03 사회적경제 연구보고서 모음집(자율연구 2권) 내지 by SEHUB

2015

연구보고서 모음집 자율연구

2권

서울시 에너지전환을 위한 도시형 적정기술의 가능성과 활용방안 연구 에너지기후정책연구소 + 작은손적정기술협동조합

사회적경제 활성화를 위한 실전형 협동조합 창업교육 모델 개발 쿠피협동조합

노동자협동조합 비즈니스모델 및 플랫폼 사례연구 대안노동자협동조합연합회

연구보고서 모음집 자율연구

서울시 에너지전환을 위한 도시형 적정기술의 가능성과 활용방안 연구 에너지기후정책연구소 + 작은손적정기술협동조합

#!"$ "!

%&' * ) (

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

"# $% & '(

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

"# )*./0 12 "# 3 45 "# 3678 + &

:; < 9

$% & =>?@ .A1B &C 6 D EF &

GHIJ K#L MN6 3 C 120 OIP$ 9 QR K#L S T U#

!"# $% & '( )* +,- ./ 01 23 451 6 1 '7 89:; < 3= # =): >? @ A) BC# DE ,FG H $IJ IK LMN OC# DP

QRS HT UV WXYZ' Z[ IK X01 \ <]N^# H # D _ `aGP 6 ) IK b# _c daef ` gT 89:; 1 <]G) -hi _ j kl@ mII noG p q@ r^ stuv wxy :Iy z{ t 01 23 `aGP |

_ `a ) } ~ 451 6S# ( T z x>R S y1 # + r 7 HT x> ) r j M @ r^# H # G ka !b# 45 : T J @ e G J ] { ) ]{ # :I z{ t % _@ 5 45 j a (1 # j 1 89:; 'G) t@ tY7 > e J I # z GP RI) ¡¢N b# RI) )£R ¤¥ 3 #¦ + X§ G¨ G p G©# mLR ¤dª« ~N^¬ ~-1 a R~G Q®m¯ D ° @ ±G¨ I0GX² !³* ´#

µ[Y + z !¶@ # 9] a· 45 - ¸8 µ¹T º . |# »0

¼½: P² a': 5N ¾¿!À@ Á Â b# HT ZÃ a«@ Ä»0 Å a' < º Æ Ç ÈÉ# _y ´T Ê 1 G ËÌ ]{)L

! " # $# %

& '( )*+ + ,-. /0+ 1% 23 45 678 9&: 1 & ' ; <( =) >?@ % ABC ; /0 % & ' ) 2D )E FGH IJ % KL M. N 1? OP &H 2Q+ )*+ 1? R + STSP IJU

V( W;XH Y$ Z[ W\HU ]?4 U^ _ ; HU( Y; `ab %

c Hd ( e + $# % U^ D 4 f gC Hd 23 h( Hd &i + 8 j

k$U /N c Hd H lm # % ) H /0 Hd 8 nn o )Hd pq e k$U r ' s7 & ' !" tu %

& ' vw x ( ' =) +- + Ly % ; HU( & ' Q H vw x =) P z 1 { M % R| FG }? 1 2AHd H ! ~N+ ? t u % R 4 & ' <( )( FG vw ' J R a# k ' ; P 1? )( 6*p4 *F hHU 2pC $ ; $ O % IJU ; H Y. N 1 & ' ? { 1 8 Bp Hd *F h % &

' l vw x ( h- +- + Ly AB /0 %

C _ & ' Hd eH . + % R H; B U^HU & ' Y { % ) % % 1% R ( HU U^HU Hd e k & ' ! (}?# J . N 1% U^ ( Hd e k & ' (C AB /0 7 C _ & N 1%

U^ & ' a#( *F vw h H $ ! % *F HU & ' Y ; 1 4 x u+ ¡

! "#$% !& ' () * +, -#. / '0 123 4 56 7 5 0 8 9* :; < 0 =' > ? 0 @/

A "#7 B C D E 56 -F7 % / / GC 9* :; 7 H '0 #I J( /@/ 56 5 KLM N ON I 7 LP QMC R C @/ 7 :; SH TUVW J/X0 ;K YZ0 G 8[M C /\] ^N_ J ;, TUVW `a0 ; MN bM Jcd 7 7 /@0 e ? C f> / Y g\/ f>N hC 4 i Nj e ? k0 @/ lm5 7 TUVW 'n`a opL q0 `r ( g +s 9* :; 8'3 tK0 ?u 56 v[wx %L v[wx ', ONguy0 z gS# ONguy0 z 0 M{C NH 8 1| };~ z0 MQ 56 7 9* :; 8'3 tK0 #M g 56 5 8 0 ; M g ON 5TW o8 s z # MQ H tK0 ; M g "# ' R 56 ON 7 9* :; < 0 + M ! 2" tK0 ?uM g 56 9* :; ON <e ? C 12 0 ; M g

! " #$ % & ' () (* + % , # - . . / 01 2 .3 4 % 56 7 #89 $ ' :;< =! > ?@9 A B ' < . 56C D$E . F A2G H,5I J ?@ KL#, MN 4 <9 OP N K Q R S

. T UV M<W, X < > YZ

Q 5I [?' 4G \ .3 ]^_` # &a EbYc, ' 5I d e , f , ?@ 56 7 #8 -g, h ' ' 56 7 ij, 0 4Ek,

:l m% # n op m qkUr5I se < + t <u $v w 5< , > C ?@ K x! "ux w Y[y Jz { m% > |h} q|~ 56 I 56 X} 7 KL#, & "" #$ :; ij ?@ % , & ~5 ( ~5 "G ~59 ' p* ~59 OP

KL#, 0 /5 |, :, M . &a <9 ]^_` &a, M ~59 OP > YZ, < +' *+@ 01, -g' ( <

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

- &. % /"01 23 45 6 7* 89 : ;<5 :

"3 * " # % ! '( " # "3 $ % = ">6 ?@ $ AB% ? * '( & C D E ;<5 FG $H01 % I J= '( " # K G JL MN 5OP % * '( " # Q 23 MN "3R S 4 * T6 # # "3 $U = ">6 2LV WX% E 6Y Z [% \ * '( - &. % " # 23 = ">6 ]^

:_V7 % 6 `a%

#!" $ %

! " #$ %& $ '() * + ,-. /0 12" 3 '( 45 67 89 #$#- : 1 ; 4<= ; > ? @) AB * CD 1 E F 3& F1G& FH & I /0 J ; @ K L M N OP Q ) &2 R ST ' U V WX Y R @ Z [8 A !\"#] *+ ^ _` " $ Fa bc\"% Q M ) Sd 5 #' E & e' # f Sd ( gM <N ( 1h'N ( U )Si R *+ @) _` D ) f j' J L @ 45N Qk !,-l -. j' W[mn ,-. j' /0 /o 12? K j' 0 =pq; N rA 6789 l 0= stl #': 1 > ;ruv L6N /0 ^ _` 23 uJ /0 4;rq wN ^ _`N 5 p r6 W) x $q y 7z8 # K Q 9 F" :5 ;{<dS =>|} : @{; L6 N ] 45 6Y ~ :5 5 ~ A? @J N 6 A p; \=B 6 7z8 C \ { D p; ! pE 8) N pE EF; r2 ' pE #G ] p H> p DN I ; ! p #' DN J ; A1pq"E K

! "

& #

* + &'(*

( )

$, ,

,,,

! "# $# %&' ( ) *+ ,- ./ ( )0 12 34 # 5+ 6 78+ + 9 :; <# = < >? @AB9 ,C DE F# B9G HI (J # KL 4 + 6 MN O / P ? @ 6 Q ( ) !" #%'$ &

4876:;95<" >=@?- A C=B E D F G HE IJ+ LKM ON & QBPL ETSUR %RV WX YD

() *+, .0-/ 312

[ Z9]\" ^_V `a E cb de@?- fg T h+D iS k+j lm$ onV qprYD

s !ut) v6:8wx ;y 8\z9y{6 }876| w966x ]zw95v69

() *

6 2R S? <. < 2T U V W X Y Z [ \] <# ^_ ` a b cL de S? V f Y<g< hi ? a i ` a j Jkf a # @A lm a n o= < ?+ a , 'p 2T4&\ = @q G k;r D+ l s t. u/ 9 :; t?- = o= < # !"v Xw

K 'xy +z# $ [ a j # \92T{| 2T= K }~ <# ?+ # \+ ~ b9 6 %% de [ \] <4 Â&#x20AC;+ @&f ?s / ` ) hV f Â ` @q

! "# $ % &' () *+ ,#- . / 01 23 % & 45 6 78 9- . : ;< % 1= > ? % @! A+ )B- CD4 E *+ 78 F GHI J " K> L = M NO*+ P Q R$ CS T U V IW XY : "#*+ Z(R$*[ *+ J \] (^I _X M`L a . K JI ! I = M b, : c K GHId = M e G )B- "#*+ ! e f GHId e g I h 7I hi M 6 B jk lmR$ = M no B jk: p bk6q _X r s & t GHI u v! = MI ! e )B-4 78 ;<w Af xS *+ Za R ; .

~ B

GHId u v! = MI ! e ) y z{ |S J =r L+ N . }~ hIr h )h t F "# = M ) e . $*t ,V j : ,#-. / q m Q ! |S J K & t = M Id ! = M : Id =! I ! " =! MI ! # ( f 6 $ ! = M m &' = M % & '+ @! Id ( 01 = MS Q ]I &' I ) *[ 4 "# } "#*+ I ! @E S b! |*+ p*z b,Id d Id IW hi +Z ! 8 z = M e b,I k! = M = I 1 e R . % ,-4 b,I k ! # !

+, .- -/1$20 3 # !"4 560 %987:

d Id IW hi . ! I ! i d S !G hV h

!"# $! %& ' () " ON $ O ~

O ¡

s ut O £ ¢| ¤ ¥ O ¦?§ | _¨© TB

* +%, -./0 1+ 2 3 456 789 :; < =>? @A B $ C 8! D E(F D G C 9H! I J>? B K C! L * MB 8 @ JNO N P >QR S T C 8O UA VE, W XYZ[ C/ ! \ ] ^! 2_O A 0ZQ 0O P 2` ,B TQ ) a 2_ =O #b >c !d C PE e / f! ghO i j* k " 1h O !l m 0O lh>? 0O! j* 2_>? n o% pq>? % & = rqO A pq B F s] B t ª«" ¤ O g¬V ®¯

s ut) & o| °.±± ²TB

!" #$ %& '() *+ , (- '(./ 0 1 ) 2/ 3 ' 4 56 1 789/ :; < , = 2/ > ? @ 780 1 A A

@ ?B/ C D E ,F# G /H E ,F# IB JK L *MN NK < O,(P Q() 2/ RS4 FT U@ #V WX1 D #V IX4 Y-D #V Z[) \ W+ ] T5\ 1 NK^ ? 2 #V ? 2/ +, .- #3 ;4 56 < !=4 56>7:

\ #V \_(# U R 0 \ #V ` a () ( ! FT() ( > bc(/ ! dM4 <@ WXG ' e fgh"1 #i ( @j4 klm R #Fn opq r >s#^ ?< 2) ! :$ t% @ r u ,\ t% v ( r >s#^ ?< 2/ Zwq dM klm )x^ y Z[) RS k&z4 ">' l{| )x9 y #F@ }~\ >s#(# / ,\ t% v ( r () t% \}\ ?_^ 4; 2 k&z U@ /E@ #V @/ ? +, ? #!"4 BA@1 CD987: E HGF I4 9 KJLNTRSMOQPS VUW !V !"U #3 !"X >#Y87:

\ #V O ( ;)z ;> R< >G R 4*> (/ ( ] R( R C@ \ #V (q4 4 $M^ ? / > y +, #f 4 ?~>) y W- 4 ?~> #< ( y -#R 4 =G > FT U@ ?~ < (/ \ #V #V> . #V \_( G 1 A( ~ @ )& R k ps @/ !"R RS>" FT>" 0\ )x9 y Z #V4 D Z > (>/01 6/01 " Z > RS \_9 y FT>" @ 1 2341 !" Z > \ #V ? 2/ /] Z #V ;_( ;)z> Z #V > () r

Z +, Z #!" \]^[ B`_ bacd 987: Ee #!"0 gf hi j k l- m98 n bop37:

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

,-. / 0) ) 1'2 13! 45 1 6 78 39 : ; <=) >) ?/ 9$ @ AB C % D / EF) GH 4 6! 8 4IJ ) + / D < KL. ) & G'5 M '( * + N% OP% Q RST U ,-. $ VWXY./ @ Z [ \ ] ^ _ RST 3! E D`D a U '5 b c ,-. dZ efU gh,i BVf/ j ] k A8lm)J ST - N a ED K VWXY no% :(\ 7 7p i h, % q )I rD \ 5f 2

q +, q 1s7r3 #!" t vu4 7r37:

) +s t c U/ u$ vwx yz) 1) ?\ efU u$ S {>i dZ ) W ; / 39 )J |}i % Q $ J~ i 78L% 5 5 c U/ J~ i +;) dZ 3 ( L% ) YY l ! +: "/ *% # ] i $ 45 +;) dZ % U #&2 e q ' (/ % & ! < ) kXf ) E s U ) 3 = */ ) % +k D3 ) \ ,L- x ; / ) <= >) h t + K J . E < )f/ 0 8 \ d' D 3 / STrD / U + BV x ) < }01N ;} r D N 6 dZ \ i { # % #&2 3 2 vw U/ < % % ) 4m k x ) U ] % ) 0% Da

! "# $ % & '() * + ,-. / 0 1 % 2. 34# 5 6 78 & 9:;< => -?@AB.

C DE F GH I JK L3. $ M N N NOPQ NOR S 4T U7 V W38 MX J ; Y J"

w .h #!"xy{ z }|

& o O ³

!" #$ %& '( ) * + ,- ' ( . / 0 1 2 ,3$4 5 !" 6 7 2 5 6 " #8 99:; 6 " <$ = >?$ @A B CDE !" 6 6 1 7F GH #2 ,3 IJ - 5 KL 5 M 'N )O?2 ,-2 P Q ,- R S #TA A KU)MVW 5 #X QY* & Z [ \] ^B_ ' - W` abA cd' $ & Q e f 1 g* WO 7 h L' QY#i- WO #T 7 L Oj !" ^B_ 5 Xk A l M 'N ,$ m

n Fo p ^ qr2 OU Ns t WO u #$ 1 e# vT 1 gu a#w-$ l 9x / 0 1 b y-

.h ~ i L

A ) * & Z [ \] ^B_ ' O V

zW5 2 { | 5 At Va " r}~ G { A & b] 5 !" "k- !" O% ] /VV 5 o C&!" #X QY?3- * R# $ B [CD %[ 1 A& 5 W&!" e {* ' 5 ( !" &b] = 5 ] ) B ab1 #$ 0 K 5 * = 2 #i!8 !"$ K:A cd' + \] KL , # {u ?3- ^B_ K gu - / E ] .D # {

!" #$% & '( ) *+ , -./ 0 ( 12 3 45 6 12 3 7 ( 8 9:; < 1 ! ( <= <= > ? @A B CD E; <= < 1 !( 6 > " FGHCD E <= I ? 6 ,J 45 7 ( <= K L . M N.J O P6 : K L QR7 ST 5 K4 ? !( 7 ( U 7 0 V WX Y Z[\ U] 1 < ^# _ 1 `

" ¤ & @ ´µ ¶·S¸ .º»¹ = =

¾¼½ o

¿¦¥. ÀÁ) ¤ Â| ¤ Â ¤= = O+B ÀÁ) ¤ÃO ¤ = Â ÀÁ Å²Ä O +B Æ=) ¤ÃO Ç ÂÃO È¥

¶·S¸ o

¤ÃO § ¢ ÉgÊi ÌgË Í # Îu §¢ ÏÐ ¶·ÑÒo¸ §S

Ó Ô o

Õ¨ ÖÓ EY = o@ _× Ó Ô ¨ Æ¬ E Y ¤ Ø ÙÚ Û Ó Ô Y Ô

12 3 6 a$ M b+\ 6 12 3 CD Y c d e f7 CD XJ3 W7 , L7 Y ghV .LiJ j )k c *C lcC m !n GHCD o dp CD "#3o $% !( i`& b+\ 12 3 CD Y c \ d e f7 CD XJ3 qr A

$ ! ! L

< sC t & &L u v 1 'X 0w' CD a1o 12(3C ! ( 0 1 a M CD Ux > \ FGHCD HS a 'X0w y 'X0w U[ 9 !( z Y j 7 6 { O .| C }\ z Y !( qr7 Ux I ( U| }~ _ a1 0 | " z ^) _ 06 0 CD UxiJ *3

!"# $%& '( ) % ! * +,- -. /0)12 3 45 67 8 9 & # :; <- !6= & >?5 >?5 2 @ A BCD ;- 45 ) $%E FGH 45 H 2 '( >?5 I J 2 K L M NO P Q (R M !Q& G H 45 P Q E !"# % Q :; S A T 1 GH 45 M U= V E WX 1 YZM "# % V 2 ' ( [Y :; V M 452 S A

" & o ¢ ÊÜ Ý+ Þ×=³ ³

-. \ BCD 2 @ (- ]M ^ BCE 2 K ]2 _< FGH 45 H àbc 45 d /0 )e Zf 9 45 ] gh6i j 45 "#k 1 UO 9*; ^ 45 "# l cd j& K ]M BCE m - 1 SY n P " 1 ò pM qr s& t * K - u 45 ]M gh6i jE 45 "# cd j vi F!w 45 H I à 45 d px -. -M B y z@d{ N|@& Y" ) K s , # ) K

? .h \] #

-. M g sE gh6i BCx

> $ % } ~@& & > -.k

' & ' ! " #$ % & ! % ' ( )* +,- ./ 01 2 34 ! 56 7 8 9! : ; " <4 => 7 ? @ A4 B 8 7 <C DE 1 FG;A HI J = 01 K L; M 8 / !N O P Q % JR +, S T; UV. # / 01 / W8 S H S X S JR TY

R S UV. Z %

" ¶·S¸ o àß £ Õá £ ®¯ àß £

Õá £

& @ = ¡ 966x ¡6â xy}ywã äS Õ¨ EY ¡ æåZ ç §S æåZ O¢ /E Ç êt Ò ëì Ö ó¨ ¡ õ.0ô1 ö o¸ §S| ¡ øT$ ¨ ùS ¡ äSO¢ ú §û óü Mý

& @ = ¶· ¡ æåZ ç §S ´µ ¶·S¸ mèk æåZ éº äS ¡ æåZ O¢ÏÐ =í Æ= Ç êt Ò #% /E ¡ ëì O¢ î½ ~ ï ð0ñò Á ¡ õ.0ô1 §S E÷ÎuV Eo¸ §S & @ = ¡ øT$ ¨ ùS ú§û óü o§û N î½

=@ þ_Ò ¶·½ ªÿĀā.|

=@þ_Ò ¶·½ ªÿĀā. ÆÑ Ç Ò = ¶· ý O¢

& @ ÅS¸ ¶·ÑÒ Ă O¢

ă ÅS¸ m$ÑÒ äS ÑÒ° M ,-Ą0 ¨ äS ÉgÆ= Ë.ò Ö ½ą ³-1Ć QB

¶·o¸V ćTÊb ¶·E÷ Ĉ Á

II ÒE÷ þ% ÌĈoĉ ¶· Ċ!

0 / [ K \@L; - )* ]=^ !_ ` a 0 bc d2 eR !f Q c g H a e 0 L ; 4h !_ i% jk . "# 0 l ; $ - mn / ` . o %# p !f G* ; q &ear 7 '# : ; !; )* 8 =s P DE (#

!" #$% &'() * +, - . !/ '( 01 23) 4 #$ 5 6 7 #$ &'( 89: ;< =1> #$'( ?@

A : &'( AB> C . D B>7 #$ E &'( A) &,F ( GH

I " . D!/ ,J K@ 2L!" & M N ) &'(B>O '( P K@ AQ( R8 ( STEU

& V WX Y &'( Z [ !" &'( O \ J ]^ Q_` ( a) ( b Q_` I`) KN . cde Y b ff: g Q( &'( AQ( * h* *i b h . D #$ O &'( &cde 6j k l`m n ) . D 7 o p Q_` ( &'(: q W D]r ` A - 7 N?j "C ]"# g

& o ċ £ ³

.h y{ z # $

#$ Q_` Q M : ;st #$ O Q_` 7 ff ) R8 7 , A u Q_`!" #$% vw% ] x* b y 2 !" @ / 8`m z{ m&< [ | `m M [ ) } ~gP '8 p g. D = Q_` ( O = a) ( Q( O = [l b) } #$j Q_` O ]` Z) a . D #$ 7 ~gP Q_` '8 [ ) !" (. = Q_` , . <7 I w . D } 8`m z{ m&< [ | `m M N ) } Q_` ( [l a) ( b xO y Q_` [) ) A . D #$ : O t = x O d ( Q_` ( a) ( [l =F*+, bO Q_` [) . D

ª«" &

ċ £

s ut) & o ċ £ Ĩħ

! "#! $%&' ( ")*+ + , "-! . /0 1 - 234 567 81

" & o II Č QS½

ċ £ ĩ÷ ³ ¤

II Č ¨p£ # | II§č §( £ Ď! $cb ċ £ £ď#% ÒäS ċ £ Đđ¨p ČúĒg äēë II Č QS½ Ĕ¢ ĕ" Ĕ¢

ċ £ Ùó¸º Mý

g ûė=Ė þ_ēë ę-#Ę ċ £ ¸º Ùó½ ÏÐ½ ½ø| ©¨ ¸| Lÿ+=I¢| gü Û ĉ ¸º Mý' ċ Mý ĉ ¨ Ě¸º Mý

S¸ě¨ O¢ ¨ Á

ċ £ Ĝĝ@ ýO¢ _× ¨ Á S Ğ¥ Ùo ÐğºĠ ġ¡ O¢ ċ £ Ģ§( £ ċ £ ON Ĉ Ĥģ.º §S

'Ò ¨ ĂÐĥ

ċ £ §ûn 'Ò ¨ Á Im^ĦÎÓ| oó¸ Iþ| 'm½ Û

%`äS

ÇnO¢§û '$ ¨ î½ /E ċ £ ĂäS Ðĥ ÆÑ ĩŃŁł Û ÄQýN ĂĮļ| 'm§× %` ÆÑ

'm§× QS½ Þ×O¢

'm§× ÙúO¢éº _×Mý gü 'm§× Ùú äQm O¢ ONIm Ĉ ÄQĽľ@ 'm§× Ðĥ %` ĩç| HÄQ| ëä| ä| ø ½| ÌgË| ńO| ²QB Įļ ó¬ ¾ ýO¢ ,-ªŅ î½ Ùo ýO¢ EņÐĥ#% øĮļ Ň óň ċ¨| ġ¡ O¢

~£ ċ £ ' Î¬ŉċ ŀ Ŋ

| & o© oĉ© rï i# o ě Ĵi Î¬ŉċ #Ö ~£Ĩ2 & ŋ Im'$ Ò Ď! =Ō ō óü Mý ~£ ¨'$ î½

$ 9 ! h #!"xy{ z

!" #$% &' ()* + , - -. /0 ()* 12 34 5678 9: ';< =>?@ AB C D &' ' > A% E& FG ? H6" I J K: 4 B LM N O 4 M P Q% " ¢ ÊÜ Ý+ ě¨ àß £ ¦®Eě ²Ä¥Ī O ÄÑ Æ= Dī½| E Ĭ O| ĭR× % Û ĮÑ@ Đ į- g¬İ ÚÙ oĉ% ă ı^% ă ĲQB O ÄÑ ÄÑ

àß £

qpķ Ĺĸ½

Å²Ä O ÄÑ Æ= ĮÑ@ ¢ ëJ QS½ ĲQB O Ö= QB ĳě O IJÆ= oĉĴi OÄÑ Æ= O ÄÑg Ĥĵ o Ķg¢ QB o Ñ O& . o¸ QS½ą _ Ĺĸ½ ı^ ĺæĻ| 4 Z | _Įļ Û Ĺĸ½ Ò| oĉÄQ Ľľ@ O qp =³ Ŀŀ Á Æ¸ æŀ Đ ıÁ^ O E÷ Ë ĺæĻ Æ=

ýÕ gýÒg Č¸ ŀ Ŀŀ E÷ Ë Ŏ $½ O Oqpó¨ Y î½ o²Ä ONķěO Û _Įļ E÷ Ë Őŏ_ Õ Æ= őÌËO Mý ¦½ ªÿŒœ. Ä?¼½@ Þ oó Ĝĝ@ ēë Ă ¼Ŕ oó| ó o¸!Đ O¢ ÌgË Ðĥ #%| O 'm§×ŕ V Òį- ċ £ QS½

ÑÒķ ÌgË

¶· OÑÒ ÎÒķäS ¶·Ç Ò O¢ æåZ ¶·ÑÒ Ĥģ.º äS ¶· Ò Þ×O¢o.Ŗ ´ ŗŘ Ĝĝ@ ?ù #% řĨIě| Ğ ¶·ÑÒěO Śà oð0ñò Ňóňķ Ħ ĶHBþ QB ĺZ ÌgË o@ ÑÒ ÎÒķäS ¶·ÑÒ äS¨Ě ²E¬ Ŕ oą Y Êb OńO Im ´ ŗŘ O Ĺĸ# O¢| á ÜśV _ VIm '$ Ò

Im ķ ńO

´ ŗŘ ĩŃ OĹĸ½ IIŜ=ĩŃ OĹĸ½ OńO §( £ OØŝ ¦?§ Şp¨Ř 4 Z§ş ëJ ¾ Ô ð0ñò Á O ńO Š »šŢ OńO ùS Og¬V §S

!"# $ %& '( & ) * +,# -. $/" " 0 1 23" 4 -. 56# 7* 8 9: ; $< = <1 >?+ !" # 1 @A9 B% CDEF* G 9H I$ JK @L 1 K% @A1 %& M & ; +,# -. CD N * 8 94 !"# -. " O1 %& M! PQ & RST< ?-+ -. 7 U $ < & -. VV+6W XY $ 7 U DZ [\ @]94 S1

! "#$%& '() *+, - '( ./ 0 12 / 0 345 67 "#$%& 8 "#$ 1 9:; < " / = *+, >? / = @AB 3 C DE 345 FG "#$ / : H IJK 3 L MN OMN MN <1/ = 3 8 PQR O 3MS TUB@/ V>: WXY45 FR MN <1B@ FGZ B[ \ B@/ W>:; ]24 ^ _` a&b X Q MN cd/ & : H 45 ^ef Z 1 g,1 h4^ ^J , '( DEB M Ri j _1k . &lmn M Ri j _1k op 45 k " 4 q "#$ Ma rZ/ = c[ M Ri " QC q- &b MS&C 0 R+ s M Ri j C 1

& o iı Įţ

^Jl[ $@ L to[ ]u/ 6v: wx/ &l: = y z P z P { @ [ | +} ~M/ 0 l $@ L[ 1B _`w} 3 / = >O," C 9 : ! [ "# mn $"Q 45 FG " #_+ : \%& "#$%& "Q 45 *+, , Y* , 6%:t ^Jl[ 45 B $@ L4 q:t i' @ [ " aB F / ~ >O[ BC {:h I ) >O B /

#!" 7r

$"Q ]X ^Jl h: % 45 FG O& 2 ( kv45 B e ) q *+ N ,- #k 45 .. O& K ^Jl[ O& / &4 i $@ L M C /I 0O4 q 1 +[ {| +[ $":t $@

L[ O& 8`14 2 b / 3

ª«" & o¥ ûĖ Ŕ O ø£ ßīS

^áť

¾Ť½ ŨĞÛ

¾Ť½ ^áť = ĀŦ

½ţ O D

= ĀŦ

_ø£ $EJ ŝŧ ½ţ O D O ŨĞÛ

_ø£

$EJ ŝŧ

ª«" & o ø£ rũ & þBS

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

!" # $ % & ' ( $) * + , - ./0 1) 2 3 4 567 4 568 9: ;<& = ) > ? 3 @& AB + CD1 + E 1:F G H I 4 J <KLMN ) O 18 PQ RS T UV + ,@ WA UV X1 + E ) # Y:Z[ \]^ _ `NI 9: ab CD1 + c\de

ª«" B = ć

$ ŬÓ Wŭ Ů8w ķ4y< ¡6â Y ëDb Bg¥ ůĮŰ +rÊÓ QB ű E cįĖ - Ų E cD

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

ų oĉj+ O ą Ý+Ó| g% ŨŴV Ńű ċą £IÊb +D

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

V _ ÌgË Eņ ÎuV r ŵğ.½ą Ŷ Óĉrļ D

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

ëJ½ QBų ÙÒ o¸ ĩ H ëDb ċ £ H qÊD

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

- m ÊO

ū m ÊO

ŪbD

g ŸOŪŷ Tn g §½ O Ŕ Źź = ä+ Ç÷ÊD

Č/ m D

pn m D

#!" t }|

! " #$ % & ' ( )*+ ,- ./01 23 ' 4 /5 /6 7 '8 2 9 :; <- = >1

ª«" & o & þB = ć # Ń ×¨

Ż ?ù % ż ?ùĭ Ž ı§

ž odſ ƀ$% Ɓ g Ƃ ƃ Ķĭ QB

Ƅ E$% ƅ ƆT0 Ĳ¸

Ƈ d+Āfƈ d+Ā¥. Ɖ oáÑ^ ²QB Ɗ ÒƋ+ĤĠ

ƌ ûė Đ

!" # $ %& ' () * +, - ./ 0, 12* ,3& ./

4 5 6 789 & & : ";< = %> ª«" & o iı O ³ Ğ¥

& o & #% ëJ iıų L ƙDÓ ëƚğÃƛ

Č/ ƜD

Ɯų Ŵ+D

ƜO Ūų Ŵ+D Č/ ƜO ŪD

Ɲ¢ ÊÜ Ý+ ƞ Û & o O ³ & ³ų LƙDÓ ëƚğÃƛ

Č/ ƜD

Ɯų Ŵ+D

ƜO Ūų Ŵ+D Č/ ƜO ŪD

, 9 !" ? @A : B CB D#4 ( E F$

G H7 I, D# J KI9L MN OP Q R7 (, SA T E F$U V ? WX , @A $ Y $ %Z

ª«" #% ëJV r Ɵ÷ h

TO £Ó

& o o© © '$ O¢ ĉn ĩ

+ '$

o¸ Æë

T$ ùS ²Ĭ áď §č

? y{ z ¡| ¢ l

!"# $ %& ' ( )* +, - . "# /0 1 ( 23 4 564! 17 8 9 : ; <

' => ? : 4 4= @A B"# C : -D 0 :4 @A

ª«" & o &

ċ £ ýN Æ= Ɵ÷S

- m ÊO

ū m ÊO

ŪbD

Č/ m D

pn m D

ª«" & o & ċ £ ýN Ī

Ňóň ë £I oĉ ä

ON ĩ

+ ð0ñƠ & Î Nű

^ď ¸ü §č ęČ & @ #% & @ ÌgË Îu T$ ùS

ª«" & o o@ ċ £¥ OƢ¥ĪÊ ơ ű ĩA EĐ¢

#% BN EĐ

^ď ¸ü ęČ oI EĐ Ňóň EĐ ä

Ò EĐ

¾¢ EĐ

!" #$% $ & % ' () *+) , - ./ 0 123 ./ 45+ ) 6 0 +! 7 8 9 % 0+:; 3 #$% <=! 9: > ? +) @ 8 AB+: C> &5? D E =F % 6 8 45+ ) G

HI6 JK- LA MN) OP QR ST U# &V W +: 1 #$F !X

, M'% Y?Z6 [ \]^ T E_+ ` ab c% 6 & 0 d? He=F d

\ fg h+i QR ST U# j: k lk - R 5 % Dm- n oG dp qr6 ST 0 - bK

!"# $ % &' ()*+, -. /0 &' 1 2 3 4 5 6' 7 , 8- 9 , :; !" <= >? 6 @A BC D E !"

F &G H I J KL :&' 1 D &M NOPQ R S ' TG U VWX YZ ;[ :; \ ]' ^ _ J [` Ba @b cdPQ R 9e '

ÂªÂ«" &Â&#x152;o Ä&#x2039; Â£ Å&#x20AC;Â&#x201C;Â Â¡ Ä®Å£

£ .h -/1$20 3 #!" u ¤

& o QB ®¯ }$¥ #!"4 jX ¢¦( U( 2 > §¨ 0 ©3 «ª a8 j «~3 ¬=- * Y ® ¯a 3( I ±°3 z i0 ² ³- <nU 7i µ´ ¬U .- #!" 0 *98 n4 ¶1 ·4 ¸] <¹ »º ¼t3 b½ I .¾ #!" - 3 ¿XÀ ÂÁ 7r9Ã j Ä7r3 Å4 Æ n <¹ Uh- uÇ ¬ ®8 #!"- È 8 ()É Êa (Ë- U ²b ÍÌ jzX 9 Î# !"0 ~ 9 < u7r 0 Ï¦9!8 BÐ p <Å Ñ !"ª 7 Y1 ·4 Ò Ó Ôº- Õ> Y×Ö #!" z X ¸ Ø9! È 8 gf ÙÚe ÛÝÜJe < Þ vØ ß áàÇ nâX åãä æ 3 0 ç LèëPéê Ç ì¡ä ¯a .- #!"0 v ^hí [ îÈ

. l ®8 G3 ºz[ Èï9! 3 l- È ( )§Ë yð[ îÈ ñò 3 yðó4 º âX õ}Èjô ö~ e ôÁ#e ÷±øe #È ù zúÈjô ½ ¡¼0 jX vuû " & o Ò ®¯ áø ĩŃ O Ĺĸ½ Ò

O!ě OŇó ƨ0

?ù %

(

B ěƦ D¥ ĩŃ O Ĺĸ# Ò ĩŃ O !ě ó ¨ oI| ĩçńO o²Ä Ňóň ÛV E ųĞ ¤áºb Lcb ĳV EËÊi InV ²ÄÊÓ IþÊb Ƥƣ Ê/ƥ ƧLÊ/ƥ ƝI¥ƞ ,-Ą0 ! Ç ųĞ & Ƥƣ Ê/ƥ ó¬ O¢ ¤ & o & Ɲ& Oó¨ ƞ ş %| ä| Mý ¤áº & o Ç Ò| ƏƎ| Ù | ź | ċ Û & & o O O !ě qp| Ĺĸ# ÒV ! ĩ÷ Òōb Ʃ O!ě qp ÷Š À ƪ Ňóň Ʃ ó¨ O ƫ ¦?§ qp ŒƆT Ʃ B Ƭƨ ĮţV _ ÷Š£ Ń Ňóň Û

& o Ĳğ?ù ëJ Ò

¤áº & o & ¢ ÊÜ Ý+ ³ ÊÜ- ! Pb Òį- Å© ¥ =r óü Â + & O¢ ƭ ĲÍ Ĳğ?ù V kƍ0 ôŧDÜ ĩŃÎø| ƐÙ ó üÊb hV O¢Êb £ ¤áºb < ö o óü ą O¢ÊƮ ëJ ÒV Æ =ÊÓ cŭ

& .ÒÞ OqÀ

¥ ź OqÀ

oĉưƯ% 'm§×

Oą kƴb ľ ¥ŷ

¤áº & o Ògą Ƶ Ĩą =Ùį- ..- O qÀ V ó ÊÓ gĸ V čSÊĖ o & ľ ¥ ŷ òą áiÊb £ ľ ¥ŷ ÆÑV r ƶoĉÐğºěƶ SÊÓ Qm O¢ ƶoĉÐğºěƶ+ øÊi OqÀ Ɵ÷ Ňóň ë| ÛV O¢ ¤ O !ě& &ą Ʒų | # ĨÇ Â | # Ĩ¥ ¤= Â q S ą çƵ hį- Ü ř +Ç gĸqÀ Âą čS | Ƹ ľ ¥ŷ òą Ei ¤ b Ç Ù V =Ùį- įƹq !=ċą ĭL ƸV Êi Ö= Í¢ Téƻƺą O¢ Db ¨Ě

O Eì ě

& OÄ Q ð0ñ ò

O ě

V éº ǉŵ

& 'm§× S=Ǌ Og¬ V

ÊgǇÒ¸ź

=ƪ O

OńO ċ 'm§ × & Oó ¨ ċ 'm§ × & O ä'm§×

& OŔ

'm§×

ĶHBþĺZ o Ò

îm d+Āfƈ

¤ oǇ Vq Qmų r mƪ Í ƭ< V Ý +b S ą ëŜ ¤áºb S=Ǌ O Vź ą MýÊƮ O źǕ ! O ǖœǗ Č¸ ¿*TV _r O Ňóň ñòǑ| £ď Dù q @ O£ďV ęČÊÓ cŭ ¤áº ä V ĐÊi ǘS QmV # iģ ě '$r & & Dù ñòǑ ! ǙįƮ| Ŕ ċ 'm§× o£ď #% ǇÒ ĴiÊƮ øSV Ŭ+ ǌ ¤ b ªn Qm ũ ^+* Ų E cb Ķ ǚ Ňõ+ mV - ËÐĥĠ Og¬Ê/. ƶǛ«ĳƶV ǜIǌ ©¤j Dù ¦ƾ o@ »šŢį- Īű hį- = ¤ è ø ǝƻź & QmV oǇǙįƮ| ®² b & ǞÅƍò Đĩr ǟ-M QmV oǇÊÓ cŭ ªmƪ EǍų =ƪ O ñòǑ| ëJ ÒV # Įļ Ç÷ NűV ǠÓ cįƮ| ǡ ¨ ¥.āǣ+Ǣ Û ~ Đ+ Ɵ÷ Įļą #%Ç cŭ ¤ ~ OńOéº¥ ċ 'm§×į- Ŕŉċ ĩŃ O!ě Ò| OĹĸ½ !ě ä| OĹĸ½ oI| OØŝŘ ¦?§ O¢ Û Ò ! & o Oó¨ Ìá¥ Çß+ PL ÍǤ ċ 'm§× kƍ0 ǥÒ O!ě ëD ¨ T O ä+ Ɵ÷ǌV TH & o Oó¨ j+ ĩÁ+ PL ó¬A 'm§× & Oó¨ - QmǙǦ $gj+ ũS 'm§× ¤áº & o Oó¨ ùS ¦ō äV Mýǌ Ɲ ǧ ºË ŀŀ ƞą O ØŝŘ ¥ čÊb Ò Ĵ i & Ù¨ | m ĩĉéº ºË ů ą Çßį- § ×¢j+ ĩ ċǨ ě ¥ öÄQEJ¥ ƸV ŁkD ğƮ ºËą čÊÓ Ë ¤ O güě tŭį- © d+Āfƈ ĺZ V B ²Ä¥Ī Oą +BÊƮ O ¿Ž½ø£ Ŷ į- =t Êb Ð ( ¤áº öÇÓź 'pV ǩL d+Āfƈ g¢ǪŔ ź ą Æ=r ÜÀ ¤ îm g¢ǪŔéº ÍËº B d+Āfƈ Bĩþ ą YIÊÓ| ûý © Eç= Ò ĺZ B OŠų !| Ɠƍ| &ö| îř © +BÊÓ cŭ ¤áºb d+Ā OÄÑ ƾǡ¸ MýÊÓ cįƮ| ¤ ¶·S¸ ¢ċ & ON¶·S¸ ƾ ş - O Ê ǌ

s ut)ǫǜĩǬ ON O Ŕ ö¨ĚE¬ ǭ gĬą ö- E ëǜ

0X ü #!" ý þ 0úØW Ø¸ ±U ? ZØ hi0 ĀÿâX < [ þ a ´ þ 4 < 1 ā 1Ă ă Ą e þ-8 ą¤Ć7 Dć ÅóBe ¤Ć7 j>ą> 0U

Ĉ åĉ < ă ?Ą e ċĊh y 7 BČ č Ď $~ y 7 ď!7 YB þ4 -/1ºz- Ĉÿ0 !. ! h¸û Đ đ Đ} mĒ {đ Uē0 Ĕ h¸3 z .h½ -/1 ĕ0 È vØ98 ¬Ė4 çWó ėBĘ z þúØW ę8 Đ-/1 ĕ 0 Åó!đ7 YB ěĚ þ BĜ U Ĉ- 8 ¬Ė4 ìĝ½ ÜJĞ ¦ğY× e ă ZĄ Ġ -8 þ 0 ġÙ7 Ù9Ģ þ 0ġÙ æ´ ģ4 þ-/1ġÙ 0ġÙ- -/1½ ĈĤ3 ¬Ė 4 ìĝ½ ÜJĥ ¦ğY ® çĦ ¢úyU û e $ħ $!½ ĩĨ Ī4 ^ īXU åĉ ^ īX7 å! þ yoó Ĭ- ĭ Į į¿7 ī ? ă Ą Zİ ıĎġÙU 0ġÙ- Ĳû þ jmvØ7 ĠĂ ĳ Å 0 ) B ¬ì0 û 0ġÙ8 -/1Å Êa 1 ´ úØW[ ėB)8 ÇU 9 ® jmúØWaAĴ Ø.ĵ e Ø¸Ķă{e Ø¸ķ¤}ae Ĺ^ĸĺe ïļ j} ĹÞĻ ! Þ ľĽÊĿ- úü0 zú9ŀ ½ ÙŁ[ 9 ® ă ĠĄ #!" ÜJĞ0 h¸âX þ 0ġÙ ł. ! ĺXŃÝ7 ¦ğ Y× ^Ņ ń[ yu98 ī iĲd ņÅ ŇâÃ ¼zň Ç ¬ ®8 ×! ŉº- #!"0 u9} -/1 ĕ0 È 8 þyoó Ŋ0 V È U ēâX #!"X ł. ! ÜJĞ 0ġÙ- ĦĚ < ă 7i Āà9_ h¸ûÌ n ġÙ ÙÚ × þúØW ) - U 1 s âX ÙÚ ÜJĥ ŋB1 ®× e < ē0 Ë - Ō ō4 Ŏ 7 ®× ŏņâX º0 ĆŐĜ ³4 (yőĀġÙĢ ğ ă ?Ą ăü 2 Ø [ Œ¬ ®8 !{7 ĤY× 2 Ø ģ4 Ē ġÙ œ$~ Åó! Ģ ģU ŔÔ ŕ [ z X Ç hü ÍB âX Ø - ôĶ0 3 ó4 × <ŖU }Ă0 ŗ 2 Ø 8 ?Ă þ vØ7ó Ř ăü ¦ğ0 9_ Y × (yőĀġÙ œ$~ Åó! ĺXŃÝ7 >Á ´ ġÙó- ~º ī ď!8 (yőĀġ Ù -/1 yuř Ś#U œśYÃ Ģ 8 2 Ø ÇÉÅ Êa -/1¬ ŝŜyçe ġÙ ¢åùó Şª Þ Dć ÅóB ş n × <šŠaU jŢ ġÙ -/1 ¬]0 È j×âÃ 98 àĶ óBĴ! h¸û e þ vØ7ó4 ţ ! ? Ă- Ă -/1 ìy7 áàû ă Ą iŤĀġÙ8 Zġt0 ť?jl-

