Институциональная экономика

01234546789 7 8464 6 54 1 6

!"# $%&'(%)%*%(+,-.& /(%*%%0$-.)12!34 &$5.

M%+!a P+$O`$-P%5-&$+$_*+$+%M%+R)-$*+ R %.(%-.$/(%($%/ZO_

.P%5P&.$&5,-W$M ')'$.-'-%)$&Z$((%($W&$O$ORO!a&$N,/..$ O$ O$-.%($-%*-%)((%-./ $$5 +$5-.)5O$2+,O&%O N($- P+$O`$b -PO P&,*O!a (+,-.& /(%5--.$O$%.(%Z$($O$2+,4.O -%-%)'O &+P /(RO%&N%O NO$( %-/!L$2+,W%,+.$/(RO O%.)O_$20O )%-(%)$+$'.$/(%-. .$M +&,*M_($. %/Z$&$NP%*%W&%.)%&$`'!S%+%(% -%-%)cW$+*%*%) ,`$(RM_W&$+-.).$ .$M(%-.&,P.,&R($&,P%)%+-.),c.-'%/Z$-Pc`.$/(%+$($2(RO O%.)O!]$4.*&,WWR-% +&N&,c.-' -%0$-.)$((RO $'O - (.$&$-O %&*(N 5_-,20M%0$-.)$(b (RO $'O!T% +&(%-. %$M*&,WW-W%-%-.),$..%%-.%'.$/-.)%_`.%.$Mb (%-.&,P.,& %PN -/)*,%P%5N)-O%-. %.-%-%)'W$+*%*%) ,`$(RM_ W%-P%/P,%(%W%-.)'$.$5%,`$((R$P+&R!

[O$c.-'%U$P.)(R$W&`(R)%N(P(%)$('defghidjek -%W$&(`$-.) O$2+,.$M(%-.&,P.,&%5 -%-%)$OW$+*%*%) ,`$(RM!]+(O N(M')'$.b -')%W&%-% ,W&)$( W%)$+$($O`$%)$P!Q$*, &%)($W%.&$ .$/-P%*% -W&%-_W&$2+$)-$*%)V%&O$lmdhnop_W&$+W% *$.-W%/N%)($.PMO$.%b +%))%N+$5-.)'(`$%)$P_P%.%&R$)%-W&(Oc.-'PP($W&$O$OR$)P+$b O`$-P%5-&$+$!Y+$-/)%N(P$.%W&$+$$((R5W&+%P-!qP%(%O`$-P'--.$O (,2+$.-'+'-)%$*%W&$,-W$)(')%&*(N%)((%OW-M%%*`$-P%O)%N+$5b -.) ( W%.&$ .$$5!a.%2$)&$O'%( -W%-%-.),$.P.)(%O,&%-.,`-c+$5_-`.c0M.P%$)%N+$5-.)$($4.`(RO!34 &$5.,$2+$(_`.%P% $+2,()$&-.$.R+%2(R&$Z.$/(%%.-. )./ $((%-. ,-.&$O$('%&N%b )((%*%`$%)$P_.!$!.$(` _P%.%&R$-,2.($W&%N)%+-.),.%)&%) -)'b N((%O,-(OW (&%)(c_ (.$ $P., /(%O, 4-.$.`$-P%O,lnrkijis `$%)$P!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

tmufivmwdixylezlmww_W%O($(c 34 &$5._O%2$.W&)$-.

