Professional Documents
Culture Documents
Portfolio Modeling Using LPs by James v. Burke
Portfolio Modeling Using LPs by James v. Burke
!#"#$&%'%)(+*,$-(.$/%10'23#$&4653487 9 4+$&: ;=<?>A@B0'CD$&2E7 5F(G01:H01IJ$-(+0'7 2K534+7&L3%'
:NM!*3#48#012O7 23
:P0'2301:H01I#
CQ7&RS:Q$UTF01:H01I#
C$V%10'23#$&47 LXW8
"
(+01Y ZR\[323"(G017 20'2]$V^32301(+_2`[3:.La
4/7-R
Y-$&480b$&L3%1#CAC+[3L`W8#"
(!(+7$S^,230c(G62`[3:.La
4d7&R?%'0123J$-4e0123#f`[,$&%101(hgH$&23i,j-7 4k
f`[,$&%'0c(hgQ"
7 2ml
Cn(G4G$-0'2o(GC
prqs*3tY-$&480b$&LF%'#CH0'2C8[3"*u$v534+7 LF%'#: $&48w(hgX530'"#$&%'%cgx48
R\#48#iy(G7V$-CQ(G*3
zX{|}'~}_&
}o#'{~ p6qs*3L,$&C80'":P7Xi3#%10'239H5,$&4G$-i30'9 :R\7 4%'0'2FJ$&4534+7&9 4G$&:P:P0'239P0'C
(+*3BR\7 %'%17UM!012393p
<?>yK7Xi3
%'0'2F9>)$&4+$&i30'9&:
a`,D
(+#4+:P0'2Fd(G*3si3
"#01C+0'7&2Y-$&480b$&LF%'#C$&23iP%b$&L3%1k(G*F#:/p)qs*3!i3
"#0'C80'7 2Y-$&480cl
$-L3%'
C$-4+B(G*37&C+SY-$&480b$&LF%'#CdM!*F7 C+Y&$-%'[3
C:.[3C8(LaDi3(G
4+:P0'23
iw0'27 48i3#4!(G7
Tm#"#[m(GD$.53%'$&27&R$-"
(G017 27 4eC8(+4G$-(+#9&gH4+
9o$&4+iF%'#C8Cd7&R(+*367 5F(+0':H$&%'0c(hg7&R(+*30'C
5F%b$&2p
a`D
(+#4+:P0'2Fd(G*37 LXW8
"
(G0cY $&23iM!4+0c(G$&2PTm5348#C+C80'7 2PR\7 401((+*,$-(A0'C%10'23#$&4
012(G*3Di3
"#01C+0'7&2/Y-$&480b$&L3%1#C
p
a`D
(+#4+:P0'2F(+*3Tm53%10'"#0c(K;7 4Cn($-(+#i@"#7 2FC8(G4+$&0'2o(+CQ$&2FiM!4801(G(+*3#: $&C
01(+*3#4!#f`[,$-%'01(hg7&40123#f`[,$&%101(hg"
7 23Cn(G4G$-0'2o(GC!(G*,$(6$&48S%10'23#$&4s0'2/(G*3i3
"#0'C80'7 2
Y-$&480b$&LF%'#C
p
a` ?D
(+#4+:P0'2F(+*3.01:H53%10'"
01(s"
7 23C8(+4G$&012o(GC#pqs*3
C+$&48S(+*3."