¤Ć ¬]0 İh #U È j×âÃ 38 àĶ óBŦ Ă vØ77 jŧU C !9 =ĳ[ È ¬]0 È Ũ ?ăũ -/1¬]4 ďsY ® Ză Ą (yőĀġÙ- #!" ¬]0 zlû e ?ġă ġåó ŬŪņū¨|¡![ ÅóB !X û -/1 ĕ ;- U$98 yð[ îÈ #!" 0 3 hü#U 9 e Ůŭ4 ?hüØl ů1 · ¦ğY× <Űŗ ËX ó4 ¦1û e űĀ0 û þ 0ġÙ ł. ! ĺXŃÝ[ ¦ğ9Ã ăü ŮŲ9 ®8 d[ Āġå ó Dć Ç ¬ ®8 7r 4 śØ × < Ză ?Ąť Ą@1 (yőĀġÙ- #ų¬]hü- ? İhX »Ŵ > -/1¬] ¦ğY ®

ö @ôŧD?ù §¬ ¦Ǖ

?ùĭ¿ƀ ƾ

ƝS=ǊVź Ǯ Ü ƞ ,-Ą0 ?ùĭ¿ƀ óü

Ză ?Ą Ą@1 (yőĀġÙ ġăLŵ V 0 ĀÿâX ġåó4 åH-/1$2 Ŷ Ù #0 ¦ğ È Ŧ < ï ¨> -/19Ē [ ġåó { [ îÈ åH-/1 $2 ŷŸ X À 9!X ï#0 û <š_ ï# üŹ0 pÂ ġåó z¸È ź e < À jW[ «Ø¡ âX 9!X * 7 YBŻ þ4 <Øl -/1ÙÚ ïŮ ó Bż ŽâX ž n>1 ſh ƀƁû !Ƃ (yőĀġÙ ï#ó0 1 Ç n0 ƃû <È Ą «Ø¡ 0 Åó! 3 Ƅ ¤ƅ ®× ġåó Ɔ Ă õŅ0 û1Å h þ 1½ Ƈô iù 3 17 ®0 É × ł. ġ0 ) e < ¢åù ƈ Ŧ qă ±V!-U åH-/1$2 Ŷ jzX ġă ŵ V0 3 ġ!Øl ¬]0 ¦ğ È j×âÃ 38 )u × < ġåó-_ «Ø¡ - 3 Ɖ0 ÿBj8 n Ôĕ 0 U½Ɗa8 n -/1$2ÀØ0 9Ã y{ z8 á¬ âX ©Èd 98 l a8 n0 żƋ e 0ƌñĵ a8 «Ø¡ 0 ÔĕÈ À 9Ģ ġåe ġ ¤e Ùp e 1 y{ Û <ƍ ¤} -/1$20 3 ġÙ Ç0 ÅóB7! h¸û e -/1[ jzX 3 Ƅ Ǝũ ġÙ«Ø¡ å9_ ä n «Ø¡ 7i č ÎƏ4 -/1ĊƐ0 yu38 n ã 7#- -/1œƑ0 3 ŮŜ vØ ġÙ 1 y{- vØ ĊƐâX $2YB åH-/1$2 ŷŸ [ uÇ ŉ ƒ ¬ ®8 n ¨ ,İ âX < ĊƐ4 1 y{- U yu 7r9 _ Ɠ n Ɣ[ óÃ -/1 ƕƗ Ɩ- áàX 98 n0 ñ ¬U ®8 n š _ -/1ÀØ4 ġÙ½ 7#e 1 y{[ ïÈ 9 z åHď[ Åň n <Ƙ < s- #!" óB7 < ƙġâX yoó0 ēp Ţ^9U 98ŗ < Ç0 9 ® åã3

#!" ÙÚ- Ůu^@1 ý ƛƚ #!"- 3 0 Ů5 > Ɯi- È Ã ņ I

Ůu ý Ɲƞ¾e Uh¾e -/1Ɵ1e Ơơ ÙÚu ý 2 ÙÚe åHÙÚe -/1ÙÚe ġÙÚe ºzÈïrª f%u ý ƢƣƤe ƥ%e Ʀħē ¡¾ ý z?Ƨď ¡

Ā- Ůu Ã- ƨ U7 Ʃ4 #!" gYÃ 7i Īƪ1Å ŮzX8 ƫç !" +Èd9 e #!" s ± ƨ U Ƭ ƭB1!- Ī4 Ɣ[ ÅóB)

!7 B©À n yŮ Ƅ Ǝũ Ůu 0 zË3 Ʈ1 ÙÚue f%ue ¡¾4 ± âX < Ç ĂÕ9 ģ +ª ® <Űŗ f%u 4 ƢƣƤº^ Ư ľÀØ LưéƱQƲ ưëƶQƳQƴƵ ½ ĈYB ®B #!" »Ʒ ¡Ɓ ƸB18 Ž ®0 ¬ ® e z?Ƨď[ 1 98 ¡¾ 4 ŏņ-8 ¢¦( !"0 z?Ƨď- uÈ tÈj Ã Y8 nâX 1Å ƹ± gi- Â9_ Y8 ±ƺ4 çƻ91 ·4 Ē7 Ė <Ŗ gf #!" ÙÚu ě$ Ƽ¿ Ã 7i < ƥ1 #ô0 Ō Õ\hƽ ¬ ®8 ¤ƾ e !ƿ 2 ÙÚ ǀ åHÙÚ ǀ -/1ÙÚ ǀ ġÙÚ ǀ ĂÙÚ 3ď [ ǂBǁħ ¿XÀ Ĉ,0 zh98 ÙÚĺX<ǃ Ɠ ¬ ® æ3 ŏņ-8 ÙÚu ¤ƾX hUY8 nó < #- !" l#^Y 7r 0 Ǆ ¬ ®Ã Ůu^ě$ âX 7 zǅ^ 98 nU 7r9 ŮzX >u ǆǇ!LƢƣƤ ǈëëêQƲ - 8 <Ű yð[ pÂ Ļ Ǆ ¬ ®!U 9

þÉƺ ǯ*¿ Ƃƀ !

ǉŵ äB Ƃƀ

ǯiƿ Ò ¥ Ùď½ Ƃƀ Ð ĥ ǰǱ

y¦0 îÈ Ō ¬ ®Ö I4 ,, ¦^È 7ŀ ÙÚuě$ Ůu ^ě$âX Dć úƿÇ ¬ ®ņ0 }= <¹Ã Ű ÙÚ¬à8 ǉ ®0@: ¸ă ǊÈ 0!"ǋ ƛƚ- ¦ğ3 ÜJĥ0 Ã < ¬à[ Õ>È Ǆ ¬ ®

" ¤ V éº ǉŵ ä ( Į

ä =Ù

ŠÑ ǲ| T£ZĿǳÄşĞ½éº Û

=¢Ó| şǴÓ| ýÛĨÓ| TǵÓ| ~ ƱÇ| ~ǸËǷDǶź Û

Ŕ | ź| mkË

ǹ¦Çź źmkË| Ǻǻź | ǟǂVib© ¤Ǽº| SĲÑź ¶· ×| = ǿ Ǿǽ| E¢ǿ Ǿǽ| Ǜ«& ¢ċ| Ǜ«ưƯ% 'm§ ×| E¢ ¾Ť½ ƾ | ¶·Ĳǈ| Ŕ äéº| l¢ őéº| £| T ?d T| ǜĩ Ŕ ċ 'm§×| Êgéº čo¸ Û

Ŕ ě ķ oĉě Ňóň

+Ȁȁƺ ı§ Ňóň| ȃȂ Ňóň

~£¢§

M= ǟVkȅȄĲ

Oķ Og¬V

S=Ǌ| Ȇĩĉ =| m=øǈĲƪkƍ0 Û ¼Ŕ = ñòȇ| Ȇĩĉ =| oǡÒǚſċ| O ǂ| & o OÄQ IÐ Û

S=ǊËȉȈ,-Ą0| VǛ+Ǉų | OÄQ IÐ

,-Ą0

! "#$% & ' ! ( ) * %+ ! ,- .# * ! /0 1 2 3 4- /$ 5678 9 :; & <

= 4 1 $>? * %+ @A0 BC$% D E !E DF G H #IJK L M N? HO PIQ- LR N S * %+C -- T ! -UVW X YE E ! * %+ C -- T Z 4 1 > : 6[\ ]^ /_ ` a ) b! * %+ C & Z 4 1 c K _ * %+I T ! c b R ! Q d 1>e f Y]g fh IigE j k lm n& ^' $>? E IYK oX <XK J >e $ p>qr s $ tu!$2 " '/ V 4 1 v : wx lm 5 SQ PyE YC^ ! 5 zB&

f #zBfE !? {$| }4 C%^X - Py ) ~ f & P

4 1 nK % % #%! C -J :7J * %+ H H8 R> 1 ' { -> & $ 1 * %+IJE o a ) Z 4 1

* %+ " :& k :z >2 % E " 3 ' ! > ( K )R

!" # $%& '( )* +, -./ 0 ( 1 # 234 5 67 8% 9 :; < 3*

= >?@A5 B CD E & B CDF 4 G HI J K < L 9 M BN?OF E P QA R;STU' &4 VW 4X2 Y Z T[ 8< > \R8< 3* * 4X2E! ?O ]^ 3* M P2 ( ?_ 9 T ! " à 4 8< U 3* * b cd e5 f g2 h: i b * M j= k 5 = >?@A 7 l^ Wc Em 4 l^ 2% n ( >?@9 QA N o à8 , DU9 p 0/ q R;4 T r9 o < sS t[ 2C ud / q5 v l QA% 9 wx4 < ! j 7y8% Kz* R{ | 8i b \#/ "l VW8< #}! à8 ~z ud j $ 3* * M

? ┬Ђ┬ѓ ┬Љ 1┬Ъ -/1├Џ├Ю├юJ gf .- -/1├Цv!" v├ў ─ђ├а3 z8 ─є71┬Г -/1├Цv!"0 Кї┬ј3 ─ќ ┬Ю┬Ћ├ѕ )8 ne -/1├Цv!" !V0 Кї┬ј3 КЇ┬Ц8 n ─є718 X ─ѕYB ┬« ┬Г !V0 КЇ┬Ц8 n4 p├ѓ -/1├Цv!"X ]0 Кј8 v├ў7[ ─ќ ├Ё├│B ) e <├│ v├ў├Є ┬г ┬«8 ├║├╝0 КЇ┬Ц8 n ┬Г < #0 ├«├ѕ ┼а ─ќ4 ┼а ┬ГG3 -/1├Цv! "├│ ┬Ю┬ЋкЊ ┬г ┬«0 n ┬Г $( ├Б1- #!" v├ў0 98 ─ќ4 v├ў7├│4 Кї~ 3 ├Ц─Ј[ ┬џ198 n┬А─░ ─ЏКЈ┬Г ┬г─ќ4 ├Ў├џ e !Кљ e ┬ј v├ў├│ КЉ11├Ё }$┬Ц l# ├бX ├Цv├Є ├Ё├Љ v├ў├Є ┬г ┬«8 ┬ё┬░4 Књ┬ў91 ┬и┬Г КЊ=9_ ├Ў├џ9 e ┼«ки ├бX !"0 u├Є !{e D─Є ├Є >┬ф G e l# > ┬И]├║├╝ ├Ћ 7 ┬і├Б┬ћ ┼ї ┬Џ ┬Ї7 ┬ЏКћ ├║├ў├бX * 9 D─Є 0 ─╗┬Џ !V0 КЋКќ├б├Ѓ 3┬Г ┬Ђ┬ѓ ┬Љ4 1─Ф ┬ѕ ─Ѓ ┬є 1┬Ъ-/1├Џ├Ю├юJ[ ├«├ѕ $( -/1┬ћ─Ћ┬ё0 #!" v ├ў7├│ ├ЁКЌ !{[ ├Ё├│B┼д┬Г 1┬Ъ-/1─А├Ў- 8 КЊ=┬Ц HG─д КўКЄ!e ├Д─д┬д├Дe

īX z¸Þ Ůŭ !{[ Ĥû e -/1 ĕ 0 gl0 Ǚ8 * hü0 Dć Åó× !" 0 -/1 $2- Ĉÿ ®8 yoó ¤} Ŋ0 ǚ X Ø Ʒś0 ǚ8 hü Y× <¹Ã ½ «ª !{ó Dć ǚB1!U û < e ?ă Ą få-/1 Ôĳ z¸Ü Jĥ- õ}3 ìy¦ó < Ǜ- Uhs -/1ÙÚ få-/1Ôĳ[ yue t9©8 ã çW vØ7ó ¤} ÛÝÜJ [ Åó× #!" ÛÝÜJ- 8 U hs- çĦe få-/1[ u3 ī $!å\Þ0 î 9} -/1 ĕ0 m 9 e [ ÙÚ ūŢ^[ î3 Ůåv u0 Õ 9! È ǜĄ ¤ƅ0 îÈ vØ Ž )u0 ǝŦ Ză-8 ĳ Ǟ3 m0 ¤ s {U ǌû ĈĤä vØ0 98 yoóǟ 7Ǡ_ ÅČÌ #!" Uy¤ƅe . -/1$2- È m98 yoó Dć ¤> .-/1åv !"ÛÝÜJe $( #!" vØ77 k0 mûÌ $( #!"ÛÝÜJ = ĳ¤ƅ Þ ó Ħǡ3 ±ƺ s- X 1Ç ¬ ®8 k0 Åó! È m9 e v ØÈŦ 91Å p4 ñ Ǘ!-U ěħ Ü Dć ¤Ģ0 ŉ Ǣ_ Ɠ h/1[ Ō1Å <[ È ã ǣÈdÇ hü ř f# Ǥó!U 9 <¹ <ŖU }$¥ Dć }¹ 71 0 Èd 3 Dć 0 Å ó ǚ8 #- Š Ė4 ř0 íĒ e X ƨÇ ¬ ® vØ7ó ÉÅ Êa ¿XÀ yoó ÅǗ U áà9 .- 8 1ī ?ăü Uh¾ -/1åv!" ú¤$0 îÈ hmó AB[ ¤ǖ ¤ ¦ AB8 $º7ó - È ƨY× e ǥ¤ ½ ÿy Dć Ŋ0 ¤â e < #0 ħǦ ƨ ä ¸ǅ4 $hY× #- -/1åv!"- Ĉÿ ®8 yoó0 ǧ9 p Ǩ3 , Ė1

Å zǅ^ Ç¬ ®8 }¹ AB[ ǧÇ ¬ ®× . -/1åv!"ÛÝÜJ õ} ó úØâX ĺX<ǃ0 !ǐ9 Ç0 ǣ9} ¦ğ9Ã vØ 0 Õi9 e ¿XÀ y o0 Å 8 !{7 Y!U 9Ģ p4 .- -/1åv!" ÙÚ - Š 9 e Ůyu- zƑ Ė1Å Ű vØ0 îÈ hmó >ū ÕiYB 7Ã Ůyu - yuÇ ¬ ®8 zǅâX iUe [ Ĕ ó 8 hmó >ū iU 7r9 a åã3 3 7# e ǩ4 3 0 -/1 $20 9! È 8 G3 áà9 Ǫ! /1ºz[ z X >ū9! 3 ú e Øń[ ÅóB 78 #e åv- -/1yu0 ǌ~^ Ç ¬ ®8 !"LçĦe $!e ǆī e ¨yue Ùî e [ y{ âX ǫB)!@1 Ė4 m hU7 áà9 zl L«Ø¡ e ìye ½ yu L-/1 ĕ 0 e mLvØ7 ĈL .h e yu L-/1 ĕ 0e ĈĤ #0 ÙÚ98 ġÙ óü 8 -/1åv!" Y yuY8 $ #-e ¤Ć Ŋ0 9 X ƨ9Ã Š 4 vØ0 ÅóB ž ¬ ® áà- 3 ¿XÀ ABe yu- ¯´ ÄƬD ǬƟe ¿XÀ uU Ŋe Š Ė4 ǭå!"ó [ îÈ ÅóB Ʒ ¬ ® <¹Ã Ǯ -/1 ĕ ĳǯ- È Dć ú 9 e ÅóB ž¬ ®![ ! 3

Z #!" <ĜĸƗ ý 1 ġ Ú vu zl gf ()- uÇ ¬ ®8 #!"- 3 ½ 4 ǘ$¥ > < >ó ¸ 4 ÛÝÜJ- 19 ®8 ±ƺ <¹ Ê #!" Ė4 7r ó Ū0 ! $- > ó C!Ç ¬ Ǜ- Í8 ±ƺ å9ǰ 3 . a8 úü- -/1 $2 a8 ę Ɗ 0 3 !"ó0 9 ue ŮŲ98 Ĥ #4 Ė4 hü ĳu < 0 áàX 3 - #!" () u0 È 8 [ $º â X 98 98 !Ĉ áà98 ~ 7 ĭ ® [ È 8 ¿XÀ !Ĉ0 Ơĕ98 U ®0 n 91Å ´ lâX !ƿ ġ0 vu98 lU ® Ů z (z «ªy]0 âX #!" [ 98 ġ yð8 Ė %( ǜyǱƧ Ǳ ú ġLưƣO - 8 #!" ĈĤä ƢMèéǲ ǈëǳƲǴQǴ 7 !ďúġ Ù¬ % % LǵƳǶ ǷƳTƵS - È ?ă 70- ŏņ ÔY× e ǸCŐLǷƵéƴǺëƲǹ ġ A > ǻLƢQǴTRƴ ǷPSëëê -8 ąǼƴƵƲQǽƲQƴQǳƲTéê ƢQǴTRƴ ǺëƲ ǼǾƵƲQƳQ ǵǺǺëƲǹéǲTêTƵǶą a 8 ģâX ġ ÔY!U û ()- U Ĉ vØó B1 ® () ġ- #!" ĈĤ3 ~8 ă ŵĄ $ 3ǿ ġÙ- #!" ~L~i ŕ Ȁe ^ġúġ Ù¬ 7 ŏņâX åĉ

I4 È Ą yç > ȁ !" ơ û e ĄȂ ( Í8 ġ!" { 7 Ǩû ¤Ć #!"0 98 () úġ ó ¤ƅ ()- 8 ġåó ± X Ġă ~Ëä Ś[ 3 úġÔď ŷŗ% [ ǌ9 e ă #!" ¦ { [ Ħ!U û Ć ğy8 gf È ¦ğY ®

. ġÙ h -/12 1s7r $ ~LǵƣǼǼǷȃƑȄ 1s7r $ ~ 8 ă Ą Ē y{½ >Ł 1s7r3 $0 3 ÙÚ ŮŜ0 î âX ğ9 ! È . ġÙ7 Ôĕ3 » pÇ !Ĉ . ġÙ h -/12 1s7 r $ ~LǵƣǼǼǷ \9-8 #!" ǋ LǈQƴƵQƲ ǺëƲ ǵǽǽƲëǽƲTéƵQ OQPSƴëêëRǶ 7 ® » ~8 <ü . ġÙ ú ġ Ù¬ó0 ĀÿâX ÈË őy vØ- #!"0 v u9} ú3 yðó [ bȅâX y{ ġ >º ġ ÙÚ d $º 0 ï 3 î üġº > 7 7r3 Ȇȇ Ç0 ¬ğ9! È Ză

. ġÙ ǵƣǼǼǷ )- ÔĕY× . #!"ǋ LǈQƴƵQƲ ǺëƲ ǵǽǽƲëǽƲTéƵQ OQPSƴëêëRǶ 8 1s7r3 $0 3 # !" !V (z «ª ½ y] ¬ğ0 ę X Ȉ # !" !V y{ ºz Èï l- Ĉ3 î e ġz Ȉ # !" t0 3 ŗ ȉ Ȋ Ȉ # !" ÙÚ őy ĺX<ǃ À Ȉ # ! " !Ĉ gi ǭÝ/ȋ !V y] ¬ğ Ȉ # !" ½ ŮŜ0 3 h ÛÝÜJ Ȋ úØ y] ¬ğ Ȉ # !" ĈĤ3 (z «ªy] zl # Þ W > À ę[ zh9 ® 3ǿ ġÙ8 (z Ȍ ȍ A >- ă Ȏþ0 º9} #!"0 A > ï h í8 vØ0 $ û 3 yðX ǱÀ ł. âX åď[ 198 Ȏ yoó4 ¬Ɯ ȏ Ś ī ĳX 1ơ98 ºz[ Èï9! È z[ #9 ĳu ĩĨ īX½ Â hȐ åv jŢ- 9! ůÀ ń½ ȑ\ fńX Åó ¬ ®8 l0 ¦ {½ A > {- zơ9Ģ 3(- #!" ~ YB ďYB ġ úġ 7 ïä çW[ Ã ŵă l!"ǋ 7 \ĶĮ- Ôĕä n0 h¸âX Ǆ ¬ ® e ġ4 3ǿ #!" ~ ăâX Ǆ ¬ ® ? æ3 ?ă ŵĄ Ơĕ3 .<ĜĸƗ « {U 1 jm Dć98 y]0 Ǳ¦9U #Ĉ- V YB ®âŀ qă gf ?q ġ { âX YB ® .hĕ ġÙU À { ÙX YB ® Z .h½ .~f ?Z ġÙ8 1ī ?ă ŵĄe ǘŮ7 ś Ȋ -/1œƑ Þ !ċŢ^- úØ ǥ9 !ċ2 Uh .0 Ůg9! È <ĜĸƗ

!**' " ) )%+ #( % & "% , '!' $" &+* !**' " ) )%+ #( % & "% , '!' $" ' . /- 0 123 546 :;879< = ?B>A@C ED < = FHIG JKLM NO>A QPR <

UWSTXYVZM[ _^\] !**' aaa ) &+`.(

% $'+) &(. &+* &(. %"0 *"&% '!'

[ ¡ 98ŗ úØâX Şª9!X û ȏă@1 ü -/1~ĳř0 Ś ! XL ă ĳ 98 )u0 þ X 98 «Ƒ0 Wï9 [ ğ9! 3 ąúØ ŮŜ¢¼ºą0 Ȓȓe ġ4 !ċŢ^- 3 ǥ 1s7r3 $0 È e Ů Ŝ > <ĜĸƗ ¡ ÀØ0 ȔǦ ġ y{ ƅ0 9ƪ ¢¼3 b ® < ĜĸƗ [ È Şª98 ġ 7Àŗ #!"- 3 [ ^9 [ !ǐ9 8 yðX8 ă ?ă . úġ ~ #!" ȕ¹ ½ . h /12 1s7r $ ~LǵƣǼǼǷ \9-

#!"

ǋ LǈQƴƵQƲ

ǺëƲ

ǵǽǽƲëǽƲTéƵQ

OQPSƴëêëRǶ 8 Ză- ÔYB 7 ¦ğ Ā- ® 7 .h- Ǳ¦98 h# Ĉ 0 Ǣ Ǫ! ï Y ġ jŢ jmó 0úØW Åó! y] $W > )u ďYB ú äÃ Š č h/1[ Ȗ Ç ¬ ®0 n Î¥ .<ĜĸƗ - õ}98 ?Z ġ 7Àŗ ¢U98 ġ áà9 .h ĕ 7 . #!" ȕ¹ e . #!"ǋ >ºe ÙÚ ġºü ďe î 0 98 ū Ǳ¦ 9 n > hmõ}X Ǳ¦98 y]ŏȗe .<ĜĸƗ « - õ}98 7Àŗ ¢U98 ġ . #!" ĈĤ3 Ș z[ hm Dć Ǫ! çď Ô#È ș ž ¬ ®0 n æ3 . -/1åv!" ¢U ġ4 -/1Ɵ1½ ȁ0 ĀÿâX ǌÁ ť ă- ƧÜ¦ y{ «Ø¡ q \ġ«ª -/1 ĳ y]0 Ǳ¦È Ǆ ¬U ® $! i [ -/1Țǰț-_ $Ɗ98 y]e ġ |¨ çĦe İĦŸ>Ýe ŮŲŮ Z-BȜŮË! -/1 ĩĨ Ĉ Þ ŮŲ e úȝ > #!" K Ȋ $ǭ Þ G3 Ŋ zlƓ ¬ ® æ3e -/1Ɵ1y I4 øĤĔ4 hm « Ø9} 1 jm -/1åv0 ¢98 Dć ÅóBĘ ğ# ġe 1 j me -/1Ôďy Þ ¿XÀ #!" ȕ¹ ½ vØ h¸YȞ bŖ»

+-,. / 01 23, 45 76 &8 9 <:=3; ?>@A' þĵ b Ȋ ȋŰb O Ŕ| O g¬V+ cD ªÇ Ā.0Ëk ōƔò

(

b ONĩĉ| =ź ªËÓ Ò+ ¨Êi #% Ŷ į- ĴiÊÓ| ÇȌ O N á¥ +ą OƢ į- O¢Êi ũ į- Õ¨ į- T Ʒb O g¬V+ A (D ^ȍ +

( & ÜĀb d+Ā O áĮV & Ȏd- Bű Eb ǔD ª

ģÜ + kȏ ªj+ Ȑų ø£ H ėƲ | =ź Ò Ĵi Û ýN

b UWgc]e]f[hZdij<UWgc]Ekf > ml N b gc]nof[hZ pij\ >UWgc]Ekfq gc]e]f mlsr EDuvt UWw gc]wyZxNM zN\t

& BűÍ Ĳ cb -ą Ǜȑ Ų E cD Ā.0Ëkb ¤= + áº ǡÑ^ ȒÄÑį- T ǡáj ŗÊȓ Ŕ = ß È¥ Ûį- ~¥ & d+Ā O =r ßV ȐÓ O¢Ê oǇǙD ªģD ¤= ţþ ƍmį- Ā.0Ëk¥ Ŭų O EĐ Ȕ & ȕLÜ d+Ā

Ĭ #% ǚ ą ¥Êŷ ÍjȖD d+ĀfƈV b ¤áº ª*Ǆ =ź þ ½ź & ! PȖD +jų Ā¹ ¦ƾ ȗ þȘ ƿ & d+ĀfƈV ÄÑÊb ș Țț o Ò SIÊ +ȂD +¾ þȘþ ¥ǎ ÙȜÊĖ& þȘþ ȝų HďÑÒ ůŁÊO Ūb ´Ȟ ¢Ĭą ÓĉÊ oǇÊǀÓ| ¤ ON á O¢į- ª*Ǆ =ź ¥ Uȟô0ò ǡÒź '$Êi d+Āfƈ ƍÌȠ ,-Ą0ą ! ÊǀD ,-Ą0 č ¾ tŭį- þȘȡą QB d+ĀfƈV ÄÑÊ +ȣȢD Dŭr T ¤ Uȟôȣò ǡÒź ş ōƔò ǡáj+ Ĵią oǇǙÓ| ¤ ş ǡáj+ d+Āfƈ ĩþ ¥ ÍjLO ÃO Ĵią ǙD +¾ g .ĵŷ ¤ ON & d+ĀfƈV ÄÑÊb ŀ ¥ ó¬ PȖD ų þȘȤľÍ ƦÌ & ¿ ó +Ó| ÜȥOb ōƔò¥ cb .ƻËk ĩ & ¨Ü DȂ ó ą rũǙD gb ª*Ǆ I= & ÜȦD ,-Ą0 oǇV ű ȧb á ĩ á O¢V ƷȨD +¾ þȘþ ¥ǎ ÙȜ| ţþ ¥ǎ ƪ į- Tr Ț ą Ĝŷ PȖOÍ þȘþï DȂ ¢Ĭą QB = æåZ¥ OƢ į- +LOĖ& ¤ ĶHBþą _ d+Āfƈ ÄÑ SIÊǀD +b ¤ÃO Õ¨ & ĶHB þ- d+ĀfƈV ÄÑÊb þÌ Ƹ+ȖÓ| ōƔò ó ą úĒǙǦ ĺ8yv86:6} ġx;69x5;8yx5} ĺZġ OŠų Õ¨ ƸƸį- ÆÑPȖD ¤ b ĩ÷ 0ȩº ċ jų d +Āfƈ BV OOÊƮ| d+Āfƈ Bgj =r Ȫ! ëÈV pƢÊ ǙD ~ & ö V ĜX #%ÊÓ +ą r + O¢ÊÓ ź¨ ÑÒ¨¥ ȫV Ðų

(b ȬkŲ E ǔD

¦ +ȭ ōƔò

(b DȂ rï & Ȭkë Ȯ

O ŪD ōƔò SI b ĩĉj+ ON ø£ą ÆÊŷ ƍȆÊÓ +ą rũÊ

ą £ƪÊb ŶS+ cD ÊOÍ +ȭ ÷ + ³ T O¢V kƴO ŪȨDĖ| ªËÓ ź¨ ÑÒ¨ l$+ ǔȖDĖ ®² O g¬V ōƔò Ƙ ǔȖV h+ D ®² & & O ŔV = b kû óņų Ù?D ÊOÍ & O ø£ą ȯLÀ cL Nűų ĩ ƷÓ cD Ȱį- ¤ ōƔò l$t2 & + O Ŕ o- çȱÜ ĉ ªËÓ ÑÒ¨ ź¨¥ I§ DĖ| V _ O Ŕ+ kĩ Ȳ +ļ Íų kƗ h+D

}|{q \~ q i | < '' I )* "(") ! G% (." +% G"a " (0 +.+%.). %&)) %) ! *M 3\ q | sr I&+*! I* (" F&&' ( *" &( G% (. % (&* "% (& + *"&%sr t< * ( (& . q q w f sr M E 12 &. ` &&*\

b \ ¢¡

& o QS½ą ³ £

!" #$ % &'( )*+, - ./ 012 34 567 - 8 9:% ;" 56 <= >?@A BCD EF G H I JK 56L M%N * 7 OP . QL % &' RS T UV % WXN Y ( Z [\ ]^ _ * G `a G b c N7 ,d *^ e f % Vg WX

W = T : ha e(G G i j= d k lG c% &'( m ^1P [ no% p q C WXN rP s: Y 9 G c t hu : vw= D fs: . xV % y z,: ^ ;{ c ( RS V[ | ^ G EF } [\= @ $ ~j c H% = 7 *: e [ G c , #$: 567 ,d *: ~ T gNlG 9 G c%

!"# $%& ' ( U = [f ? N d ! V" r 3 ( % &'( #$ V" @ G :K 56 12 j12 & `

Z H % ^ :% p %& >?r '5r (( [ )* # g+ >? 56 ;" W %12 @A# : G c% R [f :a: [\= N) Y~ % 7 *: %C: W N lG c ( N % , - .d G ~ 5 l / % 56Lg ^J *: [\ / } N # c , & 0 p q 1 >?

b¤£C §¥NO>A~¦879gU NO>Ag ¨r© ª« £¬§ f[h >A® t¯ ¬ ° 87± \ ² uvt gc] ´µ³N ¶· f[h ² »¸º ¹ NO>A\ ¾½¼ >¿»À º ] S zN ÁÂ ²wº Ãt \ ÅÄ NO>AkM ¥²ÆÇZx È9 M h~>A ª« t §Ék 6Ê § Ësr Ì 4 Ãt \ Î|ºÍ ~£gUÏ NO§ÐÑ f[ ²»¸ Ò» h~NO>A®\Ó Ô¾ Õ ªl Ö> w× t S°K ~× ~¦ Ø Bg |Âx Ù6 873K NO>A3 mgU h~NO>Aq f[>A ²?r \»º fÚ \ Ûr Üt Ë\ Ý ²\t

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

./0 1" 2 3 4 5 !4'( 6 78! 9 78 7: 0 ;< & = )*> ?@A )*> 0,4 @ B C 4 D 6 E F ; ;< G HIJ KL M !4 NOB + $' P ; QR S T@ 4 U8 V3 W X %YZ [\ ] =. ; X ( )*0 E M ; ^ ]_ `4 a* bc % # 4 > d e8 M ; 2 (f 4 1g "7 > hi j )k Fl m 2noB $ p "7 q r ; 241"( Q s Oc % ( )* ^K ,- 2 q t# @ Z 6 4 uY# :@ P( O

. i4 vwB m kS ./0 4 K+ Z x# C "Z y z "0# # Ž

)*> ,<]_ x ^Kt9 . {|T d )"( # d ) 2( },~= r,( 2 )* 3 )* c % r T 6E( E0 |B z> ^K R (f E) T ^ # r ( o )* 3 Z +S d ( S #

gc] NO>A· ?£Þ yß\ áàº> ãâ ä? åÉ>A\äK w}æçè u¾Ã¾ é\ ÜäK >Ax\ ì3êë w}gU îïí> ¾ð© ñÅò<( & % \t S°K h~>A · f[h ÙóÑ Õô¨g õ«\ öø÷ Ãsùr >Ah ¸Nú\ × tûü 4 ýg Üt ¬¤þ Āÿ ìā Ă¶· åÉ²ăN >kg fÔĄ ]´º ą ö 4 ýg Ü]Ć h~ >A· ] ćtq kĈćt g ö >Ah ¸Nú ²ĉº>g 6~ ċĊh\t 3ČčM w}N æçº Ë\ ïĎê ¨ď¼ f[h w} Đz» KÙùr ÿV <(")# Ñ ĒđÅò< `+ & % dwg B Ã>Ï ºt

!"# $ %& '( # )

* + , - ./0 '12 3 , 4 56 7 8 9 : '; 8< # )=> 2 ? @A B C D 8E>4 2 <8 F GH # , I 2 J K LB < M LB N 0 O# L3 OP0 GQR? SR 2 TU /V0 W X =) Y

7 W <8 2 O) Z[\ K> GQ 0 ]4 2 ^ - < 56 G _` @A <a Gb , GQ Bc d GQ ef>4 ghd .@ 9id .@ j [G K> !< X k l Rm0 no.@p q G K> < r 8 GQef 5+0 <8d 0sGQ2 ./ t"> [ u6 -s G< 0sGQ2 OPv w 0sGQ2 OP0 novp K> r 8 56 -s G<

!" Ms0 [x yy zo # Ms* + , 4 [\ {| G K> 3}? 8~ O R yy 9i # ย ย * \ย 4 ย .ef -s < ; 0 ย $>4 ย ย R G IGย ย ย # 9b ! 4 ย W o @Oย . ย ~" #$ hy o%ef 9 i 8' ย GQ0 ]4 ย ย ย @ย z> no0 [}? +& q [4 _` K Bย ) -s OP0no / VH ย GH # ย J 4 ย 8 OP0nop .'> [ Bย ย T %(! E >4 p K> 0sGQ- 0 `vย & )ย # '1 ) , 4

#!" y{ z ยก ลฝ

#$% &' %( ) *+ Rm K +ย < ,ย q ย 8~2 T'ย / g1 p ; - # ,ย {< {* X J IC]2 ย ย 9 8~ + +

!" #$% &' () " * + , - - # - ./ - 0 12 34 .5* 67 08 90 :; 08 < &=> " ?- 90 @; A$ " () B &CD E F G? HB> 90 IJ, 08

0EB KL D #M ? 3 N OP % QR? 08 $ STB 90 #$U, # 0V WXE D % M?Y Z 5[ 08 \' L* G I\T Y >

0 , 95- ] " ^_ " `a " bc D D d e

, fMT g DZ ] &C D h i j DRT" i e

> Lc -; k Yi > fl B l; B m % bc B no% " B D p: Dq fr Dq ( Dq F s* 0q 0 p:> t, > Lc D u B p:> +i Iv D 0 Y fr IwE xy z, { - 0 |" H 0 TB i } B frI T! D B % " xy &; z~ B LD p: Z \# DUD i U ( Iw fr % &C#M " fr )8 M !% HB fr I H Y > i fr E 0 -I T0 |B e .5* " x fr B g0P- &C#M # M j f yD OP , z> fr , fr PB $ * d " " %.& H- ?Y > , 'U , .D{ I f ~D B Dl L(U 0 U I0 |- ?Y Z . % i) z> VY

wEM ĉdē Ĕĕ æ|¿xN >Ah ©| ¿x\ Ã¾À Ù¿ºt Zdij· \ ¿x ėĖº 3Ęsr í¼ º ę· ÁĚ\t

ěÜ\ 6èº NO>AM ã· Ĝr ?Éºt Sĝ¹ nï ë NO>A\ ğĞ Ġ \Ğº ¼ ¢ġĢģt ÚgU ĥĤ] ¤>mĦM f[q 3ĊM ésr fÀĆ º f[q > ĨħèÑ gc] Ò>ê ?¦Ü ğĞ Ćĩ¾ Ģģt ´N b ¤Ć»Ï ]7ĪæN :ß f[ īďþ ĭĬ ïĎvt

>Ah ĦĮzN įzÏ Ć ]İM ıĲ²ÏÑ tĳ ÆĴ\t f[hıĲ >Čhs r »2 >A\ f[h Ùóg £j»À º q S Õô¨Ñ ĵNÙ ]ĶÙ¿§ f[rM ¤Īg ķćK >¬º ] č º¼ ĸÉº S ÙóÑ ĜĹÙ¿z\ :~ĺ æĀ ĀĻhsr ļÙ > AÆÇN ĉĉw} w ĽM >[ }º ÆĴ ľ§t ĀĻhsr UWwÙ w hsr f[h>A :Ŀ²Ï ÏØº q f[>A 87 ŀ :Ŀ>ª ED wÏ§të ĀÿKê f[h æ² Ç¤g ę· |Â Łł Ësr :t

? # z zl

Ɵ÷S

Õá £

ȳ O Ŕ Ĳǈ ¨ĚV @Sű E cb ,-ªŅ In+ Ɵ÷ ȳ ŔV ¦ ƾ S ą IþÊb ¸+g ȁƺ Nű+ Ɵ÷ ȳ Įļ ċ Ò| 'm§×| V ÒV äSÊb »šŢ Ɵ÷ ȳIn ĪĖ & & ǞÅƍò¥ Ö §ı+Ʈ| OƢ¥Ī O Ŕ ¦È Inį- ĪÊ ơ Ê1ȴL O o.ŖV ² Á ȳ ċ V O|ĩç|o¸|MƓ|ǡÒ|& .Ò Û Dù ýN & ®¦½ ű E cb ȍ ȳ& o ½ţ Ĭ à Ĉ ċø½ §ą ËÐĥĠÊb O Ŕ ²#% ,-Ą0 Ď! S=Ǌ Og¬V & ǞÅƍòą O Ŕ ²# % Ðĥ- ®

! "# $% Ɵ÷S

ȳ īg #Tj ćV EȞÊb §¥ kȏ & OÄQ ð0ñò Ç ƾ oĉj g%SV Nm į- §ûű E cb Ě Ò ,-ªŅ+ Ɵ÷

Õá £

ȳ& o O Ŕ ğŵą §û į- %`ÊÓ ®¦ BÊb ó¨ Ĵiű E cb çȟȵ. Á ȳ ċ £- ÁÊ #% | fgT| ÄÑ| þ_| Û+ Þ× į- ¨Pb ȶ×& . #% ȳ V #%ÊÓ ®¦½ Êb & ȷŃV ȸa ¦£ Bg j ÷ ċ ø£ą ȹű E c ơ ȍ ,-Õ. #% ȳ ċ g Bg N ³ŜSV ÚÙoȺ äȻ ,ªŅ

h~>A\ tđ >Ah ÞÀ S tûz ĆŃ\K ] f[ ńŅ\ ņÔĺ Ù¿z\ Ňt ć \K Æ:M iňg ŉê tû§ ŊìÑ >¿sr ²ăèü 4 Ã> ŋ \t ² Ōbq ō]Ď¾ ³ wyĩM Ŏ¾Ã f[h ï\ŏ 4Őº S \ñº¬ f[hæ²M >Î > Ar izü ÁŒő iÈ Üt «\t

Ɵ÷S

ȳ¦U O Ŕ g¬ £ o.ŖV Íj r&b O Bg ȼ Ŭ+ ĜȽ #% £ď+ ƟE Ŝ ȳªģ r&b #%g Bg Ĵią _×r ¥mPb ȁƺéº Ɵ ÷ ȳËȉȈ H Dù #%Ȉų Bgj ¦£ ÄQ®¸V Ĉį- V ®

