Optimal Risk Control under Excess of Loss Reinsurance

HAL Id: inria-00072270

https://hal.inria.fr/inria-00072270

Submitted on 23 May 2006

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub-

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non,

Optimal Risk Control under Excess of Loss Reinsurance

Mohamed Mnif, Agnès Sulem

To cite this version:

Mohamed Mnif, Agnès Sulem. Optimal Risk Control under Excess of Loss Reinsurance. [Research Report] RR-4317, INRIA. 2001. �inria-00072270�

ISRN INRIA/RR--4317--FR+ENG

a p p o r t

d e r e c h e r c h e

THÈME 4

INSTITUT NATIONAL DE RECHERCHE EN INFORMATIQUE ET EN AUTOMATIQUE

Optimal risk control under excess of loss reinsurance

Mohamed Mnif and Agnès Sulem

N° 4317

November, 14 2001

+',.-0/2143657+98:<;>=?/285'@AB8$C6DEFGH361I

J)KMLNPOQSR TVUWNYXMZ\[^]_UW`baPO]c`bde]_UWNfUWg_[^]hUi`ba

j Oglk6gl]_LNfOgcm`bNfdMZWOonVOg

prq_`tslOu]wv*xrJ#y{z|

}c[~dMd`bq€] j Oq_OmKeOq_mKeO‚a2ƒQ…„e†ˆ‡‰R Š‹`ŒbONSŽOq†QP‘~’~’e†‹R ‘~“”d•[~–bOg

—?˜™uš›ˆœ•~š…žŸ Ogl]hX j k]hKeO?`bde]_UWNP[~Z"qlOUiaMg_XMq_[~aMmOd.`bZiUWmuk `^¡{[^a¢UWaMglXMqh[~aemOm`~NPd•[^a£k¥¤#KMUimK–~UiŒbOg

d•[~q€]#`~¡$Ui]hg)deq_ONfUWXeN(g€]hq_O[~N¦]_`P[^aM`~]hKeOq)m`~NPd•[^–ba…k?UWaOonVmK•[~aM–bO&`~¡[~a`bŽMZiUW–…[t]hUW`~aP]h`glXMdMd`bql])]_KMO

j Ui§.OqlOaMmOŽO]¨¤"OOa‰]hKeO[^NP`bXea£]#`^¡]hKeO&mZ\[~UiN¦[^a j gl`bNfO&qlO]_Oa…]hUi`ba©ZiOŒ~OZ«ª¬J)KMUig#m`ba…]hq_[~m]‹UWg)­£aM`¤#a

[~gSOonemOglgf`^¡#ZW`bglgSq_OUWaMglXMqh[~aemO~ª®J)KMO¯`bŽ6slOmu]hU°ŒbO`~¡)]_KMO?UWaeg_XMq_[~aMmO¯m`bNfd•[~–ba…k UWg&]h`±NP[tnVUWNfUW²O”]_KMO

OunVdOm]_O

j

Xe]_UWZWU°]¨k”`~¡U°]hgqlOglOqlŒ~O[^]gl`bNfO{dMZW[~aMaMUiaM–YKM`~q_UW²`ba?[^a

j

XMa

j

Oq)[YaM`~aMaMO–b[^]hU°ŒVU°]¨kfm`baMg€]hq_[~UWa…]ª

Ÿ O¬glXMdMd`bg_O¬]hK•[t]q_OUiaMg_Xeqh[~aMmO"UiaMmXeq_g[#m`bg€]deq_`bd`bql]_UW`baM[~Z^]_`#]_KMO¬g_Ui²O¬`~¡Vq_UWgl­{qlXMaŽ…k>]_KMO¬q_OUiaMg_Xeqh[~aMmO

m`bNfd•[~–~a£k~ª Ÿ OS³•qlgl]>deq_`ŒbOOunVUigl]hOaMmO[^a j XMaMUi´6XeOaMOg_gq_Og_XMZ°]hgw¡<`bqc]hKMUigw`bde]_UWNfUW²[t]hUW`~a©dMql`bŽMZiONµŽ£k

XMg_UiaM–”gl]_`VmKM[~gl]_UWmwm`ba…]hq_`~Z¶NPOu]hKM` j gªr|¨a[Sg_Om`ba j d•[~q€]e¤"O>g_`~ZiŒbO‹]hKMO[~glg_`6mUW[^]hO j· OZiZWNP[~a¯O´6XM[^]hUi`ba

a£XMNPOq_Uim[~ZiZikPŽ£k?XMg_UiaM–f[~a‰[^ZW–b`bqlUi]_KMNŽ•[~g_O j `~a©d`bZWUimkPUi]_Oqh[t]hUW`~aMgª

¸©¹…ºB»l¼S½ ›t¾™^ž T6]h`6mK•[~g€]hUWm&m`~a£]_q_`bZ¿2gl][t]hOYm`baMg€]hqh[^UWa…] j k6a•[~NfUWm&dMql`b–bqh[^NPNfUWaM–”deq_UWaemUWdeZWO~MŒ6Uig_m`~g_Ui]¨k

g_`bZiXe]hUi`ba¶ey‹`¤[^q j [~ZW–b`~q_Ui]_KMN*VUiaMg_XMq_[~aMmO~•q_OUWaMglXMqh[^aMmO^•q_UWgl­?m`~a£]_q_`bZ¿ª

ÀÁ<Â$ÃÁ<ÄÅ\ÃƍÇlÈÉtʀËtǀÆuɈ̿ͱÊÎÍ®Ï6ÐuÑ^ÆÌ«ÐoÍ¿ÆuÒÓ̫ʠԍʢÕ2Ì«ÆuÑ^ÐoшÒÓÖ×Ò×Í¿Ø_ىÊÎÍ¥Ú>ƍԍÛlÖ×Ê_Ù±ÄÖÓØlЁͫÆuÒÓÌ¿Ê_ـÜÝBÂ$Ã$ޅÜ&ß$ÚÃáàoâuãuãtÜ

ßäeà Ú&ЁͿåt؀æ)ЁͫÒÓÈɈÊ_ـܔÝBÐuÙ¿Ê®àoçˆèhéÜ&ß$ˈÒ×êʀÌëÙHÒ×ͿرՕÐuÌ¿ÒìÙ*àÜSéíÕ2ÖÓÐÇÎÊ®îÉtÙ«ÙHÒÓʀÉ9àoâéuâè‰Õ•ÐoÌ«ÒÓىÝ.ÊlԍʀïðçâˆÜ&ÊÎÅ\æ)ÐoÒÓÖiñ