P)&$+(RO-% /(ROW%-$+-.)'O -%N+./%W-(%-./+'%b 0$-.)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

aW (&,c0$5--.$O$.$M(`$-P5W&%*&$--_W%+%(% c%5+&,*%5+$'b

.$/(%-._))R-Z$5-.$W$( %&*(N%)(_W%4.%O,W%(%-./cW$&$M%+.(-,2b

01 2345416789 5 3 9 98 943 4

! "# $" %# "% " & ' () * "#+ , &-% . / !" )' () 0+1 2% "0 )$2 3# 4! / % 4" ! "# ) #)0)!# " 4) /$# #" "#$# ' 0 ) 5 $3-6 )% !#/+,# ) #4 ) / % / $ -' 07 % & 5 #+1 2" 0 & 2

-% . % " 5* ) "0 !# #% # ) )$3#5 " 42 ) / .# " " ( % 8 54 " % "03#5 #! /$! !# % 9 )/# 4#* 0)' () 0+

: ' ;<=;>?@=ABC;>DE;>" ! # $ -) % ! % ! 2

$0+F "-" % " 4 #5*-" "(4 #/!0) " 2 "" ! ) 4# 5 (" ) ! /$6 ) % !#/+G;?@H=;ICJ % /! ! )#(!( % # 5 . "# # # " ( %$ 3$! ) 4 $ "-# . % #+K;>AH=D " 3 "# #(5- % 4-8 ' % ! # ) / #4#$ $3 5 . % ' /! ( % -+L % " * " 0 . /! "# #

# $) %0 % 3. & !#" 4 4! &3 & )& 2

4!# # +F 5!# " 4 # #)#% % # % !#/ 5'$+ ,# #('$# ( (!#/ #) .! ) /! " 4-%4$5 2 #-"(4 +

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

MNOPQNRSOTUVNWQNXTWNYRZVU[

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

\+]# "# $) '-&-3 0 )# 4)#" # "

' # 4)#^

_+` % )# a+b % ! ) #) c ) % & #(9 ) (d c #2

' # $#(9 ) (d^

e+L#-% ! % ( (c% 4" ! $00df% b g+h#4 " 2

" 0 8# 0% 4" ! $0+]# "#"4# ) "(4$% 4" 2 ! $0 # 0 )# # $0) .# " )^

i+h#4 " 8# 0 #. ( ( #' "0! 0 a+b )+1& )

& . # " #. ( ( # " # &- 3 0^

j+` % )# 1+k ) # % ! ) )c 4(-" 0-! d^]# %0 4(-" . ! # # )# "# ^

l+1& ) & #% # & . ! #% k ) # m" . 2

5*-! ( $. !# "#n" & / "3 ( #! ' ( n " " #4" ( .-% 4" ! "#n" # ! "-% ! # % 2 / ^10 % #"$0-" +

