Professional Documents
Culture Documents
Теоретичні основи формування фінансового механізму розвитку зеленого бізнесу
Теоретичні основи формування фінансового механізму розвитку зеленого бізнесу
488
24
4
7
!"#
6789:7;6<5:=;9:><?9@<56@:775
@A>9@5
BCDCCEFGHIGJCKLMFCNOPNCHQRJFOIROGHFSOPTUGDRREFSJRDRIOGOVOFTNWDRJXTUFPOXGHCYUFXNKNROVOFZJXRNIU[F\HXRDQNROF
]ORECCEF^SJRDRIOGH_FTNWDRJXTFICDROGKNRREFCDFPOXGHCYUFXNKNROVOFZJXRNIU`[FaOXYPHCOF_OVOFNKNTNRCHFCDFPJGRJF
PNDKJXDbJc[F
defghijklehimnkSJRDRIOGH_FTNWDRJXToFICDKH_FPOXGHCOYoFXNKNRH_FZJXRNI[F
w**xy#0y#*+!* (0 ,.,#!()#*+, ,-z ,.,# /*{* ,.,#/*)#,(!(#*{*-* !(# ,0,.,#
,/0(!+)#y,#!{,.,#(1|#--/}4#0(+,(! 1# -*x /-)#,/+(!(#0 #*{/}4# ,0,.,#
*0y ,0{~0 (x#(,y (x#*)0"#**+!(0 ,-)# -*x /-)#! ,0{* 1#!#,/0(!+)#/*{* ,.,#/*)#
0(+,(! ~#0y ,0{~0 (x"##,+* 1#! )# {)z* 1# ,0(x# *)0# 0# *+, ,-z )#
0+,{( ,.,#**y,0(#!#y0(* 1#*+,{,.z ,4# y1{ !#0y)0|!1#/#)-,0"#+,{(#0!!#y ,4#
*/*+(#y*0("#,#/*/*z)|#!{ *#,* 1# ,/(+(#|#0(,~#/#0(!!("#,01/ #/#,!(- 1-#}|4#
!*-0#*+, ,-z ,.,#/,! 1#+4(#,-)#/x,y(# ,/(+("#!,!,#z(-#0(,~#|#0!!#+,!0"#y (x#)#
y*0 ,4# ,{!(+("# 1-,0 # # /(* 1# +,(!)0 1#,-#()!+)"#!(-#{*# ,0(x#
*+,y*!)+!(0 ,.,#0{(0)# #y,0+{{1#y1{ ,!# *)0#)y*#/{)z* ,#"###,-)# 1#
*+, ,-z (x#)|+!0#(#,y ,z,-)#/*/*z* #4x# (0! (x#0*!,0#0+{y!(#+,!(#0#,/0(!,+#
* !*{ ,!"#,.,y #|#y/0(z ,#0{(0(-(#!# *0 ,.,# 1-+)#y1{ ,!#!,#,01/ *#/#
+!){ (-(#${1#/y* 1#!+,.,#**x,y)#0#)-,0x# * !*{ !~# },.,# 1-+)# !# !0,* (x#
( +)#*,xy ,#,-)0!(#!#0,0y(!(# ,0(# *+, ,-z (x"# ,0(x"#0,0(x#!#( +,0(x#)-,0#
-*x /-#! ,0{* 1#!#,/0(!+)#/*{* ,.,#/*)"# y{1#,.,#,/0(!+)"#,#,+/ ,##(##
1+(#(#!0,(0#(1!{(0#)-,0(#y{1#*{/}4# #(##0(y ,"#,#/#/0(z (x#)-,0# ,-#
*+,{,.z ,.,# -* *y-* !)# # y(|-!0x"# ()!+)#*+, ,-z ,4#y1{ ,!##|#(/+,~##!,-)#
0(, (}!0#*+,{,.z (x#!,00#!#,{)."#2$$#)# ,1.(#/{)z* (x#0*!(} (x#*)0#)y)!#
*#/*{* (x#!*x ,{,."# * *.,**+!(0 (x#!# */z (-(###)-,0#!0,* 1#**+!(0 ,.,#
*+,{,.z ,#(1!{(0(x#-*!,y0#0(, (}!0#+"#1+# ,0,.,#-*x /-)# ,-#()!+)#y0((!1#