æˈÒ×òWóôÐuÉtÙ¿ÙlõæÐoÍ¿å£õö<ÉtÙ«ÙHÒÓʀÉ6õò÷Ì

ø

Á<Â$ÃÁ<ÄÅ\ÃƍÇlÈÉtʀËtǀÆuɈ̿Íl܍ÊlæÐuÒ×ÖWñ2ÐoôˈÊlÙlõÙHɈÖÓʀæcóÒÓˈ̫ÒÓÐtõò÷Ì

™ ž a]_X j UiO”Z\[?d`bZWU°]hUW´£XMO&`bde]_UWNP[~ZWO j O”q[~g_glXMqh[^aMmO jXMaMO”m`~NPd•[^–baMUWO j[^g_g_Xeqh[~aMmOP´£XMU

q_OŒ~Oqlg_O XMaeO d•[~q€]hUWO j Og¯dMqlUWNfOgf´6X OZWZWO*q_O`bU°]¥XMaMO±[^Xe]hqlO©m`bNPdM[~–baMUiO©OamK•[^aM–bO jXMa OaM–…[

–bONfOa…]

j

OmOZiZWO ëmU! d•[kbOqfZW[

j

U°§"q_OaemO?Oa£]_q_OZ\[*][~UiZWZWO

j

OmKM[~´£XMOg_UWaeUWgl]_q_OP´6XeUg_XMq€Œ6UWOa…]Ou]XMa

mOq€][~Uia?aMU°ŒbO[^X j Owqu]hOa£]_UW`ba j `baMa#^ª%$O>m`ba…]hq_[^])Og€])m`~aMa£X*gl`bXMgZiO{aM`~N j O{q[^g_g_Xeqh[~aMmO jOunVmLg j O

d.Oql]hOgª'& `bŽ6slOm]hU°¡ j O>Z\[&m`bNfd•[~–~aMUWO j[^g_g_Xeqh[~aMmO>Og€] j OwNP[tnVUWNfUWg_Oq"Z Og_d(q_[~aMmO j O>Z Xe]hUiZWU°]) j O>gl`ba

m[~dMU°][~Z]hOq_NfUWa•[^Zg_`~XMg>XMaMO”m`ba…]hqh[^UWa…]hO j O”d`bglUi]hU°Œ6Ui]) j X®m[^dMUi]h[~Z*¯]_`bXe]>UiaMgl]h[~a…]ª a±g_XedMd.`~g_O´£XMO

Z\[¯q+[~glg_XMq_[~aMmOOaM–bOa j q_OXMa®m`-,e]>dMql`bd.`~ql]hUi`baMOZ*?Z\[f][~UiZWZWO j X®q_Uig_´£XMO”OaMm`bXeq_X®d•[~qwZW[?m`bNfd•[~–~aMUWO

j

O{q+[~glg_XMq_[~aMmO^ª

a¯deq_`bXeŒ~OwZ

OunVUigl]hOaMmO‹O]"Z

XMaMUimUi]

j

O{ZW[&gl`bZWXe]_UW`ba

j

O‹mO{deq_`bŽMZiLNfO j

`~de]hUiNPUigh[^]_UW`ba

Oa?Xe]_UWZiUWgh[^a£]

j

OgN.]_KM`

j

Og

j

O{m`ba…]hq/~ZWOcgl]h`6mK•[~g€]hUi´6XeO~ª10w[~aMg"XMaMO{glOm`ba

j

OwdM[~ql]_UWO~£`baPqg_`bX

j

a6XeN23

q_UW´£XMONPOa…]Z ´£X•[^]_UW`ba j O · OZWZiN¯[~a®[^g_g_`6mU4O5mOdMql`bŽMZiLNfO”Oa¥Xe]hUiZWUWg_[~a…]wXMa [~Zi–b`bq_U°]hKMNfOYŽM[~gg_Xeq

Z [~ZW–b`~q_Ui]_KMNfO jy‹`¤[~q j ª

6 ½ šˆ™ » 87 ™ðž $`ba…]hq/~ZWOgl]_`VmK•[^gl]hUi´£XMO~!$`ba…]hq_[~UWa…]_O j"u][^] deq_UWaemUWdO j OdMql`b–bqh[^NPNP[^]hUi`ba j k6a•[9

NPUi´6XeO~~gl`bZWXV]hUW`~a j OŒ6UWglm`bglUi])^…[~Zi–b`bq_U°]hKMNfO j O#y‹`¤[~q j b[~g_glXMqh[~aemO~£q+[~glg_XMq_[~aMmO^…m`ba…]_q/bZiO j O#q_Uig_´£XMO~ª

„

. /

”f"

J)KMUWgd•[~dOq$m`baemOqlaMg0]hKeO"]hKeO`bqlO]hUim[~Z6[~a j a£XMNfOq_Uim[~Z6gl]_X j k&`~¡•`~de]hUiN¯[~Z…qlUWgl­&m`ba…]hql`bZ£`~¡[~aYUiaMg_Xeqh[~aMmO

m`bNfd•[~a…k~ª0J)KMO{qlOglOqlŒ~O>dMq_`6mOg_g"`~¡¶]hKeO‹UiaMg_XMq_[~aMmO{m`~NPd•[^–ba…km`baMglUWg€]hg `~¡[deq_ONfUWXeN gl]_q_O[^N¤#KeUWmK

m`bNfNfUi]hg"]hKMOm`~NPd•[^–ba…k¯]h`d•[k]_KMO&[~NP`~XMa…])`~¡]_KMOmZW[~UWNfg[^])]_KMOUiq#[~q_qlUiŒ^[~Z¿ª

J` q_O

j

XMmO©]hKMO*q_Uig_­2]hKeO‰UWaeg_XMq_[~aMmO©m`bNfd•[~–~a£k4–~UiŒbOgPdM[~ql]P`~¡w]_KMO©deq_ONfUWXeN gl]hqlO[~N ]_`í[~ae`~]hKMOq

m`bNfd•[~–~a£k~eUia?OunVmK•[~ae–bO>`~¡[~a?`bŽeZWUW–b[^]hUi`baf]_`Sg_XedMd.`~ql]]_KMO

j

U°§BOq_OaemOwŽO]¨¤"OOa*]_KMO>[~Nf`bXMa…]`^¡O[~mK

mZW[~UWN [~a j g_`bNfO³enVO j ZiOŒ~OZ#m[~ZiZWO j qlO]_Oa…]hUi`baðZiOŒ~OZ«ª4J)KMUigPm`ba…]hq_[~m]fUWg­£aM`¤#a [^gPOonemOglg¯`~¡{ZW`bglg

q_OUWaMglXMqh[~aemO~ª Ÿ OPg_XMded.`bglO?]hK•[t]YqlOUWaeg_XMq_[~aMmO¯UWaMmXMq_gY[‰m`bg€]SdMql`bd`bql]_UW`ba•[^Z0]h`©]_KMO?glUW²OP`~¡]_KMO?q_Uig_­

][~­^Oa©Ž£k¯]hKMOq_OUWaMglXMqh[^aMmOm`~NPd•[^–ba…kbª

J)KMOY`~Ž6slOmu]hUiŒ~OY`~¡]hKMOUWaMglXMqh[~aemO&m`bNfd•[~–ba…kUigc]_`¯NP[tnVUWNfUW²Ow]_KMO&OunVd.Om]_O j Xe]_UWZWU°]¨k`~¡]hKMO&]hOqlNPUia•[~Z

