综合采用农户问卷调查、关键人物访谈、实地考察及文献查阅等方法,对我国林业生物柴油产业发展目标、原料培育、加工企业发展情况进行介绍,重点分析产业发展所面临的挑战,并提出相应的政策建议。研究表明: 1) 目前,相关部门已经制定林业生物柴油产业发展目标与规划,并在企业的积极参与下开始大规模种植能源林,林业生物柴油产业呈现出快速发展的态势; 2) 从长远来看,林业生物柴油产业有一定的发展潜力,但作为一个新兴产业,其发展仍面临许多挑战与不确定性,产业化推进速度不宜过快; 3) 从近期来看,应该重点加强良种选育、丰产栽培技术及生态环境效应的研究与监测; 4) 此外,应开展土地适宜性评价,调整产业发展思路与目标,建立有利于林业生物柴油产业发展的政策环境。
Bio-fuels as a renewable energy attracts much attentions and has been dramatically developed in the last few years. However, with fast expansion of first generation bio-fuel (grain based), its impacts on food price, food security and environment start to loom, which initiates hot debates over development of bio-fuels. Therefore, many countries, including China, start to pay much attention to forest-based bio-diesels. In this paper multi-methods were used, including literature review, key person interviews, questionnaire and field survey. The results showed that: Bio-diesels industry is starting to boom in China, since government sectors has set up targets and incentive policies on bio-diesels, feedstock and bio-diesels refining plants are being developed in large scale. In long-term, bio-diesel may have a sound future, however as a new industry, it still face a series challenges and should not go forward too fast. Currently, we should pay much attention to research activities such as breeding improved variety and high-yield techniques related to feedstock planting. (4) We should adjust the mode of bio-diesel development and create appropriate industry environment for bio-diesel development.
全 文 :! !"" ! ###
$ % % &$ ## %
& ’ ( )
’()*+,)- ’)./-* ’)+)(-*
/012!"*+02##
+034*
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$ % % &
jT&’<=+k?vlSxI*K4*x??b
;&j#1$ $ko5
B# 4AT()P|1()6e}56p &’ #%%#%#2$4KL&)Pr001)P xR 5##5%%2
5 4TU&’qWD.&a &’ #%%6#!S
! "# O;TUE‘,"TUI@&t=abIN|2J4|HUcK~l*ZjT&’<=+k(’vlS
xI’tr_IFH_’vlefgh)O*LMdK(’vlp*x??b*jr+81?!r/Js56vwx
#SS-*8@‘-.r3{&’<=+k(’vlSx6j&*jm_’?mQ$6kgzFj6oW7}&*&
’<=+k(’[*+xevl?G"2$S?1*J**&’<=+k(’qY{?vl[\*\l#YCP{
(’*5vl@*x4>?b6+z{9*(’4dge8+hbx25S?H#J**16LMFpToS_I~
(nr[F4
;&’<=+k(’vl?!r;6s
$%&x &’<=+k2vl*K2E~?b2!r/J
’()*+#’67" ,-./0#- ,12+##%%# 8 6!773$%%&4## 8 %#!# 8 %6
NOP#x$%%7 8 #% 8 %7s
IQRSx^ _‘t|(M()j&IQB%79-6&%#$%Ss
!"#$%&:’(%$) ’*":+*$%$, +$-$,"./$0&x1(#2$&*34##$0& 5&(&4% (0) 36(,,$02$%
;< ;=>?<@A?#*$ .> +B# 4 !"#$%$&$’ () *’(+,-./%0 10%’"0’# -"2 3-$&,-4 5’0(&,#’# 5’#’-,0/*6/%"’#’ 70-2’89 () 10%’"0’# :’%;%"+ #%%#%#2$4 <’.-,$8’"$ () =0("(8%0#
