On the (nonlinear) relationship between exchange rate uncertainty and trade

(1)

/

*'0)%1 2 3254768 9:;<,=> @?BADC )32

E,

/

F;G IHJF

/

K?BCL#9:NM

OQP

RSTVUXWZY'RS\[^];_`[aY<b\c

dfeZgaY<hiY<WZYjSlknmoQY_`YjhVgaYjhVpgq_nesr

tpkueskuU:SYj[jhVpg

RWZU O knTVrZYwv xeshiyuS[jgjhiY PLz S[jT{hVe

o}|~_nesr~_`WsS\[o}Yj[\q

BZn z S[jT{hVe

t)'

3S\T{#u:nuu^uun

-~n

'sShVgagjWsSYjkp~_n[j_npYjS\[jh{b\SYjsShVU:|~_npY knm3S>¡Zps_nes¢uSl[<_£Y<SWseZp\S\[^Y_nh{e¤Y P kuehVe¤YjS\[jes_`Y<h{kue~_nT~Y<[j_nrsS

~_ng.¢uS\esS[<_`YjS\r"_-QWs¢uS O k r P knm O knY<¦¥0Y<ZS\ku[aSY<h{p§_nT¨_nesr©SU=|sh{[jh{p§_nT3TVhiY<S\[j_`Y<WZ[jSn.dªY~_ngYjWs[jesSr«kuWZY

Y<s_`YY<sSL[aS\TV_`Y<h{kuesgjZhV| O SYf]#S\Se¬S¡ p~_`es¢uS[<_`YjSL[jhVga®_neZr¯h{U=|%ku[^Yku[S>¡ |0ku[^Y°~¢uWs[aS\ghVg_£YU=kngaY

]#S§_n±_nesr_nU O hV¢ukuWZg#]qh{Yj-[jSgj|%S\pYYjkXh{Yjg;gjh{¢ueF²|~_n[aYjhVpWsT³_n[´¢¤_n|LeZknY;°~T{TVS\r P SY OQP Y<sS.S\U:|shV[ahVp§_`T

TVhiY<S[<_`YjWs[jS;h{gY<klhVe¤yuSgaYjhV¢¤_`YjS'Y<sSq|%knY<SeQYjh³_nTZknm¦eZkuesTVh{esS§_`[[jST³_`YjhVkuesgashV|Zg O SYf] SS\e-S>¡Zps_nes¢uS[<_`YjSqWse

p\S[aY<_nhVe¤Y P _nesrY<[<_`rsS@¢n[jk]'Y<Fku[jSkynS\[¥0Y<ZSgaY<_`Y<SKknmYjsSKS\U:|shV[ahVp§_`TFTVhiY<S\[j_`Y<WZ[jSl~_ngTVhiYjY<T{SY<k=g<_ P

_ O kuWZY3mµku[jSp§_ng^Y<h{es¢_npp\Ws[j_np P knmsp\kuU:|0SY<h{es¢U:k}rsS\T{TVhVeZ¢q_n|s|s[ak¤_npsSg\e~_nTP bhVes¢.xolYj[<_nrZS |~_`YaY<S[jesg

]qh{YjshVe=Y<sS [jknWs|-knmo SyuSeYjshVg#|~_n|%S\['_nh{U=g´Y<kXpkue¤Y<[ahO WZYjS.Y<k O knYj-Y<ku|ZhVp\g#[<_nh{gjSr_ O kynSn¶·sS\e

S\g^Y<h{U±_`YjhVes¢@mµWsespYjhVkueZg;mµku['¢u[jk]'Yjk`mx.oh{U=|%ku[aYjg;_neZrS>¡Z|%ku[^Y<gqTVh{esS§_n[ _nesreskuesT{hVesS\_n[;_`|s|s[jku_npsS\g

_n[aS=Syn_`TVW~_`YjS\r®h{e"YjS\[aU=g@knm °sYaY<h{es¢+_neZr¸mµku[jSp§_ng^Y<h{es¢stU=|ZhV[jh{p§_nT[aS\gaWsT{Yjg@gaWs|s|%ku[aY@Y<sS:y h{S]¹Yj~_`Y

Y<ZS:[aS\TV_`Y<h{kuesgjZhV|+knm#hVe¤YjS\[jSgaYlU:hV¢u¤Y O SeskuesT{hVesS\_n[_`esrF¥ºU=kn[jS\kynS\[\¥ºTV_npQgknm ZkuU=kn¢uS\esSh{Y P _np\[akugjg

p\knWse¤Y<[jh{S\gl_neZr©hVU:|0ku[^Y<gy gS>¡ |0ku[^Y<g@dfe«|~_n[^Y<h{p\WsTV_n[\¥%|~_n[j_nU=SY<[ahVpeZkuesTVh{esS§_`[.U:k rsSTVg._n[jSXmµkuWZesr+Y<k

kuWZYj|0S[amµku[aU&TVh{esS§_`['[jS\¢n[jS\gagjh{kueU:k rZS\TVg'h{eYjS\[aU=gqknm°sYjYjhVes¢s kueZ|~_n[<_`U=SY<[jh{pmµku[jSp§_ng^Y<h{es¢=gapsS\U:S\g

rsSTVh{ynS\['gaS\»QWsS\eZp\S\g.knmmµkn[jS\p\_ngaYS[j[jkn[jg']qh{YjT{S\gagr P es_nU=h{pgaYj[jWspY<Ws[aSKYj~_neTVhVeZS§_n[;|Z[jk}p\S\rZWs[jSg\

¼½¤¾F¿À `Á3nÂ 3[<_nrZS@ÃTVk]qg\¥~t¨¡ p~_neZ¢uS_`YjSlÄ)knT³_`YjhVTVhiY P ¥}knes|~_n[j_nU=SY<[ahVp[aS\¢u[aS\gjgahVkue¦¥ÅÃÅkn[jS\p\_ngaYjhVes¢

Æ¦ÇÈ7ÉÊ ~\§ËµÌ¨uZË À%Í Â;Î §Ïs¥ Î u}¥ÅÃZu¥ZÃ¨Ïs

Ð^ÑZÒÔÓ£ÕÓ£ÖwÒ×Õ>ØÙÚÛÛnÜÝÞqßàÝÜá7Þãâä@åä^ÚÞãÙãÖªâäKÑÜÝãÙãÖªâ§ÚÓæ\Ùçæä^á;ä^ÒèÓ£ÙãÖªâ£ÕßéÞêÑsëíì\î>ìï\ðÚ£ÕÓÞãÒòñ`ó<Õ>ÞÒèÜÓ-ÚÓ£ôê§ÒÔá#ÚØ×Õõ

ÞÒèÜÓöÜóÜÓÜá Ò×ÙãÖªâä^Ý ÷ÅÝãÜø^äjÙÙäaïlÒèÙ æÝªÕÞãäwßàÚØèØèùÕÖªó§ÓÜúØèäaôæäaô¤ûXü´ÕØèÙÜlÞãâ£Õ>Óó=ýºä^Ó£ÓÒÔÓ£æ@þä^ÿnä^Ý;ßàÜÝ Ö^Üá;ÛÚÞªÕÞÒèÜÓ`Õ>Ø

ÕÙãÙÒèÙçÞãÕÓ£Öwäû

(2)

!"$#&%'( )+*(,((#-./#0#"12!*3436573&*98-:;#"<=#&%>!#-*(,?3&53&"!@BA*(C3&5D5?(*(3EF*9

G3&1>@*98-"H3EI"?1(!F1(191>J?@AG3&,#&%LKM3&8-N*3E(JO&#-573E(?5P<2#-QR*9G3E(?#-G3E5&*(3&" SG#UT1V

W H1(!@BG3&5X3&*(8-F@B!YZAF%[#-*\:R<]* ^`_UaRb&cRdLZ1eC3&19?5f<gF"*(1\#0#"%[#-*36*9A*91(!RM3E(O-

,KA;#-*9(*B?RO-#-8/h%[#-*9?8&h!F*(*9,<-VjiG#-*6?1g3E8-R=(k3&1(hSG#UTl(#/:;k*9!O&"m%[*(#&@

1(#&@B2#-R(*3&,+T?55G#&%n!g:;oF*\M3&pV W !pZF"*N*(?19q43CO-*91(#-=r,KA;#-*9(*N@B8-RJT1(s^[%

A;#-1(19?:5Ud(#"8-t,KMG3&8-t*3E(e*(1(q #-u%[F(F*(e@B3&*9q&!(1!*(!:Y<v%w3&83&""(?#-G3E50!#-19(1T?M

?BF*9*("Fx(*3&"!"yYFG3&Rf?!1V

W

rAD#-5?,<B@BA5??3E#-1z3&*9x?@@"?3EE{'|>*9fO-!"}:;,~1

#&%J3=SGLK?:5u,KMG3&8-6*3E(u19<01\@3&1x&V8Vu?@@uFC3E(?#-#&%z(u"#-@1\Q!#-#-@v<k%[*(#&@

%[#-*9?8&B19#MqY1NG3CO-r(#v:;2TN8-R!"3&8R3&19zTN5f%w3&*(25?#-191(!1NA*9#UO-#-qE":R<G3&@AD!*(?8HTN#-*95?"BT"

1(A;!73&5?3E#-pVPv%w3E!CZE#-J191(R(73&53&*(8&F@B!R'T!u:F5?"8t+] F*(#-A;C3E6}#-!M3E*9<Q0<019(@

#-*Jr]zF*(#-A;C3&$$#-!3&*9<B2?#-=G3&1+:;!gG3e:;#&T?5?5*9"F!x#-*N#O&*9#-@x,KMG3E8-*3

*(1(q3E"YF12!#-F*3E8-*3E"B^+#-@@B1(19?#-g#E%'( ]zF*(#-A;C3&k+#-@@uFf1x_Ua&a-Rd,V

F@@=3E*(?!?841\M3E(6#&%N(u#-*9!C3&5I5?(*(3EF*9&ZD#UT+,O-*!ZIf?1xA*(19R5f<s#&!5?3&*%

,KMG3E8-H*3E(rF*\M3&RP<g,K!*91t(x??3&5?5f<uA*919F@B!"$3&"O-!*(19!D!#&g*3E"4^wo*9(F1x_Ua-&cZ

)+*9#"19qR<_Ua-EZpx!@B!*(1u_Ua&a_d2#&*x@B8-Rr,O-!1\?@QF573E(Qf4^iG*(3&q&=_Ua-a_dLVHx4*3&FRTN$^\_Ua-&Rd

%[#-*9@=3&5?!1'3HA;#-19fO-x^w!8R3EfO-CdI?@AG3&!I#&%;,KMG3&8-*3E(tF!*93&?RP<u#&4(*3&"e%e,KA;#-*9(*(1

*(,O-!0F163&*94#-RO-LKm^w#&C3CO-CdH(4,KMG3&8-=*(3EEV4r73&43&"x4z*9?!1=^`_Ua-aR&drA*(#UO0?"3

1(@B573&*r3&@u:8-FfP<#&%+(*(5?3E#-19?As:;!PTNO&#-573?5P<k3&"s*(3&":Y<s%[#-*9@=3E5?5<}?R(*(#0"F8

A*9?"!!*(@?G3?#&#-$%[#&*9T+3&*("@B3&*(qE!1!V

HfO-!k3&AAG3E*(Rg3&@u:8-FP<#-!*9?8}!D!(1g#&%LKMG3&8-k*3E(kF!*\M3&YP<h#-

*(3&"B3EH!#-*(,C3&5 5!O-!5Nf :D!#-@1v3&/!@BA?*(C3&5'?191(F#$573E*(%n<%J*3E"B1v3&@BA;*9"

?$A;*(#"12#E% ?8&*,KMG3E8-u*(3EHO-#-5?3E5?fP<-VN2,O!T8(Q!@BA?*(C3&5DT+#-*9q3&1r$C!?

^\_Ca-a-aRd4F"!*(1(!#-*(!1Zo#UT+,O-*!Zo(G3Eg(*9?1=3&5?19##!#-!1(F1%[*9#-@ 3&m@A*(?3&5AD#&?Rg#&%

O0?,THV W !@BA*(C3&5o5?(*(3EF*9#&D*91$!#-SG!(?8#&5F1(#-1{o@B#-8#E!*(1$xH*(3&FRT+

3&")+!5?5!%[*(#&?"^`_Ua---d,Z)+f `@B3&8-J^`_Ua-a_dLZ3&"¡xF?3&3&"J3&*(3&8-14^\_Ca-a&Ydt~G"s1(8-~C3&R

3&"O&*91(r@BA3&!(1J#E%p,KMG3E8-x*(3EF!*\M3&YP<#-*(3&"&VIP=1(3&*(AB#-1\*(3&19Zr191(!*9<B3&"g|'!5

^\_Ca-a_dLZX#-*F@B3&*r3&"sxG3CT+3&^\_Ua&a_d28&O-Q1(?8&~G3&R!O0"!u%[#-*xLKM3&8-6*(3EQO&#-573?5P<

19(?@uF573E(?8 *3E"&VN}#-*9#UO-!*Z#&SG?,861(8-~C3&R!O0"!g^w)e3&5?!<&Z

W

3CO5?3&13&"}o5?3&_Ua--bZ

#-*2#-*3C<$3&"¢3&19(*3&A;1 _Ua-&aRde?1o3UOE3&573&:5?3&1TN5?5>3&12#&(*2#-R(*(?:F#-1tG3o"#=#&o*(!AD#&*9

3&R<19?8-f~GC3EY*95?3E#-^)e3E?5?,<-Z W 3CO0573&123&"k2573&_Ua&-Z}!"#-*(3$_Ca-a-RdLV

+#UO-*9?8v@B#&*(tG3EBPTN#Q"!C3&"!1N(o!@BA?*(C3&5":G328R3&?"B3v5?#E %[*(#-@£@B3¤9#-* <-3&*("1\Mq01

?=#&#-@!*9?2M#-5?#&8&<-V i'?*(1\5f<-Z0?=(x5?8-RJ#&%oA?#-*9?8vT+#-*9qB#E%>]z8-5?3E"*3&8&*

^\_Ca-Rb-dQ#-?R(8-*(3E#-3&"#-Y(8-*(3E#-C3&*95<!#-R*9?:F(?#-14%[#&*(@B3&5??8k*(!8-*(!1(19?#-h@B#0"51

