klhp klhp`r `r`j `jab abss wctn wctn schca`r ice`ekc`a `ttrcjutbs.
Zbayceo le tnb chpacbf lptcle krb`tbf jy tnb [brcbs K Trbibrrbf [tlkg, wb fbtb fbtbrh rhce cebf bf tnb tnb bxct bxct v`au v`aubb wnbrb tnlsb cevbstlrs wluaf jrb`g bvbe.
Zbay Zbayce ceoo le h`e` h`e`ob obhb hbet et ilrb ilrbk` k`ssts, ts, wb jucat ucat `ef `ef `e`ayz `e`ayzbf bf ` fcsklu fcskluetb etbf f k`sn k`sn ialw hlfba.
∝ ∝ Ja`kg ∝ Ja`kg [knlabs LTH
^ Bxpbktbf Zbture Zbture
^ Kurrbet Y`aub Hbtnlf Hbtnlf
_b `aal `aalk` k`tb tbf f v`au v`aubb tl tnb tnb k`pc k`pct` t`aa stru strukt ktur urbb usce usceoo tnb tnb Ja`kg [knlabs lptcle prckceo prckceo hlfba.
_b ibat prlmbktceo ` prlj`jab acqucf acqucfcty cty bvbet bvbet `t tncs tncs st`ob st`ob wluaf jb tll spbkua`tcvb, sl wb rbmbktbf tncs hbtnlf.
_b rbmb rbmbkt ktbf bf tncs tncs `ppr `pprl` l`kn kn jbk`usb ct flbs elt v`aub tnb Klhp`ey `s ` olceo klekbre.
∝ ∝ [bklef`ry ∝ [bklef`ry @ktcvcty
^ Hcelrcty Hcelrcty Fcskluet
_b ceklrplr`tbf ceilrh`tcle `jlu `jlutt tr`e tr`es` s`kt ktcl cles es ce tnb tnb Klhp`ey's klhhle bqucty.
_b knls knlsbb elt elt tl `ppay pay ` hcelrcty fcskluet ocvbe rbkbet klhhbets klhhbets jy rboua`tlrs rboua`tlrs `ef `ufc `ufctl tlrs rs klek klekbr brece eceoo tnbc tnbcrr `ppa `ppack ck``jcac jcacty ty tl prcv prcv`t `tbb klhp`ecbs.
:. K`akua`tb Betbrprcsb Y`aub
;. @aalk`tb Betbrprcsb Y`aub
6. Klhhle Klescfbr`tcle ∝ ∝ H`rgbt`jcacty ∝
Fcskluet _b k`akua`tbf tnb H`rg H`rgbt bt`j `jca cact ctyy Fcsk Fcsklu luet et qu`e qu`etc tct` t`tc tcvb vbay ay usce usceoo put put lptcle hlfbas.
;
Juscebss Lvbrvcbw Klhp`ey Fbskrcptcle @atcus Kaluf, Cek. ("@atcus") ("@atcus") w`s ceklrplr`tbf ceklrplr`tbf M`eu`ry 2tn, 2tn, :443 `ef ctct cs nb`fqu`rtbrbf ce [`e Ir`ekcskl, K`acilrec`, wctn liickbs liickbs ce Ebw Slrg, ES, `ef @ustce, V^. @atcus cs ` kaluf klhputceo `ef nlstceo klhp`ey wctn spbkc`acz`tcle ce sbrvbr ceir`strukturb sbrvckbs. Vnb klhp`ey n`s fbvbalpbf ` sbrvbr lpbr`tceo systbh fbscoebf tl nbap sbrvbrs rue tnlus`efs li sbrvbrs tnbhsbavbs. Vnb @atcus lpbr`tceo systbh cs `e lptchczbf `ef hlfcicbf Aceux fcstrcjutcle chprlvbf usceo tnb klhp`ey's lwe CT. Vnb klhp`ey n`s fbscoebf cts lpbr`tceo systbh tl jb betcrb lpbe-slurkb tl prclrctczb tnb fbvbalphbet li tnb tbknelaloy lvbr ltnbr klekbres. Vnb klhp`e klhp`eyy sbbgs sbbgs tl be`jab be`jab tncrf tncrf p`rtcb p`rtcbss tl lpbr`t lpbr`tbb h`sscv h`sscvbay bay sk`a`j sk`a`jab ab sbrvbr sbrvbr ceir`s ceir`stru truktu kturb rb le tnbcr tnbcr lwe lwe tnrluo tnrluon n tnb klhp`e klhp`ey's y's lpbr`tceo systbh. Vnb acontwbcont `ef hlfua`r e`turb li tnb lpbr`tceo systbh i`kcact`tbs tnb sk`a`jcacty li systbhs jucat `rluef ct. Vnb klhp`ey's lpbr`tceo systbh cs cetbefbf tl gbbp sbrvbrs up-tl-f`tb `utlelhlusay cefbpbefbet li lpbr`tceo systbh vbrscle upf`tbs. @atcus j`sbf systbh's wcaa jb rb`f-leay sl tnb betcrb iabbt li sbrvbrs rueeceo tnb lpbr`tceo systbh wcaa jb hlrb st`ef`rfczbf `ef kurrbet tn`e cs typck`a wctn rb`f/wrctb lpbr`tceo systbhs. Vnb klhp`ey cetbefs cts prlfukt tl ab`f tl quckgbr rbsplesbs tl ebw tbknelalocbs, abss flwetchb, rbfukbf str`ce le sbrvbr `fhcecstr`tlrs, `ef chprlvbf sbrvbr sbkurcty.
H`e`obhbet Vb`h H`rsn`aa E. G`eo Kl-Iluefbr `ef KBL
Irlh 033? tl :44> Hr. G`eo w`s tnb kn`crh`e `ef KBL li Lxilrf [bhcklefuktlrs, Cek. ` nlafceo klhp`ey tn`t lpbr`tbs tnrluon cts sujscfc`rcbs tl h`eui`kturb, p`kg`ob, `ef tbst cetbor`tbf kcrkucts. Irlh 0330 tl 033? Nb sbrvbf `s Yckb Trbscfbet li OHC H`eui`kturceo Cetbre`tcle`a, ` pujackay tr`fbf klhp`ey spbkc`aczceo ce tnb tr`fb li cetbor`tbf kcrkucts `ef ltnbr sbhcklefuktlr sbrvckbs, `s wbaa `s h`eui`kturceo `ef fbscoeceo sbhcklefuktlr h`sgs. Refbr Hr. G`eo–s ab`fbrsncp OHC–s s`abs orbw irlh $?2 hcaacle tl $024 hcaacle. Trclr tl OHC, nb sbrvbf `s Fbputy Obebr`a H`e`obr li Oalj`a Juscebss `ef H`rgbtceo `t Vc`emce Klrplr`tcle. Jbilrb mlceceo Vc`emce, Hr. G`eo wlrgbf ce v`rclus h`e`obhbet plsctcles `t @stbaa`s Cetbre`tcle`a `ef n`s prbvclusay sbrvbf le tnb jl`rfs li Rectbkn Cetbre`tcle`a `ef Cetbrobe [ystbhs, Cek. Hr. G`eo rbkbcvbf ncs HJ@ `t Klauhjc` Recvbrscty, `ef ` J`knbalrs fborbb ce Klhputbr [kcbekb irlh [t`eilrf Recvbrscty.
Mlne Z`cebs Kl-Iluefbr `ef KLL
Mlne Z`cebs kl-iluefbf @atcus `ef n`s sbrvbf `s cts Kncbi Lpbr`tcle Liickbr scekb cekbptcle. Fr. Z`cebs prbvclusay sbrvbf `s Trbscfbet li VbknAlock [bhcklefuktlr Atf.'s _lrafwcfb [`abs `ef @ppack`tcles Beocebbrceo scekb H`rkn :44?, Yckb Trbscfbet li [`abs `ef @ppack`tcles Beocebbrceo scekb M`eu`ry :44;, `ef `s cts Fcrbktlr li @ppack`tcles Beocebbrceo irlh Muay 033> tl M`eu`ry :44;. Irlh [bptbhjbr 0339 tl H`y :442, Fr. Z`cebs `asl sbrvbf `s ` hbhjbr li cts jl`rf li fcrbktlrs. Fr. Z`cebs nlafs ` J.[.B.B. irlh Trcekbtle Recvbrscty `ef `e H.[.B.B. `ef Tn.F. ce babktrck`a beocebbrceo irlh tnb Recvbrscty li K`acilrec` `t Jbrgbaby.
[tbpnbe V`yalr, HJ@ Kncbi Ice`ekc`a Liickbr
Jbilrb mlceceo @atcus ce :443, Hr. V`yalr sbrvbf `s KIL `t VbknAlock [bhcklefuktlr Atf., ` purb-pa`y cefbpbefbet spbkc`aty w`ibr iluefry. Trclr tl tn`t, nb sbrvbf `s Kletrlaabr `t Vc`emce [bhcklefuk [bhcklefuktlr tlr Klrplr`tc Klrplr`tcle le (VC[K), (VC[K), `e cevbsthbe cevbsthbett nlafceo nlafceo klhp`ey klhp`ey tn`t h`eui`ktur h`eui`kturbs bs pa`stck pa`stck p`kg`obf fclfbs. Trclr tl ncs plsctcle wctn VC[K, Hr. V`yalr spbet 0; yb`rs `s [beclr @kkluet`et wctn TrltlVbkn Cetbre`tcle`a Nlafceos, Atf. Nb nlafs ` J`knbalr–s fborbb ce Ice`ekb irlh tnb Recvbrscty li K`acilrec` Als @eobabs.
6
F`vcf ]n`eo Yckb Trbscfbet li Juscebss Fbvbalphbet
Trclr tl @atcus, Hr. ]n`eo sbrvbf `s [beclr Fcrbktlr li ackbesceo `ef juscebss fbvbalphbet `t [n`eon`c [bhcklefuktlr H`eui`kturceo Klhp`ey. Nb mlcebf Cetbrobe [ystbhs, Cek. ce 0334 `s Fcrbktlr li Ebw Juscebss Fbvbalphbet, `ef w`s rbsplescjab ilr ackbesceo `ktcvctcbs ce v`rclus sbhcklefuktlr sbrvckbs. Hr. ]n`eo w`s `asl rbsplescjab ilr prlvcfceo sbhcklefuktlr tbst sbrvckbs, p`rtckua`ray ilr hcxbf-scoe`a sbhcklefuktlrs tn`t pbrilrh jltn `e`alo `ef fcoct`a iuektc iuektcles les.. Trclr Trclr tl Cetbro Cetbrobe be nb spbet spbet scx yb`rs yb`rs `s sbeclr sbeclr rbsb`r rbsb`rkn kn skcbet skcbetcst cst `t FulVbk FulVbkn n Cetbre`tcle`a wnbrb nb klefuktbf rbsb`rkn le pa`stck p`kg`obf fclfbs, oa`ss p`kg`obf fclfbs, `ef jrcfob rbktcicbrs. Hr. ]n`eo nlafs ` TnF ce Jclbabktrck`a Beocebbrceo irlh HCV `ef ` J`knbalr's fborbb ce Babktrck`a [kcbekb `ef Beocebbrceo irlh V`hg`eo Recvbrscty, V`cw`e.
2
Cefustry Fbskrcptcle Ta`tilrh-`s-`-sbrvckb (T``[) prlvcfbs ` kaluf klhputceo pa`tilrh `ef ` slautcle st`kg `s ` sbrvckb tl kustlhbrs. Vbkneck`aay, ` T``[ cs `e `ppack`tcle pa`tilrh klhprcsbf li `e lpbr`tceo systbh, hcffabw`rb `ef ltnbr slitw`rb tn`t `aalws `ppack`tcles tl rue le tnb kaluf, wctn hukn li tnb h`e`obhbet, sbkurcty, sk`aceo `ef ltnbr st`kg rba`tbf fciickuatcbs `jstr`ktbf `w`y. Vncs `aalws fbvbalpbrs tl ilkus le fbvbalpceo tnbcr `ppack`tcle. Vnb pa`tilrh h`e`obs systbh `fhcecstr`tcle fbt`cas sukn `s sbttceo up sbrvbrs lr YHs, cest`aaceo acjr`rcbs ir`hbwlrgs `ef kleicourceo tbstceo tllas wncab kustlhbrs kletrla slitw`rb fbvbalphbet `ef kleicour`tcle sbttceos. @s ` rbsuat, T``[ liibrceos rbfukb tnb klst `ef klhpabxcty li juyceo `ef h`e`oceo tnb uefbrayceo n`rfw`rb `ef slitw`rb `ef prlvcscleceo nlstceo k`p`jcactcbs. T``[ cs `e lutorlwtn li [litw`rb-`s-`-[brvckb, ` slitw`rb fcstrcjutcle hlfba ce wnckn nlstbf slitw`rb `ppack`tcles `rb h`fb `v`ca`jab tl kustlhbrs lvbr tnb Cetbrebt. Vnb rb`ah li sbrvckbs T``[ pltbetc`aay liibrs cekaufbs `ppack`tcle fbvbalphbet `ef tbstceo, prlvcfceo `e lpbr`tceo bevcrlehbet, juscebss `e`aytcks, pa`tilrh cetbor`tcle `ef f`t` h`e`obhbet sbrvckbs. T``[ prlvcfbrs n`vb tnb k`p`jcacty tl sust`ce sbvbr`a kustlhbrs ce ` sceoua`r fbvbalphbet bevcrlehbet. T``[ pa`tilrhs fciibrbetc`tb j`sbf le tnb prlor`hhc prlor`hhceo eo a`eou`obs a`eou`obs `ef ir`hbwlrg ir`hbwlrgss supplrtbf, supplrtbf, nlstceo bevcrlehbe bevcrlehbets ts supplrtbf supplrtbf `ef sk`a`jcacty sk`a`jcacty `ef bxtbes bxtbescjc cjcact actyy li tnb T``[. T``[. Hlrb Hlrb `fv`ek `fv`ekbf bf pa`til pa`tilrhs rhs n`efab n`efab huatcp huatcpab ab prlor prlor`hh `hhceo ceo a`eou` a`eou`obs obs,, `aalwc `aalwceo eo fbvbal fbvbalpbr pbrss tl klfb klfb ce tnbcr tnbcr prbibrrbf a`eou`ob. @ffctcle`aay, `fv`ekbf pa`tilrhs supplrt huatcpab nlstceo bevcrlehbets, wnbtnbr pujack kaluf, prcv`tb kaluf, kaluf, alk`a nypbrvcslr nypbrvcslr lr j`rb hbt`a. Vncs `aalws tnb `ppack`tcl `ppack`tcle e fbvbalpbr fbvbalpbrss tl hcor`tb tnbcr `ppack`tc `ppack`tcle le `s ebbfbf. ebbfbf. Ice`aay, Ice`aay, bxtbescjcacty `ef sk`a`jcacty prlvcfbs iabxcjcacty tl fbvbalpbrs, `aalwceo tnbh tl `ff k`p`jcactcbs tl tnb T``[ `ef `utl-sk`ab tl n`efab tnb cekrb`sbf al`f li `e `ppack`tcle. Vnb oalj`a kaluf klhputceo cefustry cs bstch`tbf `t $;2.9 jcaacle `s li a`tb :40;. Kaluf klhputceo `s `e cefustry cs bxpbrcbekceo jrl`f `ef rljust orlwtn n`vceo quckgay orlwe tl cts prbsbet sczb. Ncon orlwtn r`tbs `rb `etckcp`tbf tl kletceub ilr tnb ilrbsbb`jab iuturb `s tnb cefustry jbebicts irlh `ffctcle`a ceelv`tcles `ef i`vlr`jab trbefs ce jltn tbknelaloy `ef juscebss pr`ktckbs. pr`ktckbs. Vnb kaluf klhputceo klhputceo `ef kaluf klhputceo klhputceo sbrvbs h`rgbt cs `etckcp`t `etckcp`tbf bf tl rb`kn `s hukn `s $:42 jcaacle jcaacle jy :40>. Ebw tbknelalocbs be`jaceo jbttbr vcrtu`acz`tcle `rb `aalwceo tnb cefustry tl rb`aczb cekrb`sb klst s`vceos `ef orb`tbr `ocacty ilr kacbet juscebssbs. Vnb cefustry cs jltn bxkbptcle`aay i`st orlwceo `t prbsbet `ef p`rtckua`ray krlwfbf. [ujsbts li tnb cefustry `rb kletceu`aay jbceo ceelv`tbf `ef cevbetbf `aalwceo ebw betry plcets cetl tnb h`rgbt ilr st`rt-ups tn`t hcont ltnbrwcsb jb krlwfbf lut li bst`jacsnbf sbktlrs li tnb kaluf-klhputceo cefustry. H`ey sujsbts, sukn `s tnb T``[ icbaf, `rb bxpbrcbekceo ncon r`tbs li orlwtn `ef n`vb bevc`jab `kkbss tl cevbsthbet k`pct`a.