/*{* (#/*#0#%+4#*#*#0(y{(01#1+#,+*-(# "# ,#)#0,~#z*.)#(/0*y*#y,#/,! 1#
1-,+#*+, ,-z ,4#y1{ ,!"#!,#,z!+)#*,xy ,# yx,y* 1# ,0(x#*)0#0#}*# 1-,+#
/,0y(!(# ,0(#-*x /-"#,#0{1+,#(10#(# y1{ ,!##+#(!)}1#0(+, )|!1"#y,+(#,-#
,.,#! ,0{* ~"##/.,y,-#y*,#,.,#/-(!(#y{1# ()!+)#**0()|#0(!!("#,01/ #/#/{)z* 1-#
+!{)#*"#0#*)#z*.)"#,/z|"#,# *!{ #
/*/*z* 1#,.,#,/0(!+)##
,.,y #(! 1-#0/|-,/01/+)# 0#!# *+, ,-z #!# *}, { # ,0#,{!(+(#
!{,.,#,/0(!+)#(01z* ,#.!,# )+,0(x#}# y*0(#/()~!#,-)#()!+)#+(0#/,0)|!1#
/) (x#0z* (x"#!+(x#1+#$##{!*#"# {0,)z"#,#*.!(0 ,#,/z(!1##,1/#/{)z* 1#
$#{+.!, ##"##'+####%+4#}*#(! 1# 0*!(} (x#*)0#
/{(|!1# *,/,{* (-"##0*##,+*-#0z* # %#},-)#+, !*+!#,,{(0,.,#/z* 1# )0|#
y,{y)~!#y )#,{*-!(+)#0#0,4x#}1x#$,# ,/,+# ,0,.,#-*x /-)#! ,0{* 1#!#
!+(x#{*!###{10+(#"##'#* y+(#"# ,/0(!+)#/*{* ,.,#/*)#"#(/z* 1#1+,.,#
##*+{(z##w,!*#.!,. !#!#+{y !# ,{1.|#0#!0,* # {#(1!{(0(x#)-,0#
,{*-(#/{(|#.!,# *,/+(!(x#(! "#,# ) +}, )0 1#y{1#)|+!0#*+, ,-z ,4#y1{ ,!##
,!*)~!#,y{(x#y,{y* #
/#0(+,(! 1-# ,0(x#-*!,y0"#!)-* !0#!#
*!,~#y ,4#!!!#|#0(0!{* 1#!*,*!(z (x#,,0# 0*{0"# 1+##, )+{(#4x#y,#0(+,(! 1#
,-)0 1# ,0,.,#-*x /-)#! ,0{* 1#!# ,.*(0 (x# * *.,**+!(0 (x# !*x ,{,.# ,#
,/0(!+)#/*{* ,.,#/*)#$,1.* 1#,!0{* ,4# ,+{(+ #/()0!(#+y{(0(#0{(0# #y,0+{{1"#
-*!(#**yz|#0(* 1#!+(x#/0y #,/+(!(# /,x,z)0{(#y(|-!0#/()0!(#0(+,(! 1#
*,xy !#!0,* 1# ,0,.,#-*x /-)#!# *0y ,0{~0 (x#(,y (x#*)0#!#}, { ,#
,+/!(# ,.,# 0{(0# # ,1.(# 0*!)0 1# +,(!)0!(1#0y ,0{~0 (-("##!+,#, )+{(##4x#
*+, ,-z ,4# y1{ ,!# , {/)0!(# )~z# y,#,-)0 1#0 )! x#y**{# )0 1#
0(/z* 1# ,0,.,#-*x /-)#!#y!(#0(/z* 1# (,y,,x,, (x# /x,y0# /# y0(* 1# 1+,!#
,0,-)#-*x /-)#! ,0{* 1#!#,/0(!+)# 0+,{( ,.,#**y,0(#+(-#z( ,-#! ,0{* 1#
#@rr
r##+,-*} #y1{ !"#.,{,0 ,~#-*!,~#1+,4#|#,!(-
pqrsrtu422v
234
D?"EF
()*(*+,-./#0.1213*4,5#)637)3.4#
'&#
'%#
(*(,8#12#0.1213*4.#)637)3,#+2#79*4#384*)611/#
606:8,41*;*#0.1213*4*;*#96521.+97#
(*(,8#12#0.1213*4.#)637)3,#+2#+4,<2=1,5#79*4#
$%#######$&#
>?@ABC"B@
GHIJKLJK>?@ABC"B@BCM@N"NBOB"B"BC@
CPC"BAPBACO#
QRSTSUVWKXUYIZYKTV[TV\]YKYX^VTYJK
