Testing Normality: A GMM Approach

Texte intégral

(1)2002s-63. Testing Normality: A GMM Approach Christian Bontemps and Nour Meddahi. Série Scientifique Scientific Series. Montréal Juillet 2002. © 2002 Christian Bontemps, Nour Meddahi. Tous droits réservés. All rights reserved. Reproduction partielle permise avec citation du document source, incluant la notice ©. Short sections may be quoted without explicit permission, if full credit, including © notice, is given to the source..

(2) CIRANO Le CIRANO est un organisme sans but lucratif constitué en vertu de la Loi des compagnies du Québec. Le financement de son infrastructure et de ses activités de recherche provient des cotisations de ses organisationsmembres, d’une subvention d’infrastructure du ministère de la Recherche, de la Science et de la Technologie, de même que des subventions et mandats obtenus par ses équipes de recherche. CIRANO is a private non-profit organization incorporated under the Québec Companies Act. Its infrastructure and research activities are funded through fees paid by member organizations, an infrastructure grant from the Ministère de la Recherche, de la Science et de la Technologie, and grants and research mandates obtained by its research teams. Les organisations-partenaires / The Partner Organizations •École des Hautes Études Commerciales •École Polytechnique de Montréal •Université Concordia •Université de Montréal •Université du Québec à Montréal •Université Laval •Université McGill •Ministère des Finances du Québec •MRST •Alcan inc. •AXA Canada •Banque du Canada •Banque Laurentienne du Canada •Banque Nationale du Canada •Banque Royale du Canada •Bell Canada •Bombardier •Bourse de Montréal •Développement des ressources humaines Canada (DRHC) •Fédération des caisses Desjardins du Québec •Hydro-Québec •Industrie Canada •Pratt & Whitney Canada Inc. •Raymond Chabot Grant Thornton •Ville de Montréal. Les cahiers de la série scientifique (CS) visent à rendre accessibles des résultats de recherche effectuée au CIRANO afin de susciter échanges et commentaires. Ces cahiers sont écrits dans le style des publications scientifiques. Les idées et les opinions émises sont sous l’unique responsabilité des auteurs et ne représentent pas nécessairement les positions du CIRANO ou de ses partenaires. This paper presents research carried out at CIRANO and aims at encouraging discussion and comment. The observations and viewpoints expressed are the sole responsibility of the authors. They do not necessarily represent positions of CIRANO or its partners.. ISSN 1198-8177.

(3) Testing Normality: A GMM Approach* Christian Bontemps† et Nour Meddahi‡. Résumé / Abstract Dans cet article, nous testons des hypothèses de normalité marginale. Plus précisément, nous proposons des tests fondés sur des conditions de moments connues sous le nom d’équations de Stein. Ces conditions coïncident avec la première classe de conditions de moments obtenues par Hansen et Scheinkman (1995) quand la variable d’intérêt est une diffusion. L’équation de Stein implique, par exemple, que l’espérance de chaque polynôme de Hermite est nulle. L’approche GMM est utile pour deux raisons. Elle nous permet de tenir compte du problème d’incertitude des paramètres préalablement estimés. En particulier, nous caractérisons les conditions de moments qui sont robustes à ce problème et montrons que c’est le cas des polynômes de Hermite. C’est la principale contribution de l’article. Le second avantage de l’approche GMM est que nos tests sont aussi valides pour des séries temporelles. Dans ce cas, nous adoptons une approche HAC (Heteroskedastic-Autocorrelation-Consistent) pour estimer la matrice de poids qui intervient dans la statistique de test quand la forme sérielle des données n’est pas spécifiée. Nous comparons nos tests de manière théorique avec les tests de Jarque et Bera (1981) et les tests dits OPG de Davidson et MacKinnon (1993). Les propriétés de petits échantillons de nos tests sont étudiées par simulation. Finalement, nous appliquons nos tests à trois exemples de modèles de volatilité GARCH et volatilité réalisée. In this paper, we consider testing marginal normal distributional assumptions. More precisely, we propose tests based on moment conditions implied by normality. These moment conditions are known as the Stein (1972) equations. They coincide with the first class of moment conditions derived by Hansen and Scheinkman (1995) when the random variable of interest is a scalar diffusion. Among other examples, Stein equation implies that the mean of Hermite polynomials is zero. The GMM approach we adopted is well suited for two reasons. It allows us to study in detail the parameter uncertainty problem, i.e., when the tests depend on unknown parameters that have to be estimated. In particular, we characterize the moment conditions that are robust against parameter uncertainty and show that Hermite polynomials are special examples. This is the main contribution of the paper. The second reason for using GMM is that our tests are also valid for time series. In this case, we adopt a Heteroskedastic-Autocorrelation-Consistent approach to estimate the weighting matrix when the dependence of the data is unspecified. We * The authors would like to thank Manuel Arellano, Bryan Campbell, Marine Carrasco, Xiahong Chen, Russell Davidson, Jean-Marie Dufour, Jean-Pierre Florens, René Garcia, Ramazan Gençay, Silvia Gonçalves, Lynda Khalaf, James MacKinnon, Benoit Perron and Enrique Sentana for helpful comments on an earlier draft and participants at CEMFI, Université de Montréal, Queen's University and University of Pittsburgh seminars, the Canadian Economic Association Meeting, Montréal, June, 2001, and the European Econometric Society Meeting, Lausanne, August, 2001. The authors are responsible for any remaining errors. The second author acknowledges financial support from FCAR, IFM2, and MITACS. † LEEA-CENA, 7 avenue Edouard Belin, 31055 Toulouse Cedex, FRANCE. E-mail: bontemps@cena.fr; ‡ Département de sciences économiques, CRDE, CIRANO, Université de Montréal, and CEPR. Address: C.P. 6128, succursale Centre-ville, Montréal (Québec), H3C 3J7, Canada. E-mail: nour.meddahi@umontreal.ca..

(4) also make a theoretical comparison of our tests with Jarque and Bera (1980) and OPG regression tests of Davidson and MacKinnon (1993). Finite sample properties of our tests are derived through a comprehensive Monte Carlo study. Finally, three applications to GARCH and realized volatility models are presented.. Mots clés : Normalité, équation de Stein-Hansen-Scheinkman, GMM, polynômes de Hermite, incertitude des paramètres, HAC, régression OPG Keywords: Normality, Stein-Hansen-Scheinkman equation, GMM, Hermite polynomials, parameter uncertainty, HAC, OPG regression. Codes JEL : C12, C15, C22.

(5) b. c)dfe g hìkjkl&eXm2hnd. oqpsrntp uwv"x2yp5yrzv2{M|M}\x~rzy5v2\2-}\#{M|M}R5 -{}RyptftM# 5rn{}\yp5-tutps}Rrn$y|P{!tp {D|MyRv}\pw{5v v"P{}\rnt{M}\ypC}Rp-Fv"|#v"p5x2vwtp5Fy|Mv2xtP{}\p--|My=x"v"- 5|Mv2" y5 5#{v2#{M}\rnt{}Ryprzv2{-y5tt}\p5P{ 5}\P{|#}\5 -{M}\yp5t5t#M 5rz-{M}\ypt|Mvtt}\t5\vM 5x!ft{M5v tM} t>¡}\r< 5r¢q£¤}\¥v2\}R5yy=§¦©¨5}R{MvBª«¬® + £E¯Ytp57°+v2p5v"|Mt\}R±"v2¢²v2{M5y=7y$²yrnv2p4{M;¦´³tp5#v"pC5ª«¬ ®4°µµ¯/³y¶6vv"|24¥=p-y

(6) ¶;}Rp5{M5v{M|M 5v 5}\P{|#}\5 -{M}\ypyY{M5v+x"yp-M}\-v"|Mv2²|Mtp55yrst|M}\t5\vrtuf$vG 5#v2F 5¤Fy|&}Rrn5|#y}Rp57}Rp-Fv"|#v"p5x2v· 5x!²}\ {5vxtMv<}Rp P{y=x!t#{M}\x+y\t{}R\}{qurzy-v"\&¶;5v2|Mv7#v2v"|t*#{M 55}Rv"tv7#5y¶;p {t>{#}\r7 5\t{}Ryptp5 ¸¹tuv2M}tpºrnv{5y=5 y {$v"|#Fy|Mr»{5v&²£²tp-z°¼µsrzv2{M5y=5&¦´½tx"¾4 5}Rv"|"¿YyRMyp¢tp-¢y#M}´-ª««À5® ÁG}\r$·5v"-t|MÂtp5ÂÃ65}RCYª««¬-®$Äp5-v"|M#v"pCEÃ64 5p-`tp5k·=y|Mv2p5Mv2pC ª«««-®C°+tRtp {tp5µÅYt 5x!-v"pC ª«««¯Y²y|#v"yv2|"¥4p5y¶;}Rp5&{5v 5}R#{|#}\5 {}\yp}\)tRMy&x2|M 5x2}t¶;5v2p¼yp5vXFy|Mv2xtP{)p5yp+\}Rp5vt|t|M}\t5\v2 \}R¥v6yt{M}\R}R{qu}\p7{M5vÆ°GÄ¹Ã¹³rzy=5v"yCÇv"RMyp²¦Pª««-ª

