
Институциональная экономика
..pdf
0123456789 9 4 |
|
! "#$! % #$&'# (
% )' *+%$,'-). #$"'* ,'# ) *))$) +$/ # " #
0123425678126793719:2378; # # .+ ) !! # !'# !' * ( % ! # ! % #+'' "< #! " *& . ! " )= !$* > ? @ . " , # . # #+ +A, ! *+ ) ( *) )+'# * !$!' ! B * C *& +$/ !# (
# ) +' *& ) #+'' ,+'# * ' ! * ,
). !+ # ' ) .! % .! % ; ( # ,) *) ) ; +D ! !
EFGHIJHKILFJHMNOP932Q9RS37S3S59P91TU9V1237WS37X32Y9Z
:S[S37SWSQ9:S52\P]S]9V1237WS37SSV9Y12:2:T^912]
]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]
_* !) "; # ## # )' # A +'# * !$+ * ( * % !, *& ) #+'' ,' # AD ) ) . " A, !$*&( -.! % "'# ) & !+, ! . * # " C B !+# (
# , '# * " *& " #+'' #+ ", # ' (
# % # . " ,$/ +$/ # # )! )A ) ! ! C# B ! *& . ! "$# # # " # (
,'# ! )< #!+ + # ;' # # , *-", !'# !
` * ' # # ) * # #+ ! " *& " #+'' *& * ,
) #+''$) !! # ;'# ;-" # #+AD "
#+'' ", . ! " ; *& ; #+''' # ; # .#) # ( ; # "
abcdebfgh
@$# ' #* ! & # )# # ), # " +$/ ! . " ) +' A .$# * ,$/ ! . " )i '+ (
j.$# * *& ) #+'' '$.! &! % +' ;
# ' ) % k .$# '+ ' *+$*&-.(
! % ", !'# #-'# C *$# + ) .! ) ) # !$# . ! l ' #& +$/ !# # ) )' #* ! , ( # "! % * ) & ! % # ' ) .$# * " m '# ! #, ! % # .#-& * . '# &'# . A + # ; # # @ ! *+ +$/$/ # # )' # ! )A )! ! , .( $# * '+ +% + &B$) *& '# '* #
; . " " #+ #+ @ ;'#-) ) )$* !! # ! , ! % #+'' *& . ! "$# #
# # " #

01 2345467894 4 94 4 9
!"!#$ %& &'(! $)!*#+%,+'
-./01.2345.3614.6078019.:.880130;<=/>80?39.7.<1:=6.9<=/>80?39.7.@ A0B7.?361<.C./01.2=8=30;<=/>84D39.74.36>EFGHIGJKLMN=.O010B7.?361<.8= :=6.9<=/>84D39.74.36>EFGHIPQFRGKLM@S=2<:0T9=B0:N69=83U09:=;<VW9.7X 36=1/V.630T0?7.V6./>8036>C./01.2=N20609=V8.V1/V.63V30;<=/>8Y:1B=<:0X 7.?361<.:N80160Z.19.:VW9<107<62<B:.8.8<D0294Z=D5.?.O018.[8.? 39.7Y@AW90;.33.69=83U09:=;<<C./01.2W90V1/V.63.TV2=28.074[.1/.88=V 3</=W9<907YN9.=/<B4V9=B/<C8Y.1<7Y946<880?\.6109C.320?]7.V6./>8036<@
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
^_`R`HEaFQLbcQdIEc`HHQeQaFQK`IIGHGbfcGgEhijklmniojpqr
nkksot`I_LQHIQIEQLEcaQcEQF`HLLbGFGH``Lbc`IEHfutaF`dv QaF`d`_`HHfutFwELHHfuQa`FGKLxtH`aF`daQ_GeGgyLuF`z`HLM JGJLuv_L{QEcQF|`IJLubGdG|}
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}
S9=83U09:=;<088Y.W90<B107361.88Y.0W.9=;<<8.0TVB=6./>8031VB=8Y 3W9.0T9=B01=8<.::=6.9<=/>8Y~0T•.2601N08<:0O4630360V6>19.=/<B=;<<09X O=8<B=;<0880X4W9=1/.8C.32<~=/O09<6:01NW9.0T9=B01=8<<<8U09:=;<088Y~W0X 60201<79@A3</460O0C6069=83U09:=;<VV1/V.63V946<88Y:W90;.330:N.. W03/.7361<VB=9=8..<B1.368Y17.6=/V~N6@.@d`E`FRLHLFQcGHf@
