Cover-Date tilting for time series - LSE Research...

24
Peter Hall and Qiwei Yao Date tilting for time series Article (Accepted version) (Refereed) Original citation: Hall, Peter and Yao, Qiwei (2003) Date tilting for time series. Journal of the Royal Statistical Society . Series B, 65 (2). pp. 425-442. DOI: 10.1111/1467-9868.00394 © 2003 The Royal Statistical Society This version available at: http://eprints.lse.ac.uk/5888/ Available in LSE Research Online: February 2009 LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. This document is the author’s final manuscript accepted version of the journal article, incorporating any revisions agreed during the peer review process. Some differences between this version and the published version may remain. You are advised to consult the publisher’s version if you wish to cite from it.

Transcript of Cover-Date tilting for time series - LSE Research...

  • Peter Hall and Qiwei YaoDate tilting for time series Article (Accepted version) (Refereed)

    Original citation: Hall, Peter and Yao, Qiwei (2003) Date tilting for time series. Journal of the Royal Statistical Society. Series B, 65 (2). pp. 425-442. DOI: 10.1111/1467-9868.00394 © 2003 The Royal Statistical Society This version available at: http://eprints.lse.ac.uk/5888/Available in LSE Research Online: February 2009 LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. This document is the author’s final manuscript accepted version of the journal article, incorporating any revisions agreed during the peer review process. Some differences between this version and the published version may remain. You are advised to consult the publisher’s version if you wish to cite from it.

    http://www2.lse.ac.uk/researchAndExpertise/Experts/[email protected]://www.wiley.com/bw/journal.asp?ref=1369-7412http://www.wiley.com/bw/journal.asp?ref=1369-7412http://dx.doi.org/10.1111/1467-9868.00394http://www.rss.org.uk/http://eprints.lse.ac.uk/5888/

  • ���������������

    ���������������������������

    � �!"�#%$'&)(*(,+ &)-/. 0�1324��1657&98:+"; <

    �>= ?�@BADCFE)@HGJI��K.L�M)��(N8)OP&�Q)��-L�#R&)(/ST�!VUL8:.L8H(N8)Q)WYXZ8)#[!V1*(N!V13-LQ%!V13ST�K\"�#R1N��\[./&9!V&:][^�!"!"��-_!V138H-P13\`Xa8cbdF\"��.e8H-&T(3&9#VQ)��b(3&)\f\g8)Xh#V�Q)#f��\V\V1N8H-iO/#f8)jF(N��S�\kc2�UL�#f�%�#f#V8)#f\g&9#V���ml:O/#V��\V\V��.i!VUL#V8HdLQHUi&)dL!"8)#V�Q)#f��\V\V1NM)�nOF#V8cbm��\f\"��\]o UL�Yb(3&)\V\'U/&)\'&�#f&)-LQ)��8)Xp13STOq8)#V!V&)-r!'&9O/Os(313b&9!V1N8H-/\�k/&)-/.t1*-u!VUL�Ybm8H-_!"�ml:!�8)X[8HdL#'2J8)#VvuS�&BWwjq��d/\"��.x!"813(3(*d/\"!"#f&9!"�'!VUL��&9O/OF(313b&9!V138H-P8)X !V13(N!V13-LQYST�!VUL8:./\J!"8�13-r!"�#VMy&)(6��\"!V1*S�&9!V1N8H-i13-�#V�Q)#V��\V\V138H-�k:#V8)jFd/\"!�\"!V&9!V13\V!V13b&)(13-LXa�#V��-/bm�)kz&)-/.���\"!V1*S�&9!V1N8H-{\fdLj:|"��bm!�!"8tbm8H-/\"!"#R&)13-_!V\�] o UL��13-_!"�#fMy&)([��\V!V13S�&9!V1N8H-��mlL&)STOF(3�P13-/b(3dF.L��\���Se}OF1N#R13b&)( (*1Nv)��(313UL8c8:.�ks2'UL�#V�T��&9#f(313�#�&9OFOF(313b&9!V1N8H-F\'!"8x!V13ST�T\"�#f1N��\�UF&�M)�P13-rM)8H(NM)��.���13!VUL�#�!VUL��SYd/(N!V1NM9&9#f13&9!"�~ ./d/&)(7(31Nv)��(313U/8r8:./>&9O/O/#V8H&)bRU{13-r!"#V8:./d/bm��.jcW�z�#euWcvc(*&)-/.�kh8)#Y& ~ IU/1N!"!V(N�P(*1Nv)��(313UL8c8:./�S��!VUL8c.{\VdLQ9}Q)��\"!"��.>jcWe^%-/-/&�u8H-r!V1]4�-L�'&).LMy&)-r!V&9Q)��8)X�8HdL#7Xa8)#fS8)X���STOF1N#f1*b&)(L(31Nv)��(313U/8r8:.e13\p!VU/&9!J1N!7&)./SP1N!V\7&�2�13.L�#f&)-LQ)�Y8)X7./1*\"!V&)-/bm�)k68)#�S�8)#V�Ybm8)#f#V��bm!V(NWx./13M)�#VQ)��-/bm�)kqXadF-/bm!V1N8H-/\]YaI��YX,&�M)8Hd/#n&�-L8H-L}!"#f&)./1N!V1N8H-F&)(Xa8)#fS8)Xnd/(*(NjF&)bVvr}��13jF(N�#g./1NM)�#VQ)��-Fbm�)ksjq��b&)d/\"��8)Xp1N!V\K#V8)jsd/\"!V-L��\V\KO/#V8)Oq�#V!V1N��\]g^'-L8)!VU/�#'13\K13!V\�\V13S�OF(313b1N!Ws/13!�13\jF&)\"��.{./1N#V��bm!V(NWt8H-bm8HSTOFd/!"��.#V��\V1*./d/&)(3\kq2�UF13bfU�&9#V�P8)X�bm8Hd/#f\"�TM)�#VWX,&)S�13(313&9#�!"8u!V1*ST��\"�#f1N��\�&)-/&)(NW:\"!V\k&)-/.t1N!�.L8c��\�-L8)!%13-rM)8H(NM)��!VUL�Ybm8HSTOF(N�mlL1N!V1N��\K8)Xp./d/&)((313v)��(313UL8c8c.]c^!VU/13#f.u&).LM9&)-_!V&9Q)�e13\'1N!V\K/�mlL1NjF1*(31N!W6L1N!13\�#f��&)./13(NW&9O/OF(313��.!"8tbm8H-/\"!"#Rd/bm!V13-LQxbm8H-/F.L��-/bm�P1*-_!"�#VM9&)(3\�8)#Ybm8H-LF.L��-Fbm�PjF&)-/.F\�13-�Q)��-L�#f&)(4#V�Q)#V��\f\V1N8H-O/#V8)js(N��S�\]:^'-F.>&YXa8HdL#V!VUw13\�1N!V\�bm8H-r!"�mlc!'&)\K&YOF&9#V!V13bd/(*&9#4�mlL&)STOF(N��8)X`&YM)�#VW�Q)��-/�#f&)(�ST�!VUL8:.L8H(N8)Q)W6:8HdL#��STOF13#f13b&)(F(*1Nv)��(313UL8c8:.P&9O/O/#f8H&)bfUi13\�-L8eST8)#V��!VU/&)-i&e\"Oq��b13&)(sb&)\V�%8)Xz&YM)�#VWPj/#f8H&).>b(*&)\V\J8)Xh!V13(N!V1*-LQ9}jF&)\"��.!"��bfUF-/13cdL��\gXa8)#�13-LXa�#V��-/bm�n13-i!V1*ST�n\"�#f1N��\�OF#V8)jF(N��S�\�]

    xr�eFAy ?)G�^%dL!"8)#V�Q)#V��\f\V1N8H-�kLjq8c8)!V\"!"#f&9Ok/bm8H-Ls.L��-/bm�n13-r!"�#VM9&)(kLbm8H-/\"!"#f&)13-/��.w13-LXa�#V��-/bm�)kL��STOF13#f13b&)(6(31Nv)�m}(313U/8r8:.�k:(313-L��&9#g!V13S��n\"�#f1N��\kLOq8D24�#�.F1NM)�#VQ)��-/bm�)k/#f8)jFd/\"!K13-/XZ�#V��-Fbm�)]

    �hsAB@�@y*@yZsGg�&9!V&�!V13(N!V1*-LQ�Xa8)#�!V1*ST�n\"�#f1N��\�]

     ¡6¢¤£�¥¦¢`§©¨R¦`ª�«f¥¬D¢®K«f¥¯±°®²h«R£y³'¯´¥²hµ ¶D¶y·±¯±°"«f¥¯±¨¸£D²®¹)µhºy²,¥¦«R·±¯»«R£%¼`«f¥¯±¨R£9«R·_½z£D¯±¾m¢¤¦²¯´¥a¿¹y¡q«R£�À)¢¤¦¦«�¹)µh¡qÁuÂmÃf¸ÂB¹9µ ºD²,¥¦«R·±¯»«ÄÅz¢®¶9«V¦¥g¢®£¥�¨R§sÆ¥«f¥¯±²,¥¯±°®²®¹)Ç_¨¸£9³B¨¸£�ÆB°¬y¨¨¸·_¨R§FÈ/°®¨R£y¨¸g¯±°®²®¹DÉz¨RºyÊR¬�¥¨R£�Æ¥¦¢®¢¤¥"¹yÇr¨¸£y³D¨R£'Ëi¡�ÃRµ�ÃfµzÈ�¹y½ Ì

  • Í Î/Ï�Ð6Ñ�ÒnÓ�ÔeÕzÐ�ÖVÒ'Ï

    o 13(3!V13-LQ×S��!VUL8c.F\>1*-Ø\V!V&9!V13\"!V13b\w&9#V��!"��bRU/-/13cdL��\iXa8)#u&).y|Vd/\"!V13-LQÙ!VUL���STOF13#f13b&)(%./13\"!"#f13jFdL!V1N8H-ÚjrWØ&)(N!"�#"}13-LQ!VUL�w./&9!V&2J��1NQHUr!V\TXa#V8HS�!VUL��1N#Td/\VdF&)(JdF-/1NXa8)#fS�My&)(3d/��\i,1*.L��-_!V1*b&)(�!"8�Û`Ü + Xa8)#T��&)bfUÝ./&9!Vd/Swkp2'UL�#V�ÛÞ.L��-L8)!"��\P\V&)STOF(N�w\V13ß�DY!"8&�Q)��-L�#f&)(�S�d/(3!V13-L8HS�13&)(�a2�UL�#f�w24��1NQHUr!�àFá%13\TQH1NM)��-â!"8�!VUL�uã!VUâ.F&9!Vd/S�R]$%13\"!"8)#f13b&)(*(NW)kq!VU/13\%O/#V8:bm��./dL#V�YQ)8c��\�jF&)bVv&9!n(N��&)\"!�!"8uST�!VUL8:./\%8)X4bm8H-F\"!"#f&)13-L��.-L8H-/OF&9#f&)ST�!"#f1*bY./��-/\V1N!W��\"!V13SP&9!V1N8H-�k13-r!"#V8:./d/bm��.tjrW�ä%#V��-/&)-/./�#P®å�æ)ç)èHR`&)-F.t!"8w#f��(3&9!"��.248)#fvx8H- ~ -L8H-LOs&9#f&)ST�!"#f13beS�&ylL13SYd/S(31Nv)��(*13UL8c8c.é��\"!V13SP&9!V1N8H-/ujcW�n1N�Xa�#�&)-/.{I�8H(NXa8B2�1N!"ß®å�æ)ç)èH�&)-/.8H-×\VdL#VM:1NM9&)(p&)-/&)(NW:\V13\�jcW�n&9OF(3&)-×&)-/.x��1N�#Y®å�æ)ç)êHR]�IU/13(N��!VUL�n!"��bRU/-/13cdL�nU/&)\'&TM)�#VWi2�13./�%#R&)-LQ)�n8)X[&9O/OF(31*b&9!V1N8H-/\n,\"��n�)]´QL]6$'&)(*(&)-/.u�7#V��\®}-L��(3(kqå�æ)æ)êckzå�æ)æ)æ9&9j6Rkq&9!�1N!V\Kbm8)#V��(31N��\�!VUL�n&)\V\fd/STO/!V1N8H-i!VUF&9!K!VUL�n./&9!V&�&9#f��13-/.L�Oq��-/./��-_!�&)-/.u13./��-_!V13b&)(*(NW./13\V!"#f1NjFdL!"��.] ë®-i!VU/13\gOs&9O6�#g2J��./1*\Vbd/\V\�./&9!V&T!V1*(N!V13-LQeXa8)#K!V13ST�n\"�#R1N��\k/&)-/.u./��\Vbm#f1Njq��!VUL��1N#gO/#f8)O6�#f!V1N��\]

