@? L?hi?i@M*i +itLhUit **i@|i |i k?uii_}i @h@U|ih Lu ,?_L}i?Lt BhL|q ht|@? BhL|8 @?_ L* 5UL88 W?t|||i Lu ,UL?L4Utc N?iht|) Lu LTi?@}i? Fruuhvsrqglqj dxwkru= Fkulvwldq Jurwk/ Lqvwlwxwh ri Hfrqrplfv/ Xqlyhuvlw| ri Frshqkdjhq/ Vwxglhvwudhgh 9/ GN04788 Frshqkdjhq N/ Ghqpdun who= +. 78, 68 65 63 5;/ id{= +. 78, 68 65 63 33 - h0pdlo= Fku1JurwkChfrq1nx1gn -- h0pdlo= svCgruv1gn 6iMh@h) 2.c 2fff Devwudfw Fdq Qrquhqhzdeoh Uhvrxufhv Doohyldwh wkh Nqlih0hgjh Fkdudfwhu ri Hq0 grjhqrxv JurzwkB e| Fkulvwldq Jurwk dqg Srxo Vfkrx Devwudfw= Fdq wkh nqlih0hgjh uhvwulfwlrq rq whfkqrorj| lpsrvhg e| vwdq0 gdug hqgrjhqrxv jurzwk prghov eh uhod{hg e| doorzlqj iru qrquhqhzdeoh uhvrxufhv hqwhulqj wkh %jurzwk hqjlqh%B Lq d rqh0vhfwru rswlpdo jurzwk prgho/ zh qg wkdw wkh h{lvwhqfh dqg vwdelolw| ri d vwhdg| vwdwh lv frpsdw0 leoh zlwk d zlgh udqjh ri sdudphwhu ydoxhv/ lqfoxglqj fdvhv zlwk lqfuhdvlqj uhwxuqv wr surgxfleoh lqsxwv dqg2ru wkh qdwxudo uhvrxufh1 Krzhyhu/ lq doo fdvhv/ srsxodwlrq jurzwk wxuqv rxw wr eh qhfhvvdu| iru vwdeoh jurzwk lq su1 fdslwd frqvxpswlrq1 Wkxv/ xqghu wkhvh flufxpvwdqfhv/ +vwulfwo|, hq0 grjhqrxv vwdeoh jurzwk lv qrw srvvleoh/ qrw hyhq dv d nqlih0hgjh fdvh1 Exw vhpl0hqgrjhqrxv jurzwk lv dq dwwudfwlyh dowhuqdwlyh doorzlqj d ulfk vhw ri ghwhuplqdqwv ri orqj0uxq jurzwk1 Nh|zrugv= Vhpl0hqgrjhqrxv jurzwk/ rswlpdo jurzwk/ nqlih0hgjh/ ur0 exvwqhvv/ qrquhqhzdeoh uhvrxufhv1 MHO Fodvvlfdwlrq= R7/ T61 Zh wkdqn Fduo0Mrkdq Gdojddug/ Xqlyhuvlw| ri Frshqkdjhq/ dqg Vmdn Vpxoghuv/ Wloexuj Xqlyhuvlw|/ iru ydoxdeoh frpphqwv rq d uvw gudiw1 2 W?|hL_U|L? ?i Lu |i i@!?ittit Lu i?_L}i?Lt }hL| 4L_i*t | M@*@?Ui_ }hL| T@|t Ei } wU@t bHHc +L4ih bbfc @?_ L?_ i| @* bbS t |@| i @U|*) UL?t|@?| hi|h?t |L tU@*i | hitTiU| |L |i ThL_UM*i u@U|Lht ? |i ULhi tiU|Lh Lu |i iUL?L4) t @ ?iUitt@h) UL?_|L? uLh t|i@_) TLt|i Tih U@T|@ }hL| 5*}|*) ?Uhi@t?} hi|h?t L*_ *i@_ |L i T*Lti }hL|c ihi@t t*}|*) _iUhi@t?} hi |h?t *i@_ |L }hL| Ti|ih?} L| ?*itt tL4i i L}i?Lt u@U|Lh Ei}c TLT*@|L? }hLt EUu 5L*Lc bbe At t @ tihLt U@**i?}i |L |i |iLh)c @t | 4T*it *@U! Lu hLMt|?itt |L ii? t*}| T@h@4i|ih U@?}it Ai _i??} U@h@U|iht|U Lu |iti }hL| 4L_i*t Ethi)i_ ? @hhL @?_ 5@*@@h|? bbD t |@| Th U@T|@ UL?t4T|L? ? |i *L?} h? }hLt @| @ UL?t|@?| TLt|i h@|i ii? u |ihi t ?L i L}i?Lt*) }i? }hL| ? @?) u@U|Lh `i U@** |t Ti?L4i?L? Et|hU|*) i? _L}i?Lt }hL| iUitt@h) uLh |t i t|i?Ui t |@| |i }hL| i?}?i ui@|hit |i !?uii_}i ThLTih|) 4i?|L?i_ Ai ThTLti Lu |t T@Tih t |L i @4?i u 4Lhi hLMt| hit*|t U@? Mi LM|@?i_ ? @ 4L_i* ihi ?L?hi?i@M*i ?@|h@* hitLhUit @hi @ ?iUitt@h) ?T| ?|L |i }hL| i?}?i @?_ ihi |ihi t |*|) _tUL?|?} @?_ UL?t4T|L? t4LL|?} W?||L? t}}it|t |@| |i t|h@? L? |i iUL?L4) 4TLti_ M) |i ?ii_ |L i |h@U| tUUitti*) t4@**ih @4L?|t Lu |i hitLhUi 4}| Lgti| |i TL|i?|@**) i T*Lti igiU|t Lu ?Uhi@t?} hi|h?t |L tU@*i | hitTiU| |L |i hiThL_UM*i u@U|LhEt Lu |i 4L_i* ,i? u |t ?||L? 4@) Mi @*_ @t u@h @t |i Thi |iU?U@* ui@tM*|) Lu }hL| t UL?Uih?i_c |i ThLM*i4 Lu i @4??} |i hit|hU|L?t 4T*i_ M) LT|4@*|) @?_ t|@M*|) t|** hi4@?t h @TThL@U |L |t ThLM*i4 t M@ti_ L? @? i |i?tL? Lu |i M@tU L?i tiU|Lh LT|4@* }hL| 4L_i* | ?L?hi?i@M*i hitLhUit _i |L 5|}*|3 Eb.e 5|}*|3 UL?Ui?|h@|it L? |i U@ti Lu UL?t|@?| hi|h?t | hitTiU| |L U@T|@*c *@MLhc @?_ |i hitLhUi |@!i? |L}i|ih `i i |i?_ |i @?@*)ttc U@h@U|ih3?} t|i@_) }hL| T@|t uLh @ MhL@_ih h@?}i Lu T@h@4i|ih @*it W? T@h|U*@hc ? *?i | i?_L}i?Lt }hL| |iLh)c i @**L uLh @ UL?t|@?| Lh ?Uhi@t?} 4@h}?@* ThL_ 4 Gdvjxswd dqg Khdo +4<:7/ vhfwlrq 4, dqdo|}hg d udwkhu vlplodu prgho1 Iru frqyhqlhqfh/ lq wkh iroorzlqj zh uhihu rqo| wr Vwljolw} +4<:7,1 U| Lu U@T|@* @t i** @t Lu |i L|ih |L ThL_U|L? u@U|Lhtc *@MLh @?_ ?@|h@* hitLhUit W?_ii_c @ UL?t|@?| 4@h}?@* ThL_U| | hitTiU| |L EtL4i !?_ Lu U@T|@* t itti?|@* |L 4Lt| i?_L}i?Lt }hL| 4L_i*t E@?_ @** |Lti |@| _tT*@) M@*@?Ui_ }hL|c tU @t |i k 4L_i* ?L?_iUhi@t?} 4@h}?@* ThL_U| 4@) ?L| tii4 tL ?hi@*t|U i? i hiUL}?3i i |ih?@*|it Lh u i ?|ihThi| U@T|@* MhL@_*) @t @ UL4M?@|L? Lu T)tU@* U@T|@*c |iU?U@* !?L*i_}ic @?_ 4@? U@T|@* Wu @ UL?t|@?| 4@h}?@* ThL_U| Lu U@T|@* t @UUiT|i_c @ t*}|*) ?Uhi@t?} 4@h}?@* ThL_U| tL*_ Mi UL?t_ihi_ @t i^@**) hi@*t|U u ULhtic tU UL?_|L?t 4@) ?L| Mi UL?tt|i?| | @ *@tti3 u@hi 4@h!i| iUL?L4) | TihuiU| UL4Ti||L? @?_ ii? *itt | @ tLU@**) LT|4@* 4@h!i| iUL?L4) OLiihc ? |i }hL| *|ih@|hi 4TihuiU| UL4Ti||L? @?_%Lh |@ @?_ tMt_) ?|ihi?|L?t @ *@ }L @hi Lu|i? ii_ @t ?t|||L?t |@| Mh?} @ML| @? @**LU@|L? @TThL 4@|?} |i tLU@* LT|44 `ihi@t |i 5|}*|3 Eb.e 4L_i* hi*it L? i L}i?Lt |iU?L*L}U@* ThL}hitt |L }i?ih@|i }hL|c @ ?4Mih Lu *@|ih T@Tiht *!i +LMtL? EbHfc A@!@)@4@ EbHfc 5UL*3 @?_ ~i4it EbbSc }L? : OL|| EbbHc TT SSec @?_ 5UL Ebbb @i i @4?i_ |i 4T*U@|L?t Lu |i Thiti?Ui Lu ?L?hi?i@M*i hitLhUit ? @hLt i?_L}i?Lt }hL| 4L_i*t L44L? uLh @** |iti T@Tiht tc Liihc |@| |i ?@|h@* hitLhUi _Lit ?L| @TTi@h ? |i ULhi tiU|Lh E|i }hL| i?