€0320/>2469=83U09:=;<V8.W9<107<62<B:.8.8<V:30;<=/>80?39.7YN08= 8.<:..619.:.880?W906VZ.88036<1.7<8<;=~30;<=/>80O019.:.8<<W0•60:4 1Y364W=.62=2IEGEL|`IJLx•/.:.860T5.361.880?Z<B8<8.B=1<3<:006..7/<X 6./>8036<1.7<8<;=~=369080:<C.320O019.:.8<@S9=83=2;<VN8=0T0906NW9<107<6 2<B:.8.8<V:30;<=/>80?39.7YC./01.2=NW0•60:408=1Y364W=.62=2dLHGRL|`v IJLx•/.:.860T5.361.880?Z<B8<@‚474C<6109C.32<:N<8801=;<088Y:W90;.3X 30:N69=83=2;<V~=9=26.9<B4.63V6.:NC60..W03/.7361<VB=9=8..8.<B1.368Y</< H`QaF`d`_`HHf@
ƒB:.8.8<.0294Z=D5.?39.7Y69.T4.606C./01.2=B=69=69.349301@
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
„`HHQIE…d_M|`_Qc`JGbGEFG|LcG`RfuF`IwFIQcHGbfcGgEq†r
‡ˆi‰Šjoq}
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}
‹6<<B7.9Z2<V1/VD63V34T•.26<18Y:N;.880368Y:W08V6<.:@S=2N8.9180. W.9.8=W9VZ.8<.N10B8<2=D5..1W90;.33.2=20O0X/<T07.?361<VC./01.2=N06803V6 2:09=/>8Y:<B7.9Z2=:N8.<:.D5<:0T5.W9<B8=880?.7<8<;Y<B:.9.8<V@
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Œijklmniojpqnkksˆq†‡ˆi‰Šq•ŽEQK`HHQIE…F`IwFIQctbGv
EFG|LcG`RfuHGQIwy`IEc_`HL`EFGHIPQFRGKLL}•IL_wIQKLv G_…HQxFQ_LEFGHIPQFRGKLLŽELLbd`F•JLHGbfcGgEEGJ•` IEGEL|`IJLRL}
}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}}

0123456789 9 68 766 2
!"#$%# &' () *+( (,! ,& * !-,).*&') %'/0##12!#, # $3 # !"#$%-4 )! ,- !#1#5 2 &534#,#-675!-4#%!!3,! 8 $ &+###9# (,! &,) -'
($ -6!- 4#-* ) :#9#4 #), $ / ! #! 3#.# (,! $& !2!#,3 #1'#)$& )-#!27!, - !"#$% /4#%!!$#9#+ #9#4#,# - !"#$% "#$ 2 !- )%-(. $ -:% #!:( &' !2!#,,) *&') %'/
/////////////////////////////////////////////////////////////////
<=>?@>ABCD??EFCGHF=IACJKLMNOPPMQLRSOQTSQMUVWXLSXYZ[
UXO\]^PXMQT_OQLU`OPZOLSXPQXaNZZbcQZ`TQMNZX`RPMdSM`Z LSXPQXaNZZKLZZWeOSfaZPXW]UXgLLXafOeZPX\ZYOQaZ\Zb bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb
!+%# &' () *+' + (2 !-,&!#+#5!4 :6POMh[ SOeO`OPPMQLZ/0##12!#, # $3 # !+%-!:,# !+532 + :&5 4#%!!38 $ &+###9#( (,! &,) -'/ ! #! 3 $#* 1&:)#!#, # (,! % #!: !2!#,3 #1'#)$&')-#!27!, -
!+% /i#9,#!#!# ,#$3 #,) #$!2 #!2!,2 # * .&5$' ($ !4 ) -#17' !+%# &' () *+$*)22 ! . +$ !#% :#9#,( $#)5!,-/j#*#!:4#1 $& !4 ) - !+. %# &' () *+$*)22 ! +$ ,( $#)5!,-(+6 !-4 *),!9# ,#$3 # ),)& $6 (& 4 )4# -,# #k #) ' '*!2!#,/
////////////////////// lmnopmqrst/////////////////////