Õá £

ȳ O Ŕ ċ #%éº S ) & OÄQ ð0ñò| ċ £ ªȾ| oĉě | =ź | V ũ ȳ ŔV Í1b ſj ¡95x:8;8yx \5ƭ69: ) O Ŕ ċ £ą Ď Ê b Î T £Ǉg ȪOğLj #%V O¢Êb Î§ 'ÒIn ȳ,-Ą0 #%Ȉ ) Įļ #% S ą ¦È į- ®Êb DE ËȉȈį- MýÊƮ o£ď SĪõ.0 DE ®¸ B ȹÈV _r o¸ !ĐV Y Êb In

ŕ£ Ĉ

² Æë

ȳ& OÄQ ð0ñò Û oĉ ċ§û =ź | Û+ ¦U T Im #%V Ď!ű E cb īÞ ,-Ą0 Ď! ȳ O¢§( £ ȳ á ² O¢ Æë & o ȿÑ ÉĐ ȳ Ò Ŝɀ0 Ég Æë ȳ Ɂɂ1 §S Û Ð· ȳ,-Ą0 #%Ȉ A II ĉn+ ĴiÊb Im Š@ S '$ ƪ

ศ รฏ

รทp

!" # $ %&' () *+ #, -. /01 -2 3 45-+ 6 &)7 (8 #, 9:1 ; & <

=> ?& @A #, B &$ C 2D EF-G6 = >H I # JKL M N -2 3 ? 4 O* 2D 6 PQ R 6 &S8

TUV8 #, -./01 -2 3 : ; W & XYZW !:[ \&S ) ]M O [^ _ !` ) ab # -2 3 ab # 2 3 PQ c !^ - 2D 6; 6 &)7 &S8

V)# ^+ Y[&d ef Mg(8 ^ -2 3 1 h- i Zj M N -2 3 klm Z(8 ^ -2 3 #, -.& @1 EF-G6 dn B &$ C 2D Xo[ p1 oq ab m r+ 1 st\E; hA u vw # ? Yi Ox -2 3 > \[ y z{ TU| ; 6 & S8 ^ # #, -2 3 V} . y 46 -. /01 -2 3 R PQ c 6 &S+~ EF-G6 [ 9:1 2D 6* Mg(8 ย ^ # #, # ? @1 -2 3 . EF-G6 ย < # ย ย L @1 6; ย &S8

วน ลฉศ

ย ย / -2 3|

aa1 ย E4

ย V)# #, ย

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

!"01 2' , 3 * ./ 45) 67 8 951 : ; < => 4?@ A B ) CDE F G ,1 ./

, 1 HIJK LM; N MO1 CPQ K R - SCDH T U V , 'WXY1 0Z B[\[ ] ! M;) ^ 2' 5_`aJ b DcJ) d F# ./ /A >eCD 45 81 f * g hTij k XY c U >]B[) H#' 5_`a @l ./

UWĐ gc] œņ>A\Ó Ŕ >AM ŕ Ŗŗ<Ř".! -&ř Ś ! ā] ś t É >AM fÔ3Ù \Ë ŜÞþ \»º ņÔü 4 Ã¾À §t ŝ wyĩ\ gc] Ĕ Ş\ q 3Çh ´ş Šü >[ ²ĉº >A\t š h~>A Ţ§ Ê3ÿÑ 4ţ\ Į u¾À ºùr ŤĎVè hťhsr y§t Éq >ĭM ÁĚ\ ïŦ ?B æ² ņÔ§t ŧ h~>AM >Čh: ŨO: :ßmlq :ßN 38M ĉœq Sÿ Ĺ gc] ē²Ñ 3 ČčMg ?§ ũŪ \¾Ù \g ?» ūŬ§t

Tmn , 7 op q rs tu' mn , 7v ! "0 XY B[ HIJ) 2' u ,wx , IZ tF / y !"0 2' z0f , x {x r rs 5_`aJ , g7 + /|' }~1 hc\P IZ P 0a % mnf XY B[1 ZE F G T0 XY B[1

!" # $ %& '() ) * + , ,- . / &0% /1 23* 4

567 8 9:1 ;( +($ !< # = 8 ; >$ 56 ? $ @ A7 ? BBCDE 9:1 > F !< G/ H)I JK/ L A7 ' M NO " . 1 PQ 9:1 ;8 ' +R9 2 % * S #

, TK1 U V& $ 9:1 ;8 ' NO W # $ 9:1 ;8 ' 1 X9:1UM HY%Z ) 7! * " $ #[ 1 \ 1 G/ 1 ]^I # $ %& ' >9 _&% ` a D

9:1 b %& '/ $ cI L A7 %

9 % 23d %& ' e ^ @ - &' f / *f (

1g >9 7h i- j aI ke) %& '9 Dd *I 1# H =/ +l 9 % 'A7 :m O j n o 'A7 & p j c / O, q23

d- !- 2 2r.j st/ h/j / 9:1 b %& ' DuZ ; S vw j b/ Un x>S $* - %& ' +R/ HY% ) yz F[ { ) * j | BK / % } , ~

! "# ! $%

9:1 b/ Un9 9:1S !- S j +R/ %& ' = L = 9:1 H =/ S [w 2z j L A7 0F1 2d

DT% !< 23 - 3 *3 "9 # D\ 23 # ;8 f ' j BK

!" # $% &' ( )* + ,* -./ 01 2 34 567 8 9: ; 561/

8<= >?@ ABC D : E (F3.GH IC - - JCB -K: (F LM 1/ #NO 'P : >?@ ABC ? Q4 G 1/ P R S -: / T UV W L ; XI Y 8 9 G GC 8<= ? > ?Z1/[ '; K 8 9 Y / 01 P # U P \] ^ 8 9/

_` P #a b c* : d _ ' bef 6g Bh 1/ G; c1 3.' G ij / k2 l ; fK+1 _` 2m 3. + Yn B LM o :p ij / P \Q' qF\Q k2U 7 8 9: rst T _ ` o ; e T 561/ uv 0: P uv '; /8

; )* ! + L kd w xm H d 6" #y : 3.G/ PN oP D zX {q $" F |

$? zX }%& E 3 3' .G ~ : 34 ' ( ra 1/

ċ £ ŵğ. ĂÐĥ £ƪ

- I( Y J ij1 Oh GH k!b P Q O 2k K+1 ; T / ) 2k'P Y d G =

!"# $% &

'()* + ,- ./0 123 4 5 67 +3 80/ 9 : ; <3 = > ?0$ @A BCD 3 EF G HI $J 9 4 I = K@ G )* ( L=M EF $J %N L

1O PQ $JM !"# RS$-1 T U0 VLW XY 0Z [

O\Y 5 !12 P7$-0 Y] EY M [ $J 9 :

^ \Y _`a G bD $J E c 1O dQ : & ;

k+Ŗ #÷

§^+ ǔ+ ưƯ+ Ďb Îø áľÊb H ?ù ƬɃ+ kȏ áľ@ Ʉj- o.Ŗ S LɅ þËÎ ?ù â6}}V ėľű E cb Ĳğ?ù %

+ĲO

¸ě

¥ǎ+ Ù= į- ´ȞÊÓ ưƯ+ Ďb Î+*Ė LfǤ óü¥ ¥ĪÊD b ¸ + cŭ Ƙ ø óü ¥ kğ* ..- Ȯŷ áľű E cŭ ?ù Ó ī ĜO Ūk Ĺĸ+ ɆLOb ě + cŭ ÐǤ ĩŃ ı^ Ȕ Ĳğ ?ù Ò R ÊĖ& B Æ=

k+Ŗ #÷

¼Ŕ ƾ ź Î $V ¦ƾȺ0b =Ç į- ëJPȖįÜ O ÄÑ ö V ĜȽ Ⱥ0b Č/ áťǌ + DɇÓ cb Įļ - Ⱥ0ą £Ǉű / öÇÓ źÄj ź¦ƾ - ůĮŰ QBɈ E cŭ

@ ƀ$% Ⱥ0 .ħĠȪ! Ⱥ0 ưƯ¿E Ⱥ0

+ĲO

ƬģȄ+ Ȋ Û Ⱥ0 ƆT0 Ⱥ0 Ʀ¬@ Ĳğ?ù

?ùĭ =Ĩ Ⱥ0 ½ĭ Ƃ Ⱥ0

¸ě

Įļ o¸+ ç ǔįɍ- ŵğ. k+Ŗį- Č/ × öÇÓ ź¦ƾ DùS Æë źÄj ŷ g Oą QB ÄÑ ¢Ë +rą ɏį-Ɏ ź ®¸ & O Ŕ äĹ

ÐǤ öÇÓÛź | ¿*T ɑɒɐ ² £Ǉ ûė ũPɍ- ¼Ŕ O ź ²½¥ ¥Ī Č$ T ÅÏ o¸Ŝ

k+Ŗ #÷

ÄQƢ ĲQB O = ( EǍų ı^ ċ øų o = T ɖ Lcb m$į-Ɏ - O½ ¥Īǌ ¸ŽÀ gm ɗde áľA ?ɘ ¢Ëą BÊi ċ ø+ əɚ ȧ µSm$į- ?ɘ ũA % Ðºą ŁËb H Ƙb L ¥ DȂ Lą áľÊi Ðºą ŁK % ű E cŭ ċ H uĐø Ùě Ó Á ɛ 8xw6 @ Ðºą áľ

+ĲO

¸ě

ı^ OÙ+Ǥ +ÊǤ Ù ǔ+ ¾ % + ¥Ī k+Ŗ ńŏ #%+ Ɵ÷ÊO ŪÓ Ȯŷ ű E cb @% Ðºą BÊ i o.Ŗ S+ ɜɝ áľ oI+ nŴÊÓ - §şį- ůĮŰ = ¥Īǌ >Ë əŰb hV £LÊb Ó Á ɛ Êěá þȤŷ+Oą á1ĵŷ ȯ Lɞļ ǌ ċ H uĐø+ áľA ÐǤ ı^

k+Ŗ #÷

o & Ĭ- B¥Ī ²ɔɓV +B ĭR× % + ¥Ī /1 ¥. ¸üą àßį- Êb o.Ŗ Ĥÿ /1¥.ą %ÄoȺb ¸ü| ȣ Į! £ç¸ü| Ƃī¸ü| ¥. ´¸¸ü- S

+ĲO

¸ě

ÐǤ ëÌģ ¨o.ŖV Áű E cŭ ōɕëD ¥ +Ü I¸ & g % V _ Og¬+ ¥Ī ?ù +Ü ƀ$% Ê+ƺË1- ¨o Â Og¬İ čSű E cŭ

o &b ɔɓV £ï ² Ĭą Ĭ IJ D Ũƪ ǌ B

BÊ LKM §ı+Ʈ| ƪ T

k+Ŗ #÷

Ä? ²Ĭą B ĩŃó¨| O Ĺĸ½ą Ŷ=½ ƬoƺÊ/. Û ıÁó¨ ÒÞ T$ ǍOÍ O o.Ŗų ÐƤ B ĈV Ƥ Ó ó¨ÊÓ cb ¦ ÌÙÄQ InV ÅÁÊçÜ ËÐĥĠű ȧ ó¨áº Źź ÷ ą ĈýÊO ŪįĖ O Ŕų ńŏ ŨƟ÷ onV ƫ Ê ŷ ɠ

+ĲO

¸ě

±O ĐO ¾ O@| g §ıV ůĮŰ ĈýÊi g Oą Ö= B Ĉ ıÁó¨ Įļb ŨÐO+Ü ɡ¥O +ɍ- S¸¥ ĪS+ Ǎų ĮļŜ Ä? ¥üą ëþ ıÁó¨g =ź ¨Êi ¢Ëą B ó¨ ,-Ą0ą ! ÊĖ = +Ù % V =ű E cŭ ĩŃ ƏƎ ÅÁ ËÐĥĠ ó¨Įļ ÎÒ+ ¥Ī ċ £ O Ŕ m Êb ıÁó¨g 'Ò =ź ó¨Iź ¨ ©¤ÎÒ ɢǡɢɣO¢éº & £IÊb Yó¨ Ĉý

k+Ŗ #÷

+ĲO

¸ě

Dù Ïǎį- ɦ98âƭ½ ɦy59v½ ~ ıÁ d- B¥Ī Ķg¢V QBÊɍ- ¼Ŕ +Ė& ´¥@ ěĭ² ¦® ¥Ī I + ńŏÊçÜ ɮě ÑÒ V ÷ÊO Ūk ÄÑ Ĉ Á+ B+ ɯ Ž ²ą ÉĐÊO Ūƽ* I Ù ȤÁV _r ½² ¥.ȸu V Ĺ į- O oɰ E cŭ ċ Şp¨ŘV =Ùį- ¦oÊb ĳEË Ò B ¥ĪÊɍ- ¾Ť ½@ ċńO iǌ g ²Ĭ ěĭ² TH o¸+ Şpr ¦Ù o¸V ǟ- @Sr Ü¥ļÊ b áú ´¥@ ěĭ² Ó¥@ TõËLB ěĭ² ® ¥Ī II | ź | ńOoó| ō¦ Û ÐǤ ı^ B ¥Ī

ɤËô+º Eûį- ÊîÊb m$V +Br ƔÌ+Ü îŹ +L % ą áľÊb o.Ŗ % áÊą Êîm$ £L- QB

ŻɤËô+º Êîm$ % o.Ŗ

êĎË Ĺ ą B L ºØ ¢Ëą +BÊi _ -ą ɥ* ɤËô+º¥ Êîű ȧ %ÄÊb I Ȥ$V +B % o.Ŗ I Ȥ$ų ɤËô+º ÊîáÊą £L êĎË Ĺ ą B ƀ$% ƏƎ ƐÙ ĞO óü¥ ¥Ī ÌĈ T EĞÁ ƀ$ëD ƪ ÊÓ ŭ+ ŭ

ż ŀ 669 8xv

êĎË Ĺ ą B ƀ$% ž Zǽ ¡ Z877]:69 ǽ]w\6x;6v 8xv ƏƎƐÙ dſǊ+ @SA ß ĞO óü¥ ¥Ī ¡]9ɦ8x6 ÊÓ EĞÁ ƀ$ëD ƪ ǌ Ƙ ¥ǎ = % Ĺĸ

+ Ŭŭ =@| Ç@| @ Ûį- Ĝĝ@į- ® ¥Ī ŭ óü B+ ŭ

ų ƀ × % o.Ŗ Dù B į- o.Ŗ S ¥Ī ~ $+ ÁPL c ǌ

Ɓ EûÁ ƀ$% ƒǽ ¡

?ùĭ r ¥ĭA I ÙȜ Ħą QB ?ù` ɉ| I =Ħ®Ù dſ ɱƿV +B g Ŕ o.Ŗ| g Ș V Þ× į- Ĉý ı^ OĹ ĸ½ą ÚÙoȺb o.Ŗ iƿŹ Ƃ $áÊą òŷ ÝÌ E cŭ ƃ ?ù`ɉăg Ŕ ăg Ș I§o.Ŗ

?ù`ɉ

g Ŕ o.Ŗ

g Ș o.Ŗ

S ¨| Ú¾ £

#!" Ƞ^ Î XĒKJLèëȡ OQPSƴëêëRǶ a8 Ŵ- È ĕ ;0 ñ 78ŗ 3 Ɲƞ¾ #!" <ü () #!" jŁ[ ² n ¹À g± × Ű X 3(y{ ¬7 98 Uhåv- 3 #!" d- 3 u U$ ŮŜ4 ± âX %¦ûâŀe !" u lU ƥƑ3 n yŮ ×

Ű 7Àŗ #!" Ā Õ\ t0 3 Uh¾ #!" 4 ă $ jà ¢¦vØ7ó-_8 Ďÿ zĢâŀe Ǝ 8 < Ȟ0 ĦB 7

.h -/1$2 ĈĤ # Že ĳƚÊ ^ l Þ0 X Ĉ s- âX zh38 ,- ǜĒ %3 a Ǆ ¬ ®

Î¥ y{ z $W ďǐ s- #!" a8 ¿XÀ 1s7r3 zåH ď[ ¾ 9ƪ8 ±4 y{ z )- !"űƑ WƷ þŴ0 ¾ 98 Āà3 ď !X ¸uÇ nâX >

-/1$20 3 Uh¾ #!" ¾ 0 ęX <ü vØÈǘ .-/1åv!"Û ÝÜJ !" \0 Õ>98 ď!7 Y×âŀe ÓâX !" Ž !" e ĳƚÊ ¤ƾ0 #ĕ3 n4 ÛÝÜJ 3 çď $0 !Ƒ98 ~Ā3 \

56 7 zh98 }¹ 71 .¾ #!" # z½ ĳƚÊ $Ȣ¤ƾ .h $9 ! # y{ z v ^ l Ĉ ®ņ0 Õ>9Ģ 8 , 8 .¾ #!" v ^e W 1 # Ĥ- ȣ# âX ¸uÇ nâX >

Ȥ ȥ- ȧȦ38 ŧŏȗ Uh¾ #!" a8 7 yŮ± ()- ŏņâX h UY8 ¸] × e $º ġ" ½ ȨŮD- !Ǫ9} 7 ¦ğY1 ȩû

.h- u7r3 ÈËyð[ œ¥ zh91U ȩû 8 )u Ǉ D ƨ U- Ž0 %Ȫ

Ůz Uh¾ #!"- 3 ¢ğ 7 ħ Í8 ¡|- #!" Ɖ gŮ u le y{º^ $V- %Ĳ8 Ž z ĩ e !" Èï l0 ÿț âX 9 zh91 ȩ98 3ď[ Ģ

y{!"e -/1åv!" Þ G9_ ÈŅY8 #!"- 3 Wď ġ" ! " ¦ğYBd 3 [ îÈ #!" y{ zº^ - %Ĳ8 Ž (m ; Ĉ 0 Ôȫª®_ zhÈd 3

Øh- -/1åv!"0 î3 .h $9 ! # i! âX .h[ B` _ bȬ ¬ ®81 < %Ŗ$ 0 hmó-_ h 9_ zhÈdÇ z7 ȭ}®

3Ƭ 8 #!" Āà 0 ì¡û1Å yŮ± y{ z½ -/1$ 2 Ĉ,âX 5i3 ř ǜĒ Ǩ3 gŮ0 B`_ ǬƟÈd 981 z[

}Ĕ ®!U 9 [ È 3h âXaU $(- ȮBĘ Ș âX vØ9 ®8 >ª0 .¾ #!" âX ȯ¬98 l0 Ǭ Ǳ¦Èd 3

1ƹâX8 ï 0 gŮ^Ç .h Ƨ # Ɣ\0 B`_ Õ È ž n>1 ȘU ƅ®8 ç - Ǳ¦YBd 9ŀe Ņ y] 0 ĳȰ3 #!" $0 7Xƹ8 ã Ä 3 zU½ # ȱ0 ¢È 78 #Ĳ ƕǭ Ȳ z U Ɯ vØ ĆY ®

!"#

%&' ( )*& + ,- ). /0 1- 2 34 5 )6 07 )*& 8 9 5 9 0 6: 5 ;< =1 >? 5 @A BC2DEF 6:9 G 5 . ! 9 5

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

;HI ;J J 2 K 3 .4 ' + * +!1 + 5)' . 6

0 2 L*MN*O PQ 6 * Q 9 5 4 +' * + * 7 + + 66 #

o@ ¥ĪS QB ƪ Ð·V óø§ ũ

Ôº ¦ğ4 qă ĠĄ q M Ą

ȳ Őa ȴ Ôº1[ î3 ȵŸ 1 Ɯª ¬!ȶŢ ƥ D ȷ qq ȶŢ ¬ħȸ

.h7 pÃ9 ®8 2 -/1 ĈĤ ºzó Ā 7i ÿã3 n4 56 a åã9ȋÊ@: LĆ ¢ȓ ď

¾Ť½ ^áť = ĀŦ _ø£ $EJ ŝŧ ½ţ O D O ŨĞÛ ¡y;5}

ĸ Â

O ŨĞÛ

^áť

¾Ť½

¾Ť½ ^áť = ĀŦ

½ţ O D

= ĀŦ

_ø£ $EJ ŝŧ ½ţ O D O ŨĞÛ

_ø£

$EJ ŝŧ

.h ºzó0 Èï98ŗ #!" Uē ä8 ŗ- Ø 9ȋÊ@:

Č/ m D pn m D - m ÊO ŪbD ū m ÊO ŪbD ¡y;5}

ĸ Â

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

? Uh- #!" vu ĈĤ3 ņ ¦"ó- È B`_ åã9ȋÊ @:

!"ª Ʃ ȹņLNTRSxèëȡ OQPS != 8 !" yu 7 ǒ ¥ È9 vuÇ ¬ ®âÃ #!"X Ǆ ¬ ®

Č/ m D pn m D - m ÊO ŪbD ū m ÊO ŪbD ¡y;5}

ĸ Â

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

#!"4 hmó -/1 ~ĳ[ e ÄƬ0 ȓÇ !{[ zú9 8 !"

Č/ m D pn m D - m ÊO ŪbD ū m ÊO ŪbD ¡y;5}

ĸ Â

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

? #!"0 î3 ½ ¬ȝ Ơơ0 È #!" ĳƚÊ ^[ Ǭ mÈd 3

Č/ m D pn m D - m ÊO ŪbD ū m ÊO ŪbD ¡y;5}

ĸ Â

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

Z #!" t^ vu4 ±] hi j ū 8 y{ z ū- œ9

Č/ m D pn m D - m ÊO ŪbD ū m ÊO ŪbD ¡y;5}

ĸ Â

Č/ m D

pn m D

- m ÊO

ū m ÊO

ŪbD

q !" W ȩ1·_ >ü ¡^½ -/1 $2 ƙġ- 3 ÙÚ Āà9

Č/ m D pn m D - m ÊO ŪbD ū m ÊO ŪbD ¡y;5}

ĸ Â

- m ÊO

ū m ÊO

ŪbD

Č/ m D

pn m D

Ż ?ù % ż ?ùĭ Ž ı§

ž odſ ƀ$% Ɓ g Ƃ ƃ Ķĭ QB

Ƅ E$% ƅ ƆT0 Ĳ¸ Ƈ d+Āfƈ d+Ā¥.

Ɖ oáÑ^ ²QB Ɗ ÒƋ+ĤĠ

ƌ ûė Đ

q .h- #!" t }|4 B` ȋÊ@:

Č/ ƜD Ɯų Ŵ+D ƜO Ūų Ŵ+D Č/ ƜO ŪD ¡y;5}

ĸ Â

Č/ ƜD

Ɯų Ŵ+D

ƜO Ūų Ŵ+D Č/ ƜO ŪD

ŵ $9 ! Þ .h -/1 # - #!" # 4 B` ȋÊ @:

Č/ ƜD Ɯų Ŵ+D ƜO Ūų Ŵ+D Č/ ƜO ŪD ¡y;5}

ĸ Â

Č/ ƜD

Ɯų Ŵ+D

ƜO Ūų Ŵ+D Č/ ƜO ŪD

ȏ .h- #!" tY! È 7i áà3 n 56 a å ã9ȋÊ@: LĆ ¢ȓ ď

TO £Ó & o o©| © '$ O¢ ĉn ĩ + '$ o¸ Æë T$ ùS ²Ĭ áď §č ¡y;5}

ĸ Â

TO £Ó

& o o© © '$ O¢ ĉn ĩ

+ '$

o¸ Æë

T$ ùS ²Ĭ áď §č

Ġ .h )- #!" y{ z Õ áà 0 B`_ åã9ȋÊ@:

Č/ m D pn m D - m ÊO ŪbD ū m ÊO ŪbD ¡y;5}

ĸ Â

- m ÊO

ū m ÊO

ŪbD

Č/ m D

pn m D

.h )- #!" y{ z !râX ! 98 n4 56ƜÊ @: LĆ ¢ȓ ď

ĸ Â

Ňóň| ë £I

oĉ ä

ON ĩ

+ ð0ñƠ & Î Nű

^ď| ¸ü §č ęČ

& @ #%

& @ ÌgË Îu T$ ùS

¡y;5}

Ňóň ë £I oĉ ä

ON ĩ

+ ð0ñƠ & Î Nű

^ď ¸ü §č ęČ & @ #% & @ ÌgË Îu T$ ùS

.h Uh¾ #!" d y{ z7 1s7r9U Ç jä ¬Ɯ 4 56 œ9 åã9ȋÊ@:

#% BN EĐ ^ď ¸ü ęČ oI EĐ Ňóň EĐ ä Ò EĐ ¾¢ EĐ ¡y;5}

ĸ Â

#% BN EĐ

^ď ¸ü ęČ oI EĐ Ňóň EĐ ä

Ò EĐ

¾¢ EĐ

!Ï º zlyȺ0 Ȼ_ BjȋhĴ

M Uh¾ #!"0 3 98 3yoâX zU âX Ė4 Uē áà9 ū4 ®â åď B©ē ®âÃ lä #!"XU Ň ñ ¬ ®8 åã ó Ű yo Ė ĭBȼ¬ õ}9 98 yoóU Ė ĭB a Ƚ8 2 -/1e 1 %Ŗ[ È U ÓâX8 zU e y{ 1 ĖǖâÃ 3 M -/1 ºz Èï lâX #!" Ø Y8 n-8 Ø 91Åe #!" -/1Å !">Ge 9ŐȾB j !">G ĴÈ[ ~1[ Ǘ!8 n4 b op91 · ƜÊ 2 ÙÚe !ċŢ^ ÙÚ0 îÈ ū0 bǓ1 ·83e #!" Ůğ- ¯ȿ8 ȚǰxÄƬ0 ś°Ç ¬ ®8 ūâX $2 ¶1 ·0 nƜÊ ´ d- #!" ŮŜ l0 ¤ 98 U Āà Ê 2 e UhƝ]e ÙÚe 0e fåxfvue Ňħ Þ dX #!" ƙġ Õ\ ºzU -# - mÈjhȞ bɀÊ M ǌ Uh¾ #!"4 Ɂ- ɂ 8 º^[ ¡ 98 !" a åã Ê M #!" a8 çB yu- 3 m0 åv!" Ŷ çBX bǓň7 9Ã ĪƪÛà M Ʒº /5 BÐŭÊ M #!" y]^[ îÈ 0 Ơơ U ï Y Ƀ ŕ U YÃ ĪƪŭÊ qeŵ4 ɄĈ > Ĺ77 Ǥó× à Ǝ- È° )u ÍB ¶ Ûà <Ʌ Ǝ ×Bà M #!" 7r - 3 >ū z Yd Ê M #!" ĈĤ Ⱥǣ X ǭåƓ ŮŜ zó ą# XÀ $2ą i !1s0 . lɆâX ɇĔǦ Ī4 1Ɉ 7 ɉņ ĪƪÛà ɊɊ M #!" ĈĤ3 ń[ ōç åã ŐÛà M #!"4 Ş - U v 9_ ŋB1 ®Bà

o@ k+Ŗ ȿo

A > ɋɌLƢQǴTRƴ ƵSTƴƱTƴR Ů?ůĉĽq ?ůĔ q ?ůŰ>g űhè ĪĞh wVŏ ŮŐÉčäq ŐÉ\d Ò§ õ?Đ ŴŲňų ºñŵ¾

UWwM ıŭ

ŴŲňų

gc]

ūŢ

MĚč

ĈŷŶq ĈïŸ Ź ĞÙqčŠqĉ}qĮ ÏrwE ]ºwE ĉ9<ź]

¤> ÏwÙVq- Ż żÇĕqæĕ ³ĕ

3ÙÔ ]ºŨ | ÔÈů <ŽVqŠwqŹž

ſųĘú ĉĘă èO²ă

ſųĘúN ĉĘă ?ůĔ q?ůŰ >

ŮœņŰ>ú ŗĚúÕ >qÅŰ4qŰƀĕqŰ ƁqŰƃêVƂqŰÙ¤q Ű] ŮĘ Ű>ú ŰİĶÐqŰŲĬqŰĕÿqŰÅÊqŰVƄrƅqŰƆ ÿŹq >Ƈ <ĬņÔ@Cq 39ƈĪ@C Ţ» ?£Þ Ę hsr ĬņÔ

gc] ?ůĔ

ŮƊğƉ]q ?>ÅƋq ƌĜĵN

ƍ § œĘ|

Ů?£Þ ƏûƎÇ¤ Ů?Đ ÒčM ƑƐjÇ¤

»¸ÁÂ ìƒ

ŮĎó<%" ! ¤Ɠ Ɣ ?Đèq Ę è w}gU ƕ¨ Ɩ> ¾ ðƗ ŮĔ Ñ Ű> Ɣ Ű>ú ĬņÔ ĔĐ >A œĘZdij Ůgc] Ƙ Ɣ gc] ĵƙè >AN ²ă œĘZdij ŮĊĬœgc] œĘ Ɣ ÏwĐ >Aq öƚĐ ĔĐ>A œĘZdi j

y{!" Į

4ǽĺ Įļ

@ ưƯ¿E o.Ŗ Ĝĝ@V r áď Ðɲ½ ¿Eo.Ŗ ¨r Ĺĸ½

ěƦĩŃ|ImĩŃ IIoó| äoó ÙÒoó

?ù`ɉ

?ùĭ QB ÙȜ Ħ %Ä ı^ÙŘá ƽM I u iƿ ) ı^ g Ŕ ¸ü Ǯ ) ĭƀ Ž ë§ ¸ü

ImĩŃ|ÙÒoó Ç @ IÒoó ǡÁÑ^|IÑď ´¸oó =ÏÐ ,-Ą0 Ɵ÷

EûÁ ƀ$%

Ŕƀ @ƀ$% dſǊ @ƀ$% DË/.@ ºØ% B

OÊŹ|OÊÙ¥ ÓŘƏƎ ƐÙ| ɳĖ

: 669 <8xv %

ôȣȸ+ ¢Ë QB Ç @ % ® ¥Ī

ÓŘƏƎ ƐÙ| ɳĖ kƍ0|ImĩŃ ƐÙ

<8xv ;5\69 %

ôȣȸ+ ¢Ë QB @% ×

ÓŘƏƎ ƐÙ| ɳĖ dſǊ çË

@ .õȣ½ ¸ü Ĉgm Ķ ^ Ó Ĭ Ĺĸ½ ė ¥Ī

ěƦĩŃ|ImĩŃ|ÎÓ I¸ Ç Ò |ǡÒoó Û

@ ¥.½ëÌģ Üō¥. ´¸¸ü Ɵ÷

ǡÒoó|ImĩŃ|ÎÓ oïɟ ÙÒoó

Ç @ ɴɓ¥.½ ǾŮĻ Üō¥. ´¸¸ü Ɵ÷ ƪ ĬÉĐ¸ü Ɵ÷

ěƦĩŃ|ImĩŃ|ÎÓ I¸ Ç Ò |ǡÒoó Û

Ķ Ɨ þ½¸ü

Ķ Ɨ @ ɵ Ĭ½ ¸ü D uPb ÄQĶ Ɨ QB Ž Ĭ ɮ¥£- QB

Ç Ò oïɟ ǡÒoó oïɟ ÙÒoó

Ķ»*.Ɩ

@ Bȶ¸ü ně ÄQBď S@ɐ1 Ɵ÷

ÄQBď TõËLB Bď ōBď

Þ+ǅòË0 Ʉɫ-Ā. ěĭ² ɶþ Üōěĭë1| ÜōǅòË0

ÐǤ ıÁ^

g Ș B þËɨŁ TõËLB þËɨŁ

ÐǤ ıÁ^

ɤËô+º %

ɤËô+º Êîm$ QBo. Ŗ % ¥ ÊîáÊ ć£ Ī ÊîƔÌ| +L % áľ

kƍ0|ƏƎ

uĐø %

® Ó Á @% áľ uĐø iəb ċ $į- % þȤ¸ü ¨ áÊ À

ÐǤ ıÁ^

½ĭ Ƃ Ĺĸ½ o.Ŗ ¦ï Ķĭ- .ɋĮō ¸ü

ÐǤ ıÁ^

¿E´¸oó ¨ Ĺĸ½

ÐǤ ıÁ^

ĶHBþ d+Āfƈ d+Ā O ¥.āǣ+Ǣ

Ķ ^ O

ĶO|Ķɶþ|Ķ ² ĶþË

m$ O

Ķĭ O

B=Ù

?ùĭ ¿E ?ùĭ O

dſ O

LŇ ¦ï

^ O

HĒ ¥..±ƺ

¿E´¸ ¨ Ĺĸ½ ¸ü LŇ ¦ï ½ĭƂ ¨

HĒ+ ȐX! ÐǤ oó ÙÒoó|ìɷ|ź |I¸

êĎË ºØ

ôȣȸ+ Ĺ E$% ?ù |ƀ$ ¨ Ê+ƺË1½ ¦B½ëDb o Ò QB

©¨ ĩŤ ¥-Û ǉ1ɸů

ıÁ

ó¨

OÄQ Ⱥ0

g Ș |g Ŕ |g Ƃ |ě ĭ|Ž |ɹ^|ĀĶEtË|?ù ÓÛź |=ź ÛV Þ× į- ÓK g O Ä?ıÁó¨ öÇÛ ź¦ƾB Ⱥ0 £Ǉ ² #%

ÐǤ ź

÷p

ưƯ

OĩŃ

ưƯĎ ¸ü

ưƯV Ď ÊĖ Â ĹĸV ŬÌ E cb Ȅ| +ą ?ù Oę Ƥ #ą _r ®ű E c D

!I @ Āɺ

@!I V QB Āɺų ɻ F!Db ě + cOÍ Ó¿V ɼV E cD

?ùĭÁĭ¸ü

½ź į- Áĭ+ ¥ĪÊĖ ǂȡ ɥȂ ưƯ O QB =ƪ+ Ɉ E cV h+D

ºɃ@ı§

ně ²Ĭ- ĹĸŬų ı§ ą Íj E cD

ËºĀƺ*+0 ɽÜ+0

Ư ÑŧV QBr& ?ù Oą QBr ů V rƤȖD¥ ļn§şį- Bű E cD

,ƔɾƑŵ

ĞĖ@į- ĳ + ɻPb ,ƔɾƑŵą QBr & ?ùĭ§Ë ÛV Íj E cD

¦ @ ưƯ¿ƀ

Îøƪ áľÊb Hį- Ĺĸ =r&b ɿ ƽ ¥ Ɵ÷ÊD

Îø@ ưƯ¿ƀ

ÎøV ĭÓ áľÊb hį- Õ-@ Îø B¥ĪÊD

?ùĭ¿E

ně Hį- ¿Eą ÄÑÊb hį- ¥ B +Ü äBį- B+ ¥ĪÊD

?ùĭĩŃ

Ž ø£ą ưƯį- rũű E cb iģ ¥O HV £ƪ D

Ä?ěĭ

ěĭ Ç÷S ɩɪë1ą _ ěĭV £o D

ʀǆ0

ƪ ¦ Bǆ0ą óüÊĖ ¦ ¿ ą ŬÌ E cL Ž ą ÝÌ E cD

ɹ^´Š_

o & ɹ^V QBű E cb ně HV

£ƪ D

d+ĀČ.

ùm+ E$%

ùm+ą +Br& % ą ÍjL ɬ ¥ cV

/ Bű E cD

E$%

Ȕ @% ą ɱȣb ^ óür& ű E cD

EǎɌ,

ɬ ą QBr& Ɍ,ą Íj E cD

_Ł+Ɍ,

^ ɱƿV QBr& Ɍ,ą Íj E cD

ƍ+,E %

E ^ ɱƿV QBr& ą ů Db k+fL

Ĩʁ.±ƺ

ʂ_V QBr& ně kʃ LB .±ƺą Í j E cD

-ʁČ.Űº

oʄ0ʅơV +Br& +ȍV ɻ BÊĖ ĹĸŬų ½ǴV Íj E cD

Ĳğd+Ā ¥.%Ĺ

ŭH^ƕƔ - d+Ā¥.ą ÍjL cb V £o D

Ƃ Ž

Bű E

ʆ _+ ċ Êi %Ĺ¥ ɻ ÌLÜ ơ Êb V £o D

ŭH^ʆ ʇʅģ ŭH^ƕƔ ʆ ½

¥Ǥ ñ

ŭH^ƕƔ _ EûʉʈV ũ×r& ʆ ½ mo Ǉ^ ùĮV ĩb V £ƪ D

g¥%

/Ë ʊŭ+Ü Ýʋ | ȊmǇV _r& % + ¥Ī ȿą # D

Ç$Ņ,

Ç$V +Br& ÍǤ Ņ,ą Ƥ ¥O # D

Ê+ƺË1 Ʀ&.ʌ1

g¥% ?ù V QBr& ů ¥ĪÊÓ Ņ,- ɧ E cb DB .ʌ1

ö @ƀ$%

ně ƀ$% - äBį- QB+ ¥ĪÊ D

@ g ç%

g ç čk& ně ů + ¥Ī ¸ü

k+.ǚ.ą QB Ƃ

k+.ǚ. k+.ɀV QBr ně #TB Ƃ ą Íj E cD

½ĭV QB Ƃ

½ĭV Dù H Ƃ Dù ÞĦą # D

ĭ gą +B Ƃ ¸ü

ĭ gą QBr& ƂŽ Lƙŷ QBű E cbOą # D

ZġǿƂ Ž

SĪų §Š pÊOÍ ƂŽ + ¥Ī Zġǿȟ ďV # D

.ħĠȪ!

ʍŨV +B ï į- % Ûį- QB ¥ĪS+ cD

Õʎ

/ËȊ %- Ĺ į- >ǈą ű E cb ¸ üą # D

I ©

ǊęO Ɵº| ʏģʐį- ÍǤ ně I © ą # D

d+Āfƈ

ĶHBþą QBr& þą =ÅÊb V # D

q L»Ëǣ+Ǣ

Oą kʑ E cb L»Ëǣ+ǢV # D

ʒOfgT

něŰ fgTV dʓɍ- Oą qpű E cb k+fLą # D

s ut) ǉŵ| ¶· × o & Êgʔ

Z !" dȘ Ɣh

ɍ ȒF

ɍŬŪİGL<ĭƹ

ɍHGǧɎ

ɍ!^Ħǆ

ɍŬŪǘ¬!

ɍ¬Øɏ !

