依据国内集体林权制度改革研究的相关成果,并结合实地调查数据,对林权改革的进展情况,新一轮林权改革的动因、性质和特征,林地经营模式的变化,林权改革的绩效等方面进行较为全面的分析和评价。最后,对有关森林资源管理体制的几个问题进行简要的讨论。
This paper provided an overview of the ongoing collective tenure reform in China. Based on existing literature and spot surveys, we reviewed progress of the reform, analyzed motivation behind the reform, described changes in forest management models and analyzed performance of the reform to date. In the end we discussed several issues related to forest resource management system in the context of forest tenure reform.
全 文 :! !"" ! ##
$ % % &$ # %
& ’ ( )
’()*+,)- ’)./-* ’)+)(-*
/012!"*+02#
341 5*
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$ % % &
db&Il4Es#jT3,UBqPQ"
:e5 bK+
6>?F)Ke()Uzg)D >? 6%%7#6X
! "# 8o7?db&Il4EsVW#LSrq*}p5KhDE^o*b&IEs#mM><*6XJ&
IEs#jTG3,xkl*&hfgKo#)**&IEs#~BFlqmn@uEq#zlxPQo;\*b
%SI&g.06bl#%I_‘mnMp#k7o
$%&t db&Il4@Es@jT@~BPQ
’()*+#89%#2$ ,-./0#- ,12+#6%%6 : #!773$%%&4%# : %66& : %7
PQR#t$%%& : %9 : 6$o
/STUtG_()/STUV<7Eldb&c&IEsKox~B#K>zlZ6#%##9%%6X*0TUtb8Ik/SGGWt?nG6
IUg.dJ#gho
"$bNuYklmo7Q&’yH=a+a$TUKSZg
;<=>? @=ABC>? D4 3A>E=0
6!"##$%$ "& ’()*+"(,$(-.# /0*$(0$1 .(2 ’(%*($$+*(%*3$4*(% 5(*)$+1*-6 7$*8*(% 6%%7#6X
28+&*4%&t ,
FB0E F4GHCPF*JC GCHACJCI BG0?GCFF 0K E
M0IC1F =>I =>=1PQCI BCGK0GM=>LC 0K E
M=>=?CMC>E FPFECM A> E
9$: ;"*6+t L011CLEAHC K0GCFE EC>4GC FPFECM@GCK0GM@M0EAH=EA0>@BCGK0GM=>LC =FFCFFMC>E
6 &IEs#mM><
$%%9$*IcC$I\&hdb4%l#]z
?*YZ;{;gGowzFloAdb&h#CD
IG&e#4%IxCDImX5sd8;G@5b
N3If1KboIcC#=X3a*4[
sX#Upo
uPmX5KjE7#&’cw*$%%9$ S%
$"R*
lxH=39PoFD,*39P"bpz*0V6I8sd8-*6INb85
b8-*6IzMI89K8-oZYAKZ#9+K
jP&IEs$E7#3IC3#\zLo$%%!
$*ABC"GCHa39PVsd6IG&-r,G
WwfgG+-o5Z#**&IEs#AK*}~
$YZ:Y_bfL#/J1*{ $%%"$ !%A&
IEs$EC-.?zLoX\*\]CxSAC
tz{{ $%%"x $%%S$S&8&IEs#nV<
-o3<*\]C[Vsd6IGWwfgG+-o
5Zu&IEs#Np?b*SAC;[LMdb&
V>#uzloYo= !IC35{LM&IEs
zl@8*T!tB7Q&’ypKu&IEs:
YC3*u&IEs#*&LMrFfLo$"p
=%I&IEs6nC3r1fL#/J1*7Q
&’yyM{|}{ $%%S$ $% $#R$7+D6
E>sL#6E%aG1=obS1a*<7AE
qKn&IEso5X*Bvun^]hEsx@
6V>b\*<7#V!AA]EZFp=oQLo
$%%7$ S% 7R*
X/J1*YZ**Es*D5Ordb&’t3%
M+loZjX*&IEsm&Eq**wxo$%%&
$ 6% 7R*{|}$E7&’qyMG}1#t
f
N>GNEGonGdWGkF 7IC60XEqKLN
bEs*3IC6cG0XtQ$rILMEs:Yo
tNn<*$E_G#STx\\?*&IEs=$
E7-.?[5Kmo
! 6XJ&IEs#jT
b{(j6XJ&IEs#jT*VWm+F
