ࡱ > q` bjbjqPqP 9
: : v p p p l] l] l] 8 ] | ^ U ^ ( _ " *_ *_ *_ i $ h s ` 9 p ɾ i *_ *_ _ D *_ p *_ , D p H *_ ^ `1k l] Q j % 0 U , h H p H h 7 # ^ U DD M M # !(
@>5:B=0O @01>B0
?> 35><5B@88
"5A:20
2 0 0 5 3>4.
2545=85.
@>5:B ?>A2OIQ= 35>9 =0C:8 <0B5<0B8:8) , 0 8 35>340- B> A;>2> 35>7=0G0;> B>;L:> 75<;5;L7>20;>AL 2 03@0@=KE 8=B5@5A0E. > =0 A0GB8 AB>;L:>, A:>;L:> ;5B A ?>O2;5=8O G5;>25:0 =0 75=5G=>, MB> :065BAO AB@0==K 5A;8 ?>4C 6=> ?@54AB028BL, GB> ?5@2K9 G5;>25: =0G0; 8A:0BL 68;8I5. !=0G0;0 MB> 1K;8 ?5I5@K, ?>B>765 G5;>25: AB0; AB@>8BL 8 ?@88B5;LAB25 A0OICN 35>MB>25: =0G0; BC 8 H8@8=C ?5I5@K ?0;:>9, GB>1K ?> MB>9 ?0;:5 =01@0BL 3> 25B>: 8 70:@KBL ?5I5@C. !> 2@5<5=5 2@51KB=KE ;N459 ?>O28;>AL O7KG5AB2>. N48 AB0;8 AB@>8BL ?5@2K5 >15;8A:8. =8 1K;8 2KA5G5=K 87 :0<=O 8 =5 3;8 AB>OBL, 0 ?040;8, B>340 ;N48 ?>=O;8, GB>1K MB>B >15;8A: 2AB0;, 53> >A=>20=85 4>;6=> 1KBL @>2=>5. >B B0: ?5@2K9 @07 G5;>25: 2AB@5B8;AO A C3;0 B>340, A =8@>BLAO ( >@C48O B@C40 =5 1K;>) , 0 2K@K;8 OAB028;8 2 =5Q >15;8A:. -B8 >15;8A:8 =07K20;8AL ;LH54H8E 4> =0A, 5ABL B>;L:> 0=3;89A:89 :@>C=E5=46.
>>1I5 157 35> 1K =8 G53>. / AG8B0N, GB> 2A5 740=8O, :>B>@K5 =0A >:@C60NB MB> 35>B>@K5 O2;ONBAO >1JQ<=K<8 3>C3>;L=8:0@>40 2 25;8G5AB25==K5 ;8AK.
5>9 45OB5;L=>AB8 G5;>25:0.
5@2K5 35>=OB8O 2>7=8:;8 2 4>8AB>@8G5A:85 2@5@<K 25: 2 ?@8@>45: D>@B=KE, 3>@ 8 8728;8= @5:, :@C30 8 A5@?0 ;C=K 8 B. ?. 4=0:> G5;>25: =5 B>;L:> ?0AA82=> =01;N40; ?@8@>4C, => 8 ?@0:B8G5A:89 >A20820; 8 8A?>;L7>20; 55 1>30BAB20. ?@>F5AA5 ?@0:B8G5A:>9 45OB5;L=>AB8 >= =0:0?;820; 35>B@51=>AB8 ?>1C640;8 ;N459 873>B>2;OBL >@C485 B@C40, >1B5AK20BL :08BL 68;8I0, ;5?8BL 3;8=O=CN ?>AC4C 8 =0BO3820BL B5B82C =0 ;C: B. 4.
"0:81@07>ABL G5;>25:0 A;C68;0 >A=>2>9 4;8B5;L=>3> ?@>F5AA0 2K@01>B:8 >B2;5G5==KE ?>=OB89, >B:@KB8O ?@>AB59H8E 35><5B@8G5A:8E 7028A8AB59 8 A>>B=>H5=89.
0G0;> 35> ?>;>65=> 2 4@52=>AB8 ?@8 @5H5=88 ?@0:B8G5A:8E 7040G. 5@2K5 4>H54H85 4> =0A A2545=8O > 70@>645=88 8 CA?5E0E 35><5B@88 A2O70=K A 7040G0<8 75<;5<5@8O, 2KG8A;5=8O1J52 ( @52=89 38?5B, 028;>=, @52=OO @5F8O) .