9
Bklelhck Klefctcles Zbplrt F`tbf= Fbkbhjbr 6, :40; Bklelhck Zbvcbw Zbplrt Zbplrtss irlh irlh tnb twbavb twbavb Ibfbr` Ibfbr`aa Zbsbrv Zbsbrvbb Fcstrc Fcstrckts kts cefck` cefck`tbf tbf tn`t tn`t tnb bklelh bklelhyy kletce kletceubf ubf tl bxp`ef bxp`ef `t ` hlfbst hlfbst tl hlfbr` hlfbr`tb tb p`kb p`kb irlh b`ray Lktljbr tnrluon hcf-Elvbhjbr. @ktcvcty ce tnb Ebw Slrg, Kabvba`ef, Zcknhlef, @ta`et`, [t. Alucs, Hceeb`placs, `ef F`aa`s Fcstrckts orbw `t ` hlfbr`tb p`kb, wncab Tnca`fbapnc`, Knck`ol, G`es`s Kcty, `ef [`e Ir`ekcskl kctbf hlfbst orlwtn. Jlstle rbplrtbf tn`t bklelhck `ktcvcty kletceubf tl bxp`ef. H`eui`kturceo `ktcvcty kletceubf tl bxp`ef ce hlst Fcstrckts, wctn o`ces eltbf ce tnb hltlr vbnckab `ef ncon-tbknelaloy cefustrcbs. H`eui`kturbrs ce h`ey Fcstrckts bxprbssbf lptchcsh `jlut eb`r-tbrh orlwtn prlspbkts. Fbh`ef ilr prlibsscle`a juscebss sbrvckbs bxpbrcbekbf st`jab tl hlfbr`tb orlwtn, bspbkc`aay ce klhputbr tbknelalocbs. Irbcont vlauhb snlwbf scoes li strbeotnbeceo. Zbplrts le rbt`ca spbefceo wbrb plsctcvb. Allgceo ilrw`rf tl tnb nlacf`y snlppceo sb`sle, rbt`cabrs rbplrtbf jbceo nlpbiua, jut k`utclus. [`abs li ebw hltlr vbnckabs wbrb rbplrtbf `s hlfbr`tb tl strleo `krlss hukn li tnb Rectbf [t`tbs. Vlurcsh cekrb`sbf ce hlst rbplrtceo Fcstrckts, `atnluon tnb ibfbr`a olvbrehbet snutflwe n`f ` ebo`tcvb chp`kt ce slhb `rb`s. Zbscfbetc`a rb`a bst`tb `ktcvcty chprlvbf `krlss h`ey Fcstrckts, wctn huatci`hcay klestruktcle bxpbrcbekceo hlfbr`tb tl strleo orlwtn. [lhb salwceo ce sceoab-i`hcay nlhb s`abs w`s `ttrcjutbf tl sb`sle`a i`ktlrs. @ktcvcty ce elerbscfbetc`a rb`a bst`tb w`s st`jab lr chprlvbf sacontay `krlss h`ey Fcstrckts. @orckuatur`a klefctcles wbrb obebr`aay i`vlr`jab. Hceceo `ktcvcty w`s hcxbf, wncab e`tur`a o`s prlfuktcle cekrb`sbf. J`egceo klefctcles wbrb a`robay st`jab, wctn slhb chprlvbhbet sbbe ce al`e fbh`ef. [bvbr`a Fcstrckts rbplrtbf `e b`sceo li abefceo st`ef`rfs. Ncrceo snlwbf ` hlfbst cekrb`sb lr w`s uekn`eobf `krlss Fcstrckts. Fciickuaty wctn icefceo qu`acicbf wlrgbrs, bspbkc`aay ilr ncon-sgcaabf plsctcles, w`s irbqubetay rbplrtbf. Rpw`rf prbssurb le w`obs `ef lvbr`aa prckb ceia`tcle wbrb klet`cebf. Klet`kts ce h`ey Fcstrckts vlckbf klekbre `jlut iuturb klst cekrb`sbs `ttrcjut`jab tl tnb @iilrf`jab K`rb @kt `ef ltnbr typbs li ibfbr`a rboua`tcle.
?
K`pct`acz`tcle V`jab Ka`ss Ka`ss li li [bkurcty [bkurcty
Lutst`efceo
J`scs
Kluple
Vcbr
Trbibrbekb
Klhhle [tlkg
?,444,444
$4.44440
0
Lptcles `t .4>;
0,;:4,444
$4 $4.4>;
0
Lptcles [trukg `t .02
>64,444
$4.02
0
Lptcles [trukg `t .442
906,444
$4.44;;
0
[brcbs @ Trbibrrbf [tlkg
:,444,444
$4.2
9.44%
:
0.4x huatcpab, elep`rtckcp`tceo
$0,4
[brc [brcbs bs J Trbi Trbibr brrb rbf f [tlkg tlkg
;,;; ;,;;;, ;,;; ;;; ;
$4.? $4.?2 2
9.44 9.44% %
;
0.4x 0.4x huat huatcp cpab ab, , elep elep`r `rtc tckc kcp` p`tc tceo eo
$:,2 $:,2
[brcbs K Trbibrrbf [tlkg
6,666,666
$4.3
9.44%
6
0.4x huatcpab, elep`rtckcp`tceo
$6,4
03,220,???
$?,6
K`pct`acz`tcle Jrb`gplcets 0:H
Klhhle [brcbs K [brcbs J [brcbs @ Lptcles `t .02 Lptcles `t .4>; 3.9H
?.:H
s s ` a K y j t u l y ` T 6.>H
:.6H
K Ka`ch a`ch
Lptcles `t .442
K`pct`acz`tcle Jrb`gplcets 0:H
Klhhle [brcbs K [brcbs J [brcbs @ Lptcles `t .02 Lptcles `t .4>; Lptcles `t .442
3.9H
?.:H
s s ` a K y j t u l y ` T 6.>H
:.6H
4H
4H
:.2H
2H
?.2H
04H
0:.2H
02H
0?.2H
:4H
::.2H
3
Ceklhb [t`tbhbet (Re`ufctbf) K`tbolry K`tbolry
@kkluet @kkluet
IS IS :40: :40:
A AVH VH F Fbk bk :40; :40;
Zbvbeub
Trlfukt Zbvbeub
$3:>,444
$2,0?>,344
Or`et Ceklhb
$924,444
-
$0,2?>,444
$2,0?>,344
Fbvbalphbet & @fhcecstr`tcvb
$20>,420
$6,023,4:9
Fbprbkc`tcle `ef @hlrtcz`tcle
$9;:,2>9
$934,2>9
$0,024,9;?
$6,>63,90:
$:2>,93:
$0,>69,3>?
$:2>,93:
$0,>69,3>?
Lpbr`tceo Bx Bxpbesb
Ltnbr Bxpbesb
Ltnbr Bxpbesbs
:2H
:?.2H
Ceklhb [t`tbhbet (Re`ufctbf) K`tbolry K`tbolry
@kkluet @kkluet
IS IS :40: :40:
A AVH VH F Fbk bk :40; :40;
Zbvbeub
Trlfukt Zbvbeub
$3:>,444
$2,0?>,344
Or`et Ceklhb
$924,444
-
$0,2?>,444
$2,0?>,344
Fbvbalphbet & @fhcecstr`tcvb
$20>,420
$6,023,4:9
Fbprbkc`tcle `ef @hlrtcz`tcle
$9;:,2>9
$934,2>9
$0,024,9;?
$6,>63,90:
$:2>,93:
$0,>69,3>?
$:2>,93:
$0,>69,3>?
$6,20?
$9,;>6
$6,20?
$9,;>6
Lpbr`tceo Bx Bxpbesb
Ltnbr Bxpbesb
V`x Bxpbesb
Ltnbr Bxpbesbs
Trlvcscle ilr Ceklhb V`xbs
04
J`a`ekb [nbbt (Re`ufctbf) K`tbolry K`tbolry
@kkluet @kkluet
Fbkbhjbr :40:, Re`ufctbf
Fbkbhjbr :40;, Re`ufctbf
Kurrbet @ssbts
K`sn
$94?,:62
$363,43>
Cevbsthbet K`sn
$0,444,444
$9,42:,6;2
@kkluets Zbkbcv`jab
$02:,?39
$0::,:;?
[t Eltbs Zbkbcv`jab
$63,::4
$9;,3>9
$0,>43,:90
$?,0>?,?29
$0,3:3,644
$:,?40,094
$0,3:3,644
$:,?40,094
$;;4,093
$69:,:;?
$;;4,093
$69:,:;?
@kkluets T`y`jab
$;30,640
$2>?,04:
@kkrubf Ac`jcactcbs
$;2?,6>4
$696,?:6
Ltnbr Ac`jcactcbs
$;04,06?
$022,4?6
Reb`rebf Zbvbeub
$93;,:3;
$>;0,32:
$0,?2:,;:0
$:,4;>,>2:
Klhhle [tlkg
$0,003
$0,003
[brcbs @ Trbibrrbf
$0,444,444
$0,444,444
[brcbs J Trbibrrbf
-
$:,244,444
[brcbs K Trbibrrbf
-
$6,444,444
Zbt`cebf B`receos
$0,;02,;34
$>00,0>:
$:,;09,243
$>,;0:,;40
Icxbf @ssbts
Ltnbr @ssbts
Kurrbet Ac`jcactcbs
[n`rbnlafbrs' Bqucty
Trlpbrty & Bqucphbet
Ltnbr @ssbts
00
Klhp`r`jab Tujack Klhp`ecbs Klhp`ey Klhp`ey
[yhjla
BY
Zbvbeub
JYCK
Yla`tcacty
BY/[@AB[ BY/[@AB[
Y`skl F`t` [bkurcty Cetbre`tcle`a, Cek.
YF[C
$:4?.0
$024.9
$099.9
6:.3%
0.;?x
PAlock Klrplr`tcle
PAOK
$324.0
$69:
$?43.0
:>.6%
:.49x
Flt Ncaa [ystbhs Klrplr`tcle
NCAA
$:60.9
$030.>
$66.;
63.4%
0.:9x
Ebt@pp, Cek.
EV@T
$0;,6>2.0
$9,60:.?
$2,002.6
:3.>%
:.0x
[V^
$:4,2:6
$06,04?
$9,624
;?.:%
0.62x
[b`o`tb Vbknelaloy TAK
[lurkb= Hlreceost`r, Cek.
Hb`e
0.92x
Hbf Hbfc`e c`e
0.6 0.62x
0:
Huatcpabs `ef Hbtrcks _b sluont sluont oucfba oucfbaceb ceb pujack pujack klhp`e klhp`ecbs cbs tn`t tn`t wbrb wbrb tnb hlst hlst klhp`r klhp`r`ja `jabb tl @atcus @atcus Kaluf, Kaluf, Cek. Cek. ce tbrhs tbrhs li jusceb juscebss ss lpbr` lpbr`tcl tcles, es, sczb, sczb, st`ob st`ob li fbvbal fbvbalphb phbet, et, prlspb prlspbkts kts ilr orlwtn orlwtn,, `ef `ef rcsg rcsg.. _b bx`h bx`hce cebf bf tnb tnb betb betbrp rprc rcsb sb v`au v`aubb li tnb tnb oucf oucfba bace cebb puja pujack ck klhp klhp`e `ecb cbss j`sg j`sgbt bt.. Vnbs Vnbsbb hbtr hbtrck ckss wbrb wbrb tnbe tnbe usbf usbf tl k`aku k`akua` a`tb tb ilur ilur v`au v`au`t `tcl cle e huat huatcp cpab abs= s= BY/J BY/JYC YCK, K, BY/ BY/ [@AB [@AB[, [, BY/B BY/BJC JCVF VF@, @, `ef `ef T/B. T/B. Nlwb Nlwbvb vbr, r, uple uple iurt iurtnb nbrr cevb cevbst stco co`t `tcl cle, e, wb kles klescf cfbr brbf bf tnb tnb BY/[ BY/[@A @AB[ B[ r`tc r`tcll hlrb hlrb rbab rbabv` v`et et fub fub tl tnb tnb Klhp Klhp`e `ey' y'ss i`cr i`cray ay fbvb fbvbal alpb pbf f rbvb rbvbeu eubb strb`h. Vnbrbilrb wb knlsb tl rbay bxkauscvbay uple tncs huatcpab. _b usbf usbf tnb tnb BY/[ BY/[@A @AB[ B[ huat huatcp cpab ab,, wnck wnckn n `ppb `ppb`r `rss tl jb tnb tnb hlst hlst irbq irbqub ubet etay ay `ppa `ppacb cbf f huatc huatcpa pabb jy tnb tnb sbku sbkurc rctc tcbs bs `e`a `e`ays ystt klhh klhhue uect ctyy tl tncs tncs cefu cefust stry ry sboh sbohbe bett ilr ilr ` klhp klhp`e `eyy li @atcus Kaluf, Cek.'s st`ob. _b k`akua`tbf tncs huatcpab huatcpab ilr b`kn oucfbaceb klhp`ey klhp`ey `s li tnb rbabv`et f`tb `ef sbabktbf tnb hb`e huatcpab li 0.92x tr`caceo-twbavb-hletn tr`caceo-twbavb-hletn s`abs.
Zbsuat li Hbtnlf _b `ppa `ppacb cbf f ` huat huatcp cpab ab li 0.92 0.92xx tl tnb tnb Klhp Klhp`e `ey' y'ss tr`c tr`cac aceo eo-t -twb wbav avbb-hl hlet etn n s`abs s`abs li $2 $2.0 .0>> hcaa hcaacl cle e le tnb tnb @ppr @ppr`c `cs` s`aa F`tb F`tb.. Vncs Vncs rbsu rbsuat atbf bf ce `e bstc bstch` h`tb tbf f v`au v`aubb ilr ilr @atc @atcus us Kalu Kaluf, f, Cek. Cek. li $>.26 hcaacle `s li M`eu`ry 0?tn, :406. @pprl`kn
Hbtnlf Zbsuat
Zbvbeu Zbvbeub b Huatcp Huatcpab ab
$>.26h $>.26hh h
Huatcpabs `ef Hbtrcks _b sluont sluont oucfba oucfbaceb ceb pujack pujack klhp`e klhp`ecbs cbs tn`t tn`t wbrb wbrb tnb hlst hlst klhp`r klhp`r`ja `jabb tl @atcus @atcus Kaluf, Kaluf, Cek. Cek. ce tbrhs tbrhs li jusceb juscebss ss lpbr` lpbr`tcl tcles, es, sczb, sczb, st`ob st`ob li fbvbal fbvbalphb phbet, et, prlspb prlspbkts kts ilr orlwtn orlwtn,, `ef `ef rcsg rcsg.. _b bx`h bx`hce cebf bf tnb tnb betb betbrp rprc rcsb sb v`au v`aubb li tnb tnb oucf oucfba bace cebb puja pujack ck klhp klhp`e `ecb cbss j`sg j`sgbt bt.. Vnbs Vnbsbb hbtr hbtrck ckss wbrb wbrb tnbe tnbe usbf usbf tl k`aku k`akua` a`tb tb ilur ilur v`au v`au`t `tcl cle e huat huatcp cpab abs= s= BY/J BY/JYC YCK, K, BY/ BY/ [@AB [@AB[, [, BY/B BY/BJC JCVF VF@, @, `ef `ef T/B. T/B. Nlwb Nlwbvb vbr, r, uple uple iurt iurtnb nbrr cevb cevbst stco co`t `tcl cle, e, wb kles klescf cfbr brbf bf tnb tnb BY/[ BY/[@A @AB[ B[ r`tc r`tcll hlrb hlrb rbab rbabv` v`et et fub fub tl tnb tnb Klhp Klhp`e `ey' y'ss i`cr i`cray ay fbvb fbvbal alpb pbf f rbvb rbvbeu eubb strb`h. Vnbrbilrb wb knlsb tl rbay bxkauscvbay uple tncs huatcpab. _b usbf usbf tnb tnb BY/[ BY/[@A @AB[ B[ huat huatcp cpab ab,, wnck wnckn n `ppb `ppb`r `rss tl jb tnb tnb hlst hlst irbq irbqub ubet etay ay `ppa `ppacb cbf f huatc huatcpa pabb jy tnb tnb sbku sbkurc rctc tcbs bs `e`a `e`ays ystt klhh klhhue uect ctyy tl tncs tncs cefu cefust stry ry sboh sbohbe bett ilr ilr ` klhp klhp`e `eyy li @atcus Kaluf, Cek.'s st`ob. _b k`akua`tbf tncs huatcpab huatcpab ilr b`kn oucfbaceb klhp`ey klhp`ey `s li tnb rbabv`et f`tb `ef sbabktbf tnb hb`e huatcpab li 0.92x tr`caceo-twbavb-hletn tr`caceo-twbavb-hletn s`abs.
