board of governors of the federal reserve system international … · 1999-06-22 · board of...
TRANSCRIPT
Board of Governors of the Federal Reserve System
International Finance Discussion Papers
Number 637
June 1999
ON THE DYNAMICS OF TRADE DIVERSION:EVIDENCE FROM FOUR TRADE BLOCS
Caroline L. Freund and John McLaren*
NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulatediscussion and critical comment. References in publications to International Finance Discussion Papers(other than an acknowledgment that the writer has had access to unpublished material) should be clearedwith the author or authors. Recent IFDPs are available on the Web at www.bog.frb.fed.us.
ON THE DYNAMICS OF TRADE DIVERSION:EVIDENCE FROM FOUR TRADE BLOCS
Caroline L. Freund and John McLaren*
Abstract: This paper studies the dynamics of trade reorientation experienced when a country joins a regionaltrade bloc. We find that the joining country’s trade orientation toward bloc countries typically rises along an‘S’-shaped path. We estimate the size, speed, and timing of this adjustment path for a ‘typical’ joining country,for four trade agreements. We find that, in the European Union (EU), the incumbent bloc countries’ share ofthe joining country’s trade typically rose by eighteen percentage points over the course of the adjustment; thatthis took twelve years; and that the adjustment began four years before the date of accession. MERCOSURshows a similar pattern in progress, but NAFTA and EFTA are more idiosyncratic. We argue that the dataprovide strong evidence of anticipatory sunk investments made to prepare for accession.
Keywords: regionalism, sunk costs.
*International Finance Division of the Federal Reserve Board and Columbia University, respectively. Theauthors would like to thank Shaghil Ahmed, Jagdish Bhagwati, Allan Brunner, Steven Cameron, PinelopeGoldberg, Ann Harrison, Jim Harrigan, Andy Levin, Arvind Panagariya, Peter Neary, Dani Rodrik, JohnRogers, Alan Winters, and seminar participants at the Federal Reserve Board, the NBER Summer Institute,University of Virginia, and the World Bank for helpful comments. They of course share no responsibility forany errors or deficiencies. Correspondence: Caroline Freund, International Finance Division, Federal ReserveBoard, Washington D.C. 20551, e-mail: [email protected]; John McLaren, Department of Economics,Columbia University, New York, NY 10027, e-mail: [email protected]. The views presented here aresolely the responsibility of the authors and should not be interpreted as reflecting the views of the Board ofGovernors of the Federal Reserve System or any other person associated with the Federal Reserve System.
�� W?|hL_�U|�L?
A��t T@Tih t|�_�it |�i _)?@4�Ut Lu |h@_i hiLh�i?|@|�L? i Tih�i?Ui_ ��i? @ UL�?|h) �L�?t @ hi}�L?@*
|h@_i M*LU� 5TiU��U@**)c ��i? @ UL�?|h) �L�?t @ hi}�L?@* |h@_i M*LUc |�i t�@hi Lu �|t |h@_i |�@| �t
@UUL�?|i_ uLh M) M*LU UL�?|h�it ?@|�h@**) h�titc ��|� @ T@|� |�@| �t |)T�U@**) U�@h@U|ih�3i_c hL�}�*)c
M) @? �5< t�@Ti� A�i t@4i T@||ih? �t i ��M�|i_ M) |h@_i �?|i?t�|) �?_�Uitc ���U� UL?|hL* uLh }hL�|�
Lu |L|@* M*LU |h@_i hi*@|��i |L �Lh*_ |h@_i� i it|�4@|i |�i t�3ic tTii_c @?_ |�4�?} Lu |�i @_��t|4i?|
uLh @ |)T�U@* �L�?�?} UL�?|h)c uLh uL�h hi}�L?@* |h@_i @}hii4i?|t�
W? Mh�iuc uLh |�i ,�hLTi@? N?�L? E,N�c �i �?_ |�@| |�i �?U�4Mi?| M*LU UL�?|h�it< t�@hi Lu
|�i �L�?�?} UL�?|h)<t |h@_i |)T�U@**) hLti M) i�}�|ii? TihUi?|@}i TL�?|t L�ih |�i UL�hti Lu |�i
@_��t|4i?|( |�@| |��t |LL! |�i*�i )i@ht( @?_ |�@| |�i @_��t|4i?| Mi}@? uL�h )i@ht MiuLhi |�i
_@|i Lu @UUitt�L?� W? |�i U@ti Lu |�i �Lh|� �4ih�U@? 6hii Ah@_i �}hii4i?| E��6A�� @?_ |�i
�L44L? �@h!i| Lu |�i 5L�|� E�,+��5N+�c |�i @_��t|4i?| �t t|�** �? ThL}hittc ��|� �,+��5N+
i ��M�|�?} |�i 4Lt| h@T�_ h�ti �? |h@_i t�@hit� A�i ,�hLTi@? 6hii Ah@_i �}hii4i?| E,6A�� �t
@ tTiU�@* U@tic �? |�@| 4Lt| Lu �|t 4i4Miht *@|ih *iu|( |�i |h@_i t�@hi U�h�i �tc @UULh_�?}*)c ��4T
t�@Ti_c ��|� t�@hit u@**�?} t*L�*) L?Ui |�i M*LU t|@h|i_ _�tM@?_�?}�
A��t i ihU�ti �@t |�hii 4@�? 4L|��@|�L?t� 6�ht|c @t @ t�4T*i 4@||ih Lu TLt�|��i iUL?L4�Utc �| �t
�tiu�* |L Mi @M*i |L @?t�ih |�i ^�it|�L?c ROL� *L?} _Lit �| |@!i uLh @ UL�?|h) |L @_��t| u�**) |L
|�i U�@?}i �? |h@_i TL*�U) �4T*�i_ M) @UUitt�L? |L @ hi}�L?@* |h@_i @}hii4i?|q� W? @?@*)3�?} |�i
igiU|t Lu @ }��i? @}hii4i?| ���U� �@t hiUi?|*) Mii? UL?U*�_i_c �| �t �tiu�* |L !?L� �L� *L?} |�i
T�M*�U 4�t| �@�| MiuLhi |�i R*L?} |ih4� igiU|t U@? Mi t@�_ |L �@�i @hh��i_� �t ?L|i_c it|�4@|it �?
|��t T@Tih t�}}it| |�@| |�i u�** hi@**LU@|�L? uhL4 @ hi}�L?@* |h@_i @}hii4i?| 4@) |@!i @t *L?} @t
|�i*�i )i@ht��
��| |�i t@4i |�4ic �i hi@�h4 |�@| |�i igiU| L? |h@_i �L�t Lu |h@_i @}hii4i?|t Mi|�ii? UL�?|h�it @TT@hi?|*)
5iUL?_c |�i _i4L?t|h@|�L? Lu t�U� @ *L?} @?_ }h@_�@* @_��t|4i?| T@|� �?_ih*�?it |�i �4TLh�
|@?Ui Lu @_��t|4i?| ULt|t �? �?_�t|h�@* hitTL?ti |L |h@_i TL*�U) U�@?}it�2 A��t �@t |�i �4TLh|@?|
�4T*�U@|�L? |�@| L?Ui @? iUL?L4) �L�?t @ |h@_i M*LUc �|t t|h�U|�hi 4@) Mi Tih4@?i?|*) @*|ihi_�
A��t �@t Mii? @h}�i_ M) ,�U�i?}hii? @?_ Wh��? E�bbH�c ��L _i4L?t|h@|i_ @ t|hL?} i4T�h�U@* igiU|
Lu *@}}i_ M�*@|ih@* |h@_i L? U�hhi?| M�*@|ih@* |h@_i @u|ih UL?|hL**�?} uLh UL�?|h)�T@�h U�@h@U|ih�t|�Utc
@?_ �?|ihThi|i_ |��t @t |�i hit�*| Lu t�?!c T@h|?ih�tTiU��U �?�it|4i?|t� OL�i�ihc |��t �?|ihThi|@|�L?
�@t tL4i��@| 4�__�i_c @t L??@UL|| E�bbH� TL�?|t L�|c M) |�i TLtt�M�*�|) |�@| |�i *@}}i_ |h@_i
�@h�@M*i t�4T*) ThL �it uLh �?4i@t�hi_c Tiht�t|i?| UL4T@h@|��i @_�@?|@}i �@h�@M*it� A�i }h@_�
�@* @_��t|4i?| T@|� �i _LU�4i?| �t �?UL?t�t|i?| ��|� |��t ��i�c @?_ |��t uLhUiu�**) t|hi?}|�i?t
,�U�i?}hii? @?_ Wh��?<t E�bbH� �?|ihThi|@|�L?��
A��h_c |�i hit�*|t ThL��_i i��_i?Ui Lu t�?! �?�it|4i?|t 4@_i �? @?|�U�T@|�L? Lu @UUitt�L?t� �
UL?t�_ih@M*i ML_) Lu hiUi?| |�iLh) t�}}it|t |�@| |�i ?Lh4@|��i @?@*)t�t Lu |h@_i TL*�U) _iU�t�L?t
�t }hi@|*) @giU|i_ M) |�i TLtt�M�*�|) |�@| tL4i Lu |�i hi@**LU@|�L?t |�i) U@�ti 4@) |@!i |�i uLh4
Lu @?|�U�T@|Lh) �?�it|4i?|� 6Lh i @4T*ic 5|@�}ih @?_ A@Mi**�?� E�bHb� t�L� |�@| Th��@|i�tiU|Lh
@?|�U�T@|Lh) �?�it|4i?|t U@? 4@}?�u) |�i �?i�U�i?U�it Lu _�t|Lh|�L?@h) |h@_i TL*�U)� �@}}� @?_
+L_h�}�i3��*@hi E�bbH� t�L� |�@| t�U� �?i�U�i?U�it U@? Mi @? �4TLh|@?| 4L|��@|�L? uLh |h@_i
@}hii4i?|t �? |�i U@ti Lu @ }L�ih?4i?| t�tUiT|�M*i |L �?|ihit|�}hL�T �?��i?Ui� �Uw@hi? E�bb.�
t�L�t |�@| |�i M@h}@�?�?}�TL�ih igiU|t Lu @?|�U�T@|Lh) �?�it|4i?| U@? hLM t4@**�UL�?|h) T@h|?iht
@*hi@_) U*Lti |L uhii |h@_i U@? Mi ^��|i *@h}i� W? tL4i Lu |�i i @4T*it Et�U� @t �Lh|�}@*<t @UUitt�L? |L |�i ,��c |h@_i
Mi|�ii? |�i UL�?|h) @?_ |�i M*LU! �@t @*hi@_) |@h�g� uhiic M�| t�M�iU| |L 4L_it| ?L?�|@h�g M@hh�iht� �L?i|�i*ittc
�L�?�?} |�i ,� U@�ti_ @ *@h}i hiLh�i?|@|�L? Lu �Lh|�}�iti |h@_i |L�@h_ ,� UL�?|h�it�25ii ��tt@ E�b.H� uLh |�i U@?L?�U@* |�iLh) |hi@|4i?|c @?_ #i�i��@ E�bbD� @?_ wi�) @?_ �@? `��?Mih}i? E�bbe�
uLh tL4i �4T*�U@|�L?t uLh |h@_i TL*�U) _it�}?��W| �@t @*tL Mii? t�Lhi_ �T M) +LMih|t @?_ A)ML�|<t E�bb.� �4TLh|@?| �h4�*i�i* t|�_)c ���U� _LU�4i?|t �)t|ihit�t
igiU|t Lu i TLh|�?} �? �L*�4M�@? _@|@�
2
Lu 4�U� ELh i�i? @**� Lu |�i t�hT*�t uhL4 |h@_i @}hii4i?|t� 6hi�?_ E�bbH� t�L�t |�@| t|h@|i}�U
L*�}LTL*�t|�U �?�it|4i?|t �? @?|�U�T@|�L? Lu @ Thiuihi?|�@* |h@_i @}hii4i?| U@? �4ThL�i |�i �i*u@hi
igiU| Lu |�i @}hii4i?|�
#itT�|i |�i �4TLh|@?Ui Lu @?|�U�T@|Lh) �?�it|4i?|t �? |�iLh)c i��_i?Ui |�@| |�i) @hi �4TLh|@?|
�? Th@U|�Ui �@t Mii? �? t�Lh| t�TT*)�e ,t|�4@|it �? |��t T@Tih t�}}it| |�@| �? |�i U@ti Lu |�i ,Nc
|�i hi@**LU@|�L? Lu hitL�hUit ��|��? @ �L�?�?} UL�?|h) �@�i |)T�U@**) Mi}�? uL�h )i@ht MiuLhi |�i
@UUitt�L? _@|ic ��|� L?i�|��h_ Lu |�i hi@**LU@|�L? LUU�hh�?} MiuLhi |�@| _@|i� W| ��** Mi @h}�i_ |�@|
|�i 4Lt| T*@�t�M*i �?|ihThi|@|�L? Lu |��t �t |�@| �| �t @| *i@t| *@h}i*) _�i |L @?|�U�T@|Lh) �?�it|4i?|t�
W| t�L�*_ Mi �?_ih*�?i_ |�@| �i @hi Uih|@�?*) 4@!�?} ?L U*@�4 |L Mi it|�4@|�?} @ t|h�U|�h@*
hi*@|�L?t��Tc @?_ |�i it|�4@|i_ T@h@4i|iht �@�i ?L _�hiU| �?|ihThi|@|�L? �? |ih4t Lu |@t|itc |iU��
?L*L})c Lh �i*u@hi� A�i i ihU�ti �t t�4T*) @? @||i4T| |L t�44@h�3i ti�ih@* �4TLh|@?| iT�tL_it
�? TLt|�@h |h@_i ��t|Lh)c �t�?} @ UL?�i?�i?| T@h@4i|h�3@|�L?� �L?i|�i*ittc t�?Ui |�iLh) 4L_i*t
�@�i �4T*�U@|�L?t uLh |�i �@) ��t|Lh) ��** �?uL*_ ^�@*�|@|��i*)c �i U@? 4@!i tL4i �?uihi?Uit hi*@|i_
|L |�i |�iLh) uhL4 i�i? t�U� @ t�4T*i _itUh�T|��i i ihU�ti� A�i �?uihi?Uit |�@| �i t�}}it| @hi
|�@| @_��t|4i?| ULt|t @?_ @?|�U�T@|Lh) �?�it|4i?| ML|� @hi ��}�*) �4TLh|@?| i4T�h�U@**)c @?_ ?L|
4ihi*) |�iLhi|�U@* TLtt�M�*�|�it�
5iU|�L? 2 hi��i�t |�i ��t|Lh) Lu |�i |h@_i M*LUt �? ^�it|�L?� A�i T@||ih?t Lu @_��t|4i?| �? |�i
_@|@ @hi _i4L?t|h@|i_ ^�@*�|@|��i*) �? 5iU|�L? �� 5iU|�L? e ^�@?|��it |�iti T@||ih?t� 5iU|�L? D
_�tU�ttit @*|ih?@|��i �?|ihThi|@|�L?t Lu |�i �?_�?} |�@| @_��t|4i?| Mi}�?t MiuLhi @UUitt�L?c ?@4i*)c
|�i TLtt�M�*�|) |�@| @? i L}i?L�t hiLh�i?|@|�L? Lu |h@_i 4@) �@�i *i_ |L @UUitt�L? E|�i �hi�ihti
U@�t@|�L?< �?|ihThi|@|�L?�c Lh |�@| @UUitt�L? �@t ThiUi_i_ M) @ tih�it Lu 4�?Lh @}hii4i?|t E|�i
�t|iTT�?} t|L?i< �?|ihThi|@|�L?�� 5iU|�L? S Lgiht UL?U*�_�?} UL44i?|t�
e`�?|iht E�bHe� �t @? i UiT|�L?( �i ?L|it |�@| R@ �ih) t|hL?} U@ti U@? Mi 4@_i uLh @U!?L�*i_}�?} @?|�U�T@|�L?t
d��i? �h�|@�? �L�?i_ |�i ,�o @?_ �?U*�_�?} �b.2 @t |�i �?|i}h@|�L? )i@h� ET� �fH��
�
2� O�t|Lh)
� |��4M?@�* ?@hh@|��i Lu |�i |h@_i M*LUt �? ^�it|�L? ��** Mi �tiu�* |L !iiT |h@U! Lu |�i t�Mti^�i?|
_�tU�tt�L?� i @||i4T| �ihi |L Thiti?| L?*) |�i _i|@�*t Uh�U�@* uLh L�h T�hTLtitc @?_ TL�?| L�|
@TThLTh�@|i tL�hUit Lu 4Lhi _i|@�*i_ @UUL�?|t uLh |�i �?|ihit|i_ hi@_ih�
2��� A�i ,�hLTi@? N?�L?
A�i �bD. Ahi@|) Lu +L4i it|@M*�t�i_ |�i ,�hLTi@? ,UL?L4�U �L44�?�|) E,,��c ���U� Mi�
U@4i igiU|��i @t Lu �bDH @?_ UL4Th�ti_ �i*}��4c w� i4ML�h}c 6h@?Uic Bih4@?)c W|@*)c @?_ |�i
�i|�ih*@?_t�D W| ThL��_i_ uLh MhL@_ *�Mih@*�3@|�L? Lu |h@_i Mi|�ii? 4i4Mihtc �?U*�_�?} @ }h@_�@*
M�| UL4T*i|i i*�4�?@|�L? Lu �?|ih?@* |@h�gt UL4T*i|i_ M) �bSHc @?_ @ �?��i_ i |ih?@* |@h�g TL*�U)�
OL�i�ihc |�i ,,� �@_ Mii? ThiUi_i_ M) |�L ThL4�?i?| 4L�i4i?|t |L�@h_ �?|i}h@|�L?G |�i ,��
hLTi@? �L@* @?_ 5|ii* �L44�?�|) E,�5��c uLh4i_ �? �bD� Mi|�ii? |�i t� |�@| *@|ih uLh4i_ |�i
,,�( @?_ |�i �i?i*� N?�L?c |�i �ht| U�t|L4t �?�L? �? ,�hLTic uLh4i_ �? �beH Mi|�ii? �i*}��4c
w� i4ML�h}c @?_ |�i �i|�ih*@?_t�
A�i �L44�?�|) �@t i T@?_i_ �? |�hii �@�it�S A�i 6�ht| , T@?t�L? E�b.�� @__i_ |�i N?�|i_
k�?}_L4 ENk�c #i?4@h!c @?_ Whi*@?_( |�i 5iUL?_ @__i_ BhiiUi E�bH��c 5T@�? E�bHS� @?_ �Lh|�}@*
E�bHS�c @?_ |�i A��h_ E�bbD� @__i_ 5�i_i?c 6�?*@?_ @?_ ��t|h�@� A�i �ht| �@�i UL�?|h�it @?_
BhiiUi �ihi }��i? @ ��i�)i@h Tih�L_ |L hi_�Ui |�i�h |h@_i M@hh�ihtc @?_ |�i tiUL?_ �@�i UL�?|h�it
�ihi }��i? ti�i? )i@ht |L _�t4@?|*i |�i�h |h@_i M@hh�iht� A�i 5�?}*i ,�hLTi �U| Lu �bHS ti| L�|
@ ThL}h@4 uLh _iiTih �?|i}h@|�L? ��|��? |�i �L44�?�|) |�hL�}� hi4L�@* Lu ?L?�|@h�g M@hh�ihtc
uhii 4L�i4i?| Lu TihtL?t @?_ u@U|Lht Lu ThL_�U|�L?c @?_ �@h4L?�3@|�L? Lu t|@?_@h_t @?_ L|�ih
D5ii 5�@?? E�bbf� uLh @ |�LhL�}� ��t|Lh�U@* @UUL�?| Lu |�i uLh4@|�L? Lu |�i ,N�S5ii �hit|L? E�bb.� uLh @ _i|@�*i_ @UUL�?|�
e
4i@t�hitc M) |�i i?_ Lu �bb2�. W| �t @u|ih |��t i�i?| |�@| |�i |ih4 �,�hLTi@? N?�L?< E,N� MiU@4i
UL44L?*) �ti_ |L hiuih |L |�i �L44�?�|)� i ��** }i?ih@**) �ti |�i |ih4 ,N �? |��t T@Tihc i UiT|
��i? hiuihh�?} |L i@h*�ih ��t|Lh�U@* Tih�L_t�
2�2� ,6A�
5�Lh|*) @u|ih �|t uLh4@|�L?c |�i ,,� i?|ihi_ �?|L |@*!t ��|� @ }hL�T Lu UL�?|h�it �?|ihit|i_ �?