    �d/#�!"��bfU/-/1*rdL�TU/&)\�bm8H-/-L��bm!V1N8H-/\n!"8xuWcvc(*&)-/.�ì±\�®å�æ)æ)çH ~ .Fd/&)([(31Nv)��(31*UL8r8:./�&9O/O/#V8H&)bRU�k!VUL#V8Hd/QHU1N!V\Xa8cbd/\P8H-Ú!VU/�x#V��\V1*./d/&)(3\T13-Ý&!V13S��t\"�#f13��\]í$�8D24�M)�#�k'8HdL#�dF\"�x8)X�Q)��-L�#R&)('ST��&)\fdL#V��\�8)Xn.F13\Vbm#V�OF&)-FbmW��-/&9jF(3��\JdF\7!"8�.L�M)��(38)Oi&Y2�1*.L�#7#f&)-/Q)�%8)Xz&9O/OF(31*b&9!V1N8H-/\kc-L8)!g(N��&)\"!Jj6��b&)dF\"��24��S�&BWP!V&9v)��!VUL�%24��13QHU_!V\zàFá��cd/&)(6!"8�î:]7^'-/8)!VUL�#K&9O/O/#V8H&)bRUi!"8TQ)��-L�#f&)(31*\V13-LQ�!V13(N!V13-LQYST�!VUL8:./\J!"8�.L�Oq��-/.L��-r!J.F&9!V&T13\J!VU/&9!�O/#V8)Oq8H\"��.jcWn1N!V&)SYdL#f&{®å�æ)æHï)Rkpjs&)\"��.{8H-×jF(N8:bVv:13-LQx!"��bfU/-/1*rdL��\�] o U/13\�S��!VUL8c.{Oq8H\V\"��\V\"��\�!VUL��&)./My&)-r!V&9Q)�i!VU/&9!1N!�&9O/OF(*1N��\�./1N#V��bm!V(3Wu!"8uM)�#VWéQ)��-L�#f&)([!V1*ST��\"�#f1N��\�kjFdL!�U/&)\�!VU/��./13\V&).LM9&)-r!V&9Q)�T!VU/&9!k (313v)�Yjq�!"!"�#nv:-L8D2�-jF(N8:bVv�jq8c8)!V\"!"#f&9OðST�!VUL8:./\ia�)]´QL]p$'&)(*(kgå�æ)ê)çcgñ�&9#R(3\"!"��13-�kgå�æ)ê)èc�wòd/-/\fbfU�kJå�æ)ê)æHY1N!�#f��rd/13#V��\nM)�#VW×(N8H-LQ!V13ST��\"�#f1N��\�&)-/.{13\�OF&9#V!V13bdF(3&9#f(NWé\"��-/\V1N!V13M)��!"8ébRUL8H13bm��8)XgjF(N8:bVv�\V1Nß�)]uóJW�2�&�W8)Xgbm8H-r!"#f&)\"!k[!"��bfUF-/13cdL��\jF&)\"��.×8H-ô(313-L��&9#�O/#V8:bm��\V\"��\�#V��cd/1N#V��8H-F(NW�#V��(3&9!V1NM)��(3W\VUL8)#V!�!V13ST��\V�#f1N��\Y&)-/.×&9#f��#V��(*&9!V1NM)��(NW13-/\V��-/\V1N!V1NM)�!"8xbRUL8H13bm��8)XJ!V13ST�T\"�#f13��\�8)#f.L�#�] o U/�Wt&)(3\"8uUF&�M)���mõq��bm!V1NM)��&9OFOF(313b&9!V1N8H-é!"8x-/8H-/(313-L��&9#�!V13S��e\V�#f1N��\z\"��\"��bm!V1N8H-éöc]´÷�jq��(N8B2�]

    ^%-L8)!VUL�#�&9!"!"#f&)bm!V1NM)�PXZ��&9!VdL#f��8)X4!V13(N!V13-LQ>ST�!VUL8:./\%&9O/OF(31N��.t./1N#V��bm!V(3Ww!"8>!V1*ST�Y\V�#f1N��\kq#f&9!VUL�#�!VU/&)-éM:13&jF(N8:bVv:\kH13\`!VUF&9![!VUL�W���-9|®8DWY\"�M)�#R&)(L8)XF!VUL�gXa��&9!VdL#V��\p8)Xsbm8H-rM)��-_!V1N8H-F&)(/!V13(N!V1*-LQ%&9OFOF(31N��.�!"8n13-/.L�Oq��-/./��-_!`&)-/.13.L��-r!V13b&)(3(3W�./13\"!"#R1NjFdL!"��.�./&9!V&:] o Ucd/\k)Xa8)#[�ml:&)STOs(N�)kH!VUL�gM)�#f\f1N8H-/\`8)X68HdL#[!"��bfU/-F13rd/�g!VU/&9!p&9#V�K&9O/O/#f8)O/#f13&9!"�Xa8)#%bm8H-/\V!"#fd/bm!V13-LQ>bm8H-LF.L��-Fbm��13-r!"�#VM9&)(3\'UF&�M)�e13STOq8)#V!V&)-r!'bm8H-/-L��bm!V138H-/\�!"8u%2J��-�ì±\%ST�!VUL8:.x8)X[��STOs1N#f13b&)((31Nv)��(*13UL8c8c.>a�)]´QL]:%2J��-�k_ö9î)îLå9k/øRêc]»öHR][ë®-eOF&9#V!V1*bd/(3&9#�k98H-L�Kb&)-TM:1N�2ð!VUL�KS��!VUL8c.T&)\ ~ ��S�OF1N#f13b&)(:(313v)��(313UL8c8c.2�1N!VU{-rd/1*\V&)-/bm��OF&9#R&)ST�!"�#f\k±é!VUL�>(3&9!"!"�#�jq��13-/Qw!VUL��&)dL!"8)#f�Q)#V��\V\V1NM)�ibm8c�ùPb1N��-r!V\]wëX�!VUL��\V��bm8c�ùPb1N��-r!V\&9#V�n�ml:O/#V��\f\"��.u!VUL#f8HdLQHUw!VUL�n��cd/&9!V1N8H-F\K!VU/&9!�./�F-L�n!VUL��Suk/!VUL�Wijq��bm8HST��&Pbm8H-F\"!"#f&)13-r!�d/-/./�#g2�U/13bRUu&)-�ml:!"#V��S�dFS�8)Xz!VUL�n��STOF13#f13b&)(q(31Nv)��(31*UL8r8:.���rd/&9!V138H-/\KSYd/\"!gjq�n\"8H(NM)��.�]

    ^ú!V1*(N!V13-LQ>ST�!VUL8:.é&)(3!"�#f-/&9!V1NM)�e!"8w8HdL#f\%2J8Hd/(3.tjq��!"8w�ml:!"��-/.�k�Xa#V8HSû!VUL�T\"Oq��b13&)(zb&)\"�T8)X7��STOs1N#f13b&)((31Nv)��(*13UL8c8c.�kz!VUL�i\"Oq��bm!"#f&)(�&9O/O/#V8H&)bRUð\VdLQ)Q)��\"!"��.ôjcWÙx8H-r!V1n®å�æ)æHï)R] o U/13\�!"��bfUF-/13cdL�>1*\�13-Ù!VUL�i\"OF13#f1N!�8)X~ IU/1N!"!V(N�)ì±\JST�!VUL8:./�aIU/1N!"!V(3�)k6å�æ)ç)üHRkF1*-�!VU/&9!�1N!p#V��(*1N��\p8H->&)\"W:STO/!"8)!V13b%13-/.L�Oq��-/./��-/bm�g8)X�Oq�#f1N8:.L8)Q)#f&)S8)#f./1*-/&9!"��\]9$�8D24�M)�#�kr\V13-/bm��1N! ./8r��\`-L8)!z!V&9v)�K13-r!"8%&)bbm8Hd/-r![!VUL�J�mlcOs(313b1N!h-F&9!VdL#V�J8)XF&�(313-L��&9#zST8c./��(r\VdFbfUe&)\

    å

  • &)-e&)dL!"8)#V�Q)#V��\f\V1N8H-�k98H-L�J248HdF(3.��ml:Oq��bm!z13!h!"8�\Vd:õq�# Xa#V8HSý!VUL��13-/&)bbdL#f&)b13��\ 8)XLIU/1N!"!V(3�)ì±\zS��!VUL8c.ky#f��(3&9!V1NM)�!"8âST8)#V�bm8H-rM)��-r!V1N8H-/&)(�&9OFO/#V8H&)bfU/��\k�13-Ø!V13ST�\"�#f13��\iO/#V8)jF(N��SP\�2'UL�#V��&)-�mlcOs(313b1N!k'F-/1N!"�m}OF&9#R&)ST�!"�#(313-/��&9#pST8c./��(:2J&)\[M9&)(313.]L�X6bm8HdL#R\"�)k_!VUL� ~ Os&9#f&)ST�!"�#f\V�UL�#V�K.L��\fbm#f1Njq�48H-F(NW�!VU/�K.L�Oq��-/.L��-/bm�g\"!"#fdFbm!VdL#V�)!VUL��13-F.L�Oq��-/.L��-r!'./13\V!VdL#VjF&)-/bm��\�k68)#��#V#V8)#f\k &9#V��-L8)!n.L�F-/��.tOs&9#f&)ST�!"#f13b&)(*(NW)]%u8)#V�8DM)�#�k`!VUL�eIØUF1N!"!V(N�ST�!VUL8:.13\�&B2Kvc2J&9#f.{!"8u�ml:!"��-/.!"8u!VU/��XadF(3(z#f&)-LQ)�T8)Xg&9O/OF(31*b&9!V1N8H-/\�8)XJ!V13(N!V13-LQLkh!"#V��&9!"��.{13-!VU/��O/#V��\"��-r!OF&9Oq�#�]

    o UL��bm8H-/bm�OF!g8)X ��STOs1N#f13b&)(6(31Nv)��(31*UL8r8:.t�24��-�å�æ)ê)êckzå�æ)æ9î_�13\g-L8)!"��.�k/1*-�!VU/��bm8H-r!"�ml:!K8)X !V1*(N!V13-LQe&)-/.!VUL�Jjq8r8)!V\"!"#R&9OkDjcW�þ7XZ#V8H->®å�æ)ê:åBz&)-/.Y%&BMc1*\"8H-�k)$'1*-Lvc(3�W�&)-F.�I�8)#V!"8H-w®å�æ)æ)öHR]cñ�8H-LF.L��-/bm�7jF&)-/./\ky2�U/1*bfU2�13(*(9j6�J./13\VbdF\V\"��.n13-�øRöckHU/&�M)�JXa��&9!VdL#V��.�j6�Xa8)#V�J13-�!VUL��bm8H-_!"�ml:!`8)X/-L8H-LOF&9#R&)ST�!"#f13b[8)#z��STOF13#f13b&)(H(313v)��(313UL8c8c.O/#f1*S�&9#f13(NWe!VUL#f8HdLQHUw!VUL�nd/\V�%8)X`\VST8c8)!VU/13-/Qwa�)]´QL]s$'&)(3(�&)-F.x%24��-kå�æ)æ)ücqñ�UL��-kqå�æ)æ)èc�ÿqU/&)-LQLkå�æ)æ)êHRks8)#&9O/OF(*13b&9!V1N8H-/\J!"8�./13\V!"#f1NjFdL!V138H-�X,d/-/bm!V1N8H-/\J8)#�\fdL#VM:1NMy&)(sX,d/-/bm!V1N8H-/\�a�)]´QL] o UL8HS�&)\g&)-/.xä�#fd/-Lv)��ST��13�#�k�å�æHï9çc%2J��-�kå�æ)æ)çcÿqU/&)-LQwå�æ)æ)ècq$�8H(3(*&)-/.L�#�k/tb���&9QHdL��&)-F.i57&)-LQLkhå�æ)æHï)R]

    � � �`Ð��eÒnÓ����KÏeÓ���VÕpÔ����JÐ�ÖVÒ%Ï����� �������������! "�$#&%�')(�'*��',+�-^%\V\Vd/ST�n.F&9!V&�.0/21r43Tá65�7sá85�å:9ðã;9âÛ�

  • jq��13-LQT&)-w��STOs1N#f13b&)(q&9O/O/#f8�lL13S�&9!V1N8H-w!"8 M Q F&)-F.w24��OsdL!n apàq < / rPQ8R O6s +

    à Q n M Q àq < X� rPQ8R O6s +à Q n M Q àqj < 5 öc]´÷r

    jq��13-LQT&)-w��\"!V1*S�&9!"8)#�8)X)a�</ØM9&9#D M Q R]o U/��\V!V&)-/./&9#f.T(N��&)\V!®}\VrdF&9#V��\[��\"!V13SP&9!"8)#'�@$5 S 8)X`e@�h5 S BRkr./��-L8)!V13-LQ�!VUL�g!"#fd/�JM9&)(3dL��8)X[e@$5 S Rk_2J8Hd/(3.jq�g8)j/!V&)13-L��.e2'1N!VU%à_/×à� �/ ®åj:aÛIXbKy85gfgfgfh5�åj:aÛIXKy"R]róJ1*&)\"��.:}jq8r8)!V\V!"#f&9O�8)#p!V13(3!V13-LQ�ST�!VUL8:./\`2J8Hd/(3.

