再生産論と投資乗数論(下)
著者 寺田 隆至
雑誌名 函大商学論究
巻 49
号 1
ページ 1‑38
発行年 2016‑09
URL http://doi.org/10.18896/00000261
Creative Commons : 表示 ‑ 非営利 ‑ 改変禁止 http://creativecommons.org/licenses/by‑nc‑nd/3.0/deed.ja
!"#
$ !%&
' !%&()*+
' !%&(,-
' ./01 !"#(,-2345/6789:;<
' !(=>?@(=>(2ABC 67D9E;<
' (FGHI(JKLM!E(NO ' !(=>?@(=>(2ABC '' !%&(,-P4Q(
''R$STUV7W(%&XYZ[\
] ^3_
HI !%& %&XY `abc
' (FGHI(JKLM!E(NO
:de9 !%&`abc( ^f4./01(,-9 gh9 !"#(,-2345/Z[\ijklm
!%&6D<
!"#$%$&'()*+,-./01 2345"6789:$512"#$%; <=>
? '()*+,@ABCDE.FGHIJKLMN?
OPQ%RS-$T
U@VWX-$YZ[\]^$_ `abcdef ghi$jklmnopq_qrs"tu-$<=?
v FGHIJKLMN?w.xyz{
|p}~MN}~k def gh`ab-.-..Uk b( _i .MNp>UT
U "FGHI
tp$ ¡-U k P8¢£¤¥k¦
£JKLMN"§¨UkUk9 U¤¥q-#JKLMN©ª3kQ%Tq«q%¬
¤¥®-.7i-.¯LMNqQ%
]^°T
q9¤¥±x-. {¤¥±x©ª 3 ²_³©ª3´µ¶ k9.MNk qp·-.¤¥k®-.¯LMN
q ²¤¥¸¹qLMNqº»©
ªkUFGHI¼½z¾»%T- .¿kU -. M NÀÁÂ-.9T
-.U_qE.FGHIÃ?ÄvÅ-.
#"ƯLMNÆÇÈ-.qTq9J KLMN{|q}~MNkJKLMNxyz
É K Ê ? Ë 'ÌÍÎ ';Ï
!"#$%&'()*"+,-.
/0123456"7"8&7+,9:
;<=>?@ABCDE()FG45H&7I/
845-J45KLCDE()FG45MNOPQ
<=RST()U?VWXYZWYZ[:\*"/8]45KL^
"_`abc()de-.fSgWYZhgWYZ()ij
"7"ak-./
hABlfSgmhgmnohpKmKmqcb?@
rlstupvZZw"xyojz7"{OPQ<=
RST()UWXYZ|}bc()de-.~WYZfSgP hg()()U?@AB vX uvXsWYZ-./a'8fSghg()*"
7""8OPQ~<=- "?@V
lfSgpPlhgp B*"8-.
E()lp
]45Lbc()de.CDE()FG45 cb ()U fSg hg noh ?@ ?@
O<= u s lOp Q<= u s lQp
<= u s us
]() ¡ L p>¢£¤ak¥<¦¥§7"/
!"#$%&'()*+,-./()*+,-0/123+45 /123+4678,29$:;<=>?@;<ABCD
EF4+8+)FGHI:JKLMNOPQRSTUV WXLMFYZ[\]^_&CYZ`a]^_&B$D bcK89)2OFdJe$fghij`aJe$kl mnfop`aqrfYZ`aq$stuvwCFxB$ml FkCqGHyTUVz{|}~7z{
`awC`aAv {_CFg`awC`
aAv"#_CvDz{`awC`a fz{|}qFk&fjJfYZ`aq
$:tuvs$qJBCDKLMOFfY Z`aqUx_)29FkCD
mfjqBfYZ`aqvfqfYZ`a q7f~qTUVWXLMJwC'FxCD ]^F>TUVWXLMKLMOFkCD
U ¡ ¢ £ ¤1(¥ ¤¦§
KLMOfYZ[\qfp¨qk_lJfYZ`aq kC©ªTUVWXLM
ZY
|} ;< ;<
+«¬/ +«/ +5/ +6 7
~® ¯ +«¬/ +« 7 + +«¬/ +«/ +5/ +6 7
~® ¯ +«¬/ +« 7 +
° «¬/ «/ 5/ 6 7
~®°¯ «¬/ «/+5/ 6 7 «¬/«/+5/+6 7 +
K±²³´ +O µ¯¶·¸¹ªº¹»B$D
!"#$ %&$'()*+,-./01234567 589:;<=>?8@4AB8CDEFG HIJK LMNOPQRE1ST$ 012U+,-./4VWXQR YZD99:;$'[\#4W]#3^_`a 9b!"#^_cA6758:;<de?8@4f8C
@:;<g5hijklmf8C?9Fnijkom7 p49Vqrs!"#<t7puvrs!"#4ERw5 5xyzH{|}E~r~r~r ~r
qrsf8S@DD9@4VijklmE~r
~rr[\#4W]#7p}D8C5 DV^_5\z45!"#ER`a
5qurqurqur quruvrs4H{|}
H{49V8CWde4?8:;Ay5 8jkf848C
4W'3
ijklm $4 !"#$ %&$45f8xy
jk
z
[\# W]# W] H{ H{
^_ ¡ ¢ 7pW'3 ¡ ¢
£^_ ¡ ¢ 7pW'£3 ¡ ¢
^_ ¡ ¢ 7pW'3 ¡ ¢ ¡ ¢
i¤¥¦§m
¨3©ª«¬®^y¯E®59C
!"#$%&'() !*
+,-./0123456!78 9:;<=4 +>?@ABCDE+*4<FG@HI +:!JKLC*4M
FG@HI+@%&NO+PQNO7RSTU4V NO0WX*SYZPQNO[\4FG+]^%&NO[\4%&
_`+abcZ0de\fgh;*RQ;ijklSYm n=4@HINO0FG@oFGSYpU@qrs 0jkltmnl+);Ju4M
vwxyz@{|[:;}~V@0FG
@HI[\4jkl7RmnlHI0 +);
01)}~V@$%&+"#$%&:7
47+:!DE0<);:4M
);@Avwxy"#$%&{:;
+,-./0<=4uFG@HIH I0 +=4JK+;LC*4M+:!R 7;[\<FG@HIHI.