�?|i}h@|�L?c M�| hi*�U|@?| |L @}hii |L |�i t@Uh��Ui Lu �?_iTi?_i?Ui hi^��hi_ M) @ U�t|L4t �?�L?� A�i
UL�?|h�it �?�L*�i_ �ihi |�i Nkc �Lh�@)c 5�i_i?c #i?4@h!c ��t|h�@c �Lh|�}@*c @?_ 5��|3ih*@?_�
W? �bDbc @u|ih u@�*�?} |L �?_ @}hii4i?| ��|� |�i ,,�c |�i) Mi}@? |@*!t L? @? �?|i}h@|�L? tU�i4i Lu
|�i�h L�?c @?_ �? �bSf t�}?i_ |�i @}hii4i?| |�@| it|@M*�t�i_ |�i ,�hLTi@? 6hii Ah@_i �ttLU�@|�L?
E,6A�� E�hit|L?c �bb.c TT� 2D�.�� A@h�g hi_�U|�L? �@t UL4T*i|i_ @| |�i i?_ Lu �bSS� A�i
@}hii4i?| 4@_i ?L @||i4T| |L �?�u) i |ih?@* |@h�gtc @?_ uLh |�i 4Lt| T@h| L4�||i_ @}h�U�*|�hi�
6�?*@?_ t�}?i_ @? @ttLU�@|�L? @}hii4i?| ��|� ,6A� �? �bS� @?_ MiU@4i @ u�** 4i4Mih �? �bHS�
WUi*@?_ �L�?i_ �? �b.f @?_ w�iU�|i?t|i�? �? �bb��H
W? �b.2 @ uhii |h@_i @}hii4i?| �@t t�}?i_ Mi|�ii? ,6A� @?_ |�i ,�c ���U� L�ih ��i )i@ht
hi4L�i_ |@h�gt L? �?_�t|h�@* }LL_t Mi|�ii? |�i |�L M*LUtc M�| _�_ ?L| |L�U� |�i 4@?) t�Mt|@?|�@*
?L?�|@h�g M@hh�iht |�@| hi4@�?i_�
A�i Nkc #i?4@h!c @?_ �Lh|�}@* ��|�_hi� uhL4 ,6A� ��i? |�i) t�}?i_ @}hii4i?|t |L �L�?
|�i ,�� W? �bbDc 5�i_i?c 6�?*@?_c @?_ ��t|h�@ ��|�_hi� uhL4 ,6A� |L �L�? |�i ,N� A�i U�hhi?|
4i4Miht��T Lu ,6A� �t WUi*@?_c w�iU�|i?t|i�?c �Lh�@)c @?_ 5��|3ih*@?_�
.5ii AtL�!@*�t E�bb�c U�����H,�hLTi@? 6hii Ah@_i �ttLU�@|�L? E�bS���bSH��
D
2��� �,+��5N+
�i|�ii? �bHe @?_ �bHbc �h}i?|�?@ @?_ �h@3�* t�}?i_ 2e M�*@|ih@* @}hii4i?|t @?_ �? �bbf _iU�_i_
|L uLh4 @ M�*@|ih@* UL44L? 4@h!i| @| |�i i?_ Lu |�i )i@h� W? 4�_��bbfc �@h@}�@) @?_ Nh�}�@)
i Thitti_ |�i�h _it�hi |L �?|i}h@|i ��|� �h}i?|�?@ @?_ �h@3�* MiU@�ti Lu |�i�h *@h}i �L*�4i Lu
|h@_i ��|� |�i |�L� A�i hit�*| Lu |�iti _�tU�tt�L?t �@t |�i |hi@|) Lu �t�?U�L?c ���U� Uhi@|i_
�,+��5N+� A�i @}hii4i?| �@t t�}?i_ �? �@hU� �bb� M�| _�_ ?L| UL4i �?|L igiU| �?|�* �L�i4Mihc
��i? |�i @}hii4i?| Lu ,UL?L4�U �LLTih@|�L? �@t t�}?i_�b
�iuLhi �bbDc |�i �,+��5N+ @hi@ �@t @ uhii |h@_i 3L?i� A�i @}hii4i?| MiU@4i @ U�t|L4t
�?�L? L? a@?�@h) �c �bbD � �?|h@�M*LU |@h�gt �ihi i*�4�?@|i_ @?_ @ UL44L? i |ih?@* |@h�g �@t
�?t|�|�|i_ E|�ihi @hic �L�i�ihc @ ?�4Mih Lu i UiT|�L?t |L |�i UL44L? i |ih?@* |@h�g�� A��t U�t|L4t
�?�L? �t tU�i_�*i_ |L UL4i �?|L u�** igiU| L? a@?�@h) �c 2ffS�
2�e� ��6A�
A@*!t |L it|@M*�t� @ uhii |h@_i @}hii4i?| Mi|�ii? �@?@_@ @?_ |�i N?�|i_ 5|@|it Mi}@? �? �bHS�
�@?@_@ @?_ |�i N?�|i_ 5|@|it t�}?i_ @? @}hii4i?| �? �bHHc ���U� uLh4i_ @ uhii |h@_i @hi@ �?
�bHb� A�i @�|L @}hii4i?| E�bSD�c ���U� it|@M*�t�i_ @? �?|i}h@|i_ 4@h!i| �? @�|Lt @?_ @�|L T@h|t
Mi|�ii? |�i |�L UL�?|h�itc ThiUi_i_ |�i �@?@_@�N�5� uhii |h@_i @}hii4i?| M) ?i@h*) 2D )i@ht�
��6A� ?i}L|�@|�L?t �ihi UL?U*�_i_ �? �bb2 @?_ �i �UL @UUi_i_ |L |�i �?�L? �? �bbe� 5i�ih@*
t4@**ih @}hii4i?|t Mi|�ii? |�i N�5� @?_ �i �UL E�bHDc �bH.c �bHb� ThiUi_i_ |�i�h �?�L?� W?
@__�|�L?c |�i �@^��*@_Lh@ ThL}h@4 E�bSD� *i_ |L �?Uhi@ti_ �?|i}h@|�L? Mi|�ii? |�i |�L iUL?L4�it��f
b5ii �L}�it @?_ "��?|@?�**@ E�bb�� uLh @ u�**ih @UUL�?|��f5ii O�uM@�ih @?_ 5U�L|| E�bb�� uLh 4Lhi _i|@�*t�
S
�� Ah@_i t�@hit �? |�i ,Nc ,6A�c �,+��5N+c @?_ ��6A�
AL t|�_) |�i igiU|t Lu |�iti @}hii4i?|tc �| �t �tiu�* |L �@�i @ 4i@t�hi Lu UL�?|h) �<t |h@_i Lh�i?|@|�L?
|L�@h_ @ T@h|�U�*@h M*LU� A�i 4Lt| LM��L�t t�U� 4i@t�hi �t |�i t�@hi Lu �|t |h@_i @UUL�?|i_ uLh M)
4i4Mih UL�?|h�it �� A��t �t _i?L|i_ |or�c� c @?_ _i�?i_ M)G
|or�c� '|o@_er�c�
|o@_er�c�Jo,_
��ihi |o@_er�c� _i?L|it �<t �4TLh|t uhL4 � T*�t �<r i TLh|t |L � @| |�4i r( |or�c�Jo,_ �t |L|@* |h@_i
Mi|�ii? � @?_ |�i �Lh*_ @| |�4i r( @?_ |�4i r �t UL�?|i_ hi*@|��i |L |�i @UUitt�L? _@|i� Ah@_i
t�@hit @hi UL?t|h�U|i_ uhL4 |�i u�L�M� M�*@|ih@* |h@_i _@|@ hiULh_i_ �? |�i W�6 #�hiU|�L? Lu Ah@_i
5|@|�t|�Ut� Ah@_i t�@hit �? ,�hLTi�� h@?}i_ uhL4 �?_ih �fI |L DfI MiuLhi @UUitt�L?c @?_ uhL4 2DI
|L ?i@h*) .fI @u|ih @UUitt�L?� Ah@_i t�@hit �? �,+��5N+ h@?}i_ uhL4 DI |L @ML�| eDI @?_
?L� h@?}i uhL4 �DI |L eDI� ,6A� |h@_i t�@hit h@?}i uhL4 �fI |L DfI |�hL�}�L�| |�i hi*i�@?|
)i@ht� 6�?@**)c ��6A� |h@_i t�@hit h@?}i uhL4 2fI |L 4Lhi |�@? HfI�
AL �i*T ��t�@*�3i t�4�*@h�|�it @4L?} |�i �?�L?tc |�i |LT T@?i*t �? 6�}�hit ��e t�L� |�i 4i_�@?
�?|h@�M*LU |h@_i t�@hi uLh UL�?|h�it �? |�i ,Nc ,6A�c �,+��5N+c @?_ ��6A� M) _@|i hi*@|��i
|L _@|i Lu @UUitt�L?��2 A�i) |i**t �t �L� |h@_i t�@hit *LL! uLh @ |)T�U@* 4i4Mih Lu |�i �?�L?� 6Lh
i @4T*ic 6�}�hi � t�L�t |�@| �u|ii? )i@ht @u|ih @UUitt�L?c |�i 4i_�@? t�@hi Lu |L|@* |h@_i ��|�
|�i ,N UL�?|h�it @4L?} |�i ULhi 4i4Miht �@t L? @�ih@}i eD TihUi?|c @ML�| 2f TihUi?|@}i TL�?|t
@ML�i |�i @UUitt�L? _@|i |h@_i t�@hi�
A�i Ui?|h@* @h}�4i?| Lu |�i T@Tih �t i��_i?| uhL4 |�iti �}�hit� �? �5<�t�@Ti ��|� @? �?�|�@*
t|i@_) t|@|i �?|h@�M*LU |h@_i t�@hi Mi*L� |�i @UUitt�L? _@|i |h@_i t�@hic uL**L�i_ M) @? �?Uhi@ti �?
��6Lh |�i T�hTLtit Lu UL4T�|�?} |h@_i t�@hitc uLh |�i Lh�}�?@* 4i4Miht Lu @ �?�L?c �i _i�?i |�i �?�L?c �c @t |�i
L|�ih uL�?_iht( uLh t�Mti^�i?| �L�?ihtc �i _i�?i |�i �?�L? @t |�i �?U�4Mi?| 4i4Miht @| |�i |�4i �| �L�?t��2��6A� �t ?L| �?U*�_i_ MiU@�ti |�ihi @hi L?*) |�hii 4i4Miht @?_ |�i �?�L? �@t uLh4i_ �? |�L T�@tit�
.
|h@_i t�@hi @?_ i�i?|�@**) �@||i?�?} L�| @| @ ?i� ��}�ih *i�i*c �t @ _�t|�?U| T@||ih? �? |�i ,�hLTi@?
N?�L?� aL�?�?} @ �?�L? U*i@h*) @giU|t |h@_i T@||ih?t- �,+��5N+ @?_ ��6A� ?L� @TTi@h |L Mi
@| |�i Mi}�??�?} Lu |�i �5<c ��|� |�i t�@hi Lu �?|h@�hi}�L?@* |h@_i i T@?_�?}� A�i T@||ih? uLh ,6A�
�t _�gihi?| uhL4 |�i L|�iht MiU@�ti Lu |�i U�hU�4t|@?Uit Lu ��t|Lh)� A�i @�ih@}i �?|h@�hi}�L?@*
|h@_i t�@hi _iUhi@ti_ MiuLhi |�i �?�L? �@t uLh4i_ @?_ |�i? |h@_i t�@hit i T@?_i_ �?|�* ti�ih@*
4i4Miht ��|�_hi�c @| ���U� TL�?| |h@_i t�@hit hi�ihti_�
�i |c �i U@*U�*@|i |h@_i �?|i?t�|) �?_�Uit uLh i@U� UL�?|h)��� Ah@_i �?|i?t�|) �?_�Uit @hi |L
tL4i i |i?| Mi||ih 4i@t�hit Lu |h@_i hiLh�i?|@|�L? MiU@�ti |�i) UL?|hL* uLh |�i L�ih@** }hL�|� �?
4i4Miht< |h@_i hi*@|��i |L �Lh*_ |h@_i��e A�i |h@_i �?|i?t�|) �?_i uLh UL�?|h) � ��|� @ }hL�T Lu
UL�?|h�it � �t _i�?i_ @tG
Ur�� '|or��
|o@_er�3|o@_er
�c�
|o@_er�Jo,_
c
��ihi |�i ?�4ih@|Lh �t |�i |h@_i t�@hi _i�?i_ @ML�ic @?_ |�i _i?L4�?@|Lh �t |�i t�4 Lu |�i
L|�ih �?�L? 4i4Miht< |h@_i ��|� |�i hit| Lu |�i �Lh*_ hi*@|��i |L �Lh*_ |h@_i� A�i |h@_i �?|i?t�|)
�?_i _itUh�Mit �L� 4�U� L?i UL�?|h) |h@_it ��|� |�i L|�ih 4i4Miht Lu |�i �?�L? hi*@|��i |L �L�
4�U� |�i L|�ih 4i4Miht |h@_i ��|� |�i hit| Lu |�i �Lh*_� � |h@_i �?|i?t�|) �?_i Lu �?�|) �4T*�it
|�@| �<t t�@hi Lu |h@_i ��|� |�i L|�ih �?�L? 4i4Miht �t �_i?|�U@* |L |�i �?�L? 4i4Miht< t�@hi Lu
|h@_i ��|� |�i hit| Lu |�i �Lh*_� `�|� UL?t|@?| �?UL4i i*@t|�U�|) Lu |h@_i @UhLtt UL�?|h�itc @ |h@_i
�?|i?t�|) �?_i ��** ?L| �?Uhi@ti @t @ hit�*| Lu hi}�L?@* �?UL4i }hL�|�� A�@| �tc �u |�i 4i4Miht
i T@?_ |h@_i ��|� i@U� L|�ih @t @ hit�*| Lu hi*@|��i*) ��}� �?UL4i }hL�|�c |��t ��** ?L| @*|ih |�i
�?|i?t�|) �?_i MiU@�ti |�i 4i4Miht< t�@hi Lu �<t |h@_i �?Uhi@tit �? i @U|*) |�i t@4i ThLTLh|�L?
@t |�i L|�ih 4i4Miht< t�@hi Lu �Lh*_ |h@_i� A�i *L�ih T@?i*t �? 6�}�hit ��e t�L� 4i_�@? |h@_i
��5ii �?_ihtL? @?_ �Lh�i�4 E�bb�� uLh @ _i|@�*i_ _itUh�T|�L? Lu |h@_i �?|i?t�|) �?_�Uit��eW? @__�|�L?c |h@_i �?|i?t�|) �?_�Uit igiU|��i*) UL?|hL* uLh |�i ?�4Mih Lu 4i4Miht �? |�i �?�L? |�@| |�i UL�?|h)
�t �L�?�?} M) UL?|hL**�?} uLh |�i t�3i Lu |�i M*LU!�
H
�?|i?t�|) �?_�Uit uLh |�i ,Nc ,6A�c �,+��5N+c @?_ ��6A�� �t tii? uhL4 |�iti �}�hitc �? |�i
|h@_i M*LUt �? ^�it|�L?c |�i 4L�i4i?|t Lu |h@_i �?|i?t�|) �?_�Uit L�ih |�4i @hi t�4�*@h |L |�Lti Lu
|h@_i t�@hitc t�}}it|�?} |�i |h@_i }hL�|� �t ?L| @ hit�*| Lu �?UL4i }hL�|��
A�L TL�?|t i4ih}i uhL4 |�iti �}�hit� 6�ht|c |�ihi �t @? @M�?_@?Ui Lu Thi@UUitt�L? @_��t|4i?|�
5iUL?_c |�i @_��t|4i?| @u|ih @UUitt�L? �? i@U� U@ti |i?_t |L Mi UL?|�?�L�t @?_ _iUi*ih@|�?}� �L|�
LMtih�@|�L?t t�}}it| @? �4TLh|@?| hL*i uLh t�?! @_��t|4i?| ULt|t� A��t ��** Mi _�tU�tti_ 4Lhi u�**)
Mi*L��
���� � ?L|i L? |��t @TThL@U�
�iuLhi ThLUii_�?} |L @ t|@|�t|�U@* @?@*)t�tc �| 4@) Mi �Lh|� @__hitt�?} TLtt�M*i UL?Uih?t @ML�|
|�i �tiu�*?itt Lu |h@_i t�@hi @?_ �?|i?t�|) 4i@t�hit uLh |�i T�hTLti @| �@?_� 6�ht|c @ ?@|�h@*
^�it|�L? �L�*_ Mic t�?Ui |�i t|Lh) �i �@�i �? 4�?_ �t L?i Lu �?�it|4i?|c ��) ?L| *LL! _�hiU|*)
@| �?�it|4i?| _@|@ �? Lh_ih |L |it| �|q A�i @?t�ih �tc �ht| Lu @**c |�@| |�i ^�it|�L? �t ?L| tL
4�U� |�i ^�@?|�|) Lu �?�it|4i?| LUU�hh�?} M�| h@|�ih |�i !�?_ Lu �?�it|4i?|� W? @ UL�?|h) |�@|
�t i TiU|i_ |L �L�? @ |h@_i M*LU tLL?c @?|�U�T@|Lh) �?�it|4i?| UL�*_ t�4T*) |@!i |�i uLh4 Lu @
_��iht�L? Lu i �t|�?} U@T@U�|) i T@?t�L? T*@?t @�@) uhL4 ThL�iU|t }i@hi_ @| |�i _L4it|�U 4@h!i|
Lh @ |��h_�UL�?|h) i TLh| 4@h!i|c @?_ |L�@h_ |�i M*LU 4@h!i|� A�@| �L�*_ M) ?L 4i@?t �4T*)
@?) 4L�i4i?| �? @}}hi}@|i � i_ U@T�|@* uLh4@|�L?c Lh i�i? �? uLhi�}? _�hiU| �?�it|4i?|� OL�i�ihc
�| �L�*_ Mi *�!i*) |L t�L� �T �? @ hiLh�i?|@|�L? Lu |h@_i �L�t� W? @__�|�L?c 4@?) Lu |�i uLh4t Lu
�?�it|4i?| �? ^�it|�L? �L�*_ ?i�ih i?|ih �?|L ?@|�L?@* @UUL�?|t _@|@ @t �?�it|4i?|� �? i @4T*i
�t hiti@hU� L? UL?t�4ih |@t|it @?_ hi}�*@|�L? �? |�i ?i� 4@h!i|� A�i i Ti?tit �?�L*�i_ UL�*_ Mi
UL?t�_ih@M*ic T@h|�U�*@h*) uLh @ t4@** M�t�?ittc M�| �L�*_ |@!i |�i uLh4 Lu |h@�i*c UL?t�*|@?| @?_
*i}@* uiitc _��iht�L? Lu 4@?@}ih�@* igLh|c @?_ |�i *�!ic ���U� �L�*_ Mi �?*�!i*) |L Mi �?U*�_i_ @t
�?�it|4i?| �? }L�ih?4i?| t|@|�t|�Ut Etii 5iU|�L? D uLh @ ?�4Mih Lu i @4T*it @?_ @?iU_L|@* t�TTLh|
b
uLh L�h �?|ihThi|@|�L?�� A��tc @ uLU�t L? |h@_i Lh�i?|@|�L? �t @U|�@**) *�!i*) |L Lgih @ 4�U� Mi||ih
4i@t�hi Lu |�i !�?_ Lu igiU|t �i tii! |�@? �?�it|4i?| _@|@ Tih ti�
5iUL?_c L?i 4@) �L?_ih @ML�| |�i TLtt�M�*�|) Lu 4i@t�h�?} |h@_i hiLh�i?|@|�L? M) it|�4@|�?}
@ }h@��|) i^�@|�L?c i�|�ih t|�_)�?} �|t hit�_�@*t Lh �t�?} _�44) �@h�@M*it uLh M*LU uLh4@|�L?� A��t
|)Ti Lu @TThL@U� �@t Mii? �ti_ M) @ *@h}i ?�4Mih Lu @�|�Lht |L �_i?|�u) @M?Lh4@**) ��}� Lh *L�
M�*@|ih@* |h@_i �L�t E,�U�i?}hii? @?_ Wh��? E�bbH� @hi L?i i @4T*i L�| Lu @ *@h}i ?�4Mih�� i
@h}�i |�@| �t�?} |h@_i �?|i?t�|) �?_i it �t @ �@) Lu @U��i��?} @ t�4�*@h }L@* �? @ 4Lhi T@ht�4L?�L�t
�@)� �L|i |�@| �i @hi �?|ihit|i_ �ihi �? |�i _)?@4�Ut Lu |h@_i hiLh�i?|@|�L?c h@|�ih |�@? UhLtt
tiU|�L?@* �@h�@|�L?� 5�?Ui @ }h@��|) hi}hitt�L? �t Mit| @| UL?|hL**�?} uLh UhLtt tiU|�L?@* �@h�@|�L?