#65 2 B> 2@57=8:;> 01AB@0:B=>5 ?>=OB85 35>3> B5;0 ( D83C@K) :0: =5:>B>@>3> >1J5:B0, A>E@0=ONI53> ;8HL ?@>AB@0=AB25==K5 A2>9AB20 A>>B25BAB2CNI53> D878G5A:>3> B5;0, ;8H5==>3> 2A5E >AB0;L=KE A2>9AB2, =5 A2O70==KE A ?>=OB85O=8O, ?@>BO65==>AB8 8 B. ?. "0:81@07><5B@8O A 645=8O 87CG0;0 =5:>B>@K5 ( 0 8 - 35>9AB20 @50;L=>3> <8@0. B3> 9 G5@B>9 35><5B@88 =0 2A5BO65=88 55 @0728B8O, ?@8 MB>1J5:B0 87CG5=8O ?>4=8;55 2KA>:89 C@>25=L.
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
@O9 C3>;.
A?><=8 87 =0A 2 45BAB25 =5 83@0; 2 :C18:8? ! 0: E>@>H> 8 =04Q6=> >=8 C:;04K20NBAO, >?8@0OAL 4@C3 =0 4@C30. 7 =8E 6=> A>74020BL A09G82K5 ?>AB@>9:8.
064K9 ?@>1>20; ?>AB@>8BL ?8@0 ?>B>;:0. !=0G0;0 2AQ 84QB ?@5:@0A=>, => ?>B>< ?8@0H0BK205BAO - A;>2>G5B 1KBL @>2=>9.
GQ? 45;> 2 ?@O4=O 157 >1KG=>3> C3>;L=8:0 A ?@O<K< =0< =5 C40ABAO A45;0BL A0<K9 4065 A0AB>9 G5@BQ6.
4=0 87 A0G=KE , CAB>9G82KE 8 C25@5==KE 35> E>@>H> 8725AB=K9 =0 :204@0B, 8=K20;NB=> ?@028;L=K9 ?@OC3>;L=8:.
$>@<C ?@OC3>;L=8:0 8A:0, ?;8B0, AB5:;> B> 5ABL 2A5, GB> =0 4;O ?>AB@>9:8 740=8O 8<55B ?@OC3>;L=CN D>@<C.
@O9 C3>; 25;8G09H89 >@30=870B>@ ?@>AB@0=AB20, >A>15==> @C:>B2>@=>3>. = B08B 2 A515 >3@>7840B5;L=CN A8;C. > B:;>=5=85 >B 53> ?@OBK G@520B> AB@0H=K<8 @07@CH8B5;L=KA;54AB28O<8.
0H0 ?8@0B5@O;0 @>2=>ABL 8, 2 :>=F5 :>=F>2, @CE=C;0 ?>B> 345- B> ?@O9 C3>; >:070;AO =5 8450;L=> ?@O<K@55 2A53>, ?>;, =0 :>B>@>< 8;8 10H=N, 1K; A =570<5B=K=><. 65B, =5 2A5 :C18:8 8450;L=> @>2=K5 8 AB>8;> >4=>A>20B>:070BLAO 2=87C ?>AB@>9:8, :0: 87- 70 =53> ?>H;> >B:;>=5=85 >B 25@B8:0;8.
S H A P E \ * M E R G E F O R M A T
%@0< 2 59@ -;L - 0E@8
5;8G09H8>@C65=8OE8 >2>3> F0@AB20 AB0;8 E@03>2. 48= 87 =8E 70C?>:>9=K9 E@0 =. M. ) , ?>A2OIQ==K9 1>38=5 %0B>@, 2 59@ M;L- 0E- @8 2 $820E, =0 70?04=> X V 2. 4> =. M. ) . C;LB %0B>@, 4>G5@8 1>30 0, 1>38=8 ;N128, :> ?>G8B0;AO 538?BO=0= %0BH5?ACB 1K;0 ;8G=>ABLN =570C@O4=>9. 0E20B82 2;0ABL C ?0AK=:0, 1C4CI53> "CBA0 I I I , >=0 2> 2@553> F0@AB2>20=8O =5 AB>;L:> 2>520;0, A:>;L:> A>>@C60;0 =>2K5 8 2>AAB0=02;820;0 AB0@K5 E@0<K. ! 5Q 8<5=5< A2O70=0 B0:65 40;Q:0O @A:0O M:A?548F8O 2 AB@0=C C=B. @>A;02;5=8N F0@8FK %0BH5?ACB A;C68;8 5Q 3>G8A;5==K5 8720O=8O. %@C?:0O, <8=80BN@=0O 65=I8=0 A E0@0:B5@=KG5@B0=853> ;8F0, 2KA>:8:> @0AAB02;5==K<8, C4;8=Q==K9 3;0701@060;0AL 2 1;8:5: A =0:;04=>9 1>@>4:>9. "0:>20 1K;0 B@048F8O 87>1@065=8O D0@0>=>2. %0BH5?ACB, 65;0O CB25@48BL A2>N 2;0ABL =04 ?>440==K<8, =5 ?@82K:H8=5, A;54>20;0 402=> A;>682H8<AO ?@028;0A;5 :>=G8=K F0@8FK "CBA I I I C=8GB>68; AB0BC8 %0BH5?ACB, 5Q 8 A18B>.