_nx:%&Il4q$#\y9%*z9&IE
s#4p3xEs#l7ot%VWx&Il4)
~#E.*jk&IEs#YToG<*/w%F
6!""#Xvu&IEs% # Iop#YTtg.g#XVjTGgd#*MxYvGf1BO#M"G
y!^z#)*[2&’SsKe#)~o}_=
LVWxX‘qr1b&IEsb[%/#XTE
9PN2*=%h{6N&IEs#4p3*4n*
=LN2}f%b:9XA&Il4)~#k5|
(oXA&IEs76n$IcCxABCG%m
n*_\
X*jWIcCxABCG%&IEs#jTN&
b,S%qro
&’VAKZEs[\*Wdb&h#IlIB
./$e^y#$<*ZGHer6Npr:u@B
r,G.+e~x}fgFXD5)**&’{|G
bRS*X0b_c?&’6I?V(u#E;$
&’gdv:#Hv*pzI&Id#;hYZ6
vO*/jnM*89#IJRSmnf46DR
wF*!""$X*E;pzmn&IEsxA"+j2o
UXHv*hlHat%@j#jomn&IEso
Wdbmn&IEs#jo-GEMWy3#oYZDE%:*IcC#r_WQ2Ox&I
Es<$go8$ !""!$*)H>XIWsuPN
AWy.8#_‘*NG%hb&hfgImnP
D,oXS*Wdb@ysz{&[w]e5|#
Ooyz98*W"G>$4$b#&’P&|1
@cP4{?#4%|+*@%4{|ob{=X
:f*$>5=F6!""%X#VW
CHamn&IEs#jo;nuP@B06r
0o$Z8# !"$<*IcCxABCHayHP
&-.%/P@F#E)*&’P&byHP
wxD5?@69 &X@Hv*ZGH3I6’[2}
gf1#%M*_Gb{&’6’#8’g4DE
@BoHashXvKS&IEs#+Gr0pH
HB{&’VAKZEsv#@!K*&IEs#+
Gr0;D5RS*TX*IcCxABCHa$X
v#v&IEsnF746o
XS*&’sht%YZ&IEs$U6EW
9 & &’$’2&’’’$IcCGABC&’P&| ()*#?G
+,-.& /01 234,5 56 65217428 ,9:5;1 45 ()*
,9 <,39-=, 39> +?@,396&’$’2&’’’X
^o-.t7QPIy7#f1j5PIa6!""%Xo
)343 75?2:1tA34,593B C?213? 56 D434,74,:7 56 E0,936!""%X.
cw#qxo$Z8%$/*
<_cE’rGSFEW/JwS2/J$Hw&
F*}~$E7-.?LMV6EWcwZ(jo
!""!$*^YE’]hV>aZ9+b\*E;$E
h1(%#IgF~z<@Lf*<7$db&c
:n#r_H=xl4e[
WcwRZPl4Es#?b*b:9&’sh$
U6EWcw#H|qxo
F &IEs#3,xkl
!"# 6AwZL[\j]
ptKXA&IEs#3,*N^pb&IE
s#&LmnMp#T
F*!""#@m!F*!""%@{|}*!""%XoVWm+
X‘n/{]hEsG5l*GVF"mZGy#n_G
&’VAKZEs[2U]#&IEsFzY3#
J*b&IEs#&gmnwx^zoj5=LV
Wrq4[%:*&IEs#K1f&P FI67
swxt! &Iwxn]hEsv#*AKch
N4%l5)uE;]h4%l@! !Iwxn5
l*jWX-A
%6I5)@! F Iwxn&’VAKZEsj"*
A&h#fgI5db7E;5~oTX*oYm
U&’VAKZEs[-#&IEs&L*P2O,
-h6N0A&IEs#3,xNp~+o
&’VAKZEsnZGHE’Es#SFr1
!LV#o&’G& $ F %*
db&cKn[K{IG&I*^ KG){*9K&
"!& & ’ ( ) H#"
’/6$~l#&’VAKZEs*=XH=#9+
zYH&’Q%V>l#LVo&’VAKZEs#
a=n$%\&hdb4%l#]z?*fgI5
db7E;5~*D5c]}[Q%V>uNv#
&’6IbOo7Q#U#nYZsd6I*c]
%g{&’%M#M"+l*_v_G6to16N
pnE;X%M&’o4n*&’Q%fg#Es}
f%GE’Q%@6V>$~lR‘&Lhmn?
8*W3XT*Npn !"#$ $]\9:#F+Kp
CpD:fo}_b{z&8;H=xIpC
’Db‘4_#TqSO}f%srX~*4n*p
CpD8_jkPHaz&8;#A=o!"#%$*
),nI&CD6Sl4Z*Vdb4%d
#9+*z&8;#mgO8)#*%Lhc/j9
:Pyufz?8#&ho6P?db4%#:f
6Ml*F*!""#Xo
}_&’VAKZEs<’B4#*!~9:P
fj*4n*&’VAKZEsCQ%fgru$F_
^C3&h#NpfgKoo0j !"#& $*&’
VAKZEsprv*Q%fg#&hqruf|E
7db&"qr# &"’236r !Xo4n*Q%f
g$6C#za89@F*3
cC;[% ()’*nABC#e !*(o
5 ! !"#$P^G6’R_‘ZabLB9!