ɍɐ¨ű¬h

ɍ fń çĦf

ɍɑ!¨ ¾ ńLȴaɒ

ɍ7 ɕɔ ɓ

ɍȜK / |Ȋ

ɍ¸4ű

ɍȴaÀ7 ń ¡iĲ

ɍǇªMǷSQQƲ ȡTƴǹ

ɍƢǵɖO ɗ ɖTƴǹ ƵéƳQƲ

ɍ¬pǇª ɗ Ē ¾ ¬pǇª

연구보고서 모음집 자율연구

사회적경제 활성화를 위한 실전형 협동조합 창업교육 모델 개발 쿠피협동조합

칺헏몋헪컿읊퓒 킲헒솧혾�펓묞퓯졶셆맪짪펾묺쫂몮컪

킲헒솧혾�펓묞퓯졶셆맪짪펾묺헪펆

핳킇뭚 밎킮 밎컮 풞홓

Ӫ 샎캫짝�뼒�픦솧혾�펓컿읊퓒컪쁢앪슪 5" 졶셆펞믾짦묞퓯옪믆앶샎푢 앪슪 5" 졶셆픒믾짦픊옪컿뫃샎묞�펓핓줆짝킲헪쿦펓픒�핂옪믆앶핂�펓몋핂펔쁢묻픦샎 캫짝�뼒�픦�펓몋칾픒퓒컪쁢퓮푷옪믆앶핒핂멎흫쇶 �펓펞뫎킺핂핖쁢샎캫뫊�뼒슲핂뫃솧�펓픒훎찒쌚킲헪칺펓픒풂폏쫂쁢몋픒��펓펞샎핂읊뽠 핂몮헒줆컿픒�슫빦많쁢섾뫊헏핒 묻캏펞재멚 5" 졶셆픒픟푷펺훟몮캫픒샎캏픊옪묞퓯픒샎맒삲졂 핳믾헏픊옪솧혾캫�몒칾픒퓒 믾짦픒혾컿쁢섾솒퓮푷쿦핖픚 ̔ 솧혾�펓묞퓯픒칾믾퓒컪쁢 5" 졶셆픒핂쁢쿧엶쇪��읊퍟컿쁢멑핂킪믗뫊헪핒

Ӫ 칺헏몋헪폏펻픦킲줂핞읊샎캏픊옪칺펓믾펻얗픒�푾믾퓒컪쁢�푾잚핺삶픦 1&7 옪믆앶솒핓푢 앪슪 5FBN "DBEFNJB픦몋푾컿핆샎캏옪믆앶솒풂폏몮핖픊빦 헒줆��많쭎핺캏펞컪펓픦킪믗줆헪 읊멾몮핞쁢묻픦칺헏몋헪폏펻킲줂핞샎캏묞퓯펞쁢헏힎팘픒멑픊옪폖캏쇶 묻칺헏몋헪폏펻픦핳킲줂핞슲픎찒흖삖큲몋핂잜힎팘몮 �몒헏핆몋폏묞퓯픒짩힎팘픎몋푾많샎쭎쭒핂젾 쿦솧헏핆묞퓯짷킫펞핃쿧혆핖쁢캏픊옪홎섢졓많핂슪많핖쁢묞퓯핂푢킲헣핒 묞퓯샎캏핞픦힣픒몮엲쌚 �픦헏핂몮 킮헏핆칺몮읊푢묺젾 픟푷엳픒짪컪킲퍊쁢 5"졶셆픒믆샎 옪헏푷쁢멑쫂삲쁢핺많힎몮핖쁢줆헪픦킫픒찒흖삖큲뫎헞펞컪�몒헏픊옪헣읺훒쿦핖쁢�푾잚핺삶픦 1&7 옪믆앶핂섢퓮푷멑픊옪삶쇶 퓮핗잲읺폶�푾잚 &XJOH .BSJPO ,BVNBO 펞픦 뼒펞컲잋쇪�푾잚핺삶픎펾묺 묞퓯 젦�잏 �핞펾멾 슿픦홓헏핆�펓힎풞픒쁢핺삶픊옪�핞칾핂 혾 �펃풞 뼒믾훎 펞삺젾믾펓많헣킮퓯컿뫎엶켆몒�샎뮪 졶픦찒폏읺쩣핆핒 �슿캫 .JOJ 4PDJFUZ 훟캫 .BLJOH B +PC 몮슿캫 &OUSF1SFQ 슿픦삲퍟펾옇샎읊퓒옪 믆앶픒맪짪컪풂폏훟핂젾 1&7 춞잚팒삖않 /FX7FOUVSF 5FDI7FOUVSF (SPXUI7FOUVSF 슿픦컿핆샎캏옪믆앶핂핖 픊젾 펺컿뫊큲삖퀺 쩮핂찒쭎젆켆샎슿픦샎캏쪒쇪옪믆앶솒맪짪몮핖픚 1&7 1MBOOJOH UIF &OUSFQSFOFVSJBM 7FOUVSF 옪믆앶픎 훊뫊헣픊옪킪빦읺폲짷킫픒푷�몒헏핂젾헒줆헏픊옪 칺펓몒컪읊핟컿쫊쿦핖솒옫졶슖쇪옪믆앶핒 칺펓믾뫊헣펞컪몋폏헒줆쭒퍊헒짦픒짦폏솒옫묺컿쇦펂퐒컿솒뽠픎칺펓몒컪읊핟컿쿦핖픚 1&7옪믆앶픒 �컪칺펓믾펞샎맪핆펻얗픒맣쁢멑핂많쁳 1&7옪믆앶픎쿦짿핂힎픦풚�쭏픊옪묺컿쇦펂핖펂 풚� 쭏픦킪빦읺폲펞싾않컪킃핞슲핂줆픒핟컿몮킃핞슲맒펞�옮픒�뺂푷픒묺�몮킺킪�쁢뫊헣핒 캏샎 헏픊옪��쁢옪믆앶픦뺂푷뫊몋폏힎킫잚�쭒쿧힎몮핖삲졂옪믆앶픒힒믾쁢펂옃힎팘픚

,BVNBO 핺삶픦 1&7 옪믆앶묺컿 쭒윦

$PODFQU "OBMZTJT

#VTJOFTT 1MBOOJOH

򘻾

헪졷

믾펓많헣킮�묺#FDPNJOH BO &OUSFQSFOFVS

찒흖삖큲믾핆킫 3FDPHOJ[JOH 0QQPSUVOJUJFT

찒흖삖큲맪뼞헣픦 %FOJOH B #VTJOFTT $PODFQU

졶셆�샇컿�큲.PEFM 'FBTJCJMJUZ $IFDLMJTU

헪 컪찒큲믾 1SPEVDU 4FSWJDF 1MBOOJOH

몋폏뫊혾힏믾.BOBHFNFOU 0SHBOJ[BUJPO 1MBOOJOH

킪핳믾 칾펓 몋햏.BSLFU 1MBOOJOH *OEVTUSZ $PNQFUJUJPO

킪핳믾 킪핳쭒컫.BSLFU 1MBOOJOH .BSLFU "OBMZTJT

킪핳믾 힒핓.BSLFU 1MBOOJOH 1FOFUSBUJPO

킪핳믾 많멷컲헣.BSLFU 1MBOOJOH 1SJDJOH

핺줂믾 'JOBODJBM 1MBOOJOH 'JOBODJBM 5FSNT 4UBSU VQ $PTUT

풂폏찒푷 잲 킮0QFSBUJOH &YQFOTFT 4BMFT *OWFOUPSZ

믖힎� 쫂$BTI 0VUMBZT 4PVSDFT

핺줂핺 'JOBODJBM 4UBUFNFOUT

칺펓몒퐒컿'JOBMJ[JOH UIF #VTJOFTT 1MBO

핞욚�� ,BVNBO '"4553"$ ջ1MBOOJOH UIF &OUSFQSFOFVSJBMռ

̔ 앪슪 5"졶셆픒믾짦픊옪쁢묞퓯옪믆앶뫊�푾잚핺삶픦 1&7 옪믆앶픒풂폏믾퓒컪쁢숞옪믆앶픒힒 쿦핖쁢헒줆핆엳핂짦슪킪푢젾 핆엳퍟컿픒퓒펾묺많줂펕쫂삲컮쇦펂퍊

Ӫ 칺헏몋헪폏펻픦킲줂핞읊샎캏픊옪칺펓믾펻얗픒�푾믾퓒컪쁢�푾잚핺삶픦 1&7 옪믆앶솒핓푢 칺헏몋헪혾힏풂폏짝힏핳몋핂핖쁢컿핆픒샎캏픊옪��퍟컿옪믆앶픒풂폏믾헒펞��퍟컿옪믆앶맪짪 픒퓒펾묺많푢캏핒 앪슪 5" ��퍟컿옪믆앶뫊�푾잚픦 1&7 옪믆앶펞샎힟훟헏핆펾묺읊�맏옪믆앶픦묞퓯�짝묞퓯 뺂푷뫊짷쩣픒팓몮 앪슪퐎짆묻핳펾쿦읊�핂슲픦묞퓯뺂푷펞샎홎섢반핂핖쁢핂짝엳뫎몒읊묺� 푢많핖픚 묻픦칺헏몋헪폏펻픦캏펞재멚숞옪믆앶픒졶숞풂폏쿦핖쁢��퍟컿옪믆앶픒맪짪 졶셆맪짪핂핂욶펂힒펞��퍟컿옪믆앶펞�펺�많핞읊졶힟 묞퓯 삶몒 앪슪 5" 졶셆짝�푾잚픦 1&7 옪믆앶펞샎핂옮헏짾몋짝킃짷쩣펞샎핂옮묞퓯힒 묞퓯 삶몒 앪슪 5" 옪믆앶픒믾짦픊옪맪짪쇪컿뫃샎샎묞�펓핓줆짝킲헪쿦펓픒���킲킃힒 �푾잚 1&7 옪믆앶펞�펺칺헏몋헪폏펻킲줂핞읊졶힟몮핂슲픒샎캏픊옪��킲킃픒힒 묞퓯핂퐒욚쇪펞쁢삲퍟폏펻펞컪칺헏몋헪폏펻픦앪슪 5" 졶셆뫊�푾잚 1&7 옪믆앶픦묞퓯��옪솧

��퍟컿픒퓒묞퓯졶셆맪짪짝킪쩢풂폏몒 묺쭒

칺펓뺂푷

캏켆뺂푷

삶몒

��퍟컿옪믆앶졶셆맪짪 맪풢

앪슪 5"��퍟컿옪믆앶뫊�푾잚 1&7 옪 믆앶읺쮾 맪풢

앪슪퐎짆묻핳펾쿦힒 맪풢 ��퍟컿묞퓯�읺�엊맪짪 맪풢

삶몒

��퍟컿옪믆앶킪쩢풂폏 맪풢

핆풞졶힟 맪풢 핂옮읺쮾 맪풢 핳킲킃 맪풢 앪슪 5" 믾짦옪믆앶뫊� 푾잚 1&7 옪믆앶솧킪풂폏

Ӫ 칺헏몋헪폏펻픦�펓짝칺펓컿읊퓒컪쁢팒앦픦켆많힎옪믆앶핂솧킪펞힒쇦펂퍊

샎캏

샎캫짝�뼒

킲줂핞짝몋엳핞

��많쇦몮핞쁢컿핆

묞퓯졶셆

앪슪 5" 졶셆 맪묻 졓

�푾잚핺삶 1&7옪믆앶 맪묻 펺믾뫎 잚졓

��퍟컿옪믆앶 앪슪 5" 졶셆 �푾잚 1&7 졶셆

묞퓯뺂푷

팒핂싢펂읊칺펓픊옪 묺쁢뫊헣펞컪 맪핆뫊킃픒�슫

믾쇪킪빦읺폲펞싾않 킃핞픦몋핂빦힎킫픒 짦폏칺펓믾컪읊 퐒컿쁢뫊헣

솧혾�펓묞퓯픒퓒 ��퍟컿 앪슪 5" 졶셆뫊�푾잚 1&7 졶셆픒졶숞풂폏 쿦핖쁢��퍟컿

묞퓯뫊헣

훊 _ 뼒

훊

훊 킲킃 훊

묞퓯삶몒

솧혾�펓핓줆 ̔ 솧혾�펓킲헪

1&7 ̔ /FX7FOUVSF 5FDI7FOUVSF (SPXUI7FOUVSF

��퍟컿뫊헣

묞퓯힣

핳믾짦킃 킲킃

풚�킪픦킪빦읺폲펞 싾않칺펓몒묺컿

핂옮킃 핳킲킃

맣헞

킲헪킲픒��펓펞샎 힏헟헏핆킃많쁳 큲큲옪킃쿦핖쁢 펻얗퍟

핺찒흖삖큲짝�펓킪 헏푷쿦핖쁢헒줆헏핆 칺펓몒묺컿많쁳

묻캏펞재멚옪믆앶픒 묺컿몮쿦펓픒힒 쿦핖쁢��퓯컿많쁳

̔ 칺헏몋헪캫�몒읊컿믾퓒컪쁢칺헏몋헪폏펻픦컿뫊킃핞픦펻얗뫊삖흖읊몮엲헒줆쇪옪믆앶 픒킪믗펾묺맪짪펺묞퓯픒샎킪�빦맖푢많핖픚

contents

졷�

˺ 컪옮 퐪솧혾�펓묞퓯핂푢많

칺펓힒맪푢 10

˻ 킃뫊킲킃 �켊멚픦킃혾힏

뽆빦밚픦힎킫�혾 14 킲킃 "DUJPO -FBSOJOH 15 솧혾�펓묞퓯뫊헣픦킃짷 16

˼ �펓묞퓯칺옎 앎슪 5&". "$"%&.*" 18 졺슪않몲 .5" .POESBHPO 5FBN "DBEFNZ 21

˽ 컿뫃샎�펓쿦펓뫊쭒컫 쿦펓컿멷 23 쿦펓힒뫊헣 23 쿦펓뫊 23 믆푆많

˾ 솧혾�펓묞퓯묞퓯뫊헣맪짪 졷헏 26 쿦펓묺컿짷 26 묞뫊뺂푷@솧혾�펓핓줆 26 묞뫊뺂푷@솧혾�펓킲헪 44 ��많핂슪 44 많짷킫짝퍟킫 44 솓컪졷옫 49

˿ 멾옮 53

�몮핞욚 57

�몮줆 66

˺ 컪옮 퐪솧혾�펓묞퓯핂푢많 믎옪쩚믖픃퓒믾핂몋믾��많힎콛쇦몮핖쁢묻몋헪캏펞컪몮푷펺멂펻킪펂엲풂캏핂삲 �몒�핞욚펞싾읂 졂 뼒 풢핺헒�킲펓핞쿦쁢 잚졓 킲펓윮 픒뻦펂컾픊젾 핂훟펞컪솒�뼒킲펓핞 켆_ 켆핂 쁢 잚졓 킲펓윮 핂캏픊옪핂쁢 뼒믾옫�뼒킲펓윮 핂많핳뽠픎쿦�핂삲  뼒핂 쿦훎픒 퓮힎섦�뼒킲펓윮픎 뼒쭎� 읊뻦펂컪졂컪헒�킲펓윮샎찒�뼒킲펓윮픦찒훟핂헞��힎몮핖삲 뼒 풢�몒�몮푷솧혾칺펞싾읂졂x 묺힏믾맒핂 맪풢핂캏핆킲펓핞쁢 졓픊옪힎빪맧픎삺쫂삲 졓 쁦펂빪멑픊옪힟몒쇞삲 핂쁢헒�킲펓핞 졓 픦 펞삺�뼒킲펓픦줆헪많몮�쇦쁢몋밚힎빦�빦 몮핖삲 쏞 믆빦잖�픚픊옪힏핳픒펉쁢�뼒�펓핞슲많풂섾 졓 쁢 뼒핂픦몒퍋힏펞믊줂쁢멑픊 옪빦�빦핊핞읺픦힖펞솒킺맏줆헪많빦�빦몮핖쁢캏핂삲q

킲펓윮�핂 삶퓒

�뼒킲펓윮 헒�킲펓윮

ˏ ˏ ˏ ˏ ˏ ˏ

핞욚�� 몒� 잲뼒 풢믾훎

x묻몋헪 뼒 풢 핊믾칺 q묻핊쫂 뼒 풢 핊핞믾칺 멶옎킮줆 뼒 풢 핊핞믾칺

핂펞헣쭎펞컪쁢캖옪풂컪찒큲퐎캏픒킪핳펞헪킪펺몋헪헒�펞엳픒쭖펂뻱몮핊핞읺��핂핊펂빮쿦핖솒옫 �펓컿헒얃픒헏믇헏픊옪�힒몮핖삲 퍟쫗 핂얺풎힏핒픎묻뺂춞잚팒삖않짆묻뫊 &6 슿펞컪솒솧핊 멚빦�빦몮핖픊젾 몋헪��옪핆킲펓콚퐎킮뮪몮푷��픒퓒멾�픊옪믾펓많헣킮퍟짝�펓�힒픒퓒 칺몋헪헏믾짦픒혾컿엲쁢킪솒많헒켆몒헏픊옪빦�빦몮핖삲 짣�쿦 핂얺칺헏쭒퓒믾펞싾않핺샎짊 묻펞컪쁢�펓빪펞킪삺읺쁢 샎퐎혾믾�힏핊픒퍊쁢 샎많킮뮪�펓펞헏믇헏픊옪빦컪졂컪 킮뮪쩣핆컲잋픒 훊솒몮핖쁢캏핂삲 뼒캏짦믾킮컲쩣핆픎퍋 맪옪 뼒핂�샎�읊믾옫몮핖몮핖픊젾 핂훟펞 샎픦�펓찒퓶핂 샎픦�펓찒퓶핂 읊믾옫졂컪헖짦핂캏픒�힎몮핖삲 힎잚�펓믾펓픦 뼒 캫홂윮픎 0&$% �퓒뭚 픊옪 뫁훟펞 뫁픎 뼒핂팖쇦컪펓몮핖픊젾 뼒핂캏힎콛몮핖쁢뫁픎 뫁훟펞 뫁핂삲 r 헣쭎펞컪쁢킲펓�몒�픦핊픊옪�펓픒핳엲몮핖힎잚캫홂윮펞컪솒슪얺빦슽핂�펓픦힖픎잲푾빼픎 픊옪빦�빦몮핖삲 쏞 핂슲픎샎쭎쭒힒핓핳쪋핂빼픎솒콚잲 쿧짣펓펞힒�쁢몋푾많잜몮 샎믾펓엚�핂흖퐎 믆 읺몮맧픎핞폏펓핞슲빊읺픦몋햏펞컪짎엲빦몮핖삲 핂쁢콚슫앋픊옪빦�빦몮핖픊젾 뼒 샎핞폏펓핞픦뮮 콚슫픎 잚풞픊옪핒믖믊옪핞 잚풞 픦 쿦훎핂펖힎잚 뼒펞쁢 쿦훎 핒믖믊옪핞 잚풞v핞폏펓핞 잚풞 픊옪썶펂혚삲 핺샎짊묻펞컪쁢믾쿮힟퍋헏핂몮 힒핓핳쪛핂뽠픎�펓쫂삲쁢맪핆핂푷쿦핖쁢핞쫆픊 옪큋멚�펓쿦핖쁢밆픒컮�쁢몋푾많잜몮 헣쭎펞컪솒�펓펞삲퍟힎풞뫊폖칾픒튾몮핖힎잚�펓픦힖픒뽠펺 섢폲앦캫홂쿦핖쁢믾읊헪뫃몮핖힎쁢좉몮핖쁢캏핂삲 쫆펾묺픦솧혾�펓묞퓯픎�펓픦힖픒뽠펺힎콛많쁳멚믾퓒묞퓯픦핊픊옪펺얺칺앚핂벦졶펺솧혾 �픦칺펓픒졶캗몮벦풂폏쫂졂컪�펓픒몋멚쁢멑픒졷옪삲 �펓핂컿뫃믾퓒컪쁢칺앚 믾 쿮 핞쫆픦푢콚많헪펻픒퍊삲 쫆뫊헣픎칺앚슲핂삲읆칺앚슲뫊벦�펓픒킲졂컪컿�몮 쪎몮 컿 핳쁢멑핂뭏믇헏졷헏핂삲 �펓핂컿뫃믾퓒컪쁢푆쭎헏핆몋솒훟푢힎잚�펓픒핂븚펂맖칺앚슲픦컿핳뫊 엳핂헒헪쇦힎팘몮쁢펂옃삲 핂얺퓒푢콚읊훒핊쿦핖쁢짷쩣픊옪쫆펾묺펞컪쁢솧혾�픦�펓짷킫펞훊 졷몮핖삲 믾홂픦헒삺맣픦묞퓯뫊쁢삲읂멚�펓묞퓯졶셆픎맪핆킃뫊킃핂벦핂욶펂힖쿦핖솒옫묞뫊뫊헣픒묺컿 몮핖픊젾 핳펞컪힏헟헏핆킲픒�컪킃뫊읊뽠핂솒옫풂폏쇦몮핖삲 쫆펾묺펞컪쁢핺앪슪퐎큲핆졺슪 않몲펞컪힒쇦몮핖쁢�펓묞퓯졶셆픒믾짦픊옪솧혾�펓묞퓯졶셆픒맪짪묻칺�펓묞퓯픦힖픒뽠핂몮 칺헏몋헪폏펻픦�펓컿짝캫�몒컿핳펞믾펺몮핞삲 핂믎픎삲픚믆잊뫊맧핂묺컿쇪삲

핂옮

칺옎

졶셆맪짪

멾옮

1 4FOHF픦 킃혾힏뽆빦밚픦 힎킫�혾핂옮픒 훟킺픊옪

�펓묞퓯칺옎 앎슪 5" 졺슪않몲 .5"

컿뫃샎 �펓쿦펓 뫊쭒컫

솧혾 �펓묞퓯뫊헣맪짪 샎캫

칺헏몋헪 �펓컿읊퓒 헣믾헏뫊헪헪킪 믾홂칺헏몋헪 홓칺핞짝컿핆

r젆삖�섾핂 뼒 풢 핊핞믾칺

칺펓힒맪푢 펾묺졷헏 픃쫃헏솧혾�펓묞퓯졶셆맪짪옪믾홂픦�펓묞퓯픦몒읊뻦펂솧혾�펓픒컮솒빦맖킲헒�펓묞퓯쩣 맪짪삲 칺헏몋헪혾힏뫊엳펺핳몋픒믇샎쁢묞퓯졶셆픒맪짪삲 �혾 솒헒 엳쁢핆컿픒매��펓믾펓많퍟컿픒퓒묞퓯졶셆픒맪짪삲 팒핂싢펂솒�쭎�킲밚힎쁢묞퓯졶셆맪짪픒�뫊컿픒믇샎삲 솧혾핳펞컪푷많쁳묞퓯졶셆픒맪짪몮짝핂읊짾삲

펾묺픦쩢퓒짝뺂푷 묻뺂�펓묞퓯짝솧혾�펓묞퓯픒혾칺삲 앪슪 5FBN "DBEFNZ 짝큲핆졺슪않몲 .5"픦묞퓯졶셆슿묻푆�펓묞퓯칺옎짝솧혾�펓묞퓯픒혾칺삲 킲헪맣픦힒킪묞퓯졶셆헏푷졶삖�잏짝킲펾묺 "DUJPO 3FTFBSDI 읊�킲펞컪헏푷쿦핖쁢묺�헏핆�읺 �엊픒묺컿삲 펾묺멾뫊읊킲헪쿦펓펞헏푷줆헪헞픒짪멺몮샎팖픒잖엶삲

�펺펾묺핞

펻

컿졓

콚콛

켆쭎펓줂

�핒펾묺풞

핳킇뭚

�솧혾핂칺핳 컿뫃샎몋폏쭎묞쿦

펾묺�뫒

펾묺풞

밎킮

�솧혾혾풞 컿뫃샎몋폏쭎푆앦묞쿦 헒 팖칾팒핂�캫핂칺핳

펾묺혾칺 묞퓯졶셆맪짪 쿦펓헏푷짝쫂퐒

펾묺풞

밎컮

�솧혾혾풞 컿뫃샎몋폏쭎푆앦묞쿦

펾묺혾칺 묞퓯졶셆맪짪 쿦펓헏푷짝쫂퐒

펾묺풞

풞홓

�솧혾혾풞 컿뫃샎몋폏쭎푆앦묞쿦

펾묺혾칺 묞퓯졶셆맪짪 쿦펓헏푷짝쫂퐒

펾묺쫂혾풞

밎�

�솧혾칺줂묻핳

펾묺힎풞짝뫎읺

펾묺�힒핊헣 뼒 풢_ 풢

핊헣

�힒뺂푷

켆쭎솧

믾�핞욚혾칺

묻뺂푆�펓묞퓯칺옎줆혾칺 솧혾�펓묞퓯짷컲헣

핳펾묺

컿뫃샎�펓묞퓯졶삖�잏 �펺캫슲핆�쮾힒

뼒 풢_ 풢

헒줆많핞줆

6OJWFSTJUZ PG 3FBEJOH )FOMFZ #VTJOFTT 4DIPPM 헣�묞쿦 )BOLFO TDIPPM PG FDPOPNJDT 짣칺뫊헣콞짊� 묻짊샎묞믎옪쩚�펓쩲�샎풞�펓묞퓯켊� 켊�핳핂푾힒 쭎켊�핳밎홓� 훊핒묞쿦쫂퓲

헒훊팒핂�캫핂칺핳밎팒폏

뼒 풢_ 풢

쫂몮컪짝 킲헒잲쁂펊핟컿

킲헒푷묞퓯�읺�엊맪짪 킲헒푷묞퓯잲쁂펊헪핟 엳많쁳뻲풚���

뼒 풢_ 풢

˻ 킃뫊킲킃 쫆묞퓯뫊헣픎픒믾짦픊옪쁢킲킃픊옪�펓묞퓯픦픒묺컿삲 믾홂픦�펓묞퓯핂 ˎ쪒팒핂싢펂퐎쒾펂빪 맪핆ˏ픒훟킪졂컪핂읊퓒맪핆픦펻얗맪짪펞훟헞픒숞펖삲졂쫆묞퓯뫊헣픎솧혾픦뫃솧콚퓮퐎짊훊헏뫎읺 뫃솧 �헣킮픦컿핂�펓뫊헣펞컪쭎�짪쇦솒옫픊옪턶힎콛많쁳솧혾픦많쁳컿픒폂몮핞삲 칺앚슲옪묺컿쇦펂핖쁢믾펓혾힏펞컪믾펓픦힎콛많쁳컿핳픎몋폏핞 핆픦몋폏킮쫂삲쁢묺컿풞맪맪핆픦캏핆킫 짝샎팖잖엶픦뽆엳핂섢푢삲 뭚컫뮮 믾펓픦콚퓮뭚짝몋폏뭚핂�몮몋폏핞읊찒옽콚쿦펞멚힟훟쇦펂핖쁢 훊킫칺믾펓뫊삲읂멚헒�묺컿풞핂믾펓픦훊핆핂젾 핆 픦솧슿뭚픊옪몋폏펞�펺쁢솧혾펞컪묺컿풞맪 맪핆픦�펺퐎�픦컿짪슿픎솧혾컿핳픦혾멂핂쇮쿦짤펞펔삲 핂얺솧혾풂폏풞읺쁢솧혾�펓삶몒펞 컪쭎�묺쇦펂퍊젾 솧혾�펓묞퓯픎핂읊�슫쿦핖쁢킃뫊헣핂펂퍊삲 픒믾짦픊옪쁢킲킃픦핂읊솣믾퓒펺 1 4FOHF픦킃혾힏뫊 /POBLB퐎 5BLFVDIJ픦힎킫�혾 믆읺몮킲 킃 "DUJPO -FBSOJOH 픦핂옮헏픒맒얃멚캂쫆삲

1 4FOHF픦킃혾힏 1 4FOHF 쁢킃혾힏픒 ˑ묺컿풞핂힒킲옪풞쁢멾뫊읊잚슲펂뺂쁢쁳엳픒븘핒펔핂�풚많쁢혾힏 캖옻몮힒�헏 핆칺몮짷킫픒핳엲몮많읂�쁢혾힏 졶숞픦폊풞핂펃팣쇦힎팘몮핞퓮옻멚�쇦쁢혾힏 묺컿풞핂벦짾푾쁢짷쩣픒 븘핒펔핂킃쁢혾힏˒핂않몮잞삲 핂얺혾힏픎묺컿풞슲핂큲큲옪킲픒�혾몮쪎킪�쿦핖쁢짷쩣픒�멚쇦 젾 핊캏헏핆캏춞잚팒삖않퓒믾캏펞컪혾힏픦쪎읊잚슲펂뺊쿦핖삲 킃혾힏픎핞펾짪캫헏픊옪잚슲펂힎쁢멑핂 팒삖젾혾힏뫊혾힏묺컿풞슲픦혾힏킃픒�묺�뫊헣픒�컪잚슲펂힒삲 킃혾힏픒묺�믾퓒펺킪큲�칺몮 맪핆헏쿧엶 칺몮졶 뫃퓮찒헒 킃픦삲컽많힎쿦엶 EJTDJQMJOF 픒캂쫆삲

킪큲�칺몮 4ZTUFN 5IJOLJOH

킪큲�칺몮쁢캏픦맪쪒쭎쭒핂팒삖않헒�읊쫂몮삶쁢멑픒잞삲 믾펓솧픒찒옽펺얺많힎핆맒픦솧픎 빦픦킪큲�핂삲 뿖펞쫂핂힎쁢팘힎잚힏줊픦틶킲뫊빮킲�엊컪옪밂짎멚펾멾쇦펂핖삲 믆얺빦푾읺핞킮핂힏줊 킪큲� 픦핊쭎핂믾쌚줆펞헒�헏핆쪎읊쫂쁢멑핂펂옃몮맪쪒삶졂펞힟훟졂컪믊쫆줆헪픦멾�픒�믾많펂엲 풚힒삲 헒�읊쫆삲쁢멑픎칺줊핞�쫂삲쁢칺줊칺핂픦뫎몒읊쫂몮 헣힎쇪핳졂쫂삲쁢쪎픦퓮픒쫂쁢멑픒잞삲 흗 킪큲�칺몮앎멗픊옪슪얺빪캏춞잚팒삖않믆핂졂픦묺혾헏�졂픒핂몮 헒�펞콛쭎쭒슲맒픦쿪헏핆뫊 뫎몒 쪎픦잳앋픒짢않쫊쿦핖쁢칺몮픒잞삲 맪핆헏쿧엶 1FSTPOBM .BTUFSZ

맪핆헏쿧엶픎맪핆픦펻얗픒핳쁢짷쩣픒킃몮묺컿풞슲핂핞킮픒맪짪쿦핖솒옫혾힏픦펺멂픒혾컿쁢멑핂 삲 혾힏픦묺컿풞핆맪핆픦킃핂펔핂쁢혾힏킃핂핊펂빮쿦펔믾쌚줆펞맪핆슲픦쿧엶핂훟푢삲 맪핆헏쿧엶픎맪 핆핂핞킮픦찒헒픒졓몮 핂읊삺컿믾퓒펞뻖힎읊힟훟젾핆뺂킺픒믾읂몮킲픒맫뫎헏픊옪쫂솒옫쁢멑 핂삲 핂쌚 찒헒뫊킲픦�핂쁢 ˎ�혾헏밂핳ˏ픊옪컪찒헒픒많쁢펞뻖힎많쇮쿦핖삲 맪핆헏쿧엶픒퓒뽆엳쁢 펂읆픎잜힎팘삲 핞킮핂짢않쁢캄픒폏퓒엲졂헣잞옪훟푢멑핂줂펕핆많읊졓쁢섾컪맪핆헏쿧엶픎킪핟쇪삲 칺몮졶 .FOUBM .PEFM

칺몮졶핂앎켆캏픒핂몮솧쁢짷킫펞폏픒짆�쁢푾읺팖펞반핂맏핆쇪많헣 핊짦 킺캏핂빦핂짆힎슿픒 잞삲 칺몮졶픎헣힒빦픦핂팒삖않켆몒읊핆킫쁢컪옪삲읆뫎헞슲핂믾쌚줆펞맏맏픦혾힏묺컿풞슲핂컪옪 삲읆칺몮졶픒많힖쿦핖삲 핂쿦엶픦졷쁢혾힏묺컿풞슲픦칺몮졶픦핊�많팒삖않칺몮졶핂큲큲옪픦솧뫊멾 헣펞짆�쁢폏픒밶삹멚몮믆펞샎컿�픒�쪎읊잚슲펂뺂쁢멑핂삲 칺몮졶뫊뫎엶킃픎핞킮픦잖픚 콛펞많힎몮핖쁢켆캏펞샎핂짆힎읊�팒뺂몮멗픊옪슪얺뺂컪쭒컫쁢쩣픒짾푾쁢멑핂삲

뫃퓮찒헒 4IBSFE 7JTJPO

뫃퓮찒헒픎혾힏묺컿풞슲핂혾힏픒 ˎ뺂혾힏ˏ픊옪캫맏멚몮픟힟엳픒많힖쿦핖멚쁢멑핂삲 뫃퓮찒헒픎혾힏픦힎 솒핞펞픦컪컮쇦먾빦힎킪쇮쿦핖쁢멑핂팒삖않묺컿풞슲핂힒킲옪픦쿦핖몮졾핓쇮쿦핖쁢멑핂펂퍊삲 뫃 퓮찒헒픎맪핆픦찒헒픊옪쭎��짪삲 믆멑픎맪핆픦찒헒핂펔쁢묺컿풞펞멚혾힏픦찒헒픎�핆픦찒헒핊춞핂믾쌚줆핂 삲 흗 뫃퓮찒헒픎맪핆픦뫎킺칺 많� 폂잫펞춚읺읊숢삲 뫃퓮찒헒픒잚슲몮핞쁢혾힏뫊힎솒핞쁢묺컿풞슲핂맪핆픦 찒헒픒맪짪쿦핖솒옫힎풞몮 맪핆픦찒헒핂뫃퓮찒헒펞짦폏쇦솒옫 뫃퓮찒헒핂맪핆픦찒헒핂쇦솒옫핂븚펂퍊삲 킃 5FBN -FBSOJOH

킃픎핂핊픒핂욶펂뫃�픦힎픒잚슲몮맪맪핆픦펞뻖힎많혾읊핂웆픊옪턶짪캫쁢킪뻖힎읊�펓 쁳엳픒�푾쁢멑픊옪맪핆픦힎쁳픒뻦펂컪쁢힟삶픦힎쁳픒짪쁢멑핂삲 풞킃픒퓒컪쁢픦묺컿풞슲핂 찒헒픒뫃퓮쁢멑핂훟푢삲 찒헒픦뫃퓮쁢읺섢픦찒헒픒삲읆묺컿풞슲핂싾않많쁢멑핂팒삖않묺컿풞슲픦찒 헒픒픦찒헒픊옪헒퍊삲 믆얺쌚픦묺컿풞슲픎픦뫃퓮찒헒픒퓒컪핞킮픦펞뻖힎읊톭픊젾킮헏픊 옪솧쿦핖삲 픦묺컿풞슲픎핞킮픦찒헒픒헏믇헏픊옪맪짪몮핞킮픦찒헒핂픦찒헒핂쇮쿦핖솒옫찒헒픒컿 핳킪�쿦핖삲 찒헒픎펂썲젙힒줆묺옪잚슲펂힒멑핂팒삖않픦묺컿풞슲픦잖픚콛펞홂핺젾삲벦킲몮핞 쁢멑핂삲 칺앚슲핂핞킮핂힎쁢많�퐎킲헪캄펞컪캫옪슪얺뺂쁢많�많핊�힎팘쁢몋푾많잜삲 힎뫊캄픦 핊�쁢맪핆픦킃뫊쭎삶뽆엳픒�컪솒삺쿦핖삲 흗 킃픎찒헒픦뫃퓮퐎맪핆픦킃핂�샎많쇮쌚힟삶 힎컿픊옪묺쇪삲 킃픎픊옪졶펺핖삲몮컪핂욶펂힎쁢멑픎팒삖삲 맪핆킃픎킃픦�샎많쇦힎잚 쏟쏟맪핆핂졶펺핖삲 몮컪쏟쏟핂쇦쁢멑픎팒삖삲 킃픎믾쫆헏픊옪뫃솧킃핂삲 킃픎삲쿦펞맪핆핂뭂쫃쁢 ˎ힟삶칺 몮ˏ많팒삖않 ˎ힟삶힎컿ˏ픒��쁢멑핂삲 핂읊퓒컪쁢엶핂푢삲 4FOHF쁢 %BWJE #PIN픦핂옮픒� ˎ샎 %JBMPHVF ˏ퐎 ˎ�옮 %JTDVTTJPO ˏ픦�핂읊컲졓몮킃펞컪샎픦훟푢컿픒맣혾삲 샎쁢 %JBMPHVF픦믆읺큲펂 펂풞펞컪칺앚뫊칺앚칺핂읊읂쁢핞퓮옪풂픦짆픦읒핂않쁢픦짆읊매쁢삲 샎읊�힟삶핂맪핆픦뽆엳픊옪쁢헟 믊힎좉쁢섢� ˎ뫃�픦픦짆혾ˏ펞헟믊삲몮삲 샎펞컪쁢핂믾엲몮쁢칺앚핂펔몮 졶숞킇핞많쇮쿦핖삲 흗 칺앚슲픎캏핟푷픒�뫃�픦짆픦맪짪핂않쁢캖옪풂홓윦픦힎컿픒맪짪쁢멑핂삲 샎쁢�픚쭎�픦많팒삖 않쫃핯칺팖픒섢반핂핖멚핂쁢멑픒�묺삲 �옮 %JTDVTTJPO픦믆읺큲펂펂풞픎�솚 �솚펞픦�멷핂않몮 삲 �옮픎�펺핞슲핂뫃솧픦핂많멆읾줆헪읊삲퍟뫎헞펞컪쭒컫삲 �옮픦졷헏픎킇읺핂젾 킇읺쁢핞킮픦뫎 헞픒힟삶핂짩팒슲핂쁢멑픒픦짆삲 �옮픎�많핞많컪옪삲읆뫎헞픒헪킪몮짷펂젾 펂썲멾옮픒뺂쁢뫊헣핂삲 킃픎핂얺샎퐎�옮핂푢펞싾않폲많솒옫펾킃픒삲 엶픒퓒컪샎픦힒뫊헣픒�힒몮솣쁢칺앚 �힒핞 핂핖삲졂샎많�옮픊옪믾풆펂힎먾빦읒핂븘펂힎힎팘솒옫졂컪샎픦잳픒핯팒빦맖쿦핖삲 �펓묞퓯뫊 헣펞컪��많핂펻픒멚쇪삲 폂잫픒�푾몮 컿�헏샎읊짪헒킪�몮 쫃핯컿픒핂쁢쁳엳픎픦킺킃쁳 엳핂삲 믆잊픊옪빦�뺂졂삲픚뫊맧픎섾켙훟빦픦삲읺않솒펔픊졂픦핞쁢컪핖픒쿦많펔삲

믆잊 @픦킺킃쁳엳

핞욚�� 1 4FOHF ջ5IF 'JGUI %JTDJQMJOFռ

힎킫�혾 뽆빦� 쁢힎킫픒킫힎퐎팢줃힎옪묺쭒삲 킫힎쁢묺�헏핆펆펂옪컲졓핂많쁳젾줆쩣헏핆힒쿮 쿦헏  뮪멷 잲쁂펊 뫊뫃킫슿킲�많홂핺쁢힎킫픒픦짆삲 팢줃힎쁢묺�헏핆펆펂옪컲졓믾슮힎킫 흗맪핆헏핆 킮뼞 캫맏 많��몒 뽆푾 힏맞 폏맞슿픦줂픦힎킫픒픦짆삲 팢줃힎쁢맪핆헏핆멑핂젾뫃킫믾솒슲몮삲읆 칺앚슲뫊묞먾빦뫃퓮믾솒펂옃삲 팢줃힎쁢믾쿮 믾쁳 뽆푾슿픦믾쿮헏핆쭒퍊퐎솒킫 헣킮헏졶셆 킮뼞핆킫슿 픊옪묺컿쇪핆킫옮헏쭒퍊옪묺쭒쇪삲 팢줃힎퐎킫힎쁢캏쫂퐒헏픊옪캫컿쇦몮짪헒쇦젾헒쇪삲 힎킫핂�혾쇦쁢 뫊헣픒캂쫂졂 많힎�픦힎킫헒뫊헣픒먾�삲슺펂힎몮맪컮쇦쁢뫊헣핂삲 팢줃힎퐎킫힎쁢펾콛�핂젾훊뫎컿 뫊맫뫎컿맒픦븘핒펔쁢퐣쫃풂솧핂삲 힎킫핂헒쁢 삶몒쁢빦컮픊옪캏킇삲 맪핆펞컪맪핆픊옪 뫃퓮 맪핆펞컪힟삶픊옪 � 힟삶펞컪혾힏픊옪 펾멾 혾힏펞컪삲킪맪핆픊옪 뺂졂 솚팒폲쁢핊캏픦뫊헣펞컪힎킫핂빦컮픊옪�힒삲

믆잊 @힎킫�혾욶

핞욚�� *LVKJSP /POBLB BOE )JSP 5BLFVDIJ ջ5IF ,OPXMFEHF $SFBUJOH $PNQBOZռ

뫃퓮 팢줃힎 ̔ 팢줃힎

힏헟헏핆몋픒�헣킮졶셆핂빦믾쿮슿픦팢줃헏힎킫픒뫃퓮몮�혾쁢뫊헣핂삲 훊�많맫�퐎빦많쇦펂쏟 맧픎몋픦켆몒옪슲펂많뫃맞샎읊컿쁢뫊헣픊옪 훊�많많혚섦믾홂픦짍픚픒쩒읺쁢뫊헣핂삲 폖읊슲펂핳핆픦 펆펂옪쁢쿦펔쁢좆펞쩮펂핖쁢믾쿮픒짾푾믾퓒컪솧픒싾않몮뺂뺂젾힎킫픒킃슫쁢뫊헣핂삲 핂삶 몒펞컪쁢킲픒핖쁢믆샎옪쫂믾퓒믾홂픦훊�픦많�뫎뫊팒핂싢펂펞헪솧픒멆펂숞몮 킮 짪멺 솧슿픒�삲 읆칺앚뫊힎킫픒뫃퓮삲 � 팢줃힎 ̔ 킫힎

팢줃힎읊묺�헏핆맪뼞픊옪쁢뫊헣핂삲 픎퓮빦퓮�읊푷펺맪핆쏞쁢혾힏핂쫂퓮팢줃힎읊헣읺쇪줆컪 �옪묺컿쁢뫊헣핂삲 젆읺콛펞팢줃헏픊옪쫂퓮힎킫픒묺�헏핂몮졓삶펂옪쁢섾잜픎펂엲풎핂핖힎잚 힎킫헒픦 많힎뫊헣훟펞컪많핳킺헏핆푢콚핂젾힎킫픒쁢뫊헣펞컪믾홂힎킫펞샎캖옪풂짪멺픒많쁳컿 핂뽠삲 픦짆핖쁢샎빦힟삶헏핆칺몮솧픒�힎킫픒�젾핂뫊헣펞컪캖옪풂힎킫핂�혾쇮쿦핖삲

펾멾 킫힎 ̔ 킫힎

킫힎읊�몒펺힎킫�몒옪헒쁢뫊헣핂삲 삲퍟퓮픦킫힎읊쭒윦몮�많몮멾쁢짷쩣픒푷 펺믾홂펞쫂퓮헣쫂읊핺묺컿몮핂읊�캖옪풂힎킫픒�혾쁢삶몒핂삲 핂뫊헣픒�컪헪컲몒 믾펓찒헒픒 칺펓핂빦헪펞헏푷킪�쁢켆쭒슿�몒헏힎킫픒캫컿멚쇪삲 맏홓줆컪핟컿슿핂핂펞샇쇪삲 뺂졂 킫힎 ̔ 팢줃힎

킫힎옪묺�쇪힎킫픒맪맪핆픦킃픒�맪핆픦핞칾픊옪쿦쁢뫊헣핂삲 솧뫊쿧몮읊�킫헏힎킫픒 킲�픒�캖옻멚짾푾몮킃슫펺맪핆픦힎킫픊옪뺂졂삲

킲킃 "DUJPO -FBSOJOH

킲킃 .BSRVBSEU 픎킲헪캏펞컪킲헪줆헪읊멾몮솧픒�젾 믆뫊헣펞컪킃삲쁢맪뼞핂 삲 핂얺킲뫊헣픒�맪핆 믆읺몮혾힏핂킃픒쁢멑핂삲 킲킃픦믾쫆푢콚쁢줆헪 믆웇 힖줆 킲  킃 ��픦펺컽많힎삲