u,4 )4 $ -4#)4! +#!#9k /v )4##*$3 #( ., $& !2!&,) #$!2 !#!#- k: (( ,#58 9 4 #"#$ )#+2$ #,/w! )-4 ,#9#4 )4 $ -!21;+ , --9#!: 8 '( #* 3)-,##9#4 )4 $ -, +3#, !+. %# &'() *+12) (,! :# #9#3+##"#$- )#+2$ &/w! #"#$.- 4 ,&54 )4 $ :3# !+%# & () *+ 12)2 (+$3 !.,##5x#1#:k$/ ! 2% 3+#9))#! 92#!#9k !#) * ) :#9# !4 ) -#1-( #!5!##4##"#$ 6)#+2$ #,3 . !+%# & () *+-,-6!- #4 ) #5, #5/
/////////////////////////////////////////////////////////////////////////////////
////////////////////// lmnopmqrss/////////////////////
v )4##*$3 #4#(,#) :!4#:(2 # * #,( $#)5!, !4#. ! ,7+#$ !2!/ ) #$!2 () *+3!,-( & !#1!4 $8#. 9#2 #9#,( $#)5!,-y !4# &3#9 (%# &3 "#$%# &3

01 23454167849 4 849 4 99 8
!"#$ %&% '% ( ( ' )% &$%''*& + ,&! -+& ' . ( ( /$(' *'0/ &% 0 +% *1/ % 2 %3 4
. ' (& , / % + % & % 5% % % ' *'/, '* / '% % %$'% + &% 2 !6+ , , %2 % %'*#+ 7 &* ' % /5 ' 8 %3% + &% 2 (#% '% ( ( ' $%''*& + ,&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
9 0$:!;<9 ' )% &$%''* + ,' $%''* + ,
|
=>?@AB |
CDE@FGAH |
|
|
BFIJ>KLFMINHLJJO@ |
BFIJ>IANHLJJO@ |
|
|
|
||
|
P |
Q ' ( |
P%$' ( |
|
R |
P 7 2 |
S ' & 7 2 |
|
T 7 ' |
U ' + ' |
U ' ' + ' |
|
V ' |
U '%$2 |
W % '% |
|
6+& |
P % &% '%2 |
P/0X '*2 |
|
|
|
% &% '%2 |
|
P % %0 %5 ' ( |
P$+$( |
Y %' +$( |
|
%0& ' |
|
|
|
|
|
9 ' )% &$%''* + ,' $%''* + ,%0*7'% (+ '* Z[\]^_Z`a]bcdceZd^fgh %5 ' % '%2 7 '* 7 + %0%2/ 7 4 ' /3%2# ' %0% % !Y % i / &8 /+ %'%& '% ' & % 4 '%3%%0& ' !j '*& % %0%& %5 ' ( % %/ '*1 ' )% &$%''*1 +4
, ) % '%3%%0& ' ( (i ( + ' / (+ '' ( ' & dklmc]nca]mco % + % !p & ' +$+$(# &0% %4 + % ' / ' , %&% '%&/7 % + % # && ' . /&4
& '* ' )% &$%''* + ,!T& & + &$+$ 7 %/7 '% % + % ''%3% %$/ 7 ( % +' 7 '%#
7 %& , /' & '% ( (' %+&%,'*& 4 0%/ %27 * & , 7'% 4
'* (+ !
9 ' $%''* + ,%0& ' %0/ % '*3 '*&%0 +%& % %& % 1% (5 3% ' q %/ ( %$" %%27 %0 4 &%3% % !T /7 #%3 % '*2%0& 'kl\dZ_]ncac\Zb]_# ! !$%''% % /5 ( (& , / 7'%+' %&*& /3 /3%& ' & # %3% % + ,'!p & 0% . 2 ' %' + % '%0& '# &0% . 2 ')% &$2 % 3 i 1%+(2 ''* 3 ' * /3% /3 && ' . 4 %( '% &%. '' 7 #) ) $% ! !9 &%0 +% %$*
$+$% + % %' +$%0& ' % &%+( /3 /3 ' &%3/ + (% '% & ''%!Y%8 %&/ ) & '%3% % + % ' %+&%,'% %0 (% '% & ''%3% /5 ''%3% ' , ' ( ' )% &$%'4 '*1 ' $%''*1 + , #% ( % %' %$*$+$
%' +$! V &% &% '% '* bcrs^\]_d]tmcZ__sucarl\vlth + ,% # +4
,+& ' (# + ,' ( 3% % % + i7 ' ( %' # +4
, $) $+ 5 * %0 ''% # + ,% % /' 7 4%3% % ' (!