%[#-*e#-193E#-G3&*\<4*3E"xAG3E9!*(1e(#6:DxLKA573&":R<=#&!*e#-19M3?#&G3&*9<OE3&*(?3&:51e3E"1(#-@

^w@#-1\5<1\M3E(?#-3&*9<d@C3E1(F*9k#&%HLKM3&8-*(3E}F!*93&?RP<h@B8-R=:;k!*((?!?!"pV¥!#-"5f<-Z

T((1(#E ¦C3&55?!"B3EF#-*98-*9191(O&o!#-"f#-G3&55< !(*9#-1(qE"G3&1\o@Bt19*9?1zA*9#!191(1x^wrte§

A*9#!1(191d,Zz?R*9#"F!":R<] 8-5^`_Ua-R-dH3&"/8-!*3&5?!"¨^Hrte§xdH:Y</)+#-55?!*(1(5!Oh^`_Ua--RdLZ3

(3)

¼9¹P»0²³?À!±Á¿ª(¯-¿;ª\¹³?!¼¯&©u²¯-µ,¶·M¸G«&´µ&/ª«¹s¿ª(¯0·!¼(¼9¼Â «&¼¹¸¬B«&ª\¹³?´µR«&²?}¿ª(¯&¿D!ª9¹P»-Âxº&¯-²7«¹³?²³¹P»

·²¾¼9¹(ª9³?´µB«&´±$¾´·!¯-´±³f¹³?¯&´G«&²p²¿¹(¯-°Y¾ª9¹(¯-¼(³¼Ã+ÄP´}·¯-¬¿G«&ª9³?¼9¯-´¹¯4©[¯-ª(¬ª9²»g¾¼(±k«&¿¿ª9¯C¶³¬=«¹³?¯&´¼

«&¼!Â&©[¯-ª³´¼9¹«&´·EÂ-¸³¼9¹¯&ª(³?·«&²Yº&«Eª(³7«E´·!¼'¹¸t¼(·¯&¿De¯E©G¹¸ ÅÆvÇ`ÈxÉtÊeË©[ª«&¬!®N¯-ª(° ³?¼'¹P®+¯&©[¯&²?±pÃIÌx´u¹¸

¯-´2¸G«&´±B¹¸³?¼z¬B¯0±!²G·²7«E¼(¼J½ª(³´µ-¼J³?´« º&¯-²7«E¹(³?²³¹P»v¬B«&¼(¾ª92®¸³?·M¸=³´·¯&ª(¿;¯-ª«E¹(¼z¿ª9¯-¿D!ª9¹(³?¼J¯&©D¹¸

,¶·M¸G«E´µ-Qª(«E¹Hµ-!´ª(«E¹³´µ4¿ª(¯0·!¼(¼!ÃtÌx´$¹(¸H¯&¹¸ª¸G«&´±¹¸v¼9¯EÍP·«&²?²±$ÆÈxÉtÊeËÎ³?´¬C«&´¬¯±!²

ÅÏ ´µ&²?&ÂYÐ³²?³?!´6«&´±É¯-½³´¼tÑUÒ-ÓRÔ&ÇI«&²?²¯U®¼I¹¯H¬¯±!²¹(ª«&±µ-ª9¯U®t¹¸«&´±,¶·M¸G«&´µ-ª«E¹(2¾´·!ª9¹M«E³?´R¹P»

Õ

¯-³´Y¹(²»BÅwÖHª9¯-´!ª«&´±4Ð«&¼\¹ª(«&¿D!¼eÑUÒ-Ò&×ÂRØx¾³?«&´u«&´±uÙJ«&ª«&´µ-³?¼JÑUÒ-Ò&ÚRÇ>³?´¼9¹«&±u¯&©³¬B¿²?¬´R¹(³?´µ2¼(¯-¬

ª(!µ-ª(!¼(¼9³?¯-´$¬B¯0±!²X®³¹(¸Ûª(¼9¹2¼\¹¿$º-¯-²?«E¹³²?³f¹P»4¼9¹(³?¬B«E¹!¼2«&¼t,¶¿²?«&´G«E¹(¯-ª9»gºE«&ª9³7«&½²?¼!Ã

Èr²f¹¸¯-¾µ-¸¹¸4¬¿³ª(³?·«&²I²³¹(ª«¹¾ª96¸G«&¼H½D!´!Û¹±/«²?¯&¹©[ª9¯-¬Üª9·!´R¹u·!¯-´¯-¬!¹(ª(³·6¬B,¹¸¯0±¼

¹P®N¯B¿ª9¯-¬³?¼(³´µu±³ª(!·!¹³¯-´¼t¯&©'¬¿³ª(³?·«&²®+¯-ª9°g¸G«Cº- ´¯&¹½;!´$©[¯&²?²?¯U®N±»-,¹CÝzÄP´¹¸ÛGª9¼9¹2¿²7«E·H«&²²

«CºE«&³?²?«&½²?N¬¿³?ª9³?·«&²¼\¹¾±³?¼z·!¯-´·!´R¹ª«¹o«ÍP¿ª9³?¯-ª9³¯&´=«²?³´C«EªIª(!²7«E¹(³?¯-´¼(¸³¿6½D,¹P®+!´B¹(¸tºE«&ª(³?«&½²?!¼

¯&©z³´Y¹(ª9¼9¹ÃrÈo¼rÙx³?«&´v«&´±sÞxHÙzª(³?!¼6Å`ÑUÒ-ÒRß-Çt·¯&´

Õ

·,¹¾ª9&Âp¸¯U®N!º&ªÂp¹(¸u¾´±ª9²»0³?´µB¹ª(¾Q³?¬¿G«&·,¹

¯&©N,¶·M¸G«&´µ-Bª(«E¹6¾´·!ª9¹M«E³?´R¹P»¯-´¹ª(«&±6¬³?µ-¸R¹½;6´¯-´²?³?´C«&ª!ÃQàt¸!ª(!©[¯&ª(&Â¹(¸³?¼!¬B¿³ª(³·C«&²>¼9¹(¾±»

¿ª9¯º0³±¼$«±!¹«&³?²±á·!¯-¬B¿«&ª(³¼(¯-´á¯&©v²?³´C«Eª=º0¼Ãâ´¯-´²?³?´C«&ªg¬¯0±²o¼(¿;·³fÛG·C«¹³?¯&´¼©[¯-ªg½³²7«E¹(ª«E²

¬¯±!²?¼¯&©eãxä³?¬¿D¯&ª9¹H«&´±/,¶¿;¯-ª9¹ µ-ª9¯U®t¹¸/¯&½¼(!ª9º-!±³?´¹(¸gÆª(¯&¾¿¯E©tä,º-!´pÃ$ä·!¯-´±²f»-Â¹¸!ª(

«&¿¿;C«Eª(¼Q¹(¯½Dg´¯s«E¹(¹(¬¿¹6³?´¹¸g!¬B¿³?ª(³·C«&²J²?³f¹!ª«E¹(¾ª(4¹¯!¬B¿²¯U»¹(¸¿ª9¯-¿D¯&¼(±åÅ[ª(!µ-ª(!¼(¼(³¯-´Ç

¬¯±!²?¼©[¯-ª=L¶0ÍP«&´R¹k©[¯&ª(·«&¼9¹(³?´µÃæÌ´ª(«&¼(¯-´á´¯&¹g¹¯/·¯-´¼9³?±!ª=©[¯-ª9·C«E¼9¹³´µ¿ª9¯-¿;ª9¹(³?!¼g¬B³µ-¸R¹

½;¹(¸G«E¹v¬B¯-¼\¹Q!¬B¿³?ª(³·C«&²I¬B¯0±²¼H·M¸G«&ª«E·!¹!ª(³À³?´µ$¹(ª«&±¿G«E¹9¹!ª(´¼ ©w«&³?²¹(¯k¿G«&¼9¼Q¼9³?¬¿²?6ª9µ-ª9¼(¼9³?¯-´

±³?«&µ-´¯-¼\¹³·¼ ÅwÈoª(³À6ÑUÒ-Ò&çRÇ,ÃzèG¯-ªe¹(¸º&«E¼9¹¬B«

Õ

¯-ª(³f¹P»g¯&©>¹¸¼( ¬¯±!²?¼e!¼9¹(³?¬B«E¹!±$!ª(ª9¯-ªt¹ª9¬B¼t¼9¸¯U®

¼(³µ-´³fÛG·C«&´R¹e«&¾¹¯0·¯&ª(ª(!²7«E¹(³?¯-´XÂ-®¸³?·M¸³¼+ª«Eª(²f»g«E··¯&¾´R¹±g©[¯&ªe«&´±·«&´½;r,¶¿;·,¹±¹¯Q±!¹(ª(³¯-ª«¹

©[¯-ª9·C«E¼9¹³´µg¿;ª\©[¯-ª(¬B«&´·!&ÃrÄP´}¹¸³¼r¿G«&¿;ªr·¯-¬¿D,¹³´µB¬¯0±²¼rª(!²7«E¹(³?´µ4¹ª(«&±Q«&´±,¶·M¸G«E´µ-6ª«¹

¾´·!ª\¹M«&³´Y¹P»«&ª9k·¯&¬B¿G«Eª(±³?´¹(ª(¬¼=¯E©H,¶¿²7«E´G«E¹¯&ª9»¿D¯U®Nª!Âo«E´±¨«&²?¼9¯®³f¹¸mª9¼(¿;·,¹g¹¯¹¸!³?ª

«&·!·¾ª(«&·!»³´$L¶YÍ`«&´R¹©[¯-ª9·«&¼9¹(³?´µÃ

àt¸2ª(¬B«&³´±ª ¯E©D¹(¸¿G«&¿;ªz³?¼z¯-ª9µR«&´³À±«&¼ ©[¯-²²?¯U®¼Ý>àt¸´L¶¹N¼(!·!¹(³?¯-´¿ª(¯Uº0³?±¼N«H¼\¹M«&´±G«&ª(±

«&¿¿ª(¯R«&·M¸m¹(¯éY¾G«&´R¹³f©n»0³?´µ¹¸ª9²?«E¹³¯-´¼(¸³?¿¯&©H³?´R¹!ª(!¼9¹CÂ´G«E¬B!²»¹¸²?³´C«&ªª(!µ-ª(!¼(¼9³?¯-´m¬¯0±²Ã

àt¸x²?«E¹(¹(ªz³?¼Jµ-!´ª(«&²?³À±B³?´gä·,¹³?¯&´× ®¸!ª(x¿«&ª«&¬!¹(ª(³·o«E´±g´¯-´¿G«&ª«E¬B,¹ª(³·,¶0¹!´¼(³¯-´¼e¯&©X¹¸

²?³´C«EªJ¬¯0±²D«&ª(o¬B¯E¹³ºE«E¹(±B«&´±«E¿¿²?³±pÃIÄP´ä·,¹³¯-´gÚQ¹(¸r!¬B¿²¯U»-±g«&¿¿ª9¯R«&·M¸!¼+¹¯u¬¯0±²²?³?´µ

¹ª(«&±4±»0´G«&¬³?·!¼Q«Eª(4·¯-¬¿G«&ª9±³?´s¹!ª(¬¼ ¯E©+¹¸³?ªH¿;ª\©[¯-ª(¬B«&´·!³´s,¶YÍ`«&´R¹(©[¯-ª9·«&¼9¹(³?´µÃBÈr¿G«Eª9¹

©[ª(¯&¬ê¿ª(¯Uº0³?±³?´µ4¬¿³ª(³?·«&²Xª9¼9¾²¹(¼2¬!¹(¸¯0±¯-²?¯&µ-³?·«&²D³¼(¼9¾¼o«&ª(H½ª9³?,ë»±³¼(·¾¼(¼(!±³?´}ä!·!¹(³?¯-´¼oßu¹¯

ÚÃ àt¸ ¿G«&¿;ªt!´±¼®³¹(¸$¼9¯-¬ ·!¯-´·!²?¾¼9³?¯-´¼«E´±}±³?ª(!·!¹(³?¯-´¼t¯E©'©[¾¹(¾ª(Hª9¼(«&ª(·M¸XÃ

ì íïî ðCñîòxóuô õkö$îóu÷ ñCø2ù ô òðóvúñCîû òoü}ø+ýóQîûò ôzó úò þîøòôIÿ

úóuñîúXö óuîõ ú ô óuõò

¾¬B!ª(¯-¾¼!¬B¿³ª(³·C«&²X«&¿¿ª9¯R«&·M¸!¼2¹(¯B¬¯±²X¹(¸H³?¬¿G«&·!¹e¯&©L¶·M¸«&´µ- ª«E¹(H¾´·!ª9¹«&³?´R¹P»¯-´¹ª(«&±

©[¯-ª9¬=«&²³?À!·¯-¬¬B¯&´}ª9µ-ª9¼(¼9³?¯-´}¬B¯0±!²?¼t®¸ª9u·¾ª(ª(!´R¹r¹ª(«&±v¯-ª2¹(ª«&±vµ-ª9¯U®t¹¸³¼o±,¹!ª(¬³?´!±k½R»

(4)

%DEFG2B.1@HI24>:A/.78J78K:A!@I/#0L&(A:1M?"NA52OQP'./."9&("9&(,+#R=ST"9/#2BA5:1"9&925:UJ0?/#"9"9/WVL&(2B

X

&("NA5@":ACY5 &(ZG5&(/.2[&(: 7[C"9/W+. 4[/U :7J@AB.&(2G#"&(7[CG :\/0'./."9&("9&*,+]/.28B.@/^V$AJ/#0

_`

@4/

X

:5@<'.541A/^Va#@4:a@A 7J#&(2&92Bcb@A/.!CJ/#0

`

%'. 2d 5/.2/.7[&(5: ;E2G7[ "(+Je#2G#41MfeaSP%;

b5@A7[#2O+gMhbjikPQ;

_

2&*54dl&92B.4/.7mM

_

ljPQ;GnG@#2 [MhnpoqP%;rs#"(+tMur,vP$#24xw.#CG2-Mhw#SPQy

zG{

Mu|}P#~

{

~

NY{

~

{#QE\#KKK%AL

M P

~

M

F}(G

F}(

8,

F,

NG

F,

NG

F5F5NG%

~

P M P

r,2M

P

j

|m&9:c:/.@}0?/#@¡IZG@A:<4&(¢£5@52 1/.C£ @A/.@5;\R¤BR¥M

¡

|}P#~

{

~

{p

~

{NG

;

~

?¦}§I

;j~

#¨

©cªG

;#24

§I

#24 ªG

#@AJ"9/.B _T`

&978C£/.@<:]#24>"9/#B _`

%DECY/.@A:}7[5#:A!@A54

&92 _`x«

/#"9"N@5;G@A :ACY5%&('#5"*+.R¬d/.@A /^'#5@ ;

(

M

(

Pq#24

M

Pq#@jA _T`

M?0?/.@5&(B.2P&924&95 :T/#0

&924!:A@A&9#"C@/E4! &(/.2=#24d5/#2:A!785@LC@&9 5:¡Mh#"("'#@A&9

X

"(5:&(2d2!@A#""(/.BO#@&(7[:P%R

ST"(":A @A&9 :8#@A=:7[C"(546}A=7[/.2OA"(+®0?@A5¯3! 2 +#R°r,24&9 5:/#0q&924!:@&N#"aC@A/)4!%&9/#2°@A

!:54± @A8/d7[5#:A!@[ 5/.2/.7[&(8# A&(')&(,+tVL&*&(2gAJ&(2O'./."*'.54®5 /.2/.78&9 :5R1²/#GHc=7[/#@A

4&(@A5%k#CC@/KD&(7JH&9/#2#:5;O0?/.@\&(2:#25;3B.@A/.::2G&(/.2G#"EC@A/)4!%K;3&9:\2/#W'#&("N

X

"9H\L78/.2O"*+

0?@A ¯3!52%+.R³n/#@]d:7[1@K#:/.260?/#@A5&(B.26#24´4/.785:<&(15/.2:!785@8C@A&(51&924&9 5:#@d!:A546/

#CC@A/KDE&97[cC@A&9 5:U/#0k@A#454µB./)/E4:5R

`

&(25}C@/E4! A&9/.2µ#24tA@#4C@/E 5::A5:¡:A/WV¶=7[#@·#54

:A5#:A/#2G#"\CG @A2t}:5@&95:U@A#4H¸!: 4

X

+xc¹

.

