• Keine Ergebnisse gefunden

Maximum Eigenvalue Versus Trace Tests for the Cointegrating Rank of a VAR Process

N/A
N/A
Protected

Academic year: 2022

Aktie "Maximum Eigenvalue Versus Trace Tests for the Cointegrating Rank of a VAR Process"

Copied!
30
0
0

Wird geladen.... (Jetzt Volltext ansehen)

Volltext

(1)

"!#%$'&(! )*!+-,.,0/1+2435! /6!,87.,:9<;=+>7.?(!

@

;A#%7.!B A+2C7.#( D04#E ;"9F )HGID JK+-;L3M!,.,2N

PO

Q RTS4UV5WYXUZ< \[]<^_R

Q U_S'RT`Mab_ced \gfgcehOjik lRTcmb

n \bPlc8oVp<cmZPZ<b_ \b

a5b_cmd< lfgcmhO%<q

Q

RmfgcTbVZrc

p<b_`

stpgflg bu8l b_ZPRT \

Q

U_S'RT`Mab_ced \gfgcehOjik lRTcmb

v

`V`_g \fgfLqw%<gg \fg[b_`_ \b_ x Q RmS'UVLWtXUVgZ< [^_RyzhbVflceUV{q|XUVLor}p~cTfcmZ1U_bV`

X

BZb_SA \ggcT

Q UVS']<RT`V€abVcmd \gflcm‚Xp~Po[_p<b_`ƒp<UV YoP„k…r†€}…‡V…‡ˆ<‰ik lRTcmbŠ‹Œ \gS=p<bOP S=p<cTRyxŽRTU_ Z< ‘McmMc’„“^PU€

gRmcTbŠ„“`_

”%•8–\—‡˜‚™ƒš<—

uY^_ ›[_g[ cm fœqpgp<b_ž Ÿ<qƒS=p~ cTS'UVS cmž bdp<RTUV kp<bV`4gp< - \flf8qw¡g^_ ŸcmbPg žgpcmb_ž5p<b_ZŒ<q

pd< \g2p<Ul žl fgflcmd< t[_gr \fgf2pg k\SA[ƒp<g \`Š„œuY^V k \flf.p<g kp<RTRPRTcmZ< \RTcT^Vr`ŒpgcTMhO[ kg flgf2p<b_`

[ gp BUVb_`_ M`_ce¢£ \g \bPYp<fgflU_S=[cT<b_fYg \žp<g`VcTb_ž4g^_ `_ lS=cmb_cTfcm‘[ƒp<Y<qŽ^V `ƒp}p'ž< b_ \pgcTb

[_l\ fgf\„2uY^_ BpflOrS=[<gcTM`_cTflcT_UVgcTbVfŸUVb_`_ ŸRTrpRp<Rmg gb_pced fŸp<l ž<cmd \b%p<bV`=^V Rmp<Rƒ[]‡›

cTfk`_ lcmd \`Š„-z¤McTfkqw<U_b_`¥^ƒp~Y^_ Rmp<R][‡k \M<q¡lg fl[]<b_`_cTbVžAS=p~ cTS4U_S¦ cTž< bdp<RTU_ Bp<b_`¥gp<

\flgfcmf‘d \lOflcTSAcTRTp<„ v*§ b Astp<lRT¥\S=[_p<gcmfgb(fl^_‡MfŽ^_‡› \d \Ž^ƒp~^_ \g ¨S=p‡O ¨fgRTcmž^

`_ce¢£ \g bV fkcTb{flS{pRTRfp<SA[_Rm f„œuY^_ gp<\ ‘ \flf› bV`{C^ƒpd SAg 5`_cTf \`{fgcm© \fkM^_ l p<f›^_ \cT

[‚› 5cTfYcmb¥fgSA ŒfgceUƒpgcTbVftfgU_[ lcTYg"g^ƒpM<q¡^V S=p~ cTS4U_Sª \cTž \bd<pRTU_ Bg flgf„

«¬C­]®y¯°|±‚²2³Ž°´“µ¶£·|¸

¹‚ºº

­»Y°|±~±.µ½¼·r¯~­´¿¾‡µ

¹

´‚À¼\»t»k­l±®’ÁV°|±~Â2ã­]°·y­

º

·¤°}®y­µ

¹

´\®y¼Ž®’¯‚­ŠÄ¡­

¹

®’Á’À¤¯‚­]Å~¼·¤ÁyÀ¤¯

¹ ± º Á º

­»t­lÆDZ‡È

Á’À¤¯~°}µÉ®gÊˇÅ_¶{ÌÍ}Ì~Ê°|±Âk®y¯‚­¡Î

¹

·’¼¾<­l°|±MÏ]¼»t»tÆÐÁyÁyÆǼ\±

¹

±~‡­l·®y¯~­¡Ñr·¤°|Æ¿±‚Æ¿±

º

°|±~ÂYҌ¼Ó‚Æ¿´ÇÆÇ®wԟ¼µP³Õ­lÁy­l°·’À¤¯‚­l·’Á_Ö·y¼

º

·¤°|»t»t­

×À¼±®y·¤°À®ØŽ¼~Ù_γ¡¶£Å_Ҍ³ŽÚ8Ï£ÑÕÛÜÝއßgÌ\àhÊgµ½¼\·_á~±~°|±ÀÆа|´~Á

¹

¾‚¾<¼·y®lÙ_ъ¯‚­ŽÁy­lÀ¼\±~Âk°

¹

®’¯‚¼·°´¿Áy¼œ®y¯~°±‚²‡ÁV®y¯‚­Õ❷m㸼2ä\°¯~Á’Áå¼\±

ł¼

¹

±~‚°|®yÆ¿¼±°|±Â5®’¯‚­-掴¿­ç‚°±~‡­·¡è¼±Bé

¹

»ŸÓ<¼´Ð®8ł¼

¹

±~‚°|®yÆ¿¼±‘µ½¼·Žá~±~°|±ÀÆа|´PÁ

¹

¾‚¾<¼·y®

¹

±~‡­l·¡°Yé

¹

»›Ó¼\´¿Â‡®¡·y­gÁå­g°|·¤À¤¯

°ÃŠ°|·¤ÂÙVփ°·å®Š¼|µV®y¯~Æ¿ÁÕ·’­lÁy­l°·’À¤¯5ã°\ÁÕ‡¼±‚­.ÃÕ¯‚Æ¿´¿­2¯‚­.ã°\ÁŠèÆÐÁyƓ®’ÆDZ

º

®’¯‚­-é

¹

»›Ó¼\´¿Â‡®8ꎱ‚Æ¿è­l·’ÁyÆÇ®wÔYÆDZ¶£­·’´ÇÆ¿±PÙ

(2)

zhb" SA[_cTlcTp<RfU_`VcT f2q]fOrfl \S=f-<q \b_<S=cmkcmS= ›fg lcT \f^_ YbPU_S4] \2<qcmbPg žgpcmb_žBl Rîp~cT<b_f

cTf8<qï \b¨<qS=p‚ðlœcmb l f2] \p<UVfg Ycm.p¢] \gf.^_ kS=r`_ Rrfg U_[Ap<bV`¨cTbVqw \g bV t[_l\ `_UVg f-p~.<g^_

flp<ž \f‘<q8^_ Cp<bƒp<ReOrfgcTf\„tuY^_ \g \qw<g <^_ <cTb \žpgcTb_žApb_Z¥<q2pAflOrflg SñcTfMU_flUƒp<RTReO¥cTbd< flgcTžp~ `

pp<bj p<lRmO¥f}p<ž< <„kz¤q2p"d< \gp<UV<g ž<g flfgced ¥òïó v‘ô‘õ SA`V RÕcTf5p<bp<`_ \öPUƒp `_ \fglcT[VgcTbj<q8^_

`ƒppž \b_ gpcmb÷[_gr \fgf¥ò册‹ n õ ÕRTcTZ RmcT^_r`gpcmøòåW ô‘õ hOr[] A \flf4p<f[_g[fl `øOúù<^ƒp<bVfg b

ò…û‰‰V2…‡û<û õ p<l '^_ "SAflŒ\SAS=bVRmOjU_fg \`úcmbVqw l b_\ "g<RTfBcmb(^_cmfb | r„"utkLdp<gcTp<bf<q

^V fg C ffpg 'pdp<cmRîp<_Rm <_g^_ 'fg~€hpRTRT \`S=p~ cTS4U_Sü cmž bdp<RTUV g flgfp<b_`^_ 4gp<\ Cg flgf„i›<^

hOr[] \ft<qŠg ffYp<l 5qwl öPU_ \bPgRmO{p<[_[_RmcT \`=cmb{ SA[_cmgcTp<R_fU_`_cm f\„Ÿ‹Œced b=^_ RTb_ž~€¤cmS= kr  cTf bV B<q

^V Œh›=g ff5cmMcTfYflU_g[VgcTflcTb_ž"^_pMb_ReO¥RTcegRm ‘cmf5ZPb_‡Mbýp<]<UVM^_ Œg \Rîpgcmd< [] \lqwlS{p<bV Œ<q¡^_

h›AhOr[ f5<q.W ô g flgf„

u8r`ƒp"ò…‡ûû<þ õ g \[]f.<b"p § b MstpgRT‘  [] \gcmS= \bP.SA[ƒp<lcTb_ž‘g^_ tflS{p<RmRfgp<SA[_RT ›[_g[ cm f

<qYg^_ =h›(hOr[] \f¨<qY \flf'p<b_`úÿƒbV`_f4^_p'b_ \cmg^_ 'qt^_ = ff'cmf4U_bVcmqwlS=ReOfgU_[ lcTC_UVC^_

gp< \flf‘[] \lqwlSñ \l \‘cTbfgSA fgcmgUƒpgcTb_fMM^_ \g 4g^_ 4[‡k \‘cTfRT‡Œ„ Q cmfflcTS'U_RTpcmbLflgU_`VO

cTfŒRmcTSAcm \`(cTb p¥bPU_S' <qtl fg[ f\œ^_‡› \d \„

cmgfŽ^_ Ab_flcT`_ \gf_cmdp<lcîpg ¨†Œ‹

n

fŒbVRmO„

^V fg {[_gr \fgfg \f2S=p~ cTS'UVS cTž< bdp<RTU_ =p<b_`÷gp< A ff'`Vcm¢] b_RmOM^V bø^V {bPU_RTR-^Or[]^_ \fgcTf

flp \fg^ƒpM^_ <cTb \žpgcTb_ž"gp<b_Z¥cTfM©\ gAM^_cT}^cTfMRm p<lRmOLp"fg[ \cîp<RŽflcmU_pcmbŠ„ko \b_`Šu8r`ƒp

<b_fgcm`_ lfœb_ReOB \flgfœM^_cT}^4p<RTRm‡úqw¡p`V \ \gSAcTb_cmflgcT-RTcmb_ p<Šgg \b_`'cTbŒ^V t†Œ‹ n „‡uY^_ ›[] \lqwlS{p<bV

<qtg ff4M^_cm}^ `_ýbV<¨p<RmRT‡Kqw<4pýRmcTb_ p<l b_`øVUV5ðlU_f"pSA pb \gS cTfZPb_‡Mbø( {öPU_ce

`_ce¢£ \g b„

zhb ^_ ¥[_l fl bAflUV`VOú› ¥McTRTRŸ[ lqw<gS p(SA[ƒp<lcTfg<bø] hk \ b1S{p~ cmS'U_S cmž bdp<RTUV %p<b_`

gp< j \flfA}p<ZPcmb_žúcmbPgúp<U_b%fg<S= LqwU_lg^_ {p<fg[ f\„ cmgf=qŒp<RTRyŸ› ýMcmRTRY<S=[ƒpg ¥ \flf

ƒp<fl ` b `Vcm¢] g \b4pfgfgUVS=[VgcTbVfl žpg`_cmb_ž¥^_ A`_ \g lS=cmb_cTfcT4[ƒp<l¡g^ƒpcTf\Րk AbVfgcT`V \flf

qw‘†Œ‹ n f‘Mce^p<bV`(Mcm^VUVRmcTb_ p<5gg \b_`( \gSAf„ v Rmfg%`_ce¢£ \g \bP‘g pSA bgfB<q-^_ 4S= p<bp<b_`

`_ lS=cmb_cTfcm›l b_`¨g gS M^_cT}^"^ƒpd< 5 \b"[_g[fl `"cTb'g^_ YRTce gpUVg ›McmRTRr] Y\b_flcT`_ \g `"cmb'^_

[_l fg \b4fU_`VO<„ § <g "[_g \cmfg ReO¡pLbrUVS'] \Œ<qtW ô hOr[ Ag flgfCl \drcT k \`úcmb Q U__lcT}^Š¡WYXUVZ [^_R

oVpcTZPZ<bV búò’<… õ McTRmRŠ] Œcmb_RmU_`_ `LcmbLg^_ SA[ƒp<lcTfg<bŠ„ § l ‡d \k `_"b_<5b_ReO%qwrU_fMb

fgS=p<RmR2fp<SA[_RT AfgcmS'U_RTpcmb_fŒ_UV'p<RTfl\S=[_p<g A^_ =RTrp<R2[‡k \'<qtg^_ {`_ce¢£ \g \bPC \flf\„ cmbƒp<RmRmO

U_ § b 4stp<gRm¨flUV`VO¥}p<Z f5cTbAp<\UVbP5^_cmž^_ \Y`_cTSA b_flcTb_p<R£[_l\ flfg f‘p<fYk \RTRy„

uY^_ ¥flgU_`VO cmf4fgUV\UVg `1p<f4qw<RTRT‡Mf\„zhbø^_ ¥b_ | r"fg cmbø^_ {S=r`_ RŸqwp<SA \›lZúp<bV`ø^_

^Or[]<g^_ fl fŸ<q]cTb \g fŸp<g Y`VcTfg\U_fgfl `Š„2uY^V Mg ffŸp<b_`¨^V cT-pflOrS=[<gcTt[_l[ lgcT \f2p<g Y[Vg fl b \`

(3)

cTbo \\gcTbV„ RTrp<R£[]‡› 5SA[ƒp<lcTfg<b¥cTfY[ lqw<gSA `jcTbo cmbLþ{p<bV`jg^_ Œg flU_RmgfM<q.p"fgS=p<RmR

fpS=[_Rm {flcTS'U_RTpcmbúfU_`O p<l %[_g \fg \bPg `6cTb6o \\gcTb6„÷sk<b_RmU_fgcmb_f¨p<l ¥`_pMb cmb6o cT<bV„

oSA S=p^_ \S{p~cTp<R£`V gcedpcmb_fYp<l Œ`_ \qw \gg \`jg¨^_

v

[V[] \b_`_ce ]„

uY^_ "qwRTRm‚Mcmb_ž% \gSAcTb_<RTž<Oýp<b_`÷b_<pcmb cTfŒU_fl ` g^_g<U_ž^_U„AuY^_ {`_ce¢£ \g \b_cmb_žL[] \pg

cTf5`_ \b_< \`(OL^_p‘cmfƒqw5pAgcTSA Œfg lcT \f‘Mflg}^_p<flgcT4[Vgr flf œ› '^ƒpd „

uY^_ flOrS'R£ò õ `V b_<g f{p<b1cmb ž<pg ` [Vgr flf{<q‘g`V Ÿ^ƒp~{cmf›g^_ j[_U_g \RmO fr}^ƒp<flgcT

[ƒp<Ÿ<q£g^_ [Vgr flfkcmfŸf}pgcTb_p<lO¨<›pflOrS=[<gcTpRTRmOCflpcmbƒp<O"pqïg -`_cm¢] l b_\cTb_žCgcTSA f.M^_cmRT

cmcmffcmRTR.b_<b_flpcmbƒp<O pqï \C`Vcm¢] g \b_cmb_ž'ðlU_flF…AgcTSA f„%skbd \gž \b_ %cmb `VcTflggcm_UVcmb

› p<Z \bd lž bV (cmf¨fgcTž<b_cmÿƒ \` PO

!