¤O[~Zi]_K `ŒbOq>[~ZWZ$[ j NPUig_g_UiŽMZWOg€]hqh[t]hO–~UWOgc¤#KMUWmK±g_[^]hUigl³•Og>[¯aM`~aMaMO–b[^]hU°ŒbO¤"O[^Zi]hK‰m`baMg€]hq_[~UWa…]w`Œ~Oq{]_KMO

¤#KM`bZiO”UWa…]hOqlŒ^[~Z102,3465¿[~a

j

]_`

j

O]hOq_NfUWaMO]hKMO”`bdV]hUWNP[~Z$d.`~ZWUWmuk‰`^¡"qlOUiaMg_XMq_[~aMmO~ªSJ)KMUig>dMq_`~ŽMZWON ¤[~g

¡<`bq_NYXMZ\[^]_O j Ž£kYx{glNSXMg_glOa¶6y17tsl–…[b[~q j [~a j J[~­£g_[~q18«‘~’~’b’:9¶¤#KM`>m`baeg_Uj Oq_O j ]hKMOUig_glXMO`~¡2`bdV]hUWNP[~Z£q_Uig_­

m`ba…]_q_`bZ [~a jíj UiŒ6Uj Oa j¥j UWg€]hqlUWŽMXe]_UW`ba®d`bZWUimUiOgªPJ)KMOk Nf` j OZWZiO j ]hKMO¤"O[~Z°]hKídeq_`6mOglg”[~g[ j U°§BXeg_UW`~a

dMq_`6mOg_g>[^a j qlOd•[~q_[~NfO]hqlUW²O j ]_KMOYdeq_`bŽMZiON Ž…k*m`baeg_Uj Oq_UiaM–P]_KMO j q_Ui¡ ]#]_Oq_N `~¡]hKMO j Ui§.XMg_Ui`ba©[~g‹]_KMO

Ž•[~glUWm>m`~a£]_q_`bZdM[~qh[~NfO]_Oqe¤#KMUWmK*ZWO[ j g)]h`f[”gl]h[~a j [^q j gl]h`6mK•[~g€]hUim&m`ba…]hql`bZdMq_`~ŽMZWON©ª

|¨a¢]hKMUigSd•[~dOq ¤"ONP`

j

OZ"]hKeO*qlUWgl­ dMql`VmOglgf`^¡c]_KMOUWaMglXMqh[^aMmOm`bNPdM[~–ba…k펅k¢Xeg_UWae– [ m`bNfd.`bXea

j

p`bUig_gl`ba‰dMql`VmOglgª#|¨a±v©aeUi¡¬[~a

j

prK•[~N;8¿‘~’b’e†<9o2gl]h`6mK•[~g€]hUim`bdV]hUWNfUW²[^]hUi`ba?dMql`bŽMZiON UWg#g€]hX

j

UiO

j

¤#KMOa

]hKMO>g€][^]_O>dMq_`6mOg_g#ŽOZW`~aM–bg]h`[”m`ba…ŒbOun¡H[^NPUiZik`~¡$g_ONPUiN¯[^ql]hUiaM–…[~ZiOgª$=nVUWg€]hOaemO&[~a j XMaMUi´£XMOaMOg_gc`~¡

]hKMOgl`bZWXe]_UW`ba¯`~¡]_KMO>`bde]_UWNfUW²[^]hUi`baPdeq_`bŽMZiON(UWg)dMql`ˆŒ~O j Ž…km`ba…Œ~Oql]_UWaM–]hKeO j k6a•[~NfUWm>dMql`bŽMZWON(Uia…]h`f[

gl]h[^]hUim&deq_`bŽMZiON*ªJ)KMO&mK•[~q_[~m]_OqlUW²[t]hUW`~a©`~¡]hKMO&g_`~ZWXe]_UW`baUWg#`bŽV][~UiaMO j Ž…k©Xeg_UWae–¯[ j X•[~Z¶¡<`bqlNSXMZW[^]hUi`ba¶ª

|¨a©]_KMOdeq_OglOa…]wdM[~d.Oq•]hKeOm`ba…ŒbOunVU°]¨k©deq_`bdOq€]¨k`~¡]_KMOqlUWgl­dMq_`6mOg_g j `VOg‹ae`~]{Ke`bZj ŽOm[^XMg_O`~¡]_KMO

OunVmOg_gw`^¡Zi`bg_g#m`~a£]_qh[~mu]2UWa*m`~a£]_qh[~g€]‹¤#U°]hK]hKeOdMql`bd`bql]_UW`ba•[^ZBq_OUWaMglXMqh[^aMmO&m[~glO>8<g_OOYJ$`bXM²U?8¿‘~’b’b’:9-9uª

0{XMO&]h`]hKMOYv‰[~ql­~`Œ6U\[~a©m`ba…]hOon6]2]hKMOq_OUiaMg_Xeqh[~aMmOdeq_`bŽMZiON NP[kŽ.O&gl]_X j UiO j Ž…k*[ j UWqlOm] j k6a•[^NPUim

dMq_`~–bqh[~NfNfUWaM–Yy{[~NfUWZ°]h`baA@b[^m`bŽMU · OZWZiN¯[^a?O´£X•[^]_UW`baB8Hy)@ · UWag_KM`~ql]C9oª

z•`bq¯m`ba…]hq_`~Z{dMql`bŽMZWONPg¯[~a j [~glg_`6mUW[^]hO j y)@ · O´6XM[^]hUi`baMg)]_KMO±aM`~]_UW`bað`~¡>Œ6UWg_m`bg_U°]¨k gl`bZWXV]hUW`~a¶³•q_g€]

UWa…]hql` j XMmO j Ž…k $q_[~a j [^ZWZ [~a j &Ui`baMg&UWa †EDb“b„e$UWg&­£aM`¤#a]h`‰ŽO?[*d.`¤"Oq€¡<XMZ"]_`V`bZ¿ªy‹Oq_O~`ˆ¤#UiaM–©]_`

]hKMOg€][^]_Om`baMgl]_qh[~Uia…]M¤"O&aeOO j ]h`fm`baeg_Uj Oq#m`ba…]_qh[~UiaMO j Œ6UWg_m`bg_U°]¨kg_`~ZWXe]_UW`baMgªrJ)KMUWg#aM`^]hUW`~a¤[~g#³•q_g€]