0123456789 9 68 766
!"#$"%!&'()*+,-./0,(12-+*2+'+2*34-56(7-1-3/8*(935/'(8 '53:'-4+-*/('';<(4-+';*=923*)-/4->+'-/?435=45;27@6(+5,-*32(A 5/-.B+:-7?/34*-/+'CD)2349,+6(+5,-(<=57('73*;*32(5/-/,(8=+*2+A '+2-*3(<:(2+8(E+*F(48-G++06(H/(8=+:/-,93*-);'-./" !&I"
#$"%!&"JK$I&L""CM-+<(733+)'35/*;8>-5/*;857=>-38+)23493,H/(1( '+2-@'7@./5@" !"#$"%!&I"J"I&NOJ$PLJQ0,(/(4;3(<=57('73*; 2+FF343*G+-G+3EG3**-(2+*+/(/9364(2=,/0*35'@)-**(E54-)7+>+@A 8+'/4-*56(4/*;:4-5:(2-:C
R3(4+@6(+5,-+*F(48-G++0+7+S!$J$I"T%!&UV$"U"JK$I&L""0<;7-5(A )2-*-W XYV"ZN $I[4(2C\ 0,(/(4;E'\]^1C6(7=>+7M(<373'5,=.6438+. 6(H,(*(8+,3)-+55732('-*+364(8;_73**;:5/4=,/=40F=*,G+(*+4('-*+@4;*A ,('0-/-,9364+>+*+6(57325/'+E1(5=2-45/'3**(1(431=7+4('-*+@C`1(5/-/?@ ab,(*(8+>35,-@/3(4+@+*F(48-G++c(6=<7+,('-*-'\d1C
e/+17344-558-/4+'-3/+*F(48-G+.,-,563G+F+>35,+E435=450,(/(4;E:(A )@E5/'3**;35=<f3,/;+56(7?)=./27@8-,5+8+)-G++23*39*(E';1(2;Ce=<f3,/ 6(7=>-3/+*F(48-G+.'43)=7?/-/3#$"%!&0-)-/4->3**;364+H/(854325/'-6432A 5/-'7@./5(<(E/4-*5-,G+(**;3+)2349,+(5(<(1('+2-g" !"#$"%!&Ce/(A +8(5/?435=45-a+*F(48-G+@c4-'*-'37+>+*3H/+:+)23493,Ch,->35/'3:()@EA 5/'3**(1(5=<f3,/-e/+17344-558-/4+'-3/6(,=6-/37@0G37?.,(/(4(1(@'7@3/5@ 64+(<43/3*+3)-2-**(1(,(7+>35/'-/('-4-58+*+8-7?*;8+)-/4-/-8+Ci4(2-'G; 64327-1-.//('-46(4-)*;8G3*-80+)*->-7?*(*3+)'35/*;86(,=6-/37.CR(/6(A 5732('-/37?*((64-_+'-3/64(2-'G('(/*(5+/37?*()-64-_+'-38(EG3*;0+5='3A 7+>3*+38>+57-(64(_3**;:64(2-'G('+)'35/*-@38=8+*+8-7?*-@G3*-=83*?A _-3/5@Cj!$J$I"U02(5/+1*=/-@'43)=7?/-/36(+5,-04-'*-4-)*(5/++5:(2*(E+8+A *+8-7?*(EG3*0=8*(93**(E*-(<f3864+(<43/-38(1(/('-4-CkQZ$&06(7=>3*A *-@'43)=7?/-/36(+5,-04-'*-4-)*(5/+'37+>+*;H,(*(8++++)23493,6(+5,-C l#V"I&NOJQP$mnI#$"%!&0+7+(6/+8-7?*(3>+57((64-_+'-38;:64(2-'G('0 5((/'3/5/'=3/8-,5+8-7?*(E';1(236(,=6-/37@C
o6/+8-7?*;E(<f386(+5,-8(93/+)83*+/?5@6(5732=.B+864+>+*-8p
qJ&!$#NJJQP$#QV#$!r#&VNUC`57+6(,=6-/37?'6432;2=B+E634+(2 '4383*+=93(64-_+'-764(2-'G('0/('/3,=B38634+(2331(+)2349,+ 6(+5,-27@(64(_3**(1(>+57-64(2-'G('4-'*;*=7.C
q$mn "JJ" "JK$I&L""64(+5:(2+/0,(12-2'-6(,=6-/37@<3)'()83)2A *((<83*+'-./5@6(7=>3**(E+8++*F(48-G+3E()-64-_+'-38;:G3*-:C h43)=7?/-/36(,=6-/37?5(,4-B-3/5'(++)2349,+6(+5,-064+H/(82(A 5/+1-3/5@/(/93HFF3,/0>/(+'57=>-35*-,(673*+38(6;/-Co2*-,( 357+'43)=7?/-/3(<f32+*3*+@6(,=6-/37?6(7=>+77(9*=.+*F(48-G+.0 /((*05,(433'531(0*32(5/+1*3/8-,5+8-7?*('()8(9*(E';1(2;CR-,+8 (<4-)(80(<f32+*3*+3+*F(48-G++35/?<(73323_3'-@0*(83*33*-239*-@ F(48-6(+5,-s
q!N&I&C`57+<(7?_-@>-5/?64(2-'G('*->+*-3/43,7-8+4('-/?G3*;0/( 4-)<4(5G3*43),(5(,4-B-3/5@Ct-,57325/'+30=83*?_-3/5@(6/+8-7?*;E (<f386(+5,-Cu-)<4(5G3**3+5>3)-3/5('538*-2-**(84;*,306(5,(7?,= *+(2*(5(>3/-*+343,7-8*;:54325/'*38(93/(:'-/+/?'53:6(/3*G+-7?A *;:6(,=6-/373E'643237-:+83.B31(5@'4383*+s

