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<=< >?@ABCDC ?EC FGHC EICJCF@I?CGIKLC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = M

<=<=< = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = M

<=<= N = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = M

<=<=O PK JGQQCK REBK JC QGH@IDCKL@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = M

<=<=S PK JGQQCK REBK QKAH@TT = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = M

<=<= U = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = M

<=<=V WKACKIH@ J@LLK JGQQCK REBK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = X

<=<=M TL Q@IJGLG ?E EI QCKIG AEGHKIH@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = X <=<=X = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = X <=<=Y = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Y <=<=<Z = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Y <=<=<< = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Y <=<=<N [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Y <=<=<O = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Y <=<=<S [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = Y <=<=<U [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Z <=<=<V = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Z <=<=<M [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Z <=<=<X = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Z <=<=<Y [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Z <=<= NZ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Z <=<= N< [[ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Z <=<= NN [[[ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Z <=<= NO \GFKIJ@ RA@]C = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = << <=N >^EKDCGIC LCI@KAC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = << <= N=< = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = << <= N= N = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <N <= N=O = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <N _

<= N [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <N <=O `GHC aGADKHC @ ?FGADKHC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <N <=O=< = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <N <=O= N = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <N <=O=O [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <O <=O=S [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <O <=O= U [ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <O

<=S bLBEIC @?@ABCDC BcCK]@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <O

<=S=< PK JGQQCK REBK BGI KHHACHG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <O

<=S= N TL dACHGAIGeQKAH@T = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <S

<=S=O TL dACHGAIGeQKAH@TT = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <S

<=S=S [[ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <S

<=S

= U fI @?@FQCG JC CI]KACKIH@KJCKRKHCBG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <S

<=S

=V PK REBK ]KACKRCL@AC]C?CHKHK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <U

<=S=M bLHAC @?@FQC JC CI]KACKIHC KJCKRKHCBC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <U

<=U bLHAC @?@ABCDC ?EC FGHC EICJCF@I?CGIKLC g NZZ<h = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <V

<= U=< = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <V <= U= N = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <V <= U=O = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <M <= U=S = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <M <= U= U = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <M <= U=V = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <M <= U=M = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <X <= U=X = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <X <= U=Y = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <X i j0:3k2042 57l:2 787mn2k2 832 6012 3425267482049:2 .o N=< `GHC EICJCF@I?CGIKLC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <X N=<=< = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <X N=<= N = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Y N=<=O PK JGQQCK REBK JC QGH@IDCKL@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Y N=<=S PK JGQQCK REBK QKAH@TT = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Y N=<= U = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = <Y

N=<=V WKACKIH@ J@LLK JGQQCK REBK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NZ

N=<=M TL Q@IJGLG ?E EI QCKIG AEGHKIH@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = N< N=<=X = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NN N=<=Y = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NN N=<=<Z = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NN N=<=<< = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NN N=<=<N = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NN N=<=<O = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO N=<=<S = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO N=<=<U = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO N=<=<V = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO N=<=<M = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO N=<=<X = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO N=<=<Y = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO N=<= NZ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO N=<= N< = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NO

N=<= NO = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NS N=N >^EKDCGIC LCI@KAC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NS N=O `GHC aGADKHC @ ?FGADKHC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NS N=S bLBEIC @?@ABCDC BcCK]@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NS N=S=< PK JGQQCK REBK BGI KHHACHG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NS q r:n342 n06s212 5t78967 i; O=Z=< P u vuwxy zG

FQCHG JC `@BBKICBKua@RRAKCG eYM = = = = = = = = = = = = = = = = = = = = = = = = = = = = NM

O=Z= N Pu vuwxywACFG BGFQCHG JC @?GI@AGuK=K= YO{YS= = = = = = = = = = = = = = = = = = = = = = = = = = = NX

O=Z=O z| uPuv zG FQCHG JC `@BBKICBK | KDCGIKL@uV}V}eYVuT~ KQQ@LLGu ?@??= @?HC]K= = = = = = = = = = = = NX O=Z=S z| uPuv zG FQCHG JC `@BBKICBK | KDCGIKL@u?@??= @?HC]K gw EL]CA@IHCh = = = = = = = = = = = = = = = NY O=Z= U z| uPuv zG FQCHG ?@??CGI@ @?HC]K K=K= YO{ YS = = = = = = = = = = = = = = = = = = = = = = = = = = = = = NY O=Z=V z|uPuvuwxy zGFQCHG JC `@BBKICBK |KDCGIKL@J@L V=<Z=YS = = = = = = = = = = = = = = = = = = = = NY O=Z=M z| uPuv uwx zGF QCHG J@L NZ=V =YS g `KABcCGAGh = = = = = = = = = = = = = = = = = = = = = = = = = = = OZ O=Z=X z|uPuvuwxy zGFQCHG J@L <<=M=YS g`KABcCGAGh = = = = = = = = = = = = = = = = = = = = = = = = = = = OZ

O=Z=Y z|uPuvuwx >?GI@AG JC `@BBKICBK |KDCGIKL@J@L <S{U{YZ = = = = = = = = = = = = = = = = = = = = = OZ

O=Z=<Z z|uPvuwx >?GI@AG JC `@BBKICBK |KDCGIKL@J@L <S{U{YZ = = = = = = = = = = = = = = = = = = = = = OZ

O=Z=<< Pu|f zGFQCHG JC `@BBKICBK J@L NO= N=<YYU = = = = = = = = = = = = = = = = = = = = = = = = = = = = = O<

O=Z=<N Pu|fuywACFG BGFQCHG JC @?GI@AGuK=K=YS{YU= = = = = = = = = = = = = = = = = = = = = = = = = = = = O<

O=Z=<O z|uPu|fyzGFQCHG JC `@BBKICBK |KDCGIKL@ J@L NV=N=YV = = = = = = = = = = = = = = = = = = = = = = O<

O=Z=<S z| uPuv u| f zGF QCHG ?@??CGI@@?HC]K K=K= YO{YS = = = = = = = = = = = = = = = = = = = = = = = = = = O<