7 23C8(+4G$&012o(GC(+*,$-(
$-4+237&(Tm53%10'"
01(G%cgwCn($-(+#iEL3[F(S$&4+48#f`[30'48#iE0'2_7 4+i3
4BR\7 46(G*3P53487 L3%'
:N(G7
L53*ogXC+01"J$&%1%1g_:PJ$&2301239&R\[3%=pwqs*3
C+"#7&23C8(+4G$&012`(+C:[3Cn($&%1C+7tLQM!4+0c(+(+#2¡$&C
01(+*3#4!#f`[,$-%'01(hg7&40123#f`[,$&%101(hg"
7 23Cn(G4G$-0'2o(GC!(G*,$(6$&48S%10'23#$&4s0'2/(G*3i3
"#0'C80'7 2
Y-$&480b$&LF%'#C
p
qs*3D*,$&48i3#Cn(5,$&48(!7-R):P7miF#%'01239$&2/<?>¢01Cd(G*3BiF
(G
4+:P0'2,$(G0'7&27&R?(G*3Di3
"#0'C80'7 2
Y-$&480b$&L3%1#C
p£623"#(G*301Ce01C¤i37 23[3C+[,$-%'%1g(+*34+#:H$&0123i3#4¤7&R¥(G*3:H7Xi3#%10'2396R\7&%'%'7M!C¤0'2
$4+#$&C+7 23$&L3%1gC8(G4+$&0'9&*`(8R\7 48Mk$&48iMk$Jg pd¦h2/i3(G#48:H01230'2F9(G*3i3#"
0'C80'7 2Y-$&4+0'$&L3%'
Cd53[F(
g&7 [34+C8#%cR§012Q(G*F6C+*37X#Cs7-R(G*365#48C+7 2(+*,$-(d:.[3C8(sTm#"#[m(GB(G*353%b$&2Q7 4dC8(+4G$-(+#9&gP(G7
L!0':P53%'
:H
2`(+#ipqs*301CA01C237&((+*3!5a
4+C+7&2P(+*,$-(¤i3(G#48:H0123#C(+*3!53%b$&27 4Cn(G4+$-(G
9&g ¨
4+$-(G*3
4¤01(01C(G*35a
4+C87 2P(+*,$-(¤TF
4+"
0'C+
Ck0c(J¨`$&23iP$&C¤C8[3"*Qi37X#CA237&(¤2F##iP(G7D©`237My7 4
Y #2"#$&4+(G*,$-(k01(e0'Ce0'2QC87 :PMk$gH7 5F(+0':H$&%pªC8©Pg&7 [348C+#%cR«nM!*,$-(k0'Ce(+*35F4G$&"(G0'"#$&%
*,$-23i3CD7 2Z0'2FR\7&4+:H$-(G017 2K(+*,$-(B(G*F0'CB5#4+C87 2E$&L3C+7&%'[F(+#%1gw:[3Cn(D*,$JY P0'2¬7 48i3#4B(G7i37
(+*3#014§W87 L33p¦®(!01C!(+*30'Cs012FR\7 48:Q$-(+0'7 2P(G*,$(iF
(G
4+:P0'23
Cd(G*3Di3
"#01C+0'7&2Y-$&480b$&LF%'#C
p
¯
§>
4+*,$-53C(+*3:P7 C8(D"
7 :H:P7 2tL#9&0'2323
4+CB:P0'Cn($&©-0'2¬:P7mi3
%'01239$534+7&L3%'
:N$&C
$&2<>;\7 4#¨-:H7Xi3#%10'239$&27&5F(G01:H01IJ$-(+0'7 2B53487 L3%1#: 0'2S9 #23
4G$&%b@01C(+7(G4ng(+76C+7&%1Y A(G*3
53487 L3%1#:r$&C(G*3g:P7mi3
%F0c(Jpqs*30'C¤$-(8(G
:H5F()(G7BC+7&%1Y d(+*3!534+7&L3%'
: $&C0c(01C:H7Xi3#%1#i
(G$&©&
C§:H$&2og6R\7 48:HCC8[3"*$&Ci3(G#48:H01230'2F9d(G*,$-(§$&20'2F#f`[,$&%101(hg"#7 23Cn(G4+$&0'2o(?M!0'%1% 4+#$&%'%cg
LB$&2#f`[,$-%'01(hgH"#7&23C8(+4G$&012`(s$-(s(G*3BC87 %'[m(G0'7&2¨m7&4d"#
48($-0'2Y-$&4+0'$&L3%1#Ck"#$&2La6M!4801(8(G#2
