银行监管、监管有效性与银行风险承担：跨国异质性分析

!"#$!"!#

:;<= <=>?@,:;ABCD

E$FG@HI%

$

% !"#$%&'( )(*+,-%&./01234,56 789:&'

;<=>?@#((& !)##ABCDEFGH&IJKL MNOP # QRC%&)(ST"U*VWXC%&YZ./ ! QRC[7\] ^_`a)(bc"%&Cdefgh i)(jkCSRlmno%&Cpefgh + qr%&)(s%&YZ./C56tuvwxyC)(*+,z{ |}~P RC4 , $ z{ wxy K!o wxy> wxy MN P%&)(s%&./0 %&)( )(*+, B2D 56 R24 ,

&'( %&)(

)(*+,

./0

,-.)*+ -'&/!0/!&

J KL

MNOPQ RSTUVWMNXYZ[\]MN^_`abcdefghi jk$lmnMNOPQop qrst=uvwxyz=u {|dMN^}vMN~ g`a 123

!4"5 6789:7; !44( < =>?@?2A>B !44& MN^}vMNXYb g`aJ ]67`a

g /A>7;C3?2A>B !44D E93FC9G@HA;C6AG;I !4#! J d gMN B JI973;?2A>B !44$ K@I7ALL7 !44& MA>2AA;CMA>2A !4#! $MN<= K >g ¡¢ £¤gMN¥¦v6§¨©ª«,¬¤g<=¥u­®¯ V°]¬¤gMN Bv¦±@ B MN<=u ²³'(´4 ²³µ¶m·¸¹?º »¼½¾d $67²³µ¶m·¿ÀÁÂ`a *93G !4#+

!44&ÃMNÄ~ Xd-.67 $ÅÆ YÇÈOÉgMN<=u ÊQMN<=Ë

Ì $gÍÎÏÐ ÑÒMNÓÔÕÖ×`gMNÄ~ØÙ ÚÛu¾MN<=u gÜÝ ~Þ¬J¾µß Ýg?º N?@O7;? !"0+ jk12àÌ MN<=u áâ²ãäåK-.MNÄ~gæ«ç[ N?FA2@7P3;2?2A>B !"0" èéê !"0" E79A:A;CQ7?@ !"0! "$MNëìí îMNÄ~"ïðñò ¬óô·gMNXY]"$õKgMN<=v<=¨© öôd ÷gø/ [ù îúûgüýþ¦±ÿ!"12ÚÛ<=]:; BCD;Ìghi #ô$áâ î ]%ö&ÚÛ]:;g<=?' ö(:; B=4)¿ *+:;6§ B ,-.$î67`a/0" 1$234> «g·m56

]%:;<=u ?ºg12 78J9²¾@HI :æ;Ô<=ó>?u ¥¦" @ABnCÌ´4 @ABnDîáâ EÃ<$Fs(GÅÆHIJ 4K¨LMK R3>>O?@A;C

S7?8? !"0+ NO mØHIg P<] $g:;<=u ?ºT;HI=ó EG>>?2A>B

%

!"# "$%&'()*+,-./012) 34125 67(89

0(

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

!"#$!%&'()&*+',"!"$$#"!"#$%&'()*+,-./0$123"!"$"#456789:;

<=/0$1>?"!"$!#@A$B%CDEFG'(9HIF"*+JK.L/09$BMN"OPQF'(RST7UAVWXYZUA[\9]^"_`abc.defT7UAVWXY9gh%

ijk'(lm"CDn1opq&rs"CDt+.L/0"uCv;wxyRSUA'UAVWz{(/0|r$}~r-}9c#:; %t+JK. $BMN j T7UAVWXY ZUA 9]^"m5:; 9-./0$B4Z5678) \ Q 9$BE F ns " ~9 h n[ *r "CD : UAVW+VWng ZUA ¡¢9£¤ ]^,N¥F$.&/01&#9UAVWZUA ¡¢9%¦]^§"¨YF©ª«VW¬­9%¦®A¯°" i±%F$.&2+3*4#9UAVWZUA ¡¢9]^ ²n§"£¤"CD³´ yEµ  Q¶UAVWZUA ¡¢]^9¤· ,r¸"CD@s¹º yEµ  Q»¼¶UAVW)VWng ZUA½+ 9£¤ ]^"j UAVW)VWng ¾;9l¿À+ZUA½+ 9]^ÁÂà Q»¼9µ  ÄE§Å9¤· ,%&$BÆÇ"UAVWZUA½+ 9]^Eµ  Q;ÈÇɧÅ9¤· "UAVWZUA½+ ¡¢)UAVWiVWng Ê;9l¿]^EË»¼F ÄE§Å9¤· ,

CDÌÍÎÏ1o&r Ð$ÁUAVW%Ñgh'(9DqÒG!r¸#$ÓÔ%&$B )ÕÉÖ×MNj uC/0) ØÙÚ!rÛÐ$ÁÜÝ%&Þß hº [ ef!ràÐ$ÕÉ áâÓã,

)DqÞä

áåUAVWÁ]^UAÆæ) çèg9éÝÃê,së'(ÆÇ"áåUAVWZUAègnìí]^,1%&5(16037809*&*+',$!::;#ÆÇ"ZUAîï9ðXñòóôõö÷ø,%&'()

&*+',$!:$$#ÆÇ"ZUAîï9ðXñù@UA9úûgü"ýþÿMVW!_i"CVWXY

#nù@UA9úûgü"!E$%&'(_)*:"+,9"CVWù@yUA9úûgü,

<+1*=&*+',$!:$>#õ+?!678#@@@ !::?-;-:A:8UA9/0efUAVWiUAègÊ;9./" hÆÇ"+,9"CÝ0VW²12UA9gü,B=41*+1&+)&*+',$!:#!#õ+!!6

34567!::: !::;-;9/0efUAVWiUAgü)ègÊ;9./" hÆÇ""CVW!_912²789UAèg"Å ÿMVW!_ j:;<=>?]^UAgü,

! nsë'(ÆÇ"UAVWáâZUAèg n@.]^,C3=+9+$!:#!#Ab"BC"CDC 9UAVWÝ0ñòÅUA/E9[\ "!FëVWÝ0ñGH òI"ÃbJKUALMO2NOü)2 9P"QRST~UNOü!Îc9P"QRF,<+1*=&*+',$!::-#efUAVWiUAÆæ)èg [\Ê;9./" hÆÇ"iVWUA<u çO± J$%XJlm"ZUAîï9ðXZUAÐY9Ææ [\ n@.]^"+,9"CÝ0VWXYZUAÐYÆæ)UA&']^Z[)÷ø) UAW¥5C\#n[ 9]^"ÿMVW!_iUAèg)[\ Ê; #n§Å9]/, J'(­ÆÇ"+,9"CÝ0VWXYñ^UUAõ_ü$D+)(401+)"!::;#"ZUAîï9+,ðXñ^UUA9gü$B=41*+1&+)&*+',"!:#!!<+1*=

&*+',"!:#>#,

áåUAVW Á]^UA ¡¢Ab9éÝÃê,ýþ+,9VW ²ñGHUA9 çèg"!UAVW:;V`abUA ç"^UUAcL;¨¶9deAb"Of^Ughi

!:

!"#$ !

! %&'()*+(),-'./- 0122 "#$%&'()*+,-./0 123')4567* +,-.89:;<=>?3' 3./)()*.4()*5-)4(6.4 !7"8 /0 @ABCD-.= EF89)GH*IJK LMNO9PQRS*TUVW=>?3'XY?Z [\5]>?^_*`a:;W=>?bc/d*ef

ghijklm >?89ano:A@pqrst>?*3'XYuv 9-' 66. !""$ wm @hi[xyz{|}*+~-.A >?+~3' :;(& !"0< wm +~89 :W=>?*3'XYuv :st>?* A]>? * x "NO

5-)4(6.4 !""8 #<= IJ!80J>?* >?89]>?[ ) 3'X

Y*NO 2/0 >?89AW=>?[ ) st >?3'XY >?89  ¡ x¢£¤@¥¦§§ 3-);.>(()*5-)4 6.4 !707 /0]>?^_*|}`a ¨©8ªA«¬­®¯° >?3'XY*±c ²³*AB´µ¶·=*¤¸¹'oº ¬­®¯° W=>?3'XY*±c

»¼*>?89an @ »yz{]>?3'XY$% »*NO ?(.@.)()*

?.@&). !771 *jkwm >?3'XY +~89 ¤¸½'anº¾]>?^_*`a¢£

*§ ¿ÀÁ>?*Â) à ÄÁ>?Â) ÃÅÆ ¦»*>?89]>?*3'XY% »*NO A.6&;.,(6B !"0! ÇÈ+~89]>?3'XY*NO 2lm+~89]>?3'XY*NO$%ÆÉ ÆÉ Ê-VË>? Â^¶ÌÍÎÏÐ @ ÑÒ89%Ó yz{ +~89ËÔ :ÕÖ× Ø  ¡ x*Ù# CD-/(E&.,(6B !"00 ÚÛ >?89]>?3'XY5Ü$%ÝÞNO qw 2lm ß%­®:G*>?AXY·=*à#3' á $%·=*âãef +~-.89:;W=>?3'XY g]ß%­®:G*>? ä åÓæçmèéêÓæAëì ·|}*>?^_`a ­®í%:GhÕW= >?à#3'¶âã3' ¨©89)Gî]>?3'%ïðNO F(/,G.,(6B !70< /0 @89cÃÝÞ*IJK ¨©89)GñAØ >?Óf òó%ÎÛ*ÝÞ89ôõö:Ø >?Óf