O=Z=<U Pu vu€ v@BGIJG KQQ@LLG `@BBKICBK |KDCGIKL@ K=K= YO{YS= = = = = = = = = = = = = = = = = = = = = = ON

O=Z=<V P u vu = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = ON O=Z=<M P u| f u€u€ ubb z GFQCHG JC `@BBKICBK | KDCGIKL@uY}M}eYVuTT~ KQQ@LLGu ?@??= @?HC]K = = = = = = ON O=Z=<X z| uP u| f u€u€ zGF QCHG JC `@BBKICBK | KDCGIKL@uN S} Y}eYVuT~ KQQ@LLGu?@??= KEHEIIKL@ = = = = OO O=Z=<Y z| uP u| f u€u€ubb zG FQCHG JC `@BBKICBK |

KDCGIKL@u X}<Z}eYVuTT~ KQQ@LLGu?@??= KEHEIIKL@ = OO

O=Z= NZ ‚ zy zG

FQCHG JC `@BBKICBK J@L NO=N=<YYU= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = O S

O=Z= N< ‚z = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = OS

O=Z= NN ‚zubbuw v@BGIJG BGFQCHG JC @?GI@AG K=K=YS= = = = = = = = = = = = = = = = = = = = = = = = = = = = OU

O=Z= NO €u€ubbu vy TT@?GI@AG <Z}U}eYV = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = OU

O=Z= NS z|u€u€uwy>?GI@AG JC `@BBKICBK |KDCGIKL@J@L V{V{YZ = = = = = = = = = = = = = = = = = = = = = OV

ƒ j0:3k2042 52 9:n342 n06s212 52 78967 q„

S=Z=< P

u vuwxy zG

FQCHG JC `@BBKICBKua@RRAKCG eYM = = = = = = = = = = = = = = = = = = = = = = = = = = = = OV

S=Z= N P

u vuwxyw

ACFG BGFQCHG JC @?GI@AGuK=K= YO{YS= = = = = = = = = = = = = = = = = = = = = = = = = = = OV

S=Z=O z| uPuv zG FQCHG JC `@BBKICBK | KDCGIKL@uV}V}eYVuT~ KQQ@LLGu ?@??= @?HC]K= = = = = = = = = = = = OM S=Z=S z| uPuv zG FQCHG JC `@BBKICBK | KDCGIKL@u?@??= @?HC]K gw EL]CA@IHCh = = = = = = = = = = = = = = = OX S =Z= U z| uPuv zG FQCHG ?@??CGI@ @?HC]K K=K= YO{ YS = = = = = = = = = = = = = = = = = = = = = = = = = = = = = OY S=Z=V z|uPuvuwxy zGFQCHG JC `@BBKICBK |KDCGIKL@J@L V=<Z=YS = = = = = = = = = = = = = = = = = = = = OY

S=Z=M z|uPuvuwx zGFQCHG J@L NZ=V=YS g `KABcCGAGh = = = = = = = = = = = = = = = = = = = = = = = = = = = SZ

S=Z=X z|uPuvuwxy zGFQCHG J@L <<=M=YS g`KABcCGAGh = = = = = = = = = = = = = = = = = = = = = = = = = = = SZ

S=Z=Y z|uPuvuwx >?GI@AG JC `@BBKICBK |KDCGIKL@J@L <S{U{YZ = = = = = = = = = = = = = = = = = = = = = SZ

S=Z=<Z z|uPvuwx >?GI@AG JC `@BBKICBK |KDCGIKL@J@L <S{U{YZ = = = = = = = = = = = = = = = = = = = = = SZ

S=Z=<< Pu|f zGFQCHG JC `@BBKICBK J@L NO= N=<YYU = = = = = = = = = = = = = = = = = = = = = = = = = = = = = SZ

S=Z=<N Pu|fuywACFG BGFQCHG JC @?GI@AGuK=K=YS{YU= = = = = = = = = = = = = = = = = = = = = = = = = = = = SZ

S=Z=<O z|uPu|fyzGFQCHG JC `@BBKICBK |KDCGIKL@ J@L NV=N=YV = = = = = = = = = = = = = = = = = = = = = = S<

S=Z=<S z| uPuv u| f zGF QCHG ?@??CGI@@?HC]K K=K= YO{YS = = = = = = = = = = = = = = = = = = = = = = = = = = SN S=Z=<U P u vu€ v@BGIJG KQQ@LLG `@BBKICBK | KDCGIKL@ K=K= YO{YS= = = = = = = = = = = = = = = = = = = = = = SN S=Z=<V P u vu = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = SN

=Z=<M P f GFQCHG JC `@BBKICBK KDCGIKL@uY}M}eYVuTT~ KQQ@LLGu ?@??= @?HC]K = = = = = =

S=Z=<X z|uPu|fu€u€ zGFQCHG JC `@BBKICBK |KDCGIKL@uNS}Y}eYVuT~ KQQ@LLGu?@??= KEHEIIKL@ = = = = SU

S=Z=<Y z|uPu|fu€u€ubb zGFQCHG JC `@BBKICBK |KDCGIKL@u X}<Z}eYVuTT~ KQQ@LLGu?@??= KEHEIIKL@ = SV