}?i Lu |i 4L_i* Eii? ?L| ?_hiU|*) ? |i ti?ti |@| hitLhUit @hi @ ?iUitt@h) ?}hi_i?| ? |i ThL_U|L? Lu T)tU@* U@T|@* }LL_tc U @hi |i? ti_ ? |i }hL| Uhi@|?} tiU|Lhc i }c @ hiti@hU tiU|Lh At t @ UhU@* ui@|hi UL4T@hi_ |L |i Thiti?| 4L_i*c @?_ ThLM@M*) @? ?hi@*t|U L?i W| tii4t ?*!i*) |@| tU tiU|Lht tL*_ Mi UL4T*i|i*) ?_iTi?_i?| Lu T)tU@* U@T|@* @?_ |t *|4@|i*) Lu |i ?L?hi?i@M*i hitLhUi Ai Thiti?| T@Tih t hi*@|i_ @*tL |L @?L|ih 4L_i* Lu }L? : OL|| EbbHc TT S2S Ai) UL?t_ih @ L?itiU|Lh k4L_i* | @ ?L?hi?i@M*i hitLhUi @__i_ ? LMM#L}*@t u@tL? W? |@| 4L_i*c TLt|i *L?}h? }hL| t ?L| TLttM*i h T@Tih tLt L |t hit*| 4@) Mi hiihti_ |L| L*@|?} t|@M*|) i? TLT*@|L? }hL| @?_ @? i T*U| ThL_U|i hL*i uLh *@MLh @hi e ?|hL_Ui_ ) t|hitt?} |i itti?|@* hL*i Lu ?Uhi@t?} hi|h?t @?_ TLT*@|L? }hL| uLh TLt|i Th U@T|@ }hL| Ei? |ihi t ?L i L}i?Lt |iU?L*L}) }hL|c Lh @?@*)tt @t @?|) | @| aL?it EbbD U@**t ti4i?_L}i?Lt }hL| @t _t|?U| uhL4 Et|hU|*) i?_L}i?Lt }hL| ? i@h*) i @4T*i Lu @ ti4i?_L}i?Lt }hL| 4L_i* t |i u@4Lt *i@h??}M)_L?} T@Tih M) hhL EbS2( @?L|ih i @4T*i t |i 4L_U@|L? Lu |i +L4ihbbf 4L_i* t}}it|i_ M) aL?it EbbD Aiti t|@?_@h_ ti4i?_L}i?Lt }hL| 4L_i*t Ethi)i_ ? ,Uih : Ah?Lt!) bbb _gih uhL4 |ih Et|hU|*) i?_L}i?Lt}hL| hi*@|it M) @?} *L?}h? }hL| h@|it |@| @hi ?_iTi?_i?| Lu Thiuihi?Ui T@h@4i|iht W| |h?t L| |@| i? ?L?hi?i@M*i hitLhUit i?|ih |i }hL| i?}?ic ti4 i?_L}i?Lt }hL| @}@? @tt}?t @ hL*i |L Thiuihi?Ui T@h@4i|iht i?Ui @*tL @ hL*i |L tU@* TL*U) @t @ _i|ih4?@?| Lu |i *L?}h? }hL| h@|i Ai Lh}@?3@|L? Lu |i T@Tih t @t uL**Lt Ai ?i | tiU|L? Thiti?|t |i i |i?_i_ 5|}*|3 4L_i* @?_ _itUhMit |t t|i@_) t|@|i @?_ |h@?t|L?@* _)?@4Ut W? tiU|L? c |i ?iUitt@h) @?_ tUi?| UL?_|L?t uLh i t|i?Ui @?_ t|@M*|) Lu @ t|i@_) t|@|i ? u** }i?ih@*|) @hi }i? uL**Li_ M) @? i @4?@|L? Lu |i UL?_|L?t uLh t|@M*i t|i@_) t|@|it | TLt|i Th U@T|@ }hL| 5iU|L? e _i@*t | @ _i}i?ih@|i U@ti @ht?} i? |i L|T| i*@t|U|) Lu |i hitLhUi |@!it L? @ Uh|U@* @*i 5iU|L? D @UUL?|t uLh tL4i UL4T@h@|i _)?@4Ut ThLTih|it L?U*tL?t @hi _h@? ? |i ?@* tiU|L? 2 Ai L_i* W?t|@?|@?iLt |*|) Lu |i hiThiti?|@|i ??|i*)*i_ LtiL*_ t tLi*@t|UG ] " SE| 30 E|e34| _|c E| ' Efe?| c 0 : fc 4 : ? fc Ef : f E2 0 f ihi U t Tih U@T|@ UL?t4T|L?c 0 t 4?t |i i*@t|U|) Lu 4@h}?@* |*|)c t LtiL*_ t3i E?|ihThi|i_ @t TLT*@|L? t3ic 4 t |i h@|i Lu |4i Thiuihi?Uic @?_ ? t |i h@|i Lu TLT*@|L? }hL| E6hL4 ?L L? i ** ?Lh4@**) tTThitt |i |4i @h}4i?| AL i?thi |@| |i ?L?hi?i@M*i hitLhUi t ?iUitt@h) uLh ThL_U|L?c M| _Lit ?L| @ ThLh h*i L| tt|@?@M*i UL?t4T|L?c i uL**L D 5|}*|3 @?_ @tt4i @? @}}hi}@|i ThL_U|L? u?U|L? Lu LMM#L}*@t uLh4G t ' g k q - c c kc qc : f E22 ihi v t L|T| Lu M@tU }LL_tc k t |i U@T|@* t|LU!c @?_ + t |i L Lu |i ?L?hi?i@M*i hitLhUi EuhL4 ?L t| U@**i_ |i hitLhUi W? UL?|h@t| |L 5|}*|3 Eb.ec i }?Lhi i L}i?Lt |iU?L*L}U@* ThL}hitt Lhi 4TLh|@?|*)c i _L ?L| 4TLti @? TTih ML?_ L? kc q Lh | *i@t|c @t 4i?|L?i_ ? |i ?|hL_U|L?c @ U@ti U@? Mi 4@_i uLh *@h}ih @*it Lu |iti T@h@4i|iht |@? @hi @tt4i_ M) 5|}*|3 L UL?Ui?|h@|it L? |i U@ti k n q n ' UL?t|@?| 4@h}?@* ThL_U| | hitTiU| |L EtL4i ?_i Lu @}}hi}@|i U@T|@* Eic k ' t ?_ii_ t|@?_@h_ @?_ itti?|@* |L 4Lt| i?_L}i?Lt }hL| 4L_i*t Wu k t ?|ihThi|i_ @t MhL@_ U@T|@* ?U*_?} |iU?U@* !?L*i_}i @?_ 4@? U@T|@*c |i? |i i T*U| hL*i Lu ? |i ThL_U|L? u?U|L? L*_ hiThiti?| |i hL*i Lu h@ T)tU@* *@MLh Wu k ' t @UUiT|i_c @*it t*}|*) @MLi ?|) tL*_ Mi @**Li_ @t i** ,4ThU@* i @4?@|L?t Lu hitLhUit tU @t 4?ih@*t @?_ uLtt* ui*t t@**) UL?t_ih |L Mi UL?t_ih@M*) Mi*L ?|)c ?_ii_c @t *L @t ffD E@UULh_?} |L #@t}T|@ : Oi@*c b.bc T 2fD `i @?| |L ?L|i @? @*|ih?@|i ?|ihThi|@|L? Lu |i hitLhUi U 4@!it |i TL|i?|@* @*i h@?}i Lu *@h}ihG + UL*_ Mi |@!i? |L hiThiti?| TL**|L? @t @? ?i|@M*i M)ThL_U| Lu ThL_U|L?c @?_ TLttM*) | @ @*i Lu UL?t_ih@M*) @MLi ffD W? @ t|@|L? | ?tUi?| @M@|i 4i?| TLttM*|itc @** TL**|L? _i|h@U|t uhL4 |i ^@*|) 5 Lu |i i?hL?4i?|c UL?t_ihi_ |L Mi @ t|LU! Lu ?@|h@* U@T|@* Wu U4*@|i_ TL**|L? !iiTt }hL ?}c |i? @| @ Uih|@? TL?| |i i?hL?4i?|@* t|LU! t UL4T*i|i*) i @t|i_c @?_ | ** Mi 4TLttM*i |L TL**|i @?) 4Lhi @?_ i?Ui |L ThL_Ui @?) uh|ih }LL_t 2 W? @ t4*@h 4@??ihc 5|L!i) EbbH Thiti?|t @ }hL| 4L_i* ihi |i 4L_i**?} Lu TL**|L? @t tL4i t4*@h|it | t@* hiThiti?|@|L?t Lu @ ?L?hi?i@M*i hitLhUi `@|iih |i ?|ihThi|@|L? Lu +c L|T| t ti_ uLh UL?t4T|L? @?_ uLh 5 Wkrxjk wklv lqwhusuhwdwlrq lv srvvleoh/ lq wkh iroorzlqj/ wr { lghdv zh zloo uhihu wr U dv lqsxw ri d qdwxudo uhvrxufh1 S ?it|4i?| ? U@T|@* }LL_tc tL |@| g ' t Bgc gEf : fc B f E2 ihi S t |L|@* UL?t4T|L?c @?_ B t |i U@T|@* _iThiU@|L? h@|i E_t hi}@h_i_ ? 5|}*|3 b.e Ai hitLhUi t|LU! 7 _4?tit | |i L Lu |i hitLhUiG 7 ' -c 7Ef : f E2e Ai tLU@* T*@??ih @?|t |L 4@ 43i 2 tMiU| |L 22e @?_ |L |i UL?_|L?t S : fc - f E2D g fc 7 f E2S uLh |i UL?|hL* @h@M*itc @?_ uLh |i t|@|i @h@M*it Ai Uhhi?|@*i O@4*|L?@? uLh |t ThLM*i4 tG S 30 M' n >g Eg k q - S Bg >7 0 E2. iUitt@h) UL?