ῌ῏ ῎῍
῍῍
ῐ ῑ ῍῍ῌ
῎ῌ῍῍῏῍῍ !"#$ῌ %&'()*+%,-./012 3.-4 ῎ 5 ῐῑ 6+῏ 7ῌ '89':;<=
>?@ABCDE$῍ FEGH2IAJ$KLMNOP QRSTῌ PUVWXYA"#Z6῍ #G#ῌ [
\]^ῌ VWXY_`;XY a6Zῌ 6bcde f#Z6;6AKg7;6ch+G῍
&i7ῌ [VWXY ῎^GjkX Y῏ _` lma6Zῌ noZp#6lm7q ῐ ῎r s6῏ ῑ tu#ῌ vwxyaz{|}
~#Z}῍ z{|Avw #Z ῐ ῎r s6῏ ῑ }{|#Z#ῌ jkXY }
7e+Gῌ }u῍
&i7ῌ bῌ Eb7Dbb;7DEZe$ ῐ ῎r s6῏ ῑ ῌ ῎aa6Z῍ aῌ ῍ΐ῎
DE$OECD ῐrs6ῑ 7qfῌ M+2aῌ ῍ῒῌ
!A ;GGH¡EZe$ῌ A¢£ ῐ ῑ 7q῍ ¤a ῐῑ ¥¦}῍ΐῌ
§¨©ª}«῍ }¬bῌ vw#
®¯°z±1ῐῑ² ῎῎ῌ῍῎῍῎῏ ,+-
῍῎ ῌ
ῌ ῌ ῏ ΐ ῐῌ ῍ !"#$%&'($)*+, -./01234!15678/9:;<=>?@
ABC ῏ ΐ@B ῐῌ ῎ DEFG ῏
ΐFG ῐ HIJHῌ OECD ΐ;<KDL
M ῌ NOP ΐ;<KQRM STUVWX῍ YUVSTῌ
Y4TIJO ΐ;<K ῏DLῐ QRM FZSW [\ !῍
ῌ
ΐ;<KQRM
]^S
ΐ;<KQRM ]ῌ _`a]ῌ bcOECD/ ΐ;<
KDLM ῏PPP῎
Polluter Pays Principleῐ /῍ _def
ΐ;<KDLM g ΐ;<KQRM ^hdi4ῌ 3T ΐ;
<KDLM ]ῌ 3jkj^lmWfnopn῏῍ῐ῍ Y ΐM ]ῌ Y4jq῎HrA34s!῍ tu ῑ῎ῌ῍῎ῒ ῏῍ῐῑvῐ M ῌ jwH]ῌ ΐxyz{|W}y~-
OECD ΐ;<KDLM q 0ῌ fH] ΐ ^h-
bBC WNOP ΐ;<KQRM q ῍ 3Tῌ
!^ ΐ;<KQRM lm ΐ?ῌ
~DL ῌ lm34 ῏tu ῑ῎ῌ῍῎ῒ
῍ῐῑvῐ ῌ ΐ;<KQRM Htu ῑ῎ῌ῍῎ῒ ῏῍ῐῑ
vῐ ] ΐf]gd ^῍ ΐf ῌ PPP
Wq 4iῌ c!῏Hlmh4W Sῌ
[~ ¡6W¢ ῍
£¤q]ῌ £¤¥!¦ῌ OECD ΐ;<KDLM N
OP ΐ;<KQRM Hῌ ῍ῒῑῌ§OECD ΐ;<KQ
RM O¨©34!ª«¬n®W !῍
,+.
ῌ῎
῍
῏ῌῐ OECD ΐ ῏PPP῎
Polluter Pays Principle῏῍ῐῐ
ῌ OECD ΐ
῏ ΐOECDPPP ῐ ῌ ῌῐ῏῍
OECD ῏ΐ !"#$ῌ%&#'%(
ῑ)*+,ῐ -./01234 56῍ 7ΐ ῑῌῐ῏῎ῒ ῏ῌ8ῐ - OECDPPP῎9ῌ :;<56῍
ΐ=>?@ABῑCῐ῍DEFGῌ HIJKLMN@O
PQDRS4TUVῌ WXYZ[\῍]^4T
῍_3`a bῌ PPPcH?_?῍ d ῌ ῏ bῐ eῌfg?hiDjI4Tῌ b@klmnDo
`a56dDpqG/O<ῌ G4b./dYZ5ῌ JKN@rGQDsaOd-?tukDv῍G/?_?
῍ ῏wxyz {῍ῐ
2_OECDPPPῌ |}ῌ z~`a~\῍I/ῌ ΐU
\῍ ῏7ΐ ῑῌῐ῏῎ῒ ῌ8ῐ d56Gῌ ΐH?<
῏7ΐ ῑῌῐ῏῎ῒ ῌ8ῐ 5ῌ \῍D2db
564./4῍ Cῌ ~
[*C\῍Dy2/z~Gῌ
=>?@ADῒC]^d6.4῍ d-ῌ OECD PPPῌ ~\῍z~ῑ56<ῌ b)C?
~\῍Dd56./ῌ b ¡4~\῍
Do¢dDpqG/5?῏῎ῐ῍
7ΐ ῑῌῐ῏῎ῒ ῏῍8ῐ -ῌ OECDPPP£_:῎¤5
6G/῍
῍ ΐ¥¦D§¨©¥¦D§¨©ῌ =>56DªdDpq
H_ῌ 3«P¬IdD®§G¬IdD®§Gῌ HG/ῌ -?
¨©¯°4±\D῏D4d῍
²³´µ-¶·X¸ ΐo¢ ῏¹º»¼ῐ ,+/
ῌ῍
῎
῍ ῐ ῌ !"ῌ #$%&'() ῌ !"ῌ #$%&'()*
+,῍ ῎-. /0῏ῑ
῍ ῐ1#$2345678 '()*+,῍ῑ
*ῌ OECD2PPP 9ῌ :;<=>ῌ?@AB2CD2E FG9ῌ HI2JK=Lῌ ?@MNO'EPGQ +,RST῎῍῏῍
ῌOECD2 ῐ:;0UVTEFῑ 2PW
IX2"ῌ OECD2PPP9ῌ YZ2[Z\EPGQῌ :;
0]?@:;2HI^YZUV"+,GQ῍ YZ,9ῌ _
`ῌ abcdGefgab2hiῌ abefj kl^U 9ῌ mhnUVogGQῌ +g]p^,q`g GQῌ abefrstuvf',wxy^2+,p^z{
,q|῍ ῌ abef,}~ῌ mhkT]e Thiῌ +gYZ,qῌ efstuv',wxy^
e'YZz{YZ,q|῍ OECD2PPP9ῌ +2z{Y Z[Z\'k2PW GQ῍ +2"ῌ k
2PW9 ῐῑ ,q`gPWGQ῍
++Gῌ Q2efTh2_Gῌ 2PW
7CT ῎ῌ῏῍ Tῌ ^mhTῌ h]T
῍ +2,wῌ nl2e'Gxyῌ p^z {. ῎PMC῏ ,qῌ nlῌ kG9ῌ +gmh!