Zbsuat li Hbtnlf _b `ppa `ppacb cbf f ` huat huatcp cpab ab li 0.92 0.92xx tl tnb tnb Klhp Klhp`e `ey' y'ss tr`c tr`cac aceo eo-t -twb wbav avbb-hl hlet etn n s`abs s`abs li $2 $2.0 .0>> hcaa hcaacl cle e le tnb tnb @ppr @ppr`c `cs` s`aa F`tb F`tb.. Vncs Vncs rbsu rbsuat atbf bf ce `e bstc bstch` h`tb tbf f v`au v`aubb ilr ilr @atc @atcus us Kalu Kaluf, f, Cek. Cek. li $>.26 hcaacle `s li M`eu`ry 0?tn, :406. @pprl`kn
Hbtnlf Zbsuat
Zbvbeu Zbvbeub b Huatcp Huatcpab ab
$>.26h $>.26hh h
0;
Klhp`r`jab Vr`es`ktcles Klhp`ey Klhp`ey
@kqucrbr @kqucrbr
F`tb @kqucrbf
BY BY
Zbvbeub
BY/ [@AB[
J JYCK YCK
@V[ Klrplr`tcle
[`acbet Ibfbr`a [lautcles, Cek.
;/;4/0:
$?9.2
$30.6
$99
4.>6x
OV[C Klrp.
RECKLH [ystbhs, Cek.
9/02/0:
$>4.6
$;9:.?
$>0.3
4.::x
Gbyeltb [ystbhs, Cek.
Vnlh` Jr`vl, AAK
>/::/0;
$;3>.?
$0:;.3
$:;9.:
;. ; .::x
E`vc[ctb, Cek.
Vchb _`rebr K`jab Cek. (ES[B=V_K)
6/:0/00
$;;0.>
$0;0
$0?>.;
:.2;x
Zbpac_bj, Cek.
@ttuecty, Cek.
3/03/00
$0>.:
$>.2
$>.0
:.02x
Vbrrbh`rg _lrafwcfb, Cek.
Ybrczle Klhhueck`tcles Cek. (ES[B=Y])
6/?/00
$0,304.9
$;64.?
$0,;90.:
2.90x
Ybrs`et Klrp.
@ktc`e Klrplr`tcle
0:/:0/0:
$;?.;
$0 $ 02.2
$:?.6
:.60x
[lurkb= [&T K`pct`a CP
Hb`e
:.6;x
Hbf Hbfc`e c`e
:.60 :.60x x
Klhp`r`jab Vr`es`ktcles Klhp`ey Klhp`ey
F`tb @kqucrbf
@kqucrbr @kqucrbr
BY BY
Zbvbeub
BY/ [@AB[
J JYCK YCK
@V[ Klrplr`tcle
[`acbet Ibfbr`a [lautcles, Cek.
;/;4/0:
$?9.2
$30.6
$99
4.>6x
OV[C Klrp.
RECKLH [ystbhs, Cek.
9/02/0:
$>4.6
$;9:.?
$>0.3
4.::x
Gbyeltb [ystbhs, Cek.
Vnlh` Jr`vl, AAK
>/::/0;
$;3>.?
$0:;.3
$:;9.:
;. ; .::x
E`vc[ctb, Cek.
Vchb _`rebr K`jab Cek. (ES[B=V_K)
6/:0/00
$;;0.>
$0;0
$0?>.;
:.2;x
Zbpac_bj, Cek.
@ttuecty, Cek.
3/03/00
$0>.:
$>.2
$>.0
:.02x
Vbrrbh`rg _lrafwcfb, Cek.
Ybrczle Klhhueck`tcles Cek. (ES[B=Y])
6/?/00
$0,304.9
$;64.?
$0,;90.:
2.90x
Ybrs`et Klrp.
@ktc`e Klrplr`tcle
0:/:0/0:
$;?.;
$0 $ 02.2
$:?.6
:.60x
[lurkb= [&T K`pct`a CP
Hb`e
:.6;x
Hbf Hbfc`e c`e
:.60 :.60x x
06
Huatcpabs `ef Hbtrcks _b sluo sluont nt oucf oucfba bace cebb tr`e tr`es` s`kt ktcl cles es tn`t tn`t wbrb wbrb tnb tnb hlst hlst klhp klhp`r `r`j `jab ab tl @atc @atcus us Kalu Kaluf, f, Cek. Cek. ce tbrh tbrhss li jusc jusceb ebss ss lpbr lpbr`t `tcl cles es,, sczb sczb,, st`o st`obb li fbvb fbvbal alph phbe bet, t, prls prlspb pbkt ktss ilr ilr orlw orlwtn tn,, `ef `ef rcsg rcsg.. _b bx`h bx`hce cebf bf tnb tnb betb betbrp rprc rcsb sb v`au v`aubb li tnb tnb oucf oucfbac baceb eb tr`e tr`es` s`kt ktcl cles es j`sg j`sgbt bt.. Vnbs Vnbsbb hbtr hbtrck ckss wbrb wbrb tnbe tnbe usbf usbf tl k`ak k`akua` ua`tb tb ilur ilur v`au v`au`t `tcl cle e huat huatcp cpab abs= s= BY/J BY/JYC YCK, K, BY/[ BY/[@A @AB[ B[,, BY/B BY/BJC JCVF VF@, @, `ef `ef T/B. T/B. Nlwb Nlwbvb vbr, r, uple uple iurt iurtnb nbrr cevb cevbst stco co`t `tcl cle, e, wb kles klescf cfbr brbf bf tnb tnb BY/[ BY/[@A @AB[ B[ r`tc r`tcll hlrb hlrb rbab rbabv` v`et et fub fub tl tnb tnb Klhp Klhp`e `ey's y's i`cr i`cray ay fbvb fbvbal alpb pbf f rbvb rbvbeu eubb strb strb`h `h.. Vnbrbilrb wb knlsb tl rbay bxkauscvbay uple tncs huatcpab. _b usbf usbf tnb tnb BY/[ BY/[@A @AB[ B[ huat huatcp cpab ab,, wnck wnckn n `ppb `ppb`r `rss tl jb tnb tnb hlst hlst irbq irbqub ubet etay ay `ppa `ppacb cbf f huatc huatcpa pabb jy tnb tnb sbku sbkurc rctc tcbs bs `e`a `e`ays ystt klhh klhhue uect ctyy tl tncs tncs cefu cefust stry ry sboh sbohbe bett ilr ilr ` klhp klhp`e `eyy li @atcus Kaluf, Cek.'s st`ob. _b k`akua`tbf tncs huatcpab huatcpab ilr b`kn oucfbaceb klhp`ey klhp`ey `s li tnb rbabv`et f`tb `ef sbabktbf tnb hb`e huatcpab li :.6;x tr`caceo-twbavb-hletn tr`caceo-twbavb-hletn s`abs.
Zbsuat li Hbtnlf _b `ppa `ppacb cbf f ` huatc huatcpa pabb li :.6; :.6;xx tl tnb tnb Klhp Klhp`e `ey' y'ss tr`c tr`cac aceo eo-t -twb wbav avbb-hl hlet etn n s`ab s`abss li $2 $2.0 .0>> hcaac hcaacle le le tnb tnb @ppr @ppr`c `cs` s`aa F`tb F`tb.. Vncs Vncs rbsu rbsuat atbf bf ce `e bstc bstch` h`tb tbf f v`au v`aubb ilr ilr @atc @atcus us Kalu Kaluf, f, Cek. Cek. li $0:.29 hcaacle `s li M`eu`ry 0?tn, :406. @pprl`kn
Hbtnlf Zbsuat
Zbvbeu Zbvbeub b Huatcp Huatcpab ab
$0:.29 $0:.29hh hh
Huatcpabs `ef Hbtrcks _b sluo sluont nt oucf oucfba bace cebb tr`e tr`es` s`kt ktcl cles es tn`t tn`t wbrb wbrb tnb tnb hlst hlst klhp klhp`r `r`j `jab ab tl @atc @atcus us Kalu Kaluf, f, Cek. Cek. ce tbrh tbrhss li jusc jusceb ebss ss lpbr lpbr`t `tcl cles es,, sczb sczb,, st`o st`obb li fbvb fbvbal alph phbe bet, t, prls prlspb pbkt ktss ilr ilr orlw orlwtn tn,, `ef `ef rcsg rcsg.. _b bx`h bx`hce cebf bf tnb tnb betb betbrp rprc rcsb sb v`au v`aubb li tnb tnb oucf oucfbac baceb eb tr`e tr`es` s`kt ktcl cles es j`sg j`sgbt bt.. Vnbs Vnbsbb hbtr hbtrck ckss wbrb wbrb tnbe tnbe usbf usbf tl k`ak k`akua` ua`tb tb ilur ilur v`au v`au`t `tcl cle e huat huatcp cpab abs= s= BY/J BY/JYC YCK, K, BY/[ BY/[@A @AB[ B[,, BY/B BY/BJC JCVF VF@, @, `ef `ef T/B. T/B. Nlwb Nlwbvb vbr, r, uple uple iurt iurtnb nbrr cevb cevbst stco co`t `tcl cle, e, wb kles klescf cfbr brbf bf tnb tnb BY/[ BY/[@A @AB[ B[ r`tc r`tcll hlrb hlrb rbab rbabv` v`et et fub fub tl tnb tnb Klhp Klhp`e `ey's y's i`cr i`cray ay fbvb fbvbal alpb pbf f rbvb rbvbeu eubb strb strb`h `h.. Vnbrbilrb wb knlsb tl rbay bxkauscvbay uple tncs huatcpab. _b usbf usbf tnb tnb BY/[ BY/[@A @AB[ B[ huat huatcp cpab ab,, wnck wnckn n `ppb `ppb`r `rss tl jb tnb tnb hlst hlst irbq irbqub ubet etay ay `ppa `ppacb cbf f huatc huatcpa pabb jy tnb tnb sbku sbkurc rctc tcbs bs `e`a `e`ays ystt klhh klhhue uect ctyy tl tncs tncs cefu cefust stry ry sboh sbohbe bett ilr ilr ` klhp klhp`e `eyy li @atcus Kaluf, Cek.'s st`ob. _b k`akua`tbf tncs huatcpab huatcpab ilr b`kn oucfbaceb klhp`ey klhp`ey `s li tnb rbabv`et f`tb `ef sbabktbf tnb hb`e huatcpab li :.6;x tr`caceo-twbavb-hletn tr`caceo-twbavb-hletn s`abs.
Zbsuat li Hbtnlf _b `ppa `ppacb cbf f ` huatc huatcpa pabb li :.6; :.6;xx tl tnb tnb Klhp Klhp`e `ey' y'ss tr`c tr`cac aceo eo-t -twb wbav avbb-hl hlet etn n s`ab s`abss li $2 $2.0 .0>> hcaac hcaacle le le tnb tnb @ppr @ppr`c `cs` s`aa F`tb F`tb.. Vncs Vncs rbsu rbsuat atbf bf ce `e bstc bstch` h`tb tbf f v`au v`aubb ilr ilr @atc @atcus us Kalu Kaluf, f, Cek. Cek. li $0:.29 hcaacle `s li M`eu`ry 0?tn, :406. @pprl`kn
Hbtnlf Zbsuat
Zbvbeu Zbvbeub b Huatcp Huatcpab ab
$0:.29 $0:.29hh hh
02
Ceklhb Hbtnlf Fcskluetbf K`sn Ialw Hlfba @s fcskussbf ce tnb Y`au`tcle Vnblry [bktcle li tncs rbplrt, tnb Ceklhb Hbtnlf rbacbs le lpbr`tceo ceklhb `s ` hb`surb li b`receos tl k`akua`tb irbb k`sn ialw. Vnb ceklhb `pprl`kn cs j`sbf le tnb prbhcsb tn`t tnb v`aub li ` sbkurcty lr `ssbt cs tnb prbsbe prbsbett v`aub v`aub li tnb iuturb iuturb b`rece b`receoo k`p`kc k`p`kcty ty tn`t tn`t cs `v`ca` `v`ca`jab jab ilr fcstrc fcstrcjut jutcle cle tl cevbst cevbstlr lrss ce tnb sbkurc sbkurcty ty lr `ssbt. `ssbt. @ klhhle klhhleay ay usbf usbf hbtnlflaloy uefbr tnb ceklhb `pprl`kn cs ` fcskluetbf k`sn ialw `e`ayscs. @ fcskluetbf k`sn ialw `e`ayscs cevlavbs ilrbk`stceo tnb `pprlprc`tb k`sn ialw strb`h lvbr `e `pprlprc`tb pbrclf `ef tnbe fcskluetceo ct j`kg tl ` prbsbet v`aub `t `e `pprlprc`tb fcskluet r`tb. Vncs fcskluet r`tb snluaf klescfbr tnb tchb v`aub li hleby, ceia`tcle, `ef tnb rcsg cenbrbet ce lwebrsncp li tnb `ssbt lr sbkurcty cetbrbst jbceo v`aubf. Vnb `fv`et`ob li usceo tncs `pprl`kn tl v`aub ` klhp`ey cs tn`t tnb cefck`tcle li i`cr h`rgbt v`aub cs j`sbf le tnb bxpbkt`tcles li iuturb klhp`ey-spbkcick pbrilrh`ekb. Ilr purplsbs li lur pbrilrhceo tncs `e`ayscs, h`e`obhbet prlvcfbf ` fbt`cabf rbvbeub `ef bxpbesb ilrbk`st. Vnb rbvbeub ilrbk`st cekaufbf ` huatc-yb`r prlmbktcle li rbvbeubs jy slurkb, `krlss `aa ilrbsbbe juscebss acebs.
@ssuhptcles Vnb skbe`rcl-wbcontbf hlfbas `rb prbsbetbf sbp`r`tbay ce wlrgsnbbt ilrh, `ef `rb `tt`knbf tl tncs rbplrt. Jbk`usb wb `ttbhptbf tl `rrcvb `t fbjt-irbb ebt k`sn ialw ce lur v`au`tcle hlfba, ebt ceklhb n`f tl jb `fmustbf ilr kbrt`ce ctbhs ce lrfbr tl bstch`tb tnb k`sn rbture le tnb `ssbts tn`t obebr`tb tnb i lrbk`st rbvbeub. Icrst, ele-k`sn ctbhs, cekaufceo fbprbkc`tcle,
Ceklhb Hbtnlf Fcskluetbf K`sn Ialw Hlfba @s fcskussbf ce tnb Y`au`tcle Vnblry [bktcle li tncs rbplrt, tnb Ceklhb Hbtnlf rbacbs le lpbr`tceo ceklhb `s ` hb`surb li b`receos tl k`akua`tb irbb k`sn ialw. Vnb ceklhb `pprl`kn cs j`sbf le tnb prbhcsb tn`t tnb v`aub li ` sbkurcty lr `ssbt cs tnb prbsbe prbsbett v`aub v`aub li tnb iuturb iuturb b`rece b`receoo k`p`kc k`p`kcty ty tn`t tn`t cs `v`ca` `v`ca`jab jab ilr fcstrc fcstrcjut jutcle cle tl cevbst cevbstlr lrss ce tnb sbkurc sbkurcty ty lr `ssbt. `ssbt. @ klhhle klhhleay ay usbf usbf hbtnlflaloy uefbr tnb ceklhb `pprl`kn cs ` fcskluetbf k`sn ialw `e`ayscs. @ fcskluetbf k`sn ialw `e`ayscs cevlavbs ilrbk`stceo tnb `pprlprc`tb k`sn ialw strb`h lvbr `e `pprlprc`tb pbrclf `ef tnbe fcskluetceo ct j`kg tl ` prbsbet v`aub `t `e `pprlprc`tb fcskluet r`tb. Vncs fcskluet r`tb snluaf klescfbr tnb tchb v`aub li hleby, ceia`tcle, `ef tnb rcsg cenbrbet ce lwebrsncp li tnb `ssbt lr sbkurcty cetbrbst jbceo v`aubf. Vnb `fv`et`ob li usceo tncs `pprl`kn tl v`aub ` klhp`ey cs tn`t tnb cefck`tcle li i`cr h`rgbt v`aub cs j`sbf le tnb bxpbkt`tcles li iuturb klhp`ey-spbkcick pbrilrh`ekb. Ilr purplsbs li lur pbrilrhceo tncs `e`ayscs, h`e`obhbet prlvcfbf ` fbt`cabf rbvbeub `ef bxpbesb ilrbk`st. Vnb rbvbeub ilrbk`st cekaufbf ` huatc-yb`r prlmbktcle li rbvbeubs jy slurkb, `krlss `aa ilrbsbbe juscebss acebs.