%&’( ! %)* +&,-. ./ ).01*).23 4&5&6*4*5, ,.
7.22*7,-8* /.+*1,3!"#$4
C3
+,-./012
db&
3-44215/.2
6-,275*!8& 9:)
Q%fg
;-<729-4=
:>0>?2:205*
!8& 9:)
Q%fg4|?G
@>5/- -6 9-<729-4=
:>0>?2:205 5-
1-44215/.2 6-,275*’
Ic A0 #C!" )C&$ ()
AB D/>0?E/ "C)% #C$# "(
SA F92B/>0? $C%( GC(% %&
?Y H09 (C%" )C#8 %G
N> ;
Q) J<>0?=-0? "C)% #C!% ##
*E K<00>0 )8C(! !!C!% $$
"qr L<: %GC%G $!C#) &"
!g3-.t#FsF6)88)XoM>5> 7-<,12tN< O20:/0? !" #$ P
6)88)XP
9:; 6AwZL<=Scd
&’VAKZEs[\*ZGH&hVzZUV|
zZ#O7*&IEs#K+$E76hVBf%0
#o$ )8WX #8 $Ya*IcCAshcNLV
Pdb&435lfg#K+*}~$Xxv#?
_bP@-#BqoWd-A
-GyzG5|G43l[2.,t>FOo$U&
’/6fgwjo}_=LEs$^11x?b1
QNaB=bu&’Es#6wx*4n*8_C&
Ip0%/P@us)**OrP&’#_D
*6IOoob?r !xr )4[%:*x&’VA
KZEs8XA&IEs]6)888 $X*Q%fg#
&hqr$6Cdb&h"qr<#3S%4)
*o3<*IcGSAG?YGNE[2*EC*Q%
fg#3SQ%|Hg4#RS@!ABClu
VAKZEs<;uMm#C3*$X\#W%$<
Q%fg#3Sk9:PF~4#?@*0j )888
$*Q%fg#&hqr[%Esdb&qr#
&8’_*!~=szI&
[Q%fguNvG_v6IKo?q#&IbOo
TX*XA&IEs$0,1nz&8;#&L**
nb&’VAKZEs#F1Q@4n*Vsd6IZ
uf|nXA&IEs#Uz*YZV&-r,GW
wfgG+-o5ZFpIRS*c#6l&’I2
%vv|566l*[K:E;RPGI&g.
4\\fgPn3a=Uzo
/{[1v"*NMXA&IEspzV>8
;#Uz*RP*6IC3$XA&IEs#
~+N%4|H*x!$E7&IEs<#h=t
N%489oIcGABG\]x*ECQ%fg#
&h3S@B*!dbfg#&h3SLb@<*T
X*=%IC3tNruXA&IEs#oYhco
?YGNEGSAFC3$XA&IEs[]*Q%
fguf$&Ip0<|%Nv#h=*TX*=%
IC3$XA&IEs<#o4|G$F*Npn
^\**]#rqoG<*SAC$XA&IEs
<#Np?bnLMdb&V>#*z&8;}|
n3NpUzo{)C#>@k5*/Jnd
&|%"+<#?o6(#CG%’X*4"b-:*Q%
fg#?G|<*TX*{)C$XA&IEs
$XA&IEs
&IEs<;U(#sco
!)!! %# DPeFtdb&Il4Es#jT3,UBqPQ
5 ! e^wZfL6A=>3!"""P4!
#$%& ! #’()*’ +,*)-,)*’ %’./*’ ,0’ *’./*13!"""4
C3
!"#$%&’(
Q%fg
)#*+(,#-./0
@;fg
!1"2&("+,%3/0
Hqfg
4%--15(" 5"#*3/0
Ssfg
6*2+%.(" ’#&2"1’2/0
dbfg
7#--(’2%$(/0
/Jnd&
8’#-#5%’1- 9#"(+2/0
5I
:*;/0
Ic <*=%1& >?@AB C@D> ?@DE >@CD CD@CE BF@D? BGG@GG
AB H%1&5I% AC@C? C@?B J@D? F@>D BE@D? ?@BC BGG@GG
SA K,(=%1&5 JC@>F B@?E E@>? G@CA A@AC B@JA BGG@GG
?Y L&,*% DB@JB G@>G ?@GJ B@FJ C@C> G@JD BGG@GG
NE )*&1& DG@JD ?@>B B@AA G@?J C@EJ G@JJ BGG@GG
\] M%1#&%&5 >C@D? E@FC BD@CE B@D> CE@?E G@DE BGG@GG
{) :,1&.#&5 >A@FJ G@GG G@GG J@EE A@BE ?J@>E BGG@GG
*E N*&&1& FD@CC G@GG ?C@>> G@GG ?@GF F@CD BGG@GG
!^o-.tCGGAGCGGE$>?F)KhDE^ooO121 +#*"’(t:*"$(P .121 QP !(R%&5 S&%$("+%2P6CGGA*CGGEXT
232 6AwZLen
XA&IEsU CG WX JG $Y*##&’
VAKZEsL?*$SsKexEs?b1Q9:
Pr_6#kYo
?@?@B /[F\]^_}‘VJaGb CGGC $
0a#YEW]hV>aZ+K*EWdbf1q’
r#%I8aV>50dbf1q’%>#EW]
ho~Tq’xIy|bcJx"a6lEWdb
f1q’r#V>]h#Ig*.aLKP9KE
;&hV>fgINbh=#a,/JoCGGE$ ?