UWa…]hql` j XMmO j Ž…k*TV`~aMOqF8€†EDb“HGb[:9oª

J)KMO‰deXMq_d`bg_O*`~¡‹]hKMUigfdM[~d.OqPUig”]h`ídeq_`ŒbO‰[~aðOonVUWgl]_OaMmO [~a

j

XMaMUi´£XMOaMOg_g?qlOglXMZi]¡<`bq”]hKeO

j

k6a•[^NPUim

dMq_`~–bqh[~NfNfUWaM–O´6XM[^]hUi`ba[~glg_`6mUW[^]hO j ]h`*]hKMUigdeq_`bŽMZiON [~a j ]hKMOa ]_`‰g_`~ZiŒbOPUi]&Ž…kíXeg_UWae– [~a OJIfmUiOa…]

a£XMNPOq_Uim[~Z¶NfO]_KM` j e]hKeO&m`ba…ŒbOq_–bOaMmO`~¡¤#KeUWmK*UWg)Oaeg_XMqlO j Ž…k]_KMOXMaMUW´£XMOaMOglg‹qlOglXMZi]ª

J)KMOSd•[^d.OqwUWg‹`bq_–…[^aMUWglO j [^g{¡<`bZWZi`¤#gªcJ)KMO”dMq_`~ŽMZWONµUig‹¡<`bqlNSXMZW[^]hO j Uia®TVOmu]hUi`ba®‘Vªw|¨a±TVOmu]hUW`~a®„e¤"O

gl]_X j k‰]_KMO”dMql`bd.Oql]_UWOg{`~¡¬]hKMOYŒ^[~ZiXMOY¡<XMaem]hUi`ba¶ª>|¨a TVOm]hUi`ba±QMB¤"O”dMql`ˆŒ~OS]hK•[t]w]hKMOSŒ^[~ZiXMO¡<XeaMm]_UW`ba±Uig

[©m`baMgl]_qh[~UiaMO j ŒVUig_m`bg_U°]¨k gl`bZWXV]hUW`~a `~¡]hKMO¯[~g_gl`VmU\[^]_O j yK@ · O´£X•[^]_UW`baBª*|¨a¢TVOmu]hUW`~aML*¤"O¯dMql`ŒbO¯]_KMO

XMaMUi´6XeOaMOg_g{`^¡]hKeO&gl`bZWXV]hUW`~a*`^¡]hKeOyK@ · ª.TVOmu]hUi`baNGUWg j OŒb`^]hO j ]h`fa6XeNPOq_UWm[~Z[~a•[^Zik6g_Uig)`~¡]_KMO&y)@ ·

O´£X•[^]_UW`baOSJ)KMO?yK@ · O´6XM[^]hUi`baíUig j Uig_mq_O]_UW²O j Ž…k¥XMg_UiaM–©³MaMUi]_O j U°§BOq_OaMmOfg_mKMONPOg”[~a j g_`bZ°ŒbO j Ž£k

Q

XMg_UiaM–[~a±[^ZW–b`bqlUi]_N Ž•[~glO

j

`ba‰]_KMOÎy‹`¤[^q

j

[~Zi–b`bqlUi]hKeNC8d.`bZiUWmukUi]hOqh[^]_UW`ba9uªcŠ‹XMNfOqlUWm[~ZqlOglXMZi]_gw[~qlO

dMq_Og_Oa…]_O j ª J)KMOkdeq_`Œ6Uj O>]hKeO&`~de]hUiN¯[~Z.d.`~ZWUWmuk¯`^¡qlOUWaeg_XMq_[~aMmO^ª

u % *u#

&Ou])3 3$ŽO#[>m`bNfdMZWOu]hOdeq_`bŽ•[^ŽMUWZiUi]¨k&g_d•[^mO~ª Ÿ O)m`~aMg_Uj Oq¬[~aUia£]_O–bOq0Œ^[~ZWXMO j qh[~a j `bN NfO[^g_XMqlO

! #"C3 %$#o j O³MaMO j `ba&)3 3uB[~g_gl`VmU\[^]_O j ]h`?]_KMO”N¯[^q_­~O j d.`bUia…]>dMq_`6mOg_g'( 3*),+'!-.C3-0/21(435uª

y‹OqlO~6),(78"93";: 2<3Uig[cm`bXMa…]hUiaM–#dMq_`6mOg_gm`~q_q_Og_d`ba j UiaM–#]h`)]hKMO¬q_[~a j `bN ]hUiNPOrd`bUWa…]_g=)<4?>%3-@/A1(43

`~¡[~q_qlUiŒ^[~Z£`~¡2]hKeOmZW[~UWNfg[^a

j

),+BC-.3-@/A1(D3‹Uig0[wglO´£XMOaemO#`~¡qh[~a

j

`bN Œ^[~q_UW[~ŽMZWOg¤#U°]hKYŒ^[~ZiXMOg0UiaY]hKeO

N¯[~ql­?g_dM[~mOFEHGI1JLK ª Ÿ O&][~­^OMEON 0P<3RQ0)¤#U°]hKAPS 2eª#x{gcXMg_XM[~Z«

[~a j ( 3*),+TC-.C3-7/41(D35

[~q_O>Uj Oa…]hU°³•O j Ž…k?]hKeO¡<`~q_NSXMZW[

C02,3" 5VUAWXYN[Z

>5\^]_a`!bRcd6egf*_ih

!+j>kC3

¡<`bq#[~ZWZ?"l/ 02,3465[^a

j

Wm/An‹M¤#KMOqlOn Uig)]hKMO

·

`~q_OZ.o(볕OZ

j

`bapE¯ª

Ÿ O[^g_g_XeNPO¯]_K•[^]

UWgSqlUW–bK…]+ëm`ba…]_UWa£XM`bXMgY[~a j

2,3WqMN 2‰¡<`~qS[~ZiZWr/sn{ª Ÿ O j OaM`^]hOŽ…k71tuN

)A8"932Mvw";v 4X3w]_KMOq ¨m`bNfdMZWOu]hO j ³•Z°]hqh[t]hUW`~aP–bOaMOq_[^]hO j Ž…kf]_KMOwq_[~a j `bNNfO[~glXMq_O

! #"C3 %$#oª Ÿ O

[~g_glXMNPO]hKM[^]xLycUWg)]hqlUiŒ6U\[^Z[~a j b

Ns‰ª"J)KMOq_[~a j `~N NPO[~g_XMqlO

! #"C3 %$#UWgc[~glg_XMNfO j ]h`fK•[ŒbO[~a

UWa…]hOaMg_U°]¨k NfO[~glXMq_OFz<! #"C3 %$#N|{Y! %$#} 6"#¤#U°]hK~€X{YC <$‚|Q ¤#KMUWmK¥NfO[~aMg‹]hK•[^]>]_KMOqlO”UWg>[?³•aeUi]hO

a6XeNSŽ.Oq{`~¡BslXeNPdMg

j

XMq_UiaM–?[^a£k*³•aMU°]hO&]hUWNfO&UWa…]hOqlŒ^[~Z«ª

· k j

O³•aeUi]hUi`ba‰`^¡r]hKMOUWa…]hOaMg_U°]¨kƒz<! #"C3 %$#o.]hKeO

m`bNfd.OaMgh[t]hO j slXMNfddMq_`6mOg_g j O³MaMO j Ž£kO

„

! #"C3 %$#YN

C #"C3 %$#†…{YC <$‡ #"C3

UWg{glXMmK±]hK•[t]ˆ)