÷¢ >?89an]>?3'XY*NOøù% h* ú >?89an@]>?3'XY*NO$%mè*ÆÉ NO 2o:¿¤hx*yz øû- hüýþç»yz{>?89an]>?3'XY*ÅÆ NO

ÿ !"#x

h $B!"%x

áPúr& >?­®* x@'()nr*>?89E+*NO >?89E+,Á-./01>?ç x g,n23456 ­®78+9*:: ç"Á>?*/; <=*>?89E+5W=>?3'*4-yz >?@Á>?3'$%tnAB [C ~D%xº{±E FBG!"V >?89 89*%Ó H I]>?3'*NO

!"#$"%H 0!"#$"%I0J J &!"#$"%'&( "( )"%( *"%( "% #

JK !"#$"%ZK%LÎÏM"*>?3'XYuv &5NO*P ) "%5 MÓæQ RG) "%5~DÇÈ*STUVWG X>?89 89%Ó WG *"%5YaWG Ê-Z[NOÎÏM

">?3'XYuv*[CWG RG 5\]B*^ "%5_ÅQ

@Á@±E F`"KabcKZ[ NO WG X

! +"%H +"%I#J, "H# ! . %H# ! /"% J-"%

d%-"%eáf I_Åg !" -).IK(L.//-/>-'M-).),'-*.6 -"%H "( "% JK "0"1"121 7 !

!#

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

!"#!$!$%$!!" " #!"#$%&'$()&!"!*+,-''!()!"./%" !'01"23&!"#$4" !'

51"67!"%89'&!"#$:;<="#>'"*? !"@ABCD#>"%&'EF/4"GH@IJ'$KLMNEF/OPQR.S!&!"#$#& !"#$%!T-& !"#$%: !"#$( &!"#$)!*#$%%UVW !"X!&!"#$#&

"("*

! !"# !%YZ#["TEF/'GH\]"+!$**%^'"_IJ`ab)cde'*$fghiMN

+&'EF/?jk<dlm'!&!",$# & !"#$%:!,!"# , !"#$%4"#>'"TEF/'4"GH'

!-./0.12"$334%$

567//.89.8:-98:!$33$%no'pqrs1tuv'+;;EFwx3lmy1'IJE

F/"BEFz{|}j<9/0=#>.?28"@7A7B.8:C9D78!$3EE%no'j~ ./ ./'wx"*&!"," 3 !&!",$,&!","%' ./ uv +;;EF"lm'EF/" GM'$

567//.89.8:-98:!$33$% oW !"AB #[`z" ~ ./" GM' F

/" <dw\-' <" AB-^ #>"*B.! /& !" !F",-G'(!' "0-1

-2 -%34(2

"T-

H'2 -"2-'g+ N "2-($ )I^<d <

*5I5-$7H H

!($

!"7

!F",-L

2"72(6&

"(JK-"-"-

*

!"!F",-L

"-('"Tg+ N 2

" 3 B.! "0- 67)!"$%!567//.89""!!I%$ -($z'0$ F

/"B ¡¢w\!*<d£%- <"@#[' "¤|¥¦BO§'¨©`¡¢ 0$"¨©'"70""@¨©'$B+;;EF-"O§ª}j'.61.8*<.8D78 F/«¬­ ./'GM`$

X"567//.89.8:-98:!$33$%no'<d+;;EF/' ./GM`Gz®¯°"±²

567//.89.8:-9M76!$334%³-/N8:7//.8:-98:!$33E%noW´ +;;EF/!DBD07O+;;7D02O.096%"()´ +;;EF/}jWµ¶'·¸¹"±²ºEF/:<d+;;EF/#»n

¼WGM`"+,½¾}j´ +;;EFwxEFy1$

!¿%./ÀÁ:1t

r o+,}j'Â./'LÃ*

$PÄ ÅÆ

%+ Ä ÉjÅÆ'Ê/"+,}jW Ëw+,ÇÈÄ 'ÉjÅÆ)Q67:20C2D?9R-.8?

x$ÌÍÎt&.7M78.8:&7M287!"!!3%2FÏ'8Ð!SDT967%«Ê/Ä ÅÆ$8Ð'FÏwx Ä ÑÒÓÔÕ!9:;%:Ñ+cÖÕ!<=9%׳:ÑÒÓÔÕØÙ<'»Ð81!9:=><=9%*

!9:=%"T-9:=ÚÛÑÒÜÝÕ" !9:=%ÚÛÑÒÜÞÕ'w<"<=9ÚÛÑ+ÑÒ»Õ

!ßàáÔ*âÑÒ%"ºãاäj«å]æÒÅÆ"8Ðç¼Ú Ä æÒÅÆçè$Té"@êëìÕ!7?@%" @êëìíâÑÒ'»î"ºãØ4ïðWÄ rñ'ÉjÅÆ$ Wò):Ä 8Ð'óà »ô³õö" @êëìÕ!7?@% ÷ .øFÏ*77?&($!!,7?@"ùz

77?@Ðç¼Ú Ä '@êëìÕçú"Ä rñ'ÉjÅÆ4çú" Wwò"û77?@ ü

@êëìÕ$

"Põö./

+,'½¾ýþõö./ Ä ÿ!ã1³ÿ!GM`ã1$Ä ÿ!ã1½¾"#Ñ+¾$ã1!Q.U20./C7VN267O780DW8:7X%,ÿ!á%ã1!'NU76M2D96BY9A76W8:7X%3&'()*ã1

""

!"#$ !

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

!"#$%&!2%34"$'%&()*+,!"-!./01234!5!6789:;<=->?@AB/CD%EF/G%HIJ1K5L>?-MN$!6"34OP!Q!6789RST6788UVW%XYZ[\]^_`a!9:6:6"&!!"OP!Q!678RSRLF+,b)^_]c&!9:!"&!9"Od!Q!678RSRef^_]c&!9:9"&!$"ghiRS;$jklmn)*!Q-o./0-bp!6:$"&!;")*!Q-o./0RS:;qrstuv!6:;"&!<"RSw1)o.2xyz{1|-}~!6* ! !!6:<"&!5"RSw1) * ! !!6:5"& J!6"=!;"MN'R( )#(%}~ )>(*J!<"+!5"MN)R( )>(%}~ )#(# 1i '%& ! $>

5"% !Qqr #

qr` %&!?3@AB4"$'%&  qr¡t¢£J+,r¤¥+¦§2+,¨3@Y©9wª -«\,¬1­®}qr` #'%& > #9% ¯Yqr` °#34'%&±;HIJ1K#9L>?-MN$!#"qr¡tRS²³´µ+,¶w·w1¸ +,|¹¨3º»-`¼!;:;"&!!"¨3½¾RSw1¿ÀÁqr¡tº»+, r½¾]Âg+ÃÄ@, !;:<"&!9"qr¡tRS³`J|¹¨3]Åƪ gh, !;:5"&!$"qr¡tRS³`ÇÈ+,ÉÊ˹ÌÍÎC!<:#"&!;"qr¡tRS³`ÏÐ+, rÈ\ÑÒÓÔ Õ¢Ö×]Ø !##:!"&!<"=!8"qr¡tRS³`ÙÚ+, rÈ\-¦¼+Û.wr¤Ü)-YÝ!##:9:#,##:9:9"&!7"+,qr¡tRS³` Þ+,¦§]ßà`áâgãä+,å6!##:<"&!#>"+,qr¡tRS³` Þ+,¦§]¹ æ¹`áçèßà>?+,]Aé!##:5"&!##"=!#9"¢+,aÌêëì+,qr¡tRS³`Àí¦§`¼+Êî+, r¥2ïA!##:7:#,#:7:9"&J1i>?MN)R( )>(%}~ )#(#

ðñáÈ%&!%2C4"$'%&ò +,óCðñµôõ¯YqrláÈ]ëö%±;÷2+,RSw1øAz{+Ñ_+ùúû6ðñ12RSw1²³Jü.ýþÿ-!"`@Y©!$:#,$:$"#J1i>?MN$)#áÈ( #%)$¶( !%)áÈ( 9%)%Ú(

$%&''%&O( $%O° #<% ¯Yqr ö Ç#

¢!>##)-&*+ì%³,¹ >?*-./%Q01* 2>?-MNJ1i%334

*-./#J1i>?î45-ç6w78DE+'F,'EG:!!""$%!"6!"#

+,qrÈöJ+,µô-9:¢;°ëöi <=+,qr>1?,-³@A#+,qr?,³@A-¿À  ;B¸>%C?,³@A-ëöDµEF-ÈöF ³GHIJ%&'Q0ª)µEF-ÈöF Ê * +,qr?,³@A-  %3!?BH"#IEJKLE//,'EG:!!"6""1*9"KLÌÍmL-9"KM&*0Nä-æOP¤%3!A.+G0M(0,N.),+/E/&,

H/0(&E'.+-"JæO!>>KLQRùûS-xyP¤TUøVLY©W,- ö%VLX%3YI

þZ7xDxP½`!O.(&,E/0%&&.J/'EP(G('*"+xP[\ëö!3.G('(&EG?'EP(G('*E/0%P-,/&,.K

O(.G,/&,"+xy\x³@A!N.),+/L,/'BKK,&'(),/,--"+efµEáÈëö!4,QJGE'.+*RJEG('*"+ÿ

g³@A!4JG,.KSEM"+]^_È!2./'+.G.K2.++JT'(./"%`VLX%3a3bcd¤% ¢

=!:;ù!:;ef%& ° IxyP¤-TU g#h=VLX%3efi¢j - I

A%Q0kª)]^_È!22"Dxy\x³@A!NB"+ÿg³@A!S%A"lLX%3/­®µEF-ÈöF %mn)/* +,qr?,³@A-  %3#}ìÿg³@A­®-oZJghÈöp bqùrsëö%«tRuv?,+wx6`-ÑÒ+ÿgþy12Jz{| -_È*]^_È­®-RµEF}~þ ` )=¸ ½ -ëö*xy\x³@A­®-RµEFþ ñ-F +x È\ù?,- ö12xyx ?,-³@A@Y©-P

!9

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

!"#!