_|L?t uLh @? ?|ihLh tL*|L? @hi }i? M) |i uL**L?} ht|Lh_ih @?_ |h@?tiht@*|) UL?_|L?tG S30 ' >g >g t ' >7 - E2H E2b > g t ' 4k nB >g g E2f > 7 '4 >7 E2 . *4 e34| >g g ' f <" E22 *4 e34| >7 7 ' f E2 | | <" ihi >g @?_ >7 @hi |i ULt|@|i @h@M*it @ttLU@|i_ | T)tU@* U@T|@* @?_ |i hitLhUi t|LU!c hitTiU|i*) #gihi?|@|?} |i ThL_U|L? u?U|L? 22 | hitTiU| |L |4ic i }i| }t ' k}g n q? n }- E2e Eihi } _i?L|it |i }hL| h@|i Lu @h@M*i #gihi?|@|?} 2H | hitTiU| |L |4i @?_ UL4M??} | 2f }it |i ki)?it+@4ti) h*iG }S ' tg B 4 0 E2D ihi tg t |i 4@h}?@* ThL_U| Lu U@T|@* 54*@h*)c _gihi?|@|?} 2b | hitTiU| |L |4i @?_ UL4M??} | 2f @?_ 2 }it |i OL|i**?} h*i uLh LT|4@* i |h@U|L? Lu @ ?L?hi?i@M*i hitLhUiG t ' tg B t- E2S 2 5|i@_) 5|@|i `i _i?i @ t|i@_) t|@|i @t @ T@| @*L?} U vc +c c kc @?_ 5 @hi TLt|i @?_ U@?}i | UL?t|@?|c |L} ?L| ?iUitt@h*) TLt|i h@|it *L?} tU @ T@|c L|T|c U@T|@* @?_ E|L|@* UL?t4T|L? 4t| @i |i t@4i }hL| h@|i EL|ihtic 2 UL*_ ?L| L*_ uLh @** | At UL44L? }hL| h@|i i U@** } L4M??} 2D @?_ 2S @?_ 4@!?} ti Lu |i LMM#L}*@t tTiUU@|L?c i U@? _ihi |i uL**L?} t|i@_)t|@|i UL?_|L?G }- ' E 0} n 0? 4 H E2. Lc *i| ( k n E0 Mtihi |@| # _Lit ?L| _iTi?_ L? 4c qc ?c @?_ B tt4i ( 9' f E Ai?c 2. |L}i|ih | 2e E| }t ' }g ' } hit*|t ? |i uL**L?} t|i@_) t|@|i }hL| h@|itc ThitTTLt?} |@| @ t|i@_) t|@|i i t|t G 4 n Eq n 0? ( Ek 4 n E0E k q n q? }- ' ( 4 n Ek n q n ? }S ' } ? ' ( }' E2H E2b E22f #i?i |i uL**L?} h@|LtG %' c g 5' t c g ' 7 E22 c 3 @?_ @hi |i UL?t4T|L?U@T|@* h@|Lc L|T|U@T|@* h@|L @?_ hitLhUi i |h@U|L? h@|ic hitTiU|i*) Aiti h@|Lt ** Mi UL?t|@?| ? |i t|i@_) t|@|i W?_ii_c uLh % @?_ 5 |t uL**Lt uhL4 2 @?_ | @TT*it |L @t i**c t?Uic M) 2ec ' }7 c U tc M) _i?|L?c UL?t|@?| ? @ t|i@_) t|@|i Nt?} 2Dc 22fc 2c 2H @?_ 2bc |i t|i@_)t|@|i @*it E_i?L|i_ M) @? @t|iht! Lu |iti |hii @h@M*it @hi uL?_G %W ' E kE 4 n E0Eq E kE kq? k n B k( k 5W ' E k 4 n Ek n q n 0? B n k( k E222 E22 G @ 3/ wkhuh zloo eh hlwkhu qr ru/ dv d nqlih0hgjh fdvh/ lqqlwho| pdq| vwhdg|0 vwdwh jurzwk udwhv j dqg jU ixooolqj wkh qhfhvvdu| frqglwlrqv iru rswlpdolw|1 Wr dyrlg wkhvh xqlpsruwdqw frpsoh{lwlhv/ zh dvvxph lq wkh uhpdlqghu ri wklv sdshu wkdw D4 krogv1 6 Zkhq b W ' }- ' E k4 E0E k q n q? ( E22e t i @i _i?i_ @ t|i@_) t|@|ic | L?*) i t|t u |iti |hii @*it @hi TLt|i W| t MiU@ti Lu |i i?_L}i?Lt }hL| TihtTiU|i Lu |t T@Tih |@| Lh _i?|L? Lu @ t|i@_) t|@|i _thi}@h_t |i UL?Ui@M*i @t)4T|L|U t|@|L?@h) t|@|it ihi %c 5c @?_%Lh @TThL@U 3ihLc Uuc i}c #@t}T|@ @?_ Oi@* Eb.e Ai i ThittL?t 2H2f @?_ 2222e @hi t|h@}|uLh@h_ }i?ih@*3@|L?t Lu ULh hitTL?_?} i ThittL?t ? 5|}*|3 Eb.e Ai ?|ihit|?} ^it|L? t L |i *@h}ih h@?}i @**Li_ uLh |i T@h@4i|iht @giU|t |i i t|i?Ui @?_ U@h@U|ih Lu t|i@_) t|@|it OLiihc i _iuih |i i @4?@|L? Lu |t ^it|L? ?|* @u|ih @ Thiti?|@|L? Lu |i |h@?t|L?@* _)?@4Ut 22 Ah@?t|L?@* #)?@4Ut W| uL**Lt uhL4 22c 2 @?_ 2e |@| }g ' 5 % B E22D }% ' } 5 n % n B E22S }5 ' }t 5 n % n B E22. } ' }- n E22H Nt?} |i LMM#L}*@t tTiUU@|L?c |i OL|i**?} h*i 2S U@? Mi hih||i? @t }- ' }t k5 n B E22b W? |i t@4i @) |i ki)?it+@4ti) h*i 2D |L}i|ih | 22S 4T*it }% ' % n E k Bn4 5 n ? n B 0 0 f E2f W?tih|?} 22D @?_ 22b ?|L 2e )i*_tc uLh 9' c e }t ' q? n E kB k % n k5 n E2 Nt?} |t i ThittL? ? 22.c i ?_ }5 ' q? n E kB k % n Ek 5 n E22 Ai }hL| Lu t }i? M) 22Hc 22b @?_ 2G } ' k q? n E kB %n n E2 Ai _)?@4U@* t)t|i4 uLh %c 5 @?_ t UL4T*i|i*) _itUhMi_ M) 2fc 22 @?_ 2 Ai t)t|i4 t _iUL4TLti@M*i 2f @?_ 22 UL?t|||i @ _)?@4U@* tMt)t|i4 uLh % @?_ 5 @*L?i W? t|i@_) t|@|ic }% ' }5 ' f EL|ihtic 2 UL*_ ?L| L*_ uLh @** | `i U@? uLh4 |i t|i@_)t|@|i a@ULM@?G a' Y% Y% Y 5 Y% Y % Y5 Y 5 Y5 ' %W 3k3 5W 3 E k0 %W Ek 5 W ihi @ t|@h _i?L|it @ t|i@_)t|@|i @*i Ai _i|ih4?@?| t 5 W %W k k n E0 ( 5 W %W k E 0 E 0 U t ?i}@|i Ei?Uic 4T*)?} i}i?@*it Lu LTTLt|i t}? u @?_ L?*) u e|eo E( : f @?_ Jo E( f @?_ : E2e W? |i U@ti Lu UL?t|@?| hi|h?t |L tU@*i Ek n q n ' c @?@*)3i_ M) 5|}*|3 Eb.ec |i UL?_|L? E( : f @?_ t @|L4@|U@**) t@|ti_ W? }hi 2c @ T@ti _@}h@4 t _h@? uLh @ T@h|U*@h UL?t|i**@|L? Lu |i T@h@4i|iht t@|tu)?} ?|ih @*@ f k 0 tL |@| 2e @TT*it 7 Wkh fdvh @ 4 lv vwxglhg lq vhfwlrq 71 x x = 0 z = 0 * x βn + (1− α)δ α + γ −1 f(0) ρ − εn + (1− ε)δ ε z * z0 z 6}hi 2G #)?@4Ut Lu 5 @?_ % Ei? c t*}|*) @MLi c @?_ 0 : k *L?} |i t@__*i T@|c i @i @TThL 4@|i*) 5 ' bE5 W 5c E2D % ' s E5 E2S ihi |i UL?t|@?| b t 4?t |i ?i}@|i i}i?@*i Lu ac @?_ s t @ *?i@h u?U|L? |@| U@? Mi _i|ih4?i_ M) t|@?_@h_ 4i|L_t Nt?} |t u@U|c i U@? UL?t|hU| @ T@ti _@}h@4 ? 3 @?_ E}hi 22c t?} 2D @?_ 2c ihi t hiT*@Ui_ M) uE3 Ai _i|ih4?@?| Lu |i a@ULM@? Lu |t t)t|i4 t b8 f ,i? |L} 3c c @?_ @hi @** 4T @h@M*itc M) tMt|||?} 5 uLh + ? |i ThL_U|L? u?U|L? 22 i }i| 5 ' g k3 q 7 c E2. tL?} |@| |ihi t @ ML?_ Mi|ii? |i @*it Lu 3 @?_ U 4t| L*_ @| @?) |( |tc ?|@**)c ' E3 g 3k u3q 7 3 5 c Uu |i _L||i_ Uhi ? }hi f f f 2 f f z = 0 u u = 0 * u u0 αƒ(0) − βn − (1 − α)δ 1− γ z z0 * z 6}hi 22G #)?