Decomposition of the European GDP based on Singular Spectrum Analysis

(1)

Munich Personal RePEc Archive

Decomposition of the European GDP based on Singular Spectrum Analysis

Leon, Costas

28 July 2015

Online at https://mpra.ub.uni-muenchen.de/65812/

MPRA Paper No. 65812, posted 29 Jul 2015 04:25 UTC

(2)

1

!

"

#$% &

'( )*+ , - .-/ 0 1)*/2+ ( 34 5 .02 -/ 6 )04 78(.59,+ , : 2 28 ; 1. 0/5 .)+< /59 ( / =)>>5 > 0 + 3+(.)/? + ( (.)40.5,6+/ ( 6/,1 @> 0

> 0 )*> 3>(.5?/ 6> 7 ->,+ )+ >(>@)+ 7/,/ 0+ /,1+,-0/,/ ()/?.(?.- -5+/?+ ()*/A 40 > -/.(0 /.51,/.,> ( .5 594 (.?B 4 ,)/?

C4 .0)/ 0 5 9 D E F @>0 ) */ -/ 0 +>? G HH I J KLG L M 2 28 +, ,4+).N 5/ @> 0 ,*> 0 ) .(? ( >+,9 )+7/ ,/ 0 +/,1 -0>-/ 0 )+ /, ) *.)

6 * .0 .6 )/ 0 + O/7 .( 97 .60> / 6>( >7+ 6)+ 7/,/ 0+ /,M'()*+,- .-/ 01'?/ 6>7 -> ,/) */D EF+ ()0/ (?16 96 5/1,/.,>(.5,.( ?

( >+,/6> 7 -> (/ (),MP */ 0 /.0/ ,+ 3(+@+ 6 .( ),+ 7+ 5 .0+)+/,N 4 ).5,>,>7/?+ @ @/ 0 / (6/,N/)= / / ()*/2 28JN.,/?@+5)/ 0.( ?

)*/>)*/ 0= /55J Q( >= (7 .60> / 6>( >7+ 6@+ 5 )/ 0 ,MP */,/?+ @ @/ 0 / (6/,.0/,*>= (*/ 0 /N97/.( ,>@6>0 0/5 .)+> (7 .)0+ 6/,

.(? ,-/ 6 )0 .5 7/.,40 /,M 8 5 )*> 4 3 * 2 28 +, . 7/)*> ? )*.) > ( 5 9 < / 09 0 / 6/ ( )5 9 * ., N/ / ( + ( )0 > ?46/? +(

7 .60 >/ 6> (> 7+6 ,1+ ),4,/+ ()*/(.)40.5,6+/ ( 6/,@>07> 0/)* .() *0 / /?/ 6 .?/,17 .Q/,+).,/ 0 +> 4 ,6.( ?+ ?.)/@> 0

).6 Q5+(37 .60> / 6>( >7+ 6+,,4/,,46 *.,@+5)/ 0 +(31?/ (> + ,+ ( 3.(?,7>>)*+ ( 3 M

R S T%U V W.60 >/ 6> (> 7+6 ,1 / 6> (> 7+6 @ 546 )4.)+> ( ,1 N 4 ,+ (/,, 6 96 5/1 ? 9(.7+6 .5 ,9,)/ 7 ,1 , -/ 6 )0.5 7 /)*>?,1

,+ ( 34 5 .0,-/ 6 )0 47.( .5 9,+,M

XYZ! % U [& \ !

P */ 7 .60 >/ 6> (> 7+6 , > @ N 4 ,+ (/,, 6 96 5/ 0 /C4 +0 /, . 7/.(+ ( 3 @45 ?/ 6> 7 ->,+ )+ >( + ( ,+3(.5 .( ? ( >+,/

6> 7 -> (/ (),M 8</ 095 .03/< >54 7/>@/ 6> (> 7/)0+ 6 ,5+ )/ 0.)40 /.(.59O/,)+7/,/ 0 +/,+ ()*/)+ 7/?> 7 .+(=*/ 0/.,

> ( 5 9.6> 7 -.0.)+< /597+( >0-.0)> @/ 6>( >7/)0 +67/)*> ? ,.(?)/ 6 *(+C4 /,16>55/ 6 )+< /596 .55/?,-/ 6 )0 .57/)*>?,1+ ,

6> ( ?46 )/?+()*/@0/C4/ ( 6 9?> 7 .+(MD+< / () */]6 96 5+ 6 .5^-0 > -/ 0 )+ /,>@) */N 4,+( /,,6 96 5/6 >7 ->( / ( )1.](.)40.5^

=.9>@)*/.( .5 9,+,> @)*/N 4 ,+ (/,,6 96 5/5+/,+ ()*/@0 /C4 / (6 9?> 7 .+(N/ 6 .4,/-.0.7/)/ 0 ,>@+ ( )/ 0 /,),46 *.,

.7 - 5+)4 ?/1 -* .,/1 @0 /C4 / (6 9 .(? 6> J7> </ 7/ (), .0 / + (?+,-/ (,.N 5/ - .0 ), >@ )*/ @0/C4/ ( 6 9 ?> 7 .+(M '( )*+,

6> ( )/_)12+(345.02 -/ 6 )0 478(.59,+ ,:2 28 ;+,.7 /)*>?1= + )*+() */4( >N,/ 0< /?6> 7 -> (/ (),,)0 46 )4 0 .5)+7/,/ 0+ /,

.(.59,+ ,1)* .)-0> <+?/,.4 (+@9+(3@0.7/ => 0 Q> @?/ 6> 7 ->,+ )+ >(>@.)+ 7/,/ 0+ /,+ ( )>,+3(.5,> @+ ()/ 0/,)1,4 6 *.,

)0 / ( ? 16 96 5/.(?,/.,>(.5<.0 + .)+ >(1.( ?(> + ,/M 2 28?> /,( > )-0 >< + ?/?+ 0/ 6 )5 9) */0 /C4+ 0/?- .0 .7/)/ 0,> @+ ( )/ 0 /,)

:/M3 M@0 /C4 / (6 9> 0- *.,/;N 4)) */?/ 6>7 -> ,/?,+ 3( .5 ,6.(@4 0 )*/ 0N /-0 >6/,,/?N94,4.5,-/ 6 )0.57/)*> ? ,=*+6 *

= + 5 51@+(.55 91-0> <+?//,)+7 .)/,> @)*/0 /C4 +0 /?,-/ 6 )0.5-.0.7/)/ 0 ,M

2 28+ ,.0 /5.)+ </5 9( / =7/)*> ?>@)+7/,/ 0 +/,.(.59,+ ,.( ?6 >7N +( /,/5/ 7/ (),>@<.0 +> 4 ,,6+ / ( )+@+ 6.0/., ,4 6 *.,1

.7> ( 3> )*/ 0 ,1 ,).)+ ,)+ 6 , .( ? -0 >N.N+5+)9) */ > 0 91 ? 9(.7+6 .5 ,9,)/ 7 ,.( ? ,+ 3( .5 -0 >6/,,+ ( 3 M ' )+,N .,/? > ( )*/