C@A/)5 4!@8&(7[C"957852OA54º&(2gi\')&( VL:j»R¤¼R

ST"*/#!B.U"9 :A:½:A5#:A/.2#"9&*,+&9:/

X

:A @'. 4¡0?/.@C@A&9 &924&(5 : :A:A @A&9 :¾@A#"(:A/L:A5#:A/.2#"9"*+#4H¸!: 4R

v/} /.78C"9%qA: L/#0½QDC"N#2GH/.@<+['#@&N

X

"(5:k&92gM

P

5

&(:"9/.B]C@A&(5T/0

_T`I«

/."9"9#@\&92

@A78:/#00?/.@5&(B.2J !@A@52 &95:L24±~

¨

&9:2I5:<&97[A54=bSo$e¿]M

;

Pk'#@&N#25T:5@&95:Mhi\2B."(

WÀ.Á.

;

Â

/."("9 @A:A"( '

WÀ.Á.Ã

PZAA54=/}U /.@A@5:ACY/.24&92B8"9/.B}QDEFG#2B.j@HUFG#2B#5:]M

5

P%y

5Ä Å5

~

\Å5ÆÈÇ

Mh¼

K

P

Mu»OP

~

¨ É ÊÌË

ÍÉ

Ê M

5NG

P ¨ É Î ~

¨

NG

M?Ï3P

ST:¾B.&('#52}&921Mh»OP¾24dMuÏ3P

X

#:A&('. @A:&9/.2/#0GALbSo$e¿]M

;

P,ÐsC@A/)5 :A:\CY/.:A!"NH5:pT5/.24&(A&9/.2G"

2/.@7J"4&(:A@A&

X

!&(/.2®0?/.@

5

AI'#@A&9#2 J/#0LVL&(F>&9:c4% @A78&92 4

X

+±78K#2:]/#0&920?/.@7JH&9/#2

K'#&9"9

X

"9&92¥A&978

T Ñ

MuÒ

NG

P%R¶vÌ/°B#!G#@23A5tCY/.:A&*&*'E&*,+³/0] /.24&*&9/#2G#"L'#@A&N25 :±~

¨

&(I&9:

:A!EÓ[ &9 23/¡7J#·q:!@AqGa#"("GCG#@7[%5@ :&(7JH5:kB./W'. @A2&(2Bd~

&(2tMuÏOPk#@qB#@AKH5@#2JÔ 5@A/

M É

Ê½ËÕ

¼

YÉ

Ê Õ ¼ É Î Õ

¼OPQR

`

&925g%DEFG#2B.-@Ag!2 5@<F#&(23,+Ö&(:1!2/

X

:A5@<'

X

"9µ/.2g7[K+×&92ÖC@&92 &9C"(x&(2·¥/#0¡/#A5@

78K#:!@A :AG#2=]bUSTo$e¿#CC@/O#F;Y#:$0?/.@L&92:F25;£

X

:A/."(!UCY5@552O#B.jFG#2B. :}M

Â

#&9"( +#;

vW')"9#:1#24

_

"N2

WÀ.Á#Ã

P8/.@[7[/W')&92B±K'. @#B. :1/#0U&(:/#@A&95#"L%DEFG#2B.t@A'#@&NA&9/.2:xMhl/.@AK+

#24Ø½#:A@#CY5:

WÀ.Á#À

P%RnG@A/.7ÙAU578C&9@&95#""9&* @A!@A;/WVa%'. @5;&*L&9:L·32/WVL2xL¡bSo$e¿

0?@7[%Va/.@·-&(:c:A!&*F

X

"9JA/µ5#CA!@A1:<,+E"(&9Ô 54>0u# A:/#0L0?/.@A &9B.2>QDF#2B.=@H1C@/E 5:A:5:8:A!F°#:

'./#"NA&9"9&*,+j5"9!: @A&(2BU#248"9 C/.·3!@</.:&9: R\¬/.@5/W'. @5;)!24 @bUSTo$e¿Ú~

¨

&(:#2!2

X

&N#:5485:<&97[A/.@

/#0Uº5/.24&(A&9/.2G"qQDCY5%FA&9/.2ÖÛJÜ(M

5

P

¨#Ý

Ò

NGÞ

5@A

X

+×7[&*&(BO&(2BgC@A/

X

"9 7[:[&92O'./."*'. 4ÖVL&*

!:&92B5:<&(7JA54=@A B.@A :A:/.@A:]Mhß#BO#2

WÀ.Á

ÏOP%R

(5)

õ

äå5æAæá9é.ñµíå æAá

õ

ñ®á(æá9ñgè5é.ê8çë(å âåðñGð#ë9é

õ

ìâAéºödèK÷å5ñø á9å8ð#ñí®ùaäéEé.ú3æ[û<üKý.ýOþ.ÿð#ñð#ë(ì)ø5á(ñ

õ

ê8é.ñOâãë*ì

íì)ñGð#ê8á9è æTé\âAäð#íåGéLæóYå âå5å5ñgâãå ºðñíå5äAê[ð#ñOìqéaå%ò.å äâãåcê[é)íå ëá(ñ´û<ü^ÿð#ñí´û.ÿ

íáå äAæ?äAé#êmê[é#æâUå5ê8çá(äAá9è5ð#ëÌè5é.ñOâäá9óEâá9é#ñæá9ñtâéá(ê[çYé.äâð#ñOâçYé.á9ñOâæ¾á9äæâAë(ì£âé=á9ê8çäAéWò#åcâãå

íá9ð

õ

ñé.æ<âá(èJçäé.ç£å äâAá9å5æ¡éLâãåJäAå

õ

äAå5ææAá(é.ñ>ê[é)íå ëpá(ñ±çGð#ä<âá9èëNðäjâAãå1ðâAéEè é.äAäå5ë9ðâá(é.ñ-çGðHâAâå äAñ>é

äAå æAá(íGð#ë(æ

"!

$#ñá(âAåjé#äAíå äë9ð

õ

ç£é#ë(ì)ñé.ê8áNð#ë(æ&%

û'}ÿ)(Úü+*,%

.- '/*,%

"0 ' 0

*21131*,%

"4

'

4576

(ü

5

8

ð#äåá9ñOâäéEí&è5å íð#ë9ë(é Lá(ñ

õ

?é.ä\ðâAé.äAå

õ

äAå æAæá(ò.å$íEìEñð#ê[á(è5æéâäðíå

õ

äé $âAã9;:sâ\á(æ<é.äâAã=Lãá9ë(åaâéñé#âå

âãðâç£é)é.ä$íá9ð

õ

ñé.æ<âá(è?åKðâ>äAå æTéå5ê8çá9äá9è5ð#ëâäAð#íåUê8éEíå ë9æLð#äå¡ê8é.æ<âë(ìJá

õ

ñé.äAå íá(ñ=âAãåjë9á(âAå5äAðâ?äå

ûA@qäAá(ø5å}üWý.ýBOÿCpàÖãå ñxá(ê[çë(å5ê8å5ñOâá(ñ

õ

ûü^ÿâãåUçYé.ë(ì)ñé#ê[á9ð#ë9æD%

ûA'}ÿ$ð#äAåæå5ë(å5è âAå5íæ>èFãdâãGðâLâAãåjðEô

âé)è5é#äAäAå ëNðâAá9é.ñEFñè%âá9é#ñºéká9ê8çë9á(å5ídäAå æAá9í&Gð#ë9æHG

IJ!

íéEå æñé#âæAãéÚð#ñOìºæAá

õ

ñá#GèKð#ñOâTå5æâAá9ê[ðâåçºâé

ëNð

õ

é.äAíå äüK&L\äAå ë9á9ê8á9ñð#äìå5æ<âá9ê[ðâAå5æé

G

%

NM 5?6

( ü 5 5

üPORQSOUT89Lãá(èFãSuð#á(ëâAédóYåæAá

õ

ñáV#èKð#ñOâ

ðâLâãåWXÙë(å ò#å5ëÌð#äAåjå5ë(á9ê8á9ñGðHâå5íY?äé.êÍâãå¡å ê[çá(äAá(èKð#ë£ê[é)íå5ëDGé.äLê8é.æâå5æ<âá(êJðâAå5ídæAçYå5è áV#Gè5ðâá(é.ñæ

âãå+#ñGð#ëGå5æ<âá(êJðâAå$é9%

ûA'}ÿ¾èFãGð#äAð#è âAå5äá9ø5å æaðñ[ðZâé.äå

õ

äå5ææAá(ò#åqæ[óæå âê[é)íå5ë; )å5è5é#ñíë(ì3å5ê8çá9äá9èKðë

ê8éEíå ë9ææAá(ê[á(ëNð#äâAégû<ü^ÿð#ñí´û.ÿéZ âå5ñxíå5ë(á(ò.å äTè éñOâå äAá9ñOâ>á(âAá(ò.å¡á9ê8çGð#è%âæéçäAá(è5å æð#ñíºåQïEèFãGð#ñ

õ å

äðHâå5æaé.ñJâäAð#íå

õ

äAé$âã9\@ ç£é.ææAá(óë9åå%ïEçë9ð#ñGðâAá9é.ñ]?é#äâãå5æAå^#Gñíá(ñ

õ

æ$ð#äåTæéô,è5ð#ë9ë(å5í`_Hôsèä<ò.ååCå è âæ

íå æAè5äá9óá(ñ

õ

ëNð

õ#õ

å5ídð#íIa[æâê8å5ñOâéâäðíåUá9ñ1âãåUæåbcå5ëÌéçäAá(è5åUê8é^ò#å5ê8å5ñOâæedÌé[ð#è5è éñOâ^?é#äâãå

çYé#âå ñ3âAáNð#ë¾ékæ>èFã®å£å5è âAæ¡ë9ð

õ.õ

å ítçäAá(è5åcòð#äáNð#óë(å5æðZ

õ

ê8å5ñOââãå}æå âjéå%ïEçë9ð#ñGðâAé.äìò#ðäAáNðóë9å æá9ñ

û#ÿC

@ çäAá(é.äAá£é.ñåféë9í=åQïçYå5è%âLâãGðâg?é#äAå5á

õ

ñ=ð#ñí=íé#ê[å æâá(èäAå5ð#ëá(ñè5é.ê8åðZ£å5è%â$âãå

õ

äé$âã=äðâAå5æ

éTá9ñOâå äAñGðâAá9é.ñð#ëâAäð#íå=çYé.æAá*âá*ò.å5ë*ìh@Tñ6å%ïEèFãGðñ

õ

åxäAðâå=íå çäAå è5á9ðâá(é.ñ´êJðKì>ë(åKð#í>âé®ð#ñ6á9ñè äAå5ð#æAå

á9ñ®å%ïEçYé.äâAæ}ð#ñí>ðíå5è äAåKðæAåIá(ñ±á9ê8ç£é#äâæUíåJâédâãåIäå5ë9ðâá*ò.å8çäAá(è5åJåCå è âHd$ãcæcâãåJå5æ<âá(êJðâAå5í

è5é)åi8è á9å5ñOâaékj

!

é.älj

!nm7-

æAãéë9íJóYåTçYé.æá(âá*ò.å]ûuñå

õ

ðâAá(ò.åKÿoLãå ñ1ê[é)íå ë9á9ñ

õ

p [á9ê8çYé.äâAæû

6

(ü^ÿû

å%ïEçYé.äâAæ

6

(q#ÿC®öé.äå5éWò.å äe -á9ê8çYé.äâAæ]ð#äåIå%ïEçYå5è%âå5í´âétóYåIá(ñè5äåKð#æá9ñ

õ

û?íå5è äAåKðæAá9ñ

õ

ÿ¡á9ñ®âãå

íé.ê8å5æ<âá(èJûr?é.äAå á

õ

ñGÿaçäAá(è5åUë9å%ò.å5ë$öé)íå ë9á9ñ

õ

p =åQïEç£é.ä<âæLâãåjè5é)åi8è á9å5ñOâqå5æ<âá9ê[ðâAå5æLé\st

!

é.äusvt

!nm7-

ûst$w

!