. ῎S῏ ,q ῎ῌG9S῎῏ῌ ]2.,῍ sῌ pC
2''.9ῌ . ῎D῏ ,q`gῌ -]
2.,῍ kG9ῌ .,.,2 ῎ῌ2E῎῏
G9ῌ (¡^¢£¤¥]¦§T+,῍ ῌ ¨ῌ +2
,+0
ῌ῍
῎
῏ῌῐ
῍
ῌ !"# !"#"#$%&'ῌ ( )!"# ῏SMC῎
Sΐῐ *+,῍ --.ῌ !"#()
!"#+,/0123 ῏Tῐ $4-῍ -23
῏Tῐ *567389:῍ 43$-.ῌ $;<ῌ
=>?@.AB-*CD῍
Eῌ 567343Fῌ GH1IGH ῏Pῌῐ EJ43 KGH ῏Pΐῐ LMN῍ -OPQRS3TUT.V*ῌ WXUGHMNFY*Z[L\] ῏Pΐ῍Pῌῐ ^:ῌ Z [*WX-῍
OECDPPPῌ -_`abc&῏῍ῐ-EJῌ \ ]$de-῍
Eῌ -ῌ @*fg!῏῎ῐῌ Z[UPQhij klmno pqrs ῑ[WXtuῒ ῏vwxyῐ ,+1
ῌ῍
῎
ῌ ῎ ῏Dῐ ῌ ῏Dῐ ῍ ῌ !"#
$%&ῌ '()*+,#-.῍ /01ῌ 2
#(34567%891:;ῌ <=>?2#(3%
@AB/ῌ (3%CD*+,&Bῌ EF? ΐ(
3GHIJB/ ῏KL ῑ῎ῌ῍῎ῒ ῍῏ῐMῐ ῍ Nῌ ῏Dῐ /OPQRῌ ST'()GH῏ῑῐB.UV
&W ῍
XYZῌ 4567[\]^1 ΐ45_%`ab cdef-ghij&B/῎ij&kῌ lm n!oOECDPPP45_%`abcdef-pqrs tuB/῎vwXYZῌ xy[QRῌ ῎def -pqr\]1z{8J῎|}?~\]oῌ )
Y[^1ῌ xy[uJ1῏ῒῐ῍ ῏KL ῑ῎ῌ῍῎ῒ ῍῏ῒMῐ ,+2
ῌ῎
῍
῏῍
῍ OECD ῑῒ ῍῏῍ῌῐ
῍ῌ ῌ OECDPPP ῍ !῍
῍"#$%&#'῍()ῌ *+,-./0"
#$%(1ῌ *+,2345"
#$%67!89:0
῍&#'!;<"#$% ῑ+,=>?@$%ῒ
῍ABCDEFGH'
῏῎ῐ I*J ῑ67ῒ
ῌI*J ῑ67ῒ H῎KL
OECDPPPM:ῌ I*J ῑ67ῒ ῏NO ῑ
67ῒ ῐ ῌ -P/0QRSTURVWῌ+,XY$
%Z[%()ῌ "#$%&#'῍0\ῌ ]^_]
(῍ `)ῌ QRaR( ῏bcῌ AB(*
dῐ Zefghῌ0i/:5 ῑ῍ῒ (῍
67*j῎!ῌ ῑURkl-B*ῌ m3 :5URM:n/EF61o*p1*qῌ ῒ (῍ `)ῌ r*ms:5QRaR(
*G(qῌ*(῍
0 ῑ῍ῒ *I*Jtju<5KLῌ _Rvwx yz{*(῍ I*J῍ῑῌ|}῍ῒῌ|}ῌ ~Tj
0_R* ':5῍ 0ῌ I_R
vw ῏ῌ-vw῎
ῐῐῒ|῎
ῒῐ῎¡ῒ¢ῌ £¤¥¦UR§W¨©-῎
ª£#ῐ ῐΐ|ΐ῎ῐ ῒΐ῎¡῏ῌ¢ῌ «¬««¬«-῎
®¯~°±
²³´µ¶+,·n¸ ῑ67ῒ ῏¹º»¼ῐ ,+3
ῌ῍
῍
ῐΐ ῒΐῐ῎ῑῌ ῏ ῐ῏῎ῌ ῒῒ῍ῑῑ ῌ
!"#῍ $%ῌ &'&&'& ()*)ῌ +(
,-./0123456ῌ 78 9-῍
ῒ:+45 ῐ./012345ῑ ;<=0>?@
ABῌ ῎ῑῑ῍C?@0>DEFGῌ H"IAJ KL0*(M0ῌ NM0OPQῌ R0ῌ SDT6-I(, -HA)UVWXYZῌ C0*[\]^_`-abc deῌ Mῌ NMOfghDij-ῌ O7kC^_
9lm!"#0[\noj-pCOKqrst;
ruvwxy7B῎ῌyz-{(|U}~W!"#A
!"ῌ [\ῌ 7k[\
[\ῌ :+45KL0*9#abcdeA &
AW|U!"ῌ H"j-:+y
\)`"IYHA)9#AB(,-῍
90 ῍ῌ῍*7k6);<
AC(,-[\ῌ ῎:+45KL0*OD9#
T0 ῍ῌ῍* ῒ9Z)ΐ ,#-HA
\[A8(,-῍
6:+45)abcdeODi¡OD9#ῌ &D !¢£¤D!\¢#I(,-[\ῌ 0 ῍ῌ
῍7B¤ U0>VA9"¥,-IA8(
,-¦Y\`ῌ §EFG῎ῑῑ῍¨p 9#¤
6Iῌ 0 ῍ῌ῏7B p0>VA#©9¤D
"¥j-ª$D%8(,-῍ ῐa«¬ ®&Vῑΐ
H78ῌ 7¯ῌ °±() ῒw²³´
µ7¯¶·D¸¹9ῌ "7¯¤D'$#º»)ῌ )¤"¥D%8A8 ¼(῎{78 Z)!"#ΐ ,,*
ῌ῎
῍
῏ ῑῌῐ῏῍ῒ ῎ῐ ῍ ῌ ΐ
῍ !ῌ "#$%&'()
*!ῌ +,-./0&/01ῌ 234,567,89 ()*!ῌ +,:;4,89<=>?῍
"#@῍῏ ABCῌ DEFCG )HIJ῍
ῌKL ΐ M
ΐ !ῌ NOIJPQR STIU*VW*
X῍ Y ΐ M()*ῌ ῑῌῐ῏῍ῒῌ Z@
ῑῌῐ῏῍ῒῌ [\ ῑῌῐ῏῍ῒ ]^_`abcdef'Fῌ MF*g
)῍
hiῌ ῑῌῐ῏῍ῒ ῏῎ῐ !ῌ jIJkEF*)῍
ΐPPP()*ῌ +,=l&'D>m*nopYG IU*+,noCDq>G)JYG@rG>Pd sῌ tῌ uvw'xU*!ῌ y0z{D|}~y0z{D|}~
PcF* !+,noz{oῌ
PcF* !+,noz{oῌ
IJPYGP)IJ
IJPYGP)IJ῎sPdP)
J῍ ῏ f'ῐ GF*ῌ OECDPPPG)DkF*)῍
!ῌ >PK ΐ+,noz{I12kt+,noz{I12kt ῏ f'ῐ
YGῌ GF*)῍
jῌ Z@ ῑῌῐ῏῍ῒ ῏ῌῌῐ !ῌ ΐ !56D ΐ
@ GFῌ / 56CGF*ῌ jIJMDE F῍
ΐKL!῎ )!¡^¢+,£¤4,|¥>dkdc Pῌ h¦/§4,z{)h)4,z{)h)ῌ 56¨©
PP) GF*N ΐ56U*!ῌ56U*!ῌ 4,uªDh>YG4,uªDh>YG PkdcF*ῌ cd«¬K®DGdH῍ F*ῌ PkdcF*ῌ cd«¬K®DGdH῍ F*ῌ YY¯Pz{aIU*ῌ °,DpYG