E_iTi?_�?} @t �| _Lit L? t*L��4L��?} �@h�@M*it t�U� @t B#�c @?_ |�i _�t|@?Ui Mi|�ii? T@h|?ihtc
���U� �t Lu UL�hti UL?t|@?| L�ih |�4i�c �|t �tiu�*?itt �L�*_ Mi *�4�|i_ �? |��t UL?|i |�
6�?@**)c L?i 4@) @t! ��i|�ih |�i 4L�i4i?|t �? |h@_i t�@hit @?_ �?|i?t�|�it �?_�U@|i_ �? |��t
tiU|�L? @hi hi@**) |�i hit�*| Lu M*LU uLh4@|�L?� Wt �| TLtt�M*i |�@|c uLh i @4T*ic |h@_i �@t t�4T*)
MiUL4�?} 4Lhi hi}�L?@**) uLU�tti_ i�ih)��ihic tL |�@| |�i �T�@h_ 4L�i4i?|t �? |h@_i t�@hit �?
L�h U@ti t|�_�it Lu M*LU! uLh4@|�L? �@_ ?L|��?} |L _L ��|� |�i M*LUt |�i4ti*�itq , @4�?�?} |h@_i
t�@hit @?_ �?|i?t�|) �?_�Uit @4L?} L|�ih UL�?|h�itc �i �?_ |�@| |�i @?t�ih @TTi@ht |L Mi ��L<(
M*LU uLh4@|�L? @TTi@ht |L Mi |�i 4@�? hi@tL? uLh |�i h�ti �? |h@_i t�@hit� 6�ht|c �? |�i |LT T@?i*
�? 6�}�hi Dc �i _LU�4i?| |�i 4i_�@? ,N |h@_i �?|i?t�|) �?_i L�ih uL�h ,�hLTi@? UL�?|h�it |�@|
�ihi ?L| 4i4Miht Lu |�i ,N� i �?_ |�@| |h@_i t�@hit E?L| t�L�?� @?_ |h@_i �?|i?t�|) �?_�Uit
�ihi itti?|�@**) �@|� A��t t�}}it|t |�@| |�i hi}�L?@*�3@|�L? Lu |h@_i |�@| �i _LU�4i?| �@t ?L| @
}i?ih@* ,�hLTi@? i Tih�i?Ui� 5iUL?_c �i U@*U�*@|i �?|h@�hi}�L?@* |h@_i t�@hit @?_ |h@_i �?|i?t�|)
�?_�Uit uLh ti�ih@* �t�@? UL�?|h�itc ���U� @hi ?L| T@h| Lu @ uLh4@* �?�L? E|�i 4i_�@? |h@_i �?|i?t�|)
�?_i �t t�L�? �? |�i *L�ih T@?i* �? 6�}�hi D�� �}@�?c |�ihi �t ?L _�tUih?�M*i �T�@h_ 4L�i4i?|
�f
�? |h@_i t�@hit Lh �?|i?t�|) �?_�Uitc t�}}it|�?} |�@| |�i T@||ih? Lu h�t�?} |h@_i t�@hit @?_ �?|i?t�|)
�?_�Uit |�@| �i �tL*@|i �t �?�^�i |L |�i |h@_i M*LUt�
O@��?} @h}�i_ |�@| |h@_i t�@hit @?_ �?|i?t�|�it @hi @ �tiu�* �@) Lu 4i@t�h�?} |�i igiU|t �?
^�it|�L?c �i ?i | 4L�i |L @ 4Lhi t)t|i4@|�U @?@*)t�t Lu |�i _@|@�
e� 5L4i "�@?|��U@|�L?t
e��� A�i ,�hLTi@? N?�L?
Oihi �i @||i4T| |L ^�@?|�u) |�i M@t�U ui@|�hit Lu |�i @_��t|4i?| ThLUitt �**�t|h@|i_ @ML�i� AL
Lh}@?�3i L�h |�L�}�|tc �| �t �tiu�* |L UL?t�_ih |�L _�gihi?| hi@tL?t @?|�U�T@|Lh) 4L�i4i?|t 4@)
LUU�h� A�i �ht| �t |�@| |�ihi �t tL4i UL?�i �|) �? |�i ULt|t Lu hi@**LU@|�?} *@MLh Lh U@T�|@*c tL
|�@| �| �t �?i�U�i?| |L 4@!i |�i ��L*i @_��t|4i?| @| L?Ui� A��t �4T*�it @ ?ii_ |L Mi}�? ThiT@h�?}
uLh @ uLh|�UL4�?} ?i� |h@_i hi}�4i �i** MiuLhi �| @U|�@**) UL4it �?|L uLhUi� A�i tiUL?_ �t @
t|h@|i}�U 4L|��i� W? L*�}LTL*�t|�U 4@h!i|tc �u |�ihi @hi UL?t�4ih t��|U��?} ULt|tc |�i TLtt�M�*�|)
Lu ihiU|�?} i?|h) M@hh�ihtc Lh L|�ih hi@tL?t uLh @ �ht|�4L�ih @_�@?|@}ic |�i? ��i? @ ?i� 4@h!i|
@TTi@ht *�!i*) |L MiUL4i ThL�|@M*i �? |�i u�|�hic @ }@4i Lu Thii4T|��i i?|h) @h�titc �? ���U� i@U�
UL4Ti|�|Lh @||i4T|t |L }i| @ ��4T L? |�i UL4Ti|�|�L?� A��t |)T�U@**) ��** �?�L*�i i?|ih�?} |�i
?i� 4@h!i| MiuLhi �| �t @U|�@**) ThL�|@M*i� AL t�L� �L� |�iti |�L 4L|��it U@? @giU| @}}hi}@|i
_)?@4�Utc |�L t�4T*i }i?ih@* i^��*�Mh��4 4L_i*t Lu |h@_i M*LU uLh4@|�L? @hi _i�i*LTi_ �? |�i
�TTi?_� c |�i �ht| @ �@h�@?| Lu @ ��tt@ E�b.H� 4L_i* @?_ |�i tiUL?_ @ 4L_i* ��|� @ UL?|�?��4 Lu
L*�}LTL*�t|�U �?_�t|h�it� W? ML|� U@titc |�i MhL@_ L�|*�?it Lu |�i @}}hi}@|i @_��t|4i?|t @hi t�4�*@h�
A�i M*LU<t t�@hi Lu |�i �L�?�?} UL�?|h)<t |h@_i Mi}�?t |L h�ti MiuLhi |�i |h@_i @}hii4i?| UL4it �?|L
uLhUic MiU@�ti Lu @?|�U�T@|Lh) �?�it|4i?|� W|t _�hiU|�L? Lu 4L�i4i?| �t �T�@h_ L�ih@**c @?_ �| �t
UL?|�?�L�t i UiT| @| |�i @U|�@* @UUitt�L? _@|ic L? ���U� �| ��4Tt �T MiU@�ti Lu @ _�tUL?|�?�L�t
��
4L�i4i?| �? |h@_i �4Ti_�4i?|tc @?_ �i?Ui �? Th�Uitc L? |�@| _@|i� 6�?@**)c |��t @_��t|4i?| �t
t*L�ih @| �|t Mi}�??�?} @?_ i?_ |�@? �? Mi|�ii?�
A�iti t�4T*i t|Lh�it t�}}it| uL�h |��?}t |L *LL! uLh �? U�@h@U|ih�3�?} |�i @_��t|4i?| ThLUittG
A�i t�3i Lu |�i @_��t|4i?|( |�i |)T�U@* |�4i Lu Mi}�??�?} Lu |�i @_��t|4i?|( |�i |)T�U@* *i?}|� Lu
@_��t|4i?|( @?_ @?) i��_i?Ui Lu @ ��4Tc Lh @ T@h|�U�*@h*) *@h}i @_��t|4i?|c @| |�i @U|�@* _@|i Lu
@UUitt�L?� AL @__hitt |�i �ht| |�hii T@ht�4L?�L�t*)c �i �| @ t�4T*i T�iUi��ti *�?i@h @_��t|4i?|
T@|�c @?_ |�i? |L @__hitt |�i uLh|�c �i it|�4@|i |�4i _�44�itc 4�U� �? |�i tT�h�| Lu a@ULMtL?c
w@*L?_ic @?_ ALTi* E�bbe�� i uLU�t �ihi L? |�i ,N MiU@�ti �| Lgiht |�i 4Lt| UL4T*i|i @UUitt�L?
��t|Lh)c M�| �i ��** _�tU�tt |�i L|�ih M*LUt Mh�i�) @t �i**�
e����� A�i T�iUi��ti *�?i@h @TThL@U��
A�i �ht| tTiU��U@|�L? @tt�4it |�@| @ UL�?|h)<t |h@_i t�@hi ��|� L|�ih �?�L? 4i4Miht �t UL?t|@?|
�?|�* rf )i@ht MiuLhi @UUitt�L?c @| ���U� TL�?| �| t|@h|t i T@?_�?}c �?|�* �| hi@U�it @ ?i� ��}�ih
t|i@_) t|@|iG
|o�� ' k� n q� u(� u Er3 rf� n q� u(2 u Er� 3 rf�c
��ihic
(� ' � �s rf $ r $ r�c @?_
(2 ' � �s r : r��
A�i _iTi?_i?| �@h�@M*i �t |�i |h@_i t�@hi Lh |�i |h@_i �?|i?t�|) �?_i Mi|�ii? @ UL�?|h) � @?_
|�i L|�ih �?�L? 4i4Miht �� A�i T@h@4i|iht rf @?_ r� @hi |�i |�h?�?} TL�?|t Lh R!?L|t� |�@| �i
it|�4@|i( tTiU��U@**)c rf �t |�i |�h?�?} TL�?| @| ���U� |h@_i t|@h|t �?Uhi@t�?}c r� �t |�i |�h?�?}
TL�?| @| ���U� |�i ?i� t|i@_) t|@|i �t hi@U�i_c @?_ r �t |�4ic _i�?i_ hi*@|��i |L |�i @UUitt�L? _@|i�
�2
i it|�4@|i |�i k�<rc rfc r� @?_ q� �t�?} ?L?�*�?i@h *i@t| t^�@hit��D A��t @**L�t �t |L _�t|�?}��t�
Mi|�ii? �@h�L�t TLtt�M*i L�|UL4itG E�� @? �?t|@?|@?iL�t @_��t|4i?| Erf n � ' r��( E��� @ h�t�?}
|hi?_ �? |�i |h@_i t�@hic �?_iTi?_i?| Lu |�i |h@_i @}hii4i?| Erf ?i}@|��i @?_ *@h}i @?_ r� TLt�|��i
@?_ *@h}i( E���� @ _i*@)i_ @_��t|4i?| Ef rf r��( @?_ E��� @?|�U�T@|Lh) @_��t|4i?| Erf 3��� W|
@*tL @**L�t �t |L 4i@t�hi |�i *i?}|� Er� 3 rf� @?_ t�3i q�Er� 3 rf� Lu |�i @_��t|4i?|�
A�i hit�*|t @hi hiTLh|i_ �? |�i �ht| |�L UL*�4?t Lu A@M*i ���S A�i hi�iU|�L? Lu E��c E���c @?_ E����
�t i��_i?|� A�i hit�*|t t�}}it| |�@| |�i |h@_i t�@hit @?_ |h@_i �?|i?t�|) �?_�Uit t|@h|i_ i T@?_�?}
@hL�?_ � Lh e )i@ht MiuLhi @ UL�?|h) �L�?i_ |�i �?�L?� A�i it|�4@|it Lu |�i �?�|�@* |�h?�?} TL�?|t
@hi t�}?��U@?|*) i@h*�ih |�@? |�i @UUitt�L? _@|i��. �ML�| H Lh b )i@ht @u|ih @UUitt�L?c |�i }hL�|� �?
�?|h@�hi}�L?@* |h@_i �@t UL4T*i|i_c �4T*)�?} |�@| |�i ThLUitt |LL! @ |L|@* Lu @ML�| �2 Lh �� )i@ht�
6�?@**)c |�i �4T*�i_ h�ti �? |�i |h@_i t�@hi �t i�}�|ii? TihUi?|@}i TL�?|tc @ |��h_ Lu �| LUU�hh�?}
MiuLhi @UUitt�L?�
A�i �?@* |�hii UL*�4?t Lu A@M*i � hiTLh| it|�4@|it Lu |�4�?} uLh i@U� }hL�T Lu �L�?iht tiT@h@|i*)�
�}@�? uLh i@U� }hL�Tc �i it|�4@|i |�@| |h@_i t�@hit t|@h|i_ �?Uhi@t�?} MiuLhi |�i @}hii4i?| �@t
i?@U|i_�
�D5TiU��U@**)c �i �ti |�i 4�*|��@h�@|i tiU@?| 4i|�L_ MiU@�ti |�i _ih��@|��it @hi ?L| _i�?i_� A�i 4�*|��@h�@|i
tiU@?| 4i|�L_ it|�4@|it |�i _ih��@|��it uhL4 |�i ��t|Lh) Lu �|ih@|�L?t� A�i _�t@_�@?|@}i Lu |��t @TThL@U� �t |�@| �i
4@) UL?�ih}i |L @ *LU@* 4�?�4�4� OL�i�ihc t�?Ui L�h Th�4@h) UL?Uih? �t it|�4@|�?} |�i |�h?�?} TL�?|tc @?_ |�i
}i?ih@* *LU@|�L? Lu |�i4 �t ?i@h 3ihLc �i |h) ti�ih@* t|@h|�?} TL�?|t Mi|�ii? �D @?_ � |L i?t�hi |�@| �i �?_ |�i Mit|
�|� �L?�ih}i?Ui @*�@)t LUU�hhi_ @| TL�?|t t�}?��U@?|*) *itt |�@? 3ihL��S#@|@ L? |h@_i t�@hit @?_ |h@_i �?|i?t�|) �?_�Uit �ti_ �? |�i hi}hitt�L? @hi uhL4 �beH |L �bbD� i @*tL |h)
|h�?U@|i_ |�i _@|@ |L �?U*�_i L? _@|@ Mi|�ii? 2D )i@ht MiuLhi @?_ @u|ih @UUitt�L?� A�i hit�*|t �ihi �ih) t�4�*@h��. i @*tL it|�4@|i @ 4L_��i_ *L}�t|�U E?L| hiTLh|i_�c ���U� }��it t�4�*@h hit�*|t uLh |�i |�h?�?} TL�?|t( @?_ @
t|@?_@h_ *L}�t|�U u�?U|�L? E@*tL ?L| hiTLh|i_�c ���U� t�}}it|t |�@| L?i�^�@h|ih Lu |�i @_��t|4i?| �@t @U��i�i_ MiuLhi
@UUitt�L?�
��
e���2� A�i |�4i _�44) @TThL@U��
A�i tiUL?_ tTiU��U@|�L? _Lit ?L| �4TLti @ u�?U|�L?@* uLh4 uLh |�i @_��t|4i?| T@|�c M�| h@|�ih
it|�4@|it )i@h igiU|t uLh ML|� U@*i?_ih |�4i @?_ |�4i hi*@|��i |L @UUitt�L? _@|i� W? @__�|�L?c �i
�?U*�_i uL�h UL�?|h�it�5��|3ih*@?_c 6�?*@?_c 5�i_i?c @?_ �Lh�@)�|�@| �ihi ?L| ,N 4i4Miht �?
|�i Tih�L_ t|�_�i_ �? Lh_ih |L }i| @ Mi||ih it|�4@|i Lu 4@UhL igiU|t��H 5TiU��U@**)c |�i hi}hitt�L?
i^�@|�L? �tG
|o|�� ' �| n k�n�D-
rD3D
qr(r�| n 0�|c Ee���
��ihi |�i �| @hi U@*i?_@h�|�4i � i_ igiU|t( |�i k� @hi UL�?|h) � i_ igiU|t( qr @hi � i_ igiU|t uLh
|�i )i@h hi*@|��i |L @UUitt�L? _@|i( @?_ (r�| �t @ _�44) �@h�@M*i |�@| �t L?i �uc �? )i@h |c UL�?|h) �
�@_ @UUi_i_ |L |�i �?�L? r )i@ht i@h*�ih� i @**L� @UUitt�L? igiU|t |L @TTi@h ��i )i@ht MiuLhi _@|i
Lu i?|h)c ��i� |�ihi �t @ tiT@h@|i |�4i _�44) uLh i@U� )i@h Mi|�ii? �D @?_ �D� A�i |�4i _�44) uLh
|�i �D|� )i@h �t L?i �u r D �D� A��tc |�i qr U@? Mi �?|ihThi|i_ @t |�i igiU| Lu |�i @}hii4i?| r )i@ht
@u|ih @UUitt�L? Lh 3r )i@ht MiuLhic hi*@|��i |L |�i t|@|�t ^�L i @?|i E�ihi �4T*�U�|*) _i�?i_ @t 4Lhi
|�@? S )i@ht MiuLhi @UUitt�L?�� i �ti 6Bw5 ��|� � i_ igiU|t @?_ @ ULhhiU|�L? uLh @�|LULhhi*@|�L?
