23

!"#$%& '(*)+",.-/&0
!1243 "50678",)
9:;<- =?>,>A@&B06C
,D EGFIHKJMLONQPSR,LOTJ&UWV XWV Y
Z&P\[^]_N/`5aM[]\bcP_dcE+f e U^VMg
U5hjikml\lOnolOprqnts+iWuvxwyiz{n!q!|m}Owt|mssv~wt|m}zO|c€‚rlSƒ6„m…mu†sv#hji†wts|ciWs
X#‡ s„czOvu†ƒ6s|julOprˆ‰zO|czO}SsƒŠs|juKzO|c€‹hSŒŽ~u†sƒ
Y‡ s„czOvu†ƒ6s|julOprqriWl_|mlSƒBwGi
 zSxk\w‘|m}_ulS|‰hSuzOu†s’K|\wt“Ssv”w‘u~ŒS•Q–—…\n˜ntƒzO| š™œ›S›mŸžO S¡£¢\¤{¥_¢
#¦ §&¨©Wª«j¬­©
®—¯_°K±G²O³´_µr²±¶£¯S·˜µrµ¸¶£´S¹_º6·˜µr¶£¯_°?µ¸°»˜°³¶£·˜²Ÿ¼²­±o½+¼6½Ÿ¾S¾S¿¸²+¾S¿¸·À½Ÿ¶£°,µ£°¶²­±M±Á°½+¶¸´S¿£°µ±G²+¿C½#±G°°†¹6±G²Ÿ¿£Â½+¿¸¹
¼S°´S¿¸½+»Q¼S°¶Ã²+¿¸Ä6ŲO¹S°»Æ´Sµ£°†¹Ç¶£²¾_¿£°¹S·˜³¶Èj²Ÿ¶£¯B±G´_¶£´S¿¸°?Å5½+¿£ÄŸ°¶r¹_·À¿¸°³¶¸·À²Ÿ¼½Ÿ¼S¹B±G´_¶£´S¿¸°?¿¸°¶£´S¿¸¼Sµ±G²Ÿ¿¶£¯S°
ÉSÊ˚̟Í+Í,ÎüS¹_°~ÏmÐo®—¯S°K°xÏѾ\°¿¸·ÀÅ5°¼O¶£½Ÿ»m¿£°µ¸´S»˜¶£µ¾S¿£²ÒO·˜¹S°°ÒO·˜¹S°¼S³†°K¶£¯S½Ÿ¶r¶¸¯S°K¾S¿¸²+¾\²+µ£°†¹B±G°½Ÿ¶£´S¿¸°Kµ£°»˜°³†¶£·˜²+¼
¾S¿£²O³°µ¸µoÅ5½ºr¿¸°µ£´S»˜¶&·˜¼K½Å5²+¿£°µ£´S³³†°µ£µÓ±G´S»m¾S¿¸°¹S·˜³¶£·˜²Ÿ¼#ŲO¹S°»ÁÐcԗ²Â°Ò+°†¿ÕO¶£¯S°—µ¸¶£´S¹Sº½+»˜µ£²·˜¼S¹S·˜³½Ÿ¶£°µQ¶£¯_½+¶
¶£¯S°¾S¿¸²+ÈS»˜°Å<¹S²ŸÅ½+·˜¼,Žº,¼S°°¹B¶¸²?È\°»À·˜Å5·À¶¸°¹,¶£²,¾S¿£°¹_·À³†¶£·˜¼SÖ#؟¼O¶£¯S»˜ºK·˜¼Sµ¸¶£°½Ÿ¹²±Q¹S½+·˜»˜º,ŲÒ+°†Å°¼O¶£µ†Ð
ÎüK½+¹S¹_·À¶¸·˜²+¼mÕ¶£¯_°—¾S¿£²Ÿ¾j²Ÿµ£°¹,¾S¿£²O³°†µ£µ³²+´S»˜¹,Èj°Å²Ÿ¿£°&´_µ£°~±G´_»O±G²+¿Æ¾S¿£°†¹S·˜³¶£·˜¼SÖK¶¸¯S°±G´S¶£´_¿£°Å½+¿¸Ä+°¶Æ¹S·˜¿£°³†¶£·˜²+¼
¿£½+¶¸¯S°¿—¶¸¯S½+¼B½+³†¶£´S½Ÿ»c¿£°†¶£´S¿¸¼SµÐ
×&Ø {Ù ÚÛSÜSݗÞrßCà\ÛOá£Ý&Ú
 k\w˜n‘sŠukmszO„m„\n˜wGizOu~wtlS|âlOpr|ms…mvzŸnr|msu~ãlSvämulŠåc|czO|ci†wGzŸn—pÃlSvs+izS~uxw‘|m}ŠwG,æcs}Owt|m|\wt|m}u†lvs+iWsWwt“Ss6zSiz_€\sƒBwGi
zOuu†s|ju~wtlS|çéèmv†ss+€\ƒzO| +›S›S¥Ñê •ukms‚wG~…mslOp#pÃs+zOu…mv†s‹xsWn‘s+iWuxw‘l_|<pël_v6åc|czO|ci†wGzŸn5pël_vs+izS~u~wt|m}ì„mvl_æ\n‘sƒ

kczS
æcss|ínGzOv}_sWn‘Œîwt}S|mlSvs+€Qïœèms+zÑu…mvsšxsWn‘s+iWuxw‘l_|ðvsWpÃsv6u†lñi†kmljl\¸wt|m}ñzò~…mæc~suÇlOp„czÑvzOƒ6susvW
ó£lSvŠpës+zÑu…mvs+Wô
pÃvlSƒõzönyzÑv}SsvB„cl\lOnKlOpKwt|m„m…muŠw‘|\pÃlSvƒ
zOu~wtlS|íó£us+i†km|\wyiz{n2zO|c€Æ÷+lSv5pÅm|c€mzOƒ6s|\uzŸnwt|c€_wGizOulSv^ô#pël_v€\s+¸wt}S|\wt|m}
z‚„mvs+€_wGiWu~wtlS|/~Œm~usƒ:wt|ñz‚ƒzÑ|m|msvu†kczOu„mvs+xsv“Ss+BzS5ƒB…ciklÑp?ukms
lSv~wt}Owt|czŸnwt|\pëlSv†ƒzOu~wtlS|ìzS5„clj†¸wtæ\n‘sSï
ø k\wGwG~…msŠwy2wtƒ6„clSv†uzO|\uæcs+izхc~sùzÑ|úzO„m„mvlS„mvxwyzÑusiWlSƒBæ\wt|czOu~wtlS|lÑpƒŠlj~u¸wt}S|\w˜åMizO|\u5pës+zOu†…mvs+,nts+zS€m5ul
p£zS~usv#iWlSƒ6„m…muzÑu~wtlS|zO|c€‚vs+ûS…\wtvs5pÃsãsv?uvWzŸwt|\w‘|m}‚sWüýzу6„\nts+pëlSv#~…ciiWs+”pë…\n}Ss|msvzŸn˜wtþ+zOu~wtlS|úz_?iWlSƒŠ„czOvs+€
ÿ
"!$#&%'(()*
!"#%,+.-/-0+21*345*67*3&8
ulÇukmsŠ…c~s6lOpKzŸn˜nzŸ“{zŸw˜nGzOæ\ntsŠpës+zOu†…mvs+Bç zOuu~wtu~w Ÿ›S›O Sê ï ø k\wG#wGs+~„cs+i†wGzŸn˜ntŒwtƒ6„ÆlSvuzÑ|ju,pÃlSv#}Svz_€_w‘s|\u ¡ æczSxs+€
|ms…mvzŸn|msu~ã l_väzŸnt}SlSv~wtukmƒ
#æcs+izхc~su†kmsŒšzOvs
iWlSƒ6„m…muzOuxw‘l_|czŸn˜n‘Œ‰“Ssv†ŒšsWüm„cs|c”w‘“_sùzO|c€â€\l|mlSuiz{n‘sŠ…m„
ãsWn˜n!ç Kv~pÓzÑ|\wy€_wG +›S› Ñê ï ø kmsv†sWpëlSv†sKwtuwGCwtƒ6„ÆlSvuzO|\uulBvs+€\…ciWs#ukms,pÃs+zOu…mvs#~su?z_rƒB…ci†kùz_r„Ælj¸wtæ\ntsãk\wÀnts
ƒBwt|\wtƒBwtþWwt|m}ukms#„mvs+€_wGiWu~wt“Ss5wt|\pÃlSvƒzOuxw‘l_|
n‘l\ï
ø kmspëlmiW…c—lOpQuk\wG~u…c€\Œ5wGru†kms?€\s“SsWntlS„mƒ6s|\urlOpoz„mvs„mvlmiWs+¸wt|m}B„mvlŽiWs+€\…mv†sKpÃlSv—ukms?xsWn‘s+iWuxw‘l_|ÇlOp%z5~su
lOp\pës+zÑu…mvs+Q…c~s+€ulK„mvs+€_wGiWupÅmu…mvs—ƒ6lO“SsƒŠs|juMw‘|5ukmsKh #– ¥ rlSƒ6„Ælj¸wtus ¸|c€\sWü%ï ø kms ~sWnts+iWus+€2pës+zOu†…mvs+
zOvsŠ…c~s+€âwt|ñz ¡ |ms+zOvs+xu|msWwt}Sk\æcl_v i†nGzS†¸w˜åcsvzO|c€‹w‘|/zùpëss+€‹pÃlSvãKzOv€‰|ms…mvWzŸn |msu~ãlSv䉃6lm€\sWn …mu~w˜n˜wtþWwt|m}
ukms‚æczSiäì„mv†lS„czO}jzOuxw‘l_|ìnts+zOv|\wt|m}ìƒ6sukmlm€Qï ø kmslSæ ~s+iWu~wt“Ss+
zOvs‚ulñz_€m€\vs+ŠæclSukîpës+zÑu…mvsšzÑ|c€ìƒ6lm€\sWn
~sWnts+iWu~wtlS|îpëlSv
€_w &svs|\u6„mvl_æ\n‘sƒ €\lSƒz{w‘|cùó£ƒ6lS|\uk\ntŒú“_sv~…c6€mzŸw˜ntŒ/€mzOuzý•—„mvs+€_wGiWu~wt|m}샏zOvä_su €_wtvs+iWuxw‘l_|
“Ssvx…c„mv†s+€_wyiWuxw‘|m}âvsu…mv|cWôW!vs“SwtlS…c”n‘ŒS•zO|âwt|jusv†s+~u~wt|m}|ms…mvzŸn|msu~ã l_väzOvi†k\w‘u†s+iWu…mvsizŸn˜nts+€íhS…m„ Ksu
kczSCæcss|ÇzO„m„\n˜wts+€Çulpës+zÑu…mvs?~sWnts+iWu~wtlS|
pÃlSviW…mvvs|ciWŒ
sWüýi†kczO|m}Ss,vzOus„mvs+€_wGiWu~wtlS|DŽmvlSæ\ntsƒ ç ø s|mlSv~wtl +›S› Oê ï
£|
ukms5hS…m„ Ksuukms?u†vzŸwt|\wt|m} €mzÑuz,wGi†nt…c~usvs+€Šwt|\ul6z#„mvs+€\susv†ƒBwt|ms+€Ç|\…mƒæÆsvlOp&}SvlS…m„czO|c€
z€_wG~uzÑ|ciWs
uli†nt…c~usv6iWs|\usvwG5…c~s+€‰uli†nGzS†¸w˜pëŒu†kms6us+~u€mzOuWzmï ø kms6ul_uzŸn—|j…mƒBæcsv5lOpKƒBwGi†nGzS¸w˜åMizOuxw‘l_|cl_|ukms
us+~u#~su,wG,…c~s+€‚ulÇzS¸wt}S|zŠ|j…mƒŠsv~wGizŸnr„cs|czŸntu~Œ‰“{zŸnt…ms+ul6wt|c€_wt“_wy€\…cz{nrpÃs+zOu…mvs+#zO|c€‚}Sv†lS…m„cKlÑp—pës+zOu†…mvs+
i†nt…c~usvs+€‚ul_}Ssukmsv+ï ™ ~s+û_…ms|ju~wGzŸn—sWn˜wtƒBwt|czOu~wtlS|us+i†km|\wGûS…msöó£æczSi†äjãKzOv€ÇxsWn‘s+iWuxw‘l_|Qôwy…c~s+€öulv†sƒ6lO“Ss#ukms
pÃs+zOu…mvs+,ukczÑuzOvs6zS¸wt}S|ms+€šnyzÑv}SsB„cs|czŸntu~wts+ï ø kms6zŸnt}Sl_v~wtukmƒ ~u†lS„c,ãKkms|‰|mlS|ms6lOpukmsBpÃs+zOu…mvs6~…mæcxsu
zOvsz_¸wt}S|ms+€z „cs|czŸntu~ŒùxƒzŸn˜ntsv?ukczÑuwtu„czOvs|\u+ï
™ ntukml_…m}Sk/ûS…\wtus
wt|\usvs+~uxw‘|m}ƕrukms‚hS…m„ suBpës+zÑu…mvsǍ~sWnts+iWu~wtlS|/„mvlmiWs+5wG5„cl_us|juxwyz{nÀntŒòpÃvzO}Ow˜ntszSwtu5wy
æczS~s+€‚lS|‰zǍ¸wt|m}Onts~sWnts+iWu~wtlS|u†s+ikm|\wGû_…msÇó£ukmsŠhS…m„ KsuzŸnt}Sl_v~wtukmƒÇô?zO|c€‰z
¸wt|m}Onts~sWnts+iWu~wtlS|ƒ6s+z_~…mvs6ó~€_wy ¡
uzO|ciWsuli†nt…c~u†sv iWs|\usvWôï K…mvr~u†…c€\ŒwG!„mvlS„cl\¸wt|m}z,„clSus|\u~wGzŸn˜ntŒ6ƒ6lSv†s v†lSæm…c~upÃs+zOu…mvsK~sWnts+iWu~wtlS|
„mvlmiWs+
æczS~s+€‚lS|zO|‚wt|\us}SvzOuxw‘l_|šlÑp~s“SsvWzŸn!iWl_ƒæ\wt|czOuxw‘l_|c#lOprukms6~sWnts+iWu~wtlS|òus+i†km|\wGûS…ms+5zO|c€‰~sWnts+iWu~wtlS|ñiWvxw‘u†sv~wGzmï
hSs+iWu~wtlS|c ¢ ï  zO|c€ ¢ ï ¢ „mvlO“SwG€\s#ukms€\suz{wÀnGlÑpoukms,pÃs+zOu…mvs#~sWnts+iWu~wtlS|u†s+ikm|\wGû_…ms+KzO|c€ÇiWv~wtusv~wGzB…cxs+€Šw‘|‚uk\wG
~u…c€\ŒSï‚hSs+iWu~wtlS| ¢ ï €_wGiW…c†~s+5ukms6„mvlS„Ælj~s+€‚pÃs+zOu…mv†s~sWnts+iWu~wtlS|ì„mvlmiWs+zÑ|c€òhSs+iWu~wtlS| ¢ ï €\s+iWv~wtæÆs+Bukms
|ms…mvzŸn|msu~ã l_väǃ6lm€\sWnzO|c€‚nts+zOv†|\w‘|m}‰„mvlmiWs+ï s+~…\ntuBzO|c€zÑ|czŸntŒŽ¸wGpÃlSv~s„czOvzÑusBsWüŽ„Æsv~wtƒ6s|juW…c”w‘|m}
ƒ6lS|\uk\ntŒÇzO|c€€mzŸw˜ntŒ€mzOuzŠzOvs,„mvs+~s|\us+€
wt|hSs+iWuxw‘l_|c ï  zÑ|c€ ï ¢ ï
oØ ýÛCݗÞrÝ£Ý
ø k\wGxu…c€\ŒšiWlS|c”wy€\svW#åc|czÑ|ci†wyz{nrpÃlSvs+izS~uxw‘|m}ÇæÆlSukzS#z
ƒzÑväSsu#€_w‘v†s+iWu~wtlS|ú„mv†lSæ\ntsƒõóÃwtsSïB„mvs+€_wGiWu~wt|m}‰ukms
“{z{n‘…ms5lOp zB€_wGiWvsus5“{zOvxwyzÑæ\n‘sOôKzO|c€
zBvsu…mv†|cr„mv†s+€_wyiWuxw‘l_|š„mv†lSæ\ntsƒ óÃwtsSmvs+€_wGiWu~wt|m}
ukms#“{zŸnt…ms5lOp zBiWlS|\u~wt| ¡
…mlS…c,“OzOv~wGzOæ\ntsOôï ¸|šu†kmsƒ
zOväSsu#€_wtvs+iWu~wtlS|„mvs+€_wGiWu~wtlS|â„mvlSæ\ntsƒ•Qukms6i†nGzS,lS|ms6iWlSv†vs+~„cl_|c€m,ulùz pÅmu…mvs
„cl\¸wtu~wt“Ss#ƒ6lO“Sswt|
ukmsh #– rlSƒ6„Ælj¸wtus ¸|c€\sWüšóÓw‘sSï!ukms?“OzŸnt…ms#lOp&ukmsw‘|c€\sWü