    13-rM)8H(NM)�ibfUL8c8H\V13-LQ�à/ nàð!"8S�13-/1*S�13\"��&éST��&)\VdL#f��8)X�.F13\"!V&)-/bm�>8)#T./1NM)�#VQ)��-/bm�)k�àqRk[jq�!2J���-éàâ&)-/.à� kF\VdLjL|®��bm!K!"8�&�bm8H-/\"!"#f&)1*-_!K8H-t&�\VdLjcM)��bm!"8)#�8)X l n@/àq85 nS àq85 na7àq < o ] o WcOF13b&)(*(NWP!VUL��\VdLjcM)��bm!"8)#�2J8Hd/(3.jq� n@/à�8)# n apà�¤bm8H-LF.L��-Fbm�n#V�QH1N8H-wXa8)#K!VUL��!"#RdL��My&)(*dL�!%e@&B48)X��e@r�13\�!VUL��\"�!J1 ® ¥&Ì'4 ® ²9CÍvÎ

  • &)-/.cÍ Î 13\'��1N!VUL�#�!VUL� S }(3�M)��(zbm#R1N!V13b&)( O68H1*-_!%8)Xp!VUL�ÞÝ�1*-_!"�#VM9&)(pXa8)#e!VUL�PM9&)(3dL��8)X²=64ã�? @cRk[XZ8)#T&uOs&9#V!V13bd/(3&9#�My&)(*dL�P8)Xã kp13\n8)j/!V&)1*-L��.{jcW�!V&9v:13-LQ%e@cä¯=64ã�? @rRkK&×\Vb&)(3&9#�kK1*-Ú�p#f8)jF(N��S öc]»èH�&9jq8BM)�)] o UL�#V�x13\�-L8×.F1NùPbd/(N!WÙ1*-Ú13-/b(*d/./13-LQé!VUL�éb&)\"�!VU/&9!�å/æ%e@$5 S Rk�&)-/.ð13-ÙXa&)bm!T8Hd/#T!VUL�8)#V�!V13b&)(K./�M)��(N8)OFST��-r!T13-ô\"��bm!V1N8H-ð÷2�13(*(4&)bbm8HS�S�8c./&9!"�x!VU/13\Oq8H\V\V1Njs13(31N!W)]�V³C�¨µ´zaNç�ª^èVÉ©é�êëÀjì!¾¿¹�íƸ8»º¸º¹�ź¸°Ê o 8×S�&9v)�é&�Q)��-L�#f&)(%\"!V&9!V13\V!V13b&)(KO/#f8cbm��./d/#V�wXZ8)#�!VUL�x./&9!V&m. ST8)#V�#V8)jFdF\"!Y&9QH&)1*-/\"!�d/-/.Fd/(NW�(3&9#VQ)�iM9&)(3dL��\e8)X�!VU/�w�#V#V8)#f\�B Q 8)#T!VUL�u./13\"!Vd/#VjF&)-/bm��\ M Q kJ&9#f13\V1*-LQxXa8)#T�ml:&)S�OF(N�!VUL#V8Hd/QHU>bm8H-r!V&)S�13-F&9!V1N8H-�k:24��\Vd/Q)Q)��\"!gbfUL8c8H\V13-LQ'àu\"8T&)\J!"8Y#f��./d/bm�%!VUL��\V1Nß�%8)X n apàq < QH1NM)��-i13-öc]´÷rR]/I��2J8)#VvT2�1N!VU n apàq¤= 3 Q�öö n@/ nà$®y ACBjõQ 52�UL�#f��!VUL�:B õQ ì±\�&9#V�n.L�s-L��.wjcW�!VUL�n&)d/!"8)#V�Q)#V��\V\V138H-

    n M õQ /`B õQ A OP á R + nS á" nà$®9pB õQ Ü á 5÷

  • &)-/.ubm8H-F./1N!V1N8H-/&)(68H-ß. !VUL��M9&9#f13&9js(N��\ n M õQ &9#V��13-/./�O6��-F.L��-_!�&)-/.u1*.L��-_!V1*b&)(3(NWP./1*\"!"#f1NjFd/!"��.P2�13!VU÷ n M õQ / n Mwò nà$®9{X nø nà�®9 öö . / nà ® ò 5 K²Aå!9óä9âÛ�5Xa8)# nø à��/æ~ rò R O6s + à ò�n Mwò à�R]`óJ8)!VUôOq�#fbm��-r!V13(N�i&)-/.ÙOq�#fbm��-_!V1*(N�m}ù±nbm8H-LF.L��-Fbm�>#f�QH1N8H-/\e&9#V�iOq8H\V\V1NjF(3�P13-!VU/13\g\V�!"!V13-LQL]�V³C�¨µ´zabú,ª�û;Àìƾ¼©ìƾFÉ°¹ÞÀjê�égü¸jÅjì;ì�Éźɰ¹�Àìe»8¼|¾¹ìÆÀÊr�7UrWc\f13b&)(Lbm8H-/\V13./�#f&9!V1N8H-/\pSP&�W�./13bm!V&9!"��!VU/&9!7!VUL��!"#fdL�ST��&)-�X,d/-/bm!V138H-�kv= /0= 6EF? @ Rkh\f&9!V13\"XaWt&wbm8H-/\"!"#R&)13-_!n\fd/bfU�&)\nS�8H-L8)!"8H-/13b1N!W)kh13-&w\"Oq��b1N/��../13#V��bm!V1N8H-�k8)#'bm8H-rM)�mlL1N!W)]6ë¤-t(313-L��&9#g#f�Q)#V��\V\V1N8H-uO/#V8)jF(N��SP\g!VUL��bm8H-/\V!"#f&)13-r!�S�1NQHUr!Kjq��!VU/&9!'\f(N8)Oq��j6��Q)#f��&9!"�#'!VU/&)-x8)#��cd/&)(�!"8P&TQH13M)��-wMy&)(*dL�)]LëXz!VUL�n(N��&)\V!®}\VrdF&9#V��\K��\"!V1*S�&9!"8)#=66EF?ý@cJMc138H(3&9!"��\g!VUL��bm8H-F\"!"#f&)13-r!g!VUL��-w2J��S�1NQHUr!#V�OF(*&)bm�V@�jrWY!VU/&9!pM9&)(3dL�g8)X�@�!VU/&9!pSP13-/13S�1*\"��\`&�(N��&)\"!®}\Vcd/&9#V��\4bm#f1N!"�#f1N8H-kH\V&�W)k:\VdLj:|"��bm![!"8n!VUL�'bm8H-/\"!"#f&)13-r!]$'8B2J�M)�#�k !VU/��#V��&)\"8H-�Xa8)#J=66EF?ý@:'Xa&)13(*13-LQ>!"8x\V&9!V13\"XaWx!VU/�Pbm8H-/\"!"#f&)1*-_!nS�&BWtjq�T!VU/&9!à@w1*\�\VdLjF\"!V&)-r!V13&)(3(3Wx13-�#V#V8)#Bk6Xa8)#��ml:&)S�OF(N�e./dL��!"8i�ml:Oq�#f13ST��-r!V&)(h�#f#V8)#�k�&)-/.é!VUL��-1N!�S�&9v)��\�(31N!"!V(N�Y\"��-/\"�Y!"8wbfUL8c8H\"��@ib(N8H\"�Y!"8@:]�^'-&)(N!"�#R-/&9!V1NM)�T13\'!"8ibRUL8c8H\"��àd/ nà�þkbY\"!V&)-/.F13-LQ>XZ8)# ~ bm8H-/\"!"#R&)13-_!V:k\fd/bfU!VU/&9!! àq'13\%S�13-F13S�13\"��.\VdLjL|®��bm!g!"8�=�1&EF? n@sàqw\VdLO/Oq8H\"�T!VU/&9!ebm8H-r!V&)S�13-/&9!V1N8H-×b&)d/\"��.×!VUL��bm8H-F\"!"#f&)13-r!n!"8éXa&)13(pXZ8)#:=66EF?ý@c�!VUL��-!VUL�>&9O/O/#V8H&)bRU./13\fbd/\V\"��.i&9jq8BM)��1*\�#V��(3&9!"��.w!"8T!VU/&9!'\VdLQ)Q)��\"!"��.t13-iþ[lL&)STOF(N�nöckF&)-/. n@/ nà þ J13\g13-w&T\"��-F\"�n& ~ #V8)jFd/\V!V1N/��./��\"!V13SP&9!"8)#p8)Xv@/]9$'8B2J�M)�#�kc#V8)jFd/\V!V-L��\V\[13\[-L8D2ð��-LXa8)#fbm��.T!VUL#V8Hd/QHUe!VUL�Kbm8H-/\"!"#f&)1*-_!k_-/8)![!VUL#V8HdLQHUe��STOs1N#f13b&)(M9&9#f13&)-/bm��8)X`!VUL����\"!V1*S�&9!"��.x./1*\"!VdL#VjF&)-Fbm��\]

    ^Ýrd/&)(*1N!V&9!V1NM)�gbm8H-/\"!"#f&)1*-_![8H-à=66EF? @cz13\`13-YQ)��-L�#f&)(L./1 õq�#V��-r!`XZ#V8HS�!VUL� ~ ��cd/&)(313!W:%bm8H-F\"!"#f&)13-r!p13STOq8H\"��.Xa8)#`�7#V8)jF(N��S öc]»èHR])ë®-/\"!"��&).Y8)XF!VUL��13.L��-r!V1N!WI n@Fàq85 nS àq85 na7à�¤< /Y®K13-iöc]»èH 24�g&)\"vn!VUF&9! n@/à�²ÿ��T®Hk2�UL�#f���T®�.L��-L8)!"��\�!VUL��\"�!J8)X*@�\fd/bfU>!VU/&9!ï=66EF? @r4\V&9!V13\V/��\7!VU/�%bm8H-/\V!"#f&)13-r!]L%Xa!"��-�k ~�n@/àq²ÿ��T®B�#V��.Fd/bm��\!"8 ~ n@ Q àq²ÿ��v®B:k:2�UL�#f�Jn@ Q .L��-L8)!"��\g&e\"Oq��b1NFb%bm8HSTOq8H-L��-r!�8)X{n@Y&)-/.��v®�13\�&e\"��S�1N}13-LF-/13!"��13-r!"�#VMy&)(]��/8)#�mlL&)STOF(N�)k/2'UL��-_=66EF? @rK13\K(31*-L��&9#�&)-/.w!VU/��bm8H-/\"!"#R&)13-_!'13\KST8H-L8)!"8H-F13b1N!W)k n@ Q 13\g!VUL����\"!V13S�&9!"��8)Xp\V(N8)Oq�n&)-/.�v®n��rdF&)(3\g��1N!VUL�# î©58Zâ�8)#�pXVZ5Vî��ks.L�Oq��-/.F13-LQ�8H-x!VUL�n./1N#f��bm!V1N8H-i8)X`!VUL�nbm8H-/\"!"#f&)1*-_!]