(7) ¯/ y|*{-v-}\ºF|Mv2¾4 5v"p5xu¢|Mv"t\}R±"v"7yt>{}\R}R{qu rny=5v2yCÄp55v"|#Mv2pÇ6yR\v2|MMRv2$4È}\v2Iy\ztp5£Et4u=¦ÉÊÊ4Ä¸¹ÈG£E¯ Å&-}\@}\t\#y¼}Rrn$y|#{tp { ¶;5v2p yp5vºvt\ t{Mv"G5v2p5M}{qukFy|Mv2xtP{tG}RpËÈ}Rv"$y\¤°G 5p {5v2|¼tp5ÂÅ*tuD¦ª««¬ ¯/7oqpÂ|M}RM¥ rntptv"rzv"p { \}{v"|Mt{ -|Mv§¦FMv2vÃ6-|M}\P{yÌIv"|#Mv2pCª««¬-¤tp5Í¸6v"|#¥y¶;}R{M±YÊÊ-ª¯C{-vºrnyP{+Iy5 5t|rnv"tM -|Mvºy|M}RM¥B {t>{)}\¤{5vXÎ@tR 5v t{E;}\#¥¢¦FÎ@t¯"}\)t#v"yp¼¾4 tp4{M}\Rv"Etp5C>5v2p5x"vyp5}\P{|#}\5 -{M}\yp5tt#M 5rz-{M}\yp52 oqp`x"yp {}Rp4 5y 5¹{M}\rzvrny=5v2\}\p-5Ã65v"pCB³tp5#v"p²tp5²·x!5v2}\p5¥4rntpË¦ÉÊÊÊ ¯6t|# 5v{5t{;tp`}\p {Mv"|Mv2#{M}\p5 t55|#y tx!}\¹{My¢Ï5|M#{M$v"x2}R©uf{M5v+ 5p5x2yp55}{}\ypt-}\#{M|M}R5 -{}Ryp§yY{5v+5|#yx2v"M2$tp5`{5v2p²#Iv2x"}R©u{5v 5}RÌI 5#}\yp7{Mv"|Mr*Å&-v"|MvFy|Mv45v2v"\y5}\p5G{Mv"#{M 5|My=x"v25 5|Mv&Fy|X-}\#{M|M}R5 -{}Ryptt#M 5rz-{}Ryp¢5}tp5yP{}\x2 }\p§$y{x"|#yMq#v"x2{M}\yp5t)tp5§{}Rrnv/q#v"|M}Rv"&#v2{M{M}\p5}R&yYt|#{M}\x2 5t|6}\p {v2|Mv"P{ Å&5vÐrnt}\p5 5|#Iy#vÑyfy 5|Ò5tIv2|Ò}RÍ{MyÓ5|My=}\-vÐtÔp-v2¶ t55|#y tx!ÕFy|Í{Mv"#{M}\p5Öp5y|MrntR}R{qu ¨Òv x"yp5#}\5v2|fp5y|#rt\}R{qu}Rv2pÐ{t>{f}R{Mf}\rz$y|#{tp5x"v}\p{5vkv2x"yp5yrnv{|M}Rx R}R{v2|t{M 5|Mv²y|#v"yv2|" v"x2yp5yrzv2{M|M}\x2}tp-t|Mvrzy|#v×trz}\R}t|Y¶;}R{n{v"P{}Rp5<p5y|Mrnt\}{qu ØY}\ptRRu tp ux2yp {}Rp= -y 5¹5}R#{M|M}\- -{}Ryp rtuIvG{|Mtp5PFy|Mrzv"`ypt¢p5y|MrntIyp5v Å&5v"|#v²}R¢tkv"|Pu}Rrn$y|P{!tp {7R}R{Mv"|t>{ 5|#vfyp{v"P{}Rp5Âp5y|MrntR}R{quÒÅ&5}\¢}\p-x"\ -5v"7{Mv"#{Mn5tMv2Ñyp {5v`x2 5r7 5\t{}v`5}\P{|#}\5 -{M}\yp~¦×ÁGy\rzyy|#yI&ª«ÙÙ-®·rz}\|#p5y$ª«Ù« ¯ {-vx!5t|tx{v2|M}\P{}Rx`F -p5x2{M}\yp ¦´ÁGy -{M|My v"R}\2$ª«¬Ê-®ÁGy -{|#y -v"\}R@tp5§ÁGv"R\v2|Mrzv"}\v2|"ª«¬-ª®=ÆX55&tp-f¿X 5\Rv2uIª«¬Ù ¯ {M5vrzyrzv"p { v"p-v"|t>{}\p-+F -p5x2{M}\yp²¦´ÆX5-"-·}\p5\v2{Myp¢tp5n¿X 5\Rv2u$ª«¬ ¯/{5v&{-}\|Mztp-zFy -|#{zrzyrnv2p {¦É t|M5}\t- ª« ÚÊ®¸6y¶;rntp7tp5º·-v"p {yp5ª« ÚÛ=® ½t|#¾= -v6tp-7¸6v2|t-ª«¬Ê-®¸6v"|Mttp-º½t|#¾= -v5ª«¬-ª

(8) ¯{M5v¹³v"|Mrz}R{Mv IyRu=p5yrz}tR¦×ÁG}\v2Fv2|;tp5 ·-tRrnypIª«¬Ù-®-tp5v"|ÁGtt ¶Ótp-²ÁGyp-}\p55ÊÊ-ª

(9) ¯/ÝÜ Þ -|`t55|#y tx!}\f5tMv2ÔypÐ{Mv"P{}\p-Drzyrzv"p {fx2yp55}{}Ryp5"Å&5vÂx"yp55}R{M}\yp-¶6vÂx2yp5M}R5v"|`t|Mv t#v"`yp²·={v2}\pË¦Pª« Ú¯/¶;5v2|Mv+}R{&}R¹M-y

(10) ¶v"{t>{&{5vGrnt|M}\pt$5}R#{|#}\5 {}\ypfy*t7|tp5-yrßt|#}t5Rv }\ p-y|Mrnt-¶;}{º±"v2|Myrnv"tpztp5¢ 5p5}{Xt|M}\tp5x"v&}Itp5¢yp5u7}RItGt|P{}Rx" 5\t|*#v2{@yIrnyrzv"p { x2yp55}{}\yp5 5yRCÐÆ tx!Ðrzyrzv"p {zx"yp-5}R{M}\ypD}\¢¥4p5y¶;pàt¢{5vµ·={v2}\pDv"¾4 t{M}\ypÓ¦×#v"v²Fy|z}Rp5#{tp5x2vk·x!5y -{v2p5" ÊÊÊ¯f¨ËvM-y

(11) ¶á{Mt{¼M$v"x2}t@v¡-trz5\v2¼y¹{5}R¼v2¾4 t{}Rypâx2y|M|#v"M$yp5Ë{y²{M5v±2v"|#yµrnv"tpÒy;tp u ³v2|Mrz}R{v6Iyu=p5yrz}tR")oqp {v"|#v"P{}\p-Ru4{M5v·={v2}\pzv"¾4 t{M}\yp¢x2y}\p5x2}\5v2X¶;}R{º{M5v&Ï|MP{x2t# yCrzyrzv"p { ãqäGå

(12) æ0ç´èé!ê/ëÉèê/ç´ìç´ìMíFçTíXê/ëÉì6êæí´îï>ê2í×ìMð+î2ñçÉò

(13) ì6ç´ò

(14) èëÉð¼ê/ñ>ðóÝîå>ë×çÉòô¹îô¹ìPñ"çTí&õä+êëÉðè(ê

(15) ö÷Mø"ù/ú

(16) û üìPëTêêñ>ðý2îò

(17) ñ=öB÷#ø2þÿ

(18) û èTò>êëÉð

(19) í´îñê/ñ>ðô¹è0ç´ò4ö÷#øø2ÿ

(20) û è0æè(ê/ñê/ñ>ðYìPô¹è0ëÉî 2æ0å=ö /úú2ú

(21) û

(22) -è0î2ë´ì#ñ"ç´èñ

(23) èRö ìPñ"çÉêñ>ê¹ê/ñ>ðê/æPî2æêë´è\ö /úú ª.