!"$%&'

()*+,'!-'.)*+/0123456"78*+9:;##$%&$<='>?*+9:@AB2C"*+9:;DEFGH?I*+JKLM"NOPQR?#$%9:;ST*+9:UK@2C,'%>??VWX1YZ[\]^_`abc1defK"NOPQghijk2l@mn&'%($o'R?WXpq;&()*+,-./)$%rstuv'&%0.'012$T`awxyz{|}

#$%1~;%`a"#,' `a N ~;&',34566$'Y z{ &%0/78%9$'`a

8 &'&!$' z &9$:$' ! &;<4566$!`a ~;&',34566$T`a 1~ (Y z{ &%0/78%9$T }Y z{1 ~(`a 8 &'&!$TR*+ 8 ! `a1 |} H`a |1~;( z &9$:$Tz{ ; { ; "78z{ ;<`awxy z{ 1 ;" { ;<`aw!H  {¡¢1 ;"R2C£¤¥`a1¦ fK( ! &;<4566$T`a !¡§} 1~;"78 ¨ ¦ \ '©rª«`a¬¢{'­[ '®¯° %

±²³ l´1µ¶·\" O¸¶ =>H?I&¹º$?@@= AB??»¼1½¾l´"78 !?HD ¿ÀÁ?I&¹º$ª«>CH ¿ÀÁ?I&¹º$%`aà ,'2CÄ%Å´1ÆÇÈBÉÊËÌ`aD.),)E.,+()6-.-F-./)6,)2&1GF+,-./)l´Í8@H,)I&1GF+,-./),)2

:F3107.6./)ÎÏ%R`aà Ð>Ñ&J106./)($ÆÇÒH,0-K1-,+"&ABB?$ !ÓÔ"¸ ¥??L

H?I¹º"78Õ l´1ÆÇ<w¬?@@@»1l´" l´»ÖPQ?@@=»×ABBB»(ØÙÚ&J106./)(($à ÛÜv' ?>AH?I¹ºABBA»1ÆÇ&H,0-K1-,+""ABBM$(ØÝÚ&J106./)((($à ÛÜv' ?CAH?I¹ºABB> ABBM»1ÆÇ&H,0-K1-,+""ABBL$(ØÞÚ&J106./)(J$à ÛÜv' ?A>H?I¹ºABB= AB?B»@ÆÇ&H,0-K1-,+""AB?A

(.K I

1-,+""AB?A$%ßTà4ÞHá¼â@l´ÆÇ" OPQ$1+.61-,+"&AB??$@ãäåØ>Úl´

¬Qæ?@@= ABBB»á¼ç"ÐÙÚl´¬QæABB? ABBC»á¼ç"ÐÝÚl´¬Qæ

ABB> ABBL»á¼ç"ÐÞÚl´¬QæABB= AB?B»á¼ç%

o'`abc@N ×Y è{;&8%9$l´ÉʲËÌ`a@)¨érstul´Í*&#+/O,+D.),)E.,+$171+/3P1)-$,-,O,61$%à 4ê\2l8ëä4ê\&95Q$'ìí$%&''$ îïðî4ê\&#R$@½¾l´ÉʲËÌ`a@Q#(l´Í%`a"#,'`a ~;&',3A566$'Y è{ &%0/78%9$'`a 8 &'&!$' è ñ&9$:$' !ò &;<A566$l´ª«rstu&%0.'012$l´óôÉʲËÌ`a1)¨érstul´Í*%.)*+,'

#$%9:;&#$%&$×WXpq;&()*+,-./)$ÉÊËÌ`a1Q$(l´Í%

Þ'õ'ö÷

&>$ÈBö÷

E?øù¥ãú&?$Îû#SSüõ1ö÷"ãú1ýþÿ,'<N &N6E/01$"!¿"#$ãú81ýþÿ,'1%lT!"&3T!"9?UN6E/01'9A"N6E/01'9!"N6E/01 'E(N 1)*?V!+ %'5%&W:R(':%;QR&W:R('5'X&W:R( 'E(`aà 2l8 B,2l&'5%&$'à -K2l&:%;QR&$' .Ö%2l&5'X&$ à 4ê\2l&:R($1/01"78à 4ê\2læØ&A$2&C$Ï8 '23ìí$%&''$'îïðî4ê\&#R$ ëä4ê\&95Q$ÝH42C%56áå`aà 2l'5%&':%;QR&'5'X&«7 à 4ê\2l1/017[TV8,'%

AC

!"#$ !

!"#$%&'()*+#,%&'()* +!,%&'()* +-,%&'()*+,-./",./+01234 ()

.5 -5+,-678 ()!5+,-79 :()!5+,-;<=6>?().5+,-

!@AB/CDEFGHIJKLMNO+PQ RSTUVW+XY'" 01)213XY'.Z[;\]&'K^+_`V RSabIc"+daefg/hiLjk+4.XY'6/./01234 RSabIc"+daefg/liLjk+4!XY'/.5/34m01n.Z34 opTU+VWqrst

!#

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

.

!

-

$

+.,%&'()*+!,%&'()*+-,%&'()*678908:;<976=9

5,G-#>>>

H$,II

5,GHL>>>

II,GL

5,GHH>>>

GG,I.

5,G$L>>>

I$,!.

J5,!.G>>>

J!-,IG

J5,.KL>>>

J-.,..

J5,!5K>>>

J-K,HG

J5,!55>>>

J-5,5-

5,.$I>>>

.G,K.

5,.!->>>

.L,5L

5,.!$>>>

.L,IK

5,..L>>>

.I,K$

J5,!G!>>

J-,.I

J5,$$I>>>

JI,.$

J5,$!G>>>

JH,!-

J5,-!G>>>

J$,KK

J5,5KI->>

J-,.G

J5,5-I!

J.,5.

J5,.5L>>

J!,KG

J5,5$K$M

J.,I$

5,5$!!

5,G.

J5,.$H>>>

J-,KI

J5,!$I>>>

JK,LK

J",.HH>>>

JI,".

66

6789>0<?08:;<9>0<?76=9>0<?66@<+7;?3AB1CD(3@E898)D6)*F

!,HGL>>>

$,!I

@<5,$.K>>>

H,.-

+7;",!.->>

!,G$

5,-5I>>>

H,GG

5,5GG.>>>

$,.G

5,.-.>>>

G,-K

","$GG

.,$!

5,-LI>>>

K,-G

5,-$L>>>

G,H5

",!I.>>>

H,.L

J-,.GL>>>

JH,KK

-,K5$>>>

.5,!.

-,H!->>>

L,"-

J!,5H!>>

J-,.!

5,5-IH

5,5G

JG,II$>>>

JK,L.

J",GK!M

J.,I!

!,!L$>>

!,KI

5,G5- .,.K

5,H-K

.,.G

J-,.$L>>

J!,G.

5,5!.H>>>

G,.I

5,5.KL>>>

G,5.

5,5!-->>>

K,5.

","!!$>>>

L,"-

5,5G$5>>>

L,!!

5,5$HG>>>

I,.!

5,5$HI>>>

G,HI

","$L.>>>

G,!!