%@0< 2 59@ -;L - 0E@8 2K40NI89AO ?03> 7>4G5AB20 ?>AB@>8; 0@E8B5:B>@ !5=@8B, =045;Q==K9 >3@>9 3>AC40@AB25==>9 2;0ABLN. %@08B C ?>4=>68O :@CB> >1@K20NI8EAO A:0; 8289A:>3> ?;>A:>3>@LO, :>B>@K5 =5 B>;L:> A;C60B =51K20;K=> 8 A;820NBAO A =59 2 =5?>2B>@85 F5;>5. %@0;>65= =0 B@QE B5@@0A0E, A>548=Q==KE ?0=4CA0==KI04:01@0;10;>==01K ?>A5B8BL E@0 1K;> ?@>9B8 ?> 0;;55 AD8=:A>2, BO=C2H59AO >B 15@530 8;0, 8 ?>4=OBLAO ?> B5@@0A0;I5 A:0;. !B@>389 >1;8: E@0>1@078;8 AB0BC8 F0@8FK %0BH5?ACB 2 >1;8:5 A8@8A0; :>;>==K, =0 :0?8B5;OE ( 25@E=8E G0ABOE) :>B>@KE 1K;0 2KA5G5=0 3>;>20 1>38=8 %0B>@; @>A?8A8 8 @0A:@0H5==K5 @5;L5DK ( =0 38E 87 :>B>@KE 87>1@060;>AL ?CB5H5AB285 2 40;Q:CN AB@0=C C=B) . 0 ?@>AB>@=KE B5@@0A0E @0A?>;030;8AL 2>4>QA;8 45@52LO.
1@0B8B5 2=8<0=85 =0 GQB:85 ?@OC3>;L=K5 :>;>==K. %@0AB@>5= B0: E>@>H> 8 B>G=>, GB>, =5 AB@O =0 385 BKAOG5;5B8O, 4>HQ; 4> =0A 2 ?5@2>740==> =5 @5AB02@8@>20;8) . A;8 ?>AB@5BL A 25@EC, B> <K C28484>1=KE ?@OC3>;L=8:>2, MB> 284=> ?> @8AC=:C.
5>8B5;LAB25 .
5B@> ( D@0=F. m t r o p o l i t a i n , 1C:20;L=> - AB>;8G=K9, >B 3@5G. m e t r p o l i s - 3;02=K9 3>@>4, AB>;8F0) , 3>@>4A:0O 2=5C;8G=0O 65;57=0O 4>@>30 4;O 2KE A:>@>AB=KE ?5@52>7>: ?0AA068@>2. 0720=85 . ?@8=OB> 2 !!! 8 2> 38E 4@C38E AB@0=0E; 4@C3>5 =0720=85 - " ?>475 A0?C;O@=K9 B@0=A?>@B 2 >A:25. / @5H8; @0AAB@5BL 8 ?>AB@>9:C 2 Q5:B5.
5@2K8B5;LAB20 O2;O5BAO A>740=85 G5@B560. > ACB8 2>B, GB> >= 87 A51O ?@54AB02;O5B:
S H A P E \ * M E R G E F O R M A T
0;55 87BC MA:0;0B>@0. -B> 45;05BAO ?@>AB> ?@54AB02;ONB ?@OC3>;L=K9 B@5C3>;L=8:, 87BC 8 4;8=C 2K@KB>9 O B5>@5@0 :204@0B 38?>B5=C7K @025= AC<2 :0B5B>2, 8I5@0.
0A?>;030NB MA:0;0B>@, ?>;L7COAL :>A8=CA0<8 8 A8=CA08B5;LAB25 MA:0;0B>@0 ?@8=8<0NB CG0AB85 <0B58B5;8 0@E8B5:B>@K, M;5:B@8:8 8 48709=5@K. >A;5 MA:0;0B>@0 AB@>OB 65;57=>4>@>6=K5 ?CB8, BCB >A>1>9 35> ;8HL =5 CO=85 <564C :@0O<8.
40=85 A :@C3;KA=>20=85@40 8 480<5B@.
5@2K:@C6=>ABL D83C@C, A>AB>OICN 87 2A5E B>G5: ?;>A:>ABL, @02=>C40;Q==KB 40==>9 B>G:8, 70B5@4C >B@57>:, A>548=ONI89 425 B>G:8 >:@C6=>AB8, ?CABL MB> 1C45B 2E>4 2 740=85. 0B5@4C, ?@>E>4OICN G5@57 F5=B@ 4801K A>740BL E>;;. , =0:>=5F, ?@>2>4OB >B F5=B@0 @048CA ( ?>;>28=0 480<5B@0) , ?5@?5=48:C;O@=K9 480740NB 420 ?><5I5=8O, 8E 6=> A45;0BL 8 1>;LH5, 5A;8 ?>AB@>8BL E>@4K ?0@0;;5;L=K5 4808BLAO 0=0;>38G=>, => 2 2E>40, 1C4CB ;5AB=8FK.