-"2 >-"-+’8’"$*?/’;%-"+ @(,’#$,9 A"%B’,#%$9 C%"x-" 5##5%%254 7))(,’#$-$%(" :&,’-& () 1$-$’ @(,’#$,9 728%"%#$,-$%(" :’%;%"+ #%%6#!S
78%(9&x C>0:D<=1E @E @ F=A=G@H1= =A=F?B @IIF@JIE K
O0G=3=F*G>IL D@EI =PN@AE>0A 0D D>FEI ?=A=F@I>0A H>0:D<=1B?F@>A H@E=MS*>IE >KN@JIE 0A D00M NF>J=*D00M E=J
EI@FI I0 100K*GL>JL >A>I>@I=E L0I M=H@I=E 03=F M=3=10NK=AI 0D H>0:D<=1E 4 ,L=F=D0F=*K@AB J0
K
>AI=F3>=GE*R<=EI>0AA@>F= @AM D>=1M E
?03=FAK=AI E=JI0FE L@E E=I
M=3=10N=M >A 1@F?= EJ@1= 4 )A 10A?:I=FK*H>0:M>=E=1 K@B L@3= @ E0
JL@11=A?=E @AM EL0<1M A0I ?0 D0FG@FM I00 D@EI 4 (
>KNF03=M 3@F>=IB @AM L>?L:B>=1M I=JLA>R<=E F=1@I=M I0 D==MEI0JQ N1@AI>A? 4B!S;= EL0<1M @MS
M=3=10NK=AI @AM JF=@I= @NNF0NF>@I= >AM
:$; <"#)%x D0F=EI:H@E=M H>0:M>=E=12J
*ZTU7}R#9;6(jCLk\*<=
3_GtBFGGtTZ6<=+kSl#Yowu
9_’2?Q-LsBFA&*$%%"2T@S@?0N@1 ’$
-4 4*$%%6Ss^nKvzTU*g4p%I:8I:8
;%<9ATKvlATU(.3{<=3_Gt
A1#vlbrj&*jgzFj6vl<=3_
Gt(’s#}C*R2<=GtTZ6<=+k
?(>de? $%%%$? #6%9 .9 &9 .*H:@
$%%6$? !&" 9 .9 &7 9 .B*@FIL U01>JB )AEI>I$%%7Ss5A*nT9p%zGtTZE~<(T*
JR2(>? 7%V*deg9|B?’- 8-9#S9gb
B1&+-,0-"’ /9D,%2S#’t2^fz<=+kE~<
(T*JR2(>? 7"V*E~gkFB :,-##%0-
0-8.’#$,%#Sg#<(’ts
hig<,#’t?!YT<=3_Gt(’
?@evl*1SZ9|IF}B*490%"’ 8-ESIkF
gKFoE(U+=FYH:*?fmY{I8H
d~#$E(UC=c_Hh*gfzvT-(M
Z<=3_Gtvl?5v
$%%"2CF0GA*$%%72W@FF=11 ’$ -4 4*$%%X2T$%%62’=@FJL>A?=F ’$ -4 4*$%%7Ss#T-ijIQ!
7B !"#SiD*$%%& $R2,UC=,THh
$’()**5A*F}I9|9>XB !"#$#%&’ ()*$#+&’S
deHh +$()**,+(+*9 ,,(,*2nW*Z;<=
3_GtvlzL#E(UC=Hh?1E~c}
S-%q
Z;zL16vl<=3_Gt*g4vlj66
~X?
3_GtvlSx6~X*jtFeL,i<0<=
3_Gt?vlB#./0123 )$ (, 4*$%%5Ss
mjT*<=3_GtvlLM.?9|TZ
gzlj,i<0’t%;*5A&’<=+k*c
,+6<<|0*gzd@!e6_’?+,Lss
jTz9|GtTZE~<(T*$%%& $(>z
’,,> 6*BC;nT6p%iR2! ,|s$%%).
$%%&$R29TB9|K<,C=FYHhr*+
;<,R#28*jT!eO=+W!r**3xU
<,<(GtTZ*wzr+<=3_Gtvly
\,+6<<|*+6t<<0s$%%& $*jTmQ
%/0og^lB-(.#/0$ )*%&,).$(S#’t?$( $%
> 6?GtTZ<(_’2$%%- $ ) %*TUvl
97PCDM~mX83oATFkIATF4g
4ATDEFk~EaK , Cg.mDB 1($"02/(
%&"%(*S#’tI$( 5 7 )> 6?&’<=+k(’
4v%RSs
&’‘-48@JT.r3{&’<=+kv
lSx6j&*jm_’?mQ$6kgzF*m
tHoW7}&s;#TU&’qM#T7}&/
@j&N*,XYZ0#|*jT"vl<=+k7}
& -, > 89$*@ $%$% ${jr_7}& ’ ,,,>
89$*89$( )%% > 6 <=+ks#u*8@JT
N3{o81?tFj6?&’<=+kvlSx
6j&*jmATFkMWonTq*EaK@>
_’?$6k*gzF*mtHoW<=+k7}
&s#z<}C*@ $%%-$n*B=&ICD6,JtHoW?.mD7}&I|J.r:b ’&
> 89$*S-.q+G_’gzo/<=+kFH
p*&’<=+k(’.r[*+xevl?G"s
nW*jT.rgzFj6vl&’<=+k
(’*\l#YCP{(’*5vlS-%*x4>
??b6+z{9s&’<=+k(’vl_4’
tr_I+kr&I(Uqr6xUKR;os5
A*’tr_z&’<=+k(’vl1#@&?