%0a#Y0IaZ;$X/J1[E;db|%u
/J*spP&hDd0I*jDP&IyQl4*
c]PXI0I*[KP&h4%I*IgP&’0
I*x!0rP<7db&/00Il4bO*u&
IEsz{Pa,Ig6DRw*CGGJ@n0F*
CGGJXo/0a,Ig#pM*%g{er&IEs
<6gdNb#nu*)3n$6lHash#T
L|56i+lqA%&op#lDo
?@?@C /[F\Vc,defgUe_hiVT
u &’VAKZEs/01z{0Yf1#1S3
Jv#*&’/6pi#pMnYZHaI^pr
#@vj"R*<7uf*5c]}P_GNr0
Yf1bl*0YruK:&’/6pipM#N
p$xoUXHv*<7#&6z’b8MN%M*
K/^p[KxLN#X3{go$Q)+l#_
v?*6vf1Nb$U8P&’%M>
L*}~GHE;P&_D**"EP&ruE;P
Nb*RP&’6Io5|142*!~ruX
v:Ko!~Ha_cE’rxKSP[z1E#
=>*=%h{)NM#[-&’r,Zo#_‘*
u&IEsz{Pj%o#gdM"6m!*CGGJXo
?@?@? /[F\Vjk>vlmno 5{W#
G|#%M*EWdbf1q’$&IEs<#A
=h=O8P!"oEo6IC$uf%a#&I
EsH=FJ<*Q%S{6zp#&hfgKo
5W#YrFGNW#FGA=#IFoTX*<
qm&Es-.#Wdbf1q’2O%B%&W
#YrFGNW#FG#lD*&IEs<4Or
#6I?VNn4%W#gd;F*#60o4[
y(*5{6IW#G_IJG_Gf1IJxW8
#NH|#%Hg4|/LH*4Or#6I?V
tNG8s{o
?@?@> /[F\Vpqr^stV8]u 76*
Q%V>fg##6s&LMoCGWX JG$Y#
Q%fg#6u F $GBG $*;M4[Lj CG $o
YS{EqKmdb&Il4Es#q(Zsp+
K*&h#V>#u EG$*V>#-"4[NM7
Q%S+K^\V>oXA&IEss]E;M#
!%Ig#&h6I*2OC&hfgOrM#[
K#y#*%g{RSE;#&’w&o3A*!"
&ho5*Kj+KfgoPbE’V>l
gI#5>G9,G5|G=ZG&4x11o3<*
k{n&4=vo5lo*2%Bz]*CGGJXo
> &h#fgKo
ZGH6XJ&IEs#LM*[]3K&’
6I#6__‘-]4ru67tGHaA=sh
[2&’zlmk7#4Yo3<*&hG&Izp
#zOxdb&fg;WKoF_‘&b)u_y
TUo!"u#*b{db&nVzZ@nV|zZ8
_f%sr?"*/01OrP ?vTYt! BvT
Yvug.%\dbPXfgo=vTY#8o-
G{dbPXfg$K:&’fg#+KBg*I
#I&g.[2@BH=xa+#,nr0Flq
CCB & ’ ( ) >F"
#17*!~*781_c&’#%Mtu=XTY
z{P\]o! ! vTY;\\dbQ%f
go=vTYx&’fg#n:3G&eHaiy
[2I#Ir0Flq7kKnQ%fg#-
zo= !vTY$uG)4##Hv*Qbbl#
\ymnP*’#>5*=%h{b !vfgKo
%,SEq#6No&hfgKo#! "vTY*
4[B=u<’R*=vTYvudbPXfgx
E;Q%fg}f%..o>h#kK><39LL6i4*!##$Xo5
{6IW#G_IJG_Gf1IJxW8#NH
|#%Hg4|/LH*4Or#6I?VtNG
8s{o
b‘;q$HXOVGOo_‘#&hfgKoo
TX*HaxYQ)m#$~z{${s]#CL
L#Igx.h#CmnLL*}|n7I+3
LLo
&IEs#K+/01b:P<’R#TYo
$&IEsZg<*r_hlQ2.o6G#/0
W>xE;qx*GNLL&IEslo6i5F*
!##%XoTX*&IEsb\*&h#fgKo}f
%9:X’t#>O*6v6IKoR&=:6r
"XoNpUz*4[%:*#?YC[S*3|C3#Q
%fg3SQ%4RS*3<*IcG\]G{)x*
E &C$=Xlq#rN)u&7*=42x= &
IC3$&IEs]Q%fg#&h?G@B%
SoABCxSAC/0n!XZ1amn&IE
s#C3*4n*$Q%fg*lq#mM}|"
9o$ABC%/#Np)*nHq6G_WXfg
Ko#3S?@PXh*UXHv*&ho5fg#
?G%F~15oSAC$&IEs#*#wxQ
%fg#?Gus8 $#’[1*TX*&IEsb
\*Q%fg3S#15_‘}|FoNEC&h
fgKo)*|F#XTUSAC!Jo?YCQ
%fgx@;fg4|#3SQ%4?@*/Jn
d&;%@F~4#RS*=42U?YCEsn
op#Ywc%SoHaA@F3S#&hlu/
Jnd&*b:PI#I&YwQ>#\oo
5 ! "###H"##$Pbc6AMBLBO_;!
