Die empirische Relevanz des Monetären Modells für die Erklärung des DM/Dollar Wechselkurses

(1)

.0/

1 3246578()69:; <#">=?$@-ABC 5,9*D

EGFIH0JAHLKNMNOQPDJSRUT

VXWYZ P[\P]J

VU^\^\^

_a`bScXdedefUgDhicXb-bS`Dgj

kmlon-pqnNrmsqtQnlvu?wXxyuzns{p|w~}{yu?XlvnNnXlosqlpq}{~n7non80xX7nSp?LxXnu{sznxen-vpB~slon

sqUszwXxXBnSpk8k0oo0snS}{~pqnoyw~szpqn-p-8k0tn-l~n-lv0uap|l}{60~Bnsalvxn-sxXnw~nsznxn

Xlvszlpq}{Xn-xN¡*l¢uzns{8uqw~s£~tXvl}{Xn)¤*nSp¥u{x~pz8uz¦|§q¨{©8ª~«{¨{©¬8§¯®°z±L±Q§qS°0«{²³-w7wXx~Xo0w~pqlvtXonxG´s{8

nuqn-sqszn-p|uqszlvyuzlvLxXnxwXx~-wloxXnµ-lvn-xyuqnx7¶X}{~8uzwXxXLnxnsawXLsqwXxnolvn-0n-x~nx·nx~L}{

sz00nw~xXyuqlo0xXn-x,XXsqu-Xk0p0xXnuzsznUXno¸vlonn-s|uxUwXsXxXxGnloxXn0wuznBr¹xX~LpqpqwXxXx

lvnxyu¥ºl}{yowXxXGn-pn-}{~pqnoUwXszpqn-p-~º£nx~xlon@n-}{~pqnoUwXs{p|Lvn-lo}{UwXxXlox»loXszns)p¥uzsqw~Luzw

sqn-vonx,¼~0sz½Ln-pz}{~8uzuºlosz¸ykmlonmrmx~o¾p|nmXnsap|uqszwXyuqwXsznoonx7·onl}{yw~xX0n-xXn-pa0xXnuzsznx

noopnszonl}{Luznsqulonm¿L00x~0lopz}{XnÀÁxyuqn-sq~sqnuz8uzlvLx,ns£n-}{~pqnoUwXszpq0onl}{UwXxX)wXx~70n-s|

lox~n-s|umXlvn@·nÂXs¹p|uzuqlp¥uzlopz}{Xns¹rms|uznÂ0Luzn0

Ã{ÄLÅ¥ÆzÇ¢ÆÈ£ÉLÇ¢ÊSÆzÅ¥ËÁÇÍÌ|ÎÌ£ÏDÆzÅ¥ÐÑÇÑÉÒXÓIÉLËiÌ¥ÇÍÌ¥ÔLÌaÕÖLÅ×Ì|ØÌ¥Ç¢ËiÌ¥ÇÑÙÔLÉUÚ,Û£ÙAÜ-ÉyÜ-ÝBÆzÌÁÅ¥ÇÑÆSÒÏDÜ-ÐÍÌ¥Þ{Ý&Ø-ÉLÉyËiÌÁÅ¯ß~àá0Ò¸â{ã0â¯äSå@ÏDÆqÅ¥Ð¢ÇÑÉ~ßXÓIæ|ç

ÚyØÉyÙAÆmèSÖ0Å¥éSÆ{ÉêëÜ-ÐÍÌ¥ÆzÅ¥Ë£ÕÖ0Å£çLÇÑÐÑÕvÅ¥Æ{ÇÑæqçLÆ)ìaÉyÝBÆzÅ¥ÙÔyÉLéSÆ{É?ÔyÉyÚÚLÆzÅ£íÆ{ÔLÌ¥ËÁæ|çyÆzÉ,ÄyÜ-Å¥ËÁæ|çÔyÉyé-ËÁéSÆ{ÝBÆzÇ¢ÉLËÁæqçyØÕvÌÕoÖLÅÚ0ÇÑÆÇÑÝ

î ØçyÝBÆ{É?ÚLÆzË£×0Ä¸ÏDËaïAðïGñòLó-ôyõ÷öø\ùSó-õ÷öú-ô,òôûBüyöoýò0þÑó-õ÷öú-ôÿ*ùSú-ôú-ýö iúéSÆÎ-ç0ÅÁÌ¥ÆÈ£É8Ì¥ÆzÅ¥ËiÌ¥ÖLÌ¥ÞzÔyÉyé0ß

(2)

"$#&%('%)+*-,/.0#&1/23#&%54763#8*-%19#;:8<=%>'%?@,BA%<=2=.DC=#8EGF#8H63E#&,/?I<=%E#8E5JG1/%CLKM*-2ON#&63#&%GKM*-%QP,/,9#&RSC3P%TP2

.M#&RU#8EET#&2WVJG19#X.Y<=Z[E19#XC\19#XZTPZETA-H6=,/19HT63#0'2@ZJG19H?I,/<=2=.]#&1/23#8E;F#8H63E#&,/?I<=%E#8E;^#8EHT6=%#&1/^_#&2*IC=#&%

E*-.`P%KM*-%63#&%ETP.M#&2X?YP2=2Wacb2XC\19#8E#&%d51/23E19HT6`ZJG<=%C=#7C\19#feg%TP<3HT6`^hP%?M#&1/ZiC=#8Ejk*-23#&ZTA%#&2Ujl*IC=#&,/,9E

C=#8EF#8HT63E#&,/?I<=%E#8EmVYJG19#G#8EKM*-2Un3%#&2=?M#&,po mqMr-sMt 1/2UC\19#(uv1/Z#&%TPZ<=%f#&1/2=.M#w)yx=6=%ZzJG<=%C=#YVM1/2UC=#&2U,9#&Z:&{

Z#&2k|`P6=%#&2lE#&6=%5<=2`Z#&%EHT6=19#8C\,/19H6}^#&<=%Z#&1/,/Zma3F~A6=%#&23CC\19##&RO=1/%19ETH63#uv1/Z#&%TPZ<=%>C=#&%$P-H6`Z:81/.M#&%

|`P6=%#5C=#&Rjl*-23#&ZTA%#&20jk*IC=#&,/,Ix=^#&%JG19#&.M#&23C$N#8C=#G#&RO=1/%19EH63#55#&,9#&KYP2=:GP^3E=%19H6`ZmV`JG1/%CX1/2UC=#&2

23#&<=2=:81/.M#&%X|`P6=%#&2E#&1/2#&RO=1/%19EHT63#&%O$#&6hP,/Z)yx=%,BP2=.-)y%19EZ1/.M#0F#8H63E#&,/?I<=%E=%*-.Y23*YE#&2C=#&<=Z,/19HT6

63-63#&%5#&1/2=.M#8ETH6hAZ:8Zma

<3EEHT6=,BP.Y.M#&^_#&23Cl)x=%QC\19#!:8<=2hA-H63EZ;E?M#&=Z19ETH63#Xe7#&<=%Z#&1/,/<=2=.C=#8EQjk*-23#&ZTA%#&2}jl*IC=#&,/,9E>JgP%;C\19#

Z<3C\19#KM*-2jl#8#8ET#0<=23C5*-.M*o mqYYMt VC\19#LC=#&RU*-23EZ%19#&%Z#&2WVC3P7\w_Y5_/ ¡%*-.Y23*YET#&2

C=#8EF#8H63ET#&,/?@<=%E#8EOP<\)5eGP-E19EC=#8E!jk*-23#&ZTA%#&2jl*IC=#&,/,9E!1/2¢C=#&%X5#&.M#&,gEH6=,9#8HT6`Z#&%#£'%.M#&^=2=19EET#

,/19#w)+#&%Z#&2kP,9EQ#&1/23#[2hP1/KM#!>P23C=*-R¤`FP,/?`¤@¡%*-.Y23*YE#Ya"Q19#[5#&2hP19EE¥P23H8#C=#8E5jk*-23#&ZTA%#&2]jl*IC=#&,/,9E

JG<=%C=#>C\<=%H6LjkP-H8"$*-2hP,9CU<=23CD4pPm¦@,9*-%;o

mqYq§@t

#&1/2=.M#&,9#&1/Z#&ZmVIC\19#G:m#&1/.YZ#&2WVIC3P!E19HT60C\19#5¡%*-.Y23*YET#&2

#&2@ZEH63#&19C=#&23COKM#&%^#8EE#&%2WVcJf#&2=2XR0P2XC\19#gRO1/ZZ,9#&%Jf#&1/,9#7KM#&%)x=.Y^hP%#&2R!<=,/Z1/K-P%1BPZ#&2U¨>*-1/2`Z#&.Y%TPZ1{

*-23EZ#8HT6=2=1/?M#&2P<\)pC\19#>%#8C\<=:819#&%Z#;n3*-%R©C=#8E7jk*-23#&ZTA%#&2£jl*IC=#&,/,9EGP2`Jf#&23C=#&Zma="$#&RªE*-.M#&2hP2=2`Z#&2

«

¬-=T ¬U&

«

®¥`

«

¯Mw°£KM*-2j]P-H8"Q*-2hP,9C<=23C4P8¦I,9*-%o

mqYq§@t

)+*-,/.M#&23CvVWJG<=%C=#0C\19#0#&RO=1/%19EHT63#

'KI19C=#&2=:g)yx=%C3P-Ejl*-23#&ZTA%#Gjk*IC=#&,/,@RO1/ZZ,9#&%Jg#&1/,9#g)yx=%KM#&%EH6=19#8C=#&23#7F#8HT63E#&,/?I<=%E#7^_#8EZTAZ1/.YZmV¯KI.Y,a

jk*@*YE¥Po

mqYq§@t

Vp¨$1/R±<=23Cjk*²o

mqYqY³Mt

Vp"Q1BPR0P23C\19E!<=23C²¨5*-<=%#&ZTP-Eo

mqYqYsMt

*@C=#&%O´f63*-<3C\%¦<=23C

uµPmJG,9#&%o mqYqMrYt a

"$#&%p4p#8EZpC=#8Epjl*-23#&ZTA%#&2Xjk*@C=#&,/,9Eµ1/2!E#&1/23#&%p%#8C\<=:819#&%Z#&2n3*-%R¶19EZP,/,9#&%C\1/2=.MEp2=19H6@Zp<=2==%*-^=,9#&R0Pc{

Z19EHT6Wa¯b23E^#8E*-23C=#&%#z?YP2=2C=#&%

«

¬-=T ¬f8

«

·¥M

«

m`w°G:8<<=2==,BP<3E1/^=,9#&2X¡P%TPRU#&Z#&%%#8EZ%1/?@Z19*-23#&2

<=23C:8<1/23#w¸U:819#&2`Z#&2 HT6hAZ:8<=2=.M#&2C=#&%5:8<=.Y%<=23C=#&,/19#&.M#&23C=#&2$#&,9C\2hP-H6\)%TP.M#w)<=2=?@Z19*-23#&2])x=6=%#&2WV

KI.Y,a\jl*I#&%EH6L<=23CL¹$P<=Z:0o mqYqYqMt a\ºz*-%7C\19#8ET#&Rªd>1/2`Z#&%.Y%<=23CJG1/%CL1/2LC\19#8ET#&Rªe7#&1/Z%TP.ORO1/ZGeg,/19H?

P<\)C\19#Q'z2`ZJG19HT?@,/<=2=.C=#8E7"Qj}»"$*-,/,BP%GF#8H63E#&,/?I<=%E#8E7<=2@Z#&%E<3H6@ZmV=1/2`JG19#&Jg#&1/Z5C=#&%

«

¬-\¥ ¬Q&

«

¥`

«

¯Mw°!C=#&Rªjl*-23#&ZTA%#&2Ljk*@C=#&,/,vP<3Ef-?M*-23*-RO19ETH63#&%G<=23CLP<3Eg-?M*-23*-RU#&Z%19ETH63#&%

19H6@Z7.M#&%#8H6`Z

JG1/%Cva

"Q19#XKM*-%,/19#&.M#&23C=#

%^_#&1/Z$19EZ;JG19#)+*-,/.YZ$.M#&.Y,/19#8C=#&%ZmaWb2

^3EHT6=2=1/ZZ!¼#&%)*-,/.YZ[#&1/23#X?I<=%:m#O";P%EZ#&,{

,/<=2=.C=#8E;jk*-23#&ZTA%#&2jk*@C=#&,/,9EmV_Jg*-^_#&11/23E^#8E*-23C=#&%#UP<\)GC\19#OP<3E[#&RO=1/%19EH63#&% 19H6`ZJG19H6`Z1/.M#&2

2=2hP6=RU#&2O#&1/2=.M#&.`P2=.M#&2OJG1/%Cva"$#&%

^3ETH6=2=1/ZZ^_#&.Y1/2=2@ZRO1/Z#&1/23#&%?@<=%:m#&2O"Q19E?I<3EE19*-2C=#&%¨[P<\)y{

?I%TPc)yZhP%1/ZTAZmV`C\19#g#&1/2O:m#&2@Z%TP,9#&%ie7#8EZTP23C\Z#&1/,hC=#8ERU*-23#&ZTA%#&20jk*IC=#&,/,9E19EZma

^3EHT6=2=1/ZZ :m#&1/.YZmV-JG19#

1/2C=#&%µ23#&<3#&2!#&RO=1/%19ETH63#&2Xuv1/Z#&%TPZ<=%C3P-Epjl*-23#&ZTA%#gjk*@C=#&,/,M1/2!E#&1/23#&%µ%#8C\<=:819#&%Z#&2Xn3*-%R·.M#&Z#8EZ#&Z

(3)

'%.M#&^=2=19ETE#7)x=%zC=#&20"$j]»"$*-,/,BP%zF#8HT63E#&,/?@<=%EiKM*-%.M#8EZ#&,/,/Zma`";P^#&1=:m#&1/.YZiE19HT6WVMC3P[C3P-Ezjk*-23#&ZTA%#

jk*@C=#&,/,=^#8EE#&%iP^3ETH6=23#&19C=#&ZmVMJg#&2=20#8E1/20E#&1/23#&%zEZ%<=?@Z<=%#&,/,9#&20nh*-%R.M#8EH6hAZ:8ZfJG1/%CvaY"Q19#

%^#&1/Z

#&23C=#&Z(1/2 ^3EHT6=2=1/ZZ ³ RO1/Z5#&1/23#&%Q½<3E¥PRORU#&2\)+P-EE<=2=.U<=23CC=#&%5"Q19E?I<3EE19*-2C=#&%('%.M#&^=2=19ETE#Ya

¾ ¿À(ÁÃÂÅÄ(ÆGÇ©ÂÅÄ;È!LÈÁÉ ÊË!ÁÌ;ÇÁhÁ

ÍÎÏ ÐÑÒ¢Ó²ÔvÕzÖ×ØMÔÖÙ-ÚfÔØ`Ñ+ÙYÛ_ÙÔvÜÝlÜÔvÞzßWÖØ`ÑÝcÙYÑßWÒhÝàÜÒhÑá`âzßµÒ=ãlÑá@âpÙ