wt|ciWvs+zS~s+€Ç€\…mvxw‘|m}Šukms?„Æsv~wtlŽ€Æô
ãKk\w˜nts6i†nyz_u~ãl iWl_vvs+~„ÆlS|c€mul6z5pÅmu…mvs#|ms}jzÑu~wt“Ss#ƒ6lO“Ss5óÃwtsSïrukms,wt|c€\sWüš€\s+iWvs+z_~s+€
wt|“OzŸnt…ms€\…mv~wt|m}
ukms
„csvxw‘lm€QïrèýlSv—ukmsvsu…mv|c!„mvs+€_wGiWu~wtlS|6„mvl_æ\n‘sƒ ukms?zSiWu†…czŸnjpÅmu…mvsvsu…mv|5pÃlSv—ukms|msWüŽu—„Æsv~wtlŽ€ wG—„mvs+€_wGiWus+€Q•
ãKkmsvsŠukms6vsu…mv†|‰wG€\sWåc|ms+€òzS,ukms6„ÆsviWs|juWzO}SsBwt|ciWvs+zSxsO÷{€\s+iWvs+zS~sŠwt|úu†kmsBwt|c€\sWüú“{zŸnt…msŠpël_v#ukmsBpÅmu…mvs
„csvxw‘lm€Qï
!#"$&%(')
£|‰„mvs+€_wGiWu~wt|m}‰ukms5ƒzOväSsu#€_wtvs+iWu~wtlS|&•zŠpës+zOu†…mvs~sWnts+iWu~wtlS|âus+ikm|\wGû_…msBwGwtƒ6„\ntsƒ6s|ju†s+€úzS,zǍ~s+zOvWik‰zŸnt}Sl ¡
v~wtukmƒ.ukczOuzOuusƒŠ„mu—ul6€\susv†ƒBwt|msz~…mæc~sulOp&ukms?sWü\wG~u~wt|m}BpÃs+zOu…mvs+CãKk\wGi†kǃzŸü\wtƒBwtþs+ukms#€_w &svs|ciWs+
æcsu~ãss|6ukms,u~ãli†nyz_~s+ ~…c~u€\s+iWv~wtæcs+€
æczSxs+€6lS|Š„csv~pÃlSvƒzÑ|ciWs?iWv~wtusv~wGz5sWüŽ„\nGzŸwt|ms+€Šwt|‚hSs+iWu~wtlS| ¢ ï ¢ ï ø k\wy
~s+iWu~wtlS|ìæmvxw‘s+*cŒ/€\s+†iWv~wtæcs+
ukms~sWnts+iWu~wtlS|íus+i†km|\wyû_…ms+
…c~s+€âwt|/u†kmsDŽmvlS„cl\~s+€âpës+zÑu…mvs~sWnts+iWu~wtlS|í„mvlŽiWs+†ï
ˆ‚lSvs€\suz{wÀnG,izO|Çæcspël_…m|c€Šw‘|èý…mäj…m|czO}\zç +›S› Oê ï
ø kms-,/.101243.+56287:9;.~sWnts+iWu~wtlS|òus+ikm|\wGû_…msÇlSv€\sv,u†kms6pÃs+zOu…mvs+pÃvlSƒ u†kms6æcs+~uBulÇu†kms6ãlSv~u#æczSxs+€‰lS|
ukms5…mu~w˜nÀwtþs+€ò~sWnts+iWu~wtlS|iWv~wtusv~wtlS|&ï ø kms=<.+>17.1?28@56A3B9+CD59;E-<.F59HGJI~sWnts+iWu~wtlS|u†s+ikm|\wGû_…msæÆs}Owt|c#ãwtuk‰zO|
sƒ6„mu~ŒBpÃs+zOu…mvsxsu?zO|c€
zS€m€mCpÃs+zOu…mvs+u†lwtuKl_|mszOuKzBu~wtƒ6sSï ø kms,åcvW~uCpës+zOu†…mvszS€m€\s+€ŠwGukms#lS|ms€\ssƒŠs+€
ulBæcs#u†kms?æÆs+~uKzSiiWlSv€_wt|m}6ulBukms#~sWnts+iWu~wtlS|‰iWv~wtusv~wtlS|&ï ø kms#|msWümuCpës+zÑu…mvs#zS€m€\s+€ŠwGukms,lS|ms?ãk\wyi†kv†s+~…\ntu
wt|ÇukmsnGzOv}_s+~uCw‘ƒŠ„mvlO“Ssƒ6s|\urãKkms|ÇiWlS|c¸wG€\svs+€ùw‘|ÇiWlS| ~…m|ciWu~wtlS|Çãwtuk
ukmsåcv~u—pÃs+zOu…mv†sSïrhOwtƒBw˜nGzOv~ntŒS•ÆukmsLKNMO
pÃs+zOu…mvsz_€m€\s+€‚wG#ukms6l_|ms6ukczOu#vs+x…\n‘uW,wt|úu†kmsBnGzOv}Ss+~u,wtƒ6„mv†l{“_sƒ6s|ju5ãKkms|úiWlS|c”wy€\sv†s+€‰wt|ìiWlS| ”…m|ciWuxw‘l_|
ãwtukìukms
„mvs“_wtlS…cPKDQ  pÃs+zOu…mvs+­ï ø kmsR<.F>J7S.J?28@56AT,/56GJUCD59;EV<.F59HGJI~sWnts+iWu~wtlS|/us+i†km|\wGûS…ms
wG6”w‘ƒ wÀnGzOv
ul
ukmsxs+ûS…ms|\u~wGzŸn—pÃlSvãKzOv€Ç~s+zÑvik&•ÆsWüciWs„mu?ukczÑu?ukmswt|\w‘uxwyz{n~su#iWlS|\uzŸwt|c?z{nÀnru†kms#pÃs+zOu…mvs+•QzO|c€ùpës+zOu†…mvs+
zOvsBvsƒŠl{“_s+€
pÃvlSƒ uk\wG#~su#lS|ms
zOu2z
uxw‘ƒŠsSï ø kms5åcvxu,pës+zOu†…mvsBvsƒ6lO“Ss+€öwG,ukms6lS|msBukczOu,vs+~…\ntu2wt|ukms
~ ƒz{nÀnts+~u6€\s}SvWzS€mzOu~wtlS|òãKkms|òukms6vsƒz{w‘|\wt|m}‰pÃs+zOu…mv†s+zOvsÇiWlS|c¸wG€\svs+€òu†lS}Ssukmsv+ï ø k\wG5„mvlmiWs+5vs„cs+zÑu
…m|\u~w˜noukms#pÃs+zOu…mv†s~suvs+zSi†kms+?zB„mv†s+€\susvƒBwt|ms+€”w‘þsSï
qrzSi†k/lÑp2ukms‰zOæclO“SsxsWn‘s+iWuxw‘l_| u†s+ikm|\wGû_…ms+
kczS5wtu
~uvs|m}Su†kc6zO|c€ìãs+zOä\|ms+~s+­ï ø kms s+~uèms+zÑu…mvs
us+i†km|\wGûS…ms‚wG
“SsvŒâpÓz_~uùzÑ|c€/zS6x…cikíwGx…\w‘u†s+€ìpÃlSvzòû_…\wyi†äQ•KvlS…m}_kì„czOvu~wtu~wtlS|<lOpz‰nGzOv†}SsÇpÃs+zOu…mvs‰~su+ï
l{ãs“SsvŸ• i†kml\lj¸wt|m}‰ukms ‹pës+zÑu…mvs+5æczS~s+€âlS|\ntŒúl_|úukms s+~u6èms+zOu†…mvsu†s+ikm|\wGû_…ms
wy |mlSu#n˜wtäSsWntŒìul‰}Owt“Ss
zOuxwy”pÓzSiWu†lSvŒ
vs+~…\ntu#zS,uk\wG,us+i†km|\wGûS…ms
iWlS|c¸wG€\svpÃs+zOu…mvs+,æ\ŒÇukmsƒ~sWnt“Ss+,vWzOukmsv,ukczO|‚wt|‹iWl_ƒæ\wt|czOuxw‘l_|
ãwtuk‚lSukmsvCpës+zÑu…mvs+ï
lSuku†kmshSs+û_…ms|\u~wGzŸn èmlSv†ãzÑv€‚hSs+zOvi†kzO|c€Çukms
hSs+û_…ms|juxwyz{n z_iä\ãKzOv€‚hSs+zOvi†k€\lùiWl_|c¸wG€\sv,pës+zOu†…mvs+
wt|ùiWl_ƒæ\wt|czOuxw‘l_|zO|c€6zS—x…cikÇzOvsCåc|msvr}_vzŸwt|ms+€6u†s+ikm|\wGû_…ms+ï l{ãs“SsvŸ•OæclSukŠus+ikm|\wGû_…ms+zOvsK¸wt}S|\w˜åMizO|\u~ntŒ
ƒ6lSv†siWlSƒ6„m…muzÑu~wtlS|czŸn˜ntŒsWüŽ„Æs|c¸wt“SsS•€\sƒzO|c€_wt|m}úiWlSƒ6„m…muxw‘|m}‰u~wtƒ6sŠukczOu#wGBû_…czS€\vzOu~wGi wt|úukms
|\…mƒæÆsvlOp
pÃs+zOu…mvs+#zS,iWlSƒ6„czÑvs+€‚ulÇukms5n˜w‘|ms+zÑvu~wtƒ6s6|mss+€\s+€‹æjŒ‚ukms s+xuèms+zOu…mv†su†s+ikm|\wGû_…msSï £|zS€m€_wtu~wtlS|&•ãwtuk
hSs+û_…ms|ju~wGzŸnrèml_vãKzOv€öhSs+zOvi†kÇlS|ciWsz5pÃs+zOu…mvs,wG,zS€m€\s+€ÇulBukms,pÃs+zOu…mv†s+K~suwtu#izO|m|mlSuKæÆs#vsƒ6lO“Ss+€Qï  wtuk
hSs+û_…ms|ju~wGzŸn zSi†äjãKzOvW€ìhSs+zOvWikòlS|ciWsÇzÇpÃs+zOu…mv†sBwGBvsƒ6lO“Ss+€‚wtuizÑ|m|mlSuæÆszS€m€\s+€ânGzOusv+ï ™ B~…ci†k&•—æÆlSuk
hSs+û_…ms|ju~wGzŸnrèml_vãKzOv€‚hSs+zOvi†kšzÑ|c€‰hSs+û_…ms|ju~wGzŸn zSi†äjãKzOv€‚hSs+zÑvik‰zOvs5}Svss+€\ŒÇkms…mv~wG~u~wGi#zO|c€ö|msWwtukmsvizO|
}S…czOvWzO|ju†ss?ukczÑu?zO|ÇlS„mu~wtƒz{n ~suKlOppës+zOu†…mvs+CwG?z_ik\wts“Ss+€Qï
8 1 èms+zÑu…mvs6~sWnts+iWu~wtlS|âwy5iWlS|c€\…ciWus+€iWl_|c¸wG€\sv~wt|m}šl_|\n‘Œ€_wGiWvsu†s6“{zOvxwyzÑæ\n‘sŠ„mvs+€_wGiWu~wtlS|/ó¸ukmsBƒzOväSsu€_wtvs+iWuxw‘l_|
„mvlSæ\ntsƒÇôW•SzO|c€5ukmsvs+~…\ntu~wt|m}#pÃs+zOu…mvsK~su…c~s+€5pÃlSvæclSu†ku†kms €_wGiWvsus,zO|c€BiWlS|juxw‘|\…mlS…c“OzOv~wGzOæ\ntsK„mvs+€_wGiWu~wtlS|
„mvlSæ\ntsƒCó¸ukmsrƒzÑväSsuo€_wtvs+iWu~wtlS|
zO|c€#vsu†…mv|B„mvs+€_wGiWu~wtlS|6„mvlSæ\ntsƒv†s+~„cs+iWu~wt“SsWntŒÆôï—qrzSi†k5pës+zÑu…mvs xsWn‘s+iWuxw‘l_|
iWv~wtusv~wtlS|òwGBsWwtukmsv
zO|ús+xu~wtƒzOu~wtlS|ìlOp,ukmsùi†nGzS†¸w˜åMizOu~wtlS|/sv†vlSvBlSv6z‚ƒ6s+zS~…mvs
lOp?u†kmsù€_wG~uzÑ|ciWsæcsu~ãss|
i†nGzS~s+­ï ø kmsvsWpÃlSvs,ukms~sWnts+iWu~wtlS|‰iWv~wtusv~wGzBlSæ ~s+iWu~wt“SswGulBsWwtukmsvKƒzŸü\wtƒBwtþs~l_ƒ6s?ƒŠs+zS~…mvs#lOpw‘|\uvz ¡ i†nyz_
~s„czOvWzOu~wtlS|lSv5ulƒ w‘|\wtƒBwtþs‚ukmss+xu~wtƒzOus+€i†nGzS†¸w˜åMizOu~wtlS|ìsvvl_v+ï ø k\wGB~s+iWu~wtlS|ì€\s+iWv~wtæcs+ ukmsùxsWn‘s+iWuxw‘l_|
iWv~wtusv~wGzŠ…c~s+€
wt|‚ukms„mvl_„clj~s+€ŠpÃs+zOu…mv†s~sWnts+iWu~wtlS|‚„mvlŽiWs+†•Mz{nÀnlOp ãk\wyi†kšzÑvs€\s+iWv~wtæcs+€šw‘|‚ƒ6lSvs€\suWzŸw˜n&wt|
èm…mä\…m|czO}jzöç +›S› Ñê ï
ø kms D0128@ 562.+E R@8? @ 5#A D9+9;B9 D9;B 5 +@A @ 2 ~sWnts+iWu~wtlS|/iWvxw‘u†sv~wtlS|wGBzO|òs+~u~wtƒzOu†s6lOp zŸŒSs+#sv†vlSv#pÃlSv
ukmsǀmzOuzǍ~suBæ\ŒzO„m„\ntŒSwt|m}ukms ¡ |ms+zOvs+xu|msWwt}Sk\æclSvi†nGzS†¸w˜åcsvù瑁rlO“Ssv+• zOvu +›Sž\¤Ÿê ulÇukms
uvzŸwt|\wt|m}~su
…mu~w˜n˜wtþWw‘|m}Çu†kms,n‘s+zŸ“Ss,lS|ms#lS…muKzO„m„mv†ljzSi†k&ï ø k\wGus|c€mu†llO“Ssvs+~uxw‘ƒ
zOus,ukms#svvlSvKzO|c€
zS~…ci†kÇ}Owt“Ss+Kz5“SsvŒ
iWlS|c~sv†“{zOu~wt“SsÇsv†vlSv6s+~uxw‘ƒ
zOusSï ø kms~sWnts+iWu~wtlS|<iWv~wtusv~wtlS|/u†kms|ìæcs+iWlSƒ6s+ åc|c€_wt|m}ñzâ~su6lOpKpÃs+zOu…mv†s+BukczOu
ƒBwt|\wtƒBwtþs+,ukmss+xu~wtƒzOus+€ zŸŒSs+svv†lSv+ï
ø kmsúq!…ci†nÀwG€\s+zO|&•B–—zOuvxwyi†ä ¡ èwyxkmsv+•?ˆ‰zOkczŸnGzO|ml_æ\wy­•zO|c€ kczOuuzSi†kczOvŒ\Œjzò€_wG~uzO|ciWs+‚zOvszŸn˜nƒ6s+zO|c
lOp
ƒ6s+zSx…mv~wt|m}ukms
ƒ…\ntu~wG€_wtƒ6s|c¸wtlS|cz{n~s„czÑvzOu~wtlS|òæcsu~ãss|ìu~ã l‰€_wG ”lÑw‘|\u6i†nGzS~s+BlÑp2€mzOuzmï ø kms !7SG A @E6.+5?