S=Z= NZ ‚z = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = SV

S=Z= N< ‚z = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = SV

S=Z= NN ‚zubbuw v@BGIJG BGFQCHG JC @?GI@AG K=K=YS= = = = = = = = = = = = = = = = = = = = = = = = = = = = SV

S=Z= NO €u€ubbu vy TT@?GI@AG <Z}U}eYV = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = SM

S=Z= NS z|u€u€uwy>?GI@AG JC `@BBKICBK |KDCGIKL@J@L V{V{YZ = = = = = = = = = = = = = = = = = = = = = SX

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U=< w

AGRL@FK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = SY

U=<=< TˆAKJC JC LCR@AH‰ @ LK ?B@LHK J@LL@ BGGGAJCIKH@ = = = = = = = = = = = = = = = = = = = = = = = = = = = SY

U=<= N TL BKLBGLG J@LLe@I@AˆCK BCI@HCBK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = S Y U=<=O TL BKLBGLG J@LLe@I@AˆCK QGH@IDCKL@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = SY U=< =S

PK PKˆAKIˆCKIK @ L@ @^EKDCGIC JC >EL@AG{PKˆAKIˆ@ = = = = = = = = = = = = = = = = = = = = = = = = S

Y

U=<= U Pe€KFCLHGICKIK @ L@ @^EKDCGIC JC €KFCLHGI = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UZ

U=<=V PK J@H@AFCIKDCGI@J@ˆLC @^ECLCRAC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = U<

U=<=M PK ?HKRCLCH‰ J@LL@QG?CDCGIC JC @^ECLCRACG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = U<

U=<=X P@ QCBBGL@G?BCLLKDCGIC CIHGAIG KLL@QG?CDCGIC JC @^ECLCRACG ?HKRCLC = = = = = = = = = = = = = = = = = UN

U=<=Y ŠLC CIH@ˆAKLC QACFC @ LK ACJEDCGI@ J@C ˆAKJC JC LCR@AH‰ = = = = = = = = = = = = = = = = = = = = = = = UN

U=<=<Z PK ]@A?CGI@ €KFCLHGICKIK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UO

U=N w

AGRL@FK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UO

U= N=< PK J@H@AFCIKDCGI@J@ˆLC @^ECLCRAC @ LK LGAG ?HKRCLCH‰ = = = = = = = = = = = = = = = = = = = = = = = = US

U= N= N P@ QCBBGL@G?BCLLKDCGIC CIHGAIG KLLe@^ECLCRACG ?HKRCL@ = = = = = = = = = = = = = = = = = = = = = = = = US

U= N=O |@K

DCGI@ ]CIBGLKA@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UU

U=O w

AGRL@FK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UV

U=O=< TˆAKJC JC LCR@AH‰ @ LK ?B@LHK J@LL@ BGGGAJCIKH@ = = = = = = = = = = = = = = = = = = = = = = = = = = = UV

U=O= N TL BKLBGLG J@LLe@I@AˆCK BCI@HCBK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UV

U=O=O TL BKLBGLG J@LLe@I@AˆCK QGH@IDCKL@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UM

U=O=S PK PKˆAKIˆCKIK @ L@ @^EKDCGIC JC >EL@AG{PKˆAKIˆ@ = = = = = = = = = = = = = = = = = = = = = = = = UM

U=O= U Pe€KFCLHGICKIK @ L@ @^EKDCGIC JC €KFCLHGI = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UX

U=O=V PK J@H@AFCIKDCGI@J@ˆLC @^ECLCRAC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UY

U=O=M PK ?HKRCLCH‰ J@LL@QG?CDCGIC JC @^ECLCRACG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = UY

U=O=X P@ QCBBGL@G?BCLLKDCGIC CIHGAIG KLL@QG?CDCGIC JC @^ECLCRACG ?HKRCLC = = = = = = = = = = = = = = = = = VZ

U=O=Y ŠLC CIH@ˆAKLC QACFC @ LK ACJEDCGI@ J@C ˆAKJC JC LCR@AH‰ = = = = = = = = = = = = = = = = = = = = = = = V<

U=O=<Z TL BGIHAGLLG JCF@I?CGIKL@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = V< U=S w AGRL@FK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = V< U =S

=< vB@LHK J@LL@BGGAJCIKH@ @J @^EKDCGIC J@L FGHG = = = = = = = = = = = = = = = = = = = = = = = = = = = V<

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?CDCGIC JC @^ECLCRACG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = VN

U=S=O |CJEDCGI@ J@C ˆAKJC JC LCR@AH‰ @ KIKLC?C ^EKLCHKHC]K = = = = = = = = = = = = = = = = = = = = = = = = = VN

U=S=S PK AKQQA@?@IHKDCGI@ J@LLeGARCHK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = VO

U=S= U \GFKIJ@ ]KAC@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = VO

U=U wAGRL@FK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = VO

M=< P@ HAK?aGAFKDCGICBKIGICBc@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = VU

M=<=< TL QAGRL@FK = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = VU

M=<= N fI @?@FQCG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = VV

M=<=O fI @?@FQCG FGLHG QKAHCBGLKA@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = VV

M=N ‚AK?aGAFKDCGIC ?CFQL@HHCBc@ CIJCQ@IJ@IHC JKL H@FQG = = = = = = = = = = = = = = = = = = = = = = = = = = = = VM

M=O “ EIDCGIC ˆ@I@AKHACBC@ HAK?aGAFKDCGIC BKIGICBc@JCQ@IJ@IHC JKL H@FQG = = = = = = = = = = = = = = = = = = VY

M=O=< bLHAC HCQC JC aEIDCGIC ˆ@I@AKHACBC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = MZ