4*u+*<`[:;HI .4./0 E);:4701=4+;LC*u
*47R4M
<o¡¢!s£4¤¡ ¥¦
;FG@HI9:;12=4M
§ # F ¨ { © ª«¬ ª®¯
!"# !"# $"#
%& '()*+,-. /0123456789:;
<,=. 7>4?,@AB,CDE ,01FG H%,IJK%,"#IJK?%,&L*+M9*+E,0 1NO789:
PQRSTU VW X3,YZ[789L57,\\7 ]L^_`abYcdeZ[ 234fgM9hieZ[i j`k9:
;_`\ iQl9mEnoipqm>ro4k@AL
\s7tu/01 .v237wx01y23z7,{|}{~4 _`^_`ab 7\ m>rom>o7L@A
4P9:7,m o4_`k9:
/014
@A X3m #oih9m o
23z mo 01)*+
~ ~ ~ ~
¡ ~ ~ ~ ~
¢ ~ ~ ~ ~
!"#$%&' ()*+,- ./01234 ()56789:-.;0.<0"#8 9=>?()@A,BCD() ! EF89GCH IJ@A5K8L$*MD NOPQG$* RPQSTUVWRPQXY
UV9L
RPQHZ[[%.<=\]G$&'
^_@AUV`MGabC9`H
@AUcd1CLcd1e*f9 ()@A,BCUV9L
8TZgh&'^_@ABCGCH %i;
.ij.k.l= "#89UVUm RnG$op$C*qr[()csftuvw5xC*yz 1ij.k.l[eG$qr"#89L
{$()@A,U()*% =D {$cd1$C9L$DsfN|
PQ}X9L
B~NPQ#GCHn t
89L
vd1Gd1
fen |
K9sf ¡¢£U5 ¡89eG89L$*M
¤¥34 ()5¦§G$*v ¡5¨© ¡UV ªvG$«¬%®®-¯j=.«°%®®-¯j=.±%²®-¯j=
²®-¯jGCH³´G9Lvµ¶·B¸9vd1¹«
º 4 » · ¼ N½¾¿ NÀ
!" #$%&'()* +,-./01234 56(789:;9<34=>?@ ABCDEF 7GHIFJKLM N34'O( PQ=>?@E JKLMRS ( TUV7HIWX ' !"YGHZ[\ ]34^_ !"`aYGHZ[
b(!"cdYGHZeEfHg$% YhijGH
kOlm +,-n/op)WgqS 234 r EstRu ]34^_ +,-./vwOGH Z[bxGHZ[\xGHZe(yz{CD LME&'(W W| '' 234 r }~ WCDLMEcR
CD;oE%y'(E R
k% ' WEV(RCDLMP% ts wO%y +,-n/ q k ?@iEm
CDLMg&O'(W ' CDLM s CDLM * (y(%
PQE'Rk ¡¢£ ¤ ¥¦)
* Y§¨©gY "ª9(«m!"¬ LMGH Z[\ k% Y§¨©gkSkSY(%«mWy!"`a YGHZ[b CD LMcop® 9:;9<34¬
(y(W$% (`a E'
M¯° wO%y>=±(y gts&
O
RW +²³/ ´µ¶· d¸ F+,-n/ ¹ºY V
»¼F½ ,- 9:;9<34 2r ¹º(W$%y
©(Y§¨©8¾X
!"#$%&'()&'*+,-./"
+,0123"+,45#6)789:78;
<=>5?@ABACDE@ABACFEGHBIJEGHBIKLMN6O1PQR S1TU5V)789:78;<WXYZ[R\]^_6"`a
"bc+,45=O=6"#de6de)789:7 8;6fg012
3"U)XYTh0*i$%&'(<jk6"GHBIJTlm n5U)+,oTpV5178qr451OVst<GHBIK )ed78uv012OwU)x,45#6y`)+, z6){|)78678;<=>5?HNNNCDEHNNNCFEMNNJE MNNKANNN6O12
4V}~)$%LMND6$%LMNF
i {|RHMN6=i$%Tn5$%&'(T !45123"U)$%&'()jkHMN)lT<) l\6=i_6O\H_)./
)x,\:U0_HL2
0OnWG[)H) WXYZ[)\a _)+,- ./¡)XY)*i¢ )£t<a 6O=1
!"#$%&'()&'*+,-./"./+,012 +,45#./)789:78;<AIBMCDEAIBMCFEAIBMJE AIBMKHMN6O1U)78678;?WXYZ[R+,45=
O=6"#de./)356fg012
3"U)XYTh0*i$%&'(<jk6"AIBMJTlm n5U)+,oTpV5178qr451OVst<AIBMK )ed78uv012Owy+,45=#./6){|)78
¤ ¥ ¦ § ¨ © Gª« ¬
!"#$ %&'" ()$*+,-./,- 01,23453467 89:;$<=>?@AB<=C
"@DECFG@DHC$IJK@ L CKK5G$*+,--- ./,-01, MNO34$IPQR$ST34UVST01 ,$WFG X5Y$@Z[#\]^_CJ`a @bc$342d eJfg5C34672 @LECh @LCKiGF K
jklm @nopq34./$rstJuvw2!"x J 5G$st2bcyz{|}$Ja#~5G
#C$WFG MNO3467$ @MN5"$342
e& JI}afg5##\2IP5#C
I$<=$$34./$rstST34UV$qI P )| @X$z 5G$st2c{g5#
Z[5}$} Jg#C$z @5 G$st J g5G$st$stJ # J
#~5GFa"C#
J"`\J $@st$stC $ ¡¢
£¤¥ X ¦§_$¨©! 5Gqª ST34U V2@Z[C345qjklm«¬#$342 I
$<=89:;$<=>?J ~34@LCKiGFK
&$jklm$ ST34UVJ#$}$W2 X
$®¯ /°2±²J³´"µ¶¶·¸@ST01,C$z}¹º K
"2a»" $3467@LCST34UVST01,$34
$"xJ¦§qf\()¦§¼ &$>?$@LC$IJ½5#
O34¾¿.ÀÁ¾µÂ¸
!"#$%&'()*+ ,$-.,/012345678 9:#,%;$&<=>&?*+ @A
BCD;E&-.F'1GHIJKLMNO;$,$1PH 'QRF'ST3,UPH<VRF'#PHWX'QF'LYZ[\]
^_`abcdT@F'S=3e@fgh1ijWklmn Uop#$.qr#,%;s8abtu#s8vwRLGb+x@y z#{|}~1'Q113 @F'1GH I @f @s8abtu#s8vwR1
GbIIf @fLq#$.yz3e@A
1ab1F'1GHL ;
+ @1@s8abtu#s8vwR1ab1
1 @#,@A
O;op-%;ab+ &s8abtu#O;1PH<VR#
PH'QR11gh1ijI ¡¢£¤¥ ¡¢£¦f
1§¨©1'Qª-%; s8vwR11gh1ij I« ¡¢¬fPH-%; ; =®¯+ @A
BC3°±O&131F'1GHop#$.