,-/ 6 )0 .5?/ 6> 7 ->,+ )+ >(>@)+7/,/ 0+ /,:`.0*4 (/ (1G H a b 1 .(?c> d< /1G H e f ;.( ?> ()*/W.gh:GH fG ;.( ?P .Q/ (,

:GH fG;/ 7N /??+(3) */ > 0/ 7 M8 -- 5+ 6 .)+> ( ,>@2 28 ) 9-+6 .5 59+ (6 54 ?/* 9?0>5>3913/ > - *9,+6 ,16 5+7 .)>5>391N + > 5>391

- *9,+6 ,1 .(?</ 090 / 6/ ( )5 97 .60 >/ 6> (> 7+6 ,.(?@+ ( .( 6+ .5/6>( >7+ 6 ,M 228+, . 7>?/5J @0/ / .( ? ? .).J .? .-)+ </

7/)*> ?.(??/-/ ( ? ,> ( 5 9>(> (/-.0.7/)/ 0 1)*/= +(?> =5/ (3)*: )*// 7N/? ?+ ( 3?+7/ (,+> ( ; M')3+ </,0/ 7 .0Q.N 5/

0 /,4 5 ),/,-/ 6+ .5 59+ (,*> 0 ).( ?( >+,9)+7/,/ 0+ /,MP */228=.,?/ </5> -/?+(?/-/ ( ?/ ( )5 9+()*/G H fLi,+()*/j 28

.(?j `4(?/ 0)*/( .7/2 28.( ?+ () */G HH Li,+ (k4,,+ .: 2 )MF/)/ 0,N4 0 3.( ?W>,6>=;4 ( ?/ 0) */(.7/l .)/ 0-+55 .0J

2 28 M

2 28/_+,),N>)*+ (4 (+ < .0 + .)/.(?74 5 )+<.0+.)/</ 0,+> ( ,= + )*,/ </ 0.5<.0+.)+> ( ,: /3Mm .,+6228 1,/C4/ ()+ .52 28 1/)6 ; M

2+( 6/)*+,+ ,.0 /5.)+ </5 9( / =7 /)*>?1> (//_-/ 6 ),7> 0/7 /)*>?>5>3+ 6 .5.?< .( 6/,.(?-0.6 )+6 .5.- -5+6 .)+ >(,+ (

)*/(/.0@4 )4 0/MP */6/ ( )0.56 >( 6/-)>@2 28+,)*/- .0 )+)+> (+ ( 3>@.< / 6 )> 0, -.6/+ ()>> 0)*>3> ( .5,4 N ,- .6/,)*.)

* .</1= + )*+()*/6> ( )/_).)* .( ? 1,>7/7/.(+ ( 3 @45+()/ 0 -0/).)+ >(1+ M/M.?/ 6>7 -> ,+)+> (> @.)+7/,/ 0+ /,+ (,+ 3( .5

: ,46 *.,)0/ (?16 96 5/1.(?,/.,>(.5< .0 + .)+ >(;.( ?( >+,/M

'()*+ ,- .-/ 01'-0 /,/ ( ))*/.-- 5+ 6 .)+> (>@)*/2 28 7/)*> ?+()*/?/ 6>7 -> ,+)+> (>@) */A4 0>-/.(D E F+()>)0 / ( ? 1

6 96 5/1,/.,> ( .5<.0+.)+> (.( ?( >+,/M P */696 5/,+3(.5,.0/,).)+ ,)+ 6 .55 96> 7 -.0 /?)>)*>,/> N ).+ (/?@0 >7)*/=/5 5J

Q( >= (n> ?0+ 6 QJF0/,6>))*+3*J - .,,@+5)/ 01) */l *0+,)+ .( >Jo+)O3/ 0 .5 ?.,977/)0+ 6@0/C4 / ( 69@+5)/ 0.(?)*/m ._)/ 0J

`+ ( 3@+5)/ 0MP*/,+7+5.0 + )+ /,.(??+ @ @/ 0 / (6/,.7>(3) */228.(?)*/> )*/ 0@+5)/ 0,.0 /-0/,/ ()/?MP */6> 7 -.0 + ,> (+ ,

7 .?/N 97/.( , >@6> 00 /5.)+ >( 6>/@ @+ 6+/ (),.( ?,-/ 6 )0.5?/ ( ,+)+/, > N ).+ (/?N 9)*/ 7 ._+74 7/ ( )0 > - 97/)*> ?

:m4031G He I ; M

P */- .-/ 0+,>03.( + O/?.,@> 5 5> = ,MP*/( /_)2/ 6 )+ >(K/_*+ N+), ) */N.,+67/)*> ?> 5> 3+6 .5.,-/ 6 ),>@) */2 28 M'(

2/ 6 )+> (p 1228+ ,.- -5+/?)>)*/A40 > -/.(0 /.5D EF=*+ 6 *+,?/ 6> 7 ->,/?+ ( )>.)0/ (?16 96 5/1,/.,>(.56> 7 -> (/ ()

.(?( >+,/M8 5 ,> 1> () */N.,+ , >@)*+ ,?/ 6>7 -> ,+)+> ( 1)*/ ,/.,> ( .5 59.?B 4 ,)/?D EF+,6>(,)04 6 )/?Mo 40)*/ 01 )*/

,+ 7+ 5 .0+)9>@ )*/ 6 96 5+6 .5 6>7 ->( / ( ) > N ).+ (/? @0 >7 )*/ 2 28 =+)* )*> ,/ > N ).+ (/? @0 >7 > )*/ 0 @+ 5 )/ 0 , +, . 5,>

-0/,/ ()/?Mo +(.55 912/ 6 )+> (a6>( 6 54?/,)*/-.-/ 0 M

q

rst uvwx y uvt z{z sw |tv} ~} y u| ~y y {vtw wy~{ } uy vy {wyt{w| yr{{~ y yw t {zsw | y tvv z t yw zs z{zt v~{

w~w tvw t v{txy uvt w zs ut | r } ut | y} uy vy {w}~ } y ut { tv~vt |w zt st yxy uvtz{sz vt {z{

v z yt {zu~ {~ y~{v {w~ t v v y vzsw | yst uvwxy uvtz{

(3)

P */2 286 .(N/4(?/ 0,)>>?.,)*/,+(345.0<.54 /?/ 6>7 -> ,+)+> (> @.7 .)0 + _6>(,+ ,)+ ( 3>@?/5.9/?</ 6 )> 0 ,:)*/

)+ 7/,/ 0 +/,4(?/ 06> ( ,+?/ 0.)+> (/ 7N/? ?/?+ ( )>,>7/+()/3/ 0?+7/ (,+> ( ; 16 .55/?)0.B/ 6 )> 0 97 .)0 + _1,*> =( )>N /.

n .(Q/5 7 .)0+_1 .( ? )*/ 0 /30 >4--+(3 > @ )*/ > N ).+ (/? > 0)*> (> 07 .5 < / 6 )>0, + ( )> ,/), > @ 7 /.(+ ( 3 @451 )> )*/