„6uY^V jgp<\ <›g^_ Lp<bVZ p<b_` ^_ LS=p~ cTS=p<Rk \cTž \bd<pRTU_ ¥<q

^V %S{p~gc½ #" p<l {`_ \b_<g ` O g‡ò" õ .lZŠò$" õ p<b_`%'&)(+*ò" õ .l fl[] \\ced \RmO„z¤q" cTf'pb ò,-/. õ

S=plce q›qwU_RmR.<RTU_SAb p<b_Z6ò$,102.

õ

¡› =`V b_<g {pb ^_<žbƒp<RœSA[_RT \S= \bŒPO3" 46flg^ƒp

"54cTftpb ò,6-ò$,7. õlõ S=plce "qÕqwU_RTRRmU_SAb{pb_ZAp<b_`%flU_}^¥^ƒp8":9;"54FV„.uY^_ ‘lg^_žb_p<R

<S=[_Rm SA bŸ<qŽpŒb_b_flcTb_ž<U_Rîp<-flörU_p<g S{pggc½ "cTf-© \g¨pb_`=g^_ ‘^_<žbƒp<Rƒ\SA[_RT \S= \bPŸ<qŠpC©\ g

S=plce ýcTfŒp<b cT`V bcehO(S=plce ý<qkflU_cmp<_Rm '`_cTSA bVfgcT<bŠ„ v b ò$,<-#, õ cT`_ \bPgcmhOýS{pggc½ (cmf`_ b_ `

O=?>„Ÿ‹ŒW8o%cmftU_fg \`jgAp<__l \drcîpg ž bV pRTcT©\ `LRT p<fltfgöPUƒp<l fp<b_`L„“^Š„“f„-cTftfl^_5qw<tgcmž^Y^ƒp<b_`

fgcm`_ <„ŒóA@Ÿs § p<_Vg \drcTp \fBd Œ \gg<Blg \\cmbSA`_ \R’„ v flU_S>cmfB`_ ÿƒb_ ` ¥ '©\ gLceq2^_

RT‡› MU_b_`L<q8^_ ŒfgUVS=S=pcmb%cmb_`_  ¥   \ `_fcmfYUV[_[] \M]UVb_`Š„

B ;Lí(!&,ñ'#í CED6Fú;¨7.?(!,œ!,ü;"9

ì

#%7œ!+2!,87

GIHKJ L/M5NPO QRANTSVU

v b1_fl ldp<VRT W,€h`_cmS= \b_fgcmbƒp<R›cTSA Lfg \gcT \fXY òZ$\[^]^]^]_[`>a õ 9 òcb= …d[^]^]a]e[`f õ cmf=\b_flcT`_ \g `

M^_cm}^cmfYž b_ \pg `PO{^_ †Œ‹ n

ehg_ijg+b_jk+[ bl …d[}m[^]^]^]n[ ò’m]e… õ

M^_ \g og_iAp<b_`<g4p<l ÷ò,- … õ

[ƒpp<SA \g 4d< \ggf"<q5^V ¥`_ \g gSAcTbVcTflgcT" \gSj„úuY^_ %ÿƒlfl"bV <

g_iMMcTRmRM] l \qw lg \` p<f%SA pb lS p<bV`1gAcTf=p<RmRT `1g \b_` [ƒp<gp<S= \„ uY^_ [_l\ flfok

g \[_g \fg \bPgf4^V =fr}^ƒp<flgcTA[ƒp<M^VcT}^úcmfŒcTb÷ž b_ \p<R-U_bV_fg \ldp<_Rm {pb_` ^_p<fC©\ lýSA p<bŠ„=uY^PU_f

^V j`V \ \gSAcTb_cmflgcT¥p<bV`1fr}^ƒp<flgcTj[ƒp<fAp<g LflcTSA[_RmOúp<`_`_ \` cmbFòy„e… õ „ z¤AcTf"p<flfgU_SA ` ^_p"^_

<S=[b_ \bPgf-<qpkÕp<l Mp-S=<fll]ò…

õ

„.uY^_cmf2cTSA[_RTcm f¡^ƒpqcTf-p<RmfgŒp-SAflr£ò…

õ

„2Bq\U_gfl <P^_ \g

S=p‡Oj 4\cTb \žp~cT<b(p<SAb_žA^_ 4dp<lcîp<VRT f5<qrk›p<bV`Š£^_ \b_ Š<qqh„ § <g ‡d< _k-cmfBp<flfgU_SA `

(4)

" Œž b_ \pg `jOjp¨ó [Vgr flf„ t<bPd< b_cm b_\ <k ŒMgce Bg^_ Œ[_gr \fgf5cTb¥óA@Ÿs qw<gSj

YksutvkTj1w

xy

z

n{

y

Yk

y

j|}~[ bq …[|m[^]^]a]_[ ò’m]¿ õ

M^_ \g #t p<b_` ^V

{ y

p<g 6ò$,h-€, õ S=pggcT\ f%qCUVb_ZPb_‡Mb [ƒpp<SA \g gfLpb_`1|X cmcT`Žòå‚[„ƒ õ cTf

cTbV`_ [ b_`V bReOcm`_ bcmp<RmRmO`VcTflggcm_UV \`CM^_ce ›b_cTfl ŸMce^'©\ lBS= p<b'pb_`'b_bVfgcTbVžU_Rîp8\‚dp<lcîp<bV

S=plce …ƒB„ § l ‡d \-cTbúfg \lcmb_ž(U_[ W ô hO[ % \flgf'cm4cTf'pfgfgUVS= \`ø^ƒp4^_ X|}Mpg L‹Œp<U_flfgcîpbŠ

^_p‘cmf|}¦cmcT`†úòy‚[‡ƒ õ p<b_`Š^_ bV <ˆkŸp<b_`2pg Cp<RTfl¥‹Œp<U_fgflcîp<bj[_l\ fgfl f\„‘uY^_ CfgU_S:bj^_

„“^Š„“f„2<q-ò’„¿ õ g \[_g \fg bgfk^_ fg^_<ll€’ \gS*`VOrbƒp<SAcT\f›q£^V ‘[_l\ fgf\„2z¤k`VcTfp[_[] p<gf›cmqZ‰= …„.uY^_

cTbVcmcTp<R_dp<RTUV fŠkkòcbl‹q‰5j1…d[^]^]a]a[} õ p<l p<fgflU_SA `%4] B©\ l'qwk\bd bVcT bV <„ŸuY^_ pflOrS=[<gcT

p<bƒpRmOrfgcmfkg \S{pcTb_fŸd<pRTcT`{cmqŠg^_ \O%p<g pfgfgUVS= \`Lg¨] Bp<bO{gp<b_`_S dp<gcTp<_RT \fŸM^VcT}^L`_¨b_<k`_ [ bV`

b¥^V fgp<SA[_RT flcT© „

†B \ÿƒbVcTb_ž=Œ

w

ò$ 9

[^]a]^]?[` 9

w

õ+9 £ceBcTf p<fOýg%fg \ '^ƒp^_ 4[_gr \fgfAŸpRTfg{^ƒp<fp=ó5@Ÿs §

g \[_g \fg \bPpcmbLM^_cT}^jp<bj ŒMlcml bLcmbLg^_ qwRTRm‡McTb_ž¨pRm \gbƒp~cmd< BtpOrfx

Ž ij€d+bejt:sj

{

Œ

w?

’j”“•–Yxdtv—5˜™

b) …

š› j {

Œ

wœ

j‘p

’jt

 

j {

Œ

wœ

j‘~[ bq<‰j …d[ž‰j1m[^]^]^]œ[

ò’m]Ÿ õ

M^_ \g …i… :t:gni jªòœ>j t¡£¢

w

y z { y õ g| –¤ tvg5P i:j2d|5t

 “•– xAtv—y



¥“¦b) …CxZZ9 —§9î

{

¥“

{

Yxˆ¨©¨©¨ƒx

{ w

~—¡p<bV`¤Œ

wœ

Œ

w?

Œ

w

„k†B [ b_`VcTb_žAbL^_

p<flfgU_SA[Vcmb_fqw’g_i4p<b_`«gT|8`Vcm¢] g \b4l flggcm\cmb_fMcTRmR. =cmS=[fg \` <b/]ri4p<b_`<d|„ v _lcT \q

`_cmfgUVfgfgcmbj<q8g^_ Œ`_cm¢] l b5p<fl fMMcTRmR£ ž<cmd \bLcTbo cmbWVM^_ l g^_ Œcmb ž<pgcTb%g flgf‘pg

[_l fg \b `£„kuY^_ Œ^Or[]<g^_ fl f<qœcmb l f5McmRTRŠ <b_fgcm`_ l `ýbV  r„

GIH~G ¬­:®Qq¯'M5NsU‚NsU°Q²±o³µ´I¯‚Ns¶NsUZ¯

z¤›cTf-k \RTRe€¤ZPb_‡Mb òåfl < <„“ž_„eƒù<^ƒpb_fg \b ò…‡û<û õgõ g^ƒpkg^_ 5brUVS'] \k<qŠRTcTbV p<lRmO'cmb_`_ \[] \b_`_ bY\cTbg €

žgpcmb_ž¨g \RîpgcTb_f›<q¡cTfY \örU_p<RŠ¨^V gp<b_Z=<qrtFM^VcT}^LMcTRTR]] `V b_<g `jO=·'cTb¥g^_ BqwRTRm‡McTb_ž_„

uY^_cmfŸbPU_S4] \2cTf.^V 5öPUƒpbPgcmhO¨q£cmbPg l flŸcmb"g^_ Y \flf-\b_fgcm`_ l `AcTb¨^VcTf2flgU_`VO<„r¸ú M`_cmfgUVfgf2 \flf

`_ \fgcTž<b_ `LqwY}^_ \}Zrcmb_ž=g^_ Œ[ƒp<cmgfY<q8^O[<g^_ fl f

¹ ò·^i õ xlZ]òºt õ h·^i d< lfgU_f »¹ ò·ai õ xgZ£òºt õ 0€·^i ò’m]“þ õ

p<b_`

¹ ò$·^i õ xgZ£òºt õ ¼·^i d \gfgUVf ¹ ò$·^iTj … õ xlZ£òt õ u·airj …d] ò’m]¿ õ

(5)

Rîp~g \Y[ƒp<cmYp<g ŒZPb_‡Mb(pfYS{p~ cmS'U_S \cTž \bd<pRTU_ Bg flgf„

¸ú Mpg Yp<RmfgcmbPg l flg `"cTb'g^_ tRmp<R[‡k \-<qƒ^_ tg ff„2z¤q ¹ ò$·^i

õ

cmfœlU_ <g^_ tS=plce t cTbC^_

óA@Ÿs § qw<gS:òy„; õ p<b{ MMgcml \b{p<f›pŒ[_gr`_U_Itu¼½T¾e9M^_ l 5½ p<b_`¾p<l 4ò$,X-·^i õ S=plcT\ f

<qŸpb_ZW·^i„CuY^PU_f\¡› ¨S{pOjMgce '^V ¨brUVRTRœ^Or[<^_ \fgcmfCpf ¹ ò·ai

õ

xt‹¿½T¾e9ŠMcmg^3½Š[‡¾ ò$,/-3·^i

õ

p<b_`=gZ]òº½ õ FgZ]ò¾ õ ¼·^i„ U_lg^_ lS=l <rcmq£gZ]òºt õ h·0€·^i‡g^_ l ‘  cmflBò,À-· õ S=plcT \f:“•½øxµ½r+—

p<b_`«“¦¾úx–¾n~—Ž<q8pb_ZÀ·r_fgU_}^j^ƒp~

t¼2“•½øxµ½r~—

˜™

¾s9

¾s9

š›

”½¾

9

j½lV¾ 9 ]

YRTrpR£[‚› p<bƒpRmOrfg \fMg^_ qwRTRm‡McTb_ž'Rmp<RŠpRm \gbƒp~cmd< ^O[<g^_ flcTfYMcTRmRŠ] \b_flcT`_ \g `£x

¹Á ò·^i

õ

xYtuu½¾ 9 j …

f

½r+¾

9

[ ò’m]Ÿ

õ

M^_ \g ¥^_ ¥qåp<¥…©Âf cmb ^_ ¥fl <b_`1g gS b ^_ L\„Ç^Š„“f„ \b_fgUVg f"^_pAp[_g[ "pflOrS=[<gcT

`_cmfllcT_UcT<b¥<q8g^_ \fl5flpcmflcmfYcmfYV}pcTb_ \`Lqw<If

! à „

Ä

/¦?(! /6!,87.,

zhb ^_cmf¨fg \\cmb k ¥McTRmRk\b_fgcm`_ "W ô hOr[ ¥ ff¨qw'g^_ ¥^O[<g^_ fl f{cmb ò’„“þ õKÅ ò’„¿ õ UVb_`_ Ap<R½€

\gbƒp~cmd< p<fgflU_SA[Vcmb_f%qw%g^_ `_ \g lS=cmb_cTfcTS= p<b p<b_` l b_` g gSAf„ v b ‡d drcT \ <qŒ^_

p<flfgU_SA[Vcmb_fYqwg_ip<b_`gYpb_`g^_ 4pfgfgrcTp \`SAr`_ RmfMp<b_`g ff5cTfMžcmd< bjcTbjuœp_RT "…ŒM^_cT}^cTf

p<`_<[V \`úqwgS

Q

U__lcT}^ŠœWYXUVgZ< \[]^VR op<cTZPZ<<b_ b òy<V… õ „LabV`_ '‹p<UVfgfgcTp<b p<fgflU_S=[cT<b_f¡^_

W ô hOr[ Yfl}p~cTfcmf.l Rîp~ `'gB^_ YSAr`_ RmfœcTb¨u8p<_Rm B…YS=p‡O4] kV}pcTb_ \`¨PO4bV bgpgcTb_žŒUVœ^_

fg^Vl€hgUVbj`Ob_p<S=cmfYpb_`¥[] \lqwlS=cmb_ž¨p'l `_U_\ `€¤p<bVZ%g \žg \fgfgcmbŠ„-uY^_ ŒW ô f}pgcTfcT\ft<q¡cTbg g \fl

pb ^V bú "Vp<cTb_ \` O÷fg<RmdrcTb_žjpLfgU_ce}p<VRT " cmž bdp<RTUV A[Vg_Rm Sj„ | Vp<S=[VRT <Žqw^V =p<fg