qr#O;dT@<VR 'QR vwR1GbL²
&=#$.#3eO;1³´31^_`ab 1jµ¶{¶·~={¶~X¸@#,@A
O;¹°±O&-.1X¸ab1^_º%;?*+
&1K»I¼«½¾¿f¥KÀI¼«½¾¿f¥ÁI¾½ ¿fë«
1ÄÅ1GHL²&=O1ÆÇ1ÄÅ«ÈÉ¿=
«¾ ¡¿#GH@AO;1«¾ ¡¿3Æ;vwR ij+ @A
ÊË'QªK»I¼«½¾f¥KÀI¼«½¾f¥ÁI¾½ fë«18 Ì _ Í Î c Ï ¼ÉÐ Ñ
!"#$% &'($)*+*,-./01.2 .3456789:;<%=>[email protected] IJKLMNDEOP67DEQR*+ST5UVW.
XY"'(Z[\]"'(Z[^] '(Z_`!'(abDE ((
Zc.d+
,R5"'(Z[\*"'(Z[^efgh@ijkLBClmn
*abn@DEBC '(Z_Xop*kDEBCq.Xr st%u<DE*kefgh@ijkLBCabn '(@DE BC+jkvwrstu<DE &'(x*abDE ((Zc*=>y@ABCz{E|}@dj~R5 abn"'(@DEBC,*@S+
Bk,,.e @s%hHIJKL v*SeKL3h*eabnheh
8rs*kkiRS ¡¢£¤HIJKL¥
@;¦k§,%HIJKL¨iR@QTC%z {©ªk«+©ª@iC¬¡¢£¤HIJKL¥.i R@eYheabh ,*®¯.«+
ST5HIJKLv*SKL3*abn°±B CS²8rsS¨eh*kk*
R,*HIJKLz{E|}@d~³B, eh´*C¬HIJKL`µ¶G·o¸*¹º.KLBC kS.d»,CeheYh@¼Refg*
R½¾h@ijk¿ÀKL3*abn)*KLBCk z{E|}~Á+,,.Y67DEo
¸Â@;¦Ãefgh*k~ÄÅv.KLHI888888 eÆÇ½,hÈCkÉÊËÌ@QTÍ.d+k,~
JKL¥*YÎÏ¥Ð
!"#$%&'()
*+,-, ./# 012 34 -)567&'()89:'( );<
=>?,)@ABCDEFGH ./# 89 012IJK'(LH89MM JK'(L
-NO PQRSTU#FVW5LX89Y Z,&['(\2](((5&'( &^'(\2](((5:'(
_ _`5-,2abcdeEFf?,ghib j?,klmn05opn0qrst?,
uvw7fxyz !"#$%
)&'(Y7{|*+,34:'( # P0?,hibjSn}-5f
_ - # #PIJK'(S )
;<5w~=>?,)@ABCD10?, 5EF-2?,\2klmn05
# #?, MMMMMM #4) !"#12 3 MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM 4)@ABCDEF #12Y7- MMMMMMMMMMMMMMMMMMMMMMMMMMMMM
L:
uvW1TU L
l X Q Q
!"#$%&'()*+,- ./0+,12'/0345'!678'9:;<=>?@
AB$CDEFGHEFIJK.LMNOPQ'3 4PQ'RSTUVWX()*+, YZIF[\E]^
6_`abTcdeFPQfg'hij7PQ' klm!nopqPQ'T]rElnopqPQ'!s t34uv'wxF34PQ'T]ryIKz{|}~'d T[yl! ^
d&[\E]IE]JK !l JKe -.xFInopq !
()*+,NOTy.
() m]¡¢£¤*+,'!¥¦.xF£¤*+,§¨
©ª«¬!*®yel^
l¯©°+,±!y²F³´µ¶·¸® mF
%¹º()*+,T¥¦y»+,¼]½¾§¨
¿ÀÁ m]^E]!xF¾§¨NIF¼
m]l+,'»9ÂÃÄÂÅÄÆDÄÇÈÉ34' 9ÊËDTÌy^
lÍÍÎ%JKlp qÏÐÑ%rÇJÒQÓ©5ÔÏÐÒQ¥Õ9B$CD ÔÏÐ!Ö×EØÒQÓ©5gÙ§¨Ú§¨¿ÀÁ mF+,
Û§.kÒQ¥ÕÔÏÐÒQB$Ü34ÏÐEF
GB$Ü34ÏÐÛÝ.xFIØ34ÏÐÏÐ!°ÏÐ
°j7.^E]!xFnopq NOÞÂÄßIKRS!