%&’( ! )*+,-. .,/0+, -.+01.0+, 12&/3, 40+5/3 .2, +,6*+73"###H"##$4
C3
()*+,-./
$3
0/1)
Q%fg
2*34/5*678’
@;fg
(1)9-/)45,:8’
Hqfg
;,661) <)*3:8’
Ssfg
=394,7/) .*-9)1.98’
dbfg
>*66/.9,+/8’
/Jnd&
?.*6*<,.16 @*)/498’
Ic A3B,1- !##C %D#! &D$% EDFC #D&" G ECD&H EDCE
AB I,1-
?Y L-53, !##F G FD%& # G #D#! G #D" G #DE% %D!"
NE 23-1- !##F EDC& G "DE& !D$ #D"F G ED$ #D!"
\] M,1*-,-< !##F E!D!$ G #D&$ G EFDEH HDHF G CD!$ G #D!H
{) N51-7*-< !##F %D%! # # G ED%! G "D#H G !DHE
*E 03--1- !##F E#DFC "DF$ G ECD$E #D&C EDH$ G #DH&
!^o-.t.o !##FG!##%>?F)KhDE^oIJb8oO191 4*3)./t>16.3619/7 P14/7 *- (/Q,-< R-,+/)4,9S 43)+/S 71916!##F*!##%XT
{)Cx*EC#><>bSTo{)C&I
Es;Vs#kYn*A@F3S#/Jnd&6K
#&X5uQ%fg*x!C&IEs_bPoF#
rNo*ECI&g.dbfgGQ%fgx@;
fg#3SQ%415*$Hq6G_WXfg#?
G;%4?@oKhDE<%:*6/=X:f#
NpXT${**EC%Fqr#I&g.O8q
Izg#VW*L>_#db&^?u/Jnd&*
TX*%LW|b|Auf^?E;fg#&hP
Tdbfgo
C &IEs~BPQ
GH&IEs#|}*&%M*b{&IEs
mn~BPQ#VWtDEw"o45{&IEs
LM#v‘@@Q*!~uP2,!OphzF9
&IEs#><*DE^o#CdNpd<$&I
Es\# E U "$?oTX*b&IEs#Bq[2
mnQ##PQ*!b{3M#VW@%n{[#_‘VWo5{XA&IEs6O#n|}&x
7D&*UznRSE;P&*z
xI&g.#fg3=‘R‘#_‘*4"b-:*&IEs[\*E;
#P&s&z<*HvI&g.#4\\fgtb
8Sj6k6c*!##F@7Q&’y6E>nU*
!##%@8bF*!##%@9T>*!##%@mz0*!##%@
"[[F*!##%P@i5F*!##%@D:F*!##$@$b
"!E! %# DPeFtdb&Il4Es#jT3,UBqPQ
NF*!""#@>(5*!""#X*tNn<*&IEs_b
P*5#Bqo
!"# ghL6yIijkalryghLIiLm
-no
$Z8# $ % &$‘*4%C3E;Q%zP&
Q%&7#z<*4n*&’P&n6TP&
x{) ’C#&’P&|E;"PSQ%4
z<6r ’Xo&IEs#‘*E;&’P&RSN
p-.{ ’ I’(6i5F*!""()@"[[F*
!""()@>(5*!""#XtXn&’r,#?@*RSP
E;#H=3|gP&o[ABCuG*!""$$A
BC&-&’r,[\** +, *! -+#xIe:;
r,$X5&IEs]# !,"./*D*?@8&IE
s\# (,.&D*|EFQ)#?o5 $’./0?@8
*$.,0o* +, *& -+#+Xe:;r,$X5&I
Es]# !"’.,(D*?@8&IEs\# (!.(!D*
|EFQ)#?o5 ’#.#0?@8 *&.(0o&n
e~EFQ)#15*RSPE;#0YfgP&o
&IEs#‘*ABC6he,EFQ)4:9E
q1/#%M67o3<*xXeGxIeG+XeG
+Iexm[%e~:;EFQ)8Az{1/P
$".’!0*’/."!0*’,.$/0*’!.#*0x ’*.&"0*+,
:;EFQ)1/P (/.’(0oAnI&g.6>
‘&hx&eXo5Q)#15*z
1RSE-#P&o
5 $ 6AwZfpghR_Ii_;
%&’( $ )*&+,- ./ *.01-*.23_1 4+5.6- &/7-8 /.8-17 7-+08- 8-/.8639:::H9::;4 12)3
C3
456783-9
$3
19)5
&’P&
:659;<5= 83-6+9
E’P&
>?58-2@<25)@ 83-6+9
"EP&
A63B)?58-2@<25)@ 83-6+9
3IP&
C
E6<)@ 83-6+9