    ^ Xa8HdL#V!VUé�mlL&)STOF(N�)kq#V��(*&9!"��.t!"8>!VUL�e!VU/1N#R.x&)-/.é!"8i!VUL�Y!VUL�8)#VWu2�13!VUx2�UF13bfUt24�T\VUF&)(3(h.L��&)(zj/#R1N�/Ww&9!!VUL����-/.>8)XpøV÷Lks13\J!VU/&9!�8)Xh!V13(N!V1*-LQ�!VU/�%��S�OF1N#f13b&)(s./13\"!"#R1NjFdL!V1N8H-�&)\g&YO/#V��(3d/./��!"8�bm8H-/./dFbm!V13-LQe&YUrWcO68)!VU/��\V13\!"��\"!]ë¤!�S�&BWj6�T&9O/Os(31N��.é!"8x&wOF&9#f!V13bd/(3&9#f(3Wu2�13.L�e#f&)-/Q)�T8)XJOF#V8)jF(N��S�\�h\"��P$%&)(3([&)-/.�7#V��\V-L��(*(�®å�æ)æ)æ9&_Xa8)#�!VUL��b&)\"��8)X�13-/.L�Oq��-/./��-_!%./&9!V&:] o &9vc13-/Qi&iOs&9#V!V13bd/(3&9#��mlL&)STOF(N�TXa8)#�!VUL�TOFd/#VOq8H\"��8)X�13(3(*d/\"!"#f&9!V1N8H-t13-&t!V13ST�i\"�#f1N��\Y\"�!"!V13-LQLk4(N�!�d/\e\Vd/O/Oq8H\"��2J�>2'13\VU!"8!"��\"!e!VUL�iUrWrOq8)!VUL��\V1*\n!VU/&9!e!VUL�>�#V#V8)#T./13\V!"#f1NjFdL!V138H-U/&)\'ß�#V8i\"v)�2�-L��\V\�k6&9QH&)13-F\"!'!VU/�Ybm8HSTOs(N��ST��-r!V&9#VWu&)(N!"�#f-/&9!V13M)�)]v£���.L�F-L�í!"8�jq��!VU/�Y\"v)�2'-L��\V\'8)Xp!VUL�./13\V!"#f1NjFdL!V138H-P8)X M Q &)-/.u.L�F-/� n�àqJ!"8P��rd/&)(!VUL����STOF1N#R13b&)(q\"v)�2�-L��\V\�8)X !VU/�n!V13(N!"��.i#V��\f13./d/&)(3\¥

    n�àq�/ rPQºR O6s +à Q n M Q àq�X{ü rPQ8R O6s + à Q n M Q àq rPQºR Oys + à Q n M Q àq < Aôö rPQºR O6s + à Q n M Q àq

  • ë®-Ú!VU/1*\>1*-/\"!V&)-/bm�t24��bm8HSTOFd/!"��à / nà$®�!"8ðS�13-/1*S�13\"�¦H_àq�\Vd/j:|®��bm!>!"8 n%àq / î:] o U/�xjq8r8)!V\V!"#f&9O!"��\"!�1*\�!VUL��-b&)(313j/#f&9!"��.�jcWé\f&)STOF(313-/Q>-L8H-cd/-/13XZ8)#fSP(NW)k�2�1N!VU#V��\VO6��bm!V13M)�T24��1NQHUr!V\� nà�®9 Q khXa#V8HS n M Q nà$®y%Xa8)#KIAåµ9 ]�9ûÛ[kJ&)-/.Ú.L�!"�#fS�13-F13-LQ!VUL�xbm#f13!V13b&)(�Oq8H13-_!T2'U/13bfUâ!VUL�x&9jF\"8H(*dL!"�wMy&)(*dL�w8)X�!VUL�ujq8r8)!V\V!"#f&9OXa8)#fS8)X[��S�OF1N#f13b&)(h\"v)�2�-L��\V\'�mlLbm���./\%2�1N!VUuOF#V8)jF&9jF13(*1N!W��`k6bm8H-/.F1N!V1N8H-/&)(h8H-x!VUL�Y./&9!V&a!"8�8)j/!V&)1*-t&P!"��\"!2�1N!VU-L8HSP13-/&)(`(N�M)��(��hR] o U/�e-cd/(3(zUrWrOq8)!VUL��\V1*\�13\%#V�¤|®��bm!"��.×1NXp!VUL��&)bm!VdF&)([My&)(*dL�e8)X4��STOs1N#f13b&)(`\"v)�2�-/��\V\kbm8HSTOFd/!"��.XZ#V8HSû!VUL�Tbm8H-rM)��-_!V138H-/&)([#V��\V1*./d/&)(3\ n M Q nຠ,Rk��mlLbm���./\�!VU/�ebm#R1N!V13b&)( O68H1*-_!]��M)��([&)bbd/#f&)bmWt8)X!VUL�n!"��\V!�b&)-ujq����-/U/&)-/bm��.xd/\V13-LQe!VUL��.L8HdLjF(N��jq8c8)!V\"!"#f&9O/\"���XZ8)#K�mlL&)STOF(3�n$'&)(3(p®å�æ)æ)öckñ�U/&9OF!"�#'üHR]

    ���F� �{'Y�������;+��b�&'��ï����� ������! �!#" + à ò J.L��-L8)!"��&)-_W>XadF-/bm!V1N8H-iO/#V8)Oq8)#V!V138H-/&)(F!"8�$� à�%$)à ò kF&)-/.iOsdL!&"¦¯'" Ü ++ ] o UL��-�k/&Th&9Q)#R&)-LQ)�SYd/(N!V1NOF(*1N�#J&9#fQHd/ST��-r!�\VUL8D2�\g!VU/&9!

    à ò / Ü + ")(�* + A+* k < $�$@ $@$)à ò A+* k < $�$ S $ S$Hà ò A,* k < $�$a < $�a�

  • &)-/.

    rPQºR Oys +à Q /å�5 öc]3å�üH

    2�UL�#f�

    < Q e@�5 S �/`7 Q Xd=643 Q ? @c�A OP á R +:S áz1j7 Q Ü áXd=q43 Q Ü áw? @rw< öc]3åm÷r&)-/. >=%@F4ã�? @c�.L��-L8)!"��\g!VU/�IÍ/}!VUw��(3��ST��-_!�8)Xz!VU/�!GD}M)��bm!"8)#)$�=64ã�? @r%$@L]

    o U/��M9&)(3dL��8)XD"[4Íq[1*-töc]ï)JS�&BW�jq�K!V&9v)��-i��rdF&)(F!"8àÍ Ü +FE Ó + Ü Ô 1NX� W/íî�8)#�å9k©Í Ü +J13XvÞ/î�&)-/.ËB @ 13XH/ å9]Lë¤->!VU/13\�-L8)!V&9!V138H-�kL24��U/&BM)�* + / å�&9!�öc]ï)J2�UL��-ËH/íî:k/&)-/.G* + #V��./dFbm��\4!"8�&e\Vb&)(*13-LQTbm8H-/\"!V&)-r!2�UL��-_Þ/å9]����H Ib���J�J�;�&�v#K���;+���ML=�ù�N�FO©���L�J�JP,���J�y%�'�')(óJ8r8)!V\V!"#f&9OTST�!VUL8:./\k)13-/\"!"��&).�8)X/!VUL�AQ o UL�T.L��\f1NQH-éMy&9#f1*&9jF(N��\V3TáJ&9#f�e-/8)!�#V��\V&)STOF(3��.�]9�L#V8HS !VU/8H\"�./&9!V&:k�bm8HS�OFdL!"�é!VUL�xjq8c8)!V\"!"#f&9OØM)�#f\V1N8H->ÌAT)4 ® e8)X:Ì%4 ® R]�ä�1NM)��-Ø&×-/8HS�13-/&)(Kbm8DM)�#f&9Q)��O/#V8)js&9jF13(31N!WU Xa8)#x&)-í��S�OF1N#f13b&)(�(313v)��(313UL8c8c.Øbm8H-LF./��-/bm�#V�QH1N8H-k%.L�s-L��Í / nÍ�Vð!"8âjq��!VUL�-L��&9#V��\"!t\"8H(3dL!V1N8H-8)X÷H1jÌ=T)hgz9CÍ)? .

    o U/�njq8r8)!V\"!"#R&9OtST�!VUL8:.x./��\Vbm#f1Njq��.w&9jq8BM)�Y13-_M)8H(3M)��\'.L#R&�2�13-/Q�\V&)STOF(N��\KXZ#V8HS!VUL�n��\"!V1*S�&9!"��.t&)d/!"8)#V�m}Q)#V��\V\f1N8H-uST8:.L��(k:2�U/1*bfUw\VUL8HdF(3.ijq��bm8H-F\"!"#f&)13-L��.u!"8�jq�nb&)d/\V&)(13-i!VU/��\"��-/\"��!VUF&9!K!VUL�n��cd/&9!V1N8H-

    åïA OPQºR + S QXW Q /íî öc]3å�çHU/&)\e1N!V\Y&)(3(p#f8r8)!V\Y8HdL!V\V1*.L�P8)XK!VU/�>d/-F1N!�b1N#Rb(N�d? W ?{/ å9]éë®-×O/#f&)bm!V13bm�>!VU/13\Yb&)-Ùj6�>&)bfU/13�M)��.ð&)\�Xa8H(3(N8D2�\]¢:dLOFO68H\V� W + 5gEgEgE*5 W O &9#V��!VUL�n#V8c8)!V\K8)XKöc]3å�çHK2�1N!VUµ? WºQ ?©[ýå�XZ8)#YåI9µ]Ë9ó6k6&)-/.µ? WºQ ? U å�XZ8)#Jóä[µ]b9>K_]I���Q)��-/�#f&9!"�BYTQ XZ#V8HS S�8c.L��( B Tá A OPQ8R +;ZS Q B Tá Ü Q / M Tá ò[ \ R + ? W \ ?85 öc]3å�èH

    ï

  • 2�UL�#f��!VUL� ZS Q ì±\�&9#V�n./�!"�#fS�13-L��.ijcWå;A OPQ8R +;ZS Q�W Q / ò[QºR + ®åTX WKW8Q O[á R ò s + ®åX W W áfñ'8)!"��!VU/&9!KST8:.L��([öc]3å�èH�&)./S�1N!V\J!VUL��\V&)S���&)d/!"8cbm8DMy&9#f1*&)-/bm�nX,d/-/bm!V1N8H->&)\�!VUL����\"!V13SP&9!"��.w&)dL!"8)#V�Q)#V��\V\f1N8H-

    ST8:.L��(L\"����7#V8)Oq8H\V1N!V1N8H-i÷L]´÷L]»ö�8)X[ó4#f8cbfvr2J��(3(&)-/.w�&BMc13\Y®å�æ)æ:åBR]

    ���^] _�� �a`�#ë���/b%��'*�o UL��Q)��-L�#R&)(/ST�!VUL8:.L8H(N8)Q)WY8HdL!V(313-/��.�13-T\V��bm!V1N8H-Pöc]3ågS�&BWYjq��#V��&)./1*(NWn�ml:!"��-/.L��.T!"8n.L��&)(:2'1N!VUTST8:.L��(�öc]3åB13-x2�U/13bRU Bá[Xa8H(3(N8D2�\%&�OF&9#f&)S��!"#f13b�-/8H-/(313-L��&9#'&)dL!"8)#V�Q)#V��\V\f1NM)�YS�8c.L��(]gI��Y13(*(3d/\"!"#f&9!"��!VU/13\�1*.L��&T2�UL��-cBá13\g&)-t&)dL!"8)#V�Q)#V��\V\f1NM)��bm8H-/./13!V1N8H-/&)(�UL�!"�#V8H\fbm��./&)\"!V13b�OF#V8cbm��\f\k/1]´�)]

    B�á*/ M á8 S A OPQºR +�S Q B \VS�&)(3( -rdFS�jq�#�8)X./&9!V&�!VU/&9!�U/&�M)�Tbm8H-/\f13.L�#f&9jF(3��(N�M)�#f&9Q)�e8H-é!VUL�YMy&)(3d/��8)X;H)k�./dL��!"8>(*1N!"!V(N��S�8)#V��!VUF&)-t&9#V!V13Xa&)bm!V\�13-t!VUL�.L�F-F1N!V1N8H->8)X[./13\"!V&)-/bm�)]�V³C�¨µ´zam¶�ªû;Â:Ã�¾¿»w¾eÅ8¼|½�½¿¾ÄÇD¸º½¿¾ÈÉDÉ$ÁÊk�L8)#'!VU/�nST8c./��(