(24) !"#$% &'(*),+.-0/%#!'*/%21354' 6879/:<;>=??,@A0BCDE%8!"8FF#G!"7H'HID!J'#K#!'(#MLN4'.' #!"'D!#O/PDK79/:QRID!J'(#!#(ST!4U/:N #VW4'YXD!#>W'("3Z\[]4Q '8)^'(56_ID!J'(#!#(`ba c. 'dF#!'9!4'_eGfgf. /%IID!,/%542BC%DG!'#K!"$hW4'i18W' 2'j8FU/ W"%R`lkm4'_eYfgf. /:IID!/%542"#G&'(DK+. /%IIn'/%Q "$HBCD0\LoiD!'/:#!#(`MpqE #]Lo'Q"Qr#!FsW'tBCD0DKD!' W $dW4'YW'#>G#K5/ W"#>W M #KWDK")F3W"%hLN4'( 'EF#K'#O'#K!"7u/:W'(hI/%DW/%7H'(!'DK#òfhDK' &'(DSn N"#N'/%#K+i i!4'YeYflfv#K'(!!"$wWw5/:6%'G",WH/%(F, I^:W',!x/%Q^'In''('M"_!4'EU/:5/yLN4'(l'E!'#>W#O79/%DK$"/%Q^7H7H',N% !"#` p\z$%''(DW/%Q{SRW4'P%D!7u/%Q"s\+l/:#!#!F7uI!"t #7u/%'yBCDF)#K'DK&:/%)Q"'P&:/%D!"/%)Q"'(#`Y-]'(':S|%'P4U/%# Wu'#K!"7u/:W'EW4'M7H3'(Q}IU/%D!/%7u' W'(D!#/:lW4'l!'#K0DK79/%Q \+9lW4'Y~KW'h&%/:D!x/:)Q"'(#O#KF54/%#OW4' D!'(#!"FU/%Q"#(`t0#P/g(#K'j8F''%So'_4U/:#MWgW/%6%'d ,Wt/%(F8P!4'_IU/%D!/%7H'(W'(DMF'D>5/% ,\+S#! ' w #wLo'Q Qm68 LNW4U/ u $%''(DW/%QmW4'h #K!D!")FW %B0!4'iW'#>9#>5/:!"#>W"_ #w%wW4' #W/:7u'_LN4'( 'tF#K'# W4'tWDKF'IU/%D!/%7u' W'(Di/%/%'#K!"7u/:W%D`km4 #iID!)Q"'7. Q"'/%#_BCD_"#K5/:'z}"Q Q""' BCD!#. ;>= ?%,A]W 5/%)FQx/:!'PW4'9E%Q"7H$DK&,Z137u D! &iW'(#KM#K5/ W"#>W wLN4'2'u'(#KW 79/ W'#EW4'u7H'/%*/% W4'w&:/%D!"/%('u%BW4'u"#>WD! )F!"Rùp\*W4'uQ "'/%DE47H#!6:'U/%#>W 97H3'(QS. c. 4sW'u/%fl/:U/:Q". ;>= ?%,A#!4Lo'g!4U/:N&:/%D! F#mW'(#K!#/%DK'GDK)F#>/:$,/%"#KOIU/%D!/%7u' W'(DOF'(DK5/:",\+Sn" IU/%D>W"(FQx/:DW'(#KW# )U/%#K'Py7H7H',W#W4/:F#K'P#>5/%/%D! '(PD!'#K"F/%Q"#(`rr U/%Q Q +S:W'!4U/:rFBCFD(ST/%D!4/:SeG/%DK"%Q /%i4U/%Q"/:B;= ??,A'(&%'Q I^'( fh,W'GV/:D!Q"YW'#>W#V!y5/%6:'",Wy/%(F,NIU/%D!/%7u' W'(DVF('DKW/%",\+u" W4'EQ "'/%DV47H#K6%'/%#K!"ED!'($D!'(#!#! i7uJ'(QR"_~UsW'#!/%7uIQ"'#(` pq0WFD!#%F0!4U/:!4'PeGfgf#!' !!"$d #]Lo'Q Q#KF !'gBCD]"(D!InDW/ W"$uIU/:DW/%7H'(!'D0F'(DK5/:",\+ "W'(#K!"$zID!J'(FDK'#9),+F#K"$.]' L' +;>= ?@AP/%kr/%F54';= ?,@%A `p\!4"#wIU/%In'D(SoLo'h#K4 L W4U/ h#K7H'!'#>W"$BCF(!"#h/%DK'zDK)F#>iWW4'zIU/%D!/%7u' W'(D_F'(DKW/%",\+ID!%)Q"'(7hSOW4U/: #dW4' "#>WDK")F!"w%BW4'NW'(#KV#>5/:!"#>W"NLN4'(d'OF#!'(#W4']WDKF'OF68 LN_IU/%D!/%7u' W'(Do("("'(#LNsW4HW4' BC'/%#K")Q 'G!'#>#KW/:W #KW YLN4'('yF#K'#E/%l'#K!"7u/:W%D]%B!4'yIU/:DW/%7H'(!'D`-]'DK7usW'YI^Qs+J7Hx/%Q #]/:D!' #!In'(x/%Q3' /%7HIQ"'(#%BTBCF W"%#W4U/ 4U/&'mW4"#DK)F#>W'(#!#ID!In'D>\+`km4"#DK'#!FQ "#/$''(DW/%Q "/:W %B"' BC'D]/%z1/%Q 7u%;>=?¡,AVLN4_#!4Lo't!4U/:!'#K!#F#K"$i-O'D!7H !'YInQs+37u"/%Q"#O/%DK'MDK)F#>W IU/%D!/%7u' W'(DPF'(DKW/%",\+LN4'(' %#! 'DK#9/Q" '/%DM47H#!6:'U/%#>W hDK'$DK'#!#K"'#>W 79/:!' ),+*W4'_79/ 3 7yF7vQ" 6%'Q "4JJ*7H'(W43R`zp\,!DW/%#>SFDyDK'#KFQ w4%Q"#MLN4/:W' &'DwW4'_7uJ'Q/% W4'9'#K!"7u/:W *7H'(!4JR`tkm4"#MID!In'D>\+2 #Y&'(DK+ 7uInD>5/%,GLN4''9F#!'(#w/%&:/%('W'(54"/%Q 7u' W4J#m/:#V"d!4'#K!354U/:#KW 0&%Qx/:!"Q"s\+w/%#K'%`km4 #mD!'#KFQ V"#!4'79/:"9(,WDK")F!"_:B|!4'IU/:I^'(D` km4'#K'%¢D!'/%#!£BCDF#!"$¤eGfgf. #!4U/:LN4'¥!4'¦&:/%DKx/%)Q '§%Bg 8!'DK'#K"##!'(D!x/:Q"Q +. DKD!'(Qx/:!'RS!4'GeGfgfv#K'(KW"$P"#N/%Q #!yLo'Q"Q}#KF !'_WPW/%6%'E",!w/%(F,NW4 #m'In''('M),+_F#K"$ -]' W'DK#!6:'U/:#KW Zq0F!3(D!DK'Qx/ W"%3Z>#!"#>W'(8.;¨-]OmA97H'(!43§%BYO'(Lo'(+/%. c. '#>2;= ?,%A9/%. 0D!'(LN#m;>= ??3=A `|[]#K"$/0-]O*ID!J'FD!'V G!'#>W"$07u/%D!$ U/%Q, #K!D!")FW #}LV/:#/%Q D!'/:+G/%I3W' ),+©O 54U/%D!#!/%137H W4¦;= ??¡,Ay/:ª/%N/%]$;«%3=AYBCDPW'(#KW $DK79/%Q \+%S] >Z>1/%4/%Q""/ ;>= ?%?,Ar/%9%Q"' +SJ-0/%#!'S}FKW7H'D/%u1354'"6J7u/%l;>= ?%?,ABCD!'#K!"$E7u/%D!$%"U/%QJ #KWDK")F3W"%# %BiQ" '/%D#!/:Qx/%Dms¬F#!"% ID!J'#K#!'(#` >®|¯ ° ±{²>°E¯³°:Éµ ¶q·²>¸°¹ºm¯³°w»¨¼K½ ½¾ ¿RÀ¯WÁ ²rÂCÃÄO¶Å¯ ±±}Ä³ÆTºVÄ(º²K°Â¶Ä(° ´ ¸bÂ{¸Ä ° ±|Ç{²KÅ¯³Â{²K´Ç²K±{È%²K¶\Â¸bÁ(²>ÅÉNÂÄmÂ{·²oºm¯³ÇÀ ¸° ¯³Å ¯ ° ´m¶Ä(° ´ ¸bÂ{¸Ä ° ¯ Å ´ ¸±CÂÇ{¸ÊË Â¸bÄ(° ±nÄ ÆÂ{·²ÈÇ{Ä ¶>²K±±>ÌÍÄ³Â² Î·Ä5Ã²>Á ²KÇKÎ³Â{· ¯³Â^Ã}·¸Åb²®|¯³°:±¨²K°N¯³° Óµ¶q·²>¸°¹ºm¯³°E»C¼!½ ½¾ ¿´ ²KÇ{¸Á ²!´ Â·²K±{²ºÄ(ºV²>°Â|¶Ä(° ´ ¸bÂ{¸Ä ° ±R¸°¯ÏG¯³Ç¹ Ä5Á¸¯ °O¶>¯(±¨²(Î Ã^²´ ÄV°Ä Âºm¯³¹ ²rÂ·¸±|¯ ±±¨ËºVÈ Â¸bÄ(°8Ì. «.