é.ä)svt7w

!nm7-

ÿ\æãéë(í[óYåLñå

õ

ðâá*ò.å]ûuçYé.æAá*âá(ò#åWÿx;y¾ïEèFãGð#ñ

õ

åqäðâAå$ò.é.ë9ðâá(ë9á(â,ìjè éë9í8á9ê8çGð#è%âç£é#æAá(âAá(ò#å5ë(ì

é.äñå

õ

ðâá*ò.å ë(ìcé#ñ8âAäð#íågGéLæ)@qçGð#ä<â\?äAé.êÚâAãå5æåTð^ô,çäá9é.äáè5é.ñæAá9íå5äðHâá9é#ñæ\á(âá(æká(ê[çYé.ä<âFð#ñOâpâAéjñé#âå

âãðâpá(ñ3âAäAé)íè á9ñ

õ

ðâé#äAå

õ

äAå5ææAá*ò.åíì)ñGðê[á(è5æ¾éZGâãåíå5çYå5ñíå ñOâ\ò#ðäAáNðóë9åz

{ J!

òEá9ð%

û'cÿê[á

õ

ãOâðZå è â

âãåjè éEåCi8è5á9å ñOâqå æâAá9ê[ðâå æ$é¾âAãåUå%ïEé

õ

å ñéæLäAá

õ

ãOâLãGð#ñídæAá(íåòð#äAá9ð#óë9å æ$ð#ñí=âãå5á9ä$æá

õ

ñáV#Gè5ð#ñè5åZ

|D}| ~f$vo7&f&

ðâðð#äå[æAð#ê8çë9å íS?äAé#êmâaéfy)DÙíGðHâFð#óGðæAå5æpñGð#ê8å5ë*ìºâãå]3öé#ñ3âAãë(ìS 3âFðâAá9æâAá9è æ¡él:,ñOâå5äñGðHô

âá(é.ñGð#ë<däAð#íå±û?å%ïEç£é#äâæá(ê[çYé.ä<âæð#ñí®åQïèFãð#ñ

õ

å8äðâAå5æÿUðñíµâAãå3öxð#á(ñyè é.ñé.ê8á9è:,ñíá9è5ðâé.äæ>

ûuá(ñíá(è5å5æ]éá9ñíæâäáNð#ëçäAé)íè%âá(é.ñ>ð#ñí´è é.ñæ>ê[å ä}çäAá(è5å5æÿCS@Tæ}ê8å5ñOâá(é.ñå5ípâãå1æå5äAá(å5æð#äå1è5é.ëô

ë9å è âAå5í6ðâcâAãå1ê[é#ñ3âAãë(ì?äAåbcå5ñè%ì´ð#ñíû

õ

á(ò#å5ñ>ñå è5å5ææð#ä<ì´çäAå æð#ê8çë(åJòð#ë.å æFÿ]è é^ò#å5ä}âãå1ç£å äAá9é)í

è âAé.ó£å äüWý.þEüâé[öxð#äèFã9&d$ãæKccé.óæå5äòðâAá9é.ñæLð#äAåjðKòð#á9ë9ð#óë9åâé8å5æ<âá9ê[ðâAååKð#èFãéÌâãå

ü cóá(ëNðâAå5äðëå5ê8çá(äAá9è5ð#ëê8é)íå5ë(æ

déUå æâá(êJðHâåaë9ðâå ñOâpò.é.ë9ðâá(ë9á*â,ìUéYñé.ê8á9ñGð#ë3ë(é

õ

å%ïEèFãGðñ

õ

åLäðâAå5æ\ê8åKð#æ[äAå í}âéðäAíæpâAãå+ é.ëô

ëNðäqð]@pgDcûü*ü^ÿê8éEíå5ëá9æè5é#ñæAá(íå5äå5í9pyæ<âá(êJðâAá9é.ñdð#ñíxíá9ð

õ

ñé.æ<âá(è¡äå5æ>ë(âæ+?é.äæAáïxåQïEèFãGð#ñ

õ å

(6)

¤?¦V³]Z> ¢´&¢µ·¶¸\¹z©&§

¶

º

¹¦.¤z¤>¦V»©¦V¼£3©=Z>½ P¾¿ÀV ¥ Ák?½c´¤¦V©§¦.£Z?¦V©»`?½ ¡> C¥Z. ©&£ Y¢µ

¥¢nZ>¦..¦Â]£.´¤? >¦.©&»]¦.©E³²¢©=?½ÂP CÃ8£Ä½7©&» ?I? ¤¯DÅÆ½ ©H³¢§ V.¦V©»¥¢.Z?¦V.¦Â]¢µ?½ ÇD©7§&¦n©

È

¢Vn

¶

º

¹)µA¦.V¤e>¢¬ ¤[¦.»©&¦V¼7£©=3¯;ªg½ > CµF¢> ¢© p³¦V»½=D> »=[§`©`ÉÊgÇDËÌ® Íe³²¢§ Î?¢¬Î ³¢>

¤>´&¦VÄZ¬. Z¯uÏ8¦.³²¦..>ÂÁ8>½ ÉpÊgÇDËÌv® Íu¤[¡ £¦¼7£3Z>¦.¢©E³²¦.»½=u¬ ÐµA3¥¢[ §HÑ+½ © ¥ Ò¶¸;¹+¦.¤u©¢^¤>¦V»©¦¼&Ó

£3Z©c>VÂ ¤[>¦.³Z? §9¯ªg½& ^.Z>> ;[ ¤>´&Vo¦.¤\¢¬&Ä¦V© §Ñ+½ ©³²¢§ V.¦.©&»^¥¢nZ>¦..¦Â¢µÎ?½ u°7> ©£Ä½]°7>©£

©§E?½ Ô¡7Z© ¤[ Õ) ©9¯gÖ^¢Z? ?½7Zu¦V©E>½ z×ÉpÊgÇDËÌv®ÁV®Í+³²¢8§& ¦V+¦V¤+ ¤>¤[ ©=?¦..ÂY?½& z¡7Z?³² >

¸;¹?½7Z» © ?Z> ¤>¦.³² ²¥ZÂ8¦V©»H¥¢nZ>¦.V¦V?¦V ¤¯·Ø©ÙµA£C3Á; ³¡&.¢Â¦.©»ÚZ©ÙÉÊgÇDËÌ® Í³²¢§ oÑl¢´.§

Â¦. .§P¤>¦V»©¦¼7£3©=H¶¸;¹e ¤[>¦.³Z? ¤DµF¢gV xÃ&£Ä½©» Ð?Z> ¤+£¢©¤>¦V§ [ §9¯oªg½ z×fÉÊgÇDËÌ®Á® Íl¤>¡Î £¦V¼7£IÓ

?¦V¢©H¦V¤p½ > ¡&> µF >[ §Ú¼7>¤?ÂE>¢PV.¢ÑÛ]´©&¦VµF¢[³Ü?> Z?³² ©=f¢Zµ).¤> >¦V ¤¯fÏ8 £¢©§ÂÁ©&§³¢>

¦.³²¡Î¢[?©=?VÂÁ8¢© f³¦V»½=g£¢©IÝ[ £C?´[ Ð>½7Zg?½& Ð¦V³¡&.¦. §¥¢nZ>¦.V¦VÂ²¡7Z>½¤+> ¤[¢³ CÑ+½7Z+¤[³¢¢?½&

££¢[§¦.©»P>¢E>½ ×ÉpÊgÇDËÌv®ÁV®Íf³²¢§ ;¤[¦.©£ ¦¦.¤´8?¢[ »[ ¤>¤[¦V¥ ¦V©2Þßcà

á

¯ÅÆ½ ©Ò³²¢8§ .V¦.©»²?½

¦.³²¡7£C)¢µ9¥¢nZ>¦..¦Â¢©]?>§ ^Ze>½ p³²¢©=?½&VÂµF> âc´ ©£CÂ]¢© p³3Â²>»´& u>½7Ze£´[> ©=g xÃ8£Ä½7©»

?I? u´©£ [?¦.©=Â²½7¤e¢©VÂ²Ð³¦V©¢\¦V³¡7Z£)¢©Y»[¢Ñg?½]>Z? ¤l¢µ??Z§ ^§&´ ^>¢nZ»» §§IÝ[´&¤[?³² ©=

¡>£>¦.£ §¬cÂ CÃ8¡Î¢[> >¤)©&§²¦V³¡Î¢? [¤¯<Ë^¢Ñe ¥ Á»¦V¥ ©?½Z;?½& g ¤[>¦.³Z? §¥¢.Z?¦V.¦Â¡7Z?½&¤eZ>

¤>´8ã£¦. ©c>VÂH¤>³²¢8¢>½¦Vp¦.¤^¤> ©&¤>¦.¬&. >¢P> »>§Ú£´>[ ©=f¥¢.Z?¦V.¦Â`¤fY[ 3¤[¢©7¬V ¡¡&>¢3Ã8¦.³Z?¦V¢©

¢µ< CÃ8£Ä½7©&» z>Z? ´©&£ Ä¦V©=ÂP ©=? >¦V©»²>½ § £¦.¤[¦.¢©¤+¢µ< £¢©¢³²¦.£» ©=>¤¯

ªg½ ¤[?¦V³]I? §E¥¢.Z?¦V.¦ÂY³²¢8§ .¤u[ ¤>´&¦VÄZ¬. f?¢]> ³²¢¥ ©=Â·£¢©§¦?¦V¢©7½ C? >¢¤[ä §¤[>¦.£CÓ

¦VÂ`µF[¢³å CÃ8£Ä½7©» ?Z> §7Z?&¯uÉp££¢>§&¦.©»]>¢]?½& ÉÊDÇDË+ÓvækçÙÌv® ÍÓ? ¤[¡&¡.¦V §·>¢]?½& ¤?¦V³]Z> §

×fÉÊgÇDËÌ®Á® Í^[ ¤>¦V§´7V¤

¶

è á

©¢P C¥¦.§ ©£ ¢µ)> ³]Z¦.©¦V©»]£¢©§¦?¦.¢©7½ > [¢¤>äZ §7¤?¦V£¦VÂ¦.¤pµF¢´&©§9¯

Ép¡&¡VÂ¦.©&»?½ ·Ô[â´& CÓvée ?> ¤[>½ P©¢[³]V¦VÂ½=Â¡¢>½ ¤[¦.¤µF¢

¶

è á

¦V¤> Ý[ £> §hÑ+½ ©,³²¢8§ .¦V©»

¥¢nZ>¦..¦Â]¢Zµ<>½ zØê?.¦.©`æ¦.>&Á&?½& él[¦V>¦.¤>½Eëk¢´©§Ï? >.¦V©»Á7Z©§E>½ Ô¡7© ¤> fÕ) ©9¯eªg½ Ð§¦.¤?>¦ìÓ

¬´&>¦.¢©P¢Zµ?½ f¦V©©¢¥ZZ?¦V¢©¤

è á

¦.¤D¦V³¡Î¢Ä©=)µF¢D¦.©8µF > ©£ f¢©P¤>¦.»©¦V¼7£©£ ¢µ×ÉpÊgÇDËí¡7Z?³² >

¤?¦V³]Z> ¤HÌél¢.. >¤[. ¥,Z©§«ÅS¢8¢V§>¦V§» Ú®îî=ï8ÁgË^ZµF© ]©§2Ëu ÑD?ðïZñññ=Íx¯±É^.gòxóu?Z>¦.¢¤²¦.©

ª<¬. z®f[ p¢¬&?¦.©& §]µF[¢³ôÌõ´7¤[¦rÍ)çHIÃ8¦.³´&³öæ¦Vä V¦.½¢¢§ ¤[?¦V³]I?¦.¢©²Ñ+½ © ¥ g?½& ©¢[³]V¦VÂ

¤[¤>´³²¡&?¦V¢©`¦.¤g³¦.©=?¦.© §ÌA[ vÝ[ £C? §$ÍC¯

÷

>§¦V©7[ÂS. ¤[¤[âc´7> ¤·Ì

÷

ækÏÍz ¤?¦V³]Z>¦.¢©Ò> ¤[´V>¤µF¢¤[¦ÃhøpÏÙ¦.³²¡¢Z©§,øÏÙ CÃ8¡Î¢[[ CÓ

»[ ¤>¤[¦.¢©³²¢8§& .¤p> »¦V¥ ©Ú¦.©Úª<¬V ï8¯ªk¢P£¢©£ ©c>?Z> ¢©Ú?½ ¦V³¡7Z£¢ZµÌFn»» §$Í+ CÃ8¢» ©¢´¤

¥Z>¦.¬V ¤\ ¤?¦V³]Z> ¤o¢µ?½ +¦.©=> >£ ¡&)? >³ù©&§¢µ³¢§ 7¤>¡Î £¦¼7£^´&?¢> »> ¤[¤>¦¥ u¡7?Z³ C? [¤lZ>

©¢e¤>½&¢ Ñ+©¯;ÅÆ¦V?½²> ¤>¡Î £Cl?¢Ð?½ unI>? \¡7>³ C? >¤Á½¢Ñe ¥ Á¦)¦.¤\Ñl¢[?½=Ñ+½¦V. +?¢Ð³ ©=?¦.¢©²>½7Z

?½& Â`[ ¤>¦.»©¦V¼7£©=uZg?½& ¾¿ö. C¥ 9>½>¢´»½¢´83¯

Ép¤²¦V¦V¤¢µr? ©hµF¢´©§hµF¢³]Z£>¢ £¢©¢³²¦.£]§7ZÄ§IÝ[´&¤[?¦V©»øÏú¦.³²¡¢[Z©§û xÃ8¡¢²»>¢Ñg?½

?I? ¤eµF¢lZ´&?¢[ »[ ¤[¤>¦V¥ §&Â©7³²¦.£¤lV 33¥ ¤D.¦>?V +>¢¢³ü?¢§& ? £gµF´?½ l¤[¦.»©¦¼7£3Z©cÌA xÃ8¢» ©&¢´¤ÄÍ

¦.³²¡7£C?¤¢©ú>?§ Z¯ûªg½& E³[»¦.©7Zl¦.³²¡7£C¢µp§¢³² ¤[>¦.£`©&§,µF¢[ ¦V»©ú¦.©§&´¤[>>¦nZD¡>¢§´£C?¦V¢©h¦.¤