E�i@U� @?_ �Uk�??L? �b.H�� i @tt�4i |�i ihhLh �t �?ULhhi*@|i_ @UhLtt UL�?|h�it� A�i hit�*|t
@hi T*L||i_ �? 6�}�hi Sc @?_ A@M*i 2 hiTLh|t |�i ULi�U�i?|t @?_ |�t|@|�t|�Ut uLh |�i @?|�U�T@|Lh)
igiU|t��b A�i hit�*|t UL?�h4 L�h i@h*�ih it|�4@|itc t�}}it|�?} |�@| @ t�}?��U@?| TLh|�L? Lu |�i
@_��t|4i?| �? |h@_i t�@hi LUU�hhi_ MiuLhi |�i )i@h Lu @UUitt�L?�
�** Lu |�i ULi�U�i?|t L? |�i )i@ht Th�Lh |L @UUitt�L? @hi TLt�|��ic @?_ |�i�h 4@}?�|�_i @?_
t�}?��U@?Ui |i?_ |L �?Uhi@ti @t r @TThL@U�it 3ihL� A�i ULi�U�i?|t L? Thi�@UUitt�L? igiU|t uLh
�H6Lh i @4T*ic ,N |h@_i t�@hit @hi *�!i*) |L _iU*�?i _�h�?} |�i L�* Uh�t�tc MiU@�ti @ *@h}ih ?L4�?@* �@*�i �@t tTi?|
L? i |ih?@* �4TLh|t� i @*tL it|�4@|i_ |�i i^�@|�L? ��|�L�| |�i uL�h @__�|�L?@* UL�?|h�it @?_ |�i hit�*|t �ihi
t�4�*@h��b i @*tL �?U*�_i_ UL�?|h) tTiU��U |�4i |hi?_t E?L| hiTLh|i_�� A�i hit�*|t �ihi �ih) t�4�*@h�
�e
|h@_i t�@hit @hi t�}?��U@?|*) _�gihi?| uhL4 3ihL �? |�hii L�| Lu ��i )i@ht� OL�i�ihc |�i ULi�U�i?|t
L? Thi�@UUitt�L? igiU|t uLh |h@_i �?|i?t�|) �?_�Uit @hi ?L| t�}?��U@?|*) _�gihi?| uhL4 3ihLc @?_
|it|t Lu |�i �)TL|�it�t |�@| |�i t�4 Lu |�i Thi@UUitt�L? ULi�U�i?|t �t 3ihL @hi ?L| hi�iU|i_ @|
|�i D TihUi?| *i�i* EA@M*i ��� A��tc |��t |�4i _�44) tTiU��U@|�L? ThL��_it t�}?��U@?| i��_i?Ui
uLh |�i Thi@UUitt�L? igiU|t �? |h@_i t�@hit @?_ L?*) 4L_it| i��_i?Ui uLh |�i Thi@UUitt�L? igiU|t
�? |h@_i �?|i?t�|) �?_�Uit� �?i _��U�*|) �t |�@| |�i M�?U��?} Lu @UUitt�L?t |L |�i ,� 4@!it |�i
t�Mt|@?|�@* Thi@UUitt�L? 4L�i4i?|t tii? @ML�i _��U�*| |L _�t|�?}��t� _iU�t��i*)c |�hL�}� T�hi*)
t|@|�t|�U@* 4i@?tc uhL4 U@*i?_@h�)i@h igiU|t� +iU@** |�@| |�i |�i*�i 4i4Miht UL?t�_ihi_ �@�i
�L�?i_ �? |�hii t)?U�hL?�3i_ �@�itc 4@!�?} |�i t|@|�t|�U@* _�t|�?U|�L? Mi|�ii? U@*i?_@h )i@h igiU|t
@?_ )i@h�hi*@|��i�|L�@UUitt�L? igiU|t ?@|�h@**) _��U�*|� W?_ii_c it|�4@|�?} i^�@|�L? e�� ��|�L�|
|�i U@*i?_@h )i@h igiU|t ThL��_it t|hL?} i��_i?Ui Lu Thi@UUitt�L? @_��t|4i?| �? ML|� |h@_i t�@hit
@?_ |h@_i �?|i?t�|) �?_�Uit EA@M*i 2c *@t| |�L UL*�4?t�� �hi@UUitt�L? igiU|t @hi t�}?��U@?| Th�Lh
|L @UUitt�L? @?_ @hi �?Uhi@t�?} @t @UUitt�L? @TThL@U�it� �LhiL�ihc �u �i �ti @ ,�hLTi@? B��
�?_i @t @ 4i@t�hi Lu 4@UhL�igiU|tc �?t|i@_ Lu U@*i?_@h )i@h _�44�itc |�i Thi@UUitt�L? igiU|t
E?L| hiTLh|i_� @hi t�}?��U@?| uLh ML|� |h@_i t�@hit @?_ �?|i?t�|) �?_�Uit @?_ @hi �ih) t�4�*@h |L |�i
igiU|t hiTLh|i_ i U*�_�?} |�i |�4i _�44�it�
�i |c �i }L |�hL�}� |�i t@4i i ihU�ti �? �ht| _�gihi?Uitc �? Lh_ih |L *LL! uLh @ T@h|�U�*@h*)
t|hL?} 4L�i4i?| �? |�i @UUitt�L? )i@h� Oihic |�i �ht| _�gihi?Ui Lu |�i |h@_i t�@hi Lh �?|i?t�|)
�?_i �t hi}hitti_ L? U@*i?_@h�)i@h @?_ )i@h�hi*@|��i�|L�@UUitt�L? |�4i _�44�it� 6�}�hi . t�L�t
|�i it|�4@|it Lu |�i @??�@* U�@?}i �? )i@h � i_ igiU|t uLh |h@_i t�@hit� �t t�}}it|i_ M) |�iLh)c
|�i @_��t|4i?| �t }i?ih@**) 4Lhi h@T�_ �? |�i 4�__*i Lu |�i ThLUitt |�@? @| |�i i?_tc @?_ L?i Lu
|�i *@h}it| t�?}*i�)i@h @_��t|4i?|t @TTi@ht �? |�i )i@h Lu @UUitt�L?�2f Nt�?} |�i it|�4@|it uhL4
2fA�i �?|ihThi|@|�L? �t UL4T*�U@|i_ M) }h@_�@*�t4 �? TLt|�@UUitt�L? |h@_i TL*�U�it� A�i Lh�}�?@* 4i4Miht hi4L�i_
|@h�gt L�ih @ Tih�L_ Lu |i? )i@ht( #i?4@h!c Whi*@?_c |�i N�k� @?_ BhiiUic ��i )i@ht( 5T@�? @?_ �Lh|�}@*c ti�i?
�D
|�i hi}hitt�L? i^�@|�L? e�� @?_ |�i hit�*|t uhL4 �ht| _�gihi?Uitc �i |it| |�i �)TL|�it�t |�@| |�i
U�@?}i �? |h@_i t�@hit �? |�@| )i@h �t i^�@* |L |�i @�ih@}i U�@?}i �? |h@_ic hiTLh|�?} |�i t�}?��U@?Ui
*i�i* Lu |�i @TThLTh�@|i @*_ t|@|�t|�U uhL4 |�i *i�i*t hi}hitt�L? @?_ |�i �ht|�_�gihi?Ui hi}hitt�L?
hitTiU|��i*) �? |�i *@t| |�L *�?it Lu A@M*i �� W| �t hi�iU|i_ @| |�i ��TihUi?| @?_ �f�TihUi?| *i�i*c
hitTiU|��i*)c uLh |�i �iht�L? �? t�@hitc @?_ 2� @?_ �f�TihUi?|c hitTiU|��i*)c uLh �?|i?t�|�it�
W? t�Lh|c @*|�L�}� ��@| U@? Mi _L?i |�hL�}� t|@|�t|�U@* 4i|�L_t �t *�4�|i_ _�i |L |�i t4@**
?�4Mih Lu i�i?|t �?�L*�i_c |�i ,N i Tih�i?Ui _Lit Lgih i��_i?Ui Lu Thi@UUitt�L? @_��t|4i?|(
@UUi*ih@|�?} @?_ |�i? _iUi*ih@|�?} @_��t|4i?|( @?_ @ ��4T �? |�i @UUitt�L? )i@h� �** Lu |��t �t
UL?t�t|i?| ��|� i*i4i?|@h) @_��t|4i?| ULt| 4L_i*t�
e�2� A�i L|�ih |h@_i M*LUt
W? |hi@|�?} ,6A�c �i ?ii_ |L 4@!i @**L�@?Ui uLh |�i |i4TLh@h) ?@|�hi Lu 4@?) Lu �|t 4i4Miht�
�UULh_�?}*)c �i it|�4@|i @ _�gihi?| T�iUi��ti *�?i@h t�@Ti uLh |�i @_��t|4i?| ThLUittG
|o�� ' k� n q� u(� u Er3 rf� n q� u(2 u Er� 3 rf� n q2 u(2 u Er� 3 r�� Ee�2�
W? L|�ih �Lh_tc �i @**L� uLh @ Tih�L_ Lu _iU*�?i @u|ih |�i �?�|�@* �?Uhi@ti� A�i hit�*|t @hi hiTLh|i_
�? A@M*i e�2� �}@�? |�i it|�4@|i Lu |�i �ht| |�h?�?} TL�?|c rfc uLh ML|� t�@hi @?_ �?|i? �t *itt |�@?
3ihLc |�L�}� ?i�|�ih �t t�}?��U@?|*) _�gihi?| uhL4 3ihL�
W? @__�|�L?c |�i )i@h�� i_�igiU| hi}hitt�L? �@t TihuLh4i_c ��|�L�| |�i U@*i?_@h�)i@h igiU|t
MiU@�ti |LL 4@?) UL�?|h�it �L�?i_ t�4�*|@?iL�t*) uLh |�4i igiU|t |L Mi �_i?|��i_ tiT@h@|i*)�22 AL
)i@ht� #�h�?} |�i |h@?t�|�L? @** uLh4t Lu ThL|iU|�L? �ihi hi4L�i_ �?U*�_�?} ^�L|@tc |@h�gtc @?_ @** L|�ih ThL|iU|��i
4i@t�hit� E5�@?? �bbfc T� HH�� �L?i|�i*ittc �? i@U� U@tic @ t�Mt|@?|�@* hi_�U|�L? �? |h@_i M@hh�iht LUU�hhi_ L? |�i
_@|i Lu @UUitt�L?�2�#@|@ @hi uhL4 �bD���bbD�226�?*@?_ |iU�?�U@**) �L�?i_ �? �bHSc M�| �t |hi@|i_ �ihi @t T@h| Lu |�i Lh�}�?@* }hL�T MiU@�ti ��|� �|t @ttLU�@|�L?
@}hii4i?| Lu �bS� �| �@_ t�U� @ U*Lti hi*@|�L?t��T ��|� |�i L|�iht @t |L Mi igiU|��i*) @ u�** 4i4Mih uhL4 |�@| _@|i
�S
UL?|hL* uLh ?L?�@UUitt�L? hi*@|i_ 4L�i4i?|t L�ih |�4ic �i �?U*�_i_ UL�?|h)�tTiU��U |�4i |hi?_t�
A�i hit�*|t @hi hiTLh|i_ �? 6�}�hi H @?_ A@M*i D� �L|� @TThL@U�it t�L� *@h}i igiU|t Lu |�i
@}hii4i?|c ��|� |�i h�ti �? |h@_i t�@hi �4T*�i_ M) A@M*i e i^�@* |L t� TihUi?|@}i TL�?|tc tThi@_
L�ih |i? )i@ht� A@M*i S hiTLh|t hit�*|t Lu |�i �)TL|�it�t |it|t |�@| |�ihi �@t ?L Thi@UUitt�L?
@_��t|4i?|c @?_ |�@| |�i ��4T �? |�i �ht| )i@h �t i^�@* |L |�i @�ih@}i ��4Tc uLh |h@_i t�@hit
@?_ |h@_i �?|i?t�|) �?_�Uit� A�ihi �t *�||*i i��_i?Ui Lu �?Uhi@ti_ @_��t|4i?| �? |�i �ht| )i@h�
A@h�gt �? |�i ,6A� hi}�L? �ihi hi4L�i_ @| @ t|i@_) h@|i L�ih @ t� )i@h Tih�L_� �? @UUi*ih@|�L?
Lu @_��t|4i?| _�h�?} |��t Tih�L_ �t ?L|�Ui@M*ic uL**L�i_ M) t*L�ih @_��t|4i?| L�ih |�i ?i | ��i
)i@ht�2�
6Lh |��t |h@_i M*LUc Thi@UUitt�L? @_��t|4i?|t @hi i�|�ih �ih) �i@! Lh @Mti?|c |�i t|hL?}it| i���
_i?Ui Lu @?|�U�T@|Lh) igiU|t Mi�?} |�i ��4T �? |h@_i �?|i?t�|) �?_i L?i )i@h MiuLhi |�i @}hii4i?|
|LL! igiU|c @t hiULh_i_ �? A@M*i D� A��t UL?|h@t| ��|� |�i ,N U@ti �t UL?t�t|i?| ��|� |�i ��t|Lh�
�U@* hiULh_c t�?Ui ,6A� �@t uLh4i_c @*4Lt| @t @? @u|ih|�L�}�|c @u|ih |�i u@�*�hi Lu |@*!t �? �bDb
|L �?ULhTLh@|i |�i UL�?|h�it �?�L*�i_ �?|L |�i ,� uh@4i�Lh! E�hit|L?c �bb.c T� 2S�� A�i ,6A�
?i}L|�@|�L?t �ihi UL?U*�_i_ |�i uL**L��?} )i@hc tL |�ihi �@t �ih) *�||*i |�4i uLh @?|�U�T@|�L? Lu |�i
?i� M*LU |L _i�i*LT�
E,6A� �bS2�� A�i L?*) L|�ih *@|ih �L�?iht �ihi w�U�|i?t|i�? E�bb��c uLh ���U� |�i @?@*L}L�t _@|@ @hi �?@�@�*@M*ic
@?_ WUi*@?_ E�b.f�c ���U� �i i U*�_i MiU@�ti Lu �|t ��}�*) @?L4L*L�t |h@_i Mi�@��L�h @?_ UL?ti^�i?| ?L�ti �? �|t
|h@_i _@|@� A�hii ^�@h|iht Lu WUi*@?_�U i TLh|t |@!i |�i uLh4 Lu �t�c @?_ |�i U@|U� �t t�M�iU| |L i |hi4i �@h�@|�L?t
uLh iUL*L}�U@* hi@tL?t� W? |�i *@|i �bSf<tc uLh i @4T*ic |�i �ihh�?} U@|U� _hLTTi_ M) L�ih bf Tih Ui?|c @?_ T@h|*)
�? UL?ti^�i?Uic �|t i TLh|t |L ,6A� UL�?|h�it t@� tL4i t�@hT _iU*�?it @hL�?_ �|t @UUitt�L? _@|i� �*i@h*)c |��t �@t
?L|��?} |L _L ��|� |�i igiU| Lu |�i |h@_i M*LU!� 5ii ,6A�E�b.2c T��e�c @?_ ,6A�E�b.fc T�2D��2�A@h�gt �? |�i ,6A� �ihi �?_L?i �? @ Tih�L_ Lu t� )i@htc 2f TihUi?| �? |�i �ht| )i@hc uL**L�i_ M) �f TihUi?|
@??�@* �?t|@**4i?|tc ��|� @ �?@* hi_�U|�L? Lu 2f TihUi?| @| |�i i?_ Lu |�i t� |� )i@hc i T*@�?�?} |�i M�} ��4T �? |�i
uL**L��?} )i@h� �h�}�?@**) |@h�gt �ihi |L Mi hi_�Ui_ L�ih @ ?�?i )i@h Tih�L_c M�| �? T@h| |L Mi@| |�i ,N �? MiUL4�?}
|�i �ht| |@h�g uhii 3L?i |�i T@Ui Lu |@h�g hi_�U|�L? �@t @UUi*ih@|i_� E5ii |�i ,6A�c �@h�L�t )i@ht �bS���bSH��
�.
6Lh �,+��5N+ @?_ ��6A�c �i �ti @ t*�}�|*) _�gihi?| @_��t|4i?| t�@Tic MiU@�ti |�i ThLUitt
�t t|�** �ih) 4�U� L?}L�?} �? |�iti M*LUt� A�i uLh4 �i �4TLti �tG
|o�� ' k� n q� u(� u E+e@o 3 rf� Ee���
@?_ |�i hit�*|t @hi �? A@M*i e�2e A�i @_��t|4i?| �? �,+��5N+ @TTi@ht |L �@�i Mi}�? @ML�| �
)i@ht �? @_�@?Ui Lu |�i @}hii4i?|� W? |�i U@ti Lu ��6A�c |�i @_��t|4i?| Mi}�?t |�i*�i )i@ht �?
@_�@?Ui �? t�@hitc @?_ �? �?|i?t�|�itc |�i @_��t|4i?| @TTi@ht |L �@�i Mii? UL?|�?��?} @| @? i�i?