M=S >^EKDCGI@ JC €KFCLHGI KBGRC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = M<

M=S=< >?@FQCG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = MN

M=U z

G?HAEDCGI@J@LL@ ]KACKRCLC KDCGI@{KIˆGLG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = MO

M= U=< WKACKRCLC KDCGI@{KIˆGLG Q@A LeG?BCLLKHGA@KAFGICBG = = = = = = = = = = = = = = = = = = = = = = = = = MO

M= U= N fI @?@FQCG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = MO

M= U=O fI KLHAG @?@FQCG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = MU

M=V ‚@GACK J@LL@ Q@AHEARKDCGIC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = MM

M=V=< >?@FQC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = MX

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X=< ‚AK?aGAFKDCGIC zKIGICBc@ = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = XZ

X=N €KFCLHGI{KBGRC@ ]KACKRCLC KDCGI@{KIˆGLG = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = X<

X=O ‚@GACK J@LL@ Q@AHEARKDCGIC = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = XS

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@?C?HGIG 8 Ó u 8 ÿ u@ 6 HKLC Bc@äåæçèê ÖÓß Òë Ôá Ò8 ÿ  ë 6 ÔÖÕ â @ äåæçèê ÖÓ Òë Ôá Ò8 Ó  ë8 ÿ  ç 6 ÔÖÕâ = W@JC ?@DCGI@N=<=<N ÏÐÏÐÏì

fI QEIHG FKH@ACKL@JC FK??K à ?C FEG]@ ?ELLK ?@FCA@HHK

Ó  â

?Gˆˆ@HHG KJ EIK aGADK JC @I@AˆCK QGH@IDCKL@ Ñ Ò

ÓÔ Õ á 3   3  = w@A ^EKLC JKHC CICDCKLC CL FGHG ÌQ@ACGJCBG ã w@A ^EKLC JKHC CICDCKLC CL FGHG IGI ÌQ@ACGJCBG ã w@A ^EKLC JKHC CICDCKLC CL FGHG ÌCLLCFCHKHG ã

EKLC ?GLG L@ ?GLEDCGIC ?HKDCGIKAC@

ã vCK ÓÝ Õ 3 @ ß ÓÝ Õ à= \@H@AFCIK äåæçèéê ß Ó Òë Ô = vCK ÓÝ Õ 3 @ ß ÓÝ Õ á

à= EKL Ì CL FK??CFG J@LLK ]@LGBCH‰ Bc@ CL QEIHG AKˆˆCEˆ@

ã > ^EKL Ì CL FCICFK ã W@JC ?@DCGI@N=<=<O ÏÐÏÐÏ 7 vCK Ñ Ò ÓÔ Õ à   Ó Q@A ÖÓÖ . ' u@ ÑÒ ÓÔÕ â Q@A ÖÓÖ Ù ' =

\C?BEHC ^EKLCHKHC]KF@IH@ CL FGHG=

\C?BEHC ^EKLCHKHC]KF@IH@ CL FGHG Q@ACL QGH@IDCKL@ Ñ9Ò

ÓÔÕ Ñ Ò  9Ô BGI : ⠛BG?K KBBKJ@I@L LCFCH@ : $ âã

ÓÔÕ 39 9Ô â $ âã

EKL ÌCL FGHG JC EIK QKAHCB@LLK Bc@ACFRKLDK BGIHAG EI ûFEAG CIŸICHKF@IH@ACˆCJGü

ã W@JC ?@DCGI@N=<=<S ÏÐÏÐÏ 7 vCK Ñ Ò ÓÔ Õ á Òà   ÓÔ Q@A ÖÓÖ . ' u@ Ñ Ò ÓÔ Õâ Q@A ÖÓÖ Ù ' =

\C?BEHC ^EKLCHKHC]KF@IH@ CL FGHG=

\C?BEHC ^EKLCHKHC]KF@IH@CL FGHG Q@A CL QGH@IDCKL@ Ñ9Ò

ÓÔ Õ 3 9 Ñ Ò  9Ô BGI : â u Q@A JKHC CICDCKLC JC @I@AˆCK HGHKL@ QG?CHC]K= zG?K KBBKJ@I@L LCFCH@ : $ âã W@JC ?@DCGI@N=<=<U ÏÐÏÐÏ vCK Ñ Ò ÓÔ Õ ÖÓÖ

= \C?BEHC ^EKLCHKHC]KF@IH@ CL FGHG= EKIHeÌ LK aGADK CI

Ó Õ âã vCK Ñ Ò ÓÔ Õ áÖÓÖ = ‚AG]K CL FGHG JC JKHG CICDCKL@ Ò ÓÝÞÓÝß Ô Õ Ò á à ÞÿÔ KL ]KACKA@JC ÿ â = zGI?CJ@AK GAK Ñ Ò ÓÔÕ á 5 6  Ó 6 u BGI 6 â = \@H@AFCIK CL FGHG JC JKHG CICDCKL@ Ò ÓÝÞÓßÝÔÕ Ò á à ÞÿÔ KL ]KACKA@ JC ÿ â u@ CL LCFCH@ JC HKL@FGHG Q@A 6 $ â = W@JC ?@DCGI@N=<=<V ÏÐÏÐÏ 7 vCK ÑÒ ÓÔ Õ áÖÓÖ × BGI Ø  â = zGI?CJ@AK CL JKHG CICDCKL@ Ò ÓÝÞ ÓÝß Ô Õ Òà ÞâÔ