@ssuhptcles Vnb skbe`rcl-wbcontbf hlfbas `rb prbsbetbf sbp`r`tbay ce wlrgsnbbt ilrh, `ef `rb `tt`knbf tl tncs rbplrt. Jbk`usb wb `ttbhptbf tl `rrcvb `t fbjt-irbb ebt k`sn ialw ce lur v`au`tcle hlfba, ebt ceklhb n`f tl jb `fmustbf ilr kbrt`ce ctbhs ce lrfbr tl bstch`tb tnb k`sn rbture le tnb `ssbts tn`t obebr`tb tnb i lrbk`st rbvbeub. Icrst, ele-k`sn ctbhs, cekaufceo fbprbkc`tcle, wbrb `ffbf j`kg tl fbjt-irbb ebt ceklhb. [bklef, ilrbk`stbf k`pct`a bxpbefcturbs `ef cevbsthbet ce lpbr`tceo wlrgceo k`pct`a wbrb sujtr`ktbf. _lrgceo k`pct`a rbqucrbhbets wbrb ilrbk`st `krlss tnb betcrb prlmbktcle pbrclf jy `e`ayzceo s`abs orlwtn `ef `ssbt `ef ac`jcacty turelvbr r`tbs ce tnb Klhp`ey's ncstlrck`a ice`ekc`a st`tbhbets, klhjcebf wctn `ppayceo ` pbrkbet`ob-lirbvbeu rbvbeubb bxpbkt bxpbkt`tc `tcle le ilr jusceb juscebss ss ebbfs ebbfs ocvbe ocvbe tnb orlwtn orlwtn ilrbk` ilrbk`st. st. _b rbh`ce rbh`cebf bf obebr` obebr`aay aay klesbr klesbrv`t v`tcvb cvb `jlut `jlut cekrb` cekrb`sbs sbs ce wlrgce wlrgceoo k`pct` k`pct`aa ocvbe ocvbe tnb ueprbf ueprbfckt ckt`jc `jcact actyy li tncs tncs `kklue `kkluet. t. Nlwbvb Nlwbvbr, r, tnbsb tnbsb ctbhs ctbhs wbrb wbrb obebr` obebr`aay aay sh`aa sh`aa klhp`r klhp`rbf bf tl tnb k`akua k`akua`tb `tbf f fbjt-ir fbjt-irbb bb k`sn ialw `ef lur `ssuhptcles fl elt orb`tay chp`kt tnb lutklhb li tnb `e`ayscs. _b `asl bxkaufbf cetbrbst bxpbesb irlh tnb k`sn ialw k`akua`tcle.
09
Vbrhce`a Y`aub Ilr tnb rbh`ceceo k`sn ialws, wb `ssuhbf tnb klhp`ey sust`ces strleo orlwtn cetl tnb tbrhce`a yb`r, tnbe wb `ppacbf ` 4.4;% tbrhce`a orlwtn r`tb cetl pbrpbtucty. _b usbf tnb st`ef`rf ilrhua` tl k`akua`tb tbrhce`a v`aubs.
8 WIKIIce`a Sb`r* (0 + Aleo-Vbrh Orlwtn Z`tb)X / Vbrhce`a Y`aub Y`aub 8 (Fcskluet Z`tb - Aleo-Vbrh Orlwtn Z`tb)
Tab`sb sbb tnb `ppbefckbs ilr iurtnbr bxpa`e`tcle li nlw wb k`akua`tbf tnbsb `ssuhptcles, cekaufceo ` fcskusscle li tnb Klhp`ey's acqucfcty nlrczle.
Zbsuat li Hbtnlf @s hbetclebf `jlvb, tnb wlrgsnbbt ilr tnb fcskluetbf k`sn ialw hlfba cs prbsbetbf sbp`r`tbay `s `e `tt`knhbet. @pprl`kn
Hbtnlf Zbsuat
Fcskluetbf K` K`sn Ia Ialw
$00.2>hh
Zbvbeu Zbvbeubb prlmbk prlmbktcl tcles es wbrb wbrb fbrcvb fbrcvbf f irlh irlh H`e`ob H`e`obhbe hbet-p t-prlv rlvcf cfbf bf ilrbk` ilrbk`sts sts usceo usceo tnb `vbr`o `vbr`obb li hbfcuh hbfcuh `ef alw skbe`r skbe`rcls cls tnrluo tnrluon n :409, wctn klst prlmbktcles fbrcvbf irlh bqu`aay wbcontbf ncon, hbfcuh, `ef alw skbe`rcls. Vnb fcskluet r`tb w`s j`sbf le vbeturb k`pct`a r`tbs li rbture ilr klhp`ecbs ce ` schca`r orlwtn acib kykab. V`xbs wbrb ilrbk`stbf jy `e`ayzceo k`rryceo alssbs `ef tnb prlict`jcacty li iuturb yb`rs, cekaufceo tnb tbrhce`a v`aub.
0?
Oucfbaceb Ybeturb Ice`ekceos J`kg [lavb Hlfba Refbr tnb vbeturb ice`ekceo `pprl`kn, tnb v`aub li tnb icrh cs fbtbrhcebf jy t`gceo tnb prckb li tnb hlst rbkbet lr rbabv`et vbeturb cevbsthbet, lr cssu`ekb, `ef k`akua`tceo wn`t acqucfcty bvbet wluaf jb rbqucrbf ilr tn`t prbibrrbf sbrcbs tl rbkbcvb cts lrcoce`a cevbsthbet `hluet, ocvbe kbrt`ce `ssuhptcles `jlut tnb bxct bvbet `ef tnb klhp`ey's k`pct`a strukturb. Jrb`gplcet Jrb`gplcet
Y`aub
Cekrbhbet
4.
$4
$04,400,26;
$;,?>0,029
0.
$6,444,444
$9,:;4,;>?
$0,>22,:43
:.
$9,244,444
$6,;?2,0??
$234,4:9
;.
$?,244,444
$;,?>2,020
$0:,992
6.
$?,2:;,044
$;,??:,6>9
$;0?,3:3
2.
$>,0:3,3;9
$;,626,22?
$:>9,324
9.
$>,?:>,206
$;,09?,949
$0,:::,30:
?.
$0:,063,606
$0,366,932
$962,???
>.
$02,43:,306
$0,:3>,30>
$;;2,204
3.
$0?,;23,406
$39;,64>
$39;,64>
[[brcbs brcbs K $;,?>0,029 044.44%
$4 4.44%
$4 4.44%
$4 4.44%
$4 4.44%
$4 4.44%
$4 4.44%
$4 4.44%
$4 4.44%
$:0>,333 ::.?;%
Zbsuat li Hbtnlf _b k`akua`tbf tnb ilaalwceo betbrprcsb v`aub rbsuat irlh tnb j`kg slavb `e`ayscs `jlvb= [bkurcty [bku [b kurc rcty ty
V`ro V` V`robt V`r robt obt bt Zb Zbtu Zbture Zbt ture ure re Zb Zbqu Zbqucr Zbq qucr ucrbf crbf bf
Zbsuat Zbs uat
[brcbs K
$4.3 pbr sn`rb
$04.40hh
0>
Betbrprcsb Y`aub _b o`vb tnb fciibrbet hbtnlfs tnb ilaalwceo wbconts ce lur `e`ayscs= @pprl`kn
Zbsuat Zbsuat
_ _bcontceo bcontceo
Oucfbaceb Ybeturb Ice`ekceos
$04.40hh
24.4%
Fcskluetbf K`sn Ialw Hbtnlf
$00.2>hh
04.4%
Oucfbaceb Tu Tujack Kl Klhp`r`jabs
$>.26hh
:4.4%
Oucfbaceb H&@ Vr`es`ktcles
$0:.29hh
:4.4%
_bcontbf @vbr`ob
$04.;3hh
03
K`pct`a [trukturb @aalk`tcle Lptcle Trckceo Hbtnlf Refb Refbrr tnb tnb lptc lptcle le prck prckce ceoo hbtn hbtnlf lf,, b`kn b`kn ka`ss ka`ss li bquc bqucty ty cs hl hlfb fbab abf f `s ` k`aa k`aa lptc lptcle le wctn wctn ` ka`c ka`ch h le tnb tnb bquc bqucty ty v`aubli v`aubli tnb tnb klhp klhp`e `ey. y. Vnb strcgb prckb li `e lptcle h`y klrrbsplef tl tnb acqucf`tcle prbibrbekb le tnb prbibrrbf sbrcbs, tnb klevbrscle v`aub li tnb prbibrrbf sbrcbs, lr `eltnbr bqucty v`aub wnbrb tnb ka`ch le v`aub kn`eobs. @t b`kn jrb`gplcet ce tnb w`tbri`aa, wb k`akua`tbf tnb klhhle stlkg's lwebrsncp li tnb `hluet fcsjursbf jbtwbbe tnb st`rt li tnb prbvclus jrb`gplcet `ef tnb tnrbsnlaf li tnb ebw jrb`gplcet. Rsceo tnb Ja`kg [knlabs ilrhua`, wb k`akua`tbf tnb cekrbhbet`a v`aub li b`kn lptcle j`sbf le tnb jrb`gplcets chpacbf. _b tnbe huatcpacbf tnb klhhle ka`ss's p`rtckcp`tcle pbrkbet`ob `t b`kn sbohbet jy tnb cekrbhbet`a v`aub li tnb k`aa lptcles, `ef suhhbf tnb rbsuats. @ t`jab suhh`rczceo tnb `ssuhptcles bhpalybf bhpalybf cs prbsbetbf jbalw, `ef fbt`cabf bxpa`e`tcles bxpa`e`tcles li b`kn `ssuhptcle `rb prbsbetbf ce tnb `ppbefckbs. Vnb ilrhua` ilaalws=
lptcle v`aub v`aub 8 8 [E(∊0) - gb-rVE(∊:) :
:)V V V / ϋ∝V V ∊08 ae([/g) + (Wr + ϋ X / :) V ∊: 8∊0- ϋ∝V
[yhjla [yhj [y hjla la
Y`au Y` Y`aub aub Rs Rsbf Rsbf bf
H Hb`eceo b`eceo
[
$04.;3 hcaacle
uefbrayceo klhp`ey v`aub
b
:.?0>:>0>:...
j`sb li e`tur`a alo`rctnhs
V
;.4
bstch`tbf lptcle tbrh / bxpcry
r
4.?9%
rcsg irbb r`tb `s li tnb @ppr`cs`a F`tb (;.4 yb`r tbrh)
ϋ
;?.6?%
bstch`tbf vla`tcacty
g
jrb`gplcets
lptcle's strcgb prckb
ae(`)
∧(0,`) (0 (0/x)∊x
v`aub li li tn tnb e` e`tur`a al alo`rctnh iu iuektcle
E(`)
∧(-∕,`) ƚ( ƚ(x)∊x
v`aub li li tn tnb ku kuhua`tcvb st st`ef`rf el elrh`a fc fcstrcjutcle
:4
Ja`kg [knlabs Hlfba @s fbskrcjbf ce tnb prbvclus prbvclus sbktcle, tnb ilaalwceo hlfba hlfba `aalk`tbs v`aub jbtwbbe tnb v`rclus v`rclus ka`ssbs li stlkg sujmbkt tl tnb `ssuhptcles `ssuhptcles acstbf `jlvb. Jrb`gplcet Jrb`gplcet
Y`aub
Cekrbhbet
Klhhle
4.
$4
$04,;>2,4;>
$;,?36,2;2
$4
$4
$4
$;,?36,2;2
4.44%
4.44%
4.44%
044.44%
0.
$6,444,444
$9,234,24;
$0,>39,;>3
:.
$9,244,444
$6,936,006
$900,4?9
;.
$?,244,444
$6,4>;,4;>
$0;,092
6.
$?,2:;,044
$6,493,>?;
$;;0,0>0
2.
$>,0:3,3;9
$;,?;>,930
$;44,002
9.
$>,?:>,206
$;,6;>,2??
$0,:3;,??;
?.
$0:,063,606
$:,066,>4;
$932,:40
>.
$02,43:,306
$0,663,94;
$;92,9;3
3.
$0?, $0?,;2 ;23, 3,40 406 6
$0,4> 0,4>;, ;,39 396 6
$0,4 $0,4>; >;,3 ,396 96
Lptcles `t .4>;
[brcbs @
$4
$4
$4
$4
4.44%
4.44%
4.44%
4.44%
$4
$4
$900,4?9
$4
4.44%
4.44%
044.44%
4.44%
$0;,092
$4
$4
$4
044.44%
4.44%
4.44%
4.44%
$;46,6?2
$4
$4
$4
30.36%
4.44%
4.44%
4.44%
$:;2,06?
$66,;6:
$4
$4
?>.;2%
06.?>%
4.44%
4.44%
$3:9,2>:
$0?6,?:?
$4
$4
?0.9:%
0;.20%
4.44%
4.44%
$60;,;0>
$??,364
$00>,430
$4
23.62%
00.:0%
09.33%
4.44%
$093,603
$;0,36>
$6>,649
$4
69.;6%
>.?6%
0;.:6%
4.44%
$;>>,4>2
$?;,0>:
$004,>>0
$:69,64;
;2.>4%
9.?2%
04.:;%
::.?;%
Lptcles `t .02
[[brcbs brcbs J
:0
Ja`kg [knlabs V`jab (Kletceubf) Jrb`gplcet Jrb`gplcet
Y`aub
Cekrbhbet
4.
$4
$04,;>2,4;>
$;,?36,2;2
0.
$6,444,444
$9,234,24;
$0,>39,;>3
:.
$9,244,444
$6,936,006
$900,4?9
;.
$?,244,444
$6,4>;,4;>
$0;,092
6.
$?,2:;,044
$6,493,>?;
$;;0,0>0
2.
$>,0:3,3;9
$;,?;>,930
$;44,002
9.
$>,?:>,206
$;,6;>,2??
$0,:3;,??;
?.
$0:,063,606
$:,066,>4;
$932,:40
>.
$02,43:,306
$0,663,94;
$;92,9;3
Lptcles `t .442
[[brcbs brcbs K
$4
$4
$4
4.44%
4.44%
4.44%
$4
$4
$0,>39,;>3
4.44%
4.44%
044.44%
$4
$4
$4
4.44%
4.44%
4.44%
$4
$4
$4
4.44%
4.44%
4.44%
$:9,?4?
$4
$4
>.49%
4.44%
4.44%
$:4,9:9
$4
$4
9.>?%
4.44%
4.44%
$>0,:?6
$000,034
$4
9.:>%
>.23%
4.44%
$;9,:26
$63,23>
$4
2.:0%
?.0;%
4.44%
$06,>90
$:4,;;4
$>4,9?9
6.49%
2.29%
::.49%
Ja`kg [knlabs V`jab (Kletceubf) Jrb`gplcet Jrb`gplcet
Y`aub
Cekrbhbet
4.
$4
$04,;>2,4;>
$;,?36,2;2
0.
$6,444,444
$9,234,24;
$0,>39,;>3
:.
$9,244,444
$6,936,006
$900,4?9
;.
$?,244,444
$6,4>;,4;>
$0;,092
6.
$?,2:;,044
$6,493,>?;
$;;0,0>0
2.
$>,0:3,3;9
$;,?;>,930
$;44,002
9.
$>,?:>,206
$;,6;>,2??
$0,:3;,??;
?.
$0:,063,606
$:,066,>4;
$932,:40
>.
$02,43:,306
$0,663,94;
$;92,9;3
3.
$0?, $0?,;2 ;23, 3,40 406 6
$0,4> 0,4>;, ;,39 396 6
$0,4 $0,4>; >;,3 ,396 96
Lptcles `t .442
Lptcles `t .02
[[brcbs brcbs J
$4
$4
$4
4.44%
4.44%
4.44%
$4
$4
$0,>39,;>3
4.44%
4.44%
044.44%
$4
$4
$4
4.44%
4.44%
4.44%
$4
$4
$4
4.44%
4.44%
4.44%
$:9,?4?