„

02,39" 5‰UDWXC32Šv‹"Xv 4X3UWg{[@63ƒC"9)NP[~ql]_UWaM–…[^ZWO>¡<`bqw[^ZWZ."q/ 02,3465[~a j WŒ/n{ª

Ÿ Og_KM[~ZWZ[^g_g_XeNPO>]hKM[^])]hKMO>¡<`bZiZW`¤#UWae–SaM`ba j O–~OaMOqh[~mukm`ba j Ui]hUi`baKM`bZj g O

{ vIŽ

€

{YC %$#;‚sQ 3 8«‘6ªi†<9

¡<`bq)g_`bNfOq{ S 2e2[~a j Ž €

$k{Y! %$#l‚sQ‘ 8«‘6ªì‘H9

’L“ œ'7”7 ¹A•V–C—

<:** ˜,

{

) ;™ (

E

˜,

{YC %$#YNIš?›œ!$#‡ %$

=‰

›

+kž #ž CŸ ,!Ÿ'‰ N : K*  ¢¡V 8 + $,£˜¤

#ž,¤ F ) 8™ # 

x qlO]_Oa…]hUi`ba ZiOŒ~OZrdMql`VmOg_g&UWg&[~a¥C

e Î[ j [^de]hO j dMql`VmOglgˆ¦§N¨¦

e

32Av©"v 4£>Uia…]hOqldMq_Ou]hO j [~g>]hKeO

q_UWgl­¯ZiOŒbOZ¶¤#KMUWmK*UWg)glXMdMd`bql]_O j Ž£k¯]hKMOUWaeg_XMq_[~aMmOm`bNPdM[~–ba…kbª

L

U°ŒbOa[©qlO]_Oa…]hUi`baZWOuŒbOZ;¦ ¤"O

j

OaM`~]hOPŽ…k.¦

e

>]_KMO

j

U°§BOq_OaMmOPŽ.Ou]¨¤OOa¢]hKMOfdMqlONfUWXMNáq_[^]hOfd.Oq

XMaMU°]Y`~¡)]_UWNfOq_OmOU°ŒbO j Ž…k¥]hKMOPm`bNfd•[~–~a£k [~a j ]hKMOPdMq_ONPUiXMNáqh[t]hO¯dOqXMaMU°]Y`~¡)]_UWNfOd•[~Uj Ž…k ]_KMO

m`bNfd•[~–~a£k¯]h`”]hKMOqlOUWaeg_XMqlOqª

J)KMO{qlUWgl­”dMq_`6mOg_g`~¡.]hKMO‹UWaMglXMqh[^aMmO‹m`bNfd•[~a…kXMa j Oq"]_KMUWg OunVmOg_g`~¡ZW`~g_g m`ba…]hq_[~m]UWgr]hKeOa?–bU°ŒbOa¯Ž…k O

e N Ž e

œ!¦5} '… Ž e Ž €

$s¦

! 3 %$#C3 "vv 463

¡<`bq#[~aUWaeUi]hUW[~Zq_OglOq€ŒbO [^])]hUiNPO£"oª

ŽMg_OqlŒbO]hKM[^]#]hKMOgl]h[^]hOdMql`VmOglgcm[~a©[~ZWgl`fŽOOunVdMqlOg_glO j [^g O

e N Ž e

œ¦5‡ '…

Z

]

s¦ 3

¤#KMOqlOF( Uig{[Pp`bUig_g_`~a dMq_`6mOg_gc¤#Ui]hK©UWa…]hOaMg_U°]¨kN ~ €{YC <$u.[~a

j

[~q_O&UǻUǻ

j

q_[~a

j

`~N Œ^[~qlU\[~ŽeZWOg

UWa j OdOa j [^a£]c`~¡‰( •K•[Œ6UWaM–”³•aeUi]hOw³Mq_gl]cNf`bNfOa…]! .ª

"

z2ql`bN¦ae`ˆ¤7`ba¶M¤"Om`baMglUj Oq‹[dMqlONfUWXMN(qh[^]_O>`~¡]_KMO&gh[~NfOw¡<`bq_N [~g#UWax{glNSXMg_glOa¶y17tsl–…[b[~q j [~a j

J[^­6g_[~qF8«‘~’~’b’:9O

œ¦‰ N#$ M… _

&% ¦=9' ( M…*)0+

p¦ 5˜C3 8¿‘VªÓ„H9

¤#KMOqlO,% ¦=Uig#[”dMq_`bd`bq€]hUW`~a•[~Z.¡H[^m]h`~q)gh[^]_UWgl¡k6UiaM–-% 2# N 2f[^a j %¦‰ N#% S 2U°¡†¦2S 2eª

J)KMOP³Mq_gl]&]hOq_N `^¡]hKMOqª×K¶ªgY`^¡6=r´£X•[^]hUi`ba 8«‘Vª×„:9wUWg>]hKeOPOonedOmu][^]_UW`ba `~¡]_KMOP[~NP`~XMa…]`~¡]hKeOPmZ\[~UiNPg

j XMqlUWaM–[XMaeUi]"`~¡¶]hUiNPO^ªJ)KMO‹g_Om`ba j ]hOqlN`~¡B]_KMO{qª×K¶ªg`^¡ =r´£X•[^]hUi`ba 8¿‘Vª×„:9¬Uig ]_KMOcdMq_ONPUiXMN©b¤#KeUWmK?Uig

–bUiŒ~Oa]h`f[~aM`^]hKMOqcm`bNfd•[~–ba…k?`^¡0UWaeg_XMq_[~aMmO>]_`fglXMdMd`bql]#]_KMO

j

Ui§.OqlOaMmO&ŽO]¨¤"OOa‰]hKeO[^NP`bXea£]#`^¡]_KMO

mZW[~UWNfg)[~a j ]_KMOq_O]_Oa…]hUi`ba*ZWOŒ~OZœ¦ j Xeq_UWae–P[”XMaeUi]#`~¡$]hUiNPO^ª