= TI ^EKIHG H@FQG CL QEIHG FKH@ACKL@

AKˆˆCEIˆ@ % ã w@A ^EKIHG H@FQG CL FGHG @?C?H@ ã vCK Ñ Ò ÓÔ Ù < Q@A GˆIC Ó A@KL@= wAG]K Bc@ ÖÓ Òë ÔÖ . = 3  = ëuQ@A = 3 Þ =

BG?HKIHC GQQGAHEI@ Bc@ JCQ@IJGIG JKL

JKHG CICDCKL@= w AG]K Bc@ CL FGHG @?C?H@ Q@A HEHHC C H@FQC= W@JC ?@DCGI@N=<=<M ÏÐÏÐÏ( vCK Ñ Ò ÓÔÕ Ó  Ø  å Ó uBGI Ø  â

= \C?BEHC ^EKLCHKHC]KF@IH@ CL FGHG KL ]KACKA@ JC Ø= TI QKAHCBGLKA@HAG]K ˆLC Ø Q@A

BEC @?C?HGIG ?GLEDCGIC ?HKDCGIKAC@@ JC?BEHCI@ LK ?HKRCLCH‰= \@H@AFCIK Q@A ^EKLC Ø @?C?HGIG GARCH@ Q@ACGJCBc@=

W@JC ?@DCGI@N=<=<X ÏÐÏÐÏ0 7 vCK ÑÒ ÓÔ Õ  åÒ ÓÔ   åÒ Ø ÓÔ u BGI â > Ø > àu @ Ò ÓÝÞÓßÝÔ Õ Ò âÞ Ú Ô = \@H@AFCIK äåæçèê Ó Òë Ô KL ]KACKA@ JC Ø=

gvEˆˆ@ACF@IHG y ]@JC Le@?@ABCDCG ?EL ACHGAIG <=S= Nh W@JC ?@DCGI@N=<=<Y ÏÐÏÐÛ2 vCK Ñ Ò ÓÔ Õ Òà    Ò ÓÔÔ å ?  9@ u@ Ò ÓÝÞ ÓÝß ÔÕ Ò âÞ Ú Ô = w @A ^EKLC ]KLGAC JC : CL FGHG Ì CLLCFCHKHG ã W@JC ?@DCGI@N=<= NZ ÏÐÏÐÛÏ 77 vCK ÑÒ ÓÔÕ Ú  å? 9@ u ÓÝ Õâ @ ß ÓÝ 

Ú= \@H@AFCIK CLH@FQG I@B@??KACGQ@AAKˆˆCEIˆ@A@

Ó Õ àuI@L LCFCH@ : $ â = W@JC ?@DCGI@N=<=N< ÏÐÏÐÛÛ 777 vCK Ñ Ò ÓÔ Õ Òà    Ò ÓÔÔ å ?  9@ u @ Ò ÓÝÞ ÓÝß Ô Õ Ò á'Þ Ú Ô

= TIJCBK BGI ë9 CL H@FQG I@B@??KACG Q@A AKˆˆCEIˆ@A@

Ó Õ ' = wAG]K Bc@äåæ9è Ý ë9 Ì ŸICHG= vCK ë9Ò ÓÔ

CL H@FQG I@B@??KACG Q@AAKˆˆCEIˆ@A@

Ó ' = wAG]K Bc@ çAB C   = Q@AGˆIC: @J GˆIC Ó ' W@JC ?@DCGI@N=<= NN

Kh TI ˆ@I@AKL@EIeGARCHK Q@ACGJCBK Ì J@?BACHHK JK EIe@LLC??@ I@LLG ?QKDCG J@LL@ aK?C ã Rh vCK Ñ Ò ÓÔ ÕÓ  3  å Ó = EKIHeÌ äåæçèéê Ó Òë Ôã

TL FGHG Ì EICaGAF@F@IH@KBB@L@AKHG

ã

Bh z

GF@ Ì LK QKAH@A@KL@ J@ˆLC KEHG]KLGAC JC EI ?C?H@FK BGI?@A]KHC]G LCI@KACDDKHG CIHGAIG

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ã

Jh \C?BEHC LK ?HKRCLCH‰ J@LLeGACˆCI@ Q@A L@ ?@ˆE@IHC @^EKDCGIC JCH@A@IDCKLC y <= Ü Ó Õ Ó  ß Ó N= Ü Ó Õ ÓáÓß O= Ü Ó Õ áÓ  ß Ó S= Ü Ó Õ áÓ áÓß

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ã

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ã

@h w

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ã <= Ü Ó Õ IJKL  N= Ü Ó Õ  Ó O= Ü Ó Õ  å Ó  ë S= Ü Ó Õ  å Ó  à U= Ü Ó Õ Ó  ë V= Ü Ó Õ Ó ë M= Ü Ó Õ Ó  ß Ó X= Ü Ó  ß Ó   å Ó Õâ Y= Ü Ó Õ Óß <Z= Ü Ó Õ MN   Ò Ó áO ë Ô

TI JE@ J@ˆLC @?@FQC QA@B@J@IHCu KIBc@ ?@ Le@I@AˆCK F@BBKICBK IGI ?C BGI?@A]Ku BeÌ EI

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ã

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ã g]@JC LeCICDCG J@LLe@?@ABCDCG < =S = Uh= W@JC ?@DCGI@N=<=NO »¼P ½QÄÊÃÂÆÈÂ ËÂÈ¿ÊÀÂ 

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Í<u NÎ @ CI ˆ@I@AKL@C LCRAC JC `@BBKICBK=