YY¯Pz{aIU*ῌ °,DpYGῌ +,±²³
´µ¶·vI"#¸G ΐ ῏¹º»¼ῐ ,,+
ῌ῍
῎
῍ ῎ ῏ΐ ῍ ῌ ῍ΐῑ῏ῐῌ
῎ῌ῍῍ !"#$%&'( ῎῍῍῏῍
)ῌ *+ ῐ῍ΐῑ῏ῑ ῎῎ῒῌ῎ΐ,῏ -ῌ ./0123 ῍
ῒPPPPPPῌῌ 4567#89: ;<=5>?3 4567#89: ;<=5>?3 ΐ
@- ῒ89: ;-ῌ 67ABC DEFG
HI;ῌ /JKE#A!LM)KENOῌ PQ HI;ῌ 67#>?3 0R#45STU'(C(
V῍ ABC DEFGI;<ῌABC DEFGI;<ῌ WX@YZ[\ῌWX@YZ[\ῌ DD ]^_`ab^ῌ D]^_/ c deS/0Pf_]g ]^_`ab^ῌ D]^_/ c deS/0Pf_]g h-ijk#lf3 "ῌ "Rm3 ῍
h-ijk#lf3 "ῌ "Rm3 ῍ ῎ ῏ΐ
ῒn]DEop;ῌ qrs89tuH;ῌ vw]
67#)(<>?3xyΐ ῍
"/0e<z{u3 |X}~ῌ ῐ῍ΐῑ῏ῑ ῎ῑ ,῏ -ῌ .<2 ῍
ῌ)X}|] =#DEADEA3:|i
<vῌ n4-)<3 "<
0῍
ῌ)X}#DEKE< ῌ )(iI X}/ X<)< ῍
ῌ)X}vw8967FG< ¡ ῍ )(
)(<¢.]£¤4Sῌ KE)L¥%
=¦§< ῍
"/0w¨ ῒ67>?Rΐ ῌ DEKEC KE~
PQ;<©ª67«¬~30e-®S῍ "(w¯
-ῌ ῒ67>?Rΐ ῒeΐ <./04H "3 ῎῍῎῏῍ ,,,
ῌ῍ ῌ
ῌ ῌ ῌ !"#$%&ῌ '(
#ῌ )*+,῍
ῌ'(#-./012234567῍
ῌ89:;<῍
ῌ-.89=>?@ABCD12EFGHIJ#
89KLMNOPQ7ῌ RSTUVWQ7X1 YZ#1[῍
\] ^_ῌ OECDPPPZ ῒ)*+ΐ `a[:
;<=bc῍ $de=^ZZfX1gX῍
OECDPPP#ῌ hi=di<ῌ 89:;< ῒ`ΐ j HklmjH[ ῒΐ nlῌ ῒ)*+ΐ #ῌ op )*+q, ῒ`ΐῌ 89:;<
ῒ`ΐ 23rkQ7H[ ῒΐ῍ st ῐ῎ῌ῍῎ῑ u2Zvwῌ \] x ῒOECD yzy<Q7PPPZop { 37PPP#|
#}1j`ΐ ῎st ῐ῎ῌ῍῎ῑ ῍῏ῐ~῏ Z[XYZ1῎῍῏῏῍
GH[`#ῌ =G-.89:;< n῍ Y 73=^ῌ f] #ῌ Y ῒΐ ῌ q,
[H=X῍
ῌ
OECDPPPZ
῎῍῏ (ῌ ῌ r
ῌOECDPPPZ ῒ(q, ῎ ῒ(ΐ Z[X῏ΐ
(ῌ OECDPPPq6 ngXῌ ¡ῐZ¡ῑ
¢£¤¥¦§Z ῒ)*+ΐ ῎¨©ª«῏ ,,-
῍῎ ῌ
῍῍ ῍ ῌ !"#$%&'()*+,- ./0ῌ 1234+5./(῍
ῐῌῑ῍῍6708῍
ῐ 9:2ῌ + -;< ῎=> ῐ
;<ῑ /?῍῏ +@($ABῌ +C(D(῍
ῑ῍῍ ῎5῏῏
;<ῌ 6E,FGH8!"+IJῌ KL3MNOPQRNOSTUC VWX08ῌ Y;<ῌ Z[!UCVZ9:\Z[!UCVZ9:\
] UCVZ^] ῍,῎ῌῌ_`
] UCVZ^] ῍,῎ῌῌ_` ῎ab0,-
ῌ ῍,῎ῌῌ_`=c0ab0,-de
/῍ => ῐ;<eῑ /?῍῏ + f./H0Jg/Chijklmno+p$ g ,,.
ῌ῎
῍
῍ ῎ ! "#῏
$ῒ%῍$῍&ῌ '(ῒ)*#+ῌ '(,-./0%1 2ῌ '(ῒ3456789:;<;;:2 ῌ =3456῍,῎ῌῌ>? ῎56@$ΐ%ῌ $῍ῌ%῏ 2:῍
A0B῏ῌ CῒῑD-EF:῍ =ῌ CῒῑDG HIJ;ῌ KL'MNOP*B2GQF:R
῎Sῐ῏῍ P*BTGQBUῌ VWCX)*YZῌ[ῑDGH\] ῎^
_῍῍`῍῎a῏bcde*fΐ$῍ῌῑg῏ $῏% ῎P*BGH῏ hiῌ 34jkῑ2GQ+7:῍
OECDPPP'ῐῌ lmno῍pB῏)qrs2ῌ MtT-Eῌ uv;wxlmy῏B῏zM
;{2ῌ |*῍pT}wF~ ~
ῌ 2ῌ 346ῌlm7B῏-E7 '];:῍ ῌ 56@200R῍ 56
@ῌ ')56B῏ῌ iῌ )B῏CῒῑDT- E2:Rῌ OECDPPP:;:0῍
ῌOECDPPP ῐ^_`aVb2N^
῎ A0'(ῒC¡)hi¢£F¢¤¥¦§hl m¨©Tª«¬®@ ῎¯ ῐ@ῑ :0῏ῑ
@°;Uῌ ')hi ±'(ῒC¡R¢£F
¢¤¥¦§hlm¨© ῎¢¤¥¦§hi¨©F²³¦«ῐῌ
¢¤¥¦§hlm¨©´@µ¶ ῐ¨©#·¸']ῑ ῎¹º»¼῏ ,,/
ῌ῍
῎
῏ ῌ ῌ ῌ !"#$%&'()*+,-./012.῍ 3'45ῐ῏67ῌ 890:;<=>?.-ῌ 7@ABCD)*+0EF80'(<
#$./0G+*.῍ 5ῐ῏6H+#IJEF80'(+ῌ 5ῐῐ61ῌ K0CDLM7ῌ NO45῏6PQ !0 LM0RST?.G+ῌ !0U;CDLM0VWXG*YZ῍
"H+ῌ 3'47OECD0PPP0[12. ῐ\]^_`<a b?.CD<cd?.KG71&.ῑ G*ZKGG7ef;G7gYB*
12hZ῍
ῌOECD0PPPG ῐijNOklmn4 ῎oR ῐmn4ῑ G*
Z῏ῑ
mn40n>7ῌ 5῍pqJ5pGrsGqJ>H+*.῍ t0u1ῌ ijNOklmn ῎oR ῐmnῑ G*Z῏ 0 vwx?.y, 75ῑp2.῍ 3z{G0|17ῌ 5ῑp05῎}G5῏})*
+12ῌ t)*+~*῍ 5῎}7ῌ !"mn0 v0-0LM)*+0y,12.῍ LMG7ῌ "0 !῍῎"ῌ mn0 v0-?.,0KG12.῍
5῏}7ῌ S"fῌ NO45ΐ65῍0y,?
.NO'( ῎῍,῎ῌῌ῏ <Y.ij"IG&ῌ mn"ῌ ij0NO<q)BST<.-ῌ PQ !