@4Ut Lu 5 @?_ 22 Ai ?|ihtiU|L? Mi|ii? |t Uhi @?_ |i t@__*iT@| _i|ih4?it ?^i*) |i ?|@* @*it Lu 3 @?_ c 3 @?_ c hi^hi_ uLh UL?ih}i?Ui |L |i t|i@_) f f t|@|i Ai ?^i ?|ihtiU|L? Mi|ii? |i *?i 3 ' 3 @?_ |i t@__*i T@| ? f }hi 2 }it |i hi^hi_ f Ai?c ThitTTLt?} UL?ih}i?Uic |i 4Li4i?| Lu |i iUL?L4) Lih |4i t @*L?} |i t@__*iT@|t Lu }hit 2 @?_ 22 E}@?c |t @?@*)tt t t| @? L|h}| i |i?tL? Lu |i ULhhitTL?_?} t|@M*|) @?@*)tt ? 5|}*|3 Eb.e Ai t*LTit Lu |i % ' f @?_ |i 5 ' f *?it ? }hi 2 4@) Mi i|ih TLt|i Lh ?i}@|ic _iTi?_?} L? |i T@h@4i|iht( ? U@ti c u k t t*}|*) @MLi c |i? |i 5 ' f *?i @t TLt|i t*LTi @?_ tL @t |i % ' f *?i u |ihi t |L Mi t|@M*|) Ai , t|i?Ui @?_ @h@U|ih Lu 5|i@_) 5|@|it `i @?| |L U@h@U|ih3i |i T@h@4i|ih ti| i?th?} |i i t|i?Ui @?_ t|@M*|) Lu @ t|i@_) t|@|i u***?} |i t|@|i_ ht|Lh_ih @?_ |h@?tiht@*|) UL?_|L?t W? T@h|U*@hc Lh i4T@tt ** Mi L? t|i@_) t|@|it | @? ?Uhi@t?} h@|i Lu Th U@T|@ UL?t4T|L? hLTLt|L? Bi? |i 4L_i* 22Sc @tt4i t|i@_) t|@|i Eu***?} |i ht|Lh_ih @?_ |h@?tiht@*|) UL?_|L?t @MLi i t|t u @?_ L?*) u |i h}| @?_ t_it Lu 222c 22 @?_ 22e @hi TLt|i Wuc ? @__|L?c 9' c |i? G D @ |t t|i@_) t|@|i t vdggoh srlqw vwdeoh u @?_ L?*) u 2e L*_t @?_ | t |L|@**) ?t|@M*i u 2e _Lit ?L| L*_( M @ t|@M*i t|i@_) t|@|i @t lqfuhdvlqj Th U@T|@ UL?t4T|L? u @?_ L?*) u |i h}|@?_ t_i Lu 22f t TLt|i( U i? c @ t|@M*i t|i@_) t|@|i @t qrq0ghfuhdvlqj Th U@T|@ UL?t4T |L? u @?_ L?*) u k n q : @?_ ? 4*Ek n q n hLLuG 5ii @TTi?_ Ai ThLTLt|L? 4T*it |@| |ihi i t|t @ t|@M*i t|i@_) t|@|i @*tL L|t_i |i h@?}i Lu T@h@4i|ih @*it i @4?i_ ? 5|}*|3 Eb.e W?_ii_c @t i t@** S tii Mi*Lc i t|i?Ui t UL4T@|M*i | @*it Lu k E@?_%Lh @MLi ?|)c tL |@| |ihi U@? Mi ?Uhi@t?} hi|h?t |L tU@*i | hitTiU| |L U@T|@* E@t i** @t |L |i hitLhUi 5|@|i4i?| @ @*tL @t |i 4T*U@|L? |@| @ 4*|T*U|) Lu UL?ih}i?| T@|t ?iih @htit( i|ih @ t|i@_) t|@|i t t@__*i TL?| t|@M*i Lh | t |L|@**) ?t|@M*i 6h|ihc @t ** MiUL4i U*i@h ? |i ti^i*c |i ti| Lu T@h@4i|ih . @*it 4T*)?} @ t|@M*i t|i@_) t|@|i | }hL?} Th U@T|@ UL?t4T|L? t @ ?L?i4T|) LTi? ti| t |L t|@|i4i?| U Lu |i ThLTLt|L?c |i 4T*U@|L? t |@|c ? |i hi@*t|U U@ti c ML| ?Uhi@t?} hi|h?t |L tU@*i | hitTiU| |L U@T|@* @?_ *@MLh |@!i? |L}i|ih @?_ i?L} TLT*@|L? }hL| @hi hi^hi_ |L Lgti| |i igiU|t Lu |i _iUhi@t?} ?T| Lu |i ?@|h@* hitLhUi H 8 Dv wr wkh fdvh 9 Lw fdq eh vkrzq @ 4/ vhh vhfwlrq 71 wkdw Duurz*v vxflhqw frqglwlrqv iru rswlpdolw| duh ixooohg li dqg rqo| li . 41 Zh frqmhfwxuh wkdw hyhq rxwvlgh wklv udqjh +dw ohdvw dv orqj dv G A 3,/ d vwhdg| vwdwh jurzwk sdwk ixooolqj wkh qhfhvvdu| uvw0rughu dqg wudqvyhuvdolw| frqglwlrqv deryh lv lqghhg rswlpdo1 : Wklv krogv hyhq li @ 4 lv doorzhg/ vlqfh @ 4 dxwrpdwlfdoo| hqvxuhv %vdggoh srlqw vwdelo0 lw|%/ surshuo| ghqhg/ fi1 vhfwlrq 71 ; Uhphpehu wkdw gxh wr wkh hqgrjhqrxv jurzwk shuvshfwlyh ri wkh suhvhqw sdshu/ zh glvuhjdug wkh srvvleoh dv|pswrwlf vwhdg| vwdwhv zkhuh {> }> dqg2ru x dssurdfk }hur1 e W| t ?L| i@t) |L t|@|ic ? u** }i?ih@*|)c |i @hLt T@h@4i|ih UL?_|L?t ? @ 4Lhi ?uLh4@|i @?_ UL?Uti @) |@? _L?i ? ThLTLt|L? `i ** t|_) L |i UL?_|L?t t4T*u) ? |hii T@h|U*@h Mi?U4@h! U@titG Ai U@ti Lu ?L TLT*@|L? }hL| E? ' fc |i U@ti Lu UL?t|@?| hi|h?t |L U@T|@* Ek ' c @?_ |i U@ti Lu *L}@h|4U |*|) E0 ' @ti G L LT*@|L? BhL| hLTLt|L? 2 tt4i @?_ ? ' f Ai? |ihi U@? Mi ?L t|i@_) t|@|i E@t ihi _i?i_ | }S ' f Aihi i t|t @ t|i@_) t|@|i | }S : f u @?_ L?*) u (f k: (B 4: t|i@_) t|@|i | }S : f t UL4T*i|i*) ?t|@M*i hLLuG 5ii @TTi?_ A@| }S : f hi^hit k : t tii? uhL4 |i ki)?it+@4ti) h*i @?_ |i u@U| |@| L|ihtic |i 4@h}?@* ThL_U| Lu U@T|@* L*_ |i?_ |L 3ihL @t U@T|@* @UU4*@|it @?_ hitLhUi ti _4?tit Ai ThLTLt|L? t@hTi?t @ hi4@h! 4@_i M) +iMi*L Ebbc T Db ? |@| tUi?U) hi^hit ?L| L?*) k E@t U*@4i_ M) +iMi*Lc M| k : @?_ EMiU@ti @ ?L| |LL *@h}i ThL_U|i 4TLh|@?Ui Lu |i hitLhUi t hi^hi_ ? Lh_ih |@| U@T|@* @UU4*@|L? U@? Lgti| |i igiU| Lu |i _4?t?} hitLhUi ti W? @?) U@tic _i |L |t *@U! Lu b t|@M*|)c |t t|i@_) t|@|i t ?L| ih) @TTi@*?} | @? ?|ihit|?} 4T*U@|L? @htit i? i UL4T@hi ThLTLt|L? 2 | |i u@U| |@|c ii? | ?L TLT*@|L? }hL|c U@T|@* @UU4*@|L? U@?c uhL4 @ Thi*) |iU?U@* TL?| Lu ic tTTLh| @?) TLt|i UL?t|@?| UL?t4T|L? }hL| h@|i @t tLL? @t k : @?_ E? |i U@ti B ' f At uL**Lt i@t*) M) < Ixuwkhu/ Uhehorv uhpdun lv frqfhuqhg rqo| zlwk ihdvlelolw| dqg grhv qrw uhodwh wr rswlpdolw| dqg vwdelolw|1 D t|_)?} |iU?U@**) iUi?| T@|t E_i?i_ @t |iU?U@**) ui@tM*i T@|t t@|tu)?} |i OL|i**?} h*ic M| ?L| ?iUitt@h*) |i ki)?it+@4ti) h*ic t?} |i 4i|L_ Lu 5|}*|3 Eb.ec tiU|L? 2 At t @*tL @| ?||L? t}}it|tc ?@4i*)c ht| f |@| |i t|h@? L? |i iUL?L4) 4TLti_ M) |i ?ii_ |L i |h@U| tUUitti*) t4@**ih @4L?|t Lu |i hitLhUi U@? Mi Lgti| M) ?Uhi@t?} hi|h?t |L tU@*i | hitTiU| |L U@T|@*c @?_ tiUL?_ |@| L? |i L|ih @?_ |i TL|i?|@**) i T*Lti igiU|t Lu |t |)Ti Lu ?Uhi@t?} hi|h?t 4@) Mi i @U|*) UL?|ihM@*@?Ui_ M) |i _4t?} hitLhUi ti Lc ThLTLt|L? 2 ?L| L?*) |i**t t |@| @ _ithi uLh UL?t4T|L? t4LL|?