o+F # # 4-% !% )# $5 # ) *# 5 # f%

k ) # g+` % )# 1+k ) # % !c # ! ). "d c # ! ) 2

. "' "d^]# # !0 % " ) " ) %#)^

0123415627891417 2 1598

!"#$%&' () !%*+)%#,&)* %-" ./ ) *0#%1 %2 !3 4 ,# !3 &- &')-&&,&)5 2- +)%# 4

6 7"! & ,%) 8&!%%* "! 92 )&0:)$ !%0 %/ % 2 ! , )&!5 8&!%%* "! 9

;< ,#&& &08%&'=# -& ,&)* 2%#%9 & > !# )&"#4

;; ?"-$ # )&&&)0@ @+)&2-0 .) 2 ) ,&) !1!/ 313--. )&"+ 5 4

;A B2 3- -'& -'%1C %& %) !! D -% .)5 %/ & %) %&, &%!%1#4

;E B2F +!-@ @G #& &!%%& ! D -%

;H : !3 2 # 1 3#%& !%* 2 -%9I3#%& !%5 2 "3%& I23& !%*2 -%9I23& !%52 "3%&

;J K5 (9&%% #% =-*,& ! 2 -% >.) +)%#/ ,&) &%! %9!3 D -%!) %%C 0 -'%5&-0$14

;L ?"-$ @2 #1F-%%1C) "&!K$M &%

;N ?"-$ @2 * &&!%*& -"# K$M &% .) +)%/

#,&) 2 "! %92 3-* -K$M &%3-90&) %92 C3 )2 * &&!%#0& -"#04

; : !3 *0#%1K$M+- 5 !" 8 02- % ! %92 ) 2 -"# ;6 .)! -'"%%5!02 !-% ) 2 5O2 M+- 50P4

A< B2 3- 2%9 = C%& 0)0 > 7"! - C%& 0)012F # 313& $%9+ C -5

A; QG #0- 05 *-!% 2 ! , !39 -'%& ) 2 I!19!/ -%% K$M+- 5 #

AA : ,&- 2 03 -'%1 # !1I & %%1 K$M+- 5 #Q) / )#G) #2 "!3&! %&!9"1! ) $315 "+ C# !!4

012324

5067879 7 7 5 78 5 5 5 78

!" #$%!&' %(& %&' ) *% $% )+ ,% $+-%( $. $% # &'/ $. %&% # .+$%(% #01 %$+ 1 - 2%134! ! %1.%($ & %#1 1 &2/%5

6" %(%3 $%2%&$%1 $%7(! 7$ % %% 1 17-& ( 772%- &$%1 0 (%3 $% &+%+# $%( 4% ",%&%3+ &%(%7589 .0 +& #$ + &%("*%(%3 $#0$ 3 ($( ,% $%$!.4 %+-&%( $#(%7 !&2 )$ $(%3 $3+%$7 ($(5: %. -# & '%7 $ %$!(%3 $%;& & '+! $ %$!(%3 $%<+%$7($(5=1+ $&09 %.&% %$ 4% #$$ %2 .$!(%3 $ %7+%$7 ($(0$ %!&' %1 7 + $ % %1 %+&4-%&' %& , %&' %+ &%( $#5

> + 1 1%&" %(%3 $%2%&$%1 ! 7$ % %% %( 70 %- 1&'1)&"(%30+ 4(#&4 ",%+21.%4&2 )$! .(%3 $35?%- &' # %..%4&2 )$! .(%3 $3 &'&4 02 %.4% .%'7( 3. %. 2%13 %+% , 5

55555555555555555555555555555555555555555555555555555555555555555

@ABCDEFAGHIECJCKLCDAGCLCMNEOGPHEJABCQMRGEQ% ' +

) + *% 7 +%( $&% #0(+ 1 "*3 +&'!$ % S .&' -. %. 2%1).% ($ &! 5 55555555555555555555555555555555555555555555555555555555555555555

:( 3! 1).(%&%3&4 ETFAGHUJABCDV.%42%&$%2%1)$! .(%3$35 W!( %. . %. 2%13% 7#$" #. %. 1XKYZAI[CQJHI ;\]^_`\]ab< 91 . cY@AFTCIdRCFI;\]^e`\]bb<5 ) $.% #

fg% #7 91 .2%1%+$%(% %h & + &1$ $\]ii75

0123456789 6 67 78 6 7

!"#$%&'($&)*&'!&*&+,-. !/"-$%&0+1!-0

234456789564:6;:<=>8=?>6@6A=:9B9>6:B79B9C86;6D56?=@95=AE=@6;=F E=4G9H;I3956?=D47;9DJ

KLM94@6;I3956?=D47;NOP9H9:?9;9?6;83;:6?;N5JQ:?9;9?<:3I<;3O74B RSTUVWXRJY6:B79=9C86G3>6I;6@B=756?=@986;37Z46[93@Z:<=86@99:?9F ;9?3\>86?3;[3]>6GN>37=@B]5NA3]A=:<9>8JQC83=47ZN>86P=::6=>8=?F 473;@=:9=;I3956?=D47;9D?;NH9:?9;9?6;]95=OP9H83I@9E:<=9@94H6F A9=46[93@Z:<=86@9]:3>895=8>6GN>37=@Z^>86?3;=[]>86?3;=[^>86?3F ;=[9?8J