Ÿ OUiNPd`bg_O‹]hKMO>¡<`bZiZW`¤#UWaM–Ym`baMg€]hq_[~UWa…]#`ba]hKMO>¡H[~NfUWZ°kf`~¡g€][^]_OdMq_`6mOg_g.MO

e : 2,3 ¡<`bq#[~ZWZ "lv/v 4  8¿‘Vª×Q:9

U°ŒbOa10 S 2ee¤"O&UWNfd.`bglO

¦ v20 ¡<`bq#[~ZWZ "lv/v 4  8¿‘VªL9

x{a[ j NfUWglg_UiŽMZWOPd.`bZiUWmuk¦ Uig”[~a[ j [~dV]hO j g€]h`6mK•[~gl]_UWmdMql`VmOg_gp!¦ ed d6b

 q_Ui–bK…]”m`~a£]_UWa£XM`bXeg g_XMmK

]hK•[t] $`ba j U°]hUW`~aMg8«‘VªQ 9w[~a j 8¿‘VªL9w[~q_O”g_[^]hUigl³•O j ª Ÿ O j OaM`~]hOfŽ…k43 C"C35 w]_KMOg_Ou]`^¡[~ZiZr[ j NfUWglg_UiŽMZWO

d.`~ZWUWmUWOgª

?¹ íœM›76 •V–!— ¡V K* 3 8"C38 6 KCŸa 2F/93 8"C38 'EF ";/ 02,3465 @/A1JqK  

&O]: j OaM`~]hO&[”Xe]_UWZWU°]¨kP¡<XeaMm]_UW`bag_XemK©]hKM[^]

Uig)XMaMUi¡<`~q_NfZikfm`ba…]_UWa£XM`bXMg•aM`ba j Omq_O[~g_UiaM–¯[^a j m`baMm[Œ~O¢ 8¿‘VªGH9

G

J)KMO`~Ž6slOmu]hUiŒ~OY`~¡]hKMO&UWaeg_XMq_[~aMmO&m[^NPd•[^–ba…kUWg)]h`PN¯[ˆneUiNPUi²O{]_KMO&OunVd.Om]h[^]hUi`ba©`^¡]hKeOXe]_UWZiUi]¨k?`^¡]hKeO

]hOqlNPUia•[~ZŒ~[^ZWXMO>`~¡$]hKeO&qlUWgl­¯dMql`VmOg_g j Ou³•aMO j Ž…k

8"C38 3¦=N)¢ ˆ

e

b

3

`ˆŒ~Oqc[~ZiZ¶d.`~ZWUWmUWOgl¦/93 C"C35 uª Ÿ O j O³•aMO]hKeOŒ^[~ZiXMOw¡<XMaMmu]hUi`ba?[~g

?C"C38 YN

e

=C"C38 3¦=R 8«‘6ªì‡H9

J)KMO>]hOqlNPUia•[~Z.m`ba

j

Ui]hUi`baUWg)–~UiŒbOa©Ž…k

?4635 N M R 8«‘6ªÓ“:9

?¹ íœM›76 •.–g• ˜ ( * , 8 * K * ('68 C%K>( C

˜ ) , ˜ ˜ &Ÿ : Cž ) N R¤ ¦4N 2   œ2# N 2  q, k¤

8"C32# N 2 'EF "l/ 02,3465  

±$# &% w & %^*

|¨a®]_KMUWg>glOmu]hUW`~a¶¤O”¡<`6mXMg`ba®dMql`ˆŒ6UiaM–]hK•[^]>]_KMOSŒ^[~ZWXeOS¡<XMaMm]_UW`ba©Ž.OZW`baM–~gw]h`

C02,3465†U 1JqK.u

]hKMOg_Ou]c`~¡m`ba…]hUia6Xe`bXMg)¡<XMaMmu]hUW`~aMg#UWa 02,3465œUA1JLK¥[^a

j

XeaMUi¡<`bqlNPZ°kfm`ba…]hUia£XM`bXMg#UWa ª

· k?]hKeO j kVaM[~NPUim>dMq_`~–bqh[~NfNfUWaM–dMq_UiaMmUidMZWO^V¤"OK•[Œ~OO

?C"C38 N

e

)T ?8"¥› "!,38

e

e

K #$&%

93 8¿„Vªi†<9

¡<`bqY[^a£k¥g€]h`bdMdeUWaM–*]hUWNfO'!w/)(

eb  24v "v 4[~a j 2 ‚H›0‚ 4s…w"o$¤#KMOqlO*(

eb

UWg]hKeO¯g_Ou]S`~¡)[~ZWZ

gl]h`~dMdMUWae–]_UWNfOgŽO]¨¤"OOaƒ")[^a j 4&ª

&Ou]#XMgcOgl]h[~ŽMZiUWg_Kgl`bNPO>deq_OZiUWNfUWa•[^qlkfOg€]hUWNP[^]_Og)`ba]hKeO&Nf`bNfOa…]hg)`^¡]hKeO>gl][t]hOdMq_`6mOg_gª

+ ¹ íœ-, –C—/.

^Ÿ

%/ 02,310<5

˜ -#H

32†N4328 % 34£S 2 ˜, 'E

"/ 02,3465

A/A1JqK 2F‚§› ‚ 40…"5

)76

e

e

K #

… 8695v)

2

›;:<# 8¿„Vªì‘H9

= › ½¶½?>–"x)mm`~q j UiaM–”]h`Y]_KMOyA@

B Zj OqUWaeO´£X•[~ZiUi]¨kb6Ui]g_X,IfmOg)]h`”dMql`ŒbO8¿„Vªì‘H9¬¡<`bq %'NC0Vª¬z•`bq"aM`~][t]hUW`~a•[~Z

g_UWNfdMZiUWmU°]¨kb£KMOq_O[t¡ ]hOqD j OaM`~]_Og#[S–bOaMOqlUWm>m`baMgl]h[~a…]ª¬x{dedMZik6UWae–S|ë])/ g)ZWONPNP[&]_`

e

e

K #

… 

V¤"O

`bŽe][^UWa

)76

e

e

K #

… -6 v) 2E

)GF Ž e K #

e

.¦  H )IF Ž e

K #

e Ž €

$p¦ KJ ! %$#} HDL

‡

TVUWaemO œ¦ UWg)Ž`bXMa j O j

[^a

j

$ ¦ v‘$¡<`bq#[^ZWZ/ 0"C3 4 5[~a

j

¡<`bq#[~ZWZ$¢/@EP•Ž£k 8«‘VªÓ‘H9"¤"OK•[Œ~OO

)76

e

e

K #

… 86*v) 2›3

¤#KMUWmK*UWNfdMZWUiOg)8¿„eªÓ‘H9uª

|¨a ]_KMO”¡<`bZWZi`ˆ¤#UiaM–ZWONPNP[eB¤"OfdMq_`ŒbOf]hK•[t]&¤#KeOa ]_KMOfq_OglOq€ŒbO¯deq_`6mOglgYqlO[~mKMOgY[ZW`¤ ZWOŒ~OZ [^]]hUiNPO

/ 0"C3465«V]hKMO`bde]_UWNP[~ZBm`ba…]hql`bZUWgx¦XN 2”¡<`~q#[~ZWZ / 0:3 4 5¿ª

+ ¹  œ8, –g• ¡V N -#H /[1JqK M˜, 'EA "T/ 02,3 4 5 [/‹1JqK F8 K'E, %

CŸ'

