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9-+&(&*+,+$3+0>(&*+&<&5&U+$&$%.,&-0.'()$+&*(&9-+&(&*+&K;

b%)%&%4%6.%)&9-%02.2%2.4%$+02+&(&?)%-&*+&4%).%U.6.*%*+&(-&*.,3+),@(

*(,& 4%6()+,& *+& -$& /(01-02(& *+& 07$+)(,& +$& 2()0(& *(& 4%6()& $5*.(8

6%0[%)+$(,& $@(& *%,& +,2%2V,2./%,& *+0($.0%*%,& $+*.*%,& *+& *.,3+),@(;& <,

3).0/.3%.,& ,@(A& %& %$36.2-*+& 2(2%68& %& 4%).x0/.%8& (& *+,4.(& 3%*)@(& +& (

/(+'./.+02+&*+&4%).%[@(&*+&b+%),(0;
 dd

g;C <DbXGI#F^&IWI<X

<& %$36.2-*+& 2(2%6& NHO& *+& -$& /(01-02(& *+& 0& 4%6()+,& & `C8& `M& ;;;8& `08& 5

*+'.0.*%& 3+6%& *.'+)+0[%& +02)+& (& $%.()& 4%6()& N`$S`;O& +& (& $+0()& 4%6()& N`$.0;O& *(

/(01-02(8&(-&,+1%A

H = L $%`; − L $.0; Ng;CO

b%)%&(&+`+$36(&*%,&0(2%,8&2+)+$(,A
n)-3(&<A&&H&c&gC&Z&fk&c&M
n)-3(&KA&&H&c&h!&Z&BB&c&Mh

P-3(0>%$(,&(-2)(&?)-3(&NJO8&'()0+/+0*(&(,&)+,-62%*(,A
n)-3(&JA&zf!p&!Bp&B"p&f"p&B"{
(0*+&H&c&f!&Z&!B&c&Mh

m(2%$(,& 9-+& (,& ?)-3(,& K& +& J& %3)+,+02%$& %& $+,$%& %$36.2-*+8
%3+,%)& *(,& /(01-02(,& *+& 4%6()+,& ,+)+$& U+$& *.'+)+02+,;& F+,2%& '()$%8
4+).'./%$(,& 9-+& %& %$36.2-*+& 2(2%6& 2+$& (& ?)%4+& .0/(04+0.+02+& *+& ,+)
.0'6-+0/.%*%& %3+0%,& 3+6(,& 4%6()+,& +`2)+$(,& *(& /(01-02(8& *+,3)+Y%0*(& (,
4%6()+,& .02+)$+*.S).(,;& <,,.$8& %& %$36.2-*+& 2(2%6& 0@(& '()0+/+& -$%& .*5.%
3)+/.,%&9-%02(&_&*.,3+),@(&*(&/(01-02(&/($(&-$&2(*(;

g;M |<HG}mJG<&F<&bWb#X<uvW&b<H<&F<FWP&KH#IWP

<&4%).x0/.%&NσMO&*+&-$&/(01-02(&*+&m&4%6()+,&`C8&`M8&;;;8&`m&5&%&$5*.%
%).2$52./%& *(,& 9-%*)%*(,& *(,& *+,4.(,& *+,,+,& 4%6()+,& +$& )+6%[@(& _& ,-%
$5*.%8&(-&,+1%A

∑ (L −µ )
. =C
.
M

σM = Ng;MO
m
 dB

g;M;C |%).x0/.%&*%&b(3-6%[@(&3%)%&F%*(,&K)-2(,&Z&lo)$-6%&<U)+4.%*%

F+,+04(64+0*(& (& 0-$+)%*()& *%& +`3)+,,@(& Ng;MO& (U25$Z,+& %

+`3)+,,@(&Ng;!O8&(-&,+1%A

∑L
.=C
. −mµ
M M

σM = Ng;!O
m

g;! |<HG}mJG<&F<&bWb#X<uvW&b<H<&F<FWP&<nH#b<FWP

P+8& LC8& LM8& ;;;8& LQ& (/())+$& /($& %,& ')+9R=0/.%,& 'C8& 'M8& ;;;8& 'Q8
)+,3+/2.4%$+02+8&%&4%).x0/.%&,+)S&*%*%&3()A

∑ (L −µ) ;'
. =C
.
M
.

σ =
M
T
Ng;dO
∑ ' =m
. =C
.

g;!;C |%).x0/.%&*%&b(3-6%[@(&3%)%&F%*(,&<?)-3%*(,&Z&lo)$-6%&<U)+4.%*%

F+&'()$%&%0S6(?%8&*+,+04(64+0*(&(&0-$+)%*()&*%&+`3)+,,@(&Ng;dO

/>+?%Z,+&_&+`3)+,,@(&Ng;BO8&(-&,+1%A

∑
. =C
L .M ' . − m µ M
σM = T Ng;BO
∑
. =C
'. = m

<,& +`3)+,,\+,& 9-+& '()%$& %3)+,+02%*%,8& *+4+$& ,+)& -2.6.Y%*%,& 3%)%

/%6/-6%)& %& 4%).x0/.%& *+& -$%& 3(3-6%[@(8& 3(.,8& 0(& /%,(& *+& %$(,2)%,8

*+4+$(,& ,-U,2.2-.)8& 0+,,%,& +`3)+,,\+,8& σ& 3()& Pp& (& 0-$+)%*()& mµM& 3()& 0L M & +& (

*+0($.0%*()&m&3()&0ZC;
 df

W&-,(&3)S2./(&*%&4%).x0/.%&$-.2%,&4+Y+,&,+&2()0%&.0/(04+0.+02+&4.,2(

9-+& 5& +`3)+,,%& 3+6(& 9-%*)%*(& *%& 4%).S4+6& +$& +,2-*(;& b%)%& /(02()0%)& (

3)(U6+$%&*%&-0.*%*+8&*+'.0+Z,+&(&*+,4.(&3%*)@(;

g;d F^P|GW&b<FHvW&F^&#D<&<DWPIH<

W& *+,4.(& 3%*)@(& NPO& 5& *+'.0.*(& /($(& %& )%.Y& 9-%*)%*%& 3(,.2.4%& *%

4%).x0/.%;

|%$(,& /%6/-6%)& %& 4%).x0/.%& +& (& *+,4.(& 3%*)@(& 3%)%& (,& *%*(,& *%

%$(,2)%&*+&.*%*+,&*%&2%U+6%&B;C;

I<K^X<&g;C&Z&JjXJ#XW&F<&|<HG}mJG<&^&F^P|GW&b<FHvW

JX<PP^P '. L. L .M L .M ; '.

Cd&&& &&&MC d Cg8B !"f8MB C&&MMB8""
MC&&& &&&Mh B Md8B f""8MB !&""C8MB
Mh&&& &&&!B h !C8B kkM8MB g&k!h8""
!B&&& &&&dM f !h8B C&dhM8MB h&hk!8B"
dM&&& &&&dk d dB8B M&"g"8MB h&MhC8""
dk&&& &&&Bf ! BM8B M&gBf8MB h&Mfh8gB
IWI<X !" Z Z !g&f"g8B"
lWmI^A&b+,9-.,%&*+&J%$3(

m+,,+& +`+$36(8& 2)%U%6>%$(,& /($& L = !!8h! & %0(,;& J(0,.*+)%0*(& (,

*%*(,&/($(&%$(,2)%8&2+$Z,+A

!g;f"g8 B" − !" (!!8h! )

M
PM = =CCM8hgg
!" −C

6(?(&(&*+,4.(&3%*)@(&,+)SA

P = CCM8hgg =C"8 fM %0(,

 dg

g;B JW^lGJG^mI^&F^&|<HG<uvW&F^&b^<HPWm

W& /(+'./.+02+& *+& 4%).%[@(& *+& b+%),(0& N/;4;O& 5& -$%& $+*.*%
%*.$+0,.(0%6&*+&*.,3+),@(8&,+0*(&*+'.0.*%&/($(&(&9-(/.+02+&+02)+&(&*+,4.(
3%*)@(&P&+&%&$5*.%&%).2$52./%& L 8&(-&,+1%A
P
/;4; = ; C"" Ng;fO
L

m(&/%,(&*+&-$%&3(3-6%[@(&2+$Z,+&9-+A
σ
J;|; = ; C"" Ng;gO
µ

P+& 2.4+)$(,& 9-+& /($3%)%)& *-%,& (-& $%.,& 4%).S4+.,8& .,2(& ,o& ,+)S
3(,,V4+6& /($& %,& +,2%2V,2./%,& %25& %9-.& +,2-*%*%,8& ,+& '()+$& ,%2.,'+.2%,& %,
,+?-.02+,&/(0*.[\+,A
%O %$U%,& %,& 4%).S4+.,& *+4+)@(& 3(,,-.)& %& $+,$%& -0.*%*+& *+
$+*.*%p
UO %$U%,& %,& 4%).S4+.,& *+4+)@(& 3(,,-.)& %& $+,$%& 9-%02.*%*+& *+
(U,+)4%[\+,8& 3(.,& %& 9-+& 2.4+)& $%.,& +6+$+02(,& 2+)S& $%.()
3)(U%U.6.*%*+&*+&,+)&$%.,&>+2+)(?=0+%;
i-%0*(& +,2%,& /(0*.[\+,& 0@(& '()+$& ,%2.,'+.2%,8& *+4+$(,& -2.6.Y%)& (
/(+'./.+02+&*+&4%).%[@(&*+&b+%),(0;
P-3(0>%$(,& 9-+& +$& -$%& 3)(4%& *+& +,2%2V,2./%& %& 2-)$%& <& (U2+4+
$5*.%& L < = B & +& *+,4.(& 3%*)@(& P<&c&M8B8& +09-%02(& %& 2-)$%& K& (U2+4+& $5*.%
LK = f & +& *+,4.(& 3%*)@(& PK&c&M8B;& m(2%$(,& 9-+8& +$& 2+)$(,& %U,(6-2(,8& %
*.,3+),@(&*%,&*-%,&2-)$%,&5&%&$+,$%8&3(.,& P<&c&PK;&D%,8&+$&2+)$(,&)+6%2.4(,8
2+)+$(,&3%)%&%&2-)$%&<A
M8 B
J|< = ;C"" = B"]
B

+&3%)%&%&2-)$%&KA

M8 B
J|K = ;C"" = dC8 fg]
f

3()2%02(&J|<&~&J|K8&(-&,+1%8&%&*.,3+),@(&)+6%2.4%&*%&2-)$%&<&5&$%.()&*(&9-+

*%&2-)$%&K;
 dh

6 "#$%$&'($#(&''%"#)-%&(#(,7-)2'#

<,&$+*.*%,&*+&%,,.$+2).%&+&/-)2(,+8&3)(3()/.(0%$8&1-02%$+02+&/($

%,& $+*.*%,& *+& 2+0*=0/.%& /+02)%6& +& *+& *.,3+),@(8& %& *+,/).[@(& +

/($3)++0,@(&*(,&'+0$+0(,&+,2-*%*(,;

#$%&*.,2).U-.[@(&*+&')+9R=0/.%&0@(&*.'+)+&%3+0%,&9-%02(&%(&4%6()

$5*.(&+&_&4%).%U.6.*%*+8&$%,&2%$U5$&9-%02(&_&,-%&'()$%;&J($&)+6%[@(&_

'()$%&*+&-$%&*.,2).U-.[@(8&%,&/%)%/2+)V,2./%,&$%.,&.$3()2%02+,&,@(&(&?)%-&*+

*+'()$%[@(&(-&%,,.$+2).%&+&(&?)%-&*+&%/>%2%$+02(;

m(& +,2-*(& *%& %,,.$+2).%& +& /-)2(,+8& 0+/+,,.2%)+$(,& *(& /(0/+.2(& *+

$($+02(,;

h;C DWD^mIWP

W&$($+02(&*+&()*+$&)&ND)O&*+&-$&/(01-02(&*+&0&4%6()+,&`C8&`M8&;;;8&L0

5&*+'.0.*(&3+6%&9-%02.*%*+A

∑L
. =C
)
.

D) = & Nh;CO
0

b%)%&)&c&C8&2+$(,&9-+& DC = L ;

W& $($+02(& *+& ()*+$& )& ND)O& /+02)%*(& +$& )+6%[@(& %& $5*.%

%).2$52./%& L &5&*+'.0.*(&3()A

∑ (L − L )
)
.
. =C
D) = Nh;MO
0

b%)%&)&c&M8&2+$(,&9-+&DM&c&PM

m(& /%,(& *+& *%*(,& %?)-3%*(,& +$& /6%,,+,& *+& ')+9R=0/.%,8& %,

+`3)+,,\+,&Nh;CO&+&Nh;MO&'./%$8&)+,3+/2.4%$+02+A
 dk
T

∑L '
. =C
)
. .

D) = T
Nh;!O
∑ ' =0
. =C
.

∑ (L −L ) ;'
)
. .
. =C
D) = T
Nh;dO
∑ ' =0
. =C
.

h;M <PPGD^IHG<

<& %,,.$+2).%& 5& *+'.0.*%& /($(& (& ?)%-& *+& %'%,2%$+02(& *+& -$%
*.,2).U-.[@(&*+&')+9R=0/.%&*%&-0.*%*+&*+&,.$+2).%;
i-%02.2%2.4%$+02+8& (& ?)%-& *+& %'%,2%$+02(& 3(*+& ,+)& *+2+)$.0%*(
3+6(& /(+'./.+02+& $($+02(& *+& %,,.$+2).%& N%!O8& *+'.0.*(& /($(& (& 9-(/.+02+
+02)+& (& 2+)/+.)(& $($+02(& /+02)%*(& 0%& $5*.%& ND!O& +& (& /-U(& *(& *+,4.(
3%*)@(8&(-&,+1%A

D!
%! = Nh;BO
P!

W& /(+'./.+02+& *+& %,,.$+2).%& *+& b+%),(0& N<O8& 5& (-2)%& $+*.*%
%*.$+0,.(0%6&*+&%,,.$+2).%8&,+0*(&*+'.0.*%&3+6%&+`3)+,,@(A

L −D"
<= Nh;fO
P

b%)%& %!& c& "8& 2+$(,& -$%& *.,2).U-.[@(& ,.$52)./%8& /%,(& /(02)S).(8& %

*.,2).U-.[@(& 5& *.2%& %,,.$52)./%;& i-%0*(& %!& €& "8& %& *.,2).U-.[@(& 5& %6(0?%*%& _

+,9-+)*%8&,+0*(&*+0($.0%*%&*+&%,,.$52)./%&0+?%2.4%8&+09-%02(&9-+8&3%)%

%!& ~& "8& %& *.,2).U-.[@(& 5& %6(0?%*%& _& *.)+.2%8& ,+0*(& *+0($.0%*%& *+

3(,.2.4%$+02+&%,,.$52)./%;&

i-%0*(& < < "8CB 8& 3(*+$(,& /(0,.*+)%)& %& *.,2).U-.[@(& /($(
3)%2./%$+02+& ,.$52)./%;& b()& (-2)(& 6%*(8& /(,2-$%Z,+& /(0,.*+)%)& %& %,,.$+2).%
 B"

/($(&$(*+)%*%&,+&"8CB&≤& < < C8&+&'()2+&,+& < ≥ C;&<,&$+,$%,&/(0,.*+)%[\+,

,@(& 4S6.*%,& 3%)%& (& /(+'./.+02+& $($+02(& *+& %,,.$+2).%& %!;& m%& '.?-)%& h;C

2+$(,&(,&2)=,&/%,(,;

lGn#H<&h;C&Z&^L^DbXWP&F^&FGPIHGK#Gu^P&<PPGDEIHGJ<P&^&PGDEIHGJ<P

<,,.$52)./%&_&*.)+.2% P.$52)./% <,,.$52)./%&_&+,9-+)*%

h;! J#HIWP^

<& /-)2(,+& 5& *+'.0.*%& /($(& (& ?)%-& *+& %/>%2%$+02(& *+& -$%

*.,2).U-.[@(& 0()$%6& N*.,2).U-.[@(& 2+o)./%& 9-+& ,+)S& (U1+2(& *+& +,2-*(O;& J($

)+6%[@(& %(& %/>%2%$+02(8& %& *.,2).U-.[@(& 0()$%6& 5& *.2%& $+,(/7)2./%;& <,

*.,2).U-.[\+,&$%.,&%/>%2%*%,&9-+&%&0()$%6&,@(&*.2%,&36%2./7)2./%,8&+09-%02(

9-+&%,&$+0(,&%/>%2%*%,&,@(&*.2%,&6+32(/7)2./%,;
<& '.?-)%& h;M& $(,2)%& (,& 2)=,& /%,(,& *+& /-)2(,+,8& -2.6.Y%0*(& %

)+3)+,+02%[@(&%2)%45,&*+&*.,2).U-.[\+,&*+&')+9R=0/.%,;

lGn#H<&h;M&Z&^L^DbXW&F^&FGPIHGK#GuvW&D^PWJ‚HIGJ<8&bX<IGJ‚HIGJ<&^&X^bIWJ‚HIGJ<

D+,(/7)2./% b6%2./7)2./% X+32(/7)2./%

 BC

i-%02.2%2.4%$+02+8& (& ?)%-& *+& %/>%2%$+02(& 3(*+& ,+)& *+2+)$.0%*(

3+6(& J(+'./.+02+& D($+02(& *+& J-)2(,+& N%dO8& ,+0*(& *+'.0.*(& 3+6(& 9-(/.+02+

+02)+& (& 9-%)2(& $($+02(& /+02)%*(& 0%& $5*.%& +& (& 9-%*)%*(& *%& 4%).x0/.%8& (-

,+1%A

Dd
%d = Nh;gO
Pd

b%)%& %d& c& !8& 2+$(,& -$%& *.,2).U-.[@(& 0()$%6;& i-%0*(& %d& €& !8& %

*.,2).U-.[@(& 5& *.2%& 36%2./7)2./%8& +09-%02(& 9-+8& 3%)%& %d& ~& !8& %& *.,2).U-.[@(& 5

*.2%&6+32(/7)2./%;

m%& 3)S2./%8& ,o& 2+$& ,+02.*(& /%6/-6%)& %& /-)2(,+& 3%)%& *.,2).U-.[\+,

,.$52)./%,&(-&%3)(`.$%*%$+02+&,.$52)./%,;

J($(& +`+$36(8& 4%$(,& /%6/-6%)& (& /(+'./.+02+& $($+02(& *+

%,,.$+2).%8&(&/(+'./.+02+&*+&%,,.$+2).%&*+&b+%),(0&+&(&/(+'./.+02+&$($+02(

*+& /-)2(,+& 3%)%& (,& *%*(,& *%& 2%U+6%& B;C8& (0*+& %& $5*.%& L = !!8h!p P =C"8 fM & +

D( = !M8 M";

I<K^X<&h;C&Z&JjXJ#XW&FWP&DWD^mIWP8&FW&JW^lGJG^mI^&F^&<PPGD^IHG<&^&J#HIWP^

( L . − L) ( L . − L)
! d
&JX<PP^P '. L. ; '. ; '.

Cd&&& &&&MC d Cg8B ZCg&dCh8hC!" Mhd&ddk8MC"

MC&&& &&&Mh B Md8B Zd&"f"8h!CM !g&hhg8BBB
Mh&&& &&&!B h !C8B ZC"C8Ckdg M!B8ghd
!B&&& &&&dM f !h8B fCC8"hBd M&hB!8gfk
dM&&& &&&dk d dB8B f&!Bg8Mkgh gd&Chk8fff
dk&&& &&&Bf ! BM8B Ck&BM!8!dd" !fd&B""8h!"
IWI<X !" Z d&kC"8hhkM gf!&hhC8"!"
lWmI^A&b+,9-.,%&*+&J%$3(

J%6/-6%0*(&(,&/(+'./.+02+,&$($+02(,&*+&%,,.$+2).%&+&/-)2(,+&3%)%

(,&*%*(,&*%&2%U+6%&h;C8&(0*+A

d;kC"8hhkM
D! = =Cf!8 fkf!
!"

gf!;hhC8 "!"
Dd = = MB;dfM8g"C
!"
 BM

WU2+$(,A

Cf!8 fkf!
%! = = "8Cd
(C"8 fM)!

m(& /%,(& *(,& *%*(,& *%& 2%U+6%& B;C8& (0*+& L = !!8h!8 D" = !M8M" & +
P = C"8fM8 &(&/(+'./.+02+&*+&%,,.$+2).%&*+&b+%),(0&,+)SA

!!8h! − !M8 M"

<= = "8CB
C"8 fM

J($(& (,& 4%6()+,& *+& %!& +& <& ,@(& $%.()+,& *(& 9-+& Y+)(& +& $+0()+,& (-

.?-%6&%&"8CB8&%&*.,2).U-.[@(&*%&2%U+6%&B;C&3(,,-.&%,,.$+2).%&3(,.2.4%&$(*+)%*%;

|.,%0*(&+`+$36.'./%)&(&/S6/-6(&*(&/(+'./.+02+&$($+02(&*+&/-)2(,+8

2+$(,A

MB;dfM8g"C
%d = = M8 ""
(C"8 fM)d

3()2%02(8&%&*.,2).U-.[@(&*%*%&3+6%&2%U+6%&B;C&5&*(&2.3(&36%2./7)2./%;

h;d bHWKX^D<P&bHWbWPIWP

C& Z& F+'.0%& 3(3-6%[@(& +& %$(,2)%& +& %3)+,+02+& 2)=,& +`+$36(,& 3%)%

/%*%&/%,(;

M& Z& F.Y+)& 9-%.,& *%,& ,+?-.02+,& 4%).S4+.,& ,@(& *.,/)+2%,8& /(02V0-%,8

0($.0%.,&+&()*.0%.,;&

%O (&07$+)(&*+&%-2($o4+.,&*+&-$%&/.*%*+p
UO (&2+$3(&*+&+,3+)%&*(,&/6.+02+,&+$&-$%&'.6%&*+&U%0/(p

/O (&+,2%*(&/.4.6&*(,&/-).2.U%0(,p

*O (&07$+)(&*+&6x$3%*%,&*+&-$%&)+,.*=0/.%p

+O %,&.*%*+,&+$&%0(,&/($36+2(,&*(,&(3+)S).(,&*+&-$%&'SU)./%p
 B!

'O (,&3+,(,&*%,&/).%0[%,&*%,&+,/(6%,&*+&3).$+.)(&?)%-p

?O %&4+6(/.*%*+&+$&Q$ƒ>&*+&-$&%4.@(p

>O! (&07$+)(&*+&+,2-*%02+,&$%2)./-6%*(,&0%,&-0.4+),.*%*+,&'+*+)%.,

+$&Ckkfp

.O! (&0V4+6&*+&.0,2)-[@(&*(,&/>+'+,&*+&,+2()+,&*%,&+$3)+,%,&*(&)%$(

*%&/(0,2)-[@(&/.4.6p
1O! ,+`(&*%,&/).%0[%,&*+&-$%&+,/(6%;

!&Z&<))+*(0*%)&3%)%&/+025,.$(,&(,&,+?-.02+,&4%6()+,A

%O Ck8hMM *O dh8dMf ?O dh8kkB

UO MB8BMd +O BB8!Mg >O gh8!Md

/O !M8BgB 'O !h8kBB .O&&CB"8BCg

d& Z& J(0/+.2-+& +& *=& +`+$36(,& *(,& 3).0/.3%.,& 2.3(,& *+& 2%U+6%,

+,2%2V,2./%,;

B&Z&J(0/+.2-+&+&*=&+`+$36(,&*+&?)S'./(,&*+&6.0>%,8&/(6-0%,8&U%))%,&+

,+2()+,;
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C?587F6,:=,<=,976,>43=68,9:,",]436IT

Z^S! \:37N7F63,4,@:=C4,9:,H796,9:,<=6,8_=C696$

#$%$[ )IC6P4,1=4I@368

`, 4, F4>W<>@4, Y, 9:, @494I, 4I, 3:I<8@694I, C4IIUH:7I, 9:, <=, :DC:37=:>@4

68:6@J374$
 aA

-:IF3:H:>94, 4I, 3:I<8@694I, 94I, :DC:37=:>@4I, 68:6@J374I, 9:N7>794I

6>@:3743=:>@:,@:=4IR

Z%S,26>P6=:>@4,94,9694R

Y,b,c,%L,[L,^L,dL,eL,!,f

Z[S,(?=:34,9:,C:9794I,9:,7>N43=6PV4,><=6,3:C63@7PV4,C?587F6,:=

<=,976,>43=68,9:,",]436IR

Y,b,c,AL,%L,[L,$$$L,>,f

Z^S,+:=C4,9:,H796,9:,<=6,8_=C696R

Y,b,c,DR,D ∈ */L,D,≥,4,fL,I:>94,*/,4,F4>W<>@4,94I,>?=:34I,3:67I$

#$%$^ )H:>@4

`, M<68M<:3, I<5F4>W<>@4, 94, :IC6P4, 6=4I@368, Y$, .43, F4>H:>PV4L

9:H:=4I, I:=C3:, F4>I79:363, F4=4, :H:>@4I, 9:, M<68M<:3, :IC6P4, 6=4I@368, 4

:H:>@4, 7=C4IIUH:8, Z6M<:8:, M<:, ><>F6, 4F433:S, :, 4, :H:>@4, F:3@4, Z4, C3JC374

:IC6P4,6=4I@368,YS$

&4>I79:36>94, 4, :D:=C84, Z%S, 94, 7@:=, #$%$[L, 68E<>I, :H:>@4I, 9:II:

:IC6P4,6=4I@368,I:3V4R
c ∅ ,b,:H:>@4,7=C4IIUH:8L,c%fL,c[fL,c!fL,c%L[f,$$$,c%L[L^LdfL,$$$,c%L[L^LdLeL!ff$

#$%$d \637XH:8,18:6@J376,

g<6>94,<=6,H637XH:8,C4II<7,3:I<8@694I,M<:,@:>9:=,6,H63763,9:,<=6

45I:3H6PV4, C636, 4<@36L, :=, 36BV4, 9:, N6@43:I, 3:86F74>694I, 64, 6F6I4L

F]6=6hI:,H637XH:8,68:6@J376$
 a%

#$%$d$% \637XH:8,68:6@J376,97IF3:@6

K=6, H637XH:8, 68:6@J376, ;, 97@6, 97IF3:@6, I:, 6II<=:, H6843:I, 97IF3:@4I

Z>4,F6=C4,94I,7>@:734IS,F4=,C34565787969:I,9:@:3=7>696I$

)D:=C84R,

Y:W6, i, 4, >?=:34, 9:, I:=:>@:I, >V4, E:3=7>696I, :=, F696, %A

I:=:>@:I,7>IC:F74>696I$,)>@V4R
/D,b,cAL,%L,[L,$$$L,%Af

#$%$d$[ \637XH:8,68:6@J376,F4>@U><6

K=6, H637XH:8, 68:6@J376, ;, 97@6, F4>@U><6, I:L, C49:, 6II<=73, @494I, 4I

H6843:I,:=,<=,F:3@4,7>@:3H684$

)D:=C84R

Y:W6,i,6,9<36PV4,96,H796,Z:=,]436IS,9:,<=6,8_=C696$,)>@V4R

/D,b,c,D,R,D ∈ */L,D,≥,A,f

#$%$e -7I@375<7PV4,9:,.34565787969:I

K=6, 97I@375<7PV4, 9:, C34565787969:I, ;, <=6, 97I@375<7PV4, 9:

N3:MjG>F76I,3:86@7H6I,C636,4I,3:I<8@694I,9:,<=,:IC6P4,6=4I@368,Z7I@4,;L,C636

4I, 3:I<8@694I, 9:, <=6, H637XH:8, 68:6@J376S$, Y<6, 3:C3:I:>@6PV4, C49:, I:3, N:7@6

6@36H;I,9:R

6S M<6934T

5S E3XN7F4T

FS NJ3=<86$

)D:=C84R

6S )DC:37=:>@4,18:6@J374R

26>F:,<=6,=4:96,9<6I,H:B:I

5S \637XH:8,18:6@J376R

i,b,k(?=:34,9:,F636I,4F433794l

FS! /:I<8@694I,'5@794IR
 a[

(mn)/',-)
/)YK2+1-'Y
&1/1Y
ZFLFS [
ZFLoS %
ZoLFS %
ZoLoS A

9S /:C3:I:>@6PV4,96,\637XH:8,18:6@J376,>6,N43=6,9:,M<6934R

(mn)/',-) p/)gqr(&*1,/)21+*\1
p/)gqr(&*1
&1/1Y ./'010*2*-1-)
A % %sd
% [ %s[
[ % %sd
+'+12 d %

+4=6=4I, 6, I:E<7>@:, :M<6PV4, C636, 4, FX8F<84, 96, N3:MjG>F76

3:86@7H6R

,,,,,,,,N3:MjG>F76,C63F768,,,
N3,b, Z#$%S
,,,,,,,,,N3:MjG>F76,@4@68

K=,I:E<>94,:>N4M<:,9:,C34565787969:,;,4,F8XII7F4R

,,,,,,,,,,,,,(?=:34,9:,3:I<8@694I,N6H43XH:7I,6II4F7694I,64,:H:>@4,1,,
.Z1S,b
,,,,,,,,,,,,,,,,,,,,,,,,,,,(?=:34,9:,3:I<8@694I,C4IIUH:7I,:=,Y,,,,,,,,,,,,,,,,,,,,,,,,,

,,,,,,,,,,,,,>,Z1S
.Z1S,b Z#$[S
,,,,,,,,,,,,,>,ZYS
 a^

:S /:C3:I:>@6PV4,t3XN7F6,96,-7I@375<7PV4,9:,.34565787969:IR

.ZDS

%
[

%
d

(((((((((((((((((((((((((((((
A % [ D

#$%$! 'C:36PQ:I,F4=,&4>W<>@4I

)IC6P4,1=4I@368R,,Y

\6B74R,∅

K>7V4R,1,∪,0,b,ci,R,i,∈1,4<,i,∈0f

*>@:3I:FPV4R,1,∩,0,b,ci,R,i,∈,1,:,i,∈0f
&4=C8:=:>@4R, 1 ,b,ci,R,i,∈,Y,:,i∉,1f,b,Y,h,1

-7N:3:>P6R,1,h,0,b,ci,R,i,∈,1,:,i,∉0f,b,1,∩, !

+:43:=6,%R,,2:7,&4=<@6@7H6

1,∪,0,b,0,∪,1,,:T

1,∩,0,b,0,∩,1

+:43:=6,[R,2:7,1II4F76@7H6

1,∪,Z0,∪,&S,b,Z1,∪,0S,∪,&,b,1,∪,0,∪,&,,:T

1,∩,Z0,∩,&S,b,Z1,∩,0S,∩,&,b,1,∩,0,∩,&

+:43:=6,^R,2:7,-7I@375<@7H6
 ad

1,∩,Z0,∪,&S,b,Z1,∩,0S,∪,Z1,∩,&S,,:T

1,∪,Z0,∩,&S,b,Z1,∪,0S,∩,Z1,∪,&S

+:43:=6,dR,2:7,94I,&4=C8:=:>@63:I,

Z 1 S,b,1
1,∩, 1 ,b,∅

1,∪, 1 ,b,Y

Y b,∅

∅ b,Y

+:43:=6,eR,*9:>@7969:I

1,∩,Y,b,1

1,∪,Y,b,Y

1,∩,∅,b,∅

1,∪,∅,b,1

+:43:=6,!,R,2:7I,9:,n43E6>

Z 1 ∪ 0S ,b, 1 ∩, 0 ,:T,

Z 1 ∩ 0S ,b, 1 ∪ 0 ,

+:43:=6,aR,',F4>W<>@4,1,C49:,I:3,:IF37@4,F4=4R

1,b,Z1,∩,0S,∪,Z1,∩, 0 S

+:43:=6,"R,',F4>W<>@4,1,∪,0,C49:,I:3,:IF37@4,F4=4R

Z1,∪,0S,b,1,∪,Z 1 ,∩,0S

+:43:=6,#R,Y:,1,⊂,0L,:>@V4R

1,∩,0,b,1,:,,1,∪,0,b,0
 ae

#$[ 1i*'n1Y,Y'0/),./'010*2*-1-)Y

Y:W6=,',<=,:IC6P4,6=4I@368L,ξ,6,F86II:,9:,:H:>@4I,:,*,<=6,N<>PV4

9:,H6843,3:68,9:N7>796,:=,ξ$,)>@V4,*,;,F]6=696,9:,N<>PV4,9:,C34565787969:

:,*0-1L,9:,C34565787969:,94,:H:>@4,-L,I:,4I,I:E<7>@:I,6D74=6I,I:,H:37N7F6=$
%u .636,@494,:H:>@4,1L,A,≤,.Z1S,≤,%S Z#$^S

[u .ZYS,b,%, Z#$dS

^u Y:,1,:,0,IV4,:H:>@4I,=<@<6=:>@:,:DF8<I7H4IL,7I@4,;L,>V4,C<9:3:=

4F433:3,64,=:I=4,@:=C4L,:>@V4R,

.Z1K0S,b,.Z1S,v,.Z0S Z#$eS

du Y:, 1%L, 1[L, $$$L, 1>, ;, <=6, I:MjG>F76, 9:, :H:>@4I, =<@<6=:>@:

:DF8<I7H4IL,:>@V4R

.Z1%,K1[,K,$$$,K1>S,b,.Z1%S,v,.Z1[S,v,$$$,v,.Z1>S Z#$!S

)D:=C84IR

%,h,)=, <=6, <3>6, ]X, ^A, 5486I$, %A, H:3=:8]6IL, e, 6B<7I, :, %e, 536>F6I$

)>F4>@3:,6,C34565787969:,96,I6U96,9:,<=6,,5486,H:3=:8]6,4<,6B<8$

Y48<PV4R
%A % e %
.Z \ S = = T .Z 1wS = =
^A ^ ^A !

'I, :H:>@4I, H:3=:8]6, :, 6B<8, I:, :DF8<:=, =<@<6=:>@:$, 1C87F6>94, 4

6D74=6,^L,@:=hI:R
% % %
.Z \ ∪ 1 S = . Z \ S + . Z 1 S = + =
^ ! [

[,h,K=6, F63@6, ;, :D@36U96, 64, 6F6I4, 9:, <=, 56368]4, F4=<=, 9:, e[

F63@6I$,&68F<863,6,C34565787969:,9:,I:3R

6S <=,3:7T FS,,,<=,3:7L,=6I,>V4,9:,4<34IT

5S <=6,F63@6,9:,4<34IT 9S,,,>:=,3:7L,>:=,9:,4<34I$
 a!

Y48<PV4R

Y:W6=,4I,:H:>@4IR,/,b,k6,F63@6,;,3:7l

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,',b,k6,F63@6,;,9:,4<34Il

d
6S .Z/S = T
e[

%^
5S .Z'S = T
e[

FS I:W6=,4I,:H:>@4IR,/,b,k6,F63@6,;,3:7l

',b,k6,F63@6,;,9:,4<34Il

g<:3:=4I,F68F<863R Y
,,,,,,,,,,/,,,,,,,,,,,,,,,'
,,,,,,,,,,^,,,,,,,%,,,,,%[

.Z/ − 'S = .Z/S − .Z/ ∩ 'S

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,^!

d % ^
= − =
e[ e[ e[

9S .Z>:=,3:7L,>:=,9:,4<34IS
^! %"
.Z / ∩ ' S = .Z/ ∪ 'S = =
e[ [!
Y
.Z/ ∪ 'S = % − .Z/ ∪ 'S = % − [.Z/S + .Z'S − .Z/ ∩ 'S]
,,,,,,,,,,/,,,,,,,,,,,,,,,'
,,,,,,,,,,^,,,,,,,%,,,,,%[

d %^ %
.Z/ ∪ 'S = % −  + + ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,^!

 e[ e[ e[ 

%! ^!
.Z/ ∪ 'S = % − =
e[ e[

^,h,+3GI, F6H684I, 1L, 0, :, &, :I@V4, ><=6, F433796$, 1, ;, 9<6I, H:B:I, =67I

C34HXH:8,9:,E6>]63,M<:,0,:,0,;,9<6I,H:B:I,=67I,94,M<:,&$
6S g<67I,IV4,6I,C34565787969:I,9:,H7@J376,9:,F696,<=L,7I@4,;L,.Z1SL

.Z0S,:,.Z&Sx

5S g<67I,6I,C34565787969:I,9:,M<:,0,4<,&,E6>]:x
 aa

Y48<PV4R

6S Y:W6,.Z&S,b,.

&4=4,0,;,9<6I,H:B:I,=67I,C34HXH:8,9:,E6>]63,94,M<:,&L,:>@V4,.Z0S,b,[.$

&4=4,1,;,9<6I,H:B:I,=67I,C34HXH:8,M<:,0L,:>@V4R

.Z1S, b ,[.Z0S, b ,[Z[.S, b ,d.$ ,&4=4,.Z1S, v ,.Z0S, v ,.Z&S, b ,%L @:=hI:R

. v [. v d. b %

%
a. = %∴. = $ 1II7=,@:=hI:R
a
% [ d
.Z&S = T .Z0 S = T .Z 1 S =
a a a

5S &4=4,0,:,&,IV4,=<@<6=:>@:,:DF8<9:>@:IL,@:=hI:R

[ % ^
.Z0 ∪ & S = .Z0 S + .Z&S = + =
a a a

#$^ +)'/)n1Y,Y'0/),./'010*2*-1-)Y

%u Y: ∅ ;,<=,F4>W<>@4,H6B74L,:>@V4R

, .Z ∅ S,b,A Z#$aS

-:=4>I@36PV4R

.:84,@:43:=6,e,@:=hI:,M<:R

Z∅ ∪ Y S b,Y, Z#$"S

&4=4, Z∅ ∩ Y S = ∅ L,84E4, ∅ ,:,Y,IV4,=<@<6=:>@:,:DF8<9:>@:I$,1C87F6>94

4,6D74=6,^,:=,Z#$"S,@:=hI:R

.Z ∅ ,∪,YS,b,.ZYS,∴,.Z ∅ S,v,.ZYS,b,.ZYS,∴,,.Z ∅ S,b,A

[u Y:, 1 ;,4,:H:>@4,F4=C8:=:>@63,94,:H:>@4,1L,:>@V4R

.Z 1 S,b,%,h,.Z1S Z#$#S
 a"

-:=4>I@36PV4R

1 = Y − 1 ∴ .Z 1 S = .Z Y S − . Z 1 S

. Z 1 S = % − .Z 1 S

^u Y:,Z1,y,0S,;,6,97N:3:>P6,:>@3:,1,:,0L,:>@V4R
.Z 1 − 0S = .Z 1S − .Z 1 ∩ 0S Z#$%AS

Y
-:=4>I@36PV4R 1 ,0

1 − 0 = 1 − Z 1 ∩ 0 S ∴ .Z 1 − 0 S = .Z 1 S − .Z 1 ∩ 0 S

du Y:,1,:,0,N43:=,947I,:H:>@4I,M<67IM<:3L,7I@4, ;L, >V4, =<@<6=:>@:

:DF8<I7H4IL,:>@V4R

.Z 1 ∪ 0 S = .Z 1 S + .Z0 S − .Z 1 ∩ 0 S Z#$%%S

-:=4>I@36PV4R

', :H:>@4, 1 ∪ 0 , C49:, I:3, 9:F4=C4I@4, >4I, :H:>@4I, =<@<6=:>@:

:DF8<I7H4I,Z1,y,0S,:,0L,4<,I:W6R

1,∪,0,b,Z1,h,0S,∪,0

KI6>94,4,@:43:=6,^,:,4,6D74=6,^,@:=hI:R

.Z1,∪,0S,b,.Z1,h,0S,v,.Z0S

.Z1,∪,0S,b,.Z1S,h,.Z1,∩,0S,v,.Z0S,∴.Z1,∪,0S,b,.Z1S,v,.Z0S,h,.Z1,∩,0S

eu Y:, 1L, 0, :, &, N43:=, @3GI, :H:>@4I, M<67IM<:3L, 7I@4, ;L, >V4, =<@<6=:>@:

:DF8<9:>@:IL,:>@V4R

.Z1,∪,0,∪,&S,b,.Z1S,v,.Z0S,v,.Z&S,h,.Z1,∩,0S,h,.Z1,∩,&S,h,.Z0,∩,&S,v,.Z1,∩,0,∩,&S Z#$%[S

)D:=C84IR

%,h, 'I,I:E<7>@:I,9694I,IV4,97IC4>UH:7I,><=6,N73=6R

dAz,94I,F87:>@:I,F4=C36=,4,C349<@4,,,1

eAz,94I,F87:>@:I,F4=C36=,4,C349<@4,,,0
 a#

dAz,94I,F87:>@:I,F4=C36=,4,C349<@4,,,&

%"z,94I,F87:>@:I,F4=C36=,4I,C349<@4I,1,:,0

%!z,94I,F87:>@:I,F4=C36=,4I,C349<@4I,1,:,&

[%z,94I,F87:>@:I,F4=C36=,4I,C349<@4I,0,:,&

!z,94I,F87:>@:I,F4=C36=,4I,C349<@4I,1L,0,:,&

Y:, <=, F87:>@:, ;, :IF48]794, 64, 6F6I4L, M<68, 6, C34565787969:, 9:

F4=C363R

6S 4,C349<@4,1T 9S,,>:=,0,:,>:=,&T

5S 4I,C349<@4I,1,4<,0T :S,,>:>]<=,94I,C349<@4IT

FS I4=:>@:,4,C349<@4,0T NS,,,4I,C349<@4I,1,:,&$

Y48<PV4R

.:84,976E36=6,9:,\:>>,@:=hI:R

Y
1 0

%[ %[ %a

!
%A %e

#
&
%#

dA
6S,94,:><>F7694T, .Z 1 S =
%AA

dA eA %" a[
5S .Z 1 ∪ 0S = .Z 1 S + .Z0 S − .Z 1 ∩ 0 S = + − =
%AA %AA %AA %AA

F S .Z0 − 1 − &S = .Z0S − .Z0 ∩ 1 S − .Z0 ∩ &S + .Z0 ∩ 1 ∩ &S =

eA %" [% ! %a
= − − + =
%AA %AA %AA %AA %AA
 "A

9S .Z0 ∩ & S = .Z0 ∪ &S = %− .Z0 ∪ & S = %− [.Z0 S + .Z&S − .Z0 ∩ &S] =

 eA dA [%  ^%
. Z 0 ∩ & S = %−  + − =
%AA %AA %AA  %AA

: S .Z 1 ∪ 0 ∪ & S = % − .Z 1 ∪ 0 ∪ & S =

.Z 1 ∪ 0 ∪ &S = %− [.Z 1 S + .Z0S + .Z&S − .Z 1 ∩ 0 S − .Z 1 ∩ &S − .Z0 ∩ &S + .Z 1 ∩ 0 ∩ &S] =

 dA eA dA %" %! [% ! 
.Z 1 ∪ 0 ∪ & S = % −  + + − − − + =
%AA %AA %AA %AA %AA %AA %AA 

"% %#
.Z 1 ∪ 0 ∪ & S = % − =
%AA %AA

%!
N S .Z 1 ∩ & S =
%AA

[,h,'I, C63@7F7C6>@:I, 9:, <=, I43@:74, 3:@736=, 9:, <=6, F67D6, N7F]6I

><=:3696I,9:,%,6,%AA$,.:9:hI:R

6S M<68, 6, C34565787969:, 9:, M<:, 6, C37=:736, N7F]6L, :D@36U96, 64

6F6I4L,>V4,F4>@:>]6,4,68E637I=4,eT

5S I:W6,4,>?=:34,[e,4<,e[T

FS >V4,I:W6,<=,>?=:34,@:3=7>694,:=,B:34$

Y48<PV4R

6S Y:W6,4,:H:>@4R

1,b,k>?=:34I,F4=,68E637I=4,e,:>@3:,%,:,%AAl

1,b,ceL,%eL,[eL,^eL,deL,eAL,e%L,e[L,e^L,edL,eeL,e!L,eaL,e"L,e#L,!eL,aeL,"eL,#ef
%# "%
.Z 1 S = % − =
%AA %AA

% % [ %
5S .Z [e ∪ e[S = .Z [eS + .Z e[S = + = =
%AA %AA %AA eA

#A
F S . Z& S =
%AA
 "%
^ %
^,h,Y:, .Z 1S = L .Z0 S = :,1,:,0,IV4,=<@<6=:>@:,:DF8<I7H4IL,F68F<863R
d d

6S .Z 1 S T 5S .Z 0 S T F S .Z 1 ∩ 0 S T 9S .Z 1 ∪ 0 S T FS .Z 1 ∩ 0 S

Y48<PV4R
^ %
6S .Z 1 S = %− .Z 1 S = %− = T
d d

%
5S .Z0S = .Z0S = T
d

F S .Z 1 ∩ 0 S = A T

^ %
9S .Z 1 ∪ 0S = .Z 1 S + .Z0 S = + = %T
d d

% ^
: S .Z 1 ∩ 0 S = .Z 1 ∪ 0 S = .Z 1 S + . Z 0 S = + =%
d d

% % %
d,h,Y:, .Z 1S = T .Z0 S = : .Z 1 ∩ 0 S = L,:>F4>@3:R
[ ^ d

6S .Z 1 ∪ 0 S T 5S .Z 1 ∪ 0 S T F S .Z 1 ∩ 0 S T 9S .Z 1 ST

Y48<PV4R

a
6S .Z 1 ∪ 0 S = .Z 1 S + .Z0S − .Z 1 ∩ 0S = T
%[

^
5 S . Z 1 ∪ 0 S = .Z 1 ∩ 0 S = % − .Z 1 ∩ 0 S = T
d

e
F S .Z 1 ∩ 0 S = .Z 1 ∪ 0 S = % − .Z 1 ∪ 0 S = T
%[

%
9S .Z 1 S = .Z 1 S =
[

e,h,26>F:, @3GI, =4:96I, :, 45I:3H:, 4, >?=:34, 9:, F636I$, Y:W6=, 4I

:H:>@4IR

6S C:84,=:>4I,<=6,F636,6C63:F:T

5S @496I,6I,F636I,4<,@496I,6I,F4346I,6C63:F:=$
 "[

-:N7>6,4,:IC6P4,6=4I@368,:,F68F<8:,.Z1S,:,.Z0S$

Y48<PV4R

Y,b,[^,b,",3:I<8@694I,C4IIUH:7I$,Y:W6,F,b,kF636l,:,3,b,kF4346lL,:>@V4R

Y,b,cFFFL,FF3L,F3FL,3FFL,33FL,3F3L,F33L,333f,4<,Y,b,cAL,%L,[L,^f

% ^ ^ %
.Z A S = T .Z%S = T .Z [S = T .Z ^S =
" " " "

Y:W6,4,:H:>@4,1,b,kC:84,=:>4I,<=6,F636,6C63:F:lL,:>@V4R

a
6S .Z 1 S = .Z%S + .Z [S + .Z ^S =
"

5S I:W6, 4, :H:>@4, 0, b, k@496I, 6I, F636I, 4<, @496I, 6I, F4346I

6C63:F:=lL,:>@V4R

% % [ %
.Z0 S = .Z AS + .Z ^S = + = =
" " " d

!,h,&:3@6, C:P6, 64, I673, 96, 87>]6, 9:, C349<PV4, C49:, @:3, >4, , =XD7=4

@3GI, @7C4I, 9:, 9:N:7@4IR, %L, [L, ^$, 1, C34565787969:, 9:, @:3, M<68M<:3, <=, 94I, @3GI

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ALA%$,1,C34565787969:,9:,@:3,@494I,4I,9:N:7@4I,;,ALAA%$
&68F<863,6,C34565787969:,9:L,C636,M<68M<:3,C:P6,96,C349<PV4R

6S I:3,9:N:7@<4I6T

5S >V4,@:3,9:N:7@4IT

FS @:3,4,9:N:7@4,[T

9S @:3,4,9:N:7@4,%,:,I4=:>@:,:8:T
:S @:3,4,9:N:7@4,%,4<,^,=6I,>V4,4,[T

NS @:3,4I,9:N:7@4I,%,:,[T

ES >V4,@:3,4,9:N:7@4,^T

]S @:3,>4,=XD7=4,%,94I,9:N:7@4I$
 "^

Y48<PV4R

-:N7>6hI:,1{,b,k1,C:P6,@:=,4,9:N:7@4,{lL,{,b,%L,[L,^

.Z 1 { S = AL%T { = %L [L ^

.Z 1% ∩ 1 [ S = .Z 1% ∩ 1 ^ S = .Z 1 [ ∩ 1 ^ S = ALA%

.Z 1% ∩ 1 [ ∩ 1 ^ S = ALAA%

.[Z 1% ∩ 1 [ S − 1 ^ ] = .[Z 1% ∩ 1 ^ S − 1 [ ] = [Z 1 [ ∩ 1 ^ S − 1 %]$ 1II7= @:= − I:R

.[Z 1%∩ 1 [S − 1 ^ ] = .Z 1% ∩ 1 [ S − .Z 1% ∩ 1 [ ∩ 1 ^ S

[ ]
. Z 1% ∩ 1 [ S − 1 ^ = ALA%− ALAA%= AL AA#

.49:=4I, 3:C3:I:>@63, 4, C3458:=6, 6@36H;I, 94, 976E36=6, 9:, \:>>, 6

I:E<73R

1% 1[

ALA"% ALAA# ALA"%

ALAA%
ALAA# ALAA#

ALA"%

1^
ALa[#

6S Y:W6,4,:H:>@4R

1b, k1, C:P6, ;, 9:N:7@<4I6lT, 4, M<:, I7E>7N7F6, M<:, 6, C:P6, @:=, C:84

=:>4I,%,9:N:7@4$

1II7=,4,:H:>@4,1,C49:,I:3,:IF37@4,F4=4R

1,b, 1% ∪ 1 [ ∪ 1 ^ T,4>9:R
. Z 1% ∪ 1 [ ∪ 1 ^ S = .Z 1%S + .Z 1 [ S + .Z 1 ^ S − .Z 1% ∩ 1 [ S − Z.Z 1% ∩ 1 ^ S − .Z 1 [ ∩ 1 ^ S +
+ .Z 1% ∩ 1 [ ∩ 1 ^ S =
. Z 1% ∪ 1 [ ∪ 1 ^ S = .Z 1 S = ^ $ AL% − ^ $ ALA% + AL AA%= AL[a%

5S Y:W6,4,:H:>@4R

0,b,k1,C:P6,>V4,@:=,9:N:7@4l$

.Z0S,b,%,h,.Z1S,b,%,h,AL[a%,b,ALa[#
 "d

FS Y:W6,4,:H:>@4R

&,b,k+:3,4,9:N:7@4,[l

.Z&S,b,.Z1[S,b,AL%

9S Y:W6,4,:H:>@4R

-,b,k+:3,4,9:N:7@4,%,:,I4=:>@:,:8:l

-4,976E36=6,@:=hI:,M<:,.Z-S,b,ALA"%,4<R

-,b,1%,h,1[,h,1^

.Z-S = .Z 1% − 1 [ − 1 ^ S = .Z 1%S − .Z 1% ∩ 1 [ S − Z 1% ∩ 1 ^ S + .Z 1% ∩ 1 [ ∩ 1 ^ S

.Z-S = AL%− ALA% − ALA%+ ALAA%= ALA"%

:S Y:W6,4,:H:>@4R
),b,k+:3,4,9:N:7@4,%,4<,^,=6I,>V4,4,[l

) = Z 1% ∪ 1 ^ S − 1 [

.Z)S = .Z 1% ∪ 1 ^ S − .[Z 1% ∪ 1 ^ S ∩ 1 [ ] = .Z 1% ∪ 1 ^ S − .[Z 1% ∩ 1 [ S ∪ Z 1 [ ∩ 1 ^ S] =

.Z)S = .Z 1% ∪ 1 ^ S − [.Z 1% ∩ 1 [ S + .Z 1 [ ∩ 1 ^ S − .Z 1% ∩ 1 [ ∩ 1 ^ S] =

.Z)S = .Z 1%S + .Z 1 ^ S − .Z 1% ∩ 1 ^ S − .Z 1% ∩ 1 [ S − .Z 1 [ ∩ 1 ^ S + .Z 1% ∩ 1 [ ∩ 1 ^ S =

.Z)S = A%+ AL%− ALA%− ALA%− ALA% + ALAA%=

.Z)S = AL%a%

NS Y:W6,4,:H:>@4R
p,b,k+:3,4I,9:N:7@4I,%,:,[l
.ZpS,b,.Z1%,∩,1[S,b,ALA%

ES Y:W6,4,:H:>@4R,
t,b,k(V4,@:3,4,9:N:7@4,^l
.ZtS = .Z 1^ S = %− .Z 1 ^ S = %− AL%= AL #
 "e

]S Y:W6,4,:H:>@4R
|,b,k+:3,>4,=XD7=4,%,94I,9:N:7@4Il

[
.Z|S = . Z 1% ∩ 1 [ ∩ 1 ^ S ∪ Z 1% ∩ 1 [ ∩ 1 ^ S ∪ Z 1% ∩ 1 [ ∩ 1 ^ S ∪ Z 1% ∩ 1 [ ∩ 1 ^ S = ]
.Z|S = ^ $ ALA"%+ ALa[# = AL#a[ T 4< R

[
.Z|S = . Z 1% ∩ 1 [ ∩ 1 ^ S ∪ Z 1 [ ∩ 1% ∩ 1 ^ S ∪ Z 1 ^ ∩ 1 % ∩ 1 [ S ∪ Z 1% ∩ 1 [ ∩ 1 ^S S = ]
[ ]
.Z|S = . Z 1%−1 [ − 1 ^ S ∪ Z 1 [ − 1% − 1 ^ S ∪ Z 1 ^ − 1% − 1 [ S ∪ Z 1% ∪ 1 [ ∪ 1 ^ S =

.Z|S = ALA"%+ ALA"%+ AL A"%+ ALa[# = AL#a[

!u,+:43:=6,96,.34565787969:,&4>97F74>68

-:N7>7PV4R,Y:W6=,1,:,0,947I,:8:=:>@4I,F4=,.Z1S,},A$,-:>4@:=4I,C43

.Z0s1S,6,C34565787969:,9:,4F433G>F76,9:,0L,>6,]7CJ@:I:,9:,1,WX,@:3,4F433794$

&4=4, 1, 4F433:<L, 1, C6II6, 6, I:3, 4, >4H4, :IC6P4, 6=4I@368$, 1II7=, @:=hI:, 6

I:E<7>@:,9:N7>7PV4R

.Z 1 ∩ 0 S
.Z0 s 1 S =
.Z 1 S Z#$%^S

au,+:43:=6,96,n<8@7C87F6PV4,9:,.34565787969:I
-6,:DC3:IIV4,Z#$%^S,@:=hI:R,
.Z 1 ∩ 0S = .Z 1 S$.Z0 s 1 S Z#$%dS
1,:DC3:IIV4,Z#$%dS,>4I,97B,M<:,6,C34565787969:,9:,4F433G>F76,9:,1
:, 0, ;, 7E<68, 6, C34565787969:, 9:, 4F433G>F76, 9:, 1, H:B:I, 6, C34565787969:, 9:
4F433G>F76,9:,0,>6,]7CJ@:I:,9:,1,WX,@:3,4F433794,Z:D@36PV4,I:=,3:C4I7PV4S$

)D:=C84IR
%,h,K=6, F63@6, ;, :D@36U96, 64, 6F6I4, 9:, <=, 56368]4, F4=<=, 9:, e[
F63@6I$,-:@:3=7>63,6,C34565787969:,9:R
6S! 6,F63@6,I:3,N7E<36L,I65:>94hI:,M<:,6,F63@6,;,9:,4<34IT,
5S! 6,F63@6,,I:3,9:,4<34IL,I65:>94hI:,M<:,6,F63@6,;,N7E<36$
 "!