_L`3A?<D9:?9;9?95==7a9G4986;3::<D:3b68;3893:76;>6;=?=:9B]9@9 WcdefTgWeRhJM94@6;3893:76;>6;=?=:9BN83I@9E:<H9C86G6;56A=7:= 46;>3?37ZJ

iLj=A@9E:647:6=;I3956?=D47;9=4E973=74B8=3@9I6;3::<5]=4@96b39C86F G36?:6;8=5=::6;<b983O7;3893:7<4;6=C6>6;=?=:9B9?=D47;NO7;4667F ;=747;994:959Jk?9:9E:<D3G75=AE=@6;=E=4G6C6;I3956?=D47;9B:3I<F ;3O7lUmUXRSTnJY86?6@A97=@Z:647Z3G73;I3956?=D47;9B>6@3C3O783;F :6D:N@OJo6?9C8<I3?3=74B?;N5B[=@<59E94@359^;<b83::<5:65=F 865;3893:73>6;=?=:9BpH6?65L>=8;6C69C86G39;<b83::<5:65=865 ;3893:73>6;=?=:9BpH6?65L;7686C69C86G3Jj3G4953@Z:6;6I56A:6=E94F @683I@9E:<HH6?6;9C8<83;:6>869I;=?=:9O6bP=C6E94@3H6?6;>=8;6C6 9C86G396bP=C6E94@3H6?6;;7686C69C86G3J

qL`3A?6=;I3956?=D47;9=9:?9;9?6;]9@9H6?9C8<]>6@NE3=74;6DrUTsmt VUhnugUXfT\K]_]i97J?Jv=4@=?N=7>N737Z>6:B79=wH6?9C8<xp>383 E94=@L9w:65=8H6?39C8<xp6?:6E94@6LJY8=?>6@3C3=74B]E76;I3956?=DF 47;9B>8694H6?B78=CN@B8:6E=8=I83;:<=>865=AN7G9;8=5=:9]>6y765N :65=8H6?39C8<>6G3I<;3=7>86?6@A97=@Z:647Z>=896?3;8=5=:9];7=E=F :9=G67686C6?3::<=9:?9;9?<;I3956?=D47;NO7?8NC4?8NC65J

zLj=A@9E:647:<=;I3956?=D47;9BpH6?<L9:?9;9?6;>8694H6?B7?647376E:6 E3476:3>867BA=:99>86?6@A97=@Z:6C6>=896?3;8=5=:9]7J=J6bP==E94F @6H6?6;9C8<;=4Z53hfcRVUJ{76>8=?>6@6A=:9=>6I;6@B=756?=@986;37Z 947689E=4G9D>86[=44473:6;@=:9B9:4797N73J

|L`3A?<D9C86G478=5974B?6b97Z4B53G4953@Z:6C6I:3E=:9B:=G67686C6[=F @=;6C6>6G3I37=@B]G6768<D:3I<;3O7>6@=I:647ZO]9@9hnRSTn}fXJ~3G95 6b83I65]9C86G6b@3?3=7E=87359wyG6:659E=4G6C6E=@6;=G3xJ•<9C8<€ 9C86G356A=7b<7ZG3G>6@6A97=@Z:<5]73G96789[37=@Z:<5J•789[3F 7=@Z:<D;<9C8<€:3I<;3O773GA=rTURSTn}fXJ

‚L`3A?65NH6?N9C8<p>38=;<b83::<H9C86G3593@Z7=8:379;L67;=E3=7 =?9:47;=::3B>383;<9C8<€=D9C86G6;Jƒ3;9495647Z;<9C8<€=D9C86G6; 67;<b83::<H959H6?6;6>94<;3=74BRSTUhUuXWeTR„fu]9@9XWeTR„fu hnRSTn}fuJ…786G9y76D53789[<67;=E3O73@Z7=8:379;35pH6?35L>=8;6F C69C86G3]3476@b[<^3@Z7=8:379;35pH6?35L;7686C69C86G3J{@=5=:7359 9C86;6D53789[<4@NA37>38<;<9C8<€=D]67;=E3OP9=4667;=747;NOP95