€_wG~uzO|ciWswG?€\sWåc|ms+€‚zS
ó X Q U ô ó X Q U ô
óô
ãKkmsvs U zO|c€ X zOvs6“_s+iWulSv,ãKkml\~s6iWlSƒ6„cl_|ms|ju5zOvsBukmszŸ“SsvWzO}Ss“OzŸnt…ms+pëlSv#s+z_ik‰pÃs+zOu…mv†swt|ì€mzOuz
i†nGzS~s+5lS|msÇzO|c€âu~ã lÇv†s+~„cs+iWu~wt“SsWntŒSïèýlSvsWüczOƒ6„\ntsS•pÃlSv€mzÑuz~suW#ãwtuk ¢ pÃs+zOu…mvs+­• U zO|c€ X ãlS…\nG€
s+zSi†kkczŸ“Ssu”ãliWlSƒŠ„clS|ms|\u• U ó UU XU ô X ó XU XX ôW•jãkmsvs UU wyCukms,z+“_svzO}SsK“OzŸnt…ms#lOp&ukms
åcv~upës+zOu†…mvs,pël_vz{nÀn—€mzOuzBæÆsWn‘l_|m}Owt|m}Çul6i†nyz_Kl_|mszO|c€ UX XU ?zO|c€ XX zÑvs€\sWåc|ms+€¸wtƒBw˜nGzOv~ntŒSï
ø kms 56289+@ GJU 3T@80FI:.19K€_wyxuzO|ciWs#wGK€\sWåc|ms+€‰zS
U ¢ X U ó X Q Uô
ó¢ ô
ãKkmsvs U zO|c€ X zOvs6zS„mvs“SwtlS…c”n‘Œò€\sWåc|ms+€zO|c€ U zO|c€ X zOvsBukmsiWlO“{zÑv~wGzO|ciWs6ƒzOu†v~wGiWs+,pÃlSv€mzOuz
i†nGzS~s+lS|mszO|c€
u~ãlBvs+~„Æs+iWu~wt“SsWntŒSï ø kms 5I:56A 5?B @&0K€_wG~uzO|ciWswG?€\sWåc|ms+€‚zS
ó X Q Uô U ¢ X U ó X Q Uô
óô
ãKkmsvs U • X • U zO|c€ X zOvs#€\sWåc|ms+€ÇzSzOæclO“SsSï ™ |c€Šåc|czŸn˜n‘ŒS•Æukms , I 562256GJI 59 656€_wG~uzÑ|ciWs,wy€\sWåc|ms+€
zS
 ó Q ô U X U ó Q ô  nt| X
ó ô
X U
X U ¢
¢
U X
ãKkmsvs
ukms
åcvxuusvƒ:wt|ìs+û_…czOu~wtlS|íó ô#ƒ6s+zS~…mv†s+u†kmsùi†nGzSB~s„czÑvzOæ\w˜n˜w‘u~Œ/€\…ms
ul‰ukms
ƒ6s+zO|ì€_w &svs|ciWsS•
ãKk\w˜ntsBukms~s+iWlS|c€öusvƒ.ƒ6s+zS~…mv†s+ukmsi†nGzS†K~s„czOvzÑæ\wÀn˜wtu~Œš€\…ms5ulBukmsiWlO“{zOv~wGzO|ciWs ¡ €_w &svs|ciWsSï
ø kms/01.A .+G28@B? G19+@ 2.J9F@5—…c~s+€wt|u†kmsr„mvlS„Ælj~s+€2pës+zOu†…mvsr~sWnts+iWu~wtlS|B„mvlmiWs+QwGulKƒz{üjwtƒBwtþsru†kms ~s„czOvWzOu~wtlS|
æcsu~ãss|u†kms#ƒzOväSsuK€_wtvs+iWu~wtlS|‰i†nGzS~s+æczS~s+€ölS|zO|\ŒlOpukmszOæÆlO“Ss€_wG~uzO|ciWs5ƒ6s+zS~…mvs+­ï
!
"
"
+ " ,
,-, " ,/.
"$#'
% &(#* ) "
P" )1 ' S S) )
‡ s„cs|c€_wt|m}BlS|6u†kms”w‘þs,lOpQukmsCw‘|\wtu~wGzŸnQpÃs+zOu…mvsK~suŸ•SsWwtukmsv z,l_|msKlSv—u~ãl?„mkczSxspës+zÑu…mvsK~sWnts+iWu~wtlS|
„mvlŽiWs+†wy
„mvlS„Ælj~s+€Qï Ópoukmswt|\wtu~wGzŸn&pÃs+zOu…mv†s?~suCwGrv†sWnyzÑu~wt“SsWntŒù~ƒ
zŸn˜nӕ_wtuƒzŸŒBæcs,„clj”w‘æ\nts5ulvs+€\…ciWswtuulukmsåc|czŸn&~su
wt|l_|msK„mkczS~s,…c¸wt|m}
hSs+ûS…ms|\u~wGzŸn%èýlSvãKzOv€BzO|c€öhSs+û_…ms|ju~wGzŸn zSiä\ãKzOv€
hSs+zÑvikŠus+ikm|\wGû_…ms+ï lOãs“Ssv+•OæÆlSuk
us+i†km|\wGûS…ms+vs+û_…\w‘v†s iWl_ƒ6„m…muzOu~wtlS|cz{n%uxw‘ƒŠsukczOuCwG,ûS…czS€\vWzOu~wGiwt|ukms#|\…mƒBæcsv,lOpopÃs+zOu…mv†s+æcsWwt|m}Ǎ~s+zOvi†kms+€Qï
èml_vKnGzOv}_s#pÃs+zOu…mvsB~su,ukmsBzOƒ6lS…m|\u?lÑp iWlSƒ6„m…muzOuxw‘l_|czŸn ãlSv†ävs+û_…\wtvs+€‰ƒzŸŒ
æcsBvs+€\…ciWs+€‰æ\ŒzO„m„\n˜wGizOu~wtlS|
lOprzBu~ãl„mkcz_~szO„m„mvljz_ik&ï ø kms,åcv~uK„mkczSxsû_…\wyi†ä_n‘Œ‚vs+€\…ciWs+ukms,wt|\w‘uxwyz{nopÃs+zOu…mvsxsuKulzO|
wt|\usvƒ6s+€_wGzOu†s
~su#lOpƒzO|czO}_s+zOæ\nts¸wtþs…c”w‘|m}‚ukms s+~uèýs+zOu…mvs6zO„m„mvl\zSik&ï ø kms|‰wt|òukms6~s+iWlS|c€‰„mkcz_~s6ukmsBåc|msv5æm…mu
ƒ6lSv†ssWüm„cs|c¸wt“SsÇhSs+û_…ms|\u~wGzŸn!èýlSvãKzOv€ÇzÑ|c€‰hSs+û_…ms|ju~wGzŸn zSi†ä\ãzÑv€‰hSsWnts+iWu~wtlS|‰us+i†km|\wGûS…ms+5izO|æÆs zфm„\nÀwts+€
ulBukms,wt|\usvƒ6s+€_wGzOuspës+zÑu…mvs#~suKul6€\sv~wt“Ss#ukms,åc|cz{n ~su+ï ø kms,åcvxu „mkcz_~svs+€\…ciWuxw‘l_|
wy,zSiiWlSƒŠ„\nÀwG~kms+€ùwt|
iWlSƒ6„m…muWzOu~wtlS|czŸnru~wtƒ6s nÀwt|ms+zOvBulÇu†kms6|j…mƒBæÆsvlOpCpës+zOu†…mvs+wt|úukms5wt|\wtu~wGzŸnpës+zÑu…mvs~suŸï ø kms6~s+iWlS|c€â„mkczS~s
uzOä_s+—iWlSƒ6„m…muzOuxw‘l_|czŸnŽuxw‘ƒŠsKukczOuwGrû_…czS€\vzÑu~wGiCwt|6ukmsK|\…mƒBæcsvrlÑpcpÃs+zOu…mvs+vsƒ
zŸwt|\w‘|m}BzŸpÃusv—ukmsåcvxu—„mkczS~s
vs+€\…ciWu~wtlS|&ï
£|‰zS€m€_wtu~wtlS|‰uliWlSƒ6„m…muWzOu~wtlS|czŸnos Çi†w‘s|ciWŒS•&zÑ|mlSukmsvwtƒ6„ÆlSvuzO|\uwG~…ms5wGkml{ã ul€\s+zŸnoãw‘u†kÇwt|c~uzOæ\w˜n˜wtu~Œ
„mvlSæ\ntsƒ­ï ™ pës+zÑu…mvs~sWnts+iWu~wtlS|ð„mvlmiWs+€\…mvs‚wG 7 ?0 25 1A .ŠwÀp6zúxƒzŸn˜nikczÑ|m}SsÇwt|ðukms‰€mzOuzâ…c~s+€îwt|ðukms
~sWnts+iWu~wtlS|„mv†lŽiWs+vs+~…\ntuwt|ú€\vz_~u~wGiBikczO|m}_s+w‘|âukms~sWnts+iWus+€‚pÃs+zOu…mv†s xsu+ï s+iWs|\u~ntŒS•w‘u#ãKzS,~…m}S}_s+~us+€
æ\Œ vsWwtƒzO|ç +›_›O Sê ukczOuC…m|c~uzOæ\nts#„mvlmiWs+€\…mvs+KizÑ|æÆs~uzOæ\w˜n˜wtþs+€Çæ\ŒzŸ“SsvzO}Owt|m}5ukms?v†s+~…\ntuCpÃvlSƒ xs“SsvzŸn
€_w &svs|ju
pÃs+zOu…mv†s‹xsWn‘s+iWuxw‘l_|8„mvlmiWs+~s+­ï ø kmsvsWpÃlSvsS•Ku†lìvs+€\…ciWsukms‚nts“SsWnlÑp#w‘|cxuzOæ\w˜n˜w‘u~Œðu†k\wy‚~u…c€\Œîwy
„csvxpëlSv†ƒBwt|m}pÃs+zOu…mv†sù~sWnts+iWu~wtlS|ì…c”w‘|m}ò~s“SsvzŸnKiWlSƒBæ\wt|czOu~wtlS|c5lOpKukmsǍ~sWnts+iWu~wtlS|ìus+i†km|\wyû_…ms+
zO|c€úxsWn‘s+iWuxw‘l_|
iWv~wtusv~wGzí€_wy†iW…c~s+€ s+zOv~n˜wtsv+ï ø kms‰lSæmuzŸwt|ms+€<„czÑvu~wGzŸnvs+~…\ntuÇzÑvs‚w‘|\us}SvWzOus+€í…c¸wt|m}/sWwtukmsv‰zâpëvs+û_…ms|ciWŒ
„mvlmiWs+lSv,zBvzO|mä_wt|m}„mvlmiWs+sWüm„\nGzŸwt|ms+€‰zSCpÃlOn˜n‘lOã?­ï
% ' ))
ø kms
„mvlS„cl\~s+€ +9;.F>J7S.J?G 9;BG+.10+0iWlS…m|\u#ukms
|\…mƒæÆsvBlOpKu~wtƒ6s+6z
pÃs+zOu…mv†sùzO„m„Æs+zOv2w‘|ìu†kms Wu†lS„
pÃs+zOu…mvs+C~su BzSr€\su†svƒBwt|ms+€
æjŒŠ“{zOv~wtlS…ciWlSƒBæ\wt|czOu~wtlS|clOpo~sWnts+iWu~wtlS|Çus+i†km|\wyû_…ms+KzO|c€
iWv~wtusv~wGzmï ™ ~„cs+i†w˜åMi
~sWnts+iWu~wtlS|‰us+i†km|\wGûS…msBzO|c€Ç„Æsv~pël_vƒzO|ciWsiWv~wtusvxw‘l_|óÃwtsSïhSs+û_…ms|juxwyz{n!èýlSvãKzOv€öhSs+zOvi†kzOuusƒŠ„mu~wt|m}6ul6ƒz{üjw ¡
ƒBwtþsu†kms kczOuuWzSikczÑvŒjŒ\z€_wG~uzO|ciWsOôCwG…c~s+€
ul6€\susv†ƒBwt|mszB~suKlOpulS„ pës+zOu†…mvs+ï ™ iWl_…m|jusvpëlSvs+zSi†k
lOprukms pÃs+zOu…mvs+,~sWnts+iWus+€‚wt|‰uk\wGƒzO|m|msv,wGwt|ciWvsƒŠs|jus+€‹æjŒÇlS|msBzO|c€‚ukms„mv†lŽiWs+,v†s„cs+zOus+€ö…c¸wt|m}z
€_w &svs|juxsWn‘s+iWuxw‘l_|us+i†km|\wyû_…mszO|c€‰~sWnts+iWu~wtlS|òiWv~wtusv~wtlS|úiWlSƒBæ\wt|czOu~wtlS|&ï  kms|âukms#pÃs+zOu…mvs6~sWnts+iWu~wtlS|â„mvl ¡
iWs+CwGKiWl_ƒ6„\ntsus+€
pÃlSvKzŸn˜n iWlSƒBæ\wt|czOu~wtlS|clÑpoukms~sWnts+iWu~wtlS|‚us+ikm|\wGû_…ms+?zÑ|c€ÇiWv~wtusv~wGzm•mukmsiWl_…m|jusvpëlSvs+zSi†k
pÃs+zOu…mvsiWl_|juz{w‘|c5ukms pëvs+û_…ms|ciWŒòãwtukúãk\wyi†kòukczOu#pÃs+zOu…mv†szO„m„cs+zÑvs+€‰wt|ìukms
~suBlOp WulS„ pës+zOu†…mvs+ï
