Immigrants' and Natives' Unemployment-risk: Productivity ... - S-WoPEc

4 downloads 0 Views 301KB Size Report
Aug 15, 2001 - FIEF Working Paper Series 2001 ISSN 1651-0852. Nr. 169. Immigrants' and Natives' Unemployment-risk: Productivity Differentials or ...
FIEF Working Paper Series 2001

ISSN 1651-0852

Nr. 169 Immigrants’ and Natives’ Unemployment-risk: Productivity Differentials or Discrimination?* by Mahmood Arai† och Roger Vilhelmsson‡ Abstract Studying the unemployment risk during 1992 to 1995 for a sample of employees in 1991, we find that immigrants from the non-European countries run a risk of unemployment that is twice the corresponding risk for the native workers. There exist substantial unemployment-risk differentials taking into account employees’ demographic and human capital characteristics, the wage-rate in 1991 and systematic sorting of workers across establishments associated with varying unemployment risks. Exaggerating beyond all reasonable limits, the ability differentials (measured in school grades and IQ-tests) between immigrants and natives fails to explain the differences between immigrants and natives in unemployment risks. Our simulations indicate that the observed unemployment-risk differentials between native and nonEuropean workers correspond to ability differentials that are at least as large as the whole range of IQ-scores. Our conclusion is that discriminatory behavior and stereotype beliefs must be involved. Furthermore, we report results indicating that the existing income-gap between immigrants and natives in Sweden is almost entirely due to unequal employment opportunities. Keywords: Immigration; Unemployment; Discrimination JEL classification: .J71; J15; J61; J64 August 15, 2001 ________________________________________________________ *

We are grateful to seminar participants at Trade Union Institute for Economic Research, Swedish Institute for Social Research, Department of Economics at Stockholm and Örebro University. Financial support from the Swedish Council for Work Life Research (RALF) is gratefully acknowledged. † Trade Union Institute for Economic Research (FIEF) and Stockholm University. Corresponding address: [email protected]. ‡ Swedish Institute for Social Research (SOFI), Stockholm University. Corresponding address: [email protected].

9



#0123 #

: K^Uv•,NPEVa\ x …’U[GNP\_B¬\*cMaGN‚U[\9EVQSN‚Q[EVD|Uv‰sWEVQb•bUWK^T4UzQvUL{‡@¢c^c^UWK^Q\ E € •C@CK*‰

PN EVa\ N‚DFDFN–TVKM@4QcYTVK^EVa:{ \L@4QG/Q @)cMNŠ•bUz\&NPQGN‚z@¢cMU>cMB @)ccMB:U7N‚Q[EVD|Uv‰·Tb@C{ ›ŽUvc…’U[U[Q;N‚DFDFN‚T4K‹@CQcM\c^U[QG\]c‹EˆG:U[WK_Uz@4\wUANPQ cMB:US† K^\*c € UW… ybUz@CK^\FNPQ x …YU[G:UzQF› a,c“cMB:UWK_Ug@ € c^UWKK_UzD¤@CNPQ\@¢cBN‚TbBFZ–UW•VUzZ‚\[—ºE4K“cMB:ULN‚DFDFN–TVKM@4Qc TVK^EVa:{ \ € K^EVD WEVaQc^K^N‚U[\9EVa,cM\_NPG:Uea:K^E4{ŽU4h cMBNP\0N‚Q[EVD|Uv‰·Tb@C{¬\wUvc_c‹Z–Uz\&@)c @CK^EVaQ> G =4k{jU[K^vUzQbcz — ?’EVQ\_NPG:UWKMN‚Q:TcMB:U0\_D¤@4ZPZ…9@)TVU N‚Q:Uz»Ha @4ZPNŠcyeNPQ x …YUš‰ G:UzQ7N‚QTVUzQ:UWKM@4ZH@4QGcMB:U’E4› \wU[Kw•bU[G… @CTVUŒGN–žŽU[K_U[QcMNP@4ZP\›ŽUvc…’U[U[QQ @)cMN–•VUz\ @4QG¹NPD]DFN‚TVKM@4QbcMA\ @_h¡cMB:U¨B(a:TVU~N‚Q[E4D]UT@C{ \D~a\*ccMB:U[Q/K_#U B U[šcGN–žŽU[K*‰ UzQvUz\0N‚Q¬aQ:U[D]{ ZPEgy,D]UzQbcw‰·K^NP\w}Ž— ˜9B:UJD¤@4N‚Q { a:K_{”E4\_UJE € cMBNP\{‡@){ŽUWK~NP\cME Uš™ @4D]NPQ:U]…&B:UvcMB:U[K~N‚QGNŠ‰ •:N‚Ga @4ZŽ{K^E(GašcMN–•,N–cy¨D]Ug@C\^a:K_U[\Œz@4Q¤U[ZPN‚DFNPQ @)c^U9›jUWc…YUWUzQ(‰qTVK^EVa:{´GN–žŽU[K*‰ UzQvUz\“N‚Q|aQ:U[D]{ Z‚Eƒy,D]U[Qcw‰·K^N‚\_}Ž—™ @4D]NPQNPQ:T&cMB:U x …YU[GNP\_> B C¯@C›ŽE4K“ºE4K^vU x a:K_•VUWy,\ € ECK9dW D!E(h:d[V!  E0@4QG¬d[VV&NPQ x …’UzG:U[Q¡hVILKM@4G N FIH8JLKM5J ­qiCkVkVk²3K^Uš‰ {”E4Kwc¯cMB @)ccMB:U“EHGG\‘KM@)cMNPEV\ € E4K‘›ŽU[NPQ:T&aQ:UzD|{ ZPEgybU[G¡hz[E4D]{‡@CK^NPQ:T•C@CK^NPEVa\ TVK^EVa:{ \ E € NPDFDFN–TVKM@4Qbc‹\…&N–cMB~Q @)cMN–•bU[\WhbKM@4Q:T4U ›ŽUvc…’U[U[QFicMN E D>N‚D]{ Z–y,NPQ:T B(a:TVUGNŠž”UWK^U[QvUz\N‚QaQ:UzD|{ ZPEgy:D|UzQbc¡K^NP\w},\W—˜9B:U[\_UEHGG\‰·KM@)cMNPEV\K^U[D¤@4N‚Q @)c •bUWKwyABN‚TbB«Z‚Uv•bU[ZP\0c¥@)},N‚Q:T¦N‚QcME´@4WWEVaQcL•C@CK^NPEVa\LG:UzD]E4TVKM@C{ BNP@4QG B(aD¤@CQJ[@C{ NŠc¥@CZŽ¥B @CKM@4šc^U[K^N‚\wcMN‚[\W—˜9B:Uz\wU K_U[\_aZ–cM\Y\_a:TVTVU[\*c’cMB @)c’cMB:UGN € ‰ € UWK_UzQvU[\eNPQˆaQ:U[D]{ ZPEgy,D]U[QcKMN‚\w},\e@CK_UFQECcUv™,{ Zœ@CNPQ:U[G¹›HyˆGNŠž”UWK_UzQvUz\ NPQANPQGN‚z@)cME4K^\ E € {K^EHGavcMNŠ•:NŠcy¦@4QGŸDFN–TbBbc9›ŽUeGa:UcME]GN‚\^vK^NPDFN‚Q @)cME4Kwy ›ŽU[B @g•,NPECKzP— O7IaQ:UzD]{ Z‚EgybUzG¦@4QG c‹BE4\_U’…&BE>GN‚G|QE)cg—°·Q¨cMBNP\…9@zy…YU9[@4Q¨Uz\*cMNPD¤@¢cMU“cMB:U9N‚D]{‡@4šc E € •C@CK*‰ NPEVa\ N‚QGN–•,NPGa @4Z‹B @CKM@4vc^UWK^NP\*cMNPW\&E4Q K^NP\w}(\ E € ›jUzWEVDFN‚Q:T¦aQ:U[D]{ Z‚EƒyVUzG¡— Q BNPZ‚U¤›‡@C\^N‚z@CZPZ–y@4ZPZ \wcMaGN–Uz\E € aQ:U[D]{ ZPEgy,D]UzQbca\wUJ\^@4D]{ Z‚U[\>E € aQ(‰ UzD]{ Z‚EgybUzG¡h4cMBNP\“{‡@C{jU[KN‚\’@CDFEVQ:Tc‹B:U0•bUWKwy € Uv…¶cMB @)cŒUz\*cMNPDF@)c^U K^NP\w},\ŒE € R  Êæ æŒþS ‹æÊèPé  ;TU O $  þS ‹æÊèPé çsò^ùWV,ì^ï–êPçqë ïPï‚îsò  ;6TXT O $  éì_ñ÷í÷çsè%ç·ò^ùWV,ì^ï–êPç·ë ï‚ï‚îsò  ;6TXTXY $  ï–ê‚æ èZ‹æÊèPé  @X[X[X[ $,ç·ò^ùþ)ù_ñóòL\-]_^8`ba  @X[X[X[ $cd^îsèê  æúe  [ïŠêPì^ùwñ÷æ ï  ï‚æÊæ f ñöï  ñ÷õ  ;TgXg  ;TghU  ;6TXU @ $ i îsèk–j çsï  ;TUl  ;6TXUmg  ;6TXT @  ;TT O $Cç·òMùn[çXWîsò^ùwæ:ç·òMù¯ø[îsô‹æÊí  ;TT8Y $+ o  æÊæ:ä çùwæÊòMïPj î  ;TXT @ C $ ç·ò^ù‘í÷æe, V èPçsò^ù‘çsò^ù p ì^íb *ñ÷ò  ;TTXT $ q ^ îsèƒê  æÊîè‚ñ÷æ ïgîsë  ñöï‚õÊè‚ñ÷ð”ñóòMçqê‚ñ÷îsò3ï‚æÊæ!r  æÊí÷ô^ï  ;Tmg @ $  èPè‚î   ;6Tmg @ $  Hñóéò_æÊèCç·ò^ù  ç·ñ÷ò  6; Tmgg $c ^îsèbîh æÊè ñ÷æ  ïVï‚æÊæsv ì^ò^ù_ç  ívç·ò^ù¯äçsùwæ ò^ïPj î  ;TXUXY $+ t