'1/2l#&2`ZEHT63#&19C=#&23C=#&%$eGP<3EZ#&1/2lC=#8EGRU*-23#&ZTA%#&2ljk*@C=#&,/,9E(19EZ5C\19#;¨[P<\)?@%TPc)ZhP%1/ZTAZo¡z¡i¡ t V32hP-HT6

C=#&%QC\19#[¨[P<\)y?I%TPc)Z(:8Jf#&19#&%>FA6=%<=2=.M#&2l2hP-H6lä>RO%#8H6=2@<=2=.LRO1/Z5C=#&RSF#8HT63E#&,/?@<=%E5.Y,9#&19H6k63*@HT6

E#&1/2E*-,/,/Z#Ya`"$#&%f,9*-.`P%1/Z6=RO19#&%Z#$F#8H63E#&,/?I<=%EgåQ#&2@ZE=%19H6@ZG1/2DC\19#8E#&R©nhP,/,.M#&%TP-C=#>C=#&%g"Q1v#&%#&2=:

C=#&%(,9*-.`P%1/Z6=RO19#&%Z#&2]¡%#&19E2=1/KM#mP<3Ezæ<=23CXæ Tçéè

å ê æ0ëæ

T o ¯t

"Q19#L¨[P<\)y?I%TPc)ZhP%1/ZTAZXET*-,/,/Z#C3P^#&17:8<=RO1/23C=#8EZX,BP2=.-)y%19EZ1/.]#&%)x=,/,/ZOE#&1/2Wa";P-E!63#&1/YZmVC\19#L¡z¡z¡{

Q,9#&19HT6`<=2=.o ¯t R!<=E19H6kP,9E>,BP2=.-)%19EZ1/.M#8E$$,9#&19H6=.M#&JG19H6@Z;1/2`Z#&%=%#&Z19#&%#&2},BP-EET#&21/2lC=#&R 1/2=23#YV

C3P

^`Jg#&19H6@<=2=.M#&2kKM*-2¢o ¯t :8<#&1/23#&%5#&2@ZE=%#8H63#&23C=#&2

2=hP-EE<=2=.UC=#8E(F#8HT63E#&,/?I<=%E#8EG)x=6=%#&2Wa

jl1/Zieg,/19H?0P<\)WC\19#GZ¦@=19EHT63#>b23EZTPZ19*-2hP%1/ZTAZfKM*-2D¡%#&19E#&20<=23CUF#8H63ET#&,/?@<=%E#&2D1/RO=,/1/:819#&%ZgC\19#8Ei1/2

C=#&%

=%TP-HT63#!C=#&%$ì>?M*-23*-RU#&Z%19#YVhC3PDC=#&%5F#8H63E#&,/?I<=%E(<=23CC\19#¡%#&19E2=1/KM#mP<3Eí-îyïh +ð

«

î+

«

pE1/23C

<=23CkC\19# ^`Jg#&19H6`<=2=.M#&2KM*-2l¡z¡z¡#&1/23#EZTPZ19*-2hA%#O½_#&1/Z%#&1/63#^=1/,9C=#&2Waòñ!¹QP-HT6kC=#&Ró5#&=%TA-E#&2@ZTPc{

Z19*-23EZ63#8*-%#&Rô)yx=%G?M*-1/2@Z#&.Y%19#&%Z#½_#&1/Z%#&1/63#&22hP-HT6'2=.Y,9#;<=23CQ%TP2=.M#&%o

mqYMrYt

)*-,/.YZ7)+#&%23#&%mV=C3P

C\19#;ºz#&%TA23C=#&%<=2=.M#&2]C=#8EGF#8HT63E#&,/?@<=%ET#8E5#&1/23#&%5n3#&6=,9#&%?M*-%%#&?IZ<=%.Y,9#&19H6@<=2=.L)*-,/.M#&2 çòõ

ö

åm÷pêùøúòå5ëùûüæ0ë£æ T&ýþ

÷ÿ¢,BP.ME¯û

ö

å

ö

æ ö æ

Tmý

m÷ o+¼ t

";P-EG=,BP<3E1/^=,9#[ºz*-%:m#&19H63#&2lC=#8E5n3#&6=,9#&%?M*-%%#&?@Z<=%hP%TPRU#&Z#&%E>øk19EZG23#&.`PZ1/K_V=C=#&2=2Jf#&2=2C\19# ^\{

Jg#&19H6`<=2=.kKM*-2¡z¡z¡ 1/2C=#&%;ºz*-%_#&%19*IC=#O^#&19E=19#&,9EJg#&19E#X_*YE1/Z1/K]P<3E.M#w)P,/,9#&2}19EZmVvC3P2=219EZ;åU:8<

.Y%*-.M#&Jg#8E#&2<=23C}E*-,/,/Z#XZ#&23C=#&2=:819#&,/,z)+P,/,9#&2WaWä>R E*L?I,9#&1/23#&%$ø¢C=#&R e7#&Z%TP.M#O2hP-H619EZmV<=R E*

Ç¢ÆqÅÔLÉUÚ@Ç¢Ý4ÕoÜSÐÑéSÆzÉUÚLÆzÉQÆzÅ|Ú0Æ{ÉØÔyËÁÐ¢Î-ÉyÚLÇÑËÁæqçLÆDØÅ¥Ç¢ØyÐÑÆ{ÉÚLÔLÅ¥æ|ç@Æ{ÇÑÉyÆ{É,×8Ì¥ÆzÅ¥Éé-Æ{ÙAÆ{ÉLÉyÞ{ÆzÇ¢æ|çyÉLÆzÌ¯ß

íÇÑÆÓÉyËiÌ|ØÌ¥Ç¢Ü-ÉUØÅ¥ÇÑÌ|ÎÌ6ÚLÆqÅ¸ÇÑÉÚ0Ç¢ÆzËÁÆzÅ×Ì¥ÔyÚLÇÑÆÊSÆzÅ+Æ{ÉyÚLÆzÌ¥ÆzÉÆ{ÇÍÌÁÅ¥Æ{ÇÑçyÆzÉfÔLÅ|Ú0ÆÝBÇÍÌ

ÇÑÐÑÕoÆDÊAÜ-É6ÇÑÉyçLÆ{ÇÍÌ¥ËÔLÅ¥Þ{Æ{ÐÍÌ¥Æ{ËiÌ¥Ë

ÖÆzÅ0Å¥ÖLÕvÌ¯ÒyÚ0ÆzÅ¥Æ{É¸Å¥éSÆyÉyÇÑËÁËÁÆ¹ØÔLÕ*ìÉ0ÕoÅ|ØéSÆÞ{Ô0ÅÆzÅÁÕoÖyé-ÔyÉyééSÆ{ËiÌ¥ÆzÐ¢ÐÍÌµÆzÅ|Ú0Æ{ÉÙ-ÉyÉLÆ{Éß

íØÆ{ÇÆzÅ¥Öyæ|ÙËÁÇ¢æ|ç8Ì¥ÇÑéSÆ{ÉGÚLÇÑÆ)ÊAÆzÅ¥ÞSéSÆqÅÁÌ¥Æ{ÉGíÇXÆzÅ¥ÆzÉyÞ{Æ{É! ÷Ð¢Ø-éSË#"Ú0ÆzÅ$DØÅ¥Ç¢ØyÐÑÆ{ÉëÚLÇÑÆ)ÙÔLÅ¥ÞzÕvÅ¥ÇÑËiÌ¥Ç¢é-ÆBí&%0ÉUØÝBÇ¢ÙÚLÆ{Ë

êëÆ{æ|çyËÁÆzÐ¢ÙÔ0Å¥ËÁÆ{Ë{ß

(4)

.M#&JG19HT6`Zmapºz*-R ZTP23C\=<=2=?IZ!C=#&%¨[P<\)?@%TPc)ZhP%1/ZTAZ#&2`Z63#8*-%19#,/19#w)+#&%2 H6hAZ:8<=2=.M#&2KM*-2nh#&6=,9#&%{

?M*-%%#&?IZ<=%.Y,9#&19H6@<=2=.M#&2)x=%5F#8H63ET#&,/?@<=%E#KM*-R 4z¦Io+¼ t RU#&19EZQ#&2`ZZTA<3EHT63#&23C=#U'%.M#&^=2=19EE#Ya_"Q19#

' <=1/2@Z#8EE#&2=:>C=#&%f#&RO=1/%19EH63#&2uv1/Z#&%TPZ<=%i:8<=%i¨[P<\)?I%TPc)yZhP%1/ZTAZz19EZ2hP-H6D>*-.M*}o mqYqYsMt V`C3PC\19#

2=hP-EE<=2=.0C=#8E(F#8H63E#&,/?I<=%E#8E>P2l¡z¡z¡)( Jf#&2=2x=^#&%6hP<==Z*( 2@<=%5E#&6=%(,BP2=.METPR #&%)*-,/.YZma

ÍÎyÍ +!+,+ ÕiÞ.-/-zÒ3Ø]Ð1032_Ð14µÜÜÔ_Ø65 Òhá@âiÝÒhÜ×ÕiØ`Ý

"Q19#8E#X,BP2=.METPRU#

2=hP-EE<=2=.P2¡z¡i¡Ã:m#&1/.YZ[E19HT6}P<3HT6})x=%$C=#&2"$j}»"$*-,/,BP%;F#8H63E#&,/?I<=%Emave7#&1

#&1/23#&% H6hAZ:8<=2=.}#&1/23#&%!n3#&6=,9#&%?M*-%%#&?IZ<=%.Y,9#&19H6@<=2=.RO1/Z ' <hP%ZTP,9ETC3PZ#&2¢KM*-2

mqMr-³ a

^=19E

mqYqYs a§

#&%6hA,/Z(R0P2lC3P-E7)*-,/.M#&23C=#!'%.M#&^=2=19E ç7

ö å ÷ ê ë98;:<8>=

?

A@BABDCFE

åGëæGlæ T ý

÷ÿ

H8;:JILK

?NM

@OAOC ö å

÷ÿ

)P

÷ oMt

"$#&%5.M#8ETH6hAZ:8Z#n3#&6=,9#&%?M*-%%#&?@Z<=%hP%TPRU#&Z#&%6Qøê ëR8;:<8>=D^_#8E1/Z:8Z5:8JgP%$C3P-E(%19HT6`Z1/.M#ºz*-%:m#&19H63#&2WV

19EZXP^_#&%XC=*IH6E#&6=%?I,9#&1/2Wap"Q19#D5#mP?IZ19*-2¢C=#8E"$j]»"$*-,/,BP%F#8H63E#&,/?I<=%E#8EOP<\)

^`Jf#&19HT6`<=2=.M#&2

KM*-2 ¡z¡z¡ )+A,/,/ZC3PRO1/ZD2@<=%DE#&6=%EH6@JgP-HT6 P<3Emazjl1/ZDeg,/19H? P<\)C=#&2ù2=19#8C\%1/.M#&2TS{F#&%ZD19EZ0C\19#

2=hP-EE<=2=.[C=#8EF#8HT63E#&,/?@<=%ET#8EzE*-.`P%1/23E1/.Y2=1NU3?YP2`Zma <3E-?M*-23*-RU#&Z%19EH63#&% 19H6`Zi19EZ#8E)y%TP.Y,/19HT6WV

*-^Dx=^_#&%6hP<==Z7#&1/23#

2=hP-EE<=2=.!C=#8EiF#8H63E#&,/?I<=%E#8EGP20C\19#>¨[P<\)y?I%TPc)yZhP%1/ZTAZ7EZTPZZVU323C=#&ZmaI¹QP-HT6

eGP23#&%N#8#(#&ZiP,a3o mqYqYMt Rx3ETEZ#GC=#&%S{F#&%ZfC=#8E 2=hP-ETE<=2=.MEhP%TPRU#&Z#&%EøD^_#&Z%TP.MER0AY1/..Y%-M#&%

P,9E amq E#&1/2WVf<=R C\19#k¹><=,/,{d>¦@*-Z63#8E#l1/23EZTPZ19*-2hA%#&%

^@Jf#&19HT6`<=2=.M#&2 KM*-2~¡z¡i¡ Jf#&2=1/.MEZ#&23E

P<\)(C=#&R XWY ¹51/KM#mP<²KM#&%Jf#&%)+#&2²:8<?M-2=23#&2Wap4µ%*-Z:C\19#8E#&%!EH6@JgP-H63#&2 'zK@19C=#&2=:D<=23CC=#&%[2@<=%

,BP2=.METPRU#&2 2=hP-EE<=2=.0C=#8E7F#8H63E#&,/?I<=%E#8E519EZ(C\19#;e7#8C=#&<=Z<=2=.DC=#&%(¨[P<\)?@%TPc)ZhP%1/ZTAZ#&2`Z63#8*-%19#

)x=%gC\19#$'%?I,BA%<=2=.OC=#&%7,BP2=.-)y%19EZ1/.M#&2£'2@ZJG19HT?@,/<=2=.C=#8EfF#8HT63E#&,/?I<=%E#8E72=19H6@ZG:8<<=2@Z#&%EH6hAZ:m#&2Wa

ÍÎ[Z \Ñ#] ÕfÜÔ_ÙMÑ4µÞfÝcÒhØMßWÒ_^gÞiÑÝ-ÝÒÖA`iØa-iÒhÞ Ð1032_Ð14µÜÜÔ_Ø65 Òhá@âiÝÒhÜ×ÕiØ`Ý

"Q19##&RO=1/%19EH63#5#&,9#&KYP2=:C=#&%¨[P<\)y?I%TPc)ZhP%1/ZTAZJG1/%C²C=#&<=Z,/19H6WVJf#&2=2R0P2C\19#0'2@ZJG19HT?@,/<=2=.