;o*NzS-6(’p*x?+z{91F?;
oBs+FK*$%%&Ss?_f\*p;I2tHoW
7}&?rO*S-%Eq0hFj6oW?uTU
o6~(nr[FsF*mtHoW7Lz@<#
?r0(>t5r0wh9J9tzLMZK|<
G;6./}*+,tZK|E1?r06J’(
<9o+,t+,,’S-(;fqwz?t]s
J|56?Sxz*jbZjT&’<=+k
(’vlSx6!rI’tr_g4FH_’vl
*KK~*x##*?)O*LMdKmK-i"
kjT&’<=+k(’vlw7*x?E~?
b*1rr+{gjT&’<=+kijC-vl
?8@!r/Js
’ jT&’<=+kvlSx68@!r
./
&’<=+kE~gi,U^JktW=?o
+#’t*6C}F}‘kFg#’t?<=+k
8T*5?q+6<<|I
[mu"sjT!e."5M#Br<=3_Gt
(’vl?LM%;7Y*j3{81?vlSx
65u!rs
!"! ZWKg[w_\].
’(’(’ lmn,%vopq V $%RS :%$T*
jTgzeL<=3_GtvlsmzzAb*E
~jbZ(5RSBJ -),C&Sghef?~Xv
u<=3_Gt[Fgvs$%%’$*Aw!egz
xe@pN*6’4<(*LMvl9|TZs
$%%5$jT!eydoMwu<7}lN*wz"w
u<7}l#fJ7}%;vl?LM~js;#
lk-‘*TUvl97PCDM $%%& $vdo
Mwu<7}A1#vlj&N*C&@ $%’%$xj
T<=GtTZ9<=+k$(>z@ +%%> 69
$%> 6*@ $%$%$z@’ %%%> 69 $%%> 62jpT
Q+<=3_Gtvl~d:,+6<<|*+6t
<<*+6M<3*+El;60?’gs
’(’($ 26rs%vopq &’‘-"&’<
=+kM#5BrLMvlRS*j3{o81?
vlSx6j&s$%%5$*TU&’q/0o&’
<=J7}%1>!I&’<=J7}zEPK{
72$*86F3oM#T7}&/@j&NIM&’
<=+k’t&I|,XYZ0/@~]N9M&’<
=J7}vlbrQ|NKL~|u*r+,XYZ0
#|jT"vl<=+k7}& -, > 89$*5A*
.mD +% > 89$*O[ B^ 3#*$(%#( %/#.).*#*S$5 >
89$*|puB4(.$/0%)"(* *0"5#60,(5&.7)S’, > 89$*V
;DB80".&* *#,*0.#(.(S5 > 89$2@ $%$% ${jr
$+’ & ’ ( ) +5"
_7}&! """> #$%*89$( &’’> (<=+k9
! )’’> *+v|>?’ts1*}JTUMwu<7}A1#vlj6Nz{?<=
J7}vlSx? )’,sg#jbvl&’<=
+k(’*r:&’mcCTUr0A?||6
lUs
!-!-" tun,%vopq mTUmQvu<=
3_Gtvl?:;7k*8@JTN||3{oR
V?&’<=+kvlSx6j&s%’’)$*
@4(’4vlj&N*C& %’!’$oW.mD !">
#$%*%’%’$z .’> #$%2%’’&$*=&J3{oM=
&J&^<=J7}x<=+k’t&vlj&
B%’’& / %’!)$SN*C&@ %’!)$oW.mD &0>
#$%s%’’1$*CDJ3{oM.mD7}&I|vl
j&N*C&@ %’!)$vl.mD &’> #$%s
yu7]*V %’’0 $gz*REI:&I:&9
S%BO[^S*B45IWPIgGI9SL9S%
B|puS*s&9L%BV;DSKJ‘*NmATF
kMWonTq*EaK_’?mQ$69d~
k*gzghtHoWO[^I|puIV;DK<
=+k7}&*ji43{81?vlSx6j&s
?vlSx6j&J.wg*+*It!eZ
;vl&’<=+k?q4-?=e6N~*RJ
pz{?Sx~9~**-;TUt*pz{?S
xs+w76|~!e()lKTUvu<=3_
Gt(’vl72*g!6Aw!e?!ru@6
eQ\i*r:&’mcCT1r0A?||6l
U*gf{g|~r0vlX{q@s
!"# ^_ZWKg[w_\ZK"‘abc
#N*HPSx*!eyg(5RSBJ 1&"C
&SKiXZ<=+kvlrs\ig]*%86+
WoYAM??_5u!r6./s%’’&$ )%*
3!‘ydN/oMwu<7}vlmReQ01
~hzlN*wzQ+FkVTwu<7}gvx
U*g]
P;ydoM@;vl<=J7}9<=4H3$
#i!r?N/
8I$Nu@INh:9H*@/9’tI|@fs
I;HPN/
zlN*:Z&’<=+k’tI|/@rs" ’’’
A{#$/ %?3!@fsu]*#j%<=+k(’
vl*jT; %’’0 $ ) %3{ydoEC 3!’’