(25) ÐmÑÒ.ÓÔ%Ó^Ò(ÕiÖ"×_ØÕKÙ,Ô%ÚÖ ÛÒÜ¦Ô%×_ÝCØÞ Þ"Ø ßN×à¤á\Ú¦×!Òâ ãWÖ ØÚåäJæ0ßÒzÖ"Ú,ã!Õ!ØJÜçâÒtã!ÑÒ.èJãWÒ(Ö"ÚÒé8çUÔ:ã!Ö"ØÚ¦Ô%ÚÜ â5ÑUÔ%Õ!Ô%â(ã!ÒÕ!Ö ÛÒuÖ ãW×GÕ!Ò(ÞxÔ:ã!Ö"ØÚ×!ÑÖ Ó×ßNÖ ã!Ñê]Ò(Õ!ëHÖ ãWÒwÓnØÞ ìJÚØ%ëuÖ"Ô%Þ"×Ô:ÚÜê0Ô:Ú×!Ò(ÚÔ%ÚÜèJâ5ÑÒÖ Úí8ë9Ô%Ú<î>ï ððñò ëuØ%ëuÒ(Ú8ãâ(ØÚÜÖsãWÖ ØÚ×à|á\ÚM×KÒâ ãWÖ"Ø%ÚMóæßoÒÜÒ(Õ!Ö ô%Òã!ÑÒãWÒ×>ãr×>ã5Ô:ã!Ö"×>ãWÖ"â(×|ßoÒâØÚ×KÖ"ÜÒ(ÕÖ ÚYõnØ%ã!ÑYâ(Õ!Ø×K×>ö\×KÒâ ãWÖ"Ø%ÚUÔ%Þ Ô%ÚÜ2ã!Ö"ëHÒ9×!Ò(Õ!Ö Ò×PâÔ:×!Ò×(à2ÐmÑÒ(ÚRæßoÒi×Kã!çÜì*ã!ÑÒ_ÓUÔ%Õ!Ô%ëHÒ(ãWÒ(ÕyçÚâ(ÒÕ>ã5Ô%Ö Ú8ã\ì2ÓÕ!ØõÞ"Òë÷Ö"Ú×KÒâ ãWÖ"Ø%Úøà.á\Ú ×!Ò(â(ãWÖ ØÚ§ñ3æmßoÒgÓÕKØôJÖ ÜÒtÔ%ÚùÒ³úJãWÒÚ×!Ö ô%Ò.ûhØÚ,ãWÒüVÔ:Õ!Þ"Ø*×KãWçÜìÖ ÚùØÕKÜÒÕ9ã!ØÔ%×K×!Ò×K×dãWÑÒhýUÚÖ ã!Òl×!Ô%ëuÓÞ"Ò ÓÕ!Ø%Ó^Ò(ÕKãWÖ Ò×iØ%Ýyã!ÑÒãWÒ×>ãl×>ã5Ô:ã!Ö"×>ãWÖ"â(× ßoÒzâØÚ×KÖ"ÜÒ(ÕgÔ%ÚÜã!ØâØ%ëuÓUÔ:Õ!ÒtãWÑÒ(ë. . ëuÒ ãWÑØJÜ×(æÖàþÒ%àãWÑÒEÿØÞ ëuØÙ%ØÕ!Ø ô,ö>è3ëHÖ"ÕKÚØ ôPÔ%ÚÜ ãWÑÕKÒÒwÒ úÔ%ëHÓÞ Ò×EÝCÕ!Øë. . Ô%Õ!é8çÒ³ö Ò(ÕWÔMãWÒ(×Kã!×àoè3Òâ ãWÖ ØÚ. PÔ%ÓÓÞ Ö"Ò(×ØçÕãWÑÒ(ØÕKìuãWØ. . ã!ÑÒPôØÞ"Ô:ãWÖ Þ"Ösã\ìlÞ Ö ãWÒ(ÕWÔ:ã!çÕ!ÒyßNÑÖ"Þ"Òyã!ÑÒHÞxÔ%×>ãE×!Òâ ãWÖ ØÚ.â(ØÚâ(Þ"çÜÒ(×à. . Ô%Õ!ÒÓÕ!Ø ôJÖ"ÜÒ(ÜhÖ Úiã!ÑÒ. . ßNÖ ãWÑ§ãWÑÒ*ëHØ×Kã ÓnØÓçÞ"Ô%Õ. ]Þ"Þrã!ÑÒHÓÕ!ØJØ%ÝC×. 0ÓÓnÒÚÜÖsú^à.

(26) . á\Ú_ãWÑÖ ×V×!Ò(â(ãWÖ ØÚRæßoÒýUÕ!×>ãNÖ"Ú,ãWÕKØ3ÜçâÒãWÑÒGèJãWÒ(Ö"Ú.î>ï ð. äòoÒ(éJçÔ:ãWÖ ØÚ_ßNÑÖ"â5Ñ_ßNÖ"Þ ÞõnÒãWÑÒõÔ%×!Ö ×mØ%Ýã!ÑÒãWÒ(×Kã. ÝCçÚâ ãWÖ"Ø%Ú×MßoÒ â(ØÚ×KÖ"ÜÒ(ÕyãWØgãWÒ(×KãwÚØ%Õ!ëuÔ%Þ"Ösã\ìàtÐmÑÒ(ÚßoÒi×!ÓnÒâÖsÝ ì*ã!ÑÖ"×yÒ(é8çUÔ:ãWÖ ØÚ2ßNÑÒ(ÚØÚÒ_âØÚ×KÖ"ÜÒ(Õ!× ãWÑÒwêOÒÕKëuÖsãWÒPÓnØÞ ìJÚØëHÖxÔ:Þ"×àGÐmÑÖ ×GÖ ×Ö"ëHÓ^Ø%ÕKã5Ô:Ú8ã0õ^Ò(âÔ%ç×!ÒwãWÑÒwëHØ×KãEÓnØÓçÞ"Ô%ÕÚØ%Õ!ëuÔ%Þ"Ösã\ì ã!Ò×>ãYÖ ÚtãWÑÒ Òâ(ØÚØëHÒ(ã!Õ!Ö"âoÞ"ÖsãWÒÕ!Ô:ãWçÕ!Ò%æ ÚUÔ%ëHÒÞsìEãWÑÒ. ! &%. Ô:Õ!é8çÒmÔ%ÚÜ. "$#. ÒÕ!Ôwî>ï ð. ØÚ9ã!ÑÒ0ãWÑÖ"Õ!ÜdÔ%ÚÜ9ÝCØçÕKãWÑiêOÒÕKëuÖsãWÒOÓ^ØÞsìJÚØëHÖxÔ%Þ ×à. ,ò}ã!Ò×>ãæ,Ö"×õUÔ%×KÒÜPØÚPëHØëHÒÚ,ãâ(ØÚÜÖsãWÖ"Ø%Ú×. rÖ"ÚUÔ:Þ"Þ ì%æßÒEÔ:Þ"×!ØMÕ!ÒÞ"Ô:ãWÒNãWÑÒEèJãWÒ(Ö"Ú_Ò(éJçÔ:ãWÖ ØÚ9ãWØYãWÑÒ. ýUÕ!×>ãëHØëHÒÚ,ãoâØÚÜÖ ãWÖ ØÚ×ÜÒ(Õ!Ö ô%ÒÜdõ,ì9ê0Ô%Ú×!ÒÚdÔ%ÚÜ_èJâ5ÑÒÖ Úí8ë9Ô%Útî>ï ððñòÖ"Úuã!ÑÒ0âÔ%×!Ò]Ø%ÝÔGâØÚ,ãWÖ Ú8çØç× ãWÖ ëuÒÓÕ!ØJâÒ×K×à. ')(+*. ,.-0/21)34/65+78/69;:0<=345+>?7 @ HG. èJãWÒ(Ö"Úùî>ï ð. %äò×!ÑØ ßN×Mã!ÑUÔ:ãMÔhÕWÔ:ÚÜØë. BA JI. ô:Ô%ÕKÖxÔ%õÞ Ò. Ô%ÚÜØÚÞsìlÖsÝæÝCØÕEÔ%Ú,ìlÜÖ ^ÒÕKÒÚ,ãWÖ"Ô%õÞ"ÒYÝCçÚâ(ã!Ö"ØÚ. C D#FE YQ ZC DF# E \[. ÑUÔ%×MÔh×>ã5Ô%ÚÜÔ%Õ!Ü.ÚØÕ!ëuÔ%ÞÜÖ ×KãWÕKÖ"õç3ãWÖ"Ø%Ú. LKMNIPO RQ SMUTWVX. 2×Kçâ5Ñzã!ÑUÔ:ã. î ò. ßNÑÒÕ!Ò. Ö"×. î. î. ïòÖ Ý ïò æ. ßÒEÑUÔô%Ò. K]\I O Â =_ÀJI Â acbd#fe î zò. î zò. îä3àsïò. áqãVÖ ×o×>ãWÕWÔ:Ö"ÙÑ,ã!ÝCØ%ÕKßÔ%Õ!Ü9ã!ØM×KÑØ ßã!ÑUÔ:ãîä3àsïòÑØÞ"Ü×çÚÜÒÕVÚØ%Õ!ëuÔ%Þ"Ösã\ìàê]ÒÚâÒ%æ3ãWÑÒ]ë9Ô%Ö Ú9ÕKÒ×!çÞ ãoØ%ÝèJãWÒ(Ö"Ú. . î>ï ð. äòÖ"×ãWÑÔ:ãî{ä3àsïòâ5ÑÔ%ÕWÔ%â ãWÒ(Õ!Ö"Û(Ò×ãWÑÒOÚØÕKë9Ô%ÞTÜÖ ×Kã!Õ!Ö"õçãWÖ ØÚRà|ÐmÑÒèJã!ÒÖ Ú9Òé8çUÔ ãWÖ"Ø%ÚtîäJà ïòÑUÔ:××!Ò ôÒ(ÕWÔ%Þ. L. Ö"ëHÓÞ"Ö âÔ:ã!Ö"ØÚ×à. 0Ihg Â )biA g kj?b2#fE EeleHe. ×KÖ"ëHÓÞ"ÒPØ%ÚÒwÖ"×ãWÑÒuâ(ÞxÔ%×K×!Ö"âÔ%ÞÕKÒâçÕ!×!ÖsôÒHëuØ%ëuÒ(Ú8ãÝCØ%Õ!ëyçÞ"ÔàHûhØÕKÒwÓÕ!Ò(âÖ"×KÒÞsìæ|Ö ÝØÚÒ. âØÚ×!Ö"ÜÒÕ!×]ãWÑÒyâÔ%×!ÒMØ%ÝëuØÚØëuÖ"Ô%ÞÝCçÚâ(ãWÖ ØÚ×(æãWÑUÔ ãÖ"×. >î zò. æ. ï. sæ^ã!ÑÒwèJã!ÒÖ"ÚlÒé8çUÔ:ã!Ö"ØÚ. îä3àsïòÖ ëuÓÞ Ö"Ò(×oãWÑÔ:ã. K] A ng mpo Pa bqjrK] A tg suo Da e ÐmÑÒè8ãWÒÖ ÚdÒé8çUÔ ãWÖ"Ø%ÚtîäJà ïòÖ"×ãWÑÒ]õUÔ%×KÖ"âNãWÒ×>ãVÝCçÚâ ãWÖ ØÚußoÒâØ%Ú×!Ö ÜÒÕÝCØÕã!Ò×>ãWÖ"ÚÙyÚØÕKë9Ô%Þ Ö ã\ì%àÐmÑÖ ×ëuÔì. v. õ^ÒGÔ%ÓÓÞ"Ö ÒÜiãWØHëuØÚØëuÖ"Ô%Þ"×(æ3ÓnØÞsì3ÚØëuÖ"Ô%Þ"×VÔ%ÚÜ ëuØÕKÒEÙÒÚÒ(ÕWÔ%Þ}ÝCçÚâ(ãWÖ ØÚ×(à. 0ÚhÖ"ëHÓ^Ø%ÕKã5Ô:Ú8ãVÓÕ!ØÓnÒÕ>ã\ìiÖ"Ú. ãWÑÒMèJã!ÒÖ"Ú Òé8çUÔ ãWÖ"Ø%ÚhÖ ×Nã!ÑUÔ:ã]õ,ìiâØÚ×>ãWÕKçâ(ã!Ö"ØÚRæUã!ÑÒMÒ³úÓnÒâ ã5Ô:ã!Ö"ØÚ Ø%ÝãWÑÒGâØÚ×!Ö"ÜÒÕ!Ò(ÜlÝCçÚâ ãWÖ ØÚhÖ ×NÛÒÕKØà. wyx&z|{D}+~R}&D| Rh}h~R)@+{}Sp}|}; 4n2h} ¡tn¢ ó.