<ZKG<,-+*.῍ K0<0"ῑ12.῍ J 5῏}7ῌ 0?.y, ῎mn45ῐ῍6qJ5ῐῐ6῏ 12 .5῍ ῎ῑ0῍¡P῏ Gῌ F¢qJ3£Bkl<@AG?.3£
¤¥¦§¨ ῎mn45ῐῑ6qJ5ῑ῎6῏ ?.5῎ ῌ 5῏ ῌ5ῐ ῎ῑ0῎¡P῏ G1n>+*.῍ 5῏}5῍ )*+7ῌ 0©Yῌ 5pªs1ῌ !qJ0LM
G7£ῌ F¢0a«¬*+mn0)*+0y, ῎5ῒ
,,0
ῌ῍
῎
῏ ῍ ῌ ῐ῍ ῎ῌ῏῏῍ !ῌ "#$%&ῌ ' ( )*+,-./0-1- ῎*+2345 678῏῍ 9/:2;<=/῍
>῎ῒ ῎*+,῏
"#$%&ῌ '(%?8@ ῌ '( AB CD)!ῌ '(Eῌ *+,-./0-1-
῍
>῎ΐ ῎*+F῏
G>ῌ*+Fῌ H"#$%&Iῌ JK*+
?8LF*+MNOPF B῍
῍. JK*+?8LFῌ :QRASTB!UA - VW<!XYZ[<!1/-./0- 1-῍
\ H"#$%&]^_`a1ῌ bcd<ef9 g"#hijkl%mn-io^pqῌ r st%uD&v*+wxBy9/- z ῍
z/ῌ {q"|%}~῎ῌῐ῏ῌ -yῌ "|%}
& !῍ OECD
PPP ῐCD"ῌ &%G-
CD^z [ῌ &OCD
*+Bz -῍ῑ ῐB ICD
ῐ¡¢CDῑ ῎¡£CD῏ z ῍ῑ ῐ¤¥¦§ῑ "X
¨I'(;*+῎ῌῑ῏©ª῍ st*+ῌ H"#$%
&ῌ {q%}|«¬ ^/!
'(,BCDῌ %G [ῌ OECDPPP
"Jῌ %}¡£B!CD ®-z 1ῌ
¯°±²³2l;78 ῐ&*+"´ῑ ῎µ¶·¸῏ ,,1
ῌ῍
῎
OECDPPP ῍
ῌ ῌ !"#$% ῎&'῍῍(
῍῎)῏*+,-./0῍ῌῑ1῏ 23"# ῎0῏4῏ 567ῌ ῐ89 :;<=>?@ABῑ ῌ CD8E23 ῎Fῐ῏ G
"HIJKLM ῎῍ΐ῏῍ NIOῌ PQῌ R89:S :!TUVM:WXS ῍ VL5ῌ ABY0 Z[%ῌ \]56 ABG^_`aJK ῎0ῒ4῏῍
0ῒ4$#ῌ ῐbcd$e89:;<fghi jῌ ABklmnopqr5rst NK5uva 6 ,,2
ῌ῎
῍
ῌ !"#$%&ῌ ' (&)*+,-. /001ῌ 2 34*52678.$%39:;<=0> ;?@
A1ῌ BC DEF:)Gῌ HIJ&ῌ K LM N,/0<COῑ 0&G)῍ PQ1 ῐ(&R.STU V3ῑ WXYῌ ,ZG21HI[MN,/0<
\]0)^/0_῍ &<`Gῌ S_ῌ ab<$c)ῌ d ef`G<Ygh ῎Q'.hi῏ , 0)^OECDPPP0'j@XC')kl^῍
῎῍῏ mnP)Gop
/^ῌ OECDPPP0qῌ rstῌ uvtῌ HIt
;w;mnxy῍ z{mnqῌ rstῌ uvtῌ HIt)9
;_ῌ V|}~J,hY[f,t
C'Rῌ WXs,t0)^/0< C=l^῍
//Cῌ ?<ῌ =?@ῌ [/;hY<f;0^qP)G῎C&)῍
῎'ῌ ῎P῏ ῌ ῎X῏ 0&C=
῍ &Gῌ /?'X?Cῌ <deR&
)ῌ PQ1 de< ?@¡&G)῍ /¢
£¤ ῎D῏ '¥¦῎ῌῐ῏῍ ῏§¨XA©Y
῎SMC῏ 0'ῌ |ª ῎T῏ «B&Y0,῍ /0 Oῌ ¬ῌ HIt^ῌ $c`ῌ g
®BS¯^°±Oῌ
#Y[B²,/0<COC=;¬ῌ hY'ῌ QQ[f;/0῍ &<`Gῌ 'ῌ Q`R³9ῌ ,ZG<,/0
´µ¶·¸¹ab t0 ῐab¯ῑ ῎oº»¼῏ ,,3
ῌ῍
῎
῏ ῍
ῌ
ῐῑ῎ῌ῏ ῌ ῌ !"
ῌ ῐῑ
#ῌ $%&'()*$+,-#./01234 ,- 5 6789:;< ῌ =->?:@8ABC ῍ @8#ῌ D8EF:;<BC ῌ ῐ ῑ GH28 I ῍ Jῌ #ῌ K῍L3CB
$+MNOPQR:ῌ K῎L $+MSQR:Tῌ QRUV:;<BC ῎῍WX῏῍
K῍L $%&'(Yῌ$%&'(Yῌ Z[$%&'()*$+,-:Z[$%&'()*$+,-:
\]0^#ῌ Z[$%&'(_ $+M`
\]0^#ῌ Z[$%&'(_ $+M`
,-*
ῌ῍
῍
῍
῍ ῌ
!"#$%&'()*+,ῌ -./)0῍ ῎12 34῏
5῏6 7689:0%ῌ ;6<=#/
>,?@ABC4DE4ῌ '0῍
5῎6FGῌ HE<=*( ῒIJKΐ ῎LM ῐῌΐῑ῎ῑ ῌῌN῏ (O%ῌ ῒPQ4RS?Tΐ UV#W+(+XY) ,῍ ;Zῌ [῏6:0%ῌ \]#O%ῌ ^_`
+0W ῒPQ4RS?Tΐ (a9 )*+0b῍
Fῌ cdῌ [5ῑ6ῌ5ῌe#Wῌ $0%
fghijῌ kG[5ῌῐ6)ῌ lfg+%ῌ c=mn oW-+<=kp%0῍
5ῌῐ6 qrῌ ?@A&'89:0%ῌ ?@ABC4 ῎E l?@Ast?@ABC4uv῍῏ 5w6<=#
/ >,hfgh-bῌ F$ῌ -[xy z{ |}*+~ +,ῌ ?
@ABC4ῌ ?@ABC4 |}
mnoW(+῍
[5ῌῐ6ῌ ῒB ?T)ῌ PQ&:j
ῌ :#&'89ῌ ῌ PQ4RS῍ΐ +0W ῒPQ4RS?Tΐ {?a9 )*+0b0)*W῎ῌΐ῏῍ -pῌ )
ῐῌΐῑ῎ῑ ῎῍ῒῌ῍ΐN῏ ῒ&:j ῌ
fgῌ ῌ #¡;¢+0O
#Wn £¤)oqrmn-+ῌ - ῎PPP῏ ?T¥
῍ ῎¦§¨© ª4῏ΐ -+W῍ ῌ [y «ῌ
¬®¯°#±²PQt[³+ ῒPQ4RS?Tΐ ῎´µ¶·῏ ,-+
ῌ῍
῎
῏ῌῐ ῒ ΐ !"#$%&ῐ῎ῌῑ῍
''"()*"ῌ +,-.Q&A ῐ/0123ῑ 45.
6'῍
ῌ῏῎῍
Qῑ 789+,:;<+,=> ῐ?@ABCD,ῑ EF GHIJ"KLMN#&O PQῌ R#"S&῎
Aῑ TJ78UV TJWXY<+,SZ[
"ῌ KL\]^N'_`*ab῍ &ῌ cdῌ TJWX<9+,=><e!.*ῌ TJ789G HfJ"Y<+,"g#h7i9UV PQῌ jkjk lm`BCnaHN opqr"ῌ j9TJ78 lm`BCnaHN opqr"ῌ j9TJ78 s.ῌ tuv=>ῌ wx=>ῌ yzv=>h{' s.ῌ tuv=>ῌ wx=>ῌ yzv=>h{' 9)!HN*S῍
9)!HN*S῍ ῐ|} ~ῑ
῏
/13HP`
ῌ= ῒΐ
=# ῌ 7`TJ&H^N
ῐ`^N ῌ
`^N hῑ sῌ jῌ ῌ
TJ78h9 g=>-.¡¢£"_῍ ' ¤¥
S ¢ῌ TJ78+,¦§¨¦§¦/
9ῌ =ῐῐ῍©ª῎©!῍
ῐῐ 7«¬sS ¢'
®¯g°HN=>ῌ TJWX+,STJWX+,S
῏῍©±¡`TJ789+,S¢
῏῍©±¡`TJ789+,S¢
,-,
ῌ῍ ῌ
ῌ
ῌ
῍
῍ ῎ ῏
῎ !ῌ "#$%&'()*+,-
!,./012!ῌ 34567898:;<=><?