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Ü R Õ á# Ý  å R

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gKIBc@ I@ˆKHC]Gh= ÏÐÛÐì z

c@ A@LKDCGI@J@]GIG ]@ACŸBKA@ LK FKHACB@

W @ CL ]@HHGA@ Z KIBc§ CL ?C?H@FK ß V ÕWV    Òë Ô Z

KFF@HHK EIK ?GLEDCGI@Q@ACGJCBK JC Q@ACGJG ë

ã

gvEˆˆ@ACF@IHG y B@ABK ?GLEDCGIC J@L HCQG  åÒë Ô[    Òë Ô\ h= ÏÐÛÐ 7 z GI?CJ@AK CL ?C?H@FK LCI@KA@ ß V ÕWVÞ BGI JKHG CICDCKL@ V Ò âÔÕVÝ = w

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QE^ @??@A@GHH@IEHK BGF@ ?GFFK J@LLK ?@AC@JC FKHACBC y ]Òë ÔÕ éê _ `a Ý ë` W ` bc & w@A ^E@?HG FGHC]G ]Òë Ô ?C CIJCBK ?Q@??G BGI Id ç

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w

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vCK nÒë

Ô

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Ü Ó Õ áÓ á Ú ß Ó  nÒë ÔÞ Q@A  Õ â @  Õ  m uKL ]KACKA@JC # = zc@

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GI?CJ@AK LeG?BCLLKHGA@ KAFGICBG aGADKHG

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p

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ã

gvEˆˆ@ACF@IHGy ]@JC Le@?@ABCDCG <=S= Nh

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ã

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r

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Ó

ý =

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@?C?H@ LK aA@^E@IDK J@LL@ QCBBGL@ G?BCLLKDCGICuQ@A Ø

Õâ

IGI @?C?H@ g]@JC @?@ABCDCG <=<=<h=

@LL

K ŸˆEAKuCI K?BC??K BÌ C ]KLGA@ JC ØuL@ BEA]@ AG??@@ RLE ?GIG L@ K?BC??@ J@LL@QG?CDCGIC JC @^ECLCRACGuCI AG??G

?@ Le@^ECLCRACG Ì CI?HKRCL@u CI RLE ?@ Ì ?HKRCL@= PK QG?DCGI@

Ó Õ â Ì ?HKRCL@ Q@A Ø Ù â uCI?HKRCL@ Q@A Ø >â = P@ KLHA@

QG?CDCGIC JC @^ECLCRACG @?C?HGIG ?GLG Q@A Ø

>â

@ ?GIG ?HKRCLC=

ÛÐÏÐ

w@A Ø

 â

Le@I@AˆCK QGH@IDCKL@ Ì FGIGHGIK ?HA@HHKF@IH@ BA@?B@IH@= GI @?C?HGIG QG?CDCGIC JC @^ECLCRACGu L@ GARCH@

?GIG HEHH@ CLLCFCHKH@u w@A HEHHC C JKHC CICDCKLC

Ó Òë Ô H@IJ@ K á %

= TL H@FQG Bc@ CFQC@ˆK LK QKAHCB@LLK Q@A AKˆˆCEIˆ@A@

á % ̪4210uCIaKHHC w  y ê ¶ · ° ÚÒþ áÓ ý á Ø ÓÔ > % = w@A Ø Õ â

BÌLK QG?CDCGI@JC @^ECLCRACG

Ó Õ â

= ‚EHH@ L@ KLHA@GARCH@?GIG CLLCFCHKH@ BGF@I@L BK?G QA@B@J@IH@= PK

QG?CDCGI@JC @^ECLCRACG ÌCI?HKRCL@u@??@IJG EI QEIHG JC ¸@??G=

w

@A Ø

>â

BC ?GIG JE@ QG?CDCGIC JC @^ECLCRACG y Ó¹ Õ ² ° á × ý = PK QG?CGDCGI@ Óy Ì CI?HKRCL@ gFK??CFG LGBKL@ JC Ñhu LK QG?CDCGI@ Ó é

Ì ?HKRCL@ gFCICIG LGBKL@ JC Ñh= TL ]KLGA@ JC Ñ I@C QEIHC JC @^ECLCRACG Ì º z þ Õ º ý Ø ° á × ý = w @A

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

þ > á z þ BÌ?GLG EIeGARCHK CLLCFCHKHK= w@A þ Õ á z þ EIeGARCHK CLLCFCHK @ Ó Õ Ó é @^ECLCRACG ?HKRCL@= w@A á z þ > þ > z þ

EIeGARCHK CLLCFCHKHK @ EIK Q@ACGJCBK= w@A þ

Õ z

þ LK QG?CDCGI@ JC @^ECLCRACG CI?HKRCL@

Ó Õ Óy

u EIeGARCHK LCFCHKHK K

F@HK K?CIHGHCBK I@LLK A@ˆCGI@

Ó Óy

uEIeGARCHKCLLCFCHKHK KF@HK K?CIHGHCBKI@L QK??KHGI@LLKA@ˆCGI@

Ó >Óy u

ß Ó >â

u

EIeGARCHK CLLCFCHKHK K F@HK K?CIHGHCBK I@L aEHEAG I@LLK A@ˆCGI@

Ó >Óy u ß Ó â =

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

-1.0

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

-1.0

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1.0

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

-1.0

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1.0

ÛÐÏÐ îòîøö÷ ï÷úúî ïðññòî óôõî Pe@I@AˆCK QGH@IDCKL@ ]K K % ?@ ÖÓÖ$ %

= \EI^E@HEHH@ L@GARCH@ ?GIG LCFCHKH@= bIKLCDDG C BK?Cu KL ]KACKA@ JC Ø=

PK J@AC]KHK Ì Ó Ò Ó  á ÚØ Ó  Ø= \EI^E@ Ó Õ ÓÝ Õ â

Ì ?GLEDCGI@ JC @^ECLCRACG Q@A HEHHC C ]KLGAC JC Ø= P@

KLHA@ @]@IHEKLC QG?CDCGIC JC @^ECLCRACG ]@ACŸBKIG

Ó Õ Ø ² ° ØÒ Ø á à Ô = zGIJCDCGI@I@B@??KACK KIBc§ @?C?HKIG Ì Bc@ ØÒØ á à Ô Ù â BCGÌØ Ù àG Ø . â = w@A Ø  àu 5 Ø á Ø >