    7 Q /�@)3 Q ö!X�3 Q ,A«B Q 5 &)-/. B Q / M Q X S + B Q Ü + X S < B Q Ü < 5ê

  • 1.0

    1.5

    2.0

    2.5

    3.0

    LEPn=50

    REPn=50

    LEPn=100

    REPn=100

    (a) End-points of ELCIs

    23

    45

    67

    8

    n=50 n=100

    (b) Empirical critical values (c) Empirical likelihood

    1.0 1.5 2.0 2.5 3.0

    05

    1015

    20

    lnm�`1NQHdL#V��å|¥4o¼qp?rÉts&Ã�½FÉuìÆÀ_É°íT½F¸ºí6ìI¸º¹�Á Ã)É°¾¿¹ìÆÀ�o^uYû/v�pb¼|¹�Ád»8¾xw�ÈìI¸º¹�Á Ã)É°¾¿¹vìÆÀ�o¿èTûAv�pËÉ°íàìÆȸbÀ�¾¿Â_êë½¼©ì�¸jÁwu¸º¹¸8»8¼|½¾¿À8¸jÁ¡¸ºÂ:Ã,¾Ä»w¾eÅ8¼|½½¿¾¿ÇD¸º½¿¾¿ÈÉuÉ©Á¡ÅºÉ°¹ay,Á©¸º¹�ź¸_¾¿¹vì�¸8»Yz¼|½TíÆÉh»@µ¼©ì½F¸�zj¸º½ U /�î©f»æ©Ê�{�ȸ_ÈÉh»8¾}|hÉ°¹ìù¼|½L½¿¾¿¹¸¾¿¹�Áu¾eÅ8¼©ì�¸ºÀ�ìÆȸËìe»hê�¸�z¼|½�ê�¸@¦/ ö©Ê~o�é�prÉts&Ã�½FÉuìÆÀHÉ°íVé$ÉuÉuìÆÀìe»8¼gÃ>Å�»w¾ùìƾÆÅ8¼|½~zº¼|½�êD¸ºÀ nÍ8V�Ê/{�ȸàÈvÉh»w¾}|hÉ°¹vìù¼|½�½¿¾¿¹¸¾¿¹�Áu¾eÅ8¼©ì�¸ºÀHìÆȸÞÅ�»w¾ùìƾeÅ8¼|½z¼|½�ê�¸�Á©¸8»w¾zj¸jÁ¦íF»ºÉ°Â ¼Q < ¼gÃ�Ã�»ºÉs©¾¿Âb¼©ìƾFÉ°¹,ÊoeÅp�{�È�»º¸g¸¸s�¼|Â:Ã�½4¸ºÀ:É°í�wu¸º¹¸8»8¼|½¾¿À8¸jÁ¸ºÂ:Ã�¾¿»w¾eÅ8¼|½{½¿¾ÄÇD¸º½¿¾¿ÈvÉDÉ$ÁË + 1 nà`e@®yw

  • 2J�%bm8H-/\V!"#fd/bm!"��.>!VUL�%Q)��-L�#f&)(313\V��.���STOF13#f13b&)(F(*1Nv)��(313UL8c8:.Tbm8H-LF.L��-/bm��13-r!"�#VM9&)(FXa8)#z@/]zI���!"8c8)v�!VUL�V3 Q ì±\4!"8jq�T13-/.L�Oq��-/.L��-r!T,î©5föH%#f&)-/./8HS My&9#f1*&9jF(N��\k�&)-/.!VUL� M Q ì±\�!"8wjq�T13-/.L�Oq��-/.L��-r!'&)-F.�\"!V&)-/./&9#f.�-/8)#fS�&)(]¢c�!"!V13-/Qb@Þ/öck S + / å�&)-F. S < /�î©f»ö)çck�2J�e.L#V�2 ÷Hî)îi\V&)S�OF(N��\'XZ8)#%Û�/ç9î>&)-/.tÛm/åî)î:]�I��T\"�!%!VUL�-L8HS�1*-/&)(hbm8H-Ls.L��-/bm��(3�M)��( &9! U /�î©f»æc] o UL��j68c8)!V\"!"#f&9OST�!VUL8:.�k613-/\"!"��&).t8)X7&Q < &9O/OF#V8�lL13S�&9!V1N8H-ks2�&)\d/\"��.×!"8.L�!"�#fSP13-L�P!VU/�>bm#f13!V13b&)(JMy&)(3d/� nÍ V ]��L8)#T��&)bRUâ\V&)STOF(3�)kz2J�i#V�Oq��&9!"��.ôjq8r8)!V\"!"#R&9OÙ\V&)S�OF(313-LQt÷Hî)î!V13ST��\�]hë®-!VU/13\��ml:&)S�OF(N�)kz!VUL��bRU/1 }\Vcd/&9#V��.×&9O/O/#V8Bl:13SP&9!V1N8H-9 -L8)!"��.Ù13- o UL�8)#f��S ÷L]3å�jq��(N8B2 QH&BM)�13-LXa�#f1N8)#�#V��\Vd/(3!V\] o UL�#V��&9#f�i&)(3!"�#f-/&9!V1NM)�iST�!VUL8:./\Y8)X�b&)(31NjF#f&9!V1N8H-�k`jFdL!�!VUL�iS�&)13-×8H-L��\T&9#V�>jF&)\"��.Ù8H-&)\"W:STO/!"8)!V13b�&9O/O/#V8Bl:1*S�&9!V1N8H-/\�!VU/&9!%b&9OF!VdL#V��UF1NQHU:}8)#f.L�#�!"�#fS�\kq&)-/.x&9#f��cd/1N!"��!"��.F1N8Hd/\K!"8i&9O/OF(3W>13-x!VUL�!V13ST�m}\V�#f1N��\K\"�!"!V1*-LQL]

    o U/�4Q)��-L�#R&)(313\"��.Y��STOF13#f13b&)(c(31Nv)��(313U/8r8:.�X,d/-/bm!V1N8H-Y2�&)\[b&)(3bd/(3&9!"��.T13-�!"�#fS�\`8)X6&)-e1N!"�#f&9!V1NM)�K&)(NQ)8)#R1N!VU/Swk&)\�Xa8H(3(N8B2'\]nI1N!VUQH1NM)��-�13-/13!V13&)(M9&)(3dL��\%8)X²@Lk S á¤ì±\n&)-/.�àFá¤ì±\k�F-/.i* < js&)\"��.8H-âöc]3å�öH�&)-/.âöc]ï)6öc]»æHR]eñ'8)!"�w!VU/&9!�* + b&)-Ùjq�P8)jF!V&)13-L��.Ù!VUL#V8HdLQHUÙ&é\V13STOF(3�P\Vb&)(313-/QL] o UL��-ÙdLO�./&9!"�Ë@Lk`!VUL� S á®ì±\e13-!"�#fSP\�8)Xöc]3åî_`&)-/.uöc]3å)åBRk:&)-/.Y!VUL�zàFá¤ì±\[13-Y!"�#fS�\`8)X`öc]ï)R]HI��K#V�Oq��&9!"��.e!VUL�g&9jq8BM)�gO/#f8cbm��\V\[dF-_!V13(r!VUL�g��\"!V1*S�&9!"��.M9&)(3dL��8)XY@e./1 õq�#V��.>Xa#V8HSå@g®�jcWP8H-/(NWtåîcÜ8)]LI��n\"!V&9#V!"��.¦@®�&9!g!VU/�%M9&)(3dL��8)X !VUL�n\"!V&)-/./&9#R.>(3��&)\"��\VrdF&9#V��\��\"!V13SP&9!"�)]�c'\f13-LQT!VUL����\"!V1*S�&9!"��\�13-i!VU/�nO/#V�M:1N8Hd/\�\"�!"!V13-/QP&)\K13-/13!V13&)(6My&)(3d/��\kL24��Q)#R&)./d/&)(3(NW>13-/bm#V��&)\V��.{a8)#.L��bm#V��&)\V��.s�!VU/�7M9&)(3dL�78)X�@®H] o U/�7!2J8%��-/.:}Oq8H13-r!V\8)XL!VUL��bm8H-LF.L��-Fbm�413-r!"�#VM9&)(3\h&9#V�J./13\"Os(3&�W)��.�13-�`1NQL]cåH,&_R]o UL�T#f��(3&9!V1NM)�TXa#V��rd/��-/bmWt8)XJ!VUL�P1*-_!"�#VM9&)([bm8BM)�#R13-LQu!VUL�P!"#fdL�TM9&)(3dL�Þ@ä/ ö�a8BM)�#Y÷Hî)îu#V�OF(*13b&9!V1N8H-/\R�2�&)\î:]»æ)ö9î�Xa8)#gÛ /íç9î:k/&)-/.wî:]»æ9îHç�XZ8)#gÛ / åî)î:] o UL��&BM)�#f&9Q)��(N��-/Q)!VUi8)X !VUL�n1*-_!"�#VM9&)(62J&)\�î:]ï9ê)æTXa8)#gÛ /íç9î:k&)-/.ôî:]»èy÷_çéXa8)#TÛ`/�åî)î:]��`1NQL]gåHaj6�O/#V��\"��-r!V\Yjq8�l:OF(N8)!V\Y8)X�!VUL�>jq8r8)!V\V!"#f&9OL}.L�!"�#fSP13-L��.Ùbm#f1N!V13b&)(JM9&)(3dL��\nÍ V kq2�U/1*bfUx&9#f�Yb(N8H\V�#'!"8wöc]ïyîHè�a!VUL�Tæ9îNcd/&)-r!V13(N�n8)X7!VUL�Qz&9!�!VUL�>ö)çK>kpç9îN &)-/.ôï9çK cd/&)-r!V13(N��\#V��\"Oq��bm!V1NM)��(3W>./d/#f13-LQe\V13SYd/(3&9!V1N8H-F\42'1N!VUi÷Hî)î�#V�Os(313b&9!V1N8H-/\�]

    ë®-íbm8H-/b(3d/\f1N8H-í1N!ub&)-íjq��\"���-Þ!VUF&9!ubm8BM)�#f&9Q)�ô&)bbdL#f&)bmWí13\wM)�#fWÝQ)8c8c.k%M9&9#f13&9js13(31N!Wâ8)XY1*-_!"�#VM9&)(��-/.LOq8H13-r!V\g13\g(N8D2nk/&)-/.w!VU/�nQ)��-L�#f&)(31*\"��.i��STOF1N#R13b&)(q(31Nv)��(313U/8r8:.>Xad/-Fbm!V1N8H-w13\gbm8H-rM)�ml6]�V³C�¨µ´zacç�ªèVÉ©é�êëÀjì;¸ºÀìƾ¿Â¼©ìƾFÉ°¹cÉ°í{½4É©Å8¼©ìƾFÉ°¹*Ê7ñJ8H-/\V13./�#g!VUL�nST8:.L��(

    7 Q /�@TACB Q 2'UL�#V� B Q / M Q X S + B Q Ü + X S < B Q Ü < 52�UL�#f�4!VUL� M Q ì±\k&@�&)-/. S á¤ì±\[&9#V�g&)\`13-Yþ[lL&)STOF(N��å9]9IØ1N!VUebm8H-r!V&)S�13-/&9!"��.�8)jF\"�#VM9&9!V1N8H-/\z2J��\V��v���\"!V13SP&9!"8)#f\n@/ nàqRk nS + nàq'&)-/. nS < nàqRkq2�UL�#f� nàS�13-/1*S�13\"��\ + à�K\Vd/j:|®��bm!%!"8 n apàq < k�.L�F-L��.t&)\�13-×öc]´÷rRkh��rd/&)(z!"8w&Ll:��.iMy&)(*dL�!a

  • 1.6

    1.8

    2.0

    2.2

    2.4

    2.6

    LSE LADE

    (a) Estimates of theta

    0.0

    0.5

    1.0

    1.5

    LSE LADE

    (b) Estimates of a_1-0

    .50.

    00.

    51.