T@Ui t�?Ui |�i Mi}�??�?} Lu |�i _@|@ ti| Etii 6�}�hi e�� 6Lh |��t hi@tL?c it|�4@|�?} i^�@|�L? e��
igiU|��i*) hi_�Uit |L |�i U@ti rf ' 3"c r� ' "� W? t�4c @*|�L�}� �,+��5N+ *LL!t ^�@*�|@|��i*)
4�U� *�!i @ �iht�L? Lu |�i ,N �5< T@||ih? �? ThL}hittc ��6A� *LL!t *�!i @ U@ti �? ���U� @? L?}L�?}
t��u| �? UL4T@h@|��i @_�@?|@}i 4@) �@�i �?_�Ui_ |�i @}hii4i?| @t i@t�*) @t |�i L|�ih �@) @hL�?_�
D� W?|ihThi|@|�L?G Wt |��t �?|�U�T@|Lh) �i�@��Lhq
�@h| Lu L�h �?|ihit| �? t|�_)�?} |�iti |h@_i �L� _)?@4�Ut �@t Mii? |L ThL��_i i��_i?Ui |�@|
@?|�U�T@|Lh) �?�it|4i?| �@t Mii? �4TLh|@?| �? t�@T�?} |�i @_��t|4i?|t |L |h@_i @}hii4i?|t� A��t
�t @ ?@|�h@* �?|ihThi|@|�L? Lu |�i u@U| |�@| |�i |h@_i @_��t|4i?| �@t Lu|i? @TTi@hi_ |L Mi}�? MiuLhi
|�i @U|�@* @UUitt�L? LUU�hhi_� OL�i�ihc t�?Ui |�ihi @hi L|�ih TLtt�M*i �?|ihThi|@|�L?t @�@�*@M*ic �?
|��t tiU|�L? �i T�| uLh�@h_ @ U@ti uLh |�i @?|�U�T@|Lh) �?|ihThi|@|�L?� �L|i |�@| �i _L ?L| U*@�4
|�@| @** Lu |�i Thi@UUitt�L? 4L�i4i?|t �i LMtih�i @hi _�i |L @?|�U�T@|Lh) �?�it|4i?|c M�| �i @h}�i
|�@| �| �t �4T*@�t�M*i |L _i?) |�@| @| *i@t| @ *@h}i TLh|�L? Lu �| �t� W? |�h?c �i ��** E�� @h}�i |�@|
|�i ThiUL?_�|�L?t uLh @?|�U�T@|Lh) �?�it|4i?| @hi Thiti?|( E��� TL�?| |L @}}hi}@|i @?_ @?iU_L|@*
2e6Lh ��6A� |�i _@|@ �ti_ @hi uhL4 �� )i@ht MiuLhi @UUitt�L?c ��i� �bDS uLh �@?@_@ @?_ |�i N?�|i_ 5|@|it @?_
�bS� uLh �i �ULc |�hL�}� �bbD� 6Lh �ihULt�h |�i _@|@ @hi uhL4 �bSD |L �bbD� A�i hit�*|t @hi hLM�t| |L t�Lh|i?�?}
|�i t@4T*i Tih�L_�
�H
i��_i?Ui L? �?�it|4i?| �L�t( @?_ E���� _�tU�tt |�i |�L 4@�? @*|ih?@|��i U@?_�_@|i i T*@?@|�L?t uLh
|�i Thi@UUitt�L? 4L�i4i?|t�
E�� �hiUL?_�|�L?t� 6Lh @?|�U�T@|Lh) �?�it|4i?| |L LUU�h �? hitTL?ti |L @ uLh|�UL4�?} U�@?}i
�? |h@_i hi}�4ic |�ihi @hi |�L !i) hi^��hi4i?|t� 6�ht|c |�ihi 4�t| Mi @ ?ii_ uLh t�?! tiU|Lh�
Lh _it|�?@|�L?�tTiU��U ULt|t |L Mi �?U�hhi_ @t T@h| Lu |�i @_��t|4i?| |L |�i U�@?}i( @?_ tiUL?_c
M�t�?itt TiLT*i 4�t| i TiU| @ t�}?��U@?| igiU|t L? |�i M�t�?itt i?��hL?4i?| _�i |L |�i uLh|�UL4�?}
U�@?}i� �L|� Lu |�iti UL?_�|�L?t @hi |)T�U@**) t@|�t�i_ �? |�i U@ti Lu @ UL�?|h) �L�?�?} @ |h@_i M*LU�
�t �**�t|h@|i_ �? |�i @TTi?_� c |�i t�?! ULt|t �? ^�it|�L? U@? |@!i @ �@h�i|) Lu uLh4tc �?U*�_�?}
UL?t|h�U|�L? Lu 4@h!i|�?} U�@??i*t �? |�i _it|�?@|�L? 4@h!i| ��ihi t@*it @hi i TiU|i_ |L i T@?_(
hi|h@�?�?} Lh hi|LL*�?} ULt|t Lu �?|ihtiU|Lh@* hi@**LU@|�L?( ThL_�U| hi_it�}? |L 4ii| *LU@* |@t|it Lh
hi}�*@|�L?tc @?_ |�i *�!i� A�@| t�U� ULt|t @hi @ hL�|�?i T@h| Lu i�ih)_@) �?|ih?@|�L?@* M�t�?itt �t
�i** _LU�4i?|i_� ��t�?itt 4@?�@*t t�U� @t � |i** E�bHb� ThL��_i *L?} *�t|t Lu @_��t|4i?|t |�@|
4�t| Mi 4@_i �? @TThL@U��?} @ ?i� 4@h!i|( |�i ?ii_ |L UL?_�U| t�Mt|@?|�@* *i}@* hiti@hU� �? Lh_ih
|L i TLh| t�UUittu�**) i�i? uhL4 �@?@_@ |L |�i N?�|i_ 5|@|it �t �i** !?L�?�2D A�i UL?ti^�i?Uit
Lu t�U� t�?! ULt|t U@? Mi tii? �? i TLh| _@|@ uhL4 �L*L4M�@ E+LMih|t @?_ A)ML�|c �bb.�c ��ihi
�)t|ihit�t igiU|t Lu T@t| i TLh|�?} @hi �ih) U*i@h �? �h4�*i�i* _@|@�
5iUL?_c *it| �| Mi t�tTiU|i_ |�@| M�t�?itt TiLT*i |@!i @** |@*! Lu u�|�hi |h@_i @}hii4i?|t @t
�hhi*i�@?|c i�|�ih MiU@�ti Lu _L�M|t @ML�| h@|��U@|�L? Lh MiU@�ti |�i) hi}@h_ |h@_i @}hii4i?|t @t
�@��?} @ 4�?�4@* hi@* igiU| L? |�i�h M�t�?itt i?��hL?4i?|c |�ihi @hi �@h�L�t uLh4t Lu i��_i?Ui |�@|
|�i) U@? �@�i t�Mt|@?|�@* igiU|t L? M�t�?itt i TiU|@|�L?t� W? |�i U@ti Lu |�i �@?@_@�N�5� 6hii
Ah@_i �}hii4i?| Lu �bHHc A�L4TtL? E�bb�� t�L�t |�@| |�i t�UUittu�* UL?U*�t�L? Lu |�i |@*!t ��t|
2D5ii Bh@�@4 E�bH.�� A�i i@h*) _@)t Lu |�i �N6A� t@� @ t�h}i �? _i4@?_ uLh *@�)iht M) �h4t ThiT@h�?} |L
_L M�t�?itt @UhLtt |�i MLh_ih uLh |�i �ht| |�4i E��h�t|�@? 5U�i?Ui �L?�|Lhc A�it_@)c 6iMh�@h) ��c �bbfc T�H( ai?�t�
E�bHH@c T������
�b
MiuLhi |�i 4�_?�}�| _i@_*�?i �@_ @ _h@4@|�U igiU| L? �@?@_�@? t|LU! 4@h!i| Th�Uitc �?_�U@|�?}
|�@| ThL�|t �? tL4i tiU|Lht �ihi i TiU|i_ |L h�ti _h@4@|�U@**) @?_ tL4i |L u@** _h@4@|�U@**) @t
@ hit�*| Lu |�i @}hii4i?|� A��t LUU�hhi_ _itT�|i |�i UL?t�_ih@M*i hi4@�?�?} �?Uih|@�?|) L�ih |�i
h@|��U@|�L?� A�L4TtL? E�bbe� _i4L?t|h@|it i�i? t|hL?}ih @??L�?Ui4i?| igiU|t @u|ih UL?_�|�L?�?}
L? �h4 U�@h@U|ih�t|�Ut� �i|�ii? ?i}L|�@|�L? @?_ h@|��U@|�L? Lu |�i ��6A�c |�i �i �U@? t|LU!
4@h!i| hi@U|i_ t�@hT*) |L @?) ?i�t @giU|�?} |�i ThLM@M�*�|) Lu h@|��U@|�L? E,UL?L4�t|c ��}�t| �ec
�bb�c T� .H�� 5�h�i)t UL?_�U|i_ M) |�i ,�hLTi@? �L44�tt�L? ���*i |�i UL4T*i|�L? Lu |�i �?|ih?@*
4@h!i| �@t Mi�?} ?i}L|�@|i_ �?_�U@|i_ |�@| @ *@h}i uh@U|�L? Lu ,�hLTi@? M�t�?ittit i TiU|i_ �bb2
|L �@�i @ *@h}i igiU| L? |�i�h M�t�?itt i?��hL?4i?| @?_ t|h@|i}�itc U�|�?} �?Uhi@tit �? i TiU|i_
�?�it|4i?| �? |�i�h �L4i 4@h!i|t @t �i** @t �? L|�ih 4i4Mih UL�?|h�it E�L44�tt�L? Lu |�i ,�
E�bHb��� 5L4i @__�|�L?@* i @4T*it @hi Lgihi_ �?_ih tiU|�L? E��� Mi*L��
A��tc t�?Ui t�?! ULt|t @hi |)T�U@**) ?ii_i_ uLh @_��t|4i?|c @?_ tL4i t�Mt|@?|�@* U�@?}i �? |�i
M�t�?itt i?��hL?4i?| �t |)T�U@**) @?|�U�T@|i_ _�i |L @? �TUL4�?} |h@_i @}hii4i?|c �| �L�*_ tii4
|L Mi t�hTh�t�?} �u |�ihi �ihi ?L| tL4i t�}?t Lu @?|�U�T@|Lh) �?�it|4i?| �? |�i _@|@�
E��� �}}hi}@|i @?_ @?iU_L|@* �?�it|4i?| i��_i?Ui� �TT@hi?| @?|�U�T@|Lh) igiU|t �@�i t�L�? �T
�? @}}hi}@|i _@|@ L? �?�it|4i?| �L�t ��t| Th�Lh |L 4@�Lh |h@_i @}hii4i?|t� 6Lh i @4T*ic @u|ih
UL?|hL**�?} uLh U�@?}it �? �?�it|4i?| *@� �? �bHbc 5|i�i?t E�bbS� �?_t i��_i?Ui Lu @ Mhi@! �? |�i
Mi�@��Lh Lu N5 6Lhi�}? #�hiU| W?�it|4i?| E6#W� �?|L �i �UL @u|ih �bb2c |�i )i@h �? ���U� ��6A�
�@t t�}?i_� A�i @}hii4i?|c �L�i�ihc _�_ ?L| }L �?|L igiU| �?|�* �bbe� Oi �?|ihThi|t |��t @t i��_i?Ui
Lu @?|�U�T@|Lh) Mi�@��Lh� �h�t|L|i*L�t @?_ 6L�?|@t E�bbS� �?�it|�}@|i |�i _i|ih4�?@?|t Lu 6#W �?|L
|�i ,N� A�i) �?_ i��_i?Ui Lu @ t�?}*i�4@h!i| igiU|G N�5� @?_ a@T@?iti 6#W �L�t �?Uhi@ti_ �?
@?|�U�T@|�L? Lu @ *@h}ih 4@h!i|� 5�4�*@h LMtih�@|�L?t @hi uL�?_ �? �L44�tt�L? Lu |�i ,� E�bHb��
6�h|�ihc �| �t i@t) |L �?_ �?_���_�@* U@tit �? ���U� @ T@h|�U�*@h �?�it|4i?| �@t Mii? 4@_i
2f
i T*�U�|*) MiU@�ti Lu @? �TUL4�?} |h@_i @}hii4i?|� W? |�i U@ti Lu |�i �@?@_@�N�5� uhii |h@_i
@}hii4i?|c @ ��Ui�Thit�_i?| Lu V�?i*@?_ ,t|@|i `�?it �? �?|@h�L i T*@�?i_ |L @ hiTLh|ih �? �bHH
|�@| �i �@_ *@�?U�i_ @? i |i?t��i t@*it U@4T@�}? �? |�i N?�|i_ 5|@|it |L *�?i �T U�t|L4iht �?
ThiT@h@|�L? uLh |�i @t�)i|��?h@|��i_ @}hii4i?| Eai?�t� �bHH@c T��2�� A�i ��@�h4@? Lu �@?@_@<t
*@h}it| Mhi�ih)c w@M@||tc i T*@�?i_ |�@| |�i UL4T@?) �@_ tii? uhii |h@_i ��|� |�i N5 @t �?i��|@M*i
@t i@h*) @t uL�h )i@ht i@h*�ihc @?_ �@_ *@�?U�i_ @ 4@�Lh @U^��t�|�L? U@4T@�}? �? |�i N5 |L Mi
hi@_) uLh �|� �t @ hit�*|c M) |�i |�4i |�i @}hii4i?| �@t @U|�@**) UL4T*i|i_c uLh|) TihUi?| Lu |�i
UL4T@?)<t hi�i?�it �ihi _ih��i_ uhL4 �4ih�U@? t@*it Eai?�t� �bHHMc T��H��
A�h?�?} |L ,�hLTi@? i @4T*itc �? �bH2 5@4t�?} ,*iU|hL?�Ut U�Lti �Lh|�}@* @t |�i t�|i Lu
�|t �ht| ,�hLTi@? 4@?�u@U|�h�?} u@U�*�|)c T@h|*) MiU@�ti Lu |�i @?|�U�T@|i_ @UUitt�L? |L |�i ,�
E6�?@?U�@* A�4itc i_?it_@)c �@hU� ��c �bH2c 5iU|�L? Wc T�S�� A�i ThL�iU| �@t @? mH�. 4�**�L?
UL*Lh |i*i��t�L? T*@?|� �? �?|ihit|�?} ?L|i �t |�@| T@h| Lu |�i 4L|��@|�L? uLh @? i@h*) �?�it|4i?|
�? |�@| U@ti �@t |�i i TiU|i_ |�4i *@} MiuLhi i?L�}� Lu |�i �@*�i�@__i_ UL�*_ Mi ThL_�Ui_ �?
�Lh|�}@* |L ^�@*�u) @t @? ,,��ThL_�Ui_ }LL_c �?t|i@_ Lu @ kLhi@? }LL_� �?L|�ih i @4T*i �t |�i
�Lh|�}�iti |i |�*i tiU|Lhc ���U� M) �bH� �@_ @*hi@_) tTi?| @ }hi@| _i@* Lu 4L?i) �T}h@_�?} �|t
i^��T4i?| @?_ |iU�?L*L}) tTiU��U@**) |L ThiT@hi uLh |�i @UUitt�L? E6�?@?U�@* A�4itc i_?it_@)c
5iT|i4Mih�ec �bH�c 5iU|�L? WVc T� VW�� �t t�44@h�3i_ M) L?i |i |�*i 4@?@}ihc R i |L*_ L�hti*�it
|�@| �u �i �ihi |L �L�? �? �bHe |�i? �i ?ii_i_ |L �@�i UL4T*i|i_ @** L�h U@T�|@* tTi?_�?} M) �bH2�
A��t �L�*_ @**L� �t |�L )i@ht �? ���U� |L M��*_�T L�h U@t� �L�� i @hi L? |@h}i|�� �u UL�htic |�i
_�T*L4@|t �ihi |�i4ti*�it ?L| L? |@h}i|c @?_ @t �| |�h?t L�|c |�i @UUitt�L? @}hii4i?| �@t _i*@)i_
|�L 4Lhi )i@ht Mi)L?_ |�@|�
� �?@* i @4T*i �t uhL4 5T@�?� �t i@h*) @t �b.bc @ t�h}i Lu uLhi�}? _�hiU| �?�it|4i?| TL�hi_
�? |L |�i UL�?|h) i T*�U�|*) |L |@!i @_�@?|@}i Lu |�i uLh|�UL4�?} 5T@?�t� @UUitt�L?c ���U� �@t
2�
|�i? ��_i*) i TiU|i_ |L LUU�h @hL�?_ �bH� E�i� vLh! A�4itc �L?_@)c a�*) bc �b.bc 5iU|�L? ec T�
��� A�i �?�it|4i?|t tT@??i_ 4@?�u@U|�h�?} @?_ M@?!�?}c M�| |�i 4Lt| tTiU|@U�*@h �@t Bi?ih@*
�L|Lh<t m��DH M�**�L? �Ti* T*@?|c B�<t *@h}it| L�ihti@t �?�it|4i?|c ���U� t�Mti^�i?|*) _i�i*LTi_
�?|L L?i Lu |�i 4@�Lh t�TT*�iht Lu t4@** U@ht uLh @** Lu ,�hLTi�
A��tc |�ihi �t ?L t�Lh|@}i Lu @?iU_L|@* i��_i?Ui |L t�TTLh| |�i i �t|i?Ui Lu @?|�U�T@|Lh) �?�it|�
4i?|c i @U|*) @*L?} |�i *�?it �i �@�i Mii? t�}}it|�?}�
E���� �*|ih?@|��i �?|ihThi|@|�L?t� AL }��i t!iT|�U�t4 �|t u�** T*@)c �i *LL! �ihi @| |�L @*|ih?@|��i
i T*@?@|�L?t uLh |�i Thi@UUitt�L? @_��t|4i?|t LMtih�i_ �? |�i _@|@� A�i �ht| �t �hi�ihti U@�t@|�L?c<
@?_ |�i tiUL?_ �t @ �t|iTT�?}�t|L?i @h}�4i?|c< |�@| *@h}i |h@_i @}hii4i?|t @hi ThiUi_i_ M) t4@**ih
L?it�
N?_ih |�i hi�ihti U@�t@|�L? �?|ihThi|@|�L?c �? uLh4�?} |h@_i @}hii4i?|tc UL�?|h�it |i@4 �T ��|�
|�i UL�?|h�it ��|� ��L4 |�i) 4Lt| |i?_ |L |h@_ic tii!�?} �?@|�h@* |h@_i T@h|?iht< @t M*LU T@h|?iht�
��ih |�4ic @t UL4T@h@|��i @_�@?|@}i t��u|tc @ UL�?|h) 4@) �@TTi? |L @U^��hi @ ?i� ?@|�h@* |h@_�?}
T@h|?ih( @UULh_�?}*)c |h@_i ��|� |�@| UL�?|h) ��** }hL� hi*@|��i |L |h@_i ��|� L|�ihtc @?_ �? |�4i
|�i) 4@) uLh4 @ uhii |h@_i @hi@ �? UL?ti^�i?Ui� A��t UL�*_c �? Th�?U�T*ic i T*@�? |�i |�4�?} �i tii
�? |�i _@|@ ��|�L�| @?) hiUL�hti |L @?|�U�T@|Lh) �?�it|4i?|�2S
A��t �@t @ Uih|@�? MhL@_ T*@�t�M�*�|)c t�?Ui |�i U�L�Ui Lu |h@_i T@h|?iht @?_ |�i |�4�?} Lu
@}hii4i?|t @hi *�!i*) |L hitTL?_ |L UL4T@h@|��i @_�@?|@}i� W? T@h|�U�*@hc |�i �N6A� 4@) �@�i
Mii? uLh4i_ �? i @U|*) |��t �@)� A�i N5 t�@hi Lu �@?@_@<t �4TLh|t @?_ i TLh|t }hi� t|i@_�*) L�ih
|��t Ui?|�h) |L @ ^��|i _L4�?@?| TLt�|�L?c @?_ _itT�|i |�i igLh|t Lu |�i �@?@_�@? }L�ih?4i?| �?
|�i �b.ftc �| UL?|�?�i_ |L }hL�� 6�?@**)c _itT�|i @ *L?}�t|@?_�?} |@MLL L? |�i t�M�iU| �? �@?@_�@?