.- -5+6 .)+ >(.)*.(?16>7 ->( / ( ),:>0)*>3> ( .5,4N,-.6/,;)*0 >43*)*/-0 >6/,,>@?+ .3>(.5.</ 0.3+ ( 3 MP */,/,/),

+ ()*/7 .60 >/ 6> (> 7+6.(.59,+ ,>@)*/N 4 ,+ (/,,6 96 5/.0/) */) */)0/ (?1)*/696 5/1) */,/.,>(.5 ,.( ?)*/( >+,/M

P *+ ,,/ 6 )+ >( ?/,60+ N/,) */2 28 .53>0 + )*74,/? @> 0) *//_)0 .6 )+ >( >@) */,+ 3( .5 ,M 2286> 7 -0 + ,/,>@ )= >7.+(

,).3/,V?/ 6>7 -> ,+)+> (.( ?0 / 6>(,)04 6 )+> ( M'()4 0(1)*/?/ 6>7 -> ,+)+> (,).3/6> 7 -0 + ,/,>@)=>, )/-,V/ 7N/? ?+ ( 3

.(?,+(345.0<.54/?/ 6>7 -> ,+)+> ( MP */0 / 6> ( ,)0 46 )+ >(, ).3/6> 7 -0 + ,/,>@)= >,)/- ,1)>>V30 >4-+ ( 3.( ??+.3> ( .5

.< / 0 .3+(3 :> 0 n .(Q/5+O.)+ >(;M P*/ -0/,/ ().)+> ( N/5>=@>55>=,m / (/Q+

§¨ © ªM

: KLG G ; 1D > 5 9.(?+ ( .

§¨ ©ª «

: KL LG 1

l * .-)/ 0,G.(?K; 1n .,,.(+.(?P *> 7 .Q> ,:¬ ®¯.(?n .,,.(+.(?°*+35B .<,Q9:KLLf;M

Y X¦£ X±² &³¤\\ !´¦ ¤X±µ ³$ UU \!£

c/) Ml> ( ,+?/ 0.>( / J ?+7/ (,+> ( .50 /.5J < .54/?)+ 7/,/ 0 +/, >@5/ (3)*¶1.-> ,+)+< /

+ ( )/3/ 0 ·:¸¹ º»¼ ¸ª§ º½¨¾; ,4 6 *)*.) .(? .7 .- -+ ( 3>@)*/> 0+3+ ( .5,/ 0 +/,+ ( )> . ,/C4/ ( 6/>@·J

?+7/ (,+> ( .55 .33/?</ 6 )> 0 , 1 1N9)*/@> 0745.V

1

P */n .( Q/57 .)0 + _¿À > @,+O/ +,6 .5 5/?)*/·J¨Á© Â§Ã¨¼Á ÄÅ© ¨Á¹ Æ :>0,+ 7 -5 91) */¨Á© Â§Ã¨¼Á Ä

Å© ¨Á¹ Æ;>@)*/,/ 0 +/,Ç M'(5+( /.0.5 3/ N 0 .1.n .(Q/57 .)0+_+,.7.)0+_=*/ 0/.5 5)*//5/ 7/ (),.5>(3)*/?+.3> ( .5

¹ÈÂÉÃ ¼ ºÊ¨«.0 //C4 .5 M'(>)*/ 0= >0?,1)*/)0.B/ 6 )> 0 97 .)0 + _+ ,

Ë>)/)*.)+@

¶

.(?

·

.0/@+ _/? 1) */ ()*/ 0 /+,.> (/ J)>Ì> (/7 .- -+ ( 3N /)=/ / ()*/n .( Q/57 .)0+ 6/,> @,+ O/

.(?)*/)+7/,/ 0+ /,>@5/ (3)*¶M

Y¦£ X±² &³¤\\ !´¦ ¤±¦\!£[¢%Í¢[ ² & ³¤\\ !Î¦Í²Ï

P */228+ ,N.,/?> (.- .0 )+ 64 5 .0)0.( ,@>0 7 .)+> (Q( >= (+ (5+( /.0.5 3/ N 0 ..,,+ ( 34 5 .0<.54 /?/ 6> 7 ->,+ )+ >(:2ÐE ; M

P */2ÐE> @ )*/)0.B/ 6 )> 0 97 .)0 + _¿À + , .?/ 6>7 -> ,+)+> ( > @¿+()*/@>0 7¿À ´

=*/ 0 /

¿ Ñ

´ ¿ ´

.0 /)*// +3/ ( < .54/,> @)*/

7 .)0+_¦Ò¿ ¿ Ó

1).Q/ (+ ()*/?/ 60 /.,+(3> 0 ?/ 0>@7 .3( + )4?/ .( ?

.0 /)*// +3/ ( </ 6 )> 0 ,> @)*/7 .)0 + _

¦

6>0 0/,->(?+ ( 3)>)*/,// +3/ ( < .54/,Y

' @=/?/@+( /

¿

ÔÒ 1)*/ ()*/2ÐE> @)*/)0 .B / 6 )>097 .)0+_6.(N/= 0+))/ (.,.,4 7>@

0.( QJ >( /> 0 )*> 3>(.57 .)0+ 6/,V

¿ À¿ÕÖ×Ö¿Ø :G ;

=*/ 0 / .0/ )*/ > 0 )*>( >0 7 .5 / +3/ ( </ 6 )> 0 , > @ ¦ Ò ¿ ¿ Ó

:+ ( )*/ 2 28 )/ 07+ (>5>39 ) */9 .0 / 6.55/? / 7 -+0 +6 .5

> 0 )*> 3>(.5@4 (6 )+ >(,;.( ? :+ (2 28)/ 07+ (>5>39)*/9.0/6 .55/?-0 +( 6+ - .56>7 ->( / ( ),;6 .(N /0 /3 .0 ?/?.,)*/

/ +3/ ( </ 6 )> 0 ,> @)*/7 .)0 + _¿ Ó

¿MP */6>55/ 6 )+> ( + ,6 .55/?)*/¹J)*/ + 3/ ( )0 + - 5/> @)*/7 .)0 + _¿1

.0 /)*/,+ ( 34 5 .0< .54/,> @)*/7 .)0 + _¿.(? 1 .0 /)*/5/@).( ?0 + 3 *),+(345.0< / 6 )>0,>@¿1

0 /,-/ 6 )+ </5 9M

(4)

2ÐE+,.))0 .6 )+ </N / 6 .4 ,/+)/ (,40 /, > - )+7 .5+ )9M87> ( 3 .55)*/7.)0+ 6/,¿ > @0 .(QÁÝ»1)*/ 7 .)0+_

-0> <+?/, )*/ N/,) .- -0 > _+ 7 .)+> ( )> )*/ )0 .B / 6 )>09 7 .)0 + _ ¿1 ,> )*.) +, 7+( +74 7 M Ë>)/ )*.)