00 12343567894 2 43 4

!"#$%& ' ()*+,',-. (' ' %". ( /

( ' (0&% ,)1%( 2 3 '#$%"2& % )4 2 %5 #$%( ' ' %"2& % %)*67 &!$ % 1%8(1%&$0 (9 2$($2 12% /2!:( /2! ( '(,',8 -%*;2,& (%&4(, ' &(% %2%.($29 !< (9 9 (! (9#2 . $ 22 4**' %$% / %& =2 ! 8 2%32'/ ( %>*

?)@ABCADEFGFEBHIC 3. (,/2,0 ..($294 &! $!8

' . (, %3 2% (,.($29( /2 2 '. &8 5! %( &2*J %'9 ' %1%$% 912%/29& ( 92 0"

/% )(, %( #(1&52,#(% %2 (.($29*K!'& (%&4

%'9 ' %. $ %(9 0( 4/ $2% '%(2 <&!/ !(1&52,#%3 2% (4. /&L89 $2%%%(2% ( 92 "/% )(, %L80%3 2% (,*62924/ !&&%12%/8 20( # $2%$%22'( %%(2%$2 *

*****************************************************************

MNOFFEBHIPCQBHAGRDPFFBCNNSCABFTCDSHEHQDBFHUCTBDSDPF TVWFBCDAAHOXIHHUFPTCBFCPAQHTDUDPFGYAHNABCADEFGFEBHIC PCZVTCDANG[\]^_`a aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

+ $2%, ( (!:<'( % %' %(2,2!:4 & $8 204 %9%(2%$2 *

*****************************************************************

@ABCADEFGYPDGTOGbcCGNGdFNAHeYPCZVTCDANG]fghijj_`a aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

+7 & !/%( %' ' %& %&2&!&$(22! (, 8$2%,*k2 (/%: CIAFTPVS(% %2%&.($29*;' 4 $!:<0&8 -%220 %' 4/ $! % (2, (% %2,.($29( ( ( 1%$%28 2,& ( 92 9& "/% %&)(, %*+$%320-&$9. , 1 529 &% %%&, !$&. %'%34/ ' ( '$% $! % 08 / 0 %8 ' 4**(%&% (%&,0. $( &2 22 1&22(, % $2 (22,0 (% %2.($2911%$%22'&25 (%%3 2% (*

************************* lmnopm *************************

+ % q*r. $ %( 2%' (%9&% %4&:<%9 8 %*s 12%/ 4/ %5$,01$(!#' (& (% %2%.($29*6 $.85&4/ . (,0 ' (, % 3:%3 2% (!4%( 0' t( !:* u'$%#$ ',1%$% 9.% 0/ "qvw)*K9. $ 29(,',-0 ' ( 2%0$& ! ' (0&% ,4%. 522!:2%. /2 30

( ' %*x $ 5%2 t.%%/ "yvrq)*J $(% 324( 1!38

01234567894 868 8 84 7 44 46568

!!"# $"$% " " " & '' ( ) *+ ' ' !!,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

-.(/+,*01" 23 /

@*B*D CB*) )B*@

+)B*@ )B*+ +B*+

EFGHIJKLMNIOPQMKMQRSMSTUMIQPLVQIWIXIOKJKQMY

1!' Z/ !([!$\]( & Z '2 3!] '[^' " _ !2`& ' " !Z !!"'' 2!2`a !!!" $ `!%!\ '/ ([!\' $ ,b 3 " " # & ''( !^ !' Z

c ' \' !' Z/ !([!"]( & $ a '2 3a!' '3!$ "_&3 "' " ,d'( .$' ' "\ " & '" 'Ze' ( .f&_