ày9Þ°j7Â34ßD^
]áEâãÍÎÏÐ5ÔÏÐIKJ ä ) å æ ç zèéê zëì
!"#$%&'()*+,-./01 234+01567894:;<=>?./01)5@A
;BCD EDFGHIJK
L#./01)MD 5NOP-QR;43 SPTQR;UV4;KWX+01E&J- QR;43L45Y6#Z[TQR#L#
FGHI\]^EJ_BCFGHITQ R;
#$-`+01ab#QR*&QRcd: -43Z[QR#L#L4_eFGHITQR
;M5KL#MFGHIQf-*:54ghE ijklJ567-QR;UVm5nW4M UVML&'()*opqr>s:tuv
#B#MK&'()UVwxyz{|}~)5
#$E$_#}~wK* :
* :-L*1:EJ##
; ¡¢£¤¥¦5J*&
QR:*QR:§¨~m©ªK
oa5«B5wx¬®¯°±#«²#$5³´µ QR*&QRcd:-7L4T5¶´µ*
QR:-7L#M·¸§¨&'()¹UV;
º®¯»±5K
)&'()E¼J
!"#$%&'()*+!,-.-/01,-.-/123.45123.4 6 789:;78<=>?@AB&'(CD!
EF+!% 4GH-(AIGH"#$J%KLB MN78</1615IA3OPQRS%TU=>V W789:GHXY78#Z?[\+],-.-/123.45123.46 3^^.4J_AO
`ab"c%=>deJL]fg ,-.-/
0(_]Afg?XYhi]j(kl+&'(CD!XY@#
$J%KL,-.-mnAO+]D!opXY@#$
@#$qrJ%,-.-/01,-.-/123.45123.46 KLs]HS'AO
tb"cXY@#$(kl+]fgu#S H(vXY@#$(klS'wxyzP{s|}~s&
sH'A&qJsAKL<qrQRS% J
HO @BVWI78<%P@JVWS ']XY@JlS']MN78?MN78<KL<
qrJ_ @@JVWS']XYvXY?VW+!
@S'!Aq{XY@JlS']MN78%T
XY78<('AGHJ_A3^O
+]D! KL ?s]HOP
+!`aJVWkl?'3_D!VW@78 s43 ./0143 ./143 .5143 .6 ,GH-(AO KL ?s]H+&' VW3?s]H&&JVW?r'.^ A_AC('AO
+G+Q@( n¡¢£¤(¥S'A&C
@¦§B¨I
!"#$%&'( !)#*+, - ./0#1,2345,678&'(9:;$%<
=678 >?@ABCD+EFG?
HIJKLMNFOP'(QRS<T 678UV&WXYZ[\]
^8T 678;_`Q$%< !)#ab !"#cd5e f+,-gh &'(QijES45,Oklm
&'(gh ;RnoRSpqr45Ec&X'(kl
<stMNFOP'(RS,uT 678;2345ERn_`
vwx ;$%&'( Qe,<c yz{,=Uv$%&'( ./0#1 ,2345,678&'(9:$%-Z]|}\;=$%
&'( >?CD+ES+,MNFOP'(~
P'(QxEwxW V&WXv&P'Qx,FG?HIab FG?HI;O,u$%+,WQx,OR SkFG?I$%-eec
+E==j E+,ceeR SjFGwx ] Qm=
FGF ¡¢£¤+cc=FG F¥¦§¨3©ª«¬;m®©ª¯
;°±²³´µ&X¶·E¶|¸¹³¶Fº»
]¼½=Q¾¿<&c¡¢ÀF ;Á5<
stmº»Â´µ;óe45+EÄ
z >?CD+EMNFOP'(Q~+EP'(wx
QÅÆ<==FG?HIeǺ»vRS,u
Q$%<=;*45Ec;È !É#
Ê Ë Ì Í VÎÏ ÐÑ
!"#$%&'() *+,-./012345678 9:;<=><?:@
AB#CDA.E6
F GH*+,-
!"#$%&'()*+,-./$012 34,,5678679: !"#;$0
%&*+,<=>;$?.6795*+,@>A<BC;
$.DEF567"#$'GH.I$- J%&KL.5M67NJOPQRSTUVW
"#$?./$0
;1XY6Z9[\"#4,,5679]^
_[\W6Z"#$0`a9[
\"#+,5679]^bcd?e fg67h"#67h5<a"#;$012J
%&ij5kl%&"#679]^1$?m/n>$
oL./$p(m/n>$08_=q.5%&5`r
`1Ls.tuFv$4wNJ.?5xy.z8 _=qm{|;$0
12}n4,,5t~]v679[\W :Q67"#;$%&./$01267=
q15 ./n>$km1m567_
UVvY4,,/$C``;`
UV?;$?.C``.
8UVg]^$*,?;$?./$0
;1XYdA6Qd*+,X6795*+,
@>A<BC;$KL.56795*+,<OPQRSTU VW"#;$./$0?5679*+,<
*+,@>A<BC;$5 ¡ 2!$¢£¤'¥-¦§¨`$q©ª
§¦«./^5« ¬'®-
¯ S ° ± ² ³ ¢´wµ ¢¶·
!"#
$%&'()*+,-./0 123456&789 :;845%<=>?@%()*+AB8&=CD 84=E F%#$=GHI08J%KL?%()*+BM34=>N
OBM3PQ/6
8&R4STUVWX/Y%<=Z%[\]^Z _`aBM34_`a%=bc%[\d&V23 5R4d 0%-.efghijhk 84% !"#$ijlm-.%
no 84BM3 ,3p<qr%()*+ !"#$
%&'B%/R4Zstuvw=Z%[\xyz{|%[
\xbc%[\ 5}~<0%-.%n-5 50 / 60%-./<n/<_`a% /()_`ac
/<_`a%()%&'*+,UV00%<=
}~/6
_a`/<%%`a
/<_a PQ% !"#$-.%q !"#$%+
¡¢£¤54¥¦§%Nn¨<
a/<©ªdn¨<«¬_/K¬<a®© N/ !