82#)*+4,8*:#+6_61*;*#`.+1637a#4#(6)b7#<6);7a#(*8)6`7c# 96521.+97#nf#yf#*ddc)j*;.1a#/:,=#4.d1*3,8j#d*#
384*)611/# 82# 4()*42de611/# =*;*# 606:8,41*;*# 3:_2d*4,5#0.1213*4*;*#96521.+97a#:).9#0.1213*4,5#
0.1213*4*;*#96521.+97f##
968*d.4#82#0.1213*4,5#42e6_.4a#()24*46a#1*)928,416#82#
g#4.8<,+1/1.=#82#+2)7`.e1.=#6:*1*9.<1.=#_.86)287).# .10*)92-.=16#+2`6+(6<611/#s}wf#
86)9.1#h0.1213*4,=#96521.+9i#8)2:87c8j3/#/:#35692# p2#12b7#d79:7a#3788c4,9#16d*_.:*9#(*d21,5#4,{6#
()2:8,<1*;*# 4,:*),38211/# 0.1213*4,5# 42e6_.4a# 4,+12<61j#(*1/88/#h0.1213*4,=#96521.+9i#c#4.d3781.38j#
3()/9*421,5#12#)6;7_k4211/#()*-63.4#2`*#*`lc:8.4# (6)6_.:7# de6)6_# +2`6+(6<611/# 4,:*),38211/#
3,3869,#7()24_.11/#6:*1*9.:,#d6)e24,#12#).+1,5# 0.1213*4,5#968*d.4#.#42e6_.4a#+*:)692#()24*4*;*a#
).41/5f# m6/:.#248*),a# +*:)692#nf# nf# o*c4*d,1a# 1*)928,41*;*a# .10*)92-.=1*;*f# z).9# -j*;*a# +#
nf#pf#q,_:,12a#*8*8*e1kk8j#0.1213*4,=#96521.+9#+# 4,{6+2+12<61,5#4,+12<61j#d*3,8j#42e:*#4.dd._,8,#
0.1213*4,9#9616de9618*9#82#(*+,-.kk8j#=*;*#/:# 0.1213*4,=#96521.+9#4.d#0.1213*4*|#(*_.8,:,#d6)e24,f#
3,38697#7()24_.11/#0.121329,a#2#3296#r#0.1213*4,9,# 296#8*97a#12#12b#(*;_/da#12=`._jb#8*<1*#)*+:),42c#
4.d1*3,129,# 82# ;)*b*4,9,# (*8*:29,# sta#3f#uvwf# *3*`_,4*38.# (*1/88/# h0.1213*4,=# 96521.+9i#
xf#yf#z*42_k:## 442e2ca# {*# 0.1213*46# 7()24_.11/# xf#f#6421d.43j:,=## .1213*4,=# 96521.+9# # -6#
6:*1*9.:*k#82#||#0.1213*4,=#96521.+9#)62_.+7k8j#36`6# 37:7(1.38j#968*d,<1,5a#*);21.+2-.=1,5a#1*)928,41,5#82#
+2# )2571*:# 37:7(1*38.# 7()24_.13j:,5# 071:-.=a# ()24*4,5#0*)9a#968*d.4a#.138)79618.4a#42e6_.4#82#
*31*41,9,#36)6d#/:,5#c#()*;1*+74211/a#(_2174211/a# (*_*e61ja#12#*31*4.#/:,5#)*+)*`_/k8j#+25*d,a#{*#+2#
38,97_k4211/a#:**)d,12-./a#*);21.+2-./a#)6;7_k4211/# 79*4,# 4.d(*4.d1*;*# 1*)928,41*r()24*4*;*# 82#
82#:*18)*_j#s}~a#3f#uuwf#of#yf#x(2).1##8)2:87c#0.1213*4,=# .10*)92-.=1*;*# +2`6+(6<611/# 4,+12<2k8j#
96521.+9#/:#37:7(1.38j#0.1213*4,5#968*d.4a#0*)9a# 071:-.*174211/#0.1213*4*r6:*1*9.<1,5#4.d1*3,1#7#