›ŽU[[EVD]NPQ:T¨aQ:UzD|{ ZPEgybU[G € K^EVD @¨\M@CD]{ Z‚UE € UzD|{ ZPEgybUWUz\W—PY µa:KK_Uz\_aZŠc‹\\_a:TVT4Uz\*ccMB @)ccMB:U¨D¤@)uwECK{‡@CKwcE € cMB:U¨Uz\*cMNPDF@)c^UzG«GN € ‰ € UWK_UzQvU[\ NPQ aQ:UzD]{ Z‚Egy:D]U[Qbc0KMN‚\w},\&›ŽUvc…’U[U[Q N‚DFDFN–TVKM@4QcM\9@CQG/Q @)cMN–•VUz\ K^U[D¤@4N‚Q7@ € c^U[K%WEVQbc^KME4ZPZPN‚Q:T € E4Kn@CT4UVhCT4UzQG:UWK[hVD¤@CK^N–c‹@4Zb\*c‹@)cMa\Wh4Q(aD7›jU[K%E € ¥BNPZ‚G:K^U[Q¡hŽN‚DFDFN‚T4K‹@¢c‹N‚EVQFybUz@CK[hjUzGa[@)cMNPE4Q«Z–UW•VUzZ®hŽ\wUzQN‚E4K^N–cyVh‡K_U[WU[Qbc U[D¨‰ { ZPEgy:D|UzQbc“BN‚\wcME4KwyVh› Z‚a:Uv‰·[EVZ‚Zœ@CKE(W[a:{‡@¢c‹N‚EVQ¡hNPQGa\*c^K_y])@ vFZPNP@)cMNPEVQŸ­Ìc…YE GN‚TbNŠc0Z‚Uv•bU[Z x ° ?9²’@CQG¦cMB:UN‚QGN–•,NPGa @4Z®  \Œ{‡@zyH‰·KM@)c^UN‚Qˆd[4 dC— °·Q•VUz\*cMN‚T@¢c‹N‚Q:TcMB:U0KME4Z‚U0E € @C› N‚ZPNŠcyVhC…YU0a\wULa:{{ŽUWKw‰·\_U[WEVQG @CKwy~\_¥BEHEVZ TVKM@4G:Uz\Œ@C\“…’U[ZPZj@4\“{K^Uš‰·U[QZPN‚\wcMD]U[Qbc“DFN‚ZPN–c‹@CKwyTVU[Q:U[KM@4Zj°*±0‰qc^U[\*cY\_WE4K_Uz\@4\ NPQGNP[@)cME4K^\E € @)› NPZPNŠcycMEZ‚Uz@CK^Q¡—˜9B:U&NPG:Uz@N‚\c‹B @¢ccMB:U @C› N‚ZPNŠcy~GNŠž”UWK^U[Q(‰ c‹NP@4ZP\QECc‘K_#U B U[vc^U[GNPQ>WK^EV\_\‰s\wUzšcMNPEVQGNŠž”UWK_UzQbcMNœ@4Z‚\N‚Q… @CTVU[\¡DFN‚TVBc3y,N‚U[ZPG GN–ž”UWK_UzQbcMNœ@4ZnaQ:UzD|{ ZPEgy:D|UzQbcK^NP\w}(\ € E4Ke@C{{‡@CK_UzQbcMZ–y/NPG:U[QcMN‚z@4Z%… ECK^}4U[K^\ @4\9D]Uz@4\_a:K^U[GJNPQSEVa:K WK^EV\_\‰s\wUzšcMNPEVQJE € …YE4K_}VUWK^\[— w0{{ŽUWKw‰·\_U[WEVQG @CKwyF\_¥BEHEVZ‡TVKM@4G:Uz\@CK_UDFNP\_\_NPQ:T € ECKcMBEV\wUL…&BEeB @g•VU QECc9WEVD]{ Z–UWc^U[G|cMBNP\YG:UWTVK_UWUV—?ŸE4K_U[Eg•bU[K“cMB:U[\_ULTVKM@4G:U[\Y@CK_UD]NP\_\_NPQ:T € E4K NPQGN–•,NPGa @CZP\ …&BE¤B @z•bUeWEVD]{ Z–UWc^U[G¦cMB:UzN–KLU[Ga[@)cMNPEVQŸEVa,cM\_NPG:U x …’UzG:U[Q¡— °*±0‰qc^U[\wc \_[E4K_U[\Y@)K^UDFNP\_\_NPQ:T € E4K @CZPDFEV\*c@CZPZ”Q @)cMNŠ•bU&…YEVD]U[Q¤@4QG´N‚DFDFNŠ‰ TVKM@4QcM\W—~I\ …YU]@4\_\_N‚TbQ«c‹B:U~c^UzQbcMB/{ŽUWK^WU[Qbc‹N‚Z‚U¨\_¥BEHEVZT4K‹@CG:U € K^EVD cMB:U Eƒ…&Q¤­ÊK_U[TbN‚EVQE € › N–K_cMBj²ŽTVK^EVa:{GNP\*c^KMN–› a,cMNPEVQ¡h € E4K¯NPQGNŠ•:N‚Ga @4ZP\3…&N–cMB>DFNP\_\‰ NPQ:T9TVKM@4G:U[\Whg…’U Uš™@CTVTVUWKM@)c^U@4Qy{”EV\_\_N‚› Z–U“@C› N‚ZPNŠcyLGN–žŽU[K_U[QcMNœ@CZP\”›ŽUvc…’UWUzQ Q @)cMN–•bU[\@4QG´NPDFDFN–TVKM@4Qbc‹\W—¯?ŸECK^U[Eg•bUWKzhH@4\_\_N‚TbQN‚Q:TcMB:ULc^U[QcMBF{jU[K^vUzQbcMNPZ‚U °*±0‰qc^U[\wc&\_WE4K_UE € cMB:U>Eg…&QJTVK^EVa:{¬GNP\*c^K^N‚› a,cMNPEVQF…’UUv™@CTVT4U[KM@)c^U@)› NPZPNŠcy GN–ž”UWK_UzQvU[\F›ŽUvc…’U[U[Q;N‚DFDFN‚T4K‹@CQcM\~@4QG Q @)cMN–•bU[\¤@4\]…’UzZ‚Z0@4\F›ŽUvc…’UWUzQ Q @)cMN–•bU¤…YEVD]U[Q©@4QG©D|UzQ¡—§° € Q @)cMN–•VUF… E4K_}VUWK^\7@CK_UJ¥B @CKM@4šc^U[K^ZN xWU[G ›y BN‚TbB:UWK¬­ÊK_UzZ–UW•C@4QbcecMEŸcMB:U x …’U[GNP\_B©Zœ@)›”E4KeD¤@CK_}VUvcv²@C› N‚ZPN–cyWEVD]{‡@CK_U[G …&N–cMB©NPD]DFN‚TVKM@4QbcM\Wh‘c‹B:U¦Uv™(c^K_UzD]U[Z–yZPEg… °±&‰·\^WE4K_U[\|@CQG \^‹BE(EVZü‰·TVKM@4G:U € ECK’N‚DFDFN–TVKM@4QcM\…&NPZ‚Z‡Uš™:{ ZP@4NPQ¨c‹B:UL›ŽUvc…’U[U[Q(‰·TVK^EVa:{FGN–ž”UWK_UzQbcMNœ@4Z‚\NPQ´aQ(‰ UzD]{ Z‚Egy:D]U[QbcŒKMN‚\w},\W— ˜9B:U/c^U[QcMB(‰·{jU[K^vUzQbcMNPZ–U¹°±0‰qc^Uz\*cŸ\_WE4K_U\_NPD~aZœ@¢c‹N‚EVQ;U[ZPN‚DFNPQ @)c^U[\]cMB:U cMU[Q|{jU[K^vUzQbc“BN–TbB:UWK aQ:U[D]{ ZPEgy,D]U[QcK^N‚\_}(\ € E4K… E4D]UzQ~N‚QGNP[@)cMNPQ:TcMB @)c c‹BN‚\¬\_NPD~aZP@)cMNPEVQ NP\J{”Eg…YUWK € aZٗ Q B:UzQ a\_NPQ:Tª\_a¥B @³{ŽEg…YUWK € aZ&› Nœ@4\ @CT@4N‚Q\wc NPDFD]N‚TVKM@4Qbc …YE4K_}VU[K^\WhŽK_Uz\_aZŠc‹\NPD]{ ZŠy¬cMB @)ccMB:U~D¤)@ u*E4K&{‡@CKwcE € c‹B:U>E4› \wUWKw•bUzG¦aQ:UzD|{ ZPEgy:D|UzQbcŒK^NP\w}‰·GN–ž”UWK_UzQbcMNœ@4Z‡›ŽUvc…’U[U[QJQ @)cMN–•bU[\9@4QG NPDFDFN–TVKM@4Qbc‹\’K^U[D¤@4N‚Q\LaQ:Uš™,{ Zœ@4N‚Q:UzG«UW•bU[Q«cMBEVa:TVB«TVK^EVa:{/GN–žŽU[K_U[QcMNœ@CZP\ @CK_ULUš™ @)TVTVUWK‹@¢cMU[G~›ŽUvyEVQG´@4Z‚Z K_Uz@4\_EVQ @C› Z–ULZ‚NPDFNŠcM\[—µa:K\_NPD~aZœ@¢c‹N‚EVQ\NPQ(‰ GNP[@)c^U&cMB @)c“cMB:ULE4› \wU[Kw•bU[GFaQ:U[D]{ ZPEgy,D]UzQbcw‰·K^NP\w}GN–ž”UWK_UzQbcMNœ@4Z‚\ ›ŽUvc…’UWUzQ y  æÊæç·íöï–î”í÷æeV,èPçsò^ù  @8[[X[ $c z