    0

    LSE LADE

    (c) Estimates of a_2

    0.10

    0.15

    0.20

    0.25

    0.30

    0.35

    0.40

    (d) Ratios of variances

    t

    tt

    S

    SS

    S  

      

    ¡¢¡

    ¢¡¢¡

    �`1NQHdL#V�Köu¥#£�É°¹vìù¼|ÂÞ¾¿¹�¼©ìƾ4É°¹É°í7 Q�¤ ÀÊrÉts&Ã�½FÉuìÆÀ;À�ÈÉ,zº¼°»w¾F¼$é뾿½¿¾ùì}HÉ°íYìÆÈv¸zÀìù¼|¹�Áu¼°»gÁ:½4¸¼|Àì�À�ê&¼°»º¸ºÀ;¸ºÀìƾ¿Âb¼©ì�¸ºÀo^uD¥$û�pTìÆȸ为Àìƾ¼©ì�¸ºÀ_Á©¸8»w¾Jzj¸jÁmí»ºÉ°Â Â¾¿¹�¾¿ÂÞ¾À�¾¿¹¦w,o¨§�Ê}©tp��¾ùìÆÈ,*/ª*/áoNã�/ å|5gEgEgE*5"÷%pT¼|¹�ÁìÆÈv¸Ë½F¸¼|Àì¼$éëÀ8É°½yê$ì�¸àÁ©¸�z°¾¼©ìƾFÉ°¹�ÀJ¸ºÀìƾ¼©ì�¸ºÀ�o^uX«¬Vû�pIÉ°ío¼qpJ@¦o�é�p S + ¼|¹�Á0oeÅp S < ʯ®!Éh»w¾}|hÉ°¹vìù¼|½�½¿¾¿¹¸ºÀL¾¿¹�ÁD¾eÅ8¼©ì�¸�ìe»hê�¸z¼|½�ê�¸ºÀTÉ°í�Ã,¼°»8¼|Âb¸°ì�¸8»8ÀÊ�oeÁKp#rÉts&Ã�½FÉuìÆÀJÉ°í*»8¼©ìƾ4É°À n ap nà� < n a7à� ® < ÊX{�Èv¸:Áu¼|À�ȸjÁ½¿¾¹¸¾¹�ÁD¾eÅ8¼©ì�¸ºÀ!ìÆȸàìù¼°»Swu¸°ìz¼|½�ê�¸ Ê}©IíÆÉh»:ìÆȸV»º¼©ìƾFÉ°ÀÊ

    å)å

  • &9O/O/#f8H&)bfU�] o 8�!VU/1*\���-/.w2J��\"��&9#fbRUL��.uXa8)# nàx!VU/&9!'S�13-/13SP13\"��.Ì%àq�¯� + àq,A,*? na7à� < X a !WcO6��\�8)Xpbm8H-_!V&)SP13-/&9!V1N8H-�¥J��1N!VUL�#'��&)bfUd7 Q 8)#'��&)bfU M Q #V��bm��1NM)��.é&)-&)./.L��.uMy&)(3d/��üY2�1N!VUiO/#V8)js&9jF13(31N!WPî:]»ö)çc]¢c�!"!V1*-LQ¦a jq�n\"��-/\V1N!V13M)�n!"88HdL!V(313�#f\kc2�U/13(N��!VUL��(3&9!"!"�#K13\4#V8)jFd/\"!�&9QH&)13-/\V!J8Hd/!V(31N�#f\]¶�`1NQL]/öL,&_J\VUL8B2'\4!VUF&9!g8HdL#g./&9!V&Y!V13(N!V13-LQY&9O/O/#V8H&)bRU\VdLjs\"!V&)-_!V1*&)(3(NWé#V��./d/bm��\�jF13&)\�8)Xg��\"!V13S�&9!"8)#f\Y8)X@Lkz#V��(3&9!V13M)��!"8éh^%%þ�kz&)-F.{#V��.Fd/bm��\nM9&9#f13&9jF1*(31N!Wé!"8c8tXa8)#(3&9#VQ)�#?*]��z13QL][öL,.6�1*-/./13b&9!"��\�!VU/&9!eXZ8)#T(3&9#fQ)�#´*ð!VUL�i#f&9!V1N8 n ap nàq¤¾¹«»º¸w&»º¸ºÀwÀ�¾FÉ°¹Àjê�égüg¸jÅjìbì�ɵÀjê»äÅw¾F¸º¹vìƽÀì�¸g¸pÃ2À�½FÉÃ)¸°ÊJñJ8H-F\V13.L�#�!VUL��(313-L��&9#

    å�ö

  • 1.6

    1.8

    2.0

    2.2

    2.4

    2.6

    LSE LADE

    (a) Estimates of theta

    0.2

    0.4

    0.6

    0.8

    1.0

    1.2

    1.4

    1.6

    LSE LADE

    (b) Estimates of a_1

    -0.5

    0.0

    0.5

    1.0

    LSE LADE

    (c) Estimates of a_2

    0.10

    0.15

    0.20

    0.25

    0.30

    0.35

    0.40

    (d) Ratios of variances

    t

    tt

    S

    SS

    S  

      

    ¡¢¡

    ¢¡¢¡

    �`1NQHdL#V�nüu¥)£�É°¹ìù¼|¾¿¹�¼©ìƾFÉ°¹ßÉ°¹ M Q ¤ À½¼�v�¼|¹v¸º½,¾¿¹�íÆÉh»w¼©ìƾFÉ°¹ä¾À¼|ÀTíÆÉh»#¾�¾xw�Ê Ê

    å�ü

  • 1.7

    1.8

    1.9

    2.0

    2.1

    2.2

    2.3

    LSEn=50

    TILTn=50

    LSEn=100

    TILTn=100

    (a) Estimates of theta_0

    1.0

    1.2

    1.4

    1.6

    LSEn=50

    TILTn=50

    LSEn=100

    TILTn=100

    (b) Estimates of theta_1

    0.2

    0.4

    0.6

    0.8

    LSEn=50

    TILTn=50

    LSEn=100

    TILTn=100

    (c) Estimates of alpha

    �`1NQHdL#V��÷$¥+rÉts&Ã�½FÉuìÆÀTÀ�ÈÉ'z¼°»w¾¼$é&¾¿½¿¾ùì}_É°í;ìÆȸVÀìù¼|¹�Áu¼°»gÁÞ½F¸¼|Àì)À�ê&¼°»º¸ºÀT¸ºÀjìƾ¿Â¼©ì�¸ºÀ�o^uD¥$û�pL¼|¹�Áb¸ºÀìƾ¿Âb¼©ì�¸ºÀÁ©¸8»w¾Jzj¸jÁCéźɰ¹�Àìe»º¼|¾¿¹¸jÁCìƾ¿½ùìƾ¿¹¦w�oF{D¿�u�{!p�ȸº¹ìÆȸßìù¼°»wu¸°ì�{¼|À�o¼qpÞ@ o�é%pH@ + ¼|¹�Á:oeÅp S Ê�À{¹vé뻺ÉhÇD¸º¹ÈÉh»w¾^|hÉ°¹ìù¼|½½¿¾¹¸ºÀ¾¹�ÁD¾eÅ8¼©ì�¸ßìe»hê�¸àÃ,¼°»8¼|Â˸°ì�¸8»;zº¼|½yê�¸ºÀz¼|¹�Á«ìÆȸßÁ©¼|À�ȸjÁ ½¿¾¿¹¸Þ¾¿¹�Ã,¼|¹¸º½o�é�p¾¿¹�ÁD¾eÅ8¼©ì�¸ºÀ_ìÆȸźɰ¹�Àìe»º¼|¾¿¹ì;¾¿Â:Ã)É°À8¸jÁbÉ°¹ ìÆȸHìƾ½ùì�¸jÁ˸ºÀìƾ¿Â¼©ì�¸ºÀJÉ°í�À�½FÉÃ)¸°Ê#V�Q)#V��\f\V1N8H-uST8:.L��( 7 Q /�@ A¡@ + 3 Q ACB Q 5 &)-/. B Q / M Q X S B Q Ü + 52�UL�#f��j68)!VUx!VUL�I3 Q ì±\'&)-/.u!VU/� M Q ì±\'&9#V��13-F.L�Oq��-/.L��-r!�&)-F.u\"!V&)-/./&9#R.u-L8)#fS�&)(]¢c�!"!V13-LQ@ /Þöckv@ + /úå|f»ö&)-/. S / î©f»çck 2J�Pbm8HSTOs&9#V��.!VUL��\V!V&)-/./&9#f.(3��&)\"!�\Vcd/&9#V��\���\V!V13S�&9!"8)#f\�8)Xz@ kY@ + &)-/. S 2�1N!VU!VUL�P��\"!V1 }S�&9!"8)#f\J8)j/!V&)1*-L��.�jcW�S�13-/1*S�13\V13-/Q%Q)��-/�#f&)(313\"��.P��STOF1N#R13b&)(/(31Nv)��(*13UL8c8c.T\Vd/j:|®��bm!4!"8�!VU/�'bm8H-/\"!"#R&)13-_!J!VU/&9!J!VUL�#V�Q)#V��\f\V1N8H-i(313-L�'13\4\fdLùPb1N��-r!V(NW�\"!"#V8H-/QH(NWP13-/bm#f��&)\V13-LQ \VO6��b13Fb&)(3(NW)ku@ + }Þå|f3å�çc]Lë®->O/#f&)bm!V13bm��&ebm8H-/\"!"#f&)13-r!\Vd/bRUô&)\e!VU/13\�248Hd/(*.×8)Xa!"��-Ùjq�>.L�!"�#RS�13-L��.×!VUL#V8HdLQHUÙO/#R1N8)#��ml:Oq�#f1N��-/bm�>2�1N!VUÙ\V13SP13(3&9#�OF#V8)jF(N��S�\Y13-×!VUL�OF&)\"!]Pë¤-�&u\V��-/\"�)k!VUL��ST�!VUL8:.L8H(N8)Q)WéO/#V8BM:13.L��\�\"8HST�!VU/13-/Qi(*1Nv)��&uó�&�W)��\V1*&)-8)O/!V1N8H-!"8x-L8H-LOF&9#R&)ST�!"#f13b13-LXa�#V��-/bm�)/13!K&)(3(N8B2'\�!VUL�n�ml:O6�#R13ST��-r!"�#g!"8�13STOq8H\"��U/1*\�8)#�UL�#KO/#R1N8)#�j6��(*1N�Xh8H-w!VU/�nMy&)(*dL��8)X ��\V!V13S�&9!"8)#�]

    ^%\'1*-uþ[lL&)STOF(N��å�24�Yb&)(3bd/(3&9!"��.t!VUL�n��\V!V13S�&9!"��\%13-w!"�#fS�\'8)X[&)-t13!"�#f&9!V1NM)��&)(3Q)8)#f1N!VU/S js&)\"��.u8H-t!VUL���cd/&9!V1N8H-/\J13-xøRöc]»öc] o UL��jq8�l:OF(N8)!V\48)X!VUL8H\V�'��\"!V1*S�&9!"��\g&9#V��.L�OF13bm!"��.>13-?�`1NQL]c÷L]�ñ'8)!"�%!VUF&9!4!VUL�%��\"!V13SP&9!"��\.L�#f13M)��.nXa#V8HSÞ!VUL�JQ)��-L�#f&)(*13\"��.n��S�OF1N#f13b&)()(*1Nv)��(313UL8c8:.�&9#V�78H-/(3Wn./1 õq�#V��-_!hXZ#V8HS !VUL��(N��&)\"! \frd/&9#f��\��\"!V13SP&9!"��\2�UL��- @ + [Þå|f3å�çc]

    %Xzbm8HdL#f\"�)k/1*STOq8H\V13-LQ�!VUL�nbm8H-/\"!"#f&)1*-_!�#V��ST8DM)��\�&)(3(q13-F\"!V&)-/bm��\�2�UL�#f� n@ + !V&9v)��\gM9&)(3dL��\g(N��\V\�!VUF&)-�å|f3å�çc]$'8B2J�M)�#�kr1N!`U/&)\[(313!"!V(N�413S�OF&)bm! 8H-T.F13\"!"#f1NjsdL!V1N8H-�8)X/!VU/�J��\V!V13S�&9!"8)#[8H-e!VUL��dLO/Oq�#`\V13.L�J8)Xhå|f3å�çckr&)-F.Y-/��1N!VUL�#.L8c��\K1N!KU/&BM)��&T-L8)!V1*bm��&9jF(N�n�mõq��bm!�8H-w��13!VUL�#KjF13&)\�8)#�My&9#f1*&9jF13(31N!W�8)X n@ < 8)# n@ ]