.138)79618.4# 82# 42e6_.4# 4(_,47# 12# 3*-.2_j1*r d6)e24.a#()2:8,<16#+238*374211/#/:,5#12()24_/c8j3/#
6:*1*9.<1,=#)*+4,8*:#373(._j3842#s}}wf#*;*#d79:7# d_/#d*3/;1611/#4,+12<61,5#-._6=#82#+24d21ja#7#()*-63.#
(*d._/c#f#f#z.)6=-64##s}uw#.#pf#f#2c-j##s}w#442e2k<,a# 0*)974211/a# )*+(*d._7#=#4,:*),38211/#-._j*4,5#
{*#3:_2d#0.1213*4*;*#96521.+97#c#37:7(1.38k#3,3869# -618)2_.+*421,5#.#d6-618)2_.+*421,5#0*1d.4#;)*b*4,5#
0.1213*4*;*#+2`6+(6<611/a#0.1213*4*;*#)6;7_k4211/a# )637)3.4#s}wf#
3,3869,#.138)79618.4a#38,97_.4#82#42e6_.4f#p2#d79:7# 2:,9#<,1*9a#0.1213*4,=#96521.+9##-6#0*)92#
nf#f#2_2`21*42##82#f#f#2_2`21*42a#<6)6+#0.1213*4,=# *);21.+2-.|# ()*-637# 373(._j1*;*# 4.d84*)611/f#
96521.+9#+d.=31kc8j3/#4(_,4#0.1213.4#12#606:8,41.38j# m*3/;1611/#-.c|#0*)9,#4.d`742c8j3/#+2#)2571*:#
4,)*`1,<*;*#82#8*);*4*;*#()*-63.4a#2#`6+(*36)6d1j*# 4+2c9*d.|# 37:7(1*38.# 6_69618.4# +2`6+(6<611/#
0.1213*4,=#96521.+9##-6#3,38692#d./_j1*38.#0.1213*4,5# )*+(*d._j<,5#82#(6)6)*+(*d._j1,5#4.d1*3,1#()*-637#
42e6_.4a#{*#4,/4_/k8j3/#4#*);21.+2-.|a#(_2174211.#82# 373(._j1*;*#4.d84*)611/a#2#3296#
38,97_k4211/# 4,:*),38211/# 0.1213*4,5# )637)3.4# 0.1213*4,5#968*d.4#0.1213*4*;*#=#*(6)28,41*;*#
s}va#3f#}uuwf#xf#f#z,),_61:*##4,+12<2c#0.1213*4,=# 7()24_.11/a#0.1213*4*;*#(_2174211/a#0.1213*4*;*#
96521.+9#/:#37:7(1.38j#:*1:)681,5#0*)9#=#968*d.4# +2`6+(6<611/a# 0.1213*4*;*# )6;7_k4211/# .#
+2`6+(6<611/# )*+(*d._j<,5# 82# (6)6)*+(*d._j1,5# 0.1213*4*;*#:*18)*_k#
4.d1*3,1a#784*)611/#d*5*d.4a#0*1d.4#;)*b*4,5#:*b8.4# 0.1213*4,5# .138)79618.4# (),`78*:a# d*5.da#
s}va#3f#v}wf#m*#3:_2d*4,5#0.1213*4*;*#96521.+97#4.1# 29*)8,+2-.=1.#4.d)2574211/a#-.12#8*{*#
4.d1*3,8j# 0.1213*4.# 968*d,a# 1*)928,41*r()24*46# 1*)928,41*r()24*4*;*# +2`6+(6<611/# 3,38692#
+2`6+(6<611/a#2#82:*e#0.1213*4.#42e6_.a#38,97_,#82# 1*)928,41,5a# +2:*1*d24<,5# 82# )*+(*)/d<,5#
321:-.|f#m6{*#b,)b6#)*+;_/d2c#3:_2d#0.1213*4*;*# d*:79618.4#
1223566789
61223
568
6
955!"5
567##
5789
9
79899899 5
9%&
9'977
7
"
98987
9
!