012Z(+#48:HCB7&Re7&(+*3#48C#¨7 4BC+7 :Pi3#"
0'C80'7 2¬Y-$&4+0'$&L3%1#C6M!0'%1%$-(8($&012Z$/"
#4n($&012ZY-$&%1[3$-(
C87 %'[F(+0'7 2R\7 4 &#} ~ 4+J$-C+7 23C
¨
(+"&pp1pcp ¤ ªqs q Aw>q q £
3£B< q
>¤s£ d< A ¦ q
yt£ ¤<¦
Xq§ª eª%'C873¨F[3C8$&Cs:Q$-2`gHY-$&4+0'$&L3%'
Cd$&C
g&7 [23
#iQ(+7.:H$&©&C+#2FC+67&R¥(G*3534+7 LF%'#:/p 7&2 (AMe7 4+4ngP(+*,$-(A(G*3
4+:Q$JgL6$S%17&(
7&R(+*3#:/p¦®( Cd2F7&(dg 7&[34d53487 L3%'
: C+0'2F"#g&7 [$&4+237&(e(G48gX01239.(G7.C+7 %cY (+*3653487 L3%'
:
7 2F%1g:P7Xi3#%0c(Jp
EH237M 01%'%1[3C8(+4G$-(+(G*301C:P7Xi3#%10'2395,$-4G$&i3019 :NM!0c(G*E$/C80':P53%'57 48(8R\7 %'0177 5F(+0cl
:P0'I#$-(G017 253487 L3%'
:Kp
"!$#$%&('*)*,+.-#/)*01)2435#6)"798:);#6<>=?A@
m
[35F5a7 C8(G*,$-(g&7 [D*,$JY "BDCmE ¨FEDEkE (G7s0'2oY&#C8(§$&2FiDg&7 [D*,$JY A"*37 C8#2DR\7 [34i30G¥
4+
2`(
^,23$&23"#0'$&%0123C8(+4+[3:P#2o(GCsR\7 4sCn(G48[3"
(+[34+01239g 7 [340'2oY&#C8(+:H
2o(Jp¤qs*3#C8$&48D$&CsR\7 %'%17M!CH
¯ pe[FgC8(+7m"©JI M!*F0'"*/0'Cs"#[F4+4+
2o(G%1gC8#%1%'0'2F9.R\7 4 BDCE5#4!C+*3$&4+-p
CXp>[348"*,$&C8LK
NM,{+&]|+& 7 5F(+0'7 2FC(G7_L3[FgV$ZC+*,$-4+7&R6Cn(G7X"©OI $-(JB ¯QP 0'2
TF$&"
(+%1Sg R:P7 2o(G*3Cs(G01:H-pqs*3
C+7 5F(G017 23C!$&48DC+#%1%'01239.(G7Xi,$JgR\7 4B ¯ EJ$&"*p
T p$&01C+D:H7&4+DR\[323i3CR\7 4!0'2oY
C8(G:P#2o(0':P:H
i30b$-(+#%cgQLog/C+
%'%'01239(G*3U[34+7 5J$-2
"#$&%'%¥7 5F(G017 23CdiF#C+"
4+01La
it$&L7Y D[323i3
4(+*3DCG$&:P6(G
4+:PC#p
V p>[348"*,$&C8WRZ:H7&2`(+*V4+0'C8©`%'#C8CI##487-lh"
7 [357 2La7 2Fi3C*,$JYm01239E$¬R$-"#Y-$&%'[37-R
B ¯ EDE$-($"#7 Cn(7&XR BZYDEJ$&"*(G7Xi,$Jg p
[ ]\_^/`Qa c; bd `Qe] ^/fhgU^6ici jQ klemfon @
ªp[3487 5J$&2"J$-%'%¥7&5F(G017 2Q(G7LF[Fg$Cn(G7X"©$-(!$53480'"
qt$-23i s{ rm{
G|}'~{zo thv{ u 9 0cY #C
(+*3H5F[34+"*,$-C+#4(G*3P4+019 *o(B(G7KL3[Fg¬(G*FHCn(G7X"©Z$-U( qOi37 %1%b$&48CB7 2O5348#"
0'C+
%1gt(+*3Pi,$-(G
u pqs*3D53[348"*,$&C8#47&R§(+*3D7 5F(+0'7 223
#i/237&(!TF
4+"
0'C+D(G*F0'Cs4+019 *o(d(G7L3[mg ¨$&23i(G*F
g
"#$&2K7&23%1gQTm#48"#0'C8(+*30'Cs480'9 *o(!7 2(+*3Di,$-(G u ;237&(!L