B!’’,<=+kS<=+kx323)9 3!’<=+
kx3S-mm3{7AsyHPTUt*?5u
!r6./g]*RJN+WoY,5u./gd
~<=+k(’vl*J=&Jjb3!efK~
X*Z.mDoWDq@/s
% jT&’<=+k(’vl*K
&’<=+kFH[F.IJ/.*3t6(
’vl?@&m;’tr_6/J,’*S-’t
/JtJ<=+k~/J? 0’, 4 1’,Bs+F
K*%’’0SsJo"E~)OjT&’<=+kvl
?8@[F56I’tr_g4(’4vl?1P
gls
#"! ZW?dKg[w_\#$2356
T-H*&’<=+k8@561an}; %’
RS 0’$Tsd!YCFkY2+,*nTFqF
)4)U%&8!6m 5- 6789:;ab56>!*?
S_7r<(g1;Fk/d?’tDoq4*j
/0o,Fk&30*gno&’<=+k56?9
:shr@>)m&@’tDoS_I<=+kr
&I<=+kxU6GHU?dYg4r06;6
+,K~*gloYAM56B<=>:(? !" #$ @*!2202
AB;;:;C*%’’)2’7GK*%’’0Ss
mjT*&’<=+k8@56z; %’RS 0’
$T0*\~?JN56+rA})qs!201$A
T()P=>W=56pf9Zg.mDkl#+
k2VTGtgho’O*jghotHoW’Os
,VZ0#|*CDJ&’()Pglo,y
%|‘.mDy
%I|s1H*CDF)I
nW*jTxagl&’<=+k8@56*\8@
56+r)qA}*56/u+>s
gq %!RS*hi&’<=+k(’?+^:
7*&’<=+k’tDo?S_68@[F56
6@oFps%’’. $([‘-P[F9(’4a
>~o,XZ0TU([|@C&,<=Gtk[F
gv0RS2%’’) $ ) %r->~oTU 1&" C&
A?,<=J7}[Fgv6(’40RS2%’’)$
TU&’q&’<=J7}zEP*!7mUZj
T&’<=+kvl?e}45ddefgho#
*TU2%’’)$AT&’()56PZjTGtk
".!! !!# #iVKxjT&’<=+k?vlSxI*K4*x??b
^JW=e}ghoTUB[d*!""#Ss!""$$*=
&J&’ch/o=&J.mDoJe}90|[
\TU*Z.mDuTUoghoz0oY{j6?.mDTo?_I|s!""%$*(
[‘>~oM%&|‘.mDToS_4j64r
_O;xU@&[F566v%NRS*Z=&IC
D6
!"! ZW?dKg[wgJ=>oss9
S-*jT&’<=+k’tF>7;y
6>*%g89<=+kj64<(?~=s#o
Fx&’<=+k(’4vlgI*mTU!r?
z198@_’mQ$6k*H$J*jTgzFj
6tHr_&’<=+k’t&s!""&$z*AT
FkMWonTq*EamX6TU&’q)*o
<=J7};lgv+,$J*N/,&kY_40
vlbr*3cm#T ’(CJ‘vl.mDIO[
^I|pu9V;DK<=+k7}&I|*#Fj
6vl&’<=+k(’%3cs#z<}C*
!""&$jb,&kY_40RS*.roW.mD )
> *+!*O[^I|pu9V;DR ",$&> *+!s6
u,,*4>1s_’‘]e_’NmQ$6<=
+k7}&/@s
v ’#.mDIO[^I|pu9V;D )CE
~<=+k’tDom‘dJ‘BqtHr_?J
TS?ddefsm.roW?7}&A*?oWE
_J**[F>"zp_’+e*m&’‘-?$f
6G;k*xU^_‘Tqwgw|oW?*E‘V
voW?IJEq2?oW0|g{J**E~#
wgw|*0|tu8Zxv2?vl!"J**J
uRJ7rTFRVp3{?vlSx6j&N
/*
: # WW?dKg[wZ.?G7:!3!$$%Jef4!