C=#8E!"Qj}»"$*-,/,BP%F#8HT63E#&,/?@<=%ET#8EXP<\)>Q%<=23C\,BP.M#DC=#&%.M#8EHT6hAZ:8Z#&2¢¡i¡z¡{ 2=hP-EE<=2=.ME.Y,9#&19HT6`<=2=.

oMt E1/R<=,/19#&%Zma

^lC=#&R ZTP%Z=<=2=?@Z$C=#&% 1/R!<=,BPZ19*-2aSVb;#&%6hA,/Z5R0P2kC\19#[E1/R!<=,/19#&%Z#&2lF#&%Z#!C=#8E

oy,9*-.`P%1/Z6=RO19#&%Z#&2

t

F#8H63E#&,/?I<=%E#8E>C\<=%H6£)+*-%ZJ7A6=%#&23C=#8E>'1/23ET#&Z:m#&21/2o

Mt

a3¹><=%7)yx=%(C\19#$^#&19C=#&2

cedgf

êGÆzÅÁÌ¥ÆÚLÆzÅDéSÆ{ËÁæ|çUÎÌ¥ÞzÌ¥Æ{Éih¸ØÅ|Ø-ÝBÆqÌ¥ÆzÅÆjyÉUÚLÆzÉBËÁÇ¢æ|ç@Ç¢ÉlkÐ¢Ø-ÝBÝBÆqÅ¥Éßm6ÇÑÉyÆ£ÏDÆ{ËÁæ|çLÅ¥Æ{Ç<yÔLÉyéÚLÆzÅDíØÌ¥ÆzÉiÆjyÉUÚ0ÆzÌ

ËÁÇÑæqçÇÑÝ ìaÉyçUØÉyé0ß

(5)

^=^=1/,9C\<=2=. ¡z¡z¡ù<=23C£C=#&%5"$j]»"$*-,/,BP%(F#8HT63E#&,/?@<=%E*( 1/R<=,BPZ19*-23ET#&%.M#&^=2=19EE#

1.0 1.5 2.0 2.5 3.0 3.5

76 78 80 82 84 86 88 90 92 94 96 98 EF75

EF96 E

2.25 1.84 1.66 1.55

6Å¥Ð¢ÎÔLÌ¥ÆzÅ¥ÔLÉyéSÆzÉoníÇÑÆ,ìpLÇÑÐvÚ0ÔyÉLéNÞ{ÆzÇ¢éÌ?ÚLÆ{É!ÆzÅ¥Ð¢ØÔLÕÚ0Æ{Ë&í$qrí£ÜSÐÑÐ¢ØÅ@êëÆ{æ|çyËÁÆ{ÐÑÙÔLÅ¥ËÁÆzË tsu"ÊSÜSÉeâ¯äAð-åvyÇÑËâ¯ä-äFw

ÔyÉyÚNÚ0Ç¢ÆéSÆ{Ý&ÎDxy ÷ãm"£ËÁÇÑÝÔLÐÑÇ¢ÆqÅÁÌ¥Æ{É7êGÆ{æ|çyËÁÆ{ÐÑÙÔLÅ¥ËÁÆz ts${$|}Òos${~F"qßíÇÑÆBØâ¯äSðSåiLÞß*â¯äSäÉUØçyÆ{Þ{ÔUØÅ|Ø-ÐÑÐÑÆ{ÐDÞzÔLÅ

XÆzÇÑÌ|ØæqçLËÁÆ¹ÊAÆzÅ¥Ð¢Ø-Ô0ÕÆ{ÉyÚLÆ{ÉÇÑÉyÇÑÆ{É?Þ{Æ{ÇÑéSÆ{É,Ú0Æ{É*ÆzÅ¥Ð¢Ø-Ô0Õ6ÚLÆqÅÔyÉyÇÑÊ-ØÅ¥Ç¢ØÌ¥ÆzÉzh¸Å¥ÜSéSÉLÜSËÁÆ{Éy NiF"qß

¡%#&19E2=1/KM#mP<3E5Jg#&%C=#&2lC\19#gN#&Jf#&1/,9E(%#mP,/19E19#&%Z#&2F#&%Z#[#&1/2=.M#8E#&Z:8Z ç

S.SVbz!å÷ ê å8÷

S.SVbz!å÷ ê å÷ÿzë8;:<8>=

E

åë£æyæ Tmý

÷ÿ&)8;:JILK ö å÷ÿ o§@t

"Q19#[E1/R!<=,/19#&%Z#&2lF#&%Z#!#&2`ZE=%#8HT63#&2kC3PRO1/ZQ#&1/23#&%>C\¦I2hPRO19EH63#&2k¡%*-.Y23*YE#C=#8EGF#8H63ET#&,/?@<=%E#8E¯V

C\19#0^_#8C\1/2=.YZ!19EZ!P<\)(C\19#0'2@ZJG19HT?@,/<=2=.}C=#&%!¡z%#&19E2=1/KM#mP<3Ema ^=^=1/,9C\<=2=. :m#&1/.YZ!C=#&2²ºz#&%,BP<\)(C=#8E

"$j}»"Q*-,/,BP%$F#8HT63E#&,/?@<=%ET#8E$<=23CkC\19#£o#&2@Z,9*-.`P%1/Z6=RO19#&%Z#&2 t

1/R<=,BPZ19*-23ET#&%.M#&^=2=19EE#9>K<=23C

L)yx=%7C\19#5^#&19C=#&2 ZTP%ZJg#&%Z# mqMr-³ a <=23C mqYqYs a§ aIF#&1/,C=#&% HT6hAZ:8:m#&1/Z%TP<=R mqYqYs a§ #&23C=#&ZmV

E1/23CDC\19#G)x=% mqYqMr <=23C mqYqY E1/R<=,/19#&%Z#&2F#&%Z#(.M#&JG19EE#&%R0PM#&2¢7Iw_->9 f¡%*-.Y23*YE#&2C=#8E

F#8HT63E#&,/?@<=%ET#8Ema

e7#&Z%TP-H6@Z#&2LJG1/%i:8<=2hA-H63EZgC\19# 1/R<=,BPZ19*-2>K\VIC\19#5E19H60x=^#&%iC=#&2D.M#8ETPRZ#&2 H6hAZ:8:m#&1/Z%TP<=R

#&%EZ%#8HT?@ZmaI";P-E 1/R!<=,BPZ19*-23E#&%.M#&^=2=19E7:m#&1/.YZmV@C3PC\19#(.M#8EHT6hAZ:8Z#>nh#&6=,9#&%?M*-%%#&?@Z<=%.Y,9#&19HT6`<=2=.U:8J7P%

ìaÔLÕéÅ¥ÔyÉyÚÚLÆzÅÇ¢æ|ç8Ì¥ÐÑÇ¢ÉLÆ¯ØÅ¥ÇÍÌ|ÎÌÚ0ÆzÅpÜSéSØÅ¥ÇÍÌ¥çyÝÔyËiÕoÔyÉyÙ8Ì¥ÇÑÜSÉÐ¢ÇÑÆzÕoÆzÅ¥É,ÚLÇÑÆÆ{É8Ì¥ÐÑÜSéSØÅ¥ÇÍÌ¥çyÝBÇÑÆzÅÁÌ¥ÆzÉêëÆzÅÁÌ¥ÆÆ{ÇÑé-Æ{É8Ì¥Ð¢ÇÑæ|ç

ÙAÆ{ÇÑÉyÆÜLÌ¥ÇÑÝ&Ø-ÐÑÆ{Ézh6Å¥Ü-éSÉyÜ-ËÁÆ{ÉÕÖ0ÅÚLØ-Ë£ÇÑÊAÆ{Ø-ÔÚ0Æ{ËêëÆ{æ|çyËÁÆ{ÐÑÙÔLÅ¥ËÁÆzË{ÒUÊéSÐ÷ß>Æ{ÐÑËÁÜSÉG iâ{äAðï0Ò~×ß¢âV0âe"qßyíÆzÅaÞ{ÔLéSÆ{ç-Å¥ÇÑéSÆ

k£ÜÅÁÅ¥Æ{Ù8Ì¥ÔLÅÁÕ÷ØÙ8Ì¥Ü-Å$Æ{ËÁÇÍÌ¥ÞzÌ¹ØÐÑÐ¢ÆqÅ|ÚLÇÑÉyé-ËmÇÑÉNÔyÉyËÁÆqÅ¥ÆzÅ¹ìÉ8DÆ{ÉUÚ0ÔyÉyé&Æ{ÇÑÉLÆ)ÊAÆzÅ¥ÉyØ-æ|çyÐ¢Î-ËÁËÁÇÑéFyØÅ¥ÆRÅxAÆ{ÉLÜ-Å|ÚLÉÔLÉyé@ÊAÜSÉ7ÉÔLÅ

ÆzÌyØ)á0Òá-á0âmí$qNß

(6)

F#8HT63E#&,/?@<=%ET#8Eµ^#8EH6=%#&1/^#&2?YP2=2Wame7#&1M#&%)#&?IZ#&%Wºz*-%TP<3EE19H6`Zx=^#&%µC\19#z'2@ZJG19H?I,/<=2=.[C=#&%W^#&19C=#&2

¡%#&19E2=1/KM#mP<3EmV¯6hAZZ#fR0P2 mqMr-³ P<\)heGP-E19EµC=#&%p.M#8EH6hAZ:8Z#&2O¡z¡z¡(ùn3#&6=,9#&%?M*-%%#&?@Z<=%.Y,9#&19HT6`<=2=.£oMt

)x=%gC=#&2L'23C=# mqYqY .Yx=,/Z1/.M#&2£"$j}»"Q*-,/,BP%7F#8HT63E#&,/?@<=%E7#&1/23#&2F#&%Z7KM*-2 a§ =%*-.Y23*YEZ1/:819#&%Zu(

<=23ClE19H6oy^_#&1#&1/23#&R ¡%*-.Y23*YET#&63*-%1/:m*-2`Z;KM*-2k¼ |`P6=%#&2 t ,9#8C\1/.Y,/19H6]<=R m ¡)#&2=2=1/.KM#&%EHT6hAZ:8Zma

¹$PZx=%,/19H6U6hA2=.YZzC=#&%ºz#&%,BP<\)vC=#&% 1/R<=,BPZ19*-2DKM*-2X1/6=%#&R ZTP%ZJg#&%ZgP^Wa-"$*@HT60P<3H60C3P2=2WV-Jg#&2=2

R0P2C\19#

1/R<=,BPZ19*-2 #&%EZ1/R |`P6=% mqYqMr ^#&.Y1/2=23#&2,BAYZmVp^#8E1/Z:m#&2E1/R!<=,/19#&%Z#L<=23C²%#mP,/19E19#&%Z#

F#8HT63E#&,/?@<=%ET#!C=#&2.Y,9#&19HT63#&2}4W%#&23Cvah'z23C=# mqYqY EZ1/RORU#&2lC\19#£7\w->/ >¡%*-.Y23*YET#L

<=23CC=#&%5^_#8*-^hP-HT6`Z#&Z#[F#8HT63E#&,/?I<=%E>E*-.`P%G^=19E>P<\)C\19#$:8Jg#&1/Z#"$#&:81/R0P,9EZ#&,/,9#x=^_#&%#&1/2Wa

e7#&RU#&%?M#&23EJg#&%Zg19EZmV`C3P!C\19#5.Y<=Z#5¡#&%)*-%R0P23H8#$C=#&%f^_#&19C=#&2 1/R<=,BPZ19*-23#&2!( Z%*-Z:QC=#8Ei?I,9#&1/23#&2

2=hP-EE<=2=.MEhP%TPRU#&Z#&%E(øêëR8;:<8>=v( 1/2#&%EZ#&%5uv1/2=19#[P<\)C\19#

2=hP-EE<=2=.UC=#8EGF#8HT63E#&,/?@<=%ET#8E

P2XC\19#f¨[P<\)?I%TPc)yZhP%1/ZTAZ:8<=%x3H?I:8<\)x=6=%#&219EZma¯F#&2=2^_#&1IC=#&% 1/R!<=,BPZ19*-2UC=#8EF#8H63E#&,/?I<=%E#8EC=#&%

'1/2;3<=UC=#&%G¡%#&19E2=1/KM#mP<3EG2=19H6@Z(^_#&%x3HT?IE19H6`Z1/.YZ5JG1/%C]oøê8 t V\C3P2=2EHT6=%#&1/^=Z(C\19#>%#8E<=,/Z19#&%#&23C=#

<=2=1/KYP%1BPZ#YV3%#&1/2P<=Z*-%#&.Y%#8EE1/KM#¡%*-.Y23*YE#&.Y,9#&19HT6`<=2=.£C=#&2£F#8H63ET#&,/?@<=%EQPR ZTP%Z=<=2=?@Z52hP63#&:8<

<=2@KM#&%TA23C=#&%ZQ1/2kC\19#!½<=?I<=2\)yZ5)*-%Zma ^=^=1/,9C\<=2=.

1/,/,/<3EZ%19#&%ZmV_C3PDC=#&%5'1/2;3<=LC=#&%5?I<=%:&)%19EZ1/.M#&2

"Q¦I2hPRO1/?¢o

ö

å ÷ÿ t 1/2}C=#&%

1/R<=,BPZ19*-2²E#&6=%>%TP-ETH6P^=?I,/1/2=.YZma>6=23#C\19#Xb2\)*-%R0PZ19*-2}x=^#&%;C\19#

'2@ZJG19HT?@,/<=2=.C=#&%X¡%#&19E2=1/KM#mP<3E<=2`Z#&%ETH63#&19C=#&ZUE19HT6²C\19#D^_#8EZ#Uºz*-%63#&%ETP.M#LC=#8EF#8HT63E#&,/?@<=%ET#8E

2@<=%23*IH6<=2@Jf#8E#&2@Z,/19H6ÃKM*-2#&1/23#&%£>P23C=*-R¤`FP,/?`¤@¡%*-.Y23*YE#YVGC\19#)yx=%LC\19#l'z2`ZJG19HT?@,/<=2=.ùC=#8E

"$j}»"Q*-,/,BP%fF#8H63E#&,/?I<=%E#8E7*v#&23E19H6@Z,/19H6L2`<=%f<=2`^#w)y%19#8C\1/.M#&23C=#Q,BP2=.-)%19EZ1/.M#5¡%*-.Y23*YET#&2D,/19#w)+#&%Zma

,/,9#8E1/2P,/,9#&R EH63#&1/2@ZX#8EC3P63#&%.M#&%#8H6`Z)+#&%Z1/.YZmVKM*-2¢C=#&%!,BP2=.-)%19EZ1/.M#&2 Qx=,/Z1/.Y?M#&1/ZXC=#&%¨[P<\)y{

?I%TPc)yZhP%1/ZTAZP<3E:8<=.M#&63#&2WaW'1/23#OJG19HT6`Z1/.M#Oºz*-%TP<3EET#&Z:8<=2=.£)yx=%;C\19#O#&RO=1/%19EHT63# 2`Jf#&23C\<=2=.lC=#8E

jk*-23#&ZTA%#&2ljk*@C=#&,/,9E5C=#8EGF#8H63E#&,/?I<=%E#8E519EZ(C3PRO1/Z5#&%)x=,/,/Zma

ÍÎ¡ Ð}ÔvÝ£¢4µÜÜÝcÙ-ÛvÞu-iÑßµÒ¤0¥4µÞiÒ=ÙYÛØMÒ0¥4-zÒhÜÜ

";P-EXjl*-23#&ZTA%#Ljk*@C=#&,/,gC=#8EF#8H63E#&,/?I<=%E#8EX2hP-H6n=%#&2=?M#&,[o mqMr-sMt 1/2`Z#&%=%#&Z19#&%Z0C=#&2¢F#8H63ET#&,{

?I<=%E;P,9E$%#&,BPZ1/KM#&2¡%#&19E$:8Jf#&19#&%;F~A6=%<=2=.M#&2WVvC=#&%[E19H6P<3E$C=#&RªN#&Jf#&1/,/1/.M#&2

2=.M#&^_*-Z$<=23C]C=#&%

¹$P-H6\)%TP.M#$2hP-H6C\19#8E#&2LF~A6=%<=2=.M#&2#&%.Y1/^=Zma\b2£C=#&%G¡6=1/,9*YE*-=6=19#;C=#8EGjk*-23#&ZTA%#&2£jl*IC=#&,/,9E7JG1/%C

C3P-E;¡%#&19E2=1/KM#mP<ùoC\19#O¨[P<\)y?I%TPc)Z$#&1/23#&%;F~A6=%<=2=.

t

P<\)gC=#&R $#&,9C\R0P%?IZ[C\<=%H6²C=#&2 <3E.Y,9#&19HT6

KM*-2#F¦=*-.M#&23#&Ró$#&,9C3P2=.M#&^*-Z5<=23C£C=#&%5%#mP,9#&2k$#&,9C\2hP-H6\)%TP.M#!^_#8EZ1/ROR!Zma

b2E#&1/23#&%Q#&1/2\)+P-HT63EZ#&2ºz#&%E19*-2l,BAYZ>E19HT6C\19#

Z%<=?IZ<=%>C=#8E>jl*IC=#&,/,9E!oy1/2l,9*-.`P%1/Z6=RO19#&%Z#&%Qnh*-%R t

(7)

§

ë£æ ê ¨p©Xë¤ªX«åX¬F o³Mt

§ T ë£æ

T ê ¨ T © T

ëª

T « T åX¬ Ã osMt

å ê æ0ëæ

T

åX¬V®D®D® o rYt

"Q19#>oy,9*-.`P%1/Z6=RO19#&%Z#

t

%#mP,9#7$#&,9C\2hP-H6\)%TP.M#

§

ëgæ6hA2=.YZC3P^_#&1@JG19#zx=^=,/19H6KM*-R©oy,9*-.`P%1/Z6=RO19#&%#&2

t

%#mP,9#&2X'1/2=?M*-RORU#&2G©;<=23C!#&1/23#&R½1/23EETPZ:u«WP^WV¯C=#&%C\19#>=*-%Z<=2=1/ZTAZE?M*YEZ#&2OC=#&%;#&,9C\6hP,/Z<=2=.