Q @)cMN–•bU@4QGA¸&EVQ(‰a:K^E4{ŽUz@4Q¦…YE4K_}VUWK^\ [ECK^K_U[\w{”EVQG¦cME¤@)› NPZPNŠcyJGNŠž”UWK^U[Q(‰ c‹NP@4ZP\c‹B @¢c0@CK_U>@)c0Z–Ug@C\wc0@4\9Zœ@CK_TVU@4\YcMB:U …&BEVZ‚UKM@4Q:TVUE € °*±0‰s\_WE4K_Uz\W— ˜9B:U7D|Uz\_\^@CTVUE € cMB:U[\wUe†‡QGNPQ:Tb\&NP\0cMB @)c GN‚\_WK^NPD]NPQ @)cME4Kwy¤›jUzB @z•,NPE4K NP\]N‚Q•bEVZ–•bU[G¡{ — : K_U u*aGNPvUz\|@4QG \wc^UWK_UzECcy,{jU¦›jUzZ‚N‚U € \F@C›ŽEVa,cFN‚DFDFN–TVKM@4Qc … E4K_}VUWK^\Z‚Uz@4G/cMEŸBN‚TbB:UWKK^NP\w},\E € u*E4› \‰sZ‚EV\_\e@4QGD]E4K_U|GN v¤WaZ–cc^KM@4Q(‰ \^NŠcMNPEVQAc‹EJK_Uv‰·U[D]{ Z‚Eƒy,D]U[QcLZ–Ug@4GN‚Q:TJcME¤cMB:U]EVa,cMWEVD]UecMB @)c@C{{‡@CK_UzQbcMZ–y \^N‚DFNPZP@CK …YE4K_}VUWKM\K^aQ¤KM@4GNP[@4Z‚Z–y¨GN–žŽU[K_U[QcK^NP\w}(\’E € aQ:U[D]{ ZPEgy,D]U[Qc Ga:U c‹E7cMB:UzN–K K_U[TVNPEVQJE € E4K^N‚TVNPQ¡— ˜9B:UŸT@){„NPQ aQ:UzD|{ ZPEgy:D|UzQbcw‰·K^NP\w}›ŽUvc…’U[U[Q;N‚DFDFN–TVKM@4QcM\7@CQG„Q @¢‰ c‹NŠ•bU[\YQ @CK_K^Eg…&\ŒKM@C{ N‚GZ–y]NPQ¤cMB:U ybUg@)KM\’@ € c^U[K’NPD]DFN‚TVKM@)cMN‚E4Q~› a,c9NP\KM@)cMB:U[K [EVQ\*c‹@4Qbc@ € c^U[K>\wUW•VUzQE4KU[N‚TbBbcybUz@CK^\E € \wc‹@zy/NPQ x …YU[G:U[Q¡—]˜9B:UFWEVQ(‰ •bU[K_TVU[QvU {‡@)c_c^U[K^QJNPQ¬aQ:U[D]{ Z‚Eƒy,D]U[QcKMN‚\w},\ EC› \_UWKw•bU[G € E4KYNPDFDFN–TVKM@4Qbc‹\ € K^EVD EVa,cM\^N‚G:U7a:K^E4{jU7DFN‚K_K^E4K^\YcMB:U7NPQWEVD]Uš‰sWEVQb•bU[K_TVU[QvU{‡@)c_cMUWK^QŸK^Uš‰ {”E4Kwc^UzG¤›yF{K_Uv•:N‚EVa\Œ\wcMaGN–Uz\W—nIL\’WEVD]{‡@)K^U[G|…&NŠc‹B¤QE4Q(‰a:K^E4{ŽUz@4QFN‚D¨‰ DFN‚TVKM@4QbcM\WhcMB:U¦¸LE4K^GN‚´@4QG ECcMB:U[K7a:KMEC{ŽUz@4Q³N‚DFDFN‚T4K‹@CQcM\@CK_UJ¥B @CK*‰ @4vc^UWK^ZN xWUzGˆ›Hyˆ@«Z‚Eƒ…’UWKaQ:U[D]{ Z‚Eƒy,D]U[Qcw‰·K^N‚\_}ŸTb@C{—S˜9BNP\eTb@C{³Q @)K^K^Eg…&\ K‹@){ NPGZ–y]NPQ¤cMB:U ›ŽUWTbN‚QQNPQ:T~@4QGJWEVQc^KM@CKwy~cME7QEVQ(‰a:K^E4{ŽUz@4Q\WhcMB:Uvy´GE z@)cM¥B a:{;cMEˆQ @)cMN–•bU[\WhŒ› a,c¤EVQZ–y € E4K¨cMBEV\wUS…&BEˆK_U[D¤@4N‚Q NPQ x …’U[G:UzQ DFE4K_UcMB @4QAi)k7ybUz@CK^\W— \*cMNPD¤@¢c‹N‚Q:TJ…&NŠcMBNPQ§NPDFDFN–TVKM@)cMNPECQAybUz@CK[h›ŽUvc…’U[U[Q§T4KME4a:{³GNŠž”UWK^U[Q(‰ c‹NP@4ZP\9N‚Q¬…9@)TVUz\Wh EVa:K9K_Uz\_aZŠc‹\0@)K^Ue@4\ € EVZPZ‚Eg…&\[—˜9B:Ue¸LECKMGN‚NPDFDFN–TVKM@4Qbc‹\ z@)cM¥B¨a:{´@)cEVQvU&@4QG|Uz@CK^Q~cMB:U0\^@4D]U…9@)TVU0@4\Q @¢c‹NŠ•bU[\nE4KnUW•VUzQ|DFE4K_UV— º ECK0cMB:UNPDFD]N‚TVKM@4QbcM\ € K^EVD a:K^E4{ŽUcMB:UWK^U>N‚\L@|\^DF@4ZPZ”T@){ŸE € @C{{K^Ez™Nü‰ D¤@)c^UzZŠyecMB:K_U[U9{jU[K^vUzQbcz—˜9B:UWK_UL@CK_U0QEWZ‚Uz@CK›jUWc…YUWUzQ|[E4BE4Kwc{‡@)c_c^U[K^Q\ NPQ/cMB:U¨… @CTVU~T@){ € E4K cMB:Uz\wU¨TVK^EVa:{ \W—|ºE4KcMB:U]QE4Q(‰a:K^E4{ŽUz@4Q T4KME4a:{h …YU7†‡QG@¤…9@CT4U7GN–žŽU[K_U[QWU¨E € \wUv•bU[Q/{ŽUWK^WU[Qcc‹B @¢c •C@CK^N‚U[\ \_EVD]Uv…&B @)c @4WK^EV\_\•C@CK^N‚EVa\[E4BE4Kwc‹\W| — ?’EVQvUWKMQN‚Q:TJcMB:U¨NPQWEVD]Uš‰sWEVQb•bU[K_TVU[QvUe{‡@)cw‰ cMUWK^Q € E4K>GN–ž”UWK_UzQbc>NPD]DFN‚TVKM@4Qbc&TVK^EVa:{ \Wh¡cMB:UFDFf@ u*E4K\_EVa:K^WU|E € NPQWEVD]U NPQ:U[»(a @4Z‚N–cy´NP\’cMB:U>\_a:› \*c¥@CQcMNœ@CZPZ–yFBN‚TbB:UWK9aQ:U[D]{ ZPEgy,D]U[QcŒK^NP\w}(\ € E4K9N‚D¨‰ DFN‚TVKM@4QbcŒ… ECK^}4U[K^\W— ˜9B:UŸK_U[D¤@4NPQG:UWK¨E € cMB:UŸ{‡@C{jU[KFNP\F@C\ € EVZPZ‚Eƒ…&\W—„˜9B:UAQ:Uš™,cF\wUzšcMNPEVQ G:Uz\_vKMN–›ŽU[\’cMB:UG @)c‹@7@4QGJcMB:U U[D]{ N–KMN‚z@CZj\wUvc_‰·a:{~ — } U[Q:UWK‹@CZŽ†‡QGNPQ:Tb\Y@CK_U K^UW{”ECK_c^U[G N‚Q x U[šc‹N‚EV Q =:— x UzšcMNPEV Q €³G:Uz@4Z‚\¨…&N–cMB cMB:USK^EVZ‚UŸE € @C› N‚ZPN–cyb— x UzšcMNPEVQŸf7K_U[{ŽE4Kwc9K_Uz\_aZŠc‹\YEVQSWEVQ•VU[K_TVU[QWU NPQSaQ:U[DFZPEgy,D]U[QcŒK^NP\w}¦@4QG …9@CT4Uz\W—n˜9B:U{‡@C{jU[K0N‚\ WEVQ[Z‚aG:UzG¦NPQ x U[šc‹N‚EVƒ Q ‚,—

„

…

5

 :

 

8

!* *2 "F,¯ :1!