Y48<PV4R
6S Y:W6=,4I,:H:>@4IR
1,b,k6,F63@6,;,N7E<36l
0,b,k1,F63@6,;,9:,4<34Il
g<:3:=4I,F68F<863R

^
.Z 1 ∩ 0S e[ ^
.Z 1 s 0 S = = =
.Z0 S %^ %^
e[

5S g<:3:=4I,F68F<863R

^
.Z 1 ∩ 0S e[ ^
.Z0 s 1 S = = =
.Z 1 S %[ %[
e[

[,h,-:, <=6, C4C<86PV4, 9:, %d, C:II46IL, 96, M<67I, ", IV4, =4P6IL, [

C:II46I, IV4, :IF48]796I, 64, 6F6I4L, I:=, 3:C4I7PV4$, g<68, 6, C34565787969:, 9:

6=56I,I:3:=,=4P6Ix

Y48<PV4R

.:86,97I@375<7PV4,]7C:3E:4=;@37F6,@:=hI:R
1,b,k1=56I,IV4,=4P6Il

 "  !
 [  A [" $ % ["
.Z 1 S = = = = AL ^A"
%d #% #%
 [

K@787B6>94,C34565787969:,F4>97F74>68,@:=hI:R

1,b,k1,%~,;,=4P6l

0,b,k1,[~,;,=4P6l,
 "a

g<:3:=4I,F68F<863R

.Z 1 ∩ 0 S = .Z 1 S $ .Z0 s 1 S

" a e! ["
.Z 1 ∩ 0 S = $ = = = AL^A"
%d %^ %"[ #%

"u,+:43:=6I,I453:,)H:>@4I,*>9:C:>9:>@:I

-:N7>7PV4R,-47I,:H:>@4I,1,:,0,IV4,97@4I,7>9:C:>9:>@:I,I:R

.Z1,∩,0S,b,.Z1S,$,.Z0S Z#$%eS,
(:I@:,F6I4,.Z1s0S,b,.Z1S,:,.Z0s1S,b,.Z0SL,7I@4,;L,6,C34565787969:,9:

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.Z17,∩,1{,∩,1oS,b,.Z17S,,$,,.Z1{S,,$,,.Z1oS,,7,≠,{,≠,o Z#$%aS

Y:, I4=:>@:, Z#$%!S, I:, H:37N7F63, 4I, , :H:>@4I, IV4, 947I, 6, 947I

7>9:C:>9:>@:IL,=6I,>V4,=<@<6=:>@:,7>9:C:>9:>@:I$

)D:=C84IR

%,h,Y:,947I,9694I,IV4,86>P694IL,M<68,6,C34565787969:,9:,M<:,F696

<=,=4I@3:,>4,,=U>7=4,e,C4>@4I$

Y48<PV4R

Y:W6=,4I,:H:>@4IR

1%,b,ke,4<,!,>4,86>P6=:>@4,94,%u,9694l

1[,b,ke,4<,!,>4,86>P6=:>@4,94,[u,9694l
)IC6P4,6=4I@368,C636,F696,9694R

Y%,b,c%L,[L,^L,dL,eL,!f,T,Y[,b,c%L,[L,^L,dL,eL,!f

[ [
.Z 1%S = T ,,,,,,,,,,,,,,,,, .Z 1 [ S =
! !
 ""

1C87F6>94,6,9:N7>7PV4,9:,7>9:C:>9G>F76,@:=hI:R

[ [ d
.Z 1% ∩ 1 [ S = .Z 1%S $ .Z 1 [ S = $ =
! ! ^!

Y48<PV4,973:@6,C:86,F4>@6E:=,94I,C4>@4I,94,:IC6P4,6=4I@368R
Y:W6,4,:H:>@4R

1,b,kF696,<=,=4I@3:,>4,=U>7=4,e,C4>@4Il

1,b,cZeLeSL,ZeL!SL,Z!LeSL,Z!L!Sf

Z %L %S L Z%L [S L Z%L ^S L Z%L dS L Z%L eS L Z%L !S

 
Z [L%S L Z [L[S L Z [L^S L Z [LdS L Z [LeS L Z [L!S 
 
 
 Z ^L%SL Z ^L[S L Z ^L^S L Z ^L dS L Z ^L eS L Z ^L !S 
,,,,,,,,,,,,,,,  
d
.Z 1 S = 
^! Z dL%S L Z dL[S L Z dL^S L Z dL dS L Z dL eS L Z dL !S 
 
 
Z eL%S L Z eL[S L Z eL^S L Z eL dS L Z eLeS L Z eL!S 
 
Z !L%S L Z !L[S L Z !L ^S L Z !L dS L Z !LeS L Z !L!S 

[,h,Y65:hI:,M<:,%s^,94I,:8:7@43:I,9:,F:3@6,F4=<>7969:,;,F4>I@7@<U94

9:, =<8]:3:IL, :, #Az, , 94I, :8:7@43:I, H4@636=, >6, ?8@7=6, :8:7PV4, C3:I79:>F768$

&4>I79:36>94, :H:>@4I, 7>9:C:>9:>@:IL, 9:@:3=7>:, 6, C34565787969:, 9:

:IF48]:3, 68:6@4376=:>@:, <=, :8:7@43, 96, 87I@6, E:368L, M<:, I:W6, =<8]:3, :, M<:

@:>]6,H4@694,>6,?8@7=6,:8:7PV4,C3:I79:>F768$,+2,^Az

^,h,)=, [ez, 96I, H:B:I, 9:@:3=7>694, =63794, F]:E6, , :=, F6I6, @639:

C636, W6>@63$, .43, 4<@34, 8694L, 4, W6>@63, 6@36I6, %Az, 96I, H:B:I$, &4>I79:36>94

:H:>@4I, 7>9:C:>9:>@:I, :>@3:, 4I, 6@36I4I, 94, =63794, :, 4I, 6@36I4I, 94, W6>@63L

M<68,6,C34565787969:,9:,4F433:3,6=54I,4I,6@36I4Ix,+2,^[Lez
 "#

#u,+:43:=6,96,.34565787969:,+4@68

1C87F6PV4R, +3GI, =XM<7>6I, Z1L, 0, :, &S, C349<B:=, eAzL, ^Az, :, [Az

3:IC:F@7H6=:>@:, 94, @4@68, 9:, C:P6I, 9:, <=6, NX537F6$, 1I, C:3F:>@6E:>I, 9:

C:P6I, 9:N:7@<4I6I, 9:II6I, =XM<7>6I, IV4, ^L, d, :, ez$, Y:, <=6, C:P6, ;

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Y48<PV4R
Y:W6,4,:H:>@4R,i,b,k6,C:P6,;,9:N:7@<4I6l$,1@36H;I,94,976E36=6,9:
X3H43:,@:=hI:R

.
AL#a

ALA^
1
ALe i
.
AL#!
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i

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976E36=6,9:,\:>>L,4<,I:W6R

1 0

&

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.49:=4I,:IF3:H:3,i,F4=4,I:>94R
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,,,,,i,b,Z1,∪,0,∪,&S,∩,i

,,,,,i,b,Z1,∩,iS,∪,Z0,∩,iS,∪,Z&,∩,iS$,1C87F6>94,6,9:N7>7PV4,9:,C34565787969:,@:=hI:R,
 #A

.ZiS,b,.Z1,∩,iS,∪,.Z0,∩,iS,∪,.Z&,∩,iS

.ZiS,b,.Z1S,$,.Zis1S,v,.Z0S,$,.Zis0S,v,.Z&S,$,.Zis&S

-4,976E36=6,9:,X3H43:,@:=hI:R

.ZiS,b,ALe,$,ALA^,v,AL^,$,ALAd,v,AL[,$,ALAe,b,ALA^a

t:>:37F6=:>@:R, Y:, 4I, :H:>@4I, 1%L, 1[L, $$$, 1o, 3:C3:I:>@6=, <=6

C63@7PV4,94,:IC6P4,6=4I@368,Y,@68,M<:R

7S 1 7 ∩ 1 { = ∅ L ∀ 7 ≠ {

o
77S ∪ 17 = Y
7 =%

777S .Z 1 7 S > A L ∀7

)>@V4,6,C34565787969:,9:,<=,:H:>@4R

i, b, Z1%, ∩, iS, ∪, Z1[, ∩, iS, ∪, $$$, ∪, Z1o, ∩, iS, I:3X, 9696, C:84, @:43:=6, 96

C34565787969:,@4@68,F4=4,I:E<:R
o
.Z i S = ∑ .Z 1 { S $ .Z i s 1 { S Z#$%"S
{ =%

%Au,+:43:=6,9:,06:I

1C87F6PV4R,(4,:D:=C84,6>@:3743L,I<C4>]6,M<:,6,C:P6,I:8:F74>696

I:W6,9:N:7@<4I6$,g<68,6,C34565787969:,9:86,I:3,437<>96,96,=XM<7>6,1x

Y48<PV4R

g<:3:=4I,F68F<863R

. Z 1 ∩ i S .Z 1 S $ .Z i s 1 S
.Z 1 s i S = =
.Z i S .Z i S

-4,C3458:=6,6>@:3743,@:=4I,M<:R

.ZiS,b,.Z1S,$,.Zi,s,1S,v,.Z0S,$,.Zi,s,0S,v,.Z&S,$,.Zi,s,&S,b,ALA^a
 #%

1II7=R

ALe $ ALA^ %e
.Z 1 s i S = =
ALA^a ^a

-4,=:I=4,=494,@:=hI:R

%[
.Z0 s i S = :T
^a

%A
. Z& s i S =
^a

t:>:37F6=:>@:R

.Z 17 ∩ i S . Z 17 S $ .Z i s 17 S
.Z 17 s i S = = o
T 7 = %L [L$$$L o Z#$%#S
.Z i S
∑ .Z 1 { S $ .Z i s 1 { S
{ =%

)D:=C84R

1,F67D6,1,F4>@;=,#,F63@6I,><=:3696I,9:,%,6,#,:,6,F67D6,0,F4>@;=

e,F63@6I,><=:3696I,9:,%,6,e$,K=6,F67D6,;,:IF48]796,68:6@4376=:>@:,:,<=6

F63@6, 3:@73696$, Y:, 4, , >?=:34, ;, C63L, :>F4>@3:, 6, C34565787969:, 96, F63@6, @:3

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Y48<PV4R

.:84,976E36=6,9:,X3H43:,@:=hI:R

.
ds#

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.
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1C87F6>94hI:,4,@:43:=6,9:,06:I,@:=hI:R

.Z 1 ∩ . S .Z 1 S $ .Z. s 1 S
.Z 1 s . S = = =
.Z. S .Z 1 S $ .Z. s 1 S + .Z0 S $ .Z. s 0S

% d d
$
%A
.Z 1 s . S = [ # = %" =
% d % [ ^" %#
$ + $
[ # [ e #A

% [
$
.Z0 S $ .Z. s 0S [ e #
.Z0 s . S = = =
.Z. S ^" %#
#A

#$^$% .3458:=6I,.34C4I@4I

%S K=6,=4:96,:,<=,9694,IV4,86>P694I$,-:N7>6,F,b,kF636l,:,o,b,k,F4346l$
Y:W6,4,:IC6P4,6=4I@368,Y,9694,C43R,
Y,b,cZoT%SL,ZoT[SL,ZoT^SL,ZoTdSL,ZoTeSL,ZoT!SL,ZFT%SL,ZFT[SL,ZFT^SL,ZFTdSL,ZFTeSL,ZFT!Sf
Y:W6=,4I,:H:>@4IR
1,b,k4F433:,F636l
0,b,k4F433:,>?=:34,C63l
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6S 1!0 +2, {ZFL%SZFL [SZFL ^SZFL dSZFL eSZFL !SZoL [SZoL dSZoL !S}
5S 1"0 +2, {ZFL [SZFL dSZFL !S}
FS 0"& +2, {ZoL [SZFL [S}
9S 1"& +2, {ZFL [S}
:S 1!0!& +2, {ZFL%SZFL [SZFL ^SZFL dSZFL eSZFL !SZoL [SZoL dSZoL !S}
NS 1"0"& +2, {ZFL [S}
ES 1 +2( {ZoL%SZoL [SZoL ^SZoL dSZoL eSZoL !S}
]S 0 +2, {ZoL%SZoL ^SZoL eSZFL%SZFL ^SZFL eS}
7S & +$, {ZFL%SZFL ^SZFL dSZFL eSZFL !SZoL%SZoL ^SZoL dSZoL eSZoL !S}
WS 1!1 +2(Y
oS 1"1 +2( ∅
8S 1!0 +2, {ZoL%SZoL [SZoL ^SZoL dSZoL eSZoL !SZFL%SZFL ^SZFL eS}
 #^

[S K=,:DC:37=:>@4,F4>I7I@:,:=,C:3E<>@63,6,9<6I,=<8]:3:I,I:,:86I,<I6=,4<
>V4,4,C349<@4,=63F6,i$
6S 963,4,:IC6P4,6=4I@368,C636,4,:DC:37=:>@4
{ ( )( )(
+2( Y = (i%L i [ ) i%L i [ i%L i [ i%Li [ )}
5S :><=:363,4,:H:>@4,1,b,k>4,=XD7=4,<=6,=<8]:3,<I6,4,C349<@4,=63F6
il
{( )( )(
+2(( 1 = i%L i [ i%L i [ i%Li [ )}
^S &4>I@3<73,<=,:IC6P4,6=4I@368,C636,<=,?>7F4,86>F:,9:,<=,C63,9:,9694I
]4>:I@4I,:L,9:@:3=7>63,C43,=:74,9:II:,:IC6P4L,6,C4II75787969:,96,I4=6
[
94I,C4>@4IL,:=,<=,86>F:,94,C63,9:,9694IL,I:3,a,4<,%%$,+2,
#

dS Y:>94,.Z1S,b,DL,.Z0S,b,,:, .(1 " 0) ,b,BL,F68F<863R

6S .(1 ! 0) +2(D,v,,h,B

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5S . 1 " 0 +2,%,y,D,y,,v,B
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9S .( 1 ! 0 ) +2,%,y,ZD,y,BS

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eS Y:W6=,1L,0,:,&,:H:>@4I,@67I,M<:,.Z1S,b,.Z0S,b,.Z&S,b, $
d

.(1 " 0) = .(1 " &) = A ,,,:,,, .(0 " &) =

%
"
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"

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^"
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e#e
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9S H:3=:8]6,:,6B<8,ZI:=,7=C43@63,6,439:=S +2,
%%#
 #d

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536>F6I,:,d,C3:@6I$,Y:,N43,3:@73696,<=6,5486,96,<3>6,1,:,4<@36,96,<3>6,0
Z>:I@6,439:=SL,9:@:3=7>63,6,C34565787969:,9:R
a
6S 6=56I,I:3:=,536>F6I +2,
[A
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a
9S 6,C37=:736,I:3,536>F6L,6,I:E<>96,I:3,536>F6,4<,C3:@6 +2(
%[

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H:3=:8]6I, :, !, 536>F6I, :, 6, <3>6, @3GI, !, H:3=:8]6I, :, [, 536>F6I$, Y:, <=6
<3>6,;,I:8:F74>696,68:6@4376=:>@:,:,9:86,;,:D@36796,<=6,5486,M<68,;,6
C34565787969:,9:R

6S 6,5486,I:3,H:3=:8]6 +2,e!L#dz
5S 6,5486,I:3,536>F6 +2(d^LA!z

#S )=, 9:@:3=7>696, N:I@6, ]X, %e, C:II46I, F4=, 7969:, 6@;, %e, 6>4IT, [A, F4=
7969:,:>@3:,%!,:,[e,6>4I,:,"A,F4=,7969:,6F7=6,9:,[e,6>4I$,+3GI,C:II46I
IV4, I:8:F74>696I, Z<=6, 6CJI, 6, 4<@36L, I:=, 3:C4I7PV4S, C636, 3:F:5:3
9:@:3=7>694, C3:I:>@:$, -:@:3=7>63, 6, C34565787969:, 9:, M<:, C:84, =:>4I
<=6,F4=,7969:,6F7=6,9:,[e,6>4I,I:W6,I43@:696$,+2,#aL^ez

%AS /:I48H6, 4, C3458:=6, 6>@:3743, F4>I79:36>94, :D@36PV4, F4=, 3:C4I7PV4$

+2,#aL%"z

%%S 1, F67D6, 1, @:=, #, F63@6I, ><=:3696I, 9:, %, 6, #$, 1, F67D6, 0, @:=, e, F63@6I
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3:@73696$, Y:, 4, >?=:34, ;, C63L, M<68, 6, C34565787969:, 9:, M<:, 6, F63@6
%A
I43@:696,@:>]6,H7>94,9:,1x,+2,
%#
 #e

%[S -:,<=,84@:,9:,!A,C:P6I,I65:hI:,M<:,%A,9:86I,@G=,4,9:N:7@4,k%lL,#,@G=,4
9:N:7@4, k[l, :, 9:>@3:, 6I, C:P6I, 9:N:7@<4I6IL, d, @G=, 6=54I, 4I, @7C4I, 9:
9:N:7@4I$,K=6,C:P6,;,:IF48]796,64,6F6I4$,g<68,6,C34565787969:,9:R
%
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d
^
5S >V4,@:3,9:N:7@4I +2,
d
%
FS @:3,4,9:N:7@4,k%l +2,
!
%
9S @:3,I4=:>@:,4,9:N:7@4,k%l +2,
%A

%^S 1L, 0, :, &, IV4, :H:>@4I, 7>9:C:>9:>@:I, 6II4F7694I, 6, <=, :DC:37=:>@4

68:6@J374$, Y:, 4, :DC:37=:>@4, ;, 3:687B694L, F68F<8:, 6, C34565787969:, 9:
4F433:3,Z4<,4F433:3:=SR,ZC636,4I,FX8F<84IL,69=7@6,.Z1S,b,.Z0S,b,.Z&S,b,%s%A

6S C:84,=:>4I,<=,94I,@3GI,:H:>@4I +2,AL[a%
5S :D6@6=:>@:,947I,94I,@3GI,:H:>@4I +2,ALA[a
FS 4I,:H:>@4I,0,:,& +2,ALA%
9S 4I,:H:>@4I,1,4<,& +2,AL%#
:S >:>]<=,94I,@3GI,:H:>@4I +2,ALa[#

%dS &:3@4,63@7E4,64,I673,96,87>]6,9:,C349<PV4,C49:,@:3L,>4,=XD7=4L,@3GI,@7C4I
9:,9:N:7@4IL,%L,[,:,^$,'I,9:N:7@4I,4F433:=,9:,N43=6,7>9:C:>9:>@:,<=,94
%
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I:3H7P4I, C43, =67I, 9:, <=6, ]436L, I:=C3:, M<:, 4, C34F<36=$, Y:, :I@V4
C3:I:>@:I, >4, &.-, ^, <I<X374IL, M<68, 6, C34565787969:, 9:L, 9:8:, I:, I:3H73:=
C43,=67I,9:,<=6,]436R
6S C:84,=:>4I,<=,9:8:I +2,ALa"d
5S :D6@6=:>@:,947I,9:8:I +2,AL[""
FS >:>]<=,9:8:I +2,AL[%!
 #!

%!S K=6,F4=C6>]76,9:,I:E<34I,:I@7=6,M<:,F:3F6,9:,!Az,94I,7>97HU9<4I,M<:
@G=, ]4W:, dA, 6>4I, 9:, 7969:L, :I@63V4, H7H4I, 9:>@34, 9:, [A, 6>4I$, .636, d
7>97HU9<4I,M<:,@G=,]4W:,dA,6>4IL,M<68,6,C34565787969:,9:,:I@63:=,H7H4I
9:>@34,9:,[A,6>4IR
6S :D6@6=:>@:,%,9:8:I +2,AL%e^!
5S >:>]<=,9:8:I +2,ALA[e!
FS >4,=XD7=4,947I,9:8:I +2,ALe[d"
9S C:84,=:>4I,[,9:8:I +2,AL"[A"

%aS (<=6, F7969:, ^Az, 94I, ]4=:>I, IV4, F6I694IL, dAz, IV4, I48@:734IL, [Az, IV4
9:IM<7@694I,:,%Az,IV4,H7?H4I$,K=,]4=:=,;,:IF48]794,64,6F6I4R
6S M<68,6,C34565787969:,9:8:,I:3,I48@:734 +2(dAz
5S M<68,6,C34565787969:,9:8:,>V4,I:3,F6I694 +2,aAz
FS M<68,6,C34565787969:,9:8:,I:3,I48@:734,4<,9:IM<7@694 +2,!Az

%"S K=,3:86@J374,9:,F4>@348:,9:,M<687969:,9:,@36>I7I@43:I,6F<I6,4I,I:E<7>@:I
3:I<8@694I,C43,N6537F6>@:,:,C43,M<687969:R

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p10/*&1(+)
1F:7@XH:8 n63E7>68 *>6F:7@XH:8 +4@68
1 %[" %A [ %dA
0 #a e ^ %Ae
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+4@68 ^^e [A %A ^!d

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6S 9:,C34H73,94,N6537F6>@:,1,:,I:3,9:,M<687969:,6F:7@XH:8,,,,,+2,AL^e%
5S 9:,I:3,6F:7@XH:8L,9694,M<:,C34H;=,94,N6537F6>@:,&,,,,,,,,,+2,AL#%a
FS 9:, C34H73, 94, N6537F6>@:, 0L, 9694, M<:, 6C3:I:>@6, M<687969:, =63E7>68
+2,AL[e

%#S Y:W6,4,I:E<7>@:,:DC:37=:>@4R
1,<3>6,1,F4>@;=,^,5486I,H:3=:8]6I,:,e,536>F6I
1,<3>6,0,F4>@;=,[,5486I,H:3=:8]6I,:,%,536>F6
1,<3>6,&,F4>@;=,[,5486I,H:3=:8]6I,:,^,536>F6I
K=,<3>6,;,:IF48]796,68:6@4376=:>@:,:,<=6,5486,;,3:@73696$
g<68,6,C34565787969:,9:86,I:3,H:3=:8]6x
%a^
(+$,
^!A
 #a

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)F4>4=76, :, %A, :I@<96=, )>E:>]6376, :, )F4>4=76$, Y:, <=, 68<>4, ;
:IF48]794,64,6F6I4$,g<68,6,C34565787969:,9:,M<:R
%A
6S :8:,:I@<9:,)F4>4=76,:,)>E:>]6376 +2(
eAA
aA
5S :8:,:I@<9:,I4=:>@:,)>E:>]6376 +2(
eAA
%dA
FS :8:,:I@<9:,I4=:>@:,)F4>4=76 +2(
eAA
["A
9S ,:8:,>V4,:I@<9:,)>E:>]6376L,>:=,)F4>4=76 +2(
eAA
[[A
:S :8:,:I@<9:,)>E:>]6376,4<,)F4>4=76 +2(
eAA

[%S (<=6, F7969:L, eAA, C:II46I, N436=, F86II7N7F696IL, I:E<>94, I:D4, :, :I@694
F7H78L,9:,6F4394,F4=,6,@65:86,6,I:E<73R

)Y+1-',&*\*2
Y)i'
Y & - \ +'+12
n %^A aA dA ^A [aA
p %eA eA %A [A [^A
+'+12 ["A %[A eA eA eAA

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Y,b,k6,C:II46,;,I48@:736l \,b,k6,C:II46,;,H7?H6l
&,b,k6,C:II46,;,F6I696l n,b,k6,C:II46,;,94,I:D4,=6IF<87>4l
-,b,k6,C:II46,;,9:IM<7@696l p,b,k6,C:II46,;,94,I:D4,N:=7>7>4l
%^ a
6S .ZYsnS +2( :S,.Z&snS +2(
[a [a
% [
5S .Zps-S +2( NS,.Zps\S +2(
e e
% a
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%e %
9S .ZYspS +2, ]S,.Z\snS +2(
[^ #
 #"

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1, C34565787969:, 9:, M<:, 4, 68<>4, 0, 4, 3:I48H6, ;, .Z0S, b, %s[$, :, 6, 9:, M<:, 4
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[#
6S C:84,=:>4I,<=,68<>4,3:I48H6,4,:D:3FUF74 +2(
^[
^
5S 4I,@3GI,3:I48H6=,4,:D:3FUF74 +2(
^[
^
FS 4I,68<>4I,1,:,0,3:I48H6=,4,:D:3FUF74 +2(
"

[^S (<=6, C:IM<7I6, C636, I43@:63, <=, 94=7FU874, 9:, 9:@:3=7>696, M<6936L, 4
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9:@:3=7>:,6,C34565787969:,9:,I673R
%
6S 6,N7F]6,9:,>?=:34,%A +2(
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e
5S <=6,N7F]6,F4=,>?=:34,=:>43,94,M<:,%A +2(
%"

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C34565787969:,9:,M<:L,><=6,6=4I@36,9:,",H:UF<84IR

6S ]6W6,64,=:>4I,<=,9:N:7@<4I4 +2,AL^^a
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AL"$,&68F<8:,6,C34565787969:,9:,:I@63:=,H7H4I,>4I,C3JD7=4I,^A,6>4IR

6S =63794,:,=<8]:3 +2,ALd"
5S >:>]<=,9:8:I +2,ALA"
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M<68,6,C34565787969:,9:,4F433:3:=,6=54I,4I,6@36I4Ix,,(+2,ALA[e
 ##

[aS -4I, %A, 68<>4I, 9:, <=6, F86II:L, !, IV4, =4P6I$, Y:, 947I, 68<>4I, IV4
I:8:F74>694I, 68:6@43676=:>@:, Z<=, 6CJI, 4, 4<@34L, I:=, 3:C4I7PV4SL, :
F4>H79694I, 6, I:, 9737E73, 64, M<6934, C636, 3:I48H:3, 9:@:3=7>696, M<:I@V4L
M<68,6,C34565787969:,9:R
^A
6S 6=56I,I:3:=,=4P6I +2,
#A
%[
5S >:>]<=6,I:3,=4P6 +2,
#A
a"
FS C:84,=:>4I,<=6,I:3,=4P6 +2,
#A
!A
9S >4,=XD7=4,<=6,=4P6 +2,
#A

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3:@73696I, 68:6@4376=:>@:$, &68F<8:, 6, C34565787969:, 9:, 6=56I, 6I, 5486I
I:3:=,6B<7IL,F4>I79:36>94,:D@36PV4,F4=,3:C4I7PV4$
%!
+2,
d#

[#S Y65:hI:,M<:,6,C4C<86PV4,9:,9:@:3=7>696,F7969:,F4>I7I@:,9:,7>97HU9<4I
C:3@:>F:>@:I, OI, 36P6I, 1=63:86, Z1SL, 036>F6, Z0S, :, (:E36, Z(SL, ><=6
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F:3@6, 94:>P6, -$, Y:, <=, =436943, 96, F7969:, ;, I:8:F74>694
68:6@4376=:>@:L,:>F4>@3:,6,C34565787969:,9:,I:3,C43@6943,96,94:>P6,-$
+2,ALAe#

^AS (<=,F:3@4,F48;E74L,dz,94I,]4=:>I,:,%z,96I,=<8]:3:I,@:=,=67I,94,M<:
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=:>4I,9:,%L"A=x,,,+2,AL#a"

^%S K=,9694,;,H7F7694L,9:,=494,M<:,F696,>?=:34,C63,@:=,9<6I,H:B:I,=67I
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[
6S <=,>?=:34,C63,6C63:F:3 +2,
^
d
5S <=,>?=:34,C37=4,6C63:F:3 +2,
#
 %AA

^
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#
[
9S <=,>?=:34,C37=4,U=C63,6C63:F:3 +2,
#

^[S (<=6,F86II:,]X, e, C37=:736>7I@6IL, d, I:E<>96>7I@6IL, ", @:3F:736>7I@6I, :, ^, 94

?8@7=4,6>4$,K=,:I@<96>@:,;,:IF48]794,68:6@4376=:>@:,C636,3:C3:I:>@63,6
F86II:$
)>F4>@3:,6,C34565787969:,9:,4,:I@<96>@:,I:3R
%
6S I:E<>96>7I@6 +2,
e
^
5S 94,?8@7=4,6>4 +2,
[A
%%
FS @:3F:736>7I@6,4<,94,?8@7=4,6>4 +2,
[A

^^S /:I48H6,4,C3458:=6,6>@:3743,C636,4,F6I4,96,:IF48]6,9:,947I,68<>4IL,I:=
3:C4I7PV4$
!
6S +2,
%#A
^
5S +2,
%#A
^%
FS +2(
%#A

^dS -:, %[A, :I@<96>@:IL, !A, :I@<96=, p36>FGIL, eA, )IC6>]48, :, [A, p36>FGI, :
)IC6>]48$, Y:, <=, :I@<96>@:, ;, :IF48]794, 68:6@4376=:>@:L, :>F4>@3:, 6
C34565787969:,9:,:8:R
^
6S :I@<963,p36>FGI,4<,)IC6>]48,,,,,,,, +2, $
d
%
5S >V4,:I@<963,>:=,p36>FGI,>:=,)IC6>]48,, +2, $
d

^eS )=, <=, I7I@:=6, 9:, F4=<>7F6PV4, 9:, 3<U94L, @36>I=7@:hI:, 9UE7@4I, ZAL%S$, '
:=7II43,C49:,:>H763,<=,9UE7@4,:,4,3:F:C@43,C49:,3:F:5:3,4<@34$,Y:W6R
1,b,k%,;,:>H7694l 0,b,k%,;,3:F:5794l

Y65:hI:,9:,8:H6>@6=:>@4I,N:7@4I,M<:R
( ) ( )
. 0 s 1 =AL A% ,,,,,, . 0 s 1 =AL A% ,,,,,, .(1 )=AL e
 %A%

&68F<863,6I,I:E<7>@:I,C34565787969:IR
6S .(1 s 0 ) , +2,AL##
5S .(1 s 0 ), +2,ALA%
FS .(1 s 0 ), +2,AL##
9S .(1 s 0 ), +2,ALA%

^!S 1,:I@6PV4,7>9<I@3768,<=,C349<B,%A,63@7E4I,I:=,9:N:7@4I,:,^,F4=,9:N:7@4$,1
)I@6PV4,7>9<I@3768,947I,C349<B,^,63@7E4I,I:=,9:N:7@4,:,e,F4=,9:N:7@4$,-47I
63@7E4I, 96, F67D6, 9:, C349<PV4, 96, :I@6PV4, <=, IV4, I:8:F74>694I, 64
6F6I4,:,:>H7694I,6,F67D6,9:,C349<PV4,947I$,-:C47I,<=,63@7E4,;,:D@36U94
96,F67D6,96,:I@6PV4,947I$,g<68,6,C34565787969:,9:,M<:,:II:,63@7E4,I:W6
9:N:7@<4I4$
a%
+2( ,
%^A

^aS K=, F4=C4>:>@:, :8:@3€>7F4, F4>I7I@:, 9:, @3GI, C:P6I$, &696, C:P6, @:=
C34565787969:, AL##, 9:, N<>F74>63, I6@7IN6@4376=:>@:$, -694, M<:, 4
N<>F74>6=:>@4, I6@7IN6@J374, 9:, <=6, C:P6, >V4, 9:C:>9:, 94
N<>F74>6=:>@4, 96I, 4<@36IL, 9:@:3=7>:, 6, C34565787969:, 9:, M<:, 4
F4=C4>:>@:, N68]6, I:, [, 4<, =67I, C:P6I, >V4, N<>F74>63:=
I6@7IN6@4376=:>@:$,+2,ALAAA[#"

^"S -:>@3:, !, >?=:34I, C4I7@7H4I, :, ", >:E6@7H4IL, :IF48]:=hI:, 64, 6F6I4, d

>?=:34I,ZI:=,3:C4I7PV4S,:,=<8@7C87F6=hI:,:II:I,>?=:34I$
g<68,6,C34565787969:,9:,M<:,4,C349<@4,I:W6,<=,>?=:34,C4I7@7H4x

eAe
+2( ,
%AA%

^#S )=,<=6,NX537F6,9:,F73F<7@4I,:8:@3€>7F4I,6I,=XM<7>6I,1L,0,:,&,C349<B:=
[eL,^e,:,dA,C43,F:>@4,94,@4@68,C349<B794L,3:IC:F@7H6=:>@:$,-6,C349<PV4
9:, F696, =XM<7>6L, eLd, :, [, C43, F:>@4L, 3:IC:F@7H6=:>@:L, IV4, F73F<7@4I
9:N:7@<4I4I$, )IF48]:hI:, 64, 6F6I4, <=, F73F<7@4$, g<68, 6, C34565787969:, 9:
M<:,4,F73F<7@4,:IF48]794,I:W6,9:N:7@<4I4x

!#
+2( ,
[AAA
 %A[

dAS )=,F:3@4,F48;E74L,[ez,94I,:I@<96>@:I,N436=,3:C34H694I,:=,=6@:=X@7F6L
%ez,:=,M<U=7F6,:,%Az,:=,=6@:=X@7F6,:,M<U=7F6L,64,=:I=4,@:=C4$,K=
:I@<96>@:,;,I:8:F74>694,68:6@4376=:>@:$
6S I:, :8:, N47, 3:C34H694, :=, M<U=7F6L, M<68, ;, 6, C34565787969:, 9:, :8:, @:3
[
I794,3:C34H694,:=,=6@:=X@7F6x +2,,
^
5S I:,N47,3:C34H694,:=,=6@:=X@7F6L,M<68,;,6,C34565787969:,9:,@:3,I794
[
3:C34H694,:=,M<U=7F6x +2,
e
FS M<68,;,6,C34565787969:,9:,:8:,@:3,I794,3:C34H694,:=,=6@:=X@7F6,4<
^
M<U=7F6x +2,
%A

d%S K=, F:3@4, @7C4, 9:, =4@43, :8;@37F4, C49:, 6C3:I:>@63, [, @7C4I, 9:, N68]6IR
=6>F67I, C3:I4I, :, M<:7=6, 9:, C86@7>6$, Y65:>94hI:, M<:, 6I, C4II75787969:I
9:,4F433G>F76,94I,9:N:7@4I,IV4,ALAd,:,ALA^L,3:IC:F@7H6=:>@:L,9:@:3=7>63
6,C34565787969:,9:,M<:,><=,=4@43,96M<:8:,@7C4L,I:8:F74>694,64,6F6I4L
>V4, 4F4336L, I7=<8@6>:6=:>@:, 6I, 9<6I, N68]6I$, Z19=7@6, M<:, ]4<H:, N68]6
>4,=4@43,I:8:F74>694S$,+2,!La!z

d[S {4E6hI:,<=,C63,9:,9694I,:M<78753694IR
%
6S M<68,6,C34565787969:,9:,6=56I,6I,N6F:I,I:3:=,!,, +2,
^!
%
5S 6=56I,6I,N6F:I,I:3:=,[, +2,
^!
%
FS 6=56I,I:3:=,C63:I, +2,
d

d^S 1I,N68]6I,9:,97N:3:>@:I,=XM<7>6I,IV4,7>9:C:>9:>@:I,<=6I,96I,4<@36I$,Y:
]X,^,=XM<7>6IL,:,I:,I<6I,3:IC:F@7H6I,C34565787969:I,9:,N68]6I,IV4R,[zL,ez
:,dz,:=,9:@:3=7>694,976L,F68F<8:,6I,C34565787969:IR

6S 9:,@496I,N68]63:=,:=,9:@:3=7>694,976,,,+2,ALAAAAd
5S 9:,>:>]<=6,N68]63,,+2,AL"#^"

ddS K=6, NX537F6, 9:, 84<P6, @:=, <=, C34F:II4, 9:, 7>IC:PV4, :=, ^, :@6C6I$, 1
C34565787969:,9:,<=6,C:P6,9:N:7@<4I6,C6II63,><=6,:@6C6,9:,7>IC:PV4
I:=, I:3, 9:@:F@696, ;, 9:, [Az$, &4=, 56I:, >:I@6, F7N36L, 9:@:3=7>:, 6
C34565787969:,9:,<=6,C:P6,9:N:7@<4I6,C6II63,C43,@496I,6I,d,:@6C6I,9:
 %A^

7>IC:PV4, I:=, I:3, 9:@:F@696$, g<68, I:376, I<6, 3:IC4I@6L, I:, 6F3:IF:>@6II:
<=6, e~, :@6C6, 9:, 7>IC:PV4, F4=, eAz, 9:, C34565787969:, 9:, 9:@:F@63
C:P6I,9:N:7@<4I6I$,+2,ALAA"

deS K=6,N73=6,:DC43@69436,9:,C:@3J8:4,C:3N<36,<=,C4P4,M<6>94,6F]6,M<:
]X, C:84, =:>4I, ^Az, 9:, F]6>F:, 9:, :>F4>@363, C:@3J8:4$, )86, C:3N<36, @3GI
C4P4I,F4=,6I,I:E<7>@:I,C34565787969:IR,AL^T,ALd,:,ALa$

6S 9:@:3=7>:, 6, C34565787969:, 9:, >:>]<=, 94I, @3GI, C4P4I, C349<B73:=

C:@3J8:4,,,,,+2,AL%[!
5S 9:@:3=7>:,6,C34565787969:,94I,@3GI,C4P4I,C349<B73:=,C:@3J8:4(((((+2(ALA"d
FS M<68,6,C34565787969:,9:,C:84,=:>4I,<=,C349<B73,C:@3J8:4,,,,+2,AL"ad

d!S K=6, 84W6, 9:, C349<@4I, 6E34C:F<X374I, E636>@:, M<:, #Az, 96I, I:=:>@:I
E:3=7>63V4$, Y<C4>94, M<:, F696, I:=:>@:, @:>]6, #Az, 9:, C34565787969:
9:,E:3=7>63,:,F696,C6F4@:,F4>@:>]6,9:B,I:=:>@:IL,C:9:hI:R

6S 6,C34565787969:,9:,>:>]<=6,I:=:>@:,E:3=7>63,,,,+2,A
5S 6,C34565787969:,9:,@496I,E:3=7>63:=,,,,+2,AL^d"a

daS -:@:3=7>694,68<>4,6E<6396,F4=,6>I7:969:,4,3:I<8@694,9:,947I,:D6=:I
M<:,6F656,9:,N6B:3$,)8:,:I@7=6,:=,ALa,6,C34565787969:,9:,I:3,6C34H694
:=, pUI7F6, :, ALd, 6, C34565787969:, 9:, I:3, 6C34H694, :=, )I@6@UI@7F6$
-:@:3=7>:,6,C34565787969:,9:R

6S I:3,6C34H694,:=,6=54I,,,,+2(AL["
5S >V4,I:3,6C34H694,>:=,:=,pUI7F6,:,>:=,:=,)I@6@UI@7F6,,,,+2,AL%"

d"S K=,F48:F74>6943,9:,6<@4=JH:7I,C4II<7,947I,F6334I,F4=,=67I,9:,^A,6>4I$
(6I, =6>]VI, 9:, 7>H:3>4L, 4, 6<@4=JH:8, 1, @:=, ^Az, 9:, F]6>F:, 9:, >V4
C:E63L, :>M<6>@4, 4, 0, @:=, [ez, 9:, F]6>F:, 9:, >V4, C:E63$, .:9:hI:R, :=
9:@:3=7>696,=6>]V,9:,7>H:3>4R

6S M<68,6,C34565787969:,9:,>:>]<=,C:E63,,,,+2,ALAae
5S M<68,6,C34565787969:,9:,6C:>6I,<=,C:E63,,,,+2,ALdA
FS M<68,6,C34565787969:,9:,C:84,=:>4I,<=,C:E63,,,+2(AL#[e

d#S (<=,=<>7FUC74,4F433:36=,!,6>4I,9:,I:F6,>4,C:3U494,9:,%#A%,6,%#!!,Z!!
6>4IS$,g<68,6,C34565787969:,9:,I:3:=,I:F4I,4I,^,C3JD7=4I,6>4Ix

+2(,ALAAAae
 %Ad

eAS -<6I, C:II46I, 6@736=, ><=6, F6P6$, Y65:hI:, M<:, 6, C34565787969:, 96

C37=:736, C:II46, 6F:3@63, ;, !Az, :, 96, I:E<>96, 6F:3@63, aAz$, g<68, 6
C34565787969:R

6S 9:,6=56I,6F:3@63:=, +2,ALd[
5S 96,F6P6,I:3,6@7>E796, +2,AL""
FS 9:,IJ,<=6,6F:3@63, +2,ALd!
9S 9:,>:>]<=6,6F:3@63 +2,AL%[

#$d \1/*\)*Y,12)1+‚/*1Y

-:N7>7PV4R

Y:W6, ξ, <=, :DC:37=:>@4, :, Y, 4, :IC6P4, 6=4I@368, 6II4F7694, 64

:DC:37=:>@4$,K=6,N<>PV4,iL,M<:,6II4F7:,6,F696,:8:=:>@4,I, ∈, Y,<=,>?=:34

3:68,iZIS,;,9:>4=7>696,H637XH:8,68:6@J376$

/:C3:I:>@6PV4,t3XN7F6R

Y */
i
I% iZI%S

I[ iZI[S

I^ iZI^S

#$d$% p<>PV4,9:,.34565787969:,9:,<=6,\637XH:8,18:6@J376,-7IF3:@6

-:N7>7PV4R,K=6,H637XH:8,68:6@J376,i,;,97@6,97IF3:@6,I:L,4,>?=:34,9:
H6843:I, C4IIUH:7I, 9:, i, N43, N7>7@4, 4<, 7>N7>7@4, :><=:3XH:8$, 1, 97I@375<7PV4, 9:
C34565787969:I, 9:, <=6, H637XH:8, 68:6@J376, 97IF3:@6, i, ;L, N3:M<:>@:=:>@:L
:IC:F7N7F696, C43, 6C:>6I, <=6, 87I@6, 9:, H6843:I, C4IIUH:7IL, W<>@6=:>@:, F4=, 6
C34565787969:, 9:, F696, <=$, , )II:I, H6843:I, IV4, >43=68=:>@:, :DC3:II4I
<@787B6>94,<=6,NJ3=<86L,<=,M<6934,4<,<=,E3XN7F4$,
1, N<>PV4, .Zi, b, DS, b, .ZDSL, ;, 6, N<>PV4, 9:, C34565787969:, 96, H637XH:8

68:6@J376,i$,1,97I@375<7PV4,.ZDS,I6@7IN6B,6I,F4>97PQ:IR
 %Ae

∈
7S.Z D S≥AL∀D */ Z#$[AS

77S ∑ .Z DS=%
D
Z#$[%S

g<68M<:3, N<>PV4, M<:, I6@7IN6P6, 6I, F4>97PQ:I, 6F7=6, ;, <=6, N<>PV4

9:,C34565787969:$

#$d$[ p<>PV4,-7I@375<7PV4,&<=<86@7H6,9:,<=6,\637XH:8,18:6@J376,-7IF3:@6

-:N7>7PV4R, 1, N<>PV4, 97I@375<7PV4, F<=<86@7H6, 9:, <=6, H637XH:8

68:6@J376,97IF3:@6,iL,9:>4@696,C43, % $ # " ,;,9696,C43R

pZ i S = .Z i ≤ D S = ∑ NZ D S
D7 ≤ D
7 Z#$[[S

.636, <=6, H637XH:8, 68:6@J376, 97IF3:@6, iL, % $ # " , I6@7IN6B, 6I, I:E<7>@:I

C34C37:969:IR

%S, pZ iS = .Z i ≤ D S = ∑ .Z D S
D7 ≤ D
7 Z#$[^S

[S, A ≤ pZ i S ≤ % Z#$[dS

^S, pZ iS ,;,<=6,N<>PV4,>V4h9:F3:IF:>@:L,7I@4,;R
Y:, D ≤  L,:>@V4, pZ D S ≤ pZ S Z#$[eS

)D:=C84IR
%,h,26>P6=:>@4,9:,9<6I,=4:96I,
Y:W6,4,:H:>@4R
i,b,k>?=:34,9:,F636I,45@796Il,
i,b,cAL,%L,[f
 %A!