M^_ \g "b_j`_ \g gSAcTbVcTflgcT lS=fŒp[_[] p<cTbg^_ "S=r`_ Rtòg_iÆ¡g ¦ õ g^_ "W ô flpcmflcmfp<b ]

Vp<cTbV `p<f5qwRTRm‡Mf„5†B b_ 4g^_ 4l fgcm`_Uƒp<RmfqwlSüg \žg \fgfgcmb_žo-pb_`¤5<b7Œ

wœ

OWÇ:i\

p<b_`3ǒ$l£g fl[] \\gcmd \RmO<Žp<b_``_ ÿƒb_ ÈÉ

y

‹f

¢ Áz ÇvÉÊÇ 9

y

ò$Ë`[~Ìo ‚[… õ „ § <g ‡d< Ž`_ \b_<g '^_

l`_ l ` òåž \b_ gp<RTcm© \` õ cmž bdp<RmU_ ftqwlS flRmdrcTbVž'`_ \‚òž%ˆÈT~T<ÈTiÍÈ

i~i

Èni` õ ¨Oo%n8Π¨©¨©¨‚Îu%>„

uY^_ \b^V Œgp<\ Œfl}p~cTfcm‘qwt \flgcTb_ž"^_ Œ[ƒpcTt<q8^Or[]<g^_ fl fcTb ò’„“þ õ p<b Œfg^_‡MbLA]

Ï Ç i

ÑÐ~(VÒÓ ò·ai

õ

‹vf

>

x

y z

кÔ



RTžƒò…% y õ

òº‚]e…

õ

(6)

p<b_`L^V S=p~ cTS4U_Sª \cTž \bd<pRTU_ f}pgcTflgcTBqwtg fcTbVžýòy„¿ cTf

Ï Ç i

&(V*

ò$·^i õ ‹f(Rmžò…Õ%'Ð Ô  õ òº‚]¿ õ

òåfl 4ù<^ƒp<bVfg búò…ûû õlõ „

z¤qlg8 {pb_`Wg_icTf5U_b_l flggcm\ \`Š]p{†Œ‹

n

Mcm^[]<fgfgcm_RmO%b_b_©\ g{S= p<bjg lSñcmf\b_flcT`_ \g `

M^_ \g pfLpú`_ \g lS=cmb_cTfcTLRmcTb_ p<Agg \b_` \gS cTf=  RmU_`_ ` O p<fgflU_SA[VcmbŠ„FuY^Vg d<pgcîpbPgf{<q

W ô

hO[ g ff%^ƒpd< ý b b_flcT`_ \g \` cTb ^_ RTcmg gpU_l ¥qwAg^_cTfAfgceUƒp~cT<bŠ„ uY^_ jÿƒgf{ \fl{cTf

Vp<cTbV `úO `_l[_[_cmb_ž7d~bŒcTb ^V Aÿƒlfl4 öPUƒpgcTb <qŒòy„; õ p<bV`úcTbVRTUV`_cTb_žjp<b cTb \g\ [VC lS cTb

^V BóA@Ÿs § „ƒuY^_cmft lS ^ƒp<ftg¨fpgcTfqïO%g \flggcTcmb_ft p<U_fg <g^_ McTfg Bg^_ SA`_ \R£S=pO%ž \b_ gp

RTcmb_ pœl b_`_f\„2uY^_ Mfg \b_`A \flŸ bVqw<g \fŸg^_ Mg \fllcTcT<b¨bAg^_ MbVfl}pbP-g gSKPO¨p<_fg<g_cmb_ž^_

cTbg g\ [VcTbgAg^_ C\cTbg žgpcmbLg RTpcmb_f\„

cmbƒp<RmRmOcTb¥^V g^_cTl`jg flgcTb_žAfg U_[^_ S= p<bL lS

g_iCcTf flgcTS=p \`úcmbúpLÿƒgf'flg [ pb_`ú^V bøceCcmfCflU_Vgp< ` qwgSց„¥uY^_ =g flgf¨p<l =[ qwgSA `

b ^_ ASA p<b p<`~ðlU_f \`ú`ƒppV ×kØTØ×g_i¡b_<gcTb_žL^_p#×kÕٍ„%oU_ce}p<_Rm ¨ fcTS=pggf×g_i

p<l C[_l[fg \`(O(op<cTZPZ<<b_ b WÕU_UVZrZb_ \b6ò…‡ûûˆ õ p<b_`op<cTZPZ<<b_ b WtXUVgZ< [^_Rkò’p õ „tuY^_

p<fOSA[Vg<cm%`_cTflcT_UVgcTbVfC<qMg^_ % \fl"flpcmflgcTfC`_ b_<¨`V [ b_` bøg^_ ¥fg[ \cmÿƒ¥}^_<cT {<qM^_

h›=pRm \gbƒp~cmd< ‘ \flcmS{p~lf„.uY^_ ‘fgcmgUƒpgcTb%cmfk`_ce¢£ \g \bPtcTb%flS{p<RmR]fgp<SA[_RT \fV^V‚› \d< \„²¸ BU_fl B^_

fcmS{pgŸ[_g[fl `¥OLoVpcTZPZ<bV b

WYXUZ< \[]<^_R2òy<p

õ

cmb{^_ ‘fgcTS4U_RîpgcTbVfŸl [lg `¥cmb¥o \<„

pU_fg cmYl flU_Rmg `ýcmb¥fgRmcTž^ReO{ \l \5flcT©\ [Vg[ cT \fM<q8g^_ \fl5cTbL[_l RTcmS=cmbƒp<O=flcTS'UVRîpgcTb_f\„

z¤qŒ]^€gni%p<b_`gAp<l UVb_g \fllcT ` p `_ lS=cmb_cTfcmjRmcTb_ p<¨l b_` cmf{pRTRT‡› ` qw„ uY^Vg

`_ce¢£ \g b'W ô hOr[] %g ff'^ƒpd< ¥] \ b [_l[]<fg `øqw<g^_cTfCfgcmgUƒpgcTbŠ„ v žp<cTbŠ8^_ \fg {g fl'fl}p~cTfcmf

pb =<V}p<cmb_ ` \bd bVcT bgRmO drcîp%^_ "óA@Ÿs § f\„{uY^_ "ÿƒlflCS=r`_ R2cmffg 4U_[÷cTb÷fgUV}^øp¥tpO fg

p<f'g÷cmS=[fl =^V jRmcTb_ p<gcehO÷<qM^_ ¥l b_` g gSj„úuY^V jfl \b_`6S=r`_ R›cTb_\RTU_`V f'^V Lgg \b_` lS

UVgfgcm`_ 4^V ¨cmbPg žgpcmbýg gSj„zhb÷[VgcTbVcT[VRT 4flU_}^ p%S=r`_ R8p<b ž \b_ gp ¨öPUƒp`_pgcT4gg \b_`_fŒcmq

b_%l fgcm\gcTb_fp<l 4cTSA[fg \`ýbýg^_ '`_ \gSAcTb_cmflcmŒ[ƒp<pS= lf„ cTbƒpRTRmO<V^V 'Rîp<fg fcTbuœp<VRT

…"cTfƒpfg `÷b [_lcT‘gg \b_`úp`~ðlU_flgS= \bdcTpLp‹ŒW¡o([_gr \`_U_g Ap<bV`÷ \flgcTS=pcmb(<qŸ^_ "l fgUVRmcmb_ž

óA@Ÿs § qw5^_ g \b_` p<`~ðlUVfl \`d<pgcîp_RT \f„‘skgcmgcTp<RÕd<pRTU_ \f‘qwBpRTRÕ^_ \fg 'g flgfBS=p‡Oj 4qwU_bV`(cTb

^V Bg qw g \b_ \fMžcmd< b¥cTb¥u8p<_Rm 4…„2uY^V b_<}p~cT<b=qwkg^_ B`_ce¢£ \g \bPk ffMp<Rmfg'\gl fl[]bV`_ft'g^ƒp

U_fl `ýcmb¥^_ ŒfgUVld OLO Q U__lcT}^j \5p<Ry„5ò’<<V… õ „

z¤¡S{pO 2k^b_<gcTb_žY^_pŽ^_ \g -cTfŽp<Rmfg5p<b_^_ \¡ž<gU_[<qr \flfŽM^_cm}^Ccmf8p[_[_RTcm `qwg \öPU_ bReO

cTb [_gp<\gcT\ <„AuY^_ \O p<flfgU_SA ¨^ƒpŒg^_ ¨d<pgcîp_RT \fS{pO^ƒpd< =`_ \gSAcTb_cmflcm¨RTcmb_ p<g \b_`_fŒM^_ l p<f

p÷gg \b_` cTb ^V ý<cTb \žpgcTb_ž l Rîp~cT<b_f"cTfA  RmU_`_ `£„ uY^_ \fg ýg ff%pg j`_cTflU_flfg ` cmb `_ }p<cmRYcTb

oVp<cmZPZ<b_ \b WYXUVZ [^_R8ò’<<< õ „2†B fl[_cmg 5g^_ cmŸ[[_UVRîp<lcmhO¨cmb=[_gp<\gcT\ <rcmŸcTfŸöPU_ fcT<bƒp<_Rm 5g^ƒp

(7)

æ¡Á’Á

¹

»t¾‡®yÆ¿¼±~Á£µ½¼\·

‡­®y­·’»tÆDZ~Æ¿Áå®yÆÐÀ ßr³®wÔ¾­

®y­l·y»YÁ Ò¼‡Â‡­l´ Áw®¤°}®yÆÐÁå®yÆÐÀ ³Ž­µ½­·’­±À­

à–áâoàmãeâ

Ý äŠåÍæ

â=ç åÍæè

ãpéê ä8ë

æè}ìVí

ã

æè

ã

éî

æ ïˆð

á

ä\¼¯°|±~Áy­±

×

ßgÛÜÜ~ÊßlÛÛañà

à á

°|·’Ó‚ÆÇ®y·¤°|·’Ô äŠå æ

âoò

á

éç å æè

ã

éê ä8ë

æèìVí

ã

æè

ã

éî

æ ïˆðró

á

ä\¼¯°|±~Áy­±

×

ßgÛۂß\ÊßlÛÛañà

àmãeâ

Ý äŠåÍæ

â7ôò‡áqõœçsö÷

ß

å æè

ã ø éê

ä8ë æè}ìVí

ã

æè

ã

éî

æ ïˆð

«

ä\¼¯°|±~Áy­±5ù÷ä

¹

Áy­´¿Æ

¹ Á × ßlÛ\ÛÝ\à

äŠå æ

â=ç

×å æè

ãnú à á à éê

ä8ë æèì+í

ã

æè

ã

éî

æ ïˆðlûaü ˂°|Æ¿²²\¼±‚­l± ù…ß

¹‚¹

²²\¼±‚­l±

×

ßlÛ\ÛÍ|à

˂°|Æ¿²²\¼±‚­l± ù…ߊ¸

¹

®’²­l¾¼\¯‚´

×

ÞÝÝ\Ý°\à

à–áœýºàmã

°|·’Ó‚ÆÇ®y·¤°|·’Ô äŠåÍæ

âoòqé6ôò?ãõ?çeön÷Õþ ú ß

å æè

ãXø éê

ä8ë æèì+í

ã

æè

ã

éî æ ïˆð

í

ä\¼¯°|±~Áy­±

×

ßgÛÛ\ނÊßlÛۜÿ~ÊßlÛ\Û?ñ\à

äŠå æ

âoò á éò ã þ éç

å æè

ã éê ä8ë

æèìVí

ã

æè

ã

éî

æ ïˆð Ö_­l·y·’¼± ùúÏ£°»k¾~Ó­l´Ç´

×

ßlÛ\ÛÌ\à

äŠå æ ú à ã â6ç

×å æè

ã_ú à ású à ã ×þ ú

ßàåà ïˆðZüû ˂°|Æ¿²²\¼±‚­l± ù…ߊ¸

¹

®’²­l¾¼\¯‚´

×

ÞÝÝ\Ý°\à

é ì‡è

ãã ê ×

äŠå æè

ú à ã à éî

æ ߊ¸

¹

®y²\­¾<¼¯‚´mù ˇ°ÆDz²¼\±‚­±

×

ÞÝÝ\Ý\à

^V 'b_ \ flfp<Op<flfgU_SA[Vcmb_fp<b MðlU_fceÿƒ `( p<fgcmRmOjcTbS{pbPOjflcmU_pcmb_f„5uY^_ \g \qw<g <]k ¨`_{b_<

cTbVRTUV`_ B^_ \S cTb¥g^_ Œ[_g \fg bSA[ƒp<lcTflbŠ„

uY^_ ¥RTcmS=cecmb_ž¥`_cTflcT_UVgcTbVfC<qYg^_ %W ô flpcmflcmfCRTcTf \`øcTbøu8p<_Rm ý…œU_b_`_ \4^_ {RTrp<RŸp<Re €

bƒpgcmd< fòy„Ÿ õ Y^ƒpd< (] \ b `_ \gced ` qw<{†Œ‹ n f=Mcmg^ l`_ ‰£ …b_RmO<„Fa5b_`_ \ ¹Á ò·^i õ YS=<fl

gp< p<b_`1S{p‚ VcmS'U_S cTž< bdp<RTU_ Lf}pgcTflgcT\fA^_p‡d< ýRmcTSAcmcmb_žý`VcTflggcm_UVcmb_f

Ï

Ç:ÑÐ~(VÒ$Óò$·^i õ !

ò õ

p<b_` Ï Ç:&)(+*ò·ai õ

!

%'&(V*ò õ ƒg \fg[ cmd< ReOM^_ l Ø

i

` 9

9

i

9

`

i

` 9

ò õ cmfMp<b ò,À/·ai õ €¤`_cTSA b_flcTb_p<R]fr}^ƒp<fcTŒ[_l\ flfpb_`øò õ cmfk^_ CBgbVfl \cTb€ha^_Rm bP }Z%[_l€

\fgfŒ`_ ÿƒb_ `÷O ò õ ¥ò õ j! "„9 $#

i

úò‘ õ `m‘Ž£M^_ l %Lò õ cTfBp%fl}pb_`ƒp<l` i›g‡Mb_cîpbS=<gcTb£

*òº½s9

4

ƒÕ½T4 õ &\ª

½s9

4

½rYp<bV`'"v òº½s9

4

ƒÕ½T4 õ &\ª

ò$¾s9

4

½4 õ

¾e9

4

¾n„›uY^_ fg[ ceÿƒŒqwgS q

ò õ dp<gcm f

Mcmg^ ^_ p<fgflU_SA[Vcmb_f¨g \žp<l`_cTb_žg^_ L`_ \g gSAcTbVcTflgcT{g lS„ uY^_ j`_cm¢] l b

ò õ [_gr \fgfl f%pg

žced bjcTbLu8p<_Rm „ Y  Vp<SA[_RT Ï Ç i

ÑÐ~(VÒ$Ó ò·ai

õ !

g‡ò i õ

p<b_` Ï Ç i

&)(+*

ò·^i õ !