J5,5!GG>>>

J$,.G

J5,5-.$>>>

JH,5-

J5,5$!5>>>

JH,GH

J","-L.>>>

JH,.K

!H

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

./

&

4

8

5

):;4*<<+=>?@+2),82A-.B4*<<

!"#

$%4F$GH"

&&%$6

$%8$5"""

&$%(&

$%8&4"""

&&%8(

$%8&6"""

&&%7$

I$%$$(69"""

I(%55

I$%$$86("""

I5%59

I$%$$585"""

I8%F6

I$%$$($("""

I(%&&

I$%$$686

I&%&8

I$%$($("""

I&4%F9

I$%$599"""

I&$%(4

I$%$55F"""

IF%5(

$%$8F&

&%58

$%$5&6"

4%&$

$%$679"""

8%9$

$%$547"

4%8$

I$%$584

I&%5$

I$%$8F7

I&%$6

I$%$65&""

I4%F4

I$%$556

I&%&9

8%97("""

8%5$

9%954"""

F%97

&$%(("""

&&%48

9%&56"""

9%87

$%"&'()*

(57J<K>=LI8%&55F$%$$&7&%596$$%&8786(%$696&%$$$$

(57J<K>=LI8%&$68$%$$&F&%($F9$%&8&&6(%845$$%F489

(57J<K>=LI8%$9(9$%$$4$&%(64($%&&9464%77&5$%F(44

(57J<K>=LI8%$5&$$%$$45&%(8$&$%&46$64%54F5$%F((8

C&+,*+-C4+,*+--:=D:E+,*+-

! "#$%&'(!)*+ """ "" " #,-./$%&' &' (' &$'0123

.&4 & 5$(67"89:;<&=:;>?@<&ABC%DEFG HIJK<& )*+, =:;LM<& -+./0, %N&O01PQ RSTU<& *)1, %N&VWPXY601 .Z[\%89:;]^_89`abc de]^_89%fghi :;>?@<&$%jklU )) mn>?@ 2*/ %N&O01PX .ZopqrLMsatuvwxyz{|}%~ p U ` ~ -( 9 gL% mnqX% M \ 89`abc de _89%fghi Y >?@ 30 %N&O01PQ .Zopqr S% + U 9%M 9%>?@  e ]^89%fghi

.&4 4 5(¡"_89:;<&=jklU )) ABC%DEFG H¢JK<& )*+, =RSTU<& *)1, %N&O01PQ :;LM<& -+./0, %N&PQY601 £89:;<&=jklU )) ABC%N&O01PX .Z89:;<& 89`abc¤¥¦§@¨©?ª «¬89:;­ 89`abc®J¯°±²%:;>?@J>o %³´23 µ89:; 89`abc¤¥¶·?ª H¢JK<& :;LM<& RSTU<&%jklU )) ¶·?ª',-P&%56 $%57 $%89 ¸.Z ¹>¯°±²%jklU )) 23º¬ »¶·'¼ £89:;<&%½ ¾ 89`abc ¿ ]^89`abc d »¶·'$À Á H¢JK<&%jklU )) ¶·'à ejklUÄ+

46

!"#$ !

!"#$"(!$; %%&'()*+,&()-./0!1234# 56789*+:;,&()-./0!<=>?7@A*+!B3C

D'E % F$GHI()*+JKLMNOMB3C =1 PQR!STUV WUVLE ! FSTUVXYZ[ \Y7]JK *+^_JK`abcd:JK!eK"fghi j()*+JKLMNOMB3CPQR!eK"fghk Dl()*+JKm()-./0no1234 \Y7]JK *+^_JK`abcd:JK!MNOMB3Cpq1234#rsh'(" "(8! "(:' DltBWuvw!MNOMB3Cxyz{`|12#} ()*+~;! ,&()-./0 ()-./0 `|12# \Y7]JK!MNOMB3C12# MNOMB3Cpq!"#h"(%$ %%&'()*+,&()-./0!1234#

D'E $ F$GHI()*+JKL B3C &,0 PQR!STUV 6}\Y7]JK *+^_JK`abcd:JK!eK"fghi j()*+JKL B3CPQR!eK"fghk L*+^_JKPQR!eK fg Dl()*+JKm()-./0no1234 \Y7]JK *+^_JK`abcd:JK! B3C1234#rsh

'(6$ '("$ "(6; `|12# $\Y7]JK! B3C12# B3Cpq!"#h"(!'8 %%&'()*+,&()-./0!1234#

56 o I()*+JKL*+B3CJKPQR ()*+L*+B3C no 34 $ ' Yuvw!*+B3CJK"#"%%&'()*+,&()-./0!1234# ~!()*+ I()-./0

!!

"#$%&' ))*& ()*+, +,-./0123

#

!

%

$

&'())*&&!())*&&%())*&+,*-.*/01-,+2-

5(65'333

%$(!6

5($:8333

$%(8!

"($;:333

%;(:'

"($;8333

%%($:

7"("!8'333

79(6'

75(5'85<

7'(;"

7"("!":3

7!(!;

7"("%%"333

7$(8;

"("$:;333

:(!:

"("%88333

$(6!

"("$$:333

6(;'

"("$86333

$(;;

5(%:'333

9(;8

"(6$'333

;(""

"(9%9333

'"(!!

"($8$333

'"('"

75($6%333

7'$($;

7"(6$;333

7!'(8:

7"(6;:333

7!'(8"

7"(6''333

7'9("9

5(%$5333

'%(8!

"(%$8333

''(%;

"(%$6333

8(9:

"(%%"333

'"(:$

++

+,*-3.14.*/01-3.14,+2-3.14

7"(%'9333

7$(%"

=17"(%'8333

7$(;'

&,07"(!6%333

76(%%

"(!"$333

:(86

"(%!;333

;("%

"(!":333

:(%'

7"("99%

7'(6$

7"(';%333

7%(8;

7"('':33

7%(!9

!:

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

./

&

.

/

0

1123+456789:;<=72>*?*@<1@AB1:C.4DD*@=E)*+1?/+>FGH.4DD

!"#

$%&$K

$%.(

$%/K0

$%/O

$%N$0

&%.P

&%$($#

&%P/

.%0$(LM"

(%$0

.%(/OMMM

(%K.

&%(&O

&%.O

&%K/.MMM

/%/0

-$%0(K

-$%KK

-$%O$0

-$%P(

$%$.($

$%&$

-$%.PO

-$%.P

$%$$KNOMMM

0%KK

$%$$00/MM

.%O$

$%$$/PPM

.%.(

$%$$0$/#

&%NO

$%&..MMM

.0%.K

$%&/$MMM

&K%$P

$%&/&MMM

.0%$(

$%&.PMMM

.&%KK

-$%$O.0MMM

-&(%O.

-$%$(./MMM

-&$%0P

-$%$(0$MMM

-&$%O/

-$%$(&KMMM

-&$%&O

-$%/PNMMM

-&$%O(

-$%/N(MMM

-&.%/&

-$%0&NMMM

-&P%&0

-$%/N0MMM

-&$%O/

$%$$PN/MMM

&.%0K

$%$&$.MMM

O%/$

$%$$N./MMM

0%/P

$%$$P/OMMM

(%O$

-$%$./0MMM

-0%OK

-$%$&K0MMM

-/%P$

-$%$&/OMMM

-0%./

-$%$&(/MMM

-/%O(

$%$O$$MM

/%&N

$%$O&KM

.%/N

$%&&/MMM

(%$$

$%$NO$MMM

0%O/

-$%.&NMMM

-N%.O

-$%..KMMM

-N%K/

-$%&N$MMM

-O%/N

-$%&P/MMM

-K%PN

(&%.(MMM

/.%P&

(.%00MMM

0$%$O

($%(.MMM

/P%KK

(&%$0MMM

/(%/O

$%"&'()*

0N())*+-.%&PN($%$.KP-&%$.(K$%/$($(K%0&NN$%PN((

0N())*+-.%&N0K$%$.NP-&%$&N/$%/$N((K%&.PN$%PNO(

0N())*+-.%.(N$$%$./P-&%$.N.$%/$/N(N%&$0P$%PN.N

0N())*+-.%.($($%$.00-$%P//N$%/($0((%OON&$%PP$N

I&+,**-I.+,**-F:@J:7+,**-

! "#$%&'(!)*+ """ "" "#,-./$%&' &' (' &$'0123 4$))*+,&$$-)*+ )*+567%89:;< ))*+'=>.?67%89:;<=@ 67AB%CDEFG=@

..HIJKLMN+(O89:;< ))*+ PQR & S)2QQT*%UV WXYZ[QR$%\LM]+%^&5/ .$\LM]+_`a+&%))*+ +.%))*+ +/%))*+%S&b01 _`& /c%S&b5d _`.c%S&5e f_`.c%S&gh'bij_`

& /c%S& .?67kl@EFmnQAopqrs%tu vwxyz{%)*+$ .N

!"#$ !

%&'(&)!"#$%&'()*+,-./01 2345678.94:;<=>?@AB.*#!C+D=#+EFGHI 2345678.94:;<=J?@AB.*!!C#=,"+

HIKEFL$%HI MNOP.1QRSTU

V!W , X8:%YZ[\]^_`a]^,-K_` %-. bcd.efgh ijkl_` mnop_`.q`DHIrs ]^tu_`.q`HIrv VwSx.iykl mnop]^z{|[\.%}~ z{|[\ a/&'0120&34 !5"$ .iykl]^p z{%}~ .EF.g > ]^tu. x [\.%}~ |[\ a/&'0120&36 !""! ]^tu. %}~ EF .g > ]^,-K_`*+8 , ,-K 7- .q`HIrs Vw> S .  ¡n.¢+ £p¤¥¦\.u §¨ £¦\.,-K©ªz{[\.%}~ z{[\

V!W ! «:Y¬|­[\]^_`a®¯°p 88 bcd.efgh iykl_` mnop_`.q`±HIrs ]^tu_`.q`HIrv iykl_`a®¯²pbcd.q`HIrv mnop_`a®¯²pbcd.q`rv HIKEFS{ ]^tu_`a®¯²pbcd.q`HIrs Vw[\]^_`³[\ <=´µK¶·-¸ iykl mnop]^a®¯°p=z{[\ ¹º<=»¼-¸ ]^tua®¯°p=z{[\ ¹º<=½¾-¸ ¿ x®¯²pÀ§ ]^tu=z{[\ .-¸