(27) £)¤4¥¦¥§©¨¦¥$ª«¨¬4¥)¤4$®¬4¨$¯¯y¨L°¨±²4³f¯¥Z¯y¤4¥¨$¦y¥¯y´t°$µf§©¨¦±¶³4µ·$®¨¬4¥Z¸?¨³4µH¹¹f¨¸ ¤f¥¬³4®y´H¬4º§©¨¦´t¬f®¯»¼¬4°¥ ±½¼¦yº´H¬u$µ±¨±¥¬@¯®¾=¿À¬¶¨$¯y¤4¥¦&¸v¨¦¹4®ª$´H§u¨¬f¥v°¨$¬4®y´H¹4¥¦®$¬¶´H¬«¯y¥º¦y$Á4µH¥Â§©³4¬f°¯´H¨¬ÃL$¬f¹¸Z¼¬«¯y®¯¨ °»¤4¥°»Ä ¯¤u|¯¯y¤4¥¥±²4´H¦y´t°$µ°¨$³4¬@¯¥¦²u$¦+¯B¨$§;Å;ÆNºuÇ©ÈÉÀÊv´H®°µt¨®¥½¯¨¯¤4¥Y¯¤4¥¨¦y¥¯´t°$µË§©¨¦y±¶³fµ·fª¯¤4¥¬`¯¤f¥ÌÍ¯¥´t¬ ¥Î«³u¼¯y´t¨¬½´t®v³f®y¥§©³fµUÁp¥°$³f®y¥´H¯v´t®?¬4¨$¯Z¬f¥°¥®y®y$¦Ï¯y¨B°¨±²4³f¯y¥¯¤f¥¯¤4¥¨¦y¥¯´H°$µc§©¨¦y±³4µ·f¾&¿À¬4®¯y¥$¹kª4¨¬4¥ ±¶³4®+¯Z°¨$±Y²u¼¦y¥ ¯y¤4¥¥±Y²f´t¦y´H°$µc°¨³4¬@¯¥¦y²u$¦+¯®Z¨¼§6ÐÆ ÃUÇ^ÑJÉÊp$¬f¹ÐÆ ÑÓÒYÇ©ÑJÉÀÊp¸ ¤4¥¦y¥ÒÔ´t®v$¬@Ï½²f¦y´t±´H¯y´HÕ$¥ §©³4¬4°¯´t¨$¬B¨$§pÃP¾Ö0§P°¨³4¦y®¥$ª@¯¤f´t®±¥$¬4®¯y¤u¼¯Ë¨¬f¥)¤u$®¯¨°¨±Y²f³f¯¥Z¯y¤4¥ ²4¦y´H±Y´l¯´HÕ$¥v¨$§cÃP¾=× ¬$µH¯y¥¦y¬4¼¯´lÕ¥ ®y¨µH³f¯´H¨¬´t®?¯y¨¶¹4¥Øu¬4¥$ªF¸ ¤4¥¬´l¯Z´t®Â²P¨®y®´tÁ4µH¥$ª«¯¤4¥§©³f¬4°¯y´t¨¬ÙÇ^ÑJÉÚÛÃkÇ©ÑJÉÜ|ÑÝ¾¿À¬½¯y¤4´t®?°$®¥$ª4´l§¨¬4¥ °$¬ ³4®y¥¯y¤4¥§©³4¬4°¯y´t¨¬ÞÙÞ´H¬¯¤4¥ÌÍ¯y¥´t¬¥ÎÍ³4¼¯´H¨¬Uªf¯y¤4¥¬Þ¨¬4¥º¥¯® Ð½ÆßÃkÇ©ÑÓÉÊPàdÐ½ÆßÑÓÙ6Ç^ÑJÉÊcàdÐÆ\Ùfá©Ç©ÑÓÉÊDâ £)¤4¥¦¥L$¦y¥®¨±Y¥0§©³f¬4°¯y´t¨¬4®)¨¼§&´H¬@¯¥¦¥®+¯;§©¨$¦v¸ ¤4´t°»¤¯y¤4¥ÌÍ¯¥´t¬¥Î«³u¼¯y´t¨¬ÁP¥°¨±¥® ®y´H±Y²4µH¥$¾£)¤f´t®)´t®?¯¤4¥ °$®¥§©¨¦Z¯¤4¥Lã;¥¦y±´H¯y¥²p¨$µHÏÍ¬4¨±´·$µH®Â¸?¥L°¨¬4®´t¹4¥¦ Áp¥µt¨S¸¾ )ä årä æèç6écêìërí4çWîï?ðñ ò0ï?êóëôËð+õ £)¤4¥v¨$¦¯¤f¨¬4¨¦±½$µH´tö¥¹Lã ¥¦y±´H¯¥Ë²P¨µHÏÍ¬4¨$±Y´t$µt®÷¶ø4$®y®¨F°´·¼¯y¥¹¯y¨ ¯y¤4¥&ùúÇDûfüýhÉk¹4´t®+¯¦´tÁ4³f¯y´t¨¬$¦¥?¹4¥Øu¬4¥¹ Á@Ï þ Ç ýhÉ ø ø ¥ÿf²6Ç ;þ Ü É â Ç ¾ É ÷BøÀÇ©þpÉËàÛ¥ÿf²6Ç É þ ø. u¦y¨±óÇ ¾ Éª´H¯=´t®¥$®Ï¯¨®¤4¨S¸ ¯¤4¼¯=¯y¤4¥ ã ¥¦y±´H¯¥?²p¨$µHÏÍ¬4¨±´·$µH®6$¦y¥)º´lÕ¥¬BÁ«Ï¯¤4¥Z§©¨$µtµt¨S¸ ´H¬4º ¦¥°³4¦y®´HÕ¥ §©¨¦y±³4µ· ý þP÷¶ø Ç^þpÉ ýS÷¶ø Ç^þpÉ «ü ÷ hÇ©þpÉËàiý$ü ÷ Ç^þpÉÂà þâ