    åm÷

  • Á  �H�pÒ'Ñ��`ÐqÖfÕ)��;ÃÝÑ�ÒÅÄË�pÑ6Ð�Ö����ë®-ð!VUL�xbm8H-r!"�mlc!>8)X�þ[lL&)STOF(N�åx13-øRöck�24�t\VUL8B2 !VU/&9!�13XTY®t��cd/&)(3\T!VUL�x!"#fdL�uM9&)(3dL�w8)XJ%e@�5 S T!VUL��-�kd/-/./�#T#V�QHd/(3&9#f13!W×bm8H-F./1N!V1N8H-/\�k7!VUL�uQ)��-/�#f&)(313\"��.ô��S�OF1N#f13b&)(�(313v)��(313UL8c8c.×#f&9!V1N8×\"!V&9!V13\"!V13bö°tfÜ + Ì%4Y®9e13\&)\"W:STO/!"8)!V13b&)(*(NW>.F13\"!"#f1NjsdL!"��.i&)\&Q < 2'1N!VUä±g.L�Q)#V���\�8)XzXa#V���.L8HSu]F^�!�!VUL����-/.w8)X`!VU/13\K\V��bm!V1N8H-u2J��./1*\Vbd/\V\!VUL�8)#VWiXa8)#K!VUL��8)!VUL�#'!2J8P�mlL&)STOF(N��\KXZ#V8HSûøRöc]

    h�!I@&j5 S T.L��-L8)!"�e!VUL�e!"#fd/�YM9&)(3dL��\%8)X²@$5 S #f��\"Oq��bm!V1NM)��(NW)k&)-/.éOFdL!Vïà/ %e@�|5 S BR]�¢:dLO/Oq8H\"��!VU/&9!Xa8)#K��&)bfUtÛ[kñ�åB'��1N!VUL�#V3 + 90EgEgE*9`3 r &9#V�e#V�QHd/(3&9#f(3Wu\"OF&)bm��.é8H-�&>Llc��.é13-r!"�#VM9&)(¯�'kq8)#%!VU/�Wx#V�O/#f�m}\V��-_!�M9&)(3dL��\%8)X4&i\V&)S�OF(N�Y8)X4\V1Nß�eÛôXa#V8HS &�/lc��.�kbm8H-r!V13-cdL8Hd/\�./13\V!"#f1NjFdL!V138H-;ÆTh&)-F.é1*-x!VUL�(*&9!"!"�#%b&)\"�)k6&)\V\Vd/S��n!VU/&9!�Xa8)#���&)bRUxÛ[k�3 + 5gEgEgE*53 r &9#V��\"!"8:bfUF&)\"!V13b&)(3(NWw13-F.L�Oq��-/.L��-r!J8)X`!VUL�Oq�#V!Vd/#VjF&9!V1N8H-/\ M á¤ì±\�]

    ë¤X�!VUL�ä3Tá®ì±\�&9#V�w#f�QHd/(3&9#f(NW×\"OF&)bm��.ð8H-Ç�!VUL��-�k7Xa8)#TX,dL!VdL#V�i#V�Xa�#V��-/bm�)kJ24�w!V&9v)��Æ !"8jq�i!VUL�ud/-/1NXa8)#fS./13\V!"#f1NjFdL!V138H-P8H-��'][ë¤-i!VUF13\K-L8)!V&9!V1N8H-kF&)\V\Vd/S���!VU/&9!

    ñKöH²=64ã)? @r�U/&)\K!VUL#f���.L�#f13My&9!V1NM)��\'2�1N!VUu#V��\"Oq��bm!�!"8_@LkFjq8Hd/-F.L��.wd/-/1NXa8)#fS�(3W�13-ßã&)-F.x13- @1*-w&�-L��1NQHUrjq8HdL#fUL8c8c.>8)X�@ L!VUL�IG�ÈäGeS�&9!"#f1 l 2 + e@rRkL8)X`2�U/13bRUi!VUL�PÆóv5SÉ}!VUx��(N��S���-_!�1*\ÊË$$=q4ã�? @r$@ ò $�=64ã)? @r$�@ \ Ì ÆP4ãq51*\w-L8H-/\V13-/QHd/(3&9#>2�UL��-`@N/ @ �!VUL��!V1*ST�\"�#f1N��\c1hB�á6

  • ë¤X 13-i&)./.F1N!V1N8H->!"8xñ�åBJ&)-/.ñgöH42J�n&)\V\VdFST��!VU/&9!g!VUL�n./13\V!"#f1NjFdL!V138H-�8)X MSÐ 13\g&9jF\"8H(3d/!"��(NWPbm8H-r!V13-rd/8Hd/\&)-/.U/&)\i\VdLù�b1N��-_!V(3WâS�&)-_WÚF-/1N!"�éST8HST��-r!V\k'&)-/.Ø!VU/&9!_�e@$5 S �&)-/.>=66EF? @cPUF&�M)�\VdLù�b1N��-_!V(3WâS�&)-_W.L�#f13My&9!V1NM)��\2�1N!VU�#V��\VO6��bm!h!"8L@K&)-/. S ky!VUL��-�24�JS�&�W�.L�#f13M)�7&)-�þ4.LQ)�248)#f!VUn�ml:OF&)-/\V1N8H-n8)Xc!VU/�4./13\V!"#f1NjFdL!V138H-8)X)Ì'4 8¥

    ÷H1jÌ'4 ²9CÍ*

  • #V��\"Oq��bm!V1NM)��(3W)]ï¢cOq��b1NFb&)(3(NW)k:!VUL�!ÍF}!VUu#V8D2�\g8)X 2 + ò &)-/.;3 + ò &9#V�rPQ8R O6s + t

    Ò Q @/e@$5 S kÒ Q e@$5 S k X < Q e@$5 S *�ò=�@F43 Q ? @r�A OP á R +IS ásò=�@s43 Q Ü á�? @rj k x à Q&)-/.

    X rPQºR O6s + Ò Q @ e@$5 S kæ Q e@r k A < Q e@$5 S ¦ç Q @ e@c k à Q

    #V��\"Oq��bm!V1NM)��(3W)k/2�UL�#V�)Ò Q @Fe@$5 S ;/ >=%@s43 Q ? @r�A ~ Oá R + S á >=%@F43 Q Ü á? @rg&)-/.Ò Q / nÒ Q + 5gfgfgfh5Ò Q i�k78æ Q e@c�&)-/.ç Q @ e@c[&9#V�%!VUL�VK�}M)��bm!"8)#f\�2�13!VUTã}!VU>��(N��ST��-r!V\=æ Q á e@r)/�7 Q Ü á XË=q43 Q Ü á ? @rp&)-/. >= @ 43 Q Ü á ? @rRkr#V��\"Oq��bm!V1NM)��(NW6&)-/.Þò=�@F4ã)? @r�13\�!VU/�Gy}M)��bm!"8)#�$ >=%@s4ã�? @r%$@L] o UL��Í/}!VU×��(N��ST��-r!n8)XÅ5 + ò ��rd/&)(*\ < ò e@$5 S kÒ ò @ e@�5 S R] o UL�CH}!VUx#V8B2'\g8)X 2 < ò &)-/.G3 < ò &9#V�

    rPQºR Oys + æ Q B e@ckÒ Q e@$5 S k A < Q e@$5 S >=�43 Q Ü8B ? @r k à Q &)-F. X rPQºR Oys + æ Q B e@rkæ Q e@c k à Q

    #V��\"Oq��bm!V1NM)��(3W)ks&)-/.t!VUL�C_}!VUx��(3��ST��-_!'8)XA5 < ò ��cd/&)(3\ < ò e@$5 S kæ ò B e@rR]£���b&)(3(!VUF&9! < Q e@$5 S g2�&)\'./�F-L��.&9!�öc]3åm÷r]��L8)#fSYd/(3&xöc]»êHgXZ8H(*(N8B2�\�Xa#V8HS ,^�]3åBm]Ú Ä�ÄË�7ÏeÓ�ÖÛ ��Ü,Ý �pÑÖSÞ�JÐqÖVÒ%Ï Ò#ß Â �H�7Ò�Ñ��/g Áè Í�L8)#T!VUL�i\V&9v)�w8)XKjF#V�Mc13!W2J��!"#f��&9!T8H-/(NW�!VUL�ib&)\"�uî^9 >[ûå>&)-/.^ / %e@�5 S R] o U/��-×&h&9Q)#R&)-LQ)�SYd/(N!V1NOF(*1N�#J&9#fQHd/ST��-r!�\VUL8D2�\g!VU/&9!

    à ò / Ü + ®åïA+* + A+* k < ² ò Ü +FE Ó + Ü Ô 5 ,^�]»öH2�UL�#f�* + 13\�&Y\fb&)(3&9#�k¯* < &)-/.G² ò &9#V�J±}M)��bm!"8)#R\k¯² ò /'$�1 n@Fàq85 nS à�w

  • ë®-/.L���.�k%!VUL�/#R\"!ij68HdF-/.í13-ú,^�]»üH>XZ8H(*(N8B2�\ujrW o &BWc(38)#u�mlcOs&)-/\V1N8H-Þ&)-F.!VUL�{\VST8c8)!VU/-L��\f\i8)Xà'kn&)-/.13STOs(31N��\�!VUL��-/�mlc!'!VUL#V��njq8Hd/-/.F\] o 8�8)j/!V&)13-u!VU/�n!2J8�#f��S�&)13-/13-/QTXZ8)#fSYd/(3&9��8H-L��13-/13!V13&)(3(NWP&)\f\Vd/ST��\�!VUL��1N#bm8)#V#V��bm!V-/��\V\p&)-/.eb&9#V#f13��\`!VUL��O/#V8c8)XFjq��(N8B2ô!"8n1N!V\`bm8H-/b(*d/\V1N8H-�k)8)jF!V&)13-/13-LQe,&9XZ!"�#78H-/(NW�&�S�1*-L8)#`��(3&9jq8)#f&9!V1N8H-8)X�!VUL�é&9#VQHd/ST��-r!ReO/#f8)O6�# ~ 13-ðO/#f8)jF&9jF13(313!W:�(313S�1N!V\�XZ8)#���&)bfUØ8)X�Û!* + &)-/.âÛ +FE®< * < ] o U/13\TO/#f8BM)��\>!VUL��mlL13\"!"��-/bm�n8)X[ &9Q)#f&)-LQ)��SYd/(N!V1NOs(31N�#f\�* + 5* < J2�UF13bfUw\V&9!V1*\"XZW>!VUL��./��\V1N#V��.wbm8H-/\V!"#f&)13-r!V\K&)-/.u&9#V��\Vd/bfUu!VU/&9!,^�]»üHnUL8H(*./\]Y¢:13-Fbm��!VUL�PSYd/(N!V1NOs(31N�#f\�&9#V�>d/-/13cdL��(NWé.L�F-L��.�!VU/��-!VUL��/XZ!VU×&)-/.{\f1 lc!VU#V��\Vd/(N!V\�13-Ú,^�]»üHSYd/\"!KUL8H(3.i2'1N!VUL8HdL!gO/#f��bm8H-/./1N!V1N8H-]

    ë®-wM:1N�2í8)XK,^�]»öHK&)-/.{,^�]»üHRk

    åL/ P ò à ò /åXÝ®åX�: Ü + * + A7* k < nø ,A +< ®åX�L Ü

  • ë¤XT@m/ n@/àq�&)-/. S / nS àq�&9#V�wbfU/8H\"��-ð!"8�S�13-/1*S�13\"� q / q e@$5 S ? à�Rk7!VUL��-Ùjq8)!VUÙ!VUL�w.L�#f1NM9&9!V1NM)��\e&9!,^�]3åî_�M9&)-/13\VU�kL&)-/.x\"8îà/ X åö $ < q$Hà ò $@ / rPQºR O6s + à Q ( 5 kQ $ S$Hà ò X7 kQ $@$Hà ò - Q A rPQ8R O6s + à Q õ Q ( ö Q $�@$)à ò A < Q $ S$)à ò - A õ ò ò 5

    î:/ åö $s< q$Hà ò $ S / rPQºR O6s + à Q ( 5 kQ $ S$Hà ò X0 kQ $@$Hà ò - 5 Q X rPQ8R O6s + à Q õ Q < kQ $@$)à ò A õ ò 5 ò fþ7cd/1NM9&)(N��-r!V(NW)k ê +"+ $@$)à ò A7ê +< $ S$Hà ò / õ ò ò 5 ê