˜9B:UE4K^N‚TbN‚QJE € cMB:UG @)c‹@~N‚\’cMB:U]d[V d x …’U[GNP\_BS\*c‹@C› ZPN‚\_BD]UzQbc x a:Kw•bUvy ­®† I :‡w²ŽZPN‚Q:}VU[G…&N–cMB>@ Zœ@CK_TVUnQ(aD7›jU[K¡E € @4GDFN‚QNP\*c^KM@)cMN–•bU‘K^UWTbN‚\wc^UWK^\[—‘˜9B:U Iˆ:‡w¶Uz\*c‹@C› ZPN‚\_BD]UzQbcM\ @)K^U9cMB:U9… ECK^}H{ Zœ@CWUYE € @>K_UW{K^U[\wUzQbc‹@)cMN–•bUY\^@4D]{ Z‚U E € cMB:UF… E4K_}(NPQ:TA{”EC{ aZœ@)cMNPE4Q @C\7\M@CD]{ Z‚U[G N‚Q§cMB:U¹d[V d|K^EVaQG E € cMB:U x …YU[GNP\_‰ B CUv•bU[Z E € C‘NŠ•:N‚Q:T x a:Kw•bUWy,\F6­ C¯† ¸ w ²¥— l ˜9B:U]U[\*c‹@C› ZPN‚\^BD|UzQbcM\ NPQ c‹B:UŒ† I :‡wª@CK_U“a\wUzG7@C\‘cMB:U € KM@4D|U € E4K¯D¤@)cM¥BNPQ:T9@4GDFNPQ\*c^KM@)cMN–•bUK_U[[ECKMG\ EVQ¬@CZPZŽN‚QGN–•,NPGa @4Z‚\…&BE7B @g•VU›ŽUWU[Q´…YE4K_},N‚Q:TN‚Q´cMB:U[\_UUz\*c‹@C› ZPN‚\_BD]UzQbcM\ Ga:KMN‚Q:T&cMB:UybUz@CK^\d[Š D!E(h(d[V d E4Kd[Vf @CK_UŒ\^@4D]{ Z–UzG¡—8°·QcMBNP\‘{‡@C{ŽUWK[h¢…’U a\_U~G @¢c¥@¤EVQ @4Z‚Z8NPQGNŠ•:N‚Ga @4ZP\ …&BEF… ECK^}4UzGAGa:K^NPQ:T/d[4 de@)ccMB:U7I†:‡w Uz\*c‹@C› ZPN‚\_BD]UzQbcM\W—J˜9BN‚\eWEVQ\*c‹NŠcMa,cMU[\>@SK‹@CQGEVD \^@4D]{ Z–U]WEVQ\_NP\*cMNPQ:TAE € DFE4K_U“c‹B @CQ|fCkVk:— kVkVkY… ECK^}4U[K^\W—ºE4Kn@G:UWc‹@4N‚Z‚U[GG:U[\^vK^N‚{:cMNPE4QE € G @)c‹@ @4QG •C@CK^Nœ@C› Z–Uz\ \wUWU>IL{{ŽU[QGNŠ™¦Ie— ˜9B:U~\^@4D]{ Z–Ua\wU[G/NPQ EVa:KU[\*cMNPD¤@)cMN‚EVQ\0[EVQ\_N‚\wcM\LE € U[D]{ ZPEgybUWUz\9›jUv‰ c…’U[U[QªcMB:U«@CT4Uz\FE € Id Dˆ@4Q‹ G ‚4k € K^EVD ›ŽECcMB cMB:UŸ{K^N–•C@)c^UA@4QG { a:› ZPN‚ Uz\*c‹@C› ZPN‚\_BD]UzQbcM\NPQ„d[V dCŒ — QˆUJZ‚NPDFNŠcc‹B:U´\^@4D|{ Z‚U~c‹E«NPQGNŠ•:N‚Ga @4ZP\QECc EVZPG:UWKLcMB @4 Q ‚Vk¤\_NPQvU…YU~@CNPD cME¤Uz\*cMNPD¤@¢cMUcMB:UK^NP\w}ŸE € ›ŽU[[EVD]NPQ:T¤aQ(‰ UzD]{ Z‚EgybUzG/Ga:KMN‚Q:T¬cMB:U]{jU[K^NPEHG d[Vbig‰¥d[Vbf(—]°·QˆcMBN‚\… @zy¹QE4Q:UFE € cMB:U NPQGN–•,NPGa @CZP\NPQ7E4a:K%\M@CD]{ Z‚UNP\%EVZ‚G:U[K8cMB @4Ž Q ‚bf9ybUz@CK^\Y­®DF@4QG @)cME4Kwy@CT4UYE € K^UvcMN‚K_U[D]UzQbcš²NPQ©d[Vbf( — QˆU~B @g•VUNPQ € E4K^D¤@¢c‹N‚EVQJEVQSc‹B:UaQ:UzD]{ Z‚Egy:D]U[Qbc BNP\*cME4Kwy~E € cMB:U&NPQGNŠ•:N‚Ga @4ZP\Ga:K^NPQ:T¤d[Vig‰‹d[VfL@CQGF@Zœ@CK_TVU9QHaD7›ŽUWKE € •C@CK^Nœ@C› Z–Uz\>K^U[Zœ@¢cMU[G¹cME«N‚QGN–•,NPGa @4Z®  \>aQ:UzD|{ ZPEgy:D|UzQbcK^NP\w}(\[ — QˆUJ\*cMaG,y c‹B:UFNPD]{‡@4šcE € NPQGN–•,NPGa @CZ ¥B @CKM@4šc^U[K^N‚\wcMN‚[\ E4QˆcMB:UFK^NP\w}/E € ›jUzWEVDFN‚Q:T aQ:UzD]{ Z‚EgybUzGˆ›y©Z‚E4TbN–cUz\*cMNPD¤@¢c‹N‚EVQ\›‡@4\wUzG EVQ§•C@CK^Nœ@)cMNPE4Q\eE € cMB:U € E4ZŠ‰ ZPEg…&NPQ:T¨DFEHG:UzZ®— ‘|­’n“ ”

;6TXT @A• ;TTl–

d1—k’n“ ”

;TXT4;˜–

k²

–š™

­6›œ“84žŸ“8¡ ¢“84£¥¤ “h¦(“ ²

­wdg²

µ a:KJG:U[{jUzQG:U[Qbc¦•C@CK^NP@C› Z‚U«NP\¦@³GaDFDy •C@CK^NP@C› Z‚UŸcMB @)cJD]Uz@4\_a:K_Uz\  …&B:UWcMB:UWK@4Q¨NPQGNŠ•:N‚Ga @4Z"§‘B @4\›ŽUWUzQ¨K^UWTbN‚\wc^UWK_UzG~@4\naQ:UzD|{ ZPEgybU[G7Ga:KMN‚Q:T c‹B:Ue{ŽUWKMN‚E(G³d[4ig‰¥d[4f(h:TbN–•VUzQScMB @)cL\_B:U7NP\&UzD]{ Z‚EgybUzG¬NPQ³d[V d)¨ — w&\_NPQ:T c‹BN‚\•C@CK^Nœ@C› Z–U´…’U¦z@4Q U[\*c‹N‚D¤@)c^U]cMB:U¬K^N‚\_} E € ›ŽU[WEVDFNPQ:T aQ:U[D]{ ZPEgybU[G TbN–•bU[QJcMB @)cYc‹B:UN‚QGN–•,NPGa @4Z3B @C\0† @ u*E4›¬NPQ§d[4 dC— ˜9B:U~•bU[vcME4W K › “ NP\ cMB:U|\_UvcE € K_U[TbN‚EVQ(‰sE € ‰·› N–Kwc‹BAGaDFD]N‚U[\[—7˜9B:U¨Uz\‰ c‹N‚D¤@)c^U[\ € E4KcMB:U~UzZ–UzD|UzQbcM\E € cMBNP\•VUzšcME4K[h3K_UW{K_Uz\wU[Qc›jUWc…YUWU[Q/TVK^EVa:{ ©  æÊæs_èPñýê p æ íóíWçsò^ùªvì_òMùMæ è‚é  ;TXTXY $¢ë×îsèùwæ®ï‚õÊè‚ñ÷ôwêPñóîò‘îsë[ê  æ«#¬(ú­*üù_çqêœçA ®

GN–ž”UWK_UzQbcMNœ@4Z‚\N‚Q¹aQ:UzD|{ ZPEgy:D|UzQbc&KMN‚\w},\W—7¸@¢c‹NŠ•bUš‰·›”E4K^Q«NPQGNŠ•:N‚Ga @4ZP\@CK_U [EVD|{‡@CK_UzGŸcME¬NPD]DFN‚TVKM@4QbcM\ € KME4D cMB:U|¸LECKMGN‚7[E4aQc^K^N‚U[\WhECcMB:UWKa:K^E)‰ {ŽUz@4QSWEVaQc^K^N‚U[\YECK9[E4aQc^K^N‚U[\ EVa,cM\_NPG:Ua:K^E4{jUV— ˜9B:U&•bUzšcME4~ K žœ“¡NPQWZPaG:U[\’GaD]DFN‚U[\ € E4K’@CTVULNPQbcMUWKw•C@4ZP\WhHD¤@CK^N–c‹@4Z\*c‹@¢‰ c‹a\Wh,QHaD7›ŽUWKŒE € ¥BNPZ‚G:K_UzQ¤@CQG´@ € UzD¤@CZ‚U&GaDFDy~NPQbc^UzQG:U[G]cME[@C{:cMa:K^U {”EV\_\_N‚› Z–U´\wy,\*c^UzD¤@¢c‹N‚|G:U[DFE4T4K‹@){ BNP¨GN–ž”UWK_UzQvU[\NPQ Zœ@C›ŽE4KD¤@)K^}4UWce@)cw‰ c¥@C¥BD]U[Qcz—“˜9B:UeN‚D]{‡@4šc0E € \wUzšcME4KM@4Z@4QGSU[\wc‹@C› Z‚NP\_BD]U[Qc Z‚Uv•bU[Z¯aQ:U[D¨‰ { ZPEgy:D|UzQbc’\^BEH‹}(\9@CK_U[@C{:cMa:K^U[G´›Hƒ y EC7N‚QGa\wc^Kwy´GaDFD]N‚U[\Y@4\…YU[ZPZ¡@4\ c‹B:U € KM@4šcMNPEVQ~E € UzD]{ Z‚EgybU[U[\@)c cMB:U0\^@4D]U’Uz\*c‹@C› Z‚NP\_B:UzD|UzQbc%…&BE›jUz[@4D]U aQ:UzD]{ Z‚EgybUzG´N‚Q§d[Viz‰¥d[VfHh(NPŒ Q  ¯“Ù— ˜9B:ULB(aDF@4QF[@C{ N–c‹@4Z:•C@CK^Nœ@)› Z‚U[\Œ@CK_ULK_UW{K^U[\wUzQbc^UzG|›HŸ y £¥¤ “q—n˜9B:ULB(a(‰ D¤@4Q[@C{ N–c‹@4ZD]Uz@4\_a:K^U[\>@CK_U|cMB:UFBN–TbB:U[\wce@)c_c‹@4N‚Q:UzG¹U[Gaz@¢c‹N‚EVQ @4ZZ‚Uv•bU[Z [ZP@4\_\^NŠ† UzG/NP° Q EJZ–UW•bU[ZP\Wh\_U[QNPECKMNŠcy«@¢cc‹B:U¨U[\wc‹@C› Z‚NP\_BD]U[QcZ‚Uv•bU[Z @CQG¹K^Uš‰ WU[QcZP@C›”E4K D¤@CK_}VUvc Uš™:{jU[K^N‚U[QvU|a\_N‚Q:T¦†•bU¨UzD|{ ZPEgybU[² G ±)QEVQ(‰·U[D]{ ZPEgy4UzG GaDFDFN‚U[\ € ECKd[ D‚ƒ‰¥d[VVk,— Q§E4K_}VUWK^\¨…&NŠc‹B NPDFD]N‚TVKM@4Qbc7›‡@4‹}HTVK^EVaQG DFN‚TVBc]B @z•bUŸEVQ¶@z•bUWKM@CTVU ZPEg…YUWK\wU[QNPE4K^N–cyb—‘˜9BNP\NP\¯cMN–UzGcMELG5N v¤WaZ–cMN–Uz\8N‚QE4›:c‹@4N‚QNPQ:TL@4QG}VUWU[{ N‚Q:T UzD]{ Z‚Egy:D]U[Qbcg—~˜9B:U¤D|{ ZPEgy:D|UzQb3 c : K^ECc^U[vcMNPE4³ Q C¯@z… 6­ C‘I x ²N‚D]{ Z–y,NPQ:T \_U[QNPECKMNŠcyK^aZ‚U € E4K Zœ@zy‰sECž3\%DFN–TbBbccMBHa\nZ–Ug@CG~cMEBN‚TVB:U[KnZœ@zy‰sECž¤K^NP\w}(\ € E4K c‹B:U[\wUn…YE4K_}VUWKM\W — C‘I x N‚\‘\_a:_ › u*U[šccME Q:UWTbECcMNP@)cMNPEVQ&›ŽUvc…’U[U[QcMB:U U[D]{ ZPEgybUWK @4QG c‹B:U Zœ@C›ŽE4K¡aQNPE4Q¡ — QˆU“@4N‚D cMEYUš™ @4D]NPQ:U…&B:UWcMB:UWK3c‹B:U \wUzQN‚E4K^N–cy0K^aZ–U E € MK)´Hnµ+¶N·¸´&Hº¹)»sH WEVQc^K^N‚› a,c^U[\cME@4Q]Uš™:{ ZP@4Q @)cMNPEVQ¨E € ›jUWc…YUWUzQ(‰qTVK^EVa:{ GN–ž”UWK_UzQbcMNœ@4Z‚\LN‚Q aQ:U[D]{ Z‚Eƒy,D]U[Qc KMN‚\w},\W—˜9B:Uz\wU7K^aZ‚U[\ @C\ \_a¥B¡h¡@4\L…’UzZ‚Z @4\cMB:U[N‚K>NPD|{ Z‚U[D]UzQbc‹@)cMNPEVQ¡hjDFN‚TbBbcvK_Ug@)c^U|aQ:Uz»Ha @4ZnE4{{”E4KwcMaQN–cMN–Uz\ € E4K NPQGN–•,NPGa @CZP\ …&N–cMBNPD]DFN‚TVKM@4QbcL›‡@4‹}HTVK^EVaQG¡œ — wL\_NPQ:TScMB:U|UzD]{ Z‚Egy:D]U[Qbc K^UWTbN‚\wc^UWK7@4QGˆcMB:U´E4K_T@4QZN xz@)cMNPE4Q¹NPG:U[QcMNŠcyQHaD7›ŽUWKE € Uz\*c‹@C› ZPN‚\_BD]UzQbcM\ …YU¦z@CQ c^K‹@C‹}§NPQGN–•,NPGa @CZP\›‡@C‹}c‹Eªd[ D‚«@4QG©WEVQ\*c^KMašc|@A•C@)KMNP@C› Z‚U € ECKcMB:U QHaD7›ŽUWKE € yVUg@CK^\“U[D]{ ZPEgybU[G¤@)cŒcMB:UWa:K^K_U[QcU[\*c¥@)› ZPNP\_BD]U[QbcŒNPQ d[V dC—%°·Qc‹BN‚\%… @zy…YE4K_}VUWK%\wUzQN‚E4K^N–cyN‚QSdWV dN‚\Uš™:{K_U[\_\_U[G¨NPQybUz@CK^\a:{ c‹E´f7ybUz@CK^\0@4QG¬cMB:UzQŸDFECK^UcMB @4Q«fybUg@)KM\W—’º ECK0cMB:U[ZP@4\_\0E € \_U[QNPECKMNŠcy @C›”Eg•bU7f(h:…YUe@4\_\_N‚TbQ:U[GA@z•bU[KM@CT4U\_U[QNPECKMNŠcy € K^EVD d[V W d CUv•bU[Z¯E € C‘NŠ•:N‚Q:T x a:K_•VUWy,\ € E4K9N‚QGN–•,NPGa @4Z‚\…&N–cMB¦\_U[QNPECKMNŠcy]TVK_Ug@)c^UWK’cMB @4QŸfeybUz@CK^\W—½¼ ˜9B:U«DFEV\*cFNPD]{ŽE4Kwc¥@CQc|WEVQc^K^EVZY•C@CK^NP@C› Z‚U € E4K¤BHaD¤@4Q [@C{ N–c‹@4Z&@4QG {ŽUWKMvU[N–•bU[GŸ{KMEHGašc‹NŠ•:NŠcyJN‚QAT4UzQ:UWKM@4Z¯N‚\0cMB:U… @CTVU>KM@)c^UV— ˜9B:U…9@CT4U € E4K c‹B:UŒ…YE4K_}VU[K^\@)K^U’WEVD]{ a,c^UzGe@4\8cMB:UYDFE4QcMBZ–y € aZ‚ZŠ‰qcMN‚D]U U[»(aNŠ•C@4Z‚U[Qbc%{K^Uš‰ c¥@ƒ™´…9@CT4U›‡@4\wUzG¦EVQSEVa:KY•C@)KMN‚EVa\YUz@CK^QNPQ:Tb\’\_EVa:K^WU[\W— ¾ ø  ñ÷ï ù_îæ®ï:ò_î·ê‡çsíýêPæÊè:ê  æ¡èPæ ï‚ì_íýêœï:îsò ê  æ3î·ê  æÊèsqç·èPñ÷çX_í÷æ ï  _ìwê‡ô‹æÊèPð”ñýêœïì^ï:êPîñóòêPæÊèPô_è‚æÊê:ê  æ Pè æ ï‚ì_íóêPïVñ÷ò¯ê‚æÊèPð3ïbî·ë¿s æ®ç·èœïCîsëgï‚æÊò^ñóîè‚ñóêX À