#&%)PYZma@b20C=#&%f,9*-.`P%1/Z6=RO19EH63#&2";P%EZ#&,/,/<=2=.^_#&:m#&19HT6=23#&2C\19#¨p¯N°$C\19#>'1/2=?M*-RORU#&23E#&,BP-EZ1/:81/ZTAZ#&2

C=#&%;$#&,9C\2hP-H6\)%TP.M#&2]<=23CC\19#ª ¯°RU#8EE#&21/6=%#O½1/23E%#mP.Y1/^=1/,/1/ZTAZma_";P-E>eg1/23C=#&.Y,/19#8Cl:8JG19EH63#&2k1/2I¤

<=23COP<3E,BA23C\19EHT63#&R $#&,9C\R0P%?IZp^=1/,9C=#&ZC\19#g,BP2=.-)y%19EZ1/.M#f¨[P<\)?@%TPc)ZhP%1/ZTAZmVYC\19#gC=#&2!F#8HT63E#&,/?@<=%E

^#8EZ1/RORZma@¹>#&^#&2UC=#&2U^#&19C=#&20¡%#&19E2=1/KM#mP<3Ei19EZzC=#&%zF#8HT63E#&,/?@<=%EfC\19#(C\%1/ZZ#(#&23C=*-.M#&23#5ºiP%1BP^=,9#

C\19#8E#8EQQ,9#&19H6@<=2=.MEE¦\EZ#&RUEma

b2O#&1/23#&%z#&RO=1/%19EH63#&2 2`Jg#&23C\<=2=.[JG1/%CXR0P2O:8<=RO1/23C=#8EZZ#&RO*-%TA%# ^@Jf#&19HT6`<=2=.M#&2KM*-2UC\19#8E#&2

e7#&:819#&6`<=2=.M#&2l:8<=,BP-EE#&2WV=C\19#$1/2o

³Mt VWo

sMt

<=23Co

rYt

1/2C=#&2XN#&Jf#&1/,/1/.M#&2lå¬T{ºiP%1BP^=,9#&2l^_#&%x3HT?IE19H6`Z1/.YZ

E1/23Cvaf";P-E0jk*-23#&ZTA%#ljk*@C=#&,/,>KM#&%,BP2=.YZDC3PRO1/ZLC3P-EUºz*-%,/19#&.M#&2 KM*-2ùC\%#&1Q,BP2=.-)y%19EZ1/.M#&2Q,9#&19HT6\{

.M#&JG19HT6`ZE^#&:819#&6`<=2=.M#&2 ç 23#&^#&2C=#&%¨[P<\)?@%TPc)ZhP%1/ZTAZDo

rYt

R!<=lP<3H6¢C\19# ZTP^=1/,/1/ZTAZ!C=#&%[^#&19C=#&2

$#&,9C\2hP-HT6\)y%TP.M#w)<=2=?IZ19*-23#&2 o³Mt <=23C o sMt .M#&JgA6=%,9#&19EZ#&ZDE#&1/2Wa

<3EU-?M*-23*-RU#&Z%19EHT63#&%

19H6`ZD1/RX{

=,/1/:819#&%Z[C\19#8EmV_C3P£C\19#X$,9#&19H6=.M#&JG19H6@ZETP^`Jg#&19H6I<=2=.`#&2 åX¬

Tå¬

Ã

<=23C}åX¬

®D®D®

EZTPZ19*-2hA%[E1/23Cl<=23C

)+*-,/.Y,/19H6C=#&%X¨5*-1/2`Z#&.Y%TPZ19*-23E%TP2=.±C=#8E ¦\EZ#&RUE£o+åLææ T § § T A©²A© T A«DA« T t

RO1/23C=#8EZ#&23EOC\%#&1

19EZmav'z1/23#OK@19#&%Z#X=,BP<3E1/^=,9#U¨5*-1/2@Z#&.Y%TPZ19*-23E^_#&:819#&6@<=2=.]%#8E<=,/Z19#&%Z!P<3E[C=#&%;<=2=.M#8C=#8HT?@Z#&2½1/23EhPc{

%1/ZTAZoäQb¡

t

a"$#&RO2hP-H6J7A%#£P<3H6C\19#½1/23EC\1#&%#&2=:«ië³« T êvzåX¬F´Xµ

®

EZTPZ19*-2hA%mVJf#&1/,GE19#C=#&%

#&%J7P%Z#&Z#&2lF#8HT63E#&,/?@<=%EKM#&%TA23C=#&%<=2=.#&2@ZE=%19H6@Zma

FP-ED1/RO=,/1/:819#&%#&2~C\19#8E#ºz*-%TP<3ETE#&Z:8<=2=.M#&2 C=#8Ejk*-23#&ZTA%#&2jk*IC=#&,/,9EO)x=%DC\19#

2=hP-EE<=2=.ME.Y,9#&1{

HT6`<=2=.}C=#8EF#8HT63#&,/?@<=%ET#8E¶L¹$P-H6C=#&R®5#&=%TA-ET#&2`ZTPZ19*-23EZ63#8*-%#&R )x=%?M*-1/2@Z#&.Y%19#&%Z#½_#&1/Z%#&1/63#&2

.Y1/,/Z

ç

F#&2=2¢#8E;1/2#&1/23#&R

¦\EZ#&R·±L,BP2=.-)%19EZ1/.M#DQ,9#&19HT6=.M#&JG19H6`ZE^_#&:819#&6@<=2=.M#&2 .Y1/^=ZmVWC3P2=2?YP2=2

E19HT6£#&1/23#Q#&23C=*-.M#&23#$ºiP%1BP^=,9#[P<3HT6P2!±!KM#&%EH6=19#8C=#&23#ä52=.Y,9#&19HT6=.M#&JG19H6`Z#P2=hP-EE#&2Wa\";P-E763#&1/YZmV

C\19#n3#&6=,9#&%?M*-%%#&?IZ<=%.Y,9#&19H6`<=2=.]C=#8E>F#8H63E#&,/?I<=%E#8EQJG1/%Ck1/R P,/,/.M#&RU#&1/23#&2]2=19H6@Z$2`<=%0 wîyï_ wïLE*-2\{

C=#&%2#&^#&2².M#&2hP<)±n3#&6=,9#&%?M*-%%#&?IZ<=%Z#&%RU##&2@Z6hP,/Z#&2Wa"Q#&%F#8H63ET#&,/?@<=%EX%#mP.Y19#&%ZXRU-.Y,/19H63#&%{

Jg#&19E#2=19HT6`ZQ2`<=%$P<\) ^@Jf#&19H6@<=2=.M#&2}KM*-2lC=#&%Q¨[P<\)y?I%TPc)yZhP%1/ZTAZOo+åX¬

®D®® t

E*-23C=#&%2kP<3HT6]P<\)zä>2\{

.Y,9#&19HT6=.M#&JG19H6`Z#1/2C=#&2ON#&Jf#&1/,/1/.M#&2}$#&,9C\R0A%?IZ#&2²o+åX¬

Tå¬

Ã t *IC=#&%5P<\)

^@Jf#&19HT6`<=2=.M#&2kKM*-2C=#&%

½1/23EhP%1/ZTAZXo+åX¬F´Xµ

® t ç

ö å ÷ êùø

®D®D®

åX¬

®D®D®

÷ÿ

²ø

åX¬ ÷ÿ ø

Ã å¬ Ã

÷ÿ

¸:m:m:cûø

´Xµ

®

åX¬

´Xµ

®

÷ÿ

ý

) ÷ oMt

(8)

hP%TPRU#&Z#&%mVH6hP%TP?IZ#&%19E19#&%ZUP^_#&%!E#&6=%Jg*-6=,i1/6=%#Uºz*-%:m#&19HT63#&2WazQ1/,/Z^#&19E=19#&,9EJg#&19E#Då¬

÷ÿ

/8=V

C3P2=2}J7P%;2hP-H6¢Q,9#&19HT6`<=2=.²o ³Mt C3P-E$1/2=,BA23C\19ETH63#D$#&,9C3P2=.M#&^*-Z;1/R ºz#&%.Y,9#&19H6:8<=%;%#mP,9#&2²$#&,9CI{

2hP-HT6\)y%TP.M#g:8<.Y%*-3ab2C=#&% 19HT6`ZJf#&19E#GC=#8Ejl*-23#&ZTA%#&2Xjk*@C=#&,/,9Eµ)yx=6=%ZC\19#8Eµ:8<¡%#&19EEZ#&1/.M#&%<=2=.M#&2WV

:8<}#&1/23#&%

^@Jf#&%Z<=2=.C=#&%$1/2=,BA23C\19EHT63#&2}FA6=%<=2=.L<=23Ck:8<}#&1/23#&R

23EZ19#&.£C=#8EQF#8H63ET#&,/?@<=%E#8E¯a

"$#&% 2=hP-EE<=2=.MEhP%TPRU#&Z#&%7ø

19EZGC3PRO1/ZG_*YE1/Z1/KU<=23CP<\)P2hP,9*-.M#$F#&19E#$E19#&6@ZGR0P2WV=C3POC3P-E

=,BP<3E1/^=,9#[ºz*-%:m#&19H63#&2kKM*-2£ø

T

23#&.`PZ1/KL19EZma

'¦\=,/1/:81/Z(JG1/%C£C\19#;e7#8C=#&<=Z<=2=.0C=#8E>;#&,9C3P2=.M#&^_*-ZEmV=C=#8E(%#mP,9#&2'1/2=?M*-RORU#&23E5<=23C£C=#&%>½1/23ETETAZ:m#

P<\)(C\19#UdQ-63#UC=#8E[F#8HT63E#&,/?I<=%E#8E1/2²C=#&%[%#8C\<=:819#&%Z#&2¢nh*-%R®C=#&%[F#8HT63E#&,/?@<=%E.Y,9#&19H6`<=2=.3auµYEZ

R0P2~C\19#$#&,9C\2hP-H6\)%TP.M#&2 o ³Mt <=23C osMt 2hP-HT6ÃC=#&2~¡%#&19E2=1/KM#mP<3EP<\)<=23CE#&Z:8Z£C\19#8E#l1/2~C\19#

¨[P<\)?@%TPc)ZhP%1/ZTAZ#&2=.Y,9#&19H6@<=2=.¢o rYt #&1/2WVET*0#&%6hA,/Z$R0P2kC\19#E*-.M#&2hP2=2@Z#n3<=23C3PRU#&2`ZTP,/.Y,9#&19H6@<=2=.

C=#8E(jk*-23#&ZTA%#&2ljk*IC=#&,/,9EmV

åQê

§ ë § T

ë1¨p©)¨

T © T

ª«pë¤ª T « T

º¹p oqMt

Jg*-^_#&1»¹ êóåX¬

®D®®

ë¶û+åX¬

ëùåX¬

Ã ý

a">19#n=<=23C3PRU#&2@ZTP,/.Y,9#&19H6`<=2=.KM#&%C=#&<=Z,/19HT6`ZmVzC3P}#&ZJ7P]#&1/23#

'%63-6@<=2=.UC=#8Eg1/2=,BA23C\19EH63#&2l$#&,9C3P2=.M#&^*-ZEG*IC=#&%g#&1/2.M#&%1/2=.M#&%#8E71/2=,BA23C\19EH63#8E5'1/2=?M*-RORU#&2C=#&2

F#8HT63E#&,/?@<=%E>EZ#&1/.M#&2,BAYZmV3C\19##&1/2=63#&1/RO19EH63#FA6=%<=2=.DP,9ET*O<=2`Z#&% ^`Jg#&%Z<=2=.MEC\%<3H?^=%1/2=.YZma

¼ ½LÁ=ÁÃÈÁÃÂÅÄ(ÆGÇ ÂÅÄ;ÈÁÃT ÇÈ!v¾pTÇhÇÀ¿Ä(ÇÁ

ZÎÏ Ð}ÒhØºÂÃ>ÄÅÆÇÃ>Ä¤È_ÉÂoÊ Ë;ÌÌÂLÉ;ËÆoÍ

"Q19#%#8C\<=:819#&%Z#]n3*-%R C=#&%0F#8HT63E#&,/?@<=%E.Y,9#&19H6`<=2=.·o qMt ^=1/,9C=#&ZDC=#&2 Z¦I=19EHT63#&2 <3E.`P2=.ME=<=2=?IZ

#&RO=1/%19EHT63#&% %^_#&1/Z#&2}:8<=R jk*-23#&ZTA%#&2jl*IC=#&,/,ae7#&1/R

«

¬Y\T ¬X&

« ¥M

«

m`w°D:8<=R 4p#8EZ;C=#8E

jk*-23#&ZTA%#&2 jl*IC=#&,/,9EJG1/%C¢1/2¢#&1/23#&R #&%EZ#&2

HT6=%1/ZZO1/R oy<=R C\19#^_#&19C=#&2¡%#&19E2=1/KM#mP<3E t %#8C\<\{

:819#&%Z#&2 ¦IEZ#&R®o+åL

§ § T A©²A© T A«A« T t

P<\)i¨>*-1/2`Z#&.Y%TPZ19*-2].M#&Z#8EZ#&ZmVhC=#&2=2kC3P-E5>#8E19C\<=<=RÎ¹]C=#&%

n=<=23C3PRU#&2@ZTP,/.Y,9#&19H6@<=2=.LoqMt E*-,/,/Z#fP,9Euv1/23#mP%?M*-R^=1/2hPZ19*-2UEZTPZ19*-2hA%#&%#8Hw{ºiP%1BP^=,9#&2JG19#8C=#&%EZTPc{

Z19*-2hA%E#&1/2Wa-";PRO1/Z^=1/,9C=#&ZP<3HT6OC\19#gn3<=23C3PRU#&2`ZTP,/.Y,9#&19H6@<=2=.LoqMt #&1/23#7¨5*-1/2@Z#&.Y%TPZ19*-23E^#&:819#&6`<=2=.3a