2S��@}�@|� @?_ �@?@}@h�)@ E�bbS� �@�i @h}�i_ |�@| i�i? �u @ |h@_i hi*@|�L?t��T �t R?@|�h@*� �| _Lit ?L| ��t|�u)
Thiuihi?|�@* |hi@|4i?|� �LhiL�ihc t�?Ui UL4T@h@|��i @_�@?|@}i U�@?}it L�ih |�4ic R?@|�h@* T@h|?iht� U@? MiUL4i
R�??@|ih@* T@h|?iht�c 4@!�?} @? �?�|�@**) |h@_i Uhi@|�?} �?�L?c |h@_i _��ih|�?}�
22
TL*�|�Utc �@?@_@<t |h@_i _iTi?_i?Ui L? |�i N5 hi@U�i_ |�i t|@}i @| ���U� @ |h@_i @}hii4i?| Mi}@?
|L @TTi@h @*4Lt| �?i��|@M*ic @?_ �@t �?_ii_ t�}?i_ �? �bH.� E5ii `�?�@4c �bHH�� A��tc @| *i@t| @
t�}?��U@?| TLh|�L? Lu |�i Thi@UUitt�L? |h@_i t�@hi 4L�i4i?| �? |�i �Lh|� �4ih�U@? U@ti UL�*_ Mi
�?|ihThi|i_ @t @ U@ti Lu hi�ihti U@�t@|�L?�
OL�i�ihc |�ihi @hi L|�ih i @4T*it �? ���U� �| UL�*_ ?L| TLtt�M*) �@�i @?) T@h| �? |�i i T*@?@�
|�L?� A�i tiUL?_ i T@?t�L? Lu |�i ,� �t @ }LL_ i @4T*i� A�i }L�ih?4i?|t Lu 5T@�? @?_ �Lh|�}@*
E�L�?�?} �? �bHS�c �@_ *L?} Mii? �?|ihit|i_ �? �L�?�?}c M�| �@_ Mii? Thi�i?|i_ uhL4 @TT*)�?} M)
,� h�*�?}t hi^��h�?} @? i?_ |L _�U|@|Lht��T @t @ ThiUL?_�|�L?� `�|� |�i _i@|� Lu 6h@?UL �? �b.Dc
|�i �b.e UL�T L�ih|�hL��?} |�i _�U|@|Lht��T �? �Lh|�}@*c @?_ |�i t�Mti^�i?| hiit|@M*�t�4i?| Lu
_i4LUh@U) �? |�iti UL�?|h�itc t�__i?*) |�i TL|i?|�@* ?i� 4i4Miht �ihi i*�}�M*i�2. �i}L|�@|�L?t
uL**L�i_ tLL? @u|ih�@h_�
5�?Ui �| �L�*_ tii4 ThiTLt|ihL�t |L @h}�i |�@| |�i u@** Lu |�i _�U|@|Lht��Tt �@t �? @?) �@)
U@�ti_ M) @ t��u| �? UL4T@h@|��i @_�@?|@}ic |�i |�4�?} Lu |�i t|@h| Lu ?i}L|�@|�L?t U@? |��t Mi t@ui*)
|�L�}�| Lu @t iUL?L4�U@**) i L}i?L�t uLh L�h T�hTLtit� 6�h|�ihc @t 6�}�hi � t�L�tc Thi@UUitt�L?
@_��t|4i?| �t i |hi4i*) ThL?L�?Ui_ uLh tiUL?_ i T@?t�L?� A��tc |��t iT�tL_i �L�*_ @TTi@h |L h�*i
L�| hi�ihti U@�t@|�L? @t |�i tL*i U@�ti Lu |�i Thi@UUitt�L? 4L�i4i?|t tii? �? |�i _@|@�
N?_ih |�i t|iTT�?} t|L?i �?|ihThi|@|�L?c ��i?i�ih @ 4@�Lh |h@_i @}hii4i?| �t UL?U*�_i_c �|
�@t Mii? ThiUi_i_ M) @ ?�4Mih Lu t4@**ih L?it Mi|�ii? |�i T@h|�it �?�L*�i_c @?_ |�i Thi@UUitt�L?
hiLh�i?|@|�L? Lu |h@_i �t t�4T*) @ hit�*| Lu |�Lti� A��t �@t t�}}it|i_ M) L??@UL|| E�bbH� �?
UL44i?|t L? |�i �?|ihThi|@|�L? tL4i Lu ,�U�i?}hii? @?_ Wh��?<t E�bbH� hi}hitt�L?t� A�i hi}hitt�L?t
�? ^�it|�L? t�L�i_ |�@| @ _�44) �@h�@M*i uLh hi}�L?@* |h@_i @}hii4i?|t �@_ @ TLt�|��i igiU| L?
|h@_i �L�t Mi|�ii? 4i4Mih UL�?|h�itc i�i? �? )i@ht MiuLhi |�i @}hii4i?| U@4i �?|L igiU|� A��tc
�? L??@UL||<t �?|ihThi|@|�L?c |�i TLt�|��i ULi�U�i?| L? |�i ,,� _�44) �? )i@ht Th�Lh |L |�i ,,�
2.5ii 5|Lh) E�bHS� @?_ �hit|L? E�bb.c U�� e��
2�
4@) hi�iU| |�i ,�5�� W? L�h _@|@c |��t �t @ T@h|�U�*@h*) hi*i�@?| UL?t�_ih@|�L? uLh �,+��5N+c
t�?Ui |�@| T@U| hit�*|i_ �? �bb� uhL4 @ UL4T*�U@|i_ @?_ }h@_�@* t�UUitt�L? Lu M�*@|ih@* @}hii4i?|t
�? |�i �44i_�@|i*) ThiUi_�?} )i@ht � tii tiU|�L? 2���
OL�i�ihc L?Ui @}@�?c |�i i @4T*i Lu |�i tiUL?_ i T@?t�L? Lu |�i ,� t�L�t |�@| |��t U@??L|
Mi |�i i?|�hi t|Lh)� W| �t |h�i |�@| ML|� 5T@�? @?_ �Lh|�}@* �@_ i@h*�ih @}hii4i?|t ��|� |�i ,�
MiuLhi �L�?�?} |�i UL44�?�|)c M�| �? Lh_ih uLh |�Lti @}hii4i?|t |L Mi |�i U@�ti Lu |�i Thi@UUitt�L?
4L�i4i?|t �? |�i _@|@c |�i�h |�4�?} �t UL4T*i|i*) �hL?}� 5T@�? �@_ @ 4Lhi 4L_it| @}hii4i?| ��|�
|�i ,�c _@|�?} M@U! |L �b.f� A��t �@_ ThL��_i_ uLh T@h|�@* 4�|�@* |@h�g hi_�U|�L?t T�@ti_ �? �?|�*
�b..c M�| |�i ThLUitt �@t MhL�}�| |L @ �@*| M) _�tULh_ �? �b.D @?_ |�i? t�TT*@?|i_ M) |�i @UUitt�L?
|@*!t Etii �hit|L? E�bb.c T� Se��� �Lh|�}@*<t �ttLU�@|�L? �}hii4i?| @*tL �@_ �b.. @t |�i |@h}i|
_@|i uLh 4Lt| Lu �|t |@h�g hi_�U|�L?t E�hit|L?c �bb.c T� SD�� W? @__�|�L?c |�i t�Mti^�i?| @UUitt�L?
?i}L|�@|�L?t �ihi hi4@h!@M*) _��U�*| @?_ uh@U|�L�tc @?_ ThL_�Ui_ ?L �?|ih4i_�@|i @}hii4i?|t(2H
@u|ih i�}�| )i@ht Lu ?i}L|�@|�L?c L?i t�?}*ic 4@44L|� |hi@|) �@t t�}?i_ M) 5T@�? @?_ @?L|�ih M)
�Lh|�}@* �? #iUi4Mih �bHD� A��tc |�i t�h}i �? WMih�@? |h@_i Lh�i?|@|�L? |L�@h_ |�i ,� �? |�i
i@h*) �bHft t�4T*) U@??L| Mi i T*@�?i_ |�hL�}� t|iTT�?} t|L?i @}hii4i?|t�
A��tc @*|�L�}� |�i |�L @*|ih?@|��i i T*@?@|�L?t _�tU�tti_ �ihi �?_L�M|i_*) �@�i tL4i hL*i
�? i T*@�?�?} Thi@UUitt�L? hiLh�i?|@|�L?tc |�i) U@? M) ?L 4i@?t @UUL�?| uLh @** Lu |�i4� A�ihi
@TTi@ht |L Mi @ UL?t�_ih@M*i hL*i uLh @?|�U�T@|Lh) �?�it|4i?|�
A�i U@ti ti| L�| �ihi �t Lu UL�hti ?L| @ ThLLu Lu |�i hL*i Lu @?|�U�T@|Lh) �?�it|4i?| �? |�i
LMtih�i_ Thi@UUitt�L? 4L�i4i?|tc M�| �i �LTi |�@| |�i Thiti?Ui Lu |�i ?iUitt@h) ThiUL?_�|�L?tc
2H� T@h|�@* i UiT|�L? �t |�i ,� UL44�|4i?| |L t|h�U|�h@* @_��t|4i?| u�?_t |L �Lh|�}@* �? ThiT@h@|�L? uLh @UUitt�L?�
5L4i Lu |�iti u�?_t �ihi _�tM�hti_ �? |�i i@h*) �bHftc M�| |��t �@t 4@�?*) uLh �?uh@t|h�U|�h@* _i�i*LT4i?| t�U� @t
@�hTLh| �4ThL�i4i?|c @?_ |��t ?L| T@h|�U�*@h*) M�@ti_ |L�@h_ �?Uhi@ti_ �Lh|�}@*�,� |h@_i @?) 4Lhi |�@? |h@_i ��|�
@?) L|�ih |h@_i T@h|?ih� 5ii 6�?@?U�@* A�4it EwL?_L?�c i_?it_@)c #iUi4Mih 2�c �bH�c 5iU|�L? Wc T� 2�
2e
|�i @M�?_@?Ui Lu @?iU_L|@* i��_i?Uic @?_ |�i i �t|i?Ui Lu U@tit �?i T*@�?@M*i M) |�i |�L 4Lt|
?@|�h@* @*|ih?@|��itc @hi |L}i|�ih Tiht�@t��i�
S� �L?U*�t�L?
i �@�i @||i4T|i_ |L @U��i�i |�hii �ih) *�4�|i_ LM�iU|��it� 6�ht|c �i �@�i |h�i_ |L t�L� |�@|
��i? @? iUL?L4) �L�?t @ |h@_i M*LU �| |i?_t |L i ��M�| _)?@4�Ut |�@| @hi UL?t�t|i?| ��|� t|@?_@h_
iUL?L4�U 4L_i*t Lu �?�it|4i?| @?_ @_��t|4i?| ULt|c @?_ |��t |L hii4T�@t�3i |�i �4TLh|@?Ui
Lu t�U� ULt|t �? @?@*)3�?} |h@_i TL*�U)� W? T@h|�U�*@hc |�i T@||ih? Lu @ hL�}� �5< t�@Tic ��|� @?
@UUi*ih@|�?} @?_ |�i? _iUi*ih@|�?} @_��t|4i?|c @?_ @ ��4T L? |�i _@|i Lu _�tUhi|i U�@?}it �? |@h�gtc
@TTi@ht |L Mi @ }LL_ _itUh�T|�L? Lu �L� |h@_i Lh�i?|@|�L? 4L�it� 5iUL?_c �i �@�i @||i4T|i_ |L
^�@?|�u) |�iti _)?@4�Ut� i �LTi |�@| |�i M@**T@h! �}�hi Lu @ |�i*�i�)i@h @_��t|4i?| �? |�i
U@ti Lu |�i ,N ��** i?@M*i @ 4L_it| hi�?i4i?| Lu }�ittit @t |L �L� *L?} �| |@!it uLh |�i *L?}�h�?
igiU|t Lu @ |h@_i @}hii4i?| |L @hh��i� �| @?) h@|ic i�i? �? _�tU�tt�?} ?L?�,�hLTi@? iUL?L4�itc @
}�itt M@ti_ L? ,�hLTi@? _@|@ �t *�!i*) |L Mi @? �4ThL�i4i?| L? }�ittit M@ti_ L? ?L _@|@ @| @**�
6�?@**)c �i �@�i 4@_i @? igLh| |L UL?��?Ui |�i hi@_ih |�@| @?|�U�T@|Lh) �?�it|4i?| �?_�Ui_ M) @
uLh|�UL4�?} U�@?}i �? |h@_i TL*�U) hi}�4i ?L| L?*) �@t |�iLhi|�U@* Lh @?iU_L|@* �@*�_�|)c M�| �t @*tL
U*i@h*) i��_i?| �? |�i @}}hi}@|i Mi�@��Lh Lu LTi? iUL?L4�it�
2D
+iuihi?Uit
d�o �?_ihtL?c k)4 @?_ Oi}i �Lh�i�4 E�bb��� RO�t|Lh)c BiL}h@T�) @?_ +i}�L?@* W?|i}h@|�L?c�
�,�+ #�tU�tt�L? �@Tih �L� .bD�
d2o �h�t|L|i*L�tc k)h�@ULtc @?_ 6L�?|@t 5|�*�@?Lt E�bbS�� R�? ,4T�h�U@* �?@*)t�t Lu W?�@h_ 6Lhi�}?
#�hiU| W?�it|4i?| 6*L�t �? |�i ,N ��|� ,4T�@t�t L? |�i �@h!i| ,?*@h}i4i?| O)TL|�it�tc�
aL�h?@* Lu �L44L? �@h!i| 5|�_�itc #iUi4Mih TT� D.��DH��
d�o � |i**c +L}ih ,� E�bHb�� A�i #Lt @?_ A@MLLt Lu W?|ih?@|�L?@* Ah@_iG � 54@** ��t�?itt �h�4ihc
�i� vLh!G `�*i)�
deo ��@}�@|�c a@}_�t� @?_ �h��?_ �@?@}@h�)@ E�bbS�� R�hiuihi?|�@* Ah@_�?} �hi@t @?_ ��*|�*@|�
ih@*�t4G 5|h@?}ihtc 6h�i?_tc Lh 6Litq� W? a@}_�t� ��@}�@|� @?_ �h��?_ �@?@}@h�)@ Ei_�� A�i
,UL?L4�Ut Lu �hiuihi?|�@* Ah@_i �}hii4i?|tc �4ih�U@? ,?|ihTh�ti W?t|�|�|i �hitt�
dDo �L44�tt�L? Lu |�i ,� E�bHb�� R6@U�?} |�i ��@**i?}it Lu |�i ,@h*) �bbftc� ,�hLTi@? ,UL?L4)
e2c �L�i4Mih�
dSo #i@h_Lhg E�bbH�� R#i|ih4�?@?|t Lu ��*@|ih@* Ah@_iG #Lit Bh@��|) Lh! �? @ �iLU*@tt�U@*
Lh*_c� �? aighi) �� 6h@?!i* Ei_��c A�i +i}�L?@*�3@|�L? Lu |�i `Lh*_ ,UL?L4)c N?��iht�|) Lu
���U@}L �hitt�
d.o #i�i��@c V� O� E�bbD�� R`�** Bh@_�@*�t4 Lh! `�i? 5�LU! A�ih@T) #Lit?<|q� �A�w �UU@�
t�L?@* �@Tih �L� �Dc �i?|hi uLh Ah@_i �L*�U) @?_ w@�c �||@�@c �@?@_@�
dHo ,�hLTi@? 6hii Ah@_i �ttLU�@|�L?� �??�@* +iTLh| Lu |�i ,�hLTi@? 6hii Ah@_i �ttLU�@|�L?c
Bi?i�@c �@h�L�t )i@ht �bS���bb��
2S
dbo ,�U�i?}hii?c �@hh)c @?_ #L�}*@t �� Wh��? E�bbH�� RA�i +L*i Lu O�t|Lh) �? Ah@_i 6*L�tc� �?
aighi) �� 6h@?!i* Ei_��c A�i +i}�L?@*�3@|�L? Lu |�i `Lh*_ ,UL?L4)c N?��iht�|) Lu ���U@}L
�hitt�
d�fo 6h@?!i*c aighi) �� E�bb.�� +i}�L?@* Ah@_�?} �*LUt �? |�i `Lh*_ ,UL?L4�U 5)t|i4c W?t|�|�|i
uLh W?|ih?@|�L?@* ,UL?L4�Utc @t��?}|L? #����
d��o 6hi�?_c �@hL*�?i E�bbH�� R+i}�L?@*�t4 @?_ �ih4@?i?| #��iht�L?c� W?|ih?@|�L?@* 6�?@?Ui #�t�
U�tt�L? �@Tiht ��4Mih Sf2c �L@h_ Lu BL�ih?Lht Lu |�i 6i_ih@* +itih�i 5)t|i4c @t��?}|L?c
#���
d�2o 6�_i?Mih} c #� @?_ a� A�hL*i E�bH.�� RN?_iht|@?_�?} +i?| #�tt�T@|�L?G �? |�i Nti Lu B@4i
A�iLh) �? W?_�t|h�@* �h}@?�3@|�L?c� �4ih�U@? ,UL?L4�U +i��i�G �@Tiht @?_ �hLUii_�?}t ..G
TT� �.S�H��
d��o Bh@�@4c A�L4@t +� E�bH.�� Rk?L��?} N?�|i_ 5|@|it Ah@_i w@�tc� �@?@_�@? ��t�?itt +i��i�
E��}�t|�c TT� �b�e��
d�eo O�uM@�ihc B@h) @?_ aighi) 5U�L|| E�bb�����6A�G �? �ttitt4i?|� @t��?}|L?c #�G W?t|�|�|i
uLh W?|ih?@|�L?@* ,UL?L4�Ut�
d�Do a@ULMtL?c wL��t 5�c +LMih| a� w@wL?_ic @?_ #@?�i* 5�**��@? E�bb��� R,@h?�?}t wLttit Lu #�t�
T*@Ui_ Lh!ihtc� �4ih�U@? ,UL?L4�U +i��i�c VL*� H�c �L�ec TT� SHD�.���
d�So ai?�t�c #<�hU) E�bHH@�� R`�??�?} |�i Ah@_i �@||*ic� �@U*i@?tc 5iT|i4Mih �bc �bHHc TT� �2�
e� E�bHHM��
d�.o � RA�i �@?@_�@?t wLL! 5L�|�G � +@Ui |L W?�it| �? �4ih�U@c� �@U*i@?tc 5iT|i4Mih �bc
�bHHc TT� �H�ef�
2.
d�Ho wi�)c 5@?|�@}Lc @?_ 5�i_ih �@? `��?Mih}i? E�bbe�� Rw@MLh 4@h!i|tc 4�}h@|�L? @?_ �i*u@hiG
@}h�U�*|�hi �? |�i �Lh|���4ih�U@? 6hii Ah@_i �}hii4i?|c� aL�h?@* Lu #i�i*LT4i?| ,UL?L4�Ut
e� E�Th�*�c TT� 2S��.H�
d�bo �@}}�c B�L�@??�c @?_ �?_hit +L_h�}�i3��*@hi E�bbH�� RA�i V@*�i Lu Ah@_i �}hii4i?|t �? |�i
�hiti?Ui Lu �L*�|�U@* �hitt�hitc� aL�h?@* Lu �L*�|�U@* ,UL?L4)c uLh|�UL4�?}�
d2fo �Uw@hi?c aL�? E�bb.�� R5�3ic 5�?! �Lt|tc @?_ a�_}i �L�!ih<t �M�iU|�L? |L 6hii Ah@_ic�
�4ih�U@? ,UL?L4�U +i��i�c H.G��
d2�o ��tt@c ��U�@i* E�b.H�� R#)?@4�U �_��t|4i?| �? |�i OiU!tU�ih���*�?�5@4�i*tL? �L_i*c�
aL�h?@* Lu �L*�|�U@* ,UL?L4) HSGDc TT� ..D�b��
d22o �L}��itc a�*�L a� @?_ +Lt@*�?_@ "��?|@?�**@ E�bb��� Rw@|�? �4ih�U@t W?|i}h@|�L? @?_ |�i ��*�
|�*@|ih@* Ah@_�?} 5)t|i4c� �? #i �i*Lc a@�4i @?_ �h��?_ �@?@}@h�)@ Ei_��c �i� #�4i?t�L?t
�? +i}�L?@* W?|i}h@|�L?� �@4Mh�_}iG �@4Mh�_}i N?��iht�|) �hitt�
d2�o �hit|L?c ��h�t|LT�ih E�bb.�� ,?*@h}i4i?| @?_ W?|i}h@|�L? �? |�i ,�hLTi@? N?�L?� wL?_L?G
+�|*i_}i�
d2eo +LMih|tc �@h! a� @?_ a@4it +� A)ML�| E�bb.�� RA�i #iU�t�L? |L , TLh| �? �L*L4M�@G �?