³²¢¤[>VÂ·¡¢¤[¦V>¦V¥ Z¯

È

¢³² ¤?¦.£»>¢Ñg?½¢µe¦.©&§´¤[>>¦.¡[¢8§&´£>¦.¢©Ú xÃ& [>¤P¡Î¢¤>¦?¦V¥ ¦.³²¡7£Cf¢©øÏ

¦.³²¡Î¢[>¤Ñ+½&¦.£Ä½2¦.¤µF¢³¢¤>?§&¦.©»S¡7[>© [¤Y¤>¦V»©¦¼7£3©=]Z]>½ Ú¾¿ýV ¥ ¯ÆÅÆ¦V>½¨> ¤>¡Î £CY?¢

?½& ¦V©&þ7´ ©£ ¢µg¡[¦.£ ¥Z>¦.¬V ¤²Ìÿ

á ÿ

á

Íf¢©S?>§ ©´&³ >¢´¤Ð£¢´©=? [¦.©=?´&¦V?¦¥ ²> ¤>´?¤Z>

¢¬&?¦.©& §9¯Ùªk¢¡¦.£ÄäÙ¢´&?½ PÑe¢>¤²£3¤[ ÁDøpÏh xÃ8¡¢?¤²¡¡Î 3Z?¢¬ `¡Î¢¤>¦?¦¥ ÂÒ[ .Z? §h>¢Ú?½

§¢³² ¤?¦V£p¡[¦.£ p. ¥ ¯)Ï8´³²³¦V©»z¢¥ +ÿ

á

©§`ÿ

á

¹o¼¥ f¢´&g¢µÑe ¥ ¡7>³ C? l ¤?¦V³]Z> ¤gZ>

(7)

#>@?A0BCDFEHGGJIKL0MF/*("/*'LON.) "#(>43PRQ%(20MS(TU'%O'+VW(#YXY5S0'M2)Z"#[V\]5)"^

"#5>"%'Z&_25%`[(TU'%O1/!JW'0<#9('#a"!5'0W) !b&#9#/#JY+

VW3'M"/(>c)""#560b/%(Wd\eN.%`&#!f0Z)")"g#90>!0MHhW9"W"#5"!#$&%'#J

di(5'0jM"!#["#k)"/*Mj#Jg[(lD2&#Y+jm0L5F&0n"%(2) 01%'odqpZ-[/0MWdr0/tsb#&>&5X

HhA((0'X&53(M"/(>u%'B(v*%''#J_d_wxRy75zh_1S!#$&%6#J)g*UZ(TU'%OLd7eN.%`&#!30R

) ")"g*#u0>+

-."#5%'q#B25/(02{#!)|'lD2&"#3'n"/'{0q"#5"!#$&%'#J}V\])"A^_)"M150HB">(70M'!0M'M"#

0(2)1dr0/~/*.>()"Wh_(0oF)f&0/*('0L"#aW8(F'lD2&R"#8nEHKKL0fM2/(>k]U

/*!(#'2H(0c0>5"#!0M#'0Mud4pj-U+_s25#D'0M"#J2kOT(%(cd30M"%([0"])"(

#0>a0cM"))b0((#D#9)"O')_djUB)'>'n"/"#Y+0'MU(%(*@9"/*&%O

dWeN.%`&#!0*) ")ga#0>!!0M'!JR)"O')q>()"'0Mo"#5"!#$&%'#J3(B">(#%'d_

*8#(!J6Kb0')"#M"dr0_pZ-u"/*U0n8pZ-uON.0M`KO+

'#a'n"/"#!F'/*"0M"%6)/*.>()i8nEHKb#>8,^K_"16)"#!f)")zhdr0W%(#J(/Q

0#'251%(00M')"#](hA''#9(000b'0M/Wd7(lD2&#Wdr0M/)"=("#!fpZ-"/*0Mb#>cON.0M

!0MzhW9dr0L!'#c0>#!&0M#'0(+AVW5'0Odr03dr6M"])<!'#5'0)""=('>9{-83{-K(M/R"#c.Q

60MAf]Ujo#&20)%(/*UO0id{<{-U+.LXBHhO'0(X&R5jON.!'#25b0!J&#>>

0"])'odL/0nS#>eN.U0n'lD2&"#5S"#8^KF0">(#D"%'),X\u0(0((#D#d1]

>T(0#5)gh_0M'MU(%(250(!0(Ma>5gB#&/*"%('+VWD2'XWM2)>#]9.20M0nQ

"#5!&R<dr6M"])S7-agB')">5<)"/*nj5S/*F0(2)3<{-a502!25'+fV{u2#>(0#4

) R(00!2/(#JV\]5)"*^u)"Mc%'#J`"#Zdr'])"*{-40M'M2)3]5`#'>@#@5*)(')|dAUB)'>

'lD2&R"#'+

V\])"c@Hh_4#B25/F]U(0dj>5 !#5M"%0M'25)Fdr0Fc)"#60F'/*"0M"%')/*.>5')"(X|#&/*')g

5k>'!0'4dON.) #&#8ZeKOX_kZ20]#M#MM%8_KeXZQgB[(Mu#Q

/*C'>&n%'g#>n0M2%(20)_#D0M #5%'81(#>-B0(X0('%O')gKeXW#>5a j¡Wsb_Q7:

MM"%u(M#![5/C(>&n"%9/*.>()1!J#M# Z¡Wsb /B>')Wd<0>5'09E8 j¡WsbfEHKO+

VWSZQgBon`"M"%(j0Mo%(/525(>[dr0/ <{-a0M'!0M'M"#5<)"(>9h'0F25]/SQ

)'q6%`%(#J`#"#5!f06N."/')go#1&)dYdUjH) ]5)"b]5'0n#'+¢L1&q_h

gBU(AdO(0MC'>M"%'gX.2]B£M(%('>3>5 !#5M"%'M"#!5X.0WdU'%($&%1"/*U0M`#%'dr0¢

0M'(#JW"#J(M"!J"#+|Z#5j#1&#5>YX5#5j/Hg%(#R£M(%(250j&qL'00M0i'0M/q"#k8nEzK|&6

>T(0'#J2#5%'#>5#&)q0"#%'(S"#u(lB25')_d1%`&#!"#!@/%'0M.(%'#/%)"%'"(o0f

"#J0B>2%("#SdY"n%6'>S$&#&#5%' )"##5z"#5¢'>5!LeN.%`&#!10R_0C+iZ#S_'0

&#5>YXY#%'3o'/*"#)\0M%')f]Jg[¤i#5!)"c8EHG¥J^KW'0MF"L)"M)3>52]5]U2.j5o$&#>#!&

0"])'/*620M'>c#u$&#&#5%' )/0C(_W+¦!+iON.%`&#!30(WHh§&'0M#Wd{%'#5>"#&)

O'0MC'>&M%'g+

-."#5%'L<5)"'>*0'!0'M#u/B>()"i%'#J"#)"!!(>>(U(#>(#D0 ])"(qZZ20M]"#*RMQ

#[MM"%<%6##L]U2M'>["#5dr(0L!J"#5M_(0")Y$&0nj0>(0L0M'>2&)¨%(00M')"#u]25L/!J

"#5>"%'F!'#(0)|/*.>5')¢/*"M'%'$&%6R"#Y+oV{c0HB">*(M3!"#n8!(0Z0>5'0`KZM'0")¢(0nQ

00%(00M') R"#[)"M*h%')2/#5dZV\]5)"a>"M) 6g0M'25)*dr0[7:uQ(M48?0M'2M%`

(8)

ÂSÉªÊ6ªzËS·³M´<»´'À´'¿O¼´'±9Ì_Í¹"¿`Ía·³M´3º·¼¾³·ÀÌ_Í´(ºk·º·ÀµBÎ'¹º¸SÏ*°ºJ¼ÍÀµ±&·¼·5Æ

Çj»b¹¼b¹»A¼µBÁ¹"¿'·À²r°³A¼Í´<·º&·ÀµB»¹»°²}Ï·¿'³M°.´(¿'°º5°Ï¹¿L¸³°HÌW¼Í³·¼´(»W·ÀÀU´(ÏÁ¹³¹¿6·À&Ï*°.±5´'À"»A°ÐU´'³

»°ÏáÏ´(±¹"¾Ï ±´(¸³´(´4°²ÓÑ.ÁÀ"·º&·¼¹"°ºÈ·³MµB¹"º5¸ÒUÓ¼Ì´(´'ºËÓ5Æ¦ÔDÕÖ·º±Ô×5ÆÙØÕuÆÚÄ}°B°ÛD¹"º5¸·¼¼Í´

ÜWÝÞ ¼´(»M¼A¹"º¼Í´1»´(º»´j°¾5¼À¹"º´(±ÒU´O²r°³´1¹¼A·ÁÁ´6·³»i¼Í&·¼q¼Í5´L´(ÏÁÀ°Hµ´'±³´(¸³´(»»¹°ºÏ*°B±´'À»A·³´1º°¼

»¾5ÒB½M´'¿O¼´'±a¼°¸´'º5´'³·À¨Ï¹»»Á´'¿(¹ß&¿'·¼¹°ºYÆ¢ÇLÀ"ÀY´(ºJ¼³¹´'»W²r°³ ÜWÝ ·³´ÒU´O¼Ì´(´'ºªÆà5ªH¬F·º±[Ë.ÆªªzË.Æ

á Ñ5¿(´'Á5¼A²r°³|¼Ì°f´'Ï*Á¹"³M¹"¿'·ÀÏ*°.±´(À"»1ÃâZãS´OÑ.ÁU°³M¼»q¼°oäb·º&·±·f·º5±uå·Á&·º¶|·À"À´(ÏÁ5¹"³¹¿6·À5Ï°B±´'À»

·³M´f¿`Í&·³·¿O¼´'³M¹"Î(´'±[ÒJµa·»¹"¸º¹ß&¿'·ºJ¼1»Í¹²æ¼L°²\¼Í5´f´(³³°³_¼´'³MÏçÈ·³¹ ·º¿'´Ò´(¼ÌA´'´'ºk¼Í´ß&³»n¼Z·º5±[»´(¿ Þ

°º±aÍ&·À²\°²7¼Í´3»·ÏÁÀ´Æbã.¹"Ï*¹"À"·³Àµ®D¼Í´3ÍJµ.Á°¼Í´'»M¹"»j°²¢Í°Ï*°»MÛ´'±·»M¼¹"¿'¹¼µc¹"»_³´½M´'¿O¼´'±k·¸J·¹º»M¼L·º

ÇZèbäbéFÃnªH¶\·À¼´'³Mº&·¼¹È´i²r°³\Ï*°»n¼¢´'êD¾&·R¼¹"°º»'Æ¢ë<º5ÀµÌ_Í´'ºSÏ*°B±´'À¹"º¸LâZão´eÑ5Á°³n¼»\¼°¯´(³Ï·ºJµ®ì¼`·Àµ

·º±å·Á&·ºÍ°Ï°»MÛ´(±&·»M¼¹"¿(¹¼µí¹"»fÏ·¹ºJ¼`·¹º´'±@Ì_Í´'º¼´'»M¼¹"º¸k·¸J·¹º»M¼f¿'°º5±¹¼¹"°º&·ÀqÍ5´(¼´(³°»MÛ´(±&·» Þ

¼¹¿'¹¼µÆkî&°³f·ÀÀq´(ÏÁ5¹"³¹¿6·ÀiÏ*°.±5´'À"»¼Í5´î Þ ¼´'»n¼S°ºÍ5°Ï°¸´'º´(¹¼µ@°²W¼Í´±5µBº&·Ï¹¿»M¼³¾¿O¼¾³M´±°B´'»

º°¼3Á³M°HÈ.¹±´*·ºJµ4¹"º5±¹"¿'·¼¹°º4°²AÏ¹»»Á´'¿(¹ß&¿'·¼¹°ºY®¨¹Æï´Æ¼Í´´'Ï*ÁÀ"°Hµ´'±í´'Ï*Á¹"³M¹"¿6·À\Ï*°.±´(À"»·³M´º°¼

»¾5ÒB½M´'¿O¼´'±@¼°u»n¼³M¾¿(¼¾³·À\»Í¹²æ¼»'ÆðWÍ¹»<³´(»¾À¼<¹"»ZÁ·³M¼¹"¿'¾5À ·³MÀµc¹"Ï*Á°³M¼·ºJ¼L¼°f½M¾»M¼¹²æµ9¼Í´F³M´'¿(¾³»M¹È´

·º&·ÀµB»´(»_Ì_Í5¹"¿`ÍcÌ_¹"À"ÀÒU´<°²7Á³M´'±°Ï*¹"º·ºJ¼_¹"ºJ¼´(³´'»n¼_Ì_Í´'º9²r°³´(¿6·»n¼¹"º5¸*´eÑ.´'³¿(¹"»M´'»L·³´¿'°º»¹±´'³M´'±YÆ

ã.°Ï*´S´'Ï*Á¹"³M¹"¿'·À}Ï°B±´'À»Z±°uº°¼Á&·»»Z¼Í´S±¹"·¸º°»n¼¹¿o¼´(»M¼°º@·Ò5»´'º5¿'´*°²q»´'³M¹ ·À7´'³M³°³<¿(°³³M´ Þ

À ·R¼¹"°ºYÆZìº4Á&·³n¼¹¿'¾À"·³1Ì_Í5´'º4¼´(»M¼¹º¸c·¸J·¹"º»n¼ZÍ¹¸Í´'³j°³±´(³<·¾5¼°.¿(°³³M´'À"·¼¹°ºÃÄ{ÅÃnªzË¶¶L¹ºk´OÑ.Á°³M¼

´'êD¾&·R¼¹"°º»|¼Í´1³´(»Á´'¿(¼¹È´LºD¾ÀÀ&ÍDµBÁ°¼Í5´'»¹»A¹»i³´½M´(¿(¼´'±·R¼|¼Í´jØÕñÀ´(È´(À²r°³qâZãS´OÑ.Á°³M¼»q¼°fÔ°¾5¼q°²

ÓL´(¿'°º5°Ï¹´'»7¹"ºf¼Í´»·Ï*ÁÀ"´Æ¢Åa°B±´(À"¹"º5¸jâjãf¹"Ï*ÁU°³M¼»}À´'»»7´(ÈB¹"±5´'º¿(´b°²·¾5¼°.¿(°³³M´'À"·¼¹°º¹"»{°Ò5¼`·¹"º´(±Y®