"#$BM3PQd:;8456J84J0/d¯<°
<±%%²\^Z%³´ 84µ¶·() qr%(
)¸g¹º^^»¼½%²\Z 84*+, _6
J84¶ST%¾¿<¹º^#$%
ÀÁ^#$%¨54d4<Â6,MÃ03V%Ä 84<Zstu<=Z 84<ÅÆ5ÇÈ !"#$u /< !"#$%&'%É»Ê%Z/¹º^Z_`aË »¼
%LÌÍ¿ 84%ÀÁ^½%Z`aBM368&R4
"#$u ZstuÎ
!"!#$%&'()!*+,-'./01234567 801234 9:;<=:;>=
:?@9:;<=:;>=:?@ABCDEF GHIJIKLMNOPQM+-R STU'VWX+ YZ[\'JI]^_`abc_`
deXGH
afg_hij12kKLlmkGn,-Xopq1ra fg_j12kstTuvwqxyzL{|"}~*I
34(X 9F@(X++-G*I
!* n'+*vw~hij12!*12L {9./0=L{0=L{@hiG~CD'
z!*L{|q./0`L{0`7801234'
+*XKLEF-nq ¡¢"}GH L{|
Z(Z£¤(¥¦34L{|n,-X KLqH"}n
n'§!KLlmkKL¨©fª«"}¬}
mª1m!CYG®q¯n"}L°GKL±
"²³'´µ'KL±qH¶·!*k
¸D¹ º»afg_hij12k'¼½X}¶L{|
ZqKL±'§¾!*L{02¿À*
¢ÁGXÂÃG£}(hij12v w~ÄÅL{~CDKL!*ÄÅ9./0`L{0`
xyÆ@Ç[ÈEF-RSqÉ}X+
!*[\XRSÊË,-'./012347801234 '(1rqn}34'ÁKLKLlmk ( ( KL!*ÉX+CD'§Ì"}ÍÎ
Ï i Ä Ð k Ñ ÒÓÔÕ ÒÖ×
!"#$%&'()*+,-./012345 67 !"'89:;<=>?@=AB ,-./0>
?@CDEFGHI"JKLM9JNOKLMPQRST UV9W" !X:;<=>?@=AYZ[\]
JKL^_M`abcde\]Jf\Mghi`hj k"9 lm!"Y JKLnopqKLnrsKLn NOKLM9 PQCt%uJ \]v M9Wwwwwwwwwwwwwwww xyW`i 9 89 !"#'xy9z jk"{|UV !"#
j9()*+,-./0123JrsKLM9 JNOKLMPQRS9}~9WW`JrsK L$"9NOiKL$"rsKL$"KLWM9 v jk"JNOM9 !
"#
()*+./0 8 <
jk#WgW89()*+./0JrsM JNOMjk" vgh hk
"g9 89 !'kTJNOM9
4"89 !"#
'8 W`()*+./0¡ ¢
£?@¤¥9¦ghCX"9 §[ 45jk
W`X¨!"£©rsNOA9$"J¦ªM i«¬<zjk"¤¥J¦ªM9¦J¦ªM9Wh k'W8®rsTNO¯°$"±²i«¬<z J¦ªMNO9W¢³W´hk9 89
!"#
./09µ¶
!"#$%&!"#'()*+,-./0$1 23456"78"9$#'
:"+;<=>8?@A B#CDE > FG 1H;<I4#)JKL!"M"7 NOPM4$Q0BR:S1 FG 4B#,-T$UJ#:$S*+FGVWX NY Z[\ ]^_`a$$b"#S1(cW def4g((h1:$S*XNijklRm(no p"#S1#0$qj#TNB#rs' +,- ./049$#<t?uvw#'
:S1?%&x(4((hkV4y z# {|4x}(pK~.4g$#:$
#'(T(4kV4yz#$(>8"
<V$( M#+ ^_`a$04
#)J$1+,-0B#$#:$#'h)p K$.$1r<=yz$
1!QYr ¡r¢¡rs]!N£¤¥
¦Yr§Z¨§]*)>B#$1©K4ª«#r ' ()* 4 #$1%&;<¬
®M#+ ^_`a$0)J$1+, -0B#$1<t?uvw;<¬®
¯?°±)J²³´$(}T")µ&B#$¶j#'
cW;<=£·¸¦¹º+»¼½¾0
$11¾TNz¿/MN"#O4ÀÁ()+ÂÃ0 !"#ÄÅqjN"#'8(z¿$ÄÅ ÆÇÈ)S1;<=$+;<GÉ´0BR+Ê\ËÌ$ÍÎ
Ï º Ð E Ñ ÒsÓÔ Ò9Õ
!"#$%&'()*+,-./*01234
#5,67*89:$%;<=>?@AB*C :;DE !4F01GH,IJ:"#KL,M /LNOPMPQ*L$%;<=>?@AR
*01"#K#5234S7RTUVW/* !B W/*UVW/*XYW:0;<0C
Z[\1]^_UV`ab"#KUV`cdefb,K gUV:@h:;[UVW/* !BW/*
UVW/*XYW:0:DE !4F01GH, IJ: !Wi,67\1/*+jklmnopqr0
"#sAoptuvwxy,z1[{|x7'L0}~C
+++:;" *"W !W0?R*C
" +L?Z,/*C /? !W`Mb ¡W L¢£;¤¥UV,W¦§M`Mb !W,B
;'/C:+\1 !W¤¥UVW¨©ª«¬
lB®¯B®¯B°T±:zL²³W/* ¡ Q´`QµMb¶*01R*C
:&:·¸xy:;\1jklm¹ºnop&'/LN
? !W"W» ¡W»U VW» !W01I&L*0C1
"W@¼½W"#¾""W\*
¿À\"#¾p,B;':Á¼"WÂÃÄ
nop" `Åb
!"#$%&'()*+,-./)*
(&'(01234 " %"&' %56) ,-!7-89!:
";<=>?@%ABCD";E=>?@%FG"&') %!"HIJK) %LMNO/PQRST
";U=>?@%") VWXYZ) VJK) V&') %O/[\]^_`O!:./a[\
";E=>?@%FGPQRbcdefghi*jkl7-R mn!.Ro-789!:
.pbcdefghi*jqrDlstu") % ,-"&') %v;<=>?@wABCO"&' ) %,-!xyRza") %9!l sa!:/a") %Rfghi*{| }~
!i* &'("Z%v
waM8R1K!