(28) ýü÷BøÀÇ©þpÉËà Ç ¾ @É ?Ï$²f²4µHÏÍ´t¬fºÇ ¾ @ÉªF¸v¥L¤uÕ¥. ÷ Ç^þpÉÂà ý Ç^þ. . ýSÉ;÷hÇ©þpÉËà ý Ç©þ . !¼þpÉ÷#"|Ç^þpÉÂà . ý Ç©þ %$. " . þ. '& @Éâ. Ç ¾$ É. 4¤ ¥¬ ¦y$¬4¹4¨± Õ¼$¦y´t$Á4µH¥YÑ §©¨µHµt¨S¸ ®¶¬f¨¦y±Y$µv¹f´t®¯y¦y´HÁ4³f¯´H¨¬ÞùúÇDûFüýhÉª&¯¤4¥¯y¦$¬4®+§©¨¦y±¥¹Ý¦y$¬4¹4¨$± Õ¼$¦y´t$Á4µt¥®`÷¶øÀÇ©ÑJÉª à ûfüýüâlâHâlü¤4SÕ$¥ ®y¨±¥ ´H¬«¯y¥¦¥®¯y´t¬4ºè²f¦y¨²P¥¦+¯´t¥®¾ ¿À¬

(29) ²u¼¦¯´H°³4µt$¦ª!¯¤f¥Ï

(30) ¼¦y¥ ¨¦¯y¤4¨¬4¨$¦y±Y$µRª«¯¤u|¯ ´t®*) Ð½Æ\÷¶øÀÇ©ÑJÉ+÷,+|Ç^ÑJÉÊpà.-ø/+hü Ç ¾10É 5 ûfªu¨¬4¥º$¥¯® ¸ ¤4¥¦,¥ -/ø +0´H®Z¯¤4,¥ 2¦y¨¬f¥°»Ä$¥¦ ®+ÏÍ±¶Áp¨$µR ¾ ?Ï¼²4²4µHÏÍ´H¬4ºÇ 1¾ 0É?¯y4¨ 3¶àdû!$¬4¹ 6àq 7

(31) ûfü;Ð½Æ\÷¶øÇ^ÑJÉÊpàqûfü Ç ¾ É ¯¤u|¯ ´t®ªF¯¤4¥Lã ¥¦y±´H¯y¥²p¨µlÏÍ¬4¨±´·$µH®v÷¶øÇ^ÑJÉZ$¦¥L°¥¬@¯¥¦y¥¹Þ§©¨¦

(32) ûf¾ (. $.

(33) :8 9;=<?>A@*<BC;,DFEG<GDHB@*<?IJ*@KBCEL@6<?@*MNGOBCI;9APEAIRQAPST@HB:UV@*@*9WBCEA@YXZBC@HI9[@*\^]G%BI;=9`_baZcRdfeG9L>WBCEL@Ygh@*<i[IRB@ Qj;MRkZ9A;=i[INGMRP*l=9L;BC@hBCEG%Bm_banc1a=eIi[QAMIR@*PoBEA@Ypq;=MRM;rUKI9Ast<?@*P?B<IRDHBCIR;=9APVG<@hpq]AMRuAMM@H>WSvk[BCEA@6>A@*<?IRw%G%BIRw=@HPx;p BCEA@,gh@*<i[IRB@yQT;=MRkZ9A;=i[ING%MP*z {}~ | _je b{ ~R _qjeG%9A>. _banc1=e. { ~ | | _qjeoT{ ~ | _je{ ~ _je L. _bancve. @HBy]LPY9A;rUGQAQAMkBCEA@#XZBC@HI9@H\Z]AG%BCIR;=9_baZcRdfeBC;WBCEA@pq]L9ADHBI;=9`{~ _je cYELIP6pq]L9ADHBI;=9IRPYDHM@ G%<MRk >AIR¡j@*<?@*9vBCIGSAMR@mG9A>}I9vBC@Hs=<CG%SAM@%coEA@*<?@Hpq;=<?@lUV@,EAGrw@ d { | | _¥¦e'§¥¨{ ~ | _q¥ë©Tn *¢¤£ ~ ªVkW]APIR9As}_bancvelnBCELIP@H\Z]AG%BCIR;=9«Ii[QAMIR@*PY_banc¬vecoYPKG#DH;=9AP@H\^]A@*9ADH@lBCEA@mXZBC@HI9«@*\^]GOBCI;9¦_bancdfeVIRiWQAMRI@HP _banc¬vec8BBC]A<?9APK;=]LBKBCEGOBBCEA@tD*;9^w@*<?P@EL;=M>APKG%MP;Lz ®4¯f°±°T² ³´f³µ°T¶¸·º¹¼»½¿¾À¥ Á¾}Â¨ÃÂÄTÅZÆOÇÉÈOÂÃÊµÂvÁ*Ë¾WÌÍÎFÏ!ÀÏLÂÀVÐjÒÑÓLÔ { _q¥ë©hÕn#ÖºÏ¾ÄL×tÀqÏ¾ ¢¤£ ~ ¾Ø*ÍAÂÀµÊbÆOÄ!ÙÚZÛÜÝ#ÏÆOËÅOÌoÞ ÆOÃÂÄßÅÊ ày¾ÃC¾ÄÀ¼ÊµÂvÁ*Ë¾'ÞÍnÄáÎÀµÊbÆOÄ}â!ÌÍÎFÏ}ÀÏLÂÀ âTN_bäYe ©¿åætç è'Ï¾ÃF¾häéÊÌ4ÂOÌFÌÍZÇ¾ÅWÀÆÁ¾ êë_¼nÔ dfe*Û ¢¤£Nã ã ì ÌÂ«ÎFÆOÄLÌr¾Ø*Í¾ÄáÎF¾F×VÂ[ÃÂÄTÅZÆOÇíÈOÂÃÊµÂvÁ*Ë¾¥ ÊÌêë_¼LÔ dretÊ Þ4ÂÄTÅÆOÄËîß[Ê ÞÒÙÚZÛµïFÝ#ÏÆOËÅOÌ*Û EAIP7i[@ G9AP7BCEGOBVpq;=<7P?BCG%BCIRP?BID G%MI9Lpq@H<@*9LD*@YQL]A<QT;=P@HP*lAIR9QG%<?BCIRD*]AMG<oBC@HP?BI9AsAlZ;=9A@6D*;=]LM>]LP@mgh@*<i[IRB@ Qj;MRkZ9A;=i[INGMRPV;9AMRkc ðñbò. ó§ôVõxö÷øõKùyôxùyúö÷øûýüÿþúLü. ;=9AP?I>A@H<6G]A9LIRw%G<IG%BC@Y>AIR¡j]APIR;=9«QA<?;nDH@*PPK¥oG%PP]LiW@H>}B;WST@yBCEA@tPøBFG%BI;=9G%<?k¤P?;=M]nBCI;9«;p ¥ _q¥¼e _q¥µe

(34) Ô. _bancve. UKEA@*<?@

(35) mIPG P?BCG9A>G%<> ªx<?;fUK9LING9¸QA<;ZD*@HPP*cEA@*9ºlhg6G9AP@H9 G9A> XZDFEA@*IR9îG9ÿ_d eQL<;rwZI>A@ B:Ux;P@HBP¤;pmi[;=i[@*9vBWD*;=9A>LIRBCIR;=9AP[<@HMNG%B@*>¸B;BCEL@ìWG<s=IR9GMG%9A>æD*;9A>AIRBI;=9AGM>AIPøBC<?ISA]LBI;=9LPW;pY¥ <@HPQT@*DHBIRw@*MRk c ;<BCEA@tiWG<s=IR9GMT>AIPøBC<?ISA]LBI;=9álAgYG%9AP@H9G9A>XnDFEL@*I9 ZiWG9_ød =exPEL;fUBCEGOB _q ¥ µe:©jLÔ _¼ancdrve ¢ £ ¤ UKEA@*<?@ IRP'G%PP]LiW@H>BC;6Sj@ B:UKIDH@x>AI¡á@H<@*9vBINGSAMR@7G9A>P?\^]G<@:IR9^B@*s=<GSAMR@7UKIBCE<?@*P?Qj@HDHB'B;6BEA@xiWG<sI9GM >AIPøBC<?ISA]LBI;=9;%pá¥¿G9A> IRP BEA@hI9Lu9LIRBC@HPIRiGMns=@*9L@*<CGOBC;=<VGPP?;nDHING%B@*>[BC;tBCEA@h>AIR¡j]AP?I;=9`_banc vel^BEG%B7IPHz. . _jeo _je _je¿. "!f_je. _qje _¼ancd=dfe a íUV@*MM#^9A;rUK9DH;=9vBCIR9Z]L;=]AP#BCIRiW@[QA<?;nDH@*PPpq;=<,UKEAIDFE§BEA@«iWG<s=IR9GM >AIRP?BC<?ISA]nBCI;9IPhê _µLÔ dfetIP,BCEA@ P?BCG9A>G<?>AIJH@*>%$y<9APøBC@*IR9&('hEAM@H9^Sj@HD)¤QA<;ZD*@HPPh>A@HuA9A@*>S^k. . . ¥ºÿ+*Z¥ a* &

(36) Ô . *Ñ LÔ. ¥,.-¸ê _µLÔ dfe. _¼ancdfa=e.