#&1/Z;j]P-H8"Q*-2hP,9Ck<=23C]4pPm¦@,9*-%0o mqYq§@t JG1/%C]C=#8E6hP,/^]1/2]#&1/23#&R #&%EZ#&2

HT6=%1/ZZ[C=#&%Q¨>*-1/2`Z#&.Y%TPZ1{

*-23E%TP2=.!C=#8E%#8C\<=:819#&%Z#&2 ¦\EZ#&RUERO1/Zzd51/,)+#7C=#8Ez|M*-6hP23E#&2I¤`ºz#&%)P6=%#&23E$oyK@.Y,a-|M*-6hP23E#&2komqYqY³Mtt

^#8EZ1/RORZma =%19HT6`Z[C=#&%$4µ#8EZ>)yx=%QC3P-EQºz*-%,/19#&.M#&2]#&1/23#&%$¨5*-1/2@Z#&.Y%TPZ19*-23E^#&:819#&6`<=2=.3VC3P2=2k#&%)+*-,/.YZ

C=#&%#&2 HT6hAZ:8<=2=.D1/2£<=2=%#8EZ%1/2=.Y19#&%Z#&%Qn3*-%R

ç

å ÷ ê¸Ï

§ ÷ )ÏÐ

§ T÷

¤Ï

M © ÷ ºÏ O © T

÷

ºÏÑ«÷ )Ï B « T÷

¤¹ ÷ o

XWMt

(9)

« « «

E#&,/?I<=%E#8E>.M#8EH6hAZ:8Zma"$#&%$n3#&6=,9#&%?M*-%%#&?@Z<=%Z#&%R 19EZ>C3P^#&1C\19#!1/2]C=#&%Q#&%EZ#&2 Z<\)+#[.M#&R0Ao

XWMt

.M#8EHT6hAZ:8Z#²Q,9#&19HT6=.M#&JG19H6`ZE¥P^`Jf#&19HT6@<=2=.ÓQ¹pa

H6=,/19#&Y,/19HT6 JG1/%C~C\19#}¡%*-.Y23*YE#w)A6=1/.Y?M#&1/ZlC=#&%

2\{

hP-EE<=2=.ME.Y,9#&19H6@<=2=.])yx=%C=#&2²F#8HT63E#&,/?@<=%ERO1/ZXd51/,)+#UKM*-2 1/R<=,BPZ19*-23#&2x=^#&%=%x\)Z!<=23C¢C=#&%#&2

'%.M#&^=2=19ETE#;1/23E^#8E*-23C=#&%#;RO1/Z5C=#&%>¡p#&%)+*-%R0P23H8##&1/23#&%5QP23C=*-RX{FP,/?`{¡z%*-.Y23*YE#KM#&%.Y,/19HT63#&2Wa

ZÎyÍ ÐÑÒ¤+DØ4^gÜÒ] Ò¤-iÒhÝ1ÂÃ>ÄÅÆÇÃ>Ä¤È_ÉÂoÊ Ë;ÌÌÂLÉ;ËÆoÍ&Ô

"Q19#¡%*-^=,9#&RU#<=23Cä52=.M#&%#&1/R!Z63#&1/Z#&2 C=#8EU1/2 C=#&%O23#&<3#&%#&2ùuv1/Z#&%TPZ<=%Dx=^=,/19H63#&2

«

¬Y\T ¬L&

«

¥`

«

¯Mw°Ò£Jf#&%C=#&2 1/R )*-,/.M#&23C=#&2 PR e7#&19E=19#&,[C=#&%o)x=%C\19#8E#]uv1/Z#&%TPZ<=%lZ¦I=19EH63#&2

t

'z%.M#&^\{

2=19EET#}KM*-2·j]P-H8"$*-2hP,9CÃ<=23C¶4pP8¦I,9*-%o mqYq§@t1Õjk"Ö$4×C\19E?I<=Z19#&%Zma5jk"Ö$4 <=2`Z#&%E<3H63#&2 C=#&2

¡)<=23Ch»"$*-,/,BP%LF#8H63E#&,/?I<=%EKM*-2 mqMr-³ ^=19E mqYqLW afFù19#1/R KM*-%TP2=.M#&.`P2=.M#&2

^3ETH6=2=1/ZZLC3P%.M#w{

EZ#&,/,/ZmV`^_#8EZ1/RORU#&20jl"Ö$4 :8<=2hA-H63EZgC=#&2D¨5*-1/2@Z#&.Y%TPZ19*-23E%TP2=.G±[C=#8Ez%#8C\<=:819#&%Z#&2 ¦IEZ#&RUEmaM";P-E

|M*-6hP23ET#&2\{ºz#&%)+P6=%#&2,/19#w)+#&%Z!C3P^#&1fC=#&2F#&%Zv±êØI\a

<3E!-?M*-23*-RO19EH63#&% 19H6@Z!19EZC\19#8E#8E'%{

.M#&^=2=19E^_#&RU#&%?M#&23EJg#&%ZmVµC=#&2=2}1/R ¦\EZ#&R û+å

§ § T A©ÙA© T A«DA« T ý

ET*-,/,/Z#U#8E;#&1/.M#&2`Z,/19HT6²2@<=%#&1/23#YV

^#&15Qx=,/Z1/.Y?M#&1/ZOC=#&%U½1/23EhP%1/ZTAZOR0P¦I1/R0P,7:8Jf#&1(¨>*-1/2`Z#&.Y%TPZ19*-23E^#&:819#&6`<=2=.M#&2.M#&^#&2Wa4pPZETA-HT6\{

,/19HT6²Z#8EZ#&2²jl"Ö$4;Vµ*-^¢#&1/23#0C=#&%C\%#&1ge7#&:819#&6`<=2=.M#&2RO1/Z!C=#&%½1/23EhP%1/ZTAZ!KM#&%Z%TA.Y,/19HT6¢19EZ[<=23C

R!x3EE#&2£C\19#8E#$d5¦I*-Z63#8E#5KM#&%Jg#&%)#&2Wah"$P-E7'%.M#&^=2=19EÚ&ÜÛmî w/

«

¨5*-1/2@Z#&.Y%TPZ19*-23E^#&:819#&6`<=2=.M#&2WVC\19#

?M#&1/23#&%U-?M*-23*-RO19EHT63#&2 b2@Z#&%=%#&ZTPZ19*-2 RU#&6=%X:8<=.`A2=.Y,/19H6 E1/23CvV19EZOP<3EO-?M*-23*-RU#&Z%19EHT63#&% 19H6@Z

P<\)µC\19#>¡%*-^=,9#&RU#$C=#8Ef|M*-6hP23ET#&2I¤@4µ#8EZEg^#&1h?I,9#&1/23#&2 Z19HT6==%*-^_#&2L:8<=%x3H?I:8<\)x=6=%#&2WV@KI.Y,a`>#&1/23E#&,

<=23C 6=2o mqYq ¼ t a3";P-EG¡%*-^=,9#&RôRU#&6=%#&%#&%(¨5*-1/2@Z#&.Y%TPZ19*-23E^#&:819#&6`<=2=.M#&2}1/Rª%#8C\<=:819#&%#&2 ¦\EZ#&R

C=#8E(jk*-23#&ZTA%#&2jk*@C=#&,/,9E719EZgKM*-%QP,/,9#&RV=C3PUC\19#$RU*-23#&ZTA%#!Q,9#&19H6=.M#&JG19HT6`ZETP^@Jf#&19HT6@<=2=.£¹l2=19H6@Z

RU#&6=%i*-6=23#5Jf#&1/Z#&%#8Ef19C=#&2`Z1NU3:819#&%ZfJf#&%C=#&2?-P2=2WaYbR nhP,/,9#GKM*-2DC\%#&1h¨5*-1/2@Z#&.Y%TPZ19*-23E^_#&:819#&6@<=2=.M#&2

.Y1/^=Z[#8E$#&^#&2k?M#&1/2#&1/23C=#&<=Z1/.M#8EÝ¹RU#&6=%mVE*-23C=#&%2}.M#&JG19EE#&%R0PM#&2aÞC\%#&1KM#&%EHT6=19#8C=#&23#Fßv¹&àòEmVC\19#

R0P2lP<3HT623*IH6£,/1/23#mP%>?M*-R^=1/2=19#&%#&2?M-2=2@Z#Ya

jk"Ö$4ª?M-2=23#&2 C\19#8E#8EUbC=#&2`Z1NU3?YPZ19*-23E=%*-^=,9#&R #&^_#&23E*]Jg#&2=1/.,9YE#&2JG19#P,/,9#L2hP-HT6\)*-,/.M#&23C=#&2

Z<3C\19#&2:8<=R jk*-23#&ZTA%#&2jk*IC=#&,/,V`C\19#(1/2LP,/,9#&%f>#&.M#&,#&^#&2\)+P,/,9EÞ:8<0KI19#&,9#Fß5¨5*-1/2`Z#&.Y%TPZ19*-23E^_#&:819#w{

6@<=2=.M#&2#&%6hP,/Z#&2Wa ,9E <3E.`P2=.ME=<=2=?@Zp1/6=%#&%p#&RO=1/%19EHT63#&2 2hP,/¦\E#JgA6=,9#&2Xjk"zÖ$4²C\19#)+*-,/.M#&23C=#

¨>*-1/2`Z#&.Y%TPZ19*-23E^#&:819#&6`<=2=.L)x=%(C\19#[n=<=23C3PRU#&2@ZTP,/.Y,9#&19H6`<=2=.lC=#8EGF#8H63E#&,/?I<=%E#8EQP<3E

ç

å8÷ ê 8;:Já;â

?

eC

§

÷vë8;:JK>8

?

ÿeC

§ T÷

ë¤8;:tâm8

?

ÿãC

©Y÷Ùº8;:JLK

?ã Ã C © T

÷

º8;:<8>=

?Nä

C

«÷ÙH8;:<8

?ÿ ä Ã C« T÷

ºP¹h÷ o Y¯t

"Q19##&1/2=:81/.M#!e7#&.Y%x=23C\<=2=.3VC\19#!E19#;)x=%>C\19#8E#!FP6=,p.M#&^#&2?M-2=23#&2]19EZmVC3P£$,9#&19H6`<=2=.o Y¯t RO1/Z

C=#&%;n=<=23C3PRU#&2@ZTP,/.Y,9#&19H6`<=2=.o qMt C=#8EQjk*-23#&ZTA%#&2}jl*IC=#&,/,9E$#&1/2=1/.M#&%R0PM#&2}KM#&%Z%TA.Y,/19H6E#&1a_"$*@HT6

(10)

Z#&2¨5*I#w¸U:819#&2`Z#&2:m#&1/.YZmVgC3PR0P2C3P%x=^_#&%D.M#&Z#&1/,/Z#&%Ljk#&1/2`<=2=.E#&1/2ù?-P2=2Wa *EZ1/RORU#&2C\19#

¨>*@#w¸U:819#&2@Z#&2KM*-%fC=#&2L$#&,9C\RU#&2=.M#&2D?-P<=RRO1/ZgC=#&2UZ63#8*-%#&Z19EHT63#&2DF#&%Z#&2LP<3EiC=#&%in=<=23C3PRU#&2\{

ZTP,/.Y,9#&19HT6`<=2=.3V ^=:8J[ahëâYV@x=^#&%#&1/2Wa@n3#&%23#&%g1/RO=,/1/:819#&%Z*¨ê8;:tâQ1/2ko Y¯t )yx=%GQ%*-Y^=%1/ZTP2=2=19#&2#&1/23#

E#&6=%72=19#8C\%1/.M#$'1/2=?M*-RORU#&23E#&,BP-EZ1/:81/ZTAZ5C=#&%5$#&,9C\2hP-H6\)%TP.M#Ya='^#&23E*=%*-^=,9#&R0PZ19EH6£19EZmVIC3POC\19#

.M#8EHT6hAZ:8Z#l½1/23E%#mP.Y1/^=1/,/1/ZTAZëª T êÓ8;:<8]C=#&%Uä C3P-E)P,9EH63#ºz*-%:m#&19H63#&2 ^_#8E1/Z:8Zma ,/,9#8E1/2

P,/,9#&R ^#&%<=6`ZUC\19##&RO=1/%19EH63#

2hP,/¦IET#0KM*-2jk"zÖ$4©C3PRO1/Z0P<\)>#&1/23#&%XF#8H63ET#&,/?@<=%E.Y,9#&19HT6`<=2=.3V

C\19#P<3E5-?M*-23*-RO19EH63#&%

19H6@Z52=19H6@Z5RO1/Z(C=#&RSjk*-23#&ZTA%#&2ljk*IC=#&,/,vKM#&%#&1/2`^hP%519EZma

<3E;-?M*-23*-RU#&Z%19EH63#&% 19H6@Z[?-P2=2C\19# HT6hAZ:8<=2=.l#&1/23#&%;<=2==,BP<3E1/^=,9#&2n3<=23C3PRU#&2`ZTP,/.Y,9#&19H6@<=2=.

1/R

«

¬Y\T ¬U8

«

®¥M

«

mM&°2=19H6`Zx=^#&%%TP-EH63#&2Wae7#&1f#&1/23#&%!E1/R<=,/ZTP23#&2 H6hAZ:8<=2=.]:8Jf#&19#&%<=2\{

P^=6hA2=.Y1/.M#&%U$#&,9C\2hP-H6\)%TP.M#&21/2²#&1/23#&R®E19#&^#&23C\1/RU#&23E19*-2hP,9#&2

¦\EZ#&R 19EZ[C3P-EC=#&R |M*-6hP23ET#&2\{

ºz#&%)P6=%#&2:8<=.Y%<=23C=#&,/19#&.M#&23C=#Uºz#&?IZ*-%)+#&6=,9#&%?M*-%%#&?@Z<=%RU*IC=#&,/,f:8J7P2=.ME,BA<;U3.EZTP%?kx=^#&%hP%TPRU#w{

Z%19E19#&%Zma\"Q19#

H6hAZ:8<=2=.UC=#8E7ºz#&?IZ*-%)#&6=,9#&%?M*-%%#&?IZ<=%RU*IC=#&,/,9EG19EZ(P<3E7C\19#8E#&RSQ%<=23C63*@HT6=.Y%TP-C\1/.