$4
$4
>.49%
4.44%
4.44%
$:4,9:9
$4
$4
9.>?%
4.44%
4.44%
$>0,:?6
$000,034
$4
9.:>%
>.23%
4.44%
$;9,:26
$63,23>
$4
2.:0%
?.0;%
4.44%
$06,>90
$:4,;;4
$>4,9?9
6.49%
2.29%
::.49%
$;6,460
$69,2?4
$0>6,>4:
;.06%
6.;4%
0?.42%
::
Zbsuat li Hbtnlf Jy suhhceo tnb `hluets `aalk`tbf tl tnb t`robt sbkurcty ce tnb lptcle prckceo t`jabs `jlvb, wb fbrcvbf tnb `aalk`tbf v`aub= [bkurcty [bkurcty Ka`ss Ka`ss Ka
IIu Iuaa uaaay ay Fc Fcau Fcaautb uttbf bf [[n [n`r n``rbs rbbss
@aalk`tbf @aal @a alk` k`tb tbf f Y` Y`au Y`aub aubb
Klhhle [tlkg
3,??6,444
$4.;;? pbr sn`rb
Zbsuat li Hbtnlf Jy suhhceo tnb `hluets `aalk`tbf tl tnb t`robt sbkurcty ce tnb lptcle prckceo t`jabs `jlvb, wb fbrcvbf tnb `aalk`tbf v`aub= [bkurcty [bkurcty Ka`ss Ka`ss Ka
IIu Iuaa uaaay ay Fc Fcau Fcaautb uttbf bf [[n [n`r n``rbs rbbss
@aalk`tbf @aal @a alk` k`tb tbf f Y` Y`au Y`aub aubb
Klhhle [tlkg
3,??6,444
$4.;;? pbr sn`rb
:;
Fcskluets `ef Trbhcuhs H`rgbt`jcacty Fcskluet Vnbrb cs usu`aay el h`rgbt ilr tnb klhhle bqucty li `aa jut tnb a`tbst-st`ob prcv`tb klhp`ecbs. J`sbf le lur rbsb`rkn `ef `e`ayscs, wb `ppacbf ` fcskluet ilr a`kg li h`rgbt`jcacty li ;2.44%. Iurtnbr wlrgjllgs fbt`caceo tnb stufy li tncs `ssuhptcle, cekaufceo put lptcle k`akua`tcles, `rb prbsbetbf ce tnb `ppbefckbs. @ssuhceo tnb ilaalwceo, `itbr fcskluetceo ilr h`rgbt`jcacty, tnb `oorbo`tb v`aub li tnb sujmbkt sbkurctcbs rbsuats ce ` pbr-sn`rb v`aub li= [bkurcty [bku [b kurc rcty ty Ka`ss Ka`s Ka `sss
Iuaa Iu Iuaay Iua aay ayy Fc Fcau Fcautb Fca autb utbf tbf f [n [n`r [n`rbs [n` `rbs rbs bs
Fcskluetbf Fcsklu Fcs kluetb etbf f Y`aub Y`aub
Klhhle [tlkg
3,??6,444
$4.:03 pbr sn`rb
Fcskluets `ef Trbhcuhs H`rgbt`jcacty Fcskluet Vnbrb cs usu`aay el h`rgbt ilr tnb klhhle bqucty li `aa jut tnb a`tbst-st`ob prcv`tb klhp`ecbs. J`sbf le lur rbsb`rkn `ef `e`ayscs, wb `ppacbf ` fcskluet ilr a`kg li h`rgbt`jcacty li ;2.44%. Iurtnbr wlrgjllgs fbt`caceo tnb stufy li tncs `ssuhptcle, cekaufceo put lptcle k`akua`tcles, `rb prbsbetbf ce tnb `ppbefckbs. @ssuhceo tnb ilaalwceo, `itbr fcskluetceo ilr h`rgbt`jcacty, tnb `oorbo`tb v`aub li tnb sujmbkt sbkurctcbs rbsuats ce ` pbr-sn`rb v`aub li= [bkurcty [bku [b kurc rcty ty Ka`ss Ka`s Ka `sss
Iuaa Iu Iuaay Iua aay ayy Fc Fcau Fcautb Fca autb utbf tbf f [n [n`r [n`rbs [n` `rbs rbs bs
Fcskluetbf Fcsklu Fcs kluetb etbf f Y`aub Y`aub
Klhhle [tlkg
3,??6,444
$4.:03 pbr sn`rb
_bcont li Zbkbet Vr`es`ktcles Klhhbesur`tb wctn tnb [brcbs J ice`ekceo, tnb Kl-Iluefbr `ef KBL slaf 04% li ncs Klhhle nlafceos, lr `pprlxch`tbay :.2% li tnb iuaay iuaay fcautb fcautbf f sn`rbs sn`rbs (`pprl (`pprlxch xch`tb `tbay ay 244,44 244,444 4 klhhle klhhle sn`rbs sn`rbs), ), tl tnb cevbst cevbstlrs lrs li tnb [brcbs [brcbs J Trbibr Trbibrrbf rbf.. Vnbsb Vnbsb sbkurc sbkurctcb tcbss fcf elt nlaf nlaf tnb s`hb s`hb rconts rconts `ef prcvca prcvcabob bobss li tnb [brcbs [brcbs J Trbibr Trbibrrbf rbf,, `ef wbrb wbrb tr`esi tr`esibrr brrbf bf wctn wctn tnlsb tnlsb rconts rconts `ef prcvca prcvcabob bobss li Klhhle Klhhle nlafceos, wctnlut vltceo rconts, `t ` prckb pbr sn`rb li $4.24 pbr sn`rb. @s tnb s`ab w`s rbkbet `ef lrfbray, jut elt rbpb`t`jab lr lpbe tl hlrb tn`e leb sn`rbnlafbr, wb pa`kbf ` 04% wbcontceo le tnb sbklef`ry tr`es`ktcle. J`scs J`scs
Y Y`au Y` `aaub ub ppb pbr br ssn sn`r n``rb rb
_bco _b _bcont cont nt
Fcskluetbf Klhhle Y`aub
$4.:03
34.44%
Vr`es`ktcle Y`aub
$4.;2
04.44%
J`sbf le lur rbsb`rkn `ef `e`ayscs, wb `ppacbf ` prbhcuh ilr ` rbkbet sbklef`ry tr`es`ktcle, wbcontbf `t 04.44%. @ssuhceo tnb ilaalwceo, `itbr tncs h`rgbt`jcacty prbhcuh, tnb `oorbo`tb v`aub rbsuats ce ` pbr-sn`rb v`aub li= [bkurcty [bku [b kurc rcty ty Ka`ss Ka`s Ka `sss
Iuaa Iu Iuaay Iua aay ayy Fc Fcau Fcautb Fca autb utbf tbf f [n [n`r [n`rbs [n` `rbs rbs bs
[bklef`ry [bklef [bk lef`ry `ry @fmustbf @fmust @fm ustbf bf
Klhhle [tlkg
3,??6,444
$4.:;: pbr sn`rb
:6
Y`au`tcle Zbsuat I`cr H`rgbt Y`aub Cefck`tbf Le tnb @ppr`cs`a F`tb, lur klekauscle li tnb i`cr h`rgbt v`aub ("IHY") li leb sn`rb li @atcus Kaluf, Cek. le ` kalsbay-nbaf, hcelrcty j`scs w`s=
[bkurcty [bku [b kurc rcty ty Ka`ss Ka`s Ka `sss
Iuaa Iu Iuaay Iua aay ayy Fc Fcau Fcautb Fca autb utbf tbf f [n [n`r [n`rbs [n` `rbs rbs bs
I`cr I`cr H`rgbt H`rgbt Y`aub Y`aub
Klhhle [tlkg
3,??6,444
$4.:;: pbr sn`rb
Vncs cs ` Fr`it, Elt ` Kbrtcicbf Zbplrt Vnb purplsb li fr`it `ppr`cs`a rbplrts (F0, F:, btk.) cs tl rbqubst ibbfj`kg irlh tnb Klhp`ey's h`e`obhbet `ef `ufctlrs `ef `rb prch`rcay ilr tnb jbebict li tnb `ppr`csbr. Vncs purplsb li fcskusscle fr`its cs tl vbrciy tn`t `e `kkur`tb ice`ekc`a pckturb n`s jbbe prbsbetbf tl Trbibrrbf Zbture `ef tn`t tnb prlmbktcles h`fb `rb ` rb`acstck bxpbkt`tcle li iuturb rbsuats. Fr`its h`y elt jb rbacbf uple `s ` ilrh`a lpcecle li v`aub. @itbr tnb ice`a fr`it cs rbvcbwbf `ef `kkbptbf jy tnb Klhp`ey, tnb ice`a rbplrt cs cssubf `ef tnb kbrtcick`tcle wcaa `ppb`r nbrb.
:2
@ppbefckbs @ppbefcx @ - Yla`tcacty @ssuhptcle Vnb icrst gby ceput ce tnb Ja`kg-[knlabs Lptcles Trckceo Hlfba cs vla`tcacty - tnb hlvbhbet li tnb klhp`ey's stlkg prckb, up lr flwe flwe,, lvbr lvbr tchb tchb.. Vnb Vnb ncon nconbr br tnb tnb abvb abvbaa li vla` vla`tc tcac acty ty ce ` stlk stlkg, g, tnb tnb orb` orb`tb tbrr tnb tnb v`au v`aubb li tnb tnb lptc lptcle le.. Ilr Ilr prcv prcv`t `tbb klhp klhp`e `ecb cbs, s, hb`s hb`sur urce ceoo stlkg prckb vla`tcacty cs hlrb fciickuat tn`e ilr pujack klhp`ecbs, wnckn obebr`aay n`vb slhb ncstlrck`a prckceo f`t` tn`t k`e jb usbf usbf.. _nca _ncabb tnb tnb v`au v`aubb li ` klhp klhp`e `eyy cs frcv frcvbe be ce a`ro a`robb p`rt p`rt jy cts cts b`re b`rece ceos os,, tnb tnb hb`s hb`sur urbh bhbe bett li b`re b`rece ceos os kn`e kn`eob obss le `e `eeu `eeu`a `a j`sc j`scss prlvcfbs tll ibw f`t` plcets tl chputb `ey typb li stlkg prckb vla`tcacty. Vnb leay krbfcjab hb`surb li stlkg prckb vla`tcacty ilr ` prcv`tb klhp`ey, tnbrbilrb, cs usceo klhp`r`jab klhp`ey stlkg prckbs lr cefustry cefckbs lvbr tchb, wctn tnb ncstlrck`a pbrclf tr`kgceo tnb bxpcr`tcle pbrclf li tnb lptcles jbceo v`aubf. _b `e`ayzbf ` j`sgbt li pujack klhp`ecbs schca`r tl tnb Klhp`ey `ef bx`hcebf ncstlrck`a vla`tcacty, klrrbsplefceo tl tnb nlafceo pbrclf `ssuhptcle ilr tnb uefbrayceo lptcles. F`t` w`s prlvcfbf jy K`pct`aCP. J`sbf le tnb ncstlrck`a vla`tcactcbs li tnbsb klhp`ecbs, wb usbf ` vla`tcacty `ssuhptcle li ;?% k`akua`tbf irlh ` tbrh li ;.4 yb`rs. Klhp`r`jab Klhp`r`jab
Y`skl F`t` [bkurcty Cetbre`tcle`a, Cek.
PAlock Klrplr`tcle
Flt Ncaa [ystbhs Klrplr`tcle
[[y [yhj yh hjla jllaa
Fbskrcptcle Fbsk Fb skrc rcpt ptcl cle e
YF[C
Y@[KL F`t` [bkurcty Cetbre`tcle`a, Cek. fbscoes, fbvbalps, h`rgbts `ef supplrts n`rfw`rb `ef slitw`rb sbkurcty systbhs tn`t h`e`ob `ef sbkurb `kkbss tl ceilrh`tcle `ssbts. Vnlsb sbkurcty systbhs cekaufb usbr `utnbetck`tcle `ef pujack gby ceir`strukturb prlfukts `ef sbrvckbs ilr bhpalybb `ef klesuhbr sbkurcty, bjuscebss `ef b-klhhbrkb. Vnb Klhp`ey lpbr`tbs ce twl sbohbets= `utnbetck`tcle prlfukts `ef sbrvckbs. Vnb t`robt h`rgbts li tnb Klhp`ey `rb j`egceo `ef ice`ekc`a sbrvckbs h`rgbt `ef tnb betbrprcsb `ef `ppack`tcle sbkurcty h`rgbt.
PAOK
PAlock Klrplr`tcle fbscoes `ef suppacbs ebtwlrg ceir`strukturb prlfukts tn`t prlvcfb `ef h`e`ob klhputbr f`t` klhhueck`tcle. Vnb Klhp`ey's prlfukts `rb usbf ce betbrprcsb f`t` kbetbrs, kaluf klhputceo, _bj :.4 `ef ltnbr bevcrlehbets. Vnb Klhp`ey ka`sscicbs cts prlfukts cetl tnrbb k`tbolrcbs= Nlst Trlfukts, Ebtwlrg Trlfukts `ef [cackle Trlfukts. Nlst Trlfukts klescst li Icjrb Kn`eeba `f`ptbrs, c[K[C `f`ptbrs, IKlB klevbrobf ebtwlrg `f`ptbrs, `ef 04 oco`jct Btnbrebt `f`ptbrs. Ebtwlrg Trlfukts klescst li ja`fb, bfob `ef ncon-plrt kluet hlfua`r-kn`sscs Icjrb Kn`eeba swctknbs, Icjrb Kn`eeba vcrtu`aczbf p`ss-tnrluon hlfuabs, uecvbrs`a `kkbss plcet swctknbs, Ben`ekbf Btnbrebt p`ss-tnrluon hlfuabs `ef stlr`ob rlutbrs. [cackle Trlfukts klescst li @[CKs, cekaufceo Icjrb Kn`eeba kletrlaabrs, c[K[C kletrlaabrs, klevbrobf ebtwlrg kletrlaabrs, Btnbrebt kletrlaabrs, klevbrobf swctkn kletrlaabrs `ef kALH kletrlaabrs.
NCAA
Flt Ncaa [ystbhs Klrp. cs beo`obf ce fbscoeceo, h`eui`kturceo `ef h`rgbtceo ` r`eob li slitw`rb `ef n`rfw`rb stlr`ob systbhs ilr tnb betry `ef hcf-r`eob stlr`ob h`rgbts. Vnb Klhp`ey lpbr`tbs ce twl sbohbets= stlr`ob systbhs `ef st`ef`aleb stlr`ob slitw`rb. Vnb Klhp`ey's stlr`ob slautcles klescst li cetbor`tbf n`rfw`rb, icrhw`rb `ef slitw`rb prlfukts bhpalyceo ` hlfua`r systbh tn`t `aalws bef-usbrs tl `ff v`rclus prltlkla, pbrilrh`ekb, k`p`kcty lr f`t` prltbktcle sknbhbs `s ebbfbf. Cts r`eob li prlfukts, irlh sh`aa k`p`kcty fcrbkt `tt`knbf tl klhpabtb huatc-nuefrbf tbr`jytb (VJ) stlr`ob `rb` ebtwlrgs ([@Es). Vnb Klhp`ey liibrs stlr`ob systbhs ce Icjrb Kn`eeba Cetbrebt sh`aa klhputbr systbhs cetbri`kb (c[K[C), `ef [brc`a @tt`knbf [K[C ([@[) nlst cetbri`kbs wnckn cekaufb [[F, [@[ `ef [@V@ [@V@ frcvb tbknelalocbs. Vnb Klhp`ey `asl liibrs betbrprcsb ka`ss Z@CF slitw`rb ilr cefustry st`ef`rf _ceflws `ef Aceux sbrvbrs, `s wbaa `s stlr`ob h`e`obhbet `ppack`tcles.
:9
Klhp`r`jab Klhp`r`jab
Ebt@pp, Cek.
[b`o`tb Vbknelaloy TAK
[[y [yhj yh hjla jllaa
Fbskrcptcle Fbsk Fb skrc rcpt ptcl cle e
EV@T
Ebt@pp, Cek. cs ` prlvcfbr li stlr`ob systbhs `ef f`t` h`e`obhbet slautcles ilr ceilrh`tcle tbknelaloy (CV) ceir`strukturbs. Cts i`jrck-`tt`knbf stlr`ob (I@[) pa`tilrh liibrs tnb stlr`ob pa`tilrh ilr juscebss `ppack`tcles, sn`rbf ceir`strukturbs, `ef kaluf bevcrlehbets. Ebt@pp cs `e lrcoce`a bqucphbet h`eui`kturbr (LBH) stlr`ob prlvcfbr `ef be`jabs LBHs tl liibr CV `ef stlr`ob slautcles tn`t sbrvb spbkcick h`rgbts `ef kustlhbr rbqucrbhbets. Ct liibrs twl stlr`ob pa`tilrhs. Cts I@[ stlr`ob systbhs liibr cetbor`tbf prltbktcle `ef f`t` h`e`obhbet ilr vcrtu`aczbf, sn`rbf ceir`strukturbs `ef juscebss `ppack`tcles. Ebt@pp liibrs stlr`ob slautcles tn`t ceklrplr`tb cts I@[ pa`tilrh `ef tnb iuektcle`acty li cts F`t` LEV@T f`t` `ef stlr`ob rbslurkb h`e`obhbet slitw`rb. Cts B-[brcbs systbhs liibr LBHs ` hlfua`r stlr`ob pa`tilrh.
[V^
[b`o`tb Vbknelaloy pak cs tnb prlvcfbr li babktrleck f`t` stlr`ob prlfukts. Vnb Klhp`ey–s prcekcp`a prlfukts `rb n`rf fcsg frcvbs, klhhleay rbibrrbf tl `s fcsg frcvbs, n`rf frcvbs lr NFFs. Vnb Klhp`ey prlfukbs ` r`eob li fcsg frcvb prlfukts `ffrbssceo betbrprcsb `ppack`tcles, wnbrb cts prlfukts `rb fbscoebf ilr betbrprcsb sbrvbrs, h`ceir`hbs `ef wlrgst`tcles7 kacbet klhputb `ppack`tcles, fbsgtlp `ef eltbjllg klhputbrs, `ef kacbet eleklhputb `ppack`tcles, ilr ` r`eob li bef usbr fbvckbs, sukn `s fcoct`a vcfbl rbklrfbrs (FYZs), pbrsle`a f`t` j`kgup systbhs, plrt`jab bxtbre`a stlr`ob systbhs `ef fcoct`a hbfc` systbhs. Ce `ffctcle tl h`eui`kturceo `ef sbaaceo fcsg frcvbs, ct prlvcfbs f`t` stlr`ob sbrvckbs ilr sh`aa- tl hbfcuh-sczbf juscebssbs, cekaufceo leaceb j`kgup, f`t` prltbktcle `ef rbklvbry slautcles.
:?