<*῍
5ῌ @ABῌ C.DEFῌ G$DH῏ῐIB ῌ J$%ῌ 2'(KL<67*2;ῌ @M$%NO 8P QRS*῍
῎J$%῏
H῏ῐI J!ῌ HTIUMVWX<YZ[\ῌ ]A^_`ab /cd<ePDfghe$%NiP/Bῌ 5)ῌ
$%'(67/9dKLO
$%'(67/9dKLO j98ῌ k&<$%Ni ῍
j98ῌ k&<$%Ni ῍ ῎ ῏ 4!dG$DH῏ῐI91ῌ G$D ῐlmnῑ Nop qrsXB0!*t<*B0u8῍ 2vῌ G$DH῏῏I\
98ῌ Dqw! ῐlmnῑ NxaS982
*tB!<*vu85῍
ῌyoD ῐlmnῑ
yoD!ῌ C.DHῑIH῍#UMC.$%z ῎῍,῎ῌῌ{K῏ N
|t/}~2ῌ NO8PBῌ C.N35) <NPN<X*῍
?yoDB!ῌ yo6῏B2
dῌ 6ῌ GgheG/0῍ G
!ῌ yoDH῏ῐI*ῌ J</k&<
_EB Bῌ 8G
῎῎ῌ῍῎ῐῒM῏ /P02῍
¡¢9£¤lmD¥¦ ῐlmnῑ ῎§¨©ª῏ ,--
῍῎ ῌ
ῌ ΐ ῌ ῑ῍ΐῒ ῏῎ῌῒ ῐ῎῎ῒῐ ῍ ῑ῍ΐῒ ῌ !"#$##$
#%&'()* ΐ ῌ +,-./0῍
῍ ῑ῍ΐῒ 12340#$##$#%&'()* ΐ
56789:;ῌ <=>?&'()*@ῌ '()* ΐABC DEFGHIJK LMῌ AN&HIOPQR0ῌ BS HI&T-UVWXY<=A?Z=&0[\]OB R0ῌ CSHI&T-^_YZ=R0 &- ΐ`
a bcdR0efg &ῌ hefg&ijgῌ ῍ῒ῎kΐlm nK ῍
ῌ
ΐABC`a FGHIHIoMpjqrs 3t-῍ uῌ ttvwxK 1ryz{|}~~=
}FGOB3TBxK00῍ '()*
oM῏ῑ.῍῏ῌ =FG7`a FGHIOB
῏῍ῒk῍῍l῏ῌῐ ῎ ΐC 0&R040῍ ῎t ,-4ῌ ῏5῎+ῐ `a FGHI
'()*oM ῌ ]KT῏.῏ῌ0῍
ῌ
ΐ=}HIOHI5ῐ5῍ ΐ]N&0&
K0 ¡¢£ &R0¤jῌ ΐCῌ¥¦ Kῌ ΐ§
¨©HI Kῌ ª«&H¬^QR0®
0῍ ῏ ῑ῍ΐῒῐ
ῌ
ΐ'()*,0 ª«&¯O¬°±0&ῌ ῍#$##
$#%²³<=´µῌ ῎`aDE,῏¶·¸FG-¹ῌ ῎`aDE ,-.
ῌ῎
῍
ῌ ῌ
῍ ῌ ῍ !"# $
ῌ ῌ%&'()*+$,-./01ῌ%&'()*+$,-./01 /23ῌ 4%&567897:;:;<=
/23ῌ 4%&567897:;:;<=
>?@ABῌ @/0CDEῌ FGHIJKLC
>?@ABῌ @/0CDEῌ FGHIJKLC
@M18NOP@FCIQ@R
@M18NOP@FCIQ@R῎῍ ῐST U<ῑ ῐVW ῒ῍ῒῒῑΐῑ
῍VW ῒ῍ῒῒῑΐ XEC)*;Y9Z[\ῌ )*]
^_:;` 56<ab
cdῌ efghi1Hj)*561HklC!/ῌ )*;
Y9Z[\ ῐmS 9Z[ I῏
῍ῒῒ῎noῑ ῍ῒῐ῏
pῌ qr)*;:;` ῐsr t῏
uvwxyz{|
}ῌ)*~ῑ )*]^_:;`noR῍
9Z[ῌ <Z97:;G ῌ :;@Eῌ ῌ 97 ῐ/1ῑ )@CJ ῐῐῑ῍ 9Z[J1ῌ )*
;Y97)/0R῍ )13
[\C ῐZ[\῎ῌῑ῍
ῌ )*;:;` ῐsr t῏
uvwxyz{|}ῌ)*
~ῑ )*]^_:;`noῌ )*
]^_:;`n)*;:;` ῐmS :;` Iῑ 1 R῍ cῌ 9Z[QlC/ῌ :;`:ῌ )*;)*;
C97R[\1~) ῌ ¡¢ῌ 9 C97R[\1~) ῌ ¡¢ῌ 9 7 ) £ῌ ¤ ¥
7 ) £ῌ ¤ ¥ E ¦ M R῍ ῐS T U<ῑ ῐV W ῒ῍ῒῒῑΐῑ
)*Gῌ R§ lCῌ ¨!©k@Kª¨!©k@Kª
"«¬!®vK1Eª1¯ῌ °#±²$³
"«¬!®vK1Eª1¯ῌ °#±²$³
%´µ¶C·¸56¹C 56<ab ῐº»¼ῑ ,-/
ῌ῍
῎
῍
῍ ῐ ῒ῍ῒῒῑΐῑ ῌ
! "# ῐ῍ῒῑῌ$῏%ῑ &ῌ ῏ '()*῎ῐ+*῍, -.'/01234 56 478 9:;<0=>4ῌ ?@ABCDE.ABF GH I7&ῌ ;JH 0KLGMNOP4ῌ QRSTUV WX'(YZFH KL0[\G] WX^KL4ῌ
E F0_84&`abcd Ie Oῌ
fgJKLhijGMNk43῍ Gelmῌ nOnO AB.KLAB.KL 9o 3pῌ ?@ABῌ E.AB &ῌ KLq438rOῌ Q 9o 3pῌ ?@ABῌ E.AB &ῌ KLq438rOῌ Q RSTUV WX^KL4ῌ EOst.KL9o0uvῌ RSTUV WX^KL4ῌ EOst.KL9o0uvῌ fgJKL0w<xy478z04p3OP῍
fgJKL0w<xy478z04p3OP῍ ῐ{| } .ῑ ῐ ῒ῍ῒῒῑΐῑ 4~7῍
ῌ ῒ῍ῒῒῑΐ y'/d'Tῌ '
'/g4 AB.KL9o
'('/.0>ῌ - tO l3'
F/0_8478&ῌ nῌ AB.KL9onῌ AB.KL9o We8 We8ῌ
῏ῌ '/d'ῌ ῌ
Q[\d&ῌ '/ Ge4e6ῌ v 3 4 7῍ vX&ῌ 0¡¢7 OECDPPP῏ £¤G῍ ῐ{| } .ῑ ῐ ῒ῍ῒῒῑΐῑ 4ῌ ¥
¦§AB G AB.KL9o ¨ 478WX©4ῌ
¦§ªv3¥0«6¬N®¯0_8®ABTO&ῌ AB.AB.