01 2345467894 4 94 4 9
!"#$%&'(')$')'"*+#,*$-.+"#'/+%0&'#,)1-
.'2$+/+%%2'3')$4')1+"&05&"6)'$73'))13$8/+"&0&+()+.2+$7%'"&$9:9;<=>? @A&+#,*+%.'2%+3.'2$+/'80%.+"#'/B5C$'.'2$+/1.2$D +E2'&0&,&+%02.+20""($&0))+F20)''4')'
G4'#+3207E2+"4').+//'2H$%0'&"68I#0%)13+E207+38.+&+3B8(&+$)J+2D 304$6B"&02'%0'& K+L&+3B3'&+/)0(0#,)+I+.+$"*0$3''&%'",30+I20)$('))+'
.2$3')')$'
MNOP QA R S5E+'E#0I++E#0/0'&*+3.#'*"+3.+#'7)1-"%+F"&%8
.+L&+3B+)+$3''&3)+H'"&%+*+#$('"&%'))1--020*&'2$"&$*K+"*+#,*B "BC'"&%B'&/%0&$.0"%+F"&%E#0ITJ$7$('"*$'$.20%+%1'8%1/'#65&/%0 &$.0$7/'2H'*$73'2')$68"%670))1-"+4')*+F"%+F"&%8.2$)0/#'H0C$- 207#$()13&$.03E#0I K2+4'""*+#$('"&%'))+F+4')*$L&$-"%+F"&%.2'/D
.+#0I0'&70&20&1)0$73'2$&'#,)B50..020&B2B8+.#0&BB"#BI.+"2'/)$*+% U)'70%$"$31-L*".'2&+%8I+"&+2I$)".'*4$$N$/2
V73'2')$6"%+F"&%E#0I.2+$7%+/6&"6/+$-.2$+E2'&')$6UWXYZ[WN$.+"#'$-
.2$+E2'&')$6UWX\]^[N _4')*$8.+#B('))1'WXYZ[W8%#$65&)0%1E+2.+*B.0&'#'3 +E`'30.2$+E2'&0'3+I+E#0I0 G"#B(0'+&*070+&.+*B.*$L&+&+E`'320%'))B#5 _4')*$8.+#B('))1'WX\]^[8%#$65&)0%1E+2.+*B.0&'#'3+E`'30/0#,)'Fa'I+
.+&2'E#')$6L&+I+E#0I0
bcdefc
g0*$3+E207+38$7/'2H*$$73'2')$6"*#0/1%05&"6$7$7/'2H'*$73'2')$6/+ $.+"#'.2$+E2'&')$6 h07)1'E#0I0-020*&'2$7B5&"6207#$()13$0E"+#5&)13$ $+&)+"$&'#,)13$7)0(')$63$$7/'2H'*L&$-%$/+%
G1/'#65&&2$*0&'I+2$$E#0Ii?=j=8@@;Pk = $P l
j;<=
m?=j= n;9o9$3'5&70.2'&$&'#,)+%1"+*$'$7/'2H*$$73'2')$6WXYZ[W $)$7*$'$7/'2H*$$73'2')$6WX\]^[ V)13$"#+%03$8.+&2'E$&'#,"*$'*0('"&%0 +.1&)1-E#0I3+IB&E1&,#'I*+B"&0)+%#')1.+"#'.2$+E2'&')$68)+"/'#0&,L&+ /+.2$+E2'&')$6J0*&$('"*$)'%+73+H)+p2'/"&%+32'a')$6L&+F.2+E#'316%D #65&"6@o9;=
qrstuvwxA@ = ? 9AykA9=9z{ 9?j nj;<l
@A @ >@j9n;9o9|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
g0*8.2$.+*B.*'&+%02+%/#$&'#,)+I+.+#,7+%0)$6%*0('"&%'"$I)0#0%1"&BD
.0'&+E670&'#,"&%+J$231+"BC'"&%#6&,I020)&$2+%0))+'.+"#'.2+/0H)+'+E"#BD

0123456789 9 68 766
! "# $%#&'((%#)&*+$&(,-!" ."($&!!/&$(0/ 1 ! ($&+ 2$('("'3$& . ($& 4!(). (54!(./'6 ,4! 7&(" 8! &!( ((%$*/ 2$&/4 & '3$& 4()& (8($8 *.*#4(1 &!%&*#9$* 8! &!( ((%$*/ 4!./$"(&! (,&(7&((%1 $&(#&*+$&($*/ &.*#4('/4&*# 8& 2"$8 *("('3$& 4!(./'& :' 8! &!( ((%$*/ $ &).!';<=>?@.*#4(&!%&*#, 4($'(*+'/-!" %!& $%#(%#)&*+$&((6 ' $($&(# #(%$*/ "(5 &A '4($*4!(. 4!(..5$& #8! &
BCCDEFGEHIEJDKLK "0& )' ).!' )"! #;<MN@; )' )1
.!' )"! #;<=>?@ (&!%&*+$' '3$& &'A%*8"(8/&%2&+*81 '((4!.* 2.( A4!(%!& #4/&" $*( (8(OPCQERSHETUKV4!"!, 4!(%! (8!. !2',4('/4&*+"( &4(4!(%( &+(./#8(./