%&(+*rò i õ

M^_ \g

i )(+*

i

` 9-,

9

(+*

i

.

9

`/

,

(/*

i

j`

90,

U_b_`V ¨^_ LRmp<Rtp<Re \gbƒpgcmd< fò’„Ÿ õ „ BPdrcmU_fgReO-^_ LRmp<Rk[‡k \=`_ \[] \b_`_fAb ^_ LbPU_S' "<q

<S=SAbgg \b_`_fe,·^i‡£U_bV`_ Bg^_ 'bPU_RTR¡^Or[]<g^_ flcTfŒp<bV`Š£drcîp1 jp<b_`"‡Š<bý^_ 12Ç`_cmfl}pb_ 43]qwg<S

^V bPU_RmRŠ^Or[]<g^_ flcTf\„›uY^_ bPU_RTR£`_cTfgcm_UVgcTb¥l fgUVRmfMO¥fl \ggcTb_ž%  V„

uY^_ =p<flOrSA[V<gcT"`_cmfllcT_UcT<b_fB<q›^_ "<g^_ ŒflpcmflgcTf\Ž   \[V Ï Ç6587:9ƒ8p<g "}p<cmb_ ` cTb p<b

p<bƒpRTž<U_f'tpO<„

§

fl=<q^_ jRTcmS=cecTbVžý`_cmfllcT_UcT<b_f¨cTb6uœp_RT (k \g ý`V gced \` O oVp<cTZPZb_ b

WYXUVZ [^_Rò…‡û<ûû õ „¥uY^V {<g^_ RTcmS=cecTbVž%`_cTflcT_UVgcTbVfŒqw<Œgp<\ {f}pgcTflgcT\f4p<l {pRTfgjžced b cTb

(8)

Ú ™V•)Û$Ü<;_Þ WÕcTSAcmgcTb_ž4†BcTfgcm_UVgcTb_f›<q.u¡ ffitp<fl `jb=

i

` 90

9

i

>

9

`+

i

` 9-

u¡ flflpcmflgcT

ò õ

Ï Ç i

úò õ o

Ï Ç ÉÑi

úò õ ?

i

øò$‘ õ `‚‘ o)/f

¢ Áz o

Ï Ç6@ “A ò õ 9xƒ…a—§9 “A

9

xƒ…?—9

Ï Ç 9B7

úò õ o

Ï Ç 

“mòCúò õ

i

øò$‘ õ `‚‘ õ 9]xD

ª —9 “mòCo)/f

¢ Áz

o õ 9xD

ª —9

Ï

ÇFE+G g \b_`p<`~ðlU_f `Høò õ l b_`p<`~ðlU_f \`.o

^V l \qw \g bV f[_g \fg \bPg `(cmbLuœp<VRT ¨…„2uY^_ <gg \fg[b_`_cmb_žAg flU_RmgfYqwt^_ ŒS=p~ cTS'UVSª \cTž \bPdp<RmU_

flpcmflgcTf›^ƒpd BbV<t \b%`_ lcmd< `¥  [_RmcT\cmReO'C^_ B ft<qŽ<U_kZPb_‡MRT \`_ž „2uY^_ l \qwl p4[_l<qŠcTf

žced bjcTb¥g^_ v [_[ b_`Vce ]„

t^_ Ï Ç 587:9 ff\g^_ p<flOrSA[VcT‘`_cTfgcm_UVgcTb_fMpg ƒp<fl `b

( *

i @

`

9@ , 9 ( *

i @ 9@

`+

,

( *

i @

` 9@ , [

M^_ \g I

@

ò õ Jøò õ FKúò… õ pb_`

i @

`+

9@

p<V_g dcTp \f

i

j`

9

i

j`+Kúò… õ 9Løò… õ

i

` 9j

i

‡`/K ò… õ úò… õ 9T„-uY^_cTfMRTcmS=cecmb_žC`VcTflggcm_UVcmb%cmfYžcmd< bjcTbjWYXUZ< \[]<^_R oVpcTZPZ<bV búò’<< õ „

M N ;L3M'& JF;O !+

@

;= F(4+-,œ;A#

gS ^_ MRmcTSAcmcmb_ž5`_cTfgcm_UVgcTb_fœcTb¨u8p<_RT 5Bce2qwRTRm‚Mf8^ƒp2g^_ MRTrp<R[]‡› \Pg^ƒp-cmf^_ Yl RTpced

g hðl cT<b=qwg \öPU_ b_O{ceq ¹ ò·^i

õ

cTf2g flg `¥pb_` ¹Á ò·ai

õ

cmfŸggU_ `V [ b_`_f›bÀ½Ÿµ¾ŸZƒB‚½l2p<b_`X¾n.b_ReO

^VgU_ž<^P (pb_`P"‡„=uY^_cTfŒcTSA[_RmcT f\£qwŒcTbVfl}pb_ ¡qwBg^_ Ap<fl ·Æ€·^iñ…<ŽM^V g ½rŒp<b_`#¾nŒpg

ò,3-ø…

õ

d lfƒ^_pM^_ ŒRTcmS=cecmb_žC`VcTflggcm_UVcmb_ft<b_RmO{`_ [ b_`b¥^_ h›{[ƒpp<SA \g gf

Qª R

9

"

9" p<bV` ª

Kò "

9 õ ª

Â_ò

9

"

9" õ ]

v `Vcm¢] g \bt[ƒp<gp<SA \ \gcm©pgcTb"cTf›U_fg \`¥cTb%ù<^ƒp<b_fl b÷ò…‡ûû õ p<bV`LoVp<cmZrZb_ \b WtXUVgZ< [^_Rœò…ûûû õ „

uY^_ ¨[_l fl bb_ 'cmf‘U_fl ` cTb Q U__gcm}^ \ŒpR’„"òy<V… õ ] \p<UVfg "cm‘fgcTSA[_Rmcmÿƒ \f5g^_ 'cTbg g[Vg \pcmb(<q

^V 'g \fgU_Ref„S 4g^ƒp Qª %cmqŸp<b_`<b_RmOcmq2g^_ 'bPU_RTR8^O[<g^_ flcTf^_Rm`_f„ Q b_\ < Q UT Qª S=pO

"g^_U_ž<^PC<qtp<f^_ A`_cTf}p<bV A<q›g^_ ARTrp<R2pRm \gbƒp~cmd< 'qwgS0^_ AbPU_RTR2^Or[]^_ \fgcTf\„ § l ‡d \

WVŽ

ªHX

…<-M^V g o

ª

>(cTSA[_RmcT fCp([_l\ fgf'Mce^<]ò’

õ

SA[b_ bgf'M^_cT}^ cTf4  RmU_`_ `6O

U_Bp<fgflU_S=[cT<b_f„ŒuY^_ ¨öPUƒp<bgcmhO7o T ª

S{pO] 'cmb l[_g \` pf‘^_ ¨`VcTflp<b_\ 'qwgS:^_ £òy õ

(9)

\flgf„

œp5RTrp<R[‡k \œ\S=[_p<gcmfgbk ›b_flcT`_ \8ÿƒlfl8^_ Ÿp<fl kM^_ \g I½r¡p<bV`¾n¡p<l ò$,5-Œ…

õ

d< \ggf

p<b_`fgcmS'U_Rîp~ B^V C`_cmfg\g \g CgcTSA U_bg g[_p<l<q.g^_ %ò$,o<·^i õ €¤`_cTSA b_flcTb_p<RÕBgbVfl \cTb€ha^_Rm bP }Z

[_l\ fgføò

õ

p<frY6e

Á

"‡9-6^j[ZV8ò$bq …d[^]^]^]œ[`f1 …‡

õ

Mce^\ZKe cmcT`†úòy‚[`?>µÐ Ô õ

:6iI V

" 9 ]

^`_

ò…d[} õ qwÖ,o/·^iIF

ò…d[}‚[ õ qwÖ,o/·^iI¼

p<b_`

9 ]

^_ T Qª ª [4a Qª

ò…v ª õ

qwÖ,o/·^i8

T Qª ª [4a Qª

ò…v ª õ

[}

qwÖ,o/·^i8”

]

gS ^V oŒ› SA[_UVg 7"

Á f

¢ Áz 9

p<b_`Jb

Á f

¢ Áz

$Y

9

MM^_ l (^_

Ypg =p<RTfljž<cmd \búcmb u8p<_Rm {r„{uY^_ ARTcmS=cecTbVž{`_cmfllcT_UcT<b_f<qkg^_ "p =p<b_`÷S{p~ cmS'U_S> \cTž \b€

dp<RTUV g fl‘flpcmflcmfp<g ^_ \b(fgcmS'U_RTp \`(p<fMò b 9

Á "

Á b Á õ pb_`3%'&)(+*ò b 9 Á "

Á b Á õ £g \fg[ cmd< ReO„

U_lg^_ lS=<g <VU_fgcmb_ž

" Á …

f ª Á xz

.c

xd z

òºY

d % õfe

c

xd

z òºY

d % õfe

9

p<b_`

b Á …

f Á

xz

.c

xd

z òºY

d Y õfe òYo Y õ 9[

Mcmg^ Y f

¢ Áz

Y6Bž<cmd \f¨^_ LRTcmS=cecmb_žý`_cmflggcTVUVcmb_f'<q^_ Ï Ç 587:9 fl}p~cTfcmf"cTb6p<b

p<bƒpRTž<U_fœqåp<fl^_cTb£„œuY^_ 5g \fgU_RecTbVžg ðl \\gcTb¨qwg \öPU_ b_\cT \fŸqw.g^_ Mp<fl f²,AÀ·^i8p<b_`,AÀ·^i8”

qw-`_ce¢£ \g b-dp<RTUV f-<qn'p<b_` Q p<l 5[VRT<l `AcTb cmžU_l fM…5p<b_`¥r„S Y^ƒp~Ÿg^_ MhkŒhOr[] \fk<q \flf

p<l 4cT`V bcmp<RÕqwv,·^i:*…'p<bV`Š£^_ \b_ Õp=\SA[ƒp<gcmfgbcTf5b_<S= p<b_cmb_ž<qwU_RÕqwM^_cmf‘p<fg „gS5<

p<Rmfg{g^ƒp Ï Ç i

p<b_` Ï Ç697ý^_p‡d< '^_ 4fp<SA ¨p<fOSA[Vg<cm4`_cmfllcT_UcT<b_f„uY^_ l \qwl ¨b_RmOLg^_ 'RTrpR

[‚› 5UVld \f5qw<t^_ ŒRîp~g \t \flf5p<l Œ`_ [_cm\g `jcTb¥^_ ÿƒž<U_g \f„

cTž<U_g \ft…Mp<b_`A‘l \d p<R_^_p.^V tg \fgU_Ref.qwœg^_ kgp<\ Mp<b_`'^V YS{p~ cmS'U_SH cmž bdp<RTUV kd \gfgcmb_f

<qŸ^_ ¨g flgf4pg "öPU_cmg AflcTSAcTRTp<„4skRT p<gReOÕ^_cmfg \fgU_ReCcmfb_<ŒflU_g[_lcTflcTb_žL pU_fg œcmqŸ^V g "cmf›ðlU_fl

b_ {p<`_`_cecmbƒp<R-<cTb \žpgcTb÷g \RîpgcTb£œ<^úg ff'}^_ \}Zøp<žp<cTb_fCg^_ ¥p<[V[_g[Vgcîp~ =p<Rmg gb_pced

^Or[]<g^_ flcTf\„

skSA[ƒp<gcmb_žýg^_ %`_ce¢£ \g b"[_l[fp<RmfCqwCg pcmb_žýg^_ %`_ lS=cmb_cTfcmAg gSAf-ce'pb ] %fl \b

^_pY^_ g flgf5p<fgflU_S=cmb_ž¨b_ARTcmb_ p<Ÿl b_`jUVg[] \lqwlSª^V Œg ff5p<RTRm‡McTb_ž4qw<Yp'g \b_`Š„ Q ‡› \d<

(10)

n pb_ Rmf v p<bV`{i cTb cmžU_g \fY…5p<b_`{ õ „.uY^V fgp<S= Yp<bA] MfpcT`Ap<UV-^_ M[ƒpp<SA \g q4SA p<flU_gcmb_ž

^V `_cTf}p<b_\ ýqwg<S g^_ 7]ò’

õ

g ž<cTbŠ„HuY^_ \fg g \fgU_RefLp<l (cTb RTcTbV Mcmg^ ^_<fg <q4oVp<cmZPZ<b_ \b

WYXUVZ [^_RŸò…ûûû õ pb_` Q U__lcT}^j \p<R’„Yò’<… õ „

uY^_ YqwgSA œfg \gU_["Mcm^‘ðlU_f-b_ Mp<`V`_cmgcTbƒpR\cTb \žp~cTbVžg RTpcmb'S=pOCqåpd<-g^_ YS=p~ cTS'U_S

cmž bdp<RmU_ ‘ \flgf„-uY^_ fl g ffY<b_fgcm`_ tg^_ Œp<Rmg lbƒpced B^Or[<^_ \fgcmfMg^ƒptg^_ l cTf¡ðlUVflMb_ | rp

<cTb \žpgcTb6g \RîpgcTb M^_ \g pf{^_ jgp< Ldp<gcTp<bf=g f¥p<žpcTb_f{p÷S=<g jž b_ \p<Rp<Re lbƒpgcmd „

uY^_ \g \qw<g <Ր› ¨^ƒpd Ap<Rmfg¥`_ lS=cmb_ `(g^_ ¨RTrpR8[‡k \Œqw<‘^_ ¨p<fg ·Æ·^i’*£g^ƒpŒcmfŠU_bV`_

^V Rmp<RŠpRm \gbƒp~cmd< <Vg^_ Œ[_gr \fgf5^ƒp<fYh›= | gp"cmb ž<pgcTb¥l Rîp~cT<b_f„.zhbL^VcTfYpfg Œk U_fg

" 9 ]

^_

?ª qw ,=<·^i8F

“¦aª5xP—*qw ,=<·^i8¼

p<b_`

9 ]jjjjjjjj

^jjjjjjjj_ klm T Q ª ª a Q ª ò…Õ

ª õ

n oqp

r

qwÕ,=<·aiI

klm T Q ª ª a Q ª

ò…Õ ª õ

n o p

r

qwÕ,=<·aiIu‚]

uY^_ l fgUVRmcmb_ž'Rmp<R][‡k \Y<qŽ^_ Bg fftqwÕF‚]¿4p<bV`¥`_cm¢] l bYdp<RTU_ \ft<q

n

pb_` Q cmft`_ \[_cT `

cTb cmžU_l f"p<b_`jþ_„

z¤{p<b6] Lfg \ b g^ƒp"^V Lgp<\ ýpb_`6g^_ jS{p~ cmS'U_S \cTž \bd<pRTU_ %g flgf{[ qwgS pžp<cTb öPU_ce

fgcmS=cmRîp<lRmO<„b(g^_ "<^V ^ƒp<bV`ŠŠ^_ ¨`Vcm¢] g \b_ \fŒ] hk \ b g^_ Ap<Rmg lbƒpcedj[_g[fgp<RTf‘qw<Bg pcmb_ž