/:C3:I:>@6PV4,t3XN7F6R

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Y,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,*/
i
ZF%LF[S [
,
ZF%Lo[S
%
Zo%LF[S
A
Zo%Lo[S

-76E36=6,9:,X3H43:R

&[
%s[

%s[ &%
%s[ ƒ[

&[
%s[
%s[

ƒ%
%s[
ƒ[

1, N<>PV4, .Zi, b, DS, b, .ZDSL, ;, 6, N<>PV4, 9:, C34565787969:, 96, H637XH:8

68:6@J376, i$, ), ;, <I<68=:>@:, 9696, >6, N43=6, 9:, M<6934$, -4, 976E36=6, 9:

X3H43:,@:=hI:R

% [ %
.Z i = AS = T .Z i = %S = T .Z i = [S =
d d d
p<>PV4,9:,C34565787969:,>6,N43=6,9:,M<6934R

i,b,D A % [

% [ %
.Zi,b,DS
d d d

1, 97I@375<7PV4, .ZDS, ;, <=6, N<>PV4, 9:, C34565787969:L, <=6, H:B, M<:

I6@7IN6B,6I,F4>97PQ:I,Z#$[AS,:,Z#$[%S$,
 %Aa

[,h,-:, <=, 84@:, 9:, %A, C:P6IL, ^, 96I, M<67I, 9:N:7@<4I6IL, :D@367hI:, ^
C:P6I, ZI:=, 3:C4I7PV4S$, Y:W6, i, 4, >?=:34, 9:, C:P6I, 9:N:7@<4I6I, >6, 6=4I@36$
.:9:hI:R
6S! H:37N7M<:, I:, 6, H637XH:8, 68:6@J376, i, 3:C3:I:>@6, <=6, N<>PV4, 9:
C34565787969:T
5S! F68F<8:,.Zi ≤ [S

Y48<PV4R

6S,/D,b,cAL,%L,[L,^f,;,4,F4>@3694=U>74,9:,i

,,,,,K@787B6>94,6,97I@375<7PV4,|7C:3E:4=;@37F6,@:=hI:R
 ^  a 
   
 D   ^ − D
.Z i = D S = L D = AL %L [L ^
%A 
 
 ^

 ^  a
   
 A  ^ ^e
.Z i = A S = =
%A  %[A
 
 ^

 ^  a
   
%   [ !^
.Z i = %S = =
%A  %[A
 
 ^

 ^  a
   
 [ %  [%
. Z i = [S = =
%A  %[A
 
 ^

 ^  a 
   
 ^  A %
. Z i = ^S = =
%A  %[A
 
 ^
 %A"

/:C3:I:>@6PV4,t3XN7F6R

Z9L 9L 9 S

Z9L 9L 9 S ^

Z9L 9L 9 S
[
Z 9L 9L 9 S

Z 9L 9L 9 S
%
Z 9L 9L 9 S

Z 9L 9L 9 S
A
Z 9L 9L 9 S

p<>PV4,9:,C34565787969:,>6,N43=6,9:,M<6934R

i,b,D A % [ ^

^e !^ [% %
.Zi,b,DS
%[A %[A %[A %[A

t3XN7F4,9:,.34565787969:,Z|7I@4E36=6S

.ZDS

ALe

A % [ ^ D

%%#
,,,,,,,,,,,,,,,5S,.Zi ≤ [S,b,.Zi,b,AS,v,.Zi,b,%S,v,.Zi,b,[S,b,
%[A
 %A#

^,h,',>?=:34,9:,6F79:>@:I,>4,@3:F]4,i,96,/494H76,„,>4,C:3U494,96

>47@:L, :=, 976I, 9:, F]<H6L, ;, <=6, H637XH:8, 68:6@J376, F4=, 6, I:E<7>@:

97I@375<7PV4,9:,C34565787969:R

.Zi,b,DS,b,o,$,Z^,h,DS,$,Zd,h,DS,L,D,b,AL,%L,[L,^,,Zo,F4>I@6>@:S

6S :>F4>@3:,4,H6843,9:,oT
5S M<68, 6, C34565787969:, 9:, >:>]<=, 6F79:>@:, >6M<:8:, @3:F]4, :

>6M<:8:,C:3U494xT

FS M<68,6,C34565787969:,9:,C:84,=:>4I,<=,6F79:>@:T

9S M<68,6,C34565787969:,9:,<=,6F79:>@:,>4,=XD7=4$

Y48<PV4R

6S .636,@:3=4I,<=6,N<>PV4,9:,C34565787969:R
^
∑ .Z D S = % ∴ ∑ o Z^ − D S $ Zd − D S = %
D D=A

o[^ $ d + [ $ ^ + %$ [ + A $%] = % ∴ [Ao = % ∴ o =

%
[A

1II7=,@:=hI:R
%
.Z D S = Z ^ − D S $ Z d − D S L D = AL %L [L ^
[A

5S .Z>:>]<=,6F79:>@:S,
% %[ ! ^
.Z D = A S = Z ^ − AS$Z d − AS = = =
[A [A %A e

FS .ZC:84,=:>4I,<=,6F79:>@:S
^ [
.Z D ≥%S = %− .Z D = AS = %− =
e e

9S .Z>4,=XD7=4,<=,S
! ^ #
.Z D ≤ %S = .Z D = 4S + .Z D = %S = + =
%A %A %A
% ! ^
.Z D = %S = Z ^ − %S $ Z d − %S = =
[A [A %A
 %%A

d,h,Y:W6,i,4,,>?=:34,9:,C4>@4I,M<:,6C63:F:,>6,W4E696,9:,<=,9694

>V4hH7F7694$,

6S! :>F4>@3:,6,97I@375<7PV4,9:,C34565787969:,9:,iT

5S! F68F<8:,.Z%, ,i, ,dS

Y48<PV4R
6S,97I@375<7PV4,9:,C34565787969:,9:,i
%
 L I: D = %L[L^LdLeL!
.Z D S =  !
AL F6I4,F4>@3X374

) '
5S,.Z%, ,i, ,dS,b,.Zi,b,[S,v,.Zi,b,^S,b, =
( &

#$d$^ -7I@375<7PQ:I,&4>W<>@6I,C636,\637XH:7I,18:6@J376I,-7IF3:@6I

Y:, i, :, „, IV4, H637XH:7I, 68:6@J376I, 97IF3:@6IL, 9:N7>7=4I, 6, N<>PV4, 9:

C34565787969:,F4>W<>@6,9:,i,:,„,C43R

.Z i = DL „ =  S = .Z D L  S Z#$[!S

4>9:R

7S .Z DL  S ≥ A Z#$[aS

77S ∑ ∑ .Z D L  S = % Z#$["S
D 

K=6, N<>PV4, 9:, C34565787969:, F4>W<>@6, C636, i, :, „, C49:, I:3

3:C3:I:>@696, C43, <=, M<6934, 9:, C34565787969:, F4>W<>@6L, @68, F4=4, 4
6C3:I:>@694,6,I:E<73$

1, C34565787969:, 9:, I:, i, b, i{, I:, 45@;=, I4=6>94hI:, @496I, 6I

:>@3696I,96,87>]6,F433:IC4>9:>@:,6,D{L,6,I65:3$

=
.Z „ = o S = .[ Z o S = ∑ .Z D { L o S L o = %L [L$$$L > Z#$[#S
{ =%
 %%%

gK1-/',-),./'010*2*-1-),&'({K(+1,.1/1,i,),„


„% „[ $$$ „> +'+12
i

i% .Zi%L,„%S .Zi%L,„[S $$$ .Zi%L,„>S .%Zi%S

i[ .Zi[L,„%S .Zi[L,„[S $$$ .Zi[L,„>S .%Zi[S

$,
$, $,
$,$ $,
$,$ $,
$,$ $,
$,$
$,,
i= .Zi=L,„%S .Zi=L,„[S $$$ .Zi=L,„>S .%Zi=S

+'+12 .[Z„%S .[Z„[S $$$ .[Z„>S %

'I, H6843:I, .%ZD{S, :, .[Z„oS, , IV4, F]6=694I, 9:, N<>PQ:I, =63E7>67I, 9:

C34565787969:L,C:84,N6@4,9:,6I,C34565787969:I,I:3:=,45@796I,94I,H6843:I,96I

=63E:>I,94,M<6934$

1II7=R
=

∑. ZD
{=%
% { S=% Z#$^AS

>

∑ . Z „ S=%
o =%
[ o Z#$^%S

',M<:,C49:,I:3,:IF37@4,F4=4R
= >

∑ ∑ .Z D L „ S=%
{=% o =%
{ o Z#$^[S

)D:=C84R

', M<6934, 6, I:E<73, 6C3:I:>@6, 6, N<>PV4, 9:, C34565787969:, F4>W<>@6

9:,9<6I,H637XH:7I,68:6@J376I,97IF3:@6I,i,:,„L,9696,C43,.ZDL,S,b,&Z[D,v,SL,4>9:

D,:,,C49:=,@4=63,4I,H6843:I,7>@:734I,@67I,M<:,A,,≤,,D,≤,[L,,A,,≤,,,,≤,,^L,,I:>94

.ZDL,S,b,A,:=,@494I,4I,4<@34I,F6I4I$,.:9:hI:R

6S F4>I@3<6,4,M<6934,,9:,C34565787969:,F4>W<>@6T
 %%[

5S 9:@:3=7>:,4,H6843,96,F4>I@6>@:,FT

FS 9:@:3=7>:,.Zi,b,[L,„,b,%ST

9S 9:@:3=7>:,.Zi,,≥,%L,,,,≤,,[S$

Y48<PV4R
6S! M<6934,9:,C34565787969:,F4>W<>@6R


A % [ ^ +'+12
i

A A & [& ^& !&

% [& ^& d& e& %d&

[ d& e& !& a& [[&

+'+12 !& #& %[& %e& d[&

%
5S 96,9:N7>7PV4, d[ & = % ∴ & =
d[

e
FS 96,@65:86, .Z i = [L „ = %S = e & =
d[
[d d
9S .Z i ≥ %L „ ≤ [S = Z [& + ^& + d&S + Z d& + e& + !&S = [d& = =
d[ a

#$d$d \637XH:7I,18:6@J376I,-7IF3:@6I,*>9:C:>9:>@:I

Y:W6=,i,:,„,H637XH:7I,68:6@J376I,97IF3:@6I$,Y:,4I,:H:>@4I,i,b,D,:,„,b,

IV4, 7>9:C:>9:>@:I, C636, @494, D, :, @494, L, :>@V4, 97B:=4I, M<:, i, :, „, IV4

H637XH:7I,68:6@J376I,7>9:C:>9:>@:I$

)=,@68,F6I4R
.Zi,b,DL,„,b,S,b,.Zi,b,DS,$,.Z„,b,S Z#$^^S

)D:=C84R

n4I@3:, M<:, 6I, H637XH:7I, 68:6@J376I, i, :, „, 94, C3458:=6, 6>@:3743, IV4

9:C:>9:>@:I$

Y48<PV4R
 %%^

-6,9:N7>7PV4L,I:,i,:,„,IV4,7>9:C:>9:>@:IL,9:H:=4I,@:3,C636,@494,D

:,@494,R
. Z i = D L „ =  S = .Z i = D S $ .Z „ =  S

[[ #
. Z i = [S = : .Z „ = %S =
d[ d[

[[ # %#" ## ^^ %%
.Z i = [ L „ = %S = $ = = = =
d[ d[ %a!d ""[ [#d #"

e
+4=:=4I .Z i = [L „ = %S =
d[
e %%
&4=4, ≠ L,:>@V4,6I,H637XH:7I,i,:,„,IV4,9:C:>9:>@:I$
d[ #"

#$d$e .34565787969:,&4>97F74>696

\7=4I,M<:,I:,.Z1S,},AL,:>@V4R

.Z 1 ∩ 0 S
.Z0 s 1 S = Z#$^dS
.Z 1 S

Y:,i,:,„,IV4,H637XH:7I,68:6@J376I,97IF3:@6I,:,I:,@:=4IR

Z1,R,i,b,DSL,Z0,R,„,b,SL,:>@V4,6,:DC3:IIV4,Z#$^[S,I:,@43>6R

.Z DL  S
.Z „ =  s i = D S = Z#$^eS
.% Z D S

4>9:R

.ZDL,S,b,.Zi,b,DL,„,b,S,;,6,N<>PV4,9:,C34565787969:,F4>W<>@6,9:,i,:

„,:,.%ZDS,;,6,N<>PV4,9:,C34565787969:,=63E7>68,9:,i$

1II7=, .Z„,b,si,b,DS, ;, F]6=696, N<>PV4, 9:, C34565787969:, F4>97F74>68

9:,„,9694,i$
)D:=C84R

%,h,.636,6,97I@375<7PV4,F4>W<>@6,94,:D:=C84,6>@:3743L,9:@:3=7>:R

6S .Z„s[ST

FS! .Z„,b,%sib,[S$
 %%d

Y48<PV4R
Z [D + S
-4,C3458:=6,6>@:3743R, .ZDL ,S, b
d[

Z [D +  S
.Z D L  S
6S .Z  s D S = = d[ L C636 D = [ @:= − I:R
.% Z D S .% Z D S

Zd + S Zd +  S
d +  d[ d + 
.Z  s [S = d[ = d[ = $ =
.% Z [S [[ d[ [[ [[
d[

e
. Z [ L %S e
5S .Z „ = %s i = [S = = d[ =
.% Z [S [[ [[
d[

[,h,',>?=:34,9:,<I<X374I,C3:I:>@:I,><=,&.-L,:=,M<68M<:3,C:3U494

9:, <=6, ]436, ;, <=6, H637XH:8, 68:6@J376, F4=, 97I@375<7PV4, 9:, C34565787969:I

9696,C43R

.ZiS,b,oZe,h,iS,$,Zd,h,iS,L,i,b,AL,%L,[L,^L,d

&68F<8:, 6, C34565787969:, 9:L, :=, M<68M<:3, C:3U494, 9:, <=6, ]436L

:I@63:=,C3:I:>@:I,>4,&.-R

6S :D6@6=:>@:,947I,<I<X374IT

5S 947I,<I<X374I,>4,=XD7=4T

FS :D6@6=:>@:,947IL,I:,C:84,=:>4I,<=,:I@X,C3:I:>@:$

Y48<PV4R

*>7F768=:>@:,9:H:=4I,C34F:9:3,64,FX8F<84,9:,o$,Y65:=4I,M<:R
 %%e

∑ .Z D S = %
D
%
oZ [A + %[ + ! + [ + AS = % dAo = % ∴ o =
dA
% ! ^
6S .Z i = [S = Z e − [S Z d − [S = =
dA dA [A
 [  %#
5S .Z i ≤ [S = % − .[Z i = ^S + Z i = dS] = % −  + A =
 dA  [A

FS,<@787B6>94,4,F4>F:7@4,9:,C34565787969:,F4>97F74>696,@:=hI:R

!
.Z i = [S dA = ! $ dA = ^
.Z i = [ s i ≥ %S = =
% − .Z i = A S [A dA [A %A
%−
dA

#$d$! p<>PV4, -:>I7969:, 9:, .34565787969:, 9:, <=6, \637XH:8, 18:6@J376

&4>@U><6

Y:,<=6,H637XH:8,68:6@J376,C49:,@4=63,@494I,4I,H6843:I,9:>@34,9:,<=

F:3@4,7>@:3H684L,6,H637XH:8,68:6@J376,;,97@6,F4>@U><6$,(:I@:,F6I4L,4,E3XN7F4,9:

C34565787969:,@:3X,4,6IC:F@4,9:,<=6,F<3H6,F4=4,6,6C3:I:>@696,6,I:E<73$

p*tK/1,#$%,y,pK(†‡',-)(Y*-1-),-),./'010*2*-1-),-1,\1/*\)2,i

NZDS

i
6 A 5

1, N<>PV4, NZDS, M<:, I6@7IN6P6, 6I, C34C37:969:I, %, :, [, 6, I:E<73, ;

F]6=696, N<>PV4, 9:>I7969:, 9:, C34565787969:, ZN9CS, 96, H637XH:8, 68:6@J376

F4>@U><6,i$

7S N Z D S ≥ AL ∀ D ∈ */
Z#$^!S
 %%!
+∞

77S ⌠
 N Z D S 9D =%
⌡ Z#$^aS
−∞

1, C34565787969:, 9:, i, :I@63, F4=C3::>9796, :>@3:, 6, :, 5, ;, 9:N7>796

C43R

.Z6 < i < 5 S = ⌠

 N Z D S 9D Z#$^"S
⌡
6

)D:=C84IR

%,h,', @:=C4, 9:, F4334IV4, 9:, 9:@:3=7>696, C:P6, :=, F4>@6@4, F4=
<=6, I48<PV4, ;, <=6, H637XH:8, 68:6@J376, F4>@U><6, F4=, N<>PV4, 9:>I7969:, 9:

C34565787969:,9696,C43R

 [
N Z D S = o D L A ≤ D ≤ ! L D := F:>@:>6I 9: ]436I
A L F6I4,F4>@3X374

6S 9:@:3=7>:,oT

5S <=6, C:P6, ;, :IF48]796, 64, 6F6I4, 9:, <=, 84@:, :, F484F696, :=

F4>@6@4, F4=, 6, I48<PV4$, g<68, 6, C34565787969:, 9:, M<:, 9<3:

=:>4I,9:,dAA,]436IT

FS M<68, 6, C:3F:>@6E:=, 9:, C:P6I, F4=, H796, ?@78, :>@3:, %AA, :, dAA

]436I$

Y48<PV4R

6S NZDS,≥,AL,C636,@494,A,≤,D,≤,!

NZDS,9:H:,I6@7IN6B:3,Z#$^aS$,1II7=,@:=hI:R
 %%a
+∞ !
⌠ ⌠ [
 o D 9D = % ∴ o  D 9D = %
[
⌡ ⌡
−∞ A

!
 D[ +% 
[ ]
!
[[%! − A] = % ∴ a[o = %
o ^ o
o  = D =
 [ + %  A ^ A ^

%
o=
a[

5S g<:3:=4I,.ZA,,≤,D,≤,dS,b,x

d d
⌠D
[
%  D^ 
[ ]
d
[!d − A] =
% % !d
 9D =   = D^ = =
⌡ a[ a[  ^ 
A
[%! A [%! [%!
A

%! "
.Z A ≤ D ≤ d S = = = AL[#! = [#L!z
ed [a

FS .Z%,≤,,D,≤,,dSb,x

d
%  D^ 
d

∫
D[
a[
9D =   =
%
a[  ^ % [%!
D^ [ ] d
%
%

. (%≤ i ≤ d ) =
%
[!d −%]= !^ = [% = a = AL[#[ = [#L[z
[%! [%! a[ [d

[,h,1,N<>PV4,9:,9:>I7969:,9:,C34565787969:,9:,<=6,\$1$,i,;,9696

C43R
o :−[ D D ≥ A
NZD S = 
A D< A

)>F4>@3:R

6S ',H6843,9:,oT

5S .Zi,},[ST

9S! .Zh^, ,i,≤,dS$

 %%"

Y48<PV4R

∞ ∞ ∞
 : −[ D  ∞
6S ⌠
⌡
−[ D ⌠ −[ D
 o : 9D = o  : 9D = o 
⌡  − [ 
%
 =− o :
[
−[ D
[ ] A
=%
A A A

∞
o %  o  % %
=−  [D 
= −  −  =%
[  : A [  ∞ %

[A − %] = [ = % ∴ o = [
o o
=−
[
∞ ∞ ∞
⌠ ⌠  : −[ D 
5S .Z i > [S =  [ : −[ D 9D = [  : −[ D 9D = [   =
⌡ ⌡  −[  [
[ [

.Z i > [S = −
[
[
[ ]
A − : −d = : −d = ALA%"^ = %L"^z

A d
⌠ ⌠
[ ]
d
F S .Z −^ < D ≤ dS =  A 9D +  [ : −[ D 9D = −: −[ D =
⌡ ⌡ A
−^ A

.Z −^ < D ≤ dS = − : −" + %= %− : −" = AL###a = ##L#az

^,h,', @:=C4, 9:, 3:6PV4, 9:, <=, 9:@:3=7>694, :8:=:>@4, M<U=7F4, ;

<=6, H637XH:8, 68:6@J376, i, F4=, 6, I:E<7>@:, N<>PV4, 9:, 9:>I7969:, 9:

C34565787969:R

F D [ L % ≤ D ≤ [

N Z D S = F D L [ < D < ^
A L F6I4,F4>@3X374


-:@:3=7>:R

6S,,6,F4>I@6>@:,FT
5S,, . (i > [) T
 ^
FS,, . %< i < 
 [
 %%#

Y48<PV4R
[ ^
[ ^
D^  D[  " % # d
∫
6S ∫ FD 9D + FD9D =%∴F   + F   = F  −  + F  −  =%
[

% [  ^ %  [ [ ^ ^ [ [
a e %dF + %eF
= F + F =%⇒ =%
^ [ !
!
[#F = !∴F =
[#

5S ⌠
! %e
 D9D = =AL e%a=e%Laz
⌡ [# [#
[

^[

FS ⌠
! [ %#
 D 9D = = AL%!d = %!Ldz
⌡ [# %%!
%

#$d$a p<>PV4, 9:, -7I@375<7PV4, &<=<86@7H6, 9:, <=6, \637XH:8, 18:6@J376

&4>@U><6

-:N7>7PV4R, 1, N<>PV4, 9:, 97I@375<7PV4, F<=<86@7H6, 9:, <=6, H637XH:8

68:6@J376,F4>@U><6,iL,;,9696,C43R

D
pZ D S = .Z i ≤ D S = ∫ NZ<S 9< T, − ∞ < D < ∞
−∞
Z#$^#S

g<6>94,6,N<>PV4,9:,97I@375<7PV4,F<=<86@7H6, % $ * " L,9:,<=6,H637XH:8

68:6@J376, F4>@U><6, iL, N43, F4>]:F796L, :, 9:37HXH:8, C636, @494, DL, C49:hI:

9:@:3=7>63,6,N<>PV4,9:>I7969:,9:,C34565787969:,ZN9CSL,<=6,H:B,M<:R

9 pZ D S
NZ D S = pˆ Z D S = Z#$dAS
9D
 %[A

)D:=C84IR

%,h,', @:=C4, 9:, F4334IV4, 9:, 9:@:3=7>696, C:P6, :=, F4>@6@4, F4=

<=6, I48<PV4, ;, <=6, H637XH:8, 68:6@J376, F4>@U><6, F4=, N<>PV4, 9:>I7969:, 9:

C34565787969:,9696,C43R

D[
 L A ≤ D ≤ !L D := F:>@:>6I 9: ]436I
 a[
NZ D S = 
AL F6I4 F4>@3X374



:>F4>@3:,6,N<>PV4,9:,97I@375<7PV4,F<=<86@7H6

Y48<PV4R

D
pZ D S = ∫ NZ<S 9< = A L,,I:,D,
−∞
,A,

D
A D
 <^  D^
−∞
∫ A
∫
pZ D S = NZ<S 9< + NZ<S 9< =   =
 [%!  A [%!
L I:, A ≤ D ≤ !

A ! ∞
pZ D S = ∫
−∞
NZ<S 9< + ∫
A
NZ<S 9< + ∫ NZ<S 9< =
!

,,,,,,,,,,, = A + % + A = %L,I:, D ≥ !

.43@6>@4R

 D^
 L A ≤ D ≤ !L D := F:>@:>6I 9: ]436I
 [%!
pZ D S = 
%L I: D ≥ !


 %[%

[,h,Y:W6, <=6, H637XH:8, 68:6@J376, F4>@U><6, i, F4=, N<>PV4, 97I@375<7PV4

F<=<86@7H6, % $ * " 9696,C43R

A L I: D ≤ A


pZ D S = D [ L I: A < D < %


%L I: D ≥ %

:>F4>@3:,6,N<>PV4,9:>I7969:,9:,C34565787969:,9:,i

Y48<PV4R
&4=4, NZ DS = p‰ Z D S L,:>@V4R

A L I: D ≤ A


NZ D S = [ D L I: A < D < %


A L I: D ≥ %

#$d$" )IC:36>P6,n6@:=X@7F6,9:,<=6,\637XH:8,18:6@J376,-7IF3:@6

-:N7>7PV4R, &]6=6hI:, :IC:36>P6, =6@:=X@7F6, 9:, <=6, H637XH:8

68:6@J376,97IF3:@6,O,I4=6,94I,C349<@4I,9:,@494I,4I,I:<I,H6843:I,C4IIUH:7I,C43

I<6I,C34565787969:I$

Y<C4>]6=4I, M<:, <=6, \$1$, i, 6II<=6, 4I, H6843:I, D%L, D[L, $$$L, D>, F4=

C34565787969:I,.%L,.[L,$$$L,.>L,4<,I:W6R

i,b,D D% D[ $$$ D>

.ZibDS .% .[ $$$ .>

 %[[

)>@V4,C43,9:N7>7PV4R
>
)Z i S = D% .% + D [ .[ +$$$+ D >.> = ∑D .
7 =%
7 7 Z#$d%S

#$d$# )IC:36>P6,n6@:=X@7F6,9:,<=6,\637XH:8,18:6@J376,&4>@U><6

-:N7>7PV4R, .636, <=6, H637XH:8, 68:6@J376, F4>@U><6, i, F4=, N$9$C$, NZDS

9:N7>:hI:,:IC:36>P6,9:,i,F4=4R

+∞
⌠
)Z i S =  D N Z D S 9D Z#$d[S
⌡
−∞

)D:=C84IR

%,h,', M<6934, 6, I:E<73, N43>:F:, 4, >?=:34, 9:, 6H6376I, 6C3:I:>@696I

C43, [", F4=C<@6943:I, 6>@:I, 9:, F4=C8:@63, I:7I, =:I:I, 9:, @36568]4, :, 6I

C34565787969:I,3:IC:F@7H6I$,)>F4>@3:,4,H6843,:IC:3694,Z=;976,9:,6H6376I,C43

=XM<7>6,9<36>@:,4,C:3U494,6>687I694S$

i,b,D A % [ ^ d e !

[ d ! %A ^ [ %
.Zi,b,DS
[" [" [" [" [" [" ["

Y48<PV4R
[ d ! %A ^ [ %
)Z i S = ∑ i $ .Z D S = A $ + %$ + [$ + ^$ + d$ + e$ + !$ =
D [" [" [" [" [" [" ["

)ZiS,b,[L!d,6H6376I,C43,=XM<7>6

[,h,', @:=C4, 9:, :IC:36, C43, F6=7>]4>:734, C636, 9:I:=563M<:, 9:

F63E6, 94, C349<@4, w, :=, <=6, 7>9?I@376, ;, <=6, H637XH:8, 68:6@J376, F4=, N$9$C$
9696,C43R

o D L 4 < D < d L =:9796 := ]436I

NZ DS = 
A L F6I4,F4>@3X374
 %[^

&68F<8:, 4, @:=C4, =;974, M<:, F696, F6=7>]4>:734, N7F6, >6, N786, 9:

:IC:36$

Y48<PV4R
6S &X8F<84,9:,o

d d
⌠ ⌠
[ ]
d
[%! − A] = "o = % = o = "
o [ o %
 oD 9D = o  D 9D = [ D =
⌡ ⌡ A [
A A

+∞ d d d
⌠ ⌠ % ⌠ % [ % ⌠ [
5 S )Z i S =  D NZ D S 9D =  D $ D 9D =  D 9D = D 9D =
⌡ ⌡ " ⌡ " " 
⌡
−∞ A A A

d
%  D^ 
[ ]
d
[!d − A] = [L!a ]436I
% ^ %
)Z i S =   = D =
"  ^  [d A [d
A

#$d$%A \637_>F76,:,-:IH74,.693V4,9:,<=6,\637XH:8,18:6@J376,-7IF3:@6

`,NXF78,7>97F63,H637XH:7I,68:6@J376I,M<:,6C3:I:>@6=,6,=:I=6,=;976L

C43;=, 97N:3:>@:I, H6843:I, C4IIUH:7I$, \:W6=4I, C43, :D:=C84L, 6I, H637XH:7I

68:6@J376I,i,:,„L,9696I,C:86I,I:E<7>@:I,97I@375<7PQ:IR

,,,i,b,D e e ,,,„,b, A %A

.Zi,b,DS ,,ALe ALe .Z„,b,S ALe ALe

)ZiS,b,e,$,ALe,v,e,$,ALe,b,,e )Z„S,b,A,$,ALe,v,%A,$,ALe,b,,e

&4=4, H:=4IL, 6I, =;976I, 96I, H637XH:7I, IV4, 79G>@7F6IL, C43;=, 4I

H6843:I,9:,i,I:,6E3<C6=,:=,@43>4,96,=;976,Z)ZiSSL,:>M<6>@4,M<:,4I,H6843:I
9:,„,I:,:>F4>@36=,97IC:3I4I$
1II7=, I:>94L, F4>]:F:>94, I4=:>@:, 6, =;976L, >V4, I:, C49:, N6B:3
7>N:3G>F76I,I453:, F4=4, 4I, H6843:I, 9:, @68, H637XH:8, I:, 97I@375<:=, :=, @43>4, 96
=;976$
 %[d

.43, :II:, =4@7H4L, W<>@6=:>@:, F4=, 6, =;976L, 7>@349<B7<hI:, 4<@34

C63_=:@34L, 9:>4=7>694, H637_>F76L, M<:, =:9:, 4, E36<, 9:, 6N6I@6=:>@4, 94I
9694I,:=,3:86PV4,6,I<6,=;976$

-:N7>7PV4R,Y:W6,i,<=6,H637XH:8,68:6@J376,97IF3:@6$,1,H637_>F76,9:II6

H637XH:8,;,9:N7>796,C43R

\Z i S = )[Z i − )Z D S]
[
Z#$d^S

1, NJ3=<86, 653:H7696, C636, 4, FX8F<84, 96, H637_>F76, C49:, I:3

:><>F7696,F4>N43=:,@:43:=6,6,I:E<73$

3456478R, 1, H637_>F76, ;, 7E<68, O, 97N:3:>P6, :>@3:, 6, :IC:36>P6

=6@:=X@7F6, 94, M<693694, 96, H637XH:8, 68:6@J376, i, :, 4, M<693694, 9:, I<6

:IC:36>P6,=6@:=X@7F6L,4<,I:W6R

\Z i S = )Z i [ S − [)Z i S]
[
Z#$ddS

4>9:R

, )Z i [ S = ∑ D [ $ .Z D S Z#$deS
D

-:=4>I@36PV4R

[ ]
\Z i S = )[i − )Z i S] = ) Z i [ − [i )Z i S + )[Z i SS =
[

\Z i S = )Z i [ S − [ )Z i S $ )Z i S + )[ Z i S =

\Z i S = )Z i [ S − [ )[ Z i S + )[ Z i S =

\Z i S = )Z i [ S − )[ Z i S

1II7= R
\Z i S = )Z i [ S − [)Z i S]
[
 %[e

^,h,&4=,56I:,>4I,9694I,94,:D:3FUF74,%,6>@:3743,Z>?=:34,9:,6H6376I

6C3:I:>@696I,C43,[",F4=C<@6943:I,6>@:I,9:,F4=C8:@63,I:7I,=:I:IL,:>F4>@3:

\ZiS,:,σZiS$

i,b,D A % [ ^ d e !

[ d ! %A ^ [ %
.ZibDS
[" [" [" [" [" [" ["

Y48<PV4R

\Z i S = )Z i [ S − [)Z i S]
[

-4,:D:3FUF74,6>@:3743,)ZiS,b,[L!d,6H6376I,C43,=XM<7>6$

&X8F<84,9:,)Zi[S

)Z i S[ = ∑ D [ .Z D S =
D

[ d ! %A ^ [ %
)Z i S[ = A [ $ + %[ $ + [[ $ + ^[ $ + d[ $ + e[ $ + ![ $ =
[" [" [" [" [" [" ["

d [d #A d" eA ^! [e[
)Z i S[ = + + + + + = = #
[" [" [" [" [" [" ["

\Z i S = # − [[L!d] = [LA^ Z6H6376IS

[ [

1, 367B, M<693696, ZC4I7@7H6S, 96, H637_>F76, F]6=6hI:, 9:IH74, C693V4, :

=:9:,6,H63765787969:,:=,@43>4,96,=;976$

(4,F6I4,6>@:3743R

σ D = \Z i S = [LA^ = %d[
L ,6H6376I,C43,=XM<7>6
 %[!

#$d$%%, \637_>F76,:,-:IH74,.693V4,9:,<=6,\637XH:8,18:6@J376,&4>@U><6

-:N7>7PV4R,Y:W6,i,<=6,H637XH:8,68:6@J376,F4>@U><6$,,1,H637_>F76,9:II6

H637XH:8,;,9:N7>796,C43R
+∞
⌠
\Z i S = )Z i S − [)Z i S] =  D [ N Z D S 9D − µ [
[ [
Z#$d!S
⌡
−∞

',9:IH74,C693V4,I:3X,9694,C43R

σD = \Z i S Z#$daS

d,h,&4=, 56I:, >4I, 9694I, 94, :D:3FUF74, [, Z@:=C4, 9:, :IC:36, C43

F6=7>]4>:734,C636,9:I:=563M<:SL,F68F<8:,6,H637_>F76,:,4,9:IH74,C693V4$
+∞
⌠
6S \Z i S =  D [ N Z D S 9D − µ [ =
⌡
−∞

d d d
⌠ % ⌠ ^ %  Dd 
[ ]
% % d d
)Z i S =  D [ $ D 9D =
[
 D 9D =   = D =
⌡ " " ⌡ "   A
d ^[ A
A A

[[e! − A] = "
%
)Z i [ S =
^[

\Z i S = " − [[L!a] = " − aL%[# = AL"a%

[

5S σ D = AL"a% = AL#^^ ≅ e! =7><@4I

#$e pK(†Š)Y,-),\1/*\)*Y,12)1+‚/*1Y

Y:W6=,i,:,„,H637XH:7I,68:6@J376I,><=,=:I=4,:IC6P4,6=4I@368,Y$,-7Bh

I:,M<:,„,;,<=6,N<>PV4,9:,iL,Y:,„,C49:,I:3,3:C3:I:>@696,C43,„,b,tZiS$

)D:=C84IR,ƒiL,i[L,i,v,ƒ,IV4,N<>PQ:I,9:,i,F4=,tZiS,b,ƒDL,D[L,,D,v,ƒ$

%u Y:W6=,i,:,„,\637XH:7I,18:6@J376I,-7IF3:@6I,F4=,„,b,tZiS$,
 %[a

)>@V4R

)Z „ S = )ZtZ i SS = EZ D%S $ .Z D%S + EZ D [ S$ .Z D [ S + $$$ + EZ D > S$ .Z D > S Z#$d"S

>
)Z „ S = ∑ EZ D7 S .Z D7 S Z#$d#S
7 =%

[u Y:W6=,i,:,„,H637XH:7I,68:6@J376I,F4>@U><6I,F4=,„,b,tZiS$

)>@V4R

+∞
⌠
) [tZ i S] =  tZ i S N Z D S 9D Z#$eAS
⌡
−∞

)D:=C84IR

%,h,Y:W6, i, 6, \637XH:8, 18:6@J376, 94, :D:3FUF74, %, Z>?=:34, 9:, 6H6376I

6C3:I:>@696I,C43,[",F4=C<@6943:IS,:,9:N7>6hI:,„,b,[iL,F4=4,I:>94,4,F<I@4

C636,F4>F:3@4,9:,i,6H6376I$,.:9:hI:R

6S F<I@4,=;974,)Z„ST

5S .Z„,≤,dS$

Y48<PV4R

1, 97I@375<7PV4, 9:, C34565787969:I, 96, H637XH:8, „, C49:, I:3, 9696

F4>N43=:,M<6934,6,I:E<73R

„,b,[i A [ d ! " %A %[

[ d ! %A ^ [ %
.ZDS
[" [" [" [" [" [" ["
 %["
[ d ! %A ^ [ %
)Z „ S = A $ + [$ + d$ + !$ + "$ + %A $ + %[ $ =
[" [" [" [" [" [" ["

" [d !A [d [A %[ %d"
)Z „ S = A + + + + + + = = /‹ eL["
[" [" [" [" [" [" ["

%[ ! ^
.Z „ ≤ dS = .Z „ = AS + .Z „ = [S + .Z „ = dS = = = = d[L"!z
[" %d a

[,h,',@:=C4,Z:=,]436IS,E6I@4,C43,<=,@;F>7F4,>6,:D:F<PV4,9:,F:3@4

3:C634,;,<=6,H637XH:8,68:6@J376,F4=,N$9$C$,9696,C43R

o@ −^ L @ > %
NZ@ S = 
A L @ ≤ %

p*tK/1,#$[,y,t/p*&',-1,pK(†‡',NZ@S

NZ@S

% @

Y65:>94hI:, M<:, :8:, F4536, /‹, eALAA, C43, ]436, 9:, @36568]4, C636, 4I

F4>I:3@4I, M<:, 9<36=, =:>4I, 9:, ^, ]436I, :, /‹, dALAA, C636, 4I, F4>I:3@4I, M<:

9<36=,^,]436I,4<,=67IL,M<6>@4,F<I@6,:=,=;976,<=,F4>I:3@4x

Y48<PV4R

Y:W6,„,b,tZ@S,6,N<>PV4,F<I@4R

eA @ L @ < ^
„ = tZ @ S = 
dA @ L @ ≥ ^
 %[#

6S &X8F<84,9:,oR

∞ ∞
∞
⌠ ⌠ o %
=  o@ −^ 9@ = % ∴ o  @ −^ 9@ = −  [  =
⌡ ⌡ [  @ %
% %

[ A − %] = = % ∴ o = [
o o
=−
[ [

5S &<I@4,=;974,94,F4>I:3@4R

^ ∞
⌠ ⌠
)Z „ S =  Z eA @ S $ Z [@ −^ S 9@ +  Z dA @ S $ Z [@ −^ S 9@ =
⌡ ⌡
% ^

^ ∞ ∞
⌠ ⌠  @ −% 
[ ]
^
= %AA  @ −[ 9@ + "A  @ −[ 9@ = − %AA @ −% + "A   =
⌡ ⌡ %  −%  ^
% ^

^ ∞
 %  % %   %
= − %AA   − "A   = − %AA  − % − "A A − =
 %
@  ^
@  ^   ^ 

%AA "A ["A

)Z „ S = − + %AA + = = /‹ #^L^^
^ ^ ^

^,h,Y:W6, i, <=6, \637XH:8, 18:6@J376, -7IF3:@6, F4=, 97I@375<7PV4, 9:

C34565787969:,9696,C43R

i,b,D h[ h% A % [

% % % ^ %
.ZibDS
%A e e %A e

-:N7>6hI:,„,b,i[

)>F4>@3:R

6S 1,97I@375<7PV4,9:,„T

5S .Z„,b,%S$
 %^A

Y48<PV4R

\6843:I,C4IIUH:7I,9:,„R,,,,/,b,cAL,%L,df

6S 97I@375<7PV4,9:,„

Z „ = AS ⇔ Z i = AS

%
.Z „ = A S = . Z i = A S =
e

Z „ = %S ⇔ Z i = − %S ∪ Z i = %S

.Z „ = %S = .Z i = − %S + .Z i = %S

% ^ %
.Z „ = %S = + =
e %A [

Z „ = dS ⇔ Z i = − [S ∪ Z i = [S

.Z „ = dS = .Z i = − [S + .Z i = [S

% % ^
.Z „ = d S = + =
%A e %A

1II7=, @:=hI:, 6, I:E<7>@:, 97I@375<7PV4, 9:, C34565787969:, C636, 6

H637XH:8,„R

„,b, A % d

% % ^
.Z„bS
e [ %A

t:>:3687B6>94,@:=hI:R

.Z „ =  S = ∑ .Z i = D S Z#$e%S
D R „ = tZ i S
 %^%

#$! ./'./*)-1-)Y,-1,n`-*1,),-1,\1/*Œ(&*1

%~ Y:,&,;,<=6,F4>I@6>@:L,:>@V4R

)Z&S,b,& Z#$e[S

\Z&S,b,A Z#$e^S

[~ Y:,&,;,<=6,F4>I@6>@:,:,i,<=6,\637XH:8,18:6@J376L,:>@V4R
)Z&iS,b,&)ZiS Z#$edS

\Z&DS,b,&[\ZiS Z#$eeS

-:=4>I@36PV4R
{
\Z&i S = ) [&i − )Z&i S] } [

= ) {[&i − &)Z i S] } = ) {& [i − )Z i S] } =

[ [ [

= &[) [i − )Z i S] = &[ \Z i S
[

^~ Y:,i,;,<=6,\637XH:8,18:6@J376,:,1,:,0,IV4,F4>I@6>@:IL,:>@V4R

)Z1i,±,0S,b,1,)ZiS,±,0 Z#$e!S

\Z1i,,±,5S,b,1[,\ZiS Z#$eaS

d~ Y:,i%L,i[L,$$$,io,IV4,o,H637XH:7I,68:6@J376IL,:>@V4R
)Zi%,,±,,i[,±$$$,±,ioS,b,)Zi%S,±,)Zi[S,±,$$$,±,)ZioS Z#$e"S

\Zi%,,±,i[,±$$$,±,ioS,b,\Zi%S,v,\Zi[S,v,$$$,v,\ZioS Z#$e#S

)D:=C84IR

%,h,Y:W6,i,6,H637XH:8,68:6@J376,6567D4$,.:9:hI:R

6S,)ZiST,,5S,)Zi[ST,,FS,\ZiS$

i,b,D A % [

% % %
.Zi,b,DS
d [ d
 %^[

/:IC4I@6R
)ZiS,b,%
)Zi[S,b,^s[
\ZiS,b,%s[

[,h,Y:W6,i,6,H637XH:8,94,:D:3FUF74,%,:,9:N7>6hI:,„,b,[i$,.:9:hI:R

6S,)Z„ST,,5S,)Z„[ST,,FS,\Z„S$

Y48<PV4R

1,N<>PV4,9:,C34565787969:,96,H637XH:8,„,C49:,I:3,9696,F4>N43=:

M<6934,6,I:E<73R

„,b, A [ d

% % %
.Z„,b,S
d [ d

K@787B6>94,6I,9:N7>7PQ:I,6>@:3743:I,C636,6,=;976,:,H637_>F76,@:=hI:R

6S,)Z„S,b,[
5S,)Z„[S,b,!

FS,\Z„S,b,[

^,h,p6B:=hI:,^,97IC634I,F4=,C34565787969:I,9:,6F:3@4,>4,68H4,7E<67I

6R,.%,b,ALd,,,.[,b,AL^,,:,,.^,b,AL!$,,1F]63,6,:IC:36>P6,=6@:=X@7F6,94,>?=:34

@4@68,9:,6F:3@4I$

Y48<PV4R

', >?=:34, 9:, 6F:3@4I, >4, C37=:734, 97IC634, ;, <=6, \637XH:8, 18:6@J376

i%,M<:,C49:,6II<=73,947I,H6843:IR,%,Z6F:3@4S,F4=,C34565787969:,.%,b,ALd,:,A

Z:334SL,F4=,C34565787969:,M,b,%,h,C,b,AL!$,
 %^^

1II7=,@:=hI:R,

)Zi%S,b,%,$,ALd,v,A,$,AL!,b,ALd$,-4,=:I=4,=494,@:=hI:R

)Zi[S,b,AL^

)Zi^S,b,AL!

Y:W6,w,4,>?=:34,@4@68,9:,6F:3@4IL,:>@V4R

w,b,i%,v,i[,v,i^,,

)ZwS,b,)Zi%S,v,)Zi[S,v,)Zi^S,b,%L^,6F:3@4I

d,h,1F]63, 6, :IC:36>P6, =6@:=X@7F6, :, 6, H637_>F76, 96, I4=6, 94

>?=:34,9:,C4>@4I,M<:,C49:=,I673L,64,86>P63:=,947I,9694IR

Y48<PV4R

Y:W6=R,,i%,b,>?=:34,9:,C4>@4I,>4,C37=:734,9694
i[,b,>?=:34,9:,C4>@4I,>4,I:E<>94,9694

'I, H6843:I, C4IIUH:7I, 9:, i%, :, 6I, C34565787969:I, 3:IC:F@7H6IL, :I@V4

6C3:I:>@696I,>4,M<6934,6567D4$

i%,b,D% % [ ^ d e !

.Zi%,b,D%S % % % % % %
! ! ! ! ! !

% % % a
)Z i%S = % $ + [$ + $$$ + ! $ =
! ! ! [

&4=4,4I,H6843:I,C4IIUH:7I,9:,i[,IV4,79G>@7F4I,6,i%L,@:=hI:R
a
)Z i [ S =
[
 %^d

-:N7>6hI:R

a a %d
w = i% + i [ ∴ )Z wS = )Z i%S + )Z i [ S = + = =a
[ [ [
[
% % % a 
)Z i%S[ = %[ $ + [[ $ + $$$ + ! [ $ = %eL%a T \Z i%S = %eL%a −   = [L#[
! ! ! [

\Z wS = \Z i%S + \Z i [ S = eL"d

σZ wS = eL"d = [Ld[

e,h,(<=6, 7>9?I@376, 9:, C349<@4I, 687=:>@UF74IL, <=, 9:@:3=7>694

C349<@4, ;, 6F4>97F74>694, :=, C6F4@:I, ><=6, =XM<7>6, 6<@4=X@7F6$, 1

:=C6F4@69:736,:I@X,3:E<8696,C636,C:I63,:=,=;976,[AA,E36=6I,94,C349<@4L
C43;=L,9694,4,E36<,9:,C3:F7IV4,96,=XM<7>6L,4,C:I4,3:68,45@794,I:,97I@375<7

:=,@43>4,9:II6,=;976,F4=,<=,9:IH74,C693V4,9:,^,E36=6I$,Y65:>94hI:,M<:

6, :=5686E:=, @:=, <=, C:I4, F4>I@6>@:, 9:, [e, E36=6IL, M<68, 6, =;976, :, 4

9:IH74,C693V4,94,C:I4,53<@4,94,C6F4@:x

Y48<PV4R

Y:W6,i,4,C:I4,94,=6@:3768$,i,;,<=6,H637XH:8,68:6@J376,F4=R

)ZiS,b,[AAE,,T,,σZiS,b,^E,,,T,,,\ZiS,b,#,E[
',C:I4,53<@4,94,C6F4@:,C49:,I:3,9:N7>794,F4=4R

w = i + [e $ .43@6>@4R
)Z wS = )Z i + [eS = )Z i S + [e = [AA + [e = [[eE :
\Z wS = \Z i + [eS = \Z i S = # E[ ⇒ σ Z wS = ^E

!,h,(4,C3458:=6,6>@:3743L,I:,4,C:I4,96,:=5686E:=,;,@6=5;=,<=6

H637XH:8,68:6@J376,F4=,=;976,[eE,:,9:IH74,C693V4,%EL,M<68,I:3X,6,=;976,:,4

9:IH74,C693V4,94,C:I4,53<@4x
 %^e

Y48<PV4R
&4=4,4,C:I4,94,=6@:3768,ZiS,:,4,C:I4,96,:=5686E:=,Z„S,IV4,9<6I
\637XH:7I, 18:6@J376I, *>9:C:>9:>@:IL, :>@V4, C49:=4I, 9:N7>73, 6, H637XH:8, w
F4=4R

w=i+„
)Z i S = [AAE T σ Z i S = ^E T \Z i S = # E[
)Z „ S = [eE T σ Z „ S = %E T \Z „ S = %E[ 1II7=R
)Z wS = [AA + [e = [[eE : \Z wS = # + % = %A E[ ∴ σ Z wS = %A ≅ ^L%eE

a,h,K=, C34F:II4, 9:, N6537F6PV4, C349<B, C:P6I, F4=, C:I4, =;974, 9:

[AE,:,9:IH74,C693V4,9:,ALeE$,)I@6I,C:P6I,IV4,6F4>97F74>696I,:=,C6F4@:I
9:, <=6, 9?B76, F696$, 1I, :=5686E:>I, C:I6=, :=, =;976, ^AE, F4=, 9:IH74
C693V4,9:,%L[E$,g<68,6,=;976,:,4,9:IH74,C693V4,94,C:I4,@4@68,94,C6F4@:x

Y48<PV4R

i = C:I4,=;974,96,C:P6,7L,,7,b,%L,[L,$$$L,%[
Y:W6  7
„ = C:I4,=;974,96,:=5686E:=

%[
w = i% + i [ + $$$ + i%[ + „ = ∑i
7 =%
7 +„

) (w )= ) (i% + i [ + $$$ i%[ + „ )= ) (i% ) + ) (i [ )+ $$$ + ) (i%[ )+ ) („ )=

) (w )=%[$[A + ^A = [aAE
\ (w )= \ (i% + i [ + $$$ i%[ + „ ) = \ (i% ) + \ (i [ ) + $$$ + \ (i%[ )+ \ („ )=

\ (w )=%[$AL [e + %L dd = dL ddE [

σ (w )= dL dd ≅ [L%%E

",h,K=6, 43E6>7B6PV4, F4=:3F768, H:37N7F4<, M<:, 4, 8<F34, <>7@X374, Z2S

45@794,C:86,H:>96,94,C349<@4,i,;,9694,C:86,I:E<7>@:,:DC3:IIV4R

2,b,%L%,$,\,h,AL#,$,&,h,dLe
 %^!