ayza") %,"&') %,O
a!U:
aFS/a_`ORRM8 ¡~9 R¢!:xa£¤ST_`R¥¦§¨©ª«¨¬8f ghi*©ª«®^1{|¯!") %"&') % [\+°±x!M8.89¥¦§¨©ª«¨¬²³ n´Oµ¶j_`x!";E=>?@%FGPQ®
kO·¸,8RaD·¸R¹Rº»±a!:
¼ g ½ ¾ j ¿ ;ÀÁÂ ;ÃÄ
!"#$%&'()*+"#,-./012!3%+
40 56789:;<$%=>?@ABCDEF 5GH0I JK=LIMNOPQRS)*T5GH0UVW3X /XYZK[\0]:^_078W3%`
abcdefgQghi9:`ajkg5i=lmKdnop OPQRSLIMh9:qr9:%YZ'(s t
= uvwxK&9*YZe'[\0yz{'(%
|vg} 5~3%9:6'%+9*5):
[\0 := uvK=uvK
|$%&5z'(%+
i&'409*/X`abc`ajkg5i=l mK'(%UVnopNOPQRSi9:LIM9:qr9:
%/XYZ$[\^_0 :[\|
$3i&0./X= uvK=jkuvK
'%+
$X[\78X%`abc`ajkg5UVW 3XnopNOPRSi9:LIMX=lmK9:qr9:%
&[\^_0(%5iH W' (s&3!=lmK5= uvwxK0¡=¢£¤¥MK 0/):¦§0[\¨©ª«¬z$%®}
W3%+
i¯° 5= uvwxK±²%|vg '(s&30/):`ag5uW3%³´'(%5 [\0 ´&30|vefg |vzµ 5¡
&|vefg |vzµ 0/):¶VW3*|vLI
d·h
!"# $% &'()*+,-./ 0 123$$45 6, 789:;<=>? *+
,-@ABCD@AE!FG"HIJ$ $ KL@MMMMMM ANO<PQR23
S ST< $ 0#*+,-UVW78XY SZ[V\Y23#] *+,-B^4_2<5 D`a09b,-6,<c]d#<efY#a0gh Y 0V\1231XRi 6, 0 Bj45 MMMMMMMMMMMMMM a0,-6, 6, 0kl" mj45 a0gh MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM 0 "#14_23
MMMMMMMMMMMMMMMMMMM
no< $c%XpqrsFGtE!u<=>?6, 0 0vwxy<z 6,{|u<}~26, 0kl 0vwxy5X23
SBC5 6,{|u 6, 0 0 0
0%vw<c] 6, 0kl 0
"#12)4_23
pqrsFGtE!u<=>~ 05 `c
%< ,-a09b,-6,<c]d#<efY#a0gh YV\123S $gh5 a0,-6, 6, 0kl<z12,-E!#<efY "
2gh5X231XRi M 05 0<5vwX3
# a0,-6,6, 0kl<c]l<5
0#Y2 SS,-5 nB
4_] 0 0"?$54X3 S $$4l<C 6, 0 0
G * u n n
!"#$%&' "()*+,-.
*/012343567!"89:;<=
+>?2@?ABC&'DEFGHI.J@2D
%#KLMNO P PQRSTUVWXYZ[8
*+\
]^_`567!"abca4def3!g2]
^_`7!"ahij9:3QRJ%k;,lmno
#$pqrMs[tTpuvwxyz?lm{
{4l9:;<8567!"*/012|}!"
MNO ~ ~T5612; NO !"#$P !"#$P !"#$%8X YZ[3k@2\%&'-.p&'
p#$%4d3+>?24/012\
4?bca*^kk?2
c8!c34k
*/012* 3@?A¡a*
¢ 2\{£¤]^_`567!"axy¥¦kA%
&'3 "()*+,- .*/012pBCkp567!"89:;<
*/012KL; KLMNO P PQR STUVWXYZ[*+ 3§k?\bca9:*
¨©ª8«¬¨®xy124*¯°±d
²>?2\
³bca3-.312p123-.3 12´µ¶w·t12¸¹ªº
»¼]^_`7!"a¥¦½¾!"¿ÀÁµxy
7!"abcaMwT
!"#$%&'(
)*+,-./01234567/!"#& 89) :
;<=>?@ABC<=&DE@FGHIJ) K
$%&L34K&MN&OPQ.RS/T2UV7/) MN&W XY)Z&[\W]MN8& 89)2 89)Z^_Z
&34&`a2b/TcQ.d/
efgMhi& jklmno)pq&rs jtlmno)&
34&Du)[vwx]yz{|}&Du~-2D u v[vwx]&34&Du2.ZT& 34&Du
&Du&o&fZ
eDu7/z{|}wx&[sv]/s jtl mno)& gM&Duz{|}&Du&Du34&Du)
MNy2 ¡¢£7/¤¥Q.