Ic :2F8)3 !""" $.!/6(.’(0X , "$’.//6,,.,"0X ’ ($/."(6$*.##0X &(’."!6(.,$0X / *(,.,(6*"".""0X
!""$ ! $,!."(6*&."&0X $ ’/’.!$6,’.#’0X $ /$!.#(6,(.($0X * (/*.&’6**.,&0X *$ ((".#’6*"".""0X
AB G8)3?H8 !""" *##.!/6!.&&0X ! &’*.&’6,(.,’0X , #(,.!!6$’.($0X ,(*.’!6$.!$0X ( "(’.$(6*"".""0X
!""$ * &"(.*$6*!.&!0X ’ *$(.’"6,!.&$0X $ /*/.’’6’&.’/0X * "$"."&6#.!$0X *! (,’."&6*"".""0X
SA ID9F8)3? !""" * *,,./*6&.’!0X * ,#".$!6(.#!0X *, $,*.(&6(&.&’0X * &*".’,6/.*!0X *( &$&.&!6*"".""0X
!""$ , "($.!&6/.’&0X ! ’,*.,(6(.’#0X !! &!/.("6&/.&"0X ’ ,(#.(,6*,.’(0X ,! $*$."$6*"".""0X
?Y >3D28 !""" $ !"&.$"6,(.,(0X * (((.##6*!.(&0X & !(’./&6’$."’0X &(,.*/6’.#,0X *, /,!.$!6*"".""0X
!""& & !&$.##6*(.#!0X *" #’#.#*6,".#$0X *’ #&’.!(6’!.!(0X , *#!.!&6/."$0X ,$ *&*.!!6*"".""0X
NE J23)3 !""" ,#&.&&6,./’0X , ,!!.**6,,.#$0X ’ /#$.(,6$".#"0X * **/.’’6**.’*0X / #*,./’6*"".""0X
!""& ($*.$$6,./$0X & &*$.$!6,’.(#0X # $*’.!!6’’.(&0X , *’".#/6*&.$*0X */ "!!.*#6*"".""0X
\] K8)6383? !""" ’/(."(6$.*’0X , (((.,&6,/."/0X ’ ’#/.&"6’&.’&0X #//.##6/.,*0X / &&,./"6*"".""0X
!""& , !*$.$(6*$.’$0X $ ,,#.",6!$.&$0X / &&(.!!6’&.’$0X ! $/*.#"6*!.’$0X !" #*!.&,6*"".""0X
{) LD)3M63? !""" ,&*.&(6’.$"0X , $"&.,!6’,.&0X ( "/&.,,6##.,&0X * ,(#.’"6*(.*&0X # ",*.’$6*"".""0X
!""& /!&."(6’.//0X ( /"!.’,6’!.$#0X ’ !(!.!$6!,."!0X $"(.,&6!.(,0X *# $$(.’*6*"".""0X
*E 1233)3 !""" ’(&.!&6,."$0X , /"&./"6!$.""0X *" ,&*.(,6&&.,"0X ##,.,&6$.&$0X *$ &!#.!$6*"".""0X
!""& * ,$&.(!6’.’/0X *$ ,/(."’6$*."*0X ** !##.$"6,(.’"0X ! *’*./&6(.*"0X ," *#’.!!6*"".""0X
!^o-.t!""&G!""($>?F)KhDE^ooN)<) ;625-9tL2579= M)<) O= 49P83? Q38795;8<=6!""&*!""(XR
!"9 qDqrnoLcgrghXgh^xG0p
s6LyBtXno
&IEsjl@F#C3e~CD1%XKg
4#RSo.oKhDE*u $ % & $‘*IcG]G{)x*E ’C#W:;e~CD1RS?@
s&o5{Q%fgx@;fgurue~/6#
Nou*TX*CD1RS#67UI&g.fgI
b*#67LX~o3S*e~/6U&ho5f
g%&7#LS3*)3n$IcCx\]Co=
UDE
?YC[S*IcGNEG\]x*ECQ%wg&
’#?GQ%sFg4#RMo3IfgKo#&qr$IcG\]G{)x*ECt%4zbu$\&wRM}8PAmlDoCD1x
6R\&qr#H5RM*qzH&’fg$RS
E;PHvK:PI&g.#,6x%M*4
[<*&’fg4\\RM#67*5&:68b
F*!""(Xo
!"< ghy6AwZ=>Cu
$bABGIcG\]G*E ’ C#XTKhD
E6D:F*!""#X<*% #’.!$0#E;vu&IE
s-ozC-:*ABC% /"."’0#E;vu&
IEs-*3An*EC*vu&IEs-#E;?