ø kms#vs+€\…ciWs+€öpÃs+zOu…mvsxsu?iWlSƒ6„mv~wG~s+ukms 4pÃs+zOu…mvs+Cãwtuk‚ukms,nGzOv}Ss+xupëv†s+ûS…ms|ciWŒÇ“OzŸnt…ms+ï
))
™ |ìzŸntusv|czÑu~wt“Ss6ul‚ukmsBpÃvs+ûS…ms|ciWŒâ„mvlŽiWs+†,wG5ulDžc~sÇz 9H5? U@8? 9;BG+.10+0•QãKkmsvsÇz~„Æs+i†wÀåMiǍxsWn‘s+iWuxw‘l_|
us+i†km|\wGûS…ms6zO|c€‚~sWnts+iWu~wtlS|iWv~wtusv~wtlS|šiWl_ƒæ\wt|czOuxw‘l_|wG…c~s+€Çu†l€\susvƒBwt|ms6zBvzÑ|mälSvW€\sv~wt|m}lOpru†kms,pës+zOu†…mvs+
pÃvlSƒ.æcs+~uulBãlSvxurãwtukiWl_vs+zS¸wt}S|ms+€
ulBukmspÃs+zOu…mvs+CæczS~s+€
l_|uk\wGl_v€\sv~wt|m}Çó£lS|mswGukms#æÆs+~u+• Šwy
ukms5ã l_v~u+•mãkmsvs ÇwG,ukms5ulSuzŸn|j…mƒBæcsv,lOp—pÃs+zOu…mvs+^ôï ø kms5„mvlmiWs+wG,vs„cs+zOu†s+€…c”w‘|m}Çl_ukmsv2xsWn‘s+iWuxw‘l_|
us+i†km|\wGûS…ms6zO|c€Ç~sWnts+iWu~wtlS|iWv~wtusvxw‘l_|šiWlSƒBæ\wt|czOu~wtlS|c,zO|c€
ukmsiWl_vs+K~…mƒ6ƒŠs+€Qï ø kms#v†s+€\…ciWs+€
pÃs+zOu…mvs~suwy
ukms|‰iWlSƒ6„mv~wG~s+€ölOpoukms 4pës+zOu†…mvs+ãwtukÇukms,ntlOãs+~u?iWl_vs+ï
P"T # S) )
ø kmsǍ~ulmi䉃zÑväSsu,wG5ƒ6lŽ€\sWnts+€ò…c¸wt|m}z”w‘|m}Ñn‘s
k\wG€m€\s|ìnGzŸŒSsv#pÃss+€‹pëlSv†ãzÑv€‚|ms…mvzŸn |msu~ãlSvä‚ãwtukòæczSiä
„mvlS„czÑ}jzOu~wtlS|‰nts+zOv†|\w‘|m}íç …mƒ6sWntkczOvuŸ•—su+ïzŸn +› žÑê ï ø kms6wt|m„m…muBnGzŸŒSsvB…m|\wtuBiWlSvvs+x„clS|c€âul‰ukms6„czOu†usv|
pÃs+zOu…mvs+•Qãk\wÀntsÇukmsB“OzŸnt…mslOpukms6lS…mu†„m…mu,nyzŸŒSsv5…m|\wtu#wt|c€_wGizOus+5sWwtukmsv5pë…mu…mv†sƒ
zOväSsu€_wtvs+iWu~wtlS|âpÃlSv#ukms
€_wGiWvsus5“{zOvxwyzÑæ\n‘sB„mvs+€_wGiWu~wtlS|‰„mvl_æ\n‘sƒ4lSvKu†kms#„mvs+€_wGiWus+€‚vsu…mv|öpëlSvukmsBiWlS|\u~wt|j…mlS…c“{zÑv~wGzOæ\nts„mvs+€_wGiWu~wtlS|
„mvlSæ\ntsƒïCèmlSvæcl_ukÇukms€_wGiWvsus5“{zOvxwyzÑæ\n‘s5„mvs+€_wGiWu~wtlS|„mv†lSæ\ntsƒ zO|c€ŠukmsiWlS|\u~wt|\…mlS…c“{zÑv~wGzOæ\nts„mvs+€_wGiWu~wtlS|
„mvlSæ\ntsƒ.ukmswt|m„m…muK„czOuusv†|crzOvsukms2†zOƒ6s \ãKkczOuikczO|m}_s+—wGCukms,uzOv}_su—lS…mu„m…mu“{zŸnt…msSïrèýlSvru†kms2€_wGiWvsu†s
„mvs+€_wGiWu~wtlS|„mv†lSæ\ntsƒAz6uzÑv}SsuK“OzŸnt…ms6lOp—lS|ms6iWlSvvs+~„ÆlS|c€m,ulzÑ|wt|ciWvs+z_~s5w‘|‰ukms5“{zŸnt…ms6lÑprukms#wt|c€\sWüúzO|c€
ƒBwt|\…crl_|ms?iWlSvvs+x„clS|c€m!ulz€\s+iWvs+z_~sKwt|
ukmsK“OzŸnt…msSïrèmlSv—u†kms?iWlS|\u~wt|j…mlS…cC„mvs+€_wGiWu~wtlS|
„mvlSæ\ntsƒ.ukmsKuWzOv}Ssu
“{z{n‘…mswGKukmsz_iWu…czŸn&wt|c€\sWüvsu…mv†|‰ó£„csviWs|\uzO}_s,w‘|ciWv†s+zS~sO÷{€\s+iWvs+z_~s5w‘|‚ukms,wt|c€\sWüMôCpÃlSvKukms#|msWümuK„csvxw‘lm€Qï
ø kmsÇnts+zOv†|\w‘|m}ìi†kmsƒ6sDžc~s+€ñw‘|íuk\wGBãlSväìiWlS|c¸wG~u lOpz‰~s+û_…ms|ciWs‰lOp?uvWzŸwt|\w‘|m}ý÷+„mvs+€_wGiWu~wtlS|ð~s+¸wtlS|c
ãKkmsvsÇu†kms ™ .wGBv†suvzŸwt|ms+€/z{pëusvBs+zSi†kì~s+¸wtlS|í…c¸wt|m}ƒ6lSvsÇv†s+iWs|juBwt|\pÃlSvƒzÑu~wtlS|&ï ø k\wG wG6zSi†k\w‘s“_s+€
!
Parameter
Learning Rate
Tolerance
Iterations per
Window
Activation
Funtion
Value
0.1
0.0001
5,000
Tangent
Hyperbolic
ø zOæ\nts  ™ 8–—zÑvzOƒ6susvrzŸnt…ms+,’?xs+€
wt| ™ n˜n qüm„csv~wtƒ6s|\u
æ\ŒÇuvzŸwt|\wt|m}u†kms ™ …c¸wt|m}DŽczOuusv†|cCpëv†lSƒ z5åmüms+€¸wtþsBãwt|c€\lOã iWlO“Ssvxw‘|m}
z6iWlS|\u~wt|j…mlS…cu~wtƒ6sB~s}Sƒ6s|\u
lOp#k\wG~ulSv~wGi‚€mzOuzmï ø kms‚uzOv}SsuB“OzŸnt…msÇpÃlSv6ukms ™ wGBsWwtukmsv
ukms‚ƒzOväSsu6€_wtvs+iWu~wtlS| óÃpÃlSv6ukms€_wGiWvsu†s
„mvs+€_wGiWu~wtlS|‰„mvlSæ\ntsƒÇôClSvukmszSiWu…czŸn&vsu†…mv|‰óÃpÃlSvukmsiWlS|\u~wt|j…mlS…c„mvs+€_wGiWu~wtlS|‚„mvlSæ\ntsƒÇôCpëlSvukms#uxw‘ƒŠs#…m|\w‘u
wtƒ6ƒ6s+€_wGzOusWntŒ‰pÃlOn˜ntlOãwt|m}ÇukmsBuvzŸwt|\wt|m}ãwt|c€\lOãï ™ pÃusvz”w‘|m}Ñn‘sŠ„mvs+€_wGiWu~wtlS|ñxus„‰ukmsBuvzŸwt|\wt|m}Çãwt|c€\lOãwy
~k\w˜pÃus+€Špël_vãKzOv€BlS|ms#uxw‘ƒŠs?…m|\wtu5óÃwtsSï—lS|ms,uvzS€_wt|m}6„Æsv~wtlŽ€Æô•ýukms?„czÑuusv|c!pÃvlSƒ.ukms,|msãðãwt|c€\lOã zÑvs?…cxs+€
ul5vsuvzŸwt|
ukms ™ •mzO|c€
z#„mv†s+€_wyiWuxw‘l_|
wyƒzS€\spÃlSvukms,|msWüŽuCu~wtƒ6s#…m|\wtu+ï ø k\wGC„mvlmiWs+!wyCvs„Æs+zOus+€
…m|\u~w˜n
ukms#€mzOuz5~suCwyCsWümkczO…c~us+€Qï £uCwGCwtƒ6„clSv†uzO|\urulB|mlSusukczOuukms ™ íwGCvsuvzŸwt|ms+€ÇzŸpÃusvCs“SsvŒ6„mvs+€_wGiWu~wtlS|&ï
£|ìl_ukmsvãlSv€m5ukms ™ wGBu†vzŸwt|ms+€ìzO|c€âlS|ms„mv†s+€_wyiWuxw‘l_|ìwG5ƒzS€\sSï ø kms
ãwt|c€\lOã.wGxk\wÀpÃus+€âpÃlSvãKzOv€
lS|ms5„csv~wtlm€ó¸ãKk\wGik‚ƒ6s+zO|cukmsus+xuK„czOuusv†|ÇpÃlSvKukms5„mvs“SwtlS…cãwt|c€\lOãðwG|mlOãðwt|u†kmsuvz{w‘|\wt|m}~su­ô zO|c€
zO|mlSu†kmsvK„mvs+€_wGiWu~wtlS|‰ƒzS€\sSï ø kms5„mvlŽiWs+†CwGKvs„Æs+zOus+€ö…m|ju~w˜nou†kms€mzOuz5wGsWüŽkczO…cxus+€Qï
/cÜÑá
ÆÚ&ÛVOß ÃÛQÚrމÚ
Ÿá
ø kmsB~uzOu~wGi ™ „czOvzOƒŠsusv…c~s+€öwt|šz{nÀn—sWüm„csv~wtƒ6s|\u#€_wGiW…c~s+€šw‘|‚uk\wG,„czO„csv#zOvsB~kmlOãK|
wt| ø zOæ\nts  ï
ø kms#€\Œj|czуBwGi,„czOvzOƒ6su†sv—zOvs#€\s+iWv~wtæcs+€ùwt|ukms#~„Æs+i†wÀåMisWüŽ„Æsv~wtƒ6s|\u€\s+†iWv~wt„mu~wtlS|cïèmlSvzŸn˜n%sWüm„csvxw‘ƒŠs|ju
ukms€mzOuWzB“{zŸnt…ms+ãsvsizŸnts+€
wt|\ul6ukmsŠó ¡ •  ôovzO|m}_sSï
èmlSvƒ6lS|\uk\ntŒ#sWüŽ„Æsv~wtƒ6s|juW•Oukms Ñ¤ ƒ6lS|\ukcQlÑpM€mzOuzCpÃvlSƒ _zO|j…czÑvŒ Ÿ›\¤ ul,èmsæmv…czOv†Œ +› ¤ iWlSƒ6„mvxwyxs+€
ukms!w‘|\wtu~wGzŸnQuvzŸwt|\wt|m}~suãwtuk6zSiWu…czŸn\„mvs+€_wGiWu~wtlS|có£æÆlSukB€_wy†iWvsusKzO|c€BiWlS|\u~wt|j…mlS…c^ôMƒz_€\srpÃlSv&u†kms ¤ ƒ6lS|\uk
„csvxw‘lm€òpÃvlSƒõˆ‰zOvi†k +› ¤ ul ‡ s+iWsƒBæcsv Ÿ›S›S¢ ïòèmlSv6€mzŸw˜ntŒìsWüŽ„Æsv~wtƒ6s|\u•ukmsŠwt|\w‘uxwyz{n2uvWzŸwt|\w‘|m}òãwt|c€\lOã
ãKzS,iWlSƒ6„mv~wG~s+€‰lÑp sWwtukmsv ¢S¥ „czOuu†sv|c5ó ‡ s+iWsƒBæcsv ¢ • +› ¤ u†l ‡ s+iWsƒæÆsv +ž • +› ô lSv ¥ „czOuu†sv|c
—Ø
!
!
!
!
! !
ó ‡ s+iWsƒBæcsv ¢_› • Ÿ› ž ul ‡ s+iWsƒBæÆsv +ž • +› ôï&èml_v zŸn˜nM€mzŸw˜ntŒBsWüŽ„Æsv~wtƒ6s|\uK󣿯lSuk€_wGiWv†sus?zO|c€BiWlS|\u~wt|j…ml_…cWô
us+~u„mvs+€_wGiWu~wtlS|ãsvs#ƒz_€\s#pÃlSvukms  • ¢\¤ „czÑuusv|cCpÃvlSƒ ‡ s+iWsƒBæcsv +› • +› ul ‡ s+iWsƒBæcsv ý • +›S› ï
ø kmsr„mv†s+€_wyiWuxw‘l_|„Æsv~pÃlSvƒzO|ciWs—ƒŠsuv~wGiQ…c~s+€2w‘|5ukmsrsWüm„csvxw‘ƒŠs|juzOvs—u†kms/5? ?7S56A9H5#2./B D9;. 287 9+?ó ô•
ukms-E@89;.FG 28@ B?56A 0 .289 Çó Cô•QzO|c€‚ukms 0FI 59 . 9;5628@B
ó ÑôïèýlOn˜n‘lOãwt|m} …mui†k\wt|c~lS|/ç +›S› Oê •mukms
zO|m|\…czŸnovzÑus?lÑp vsu†…mv|
wG?€\sWåc|ms+€‚zS
!
! !
! !