! (Z]%2` !.$! 3!! '( (\ '3! ' " .$(.$.'_ '3$'(!!\,g ([!\a ! ]( &.$]! ''3 !'&([&' _"\ !2,b$ ( [' !# .f& ! (Z]%Z^! 3a!,1" 2 3 ([3a]( ]' 3 \' \ (2 ''( [cZ '.!!'[!' Z/ !([!" !2` '&([&Z ! # $ ' "\ _ !2`& $ ! '&(^]^ Z" Z" a^ (]!$ ' &$ !2!' Z/ !([!"]( &,h''3 3c 3 ( !2,

h (]^ '( !$ !'( !$ ' " !2,i $ ! .(

# & !$ (2j!' Z/ !([!"]( &k` $l (2jc&!3]'&" ]( &k,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

mnopqrstuvwnoxutxnyrrzp{nsnvr|# & Z^'2 3`] !_

$. ! ' " !2! '3` c 3!(. '!Z] $ ! Z"" ! `(.!'! 3^e"'2 $ (" 3a!$\ ! "

!2,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

} '! !$3 3!'( !" !2 !'2'2'( Z^e ~! / _ !([! `' a! ` 3 Z^e ` &(!2^e '2 !! / !! ,

*•mnut€rpvtq•vpnzp{nsnvrn,‚. !]3 ' " " " & ]_

ƒ b' ' !!,„ "2ƒ! $ '2sp…rvru†‡ˆn‰ !%!^ &' " b`'( (^.3# " " & $"$% " " &` _]^e\' " ƒ`.([% " $"$%` ]^e"' " b,-&3. 3`' "2b2(2 '2pŠ‹nŒxr{vp•†sŽn‰ !%!^&' " ƒ,

01 234546789 5 3 54 5

!"#$% & ' &$($')$&*( +! $,$#-$ ./ &$$(0 ),$' ) '1 &*( +2 & % !/&*( ) 3 &*#$,$#-$ $3$&') &4$# 15 )6*&. 789:;<=7:>?7@A2B!&*!& C )!) D$) +)$$3$&')! $,'$ $5)$3$) 6 $&+# D1 $ &* *EFG# D&* *EF'1$$ $,3 4$#) 3$+61 !2

H# #-5$ #)I) D$) +)$ 3$&') J6 # &$&) 6)$, C5 ,$F $ 2H)$6)5 E+$-5$&*($ '))$F 6&'$#$) !&! ! 15E#& 1D -,$' $( $, )K$'! !& ) $) 5 ,$# 3$ &$ $!) -K , )$#'!I4,$)$#5 ,$$5 $&,J2L$'!I) 1C D$) +)$$5 $&,J-& 13.0 $%5 $&5 , &6 #$'F &! '1C# .'+#-) D$) +)$3$&') ) $+,$&$6#$%)$-)$#$% $,6+! ) ($ 61#)*#& )$#3$&')!2M # $#4$#1 1% IB ## 6,.5))*KJ- #$ ))!' 2

2222222222222222222222 NOPQROSTU 222222222222222222222

/ ( DV2W3 ' & ) $&!# D2M$,%#-5$'!&$$$ $C ,&$ ! !!&! !'$#) 1.0F3$$)$E)., +F 2 B!4$$ &)#&$* 4 #)*, $,# D*&$$$ +$ $(D$& &,%'$F $,GWV($+E WWXWY($+E WZXWV($+E WV[) $$\2],#$(C6$#-'!&$$$ $,&*($ +F + ) &*$(^, &)$) D$) )2 L $%)$3$,6+-5$ ' '&1K$ &EK! F&$$$ $,[3 &$F&$$F\) '$#) 1.0F 2M$4$#1&*($,%'$F 6)K)!&! C!) D$) +)*#2L $%)$ ,% 3$,6+-5$ ' & K F3 &$$$,&$$(0 ) ) $')$F) D$) +)$F2_$%)$3 & 3 # $&$F