,4T�h�U@* �L_i* Lu ,?|h) ��|� 5�?! �Lt|tc� �4ih�U@? ,UL?L4�U +i��i� H.Ge E5iT|i4Mih�c
TT� DeD�Se�
d2Do 5|@�}ihc +LMih| @?_ B��_L A@Mi**�?� E�bHb�� R+�*it @?_ #�tUhi|�L? �? Ah@_i �L*�U)c� ,�hLTi@?
,UL?L4�U +i��i� ��c TT� �2SD�..�
d2So 5|i�i?tc B�) E�bbH�� RN�5� #�hiU| W?�it|4i?| |L �i �ULG �L*�|�Utc ,UL?L4�Utc @?_ ��6A�c�
�L?|i4TLh@h) ,UL?L4�U �L*�U)c �Th�*c TT� �b.�2�f�
2H
d2.o 5|Lh)c aL?@|�@? E�bHS�� RA�i Ai? �*�t A�LG 5T@�? @?_ �Lh|�}@* aL�? |�i ,�c� 5�W5 +i��i��
d2Ho 5�@??c #i??�tc E�bbf�� A�i ,UL?L4�Ut Lu |�i �L44L? �@h!i|c �i?}��? �LL!t�
d2bo A�L4TtL?c ��*ii? E�bb��� RA�i �?|�U�T@|i_ 5iU|Lh@* �_��t|4i?| |L |�i �@?@_@�N?�|i_ 5|@|it
6hii Ah@_i �}hii4i?|G �? ,�i?| 5|�_) �?@*)t�tc� �@?@_�@? aL�h?@* Lu ,UL?L4�Ut jjVWG2
E�@)�c TT� 2D��.2�
d�fo A�L4TtL?c ��*ii? E�bbe�� RAh@_i w�Mih@*�3@|�L?c �L4T@h@|��i �_�@?|@}ic @?_ 5U@*i
,UL?L4�itG 5|LU! �@h!i| ,��_i?Ui uhL4 �@?@_@�� aL�h?@* Lu W?|ih?@|�L?@* ,UL?L4�Ut �.G�c2
E��}�t|�c TT� ��2.�
d��o At@*�UL}*L�c W@UL�Lt 5� E�bbD�� �i}L|�@|�?} uLh ,?|h)G A�i �UUitt�L? Lu BhiiUi |L |�i ,�hLTi@?
�L44�?�|)� �*_iht�L|c NkG #@h|4L�|� ��M*�t��?} �L�
d�2o AtL�!@*�tc wL�!@t E�bb��� A�i �i� ,�hLTi@? ,UL?L4)G A�i �L*�|�Ut @?_ ,UL?L4�Ut Lu W?|i�
}h@|�L?� � uLh_G � uLh_ N?��iht�|) �hitt�
d��o `�?�@4c B�*Mih| +� E�bHH�� R`�) �@?@_@ �U|i_c� �? `�**�@4 #�iML*_ ah� Ei_�� ��*@|ih@*�t4c
��*|�*@|ih@*�t4 @?_ �@?@_@ �? N�5� Ah@_i �L*�U)� �@4Mh�_}iG �@**�?}ih TT� �.�SH�
d�eo `�?|ihtc �*@? w� E�bHe�� R�h�|�t� W4TLh|t Lu �@?�u@U|�hit @?_ |�i �L44L? �@h!i|� � uLh_
,UL?L4�U �@Tiht �S TT� �f����H�
d�Do `�?|ihtc �*@? w� E�bHD�� R5iT@h@M�*�|) @?_ |�i �L_i**�?} Lu W?|ih?@|�L?@* ,UL?L4�U W?|i}h@�
|�L?� ,�hLTi@? ,UL?L4�U +i��i� 2. TT� ��D��D��
d�So L??@UL||c �@�* E�bbH�� R�L44i?|c� �? aighi) �� 6h@?!i* Ei_��c A�i +i}�L?@*�3@|�L? Lu |�i
`Lh*_ ,UL?L4)c N?��iht�|) Lu ���U@}L �hitt�
2b
d�.o v@??LTL�*Ltc B� �� E�bHH�� ��t|L4t N?�L?t @?_ Ah@_i �L?��U|tG A�i ,?*@h}i4i?| Lu |�i
,�hLTi@? �L44�?�|)c wL?_L?G +L�|*i_}i�
�f
.� �TTi?_� G A�L �@h@_�}4t Lu #)?@4�U �_��t|4i?|
Oihi �i t�L� |�@| |�i itti?|�@* i*i4i?|t �i *LL! uLh �? |�i _@|@ � @?|�U�T@|Lh) �?�it|4i?|c @
_�tUL?|�?��|) @| |�i @UUitt�L? _@|ic @? @UUi*ih@|�L? uL**L�i_ M) @ _iUi*ih@|�L? Lu @_��t|4i?| � U@?
Mi uL�?_ �? 4L_i*t ��|� �ih) _�gihi?| �?_ih*)�?} 4iU�@?�t4t� W? i@U� U@ti �| t�L�*_ Mi �?_ih*�?i_
|�@| L�h }L@* �t |L �h�|i _L�? |�i t�4T*it| TLtt�M*i i @4T*i( @ 4Lhi hi@*�t|�U 4L_i* �L�*_ |@!i �T
4�U� 4Lhi tT@Ui ��|�L�| @__�?} 4�U� 4Lhi �?t�}�|�
.��� �L?�i @_��t|4i?| ULt|t
�L?t�_ih |�i uL**L��?} �@h�@?| Lu @ ��tt@ E�b.H��t|)*i 4L_i*� 5�TTLti |�@| |�ihi @hi |�hii UL�?�
|h�itc fc t @?_ ~c @?_ |�hii }LL_tc %c +c @?_ 5� BLL_ 5 �t UL?t�4i_ @?_ ThL_�Ui_ i�ih)��ihic
M�| �t UL?t�4i_ L?*) �? fc + �t UL?t�4i_ L?*) �? t c @?_ % @?_ + @hi ThL_�Ui_ L?*) �? ~� A�ihi
�t �?�|�@**) @? @_ �@*Lhi4 |@h�g Lu f L? �4TLh|t �?|L UL�?|h) f @?_ t �?|L UL�?|h) t � �L }LL_ �t
t|Lh@M*ic @?_ |�i f�UL�?|h) hiThiti?|@|��i @}i?| �@t @ �|�*�|) u�?U|�L? Lu |�i uLh4 5nLE%� E��ihi
L �t UL?U@�i @?_ _�gihi?|�@M*i�c tL �i 4@) _ih��i @? �?t|@?|@?iL�t _i4@?_ hi*@|�L? (%E^%E|��
}���?} |�i ^�@?|�|) Lu % _i4@?_i_ �? f @| |�4i | @t @ u�?U|�L? Lu |�i Th�Uic ^%E|�c Lu % �? f @|
|�4i |� 5�4�*@h*)c �i U@? _ih��i _i4@?_ (+E^+E|�� uLh + �? t c @?_ �u |�iti @hi �i**�Mi�@�i_c �i U@?
|�i? _ih��i |�i 4@h!i|�U*i@h�?} hi*@|�L?t �%E%E|�c �f� }���?} |�i Th�Ui R% Lu % �? ~c @?_ �+E+E|�c �t �
}���?} |�i Th�Ui Lu +�2b �hL_�U|�L? Lu L?i �?�| Lu % Lh + hi^��hit L?i �?�| Lu U@T�|@*c @?_ ThL_�U|�L?
2bA��t @h|��U�@* t|h�U|�hi �t |�i t�4T*it| TLtt�M*i �@) Lu @U��i��?} _i|ih4�?@|i M�*@|ih@* |h@_i �L�t �? @ UL4Ti|�|��i
|�hii�UL�?|h) 4L_i*( �| �t �i**�!?L�? |�@| ��|� 4Lhi �Lh!c L?i U@? _ih��i M�*@|ih@* �L�t �? @ �@h�@?| Lu @ OiU!t�ih�
��*�? 4L_i* Etii #i@h_Lhgc �bbH�c @?_ �| �L�*_ |��t Mi t|h@�}�|uLh�@h_ |L _L ��@| �t _L?i �ihi �? t�U� @ ti||�?} @t
�i**�
��
Lu L?i �?�| Lu 5 hi^��hit L?i �?�| Lu *@MLh� A�ihi @hi @ � i_ i?_L�4i?| Lu *@MLh @?_ U@T�|@* �?
UL�?|h) ~�
�@T�|@* �t @ ^�@t��� i_ u@U|Lhc 4i@?�?} |�@| �| U@? Mi 4L�i_ uhL4 �ThL_�U|�L? |L )� ThL_�U|�L?
Lh ��Ui �iht@ @| @ ULt| |�@| _iTi?_t L? |�i h@|i @| ���U� �| �t 4L�i_� 5TiU��U@**)c _i?L|i |�i h@|i
Lu U�@?}i Lu % L�|T�| �? UL�?|h) ~ ��|� hitTiU| |L |�4i | M)�% _%*_|� A��t �t @*tL i^�@* |L |�i
h@|i @| ���U� U@T�|@* �t *i@��?} ThL_�U|�L? @?_ i?|ih�?} + ThL_�U|�L?c @?_ |��t @*tL i^�@* |L
4�?�t L?i |�4it |�i h@|i Lu U�@?}i Lu + ThL_�U|�L?� � U@T�|@* L�?ih ��t��?} |L 4L�i U@T�|@* uhL4
L?i }LL_ |L |�i L|�ih @| |�i h@|i hi^��hit @? �?t|@?|@?iL�t *@MLh �?T�| Lu [E�%�c ��ihi [Ef� ' f c
[�Ef� ' fc @?_ [��Ef� : f � �% �
A@!i }LL_ 5 �? ~ |L Mi |�i ?�4ih@�hi� B��i? |�@| |�i �@}i �t |�i? � i_ @| �?�|) M) |iU�?L*L})
�? |�i 5 tiU|Lhc @?_ }��i? @? @?|�U�T@|i_ |�4i T@|� R�E|� ' ^�E|�*d�n��E|�o uLh |�i ~3UL�?|h) Th�Ui
Lu }LL_ �c UL4Ti|�|��i i^��*�Mh��4 �? |�i U@T�|@*�t| tiU|Lh ��** 4@ �4�3iG
"D
|'f
e34|dR%E|�%E|� n R+E|�Eg 3 %E|��3[E�% E|��o_|c
��ihi g �t |�i |L|@* U@T�|@* �? ~ @?_ 4 �t |�i _�tUL�?| h@|i� wi||�?} b _i?L|i |�i �@*�i |L @ �?�|
Lu U@T�|@* ThL_�U�?} % �?t|i@_ Lu +c �i �@�i |�i uL**L��?}G
bE|� "D
|
e34rER%Er�3 R+Er��_rc
A�i �ht|�Lh_ih UL?_�|�L? EM) hi@hh@?}i4i?| Lu |�i O@4�*|L?�@?� U@? |�i? Mi �h�||i?G
[�E�% E|�� ' bE|� �|c
@?_ |�i h@|i Lu U�@?}i Lu |�i �@*�i Lu �U@T�|@* �tG
�
b E|� ' 4bE|�3 ER%E|�3 R+E|��
' 4bE|�3 d�%E%E|�c �f�3 �+Edg 3 %E|�oc �t �o�
�2
A�iti |�L _�gihi?|�@* i^�@|�L?t U@? Mi }h@T�i_ �? |�i u@4�*�@h T�@ti _�@}h@4 uLh4 Lu 6�}�hi ��c
��ihi |�i�
b' f *LU�t �t �?_�U@|i_( |�i�%' f *LU�t �t |�i �Lh�3L?|@* @ �t( |�i�h �?|ihtiU|�L? �t |�i
t|i@_) t|@|i TL�?| �( @?_ |�i t@__*i T@|� �t 4@h!i_ @t 55� �L�c t�TTLti |�@| |�i t)t|i4 �t �?�|�@**)
@| |��t t|i@_) t|@|ic @?_ |�@| @| |�4i f |�i }L�ih?4i?|t Lu f @?_ ~ _iU�_i |L uLh4 @ uhii |h@_i
@hi@ @t Lu |�4i |W : f� A��t ��** �?�L*�i @? @Mh�T| _hLT �? |�i |@h�g �f |L @ �@*�i Lu 3ihL @| |�@|
4L4i?|� A��t ��** *i@�i |�i�%' f *LU�t �?U�@?}i_c M�| ��** t��u| |�i
�
b' f *LU�t �T @Mh�T|*) @|
|Wc U@�t�?} |�i t)t|i4 |L ��4T uhL4 � |L � @| | ' f @?_ |�i? uL**L� |�i �?_�U@|i_ ?Lh|��i@t|ih*)
T@|� �?|�* �| hi@U�it |�i ?i� t@__*i T@|� @| i @U|*) | ' |Wc @TThL@U��?} |�ihi@u|ih |�i ?i� t|i@_)
t|@|i Lu ��
5�?Ui @| i@U� TL�?| �? |��t ThLUitt |�i @_��t|4i?| T@|� *�it @ML�i |�i�%' f *LU�tc @?_ t�?Ui b
�ht| h�tit @?_ |�i? u@**tc U@T�|@* 4L�it t|i@_�*) |L�@h_ % ThL_�U|�L?c �ht| @| @? @UUi*ih@|�?} h@|ic
|�i? @| @ _iUi*ih@|�?} h@|i� W? L|�ih �Lh_tc �u %E|� �t T*L||i_ @}@�?t| |c |�i hit�*| ��** Mi @? 5�
t�@Ti_ �}�hic ��|� |W *LU@|i_ �? |�i �?|ih�Lh Lu |�i �5<� �L� UL?t�_ih j<t t�@hi Lu ~<t i TLh|tc kf
R%E|�%E|�*dR%E|�%E|� n R+E|�+E|�o� Wu |�i _i4@?_ hi*@|�L?t (% @?_ (+ @hi _L�?�@h_�t*LT�?}c |�i?
kfE�� ��** Mi}�? |L @_��t| |L |�i ?i�t Lu |�i uhii |h@_i @hi@ @| | ' f( E��� ��** @_��t| UL?|�?�L�t*)c
i UiT| @| | ' |Wc @| ���U� TL�?| �| ��** ��4T �T _�tUL?|�?�L�t*)(�f E���� ��** |@!i @ ��}�ih �@*�i �?
|�i ?i� t|i@_)�t|@|i |�@? �? |�i Lh�}�?@* L?i(�� @?_ E��� ��** _iUi*ih@|i |L�@h_ @ 3ihL h@|i Lu U�@?}i
@t |�i ?i� t|i@_)�t|@|i �t @TThL@U�i_� `�i|�ih Lh ?L| �| �@t ThiU�ti*) @? �5<�t�@Ti _iTi?_t L?
i*@t|�U�|�it��2
�fA��t �tc Lu UL�htic MiU@�ti Lu |�i hi4L�@* Lu |�i |@h�g @| |�@| _@|ic U@�t�?} @ _�tUL?|�?�L�t 4L�i4i?| �? Th�Uit�
A��t t|@|i4i?| �t 4@_i �? hiuihi?Ui |L Th�Uit ?i| Lu |@h�g( 4i@t�hi_ @| |@h�g��?U*�t��i Th�Uit ^%c kf �L�*_ �@�i @
UL?|�?�L�t T@|����5�4T*)c |�i UL?_�|�L? R% ' R+ 4�t| �L*_ @| i@U� t|i@_) t|@|ic tL |�i ��}�ih *i�i* Lu % �? |�i ?i� t|i@_)�t|@|i
}�@h@?|iit @ ��}�ih �@*�i Lu kf ��2Wu |�i _i4@?_ hi*@|�L?t @hi i*@t|�U i�ih)��ihic |�i? kf ��** h�ti 4L?L|L?�U@**)� 6@�*�?} |�@|c |�i? kf 4@) @|
��
.�2� 5|h@|i}�U Thii4T|�L?
�L� UL?t�_ih |�i @ML�i |�hii�UL�?|h) ti|�Tc M�| ��|� |�i uL**L��?} ThL_�U|�L? t|h�U|�hi� ,@U�
UL�?|h) ThL_�Uit @? @}h�U�*|�h@* }LL_c }LL_ +c i@U� �?�| Lu ���U� hi^��hit L?i �?�| Lu *@MLhc
@?_ ���U� ��** tih�i @t @ ?�4ih@�hi� OL�i�ihc ~ @*tL ThL_�Uit @ UL?|�?��4 Lu 4@?�u@U|�hi_
}LL_tc �?_i i_ M) � M dfc �oc i@U� Lu ���U� �t ThL_�Ui_ M) @ �L�h?L| _�LTL*)� �iU@�ti i@U� Lu
|�iti 4@?�u@U|�hi_ }LL_t hi^��hit @ t�Mt|@?|�@* i*i4i?| Lu ULt|�4ih tih��Uic @ �h4 U@??L| ti**
�? @?) UL�?|h) ��|�L�| �ht| it|@M*�t��?} @ t�Mt�_�@h) Et�U� @t @ _i@*iht��T Lh tih��Ui Ui?|ih� �?
|�@| UL�?|h)� A��t hi^��hit @ L?i�|�4i *@MLh �?T�| Lu 8� M d86�?c 86@%oc 86@% : 86�? : f� wi|
|�i _�t|h�M�|�L? Lu |�i 8� @UhLtt �?_�t|h�it Mi }��i? M) @ _i?t�|) u�?U|�L? s c @?_ ��|�L�| *Ltt Lu
}i?ih@*�|)c @tt�4i |�@| |�i }LL_t �@�i Mii? ?�4Mihi_ tL |�@| � : � �4T*�it 8� : 8� � A��tc
uLh i@U� �c � '8�OfsE8 �_8 � O@��?} it|@M*�t�i_ |��t t�Mt�_�@h)c �| U@? |�i? t��T uhL4 �|t T*@?| �?