Y65:>94hI:,M<:,4,C3:P4,9:,H:>96,<>7@X374,Z\S,@:=,<=6,97I@375<7PV4
9:, =;976, /‹, eALAA, :, 9:IH74, C693V4, /‹, [LAAL, :, M<:, 4, F<I@4, <>7@X374, Z&S, @:=
<=6,97I@375<7PV4,9:,=;976,/‹,deLAA,:,9:IH74,C693V4,/‹,%LeAL,M<68,6,=;976,:
4,9:IH74,C693V4,94,8<F34,<>7@X374x
Y48<PV4R

\ = .3:P4,9:,\:>96
Y:W6=,6I,H637XH:7I, 
& = &<I@4,K>7@X374
)Z \S = eA T σZ \ S = [L AA T \Z \S = dL AA

)Z&S = de T σZ&S = %eA

L T \Z&S = [L[e

)Z2 S = ) Z%%
L $ \ − AL#& − dLeS = %%
L ) Z \S − AL# ) Z&S − dLe =

)Z2 S = %%
L $ eA − AL# $ de − dLe = ee − dALe − dLe = /‹%AL AA

\Z2 S = \Z%%
L $ \ − AL# $ & − dLeS

\Z2 S = %%
L [ \Z \S + AL# [ \Z&S = %%
L [ $ d + AL# [ $ [L[e

\Z2 S = dL"d + %"[[e

L + !L !![e

σ Z2 S = !L !![e = [Le"

#,h,1, I:E<73, 9XhI:, 6I, 97I@375<7PQ:I, 9:, C34565787969:I, 96I, H637XH:7I

68:6@J376I,7>9:C:>9:>@:I,i,:,„$,-:N7>:hI:R

%− i
w = % − [i T K = T + = i − [„
[

.:9:hI:R,F68F<863,6,=;976,:,6,H637_>F76,9:,wL,K,:,+$

i,b,D h% A % „,b, A % [

.ZibDS,, % [ % .Z„bS,,, % % %
! ^ ! d [ d

Y48<PV4R,
1, =;976, :, 6, H637_>F76, 96I, H637XH:7I, i, :, „, :I@V4, 6C3:I:>@696I, 6

I:E<73R
 %^a
)Z i S = A )Z „ S = %

% ^
)Z i [ S = )Z „ [ S =
^ [
% %
\Z i S = \Z „ S =
^ [

1II7=,@:=hI:R
)Z wS = ) Z% − [i S

)Z wS = % − [ ) Z i S = % − A = %

\Z wS = \ Z%− [i S

d
\Z w S = d \ Z i S =
^
 %− i 
)ZKS = )  
 [ 

% % %
)ZKS = − ) Z iS =
[ [ [

% %
\ZKS = \ Z iS =
d %[

)Z + S = ) Z i − [„ S

)Z + S = ) Z i S − [ ) Z „ S = A − [ $ % = − [

% % a
\Z + S = \ Z i S + d \ Z „ S = + d$ =
^ [ ^

#$a -*Y+/*0K*†Š)Y,+)‚/*&1Y,-*Y&/)+1Y,-),./'010*2*-1-)Y

#$a$% -7I@375<7PV4,07>4=768

&4>I79:3:hI:,<=,:DC:37=:>@4,68:6@J374,9:>@34,96I,I:E<7>@:I,F4>97PQ:IR

6S >,C34H6I,7>9:C:>9:>@:IT

5S F696,C34H6,69=7@:,6C:>6I,947I,3:I<8@694IR,I<F:II4,Z%SL,N36F6II4,ZAST

FS 6, C34565787969:, 9:, I<F:II4, :=, F696, C34H6, ;, F4>I@6>@:L, 4<

I:W6L,.Z)[s)%S,b,.Z)[S,b,CL,I:>94,M,b,%,y,CT
 %^"

1II4F76>94, <=6, H637XH:8, 68:6@J376, 97IF3:@6, i, 7E<68, 64, >?=:34, 9:

I<F:II4I, >:II6I, >, C34H6IL, :>@V4, 6, C34565787969:, 94, :H:>@4, ), 4F433:3

:D6@6=:>@:,D,H:B:I,:=,>,@:>@6@7H6IL,;,9696,C:86,N<>PV4,9:,C34565787969:R

 
 >
. Z i = D S =   C D M> − D = C D M> − D
>
Z#$!AS
 
D D  Z > − D S
 

9:>4=7>696,97I@375<7PV4,57>4=768$

&4=4, 6, H637XH:8, 68:6@J376, i, 3:C3:I:>@6, 4, >?=:34, 9:, I<F:II4IL

:>@V4,I:<I,C4IIUH:7I,H6843:I,I:3V4R
i,b,AL,%L,[L,$$$L,>$

#$a$%$% .63_=:@34I,96,97I@375<7PV4,57>4=768

n;976R,)ZiSb,Ž,b,>C, Z#$!%S
\637_>F76R,\ZiS,b,σ[,b,>CM, Z#$![S

)D:=C84IR

%,h,26>F:,<=6,=4:96,[,H:B:I,:,45I:3H:,4,>?=:34,9:,F636I$,.:9:hI:R
6S M<68,6,C34565787969:,9:,I:,45@:3,<=6,F636x

5S M<68,6,C34565787969:,9:,I:,45@:3,9<6I,F636Ix

FS M<68,6,C34565787969:,9:,I:,45@:3,9<6I,F4346Ix

Y48<PV4R

1,C34565787969:,9:,I:,45@:3,F636,;,C,b,ALeL,C43@6>@4R

 [
6S . Z i = %S =   Z ALeS% Z ALeS [−% = ALe
% 
 [
5S . Z i = [S =   Z ALeS[ Z ALeS[ − [ = AL[e
 [
 [
F S . Z i = AS =   Z ALeS A Z ALeS [− A = AL[e
 A
 %^#

[,h,Y65:hI:, M<:, dz, 96I, C:P6I, C349<B796I, C43, F:3@6, =XM<7>6, IV4

9:N:7@<4I6I$,)=,<=,84@:,9:,%A,C:P6IL,F68F<863,6,C34565787969:,9:R

6S :D6@6=:>@:,9<6I,I:3:=,9:N:7@<4I6IT

5S =:>4I,9:,[,I:3:=,9:N:7@<4I6IT

FS M<68, 6, =;976, :, 4, 9:IH74, C693V4, 94, >?=:34, 9:, C:P6I

9:N:7@<4I6Ix

Y48<PV4R

1, C34565787969:, 9:, <=6, C:P6, M<68M<:3, I:3, 9:N:7@<4I6, ;, C, b, ALAdL

C43@6>@4R
%A
6S . Z i = [S =   Z ALAdS[ Z AL#!S%A − [ = ALAe%#d = eL%#z
 [

5S . Z i < [S = . Z i = AS + . Z i = %S

%A  %A − A %A
.Z i < [S =   Z ALAdSA Z AL#!S +   Z ALAdS% Z AL#!S%A −% =
 A  %

.Zi, ,[Sb,AL!!d"^,v,AL[aaA,b,AL#d%",b,#dL%"z

FS,n;976R,µ,b,>C,b,%A,$,ALAd,b,ALd

-:IH74,C693V4R, σ = >CM = %A $ AL Ad $ AL #! = AL ![

#$a$[ -7I@375<7PV4,|7C:3E:4=;@37F6

-:N7>7PV4R,Y:W6,<=,F4>W<>@4,9:,(,:8:=:>@4IL,94I,M<67I,-,@:=,<=6

9:@:3=7>696, F636F@:3UI@7F6, Z-, ≤, (S$, Y:>94, :D@36U94I, 64, 6F6I4, >, :8:=:>@4I

I:=,3:C4I7PV4L,6,H637XH:8,68:6@J376,97IF3:@6,iL,7E<68,64,>?=:34,9:,:8:=:>@4I

:D@36U94I, M<:, C4II<:=, 6, 3:N:3796, F636F@:3UI@7F6L, @:=, 97I@375<7PV4

]7C:3E:4=;@37F6,9696,C43R

 -  ( − -
  
 D  > − i 
.Z i = D S = L i = AL %L [L$$$L > Z#$!^S
 (
 
>
 %dA

#$a$[$% .63_=:@34I,96,97I@375<7PV4,]7C:3E:4=;@37F6

>$-
n;976R, )Z i S = Z#$!dS
(

>- Z( − -S Z( − >S
\637_>F76R, \Z i S = Z#$!eS
([ Z( − %S

)D:=C84IR

%,h,(<=6, I686, 9:, 6<86, F4=, %A, 68<>6IL, ^, @:=, 48]4I, 6B<7I$, Y:, 9<6I

68<>6I,IV4,I43@:696I,68:6@4376=:>@:L,M<68,6,C34565787969:,9:R

6S 6=56I,@:3:=,48]4I,6B<7IT

5S >:>]<=6,@:3,48]4I,6B<7IT
FS C:84,=:>4I,<=6,@:3,48]4I,6B<7I$

Y48<PV4R
6S Y:W6=,4I,:H:>@4IR
1,b,k6=56I,@:3:=,48]4I,6B<7Il

 ^   a 
[ A %
. (1 ) =   =
%A  %e
[

5S 0,b,k>:>]<=6,@:3,48]4I,6B<7Il

 ^   a 
A  [ a
. (0 ) =   =
%A  %e
[
 %d%

FS &,b,kC:84,=:>4I,<=6,@:3,48]4I,6B<7Il

a "
.Z&S = % − .Z0 S = % − =
%e %e

[,h,K=,84@:,;,N43=694,9:,%A,63@7E4I,54>IL,d,F4=,9:N:7@4I,=:>43:I,:
[, F4=, 9:N:7@4I, E36H:I$, Y:, 947I, 63@7E4I, IV4, :IF48]794I, 68:6@4376=:>@:, Z<=
6CJI,4,4<@34L,I:=,3:C4I7PV4SL,:>F4>@3:,6,C34565787969:,9:,M<:R
6S 6=54I,I:W6=,C:3N:7@4IT
5S 6=54I,@:>]6=,9:N:7@4I,E36H:IT
FS C:84,=:>4I,%,I:W6,C:3N:7@4T
9S >4,=XD7=4,%,I:W6,C:3N:7@4T
:S :D6@6=:>@:,%,I:W6,C:3N:7@4T
NS >:>]<=,9:8:I,@:>]6,9:N:7@4I,E36H:I$

#$a$^ -7I@375<7PV4,9:,.47II4>

\7=4I, M<:, 6, 97I@375<7PV4, 57>4=768, @:=, N<>PV4, 9:, C34565787969:

9696,C43R
 >
.Z i = D S =   C DM> − D L i = AL %L [L$$$L > Z#$!!S
 D

p6B:>94,>,→,∞L,=6>@:>94,F4>I@6>@:,4,C349<@4,α,b,>CL,M<:,9:N7>:,6,=;976,9:

iL,6,N<>PV4,9:,C34565787969:,96,97I@375<7PV4,57>4=768,C49:,I:3,:IF37@6,F4=4R

:− α α D
.Z i = D S = L D = AL %L [L $$$ : α > A Z#$!aS
D

M<:,9:N7>:,6,N<>PV4,9:,C34565787969:,96,97I@375<7PV4,9:,.47II4>$

&4=4,N7B:=4I,>,→,∞L,:>@V4,C,→,A$,.43@6>@4L,C49:=4I,F4>F8<73,M<:

6, 97I@375<7PV4, 9:, .47II4>, ;, 6C87FXH:8, >4, :I@<94, 94I, :H:>@4I, 9:, C:M<:>6I

C34565787969:I,9:,4F433G>F76$

.49:=4I, I<5I@7@<73, 6, 97I@375<7PV4, 57>4=768, C:86, 97I@375<7PV4, 9:

.47II4>L, 9:I9:, M<:, >, I:W6, E36>9:, :, C, I:W6, C:M<:>4$, (6, C3X@7F6L, :II6

6C34D7=6PV4,E:368=:>@:,;,<I696,C636,>,≥,eA,:,>C,≤,eL,F4=,)ZiS,b,α,b,>C$
 %d[

1,97I@375<7PV4,9:,.47II4>,;,<@787B696,:=,97N:3:>@:I,I7@<6PQ:I,NUI7F6I$,`

<I696,C636,9:IF3:H:3L,:=,<=,9694,7>@:3H684,9:,@:=C4,:H:>@4I,@67I,F4=4R

F]:E696,9:,F6334I,6,<=,F3<B6=:>@4T,F]6=696I,@:8:N€>7F6I,6,<=6,F:>@368T

:=7IIV4,9:,C63@UF<86I,9:,<=6,I<5I@_>F76,369746@7H6L,:@F$

#$a$^$% .63_=:@34I,96,97I@375<7PV4,9:,.47II4>

n;976R )Z i S = α Z#$!"S

\637_>F76R \Z i S = α Z#$!#S

-:IH74,.693V4R σZ i S = α Z#$aAS

)D:=C84IR
%,h,(6, 3:H7IV4, @7C4E3XN7F6, 9:, <=, 87H34, 6F]4<hI:, :=, =;976, %Le, :334I
C43, CXE7>6$, -6I, "AA, CXE7>6I, 94, 87H34L, :I@7=63, M<6>@6I, >V4, C3:F7I6=, I:3
=497N7F696I,C43,>V4,6C3:I:>@63:=,:334I$

Y48<PV4R

1,C34565787969:,9:,>V4,@:3,:334I,:=,<=6,CXE7>6,;R

: −%L e $ %e
L A
.Z i = A S = = : −%L e = AL[[^%= [[L^%z
A

&4=4,@:=4I,"AA,CXE7>6I,9:H:=4I,:IC:363,M<:R

"AA,$,AL[[^%,≅,%a",CXE7>6I,>V4,6C3:I:>@:=,:334I$

[,h,',>?=:34,9:,F]6=696I,@:8:N€>7F6I,M<:,F]:E6=,6,<=6,F:>@368
I:E<:,<=6,97I@375<7PV4,9:,.47II4>,F4=,=;976,!,C43,=7><@4$

6S g<68, 6, C34565787969:, 9:, >:>]<=6, F]6=696, F]:E63, 6, F:>@368

:=,<=,=7><@4x
5S -<6I,4<,=67I,F]6=696I,F]:E63:=x
 %d^

Y48<PV4R

: −! $ ! D
.Z i = D S = L D = AL%L [L$$$
D

: −! $ ! A
6S .Z i = AS = = ALAA[e ≅ AL[ez
A

5S .Z i ≥ [S = %− {.Z i = AS + .Z i = %S} =

,,,,,, .Z i ≥ [S = % − {ALAA[e + ALA%d#} = AL#"[! = #"L[!z

^,h,1,F63E6,9:,@3XN:E4,;,<=,N6@43,3:8:H6>@:,>4,C86>:W6=:>@4,9:,<=
I7I@:=6, 9:, C6H7=:>@6PV4$, 'I, H:UF<84I, F]:E6=, 6, 9:@:3=7>694, C4>@4, 94
C6H7=:>@4L,9:,=6>:736,68:6@J376,64,84>E4,94,@:=C4$,K=,:>E:>]:734,N:B,6I
45I:3H6PQ:I,6567D4,6,7>@:3H684I,9:,%,=7><@4$,'I,9694I,:I@V4,6C3:I:>@694I
>6,@65:86,#$%$

+10)21,#$%,h -*Y+/*0K*†‡', -), p/)gqr(&*1, -', (mn)/'

-),\)&K2'Y,.'/,n*(K+'

(u,\)&K2'Ys p/)gqr(&*1
%,n*(K+' ,Z(mn)/',-),'0Y)/\1†Š)YS
A %"
% ^[
[ ["
^ [A
d %^
e a
! A
a %
" %
≥,# A
+'+12 %[A
p'(+)R,-694I,9:,.:IM<7I6

Y65:>94, M<:, 6, @6D6, 9:, e, H:UF<84I, C43, =7><@4, ;, 4, >UH:8, F3U@7F4, 9:

F63E6,9:,@3XN:E4,>6M<:8:,84F68L, 9:@:3=7>63,6,C34565787969:,9:II:,>UH:8, I:3
6@7>E794,4<,<8@36C6II694$
 %dd

Y48<PV4R
-4I,9694I,@:=4I,M<:R

∑ i7N7 A $%" + %$ ^[ + $$$ + # $ A

i= 7
= =
> %[A

i = [LA" = α

.43@6>@4R

: −[L A" $ [LA" i

.( i = D ) =
D

.( i ≥ e) = %− .( i ≤ d) = % − AL#^#"dA^ = AL A!A%! = !L A[z

d,h,&6=7>]Q:I, F]:E6=, 6, <=, 9:CJI7@4, 6, 36BV4, 9:, [L"

F6=7>]Q:Is]436$, -:@:3=7>:, 6, C34565787969:, 9:, F]:E63:=, @3GI, 4<, =67I
F6=7>]Q:IR
6S ><=,C:3U494,9:,^A,=7><@4IT
5S ><=,C:3U494,9:,%,]436T
FS ><=,C:3U494,9:,[,]436I$

Y48<PV4R
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 : −%L d $%L d A : −%L d $%L d% : −%L d $%L d [ 

.(i ≥ ^ ) =%−  + +  = AL%!!e = %!L !ez
 A % [ 

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.Zi,≥,^S,b,ALe^Ae,b,e^LAez

FS! .636,<=,C:3U494,9:,[,]436IL,α,b,[L",D,[,,b,eL!

.Zi,≥,^S,b,AL#%a!,b,#%La!z
 %de

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 %
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!
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α

<G,+HI.;
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Y.I456.;

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∞
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b
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∞
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=

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! !
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Pr W084756.01,012/-)234256.0C4+4I(-2F(0:01(1(0H.);

!  G − µ@
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G−µ
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C.I47(0,/k4,)1(%0W//2+N0.0F(I.)0C.+0!O0R)(4/01,0I23,)1(1,0N0-,71.04+(0K),(

>H).3(32I21(1,?01,0ONOP0H()(0(012),2-(0:0 χ O@N OPN !O = !&N D!% 0'.1,+./0),H),/,7-()

,//,0F(I.)04-2I2u(71.0.0,747C2(1.01,0H).3(32I21(1,N0C.78.)+,0/,R4,;

' >χ @ > χ O@N OPN !O ? = ' >χ @ > !&N D!? = ON OP

J+(0H).H)2,1(1,0C.7a,C21(0C.+.0H).H)2,1(1,01(0(12-2F21(1,01,

χ @ N0 ,747C2(1(0 C.+.0 }(0 /.+(0 1,0 s0 F()2KF,2/0 (I,(-L)2(/0 271,H,71,7-,/

χ!@ N χ @@ N %%%N χ s@ N0 -,71.0 12/-)234256.0 χ @ 0 C.+0 υ!N υ @ N%%%N υs 0 R)(4/0 1,0 I23,)1(1,N

),/H,C-2F(+,7-,N0 -,+0 12/-)234256.0 χ @ 0 C.+0 υ! + υ @ + %%% + υs 0 R)(4/0 1,

I23,)1(1,~%

$%&%P0 E2/-)234256.0-01,0Y-41,7-

Y,0 v l ^ (ON !) 0 ,0  l χ @ (υ) N0 /,71.0 v0 ,0 0 F()2KF,2/0 (I,(-L)2(/

271,H,71,7-,/N0,7-6.0(0F()2KF,I0(I,(-L)2(01(1(0H.);

v
-= >$%$&?

υ
 !P#

-,+08%1%H%01(1(0H.);

 υ + !  υ + !
Γ  − 
 @   -@   @ 
8 > -? = ! +  N −∞ < - < +∞ >$%$$?
 υ  υ 
πυ Γ  
@

.71,0.0H()*+,-).0 υ 0:01,7.+27(1.0R)(4/01,0I23,)1(1,01(012/-)234256.%0

$%&%P%! '()*+,-)./01(012/-)234256.0-01,0Y-41,7-

9:12(; <> - ? = µ = O >$%!OO?

υ
B()2*7C2(; B> - ? = σ @ = N0 υ > @ >$%!O!?
υ−@

υ
E,/F2.0'(1)6.; σ> - ? = >$%!O@?
υ−@

W0 12/-)234256.0 -0 1,0 Y-41,7-0 :0 /2+:-)2C(0 ,+0 ),I(56.0 (0 -0 h0 ON0 /,71.

k4,N0 H()(0 υ → ∞ 0 ,I(0 -,71,0 H()(0 (0 12/-)234256.0 7.)+(I0 C.+0 +:12(0 u,).0 ,

F()2*7C2(04+0>12/-)234256.07.)+(I0H(1).72u(1(?%

d4(71.0 1,/,j(+./0 ,/H,C282C()0 k4,0 4+(0 F()2KF,I0 (I,(-L)2(0 /,R4,

4+(012/-)234256.0-01,0Y-41,7-0C.+0 υ 0R)(4/01,0I23,)1(1,N04/(+./0(07.-(56.;

- l 0->υ? >$%!OD?

Q0k4(1).0"0>(7,G.0!?0(H),/,7-(0./0F(I.),/0-(34I(1./01,0 - N0-(2/0k4,;

' ( - > - αN υ )= α >$%!O"?

'()(0 2I4/-)()0 .0 4/.0 1.0 k4(1).0 "0 >(7,G.0 !?N0 .3/,)F,0 k4,0 (/0 K),(/0 α

/6.0 ./0 C(3,5(Ia./0 1(/0 C.I47(/0 ,0 ./0 R)(4/0 1,0 I23,)1(1,0 υ 0 /6.0 1(1./0 7(

C.I47(0,/k4,)1(%0W//2+N0.0F(I.)0C.+0!O0R)(4/01,0I23,)1(1,N0-,71.04+(0K),(
 !PA

>H).3(32I21(1,?0 1,0 ONOP0 H()(0 (0 12),2-(0 :0 - ON OPN !O = !N&!D %0 '.1,+./0 ),H),/,7-()

,//,0F(I.)04-2I2u(71.0.0,747C2(1.01,0H).3(32I21(1,N0C.78.)+,0/,R4,;

'> - !O > - ON OPN !O ? = '> - !O > !N&!D? = ON OP

J+(0F,u0k4,0(012/-)234256.0 " 0:00/2+:-)2C(0,+0),I(56.0(0u,).N0-,+./

k4,0 -! − α = − - α N0.40/,j(N0 - ON $PN !O = − - ON OPN !O = − !N&!D% 0

$%&%#0 E2/-)234256.0S01,0Y7,1,C.)0

Y,j(+0(/0F()2KF,2/0(I,(-L)2(/0271,H,71,7-,/0 χ!@ 0,0 χ @@ N0,7-6.0(0)(u6.

1(1(0H.);

 χ @υ

 ! 
 υ!  υ χ@
S=   = @ υ! >$%!OP?
 χ @υ  υ! χ @υ@
 @
 υ@ 
 

-,+08%1%H%01(1(0H.);

υ!
 υ! 
 υ +υ   υ  @   −!
 @
Γ  ! @   !  S
 @   υ@ 
8>S? =  υ! + υ@ 
NO<S<∞ >$%!O#?
 
υ  υ   υ!    @ 
Γ !  Γ @    S + !
@  @   υ @  

,0:012-(0/,R42)0(012/-)234256.0S0C.+0 υ! 0R)(4/01,0I23,)1(1,07.074+,)(1.)0,0 υ @

R)(4/01,0I23,)1(1,07.01,7.+27(1.)%0€0R,)(I+,7-,0(3),F2(1(0C.+.0 Sυ!N υ@ %

$%&%#%! '()*+,-)./01(012/-)234256.0S01,0Y7,1,C.)
υ@
9:12(; < >S? = N00 υ @ > @ >$%!OA?
υ@ − @

@ υ @@ (υ! + υ @ − @)
B()2*7C2(; B>S? = σ @ = N 0 υ! > # >$%!O&?
υ! (υ @ − @) (υ @ − ")
@
 !P&

υ
E,/F2.0'(1)6.; σ > -? = >$%!O$?
υ−@

W012/-)234256.0S01,0Y7,1,C.)0:0(//2+:-)2C(0H./2-2F(0,0+42-.0/2+2I()0w

12/-)234256.0 k42Xk4(1)(1.c0 ,7-),-(7-.0 ./0 1.2/0 H()*+,-)./0 υ! 0 ,0 υ @ 0 8.)7,C,+

8I,G232I21(1,0,G-)(0,+0),I(56.0w08.)+(%0

d4(71.0 1,/,j(+./0 ,/H,C282C()0 k4,0 4+(0 F()2KF,I0 (I,(-L)2(0 /,R4,

4+(012/-)234256.0S01,0Y7,1,C.)0C.+0 υ$ 0R)(4/01,0I23,)1(1,07.074+,)(1.)0,

υ! 0R)(4/01,0I23,)1(1,07.01,7.+27(1.)N04/(+./0(07.-(56.;

S l S > υ! N υ @ ? >$%!!O?

Q0k4(1).0P0>(7,G.0!?0(H),/,7-(0./0F(I.),/0-(34I(1./01(012/-)234256.

( 'υ$ & υ! % N0-(2/0k4,;

(
' S > 8α c υ!N υ@ )= α >$%!!!?

'()(0 2I4/-)()0 .0 4/.0 1.0 k4(1).0 P0 >(7,G.0 !?N0 .3/,)F,0 k4,0 (/0 K),(/0 α

,/-6.0),H),/,7-(1(/0,7-),0.0-M-4I.0,0.0C(3,5(Ia.0,0./0R)(4/01,0I23,)1(1,0 υ$

,0 υ! 0 /6.0 1(1./0 7.0 C(3,5(Ia.0 ,0 7(0 C.I47(0 2712C(1.)(N0 ),/H,C-2F(+,7-,%

W//2+N0 .0 F(I.)0 C.+0 P0 R)(4/0 1,0 I23,)1(1,0 7.0 74+,)(1.)0 ,0 !O0 R)(4/0 1,

I23,)1(1,07.01,7.+27(1.)N0-,71.04+(0K),(0>H).3(32I21(1,?01,0ONOP0H()(0(

12),2-(0 :0 SON OP c PN !O = DN DD %0 '.1,+./0 ),H),/,7-()0 ,//,0 F(I.)0 4-2I2u(71.0 .

,747C2(1.01,0H).3(32I21(1,N0C.78.)+,0/,R4,;

'> S > 8ON OP c PN !O ? = '> SPN !O > DN DD? = ON OP

 !P$

$%$ YQ9W0E<0BWVTxB<TY0W`<WZVTWY

Y,0=20l0^ > µ 2 c σ 2@ ? N0=20,0=j00271,H,71,7-,/N0,7-6.;

‚0h0W!0=!0±0W@=@0±0%%%0±00W7=70l0^0>>µƒc0 σ @ƒ ? >$%!!@?

_.+;

µƒ0h0W!µ!0±0W@µ@0±0%%%0±0W7µ7 >$%!!D?

σ @ƒ h0B>ƒ?0h0 W!@ σ!@ + W @@ σ @@ + %%% + W 7@ σ 7@ >$%!!"?

<G,+HI.;

W/0(HI2C(5n,/01(0,+H),/(0=07.0+,)C(1.01,0C(H2-(2/07./0+,/,/01,

7.F,+3).0,01,u,+3).0/6.0F()2KF,2/0(I,(-L)2(/07.)+(2/0271,H,71,7-,/N0C.+
(/0/,R427-,/012/-)23425n,/0>,+0+2Ian,/01,0),(2/?%

=0l0^0>@Oc0"ND?0,0‚0l0^0>!#c0DN#?

E,827(X/,0 Z0 C.+.0 /,71.0 .0 F.I4+,0 1,0 (HI2C(5n,/0 1,0 7.F,+3).0 ,

1,u,+3).%

(? Ep0(012/-)234256.01,0Z

3? d4(I0 (0 H).3(32I21(1,0 1,0 k4,0 ,+0 k4(Ik4,)0 H,)M.1.0 1,

7.F,+3).0 (0 1,u,+3).0 .0 F.I4+,0 1,0 (HI2C(5n,/0 /,j(0 /4H,)2.)0 (

V{0DOe
C? Y,j(0B0h0=0X0‚%0T7-,)H),-()0B0,01()0(012/-)234256.01,0B

Y.I456.;

(? Z = = + ‚
Z l ^ >µ Z c σ @Z ?
< > Z ? = < > = ? + <> ‚ ? = @O + !# = D#
σ @ > Z ? = B > Z ? = B > = ? + B > ‚ ? = "N D + DN # = AN $% '.)-(7-.;
Z l ^ > D#c AN$?

 Z − µ Z  DO − D#
3? ' > Z > DO? = '  > = ' > v > − @N!D?
 σZ  AN$
v > − @N!D   → ON"&D" + ONP = ON $&D" = $&N D"f
-(3,I(
 !#O

<+0 $&ND"f0 1./0 +,/,/0 1,0 7.F,+3).0 (0 1,u,+3).0 ,/H,)(X/,0 F.I4+,

1,0(HI2C(5n,/0/4H,)2.)0(0V{0DO%OOO%OOONOO%

C? B0 h0 =0 X0 ‚0 h0128,),75(0 ,7-),0 .0 F.I4+,0 1,0 (HI2C(5n,/0 1./0 +,/,/

001,0007.F,+3).0,01,u,+3).%

E2/-)234256.01,0B
B l ^ >µ B c σ @F ?

µ B = < > B? = @O − !# = "

σ @B = B > B? = "ND + DN# = AN$

B l ^ > "c AN$?

$%!O Z<QV<9W0_<^ZVW`0EQ0`T9TZ<

Y,j(0=!N0=@N0%%%N0=70 4+(0 /,kop7C2(0 1,0 F()2KF,2/0 (I,(-L)2(/0 271,H,71,7-,/

C.+;

< > = 2 ? = µ 2 N 2 = !N @N %%%N 7 >$%!!P?

B> = 2? = σ 2@ N 2 = !N @N %%%N 7 >$%!!#?

S(5(+./0‚0h0=!0t0=@0t0%%%0t0=7%0<7-6.0/.30C.7125n,/03(/-(7-,0R,)(2/N0‚

-,+012/-)234256.07.)+(I0C.+;
7
µ ƒ = ∑ µ2 >$%!!A?
2=!

7
σ @ƒ = ∑ σ 2@ >$%!!&?
2=!

_.78.)+,07.-(56.0-,+./;

(
‚ l ^ µ ƒ c σ @ƒ ) >$%!!$?

'()(070≥0DO0.0-,.),+(0jK0/,0(HI2C(%
 !#!

</-,0 -,.),+(0 7./0 R()(7-,0 (0 H.//232I21(1,1,0 1,0 ,8,-4()0 (/

(H).G2+(5n,/0(-)(F:/01(07.)+(I01,012/-)23425n,/0.3-21(/0H.)0/.+(01,0.4-)(/

F()2KF,2/%0 €0 .0 k4,0 8(),+./0 (.0 +./-)()0 (/0 (H).G2+(5n,/0 1(/0 12/-)23425n,/

[27.+2(I0,0'.2//.70H,I(07.)+(I%

<G,+HI.;

Y,j(0 =!N0 =@N0 %%%N0 =#ON0 #O0 F()2KF,2/0 (I,(-L)2(/0 -.1(/0 C.+0 12/-)234256.0 1,

H).3(32I21(1,01(1(0H.);
!
8 > G2 ? = G 2 N O < G 2 < !c 2 =!N @N %%%N #O
@

Y,j(0‚0h0=!0t0=@0t0%%%0t0=#O%0',1,X/,;

(? Q3-,)0(012/-)234256.01,0‚

3?! _(IC4I,0'>‚0i0&?

Y.I456.;

(? ',I. Z% _% `% ‚ l ^ >µ ƒ c σ @ƒ ?

!
⌠ !
! ⌠! @
< > =!? =  =! 8 > =!? 1G! = ⌠ [ ]
! ! D ! !
 G! G! 1G! =  G! 1G! = G! =
⌡O ⌡O @ @ ⌡O # O #

!
! ⌠! D
< > =!@ ? = ⌠ [ ]
!
@ ! ! " !
 G! G! 1G! =  G! 1G! = G! =
⌡O @ @ ⌡O & O &

@
! ! D# − & @&
B > =!? = < > =!@ ? − [< > =!?] =
@ A
−  = = =
& # @&& @&& A@

! A "@O DP
µ ƒ = #O % = !O , B > ‚ ? = #O % = =
# A@ A@ #

 DP 
‚ l ^ !Oc 
 #
 !#@
3? ' > ‚ > & ? =

& − !O
u& = = − ON&D
DP
#

' > ‚ > &? = '> v ≥ − ON&D? = ON @$#A + ONP = A$N #Af

$%!! V<`W\]Q0<^ZV<0W0ETYZVT[JT\]Q0[T^Q9T^W`0<0E<0'QTYYQ^

^(0 12/-)234256.0 327.+2(IN0 /,0 70 :0 R)(71,0 ,0 (0 H).3(32I21(1,0 H0 1,

/4C,//.0:0H)LG2+(01,0u,).N0.0,F,7-.0:012-.0)().%0^(0H)K-2C(N0C.7/21,)(),+./

C.+.0)().04+0,F,7-.0/,N070≥0PO0,07H0≤0P%0<+0-(2/0C(/./0(012/-)234256.0327.+2(I

:0(H).G2+(1(0H,I(012/-)234256.01,0'.2//.70C.+0α0h07HN02/-.0:;

 7 , − 7 H >7H? G
I2+   H G k7 − G = N = = ON !N @N%%%N 7
 G G|
7→ ∞ >$%!@O?
H→O

<G,+HI./;

!0X0<+0 4+0 C)4u(+,7-.0 1,0 -)K8,R.0 27-,7/.N0 (0 H).3(32I21(1,0 1,0 4+

C()).0/.8),)04+0(C21,7-,0:0ONOO@%0Y(3,71.X/,0k4,01(/0!#0w/0!&0a.)(/0H(//(+

(H).G2+(1(+,7-,0!%OOO0C())./07.0C)4u(+,7-.N0k4(I0(0H).3(32I21(1,01,0k4,

1.2/0.40+(2/0(C21,7-,/0.C.))(+07(k4,I,0H,)M.1.%

Y.I456.;

J-2I2u(71.0(012/-)234256.0327.+2(I0-,),+./;

70h0!OOOc000H0h0ONOO@c000k0h0ON$$&

!OOO
' (= = G) =   (ONOO@)
G
(ON$$&)!OOO − G N = = ON !N @N %%%N !OOO
 G 
 !#D

'.)-(7-.;0

'> = ≥ @? = !− ['> = = O? + '> = = !?] =

!OOO !OOO !OOO $$$ 

= !−   > ONOO@? > ON$$&?
O
+  > ON OO@? > ON $$&?  =
!

 O   !  

= !− > ON!DPO# + ON@AOA? = ONP$"@A = P$N"Df

_.+.0 ./0 CKIC4I./0 /6.0 -)(3(Ia././0 H.1,+./0 (H).G2+()0 H.)0 '.2//.7N

.40/,j(;

α = 7H = !OOO % ONOO@ = @

'.)-(7-.;
, −@ % @G
'( = = G ) = N G = ON !N @ N %%%
G|

'( G ≥ @) = ! − ['> G = O? + > G = !?] =

 , −@ % @ O , −@ % @! 
= !− + =
 O | !| 

= ! − (ON!DPD + ON@AO#A) = ON P$"OD = P$N "Of

@0X0</-2+(X/,0 ,+0 ONO!0 (0 H).3(32I21(1,0 1,0 F,71,)0 4+(0 (HLI2C,0 1,

/,R4).0 (0 H,//.(/0 k4,0 ),/H.71,+0 (0 4+0 1,-,)+27(1.0 (7z7C2.%0 _.+0 3(/,

7,//(0 278.)+(56.N0 /,0 "OO0 H,//.(/0 ),/H.71,+0 (.0 (7z7C2.N0 k4(I0 :0 (

H).3(32I21(1,01,0k4,;

(? ,G(-(+,7-,0!0C.+H),0(0(HLI2C,

3? H,I.0+,7./0!0C.+H),0(0(HLI2C,

C? 7.0+KG2+.0@0C.+H),+0(0(HLI2C,

Y.I456.;

J-2I2u(71.0(012/-)234256.01,0'.2//.70-,+X/,;

(? α = "OO%ON O!= "

 !#"

'.)-(7-.;
, −" %"!
' (= =!) = = ON OADD = AN DDf
!|

 , −" %" O 
3? ' (= ≥!) = !−'(G = O )=!−   = !− ON O!&D = $&N!Af
 O| 

, −" %" O , −" %"! , −" %" @

C? ' (=≤ @) = +% + = ON @D&! = @DN&!f
O| !| @|

D0X0E,-,)+27()0(0H).3(32I21(1,01,0a(F,)0"0H,5(/01,8,2-4./(/074+(

(+./-)(01,0@OON0,G-)(M1(01,04+0R)(71,0I.-,0.71,0aK0(H).G2+(1(+,7-,0@f
1,0H,5(/01,8,2-4./(/%

Y.I456.;

',I(012/-)234256.0327.+2(I0-,+X/,;

 @OO
'> = = " ? =   > ON O@? > ON$&? = ON!$AD = !$NADf
" !$#
 " 

',I(012/-)234256.01,0'.2//.70-,+X/,;

α = 7 % H = @OO % ONO@ = "

'.)-(7-.;
, −" % " "
'> = = " ? = = ON!$P" = !$NP"f
"|

$%!@ V<`W\]Q0<^ZV<0W0ETYZVT[JT\]Q0[T^Q9TW`0<0^QV9W`

Y,0 70 :0 R)(71,0 ,0 7,+0 H0 7,+0 k0 /6.0 1,+(/2(1(+,7-,0 H)LG2+./0 1,

u,).N0 (0 12/-)234256.0 327.+2(I0 H.1,0 /,)0 (H).G2+(1(0 H.)0 4+(0 12/-)234256.

7.)+(I0C.+0<>=?0h07H0,0B>=?0h07Hk%

_.+.0 (0 12/-)234256.0 327.+2(I0 :0 12/C),-(0 ,0 (0 7.)+(I0 :0 C.7-M74(

1,F,+./0,8,-4()0(0Ca(+(1(0C.)),56.01,0C.7-27421(1,%
 !#P

Z(I0 C.)),56.0 C.7/2/-,0 ,+0 /,0 C.7/21,)()0 k4,0 (0 H).3(32I21(1,0 1,

.C.)),)0 4+0 F(I.)0 R,7:)2C.0 G20 7(0 12/-)234256.0 327.+2(IN0 ,k42F(I,0 (0 C(IC4I()0 (

H).3(32I21(1,0 1,0 .C.)),)0 4+0 F(I.)0 ,7-),0  G 2 −  ,0  G 2 +  7(0 12/-)234256.

! !
  @ @ 

7.)+(IN0.40/,j(;
 ! 
=−µ s + − µG 
 !
' >= ≤ s? = '  = ≤ s +  = '  G
≤ @  >$%!@!?
 @  σG σG 
 

 ! 
 s + − µG 
' >= ≤ s? = '  u ≤ @  >$%!@@?
 σG 
 

 ! 
 s + − 7H 
' > = ≤ s? = '  u ≤ @  >$%!@D?
 7Hk 
 
 

'()(0'0>=0y0s?0-,+X/,;

 !   ! 
 = −µ s − −7H   s − − 7H 
' G
< @  = ' u < @  >$%!@"?
 σG 7Hk   7Hk 
   
   

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 !##

 @OO @OO − G
'> = = G ? =   > ON!O? > ON $O?
G
N G = ON !N @N %%%N @OO
 G 

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 @OO !&@  @OO

'>!& ≤ G < @O? =   > ON!O? > ON $O? + 
!&
 > ON!O? > ON $O? =
!$ !&!
 !&   !$ 

'>!& ≤ G < @O? = ONO&A"$ + ONO$D!= ON!&O# = !&N O#f

',I(012/-)234256.07.)+(IN04-2I2u(71.0.0Z%_%`%0-,+X/,;

< (= )= 7H = @OO %ON!= @O

B (= ) = 7Hk = @OO % ON!% ON $ =!& , σ (G ) = !& = "N @"P

' (!& ≤ G < @O )= ' (!AN P ≤ G ≤!$N P )= e

!AN P − @O
v !AN P = − − ON P$  → ON @@@"
-(3,I(
"N @"P
!$N P − @O
v !$N P = = − ON!@  → ON O"A&
-(3,I(
"N @"P

' (!AN P ≤ G ≤!$N P ) = ' (− ON P$ ≤ u ≤ − ON!@ )= ON @@@" − ON O"A&

' (!AN P ≤ = ≤!$N P ) = ON!A"# =!AN "#f

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=−α
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α

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α→∞

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.71,;

σ @ = &! ∴ σ = &! = $

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' > #$NP ≤ G ≤ $ONP? =

#$NP − &!
v #$N P = = − !N@& → OND$$A
$

$ONP − &!
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$

' > #$NP ≤ G ≤ $ONP? = APNP!f

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 G

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#
AP @! D ! O O
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TR4(I(71.0(/014(/0+:12(/0 µ = G N0-,+./;

PH = ON D∴H = ON O# , k = ON $"

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 P
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 G

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Y.I456.;
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,− α α G
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G|

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2=! DOO DOO DOO DOO DOO

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, −!N @# >!N@#? G
'> = = G ? = N = = O N !N %%%N " >$%!@$?
G|

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Y(3,+./0k4,0 v = = − = = = − D$N @@
N0.0k4,0),/4I-(07./0/,R427-,/0F(I.),/01,0v%
Y !ON!O

!"NP − D$N @@
'()( G = !"NP → u = = − @N "P
!ON!O

@!N P − D$N@@
'()( G = @!NP → u = = − !AP
N
!ON!O

@&NP − D$N@@
'()( G = @&NP → u = = − !N O#
!ON!O

DPNP − D$N@@
'()( G = DPNP → u = = − ONDA
!ON!O

"@NP − D$N@@
'()( G = "@NP → u = = OND@
!ON!O

"$NP − D$N@@
'()( G = "$NP → u = = !NO@
!ON!O

P#NP − D$N@@
'()( G = P#NP → u = = !A!
N
!ON!O

#DNP − D$N@@
'()( G = #DNP → u = = @N"O
!ON!O
 !A!

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3X/,)6- N*)(,S',- /&- 2),''12&'(&- /,- ;1,- ,'(*- 2,''&*- (,%- *- 2)&2)A,/*/,- /,
A9B31,9<A*)-*-&2A9A5&-/*'-/,%*A'6

!C6Y6e $%&'()*+,%-2&)-`1&(*'

$-*%&'()*+,%-2&)-;1&(*'-2),''12U,-()f'-,(*2*'=
*> <3*''ABA<*45&-/*-2&213*45&-,%-(,)%&'-/,-2)&2)A,/*/,'-;1,-',
-2),'1%,- ',),%- ),3,8*9(,'- 2*)*- *- <*)*<(,)X'(A<*- *- ,'(1/*):
<&%&- ',W&:- <3*'',- '_<A&S,<&9s%A<*:- B*AW*- ,(Q)A*:- ,(<6- h2*)*
(*9(&- 9,<,''A(*- /,- *<,''&- *- /*/&'- <,9'A(Q)A&':- <*/*'()&'- ,
&1()*'-B&9(,'-;1,-),2),',9(,%-*-2&213*45&>?
0> <*/*- ,9(),8A'(*/&)- ),<,0,- 1%*- B&3T*- 9*- ;1*3- .- A9/A<*/&- &
9]%,)&- /,- 2,''&*'- ;1,- ',)5&- A9(,))&+*/*'- ,- *- /A'()A01A45&
',+19/&-&-',W&:-+)12&-/,-A/*/,':-<&9/A4U,'-,<&9s%A<*':-,(<?
<> BAW*45&- /,- ;1&(*'- 2*)*- <*/*- ,9(),8A'(*/&):- ;1,- (,)Q- *
),'2&9'*0A3A/*/,-/,-',3,<A&9*)-*'-2,''&*'-*-',),%-2,';1A'*/*':
 !mm

/,- (*3- %&/&- ;1,- *- *%&'()*- 8,9T*- *- <&9(,)- *- 2)&2&)45&- /,

<*/*-<3*'',-&1-,'()*(&:-(*3-<&%&-BAW*/&-9*-',+19/*-,(*2*6
F9;1*9(&- ',- ()*0*3T*- 9*'- /1*'- 2)A%,A)*'- B*',':- *- *%&'()*+,%- 2&)
;1&(*'- .- ',%,3T*9(,- V- ,'()*(ABA<*/*6- F9(),(*9(&:- 9*- ]3(A%*- B*',:- *- ,'<&3T*
2,''&*3- /&- 2,';1A'*/&):- A9(,A)*%,9(,- 3A8),:- '10'(A(1A- &- '&)(,A&- *3,*(_)A&:
/,AW*9/&-/,-',)-1%*-(.<9A<*-<&9BAQ8,3-,%-(,)%&'-/,-A9B,)f9<A*'6---

!C6\ GbEMObaHbuvFE-$I7EMO$bE

d&9'A/,),%S',- (&/*'- *'- *%&'()*'- 2&''X8,A'- /,- (*%*9T&- 9- ;1,

2&/,%- ',)- ),(A)*/*'- /,- 1%*- 2&213*45&- /,- (*%*9T&- L- h<&%- &1- ',%
),2&'A45&>6- N*)*- <*/*- *%&'()*- 2&/,S',- <*3<13*)- 1%*- +)*9/,R*- ,'(*(X'(A<*:
<&%&-*-%./A*:-&-/,'8A&-2*/)5&:-,(<6?-;1,-8*)A*-/,- *%&'()*- 2*)*-*%&'()*6
G,'',- %&/&:- &0(,%S',- 1%*- /A'()A01A45&- /*- +)*9/,R*- ;1,- .- /,9&%A9*/*
/A'()A01A45&-*%&'()*36-E,:-2&)-,W,%23&:-*-+)*9/,R*-,'(*(X'(A<*-B&)-*-%./A*-/*
*%&'()*:-*-/A'()A01A45&-.-/,9&%A9*/*-/,-w/A'()A01A45&-*%&'()*3-/,-%./A*'w6
N*)*-<*/*-/A'()A01A45&-*%&'()*3-2&/,S',-<*3<13*)-*-%./A*:-&-/,'8A&

2*/)5&-,(<6-F%-<&9',;[f9<A*:-2&/,S',-B*3*)-/*-%./A*-,-/&-/,'8A&-2*/)5&

/*-/A'()A01A45&-*%&'()*3-/,-%./A*':-,(<6

!C6\6! GA'()A01A45&-$%&'()*3-/,-I./A*'

$/%A(*S',- ;1,- (&/*'- *'- *%&'()*'- 2&''X8,A'- /,- (*%*9T&- 9- '5&

),(A)*/*'- /,- 1%*- 2&213*45&- A9BA9A(*- h*%&'()*+,%- <&%- ),2&'A45&>6- E,- *

%./A*- ,- &- /,'8A&- 2*/)5&- /*- /A'()A01A45&- *%&'()*3- /,- %./A*'- B&),%
/,'A+9*/&'-2&)- µ W , σ W :-,-&'-8*3&),'-<&)),'2&9/,9(,'-/*-2&213*45&-&-B&),%

2&)-x-,--σ:-),'2,<(A8*%,9(,:-,9(5&=
*> *-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-%./A*'-.-/*/*-2&)=

F h y> = µ W = µ h!C6!>
 !mk

0> *-8*)Al9<A*-/*-/A'()A01A45&-*%&'()*3-/,-%./A*'-.-/*/*-2&)=

σ#
K h y > = σ #W = h!C6#>
9

E,-*-2&213*45&-(,%-(*%*9T&-L:-',-*-*%&'()*+,%-.-',%-),2&'A45&:

,-',-&-(*%*9T&-/*-*%&'()*-.-9-≤-L:-,9(5&=

*> *- %./A*- /*- /A'()A01A45&- *%&'()*3- /,- %./A*'- 95&- ',- *3(,)*:- &1

',@*=

F h y> = µ W = µ h!C6Y>

0> *- 8*)Al9<A*- /*- /A'()A01A45&- *%&'()*3- /,- %./A*'- ',)Q- '10'(A(1X/*

2&)=

σ#  L−9 
K h y > = σ #W =   h!C6\>
9  L−! 