&8@:C;L.
&8@:C;L
( >B ;0B. c i r c u l u s - :@C3, >:@C6=>ABL) , 8=AB@C:@C6=>AB59 8 8E 4C3, 87B@57:>2 8 ?5@5=5A5=8O @072, 0 B0:65 4;O 873> C25;8G5=8O 8;8 C<5=LH5=8O) <0AHB010 A=8<05<KE @072. 07;8G0NB A;54CNI85 >A=>2=K5 B8?K &. : @07G=K9, 8;8 45;8B5;L=K9, - 4;O A=OB8O 8 ?5@5=5A5=8O ;8=59=KE @072; G5@BQ6=K9, 8;8 :@C3>2>9 - 4;O 2KG5@G820=8O >:@C6=>AB59 480 3 0 0 <=F8@:C;L - 4;O 2KG5@G820=8O >:@C6=>AB8 480B 2 4> 8 0 <:@C6=>AB8 480< A2KH5 3 0 0 <?>@F8>=0;L=K9, ?>72>;ONI89 87<5=OBL <0AHB01 A=8<05<KE @072.
!C4O ?> A>E@0=82H8<AO =0G5@G5==K< :@C30<, &. ?@8=O=0<8 8 0AA8@89F0@88 $@0=F88. =>3> 4@52=5@8=7>2KE &. 8725AB=> ?> =0E>4:02@5ABK<8 &. 8<5NBAO &. A 703=CBK=F0<8 4;O 87 480<5B@0 ?@542, &. >:@C3;KE >G5@B0=89 ( :@>=F8@:C;8) 4;O 87<5@5=8O <0:A83> 480?>@F8>=0;L=K5 &. 4;O :@0B=>3> C25;8G5=8O 8 C<5=LH5=8O @072. @52=59 CA8 1K; @0A?@>AB@0=Q= F8@:C;L=K9 >@=0<5=B 87 2 =0 :>ABO=KE ?@549 F8@:C;L=K9 @575F 4;O =0=5A5=8O B0:>3> >@=0?:0E 2 >23>@>45.
:@C6=>ABL 2 0@E8B5:BC@5.
5@2K< ?@8< ?@8:@C6=>AB8 2 AB@>8B5;LAB25, AB0;8 :0>@C65=8O M?>E8 ?5@2>1KB=>3> AB@>O. 0, 5IQ 2 ?5@2>1KB=K5 2@5O2;OBLAO 2 0@E8B5:BC@5. !0AB@>9:0 B>3> 2@5C=E5=465 ( =3;8O) . 0<5B8 2A5 :>;>==K !B>C=E5=460, :>340- B> 1K;8 @0A?>;>65=K AB@>3> ?> >:@C6=>AB8.
"0: 65, ACI5AB2C5B ;535=40 > 2028;>=A:>9 10H=8. 0H=O, :>B>@0O 4>;6=0 1K;0 4>BO=CBAO 4> 1>3>2, => 1K;0 C=8GB>65=0. =>385 AG8B0NB, GB> 5Q @07@CH8;8 A038, 4@C385, GB> 028;>= 2AQ MB> 2K4C2. / 65 AG8B0N, GB> 2 B5 2@5B4020;8 2@5<5=8 8 87@>2 =5 1K;>, 0 7=0G8B, >=0 @07@CH8;0AL ?> 28=5 7>4G8E.
=0;8759 2 8<5 8B>@K5 @0A?>;030;8AL ?> :>;LF0 740=85 A>E@0=8;>AL 4> =0A. A>E@0=8;>AL >=> ?>B> @8<A:89 @ A>1@0; ;CGH8E 7>4G8E A> 2A53> <8@0, :C?8; ;CGH85 8=AB@C@>H85 :0=5F >= A>740; ?5@2K9 =5G=>, 740=85 A8;L=> @07@CH5=>, => A 53> ?>AB@>9:8 ?@>H;> =8 >4=> BKAOG5;5B85.
C 8 :>=5G=> A@54=525:>2K5 70@>4A:85 10H=8 8:@C3;CN D>@2L5 7>4G5AB2C 8 35>B4020;8 3> 2@5 AB0;> =5>1E>48AB>O==KE 2>9= 40;0ABOE =C6=K 1K;8 4;O @079 ?5E>BK ( ;CG=8:>2) , B0< 8E =5 3;8 4>AB0BL 2@065A:85 AB@5;K, 0 ?@8 >A045 ;CG=8:8 C45@6820;8 B0@0=K 8 >A04=K5 10H=8.
0: ?@>25@8BL ?@028;L=>ABL ;8=59:8?