U
ó¥ ô
ãKkmsvs wG,ukmsBul_uzŸn&|j…mƒBæÆsv#lOpruvzS€_wt|m}DŽÆsv~wtlŽ€m• wG,ukms5|j…mƒBæcsv#lÑpruvzS€_wt|m}
„csv~wtlm€m#„csv#Œ_s+zOvó +¢ pÃlSvƒ6lS|\uk\ntŒÇ€mzOuzm• ¢_¥ pÃlSvK€mzŸw˜n‘Œ‰€mzOuz\ôW•jzO|c€ wy€\sWåc|ms+€šz_
Q w˜lSpru†kmukmss#vハwG~zÑs väSsuK€_wtvs+iWu~wtlS|‚wGKiWlSvvs+iWuxn‘ŒÇ„mv†s+€_wyiWu†s+€
óž ô
ãKkmsvs wGBu†kmszSiWu…czŸnvsu…mv|âpÃlSvukms‚h #– ¥ wt|c€\sWüúpÃlSv„Æsv~wtlŽ€ KWïšèýlSviWl_ƒ6„czOv~wG~lS|ò„m…mv„Ælj~s+5ukms
¸wtƒ6„\nts#æm…mŒzO|c€ŠkmlOnG€ pël_vrukms,ƒ6lS|\uk\ntŒ6us+~u€mzOuz2wy ï ¤{ž zO|c€ pël_vrukms#€mzŸw˜ntŒus+xu €mzOuz2wG _ ï j› ï
ø kms pÃlSvKzO|
wG€\s+zŸn&ƒ6lm€\sWnoãwtukDŽÆsv~pës+iWu„mvs+€_wGiWu~wtlS|ó pÃlSvKzŸn˜n  ! K ! ôwy j¢ pël_v ƒŠlS|ju†k\n‘Œ
€mzOuzŠzO|c€  m¤ pÃlSv?€mzŸw˜ntŒ€mzOuzýï
èmlOn˜ntlOãwt|m}zŸnG€\ã sWn˜nKç +›S›_¥Oê •Su†kms€_w‘v†s+iWu~wtlS|czŸnr~ŒjƒŠƒ6suvŒ6ƒŠsuv~wGi,wG,€\sWåc|ms+€zS
,
,
,
,
!

ãKkmsvs
#U "
ó¤ô
˜
w
K
p
ó
ôó ô%$

óô
S
l
†
u
m
k
s
v
ã
G
w
~

s
"
ø kmsB“{zÑv~wGzOæ\nts wG#€\sWåc|ms+€‰sWwtukmsvz_,ukms„mvs+€_wGiWus+€âvsu…mv†|ÇpÃlSv?„Æsv~wtlŽ€ K#óÃpÃlSv?iWlS|\u~wt|j…ml_…c#“{zÑv~wGzOæ\nts6„mvs ¡
€_wGiWu~wtlS|‰sWüŽ„Æsv~wtƒ6s|\uWôrlSv,zS
&
 ˜w pKh #–òwt|c€\sWüwt|ciWvs+z_~s+wt|‚“{zŸnt…mslO“Ssv„csv~wtlm€-K
Q  lSukmsv†ãwG~s
!
ó› ô
pÃlSvukms#„mvs+€_wGiWus+€Çƒ
zOväSsu€_w‘v†s+iWu~wtlS|sWüm„csv~wtƒ6s|\uó”€_wGiWvsus#“OzOv~wGzOæ\nts„mv†s+€_wyiWuxw‘l_|cWôï £|zS€m€_wtu~wtlS|‚ulBƒ6s+z ¡
~…mv~wt|m}u†kms ðlS|ìu†kms~suBlOpz{nÀn „mvs+€_wGiWu~wtlS|c•wt|ìlS…mv6sWüm„csv~wtƒ6s|\uBukms <wGz{nyxl‹iWl_ƒ6„m…mus+€òpÃlSv
~su lOp?nGzOv†}SsšzO|c€í~ƒzŸn˜n?ƒ
zOväSsu6ƒŠl{“_sƒ6s|juWï ø kms B .J9H5#A&A 9;.+E@ G 28@ B? 01.2,ó ô,wG6u†kmsš~su6lÑpzŸn˜n ¢O¡
u…m„\nts+
ó ô  ! ! pëlSvBz‰~„cs+i†w˜åMi ™ sWüm„csv~wtƒ6s|\uiWlS|c”wyxu~wt|m}lOp uvzS€_wt|m}„Æsv~wtlŽ€mï ø kms
0 5#A&A 9;.FE@G28@B? 0 . 2ó ôwGBukmsǍ~…mæc~suBlOp?u†kms ¢O¡ u…m„\nts+
ó ô?ãKkmsvs wGBæcsWntlOãukms
ƒ6s ¡
€_wGzO|ò“{zŸnt…msSlSvsB„mvs+i†wG~sWntŒS• wGB€\sWåc|ms+€úz_ ó ô ÇãKkmsvs
iWlS|c~uzO|\u ‹wy
~sWnts+iWus+€òï u+ï $ jï
hOwtƒBw˜nGzOv~ntŒS•—ukms-A 59 6. 9;.+E@ G 28@ B? 01.2Có OôCwyukms
~…mæc~suBlOpKukms ¢O¡ u…m„\nts+
ó ô,ãKkmsvs wGBzOæclO“Ss6u†kms6ƒ6s+€_wGzO|ò“{zŸnt…msS•r€\sWåc|ms+€òƒ6l_vs6„mvs+i†wG~sWntŒìzS
% ó ô $ jï
ø kms
hSkczOv„Æs6vzOu~wtlS|‚wG#z
ãwG€\sWntŒ‰…c~s+€‚ƒ6suv~wGiÇ瘁zŸnG€\ã sWn˜n +›_›S¥Oê ukczÑu2zOu†usƒ6„muul
|mlSvƒzŸn˜wtþs6vsu†…mv|c
zSiiWlSvW€_w‘|m}
ulBukms5v~wG~älÑp ukms#u†vzS€_wt|m}~uvWzOus}SŒSï ø kms~kczÑv„vzÑu~wtlS|
wGK€\sWåc|ms+€‰zS
U
Q
U
ó ô
ãKkmsvs wGK€\sWåc|ms+€ö„mvs“SwtlS…c”n‘ŒS• wGu†kms~uzO|c€mzOvW€€\s“_wGzOu~wtlS|ÇlOp—ukms,sWn‘sƒŠs|ju w‘|‚ukms~su ! K !
j•mzO|c€ wGukms,v~wG~äBpÃvss?v†su…mv|ŠpëlSvC„csv~wtlm€-KWï èýlSv z{nÀn&sWüm„csv~wtƒ6s|\uCwt|Çuk\wG~u…c€\ŒŠukms wyukms?v†su…mv|
lS|’5ï˜hcï ø vs+zS~…mv†s w˜n˜nGpël_vK„csv~wtlm€-KWï
" V )
ø kmsBiWlSƒ6„\ntsusBƒ6lS|\uk\ntŒù€mzÑuzxsu  iWl_|juz{w‘|c ¢S› pÃs+zOu…mv†s+ï ™ xs+iWlS|c€
pÃs+zOu…mvsB~su ¢ wG#iWlSƒŠ„mv~wG~s+€ÇlOp
~s“Ss|‹pës+zOu†…mvs+pëv†lSƒ ukmsiWlSƒŠ„\n‘su†s~su~sWnts+iWus+€âæczS~s+€‰l_|úzO|‚wt|ju…\wtu~wt“SsŠpÃssWnrpÃlSv#ãKk\wGik‹pës+zOu†…mvs+#ãlS…\nG€
ƒzOä_s z
}_ljlm€i†nGzS¸w˜åcsv+ï ø kmsBåc|czŸnrƒŠlS|ju†k\n‘Œ‚pÃs+zOu…mvs6~suW zO|c€ ãsvs6iWlS|c~uv†…ciWus+€‰æ\Œ‹xsWn‘s+iWuxw‘|m}
sWwt}Sk\u,pës+zOu†…mvs+pÃvlSƒ ukms6iWlSƒ6„\ntsus6~su,æczS~s+€‚lS|u†kmspÃlSvƒ
zŸn&pÃs+zOu…mvsB~sWnts+iWu~wtlS|us+i†km|\wGûS…ms+5zO|c€iWv~wtusvxwyz
„mvs+~s|\us+€5wt|‚hSs+iWu~wtlS|c ¢ ï  zO|c€ ¢ ï ¢ ï ™ n˜wG~ulOpozŸn˜n ¢S› ƒ6lS|\uk\ntŒpÃs+zOu…mv†s+—zO|c€6u†kmsWw‘v~surƒŠsƒæÆsv~k\wt„Šw‘|  •
¢ • zO|c€ zфm„cs+zOv!wt| ø zOæ\nts wt|ukms,zO„m„cs|c€_w˜ü&ï ø kms ™ ðzOvi†k\wtus+iWu…mvs„czOvzOƒ6su†svwt|ùiWlSƒŠƒ6lS|
ãwtukúz{nÀnrsWüm„csvxw‘ƒŠs|ju2wt|úuk\wG#~u†…c€\Œ‹zÑvs6€_wyx„\nyzŸŒSs+€šw‘| ø zOæ\nts  ãKk\w˜ntsukmsB|\…mƒBæcsvlÑprwt|m„m…mu…m|\wtu ó”’ †ô
zO|c€
k\wG€m€\s|‰…m|\wtu#ó ’ô—pÃlSv?€_w &svs|juƒ6lS|\uk\ntŒsWüm„csv~wtƒ6s|\u,zOvs~kmlOãK|
wt| ø zOæ\nts ¢ ï
ø kms‰pÃs+zOu…mvs+
u†kczOuiWlSƒ6„mv~wG~s zO|c€ ãsvs~sWnts+iWus+€ …c¸wt|m}/u†kms‰pëv†s+ûS…ms|ciWŒ<„mvlmiWs+zÑ|c€<ukms
vzO|m䉄mvlmiWs+5vs+~„Æs+iWu~wt“SsWntŒS•ræÆlSukòlOp?ãKk\wGi†kñzÑvs€_wGiW…c~s+€ñwt|/hSs+iWu~wtlS| ¢ ï ï ø l‰lSæmuWzŸwt| zO|c€ zŸn˜n
iWlSƒBæ\wt|czOu~wtlS|cBlÑp2ukmsxsWn‘s+iWuxw‘l_|/us+i†km|\wGûS…ms+
zO|c€ò„csvxpëlSv†ƒzO|ciWsiWv~wtusv~wGzò€_wGiW…c~s+€ñw‘| hSs+iWu~wtlS|c ¢ ï  zO|c€
¢ ï ¢ zOvsDžc~s+€ñpëlSv w‘|c€_wt“_wG€\…czŸn#wt|c€\s„cs|c€\s|\uÇpÃs+zOu…mvs‰~sWnts+iWu~wtlS|/sWüm„csv~wtƒ6s|\uïðèýlSv6sWüczOƒ6„\ntsS•,hSs+û_…ms|ju~wGzŸn
èml_vãKzOv€5hSs+zOvi†kxsWn‘s+iWuxw‘l_|wG„csv~pÃlSvƒŠs+€#åcvW~u&…c¸wt|m}#ukmsqr~u~wtƒzÑus+€#ˆöw‘|\wtƒz{nMq—vvl_vo–—vl_æczOæ\w˜nÀwtu~ŒiWv~wtusv~wtlS|&•
ukms|‰ˆšzÑkczŸnGzO|mlSæ\wG ‡ wG~uzO|ciWsS•ÆsuiOï ø kmspëvs+û_…ms|ciWŒãw‘u†kãKk\wGi†k‹z pÃs+zOu…mvszO„m„Æs+zOvs+€öwt|‰ukms xs“Ss|æÆs+~u
pÃs+zOu…mvs+~su wt|Çwt|c€_wt“_wy€\…cz{n—pës+zOu†…mvs2xsWn‘s+iWuxw‘l_|sWüm„csv~wtƒ6s|\uãKzSiWlSƒ6„m…mu†s+€ÇzO|c€
ukms#sWwt}Sk\urpÃs+zOu…mv†s+ãwtuk
ukms,k\wt}Skms+~upÃvs+û_…ms|ciWŒiWlSvs+iWlOn˜nts+iWus+€ùw‘| ï ø kmsKwt|\wtu~wGzŸnolSæ ”s+iWu~wt“Ss,ãKzS—u†lkczŸ“Ssukms2†zOƒ6s,|j…mƒBæcsvlOp
pÃs+zOu…mvs+Kz_Kukmswt|ju…\wtu~wt“Ss6~su ¢ ó”xs“Ss|Qô Ækml{ãs“SsvsWw‘}_kju,ãsvs,wt|ci†n‘…c€\s+€âæcs+izхc~sBlOp!z pÃvs+ûS…ms|ciWŒ†iWlSvs
u~wts#æcsu~ãss|
ukms~s“Ss|\ukÇzO|c€6sWwt}Sk\uk
pÃs+zOu…mvs+­ï ø kmsKpÃs+zOu…mvs+!wt| ãsvs2xsWn‘s+iWu†s+€
æjŒŠåcv~uiWlSv~wt|m}6s+zSi†k
pÃs+zOu…mvsCwt|  z_—€_wy†iW…c~s+€ w‘|ŠukmsKvzO|mä5„mvlmiWs+—„ÆlSvu~wtlS|BlOp—hSs+iWu~wtlS| ¢ ï zÑ|c€6~sWnts+iWu~wt|m}BukmsKsWwt}Sk\upës+zOu†…mvs+
ãwtuk‚ukms,ntl{ãs+~uKiWl_vs+ï
)1 S " V )
èwtv~u+•mu†kmsû_…czŸn˜w‘u~Œ‚lOp u†kms#pÃs+zOu…mvs~sWnts+iWu~wtlS|‰„mvlmiWs+ãKzSus+~u†s+€Ç…c¸wt|m}Çz¸wtƒ6„\nts ¡ |ms+zOvs+xu?|msWwt}Sk\æclSv
ó #ôi†nyz_¸w˜åcsv6瘁rlO“Ssv+• zOvu Ÿ›Sž\¤+ê ïCèmlSvKs+z_ik‚lOp u†kms#pÃlS…mv?€mzOuzŠ~su,ó  • ¢ • • ôrukmvss
sWüm„csv~wtƒ6s|\uãsvs?iWl_|c€\…ciWus+€6ãw‘u†k s+ûS…cz{nMåcvW~urul5lS|msS•Su†kms|u~ãlc•jzÑ|c€5åc|czŸn˜ntŒukmv†ssSï ø kms#z+“_svzO}Ss ‡ h
vs+~…\ntu!pÃlSvru†kmsKukmvss,sWüŽ„Æsv~wtƒ6s|\uzOvs?€_wG~„\nGzŸŒSs+€Šwt|ùèwt}S…mv†s  pëlSvCs+zSi†k€mzOuz5~su zŸntlS|m}BãwtukŠukms?k\wt}Sk ‡ h
“{z{n‘…ms5vs„mvs+~s|\u~wt|m}
ukmsæÆs+~uKvs+~…\ntupël_v u†kms#ukmvsssWüm„csvxw‘ƒŠs|ju­ï
™ iWlSƒŠ„czOv~wG~lS|‚lOprukmszŸ“SsvWzO}Ss ñlÑprukms i†nGzS”wÀåcsv,pÃlSv#zŸn˜nopÃlS…mv#€mzOuz
~suwt|c€_wyizÑus+,ukczOu,ukms
pÃs+zOu…mvs?xsWn‘s+iWuxw‘l_|DŽmvlŽiWs+†r€_wG€
vs+€\…ciWs  ul zO|c€ ãw‘u†k|mlB¸wt}S|\w˜åMizO|juvs+€\…ciWuxw‘l_|
w‘|
„csvxpëlSv†ƒzO|ciWs
óÃwt|ìp£zSiWu
„csv~pÃlSvƒ
zO|ciWs
wt|ciWvs+zS~s+€Æôï ø kms
i†nGzS¸w˜åcsvzŸnG~lâwt|c€_wGizOus+
ukczOu vs+x…\n‘uWBwt| zâæcsu†usv
i†nGzS¸w˜åcsvKu†kczO| •Swt|c€_wGizOu~wt|m}
ukczOuCukms#vzO|mä_wt|m}„mv†lŽiWs+CãlSväm—æÆsuusvKu†kczO|u†kmsKpÃvs+û_…ms|ciWŒ„mvlmiWs+ï ¸|
zS€m€_wtu~wtlS|&•cèwt}S…mv†s  xkml{ã, zB€\s+iWvs+z_~s,wt|„csvxpëlSv†ƒzO|ciWspëlSv ¢ wt|c€_wGizOu~wt|m}ÇukczOuukmswt|ju…\wtu~wt“Sspës+zÑu…mvs#~su
ó ¢ ôriWlS|\uzŸwt|cCn˜wtuu~ntsB„mvs+€_wGiWu~wt“Ss5wt|\pël_vƒzOu~wtlS|&ï
Directional Symmetry
70
65
60
Average DS
55
High DS
50
45
40
m1
m2
m3
m4
èwt}S…mv†s 
pëlSv ‡ wGiWvsu†s–—v†s+€_wyiWuxw‘l_|lS|ˆ‚lS|\uk\ntŒ ‡ zÑuz
-&) 1 8 )
KsWümu+•%pëlSv#s+z_ik‰ƒ6lS|\uk\ntŒÇpÃs+zOu…mv†s~su#ukms5pÃlOn˜n‘lOãwt|m} ™ sWüŽ„Æsv~wtƒ6s|juW#ãsvs6iWlS|c€\…ciWus+€Qï
èw‘vW~u#ukms
„mvlSæ\ntsƒãKzS,uvs+zÑus+€‰zS#z€_wGiWvsu†s“OzOv~wGzOæ\nts„mv†s+€_wyiWuxw‘l_|ú„mvl_æ\n‘sƒãKkmsv†s6ukms6}Sl\zŸnrãKzS,ulDŽmvs+€_wGiWuBukms
ƒzOv†äSsuK€_w‘v†s+iWu~wtlS|&ï ™ K~kmlOãK|
wt| ø zOæ\nts ¢ •\ukms#vs+~…\ntu,~…m„m„cl_vuKukms <åc|c€_wt|m}ÇukczÑu  ãz_rv†s+€\…ciWs+€
ul zO|c€ ãwtuk‚n˜w‘u†u~nts6lSv#|mlÇvs+€\…ciWu~wtlS|‹w‘|‰„Æsv~pël_vƒzO|ciWs
ó”~l_ƒ6sãKkczOu#~ƒzŸn˜ntsv zSi†k\w‘s“_s+€‰ãwtuk
~ƒz{nÀntsvÇ|\…mƒBæcsvÇlOpuvWzS€\s+Wôï £|ðzS€m€_wtu~wtlS|&• zO|c€ w‘|c€_wGizOu†s+€<æcsuu†svDŽcsv~pÃlSvƒzÑ|ciWsÇpÃlSvu†kms ƒ6suvxwyiãKkms|ùiWl_ƒ6„czOvs+€Šul  zSCs“SwG€\s|\upëv†lSƒ èwt}S…mvs ¢ ï ¸uCwy w‘ƒŠ„clSvuWzO|juul5|mlSusS•_wt|iWlS|\uvzS~uCulBukms
œ~ŒŽxusƒ•\ukczOu?zÑ| ™ uvzŸwt|ms+€ö…c¸wt|m}6wt|\u…\wtu~wt“SsWntŒš~sWnts+iWus+€ ¢ €mzOuWzBkczS€
æcsu†usv?v†s+~…\ntuKu†kczO|ÇlS|ms
uvz{w‘|ms+€ö…c¸wt|m}ùz{nÀn  €mzOuzmï ø k\wGwt|c€_wyizÑus+,ukczOuKu†kms ™ ãKzSzOæ\ntsul€\su†s+iWuKvsWnGzOu~wtlS|c~k\wt„c,ukms
i†nGzS¸w˜åcsv#iWlS…\nG€‚|mlSu+ï
rlSƒ6„czÑv~wt|m}Çukms “{z{n‘…ms+ulÇukmljxszSi†k\wts“Ss+€‰…c¸wt|m}u†kmsæm…mŒzO|c€‚kmlOnG€xuvzOus}_Œ‰ó ï ¤{ž ô ~kmlOã?