  • 2�U/1*bfUS�&�Wjq�eO/#V8DM)��.XZ#V8HS ,^�]3å)åBR] o U/�Y#f��S�&)13-/.L�#R\%U/�#V��&)-/.�&9!P,^�]3å�öH�&9#V��8)X4!VUL��\"!V&9!"��.8)#R.L�#f\d/-/13XZ8)#fSP(NW�13-Yà ÿìT]

    o U/��&)dL!"8)#V�Q)#f��\V\V1N8H- M á)/ ~ º Q O S Q Bá Ü Q k�13-x2�U/13bRU S / å9kqSP&�Wxjq�Y13-_M)�#f!"��.x!"8iQH1NM)�e&�S�8BM:13-LQ&�M)�#R&9Q)�)k)B�áz/ ~ Q� � Q M á Ü Q kz\V&�W)]Të¤!�Xa8H(3(N8B2'\�!VU/&9!n!VUL�TM9&9#f13&9jF(3��\à1hB Q Ü áy5�å_9ýãJ90K&

  • þpXa#V8H-�kpó%]g®å�æ)ê:åBR]�ñ�8H-/OF&9#f&)ST�!"#f1*b�\"!V&)-F./&9#f.×�#V#V8)#f\Y&)-/.Ùbm8H-LF.L��-/bm�i13-r!"�#VM9&)(3\]JaI1N!VUô�13\Vbd/\f\V1N8H-�]£�¼|¹�¼DÁÊ��©Ê�¥�ìù¼©ìƾ¿ÀìÊ;ú���ksü)è)æY_÷HîLå9]ä%#V��-F&)-/.L�#�k8c�] ®å�æ)ç)èHR]�-w!VUL��!VUL�8)#fW>8)X`ST8)#V!V&)(*1N!WwST��&)\Vd/#V��ST��-r!k/ëVë¸]8¥©Ç|¼|¹�ÁvÊ�«TÇ�ìÊ;ú��khå�ö)çYså�ç)üc]$%&)(3(k/�z] ®å�æ)ê)çHR]²£K��\V&)STOs(313-LQT&�bm8DM)�#f&9Q)��Os&9!"!"�#f-�]=¥�ì�É$Å6ȼ|ÀìƾeÅÅv;»ºÉ©Åº¸ºÀwÀÊ�«zÃ�Ã�½ùÊ�ç �k6ö)ü:åcöy÷_èc]$%&)(3(k/�z] ®å�æ)æ)öHR]{�ȸrÉDÉuìÆÀjìe»8¼gÃm¼|¹�ÁËûÁKwu¸�)Éh»jìÆÈßû�sëÃ*¼|¹�À�¾FÉ°¹,Ê�¢cOF#f13-LQ)�#�k©ñ'�2Þ5p8)#Vv6]$%&)(3(kL�z]:&)-F.x%24��-k:^�]±ó%]h®å�æ)æ)üHR]Fþ7S�OF1N#f13b&)(s(31Nv)��(31*UL8r8:.Pbm8H-/F.L��-/bm��jF&)-/.F\J1*-�.L��-F\V1N!WP��\"!V13S�&9!V1N8H-]��uÊ£;É°Â:Ã�ê$ìÊT·z»º¼gÃ�È,Ê/¥�ìù¼©ìƾ¿ÀjìÊïçqksöHï9üYcö)ê)æc]$%&)(3(k�z]h&)-/.��7#V��\V-L��(3(kqó%]7®å�æ)æ)êHR]z^�O/Os(313b&9!V1N8H-/\%8)XJ13-_!"��-r!V1N8H-/&)(*(NWujF13&)\V��.j68c8)!V\"!"#f&9OS��!VUL8c.F\]v;»ºÉ"!ź¸g¸jÁu¾¿¹¦w�ÀËÉ°í�ìÆÈv¸�¿6¹vì�¸8»w¹�¼©ìƾ4É°¹�¼|½£�É°¹aw&»º¸ºÀ�ÀËÉ°í#�c¼©ìÆȸºÂ¼©ìƾeÅw¾F¼|¹�À9k��[8H(]ëVëVë>,óJ�#f(*13-�k�å�æ)æ)êHR]¬IÉ$ÅjÊ�c¼©ìÆÈ,Ê4þ[l:!"#f&$�[8H(]pëVëfëRk/ö)çHï½cö)è)èc]$%&)(3(kL�z]/&)-/.w�p#V��\f-L��(3(k:ó%]h®å�æ)æ)æ9&_R]Jë®-r!"��-_!V1N8H-F&)(3(NW�jF1*&)\"��.>j68c8)!V\"!"#f&9OuS��!VUL8c.F\]��uÊ©è:Ê�¥�ìù¼©ìÊA¥�É$ÅjÊ;¢c�#�]

    ó%�*¶/khåm÷_üYså�ç)êc]$%&)(3(k/�z]/&)-/.w�p#f��\V-L��(3(k:ó%]h®å�æ)æ)æyj6R]4ó�13&)\V��.wjq8r8)!V\"!"#R&9OuST�!VUL8:./\�XZ8)#g#f��./d/b13-LQe!VUL���mõq��bm!V\K8)X`bm8H-_!V&)ST}

    1*-/&9!V1N8H-�]��©Ê$è:Ê�¥�ìù¼©ìÊ¥�É©ÅjÊ/¥�¸8»jÊ[ó%�,¶Fksè)è:åcè)ê9î:]$'8H(3(3&)-/.L�#Bk`{]Nkpxb���&9QHd/�)k[ëR]´I�] &)-/.57&)-LQLk&�L]J®å�æ)æHï)R]ph1Nv)��(31*UL8r8:.#f&9!V1N89}js&)\"��.{bm8H-Ls.L��-/bm�Pjs&)-/./\

    Xa8)#�\Vd/#VMc13My&)(qX,d/-/bm!V1N8H-F\]'�uÊa«VÂb¸8»jÊA¥�ìù¼©ìƾÀìÊ�«LÀwÀ8É©ÅjÊ(�çqkqö:å�çYcö)ö)èc]n&9OF(*&)-�ksþ�]±p]s&)-F.tx��1N�#�ks�z]`®å�æ)ç)êHR],ñ�8H-LOs&9#f&)ST�!"#f13b���\"!V13S�&9!V138H-uXa#V8HS13-Fbm8HSTOF(N�!"�n8)js\"�#VM9&9!V1N8H-/\])�uÊ«VÂb¸8»jÊ=¥�ìù¼©ìƾ¿ÀìÊ�«VÀ�À8É$ÅjÊ;úú�k/÷_çHï½_÷_ê:å9]n1N�Xa�#�k(�/]p&)-/.ÙI�8H(NXa8B2�1N!"ß)k*�L]K®å�æ)ç)èHR]gñJ8H-/\V13\V!"��-/bmW{8)X'!VUL�uS�&ylL13S�dFS�(*1Nv)��(313UL8c8:.��\"!V13SP&9!"8)#P13-Ù!VUL�

    OF#V��\"��-/bm�n8)X`13-Ls-/1N!"��(NWPSP&)-_Wi13-/b13./��-_!V&)(qOF&9#R&)ST�!"�#f\]/«V¹�¹,Ê+�c¼©ìÆÈ,ÊA¥�ìù¼©ìƾ¿ÀìÊïç-,sksê)êHï½cæ9îHèc]n1N!V&)SYdL#f&:kJ5e]'®å�æ)æHï)R]íþ7STOs1N#f13b&)(g(313v)��(313UL8c8c.ÙST�!VUL8:./\T2'1N!VUð2J��&9vc(NWð.L�Oq��-/./��-_!TO/#f8cbm��\V\V��\]�«V¹�¹,Ê¥�ìù¼©ìƾ¿ÀìÊïç�.qksö9îHêy÷�cö:åîHöc]wòd/-F\VbfU�kc$�]ý£�]6®å�æ)ê)æHR] o UL�`|V&)bVvcvc-F1NXZ�'&)-/.�!VUL��j68c8)!V\"!"#f&9O�XZ8)#JQ)��-L�#f&)(s\"!V&9!V1N8H-/&9#fWT8)jF\"�#VM9&9!V1N8H-/\][^%-/-�]¢:!V&9!V13\"!]T¶ ,skhå�ö:åBï½så�öy÷/å9]x8H-_!V1k ^�]ñ%]p®å�æ)æHï)R]�þ4STOF1N#f1*b&)(h(31Nv)��(*13UL8c8c.tbm8H-LF.L��-/bm�e#V�QH138H-/\�13-t!V13ST�T\"�#f1N��\�S�8c.L��(*\]r²¾FÉ°Âb¸°ìe»w¾ÄÇë¼��Ïksü)æ)çY_÷HîHçc]xWrv:(3&)-/.�k/�z]±^�] ®å�æ)æ)çHR]q%dF&)((31Nv)��(31*UL8r8:.�]�«L¹�¹,Ê/¥�ìù¼©ìƾ¿ÀìÊ;ç�ú�kqü)æ)èY_÷_ö:å9]%2J��-�k�^�]%®å�æ)ê)êHR]Kþ4STOF1N#f1*b&)(K(31Nv)��(31*UL8r8:.ô#f&9!V1N8Ùbm8H-LF.L��-Fbm�é13-r!"�#VM9&)(3\�Xa8)#i&×\V1*-LQH(N�uX,d/-/bm!V1N8H-F&)(]/r²¾FÉ"!Â˸°ìe»w¾ÄÇë¼/,0.qk6ö)üHï½cöy÷_æc]%2J��-�kF^�]h®å�æ)æ9î_R]�þ7STOF13#f13b&)(6(31Nv)��(313U/8r8:.P#R&9!V1N8Pbm8H-LF./��-/bm��#V�QH1N8H-/\�]�«L¹�¹*Ê/¥�ìù¼©ìƾ¿Àìʶ1��ksæ9îqså�ö9î:]%2J��-�kg^�]%®å�æ)æ)çHR]�ñ'8H-LOF&9#R&)ST�!"#f13bw(313v)��(313UL8c8c.ôbm8H-Ls.L��-/bm�ujF&)-F./\eXZ8)#>&./13\V!"#f1NjFdL!V138H-{X,d/-/bm!V1N8H-]2�uÊ«VÂb¸8»jÊ=¥�ìù¼©ìƾ¿ÀìÊ�«VÀ�À8É$ÅjÊ&����ksç:å�èYcç)ö:å9]%2J��-�kF^�]hö9î)îLåBR]�û;Â:Ã�¾¿»w¾eÅ8¼|½ûu*¾ÄÇD¸º½¿¾ÈÉDÉ$ÁÊLñ�U/&9OFSP&)-43 $'&)(*(65)ñ²£Kñ%k/8H-F.L8H-�]£_¤��-rWc1kh^�]p®å�æ)è:åBR]P�-ST��&)\Vd/#V��\%8)X7��-r!"#V8)OrW&)-/.13-LXa8)#fS�&9!V138H-�]v�»ºÉ$ÅjÊuìÆÈÇr¸8»�ÇD¸º½F¸S ¥N�Â:Ã)Ê7�c¼©ìÆÈ,Ê¥�ìù¼©ìƾ¿ÀìÊ�v;»ºÉ©é$ʶ/k6çy÷rï½cç)è:å9]

    ö:å

  • o UL8HSP&)\kFY]ý£n]6&)-/.tä%#fdF-Lv)��ST��1N�#�ksäe]±p] ®å�æHï9çHR]hñJ8H-Ls.L��-/bm�n13-r!"�#VM9&)(���\"!V13S�&9!V138H-w8)X[\VdL#VM:1NM9&)(sOF#V8)jF&y}js13(31N!V1N��\JXa8)#�bm��-/\"8)#f��.u./&9!V&:]8�©Êa«LÂ˸8»jÊA¥�ìù¼©ìƾ¿ÀjìÊ�«LÀ�ÀºÉ©ÅjÊ�,0��ksê)è)çYcêHïcå9]£K��&).k o ]K&)-/.ýñJ#f��\V\V1N�)kJñ�]Y®å�æ)ê)êHR] ·ÉuÉ$ÁD¹¸ºÀ�À9!ùÉ°í:!ny*ì¥�ìù¼©ìƾ¿ÀìƾeÅwÀäíÆÉh»�¬J¾¿ÀÅ�»¸°ì�¸;�µê&½ùìƾz¼°»w¾¼©ì�¸�¬!¼©ìù¼©Ê¢:O/#f13-LQ)�#Bk©ñ'�2í5p8)#Vv6]

    IU/1N!"!V(N�)k_�z]s®å�æ)ç)üHR]:þ7\V!V13S�&9!V1N8H-T&)-/.T1*-LXZ8)#RS�&9!V1N8H-T13-e\"!V&9!V1N8H-F&9#VWe!V13ST�g\"�#f1N��\�]�«L»�Ç�Ê