;O ?@>25@:8 ?@028;L=>AB8 ;8=59:8 ?@89 A?>A>1. '5@57 425 B>G:8 A ?>ILN ;8=59:8 ?@>2>4OB ;8=8N. 0B5@0G820NB 8 G5@57 B5 65 B>G:8 ?@>2>4OB ;8=8N. A;8 ;8=88 A>2?040NB, B> ;8=59:0 ?@028;L=0O ( 8A. 1 ) , 0 5A;8 =5B, B> =5?@028;L=0O ( 8A. 2 ) . -B>B A?>A>1 >A=>20= =0 A2>9AB25 ?0@0;;5;L=>AB8 ?@O25@8BL ?@028;L=>ABL C3>;L=8:0?
;O ?@>25@:8 ?@028;L=>AB8 C3>;L=8:0 ?@89 A?>A>1. 5@CB ?@>ABCN ?@028;L=CN ;8=59:C 8 ?@8:;04K20NB : =59 C3>;L=8: >4=>9 87 AB>@>=, :>B>@0O O2;O5BAO :0B5B>< 2 ?@OC3>;L=>;L=8:5 ( 8A. 1 , 3 ) . 0B59 :0B5B : 1>:C ;8=59:8 ( 8A. 2 , 4 ) . A;8 AB>@>=K 2?;>B=CN ABK:CNBAO A ;8=59:>9, B> C3>;L=8: ?@028;L=K9.
8A. 1 8A. 2
8A. 3 8A. 4
0: ?@>25@8BL ?@028;L=>ABL ?@OC3>;L=>9 ?;8BK.
5B>==0O ?;8B0 A ?@O;8=59=K<8 :@0O;6=0 8@<C ?@OC3>;L=8:0. -B> 6=> ?@>25@8BL A ?>ILN 15GQ2:8 8 2>AL;>2. ;O MB>3> =0 =51>;LH>5 @0AAB>O=85 >B C3;0 ?;8B AB028;LO 8 =0BO38205 2K3;O48B B0::
A;8 @0AAB>O=85 9 8 ?;8B>9 =5 ?;8B0 ?@OC3>;L=0O, 0 5A;8 =5B. -B>B A?>A>1 G0AB> 8A?>;L7CNB @01>G85 8 >= =5 B>G5=.
B>@>9 A?>A>1:
"0: :0: 4803>=0;8 2 ?@OC3>;L=8:5 @02=K, B> 6=> A45;0BL B0::
A;8 :CA:0 15GQ2:8 E20B05B, B> ?;8B0 ?@028;L=0O.
0AAB>O=85 <564C 42CABC?=KG:01K 87<5@8BL =0 AB8 @0AAB>O=85 <564C 42CG:0<8 A 8 B , B>@K9B8 ?> ?@O9, 2K18@0NB B0:CN B>G:C C , 87 :>B>@>9 6=> ?@>9B8 8 : B>G:5 A , 8 : B>G:5 B 8 87 :>B>@>9 284=K >15 MB8 B>G:8. 7O=85 A C 8 B C , ?@>4>;60NB >B@57:8 =0 B0:>5 65 @0AAB>O=85 70 B>G:C C 8 >B340 >B@57>: E D 1C45B @025= >B@57:C A B , :>B>@>3> >A=>20=> =0 ?@87=0:0E @025=AB20 B@5C3>;L=8:>2.
0AAB>O=85 <564C 42CABC?=KG:04=0 87 :>B>@KE =5 4>ABC?=0.
'B>1K 87<5@8BL =0 AB8 @0AAB>O=85 <564C 42CG:0B>@KE >4=0 =54>ABC?=0, ?@>25H820NB =0?@02;5=85 >B@57:0 A B 8 =0 53> ?@>4>;65=85 >B872>;L=K9 >B@57>: B E . K18@0NB =0 AB8 B>G:C D , 87 :>B>@>9 284=0 B>G:0 A 8 6=> ?@>9B8 : B>G:025H820NB ?@OB<5@ONB F D = D E 8 D G = B D . 0B5 ?@O9 F G , 3;O4O =0 B>G:C A , ?>:0 =5 =094CB B>G:C H , :>B>@0O ;568B =0 ?@O9 A D . ">340 H Q @02=> 8A:>O=8N A B .
0: >?@545;8BL 4;8=C 8 H8@8=C CG0AB:0 ?> 40==><C <0AHB01C.
;8==0 8 H8@8=0 CA04L1K =0 ?;0=5 @02=K 5 , 3 A< 8 3 , 6 A;=5= 2 @07 3 , 6 A< * 1 0 0 0 A< = 3 6 <, 5 , 3 * 1 0 0 0 A< = 5 3 <.
B25B: 4;8==0 = 3 6 <, H8@8=0 5 3 10?