1/23#w¸U:819#&2@ZmaYä52==,BP<3E1/^=,9#7'%.M#&^=2=19ETE#z)x=%'1/2=?M*-RORU#&23E¤[<=23CU½1/23E#&,BP-EZ1/:81/ZTAZ#&2OE1/23CC3P63#&%p?YP<=R

:8<KM#&%RU#&19C=#&2WVhK@.Y,a=¡z6=1/,/,/1/3E!o

mqYq§@t

a

^_#&%fE#&,/^3EZzC3P2=2WVMJg#&2=2D#8E?M#&1/2bC=#&2@Z1NU3?-PZ19*-23E=%*-^=,9#&R )x=%iC3P-EzRU*-23#&ZTA%#>ä52=.Y,9#&19HT6=.M#&JG19H6@Z¹

.Y1/^=ZG<=23CLC\19# H6hAZ:8<=2=.DC=#&%GF#8H63E#&,/?I<=%E.Y,9#&19H6@<=2=.D#&1/2£RO1/ZGC=#&Rôjk*-23#&ZTA%#&2jl*IC=#&,/,KM#&%Z%TA.-{

,/19HT63#8ED'%.M#&^=2=19ED,/19#w)+#&%ZmV?-P2=2ùC\19#¡%*-.Y23*YE#&.Y,9#&19HT6`<=2=. C=#&%U%#8C\<=:819#&%Z#&2n3*-%R )+#&6=,9E#&:81NU3:819#&%Z

E#&1/2Wai"Q#&2=2 jl"Ö$4ôETH6hAZ:m#&2 1/2 C=#&%U:8Jf#&1/Z#&2 Z<\)+##&1/23#n3#&6=,9#&%?M*-%%#&?IZ<=%.Y,9#&19H6@<=2=.)x=%0C=#&2

F#8HT63E#&,/?@<=%E¯V31/2C=#&%5#8EG2@<=% wîyï_ wï0nh#&6=,9#&%?M*-%%#&?@Z<=%Z#&%RÓ¹.Y1/^=Z ç

ö

å8÷pêùøæå-û[¹÷ÿ

ý

¸çmçmç)¯÷pêùøoåYû+åX¬ ®D®® ë²åX¬ åX¬ Ã ý

¸çmçmç>º¯÷ o ¼ t

";P-EzRU*-23#&ZTA%#Qä>2=.Y,9#&19H6=.M#&JG19H6@Z*¹Lê~å¬ ®D®D® ë}û+åX¬ ë£åX¬ Ã ý

19EZvN#8C=*@HT6D#&1/23#>uv1/23#mP%?M*-R^=1/2hPZ19*-2

P<3E¬

«

wîGEZ%<=?IZ<=%#&,/,9#&2ùnh#&6=,9#&%?M*-%%#&?@Z<=%Z#&%RU#&2WV7C=#&2 ä>2=.Y,9#&19H6=.M#&JG19H6@Z#&2ÃC=#&%0¨[P<\)?@%TPc)ZhP%1{

ZTAZ£<=23CÃC=#&%£^#&19C=#&2¶$#&,9C\2hP-HT6\)y%TP.M#&2Wa$$#&R0A¶o ¼ t <=2`Z#&%EZ#&,/,/ZC\19#}¡%*-.Y23*YE#&.Y,9#&19HT6`<=2=.~C=#&%

%#8C\<=:819#&%Z#&2nh*-%RVWC3PC\19# 2=hP-EE<=2=.P2}P,/,9#Oä>2=.Y,9#&19H6=.M#&JG19HT6`Z#D.Y,9#&19H6EZTP%?19EZma"$*@HT6C\19#

¡P%TPRU#&Z#&%%#8EZ%1/?IZ19*-2ø

®®D®

ê·ëGø

êùø

Ã

?-P2=2£2=19HT6`Z5P<3EGC=#&Rôjk*-23#&ZTA%#&2jl*IC=#&,/,WP^=.M#&,9#&1/Z#&Z

Jg#&%C=#&2<=23C£R!<=U?M#&1/23#8E)P,/,9E5#&RO=1/%19EHT6.Yx=,/Z1/.DE#&1/2Wa

ZÎ[Z èOÑÞÀéQÒhÝcÙê-iÒhÝ£0¥4µÞiÒ=ÙYÛØMÒhÞë0¥4-iÒhÜÜÝ£ÑÞÝcÙ-Ø@Õz×ÙMÕzØMÒhÜÜÒ3Øêì4WØÇ]

ä>R C\19#£¡%*-^=,9#&RU#C=#8E

«

¬-=T ¬£&

« ¥M

«

m`w°ÒX:8<KM#&%RU#&19C=#&2WVzJG1/%C1/2 C=#&%X)+*-,/.M#&23C=#&2 #&RX{

=1/%19EHT63#&2 2hP,/¦\E#UC=#8E"$j}»"$*-,/,BP%F#8H63ET#&,/?@<=%E#8E!JG19#X)+*-,/.YZKM*-%.M#&.`P2=.M#&2 ç ";P-EbC=#&2`Z1NU3?YPZ1{

(11)

«

1/2C=#&R®1/2¢#&1/23#&R #&%EZ#&2 HT6=%1/ZZXC\19#D^#&19C=#&2²,BP2=.-)%19EZ1/.M#&2 $#&,9C\2hP-H6\)%TP.M#&2¶ Aí¥éîtÚ&îgP<3EC=#&R

N#&Jf#&1/,9ED%#&,9#&K-P2@Z#&2

<=^3E¦IEZ#&R û§

æA©²A«

ý

^=:8J[a$û

§ T

æ

T

A©

T

A«

T ý

.M#8EHT6hAZ:8ZDJg#&%C=#&2Wa

<\)[C\19#w{

E#F#&19E#£#&%6hA,/ZOR0P2#&63#&%UE1/2=2@KM*-,/,9#l½1/23E¤<=23C'1/2=?M*-RORU#&23E#&,BP-EZ1/:81/ZTAZ#&2 <=23C19C=#&2`Z1NU3:819#&%Z

Q,9#&19HT6=.M#&JG19H6@ZETP^`Jg#&19H6I<=2=.M#82 oQåX¬ QåX¬ Ã t V(C\19#-?M*-23*-RO19EHT6 1/2`Z#&%=%#&Z19#&%^hP%}E1/23Cva7F#&2=2·#8E

P23C=#&%#&%E#&1/ZE$2=19HT6`Z;.M#&,/1/2=.YZ;EZTP^=1/,9#U$#&,9C\2hP-HT6\)y%TP.M#&2:8<]E#&:81NUh#&%#&2WVC3P2=2k19EZQ#&1/23#Jf#8ET#&2`Z,/19H63#

ºz*-%TP<3EET#&Z:8<=2=.C=#8EOjl*-23#&ZTA%#&2 jk*@C=#&,/,9EXKM#&%,9#&Z:8ZO<=23CC\19#LJg#&1/Z#&%#

2hP,/¦\E#LC\19#8E#8E

23ETPZ:m#8E

#&%x=^=%1/.YZE19H6}*-6=23#&6=1/2WaWb2k#&1/23#&%;:8Jg#&1/Z#&2

Z<\)#JG1/%C}#&1/23#ÞEZ%<=?IZ<=%#&,/,9#Fßnh#&6=,9#&%?M*-%%#&?@Z<=%.Y,9#&1{

HT6`<=2=.KM*-R 4i¦@ oMt )x=%;C=#&2}F#8H63E#&,/?I<=%E;.M#8EHT6hAZ:8ZmVWC\19#X1/R '1/2=?@,BP2=.RO1/Z[C=#&%$-?M*-23*-RU#&Z%1{

EHT63#&2U4763#8*-%19#[-y/ pä>2=.Y,9#&19H6=.M#&JG19H6@Z#>*-6=23#7¡P%TPRU#&Z#&%%#8EZ%1/?IZ19*-23#&2D^#&%x3H?\E19H6@Z1/.YZma

<\)eGP-E19E

C\19#8E#&%[Q,9#&19HT6`<=2=.L?-P2=2k2`<=2k.M#&Z#8EZ#&ZQJf#&%C=#&2WV*-^lC\19#O$#&,9C\2hP-HT6\)y%TP.M#&2]:8<=%QF#8H63E#&,/?I<=%E#&%?I,BAc{

%<=2=.£^#&1/Z%TP.M#&2 oø ê·ø

Ã êî8

t

<=23C]*-^}C\19#X¡P%TPRU#&Z#&%%#8EZ%1/?IZ19*-23#&2C=#&%Q%#8C\<=:819#&%Z#&2nh*-%R

oø

®D®D®

ê·ëGø

êùø

Ã t #&%)x=,/,/Z5E1/23Cva

ï Á3ðÇ_ÁÊË!ôÇ_ (ñXÁhÁ

zÎÏ ÐÑÒ\ÚGÒ_ò3Ñóg×Ô_ÙMÑ4pÞH-iÒ3Ø]ÜÔvÞzßWÖØ`ÑÝcÙYÑßWÒhÞà]ÒÜ#-iÞiÔvá`âzÖØMÔßWÒÞ

F 19#i1/2C=#&%uW1/Z#&%TPZ<=%:8<=Rjk*-23#&ZTA%#&2Xjk*IC=#&,/,`x=^=,/19H6WVJG1/%CXC\19#g;#&,9C\RU#&2=.M#

§

C\<=%H6OC3P-EGoy,9*-.`Pc{

%1/Z6=RO19#&%Z# t $#&,9C\RU#&2=.M#&2hP.Y.Y%#&.`PZOj .M#&RU#8EE#&2WVµC\19#loy,9*-.`P%1/Z6=RO19#&%Z# t 'z1/2=?M*-RORU#&23EK-P%1BP^=,9#

©C\<=%HT6¢C3P-Ee7b¡V3æC\<=%H6C=#&2:8<=.M#&63-%1/.M#&2Ãoy,9*-.`P%1/Z6=RO19#&%Z#&2

t

"$#FPZ*-%<=23C1«$C\<=%H6#&1/23#&2

,BP2=.-)%19EZ1/.M#&2k½1/23EE¥PZ:Ma='1/23#;.M#&2hP<3#[e7#8EHT6=%#&1/^=<=2=.DC=#&%(";PZ#&2£^_#FU323C=#&Z>E19H6£1/R 2=6hP2=.3a="$#&%

HT6hAZ:8:m#&1/Z%TP<=R )yx=%C\19#$#&,9C\2hP-HT6\)y%TP.M#&219EZ!RU-.Y,/19H63EZ,BP2=.l.M#&J7A6=,/Zo

mqYs

¼c{

mqYqYMt

VpC=*IH6C\19#

'%.M#&^=2=19ETE#U^=,9#&1/^#&2EZTP^=1/,VµJf#&2=2R0P2²C3P-E

PRO=,9#O:8<=R±eg#&19E=19#&,i#&%EZjl1/ZZ#UC=#&% r>W #&%|@P6=%#

^#&.Y1/2=23#&2£,BAYZma\b2 2=,9#&6=2`<=2=.0P2LF*-,/Z#&%E(#&Z(P,avo

mqYqYMt

JG<=%C=#&2C\19#[$#&,9C\2hP-HT6\)y%TP.M#&21/RªQP6\{

RU#&2¢#&1/23#&%n3#&6=,9#&%?M*-%%#&?IZ<=%.Y,9#&19H6`<=2=.)yx=%C\19#U%#mP,9#D$#&,9C\2hP-H6\)%TP.M#D.M#8EH6hAZ:8Zma¹QP-HT6¢´7PRO*YE

#&Z(P,avo mqYqYsMt ^_#&J7A6=%Z(E19H6£C\19#8E#8EG'z1/2=:m#&,/.Y,9#&19H6`<=2=.MEKM#&%)+P6=%#&2]1/23E^#8E*-23C=#&%#Q1/2£C=#&%(;#&.M#&2`JgP%Z

KM*-2 Z%<=?IZ<=%^=%x3H63#&2kJG19#;:Maòe$a=C=#&%5C=#&<=ZEHT63#&2F~A6=%<=2=.ME<=2=19*-21/Rô|M<=,/1

mqYqLW

a

e7#&Z%TP-H6@Z#&2UJG1/%:8<=2hA-H63EZzC3P-E HT6hAZ:m#&%.M#&^=2=19E)x=%C\19#7n3#&6=,9#&%?M*-%%#&?IZ<=%.Y,9#&19H6@<=2=.C=#&%C=#&<=ZEHT63#&2

$#&,9C\2hP-HT6\)y%TP.M#Ya"Q<=%H6¢E¦IEZ#&R0PZ19EH63#8E

<3EETH6=,/19#&M#&21/23E1/.Y2=1NU3?YP2`Z#&%ºiP%1BP^=,9#&2.M#&,BP2=.YZ!R0P2

(12)

ö û§

ë£æ

ý ÷ ê ë98;:=Ç

?Ð @õ Ð C ëö8;:tâLâ

?÷M

@BVOC û §

ë£æ

ý

÷ÿzëö8;:tâXá

?÷M

@Ñ eC

©Y÷ÿë¤8;:<8L8

?

O@BABDC

«÷ÿiëö8;:JK>8

?

BF@ODøDC

ö

æh÷ o mMt

8;:tâXK

?Ð @Ð õDC

ö ©Y÷_ëö8;:tâ

?Ð @ùVõDC

ö ©Y÷ÿ Ð ë8;:<8L8

?Ð @BFeC

ö «÷vë8;:<8L8

?÷M

@ÑAÑ C ö «÷ÿ&)ú!¹

§§

«å°)¯÷

û

üý þ~} ÿþ~F Xþ £|mþ þ ü þV~ þ

"Q19# P19E*-2hP,/1/ZTAZzC=#&%ºiP%1BP^=,9#&2O<=23COC\19#gKM#&%#&1/2=1/.Y<=2=.ME^#8C\1/2=.YZ#&2D¹>1/KM#mP<=KM#&%EH6=19#&^=<=2=.M#&21/2OC=#&2

C=#&<=ZEHT63#&2";PZ#&2JG<=%C=#&2C\<=%HT6#&2`ZE=%#8HT63#&23C=#

Z<\)+#&23C\<=RORO19#8E5#&%)PYZma $"Q19#;4µ#8EZEZTPZ19EZ1/?M#&2

P<\) <=Z*-?M*-%%#&,BPZ19*-2}<=23Ckd>#&Z#&%*YE?M#8C3P-EZ19#E=%#8H63#&2k)yx=%$#&1/23#XP2=.M#&RU#8EE#&23# _#&:81NU3?YPZ19*-2}C=#&%

Q,9#&19HT6`<=2=.3aM¹$P-H6OeGP23#&%N#8#G#&ZP,a=o mqYqYMt ^#&,9#&.YZC=#&%E1/.Y2=1NU3?YP2`Z#»S{F#&%ZC=#&%KM#&%:m-.M#&%Z#&2O%#mP,9#&2

$#&,9C\2hP-HT6\)y%TP.M#YVµC3PZTPZE¥A-H6=,/19H6²#&1/23# 2=hP-EE<=2=.C=#&%!$#&,9C\RU#&2=.M#UP2}C\19#.M#8EHT6hAZ:8Z#O¨5*-1/2`Z#w{

.Y%TPZ19*-23E^#&:819#&6`<=2=.²KM*-%,/19#&.YZmaz"Q19#L,BP2=.-)y%19EZ1/.M#$#&,9C\2hP-H6\)%TP.M#<=23CC3P-EO:8<=.M#&63-%1/.M#RU*-23#&ZTA%#

ä>2=.Y,9#&19H6=.M#&JG19HT6`ZU1/2¢"Q#&<=ZETH6=,BP23C#&%6hA,/Z!R0P2¢C\<=%H6

<3E?@,BPRORU#&%2C=#&%!¹>1/KM#mP<=KYP%1BP^_#&,/2¢1/2

o

mMt

P,9E ç §

ë£æLêÀâ>:tâLâ©Oë¤8;:<8«)ú!¹

§§

«å°» åX¬Q o &§@t

b2"!5^#&%#&1/23EZ1/ROR!<=2=.5RO1/Zµeg%x=.Y.M#&R0P2=2<=23C[F*-,/Z#&%Efo mqYqYMt 19EZWC\19#j ¤@'1/2=?M*-RORU#&23E#&,BP-EZ1/:81/ZTAZ

1/2}"$#&<=ZEH6=,BP23C]#&ZJgP-E;.Y%-M#&%[P,9E$'1/23E$<=23C]P<3H6}C3P-E$ºz*-%:m#&19H63#&2C=#8E[½1/23EETPZ:m#8EQ^#8E1/Z:8Z$C3P-E

=,BP<3E1/^=,9#[23#&.`PZ1/KM#[ºz*-%:m#&19H63#&2Wa

nx=%5C\19#[PRU#&%1/?YP2=19EH63#X$#&,9C\2hP-H6\)%TP.M##&%.M#&^_#&2E19H6C\19#$)+*-,/.M#&23C=#&2'%.M#&^=2=19EET#

ç

ö û§ T

ë£æ

T ý ÷ ê ë98;:tâXá

?