`_ lS=cmb_cTfcmMg lS=f›p<g 5SAg 5[_g<b_U_b_\ `%bV‚Œ„ Ï Ç 

pb_` Ï Ç697=^ƒpd< ‘^_ 5^_cmž^_ ftRmp<Rƒ[]‡›

p<SAb_ž¥^V Ag flgf4cmb÷g^_ cml fl[] \\ced =žgUV[_fŽM^_ l p<f

Ï Ç ÉÊi

cTfŒž \b_ gp<RTReOUVg[] \lqwlS= \` O cef

<S=[ \gcm<gf„ v f%cmb ^_ ýp<fl <qŒb_ ( | rp \cTb \žp~cTbVžúg \RîpgcTb6^_ ý[ƒp<pS= X6^_p<f%b_

cTSA[lp<bt \¢] 5b¥^_ l Rîp~cmd< [_g<[] \lcm fY<qŽg^_ fYd \gfgcmb_f\„›uY^_ \g qwg › `VAbV<M[_g \fg \bP

^V l flU_RmgfMqw<Y<^_ \Yd<pRTU_ \fY<qrA^ƒp<bj‚]¿„

zhbLfgU_SAS{plOƒp<fl `Lb¥RTrpR][‡k \_b_"\RT pkg \SASA b_`ƒp~cT<b_ftp<UVk^_ [_l \qw \gg \`LU_fg <q

ce^_ \Y^_ gp< ŒYg^_ ŒS{p~ cmS'U_S \cTž \bd<pRTU_ Bg flgfp<bj] Œžced b£„ Q ‚› \d< \£RTrpR£[‚› 5[_l[€

cm fYp<l BcTbqwgS=pced p<UVkg^_ [ lqw<gS=p<b_ <qŽ^_ ffYcmb%Rîp<lž ‘fgp<SA[_RT \fkM^_ bjp<Re \gbƒpgcmd< f

Rmfg tg^_ MbPU_RTRƒ^Or[<^_ \fgcmf›pg MbVfgcT`V g \`Š„.uY^_ \g qwg pfgS=p<RTRfp<SA[_RT kSA[ƒp<lcTfg<bAq]g^_ t \flf

cTf›[] \lqwlS= \`%cTb=^_ b_ | rYfg \\cmb¥cTb{g`_ \k4ž \tqwUVl^V tcmb_fgcmž^tcTbg4^_ ‘g RTpced [] \lqwlS{p<bV

<q¡^_ h›=`Vcm¢] g \b5g f5d< lfgcT<b_f„

(11)

s t '&& t 4 F&! ;A F('+-,œ;A# ;"9H/6!,¡72,

¸ 5UVfg M^_ YqwRmRT‡McTb_ž‘[_gr \fgfqk]gC\S=[_p<g tg^_ MS{p~ cmS'U_S cTž< bdp<RTU_ Mpb_`Agp<\ Y ffŸcTb"fgS=p<RmR

fpS=[_Rm f\x

k_ ˜™Yu

?>µÐ

š›

kej|}+[ |}6 cmcT`†

km ˜™ š› [ ˜™

œÐ v

v 9 ?>µÐ

š› or [ ò’m]e… õ

M^_ \g

u

>`_cîpžòCwqÍ[^]^]^]œ[xwTÐ

õ

cTf=p<b ò$·-·

õ

`_cTp<žb_p<RYS{p~gc½  p<bV`!v>cTfýò·6-Fò,«u·

õgõ

„ uY^_cTf

[_l\ fgfBkp<fpRTfg=U_fg \` cTb(flcTS'U_RTpcmb_fMOýu¡r`ƒpò…ûû<þ_¡…‡ûû õ p<bV` p{bPU_S' B<q-^_ \Bp<UVg^_lf„

ikced<pgcîp~ <8^_l €Cpb_`øqwU_€h`_cmS= \b_fgcmbƒp<RŸ[_gr \fgfl f¨McTRmR› ¥bVfgcT`V g \`Š„ v f¨S= \bcT<b_ ` cmbø^_

cTbggr`_U_\gcTb£_u8r`ƒpjò…ûû<þ õ l [lgf5l flU_RmgfMqw<Y_cmdp<lcîpg B[_gr \fgfl f‘<b_RmO<„2zhbjg^_ CVcmdp<gcTp ‘p<fl <

cmq:·… V

u

p<b_`yvñdp<b_cTfl^6p<b_` ^_ L[_l\ fgfA<b_fgcmflfA<q5hk b_b_f}pgcTb_p<lOúSA[]<b_ bf\„1z¤q

^V =\cTb \žp~cTbVž¥p<b_Zcmf¨…

u

Uw²BMce^{zwqz|V …=p<b_`Pv ~}jcmfŒpjflp<RTp<BM^_cT}^ g \[_g \fg bgf

^V ‘cTbVfl}pbPp<b_ \U_fŸlg RTpcmbA] hk \ b%^V 5h›'<S=[b_ \bPgf„

2^Vg |€-p<bV`=qwU_€h`_cmS= \b_fgcmbƒp<R

[_l\ fgfl f5^_ ŒS=plcT \f

u

p<bV`.v ^ƒpd Cp<bƒp<RmžU_fkcTb \g[_l \}p~cT<b_f„

zhb6g^_ jfgcTS4U_RîpgcTbVfC^V j[_p<p<SA \g ¨dp<RTUV f"<q5^_ L`_ lS=cmb_cTfcm%SA[b_ bgf{p<l Lp<RTRk© l_

c’„“ <„eTgnÉ8 úò$Ë5 m[… õ ^_lU_ž^VUV„{zhbø<^V Œkl`_f¡^_ A`_ lS=cmb_cTfcmA[_p<lcTfCp<Uƒp<RmRmOý© l_„

ik \p<U_fl 4^VcTf5p<fl 4cTf5b_<  \RTU_`_ \`(Og^_ Œ ffpRTRT‡Mcmb_ž_Vqw5  Vp<SA[_Rm <ƒqwp=RTcmb_ pMgg \b_`Š^_

fpS= Bž< b_ \pg `¥cmS= fg lcT \fYp<bL BU_fg \`¥qwt<S=[ƒpgcTbVž¨p<RTR^V B ff\„ŸuY^V fp<SA[_RT fgcm© U_fl `LcTb

^V 4fgcmS'U_RTpcmb_fYcTff¦…‡<V„Yzhbp<`_`VcmcmbŠ<A[_g \fp<SA[_Rm dp<RmU_ f5k \g 'ž \b_ gp \`Šfl}plcmb_ž=Mce^

p<bjcTb_cecTp<Rdp<RmU_ <q8© \g_„-uY^_ bPU_S' M<q8g [VRTcTpcmb_ftcmf…‡„2uY^_ Cl ðl \\cmb¥qwg \örUV b_\cT f5žced b

cTbu8p<_Rm fA{€MLpb_`

cTž<U_g \fŒA€5‰¥p<l ¨ƒp<fg \` b÷p<flOrSA[V<gcTCgcecmp<RŽdp<RTU_ \fBqwp{g flŒRm \d< R.<q

:%„%uY^_ =g hðl \gcTb qwg \öPU_ b_\cT \f¨p<g Ab_<flcT© A<gg \\g `ø p<U_fg {pflcT© A<gg \\gcTb÷cTfž bV pRTRmO

b_<5pdp<cmRîp<_Rm ‘cmbj[Vp<cT\ <„

%púž<cmd \b fg ¥<q[_p<p<SA \g Ad<pRTU_ \f%p<b_` púžcmd< b fgp<S=[VRT jfgcT©\ <Y^V ýg \fgU_Ref{qw<Ag^_ ý \fl

flpcmflgcTf‘p<g Cƒp<fl `(b^_ 'fgp<SA 4ž \b_ gp \`ýcmS= fg \gcT \f„ Q bV <]^_ '\gl fl[]bV`_cTb_ž{ blcT fcTb

^V "p<_Rm fp<b_` ^_ ¨ÿƒž<U_g \f4p<l ¨b_<cTbV`_ [ b_`V b„{‹Œced \b UVA…¥g \[_RTcmpgcTb_f\£^V Af}p<bV`ƒp<g`

lgYqœpbj \flgcTS=p›<qœp4gUV l ðl \\cmb¥[_lƒp<_cmRTcehO€ cTf‚

E

Ua €=ò…Õƒ€ õ …4fl"g^ƒpVqw

 Vp<SA[_Rm </^i…„if†F‚]Çd<ûApb_`Š^_ bV <^V h›€hf}p<bV`ƒp<g`r€h lgM\bVÿƒ`_ \b_ CcTb \ldp<RŠqw‚€P‚]Ǎ

cTfƓV„ÇddV„¿dþ—’„$S5< p<Rmfg¨^_pY^_ g \fgU_RefYqwtg flgcTb_ž ¹ ò…

õ

xgZ]òºt

õ

H…4pg Œb_<M\b_`_cecT<b_ `

bj^_ UVgSA Œ<qœg^_ g f‘<q ¹ òy õ xrgZ]òºt õ A \„m„kzhbý<g^_ Mk<g`_f\g^_ g f‘l fgUVRmf5`_=b_<

g qw Lfl öPU_ bgcîp<R2 \fl[_l\ `_U_l f\„=uY^_ "flS{p<RmRœfgp<S=[VRT ¨[_l[] \lgcT fq Ï Ç i

pg ¨b_<Œ[Vg fl b \`

^_ \g ] \p<U_fl g^_ Œ f‡3“f‘pfgfgUVS=[VgcTbVf5l žpg`_cmb_žAg^_ Œ`_ \g lS=cmb_cTfcTBg lS=f5p<l bV<Md Ojg pRTcTfcm

(12)

Mcmg^÷skcTbg žgpcmb_ž

ô

pb_ZW·*V£ó vBô

Bl`_ I‰# …‰}À*V¡oVp<SA[_Rm ¨ocm© Yf‹ …‡V‰SSAcTbƒpR

ocmžb_cmÿ_p<b_\ ŒWÕ \d \R¡V„¿„

u8 \fl u8 \fl

or}p~cTfcm or}pgcTfcT

Ï Ç ÉÑi

&)(+*

V„Çd Ï Ç 

&)(+*

V„ÇdV…

Ï Ç ÉÑi

ÑÐ~(VÒÓ

V„Çd Ï Ç 

ÑÐ~(KÒ$Ó

V„Çd

Ï Ç @&)(+* V„Ǎ Ï Ç E+G

&)(+*

V„Çd

Ï Ç6@ÑÐ~(VÒÓ V„Çdû Ï ÇFE+G

ÑÐ~(KÒ$Ó

V„Çd

Ï

Ç69B7

&)(+*

V„Çdd

Ï

Ç6587Š9

&)(+*

V„Ǎþ

Ï

Ç69B7

ÑÐ~(VÒÓ

V„Çd

Ï

Ç6587Š9

ÑÐ~(KÒ$Ó

V„Ǎ

qwMp<[V[_RTcm `%›gZLp<bV`ýp<l B^_ \g qwg Œb_<5<q8S'U_}^jcTbg g \flMqwg<Sª^_p5[] \gfg[ ced <„

uY^_ "fgcm© f‘<q-^_ 'g flgfBqw‘g^_ ¨_cmdp<lcîpg 4†Œ‹

n

Mcm^W·X %cmfBfg^V‚Mb cmbuœp<VRT V„Cocmb_ C^_

gp< Mpb_`¨^_ YS=p~ cTS'UVS \cTž \bd<pRTU_ kg ffŸp<g Ycm`_ bgcTpRqwœg fcTbVž ¹ ò… õ x–·A …tk œðlU_f-[_g \fg \bP

^V Cl fgUVRmfMqw

¹

òå õ xm·V„ v RTRŠg ff5^ƒpd 4lU_ž^VRmOLp"lg \\BflcT©\ <„YBdrcTUVfgRmO<ƒ^_ ž bV p~ `

fgcm© \fqwŒ<^ ^V Agp<\ {p<bV`÷g^_ =S=p~ cTS4U_S> \cTž \bPdp<RmU_ ¨ \flf4p<g ¨d< lO÷flcTSAcTRîp‘cTlg \fg[ \gcmd< =<q

^V ÷fl[] \ceÿƒ( \flj[_g<[]fgp<R’„ uY^_ fp<SA g \fgU_ReLtp<fjp<RmfgøqwUVb_` qw%^_l |€h`_cmS= \b_fgcmbƒp<R‘†Œ‹

n f

M^_ \b ¹ òå õ xA·h ¹ ò… õ xA·h …÷p<g \flg `Kòåfg \ u8p<_Rm (þ õ „US \d< ^_ \RT flfBg^_ fgcT©\ f

<qŒ^V (p (dp<gcTp<bf%qCg^_ Ï Ç 

pb_` Ï Ç E+G

g ffL   \ ` ^_ flcT© \f¥<q^_ \gl fg[b_`VcTb_ž

S=p~ cTS'U_S> cTž< bdp<RTU_ "d \gflcTb_f'p_ceCqww²Æ:m]¿ûp<b_`‹wq ‚]ljcTb p<fl %<qYRTp<gž< Acmb_b_‡dpcmb

<gg \RîpgcTbòv òå‚]“þ'[}‚]lj

õgõ

„ <Œv òå‚]Çþ‚[}‚]lj

õ

› p<RTfl _fl ld< ^ƒp{^_ (gp<\ ýdp<gcTp<bf

<q Ï Ç 

pb_` Ï ÇFE+G l ðl 'flRTcTž<^PgRmO(gj<qïg bŠ„ik<g^ ^V =gp< {p<b_`÷^_ =S{p~ cmS'U_S \cTž \bPdp<RmU_

d \gflcTb_f›<q

Ï Ç ÉÑi

pb_`

Ï

Ç6@tp<l ‘p¢] \`¥PO"g^_cTfŸ[_g<_RT \S¦p<f›› RmR’„œzhb{bgp<flVcmbAg^_ Bp<Vfg bV B<q

cTbVb_‡d<p~cT<b%lg \RîpgcTb(òv”Kòy‚[} õgõ g^_ B \flgfMp<g BöPU_ce \b_fg \ldpgcmd _ fl[] \cTp<RTReOAg^_ S=p~ cTS'U_S

cmž bdp<RmU_ ‘dp<gcTp<bf\„

Q

‡› \d \ƒ^V

Ï

Ç697=g ffY^ƒpd Œl p<flbƒp<_Rm Bfgcm© B[Vg[ cT \ftqwk<g^¥Zrcmb_`_f

<q8cTb_bV‚dpgcTb¥\gl RTpcmbLp<b_`¥^V g qwg UVg[] \lqwlSªg^_ Œ<^_ \Y ffMcTb¥g^_cTfYl fg[ „

zhb%^_ Œp_fg \b_ <qŽcmb_b_‡dpcmb%\gl Rîp~cT<b(ò vKòå‚[}‚[}

õgõ

› _fl d fgcmS=cmRîp<-flcT© ‘[_g[ cm f

<q.g^_ Cg ffqw<5qwUV€h`VcTSA b_flcTbƒpRŽ†Œ‹ n fMMcm^· …'pfqwM^_l |€h`_cmS= \b_fgcmbƒp<RÕbV f„ Q ‡› \d<

cTb p<fg "<q›^_cTž<^÷cmb_b_‡dpcmb<gg \RîpgcTb òvØ0òå‚]Çþ‚[}‚]“þ'[}‚]lj õgõ ^_ "[_l_RT \S><qkp<b  \ fgflcmd< {fgcm©