’!* & ’ ( ) ’$"
Gs !"#$%&*\]CxIcC=X?GLbBX
L*4n*tz{s8P ’!#(’&x ’)#(%&o3X
TPbABC&IEs#DE6i5F*"**’Xt%
:*E;b&IEs#\\Ox"q4@
>5=F6"**$XYZIcCi?0 %( IW#
DE%:*&IEs}_C&hCDIx&e4%
IF_5~8PE;$<*4n*WdbP_<1#
&hCD,x&hV>,#3a*$RSE;P&
#Hv*}’?)Wdb#Ko*f!YZXOVU
R*=wPWdbf1*SFPWdbKo*RSP
Wdb#P&*CWdbh=tb8P,JxSjo
UXHv*W8PRS*CWdbw&,_#g
SD{WF*Ga/G$HG1GG*|Fnd#’
6m{CF*"**’XoW8q’&2#5)[2|5
6#P,TU#_c*-mX5CilSOb8P
EMoXS*&IEs@bW8#N6/PrI#
VW*>‘W##N$Ux$Lq"F~z<*W8
#+A=,6#NF6X)2F*"**!Xo
$ S{&IEs#3Ik7
$"% $yyz{|r*6L}~
"*WX !*$Y#&’VAKZzlh’!4x
y+bz&8;_}I&g.’CpD#X;#/
LSo4n*$z&8;H=o(#"q*uOPp
CpDf%ruE_GST#4Y<0
XIN2Nn$&IEs
A&IEs>‘NbEsxpIEs*0jU]&
IEs;P#C3t[nprPNbEs222sd
6I*!b{&-r,GWwfgG+-o5#pI
Es/0f%MLotNn<*E;#6I}_b
8Psd*4nzH{6I#vv6l@f%c#*
E;f%F+KCDIjooXlq*$r,
@oGCDr4>x(%r4>F_ol4leb
?*CDI&e[$b@<#P&*=U "*WX !*
$YOrVsb?@3Xlq*U "* WX !* $Y
L?*E;P&s&z<*P&-._D**)3n
S9+zO*#=Y*E;f%4puP$bB|
N*#P&!y&|gbho3S*Q%fgl4
ufKS "*|$*E;b&’6Il4%P)=*
HvGH
G*E;L)[zIuNv#&Il4?VA^"\?8*E;f%4p8Z1CDI&g.6m
!*"**!XoLf*x&IEshczFEE_G#
)*nI&CD}%4RS*4Hv\&qrt$
RMo)*-.O*#_D*.+P&’nHsh
b&IEsmM><#x}*%h{E_G,Sn
TxEqhPN8&IEs#><*c#TL?Q
)*#Qv*x!Or=p#_G@7o
3XIN2nE_GbE;]hfgI#Ao
g4z
<7_Ga,KeG_Gq"Eqm5#pqo5
{bE;]hfgI#Ao)rPjF#_G?
"*X=I&x8’CpD=vnIoq"G_u
fFu?)*=nXv*’#)*o=vTN1#
5)*v~&IEsNnV@I{#Z#K=*_Gb
E;nCI&g.gD#>b4%PIF#z5o
$"& $y6y!:GtU_L"#
&IEs[\*&’06shqb#fgNb
A,S_D*xz/**06bl74mnD,[
E;9:|g{I&g.q1#nuovu[pB
iP+,I&g.#nu*N2OI>I&g.\G[KxP,RMo5|5*=XB|4BiPE
;\rI3*!~@A&’06shxE;M
{b]#eho#Lbd<*=vbl@2OC{D6#f*RP*
&IEs[\fgNb2,RS*,nr0#r6
154ACbe[u^o!~*AF1#g.cd
{x&’fgNbb‘ER\j#b3*tnf1
BO#JTo
qb&IEs\#6><*&’06shg.