ØuJEI^E@ @?C?HGIG ^EKHHAG QG?CDCGIC JC @^ECLCRACG y Ó 3 Õ á ° Ø  5 Ø á Ø Ó Õ á ° Ø á 5 Ø á Ø Ó ý Õ  ° Ø á 5 Ø á Ø Ó  Õ  ° Ø  5 Ø á Ø &

w @A Ø >â uØ  Ø á Ø â = \EI^E@ @?C?HGIG ?GLG L@QG?CDCGIC Ó 3 @ Ó  = TI ?CIH@?Cy Ø >â y JE@QG?CDCGIC JC @^ECLCRACG ?HKRCLC Ó 3 @ Ó  u@J EIK CI?HKRCL@ ÓÝ › â . Ø .

ày EIK ?GLK QG?CDCGI@ JC @^ECLCRACG

ÓÝ

?HKRCL@=

Ø



ày HA@QG?CDCGIC JC @^ECLCRACG ?HKRCLC

Ó 3 u Ó  @ ÓÝ u@ JE@ CI?HKRCLC Ó @ Ó ý =

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

-1.0

-0.6

-0.2

0.2

0.6

1.0

1.4

1.8

2.2

-2.0

-1.6

-1.2

-0.8

-0.4

0

0.4

0.8

1.2

1.6

2.0

ÛÐÏÐ ú ñ÷øïðúð ô ôø ñòîøð ôðöîøö÷ fIK QACFCHC]K CI  J@LLK aGADK K??@ˆIKHK Ì y Ñ Ò ÔÕ á      !    = Ñ» Ò ÔÕ  å  Ò  á     ÔÕ  Ò á    Ô&

>]CJ@IH@F@IH@u Le@?C?H@IDK JC KLBEI@ QG?CDCGIC JC @^ECLCRACG JCQ@IJ@ JKL aKHHG Bc@  ?CK FCIGA@ G FKˆˆCGA@ JC à= TL

QKAKF@HAG  Ì KJCF@I?CGIKL@= w@A

I àBC?GIG ?GLG LK QG?CDCGI@JC @^ECLCRACG ?HKRCL@  Õ â @^E@LLK CI?HKRCL@  Õ ' = w@A  >

àu Bc@ BGAAC?QGI@ KL BK?G JC J@RGL@ ˆAK]CH‰uG JC ˆAKIJ@ ]@LGBCH‰ KIˆGLKA@ J@L QCKIGu BGFQKCGIG KLHA@ JE@

QG?CDCGIC JC @^ECLCRACG y  ¹ Õ ²MN   = >??@ ?GIG ?HKRCLCu F@IHA@  Õ â Ì CI?HKRCL@u BGF@ ?C J@JEB@ JC?@ˆIKIJG CL ˆAKŸBG JC Ñ = TL JKHG CICDCKL@ Ò ÝÞ ß  ÝÔÕ Ò á" ÞâÔ cK @I@AˆCK HGHKL@ â

= T LC]@LLC BACHCBC J@LLe@I@AˆCK ?GIG y Q@A Ù ày þ 3 Õ á  ? á 3 @ gLC]@LLG JCFCICFGu  Õ â h@þ Õ  ?  3 @ gLC]@LLG JCFK??CFGu  Õ' h= Q@A > à y þ 3 JC]@IHK EI LC]@LLG JCFK??CFG LGBKL@uCL LC]@LLG JC FCICFG Ìþ ý Õ á  ¼ uBc@BGAAC?QGIJ@KLL@

JE@ ?GLEDCGIC ?HKDCGIKAC@

¹ = \EI^½@ þ Õ â Ì EI LC]@LLG BACHCBG ?GLG ?@ BGCIBCJ@ BGI þ 3 u CL Bc@ KBBKJ@ ?@  | Õ 3 › CI HKL BK?Gu @??@IJG â > þ u

LeGARCHK Ì Q@ACGJCBK= TL Q@ACGJG Ìy

o Õ ‹® ¾ Ý x  ´ • Ò á Ñ Ò ÔÔ Þ ?@   3 u o Õ Ú ® ¿ÀÁÁ J B ¼ C y ¾ x  ´ • Ò á Ñ Ò ÔÔ Þ ?@  > 3 = PK QG?CDCGI@  Õ " Ì AKˆˆCEIHK ?GLG ?@   3 ›CL H@FQGÌy ë Õ ® ¾ y ¾ x  ´ • Ò á Ñ Ò ÔÔ &

TL ]KLGA@ JC Ì JKHG JKLLK BGI?@A]KDCGI@ J@LLe@I@AˆCK= >??@IJG Ñ Ò " Ô Õ Ñ Ò á" Ô u J@]@ BGCIBCJ@A@ BGI CL ]KLGA@ CICDCKL@u BCGÌ ß Õâ =

v@FQA@ Q@A LK BGI?@A]KDCGI@ J@LLe@I@AˆCKu ß

Õ ²´ • Ò á Ñ Ò ÔÔ u JEI^E@ ^EKIJG  Õ â u ß Õ ²´á • þ 3 Õ ² 5 Ú á à= TL ]KLGA@J@LFK??CFG ß 