ukczOuCukms ãKzSCzOæ\nts?ulBzSi†k\w‘s“_s?vsu†…mv|criWlSƒŠ„czOvzOæ\nts,ul#ukms,æm…mŒzO|c€BkmlOnG€
~uvzÑus}SŒSï lOãs“Ssv+•Owtu!wy
wtƒ6„cl_vuzO|\u?u†l|mlSu†sukczOu,uvzÑ|czSiWu~wtlS|‰iWlj~uãsvs|mlSu#iWlS|c¸wG€\svs+€šw‘|‰uk\wG#~u†…c€\ŒSï £|ci†nt…c€_wt|m}‰uvzO|c†zSiWu~wtlS|
iWlj~uW&ãlS…\nG€5…m|c€\lS…mæmus+€_ntŒBvs+~…\ntuwt|Bukmsæm…mŒzO|c€5kmlOnG€B~uvzÑus}SŒ,kcz+“_wt|m}z?x…m„csv~wtlSv w‘|6zŸn˜nmwt|c~uzÑ|ciWs+ï
'') $8
)
£|<ukmsöåc|czŸnxsulOp#sWüm„csv~wtƒ6s|\u
lS|íƒ6lS|\uk\ntŒ/€mzOuzm•CpÃlSv6s+zSi†k/ƒŠlS|ju†k\n‘ŒòpÃs+zOu…mv†sš~su
ukms}_ljzŸn?ãKzS
ulò„mvs+€_wGiWuukmsòzSiWu…czŸn#ƒzOvä_suvsu†…mv|ó”iWlS|\u~wt|j…mlS…c
“OzOv~wGzOæ\ntsò„mvs+€_wGiWu~wtlS|ð„mvlSæ\ntsƒÇôŠpël_vukms‚pÃlOn˜ntl{ãw‘|m}
ƒ6lS|\uk&ï ™ 5~kmlOãK|‚wt| ø zÑæ\n‘s ¢ zO|c€‰èwt}S…mvs •Qukms æczS~s+€ ™ „mvs+€_wGiWulSv€_wG€‰æÆsuusv5ukczO| lS|
• S•\zO|c€ ƒ6suvxwyizO|c€
zŸnG~lBæcsu†usvukczO|
ukms?æm…mŒ
zO|c€
kmlOnG€Q•_w‘|c€_wGizOuxw‘|m}
ukczOuukms,vzO|mä_wt|m}
Data Set
!
Architecture
IU
HU
29
9
8
3
8
3
8
3
Discrete Variable Prediction
75
ARR % Trades
Sharpe
9.18
82
0.055
70
8.77
62
0.048
65
6.23
66
0.003
8.18
74
0.038
60
ø zOæ\nts ¢ ™
Directional Symmetry
Data
Set
m1
m2
m3
m4
Continuous Variable Prediction
ARR % Trades
Sharpe
(1.67)
80
-0.133
(4.44)
54
-0.182
0.67
42
-0.093
9.60
72
0.063
All
Small
Large
55
50
s+x…\n‘uW?zO|c€ ™ vWik\wtus+iWu…mv†s,pëlSv,ˆl_|juk\ntŒ ‡ zOuz
45
40
m1
m2
m3
m4
Monthly Data Set
èwt}S…mv†s ¢ ‰pëlSv ‡ wy†iWvsus r zÑv~wGzOæ\nts–—v†s+€_wyiWuxw‘l_|š’,¸wt|m}ùˆ‚lS|\uk\ntŒ ‡ zÑuz
èw‘}_…mvs
pÃlSv,rlS|\u~wt|j…ml_…crzOv~wGzOæ\nts6–—vs+€_wGiWu~wtlS|‰’?”w‘|m}Lj‚lS|\uk\ntŒ
‡ zOuWz
pÃs+zOu…mvs~sWnts+iWu~wtlS|6„mvlmiWs+uvzO|c¸pÃsvæcsuu†svoul#z„mvs+€_wGiWu~wtlS|€\lSƒz{w‘|BukczÑ|ukms!pëvs+û_…ms|ciWŒ#pÃs+zOu…mv†sxsWn‘s+iWuxw‘l_|
„mvlmiWs+ï ø kmsvsWpÃlSvsS•Ÿukms€mzŸw˜n‘Œ6€mzOuWzsWüŽ„Æsv~wtƒ6s|\uvs„cl_vus+€wt|hSs+iWuxw‘l_| ï ¢ …c~sClS|\ntŒukmsCvzO|mä_w‘|m}xsWn‘s+iWuxw‘l_|
„mvlmiWs+ï
8 & )
ø kmsiWlSƒ6„\ntsus€mzŸw˜ntŒð€mzOuzò~su  iWlS|\uzŸwt|c ž\¤ pÃs+zOu…mvs+ï ø kmsöpës+zÑu…mvs+
ukczOuÇiWlSƒ6„mvxwyxsšu†kmsšv†s+€\…ciWs+€
pÃs+zOu…mvs#~su ã sv†s2~sWnts+iWus+€ö…c¸wt" |m}u†kms?u~ãlB„mkczS~s#„mvlmiWs+K€_wGiW…cxs+€
wt|‰hSs+iWu~wtlS| ¢ ï ï £|DŽmkczSxs#lS|ms#ukms
ž\¤ pÃs+zOu…mvs+" wt|òukmsBwt|\wtu~wGzŸn?~su  ã sv†sv†s+€\…ciWs+€ulÇu†kms pÃs+zOu…mvs+wt|òukmsBwt|ju†svƒ6s+€_wGzOusxsu ¢ ï ø k\wy
wt|j“_lOnt“Ss+€‚ukmsB…c~sBlOprukms s+~u2èý" s+zOu…mvs6~sWnts+iWu~wtlS|âus+ikm|\wGû_…ms6zŸntlS|m}Çãwtuk‰ukms6qr~uxw‘ƒ
zOus+€ˆöwt|\wtƒ" zŸn q!vvlSv
–—v†lSæczOæ\w˜n˜w‘u~ŒS• kczOuuzSi†kczOvŒ\Œjz5€_wyxuzO|ciWsS•czO|c€‚q—…ci†n˜wG€\s+zO|€_wG~uzO|ciWsiWv~wtusvxwyzýï ø kms”w‘þs5lOpoukms,wt|\usvƒ6s+€_wGzOu†s
pÃs+zOu…mvsxsuãKzS,n˜wtƒBwtus+€òulÇu†k\w‘v†u”ŒSï ¸uãKzS#€\s+”w‘vWzOæ\ntsÇulÇwt|ci†nt…c€\szS#ƒ
zO|jŒ‚pÃs+zOu…mvs+2wt| ¢ zS„clj†¸wtæ\n‘sSï
l{ãs“SsvŸ•+ãwtukBƒ6l_vsrukczÑ| pës+zÑu…mvs+ukms—pÃs+zOu…mvs~sWnts+iWu~wtlS|6us+i†km|\wGûS…ms+!…c~s+€wt|„mkcz_~su”ã" lKæÆs+iWlSƒ6s“SsvŒ
iWlSƒ6„m…muWzOu~wtlS|czŸn˜ntŒBsWüŽ„Æs|c¸wt“SsSï ¸|6„mkczS~su”ãl,ukms pÃs+zOu…mv†s+w‘| ¢ ãsvsvs+€\…ciWs+€Šul#ukmsK~s“Ss| pës+zOu†…mvs+wt|
ï ø k\wGCãKzS—zSiiWlSƒŠ„\nÀwG~kms+€Š…c¸wt|m}Bukms#hSs+û_…ms|juxwyz{n%èml_vãKzOv€zÑ|c" €
hSs+ûS…ms|\u~wGzŸn zSi†äjãKzOv€ŠhSs+zOvWikxsWn‘s+iWuxw‘l_|
u" s+i†km|\wGûS…ms+BzŸntlS|m}Çãwtuk‰ukms
zOƒ6s6iWv~wtusv~wGz‚zSK…cxs+€‚wt|„mkczS~s6l_|msSï ø kms w‘|c€_wt“_wG€\…czŸn?~sWnts+iWu~wtlS|úu†s+ikm|\wGû_…ms
zO|c€î„csv~pÃlSvƒzÑ|ciWs‹iWvxw‘u†sv~wGzìiWlSvs+ŠãsvsÇwt|\us}SvzOu†s+€ì…c¸wt|m}ìukms‚vzO|mä_w‘|m}ò„mvlmiWs+Ç€\s+iWv~wtæÆs+€íwt|8hSs+iWuxw‘l_|
¢ ï ï ™ n˜wyxulÑpz{nÀn ž\¤ ƒ6lS|\uk\ntŒ‰pÃs+zOu…mvs+#zÑ|c€ukmsWwtvBƒ6sƒBæcsvW~k\wt„wt|ì~su  • ¢ •zO|c€ zOvsxkml{ã|‰wt|
ø zOæ\nts+ ¥ zO|c€ ž ï ø kms ™ zOvi†k\wtus+iWu…mvsB„czOvWzOƒ6susv w‘|iWlSƒŠƒ6lS|ãw‘u†k‹z{" nÀnrsW"üm„csvxw‘ƒŠs|j" uwt|‰uk\wG#~u…c€\Œ
zOvs€_wG~„\nGzŸŒSs+€öwt| ø zOæ\nts  ãKk\w˜ntsu†kms|\…mƒæÆsvKlOpwt|m„m…mu#…m|\w‘uW#ó”’ ôKzO|c€
k\wG€m€\s|…m|\wtuó ’#ô—pÃlSv?€_w &svs|\u
€mzŸw˜ntŒÇsWüŽ„Æsv~wtƒ6s|\u#zOvs#~kmlOãK|
wt| ø zOæ\nts ï
)1 S " V )
ø kms€mzŸw˜ntŒú„mv†lSæ\ntsƒ ãKzSåcvxuuvs+zÑus+€úz_z‰€_wGiWvsusǓOzOv~wGzOæ\ntsDŽmvs+€_wGiWu~wtlS|/„mv†lSæ\ntsƒõãKkmsvs
ukms
}SljzŸn
ãKzS#u†l„mvs+€_wGiWuBukmsǀ_w‘v†s+iWu~wtlS|ìlOpKukmsÇh #– ¥ wt|c€\sWü%ï‰èml_vs+zSi†kúlÑpu†kmsukmv†ss€mzOuz‚~suŠó  • ¢ • ô
ukmvss <sWüŽ„Æsv~wtƒ6s|\uãsvs?iWlS|c€\…ciWu†s+€
ãwtuk s+û_…czŸnÆåcv~uru†ll_|msS•Sukms|Çu~ãlc•SzO|c€ åc|czŸn˜ntŒ" ukmv†s" sSï ø " kms
zŸ“SsvzO}_s ‡ hv†s+~…\ntuCpÃlSvukms?u†kmvss?sWüm„csvxw‘ƒŠs|ju,zOvs#€_wG~„\nGzŸŒSs+€Šwt|èw‘}_…mvs pëlSvCs+zSi†k€mzOuzxsuz{n‘l_|m}6ãwtuk
ukmsk\wt}Sk ‡ h2“OzŸnt…msKvs„mvs+xs|ju~wt|m}5ukmsKæcs+xu—vs+~…\ntu—pÃlSv—ukmsukmvsssWüŽ„Æsv~wtƒ6s|juWï ø kms i†nGzS†¸w˜åcsv v†s+~…\ntu
Directional Symmetry
56
54
52
Average DS
50
High DS
48
46
44
d1
d2
d3
è w‘}_…mvs pël_v ‡ wGiWv†sus–!vs+€_wGiWu~wtlS|š’,¸wt|m} ‡ z{wÀntŒ ‡ zOuWz
~kmlOã zÑ|Bwt|ciWvs+zS~s,wt|
ukms?lO“SsvWzŸn˜nM€_w‘v†s+iWu~wtlS|czŸno~Œ\ƒ6ƒ6suvŒ
ó£u†kms ~suô&pÃvlSƒ  u†l ¢ zO|c€ pëv†lSƒ ¢ ul •
wt|c€_wGizOu~wt|m}ÇukczOuæcl_ukDŽmkczS~s+lÑp ukms,pÃs+zOu…mv†s2~sWnts+iWu~wtlS|‰„mvlmiWs+Cwtƒ6„mv†l{“_s+€
ukm" si†nGzS" ¸w˜åMizOu~wtlS|izO„c" zÑæ\wÀn˜wtu~" wts+
lOp—ukms~Œm~usƒï
-&) 1 8 )
ø kms
wt|\wtu~wGzŸn ™ sWüŽ„Æsv~wtƒ6s|\u6…c~s+Bz‚uvzŸwt|\wt|m}ãwt|c€\lO㠍¸wtþsÇlOp ¢_¥ „czOu†usv|cï ø kms vs+x…\n‘uW•
w˜n˜n‘…cxuvzOus+€öwt| ø zOæ\nts •Žxkml{ã w‘ƒŠ„mvlO“Ssƒ6s|\upëv†lSƒ.ukms ™ uvz{w‘|ms+€ö…c¸wt|m}  ul6ukms#l_|ms#uvzŸwt|ms+€Ç…c”w‘|m}
¢ ï lOãs“Ssv+•Oukmsw‘ƒŠ„mvlO“Ssƒ6s|\upÃvlSƒ vs+€\…ci†wt|m} ¢ u†l Q ¢S¥ óÃwtsSïr€mzOuWz~" su ¢ ãwtuk
uvz{w‘|\wt|m}Bãwt|c€\lOã
lO" p&¸wtþs ¢S¥ ôQ|mlSu~wGiWs+€5wt|6u†kms /i†nGzS†¸w˜åcsv ãsvs|m" lSus“_wy"€\s|\u—wt|6u†kms pël_v—ukm" s ™ ï ø kms zO|c€
% ,€mzOuz5~su ‰“{zŸnt…ms+K~kmlOãK|Šwt|ùèwt}S…mv†s ¥ w‘|c€_wGizOu†sukczOuCukmsvsKãKzS!|ml6¸wt}S|\w˜åMizO|juK€_w &svs|ciWs,wt|Çukms