(37) /102.354687:92;0 <>=?7;7?@BA+CD7E=>D%CDF%G&<)4=>6HDIKJLCMDON(PQQ RSJT0J=>D 3:<?0DF6U35680DVNXW&YUPZ S.[\=><?0JT=?7>] ^L_a`+b cdfeKghNhcdiSjkb eKg ghNfcdiS(lnm Z&o. NiW&YUPp S. qr4Ks7>@#[KtO<>0D7E68F=?2;6HDuv354=xwhsD<?356H0DkyzF=?{D=>Fk[Kt|y~}e g @.=0[35C68DO3;4=G 3;=>68D|=? sCM356H0D NXW&YUPS N 7E68D<?=Lbm Z SYqr4 s7>@3;4=A+CD7;=>DCDFG&<)4=?68DIKJTCDzNPQQRS+JT0JT=?DK3<?0DF6U356H0D NXW&YUPZ S+<?068D<>68F=>7 :6H3;43;4=G 35=?68D=>Ks1C35680DNiW&YUPSY qr4=<>0DK3;68DKs0s7356HJT=7;=3;356HDu92E0&6HF=>7=CJ98=?70wB92E0&<?=>7;7E=>7:4=?2;=3;4=.JTC2;u68D1CKF6H7E3;2;68[s356H0D 687D02;JTC#:4688=T354=x<?0DF6U35680D1C.F687E3;2;6H[s356H0DO6H7D03>Y{12E7E3=CJ98=LJLCtO[\=x<>0D7E3;2;s<35=>FkC7 wh08H0:7>Y/102C u6H=?D 7E9n=?<>6U{1<CM3;680D0w ¡Nh¢nSxCDF£¡Nf¢nS@354=VJTC2Eu68D1CMF=>D7;6H3¤t¥whsD<?3;680D0w354= 92;0 <>=?7;7rcd6H7>@1s9350C7;<>C8=M@§¦ WM¡Nh®¯S ®nSo £¡Nh¢nS5¨ ©n=9ªNi« ¬ £¡N ®nS ©° qr4687rF=>D7E6H3¤txwhsD<356H0D7;suu=>7E3;7±3;41CM3:3¤#0TF6U²¯=?2;=?DK3±7E9n=?<>6H{<CM3;680D7:0w¡Nf¢nSCDF£¡Nh¢nSJTCt³u6H=354= 75CJ=±JLC2Eu68DCF6H7E352E68[s&35680D"Y´µ3#35s2ED7.0s3#3;41CM33546H7#6H73;4=±<C7E=Y§¶L+7.C<?0D7;=?Ks=>D<?=@16U3#6H7#9\07E7;68[8= 350u=?3C7;<>C·C2F6U²¯s7;680D7Es<)4354CM3354=JLCM2;u6HD1CF687E3;2;6H[s356H0D¸687r¹ºNiZ»PS¼:468H=354=<>0DF6H3;680D1CM F687352E68[s3;680DL687rD03±D02;JTCX@K3541C3¼6H7:CD0D%½¾2ED7E3;=>6HD&¿(À±48=?D [\=><)Ix92;0 <>=>7E7>Y 7;=?<>0DF¥=CJ98=JLCt [\=%0[35C68D=>Fz[ tk7;s[\02EF68D1C35680D"YÁÂ02E=v92;=?<>6H7;=>Ut@:C7E7;sJ=Â3;41CM3T.= 0[7E=>2E=C³75CJ98=¢"Ã»;¢ © »oUoHoU»;¢Ä0w#C³92;0 <>=?7;7¾cd¡:6H354vcdmºÅ\Æ?Ç@":4=?2;=Å1d#6H7¾C³7E35CM356H0D1C2t%7E<C8C2 F6H²ns7E680D|CDFzÈnd(@¡ÉmÊP»>oHoUoH»EË@¡6H7Ç9\07E6H356U=CDF 6HD<>2E=C7E68DuÌ92;0 <>=>7E7:6U354kÈªÃTmÊPYOÀ¼DF=?2354= C7;7EsJ9356H0DÂ3;41CM33;4= 92E0&<?=>7E7;=>7ÍÅ1Î»;Ï¸ÐÑ Ò¾ÓÔCDFOÍMÈnd¤»;ÉÐOÕ%Ö?ÔC2E= 6HDF=>9\=>DF=>D 3@"3;4=JTC2;u68D1C F687352E68[s3;680DT0wª354=¾92E0&<?=>7E7;=>7:cdCDFÅBdª<?068D<?68F=MYqr4=>2E=?wh02E=@16Uwª3;4=¾92E0&<?=>7;7±Å1dª687:C7E35CDF1CM2;F6H×>=>F ½2;D735=>6HD&¿(À±48=?DK[n=?<)I92E0&<?=>7E7>@354=LJTC2;u6HD1CF6H7E3;2;68[s356H0D0Mwcd:687:¹ØN Z»PS:468H=T6U357Ù<>0DF6H3;680D1CM F687352E68[s3;680DL687ÙN 6HDu=>D=?25C·S.D03:D02;JTCXY Ú. Û|Ü¾ÝÞßÝÞàÞá>ÝÞáâ±Ý. ¤´ DÌ354=7;=?<?356H0D"@#=92;0 68F=354=3;=>7373)CM3;6873568<?7¾wh0235=?7E356HDuD02EJLCH6H3¤tY +H0w354=?JãC2;=[C7;=?F0D 354=G 35=?68Dv=? sCM356H0D NXW&YUPSYä=735sF&tv68D%F=?35C68å354= <>2;07;7¿µ7;=?<?356H0D1CCDFv354= 356HJT=Ù7;=?2;68=?7¾<C7E=>7?YÙ´¤D 3546H77;=?<?3;680D"@"#=C7;7EsJ=3;41CM3#=0[7E=>2E=LCx7;CJT98=0w¡3;4=25CDF0JæMC2E6·C[H= 0w6HDK3;=>2E=>7E3>@å6XY§=YU@".= F0D03r35CI=Ù68D 350C<?<>0sDK3:3;4=9n03;=>D 3568C"92E0[H=>Jç0Mw91CM25CJ=?3;=>2rsD<?=>23)C6HDK3¤tNh7;=?=D= 3¼7E=><35680DBSY è:éê. ëOìíïî#íªðíåñ1ò¡óLôòõ&í. ö 0D7E68F=?2C75CJ9H=#¢"Ã»oUoHoU»;¢Äª@0Mw\3;4=.MC2E6·C[H=#0Mwn6HD 35=>2E=>73F=>D035=?F[ tc÷Yqr4=r0[7;=?2EMCM356H0D7JTCtÙ[n= 86 DF=>9\=>DF=?D 3:02F=?9n=?DF=>D 3>Yä=C7;7EsJ=3541CM3.354=¾JTC2;u68D1CBF6H7E3;2;68[s356H0DL0wåcã6H7¹ØN Z»PSYø=?3±yÃ@ ùEúû?üåý.þÿ ý ýüµý ªÿ ý ý ÿ ý ý ¼ý û iÿ ü"ÿ ÿ ý ü . () *. . . ). .

(38) +. . . .

(39) . . , : 6'. . . . . . ) . ü"ÿ û ÿ ý . . -.. iû. . 0/2133. ý ÿ ÿ Eþüµý ý "û aûüý¡ü ÿ û &ý üXû ü ÿ ¯û ÿ iÿû üXû.

(40) 46587. A. . . 9. "! 7. . . . #$%.

(41) . . :. . & '. . 7; =<#%. &>. ?

(42) @9@.