믆잊 @킲킃픦묺컿푢콚

핞욚�� . + .BSRVBSEU ջ"DUJPO -FBSOJOH JO "DUJPOռ

줆헪 옪헫 솒헒 믾 핂큖 쏞쁢뫊헪

줆헪쁢훟푢몮밂믗퍊젾믆멑픒멾쁢�핒핂펞핖펂퍊삲 줆헪픦컮헣믾훎픎삲픚뫊맧삲 많캏픦줆헪많팒삖않킲힖헏핂몮짦슪킪멾퍊잚쁢줆헪 킲많쁳줆헪 �많핞슲핂힒헣픊옪뫎킺픒매쁢줆헪 쿦쿦벦빊많팒삚킲홂픦줆헪 킃픦믾많쇦펂퍊젾혾힏픦삲읆쭎줆펞솒헏푷핂많쁳줆헪 칺뺂펺얺쭎컪펞뫎엶쇦펂핖쁢쫃핯줆헪 푆쭎헒줆많픦훎쇪멾짷쩣픊옪멾믾펂엲풂뫊헪 픦칺멾헣핂팒힏뺂엲힎힎팘픎줆헪 쫆힖펞핖펂컪믾쿮헏핂않믾쫂삲쁢쫆힖헏핆줆헪

킲킃믆웇쏞쁢 킲킃픎 _ 졓픊옪묺컿젾 졓멾팖핂큋멚빦폲힎팘쁢혾힏픦줆헪읊펾묺삲 묺컿풞픦짾몋뫊몋픎삲 퍟멑핂홙픎섾 삲퍟뫎헞픒솒�몮캖옪풂킪맏픒핂븚펂뺂퍊믾쌚줆핂삲 컿�헏힖줆뫊몋�뫊헣 킲킃픎힖줆픒�줆헪픦쫆힖픒핂몮핮핺헏멾팖픒킺칺쿧몮펺솒� 솧픒�쁢옪켆큲읊매쁢 삲 윻힖줆픎윻멾팖픒많힎몮핖삲 힖줆픒�픦픦멺묞뫊픟힟엳핂�힒쇦몮킮헏핂몮핓�헏핆칺 몮많컿쇦졂컪킃뫊많캏쇪삲 킲 킲킃픎줆헪읊핺묺컿몮졷읊켆풂삲픚 헒얃픒켆푾몮솧픒�쁢옪켆큲읊매쁢삲 펂썲팒핂싢펂빦몒 핂뫊헏핆힎쁢킲헪옪킲픒쫞퍊팚쿦핖삲 킃 킲킃픎줆헪멾핞�쫂삲쁢맪핆뫊픦맪짪뫊킃핂핳믾헏픊옪훟푢삲 픦묺컿풞슲핂졓힖쿦옫픦칺멾 헣픦콛솒퐎킲쁳엳픎섢찶않힖쿦핖삲 �� 줆헪멾춞잚팒삖않킃펞힟훟믾퓒컪쁢��많짦슪킪핖펂퍊삲 ��쁢묺컿풞슲핂줂펕픒짾푾젾펂쎉멚줆 헪읊멾쁢힎컿�쁢섾솒풎픒훎삲 ��쁢힖줆픒�컪픦묺컿풞슲핂캏샎픦잞픒몋�쁢짷쩣 줆헪읊핺묺 컿쁢짷쩣 슪짿쁢짷쩣 몒픒켆푾쁢짷쩣 묺컿풞슲핂많힎쁢킮뼞뫊솧픦헒헪쁢줂펕핆힎펞샎컿�쿦핖 멚솒풎픒훎삲

솧혾�펓묞퓯뫊헣픦킃짷 솧혾�펓묞퓯뫊헣픦킃픎킃 핂옮 킲킃픦켆많힎옪핂욶펂힒삲 킃픎묺컿풞슲뫊샎퐎핟펓픒 쿦젾캖옪풂힎킫픒잚슲펂뺆삲 핂쌚��쁢샎�힒핞옪컪묺컿풞슲핂킃헒줆많많쇮쿦핖솒옫��삲 � �픦펻픎힎킫픒헒삺쁢멑핂팒삖않묺컿풞슲핂킃픦읒픒핯솒옫퓮솒몮힖줆픒�힎킫픒묺컿쿦핖솒 옫솒풎픒훎삲 킃핞슲픎� 폏캏핞욚슿픒�컪캖옪풂캫맏픒펉몮핂읊킲�펞짦폏펺핂옮핂젆읺펞잚핖쁢멑핂 팒삖않킲헪펞헏푷쇮쿦핖솒옫삲 핂뫊헣픒�컪핂옮픎섢푿뫃몮힒삲 킲킃픊옪킲헪믾펓픒잚슲펂컪칺 펓픒쿦삲 �펓핂앎젙힒팒핂싢펂잚픊옪많쁳멑핂팒삖믾쌚줆펞 믾펓픦풂폏뫊헣펞컪빦�빦쁢삲퍟줆헪슲 몮 맫뫊펂쎉멚잚빦몮몮맫펞멚펂썲헪뫊컪찒큲읊헪뫃힎슿픦킲픒�컪�펓픒킃삲 핂쌚 ��쁢묺컿풞 슲핂칺펓솧펞쿧엶쇮쿦핖솒옫��삲 ��쁢묺컿풞슲픦믾펓풂폏뫊헣펞컪힎콛헏핆힖줆픒�묺컿풞슲 핂쫂힎좉쁢헞픒핊밶풚훊졂컪컿�멚삲

 @솧혾�펓묞퓯뫊헣픦킃짷쩣 핂옮

킃 뺂푷

��펻

킃짷쩣뫊 솒묺

킲킃

샎읊� 묺컿풞슲뫊벦킃 캖옪풂힎킫캫칾

�슿픦핞욚읊핋몮 캖옪풂팒핂싢펂컿�

믾펓풂푷픒� 킲헪옪헫

샎�힒핞 킃헒줆많��

킲�펞핂옮픒 헏푷쁢멑픒힎힎

칺펓솧헒줆많��

샎 믆웇핟펓 맣픦 켆짆빦

솓컪 펞켆핂튾믾

옪헫옪킲킃 옪헫펞샎 칺헒칺쫂몮컪

핞욚�� 1"3564 ջ$SFBUJOH 5FBN &OUSFQSFOFVSTռ

핂킃뫊헣픎 믆잊 퐎맧핂묺컿쇪삲 킃픎묺컿풞슲칺핂펞캖옪풂캫맏픒뫃퓮 칾멚젾핂멑픎맪핆픦 컿핳 펻얗캏뫊컿뫃 픊옪핂펂힒삲 킃픦뫊헣펞컪맪핆픦컿핳뫊캖옪풂킲� 멾뫊솒�픎삶킪맒펞빦�빮쿦펔픊 젾힎펾핂핖픒쿦핖삲 헒�짪헒컪�픒핂몮힎펾픒핂멚쇦졂 삶믾맒픦컿뫊쫂삲쁢묺컿풞뫊픦힒헣컿 핳뫊컿뫊읊믾샎쿦핖픒멑핂삲

믆잊 @킃뫊헣픦짪헒컪�

핞욚�� 1"3564 ջ$SFBUJOH 5FBN &OUSFQSFOFVSTռ

*** 솧혾�펓묞퓯픒퓒칺옎펾묺x 앎슪 5&". "$"%&.*" 앎슪픦 5&". "$"%&.*" 5" 쁢 뼒 +PIBOOFT 1BSUBOFO펞픦맪짪쇪 +ZWBTLZMB 6OJWFSTJUZ PG "QQMJFE 4DJFOD FT픦칺퓒뫊헣핂삲 뼒폖칾픎 퓮옪 퍋 펃풞 핂힎잚앎슪픦묞퓯�몒캏 헣쭎픦힎풞픒짩팒컪풂 폏쇦몮핖삲 5"쁢솓잋쇪솧혾혾힏픊옪풂폏쇦몮핖픊젾 뼒솧팖 맪픊옪칺뫊헣펞�펺멚쇦젾 뼒픦 헣풞픎 졓픊옪� 졓헣솒많핺핺훟핂몮 핊짦핆샎캏픊옪쁢�펓묞퓯믾뫎 1BSUVT읊잚슲펂컪 졓핂캏핂묞 퓯펞�펺훟핂삲 앎슪픦 5"쁢핺밚힎 졓핂캏픦칺퓒캫픒짾�픊젾 홆펓캫 많 뼒팖펞칺읊�펓 펺풂폏훟펞핖삲 &6 뮮 _ 퓒뫊헣훟펞 맪픦칺많�펓쇦펂컪핺풂폏훟핂젾 펾잲� 짿잚퓮옪 퍋 펃 읊믾옫몮핖삲 핺5"펞컪쁢 맪많뻦쁢킲헪옪헫많힒쇦몮핖픊젾 킮헏킃짷쩣뫊믾펓많헣킮맪짪 펞샎컪묻헪헏픊옪삲쿦픦캏픒쿦캏삲 핺 맪묻 졓핂캏픦��슲핂 5" 짷쩣옮픒푷묞퓯픒힒몮핖 픊젾 맪묻 졓핂캏픦칺앚슲핂 5" 짷쩣옮펞�펺훟핂삲 5"펞컪쁢  믾펓많읊 묞퓯믾 퓒컪 1BSUVT .FUIPET않몮 쭎읂쁢 묞쿦쩣픒 푷몮 핖픊젾 믗힒헏 칺묺컿훊픦 펞믾�뫊헣훟킺픦킃짷쩣핂삲 킃픎핂옮뫃쭎퐎��펞픦컪핂욶펂힎젾 킃 5FBN -FBSOJOH 뫊킲펞 픦킃 -FBSOJOH CZ EPJOH �캗헏킃 &YQMPSBUPSZ MFBSOJOH 샎 EJBMPHVF 솧욚펞픦힎힎 QFFS TVQQPSU UP JOEJWJEVBMT 읊킺맪뼞픊옪젾킲헪줆헪퐎킲헪옪헫읊킲헪콚찒핞읊샎졂컪멾빦맒삲쁢힣픒많힎몮핖 삲 1BSUVT .FUIPET쁢5"춞잚팒삖않헣쭎믾뫎 힏펓묞 헪 켇�펞컪솒푷쇦몮핖픊젾 헒�헏핆묞묞퓯짷쩣픒샎 �쁢묞쿦쩣핂삲 1BSUVT .FUIPET쁢믾펓많헣킮픒컿믾퓒컪읺섢킻 �� 킃핂않쁢 많힎�졂펞컪 묞퓯픒힒젾 맪핆핂팒삚삶퓒픦�펓픒�풞뫊픦삲핂펊옪믆읊�킃엶픒믾짦픊옪캫슲핂힏헟솧 혾픒잚슲펂컪콚퓮몮풂폏쁢팯켦얺삫픒힒젾 솓컪읊�맪핆�풞픦힎킫픒슫몮뫎엶뺂푷픒풞슲 뫊뫃퓮멚쇪삲

믆잊 @5"졶셆펞컪픦 많힎킃짷쩣

핞욚�� 1"3564 ջ$SFBUJOH 5FBN &OUSFQSFOFVSTռ

x묻뺂푆�펓묞퓯짝칺헏몋헪�펓묞퓯뫊뫎엶칺옎읊헒짦헏픊옪혾칺폎픊빦뺂푷묺컿캏앎슪퐎졺슪않몲졶셆 픒훟킺픊옪믾쿮폎픊젾 믆푆칺옎쁢�몮핞욚옪핂�픦잖힎잗펞�쭎폎삲

졓픦캫픎핓펻�큲 #FMCJO UFTU 읊먾�컪 졓틷 맪믾펓 UFBN DPNQBOJFT 픊옪컿쇪삲 믾 펓픎솧혾�옪풂폏쇦쁢솓잋쇪혾힏핂젾쫂� _ 졓헣솒픦캫슲핂�펺삲 졶슮찒쁢헣쭎펞컪힎풞픒짩 픊젾픦욚쫂솒묻많펞컪헪뫃쇪삲 졶슮칺펓펞샎찒푷픎믾펓핞�헏픊옪멾퍊삲 풞슲픎핞퓮옻멚펻픒 짢붆젾홆펓킪밚힎 핆샇 _ 맪픦옪헫읊힒멚쇦젾 졶슮믾펓픎큲큲옪옪헫읊�팒컪몋폏멚쇪삲  캫슲픎 훊핊펞 킪맒틷 �옎펞멆�컪��퐎픦엖핂삫켇켦펞�펺젾팒�섾짆팒픦쯚앪슪읊틆쿦핖멚훎삲 옪헫쁢 _ 졓핂�펺쁢 _ 퓮옪쿦훎픦옪헫솒핖힎잚 졓핂캏핂�펺쁢 퓮옪쿦훎픦옪 헫솒힒쇦몮핖삲 �얾큲맪� 뫟몮헪핟 잖�혾칺 묞퓯옪믆앶쿦 �킮 샎핆잲 펺 싢핞핆슿핂많핳샎 헏핆옪헫핂삲 옪헫픦몮맫�솒��잚쪒핂펂컪샎믾펓핂빦콚믾펓픒샎캏픊옪쁢몋푾솒핖몮헪 켇�혾힏 핂빦묞 핊짦콚찒핞읊샎캏픊옪힒쇦쁢몋푾솒홂핺삲 5"펞컪쁢컿�뫊엶픒퓒삲퍟킃솒묺슲픒푷몮핖쁢섾 킃핂킪핟쇦믾헒펞큲큲옪핞킮픦뫊먾퐎핺 짆 앦픦뫎헞펞컪킃픦졷읊컲헣쁢킃몒퍋컪 -FBSOJOH $POUSBDU 읊핟컿젾 킃뫊헣핂힒쇦쁢솧팖펞쁢핞킮픦 캫맏뫊밶삺픚픒믾옫쁢엶핊믾 5SBJOJOH %JSBSZ 읊핟컿삲 쏞 5"펞컪헪뫃쁢솒컪졷옫픒쫂몮핞킮핂핋픒�픒 컮헣솓컪몒픒켆푾몮솓컪킲헪칺펓펞헏푷짷쩣펞샎핞킮픦캫맏픒헣읺펞켆핂읊핟컿삲 핂퐎쁢쪒솒옪 헣믾헏픊옪맪핆픦킃몋펞샎컿�쫂몮컪 3FFDUJPO QBQFS 솒핟컿젾 엶핂힒쇦쁢훟펞쁢쿦킪옪삲핂펊옪 믆켆켦픒폂펂컪솧욚슲픦핂퍊믾읊몋�몮홂훟몮핆뺂몮믾삲읺젾쌚옪쁢핞킮픦핂퍊믾읊쁢킪맒픒매믾솒 삲 킃믾맒솧팖캫칾졶슮줆컪쁢읺폲옪묺컿쇦펂헣믾헏픊옪펓섾핂쇦젾 ��짝솧욚캫슲뫊핊뼒펞졕� 옎틷멎�삲 쏞 핂얺멾뫊줊슲핂빦핞킮픦캫맏픒삲읆칺앚슲팬펞컪몮뫃퓮쁢 #JSUI (JWJOH핂않쁢킪맒픒 �컪삶쿪읺헮�핂켦핂팒삖않졶숞많�펺쁢캏헏핆킃픒힒믾솒젾 믾펓맒픦힎킫믾짦픒핳몮 핞삲읆픦삲핂펊옪믆켆켦펞�펺쫂쁢맒픦 $SPTT 'FSUJMJ[BUJPO픒힒믾솒삲 옪헫읊힒쁢뫊헣펞컪 쁢옪헫뺂푷펞샎컪 1SF NPUPSPMB쫂몮컪퐎 1PTU NPUPSPMB쫂몮컪읊핟컿졂컪칺헒훎찒퐎칺컿�픒힒젾 핂푆펞솒캫슲핂핞퓮옻멚킃솧팒읺읊컿컪헣믾헏픊옪졶핒픒매쁢 -FBSOJOH 4FU핂빦맏홓엊핂폂읺믾솒삲 5"펞컪쁢 뼒픦킪맒픒헒줆많옪턶픦헣�컿픒짪헒킪�빦많쁢뫊헣픊옪쫂몮핖픊젾 펾�쪒옪킃훊헪읊삺읺졂컪 �읺�엊픒힒삲 믾쫆쿦펓 헞 픎폲읺펢�핂켦픒�쥲삖�핂켦 펆펂슿픦헪맒쿦펓 헞 뫊옪�졶 셆픦킃옪켆큲펞싾읆 5"믾쫆쿦펓 헞 픊옪묺컿쇦젾헒줆쿦펓 헞 픎옪�졶셆픦 맪졶슖펞샎쿦헒 줆쿦펓 헞 뫊잖� 몒 킮슿펞샎쪒옪믆앶핂빦킲헪옪헫읊쿦쁢컮�쿦펓 헞 픊옪묺컿 쇪삲 핂푆펞 맪픦훊헪쪒졶슖픒힒쁢킲헪엶 헞 뫊칺뽊줆 헞 핟컿짝홆펓킪픒먾�멚쇪삲 5"픦 헒�묞퓯뫊헣픎옪�졶셆 5IF 3PDLFU .PEFM 옪묺쇪삲

믆잊 @5"졶셆픦�펓많퍟컿옪켆큲

핞욚�� +PIBOOFT 1BSUBOFO ջ5IF 5FBN $PBDIˏT #FTU 5PPMTռ 5"펞컪킃핞슲픎킃핞 읺섢 �펓많옪턶픦맏맏 맪틷� 맪픦펻얗픒맪짪멚쇦젾 솒삲졂많 핞 믾많 솧욚많 ��많 몮맫많 읊�핞킮픦펻얗픒멎�짩멚쇪삲 5" 펞컪픦많쁢슿믗픒잲믾믾퓒멑핂팒삖 킃핞픦펻얗뫊몋픒헞멎믾퓒솒묺펞쭖뫊젾많픦멾뫊핞�쫂삲쁢많멾뫊펞샎�옮뫊샎많섢훟푢 삲 5"펞컪픦킃픎팢줃힎헏핆뺂푷픒몮핖믾쌚줆펞몋핂않쁢쭎쭒솒많픦훟푢몮엲푢콚핂삲 5" 펞컪쁢 핆맒뫎몒퐎킲킃픒�킲헪헏쁳엳 믾펓많헣킮 킮헏핆팒핂싢펂칾� 킃펺슿픒훟푢많�옪캫맏젾 짾풂삲 5"픦묺컿풞슲픎 5"않쁢�믆잊픒핂몮힎콛헏픊옪컿뫊읊핂욶펂빦많쁢핟픎킪솒슲픒킪쁢멑픒풞�픊 옪몮핖삲 큲큲옪펉밆풞쁢팒핂싢펂펞샎컪쁢삲읆칺앚펞멚핂퍊믾몮짦슪킪킪젾 졶슮묺컿풞슲픎캖옪풂 힎킫픒�혾몮헒�혾힏뫊뫃퓮몮힎콛헏픊옪킃펞샎컪많쁢멑픒풞�픊옪삲 쏞 5"픦�잋핞핆+PIBOOFT 1BSUBOFO픎 5"픦짷쩣픒푷컿핆묞퓯픒킲킪믾퓒컪 뼒��헒줆묞퓯믾뫎 핆 1BSUVT -UE읊컲잋삲 1BSUVT -UE쁢��묞퓯춞잚팒삖않컿핆묞퓯솒벦힒몮핖쁢믾펓픊옪잲뼒 졓 뼒 핂��묞퓯펞�펺몮핖픊젾 뼒펞쁢 잚퓮옪픦잲�픒믾옫믾솒삲 핺쁢 맪묻펞컪옪믆앶핂헒 쇦펂 5JJNJBLBUFNJB -FBSOJOH /FUXPSL옪풂폏쇦몮 핂뫁펞컪 5"퐎뫎엶쇪졶슮캏뭚픒콚퓮몮핖삲 1BSUVT -UE펞 컪쁢 삶몒픦��퍟퓯옪믆앶픒풂폏훟핂젾 묞퐎믾펓 뫃뫃믾뫎펞컪폶 맪묻픦 졓핂뻦쁢칺앚슲핂묞퓯뫊헣 픒쿦욚삲 쏞 앎슪묞퓯� 5IF 'JOOJTI /BUJPOBM #PBSE PG &EVDBUJPO 픦힎풞픒짩팒컪컿핆묞퓯옪믆앶픒풂폏 훟핂젾 뼒밚힎 졓픦칺앚슲핂묞퓯펞�펺몮 �믾믾펓많읊퓒 *HOJUJOH )FBSUT SFTPVMT 킲줂몋폏힒픒퓒  #MB[JOH 5PSDI SFUPSDI 헪맪짪픒퓒 *OOPWBUPSˏT 8PSLTIPQ뫊폏펓픒퓒 4BMFT 1SPHSBN 슿핂풂폏쇦몮핖삲

믆잊 @��삶몒쩚묞퓯뫊헣

핞욚�� 1BSUVT 뫃킫핂힎 IUUQ XXX UJJNJBLBUFNJB DPN

��묞퓯삶몒픦 +VOJPS뫊헣픎핓줆삶몒옪컪 믾펓많옪믆앶펞�펺훟핆캫슲핂옪헫읊힒졂컪솧욚읊 핂븚몮믾펓픒풂폏믾퓒읺섢엶뫊헣핂삲 맪픦졶슖픒많힎몮 맪풢뫊헣픊옪힒쇦젾 킲헪믾펓픒풂폏 졂컪몋쁢뺂푷픒믾짦픊옪옪믆앶펞�펺멚쇪삲 킲힖헏핆��픦�쩖ퟆ삶몒쁢 5FBN .BTUFSZ 뫊헣픊옪옪믆앶쿦욚펞쁢쫆멷헏픊옪��옪턶솧쿦핖쁢 핞멷흫픒짩멚쇪삲 맪풢픦믾맒솧팖� 맪픦졶슖픒�컪��픒퓒큲�춞잚팒삖않�옮뫊삲핂펊옪믆읊� 컪폏맞픒펉멚쇦젾 찒헣헏핆큲�핊옪힒쇪삲 5FBN .BTUFSZ읊쿦욚몮�콚 맪풢핂캏픦��몋엳픒많힒칺 앚슲픎 5IF 8POEFS DPBDI _ 맪풢 뫊헣픒쿦욚쿦핖삲 쿦욚펞쁢 4FOJPS 5FBN $PBDI 핞멷흫픒짩픒쿦핖픊젾 헒켆몒옪펾멾쇪팒�섾짆팒킃뻲풚� 5-/ 픦핊풞픊옪솧멚쇪삲 �홓헏픊옪 4FOJPS UFBN DPBDI읊쿦욚 칺앚슲픎 .BTUFS 5FBN DPBDI 옪믆앶펞�펺펺��퍟컿핞멷픒펉픒쿦핖삲 핂푆펞묞퓯뫊칾펓핳픦헒줆많슲 픒퓒켆켦픊옪 5FBN DPBDI FYDFMMFODZ TFTTJPO 핂핖삲 핊삶믾옪믆앶픊옪삲퍟혾힏뫊칾펓픦헒줆많슲핂졶펺 컪핞킮픦펞펂쎉멚헏푷쿦핖쁢힎킲�헏짷킫픒엶짩쁢삲

졺슪않몲픦 .5" .POESBHPO 5FBN "DBEFNZ

졺슪않몲샎픎킮헏핆몋폏묞퓯짷쩣픊옪 뼒앎슪픦 5"졶셆픒솒핓펺힎폎삲 핺쁢 .5" .POESBH PO 5FBN "DBEFNZ 않쁢솓잋쇪솧혾픒잚슲펂컪 쭎캫슲픒샎캏픊옪쁢�펓묞퓯옪믆앶 -&*//뫊킲줂핞슲픦 칺뺂믾펓많펻얗맪짪픒퓒묞퓯옪믆앶 .*//픒훟킺픊옪풂폏몮핖픊젾��퍟퓯옪믆앶 5.*//퐎힎펻킲펓 핞줆헪멾픒퓒묞퓯옪믆앶 &,*// 슿픒풂폏몮핖삲 -&*// 옪믆앶픎 뼒뫊헣픊옪퓮엋뺂 맪힎펻 졓핂 캏핂묞퓯펞�펺훟핂젾 홆펓퓮엋뫃솧칺퓒읊쿦펺짩멚쇪삲 -&*//픦묞퓯뫊헣픎믾쫆헏픊옪 5"픦옪�졶셆픒 믾짦픊옪잚슲펂혚픊젾 묻헪않쁢앪슪퐎졺슪않몲픦칺펓헒얃픒짦폏폲읆�빮맪옪믎옪쩚킪짊픦킫픒퓒킃펺 뫊펆펂묞퓯픒 푊�빮맪옪헒줆옪믆앶뫊풚�쿛핂않쁢뫊헣픒�많삲 -&*//픦묞퓯�읺�엊픎믾훟픦쿦펓슲 픦힒짷킫픎앎슪 5"퐎솧핊젾짷믾맒훟캫슲빊읺앎슪 뼒� 훟묻 PS 핆솒 뼒� 캚앎큲� 뼒� 옪 슪잋픒힒젾믾쫆찒푷핂푆픦졶슮펺몋찒쁢큲큲옪�샇삲 -&*//픦홆펓캫픎 믾밚힎짾�쇞픊젾핂훟 많�펓 많�펓 많힒픒픊젾 헣솒많믾�옪쭒윦쇦몮핖삲 뼒믾훎

믆잊 @졺슪않몲 .5"픦옪�졶셆

핞욚�� -V[BSSBHB ջ.5" 5IF QPXFS PG 5FBN FOUSFQSFOFVSTռ

.5"픦킲줂핞펻얗맣묞퓯옪믆앶핆 .*//픎 뼒뫊헣픊옪헒켆몒 맪힎펻펞컪 졓핂캏핂�펺훟핂젾 홆펓 졺슪않몲샎컫칺퓒읊쿦펺짩멚쇪삲 � 맪픦졶슖픒앎슪펞컪킪핟컪 잖슪읺슪 팢큲�읂샂 �읺삖팒 훟 묻 핆솒 쩮읊읾슿픦켆몒읊솚졂컪힒삲 졶슖픦묺컿뫊짷줆힎펻픎힎캏펞싾않컪쪎몋쇪삲 킮헏핆옪헫 읊퓒찒흖삖큲헒줆컿뫊믾펓많헣킮픒맪짪믾퓒옪믆앶픊옪 �많핞슲픎엶옪믆앶픦맪짪뫊벦믾펓펞컪 픦헣옪헫읊쪟쿦핖멚쇪삲 �믊 .5"쁢팒킪팒힎펻펞 .*// 옪믆앶픒솒핓믾킪핟픊젾 뼒 풢 펞훟묻캏핂 풢펞핆솒뻲펞컪묞퓯핂킪핟쇦펖삲 훟묻펞컪쁢훊옪핂짆칺펓픒몮핖쁢믾펓많퐎�펓�컲� 슲핂훊옪옪믆앶펞�펺몮핖픊젾 솧혾픦풞�뫊짷킫픒맣혾믾쫂삲쁢캖옪풂킮헏핆몋폏묞퓯짷킫픊옪 힎켢삫몮핖삲 뼒쭎�쁢훟묻펞컪솒��퍟퓯옪믆앶핆 5.*//핂킪핟쇮폖헣핂젾 � 맪풢펞멆�컪 졓픦 캫슲핂헒켆몒읊솚졂컪묞퓯핂힒쇪삲 � 맪픦졶슖옪묺컿쇦젾맏졶슖픎 _ 핊풚�쿛�옪 5FBN .BTUFSZ퐎솧 핊멚힒쇦젾 졶슖맒펞쁢�쭒킲킃믾맒 맪풢뺂푆 픒숞몮핂빦맪쪒뫊헪 솓컪 짆켦슿 읊쿦멚쇪삲 �많핞 슲픎졶슖맒펞킲킃믾맒솧팖졶슖펞컪짾풂뺂푷픒핞킮픦칺펓�펞헏푷쫂몮믆멾뫊읊캫슲뫊뫃퓮멚쇦젾 묞퓯 쿦욚킪졺슪않몲 .5"퐎앎슪 5"픦 5FBN .BTUFSZ뫊헣펞샎쿦욚흫픒솧킪펞쿦펺짩멚쇪삲

믆잊 @.*// $IJOB 옪믆앶묞퓯뫊헣

핞욚�� .5" .*// $IJOB 옪믆앶콚맪핞욚힟

˽ 컿뫃샎�펓쿦펓뫊쭒컫 쿦펓컿멷 핂쿦펓픎픒믾짦픊옪칺펓픒쿦젾킃뫊맪핆킃핂핂욶펂힎쁢킲킃핂삲 킲힖헏핆�펓쫂삲쁢핟픎뮪 졶픦칺펓픒킲졂컪�펓픒퓒믾�읊핂쁢뫊헣픊옪믾 훊쿦펓픊옪묺컿쇦펖삲

쿦펓힒뫊헣 졓픦캫뫊 졓픦�� 졓픦묞쿦많쿦펓펞�펺폎삲 쿦펓픎 ˎ캫슲픦킃몒컪핟컿 ˊ 묺컿 ˊ 칺펓몒쿦 잋 ˊ 칺펓쿦 ˊ 칺펓멾뫊짪ˏ픦�픊옪핂욶펂혚삲 핂얺힒뫊헣펞컪맏슲픎잲훊픦칺펓힒캏픒짪 폎픊젾��슲픎칺펓몒짝칺펓쿦픒퓒뫊헣뫊뫎엶��픒폎삲 픦킲헪칺펓픎핟픎뮪졶픦 잲칺 펓픊옪힒쇦펖삲 칺펓킲헒밚힎픦칺펓몒픒켆푾몮��슲뫊삲읆픦솧욚슲옪쭎�슪짿픒짩팒쿦헣쁢뫊 헣픒짦쫃폎삲 쏞 칺펓힒픒퓒잖�짝쫂 쿦핓뫊힎�펞샎폖칾뫊멾칾 핺욚묺핓 잲읊퓒묺�헏 몒슿픒켆푾몮��픒짩몮쿦폎삲 맪쪒캫슲픎핞킮슲핂칺펓쿦뫊헣펞컪짾푾쁢헞뫊펂엲풂헞슿픒샂픎 엖핂삫삲핂펂읺읊잲훊핟컿펺��슲펞멚헪�폎몮��슲픎핂펞샎슪짿픒쿦폎삲 캫슲픎칺펓펞샎 핂읊뽠핂믾퓒솓컪뫊헪읊 펞멆�쿦폎삲 쁢펞컪뽊픦펺멾헣�픒묺컿풞슲핂벦핋몮짪 폎픊젾 숞쩖ퟆ펞쁢캫슲핂맪쪒헏픊옪컮헣�픒핋몮맪쪒헏픊옪짪폎삲 믆푆펞�펓뫃졶헒펞솒헒쫆몋핂 핖쁢캫슲픦몋픒슱몮 컮짾픦�펓몋픒슱쁢킪맒솒많혚펖삲

쿦펓뫊 쿦펓펞샎캫슲픦많쁢 ˎ핊짷헏핆맣픦퐎쁢삲읂멚캫슲핂힏헟�펺쁢쿦펓픊옪컪핺짆핖펖픊젾 샎펞컪믾 샎섦쿦펓핂펖삲ˏ쁢많많훊읊핂욶펖삲 힎잚 _ 졓픦캫슲픎삶퓒픦콚�픒훟킪졂컪묺�헏맣픦읊힒 힎팘픎헞픒쿦펓픦쭎혿헞픊옪봋믾솒폎삲 핂쿦펓픦졷쁢핞믾컿�킃픦핂 킃짷쩣킃슫 칺펓쿦핂 펖삲 핂켆힎헞펞컪캫슲픎줂펕픒쁞볖몮 펉펖쁢힎 줂펕핂쭎혿삲몮캫맏폎쁢힎읊훟킺픊옪쿦펓뫊컿픒컪쿮 몮핞삲 캫슲픦캫맏픎캫슲핂잲훊헪�엖핂삫삲핂펂읺퐎쿦펓킪맒훟픦풚�컃슿픒�컪짪캫맏슲 픒핞욚옪펺헣읺폎삲

핞믾컿�킃픦핂 핞믾컿�킃픎큲큲옪많줂펕픒졶읂쁢힎 팚팒퍊멑핂줂펕핆힎읊밶삹쁢뫊헣픒�컪킃핞많킃픦푢컿픒 쁞빊몮 킃몒픒켆풚킃쁢멑픒잞삲 핞믾컿�픦뫊헣픎훊옪엖핂삫삲핂펂읺읊�컪쿦쇦펖삲 엖핂삫 삲핂펂읺쁢킃핞맪핆핂맪핆뫊솧픦훊맒픦몒 쿦뫊헣 믆뫊헣펞컪짾풂헞 펂엲풮섦헞픒믾옫젾핞킮픒 컿�쁢믾옫핂삲 엖핂삫삲핂펂읺픦핟컿픎쿦펓�믾펞쁢캫슲펞멚잲푾펂엲풂빦픦 ˎ뫊헪ˏ옪삲많맢삲 샎쭎쭒 픦캫핂킫헏픊옪헪�폎몮 헪�힎팘쁢캫슲솒핖펖삲 ��슲픎엖핂삫삲핂펂읺펞샎캫슲픦핂읊솣 몮핞믾컿�픒핂킪�믾퓒풚�컃픒폂펖삲 핂풚�컃픎엖핂삫삲핂펂읺펞샎캫슲픦핂펞헒픒많혆퐢삲

ˑ숦ퟆ옪펉픎멑픎엖핂삫삲핂펂읺읊�캫맏픒헣읺몮핂읊믎옪튾쁢멑핂펖킃삖삲 삲읆캫슲솒믆앺멮힎잚� 픚펢엖핂삫삲핂펂읺읊펂쎉멚헏펂퍊힎슮헞솒핖펖힎잚핂펞샎풚�쿛픒힒몮퍟킫픒힎�힎팘픎쉲옪쁢 묗핳잜픎솒풎핂쇦펖킃삖삲 맣픦펞컪짾풂뺂푷픒삲킪쩖헣읺몮믆펞샎빦픦캫맏픒컪쿮쁢멑픎헎펞멚짾 풂뺂푷픒헣읺몮캏믾킪�훒춞팒삖않삲퍟캫맏픒멚잚슲펖킃삖삲 혾 : ˒ ˑ믆솧팖핟컿폲섦엖핂삫삲핂펂읺펞샎뭏믖흫뫊픦줆픒멾쿦핖쁢킪맒핂펖킃삖삲 핂쿦펓픒믾헞픊옪쿦펓 뫊킃픒짢않쫂쁢킪맏픒뻡몮삲읆뫊풞슲픦졶킃뫊핂퍊믾펞솒뮎믾풆핂몮핂읊엖핂삫삲핂펂읺펞짦폏많 쁢몒믾많쇦펖킃삖삲 혾 + ˒ ˑ핂풚�쿛픒�펺헎쁢젢졶픦훟푢컿픒밶삺팦몮 엖핂삫삲핂펂읺읊봊봊멚튾믾킪핟킃삖삲 엖핂삫삲 핂펂읺읊묺�헏픊옪핟컿졂컪핞킮핂믆훊펞짾풮섦멑 밶삺팦섦멑슲픒삲킪쩖슪짿픒쿦핖펂컪삲픚쿦펓쌚 캏짪헒졶킃픊옪핒폎섦멑맧킃삖삲 엖핂삫삲핂펂읺쁢헣잞핞팒컿�펞쿦헏핆멑맧킃삖삲 혾 4 ˒

풚�쿛픒�컪캫슲뫊��슲픎엖핂삫삲핂펂읺픦푢컿픒뫃퓮폎몮 핟컿뫊뫎엶펺믾홂펞��슲핂헪킪 폎섦 핂쩖훊몒 힒뫊헣 짾풂뺂푷 �펺 픒핂푷먾빦픒쩥펂빦컪핞퓮옻멚핟컿쿦핖픚픒픦폎삲 핂 캫슲픦엖핂삫삲핂펂읺쁢홎섢쭎혚몮 핞믾컿�핂샂믾멚쇦펖삲 쏞 캫슲픎핂풚�쿛픒 ˎ캫슲핂쿦펓 펞�펺쁢�펓픦힣픒많핳핦빦�뺆칺멂ˏ픊옪믾펃몮핖삲

킃짷쩣킃슫 훊 킪맒틷픦쿦펓픒�컪캫슲핂킃짷쩣픒킃슫믾펞쁢펂엲풂헞핂핖펖삲 킃핂픊옪졶핆삲몮컪 헎헖옪핂욶펂힎쁢멑픎팒삖믾쌚줆핂삲 풞슲핂뫃솧픦찒헒픒많힎몮핖몮 찒헒픒킲믾퓒맪핆킃픒쿦젾 풞슲빊읺샎퐎�옮핂않쁢쿦엶뫊헣픒�컪묺컿풞슲픦뮮힎쁳핂캏픦힎쁳픒짪퍊쁢섾 믆얺쿦엶 픒벦믾펞쁢킪맒핂�쭒힎팘팦삲 힎잚 캫슲픎핂펂썲픦짆읊많힎쁢힎 뺂펞컪맪핆핂펂썮펻픒 펺퍊쁢힎 픦컿뫊읊퓒컪쁢줂펕핂푢힎펞샎컪팚멚쇦펖삲 핂멑픎훊옪맪핆맒픦몋햏픒믾쫆픊옪묞퓯쁢 푾읺픦묞퓯�펞컪캫슲핂맪쪒뫊헪퐎맪쪒킃펞핃쿧핖쁢캏펞컪잲푾픦짆핖쁢힎헞핂삲

ˑ핂쩖�펓핓줆쿦펓픒�샎옪픎펂쎉멚힒쇦펂퍊쁢힎펞샎잜핂짾풮몮 콚뮪졶솧혾픒몋킃삖삲 헎 픦��삦픎팒킪멮힎잚헎쁢�펓핓줆픦��믾킪헖펞픊옪쁢칺펓솧펞핖펂컪헏픟픒핦좉몮혾퓶쁢 쩣픒핦졾않쭖잚핂잜팦킃삖삲 믆앦컪밚힎폼밆몮짊픒폎킃삖삲 힎잚킪맒핂힎빦몮펂쎉멚졂풞슲뫊픦멺혾 퓶픒핦몮칺펓펞핖펂컪솒핂앎�많�핂옪풆쌚많잜묺빦않쁢멑픒헞�핂쿦펓픒�펉픎멑맧킃삖삲 헎쁢 ˎ ˏ 핂않쁢삶펂펞샎짾풂멑핂헎픦팬픊옪픦쫂펞�잜픎솒풎픒훒멑핂않몮캫맏삖삲 혾 " ˒ ˑ많핳믾�헏핆쭎쭒핂섢홙픎컿뫊읊뺂믾퓒푢쭎쭒핂않몮캫맏킃삖삲 믆앦컪벦훎찒몮픦뽊쁢킪맒픒 섢매몮컪옪픦픦멺뫊캫맏픒뫃퓮섢않졂쁢팒퀺풎핂핖펖킃삖삲 믆읺몮핞킮핂쿦펓�믾펞풞섦쭒퍊픦칺펓짷 핂팒삖섢않솒벦헣몮킪핟잚�핂쿦펓솧팖픎잯픎핊펞샎�핒픦킫픒매몮퍋콛픒힎�젾풞졶숞많�펺 섢않졂펂엲풂캏펞컪않솒슲읺힎팘몮펓줂많쁴�힎쁢쭎쭒픒샎�쿦핖펖픒멑핂않캫맏삖삲 혾 + ˒

칺펓쿦 캫슲픎졶숞펞콛컪빦쏞쁢숞맪픦칺펓픒쿦폎삲 칺펓픒힒쁢뫊헣펞샎맣픦펔핂 캫슲큲큲옪 칺펓픒퓒팒핂싢펂읊잚슲몮칺펓몒픒켆풚빦맢삲 핂펞샎펺핊쭎캫슲픎묺�헏맣픦많펔쁢멑펞샎펺줆헪읊 헪믾믾솒폎힎잚 샎쭎쭒픦캫슲픎믆뫊헣펞컪짾풎픒펉펖픚픒짫몮핖삲 핂쁢캫슲핂핂헒픦킃 믆읺몮 핺벦짩몮핖쁢쿦펓슿픒�컪많힎몮핖쁢힎킫픒짢�픊옪켆풂칺펓몒 핂펞샎��슲픦��뫊헣 킲헪칺펓 픦쿦핂묺�헏힎킫킃슫픊옪캫슲펞멚삲많맢믾쌚줆핂삲 핟픎칺펓핂펖힎잚킲픒�컪핊짷픦맣픦쫂삲섢잜 픎묺�헏핆힎킫픒킃멑핂삲

ˑ��삦솒팒핂�컮헣뫊쿦얗혾헖쫂삲쁢줆헪많캏픦힖뫊캏픦맣헞펞샎펂픒헪샎옪힎좉멑팒삖뺞쁢 힎헏픒켶삲 믆읺몮빶픎멑픊옪쩖섢팒쫂졂펂썮뺞쁢헪팖솒켶삲 킲힎잚핂킲칺옎 몋픒�섢 빦픎칺펓픒힒쿦핖픒멑핂않캫맏삲 킲펻쭒샂핂푢삲쁢멑픒 혾픦칺펓멾칾짪읊슲픊젾쏞삲킪 쁞볖삲 혾 ) ˒ ˑ핂쩖훊�핳칺읊쫂졂컪잜픎멑픒밶삺팦킃삖삲 핂얺핟픎쭎큲읊풂폏잲쁢멑솒빦픦�펓핂않쁢멑픒 짾풮킃삖삲 핂얺핟픎쭎큲픦핳칺읊훎찒쁢섾펞솒잖� 캫칾 몒 믾슿�펓펞푢푢콚슲핂푢킃삖삲 핂훟빦않솒펕빦맒삲졂칺펓핂킲삲쁢멑솒짾풮킃삖삲 팒줂읺홙픎팒핂�픒컮헣솒헪혾펞컪�폲많핖픊졂 잲많펂엲풆멑핂몮 잖�핂핦팖핂웒힎졂팒줂읺홙픎헪혾읊펺솒캂칺앚핂펔삲쁢멑 쏞몒많핦좉쇦졂칺펓� 펞핞쫆뫎읺많팖쇦펂킲멑핂않쁢헞 믾핂핦팖쇦졂칺펓픎킪핟솒좉쇪삲쁢헞핂쩖핟픎칺펓픒�잜핂짾풮 킃삖삲 팬픊옪헪많칺펓픒힎 헒줆힏픒홓칺힎칺앚핊픎졶읓삖삲 힎잚핂쩖핊픒�컪삲픚솒헒펞쁢혾믖핂않 솒솒풎핂쇦힎팘픒밚캫맏삖삲 힎믖밚힎칺펓픒킪핟믾퓒팒핂싢펂쿦펓 칺펓몒컪쿦펓슿펞잚많�읊숞펖섦 멑핂쇷삖삲 힏헟 핊솧팖칺펓픒쫂삖킪핟믾밚힎솒훟푢힎잚킪핟몮빦컪많섢훟푢쿦핖삲쁢멑픒쳖헎 읺멚쁞볖킃삖삲 혾 " ˒