¦§.^¨©ª&«¬Z®¯Z@°±
²³/
T´Nµ@ ¡¢£Z&gMhid/@ ¶·56 hi¸A°±&{¹gMx@DuZº»¼7/) /°±&hi{¹¶·56½34¾°¿¿/
/ÀÁ
ZT&¶·56&hi{¹2§ÂÃÄ&ÅÆ#d /ÇÈÉÀÊÊËÌÀÊÍÀÎ hi{¹Ïd{¹)ÀÐ d/ hi{¹ÑÒ)ÓÊÔ²³7/r2ÕÖZT¾ Ç×ÉÀÊÊÁÎ@ØÙ2ÚNÉÀÊÊÐÎ@ÛÜ2ÕÖZ¸Ý ÞÉÀÊÍßÎÇÈ&r&^àá/r2ÕÖZ
ÇÈ&® âã1äåæçèéêëìå¯1 2í/îTQ.QïT-ð.&¯12í/
ñ ¥ ò Ä Æ jóÐô jõ
!" #$%&'()*+, -./0123,45678 9$:%;<=>%123,?@8&'ABCD@E>FG 8HIJKL%MNOPQRST:%UVWX0YZ[\123]^_
UVWX0AB`ab8cdef=>%ghijT123 ]^ kW0=9lmnop&'AB qrst ur9gu r vwx>&'()*+, yz8:{|}~TK8
:% NOPQSJ%U&'()*+w9:%
J=9e28W>8&'()*+F kW0%*+F=9TK8?%kW09F:%
U&'()J@=9 :%Uw¡%:h¢£¤¥=>%
@¦§I 95=4=%g¦§I¨:g©
ª«8¬®¯ 959$%h°¢£¤¥=>±²³´µ ¶@·¸9µ 95PWTK8
° ¹º»¼O½½RºS¾¿½À%ÁÂÀQÀW
à Ä%NOÅÀ½S:%U¦§I,:Æ23ÇTK8ÈÉ=>8R
W
Ê ¹º»¼O½½RºS¾¿½À%ÁÂÀQÀW
Ë ?%23ÌÍÎÏ>2Ð8ÑÒÓÔÕT:%Öר:ÙÚ8
:%ÛÜÎTÝÞ:5¡%Ußàáâ©83ãäåæ¹º»¼O½ÀS
¾¿ÀÀ%Á½PWTK8UªçèÑÒéê8=>8 i MNOPQRSÀRW
ë MNOPQRSRW
ì 9=%UíÝî=9UïÒðñ â:%òóÛñ âô>%
=9J>%g;<K8õABÛÜö÷øô>ù>8ñ 8:ÛÜ()úûéèJüý845%UþÝèUïÒ ðñ âÛèóèTK8:%UïÒ23:ñ ù 8JHITK8
UÛno:%Û % Tx88^
TK8NOÅÀ½S:%¥W-W , 8T%U*+,yz
=>%w¡%¬®¯¨:48 E>¨TK84JG â©5J%U*+,T: % ~J^è+èL
·©>8%Ulm?@8 ~:%Û%Ûno b?>â©@©5 <=>8PRPÀW
123,*+,Î
!"#$%&'(&)(*+
,-./01234567/8.9:;<=>?@
ABCDEF.G-H01I%JKLMNOPQRSTUQVWXYPOOZPO[\]
^_`abc.defgh 6i+ jk.lm4n+ jk opopq345rI2s,t%JKLM NOPQRSTUQVOXYPOu\]
JKLMvOPPVKSTUwPQXYQWQ\]
xy<=z.{|01t}~{.54 O[W.
5^h1xy<=zt.1t^_
t.<=z}~{|5<=1t6|5I^
.B0- o<=3455xy<=z.6|5I }~{|012345 2 ¡t¢h}~£.1t¤¥
¦234.{1§xy<=z<=.b¨414
.©ª1¦}~!".^tjk.{1«-3t¨4 ¬j k!"H1525c®¯°^±²v[WOVS³´µ 6¶·I¢.54defgxy<=z}~{|56 ¸¹ 2<=zº»2^5o¼½234¾1¿§=545t<=zn|<=
xy<=zÀ1I%JKLMvOPQRÁSTUQWPXYRV\] 2o2 mt 2.çbc.xy<=z.§<=z¤¥<=n|<
=xyÄÅ 234ÄÅÆÇ{1^_h1È,.h}~
§<=z3t¤¥¦.{1Édefg ¤¥¦
6ÊËÌÍI½ÎÏ12345%JKLMvOPPVKSTUVWQXYQuu\]É 3t¨4 Ð ¬}~xy<=z34.©ª1¦}~
!"2Ñ!jk.{15h1Ò. ¬jkxy<=z Ó34}~Ô5Õ 2Î5Ö×ÖØ ¸.ÙÚÛ©¤¥!"
%Üo§^0Ýxy<=z14AÞ./c<=ß4¤¥
<=n|<=234/co2Âmth34 à;á§1¿
bc.xy<=z.â.o<=3455}~{|0123 h34 ¬}~ãä§<=z.b¨41t¤¥¦.{
12s,å3æxy<=z14Þ4/c<=ß4¤¥<
=. 2ç;.èBo23tébcêëÛ.x y<=z}~{6ìí25cîïDI2¨46³ðñòIq 6óôî I25cõÇö345ìí.b¨41 25cõÇ^_«5Br÷,¿øïùúûüýþ
..¾1tdefg<}234{|01tÄÅ.546 ÄÅ<=ztÝ<=ÄÅÆÇ^or 1§H1
§täH1-§tä<=.t5 ÆB
^<=z ÄÅä1¿Î5éÔc 2B^^æ cI%JKLMvOPPVKSTURRXYP\]2Âm45 6éIìí
1õÇ^_« bcêëé.t.