˜ B:U´N‚G:Ug@«NP\cMB @)ccMB:U´›ŽUvc…’UWUzQ§TVK^EVa:{©GNŠž”UWK^U[QvUz\N‚Q©aQ:U[D]{ ZPEgy‰ 9 D]UzQbc K^N‚\_}(\ [@4Q/›jU¨Uš™,{ Zœ@4N‚Q:UzG«›Hy G:U[DFE4TVKM@C{ BN‚e@4QG/B(aD¤@CQ [@C{ N–c‹@4Z D]Ug@C\^a:K_U[\W — Á&Eg…YUv•bUWKzh¢…YU0a\wU9KM@)cMB:U[K WK^aG:U0D]Uz@4\_a:K_Uz\E € {KMEHGašc‹NŠ•:NŠcy @4QG¬@CQyF\wy,\*c^UzD¤@¢c‹N‚&@C› NPZ‚N–cy|GNŠž”UWK^U[QvUz\’@4vKME4\^\ŒTVK^EVa:{ \“cMB @)cŒ…YUB @g•VU QECc&Uv™,{ ZPN‚[NŠc‹ZŠyJ@4W[E4aQc^U[G € E4K[h…&N‚ZPZ¡›ŽU[@C{:cMa:K_UzG¦›HyJcMB:UTVK^EVa:{SGaD¨‰ DFN‚U[\NPà Q › “ —J°·Q§E4K^G:U[KcME¬Uš™ @4D]NPQ:U7…&B:UWcMB:UWK>NPQGN–•,NPGa @CZP\@4\_\_E(WNœ@¢cMU[G …&N–cMB GNŠž”UWK_UzQbcK_UWTbNPE4Q\LE € › N‚KwcMB«K_U[WU[N–•VUGN–žŽU[K_U[QcMNP@)c^UzG¬c^K_Ug@¢c‹D|UzQbc&NPQ c‹B:U|Zœ@)›”E4KDF@CK_}VUWczhj…’U¨B @g•VU~cME¬@4\_\^a:K_U7cMB @)c …’U]B @z•bU¨@C[WEVaQbcMU[G € E4K @4Qy|{”E4\^\_N–› Z‚U&›ŽUvc…’U[U[Q]TVK^EVa:{¤{K^EHGavcMN–•,N–cy~GN–žŽU[K_U[QcMNP@4ZP\W—˜9BNP\ŒNP\ŒQECc @4Q]Uz@4\*y¨c‹@4\w}Žh› a,c“cMB:U9•bUWKwy|K^N‚¥B]N‚Q € ECKMDF@)cMNPEVQ7N‚QFEVa:K“G @)c‹@UzQ @)› Z‚U[\“a\ c‹E¦Uv™@4DFN‚Q:Uc‹B:U|{”EV\_\_N‚› Z–U|K^EVZ–U¨E € @C› NPZ‚N–cy«GNŠž”UWK_UzQbcMNœ@4Z‚\ NPQUš™:{ ZP@4NPQN‚Q:T c‹B:U~›jUWc…YUWUzQ«TVK^EVa:{ GN–ž”UWK_UzQvU[\[—XŒ@CK^NPE4a\&•C@CK^Nœ@)› Z‚U[\D]Uz@4\_a:K^NPQ:T¤{K^E)‰ GavcMN–•,N–cyJGN–žŽU[K_U[QcMNœ@CZP\ ECcMB:UWK cMB @4Q¦cMB:Ue\*c‹@4QG @CK^G¦•C@)KMNP@C› Z‚U[\ N‚Q[Z‚aG:UzG NPƒ Q £¥¤ “ @)K^UG:U[QECc^U[G¦›Ä y ¦ “— I&{‡@CKwc € K^EVD cMB:US…9@)TVU¬KM@)c^U¬cMB @)cF\^BE4aZPG D]Ug@C\^a:K_U¦{KMEHGašc‹NŠ•:NŠcy K^U[Zœ@¢cMU[G´@C› N‚ZPN–cybhV…’U a\wU\wUW•VU[KM@4Z Uv™,{ ZPN‚[NŠc’NPQGNP[@)cME4K^\“E € @C› NPZ‚N–cyb( — w&{{jU[K \_U[WEVQG @CKwy7cMECc‹@4ZD]Uz@4Q¨T4K‹@CG:Uz\WhH°*±0‰qc^U[\wc“\^WE4K_U[\ € K^EVD cMB:U0{K_Uv‰·DFNPZ‚N–c‹@CKwy \_UWKw•:N‚WU @4GDFN‚\^\_N‚EVQ|c^Uz\*cM\ g @CQG¤cMB:UD]EVQcMBZŠy7…9@CT4U NPQ € aZPZ‡c‹N‚D]U0Uz»HaN–•‰ @4Z‚U[QWU@CK_U EVa:K{K^NPQWN‚{‡@4Z •C@CK^Nœ@C› Z–Uz\@4W[E4aQcMNPQ:T € E4K’{K^EHGavcMNŠ•:NŠcy|GN € ‰ € UWK_UzQbcMNœ@4Z‚\W— x ¥BEHEVZ3TVKM@4G:Uz\ @CK_UDFNP\_\_NPQ:T € E4K&@~Zœ@CK_TVUQHaD7›ŽUWK E € N‚DFDFNŠ‰ TVKM@4QcM\9@CQGJcMB:U>DFNPZ‚N–c‹@CKwy¤°±0‰qc^Uz\*c&\_WE4K_Uz\­ÊKM@4Q:TbN‚Q:T~›ŽUvc…’U[U[Qˆd@4QGŸ² @CK_UŒ@z•C@4NPZP@C› Z‚U4h[Uš™vU[{:c € E4K8@ € Uv… € E4K_U[N‚TbQ(‰q›”E4K^QL…YE4K_}VUWKM\WhgEVQZŠy € E4K‘Q @)cMN–•bU D]UzQ¡˜ — QˆUa\wU\_NPD~aZœ@¢c‹N‚EVQ\…&B:UWK_UL…’U@4N‚D cMEeU[\wcMN‚D¤@)c^U&ZPEg…YUWK“›”E4aQG\ € ECK’›jUWc…YUWUzQFT4KME4a:{´aQ:UzD]{ Z‚Egy:D]U[Qbc_‰qKMN‚\w},\GN–žŽU[K_U[QcMNœ@CZP\Œ@4\_\_aDFNPQ:TeZPEg… {KMEHGašc‹NŠ•:NŠcy € E4KcMB:U € E4K_U[N‚TbQ ›”E4K^Q¹… ECK^}4U[K^\W—|˜9B:U|DFNP\_\_NPQ:TS°*±0‰qc^U[\*c‹\ \^WE4K_U[\¦@CQG¶\^‹BE(EVZ9TVKM@4G:U[\´@CK_U«\wUWc´cME§cMB:UAcMU[Qbc‹B {ŽUWKMvU[QcMNPZ–UAE € cMB:U Eƒ…&Q K_U[TbN‚EVQ(‰sE € ‰·› N–Kwc‹B©T4KME4a:{ •C@4Z‚a:US…&BNP¥Bª…YUAWEVQ\_NPG:UWK]cME›ŽU ZPEg…YUWK c‹B @CQ @4Q @C› \_EVZ‚a,c^U´DFNPQN‚D¨aDS—«¸&ECcMNPvUFcMB @)c7cMBNP\7NPD|{ ZPN‚U[\Uv™(c^K^U[D]U[Z–y ZPEg…¶TVKM@4G:U[\ncMB @)c“…&N–cMB~c‹EHG @zy3  \n•C@4Z‚a:Uz\“N‚Q]c‹B:U x …’UzGN‚\_B]UzGa[@)cMNPE4Q]\*y:\‰ cMU[D …YEVaZPGJQE4K^D¤@4Z‚Z–y|QECc {jU[K^DFNŠcY@4Q¬N‚QGN–•,NPGa @4Z c‹E7U[Qc^UWK aQNŠ•bU[K^\_N–cyb— ˜9B:Uz\wU´ZPEg… TVKM@4G:U[\@CK_U¤N‚D]{ a,c^UzG € E4KNPDFDFN–TVKM@4Qbc‹\&…&N–cMBˆDFNP\_\_NPQ:TA\wU[š‰ EVQG @CKwy„BN–TbB(‰s\_¥BEHEVZLT4K‹@CG:Uz\F…&BNP‹B[ECK^K_U[\w{”EVQG cME¦@4Qby K_Uz@4\_EVQ @C› Z–U7›ŽU[ZPN‚U € h› a,c>N‚\KM@)cMB:UWKa\wUzG Å ø  æ ï‚æ:çsè‚æ:éæÊò_æ èPçsí‹ûZÆ1* ê‚æ®ïŠêœïbç·ô_ô^íóñöõÊçX_íóæ,êPîŽð”æ ò8çï  æ íóívçï  î ð”æÊò -Ç È ÷ñ ïPï–ñ÷ò_éÉqç·í÷ì_æ ï4ë×îèbò^çqêPñbæ ïbõ ç·ò8ç·íöï–îÉ‹æ ùwì_æ,ê‚î”ë×îè‚æ ñóéò  ñ÷é  * Pï õ  î*îsí¥æ ù_ì^õÊç·ê‚ñ÷îsò Ê