} UL4M?i_ | |*|) _tUL?|?} hit|hU|t |i ui@tM*|) Lu t|i@_) t|@|it | }S : f i? ? ' fc M| @*tL |@| | UL4T*i|i*) i U*_it t|@M*|) Lu tU T@|t At @t 4T*U@|L?t uLh |i L?}L?} _tUttL? L? i?_L}i?Lt }hL| `i @i _i?i_ Et|hU|*) i?_L}i?Lt }hL| |L LUUh u Th U@T|@ UL?t4T|L? ? |i *L?} h? }hLt @| @ TLt|i UL?t|@?| h@|i ii? u |ihi t ?L i L}i?Lt*) }i? }hL| ? @?) @h@M*i w!itic i@!*) i?_L}i?Lt Lh ti4i?_L}i?Lt }hL| E@t ?|hL_Ui_ M) BhL| Ebb2 @?_ aL?it EbbD t t@_ |L LUUh u Th U@T|@ UL?t4T|L? ? |i *L?} h? }hLt @| @ TLt|i h@|i |L| @?) i L}i?Lt*) }i? |iU?L*L}) }hL| `| |iti _i?|L?tc i @i |i uL**L?}G LhL**@h) W? @ LMM#L}*@t L?itiU|Lh LT|4@* }hL| 4L_i* | ?L? hi?i@M*i ?@|h@* hitLhUitc @ t|@M*i t|i@_) t|@|i | i?_L}i?Lt }hL| _Lit ?L| i t|c ?L| ii? @t @ !?uii_}i U@ti Ai 4L_i*c Liihc 4@) _tT*@) t|@M*i ti4i?_L}i?Lt }hL| t ThLTL t|L? ?_U@|it @?_ @t i ** i T*Lhi ? 4Lhi _i|@* Mi*Lc |ihi 4@) Mi t|@M*i TLt|i Th U@T|@ }hL|c M| @ ?iUitt@h) UL?_|L? uLh |t t |@| |ihi t i?L} TLT*@|L? }hL| W| t Lh| 4i?|L??} |@| ? UL?|h@t| |L t|@?_@h_ ti4i?_L}i?Lt }hL| 4L_i*t Ethi)i_ ? ,Uih @?_ Ah?Lt!) 43 Vhfwlrq 5 ri wkh Vwljolw} sdshu vwxglhv vxfk whfkqlfdoo| hflhqw jurzwk sdwkv1 Prvwo| frq0 fhqwudwlqj rq wkh FUV fdvh/ . . @ 4> Vwljolw} grhv qrw srlqw dw wkh frqfoxvlrq phqwlrqhg1 Rswlpdo jurzwk lq wkh FUV fdvh lv wkh wrslf ri klv vhfwlrq 61 44 Reylrxvo|/ wklv frqfoxvlrq dovr krogv li/ lqvwhdg ri wkh fodvvlfdo xwlolwduldq fulwhulrq lq 514/ edvhg rq %wrwdo xwlolw|%/ wkh %dyhudjh xwlolw|%0fulwhulrq kdg ehhq xvhg +holplqdwh wkh idfwru Q +w, lq 514, vlqfh/ zkhq q @ 3/ wkh wzr fulwhuld duh wkh vdph1 S bbbc i ?_ |@| i? ?L?hi?i@M*i hitLhUit i?|ih |i }hL| i?}?ic ti4 i?_L}i?Lt }hL| ui@|hit @? ?|ihit|?} ThLTih|) t4*@h |L |@| Lu t|hU|*) i? _L}i?Lt }hL| At t |i ThLTih|) |@| |i *L?}h? }hL| h@|i _iTi?_t L? |iU?L*L}) @t i** @t Thiuihi?Ui T@h@4i|ihtc |ihiM) @**L?} ii? @ _hiU| hL*i |L tU@* TL*U) @ti 2G L?t|@?| +i|h?t |L @T|@* Ek ' Oihi i UL?t_ih @? k 4L_i* @}4i?|i_ | @? i T*U| hL*i uLh ML| |i *@MLh uLhUi @?_ ?@|h@* hitLhUit ? ThL_U|L? W? |t U@ti |i 5 ' f Uhi ? }hi t Lh3L?|@* Ai }hL| h@|it 2b @?_ 22f hi_Ui |L q? 4 n Eq n ? }S ' c E0 E }- ' E2 @?_ @tt4T|L? 4T*it 0 9' `i @i |i uL**L?} hLTLt|L? tt4i @?_ k ' Ai? |ihi i t|t @ t|i@_) t|@|i | }S : f u @?_ L?*) u ? : f @?_ i|ih 0 : a Lh 0 a q? 4? q? : 4? `i? @__|L?@**) 9' c |i t|i@_) t|@|i t t|@M*i u @?_ L?*) u i|ih 0: a Lh 0 a : hLLuG 5ii @TTi?_ `i? k ' c @ *L **?}?itt |L ?|ih|i4TLh@* tMt|||L? E} 0 hi^hit @ UL?|ihi}| ? |i uLh4 Lu @ t4@** L|T| i*@t|U|) | hitTiU| |L |i hitLhUi LT*@|L? }hL| t|** U@? i?thi t|@M*i Th U@T|@ UL?t4T|L? }hL| ? |i *L?} h? At UL?|h@t|t | |i 4L_i* |L| hitLhUit E ' fc ihi @ . t|@|L? | k ' c q : f @?_ TLT*@|L? }hL| t ?L| UL4T@|M*i | @ t|i@_) t|@|ic M| 4T*it i T*Lti }hL| W? |i Thiti?| 4L_i*c TLT*@|L? }hL| t ?L| L?*) UL4T@|M*ic M| ?iUitt@h) uLh TLt|i t|@M*i }hL| ?i Lu |i 4L_i*t i @4?i_ ? }L? : OL|| EbbHc TT S2S t @? k 4L_i* | @ ?L?hi?i@M*i hitLhUi W? |@| 4L_i*c Liihc *@MLh _Lit ?L| @TTi@h ? |i ThL_U|L? u?U|L? iU@ti Lu |tc ? |@| 4L_i* TLt|i *L?}h? }hL| t ?L| TLttM*i 2 _gihi?| TihtTiU|i tLt T u L?i @UUiT|t |i 5L*L i |@| |ihi t ThLM@M*) @? hhi_UM*) i L}i?Lt i*i4i?| ? |i _ii*LT4i?| Lu ?i |iU?L*L}) ? tLUi|)c @| *i@t| i L}i?Lt |L |i iUL?L4) E5L*L bbec T D 6L**L?} |t t|h@?_c | @ t*}| 4L_U@|L? Lu |i 4L_i*c |i 4TLh|@?| T@h@4i|ih ? UL*_ Mi hi?|ihThi|i_ @t hiThiti?|?} |t i L}i?Lt i*i4i?| @ti G wL}@h|4U N|*|) E0 ' W? |t U@tic uhL4 22ec W ' 4 ? E@ ?Ui t4T*i i ThittL? @*tL ?L|i_ M) 5|}*|3 hLTLt|L? e tt4i @?_ 0 ' Ai? |ihi i t|t @ t|i@_) t|@|i | }S : f u @?_ L?*) u i|ih k a Lh k: a knq ? a ?:f 4? q? Ek B knq ? n 4? 4? `i? @__|L?@**) 9' c |i t|i@_) t|@|i t t|@M*i u @?_ L?*) u i|ih k a Lh k : a : a ? : f hLLuG 5ii @TTi?_ 45 Djklrq ) Krzlww fduu| rq zlwk dqrwkhu prgho edvhg rq zkdw wkh| fdoo d Vfkxpshwhuldq dssurdfk wr qrq0uhqhzdeoh uhvrxufhv +Djklrq ) Krzlww 4<<;/ ss1 496097,1 Khuh wkh hfrqrp| kdv wzr vhfwruv/ d pdqxidfwxulqj vhfwru dqg d U ) G vhfwru/ erwk zlwk frqvwdqw uhwxuqv wr vfdoh wr surgxfleoh lqsxwv1 Wkh dxwkruv qg wkdw qrz jurzwk lv srvvleoh +zlwkrxw srsxodwlrq jurzwk, dqg wkh| dvfuleh wklv wr wkh Vfkxpshwhuldq dssurdfk dv glvwlqfw iurp wkh DN dssurdfk1 Lq rxu ylhz/ wkh nh| lv udwkhu wkdw wkh %jurzwk hqjlqh% +wkh U ) G vhfwru, lv prghoohg dv qrw ghshqglqj rq wkh uhvrxufh +qrw hyhq lqgluhfwo| vlqfh wkh U ) G vhfwru grhv qrw xvh fdslwdo,1 H Ai ThLTLt|L? 4T*it |@| @ ?iUitt@h) UL?_|L? uLh t|i@_) TLt|i Th U@T|@ }hL| i? 0 ' t k n q : | |i t@4i |4ic |ihi t @ Uih|@? hi*@|L? Mi|ii? |i t3it Lu k @?_ `i? |i L|T| i*@t|U|) | hitTiU| |L 4@?4@_i U@T|@*c kc t Mi*L @ Uh|U@* *ii*c i^@* |L c |i? @*tL |i L|T| i*@t|U|) | hitTiU| |L |i hitLhUic c 4t| @i @? TTih ML?_ L?ihti*)c i? k t *@h}i E@MLi c 4t| Mi ?L| |LL t4@** @T|@* @?_ |i hitLhUi @i UL?|ih@U|?} ?i?Uit L? |i TLttM*|it uLh t|i@_) }hL|c tL |ih 4 TLh|@?Ui ? ThL_U|L? U@??L| _gih |LL 4U ? |i L|ih @?