5 '+˜ -#H

M/ 0"C3465 ¦2/DWM8"C38

N˜,

e ‚ ˜ ˜

¦N 2

'EF

ƒ/ 0H3465

= ›

½¶½?>–

"

z•ql`bN(]_KMOdMq_ONPUiXMN¦q_[^]hO>Oonedeq_Oglg_Ui`baM8¿‘VªÓ„H9ue¤"OKM[Œ~O

œ!¦= N … % $ ‘

_

&% 5 )A0

p¦ 5‚U°¡†¦S 2

2 Ui¡‰¦DN 2 

&O]. N 9

]!K

9

ª¬|¨a]hKeUWg#m[~glO O

U°¡ 2F‚ ¦‚ ]hKeOaœ¦‰;‚ 2  8H„eªÓ„H9

0{O³MaMOV]N )7 :g_XMmK*]hK•[t]¦ˆ: 3£ª T6UWaMmO]_KMOm`ba…]_q_`bZ.¦¢Uig)q_UW–~K£]_m`ba…]_UWa£XM`bXMg

¦ :  8H„eª×Q:9

‹glUWaM–”]hKeO&K…k6d`~]hKMOg_Uig

e

‚& M]_KMO j O³MaMUi]_UW`ba`~¡$V])[^a j 0<#uV¤O&`bŽe]h[~UWa

2 v

e

N

e Ž

œ!¦

e

} #"‰… Ž

Ž €

$:s¦

e

! #"C3 %$#

‚ … Ž

Ž €

$:I¦

e

! #"C3 %$#C3

¤#KMUWmK*UWNfdMZiUWOg ]hK•[t]

Ž

Ž €

$s¦

e

C 6"C3 <$;‚& 3

[~a

j

m`baeg_O´£XMOa…]hZik

$:s¦x‚ ¡<`bq#[~ZiZV$'/@ET

z•`bq$*ZW[~q_–~O”OaM`bXe–bK¶¤OfK•[ŒbO Oˆ¦ ‚ ¤#KMUimK m`ba…]hq_[ j UWmu]hg|¨aMO´6XM[~ZWU°]¨k 8¿„eªQ 9oª.$`baMg_O´£XMOa…]hZ°k [~ZWZ

[ j NfUWglg_UWŽeZWO”m`~a£]_q_`bZigYNSXegl]gh[^]_UWgl¡ kOY¡<`~qY[~ZiZ : b‰¦D‚ ª‹glUWaM– 8«‘Vª×„:9[~a j glUWaMmOœ!¦=N 2eU°¡

“

¦DN 2ee]_KMO`bde]hUiN¯[^ZBm`~a£]_q_`bZBUWgx¦N 2S¡<`bq#[~ZiZ A/ 0H3465¿ª

0{O³•aeOW

C"C38 )[~gJO

W

8"C38 N ),¦/AWM8"C38 g_XMmK*]hK•[^] O¬Ui¡]hKMOq_OOunVUigl]hg9/ 0"C3465g_XemK©]hKM[^]

e v 3

]hKeOa¡<`bq#[~ZWZ A/ 0H3465 3¦N 2%36

+ ¹ íœ-, –, 3 ž "A˜, 2‚ T…T‚&  ¢¡V

W

8"C38 lG WMC"C3 ;G WˆC"C38 

= › ½¶½?>–”J)KMO”glOm`ba j UWaMmZWXMglUW`ba Uigw`bŽ…Œ6UW`bXegwg_UiaMmO,Sª|ë]>q_ON¯[^UWaMg{]_`dMq_`Œ~OS]hKMOS³•qlgl]UiaMmZiXMg_Ui`ba¶ª

&Ou]¦/AW

8"C38 uª 0{Ou³•aMO

!BN ) :w"g_XMmK*]hK•[t]

e

‚& 3 4 

|ë¡ ¢‚/!BB]hKMOa9

e : ¤#KMUWmK±UiNPdMZiUWOg.

e : 2eªw|ë¡ ¢:C!BB]hKeOa9 e

‚# [~a

j

g_`Š¦ N 2e

¤#KMUWmK*dMq_`Œ~Og#]hK•[^]¦/AWˆC"C3 uª

&Ou]#XMg‹[~dMdMql`nVUiN¯[^]_O{]hKeO¡<XeaMm]_UW`ba9 Ž…k*[”g_O´6XeOaMmOY`~¡&UWdMglmKMUi]_²¡<XeaMm]_UW`baMgª

+ ¹ íœ-, – =)K ,% 8 1 -#H6 K* (' *'C% , >

3-4:

2#

‰ N^¤ "%'EC Ÿ (

= ›

½¶½?>–#T6UWaMmO UWg)XMaMU°¡<`bq_NfZikfm`ba…]hUWa£XM`~XMg#UWa M¤O&m[^a

j

Ou³•aMO>]hKeO&Nf`

j

XMZWXeg)`~¡m`ba…]hUia6XeUi]¨k

%k N .) ˆ =…&ˆ )glXMmK©]_K•[^] 6 B… 6v”[~a

j 3B/ƒ1JqK†36

zU°nT-D/A1(¥ª!0‹O³•aMO >

[~g)¡<`bZWZi`¤#g O

> N

M 3 Ui¡ N -

¤#KeOq_O p/@1( 3

-= ˆ

_

-

‰…&ˆ

-

9 B…

-

ˆ

- Ui¡

-

‚&ƒv ,

_

- 

z2`~qY[~ZiZ §/s1JqK]_KMOqlO?OunVUigl]hg /‘1( glXMmK]hKM[^]

> v ‘v

K ]

> ª ‹glUWaM–©]hKMOPm`baMm[ŒVU°]¨k[^a j ]hKeO

NP`bae`~]h`baeUWmU°]¨kf`~¡ •¤"O&KM[Œ~O

2vˆ =…&

> lv ˆ ,

_

-

‰…&ˆ

-

3

[~a j ]hK£XMg

"!#%$

6 ˆ =…&

> 6%v

%

_

-

R

J)KMUWgUiNPdeZWUWOg"]_KMO>XMaMU°¡<`bq_Nm`~a£Œ~Oql–bOaMmO`^¡ >

]_` YV¤#KMOap-±–b`6Og]h`TQ ªr|ë]q_ONP[~UiaMg]h`”deq_`ŒbO>]hKeO

&UidMg_mKeUi]h²&dMql`bd.Oql]¨k©`~¡0]_KMO¡<XMaem]hUi`ba > ª &O]! 3ƒ/ 1JqKª Ÿ OYglXMdMd`bg_OY]_K•[^]!7S&.ªcJ)KMOq_OYOonVUWgl]_g

% 3'†/@1( g_XMmK*]hK•[t] ƒ/ 0 9

> 3 9 K ]

>

[~a j B/ 0(

>

3)(

K ]

>

uª

D

TVXMded.`bglO>]hK•[^] %M…

_ : ' _

ªrJ)KMOa¶

> =… >

N > ‰…&

> %

-

9

]

Z

(K ] > _

- … >

-

> ' _

-

‰… >

N -= B…

%- ˆ

%

_

-

‰…&ˆ

%

-

9 9

]