`_cmfl<lcmb cTf"S'UV}^ SAg ¥fl \d \g pfAfl^_‡Mb cmb1u8p<_Rm j„ v RTRtg flgft |  [ Ï Ç6587:9Ÿg ðl \\Aqåp<

r%<qïg bŠ„‹b_©p<RT n

ce}p<gp<ZPcTf¨ò…‡ûûû õ ^ƒpd ¨[cmbPg `U‘^_pB^VcTfBZPcTbV`(<qŸfgcm© '`_cmflglgcTbcTf

(13)

\žp~cTbVž ô pb_Z· {<'…£ó vBô Bl`_ 8‰7 …ŽoVpS=[_Rm ¨ocm© fP …‡V|S5SAcTbƒp<R8ocmžb_ceÿƒp<bV

WÕ \d< R¡V„Ǎ„

u¡ fl ·Æ ŠŽ ·’ …=ò ¹ ò…

õ

xd·ÆH…

õ

·Æ …=ò ¹ ò…

õ

x–·’ … õ

orpcmflcm ò ¹ òå

õ

x–·’F

õ

w²l … w²lF‚]Çû w²q ‚]lj wq² ‚]Ј wq² ‚]¿û w²lF‚]lj w²lF‚]¿ˆ

vKòå‚[} õ v”Kòym]Çþ'[‚]¿‰ õ

Ï Ç ÉÑi

&(V*

V„Ǎˆ V„ÇV…‡ „¿ V„¿þ– V„¿ˆ V„Ǎˆˆ „¿d<‰

Ï Ç ÉÑi

ÑÐ~(VÒ$Ó

V„Ǎˆ V„Ǎ… „¿d V„¿þP V„¿ˆ V„Ǎˆˆ „¿ˆ<

Ï

Ç6@

&(V*

V„Çdd V„Ǎˆ „¿V…û V„¿d V„¿û V„Ǎˆ… „¿dˆ

Ï Ç6@ÑÐ~(VÒ$Ó V„Ǎˆ… V„ÇV…‚ „¿<ˆ V„¿þ– V„¿ˆ V„Ǎˆ „¿ˆ<

Ï Ç 9B7

&(V*

V„Ǎ<û V„ÇV…‚ „¿d V„¿þP V„¿ˆ V„Ǎ „¿<þ

Ï Ç69B7

ÑÐ~(VÒ$Ó

V„Çdd V„ÇV…‚ˆ „¿<þ V„¿< V„¿û V„Ǎ „¿<

Ï Ç 

&(V*

V„Ǎ<û V„Ǎ „¿<‰ V„¿þ V„¿ˆ V„Çd<þ „¿dˆ

Ï Ç 

ÑÐ~(VÒ$Ó

V„Çd V„Çû „¿V…‰ V„¿<þ V„¿ˆ V„lj „¿ˆ~þ

Ï Ç E+G

&(V*

V„Ǎ<‰ V„Ç<þ „¿ V„¿þ V„¿þþ V„Ǎ „¿

Ï Ç E+G

ÑÐ~(VÒ$Ó

V„Ǎþ V„ÇV…‡ „¿V…û V„¿d V„¿<þ V„Ǎˆþ „¿d

Ï Ç6587:9

&(V*

V„Çd V„Çû „¿ V„¿d V„¿…‚ V„Çd „¿<þ

Ï Ç6587:9

ÑÐ~(VÒ$Ó

V„Ǎ<‰ V„Ǎˆ „¿V…‡ˆ V„¿ V„¿…‚ˆ V„Ç<þ „¿



ъ¯‚­.·y­gÁ

¹

´Ç®’Á£µ½¼\·|

â

Ýt°|·’­.ÆDZ~‚­¾<­±~‡­l±®Ž¼|µV®y¯‚­2Æ¿±‚±‚¼}è}°}®’ÆǼ\±À¼·’·y­l´¿°|®yÆ¿¼±PÙ

p%hOr[_cTp<R.[_l_RT \S><q›W ô hOr[ "g ffŒ SA lžcTb_ž¥cmbRîp<lž 'fOf \S=f\„

Q

‡k d \¡g^_ "   \fgflcmd Afgcm©

`_cmfl<lcmbLcTf5RT \fgf5[_gbVU_b_\ `(qwY^V 4S=p~ cTS'U_Sª cmž bdp<RTUV g flgfg^ƒp<bqw<5g^_ gp<\ Cg flgf„o

^V Œqw<gSA Y^ƒpd Cp¨fgRmcTž^Mp<`d<pbPp<ž ŒcTb¥g^_cTfYl fg[ „

uY^_ ýqwUV€h`VcTSA b_flcTbƒpRYp<fl p<RTfløp<RmRT‡MfAU_f{úSA[ƒp<l ^V ýfgcm© (qB^_ f%dp<gcTp<bf"qw

[_l\ fgfl fjMcm^ h› \cTb \žp~cT<b g RTpcmb_f ò$·u õ „ v f¥^_ ÷g \Rîpgcmd [ qwgS=p<b_\ <q^_

gp< {p<b_`øS=p~ cTS4U_S cmž bdp<RmU_ =g flgf'cTfCp<RmS=fcT`_ \bPgcTp<R’Žk {`_(b_<Cfg^V‚¦g^_ {l fgUVRmf4^_ l <„

S d \l^V RT \fgf\›› jSA bgcTbøg^ƒp"p<RmR›g flgf"p<g %d< O bVfg dpced LcTbøg^_cTf'p<fg „ ‹ b_ \p<RmRmO8^_

fgcm© \f‘<q.g^_ Cg ffB`_{b_<   \ `^_ dp<RTU_ <q-„¿Ap<b_`pg <qï \b(] \RT‡HV„ÇV…„Bb_ReO¥^_ Ï Ç697

\flgf‘p<l ŒpAVcmYRm fgfM\b_fg \ldpgcmd „

u8AfgUVSüU_[Šƒ^_ ŒflcT© [_l[] \lgcT fM<q¡^V gp<\ Cpb_`jg^_ S{p~ cmS'U_S cTž< bdp<RTU_ dp<lcîp<bfMpg ŒcTb

ž \b_ gp<R2pg^_ ŒflcTSAcTRîp5qwŒpRTRœg fl[_l[fp<Rmf„

Q

‚› \d< \.cTb fg[ \cmÿƒ"flcmU_pcmb_f‘g^_ ¨p ¨ \flf

fgU¢£ \5SAl BqwgSüpbj |  flfgced 4flcT©\ `VcTflglgcTb%g^ƒp<bL^_ ŒS=p~ cTS'UVSª \cTž \bPdp<RmU_ B \flgf„

(14)

†Œ‹ n fBMce^ skcmbPg žgpcmb_ž

ô

pb_ZW·À:…’vØñòy‚]“þ'[}‚]“þ'[}m]¿‰

õ

£ó vBô

Bg`_ \Չ…:…¡op<S=[VRT Aocm©

fh …‡VS5SAcTbƒp<RŠocTž<b_cmÿƒp<b_\ ŒWŽ d \R8„¿r„

u¡ f ·’ … u8 \fl ·’ …

oP}pgcTflgcT w²q ‚]Çû wqqFm]¿‰ w²² ‚]¿ˆ or}pgcTfcT wq² m]¿û wqq ‚]¿‰ w²q ‚]¿ˆ

Ï Ç ÉÑi

&(+*

V„e…‡‰ V„¿<‰ˆ V„Ǎˆˆ Ï Ç 

&)(+*

„m…‡ V„lj‰ V„Ǎˆþ

Ï Ç ÉÑi

ÑÐ\(KÒ$Ó

V„e…©V… V„m…V… V„Çû Ï Ç 

ÑÐ~(KÒ$Ó

„m…þd V„e……‡‰ V„e…‡<þ

Ï Ç @&(+* V„e…‡<þ V„¿<‰ˆ V„lj Ï Ç E+G

&)(+*

„m…‡< V„lj<þ V„Ǎˆˆ

Ï Ç6@ÑÐ\(KÒ$Ó V„e…© V„m… V„Çûd Ï ÇFE+G

ÑÐ~(KÒ$Ó

„m…‚r… V„e…‡ V„ljd

Ï

Ç697

&(+*

V„Çû V„¿ˆ<‰ V„Ǎˆ

Ï

Ç6587Š9

&)(+*

„¿d V„Çd V„Çd

Ï

Ç697

ÑÐ\(KÒ$Ó

V„e……‡û V„¿<‰<þ V„Ǎˆ<

Ï

Ç6587Š9

ÑÐ~(KÒ$Ó

„¿d V„Ǎ<û V„ÇdV…

uY^_ BflS{p<RmRƒfp<SA[_Rm [‡k \k<qŠg^_ g fftcmf›`_ \[_cT \`%cTbA^_ cTžUVg fkŒ€.‰V„ cmžU_l ‘fg^_‡Mfkg^ƒp

^V 'p "p<b_`S=p~ cTS4U_S: cTž< bdp<RTU_ C ffŒ[ lqw<gSñörUVcm ¨flcTSAcTRTp<gReO%cTb(g^_ ¨_ced<pgcîp~ 4p<fg 'Mce^

·Æ"Œ…M^_ \b ¹ òå õ xµ·"cTftg f `£„tzhb(p<\l`ƒp<b_\ Mce^jg \fgU_RefMOu¡r`ƒpýò…‡ûû<þ õ qwt \flf

M^_cm}^p<RTRm‡Fqw5pAgcTSA g \b_`Š^_ Œgp< ff‘p<g CfgRTcmž^ReO% \gg 5qw‘pRm \gbƒp~cmd< f5Rmfg ŒA^_

bPU_RTR8^O[<g^_ flcTfŒp<b_`(g^_ 'S=p~ cTS'UVSñ \cTž \bd<pRTU_ 4g ff^ƒpd "pb p<`Vdp<b}p<ž< 'cTb(flcmgUƒpcmb_f5qwU_lg^_

ptpO qwgS ^_ {brUVRTRk^Or[<^_ \fgcmf„ zhb l fcTbVžRmO<.^_cmf'[ƒpl lb p<b %Vfg d \`1cmb_`_ [ bV`_ bReO

<qtg^_ AcTb_b_‡dpgcTb <gg \RîpgcTb p<b_`÷^_ " \flgfq38p<fgflU_S=[cT<búg \žp<l`_cTb_žL^V =`_ \gSAcTb_cmflcm¨ lS=f\„

BdcmU_flRmOg^_ M`_cm¢] l b_\ ftpg MöPU_cmg 5flS{pRTR_pb_`{S=pO¨] M`_UV 5gfgp<SA[_RTcmb_žBdp<gcTp<_cTRmcmhOcTb"UVŸflcTS¨€

U_RTpcmb_f„¡z¤›cTf.›lg^{b_<gcTb_žg^ƒp2^V 5g flgfkpfgfgUVS=cmb_žŒb_CRmcTb_ p<œgg bV`{^ƒpd 5^_cmž^_ -flS{p<RmRVfgp<S=[VRT

[‚› ¨g^ƒp<bø^Vfg jp<RmRT‡McTb_žjqw¨pýgg bV`Š„ Q \b_ ›ce'[ƒpOrf¨ fg[ \cmqïO ^_ ¥`_ \gSAcTb_cmflcm=g gSAf

[_l[] \gReO„ Bb ^_ L<g^_ ¨^ƒpb_`ŠŸSA[ƒp<lcTb_ž(g^_ L`_cm¢] l b" f"d lfgcmb_f¨Mcmg^_cTbøg^_ Lg fl[] \\gcmd

žlU_[_fCògTq "<vgTF“ õ ƒp"Rm p<tMcmb_b_ \tqwMp<RTR£fgcmgUƒpgcTb_fkcTfMb_<YqwUVb_`Š„

skSA[ƒp<g \`1g ^V qwl žcmb_ž _cmdp<lcîpg Lfg \gU_[ p<RmRt \flf=^ƒpd ýp RT‡› =fgS=p<RTRtfgp<SA[_RT j[]‡›

M^_ \b(^_ Clg fl[]<b_`_cTbVž=^Vg |€Mp<bV`ýqwU_€h`_cmS= \b_fgcmbƒp<RՆŒ‹

n

fMce^W·Y A4…4p<g CbVfgcT`V g \`Š„

S d \l^V RT \fgf\^V l Rîp~cmd< Y}^ƒp<gp<\g gcmflgcTf-<q^V Mg f›dp<lcîp<bf2l S=p<cTb"U_bV}^ƒp<b_ž \`ŠrfgŒk 5`_b_<

[_l fg \bg^_ Œg fl[] \\gcmd žgp<[_^_fM^_ \g <„

¸ú M^ƒpd< ‘p<RmfgflcTS'U_RTp \`'^_ MflS{p<RmRVfgp<S=[VRT t[‡k \Ÿqw8^_l €œp<bV`"qw<U_€¤`_cTSA b_flcTb_p<RV[_l\ flfg f

Mcmg^÷h›(\cTb \žp~cT<b÷l RTpcmb_fM^_ b fcmb_ž

¹

òy õ p<b_`

¹

ò… õ „{uY^V {öPUƒp<Rmcm}p~cmd< ¨g \fgU_Ref'pg

Rîpgž \RmO¨^V Bfp<SA qw<k<^%`VcTSA b_flcTb_f\„.uY^_ \g \qw<g ‘› ›ðlU_fltg \qw \›g'^_ 5^_l €¤`_cTSA bVfgcT<bƒp<Rp<fl <„

zhb

cmžU_l 8V~^_ k[]‡› 8qw<8^V kpfg t<qV fcmb_ž

¹

òå õ cmf8`V [_cm\ \`Š„.zhb4g^_cTf¡pfg <qw<‚zw²zV…~^_ \g

(15)

p<l h›%SAg cmb ž<pgcTb_ž"g \RîpgcTbVfMg^ƒp<bfg[ ceÿƒ `ýcTbg^_ brUVRTRŽ^O[<g^_ flcTf"òwc’„“ <„eˆ·A·^ivH „

Q \b_ Šqw‘g^_ 'S=p~ cTS'U_S: \cTž \bPdp<RmU_ Cg ff^_ 4brUVRTR.pb_` p<Rmg lbƒpced C^POr[<^V fg \f4pg 'cmb_lg \\

p<b_`£Ÿg^rUVf›g^_ ¥gp< ¥ \flgfAS=pOø^ƒpd< ýp<b6p<`d<pbPp<ž „ uY^_cTf"cTf¨\RT p<gReOúl ”hƒ \\ \` cmb g^_ L[]‡›