R\7&4+D7 4!$-R (+#4@p
wA7 [i3(G
4+:P0'23k(+*,$-((+*3#48!$&4+d(+*34+
s#f`[,$&%cg.%10'©-#%1gC8"##23$&4+017 C(G*,$(:Q$JgS7m"
"#[34
(+7(+*3DC8(+7m"©53480'"
6R\7 4sC8(+7m"©xIyH
X"##23$&4+017 ¯ Hz
X(G7X"{ © I C+
%'%'CdR\7&4 BDCE$C+*,$&48D0'|2 R:H7 2o(+*3C#p
C
X"##23$&4+017{C]Hz
X(G7X"©{I C+
%'%'CdR\7&4B V E$C+*,$&48D0'2|R:H7 2o(+*3C#p
X"##23$&4+017{C]HzX
(G7X"©{I C+
%'%'CdR\7&4 B ¯ C$C+*,$&48D0'|2 R:H7 2o(+*3C#p
[3Q(+7t(G*3Q*3J$JY`g¡4+01C+©`C0'2oY&7 %1Y&#ivM!01(+*¡C+
%'%'01239w7&5F(G017 23C#¨(+*3TF"*3$&239 *,$&C
53%'$&"#
i$:Q$&489 0'2P4+
f`[30'48#:P#2o(k7&2Q(G*3(G7&(G$&%2`[3:L#4A7&R [34+7&5a#$&2"J$-%'%'C¤7 2QC8(G7X"©
Ir(G*,$-(g 7 [¬"#$&2tC8#%'%= p wA7&[t:Q$Jg/7 23%cgM!4+01(+ P EDEDEQC8[3"*¬"J$&%1%'C
p ,7 48:[3%b$(G$&2¬<?>
(+7iF
(G
4+:P0'23s(+*3!5a7 4n(+R\7 %10'767-RC8(+7m"©`C
¨mL7 23i3C
¨F$-23iH7&5F(G017 23C(G*3$-(A:Q$Tm01:H01I##C§g 7 [34
TF5#"(G
iw53487&^3(0'|2 R:H7&2`(+*3C#p
(G#48:H0123(+*3 #"#01C+017 2 A$&4+0'$&L3%'
C#p
(G*F2`[3:.La
47-R)Cn(G7X"©xIr5F[34+"*,$-C+#i
(G*F2`[3:.La
47-R)L7 23i3C53[348"*,$&C8#i
(G*F2`[3:.La
47-R)"#$&%'%7&5F(G017 23Cs53[348"*,$&C8#i
(G*F2`[3:.La
47-R)"#$&%'%7&5F(G017 23CsC+7&%'i
(G#48:H0123(+*3S£BL`W8#"
(+01Y&
qs*3e7 LXW8
"
(G0cY e0'C?(G7:Q$Tm01:H01I#(G*FkTm5#"(G#i5F4+7&^3(R\4+7&: (G*3A5a7&48(+R\7&%'0'7Fpq§7i3
(+#4nl
:P0'23e(G*301CMk:[3Cn(¤i3
(+#4+:P0'2Fd(G*3!Tm5#"(G#iQ534+7&^F(R\4+7 :rJ$&"*H7&Ra(+*3s0'2oY&#C8(+:H
2o(
$&%c(G
4+2,$-(+01Y&#C#p
)Tm5a
"
(+#it>487&^3(
e7 23i3C H(B ¯ E5a
4sLa7 2Fi
`(G7X"m© H§qs*3s53487&^3(¤7 2(+*3sC8(+7m"©Si3#5#23iFCA7&2(+*3d(G*F4+#s
f`[,$&%'%cg.%10'©-#%1gC8"##23$&4+017 C#p
¦h2C8"#
2,$&4+017 ¯ (G*3B53487&^3(s01C EF¨,$-23i(G*301Cd*,$&535#2FCdM!01(G*5F4+7 L,$-L30'%101(hg ¯
T p)¦h2
C8"#
2,$&4+01|7 CQ(G*353487&^3(D01C CEF¨?$&2Fit(G*301CB*,$&535#23CBM!0c(G*¬53487 L,$&L301%'0c(hg ¯
T p¦h2
C8"#
2,$&4+017 T (+*3¬53487&^3(0'C
F¨$&23iy(G*301C*,$&535#2FCM!0c(G*53487 L,$&L301%'0c(hg ¯
T p
#23"
(+*3DTm5#"
(+#iK534+7&^F(7&2/7&23DC8(G7X"©7&oR I 0'C
¯ ; Eo@ ¯ ; CZEo@ ¯ ;