V!W 9 $ «:Y¬|[\]^_`a ,-K 7- ÁÂ,-K :;< bcd.efgh ÃghaW ! «efghÄyÅÆ iykl_` mnop_`.q`±HIrs ]^tu_`.q`HIrv iykl_` mnop_`a ,-K ÁÂ,-Kbcd.q`HIrv ]^tu_`a ,-K ÁÂ,-Kbcd.q`HIrs Vwiykl mnop]^a ,-K ÁÂ,-K=z{[\ ¹º<=»¼-¸ ]^tua ,-K ÁÂ,-K=z{[\ ¹º<=½¾-¸ ¿ x ,-K ÁÂ,-Kǧ ]^tuz{[\ .-¸

==È678 S . ,-K [\. =´%}~ >>?: 678 ÁÂ,-K.q`rv ÉÊ%HI ËghVw ]^,-K³[\. ÌÍ ,%ΤK.¶· ,ËÏÐ Sx.ÑtÒtÓÔÕÇ© [\Ö×Ø ÔÙ ~ÚÛÜ S{ [\mn S{ ÛÝÞ¥ßà !5,! ;(1@A)&)B/A30A) ,CC! Sx.ÂáÔÕ RâSx.ÑtÒtÓ |~ ãäå.eæ çè[\éê ëØrìí.~ îïðñ=. òó ë~ ô |[\. ÌÍ DAEF0A)206&3 !5#5 õ GCö ÷

!$55÷[\.`ø23ÑtÒtua[\ Ì͹º.Bq gh Sx.ÑtÒtu

ù [\ ÌÍ úåû üýþÿ!.Ç©K H@&)&)B%0'&1&) !55I "ø$9ö ÷

#CC$ !559#$9!!ö$~TúÏÐ ÑtÒtÓ%x ~ &%'8 $ Ò%( ~ )

o&%* ~ Ó û%{ û+wSx.ÑtÒÔÕ ùç[\ÌÍØ,

=³´%}~ >>?: .efgh8iykl mnopa]^,-K*+¹º<=»¼-¸ -»¼-¸Ç©:./Ã08º123ü¶· âÛÝÞ¥ßà !5#! S .ÂáÔÕEF=ù [\~ 4O Ö×m5 .úå ûz{|[\.iy67 89: [\ G; DAEF0A)20&36 !5#5 "øGCö ÷!555 !55I#<!$55÷[\`øÏÐ Sx.ÑtÒtÓ [\ÌÍØ, ÂáÔÕEFa[\ ¹º.s=Bq >k?@Aiy67 .Lz ´Ö×m5.Lz /EJ1&)BK2:A)( !55L Ó B [\C823

!C

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

!"#$%&'()*+,-.!/012#$34,56789356:;<=>)!?@/012#$34,A56B89356:CD=()"EFG!HI312,#$JK=LMN&',>)OPQ!8RS&'#$2TUVW!RS&'XYZ[>)O\]!?567^_12#$34:`a>)bcdM3e"fgEh&'#$KTi#$jkOlmnopqrskt,uKvwIxyz^{|}~"

8L Klm ! m , C #!"#$$v #%&'()*+,&$, @8- #-./,01$# 2$x@8 U #33#4$# 5$ lm, !66 ! ¡¢£¤ ¥! G8 ¦§¨©!&'`ª1«¬N­®¯ !Z°;<=¯ >)%

78,0)9+1*)(:&;<==$8± ²&'>)*+,-.W³j´µ ¡!1V,!"#C ;<=&',¶·¸ %!"¹ºlm&#0+>01?$, 8 ='5 ¢£¤ »! G&'²

¼½ ¾&¿!"#,ª $,CD!`CD&',¯ ()"

&'ÀÁlm &'SÂSpª &>)@57..$, 8- &-./,01$& =$£¤ ¥!8 U &33#4$& 5$ £¤ »! G&'SMSpª ²&'¯ >),-. ¡!²ÃÄÅÆ,&'¯ >)ª1ÇÈ!SMSpª ,ÉV;<=Y- m,&'¯ >)!?CD=&',U "Ê }~ Ë2Ì&'#$ SMÍÎOzÏ,ÐzO!{ÑÐz,Òf@SM Ó ÔÕ&AB''10$ÆYjÖ×ØSp!LÙXYÚÛÜjÝv$ʽÞßà()*+

>C,0*)01).1*)(:&5<=5$"°U áâ&#0,D3#4$²&'¯ >),-.i&'SMSpª ã

äåæ!L 8- & =$£¤ »!8 U &33#4$& 5$ £¤ ¥! GU áâ,ÉVCD=Y- m,&'¯ >)!?;<=&',U "

ç èé&4"E$æt=&',êèëì!$ÊíM&FG;7..$îïð=&',ñòk &78,0)9+1*)(:!;<22$"ç èé&4"E$, 8 2'; ¢£¤ ¥&ó= 2ô&2$õ U£¤R$! GÉV&',êèëì`£¤;<&',¯ >)"$ÊíM&FG;7..$, 8 2 ¢ »?öjô&H$õ £¤!8 ; ¢£¤ »! G;<&','÷íM'ÉV&',ñòk ³`£¤;<&',¯ >)"

&'ø T&>$H$, 8 2'; ¢£¤ »! G;<&'ø T`£¤;<&',¯ >)"ùúûü²ý&'ø Ti&'>),þ 6ÿ!"{#,  "{h $% !&'ø T,ÉV`;<&'()!EX & (ø TI'(O)*)&J,K?)&?"13+/,(,!5<<L$%&'ø T+V!&',,-.ì+2!+ë/0123,è4!EaÉ51V,SMÔÕ!6É7&',À89: %;¡&',,-.ì<;!Ea=>&',À89: %70+..&5<=<$¹?@j1V,-.ì,&'ABCD= Ek !?ëC20F,'(Ovè4 %J108101*)(:&5<<M$úG!1V,&',-.ìXYÉV&',SM%AB1V,&',-.ì`CDU !?`GHI&'¶·(),;<!E@f @j1V,-.ì,&'CD,SMÎYJK&'U ,CD!fg&','(OLjMdUè-.%

N{h Oî% !&'ø TÉV`CD&'()!P(ø TIQRO)*)%Vø T,&' É7=&',,-.ì!S8&'­T1V, è !EUVWPZ[V(),XS!CD=WP,IY()Z[*åtN! ,¶·¸ `CD!&'\],()³`CD%

E,1?)0N,&,1*)(:&;<22$èÆ^_2;Ñ34;<<2 ;<<O`o abc¹?!&' &',

,-.ìde`f# U'(!AB&'8ghiT<,,- "S2Bj!?L¶·()kBlV%PB1*)(:&;<2Q$èÆ^d m;<<H ;<2<`o,&' a!bc&'ghi'(no,þ ! ¡ G!1V,&'ø T`f#&''(O,;<%

nn!Yo ¡ G!12,&'#$CD=Y- m,&'¯Æ()!Z°CD=&',

H<

!"#$ !

!"#$ %&'()*&'+,-./01234567/89:; <=>?@89AB CDEFGH &'()IJK)LMNO&'+,-.P>?QRAB ST&'()UIJ&'+,-.VWXYZ[/()\A9 W\]^O_`ab c\XYZ[O()\A9abdT]^QRLP &'()efOghijIk&'+,l. mnjop&'+,-. qrsCYZ[O()\A9tLtu\dTQRL vwx[y&'()Ooez=op{&'+,-. <|()\A9?sCYZ[}\~ vw &'() &'+,-.O01?3 YZ[ \~ 9 &'() &'3 O01 >? eO W () ()IJ{&'O $ <Ik{&'+,-. () /oe jgh&'/ $ <op{&'+,-. &'() &'+,-. >?@89AB &'() ()\A9}/ \A9?IJ&'+,-. >? AB < ()\A9}  ¡ \A9?IJ&'+,-. >?¢£AB ¤gh  ¡ \A9¥Kgh&'()?Ik&'+,-.OAB vw &'() &' O01? YZ[ \~eO 9

¦ §¨9©ª

«{©ª ¬­abOYZ[®&'() ()\A9 &'+,-./01=¯\ °±²³YZ[´µt¬­ab ¶·&' ¸¹º»«h¬­YZ[¼k¬­YZ[ ½s¾\%'¿h¬­YZ[ ÀW=46/DÁ¼ûh¬­YZ[ ;$¿k¬­YZ[ ÄÅYZ[/ÆÇÈÉÊË%

!%

" #$%&'())* )*+,-. +,-./ ./0123456

#

!

%

$

&'()*+,-.&!()*+,-.&%()*+,-./0123145620/72

:(;%<88

%(!%

"(@B<888

!>(:<

:($;>

'(@'

:(>!;888

%%(;!

:(%;'

'(@$

:(>';888

%'(!@

=:(!B@888

='@('>

=:(!;:

='($@

=:(!'<888

=>(;!

=:(!%B8

=!('B

=:(!@<888

='@(B$

:('%%888

B(>>

:(''@888

B(>@

:(''>888

'%(:>

%(':!

'(':

=:('>:

=:(>:

='(>@!

=:(@B

=:(!>;

='(@:

:(@B!

:(!:

=:(;%>888

=%(%:

=:(>><?

='(<:

=:(!%:A

='(<!

=:(:';;

=:(:'

=:(:$!:

=:($@

'(%':

:(;<

:(::<%>

:(':

=:(>;:

=:(@@

:('<<A

'(>>

='(@'<

=:(%;

:('B<

'(!;

=%(>'@

='(!!