_c i? k t @MLi c |i? 4t| @*tL ?L| Mi |LL *@h}i MiU@ti |@| L*_ 4@!i | 4TLttM*i uLh U@T|@* @UU4*@|L? |L Lgti| |i _4?t?} hitLhUi ?T| W| t @*tL tii? |@| u L?i Lu i|ih k Lh t @MLi c |i? t|@M*|) Lu @ t|i@_) t|@|i | }S : f hi^hit |@| ML| k @?_ @hi @MLi e Ai #i}i?ih@|i @ti ' `i? ' c |i uLh4*@t T |L 2f @hi t|** @*_c ic |i t|i@_) t|@|i ThLTih|it @hi ?L| ^@*|@|i*) @giU|i_ | |i |h@?t|L?@* _)?@4Ut t U@?}i_ h@_U@**) W?_ii_c U@*U*@|?} |i i^@*i?|t Lu 2 @?_ 2f tLt |@| |ihi ** Mi ?L |h@?t|L?@* _)?@4Utc }i? E4T*)?} k 9' 0c ? |t U@ti Ai t)t|i4 _i}i?ih@|it ?|L @ hiUhti t|hU|hiG 44i_@|i*) 4Tt |L |t t|i@_)t|@|i @*ic Eq? n E kB*kc ?_iTi?_i?|*) Lu |i hit| Lu |i t)t|i4c 4T*)?} |@| ? |h? 3 @?_ |i? |@!i L? |ih t|i@_)t|@|i @*it EW| t UL?i?i?| |L i |i?_ |i ?L|L? Lu t@__*i TL?|t|@M*|) |L ULih ii? |t U@ti 6h|ihc ? |t t|@|L? 22f tLt |@| |i i t|i?Ui Lu @? LT|4@* t|i@_) t|@|i | }hL?} Th U@T|@ UL?t4T|L? @}@? hi^hit @ }hL?} TLT*@|L? D L4T@htL? Lu 5|i@_) 5|@|it tt4?} |@| |i h}|@?_ t_it Lu 2222e @hi TLt|i tL |@| @ t|i@_) t|@|i i t|tc i U@? i @4?i |i UL?ti^i?Uit uLh |i UL?t|@?| }hL| h@|it 2b @?_ @ 4> dqg q @ 3= Wkhq/ e| 5153/ jf A 3 , G ? 3 , A % 5157/ x @ +4 ,@+% , A 3= Exw A 4 frqwudglfwv { A 3/ e| 51551 46 Vxssrvh b , A 4 vlqfh/ e| 22f Lu @h)?} |i @hLt T@h@4i|iht Lu |i 4L_i* 6ht|c i ?L|i |@| ?i|ih |i ThL_U||) T@h@4i|ih ?Lh |i _iThiU@|L? h@|i B @giU|t |i t|i@_)t|@|i }hL| h@|i @| @**c ? UL?|h@t| |L |i t@* L?itiU|Lh i?_L}i?Lt }hL| 4L_i* E|i k 4L_i*( |t t |hi ii? i? k ' E| B i?|iht |i UL?_|L?t uLh |i i t|i?Ui Lu @ t|i@_) t|@|ic Uu 2222e W| t ?|ihit|?} |@| @** |i hi4@??} T@h@4i|iht Lu |i 4L_i* @giU| |i h@|i Lu Th U@T|@ }hL| Oi?Uic |ihi t @ TL|i?|@* uLh |@ @?_ tMt_) TL*Uit |L ?i?Ui ?L| L?*) |i *ii* @*L?} U }hL| LUUhtc M| @*tL |i *L?}h? }hL| h@|i At t ? UL?|h@t| |L t|@?_@h_ ti4i?_L}i?Lt }hL| 4L_i*t ihi TL*U) @t L?*) *ii* igiU|t EUu aL?it bbD +i}@h_?} |i t}? Lu |i igiU| L? }hL| Lu @ U@?}i ? @ T@h@4i|ihc |i hit*|t _iTi?_ UhU@**) L? |i t}? Lu |i _i?L4?@|Lh # `i _t|?}t Mi|ii? |i t|@?_@h_ U@ti e E# :f @?_ |i T@h@_L U@* U@ti E# f D Ai 5|@?_@h_ @ti E# :f W? |t U@tic t?} E22fc UL?t4T|L? Th U@T|@ t tii? |L }hL ? |i t|i@_) t|@|i u @?_ L?*) u Ek n q n ? : 4 ED U 4i@?t |@| TLt|i TLT*@|L? }hL| @?_ ?Uhi@t?} hi|h?t |L tU@*i uLh U@T|@* @?_ *@MLh |@!i? |L}i|ih ? |i ThL_U|L? tiU|Lh Ek n q : @hi ML| ?iUitt@h) UL?_|L?t uLh @ t|i@_) t|@|i | }hL?} Th U@T|@ UL?t4T|L? E|i *@t| UL?_|L? uL**Lt MiU@ti 4 : ? Lhi }hL| ? TLT*@|L? ELu|i? UL?t_ihi_ _i|h4i?|@* |L Th U@T|@ }hL| @giU|t Th U@T|@ UL?t4T|L? }hL| TLt|i*)c @t *L?} @t |ihi @hi ?Uhi@t?} hi|h?t |L tU@*i At t |i ?i| hit*| Lu |hii _gihi?| igiU|tG Aihi t @ _hiU| TLt|i igiU| L? L|T| }hL| MiU@ti @ }hL?} TLT*@|L? 4i@?t @ }hL?} *@MLh uLhUic 4@}?u)?} |i igiU|t Lu ?Uhi@t?} hi|h?t |L tU@*i W? @__|L?c |ihi t @? ?_hiU| ThL_U|L? igiU| MiU@ti TLT*@|L? }hL| @*tL @giU|t hitLhUi i |h@U|L? E@t tii? uhL4 2bc |L} |i t}? Lu |t igiU| t @4M}Lt Ah_*)c }i? |i }hL| h@|i Lu |L|@* 47 Fdoohg vr/ ehfdxvh lw lv lpsolhg e| wkh vwdqgdug dvvxpswlrq/ . . @ 4= 2f ThL_U|L?c @ *@h}ih TLT*@|L? }hL| h@|i ?@|h@**) 4i@?t @ t4@**ih }hL| ? Th U@T|@ UL?t4T|L? TLttM*|it 22f @*tL tLt |i u@4*@h igiU| uhL4 5|}*|3 Eb.e |@| @ hti ? 4T@|i?Ui E*@h}ih 4 ** @giU| |i UL?t4T|L? }hL| h@|i ?i}@|i*)( @?_ @UULh_?} |L 22e |t ** Mi @UUL4T@?i_ M) @? ?Uhi@ti_ hitLhUi i |h@U|L? h@|ic U@t?} |i hitLhUi |L _4?t u@t|ih Lih |4i *@h}ih @*i Lu 4 ** @*tL U@ti @ t4@**ih UL?t4T|L? }hL| h@|i i? k :( ?|ihit|?}*)c Liihc ? |t U@ti |i i |h@U|L? h@|i ** u@** Ai hi@tL? 4t| Mi |@| i? |i L|T| i*@t|U|) Lu U@T|@* t }c t4@**ih U@T|@* ?it|4i?| t hi^hi_ tL |@| @ } ?|@* UL?t4T|L? *ii* U@? Mi LM|@?i_ | *Lih L|T| i@h*) L?c i?Ui *Lih i |h@U|L? Lu |i hitLhUi i@h*) L? Ai igiU| Lu @ hti ? kc q Lh E@ Tih4@?i?| |iU?L*L}) tLU! L? |i Th U@T|@ UL?t4T|L? }hL| h@|i ** MiG ? Y}S ' fc Yq ( Y}S }' fc Y ( Y}S } ' Yk ( ED2 ED EDe L| thTht?}*)c @ hti ? qc |i L|T| i*@t|U|) Lu *@MLhc ** h@ti |i }hL| h@|i Lu UL?t4T|L?c ihi@t @ hti ? ** *Lih | E 4i@thit |i 4TLh|@?Ui Lu |i hitLhUi ? ThL_U|L?( |i ?ii_ |L t@i ?Uhi@t?}*) L? |i hitLhUi t hiiU|i_ ? |i ?i}@|i igiU| Lu |t T@h@4i|ih L? }hL| Ai igiU| Lu k L? UL?t4T|L? }hL| _iTi?_t L? |i t}? Lu }c ic |i }hL| h@|i Lu |L|@* ThL_U|L?G `i? L|T| t }hL?} |i? @*tL U@T|@* t }hL?} @?_ @? ?Uhi@ti ? |i L|T| i*@t|U|) Lu U@T|@*c kc ** ?Uhi@ti }hL| uh|ih( t4*@h*)c i? |L|@* L|T| UL?|h@U|tc @ }ih @*i Lu k 4T*it @ _iUhi@ti ? |i @*hi@_) ?i}@|i Th U@T|@ }hL| h@|i MiU@ti |i U@T|@* t|LU! t u@**?}c @?_ @ *@h}ih 4TLh|@?Ui Lu U@T|@* uLh ThL_U|L? ** tTii_ T |i UL?|h@U|L? Ai t}? Lu |i igiU| L? |i i |h@U|L? h@|i Lu @ hti ? kc qc Lh c _iTi?_t L? 2 |i _ithi uLh UL?t4T|L? t4LL|?} @t 4i@thi_ M) 0 ) 22ec i @i Y}YW Y}S ' ' E0 c Y Y Y ' kc qc c EDD S ihi Y} Y t }i? ? D2De `i? TiLT*i @hi ih) UL?Uih?i_ | t4LL|?} UL?t4T|L? Lih |4i E0 : c |i t}? Lu |i igiU| L? 8 ** iUL |@| Lu |i igiU| L? UL?t4T|L? }hL| Ai hitLhUi i |h@U|L? h@|i ** @_t| |L UL?