5)o|*q}hc#TL*hE;wgrI3#
|56er*3<*D,6SCDl4xdHLzN
O#e~P=0YQne[9L#o3S*@pm
nc]b&’/6mn12#MB+lo@B&’
r,Ge~/Q[2&h5|Q)1/F#p$Q
v#?2O2,RSE;#P&*z
#-:*&’/6PdOB[2@j#Ss3_‘
}f%BNA*[%b&’mnM#![K#12*
P2bE;OrM##M"*CszFjoxg0
)$&’?s*K:&’#4\\%Mo
s t , -
m~t , "**+ ,<7&’6Il4#kYG_‘xEsb= ,Wt&
’VW*6$Xt"’ - +%,
("%! ’# DPeFtdb&Il4Es#jT3,UBqPQ
9T> ! "##$ !db&6Il4Es~Bzl222bIcC#K>V
W !<7y#F)‘>)=7F !
7Q&’y6E>nU ! "##$ !/JOI#E#bKF222-GI
cGABG\]GSAdCdb&Il4EsDE#(5 !zn*
6%"Xt&% ’ &(!
7QPIy7#f1j5PIa !"##) !6<7YWY$PIg35
R !>?t<7PI9^_ !
X)2*"[[ ! "##* !6db&Il4EsbW8#N%M#VW
222776db&E<#lbA=TQ !>YWtU_GNr*
6)Xt%#+ ’ %#* !
{|} ! "##) !db&Il4EsEZ+#%Y(5 !&’f1*6)Xt
+ ’ *!
/w%*HCg !"##+ !<7&’6Il4)~mgGjT2gdSO
zl !t_<7*6"#Xt", ’ ("!
>(5 ! "##* !db&Il4Es~BPQ67UK>VW222/{
ABC "&*&;&EP&RM#E. !&’()*6%#Xt%(" ’ %&%!
>5=*9T>*igu !"##) !db&Il4EsbW8f1VW#
K>VW222IcCi?0 %+WDE)u !&’f1*6%#Xt%$
’ "%!
i 5*Gu]*! r*F ! "##$ !ABCdb&c&Il4EsB
q2E;qxzl222[ABCi
i 4 ! "##* !&IEs#PQxom !&’f1*6,Xt( ’ *!
2[] ! "##* !2[]]&IEsUEhEs89 !<76E4?*%#
% "#R !
m ! ! "##* !<7db&’l4U&’%M !>?tf1()9^
_*"&* ’ "*)!
m !*2Sc*kHI*F ! "##) !db&6Il4zl222?VG)
~U~B !&’f1*6%%Xt* ’ %(!
mz0 ! "##$ !db&Il4Esb&E,Y/6#VW222/{I
cCDE#zl !<7y#F)@>)=7F !
m{C*& m !"##$ !XYfF#)s!!db&Il4EsDV
)u !&’f1*6%%Xt* ’ %&!
#Fs*-./.01. 2.34566789660*mSw*F !"##" !<7}g&’H=V
W !>?t<7Ke()9^_*+) !
Ml**S’#*cx@ ! %,,* !&h6Ix&’#%M !E’f1_
‘*6$Xt"( ’ ",!
8 b*3 I*i ~*F ! "##$ !&IEsb&hfgKoVWz
l222Ic&IEsDE)u !&’f1*6%Xt"( ’ "$!
k6c ! "##) !db&Il4Es~BUpIEs_‘ !&’f1*
6)Xt%+ ’ %*!
n 0*A+/*J R ! "##* ![Y0IaZ#E.:db&Il4E
s !&’f1*6,Xt, ’ %%!
$bN*3 I*G8h*F ! "##* !Z7db&c&Il4EsKo
x~Bzl !&’f1*6,Xt"$ ’ (*!
DPe*k%j*GY7 ! "##+ !<7db&’6Il4EsVW !<
7E)Y)*6"Xt%#( ’ %#*!
DRw*DE6*mSw ! "##$ !db&Il4Est&IbKrTz
l222%QLWrGVW !&’f1*6%"Xt%" ’ %+!
DRw ! "##* !Z7db&Il4Es#a,N2 !&’f1*6,Xt%*
’ ""!
D :*FP* !"##* !db&Il4EsbE;/I#VW222/
{ABGIcG\]x*E &C#K>VW !&’()*6*Xt$& ’
$,!
"[[*X)2 !"##$.!db&Il4Es<#&I5>Tizlt
bIc&E#om !)E)9*6(Xt"+ ’ ",!
"[[*i W ! "##$:!db&Il4Estl4KSUrBfo
222[IcuG !<7E’F)))t_G()^*6,Xt*% ’ ,#!
!"#$% a b)
)"% & ’ ( ) &+"