"#$
()*+,(-,(./0102345627289:9;910<726=1>
?@ABACDEFGHIDB+JKG(BDLBDMKG,
N8
9"O
9&7
7!PQ d"m"nU7
89`Oo"eocPQ7
9&
77P9R&9'9777
"S79
PT9% 7
77
7
7899'
9'998!97
7
777
P97
&9!
!9979
9Q &9'9
7
" n"g"V
R8 P
!
8%9
!
9
9'9777
!
Q
!
7
99'9 7
! 7899'
9'9
!9 79 !
8%9
!
U" V9! 7'!R
89
97!
9
U7
9
PW7"
79R9'
7
7899'9[789
9
9W
9
9
X 9'
7
QU9W 7 78
9 !
8%9
!
!Q
9'99
%
7
9!
99'9 7
! 97
7'
9'9!
89U
P779T7
77!998!77
9'9
7!
`Oa"allc" p
7
q"r99
T9 9!P9
9 7
9 789
9
7
!7
97
98!77
9'9
7!"
7899'
9W98P89789'
%&
Y
977
97
Q977
!7
9
999
78
99'9 77
7
7899'
9W 9Q
!P9R789
98
89U
Q9'9
Q
9P98!PT9
7989 779T9
9U7
R9R
"s
U
99'9 7
!
97
98!77
9'9
7!"Z
9
9[ 9777
977
9
9898!
QU7789
9
9'9 Q
99
777
R
7
!9989!
99999
9W 9
98"t
97
7899'
9W
Q
9[8978!789
9
98 987P897899'
%&
9!RQ77
7
999
\]^%9
Q
9'9
!%&
99
87
9[
9989!
789
9
!_P8
9777
7
9!
7%R
7`abc&
7997
9
99'97
! 7899'
9W989
99
98!
T9 77
7
R %9
Q
9'9 9!8
9%Q
97T9989
89
9
7
7'97! 98&%9
Q
9'99989!
`OO
T7
R 7899'
9W 89
89U
Q9'9 "bluc" d"N"m9
99[789
9
779T!_P8'99R
9
9
9 7
9!89
97
77
7
W7
7Q
9"
9
7!999
989!P
d879RQ7899'9[789
9
& 7!
99[789
9
7979
7
9989!
`aec789
9
& &9!
9999
777
7
7%W7899'
9W98`afc"V8 89
97
9
7!
d"d"g78
987RP
99[87
& 9
9
9
9
7
7'!R
9989!
8
9%&
77
7
`Ojc"
!8!
!
! 789
9
9'9 7
! Z T7
7
7
9!RQ
7899'
9'9 7'!R
999
89U
Q9'9
789
9
7
99989!
9
99999
9WQ
9`hi"ajkalc"Z99 7! 7
9'7
nopqrstuvw
xyz{w
xyz{w
|}trt~sw
~opw
ITT,#E&#
5%&5&*1C(9#
.%<-4(*6#
1'()*&24#
xyz{w
pusrtw
~opw
.&;&3&F
<.&*&06?*6#
6*'(%10<*(4,#
2)B<;6,#'(401;4#
ITT,#E&#
5%&5&*1C(9#
'(%)=&26#
&%3)*6$)86:##
.&;&36?*&#'5%+0&2)*6#/6*G#
0<(&-4#()#2)B<;6,#E&#
24.&%4'(&21C(9'+#*)#
56-5%470'(2)=#2#5%&8<'6#
24%&>*48(2)#LT#
ITT#'&86);9*&F
26-5&26-);9*4=#
6*2<'(486@*4=#
/&*-62##
*'(4(186@*<#
$)><$5<?<**+#
<.&;&36?*&3&#
15%)2;6**+#()#
$)=4'(1#HTY#
I<;<*6#
6*'(%10<*(4#
/&*-&2&3&#%4*.1#
T6-24E<**+#5&54(1#()#
/6*)*'&2&:#'5%&0&B*&'(6#
1#'5&B42)?62#E&-&#.1562;6#
LT##
\#
1223566789
61223
568
6
955!"5
56##
5789
8
989
78 9!"7
#
$"9 9# 978%
7&8
98#788
'!8977(("9
98)*5+9#78("9(
7897,
-8.8.987979
#78979789
#7
.$ 97 8 9
7$"9.7$
(
% 98
98
97 78/#7 #.