:(:>>$

:($!

//

/012836931456283690/728369

='(;!>

='(:@

//:(<:@A

'(<;

C6'($%!

'(':

C6=:(::'<$

=:(::

&05=:(@>'

=:(!>

&05:(:@!;

:('>

:(;!!A

'(>>

=:(%!%

='(:!

:(''!

:(:<

:($'<

'($:

=:(<B<

=:(;<

:(;:B8

!(:%

"('!@

"('!

:(>$>888

%(;<

:(B<:

:(!B

:(B!@888

$(@B

%(:>$

'(:@

:(>!$88

%(:@

%'

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

45

&

*

)

I

++,-./0123456782,9:;:<7+<=>+5?*/@@:<8AB:.+;).9CDE*/@@

!"#

HI%JKL

H$%($

H(%*IK

H&%IK

H$%JI*

H$%*$

I%(MMNNN

)%ML

H*%IIK

H$%L&

*%M()NNN

)%LJ

&%IKJ

$%)K

*%I(MN

*%$&

H&$%(I

H$%J&

H&*%J$NNN

H(%JI

M%MJ*N

*%II

&%*K)

&%$(

I%KL(

&%$(

$%L&L

$%J(

HM%)J)

H&%&J

H&%JJM

H&%*)

H&M%$J

H&%MK

H&*%&LNNN

H)%MJ

$%$ML)#

&%JI

$%$$IMK

$%MM

$%$JL(

&%&L

$%$&I&N

*%*M

$%$L)J

&%J$

$%$$K$L

&%JL

$%*)MNNN

I%IL

$%$*IJ

&%IK

$%$K)L

&%$I

$%$&L$

&%&L

$%&&&NN

*%L$

$%$)))N

*%IK

$%$$)M*

$%&M

H$%$$KK*

H$%(J

H$%$&M)

H$%)J

H$%$&()

H&%$)

H$%$(&*

H&%)J

H$%$$&II

H$%&&

$%ML(NNN

J%LJ

$%($$NNN

(%)J

$%L)$N

*%&&

$%)J)NN

*%M*

$%M$LNN

)%*K

$%IK*NNN

I%LK

$%$$*I*

$%*&

$%$$*J*NN

*%KJ

H$%$$$KJ&

H$%$J

H$%$$&IM

H$%LI

$%$$*(J

$%*J

$%$$$$JI(

$%$I

H$%&$JNNN

H)%K&

H$%$)KINNN

H)%J(

H$%$KJJN

H*%()

H$%$)LINNN

HI%&I

H$%$LI&N

H*%)$

H$%$I(LNNN

H)%MM

*%**KNN

*%L)

H$%$*II

H$%J$

$%($I

$%I)

$%$MM*

&%(I

$%MJK

&%&L

H$%$$L(*

H$%*)

$%*K&

$%*)

$%$&M&

$%*(

$%$$J&I

$%$&

H$%$LJL

H&%ML

&%*$(

$%K&

H$%$L$$

H&%$)

HK%*(J

H$%()

J%M&(NN

)%&M

*K%K$

$%L$

)%(LM

&%*(

&J%J$

&%*K

(%K)&N

*%)L

$%"&'()*+,

*$$O@P8<=

012

)LIO@P8<=

312

&L*O@P8<=

012

)LIO@P8<=

312

&L*O@P8<=

012

)LIO@P8<=

312

F&-.*:/F*-.*:/

C5<G52-.*:/

H&%LIMI$%$JIM&%)J$$$%&M)L&*%$MIM&%$$$$

H*%))LL$%$&K)&%*M(K$%*$*$I)%$)(($%KKKK

H&%KJ$($%$IKK&%K(M)$%$($)&*%LM*J&%$$$$

H*%*(*K$%$*I)&%$*L)$%)$)L))%*L(L&%$$$$

H*%$L$)$%$)M(&%IL(I$%&)MI&$%*LJ(&%$$$$

H*%**K$$%$*(L&%&*K($%*(LM)L%$(*K&%$$$$

! "#$%&'(!)*+ """ "" " #,-./$%&' &' (' &$'0123

.)4 & * 5,-(6 789:;<=-$>"?@ABCD&EFGHI ++ JKL%MNOP Q689:;<=-$RSTUD&%V&WX YZ[ID&%V&W\ ]^_`a01 BCbcD&%V&01W\ d@ABCD&EFGHIJKL$efBCbc

)*

!"#$ !

!"#$%&'()*+,-./01 23456789:;<=>?@ABCDEFGHIJ4KL&'MNOPQR OPQRS0#%&' 56789:;<=KL&'MN+TS0#%!( UV >?@A+WXY4Z:[\]^6789:;<=DEFGHI_`

4C6789:;<= abcd!-+,-0efgh/ ijk'!-./0l >?@A!-+,-./01 abcd!- ijk'!-mK%&'n)o+,-h/01 >?@A!-mKL&'n)o+,-0lfgh/ 234C6789:;<=abcd ijk'>?pqW5YrstBCDEFGHu f>?@A+WXY\]DEFGHI_` Zv abcd ijw'>?pq+W5YrstBCC6789:;<+DEFGHI x>?@A+WXTY\]5 C6789:y;<DEFGHI_`

2)z ) $ {|<}5 C6789:;<=~ DE>?!-m rQ *+ n)o+ = rC6789:;<=ijk'!-m rQ n)o+ -./01 23ijk'>?+pqW5YrstBCC6789:;<+DEFGHu 2)z & , {|<}5 C6789:;<=~ DE>?!-m rQ -./ n)o+ 5C6789:;<=+ Tg./ C6789:;<=abcd!-+ -./0l >?@A!- ijk'!-m rQ n)o+ -T./01 abcd>?pq+W5YgstBCC6789:;<+DEFGHu x>?@A ijk'>?pq+W5 YrstBCC6789:;<+DEFGHu

[ 23 oDE>?'q+>?pqW5 5 C6789:y;<DEFGHu_` m 89:>?rQ v + r3h [ >?@A+WXY\]^6789:y;<DEFGHu_` ijk'+>?pqW^ YrstBCC6789:;<+DEFGHu  ¡ oDE>?'q ^ C6789:y;<DEFGHu_` + g¢£¤

¥ m¦§

¨© ªtDE>? DEHu_`+ «¬­®¯r°±+ f² ³´+±µ} DE>?4 DEHI_`+ ¶·r3h+ ¸ b¹0 º»DE>? >?rQ DEHI_`+ ¼½¾­DE012324135627818981:2732;<=>95381:2-½¿=+?32@

<=>95381:232;A9B=CD171:2,ÀÁ'DE>?MN! ÃGESÄgÅÆÇÈÉÊNDEHI

ËÌ(&ÍÎÏÄÐÑ#''( !F##Ò + ª-½ÓEÔÕ|Ö

# ×p+DE>?\] ESØN+DEFGHu fDE>? DEFGHu+ J4ÙÚ QR DE>?BC ESØN+DEFGHI J4OPQR ÛÜDE>?ÉBCDEFGHuÝcÞ89:+>?rQ r±´+ ßàá rÞ89:+>?rQ àáâܱ´OPS DE>?pq+W5ãYBCDEFGHu ä Y\]DEFGHu åtæb89:+>?rQ TST¯râÜOPS Z:[DE>?+\p®}\] æb89:+DEFGHI f} >?rQ 4æb89:=rçè UV DE>? DEFGHI+ 4gé89: Yrçp+ ¸

! DE>? DEgÅÆÇ+ êJ4 ×p+abcd >?@A>?BC DE+gÅÆÇÈ ÓxBC DEFGHI f>?@A+\pëYW5DE+gÅÆÇÈ Óx\] DEFGHI DE>? DEgÅÆÇJ4ÙÚ QR DE>?m>?rQ =+K%&' rQ tBCDEFGHIJ4ìíQR xm>?rQ = rQ

))

%&' ()*+ ,-./01()2345

!"#$%&'()*+,-./0!12"%&345%&6789:;<,6=>?@AB+,CD:EFG!

#!$HIJKLMNOPQR>S@TUVWKL>?@XYKL>?@Z"[\]^%&3_D`aW%YKL>S@bcd%&'(e*fghijR>S@k_l/GmA:n-;<olpqrE!34st:uvwxyWKL>?@cd%&'(z*fg"{|}~:3_D`uW wl " YYKL>?@cd:%&'()*"%&3_%3_l/Ga%&'()*:;<, =>?@ B+,CD:EFG!