KL9o &° W±²ªv7e7῍
KL9o &° W±²ªv7e7῍ ³´ῌ ?@ABῌ
E.AB d῎e0hpῌ AB.µ74KL Wl6
H ῐ^¶fgJῑ KL_lv7῍ ῐ{| } .ῑ
ῐ ῒ῍ῒῒῑΐῑ Oῌ AB.KL9o 3p3AB.·0
\¸G3¹ ?@AB º¶ E.AB º&ῌ ]»h14n¼ ,-0
ῌ῎
῍
῍ ῒ ΐ ῌ ῒ ΐ ῌ !"#$%&ῌ ' ῒ ΐ ῌ !"#$%&ῌ ' ()*+,!%-ῌ .&/012$
()*+,!%-ῌ .&/012$
34
34%! 5 %!῍ ῎67 89 ῏ΐ ῎:; ῐ῍ΐΐῒῑ῏
ῌ<=> ?0@A (9
Bῌ <=> ?0@A ῒ ΐ CDE FGHI!῍ <=>"ῌ JK@LMN2OPAQC!?0
@A @R(9 ῎Sῐ῍OPTUVW῏ OPXYU ῌ Z[@LC!ῌ \]TUVW ῎Sῐ῎\]TUVW῏ %!῍
OPTUVWE"ῌ OECDPPP"^_` "ab 5 FGc2῍ "ῌ ῒ ΐ "d%e῍
OPTUVW"ῌ @R(9%&ῌ @f`ghD!(9ij
?0@A !"῍ 21ῌ OPTUVW"
ῒ ΐ "^_` N!῍ kE\]TUV W"d%e῍ .Eῌ BFGl῍
ῌ<=>\]mn ῒ ΐ
\]@Amn "ῌ ghopl cῌ <=qr\]TUV W34 cῌ <=ῌ TUVWls_ῌ .tu Uvwx y-ῌ TUVWD!TUXY4!(9z!2{
\]TUVW|!qrVW }~XYy!34%!s _d"ῌ ijTUVWIl12?0@A ῌ ij
?0@A !ghop. @Aij?0@
A |!TUVWC!mn5 %&ῌ 2\]@Amn
"ῌ Qxyy- ῎<=>῏ῐ῏῍ Z[
@Lῌ ij?0@A "ῌ <= \]mnQ
ῌ ῎ῌ῍῍῏῎ῑ῎῎῍῏ijQxy!῍
!D!> ¡ ῒ ΐ ῎¢£¤¥῏ ,-1
ῌ῍
῎
ῌ ῌ !"#$%&'ῌ ()*+, -.ῌ */()0+ ῎1῏ῑ2῏῍ 34 ῌ ,#()#5 !"
678ῌ 09: ῎;<῏ =>/?@ABCDE ῎1-
ῒ Eΐ FG῏ 0+ ῎1῏ῒ2῏ ῎H῏#῎῏῍
/I/ῌ ()*/?J"Kῌ()*/?J"Kῌ @ALMNOP@ALMNOP QRSῌ $%#ῌ ῌ TU- 6#VWX QRSῌ $%#ῌ ῌ TU- 6#VWX K'?ῌ Y/? !"-. ῎1Zῐ῍2῏ ,"
K'?ῌ Y/? !"-. ῎1Zῐ῍2῏ ,"
[?'῍
[?'῍ \ῌ ][?I\34BC DE ῎ E῏ ##^:_'?ῌ @ABCDE ῎ E῏ ῌ Y/?`abc'ῌ 0,#`
aJ[?ῌ ()#9:6d+e-(fg,"῍ / I/ῌ ,,ῌ `a_'?ῌ @ABCDE ῎ E῏
Y/?ῌ hi#j klm#n#BCo#pqr#st"p#st"p u#$%bvNO"'7wK'?
u#$%bvNO"'7wK'?ῌ -.x4y6#`a>-.x4y6#`a>
J#
J#/?ῌ z{4ῌ |6`a"[?'"'#-Q ῎1Z ῐ῎2Z῎}῏῍
,#]"1##ῌ ^:~wῌ ῐ῍ῒῒῑῑ ῒ
E`a#Bΐ '?' "'/?'ῌ
#9Y+rY1ῌ
1#/?' "J"'῍ /I/ῌ
ῐ῎ῌ῍῍ῑ ῎῏῏¡῏ ῌ ῒE`aB ῎B¢E`aB῏ #£-ΐ ¤
ῌ ῒ¥¦§ῌ ¨hbc©ª«+,][?B¢E`a
'?K8ῌ B¢E`aB#¬'®I\¯°§±²-.]
῍ΐ ±²/?'῎῎῎῏῍
῎῎῏ ³´_'?#µ¶
,-2
ῌ῎
῍
ῌῌ ῌ
ῒ ΐ ῌ ῌ ῒ
!"#$%&ΐ ῎'(῍῏ῒ)῏ ῌ ῒ*+,+,-ΐ . ῒ/
%ΐ 01ῌ ῒ-234.5678&99:;95῍ΐ <ῌ =
> ῒ ΐ ?@῍ =A:B5;ῌ ῌῌ :C5; ῒ ΐ .DE:C5;FGHIJ@῍ =F G:K?;ῌ LK6:ῌ ῌM.N; ῒ ΐ :O?@PQ&?@<ῌ R$&STUV ῒ ΐ HW5;559.<XY1@5῍ ῒ ΐ <9K6:ῒZ[[PQ.N;\]^$;1@9.:C5;ῌ
_:`῍ ῐ῍ΐ῏ῑ ῑ)ῌ ῍ΐ῏a: ῒbῑῐῌacdef^$;5%ΐ
PQῌ ῒPPP:C5;?1N@ῌῐgῌN:hJij $
;1@&?;ῌ kdῌ lmno2:@?;pqHrsBR$^
t5.ut5῍ ῎vw x2῏ΐ .yz{|N;5%῎῎῏῏῍
῍ῌ :B}%~. ῒ ΐ
9$[FGHIJ@ῌ .:ῌ &6C ῒ ΐ ῎_01A<%῍ R$<ῌ ~%῍ ῎῍ ῏ :ῌ T ῒΐ X<%῍ ῌ R ῒΐ :C5;ῌ ]῎῏a῏῍῍:N@:
6:Kῌ y῏ ^$@ ¡¢:K%
£¤ <¥;5%9.:¦Jῌ ῏ ^$@
¡¢:K%£¤ n§¨:DN;ῌ ~HX :_% ῎
῍ ῏ 9.<X©^$;5%῍ 9$H6};ῌ ῏
ῒ~ΐ :C5; ῒ~ῌ 9$[῏ª«H¬N;1@9.:
6®¯°H?;5%ΐ ῒ±²³H´µ%ΐ .N;5%῍
:&ῌ ¶·:~:D_%UV<ῌ R9&ῌ 9$[
~ῌ ῏ª«H¬N;1@9.:6®¯°H?;5%9 .<X:¸^$;5%῍ Lῌ R$H6};ῌ :DN;&ῌ
¡¢:K%£¤ :E%PQ. ῒ ΐ ῎¹º»¼῏ ,-3
ῌ῎
῍
ῑ῍ ῎῍,῎ῌῌ῏
ῌ !"#$%&'()*ῌ +,-./
0123456789:;.<ῌ =>? @ A* ῎BC῎῏῍
DBC;EF@A*.<-ῌ = GHIJ@A :-K<LMN>OPQA*6RSῌ =H-.QAIJT, U!"-ῌ .<6 !"#$VWXῌVY>Oῌ >O
Z[*Q ῒ\]#P^_ΐ 4`:abc6de<2῍
fῌ gh ῐ῍ῒῑ῏ῑ ῎῍῍i῏ jk@A*ῌ ῒ\]#P^_ΐ -./
ῒlm-nQAaῌ o7pnf:6qrR2-@Aῌ +W
s2Rtu-vwxR῍ +@Aῌ ::;yz6>Oῌ-.Qyz6>Oῌ-.Q Aῌ {#P^T|:ῌ }~H
Aῌ {#P^T|:ῌ }~H ῎ `#῏ΐ ; n/ῌ U!; ῒyz6>Oΐ r-:U!