ÔS°¾5¼b°²7ÓF¹"Ï*ÁU°³n¼´(êD¾&·¼¹°º»b±5´'À"¹È´(³b¾º¿(°³³M´'À ·R¼´'±u´(³³M°³bÁ³M°.¿(´'»»M´'»(ÆAðWÍ´À"·¼¼´'³³M´'»M¾À¼»bÏ·6µ¿6·ÀÀ

²r°³*»°Ï*´9³´'»MÁU´(¿'¹ß&¿6·¼¹"°º°²Z¼Í´[´(ÏÁÀ°Hµ´'±Ï°B±´(À"»'ÆÇL»Ï*´'ºJ¼¹°º´(±Y®bÍ°HÌA´(È´(³'®1·¾5¼°³´(¸³´(»»M¹È´

±5µBº&·Ï*¹"¿(»S°²1¹"Ï*ÁU°³M¼S·º±ÓÑ.ÁU°³M¼*´'êD¾&·¼¹"°º5»9Ã,òóÃôS¶M¶fÌ´(³ć»Á´'¿(¹ß&´(±¼°4±´'À´(¼á·ºDµ»¹¸º¹ß¿6·ºJ¼

»¹º¸À´LÀ"·¸F·¾.¼°B¿'°³M³´'À"·¼¹°º*¾Á¼°o°³±´(³jªHõ.ÆiÅa°³M´'°HÈ´(³'®¼`·ÛB¹º¸f¼Í´j³M´'»M¾À¼»b°²}±¹"·¸º°»n¼¹¿_¼´'»n¼»W°º

Í°Ï*°»MÛ´'±·»M¼¹"¿'¹¼µc¹"ºJ¼°·¿'¿(°¾ºJ¼Z°º´f»MÍ°¾À±kº°¼L¸¹È´¼°B°ÏF¾5¿`Í[Ì´(¹"¸ÍJ¼L°º4Ä{Å Þ ¼´'»n¼»1Ì_Í¹"¿`Í4·³´

±´(³¹È´'±9¾º±´(³1¼Í´3·»»M¾Ï*Á5¼¹°ºu¼Í&·¼W¼Í´¾º±´(³Àµ.¹º¸´'³M³°³_Á³M°.¿(´'»»M´'»L·³´Í°Ï°»MÛ´(±&·»M¼¹"¿Æ

ö ÷ øcùkú<û6û'ü6ýkþ ýkø*ý4û6ü6ýkúZÿ ü kÿ ø@úkÿFýkþú|ÿ\ú4ý_ú

¢ÿFü'ý ø*ý |ÿoùkú

ã.¾Ï*Ï·³¹Î'¹"º5¸c¼Í´³M´'»M¾À¼»o°Ò5¼·¹"º5´'±²r³M°Ï ¼Í5´³´(¸³´(»»M¹"°ºÏ*°B±´'Ài¹"ºÃnªz¶·º±Ã,Ë¶<¹¼f¹"»f·ÁÁ&·³´'ºJ¼

¼Í·¼b¼Í5´<À"¹"º5´6·³A´(ÐU´'¿(¼_°²{È°À ·R¼¹"À¹¼µS°º¼³·±´<¹"»Ã·¼WÏ*°»M¼`¶iÌA´6·Û·º±uº°¼_¾5º¹"êD¾´<·¿'³°»»WÒ¹À ·¼´'³·À

»Á´'¿(¹ß&¿'·¼¹°º»_°²¢âZã¼³·±´ÆqðWÍ´3Á¾³Á°»M´f°²{¼Í5¹"»_»´(¿(¼¹°º9¹"»W¼°*´(È·À¾&·¼´Z¼Í´3»¿'°ÁU´°²\º°ºÀ¹"º´'·³

Ï*°.±´(À"»S³M´'À ·R¼¹"º5¸íéÑ.¿`Í&·º¸á³·¼ć¾º¿'´(³M¼·¹"ºJ¼µ·º±¼³·±ć±5µBº&·Ï*¹"¿(»'Æìº¼Í5´9ß&³M»M¼ÁÀ ·¿'ć»¹ÏÁÀ´

Á&·³·Ï*´(¼³M¹"¿9´OÑB¼´(º»¹°º»u°²j¼Í´kÀ¹"º´'·³*Ï°B±´'À1·³M´kÏ*°¼¹È·R¼´'±·º±¾5»´'±¼°ß¼câjã¹"Ï*Á°³M¼·º±

´OÑ.Á°³M¼*¸³M°HÌW¼ÍYÆã.¹"º5¿'´u¼Í¹»·ÁÁ³M°J·¿`ÍÌ_¹"ÀÀµB¹"´'À±»¾ÁÁ°³n¼*²r°³Sº°ºÀ¹"º´'·³S±´'Á´'º5±´'º¿(´[°²1¼³·±´

¸³M°zÌW¼Ía°ºcÈ°À ·R¼¹"À¹¼µ·º°ºÁ&·³·Ï*´(¼³¹"¿jÏ°B±´'À¹"»_·ÁÁ5À"¹"´(±c·»1·S»´'¿(°º±a±´(ÈB¹"¿(´Æ

(9)

;,<>=/<>= ?A@CBEDGFIHGFKJ>F/L&M

NPORQSOUT-QSVWTCXZY\[]XZV^OUT_XZ`4VY\VWab[]XZcdOUT-e!`-cbfhgKVSXjiVWVSTlkmOUan[]X\cbadcdXjoR[mT-p_X\YZ[mp-VqmY\OriXZ`sf&[mY:XZcn[]aY!VWqUY!VWe\e!cbOUT

tvuw-w

pyx]zUzUzC{|}[olg~V

w

e!VWpy[me[h|V[]T-e}XZO_Y!VWe!f~VSQWcdosXZ`4VY\VWqmY\VWe!e\cdOUT|Op-VSacbT t:

{}[]T-p

t

xU{

IVSX

p-VST-OmXZVX\`-VkUVSQSX\OUYOme!XZ[mQmVSpOUg4e\VWY:k][]XZcdOUT-e8OUTX\`-Vp-VSf~VST-p-VWTCXk][mY\cb[mg-adVWe

OUY!VWOrkUVSYW

cbe[_|}[]X\Y\c QSOUTCX[mcdT-cbT-q¡Y!VWqUY!VWe\e!cbOUTye\fKVWQScd¢&QR[

w

XZOUY!VWqUY!VWe\e!cdkmVRk][mY!cn[mg-adVWe^[mT4p£¤ QWOUTCX[]cbT-e[mada

OUg-e!VWY:km[XZcbOmT-eOUTV¥¦OUqUVST-VWO

w

eV¥¦f-ab[mT&[]X\OUY!ok][mY\cb[mg-adVWeGqUcdkmVWTcdT

t

xU{¥§8VS¢&T-cdT-q8[kUVSQSXZOmY(¨

QWOUadabVWQ¥XZcdT-q

XZ`4V[

w

XZOUY!VWqUY!VWe!e\cdkmVf-[mYZ[m|VSX\VWY!e[QSOU|f-[mQSXY!VWf-Y!VWe\VSTCX[]X\cbOUTOmPXZ`-V|O¦p-VSa,cbT t1

{©cbeSª

¬«

¨

¦

£

¤®

¯ ±°

tv²

{

« £³ t ¨ ´ ° ® ´{ ´

¯

±°(µ6«

°

x¶

t>·

{

¸jT[mp-p-c¹XZcbOmT,IabV¥Xº³

«

£³

/»

¼

p-VWT4OmXZVXZ`-Ve!VSXOm[mada V¥¦f-ab[mT&[]X\OUY!o$km[]Y\cn[]g-abVSecbT t:

zU{OmXZ`-VSYºX\`&[mT

kUOman[]X\cbabc¹Xjo[mT-pp-VS¢&T4V

~«

t>½¾

³ t ³ ´

³ {¿&À±³ ´

{m

]

[]T-p

¼«

t>½¾

³ t³ ´

³ {¿&Àj³ ´

{r

¼/°

tvÁ

{

i`-VSY\V

½

cdeX\`-VÂlÃÂÄcbp-VSTCXZcdXjo|[]X\Y\c¹~6N`-VWT,XZ`-V

t

f&[]Y!XZcb[ma{adcbT-VW[mYcb|f&[mQ¥XOm,kUOman[]X\cbabc¹XjoOmTXZY\[mp-V

cbeOmg4X[mcdT-VWpÅY!OU|¬[g-cdk][mY!cn[]X\VY!VWqUY!VWe\e!cbOUT|O¦p-VSa

I«yÆ

¼ÅÇW

¯ È1°Æ«

z

°(µ6«

°

x¦¶

t>É

{

ÊO]XZVXZ`&[XXZ`-V|O¦p-VSa-cbT t>É

{cbe([mTVWË

w

c¹k][mabVSTÌX(Y!VWf-Y!VWe!VWTCX[]X\cbOUTOmKXZ`-VcdT-cdX\cn[maY\VSqUY\VSe\e\cdOUT t:

{ÍÄ`-VWT

qUVST-VWY\[mabcdÎWcbT4qXZ`4V8Y\VSan[]X\cbOUTgKVSXjiVWVSTX\YZ[mp4V[mT-pV4Q`-[mT-qUVYZ[XZV

w

T4QWVWY:X[mcdTCXjoU-`-OriVSkmVWYW/c¹XÏ|cbqU`CXg~V

|OUY\VcdTÌX

w

cdX\cdkmVXZOQWOUT4e\cbp4VWYÏXZ`4Vºg4cdk][mY\cb[]XZVp-VWe!cbqUTcbT tvÉ

{¥

Ð eÏ|VWTCX\cbOUT-VSp,ÌkUOUab[]XZcdabcdXjoQWa

w

e!X\VWY\cdT-qcde©[e!XjoabcdÎWVWpÅV[]X

w

Y\VOmIV¥¦Q`&[]T-qUV8Y\[]XZVQ`&[mT-qUVSeW(N6[mÌcbT-q

XZ`4cbePV¥¦f~VSY\cdVWT-QSV©cbTCX\O8[mQSQWO

w

TCX6OUT-V|}[oY\VSqC[mY!pXZ`4VY!VWan[XZcbOmTºgKVSXjiVWVSTXZYZ[]p-V©[]T-pkmOUan[]X\cbadcdXjoÑXZOp4cdÒ~VWY

[mQSY\OUe!ee!XZ[]XZVSeOmabOriVWY8[]T-p$`-cdqU`-VSYkmOUan[XZcbadcdXjom©NPVWe!X\cbT-qe

w

Q`[`Cof~OmX\`-VWe!cbecbeÑe!XZY\[mcbqm`ÌX!ÅOUY!i©[mY!p$gCo

|V[mT-eO],[e\OÓjQ[]ababVSpp

w

||okm[]Y\cn[]g-abVÏ|Op-VWa

tÕÔmw p-qmVmÖcdabaÕU×Y!cdØXZ`4eWCIVWVÑ[mT4pÏÙw

X\mVWfKOU`-a

ÚUÉUÉ

{ª

ª

I«ÛÆ

¼>ÇW

½EÜÈÝ±Þvß

|VSp~à ÝjÞáãâ

Æ

À

¼E

½ÜãÝjÞÅß

|VSpà ÝjÞ¹áãâ

ÇW

À ¯

¶

t>Ú

{

¸jT t>Ú

{ ½ Üdäâ

p-VST-OmXZVSe[mTåcbT-p-cdQ[]X\OUYk][mY\cb[mg-abVi`-cdQ` cbeVWË

w

[]aXZO

c¹8XZ`-VXZY\[mT-e!ÅOmY\|VWplkmOUan[XZcbadcdXjo

¼E

V¥¦QSVWVWp4ecdX\e|VSp-cn[mTÊÑOmXZVX\`&[]XXZ`-V|VWp-cb[mTæOm

¼E

|[ogKVY!VWqC[]Y\p-VSph[meº[^Y\OUg

w

e!XXZ`-Y!VWe!`-OUabp

w

T-QSVWY:X[mcdTÌXjomNPOp-VSX\VWQSXVSkmVWTR

w

Y!X\`-VWY

p-V¥k¦cb[]XZcdOUT-eÅY\Om|*[º`-Om|OUqmVWT-VSO

w

eY\VWab[]XZcdOUT-e!`-cbfgKVSXjiVWVWT

[]T-p

¼E

X\`-VÑÅOmababOricdT-q|Op-VSabe[mY\V[made\O

QWOmT-e\cdp-VWY!VWpcbTXZ`-cdee!X

w

p4oKª

xª,ç

]È

ç « Æ

¼ÇW

½ÜãÝjÞvß

|VWpà Ý±Þ¹áèâ

Æé

¼

½EÜÈÝ±Þvß

|VSpà ÝjÞêáãâ

ÇWé

¯ Èj°

t1

zC{

$ë¦ª

]¬« Æ

ç

¼E

ç

ÇW

½ÜãÝ Þß

|VWpà Ý Þáèâ

Æì

ç

¼E

ç

½EÜÈÝ Þ ß

|VSp~à Ý Þáãâ

ÇWì

¯ È1°

t1U

{

í4ª,ç

]È

ç « Æ

ç

¼E

ç

ÇW

½ ÜãÝ Þß

|VWpà Ý Þ

áèâ

ÆÈî

ç

¼E

ç½ ÜÈÝ Þ ß

|VSp~à Ý Þ

áãâ

ÇWÈî

¯ È

¶

t1

xU{

(10)

ódù^ô\õ-óWú!óùþ-ódú Åùû>ó! jømñCôZóý" Åù\óSòømú:ôZðdñù ô\ømþ-ó#\ù$ôZõ%&øô\ôZó\ñ-ú&(') ôZõ-ó!ónøôZðbùmñ-ú\õ-ð*

+

dóømò!ùUú\úø0dôZó\ñ&øôZð*mó8ú!ôZø]ôZóSúù 1Uùnø]ô\ðbð¹ô,óWú:ôZðø]ô\óWú

ù ÑôZõ-ó-&ø0ZøóSô\ó\ú2354^ømñ-þ765408:9; ÿ8<!8>=?; ÿ8A@A@@8BCú\õ4ùU÷bþ

+

ó^ðbñ-ú!ðUñ-ðD&òø]ñÌô&sï¦ðmñ-ð*D&òWømñCô

&ø\øóSôZóóSú!ô\ðø]ôZóSúFE2354ù

E

64CÏõ-ù$ómóCÑöÌ÷-óWú:ôZðdùUñlô\õ-óømþ4óWöÌ÷&ømòGåù øõ-ùùUóSñ-óWùm÷-úH!ó!óG

ú\óSñCôø]ô\ðbùUñ_ðdñIUóWñ4óZø0Ïømñ-þ_ù0 Ñô\õ-ó:dðbñ-óWøJù¦þ4óðbñÄûLKCýºùû:ÿEýðdñI&ø:ôZðdòW÷bø&M'jñhô\õ-ðbúòømú!óðdôðbú