9&(,S',-;1,-h!C6\>-',-),/1R-*-h!C6#>-;1*9/&-L-→-∞6

!C6\6!6!6- K*)AQ8,3- L&)%*3- N*/)&9AR*/*- $''&<A*/*- V- GA'()A01A45&- $%&'()*3- /,

I./A*'

E,-*-2&213*45&-/*-;1*3-',-,W()*,%-*%&'()*'-(,%-1%*-/A'()A01A45&

/,-2)&0*0A3A/*/,'-S-95&-9,<,''*)A*%,9(,-9&)%*3-S-<&%-%./A*-x-,-8*)Al9<A*

σ#:-,9(5&-*-/A'()A01A45&-*%&'()*3-/,-%./A*'--*''&<A*/*-*- y (,%-/A'()A01A45&
σ#
9&)%*3-<&%-%./A*- F h y > = µ , K h y > = 6-$''A%-*-8*)AQ8,3-9&)%*3-2*/)&9AR*/*
9

*''&<A*/*-*- y :-',)Q-/*/*-2&)=

y −µ
R = h!C6e>
σ
9

*-8*)AQ8,3-2*/)&9AR*/*- R -/*/*-2&)-h!C6e>-(,%-/A'()A01A45&-*''A9(&(A<*%,9(,

9&)%*3-<&%-%./A*-C-,-8*)Al9<A*-!6
 !kC

!C6\6!6# d*'&-,%-;1,-&-G,'8A&-N*/)5&-/*-N&213*45&-.-G,'<&9T,<A/&

KA%&'- ,%- !C6\6!6!- ;1,- *- 8*)AQ8,3- 9&)%*3- 2*/)&9AR*/*- z- /*/*- 2&)

h!C6e>-(,%-/A'()A01A45&-9&)%*3-',-*-2&213*45&-/*-;1*3-',-,W()*,%-*%&'()*'

(,%- /A'()A01A45&- 9&)%*3:- ,9;1*9(&- ;1,- .- *''A9(&(A<*%,9(,- 9&)%*3- ',- *

2&213*45&-95&-.-9&)%*3:-/,'/,-;1,-9-≥-YC6-F%-!C6\6!6!-&-/,'8A&-2*/)5&-/*

2&213*45&-,)*-<&9T,<A/&6
E,- *- *%&'()*- *3,*(_)A*- y!:- y#:- 666:- y9- .- &0(A/*- /,- 1%*- 2&213*45&

9&)%*3:-/*-;1*3-95&-',-<&9T,<,-&-/,'8A&-2*/)5&:-*-,'(*(X'(A<*-(:-&1-',@*=

y −µ
(= h!C6g>
E
9

(,%-/A'()A01A45&-(-/,-E(1/,9(-<&%--ν-{-9-S!-+)*1'-/,-3A0,)/*/,6

!C6\6!6Y M,&),%*-/,-DA'T,)

E,@*-y-1%*-8*)AQ8,3-*3,*(_)A*-<&%-/A'()A01A45&-9&)%*3-/,-%./A*- µ ,

8*)Al9<A*- σ ! 6-F9(5&=-

9 #

∑ (y
A =!
A −y ) = σ # χ 9# − ! h!C6">

G,%&9'()*45&=

GA8A/A9/&-*-,W2),''5&-h!C6">-2&)--9-r-!-(,%S',-;1,=

9 #

∑ (y
A =!
A −y ) σ # χ 9# − !
σ# E# χ 9# − !
= →E = χ9 − ! → # =
#
#
h!C6m>
9 −! 9 −! 9 −! σ 9 −!
 !k!

I13(A23A<*9/&-&-91%,)*/&)-,-/,9&%A9*/&)-/,-h!C6g>-2&)- σ (,%S',=

y −µ σ y −µ σ σ z z
( = = =z →(= →(= h!C6k>
E σ σ E E E χ 9# − !
σ
9 9 9 −!

$- /A'()A01A45&- (- /,- E(1/,9(- .- 'A%.()A<*- ,%- ),3*45&- *- (- {- C:- ',9/&

;1,:- 2*)*- ν- →- ∞- ,3*- (,9/,- 2*)*- 1%*- /A'()A01A45&- 9&)%*3- <&%- %./A*- C- ,

8*)Al9<A*-!-h/A'()A01A45&-9&)%*3-2*/)&9AR*/*>6

FW,%23&=

!-S-E,@*-1%*-2&213*45&-B&)%*/*-2,3&'-',+1A9(,'-9]%,)&'=-|#:-\:-g:-m:-!C}6

N,/,S',=

*> %./A*-,-/,'8A&-2*/)5&-/*-2&213*45&?

0> &0(,)- (&/*'- *'- *%&'()*'- 2&''X8,A'- /,- (*%*9T&- #- h<&%- ,- ',%

),2&'A45&>?

<> <*3<13*)-*-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-%./A*'?

/> <*3<13*)-&-/,'8A&-2*/)5&-/*-/A'()A01A45&-*%&'()*3-/,-%./A*'?

,> <&%2*)*)- &'- ),'13(*/&'- &0(A/&'- ,%- <- ,- /- <&%- *- *23A<*45&

/A),(*-/*'-B_)%13*'-!C6!:-!C6#:-!C6Y-,-!C6\?-

B> <&9'()1A)- &- +)QBA<&- /*- /A'()A01A45&- *%&'()*3- /,- %./A*'- ,- /*

2&213*45&-,-<&%2*)*)-<&%-&-+)QBA<&-/*-/A'()A01A45&-9&)%*36

E&3145&=

!~-d&%-),2&'A45&=-

7-9]%,)&-/,-*%&'()*'-<&%-),2&'A45&:-2&''X8,A'-/,-',),%-,W()*X/*'

/,- 1%*- /,(,)%A9*/*- 2&213*45&- .- /*/*- 2&)- L9:- &9/,- L- .- &- (*%*9T&- /*

2&213*45&-,-9-.-&-(*%*9T&-/*-*%&'()*6
 !k#

G,-*<&)/&-<&%-&'-/*/&'-/&-2)&03,%*-(,%&'-;1,=

L-{-e-,-9-{-#:-3&+&=

L9-{-e#-{-#e-*%&'()*'

# + \ + g + m + !C
*> µ = = g:C
e

e
∑ h W A − µ> #
A =! h # − g> # + h \ − g> # + 666 + h!C − g> #
0>- σ = = = σ = #:mY
L e

<>--$%&'()*'-<&%-),2&'A45&=

----h#:#>----h#:\>----h#:g>----h#:m>----h#:!C>

----h\:#>----h\:\>----h\:g>----h\:m>----h\:!C>

----hg:#>----hg:\>----hg:g>----hg:m>----hg:!C>

----hm:#>----hm:\>----hm:g>----hm:m>----hm:!C>

----h!C:#>--h!C:\>--h!C:g>--h!C:m>--h!C:!C>

$'-%./A*'-*%&'()*A'-<&)),'2&9/,9(,'-'5&=
-----#------Y------\------e------g
-----Y------\------e------g------"
-----\------e------g------"------m
-----e------g------"------m------k
-----g------"------m------k----!C

,-*-%./A*-/*-/A'()A01A45&-*%&'()*3-/*'-%./A*'-.=

# + Y + \ + 666 + !C !eC
µW = = = g:C
#e #e

&-;1,-A31'()*-&-B*(&-;1,- µ W -{-µ

/> 70(f%S',- &- /,'8A&- 2*/)5&- /*- /A'()A01A45&- *%&'()*3- /,- %./A*'

'10()*A9/&- *- %./A*- g:C- /,- <*/*- %./A*- *%&'()*3:- ,3,8*9/&- &

 !kY

),'13(*/&-*&-;1*/)*/&:-'&%*9/&-(&/&'-&'-8*3&),'-*''A%-&0(A/&':

/A8A/A9/&-2&)-#e-,-,W()*A9/&-*-)*AR-;1*/)*/*6-7-),'13(*/&-BA9*3-.=

h#−g> # +hY−g> # +666+h!C−g> #

σW = =#: C
#e

&- ;1,- A31'()*- &- B*(&- ;1,- 2*)*- 2&213*4U,'- ,98&38,9/&- *%&'()*+,%- <&%

),2&'A45&:-

σ
σW =
9

&1-',@*=

#:mY
σW = = #:C
#

#~-E,%-),2&'A45&=

M*3-<&%&-,%-h*>-,-h0>:-x-{-g:C-,-σ-{-#:mY6
 e
<>-jQ-   {-!C-*%&'()*'-/,-(*%*9T&-/&A':-',%-),2&'A45&:-*-'*0,)=
 #

----h#:\>--h#:g>--h#:m>--h#:!C>--h\:!C>

----h\:g>--h\:m>--hg:m>--hg:!C>--hm:!C>

$'-%./A*'-*%&'()*A'-<&)),'2&9/,9(,'-'5&=

Y-----\-----e-----g-----"

e-----g-----"-----m-----k

,-*-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-%./A*'-.=

Y + \ + e + 666 + k gC
µW = = = g:C
!C !C

&-;1,-A31'()*-&-B*(&-;1,- µ W = µ 6
 !k\

/>-G,'8A&-2*/)5&-/*-/A'()A01A45&-*%&'()*3-/,-%./A*'=

h Y − g> # + h \ − g> # + 666 + h k + g> #

σy = = !"Y
:
!C

σ L−9
A'(&- A31'()*- &- B*(&- ;1,- σ W = :- 2*)*- 2&213*4U,'- ,98&38,9/&
9 L −!

*%&'()*+,%-',%-),2&'A45&:-&1-',@*=

#:mY e−#
σW = =!:"Y
# e−!

#-S-H%*-2&213*45&-/,-(*%*9T&-eCC-(,%-%./A*-#C-,-/,'8A&-2*/)5&
!:\6-FW()*AS',- 1%*- *%&'()*- *&- *<*'&- /,- \k- &0',)8*4U,'6- d&9'A/,)*9/&

*%&'()*+,%-<&%-),2&'A45&-,-',%-),2&'A45&:-),'2&9/*=

*>! `1*3-*-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-%./A*'
•! <&%-),2&'A45&-S- µ y -{-#C

•! ',%-),2&'A45&-S- µ y -{-#C

0> `1*3-&-/,'8A&-2*/)5&-/*-/A'()A01A45&-*%&'()*3-/,-%./A*'
•! <&%-),2&'A45&-S- σ y -{-C:#C

•! ',%-),2&'A45&-S- σ y -{-C:!k

Y-S-H%*- BQ0)A<*- /,- 0*(,)A*'- *3,+*- ;1,- *'- %,'%*'- (,%- 8A/*- %./A*
/,-eC-%,','6-F'(A%*S',-;1,-&-/,'8A&-2*/)5&- <&)),'2&9/,9(,-.- /,- \- %,','6
H%*- *%&'()*- /,- Yg- 0*(,)A*'- .- ',3,<A&9*/*- *3,*(&)A*%,9(,6- G,(,)%A9*)- *
2)&0*0A3A/*/,- /*- 8A/*- %./A*- /,''*- *%&'()*- ,'(*)- ,9(),- \k- ,- e!- %,',':
*/%A(A9/&-;1,-*-*BA)%*45&-/&-B*0)A<*9(,-.-8,)/*/,A)*6-(I-mg:g\€6

!C6\6# GA'()A01A45&-$%&'()*3-/,-N)&2&)4U,'-&1-D),;1f9<A*'-O,3*(A8*'

E,@*-1%*-2&213*45&-A9BA9A(*:-0A9&%A*3%,9(,-/A'()A01X/*:-<&%-2-,-;-{-!-S-2

),2),',9(*9/&- ),'2,<(A8*%,9(,- *'- 2)&0*0A3A/*/,'- /,- /,(,)%A9*/&

,3,%,9(&- *<1'*):- &1- 95&:- <,)(*- 2)&2)A,/*/,6- N&)- ,W,%23&:- *- 2&213*45&

 !ke

2&/,- <&9'A'(A)- /*- (&(*3A/*/,- /,- <&%2&9,9(,'- ,3,()s9A<&'- 2)&/1RA/&'- 2&)

<,)(*-,%2),'*-,%-;1,-*-2)&0*0A3A/*/,-/,-1%-<&%2&9,9(,-',)-/,B,A(1&'&-.

/*/*-2&)-26

d&9'A/,),%&'- (&/*'- *'- *%&'()*'- 2&''X8,A'- /,- (*%*9T&- 9- ,W()*X/*'

/,'(*- 2&213*45&:- ,- 2*)*- <*/*- *%&'()*- /,(,)%A9,%&'- *- ,'(*(X'(A<*- 2- /*

2)&2&)45&- /,- <&%2&9,9(,'- /,B,A(1&'&'6- 70(,%&'- ,9(5&- 1%*- /A'()A01A45&

*%&'()*3-/,-2)&2&)4U,'-<1@*-%./A*-- µ 2 -,-/,'8A&-2*/)5&-- σ 2 -'5&-/*/&'-2&)=

2;
µ 2 =2 , σ 2 = h!C6!C>
9

2*)*-*%&'()*+,%-<&%-),2&'A45&-,:

2; L−9
µ 2 =2 , σ 2 = h!C6!!>
9 L−!

2*)*-*%&'()*+,%-',%-),2&'A45&6

!C6\6#6!- K*)AQ8,3- L&)%*3- N*/)&9AR*/*- $''&<A*/*- V- GA'()A01A45&- $%&'()*3- /,

N)&2&)4U,'

E,-*'-*%&'()*'-'5&-'1BA<A,9(,%,9(,-+)*9/,':-*-/A'()A01A45&-*%&'()*3

/,- 2)&2&)4U,':- ;1,- (,%- /A'()A01A45&- 0A9&%A*3:- 2&/,)Q- ',)- *2)&WA%*/*- /,

1%*- /A'()A01A45&- 9&)%*3- /,- %,'%*- %./A*- ,- %,'%*- 8*)Al9<A*6- L*- 2)Q(A<*:

,''*- *2)&WA%*45&- .- 1(A3AR*/*- 2*)*- 9- ≥ - YC- ,- 2- 2)_WA%&- /,- C:e6- $''A%- *

8*)AQ8,3-9&)%*3-2*/)&9AR*/*-*''&<A*/*-*-2:-',)Q-/*/*-2&)=

 −2
2
R= h!C6!#>
2;
9

d&%&- *- /A'()A01A45&- *%&'()*3- /*'- 2)&2&)4U,'- (,%- /A'()A01A45&

0A9&%A*3- h/A'<),(*>- ,- &- 2)&<,''&- ,98&38,- 1%*- *2)&WA%*45&- 2,3*- 9&)%*3
!
h<&9(X91*>:-&-<Q3<13&-/,-z-/,8,-',)-<&))A+A/&-*()*8.'-/&-B*(&)- :-&1-',@*=
#9
 !kg

!
 ±
2 −2
#9
R = h!C6!Y>
2;
9

FW,%23&=

!-r-H%*-BQ0)A<*-2)&/1R-<&%2&9,9(,'-,3,()s9A<&':-',9/&-Y€-/,B,A(1&'&'6

H%-<&%,)<A*9(,-*/;1A)A1-1%-3&(,-/,-!CC-<&%2&9,9(,'6-N,/,S',=

*>! %./A*-/*-/A'()A01A45&-*%&'()*3-/,-2)&2&)4U,'?-(6-C:CY

0>! /,'8A&-2*/)5&-/*-/A'()A01A45&-*%&'()*3-/,-2)&2&)4U,'?-(6-C:C!"!

<>! ;1*3-*-2)&0*0A3A/*/,-/,-;1,-&-3&(,-*/;1A)A/&-(,9T*-,W*(*%,9(,

/&A'-<&%2&9,9(,'-/,B,A(1&'&'?-(6-!k:ge€

/>! 2,3&-%,9&'-;1*()&-<&%2&9,9(,'-/,B,A(1&'&'?-(6-Ym:ek€

,>! 9&-%QWA%&-()f'-<&%2&9,9(,'-/,B,A(1&'&'6-(6-g!:\!€

!C6\6Y- GA'()A01A45&- $%&'()*3- /*'- E&%*'- ,- GAB,),94*'- /,- G1*'- I./A*'

$%&'()*A':- $/%A(A9/&- ;1,- &'- G,'8A&'- N*/)U,'- N&213*<A&9*A'- '5&

d&9T,<A/&'

E,@*- /1*'- 2&213*4U,'- A9/,2,9/,9(,':- <&%- %./A*'- µ! - ,- µ # - ,

8*)Al9<A*'- σ!# -,- σ ## 6-E,- y! -,- y # -B&),%-*'-%./A*'-*%&'()*A'-/,-/1*'-*%&'()*'

A9/,2,9/,9(,'-/,-(*%*9T&- 9! -,- 9 # -/,''*'-2&213*4U,':-,9(5&=-

*> *-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-'&%*'-,-/AB,),94*'-.-/*/*

2&)=

Fh y! ± y # > = µ! ± µ # h!C6!\>
 !k"

0> *- 8*)Al9<A*- /*- /A'()A01A45&- *%&'()*3- /,- '&%*'- ,- /AB,),94*'- .

/*/*-2&)=

σ!# σ#
(
K y! ± y # = ) 9!
+ #
9#
h!C6!e>

!C6\6Y6!- K*)AQ8,3- L&)%*3- N*/)&9AR*/*- $''&<A*/*- V- GA'()A01A45&- $%&'()*3- /,

E&%*'-,-GAB,),94*'-/,-I./A*'

E,-*'-2&213*4U,'-/*-;1*3-',-,W()*,%-*%&'()*'-(,%-1%*-/A'()A01A45&

/,- 2)&0*0A3A/*/,'- S- 95&- 9,<,''*)A*%,9(,- 9&)%*3- S- <&%- %./A*'- µ! - ,- µ # - ,

8*)Al9<A*'- σ!# -,- σ ## 6-E,- y! -,- y # -B&),%-*'-%./A*'-*%&'()*A'-/,-/1*'-*%&'()*'

A9/,2,9/,9(,'- /,- (*%*9T&- #" - ,- # ! - /,''*'- 2&213*4U,':- ,9(5&- *- 8*)AQ8,3

9&)%*3-2*/)&9AR*/*-*''&<A*/*-*- y! ± y # :-',)Q-/*/*-2&)=

R=
(y
! )
± y # − (µ! ± µ # )
h!C6!g>
σ!# σ ##
+
9! 9 #

!C6\6\ GA'()A01A45&- $%&'()*3- /*'- E&%*'- ,- GAB,),94*'- /,- G1*'- I./A*'

$%&'()*A':- $/%A(A9/&- ;1,- &'- G,'8A&'- N*/)U,'- N&213*<A&9*A'- '5&

G,'<&9T,<A/&'-,-E12&'(*%,9(,-b+1*A'-

E,@*- /1*'- 2&213*4U,'- A9/,2,9/,9(,':- <&%- %./A*'- µ! - ,- µ # - ,

8*)Al9<A*'-/,'<&9T,<A/*'- σ!# -,- σ ## 6-E,- y! -,- y # -B&),%-*'-%./A*'-*%&'()*A'-/,

/1*'-*%&'()*'-A9/,2,9/,9(,'-/,-(*%*9T&- 9! -,- 9 # -/,''*'-2&213*4U,'-,- E!# ,

E ## -B&),%-*'-8*)Al9<A*'-/*'-/1*'-*%&'()*':-,9(5&=-

*> *-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-'&%*'-,-/AB,),94*'-.-/*/*

2&)=

Fh y! ± y # > = µ! ± µ # h!C6!">
 !km

0> *- 8*)Al9<A*- /*- /A'()A01A45&- *%&'()*3- /,- '&%*'- ,- /AB,),94*'- .

/*/*-2&)=

 ! ! 
(
K y! ± y # = E 2# ) + 
9 # 
h!C6!m>
 9!

$-,'(A%*(A8*-/*-8*)Al9<A*-<&%1%- E 2# -V'-/1*'- 2&213*4U,'-.-&0(A/*

2&)=

E 2# =
(9! − !) E!# + (9 # − !) E ##
h!C6!k>
9! + 9 # − #

$'-,'(A%*(A8*'-/*'-8*)Al9<A*'- E!# -,- E ## -'5&-&0(A/*'-2&)=

9! #

∑ (y
A =!
A − y! )
E!# = h!C6#C>
9! − !

9# #

∑ (y
A =!
A − y# )
E ## = h!C6#!>
9# − !

!C6\6\6!-K*)AQ8,3-N*/)&9AR*/*-$''&<A*/*-V-GA'()A01A45&-$%&'()*3-/,-E&%*'-,

GAB,),94*'-/,-G1*'-I./A*'

E,-*'-2&213*4U,'-/*-;1*3-',-,W()*,%-*%&'()*'-(,%-1%*-/A'()A01A45&

/,- 2)&0*0A3A/*/,'- S- 95&- 9,<,''*)A*%,9(,- 9&)%*3- S- <&%- %./A*'- µ! - ,- µ # - ,

8*)Al9<A*'-/,'<&9T,<A/*'- σ!# -,- σ ## 6-E,- y! -,- y # -B&),%-*'-%./A*'-*%&'()*A'-/,

/1*'-*%&'()*'-A9/,2,9/,9(,'-/,-(*%*9T&- 9! -,- 9 # -/,''*'-2&213*4U,'-,- E!# ,

E ## - B&),%- *'- 8*)Al9<A*'- /*'- /1*'- *%&'()*'- ,9(5&- *- 8*)AQ8,3- - 2*/)&9AR*/*

*''&<A*/*-*- y! ± y # :-',)Q-/*/*-2&)=

(=
(y ! )
± y # − (µ! ± µ # )
h!C6##>
! ! 
E 2#  + 
 9! 9 # 

;1,-(,%-/A'()A01A45&-(-/,-E(1/,9(-<&%- υ = 9! + 9 # − # -+)*1'-/,-3A0,)/*/,6-
 !kk

!C6\6e GA'()A01A45&- $%&'()*3- /*'- E&%*'- ,- GAB,),94*'- /,- G1*'- I./A*'

$%&'()*A':- $/%A(A9/&- ;1,- &'- G,'8A&'- N*/)U,'- N&213*<A&9*A'- '5&

GAB,),9(,'-,-G,'<&9T,<A/&'

E,@*- /1*'- 2&213*4U,'- A9/,2,9/,9(,':- <&%- %./A*'- µ! - ,- µ # - ,

8*)Al9<A*'-/,'<&9T,<A/*'- σ!# -,- σ ## 6-E,- y! -,- y # -B&),%-*'-%./A*'-*%&'()*A'-/,

/1*'-*%&'()*'-A9/,2,9/,9(,'-/,-(*%*9T&- 9! -,- 9 # -/,''*'-2&213*4U,'-,- E!# -,

E ## -B&),%-*'-8*)Al9<A*'-/*'-/1*'-*%&'()*':-,9(5&=-

*> *-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-'&%*'-,-/AB,),94*'-.-/*/*

2&)=

Fh y! ± y # > = µ! ± µ # h!C6#Y>

0> *- 8*)Al9<A*- /*- /A'()A01A45&- *%&'()*3- /,- '&%*'- ,- /AB,),94*'- .

/*/*-2&)=

 E# E# 
( )
K y! ± y # =  ! + #  h!C6#\>
 9! 9# 

!C6\6e6! K*)AQ8,3-N*/)&9AR*/*-$''&<A*/*-V-GA'()A01A45&-$%&'()*3-/,-E&%*'-,

GAB,),94*'-/,-G1*'-I./A*'

E,-*'-2&213*4U,'-/*-;1*3-',-,W()*,%-*%&'()*'-(,%-1%*-/A'()A01A45&

/,- 2)&0*0A3A/*/,'- S- 95&- 9,<,''*)A*%,9(,- 9&)%*3- S- <&%- %./A*'- µ! - ,- µ # - ,

8*)Al9<A*'-/,'<&9T,<A/*'- σ #! -,- σ ## 6-E,- y! -,- y # -B&),%-*'-%./A*'-*%&'()*A'-/,

/1*'-*%&'()*'-A9/,2,9/,9(,'-/,-(*%*9T&- 9! -,- 9 # -/,''*'-2&213*4U,'-,- E!# -,

E ## - B&),%- *'- 8*)Al9<A*'- /*'- /1*'- *%&'()*'- ,9(5&- *- ,'(*(X'(A<*- (- *''&<A*/*- *

y! ± y # :-',)Q-/*/*-2&)=

(=
(y ! )
± y # − (µ! ± µ # )
h!C6#e>
E!# E ## 
 
9 + 9 
 ! # 
 #CC

;1,-(,%-/A'()A01A45&-(-/,-E(1/,9(-<&%- φ -+)*1'-/,-3A0,)/*/,:-',9/&- φ -/*/&

2&)- h',+19/&- &- %.(&/&- /,- $'2A9S‚,3<T:- <&%- *)),/&9/*%,9(&- 2*)*

%,9&'>=

(8! + 8 # )#
φ= −# h!C6#g>
8!# 8 ##
+
9! + ! 9 # + !

E!# E#
8! = -,- 8 # = # - h!C6#">
9! 9#

!C6\6g GA'()A01A45&-$%&'()*3-/*'-E&%*'-,-GAB,),94*'-/,-G1*'-N)&2&)4U,'

 ! - ,- 2
E,@*%- 2  # - /1*'- 8*)AQ8,A'- ),2),',9(*9/&- 2)&2&)4U,'- *%&'()*A'

 ! -,- 2
(*A'-;1,:-*'-/A'()A01A4U,'-*%&'()*A'-/,- 2  # -'5&-*2)&WA%*/*%,9(,-9&)%*A'

h9*-2)Q(A<*:-;1*9/&-9-≥-YC>-<&%-%./A*'-,-/,'8A&'-2*/)U,'-/*'-/A'()A01A4U,'

*%&'()*A'-/,-2)&2&)4U,'-/*/*'-2&)=

µ 2! = 2!: µ 2# = 2 # h!C6#m>

2!;! 2 #;#
σ 2! = : σ 2# = h!C6#k>
9! 9#

N*)*- *%&'()*'- '1BA<A,9(,%,9(,- +)*9/,':- 2&/,%&'- 1(A3AR*)- 1%*

*2)&WA%*45&-V-/A'()A01A45&-9&)%*3:-,%-;1,=
*> *-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-'&%*'-,-/AB,),94*'-/,-/1*'

2)&2&)4U,'-.-/*/*-2&)=

! ± 2
Fh2  # > = 2! ± 2 # h!C6YC>

0> *- 8*)Al9<A*- /*- /A'()A01A45&- *%&'()*3- /,- '&%*'- ,- /AB,),94*'- /,

/1*'-2)&2&)4U,'-.-/*/*-2&)=

K (2 #) =
2! ;! 2 # ; #
! ± 2 + h!C6Y!>
9! 9#
 #C!

!C6\6g6! K*)AQ8,3- L&)%*3- N*/)&9AR*/*- $''&<A*/*- V- GA'()A01A45&- $%&'()*3- /,

E&%*'-,-GAB,),94*'-/,-G1*'-N)&2&)4U,'

E,-*'-*%&'()*'-'5&-'1BA<A,9(,%,9(,-+)*9/,':-*-/A'()A01A45&-*%&'()*3

/,- '&%*'- ,- /AB,),94*'- /,- /1*'- 2)&2&)4U,':- ;1,- (,%- /A'()A01A45&- 0A9&%A*3:

2&/,)Q- ',)- *2)&WA%*/*- /,- 1%*- /A'()A01A45&- 9&)%*3- /,- %,'%*- %./A*- ,

%,'%*-8*)Al9<A*6-L*-2)Q(A<*:-,''*-*2)&WA%*45&-.-1(A3AR*/*-2*)*-9- ≥ -YC-,-2

2)_WA%&- /,- C:e6- $''A%- *- 8*)AQ8,3- 9&)%*3- 2*/)&9AR*/*- *''&<A*/*- *- $%" ± $%! :

',)Q-/*/*-2&)=

R =
(2!  # ) − (2! ± 2 # )
±2
h!C6Y#>
! ;
2  ;
! 2 
+ # #
9! 9#

!C6\6"--GA'()A01A45&-$%&'()*3-/*'-K*)Al9<A*'-

E,@*%- *'- *%&'()*'- /,- (*%*9T&- 9- ),(A)*/*'- /,- 1%*- 2&213*45&

9&)%*3-/,-8*)Al9<A*- σ ! 6-N*)*-<*/*-*%&'()*-.-2&''X8,3-<*3<13*)-*-,'(*(X'(A<*=

χ# =
(9 − !) E # h!C6YY>
σ#

$- ,'(*(X'(A<*- χ # - h;1AS;1*/)*/&>- /*/*- 2&)- h!C6YY>- (,%- /A'()A01A45&

;1AS;1*/)*/&-<&%- υ = 9 − !-+)*1'-/,-3A0,)/*/,6

G&-(,&),%*-/,-DA'T,):-*-2*)(A)-/*-,W2),''5&-h!C6YY>-(,%S',-;1,=

σ#
E# = χ 9# − ! h!C6Y\>
9 −!

;1,-(,%-/A'()A01A45&- χ # -<&%- υ = 9 − ! -+)*1'-/,-3A0,)/*/,6

$-%./A*-,-*-8*)Al9<A*-/,- E # '5&-/*/*'-2&)=

 σ#  σ# σ#
( )
F E # = F  χ 9# − !  = ( )
F χ 9# − ! = (9 −!) = σ # h!C6Ye>
9 −!  9 −! 9 −!
 #C#

 σ#  σ\ σ\ # σ\
( )
K E # = K  χ 9# − !  = (
K χ #
)
9 −! = # (9 − !) = h!C6Yg>
9 − !  (9 − !) (9 − !)# 9 −!
#

*> *-%./A*-/*-/A'()A01A45&-*%&'()*3-/,-K*)Al9<A*'-.-/*/*-2&)=

( )
F E # = σ# h!C6Y">

0> *-8*)Al9<A*-/*-/A'()A01A45&-*%&'()*3-/,-K*)Al9<A*'-.-/*/*-2&)=

# σ\
( )
K E# =
9 −!
h!C6Ym>

!C6\6"6! F'(*(X'(A<*-$''&<A*/*-V-GA'()A01A45&-$%&'()*3-/,-K*)Al9<A*'

χ# =
(9 − !) E # h!C6Yk>
σ#

;1,-(,%-/A'()A01A45&- χ # <&%- υ = 9 − ! -+)*1'-/,-3A0,)/*/,6-

!C6\6m GA'()A01A45&-$%&'()*3-,98&38,9/&-*-GA'()A01A45&-D-/,-E9,/,<&)

E,@*%- /1*'- *%&'()*'- A9/,2,9/,9(,'- ),(A)*/*'- /,- 2&213*4U,'- <&%

/A'()A01A45&-9&)%*3-,-%,'%*-8*)Al9<A*:-',9/&-*'-8*)Al9<A*'-*%&'()*A'-/*/*'

2&)- E!# ,- E ## 6-7-;1&<A,9(,-/*/&-2&)=

E!#
D= h!C6\C>
E ##

(,%- /A'()A01A45&- D- /,- E9,/,<&)- <&%- υ! = 9! − !- +)*1'- /,- 3A0,)/*/,- 9&

91%,)*/&)-,- υ # = 9 # − !-+)*1'-/,-3A0,)/*/,-9&-/,9&%A9*/&)6-
 #CY

!! *&'J$#KL%4M*4<#(N$*'(%&4*&'#'O&'JP%&

$- ,'(A%*45&- .- &- 2)&<,''&- ;1,- <&9'A'(,- ,%- 1(A3AR*)- /*/&'- *%&'()*A'

2*)*- ,'(A%*)- &'- 8*3&),'- /,- 2*)l%,()&'- 2&213*<A&9*A'- /,'<&9T,<A/&'6

F'',9<A*3%,9(,:- ;1*3;1,)- <*)*<(,)X'(A<*- /,- 1%*- 2&213*45&- 2&/,- ',)

,'(A%*/*- *- 2*)(A)- /,- 1%*- *%&'()*- *3,*(_)A*6- F9(),- &'- ,'(A%*/&),'- %*A'

<&%19':- ,'(5&- *- %./A*- *%&'()*3- y - ,- &- /,'8A&- 2*/)5&- *%&'()*3- E:- <&%&

,'(A%*/&),'-/*-%./A*-2&213*<A&9*3-x-,-/&-/,'8A&-2*/)5&-2&213*<&9*3-σ6

!!6! FEMbI$MbK$-N7LMH$J-F-bLMFOK$J$O

$'- ,'(*(X'(A<*'- *%&'()*A'- '5&- 1(A3AR*/*'- <&%&- ,'(A%*/&),'- /,

2*)l%,()&'-2&213*<A&9*A'6

*> *-,'(A%*(A8*-.-2&9(1*3-;1*9/&-*-,'(*(X'(A<*-*%&'()*3-&)A+A9*-1%*

]9A<*- ,'(A%*(A8*- /&- 2*)l%,()&:- &1- ',@*:- 1%- ]9A<&- 8*3&)- 2*)*- &

2*)l%,()&- 2&213*<A&9*3- ;1,- ',- ;1,)- ,'(A%*):- <&%&:- 2&)

,W,%23&=- *- %./A*- *%&'()*3- y - 1(A3AR*/*- <&%&- ,'(A%*/&)- /*

%./A*- 2&213*<A&9*3- x?- *- 8*)Al9<A*- *%&'()*3- E # - 1(A3AR*/*- <&%&

,'(A%*/&)-/*-8*)Al9<A*-2&213*<A&9*3- σ # 6-

0>! *- ,'(A%*(A8*- .- A9(,)8*3*)- ;1*9/&:- *- 2*)(A)- /*- ,'(*(X'(A<*- *%&'()*3:

<&9'()1A%&'- 1%- A9(,)8*3&- /,- 8*3&),'- 2&''X8,A'- 9&- ;1*3- ',- */%A(,

h'&0-<,)(*-2)&0*0A3A/*/,>-,'(,@*-<&9(A/&-&-2*)l%,()&-2&213*<A&9*36

!!6# `H$JbG$GFE-GF-HI-a7I-FEMbI$G7O

$'-2)A9<A2*A'-;1*3A/*/,'-/,-1%-0&%-,'(A%*/&)-'5&=

*>! F'(A%*/&)-95&S(,9/,9<A&'&-&1-',%-8A.'

GARS',- ;1,- 1%- ,'(A%*/&)- θ - /,- 1%- 2*)l%,()&- θ - .- /A(&- 95&S

(,9/,9<A&'&-',=
 #C\

()
F θ = θ h!!6!>

$-(,9/,9<A&'A/*/,-&1-8A.'-hK>-.-/,BA9A/*-<&%&-',9/&-*-/AB,),94*=

()
K = F θ − θ h!!6#>

$- %./A*- *)A(%.(A<*- y - .- 1%- ,'(A%*/&)- 95&S(,9/,9<A&'&- /*- %./A*

2&213*<A&9*3- µ :-2&A'=

 9 

 A =!
∑yA 
 ! 9 ! 9 9µ
()
F y = F = ∑ F(y A ) =∑ µ= =µ
 9  9 A =! 9 A =! 9
 
 

0>! F'(A%*/&)-<&9'A'(,9(,

GARS',-;1,-1%-,'(A%*/&)- θ -/,-1%-2*)l%,()&- θ -.-/A(&-',)-<&9'A'(,9(,

',:-*3.%-/,-',)-95&S(,9/,9<A&'&:-'1*-8*)Al9<A*-(,9/,-2*)*-R,)&:-;1*9/&-9-.

'1BA<A,9(,%,9(,-+)*9/,-h 9 → ∞ >:-&1-',@*=

() ()
F θ = θ --,-- 3A% K$O θ = C -
9→∞
h!!6Y>

$- %./A*- *)A(%.(A<*- y - .- 1%- ,'(A%*/&)- 95&S(,9/,9<A&'&- ,

<&9'A'(,9(,-/*-%./A*-2&213*<A&9*3- µ :-2&A'=

σ#
9→∞
()
3A% K$O y = 3A%
9→∞ 9
= C h!!6\>

<>! F'(A%*/&)-,BA<A,9(,

G*/&'- /&A'- ,'(A%*/&),'- θ! - ,- θ # - /,- 1%- %,'%&- 2*)l%,()&- θ :- /ARS',

;1,- θ! -.-%*A'-,BA<A,9(,-;1,- θ # -',:-2*)*-&-%,'%&-(*%*9T&-/*-*%&'()*=

( )
K$O θ! < K$O θ # - ( ) h!!6e>

E,- &'- ,'(A%*/&),'- θ! - ,- θ # - B&),%- *%0&'- 95&S(,9/,9<A&'&':- *

,BA<Af9<A*-),3*(A8*-/,- θ # -,%-),3*45&-*- θ! -',)Q-/,BA9A/*-2&)=

 #Ce

( )
K$O θ!
( )
K$O θ #
h!!6g>

$- (X(13&- /,- ,W,%23&:- /,%&9'()*S',- ;1,- *- %./A*- *)A(%.(A<*- ,- *

%,/A*9*-'5&-/&A'-,'(A%*/&),'-95&-(,9/,9<A&'&'-/*-%./A*-2&213*<A&9*3- µ 6
σ# π σ#
$- 8*)Al9<A*- /*- %./A*- .- /*/*- 2&)- K (y ) = - ,- /*- %,/A*9*- 2&)- K (I, ) =
9 #9

2*)*-2&213*4U,'-<&%-/A'()A01A45&-9&)%*36-N&)(*9(&:-*-,BA<Af9<A*-),3*(A8*-/*

%,/A*9*- ,%- ),3*45&- *- %./A*- *)A(%.(A<*- <&%&- ,'(A%*/&)- /*- %./A*

2&213*<A&9*3- µ -',)Q=

σ#
K$O y!( ) #
= 9 # = = g\€
K$O (I , ) πσ π
#9

!!6Y FEMbI$ut7-N7O-bLMFOK$J7E

E,@*-&-2*)l%,()&- θ --(*3-;1,=

N{(! ≤ θ ≤ ( # } = h!−α> h!!6">

,%-;1,=

*>! &- A9(,)8*3&- ( ! ≤ θ ≤ ( # - .- /,9&%A9*/&- /,- A9(,)8*3&- <&%- !CC (! − α ) € /,

<&9BA*94*-2*)*-&-2*)l%,()&- θ ?

0>! &'-,W(),%&'-/,'',-A9(,)8*3&-h (! ,- ( # >-'5&-/,9&%A9*/&'-/,-3A%A(,'-A9B,)A&)-,

'12,)A&)-/,-<&9BA*94*?-

<>! *-2)&0*0A3A/*/,-<&9T,<A/*- (! − α ) -.-<T*%*/*-/,-9X8,3-/,-<&9BA*94*?-,

/>! *- %,(*/,- /&- <&%2)A%,9(&- /&- A9(,)8*3& θ − (! - &1- ( # − θ .- <T*%*/*- /,

2),<A'5&-/&-,'(A%*/&)6
 #Cg

$-,'<&3T*-/&-9X8,3-/,-<&9BA*94*-/,2,9/,-/*-2),<A'5&-<&%-;1,-',

/,',@*-,'(A%*)-&-2*)l%,()&6-Z-<&%1%-*-1(A3AR*45&-/&'-9X8,A'-/,-ke€-,-kk€6

`1*9(&- %*A&)- &- 9X8,3- /,- <&9BA*94*:- %*A&)- ',)Q- *- *%23A(1/,- /&- A9(,)8*3&6

G*/&- 1%- 9X8,3- /,- <&9BA*94*:- ;1*9(&- %*A&)- B&)- &- A9(,)8*3&:- %,9&'
A9B&)%*45&-(,),%&'-'&0),-&-8*3&)-8,)/*/,A)&-/,- θ 6-

$-A9(,)2),(*45&-/,-1%-A9(,)8*3&-/,-<&9BA*94*-.-;1,-',-1%-9]%,)&
A9BA9A(&-/,-*%&'()*'-*3,*(_)A*'-B&)-<&3,(*/&-,-1%-A9(,)8*3&-<&%--!CC (! − α )€ -/,

<&9BA*94*-2*)*- θ -B&)-<*3<13*/&-*-2*)(A)-/,-<*/*-*%&'()*:-,9(5&- !CC (! − α )€

/,'','-A9(,)8*3&'-<&9(,)5&-&-8*3&)-8,)/*/,A)&-/,- θ 6

L*-2)Q(A<*:-&0(,%&'-'&%,9(,-1%*-*%&'()*-*3,*(_)A*-,-<*3<13*%&'
1%- A9(,)8*3&- /,- <&9BA*94*6- H%*- 8,R- ;1,- ,'',- A9(,)8*3&- <&9(,)Q- &1- 95&- &
8*3&)-8,)/*/,A)&-/,- θ :-95&-.-)*R&Q8,3-BAW*)-1%-9X8,3-/,-2)&0*0A3A/*/,-*-,'',
,8,9(&- ,'2,<XBA<&6- $- *BA)%*45&- *2)&2)A*/*- .=- &- A9(,)8*3&- &0',)8*/&- [(!: ( # ]

<&9(.%-&-8*3&)-8,)/*/,A)&-/,- θ :-<&%--!CC (! − α )€ -/,-<&9BA*94*6-

!!6\ bLMFOK$J7-GF-d7LDb$Lu$-N$O$-$-IZGb$-N7NHJ$db7L$J-x

$- ,'(*(X'(A<*- *- ',)- 1(A3AR*/*- <&%&- ,'(A%*/&)- .- *- %./A*- *)A(%.(A<*

*%&'()*3- y 6-G,8,%&'-<&9(,%23*)-/&A'-<*'&'=

*> G,'8A&-2*/)5&-2&213*<A&9*3-- σ -<&9T,<A/&=

G*-/A'()A01A45&-9&)%*3-2*/)&9AR*/*-(,%S',-;1,=

{ }
N − R α # ≤ R ≤ R α # = h!−α> h!!6m>

,%-;1,=
y−µ
R = h!!6k>
σ
9

E10'(A(1A9/&- h!!6k>- ,%- h!!6m>- ,- A'&3*9/&- µ - &0(.%S',- &- A9(,)8*3&- /,

<&9BA*94*-2*)*-*-%./A*-2&213*<A&9*3- µ :-;1*9/&- σ -.-<&9T,<A/&=

 #C"

 σ σ 
Ny − R α # 6 ≤ µ ≤ y + R α # 6  = h!−α> h!!6!C>
 9 9

0> G,'8A&-2*/)5&-2&213*<A&9*3-- σ -/,'<&9T,<A/&=

`1*9/&-95&-<&9T,<,%&'-&-/,'8A&-2*/)5&-2&213*<A&9*3-2&/,%&'

,'(A%QS3&-*()*8.'-/&-/,'8A&-2*/)5&-/*-*%&'()*:-,-9,'(,-<*'&:-9&-31+*)-/,-σ

1'*%&'-E6-E,-*-*%&'()*-B&)-%,9&)-;1,-YC:-9&-31+*)-/,-R-1'*%&'-*-/A'()A01A45&

(-/,-E(1/,9(6-N*)*-9-≥-YC:-%,'%&-1'*9/&-E-9&-31+*)-/,-σ:-2&/,%&'-()*0*3T*)

<&%- *- /A'()A01A45&- 9&)%*3- 2*/)&9AR*/*-R:- <&9B&)%,- B&A- 8A'(&- 9*- ',45&

!C6\6!6#6
G*-/A'()A01A45&-(-/,-E(1/,9(-(,%S',-;1,=

{ }
N − ( α # ≤ ( ≤ ( α # = h!−α> h!!6!!>

,%-;1,=

y −µ
( = h!!6!#>
E
9

(,%-/A'()A01A45&-(-/,-E(1/,9(-<&%--ν-{-9-S!-+)*1'-/,-3A0,)/*/,6

E10'(A(1A9/&-h!!6!#>-,%-h!!6!!>-,-A'&3*9/&- µ -&0(,%S',-&-A9(,)8*3&-/,

<&9BA*94*- 2*)*- *- %./A*- 2&213*<A&9*3- µ :- ;1*9/&- σ .- /,'<&9T,<A/&6- $

,W2),''5&-1(A3AR*/*-.=

 E E 
N y − ( α # 6 ≤ µ ≤ y + ( α # 6  = h!−α> h!!6!Y>
 9 9

FW,%23&'=

!-S-H%*-*%&'()*-*3,*(_)A*-/,-Yg-0*(,)A*'-B&A-(,'(*/*:-*<1'*9/&-8A/*

%./A*-/,-\m-%,','6-E*0,9/&S',-;1,-/,-3,8*9(*%,9(&'-*9(,)A&),':-&-/,'8A&

2*/)5&- /*- 2&213*45&- /*- ;1*3- B&A- ,W()*X/*- *- *%&'()*- .- /,- \- %,',':
 #Cm

/,(,)%A9,-1%-A9(,)8*3&-/,-<&9BA*94*-/,-ke€-,%-(&)9&-/*-8,)/*/,A)*-%./A*

/*-2&213*45&6

E&3145&=

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

y = \m? 9 = Yg? σ = \

h!S-α>-{-ke€-6-G&-;1*/)&-#-h*9,W&-!>-→- z α -{-±-!:kg
#

E10'(A(1A9/&-&'-8*3&),'-,%-h!!6!C>-(,%S',=

 \ \ 
N \m − !: kg6 ≤ µ ≤ \m + !: kg6  = ke€
 Yg Yg 

N {\g: gk ≤ µ ≤ \k: Y!} = ke€

N&/,%&'- <&9<31A)- <&%- ke€- /,- <&9BA*94*- ;1,- *- 8,)/*/,A)*- %./A*

/*-2&213*45&-,'(Q-<&9(A/*-9&-A9(,)8*3&-*<A%*6

#-S-H%*-*%&'()*-*3,*(_)A*-/,-#C-0*(,)A*'-B&A-(,'(*/*-*<1'*9/&-8A/*

%./A*-/,-\m:#-%,','-,-/,'8A&-2*/)5&-/,-e:\-%,','6-G,(,)%A9,-1%-A9(,)8*3&

/,-<&9BA*94*-/,-ke€-,%-(&)9&-/*-8,)/*/,A)*-%./A*-/*-2&213*45&6

E&3145&=

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

y = \m: #? 9 = #C? E = e: \? ν = 9 − ! = #C − ! =!k

h!S-α>-{-ke€6-G&-;1*/)&-\-h*9,W&-!>-→- z α {-±-#:Ck
? !k
#

E10'(A(1A9/&-&'-8*3&),'-,%-h!!6!Y>-(,%S',=

 e: \ e: \ 
N \m: # − #: Ck6 ≤ µ ≤ \m: # + #: Ck6  = ke€
 #C #C 

N {\e: gm ≤ µ ≤ eC:"#}= ke€

 #Ck

N&/,%&'- <&9<31A)- <&%- ke€- /,- <&9BA*94*- ;1,- *- 8,)/*/,A)*- %./A*

/*-2&213*45&-,'(Q-<&9(A/*-9&-A9(,)8*3&-*<A%*6

!!6e bLMFOK$J7-GF-d7LDb$Lu$-N$O$-$-NO7N7Out7-N7NHJ$db7L$J-N

E,-*'-*%&'()*'-'5&-'1BA<A,9(,%,9(,-+)*9/,':-*-/A'()A01A45&-*%&'()*3

/,- 2)&2&)4U,':- ;1,- (,%- /A'()A01A45&- 0A9&%A*3:- 2&/,)Q- ',)- *2)&WA%*/*- /,

1%*- /A'()A01A45&- 9&)%*3- /,- %,'%*- %./A*- ,- %,'%*- 8*)Al9<A*6- L*- 2)Q(A<*:

,''*-*2)&WA%*45&-.-1(A3AR*/*-2*)*-9-≥-YC-,-2-2)_WA%&-/,-C:e6-$''A%-*-8*)AQ8,3

9&)%*3-2*/)&9AR*/*-*''&<A*/*-*-2:-',)Q-/*/*-2&)=

 −2
2
R = h!!6!\>
2;
9

E10'(A(1A9/&- h!!6!\>- ,%- h!!6m>- ,- A'&3*9/2- 2- &0(.%S',- &- A9(,)8*3&- /,

<&9BA*94*-2*)*-*-2)&2&)45&-2&213*<A&9*3-2=-

 ;
2  ;
2  
N 2  − Rα #6 ≤2 ≤2
 + R α #6  = h!−α > h!!6!e>
 9 9 

FW,%23&=
!-r-F%- 1%*- *%&'()*- *3,*(_)A*- /,- #CC- 2,4*'- 2)&/1RA/*'- 2&)- <,)(*

%Q;1A9*:- 8,)ABA<&1S',- ;1,- !C- ,)*%- /,B,A(1&'*'6- G,(,)%A9,- 1%- A9(,)8*3&- /,

<&9BA*94*-/,-ke€-,%-(&)9&-/*-8,)/*/,A)*-2)&2&)45&-/,-2,4*'-/,B,A(1&'*'

2)&/1RA/*'-2&)-,''*-%Q;1A9*6-

E&3145&=

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

!C
9 = #CC? 2
 = = C: Ce
#CC

h!S-α>-{-ke€-6-G&-;1*/)&-#-h*9,W&-!>-→- z α -{-±-!:kg
#
 #!C

E10'(A(1A9/&-&'-8*3&),'-,%-h!!6!e>-(,%S',=

 C: Ce (C: ke ) C: Ce (C: ke ) 
N C: Ce − !: kg6 ≤ 2 ≤ C: Ce + !: kg6  = ke€
 #CC #CC 

N {C: C!km ≤ 2 ≤ C: CmC#} = ke€

N {!: km€ ≤ 2 ≤ m: C#€} = ke€

N&/,%&'- <&9<31A)- <&%- ke€- /,- <&9BA*94*- ;1,- *- 8,)/*/,A)*

2)&2&)45&- 2&213*<A&9*3- /,- 2,4*'- /,B,A(1&'*'- ,'(Q- <&9(A/*- 9&- A9(,)8*3&

*<A%*6

!!6g bLMFOK$J7- GF- d7LDb$Lu$- N$O$- $- E7I$- F- GbDFOFLu$- FLMOF- GH$E

IZGb$E-N7NHJ$db7L$bE- µ! -F- µ #

$'- ,'(*(X'(A<*'- *- ',),%- 1(A3AR*/*'- <&%&- ,'(A%*/&),'- '5&- *'- %./A*'

*)A(%.(A<*-*%&'()*A'- y! -,- y # 6-G,8,%&'-<&9(,%23*)-()f'-<*'&'=

*> G,'8A&'-2*/)U,'-2&213*<A&9*A'- σ! -,- σ # -<&9T,<A/&'=

G*-/A'()A01A45&-9&)%*3-2*/)&9AR*/*-(,%S',-;1,=

R=
(y ! )
± y # − (µ! ± µ # )
h!!6!g>
σ!# σ ##
+
9! 9#

E10'(A(1A9/&- h!!6!g>- ,%- h!!6m>- ,- A'&3*9/&- (µ! ± µ # )- &0(.%S',- &

A9(,)8*3&- /,- <&9BA*94*- 2*)*- *- '&%*- ,- /AB,),94*- /,- %./A*'- 2&213*<A&9*A'

(µ! ± µ # ):-;1*9/&-&'-/,'8A&'-2*/)U,'-2&213*<A&9*A'-'5&-<&9T,<A/&'=

 σ!# σ# σ!# σ # 
( )
N  y! ± y # − R α # ( )
+ # ≤ µ! ± µ # ≤ y ! ± y # + R α # + #  = h!−α> h!!6!">
 9! 9# 9! 9# 


0> G,'8A&'- 2*/)U,'- 2&213*<A&9*A'- σ! - ,- σ # - /,'<&9T,<A/&'- ,

'12&'(*%,9(,-A+1*A'=
 #!!