믆푆많 ��픦펻 잜픎캫슲핂��픦펻핂홎섢묺�헏픊옪뫊멾멑픒푢묺폎삲 믆얺푢묺쁢쿦펓훟맒펞쁢빦�빦힎팘팦 쁢섾 잖힎잗많읊쁢핞읺 잖힎잗엖핂삫삲핂펂읺펞컪헪믾쇦펖삲

ˑ삲잚콚쿦펓쌚헎슲빊읺잚픦읊쁢멑핂팒삖않��삦슲핂펞슲펂폲켢컪퍦믾읊빦뿒펖픊졂홎섢묺�헏픊 옪슪짿핂쇞픒멑맧킃삖삲 혾 # ˒ ˑ헎쁢맪핆헏픊옪��삦슲뫊캫슲픦콚�핂혾믖팒퀺풮킃삖삲 �펓핓줆픎묺컿풞핂벦잚슲펂많쁢쿦펓핂않캫 맏삖삲 믆얾섾쿦펓핂힒쇦쁢뫊헣펞컪캫슲픦픦멺핂�쭒짦폏쇦펖쁢많쏞묞쿦삦핂빦��삦슲핂쿦펓픒� 캫슲펞멚헒삺몮핞섦짢읊�쭒헒삺쁢많읊캫맏졂팒퀺풎핂슻삖삲 혾 : ˒ ˑ믆앦솒쿦펓펞컪�펓펞샎믾�헣쫂빦힎킫 믾펓펞컪팚팒퍊쭎쭒 QQU픦묺컿뫊짪짷쩣슿펞샎쭎쭒픒핞켆 삲욶펂훊켶픊졂몮핂쭎쭒픒삲픚펞맪컲쇮쿦펓펞컪쫂퐒훊켶픊졂삖삲 혾 + ˒ ˑ칺킲픎��삦슲핂쿦펓픒핂븚펂빦많킲쌚헎픦핂퍊믾펞�멺픒잜핂훊켶픊졂쁢짢앶핂핖킃삖삲 줊옮짷컿 픎헪킪읊훊킪몮솒풎쇮헞솒헪킪읊훊킪힎잚 힎믖줆헪많쇦몮핖쁢쭎쭒슲 삶멚핂퍊믾읊훊켶픊졂홙멮킃 삖삲 믆읺몮핂옮헏픊옪푢멑슲맣픦킫픊옪힒픊졂홙멮킃삖삲 혾 . ˒ 핂쿦펓펞컪��슲픎�믾펞쁢픦졶핒펞멾폎힎잚 ��슲핂벦핖쁢핞읺펞컪캫슲핂핞퓮옻멚짪펆믾읊벊 엲몮��슲픒펂엲풚삲쁢많읊졂컪캫슲픦졶핒펞멾힎팘팦삲 샎킮펞��슲픎엖핂삫삲핂펂읺펞 샎슪짿픒잲훊힒폎몮 캫슲픦칺펓몒뫊칺펓쿦펞샎짪킪펞헒�펞샎컪묺�헏핆��픒쿦 폎삲 캫슲핂핂얺많읊섾펞쁢푾컮픎맣픦킫쿦펓픒�핞쇪힎킫킃슫펞핃쿧핖믾쌚줆핂않몮쿦 핖픒멑핂삲 쏞 캫슲빊읺줂펆많읊핞짪헏픊옪멾헣몮힟쁢멑펞샎숞엲풎핂핖픒쿦솒핖삲 푾읺빦않픦줆 헏핆쭒퓒믾 흗 빦핂펞싾읆퓒몒 힎퓒펞싾읆퓒몒많홂핺쁢캏펞컪��슲핂캫슲뫊핞펾큲엋멚펞컪콚�쿦 핖쁢짷쩣펞샎몮엲많홎섢푢삲

솓컪뫊헪 �픚쿦펓픒킪핟쌚졶슮캫슲픎솓컪뫊헪읊쭎샂큲얺풚삲 핂쿦펓핂킲헪칺펓픒쿦퍊몮믆얺믾퓒컪잲 훊졶핒픒퍊픊젾 잲훊엖핂삫삲핂펂읺솒헪�퍊믾쌚줆펞뫊헪많뻖줂잜삲쁢멑핂핂퓮폎삲 믆앦컪 옪 몒쇦펂핖섦솓컪뫊헪읊 옪훒핂몮�샎킮펞�펓뫊뫎엶폏캏솒많쁳멚픊젾 훟 쁢핂벦쁢멑픊 옪펺캫슲픦쭎샂픒훒펺훊믾옪폎삲 힎잚 킲헪솓컪뫊헪읊쿦펞캫슲픦짦픟픎 ˎ쭎샂큲엋삲믾쫂삲쁢솓 컪뫊헪읊쿦섣쭒펞몋멑픒핂옮헏픊옪섢졓핂쿦핖펖삲 믆읺몮킲헪칺펓펞헏푷쫊쿦핖쁢뺂푷핂 펖삲ˏ쁢믛헣헏핆많폎삲 솓컪뫊헪읊헏헖쿦훎펞컪캫슲뫊벦삲졂캫슲핂풞쁢핂옮헏핆 맣픦짷킫픦힎킫 줆헪읊멾젾핞짪헏핆킃픦헣솒읊뽠핊쿦핖픒멑핂삲

ˑ큲�펓펞뫎�픒컮헣몮�펞컪삲욶쁢뺂푷픒컲졓훊쁢폏캏픒벦쫂몮훎찒졂컪삶쿪솓컪짪많팒 삚칺펓뫊펾뫎킪�캫맏쫂몮짪헒짷픒졶캗쫊쿦핖펖섦�픒�킃뫊헏푷픦핳헞픒쁞빒쿦핖펖킃삖삲 믆앦 컪핆힎솓컪칺펓핂빦삲읆졶셆펞헏푷쫂몮�펞샎뺂푷픒헣읺쁢뫊헪빦쿦펓핂섢잜핂핖펖픊졂쁢팒퀺풎 핂핖펖킃삖삲 혾 + ˒ ˑ�펓펞뫎�픒핋픚픊옪턶 팒�쏞 혾칺펓 읊믾헒펞핂�픒핋펖섢않졂섢핦쿦핖펖픒�섾않쁢캫맏픒잜핂 펖킃삖삲 혾 4 ˒ ˑ줂펕쫂삲믾홂픦픒쩥펂빪멑핂묗핳홙팦킃삖삲 줊옮�픒핋쁢멑솒홙힎잚 폏캏핂않쁢짆싢펂잲�읊�쁞빎 헞픒풞슲뫊흞멏멚뫃퓮졂컪쏞맏핞픦펻픒빦뿒몮 QQU읊�짪짷킫핂팒삚믇픒힪컪 쏞쁢핆�쮾짷킫픊옪짪 쫂쁢멑픎캗삲읆몋핂펖킃삖삲 혾 - ˒

˾ 솧혾�펓묞퓯묞퓯뫊헣맪짪 졷헏 픃쫃헏믾짦�펓묞퓯옪믆앶픦솒핓픊옪믾홂픦�펓묞퓯픦몒읊뻦펂솧혾�펓묞퓯픒컮솒빦맖컮힒� 펓묞퓯쩣픒맪짪삲 칺헏몋헪혾힏뫊픦칾엳픒�핳몋믾헪뫃짝�펓픒�힒삲 �혾컿뫊솒헒헣킮 엳쁢핆컿픒매�믎옪쩚�펓믾펓많읊퍟컿삲 칺헏몋헪뫎엶�펓묞퓯픊옪솧혾�펓밚힎�몒헏픊옪펾몒쁢�뼒�펓캫�몒혾컿펞믾펺삲

쿦펓묺컿짷 뫊졷졓

솧혾�펓핓줆

솧혾�펓킲헪

샎캏

샎 _ 뼒

헒얃

맪핆킃 ̔ 킃 �펓픦믾�읊핂

헒뫃쿦펓픦킃뺂푷픒 헏푷펺킃뫊캏킇

뺂푷

픒묺컿펺�펓픒쁢믾�읊 짾푾몮킲쁢뫊헣

핓줆쿦펓쫂삲쁢뺂푷뫊킲픦빪핂솒읊 뽠펺킲헪�펓픒쁢뫊헣

��힒

몋폏짝�펓헒뫃묞쿦 몋뫊펻얗픒매��� _ 졓

묞뫊뺂푷@솧혾�펓핓줆 졷 핞믾컿�헏킃픒핂삲 킃짷쩣픒짾풂삲 잲�픒짪캫킪�쁢칺펓픒쿦삲

쿦펓짷쩣 맪푢 픒믾짦픊옪맪핆킃뫊킃픒쿦삲 짷킫 맣픦 솓컪 �옮 칺펓픒힒삲 믾핞핺 � 묞퓯믾핞핺읊푷삲

맣픦몒컪

훊쪒힒솒@

폲읺펢�핂켦 ��콚맪짝��펻팖뺂 킃핞핞믾콚맪 핂읒 뫊 뼒 쿦펓컮�핂퓮 찚싷옪믆앶 *$& CSFBLJOH

훊쪒힒솒@

폲읺펢�핂켦 맪핆쪒킃몒컪핟컿쩣팖뺂 엖핂삫삲핂펂읺핟컿쩣팖뺂 솓컪짪팖뺂 쿦펓많짷킫팖뺂 칺펓�힒핊헣짝짷쩣팖뺂 �콚 힒

묺컿짝힎켦헣믾 옪헫킲훎찒 뫃졶헒�펺칺옎짪 �펺핞헣

<�훊뫊헪> 맪핆쪒킃몒컪핟컿

훊쪒힒솒@

맪핆쪒킃몒컪짪 쪒팒핂싢펂픦 <��> 쪒졶핒펞컪맪핆킃몒컪슪짿 <��> 쿦펓펞벦킫칺졂컪�졷솒졶 <뫃힎> 엖핂삫삲핂펂읺헪�팖뺂 <뫊헪> 엖핂삫삲핂펂읺핟컿

훊쪒힒솒@

싢핞핆팋��멎�짝푷짷팖뽊픦혾칺몒짪 칺펓묺캏픒퓒팒핂싢펂픦 <뫊헪> 싢핞핆팋��픒푷펺팒핂싢펂묺�짝몮맫혾칺 <뫊헪> 엖핂삫삲핂펂읺헪�

훊쪒힒솒@

< �솓컪짪>싢핞핆팋��픒푷칺펓팒핂싢펂헪� 읾�쩒큲풚�쿛 <뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒옪킲헪힒칺펓몒컪핟컿

훊쪒힒솒@

쪒칺펓몒컪짪 쪒칺펓힒캏뽊픦 <��> 칺펓몒컪슪짿 <뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒칺펓몒컪쿦헣짝묺�

훊쪒힒솒@

맣 ˊ 솧혾�펓핂앎줂펕핆많 쪒칺펓몒컪묺� 򰨺읺큲 폖칾컪 킲몒컪 펓줂쭒핳 폏펓 쫂몒슿 칺펓힒캏뽊픦 <뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒칺펓킲훎찒짝킲

훊쪒힒솒@

쪒칺펓킲훎찒 핳콚 훎찒줊 펓줂쭒핳 쫂퐎잖�슿 쪒칺펓킲 핂쩖훊뺂펞헏헖빮픒컮�

<뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒칺펓멾뫊쫂몮컪핟컿

훊쪒힒솒@

�칺펓멾뫊짪 힎�뺂펻컪 몒샎찒킲펺쭎핆 킃몒컪멎�짝쿦헣 �많컪핟컿 맪핆많 많 핺묺컿 헪찒촟믾 <뫊헪> 엖핂삫삲핂펂읺헪�

훊쪒힒솒@

< �칺펓훎찒> 펓홓픒짢붆먾빦 칺펓픦빪핂솒읊뽠핂솒옫푢묺 읾�쩒큲풚�쿛 칺펓팒핂싢펂묺�헏뽊픦 <뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒칺펓몒컪훎찒짝헪�

훊쪒힒솒@

쪒칺펓몒컪짪 쪒칺펓힒캏뽊픦 <��> 칺펓몒컪슪짿 <뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒칺펓몒컪쿦헣짝묺�

훊쪒힒솒@

쪒칺펓몒컪묺� 򰨺읺큲 폖칾컪 킲몒컪 펓줂쭒핳 폏펓 쫂몒슿 칺펓힒캏뽊픦 <뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> �솓컪짪 맪핆쪒�핋몮짪핞욚핟컿

훊쪒힒솒@

< �솓컪짪> 맪핆쪒핟컿짪 <뫊헪> 엖핂삫삲핂펂읺헪�

훊쪒힒솒@

쪒칺펓몒컪묺� 򰨺읺큲 폖칾컪 킲몒컪 펓줂쭒핳 폏펓 쫂몒슿 칺펓힒캏뽊픦 < �칺펓킲잖맞> <뫊헪> 쿦펓많펞뫎엖핂삫삲핂펂읺헪�

훊쪒힒솒@

칺펓 �멾뫊짪 헒�맣픦많 삲졂많컪핟컿  맪핆 풞많 졷쪒옪쿦펓읺쮾짝많힒

훊쪒힒솒@

많슪짿 맪핆쪒헞쿦짝풞많헞쿦 많헞쿦슿뫃맪

훊�쪒힒켆쭎뺂푷 훊� 폲읺펢�핂켦 쭒

�캏픒풞픊옪숦얺팗솒옫퓮솒삲 맣픦몒컪읊짾펞쿦펓졷 쿦펓짷킫 훊� 쪒맣픦뺂푷 많짷킫 뫊헪슿펞샎컪컲졓몮힖 픦픟샃픒힒삲 ��콚맪짝��펻팖뺂 쭒

��핂읒 핂엳슿펞샎컪캏켆멚콚맪삲 쿦펓솧팖��많쁢펻펞샎컪팖뺂삲 ��쪒펾앋� 헒쩖퐎핂젢핊훊콚 읊뫃맪삲 킃핞핞믾콚맪 킪맒

솚팒많졂컪뫊 핂읒 뼒 쿦펓컮�핂퓮펞샎컪핂퍊믾삲 찚싷옪믆앶 폔칺앚픒핆�쮾펺콚맪믾 킪맒

폔칺앚픦젆읺쁢펂썲캫맏픊옪�핖몮 많킂픎줂펕펞샎폂헣픊옪쓶먾푾젾 콞픎줂펕픒믾읊홙팒몮 짪픎펂싢 읊몮핖쁢힎읊팓삲 헒�킃핞슲핂솚팒많졂컪폔칺앚픒핆�쮾뺂푷픒짪삲 <��> ��솒벦�펺펺핆�쮾읊힒몮짪삲

훊� 폲읺펢�핂켦 쭒

맪핆쪒킃몒컪핟컿쩣팖뺂 맪핆쪒킃몒컪쁢킃핞많�펺쁢쿦펓펞컪줂펕픒뫃쭎멑핆힎읊몒몮몒뺂푷픒쿦멑픒퍋콛쁢 핊홓픦킃몒퍋컪핂삲 킃핞많뫃쭎폶뫊헣픒쇦솚팒쫂몮핺핞킮픦퓒�읊핆젾짆앦픦졷읊퓒컪뫃쭎 졷읊큲큲옪켆푾몮�헣쿦핖쁢힎읊컲헣삲 솧혾�펓묞퓯뫊헣픎묞쿦많훊솒쁢맣픦옪핂욶펂힎쁢쿦펓 핂팒삖않킃핞슲핂큲큲옪짾풎픒혾힏퍊믾쌚줆펞킃핞픦킃몒컪핟컿픎잲푾훟푢삲 킃몒컪읊 훊� 펞짪쁢멑솒킃핞슲핂쿦펓픦짷펞샎핂읊짢�픊옪킃몒컪읊켆풆쿦핖솒옫믾퓒핂삲 맪핆쪒킃몒컪쁢 킃핞픦몒쏞쁢몮탄픎핊픦졷옫픒핟컿쁢멑핂팒삖않킃핞많��짝솧욚슲뫊쟈쁢킃퍋콛핂삲 �칺펓펞쿦헣몮솧욚짝��슲뫊멎�삲 핳믾헏핆졷퐎삶믾헏핆졷읊컲헣쿦핖힎잚 핂쿦펓펞컪펉몮핞쁢졷읊졓켆풂삲 졷삺컿픒�헣쿦핖쁢�솒짝힎읊벦컲헣삲 맪핆쪒킃몒컪핟컿짷쩣 핂쿦펓펞폲믾헒밚힎펂썲뫃쭎읊펂쎉멚퐢쁢힎빦픦킃펻칺읊믾옫삲 뺂많핂쿦펓펞컪펉몮핞쁢졷많줂펕핆힎묺�헏픊옪믾쿮삲 뺂많컲헣쿦펓픦졷읊삺컿믾퓒짷쩣픒묺�헏픊옪샂쁢삲 뺂많졷펞솒삺쁢힎읊팚쿦핖쁢힎짝�솒읊헪킪삲

킃몒컪 퍟킫

뫊խխ խ խ խ խ խ խ 쩖խխ խ խ խ խ խ խ 핂읒խխ խ խ խ խ խ խ

빦쁢펂쎉멚캂팒퐢쁢많 킃핞픦뫎헞

빦픦펻칺

빦쁢힎믖펂싢펞핖쁢많 줂펕픒뫃쭎몮 퐪뫃쭎쁢많

빦픦핺

빦픦졷쁢줂펕핂젾 핂쿦펓픦졷쁢줂펕핆많 빦픦짆앦

빦픦졷삺컿픒퓒컪줂펕픒퍊빦 빦픦짷쩣

빦픦졷삺컿픒펂쎉멚많쿦핖픒밚 빦픦 많힎

<��> 맪핆쪒킃몒컪핟컿픒�컪킃핞맪핆핂펂썲퓒�펞핖픊젾쿦펓펞컪펉몮핞쁢짢많줂펕핆힎팚쿦핖삲 쏞  킃핞많졷퐎짷쩣슲 힎슿픒헪킪믾쌚줆펞킃핞많킃몒컪읊핦핂쿦핖멚믾퓒��많펂썲펻 픒퍊힎읊팚쿦핖삲 킃몒컪많핂얺펻픒쿦쿦핖믾퓒컪쁢킃몒컪핟컿핂잲푾훟푢섾 킃 핞슲훟펞컪킃몒컪읊�캏헏픊옪핟컿먾빦젊짆앦픦졷읊켆푾쁢몋푾많핖삲 싾않컪 킃몒컪펞샂멶퍊뺂 푷핂줂펕핆힎펂쎉멚핟컿퍊쁢힎펞샎컪묺�헏핂몮캏켆멚컲졓퍊삲 쏞 쩖픦핟컿뫊짪옪잖줂읺 힎팘몮 킃핞펞싾않컪쭎혿쭎쭒핂핖삲졂몒콛쿦헣펺킃몒컪픦퐒컿솒읊뽠핊쿦핖솒옫팖뺂펺퍊삲  졷컲헣픒묺�헏픊옪쿦핖솒옫퓮솒퍊삲 헒�헏픊옪쁢 �칺펓힒펞핞킮픦킃몒컪읊멎�몮쿦 헣쭎쭒핂핖삲졂쿦헣펺킃몒컪많핂쇮쿦핖솒옫핂븚펂퍊삲 엖핂삫삲핂펂읺핟컿쩣팖뺂 엖핂삫삲핂펂읺쁢킃핞많킃뫊헣펞컪핞킮핂줂펕픒짾푾몮핖쁢힎읊큲큲옪컿�쁢뫊헣픒잲훊믾옫쁢멑핂 삲 엖핂삫삲핂펂읺쁢킃핞많핞킮픦킃몒컪짝삶퓒픦칺펓몒컪펞싾않컪잲훊읊몒몮몒픦킲펺쭎 퐎믆뫊헣펞컪짾풂헞핂줂펕핆힎읊믾옫삲 핂얺엖핂삫삲핂펂읺픦핟컿뫊헣픎킃핞슲핂핞킮픦킃픦짷픒 뽡�힎팘멚솒풆멑핂삲 쏞 ��슲핂킃핞많핞킮픦킃몒픒삺컿쁢섾핖펂컪솒풎픒훊먾빦팖뺂쭎쭒핂줂펕 핆힎읊팚쿦핖멚삲 엖핂삫삲핂펂읺쁢잲훊핟컿펺��펞멚헪�젾��쁢핂펞샎헏헖슪짿픒헪뫃삲 엖핂삫삲핂펂읺핟컿픎 맪쪒킃몒 믆읺몮쪒칺펓몒컪펞싾읆잲훊픦몒픒샂쁢삲 퓒몒샎찒킲헪힒캏픒묺�헏픊옪믾쿮삲 킃핞맪핆픦킃뫊픦칺펓힒뫊헣 쿦펓펞컪삲읆픦짪 ��픦슪짿슿픒�컪킃뺂푷픒컪쿮삲 픦졶핒뫊칺펓힒뫊헣펞컪킃핞많펂쎉멚�펺몮핖쁢힎 �펺뫊헣펞컪짾풂헞뫊펂엲풂헞픎줂펕핆힎슿픒믾쿮삲 헣힒퍟킫펞재�펂핟컿솒쇦몮 핞퓮옻멚핟컿솒쇪삲 뺂픦 맖슿뫎몒많슪얺빮쿦핖믾쌚줆펞��픦맪핆젢핊옪헪�삲 <��> 잲훊엖핂삫삲핂펂읺읊핟컿쁢멑핂킃핞슲펞멚퀺풂핊픎팒삖삲 킃핞핞킮핂힏헟몋몮쁞빊몮짾풂멑픒 믾옫쁢멑핂즎옪 쭒뺂푆펞틆쿦핖힎잚 잲훊핟컿퍊삲쁢멑펞킃핞슲픎쭎샂픒쁞빎삲 킃핞슲핂엖핂삫 삲핂펂읺읊폂킺튾멚믾퓒컪쁢��픦헏헖슪짿핂훟푢삲 ��쁢킃핞슲핂엖핂삫삲핂펂읺읊�컪 킃뫊칺펓 솧펞컪줂펕픒짾푾몮핖픊젾펂쎉멚컿핳몮핖쁢힎읊밶삺픒쿦핖솒옫헏헖슪짿픒잲훊훊펂 퍊삲 쏞 킃핞많펂엲풚먾빦슲펂쁢쭎쭒 킃핞많홎섢킮몋픒턶컪퍊핊슿펞샎컪솒팖뺂훒 푢많핖삲 잚퍋엖핂삫삲핂펂읺핟컿핂헪샎옪핂욶펂힎힎팘쁢삲졂 쿦펓뫊헣훟펞엖핂삫삲핂펂읺핟컿펞샎콚맞픒킃핞 슲뫊벦빦뿒쁢멑핂푢삲 펂썲힎헞펞컪펂엲풎픒쁞빊쁢힎읊팓몮 킃핞슲핂믆줆헪읊멾쿦핖솒옫헒 �헏픊옪�옮쁢킪맒픒많혆퍊삲 엖핂삫삲핂펂읺핟컿픒핦솒옫믾퓒컪��쁢 콚쿦펓킪맒펞쿦펓뺂푷픒젢졶쁢킃뫎픒맣혾삲 ��픦슪 짿 삲읆펞컪훊쁢픦멺 핞킮핂헪킪픦멺슿픒젢졶몮믆멑픒 삲핂펂읺펞짦폏멚퍊삲 킃핞많�펺몮핖쁢펞뫎뺂푷춞팒삖않 삲읆픦힒캏 뫊뺂푷슿펞샎컪쁢힟훟펺삲읆칺펓힒뫊헣픒�컪 솒킃쿦핖솒옫퓮솒몮 믆쏞엖핂삫삲핂펂읺펞짦폏쇮 쿦핖솒옫팖뺂퍊삲

엖핂삫삲핂펂읺 퍟킫

뫊խխ խ խ խ խ խ խ 쩖խխ խ խ խ խ խ խ 핂읒խխ խ խ խ խ խ խ

핂쩖훊펞삶퓒 맪핆삶퓒옪몒섦핊픒헏펂훊켆푢 핂쩖훊 몒

칺펓힒캏뫊맪핆삶퓒킃힒캏픒헏펂훊켆푢

힒칺

��펞멚짩픎슪짿뫊삶퓒퐎맪핆삶퓒펞컪짾풂뺂푷픒헏펂훊켆푢

짾풂뺂푷

�펺뫊헣펞컪믛헣헏핆쭎쭒뫊펂엲풮섦쭎쭒픒컿�헏픊옪믾쿮켆푢

�펺

솓컪짪팖뺂 솓컪쁢킃핞슲핂핞킮픦펻얗픒�풆쿦핖멚믾퓒멑핂삲 솓컪쁢솧혾�펓뫊풂폏픒퓒컪푢핂옮헏믾 짦픒컿몮맪짪쁢섾솒풎픒훒쿦핖삲 쿦펓펞컪힒쁢칺펓뫊뫎엶쇪팒핂싢펂쏞쁢솒헒뫊헪퐎뫎엶쇪솓컪쁢 킃핞슲픦짆읊퓮짪쿦핖픊젾핞킮슲핂힒쁢칺펓펞컪�픎묞뫊힎킫픒핳몮뫃몮쁢섾솒풎픒훒쿦핖 삲 솓컪뫊헪쁢�픒핋픒멑픒뭚핳힎잚�핂푆픦짆싢펂 폏 삲�젦�읺 퓮쯚맣픦슿 읊삲 쿦펓펞컪뫃킫헏핆솓컪뫊헪쁢 읊헪킪삲 쁢핂맧픎�픒핋몮뫃솧짪읊삲 짪짷킫픎�펞컪펉픎묞  폏맞 팒핂싢펂슿픒캏믇 ힵ픎폏캏슿펺얺많힎짷쩣픒�컪쁢멑핂삲 핂쌚 짪짷킫픒삲퍟몮킃 핞슲픦짷킫픒핳믾퓒컪쁢믾홂픦읺헮�핂켦짷킫픒헪푆쿦솒핖삲 쁢킃핞슲핂맪쪒옪�픒컮헣 몮핋몮짪쁢짷킫핂삲 맪핆짪쁢 " 핳쭒얗픦콚맞줆픒핟컿펺짪삲 핂쌚 콚맞줆픎삶쿪멚�픦뺂 푷픒푢퍋쁢멑픒뻦펂컪�펞컪펉픎폏맞핂빦팒핂싢펂읊핺픦칺펓쏞쁢짆앦픦칺펓졶뫊멾컪핟컿퍊삲 짪쁢 쭒핂뺂옪킪맒픒펒쿦멚삲 헣힒킪맒뺂펞읺헮�핂켦픒쁢멑픒펾킃쁢뫊헣핂삲 믆읺몮짪 펞쁢삲읆칺앚슲핂힖줆멚펺 핞킮픦짪읊캖옪풂뫎헞펞컪캫맏쫊쿦핖쁢믾읊훎삲 믆읺몮벦쿦펓픒슱쁢 핂슲핂힟삶킃핂쇦솒옫삲 킃핞슲핂�펓픒쁢뫊헣펞솒풎핂쇮잚솓컪읺큲읊쪒솒옪헪킪삲 쫆쫂몮컪슅쭎쭒펞�쭎줆컪 ˑ솒컪졷 옫˒픒�몮삲 쿦펓많짷킫팖뺂 쿦펓많짷킫픎졷� ˑ 많짷킫짝퍟킫˒ 픒�몮삲 칺펓�힒핊헣짝짷쩣팖뺂 쫆쿦펓픎솖픒쩒쁢칺펓픒�콚 핂캏힒쁢멑픒졷옪삲 킃핞큲큲옪칺펓픦팒핂�픒헣몮 킲짝찒푷 몒칾슿픒힒삲 믆읺몮칺펓픒퓒�핞퍊쁢솖솒킃핞슲큲큲옪잖엶퍊삲 킃핞큲큲옪�핞믖픒잖엶 솒옫쁢핂퓮쁢쫆핆핂�핞읊먾빦푆쭎펞컪찚엲폲쁢핞믖픦�핒픒몋솒옫믾퓒핂삲 쫆쿦펓픦칺펓킲픎 �콚 핂캏힒삲 칺펓펞푢핞믖픎펞컪힏헟멾삲 칺펓펞컪핂핃핂짪캫킪뺂픦픦읊�쭒짾삲 칺펓픦콞많짪캫킪뺂펞컪�핒힒삲 샇픎퓒픦칺픒몮엲펺칺펓픒몒몮킲퍊삲 Ӫ 묺컿짝힎켦헣믾 옪헫킲훎찒 킪맒 묺컿픎�콚 핆핂캏픊옪삲 핂쁢솧혾핂�콚 핆핂캏핂졶펺퍊많쁳믾쌚줆핂삲 픒묺컿쌚쁢삲퍟컿픒 몮엲삲 믆읺몮 �칺펓핂븫빦몮빦컪픒짢붆멚펺 캖옪풂펞컪캖옪풂칺앚슲뫊칺펓믾읊매쁢삲 뫊쪒옪삲읆캗픦홓핂읊훎찒삲 삲읆캗픦홓핂펞쿦펞재�컪쩖읊헏쁢삲 � 핂졂맧픎캗홓핂펞맏맏 쿹핞읊헏펂컪맧픎헒뫃캫슲핂벦졶핂힎팘솒옫삲 샇뫊펞샇쇦쁢캗픦홓핂읊촟솒옫삲 핂헣힎졂쪒졶핒픒매쁢삲

졶핒킪맒펞��퐎벦 컪옪핆칺읊빦뿖삲 헒뫃 뼒 핂읒슿픒콚맪삲 샇픦��솒핞믾콚맪읊몮핞펾큲엋멚컪옪읊팚팒많쁢쭒퓒믾읊퓮솒삲 쿦펓펞뫎뭏믖칺픒줊펂쫂몮샎샃쁢킪맒픒매쁢삲 몮탄픎칺펓핂핖펖쁢힎읊힖줆젾핞펾큲엋멚샎읊쿦핖솒옫삲 Ӫ 뫃졶헒�펺칺옎짪 킪맒

쿦펓펞�펺쁢킃핞훟펞뫃졶헒펞�펺몋핂핖쁢캫슲픦칺펓몒컪읊짪쁢킪맒픒매쁢삲 핂쁢킃핞슲 핂�펓쏞쁢칺펓몒뫊뫎엶컪펂썮몋픒매몮핖쁢힎읊컪옪컪옪팓솒옫몮 킃핞픦핞풞뫊펻얗픒헏믇 푷솒옫믾퓒핂삲 믆읺몮킃핞캏맒펞힎헏핞믇픒훊몮짩픒쿦핖픒멑핂삲 Ӫ 쿦펓홓욚헒뫊헪팖뺂 쭒

맪핆쪒킃몒컪핟컿 쿦펓욶헒펞묺믎솓큲픦샇섢펞킃몒컪읊폺엲뽡팒컪��슲핂킃몒컪읊칺헒펞쫂몮폺쿦핖솒옫삲

훊� 맪핆쪒킃몒컪짪 킪맒짦

헒훊�펞헪킪많핂슪펞싾않핟컿폶킃 몒컪읊 짪삲 킃몒컪읊 짪쁢 멑픎 맧핂 쿦펓펞 �펺쁢 킃핞슲펞멚 빦읊 컲졓 쁢멑핂믾솒젾 핂슲팬펞컪빦픦킃몒픒퍋 콛쁢킪맒핂믾솒삲 믆읺몮삲읆킃핞픦 킃몒컪읊 슲픊졂컪 믆슲픦 펻칺퐎 몒픒 � 핞킮픒솚팒쫂쁢킪맒핂삲 칺헒훎찒 묺믎슪않핂쯚섢읊폂몮 115 졂펞씒풂삲 맪핆쪒킃몒컪읊짪삲 <��> 맏핞짪킪맒픎 쭒 힖픦픟샃 쭒픊옪� 쭒뺂푆옪묺컿삲 삲읆킃핞슲핂푾컮힖줆쿦핖쁢믾읊훊몮 ��슲픎쇦솒옫빦훟펞힖줆픒삲 <��> 짪킪맒픒�헎멚펒쿦픊옪턶헣힒킪맒펞핞킮픦캫맏픒솒옫엶삲 <��> 슪짿픎킃몒컪읊홎섢묺�헏픊옪핟컿몮 몒핂킲쿦핖쁢짷픊옪퓮솒삲 쪒칺펓팒핂싢펂픦 킪맒 쭒

킃핞슲핂쪒옪졶펺컪힒몮핞쁢칺펓팒핂싢펂펞샎컪�옮쁢킪맒핂삲 쪒옪졶펺�옮쿦핖솒옫�캏퓒�읊혾헣삲 �쩖ퟆ칺펓픒킲믾퓒팒핂싢펂묺캏픒퓒풚짛펓킪맒픒매쁢삲 <��> 칺펓픒킲펺솖픒쩒쁢멑핂훟푢컿픒맣혾삲 칺펓픒퓒핞믖�핞쁢킃핞슲큲큲옪많쭎샂솒옫팖뺂삲 <��> 팒핂싢펂많핞퓮옻멚빦폲몮컪옪많팖멚팒핂싢펂읊뺊쿦핖쁢쭒퓒믾읊컿삲

쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪�팖뺂 믾맒픒헣컪헪�솒옫몮핂펞뺆킃핞쁢핆헣힎팘쁢삲 컿헏펞폏픒짆�삲쁢멑픒헣멚뫃힎삲 엖핂삫삲핂펂읺쁢샂샇��픦핂젢핊옪헪�삲 믖푢핊펞쁢픦줂헏픊옪��슲픎삲핂펂읺읊슪짿삲 <뫊헪> 맪핆쪒킃몒컪쿦헣 쿦헣킃몒컪쁢쿦펓욶헒펞묺믎솓큲픦샇섢펞폺엲뽡팒컪��슲핂킃몒컪읊칺헒펞쫂몮폺쿦핖솒옫 삲 헎뼏킫칺 묺컿핂��짝킃핞슲맒픦�졷픒솒졶쁢핞읺옪컪 킃핞슲맒펞 믆읺몮킃핞퐎��슲맒픦�쥲삖�핂켦 픒풞멚믾퓒핞읺핂삲

훊� 싢핞핆팋�짷쩣옮멎�짝푷짷팖뽊픦혾칺몒짪 킪맒 쭒

믎옪쩚컮솒싢핞핆믾펓 *%&0펞컪맪짪 ջ)$% 핆맒훟킺싢핞핆�ռ픎칺앚슲픦푣묺읊�쁢멑펞컪�짪핮핺 헏핆많쁳컿픒힎콛많쁳짪헒졶셆옪잚슲펂뺂쁢짷쩣픒�헖멚컲졓몮핖삲 칺푷핞픦삖흖펞컪�짪컪믾쿮뫊찒 흖삖큲읊펾멾쁢�픊옪 핆맒훟킺핂쇦쁢칺펓픒믾퓒헪 켆몒픦솧몋뫊칺펓픒맪짪믾퓒짷쩣옮핂샂 밂�핂삲 ��슲픎칺헒펞 ջ)$% 핆맒훟킺싢핞핆�ռ픦뺂푷픒쿧힎삲 쪒옪샎쿦핖솒옫졶펺팗쁢삲 ��슲픎풞슲뫊싢핞핆팋��픦맪푢퐎졷�읊벦멎�삲 졷�읊멎�쌚풞슲픎펂썮뺂푷핂샂멶핖픒 힎캏캏몮샎삲 픦칺펓팒핂싢펂읊묺�킪�믾퓒컪 ջ)$% 핆맒훟킺싢핞핆�ռ 펂쎉멚푷쿦핖픒힎몮짊멚몮 풞슲 빊읺묺�헏핆몒픒핟컿몮핂짪솒옫삲 풞슲펞멚 킪맒헣솒픦킪맒픒훊몮�픦뺂푷픒섢핞켆멚캂쫂몮 칺펓몒펞짦폏몒픒묺캏솒옫킪맒픒팮 삲 맏픎몒몮핖쁢뺂푷픒삲읆팬펞컪짪삲 칺펓묺캏픒퓒팒핂싢펂픦 킪맒 쭒

힎빪킪맒펞빦폶칺펓몒팒핂싢펂 ջ)$% 핆맒훟킺싢핞핆�ռ픒쫂졂컪썮폲읆팒핂싢펂읊묺�믾퓒킪맒픒매 쁢삲 쿦펓맣픦킲펞컪픦읊힒솒쇦몮 맣픦킲픒쩥펂빦몮맫슲픒잚빦졂컪칺펓몒픒묺�쁢킪맒픒많혆솒쇪삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 핆맒훟킺싢핞핆�픒푷펺팒핂싢펂묺�짝몮맫혾칺 <뫊헪> 엖핂삫삲핂펂읺핟컿

훊� < �솓컪짪> 싢핞핆팋�짷쩣픒푷칺펓팒핂싢펂헪� 킪맒

ջ)$% 핆맒훟킺싢핞핆�ռ펞컪핋몮�몮뺂푷픒짢�픊옪쪒옪칺펓팒핂싢펂읊묺캏몮핂읊짪삲 삲읆 픦힖줆뫊샃쪎픒�뫃솧�킃핂핂욶펂힎쁢몋픒매쁢삲 115빦믎옪믾쫂삲쁢�픦헏핆짷쩣픒푷펺짪솒옫퓮솒삲 쪒옪 쭒헣솒짪읊몮 쭒힖픦픟샃픒삲 짪읊쌚쁢졶슮풞핂빦퐎컪솒옫삲 <��>팒핂싢펂읊묺캏믾퓒컪뿒묺읊잚빦몮샎읊쁢힎읊힖줆삲 읾�쩒큲풚�쿛 킪맒

<훎찒줊> 쪒옪헒힎퐎큲핕뫊픒훎찒삲 쪒옪졶펺컪맏핞캫맏믾펞멾퍊쁢칺줆헪짝핊캏픦줆헪읊핞퓮옻멚핂퍊믾몮헏펂쫂솒옫삲 쭒 펆믗쇪펺얺많힎줆헪슲훟펞쪒픦읊�컪 맪픦줆헪읊컮�삲 쭒 핂줆헪많짪캫삲컽많힎픦핂퓮읊헏몮짪삲 쭒 핂줆헪읊멾믾퓒믛헣헏핆멾짷쩣 1PTJUJWF 4PMVUJPO 많힎퐎핂줆헪읊섢푿팓킪�쁢쭎헣헏핆멾짷쩣 /FHBUJWF 4PMVUJPO 많힎읊헏펂쫆삲 쭒 믛헣헏핆멾짷쩣픊옪헏픎멑픎펔팮쩒읺몮 줆헪읊섢푿팓킪�쁢쭎헣헏핆멾짷쩣훟펞빦읊몮읆삲 핂팖펞컪멾짷쩣픒졶캗삲 쭒 핂읊읾�쩒큲읊푷컪칺펓몒픒묺캏쫆삲 쭒 읾�쩒큲졶퍟샎옪헒힎펞믆엲컪졷픒��멚�풚쫆삲 헒힎읊슲몮빦퐎컪짪삲 쭒 짪많삲븫빦몮숳믆얾풞픒잚슲펂힒뺂푷펞샎콚맞픒뫃퓮삲 쭒

믆잊 @읾�쩒큲졶셆

핞욚�� .BVSZB 3VOOJOH -FBO

쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒옪킲헪힒칺펓펞샎칺펓몒컪핟컿

훊� 쪒칺펓몒컪짪 쪒옪킲몮핞쁢칺펓픦몒컪읊짪삲 칺펓짪읊�킃핞슲핂졶숞칺펓풂폏픦많쁳컿뫊킲컿픒헞 멎몮 칺펓픒묺�빦맒삲 쪒옪묺믎펞펓옪슪뽡픎칺펓몒컪읊폂펂컪짪삲 삲읆펞컪칺펓몒펞샎컪힖줆삲 ��슲픎삲읆풞슲픦힖줆핂븫빦졂힖줆쇦힎팘픎뺂푷슲픒힖줆삲 칺펓몒픒킲헪헏픊옪킲펞묺쿦핖쁢힎퐎 폖캏쇦쁢펂엲풎픎줂펕핆힎읊팓몮힖줆삲 뽊픦쇪뺂푷픒뺂펞컪믾옫펺핂펞짦폏쇮쿦핖솒옫삲 짪쁢쇦솒옫핂졂픦잜픎칺앚슲핂빦퐎컪쿦핖솒옫삲 쪒칺펓힒캏뽊픦 팬킪맒펞짪펞폲몮맒뺂푷픒쪒옪졶펺컪삲킪핆삲 펂썮뺂푷슲핂폲몮맢쁢힎읊팓몮 펂썮 멾짷팖핂핖픒힎읊맧핂몮짊쁢킪맒픒매쁢삲 ��쁢멾짷팖픒헪킪쁢멑핂팒삖않 풞슲핂슪짿뺂푷픒헣 멚핆힎솒옫힖줆몮 큲큲옪멾짷팖픒졶캗쿦핖솒옫퓮솒삲 ��쁢펂썮슪짿픒짩팦쁢힎힖줆삲 팬펞컪빦폶힖줆픒멾믾퓒짷쩣픒�믊�믊졶캗쫆삲 졶캗쫆짷팖픒펂쎉멚칺펓몒컪펞샂팒컪묺� 힎뽊픦쁢킪맒픒매쁢삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒옪칺펓몒컪쿦헣짝묺�

훊� 맣 ˊ 솧혾�펓핂앎줂펕핆많 킪맒 쭒

솧혾픊옪 �펓쁢 �쁢 삲퍟삲 뽆솧핞 솧혾 콚찒핞솧혾 칺펓핞솧혾 픦욚캫 삲훟핂뫎몒핞솧혾 슿 솧혾픦 퓮뫊 �펓 픦칺옎읊푆쭎헒줆많읊�찧펺짾푾쁢킪맒픒매 쁢삲 솧혾�펓헒줆많읊�찧삲 솧혾픦삲퍟퓮뫊�펓칺옎읊짾풂삲 힖픦픟샃힒삲

쪒칺펓몒컪짪 킪맒

힎빪킪맒펞짩픎슪짿픒짢�픊옪묺�헏픊옪핟컿칺펓몒컪읊짪몮�옮쁢킪맒픒매쁢삲 킲헪칺펓픒풂폏 믾퓒򰨺읺큲픦묺컿 칺펓킲픒퓒폖칾컪픦핟컿 칺펓킲몒컪 뺂픦펻쭒샂짝킪맒쪒펓줂짾� 칺 펓칾픒퓒폏펓짷쩣 칺헒펞칺펓픒퓒쫂짝잖�몒슿펞샎컪봊봊멚훎찒쿦핖솒옫힖줆삲 킃핞 슲픎쪒옪힖줆펞샎샃쪎픒몮 샎뺂푷픒핞켆멚믾옫펺핂칺펓펞짦폏쿦핖솒옫퓮솒삲 칺펓힒캏뽊픦 쭒

짪뫊헣펞컪뽊픦쇪뺂푷픒짢�픊옪칺펓픒힒쌚훟헞헏픊옪몮엲퍊쁢쭎쭒펞샎컪삲킪쩖핆몮 펂 쎉멚쿦헣빦많퍊힎뽊픦쁢킪맒픒매쁢삲 삲픚훊펞칺펓픒킲퍊믾쌚줆펞칺펓픒풞힒쁢멑펞� 헞픒재�펂뽊픦읊힒빦맒삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒옪칺펓킲훎찒짝킲

훊� 쪒칺펓킲훎찒򰨺 킪맒

힎빪킪맒펞짩픎슪짿픒짢�픊옪킲헪칺펓픒힒쁢헒뫊헣픒짪삲 핂뫊헣픎삲읆픦훎찒펞솒솒풎핂쇮쿦 핖솒옫졶슮뺂푷픒뫃퓮삲 훎찒줊 핳콚 칺푷찒푷 쫂퐎잖�뫊헣픦싢핞핆킪팖슿픒봊봊멚뫃퓮몮핂펞뫎 삲읆킃핞슲뫊��슲옪쭎�힖줆뫊슪짿픒슱쁢킪맒픒매쁢삲 헒�짪펞쁢쪒옪졶펺컪��퐎벦힒쇦쁢뺂푷픒쩖섢핆몮��쁢쇦솒옫묺�헏픊옪칺펓픒훎찒 쿦핖솒옫뽡�쭎쭒핂펔쁢힎읊핆몮핂펞샎힖줆펺큲큲옪멾짷팖픒졶캗쿦핖솒옫솣쁢삲 쪒칺펓킲훊맒팖뺂 쭒

핂쩖훊뺂펞쿦펓킪맒푆펞헏헖킪맒픒컮�펺칺펓픒킲삲 폶않핆픊옪칺펓픒풂폏쁢몋푾펞쁢핂쩖훊뺂밚 힎 �헏픊옪칺펓픒퐒욚솒옫팖뺂삲 폲않핆펞컪칺펓픦힒핊헣픎큲큲옪헣멚삲 칺펓힒픦헒뫊헣픒�킲멚믾옫펺 핂읊멾뫊쫂몮컪펞묺�헏픊옪샂쁢삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒옪칺펓멾뫊쫂몮컪핟컿

훊� �칺펓멾뫊짪 킪맒 쭒

쪒칺펓힒펞뫎멾뫊쫂몮컪읊짪삲 칺펓힎�뺂펻컪 몒샎찒킲펺쭎많펂쎉멚삺않혚쁢힎읊핆삲 멾뫊쫂몮읊쁢뫊헣쏞킃픦핊픊옪컿뫃쭎쭒뫊킲쭎쭒픦뺂푷펞샎컪헣멚핆힎솒옫힖줆삲 짪많븫빪펞쁢쪒옪��퐎벦�옮픒힒삲 멾뫊쫂몮컪펞컪짩픎슪짿핂줂펕핆힎삲킪쩖핆펺 킃뫊읊뽠핆삲

킃몒컪멎�짝쿦헣 킪맒

맪쪒킃핞슲픎��퐎벦쿦펓�믾펞핟컿맪핆쪒킃몒컪읊삲킪폂펂컪 쿦헣퍊쭎쭒핂펔쁢힎읊캏픦 삲 �삲졂많컪핟컿 풞픒묞�믾헒펞맪핆많 �핆많 많 �많컪읊핟컿삲 ��슲픎많컪읊�펺핟컿뺂푷픒믾 옫삲 핂믾옫픎잖힎잗많퐎벦�펺샇졷쪒옪 픦찒퓶옪헞쿦펞짦폏삲 핺묺컿 쪒옪삲읆캗픦홓핂읊칺앚쿦잚�훎찒삲 맧픎캗홓핂맏맏펞픦쿦잚�쩖읊헏쁢삲 핂쁢쇦솒옫맧픎픦 칺앚슲핂벦풞핂쇦힎팘솒옫믾퓒픊옪 삲읆풞슲뫊몶몮욶핂컬핂솒옫삲 맧픎쩖읊촟픎칺앚슲핂맧핂핂쇪삲 삲픚칺펓픎캖옪풂풞슲뫊벦훎찒펺 삲퍟칺앚슲뫊칺펓픒쁢몋 픒매솒옫삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪�

훊� �칺펓픒홓멾몮 �칺펓훎찒쁢�쩖ퟆ쿦펓핂삲 �칺펓뫊펓홓픒삺읺먾빦칺펓픦빪핂솒읊뽠핂솒옫푢 묺삲 읾�쩒큲풚�쿛 킪맒 팬컪펆믗뺂푷�몮 핂쩖훊뺂펞쿦펓킪맒푆펞헏헖킪맒픒컮�펺칺 펓픒킲삲 폶않핆픊옪칺펓픒풂폏쁢몋푾펞쁢핂 쩖훊 뺂밚힎 �헏픊옪 칺펓픒 퐒욚솒옫 팖뺂삲 폲 않핆펞컪칺펓픦힒핊헣픎큲큲옪헣멚삲 칺펓힒픦헒뫊헣픒�킲멚믾옫펺 핂읊멾뫊쫂 몮컪펞묺�헏픊옪샂쁢삲 칺펓팒핂싢펂묺�헏뽊픦 킃핞슲픎쪒옪졶펺컪힒몮핞쁢칺펓팒핂싢펂펞샎컪�옮쁢킪맒핂삲 쪒옪졶펺�옮쿦핖솒옫�캏퓒�읊혾헣삲 숞쩖ퟆ칺펓픒킲믾퓒팒핂싢펂묺캏픒퓒풚짛펓킪맒픒매쁢삲 <��> 쩖킲몋핂핖믾쌚줆펞힎빪칺펓쫂삲쁢홎섢짪헒쇪�옪칺펓핂킲쇦펂퍊픒팖뺂삲 <��> 팒핂싢펂많핞퓮옻멚빦폲몮컪옪많팖멚팒핂싢펂읊뺊쿦핖쁢쭒퓒믾읊컿삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒칺펓몒컪훎찒짝헪� 쿦펓헒펞묺믎솓큲펞칺펓몒컪읊펓옪슪삲

훊� 쪒칺펓몒컪짪 쪒옪킲몮핞쁢칺펓픦몒컪읊짪삲 칺펓짪읊�킃핞슲핂졶숞칺펓풂폏픦많쁳컿뫊킲컿픒헞 멎몮 칺펓픒묺�빦맒삲 쪒옪묺믎펞펓옪슪뽡픎칺펓몒컪읊폂펂컪짪삲 삲읆펞컪칺펓몒펞샎컪힖줆삲 ��슲픎삲읆풞슲픦힖줆핂븫빦졂힖줆쇦힎팘픎뺂푷슲픒힖줆삲 칺펓몒픒킲헪헏픊옪킲펞묺쿦핖쁢힎퐎 폖캏쇦쁢펂엲풎픎줂펕핆힎읊팓몮힖줆삲 뽊픦쇪뺂푷픒뺂펞컪믾옫펺핂펞짦폏쇮쿦핖솒옫삲 짪쁢쇦솒옫핂졂픦잜픎칺앚슲핂빦퐎컪쿦핖솒옫삲 쪒칺펓힒캏뽊픦 팬킪맒펞짪펞폲몮맒뺂푷픒쪒옪졶펺컪삲킪핆삲 펂썮뺂푷슲핂폲몮맢쁢힎읊팓몮 펂썮 쪒짷팖핂핖픒힎읊맧핂몮짊쁢킪맒픒매쁢삲 ��쁢멾짷팖픒헪킪쁢멑핂팒삖않 풞슲핂슪짿뺂푷픒헣 멚핆힎솒옫힖줆몮 큲큲옪멾짷팖픒졶캗쿦핖솒옫퓮솒삲 ��쁢펂썮슪짿픒짩팦쁢힎힖줆삲 팬펞컪빦폶힖줆픒멾믾퓒짷쩣픒�믊�믊졶캗쫆삲 졶캗쫆짷팖픒펂쎉멚칺펓몒컪펞샂팒컪묺� 힎뽊픦쁢킪맒픒매쁢삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> 쪒옪칺펓몒컪쿦헣짝묺�

훊� 쪒칺펓몒컪짪 킪맒

<뫊헪> 엖핂삫삲핂펂읺헪� <뫊헪> �솓컪짪 맪핆쪒�쏞쁢폏캏픒쫂몮짪훎찒

훊� < �솓컪짪> 맪핆쪒핟컿짪 킪맒

쿦펓펞컪힒쁢칺펓뫊뫎엶쇪팒핂싢펂쏞쁢솒헒뫊헪퐎뫎엶쇪솓컪쁢킃핞슲픦짆읊퓮짪쿦핖픊젾핞킮슲 핂힒쁢칺펓펞컪�픎묞뫊힎킫픒핳몮뫃몮쁢섾솒풎픒훒쿦핖삲 솓컪뫊헪쁢�픒핋픒멑픒뭚핳힎 잚�핂푆픦짆싢펂 폏 삲�젦�읺 퓮쯚맣픦슿 읊삲 쁢킃핞슲핂맪쪒옪�쏞쁢폏캏픒컮헣몮쫂몮짪쁢짷킫핂삲 맪핆짪쁢 " 핳쭒얗픦콚맞줆픒핟컿 펺짪삲 핂쌚 콚맞줆픎삶쿪멚�픦뺂푷픒푢퍋쁢멑픒뻦펂컪�펞컪펉픎폏맞핂빦팒핂싢펂읊핺픦칺펓쏞 쁢짆앦픦칺펓졶뫊멾컪핟컿퍊삲 짪쁢 쭒핂뺂옪킪맒픒펒쿦삲 헣힒킪맒뺂펞읺헮�핂켦픒쁢멑픒펾킃쁢뫊헣핂삲 믆읺몮짪펞쁢 삲읆칺앚슲핂힖줆멚펺 핞킮픦짪읊캖옪풂뫎헞펞컪캫맏쫊쿦핖쁢믾읊훎삲 믆읺몮벦쿦펓픒슱쁢핂슲 핂힟삶킃핂쇦솒옫삲 킃핞슲핂�펓픒쁢뫊헣펞솒풎핂쇮잚솓컪읺큲읊쪒솒옪헪킪삲 펾묺쫂몮컪슅펞솓컪졷옫픒�몮삲 칺펓힒캏헞멎 쪒옪졶펺컪��퐎벦칺펓힒캏픒헞멎삲 힎빪훊펞핂펂펓섾핂쇪뺂푷픎줂펕핂젾 멾믾펂엲풂쭎 쭒픎줂펕핆힎읊슱몮 펂쎉멚멾졂홙픒힎읊벦뽊픦맒삲 ��쁢샃픒헪킪믾쫂삲쁢풞슲픦샎읊슱몮 큲 큲옪짷팖픒�팒맖쿦핖솒옫킲읺�핂�펻픒삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> 엖핂삫삲핂펂읺헪�

훊� 쪒칺펓몒컪묺� 힎빪킪맒펞짩픎슪짿픒짢�픊옪묺�헏픊옪핟컿칺펓몒컪읊짪몮�옮쁢킪맒픒매쁢삲 킲헪칺펓픒풂폏 믾퓒򰨺읺큲픦묺컿 칺펓킲픒퓒폖칾컪픦핟컿 칺펓킲몒컪 뺂픦펻쭒샂짝킪맒쪒펓줂짾� 칺 펓칾픒퓒폏펓짷쩣 칺헒펞칺펓픒퓒쫂짝잖�몒슿펞샎컪봊봊멚훎찒쿦핖솒옫힖줆삲 킃핞 슲픎쪒옪힖줆펞샎샃쪎픒몮 샎뺂푷픒핞켆멚믾옫펺핂칺펓펞짦폏쿦핖솒옫퓮솒삲 칺펓힒캏뽊픦 쭒

짪뫊헣펞컪뽊픦쇪뺂푷픒짢�픊옪칺펓픒힒쌚훟헞헏픊옪몮엲퍊쁢쭎쭒펞샎컪삲킪쩖핆몮 펂쎉 멚쿦헣빦많퍊힎뽊픦쁢킪맒픒매쁢삲 삲픚훊펞칺펓픒킲퍊믾쌚줆펞칺펓픒풞힒쁢멑펞�헞 픒재�펂뽊픦읊힒빦맒삲 쿦펓홓욚헒뫊헪팖뺂 쭒

<뫊헪> �칺펓킲잖맞 <뫊헪> 쿦펓많펞뫎엖핂삫삲핂펂읺헪� 헒�쿦펓펞뫎엖핂삫삲핂펂읺읊헪�솒옫팖뺂삲 핞퓮옪풂퍟킫펞팒앦샇뺂푷펞샎컪핟컿솒옫팖뺂삲 ΍ 킃핞많핟컿킃몒컪읊쫂몮 핞킮핂쿦펓펞컪줂펕픒펉펖쁢힎펞샎컪많삲 Ύ 믾솧팖힒쇪쿦펓켆쭎솧슲펞샎핞킮픦픦멺픒헪킪삲 슅졂픦쿦펓힒뺂푷픒�몮훊켆푢

˟쿦펓킪맒펞힒뺂푷 v킃몒컪핟컿짝짪 v팒핂싢펂짪캏쩣 읾�쩒큲믆엲쫂믾 싢핞핆팋�킲킃

v쪒칺펓몒컪핟컿짝짪믾 v솧욚퐎��픦슪짿픒짩팒컪칺펓몒컪쿦헣믾 v쪒솓컪뫊헪짪믾 v �쪒 칺펓힒믾 vˑ엖핂삫삲핂펂읺읊펂쎉멚핟컿쁢많 ˒펞샎컪벦핂퍊믾쫂믾 v�펓뫃졶헒�펺칺옎짪믾 v솧혾맣 v맪핆솓컪뫊헪짪믾 v �칺펓힒믾 v묞� v쪒킲헪칺펓힒뺂푷펞샎멾뫊쫂몮컪핟컿믾

Ώ 풞슲뫊벦옪헫읊힒졂컪 핂섢홙픎컿뫊읊뺂믾퓒섢푢섦쭎쭒핂줂펕핆힎헏펂쫆삲 ΐ ��슲픦힎솒짷쩣펞샎핞킮픦픦멺픒헏몮 쫂퐒뺂푷펞샎픦멺픒헏쁢삲

훊� �칺펓멾뫊짪 킪맒

΍ 킃핞많핟컿킃몒컪읊쫂몮 핞킮핂쿦펓펞컪줂펕픒펉펖쁢힎펞샎컪많삲 Ύ 믾솧팖힒쇪쿦펓켆쭎솧슲펞샎핞킮픦픦멺픒헪킪삲 삶픦쿦펓힒뺂푷�몮

Ώ 풞슲뫊벦옪헫읊힒졂컪 핂섢홙픎컿뫊읊뺂믾퓒섢푢섦쭎쭒핂줂펕핆힎헏펂쫆삲 ΐ ��슲픦힎솒짷쩣펞샎핞킮픦픦멺픒헏몮 쫂퐒뺂푷펞샎픦멺픒헏쁢삲 삲졂많컪핟컿  맪핆 풞많 쭒

졷� ˑ 많짷킫짝퍟킫˒ 펞핖쁢삲졂많퍟킫픒푷펺 맪핆쪒많컪읊핟컿솒옫팖뺂삲 �많펞핂펂힒 쁢 �많옪 캖옻멚묺컿쇪풞슲뫊펞샎많삲

훊� 많슪짿 맪핆쪒헞쿦짝풞많헞쿦 많헞쿦슿헒�헞쿦읊뫃맪삲 헒�헞쿦읊뫃맪쇦핂읒픎킲졓픊옪힎팘쁢삲 헒�헏픊옪많많펂쎉멚핂욶펂혚몮 많헞쿦펞싾않컪헞쿦많펂쎉멚�헣쇦펖쁢힎읊핆멚삲 헞쿦읊쫂펺훊몮많펞샎슪짿픒슱쁢킪맒픒매쁢삲

 @캫많헞쿦폖킪

묞뫊뺂푷@솧혾�펓킲헪 솧혾�펓킲헪쿦펓픎�펓핓줆쿦펓뫊힒뫊헣뫊킫펞컪�멚삲읂힎팘삲 삲잚 핂핳픦 쿦펓픦묺컿짷펞컪 짫슽핂졕많힎�핂읊많힎쁢섾 믆�핂쁢삲픚뫊맧삲 쿦펓샎캏 뼒캫 쿦펓헒얃펞핖펂컪헒뫃뫊헣픦뺂푷픒�펓쿦펓펞헏푷쿦핖삲 폖읊슲졂 몋폏픒헒뫃쁢캫픦몋푾잖� 핺줂 몒슿픦핂옮픒킲헪몮맫픟샎짝칺펓풂폏펞헏푷쿦핖삲 쏞 삲읆헒뫃픦캫픦몋푾헒뫃픦힎킫픒칺펓팒핂싢펂 쿦핖삲 싾않컪 핓줆쿦펓펞찒뺂푷뫊킲펞컪빪핂솒읊뽠펺킲헪�펓픊옪핂펂힖쿦핖솒옫쿦펓졷읊뽠핊쿦핖삲 핂얺�핂읊쿦펓펞짦폏쁢멑픎��픦펻얗핂홚푾삲 펺믾컪쁢�펓킲헪쿦펓픦뫊헣픒�펓핓줆픒�몮펺힒 멑픒헪킪삲 �몮옪��퍟컿뫊뫎엶핳믾헏뫊헪읊멾옮펞컪삲욺삲

��많핂슪 짆�앎헲옪픦짢�컿샇�핳픦�힎�혾쁢짆�앎헲옪퐎벦 졓픦핂믆읾멑핂삲 ��많펔삲졂뽠픎젊 큲읊뺂쁢핂켆캏펞�펂빮쿦펔삲 ��쁢픦뺂쭎맖슿펞맪핓쿦펔몮 맪쪒헏핆젲쩒슲픒퓒�않큲빦맪 핆�풂켎얺옪솒쫗칺쿦펔삲 ��쁢캏헒�뫊헒�혾힏픒퓒킮쁢홂핺펺퍊삲 Ӫ ��픦풞� 뽠픎젊큲읊뺂쁢픎��많펔삲졂�캫쿦펔삲 믆얺빦��큲�픎졕뼒펞멆�몋뫊얺삫뻲풚�읊� 짾풆쿦핖삲 ��쁢핞킮픦맪컿픒�퍊삲 ��핞킮픦맪컿픎많핳훟푢핂삲 줂맪핓풞�펞싾않 ��쁢컿핳뫊헣펞컪펆헪솧몮맪핓힎 힎잞팒퍊힎읊팚팒퍊잚삲 ��많풞쁢쌚맪 핓힎잞몮 ��많맪핓엲쁢픦힎읊많힎힎잞팒퍊쌚읊밶삺팒퍊삲 ��옪컪캏헏밶삺픚핂푢삲 � �쁢젲쩒많팒삖않쁢멑픒캏믾펃퍊삲 젊큲많뽠픎픎잲푾슪줊삲 �몮픦캏�쁢 맪훟펞 맪핂젊큲많뽠픎엖쩶펞솒삺쁢멑핂삲 믆얺빦 ��픒핦삲쁢멑픎 졶슮핂믆슲픦짆켦펞�쭒솒삺쁢삶몒 (PPE -FWFM 펞핂읂쁢멑핂삲 ��많 맪픦뽠픎 젊큲픒몋밆풞삲졂 헏펂솒 맪픦펞��옪솧퍊삲 큲�펞컪 ��많픒��쁢멑픎삲 믆얺빦찒흖삖큲않핂펞컪쁢삲읆컿핳삶몒펞핖쁢펺얺픒�� 퍊몮 찮읂멚컿뫃헏핆픊옪잚슪쁢쁳엳픒푢묺삲 빦픦컿�많��읊잖큲�옪잚슲힎쁢팘쁢삲 ��쁢펺얺쩖 �몮픦컿�읊짦쫃픒쌚잖큲�많쇮쿦핖삲 ��쁢캏찒헒 짆켦 믆읺몮많�펞뫎픦캫맏픒븚펂뺊푢많핖삲 핂얺멑슲픎��많펔삲졂�혾믾펂옃 삲 캫맏픒핂븚펂뺂쁢멑픎픦펞뻖힎읊뫃퓮쇪졷옪쿦핖솒옫삲 픎샎옪캂팒맒삲 킮왾많펔핂쁢샎솒펔삲 뫊벦 ��쁢킮왾픦쭒퓒믾읊잚슲펂퍊삲 삲퍟컿픎훟푢솒헒핂삲 ��쁢젲쩒슲픦삲읆맪컿뫊�핂읊핞풞픊옪칺푷퍊삲 핆뺂킺픒많혆퍊삲 픎핞�픦킇읺퐎킲읊�핞킮픦밆픒펺퍊삲 컿뫃뫊킲숦삲픦컿핳뫊헣펞콛 삲 ��쁢픦컿핳삶몒퐎솧펞짊맞퍊삲 멾묻��쁢핂줂펕픒쿦핖쁢힎읊팚팒퍊삲 맖슿픎캏��슲펞멚쁢믾핂삲 픎맖슿픒�짪헒삲 졶슮쿦펓잖삲킃핞슲펞멚짪믾읊훊젾 쇦솒옫잜픎핂슲핂짪읊쿦핖솒옫퓮솒삲 킃핞슲핂쿦펓픒� �쥲삖�핂켦펻얗뫊읺헮�핂켦펻얗픒캏킪�솒옫솣쁢삲

많짷킫짝퍟킫 솧혾�펓묞퓯픦많짷쩣픎삲졂많짷킫픊옪묺컿삲 쿦펓픒힒쁢�� 쿦펓펞�펺쁢�펺핞쫆핆 벦 픒핂욶펂칺펓픒힒쁢풞 믆읺몮삲읆밚힎많펞삲 삲졂많읊힒쁢핂퓮쁢쫆핆큲큲옪펞샎 많퐎삲읆풞픒많졂컪큲큲옪읊컿�솒옫퓮솒젾 핞킮핂콛뫊�픒많졂컪펺얺많힎캏픒몮엲 펺많솒옫퓮솒쁢멑핂삲 흗많쏞킃픦핊픊옪많읊졂컪솒킃핂핂욶펂힎솒옫퓮솒삲

핞믾많

��많

많

솧욚많

Ӫ 삲졂많졷짝짾헞 많슪짿 헒�많졷짝짾헞픒묺컿쌚칺펓펞샎많솒훟푢힎잚 맪핆핂핟컿쁢엖핂삫삲핂펂읺 솓컪뫊헪픦짾헞 픒팮펺잲쿦펓잖삲컿킲멚핒솒옫묺컿폎삲 믆읺몮풞픊옪벦핊솧욚많픦짾헞픒핞믾많빦많 펞찒뽠멚�헣펺쿦펓푆펞칺펓픒훎찒쁢뫊헣펞컪믾펺솒퐎컿킲컿픒많몮핞삲

많묺컿

쪎쪒믾훎

짾헞

�컫

멾컫 헞맞헞 힎맏 헞

헞

엖핂삫삲핂펂읺

헪�쿦 헞 헪�뺂푷 헞

헞

솓컪뫊헪

솓컪 헞 맪핆솓컪 헞

헞

쪒옪헫

옪헫 헞 칺펓몒컪 헞

헞

��많콚몒

핞믾많

맪핆많졷킪

헞

솧욚많

맪핆많졷킪

헞

핞믾많

많졷킪

헞

삲읆많

많졷킪

헞

킃핞많콚몒

�헞

헞

핞믾많퐎솧욚많졷픎쫆킃픒�핂욶몮핞쁢쭎쭒픒켆쭎졷펞믾쿮펺졷쪒옪펂쁞잚�삺컿쁢힎 읊큲큲옪많멚삲 �쥲삖�핂켦펻얗픦캏 킃쁢짷쩣픦핂 줆헪멾짷쩣픦핂 �픦컿 훊솒컿 읺섢큋 픦펻얗픒많몮 칺펓픒풂폏쁢섾푢몒 잖� 뻲풚�슿픦펻얗픒많삲 솧욚많졷솒퓮칺멚묺 컿펺 캏샎짷픒많젾빦픦펻얗픒찒묞컪삶쫊쿦핖솒옫묺컿삲 많쁢캏훟옪묺컿몮 캏픎 헞 훟픎 헞 쁢 헞픊옪�헞삲

솧욚핂읒

많묺컿 핞믾많

캏

훟



솧욚많

<�쥲삖�핂켦> 빦픦캫맏픒잞뫊믎옪 쁢쁳엳핂캏쇦펖삲

<�쥲삖�핂켦> ‫کک‬픎캫맏픒잞뫊믎옪 쁢쁳엳핂캏쇦펖삲

<킃> 빦쁢큲큲옪킃쁢짷쩣펞샎몒 픒켆푾쁢쁳엳핂캏쇦펖삲

<힎킫킃슫> ‫کک‬픎줆헪멾픒퓒푢 힎킫픒킃슫쁢짷쩣픒팚팦삲

<핞팒컿�> 킃핞옪턶 빦픦 맣헞뫊 퍋헞픒 팚팦삲

<�픦컿> ‫کک‬픎삲읆칺앚슲뫊벦�픦헏 핆 팒핂싢펂읊 뺊 쿦 핖쁢 쁳엳핂 캏쇦펖 몮 팒핂싢펂퐎묺�헏핆멾짷쩣픒 쿦핖멚쇦펖삲

<�픦컿> 빦쁢핞쏞쁢삲읆칺앚슲뫊벦 �픦헏핆팒핂싢펂읊뺊쿦핖쁢쁳엳핂캏 쇦펖몮 빦픦팒핂싢펂퐎묺�헏핆멾짷쩣 픒쿦핖멚쇦펖삲

<옪헫 읺싷> ‫کک‬픎 픊옪 옪헫읊 몒몮킲쁢쁳엳핂캏쇦펖삲

<훊솒컿> 빦쁢 폂헣헏픊옪 쿦펓펞 �펺폎 픊젾 솧욚슲핂 쿦펓펞 �킲 �펺솒옫 멷엲폎삲

<읺섢킻> ‫کک‬픎풚�픦믾쫆픒팚팦삲 펻 삲퍟컿 졷컲헣픦훟푢컿 뮪�픦 뫃퓮슿

<켎읺섢킻> 빦쁢큲큲옪핊픒몒몮킲 쁢쁳엳핂캏쇦펖삲

<읺섢킻> ‫کک‬픎팖펞컪펻뫊핊픒핂 몮�킲쿦삲

<옪헫읺싷> 빦쁢픊옪옪헫읊몒 몮킲쁢쁳엳핂캏쇦펖삲

<졷> ‫کک‬픎핂쿦펓픦졷읊핂몮 졷 읊삺컿믾퓒컪뽆엳삲

<읺섢킻> 빦쁢풚�픦믾쫆픒팚팦삲 펻 삲퍟컿 졷컲헣픦훟푢컿 뮪�픦 뫃퓮슿

<솒섣컿> 펻픒 믾 퓒컪 풞슲 뫊핞킮픒콛핂힎팘팦삲

캏

훟



<읺섢킻> 빦쁢팖펞컪빦픦펻뫊핊픒 핂몮�킲쿦삲

<�쥲삖�핂켦> 풞슲뫊 칺펓픒 쿦믾 퓒헏믇헏픊옪콚�삲

<졷> 빦쁢핂쿦펓픦졷읊핂몮 졷 읊삺컿믾퓒컪뽆엳삲

<몮맫> 칺펓픒�컪몮맫컪찒큲 캏쁳 엳 잲믾쿮픦믾쫆풞읺읊핂삲

<솒섣컿> 펻픒 믾 퓒컪 풞슲 뫊빦핞킮픒콛핂힎팘팦삲

<몒> 칺펓픒�컪쿦핓뫊힎� 풞많몒 칾펞샎믾쫆풞읺읊핂삲

<몮맫> 칺펓픒�컪몮맫컪찒큲 캏쁳 엳 잲믾쿮픦믾쫆풞읺읊핂삲

<잖�> 칺펓픒�컪잖� 캏믾 퓮� 많멷�헣 뫟몮퐎쫂 헒얃쿦잋 줊  혾삺 몮맫 삖흖 팓 쿦핃�� 펞 샎 믾쫆풞읺읊핂삲

<몒> 칺펓픒�컪쿦핓뫊힎� 풞많몒 칾펞샎믾쫆풞읺읊핂삲

<뻲풚�> 핂쿦펓픒�컪뻲풚� 맪핆  푆쭎 컿픦푢컿픒핂삲

<믾펓많헣킮> 믾홂픦헪쇪칺몮픒밶몮 캖옪풂핊펞솒헒쿦핖쁢푷믾읊펉펖삲

<뻲풚�> 핂쿦펓픒�컪뻲풚� 맪핆  푆쭎 컿픦푢컿픒핂삲 <믾펓많헣킮>믾홂픦헪쇪칺몮픒밶몮 캖옪풂핊펞솒헒쿦핖쁢푷믾읊펉펖삲

Ӫ 삲졂많퍟킫@핞믾많퐎�많졷 핞믾많푆펞삲읆픦많읊힒픊옪턶픒믾짦픊옪칺펓픒풂폏쁢쿦펓핒픒쩖섢핆킫멚삲 핞믾 많킪펞쁢풞슲칺핂픦헣쫂묞윦 맖슿픦풞멾 펻쭒샂픦헏헖컿픒큲큲옪많멚몮 �많펞컪쁢� 픦칺펓쿦쁳엳춞팒삖않쿦펓픦믾펺솒읊많졂컪핂얺쭎쭒핂훟푢멑핒픒핆힎멚삲 많짾헞픎캏 훟 옪묺컿몮캏픎 헞 훟픎 헞 쁢 헞픊옪�헣펺칾삲

핂읒

많묺컿 핞믾많

캏

훟



�많

<칺펓몒> �펓픦뫊헣픒핂쿦핖쁢칺 펓몒픒쿦잋폎삲

<칺펓몒> �펓뫊헣픒핂쿦핖쁢칺펓 몒픒쿦잋폎삲

<�픦컿짝솒헒> 푾읺픦칺펓몒픎�픦 헏핂젾 캖옪풂킪솒폎삲몮캫맏삲

<�픦컿짝솒헒> 픦칺펓몒픎�픦헏핂 젾 캖옪풂킪솒폎삲몮캫맏삲

<칺펓훎찒> 칺펓픦컿멷짝핊헣픒몮엲펺 �킲멚훎찒폎삲

<칺펓킲> 핳 캏펞 쁳솧헏픊옪 샎� 픊젾 헒줆컿핖멚칺펓픒풂폏폎삲

<멾뫊쫂몮> 몒 킲 많픦헒뫊헣픒핦 핂쿦핖솒옫묺삲

<슪짿> ��짝�픦슪짿픒헏믇헏픊 옪짦폏펺칺펓픒쿦폎삲

캏

훟



<픦칺멾헣> 풞슲픦 픦멺핂 짊훊헏픊옪 짦 폏쇦펖삲

<솓컪짪> 픦 솓컪짪읊 � 캖옪풂 힎킫픒펉픒쿦핖펖삲

<맖슿멾> 뺂픦 맖슿픒 콢힏멚 슪얺뺂 몮멾믾퓒뽆엳삲

<헣쫂 뫃퓮> �픦 칺펓 쿦픦 뫊헣픒 �  푾읺펞 솒풎핂 쇦쁢 캖옪풂 힎킫픒 펉 픒쿦핖펖삲

<펻쭒샂> 헣핆펞 펻핂 �푾�힎 팘몮 컪옪픦펻얗픒몮엲펺펓줂읊쭒샂폎삲

<쿦펓믾펺솒> 삲읆픦 칺펓쿦펞 솒풎핂 쇦솒옫헏믇헏픊옪�펺삲

솓컪졷옫 Ӫ 벦뫃쭎쁢쩣 맪핆킃 킃 혾힏킃픒핂쁢멑픎훟푢삲 푾읺졶숞쁢맏핞픦솓킃짷쩣픒많힎몮핖쁢섾 킃펞쁢켆 많힎픦훟푢풞�핂핖삲 �ퟆ 맪쪒킃핞핞킮픦힎킫픒묺�퍊삲 숦ퟆ 힎킫픎캏픦핊쭎쭒픊옪킃핞슲픎많쁳찮읂멚힎킫픒솧펞헏푷퍊삲 켙ퟆ 킃몋픎푾읺많핂헒펞팚몮핖섦멑쫂삲틺섢훟푢삲 킃픦믾쫆풞�픒핂픊옪턶킃콛솒읊뽠핊 쿦핖삲 큲졶섦픒삲욶쁢먾픦졶슮�슲픎뫃솧�픦훟푢컿픒맣혾삲 킃짝뫃솧�킃픎맪핆킃쫂삲섢뫊헏핂 젾흞먾풎픒훎삲 푾읺쁢칺헏솧줊핂삲 먾샎뫃솧�픦핊쭎쭒핆칺앚슲픦뻲풚�읊졶숞벦퓮힎쁢헟�헪쁢킮 왾핞쫆핂삲 삲픚펞콚맪쇦쁢�슲픎킮왾 핆맒뫎몒 킃쩣 벦킃쁢쩣펞샎�슲핂삲 +PIBOOFT 1BSUBOFO 몮슮슪않핂슮 핺삩쫂큲 %SZEFO 7PT 킃졓 5IF -FBSOJOH 3FWPMVUJPO 헖 짆핂�켊짆핂 $TJLTHFOUNJIBMZJ 졾핓 짆�솒옫쫃빦읊잚빪삲 'MPX 5IF 1TZDIPMPHZ PG 0QUJNBM &YQFSJFODF �큲� 5BQTDPUU 싢힎�뻲핂쯚펻칺캏많핳쏟쏟켆샎많풎힏핂쁢캖옪풂켆캏 (SPXO 6Q %JHJUBM )PX UIF /FU (FOFSBUJPO JT $IBOHJOH UIF XPSME 않핊읺 3JMFZ 컿뫃쁢혾힏픦풚�잚슲믾 5IF XJOOFS XJUIJO 혾켗젆 .VSQIZ 혾켗젆핮핺픦킫픦 5IF 1PXFS PG :PVS 4VCDPOTDJPVT .JOE 샎삖펊� 2VJOO 몮잂않핂큲잖펦 *TINBFM 잖핂�잖� .BSRVBSEU 팯켦얺삫픦 "DUJPO -FBSOJOH �켊멚 4FOHF 킃쁢혾힏 5IF 'JGUI %JTDJQMJOF 잖핂�잖� .BSRVBSEU �킃혾힏묺�쩣 #VJMEJOH UIF -FBSOJOH 0SHBOJ[BUJPO 헖

읺짊�쩒믆 .JOU[CFSH .#"많칺읊잫�삲 5IF 8JTEPN PG 4USBUFHJD -FBSOJOH 잞옪졶멂 .PSHBO 줂�젢킪힎 .VUBOU .FTTBHF %PXO 6OEFS 퓚읺펒팒핂핟큲 *TBBDT 샎픦핺짪멺 섢쭖펂캫맏몮짦컿쁢짷쩣 %JBMPHVF 힒잋젊 쯢욶젦 옲슪엖찥 -JQNBO #MVNFO -FBWJUU 믆웇 )PU (SPVQT 홂 3 ��짢� 섢믎않큲 , 큲짆큲 ,BU[FOCBDI 4NJUI 픒핂븒쁢풞� 5IF %JTDJQMJOF PG 5FBNT 홂 3 ��짢� ,BU[FOCBDI 폂헣�삖 1FBL 1FSGPSNBODF 헖 펦뻲쩮읂뻖 8FOHFS 킲�뫃솧� $PNNVOJUJFT PG 1SBDUJDF 팒핂핟큶 *TBBDTPO 4UFWF +PCT 큲쯚핯큲

Ӫ �펓많헣킮 &OUSFQSFOVFSTIJQ

팒�섾짆픦짷쩣옮픎믾펓픒잚슲믾읊풞쁢칺앚슲픒힎풞몮��훊믾퓒컪칺푷쇪삲 믾펓픎킪맒핂힎빶펞 싾않헞�헏픊옪켆캏픦졶슮삲읆믾펓슲�엊맪맪핆픦킃픒퓒솒묺픦펻픒삲 믾펓많헣킮펞샎솒컪슲픎믾펓 픒섢핦핂쁢섾솒풎핂쇦젾 솒묺슲픎뫊헏핆믾펓픒잚슪쁢섾푢삲 믾펓많헣킮펞샎컮헣쇪�슲픎펓줂읊 쿦믾퓒헏헖솒묺읊짪멺쁢섾솒풎픒훒멑핂삲 펂찧큲� 4UPOF 읂뻲캏큲핆짆�앎헲옪 캏 훟  5IF "HPOZ BOE UIF &DTUBTZ 헖 홂�� ,PUUFS 잖튾킪�픦읺섢킻 .BUTVTIJUB -FBEFSTIJQ 헖 힞�읾큲 $PMMJOT 컿뫃쁢믾펓슲픦 많힎킃뫎 #VJME UP MBTU 팒삖�옪싣 3PEEJDL 폏헏핆찒흖삖큲 #VTJOFTT BT VTVBM 짆핂�켊짆핂 졾핓픦몋폏 (PPE CVTJOFTT 팒읺슪핂큲 %F(FVT 캂팒핖쁢믾펓 5IF MJWJOH DPNQBOZ 헖 $ , 않않슪 몋햏픦짆앦 UIF GVUVSF PG DPNQFUJUJPO �슪얺� 믾펓많헣킮 JOOPWBUJPO &OUSFQSFOFVSTIJQ 읺�읂솒켆즖얺 켖�큲�읺 5IF TFWFO EBZ XFFLFOE 핂빦졶읺많흖폲 칺핳픦솒읺 헪읺 쿶멶힒 IJEEFO WBMVF

Ӫ �픦컿뫊킮 킮픦훟푢컿픎�믊 뼒맒헞�헏픊옪흫샎쇦몮핖삲 줂펆많�픚짪멺컪킮픊옪핂펂힎쁢섾쁢졕뼒픦킪맒핂멆 읾삲 폲쁦빮푾읺쁢짆킪헏핂몮믾몒헏핆멑쫂삲쁢뫊헣뫊짷쩣 칺앚펞샎칺헏킮핂푢삲 팒�섾짆픦짷쩣 픎 ˑ짆킪헏핆킮˒픒쫃헏핆솒묺핂삲 푾읺쁢 뼒맒핟펓픒퐢몮 핂�슲픎짪멺픒캖옪풂킮픊옪잚슪쁢섾 잜픎팒핂싢펂퐎폏맞픒훊펖삲 힞�읾큲 $PMMJOT 홙픎믾펓픒뻦펂퓒샎믾펓픊옪 (PPE UP HSFBU 얺섢큲엂얺 뽆폲큲옺 /PSTUSPN 3JEEFSTUSBMF �혾헏묂힪많켆캏픒풎힏핆삲 %BSJOH UP CF EJFSFOU JO B DPQZDBU XPSME �짪흖 잲뻚 )JNBOFO 싢힎�킪샎픦핳핆슲 5IF )BDLFS FUIJD �읺큲�큶 $ISJTUFOTFO 킮믾펓픦싪엖잖 5IF JOOPWBUJPSˏT %JMFNNB 뽆빦�핂�힎옪 �혾헏욶 밎� 쯢욶폲켦헒얃 #MVF PDFBO TUSBUFHZ 7+ 몮찖삲않핢 (PWJOEBSBKBO 읺쩒큲핂뽆쩮핂켦 3FWFSTF JOOPWBUJPO 멚읺젪 )BNFM 몋폏픦짆앦 UIF GVUVSF PG NBOBHFNFOU 펞읻큖짆 4DINJEU 묺믎픎펂쎉멚핊쁢많 )PX (PPMHMF XPSLT 헪핞짢큲 +BSWJT 묺믎뽆짇큲짆앦몋헪쁢묺믎짷킫핂힎짾삲 8IBU 8PVME HPPHMF EP 앎큲푢큶 +PIBOTTPO 젢싢�뫊 5IF .FEJDJ FFDU �옪찖큶 3PCJOTPO 뺂팖픦�픦엳픒밶푾쁢핊몿많힎쩣� PVU PG PVS .JOET