.(? @>0 M P *4,1 =/ 6 .( 6>(,+ ?/ 0 )*/ 0.)+> ., )*/

6> ( )0 +N 4 )+ >(>@)*/7 .)0 + _¿Ô+ ()*//_- .( ,+ >(:G;)>)*/=*> 5/)0 .B / 6 )>097 .)0+_¿Ml> ( ,/C4/ ()591

1)*/,47> @) */@+0,)Á0 .)+ > ,1+,) */6> ( )0 +N 4 )+ >(>@)*/>- )+7 .5. --0>_+7 .)+ >(>@) */)0 .B / 6 )>097 .)0 + _N9)*/

7 .)0 +6/,> @0.( Q ÁM

YÞ¦£ ±ß &! %[& \ !´¦ ¤X±à% [¤\!£

P */ 30> 4 -+(3,)/-6>0 0/,->(?, )> ,-5+ ))+ ( 3)*//5/ 7/ ( ).097 .)0+ 6/,

¿

Ô

+()>,/ </ 0.530> 4 - ,.(? ,477+ ( 3)*/

7 .)0 +6/,=+)*+ (/.6 *30> 4 - Mc/) N/.30> 4 -> @+(?+ 6/,MP */ ()*/7 .)0+_¿á6>0 0/,->(?+ ( 3)>)*/

30> 4 -â+ ,?/@+( /?.,¿áÒ¿ã äå«««å¿ã æçP */,/7 .)0 +6/,.0/6> 7 -4)/?@> 0âÒâäè«««èâé.(?)*//_-.(,+> (:G ;5/.? ,

)>)*/?/ 6>7 -> ,+)+> (

¿Ò¿

áä å«««å¿

áé

:K ;

P */-0> 6/?4 0/> @6 *>>,+(3)*/,/),â

ä è«««èâ

é

+ ,6 .55/?)*// + 3/ ( )0 + - 5/30 >4-+ ( 3 M

Yê¦£ ±ß &! %[& \ !´¦ ¤±²\£! ¢#ë %£\!£

P */5 .,),)/-+,1+ (.,/ ( ,/1>--> ,+)/)>) */@+ 0 ,),)/-.(?)0 .(,@> 07 ,/.6 *7 .)0 + _>@)*/30> 4 -/??/ 6> 7 ->,+ )+ >(

: K;+()>. ,9,)/ 7> @(/ = :0/ 6> ( ,)0 46 )/? ; ,/ 0 +/, >@ 5/ (3)*¶MP *+ , -0> 6/?4 0/+, )*/,>J 6 .55/?n .(Q/5+O.)+ >( > 0

?+ .3>(.5.</ 0.3+ ( 3 M'@ìã í,).(?,@> 0.(/5/ 7/ ()>@.7.)0+_î1)*/ ()*/ïJ)*)/ 07> @)*/0 /,4 5 )+(3)+7/,/ 0+ /,+,

> N ).+ (/?N 9.</ 0.3+ ( 3ì

ãí

> </ 0.55¹èÂ,46 *)*.)¹åÂÒïåK MP */0/,45)>@)*/n .(Q/5+O.)+ >(> @.7 .)0+_î+,)*/

n .(Q/57 .)0+_ð î1= *+6 *+,)*/)0.B/ 6 )> 0 97 .)0 + _6>0 0/,->(?+ ( 3)>) */)+7/,/ 0+ /,> N ).+ (/?.,.0 /,45)> @ )*/

?+ .3>(.5.< / 0 .3+(3: ,/ / )*/@> 07 .5?/,60+-)+ >(+(D >59.( ?+(.§¨© ª«è¼ ñ«Ã ¹¨«;MË> )/)* .))*/n .( Q/5+ O .)+> (+,.(

>-)+ 7 .5-0 >6/?40 /+ ()*/,/ ( ,/)*.))*/7 .)0+_ð î+,)*/6 5> ,/,))>î:= + )*0 /,-/ 6 ))>)*/7 .)0+_( >0 7 ;.7>(3.55

n .(Q/57 .)0 +6/,>@) */6 >0 0/,->(?+ ( 3,+ O/: D > 5 9.(?+ ( .§¨© ª«è¼ ñ«Ã ¹¨«;M'(+ ),)40 ( 1)*/n .( Q/57 .)0+_ð î?/@+ (/,)*/

,/ 0 +/,4 (+C4 /59N 90/5 .)+(3)*/<.54 /,+()*/?+.3> ( .5 ,)>)*/< .54/,+ ()*/,/ 0 +/,ME + .3>(.5.< / 0 .3+ ( 3.-- 5+ /?)>.

7 .)0 + _¿

á ò

-0>?4 6/,)*/,/ 0 +/, Mn/ (6/1 ) */>0 + 3+(.5,/ 0 +/, +,?/ 6> 7 ->,/?+()> )*/

,4 7>@

Å

,/ 0 +/,V

M

ÞY#¤¤ ¢\& \ !±² &³¤\\ !¥¡ µ[% ¤ !à ²ó

8 ,.(+ 5 54,)0 .)+ >(1'.-- 59)*/7/)*> ?)>) */A40 > -/.(D E F:G b6> 4()0+ /,1.)6> ( ,).()-0+ 6/,>@)*/9/.0KLL I 1@>0

)*/-/ 0+ > ?G HH I V'JKLG L V'Ð 1+ M/Mba( >( J ,/.,> ( .5 59.?B4,)/? C4 .0)/ 0 5 9>N,/ 0<.)+> ( ,; Mo+34 0/G?+,-5 .9,)*/( .)4 0 .5

5> 3 .0+)*7:?/,+ 3( .)/?.,5>3;>@)*/A40 > -/.(D E F M

ô\£[ %

XVP */5>3> @)*/A4 0>-/.(D EF

(5)

8 ,7/ ()+> (/?+()*/'()0>?4 6 )+> ( 1228?/-/ ( ? ,>(>( /- .0 .7/)/ 016 .5 5/?)*/=+ ( ?>=5/ ( 3 )* M ,*>45?N/

5 .0 3// (> 4 3 *+ (> 0 ?/ 0)>6 .-)4 0/,4@@+6+ / ( )5 9) */? 9(.7+6 ,>@)*/)+ 7/,/ 0+ /,N4)(>)5 .0 3/ 0)* .( Mo 40)*/ 01

+@.(9-/ 0+ > ?+66 >7 ->( / ( ),.0 /Q( >= ()>N /-0 /,/ ( )+ ()*/)+7/,/ 0 +/,1)*/ ( ,*> 4 5 ?N /-0 > ->0)+> ( .5)>)*/

5>(3/,)=.</5/ ( 3 )*Mj(?/ 0)*/.,,47 - )+> (>@.5> 6 .5)0/ (?7>?/5: )*/,+3(.5+ () */,).)//C4.)+> (+,*+ ? ?/ (+(

( >+,/+ ()*/> N,/ 0<.)+> ( .5/C4.)+> ( ; 1)*/ 0/+,.0 /5 .)+> ( ,*+ -N /)=/ / () */= +(?> =5/ ( 3 )*.(?)*/,+ 3( .5)>( >+,/

0.)+>:2÷Ë;M8 , 2÷Ë.- -0 > .6 */,O/ 0>1)*/ ()*/= +(?> =5/ ( 3 )*,*>45?6>( </ 03/)> 1.( ?.,2÷Ë.- -0 > .6 */,

+ ( @+( + )91)*/ ()*/= +(?> =5/ (3)*,*>45?6 >( </ 03/)> : ,/ /n .,,.(+.( ?P *> 7 .Q> ,1KLG L ; M2-/ 6 )0 .5?/ ( ,+)9>0

>)*/ 00/5/ < .()7/.,40 /,,*> =+ ( 3-/.Q,+ () */?>7+ ( .()@0 /C4 / (6+ /,>0/_>3/ ( >4,+(@> 07 .)+ >(7 .9.,,+,)+ ()*/

?/)/ 07+ ( .)+ >(>@-/ 0 +>?+ 66> 7 -> (/ (),M

ÞYö ¡ U %³\! \ !¥¡ \£! ¢& ³¤! !