G*-/A'()A01A45&-(-/,-E(1/,9(-(,%S',-;1,=

(=
(y ! )
± y # − (µ! ± µ # )
h!!6!m>
 ! ! 
E 2#  + 
 9! 9 # 

;1,-(,%-/A'()A01A45&-(-/,-E(1/,9(-<&%- υ = 9! + 9 # − # -+)*1'-/,-3A0,)/*/,6-

E10'(A(1A9/&- h!!6!m>- ,%- h!!6!!>- ,- A'&3*9/&- (µ! ± µ # ) - &0(.%S',- &

A9(,)8*3&- /,- <&9BA*94*- 2*)*- *- '&%*- ,- /AB,),94*- /,- %./A*'- 2&213*<A&9*A'

(µ " ± µ! ):- ;1*9/&- &'- /,'8A&'- 2*/)U,'- 2&213*<A&9*A'- '5&- /,'<&9T,<A/&'- ,

'12&'(*%,9(,-A+1*A'6-$-,W2),''5&-1(A3AR*/*-.=

 ! ! ! !  
( )
N  y! ± y # − ( α # E2#  + ( )
 ≤ µ! ± µ # ≤ y! ± y # + ( α # E2#  +   = h!−α> h!!6!k>
9#  
  9! 9#   9! 

<> G,'8A&'- 2*/)U,'- 2&213*<A&9*A'- σ! - ,- σ # - /,'<&9T,<A/&'- ,

'12&'(*%,9(,-/AB,),9(,'=

G*-/A'()A01A45&-(-/,-E(1/,9(-(,%S',-;1,=

(=
(y ! )
± y # − (µ! ± µ # )
h!!6#C>
 E!# E ## 
 
9 + 9 
 ! # 

;1,-(,%-/A'()A01A45&-(-/,-E(1/,9(-<&%- φ -+)*1'-/,-3A0,)/*/,:-',9/&- φ -/*/&

2&)- h',+19/&- &- %.(&/&- /,- $'2A9S‚,3<T:- <&%- *)),/&9/*%,9(&- 2*)*

%,9&'>=

φ=
(8! + 8# )
#
−# h!!6#!>
8!# 8 ##
+
9! + ! 9 # + !

E!# E#
8! = -,- 8 # = # - h!!6##>
9! 9#

E10'(A(1A9/&- h!!6#C>- ,%- h!!6!!>- ,- A'&3*9/&- (µ! ± µ # )- &0(.%S',- &

A9(,)8*3&- /,- <&9BA*94*- 2*)*- *- '&%*- ,- /AB,),94*- /,- %./A*'- 2&213*<A&9*A'

 #!#

(µ! ± µ # ):- ;1*9/&- &'- /,'8A&'- 2*/)U,'- 2&213*<A&9*A'- '5&- /,'<&9T,<A/&'- ,

'12&'(*%,9(,-/AB,),9(,'6-$-,W2),''5&-1(A3AR*/*-.=

 E# E# E# E # 
( ) ( )
N  y! ± y # − ( α # ! + # ≤ µ! ± µ # ≤ y! ± y # + ( α # ! + #  = h!−α> h!!6#Y>
 9! 9# 9! 9# 


!!6" bLMFOK$J7- GF- d7LDb$Lu$- N$O$- $- E7I$- F- GbDFOFLu$- GF- GH$E

NO7N7OuvFE-N7NHJ$db7L$bE- 2! -F- 2 #

$'- ,'(*(X'(A<*'- *- ',),%- 1(A3AR*/*'- <&%&- ,'(A%*/&),'- '5&- *'

 ! - ,- 2
2)&2&)4U,'- *%&'()*A'- ,'(A%*/*'- 2  # 6- $''A%- *- 8*)AQ8,3- 9&)%*3

! ± 2
2*/)&9AR*/*-*''&<A*/*-*- 2  # :-',)Q-/*/*-2&)=

R=
(2!  # ) − (2! ± 2 # )
±2
h!!6#\>
! ;
2 ! 2
 ;
+ # #
9! 9#

E10'(A(1A9/&- h!!6#\>- ,%- h!!6m>- ,- A'&3*9/&- (2! ± 2 # ) - &0(.%S',- &

A9(,)8*3&- /,- <&9BA*94*- 2*)*- *- '&%*- ,- /AB,),94*- /,- 2)&2&)4U,'

2&213*<A&9*A'- (2! ± 2 # ) 6--$-,W2),''5&-1(A3AR*/*-.=

 
N (2  # ) − Rα # + # # ≤ 2! ± 2 # ≤ (2  # )+ R α #
! ;
2 ! 2
 ; ! ;
2 ! 2
 ;
! ± 2 ! ± 2 + # #  = h!−α> h!!6#e>
 9! 9# 9! 9# 

!!6m bLMFOK$J7-GF-d7LDb$Lu$-N$O$-$-K$ObƒLdb$-N7NHJ$db7L$J- σ #

$- ,'(*(X'(A<*- *- ',)- 1(A3AR*/*- <&%&- ,'(A%*/&)- .- *- 8*)Al9<A*- *%&'()*3

( )
E # 6-G*-/A'()A01A45&-;1AS;1*/)*/&- χ # -(,%S',-;1,=

 
N  χ # α ≤ χ # ≤ χ #α  = h!−α> h!!6#g>
 ! − # # 

,%-;1,=

χ# =
(9 − !)E # h!!6#">
σ#
 #!Y

$- ,'(*(X'(A<*- χ # - h;1AS;1*/)*/&>- /*/*- 2&)- h!!6#">- (,%- /A'()A01A45&

;1AS;1*/)*/&-<&%- υ = 9 − ! -+)*1'-/,-3A0,)/*/,6

E10'(A(1A9/&-h!!6#">-,%-h!!6#g>-,-A'&3*9/&- σ # -&0(.%S',-&-A9(,)8*3&-/,

<&9BA*94*-2*)*-*-8*)Al9<A*-2&213*<A&9*3- σ # 6--$-,W2),''5&-1(A3AR*/*-.=

 
 (9 − !) E # (9 − !) E # 
N ≤ σ ≤
#
 = h!−α> h!!6#m>
 χ #α χ# α 
!−
 # # 

!!6k bLMFOK$J7-GF-d7LDb$Lu$-N$O$-7-GFEKb7-N$GOt7-N7NHJ$db7L$J- σ

$-,'(*(X'(A<*-*-',)-1(A3AR*/*-<&%&-,'(A%*/&)-.-&-/,'8A&-2*/)5&- E 6

d&9'A/,)*9/&- *- )*AR- ;1*/)*/*- 2&'A(A8*- /&- A9(,)8*3&- /,- <&9BA*94*

/*/&- ,%- h!!6#m>:- &0(.%S',- &- A9(,)8*3&- /,- <&9BA*94*- 2*)*- σ :- <&9B&)%,

',+1,=

 

N
(9 − !)E #
≤ σ≤
(9 − !)E  = h!−α>
#

 h!!6#k>
 χ #α χ# α 
!−
 # # 

FW,%23&'=
!- S- H%*- *%&'()*- *3,*(_)A*- /&- 2,'&- /,- <A9<&- <)A*94*'- B&)9,<,1- &'

',+1A9(,'-8*3&),'-h,%-^+>=

#Y:C?--#C:e?--#!:Y?--#\:e?--##:C

G,(,)%A9,- 1%- A9(,)8*3&- /,- <&9BA*94*- /,- ke€- ,%- (&)9&- /*

8,)/*/,A)*-8*)Al9<A*-2&213*<A&9*36

E&3145&=

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

y = ##: #g? 9 = e? E # = #: \!? E = !: ee? υ = 9 − ! = \? α = C: Ce

G&-;1*/)&-Y-h*9,W&-!>-(,%S',-;1,=- χ #α = !!:!\? χ # ! !
α = = = C: \m
#
!−
# χα
#
!!:!\
#
 #!\

E10'(A(1A9/&-&'-8*3&),'-,%-h!!6#m>-(,%S',=

 (e − !) #: \! (e − !)#: \! = ke€

N ≤ σ# ≤ 
 !!:!\ C: \m 

{ }
N C:m" ≤ σ # ≤ #C: Cm = ke€

N&/,%&'- <&9<31A)- <&%- ke€- /,- <&9BA*94*- ;1,- *- 8,)/*/,A)*

8*)Al9<A*-/*-2&213*45&-,'(Q-<&9(A/*-9&-A9(,)8*3&-*<A%*6

#- S- G,(,)%A9,- 1%- A9(,)8*3&- /,- <&9BA*94*- /,- ke€- ,%- (&)9&- /&

8,)/*/,A)&-/,'8A&-2*/)5&-2&213*<A&9*3-/&-2)&03,%*-*9(,)A&)6

E&3145&=

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

{ }
N C:m" ≤ σ # ≤ #C: Cm = ke€

N{C: kY ≤ σ ≤ \: \m } = ke€

N&/,%&'- <&9<31A)- <&%- ke€- /,- <&9BA*94*- ;1,- &- 8,)/*/,A)&- /,'8A&

2*/)5&-/*-2&213*45&-,'(Q-<&9(A/&-9&-A9(,)8*3&-*<A%*6
 #!e

!Q MJ$*R&J%R#$*R'%4M*4#$%&'(#&

7- &0@,(A8&- /&- /A%,9'A&9*%,9(&- /,- *%&'()*'- .- <*3<13*)%&'- ;1*3- &

(*%*9T&-%X9A%&-;1,-/,8,%&'-<&3,(*):-/,-%&/&-;1,:-&-,))&-*&-,'(A%*)%&'

&-2*)l%,()&- θ -',@*-%,9&)-/&-;1,-1%-8*3&)-2).S,'(*0,3,<A/&6

H(A3AR*9/&-*-/A'()A01A45&-9&)%*3-),/1RA/*-(,%S',=

y −µ
R= ∴ R σ W = y −µ: h!#6!>
σW

B*R,9/&- , & = y −µ -(,%S',=

, & = R α # 6σ W h!#6#>

H(A3AR*9/&-*-/A'()A01A45&-(-/,-E(1/,9(-(,%S',=

y −µ
(= ∴ ( σ W = y −µ: h!#6Y>
σW

B*R,9/&- , & = y − µ -(,%S',=

, & = ( α # 6σ W h!#6\>

!#6! $I7EMO$PFI-$JF$M„Ob$-EbINJFE-d7I-OFN7Ebut7-F- σ d7LjFdbG7

σ
L,'(,-<*'&-8A%&'-;1,- σ W = 6-E10'(A(1A9/&- σ W ,%-h!#6#>-,-A'&3*9/&-9
9

(,%S',=
#
 R α # 6σ 
9 =  
 -h!#6e>
 ,& 

,%-;1,=-

R α # {-8*3&)- /*- (*0,3*- <&)),'2&9/,9(,- V- Q),*- '&0- *- /A'()A01A45&

-9&)%*3-2*/)&9AR*/*-2*)*-1%-/,(,)%A9*/&-9X8,3-/,-<&9BA*94*-h!-S-α>?
 #!g

σ {-/,'8A&-2*/)5&-/*-2&213*45&?-,

'& {-,))&-*%&'()*3-*0'&31(&-2,)%A''X8,3-h2),<A'5&>6

!#6# $I7EMO$PFI-$JF$M„Ob$-EbINJFE-EFI-OFN7Ebut7-F- σ d7LjFdbG7

KA%&'- ;1,- &- /,'8A&- 2*/)5&- /*- /A'()A01A45&- *%&'()*3- /,- %./A*'- .

/*/&-2&)=-
σ L−9
σW = h!#6g>
9 L−!

E10'(A(1A9/&-h!#6g>-,%-h!#6#>-,-A'&3*9/&-9-(,%S',=

R #α # 6σ # 6L
9= h!#6">
, &# 6hL−!>+ R #α # 6σ #

,%-;1,=

R α # -{-8*3&)- /*- (*0,3*- <&)),'2&9/,9(,- V- Q),*- '&0),- *- --/A'()A01A45&

9&)%*3-2*/)&9AR*/*-2*)*-1%-/,(,)%A9*/&-9X8,3-/,-<&9BA*94*

h!-S-α>?

σ--{-/,'8A&-2*/)5&-/*-2&213*45&?

,& {-,))&-*%&'()*3-*0'&31(&-2,)%A''X8,3-h2),<A'5&>6

FW,%23&'=

!-S-`1*3-&-(*%*9T&-/*-*%&'()*-'1BA<A,9(,-2*)*-,'(A%*)-*-%./A*-/,

1%*- 2&213*45&- A9BA9A(*- <1@&- /,'8A&- 2*/)5&- .- A+1*3- *- e:- <&%- ke€- /,

<&9BA*94*-,-2),<A'5&-/,-C:\

E&3145&=

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

σ-{--e
 #!"

, C -{-C:\

h!-S-α>-{-ke€6-G&-;1*/)&-#-h*9,W&-!>-→- z α {-±--!:kg
#

E10'(A(1A9/&-&'-8*3&),'-,%-h!#6e>-(,%S',=

#
 !: kg6e 
9=  = gC! -&0',)8*4U,'
 C: \ 

#-S-`1*3- &- (*%*9T&- /*- *%&'()*- ;1,- /,8,%&'- ),(A)*)- /,- 1%*

2&213*45&-<&%-e6CCC-&0',)8*4U,'-<1@&-/,'8A&-2*/)5&-.-A+1*3-*-e:-<&%-ke€
/,-<&9BA*94*-,-2),<A'5&-/,-C:\

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

L-{-e6CCC

σ-{-e
, C {-C:\

h!S-α>-{-ke€-6-G&-;1*/)&-#-h*9,W&-!>-→- z α {-±--!:kg
#

E10'(A(1A9/&-&'-8*3&),'-,%-h!#6">-(,%S',=

!: kg # 6e # 6e6CCC \mC6#CC
9= = = eYg -&0',)8*4U,'
C: \ 6he6CCC −!> + !: kg 6e
# # #
mke:mm

!#6Y $I7EMO$PFI-$JF$M„Ob$-EbINJFE-d7I-OFN7Ebut7-F- σ GFEd7LjFdbG7

E
L,'(,-<*'&-8A%&'-;1,- σ W = 6-E10'(A(1A9/&- σ W -,%-h!#6\>-,-A'&3*9/&
9

9-(,%S',=
#
 ( α # 6E 
9 C =  
 -h!#6m>
 ,& 

,%-;1,=-
 #!m

( α # {-8*3&)-/*-(*0,3*-<&)),'2&9/,9(,-V-Q),*-'&0-*-/A'()A01A45&--(-/,

E(1/,9(:- <&%- 9 − !- +)*1'- /,- 3A0,)/*/,:- 2*)*- 1%- /,(,)%A9*/&

-9X8,3-/,-<&9BA*94*-h!-S-α>?

E-{-/,'8A&-2*/)5&-/*-*%&'()*-2A3&(&?-,

, C {-,))&-*%&'()*3-*0'&31(&-2,)%A''X8,3-h2),<A'5&>6

E,- 9 C < 9 :- *- *%&'()*- 2A3&(&- @Q- (,)Q- 'A/&- '1BA<A,9(,- 2*)*- *- ,'(A%*45&

/&-2*)l%,()&- θ 6

!#6\ $I7EMO$PFI- $JF$M„Ob$- EbINJFE- EFI- OFN7Ebut7- F- σ

GFEd7LjFdbG7

KA%&'- ;1,- &- /,'8A&- 2*/)5&- /*- /A'()A01A45&- *%&'()*3- /,- %./A*'- .

/*/&-2&)=-

E L−9
σW = h!#6k>
9 L−!

E10'(A(1A9/&-h!#6k>-,%-h!#6\>-,-A'&3*9/&-9-(,%S',=

( #α # E # 6L
9C = h!#6!C>
, &# 6hL−!>+ ( #α # 6 E #

,%-;1,=

( α # -{ 8*3&)-/*-(*0,3*-<&)),'2&9/,9(,-V-Q),*-'&0),-*---/A'()A01A45&-(

/,- E(1/,9(:- <&%- 9-S-!- +)*1'- /,- 3A0,)/*/,:- 2*)*- 1%

/,(,)%A9*/&---9X8,3-/,-<&9BA*94*-h!-S-α>?

E-{-/,'8A&-2*/)5&-/*-*%&'()*-2A3&(&?

, & {-,))&-*%&'()*3-*0'&31(&-2,)%A''X8,3-h2),<A'5&>6

E,- 9 C < 9 :- *- *%&'()*- 2A3&(&- @Q- (,)Q- 'A/&- '1BA<A,9(,- 2*)*- *- ,'(A%*45&

/&-2*)l%,()&- θ 6
 #!k

FW,%23&'=

!-r-H%*- *%&'()*- 2A3&(&- /,- (*%*9T&- 9-{-#e:- ),(A)*/*- /,- 1%*

2&213*45&-A9BA9A(*-B&)9,<,1-%./A*- y = \g: YC -,-/,'8A&-2*/)5&- E-{-k:m\6-`1*3-&

(*%*9T&-/*-*%&'()*-'1BA<A,9(,-2*)*-,'(A%*)-*-%./A*-/,''*-2&213*45&:-<&%

ke€-/,-<&9BA*94*-,-,))&-/,-e€

E&3145&=

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

E-{--k:m\

,C-{-C:Ce-6-\g:YC-{-#:Y!e

h!-S-α>-{-ke€6-G&-;1*/)&-\-h*9,W&-!>-→- ( α {-±--#:Cg
? #\
#

E10'(A(1A9/&-&'-8*3&),'-,%-h!#6m>-(,%S',=

#
 #: Cg k:m\ 
9C =   {-""-&0',)8*4U,'
 #: Y!e 

d&%&- 9 C > 9 :- *- *%&'()*- 2A3&(&- /,8,- ',)- <&%23,%,9(*/*- 8A'*9/&

&0(,)-*-,'(A%*(A8*-/*-%./A*- µ 6

#-S-H%*- *%&'()*- 2A3&(&- /,- (*%*9T&- 9-{-#C:- ),(A)*/*- /,- 1%*

2&213*45&- <&%- e- CCC- &0',)8*4U,'- B&)9,<,1- %./A*- y = "#:mC - ,- /,'8A&

2*/)5&- E {-!m:#C6- `1*3- &- (*%*9T&- /*- *%&'()*- '1BA<A,9(,- 2*)*- ,'(A%*)- *

%./A*-/,''*-2&213*45&:-<&%-ke€-/,-<&9BA*94*-,-,))&-/,-\€

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

L-{-e6CCC

E-{-!m:#C
,C-{-C:C\-6-"#:mC-{-#:k!#
 ##C

h!-S-α>-{-ke€6-G&-;1*/)&-\-h*9,W&-!>-→- ( α {-±--#:Ck
? !k
#

E10'(A(1A9/&-&'-8*3&),'-,%-h!#6!C>-(,%S',=

#: Ck #6!m: #C #6 e6CCC " #Y\ \\": ##

9C = = = !gg -&0',)8*4U,'
#: k!# 6 he6CCC −!> + #: Ck 6!m: #C
# # #
\Y mY":!#k"

d&%&- 9 C > 9 :- *- *%&'()*- 2A3&(&- /,8,- ',)- <&%23,%,9(*/*- 8A'*9/&

&0(,)-*-,'(A%*(A8*-/*-%./A*- µ 6

!#6e $I7EMO$PFI-G$E-NO7N7OuvFE-d7I-OFN7Ebut7-

$-8*)AQ8,3-9&)%*3-2*/)&9AR*/*-*''&<A*/*-*-2:-',)Q-/*/*-2&)=
 −2
2
R = ∴ R σ 2 = 2
 −2 h!#6!!>
σ 2

B*R,9/&- , & = 2
 − 2 -(,%S',=

, & = R α # 6σ 2 h!#6!#>

2;
L,'(,- <*'&- 8A%&'- ;1,- σ 2 = 6- d&%&- 95&- ',- <&9T,<,- &- 8*3&)
9

/,- 2:- /,8,S',- &0(,)- 1%*- *%&'()*- 2A3&(&- /,- (*%*9T&- 9- ,- ,'(A%*)- 2- 2,3*
 6E10'(A(1A9/&- σ 2 -,%-h!#6!#>-,-A'&3*9/&-9-(,%S',=
2)&2&)45&-*%&'()*3- 2

R #α 2
6 ;

9C = #
-h!#6!Y>
, #C

,%-;1,=-

R α # {-8*3&)- /*- (*0,3*- <&)),'2&9/,9(,- V- Q),*- '&0- *- /A'()A01A45&

9&)%*3- 2*/)&9AR*/*:- 2*)*- 1%- /,(,)%A9*/&- -9X8,3-/,

<&9BA*94*-h!-S-α>?
 {-2)&2&)45&-/,-'1<,''&'-9*-*%&'()*?-
2

 =!− 2
;  -{-2)&2&)45&-/,-B)*<*''&'-9*-*%&'()*?-,
 ##!

, C {-,))&-*%&'()*3-2,)%A''X8,3-h2),<A'5&>6

E,- 9 C < 9 :- *- *%&'()*- 2A3&(&- @Q- (,)Q- 'A/&- '1BA<A,9(,- 2*)*- *- ,'(A%*45&

/&-2*)l%,()&- θ 6

!#6g $I7EMO$PFI-G$E-NO7N7OuvFE-EFI-OFN7Ebut7-

2; L−9
L,'(,-<*'&-8A%&'-;1,- σ 2 = 6-d&%&-95&-',-<&9T,<,-&
9 L −!

8*3&)- /,- 2 :- /,8,S',- &0(,)- 1%*- *%&'()*- 2A3&(&- /,- (*%*9T&- 9- ,- ,'(A%*)- 2
 6E10'(A(1A9/&- σ 2 -,%-h!#6!#>-,-A'&3*9/&-9-(,%S',=
2,3*-2)&2&)45&-*%&'()*3- 2

R #α 2
6 ;
 6L
9C = #
-h!#6!\>
, #C (L −!)+ R #α 2
6 ;

#

,%-;1,=-

R α # {-8*3&)- /*- (*0,3*- <&)),'2&9/,9(,- V- Q),*- '&0- *- /A'()A01A45&

9&)%*3- 2*/)&9AR*/*:- 2*)*- 1%- /,(,)%A9*/&- -9X8,3-/,

<&9BA*94*?
 {-2)&2&)45&-/,-'1<,''&'-9*-*%&'()*?-
2

 =!− 2
;  -{-2)&2&)45&-/,-B)*<*''&'-9*-*%&'()*?-

L {-(*%*9T&-/*-2&213*45&?-,

, C {-,))&-*%&'()*3-2,)%A''X8,3-h2),<A'5&>6

E,- 9 C < 9 :- *- *%&'()*- 2A3&(&- @Q- (,)Q- 'A/&- '1BA<A,9(,- 2*)*- *- ,'(A%*45&

/&-2*)l%,()&- θ 6

FW,%23&'=

!-S-H%*- *%&'()*- 2A3&(&- /,- (*%*9T&- 9- {- #e:- ),(A)*/*- /,- 1%*

\
 =
2&213*45&- A9BA9A(*- B&)9,<,1- 2 = C:!g 6- `1*3- &- (*%*9T&- /*- *%&'()*
#e
'1BA<A,9(,- 2*)*- ,'(A%*)- *- 8,)/*/,A)*- 2)&2&)45&- 2 - /,''*- 2&213*45&:- <&%

ke€-/,-<&9BA*94*-,-,))&-/,-e€6
 ###

E&3145&=

N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

 = C:!g?-- ;
2  {-C:m\

, C -{-C:Ce

h!-S-α>-{-ke€6-G&-;1*/)&-#-h*9,W&-!>-→- R R {-±--!:kg
#

E10'(A(1A9/&-&'-8*3&),'-,%-h!#6!Y>-(,%S',=

!: kg #6 C:!g 6 C:m\
9C = = #C"-&0',)8*4U,'
C: Ce #

d&%&- 9 C > 9 :- *- *%&'()*- 2A3&(&- /,8,- ',)- <&%23,%,9(*/*- 8A'*9/&

&0(,)-*-,'(A%*(A8*-/*-8,)/*/,A)*-2)&2&)45&- 2 6

#-S-H%*- *%&'()*- 2A3&(&- /,- (*%*9T&- 9- {- #C:- ),(A)*/*- /,- 1%*

e
 =
2&213*45&- <&%- Y- CCC- &0',)8*4U,'- B&)9,<,1- %./A*- 2 = C: #e6 `1*3- &
#C

(*%*9T&-/*-*%&'()*-'1BA<A,9(,-2*)*-,'(A%*)-*-%./A*-/,''*-2&213*45&:-<&%

ke€-/,-<&9BA*94*-,-,))&-/,-\€6
N*)*-&-2)&03,%*-2)&2&'(&-(,%&'=

L-{-Y6CCC

 = C:#e?-- ;
2  {-C:"e

, C -{-C:C\

h!-S-α>-{-ke€6-G&-;1*/)&-#-h*9,W&-!>-→- R R {-±--!:kg
#
E10'(A(1A9/&-&'-8*3&),'-,%-h!#6!\>-(,%S',=

!: kg # 6 C: #e 6 C:"e 6 YCCC
9C = = Yk#-&0',)8*4U,'
C: C\ # (YCCC −!)+!: kg # C: #e 6 C:"e

d&%&- 9 C > 9 :- *- *%&'()*- 2A3&(&- /,8,- ',)- <&%23,%,9(*/*- 8A'*9/&

&0(,)-*-,'(A%*(A8*-/*-8,)/*/,A)*-2)&2&)45&- 2 6
 !!"

!" #$%#$%&'$&()*+#$%$%

#$%&'%()%*%()%+ ,$%-./0*1/+ )1*0$+ 2%-./3%/+ /14$%+ ,1,56073%/8+ -1*

40/%+ %*+ .(91$*073%/+ /14$%+ 0*1/)$0/+ 20/+ *%/*0/:+ ;0./+ 2%-./3%/+ -<0*0*=/%

2%-./3%/+ %/)0)>/).-0/:+ ?1$+ %@%*,618+ -1*+ 40/%+ %*+ $%/56)021/+ 0*1/)$0./8

,12%*1/+&5%$%$+2%-.2.$+/%+2%)%$*.(020+A0$.%202%+2%+*.6<1+B+*%6<1$+21+&5%

15)$08+ /%+ 5*+ ,$1-%//1+ %25-0-.1(06+ B+ *0./+ %9.-.%()%8+ /%+ 2%)%$*.(021

*%2.-0*%()1+ B+ %9.-.%()%8+ %)-:+ C//.*8+ 02*.)%=/%+ .(.-.06*%()%8+ 5*+ A061$

<.,1)B).-1+ ,0$0+ 5*+ ,0$D*%)$1+ ,1,560-.1(06+ 2%/-1(<%-.21+ %8+ 0+ /%E5.$8

40/%0(21=/%+%*+.(91$*073%/+14).20/+20+0*1/)$08+0-%.)0=/%+15+(F1+%//%+A061$:

G":G HI?J;KLKL+KL;C;ML;INCL

LF1+ /5,1/.73%/+ &5%+ /%+ 90O+ 0-%$-0+ 21/+ ,0$D*%)$1/+ 2%+ 5*0

,1,5607F1:+;0./+<.,P)%/%/8+,12%*+15+(F1+/%$+A%$202%.$0/:

0Q <.,P)%/%+(560+RH1Q+S+B+&506&5%$+<.,P)%/%+&5%+/%$T+)%/)020:

4Q <.,P)%/%+ 06)%$(0).A0+ RHGQS+ B+ &506&5%$+ <.,P)%/%+ 2.9%$%()%+ 20

<.,P)%/%+(560U
V+ )%/)%+ 2%+ <.,P)%/%+ 14W%).A0+ -161-0$+ 0+ <.,P)%/%+ (560+ H1+ %*

-1()$0,1/.7F1+X+<.,P)%/%+06)%$(0).A0+HG:

L5,1(<0+&5%+0+*B2.0+Y+2%+5*0+,1,5607F1+/%W0+1+,0$D*%)$1+0+/%$

)%/)021:+C/+<.,P)%/%/+(560+%+06)%$(0).A0+E%$06*%()%+/F1+%(5(-.020/+-1*1S

H1 µ = µ 1 H1 µ = µ 1 H1  µ = µ !
0Q++++++  +++++++++4Q+++++  ++++++++++-Q+++++  RG":GQ
HG µ ≠ µ 1 HG µ > µ 1 HG  µ < µ !

C+91$*5607F1+%*+R0Q+%(A16A%+5*+)%/)%+4.60)%$068+%(&50()1+&5%+R4Q+%

R-Q+ %(A16A%+ )%/)%/+ 5(.60)%$0./8+ ,1./+ %/)0*1/+ .()%$%//021/+ 0,%(0/+ %*+ A061$%/
 !!Z

%@)$%*1/+2%+5*+15+2%+15)$1+6021+20+*B2.0:+C+$%E.F1+2%+$%W%.7F1+%(-1()$0=

/%+%*+0,%(0/+5*+21/+%@)$%*1/+20+A0$.TA%6+2%+.()%$%//%:

G":! [K\I]KL+^K+CNKI;C_`V+K+[KaKI_`V

0Q [%E.F1+ 2%+ C-%.)07F1+ R[:C:QS+ B+ 0+ $%E.F1+ %*+ &5%+ /%+ 0-%.)0+ 0

<./,P)%/%+(560+H1U

4Q [%E.F1+ 2%+ [%W%.7F1+ R[:[:QS+ B+ 0+ $%E.F1+ %*+ &5%+ /%+ $%W%.)0+ 0

<.,P)%/%+(560+H18+/%(21+-1*,6%*%()0$+X+$%E.F1+2%+0-%.)07F1:+b

)0*4B*+2%(1*.(020+2%+$%E.F1+-$>).-0+R[:N:Q:

G":" K[[V+^V+;I?V+I

b+ 1+ %$$1+ -1*%).21+ &50(21+ $%W%.)0*1/+ 0+ <.,P)%/%+ (5608+ /%(21+ %60

A%$202%.$0:

G":Z K[[V+^V+;I?V+II

b+ 1+ %$$1+ -1*%).21+ &50(21+ 0-%.)0*1/+ 0+ <.,P)%/%+ (5608+ /%(21+ %60

906/0:

G":c dMeKf+^K+LI\dI#INgdNIC

b+0+,$1404.6.202%+*T@.*0+-1*+0+&506+/%+/5W%.)0$.0+-1$$%$+1+$./-1+2%

5*+ %$$1+ 21+ ).,1+ I:+ K//0+ ,$1404.6.202%+ ,12%+ /%$+ $%,$%/%()020+ 20+ /%E5.()%

91$*0S

α +h+?+i$%W%.)0$+H1jH1+A%$202%.$0k++++++++++++++++++++++++++ +RG":!Q

d0+,$T).-0+B+-1*5*+1+5/1+21/+(>A%./+2%+/.E(.9.-D(-.0+2%++l8GlU+l8lc+%

l8lG:
 !!c

C+,$1404.6.202%+2%+-1*%)%$*1/+1+%$$1+21+).,1+II+B+2020+,1$S

β +h+?+i0-%.)0$++H1jH1+906/0k++++++++++++++++++++++++++ +RG":"Q

G":m [ILNVL+^K+;VnC^CL+^K+^KNIL]KL

opC^[V+G":G+=+[ILNVL+IdK[Kd;KL+C+;VnC^C+^K+^KNIL`V+

[KCfI^C^K
^KNIL`V
Hl+e%$202%.$0 Hl+#06/0

C-%.)0+Hl ^%-./F1+N1$$%)0+RG+=+αQ K$$1+;.,1+II+RβQ

[%W%.)0+Hl K$$1+;.,1+I+RαQ ^%-./F1+N1$$%)0+RG+=+βQ

opC^[V+G":!+=+^KNIL`V+^K+pn+?[V#KLLV[

[KCfI^C^K
^KNIL`V Hl+e%$202%.$0 Hl+#06/0
K/)5215 dF1+K/)5215

C-%.)0+Hl+
^%-./F1+N1$$%)0+RG+=+αQ K$$1+;.,1+II+RβQ
C,$1A0+C65(1

[%W%.)0+Hl
K$$1+;.,1+I+RαQ ^%-./F1+N1$$%)0+RG+=+βQ
[%,$1A0+C65(1

opC^[V+G":"+q+^KNIL`V+^K+pn+nb^INV

[KCfI^C^K
^KNIL`V Hl+e%$202%.$0 Hl+#06/0
?$%-./0+V,%$0$ dF1+?$%-./0+V,%$0$

C-%.)0+Hl+
^%-./F1+N1$$%)0+RG+=+αQ K$$1+;.,1+II+RβQ
V,%$0

[%W%.)0+Hl
K$$1+;.,1+I+RαQ ^%-./F1+N1$$%)0+RG+=+βQ
dF1+V,%$0

G":r KLopKnC+\K[Cf+^K+pn+;KL;K+^K+HI?J;KLK

d0+ 0,6.-07F1+ 2%+ 5*+ )%/)%+ 2%+ <.,P)%/%+ 2%A%*1/+ %/)04%6%-%$+ 1

/%E5.()%+$1)%.$1S
 !!m

Gs! K/)04%6%-%$+0+<.,P)%/%+(560+H1

!s! K/)04%6%-%$+0+<.,P)%/%+06)%$(0).A0+HG

"s! #.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs! ^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1+20+<.,P)%/%+(560+H1

cs! K@)$0.$+0+0*1/)$0+%+-06-560$+1+A061$+20+%/)0)>/).-0+-1$$%/,1(2%()%
ms! [%W%.)0$+ 15+ 0-%.)0$+ H18+ -1(91$*%+ 1+ A061$+ 20+ %/)0)>/).-0+ 0*1/)$06

-0.$+(0+[:[:+15+(0+[:C:

G":t ;KL;K+^K+HI?J;KLK+?C[C+C+nb^IC+?V?pfCNIVdCf+Y

Gs H 1 S µ=µ 1

µ ≠ µ 1

+!s HGS+ µ > µ 1 +
µ < µ 1


"s++#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs++^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1S

Gs+N0/1S+^%/A.1+,02$F1+,1,560-.1(06+-1(<%-.21

!s+N0/1S+^%/A.1+,02$F1+,1,560-.1(06+2%/-1(<%-.21
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cs+N06-560$+0/+%/)0)>/).-0/+0*1/)$0./S

@ −µ 1
O= RG":ZQ
σ
(

,0$0+1+Gs+-0/1+%

@ −µ 1
)= RG":cQ
L
(

,0$0+1+!s+-0/1

ms++N1(-65/3%/S
0Q+ /% O > O α 15 ) > ) α 8 +$%W%.)0=/%+H1U
! !

4Q+ /% O > O α 15 ) > ) α 8 $%W%.)0=/%+H1U

-Q+ /% O < − O α 15 ) < − ) α 8 $%W%.)0=/%+H1:

K@%*,61/S

G+=+p*0+ 9T4$.-0+ 2%+ 40)%$.0/+ 06%E0+ &5%+ 0/+ *%/*0/+ )%*+ A.20+ *B2.0

2%+cl+*%/%/:+L04%=/%+&5%+1+2%/A.1+,02$F1+-1$$%/,1(2%()%+B+2%+Z+*%/%/:+L%

5*0+ 0*1/)$0+ 2%+ "m+ 40)%$.0/8+ 14).20+ 2%//0+ ,1,5607F18+ )%*+ A.20+ *B2.0+ 2%

Zt8!+*%/%/8+,12%*1/+09.$*0$+&5%+0+*B2.0+2%//0+,1,5607F1+B+2.9%$%()%+2%

cl+*%/%/8+01+(>A%6+2%+/.E(.9.-D(-.0+2%+cuv

L1657F1S

Gs++H1+S+Y+h+cl

!s++HG+S+Y+≠+cl

"s++αh+l8lc
 !!t

Zs++^%)%$*.(07F1+20+$%E.F1+2%+$%W%.7F1

"#$%

^0+)04%60+20+2./)$.45.7F1+(1$*06+$%25O.208+14)%*1/+ O α h+±+G8wm
!

cs+NT6-561+20+%/)0)>/).-0+OS

Zt8 ! − cl
O= = − !8r
Z
"m

ms+ N1(-65/F1S+ -1*1+ O < − O α h+=G8wm8+ $%W%.)0=/%+ H18+ 15+ /%W08+ 1+ $%/56)021
!

0*1/)$06+B+/59.-.%()%+,0$0+09.$*0$*1/+&5%+0+*B2.0+B+2.9%$%()%+2%
cl+*%/%/8+01+(>A%6+2%+wcu+2%+-1(9.0(70:

!+=+?0$0+1+%@%*,61+0()%$.1$8+/%+1+2%/A.1+,02$F1+91//%+2%/-1(<%-.218

%+ -1*+ 40/%+ (0+ 0*1/)$0+ 2%+ "m+ 40)%$.0/8+ 14).AB//%*1/+ A.20+ *B2.0+ 2%+ Zt8!

*%/%/8+ -1*+ 2%/A.1+ ,02$F1+ 2%+ c8Z+ *%/%/8+ ,12%*1/+ 09.$*0$+ &5%+ 0+ *B2.0

2%//0+,1,5607F1+B+*%(1$+21+&5%+cl+*%/%/8+01+(>A%6+2%+/.E(9.-D(-.0+2%+cuv++

L1657F1S

Gs+ H1 S µ = cl

!s+ HG S µ < cl

"s+ α = l8 lc
 !!w

Zs+^%)%$*.(07F1+20+$%E.F1+2%+$%W%.7F1+

^0+)04%60+20+2./)$.45.7F1+)U+,0$0++νh+(=G+h+"c8+14)%*1/+=)α++h+=G8mt

cs+NT6-561+20+K/)0)>/).-0+)S

Zt8 ! − cl
)= = − !8 ll
c8 Z
"m

ms+N1(-65/F1S+-1*1+)+x+=+)α+h+=G8mt8+$%W%.)0=/%+H18+15+/%W08+0+0*1/)$0+B
/59.-.%()%+ ,0$0+ 25A.20$*1/+ 20+ 09.$*07F1+ 21+ 904$.-0()%:+ N1*
40/%+ (0+ 0*1/)$0+ 0(06./020+ ,12%*1/+ -1(-65.$+ &5%+ 1+ )%*,1
*B2.1+2%+A.20+20/+40)%$.0/+B+*%(1$+21+&5%+cl+*%/%/:

G":w ;KL;K+^K+HI?J;KLK+?C[C+C+?[V?V[_`V+?V?pfCNIVdCf+?
Gs++H1+S+,+h+,1

, ≠ , 1

!s++HG+S+ , > , 1
, < ,
 1

"s++#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α
 !"l

Zs++^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1

cs++N06-560$+0+%/)0)>/).-0+OS

? − ?1
O= RG":mQ
?1 &1
(

ms++N1(-65/3%/S

0Q+ /% O > O α 8 +$%W%.)0=/%+H1U

!

4Q+ /% O > O α 8 $%W%.)0=/%+H1U

-Q+ /% O < − O α 8 $%W%.)0=/%+H1:

K@%*,61S

p*+ 904$.-0()%+ 2%+ 2%)%$*.(021+ *%2.-0*%()1+ 06%E0+ &5%+ 1+ *%/*1

0-5/15+ wlu+ 2%+ %9.-.y(-.0+ %*+ 06.A.0$+ 0+ 06%$E.0:+ K*+ 5*0+ 0*1/)$0+ 2%+ !ll

.(2.A>251/+ &5%+ /19$.0*+ 2%+ 06%$E.08+ 1+ $%*B2.1+ 2%5+ $%/56)021+ ,1/.).A1+ %*+ Gml:

;%/)%+ /%+ 0+ 06%E07F1+ 21+ 904$.-0()%+ B+ 6%E>).*0+ 15+ (F18+ 01+ (>A%6+ 2%

/.E(.9.-D(-.0+2%+l8lG:

L1657F1S

Gs+++H1+S+,+h+l8wl

!s+++HG+S+,+x+l8wl

"s+++α+h+l8lG
 !"G

Zs+++^%)%$*.(07F1+20+$%E.F1+2%+$%W%.7F1S

^0+)04%60+20+2./)$.45.7F1+O+,0$0+++α+h+l8lG8+14)%*1/+=+Oα++h+=+!8"":
cs+NT6-561+20+K/)0)>/).-0+OS

Gml
,= = l8t 8++,1$)0(21
!ll

l8t − l8 w
z= = − Z8rG
l8 w:l8G
!ll

ms+N1*1+ O+ x+ =+ Oα+ + h+ =!8""8+ $%W%.)0=/%+ H18+ 15+ /%W08+ -1(-65>*1/+ &5%+ 0

06%E07F1+20+904$.-0()%+ (F1+ B+ 6%E>).*08+ 01+ (>A%6+ 2%+ /.E(.9.-D(-.0

2%+l8lG:

G":Gl+ ;KL;K+ ^K+ HI?J;KLK+ ?C[C+ C+ ^I#K[Kd_C+ Kd;[K+ ^pCL+ nb^ICL

?V?pfCNIVdCIL+ µ" +K+ µ# +

Gs H 1 S µG − µ ! = l

µG − µ ! ≠ l

!s HGS+ µG − µ ! > l +
µG − µ ! < l

"s++#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs++^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1S
 !"!

G":Gl:G+C*1/)$0/+.(2%,%(2%()%/+%+2%/A.1/+,02$3%/+,1,560-.1(0./+ σG +%+ σ ! +/F1

-1(<%-.21/+

G":Gl:!+C*1/)$0/+.(2%,%(2%()%/+%+2%/A.1/+,02$3%/+,1,560-.1(0./+ σG +%+ σ ! +/F1

2%/-1(<%-.21/+%+/5,1/)0*%()%+.E50./

G":Gl:"+C*1/)$0/+.(2%,%(2%()%/+%+2%/A.1/+,02$3%/+,1,560-.1(0./+ σG +%+ σ ! +/F1

2%/-1(<%-.21/+%+/5,1/)0*%()%+2.9%$%()%/

G":Gl:Z+C*1/)$0/+2%,%(2%()%/+R2021/+%*,0$%6<021/Q
 !""

cs+N06-560$+0/+%/)0)>/).-0/+0*1/)$0./S

+++++++++++++++++++C*1/)$0/+.(2%,%(2%()%/+%+2%/A.1/+,02$3%/+,1,560-.1(0./+ σG +%+ σ !

/F1+-1(<%-.21/S

{G − { !
O= RG":rQ
σG! σ !!
+
(G ( !

+++++++++++++++++++C*1/)$0/+.(2%,%(2%()%/+%+2%/A.1/+,02$3%/+,1,560-.1(0./+ σG +%+ σ !

/F1+2%/-1(<%-.21/+%+/5,1/)0*%()%+.E50./S

{G − { !
)= RG":tQ
G G 
L ,!  + 
 (G ( ! 

&5%+ )%*+ 2./)$.45.7F1+ )+ 2%+ L)52%()+ -1*+ υ = (G + ( ! − ! + E$05/+ 2%

6.4%$202%:+

+++++++++++++++++++C*1/)$0/+.(2%,%(2%()%/+%+2%/A.1/+,02$3%/+,1,560-.1(0./+ σG +%+ σ !

/F1+2%/-1(<%-.21/+%++/5,1/)0*%()%+.2.9%$%()%/S

{G − { !
)= RG":wQ
 LG! L !! 
 
( + ( 
 G ! 

&5%+ )%*+ 2./)$.45.7F1+ )+ 2%+ L)52%()+ -1*+ φ + E$05/+ 2%+ 6.4%$202%8

/%(21+ φ + 2021+ ,1$+ R/%E5(21+ 1+ *B)121+ 2%+ C/,.(=|%6-<8+ -1*
0$$%21(20*%()1+,0$0+*%(1/QS

(AG + A ! )!
φ= −! RG":GlQ
A G! A !!
+
(G + G (! + G

LG! L!
AG = +%+ A ! = ! + RG":GGQ
(G (!
 !"Z

C*1/)$0/+2%,%(2%()%/+R2021/+%*,0$%6<021/Q

2
)=
L2
(

&5%+)%*+2./)$.45.7F1+)+2%+L)52%()+-1*+ υ = ( − G +E$05/+2%+6.4%$202%:

C/+%/).*0).A0/+2%+ 2 +%+ L 2 +/F1+14).20/+,1$S

∑2
. =G
.

2= RG":G!Q
(

( !

∑ (2
. =G
. − 2)
L2 = RG":G"Q
( −G

2. = {G. − { !. RG":GZQ

%*+ &5%+ 2. + $%,$%/%()0+ 0+ .=B/.*0+ 2.9%$%(70+ %()$%+ 250/+ 14/%$A073%/

%*,0$%6<020/:

ms+N1(-65/3%/S

0Q+ /% O > O α 15 ) > ) α 8 +$%W%.)0=/%+H1U

! !

4Q+ /% O > O α 15 ) > ) α 8 $%W%.)0=/%+H1U

-Q+ /% O < − O α 15 ) < − ) α 8 $%W%.)0=/%+H1:

 !"c

G":GG ;KL;K+ ^K+ HI?J;KLK+ ?C[C+ C+ ^I#K[Kd_C+ Kd;[K+ ^pCL+ ?[V?V[_]KL

?V?pfCNIVdCIL+ ,G +K+ , ! +

Gs H1 S ,G − , ! = l

,G − , ! ≠ l

!s HGS+ ,G − , ! > l +
,G − , ! < l

"s++#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs++^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1S

cs+N06-560$+0/+%/)0)>/).-0/+0*1/)$0./S

}G − ,
, }!
O= RG":GcQ
G G 
} (G − ,
, } )  + 
 (G ( ! 

} +B+2020+,1$SS
C+%/).*0).A0+2%+ ,

} G + (! ,
(G , }!
}=
, RG":GmQ
(G + ( !

9G 9
}G =
%*+&5%+ , } ! = ! +/F1+0/+%/).*0).A0/+2%+ ,G +%+ , ! :+
+%+ ,
(G (!

ms+N1(-65/3%/S

0Q+ /% O > O α 15 ) > ) α 8 +$%W%.)0=/%+H1U

! !

4Q+ /% O>O α 15)>) α 8 $%W%.)0=/%+H1U

-Q+ /% O<− O α 15)<− ) α 8 $%W%.)0=/%+H1:

 !"m

G":G! ;KL;K+^K+HI?J;KLK+?C[C+C+eC[IgdNIC+?V?pfCNIVdCf+ σ !
Gs++H1+S+ σ ! = σ !l

σ # ≠ σ $#

!s++HG+S+ σ # > σ $#
 #
σ < σ $
#

"s++#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs++^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1

cs+N06-560$+0+%/)0)>/).-0+ χ ! S

χ! =
(( − G) L ! RG":GrQ
σ !l

C+ %/)0)>/).-0+ χ ! + R&5.=&502$021Q+ 2020+ ,1$+ RG":GrQ+ )%*+ 2./)$.45.7F1

&5.=&502$021+-1*+ υ = ( − G +E$05/+2%+6.4%$202%:

ms+N1(-65/3%/S

0Q+ /% χ ! < χ ! α 15 χ ! > χ !α 8+$%W%.)0=/%+H1U

G−
! !

4Q+ /% χ ! > χ !α 8+$%W%.)0=/%+H1U

-Q+ /% χ ! < χG! − α 8+$%W%.)0=/%+H1:

d0/+ )04%60/+ χ ! + 5(.-0520./+ 0+ 2.$%.)08+ ,0$0+ %(-1()$0$+ 1/+ A061$%/+ 2%

χ! α +%++ χG! − α 2%A%*1/+90O%$S

G−
!

G G
χ! α = +%+ χG! − α = ! RG":GtQ
G−
!
χα
!
χα
!
 !"r

G":G" ;KL;K+ ^K+ HI?J;KLK+ ?C[C+ C+ I\pCf^C^K+ ^K+ ^pCL+ eC[IgdNICL

?V?pfCNIVdCIL++ σG! +K+ σ !!
Gs++H1+S+ σG! = σ !!

σ "# ≠ σ ##

!s++HG+S+ σ "# > σ ##
 #
σ " < σ #
#

"s+#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs+^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1

cs+N06-560$+0+%/)0)>/).-0+ # S

LG!
# = RG":GwQ
L !!

C+ %/)0)>/).-0+ #+ 2020+ ,1$+ RG":GwQ+ )%*+ 2./)$.45.7F1+ #+ 2%+ L(%2%-1$

-1*+ υG = (G − G+ E$05/+ 2%+ 6.4%$202%+ (1+ (5*%$021$+ %+ υ ! = ( ! − G

E$05/+2%+6.4%$202%+(1+2%(1*.(021$:+

ms+N1(-65/3%/S

0Q+ /% # < # α 15 # > #α 8+$%W%.)0=/%+H1U

G−
! !