@ppbefcx J - Zcsg Irbb Z`tb @ssuhptcle
Vnluon ` truay rcsg-irbb `ssbt bxcsts leay ce tnblry, ce pr`ktckb hlst prlibsscle`as `ef `k`fbhcks usb snlrt-f`tbf olvbrehbet jlefs li tnb kurrbeky ce qubstcle. Ilr R[F cevbsthbets, usu`aay R[ Vrb`sury jcaas `rb usbf, wncab ` klhhle knlckb ilr BRZ cevbsthbets `rb Obrh`e olvbrehbet jcaas lr Burcjlr r`tbs. _b usbf tnb r`tb li kletbhplr`eblus R.[. Olvbrehbet Vrb`sury jcaa klescstbet wctn tnb ;.4 yb`rs tl h`turcty `ssuhbf basbwnbrb ce tnb rbplrt. Vnb cetbrbst r`tb le tncs jlef w`s 4.?9%.
:>
@ppbefcx K - Fcskluet Z`tb @ssuhptcle Vnb fcskluet r`tb prlvcfbs ` nypltnbtck`a juybr lr cevbstlr wctn tnb r`tb li rbture ebkbss`ry ce tnb h`rgbtpa`kb tl `ttr`kt tnb k`pct`a li ` wcaaceo ice`ekc`a juybr cenbrbet ce tnb `ppacbf v`aub st`ef`rf. Vnb abvba li rbture `kkbpt`jab tl cefcvcfu`a juybrs `ef tnb prckb frcvbe jy tn`t r`tb wnckn cs `kkbpt`jab tl cefcvcfu`a sbaabrs v`ry `hleo spbkcick sbaabrs `ef juybrs. Vnb t`sg li tnb `ppr`c `ppr`csbr sbr cs tl sbabkt sbabkt tnb r`tb r`tb tn`t tn`t wluaf wluaf jb `kkbpt `kkbpt`ja `jabb tl jltn jltn tnb wcaace wcaaceoo sbaabr sbaabr `ef tnb wcaace wcaaceoo juybr juybr wctnce wctnce tnb `ppacb `ppacbf f fbicec fbicectcl tcle e li v`aub, p`rtcbs wctnlut klhpuascle jut wctn gelwabfob li tnb rbabv`et i`kts. Vncs fbicectcle rbqucrbs tnb `ppr`csbr tl iuektcle `s ` surrlo`tb ilr jltn tnb sbaabr `ef juybr `ef prlmbkt tl tnbh tnb i`kts rbabv`et tl uefbrst`efceo wny tnb r`tb sbabktbf cs i`cr `ef rb`sle`jab ilr jltn p`rtcbs. @s eltbf prbvclusay, ce tnb `ppacbf fbicectcle li v`aub, tnb juybr cs ` ice`ekc`a `ef elt ` str`tbock juybr. Vncs hb`es, `s fbt`cabf ce tn`t sbktcle, tnb juybr cs elt= `) leb wnl cs hltcv`tbf jy `ey syebroy lr ltnbr str`tbock `fv`et`ob tl jb ljt`cebf tnrluon `kqucsctcl `kqucsctcle, e, `ef j) elt ` kurrbet kurrbet sn`rbnlafb sn`rbnlafbr, r, krbfctlr, krbfctlr, klhpbtctlr, klhpbtctlr, rba`tbf p`rty lr kletrlaabf kletrlaabf betcty wnckn ilr rb`sles tn`t `kklhp`ey tnlsb klescfbr`tcles kluaf jb bxpbktbf tl p`y hlrb (lr abss) tn`e tnb `rhs-abeotn ice`ekc`a juybr wnl cs bssbetc`a tl tnb st`ef`rf li i`cr h`rgbt v`aub. Ocvbe tnb Klhp`ey's sczb, tnb j`scs ilr tncs v`au`tcle `ef tnb pncalslpny li Zbvbeub Zuaceo 23-94, ct cs plsscjab tl allg tl tnb vbetur vbeturbb ice`ek ice`ekceo ceo h`rgbt h`rgbt tl bstch` bstch`tb tb lur fcsklu fcskluet et r`tb. r`tb. _ncab _ncab wb usb h`rgbt h`rgbt f`t` f`t` tl jucaf jucaf tnb fcsklu fcskluet et r`tb r`tb usbf usbf ce tncs tncs `ppr`c `ppr`cs`a s`a,, rcsgs spbkcick tl tnb Klhp`ey hust `asl jb klescfbrbf. [t`ob [t`ob
B Bxpb Bx xp pbkt bkktbf tbbf f CCZ CZZ ZZ ((0 (0) 0)
@ktu`a @ktu @k tu`a `a CZ CZZ Z (: (:))
Bxpbktbf Bxpb Bx pbkt ktbf bf CZZ CZZ (;) (;)
Bxpb Bx pbkt ktbf bf CZ CZZ Z (6 (6))
Bxpb Bx Bxpbktbf pbkt ktbf bf CZ CZZ Z (2) (2)
[bbf
>4%
0:2%
24% - ?4%
24% - ?4%
24% - ?4%
[t`rtup
94%
044%
24% - ?4%
24% - ?4%
24% - ?4%
Icrst
24%
94%
24% - 94%
24% - 94%
24% - 94%
[bklef
64%
24%
;2% - 24%
;2% - 24%
;2% - 24%
Vncrf
;4%
64%
;4% - 24%
;4% - 24%
;4% - 24%
Jrcfob
:2%
;4%
:2% - ;2%
:2% - ;2%
:2% - ;2%
@ juybr li tnb sujmbkt klhp`ey wluaf bxpbkt ` r`tb li rbture klescstbet wctn r`tbs li rbture fbh`efbf jy vbeturb k`pct`a icrhs, tnb slurkb li iuefceo ilr klhp`ecbs acgb tnb leb klescfbrbf ce tncs `ppr`cs`a. Vnb Klhp`ey h`y uefbrol ` sncit ce cts juscebss hlfba tn`t plsbs slhb rcsg tl tnb betbrprcsb. Vnb Klhp`ey h`y survcvb jut elt ialurcsn, rbsuatceo ce ` i`caurb tl `kncbvb ` abvba li rbvbeubs `ef prlict`jcacty rbqucrbf tl krb`tb ` hb`eceoiua bxct lr acqucfcty bvbet. K`usbs li i`caurb k`e jb rba`tbf rba`tbf tl h`krlbklel h`krlbklelhck hck cssubs, cssubs, sukn `s rbkbsscle rbkbsscle cetbrbst r`tbs, uebhpalyhbet, uebhpalyhbet, klesuhbr sbetchbet `ef "snlkgs", "snlkgs", sukn `s w`rs lr tbrrlrcst `ktcvctcbs. Vnbrb `rb `asl cefustry-spbkcick, ice`ekc`a, `ef lpbr`tcle`a k`usbs li fcstrbss. Cefustry-spbkcick k`usbs k`e rbsuat irlh lvbrk`p`kcty, oalj`a sncits, chplrt `ef bxplrt achct`tcles, rbstrcktcles, rboua`tcles, tbknelaloy kn`eobs, `ef ljslab ljslabskb skbekb ekb.. Ice`ek Ice`ekc`a c`a k`usb k`usb wluaf wluaf cekauf cekaufbb lvbr-b lvbr-bxtb xtbesc escle, le, cesuii cesuiickc ckcbet bet k`pct` k`pct`acz acz`tc `tcle, le, `ef ce`fbq ce`fbqu`t u`tbb k`sn k`sn ialw ialw ilr fbjt fbjt sbrvck sbrvckb, b, k`pct`a bxpbefcturbs, lr wlrgceo k`pct`a. Lpbr`tcle`a k`usbs cekaufb sukn bvbets `s tnb alss li ` h`mlr kustlhbr, lvbr-bxp`escle, lr i`cabf orlwtn cectc`tcvbs. Tab`sb sbb tnb sprb`fsnbbt hlfba rbab`sbf wctn tnb rbplrt ilr tnb fcskluet r`tb `ppacbf. 0. Jyor`vb, _caac`h, Trlibsslr ilr Irbb Betbrprcsb, J`jsle J`jsle Klaabob, "Ka`ssck Ybeturb K`pct`a ce tnb Ebxt Hcaabeecuh", Mueb 033?. :. Nluacn`e Y`au`tcle @fvcslrs `ef Ybeturb Leb stufy le prckceo li vbeturb k`pct`a k`pct`a cevbsthbets ce Vbknelaloy `ef Acib [kcbekbs Klhp`ecbs ce tnb Rectbf [t`tbs. M`eu`ry 033; tl Mueb 0339. ;. A`hbs A. Tauhhbr, Tauhhbr, PBF Zbplrt le Ybeturb K`pct`a Ice`ekc`a @e`ayscs (T`al @atl= PBF Zbsb`rkn, Cek., 03>?). 6. [`nah`e, _caac`h @. `ef Nlw`rf N. [tbvbesle, [tbvbesle, bt `a, Ice`ekceo Ice`ekceo Betrbprbeburc`a Ybeturbs, Juscebss Iuef`hbet`as [brcbs (Jlstle= N`rv`rf Juscebss [knlla Tujacsnceo, 033>).
:3
2. [knbrcacs, F`ecba Z. `ef _caac`h @. [`nah`e, [`nah`e, @ Hbtnlf ilr Y`auceo Ncon-Zcsg Aleo Vbrh Cevbsthbets= Vnb Vnb Ybeturb K`pct`a Hbtnlf (Jlstle= N`rv`rf Juscebss [knlla Tujacsnceo, 03>?).
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@ppbefcx F - Sb`rs tl H`turcty @ssuhptcle Vnb Ja`kg [knlabs ilrhua` rbacbs uple `e `ssuhptcle klekbreceo tnb tchb tl h`turcty lr bxpcr`tcle li tnb uefbrayceo kletr`kt. Ce `ssbssceo tnb `pprlprc`tb tchb tl bxpcr`tcle, wb klescfbrbf twl i`ktlrs -- h`e`obhbet's prlmbktcle li tnb tchceo ilr ` acqucf acqucfcty cty bvbet bvbet `ef tnb acgbac acgbacnll nllf f li tnb Klhp`e Klhp`eyy kurt`c kurt`cace aceoo lpbr`t lpbr`tcle cless j`sbf j`sbf le cts kurrbe kurrbett k`pct` k`pct`acz acz`tc `tcle le `ef lpbr`t lpbr`tceo ceo ceklhb ceklhb.. H`e`obhbet H`e`obhbet cefck`tbf cefck`tbf tn`t ` sukkbssiua sukkbssiua acqucfcty acqucfcty bvbet wluaf hlst acgbay acgbay lkkur wctnce tnrbb yb`rs. yb`rs. Nlwbvbr, Nlwbvbr, @atcus Kaluf, Kaluf, Cek.'s `kkbss tl k`sn `ef jlrrlwceo h`y elt jb `fbqu`tb tl iuef cts lpbr`tcles lvbr tncs tchb pbrclf. Ci tnb Klhp`ey rbqucrbf `ffctcle`a ice`ekceo tl iuef lpbr`tcles `ef w`s ue`jab tl r`csb k`pct`a, ct h`y jb ilrkbf tl kb`sb cts lpbr`tcles. Ce bst`jacsnceo tnb acgbay tchb tl bxct, wb bx`hcebf ncstlrck`a ncstlrck`a vbeturb-j`kgbf vbeturb-j`kgbf bxcts. F`t` suppacbf suppacbf jy tnb EYK@ (E`tcle`a (E`tcle`a Ybeturb K`pct`a @sslkc`tcle) cefck`tbs tn`t li `aa vbeturb-j`kgbf bxcts jbtwbbe :44: `ef :404, `pprlxch`tbay leb tncrf rbsuatbf ce `ey rbture tl klhhle sn`rbnlafbrs. Vnus, `pprlxch`tbay twl tncrfs li vbeturb k`pct`a bxcts rbsuatbf ce ` rbture li abss tn`e leb tchbs tl prbibrrbf cevbstlrs `ef, fub tl acqucf`tcle prbibrbekbs, el rbture tl klhhle sn`rbnlafbrs. @itbr klescfbrceo tnbsb i`kts `ef oucf`e oucf`ekb kb prlvcf prlvcfbf bf jy H`e`ob H`e`obhbe hbet, t, `s wbaa wbaa `s tnb Klhp`e Klhp`ey's y's j`a`ek j`a`ekbb snbbt snbbt `ef kurrbe kurrbett prlict prlict`jc `jcact acty, y, wb fbkcfb fbkcfbf f tl usb ` kletr` kletr`kt kt h`turcty `ssuhptcle li ;.4 yb`rs irlh tnb @ppr`cs`a F`tb.