|ih@U| |i igiU| L? |i UL?t4T|L? *ii* EU@ti_ M) U@?}i_ U@T|@* ?it| 4i?| i? }hL| U@?}it |L tThi@_ L| |i TL|i?|@* }@?t Lh *Lttit uhL4 @ Tih4@?i?| |iU?L*L}) tLU! 4Lhi ii?*) Lih |4i L?ihti*)c i? |i _ithi uLh UL?t4T|L? t4LL|?} t t4@**c hitLhUi i |h@U|L? t ?L| Thii?|i_ uhL4 @_ t|?} ? @ UL4T*i4i?|@h) @) |L |i U@?}i ? |i u|hi 4@h}?@* ThL_U||) Lu |i hitLhUi U@ti_ M) U@T|@* @UU4*@|L? Ai igiU| Lu @ U@?}i ? 0 |ti*u t Y}S }S ' c Y0 ( Y}YW E k}S ' ' Y0 Y0 ( EDS ED. @|h@**)c @ *@h}ih 0 EThiuihi?Ui uLh UL?t4T|L? t4LL|?} ** *i@_ |L @ ?4ih U@**) t4@**ih UL?t4T|L? }hL| h@|i W?_ii_c uhL4 22fc u 0 $ 4c |i? }S $ f Ai t}? Lu |i igiU| L? |i i |h@U|L? h@|i t |i t@4i @t |@| Lu E k}S D2 Ai @h@_L U@* @ti E# f Ai _i?L4?@|Lh ( t ?i}@|i u @?_ L?*) u k n : n 0c ic |i i*@t|U|) Lu tU@*i | hitTiU| |L U@T|@* @?_ |i hitLhUi |@!i? |L}i|ih 4t| Mi UL?t_ih@M*) @MLi `i? ( t ?i}@|ic @** |i uLh4*@t uhL4 |i t|@?_@h_ U@ti @hi @*_c M| |i t}?t Lu |i igiU|t Lu T@h@4i|ih U@?}it @hi hiihti_ W?_ii_c 4Lhi 4T@|i?Ui hit*|t ? }ih Th U@T|@ UL?t4T|L? }hL|c @?_ }ih TLT*@|L? }hL| 4T*it *Lih Th U@T|@ UL?t4T|L? }hL|c @ hti ? k ** hi_Ui UL?t4T|L? }hL| i? |t t @*hi@_) TLt|ic @ }ih i*@t|U|) Lu 4@h}?@* |*|) *i@_t |L *@h}ih _gihi?Uit ? |i UL?t4T|L? *ii* Lih |4ic i|U ** |iti hit*|t @hi }*) UL?|ih?||ic M| |i) @hi ?iih|i*itt UL4T@|M*i | |i i t|i?Ui Lu 22 @ t|@M*i t|i@_) t|@|i |@| i M|t TLt|i Th U@T|@ }hL| @?_ t@|tit |i ht| Lh_ih @?_ |h@?tiht@*|) UL?_|L?t 2H2 W| U@??L| Mi i U*_i_c Liihc |@| ? |i U@ti ( f |iti UL?_|L?t _L ?L| t}?u) LT|4@*|) OLiih |@| 4@) Mic |i hi@*t4 Lu |i T@h@4i|ih @*it }i?ih@|?} |t t|@|L? t ^it|L?@M*i E@t i @i tii?c t|@M*|) ? |i U@ti ( f hi^hit - S L?U*tL? `i @i t|_i_ @ LMM#L}*@t L?itiU|Lh LT|4@* }hL| 4L_i* | ?L? hi?i@M*i hitLhUit E@?_ ?L i L}i?Lt |iU?L*L}U@* ThL}hitt t|@M*i t|i@_) t|@|i i t|t uLh @ *@h}ih h@?}i Lu @*it |@? i @4?i_ ? 5|}*|3 Eb.ec @?_ |t *@h}ih h@?}i @*tL @**Lt uLh tL4i ?i UL4T@h@|i _)?@4Ut hit*|t Eii? ? |i t|@?_@h_ U@ti # :f W?_ii_c i t|i?Ui @?_ t|@M*|) Lu @ t|i@_) t|@|i @t tL? |L Mi UL4T@|M*i | ?Uhi@t?} hi|h?t |L tU@*i | hitTiU| |L |i hiThL_UM*i u@U|Lh U@T|@* @?_%Lh |i ?@|h@* hitLhUi } L|T| i*@t|U|) Lu U@T|@* ?ii_ ?L| *i@_ |L i T*Lti }hL| T@|t MiU@ti |i ?ii_ |L t@i L? |i ?@|h@* hitLhUi @t @ UL?|ihM@*@?U?} igiU| Oi?Uic |i !?uii_}i U@h@U|ih Lu t@* i?_L}i?Lt }hL| 4L_i*t |L| ?L?hi?i@M*i hitLhUit t ?L| Thiti?| OLiihc TLT*@|L? }hL| t @ ?iUitt@h) UL?_|L? uLh @ t|@M*i LT|4@* t|i@_) t|@|i | TLt|i Th U@T|@ }hL| AihiuLhic |i i |i?_i_ 5|}*|3 LT|4@* }hL| 4L_i* t ?L| UL?tt|i?| | i?_L}i?Lt }hL| ? |i t|hU| ti?ti Lu |i Lh_c ic |i 4L_i* U@??L| }i?ih@|i TLt|i @?_ t|@M*i Th U@T|@ }hL| |L| hi*)?} L? TLT*@|L? }hL| Ai UL?U*tL? t |@| |i U@**i?}i Lu }i?ih@|?} @ }i?ihU 4L_i* | t|hU|*) i?_L}i?Lt }hL| U@??L| Mi 4i| M) t4T*) ?U*_?} ?L?hi?i@M*i ?@|h@* hi tLhUit ? |i UL?|h@h)c ? |t ti||?} |i Ti?L4i?L? Lu t|@M*i i?_L}i?Lt }hL| ? |i t|hU| ti?ti _Lit ?L| i t| ii? @t @ !?uii_}i TLttM*|)- Oi?Uic |L |i i |i?| |@| |i Thiti?Ui Lu tU ?_tTi?t@M*i ?@|h@* hitLhUit ? @ 4@UhL ThL_U|L? u?U|L? t UL?t_ihi_ hi@*t|Uc |i @?@*)tt @t _i?|i_ @ ?i ThLM *i4 uLh |i UL?UiT| Lu t|hU|*) i?_L}i?Lt }hL|G W| tii4t ?L| TLttM*i |L @i t|@M*ic t|hU|*) i?_L}i?Lt }hL| @| @** i? ?L?hi?i@M*i hitLhUit i?|ih |i 2 }hL| i?}?i At @*tL @TT*itc |i?c |L 4@h!i| iUL?L4it u |i) @hi UL?t_ihi_ |L Mi hiT*U@ic |hL} |@ @?_ tMt_) ?|ihi?|L?tc Lu tLU@* LT|4@ AihiuLhic |i TihtTiU|i t}}it|i_ M) |i @?@*)tt t ti4i?_L}i?Lt }hL| W| t @ TLttM*|) EM| i |?! @? ?*!i*) L?i |@| |t hit*| UL*_ U@?}i ? @ 4*|tiU|Lh 4L_i* ihi |i hiThL_UM*i @tti|Et }i?ih@|?} }hL| L*_ _i Ti?_ L? |i hitLhUi ETLttM*) ?_hiU|*) EAi 4*|tiU|Lh i?_L}i?Lt }hL| 4L_i*t | ?L?hi?i@M*i hitLhUit 4i?|L?i_ ? |i ?|hL_U|L? @** t@hi |i ui@|hi |@| |i }hL| i?}?i t ?L| _iTi?_i?| L? |i hitLhUi At ThLM*i4 t *iu| uLh u|hi hiti@hU t*}|*) _gihi?| TihtTiU|i tLt T u L?i @UUiT|t |i 5L*L i |@| |ihi t ThLM@M*) @? hhi_UM*) i L}i?Lt i*i4i?| ? |i _ii*LT4i?| Lu ?i |iU?L*L}) ? tLUi|)c @| *i@t| i L}i?Lt |L |i iUL?L4) E5L*L bbec T D 6L**L?} |t t|h@?_c | @ 4L_U@|L? Lu |i 4L_i*c |i 4TLh|@?| T@h@4i|ih ? UL*_ Mi hi?|ihThi|i_ @t hiThiti?|?} |t i L}i?Lt i*i4i?| @?_ i UL*_ ThLUii_ | @ !?_ Lu ^@ti?_L}i?Lt }hL| @?@*)tt M@ti_ L? |t ?L|L? W?|ihit|?}*)c i? ?L?hi?i@M*i hitLhUit i?|ih |i }hL| i?}?ic ML| ti4 i?_L}i?Lt }hL| @?_ ^@ti?_L}i?Lt }hL| ui@|hi |i ThLTih|) Lu t|@?_@h_ Et|hU|*) i?_L}i?Lt }hL| |@| |i *L?}h? }hL| h@|i _iTi?_t L? |iU?L*L}) @t i** @t Thiuihi?Ui T@h@4i|ihtc |t @**L?} ii? @ _hiU| hL*i |L tU@* TL*U) . TTi?_ . 5|@M*|) ThLTih|it Lu |i |hii_4i?tL?@* t)t|i4 i? 9' Ai a@ULM@? Lu |i _)?@4U@* t)t|i4 uLh c 3 @?_ c i@*@|i_ ? |i t|i@_) t|@|ic i? 9' c tG 5 Y% Y% Y5 a ' 7 Y% Y Y% Y % Y5 Y 5 Y5 Y Y5 Y % Y Y 5 Y Y Y 6 5 8'7 %W 3k3 5W 33k W 3 6 E k0 %W f Ek 5 W f 8 f W Ai |h@Ui t %W n Ek 5 W n W ' 2W : f 2e ihi i @i ti_ 22Dc 22bc @?