&"$, ;<%&z*fg:1 " >? :>?x X a Y%&'8)*J] (' W:#$%x Y %&: "h%&5 I89 #$%:  ¡:¢£¤¥MN:uW" ¦xy%&:'8z*!%&§¨©¡ %&ª«ª¬­ :uW Y h&® ¡:%&'8)*"¯xy %&: 789 "° 789±²:uWxy h&®³¡:%&'8z*"¯ Y %&:6789 !uW%&:´ µt% Y%&:&¶·«%uW%&:¸¹/ Bwqº Y%&:'8z*!«»a"%&¼ `j%&z*:½¾[¿ÀÁ(¼ `'ÂÃGÄÅ)"1Æ" Y%&¼ `wqº Y%&:'8)**

hoÇÈ[¿Ép" D:%&3_ʵwxy:%&'()*"¯ËÌ Ép%&3_Í :"aÎ[¿:ÏÐÑ ÒÓ*ÔÕo())*Ö×Õ¢£ØÙÚ"IÛÜÝÞßØÙàá:âã"äa«åØÙ æçè:3_éêëì"íîïðñuòyD¢£3_ÌóôõöR÷Ïøùú*

ûü"ýþ:ÿ !Ó3_ýOÍ}~"#%&$%:z*"¯ÿ !Ó3_&' ,(@íGþu):¼@*íG:ʵ*+,:ÿ !Ó3_Ì µ-.¢£¾/:01X23" &'%&3_45 Y (@%&:z*"¯6xy 7(%&¾/:¾/z*:ʵG*R×3_89B:;<=>a¾/Gz*?&3_: G"Ô@ !Ó3_AVBCDEF:G=*

å"«åØHIçè:¢£@¾JKLGX¾/ G¢£HM:ëìNOIÛa^l:3_PQ R?&!S*,^T¢£@¾ "ª«3_~`+UVW®¦XP %'(YZ%[\] XH^_1W] `aC1 a¢£@¾blqº:JKLG;<!¾/ G%&c ¢£HM",{|ùdj7(¢£¾/el½f!¾/ G%&è^ëì"¦a¢£\g:'hiAjBkl!mna¾/ G%&c¢£HMyD3_" YÆoHM:pqz*"xDHMrs:z*_tµtXuvwKµt!1Æ"R×xyMz{y|í:¢£3_@¾",¢£}RX¢£01 ~Á7 :N X d"N?>?:N0XÊÁ ]¥" Í ád : B !

!"#$

&+),)$,-3_, G%¢£01j¢£/ ."-×Õ¢£ÇÈ." ,,L* + &+),+$,-%&z*+89 ^j - MN."->?ÇÈ." -L* &+),+$,- T ×¢£3_~`Ô@/¿:Ô.ÇÈ."-×Õ¢£ÇÈ." .L* &+),)$,-¢£ØHÚ ×¢£3_  ¡."-¢£î¢." .L*

/012345%6748%693:;34<,==+>?(/4@4A3BC:D;DE34;F7A;G/CCF37A1;3E3FC3F7;D974HFIC;AJ)K!"#$"%&'()&*&+$),-./$"05-=5".!L"="M

/012345%M5%M97AA1D;;7748/M974DFNDD<+))">?(O2474A27:$DPD:3CBD4;748Q1D@4G;7R2:2;J3STCD4UA343B2DG)K1&.2*34&'5&* "-3267)&*&+$)0K-,K,)..L,,)VW

/03F7H2KXWKXW$D:2G748OW%7G23IF7G<+),,>?(YD0I:7;234GKE3BCD;2;234748974HY2GHL;7H24024QF74G2;234E3I4;F2DG)K8&.2*34

!"

!"#$ !

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

+,-../01%2*/034*516-,7899:;< +01=>-,?11@/=A>-B0C=,DE-0=/.FG/,H/I.-JC=HE/=H101KJ,,1,FL1EM10-0=C213-.C N-!./%&(!"0'!%!12*/$'3NO(N!9F:!*

+,-../01N2*/03P*510378998;< P1E-A-C=C1KQM-RHKHR/=H10K1,S/0-.T/=/<210=-L/,.1J6H3-0R-/03+0+MM.HR/=H10=1JE M.1UE-0=JVD/=H10C N425$26!"0'!%!1$')*.7$23N:(N!&&F!9&*

+,-../01N2*7!W"';<8&%2(9&*&0'!%!12*/$'3NX-YZ1,@<4[K1,3\0H6-,CH=US,-CC*

+,HCCN]*7!W8W;< 40=>-BEM.HR/=H10C1K2/,@-=S1Y-,H05/0@H0^<J6H3-0R-K,1EQ-6-.1MH0^L1D0=,H-C N-!./%&(!":&%;$%<&%7=$%&%'2N'$N&O:)&&:*

5/.=/^HN5*7899:;<0'!%!12*/$'>%&(,3$3!"8&%2(9&*&NX-YZ1,@<_H.-U*

5/,=>N`*NL*?H0NZ*2/N`*P-/3-/03T*2*P10^7!W8';< Q15/0@]-^D./=H10NPDM-,6HCH10/03210H=1,H0^J0>/0R-1,BEM-3-5/0@JKKHRH-0RUa N-!./%&(!":&%;$%<&%7=$%&%'2N'&N!(&9)!(9!*

5/,=>N`*Nb*L/M,H1/03]*?-6H0-7!WW8;< A>-]-^D./=H10/03PDM-,6HCH101K5/0@/,1D03=>-_1,.3<+X-YQ/=/I/C- NB0<?H=/0]*J*/03]*c-,,H0^7-3C*;N?%*2</&*$%<012/<$%<@&/;2*A!.%*/$23$%*!*B2C(!+&(=$%&%'$&(),3*21D:/!!;$%<3EFB&/*!%8&G2/3$%=$%&%'$&()2/5$'23N8(')!$W*_/C>H0^=10NQL<5,11@H0^B0C=H=D=H10S,-CC*

5/,=>N`*Nb*L/M,H1/03]*?-6H0-7!WW$;< 5/0@]-^D./=H10/03PDM-,6HCH10<_>/=_1,@C5-C=a N-!./%&(!"=$%&%'$&(?%*2/127$ &*$!%N8'N!W:)!$(*

5/,=>N`*Nb*L/M,H1/03]*?-6H0-7!WWO;<42*B$%;$%<:&%;42<.(&*$!%HI$((>%<2(3C!52/%NL/EI,H3^-N\d<L/EI,H3^-\0H6-,CH=US,-CC*

5/,=>N`*Nb*L/M,H1/03]*?-6H0-7!WW&;< 5/0@]-^D./=H10C/,-L>/0^H0^<5D=K1,5-==-,1,_1,C-a N_1,.35/0@N>==M<ee^1*Y1,.3I/0@*1,^ePX\P_9&(SW*

5/,=>N`*Nb*L/M,H1/03]*?-6H0-7!W8!;< A>-J61.D=H10/03BEM/R=1K5/0@]-^D./=H10C N_1,.35/0@NS1.HRU]-C-/,R>_1,@H0^S/M-,O!((*

5/,=>N`*N?*Q1MHR1NQ*X1..-/03`*_H.R1[7!WW!;< 5/0@P/K-=U/03P1D030-CC/03=>-P=,DR=D,-1K5/0@PDM-,6HCH10<+L,1CC)L1D0=,U+0/.UCHC N?%*2/%&*$!%&(425$26!"=$%&%'2N'N8O')((*

5-,^-,N+*N?*d./MM-,N]*+,HCC7!WW9;< 5/0@L1EM-=H=H10/03TH0/0RH/.P=/IH.H=U N-!./%&(!"=$%&%'$&()2/5$'234232&/'BN':N99)88(*

5.D03-..N]*/03P*51037899(;< B0H=H/.L103H=H10C/0321E-0=]-C=,HR=H10CH0QU0/EHRS/0-.Q/=/213-.C N-!./%&(!"0'!%! 12*/$'3N(&N88:)8$'*

51U3N`*/03b*Q-XHR1.17!WW:;< A>-A>-1,U1K5/0@]HC@A/@H0^/03L1EM-=H=H10]-6HCH=-3 N-!./%&(!"=$%&%'2NOWN8'!9)8'$'*

5DR>NL*/03b*Q-?10^7!WW(;< Q1_-/@PDM-,6HC1,UPUC=-ECJ0R1D,/^-5/0@]HC@)=/@H0^a N-!./%&(!"=$%&%'$&()*&+$($*,N$N!')'9*

L>1,=/,-/CNb*NL*bH,/,310-/03+*G-0=1D,H7!W8!;< 5/0@PDM-,6HCH10N]-^D./=H10N/03JKKHRH-0RU<J6H3-0R-K,1E=>-JD,1M-/0\0H10 N-!./%&(!"=$%&%'$&()*&+$($*,N(N!9!)'W!*

L>1Y3>D,UN]*/032*2/D0^7!W8!;< TH0/0RH/.2/,@-=Q-6-.1ME-0=/03=>-JKK-R=H6-0-CC1K]fQB06-C=E-0=<J6H3-0R-K,1EQ-6-.1M-3/03JE-,^H0^L1D0=,H-C N4232&/'B$%?%*2/%&*$!%&(:.3$%233&%7=$%&%'2N!ON!:(F!&!*

LH>/@N2*/03J*XH-,7!W8!;< A>-X--3K1,PM-RH/.]-C1.D=H10]-^HE-CK1,TH0/0RH/.B0C=H=D=H10CF=>-L/C-1K=>-JD,1M-/0\0H10 NJ&/5&/7:.3$%233K&6L25$26N!N

'9:F$'$*

H> @N2*N+*Q-EH,^ FdD0=N2*S-, //03+*21>C-0HFL>-,/^>.1D7!W8!;< 5/0@]-^D./=H10/03PDM-,6HCH10/,1D03=>-_1,.3+L,HCHC\M3/=- N_1,.35/0@NS1.HRU]-C-/,R>_1,@H0^S/M-,O!(O*

LD..N]*N+*Q-EH,^DRFdD0=/03`*21,3DR>7!W88;< Q1-C]-^D./=1,UPDM-,6HCH10LD,=/H.2HR,1KH0/0R-S,1KH=/IH.H=U/034D=,-/R>a NF!/(79252(!G12%*N'9N9$9F9O:*