ù!ô\õNõ4ðbóô\ù^ðbñOUóSú!ôZð*Cø]ô\óð (ôZõ-óô\õ\óSú\õ-ùdþFùþ-ódú8ðbñsû>üCýôZùû:ÿ$<Uýþ-ódð*mó÷-ñ-ðdöÌ÷-óP\óWú!÷dô\úùmó

ôZõ4óú!óSô\úù0

+

ð*nø]ô\ó\øQùþ-ódúJ ÅùRï¡ð*HKù!ô\úùóS~ù:ôZú&T') ú!÷-òõåòSùHùUñI ÅóWø]ôZ÷!óWúø!óñ-ùmô

ømñ-þ-Uùnø]ô\ðbð¹ô,&

UWVLX>V*Y Z\[^]`_La_Lbcedfag!hAijdlk$h

m

ú!ô\ðø]ôZóSúù ~ô\õ-óôZõ!óWú!õ-ùbþ&ø\øóSôZó\ú(ù KôZõ-ón!ó!óWú\ú!ðbùUñù¦þ-óbúû>üCý6ôZù}û:ÿ$<Uý ø\ómð*UóSñðdñPoø + bó

BûLR8ï^ð~ù:ôZúZýø]ñ-þpo6ø + dó#qûrRïóGSKù!ô\úýG&"s&ùòWùHdóSô\óWñ-óSú\úúbùKóóWú:ôZðø]ô\óWúÑù + ôø]ðbñ-óSþt l\ù

òWù.\ónø]ô\ðbùUñæóSú!ôZð*}øôZóWú + óSô,óWóSñhôZõ-óP]ø\ðbø + bóSú(0,80z0{z8!|

ùUñô\õ-óùmñ-óõ-ømñ-þhø]ñ-þ^}~8z}zKùUñRôZõ-ó

ùmô\õ-ó&

'jñæú\õ&øæòWùUñCô\ømú!ôô\ùôZõ-ódðbñ-óWø/!ó!óWú!ú\ðbùmñæô\õ\óSú\õ-ùbþ%ù¦þ-óbú8þ4óbðUó&ø\øó¥ôZó8óWú:ôZðø]ô\óWú

õ-ðdòõø!óú!ðUñ-ðD&òø]ñÌô6ø]ôGô\õ-óqbómóO ÅùIôZõ4óQø!ù!ðdô,8ù0 4ôZõ4óòSùUñ-ú\ðdþ-ó!óWþ + ðnøôZó\øUú~óSòWð*D-òø]ô\ðbùUñ-ú&

8ñ*"õ-óSñù¦þ4óbðdñRïóS~ù:ôZú,ô\ù/Uø0&ømñømñ-þvRïð*HKù:ôZúx l!ùÏø]ñ&ømþ&øùW'±ôZø*óømòõóSú!ôZð*}øôZó

E2354C

E

ù jD-ô\ô\ðbñù$UóÑøô,óUóô\ømþ-ó\ Å÷-ñ-ò¥ôZðbùmñ-úÏôZõ&øôø0\óòWùmñ-ú\ðdþ-ó!óWþW&

m H-ð*\ðdòøÑòWù\ónø]ô\ðbùUñ7óWømú\÷!óWúú!÷Kù!ôô\õ-óù$UóZø*8ð!óWú\ú!ðbùUñlù ºþ-óðbø]ôZðdùUñ-úH l!ù ôZõ-ó

òWù.\ónø]ô\ðbùUñ + óSô,óWóSñ%0(ø]ñ-þp}ðbúùUñ*^ú\ð*Uñ-ðD&òømñCônõ-óSñMùþ-óbðdñPR8ï^ð~ù!ôZú l!ùÏømñ&ø]þ&øC

ôZõ4óòø]ú\óõ4ó\óøú!ðUñ-ðD&òø]ñÌôbðdñ-óø0ÑúbùKóºóWú!ô\ðø]ôZóðdúù + ôømðdñ-óWþW&ÑïóUóSñù ô\õ-óòSù.!ónøôZðbùmñóSú!ô\ð

{

ôZõÌ÷-úQ\ù$ðbþ4ðbñømþ-þ-ð¹ôZðbùmñ&ø-ú!÷Kù!ôôZùòSùUñ-ú!ðbþ-ó©ñ-ùUñbðbñ4óø\ónø]ô\ðbùUñ4ú\õ-ð*-ú + ó¥ô,©óSóWñóG¦òõ&ø]ñUó\ZøôZó

÷-ñ-òSó:ôømðdñÌô,ø]ñ-þôZø]þ-ó(\ù$ôZõx&

ï¦÷}ø0\ðSðbñóSú!ô\ðø]ôZðdùUñ-\óWú!÷dô\ú" l!ù ù\ó(UóSñ-ó\ø¡&ø\øó¥ô!ðbò\ù¦þ-óbúðdôðdúú!ô!ðÌðbñô\õ&ø]ô

ôZõ4ó\óðdúõ&ø\þ*ø]ñN^òSùùUñ: ÅóWø]ôZ÷\óù$UóÑø¹ôZó\ñ&ø]ô\ð*mó8ôZø]þ-ó\ Å÷-ñ-òSô\ðbùUñ4ú\óbø]ôZðdñ0{ ømñ4þ}~&s&ù

ôZõ4ðbú#!óømú!ùUñ¡ðdôðdúú\óSñ-ú\ð+ bóô\ùM Åùdù$ øñ-ùUñ&ø0ZøóSô.\ðbò}ø!ùCømòõTõ-ó\óôZõ4óòWùUñ-þ4ðdôZðdùUñ&øfóømñ

¢ 0{z}Iðbúú!ùó÷4ñ-ú.KóWòSð*D&óSþt Å÷-ñ-ò¥ôZðdùUñ^ù `mùnøôZðdðdô,&

(11)

·W¸*¹1¸Lº »³¼O½¾¡¿1À¡¿ÂÁL¿>ÃeÄ

Å/Æ\ÆÇÈ$ÉnÊFË*ÊÍÌSÎÏGÐË*ÈÊÒÑÓÔÓÕHÐ.ÇÖ.ÎÆ.ÇÈ×Ø%ÙÈSØÎ×ÆÈ0ÚxÎÖ\Û:ÜÖ.ÈÙHË*Æ.ËÊÝ:ÆÐ.ÖÛ0Ð.ÎÝÞtÐÈuËÙÜÖÈßÎJÐÇÎÜàÎÖâá

ã

ÈÖÙäÛÊÏÎÈ

ã

×Ë*ÊÎAÛ0ÖÖÎÝÖÎÆÆ.ËÈÊ?ØÎÆËÝÊÆäÉnÇÎÊåÙHÈ!ØÎ×*ËÊÝ%Ð.ÇÎMØÎÜàÎÊØÎÊÏÎ%È

ã

Ð.ÖÛØÎpÝÖÈÉÐ.Ç?ÈÊ

ÎGæSÏ3ÇeÛ0ÊÝÎÖÛ0Ð.ÎuçÊÏÎÖÐÛËÊOÐ,ÞÓèÈSØÎ×Ë*ÊÝÒéÌIÐÖ.ÛØÎuÝÖÈÉÐ.ÇTÐÇÎ-êeÛÆËÏu×*ËÊÎÛÖ#Ö.Î×Û0Ð.ËÈÊÆ.ÇË*ÜIËÆÖÎGá

ë

ÎÏGÐÎØåêOÞìÙHÎÛÊÆÈ

ã

Û%ß0ÛÖ.Ë*ÎÐ,ÞTÈ

ã

ÐÇÖ.ÎÆÇÈ×*Ø7ÆÜàÎÏË*íÏAÛ0Ð.ËÈÊÆÓïîÈÊÆ.ËØÎÖ.Ë*ÊÝ%ÐÇÎÜÂÎÖ

ã

ÈÖ.ÙHÛÊÏÎ-È

ã

ÝÎÊÎÖ.Û×Ë*ðÎØuÖÎÝÖÎÆÆ.ËÈÊuÙHÈ!ØÎ×*ÆñSÇÈ$ÉÎGßÎÖñ>Ë*ÐÛ0ÜÜàÎÛÖ.ÆÐ.ÇeÛ0ÐÊÈÊ×Ë*ÊÎAÛ0ÖØÞ!ÊeÛÙËÏÆÛÖÎ\ÙHÈÆâÐ×ÞHØÛ0Ð3Û

Æ.ÜÂÎÏË*íeÏ0ÓÅ

ã

ÖÛÙÎÉQÈÖ.òÉnÇËÏ3ÇÒË*ÆÛê×*ÎJÐÈuÊÎÆÐvÛäÉnË*ØÎ#Ö.ÛÊÝÎ#È

ã

ÖÎ×Û0ÐË*ÈÊÆ/êÂÎÐ,ÉQÎÎÊFóôõQÛÊØ%öõfËÆ

ÐÇÎvÊÈÊÜeÛÖ.ÛÙÎÐÖËÏÖÎÝÖÎÆÆ.ËÈÊtÙÈSØÎ×w÷

óôõùø ú:ûó0ôõüöøöõý!þÿôõ

ø OôLöõ1þ7ÿô{õ`ø Ô Õ¬ø Ô Õ ~Ô$Ñ

ÞPÛ0Æ.Æ.çÙHÜÐ.ËÈÊÐ.ÇÎLÇÎGÐÎÖÈÆ.ò0ÎØeÛ0ÆÐË*ÏÎÖ.ÖÈÖ¬ÐÎÖ.ÙÆ¬ËÊâÔ$Ñ ÇeÛAßÎÛvÏÈÊØËÐËÈÊeÛ×ÙÎAÛ0ÊÈ ã ðÎÖ.ÈÛÊØ

íeÊËÐÎß0ÛÖËÛÊÏÎñËrÓÎ0Ó

úäûÿô{õ3üöõýÂøfú:ûÿôõ üöõý>øô Löõ! ~Ô"#

$ ÇÎ%LçÊò!ÊÈÉnÊ&vÏÈÊØË*Ð.ËÈÊÛ×ÙÎAÛÊ'ôLö(\ÛÊØÍÏÈÊØË*Ð.ËÈÊÛ×ß0ÛÖ.ËÛÊÏÎ ãçÊÏÐ.ËÈÊ'

ô

Lö(ÏAÛ0Ê^êÂÎÎÆâá

ÐË*ÙäÛÐÎØÒêOÞÍÊÈÊÜÛÖÛÙÎÐ.Ö.Ë*ÏòÎÖÊÎ×QÆ.ÙÈSÈ0ÐÇÎÖ.Æ) $ ë+* ÆâÐÇÎËÙ Ô, ,-"#Gñ¡ÈÖ(×È!ÏAÛ0××*Þt×Ë*ÊÎAÛ0ÖvÎÆÐ.ËÙHÛ0ÐÈÖÆ

.>ÛÊÒÔ,/,Ññ>èpÛ0Æ.ÖÞMÔ, , 0Ó

$ ÇÎ#×*ÈSÏÛ××Þ:×Ë*ÊÎAÛ0ÖÎÆÐ.ËÙHÛ0ÐÈÖ"È ã ô1Lö(ËÆnÐÇÎvíeÖ.ÆâÐÏÈÙHÜÂÈÊÎÊNÐÈ ã ôjø2ô43Oô65+7xÆ.È×ßSË*ÊÝPÐÇÎ

ã È×*×È$ÉnËÊÝJÙHË*ÊËÙËðÛ0ÐË*ÈÊHÜÖ.Èê×*ÎÙ÷

ÙHË*Ê

819;:<8194=>

Lö( ø ÙHË*Ê

819;:<819?=

@

A

õCBD5(EGF öIHTöõ

J K

ûó0ôõDHLô43HLOô65MLöIHTöõ,ý ~ÔON

POôLö( ø @

A

õCBD5#Q

löR J .ö#5Sö

@

~ó0ôõT ~Ô0

ÉnÇÎÖ.Î

E

U¡ËÆ`Û/ÆÞ!ÙÙHÎGÐÖ.Ë*ÏQò0ÎÖÊÎ×4V ã çÊÏGÐËÈÊÛÊØ J ØÎÊÈÐ.ÎÆÐ.ÇÎÆÈ0á,ÏÛ××*ÎØvêeÛÊØÉnË*ØÐÇJÜeÛÖÛ0ÙHÎGÐÎÖÓ

.eÖ.ÈÙ âÔON vË*ÐË*ÆÈêOßSË*ÈçÆ#Ð.ÇeÛ0Ð ôlöJÆÈ×*ßÎÆP×È!ÏAÛ0××*ÞÍÛ%ÏÈÙHÙÈÊT×*ÎAÛÆâÐÆWNçeÛÖÎÆÈÜÐ.ËÙËðAÛÐËÈÊP

ÜÖÈê×ÎÙtÓ $ ÇÎ\×È!ÏAÛ0×e×ËÊÎAÛÖfÎÆâÐËÙHÛ0Ð.ÈÖËÊX~Ô0¬ËÆÛvÉÎËÝÇOÐÎØ-ÛAßÎÖ.ÛÝÎÈ ã ÐÇÎ/ØÎÜÂÎÊØÎÊOÐß0ÛÖ.ËÛê×ÎÆ

ó0ô{õÉnË*Ð.Ç7ÉQÎËÝÇNÐ.Æ:ØÎÜàÎÊØËÊÝIÈÊåÐ.ÇÎpØË*ÆÐÛÊÏÎtêàÎGÐ,ÉÎÎÊöõvÛÊØåö>ñÐ.ÇÎpêeÛ0ÊØÉnËØSÐÇ J ÛÊØ7ÐÇÎ