ø(6/)*/=+ ( ?>=5/ (3)**.,N / / (?/)/ 07+ (/? 1,> 7/> )*/ 0+ ( @>0 7 .)+> (7+3* )N/<.54.N 5/+(>0?/ 0)>-0> 6/ /?)>

)*/30 >4-+ ( 3,)/->@)*/0/ 6> ( ,)0 46 )+ >(,).3/Mo> 0/_.7 - 5/1+(-0.6 )+6/1.-/ 0 +>?+ 66>7 ->( / ( )+,+ ?/ ( )+@+ /?N9

* .<+ ( 3)= >/ + 3/ ( )0 + - 5/,=+)*,+(345.0<.54/,6 5> ,/)>/.6 *>)*/ 0: )*//_6/- )+> (+ ,.)@0/C4/ ( 6 9L MI=*+ 6 *?+ ,- 5.9,

> (// +3/ ()0+-5/= + )*, .=J)>>)*,+(345.0< / 6 )> 0 ; MP */ 0/@>0 /1.-5> )>@)*/,+(345.0<.54 /, .3.+ ( ,).(+ ( ?/_

¹É®èù è·13+< /,+ 7 -> 0 ).()+ (@> 07 .)+ >(+ ()*/,/ (,/) *.)1)*0> 4 3 *)*+ ,<+,4 .5.+ ? 1>( /6.(/.,+ 5 9?+,6/ 0()*/*+3*.(?

)*/5> =,+ ( 34 5 .0<.54/,M2+( 6//.6 *,+(345.0< .54/ /_-0/,,/,)*/,+ 3(+@+ 6 .(6/>@)*/6>0 0/,->(?+ ( 3 )>

)*/ )>).5)0 .B / 6 )>09 7 .)0+_ 1 *+3* ,+ ( 34 5 .0 < .54/, +7 - 59 ,+3( + @+6 .( 6/>@ )*/ 6> 00 /,-> ( ?+(3 / + 3/ ( )0 + - 5/., .

?/)/ 07+ ( .()>@)*/< .0 + .( 6/>@)*/)+7/,/ 0+ /,M

ÞYÞ² & ³¤\\ ! !U% & !%[ &\ !

m .,/?> ( )*/ .N> </ 6>(,+ ?/ 0 .)+ >(, .( ?* .<+ ( 3 ( > @40)*/ 0 + ( @>0 7 .)+> ( .N> 4 ))*/2÷Ë0.)+> := *+6 *6 >45? N /

7/.,4 0/? 1@> 0/_.7 -5/1N 9)*/`.57 .(@+5)/ 0;1 '6 *> > ,/)*/= +(?> =5/ (3)*)>N /pK M P *+ ,6 *>+ 6/6> 00 /,-> ( ? ,

N > )*)>)*/7+ (+ 747-> ,,+ N 5/2÷Ë0.)+>.( ?)>)*/7._+74 7])9-+ 6 .5^6 96 5+ 6 .56 >7 ->( / ( )>@) */N 4 ,+ (/,,696 5/

: pKC4 .0)/ 0 ,; Mo+34 0/ K,*>=,)*/p K,+(345.0<.54 /,M

ô\£[ % V2+ ( 34 5 .0< .54/,

P */*+3*/,),+ ( 34 5 .0<.54 /6> 00 /,-> ( ? ,)>)*/)0 / ( ? MP*/ (1)*/@> 5 5> =+ ( 3f,+ ( 34 5 .0<.54/,: KJ H ;?/ 6 .9. 57>,)

5+( /.0 5 94 -)>)*/<.54 />@: .--0>_+7 .)/5 9;J GLMP */96> ( ).+ ()*/6 96 5/.( ?) */,/.,>(.56>7 ->( / ( ),MP */5 .,)Kp

,+ ( 34 5 .0< .54/,?/ 6 .9< / 0 9,5>=59:= + )*)*//_6/- )+> (>@)*/5.,))*0/ /; M8 55)*/,/K p,+ ( 34 5 .0< .54 /,N /5>(3)>

( >+,/M

ú«ú« ®û¾ §ª ¼ º½üÁýº¨Á§ º»

m .,/?> (o+34 0/G 1)*/5>(304 ()0/ (?+ ,0/ 6> ( ,)0 46 )/?> ()*/N .,+,>@)*/@+ 0 ,)/ + 3/ (< / 6 )>01o+34 0/pM

ô\£[ % ÞVA+ 3/ (< / 6 )>0G.(?)*/0/ 6> ( ,)0 46 )/?)0 / ( ?

þÿ

| y y sw}~uwt vw | yyt y {x y wzu| yv|~ y~ uy~t vw | yuyz{vwu wywuy {

(6)

P */6 96 5/6>(,+ ,),> @)*// +3/ ()0+-5/,p 1a1I1f 1HMo+34 0/a,*> = ,)*/,// + 3/ (< / 6 )>0,.(?)*/0/ 6> ( ,)0 46 )/?6 96 5/M

ô\£[ % êV

A+ 3/ (< / 6 )>0,p 1a1I1f 1H.(?)*/0/ 6> ( ,)0 46 )/?6 96 5/

þÿru~ }| vy y}ww | y~vwz{y~uyyt y {x y wzuv| y~ vwu~ }|tw |w | yv|~ y~uy~tvw | yuy z{vw u w y y

(7)

P */,/.,> ( .56 >7 ->( / ( )+,0 / 6> ( ,)0 46 )/?.66> 0 ?+(3)>) *// +3/ ()0+-5/,K 1b 1eMo + 340 /I, *> = ,)*/0 / 6> ( ,)0 46 )/?