# D*-'!,$$$F& $,-,$# $')$F-!&!. !) D$) +C )*#2/4$# 15 $)& '&*( '))1.'$#) 1.01. .-22

61 ' #) $&))*F&*($3$'$()$I4,$)$#5 ,$#15 $&,1J2

222222222222222222222222222222222222222222222222222222222222222222222222222222222

Z\`ab=9=c7=8d=e8f87<82Ig) 1D$) +)*F5 $&,J-&$ 5 $I4,$C )$#5 ,$$5 $&,J-) !&! ! ($.)$ D$) +)*#-22$)) & C ' &*( #*F 15EF& ) 3$&')!-#, #6 1.0F&* *E2 `h9:7<i877:j9:;<=7:>?7=ab?I) 1D$) +)$$5 $&,J&* % !& $ ) 3$$()$ &*( +) 15EF& )3$&')!&&!6 ($+E#,$ 5C&$# + ) &- $%)*# $ #$#$3 ' )!$3 # +)$F + ) &*- $ )5))$ +.& #) 3 )! ! E)! 2'2/ $% & #!3$)! $ C )5))$F D$) +)$ 3 '3$ -5$ 15 $#& K $%)$ F&*($ 5 $&,3$$()&*( +'$ $5)$K$$E1. + ) &12

M $&$#3$'K$' , '$&). ) 1$&$ )5))! D$) +C )$ +)'&' . 1 !$ $$%)*#3$&') # $,2

01234567894 868 8 84 7 44 46568

! "# $% '()*)+,+-.)/+)012-21/*,+3

,*)*/+-1+/+4)2/50)065*7/08090445:;092<245;=21/=>+40?+@ ;2.26**);=A*/+BC*8+D8/51*1*21/*,+E.)*/*F45:.)/+)012: 4+?=;+:))+,F0GH!G## I37*.,*9J,5*4+/+..<2)=;+0).-7*@

./08.);*64+C*F8042-6+,.26+9J4*1*?4+<042-2?40.,*9J,2C62@ 426+9J4=C?4+<042K

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

XYZ[\Y]^_

`+/2.54,0ab7*,+?+4+91*/2)67*2.,+*.)*/*F4=C.)/+)012K21/*,*;89- 6+)/2<4*K21/=3?+8+44*K;)+A92N0abc+,.262470/;*1*21/*,+/+;04a3+01* *.)*/*F4+-.)/+)012-.*.)*2);402?6044*6;=A*/0)/0)J01*;+/2+4)+7*;08042- c+,.2624;)*/*1*21/*,+/+;04ba301**.)*/*F4+-.)/+)012-.*.)*2);402?604@ 4*6;=A*/0;)*/*1*;+/2+4)+7*;08042-E.)*/*F4=0.)/+)012221/*,*;*A*?4+@ <04=4+/2.54,0?;0?8*<,+62

aDd$ Ge fgh $% MC*?-K.);044*K7/+,)2,040/08,*;*?42,+:)

.2)5+N223,*18+(,*4*62<0.,20+104)=B4+7/260/37/*8+;0N27*.)*-44=K7*,57+@ )09JD;C*80892)09J4*1*;?+26*80K.);2-8/51.8/51*64+C*8-).)/+)01227*;0@ 8042-35.)/+2;+:L20*A0.)*/*4=3+7*()*657/2604-:).-i21/*,+62j;)0<0420 892)09J4*1*70/2*8+;/06042k/221/*;*67*8C*80,2..908*;+42:24.)2)5)*; *72.+44+-.2)5+N2-6*8092/50).-.7*6*LJ:7*4-)2- %# %!#Tl! I k+/+)+,2C.)/+)012KC+/+,)0/2?50).-.9085:L26.;*K.);*6m0.9270/;=K21/*, *),9*4-0).-*).;*0K/+;4*;0.4*K.)/+)0122B;=A2/+0),+,5:@92A*8/515:D3+;)*@ /*K7/*8*9F+0).908*;+)J.;*0K/+;4*;0.4*K.)/+)01223)*70/;=K21/*,40.0)