„csvxpëlSv†ƒzO|ciWsKlOpQukmsukmsKukmv†sspës+zÑu…mvsK~suï K|msK„Ælj¸wtæ\nts,sWüŽ„\nGzO|czOuxw‘l_|6wG—u†kczOu—ukmsuvzŸwt|\wt|m}ãw‘|c€\lOã<¸wtþs
lOp ¢S¥ „czÑuusv|cãKzSul~ƒz{nÀn£ï ø kmsv†sWpëlSv†szO|zS€m€_wtu~wtlS|czŸnrsWüm„csv~wtƒ6s|\u,…c¸wt|m} zO|c€‚z6uvWzŸwt|\w‘|m}
ãwt|c€\lOã
¸wtþs6lOp ¥ óÓw‘sSïB€ O¡£¥ ôrãKzS,iWlS|c€\…ciWus+€‰ul€\su†svƒBwt|ms5wÀp?z nGzOv}Ssv#ãwt|c€\lOã "¸wtþsBwtƒ6„mvlO“Ss+€‚ukmsBvs+x…\n‘uWï
™ ?~kmlOãK|öwt|‹èwt}S…mv†s ¥ •cukms ìvs+x…\n‘uW,…c¸wt|m}zBnGzOv}_sv?uvWzŸwt|\w‘|m}Çãw‘|c€\lOããKzSK…m|\w˜pÃlSvƒBntŒ‚æcsuusvz_iWvlj
zŸn˜n—ƒ6s+zS~…mvs+­ï lOã s“_sv+•\wt||mlŠwt|c~uzO|ciWsBãKzSukms ™ œzOæ\ntsu†lzSi†k\w‘s“_s z æcsuusv ó ø zOæ\nts ôCukczO|
ukczOuKzSi†k\wts“Ss+€‚æjŒ
ukms#æm…mŒzO|c€
kmlÑny€‚~uvzÑus}SŒÇó _ ï j› ôï
'') $8
)
èwt|czŸn˜n‘Œ‰ukms#„mv†lSæ\ntsƒ ãz_uvs+zOu†s+€ÇzSKz
iWlS|juxw‘|\…mlS…c“{zOvxwyzÑæ\n‘sB„mvs+€_wGiWu~wtlS|â„mvlSæ\ntsƒwt|‰ãKk\wGi†kukms5}SljzŸn
ãKzS,ul‚„mvs+€_wGiWuu†kmszSiWu…czŸnrƒ
zOväSsu5vsu…mv|‰pÃlSv#ukmsŠ|msWüŽu6€mzŸŒSï ¸|\w‘uxwyz{nÀntŒìukms+xs6sWüŽ„Æsv~wtƒ6s|\u z{nyxlš…cxs+€z
ãwt|c€\lOã8¸wtþs#lOp ¢S¥ „czOuusv|c­ï s+~…\ntuCpÃlSvukms+~s#sWüm„csvxw‘ƒŠs|juãsvs,…m|\w‘“_svzŸn˜ntŒãlSvxsKukczO|Çukms#v†s+~…\ntu
Data Set
Architecture
IU
HU54
67
9
52
30
9
7
3 50
7
3 48
ø zÑæ\n‘s ™
Directional Symmetry
Data
Set
d1
d2
d3-250
d3-500
Discrete Variable Prediction
ARR %
Trades
Sharpe
3.00
1,186
-0.004
10.20
1,216
0.031
(2.44)
726
-0.031
0.26
838
-0.042
All
Small
™ vik\wtus+iWu†…mvszO|c€ s+~…\ntu?’,¸wt|m} ‡ zŸw˜n‘Œ ‡ zÑuz
Large
46
44
42
40
d1
d2
d3-250
d3-500
Daily Data Set
è wt}S…mvs ¥ ‰pÃlSv ‡ wGiWvsus rzÑv~wGzOæ\nts –!vs+€_wGiWu~wtlS|š’,¸wt|m} ‡ zŸw˜n‘Œ ‡ zÑuz
pÃlSv?u†kms €_wGiWv†sus6“{zÑv~wGzOæ\nts„mvs+€_wGiWu~wtlS|â„mvlSæ\ntsƒ zO|c€‰zS#x…cikzOvsB|mlSu,ãlSvuk‚„mvs+~s|\u~wt|m}cï ™ |úz_€m€_w‘uxw‘l_|czŸn
sWüm„csv~wtƒ6s|\u…c”w‘|m} zO|c€/z‹uvzŸwt|\wt|m}úãw‘|c€\lO㠍”w‘þs‰lOp ¥ ãKzS6iWl_|c€\…ciWus+€ìulò€\susvƒBwt|msÇw˜pz‚nGzOv†}Ssv
ãwt|c€\lO㍸wtþs6wtƒ6„mvlO" “Ss+€âukms
vs+~…\ntuï ø kmsv†s+~…\ntuŠó ¡Ã ï žO • ¡ ï O j¢ •ozO|c€ <“{z{n‘…ms+
¥ ï ¤{¥ • ¥ý ï j› •SzÑ|c€ ¥ ï pÃlSvK~su • •SzO|c€ % ,v†s+~„cs+iWu~wt“SsWntŒÆôrãsvs,|mlSuK¸wt}S|\w˜åMizO|juxn‘Œ€_w &svs|\u
pÃvlSƒ ukmljxszSi†k\w‘s“_s+€ãwtukòz
uvzŸwt|\wt|m}‰ãwt|c€\l{ã lOp”w‘þs ¢S¥ zÑ|c€‰ƒB…cikãlSvW~sBukczO|ukml\~szSi†k\wts“Ss+€‰pÃlSv
ukms€_wGiWvsu†s“{zÑv~wGzOæ\nts„mv†s+€_wyiWuxw‘l_|š„mv†lSæ\ntsƒï
—Ø Ý&ÚCà:£ßŸá£Ý&Ú
ø kms,vs+~…\ntuCpÃvlSƒ.uk\wG~u…c€\Œ
„mvlO“_wy€\s,s“_wy€\s|ciWs5ukczOuK~lSƒŠsKpÃlSvƒ lOposWüm„\nÀwGi†wtupës+zOu†…mvs2xsWn‘s+iWuxw‘l_|š~kmlS…\nG€
æÆs
iWlS|c¸wG€\svs+€ wt|ù€\su†svƒBwt|\wt|m}u†kmspës+zÑu…mvs?~suC…c~s+€5wt|
æm…\wÀnG€_wt|m}z„mvs+€_wGiWu~wt“Ss?ƒŠlŽ€\sWnQlOp&ukms#h #– ¥ wt|c€\sWü%ï
 k\w˜n‘szpÃs+zOu…mvs,~suæczS~s+€ŠlS|u†kmsKsWüŽ„Æsv~wts|ciWszO|c€ wt|ju†…\w‘uxw‘l_|lOp&ukms#€\s“SsWntlS„csvƒzŸŒ xssƒ v†s+zS~lS|czOæ\nts,lS|
ukms?x…mv~pÓz_iWsS•SwtuCƒBwt}SkjuKzSiWu†…czŸn˜n‘Œ
iWlS|juWzŸwt|6“SsvŒBn˜wtuu~nts,„mvs+€_wGiWu~wt“Ss,wt|\pël_vƒzOu~wtlS|ÇzO|c€6xkmlS…\nG€
æcs,“Ssv~w˜åcs+€6…c”w‘|m}
pÃlSvƒzŸnpës+zOu†…mvs~sWnts+iWu~wtlS|âus+ikm|\wGû_…ms+ï ¸|šu†k\wy#xu…c€\ŒS•Qukms5wt|ju…\wtu~wt“Ss pës+zOu†…mvs+?zÑ|c€Çukms5pÃlSvƒzŸn˜ntŒšxsWn‘s+iWu†s+€
vs+€\…ciWs+€‹pës+zÑu…mvs~su5kczS€â|mlÇpÃs+zOu…mvs+2w‘|ìiWlSƒ6ƒŠlS|&ïèýlSvukms i†nGzS†¸w˜åcsv+•—ukms6v†s+€\…ciWs+€‰pÃs+zOu…mvs
~su
„csvxpëlSv†ƒ6s+€6ƒB…ci†kæÆsuusvukczO|
ukmswt|ju…\wtu~wt“Ssxsu+ï lOãs“Ssv+•Ñw‘uK~kml_…\ny€
æÆs#|mlSus+€ŠukczOuCukms ™ <æczS~s+€ŠlS|
ukms,wt|\u…\wtu~wt“Ss5pës+zOu†…mvs~su?€_wG€Ç„Æsv~pÃlSvƒ zS€\s+û_…czOusWntŒSï
ø k\wG?xu…c€\Œ6wt|c€_wGizOus+,u†kczOuKz5pës+zÑu…mvs~sWnts+iWu~wtlS|‚„mvlŽiWs+†æczS~s+€ölS|z6i†nGzS¸w˜åMizOuxw‘l_|„mvlSæ\ntsƒ €\ljs+|mlSu
vs+zS€_w˜ntŒu†vzO|c¸pÃsvKulz „mvs+€_wGiWu~wtlS|„mvlSæ\ntsƒï s+~…\ntupëv†lSƒukmsBiWlS|juxw‘|\…mlS…c“{zOvxwyzÑæ\n‘sB„mvs+€_wGiWu~wtlS|‰„mvl_æ\n‘sƒ
…c¸wt|m}
vs+€\…ciWs+€~suWãsvs#…m|czOu~wG¸p£zSiWul_vŒ6pÃlSvæcl_ukƒ6l_|juk\ntŒÇzO|c€Ç€mzŸw˜ntŒsWüm„csv~wtƒ6s|\uï
s+~…\ntu5pÃlSv5ukmsù€_wGiWv†sus“OzOv~wGzOæ\ntsDŽmvs+€_wGiWu~wtlS|ì„mvl_æ\n‘sƒ w‘|c€_wGizOu†sÇukczOuzÑ| ™ .iWlS…\nG€òæÆs…c~sWpÅ\nwt|
„mvs+€_wGiWu~wt|m}‰pÅmu…mvsxulŽi†äƒ
zOväSsu#ƒ6lO“SsƒŠs|ju­ï £|ò„czOvu~wGiW…\nGzOv+•wtu#wGwt|jusv†s+~u~wt|m}ul‚|mlSusBukczOu5ukms ™
zO„m„Æs+zOvs+€ìu†lš„Æsv~pÃlSvƒ$zÑu~wG¸pÓz_iWulSv~w˜ntŒìãKkms|/„mv†s+€_wyiWuxw‘|m}òƒ6lO“Ssƒ6s|\uB}_vs+zOusvBukczO|ìu†kmsǃ6s+€_wGzO|/vsu†…mv|&ï
l{ãs“SsvŸ•cukms
~u…c€\Œš€\l\s+wt|c€_wGizOus
ukczOu,ukms6„mvlSæ\ntsƒA€\lSƒ
zŸwt|ƒzŸŒÇ|mss+€u†læÆsBn˜w‘ƒ w‘u†s+€ul
„mvs+€_wGiWu~wt|m}
ƒ6lS|\uk\ntŒÇƒ6lO“Ssƒ6s|\u•Æ|mlSu#€mzŸw˜ntŒƒ6lO“Ssƒ6s|\u•ÆzO|c€‚ukczOu,ukms ™ iWlS…\nG€‚æcsBƒ6lSvs5…c~sWpÅ\nrul6„mvs+€_wGiWu~wt|m}
pÅmu…mvsƒ
zOväSsu?€_wtvs+iWuxw‘l_|c,vzOukmsvKu†kczO|zSiWu…czŸnvsu…mv|cï ø kmsvs+~…\ntu„mvlO“_wy€\s5„czOvu~wGzŸns“SwG€\s|ciWs6ukczÑuKukms
pÃs+zOu…mvs#vs+€\…ciWuxw‘l_|šzO„m„mvl\zSikms+„mvs+~s|\us+€Çkmsvs#ƒ
z+Œ
vs+~…\ntuwt|‰zBƒ6lSvsx…ciiWs+¸pÅ\n „mvs+€_wGiWu~wtlS|‚ƒ6lm€\sWnÓï
f NMP_R GLSb jLOF‰LONmT
ø kmszO…mukml_vBzOvs
}Svs+zOu~pÅ\nKulzO|ìzO|mlS|\Œjƒ6l_…cv†s“SwtsãsvBpÃlSvBukms~…m}S}Ss+xus+€ƒŠlŽ€_w˜åMizOu~wtlS|c
zO|c€âp£zS~u
kczO|c€_n˜wt|m}ÇlOp—ukms#ƒzO|\…ciWv~wt„mu+ï
V ;cÜ#cÚrà zOuuxw‘uxwӕ #ït•Kç Ÿ›S›O Sê ’?”w‘|m}ˆ‚…mu…czŸn ¸|\pëlSv†ƒzOu~wtlS|âpël_vhSsWnts+iWu~wt|m}ìèms+zOu†…mvs+w‘| hS…m„csv“_wG~s+€ s…mvzŸn su
s+zOv|\wt|m}c• 9;5? 0 .J7 9;56A .28CDB9FU 0^• —lOn ¥ • KlÆï •m„m„&ï ¥ \¤Ÿ¡£¥S¥ ï
vsWwtƒzO|&• ïy•Mç +›S›O Sê ø kms s…mvxwyxu~wGilOp ¸|c~uzOæ\w˜n˜wtu”ŒŠwt|ˆ‚lŽ€\sWn—hSsWnts+iWu~wtlS|&• ø s+i†km|\wGizŸn s„cl_vu lcï c+ž •
hSuzOu~wG~u~wGi ‡ s„czÑvuƒ6s|\u+•m’K|\wt“SsvW¸wtu”ŒÇlÑp  z{nÀw˜pÃlSv|\wGzm• svä_sWn‘sŒSï
 z{ny€\ãsWn˜n£• ït•?ç +›S›S¥Oê –sv~pÃlSvƒzÑ|ciWsˆ‚suv~wGi5pÃlSv Ks…mvz{n su~ãlSvä ¡ æczS~s+€ ø vz_€_w‘|m}îhSŒŽ~u†sƒ ‡ s“_sWn‘l_„ ¡
ƒ6s|juŸ• .J7 9;B . 62 B7:9F?56A˜• —lOn£ï K…mƒ ¢ •j„m„&ï  O¡£¢ ï
rlO“SsvŸ• ø ïéˆòïQzO|c€ zOvu+•Q–ïéqKïy•oç Ÿ›Sž\¤+ê Ks+zOv†s+~u sWwt}Sk\æclSv–—zOu†usv|!nyz_¸w˜åMizOu~wtlS|&• 9H5? 0 ?