4Q+ /% # > #α 8+$%W%.)0=/%+H1U

-Q+ /% # < #G − α 8+$%W%.)0=/%+H1:

d0/+ )04%60/+ % + 5(.-0520./+ 0+ 2.$%.)08+ ,0$0+ %(-1()$0$+ 1/+ A061$%/+ 2%

# α %++ #G − α 2%A%*1/+90O%$S
G−
!

G G
# α = +%+ #G − α = RG":!lQ
G− #α #α
!
!
 !"t

G":GZ ;KL;K+ ^K+ HI?J;KLK+ ^K+ ~C[;fK;;+ ?C[C+ C+ I\pCf^C^K+ ^K+ + R+ €+ !Q
eC[IgdNICL+?V?pfCNIVdCIL+ σG! 8 σ !! 8 :::8 σ !
Gs++H1+S+ σG! = σ !! = ::: = σ !
!s++HG+S++,%61+*%(1/+5*0+20/+A0$.D(-.0/+B+2.9%$%()%+20/+2%*0./
"s++#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs++^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1

cs++N06-560$+0+%/)0)>/).-0+ χ ! S

 


!8 "l!m 
∑υ . L .!


. =G !
χ! =
N (( −  ) 61E (−
− ∑ υ . 61E L .  RG":!GQ
. =G
 
 

%*+&5%S


(= ∑( U υ
. =G
. . = (. − G RG":!!Q

  G G 

∑
G
N =G+ − RG":!"Q
" ( − G)  . = G υ.
 ( −  

C+%/)0)>/).-0+ χ ! +R&5.=&502$021Q+2020+,1$+RG":!GQ+)%*+2./)$.45.7F1

&5.=&502$021+-1*+ υ =  − G +E$05/+2%+6.4%$202%:

ms++N1(-65/F1S

L% χ ! > χ !α 8+$%W%.)0=/%+Hl:

G":Gc ;KL;K+^V+opI=opC^[C^V+?C[C+?[VeC+^K+C^K[‚dNIC

V/+,$1-%2.*%()1/+2%+)%/)%/+2%+<.,P)%/%/+&5%+2./-5).*1/+(0/+/%73%/

0()%$.1$%/+ 91$0*+ 2%/%(A16A.21/+ ,0$0+ ,$146%*0/+ %*+ &5%+ 0+ ,1,5607F1+ 15+ 0

2./)$.45.7F1+ 2%+ ,$1404.6.202%/+ /%W0+ -1(<%-.20+ %+ 0/+ <.,P)%/%/+ %(A16A0*+ 1/

,0$D*%)$1/+ 20+ 2./)$.45.7F1:+ p*+ 15)$1+ ).,1+ 2%+ <.,P)%/%+ B+ 9$%&5%()%*%()%

 !"w

%(-1()$021S+ (F1+ -1(<%-%*1/+ 0+ 2./)$.45.7F1+ 20+ ,1,5607F1+ /14

-1(/.2%$07F1+ %+ 2%/%W0*1/+ )%/)0$+ 0+ <.,P)%/%+ 2%+ &5%+ 5*0+ 2./)$.45.7F1

,0$).-560$+/%$T+/0)./90)P$.0+-1*1+5*+*12%61+,0$0+0+,1,5607F1:+?1$+%@%*,618

,12%*1/+%/)0$+.()%$%//021/+%*+)%/)0$+0+<.,P)%/%+2%+&5%+0+,1,5607F1+/%E5%

5*+-%$)1+*12%61+)%P$.-1+R4.(1*.068+%@,1(%(-.068+?1.//1(8+(1$*068+%)-Q:+

V+ ,$1-%2.*%()1+ 2%+ )%/)%+ $%&5%$+ 5*0+ 0*1/)$0+ 06%0)P$.0+ 2%

)0*0(<1+(8+,$1A%(.%()%+20+,1,5607F1+-5W0+2./)$.45.7F1+2%+,$1404.6.202%/+B

2%/-1(<%-.20:+ K//0/+ (+ 14/%$A073%/+ /F1+ 2./,1/)0/+ %*+ 5*+ <./)1E$0*0+ 2%

9$%&5y(-.08+)%(21++.()%$A061/+2%+-60//%:+L%W0+ V . +0+9$%&5y(-.0+14/%$A020+21

.=B/.*1+ .()%$A061+ 2%+ -60//%:+ C+ ,0$).$+ 20+ 2./)$.45.7F1+ 2%+ ,$1404.6.202%/

5).6.O020+(0+<.,P)%/%8+-06-560*1/+0+9$%&5y(-.0+%/,%$020+(1+.=B/.*1+.()%$A061

2%+-60//%8+2%(1)020+,1$+ K. :+C+%/)0)>/).-0+2%+)%/)%+B+2020+,1$S


(V. − K. )
!
χ! = ∑
.= G K.
RG":!ZQ

C+ %/)0)>/).-0+ χ ! + R&5.=&502$021Q+ 2020+ ,1$+ RG":!ZQ+ )%*+ 2./)$.45.7F1

&5.=&502$021+ -1*+ υ =  − , − G + E$05/+ 2%+ 6.4%$202%8+ /%(21+ & + 1+ (ƒ*%$1+ 2%

,0$D*%)$1/+20+2./)$.45.7F1+5).6.O020+(0+<.,P)%/%8+&5%+91$0*+%/).*021/+,%60/
%/)0)>/).-0/+0*1/)$0./:+
p*+ ,1()1+ 0+ /%$+ 14/%$A021+ (0+ 0,6.-07F1+ 2%//%+ ,$1-%2.*%()1+ 2%
)%/)%+ $%9%$%=/%+ X+ *0E(.)52%+ 20/+ 9$%&5y(-.0/+ %/,%$020/:+ dF1+ <T
-1(-1$2D(-.0+E%$06+$%60).A0+01+A061$+*>(.*1+20/+9$%&5y(-.0/+%/,%$020/8+*0/
A061$%/+2%+"8+Z+%+c+/F1+0*,60*%()%+5).6.O021/+-1*1+*>(.*1/:+C6E5(/+05)1$%/
/5E%$%*+&5%+ 5*0+ 9$%&5y(-.0+ %/,%$020+ ,12%$.0+ /%$+ )F1+ ,%&5%(0+ &50()1+ G
15+!8+2%/2%+&5%+0+*0.1$.0+2%60/+%@-%2%//%+0+c:+L%+5*0+9$%&5y(-.0+%/,%$020
91$+*5.)1+,%&5%(08+%60+,12%$T+/%$+-1*4.(020+-1*+0+9$%&5y(-.0+%/,%$020
%*+ 5*+ .()%$A061+ 2%+ -60//%+ 02W0-%()%:+ C/+ 9$%&5y(-.0/+ 14/%$A020/
-1$$%/,1(2%()%/+ /%$.0*+ %()F1+ )0*4B*+ -1*4.(020/+ %+  + /%$.0+ $%25O.21+ 2%
5*:+V/+.()%$A061+2%+-60//%+(F1+(%-%//.)0*+)%$+0+*%/*0+0*,6.)52%:
 !Zl

d1+ &5%+ /%+ $%9%$%+ 01+ )0*0(<1+ 20+ 0*1/)$08+ „0)%/+ ,$1, /+ 5*0
-1$$%7F1+2%+-1().(5.202%+&50(21+0+0*1/)$0+B+*%(1$+21+&5%+Zl+15+&50(21
1+(ƒ*%$1+2%+E$05/+2%+6.4%$202%+B+.E506+0+G8+2020+,1$S

 ( V . − K . − l8 c )
!

χ =
!
∑
.= G K.
RG":!cQ

[1)%.$1+21+)%/)%S

Gs++H1S+1/+2021/+0*1/)$0./+/%+0W5/)0*+01+*12%61+)%P$.-1

!s++HGS+1/+2021/+0*1/)$0./+(F1+/%+0W5/)0*+01+*12%61+)%P$.-1+)%/)021
"s++#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs++^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1

cs++N06-560$+0+%/)0)>/).-0+ χ ! 8+2020+,1$+RG":!ZQ+15+,1$+RG":!cQ8+(1+-0/1

%*+&5%+0+0*1/)$0+B+*%(1$+21+&5%+Zl+15+&50(21+1+(ƒ*%$1+2%

E$05/+2%+6.4%$202%+B+.E506+0+G

ms++N1(-65/F1S

L% χ ! > χ !α 8+$%W%.)0=/%+Hl:

K@%*,61S

;%/)0$+0+41(202%+21+0W5/)0*%()1+$%06.O021+(1+)%$-%.$1+%@%*,61+20

/%7F1+w:GZ8+5).6.O0(21+ α +h+l8lc:+
C+)04%60+0+/%E5.$+0,$%/%()0+0/+9$%&5y(-.0/+14/%$A020/+%+%/,%$020/

20/+ .202%/+ 21/+ 95(-.1(T$.1/+ 20+ %*,$%/0+ {:+ p*0+ A%O+ &5%+ 0/+ 9$%&5y(-.0/

%/,%$020/+ 20+ ,$.*%.$0+ %+ ƒ6).*0+ -60//%+ /F1+ *%(1$%/+ &5%+ c8+ %60/+ 91$0*

-1*4.(020/+ -1*+ 0/+ 9$%&5y(-.0/+ %/,%$020/+ 20/+ -60//%/+ .*%2.0)0*%()%

/5,%$.1$+%+.(9%$.1$:
 !ZG

;C~KfC+G":G+= #[Ko†‚dNICL+ CapL;C^CL+ ^C+ ^IL;[I~pI_`V+ ^CL

I^C^KL+ ^VL+ #pdNIVd‡[IVL+ ^C+ Kn?[KLC+ {+ =
^IL;[I~pI_`V+dV[nCf

#[Ko†‚dNIC #[Ko†‚dNIC
I^C^KL V~LK[eC^C ;KJ[INC
RV.Q RK.Q
GZ8c+ˆ======++++!t8c lr lr
!t8c+ˆ======++++"c8c GG GG
"c8c+ˆ======++++Z!8c Gc G"
Z!8c+ˆ======++++Zw8c Gl GG
Zw8c+ˆ======++++cm8c lr lt
#Vd;K+^VL+^C^VL+~[p;VLS+L%)1$+2%+[%-5$/1/+H5*0(1/

p*0+ A%O+ &5%+ (+ €+ Zl8+ 5).6.O15=/%+ 0+ %/)0)>/).-0+ 2020+ ,1$+ RG":!ZQ8

14)%(21=/%S


(V. − K. )
!
χ! = ∑
.= G K.
+h+l8c!

C+2%)%$*.(07F1+20+$%E.F1+2%+$%W%.7F1+/%$T+9%.)0+-1*S

υ =  − G − , +h+c+q+G+q+!+h+!8+1(2%+ , +h+!8+5*0+A%O+&5%+(1+-T6-561+2%

( ' 91$0*+ %/).*021/+ 21./+ ,0$D*%)$1/S+ 0+ *B2.0+ µ + %+ 1+ 2%/A.1+ ,02$F1+ σ :+ ^0

)04%60+21+&5.=&502$0218+,0$0+ α +h+l8lc+%+ υ +h+!+)%*=/%+ χ !l8 lc8 ! +h+c8ww:

N1(-65/F1S+N1*1+ χ ! < χ !α 8+0-%.)0=/%+ Hl 8+15+/%W08+1/+2021/+0*1/)$0./

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G":Gm ;KL;K+^V+opI=opC^[C^V+?C[C+CLLVNIC_`V+Vp+Id^K?Kd^‚dNIC

V+)%/)%+ χ ! 2%+0//1-.07F1+R15+.(2%,%(2y(-.0Q+B+5).6.O021+,0$0+)%/)0$

0+ -1$$%607F1+ %()$%+ A0$.TA%./+ -0)%EP$.-0/:+ ?0$0+ 0+ $%06.O07F1+ 21+ )%/)%8+ 1/

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&506.)0).A0/+ %+ 1/+ 2021/+ /F1+ 1$E0(.O021/+ %*+ 5*0+ )04%60+ 2%+ -1().(Ey(-.0

N @ f 8+ (0+ &506+ 0/+ -165(0/+ %+ 0/+ 6.(<0/+ $%,$%/%()0*+ 0/+ -0)%E1$.0/+ 20/+ 250/

A0$.TA%./+%*+0(T6./%8+-1(91$*%+)04%60+G":!:
 !Z!

;C~KfC+G":!+=+;C~KfC+^K+NVd;Id\‚dNIC+N+@+f

eC[I‡eKf+~
eC[I‡eKf+C ;V;Cf
N0)%E1$.0+G N0)%E1$.0+! ::: N0)%E1$.0+-

N0)%E1$.0+G &'' &'( ))) &'* +')

N0)%E1$.0+! &(' &(( ))) &(* +()

::: ::: ::: ::: ::: :::

N0)%E1$.0+6 &,' &,( ))) &,* +,)

;V;Cf +)' +)( ))) +)* +))

?0$0+ )%/)0$+ 0/+ <.,P)%/%/+ 2%+ <1*1E%(%.202%+ 15+ .(2%,%(2y(-.08

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<.,P)%/%+(560+/%W0+A%$202%.$0:+V/+A061$%/+%/,%$021/+ K. W +2%+&506&5%$+-%60+2%
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2.A.2.(21=/%+1+$%/56)021+,%61+)1)06+E%$06+20+)04%608+-1*1+/%E5%S

(. ⋅ (: W
K. W = 8 G ≤ . ≤ 6U G ≤ W ≤ - RG":!mQ
(⋅ ⋅

C+ %/)0)>/).-0+ 2%+ )%/)%+ B+ 2020+ ,1$+ RG":!ZQ8+ &5%+ )%*+ 2./)$.45.7F1+ χ !

R&5.=&502$021Q+ -1*+ υ = (N − G)(f − G) + E$05/+ 2%+ 6.4%$202%8+ /%(21+ N + 1+ (ƒ*%$1

2%+-165(0/+%+ ) +1+(ƒ*%$1+2%+6.(<0/:+
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)%/)%+ $%9%$%=/%+ X+ *0E(.)52%+ 20/+ 9$%&5y(-.0/+ %/,%$020/:+ K*+ )04%60/+ 2%
-1().(Ey(-.08+2%A%*1/+14/%$A0$+0/+/%E5.()%/+-1(2.73%/S
0Q! )04%60+ !+ @+ !S+ (%(<5*+ A061$+ %/,%$021+ ,12%+ /%$+ *%(1$+ 21+ &5%+ c:

C6B*+2.//18+2%A%=/%+5).6.O0$+0+-1$$%7F1+2%+„0)%/+(1+-T6-561+21+ χ ! :

L%+%@./).$+-%60/+-1*+A061$+%/,%$021+*%(1$+21+&5%+c8+5/0$+1+)%/)%
%@0)1+2%+#./<%$U

4Q! )04%60/+ !+ @+ NS+ 1+ χ ! + ,12%+ /%$+ -06-56021+ /%+ )121/+ 1/+ A061$%/

%/,%$021/+91$%*+*0.1$%/+21+&5%+GU
 !Z"

-Q! )04%60/+N+@+fS+1+)%/)%+ χ ! +B+5*+,$1-%2.*%()1+/%E5$1+/%+1+(ƒ*%$1

%/,%$021+*B2.1+91$+*0.1$+15+.E506+0+m8+,0$0+)%/)%/+-1*+(>A%6+2%
/.E(.9.-D(-.0+ 2%+ cu+ %+ Glu+ 15+ *0.1$+ 21+ &5%+ m+ ,0$0+ )%/)%/+ -1*
(>A%6+2%+/.E(.9.-D(-.0+2%+Gu:+V+(ƒ*%$1+*B2.1+%/,%$021+,12%+/%$
14).21+2.A.2.(21=/%+1+)1)06+2%+.(2.A>251/+20+0*1/)$0+,%61+(ƒ*%$1
2%+-%60/:

[1)%.$1+21+)%/)%S

Gs+H1S+0/+250/+A0$.TA%./+/F1+.(2%,%(2%()%/

!s+HGS+0/+250/+A0$.TA%./+(F1+/F1+.(2%,%(2%()%/
"s+#.@0$+1+(>A%6+2%+/.E(.9.-D(-.0+α

Zs+^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1

cs+N06-560$+0+%/)0)>/).-0+ χ ! 8+2020+,1$+RG":!ZQ+15+,1$+RG":!cQ8+(1+-0/1

%*+ &5%+ 0+ 0*1/)$0+ B+ *%(1$+ 21+ &5%+ Zl+ 15+ &50(21+ 1+ (ƒ*%$1+ 2%

E$05/+2%+6.4%$202%+B+.E506+0+G
ms+N1(-65/F1S
L% χ ! > χ !α 8+$%W%.)0=/%+H1:

K@%*,61S

;%/)0$+ 01+ (>A%6+ 2%+ /.E(.9.-D(-.0+ 2%+ cu8+ /%+ 1+ 2%/%*,%(<1+ (1

%*,$%E1+ 2%+ ,%//10/+ &5%+ ,0//0$0*+ ,%61+ ,$1E$0*0+ 2%+ )$%.(0*%()1+ B

.(2%,%(2%()%+ 20+ /50+ (1)0+ (1+ )%/)%+ 2%+ &506.9.-07F1:+ C+ )04%60+ 0+ /%E5.$

0,$%/%()0+1/+A061$%/+14/%$A021/+21+$%/56)021/+21+)%/)%:

;C~KfC+G":"+=+;C~KfC+^K+NVd;Id\‚dNIC+"+@+"+=+#[Kop‚dNICL+V~LK[eC^CL
^KLKn?KdHV+dV+Kn?[K\V
dV;C+dV+;KL;K
#$0-1 [0O1TA%6 ~1* ;1)06
~0.@0 mr mZ !c Gcm
nB2.0 Z! rm cm GrZ
C6)0 Gl !" "r rl
;1)06 GGw Gm" GGt Zll
 !ZZ

L1657F1S

[1)%.$1+21+)%/)%S

Gs+H1S+1+2%/%*,%(<1+(1+%*,$%E1+%+0+(1)0+(1+)%/)%+2%+&506.9.-07F1

/F1+.(2%,%(2%()%/
!s+HGS+1+2%/%*,%(<1+(1+%*,$%E1+%+0+(1)0+(1+)%/)%+2%+&506.9.-07F1

(F1+/F1+.(2%,%(2%()%/
"s++α+h+l8lc

Zs++^%)%$*.(0$+0+$%E.F1+2%+$%W%.7F1

[%W%.)0$+0+<.,P)%/%+(560+/%+ χ ! ≥ χ !l8 lc8 Z = w8 Ztt

cs++N06-560$+0+%/)0)>/).-0+ χ ! 2020+,1$+RG":!ZQS

C+,0$).$+20+%@,$%//F1+RG":!mQ+14)%A%=/%+0/+9$%&5y(-.0/+%/,%$020/

-1(91$*%+)04%60+G":Z:

;C~KfC+G":Z+=+;C~KfC+^K+NVd;Id\‚dNIC+"+@+"+q+#[Kop‚dNICL+KL?K[C^CL
^KLKn?KdHV+dV+Kn?[K\V
dV;C+dV+;KL;K
#$0-1 [0O1TA%6 ~1* ;1)06
~0.@0 Zm8Z m"8m Zm8l Gcm
nB2.0 cG8t rl8w cG8" GrZ
C6)0 !l8t !t8c !l8r rl
;1)06 GGw Gm" GGt Zll

L54/).)5.(21+ 1/+ A061$%/+ 20/+ 9$%&5y(-.0/+ 14/%$A020/+ %+ %/,%$020/

(0+9P$*560+RG":!ZQ+14)%*1/S+

χ =
! (mr − Zm8 Z ) ! +
(mZ − m"8 m ) ! + ::: +
("r − !l8r) ! = Zl8tw
Zm8 Z m"8 m !l8r

ms++N1(-65/F1S

N1*1+ χ ! = Zl8tw > χ l!8 lc8 Z = w8 Ztt 8+ $%W%.)0=/%+ Hl:+ ?12%*1/+ -1(-65.$

&5%+ <T+ $%607F1+ %()$%+ 0+ (1)0+ (1+ )%/)%+ 2%+ &506.9.-07F1+ %+ 1

2%/%*,%(<1+(1+%*,$%E1:
 !"#

!" #$%&'()*+)*,#-'.$/'#

$% &'()*+,% -,% .&/*0'1*&% 12'+3*34,5+,% -,% 46% 12'74'32% -,% 381'*1&+

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.*+&'-2%&'&)*+&/%+,%-*=,/,%-,%=2/6&%+*A'*=*1&3*.&B

G/&3&5+,%-,%46&%A,',/&)*?&@H2%-2%3,+3,%:&/&%&%-*=,/,'@&%,'3/,%-4&+
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1%68-*&+%D1*2*3EF%+4:2'-2%>4,%&+%6,+6&+%=2/&6%1&)14)&-&+%+2;/,%&62+3/&+
&),&3J/*&+%,K3/&9-&+%-&%:2:4)&@H2B

L"BL $MNOPIQ%RQ%S$TPUMVP$%$%WX%VTPGYTPC%RQ%VO$IIPZPV$[\C

$%&'()*+,%-,%.&/*0'1*&%&%46%1/*38/*2%-,%1)&++*=*1&@H2%8%43*)*?&-&%:&/&

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,),6,'32+^

# !" = µ + α ! + ξ !" DL"BLE

2'-,^
µ %_%,=,*32%68-*2`

α ! %_%,=,*32%,+:,19=*12%&%12)4'&`%,

ξ !" %_%,//2%/,+*-4&)B
 !"a

L"BLBL b*:J3,+,+%-2%X2-,)2%Q+3&39+3*12

LE $+%.&/*0'1*&+%:2:4)&1*2'&*+%+H2%*A4&*+^% σ'$ = σ $$ = σ &$ = ((( = σ %$ = σ $ `

!E V&-&%:2:4)&@H2%3,6%-*+3/*;4*@H2%'2/6&)`

cE V&-&% &62+3/&% 8% *'-,:,'-,'3,% ,% &2% &1&+2F% 3*/&-&% -,% +4&

:2:4)&@H2%-,%3/&3&6,'32%D12)4'&+E`

"E ( )
ξ *7 e M dF σ ! F%*+32%8F%2%,=,*32%&),&3J/*2%:2++4,%-*+3/*;4*@H2%'2/6&)B

L"BLB! G,+3,%-,%b*:J3,+,+%:&/&%PA4&)-&-,%-,%f%68-*&+%Df%g%!E

C%/23,*/2%&%+,/%+,A4*-2%'2%3,+3,%8%2%+,A4*'3,^

LE bd^ µ ' = µ $ = µ & = ((( = µ % = µ

!E bL^%:,)2%6,'2+%46&%68-*&% µ ! ≠ µ

cE Z*K&/%2%'9.,)%-,%+*A'*=*10'1*&% α

"E R,3,/6*'&/%&%/,A*H2%-,%/,7,*@H2%-,%bd

#E V&)14)&/% 2% .&)2/% -&% ,+3&39+3*1&F% 2;3*-&% &3/&.8+% -2% >4&-/2% -&

$MCS$

aE V2'1)4+H2^

I,% .,*- > .)*+ → %/,7,*3&5+,% 0/ F%+,'-2%>4,%2%.&)2/%-,% .)*+ %8%-&-2%126

ν = (1 − '3 2 − 1 ) %A/&4+%-,%)*;,/-&-,B

L"BLBc T,:/,+,'3&@H2%-2%62-,)2%&%46%1/*38/*2%-,%1)&++*=*1&@H2

C% >4&-/2% &% +,A4*/% &:/,+,'3&% 2% ,+>4,6&% -2% 62-,)2% -,% $MCS$% &

46%1/*38/*2%-,%1)&++*=*1&@H2B

QOQXQMGCI%R$ GT$G$XQMGCI
$XCIGT$ GL G! BBB Gh
KLL K!L BBB KhL
KL! K!! BBB Kh!
! !
7
KL* K!* BBB Kh*
! !
KL' K!' BBB K h'
X8-*&+ iL i! BBB ih
 !"j

I*6;2)2A*&%&%+,/%4+&-&^

M%_%'k6,/2%323&)%-,%,),6,'32+%2;+,/.&-2+

f%_%'k6,/2%323&)%-,%12)4'&+%D3/&3&6,'32+E

*%_%'k6,/2%-,%3/&3&6,'32+%D12)4'&+E^%L%BBB%h

7%_%'k6,/2%-,%,),6,'32+%D)*'l&+E^%L%BBB%'

'

∑i
7 =L
*7

X8-*&+%-2+%3/&3&6,'32+^% i * = DL"B!E
'

h ' h

∑∑ i
* =L 7 =L
*7 ∑ i ⋅'
* =L
* * h
X8-*&%323&)^% i = %24% i = %2'-,% M = ∑ ' * DL"BcE
M M * =L

L"BLB" Q+34-2%-&+%S&/*&@m,+

$%<$MCS$<%8%46%3,+3,%-,%68-*&F%43*)*?&'-2%&+%.&/*0'1*&+F%+,'-2%>4,

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V2'+*-,/&62+% &% l*:J3,+,% '4)&% DbdE% -,% *A4&)-&-,% ,'3/,% &+% 68-*&+F
12'3/&% &% l*:J3,+,% &)3,/'&3*.&% DbLE% -,% :,)2% 6,'2+% 46&% -&+% 68-*&+% +,/

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&+% .&/*0'1*&+% :2:4)&1*2'&*+% +,7&6% *A4&*+% ,% >4,% &+% .&/*&@m,+% 323&*+% -&+

2;+,/.&@m,+% ,6% 32/'2% -&% 68-*&% A,/&)% i % :2-,6% +,/% /,:/,+,'3&-&+% :2/
h ' !
 i − i  F%3,65+,%>4,^
∑∑
* =L 7 =L
 *7 

I 3 = I, + I/ DL"B"E

! ! !

∑∑ (i )
h ' h h '
 i − i  = ' ⋅  i * − i  +
∑∑
* =L 7 =L
 *7  ∑
* =L
  * =L 7 =L
*7 − i* DL"B#E
 !"n

,6%>4,^

4 ) %_%.&/*&@H2%323&)`

4 5 %_%.&/*&@m,+%,'3/,%&62+3/&+%24%.&/*&@m,+%,K:)*1&-&+`%,

4 6 %_%.&/*&@m,+%-,'3/2%-&%&62+3/&%24%.&/*&@m,+%&),&3J/*&+B

$%.&/*&@H2%/,+*-4&)%3&6;86%:2-,%+,/%2;3*-&%:2/^

46 = 4 ) − 4 5 DL"BaE

L"BLB"BL S&/*0'1*&%323&)

V2'+*+3,%,6%,+3*6&/%&%.&/*0'1*&% σ $ F%12'+*-,/&'-2%32-&+%&+%&62+3/&+

/,4'*-&+% ,6% 46&% k'*1&% &62+3/&B% P++2% +,/(% :2++9.,)% ,6% .*/34-,% -&% l*:J3,+,

*'*1*&)%-,%>4,%&+%.&/*H'1*&+%:2:4)&1*2'&*+%+H2%32-&+%*A4&*+%&% σ $ B

Q++&%.&/*0'1*&%+,/(%,+3*6&-&%:2/^

h ' !
 i − i 
∑∑
* =L 7 =L
 *7 
I !3 = DL"BjE
M −L

2'-,% 2% '46,/&-2/% 8% -,'26*'&-2% -,% +26&% -,% >4&-/&-2+% 323&)% ,

/,:/,+,'3&/,62+%:2/%IoGB
Q.*-,'3,6,'3,F% ,++&% ,+3*6&3*.&% 3,/(% +,'3*-2% +,% &% l*:J3,+,% bd% =2/

.,/-&-,*/&F% 2% >4,% *6:)*1&% ,6% 3,/62+% 32-&+% &+% :2:4)&@m,+% '2/6&)6,'3,

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L"BLB"B! S&/*0'1*&%/,+*-4&)%D24%-,'3/2%-&+%&62+3/&+E

$% .&/*&@H2% -,'3/2% -&+% &62+3/&+% D 4 6 E% -*.*-*-&% :,)2+% +,4+% A/&4+% -,

)*;,/-&-,%DM%5%fE%8%46&%,+3*6&3*.&%'H2%.*,+&-&%-,% σ $ F%*'-,:,'-,'3,%-,%bd
+,/%24%'H2%.,/-&-,*/&B
 !"p
!

∑∑ (i )
h '

*7 − i*
* =L 7 =L
I /! = DL"BnE
M−f

L"BLB"Bc S&/*0'1*&%,'3/,%&62+3/&+
$% .&/*&@H2% ,'3/,% &62+3/&+% D 4 5 E% -*.*-*-&% :,)2+% +,4+% A/&4+% -,

)*;,/-&-,% Df% 5% LE% +,/(% 46&% ,+3*6&3*.&% 'H2% .*,+&-&% -,% σ $ % &:,'&+% +,% bd% =2/
.,/-&-,*/&F% :2*+F% +,% *+32% 'H2% 212//,/F% 2+% -,+.*2+% ,+:,/&-2+%  # ! − #  % +,/H2
 

(
6&*2/,+%>4,%2+%-,+.*2+% # ! − µ F%+4:,/,+3*6&'-2% σ $ B )
h !
 i * − i 
'⋅ ∑* =L
 
I !, = DL"BpE
f −L

R,+3&% =2/6&% :2-,62+% 126:&/&/% &+% -4&+% ,+3*6&3*.&+% -&% .&/*0'1*&

&3/&.8+%-,%46%3,+3,%ZF%:2*+%+,%bd%=2/%.,/-&-,*/&F%&6;&+%+,/H2%,+3*6&3*.&+%'H2

.*,+&-&+%-,% σ $ %,%2%.&)2/%-2%>421*,'3,%,'3/,%,)&+%+,/(%:/JK*62%-,%LB%q2/%243/2

)&-2F%+,%2%.&)2/%-,%Z%=2/%,),.&-2F%:2-,62+%12'1)4*/%>4,%&% 4 $5 %+4:,/,+3*6&% σ $

,% :2-,62+% /,7,*3&/% bd% ,6% =&.2/% -,% bLB% $% +,A4*/% &:/,+,'3&5+,% 2% >4&-/2% -&

$MCS$%&%46%1/*38/*2%-,%1)&++*=*1&@H2B%

oW$RTC%L"BL%5%$MNOPIQ%RQ%S$TPUMVP$%$%WX%VTPGYTPC%RQ%VO$IIPZPV$[\C%

ICX$%RQ rT$WI%RQ oW$RT$RC

ZCMGQ%RQ%S$TP$[\C QIG$GtIGPV$
oW$RT$RCI OPsQTR$RQ XYRPC
DZSE Z
DIoE DrOE DoXE
45 4$5
Q'3/,%&62+3/&+ 45 f%5%L 4 $5 = .=
1 −' 46$
46
R,'3/2%-&%&62+3/& 46 M%5%f 4 6$ =
2−1
GCG$O 4) M%5%L
 !#d

oW$RTC%L"B!%5%$MNOPIQ%RQ%S$TPUMVP$%$%WX%VTPGYTPC%RQ%VO$IIPZPV$[\C%IPXqOPZPV$RC
ZS Io rO oX Z
45 4$5
Q'3/, 45 f%5%L 4 $5 = .=
1 −' 46$
46
R,'3/2 46 M%5%f 4 6$ =
2−1
GCG$O 4) M%5%L

L"B! $MNOPIQ%RQ%S$TPUMVP$%$%RCPI%VTPGYTPCI%RQ%VO$IIPZPV$[\C

$% &'()*+,% -,% .&/*0'1*&% &% -2*+% 1/*38/*2+% -,% 1)&++*=*1&@H2% +,/.,% :&/&

3,+3&/F% +*64)3&',&6,'3,F% -*=,/,'@&+% ,'3/,% 68-*&+F% ),.&'-25+,% ,6% 12'3&% !

3/&3&6,'32+%24%=&32/,+B%R,++&%=2/6&F%&%2;+,/.&@H2%&-6*3,%&%*'=)4]'1*&%-2+

+,A4*'3,+%,),6,'32+^

i *7 = µ + α * + β 7 + ξ *7 DL"BLdE

2'-,^
µ %_%,=,*32%68-*2`
α ! %_%,=,*32%,+:,19=*12%-&%12)4'&`
β " %_%,=,*32%,+:,19=*12%-&%)*'l&`%,
ξ !" %_%,//2%/,+*-4&)B

$+% 68-*&+% ,'3/,% 12)4'&+% DZ&32/% LEF% ,'3/,% )*'l&+% DZ&32/% !E% ,% 323&)% +H2

-&-&+%:2/^

X8-*&+%,'3/,%12)4'&+^

∑i
7 =L
*7

i* = DL"BLLE
O
 !#L

X8-*&+%,'3/,%)*'l&+^
f

∑i
* =L
*7

i7 = DL"BL!E
f

X8-*&%323&)^

f O

∑∑ i
* =L 7 =L
*7

i= DL"BLcE
M

L"B!BL G,+3,%-,%b*:J3,+,+

C%/23,*/2%&%+,/%+,A4*-2%'2%3,+3,%-,%l*:J3,+,+%8%2%+,A4*'3,^
LE b dL ^ µLB = µ !B = BBB = µ OB %D)*'l&+E

0/$ 7 µ(' = µ($ = ((( = µ(% %D12)4'&+E

!E 0'' ^%:,)2%6,'2+%46&%-&+%68-*&+% µ !( %8%-*=,/,'3,%-&+%-,6&*+

0'$ ^%:,)2%6,'2+%46&%-&+%68-*&+% µ ( " %8%-*=,/,'3,%-&+%-,6&*+

cE Z*K&/%2%'9.,)%-,%+*A'*=*10'1*&%α

"E R,3,/6*'&/%&%/,A*H2%-,%/,7,*@H2%-&+%l*:J3,+,+%bdL%,%bd!
2'-,^% ZαO [(O −L)F (O −L)(h −L)] → %D)*'l&+E

ZαV [(h −L)F (O −L)(h −L)] → %D12)4'&+E

#E V()14)2%-&%,+3&39+3*1&%Z

aE8 V2'1)4+m,+^%
&E%I,% ZO > Z αO F%/,7,*3&5+,%bdL`

;E%I,% ZV > Z αV F%/,7,*3&5+,%bd!B

L"B!B! Q+34-2%-&+%S&/*&@m,+

L"B!B!BL S&/*&@H2%323&)

h O !
 i − i 
.G = I3 = ∑∑
* =L 7 =L
 *7 
DL"BL"E

4 ) %3,6%-*+3/*;4*@H2% χ $ F%126%D2898'E%A/&4+%-,%)*;,/-&-,B
 !#!

L"B!B!B! S&/*&@H2%-,.*-&%&2%Lu%=&32/%D,'3/,%12)4'&+E

h !

. V = I V = O ⋅  i * − i 
∑ DL"BL#E
* =L
 

I V %3,6%-*+3/*;4*@H2% χ $ F%126%D%898'E%A/&4+%-,%)*;,/-&-,B

L"B!B!Bc S&/*&@H2%-,.*-&%&2%!u%=&32/%D,'3/,%)*'l&+E

O !
 i 7 − i 
.O = IO = f ⋅ ∑
7 =L
 
DL"BLaE

4 " %3,6%-*+3/*;4*@H2% χ ! F%126%D:898'E%A/&4+%-,%)*;,/-&-,B

L"B!B!B" S&/*&@H2%/,+*-4&)%24%&),&3J/*&

h O !
 i − i * − i 7 + i  = I − I − I
.T = I/ = ∑∑
* =L 7 =L
 *7  3 V O DL"BLjE

4 6 %3,6%-*+3/*;4*@H2% χ $ F%126% [(O −L)(f −L)] %A/&4+%-,%)*;,/-&-,B

R&% 6,+6&% =2/6&% >4,% '2% 62-,)2% -,% &'()*+,% -,% .&/*0'1*&% &% 46

1/*38/*2%-,%1)&++*=*1&@H2F%3,65+,%>4,^

I 3 = I V + IO + I/ DL"BLnE

R,% 6&',*/&% &'()2A&% &2% >4,% =2*% =,*32% '2% 1&+2% -,% 46% 1/*38/*2% -,

1)&++*=*1&@H2F% :2-,5+,% -,62'+3/&/% >4,% 1&-&% 46&% -&+% .&/*&@m,+% -*.*-*-&

:,)2+%+,4+%/,+:,13*.2+%A/&4+%-,%)*;,/-&-,%8%46&%,+3*6&3*.&%'H2%.*,+&-&%-,

σ $ F% >4&'-2% +,% +4:m,+% >4,% 'H2% l&7&6% -*=,/,'@&+% +*A'*=*1&3*.&+% '&+% 68-*&+

-&+%)*'l&+%24%'&+%68-*&+%-&+%12)4'&+%Dbd%.,/-&-,*/&EB
 !#c
h !

O⋅ ∑  i
* =L
* − i 

!
IV = DL"BLpE
f −L

O !
 i 7 − i 
f⋅ ∑
7 =L
 
I O! = DL"B!dE
O −L

h O !
 i − i * − i 7 + i 
∑∑
* =L 7 =L
 *7 
I /! = DL"B!LE
Df −LE ⋅ DO −LE

oW$RTC%L"Bc%5%%$MNOPIQ%RQ%S$TPUMVP$%$%RCPI%VTPGYTPCI%RQ%VO$IIPZPV$[\C%IPXqOPZPV$RC

ZS Io rO oX Z
IO I O!
Q'3/,%)*'l&+ IO O −L I O! = ZO =
O −L I /!

I1 I 1!
Q'3/,%12)4'&+ IV f%5%L I 1! = Z1 =
f −L I /!

T,+*-4&) 46 (O −L)⋅ (h −L) I/

I /! =
(O −L)⋅ (h −L)

GCG$O 4) M%5%L

L"Bc VCXq$T$[vQI%XwOGPqO$I%QMGTQ%XYRP$I

$% &'()*+,% -,% .&/*0'1*&% +,/.,% :&/&% .,/*=*1&/% +,% ,K*+3,% -*=,/,'@&

+*A'*=*1&3*.&% ,'3/,% 12)4'&+F% '2% 1&+2% -,% 46% 1/*38/*2% -,% 1)&++*=*1&@H2F% ,% ,'3/,
)*'l&+%,%,'3/,%12)4'&+F%:&/&%2%1&+2%-,%-2*+%1/*38/*2+%-,%1)&++*=*1&@H2`%:2/86F%+,
l24.,/%-*=,/,'@&+F%'H2%+&;,62+F%&3/&.8+%-,)&F%>4&*+%&+%)*'l&+%24%12)4'&+%>4,
-*=,/,6%,'3/,%+*B%$%*-,'3*=*1&@H2%-,%-*=,/,'@&+%,'3/,%68-*&+F%326&'-25&+%-4&+
&%-4&+F%-,.,%+,/%=,*3&%4+&'-2%46%-2+%.(/*2+%3,+3,+%-,%126:&/&@m,+%6k)3*:)&+
,'3/,%68-*&+%,K*+3,'3,+%'&%)*3,/&34/&B%Q+3,+%3,+3,+%+H2%+,6,)l&'3,+%&2%3,+3,%3%-,
I34-,'3F%126%&%-*=,/,'@&%-,%>4,%12'3/2)&6%2%'9.,)%-,%+*A'*=*10'1*&%&2%),.&/
 !#"

,6%12'3&%2%'k6,/2%-,%126:&/&@m,+%=,*3&+%'2%,K:,/*6,'32B%$)86%-*++2F%',+3&
381'*1&% ,+3&39+3*1&F% &% .&/*0'1*&% -,'3/2% -2+% A/4:2+% I /! % 8% ,+3*6&-&% 4+&'-2% 2
>4&-/&-2%68-*2%-2%/,+9-42F%-2%>4&-/2%-&%$MCS$F%>4,%8%;&+,&-2%,6%32-&+
&+% &62+3/&+F% ,'>4&'32% ,6% 46% 3,+3,% 3% &% .&/*0'1*&% -,'3/2% -2+% A/4:2+% 8
,+3*6&-&%126%;&+,%,6%-4&+%&62+3/&+%&:,'&+B%
S(/*2+%:/21,-*6,'32+%3]6%+*-2%:/2:2+32+%:&/&%:/2++,A4*/%'&%&'()*+,
-2+% -&-2+B% I,/H2% -,+1/*32+% &% +,A4*/F% >4&3/2% -2+% 6&*+% 4+&-2+% DG4h,x5f/&6,/F
IMfF% s2'=,//2'*% ,% I1l,==8EF% 2+% >4&*+% &'&)*+&6% 32-&+% &+% 126:&/&@m,+
:2++9.,*+B% G&*+% :/21,-*6,'32+% :2-,6% +,/% 4+&-2+% '&% 12'-*@H2% -,% >4,% 2
/,+4)3&-2%-2%3,+3,%Z%-2%>4&-/2%-&%$MCS$%+,7&%,+3&3*+3*1&6,'3,%+*A'*=*1&'3,B%

L"BcBL G,+3,%-,%G4h,x5f/&6,/%DbIRE

C% 3,+3,% bIR% Db2',+3)x% I*A'*=*1&'3% R*==,/,'1,E% 8% ,6:/,A&-2% :&/&% +,

-,3,/6*'&/,6%&+%-*=,/,'@&+%+*A'*=*1&'3,+%,'3/,%&+%68-*&+%-,%32-2+%2+%A/4:2+

&'&)*+&-2+%'2%3,+3,%$MCS$F%326&-&+%-4&+%&%-4&+B%$%,+3&39+3*1&^

i* − i 7
>I = DL"B!!E
I /!L 
 + L
!  '* ' 7 

3,6% -*+3/*;4*@H2% -,% &6:)*34-,% ,+34-,'3*?&-&% D>4&-/2% aF% &',K2% LEF% 126% f

A/&4+%-,%)*;,/-&-,%:&/&%2+%3/&3&6,'32+%,%M%y%f%A/&4+%-,%)*;,/-&-,%:&/&%2+

/,+9-42+B

I,%2%.&)2/%1&)14)&-2% " ! =2/%6&*2/%-2%>4,%2%.&)2/%3&;,)&-2% > αF (f ` M − f ) F

/,7,*3&5+,%&%l*:J3,+,%'4)&% bd ^ µ * = µ 7 B

L"BcB! G,+3,%-,%I34-,'35M,z6&'5f,4)+%DIMfE
C% 3,+3,% IMf% 8% ,6:/,A&-2% 126% 2% 6,+62% 2;7,3*.2% >4,% 2% 3,3,% -,
G4h,x5f/&6,/F%126%,K1,@H2%-,%>4,%2%.&)2/%1/93*12%-,:,'-,%'H2%-2%'k6,/2
f% -,% 3/&3&6,'32+% ,'.2).*-2% '2% ,K:,/*6,'32F% 6&+% -2% 'k6,/2% f{% -,% 68-*&+
*'1)49-&+%'&%&6:)*34-,%-,%68-*&+%>4,%,+3(%+,'-2%3,+3&-&B%$%,+3&39+3*1&^
 !##
i* − i 7
> I{ = DL"B!cE
I /! L L 
 +
' ' 7 
!  *

3,6% -*+3/*;4*@H2% -,% &6:)*34-,% ,+34-,'3*?&-&% D>4&-/2% aF% &',K2% LEF% 126% f{

A/&4+% -,% )*;,/-&-,% :&/&% 2+% 3/&3&6,'32+% M% y% f{% A/&4+% -,% )*;,/-&-,% :&/&% 2+

/,+9-42+B

I,% 2% .&)2/% 1&)14)&-2% > I{ % =2/% 6&*2/% -2% >4,% 2% .&)2/% 3&;,)&-2

> αF (f{` M − f{ ) F%/,7,*3&5+,%&%l*:J3,+,%'4)&% bd ^ µ * = µ 7 B

L"BcBc G,+3,%-,%s2'=,//2'*
C% :/21,-*6,'32% -,% s2'=,//2'*% 12'+*+3,% ,6% 12//*A*/% 2% .&)2/% -,% α F

1&)14)&'-25+,^

α
α s2'= = DL"B!"E
6

,6%>4,% α %8%2%'9.,)%-,%+*A'*=*10'1*&%A)2;&)%-2%,K:,/*6,'32%,%6%8%2%'k6,/2
-,% 126:&/&@m,+% &% +,/,6% /,&)*?&-&+B% Y% ',1,++(/*2% >4,% &% ,+12)l&% -&+
126:&/&@m,+% y% +,% 'H2% =2/,6% 32-&+% y% +,7&% =,*3&% &% :/*2/*% ,% 'H2% &:J+% &
*'+:,@H2%-2+%/,+4)3&-2+B%
%C%:/21,-*6,'32%12'+*+3,%,6%1&)14)&/%46&%-*=,/,'@&%,'3/,%68-*&+

4+&'-2%&%,K:/,++H2%&%+,A4*/^

i* − i 7
3 s2'= = DL"B!#E
L L 
I /!  +
' ' 7 
 *

>4,%3,6%-*+3/*;4*@H2%3%-,%I34-,'3%126% υ %_%M%y%f%A/&4+%-,%)*;,/-&-,B%
I,%2%.&)2/%1&)14)&-2% 3 s2'= %=2/%6&*2/%-2%>4,%2%.&)2/%3&;,)&-2% 3 αs2'= F M − f F

/,7,*3&5+,%&%l*:J3,+,%'4)&% bd ^ µ * = µ 7 B
 !#a

L"BcB" G,+3,%-,%I1l,==8%

M2% 1&+2% -,% $MCS$% &% 46% 1/*38/*2% -,% 1)&++*=*1&@H2F% I1l,==8

-,62'+3/24% >4,% +,% -4&+% 68-*&+% µ * % ,% µ 7 % +H2% -*=,/,'3,+F% ,'3H2^% # ! − # " ≥ ∆α

2'-,^

L L
∆α = I /! ⋅ (f −L)⋅  +  ⋅ Zα [(f −L)` (M − f )] DL"B!aE
' ' 
 * 7 

M2%1&+2%-,%$MCS$%&%-2*+%1/*38/*2+%-,%1)&++*=*1&@H2F%2'-,%:2-,62+

.,/*=*1&/%&+%-*=,/,'@&+%,'3/,%68-*&+%-,%12)4'&+%,%-,%)*'l&+F%3,62+% iB* − iB 7 ≥ ∆α

D:&/&%&+%12)4'&+E%24% i *B − i 7B ≥ ∆α %D:&/&%&+%)*'l&+E%,F%:2/3&'32^
Q'3/,%12)4'&+^

 L L 
∆α = I /! 
 'B
+ (f −L) Zα1 [(f −L)` (O −L) (f −L)] DL"B!jE
 * 'B 7 

Q'3/,%)*'l&+^

 L L 
∆α = I /! 
'
+

(' −L) ZαO [(O −L)` (O −L) (f −L)] DL"B!nE
 *B ' 7B 

+,'-2^ '*BF%'7B%2%'k6,/2%-,%,),6,'32+%-&+%)*'l&+%12'+*-,/&-&+`

'B*F%'B7%2%'k6,/2%-,%,),6,'32+%-&+%12)4'&+%12'+*-,/&-&+`

i *B F% i 7B %68-*&+%-&+%-4&+%)*'l&+%12'+*-,/&-&+`

i B* F% i B 7 %68-*&+%-&+%-4&+%12)4'&+%12'+*-,/&-&+`

QK,6:)2+^

LB Q6%46&%*'-k+3/*&F%>4&3/2%2:,/(/*2+%,K,143&6%46&%6,+6&%3&/,=&B%V26%2

2;7,3*.2% -,% *-,'3*=*1&/% +,% ,K*+3,% -*=,/,'@&% +*A'*=*1&3*.&% ,'3/,% 2+% 3,6:2+

A&+32+% :&/&% ,K,143&/% &% 2:,/&@H2% 6,'1*2'&-&F% =2/&6% /,&)*?&-&+% &+

+,A4*'3,+%6,-*-&+%-,++,+%3,6:2+%D,6%+,A4'-2+E^

C:,/(/*2%L^ nFL nFc nFd nFL nF#

 !#j

C:,/(/*2%!^ nF" nF" nF# nFc

C:,/(/*2%c^ nFn nFj nFp

C:,/(/*2%"^ nFc nF" nF! nF! nFc nF"

S,/*=*1&/% +,% ,K*+3,% -*=,/,'@&% ,+3&3*+3*1&6,'3,% +*A'*=*1&'3,% &2% '9.,)% -,

#|B

I2)4@H2^

LE bd^% µ ' = µ $ = µ & = µ ; = µ

!E bL^%:,)2%6,'2+%46&%-&+%68-*&+% µ ! ≠ µ

cE α %_%dFd#

"E R,3,/6*'&@H2%-&%/,A*H2%-,%/,7,*@H2^

h%5%L%_%"%5%L%_%c

M%5%f%_%Ln%5%"%_%L"

q,)&%3&;,)&^

ZdFd#%Dc`%L"E%_%cFc"