564C 42C<O D01@8G=K<8 740=8O2;5= ?>:0BK9 65;>1 4;O ?5@540G8 2. 0AAB>O=85 <564C 740=8O 1 0 =FK 65;>10 @0A?>;>65=K =0 2KA>B5 8 < 8 4 < =04 752>48BC C Z 8 ?>;CG05< ?@OC3>;L=K9 B@5C3>;L=8: Z B C .
> B5>@5@0 ( 204@0B 38?>B5=C7K @025= AC<2 :0B5B>2)
B C = Z B + B C
B C = 8 + 1 0
B C = " 1 6 4
B25B: 4;8==0 65;>10 @02=0 "1 6 4 .
(B0=35=8=AB@C<5=B
(B0=35=8=AB@C1>1IQ==>5 =0720=85 A@54AB2 87<5@5=8O 8 2=5H=8E 8 2=CB@5==8E @072. (. ?@54AB02;O5B A>1>9 425 8725@E=>AB8 ( 3C1:8) , B>@K<8 CAB0=02;8205BAO @074=0 87 :>B>@KE ( 107>20O) A>AB02;O5B 548=>5 F5;>5 A ;8=59:>9 ( HB0=3>9) , 0 4@C30O A>548=5=0 A 42830NI59AO ?> ;8=59:5 @09. 0 ;8=59:5 =0=>AOBAO G5@57 1 << 45;5=8O, =0 @02KH5=8O =04Q6=>AB8 (. 873>B>2;O5BAO 87 2 A 2KA>:>9 87=>A>AB>9:>ABLN 8 =5 ?>425@30NI8EAO :>@@>788, 4;O G53> 8A?>;L7CNBAO 70:0;Q==K5 AB0;8, E@>20=85 8 0@20=85 @01>G8E ?>25@E=>AB59 B2Q@4KB02;8205<K5 87 ?;0AB;L:8E 284>2 8 B8?>@072 (. A @07BAGQB0 0 , 0 5 8 0 , 1 <<. K?CA: (. A @07BAGQB0 0 , 0 2 << ?@5:@0I5=. 7028A8AB8 >B =07=0G5=8O 8 :>=AB@C:B82=KE >A>15==>AB59 (. @0745;ONBAO =0 HB0=35=F8@:C;8, HB0=35=@59A;55 @0A?@>AB@0=Q==K9 (. HB0=35=F8@:C;L. 5@2K5 HB0=35=F8@:C;8 A =>=8CA>O28;8AL 2 :>=F5 1 8 2. 2 >=4>=5, E>BO 45@52O==K5 HB0=35=F8@:C;8 157 =>=8CA0 ?@8<5=O;8AL C65 2 1 7 2. 7028A8AB8 >B :>=AB@C:F88 8 G8A;0 87: HB0=35=F8@:C;8 873>B>2;ONBAO B@QE 284>2 8 8 B8?>@072. ;O ?@545;>2 87 4 0 0 <15 87<5@8B5;L=K5 3C1:8 3CB A42830BLAO 2?;>B=CN ?@8 =C;52>BAGQB5. 0 1>;LH8E @07 872?0405B A =C;52>9 >B9. (B0=35=F8@:C;8 A ?@545;>< 87B 0 4> 1 2 5 ( 1 5 0 ) << 8 @07BAGQB0 0 , 1 << 8@>==85 3C1:8, A;C60I85 4;O 87<5@5=8O =0@C6=KE ( =86=85 3C1:8) 8 2=CB@5==85 ( 25@E=85 3C1:8) @072, 8 ;8=59:8 3;C18=><5@0 4;O 87BK CABC?>2, 3;C18= ?07>2, ?@>B>G5: 8 B. 4. (B0=35=F8@:C;8 A 25@E. ?@545;>< 87 2 5 0 ( 1 6 0 ) << 8 @07BAGQB0 0 , 1 8;8 0 , 0 5 << 8@>==85 3C1:8, => =86=85 3C1:8 8A?>;L7CNBAO 4;O =0@C6=KE 8 2=CB@5==8E 87<5@5=89, 0 25@E=85 4;O @07<5B:8 8;8 87<5@5=89 =0@C6=KE @072 2=CB@8 C7:8E =53;C1>:8E ?@>B>G5:. 07G=K<8 3C1:0<8 6=> =0=>A8BL ?0@0;;5;L=K5 ;8=88, >:@C6=>AB8 8 4@C385 M;5=BC@0 873>B>2;O5<KE 45B0;59. MB8E HB0=35=F8@:C;OE 3C1:8 4;O 87<5@5=8O 2=CB@5==8E @072 8<5NB F8;8=4@8G5A:85 8725@E=>AB8. 07: 2 A254Q==>AB>O=88, @02=K9 >1KG=> 1 0 <<, G59 ?>25@E=>AB8 3C1>: 8 ?@8 87<5@5=88 2=CB@5==8E @072 ?@8102;O5BAO : >BAGQBC. (B0=35=F8@:C;8 A 25@E=8<8 ?@545;0<8 87B 4 0 0 4> 2 0 0 0 << 84=>AB>@>==85 3C1:8, ?> :>=AB@C:F88 0=0;>38G=K5 =86=8< 3C1:0:070==>3> =0 @8A. 1 , 1. 20 ?>A;54=8E 2840 HB0=35=F8@:C;O 8<5NB B. =. 40GC ( 8A?>;L7C5A=>2=>< ?@8 @07;55 B>G=>9 CAB0=>2:8 @07<5@0. 07BAGQB0 C MB8E HB0=35=F8@:C;59 0 , 1 <<.