o@ V
T T T
$-%'%e£65F(G017 23U C k7 [39 *o( HPª9o$&012¨§(+*3Q53487&^3(.7 2O(G*F"J$&%1%¤7 5F(G017 23C53[348"*,$&C+
Ci3l
5#2Fi3CD7 2_(+*3(G*348#P#f`[,$&%1%1gw%'0'©-#%cgtC+"
#2,$-4+0'7&C#p¦h2EC8"#
2,$&4+017 ¯ MeHTm#4+"
0'C8
(+*3d7 5m(G0'7&2$&23iL3[FgS(G*3kC8(G7X"©SR\7&4 B Q¯ P ¨-(G*3
2(+[34+2$-4+7 [32Fi$&23iC+
%'%F0c($&9 $&0'2
R\7&z4 BDCEgX0'
%'i301239D$B534+7&^F(¤7&4R B P op Es(G*3
2HC8[3LF(G4+$&"
(¤R\487 : (G*F0'zC B P (G*Fs0'230c(G0b$-%
"
7 C8(!7-R(G*3B7 5m(G0'7&2Z; B ¯ Eo@A(G77&LF($&012$&27Y
4G$&%1%¥%'7&C+Cd7&5R B P ¨F7 4d
f`[301Y-$&%1#2o(G%cg ¨
T
$ 53487&^3(7&R§lB P pA¦h2KC8"#
2,$&4+017xCMe.Tm
4+"#01C+D(G*37 5F(+0'7 2/$&2FiwL3[Fg(+*3C8(G7X"©
R\7&4{B ¯QP ¨¤(G*3
2x(G[3482x$-4+7 [32Fi$&23i¢C+
%'%s01(H$&9 $&0'2¡R\7 4JB V E¬gX0'
%'i301239Z$E53487&^3(
7-R BDC P pJEP(+*3#2EC+[3LF(+4G$&"(SR\487 : (G*F0'CUBDC P (G*3P0'2F01(G0'$&%"#7 Cn(7&Re(G*3P7 5F(+0'7 2
; B ¯ Eo@?(G77 LF($-0'2$&2P7Y #4+$&%'%,5F4+7&^3(¤7-4R B ¯ P p )012,$&%'%cg ¨-0'2C+"
#2,$-4+0'7 T Mki37237&(
Tm#4+"
0'C8D(+*3D7 5F(+0'7 2(+7PLF[Fg(G*FCn(G7X"©$-( B ¯ P C80'23"
D01(s237MC+#%1%'01239.R\7 4s%1#C+C
(+*,$&2(G*,$(Jzp
23"#7 [34!%'7&C+Cs0'2(G*F0'Cs"J$-C+#f`[,$&%1C!(+*3D53[348"*,$&C+S534+01"#D7&R(G*3
7&5F(G017 2¨37 4!
fX[F01Y-$&%'
2o(G%1g&¨FMe.7 LF(G$&0'2/$534+7-^3(7 2l B ¯ E[323iF#4!(G*301CC8"#
2,$&4+0173p
X0'23"
S#$&"*t7&R§(G*3
C+C8"##23$&4+017 C01C
f`[,$&%'%cg%'01©&
%1g(+*3.TF5#"(G
i¬534+7&^F(R\487 :
(+*3D53[348"*,$&C+7&R)$"J$&%1%7 5F(+0'7 20'C
¯ ;
P @ ¯ ; Q¯ P @ ¯ ;
¯ Eo@ E
T T T
$-%'%£65F(+0'7 23zC
X7 %'i HªCMe*3$Y&C8#
2¨X(+*3!534+7-^3(A7 2(G*3!"J$-%'%37 5m(G0'7&23C53[348"*,$&C+
C
iF#5#23i3C.7 2O(G*FH(G*F4+#Q#f`[,$&%1%1gZ%'01©&
%1gZC+"
#2,$-4+0'7&C#pw¦h2OC+"#
2,$&480'7 ¯ (G*35F[34nl
"*3$&C+
4d7&R(G*F67 5F(+0'7 2Q(+7L3[FgHTm
4+"#01C+
Cd(G*301Ck7 5F(+0'7 2¥p¦h2(G*301Ck"#$&C+-¨FMk:[3C8(
LF[Fg(G*3C8(+7m"©R\7&(4 BCED$&23iH(+*3#2P(G[3482$&487 [323iH$&23iPC+
%'%01((+7(+*353[34+"*3$&C+
4
7-R,(G*3d7&5F(G017 2.R\7 4 B Q¯ P ¨&(+*`[3C0'2F"#[3480'239B$6%17 C+C§7&R B P 5p