Ê ³w ³ð
!"###
$%&
'()*+,--.(/012-345637389:&
;<=>?@AB=%C4DE+F7,./GHIJ;<B4KLMNO PQRSC4TUVWT4XYPZ[\]^#TU_`abcd
%efG=g4hCi4jWTB@kTUWTlmB;n abBof%TUVpdqr%$<cGsab\abtT Uab_q"%$<WTB;%sabq"QuvGw%\x7, 89:_RSGy%&
z{+F77x/C4WT|}QKLMNOP~#RS 4W T|}QBof%WT%rJG4OP~QG C4WT JS|}JrBC4S=%v%&
JWTB\_%B;n4jGSBYX
\_4jP %\,F.89:_¡4
Bo$ JS%HI$%&Je4¢
WT|}Q G£¤B$%C4U¥+¦§/G¨©ª4
«¬PB%&R4U¥C4h®#¯°$nJT±²
B³´=$;<=µ¶]G4Q·¸BWT|}Q£¤B
$%WTC4+¦§/«PGWTGy%
¹©%&
WTºTU»¼BJ½¾¿»]^P»¼B
jG JS4SB4ÀÁ]^P»¼BJ
½¾¿»Â]^P»¼BjG JS$<à ÄÅÆB ÇgÈÉ 4ÊËTUP»¼GÅÆB Çg]^
P»¼GÉ̪4ÊËBJWTºÍw
=%ÎÏlmÐÑ4ÒÓ#ÔÕ+,Ö32/,22×,2.89:&
'()*+,-3Ø/013,-456ØØ,89:&
'()*+,-3Ø/013,Ö456ØØF89:&
'()*+,--.Ù/01xÖ-45632,89:&56G·Ú$%Û·
Ü$JBÝ$C4DE+F7,./3F89:\,._Þß&
'()*+,--.(/012F,456.F789:&à´C4áâOPBof%º»
¼\PZ[P»¼_»¼ãäàBÝ$KLMN¡J»Gy%&R4 åÍOPGTUP»¼Bof%TU»¼ãäàlr4PZ [P»¼\ºæ#ºç»¼_GTUV^äà=%äàB¿èéBêÀ%&
DE+F7,./-,ëÖ389:&
]ì+F77Ø/-Ø89:&
Òí+,Ö-ØÙ/C4WTºBÝ$4KMîvCºïUðñ
<òBóiy=fª=S=$4 j4ôPéByJ©SJ Gy%=Sª4õöBnC=%÷øùúéBû%B=%Gyü
<&jïUC4ýþJCö^RS=$·i$<B=ü
OPQWT|}Q\_
!"#$%
&'(!")$*+,-&*.!"/'(0&112345 167389%&1
:;<=>?@ABCDEF?GEFFHIAEJAA
KLMNOPQRSTUVWXNOYZ[> \EB]
^_022/`a!bcdNOTU"efghijklmno p"q1&r5st!uv#$*+/1
wbxyt+/ z{^|"}~b3 "2 /-&1> \\FBFJ\239% z/
"+4%9%2%"0 ¡
¢ z£¤¥¦§"¨80&©25¢ zª«U0^
¨5/wb3 z*^/2
©0&0¯g°+±%530²9%% z/9%¯1
³$´µ> \\FB*wbxyt"/¶~{"·0& z3¸
+*{13,0 z{/ z¹{"º»3,%
¼¹+3©½§+ z¹µg¾$&{2/+¿ÀÁ FEÂÃ0&1
ÄÅ¡ÆÇ> \BA^¶~{1xyÈÉÊ5Ë%
wbÌ¥+,ÍijÌ¥+,Í©%/ÎÏÐÑÒqÓÔ>F@AB
?
ÕÖ> \\ABA?
ÕÖ> \ BE ÕÖ> \ B@@
רÙÚÛ
ÜÅÝÞ> \BxyÈÉßàáâãä!ÈÉåæçèéêëì åíîïð ñòòóôõõCö÷øùøCDúóõûüø÷øýöõAF?
þ>F@ BðL
þé > \ BNO utP
>F?BWXV¯6t NO"Ù ÕÖ> \\@Bt6,xyÈÉNO \\@ E
> \\ABßtP
> \ BPQNOL
´µ>F?@BWXV¯t¢p½P
> \\FB"(ð¥P
´µ>FABWXV¯tè©NO ¥P
´>FAABð6tL
ÕÞ> \\?Bæðî P ÕÇ>FFBvtWXV¯tut
ÕÇ¡¡Õ´¡ >F@FBWXV¯
t U F
!"#$%&# ' ())*+,,-./0-123456,-/7(380.,9:;
<=>?@9ABC#DEFGHIJKLMNO'P?QRSTU VU WX;
YZ[@\]^_`aABC'Rbc2d2ef034# gh-/i3-4h610fgEjklb' PmnopqrpstuTUvVUWwxX;
yz{|P}~qrTA;
P bqr#wTqr;
9PqrOqr'#DRb}~R#bT
¡;
¢£qrs¤¥¦§}~qr¨9©ª:"«}~qr¬®¯
°±IJ²©ª\"³9´'
())*+,,µµµ20./327-62¶62·*,·*,.4-,1-)-,1-)-¸f3.),¹-¹º(6º,53f0.,(:,.-4¹6º,*15,*634)992*15;
»¼\PLN¯qrp U½¾T´=¿R;
ÀÁÂ@@HIJKABC'R]^_`aR'ÃÄÅÆÇwÈÉÊË Ì°PÍ=R%Îx Í=#ÏÐw]^_TA;
ÑÒÓÔÕ]^_`aÖ#×ÍDR#ØÙ'nÚpÛopPqÜÝpR ÞTUßX;
àá?wânãäPLN¯qrpwåUx¾æTA;
ç=A?@HIJK#DR]bèzéêë#ìEíîlb'ïðpÛo pPqrpR§TU:VUxX;
ñò[@ó\-w@ó\ôHIJKABC#D'õö÷øGùwú'PqrT
@ó\"û³XwW³X;
ñüý?wþ@: PJJM HIJK?DRT´=¿R;
ñ?@:\Pqrp Þß }~DRT;
Z?@óóHIJK#LMNOqrp'PmnopqrpstuTU@VU WwxX;
nÊ@:óP]^_}~#DRT¿R;
É@9\HIJKEFG×Í'#%'opPqrRSTU\@V UX;
6h-/222@9\(0(06/657646h37 /6µ)((06(4.6*¹34.4380/.3) i56/14380/.3)/0..zPqrª#DRTqrÃ@9@";
37¹.22d2@\(0673-f/-h0µ6/¹44)/61º7)364)67646h37. )(012 i56/14380/.3)/0..È$ÇPU¾ qr#s bqrpbT Ã@\";
e-f07¹3@\2 0f07)01..-.64)(04-h37.65)(0-*3)-f3.)7646h@ÕÕb
@\-hô/3¶04380/.3)/0..?wñPÍ=ýqr#
DRT´=qr¿RÃ@ó ";
e040.22@Õ:(0 040/-f(06/65h*f6h04)4)0/0.)-41640 -7h3ff-4ñP ÃÌFí#?DRTùúÃ Ã
]^_R×ÍRú
!"#$%$&'( )*+
,-./0123456789:;<=,>?@ABCDAEF
"*GEH&! IJK,LMNOPQ:RMOSTUVWXYZ7[\]@
^_A`abc
FH&! IJd,LMNOPQ:RMOSTUVWXYZ7[\
]@^e_A`abc
FfH&! IJd,[\]gZWXYZ7[\]@^e_A>h\
i?j
k) l$ !& *mm#!*#J*JH# n&*'op!! !mq# Jr#$#*#k+s*!
t ` u v ] w ^x ^yz