&’() # &*+ ’,+’ -. (/-01/+2+3 .++124-56 .-,+24 /7 8*/7’ (9 4*+ +71 -. !$$% *+!
’tDo
-.// 01/23/0
JB‘S
4.56372/
B8/9357S
y
02=>>/./<
tHr_ 4;=7>=>357
tHnr
4;=7>=>357 ?5./0>
C<&7.
@/257<=.A ?5./0>
>C
@BCD>5>=;
.mD ! E "#$"%& =& FB77=7 ’% $$& #& ((( " #& (((
CD @32*B=7 ’$ """ (( ((( " (( (((>C @BC >5>=; ($ """ I& ((( " I& (((
O[^ ’ E "()*+*&)& RE J7*B3 ’ ((( ! """ ( (((
:& K/C/3 ( ((( " ( (((
>C @BC >5>=; ) $$& ! """ $ $$&
|pu , E &-$.)/-0%.#*1+ B45 L77/. M5795;3= $ $$& " $ $$&
V;D 2 E &)0&-*)%*% s& KB7=7 $ $$& " $ $$&
~C -5>=; ’!" """ ! """ ’!) """
!e}J}xTU&’qI81JT&’cg48@?|HetsN=>= ./05B.2/x@>=>/ O5./0>.A J<+3730>.=>357*./;=>/< 1.56372/ ?5./0>.A CB./=B
=7< ;3>/.=>B./0E Z;‘<.mD*5*mT’ !""0{*+P !gh@DsO5. Q3;< 02=>>/./< ! E "#$+%&*Q/ 2=;2B;=>/ 3>0 =./= =0 ’ !"" 1;=7>0 ?5. 57/ */2>=./E p
;>"JT;fgly
!": ZW?dKg[w}>gd_\s9
mjT*<=+k?[Fgv61U56z;
!"RS %" $T*m6AbTUE~g(5RS?
~X\i<=+k[Fgv61Us!’RSz*D
&m9<=7}q*EaICD5=EaI^ /P-
)7}vlq*EaI^ /}_7}([KY81
s<=+kFH_’86//*gzgq6’4<
(Ab*5<(’tE~#.Ikk9~W=kks
H !$J*hiT-FkC=?+^(:*TU
{j+W!rvu,i<0<=3_Gtvl*TB
]@>_’*FGATFkMWonTq*EaIA
TF4^NEa9ATDEFk~EaKC}7}
_’gzgq&’<=+k(’%;s!""% $ &
%*TUvl97PCDMmX83ATFkMW
onTq*Ea&w&k4H~p$( $> >IAT
F4^NEa
Fk~EaBD&S$( $> > (C&’<=+k(
’4v%RSs#}C*jT?d<=+kFH?
_’q"XU*~FH7\.r:b (""> >*\p
;d’tsD+94’tC=HhKc}?+,*
+,5mFH7\b/,’*!""&$N-(>B#
’"> >QR’Ss
’S*>>1xRRQQQE 7/Q/7/.9AE 25+E 27E
))’ & ’ ( ) )#"
!S"##$$=&J&’cTU6v*B=&J0h.mDoW?,C0|0*m>z !!%&> ’("s
) jT&’<=+kvl*x?E~?b
J-pP*mjT&’<=+k.rgzgq
j64vlAb*Wfl#YCP{(’*mK-d
{?r0I!r9[Ftuk*@W*x4>??b
6+z{9*E~v*#gkaC~*s
!"# =>osZ.?ZhijFkZlmKhn
bop
m7}C=I@/W&6oW[FD{?ef
k*tHoW’t7L!6<#?r0(>*zL?