($( 7&(8($.*&+2(.('3$& $54!& W%23( $$*./"2 %*1 8A!'&!)/0&$#2$('(5$&4 +0(.(!(.($& .*"($& W.(!(.($&+ ()3 &&(.$& ($&+4(&!%&*+$'A$(5$&/*0%2A3$&5. (8(%*8 X*"($&+4()(*#&(&.*&+ %(*+Y/03$&+%*8 6*#A4!( . #7'$41 !" & 4!7&(" !/Y&+4(&!%&*+$'A$(5$&($&Y8($#(%Z"%*8
[\]ERSUED^TIEJDKLK "0& 2$(' ).!' )"! #;<MN@; 2$(1 ' ).!' )"! #;<=>?@X*#%*8. (8( .A!'&! /$&! "# $*( ($&+23* #4(*( &*+(8(!)/*+&&,'(&(!25 $8.4(*/3 &(.1()3/0(6 '//!)*32A4(&!%&*5 /!)*32A$46 *$&( !1 "!("$*/ &4!(-*'&3$'5*3%254!4!&,4(&!%&*+$' $(5$& '(&(!(8("(8/&%2&+/$& (* 2*Y+$4/$!(.(* &*+254!(. !"14($* 3*4(&!%* #W%Z'& 2 $/%Z'& 2 4(')&* ).(!(+# 3*( ',4(&!%*#0_8(. 254!4!&,$*/ &.*# 8($8 *" ('3$& 4!4!&,'(&(!2 ( /3&2 &4! 4! #& !Y #(4!(.(* 8(4!1 " #
`abcda
:'"(%!)(",).!' )"! #'3$& .( !&*+2A%*8e''.(,&'4($*4!(%!& #f$#) 28* 2"(%!)("$(%!%(&'(5$8 *(
g$(!" (57'(("'4!(./'&24!()(.$& $& (#&$#$%(* $*(12", /.*+25 $(42&2A .( !&*+2A%*8 (%_"(%Z" %*8/ 1 *3 &$#h((& &$& (()!$& &!(*+$8 *( '3$& %)2 )"! # 4(&!%&*+$'A$(5$&%*8:(!#$8 *( 4($*. .$#&*!) 1 *$+ ($( ("4!" &*+('(.("/ ) 5YA%*8i "("/&!/./ g'3$& ).! ' )"! #!$$"&! 0&$#)&!&2!%(&(.&*# (6 '/ 4!(./'& ($&!%(& '(,4!3" ).!' )"! #;<MN@;$#) 2$(6 1 '(54!(./'& ($& 4(& 6 *+2A!%(& '(, ).!' )"! #;<=>?@i $(6 '(54!(./'& ($& ! #&2A!%(& '( j" 2Y &(!3$'# 1 $2_ ($&+&!/. "(8(!%(& ',&"$*( (6 &+8(4!(./'& ($&+, '(&(!#2$&/4 &).$+ '3$& 8* (8(4(&!%&*+$'(8($(5$& %*8 k1

01 2345467894 4 94 4 9
!"#$%&& '$()&'*$+",- ./0# ' 1#& , ! ! $2 $ #0& $"!&+'#$ $&$*
'*$$" 2 !&&/( $&$* ,&$345 , !'+ & 6' /1 &/,.#!!,37 '!! 6 ' !" *&'! '! ! !#6.+#-&82! !"' !6&$, $&,- $, 0 &2&!& %&$63 45 , '$+ & 6' $ #0&/,.#!!,3
9!.#$*!:3:;<2 -'$$2, &$6
=>?@A?BC>DEF?FGH |
|
IJDKL |
|
|
|
|
|
|
|
||
LMNBFL? |
GCCJ?@O?AL? |
|
@LE?>GB?JPFL? |
|
|
|
|
||||
<2 -'$$2, &$6QRSTUQ |
V/ '$ |
W$2'$ |
|
V/ '$ |
|
<2 -'$$2, &$6QRXYZU |
W$2'$ |
W$2'$ |
|
V/ '$ |
|
[& !$2, &$6QRSTUQ |
\$&!# |
]' $,& |
|
\$&!# |
|
[& !$2, &$6QRXYZU |
4 .#&$ |
4 .#&$ |
|
\$&!# |
|
4$, .#!! |
4 + " |
V$& ! " |
|
9 '$+ |
|
|
! ,.$#0 |
2 $ |
|
"#'! |
|
|
|
|
^!, $,_`abcdefghicfjfk`lihfm&! /&' !nopqbheir 3st:uv" ' /+ wxxs3 # $#W.# '8 ,$8 5'&,$' 2!$ # !&$/&' !$,, $&+$&) ,!*$+3
\ & !,! $! !-&+%$+ $&!#&! /&''!#$)$*$ !&& 1 !y &0 .!2 !&$63[& -!" + $ $&!#! . .!2 !&$$& !& & &! 2!$, 62$ '$& $ !$$& $*$+ .!2 !&$ r'!' & '#!$ '+ $$ # ' '!$!#!z3{'' !v"!&!ljif_`| elmjffjabk}b~hi`•kij`lihfb$eq`e`•h`e€b•ki•`€hf~i3W! # &$ &
$ - .!2 !&$6 .&/+ # ' !$,&0% " ,& .1 &/+3[&,- $0&!.8- & #&$ 2!$#$&!+$ & 1 $ .‚ &&/( !&$2!*$+$#$2!$& !&&/( !. !#+3ƒ , "& !$,&0% ,&$$$#&! &$ .& ,! $!#!" ' ' #1 &$ #0&+#$ ! /$ #! # $ 3W!'&*" .&/+ !. &$' & ,&0%$_`kicdh„bfjabk}~f" '#0' * . &$6 !#6 ,
.#0% # &$6" ,6'!'& .&/+$ //! $,‚ &1 & & !$&/ 5,*$$3
4 #!! 6" # &$ & $ - .!2 !&$6 . $!