,/.,> ( .56> 7 -> (/ ()M

ô\£[ % VA+ 3/ (< / 6 )>0,K 1b 1e.(?)*/0/ 6> ( ,)0 46 )/?,/.,> ( .56> 7 -> (/ ()

þÿr u~ }| vy y}ww | y~ vwz {y~uyyty {x y wzuv| y~vwu~ }|t w |w| yv|~ y~uy~t vw | yuy z{vw u w yv y~ v z{~

z} z{y {w

ú«ú« û¾ §º¼¹Ê§

P */(> + ,/6> 7 -> (/ ()+ ,0 / 6> ( ,)0 46 )/?>()*/N.,+,> @)*/0/ 7 .+ (+ ( 3K p/ +3/ ()0+-5/,:G LJpK ;Mo + 340 /b,*>=,)*/

0 / 6>(,)04 6 )/?(> + ,/M

ô\£[ % VA+ 3/ (< / 6 )>0,G LJpK.(?)*/0/ 6> ( ,)0 46 )/?( >+,/

(8)

m .,/? > ( )*/ ?/ 6> 7 ->,+ )+ >( >@ )*/ A 40 > -/.( D EF + ( )> )*/ )*0/ / ,4N,+ 3( .5 ,>@ + ( )/ 0 /,) : )0/ (?1 696 5/ .( ?

,/.,> ( .5 ,;1'( >=-0 >6/ /?)>)*/0 / 6>(,)04 6 )+> (>@D E F,+ 3( .5:+M/M,+ 3( .5Ò)0 / ( ?å6 96 5/å,/.,>(.5,Ò.6 )4.5D E F

J( >+,/;MP */D EF,+ 3( .5+,?+ ,- 5.9/?+(o + 340 /eM

ô\£[ % V

P */0/ 6> ( ,)0 46 )/?A4 0>-/.(D EF,+ 3( .5

ú«ú«û¾ §Ê§©Ê¼ º© ªªÄ©»Âý Ê¨§»

2+( 6/ )*/ ,+3(.5+ ( o + 340 / e6 >().+(, ) */,/.,> ( .5 6> 7 -> (/ ()1 ,/.,> ( .5 . ?B 4 ,)7/ () 6 .( /.,+ 5 9 N /7 .?/ N9

0 / 6>(,)04 6 )+(3 . )+ 7/,/ 0+ /, = *+6 * 6>().+(, >(59 )*/ )0 / ( ? .( ? )*/ 6 96 5/M P *+, 6>45? N/ 6> ( ,+?/ 0 /? ., )*/

,/.,> ( .5 59.?B4,)/?)+7/,/ 0+ /,:=+)*> 4 ))*/(> + ,/; MP */,/.,>(.55 9.?B 4 ,)/?D EF,+ 3( .5+,?+ ,- 5.9/?+(o + 340 /fM

ô\£[ % VP */,/.,>(.55 9.?B 4 ,)/?D EF,+ 3( .5

ú«ú« û¾ §¼Á¨¾ ¼½¼ º©ª ¹¨ Ä¼ ¨¾ §» §Ã¼ Åñ¼Ê¹¨¹ ¼ º

P */?/ 6> 7 ->,+ )+ >(+ ,>- )+7 .5= */ () */,4N J ,+3(.5,.(?( > + ,/.0 /,).)+,)+6 .5 59] ,/-.0.N 5/ ^ MP *+,+ 7 -5+/,)* .))*/

6> 00 /5.)+ >(7 .)0 + _.7>(3)*/,/,4 NJ,+ 3( .5 ,.( ?) */(> + ,/6> 7 -> (/ (),*>45?N /?+ .3>(.51= + )*) */7 .+(?+.3> ( .5

N / +(3> (/.(?)*/>@@J ?+ .3>(.5/5/ 7/ ( ),N / + ( 3 1+?/.5 591O/ 0 > M P */.--0>-0 + .)/, ).)+ ,)+ 6*/ 0 /+, M

j( ?/ 0)*/(455* 9-> )*/,+ ,)*.) :)*/)*/ >0 /)+6 .56> 00 /5.)+ >(6> /@@+6+ / ( );+,O/ 0 > 1)*/¨ ,).)+,)+6 1= + )*Á )*/,.7 - 5/

6> 00 /5.)+ >(6>/@ @+ 6+/ ().( ? ¶Ò ba:)*/ ,.7 -5/,+O/; 1+,?+,)0+ N4)/?. ,)*/4,4.5¨ : 2)4?/ ();,).)+,)+6= + )*¶ü¬

?/30 / /,>@@0/ /?>7 M '() */.N >< /6.,/,1)*/( 4 5 5* 9-> )*/,+ ,6 .( (>)N /0 / B/ 6 )/?. )) */6> (< / ( )+ >(.55/ </5 ,>@

,+3( + @+6 .( 6/:I .(?G L;M P *4,1) */-0>->,/??/ 6>7 -> ,+)+> (+, >-)+ 7 .5+ ()*/,/ (,/ )* .). *+3* ?/30 / / > @

,/- .0 .N + 5+ )9* .,N / / (.6 *+ / </? MP .N 5/G-0/,/ (),)*/6> 00 /5.)+ >(7 .)0 + _.7>(3.55)*/,4 NJ,+ 3( .5 ,.(?)*/(> + ,/M

(9)

ö% ! U S &¢ ¦ !¢

\

ö% !U G MLL L LML eI L MLaK L ML bb

S &¢ L MLe I GML LL L ML Ke L ML Ka

¦ ! ¢ L MLaK LMLKe G MLL L L ML ae

\ L ML b b LMLKa L MLa e G ML LL

ÞYê ³¤ %\ ! ¡ %!T!¥\¢ %

'()*/@>55>= +(31'6> 7 -.0 /)*/2286 96 5+ 6 .5,+ 3( .5)>)*/6 96 5+ 6 .5,+3(.5,>N).+( /?N9)*/n>?0 +6 QJF0 /,6> )) @+5)/ 0

:n F;=+)*)*/,7>>)*+ ( 3-.0.7/)/ 0/C4 .5)>GbL L 1)*/l *0+,)+ .( >Jo+)O3/ 0 .5 ?: lo ;.,977/)0 +6@0/C4/ ( 6 9@+ 5 )/ 0

4 ( ?/ 0)*/.,,47 - )+> ()* .))*/0 /.5A4 0>-/.(D E F@> 5 5> = ,.0.(?> 7=.5Q.(?)*.))*/N 4 ,+ (/,,6 96 5/+ ,N /)=/ / (

b.(?pKC4.0 )/ 0,1.(?)*/m ._)/ 0 J `+ ( 3: m `;@0/C4/ ( 6 9@+ 5 )/ 04(?/ 0) */,.7/.,,4 7 -)+ >(,.N> 4 ))*/6 96 5/.,)*/

lo@+5)/ 0M ' )(/ /? ,)>N/( > )/?)* .)1N / 6 .4 ,/>@) */)0 4( 6 .)+> (>@) */6> /@@+6+ / ( ),+ () */m `@+ 5 )/ 0 1Ka>N,/ 0<.)+> ( ,

:G K+ ()*/N/3+( (+ ( 3.(?G K+ ()*// ( ?>@)*/,.7 -5/;.0/(>)?/@+ (/? Mo> 0)*/n F1)*/lo.( ?m `@+5)/ 0,1)*/+ (+)+ .5

)+ 7/ ,/ 0 +/, *., N/ / (@+ 0 ,),/.,>(.55 9 .?B4,)/? N 9 ) */ J G K,/.,> ( .5. ?B 4 ,)7/ ()7/)*> ? M P .N5/ K,*>=, )*/

7+ (+ 747 1)*/7 ._+ 747 1)*/,).(?.0??/ <+.)+> (.( ?)*/m/ 0 .J.0 C4/:m;,).)+,)+6@>0( >0 7 .5+)91.( ?P .N5/p

,*>=,)*/6> 00 /5.)+ >(7.)0+_.7> ( 3. 55) */,/@> 40@+5)/ 0,Mo+34 0/H?/-+6 ),)*/,/@>4 06 96 5/,> </ 0) */= *> 5/-/ 0 +>?