7Me
Y
4#¨`(G*3k53[34+"*3$&C+
4
012301(+0b$&%1%1gS5,$&01i[3C B ¯ ER\7 4e(+*367 5F(+0'7 2¥Xp
23"#B7 [F4d7Y #4+$&%'%a534+7-^3(d[32Fi3#4d(+*30'C
C8"#
2,$&4+0170'C B P p6¦h2¬C8"#
2,$&4+01S7 CP(+*353[348"*,$&C8#4B7&R(+*37 5F(+0'7 2K(G7L3[mgt$&9 $&0'2
Tm#4+"
0'C8#C(+*30'C7 5F(G017 2p!¦h2w(+*30'C"J$&C8&¨¥Me:[FC8(6LF[Fg(G*3SC8(G7X"©R\7 4 B V EQ$&2Fi
(+*3#2V(G[F4+2¢$&4+7 [F23ix$-23i¢C8#%1%s01((G7¬(+*3K5F[34+"*,$-C+#4P7&R(G*37 5F(+0'7 2¡R\7 4 B Q¯ P ¨
(+*`[3C0'2F"#[3480'239¬$K%'7 C8C.7&R BDC P p
7Me
Y#¨¤(G*F53[348"*,$&C+
40'230c(G0'$&%'%cgw5,$-0'iv[3C
B ¯ ER\7 4¤(G*F67 5F(+0'7 25p
23"#B7 [F4k7Y
4G$&%1%a53487&^3(k[323i3
4k(G*301CeC8"#
2,$&4+0170'C¤*l B ¯ P p
¦h2wC+"#
2,$&480'7 T (+*3.5F[34+"*,$-C+#4B7-R(G*3S7 5F(G017 2wiF7m
C6237&(Tm#48"#0'C8.(G*F7 5F(+0'7 2
$-23iC+7.7 [34A534+7&^F(d0'2P(G*301CkC8"##23$&4+017.0'CA(G*3B ¯ ED(G*365F[34+"*,$-C+#4k0'230c(G0b$-%'%1gS9o$JY
[FCR\7&4.(G*37 5m(G0'7&2p
m0123"##$&"*¢7-R(+*3#C8/C8"#
2,$&4+017 C0'C
f`[,$&%'%cgv%10'©&
%1g_(G*3
Tm5a
"
(G
iw53487&^3(!R\4+7&: (G*FC+$&%'B7-R$"J$&%1%¥7 5m(G0'7&2/01C
¯ ; P @ ¯ ;
Q¯ P @ ¯ ; ¯ Eo@ E
T T T
qs*3
4+R\7 4+-¨F(G*37 LXW8
"
(G0cY 6012Q(G*F0'CA534+7 LF%'#: 01Ce(G7.:Q$Tm01:H01I#d(G*F6%'0123J$&4¤TF5F4+#C8C+017 2
¯E V p
(G#48:H0123(+*3 Tm53%10'"
01( 7 2FC8(G4+$&0'2o(+C
e[3i39 ( 7&23C8(+4G$&012`( H YDE :CZE ¯ E
CEDEDEE ¯ E
K$&4+9 012 7 23Cn(G4G$-0'2o( H P EDEDE
V
(G#48:H0123(+*3D¦h:H53%10'"
01( 7&23C8(+4G$&012`(+C
ª%1%7&R(G*3Di3
"#01C+0'7&2Y-$&480b$&LF%'#Ck:[3C8(LD5a7 C801(+01Y ZH
E E E $&23i E
qs*3"#7 :P53%1
(GD<?>V(G©&
C(+*3BR\7 4+:
:H$Tm0':P0'I
¯ E V
C8[3LXW8#"((+7 YE :CE ¯ E3;
@ CEDEEDE
E E E $&23i|E P EEDE
E
TDP EDE
P EDEE
M!0c(G*7 5F(+0':H$&%¥Y-$&%'[FB9 01YX0'2F9H$-2KTF5#"(G
it534+7-^3(7&RXB ¯ V EDEDEmp"e[F(4+#:P#:.La
4!(+*,$-(
(+*30'C!0'Cs7&23%1g(+*3 s{ r M,{| t {+z 534+7-^3(JpA¦h2/(+*3
Y
2o((G*3$-(C+"#
2,$&480'{7 CP$&"(G[,$-%'%1gQ7m"
"#[348C#¨
Me$&"
(+[,$&%'%cg0123"#[34!$%17 C+C!7&R B P EDEEC+0'2F"#
CE Q¯ P CE
T P EDE
¯ P
P EDEDE