ÎÙÜ×*ÈÞÎØ%ò0ÎÖ.ÊÎ× ãçÊÏGÐË*ÈÊWÓ

$

ÈuË×*×çÆâÐÖÛÐÎ(ÐÇÎ#ÜÖ.ÎÏËÆËÈÊMÈ ã ÊÈÊÜeÛÖ.ÛÙÎÐÖËÏvÎÆâÐËÙHÛ0Ð.ÎÆÜÂÈËÊOÐ,ÉnË*Æ.Î

ÏÈÊíeØÎÊÏÎêÛÊØÆ ã ÈÖ Pô1lö(jÛÖÎQÎÛÆ.Ë*×*Þ(ÈêSÐ3ÛË*ÊÎØ ã Ö.ÈÙYWNçeÛÊOÐ.Ë×ÎÆ`È ã ÐÇÎZvÛ0çÆ.ÆËÛÊØËÆâÐÖ.Ë*êçÐ.ËÈÊvÛÊØ

Æ.ÈÙHÎß0ÛÖËÛÊÏÎÎÆâÐË*ÙäÛ0Ð.Î

P

ô

Lö(Ó\[ÜÜÂÈÆ.ËÐÎÐÈ\ÜÂÈË*ÊNÐ,ÉnË*Æ.ÎË*Ê ã ÎÖÎÊÏÎnÐ.ÇÎÏÈÊÆÐ.Ö.çÏGÐËÈÊÈ ã ÏÈÊíeØÎÊÏÎ

ËÊOÐ.ÎÖß0Û×*ÆÉnÇÎÖ.ÎÐÇÎ\ÊÈÙËÊeÛ×ÂÏÈ$ßÎÖÛ0ÝÎ(ÜÖ.ÈêÛêË×*Ë*Ð,ÞPÇÈ×ØÆÛ0ÆÞ!ÙHÜSÐÈÐ.ËÏAÛ0××*ÞPÈ$ßÎÖnÆ.ÈÙÎÆçÜÜÂÈÖÐnÈ ã

ö>ñ&]^`_ïöa_b]dcAñËÆÙÈÖ.Î\Ë*ÊNßÈ×*ßÎØWÓ¬ÅÆÉnË××àêàÎÏÈÙÎ\Îß!Ë*ØÎÊOÐAñ>ÇÈ$ÉQÎßÎÖñÂÆ.çÏ3ÇpÛ ã ÖÛ0ÙHÎGÉÈÖòuÛ×*×È$ÉnÆ

ÐÈ\Ð.ÎÆÐfÜeÛ0ÖÐË*Ïç×ÛÖÜeÛ0ÖÛÙÎÐ.Ö.ËÏÙHÈ!ØÎ×*Æ¬ÛÝOÛ0ËÊÆâÐÐÇÎnÊÈÊÜeÛÖ.ÛÙHÎGÐÖËÏÏÈçÊOÐÎÖ.ÜeÛÖâÐAÓ.eÈÖÐ.ÇÎnÜÖ.ÎÆ.ÎÊNÐ

ËÊOßÎÆÐ.ËÝOÛÐËÈÊtÆçÏ3Ç%ÛHÜÖ.È!ÏÎØçÖ.ÎËÆ"Æ.ÎÊÆ.Ëê×Î(ÐÈHÐ.ÎÆâÐ/ÐÇÎ×*ËÊÎÛÖnÙHÈ!ØÎ×1ÈÊpÐÇÎvÈÊÎvÇeÛÊØ%ÛÊØÐÇÎ

ÛÆÆ.çÙÜÐË*ÈÊ#ÐÇÛ0Ð¬ÐÖ.ÛØÎ"ÛÊØPÎGæSÏ3ÇeÛ0ÊÝÎ"ÖÛ0Ð.ÎçÊÏÎÖÐÛËÊOÐ,ÞPÛÖÎçÊÖÎ×ÛÐÎØPÈÊÐ.ÇÎÈÐÇÎÖ¬ÇeÛÊØWÓÌSË*ÊÏÎ

(12)

mSfn|u/jnju/jnlsmSoqee oqejni o6t/mMji sgMi/|znv6mSrmMjnmSeeMi j(k&lnmMjgMm~nu/jnlneoCrhjni |}oqj&u-v

gMit/mMsu- mzsi ~&u-~noqv6o6rx%1Lit/mMsei |}mefnzzDi s1rpd!abdu/sm mSjnmMsu-rmSlo6ji/fnswe+rmMzneS

rhnmIu/znznv6oqmMlamMo6 hro6jn{egdhnmS|mIoqj'1°

¦

±²

³+´

¬ µ

¶

«C·D¸#¹

²

»º½¼¾º

¸

º¿M¿¿Mº

µ

O¦ª

²

¨U«

¿

¡ÁÀ hnme1rigdh&u/e+roqgzns+i zDmSs+roqmMewi-p¦§ ¨ (u/sm it/mMsjmMl%~xÂ

µ

«C·D¸

¹

»º½¼¾º ¸ ºM¿¿¿Mº

µ ª ¨U« À hnmlno6e1Ã

rsoq~fro6i ji-rhoqesu/jnlni/|®t/u-so¥u-~nvqmgu-j~Rmu/znzsiÄ(oq|u-rmSlfne+oqjnÅupef(ÆgSoqmSj#rv6xIv¥u-s mj#fn|`~RmMs

i/ÇlnsueÈs+i |ÉoCrew~Ri(i-re+rsu/zgSi fnjrmSsz&u/s1r

µ

¶

«C·D¸#¹

»º½¼¾º ¸ º¿¿M¿Mº

µ ªÊ

¨Ë«

¿

Ì

jÍrhnmahnmrmMs+i e-mMl&u-e+ro6gÎgu/e+m/¤ezRmMgSo6k&mSlLoqj!Ï#½¤rhnmÎsu/jnlni/|ÐrmMs+|e ª

Ê¨U«

gu/jÑ~Rmai ~(rdu/o6jnmMl

s+i |Òrhnmei-ÃTgu/v6vqmMlao6vql~Ri(i/re+rsu/z'Ó'fX ° u/e

ª

Ê¨Ë«

¬ ¦ª ¨Ë«Ô-« º Ô-«¾Õ®Ö ×ºOwu/jnlo6jnlnmMzRmMjlnmMjrpi/ « ¿

¡

mÄr¤ni swmMu/gdh%~Rii/re1rsu-zeu/|}znvqm

Ø Ê ( ¬ Â µ

«C·D¸

¹

»º½¼¾º ¸ ºM¿¿¿Mº

µ ª Ê¨U«

¦

±

³+´

(

o6ewgMi |}znfrmMl¾

¡£¢ o6j&u/v6v6x ¤vqmrwÙÚlmMjni/rmrhnm1LTÛÜ#f&u/jroqvqmÅi/

efz

ÝßÞà#ádàÝ¥âRã&ä Ø Ê (

ä;å

¿

À hnmSj¾¤it/mMsw`!)b½uÎ1\%TÃgMi/jk&lnmSjngMmæo6jrmMs1t-u/v&i srhnmÅe+|ii/rhnmMl}fnjngSroqi j §¨ (\oqe

¦

§¨ (èçéÙÚ

¦

±

³1´

(½¿

À hnm{vqigu/v6v6xv6oqjnmMu/sæmMe1ro6|)u-roqi j%oqeæo6|znv6mM|}mMjrmSlê~xë|}mu/jnei-rhnm}ìIu-fnee+o¥u/jX/mSsjnmSve+mMm{m/ín

î

o6v6t mSs|u/jê /°

ï

ðñ ¬

ò óõô

m½Äzö#

ó ð

²+÷

¿ Oø

ù

z&u/s+roqgSfnv¥u/s)znsi ~vqmM| o6jbjni jnz&u-su/|}mSrsoqgXs+mM s+mMee+oqi júoqeÎriÁe+mMvqmSgSrrhnmû~&u/jloqlrhz&u-su/|}mSrmMs

¼üý`þu/s+lnvqm%mSru/vÿ ½

i jnz&u-su/|}mSrsoqgmMe1roq|u-rmMea|ux ~RmëemSmMj u/eÎvqigu/vput mSsu/ mSei/rhnm

fnjnlmMsvCxoqjnIrsfmÅ|}mu/j{fnjngroqi/j¾¤(o6|zv6xoqjnrh&u-r¦§¨ (\mMee+mMjroqu/vqvCx{mMe1roq|u-rmMeue|}ii/rhnmSlt/mMse+oqi j

(13)

7%3"0*"!A@BC0;DE,-@F/GH,.-'. ?*>4IJDE,.GH04?*GLK3(55-,.M=NOPRQB S5751?&,.

T U%V-,$W-2K*,54+-?32"E?4'X-2K?4CG-"Y,X-'Z!*(54",5-+E ,5'.*D[Y,5E+/'Z!*U\"(])",5D-

%3"04"5^'.-?*-+E547*'__Y/('54%?4Y,U54'_EK*,5*+/?$'.! "G`-,.EY,.>1+E2J,. ?4a

!T \%=%3("04"!>+]4+EF4'K,.EY-,.,5E"8@3bc

6dfegBhji

kl#mon<p5qrts

OuCvw

0E,5)egx4'y5F-2K4,.4+/(?z'Z]",5">"ED<4(!*:{}|{"

l

4'y5F'!2K?*x'54~E

8*W* x3X}</YC

="*'5+E '5'FK3,Z!*+- ?4,BK3,!(!,5*+_-'Z!4(54,.-'. ?*5')+E'.4"E,F,5'.)2"-?4*a[*KV,.5'

Y,59y(3"3xU KKV-,BK-?*'BX{* ,.uUK,5CD<4"_'5+/5!E,5K?*B(|[T 4']w*'.< Y|

¡

*T5?*GF0*5\!+-,.,5-'.Kz"4x?44/,y KKV-,{?4E]"2K3,52E!,.4+[ KKzE,o,54T],.-,.-'5'.4

-'Z!*(5-'E;3/DF!¢,5K*+/?W,.-'. ?*5'=,./'.3%?4F'5+-?4¢#Y0£%'.-,ZD!4'0!>|¥¤

¦§¨¦¦

i

42KV,.5'8Y,5«9y3"3FD?4(!*?4* G8$"-,.-XK?&(3(!*F4'tK,.-'5 %?*Gx?*}0jY,W!?*4-,

"S5_?*4-,[E'.54(!,04+]%V!K,.-"*+EF'.\Kz'.*5*D\}D-,5?4?¥,.-?4(!*'54K%VE 0$-E

D?&(54?4 G¬("M5,!"(®[KK?*G<4751K3(,!2E5,54+2"-?b@C0;DE,-@)*=KKV/,.'>53(:!4'

KV'5!*D,5-?4(!*'.4KF4't+]3(,!+!-,.4~E-"\%wGF"¯AE,5ET'5?*KVX+E°2+-4Ew!'{"-KV-"*[)5XD?&!4?** G

'.!(!(_±²$D?&!4?** G:*'x?4C0³!#'5?*KV_!#-'Z!*(5-"S,.-,.-'5'.4Y +!*S4'x'.?44T5?*G>Ew(!D

0E,5/('#´Kz'5*5*D,5E?&(5414')Y "µY,\'.!(!E'U*µP+]a,5(! +-E,.!4w GSSD

'.!(!*'.54+/(?'5 KKz,.¥Y,¥5?&5!E,¥,. 2-w!'o+E'.4"E,¥!E'.!*!-"_,.-,.-'.'54#Y +E54

¡

*w!?*G

0*5´'.¢-'5 ,5)-'Z!4(54: +E-,Z]*T GU?4C0$-,[?*EK3-?{* ,52u\'.C0'N -

¡

*T5?*Gx0!_B¶·¸«+-"-+E4w!E,.D(?T04+]\4"*+/(5-'!3(!E,5y*'{3(,5"?G\(TG)?*4-,Y +E54

,5E?&(54µD?&!4?** G^"I!,5"S!3=*'a>,5

¡

-+!-"¹(:!j·¸ '54*3+-+E1?*ED-?bº3,5?*?*G

!>?4(55-,U,.-'. ?*#+-^%Va"E" +-E"^Y,.»5:?4C0;E,_,5*w#K3E?{4 ,5Su:K,5CD<4"4

¡

*w!?*G

!aK3(,!2E5,54+-'.54(!,-@¥!>+E,5,.-'.Kz"41¶w·¸¼+-3"E+->%3"A@;"75a-'Z!*(5-"

?4*/(,,.-,.-'.'54´Y +!48U?&5!E,4'[[Ew!4,.-?G:+/K5 ,5E"S%wG>5\+E3"-+E_%3"8@V!T '

'5 -'Z!*=53()!2?4*/,F2"-?o24w)%z#!<>,5-'Z!,.4+E5*D20Eµ2"E?4?*45,.-?&!4'5*K

%VE 0$--jB´*KV,Z!'Y,59y3"a"S+]3(#,!(5U +E-,Z]*T GFY ,Z!E,[+E4?4](5x!

,5K*+/?4w5-,5K,5E!(!*^5?*}0$-,,5*wK3-?){4 ,51uS?*'5µK,.CD*"-',.4~Ew]??4*

,5EK,5E'5ET54)4"-KV-"-+E(z5,!"y"_D?4(!*?4 Gt['o+-#%z'.--#!4'o?4*;*'o?*'5xEw!4,.-?G

+/(K! ,.-"_%wG)!yK3,52E!,.4+X+-3"-+-%3"'-@5< '{!;TG<KV!-'5*'{!({5-,.y4'B42K3+

+]3(x,!!B +--,Z]*w G:[42Kz,Z!'XY,5R9y3"U4';,.

¡

E+E!E">Y,;'5B'Z](5-'t4

D?&(54?4 G

± (3?4G¢5){4 ,5Bu{* ,5½x"4'5K?&/G<'o-'.54(!*U,.-'5 ?*!'¥Y,BU42Kz,.!'Y,5¿¾FE,5wG

'oY +!*#8P+],!(5 +-E,.!4w GÀ-,.D(?* -'oA|A,.'.C0Y,o5,!)Á

¦§¨¦¦

v_Â

}|xÂ

¦§Ã¦¦

vay_:3,5'ZU?4+-='.424?4,x²'53(KzE"µK3(.!-,.µ,5E?&(54aD?&(54?** GS(",.C0!µ

BS42KV,.5'Y,5Ä¾FE,5wG*'x%](4E"j('x41{4 ,5u_Y,F[*KV,Z!'[Y,.Å9y"3#3,5