.8&7!#.
7&779977
#7897
a@XQBc@hJfHDOBCHCO]UR@UJB[Ri@>lll?@a@@j>@O?@
j>?@RDRJU@b?@F?YNfBCYU@JRJOYfY[Y@QHERJNQX@HUYIY[YP
OMRIRJOYfRJY[Y@DYNfBCUX@DH[YJX@\@b?@F?@RDRJU@\\@FOJBU@
XQAh?@HDT@UYJYQUR?@a@jkkl?@a@j?@a@O?@>kP>?@
jj?@_IYMBOCYf@?@F?JRJOYf@QHERJNQB@HUYIY[JY@ZYICBUB@\@
?@F?@_IYMBOCYf@\\@CDRCH[T@DYNfBCUX@hUDRJB@HUYJYQURi@
OYYIY[Ti@ZDRfY@c@JRXU?@XDJ?@a@jkk?@a@FBZ?@a?@a@?@aj?@
j?@RNYD@?@ ? JRJOYfYPHUYJYQJ@fRHI@DHRINR@
HUYIY[JY@ZYICBUB@\@?@?@RNYD@\\@GMDJBU@JRXUYfBE@ZDR]@
hUDRJO]UY@RURSHQ@SHDRfJY[Y@XZDRfIJJT?@a@b?c@hgAhi@jkkj?@
a@FBZ?@j?@a@?@>@a@>l?@
09:1<:5464<<66
"#998(78.989
7878 89 8 788
0
1
2
3
4
5
6
78
9:
;
<
9=
;
2
6
>?@ABCDBE@F?@GHIHJKL@MBNJHO@P@QBIIBRDSJRT@OSHIURV@WR@OQHJX@ 89
#7
#889
SYCUYQRQ@ZDBEYSTC@SYC[DBJK@\@FRI]CHD@ABCDBE@^ZHD?@O@ 898878889
JHQ?@F?_RDCQRJR`?@a@b?c@dJPC@eUYJ?@B@ZDY[JYNBDYf?@WgW@ 9787878!88
hUDRBJKi@jkkl?@a@jlm@O?@
j?@nopqrstur@v?@wxy@wzq{oy@|uttu}@~qryi@uy@t@oo@@{c@yqrs@
txy@tqrqoqt@u@|qry@r@@\@vuxr@nopqrstur?@a@@
nztxr@oqtqur@~t?i@jkk?@a@>m@{?@
?@p@?@zyyr@~usqc@nu{zyryzxq{i@wxyuz@r@ntxq@\@uyzt@
p?@a@xyqyoc@zyyroyi@>ll?@a@>@{?@
?@ITfO]UBL@ ?@ ?@ YDTSYU@ AHJJBL@ __@ OCYICCTc@
WRYJRI]JBL@ ITE@ SY@ [RDQYJLJY[Y@ DYNfBCUX@ \@
?@?@ITfO]UBLi@ F?@ ?@ HfXUi@ ?@ ?@ RCRIUJi@
?@F?@HSfHSHJUYi@F?@?@WRfDYSO]UBL?@a@b?@c@COYCi@jkkj?@a@>@
O?@
?@FHDJRSOUBL@F?@d?@BYOHDR@\@F?@d?@FHDJRSOUBL?@a@?c@KOI]i@
>lm?@a@l@O?@
m?@FHUIB@?@UYJYQJBL@QHERJNQ@HUYIY[JY[Y@DH[XIfRJJT@f@
hUDRJ@\@?@FHUIB?@a@b?c@hUDRJO]UBL@JOCBCXC@SYOISHJ]@
JRfUYIBJ]Y[Y@OHDHSYfBR@@DHOXDOfi@jkk?@a@@O?@
?@CHZRJHJUY@?@F?@OYMIBfYOC@CR@ZDYMIHQB@QHCYSYIY[@
fBNJRHJJT@ ZYJTCCT@ NHIHJBL@ MNJHO@ \@ Y[SRJR@
CHZRJHJUY@\\@UYJYQUR@CR@ZDY[JYNXfRJJT?@a@jk>k?@a@?@a@