.&, $& .&, !. &$'!, !&8 $.!''2!!. &+#!3[18!# " 5$!. &$'$ $!8 $&!' 5'&,$ ' 2#0!1!"& 6 $5 , !2&/ $2 -'$34&6&" &%&$$2 -'$y 2#01! $ #0& #6 .& !. &$'!3\$! 6" # ' $&$,!1
%&$ #-&$$.!2 !&$6!. #8& !*$&!#0&"33 '$ $8 ,! $!#0&+/ /3[& $ ! '.!2 !&$8" #$-$!,/+5'&,$ 1'$+5))' ( $2! ! &&/ !3
…`k`g`l„•†k`lbhd`•kij`lihfm 0 #-$ #0& 0 .!2 !&$6 !. 1 &$'!"' !6 # 6 , # $6,‡
ˆ.!2 !&$ / & .&, !. &$'"33& . $! '( "', &$ 8‚$+2! !/&!.!2 !&$‰

0123456789 9 68 766
!!"#$ !%&% '( ) *(+),!, ! !%&!- !) &)*$.$ +*'&!% (/01 ) )" !,
2 # "1( !3 4%5(6)$54 )$)!54* )! !'+*)7"1& 54!) $!5)3 %!. ) * 8 '" * &5- !'". "7 %* &5- !'".,9%5 8*) -!%*4& $56)!53 %)3 4 ) *6!& # # -! 4+) & !)%4 !%&% "'+ -)+:;<=>?@>;<A B>C;DEFG:HI,2J)'(!'( -!)%4'!3K4 ) 4&5),9%5 6!& 7 $56)!53 %)3 4 ) * 53K!& # # -! 4+) & 7
!)%4%&% "'+ -)+BHL>=>?@>;<B>C;DEFG:HI,M)%/$ !'( -!)%453K4 ) 4&5),N*4% %)!' &5)")($ '!!)!$%))*+%4 7"1% '6 %)3/&45! 4F>O:HPL;Q:RF>B,9%5 **175 !%&% "1
) * $ &!%) 6 %!6!&5(-) 5!!"%*! !S&!"K/7 0!!& # "1( !3T+)!'((%) 4)"%*(/ )(/&5)( ($!) %-))3%4U%&% "'V,W )+!%5 %&% "1 ) *U&5! )%4V&5(7 -)3)*! !+) !'((%) 4) *(/ )(/&5)( ($!) %-))3%4U!%&% "'V,
XTY<CE@O=;>??>@DZ:;LD;[EL=>Q>?>BECE:;\,M&& )( %) -!%* ' " 7 /)& !$! !+ ]!5! ! &!%5!$ !% %)! # )!!% !# -! !% 6! 4' ' 5+),!,%4 !%%&53 !' 7 ' +.) %) * %) ,^$!6* && )( %) -!%*# & !$! 4"- */) )'%5(-!+*#$ $ (-%) * %] 53 #
'$!1%) 4$!) "K! (/ ]!*(' 53"'*-!%) '$(## (-%) *,9%5 %) " '$!1%) 4%4 " !&5"'* ) *)'+ ) !-!%)"1 $ $'6!) ' " )3$ ! !$(## $ $+"7(6$4&%5!$!# !%) $&5 )!53"! $!6* ,9%5 %) "%47
"&5"'* ) *)'+) (*5 ! ! )!#(%5 1)*6! '6% 5( # ] 1 )!. -!%*1%56 %) $!)53 #* ) 54&7!$! 4*6$1%) ",_ */04 J)'%5(-!% ''!) 4 8 7 '] '6!)%&53 )3%4!-!%)"' $ $' % .5-".]!54., 9%5 6$!'"!&)! +%4 "!%(*5 ! !' )(%5 1* ) *)+*" /)%4'!3K!+-!')! "#$"+*) "! & !%!)+) $ "1 J* '-!%* 1 #!) "!!))( 5 (/8 '( && )( %) -!%*# & !$! 4,
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
_"$!54/)$ ) & && )( %) -!%*# & !$! 4`?@EC=>:A
D@R=D:>E ?>LD=>:D@R=D:>E,
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
a@EC=>:D@R=D:>E && )( %) -!%*!& !$! !`J) && )( %) -!%*! & !$! ! &! $ *5/-! 4* ) *),b '1&!$* ) *) # && )( 7 ' 454!)%4!5#& 4)"1 5 (.($K/01(%5 4 '! ) ,M . *7 )! (!)%4!5#& 4)"' $54-%) J* '-!%* .#!) % 1%) ' !K7!1%!$" "- 454!)%4%5!$%) !'%(0!%) 4%*")".$54J* '-!7 %*# #!). *)! %) *5#,
2 '! '&!$* ) *) # && )( %) -!%*#& !$! 4%5(6)& !$!7!& $ ] &$!6 ". )' 5!1+5 F;I>:>B,2!$&56'+-)

011 2345467894 4 94 4 9
!" # $%&'& #() & #* + ! # & + ! # ,-'" '(+ &" #.$&$& &$'/ 0 &% '& + ! # # $%&'& '1