;n6Rῌ DBCa-ῌ +>Oῌ =- n2 !"#-n2῍-6QA@f*ῌ ῒ\]#P^
_ΐ fῌ ῍-6QA@f<bcn῍ :.<62R 2ῌ U!` ῒ\]#P^_ΐ ;r@.<
:-@Aῌ ῒ !"#-WP^aΐ
;n/ῌ ῒ Uaῌ G=H@AIJ@A;n:
2Rῌ +ῌ ¡;nQ2¢<2G£¤¥¦6T, 6§,S6R6*῍ +,6*ff;ῌ !"#¨©ª§-a +«¬>Ov,*<aῌ ®¯°±²³´<µ;n*
.<῍ΐ ῎¶· ῐ῎ῌ῍῍ῑ ῐ῍i῏ *Q¸¹n῍
6ºῌ h»-º§:,f;¥¦f¼῍;n῍
,.*
ῌ῎
῍
OEDCPPP !" #$%&' ( ) !" * +,-./ !0123 45*#67489: ;<=OECDPPP !" 67>?>?@A*BCDEF GHI ;< JKL*MNO'P:Q῍῏
9 !4RST ()3U'VWVXYCZ [*V=\I=V !" ]C M !
^4_` aUbcV$aUde# fS%ghQ iVT M\4jk*W'Ql]mnTV# V o]:BTD *#* p ῌῑῐ῎ ῌῌq Trs*:fF M\>Ttuvwx+y 'zT j{D
|}~tumnu$0$#TVW >:WTM ῌῌ
U u
OECDPPP !"
*
:F
U af\
: ¡f¢£v +¤¥¦
OECDPPP
!"
U u(§
¨©(§
OECDPPP !"
¥^e§ª
OECDPPP !"
«¬
¡f¢£ !" ®¯°± ,.+
ῌ῍
῍
ῌ ΐ ῌ
ῌ !῍ "#$
%&ῌ ' ()ῌ ῒ*+,-./ΐ 0 .123456'789! :῍ ῌ OECD PPP;&<=>ῌ ? '@A B(C> &ῌ D EFGHI;CJKL;Mῌ ? NOPJ ,QRSC;ῌ .T,5UBV;;:
῍ OECDPPPMῌ @? 'A B8C./;ῌ WJ KLXY5KL;C%ῌ ? 'RSJZ'J ,M[\8C"&;!C῍ ]^_ῌ JKL` &ab'cd
>eeῌ 2PfC5g'h8ijkjlmno_p C"Cῌ HIqr;Mῌ "ijkjlmnMst;!
῍ %ῌ " ;7 ".123uv*+'?
> wx>ῌ yzJZQRS8Cῌ J,M {zJZ'-8C"|῍ };~>
o_Mῌ ]&]&uvP? Mῌ '8C";?
'1p( Cῌ ] ;5;M7 ῎? ῏ '78Cijkjlmn'fC"ῌ KL(C"; ῒ*+,-./ΐ o
_Mῌ ῐ῍ῒῑ῏ῑ ῎῍῍῏ ; ῒCb
'`"ῌ F8C&"; 1
> ῌ 6' ¡> ῌ '¢ΐ ῌ ῒ
5> ῌ £ ῎῏ ¤¥'f ῎¦§¨A ©,῏ΐ C"
C῍ ^ªῌ «¬.12> ῌ };<='®¯° ῎ fῌ ±²-ZP῏ ;Mῌ .³,HI?
NOPabQRSῌ ´µ.³,M ῒ¶·5-%
¸C";!Cΐ ῎¹º ῐ῎ῌ῍῎ ῍῏ῐῑ "C;C῍ "
q»'¬>ῌ gijkjlmno_'p¼Mῌ ,.,
ῌ῍ ῌ
ῐ῎ῐῑ῍
ῌ OECDPPP!"#ῌ $%
!"#ῌ &'"( )ῌ *+", -./
01 ῌ 23410567.08῍ 2 ῌ --!
9:( ῌ ;*%<=-.#ῌ >*῍
ῐ? ῒ῍ῒ῏ΐ ῍῍ῑ !"@ῌ ..ῌ $%
)ῌ OECDPPPA <BCῌ !D". #:
"5=( E$<B῍ ῏ ῐ1ῑ F GH.I%J!ῌF GH.I%J!ῌ
$%K&LMNO5B P!"῍
$%K&LMNO5B P!"῍ ῏'Q῎
(RS#T@U<Bῌ ῏ VW% )X >*
Y+Z ,[#-XU<B ῐ\]^.D_`/ a%%ῑ ῐb0 ῒ῍ΐΐ῎῎ῑῌ῎῎ῒῑ -.Lῌ 5B5B1c #"ῐ῎ῑῑ῍
d)ῌ efghij"ῌ
kL OECDPPP. $% lmno 23"
pq rL῍ b0 ῒ῍ΐΐ st0ῒ῎ῌ῍῎ΐ #u4 L.v@ῌ OECDPPP. $% )ῌ <,w,GH<B22 +#x#0B L῍ yῌ c510OECDPPP.
$% 6z{ῌ 7%. |8 9}P!"῍
*d)ῌ ῎ῌ῍῎:῍~῎῍;<=!> L! ῍
;!)ῌ ?0@A@B CDE)ῌ F?
GDEῌHIDE10RJK,῍,ῌ dL
"@ῌMN@AjODE.
.-#P/ῌ @¡'A¢Q£RDE10)ῌ
¡'10$% kL P/¤JK,῍ <
0ῌ ¥¦§@A¨©ªDE10)ῌ d!lmo.
$% kL ῌ « S10¬®h¯J/-.#!
P,῍°T ±²U³´, ῍ Xµῌd,B¶ῌ)ῌ V·#W¸$¹. $% ῐ¨º»¼ῑ ,.-
῍῎ ῌ
῍ ῎ῌ῍῎ ῍῏ῐ ῎ῌ῍῍ ῐῐ ! "#$%%%&'()* +%,- ./01 2345ῌ567 89 :;<=567
%> ?7/@! !AB CD*!
῎ PPP ! ῍ΐ῎EOECDFGHIJE KL ῍ΐ῏
BM+%N ./0OPQR<= %S !T*UV WI!
῏ ῎ῌ῍῎ ῍῏ῐῌ῍῏ΐ ῐ ῎ῌ῍῎ ῍῏ῐῌ῍῏ΐ
ῑ 234:;,X%B,:;Y( Z23 [9 \]
^_%( Z23N` ! ῒ ῎ῌ῍῎ ῍῏
ΐ +IaZ b/cde*fg*,!h6 %B ,h6234b/cde*i7/jH! Jb/c de* ki5 [l
῎ῌ῍῎ ῍ῐ῎ῌ῍ῐῑ
\]^_e* mῌ ῎ῌῌ῏ ΐ῍ no pW%:;qr
%sRt u*!_(vwWIJw Q7S%
Polluter PayPay Principle JHI. \]^_ xyz <
B{_(<=|} *!~(*B Q5,
x *! ^^ \ #
῎ῌῌ῍῍ΐΐ \]^_noeQ7%>
! /Jw <=/\]^_(*,!
*!
῍ῌ Ia1,/,! I( OECD%PPP [ l
῍῍ ῎ῌ῍῍E῎ΐ ¡¢£U %¤¥¦§
e* ¤¥ !/ +I/! ,%- ¨*© ¤¥ ! BMª£«m`¬®Y/¯-HI!,!- CD*
!
῍῎ Ia I( % [l ῍῏ °± ῎ῌῌῐ ῒ῏ OECD%PPP( ²³^%e= !´%
µ¶"·e= %¸ ./0% % ( ²³^%
e= ¹ºe= »¼HIJ%e= ¸(°AJ%
,..