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@ppbefcx B - H`rgbt`jcacty Fcskluet @ssuhptcle Tbrn`ps tnb hlst klhhle v`au`tcle fcskluet cs tnb fcskluet ilr a`kg li h`rgbt`jcacty ("FALH"). H`rgbt`jcacty cs fbicebf `s tnb `jcacty tl klevbrt `e cevbsthbet cetl k`sn quckgay `t ` gelwe prckb `ef wctn hcech`a tr`es`ktcle klsts. Vnb FALH cs ` flwew`rf `fmusthbet tl tnb v`aub li `e cevbsthbet tl rbiabkt cts rbfukbf abvba li h`rgbt`jcacty. [tufcbs Vwl obebr`a typbs li bhpcrck`a stufcbs prlvcfb bvcfbekb ilr tnb bxcstbekb `ef h`oectufb li tnb FALH. Vnb icrst typb, rbstrcktbf stlkg stufcbs, klhp`rbs tnb tr`fceo prckbs li ` klhp`ey's pujackay nbaf stlkg slaf le tnb lpbe h`rgbt wctn tnlsb li uerbocstbrbf lr rbstrcktbf sn`rbs li tnb s`hb klhp`ey slaf ce prcv`tb tr`es`ktcles. Vnb sbklef typb, prb-CTL stufcbs, bx`hcebs tnb prckbs li tr`es`ktcles wncab tnb klhp`ey w`s stcaa prcv`tb, klhp`rbf tl tnb bvbetu`a CTL prckb. Vnb rbstrcktbf stlkg stufcbs n`vb iluef `vbr `vbr`o `obb FALH FALHss ce tnb tnb r`eo r`eobb li ;4% ;4% tl ;2%, ;2%, wnca wncabb tnb tnb prbprb-CT CTL L stuf stufcb cbss n`vb n`vb rbpl rbplrt rtbf bf `vbr `vbr`o `obb FALH FALHss obeb obebr` r`aa aayy `rlu `rluef ef 62%. 62%. Vnb Vnb stufcbs `asl n`vb iluef ` vbry wcfb r`eob li fcskluets, fbpbefceo uple tnb tr`es`ktcles, irlh 34% tl -04% (c.b., ` prbhcuh). Trltbktcvb Tut Lptcle K`akua`tcle @ irbqubetay-usbf tbknecqub, ocvbe tnb fbtbrhcecstck e`turb li tnb k`akua`tcle `ef tnb b`sb li cts rbvcbw, cs ` hlfba utcaczceo ` Ja`kg-[knlabs prckceo ilrhua` tl fbtbrhceb tnb v`aub li ` prltbktcvb Burlpb`e put lptcle. Vnb lrcoce`a `utnlr li tncs hbtnlf, F`vcf J.N. Kn`iibb, suoobstbf, "Ci leb nlafs rbstrcktbf lr ele-h`rgbt`jab stlkg `ef purkn`sbs `e lptcle tl sbaa tnlsb sn`rbs `t tnb irbb h`rgbt prckb, tnb nlafbr n`s, ce biibkt, purkn`sbf h`rgbt`jcacty ilr tnlsb sn`rbs. Vnb prckb li tn`t put cs tnb fcskluet ilr a`kg li h`rgbt`jcacty." Ce tncs bx`hpab, tnb put lptcle prlvcfbs prltbktcle irlh flwescfb rcsg=
v`aub v`aub 8 8 gb-rVE(-∊:) - [E(-∊0) : :)V V V / ϋ∝V V ∊08 ae([/g) + (Wr + ϋ X / :) V ∊: 8∊0- ϋ∝V Y`aub Y`aub Trltbktbf Trltbktbf
Trckb li Tut Lptcle
CChpacbf hpacbf F Fcskluet cskluet
$04,;>2,4;>
$:,63?,432
:6.42%
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@sc`e Tut Lptcle K`akua`tcle K`akua`tcle @e @sc`e `vbr`ob-strcgb lptcle's p`ylii fbpbefs le ` strcgb prckb wnckn cs sbt bqu`a tl tnb `rctnhbtck hb`e li tnb `ssbt prckb furceo tnb acib li tnb lptcle. Vnb v`ryceo ce `ssbt prckb cs schua`tbf jy Hletb K`ral Hbtnlfs. Ce lur hlfba wb usbf 0,444 schua`tcles `ef 044 stbps pbr schua`tcle lvbr tnb tchb cetbrv`a, `aalwceo elrh`aay-fcstrcjutbf stlkn`stck frcit tl `iibkt tnb `ssbt prckb lvbr tnb cetbrv`a ce b`kn schua`tcle `ef tnbe t`gceo tnb `rctnhbtck hb`e li tnb rbsuats. Vnb p`ylii rbsuatceo irlh tnb schua`tcle w`s usbf tl klhputb tnb v`aub li ` put lptcle. Vnb hlfba `ssuhbs tn`t `e cevbstlr wluaf, ce tnb `jsbekb li `ey tr`esibr rbstrcktcles, jb bqu`aay acgbay tl sbaa tnb sn`rbs `ey tchb furceo tnb rbstrcktcle pbrclf. Vnb klst li tr`esibr rbstrcktcles k`e jb prckbf `s tnb v`aub li `e `vbr`ob-strcgb put lptcle. Vnb klst li rbstrcktcle fcvcfbf jy tnb uefbrayceo v`aub li tnb cetbrbst le tnb @ppr`cs`a F`tb fbtbrhcebs tnb fcskluet. Klescstbet wctn tnb ltnbr lptcle prckceo hlfbas utcaczbf ce tncs rbplrt, gby ceputs cekaufb= tnb nlafceo pbrclf li tnb cetbrbst, tnb `ssuhbf vla`tcacty li tnb klhp`ey (bctnbr ncstlrck`a lr chpacbf), `ef tnb rcsg irbb r`tb lvbr tnb tbrh li tnb cevbsthbet. Vnbsb `ssuhptcles `rb fbrcvbf sbp`r`tbay `ef prbsbetbf ce tnb ltnbr `ppbefckbs. Vnb ilrhua` ilr klhputceo tnb put lptcle, rbayceo uple tnb `ssuhptcles bst`jacsnbf basbwnbrb ce tnb rbplrt, cs tnus=
8 b-rV(0/H) ΫHg80W[t(g)- (0/E) ΫEg80 W[tc(g))X+ v`aub v`aub 8 H 8 euhjbr li Hletb K`ral schua`tcles E 8 euhjbr li tchb cetbrv`a stbps Y`aub Y`aub Trltbktbf Trltbktbf
Trckb li Tut Lptcle
CChpacbf hpacbf F Fcskluet cskluet
$04,;>2,4;>
$0,2::,>>:
06.99%
Klhhbets le [babktbf Fcskluet Vnb [BK `ef @CKT@ beklur`ob tnb usb li qu`etct`tcvb hlfbas tl j`kg up tnb sbabktbf FALH, `ef wb n`vb prlvcfbf tnbh. Nlwbvbr, tnbsb hbtnlfs `rb elt pbribkt `ef snluaf sbrvb `s ` prlxy ilr bst`jacsnceo ` fbibescjab r`eob li fcskluet. [pbkcick`aay, tnb @sc`e put hlfba prlmbkts tn`t `e cevbstlr juys ` put lptcle le tnb v`aub li tnb klhp`ey, bssbetc`aay `aalwceo tnbh tl sbaa tnb klhp`ey `t tnb @ppr`cs`a F`tb `t tnb bxt`et prckb, wctn tnb iuefs tl jb rbkbcvbf `t tnb bef li tnb lptcle tbrh. Ct cs fciickuat tl `ssbrt tn`t ` hlfba wctn ` h`tnbh`tck`aay ue`hjcoulus fbicectcle fbrcvbf irlh tnb pujack fbrcv`tcvbs h`rgbts cs ` pbribkt rbprbsbet`tcle li tnb h`rgbt`jcacty ilr ` sbkurcty wctn el acqucf h`rgbt `t `aa. _ctn tnb tr`fbs chpacbf jy tnb hlfbas, tnb cevbstlr bssbetc`aay krb`tbs ` rcsg-irbb jlef, `ef tnb lut-li-plkgbt bxpbesb tl put tncs nbfob ce pa`kb cs zbrl. Vnb hlfba `asl `ssuhbs tnb kletrlaaceo cevbstlr ce tnb klhp`ey n`s bx`kt h`rgbt tchceo, wnckn cs fujclus jbk`usb li nlw tchb-klesuhceo `ef bxpbescvb ct cs tl jrceo prcv`tb stlkg tl h`rgbt. Vnbsb hlfbas hlrb kalsbay `kkluet ilr tnb rcsg li tnb cevbstlr alsceo hleby furceo tnb nlafceo pbrclf, r`tnbr tn`e tnb cenbrbet fciickuaty ce jrceoceo acqucfcty tl prcv`tb stlkg. Fub tl tnbsb snlrtklhceos, wb obebr`aay vcbw tnb put lptcle hbtnlfs `s ` alwbr jluef le tnb h`rgbt`jcacty fcskluet, `ef n`vb `fmustbf tnb rbsuats ce acont li tnb Klhp`ey's p`rtckua`r ice`ekc`a klefctcle. _b usbf `e `fmustbf v`aub li ;2% ce lur `e`ayscs.
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@ppbefcx I - Pu`acick`tcles li Juscebss @ppr`csbr F`vcf Acp` cs tnb prcekcp`a `ef lrcoce`a iluefbr li Trbibrrbf Zbture. Trbibrrbf Zbture cs ` v`au`tcle klhp`ey nb`fqu`rtbrbf ce Ebw Slrg tn`t prlvcfbs `ppr`cs`a sbrvckbs `ef v`au`tcle wlrg tl prcv`tb klhp`ecbs. Trbibrrbf Zbture n`s prlvcfbf v`au`tcle sbrvckbs tl ` a`rob v`rcbty li prcv`tb klhp`ecbs ce [cackle Y`aaby `ef jbylef. Ct `asl prlvcfbs iuef-abvba rbplrtceo sbrvckbs tl vbeturb k`pct`a icrhs ce klemuektcle wctn @[K Vlpck >:4, `ef liibrs rbac`ekbs le v`rclus tlpcks rba`tbf tl bhbroceo v`au`tcle a`ws `ef t`x st`tutbs. Hr. Acp`'s p`st k`rbbr w`s spbet betcrbay ce vbeturb k`pct`a `ef prcv`tb bqucty, wnbrb nb v`aubf nuefrbfs li prcv`tb bqucty plsctcles r`eoceo irlh hbo`juylut plrtilacls tl sh`aa tr`eknbs li caacqucf iluefbr's stlkg. Nb jbo`e ncs k`rbbr `s ` sbkurctcbs `e`ayst ilr N`hjrbknt `ef Pucst @sc` T`kcick ce [n`eon`c, supplrtceo vbeturb cevbsthbets cetl nb`atnk`rb, wbaaebss, `ef klesuh klesuhbr br klhp`e klhp`ecbs cbs tnrluo tnrluonlu nlutt tnb @[B@E @[B@E rbocle rbocle.. Ce :442 :442 Hr. Acp` Acp` mlcebf mlcebf T`etnb T`etnble le Ybetur Ybeturbs, bs, `e cestct cestctutc utcle` le`aa cevbst cevbstlr lr wctn wctn lvbr lvbr $:4 jcaacl jcaacle e uefbr uefbr h`e`ob h`e`obhbe hbet, t, `ef leb li tnb a`robs a`robstt p`rtck p`rtckcp` cp`ets ets ce tnb prcv`t prcv`tbb bqucty bqucty sbklef sbklef`rc `rcbs bs h`rgbt h`rgbt.. Ce prcv`t prcv`tbb bqucty bqucty sbklef`rcbs, cestctutcles `ef wb`atny cefcvcfu`as tr`fb bxcstceo prcv`tb bqucty plsctcles le ` rbstrcktbf h`rgbt. @t T`etnble, Hr. Acp` jucat hlfbas `ef suppacbf v`au`tcle `fvckb ilr h`ey li tnb a`robst sbklef`ry tr`es`ktcles furceo tnb hbo`juylut jllh li :449-:44?, `ef `sscstbf wctn tnb tr`es`ktcle li achctbf p`rtebrsncp cetbrbsts ce vbeturb iuefs acgb [bqulc` K`pct`a, @kkba T`rtebrs, `ef Fr`pbr Icsnbr Murvbtsle. Hr. Acp` mlcebf tnb prcv`tb bqucty bxkn`eob iuef BJ^ `s vckb prbscfbet ce :44?. @t BJ^, Hr. Acp` v`aubf klhhle stlkg plsctcles ce lvbr :44 st`rtup betbrprcsbs. Nb `ssbhjabf twl iuefs li vbeturb-j`kgbf klhp`ecbs wnlsb iluefbrs klhhcttbf tl sw`ppceo stlkg wctn b`kn ltnbr j`sbf le Hr. Acp`'s v`au`tcles. Nb `ktbf `s ` icefbr `ef v`au`tcle klesuat`et ce lvbr $:4hh wlrtn li klhhle stlkg sbklef`ry tr`es`ktcles, `ef nb sbrvbf `s ` v`au`tcle klesuat`et ilr tnb iuefs' p`rtckcp`ets `ef `sscstbf iluefbrs wctn kn`rct`jab stlkg fle`tcles. Hr. Acp` n`s wrcttbe tnb k`pct`a strukturb hlfbaceo slitw`rb tn`t plwbrs sbvbr`a prcv`tb stlkg bxkn`eobs, cekaufceo BJ^ `ef xKn`eob, Cek., ` FIM-j`kgbf klhp`ey. Trbibrrbf Zbture n`s `asl ackbesbf k`pct`a strukturb hlfbaceo slitw`rb tl a`w icrhs `ef vbeturb k`pct`a icrhs, tl `sscst wctn hlfbaceo `ef cetbre`a v`au`tcles. Hr. Acp`'s fbbp bxpbrtcsb ce klhpabx prbibrbekb strukturbs, `ef tnb k`pct`acz`tcle, v`au`tcle, `ef acqucfcty li rbstrcktbf stlkg cs uecqub uecqubay ay t`calr t`calrbf bf tl prcv`t prcv`tbb jusceb juscebss ss `ppr`c `ppr`cs`a s`a.. Nb n`s bxtbesc bxtbescvb vb bxpbrc bxpbrcbek bekbb ce hlst hlst `rb`s `rb`s li prcv`t prcv`tbb bqucty bqucty,, cekauf cekaufceo ceo hbo`ju hbo`juylu ylutt v`au`tcles, hbzz`eceb fbjt cssu`ekb, iuef li iuefs, sbklef`ry s`abs, acib skcbekbs st`rtups, cetbre`tcle`a `ef flhbstck vbeturb, `ef achctbf p`rtebrsncp a`w. Hr. Acp` cs ` or`fu`tb li [t`eilrf Recvbrscty, wnbrb nb h`mlrbf ce Cefustrc`a Beocebbrceo. Nb cs ` hbhjbr ce ollf st`efceo li tnb Cestctutb li Juscebss @ppr`csbrs.
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@ppbefcx O - [lurkbs li Ceilrh`tcle Ce klefuktceo tncs v`au`tcle beo`obhbet Trbibrrbf Zbture klescfbrbf `aa h`tbrc`a ceilrh`tcle rbqucrbf tl rb`kn ` rb`slebf klekauscle `s tl tnb v`aub li li @atcus Kaluf, Cek., ocvbe cts st`ob li fbvbalphbet `ef lpbr`tceo kletbxt, `ef ce `kklrf`ekb wctn prbv`caceo e`tcle`a st`ef`rfs li `ppr`cs`a `s sbt ilrtn jy tnb @CKT@ `ef ltnbr e`tcle`a jlfcbs. Lur cevbstco`tcle cekaufbf ` tnlrluon rbvcbw li rbabv`et klrplr`tb flkuhbets h`tbrc`a tl tnb v`au`tcle prlkbss. Vnb `rtckabs li ceklrplr`tcle, fbskrcptcles li tnb k`pct`a strukturb `ef chpacbf rconts `ef prbibrbekbs, ceilrh`tcle rba`tbf tl cssu`ekb li bqucty `ef fbjt cestruhbets (cekaufceo `ey cssubf lr kletbhpa`tbf lptcles `ef w`rr`ets) `s wbaa `s klhp`ey jya`ws `ef ltnbr rbabv`et flkuhbets wbrb `aa rbvcbwbf. Vnb rbvcbw cekaufbf `e `e`ayscs li `ey rbvcbwbf ice`ekc`as, pbrilrh`ekb ilrbk`sts `ef ltnbr ncstlrck`a `ef prlspbktcvb ice`ekc`a `ef lpbr`tceo f`t` `ef prlmbktcles klekbreceo tnb Klhp`ey. Ce `ffctcle tl klhp`ey flkuhbets, wb klefuktbf cefbpbefbet rbsb`rkn li tnb bklelhck klefctcles prbv`abet furceo tnb `ppr`cs`a pbrclf. _b `asl cefbpbefbetay rbvcbwbf tnb Klhp`ey's juscebss `ef lpbr`tceo pa`es, cts prlfukt `ef sbrvckb liibrceos `ef cts h`rgbt plsctcle rba`tcvb tl klhpbtctlrs ce tnb h`rgbtpa`kb. _b `asl rbvcbwbf tnb ice`ekc`a `ef lpbr`tceo ncstlry li tnb Klhp`ey `ef li tnb cefustry sbktlr ce wnckn tnb Klhp`ey lpbr`tbs. @e`ayscs li klrplr`tb flkuhbets `ef jrl`fbr cefustry rbsb`rkn w`s suppabhbetbf jy cetbrvcbws wctn Klhp`ey H`e`obhbet klekbreceo ice`ekc`a st`tbhbets, k`pct`a strukturb, lpbr`tceo `ef ice`ekc`a pbrilrh`ekb `s wbaa `s bstch`tcles li iuturb pbrilrh`ekb `ef lpbr`tceo pa`es ilr tnb Klhp`ey. Vncs fc`aloub cekaufbf fcskusscle rbo`rfceo tnb `ssuhptcles `ef rcsg i`ktlrs uefbrayceo `ey lpbr`tceo lr ice`ekc`a pa`es, ilrbk`sts lr bstch`tbs. Lur v`au`tcle cevlavbf rbsb`rkn `ef `e`ayscs klekbreceo oucfbaceb pujack klhp`ecbs, `ef tr`es`ktcles cevlavceo klhp`r`jab pujack `ef prcv`tb klhp`ecbs, sl `s tl bst`jacsn klhp`r`tcvb jbeknh`rgs ilr v`au`tcle purplsbs. Ice`aay, lur prlkbss cekaufbf `e`ayscs `ef bstch`tcle li tnb i`cr v`aub li li tnb Klhp`ey `s li tnb @ppr`cs`a F`tb. @ey h`tbrc`a bvbets tn`t tllg pa`kb `itbr tnb @ppr`cs`a F`tb, `ef prclr tl tnb Zbplrt F`tb, wnckn wbrb rb`sle`jay gelw`jab `t tnb tchb li tnb @ppr`cs`a F`tb, n`vb jbbe t`gbe cetl klescfbr`tcle ce lur `e`ayscs ce `kklrf`ekb wctn tnb oucfbacebs bst`jacsnbf ce @CKT@'s pr`ktckb `cf. Trbibrrbf Zbture k`aabf tnb Klhp`ey's liickbs ce [`e Ir`ekcskl, K@ `ef cetbrvcbwbf leb li cts h`e`obrs. H`e`obhbet prlvcfbf tnb ilaalwceo ceilrh`tcle= • Ncstlrck` Ncstlrck`aa ice`ekc` ice`ekc`aa st`tbhbe st`tbhbets ts • H`e`obhbet's cetbre`a ice`ekc`a ilr yb`r-tl-f`tb yb`r-tl-f`tb rbsuats • H`e`obhbet's ice`ekc`a prlmbktcles • Vnb Klhp`ey's `rtckabs li ceklrplr`tcle `ef ltnbr klrplr`tb flkuhbets • Y`rclus h`rgbtceo h`rgbtceo h`tbrc`as, rbplrts rbplrts `ef `e`aysbs prbp`rbf jy h`e`obhbet cekaufceo ceilrh`tcle prbsbetbf prbsbetbf le tnb Klhp`ey's wbj sctb • @ ncstlrck`a sknbfuab sknbfuab li lptcles lptcles cssubf jy tnb Klhp`ey, `ef tnb tbrhs `ef klefctcles klefctcles li tnlsb cssu`ekbs • Jl`rf prbsbet`tcles prbsbet`tcles `ef ice`ekc`a upf`tbs, cekaufceo cekaufceo klhpbtctcvb klhpbtctcvb `e`ayscs `e`ayscs • Vnb Klhp`ey's hlst rbkbet k`pct`acz`tcle t`jab, `s li tnb @ppr`cs`a @ppr`cs`a F`tb • Ltnbr pujackay `v`ca`jab `v`ca`jab ceilrh`tcle ilr klhp`ecbs fbbhbf tl jb klhp`r`jab tl tnb Klhp`ey
Ce `ffctcle, wb klesuatbf tnb ilaalwceo slurkbs, `hleo ltnbrs= • Cjjltsle @sslkc`tbs. [JJC :40; Sb`rjllg, Y`au`tcle Bfctcle • @ V`sg Ilrkb Ilrkb li tnb @CKT@. Y`au`tcle li Trcv`tbay-Nbaf-Klhp`ey Trcv`tbay-Nbaf-Klhp`ey Bqucty Bqucty [bkurctcbs Cssubf `s Klhpbes`tcle. @CKT@. :40;. • Cetbrvcbws Cetbrvcbws wctn h`e`obhbet h`e`obhbet rbo`rfceo rbo`rfceo tnb ncstlry `ef lpbr`tcles lpbr`tcles li tnb Klhp`ey, Klhp`ey, cts ncstlrck`a ncstlrck`a ice`ekc`a pbrilrh`ekb, iuturb pbrilrh`ekb bstch`tbs, tnb lutallg ilr tnb Klhp`ey `ef tnb cefustry sbktlr ce wnckn ct lpbr`tbs, tnb st`tb li klhpbtctcle ce cts prch`ry `ef `fm`kbet h`rgbts, `ef tnb `ssuhptcles uefbrayceo `ey pa`es lr bstch`tbs `s wbaa `s rcsg i`ktlrs tn`t kluaf `iibkt iuturb pbrilrh`ekb7
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• Cefbpb Cefbpbefb efbet et rbvcbw rbvcbw li klrpl klrplr`t r`tbb flkuhb flkuhbets ets rba`tb rba`tbf f tl ice`ek ice`ekc`a c`a pbrilr pbrilrh`e h`ekb, kb, lpbr` lpbr`tce tceoo pbrilr pbrilrh`e h`ekb, kb, ceklrp ceklrplr` lr`tcl tcle e `ef olvbre olvbre`ek `ekb, b, k`pct` k`pct`aa strukt strukturb urb,, bqucty bqucty `ef fbjt fbjt cestru cestruhbe hbets, ts, `ef ltnbr ltnbr h`ttbr h`ttbrss h`tbrc h`tbrc`a `a tl tnb v`au`tcle `e`ayscs • Cefbpbefbet rbvcbw li tnb cefustry sbktlr `ef jrl`fbr jrl`fbr bklelhck `ef `ef klhpbtctcvb bevcrlehbet bevcrlehbet ce wnckn tnb Klhp`ey lpbr`tbs7 • Fbvbalphbet li ` pbbr orlup li li pujackay tr`fbf klhp`ecbs `s wbaa wbaa `s ` sbt li tr`es`ktcles cevlavceo cevlavceo pujack `ef prcv`tb klhp`ecbs7 rbabv`et `e`ayscs w`s klefuktbf tl prlvcfb klhp`r`tcvb jbeknh`rgs ilr v`au`tcle purplsbs • Y`au`t Y`au`tcle cle `e`ays `e`ayscs cs utcacz utcaczceo ceo `pprlp `pprlprc` rc`tb tb hbtnlf hbtnlflal lalocb ocbss irlh irlh `hleo `hleo tnb ceklhb ceklhb `pprl` `pprl`kn, kn, tnb h`rgbt h`rgbt `pprl`kn, `ef tnb `ssbt `pprl`kn. • @aalk`tcle @aalk`tcle li v`aub `e`ayscs utcaczceo utcaczceo `pprlprc`t `pprlprc`tbb hbtnlflalocbs hbtnlflalocbs irlh `hleo tnb kurrbet v`aub hbtnlf, tnb prlj`jcacty-wbcontbf rbture hbtnlf, `ef tnb lptcle prckceo hbtnlf. • Klescfbr`tcle li li prbhcuhs `ef/lr fcskluets sukn `s kletrla kletrla prbhcuhs, hcelrcty hcelrcty cetbrbst fcskluets, vltceo kletrla `fmusthbets, `ef a`kg-li-h`rgbt`jcacty fcskluets.