4@ \&@]D]Uz@4Q\ E € Uš™ @CDFNPQN‚Q:T~…&B:UvcMB:U[K0aQEC› \_UWKw•bU[GŸ@C› NPZ‚N–cy´GN–žŽU[K_U[QcMNœ@CZP\ [EVaZ‚G/›ŽU~K_U[\_{ŽEVQ\_N‚› Z–U € ECKGN–ž”UWK_UzQbcMNœ@4Z¯aQ:UzD]{ Z‚Egy:D]U[Qbc0KMN‚\w},\W—7¸LE)c‹N‚WU c‹B @¢c’°*±0‰s\_WE4K_Uz\Œ@4QG]\^‹BE(EVZTVKM@4G:U[\“NPQ¨c‹B:U&DFN‚GGZ‚U9E € c‹B:U&GN‚\wc^K^N‚› a,cMN‚EVQ DFN‚TbBbcLQECc\^@zyAD~a¥B«@C›ŽEVa,ccMB:U~NPQGNŠ•:N‚Ga @4ZP\W j@C› NPZ‚N–cy¦K_UzZP@)c^UzGScMEFcMB:U @C› NPZ‚N–cy¦E € }VUWUW{ NPQ:T¤E4K9†‡QGN‚Q:T´W @ u*E4›Ë — Q B @)cLNP\0U[\^\wU[QcMNP@4Z‘B:UWK_UN‚\0cMB @)c Uv™(c^K^U[D]U[Z–y³ZPEg… °*±0‰s\_WE4K_Uz\¤@CQG;\_¥BEHEVZ TVKM@4G:U[\FDFEV\*c]ZPN‚}4UzZŠy NPQGN‚z@¢cMU c‹B @¢c&@4QbyJECcMB:U[K K_U[Z‚Uv•C@4Qbc0@C› N‚ZPN–cy¤D]Uz@4\_a:K_U\_[ECK^UN‚\0@4ZP\_E¨ZPEg…— IL\^\_aDFN‚Q:T´Uv™(c^K^U[D]U[Z–ySZœ@CK_TVU›jUWc…YUWU[Q(‰·TVK^EVa:{ GN–ž”UWK_UzQbcMNœ@4Z‚\N‚Q@C› NPZü‰ N–cyVh …YU NPQbc^KMEHGavU¹@ › NP@4\¦@CT@4N‚Q\wc¤cMB:U GNP\^@4G,•C@4Qbc‹@CTVU[G;TVK^EVa:{ \J@4QG N € …’US\*cMNPZ‚ZYGEˆQECc]\_a[vU[U[G NPQªUv™,{ Zœ@4N‚QNPQ:T ›ŽUvc…’U[U[Q(‰·TVK^EVa:{ªGNŠž”UWK^U[Q(‰ c‹NP@4ZP\Wh¡aQE4› \wU[Kw•bU[G@C› N‚ZPNŠcyAGNŠž”UWK^U[Qbc‹NP@4ZP\LDFN‚TVBcLc‹B:U[Q¹›ŽU¨K^aZ‚U[G¹EVa,c@4\ @4QJUš™,{ Zœ@4Q @)cMN‚EVQ¤E € cMB:UEC› \_UWKw•bU[G´›jUWc…YUWU[QJTVK^EVa:{JGNŠž”UWK^U[Qbc‹NP@4ZP\ŒN‚Q¦aQ(‰ UzD]{ Z‚Egy:D]U[QbcŒKMN‚\w},\W— ILQECcMB:U[K € @4šcME4K9…&BNP¥BŸDFN–TbBbc0NPÌ Q B‡a:U[QWU>… ECK^}4U[K^\W aQ:UzD]{ Z‚Egy:D]U[Qbc KMN‚\w}¬N‚\9cMB:UNPQGNŠ•:N‚Ga @4ZÙ  \YBHaD¤@4QS[@C{ N–c‹@4Z¡\w{ŽU[WN–†‡c‹E x …YU[G:UzQ¡—˜9BNP\0NP\ UW•bUWKwy(cMBN‚Q:T>cMB @)c x …’UzG:U[\@CK_U@C\^\_aD]U[G¡h(E4Q´@g•VU[KM@CTVU4h4cME}(QEƒ…@CQGFK^Uš‰ WU[QcN‚DFDFN–TVKM@4QcM\”QE)c8cME&}(QEg…˜ — : KME)†‡[N–UzQšyNPQ>c‹B:U x …’U[GNP\_BZœ@CQ:Tba @CTVU NP\@ € K^U[»Ha:UzQbcUv™@4D]{ Z–UV—¨˜9B:U]GNŠž”UWK_UzQvUFN‚Q x …YU[G:UzQ(‰·\_{jUzWN–†‡¨BHaD¤@4Q z@C{ NŠc‹@4Z ›ŽUvc…’U[U[QQ @¢c‹NŠ•bU[\S@4QG K^U[vUzQbcANPD]DFN‚TVKM@4QbcM\FDFN–TbBc¬G:U[WK_Uz@4\wU …&N–cMB³cMB:U¬Ga:KM@)cMNPE4Q©E € \*c¥@zy³NPQ x …’UzG:U[Q¡—©\*cMNPD¤@)cMN‚Q:TA…&NŠcMBNPQ©N‚DFDFNŠ‰ TVKM@)cMNPEVQ¦yVUg@CKLDFEHG:UzZ‚\0z@4QSy,N‚U[ZPGANPQ € E4K^D¤@¢c‹N‚EVQ¤…&B:UWcMB:UWKLGNŠž”UWK_UzQvUz\LNPQ aQ:UzD]{ Z‚Egy:D]U[Qbc’K^N‚\_}(\Y›jUWc…YUWUzQ¦Q @)cMN–•bU[\ @CQGSNPDFD]N‚TVKM@4QbcM\n•C@CKwy¦@4vKME4\^\ •C@CK^NPEVa\ WEVBE4KwcM\YE € NPDFDFN–TVKM@4Qbc‹\W— ˜9B:UŸG @¢c¥@¹WEVQbc‹@4NPQ N‚Q € ECKMDF@)cMNPEVQ§EVQ c‹B:USNPQGN–•,NPGa @CZP\~Zœ@4\*cFfE v¤WNœ@4Z NPDFDFN–TVKM@)cMNPEVQJybUg@)KcME x …’U[G:UzQ¡| — QˆU]a\wU|cMBNP\ •C@CK^Nœ@)› Z‚U7cMESG:UW†‡Q:U¨cMB:U Ga:K‹@¢c‹N‚EVQJE € \*c¥@zyJN‚Q x …’UzG:U[Q¡—˜9B:UK_Uz\_aZ–cMN‚Q:T]D]Uz@4\_a:K_UVh(BEƒ…’Uv•bU[K[h:B @4\ \^E4D]U \_BE4KwcMWEVDFNPQ:TV\‡cMB @)c‘\_BEVaZPG›ŽUD]UzQbcMNPEVQ:U[G¡—¡˜9B:UncMNPD]UN‚Q x …’U[G:UzQ € ECKŒcMB:U¸LE4K^GN‚@4QG¤E)c‹B:UWK’a:K^E4{ŽUz@4QFN‚DFDFN‚T4K‹@CQcM\%NP\aQG:U[K_U[\*c‹N‚D¤@)c^U[G \^N‚QWU~cMB:Uz\wU¨NPQGNŠ•:N‚Ga @4ZP\Ga:U~cME´c‹B:U[N‚K € @C[N‚ZPN–cyAE € DFEg•,NPQ:TJ@4vK^EV\_\cMB:U ›”E4K^G:UWKM\nDFN‚TVBcB @z•bU’›ŽUWUzQ¨ZPNŠ•:N‚Q:TNPQ x …YU[G:U[Q¨\wUv•bUWK‹@CZ(cMNPD]U[\8›ŽU € E4K_UYcMB:U Zœ@4\*c&K_U[TbN‚\*cMUWK_UzG¦NPDFD]N‚TVKM@)cMNPE4QFG @)c^UV—Yº ECK&cMB:UQEVQ(‰a:K^E4{ŽUz@4QSWN–cM5N x[U[Q\Wh c‹BN‚\7aQG:U[K_U[\*c‹N‚D¤@)cMNPE4QDFN‚TbBbc›ŽU´›‡@4Zœ@CQWU[G ›y³@«{”E4\^\_N–› Z‚U´\_EVa:K^WUJE € Eƒ•VU[K_U[\wcMN‚D¤@)cMNPEVQ¡— x EVD]UŸE € cMB:Uz\wUŸ… ECK^}4U[K^\¨DFN‚TbBbc]B @g•VUŸ\w{ŽU[QcJ\_EVD]U c‹N‚D]U E4a,c‹\_N‚G:U x …YU[G:U[Q~…&NŠc‹BE4a,cB @z•,NPQ:TfE vF[NP@4ZPZŠyeU[DFN‚T4K‹@¢cMU[G7@4QG~cMB:UzQ K^Uš‰sN‚DFDFN‚T4K‹@¢cMU[G cME x …’UzG:U[Q¡— ˜9BNP\´DFN‚TVBc]›ŽUAc‹B:U [@4\wU/\_NPQvU«›ŽU[NPQ:T € ECKMDF@4ZPZŠy¤K_U[TbN‚\*cMUWK_UzG¬NPQ x …’UzG:U[QŸNP\&@4\_\_E(WNœ@¢cMU[G¬…&N–cMBŸ@CG,•C@4Qc‹@CT4Uz\YcMB @)c € @C[N‚ZPN–c‹@)c^UAK_UWcMa:K^QNPQ:T©cME x …’UzG:U[Q¡— ˜9BNP\¤cy({ŽU¹E € @4G,•C@CQc‹@CTVU NP\¦Z‚U[\_\ UW•,NPG:U[Qc € E4K¯cMB:UŒ¸LECKMGN‚“@4QGECcMB:U[K8a:KMEC{ŽUz@4QN‚DFDFN–TVKM@4QcM\W—µQ:U“c‹BN‚Q:T Í