ÌAKˆˆCEIHG ^EKIJGuLEIˆG LeGARCHKuÑ Ò

Ô

Ì FCICFG= v@  Ù àCL FCICFG ÌAKˆˆCEIHGCI 

Õ â ›

?@ 

>

àuCL FCICFG Ì AKˆˆCEIHG CI  Õ  y = TL JKHG CICDCKL@ Ò ÝÞ ß  ÝÔ Õ Ò á" Þ ÃI 6 Ô cK @I@AˆCK HGHKL@ 3  # › Q@A #

ˆAKIJ@u LeGARCHK Ì Q@ACGJCBK Q@ABc§ LK

]KACKRCL@Ì EI KIˆGLG= TL FGHG Ì LK AGHKDCGI@BGFQL@HK= TL Q@ACGJG Ì

o Õ ® " y" x  ´ • Ò 3  # á Ñ Ò ÔÔ Þ Bc@ Q@A #

ˆAKIJ@uKL QACFG GAJCI@ CI

3 p u ]KL@ " p =  @LL@QG?CDCGIC JC @^ECLCRACG  Õâ @  Õ ' uLeKBB@L@AKDCGI@ÌIELLK Ü  Õâ uJEI^E@ Q@A # ˆAKIJ@LK ]K BGF@ # CI  Õ â @ á# CI  Õ ' = w @A  Õ "

uCL BG?@IG Ì IELLGu@ JKLLe@^EKDCGI@ J@L FGHG ACBK]G

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BGFQGI@IH@ ]@AHCBKL@ J@LLK A@KDCGI@ ÌIELLK=

ÛÐÏÐ( vHKIJKAJ= ÛÐÏÐ0 vHKIJKAJ= ÛÐÏÐÏ2 vHKIJKAJ= ÛÐÏÐÏÏ P@ GARCH@?GIG HEHH@ LCFCHKH@Q@A 6 â = PeGACˆCI@Ì ?HKRCL@ ?@ @?GLG ?@ 6  3 = ÛÐÏÐÏÛ

TL FK??CFG J@LLe@I@AˆCK QGH@IDCKL@ Ì

á à= TL JKHG CICDCKL@ cK @I@AˆCK á3 = \EI^E@ CL FGHG Ì CLLCFCHKHGu @ ß Ó  â Q@A

HEHHC C H@FQC QG?CHC]C= TL H@FQG Q@A AKˆˆCEIˆ@A@

% Ì JKHG JK o Õ ® éê Ý x Ó ´ ÚÒ 5 à  Ó á 3 Ô Þ

Bc@ Ì CIŸICHG= EKIJG ë ]K KJ CIŸICHGu

Ó

]K KJ CIŸICHGu @ LeKBB@L@AKDCGI@ H@IJ@ KL LCFCH@ JC

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AKˆCGI@]GL@ K?Q@HHKA?C Bc@ ^EKIJG ë Ì ˆAKIJ@u CL FGHG ?CK ]CBCIG KL FGHG EICaGAF@F@IH@ KBB@L@AKHG 8

Ó  8 ÿ ë  ç = TI QKAHCBGLKA@ BC ?C K?Q@HHK Bc@ ß Ó ?CK ]CBCIG K 8 ÿ  ë= w @A BKQCA@ ?@ EI HKL@ 8 ÿ

@?C?H@ Ì ?EBC@IH@ BKLBGLKA@ CL LCFCH@

äåæçèéêÒ ß Ó á ë Ô = vCK ß Ó

Bc@ë ?C QG??GIG @?QACF@A@CI aEIDCGI@ J@LLK Ä y 8 ÿ Õ äåæ  èéê Å Æ µ ÚÒ ° à  Ó á à Ú Ôá®  Ý x  ´ ÚÒ 5 à   á 3 ÔÇ È & xA K QG??G ?BAC]@A@ ß Ó

BGF@LeCIH@ˆAKL@ J@LLK ?EK J@AC]KHK CI

Ó y µ ÚÒ ° à  Ó á à Ú ÔÕ à  ®  Ý x  ´ ÚÒ 5 à   á 3 Ô  5 à   &

vG?HCHE@IJG @ AKBBGˆLC@IJG 8 ÿ Õ à á® ê Ý x  à ´ ÚÒ 5 à   á 3 Ô à    5 à    à Þ

Bc@ Ì ŸICHG= w@A LK J@H@AFCIKDCGI@ JC 8

Ó u JG]A^ BKLBGLKA@ äåæçèéêÒ Ó Òë Ô á 8 ÿ ë á 3 ë Ô

= vC QE^ QAGB@J@A@ BGF@ ?GQAK

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TL FGHG Ì Q@ACGJCBG Q@A HEHHC C JKHC CICDCKLC BGI @I@AˆCK I@ˆKHC]Ku IGI Ì Q@ACGJCBGu@J Ì CLLCFCHKHGu Q@A C JKHC CICDCKLC

BGI @I@AˆCK FKˆˆCGA@G EˆEKL@ K

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àu CL QEIHG ?C FEG]@ ]@A?G ?CIC?HAK JCFCIE@IJG CL ]KLGA@ K??GLEHG J@LLK ?EK ]@LGBCH‰=

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á

àu ^E@LLK J@L JKHG CICDCKL@= TL FK??CFG Ì

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