Z

(K ] ˆ

_

-

‰…&ˆ

-

… -=M…

' _

- ˆ

' _

-

‰…&ˆ

'

-

9

v -

%

_

-

RB…

9

]

Z

(K ] ˆ

_

-

‰…&M

-

v 05-

%

_

-

RT… 

TVXMded.`bglO>]hK•[^] %M…

_ N '¨e]hKeOa

> =… >

N > ‰…&

> %

-

> ' _

-

‰… >

v -

%

_

-

RT… 

TVXMded.`bglO>]hK•[^] %'N '¨M]hKeOa

> =… >

v -

6

_

-

R ¢… C3

¤#KMUWmK*dMql`ˆŒ~Og#]hKMO &UWdeg_mKMU°]h²dMq_`~d.Oql]¨k`~¡ >eª

$`baMglUj Oqcae`ˆ¤ ]hKMO&[~X6neUiZWUW[~q"Œ^[~ZiXMOw¡<XMaMmu]hUW`~a

>

8"C38 N

h e

>

8"C38 3¦=C3

¤#KMOqlO

>

C"C38 3¦= N )A0 >

e

b

(5¿ª |¨a]hKeOP¡<`bZiZW`¤#UWaM–*ZWONPNP[e¤O¯gl]hX j k ]_KMO?dMql`bdOql]_UWOgY`~¡)]_KMO

¡<XMaMmu]hUW`~a > ª

+ ¹  œ8,

– "l/ 02,3465 A/A1JqK

8 8 $'C%

>

) % *

8™

>

8"C38 YN

h e

>

C"C35 3¦=  8H„eªL9

†’

= ›

½¶½?>–"J)KMO>NP`~aM`~]h`~aMUWmUi]¨k`~¡]hKeO{¡<XMaMmu]hUW`~a"

>

UWa-‰Uig"]hqlUiŒ6U\[^Z«ª =r´£X•[~ZiUi]¨kN8¿„VªLH9 UWg[Sm`baMglO´£XMOaemO&`~¡

&ONPNP[+8¿„eªÓ‘H90ªJ$`{deq_`ŒbO ]hKMO!&UWdMglmKMUi]_² deq_`bdOq€]¨kPt¤O¬³en 3B/ƒ1JqKg_XMmKS]_K•[^]AS .ª$J)KMOqlO"OonVUWgl]_g

[cglXMŽ j UiŒ6UWglUW`ba FNI$iy‚ $5];‚‹g^‚0$¥N/t¤#KeOq_O J /A1( glXMmKY]_K•[^]$2‚w$

…$

]lv / 0_ 3 J 5ǻ

>

C"C38 ‰… >

C"C3 N Z

] >

8"C3$

‰… >

C"C3$

]‡

N Z

]

h e

)A0 >

e

b

(5^…

h e

)A0 >

e

b

(5

N Z

]

h e

)A0 >

e

b

(5 …

h e

)A0 >

e

b 5

v Z

]

h e

)A0 >

e

b

(5 …

h e

)A0 >

e

b 5

v Z

] 0 >

65$

…2$

]6

N 0 > 6 B… 63

¤#KMOqlO¯]hKMOP³•q_g€]”UWaMO´£X•[~ZWU°]¨k®UWg j O j XemO j ¡<ql`bN &ONPNP[ 8H„eª×„:9u]hKMO¯Z\[~g€]YUiaMO´£X•[~ZiUi]¨k®Uig j O j XMmO j ¡<ql`bN

&ONPNP[ 8H„eª×Q:9‹[~a j 0 >

UWg‹]_KMO”m`~aMgl]h[~a…]`~¡!&UidMg_mKeUi]h²Y`~¡ >

ª&J)KMUWgwdeq_`ŒbOg]_KMO5&UWdMglmKMUi]_²SdMql`bd.Oql]¨k

UWa ‰`^¡]hKeO¡<XeaMm]_UW`ba

> ª

J)KMOq_O–~XMZ\[~qlUi]¨k¯`~¡]_KMO>Œ^[~ZWXMOw¡<XeaMm]_UW`ba"?m[~a*Ž.O>g€][^]_O j [~g)¡<`bZWZi`ˆ¤#gJO

¹6½ › ¹ , –C— )K , %  8 'C T/

02,3 4 5VUA1JqKV  

= › ½¶½?>–&Ou]";/ 02,3465« A/A1JqKª TVUiaMmO,

> ;v ˆ ¡<`~q#[~ZWZV-@/@1( e¤"O&K•[ŒbO

2v ?C"C38 ‰… >

C"C38 lv

h e

)M

e

b

=… >

e

b

=

‹g_UiaM–P]_KMOYXeaMUi¡<`bqlN m`ba…ŒbOq_–bOaMmO”`^¡ >

]h`¤[~q

j

g UWaƒ1JqK¤O`bŽe][^UWa©]_K•[^]

>

C"C35 cm`~a£Œ~Oql–bOgw]_`

8"C38 &¤#KMOa¥-m… Q ¡<`~q”[~ZWZ ‹/‹1JqKr¤#KMUimKdeq_`ŒbOg]_KMOXMaMU°¡<`bq_N m`~a£Œ~Oql–bOaMmO©`^¡ >

C"C3*]_`

8"C3i#UiaA1JqK$ªwz•q_`~N &ONPNP[N8H„eªLH9u2¤O j O j XemOS]hKeOYXMaMU°¡<`bq_N m`ba…]hUia6XeUi]¨k*`~¡ UWaªw|ë]wqlONP[~UWaegc]_`

dMq_`ŒbO]hKeO&m`ba…]hUia6XeUi]¨k`~¡ ¯Uia 02,3 4 5.UA1JqK$ª!&Ou]ˆ 3 ;/@1J

K

 2'v "l‚ v 4ª cg_UiaM–”]hKMO j k6a•[~NfUWm

dMq_`b–~qh[~NfNPUiaM–Ydeq_UWaemUWdeZWO 8H„eªi†*9"¤#Ui]hK ›BN…7"{ &ONPNP[A8¿„VªLH9[^a j &ONPNP[ 8¿„eª°†<9 ¤"O&`bŽe][^UWa

6 >

(H3 †… >

C"C38 6 v 6 > H3 … >

8"C3 6 6 >

C"C3 †… >

C"C35 6

N 6 > H3 …

h e ) >

(H38

e

'6 6 >

C"C3 ‰… >

C"C38 6

v 0 >

h eK )76

e

… 6 :0

> 6 B… 6

v 0 >

2

6 x…7"6 0 > 6 B… 66

TVUWaMmO3

>

m`ba…ŒbOq_–bOg‹XeaMUi¡<`bqlNPZ°kP]_` V¤O&m`baemZWX j O>]hK•[^] PUWg)m`ba…]hUWa£XM`~XMg#UWa 02%3465œUƒ1JLKª