NP\9\_a:K_UVh,…’UaQG:U[K_U[\*c‹N‚D¤@)c^ULcMB:U\*c‹@zyFcMNPD]UNPQ x …’U[G:UzQ € ECKYcMB:U>¸LE4K^GNP @4QGE)c‹B:UWK‘a:K^E4{ŽUz@4QNPDFD]N‚TVKM@4QbcM\ …&BN‚Z‚U € ECKcMB:U“QEVQ(‰sa:KMEC{ŽUz@4Q TVK^EVa:{ …YU>[@4Q¬BE4{jUc‹B @¢c cMB:U› Nœ@4\wU[\9z@4QvU[Z¡Uz@4¥B¦ECcMB:U[K EVa,cz— ?K^EV\_\‰s\wUzšcMNPEVQ´U[\wcMN‚D¤@)c^Uz\E € cMB:U{‡@)c_c^U[K^QJE € WEVQ•VU[K_TVU[QWU [EVD|{‡@CK*‰ NPQ:T³•C@CK^N‚EVa\´[EVBECK_cM\¤E € N‚QGN–•,NPGa @4Z‚\¤DFN‚TbBbc´aQG:UWKJE4KJEƒ•VU[K_U[\wcMN‚D¤@)c^U c‹B:U¨KM@)c^U¨E € NPQWEVD]U~WEVQb•bU[K_TVU[QvU7›ŽUvc…’U[U[Q¹Q @)cMN–•VUz\@CQGNPDFDFN–TVKM@4Qbc‹\ N € c‹B:UeUzDFN–TVKM@)cMNPEVQJE € NPDFD]N‚TVKM@4QbcM\’N‚\L\*y,\wc^U[D¤@)cMNP[@4Z‚Z–y¤K_U[Zœ@)c^U[G¬c‹E]cMB:U[N‚K {KMEHGašc‹NŠ•bU´@C› N‚ZPNŠcyV—Ÿº ECKc‹B:U´QE4Q(‰a:K^E4{ŽUz@4QˆNPDFD]N‚TVKM@4QbcM\[hBEg…YUv•bUWKzh \^a‹B©› Nœ@4\~NP\7QE)c¨ZPN‚}4UzZŠy§Ga:UJcME«cMB:U € @4vcec‹B @¢c¨EVQZ–y³@AcMN‚Qy € KM@4vcMN‚EVQ E € cMB:U[\wU7NPDFD]N‚TVKM@4QbcM\U[DFN‚T4K‹@¢cMU € K^EVD x …YU[G:UzQ¡—µa:K@4\_\_NPD]NPZœ@¢c‹N‚EVQ´K^Uš‰ \^aZŠcM\ € E4K|cMB:UAQEVQ(‰a:K^E4{jUg@CQªT4KME4a:{;N‚\]K^E4› a\*c € E4K|cMBN‚\|› Nœ@C\[hŒ…&BNPZ‚U c‹B:U~GN–K_UzšcMNPEVQAE € › NP@4\ € E4KLc‹B:U¨¸&E4K^GNPe@4QG¹a:K^E4{jUg@4Q«NPD]DFN‚TVKM@4QbcM\ NP\ aQ:},QEg…&Q¡½— T¥ÁLEg…’UW•VU[K[h cMB:UUWK_K^E4K^\LN‚QAcMB:U7N‚DFDFN‚T4K‹@¢c‹N‚EVQFybUz@CK&•C@)KMNP@C› Z‚U z@4QQE)cB @CK^D EVa:K@CQ @4Z–y,\_NP\Wh”\_NPQvU~…’U~@4Z‚\_EJa\wU~Uš™:{ Z‚NPWN–cD]Ug@C\^a:K_U[\E € B(aD¤@CQŸz@C{ NŠc‹@4ZÙhc‹B:U>…9@)TVUeKM@)c^U\_{jUzWNœ@CZPZ–yJcMB @)cD¨a\*c&WEVQbcMK^EVZ € E4K&B(a(‰ D¤@4Q¤[@C{ N–c‹@4Z GN–žŽU[K_U[QcMNP@4ZP\“N‚Q[Z‚aGNPQ:TGNŠž”UWK_UzQbcMNœ@4Z‚\“NPQ x …YU[G:U[Q(‰s\w{ŽU[[NŠ†‡ B(aD¤@CQ¦[@C{ N–c‹@4Z®— Î

Ï

 :*2

П

!‡2 "ÒÑF* * 

R U[\_aZ–cM\>E € EVa:K›‡@4\_NP]D]E(G:U[ZP\@CK_U¨K_U[{ŽE4KwcMU[G¹N‚Q§˜%@)› Z‚UŸdC—ÓQˆUFUš™:{jU[K*‰ 9 NPD]U[Qc^U[G¬…&N–cMBS•C@CK^NPEVa\L\w{ŽU[[NŠ†‡z@)cMN‚EVQ\0G:U[{‡@CKwcMNPQ:T € K^EVD cMB:U7\w{jUzWN–†‡[@¢‰ c‹N‚EVQ³TbNŠ•bU[Q³NPQ Uz»Ha @)cMNPEVQ\_N‚TVQN–†‡[@4Qc9@4QGŸBHa:TVU>GN–ž”UWK_UzQvU[\&N‚QSK^NP\w},\9E € UzQGN‚Q:T¤a:{ANPQ aQ:UzD]{ Z‚Egy:D]U[Qbc8Ga:K^NPQ:TLc‹B:U{ŽUWK^NPEHG¦d[Viz‰¥d[VfH—‘IZ‚Z(TVK^EVa:{~GNŠž”UWK_UzQvUz\ € ECK“[E4D]{‡@CKM@C› Z‚UŒ…YE4K_}VU[K^\n@CK_U9\_N‚TbQNŠ†‡z@CQc“@)c“WEVQb•bUzQbcMNPEVQ @CZ,Z‚Uv•bU[ZP\W—%˜9B:U K‹@CQ:},N‚Q:T¬N‚Q c^U[K^DF\LE € K^NP\w},\E € aQ:UzD|{ ZPEgy:D|UzQbcLNP\@4\ Uš™:{jUzšc^UzG G Ô¸&EVQ(‰ a:KMEC{ŽUz@4Q¡h a:K^E4{ŽUz@4Q¡h ¸&E4K^GNPŸ@CQG¶¸@)cMNŠ•bUz\W— ˜9B:UAaQ:UzD]{ Z‚Egy:D]U[Qbc KMN‚\w}¹NP\>WZPEV\wU|cME¦c…&NPvUF@C\ZP@CK_TVU € ECK>cMB:U¤¸&EVQ(‰a:K^E4{jUg@4Q TVK^EVa:{ˆ[E4D¨‰ {‡@CK_UzG/…&NŠc‹B«c‹B:U¨Q @)cMNŠ•bUz\W—~˜9B:UFa:K^E4{jUg@CQ¹@4QGˆ¸&E4K^GNP… ECK^}4U[K^\Wh¡K^aQ @CK^EVaQG/iVfF@4QG dWk]{ŽUWKMvU[QcBN‚TbB:UWK&KMN‚\w}ŸE € UzQGN‚Q:T¦a:{ NPQ«aQ:U[D]{ ZPEgy‰ D]UzQbczhg[E4D]{‡@CK_UzG&c‹E9Q @¢c‹NŠ•bU[\[˜ — ?’EVQ\_NPG:UWKMN‚Q:T’cMB:UZ‚EVQ:TVUWKaQ:UzD]{ Z‚Egy:D]U[Qbc Ga:K‹@¢c‹N‚EVQ@4QGeBN–TbB:U[K¯aQ:UzD|{ ZPEgy:D|UzQbc € K_Uz»Ha:UzQWN‚U[\8E € NPDFD]N‚TVKM@4QbcM\[hšcMB:U K^Uz@4Z3›ŽUvc…’UWUzQ(‰·T4KME4a:{¬GNŠž”UWK^U[QvUz\ N‚QSaQ:U[D]{ ZPEgy,D]UzQbc’@CK_UUv•bUzQ¬BN‚TbB:UWK[— ­®\wUWUc¥@)› Z‚UI— iV²¥— Õ þCùwñ÷‡ ò \-]­^h`ba  @8[X[[ $Vï–ê‚ì^ùA¡ê  ñ÷ïHô_è‚î_í÷æÊðÖ0^òMùwñóò^é3ê  ç·êæÊð”ñ÷ésèœçqê‚ñ÷îsò¯î·ëgò_îò* þ Š ñóð”ð”ñ÷ésèœç·òêPï ñöïjò_î·êjç8׋æ®õåêPæ ù‡nê  ñöï ê*ô‹æîsëbï‚æÊí÷æ õÌê‚ñ÷îsò_îsèjî·ê  æÊèjñóð”ð”ñóéèPçsòêPï  ê  æ-“ùwî%ò^î·ê‡ô_èPæ ï‚æÊòêjõÊíóæ®ç·è æ*ñ÷ùwæ ò^õÌæñ÷ò^ùwñöõÊç·ê‚ñ÷ò_é   æÌê  æÊè  ñóé  îèbíóî  ç8_ñ÷í÷ñýê¡ñ÷ò^ùwñ*ñ÷ù_ì^ç·íöïVê‚æ ò^ù‘ê‚î”æÊð”ñ÷ésèœçqêPæ(ë×èPîsð  æ®ùwæÊò# Ø