G HH IJKL GLMP */( >0 7 .5+)9>@)*/6 96 5+ 6 .56> 7 -> (/ (),6 .( (>)N /0/ B / 6 )/?+ (.(9> @) */@+5)/ 0,. )I ,+3( + @+6 .( 6/

5/ </5,+ (6/)*/m/ 0 .J.0C4 /:m;,).)+,)+6IMHH1)*/60 + )+ 6 .5< .54/.))*/I ,+3( + @+6 .( 6/5/ </5 1+ (.55@> 406 .,/,Mø(

)*/N .,+,> @)*/6> 00 /5.)+ >(7 .)0 + _+ () */P .N5/p 1) */2 28@+ 5 )/ 00 /,/ 7N 5/,7>0 / )>) */m `@+ 5 )/ 0 :6> 0 M6> /@MÒ

L Mfa b ;1 )*/ ()>)*/nF@+ 5 )/ 0: 6>0M6> /@MÒL MeH G ;.(?)*/ (= +)*)*/lo@+ 5 )/ 0:6> 0 M6>/@ MÒL Me eG ;M ' )+,> N,/ 0< /?)* .)

?+ @ @/ 0 / (6/,.0/0 .)*/ 0,5+3* ).5 )*> 4 3 *)*/2 28@+5)/ 0,*>=,?/ /-/ 0)0 >43* ,.(?7+ 5 ?/ 0-/.Q,+ (6>7 - .0+,>()>)*/

>)*/ 0)*0/ /@+5)/ 0,M

ö$¢ VE/,60 + - )+< /,).)+,)+6 ,@> 0)*/6 96 5+6 .56> 7 -> (/ ().7> ( 3)*/@>4 0@+5)/ 0,

¦ ¦# ó ô R

\! \³[³ JLML ae J L ML KI JLMLKf J L MLG L

\³[³ L MLG H LMLKH L ML K f L ML KH

¦U YU ë\\ ! L MLG e LML G K L MLG G L ML GL

\\& L MLG H LMLKf L Ma K K a MK KI

ö$¢ ÞV

l>0 0/5 .)+> (7 .)0+_.7> ( 3)*/@>4 06 96 5+6 .56> 7 -> (/ (),

¦ ¦# ó ô R

¦¦# G MLL L LMe HG L Mee G L Mfa b

ó L MeH G GML LL L MH pG L MH pp

ô L Mee G LMHpG G MLL L L MH fK

R L Mfab LMHpp L MH f K G ML LL

(10)

þÿ r!t |w y" # $! y z"%&!~u' y"()!}t {'"

P */ @0/C4/ ( 6 9 >@ )*/ 696 5/ 6.( N / 7 /.,40 /? + ( )*/@0/C4/ ( 6 9 ?>7 .+ ( N9 7/.(, >@ ,>7/ ,-/ 6 )0 .5 ?/ (,+ )9

@4( 6 )+> ( M'. -- 59)*/7._+74 7/ ()0>-97/)*> ?:m4 0 3 1¼ ñ«Ã¹ ¨«;=*+ 6 */,)+ 7 .)/,)*/->= / 0, -/ 6 )0 47N.,/?> (

- .0 )+.5Q(> = 5/?3/ >@ )*/.4)>6> 00 /5.)+ >( @4( 6 )+> ( > @ . ,).)+> ( .09 )+7/ ,/ 0+ /, : */ 0 / )*/ 6 96 5/; M8 @)/ 0 ,/ < / 0 .5

/_-/ 0+ 7/ ( ).)+ >(,=+)*?+ @ @/ 0 / ( )8 k, )04 6 )40 /,1.(8 k7>?/5> @> 0 ?/ 0a* .,N/ / (4 ,/?+ ()*/ ,-/ 6 )0 .5?/ (,+ )9

/,)+ 7 .)+> ( M P */?/)/ 0 7+(.)+> (>@) */,-/ 6 )0 .5?/ ( ,+)9@>0)*/m `@+5)/ 0?+?( > )9+ /5?0/5+ .N5/0 /,4 5 ),.(?)*/ 0/@>0 /

+)+,( > ),*> =(M8 ,+)+,> N ,/ 0 </?+ (o+34 0/G L 1)*/2 28@+5)/ 0* .,.-/.Q+(.5> =/ 0@0/C4/ ( 6 9:L ML e f6 96 5/,; 1+(

6> 7 -.0 + ,> ()>N>)*n F:L MGIb6 96 5/,;.(?lo@+ 5 )/ 0 ,:LMG I b696 5/,1 )*/,.7/.,)*/n F@+ 5 )/ 0 ; M P*+,+ 7 - 5+ /,)* .)) */

6 96 5/>N).+( /?N 9)*/2 28@+5)/ 0* .,*+ 3 */ 0=.</5/ (3)*+ (6>7 - .0+,>()>)*/>)*/ 0)= >@+5)/ 0,M

ô\£[% X+±W._+74 7/ ()0>-9,-/ 6 )0 .@> 0228Jn F.(?228Jlo @+5)/ 0,

þÿ, y sw rst wy u! y"%&stwy u!uy y {" -t|w rst wy u! y"#$! uy y {"

êY! &¢[ \ !

'()*+,- .-/ 01'* .</-0/,/ ()/?)*/2 287/)*>?.( ?+),.- -5+6 .)+ >(+ ()*/?/ 6>7 -> ,+)+> (>@)*/A4 0>-/.(0 /.5

D EF=+)*C4.0 )/ 059? .).@>0)*/-/ 0+ > ?G HH IJKL GLMP *+ ,7/)*>??/ 6> 7 ->,/,)*/+ (+)+ .5)+ 7/,/ 0+ /,< / 6 )>0,- .6/

+ ( )>.,47>@,+3(.5.(?( > + ,/> 0 )*> 3>(.5,4 N ,- .6/,+(.= .9)*.))*/,/,4N,-.6/,.0 /7/.(+ ( 3 @45+ (/ 7 -+0 +6 .5

7 .60 >/ 6> (> 7+6 ,M228?/-/ (?,>(59> (> (/- .0 .7/)/ 01)*/= +(?> =5/ (3)* 1.(?6 .(N /6> ( ,+?/ 0 /?.,.4 ( + @+/?