ῌῌ
῍
῍
῎῍ῐ῏ ῑ῎ ῌ ῐῑῌ
!ῌ "#$ %
&' ῎῎ῌ῍῎ῑ(῏ )*+,῍ "#$
%&'-./ῌ 01234567869:
;<=*,῍ =>/-.?@ ῐ῎ῌ῍῎ῑ :;<)῍
῎῍ῑ῏ AB ῐ῎ῌ῍῍ῑ ῎῏῍ CDAB ῐ῎ῌ῍῎ῑ ΐ῎ῌΐῒ;<῍
῎῍ῒ῏ ) ῌ E$F,GHIJ KFH%῍LMNO ῐ῍ῑ ῍῍ῌ῍῎ῌ ῒ+DP!QRSJ T:UV,WXΐ YZῒPPPZ*[
\ !: Jΐ ῒ]^"_`D[\_ ΐ ab:c
# ῍)*ῌ dG !+P ef%O῍
῎῍ΐ῏ $% ῐ῎ῌ῍῍ῑ ῐῐῌ ) / ῒ&ῌgHh
34Hh:i'jkg:lm !+
ΐ ῍
῎῍῏ .( ῐ῎ῌ῍῎ῑ ῍ῐ῎ῌ῍ῐῑ;<῍
῎῍῏ no ῐ῍ΐ῏ῑ ῎ΐ῏ p) ῒqr"ΐ :s*t u/
c+v/+ ῒwJxyzgR,{gR,{^
- |}.~^-:_Fῌ O/Pw^-:/ ) :lmO%O῍ΐ %'/! +Fe f%O῍
῎῎ῌ῏ SJῌ ῍ῒ῍+ῌ )k0ῌ gR12H
123=*ῌ 4 %612,iῌ , 56ῌ=*H%,k!+῍)H%:
d,7ῌ ῒ,8 9.:Zῌ ,:
= ΐ ῎AB ῐ῎ῌ῍῍ῑ ῎ῐ῏ ,i!|*῍ =>ῌ "ῌ "
#,$:¡dῌ S/ῌ ,$¢:£¤ῌ ;῎῏
$¥RSῌ <¦§::=PFῌ RS¥Jd^-¨>ῌ,©
${C,ªdw«?:¥¬@^-¨>:/
ῌ)*:A® ¯'O>£B:°F!ῌRS
¥CD:±EO/F² ,iy³ /£B:°Fῌ )*>WX_`Zῌ S´µ:G&BH:
῎ ῎£B῏ ῒ῎¶῏῍ IAB ῐ῎ῌ῍῎ῑ ΐΐῌΐ;<῍
῎῎῍῏ 0HP;<῍
J·bK¸H[\qr¥J ῒqr"ΐ ῎¹º»¼῏ ,./
ῌῌ
῍
῏῎῎ῐ ῑ῎ῌ῍῍ῒ ῐῐ῍
῏῎῏ῐ ῌ ΐ
ῌ ῌ ῑ῍ῒ p.῎ῌΐῌ
῎ῌῌ ῐ ῏!ῐ ῍" ΐ#$
%& '()&*+,&-./'()&*+,&-./! ῎"0!123&῍ ΐ ΐῐ ῎"410 567!189&:;2&*+,&7<81ῐ
῍"! ΐ=./!1>? &῍ @+ῌ ΐ:A1 7BCD/EA89&:*+,/῍ ΐ
ῒῐFGHI/῎ ῌJ K1
LMN!OPQRST "1*/#UV 2Wῌ XY Z[$\LMLMN!O&]^149&_[`
ab[2P/῍ c+ῌ ῎@7Z/ORῌ ῎ ΐLM (d[e%fg"h&1i/῍ ῏ ῑ῍ῒ 'jῐ
῏῎ῐῐ (k(E )l*mnoH ῑ῎ῌ῍῍ῒ ῌ (k(pE +q,rst 1u&῍
῏῎ῑῐ vwῌ -4./x ῏yz ΐPPS RῐO&0/*
+,&ῌ ῌ ῎ῌῌ1{^@,/|}/(203~*&
PPSῌ ῎.ῌ9῍ :OR1 9&/*4
ῌ/x14u/ῌ 567῎ῌ῍῍1ῐ6 ΐNTT"1 8῍
῏῎ῒῐ ῌ9:()2&Hῌ῎ῌ῍῍1ῐ῍6ῌ H9:; <lῌ =>=-^/-}
%^/῍ :ORῌ F(?p[ῌ $(
k(?/%@O&/(A2&ῌ?/%@
%^R:Wῌ OR%^OPῌ ΐLM (d (2& ΐ?¡¢BC£^ D,&¤E¥[¦F@
,&῍LM(d1f§2,ῌ (k(BDD¨©@
ªῌ j«G῎῍ῐ ORῌ /(|}1iHῌ 41¬9&:/
(1I^ῌ ®¯J%°^1Ks9672±R῍ @+ῌ F (?pῌ GH ¢B2&R2,ῌ ΐ²³¢
BA ῏´L ῑ῍ΐ῏ῒ ῍῍ῐ 1[Pµ-9&¢=2&῍ DcG M+ORῌ G¢B1C£^9&:ND,& ῏ῌ ¶ GO=·}ῌ M¸^6LGPO&¹8º῏yz ΐGO
¹8º Rῐ »@,/¶GOQV=R¼ῌRI῍ῌ1῍ῌ
S@,/GO¹8º=·9&TOPῌ ¶GOQ ,.0
ῌῌ
῍
῎.῏ ῎ῐ.ῐ ῎ῌῌΐ !"
#$
῎ῌ῍῍ %&'()*+,,-./0῍1 23456 789:; NO.῍ῐ῏῏ ῏ῌῐῐ
< ῎ῌῌῐ ῒ =>?ῌ @A! =>
῏" ῒ῎ῌῒῐ
%B#+,$%CD ῎ῌ῍῍ &E'#FGH I%B#
'J&'()*%B#+(K)*+(LM*,NOP
QR S ῍ΐ῏ PPP-./0 ῍&T+,U1L2(V"
W῍ X+YZ VOL.῏NO.῍ ῍ΐ῏ ῑῌ῍ῌ
[\ ῎ῌ῍῎ ]3 %B#+,-./0 ^&
_4`ῌ56a ῎ῌῌ῏ ῏b =>cd* ef3 g67h i 6jk! =>lmn8 ῒΐῌῑ o9p:
;<qr ῍ΐ῏ PPPs6"=> X+YZ VOL.῏NO.῍ ῍ΐ῏ ῍ῌ ῑ
tuvῌwῌx?@y ῍ =>=>=>nz῍{ ABC,nzD|,}(῍Discussion Paper Series No.῍ῌῌῒ, Gradu- ate School of Economics Hitotsubashi University,῍
r~ @ ῎ῌ῍῍ %B#'J&'+, 3 ῒ῏
῎ῌῌ῎ῑ
r~ @ ῎ῌ῍῎ %B#'J&'+, E3
ῌFG9 ῒῌ῍
6 ῎ῌ῍῎ ef3 ῎" &Hef IH
῍ΐ῏ OECDPPP@J.K X+YZ VOL.῏ NO.῍
῍ΐ῏ ῎ῌῌ῎
l ῎ῌῌΐ L(, M()
@*GE+N ef9No.ῐ ῎ῌῌΐ.῍῍ ῍῏ῌ῏῎
? ῍ΐ῏ X+OmPPP῍f P@J¡{,}(῍ X+
YZ VOL.῏NO.῍ ῍ΐ῏ ῍῍ῌ῎ῌ
i6 b ῎ῌ῍῍ lQ.¢£'#H¤¥: 789:;
NO.῍ῐ῏῏ῐῑῌῑ῍
¦67 ῍ p qzR§S §S¨%T U©V§S lªef3 ῎ῌΐῌ῎῎ΐ
R.K.«, D.¬:, I.®¯;°¥ ±²³´W ῎ῌῌ῍ =>ef3X Yµ¶V·()*=>§S(¸* P §S¨%T ¹º»¼ ,.1
ῌῌ
῍
῎ῌR. Kerry Turner, David Pearce, Ian Bateman῍ῒῒ῏Env- ironmental Economics : An Elementary Introduction, First Edition῍
῎ῌ῍῍ῑ῎ῐ
῎ῌ῍῍ῑ῏ !"
,.2
ῌῌ
῍