~ |L t@|�tu) *LU@* _i4@?_ �? |�i L|�ih UL�?|h)( MiU@�ti Lu *@h}i � i_ @?_ t�?! ULt|t hi^��hi_ |L
it|@M*�t� @ T*@?|c �| �t ?i�ih �Lh|����*i |L ThL_�Ui �? 4Lhi |�@? L?i *LU@|�L?� A�i 4@h}�?@* ULt|
Lu ThL_�U|�L? �t S : f �?�|t Lu *@MLh uLh @** ��
�L|� t @?_ ~ @hi 4@|�hi iUL?L4�itc �? ���U� |�i �L�h?L| UL4Ti|�|�L? hit�*|t �? t@*it Lu %
�?�|t Lu i@U� 4@?�u@U|�hi_ }LL_c @| @ Th�Ui Rc @| i@U� _@|i� A�if iUL?L4)c �L�i�ihc �t }hL��?} uLh
i L}i?L�t hi@tL?tc @?_ i ��M�|t @ _i4@?_ U�h�i uLh }LL_ � }��i? M) R� ' (E%�( |�c ��ihi R� _i?L|it
|�i Th�Ui Lu }LL_ � �? f( %� _i?L|it |�i ^�@?|�|) tL*_ |�ihi( @?_ | _i?L|it |�4i� A�i u�?U|�L? ( �t
_�gihi?|�@M*ic _iUhi@t�?} �? �|t �ht| @h}�4i?| @?_ �?Uhi@t�?} �? �|t tiUL?_ @h}�4i?|� 5�TTLti |�@|
@** |h@_i �t uhiic i UiT| |�@| |�i f }L�ih?4i?| U�@h}it @ tTiU��U |@h�g L? 4@?�u@U|�hi_ �4TLh|tc
���U� |@!it @ �@*�i Lu �E|� @| |�4i |� #i?L|i |�i ThL�| @? ��tiU|Lh 4L?LTL*�t| �L�*_ 4@!i �? |�i f
tL4i TL�?| _hLTc @?_ �? }i?ih@*�kf 4@)c �? Th�?U�T*ic h�ti @?_ u@** ti�ih@* |�4it� `�i|�ih Lh ?L| kf �@t @? i @U|*)
<5<�t�@Ti_ T@|� �tc Lu UL�htic @? i4T�h�U@* 4@||ih�
�e
4@h!i|c �}?Lh�?} |�i t�?! ULt| Lu |�i t�Mt�_�@h)c M) ZWE|c �� 6@%^tE(E^( |�3 S3 ��^� ��c ��ihi
� �t |�i |@h�g� A�i ThL�|�4@ �4�3�?} ^�@?|�|)c %E|c ��ERo�Sec RE|c ��� �t UL?|�?�L�t*) _iUhi@t�?}
E�?Uhi@t�?}� �? � �
A�ihi @hi ti�ih@* �@)t |L �?|hL_�Ui @ 4L|��i uLh Thii4T|��i �?�it|4i?| Etii 6�_i?Mih} @?_
A�hL*i E�bH.� uLh @ M@t�U hiuihi?Ui�� 6Lh L�h T�hTLtitc t�4T*) Thit�4i |�@| |�i �ht| ThL_�Uih |L ti|
�T @ t�Mt�_�@h) �? |�i f 4@h!i| �t @M*i |L �?_ih|@!i t|h@|i}�it |L 4@!i �| _��U�*| Lh �?ThL�|@M*i
uLh |�i tiUL?_ �h4 |L i?|ih EuLh i @4T*ic @ t4@** Mh�Mi |L |�i M�hi@�Uh@| hitTL?t�M*i uLh @TThL��?}
�?�@h_ _�hiU| �?�it|4i?|�� A��tc |�i �ht| �? ��** Mi @ 4L?LTL*�t| uLhi�ih� k?L��?} |��tc �u �| i�ih
MiUL4it @||h@U|��i |L i?|ih |�i f 4@h!i| |L ti** }LL_ �c |�i |�L �h4t ThL_�U�?} }LL_ � ��** T*@)
@ Thii4T|�L? }@4i�
5�TTLti |�@| |�i f |@h�g �?�|�@**) �@t @ �@*�i Lu �� : fc @?_ t�TTLti |�@| ZWE|c ��� 48�
��c�|ctL |�@| @Mti?| |@h�g *L�ih�?}c ?L �h4 �L�*_ Uhi@|i @ t�Mt�_�@h) �? f� �L� t�TTLti |�@| @|
|�4i fc f @?_ ~ @}hii |L uLh4 @ uhii |h@_i @hi@ @t Lu |�4i |W : f� A��t ��** �?�L*�i @? @Mh�T|
_hLT �? |�i |@h�g |L @ �@*�i Lu 3ihL @| |�@| 4L4i?|c M�| Mi|�ii? |�4i f @?_ |Wc |�i |@h�g ��**
hi4@�? @| |�� #i�?i |�i }hLtt �@*�i |L 4L?LTL*) �? @?) 4@?�u@U|�h�?} tiU|Lh �? f UL?_�|�L?@*
L? |�i uhii |h@_i @}hii4i?| @t T E|� "O|
e34rZWErc �Er��_rc ��ihi �E|� ' �� uLh | M dfc |W� @?_
�E|� ' f uLh | M d|Wc"�� �L|i |�@| T E|� �t UL?|�?�L�tc _itT�|i |�i _�tUL?|�?��|) �? E|�� �tt�4i |�@|
T E|W� : 86�? c tL |�@| |�i @}hii4i?| 4@!it i?|h) �? f TL|i?|�@**) ThL�|@M*i uLh tL4i �?_�t|h�itc
M�| ZWE|Wc f� 484�? c tL |�@| uLh @** �?_�t|h�itc |�i �_i@* |�4i |L i?|ih �t tL4i|�4i @s|eo |�i
_@|i |�i @}hii4i?| UL4it �?|L uLhUi( @?_ T Ef� 86�? c tL |�@| uLh @** �?_�t|h�itc i?|h) @| |�i
@??L�?Ui4i?| _@|i �t �?ThL�|@M*i� �L?t�_ih |�i _)?@4�U }@4i �? ���U� i@U� Lu |�i |�L �h4t
�? �?_�t|h) � T�U!t �|t i?|h) _@|i UL?_�|�L?@* L? |�i L|�ih �h4t ?L| �@��?} i?|ihi_ )i|� A�i L?*)
i^��*�Mh��4 �? T�hi t|h@|i}�it �t L?i �? ���U� i?|h) LUU�ht @t tLL? @t T E|� ' 8� � A��t UL?_�|�L?
�D
�4T*�U�|*) _i�?it @? i?|h) _@|ic |�c uLh i@U� �?_�t|h) �c @?_ @**L�t �t |L UL4T�|i |�i i^��*�Mh��4
?�4Mih Lu �h4t |�@| �@�i i?|ihi_ |�i f 4@h!i| @t Lu |�4i |c ?E|� T E|�O84�?
sE8 �_s � Wu |�i _i?t�|) s
�@t @ t|@?_@h_ ^�@t��UL?U@�i Mi** t�@Ti ��|� sE86�?� ' sE86@%� ' fc |�i? |�i T*L| Lu ?E|� @}@�?t|
|�4i ��** �@�i @ UL?|�?�L�t @?_ 4L?L|L?�U 5 t�@Tic Mi}�??�?} |L h�ti @| tL4i _@|i | Mi|�ii? |�i
@??L�?Ui4i?| @?_ |�i |@h�g i*�4�?@|�L?c ��|� ?E|� ' f( h�t�?} �ht| 4Lhi ^��U!*)c |�i? 4Lhi t*L�*)
|�ihi@u|ihc @?_ |�i? t*L��?} _L�? @t �| ?i@ht @ ?i� t|i@_) t|@|i� � t�4�*@h T@||ih? ��** Mi LMtih�i_
�? UL�?|h) f<t t�@hi Lu ~<t i TLh|tc kfE|� d?E|�RE|( �E|��%E|( �E|��o*d?E|�RE|( �E|��%E|( �E|��n R%o�
A�i |�4i T@|� uLh kf G E�� ��** Mi}�? |L @_��t| |L |�i ?i�t Lu |�i uhii |h@_i @hi@ @| | ' |� |W (
E��� ��** @_��t| UL?|�?�L�t*)c i UiT| @| | ' |Wc @| ���U� TL�?| �| ��** ��4T �T _�tUL?|�?�L�t*)(�� E����
��** Mi 4L?L|L?�U@**) �?Uhi@t�?}( @?_ E��� ��** _iUi*ih@|i |L�@h_ @ 3ihL h@|i Lu U�@?}i @t |�i ?i�
t|i@_)�t|@|i �t @TThL@U�i_� W? |��t ti?tic �| ��** Mi i�|�ih �5<�t�@Ti_ Lh ^��|i U*Lti |L �|�
A��tc |�i MhL@_ L�|*�?it Lu |�i @}}hi}@|i @_��t|4i?| �? |�i |�L U@tit @hi t�4�*@h� A�i |h@_i
t�@hi kf Mi}�?t |L h�ti MiuLhi |�i |h@_i @}hii4i?| UL4it �?|L uLhUic MiU@�ti Lu @?|�U�T@|Lh) �?�
�it|4i?|� W|t _�hiU|�L? Lu 4L�i4i?| �t �T�@h_ L�ih@**c @?_ �| �t UL?|�?�L�t i UiT| @| |�i @U|�@*
@UUitt�L? _@|ic MiU@�ti Lu @ _�tUL?|�?�L�t 4L�i4i?| �? |h@_i �4Ti_�4i?|tc @?_ �i?Ui �? Th�Uitc
L? |�@| _@|i� 6�?@**)c |��t @_��t|4i?| �t t*L�ih @| �|t Mi}�??�?} @?_ i?_ |�@? �? Mi|�ii?�
��A��t �tc Lu UL�htic MiU@�ti Lu |�i hi4L�@* Lu |�i |@h�g @| |�@| _@|ic ���U� U@�tit @ _�tUL?|�?L�t �?Uhi@ti �?
^�@?|�|) tL*_ @?_ �? hi�i?�it hiUi��i_ M) i@U� �h4 |�@| �@t @*hi@_) i?|ihi_ @t Lu |�@| _@|i�
�S
A@M*i �G ��iUi��ti *�?i@h hi}hitt�L? uLh |�i ,N
W?|i? 5�@hi
rf �2�D�8 �e���8
Ef�.D�� Ef�D2f�
r� b�De8 .�e28
Ef�.S.� Ef�D�f�
q� f�fee8 f�f�S8
Ef�ffe� Ef�ff��
?LM D2H D2H
�5, f�f�f f�ff2
�Lhi 6�ht| , T@?t�L? 6�?@* , T@?t�L?
�S�be8 �S�bD8 �D�ff8
Ef�H��� E��ef�� E���eH�
H�.�8 ���D.8
Ef�S�2� E��eb2�
f�f�e8 f�ffb8 f�f��8
Ef�ff�� Ef�ff�� Ef�ff2�
2eD �e. �e.
f�ff� f�ff2 f�ffe
�L|itG hi}hitt�L?t �ihi h�? ��|� UL�?|h) � i_ igiU|tc �@*�it uLh |�i
UL?t|@?|t @hi ?L| hiTLh|i_� �t)4T|L|�U t|@?_@h_ ihhLht @hi �? T@hi?|�itit�
�.
A@M*i 2G �?|�U�T@|�L? �? |�i ,N
t 5�@hi W?|i? 5�@hi W?|i?
�D f�ffD f�f2e f�ffe f�fS�88
Ef�.b� E��f.� Ef�S�� E2�.D�
�e f�f�� f�f�S f�f�S8 f�feS
E��Sf� E���b� E2�fe� E��eS�
�� f�f2�8 f�fDH f�f2S88 f��fD88
E2��.� E��S2� E2�..� E2�H��
�2 f�f2�8 f�f�� f�f2e8 f�fH.8
E��b.� Ef�He� E2�2H� E2�fb�
�� f�f��88 f�fD� f�f��88 f�fbf8
E2�.�� E��2e� E2�.b� E2�f��
f f�fSf88 f���H88 f�fS�88 f�fb.8
Ee�bD� E2�S�� ED��f� E2�fe�
?LM S�D S�D S�D S�D
�_� -2 f�De f�SS f�Df f�DS
�L|itG 6�ht| 2 UL*�4?t it|�4@|i i^�@|�L? e��c tiUL?_ |�L
UL*�4?t it|�4@|i i^�@|�L? e�� i U*�_�?} U@*i?_@h )i@h igiU|t�
�** hi}hitt�L?t h�? ��|� @ ULhhiU|�L? uLh @�|LULhhi*@|�L?�
|�t|@|�t|�Ut �? T@hi?|�itit�8 5�}?��U@?| @| |�i DI *i�i*c 88t�}?��U@?| | |�i �I *i�i*�
�H
A@M*i �G O)TL|�it�t Ait|t uLh |�i ,N
5�@hi W?|i?
�D f�f2 f��S
�e f�f2 f��.
�� f�f� f��b
�� f�ffH f�f2
�2 f�fH f�fb
�L|itG A��t |@M*i hiTLh|t |�i 4@h}�?@* t�}?��U@?Ui *i�i*t Lu �)TL|�it�t |it|t Lu |�i tTiU��U@|�L?t
hiTLh|i_ �? �}�hit e�� @?_ e�2� ,@U� |it| �t U@*U�*@|i_ M) UL4T�|�?} |�i @TThLTh�@|i @*_ t|@|�t|�U
�2E��� �D��� O)TL|�it�tG Thi@UUitt�L? igiU|t t�4 |L 3ihL �? ��ic uL�hc @?_ |�hii )i@ht MiuLhi
@UUitt�L?� ��G O)TL|�it�tG |�i }@�? �? |h@_i t�@hi �? R)i@h 3ihL� �t i^�@* |L |�i @�ih@}i }@�?� �2G
6�ht| _�gihi?Uit� O)TL|�it�tG |�i it|�4@|i Lu |�i ULi�U�i?| L? R)i@h 3ihL� �t i^�@* |L |�i @�ih@}i
ULi�U�i?|�
�b
A@M*i eG ��iUi��ti *�?i@h hi}hitt�L? uLh L|�ih �?�L?t
,6A� �,+��5N+ ��6A�
5�@hi W?|i? 5�@hi 5�@hi
rf �f�eD. f�eD. �2�.H8 ����.�8
Ef�bH�� Ef�SSH� E���H� E���bf�
r� b�Df�8 �2�e��8
Ef�S��� Ef�D�S�
q� f�ffS8 f�fHf8 f�f�.8 f�ffH8
Ef�ff�� Ef�ff.� E�ffD� Ef�ff��
q2 �f�ffe8 �f�f2e
Ef�fff� Ef�ff��
?LM �HS �HS �2e ..
�5, f�fffS f�fDS f�ff�D f�fffS
�L|itG hi}hitt�L?t �ihi h�? ��|� UL�?|h) � i_ igiU|tc �@*�it uLh |�i UL?t|@?|t @hi ?L| hiTLh|i_�
�t)4T|L|�U t|@?_@h_ ihhLht @hi �? T@hi?|�itit�
ef
A@M*i DG �?|�U�T@|�L? �? |�i ,6A�
t 5�@hi W?|i?
�D �f�ffS f�fD�
E���2H� E��ef�
�e �f�ffb f�fbH8
E����S� E��bD�
�� f�fff. f�22S
Ef�fHb� E��.D�
�2 f�ffS f���.
Ef�.fD� E��.��
�� f�f�� f���D8
E��fH� E��Hf�
f f�f2�88 f��Hf88
E��bH� E2��H�
?LM D2H D2H
�_� +2 f�H. f�H�
A��t |@M*i hiTLh|t |�i @?|�U�T@|Lh) igiU|t ��i? hi}hitt�L? i^�@|�L? e�� �t
h�? L? ,6A�c i U*�_�?} U@*i?_@h )i@h igiU|t @?_ �?U*�_�?} UL�?|h)�tTiU��U |hi?_t�
�L|itG @** hi}hitt�L? �ihi h�? ��|� @ ULhhiU|�L? uLh @�|LULhhi*@|�L?�
|�t|@|�t|�Ut @hi �? T@hi?|�itit� 88t�}?��U@?| @| |�i �I *i�i*c 8t�}?��U@?| @| |�i �fI *i�i*�
e�
A@M*i SG O)TL|�it�t |it|t ,6A�
t�h|h?_ �?|h?_
� f�f� f�eH
� f�e� f�Hf
�L|itG A��t |@M*i hiTLh|t |�i 4@h}�?@* t�}?��U@?Ui *i�i*t Lu �)TL|�it�t |it|t Lu |�i tTiU��U@|�L?t
hiTLh|i_ �? �}�hit e�� @?_ e�e� ,@U� |it| �t U@*U�*@|i_ M) UL4T�|�?} |�i @TThLTh�@|i @*_ t|@|�t|�U
�2E���
� O)TL|�it�tG Thi@UUitt�L? igiU|t t�4 |L 3ihL |�hii )i@ht MiuLhi @UUitt�L?c hitTiU|��i*)�
� O)TL|�it�tG |�i }@�? �? |h@_i t�@hi �? R)i@h 3ihL� �t i^�@* |L |�i @�ih@}i }@�?�
e2
Trade Shares
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7-3
6
-31
-26
-21
-16
-11 -6 -1 4 9 14 19 24 29
Core
SecondExpansionFirstExpansion
Trade Intensity Indices
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
-36
-30
-24
-18
-12 -6 0 6 12 18 24 30
Core
SecondExpansion
FirstExpansion
Figure 1: EU Median Trade Shares and Median Trade Intensity Indices
Note: since the second expansion occurred in 1986, the data end in mid-adjustment for those countries.
Trade Share
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35-8 -5 -2 1 4 7 10 13 16 19 22 25 28 31 34
Intensity Index
0
0.5
1
1.5
2
2.5
3
-12 -9 -6 -3 0 3 6 9 12 15 18 21 24 27 30 33
Figure 2: EFTA Median Trade Share and Median Trade Intensity Index
Trade Share
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4-1
9
-17
-15
-13
-11 -9 -7 -5 -3 -1 1 3 5
Trade Intensity Index
0
5
10
15
20
25
30
35
-19
-17
-15
-13
-11 -9 -7 -5 -3 -1 1 3
Figure 3: MERCOSUR Median Trade Share and Median Trade Intensity Index
Trade Share
0.54
0.56
0.58
0.6
0.62
0.64
0.66
0.68
0.7
0.72
0.74-1
7
-15
-13
-11 -9 -7 -5 -3 -1 1
Trade Intensity Index
0
1
2
3
4
5
6
7
-31
-28
-25
-22
-19
-16
-13
-10 -7 -4 -1 2
Figure 4: NAFTA Median Trade Share and Median Trade Intensity Index
EU Non-Members*
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
219
48
1951
1954
1957
1960
1963
1966
1969
1972
1975
1978
1981
1984
1987
1990
1993
Asia**
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
Figure 5: Median Trade Intensity Indices, Non-Unions
* Median trade intensity indices among European countries with core EU members, including: Finland,Norway, Sweden, and Switzerland.
** Median trade intensity index among East Asian Countries, including: Hong Kong, Korea, Thailand,and Japan.
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
-5 -3 -1 1 3 5 7 9 11 13 15
INTEN
SHARE
-0.005
0.000
0.005
0.010
0.015
0.020
0.025
0.030
-5 -3 -1 1 3 5 7 9 11 13 15
Figure 6: Estimated Adjustment Profile for the EU
Figure 7: Estimate of First Differences in Shares for the EU
-0.20
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
-5 -2 1 4 7 10 13 16 19 22 25
SHARE
INTEN
Figure 8: Estimated Adjustment Profile for EFTA
Val
ue o
f ca
pita
l in
x-se
ctor
x (
λ ).
Capital inthe x-sector.
.
. .A
B
C0
Figure A1. The convex adjustment cost model.
S
S
λ = 0 withoutfree trade agreement.
o
λ = 0 withfree trade agreement.
o