(43) BCBDBDEGFHGEJI@KMLONQPDRK&S6K&TVU6PXW:IZY2K\["]QTQÛ_P2`:TQaa]Q^cbdU_bQWJUFfg e tvu w. H. P2aMP2TGU6Kh#S6W:IQY2KJBi8`#SjWkSK.W:YGlE#NZK&m8TQKnU_bQKpo#KÛ_`#SMqr"l@s. E#xybQP2^cbz^`#{z|f`#TQKTGU6aW:S6K0rF g e r}l@s;~l@F g r"l@s6sj["`:S\#. D C DLBjbV]QaEIGOU_bQK>VU_KPCTKV]8WJU6P2`#TrBC sE. xKb8W.o#Kqr"s?ZBka6a]Q{KzU_b8W. UW:TG^`#{z|@`:TQKTGU0`:[U_bQKzo#K&^&U_`:Sdqr"sP2a a6V]8W:SK¡¢P2TGU_K&h#S_W:IZY2K. W:TQN£U_bQWJUyU_bQK¤{WJU_SPD¥£¦§NQKm8TQKNIG. ¦©¨«ª}¬Z®y¯8°±d²G³Q ´. · . ¶·. ¶ qr"l. µ. ·. ¯8°. sº@. qr}l » ¸@¼. ¸@¹. · » s½@

(44) ¼. s?qr"l. r

(45) ¾ZBD s. °. P2am8TZPCU_K¤WJTQNNZK&m8TQPDU_K|f`#a6PDU_PDo#K:E;U_bQK&TxnK bQWo:K¿r"a6K&KdÀkW:TQa6K&TÁEÂ#ÃG:s. ´. · . ¶·. qr"l µ. s~@Ä. ÅÆr

(46) Zc¦s. r

(47) ¾ZB#s. ¸@¹. xybQP2YCK. Ç Ç. ¶· . ´. · . ½ qr"l. µ. s?È. ¦. ¶· . ¼8¹. qr"l µ. ´. · . ¸@¹. sÈ. É. ÊË rÌLfs . r

(48) ¾ZB¾Gs. ¸@¹. i8`#S¿U_bQK["K.WJa6P2IZP2Y2PDUº©`J[dU_bZKU6KaUÍ|QS`;^&KNQ]ZS6K:E¤`#TZKTZKKNZaU_bZK{WJU_SPD¥Î¦Ï`#SÐWJUÐY2KW:aUWÑ^`#TQaP2aU_KTGU KaU_P2{WJU6`#SBjÒ¢UP2an^Y2KW:SnU6b8WJUPD[`#TQKNQ`;K&aTQ`:Ua6|fK^PD[}U6bQKÓNQK&|@K&TQNQK&TQ^K¤IfK&UºxnKKTU_bZKÓ`#IQaKSoJWJU6P2`#TZal l Ë. EDBCBDBCEQlQjEQU6bQKTÐ`#TQK¤TQK&KNQayU_`KaU_PC{WJU6K ¦B. ÔyÕ¢Ö. å. ¹ E. ×ÙØÓÚ«ÛÜ8ÝnÞ;ÞVßJÞ;ÚMÛàQá?ÝâÓãäÛã\Þ;Ú. `#TQaP2NQK&SU6bQKæ^&S6`#aa¡¢a6KÛ_PC`#T8W:Yz^.W:aK©WJTQNÆW:aa6]Q{zKæU6b8WJUU_bZK©`#IQaKSo:W. U_P2`:TQaçWJS6KÑP2TQNZK|fKTQNQK&TGUÑW:TQN. P2NQK&TGU_P2^W:Y2YDzNQP2aU_S6PCIQ]ZU6KNrP

(49) BP

(50) BNÁBsBÒºTÐU6bQP2a^W:a6KJEèxnK¤b8W.o#K. ¦æé±0²G³Zqr}s?fê¿ qÁr}s?qr}s ½. ë. IQa6K&So#K>U_b8W í. . UIGz]Qa6PCTQh¤U_bQKU_K&P2TKV]8WJU6P2`#TÍr;BD sE`:TQK^W:Tb8W.o:KÓW¤a6P2{z|QYCKy["`:S6{ì["`#Spqr"s?qr"s ½.

(51) B. `#SK |ZS6K^&P2aKYC:EQPCUyPCaK.W:a£U_à6bZ` xîU_b8WJU. ¿ qÁr}s?qr}s ½. fîFïr}s6Fr"s ½ð. e r"sF F. e r}s ½. . r

(52) ¾ZB=ñVs. x` ^.WJa6Kan{W.WJS6P2aK:BjÒºTU_bZKymQS6aUp`#TZK:E`#TQKy^.W:TzK¥;|QYCP2^&PCU_YDd^&`#{z|Q]ZU_KyU_bZK>{WJU6S6PD¥¦©W:TZNÁEVbQKTQ^&K:E`#TQK ^.W:TÐ]QaK U6bQK U6KaUaUcWJU6P2aU6P2^zr¾ZB¾#sBpbQP2a>P2aU6bQK0^W:a6K¤["`#SU_bZKdÀ>KS6{zPCU6K|@`:YCTQ`#{zPXW:YCanU6b8WJUyxK ^`:TQa6PCNQKS I@K&Y2`x¤B¤ÒºTòU_bQKaK^`:TQN^.W:aK:E^`:{|Q];U_P2TZh£K¥;|QY2PC^PDU_YC¦«P2aTQ`:U|f`#a6aP2IQYCK£r"`#SÓNQPDó^&]QYCUcsEU6bQKT`#TZKO^.W:T ]Qa6KW:TGò^&`#TQa6PCaU6KTGUOK&aU_PC{W. U_`#SÓ`J[y¦ôWJTQNçNQK&TQ`:U6KNçIGÆ¦p õ MBö¥QWJ{|QYCKa¤`:[^`#TQaP2aU_KTGU0KaU_P2{WJU6`#S6a`:[. ¦pW:SK. ¦õ. ¹º÷ Ð. µ. . ¶·. · qr"l. ¸@¹. ·. sºqÁr}l. s ½. W:TQN«¦ õ Ë. µ. ÷ . . ¶·. Fïr}l ¸@¹¤ø. û. · . ·. s6Fïr}l. ·. s ½zð. F. e r"l. ·. sF. e r}l. s ½Áù. . r

(53) ¾ZBú#s.

(54)

(55) #ý Jý þ_ÿ 2ý0þ þþ Jþ þ + (32547698 (=2>4 ? @BA 2FE 2 ! " !#" ' (*),+.-0/1 ' * ( , ) < + 0 / 1 D / C = / I G K H J :; $ % & $ % & & L MN ý þ6ÿJ þOP Q# ýR T S þ6ÿ VU SMQDþ XW, 2 Yý MNZ HN[ N6ÿ \2m R] þ_ÿI ^WS T_` Ia &þ #ý lo2ýnd p + 2 r " h / i g H / 1 þ_ÿ þby ÿ ý# ý WWI T þ_ÿ ac þ Cýd TefJ þ #ý þ þ6ÿ Q ý& þ #ýjk kDq /1 $ s :ý &þ n 25x,lzyIE w / v tVu k n 2 y {PZ þþ6ÿ Q ý: ýRCþ #ý0_

(56) S :ýT k /1 b# ýI H U|& ý

(57) } S s~ IP ÿ_ A 4 n = ( 2 , I y 2 n = ( 2 ? @BA 2 E 2 " ! " " ' (*),+ k /1 ' * ( , ) + / " / 1 / = / I G H ýR : k $ % & $ % & üºý£þ_ÿ. S _ TS ;þ6ÿ |U| SMQDþ bW Yý MQ

(58) S Sþ6ÿ #ý H U| &ý

(59) ;þ_ÿI >þ þ\þJþþ RV #ýNR*0 TS ýGþ U| TS MNCþ XW Yý MQS ^

(60) Y`MQW;þ :þ

(61) Y2ýR TW, &ýR &ýVþ H üºý Jþ_ÿ TSO\ S RI yÿ &ý #ý Î Ðþ Tþ þJ þþb RV# ýQ _ S ,U| SMQDþ W Y ý MNZ

(62) J þ_ÿ SS T W #ýRCýMQJþS*X:R S_ RVWS T_` *Y RIZ: ý H {\ R TO þ_ÿ RIZ: ýOM^J þ S D:CýR T « R þ_ÿ R ýGþ CþY2ýTÙ þ_ÿ _

(63) SZ:ýI 9 H n7c ÿ Cþ VW Y ý MNZ

(64) Tef7: ý S2ý þ : ýI b\ # ýI RI O S þ_ÿI U| SMQDþ VW *;Y ýI MQ nU E*S EMN E* n þ6ÿ ýþ_ÿ Q þ þ þ J þ þ A n (=2 4 ? @<A 2 E 2 !#" ' (*),+ k /w1 ' ) /DC g /=GIHK $ % & k 2 " £ / ¤ g ü¢þ\ S þ_ÿvý2 J þ2ýI þ_ÿJ þkþ6ÿS T D þ ( |MN S O& ý S M þ6ÿ: ý# ý

(65) m¡ T TSJ ýR¢cIMQ: ý ÿ y 3 / I G K H 1 6ÿ \ R ÿ ýþ6ÿ _

(66) S Z

(67) T y S T þM^ þ RNS T RCýÔCý SMN2 `R y ÿ& ý^# ýI | p þ_ÿ " £ M^¥IMM¦§ T2ÿI i `RQMN& þ6ÿ `R H¨[ R I ¡ Sb: ýIRdcIMN# ý / ¤g S T D þbCý©MQ S R þ 2ý¿þ6ÿ¤ ý þ| þ #ýdy ÿI S \ aT# ýR Ty S þ6ÿ WS MQ þ TSbQ ý TS þ2ýGþYWS TM H ª«hª. ¬ ®o¯°>±¦®³²i®<´}°5®B²¶µ¸·²I®. L MN dý þ_ÿJþþ6ÿ I S>_

(68) Jþ #ý