qr0wh96;6wij9*zm{&’<=+
k(’vl?@&c}sWf*p;I2tHnr
NVrO6()"#*S-4%ZtHoW7}&
?(>W&%+3z4CB*+,-./’001 !" #$ 2*"##32
45657’058.57 !" #$ 2*"##3Ss
g.mD#{*m8@&’<=+kvlj&
Q|APxm^trs?efk*(>wgz@ &%9
:{’(; "B@gSs\z*Z;m9o,^trs0W&
kwgz@HPSx*Eq?_Nw*5r0wh9
j+wzs
dNH*+|*m(>6UoInr[FIxq
W&IVWtuKc}X{8@*m+,tuk*(
>W&}~Y84Fs#QR*m+,|‘I+,r
s01p8k*.mD(>W&vl-z )# I7
>*1/?B# # <-{’(; "*1-?z!" ### <-{
’(; "2vxmnr[FIxqW&IVWtuKh#
8,efk*+,.mDUo7|(>vwNXd
w6*/#y0 #%" <-*-?# & <-**At-
B*+,-./’001 !" #$ 2*"##3SsJjT&’<=+k7
}&f\*p;S-U;.&?oWW(#yo*"I2~(nr01[F*5+|*m(>?+
z{9w7MtFs
l]*&’<=+k’tTN/JNz+,r
0wh9?L~c}s4><=+k7}Do(#
-Fd^*JO[^D-z 3 = > (*5TN%86
/J"MTx-2Z;.mDJN*nW#*^D
o*D-B# " = ) (*\p;#uN/.#+YS*
+~d#d8TN*5TN/JN,KTx-s
!"$ =>osZ.?Z,-qr2u@s^Zb
p,u
YuZ#*.mDIO[^I|pu4V;DK
&’<=+k’tDo*0h;m0|tuxv?
wgw|HoW*wgr-y&4^f*?q.iW
0*7T01KlU*
D?q4p?$@A93J7\*"#RS >#$T*
LXP;TgvC&zl#
"##9Ss
\z*Ju"EFl#7}Doghr_*cr
_Sxg481rs01./?+,*5;6>1
J9%qz;NOsJu#or-o+(>W&*
iprs01p8*iF4$EZxU>*w7Mc
u1SY{I8?;6(j2,,*Ju#oI/
<(6N^/J*~=7}&I|^A[)*M_G
Y{‘;%&B?<=>K9*_!
?xfscu*tHr_7}&?;6wij9J
9*@&!m;7}&?.&~X9rs01./*
Ju7}&rs01./+;1*4w7MDK|
!"! ?dKg[w_\].j;
nW*&’‘-68@JT.r3{]i?&
’<=+kvlSx*\5;19J9;frb(
)?h?sJ;#%&|‘B=&ICD6
B*~xUwgw|vl.mD7}& !$3> ’("2
\z*Z;+,wgw|*E?_ddm2’|~t
0|tuJ9tZ;vl7}&JN*50h9J
9tS-(;frb)=()?h?6B4s
&’<=+kvl%^66XqznP6h
8sS-pT!?vl%^66Xzjb_’6!
exe*/0nFj6I^ A[)?7}&I|*g
481FH_’*N*j64<(*?fz@‘dV
T+j7}?Sxs\z*mN-vlbIA*Y~
**0;;oW7}&?0|F>#E!|‘?w
gw|*|Q8ZTxd‘*"+j-#tuxv*
~i/Fj6^A[)’tI|%8xF2lY~
**E1qmi9|dIX-1rK,C0|0oW.
mD?%2*f"[\+>!Sscu*J9jbvl
%^66X?nP*mj64vl?,,*"E1d
‘rs?’tNDq<=+kvl_A*zS-+
~28?,’7Ys
!"% vwZKg[wKd_\,-nIkp0D
TUZ&’<=+k(’vl?5u!r6.
/;fh#wzsnW*jT!e86ydoMwu
9&!! !!# #iVKxjT&’<=+k?vlSxI*K4*x??b
<7}lN9Mwu<7}A1#vlj&N*wzr
+~F\vl&’<=+k(’*\z*p;<=+
k’toW;o56IOTxC!*5r0wh9
6;6wij9;5mxF?+z{9*6GtT
Z(’8T*8@?!rj{;fwzs?_v*
#x!S|0!e.r+WoM<=7}9<=4H
E’’tI|@feQ01~hzlNK!r*wz
j{Z&’’tI|Dq" ###A{$%& ’@f2\z
,,j{y\m_’x(r*g_’’tI|?i
X3Q*~7!6@f2’SnW (!##<=+kx3
.ryd*\Z; (!#9 ()Kt?*N<=?x3
;f3{2"SZ;zL"<=+kDqmj?+
kqr_A*S-;fqwz?
!"# ?dKg[wx@y,_\z[z{|;"}
n~!_Xnb"K#
ATvl&’<=+k?~jzmz?*?1
**qY{?vl[\*\vl?j6~08*"d
ge8+hbxs&’<=+kc,+6<<|0*
+;jT<=3_Gtvl?’g*?qY{?v
l[\*16l#1#?vlbrFgN/*+7c
a#?C3}~f~Us\z*S-&’<=+k
8@IO56*dez’tr_;o?[F56%
XdC!*To?_6~(nr[FBoW6XIW
$01IrL[FILv(S3SKIO956Hl
%%%n
Hr_7}&wg!6<#?r0(>*(’vl
?r0wh96;6wij9N"*x4F?+z
{9*_fMZ(’BrC-ijvl>J*(s
cu*10K?‘&’<=+k(’4dg?e8s
!"$ "$\M}%v:1s)&K’o23pDK
l,-!"Z56jq@
To6~(nr[Fz+,’t(>W&?m
{9c}*zm{&’<=+k(’/#?@&s
Wf*mK-<=+k7}&oWA*+,I2uT
Uo6~(nr[F\]scu*!e16LMj
b(5ef?~X*Fp&’<=+k’tDo?