Q-.HCN2*Nd*A,/0/03J*ACH10/C7!W8!;< gD/0=HKUH0^/03J[M./H0H0^S/,/E-=-,c-=-,1^-0-H=UH0=>-L/MH=/.]-^D./=H10FI/0@]HC@X-[DC N-!./%&(!"=$%&%'$&(M*&+$($*,N(N:&FO(*

Q-.HCN2*NS*21.U0-D[/03T*S/CH1D,/C7!W88;< ]-^D./=H10C/03S,13DR=H6H=Ub,1Y=>H05/0@H0^<J6H3-0R-K,1EA,/0CH=H10JR1F01EH-C N-!./%&(!"@!%2,DA/27$*&%7:&%;$%<N$'N&':F&O$*

Q-EH,^DRFdD0=N+*NJ*Q-=,/^H/R>-/03A*A,-CC-.7!WW(;< 5/0@H0^10=>-S,H0RHM.-C<L1EM.H/0R-YH=>5/C-.L1,-S,H0RHM.-C/03

':

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

!"#$%&'#(#)** +!"#$%&'"()*%&%+*&',%-.$/.0*&-*"%+,-+.,,/.012

3)456#)78291:,;<= !"#$>)?'@"A6&#*"BA)4AC)D@&E"@F6#"#G6"@H46*6*=D&&(I#A)#A6&#*"#(J#6#A)#()(KL6@ +1#$"2.&%)*%&% +*&'3&%&4./.%-+,M+N.O/N-02

3)P"A46Q&#A7R2782>&GC)A"#(82S64&@)91:,:<=5&'&%+*%4-6.5&%789:'";&'<.88"%8($"/-6.)*%&%+*&'=$*8*87T46#G)A&#J#6L)4*6AUT4)**2

F)4#"#()V7W2"#(F2D&#V"@)V91::.<= X&PWGG&'#A6#?"#(W'(6A6#?%U*A)5*G"#H&'#A)4"GA>6*$Y*C6BA6#?&B%"B)AUY#)A*6#!"#$ 6#?=%&5)I#A)4#"A6&#"@KL6()#G) 7!"#$%&'"()*%&%+*&'>-&;*'*-?7,70NNY.::2

F&#*)G"7W2"#(F2D&#V @)V91:,:<= X&P!"#$H"Q6A"@!'BB)4*Z"4U"G4&**H&'#A46)*=SC)I#B@')#G)&BH&*A&B3)Q&*6A*7R"4$)AT&P)4"#(!"#$>)?'@"A6&# 7!"#$%&'"(5&%7*%4&%0)*%&%+.7;07OM1YM:12

F'7[27\2]6#"#(T2R&@U#)'^91:,0<= !"#$H&5Q)A6A6&#"#(F6#"#G6"@%A"E6@6AU6#W*6"T"G6B6G 7!"#$%&'"(5&%7*%4&%0)* %&%+.7;O7N0/--2

D"@6#(&7W27F2%GC6"#A"4)@@6"#(W2_)6**91::-<= 3&)*F6#"#G6"@]6E)4"@6V"A6&#I5Q4&L)AC)W@@&G"A6&#&BI#L)*A5)#A`R6G4&/)L 6()#G)B4&53)L)&Q6#?H&'#A46)* 7!"#$%&'"(@.A.'"2/.%-1+"%"/*+87O;7.N1/.O-2

D&#V"@)V7F291::.<= !"#$>)?'@"A6&#"#(>6*$/A"$6#?I#G)#A6L)*=W#I#A)4#"A6&#"@H&5Q"46*&#&BH"#$>6*$ 7!"#$%&'"(5&%7 *%4&%0)*%&%+.71M7,,.;/,,O02

X&@AV/K"$6#7327_2a)P)U"#(X2>&*)#9,MOO<= K*A65"A6#?Z)GA&4W'A&4)?4)**6&#*P6ACT"#)@3"A" 71+"%"/.-$*+&7.N7,;-,/,;M.2

X&5 @@)7%291::0<= !"#$H"Q6A"@>)?'@"A6&#7W**)A>6*$7"#(%'E&4(6#"A)(J#6#*'4)(3)EA 7!"#$%&'"(1+"%"/*+8&%05#8*%.887.N700;/0NO2

X&'*A&#7827H2]6#7T2]6#"#(\2)R"91:,:<= H4)(6A&4>6?CA*7I#B&45"A6&#%C"46#?7"#(!"#$>6*$/A"$6#? 7!"#$%&'"()*%&%+*&'1+"%"/*+87MN70O./.,12

X E@)47b27]2R)#$C&BB"#(H2%'P"#"Q&4#91::O<= F6#"#G6"@]6E)4"@6*"A6&#6#K5)4?6#?R"4$)A*=X&P3&)*!"#$])#(6#?HC"#?) 7B"$'01+"%"/?7;,7;M;/0,.2

IA&7X291::N<= F6#"#G6"@3)L)@&Q5)#A"#(F6#"#G6"@]6E)4"@6V"A6&#6#W*6"=SC4)*C&@(*7I#*A6A'A6&#*"#(AC)%)c')#G)&B]6E)4"@ 6V"A6&# 7C"$-6D/.$*+&%!"#$%&'"(1+"%"/*+8&%0)*%&%+.7,-7;:;/;1-2

d"'B5"##7327W2d4""U"#(R2R"*A4'VV691:,:<= SC)_&4@(P6()D&L)4#"#G)I#(6G"A&4*=R)AC&(&@&?U"#(W#"@UA6G"@I**')* 7_&4(!"#$T&6GU>)*)"4GC_&4$6#?T"Q)4.0;:2

d65732"#(W2%"#A&5)4&9,MOO<= >6*$6#!"#$6#?"#(H"Q6A">)?'"A6&# 7!"#$%&'"()*%&%+.70;7,1,M/,1;;2

]")L)#7]2"#(>2])L6#)91::M<= !"#$D&L)4#"#G)7>)?'@"A6&#"#(>6*$S"$6#? 7!"#$%&'"()*%&%+*&'1+"%"/*+87M;71.M/1-.2R6*C$6#7F291::M<= D@&E"@6V"A6&#"#(F6#"#G6"@3)L)@&Q5)#A 7!"#$%&'"(@.A.'"2/.%-1+"%"/*+87OM7,N0/,NM2

b4?6"VV67K291::O<= F6#"#G6"@3)L)@&Q5)#A"#(I#*A"E6@6AU=SC)>&@)&BAC)]"E&'4%C"4) 7E.8.&$+6*%1+"%"/*+87N171,./1;N2T"*6&'4"*7F291::O<= I#A)4#"A6&#"@KL6()#G)&#AC)I5Q"GA&B>)?'@"A6&#*"#(%'Q)4L6*6&#&#!"#$* S)GC#6G"@KBB6G6)#GU=W#WQQ@6G"A6&#&BSP&/%A"?)3"A"K#L)@&Q5)#AW#"@U*6* 7E.A*.F"(G#&%-*-&-*A.)*%&%+.&%0H++"#%-*%47;:7,O-/11;2

e6"#782"#(T2%A4"C"#91::-<= X&P]"P*"#(I#*A6A'A6&#*%C"Q)F6#"#G6"@H&#A4"GA*=SC)H"*)&B!"#$]&"#* 7!"#$%&'"()* %&%+.7N171O:;/1O;02

%&)("45&#&7_27F2R"GC4&'C"#(W2S"4"V691:,,<= !"#$R"4$)AT&P)47KG&#&56GD4&PAC"#(F6#"#G6"@%A"E6@6AU=KL6()#G)B4&5W*6"#!"#$* 7!"#$%&'"(H8*&%1+"%"/*+871170N:/0-:2

'"A6&# 71+"%"/*+3"0.''*%471M71,-/1;12SGC"#"7F2S291:,1<= SC)_)B"4)H&*A&B!"#$6#?>)?

S*"6782/\291:,;<= bQA65"@!"#$I#A)4)*AR"4?6#*'#()4H"Q6A"@>)?'@"A6&#6#WH"@@/bQA6&#JA6@6AUF4"5)P&4$ 71+"%"/*+3"0.''*%47;,7..-/.N.2

Z&@@5)47J2"#(X2_6)*)91:,;<= R6#65'5H"Q6A"@>)c'64)5)#A*7!"#$%'Q)4L6*6&#"#(%Q)G6"@>)*&@'A6&#%GC)5)*=H&#*) c')#G)*B&4!"#$>6*$/S"$6#? 7!"#$%&'"()*%&%+*&'>-&;*'*-?7M70O-/0M-2

\"@A"7W2"#(W2\"@A"91:,1<= 3&)*F6#"#G6"@]6E)4"@6V"A6&#3)G4)"*)H"Q6A"@F@6?CA`WT"#)@H"'*"@6AUW#"@U*6* 7,%-.$%&-*"%&'E.A*.F"(1+"%"/*+8&%0)*%&%+.7117M1/,::2

fC&'7H291:,;<= SC)I5Q"GA&BI5Q&*6#?H"Q6A">)c'64)5)#A*&#%U*A)56G>6*$ 7!"#$%&'"()*%&%+*&'>-&;*'*-?7M7;1:/;1M2

;N

本文来源：https://www.bwwdw.com/article/81d4.html