_ 22H Ai _i|ih4?@?| t %W 5 W W k k n E0 ( ' %W 5 W W k E 0 E 0 U t ?i}@|i u @?_ L?*) u 2e L*_t Oi?Uic 2e 4T*it L?i i}i?@*i | ?i}@|i hi@* @*i @?_ |L i}i?@*it | TLt|i hi@* @*ic U t t| @| t hi^hi_ uLh t@__*iTL?|t|@M*|) Wuc L? |i UL?|h@h)c |i _i|ih4?@?| t TLt|ic |i? |ihi @hi |hii i}i?@*it | TLt|i hi@* @*ic ic |i t)t|i4 t |L|@**) ?t|@M*i .2 hLLu Lu ThLTLt|L? Nt?} 2 @?_ 2.c | U@? i@t*) Mi tL? |@| W E' }- :f i?thit |@| |i |*|) ?|i}h@* UL?ih}it @*L?} @ t|i@_)t|@|i }hL| T@|( t4*@h*)c | t i@t) |L tL |@| W : f }@h@?|iit |i u**4i?| Lu |i |h@?tiht@*|) UL?_|L?t 22 @?_ 2 Oi?Uic i t|i?Ui @?_ |i t|@|i4i?|t @ @?_ M uL**L _hiU|*) uhL4 tiU|L?t 2c 22 @?_ . t |L t|@|i4i?| Uc M) 2e @?_ @TTi?_ .c @?_ t|@M*|) EM) t|@|i4i?| @ t|@M*|) t i^@*i?| |L t@__*i TL?| t|@M*|) i?thit ( : f AihiuLhic M) 22fc }S f , Ek n q n ? 4 , Ek n q ? 4 ? : f uhL4 2( M| |t 4T*it ? 4*Ek n q n : f a k n q : . hLLu Lu ThLTLt|L? 2 E|i U@ti ? ' f W? |t U@tic uhL4 22f | t tii? |@| @ t|i@_) t|@|i | }S ' f t ?L| TLttM*ic t?Ui 4 : f 6h|ihc M) 22fc ( f t @ ?iUitt@h) UL?_|L? uLh @ t|i@_) t|@|i | }S : f `i? ( fc M) 22e W : f / k : k : ** @*tL i?thi |@| 5 W : f EuhL4 22 6h|ih4Lhic uLh ( f @?_ k : c M) 222 %W : f / E 4 : (B( i?Uic |i UL?_|L?t @?_ 4 : (B 3 @hi hi^hi_ At ThLit |i ht| T@h| Lu |i ThLTLt|L? t |L |i tiUL?_ T@h|c i? ( f @?_ c |i t|i@_) t|@|i t |L|@**) ?t|@M*i @t tii? ? tiU|L? . 2D .e hLLu Lu ThLTLt|L? E|i U@ti k ' W? |t t|@|L?c %W ' W ' q ?c uhL4 222 @?_ 22ec tL |@| TLt|i TLT*@|L? }hL| t ?iUitt@h) @?_ tUi?| uLh TLt|i @*it Lu |iti |L @h@M*it ) 22 @?_ 2c 5 W ' 0}S n B n 4 tL |@| }S f , 5 W : f 6hL4 2c }S : f u @?_ L?*) u 0:a q? 4? Jo 0a : q? 4? 6hL4 2ec ?iUitt@h) @?_ tUi?| UL?_|L?t uLh t@__*i TL?| t|@M*|) EM) ThLTL t|L? i^@*i?| |L t|@M*|) @hi |@| i|ih 0: a Jo 0 a : .D hLLu Lu ThLTLt|L? e E|i U@ti 0 ' W? |t U@tic uhL4 22ec W ' 4 ? : f EuhL4 2 @?_ ( ' k 5MU@ti k Oihic }S : f / k 43q?3 ?c M) 22f Oi?Uic ? : f t @*tL hi^hi_ ? |t U@ti t 5 W ' k E}S n B n 4c }S : f , 5 W : f )c 222c n %W ' k dE 4 n Eq n ? n E kBo : k dE 4 n Eq n ? kE4 ? n E kBo ' E k5 W : fc M) 22 ?iUitt@h) @?_ tUi?| UL?_|L? uLh t@__*iTL?| t|@M*|) EM) ThLTLt|L? i^@*i?| |L t|@M*|) ? |t U@ti t EuhL4 2e 5MU@ti k : Oihic }S : f / : k 43q?3 ?c M) 22f `i t|** @i 5 W ' k E}S n B n 4 : f i? }S : f t |L %W c uhL4 222 uL**Lt %W : f / n q?343k?3 B n E Lc i? k : c M) 2ec : t ?iUitt@h) @?_ tUi?| uLh t@__*i TL?| t|@M*|)c }i? |@| |i t|i@_) t|@|i i t|t | : t L?*) UL?tt|i?| | |i i t|i?Ui Lu |i t|i@_) t|@|ic Uu |i i t|i?Ui hi^hi4i?|t k : @?_ n q?343k?3 B c u ? : f Oi?Uic |i UL?U*tL? |@| @*tL ? : f t ?iUitt@h) uLh E t@__*i TL?| t|@M*|) Ei?Ui t|@M*|) +i4@h! wL}U@**) | L*_ Mi tUi?| |L t@) |@|c ? |i U@ti k : c @ t|i@_) t|@|i t t|@M*i u @?_ L?*) u : `i Thiuihc Liihc |L T| | |i @) | t _L?i ? |i ThLTLt|L?c 4@!?} |i ?iUittU|) Lu ? : f i T*U| 2S +iuihi?Uit do }L?c *TTic : i|ih OL||c bbHG ,?_L}i?Lt BhL| AiLh) WA hittc @4Mh_}ic @tt@Utti||t hhLc ki??i| ac bS2G Ai ,UL?L4U W4T*U@|L?t Lu wi@h??} M) #L?}c +ii Lu ,UL?L4U 5|_itc L* 2bc TT DD. @hhLc +LMih| ac : j@ih 5@*@@h|?c bbDG ,UL?L4U BhL| UBh@ O**c i vLh! L?_c ,hU `c ?} `@?}c @?_ L?} k vTc bbSG Bi?ih@* AL5iU|Lh L_i* Lu ,?_L}i?Lt BhL| | O4@? @?_ )tU@* @T|@*G @*@?Ui_ BhL| @?_ Ah@?t|L?@* #)?@4Utc aLh?@* Lu ,UL?L4U AiLh)c L* SHc L #@t}T|@c @h|@c : BiLghi) Oi@*c b.eG Ai T|4@* #iT*i|L? Lu , @t|M*i +itLhUitc +ii Lu ,UL?L4U 5|_itc 5)4TLt4 Wttic TT 2H #@t}T|@c @h|@c : BiLghi) Oi@*c b.bG ,UL?L4U AiLh) @?_ , @t|M*i +itLhUit tMi|%@4Mh_}i N?iht|) hitt ,Uihc AiL 5c : 5|iTi? a Ah?Lt!)c bbbG L?5U@*i L_i*t Lu ,UL ?L4U BhL|c ,UL?L4U aLh?@*c L* fbc TT beeD BhL|c ht|@?c bb2G ,?_L}i? |i!?L*L}t! _!*?} E? @ L_i* Lu ,? _L}i?Lt BhL| @|L?@*!L?L4t! A_tt!hu|c L* fc TT DfDb aL?itc @h*it Wc bbDG + : #@ti_ L_i*t Lu ,UL?L4U BhL| aLh?@* Lu L*|U@* ,UL?L4)c L* fc TT .Db.He wU@tc +LMih| ,c bHHG ? |i iU@?Ut Lu ,UL?L4U #ii*LT4i?| aLh ?@* Lu L?i|@h) ,UL?L4Utc L* 22c TT e2 +iMi*Lc 5ih}Lc bbG wL?} +? L*U) ?@*)tt @?_ wL?}+? BhL| aLh?@* Lu L*|U@* ,UL?L4)c L* bbc c TT DffD2 +LMtL?c ac bHfG Lt|*) W??L@|L? @?_ @|h@* +itLhUit W?|ih?@|L?@* ,UL?L4U +iic L* 2c TT .f 2. +L4ihc @* c bbfG ,?_L}i?Lt AiU?L*L}U@* @?}i aLh?@* Lu L*| U@* ,UL?L4)c L* bHc 5.5f2 5UL*3c ht|@? c : BiLh} ~i4itc bbSG , @t|M*i +itLhUitc L?LT L*t|U L4Ti||L?c @?_ ,?_L}i?Lt BhL| 4iLc N?iht|) Lu ki* 5ULc L*c bbbG L**|?} L?hi?i@M*i +itLhUit @?_ BhL| 6Lh| UL4?} ? ,?hL?4i?|@* @?_ +itLhUi ,UL?L4Ut 5L*Lc +LMih| c bbeG ihtTiU|it L? BhL| AiLh) aLh?@* Lu ,UL ?L4U ihtTiU|itc L* Hc TT eDDe 5|}*|3c aLtiTc b.eG BhL| | , @t|M*i @|h@* +itLhUitG ,Ui?| @?_ T|4@* BhL| @|t +ii Lu ,UL?L4U 5|_itc L* ec 5)4TLt4 Wttic TT 2. 5|L!i)c @?U)c bbHG hi Aihi w4|t |L BhL|q W?|ih?@|L?@* ,UL?L4U +iic L* bc TT A@!@)@4@c !h@c bHfG T|4@* AiU?U@* hL}hitt | , @t|M*i +i tLhUit W?G ki4Tc c : V@? wL?} Ei_tG , @t|M*i +itLhUitc T|4@*|)c @?_ Ah@_i Lh|OL**@?_c 4t|ih_@4 bHf 2H
© Copyright 2025 Paperzz