O@B Ð C ëö8;:<8

?

O@BDùAC û§ T

ëLæ

T

ë8;:JK©

T ý

÷ÿië18;:<8L8 â

?÷M

@M bDC

« T

÷ÿ

ëö8;:#;â

?

O@ùVBDC ö æ T

÷ o m³Mt

8;:JKLá

?Ð @øAbDC ö æ T

÷ÿ Ð

ë8;:<8L8>=

?Ð @Ñ ùAC

ö « T÷

ë8;:<8L8

?

O@

M

ùAC ö « T

÷ÿ H8;:Já=

?Ð @ùVbDC ö û§ T

ë£æ T8ý

÷ÿ

8;:JI;â

?

O@bAøDC ö û§ T

ëæ T8ý

÷ÿ Ð H8;:tâ=

?

A@øDùAC ö û§ T

ë£æ Tmý

÷ÿ Ñ H8;:tâX

?Ð @ Ñ Cö û§ T ë£æ

T8ý

÷ÿB.)

T

÷

û

üý

þ ÿþ Xþ} $Xþ~F|%þ|&'

ü

(mþ| þ

)

¸Å¥Ð¢Î-ÔLÌ¥ÆqÅ¥ÔyÉyé-Æ{Éon d[f

êëÆzÅÁÌ¥Æ$ÆjyÉUÚ0Æ{ÉËÁÇÑæqçÇÑÉÅ¥ÔLÉUÚLÆzÉÔyÉyÚ+*

f

ÊSØÐ¢ÔLÆ{ËaÚLÆzÅ

î

Æ{ËÁÇ¢ÚLÔyÆzÉ-,&.Æ{ËiÌ¥ËiÌ|ØÌ¥ÇÑËiÌ¥ÇÑÙAÆ{É,ÇÑÉÆ{æ|Ù0ÇÑé-Æ{É

kÐ¢Ø-ÝBÝBÆzÅ¥É~ß/102ÔyÉyÚÿ103ÙAÆ{ÉLÉyÞ{Æ{ÇÑæ|çyÉLÆ{É,ÚLÇÑÆu-4iÔLÉyé

f

ÏÜ5zyÞßXÚ0ÇÑÆ»;q ×Ì|ØÌ¥Ç¢ËiÌ¥ÇÑÙØÔLÕDìÔ0Ì¥ÜSÙAÜÅÁÅ¥Æ{Ð¢ØÌ¥ÇÑÜSÉÝyÇÑË

Þ{ÔLÅ60

f

Ì¥Æ{É87Å|Ú0É0ÔLÉyé0ß-

ü

Ì¥Æ{ËiÌ¥ÆzÌaØ-Ô0Õ_Æ¯ÚLÇÑÉLé-Ì¥Æ

ÆzÌ¥ÆzÅ¥ÜSËÁÙSÆ¯ÚyØËiÌ¥Ç¢Æ-ß

9

ìaÔLÕÆ{ÇÑÉyÆ*h¸Å|Î-ËÁÆ{É8Ì|ØÌ¥Ç¢Ü-ÉÚLÆqÅéSÆ{ËÁæ|çUÎÌ¥ÞzÌ¥Æ{Ék£Ü8Æ;:BÞzÇ¢ÆzÉÌ¥ÆzÉGÚ0ÆzÅm×LØÇÑËÁÜSÉ-,ÔyÉUÚ*ÆzÅ¥Æ{ÇÑÉyÇÑé-ÔyÉyé-Ë¥ÚLÔLÝBÝBÇ¢ÆzËµÇÍÅ|ÚGØÔyË

h*Ð¢ØÌ¥Þ{é-Å¥ÖLÉUÚLÆzÉÊAÆzÅ¥Þ{ÇÑæ|ç8Ì¥ÆzÌ¯ß

(13)

o

mMt

2=19#8C\%1/.M#&%#!e7#8EZ1/RORZ63#&1/ZER0PLC=#&% H6hAZ:8<=2=.3a=<

<\vA,/,/1/.P^_#&%5C\<=%HT6hP<3E51/Ró'1/2=?I,BP2=.URO1/Z>C=#&%5#&RO=1/%19ETH63#&2]uv1/Z#&%TPZ<=%519EZ>C\19#;%#&,BPZ1/KL2=19#8C\%1/.M#

'1/2=?M*-RORU#&23ET#&,BP-EZ1/:81/ZTAZ71/2DC=#&%iä

V`C\19#5C=#&R e7#&19E=19#&,KM*-2DeGP^hP;#&ZgP,ao mqYq ¼ t )+*-,/.M#&23CDP<\) W a³

%#8EZ%1/2=.Y19#&%ZiJf#&%C=#&2U?YP2=2Wa <3EC=#&%znh#&6=,9#&%?M*-%%#&?@Z<=%.Y,9#&19HT6`<=2=.o

m³Mt

#&%6hA,/ZzR0P2UC\19#7,BP2=.-)%19EZ1/.M#

$#&,9C\2hP-HT6\)y%TP.M#[)yx=%>C\19#;ä V § T

ëæ

T

ê8;:JK©

T

ë8;:<8á« åX¬Q

Ã o msMt

P<3EC=#&%E19H6XC3P-EµRU*-23#&ZTA%#7ä>2=.Y,9#&19H6=.M#&JG19HT6`ZQå¬ Ã

^_#8EZ1/ROR!ZmacbR$#&.M#&23ETPZ:g:8<jk"Ö$4^#8E1/Z:8Z

1/2²o msMt C\19#½1/23E%#mP.Y1/^=1/,/1/ZTAZQC=#&%5PRU#&%1/?YP2=19EHT63#&2}$#&,9C\2hP-HT6\)y%TP.M#!#&1/2£=,BP<3E1/^=,9#8E(ºz*-%:m#&19HT63#&2Wa

jl1/ZGC=#&%('¦I19EZ#&2=:;,BP2=.-)y%19EZ1/.M#&%>;#&,9C\2hP-H6\)%TP.M#&2£)yx=%(C\19#$ä

<=23C£"$#&<=ZEHT6=,BP23C£<=23CLC=#&%>Qx=,{

Z1/.Y?M#&1/ZgC=#&%i,BP2=.-)%19EZ1/.M#&2D¨[P<\)?@%TPc)ZhP%1/ZTAZfE1/23CUC\19#Gºz*-%TP<3EE#&Z:8<=2=.M#&2D)x=%i#&1/23#5#&RO=1/%19EHT63# 2\{

Jg#&23C\<=2=.C=#8E(jk*-23#&ZTA%#&2ljk*IC=#&,/,9E(#&%)yx=,/,/Zma¹5<=2£?YP2=21/Rô:8Jg#&1/Z#&2

HT6=%1/ZZ5<=2`Z#&%E<3H6`Z$Jg#&%C=#&2WV

JG19#DC=#&%F#8H63ET#&,/?@<=%EOP<\)(C\19#01/2²C=#&2Q,9#&19HT6`<=2=.M#&2 o &§@t <=23C o msMt 19C=#&2@Z1NU3:819#&%Z#&2RU*-23#&ZTA%#&2

ä>2=.Y,9#&19H6=.M#&JG19HT6`Z#%#mP.Y19#&%Zma

zÎyÍ ÐÑÒ¢ÝcÙYØ`Õi×pÙMÕiØMÒhÜÜÒ?>}ÞzÚfÔvÝÝ-ÕfÞzßµÝßµÜÒhÑá@âÕfÞzßÖA`zØ -zÒÞH5 Òhá@âiÝÒhÜ×ÕiØ`Ý

"$#&R 5#&=%TA-E#&2@ZTPZ19*-23EZ63#8*-%#&R )x=%D?M*-1/2@Z#&.Y%19#&%Z#²½_#&1/Z%#&1/63#&2 )*-,/.M#&23CvVg^#&1/2=6hP,/Z#&ZLC\19#kEZ%<=?@{

Z<=%#&,/,9#On3#&6=,9#&%?M*-%%#&?IZ<=%.Y,9#&19H6@<=2=.}C=#8E$F#8H63E#&,/?I<=%E#8E;C\19#XKI19#&%Q%#&,9#&KYP2`Z#&2-?M*-23*-RO19ETH63#&2ä>2\{

.Y,9#&19HT6=.M#&JG19H6`Z# ç C\19# ^`Jg#&19H6@<=2=.M#&2UKM*-2C=#&%,BP2=.-)%19EZ1/.M#&2X¨[P<\)y?I%TPc)yZhP%1/ZTAZmV-C\19#7P<3EC=#&% HT6hAZ{

:8<=2=.}C=#&%0$#&,9C\2hP-H6\)%TP.M#&2 %#8E<=,/Z19#&%#&23C=#&2 RU*-23#&ZTA%#&2 ä52=.Y,9#&19HT6=.M#&JG19H6`Z#<=23CEH6=,/19#&Y,/19HT6 C\19#

^`Jg#&19H6`<=2=.M#&2]KM*-2C=#&%$½1/23EhP%1/ZTAZma=@

jl1/Zeg,/19H?~P<\)XC\19#aU ¦=#&2~F#8H63E#&,/?I<=%E#C=#8Eef%#&ZZ*-2\{F*I*IC=E ¦\EZ#&RUEL^_#&.Y1/2=2@ZC=#&% HT6hAZ:&{

:m#&1/Z%TP<=R )yx=%DC\19#£F#8H63E#&,/?I<=%E.Y,9#&19HT6`<=2=. #&%EZ mqMr-³ <=23C #&23C=#&Z mqYqYs Vi<=R 23*IH6 ¼|`P6=%#)x=%

A

ìaÔLÕéÅ¥ÔyÉyÚ7Ú0ÆzÅËÁÇÑé-ÉyÇjUÙ-Ø-É8Ì¥Æ{É7ì îCB f

_XÆ{Ù8Ì¥ÆÔLÅ|Ú0Æ{É7ÚLÇÑÆçLÆzÌ¥ÆzÅ¥Ü-ËÁÙAÆ¯ÚyØËiÌ¥ÇÑÆ{ÙAÜSÉLËÁÇÑËiÌ¥Æ{É8Ì¥Æ{É dgf

êëÆzÅÁÌ¥ÆmÉUØæqç7ÏDÜ-Ð

f

ÐÑÆzÅ¥ËÁÐÑÆ{ÊÔLÉUÚBêëÜ8ÜSÐ¢ÚÅ¥Ç¢éSÚLÆl iâ¯äwFwF"ÊAÆqÅ+Æ{ÉyÚLÆzÌ¯ßLÄ\ÖLÅvDÆ{ÇÍÌ¥ÆzÅ¥Æ.6Å¥Ð¢ÎÔLÌ¥ÆzÅ¥ÔLÉyéSÆzÉËÁÇÑÆ{çyÆ¹ÄyÔxAÉLÜ-Ì¥Æ)ØÔLÕ*×Æ{ÇÍÌ¥Æ)âSâ-ß

D

ÈÝ)Æ{ÇÚLÆ{É?ÐvØÉyéÕoÅ¥ÇÑËiÌ¥ÇÑéSÆ{Éh¸Å¥ÜSéSÉLÜSËÁÆ{ÉÔyÉLÐ¢Ø-ÔyËÁÇ<LÐ¢ÆE.~Å¥Æ{ÉUÚ0ÆXÆ{Ù8Ì¥Æ£Þ{ÔÊAÆzÅ¥ÝBÆ{Ç¢ÚLÆzÉÒ8ÔLÅ|Ú0Æ{ÉÚ0ÇÑÆÄyÆ{çLÐ¢ÆqÅ¥ÙAÜ-ÅÁÅ¥Æ{Ù

f

Ì¥ÔLÅÁÌ¥ÆzÅ¥ÝBÆ@ÝBÇÍÌÁÌ¥Æ{ÐòÆzÅÁÌÆqÅ¥Æ{ÇÑÉyÇÑé-Ì¯Ò*ÊéSÐ÷ß

ØËÁËÁÐÑÆzÅ@ÔyÉUÚëêGÜSÐÍÌ¥ÆzÅ¥Ëz iâ{äSäSäF"qßDÓÉ»ìÉUØÐÑÜSéSÇÑÆÞzÔLÅ**Ü-Å¥é-Æ{çyÆ{ÉLËÆ{ÇÑËÁÆzÆzÇÚ0ÆzÅ

k¹Ø-Ô0ÕÙ8Å|ØÕvÌUØÅ¥ÇÍÌ|ÎÌgÔLÅ|Ú0Æ&Ø-ÔLæqçGÆzÇDÚ0ÆzÅ*ÇÑÉyËyØÅ¥ÇÍÌ|ÎÌÚLÇÑÆ)Ì¥çyÆzÜ-Å¥ÆzÌ¥ÇÑËÁæ|çÞ{ÔëÆzÅ+ØÅÁÌ¥Æ{ÉyÚLÆlk£Ü-Ç¢É8Ì¥Æ{éÅ|ØÌ¥ÇÑÜSÉLËÆ{Þ{ÇÑÆ{çÔyÉLé

F GFIÃ2HJIK;LMNX"\ÊAÆqÅ+Æ{ÉyÚLÆzÌ¯ß-íÇÑÆ{ËÁÆ*Ü-Å¥éSÆzçyÆ{ÉLËÆ{ÇÑËÁÆaÇ¢ËiÌ*ÔLÉLÅ¥ÜyÐÑÆ{Ý&ØÌ¥Ç¢ËÁæ|çÒTÆzÇ¢ÐyÚLÆzÅÙh¸ØÅ|Ø-ÝBÆzÌ¥ÆzÅDÚLÆzË²ÇÑÉyË¥ØyËiÌ|Ø-ÉyÚLË

IK

LM=N

ÙAÜSÉLËÁÇÑËiÌ¥Æ{É8ÌaØ-ÔLÕ;£ÔyÐÑÐ~éSÆ{ËÁæ|çUÎÌ¥ÞzÌWÇÍÅ|Ú~Ò¯Æ{ÉLÉÚLÇÑÆ$ÇÑÉyËUØÅ¥ÇÍÌ|ÎÌÉyÇÑæqç8ÌÆzÅÁÕoÖyÐÑÐÍÌaÇ¢ËiÌ¯ß

(14)

%#&?IZ<=%.Y,9#&19H6@<=2=.D)x=%(C=#&2"$j]»"$*-,/,BP%(F#8HT63E#&,/?I<=%E5^=%TP-HT6`Z#;)+*-,/.M#&23C=#8E5'z%.M#&^=2=19E ç

ö å ÷ ê ë98;:<8O#

?Ð @ ÑAÐ

C

åX¬

®D®®

÷ÿ H8;:Já>8

?Ð

@#øDC

Q

åX¬

÷ÿ H8;:<8I

?