ToS_6~([F56*j/081?v%dQ
_Asm!681?56/u7r*ughj6o
W*gz.<=+k(’vldez’tsD?r
0wh9s
,,*~Fp7}&/@bIA?;6
./K~*Z7}&/@Fgj%9t$*|>x
)c7}&/@fDK|
u]*%~Fp<=+kFHIB(UO;xU?5
66[Fzgs
!"% (\L7H.}"u)*z+,~}Z?dK
g[w_\;<
S-*jT%I2q@0h;7}&vl?0
|j6I?_ddIJ>KKKIO"#AB2!e
‘-m3{?_?j&,*NN_7;#rOl+
Eze^scu*qy~;#+,’tDoZoaI
019<8Ktu??_~=*qtZ9|gl0
|0h9BC*gV#!e‘-();13{j&
rs3z?IO"#9ABs
,,*I;S-U;oW7}&?0|F>#
E!|‘?wg‘w|*|Q8Zd‘*"+jtu
xv*~i/Fj6^A[)’tI|%8xF*
g4K|E1qxU,C0|0oW7}D*"[xF?N-efs14,Tc*q?&’<=+k
vl%^66XsmeLj64vl?,,*eL
ZE1xU,C0|0poWd‘’t?xU*j"
5mEZ|‘Gkl#5vl?L~Sxs
!"! -.@%/?dKg[wKd_\Z‘a,
-z^ _Kd01@q_H$J*m-kC?~5k*|~!e6_’Z
<=+kvl=e4-*||3{]i?<=+k
vlSx6j&*j3cxe<=+kRSs?m
*J**+qx;<=+k(’?vl*\N+7U
yG"tK2.|Ia!TUu@!r*?A&x?
w7scu*=+/0qx;&’<=+k(’v
l?!rj%*{g(’C-qLvlsE9*$F
GtTZ(’*Z<=+k(’’t<(IFHIq
r9xUKRC;ol+?_?j{*D_’i/
wz?<#25C*|x3{<=+kh’x3*r
-_’gq<=+k(’?C33qtu*x)+
*Y5fns
) * , -
On$*6cQ*+,-$,./ 0*K 1 ’##2 1vl<=7}ZAT‘;E’
<(9E1Nq?+, 1r0)n.*2B’Sx3’3 & 3*’1
s+F*)GS 1 ’##3 1H$<=+k(’?vl...d9I$69
Zr 1 4)gl*!4B3Sx!#)# & !#)41
’7G*RR1*FG< 1 ’##3 1 AT&’<=+k 1 &’xAT&’
+}( 1
FA& 1’##) 1782\*F\vljT?<=J(’ 1([1Q*’"
B)Sx!1
[ d 1’##) 1ATE~<=JGtk^J7}W=e}?f6l
5*! & ’ ( ) *)"
) ! ([1Q*"#B$Sx%" & %’!
9MU ! "(() !jT&’<=J7}vlIvl6Zr ! ]9AT*
B%"Sx%( & %$!
*+,-. / 0! "((1 ! 23453667+8 97:;.9 <,+ =+;3. 5, <>76 ?;+4 @;4568 >.97+45;579x
A,+69 :;8 B7 <;?3.= C3=C745 =+;3. D+3?74 3. C345,+8!F"((1 & (E & %$G!
C55DxFF---! DC34C;+7! ,+=F<3674F’1#E & G# & H+;3. & 07I>3+79 & B8&
23453667+374 & JKL ! 9,?!
J;+5C K,63?8 L.4535>57! "((1 ! A,+69 75C;.,6 D+,9>?53,. ;.9 -,+69 B3,937476
D+,9>?53,.!F"((1 & (E & %$G! C55DxFF---! 7;+5CD,63?8! ,+=FMD9;574F
"((GFMD9;57$$ & 9;5;! C5: N 5;B67$ !
O;++766 P J*K67@3. 0 Q*R>+.7+ * R*!" #$ ! "((G ! J5C;.,6 ?;. ?,.5+3B>57 5,
7.7+=8 ;.9 7.@3+,.:7.5;6 =,;64! S?37.?7*#%%B$)G(Sx$(G & $(1!