UVld \f„›zhbjg^_ p<_fg \b_ <q8cTb_bV‚dpgcTb¥\gl RTpcmb÷òv òy‚[ õ 9õ ^_ ŒfgS=p<RmRŠfp<SA[_Rm B[]‡› 5<q¡^_

gp< Yg flgfk | V\ \`_f›g^_ [‡k \›q£^V 5S=p~ cTS4U_SK \cTž \bPdp<RmU_ Y \flfŸO"U_["Cp<]<UVk<[] \g \b}p<ž

[cTbf\„Bzhbfg<S= 'p<fg \fŠg^_ '[‚› ‘U_d fŒ<q2g^_ 4gp<\ 4 \flfŒpg 4\RT p<gReOf \ [ B^_p<b(^_<fg '<q

^V S{p~ cmS'U_S¦ cmž bdp<RTUV ‘ \flfMfl'^ƒpYg^_ fgUV[] \gcT<t[] \lqwlS{pb_ Bq¡g^_ BqwlS= \kcTfkb_RmO=[ƒp<ReO

plgcm_UVp<_RT ¨^_ \cTYRTp<gž \Yfgcm© <„

¸ ^_ b(g fcTbVž

¹

ò… õ ƒ^V g CcTfp<žp<cmb¨ðlUVflB<b_ 4 | gpAcmbPg žgpcmbjg RTpcmbjU_b_`_ \^V 'p<Re €

bƒpgcmd< Lò·’·^iA … õ p<b_`^V '[]‡› <q›p<RmR¡g ffcTfpg^_ ‘RT‡HqwFw)ª5 ‚]ÇûVŠp<f‘p<b 'fg \ b cTb

cmžU_g 'ˆ„BdcmU_flRmO£cTb(flS= 4fgcmgUƒpgcTb_fcm‘cTf‘bV<Bd \lORmcTZ RmOLg{ÿƒb_`÷p{\cTb \žp~cTbVž%p<bVZ<q

h›_„ o gcmb_žýg^_ %fg \bV` p<UV<g ž<g flfgced ¥ cmž bdp<RmU_ Ag'w)ª:‚]¿ˆcTb_\g p<fg \f4^_ =fgS=p<RTR-fgp<S=[VRT

[‚› ‘<q.^V C \flgf‘qwgv‹ òy‚[ õ 9]g \S{p<lZ~p<_RmO òwfg \

cTž<U_g C‰ õ „Mzhbýg^_ 4p<fg 4<q. \flgcTb_ž

¹

òy õ fg

^_pÕ·…·aiÕF¥ò n p<bV RTf v p<b_`ji õ r^_ Œp`Vdp<b}p<ž ‘<qŽ^_ Bgp<\ B ffYcmft \d< bjS=l ‘[_lb_UVb_ \`

^_p<b%qw›g^_ †Œ‹ n fkMcmg^1w)ªIF‚]ÇûV„)¸ ^_ \bLg^_ BbPU_RmR£^Or[]<g^_ flcTfYcmf ¹ ò…

õ

p<bV`ŠV^_ \b_ ·Õ3·^iI …

<^¥ \fl5d \gfgcmb_f5p<l <b_ ŒSAg gp^_ \YfgcmS=cmRîp<Bò n pb_ Rmf‘s p<b_`j† õ „

zhb{flU_S=S=p<O› p<b=\b_\RTU_`_ Yg^ƒp-Mcmg^=l fg[ ›g^_ 5fgS=p<RTRfp<SA[_Rm Y[]‡› Ÿ]<g^Ag^_ Ygp<

p<b_`^_ ŸS=p~ cTS'U_SF cTž< bdp<RTU_ 2g flgfœ^ƒpd< kfgcmS=cmRîp<£[_g[ cm f8p<f¡› RmR’~cTbRTcmb_ .Mcmg^C^V ›Rmp<R[]‡›

g \fgU_Ref\„ Q ‡k d \kcmbúflS= {p<fl f2g^_ {gp< = ff"p<l %Rm p<lRmO÷fgUV[] \gcT<C(g^_ %\gl fg[b_`VcTb_ž

S=p~ cTS'U_S cmž bdp<RmU_ td \gfgcmb_fŸcTb'g gSAf-<q][]‡› „S<ŸfgUVg[_lcTfgcmb_žReO<g^_cTf2^ƒp[_[] \b_fŸcTb¨[ƒp<cmU_RTp<

cmq‘^_ p\U_p<Rgp<b_Z·÷   \ `_f¥^V ýpb_Z1fl[] \ceÿƒ ` cmb1^V (bPU_RTR5^O[<g^_ flcTf·^i‡YO1S=<g g^ƒp<b

b_ · ·aiA0 …„Yzhbg^_fg Cp<fl f5M^_ l 4^_ S=p~ cTS'U_S cTž< bdp<RTU_ g flgf‘`_<S=cmbƒp _^_ \cT5[]‡›

p<`Vdp<bp<ž ýcmf{bVRmO SAcTb_\„ b1^_ (^_ \{^ƒp<bV`Št^_ ýRîpl " \flgf%fg \ S ø^ƒpd< (fgS=p<RTRm "fgcm©

`_cmfl<lcmb_f-^ƒpb%^_ ‘gp<\ g flgf„›orgcTRTRyPU_k‡d< pRTRg \SAS= \b_`ƒpgcTb=cTf›g'U_fl B^_ 5p ‘g flgfYcmq

b_ tkp<bf2gCp[_[_RmOYðlU_f›<b_ t \fl2d \gflcTbŠ„Ÿ‘q<U_gfl <^_ \g McTfœb_<^VcTb_žBMlb_žMcmg^"g^_ Y<S=SAb

[_gp<\gcT gAUVfg Œ]^Ld lfgcmb_fMfgcmS'U_Rmp<b_ \U_fgReO„

• @ ;A#35&,.;A#,

zhb^_cmf‘fU_`VOýk ¨^ƒpd< A\SA[ƒp<g \`S{p‚ VcmS'U_S: cmž bdp<RmU_ ¨p<b_`(gp<\ 4 \flgfŒqw<^V ¨cmbPg žgpcmb_ž

pb_Z¥<qœp"ó vBô [_l\ flf„tuY^_ <S=[ƒpgcTflbLcTfM[ lqw<gSA `¥qwY \fl5d<pgcîpbPgfMfgU_ce}p<_Rm BqwY`_ce¢£ \g b

hOr[] \fB<q2`V \ \gSAcTb_cmflgcTŒ lS=f\„ § g C[_g \cTfl ReO]p{UV[_RT C<q. \flgfp<RTRm‡McTb_ž¨qwp{b_bV© l%SA p<b

(16)

p<fOSA[Vg<cm¥`_cTfgcm_UVgcTb_fCU_b_`_ \"RTrp<Rkp<Rmg gb_pced f"pg Lžcmd< b6p<b_`1pRTrp<R›[]‡› "<S=[ƒpgcTflb

cTf=[_g \fg \bPg `Š„ zhb ^_p%\S=[_p<gcmfgb1b_ S{p‡ðl=`Vcm¢] g \b_ \f¥] hk \ b <gg \fg[b_`_cmb_ž S=p~ cTS'U_S

cmž bdp<RmU_ ÷p<b_` gp<\ ÷g ff(pg `_ \g `£„ñzhbFp6flS{pRTRBfgp<S=[VRT fgcmS'U_Rîp~cT<b SA[ƒp<lcTfg<b cejcTf

qwU_bV`ŠV^_‡› \d< ^ƒpkcTb=fgSA flcmgUƒpcmb_f-gp< 5 ffkg b_`='^ƒpd< BS=<g 5^_ pdrcTReO"`_cTf `{fgcT©\ f

M^_ \g pf.^_ \cTœ[‡k \2[] \lqwlS{pb_ ›cTf.flU_[] \gcm8g‘^ƒp~2<qƒ^V tS{p‚ VcmS'U_S \cTž \bPdp<RmU_ t\S=[ \gcmggf\„

zhb [ƒp<cT\U_Rîp]g^_ ¨gp< 'g flgfp<g "p<`d<pbPp<ž \U_fcmq-g^_ l =pg ¨pŒRm p<fBh›SAg 4cmbPg žgpcmb_ž

g \RîpgcTbVf5cmbg^_ C[Vgr flf‘^_p<b(fg[ \cmÿƒ \`(U_b_`V g^_ 4bPU_RmRŽ^POr[<^V fgcmf„itp<fl `(býU_5fgcTS4U_RîpgcTbVf

› k^ƒpd kp[_l \qw \g bV kqwÕg^_ Ÿgp<\ Ÿg ff„œuY^_cTf¡g \fgU_ReðlU_fceÿƒ f¡^_ ŸSASAbŒ[_p<cm ŸcTb SA[_cTlcTpR

›gZ{g=UVfg Œ ce^_ \5<g^LhOr[ f5<q¡ ff5fgcmS'U_Rmp<b_ \U_fgReO{<Mp<[_[_ReO{^V Œgp<\ ff5  RmU_fgced \RmO„

zhb p<\l`ƒp<b_\ =Mcmg^ ^_ \4p<U^_lf%òwfg \ <. „Çž_„e Q U__lcT}^ú 'pR’„ òy<V… õlõ

k {p<RTfljqwUVb_` g^ƒp

^V p<Rmg lbƒpced ‘W ô hOr[] ftd \gflcTb_ftqw<tp4fl[] \cmÿ_B`_ \g lS=cmb_cTfcTM \gS fgSA \gcTSA fŸ`_cm¢] ›S=<g

fgUV_flp<bcîpRTRmO4^ƒp<b=^_ lg fl[]<b_`_cTbVž4S=p~ cTS'U_SK cTž< bdp<RTU_ p<b_`Agp< 5 ff\„2uY^_ l \qwl <_ƒpfg `

b U_4fgcTS4U_RîpgcTb g \fgU_RefŸcm¨p<[_[ p<lf' ] ¥SAl %fg \b_fgcm_RT %g p<[_[_ReOø`_ce¢£ \g b¨d< gflcTbVf"Mce^

g \fg[ 'ýg^_ =gg pSA b'qM`_ \g gSAcTbVcTflgcT¨ \gSAf4gp^_ \Cg^ƒp<búg^_ {S=p~ cTS'UVS cTž< bdp<RTU_ =p<b_`

^V Œgp<\ d<pgcîpbPt<q.bV fg[ ceÿƒŒ fMd lfgcmbŠ„

G F7Fú!#íW– — !B+Ÿ$C72;A# ;A96G ,Dj Fý7.;¨7.3˜— ,872+-‡™ý7.;A#,¦;"9

/6!,¡7

t

7œC7.,8723,

u¡¥`_ lcmd C^_ 'RmcTSAcmgcTb_ž¨`_cmflggcTVUVcmb_f5<q2^_ 4S{p~ cmS'U_S: cmž bdp<RTUV C \flgfBbVfgcT`V g \` cTb o \\gcTb

VPk fg^_‡ ^_p›g^_ ‘ž< b_ \p<RƒqwpS= klZ"U_fg \`%O¥oVpcTZPZ<bV b WYXUVZ [^_Rœò…‡û<ûû õ CV}pcTb"^_

RTcmS=cecmb_ž'`_cmfllcT_UcT<b<qœ^_ 4W ô g flBcTb(pAg \`_U_ \`p<bVZjl žl flfgcT<b(S=r`_ \R¡p<bp<Rmfg=] CU_fg \`(cTb

^V {pfg %<qYg^_ {S=p~ cTS4U_S cmž bdp<RTUV = \fl„ýuY^_cmf'g \fgU_Re'`_r fCb_<4qw<RTRT‡ p<UV<S{pgcTp<RTReOýqwg<S

oVp<cmZPZ<b_ \b

WYXUVgZ< \[]^VRŽò…‡û<ûû

õ

pU_fg M^_ MSA \g^_`"<q][_l<qU_fl `=cTb¨^ƒp~-[ƒp<[ 2tpfŸ_p<fg \`{b

p<b"cT`V pcTb¨M^_cm}^=bVRmO4g^_ MRTcmS=cecTbVž`_cmflggcTVUVcmb'<q^_ MflU_S <q^_ Ml RT dp<b› \cTž \bd<pRTU_ \f-p<b_`Ab_<

^V =RmcTSAcmcmb_žA`_cTfgcm_UVgcTb<qkcTb_`VcmdrcT`_U_p<R. cmž bdp<RmU_ fkp<fC`V gced \`Š„{uY^_ "qwRmRT‡McTb_ž{  r \b_fgcmbú<q

uY^_ \g \Sü…Y<qÕop<cTZPZ<<b_ b WYXUVZ [^_R¡ò…‡ûûû õ fg^_‡Mf2^ƒp~2^_ œðlcmbP.RTcTSAcmgcTb_ž5`_cmfllcT_UcT<b'<q^_

g \RT d<pbPœ cmž bdp<RTUV f.p<b¨] ›Vp<cTb_ \`4Mcmg^_UV.fll b_ž^_ \b_cTb_ž^_ t[Vg \drcmU_fgReO4UVfg `Ap<flfgU_SA[VgcTb_f\„

uY^PU_fbVfgcT`V t^V l `_UV `ýp<b_Z=g \žg \fgfgcmbjS=r`_ R

Œp_¼"gb 9›š 'jyœr~[ bq …d[^]^]^]œ[`f[ ò$"]e… õ

M^_ \g Œpœp<b_`Hœr.p<l =ò,#-ú… õ d< \ggf\

š

8cTfMp<búò. -ø… õ d< \gMMcm^o. Îu,8p<b_`o" p<b_`Hbªpg

(17)

ò,#-¤·^i p<bV`øò$. -7·^i r ”A\cT b‘S{pggcm fYqœqwU_RmRÕRmU_S=bLgp<b_Zg fl[] \\gcmd \RmO<„tuY^_ 4 \glY lS

œrœcmfMp<fgflU_S= \`jg= <q¡^_ qwlS

œrehf

"ƞb 9 š

'jƒŸm~[ ò$"]¿ õ

M^_ \g 5"’Ÿp<b_`bƟp<l 'ò$,=-(ò$·Š·^i õgõ p<b_` ò$.Ø-(ò·²W·ai õgõ S{p~gcm \frg fl[] \\gcmd \RmO<Mcmg^X·²W·^iv0

p<b_` Ÿ‚8cTfYg^_ C \glY lS U_b_`V M^_ bPU_RTRŠ^Or[<^_ \fgcmf^_p4ò"]e… õ cmfp"<gg \\gRmO¥fl[] \cmÿ_ `ýSAr`_ Ry„

uY^_ "S=plcT \f“¦" xn"’~—-p<b_`€“`b>x‰bÆ+—2p<g ¨flU_[_[fg \` ¥ "<q-qwU_RTRœRmU_S=bgp<b_ZU_b_RT \fgf^V AbPU_RmR