(B0=35=@59A<0A
(B0=35=@59AB;8G85 >B HB0=35=F8@:C;O, 2 =5?>4286=>9 3C1:8 8A=>20=85, =86. ?>25@E=>ABL :>B>@>3> O2;O5BAO @01>G59 8 A>>B25BAB2C5B =C;52>BAGQBC ?> H:0;5. 0 @0<:5 HB0=35=@59A<0A0 2 ?>4286=>9 3C1:8 CAB0=>2;5=0 45@602:0, 2 :>B>@>9 ?@8 @07<5B:5 C:@5?;ONBAO @07G=K5 =>6:8 8;8 G5@B8;:8, 0 ?@8 87<5@5=88 A?5F80;L=K5 87=HB59= 4;O :@5?;5=8O >BAGQB=>9 3>;>2:8 ( =0?@8@ G0A>2>3> B8?0) . (B0=35=@59A1KG=> 8A?>;L7C5BAO ?@8 @01>B5 =0 ?;8B5, 345 >= CAB0=02;8205BAO A>2 A 45B0;LN, :>B>@CN =5>1E>48 @07<5B8BL 8;8 87<5@8BL. 0=5A5=85 ;8=89 =0 @07<5G059 45B0;8 >ACI5AB2;O5BAO G5@B8;:>9 ?@8 ?5@5<5I5=88 HB0=35=@59A ?>25@E=>AB8 ?;8BK. (B0=35=@59AB>2;ONBAO 6 B8?>@072 A @07BAGQB0 0 , 0 5 << ?@8 25@E. ?@545;0E 87 4 0 0 << 8 0 , 1 << ?@8 ?@545;0E 87B 4 0 0 < 2 0 0 0 <@8O @0728B8O 0@E8B5:BC@K.
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
! 2>7=8:=>25=85AC40@AB2 A;>68;0AL 8 =>20O D>@A5;5=8O - 3>@>4 :0: F5=B@ C?@02;5=8O, @53> ?@>872>4AB20 8 B>@3>2;8. #25;8G820;>AL :>;8G5AB2> B8?>2 ?>AB@>5:, @07;8G85 B>@K >?@545;OBLAO =5 B>;L:> 8E DC=:F859, => 8 ?@54=07=0G5==>ABLN 4;O 3>A?>4AB2CNI53> :;0AA0 8;8 M:A?;C0B8@C5<KE 2>1I5AB25 >?@545;ONI81I5AB25==K5 2708>B=>H5=8O, 0 =5 2708>B=>H5=8O G5;>25:0 8 ?@8@>4K. :@C?=KE @01>2;045;LG5A:8E 45A?>B8OE A@54>B>G85 2;0AB8 8 2 2 @C:0E =53>G8A;5==>9 25@ECH:8, M:A?;C0B0F8O >3@>3> :>;8G5AB20 @01>2, CA?5E8 2 >1;0AB8 =0C:8 8 B5E=8:8 AB0;8 >A=>2>9 AB@>8B5;LAB20 :@C?=KE 8@@830F8>==KE A>>@C65=89, =C@F>2 8 E@02, ?@8720==KE CB25@640BL =57K1;5ABL 8 3CI5AB2> 2;0AB8 1>65AB20 8 >1>65AB2;5==KE ?@028B5;59 ( ?8@0<84K 2 875 8 E@0@5 - 2A5 2 38?B5; 78::C@0BK AA8@88 8 028;>=88, 42>@FK 4@52=53> @0=0, ABC?K =488, E@0@FK &5=B@. 8 .6. EC @01>2;045=8O =0G0;>AL AB@>8B5;LAB2> 8 :@C?=59H53> 2 @B8D8:0F8>==>3> A>>@C65=8O - 5;8:>9 :8B09A:>9 AB5=K. !B@>8B5;LAB2> 3@0=48>7=KE ?>AB@>5:, ?>402;ONI8E ABLN :>=AB@C:F89, >A=>2K20;>AL =0 3@><04=KE 70B@0B0E ?@83> D878G5A:>3> B@C40. !>740=85 B0:8E A>>@C65=89 A2845B5;LAB2C5B > =0:>?;5=88 AB@>8B5;L=>3> >?KB0, > A;>682H8EAO ?@8=F8?0E :>78F88 740=8O 8 0=A028OE @01>2;045;LG5A:>9 45:@0B88 @. @5F88 A>740QBAO F5;>AB=0O A@540 3>@>4>2- 3>AC40@AB2 ( ?>;8A>2) . 0728205BAO A8AB59 ?;0=8@>2:8 3>@>40, A ?@OC3>;L=>9 A5B:>9 C;8F 8 ?;>I04LN - F5=B@>@3>2>9 8 >1I5AB25==>9 687=8. K; @07@01>B0= B8? 68;>3> 4><5I5=8O1@0I5==K<8 : 2=CB@5==5AB@0=AB25==>@8:C. C;LB>2K- :>78F8>==K@>40 1K; E@0B>@K9 2>742830;AO =0 25@H8=5 :@>?>;O. ;0AA8G5A:8 7025@H5==K< E@0<0 AB0; ?5@8?B5@ ( =0?@8= 2 D8=0E) , 0728B0O >1I5AB25==0O 687=L ?>;8A0 ?>@>48;0 B0:85 B8?K A>>@C65=89, :0: B50B@, AB048>= 8 4@. !;>68;0AL A8AB5@45@>2.