R U[\^aZŠcM\LN‚Q ˜%@C› Z–UJdeGNP\_WZPEV\wU>c‹B @¢cLcMB:UTVK^EVa:{«GNŠž”UWK^U[Qbc‹NP@4ZP\9GE´QECc

K^UB U[vcFGN–ž”UWK_UzQvU[\FNPQ cMB:UA@CTVUŸ\*c^K^avcMa:K_USE € NPD]DFN‚TVKM@4QbcM\eWEVD]{‡@CK_U[G …&N–cMBQ @)cMN–•bU[\WhgEVQ c‹B:U[EVQbc^KM@CKwybhWcMB:UnTVK^EVa:{>GN–ž”UWK_UzQbcMNœ@4Z‚\3NPQvK_Ug@4\wU…&B:UzQ GaDFDFN‚U[\ € E4K@CT4UTVK^EVa:{ \ @)K^UNPQWZPaG:U[G¡— ˜9B:U7Uz\*cMNPD¤@¢cMU[\ € E4KLcMB:U~@CT4U TVK^EVa:{ \0@CK_U@C\0Uš™,{ŽU[vc^U[G¡hjNPQGN‚z@¢c‹N‚Q:T7c‹B @¢c9c‹B:UyEVaQ:T4Uz\*c …YE4K_}VUWKM\ @CK_U @4\_\^EHWNœ@)c^U[GJ…&N–cMB¤cMB:UBN–TbB:U[\wc9aQ:UzD]{ Z‚Egy:D]U[QbcŒKMN‚\w},\W— ˜9B:UU[D]{ Z‚Eƒy,D]U[Qc3BNP\*cME4KwyD]Uz@4\_a:K^NPQ:T K_U[WU[Qc¯Zœ@)›”E4K¯D¤@CK_}VUvc¡Uv™,{ŽUWK^NŠ‰ UzQvU0@4\…YU[ZPZ(@4\\wUzQN‚E4K^N–cyN‚Q7cMB:U’Uz\*c‹@C› ZPN‚\_BD]UzQbc%WEVQbcMK^N–› a,cMU•VU[Kwy7Z‚N–c_cMZ‚U NPQUv™,{ Zœ@CNPQNPQ:T´cMB:U]EC› \_UWKw•bU[GGN–ž”UWK_UzQvU[\[—]°sQWZPaGN‚Q:T¬cMB:Uz\wU~•C@CK^Nœ@C› Z–Uz\ NPQ¨EVa:KnU[\*cMNPD¤@)cMN‚EVQ\8BEg…YUv•bUWK[hCZ‚Uz@4G\cMEaQG:U[K_U[\wcMN‚D¤@)cMNPEVQ>E € cMB:U9GN–žŽU[K*‰ UzQvUz\N € U[D]{ ZPEgy,D]UzQbc0BN‚\wcME4Kwy«@CQG/\wUzQN‚E4K^N–cy¬cMB:UzD]\_U[Z–•VUz\L@CK_UK_Uz\_aZŠc‹\ E € aQ:Uz»Ha @4Z”c^K_Ug@)cMD]U[QbcYE € GN–žŽU[K_U[Qc9T4KME4a:{ \[— ˜9B:U x …YU[GNP\_BZœ@C›ŽE4K{KME)cMU[šc‹N‚EVQ Z–U[TbN‚\_Zœ@)cMNPE4QNPD|{”EV\wU[\‘\wU[QNPE4K^N–cy&KMaZ–Uz\ € ECKYZP@gy‰sECž”\W— ºE4KŒc‹BN‚\K_Uz@4\_EVQF…YU @CK_U N‚Qc^UWK^U[\*c^UzG¤N‚QJ}(QEg…&NPQ:Te…&B:UvcMB:U[K c‹B:U~›jUWc…YUWUzQ(‰qTVK^EVa:{/GNŠž”UWK_UzQbcMNœ@4Z‚\LK_#U B U[šc{”EV\_\_N‚› Z–U~ZPEg…YUWK \wU[QNPE4K^NŠcyAE € NPDFDFN–TVKM@4Qbc&…YE4K_}VUWK^\[—7˜9B:U|Zœ@C›ŽE4KZœ@z…&\@CZP\_E¬{K^ECc^UzšcU[D]{ ZPEgybUWU[\L…&N–cMB {ŽUWKMDF@4Q:UzQbc0WEVQbcMKM@4šcM\’cME¤@|TVK_Uz@)c^U[KYUv™(c^UzQbc9cMB @4Q¦…YE4K_}VU[K^\ E4Q¬cMU[D]{ŽE)‰ K‹@)K_y³WEVQc^KM@4šcM\[— °·DFDFN–TVKM@4Qbc‹\c^UzQG©cME¹›ŽUŸE4Q c^U[D]{”ECK‹@)K_y§WEVQbc^K‹@CvcM\ DFE4K_U«E € cMU[Q cMB @4Q;cMB:U¹Q @¢c‹NŠ•bU[\´@4QG;cMB(a\´DFN–TbBcFKMaQ @³BN–TbB:UWK¤KMN‚\w} E € ZP@gy‰sECž— ; [ ˜9B:UŸQ(aD7›jU[K|E € yVUg@CK^\|@)c]cMB:UŸWa:K_K_UzQbc]U[\*c‹@C› ZPN‚\^BD|UzQbc NP\>Q:U[T@¢c‹NŠ•bU[Z–yAWE4K_K_UzZP@)c^UzGA…&N–cMB cMB:U]Z‚N‚}VU[ZPN‚BE(EHG/E € ›jUzN‚Q:T¬c^UzD|{”E4KM@CK^NPZŠy UzD]{ Z‚EgybUzG¡—F˜9BN‚\N‚\Ga:U|c‹E¬cMB:U € @Cvc>cMB @)cc‹B:U|UzD|{ ZPEgybUWKM\W ”{”E4\^\_N–› NPZPNü‰ c‹N–Uz\>E € BN‚K^NPQ:TJ… ECK^}4U[K^\EVQ¹c^UzD|{”E4KM@CKwy«WEVQc^KM@4šcM\ € ECKZ‚EVQ:TVUWK{ŽUWKMN‚E(G\ NP\YK_U[\wc^K^NPšc^UzGF›y¤cMB:U x …’UzGN‚\^BJZœ@)›”E4K’Zœ@z…—%˜9B:U\_U[QNPECKMNŠcy¨•C@CK^Nœ@C› Z–U B @4\ @¤•bUWKwyA\*c^KME4Q:T¤UWžŽUzšczh¡› a,c Zœ@CK_TVU7GNŠž”UWK_UzQvUz\LNPQ aQ:UzD]{ Z‚Egy:D]U[Qbc9K^NP\w},\ \wcMN‚ZPZ‘K_U[D¤@4N‚Q¦›ŽUvc…’UWUzQSTVK^EVa:{ \Y…&NŠcMBNPQ¬cMB:Ue\^@4D|U\wU[QNPE4K^NŠcy¦[ZP@4\_\W¢ — ÙN € ‰ € UWK_UzQbcMNœ@4ZK^NP\w}(\NPQˆaQ:UzD|{ ZPEgy:D|UzQbc [@4Q/cMB:UWK^U € E4K_U¨QECc>›ŽUFGa:U¨cME¦cMB:U Zœ@C›ŽE4KZ‚UWTbN‚\^ZP@)cMNPEVQŸZP@z…Ö — ;X;/¸&U[N–cMB:U[K z@4QAc^UzD]{ŽE4KM@CKwySWEVQbc^K‹@CvcM\L›jU~K^Uš‰ \_{ŽEVQ\_N‚› Z–U € E4K cMB:U|E4› \wU[Kw•bU[GGN–žŽU[K_U[QWU[\W—]° € cMBN‚\…’UWK^U7cMB:U|z@4\wU4h‘cMB:U \_U[QNPECKMNŠcy|•C@CK^Nœ@C› Z–U… E4aZPG´K^U[GavU c‹B:UT4KME4a:{SGN–žŽU[K_U[QcMNP@4ZP\“cME|@¨Zœ@CK_TVUWK Uv™(c^UzQbcz— º:U[D¤@4Z‚U …YE4K_}VUWK^\ B @z•bU&@)cZ–Ug@4\*cdWk>{ŽUWK^WU[QbcŒBN‚TbB:UWK“EHGG\ŒE € ›ŽU[[E4D¨‰ NPQ:T«aQ:UzD|{ ZPEgybU[G[EVD|{‡@CK_UzG¹…&N–cMBˆD]U[Q