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@ppbefcx N - [t`tbhbet li Achct`tcles Trbibrrbf Zbture's lpcecle cs prlvcfbf sujmbkt tl tnb ilaalwceo [t`tbhbet li Achctceo Klefctcles= 0. Vnb Klhp`ey Klhp`ey n`s beo`obf Trbibrrbf Trbibrrbf Zbture `s ` v`au`tcle v`au`tcle klesuat`et klesuat`et tl prbp`rb ` rbstrcktbf rbstrcktbf usb rbplrt. @ rbstrcktbf usb rbplrt cs achctbf ce sklpb. [pbkcick`aay, lur rbplrt h`y elt jb usbf ce `ey icaceo wctn tnb [bkurctcbs `ef Bxkn`eob Klhhcsscle ("[BK"). Ce tnb bvbet tn`t tnb [BK rbqubsts ` klpy li ` v`au`tcle rbplrt tl supplrt tnb bxbrkcsb prckb nbrbce bst`jacsnbf, tnb Klhp`ey `ef Trbibrrbf Zbture `orbb tn`t Trbibrrbf Zbture wcaa prlvcfb ` iuaa sklpb, sbai-klet`cebf v`au`tcle rbplrt ilr sujhcsscle tl tnb [BK. Vnb Klhp`ey h`y elt rbqucrb Trbibrrbf Zbture tl rbklekcab tncs rbstrcktbf usb rbplrt tl `ey ice`a ilrh`a rbplrt tn`t h`y jb prbp`rbf jy Trbibrrbf Zbture. :. _b n`vb el rb`sle rb`sle tl jbacbvb, jbacbvb, `ef el i`kts i`kts n`vb klhb tl lur `ttbet `ttbetcle cle tl k`usb us tl jbacbv jbacbvb, b, tn`t tnb ceilrh`tcle sbt ilrtn ce tncs Zbplrt cs elt klrrbkt. ;. Ce tnb klursb klursb li tncs beo`obhbet, beo`obhbet, Trbibrrbf Trbibrrbf Zbture n`s jbbe prlvcfbf prlvcfbf wctn wrcttbe ceilrh`tcl ceilrh`tcle, e, lr`a ceilrh`tcle `ef f`t` ce babktrleck ilrh rba`tbf tl tnb Klhp`ey's ice`ekc`a `ef lpbr`tceo pbrilrh`ekb, cts k`pct`a strukturb `ef ltnbr h`ttbrs rbabv`et tl tnb v`au`tcle `e`ayscs. Trbibrrbf Zbture n`s rbacbf uple tnb `kkur`ky li tnb ice`ekc`a st`tbhbets prlvcfbf jy tnb Klhp`ey wctn el cefbpbefbet vbrcick`tcle li cts `kkur`ky lr klhpabtbebss. _b n`vb rbvcbwbf ilr rb`sle`jabebss tnbsb f`t`, ce acont li tnb cefustry `ef bklelhck f`t` fcskussbf ce tncs rbplrt `ef tnb rbsuats li lur cetbrvcbws li H`e`obhbet, `ef wb n`vb el rb`sle rb`sle tl jbacbv jbacbvbb tnb f`t` f`t` `rb uerb`s uerb`sle` le`jab jab.. Nlwbv Nlwbvbr, br, `s v`au`t v`au`tcle cle klesua klesuat`e t`ets, ts, wb n`vb n`vb elt `ufctb `ufctbf f tnbsb tnbsb f`t` f`t` `ef bxprbss el lpcecle lr ltnbr ilrh li `ssur`ekb rbo`rfceo tnbcr `kkur`ky lr i`crebss li prbsbet`tcle. 6. Vnb ceilrh`tcle iurecsnbf jy ltnbrs, ltnbrs, cekaufceo Klhp`ey Klhp`ey h`e`obhbet, cs prbsuhbf tl jb trub `ef `kkur`tb `ef el rbsplescjc rbsplescjcacty acty cs `ssuhbf `ssuhbf ilr cts `kkur`ky lr klhpabtbebs klhpabtbebss. s. Trbibrrbf Trbibrrbf Zbture cssubs el w`rr`ety w`rr`ety lr ltnbr ilrh li `ssur`ekb rbo`rfceo tnb `kkur`ky li ceilrh`tcle iurecsnbf jy ltnbrs. Klhp`ey h`e`obhbet uefbrst`efs tn`t `ey brrlrs lr lhcsscles ce ceilrh`tcle tn`t w`s prlvcfbf tl us h`y h`tbrc`aay `iibkt lur klekauscles. 2. Trbibrrbf Trbibrrbf Zbture n`s rbacbf uple tnb ice`ekc`a ilrbk`sts ilrbk`sts prlvcfbf prlvcfbf jy h`e`obhbet h`e`obhbet wctn el cefbpbefb cefbpbefbet et vbrcick`tcle li tnb ilrbk`sts lr uefbrayceo `ssuhptcles. Trlspbktcvb ice`ekc`a ceilrh`tcle `ef k`sn ialw bstch`tbs prlvcfbf jy tnb Klhp`ey `rb slabay ilr usb ce tncs v`au`tcle `e`ayscs. Vncs ceilrh`tcle cs elt tl jb klestrubf `s elr cs liibrbf `s ` prbfcktcle tn`t ` p`rtckua`r abvba li ceklhb lr prlict wcaa jb `kncbvbf. Vnbrb cs litbe ` fciibrbekb jbtwbbe bstch`tbf `ef `ktu`a rbsuats, `ef tnb fciibrbekb h`y jb h`tbrc`a. 9. _b n`vb elt pbrilrhbf `e bx`hce`tcle lr klhpca`tcle klhpca`tcle li tnb Klhp`ey's ice`ekc`a ilrbk`sts ce `kklrf`ekb `kklrf`ekb wctn wctn st`ef` st`ef`rfs rfs bst`ja bst`jacsn csnbf bf jy tnb @hbrck @hbrck`e `e Cestct Cestctutb utb li Kbrtci Kbrtcicbf cbf Tujack Tujack @kklue @kkluet`e t`ets ts (@CKT@ (@CKT@). ). Klesbqubetay, wb fl elt bxprbss `e lpcecle lr `ey ltnbr ilrh li `ssur`ekb le tnb rb`sle`jabebss li tnb ilrbk`st f`t` lr tnbcr uefbrayceo `ssuhptcles lr ci `ey li tnb ilrbk`sts `rb prbsbetbf ce kleilrhcty wctn @CKT@ prbsbet`tcle oucfbacebs. oucfbacebs. ?. Kbrt`ce Kbrt`ce ice`ekc`a ice`ekc`a f`t` usbf ce lur `e`ayscs `e`ayscs n`s rbacbf rbacbf uple h`e`obhbet's h`e`obhbet's `fmusthbets `fmusthbets tl tnb ice`ekc`a ice`ekc`a st`tbhbets, wnckn `rb `ssuhbf tl jb ce `kklrf`ekb wctn obebr`aay `kkbpt`jab `kkluetceo prcekcpabs. _b n`vb elt cefbpbefbetay vbrcicbf tnb `kkur`ky lr klhpabtbebss li tnb f`t` prlvcfbf `ef fl elt bxprbss `e lpcecle lr liibr `ey ilrh li `ssur`ekb rbo`rfceo cts `kkur`ky lr klhpabtbebss. >. Trbibrrbf Trbibrrbf Zbture `ssuhbs `ssuhbs el ncffbe ncffbe lr ue`pp`rbet ue`pp`rbet klefctcles klefctcles rbo`rfceo rbo`rfceo tnb sujmbkt `ssbts, prlpbrtcb prlpbrtcbss lr juscebss cetbrbsts. _b fcf elt klescfbr tnb chp`kt li `ey acbes lr bekuhjr`ekbs bxkbpt `s spbkcick`aay st`tbf `ef fcf elt klefukt `ey pnysck`a cespbktcle li `ey prlpbrtcbs lr `ssbts li tnb Klhp`ey. Ilr tnb purplsbs li tnb v`au`tcle `e`ayscs wb n`vb `ssuhbf tn`t tnbrb cs iuaa klhpac`ekb wctn `aa ibfbr`a, st`tb `ef alk`a a`ws `ef tn`t `aa rbqucrbf ackbesbs lr klesbets n`vb jbbe lr k`e jb ljt`cebf irlh tnb rbqucsctb rboua`tlry `utnlrcty. 3. Vncs Zbplrt Zbplrt n`s jbbe prbp`rbf prbp`rbf slabay slabay ilr tnb pbrsle lr pbrsles pbrsles tl wnlh ct cs `ffrbssbf `ffrbssbf `ef slabay slabay ilr tnb purplsb st`tbf7 tncs Zbplrt h`y elt jb usbf ilr `ey ltnbr purplsb, `ef el p`rty ltnbr tn`e tnb Klhp`ey h`y rbay le ct ilr `ey purplsb wn`tslbvbr. Bxkbpt `s sbt ilrtn ce tncs Zbplrt, ebctnbr tncs Zbplrt elr `ey plrtcles nbrbli h`y jb klpcbf lr fcssbhce`tbf tnrluon `fvbrtcsceo, pujack rba`tcles, ebws, s`abs, [bkurctcbs ;?
`ef Bxkn`eob Klhhcsscle fcskalsurb flkuhbets lr `ey ltnbr hbfc` wctnlut tnb bxprbss wrcttbe klesbet li Trbibrrbf Zbture. 04. Vnb v`au`tcle v`au`tcle `e`ayscs `e`ayscs `ssuhbs tn`t, `s li tnb Y`au`tcle Y`au`tcle F`tb, Klhp`ey Klhp`ey wcaa kletceub tl lpbr`tb `s ` olceo-klekbre, tn`t tnb Klhp`ey n`s el uefcskalsbf rb`a lr kletceobet `ssbts li ac`jcactcbs tn`t wluaf n`vb ` h`tbrc`a `iibkt le lur `e`ayscs `ef tn`t tnb Klhp`ey wcaa kletceub tl jb klhpbtbetay h`e`obf. Vncs v`au`tcle v`au`tcle `e`ayscs flbs elt bet`ca bet`ca `e bv`au`tcle bv`au`tcle li h`e`obhbet h`e`obhbet's 's biibktcvbeb biibktcvbebss, ss, elr `rb wb rbsplescj rbsplescjab ab ilr iuturb h`e`obhbet `ktcles uple wnckn `ktu`a rbsuats wcaa fbpbef. 00. Ce `kklrf`ekb `kklrf`ekb wctn R[ Vrb`sury Vrb`sury ruabs, tnb `fvckb `fvckb klet`cebf klet`cebf nbrbce w`s elt cetbefbf cetbefbf lr wrcttbe wrcttbe tl jb usbf, `ef k`eelt jb usbf, jy `ey pbrsle ilr tnb purplsb li `vlcfceo pbe`atcbs tn`t h`y jb chplsbf jy tnb Cetbre`a Zbvbeub Klfb lr `ppack`jab st`tb lr alk`a t`x a`ws. 0:. Vnb lpcecles lpcecles li v`aub klet`cebf klet`cebf nbrbce nbrbce `rb elt cetbefbf cetbefbf tl rbprbsbet rbprbsbet tnb v`aub li tnb sujmbkt sujmbkt `ssbts `t `ey tchb ltnbr tn`e tnb @ppr`cs`a F`tb tn`t cs st`tbf ce tncs Zbplrt. Kn`eobs ce h`rgbt klefctcles tn`t t`gb pa`kb `itbr tnb @ppr`cs`a F`tb kluaf rbsuat ce lpcecles li v`aub tn`t `rb h`tbrc`aay fciibrbet irlh tnlsb liibrbf `ef Trbibrrbf Zbture `ssuhbs el rbsplescjcacty ilr sukn kn`eobs, bxkbpt `s ltnbrwcsb st`tbf ce tncs Zbplrt. _b liibr el lpcecle `s tl wnbtnbr tnb Klhp`ey wluaf `ktu`aay jb slaf ilr tnb `hluet liibrbf `s cts cefck`tbf v`aub. 0;. Lur Lur ibbs ibbs ilr tncs tncs sbrvck sbrvckbb `rb elt kletce kletceobe obett uple uple tnb v`au`t v`au`tcl cle e lpcec lpcecle le bxprbs bxprbssbf sbf nbrbce nbrbce,, `ef ebctnb ebctnbrr Trbibr Trbibrrbf rbf Zbture elr `ey li cts st`ii n`vb ` prbsbet lr cetbefbf ice`ekc`a cetbrbst ce tnb Klhp`ey. 06. Trbibrrbf Trbibrrbf Zbture Zbture cs elt rbqucrbf rbqucrbf tl prlvcfb prlvcfb `ffctcle`a `ffctcle`a wlrg lr sbrvckbs, sbrvckbs, lr tl ocvb tbstchley tbstchley lr jb ce `ttbef`ekb ce klurt wctn rbibrbekb tl tnb `ssbts, prlpbrtcbs lr juscebss cetbrbst ce qubstcle lr tl upf`tb `ey rbplrt, `e`ayscs lr klekauscle ueabss `rr`eobhbets `kkbpt`jab tl Trbibrrbf Zbture n`vb jbbe sbp`r`tbay `orbbf wctn tnb Klhp`ey. Trbibrrbf Zbture rbsbrvbs tnb rcont tl h`gb `fmusthbets tl tnb `e`ayscs, lpcecle `ef klekau klekauscl scles es prbsbe prbsbetbf tbf ce tncs tncs Zbplrt Zbplrt `s wb fbbh fbbh ebkbss ebkbss`ry `ry ce klescf klescfbr` br`tcl tcle e li `ffctc `ffctcle` le`aa lr hlrb hlrb rbac`j rbac`jab ab f`t` f`t` tn`t h`y jbklhb `v`ca`jab.
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