@. 83@>9 A@54875@A:>9 45@6025, C=0A;54>202H59 B@048F88 3@5G5A:>9 0@E8B5:BC@K, 254CI55 7=0G5=85 ?@8>1@5;8 A>>@C65=8O, 2K@0602H85 3CI5AB2> @5A?C1;8:8 ( ?>765 82;5B2>@O2H85 ?>B@51=>ABO2;045;LG5A:>3> 3>AC40@AB20. 0AH8@8;AO :@C3 8=65=5@=KE A>>@C65=89, 4>AB83;> 1>;LH>3> A>25@H5=AB20 AB@>8B5;LAB2> AB>2 8 0:254C:>2. ;O 2>72545=8O :@C?=KE ?>AB@>5: 1>;LHCN @>;L AK3@0;> 2=54@5=85 =>2KE AB@>8B5;L=KE 2 ( 15B>=) . K;8 @07@01>B0=K @0F8>=0;L=K5 4K AB@>8B5;LAB20, ?>;CG82H53> 3830=BA:89 @0774020;8AL :@C?=K5 0=A01I5AB25==K5 F5=B@K) 8 >1I5AB25==K5 A>>@C65=8O, @0AAG8B0==K5 =0 >3@><=K5 40: 0;8759 2 8<5) , B50B@K, B5@3> 4><5I5=8O1@0I5==K<8 : 2=CB@5==5<C 70AB@0=AB2C, 1K; @0728B 8 CA>25@H5=AB2>20=; 2 ?5@5=0A5;Q==KE 3>@>40E 2>7=8:;8 5 - 6 - MB06=K5 68;K5 4><0 4;O 8;CG8;8 H8@>:>5 ?@8G=K5 8 A2>4G0BK5 :>=AB@C:F88 ( E@0= 2 83@><=K;>9 M;;8=8AB8G5A:>9 0@D88. @E8B5:BC@0 89 8B AB@>38E 8 F5;5A>>1@07=KE ?5@5E>48B : BO65;>25A=K<, ?KH=K340 ?@5C25;8G5==K@<06=Q==K< ?;0=0<; CA8;820NBAO M;5@0B82=>AB8. @45@, AB02H89 =5>B45;8<KB ?@54AB02;5=8O > ?@5:@0A=> =0:;04K205BAO =0 AB5=>2CN 8;8 0@>G=CN :>=AB@C:F8N 87 15B>=0 :0: G0ABL 5Q >1;8F>2:8.
D5>40;L=CN M?>EC 0@E8B5:BC@K @0728205BAO =0 >A=>25 1>;55 48DD5@5=F8@>20==>3> @0745;5=8O B@C40. "@C4 @01>2 AABLN @52- ?@>D5AA8>=0;>2. @8 D5>40;871;0ABL @0A?@>AB@0=5=8O =C9 0@E8B5:BC@0 7=0G8B5;L=> @0AH8@O5BAO, >E20BK20O 2@>?C, 78N, 1>;LHCN G0ABL D@8:8, G0ABL 40;L=K5 2>9=K 2K=C640;8 : H8@>:><C @072 & H ` b 0 2 4 D J h P
R
x | ~ ~z~zs~l hgO h? h$Z h? h6 j h? UmH nH u h? h? h-^ h? h? ha h? h? CJ aJ ha h? CJ aJ hAs CJ aJ hAs 5mH sH j hAs 5UmH nH uj hAs UmH nH u hBe hAs 5 hAs 5hAs 5CJ0 aJ0 hAs ( " $ & H b d f gd{ $a$gd{
2 H J $a$gd?
B gd{ $a$gd{ gd{ J z | @ ! % % % % % % % % $`a$gdi $a$gd? gd? `gd? $`a$gdi ! ! % % % % % &