# /!" 0# ! 0. 2 + ! #$3(# /!"
0 &4 0. ,5! #. !#$' + ! # #$)&$& # $%&' 02 &+$#. + ! # ) # $%&' 0# &)4 + 6 ! # 2 %$# " # & ( ' 0,7 !' ! #& 2$& 6
8$.&" + ! ## ! '" !" !&$$ &+$1 ( ( '"$& & #.$&,5 0!&( .&& #. + ! # ) # $%&' 0$3(
# /&) 0! 0. 2 " & !& &$&% '/2 6 #.$+ ! # ) # $%&' 09(%&,: ( ' 0 ". (! 6 2 ! '/ ( ! & &$ ($( . (4 + ! # 0 # , 5!' ! #& ( &! &+ ! 3 # &"#' '/. # + ! # ) # $6 %&' 0#' '/. + ! # ) !(+ 4$&4 1 &&() " ! ,
;<=>?<@>AB?>@CD ( &4$% + # 4 & &+& '
2 ! '/ ( &! ! #' && '/4" ! 4 /#! # 4$16
0! #&" 3#,-(3 " &+& ! 3 ( &! &+ ! 3 6 # &"9E !' 1 ! /'" 0! #&0! ,
: &$ $! 3 ( &! &+ ! 3 # &""#'" !" ' 6 &$) % & # # ' &"&$&4 ) ( # )8( .&0, F 3& #& ( # 0 " '/ ! &2 1 #! 3 ! 1 G + ! & E' 6 $ 2 4# '" % ! # ! $% &$&! '/4 #/ % + #$" #!# &)'&+ ). '"),H &$2& 1$1 &3 /#$/&3
#$! 3 2+% 4 &$ /!" I &$(+ 0$( ) &+ ! 04 +&, 5E $!'(+ 8 &+ ! % + #$"& 1 4 # !"$/I 2+$6 $& '/ 2&'& ' +$% '$2 % + #$",: &E $&4 1 &' &" # ! &$! &J )&G 3 K % &$#$&,
5! #$0E$& 23# + ! &0( 4 &$ $& & ( G ' 6 1 & 2 ' & % & # !!$ !" L$'$0E'$ 8( 6
.& & # &"' % 0 3 &4 .&&2 0 '1 (+ /!" & I &&4 6 +( #' &",: E $( " (!&4 1$& ( &! &+ ! 3 # &" !!$ MNOPAQ?MRA<>MS<OPD=>SMT $( # & 2 ! ! & &4&4 1 #()#& #,5 6 # )2MNOPAQ?M?<@>A<UT 4# '" 4 %' + /
( &! &+ ! # & & ' # /&4 1 &2 1 %6 ! # ! $# &$2 #& I&)!" % & #,5 6 )2MNOPAQ?M =>MVWUMA<SB@MT(# '&+ # 4$1 3 !' !#&" '" % &6 #2 & 1 G&)!" ( &! &+ ! 3 # &"2 %(1 "&) % / '(+I ,X!'&2 &$24 % " ' # 08&$# I ! &0( 6 # / 2(# '/ & % ! # ! 3 % & E08&$& !
$(% '/I&0(G % ! # & !(# '/ &$% ! # ! 3 % & (3 08&$,: E $( I % & %( % ' # ! # !&/!" 6 % &$/I ' / ,-' &'/ &4 1 &8&$2!#"4 !# ' 0! &$('& ( G 0 % # & % &$8&$2 !" !" &4 1$
0! #&" ( &! &+ !$( # & ,
: 0! #& ( &! &+ !$( # & 4 #' 1&'/ # 4 0! #& + 0 4('/ " '/ ! &8&$# #() ! ),5 6
# )2! G!"&4 1 & ( &! &+ ! 3 # &"& %G& &4 16