#E V()14)2%-&%,+3&39+3*1&%Z^

oW$RTC%L"B"%5%$MCS$%$%WX%VTPGYTPC%RQ%VO$IIPZPV$[\C%
ZCMGQ%RQ ICX$%RQ oW$RT$RC QIG$GtIGPV$
rO
S$TP$[\C oW$RT$RCI XYRPC Z
Q'3/,%&62+3/&+ dFjc "%5%L%_%c dF!"c dF!"c
=L"F!p
T,+*-4&) dF!" Ln%5%"%_%L" dFdLj dFdLj
GCG$O dFpj Ln%5%L%_%Lj

aE V2'1)4+H2^%1262%Z%g%ZdFd#% Dc`% L"E%_%cFc"F%/,7,*3&5+,%bdF%24%+,7&F%,K*+3,

:,)2% 6,'2+% 46% 2:,/(/*2% 1472+% 3,6:2+% -*=,/,6

+*A'*=*1&3*.&6,'3,%-2+%-,6&*+B

V262% &% $MCS$% &14+24% -*=,/,'@&% ,'3/,% 2+% 3,6:2+% 68-*2+% A&+32+

:,)2+%2:,/(/*2+F%.&62+%&:)*1&/%2%3,+3,%-,%G4h,x5f/&6,/%,%2%3,+3,%-,%I1l,==8

.*+&'-2%*-,'3*=*1&/%&+%-*=,/,'@&+B
 !#n

G,+3,%-,%G4h,x5f/&6,/^

R2+%-&-2+%-2%:/2;),6&%3,65+,%>4,^

'L = #` ' ! = "` ' c = c` ' " = a

I /! = dF dLj` h = "` > dF d# (" ` L" ) = "FLLL

i L = nF !` i ! = nF "` i c = nFn` i " = nF c

q2/3&'32^
i* − i 7
>I =
dF dLj  L L 
+
!  '* ' 7 

oW$RTC%L"B#%5%VCXq$T$[\C%RQ%XYRP$I%qQOC%GQIGQ%RQ%GWfQ}5fT$XQT
CqQTNTPCI >I > dF d#F (" ` L" ) VCMVOWI\C
L%,%! cF!c "FLLL 'H2%-*=,/,6
L%,%c nFpL "FLLL -*=,/,6
L%,%" LFjp "FLLL 'H2%-*=,/,6
!%,%c #Fan "FLLL -*=,/,6
!%,%" LFan "FLLL 'H2%-*=,/,6
c%,%" jFaj "FLLL -*=,/,6

S,/*=*1&5+,%>4,%2%2:,/(/*2%c%-*=,/,%+*A'*=*1&3*.&6,'3,%-2+%-,6&*+%,6

/,)&@H2%&2%3,6:2%A&+32%:&/&%,K,143&/%&%2:,/&@H2B

G,+3,%-,%I1l,==8^

R2+%-&-2+%-2%:/2;),6&%3,65+,%>4,^

'L = #` ' ! = "` ' c = c` ' " = a

I /! = dF dLj` h = "` ZdF d# (c` L" ) = cF c"

i L = nF !` i ! = nF "` i c = nFn` i " = nF c

q2/3&'32^

L L
∆α = dF dLj  +  (" −L)cF c"
' ' 
 * 7 
 !#p

oW$RTC%L"Ba%y%VCXq$T$[\C%RQ%XYRP$I%qQOC%GQIGQ%RQ%IVbQZZY

CqQTNTPCI ∆α #! − # " VCMVOWI\C

L%,%! dF!n dF! 'H2%-*=,/,6

L%,%c dFcd dFa -*=,/,6
L%,%" dF!# dFL 'H2%-*=,/,6
!%,%c dFc! dF" -*=,/,6
!%,%" dF!j dFL 'H2%-*=,/,6
c%,%" dF!p dF# -*=,/,6

S,/*=*1&5+,%>4,%2%2:,/(/*2%c%-*=,/,%+*A'*=*1&3*.&6,'3,%-2+%-,6&*+%,6

/,)&@H2%&2%3,6:2%A&+32%:&/&%,K,143&/%&%2:,/&@H2B

!B o4&3/2%2:,/(/*2+%dLF%d!F%dc%,%d"F%/,&)*?&/&6%6,-*-&+%4+&'-2%3/]+%3,2-2)*32+%3LF

3!% ,% 3cB% R,+,7&5+,% 3,+3&/% -4&+% l*:J3,+,+B% $% :/*6,*/&% -*?% >4,% 'H2% ,K*+3,

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l*:J3,+,% -*?% >4,% 'H2% ,K*+3,% -*=,/,'@&% +*A'*=*1&3*.&% ,'3/,% &+% 6,-*-&+

2;3*-&+% :,)2+% >4&3/2% 2:,/(/*2+B% $+% 2;+,/.&@m,+% +H2% -&-&+% &;&*K2B% W3*)*?&/

α %_%dFd#B

CqQTNTPC
$q$TQObC
dL d! dc d"
3L jd ad a! #n
3! j! ad ad ##
3c j" ac #n #n

I2)4@H2^

LE bdL^% µ '( = µ $( = µ &( %D)*'l&+E

bd!^% µ (' = µ ($ = µ (& = µ (; %D12)4'&+E

!E bLL^%:,)2%6,'2+%46&%-&+%68-*&+% µ!( %8%-*=,/,'3,%-&+%-,6&*+

bL!^%:,)2%6,'2+%46&%-&+%68-*&+% µ( " %8%-*=,/,'3,%-&+%-,6&*+

cE α %_%dFd#
 !ad

"E R,3,/6*'&@H2%-&%/,A*H2%-,%/,7,*@H2^

R&%3&;,)&^

ZαO (!` a ) = #FL"

ZαV (c` a ) = "Fja

#E V()14)2%-&%,+3&39+3*1&%Z^

oW$RTC%L"Ba%5%$MCS$%$%RCPI%VTPGYTPCI%RQ%VO$IIPZPV$[\C%
ZCMGQ%RQ ICX$%RQ oW$RT$RC QIG$GtIGPV$
rO
S$TP$[\C oW$RT$RCI XYRPC Z
!F!#
Q'3/,%)*'l&+ "F# c%5%L%_%! !F!# = dF#j
cFp!
L!pFdd
Q'3/,%12)4'&+ cnjFd "%5%L%_%c L!pFdd = c!FpL
cFp!
T,+*-4&) !cF# !%B%c%_%a cFp!
GCG$O "L#Fd L!%5%L%_%LL

aE V2'1)4+m,+^

&E V262% ZO = dF #j < ZαO = #FL" F% &1,*3&5+,% bdLF% :2/3&'32F% 'H2% ,K*+3,

-*=,/,'@&%+*A'*=*1&3*.&%,'3/,%&:&/,)l2+%D)*'l&+E`

;E 1262% ZV = c!F pL> ZαV = "Fja F% /,7,*3&5+,% bd!F% :2/3&'32F% ,K*+3,

-*=,/,'@&%+*A'*=*1&3*.&%,'3/,%2:,/(/*2+%D12)4'&+EB

C+%6832-2%-,%G4h,x5f/&6,/%,%I1l,==8%:&/&%&%$'()*+,%-&%S&/*0'1*&
&% -2*+% 1/*38/*2+% -,% 1)&++*=*1&@H2% +H2% +,6,)l&'3,+% &2% 1&+2% -,% 46% 1/*38/*2% -,
1)&++*=*1&@H2B

M2%:/,+,'3,%1&+2F%.&62+%&:)*1&/%2+%-2*+%%6832-2+%:&/&%&+%12)4'&+F
7(% >4,% &3/&.8+% -&% $'()*+,% -&% S&/*0'1*&% .,/*=*1245+,% >4,% ,K*+3,% -*=,/,'@&
+*A'*=*1&3*.&%,'3/,%2+%2:,/(/*2+B

G,+3,%-,%G4h,x5f/&6,/^

R2+%-&-2+%-2%:/2;),6&%3,65+,%>4,^

'BL = c` 'B ! = c` 'B c = c` 'B " = c

i BL = j! ` i B! = aL` i Bc = ad ` i B" = #j

I /! = cF p!` h = "` > dF d# (" ` a ) = "Fnpa

 !aL

q2/3&'32^
iB* − iB 7
>I =
cF p!  L L 
+
!  'B * 'B 7 

oW$RTC%L"Bj%5%VCXq$T$[\C%RQ%XYRP$I%qQOC%GQIGQ%RQ%GWfQ}5fT$XQT
CqQTNTPCI >I > dF d# (" ` a ) VCMVOWI\C
L%,%! pFa! "Fnpa -*=,/,6
L%,%c LdF#d "Fnpa -*=,/,6
L%,%" LcFL! "Fnpa -*=,/,6
!%,%c dFnj "Fnpa 'H2%-*=,/,6
!%,%" cF#d "Fnpa 'H2%-*=,/,6
c%,%" !Fa! "Fnpa 'H2%-*=,/,6

V262%:2-,62+%2;+,/.&/F%2%2:,/(/*2%dL%-*=,/,%+*A'*=*1&3*.&6,'3,%-2+
-,6&*+B
G,+3,%-,%I1l,==8^

R2+%-&-2+%-2%:/2;),6&%3,65+,%>4,^
'BL = c` 'B ! = c` 'B c = c` 'B " = c

i BL = j! ` i B! = aL` i Bc = ad ` i B" = #j

I /! = cF p!` h = "` ZdF d# D c` a E = "Fja

q2/3&'32^
 L L
∆α = cF p!  +  (" −L) "Fja = aFLL
c c

oW$RTC%L"Bn%5%VCXq$T$[\C%RQ%XYRP$I%qQOC%GQIGQ%RQ%IVbQZZY

CqQTNTPCI # (! − # ( " ∆α VCMVOWI\C

L%,%! LL aFLL -*=,/,6

L%,%c L! aFLL -*=,/,6
L%,%" L# aFLL -*=,/,6
!%,%c L aFLL 'H2%-*=,/,6
!%,%" " aFLL 'H2%-*=,/,6
c%,%" c aFLL 'H2%-*=,/,6

V262%:2-,62+%2;+,/.&/F%2%2:,/(/*2%dL%-*=,/,%+*A'*=*1&3*.&6,'3,%-2+
-,6&*+B
 !"!

!" #$%#$&&'()*+,$-#)&+./*$&)$)0(##$*-1'(

#$ %&'()*+$ ,+$ -+.-+**/0$ 1$ 23%$ 415&)5%$ +*4%46*4)5%$ 24)()7%,%$ 8%-%

)&9+*4).%-$ +$ 30,+(%-$ 0$ -+(%5)0&%3+&40$ :2&5)0&%($ +&4-+$ %*$ ,)9+-*%*$ 9%-)'9+)*

,+$ 23$ 8-05+**0$ ;<=>?=@#A$ BCC"DE$ F$ 0GH+4)90$ 8-)&5)8%($ ,%$ %&'()*+$ ,+

-+.-+**/0$ 1$ 8-+,)7+-$ 0$ 9%(0-$ ,+$ 23%$ 9%-)'9+($ ;%$ 9%-)'9+($ -+*80*4%$ 02

,+8+&,+&4+DA$ ,%,0$ I2+$ *+H%$ 50&J+5),0$ 0$ 9%(0-$ ,+$ 23%$ 02$ 3%)*$ 9%-)'9+)*

%**05)%,%*$;%*$9%-)'9+)*$)&,+8+&,+&4+*$02$+K8()5%4)9%*DE

#$ %&'()*+$ ,+$ -+.-+**/0$ *)38(+*$ +&90(9+$ %$ 8-+,)L/0$ ,%$ 9%-)'9+(

,+8+&,+&4+$503$G%*+$+3$%8+&%*$23%$9%-)'9+($)&,+8+&,+&4+A$+&I2%&40$%
%&'()*+$ ,+$ -+.-+**/0$ 3M(4)8(%$ ,)7$ -+*8+)40$ N$ 8-+,)L/0$ ,%$ 9%-)'9+(

,+8+&,+&4+$+3$:2&L/0$,+$,2%*$02$3%)*$9%-)'9+)*$)&,+8+&,+&4+*E

O%*)5%3+&4+A$ 23$ 8-0G(+3%$ ,+$ -+.-+**/0$ +&90(9+$ 9%-)'9+)*$ I2+

80,+3$ *+-$ 50&4-0(%,%*A$ +K8-+**%*$ &0$ 30,+(0$ ,+$ -+.-+**/0$ 8+(%*$ 9%-)'9+)*

)&,+8+&,+&4+*A$ +$ 9%-)'9+)*$ I2+$ &/0$ 80,+3$ *+-$ 50&4-0(%,%*$ ;9%-)%L/0

%(+%4P-)%DA$+K8-+**%*$&0$30,+(0$8+(0$+--0E$

Q%,0$23$50&H2&40$,+$&$8%-+*$,+$,%,0*$,%*$9%-)'9+)*$R$+$ST$;KBAUBDA

;K!AU!DA$ EEE$ A$ ;K&AU&D$ +$ 50&*),+-%&,0V*+$ I2+$ %$ -+(%L/0$ +&4-+$ +*4%*$ 9%-)'9+)*$ 1

()&+%-$80,+&,0$*+-$-+8-+*+&4%,%$8+(%$+I2%L/0$,%$-+4%$S$W$βX$Y$βBRA$80,+V*+

+*4%G+(+5+-$0$*+.2)&4+$30,+(0$8%-%$,+*5-+9+-$+**%$-+(%L/0T

U ) = β X + βBK ) + + ) A$$$$)$W$BA$!A$EEEA$& ;BZEBD

0&,+T

K)$$W$9%(0-+*$0G*+-9%,0*$,%$9%-)'9+($)&,+8+&,+&4+$02$+K8()5%4)9%$R[

U)$$W$9%(0-+*$0G*+-9%,0*$,%$9%-)'9+($-+*80*4%$02$,+8+&,+&4+$S[

βX$$W$8%-\3+4-0$,+*50&J+5),0A$)&4+-5+840$,%$-+4%[

βB$$W$8%-\3+4-0$,+*50&J+5),0A$)&5()&%L/0$,%$-+4%[$+
+)$$W$+--0$%(+%4P-)0A$&/0V0G*+-9'9+(T$$U)$V$; β] X + β]B K ) DE
 !"^

#**23+V*+$I2+$0*$+--0*$4_3$31,)%$).2%($%$7+-0$+$%$3+*3%$9%-)\&5)%
,+*50&J+5),%$ σ "! $ +$ I2+$ */0$ 9%-)'9+)*$ %(+%4P-)%*$ )&,+8+&,+&4+*$ ;&/0V

50--+(%5)0&%,%*DA$.+-%(3+&4+$*+.2)&,0$23%$,)*4-)G2)L/0$&0-3%(E

BZEB =`ab@#abc#$ QF`$ d#>e@=a>F`$ #a>#cf`$ QF$ @faFQF$ QF`$ @ghb@F`

ij#Q>#QF`

F$ 3140,0$ ,0*$ 36&)30*$ I2%,-%,0*A$ 24)()7%,0$ 8%-%$ +*4)3%-$ 0*

8%-\3+4-0*$ βX$ +$ βB$ ,0$ 30,+(0A$ 1$ %**)3$ ,+&03)&%,0$ 80-I2+$ 8-052-%V*+

3)&)3)7%-$%$*03%$,+$I2%,-%,0*$-+*),2%(T

!
(` RS ) !
∑[ )]
& &

∑ + )! = (
U) − β
]X + β
] BK ) = ` SS −
` RR
;BZE!D
) =B ) =B

0&,+T

`SS$W$*03%$,+$I2%,-%,0*$50--).),0*$8%-%$0*$9%(0-+*$0G*+-9%,0*$$U)$$

`RR$W$*03%$,+$I2%,-%,0*$50--).),0*$8%-%$0*$9%(0-+*$0G*+-9%,0*$K)

`RS$W$*03%$,+$8-0,240*$50--).),0*

F*$ 9%(0-+*$ ,+$ `SSA$ `RR$ +$ `RS$ */0$ 0G4),0*$ %4-%91*$ ,%*$ *+.2)&4+*

+K8-+**k+*T

!
 &

&

 ∑ U ) 
U) −  
)=B
` SS = ∑
) =B
!
&
;BZE^D
!
 &

&

 ∑ K ) 
K) −   $$$$
) =B
` RR = ∑
) =B
!
&
;BZElD

 &
 &

&

 ∑ K )  ∑ U  )

K)U) −  
) =B )=B
` RS = ∑
) =B &
;BZEZD
 !"l

0&,+T$$$&$W$&M3+-0$,+$0G*+-9%Lk+*

F*$ +*4)3%,0-+*$ ,+$ 36&)30*$ I2%,-%,0*$ &%$ -+.-+**/0$ ()&+%-$ *)38(+*

*/0$,%,0*$8+(%*$*+.2)&4+*$+K8-+**k+*T

]B = ` RS = - ` S $
β ;BZE"D
` RR `R

0&,+T$$

$$$$
` SS ` RR ` RS
`S = $A$$$ ` R = $$$+$$$ - = $$$$ ;BZEmD
& −B & −B (` RR )(` SS )

β
]X = S − β
]B R ;BZEnD

`i +--0
σ
] + = i@ +--0 = ≅ B − -! E `S ;BZECD
&−!

0&,+T

-$W$50+:)5)+&4+$,+$50--+(%L/0$%30*4-%([
`S$$W$,+*9)0$8%,-/0$%30*4-%($,+$S[

`R$W$,+*9)0V8%,-/0$%30*4-%($,+$R[

i@+--0$W$i2%,-%,0$31,)0$,0$+--0[

`i+--0$W$`03%$,+$I2%,-%,0*$,0$+--0[$+
σ# " W$+*4)3%,0-$,0$+--0V8%,-/0$,%$+*4)3%4)9%E

BZE! =ij#opF$d#>#$d>=Qbq=>$S$#$d#>ab>$Q=$R

#8P*$ 0$ %H2*4+$ ,%$ ()&J%$ ,+$ -+.-+**/0A$ 503$ %$ 0G4+&L/0$ ,0*

50+:)5)+&4+*$ β# $ +$ β# % A$ 80,+V*+$ %8()5%-$ %$ +I2%L/0$ 8%-%$ +*4)3%-$ U)$ %$ 8%-4)-$ ,+

23$,+4+-3)&%,0$9%(0-$,+$K)E
 !"Z

]) = β
U ]X + β
]BK ) $$$)$W$BA$!A$EEEA$&$$$ ;BZEBXD

=*4%$ 1$ %$ 3+(J0-$ +I2%L/0$ 8%-%$ 8-+9+-$ S$ %$ 8%-4)-$ ,+$ R$ +A$ &/0A$ 9)5+V

9+-*%E$

BZE^ rjhos=`$tbh=#>bquc=b`

`+A$80-$3+)0$,+$,)%.-%3%*$,+$,)*8+-*/0$02$,+$.-':)50*$,+$-+*6,20*A

:0-$ ,+4+54%,0$ I2+$ %$ -+(%L/0$ +K)*4+&4+$ +&4-+$ S$ +$ R$ &/0$ 1$ ()&+%-A$ 80,+V*+

%8()5%-$ 4-%&*:0-3%Lk+*$ N$ 9%-)'9+($ R$ 02$ SA$ ()&+%-)7%&,0V%$ +A$ +&4/0A$ %H2*4%-V*+

&09%3+&4+$%$()&J%$,+$-+.-+**/0E$#$()&+%-)7%L/0$&0-3%(3+&4+$1$:+)4%$%4-91*$,%
%8()5%L/0$,+$(0.%-6430*E$h+**+$5%*0$0$8-05+**0$,+&03)&%V*+$,+$%&%30-:0*+E

#(.23%*$,%*$:2&Lk+*$3%)*$5032&*$+*4/0$%8-+*+&4%,%*$%$*+.2)-E$

BZE^EB r2&L/0$d04+&5)%(

6/5%'/ 73181(2' {*# = α# & β#

 $# = "
# + β# !
 #
%. ,-% + $# = '( *# → *# = % $ ;BZEBBD
6/5%'/ 01(%231425/ 
 # = '( α# ) → α# = % "#
"

 ! = '( & → & = % !

BZE^E! r2&L/0$=K80&+&5)%(

6/5%'/ 73181(2' {*# = α# β# &

 $# = "
# + 9# &
 #
%. ,-% + $# = '( *# → *# = % $ ;BZEB!D
6/5%'/ 01(%231425/ 
 "# = '( α# ) → α# = % "#
 #
 9# = '( β# → β# = % 9
 !""

BZE^E^ r2&L/0$v)8+-GP()5%$b

# β#
6/5%'/ 73181(2'  * = α# ±
 &
 *# = α# + β# $ ;BZEB^D

6/5%'/ 01(%231425/  :
%. ,-% + $ =
 &

BZE^El r2&L/0$v)8+-GP()5%$bb

6/5%'/ 73181(2' {*# = α# & − β#

 $# = "
# − β# !
 #
%. ,-% + $# = '( *# → *# = % $ ;BZEBlD
6/5%'/ 01(%231425/ 
 # = '( α# ) → α# = % "#
"

 ! = '( & → & = % !

BZE^EZ r2&L/0$v)8+-GP()5%$bbb

6/5%'/ 73181(2' {*# −:

= α# + β# &
 $# = α# + β# &
 ;BZEBZD
6/5%'/ 01(%231425/ 
# : # :
%. ,-% + $ = # → * = #
 * $

BZEl #hutb`=$Q=$c#>behwb#$Q#$>=x>=``pF

F$30,+(0$,+$-+.-+**/0$()&+%-$*)38(+*$3%)*$+(+3+&4%-$1T

U ) = βX + +) ) = BA !A EEEA & ;BZEB"D

h+**+$5%*0$0*$9%(0-+*$,+$U)$,+8+&,+3$ ,+$23$ 8%-\3+4-0$M&)50A$ βXA

3%)*$%$9%-)%L/0$%(+%4P-)%$+$&/0$,+8+&,+3$,+$K)E$F$%H2*4+$,+**+$30,+(0$1
 !"m

+I2)9%(+&4+$ N$ ,+4+-3)&%L/0$ ,%$ 3+(J0-$ ()&J%$ 8%-%(+(%$ %0$ +)K0$ RE$ d%-%$ +*4+

30,+(0$%$+*4)3%4)9%$,+$βX$*+-'T

β
]X = S ;BZEBmD

I2+$1$%$31,)%$%30*4-%($,%$9%-)'9+($SE$#$*03%$,+$I2%,-%,0*$,0$+--0$*+-'T

`i+--0$W$`SS ;BZEBnD

h%$3%)0-)%$,0*$5%*0*$0$30,+(0$%H2*4%,0$1$,%,0$80-$;BZEBXDA$0$I2+
+I2)9%(+$ %$ +&50&4-%-$ %$ 3+(J0-$ -+4%A$ 52H%$ )&5()&%L/0$ 1$ β]B E$ h0$ 30,+(0$ 3%)*

+(+3+&4%-A$ β] X $1$%$31,)%$,0*$9%(0-+*$,+$U)A$3%*$+3$;BZEBXDA$ β] X $*03+&4+$*+-'$%

31,)%$I2%&,0$K)$W$XE$h+**+$5%*0A$%$*03%$,+$I2%,-%,0*$,0$+--0$1$,%,%$80-T

*+ "(() = * '' −
(* &' )
!

;BZEBCD
* &&

#$ %&'()*+$ ,+$ 9%-)\&5)%$ 1$ 23$ 4+*4+$ +*4%46*4)50$ 24)()7%,0$ 8%-%$ *+

5038%-%-$ 0$ %H2*4+$ ,+$ ,0)*$ 02$ 3%)*$ 30,+(0*$ 8%-%$ 0$ 3+*30$ 50&H2&40$ ,+

,%,0*$ ;4+*4+$ r$ ,+$ `&+,+50-DE$ #0$ *+$ 503824%-$ %$ #hFc#$ *+38-+$ *+$ +*4%-'

50&*),+-%&,0$+*8+5):)5%3+&4+$23$30,+(0$3%)0-$;8E+EA$U)$W$βX$Y$βBK)$Y$+)D$+$23
30,+(0$ 3+&0-$ 0G4),0$ %$ 8%-4)-$ ,0$ 30,+(0$ 5038(+40A$ ).2%(%&,0V*+$ %(.2&*

8%-\3+4-0*$%$7+-0$$$;8E+EA$U)$W$βX$Y$+)DE$#**)3$4+3V*+$I2+T

! ! !

∑( ) ∑( )
& & &

∑ (S − S )
) =B
=
) =B
] − S
S +
) =B
S −S
] ;BZE!XD

<76" B> =F"BG"B7< = <76" B> =F"BG"B7< + <76" B> =F"BG"B7<

E7E"0 >&?0@A"B" CD7 >&?0@A"B" ;BZE!BD
<=;/; <=3%8 <=%33/
 !"n

d0-4%&40T

<=3%8 = <=;/; − <=%33/ ;BZE!!D

 (< &* )H 
<=3%8 = <** − <** −  ;BZE!^D
 < && 

BZElEB$Q)*4-)G2)Lk+*$,+$8-0G%G)(),%,+$,%*$*03%*$,+$I2%,-%,0*

#$*03%$,+$I2%,-%,0*$404%($ <=;/; $4+3$,)*4-)G2)L/0$ χ &! − B ;I2)VI2%,-%,0

503$&VB$.-%2*$,+$()G+-,%,+DE$#$*03%$,+$I2%,-%,0*$,%$ -+.-+**/0$ `i-+. $4+3

,)*4-)G2)L/0$ χ y! − B ;I2)VI2%,-%,0$ 503$ yVB$ .-%2*$ ,+$ ()G+-,%,+DE$ #$ *03%$ ,+

I2%,-%,0*$ ,0$ +--0$ `i +--0 $ 4+3$ ,)*4-)G2)L/0$ χ &! − y ;I2)VI2%,-%,0$ 503$ &Vy$ .-%2*

,+$()G+-,%,+DE$

BZElE!$d-05+,)3+&40$,0$4+*4+$,+$J)8P4+*+*$8%-%$%$9+-):)5%L/0$,%$+K)*4_&5)%

,+$-+.-+**/0

#$*+I2_&5)%$,0$4+*4+$,+$J)8P4+*+$*0G-+$%$+K)*4_&5)%$,+$-+.-+**/0$1

,%,%$%G%)K0T
Bz$$ v0 T β = X $;&/0$+K)*4+$-+.-+**/0D
!z$$$vBT$ β ≠ X $;+K)*4+$-+.-+**/0D

^z$$r)K%-$0$&69+($,+$*).&):)5\&5)%$α

lz$$Q+4+-3)&%-$%$-+.)/0$,+$-+H+)L/0

#$ -+.)/0$ ,+$ -+H+)L/0$ 1$ 0G4),%$ %$ 8%-4)-$ ,%$ ,)*4-)G2)L/0$ r$ ,+

`&+,+50-A$ 503$ ;yVBD$ .-%2*$ ,+$ ()G+-,%,+$ &0$ &23+-%,0-$ +$ ;&VyD

.-%2*$ ,+$ ()G+-,%,+$ &0$ ,+&03)&%,0-A$ +$ 52H%$ ,+:)&)L/0$ 1$ ,%,%

80-T
 !"C

χ y! − B
y −B χ y! − B & − y
r(y − BA & − y ) = = ;BZE!lD
χ &! − y χ &! − y y −B
&−y

02$*)38(+*3+&4+T

χ y! − B
r(y − BA & − y ) = ;BZE!ZD
χ &! − y

+3$I2+$%$*03%$,+$I2%,-%,0*$,%$-+.-+**/0$ `i-+. $8%-%$0$30,+(0

()&+%-$4+3$,)*4-)G2)L/0$ χ !B ;I2)VI2%,-%,0$503$B$.-%2$,+$()G+-,%,+

+$%$*03%$,+$I2%,-%,0*$,0$+--0$ `i +--0 $4+3$,)*4-)G2)L/0$ χ &! − ! ;I2)V

I2%,-%,0$503$&V!$.-%2*$,+$()G+-,%,+DE$

Zz$w%(52(%-$%$+*4%46*4)5%$ I/ ,%,%$80-T

`i -+.
y −B i@ -+.
rX = = ;BZE!"D
`i +--0 i@ +--0
&−y

$$$$$$$$$$$$$$$$$$$I2+$4+3$,)*4-)G2)L/0$r$,+$`&+,+50-$503$;yVBD$.-%2*$,+$()G+-,%,+

&0$&23+-%,0-$+$;&VyD$.-%2*$,+$()G+-,%,+$&0$,+&03)&%,0-E

"z$$w0&5(2*/0T

*+ rX > rαA (y − BA & − y ) A$-+H+)4%V*+$ vX E

d%-%$ $ 23$ $ 4+*4+$ $ 503$ $ &69+($ $ ,+$ $ *).&):)5\&5)%$ $ αA$ %$ $ J)8P4+*+$ vX

,+9+-'$$*+-$-+H+)4%,%$*+$ r0 > rαA (B[ & − ! ) E$F$9%(0-$4%G+(%,0$1$0$80&40

I2+$,+4+-3)&%A$&%$52-9%$,+$,)*4-)G2)L/0$r$503$$;B[$&V!D$.-%2*$,+

()G+-,%,+A$23%$5%2,%$N$,)-+)4%$503$'-+%$;8-0G%G)(),%,+D$αE

h0$ I2%,-0$ ,%$ #hFc#$ %$ *+.2)-A$ %$ ()&J%$ ,%$ `03%$ ,+$ i2%,-%,0*

a04%($ ;`i404D$ 50--+*80&,+$ N$ `03%$ ,+$ i2%,-%,0*$ ,0$ =--0$ ,0$ 30,+(0$ 503
 !mX

3+&0*$8%-\3+4-0*E$#$,):+-+&L%$+&4-+$%$`03%$,+$i2%,-%,0*$a04%($;`i404D$+$%

`03%$ ,+$ i2%,-%,0*$ ,0$ =--0$ ;`i+--0D$ {$ 50--+*80&,+&4+$ %0$ 30,+(0$ 3%)0-$ {

&%,%$3%)*$1$,0$I2+$%$-+,2L/0$&%$`03%$,+$i2%,-%,0*$,0$=--0$,+9),%$%0

%23+&40$ ,0$ 30,+(0$ ;%5-1*5)30$ ,+$ 3%)*$ 23$ 8%-\3+4-0DA$ *+&,0$ 5J%3%,%

,+$`03%$,+$i2%,-%,0*$,%$>+.-+**/0$;`i-+.DE

ij#Q>F$BZEB$V$$ij#Q>F$$Q=$#hutb`=$Q=$c#>bphwb#$;#hFc#D

rFha=$Q= x>#j`$Q= =`a#ag`abw#$

`F@#$Q=$ij#Q>#QF` ij#Q>#QF$@fQbF
c#>b#opF tbO=>Q#Q= r
`i -+. i@ -+.
>+.-+**/0 `i -+. = β
]B` RS ?$V$B i@ -+. = rF =
xt -+. i@ +--0
`i +--0
=--0 `i +--0 = `i 404 − `i -+. &$$V$$y i@ +--0 =
xt +--0
aFa#t `i 404 = ` SS &$$V$$B

BZEZ wF=rbwb=ha=$Q=$wF>>=t#opF$;-D$=$wF=rbwb=ha=$Q=$Q=a=>@bh#opF$;>!D

w0&*),+-%&,0V*+$%$:P-32(%T

`i-+.$ W$ `i404$ {$ `i+--0) +$ ,)9),)&,0V*+$ %3G0*$ 0*$ (%,0*$ 8+(%$ *03%$ ,0*

I2%,-%,0*$50--).),0*$8%-%$S$4+3V*+T

`i -+. `i 404 − `i +--0

= ;BZE!mD
` SS ` SS

*+&,0$I2+$`i404$W$`SSE$Q+**%$:0-3%$0G413V*+T

`i -+. `i +--0
=B− ;BZE!nD
` SS ` SS

#$ 8%-4+$ +*I2+-,%$ ,%$ :P-32(%$ -+8-+*+&4%$ %$ 8-080-L/0$ ,%

9%-)%G)(),%,+$ 8-+*+&4+$ &%*$ 0G*+-9%Lk+*$ ,%$ 9%-)'9+($ ,+8+&,+&4+$ S$ I2+$ 1

+K8()5%,%$ 8+(%$ 9%-)'9+($ )&,+8+&,+&4+$ R$ &0$ 30,+(0$ ,+$ -+.-+**/0$ %H2*4%,0

%0*$,%,0*E$F$(%,0$,)-+)40$,%$:P-32(%$50&*)*4+$+3$|B}$3+&0*$%$9%-)%G)(),%,+
 !mB

-+*4%&4+$)&+K8()5%,%E$j4)()7%&,0V*+$0*$9%(0-+*$503824%,0*$&%$#hFc#$0G413V

*+$0$50+:)5)+&4+$,+$,+4+-3)&%L/0$;>!DA$I2+$80,+$9%-)%-$,+$X$%$BE

`i -+.
>! = ;BZE!CD
`i 404

h%$ -+.-+**/0$ ()&+%-$ *)38(+*A$ >!$ 1$ ).2%($ %0$ I2%,-%,0$ ,0$ 50+:)5)+&4+

,+$50--+(%L/0$%30*4-%(A$80)*T

>! =
`i -+.
=
(` RS )! = -! ;BZE^XD
` SS ` RR ` SS

F$ 50+:)5)+&4+$ ,+$ 50--+(%L/0$ 8082(%5)0&%($ ;ρD$ 1$ 23%$ 3+,),%$ ,+

%**05)%L/0$()&+%-$+$9%-)%$,+$VB$≤$ρ$≤$YBE$`+$:0-$).2%($%$7+-0$)&,)5%$I2+$&/0$J'

%**05)%L/0$ ()&+%-$ +&4-+$ %*$ ,2%*$ 9%-)'9+)*$ +&90(9),%*E$ F$ 50+:)5)+&4+$ ,+

50--+(%L/0$%30*4-%($3%)*$50323$1$0$,+$d+%-*0&$;-DA$,+:)&),0$5030T$

` RS
-= ;BZE^BD
(` RR )(` SS )

F$ 50+:)5)+&4+$ ,+$ 50--+(%L/0$ ()&+%-$ ,+$ d+%-*0&$ )&,+8+&,+&4+$ ,%*

2&),%,+*$,+$3+,),%*$,%*$9%-)'9+)*$R$+$SE$a-%4%V*+$,+$23$&M3+-0$,+*8-09),0

,+$ 2&),%,+$ ,+$ 3+,),%$ ;%,3+&*)0&%(DE$ i2%&,0$ -$ W$ VBA$ 4+30*$ 50--+(%L/0

()&+%-$ &+.%4)9%$ 8+-:+)4%A$ +&I2%&40$ I2+$ 8%-%$ -$ W$ BA$ %$ 50--+(%L/0$ ()&+%-$ 1

80*)4)9%$+$8+-:+)4%E$d%-%$-$W$XA$&/0$+K)*4+$50--+(%L/0$()&+%-$+&4-+$%*$9%-)'9+)*A
80,+&,0$ +K)*4)-$ -+(%L/0$ ,+$ 024-0$ 4)80E$ `+$ X$ ~$ - $ ~$ XAmZA$ +K)*4+$ :-%5%

50--+(%L/0$ ()&+%-E$ `+$ XAmZ$ ≤ $ - $ ~$ XACXA$ +K)*4+$ 31,)%$ 50--+(%L/0$ ()&+%-E

r)&%(3+&4+A$*+$XACX$ ≤ $ - $~$BA$+K)*4+$:0-4+$50--+(%L/0$()&+%-E$

=K)*4+3$ 024-0*$ 50+:)5)+&4+*$ ,+$ 50--+(%L/0$ %30*4-%)*$ &/0V

8%-%314-)50*$ 5030$ 0$ ,+$ `8+%-3%&$ ;-*D$ +$ 0$ ,+$ ?+&,%(($ ;-4D$ I2+$ */0$ 3%)*
 !m!

%,+I2%,0*$ 8%-%$ +*4)3%-$ ρ$ I2%&,0$ 0*$ ,%,0*$ &/0$ %8-+*+&4%3$ ,)*4-)G2)L/0

&0-3%($+02$%*$9%-)'9+)*$&/0$*/0$50&46&2%*$;+*5%(%$0-,)&%(DE

BZEZEB a+*4+$,+$J)8P4+*+$%5+-5%$,0$50+:)5)+&4+$,+$50--+(%L/0$()&+%-

i2%&,0$ 5%(52(%30*$ 0$ 50+:)5)+&4+$ ,+$ 50--+(%L/0$ ()&+%-$ -A$ +*4%30*

+*4)3%&,0$%4-%91*$,+$23%$%30*4-%$,+$4%3%&J0$&$0$9+-,%,+)-0$50+:)5)+&4+
,+$ 50--+(%L/0$ ()&+%-$ 8082(%5)0&%($ ρ E$ Q+**%$ :0-3%$ 1$ 80**69+($ 4+*4%-$ *+$ *+$ 0

9%(0-$,+$-A$0G4),0$%$8%-4)-$,%$%30*4-%$,+$4%3%&J0$&A$:0-&+5+$-+*2(4%,0$I2+

&0*$ 8+-3)4+$ 50&5(2)-$ *+$ +K)*4+$ 50--+(%L/0$ ()&+%-$ +&4-+$ %*$ 9%-)'9+)*$ R$ +$ SE$ #

*+I2_&5)%$,0$4+*4+$,+$J)8P4+*+$*0G-+$0$50+:)5)+&4+$,+$50--+(%L/0$-$1$,%,%
%G%)K0T
Bz$$ v 0 T ρ = X
!z$$ vB T ρ ≠ X $

^z$$r)K%-$0$&69+($,+$*).&):)5\&5)%$α

lz$$Q+4+-3)&%-$%$-+.)/0$,+$-+H+)L/0T

Zz$w%(52(%-$%$+*4%46*4)5%T

- &−!
4X = ;BZE^!D
B − -!

I2+$4+3$,)*4-)G2)L/0$4$,+$`42,+&4$503$ υ $W$&${$!$.-%2*$,+$()G+-,%,+
*0G$%$J)8P4+*+$ vX E$
 !m^

"z$$w0&5(2*/0T

*+ 4 > 4 α A $-+H+)4%V*+$ vX E
!

BZE" `jdF`bos=`$#``Fwb#Q#`$#F$@FQ=tF$Q=$>=x>=``pF$tbh=#>$`b@dt=`A

c#tF>=`$=`d=>#QF`A$=>>F`Vd#Q>pF

w0&*),+-%&,0V*+$ I2+$ %$ 9+-,%,+)-%$ -+(%L/0$ +&4-+$ R$ +$ S$ 1$ ()&+%-$ +

I2+$*+.2+$0$30,+(0$

U ) = β X + βBK ) + + ) A$ ) =BA !A EEEA & ;BZE^^D

+3$I2+$ β X $1$0$)&4+-5+840$+$ βB $1$%$)&5()&%L/0$,%$-+4%A$%**23+V*+$I2+T

•! 0*$ +--0*$ */0$ )&,+8+&,+&4+*$ +&4-+$ *)$ +$ ,0*$ 9%(0-+*$ ,+$ RA$ )*40$ 1A$ %
3%.&)42,+$ ,0*$ +--0*$ &/0$ ,+8+&,+$ ,+$ R$ ;,)*8+-*/0

J030*5+,'*4)5%D[

•! 0*$ +--0*$ */0$ &0-3%(3+&4+$ ,)*4-)G26,0*$ 503$ 31,)%$ ).2%($ %$ 7+-0$ +

9%-)\&5)%$ σ !+ E

F*$ +*4)3%,0-+*$ ,+$ 36&)30*$ I2%,-%,0*$ 80**2+3$ %*$ *+.2)&4+*

8-08-)+,%,+*$+*4%46*4)5%*T
#$+*8+-%&L%$3%4+3'4)5%$,0$+*4)3%,0-$ β]B $1$).2%($%$βBA$02$*+H%T

( )
=β
]B = βB ;BZE^lD

Q%$3+*3%$:0-3%$0$+--0$8%,-/0$ ` β]B $8%-%$0$+*4)3%,0-$ β]B $1$,%,0$80-T

σ
]+ i@ +--0 σ
]+
` β] = = = $ ;BZE^ZD
B
` RR ` RR ` R & −B
 !ml

#$+*8+-%&L%$3%4+3'4)5%$,0$+*4)3%,0-$ β] X $1$).2%($%$βXA$02$*+H%T

=β( )
] X = βX ;BZE^"D

Q%$3+*3%$:0-3%$0$+--0$8%,-/0$ ` β]X $8%-%$0$+*4)3%,0-$ β] X $1$,%,0$80-T

B R
!
 B R
!

` β] ]+ E  +
=σ  = i@ +--0  +  ;BZE^mD
X
 & ` RR   & ` RR 

BZEm bhr=>€hwb#`$`FO>=$F`$d#>e@=a>F`$QF$@FQ=tF

BZEmEB b&4+-9%(0*$,+$50&:)%&L%$8%-%$%$)&5()&%L/0$+$0$)&4+-5+840

F*$ )&4+-9%(0*$ ,+$ 50&:)%&L%$ :0-&+5+3$ %*$ :%)K%*$ ,0*$ 80**69+)*$ 9%(0-+*

I2+$ 0*$ 8%-\3+4-0*$ ,0$ 30,+(0$ 80,+3$ %**23)-A$ 503$ 23$ &69+($ ,+$ 50&:)%&L%

;BVαD$8-1V:)K%,0E$`+$8%-%$0$30,+(0$,+$-+.-+**/0$1$9'(),%$%$*280*)L/0$,+$I2+

0*$ +--0*$ ;+)$ D$ */0$ &0-3%(3+&4+$ ,)*4-)G26,0*$ 503$ 31,)%$ 7+-0$ +$ 9%-)\&5)%$ σ] !+ A

+&4/0$ 0*$ +*4)3%,0-+*$ ,0*$ 8%-\3+4-0*$ ;β*DA$ 0*$ 9%(0-+*$ 0G*+-9%,0*$ ;U)D$ +$ 0*

9%(0-+*$ +*4)3%,0*$ ; U] ) D$ *+-/0$ 4%3G13$ &0-3%(3+&4+$ ,)*4-)G26,0*$ 80-I2+$ */0

503G)&%Lk+*$()&+%-+*$,0*$+)E$#**)3$*+&,0A$0*$)&4+-9%(0*$,+$50&:)%&L%$80,+3
*+-$G%*+%,0*$&%$,)*4-)G2)L/0$4$,+$`42,+&4E

j3$ )&4+-9%(0$ ,+$ BXX$ ;B$ V$ αD$ ‚$ ,+$ 50&:)%&L%$ 8%-%$ 0$ 9+-,%,+)-0

)&4+-5+840$βX$1$,%,0$80-TT

 B !
 B !
 
 
 = (B − ! )‚
R R
d "]X − 4  ! 
i@+--0
 +  ≤ " X ≤ "]X + 4  ! 
i@+--0
 +  ;BZE^nD
  A &−! 
 ! 
 & ` RR   A &− ! 
 ! 
 & ` RR  
 

Q+$30,0$%&'(0.0A$23$)&4+-9%(0$,+$BXX;B$V$αD‚$,+$50&:)%&L%$8%-%$%

9+-,%,+)-%$)&5()&%L/0$βB$1$,%,0$80-T

 
d β  = (B − α )‚
] −4 i@ +--0 i@ +--0
α
≤ βB ≤ β
]B + 4
α
;BZE^CD
 B 
 A &− !  ` RR 
 A &− !  ` RR 
 !  !  
 !mZ

BZEmE!$a+*4+*$,+$J)8P4+*+*$*0G-+$%$*).&):)5\&5)%$,0$)&4+-5+840$+$,%$)&5()&%L/0

r-+Iƒ+&4+3+&4+$ ,+*+H%V*+$ 4+*4%-$ *+$ 0*$ 8%-\3+4-0*$ ,0$ 30,+(0

80,+3$*+-$50&*),+-%,0*$).2%)*$%$50&*4%&4+*$50&J+5),%*$−$&0$5%*0$,+$J%9+-

50&J+5)3+&40$ 4+P-)50$ 8-19)0$ *0G-+$ 0$ %**2&40$−$ 02$ ).2%)*$ %$ 7+-0E$ d%-%$ 4+*4%-

%*$J)8P4+*+*$-+:+-+&4+*$%0$)&4+-5+840$4+3V*+T

Bz$$ v 0 T β X = X

β X ≠ X

$!z$$vBT$ β X > X
β X < X


^z$$r)K%-$0$&69+($,+$*).&):)5\&5)%$α

lz$$Q+4+-3)&%-$%$-+.)/0$,+$-+H+)L/0T

Zz$w%(52(%-$%$+*4%46*4)5%T

β
]X β
]X
4X = 02 4 X = ;BZElXD
B R 
! ` β]
X
i@ +--0  + 
 & ` RR 

I2+$ 4+3$ ,)*4-)G2)L/0$ 4$ ,+$ `42,+&4$ 503$ υ $ W$ &$ {$ !$ .-%2*$ ,+

()G+-,%,+$*0G$%$J)8P4+*+$vXE$
 !m"

"z$w0&5(2*k+*T

%D$ *+ 4 > 4 α A $-+H+)4%V*+$v0[

!
GD$ *+ 4 > 4 α A -+H+)4%V*+$v0[
5D$ *+ 4 < − 4 α A -+H+)4%V*+$v0E

`+$ :0-$ 2*%,0$ 0$ 4+*4+$ r$ ,+$ `&+,+50-A$ 24)()7%V*+$ 0*$ 9%(0-+*$ ,0$ I2%,-0

,%$#hFc#T

i@ -+.
r0 = ;BZElBD
i@ +--0

I2+$ 4+3$ ,)*4-)G2)L/0$ r$ 503$ ;B[$ &V!D$ .-%2*$ ,+$ ()G+-,%,+A$ *0G$ %$ J)8P4+*+$ vXE

d%-%$23$4+*4+$503$&69+($,+$*).&):)5\&5)%$αA$%$-+.)/0$,+$-+H+)L/0$,+$vX$1$,%

:0-3%T

rX > rαA (BA & − ! ) ;BZEl!D

h0$ 5%*0$ 8%-4)52(%-$ ,%$ -+.-+**/0$ ()&+%-$ *)38(+*$ +$ 8%-%$ 4+*4%-$ 0

50+:)5)+&4+$ ,+$ )&5()&%L/0$ βBA$ 0$ 9%(0-$ ,+$ r$ 1$ ).2%($ %$ , )! E$ =(+9%&,0V*+$ 40$ %0

I2%,-%,0$0G4+3V*+T

(` RS )! ` RS
⋅ ` RR ⋅ ` RS
β
]B! βB!
E ` RR (` RR )! ` RR i@ -+.
4 0! = ∴ 4 0! = = = = = r0 ;BZEl^D
i@ +--0 i@ +--0 i@ +--0 i@ +--0 i@ +--0
` RR

BZEmE^ b&4+-9%(0$ ,+$ 50&:)%&L%$ +$ 4+*4+$ ,+$ J)8P4+*+$ 8%-%$ %$ -+*80*4%$ 31,)%

=;SKXD

w030$%$ =(S K X ) = β] X + β]BK X A$1$80**69+($50&*4-2)-$23$)&4+-9%(0$,+$BXX;BV

αD‚$,+$50&:)%&L%$8%-%$=;SKXDA$,%,0$80-T
 !mm

  B K − R !  

UX − 4 α
d ] i@+--0  + X
(
B K − R ! ) 
 ≤ = (S KX ) ≤ ]
UX + 4 α i@+--0
(
 + X
)
  = (B − α)‚ ;BZEllD
 A &−! & `RR  A &−! & `RR  

 ! !

F$5038-)3+&40$,+**+$)&4+-9%(0$,+$50&:)%&L%$5-+*5+$N$3+,),%$I2+
K X − R $ 5-+*5+E$ d%-%$ 4+*4%-$ *+$ %$ =;SKXD$ 1$ ).2%($ %$ 23$ ,+4+-3)&%,0$ 9%(0-$ ηX A

2*%V*+$%$+*4%46*4)5%$4T

U X − ηX
]
4 &−! = ;BZElZD

i@ +--0
B K −R
 + X
( ) !


& ` RR 
 

BZEmEl$b&4+-9%(0$,+$8-+,)L/0

F$)&4+-9%(0$,+$8-+,)L/0$-+8-+*+&4%$23%$+*4)3%4)9%A$80-$)&4+-9%(0A$,0
9%(0-$,%$31,)%$ (U X ) $ ,+$ ?$ :242-%*$ 0G*+-9%Lk+*$ ,%$ 9%-)'9+($ ,+8+&,+&4+$ I2+

*+-'$0G4),%$+3$23$9%(0-$8%-4)52(%-$,%$9%-)'9+($)&,+8+&,+&4+A$-+8-+*+&4%,%
80-$ KXE$ b**0$ 1$ ,):+-+&4+$ ,+$ *+$ 50&*4-2)-$ 23$ )&4+-9%(0$ ,+$ 50&:)%&L%$ 8%-%$ %
-+*80*4%$31,)%$;=;SKXDD$80-I2+$+*4+$)&4+-9%(0$*+$-+:+-+$%0$!"#$%$"&#'$9%(0-
31,)0$ ,%$ 9%-)'9+($ -+*80*4%$ ;23%$ 50&*4%&4+$ ,+*50&J+5),%D$ +$ &/0$ %
0G*+-9%Lk+*$:242-%*$,%$9%-)'9+($-+*80*4%$;SD$&%$50&,)L/0$KXE
#$ 31,)%$ (U X ) ,+$ ?$ :242-%*$ 0G*+-9%Lk+*$ ,%$ 9%-)'9+($ -+*80*4%$ 0G4),%

+3$KX$1$,%,%$8+(%$+K8-+**/0T

∑U
H=B
XH

UX = $ ;BZEl"D
y

+3$I2+$y$1$0$&M3+-0$,+$:242-%*$0G*+-9%Lk+*E

j3$ )&4+-9%(0$ ,+$ BXX;BVαD‚$ ,+$ 8-+,)L/0$ 8%-%$ %$ 31,)%$ ,+$ ?$ :242-%*

0G*+-9%Lk+*$0G4),%*$I2%&,0$R$W$KX$1$,%,0$80-T

  

]X −4 α
d U i@ +--0
B B K −R
 + + X
( )!

 ≤ UX ≤ U
]X + 4α i@ +--0
B B (
K −$ R
 + + X
)
!

  = (B − α )‚
$$;BZElmD
 A &− ! y & ` RR  A &−! y & ` RR 

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d ( "Am!^C ≤ U X ≤ BXAm!C" ) = CZ‚