^Or[]<g^_ flcTf5^_Rm`_f_cmb¥M^_cT}^jp<fl ’"Ʋ =pb_`bÆtS=pOLp<Rmfg¨ ©\ l_„

z¤cTfB› RTRœZrbV‚Mb÷^ƒp~ŒcmqIŸ‚ŸcTf‹Œp<U_flfgcîpb M^Vcm ¨bVcTfl =pb_`

š

›cTfflcT\gRmOý  ž \b_U_f[_l €

`_ lS=cmb_ `¥g^_ flpcmflcmp<R]p<bƒpRmOrfgcmfY<qŽ^_ l `_U_\ `jp<bVZ{g \žg \fgflcTbjS=r`_ \R2ò"]m… õ cTft_p<fg \`bjp

ž \b_ gp<RTcm© `L \cTž \bPdp<RmU_ [_l_RT \S cmbLM^VcT}^jb_ ŒfgRed \f5g^_ Œ`_ \g gSAcTb_p<b}p<RŠ \öPUƒpcmb

`_ \‚ò¡£¢¥¤¥¡

¤¦¤

¡§¤+¢<

Q

¡£¢¥¢ õ ‚[ ò$"]Ÿ õ

M^_ \g \¡¢¥¢°¼f

¢ Áz š š 9

¦¡£¢¥¤#¨¡

9

¤+¢

¼f

¢ Áz š

Œ

9

pb_`'¡£¤¦¤#”f

¢ Áz

Œ$Œ

9

„

zhb¥[ƒp<cmU_RTp<Pcmqª©QIΣ¨©¨©¨'Ϋ©Q>¨p<l ^V Bg`V g \`LfgRmUVcmb_fŸ<q›ò"]; õ ^_ \b%^_ W ô \flYqwŸ^_ BbPU_RmR

^Or[]<g^_ flcTf5^ƒpMg^_ 4gp<b_Z¥fg[ \cmÿƒpcmbjcTbúò"]e… õ cTfM<gg \\cTfMƒp<fl `(<b^V gp<\ g fl‘flpcmflcm

p<bƒpRTž<U_fAg g^ƒp=žcmd< b cmb òº„m… õ „ uY^V (p<Re lbƒpgcmd j^Or[]<g^_ flcTf%qB^_cmf%W ô \fl%cmf=g^ƒpA^_

<RTU_SAb¨p<bVZ'<q" p<b_`[bHcmf2Rîp<lž .g^ƒp<b·^i„œz¤q]g^_ 5p<Rmg gb_pced YcTf2\b_flcT`_ \g `"^_p2^_ M[ƒpp<SA \g

S=plce A^ƒp<fkp<b_Z·^i_j …g^_ B<gg \fg[b_`_cmb_ž¨W ô g fYcTft_p<fg \`¥b%^_ ‘S{p~ cmS'U_S¦ cmž bdp<RTUV \fl

flpcmflgcTŒp<bƒpRTž<U_fkòV„Ð õ „

oVp<cmZrZb_ \b WYXUVZ [^_Rœò…‡û<ûû õ V}pcTb{g^_ ‘RmcTSAcmcmb_ž`_cmfllcT_UcT<b{<qŠg^_ ‘gp<\ Bflpcmflcmf›U_b€

`_ \Mg^_ qwRTRm‡McTb_ž'ž< b_ \p<RŽp<flfgU_SA[VgcTb_f\„

”¥––‡¬’­P®Ž—¯°¦±¼ÝÞ

òåcõ f

¢ Áz b9

š š 9

b w

! ²´³+³ 0

òåcmcõ f

¢ Áz b 9

4 š š 9

b‹=µ

w

ò… õ

òwcTcmcõ f Zª

¢ Áz š š 9

! ¶

qw8fgSA òwž b_ \p<RmRmO õ gp<b_`_<S ò$.-5. õ S=pggce 

Mcmg^\b9

4 ¶ b5430

"p<b_`Hb9

¶ òypV„“f„õ

òåced õ f

&\ª

¢ Áz

Ÿm

š 9

b2Jµ

w

ò…

õ

òïd õ f

¢ Áz

Ÿ‚

š 9

b54

! È qwYflS= Œgp<b_`_S ò,3- ò$. /·^i õlõ S{p~gc½ oÈ

(18)

òwdrc õ f

¢ z

Ÿ‚·Ÿ

9

²ª¸q¸

j?µ

w

ò$f &\ª

õ

qwYfgSA BÿV  `S{p~gc½ 

²ª¸”¸

0

U_lg^_ lS=<g <^_ Œfg \öPU_ b_\ fBcmb òåcTcmcõ p<b_`úòwd õ bd< gž< YðlcmbRmO=cTbL`_cmflggcTVUVcmbŠ„ ¹

aflcTb_ž v flfgU_SA[Vcmb …k p<bjb_‡[Vg‡d Œ^_ qwRmRT‡McTbVžC^V l Sj„

Ú»º Ü°˜ÜD­ ”¤ÞÝ

z¤q v flfgU_SA[VgcTb …{^_RT`Vfœg^_ %pb_`_S dp<gcTp<_Rm f’f©Q

y

_Ì«Ž·^iŠj …d[^]a]^]?[`,œ.\bd lž %› p<ZPRmOúp<b_`

ðlcmbPgRmOA¨^V flRTUcT<b_fY<q¡^_ Œ öPUƒp~cT<b

`_ “mòC¼b

9

4 ¶

b 4j"

94 È õ 9

ò"

94

²ª¸q¸

"54 õ

ò ¼b 94 ¶

b54j" 4eÈ õ W½ò b 94 ¶

b54 õ —F

M^_ \g ¼£¼":9

4

"ƾb9

b 42ò b9

4

b54 õ

„ ¹

¿ ˜B°À°/Á… lS ^_ A[_l<q›<qMWÕ \S=S=p…=<qYoVp<cmZrZb_ \b WYXUVZ [^_Rò…‡û<ûû õ k "ÿƒlfl'<V}p<cmb^_

qwRmRT‡McTb_ž4fgcTSA[_Rm BbVfg öPU_ \b_ \fB<q v flfgU_SA[Vcmb …x

¡§¤+¢´b‹¼"

²´³+³ j?Ã

w

ò… õ ÓÅÄ

² ¤ ³ jÆÃ

w

ò… õ ò$"]“þ õ

p<b_`

¡§¤¦¤¤¼"

²´³+³

" 9 j

²ª¸q¸

jÆÃ

w

ò… õ ÓÄ

²

¤/¤=jÆÃ

w

ò… õ ] ò$"]¿ õ

aflcTb_ž¨g^_ Œb_<}p~cT<b

²´³

¤#

² 9¤ ³

²´³+³

"v9î_› ^_ \b(p<Rmfg¨^ƒpd

²

¤/¤7¼"

²´³

¤=j

²ª¸q¸

] ò$"]Ÿ

õ

v

qwU_lg^_ MfpcTž^gqw<lkp<g`L<b_fg \örUV b_\ 4<q

v

flfgU_SA[Vcmb÷…Œg"] ŒU_fl `ý Rm‡Fcmf

¡§¤+¢Rµ

w

ò… õ ] ò$"]¿ˆ õ

S‡:\b_fgcm`_ "^V ýfg<RTUVgcTb_f"<q^_ ž bV pRTcT©\ `6 cmž bdp<RTUV [_l_Rm S ò"]; õ „ zhb1g^_ ý[Vgr<qB<q

WÕ SAS{p"…‘q¡oVp<cmZrZb_ \b

WYXUZ< \[]<^_R8ò…‡ûû<û

õ

cmŸcTfŸfg^_‡Mb%g^ƒpŸ^_ 5 cmž bdp<RTUV fk\bd \gž ‘› pZrReO

¨g^_fg Œ<q8^_ Œ \örU_pcmb

`_ \‚ò

²´³

¤ ²

¤/¤

² ¤ ³ Q

²´³+³

õ `_ ‚òQ b 9

4 ¶

b 4 õ ‚]

uY^_cmfYcTSA[_RTcm f›g^ƒptg^_ ’·^iMRîp<lž fY cmž bdp<RmU_ fY<qkò$"]Ÿ

õ

bd< gž< Ccmb¥[_g_p<_cTRmcmhO""[fgceced B\b€

flp<bf8p<b_`^_ q,qA·^iœflS{pRTRT \flŽ \cTž \bPdp<RmU_ fŽ\bd lž kcmbC[Vgƒp_cTRmcmhO55© l_„œocTb_\ ÇbÆ9

4

¡£¢¥¢´b54

(19)

µ w òcf

õ

cmcTfb_<B`VcȝAU_Re‘g%}^_ }Zj^ƒp~

©Q

«µ

w

ò$f

õ

qw8ÌÀ ·^irjF…d[^]^]^]?[‡,œ„uY^PU_fŠg¥p<bƒp<ReOr©

^V CpflOrS=[<gcT ^ƒpdrcTUVY<q8g^_ fl C \cTž \bd<pRTU_ \f_› CU_fl ^_ Œ öPUƒp~cT<b

`_ ‚òºÈ5ò½ õgõ m[ ò$"]lj õ

M^_ \g ÈMòC½ õ É¡¢¤Ê¡

¤/¤

¡£¤/¢?½ò$f

¡£¢Ê¢ õ pb_`Š£ceq

©

½‚5Î¥¨©¨©¨nÎ

©

½d>%p<l 4^V 'fgRmUVcmb_f5<q2^VcTf

öPUƒp~cT<bŠV^V b

©

½ y Rµ

w

ò… õ –̍h·^i)j …d[^]a]^]?[`,œƒpb p<fgflU_S= \`Š„

uY^_ BflRTUVgcTbVfŸqŸò"]¿‰ õ `_Cb_<›}^ƒp<b_ž cmqeÈ5ò½ õ cmf›[Vg S4U_RmgcT[_RmcT `"O"^_ 5S=plce “`b xb 4—9Vp<b_`

[flgS'U_RmgcT[_RmcT \`4O6“`b xb54ˆ—’„.uY^PU_f\cmb¨^_ Yfgp<S= tkpOAp<f-cTbAù<^_p<b_fg \b(ò…‡ûûr[Š„_…‚<û õ k M<b_fgcm`_

^V `V <S=[fgcecmb

`_ \‡ò`“`b xb54ˆ—9ÑÈ5ò½ õ “`b xb 4—õ `_ \~òCb9ÈMò½ õ b õ `_ ‚òCb9

4ÊË

ÈMòC½ õ ÈMòC½ õ b=“`b9§ÈMòC½ õ b—

b9§ÈMòC½ õÍÌ b54 õ

ÓÅÄ

`_ \~òºÈT\òC½ õlõ `_ \‡òžÈnª~ò½ õgõ

qÌYu·^ij …d[^]a]^]a[‡,8_k Œ^ƒpd<

ÈTò

©

½ y õ Rb

9

¡£¢¤Ê¡

¤/¤

¡§¤+¢´bP

©

½ y ò$f

b 9

¡¢¥¢b õ

²´³

¤ ²

¤/¤

² ¤ ³ jÆÃ

w

ò… õ [ ò$"]Çû õ

M^_ \g '^V ¨Rîpl öPUƒp<RmcmhOcTfƒp<fg \` b6ò"]Çþ õ -ò"]Ð õ v fgfgUVS=[VgcTb …òåcõ p<b_`(g^_ 4qåp<B^ƒp~

©

½ y

µ w

ò… õ „MuY^_cmffl^_‡Mf‘^ƒp~Bp<fOrS=[Vg<cmp<RmRmO

©

½dÐ Ô  Í[a]^]^]a[

©

½d>{pg 4bV<‘lf5<q2`_ ‚òžÈTòC½ õgõ „ Q

bV <]k

pb\b_fgcm`_ :Ènª‚ò½ õ „

q̍u·airj …d[^]^]^]œ[‡,8

b9

4

ÈMòC½ õ b bÆ9

4

¡£¢¤¥¡

¤/¤

¡§¤+¢b£

©

½ y ò$f

b9

4

¡£¢Ê¢b õ

bÆ9

4

¡£¢¤

²

¤/¤

² ¤ ³ jÆÃ

w

ò… õ ]

ò$"]e…‡ õ

ocmb_ ^_ \g

©

½ y µ w

ò… õ Yg^_ Rîpl \% öPUƒp<RmcmhO1cTf%<V}p<cmb_ ` PO U_fgcmb_ž ò"]Çþ õ 'ò$"]¿ õ Cò$"]¿ˆ õ p<b_`

v flfgU_SA[VgcTb …PòwcTcõ „2i›O%g^_ Œfp<SA Œp<lžU_SA bfY› CpRTfg¨ÿƒbV`jg^ƒp_qw<qÌY¼·^ij …d[^]^]^]?[‡,œ

b 9

4

ÈMòC½ õ b54 b 9

4

¡£¢¥¤¡

¤/¤

¡§¤+¢b54=

©

½ y ò$f

b 94

¡£¢¥¢´b54 õ

b9

4

¡£¢¥¤

²

¤/¤

¡§¤+¢b54=

©

½ y ò$f

b9

4

¡¢¥¢b 4 õ jÆÃ

w

ò… õ ]

ò$"]e…… õ

gS ò"]¿û õ €‘ò$"]e…… õ cmkqwRTRm‚Mf›^ƒp

Ènª~ò

©

½ y õ Rb

9

4

¡£¢¥¤’€»¡§¤¢´b54=

©

½ y òcf

b 94

¡£¢Ê¢b54

õ

j?Ã

w

ò…

õ [ ÌY¼·^ij …d[a]^]^]a[`,)[ ò$"]e…‚

õ

M^_ \g

€ ²

¤¦¤

²

¤¦¤

² ¤ ³ ò

²´³

¤ ²

¤¦¤

² ¤ ³ õ

²´³

¤ ²

¤¦¤

²

¤¦¤

²

¤¦¤

"'ò"v9

²

¤¦¤

" õ

"v9

²

¤/¤

"542ò$":9

4

²ª¸”¸

" 4 õ

"v9

4 ]

Referenzen

ÄHNLICHE DOKUMENTE

Trace and maximum eigenvalue tests for the variables of the traditional Ohlson model (Fischer/Johansen combined tests for cointegration in

We state in section 2 the main theorem concerning the necessary conditions satisfied by an optimal solution to a... differential

Thus, consumers who are sensitive to negative news, i.e., those that would buy the product if quality is as expected but not if it is q − , have a higher demand for information

with an unknown regression function and independent random errors having continuous distribution function and mean or median zero.. Then , whence is increasing or decreasing on

From these experiments, it is concluded that uptake of Ca via seawater endocytosis and transport by vesicles to the site of calcification during chamber formation can be excluded as

The results in Table 3 reveal that the trace and maximum eigenvalue tests indicate four (4) cointegrating equation suggesting that long run relationship exist among the

The multiple sequence alignment problem (MSA) can be re- formulated as the problem of finding a maximum weight trace in an alignment graph, which is derived from all

semi-parametric estimation method for the binary choice model: Probit. Maximum Likelihood versus