A@

M

BDC

Q

å¬ Ã

÷ÿ H8;:<8 â

?

A@øAøDC åX¬

´Xµ

®

÷ÿ

8;:JI;â

?Ð @õVOC

ö

åm÷ÿiëö8;:<8á

?Ð @ M Cö

«÷ÿ&ºPm÷ o ¯rYt

û

üý

þ ÿþ %þ PXþ}8þ

ü

[£Xþ þ~}

"Q19# HT6hAZ:8<=2=.D:m#&1/.YZmV3C3PDE19H6C=#&%5F#8H63E#&,/?I<=%E(:8J7P%52=19H6@Z>E#&6=%>EZTP%?LP^#&%5C=*IH6E1/.Y2=1NU3?-P2@Z

<=23C£RO1/ZQC=#&Rô%19H6@Z1/.M#&2lºz*-%:m#&19HT63#&2]P2lC\19#;KM#&%EH6=19#8C=#&23#&2]n3#&6=,9#&%?M*-%%#&?IZ<=%Z#&%RU#OP2=hPYZmah"Q19#

#&1/2=:81/.M# <3E2hP6=RU#g^=1/,9C=#&ZC3P-ERU*-23#&ZTA%#7ä>2=.Y,9#&19H6=.M#&JG19H6@Zi1/2XC=#&2ä acd>19#&%p19EZC=#&%¡P%TPRU#&Z#&%

1/23E1/.Y2=1NU3?YP2`ZO<=23C¢C\19#¡<=2=?@ZETH6hAZ:8<=2=.^#8E1/Z:8ZXC3P-E)P,9EHT63#0ºz*-%:m#&19HT63#&2Waeg#&1GC=#&%X'KYP,/<hPZ19*-2

C=#8E7jk*@C=#&,/,9EfJG1/%CLC=#8E6hP,/^LP<3HT6£#&1/23#>ºiP%1BP2@Z#$C=#&%fF#8HT63E#&,/?@<=%E.Y,9#&19H6`<=2=.D^_#&Z%TP-HT6`Z#&ZmV=C\19#QC=#&2

1/23E1/.Y2=1NU3?YP2`Z#&2kä {nh#&6=,9#&%?M*-%%#&?@Z<=%Z#&%R 2=19H6@Z>#&2@Z6hA,/Zma

"$#&%!$¤@4µ#8EZLP<\)[.M#&RU#&1/23ETPRU# 1/.Y2=1NU3?YP2=:]C=#&%L$#&,9C\R0P%?IZ<=2=.Y,9#&19H6=.M#&JG19HT6`Z#},/19#w)+#&%ZD#&1/23#&2²æ3{

KYP,/<3#;KM*-2 W aWYs ¤0<=23CC3PRO1/Z>#&1/23# 1/.Y2=1NU3?-P2=:C=#8E(jk*-23#&ZTA%#&2jl*IC=#&,/,9E5P<\)C=#&R XWY ¹>1/KM#mP<Wa

5v#&2`^hP%>JG1/%C"$j]»"$*-,/,BP%{F#8HT63E#&,/?@<=%EQKM*-%>P,/,9#&R KM*-2C=#&%>C=#&<=ZETH63#&2];#&,9C\2hP-H6\)%TP.M#^#8#&1/2\{

3<=YZma4pPZETA-HT6=,/19H6OE=19#&,/Z#7P<\)y.Y%<=23C!C=#&%;#&,9C\RU#&2=.M#&23EZ#&<3#&%<=2=.;C=#&%peg<=23C=#8E^hP2=?C\19#

ZTP^=1/,/1/ZTAZ

C=#&%f$#&,9C\2hP-HT6\)y%TP.M#(1/2U"Q#&<=ZETH6=,BP23CU#&1/23#7Jg#&1/ZTP<3Ez.Y%-M#&%#G5*-,/,9#GP,9E1/2OC=#&2Uä a èRQ

"$#&%$Q¤@4p#8EZ

P<\)Q,9#&19HT6=63#&1/ZGC=#&% 2=hP-EE<=2=.MEhP%TPRU#&Z#&%g:m#&1/.YZ7C3P.M#&.M#&2LP<\)µC=#&R

Y

1/.Y2=1NU3?YP2=:82=1/KM#mP<WV=C3P

E19HT6 C=#&%XF#8H63E#&,/?I<=%EO<=2`Z#&%ETH6=19#8C\,/19H6 EZTP%?¢P<\)$C\19#KM#&%EH6=19#8C=#&23#&2 RU*-23#&ZTA%#&2ùä52=.Y,9#&19HT6=.M#w{

JG19HT6`Z#%#mP.Y19#&%Zma">19#n3#&6=,9#&%?M*-%%#&?IZ<=%.Y,9#&19H6@<=2=.²C=#&%%#8C\<=:819#&%Z#&2 nh*-%R o ¼ t

VC\19#0C\19#8E#¡P%TPc{

RU#&Z#&%%#8EZ%1/?IZ19*-2£P<\)#&%,9#&.YZmV`19EZiC=#8E6hP,/^D1/R nhP,/,9#5C=#8Ef"$j]»"$*-,/,BP%iF#8HT63E#&,/?I<=%E#8Ez)+#&6=,9E#&:81NUh#&%Z

<=23C?-P2=21/R 1/2=23#C=#8E5jk*-23#&ZTA%#&2ljk*IC=#&,/,9E(2`<=%Q#&1/2KM#&%:m#&%%Z#8EQef1/,9CC=#&%5F#8H63ET#&,/?@<=%ETP2=hP-E{

E<=2=.0,/19#w)#&%2Wa

zÎ[Z ÐÑÒ¤èv¢ÔvÜÕzÔ_ÙMÑ4pÞ -iÒ3Øa5 Òhá@âiÝÒhÜ×ÕiØ`ÝßµÜÒhÑá`âÕiÞiß

b2

2hP,9*-.Y19#:8<=%Qºz*-%.M#&63#&23EJg#&19E#1/2

^3EH6=2=1/ZZ;¼\a JG1/%C2@<=2kC\19#¡%*-.Y23*YE#w)A6=1/.Y?M#&1/Z;C=#8E>jk*{

23#&ZTA%#&2¢jl*IC=#&,/,9E[RO1/Zd>1/,)+#UC\¦@2hPRO19ETH63#&% 1/R!<=,BPZ19*-2C=#&%[F#8H63E#&,/?I<=%E.Y,9#&19HT6`<=2=.}<=2`Z#&%E<3H6`Zma

"Q19#U¡%*-.Y23*YET#U*@C=#&%

1/R<=,BPZ19*-2²C=#8E[F#8H63E#&,/?I<=%E#8E[19EZ[C3P^_#&1zJG19#8C=#&%^_#8C\1/2=.YZ[1/2²C=#&R

1/2=23#YV

C3PO)x=%GC\19#;x=^=%1/.M#&2ºiP%1BP^=,9#&2L¤P,9ET*OC\19#$#&,9C\RU#&2=.M#&2WVh¡%#&19ET#YV3'1/2=?M*-RORU#&2<=23C½1/23ETETAZ:m#>¤

TS

6ÇÑÉyÆ{ÉØ-Ù8Ì¥ÔyÆ{ÐÑÐÑÆ{ÉVU&ÆzÅLÐÑÇ¢æ|Ù)ÖÆzÅÚLÇÑÆ×Ì|ØLÇÑÐ¢ÇÍÌ|ÎÌaÚLÆzÅ£ÆzÐvÚ0ÉUØæqç0ÕoÅ|Ø-é-ÆÇÑÉÚ0Æ{É(Ç¢æ|ç8Ì¥ÇÑéSËiÌ¥Æ{É?Æ{ÔLÅ¥ÜUÎ-ÇÑËÁæ|çyÆ{ÉiQÎÉ

f

ÚLÆzÅ¥É?éSÆVÆzÉÖ0Ì¥ÙAÆVÜSçLÐXÔyÉUÚBêëÜ-ÐÍÌ¥ÆzÅ¥Ë$ iâ¯äSä-ä"qß

(15)

,BPZ19*-2]C=#8E5F#8HT63E#&,/?I<=%E#8E5JG<=%C=#)x=%5KM#&%EHT6=19#8C=#&23#ºiP%1BP2@Z#&2]C=#&% 2=hP-EE<=2=.ME.Y,9#&19HT6`<=2=.o

¯rYt

C\<=%HT6=.M#w)yx=6=%Z

ç Su³Sb

ö

å÷ ê P

Ï

ö

å÷ÿp

P

Ï Ð ö

«÷ÿ&Pø

®D®D®

å¬

®®D®

÷ÿ

Pø

´µ

®

å¬

´µ

®

÷ÿ 1Pø

QåX¬

÷ÿ 1Pø

Ã QåX¬

Ã

÷ÿ

o

mMt

ZTP%Z=<=2=?IZ#£C=#&% 1/R<=,BPZ19*-23#&2 E1/23CºSVbLê âX>Kæ:tâ^=:8J[apSVbê âXLLæ:=3azb2¢4P^_#&,/,9#

E1/23CC\19#

1/R!<=,BPZ19*-23E#&%.M#&^=2=19EE#)yx=%(C\19#[^_#&Z%TP-HT6`Z#&Z#&2kºiP%1BP2`Z#&2:8<3E¥PRORU#&2=.M#w)+PYZma

4pP^#&,/,9# ç "Q19# 1/R<=,BPZ19*-23ET#&%.M#&^=2=19EE#)yx=%(C=#&2"$j}»"$*-,/,BP%(F#8H63E#&,/?I<=%E

5j

' C=#&%(F#8HT63E#&,/?@<=%E=%*-.Y23*YE#&2

Sb jlj jljk" jkjk µF ¡z¡z¡ äQb¡

>Kæ:tâ W a¼ \ W a¼ Mr W a§`³Y W a³LWY³ W aMr>W W aLWY

Læ:= W aWY ¼ W aWYY W am³§ W a¼ W§ W a&§`³ W aWYqLW

6Å¥Ð¢ÎÔLÌ¥ÆzÅ¥ÔLÉyéSÆzÉon

ü

XW saY Z

[]\/^`_ba

[

^cO^`_

1I

^ed If

^ý

ÝBÇÑËÁËiÌ¸ÚLÇÑÆìÉUØ-ËÁËÁÔLÉyéaÚLÆqÅ6×0ÇÑÝÔyÐ¢ØÌ¥ÇÑÜSÉmØÉÚ0ÇÑÆ6ÉÌ ÇÑæqÙÐÑÔyÉLé

ÚLÆ{ËêGÆ{æqçLËÁÆ{ÐÑÙÔLÅ¥ËÁÆ{Ë{ßLíÆzÅ×Ç¢ÝÔyÐ¢ØÌ¥ÇÑÜ-ÉyËÁÞ{Æ{ÇÍÌÁÅ|ØÔyÝ ÆzÅ¥ËiÌÁÅ¥Æ{æ|Ù8ÌËÁÇÑæqçÊSÜSÉ dg

hV~|}Xþ .yÞßiA~~FþlyÇÑËkjÜhV~F~þLß

lml ^#&:m#&19H6=23#&ZC\19# 1/R<=,BPZ19*-2 P<\)!eGP-E19EC=#&% H6hAZ:8<=2=. o ¯rYt VgC\19#kE¥ARZ,/19H63#}nh#&6=,9#&%?M*-%{

%#&?IZ<=%Z#&%RU#*-6=23#£¡P%TPRU#&Z#&%%#8EZ%1/?IZ19*-23#&2#&2@Z6hA,/Zmainx=%UC\19#

1/R<=,BPZ19*-2nlolHú JG<=%C=#C\19#

Q,9#&19HT6`<=2=.o mMt *-6=23#UC=#&21/23E1/.Y2=1NU3?-P2@Z#&2²ä {4µ#&%R·( P,9E*£<=2`Z#&%!C=#&%5#8EZ%1/?IZ19*-2}ø

Ã ê 8

( .M#8ETH6hAZ:8Zmah"Q19# 1/R!<=,BPZ19*-2plmloq^hP-E19#&%Z>P<\)#&1/23#&%(F#8H63E#&,/?I<=%E.Y,9#&19HT6`<=2=.3VC\19#;<=2`Z#&%QC=#&%

o)P,9EH63#&2 t >#8EZ%1/?@Z19*-2}C=#&%Q%#8C\<=:819#&%Z#&2n3*-%Róø

®D®®

êªëGø

ê·ø

Ã

.M#8EHT6hAZ:8Z$JG<=%C=#Yaqsr 19EZ

C\19#<=2=1/KYP%1BPZ#DF#8HT63E#&,/?I<=%E.Y,9#&19H6@<=2=.3V1/2C=#&%!1/2~o

mMt

2`<=%GÏ KM*-2¢¹><=,/,fKM#&%ETH6=19#8C=#&219EZ<=23C

C\19#0¤JG19#1/2

^3EHT6=2=1/ZZ0¼\a ap.M#&:m#&1/.YZOJG<=%C=#D¤,BP2=.-)%19EZ1/.P<\)Q#&1/23#L>P23C=*-RX{FP,/?@{¡%*-.Y23*YE#

#&1/23#&%GF#8HT63E#&,/?@<=%E.Y,9#&19H6`<=2=.3V1/2£C=#&%72`<=%(C\19# 2=hP-EE<=2=.UP2£C\19#;¨[P<\)y?I%TPc)yZhP%1/ZTAZG^#&%x3H?\E19HT6\{

Z1/.YZ7JG1/%Cva\"Q19# 1/R!<=,BPZ19*-2hv%w]t·#&%.`A2=:8Z(C\19#Q¡z¡z¡¤

2=hP-EE<=2=.ME.Y,9#&19H6@<=2=.D<=R C=#&2L'1/2;3<=UC=#&%

½1/23EKYP%1BP^=,9#&2¢oø êùø

Ã ê 8 t a

";P-E;1/2C=#&%!uv1/Z#&%TPZ<=%x=^=,/19HT63#0j]PL)yx=%[C\19# ' <hP,/1/ZTAZC=#&%¡%*-.Y23*YE#U19EZ[C=#&%[RO1/ZZ,9#&%#0¡z%*-.Y23*{

E#w)+#&6=,9#&%;.M#&RU#8EE#&2C\<=%HT6C=#&2yxGmMz] Yï{8\

«

}|

«w«

« C=#&%

1/R<=,BPZ19*-2o5j

' t aµ½<=2hA-H63EZ

^#8EZTAZ1/.YZC=#&%>j ']C=#&2X*-=Z19EH63#&2O'1/23C\%<3HT?XP<3E ^=^=1/,9C\<=2=. 1/2 ^3EHT6=2=1/ZZ¼\a ç ä>2hP^=6hA2=.Y1/.

KM*-R

ZTP%Z=<=2=?@ZQ,/19#w)+#&%Z>C\19#!<=2=1/K-P%1BPZ#

1/R<=,BPZ19*-2qsr EHT6=,9#8H6`Z#&%#O'z%.M#&^=2=19EE#XP,9E5C\19#N#&2=1/.M#