B9 I .+B9 ѕ —lOn£ï ø¡ •m„m„&ï ¢m­¡£¢\¤ ï
èývss+€\ƒzO|&• :ó”qr€_wtulSv­ôït•#ç +›_›S¥Oê !9HB GF.+.+E@&? 0-B 28I:. I#@&9;E ;?2.19+?5628@B?5#ADB? .J9H.J?G+.RB?L9 28@ GJ@ 5#A
;?2. A&A @ 6.1?GF. A @ G+5628@B? 0 B?-5#A&A<289;.F. 2Õ sã
—lSv†äM• Bï
èý…mäj…m|czO}\zm• Bït•&ç +›S› Oê ;?289;B E7SG 28@ B? 2B <25628@80 28@GF5#A 5622.19+? .+GFB ?@ 28@B? ™ izS€\sƒ wyi5–—vs+†• sã—lSv†äM•
Bï
…mui†k\w‘|cxlS|&• mït•mç +›_› Oê 56E@ 56A ,/50F@80 37 ?G28@B? 9;B 56G1I 2BP3T@8?5?G1@56A @ .L<.19+@ .J0 ?56A 0F@80 j–—k ‡
ø kms+¸wG• ‡ s„czÑvuƒ6s|\u—lOpoqnts+iWuv~wGizŸn&q—|m}Owt|mssv~wt|m}zÑ|c€
rlSƒ6„m…mu†svhji†w‘s|ciWsS•ƈšz_zSi†kj…cxsuu £|c~u~wtu…mu†s
lOp ø s+ikm|mlOntlS}_ŒS•& zуæmvxwy€\}_sS•cˆ ™ ï
Kv~p£zO|\wG€_wG•hcï mït•&ç +›S› Oê ?vWzOƒ ¡ hji†kmƒBwG€\u Ks…mvWzŸn su• .17:9H5#A DB 725628@B? —lOn£ï ¢ •\„m„&ï _+žO¡+¢Sž ï
…mƒŠsWn‘kczÑvu+•&suŸïzŸn£ït•—ç +› žOê 59;56A8A .A L@&01289F@ +72.+E D9;B GF.J0F0+@&? A B9H5#28@ B?0P@&? 28I:. R@G19;B01289F7G287:9;. B
DB ? @28@ B? —lOnGï  zO|c€ ¢ •cˆ ø –—vs+­•czOƒBæmv~wG€\}SsS•cˆ ™ ï
ø s|mlSv~wtlc• ø ïzO|c€ ~…&•  ït•rç +›S› Oê {hSsWn‘s+iWuxw‘|m} £|c€_wGizOulSvW#pÃlSv £ƒ6„mvlO“Ss+€šåc|czO|ci†wGzŸn2–—v†s+€_wyiWuxw‘l_|&• .17
9HB . 0 2 B7:9F?56A lO“c÷ ‡ s+iO•\„m„&ï ŸžO¡£¢ ï
!
""! :" ó¸uikms|mlOãs$#Kss+iï ã,~…&ï s+€\…QôKvs+iWsWwt“Ss+€z ï˜hcï&€\s}_vssBwt|úˆ‰zOukmsƒzÑu~wGiw‘| +›  pÃvlSƒ
ukmsǁCljzS~u%,…czOv€ ™ izS€\sƒBŒS•—zˆòï ï ™ wt|ìèwt|czO|ciWs6pÃvlSƒ  zS~k\wt|m}Su†lS|ìhSuzOu†s’K|\wt“SsvW¸wtu”Œ‚wt| +›S›m •zO|c€
wGÇiW…mvvs|\u~ntŒðiWlSƒ6„\ntsu~wt|m} zòˆòï˜hcï—wt|œClSƒ6„m…musv‰hji†wts|ciWsúzO|c€<zO| ¸|c€_w‘“_wG€\…czŸn £|\usv€_wGi†wt„\n˜wt|czOvŒœ–—k&ï ‡ ï
iWlSƒBæ\wt|\wt|m} …c¸wt|ms+6zO|c€îrlSƒ6„m…mu†sv6hji†wts|ciWsS•æclSu†k‰pëv†lSƒ  zS~k\wt|m}Sul_|ìhSuzOusǒ|\w‘“_sv¸wtu~ŒSï sãKzS5zO|
zSiWu~wt“SsB€\…mu~Œl ÇiWsvKwt|u†kms6rljz_~u ?…czÑv€Špëv†lSƒ +›  ul +› › ï ø kms5lSæ ~s+iWu~wt“SslÑp k\wG,iW…mvvs|\u?vs+xs+zOvi†k
wy
ul6…cxszS€\“{zO|ciWs+€öus+i†km|mlOntlS}Owts+Ku†l6ƒ6lm€\sWn&åc|czO|ci†wGzŸn—ƒzOväSsuWï
!
!
!
£ó þlSvzO|*#Kss+i­ï ã?~…&ï s+€\…QôCvs+iWsWwt“Ss+€
ukms ï˜hcïm€\s}Svss,wt| ™ „m„\nÀwts+€‰ˆ‰zOukmsƒzÑu~wGi• £|\pÃlSv ¡
ƒzOuxw‘l_|úzO|c€îrlSƒ6„m…musvŠhji†wts|ciWs+Bwt| +› ¥ ukms
ˆúï‘hcïo€\s}SvssŠwt|ñˆ‰zOu†kmsƒzOu~wGizÑ|c€ìrl_ƒ6„m…musv6hji†wts|ciWs
& (' " )$8
!
wt| Ÿ› ¤ •æclSukâpÃvlSƒAu†kmsù’|\wt“Ssv¸wtu~ŒlOp sWnt}SvzS€\szO|c€âukmsù–!k&ï ‡ ï&€\s}SvssŠwt|<rlSƒ6„m…mu†sv6hji†wts|ciWsÇpÃvlSƒ
ukms6–s|m|c~Œ_nt“{zO|\wGz‰hSuWzOus’|\wt“Ssv¸wtu~ŒÇwt| +›S›ý ï sBãKzS,zxŒŽ~u†sƒK„mv†lS}SvzOƒŠƒ6sv?zOu,ukms ‡ s„czÑvuƒ6s|\uKpÃlSv
rlSƒŠ„m…musv ‡ s+¸wt}S|zÑurukms Kwt|ciz £|cxu~wtu…musS• sWnt}SvzS€\sS•_pÃvlSƒ +› ul +› ž •SzO|c€ŠkczSCæcss|zvs+~s+zOvi†kǍi†w ¡
s|\u~wG~u?zOuukmsˆ‰zOukmsƒ
zOu~wGizŸn ¸|c~u~wtu…mus5lOpoukmsBhSsv†æ\wyzÑ| ™ izS€\sƒBŒ
lOprhji†wts|ciWs+#zO|c€ ™ vu• sWnt}SvzS€\sS•ƍ¸wt|ciWs
ukms|&ï ™ u—„mvs+xs|ju+•_kmsCwyCzO| ™ †¸wG~uzO|\ur–—vlÑpës+xlSvwt|6ukms,hjikml\lOnclOp&qnts+iWuv~wGizŸn&q—|m}Owt|mssv~wt|m}6zO|c€ŠrlSƒŠ„m…musv
hji†wts|ciWsS•  zSxk\w‘|m}_ulS|ÇhSuzÑusK’K|\wt“Ssv”w‘u~ŒS•m–—…\n˜ntƒzO|&• ‰™ð›S›m+žÑ S¡£¢\¤{¥S¢ •{’h ™ ï ø kmsKlSæ ”s+iWu~wt“SslOpMk\wGiW…mvvs|\u
vs+~s+zÑvik‚wG#u†lÇsWüŽ„\ntlSvsÇzO„m„\n˜wGizOæ\w˜n˜w‘u~ŒòlOp |ms…mvWzŸn |msu~ãlSvämKu†s+ikm|mlOntlS}_Œšu†l
nyzÑv}Ss6izŸntsÇi†nyz_¸w˜åMizOu~wtlS|ìzO|c€
u~wtƒ6sB~sv~wts+„mvs+€_wGiWu~wtlS|‰„mvlSæ\ntsƒwt|“Ssv†Œ|mlOwG~Œ€\l_ƒzŸwt|cï
!
!
!
Feature
30 year Government Bond (GB) return
30 year GB index
Change in the return on GB
Change in the return on GB lagged 1 month
Change in the return on GB lagged 2 month
Change in the return on GB lagged 3 month
Change in the return on GB lagged 4 month
Change in the return on GB lagged 5 month
Change in the return on GB lagged 6 month
U.S. Treasury Bills (TB) return
TB index
Change in the return on TB
Change in the return on TB lagged 1 month
Change in the return on TB lagged 2 month
Change in the return on TB lagged 3 month
Change in the return on TB lagged 4 month
Change in the return on TB lagged 5 month
Change in the return on TB lagged 6 month
Consumer Price Index (CPI)
Increase (percentage) in the CPI
Change in the increase in the CPI
Change in the increase in the CPI lagged 1 month
Change in the increase in the CPI lagged 2 month
Change in the increase in the CPI lagged 3 month
Change in the increase in the CPI lagged 4 month
Change in the increase in the CPI lagged 5 month
Change in the increase in the CPI lagged 6 month
S&P Composite index
S&P Composite index return
.6Ç0
m2
m3
x
x
m4
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Frequency
6
8
4
2
2
11
6
2
5
2
7
0
4
1
2
0
1
1
11
5
2
1
2
8
3
5
1
8
2
ø zÑæ\n‘s rlSƒ6„\ntsusŠhSsuKlOprèms+zOu†…mvs+K’,~s+€Šwt|šˆ‚lS|\uk\ntŒùq üŽ„Æsv~wtƒ6s|juW
Rank
14
1
17
23
19
5
3
6
9
16
7
25
8
23
22
15
10
13
4
18
29
26
27
11
28
12
21
2
20
Feature
Inter day low for S&P 500 index
Inter day high for S&P 500 index lagged 2 days
S&P index lagged 1 day
S&P index lagged 2 days
Inter day high for S&P 500 index
Inter day high for S&P 500 index lagged 5 days
Inter day low for S&P 500 index lagged 5 days
Inter day high for S&P 500 index lagged 3 days
S&P index
New York Stock Exchange (NYSE) volume lagged 10 days
Inter day low for S&P 500 index lagged 2 days
S&P return lagged 1 day
NYSE volume lagged 9 days
Inter day high for S&P 500 index lagged 1 day
S&P return lagged 6 day
Inter day low for S&P 500 index lagged 1 day
NYSE volume lagged 8 days
Inter day low for S&P 500 index lagged 3 day
Inter day high for S&P 500 index lagged 4 day
NYSE volume lagged 1 day
S&P return lagged 10 day
Inter day low for S&P 500 index lagged 4 days
S&P return lagged 2 day
S&P index lagged 3 days
S&P return lagged 11 day
S&P return lagged 8 day
NYSE volume lagged 2 days
NYSE volume
NYSE volume lagged 6 days
S&P return
Rank
in d1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Rank
in d2
10
22
3
4
6
12
16
7
29
14
8
20
30
1
21
5
27
25
13
15
17
2
23
9
18
24
28
26
19
11
d3
x
x
x
x
x
x
x
ø zÑæ\n‘s ¥ ø l_„ ø k\wtvu~Œùèýs+zOu…mvs+K’,~s+€ùw‘| ‡ zŸw˜ntŒqüm„csv~wtƒ6s|\u
Feature
S&P return lagged 14 days
S&P return lagged 5 days
NYSE volume lagged 11 days
S&P return lagged 13 day
U.S. Tresury Bill (TB) index lagged 3 months
NYSE volume lagged 7 days
S&P return lagged 4 days
Consumer Price Index (CPI) lagged 2 months
T.B. index lagged 2 months
CPI index lagged 1 month
S&P return lagged 9 day
CPI index
T.B. index lagged 1 month
S&P return lagged 7 days
NYSE volume lagged 5 days
Change in the increase in the CPI lagged 3 months
T.B. index
CPI index lagged 3 month
S&P return lagged 3 day
S&P return lagged 12 day
NYSE volume lagged 4 days
T.B. return
NYSE volume lagged 3 days
T.B. return lagged 1 month
30 year Government Bond (GB) return lagged 1 month
T.B. return lagged 2 months
30 year GB index lagged 3 months
30 year GB index
30 year GB index lagged 3 months
T.B. return lagged 3 months
Change in the increase in the CPI
Change in the increase in the CPI lagged 1 months
GB return
Change in the increase in the CPI lagged 2 months
GB return lagged 2 months
GB return lagged 3 months
GB return lagged 1 months
Rank
in d1
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
ø zOæ\nts ž sƒzŸwt|\wt|m}èms+zOu…mv†s+K’?xs+€
wt| ‡ zŸw˜ntŒqüm„csvxw‘ƒŠs|ju