O+;.?34 H*J93.=7+ 0**7?T7+ U!"(($! P ?,.?7D5 <,+ 43:>65;.7,>4 -;4576;.9
+7?6;:;53,.* <>76 D+,9>?53,.* ;.9 4,?3,V7?,.,:3? 97@76,D:7.5 3.
97=+;979 ;+7;4 3. L.93;xW779*D,57.53;6 ;.9 D7+4D7?53@74 ,< %#"&’()#
D6;.5;53,.4! W;5>+;6 074,>+?74 O,+>:*B"ESx%" & "’!
H>B35X H Y*Y35576B;?C Y*R+;B3 Y! %EE) ! JZD6,35;53,. ,< 5C7 5+,D3?;6 ,36
4779 D6;.5 %#"&’()# *+&*#, /! *3,+74,>+?7 R7?C.,6,=8*G)B%Sx)# &
1"!
[7..3.= 0 U! "(($ ! RC7 Q;5+,DC; S8457:x;. 3.57=+;579 ;DD+,;?C ,< +>+;6
97@76,D:7.5 !F"((1 & %( & ($G! C55DxFF---! \;5+,DC;! 97F !
LYO! "((1 ! O,,9 ;.9 <>76 D+3?74x +7?7.5 97@76,D:7.54*:;?+,7?,.,:3?
3:D;?5*;.9 D,63?8 +74D,.474!F"((1 & (G & #(G! C55DxFF---! 3:< ! ,+=F
7Z57+.;6F.DFDDF7.=F"((1F(G#((1 ! D9< !
Q,.=4?C;;D 0 J J*],++7 A Q**3.9+;B;. K S*!" #$ ! "(() ! ]6;3:4 ;.9
<;?54 ,. %#"&’()# *+&*#, /!x =6,B;6 %#"&’()# *+&*#, 7@;6>;53,.*
B+7793.= ;.9 D+,D;=;53,. D+,=+;::7!F"((1 & (E & %$G! C55DxFF---!
=.+VC,693.=! ?,:F<367;9:3.F>47+ & >D6,;9F:7937.F07D,+54FQ;5+,DC;F
]6;3:4VO;?54! D9< !
^D7.4C;- U!"((( ! P +7@37- ,< %#"&’()# *+&*#,x;. ,36 D6;.5 ,< >.<>6<36679
D+,:347! *3,:;44 ;.9 *3,7.7+=8*B%ESx% & %$!
K3:7.576 2*K;5X7T R A! "(($! J5C;.,6 D+,9>?53,. >43.= ?,+.*4-35?C
=+;44*;.9 -,,92B3,937476 D+,9>?53,. >43.= 4,8B7;. ;.9 4>.<6,-7+ !
W;5>+;6 074,>+?74 0747;+?C*%’B%SxG$ & )G!
0;\;=,D;6 2*_36B7+:;. 2! "(() ! 07@37- ,< 7.@3+,.:7.5;6*7?,.,:3? ;.9
D,63?8 ;4D7?54 ,< B3,<>764*D,63?8 +747;+?C!F"((1 & (E & %$G! C55DxFF
---! -364,.?7.57+ ! ,+=F.7-4F9,?4F-,+69B;.TS7D5 !"(() ! D9< !
0>.=7 ] O*S7.;>7+ *! "(() ! *3,<>76x?,+. 34.x5 5C7 T3.= ,< 5C34 =+,-3.=
9,:;3.! W;5>+7*’$(B)%GESx’)1!
S7;+?C3.=7+ R*[73:63?C 0*[,>=C5,. 0 P*!" #$ ! "((1 ! M47 ,< M! S!
?+,D6;.94 <,+ B3,<>764 3.?+7;474 =+77.C,>47 =;474 5C+,>=C 7:3443,.4 <+,:
6;.9V>47 ?C;.=7! S?37.?7*#%Ex%"#1 & %"’(!
A787+C;7>47+ [*R7..3=T735 R*S> ‘ O*!" #$ ! "(() ! *3,<>764 3. ]C3.;x;.
;.;68434 ,< 5C7 ,DD,+5>.35374 ;.9 ?C;667.=74 ,< %#"&’()# -+&*#, 3.
4,>5C-745 ]C3.;!F"((1 & (E & %$G! C55DxFF---! 3?>?V3-:3 ! ,+=F<3674F
K>B63?;53,.4FAK$# & \;5+,D;! D9< !
45678 %&’?
)’%! %%# #iVKxjT&’<=+k?vlSxI*K4*x??b