@0 .7/ = >0Q=+)*+ (=*+ 6 *) */,+ 3( .5 ,> @+ ( )/ 0 /,): )0/ (?16 96 5/.(?,/.,>(.5<.0 + .)+ >(;.0 /> N ).+ (/?.,,-/ 6+ .56 .,/,M

8 ,@.0.,)*/6 96 5/+ ,6> (6/ 0 (/? 1)*/ .- -5+6 .)+ >(>@)*/7/)*> ?)>) */A40 > -/.( 0 /.5D E F,*>=, ,+ 7+ 5 .0+)+/,

: ,)0> ( 36> 00 /5.)+ >(6> /@@+6+ / ( ).7>(3)*/6 96 5/,>N).+( /?N 9. 55@>4 0@+5)/ 0,;N4). 5,>,> 7/?+ @ @/ 0 / (6/,)>>)*/ 0

4,4 .5@+ 5 )/ 0 ,MP */2 28@+5)/ 0= + )*.= +(?> =5/ ( 3 )*/C4.5)>p K,*>=,?/ /-/ 0)0 >43* ,.( ?7+5?/ 0-/.Q,)* .()*/

>)*/ 0 )*0/ /@+ 5 )/ 0 ,1 .,= /55 . ,. 5>(3/ 0 =.< / 5/ (3)*+ ( ) */6 96 5+6 .56 >7 ->( / ( ) >@ )*/ A4 0>-/.( 0 /.5D E F + (

6> 7 -.0 + ,> ( )>n F.( ?lo @+ 5 )/ 0 ,M F>,,+N5/.-- 5+ 6 .)+> ( ,> @2 28 7 .9+ (6 54 ?/,/.,> ( .5. ?B 4 ,)7/ ()-0> 6/?4 0/,1

?/ (> + ,+ ( 3 1@+5)/ 0 +(3.( ?,7>>)*+ ( 3>@,*>0).( ?( >+,9/ 6> (> 7+6)+ 7/,/ 0 +/,M2286 .(.5 ,>N /4,/?.,.@+ 0 ,),).3/

+ (/ 7 -+ 0+ 6 .57 .60 >/ 6> (> 7+6 ,+ ()*/,/ (,/) *.)+)-0 >< + ?/,.65/.( / 0,+3(.5>@)*/696 5/,+() */6> ( )/_)>@N 4 ,+ (/,,

6 96 5/,9(6 *0> (+O.)+ >(M ø(6/) */,+3(.5,.0/> N).+( /?@0 >7) */228 1)*/97.9N /@4 0 )*/ 0-0> 6/,,/?N9)*/4,4 .5

(11)

@40)*/ 0 + ,,4 /, ,*>45?N/ . ??0/,,/? + ( . @4 )4 0/0 /,/.0 6 *Mo> 0 /_.7 -5/1 . 7> 0/ -0/ 6+,/?/)/ 07+ ( .)+ >( > @ )*/

= +(?> =5/ (3)*: .0 /5.)+ >(N /)= / / (= +(?> =5/ ( 3 )*.(?,+3(.5)>( >+,/0.)+ > ;> 0) */0 >N 4 ,)( /,,.60>,,?+@@/ 0/ ()

)+ 7/?> 7 .+(>0@0/C4/ ( 6 9?>7 .+ (/,)+7 .)> 0 ,1,46 *.,.6>7 - .0+,>( >@)*/ ,-/ 6 )0 .5 ?/ (,+ )+ /,=*/ ()*/9.0/

> N ).+ (/? N 9 ?+@@/ 0/ () ,-/ 6 )0.5/,)+ 7 .)>0, ,46 * ., 7 ._+74 7 / ( )0 > - 9 > 0 ,7> > )*/? -/ 0 +>?>30.7 )/ 6 *(+C4 /,M

o 40)*/ 01 )*/ +,,4/ >@ ) */> N).+( /?( > + ,/ +, ,)+55 >-/ (M '( .5 5/_-/ 0+ 7/ ( ).)+ >(, = + )* 2 28 1 )*/> N ).+ (/? ( >+,/

6> 7 -> (/ () = ., ( >) -40 /59 =*+)/ .(? ,>7/ ,+3(.51 /_-0/,,/? + ( ) */ @> 07 >@ ,).)+,)+6 .5 59 ,+3( + @+6 .()

.4)>6> 00 /5.)+ >(,1= .,*+??/ (+()>+ )M

ß ¥ % !&

m/ ( /Q+ 1m M1A/ 6 Q/5,1m M1 c/ >(1l M: KLG G ; 1] 2+3(.5A _)0 .6 )+ >(.( ?o > 0/ 6 .,)+ ( 3>@)*/j `P> 40 + ,7'(6> 7/P+ 7/2/ 0 +/,M

82+ ( 34 5 .02-/ 6 )04 78 - -0 > .6 * M^

HW.0 6 *KL GG1

E ø 'VG L VG LLK÷@>0MG KKL M

m4 0 3 1 MFM

W._+ 747A( )0 > - 92-/ 6 )0 .58(.59,+ ,1F *EP */,+ ,12 ).( @>0?j( +< / 0 ,+)91G He I M

012345 6754 8 98 9: ;<= > ;758 ? 456 @ A7B2C 4DE ;38 F 8( .5 9,+, > @ P+ 7/ 2/ 0+ /, 2)0 46 )4 0/V 228 .( ? k/5.)/?

P/ 6 *(+C4 /,1 l * .-7 .(.(?n .55÷l kl 1KL LGM

n .,,.( + 1n M1 P *> 7 .Q> ,1EM :KLG L ; M]8k/ <+ / =>( 2+(345.02 -/ 6 )0 478( .5 9,+, @>0A 6>( >7+ 6.(?o+ ( .( 6+ .5P+ 7/

`.0*4 (/ (1`M°402 -/Q)0.5)*/ >0 +/2)> 6 *.,)+,6 */ 0F0>O/,,/18( ( M86 .? M26+Mo/ ( ( M2/ 0 M8G1W.)*MF *9,M1pa 1GH a b M

c>d</1WMVF0> N .N + 5+ )9P */ >091Ð>5M' '1a)*/?M12-0+ ( 3/ 0J Ð/ 0 5 .31G HefM

W.gh1k M1 :GHfG;1 ]ø()*/ ?+ 7/ ( ,+ >(> @ )*/6> 7 -.6 ) + (<.0+.( ),/),>@6 / 0 ).+ (( >(5+( /.07 .- ,^ 1+( E 9( .7+ 6 .5

2 9,)/ 7 ,.( ?P4 0N 4 5/ (6/1A ? ,ME M8 Mk .(?.( ?cM2 MG>4 ( 3 12-0+ ( 3/ 0J Ð/ 0 5 .31Ë/ =G> 0 Q1K pL Ì Ka K M

P .Q/ (,1o M1:G H fG ; 1]E/)/ 6 )+ ( 3,)0.( 3/. ))0 .6 )> 0 ,+ ()40 N45/ ( 6/ ^ M'(E9(.7+6 .52 9,)/ 7 ,.( ?P4 0N 4 5/ (6/1EM8 Mk .( ?

.(?cMJ2MG> 4(3:A ? ,M; 12-0+ ( 3/ 0J Ð/ 0 5 .31Ë/ =G> 0 Q1- -Mp bbÌ pfG M