?@jja?@
?@ypu@z?@nruzur}yrto@qrrqrs@qr@nzu{yr@yuru}qy@qr@
tzrqtqur@\@ypu@z?i@oq@w?@@\\@nrqzur}yrto@r@zyuzy@
yuru}q?@a@>ll?@a@@>>?@a@?j>a?@
l?@YOURIHJUY@ F?@ ?@ YNfBCYU@ JRJOYfYPHUYJYQJY[Y@
QHERJNQX@JR@ZSZDBQOCfc@UXDO@IHUL@\@YOURIHJUY@F??i@
BZXJYfR@?F?@a@XQBc@FA@DTP>@Ai@hgi@jkk?@a@>km@O?@
>k?@bYfRIU@?@?@JRJOYfBL@QHERJNQ@HUYJYQUB@hUDRJB@\@
?@?@bYfRIU@\\@JRJOB@hUDRJB?@a@jkk>?@a@l?@a@?@jjaj?@
>>?@ZRDJ@F?@?@JRJOB@GR[RI]JR@CHYDTc@^WRf?@ZYOMJBU`@\@
F?@?@ZRDJ?@a@^jP[H@fBS?`?@a@b?c@bWhi@jkkj?@a@jk@O?@
>j?@bDHLHf@?@ ?@ DY?@ JRJOB?@ bDHSBCc@JRf?PQHCYS?@
ZYOMJBU@\@?@?@bDHLHfi@W?@?@gIHUORJSDYfRi@?@?@ROIYfR@\@
NR@DHS?ZDY?@?@?@bDHLHfR?@a@BCYQBDc@i@jkk>?@a@>jO?@
>?@RIRMRJYf@g?@d?@BJRJOK?@\@g?@d?@RIRMRJYfi@d?@?@RIRMRJYf?@a@
M?c@BCHDi@jkkk?@a@>ljO?@
>?@bBDBIHJUY@?@?@JRJOB@^HYDT@CR@fCBNJTJR@ZDRUCBUR`c@
^WRf?@ZYOMJBU`@\@?@?@bBDBIHJUY?@a@HDJYZI]c@UYJYQJR@
SXQURi@jkkk?@a@jlO?@
>?@JRJOB@ZSZDBQOCfc@^SDXJBU`@NR@DHS?@g?@?@YSSD]Y[JR?@
a@b?c@bWhi@jkkk?@a@mkO?@
>m?@HfRJSfO]UBL@?@?@JRJOYfBL@QHERJNQ@fSCfYDHJJT@
ZDBDYSJBE@DHOXDOf@\@?@?@HfRJSfO]UBL@\\@JJYfRLJR@
HUYJYQUR?@a@jk>k?@a@>m?@aP@?@j>Paj>?@
>?@HIBHJUY@g?@?UYJYQBUR@BOCY[Y@fYNSXERc@QHSXJRDYSJYH@
XZDRfIHJBH@ \@ g?@ ?@HIBHJUY?@ a@ XQKc@ dA@
hJBfHDOBCHCOURT@UJB[Ri@jkk>?@a@jm@O?@
>?@HJUY@F?@?FDCXRINRT@HUYIY[YPHUYJYQJY[Y@QHERJNQX@
ZDBDYSYUYDBOCXfRJJT@\@F?@?@HJUYi@?@?@SURQJJBL@@
^IHUCDYJJBL@ DHOXDO`?@ a@ AYOCXZJBL@ Nc@ xtt{c\\
o?zqru?su?\?@
>l?@BJTUHfB@?@UYJYQJ@JOCDXQHJCB@HUYZYICBUB@\@
?@BJTUHfB?@a@UYJYQUR@hUDRJB?@a@>lll?@a@@>k?@a@?@a?@
jk?@bRHJUY@?@?@)98@ZDBDYSYUYDBOCXfRJJT@\@?@?@bRHJUY?@
234
66
01233413105155
267413114154
89
9
9
9
89
9
9
09<99 6<8!"7<646;:<5#8$6%&'()'*(%%6;'6