P EDEE
ªC¤$&2P$&%1(+#4+23$-(G0cY &¨o7&23s:H019 *o("*37X7 C8!(+7$&i3i(G*3s"
7 23i30c(G017 2(G*,$((G*3!53487&^3(R\487 :
(+*357 48(8R\7 %'017/:.[3C8(L$-(.%'#$&C8( BDCEDEDEmptqs*30'CS"J$&2¡Li37&23Log¡$&iFi30'239/R\[348(+*3#4
"
7 23C8(+4G$&012o(GC(G*3$-(4+
f`[30'48k(G*,$(4+
9o$&4+iF%'#C8C7&R(G*3sC8"#
2,$&4+0176(G*3s5F4+7&^3(:[3C8(¤Tm"##
i
BDCZEDEDEFp§q§7iF7S(G*F0'C#¨`MeC+01:H5F%1g%17UMe#4eLa7&[323iH(+*348
Y`[3D$-(A(G*3#23iQ7&R RS:P7 2o(G*
Lo|g BDCCEDEDEFp)qs*3#C8.%'7Me#4sL7 [323iF0'239"#7&23C8(+4G$&012`(+C$&4+
P
X"##23$&4+017 ¯ H ¯ DE E : CZE P DC CEEDE
X"##23$&4+017{C]H ¯ DE E V E C P C CEDEDE
X"##23$&4+017 T H ¯ DE E ¯ C DC CZEDEDE
qs*301C!9 01Y&#C$23
M <>¢7&R§(+*3BR\7 4+:
:H$Tm0':P0'I
¯E V
C8[3LXW8
"
((G7 YDE :CZE ¯ E CZEDEDEDE
¯ EDE CE P CCEDEDE
¯ EDE V E C P CCEDEDE
¯ EDE ¯ C CCEDEDE
E E
P EDEE
qs*301C<?>¢gX01#%'iFCd(G*3DC+7&%'[F(+0'7 2
E
C D EDE
T RDEE
M!0c(G*7 5F(+0':H$&%mY-$&%1[3s9 01YX01239D$&2PTm5a
"
(+#i53487&^3(A7&RB ¯ ¯ CZEDEFpok[F(e$&9o$&01201(:[FC8(ALa
48#:P#:L#48#i(G*,$((G*301C0'C7 23%cg.(+*3 s{ r M,{| t {+z 53487&^3(Jp)¦h23i3#
i¨`01RaC+"
#2,$&480'U7 C67m"
"#[348C#¨
(+*3#2(G*3$&"(G[,$-%534+7&^F(sM!0'%'%aLaUBDCZEDEDEM!*30'"*/0'Cd(+*3D%'#$&C8($&:P7 [32o(!48#f`[30'48#ip
q77Y+"
7 :P!(+*3s57&(G
2`(+0b$&%mi37M!23C+01i3!7&R¥$&2og9 0cY #2C8"##23$&4+0173¨ Mk!:H$Jg"*37X7 C+
0123C8(+J$&i(+7:Q$Tm01:H01I#!(G*3BC8:Q$&%1%'
C8(e5a7 C8C+01L3%'65F4+7&^3(d4+#9 $&4+i3%1#C8Cs7&R?M!*30'"*C+"
#2,$-4+0'7
7X"#"
[34+C
_p O"#$&2Vi37¬(G*301CLogv0'2o(+4+7Xi3[3"#01239Z$¬23
M Y-$&4+0'$&L3%1 4+
534+
C+#2o(+0'239Z(G*3
%1J$&Cn(s5a7&C+C+01L3%'4+
Y`[3D(G*,$(dMkD:H$JgQ*,$JY&S$(d(G*3B
23i7&oR R:H7&2`(+*3C#¨F4+#9 $&4+%1#C+Cs7-R
M!*301"*KC8"#
2,$&4+0177m"
"#[348C#p OB(G*F#2/:Q$Tm01:H01I#pqs*30'C!9 0cY #C!480'C+B(+7(+*3D23
M <?>
:Q$UTF01:H01I#
C+[3L`W8#"
((G7 YE :CE ¯ E CEDEDEE
¯ EE :CE P CEDEDEE
E
CC T
C P V P
R
9 0cYX0'239$&2Tm5#"
(+#i5F4+7&^3(§7&R6BYDEDY CXpqs*Fe%1J$&Cn()57 C+C80'L3%1534+7-^3(§R\487 :(+*30'C?C+7&%'[F(+0'7 2
01C B DC P p