않않슪 �읺큖빪 1SBIBMBE ,SJTIOBO 캖옪풂킮픦킪샎삶 졓픦몮맫픒퓒믎옪쩚핞풞픒푷않 5IF /FX BHF PG *OOPWBUJPO 빦킺삖�않큲�엖쯚 5BMFC 쯢앧큲퐒 5IF #MBDL TXBO 퓚읺펒잳솒뻖 .D%POPVHI #SBVOHBSU 푢앚펞컪푢앚픊옪 $SBEMF UP $SBEMF 슪쫂뽆 %F #POP 캫맏핂콢콢펺컽캗밢졶핞 4JY UIJOLJOH IBUT 헣짊 삲칾컮캫힎킫몋폏쩣 쯚않풂 #SPXO 싢핞핆펞힟훟않 (FOJVT OPU SFRVJSFE 옪헎잖 .BSUJO 싢핞핆팋� UIF EFTJHO PG CVTJOFTT 많엖튾졶멂 .PSHBO �혾몋폏 *NBHJOJ[BUJPO 팒핂싢폲 *%&0 *%&0 핆맒훟킺싢핞핆� 폲큲�퐖섢 0TUFSXBMEFS 찒흖삖큲졶셆픦�캫 큲�숦엖핂 %PPSMFZ 젢핂�큲핂큲 NBLF TQBDF

Ӫ 핞믾컿� ˑ뻖핞킮픒팚않 ˒ 푾읺쁢캂팒많쁢솧팖핞믾핞킮펞샎�묺퍊삲 잚퍋킮핂캂빮픒�쭒훎삲졂 칺앚핂큲큲옪 픦퐒헒밶삺픚펞솒삺쁢쌚쁢 켆핊멑핂않몮삲 �펓많슲뫊��슲픎헒줆많옪 헒핆헏핆맒픊옪컿핳믾퓒 캏캏엳 � 캖옪풂칺몮짷킫픒핃퍊삲 핂�슲픎캖옪풂켆캏픒뿖쓶믾퓒펂쎉멚뺂헏뫎헞픒�묺퍊 쁢힎팚엲훎삲 캲읂잖 4IBSNB 빦읊짪멺웉짲핆캫쿦펓 5IF .POL 8IP 4PME )JT 'FSSBSJ 찓�읂 & 앻� 'SBOLM 훋픚픦쿦푷콚펞컪 .BOˏT 4FBSDI GPS .FBOJOH 읺�슪짢� #BDI 맖잲믾픦붖 +POBUIBO -JWJOHTUPO 4FBHVMM 팲콚삖슪젪옪 %F .FMMP 밶펂빦킻킪폲 "XBSFOFTT 삺않핂않잖 %BMBJ -BNB 삺않핂않잖픦쫃옮 5IF "SU PG )BQQJOFTT 풆옪�펦욚 $PFMIP 펾믖쿮칺 "MDIFNJTU 팲콚삖슪젪옪 %F .FMMP 퓮�밶삺픚 4POH PG UIE #JSE 혾켗핞쫂읂큲� +BXPSTLJ 읺섢앎줂펕핆많 4ZODISPOJDJUZ UIF JOOFS QBUI PG MFBEFSTIJQ 찚쯚않핂큶 #SZTPO 먾픦졶슮멑픦펻칺 " 4IPSU )JTUPSZ PG /FBSMZ &WFSZUIJOH

Ӫ 읺섢킻 혾힏핂쿦헏핊쿦옫믆혾힏펞멚쁢섢잜픎읺섢킻핂푢삲 핂멑픎잲푾펻컲헏핆섾샇킮핂큲큲옪읊혾힏 TFMG PS HBOJ[JOH 몮큲큲옪몋폏믾읊풞졂풞쿦옫섢잜픎읺섢킻픒푢옪멚쇪삲 쿦헏핆혾힏펞컪읺슪쁢멑뫊싾 읂쁢멑픎쩖맖팒핂욶펂힒삲 믆엕믾쌚줆펞혾힏픒핂욶쁢맏맏픦묺컿풞슲픎읺섢킻핂줂펕핆힎믆읺몮펂쎉멚삲읆칺앚 픒싾읊멑핆힎펞샎컪볻핂퍊잚삲 읺섢킻픦킺픎칺앚슲핂짷픒�몮섢빦팒힖쿦핖솒옫솣쁢슿샎퐎맧픎 펻픒쁢멑핂삲 홙픎읺섢펞멚쁢쿦삶뫊믾쿮솒푢삲 �슪얺� %SVLFS �슪얺�픦짆앦몋폏 5IF &TTFOUJBM %SVLFS 큲쯞�찒 $PWFZ 콚훟멑픒젊헎않 'JSTU 5IJOHT 'JSTU 홂�� ,PUUFS 믾펓핂풞쁢믾펓픦읺섢 -FBEJOH $IBOHF 많엖큲졶멂 .PSHBO 혾힏픦 많힎핂짆힎 *NBHFT PG 0SHBOJ[BUJPO 읺짊�쩒믆 .JO[CFSH 헒얃칺읺 4USBUFHZ 4BGBSJ �슪얺� %SVLFS �슪얺�픦핞믾몋폏뽆 5IF &FDUJWF &YFDVUJWF 핂핺 쫃픦읺섢킻 ,#4큲켪 빦읊쫃멚읺섢쁢뿒묺핆많 큲쯞�찒 DPWFZ 컿뫃쁢칺앚슲픦 많힎킃뫎 IBCJU PG IJHIMZ FFDUJWF QFPQMF

Ӫ 잖� �슪얺�쁢칺픦숞많힎믾쁳픊옪잖�뫊킮픒펆믗삲 핂멑픎잲�픒짪캫멚쁢믾쁳핂삲 칺쁢푾읺많 캂몮핖쁢칺 칺헏졷헏 읊�혾몮퓮힎쁢펻픒삲 뭏믇헏픊옪 졶슮칺쁢콚찒핞슲펞멚컪찒큲 4FSWJDF  믾퓒홂핺삲 팒앦픦��솒컪쁢콚찒핞 잲 잖��쥲삖�핂켦 쯚앪슪퐎핂짆힎찚싷펞뫎�잖읊삲 헪읺힎�젆 (JUPNFS 찒흖삖큲쁢킮왾삲 -JUUMF UFBM CPPL PG USVTU 헪읺힎�젆 (JUPNFS 힎팘몮칺멚잚슪쁢잲풞� -JUUMF (SFFO #PPL PG (FUUJOH :PVS 8BZ 홂큲큲않 4QPFMTUSB 펞큲�졶펞멚펊픚픒팒않 *DF UP UIF &TLJNPT )PX UP .BSLFU B 1SPEVDU /PCPEZ 8BOUT 헖

팚읺큲 3JFT 핻않푾 5SPVU 힎켢삫 1PTJUJPOJOH �잖큲많슪 (BE 찒흖삖큲 %/"픦짪멺 % 쯚앪싷 켆믾옿얾쯚앪슪읊퓒 �풞쯚앪싷옪헫 헪핒큲 ) 밆졶펂 (JMNPSF # 혾힎핆 켆 1JOF ˻ �픦몋헪 찒흖삖큲쁢잖픚픒�쁢펾믇핂삲 5IF &YQFSJFODF &DPOPNZ �옪�읂않핂퓮 3BQBJMMF ���슪 켆캏픦졶슮핆맒뫊찒흖삖큲읊펺쁢폂쾮 5IF $VMUVSF $PEF "O *OHFOJPVT 8BZ UP 6OEFSTUBOE 8IZ 1FPQMF "SPVOE UIF 8PSME -JWF BOE #VZ BT 5IFZ %P 읺�슪삖큲쪁 /JTCFUU 캫맏픦힎솒 솧퍟뫊컪퍟 켆캏픒짢않쫂쁢컪옪삲읆킪컮 5IF (FPHSBQIZ PG 5IPVHIU 잖�펊큲 &BSM 슪킪핳픒풎힏핂쁢먾샎 )FSE 헪엂슪핦젊 ;BMUNBO 콚찒핞픦쿶픎킺읺읊핋펂않 )PX $VTUPNFST 5IJOL )08 $6450.&34 5)*/, 홂큲 4UFFM � 1FSGFDU 1JUDI 잞�믎엖슪풾 (MBEXFMM 핆핟픎팒핂싢펂읊찓엚슪옪잚슪쁢 5IF 5JQQJOH 1PJOU �읺줂삖 삖�옲읾큲 .PPOFZ 3PMMJOT 폲쯚앪슪 5IF 0QFO CSBOE 잋�얺 짪섾잖읂� ,PUMFS 1SPFSUTDI # # 쯚앪슪잖� # # #SBOE .BOBHFNFOU

Ӫ 칺킮뫊칺헏믾펓 4PDJBM *OOPWBUJPO &OUFSQSBJTF

삖�않팒핞읂 /JDPMBT )B[BSE 핒찒흖삖큲 $BQJUBMJTNF QPVS UPVT FOUSFQSJTFT RVJ TBVWFOU MF NPOEF FU MF DBQJUBMJTN 헪젎멂 (FP .VMHBO 칺킮핂앎줂펕핂젾 퐪푢젾 펂쎉멚�힒쁢많 4PDJBM *OOPWBUJPO 헒쪟밆 밎픎� 칺킮찒흖삖큲 짣풞쿪 폺읺쩒쁢펂쎉멚켆캏픒푢읺밚 짣풞쿪 켆캏픒짢붆쁢�맪픦힏펓 핳욶핂않찚 캖몒킪샎픦캖옪풂쫃힎 5IF 5IJSE 4FDUPS JO &VSPQF 쫂핞많 슪읂삖 $"3-0 #03;"(" + %FGPVSOZ 칺헏믾펓 5IF FNFSHFODF PG TPDJBM FOUFSQSJTF 빦핂켊큲 ."35)& /:44&/4 칺헏믾펓 4PDJBM &OUFSQSJTF "U UIF $SPTTSPBET PG .BSLFU 1VCMJD 1PMJDJFT BOE $JWJM 4PDJFUZ 혾폏쫃 칺헏믾펓팒읒삲풂몋폏핂퍊믾 Ӫ 칺헏몋헪퐎솧혾 4PDJBM &DPOPNZ $P PQFSBUJWF

&#4않핒 핞쫆훊픦 혾믊 칺읊묺쁢몋헪 � 5IPNBT 1JLFUUZ 켆믾핞쫆 $BQJUBM JO UIF 5XFOUZ 'JSTU $FOUVSZ �않삖 ,BSM 1PMBOZ 먾샎헒 5IF (SFBU 5SBOTGPSNBUJPO �엖􋩲 ,BMFUTLZ 핞쫆훊픦 $BQJUBMJTN 잋�얺 ,PUMFS 잖� .BSLFU 헪엖짆읺� +FSNZ 3JGLJO 몒찒푷헪옪칺 5IF ;FSP .BSHJOBM $PTU 4PDJFUZ �옪� ,SPQPULJO 잚줊픎컪옪솣쁢삲 .VUVBM "JE 많많퐎솒푢� 푾팮픦몋헪

홂큲�쩒� #JSDIBMM 칺앚훟킺찒흖삖큲 솧혾 1FPQMF DFOUSFE #VTJOFTTFT $PPQFSBUJWFT .VUVBMT BOE UIF *EFB 핞잖삖 ;BNBOJ 솧혾픊옪믾펓않 -B DPPQFSB[JPOF <USB NFSDBUP F EFNPDSB[JB FDPOPNJDB> 팒잖팒켊 핞퓮옪컪픦짪헒 %FWFMPQNFOU BT GSFFEPN 핂 8IJUF 졺슪않몲펞컪짾푾핞 .BLJOH .POESBHPO

˿ 멾옮 쫆펾묺픦졷헏픎�펓묞퓯졶셆픒믾짦픊옪솧혾�펓묞퓯졶셆픒맪짪묻칺�펓묞퓯픦힖픒뽠핂몮칺헏 몋헪폏펻픦�펓컿짝캫�몒컿핳펞믾펺몮핞쁢멑핂펖삲 핂읊퓒푾읺펾묺픎힎믖밚힎앎슪픦 5" 졶셆뫊 졺슪않몲픦 .5" 졶셆픒�몮펺컿뫃샎펞컪킲�펓묞퓯뫊헣픦킲뫊헣픒멎�몮 핂읊짪헒킪�솧혾� 펓묞퓯뫊헣픒맪짪폎삲 푾읺쁢핂펾묺뫊헣펞컪�펓묞퓯펞샎푢묺많삶핊힎팘삲쁢멑뫊힖뽠픎�펓묞퓯픒퓒 컪쁢�펓묞퓯픒쿦묞퓯핞많푢픒핆킫멚쇦펖삲 흗 푾읺많힟훟헏픊옪펾묺맪짪졶셆픎샎캫픒샎캏픊옪 쁢�펓묞퓯졶셆핂펖힎잚 샎캫뫊삲읆�힎펞컪�펓픒몒몮핖쁢컿핆�뫊믾홂칺헏몋헪폏펻픦컿펞샎 푢묺많핖삲 쏞 �펓졶셆픒묞퓯헒줆헏핆묞퓯핞 흗��픦퍟컿핂헒헪쇦펂퍊삲쁢멑핂삲 싾않컪 솧혾 �펓묞퓯졶셆맪짪픒졷헏픊옪킪핟쫆펾묺쁢칺헏몋헪폏펻픦�펓뫊컿읊퓒묞퓯뫊헪읊캖옻멚헪믾쁢멑 픒쫆펾묺픦멾옮픊옪헪킪몮핞삲 푾읺픦멾옮픎�ퟆ �펓졶셆칾픒퓒��픦퍟컿핂헒헪쇦펂퍊삲 숦 ퟆ 컿핆묞퓯짝칺헏몋헪�펓묞퓯픒퓒펺�푾잚핺삶픦 1&7 1MBOOJOH UIF &OUSFQSFOFVSJBM 7FOUVSF 옪믆앶픦 솒핓핂푢삲쁢멑핂삲 핂멾옮픦잖힎잗펞컪푾읺쁢맏묞퓯샎캏핞쪒묞퓯졶셆픒�헪킪멑핂삲

�펓졶셆칾픒퓒��퍟컿푢 앎슪픦 5"졶셆뫊졺슪않몲픦 .5"졶셆픎샎펞컪풂폏쁢헣뮪묞뫊뫊헣픊옪컪믾홂픦맣픦킲펞컪섦�펓묞퓯뫊 쁢삲읂멚컿�헏킃픦많쁳컿뫊킲픊옪턶픦킃핂많힎쁢킃뫊읊핦쫂펺훊몮핖삲 줂펕쫂삲솒맪핆킃춞잚팒 삖않킃픒�컪킃쁳엳핂펂쎉멚짾많쇦쁢힎 믆읺몮�펓픒�컪펂쎉멚칺펓핂힎콛많쁳힖쿦핖쁢힎읊 핦쫂펺훊몮핖삲 컿뫃샎펞컪킲�펓핓줆뫊킲헪쿦펓픎믾않쁢삶믾맒펞핂욶펂혚힎잚 믾홂픦맣픦킫�펓쿦펓뫊삲읂멚 캫슲핂삶퓒옪힏헟칺펓픒쁢킲킃픊옪힒졂컪 앎슪픦 5"졶셆뫊졺슪않몲픦 .5" 졶셆픦뫊컿픒힏헟 멎흫폎삲 묻픦몋햏묞퓯�퐎맣픦킫쿦펓짷킫슿펞핃쿧캫슲핂힎잚킃뫊킲킃펞헏믇헏픊옪�펺 젾캖옪풂쿦펓졶셆픒��펓픦킲헪읊�슫폎삲 핂얺펾묺뫊헣픒�컪 푾읺펾묺픎�펓졶셆핂�펓몋 핂펔쁢묻픦샎캫짝�뼒�펞멚�펓묞퓯픒믾펞퓮푷옪믆앶핂않쁢멑픒핆폎삲  샎캫짝�뼒� �엊핂옮헏힎킫잚픒많힎몮핖쁢몋푾펞 킲헪칺펓픒풂폏쫂쁢몋픒��펓펞샎핂읊뽠핂몮헒줆컿픒�슫 쁢섾뫊헏핆묞퓯뫊헣핂삲 �펓졶셆픒칾킪�쁢섾컪빦컪쁢푾컮뫊헪쁢��픦퍟컿핂삲 믆멑픎�펓졶셆핂 묺혾쇦펂핖쁢묞퓯뫊헣픒많 힎몮핖힎팘몮캫슲픦�펺읊�삶퓒픦킲킃픒믾쫆픊옪힒쇦쁢묞뫊뫊헣핂믾쌚줆핂삲 핂묞뫊뫊헣픦풂폏 펞컪쁢캫슲픦솧픒핞믇몮솓엲젾킃짷픒헪킪쁢��픦펻얗핂잲푾훟푢멚헪믾쇪삲 �펓졶셆픦 풞혾핆 5"쁢샎펞컪캫슲픦�펓묞뫊뫊헣픊옪풂폏쇦쁢옪믆앶 1BSUVT -UE펞컪풂폏쇦쁢컿핆묞퓯옪믆앶뫊�� 퍟컿옪믆앶픊옪묺컿쇦펂핖삲 ��퍟컿옪믆앶픎 삶몒옪묺컿쇦펂핖픊젾 믾쫆 맪풢뫊헣픒킪핟픊옪 맪풢뫊헣 _ 맪풢뫊헣슿헒줆헏핆��많쇦쁢섾펞쁢캏샇묞퓯픒푢옪몮핖삲 핂얺��퍟컿뫊헣픎 5"뫊헣펞컪 ��픦펻핂믆잚�훟푢픒쫂펺훎삲 푾읺빦않펞컪��퍟컿펻킪 5"퐎잖�많힎옪헒줆헏핆뫊헣픒퓒�몒헏핆퍟컿묞퓯뫊헣핂푢힎잚 푾컮믾쫆펻 얗픒매���퍟컿픒졷옪펺삲픚뫊맧픎��퍟컿뫊헣픒헪킪삲 앪슪 5" ��퍟컿옪믆앶뫊헣펾묺 맪풢

묞퓯 삶몒 앪슪 5"졶셆펞샎핂옮헏짾몋짝킃짷쩣펞샎핂옮묞퓯 맪풢

묞퓯 삶몒 앪슪 5" 옪믆앶픒믾짦픊옪맪짪쇪컿뫃샎샎묞�펓핓줆짝킲헪쿦펓픒���킲킃힒 맪풢

묞퓯퐒욚펞쁢�펓졶셆��옪솧

컿핆묞퓯짝칺헏몋헪�펓묞퓯픒퓒�푾잚핺삶픦 1&7 옪믆앶솒핓푢 푾읺쁢�펓졶셆픒컿핆�펓묞퓯짝칺헏몋헪픦�펓뫊칺펓컿읊퓒묞퓯뫊헣픊옪샎믾퓒펾묺읊 벦힒폎삲 칺헏몋헪폏펻픦�펓묞퓯픒캂쫂졂 칺헏몋헪�펓뫊�펓묞퓯펞샎쿦푢많흫많몮핖픊빦 핊짦�펓묞퓯펞찒컪뫎엶핆않빦켆쭎��많쭎혿캏픊옪칺헏몋헪폏펻펞쇪헒줆컿슿펞컪쫂퐒핂 푢삲 맣픦킫짷킫픒�믾퓒킪솒슲핂핖힎잚핺헣힎풞슿핂쭎혿펺삶믾뫊헣픊옪풂폏쇦쁢몋푾많잜팒믆뫊 읊핆힎좉몮핖삲 믆읺몮펾묺힎풞핂쭎혿펺��맪짪옪핂펂힎힎좉몮핖쁢캏핂삲 쏞 칺헏몋헪픦 �뫊믆컿픒핆힎몮묞퓯뫊헣펞짦폏쿦핖쁢헒줆많�핂잲푾헣헏핂펂컪솧핊맣칺힒핂퓮칺묞퓯옪믆 앶픊옪묞퓯펻얗픒콚힒킪�몮핖삲 솧혾쩣헪헣핂솧혾�펓펞샎푢묺많흫쇦몮핖픊빦잜픎�펓묞퓯슲 픎칺헏믾펓슿픦 핆�펓퓒훊옪힒쇦몮핖삲 멾옮헏픊옪 쫆펾묺쁢�펓졶셆핂컿핆짝칺헏�펓묞퓯뫊컿읊퓒묞퓯펞컪졕많힎몒읊많힒삲쁢멑픒짪 멺폎삲 믆멑픎�ퟆ 컿핆슲픎샎쭎쭒캫몒�펓핞옪컪 맪풢핂캏픒킲킃픒졂컪�펓묞퓯픒짩믾펞킲헏핆펂 엲풎핂핖삲쁢멑핂삲 숦ퟆ 칺몋핂빦�펓몋핂헒줂캫슲뫊삺읺삲퍟몋픒많힒컿핆슲펞멚�펓졶셆픎 믆픦솒퐎삲읂멚킫캏멚삲많맖쿦핖삲쁢헞핂삲 쿦솧헏핆묞퓯짷킫펞핂짆핃쿧혆쩒읾컿핆슲펞멚줂헣픦묞 퓯짷킫픒�묞퓯픎밂킪맒픒푢옪쁢섾 캫몒�펓핞슲펞멚핳믾맒픦묞퓯픎킲헏픊옪펂옃삲 켙ퟆ 칺헏몋 헪폏펻픦�펓묞퓯펻킪팬픦줆헪헞픒졂컪 핺풂폏훟핆칺펓�픦컿쏞푢묺쇦몮핖삲 묻칺헏몋헪 폏펻픦핳킲줂핞슲픎찒흖삖큲몋핂잜힎팘몮 �몒헏핆몋폏묞퓯픒짩힎팘픎몋푾많샎쭎쭒픊옪컪홎섢졓많 핂슪많핖쁢묞퓯핂푢삲 쫆펾묺쁢푾읺픦칺짝묞퓯킲펞컪�펓졶셆핂매쁢몒읊쫂퐒옪믆앶픊옪�푾잚핺삶픦 1&7 1MBOOJOH UIF &OUSFQSFOFVSJBM 7FOUVSF 옪믆앶픦솒핓픒헪팖삲 1&7옪믆앶픎킪빦읺폲짷킫픒푷 훊맒칺펓몒컪읊큲큲옪핟컿솒옫쁢졶슖쇪옪믆앶핂삲 핂옪믆 앶픦핳헞픎�몒헏픊옪칺펓믾펞샎헒짦픒몋쿦핖픊젾 삶믾헏픊옪퐒컿솒뽠픎칺펓몒컪읊핟컿쿦핖삲 쁢멑핂삲 핊짦�펓픒풞쁢컿핆짝칺헏몋헪폏펻픦묞퓯샎캏핞슲픦컿픒몮엲픒쌚 �헏픊옪 1&7옪믆앶픒 �컪칺펓믾펞샎맪핆펻얗픒맣펞앪슪픦 5"졶셆뫊맧픎핞퓶헏핂몮믾짦픊옪풂폏쇦쁢솧혾�펓 묞퓯옪믆앶펞�펺멚삲졂섢뫊헏핊멑픊옪삶쇪삲 핂묞퓯뫊헣펻킪묞퓯픒힒쿦핖쁢��퍟컿핂컮 쇦펂퍊젾 퍟컿뫊헣픎 핳펞컪헪킪�펓졶셆��퍟컿뫊헣뫊벦힒쿦핖삲 1&7옪믆앶픒팒앦펞맒삶 멚콚맪삲 Ӫ �푾잚핺삶픦 1&7 1MBOOJOH UIF &OUSFQSFOFVSJBM 7FOUVSF 옪믆앶 핺 묻�뼒믾펓많헣킮핺삶펞컪쁢�푾잚핺삶 ,BVNBO 'PVOEBUJPO 픦믾펓많헣킮헒줆옪믆앶핆 1&7 1MBOOJOH UIF &OUSFQSFOFVSJBM 7FOUVSF 뫊헣픒 뼒쭎�솒핓컪풂폏훟펞핖삲 퓮핗잲읺폶�푾잚 &XJOH .BSJPO ,BV NBO 펞픦컪 뼒컲잋쇪�푾잚핺삶픎펾묺 묞퓯 젦�잏 �핞펾멾슿픦홓헏핆�펓힎풞픒헒줆픊옪쁢핺삶 픊옪�핞칾핂 혾 �펃풞 뼒믾훎 펞삺젾믾펓많헣킮퓯컿뫊뫎엶컪쁢켆몒�샎뮪졶픦찒폏읺쩣핆핂삲 뼒읺섢킻켊�읊컲잋컪폖찒믾펓많슿픒샎캏픊옪믾펓많헣킮묞퓯픒쿦몮핖몮 �슿캫 .JOJ 4PDJFUZ 훟캫 .BLJOH B +PC 몮슿캫 &OUSF1SFQ 슿픦삲퍟펾옇샎퐎�멭픒퓒옪믆앶픒맪짪컪풂폏훟핂젾 풢싢흖삖칺 퐎쁢뫃솧픊옪 )PU 4IPU #VTJOFTT않쁢폶않핆킪쥺엖핂켦멚핒칺핂읊풂폏몮핖삲 샎캫픒샎캏픊옪쁢 ,BVNBO $BNQVT *OJUJBUJWF옪믆앶픒�컪쁢 맪샎펞 잚삺얺읊힎풞졂컪샎�뫊잲�슪읊핂븚펂뺂� 펃삺 얺픦�핞뫊읊��믾솒삲 핂푆펞솒헒켆몒 맪묻 잚졓픦�뼒슲핂�펺쁢 ˎ묻헪믾펓많헣킮훊맒 (&8 ˏ칺 읊뫃솧픊옪맪�몮핖픊젾 펢헲�핞많묞퓯핺삶컲잋 쩲򩡞�헒줆많퍟컿픒퓒 ,BVNBO 'FMMPXT 1SPHSBN 풂폏 �푾잚믾펓많솧힎쿦짪슿픦킮�펓픒힎풞쁢삲퍟솧픒헒맪몮핖삲 �푾잚핺삶펞컪쁢 뼒쭎� -" 빶많훊샎 6OJW PG 4PVUIFSO $BMJGPSOJB 펞컪킪핟쇪믾펓많헣킮묞퓯옪믆앶픒묺 핓 뼒쭎� 'BTU5SBD핂않쁢핂읒픊옪핊짦핆픒샎캏픊옪헒묻헏픊옪묞퓯픒샎퐢삲 핺쁢 맪묻픦 펺믾뫎 펞컪 'BTU5SBD픦묞퓯��읊푷몮핖픊젾핺밚힎퍋 잚졓픦묞퓯핂쿦핞읊짾�삲 뼒쭎� 'BTU5SBD픎쪒솒 찒폏잋쩣핆픊옪풂폏쇦몮핖픊젾 1&7 1MBOOJOH UIF &OUSFQSFOFVSJBM 7FOUVSF 춞잚팒삖않 /FX7FOUVSF 5FDI7FOUVSF (SPXUI7FOUVSF 슿픊옪옪믆앶픒샎빦많몮핖몮 펺컿뫊큲삖퀺 쩮핂찒쭎젆켆샎슿픦쿦�멭픒퓒옪믆앶 슲솒�많옪맪짪몮핖삲 1&7픎쭎캫뫊샎풞캫슲핂컿뫃헏핆�펓픒킪핟쿦핖솒옫쿦믾쫆힎킫픒헪뫃쁢�펓묞 퓯뫊헣픊옪 5JN핂않쁢많캏픦핆줊픒슿핳킪�컪�펓뫊뫎엶쇪킪빦읺폲읊헒맪빦많젾킃핞많핞킮픦몋핂빦힎킫픒 짦폏 5JN픒�컲훊쁢솧킪쁢핞킮픦칺펓픒맪짪빦맖쿦핖솒옫힒쇪삲 킲헪�펓픒믾쁢핊엶픦뫊헣픒� 쿦핖멚훊젾 솧킪펞쿦펓핂홓욚쇦펖픒쌚쁢핞킮잚픦칺펓믾컪많퐒컿쇮쿦핖솒옫� 훊옪믆앶픊옪묺컿쇦펂핖삲

 @,BVNBO 핺삶픦 1&7 옪믆앶묺컿 쭒윦

$PODFQU "OBMZTJT

#VTJOFTT 1MBOOJOH

򘻾

헪졷

믾펓많헣킮�묺#FDPNJOH BO &OUSFQSFOFVS

찒흖삖큲믾핆킫 3FDPHOJ[JOH 0QQPSUVOJUJFT

찒흖삖큲맪뼞헣픦 %FOJOH B #VTJOFTT $PODFQU

졶셆�샇컿�큲.PEFM 'FBTJCJMJUZ $IFDLMJTU

헪 컪찒큲믾 1SPEVDU 4FSWJDF 1MBOOJOH

몋폏뫊혾힏믾.BOBHFNFOU 0SHBOJ[BUJPO 1MBOOJOH

킪핳믾 칾펓 몋햏.BSLFU 1MBOOJOH *OEVTUSZ $PNQFUJUJPO

킪핳믾 킪핳쭒컫.BSLFU 1MBOOJOH .BSLFU "OBMZTJT

킪핳믾 힒핓.BSLFU 1MBOOJOH 1FOFUSBUJPO

킪핳믾 많멷컲헣.BSLFU 1MBOOJOH 1SJDJOH

핺줂믾 'JOBODJBM 1MBOOJOH 'JOBODJBM 5FSNT 4UBSU VQ $PTUT

풂폏찒푷 잲 킮0QFSBUJOH &YQFOTFT 4BMFT *OWFOUPSZ

믖힎� 쫂$BTI 0VUMBZT 4PVSDFT

핺줂핺 'JOBODJBM 4UBUFNFOUT

칺펓몒퐒컿'JOBMJ[JOH UIF #VTJOFTT 1MBO 핞욚�� .BVSZB 3VOOJOH -FBO

멾옮 칺헏몋헪컿읊퓒�펓묞퓯뫊헣 퓒뽊픦읊푢퍋펺�펓뫊 1&7묞퓯픒퓒��퍟컿 샎캫짝�뼒 컿핆 믾홂칺헏몋헪믾펓픒샎캏픊옪쁢� 펓묞퓯뫊헣픒퐎맧핂헪팖삲

��퍟컿픒퓒묞퓯졶셆맪짪짝킪쩢풂폏몒 묺쭒

칺펓뺂푷

캏켆뺂푷

삶몒

��퍟컿옪믆앶졶셆맪짪 맪풢

앪슪 5"��퍟컿옪믆앶뫊�푾잚 1&7  옪믆앶읺쮾 맪풢

앪슪퐎짆묻핳펾쿦힒 맪풢 ��퍟컿묞퓯�읺�엊맪짪 맪풢

삶몒

��퍟컿옪믆앶킪쩢풂폏 맪풢

핆풞졶힟 맪풢 핂옮읺쮾 맪풢 핳킲킃 맪풢 앪슪 5" 믾짦옪믆앶뫊� 푾잚 1&7 옪믆앶솧킪풂폏

샎캏쪒�펓묞퓯졶셆

샎캏

샎캫짝�뼒

킲줂핞짝몋엳핞

��많쇦몮핞쁢컿핆

묞퓯졶셆

앪슪 5" 졶셆 맪묻 졓

�푾잚핺삶 1&7옪믆앶 맪묻 펺믾뫎 잚졓

��퍟컿옪믆앶 앪슪 5" 졶셆 �푾잚 1&7 졶셆

묞퓯뺂푷

팒핂싢펂읊칺펓픊옪 묺쁢뫊헣펞컪 맪핆뫊킃픒�슫

믾쇪킪빦읺폲펞싾않 킃핞픦몋핂빦힎킫픒 짦폏칺펓믾컪읊 퐒컿쁢뫊헣

솧혾�펓묞퓯픒퓒 ��퍟컿 앪슪 5" 졶셆뫊�푾잚 1&7 졶셆픒졶숞풂폏 쿦핖쁢��퍟컿

묞퓯뫊헣

훊 _ 뼒

훊

훊 킲킃 훊

묞퓯삶몒

솧혾�펓핓줆 ̔ 솧혾�펓킲헪

1&7 ̔ /FX7FOUVSF 5FDI7FOUVSF (SPXUI7FOUVSF

��퍟컿뫊헣

묞퓯힣

핳믾짦킃 킲킃

풚�킪픦킪빦읺폲펞 싾않칺펓몒묺컿

핂옮킃 핳킲킃

맣헞

킲헪킲픒��펓펞샎 힏헟헏핆킃많쁳 큲큲옪킃쿦핖쁢 펻얗퍟

핺찒흖삖큲짝�펓킪 헏푷쿦핖쁢헒줆헏핆 칺펓몒묺컿많쁳

묻캏펞재멚옪믆앶픒 묺컿몮쿦펓픒힒 쿦핖쁢��퓯컿많쁳

�몮핞욚 솧혾�펓묞퓯픒퓒칺옎펾묺 묻뺂�펓묞퓯칺옎 �펓묞퓯 샎짊묻헣쭎쁢폲앹솧팖�뼒��펓컿읊�핊핞읺��픒퓒삲퍟힎풞칺펓픒�힒퐢픊빦�몒헏픊옪풂 푷쇦힎좉몮핖삲 퍟쫗 핂펞 뼒핂펞쁢삲퍟킪솒읊�칺펓픒샎빦많몮핖힎잚 팒힏밚힎믆 뫊쁢졓멚슪얺빦힎팘몮핖삲 헣쭎�풞픦�펓힎풞칺펓슲픎�멚묞퓯엶칺펓뫊팒핂싢펂�� 몋힒샎 칺펓 짝칺펓핳칺펓슿 퍟쫗 짣�쿦 픊옪묺쭒쫊쿦핖픊젾 �많헏픊옪킪삖펂빦콚푆몒�픒샎캏픊옪쁢 �펓힎풞헣�뫊�펓핞믖혾삺뫊뫎엶쇪헣�슿핂홂핺삲 쫆펾묺펞컪쁢핂훟펞컪솒�펓묞퓯뫊뫎엶쇪힎풞헣 �뫊켆쭎헏핆묞퓯옪믆앶슲픦펞샎컪핞켆쭒컫쫂몮핞삲 핺�펓묞퓯뫊뫎엶쇪훊푢칺펓�힒삶퓒쁢샎핂젾 헣쭎�풞픦힎풞솒샎쭎쭒샎픒�퓒�묞퓯칺펓펞힟훟 쇦펂핖쁢캏핂삲 훟팧쭎� 믾핺헣쭎 훟콚믾펓� 몮푷뽆솧쭎 묞퓯쭎슿 퐎힎짷핞�삶�슲픦몋푾펞쁢훊옪�펓묞퓯 쫂삲쁢�펓힎풞칺펓펞힟훟몮핖쁢퍟캏픒쫂핂몮핖삲 뼒뫎몒믾뫎픦�펓뫎엶칺펓폖칾픦몋푾펞솒펻킪�펓 컮솒샎퓯컿 펃 �펓재�칺펓힎풞 펃 �뼒�펓 칺뫎묞 펃 �펓쫂퓯켊� 펃 칾엳컮솒샎 펃 슿픦칺펓힎풞칺펓펞힟훟쇦펂핖삲 짦졂펞훟팧쭎�펞컪풂폏쁢�펓뫎엶묞퓯칺펓픊옪쁢�콚뼒샎캏픦 �펓묞퓯찒흖� 펃 �뼒 켆_ 켆 폖찒�펓핞읊퓒�펓팒�섾짆 펃 켆핂캏픦�펓핞읊퓒킪삖펂�펓 큲� 펃 핂풂폏훟핂젾 힎핞�훟펞많핳짪�펓묞퓯칺펓픒쩚핂몮핖쁢컪풆킪픦몋푾펞쁢 뼒쭎��펓큲� 핂않쁢핂읒픊옪�펓묞퓯픒힒퐢픊젾 삶힎맣픦킫픊옪잚븫빦쁢멑핂팒삖않�컲뫊핞믖펾몒힎풞 몋폏힎솒펞핂 읂쁢홓헏힎풞옪믆앶핂삲 쏞 컪풆킪펞컪쁢 뼒쭎�컪풆콚핺샎슲뫊펾몒킲헒�펓픒믾몮힎풞 훊쁢�큲$&0퓯컿칺펓픒힒몮핖픊젾 뼒쭎�쁢�많옪짆앦킮힏펓묾퍟컿픒퓒�힏묞퓯뫊�콚뼒픒 퓒�펓묞퓯 �픦헏줆헪멾픒퓒묞퓯솒힒폖헣핂삲 짦졂펞 짊맒�풞펞컪쁢훊옪�펓묞퓯쫂삲쁢킲헒핆 �쩮핂칺펓펞힟훟쁢퍟캏픒쫂핂몮핖삲 싢� 픎뭚�뼒�펓핺삶 ,큲�펓 팿켊�풂솧쫆쭎 슿픦찒폏읺핺 삶핂빦뻲폲않핂 뻲폲퓒흖 캏캫킮켊� 4, 앦삩 펞�뽆쩮핂켦켊� ,5 슿픦샎믾펓몒폂픦핆�쩮핂혾힏슲핂 짪솧픒헒맪훟펞핖픊젾 샎믾펓�풞펞컪힏헟헏힎풞칺펓픒풂폏먾빦힎풞쁢몋푾솒빦�빪삲 콞폏

샎캏쪒�펓묞퓯졶셆 칺펓졓

칺펓훊�

폖칾

묞퓯졷

칺펓힣

짆앦킮 힏펓묾퍟컿

훟콚믾펓�

펃

�훟몮캫픦믾펓많 헣킮퍟

컿몮샎캏묞퓯픒 �펓핊짦묞퓯픊옪샎

�펓팒�섾짆

훟콚믾펓�

펃

폖찒믾쿮�펓핞읊 짪뭂컪묞퓯

믾홂힎풞 샎맣홚 솧팒읺 솧 믾쿮헒줆묞 �

킪삖펂 �펓큲�

훟콚믾펓�

펃

�펓훎찒읊퓒킲줂 훟킺픦�펓묞퓯

뼒킮컲칺펓 켆핂캏픒 샎캏픊옪

�펓샎풞 힎풞

훟콚믾펓�

펃

�펓헒줆많 묞퓯 킲줂 읊 힏헟퍟컿

맪묞읊컮헣 뼒맒묞퓯 풂폏찒힎풞

컪풆킪 �펓큲�

컪풆칾펓힒풞

펃

폖찒�펓핞읊퓒 홓헏핆�펓묞퓯

�펓삶몒펞싾읆�몒헏 묞퓯뫊헣맪짪풂폏

�큲 $&0 퓯컿칺펓

컪풆칾펓힒풞

펃

킲헒훟킺픦�펓묞퓯픊옪 �펓많퓯컿

샎픦핆않읊푷 샎캫슲펞멚�펓묞퓯힒

짆앦킮 힏펓묾퍟컿

컪풆칾펓힒풞

펃

퓮잫힏펓픒짪뭂 캖옪풂핊핞읺��

칺쪎읊컮솒쁢쭒퍊펞 재쁢핆엳퍟컿묞퓯

짆앦킮 힏펓묾퍟컿

컪풆칾펓힒풞

펃

큲큲옪캫맏쿦핖쁢 펻얗픒짾퍟

�슿 맪 �솧 훟슿 맪 핞퓮믾헪 뫊헣

� 훟 몮�펓묞퓯옪믆앶 핺�콚뼒픒샎캏픊옪쁢�펓묞퓯옪믆앶픎훟콚믾펓�펞컪힒쁢 찒흖� #J[DPPM 뫊컪풆킪펞컪 뼒쭎 �킪핟쁢 �콚뼒캫맏짾풎 칺펓핂핖픊젾 짊맒�풞펞컪쁢 /'5& ,03&"퐎팒핂착펾묺콚펞컪힒쁢옪믆앶 � 짝� 묞짷줆묞퓯 묞쿦펾쿦슿픊옪묺컿 핂핖삲 뼒 맪묞펞컪킪핟찒흖�픎��믾컿몮빦잖핂큲� 몮픦�펓힎풞옪믆앶퓒훊옪힒쇦펖픊빦 헞�핆줆몒몮슿묞춞잚팒삖않�슿묞퐎훟묞밚힎믆쩢퓒많쇦졂컪 핊짦�펓묞퓯뫊�펓폏핺묞퓯픒쪟컪힒몮핖삲 뼒짣믊헣쭎펞슲펂퐎컪쁢 훟슿삶몒믾쿮�펓묞퓯 �힎 칺펓픒�컪헣뮪묞퓯뫊헣뫊짷뫊옪믆앶펞�펓뫎엶묞퓯솒힒쇦몮핖삲 짦졂 폺컪풆킪펞컪�픚킪핟 쁢 �콚뼒캫맏짾풎 칺펓픦몋푾펞쁢샇핳픦�펓쫂삲쁢캫슲큲큲옪캫맏쿦핖쁢펻얗픒짾퍟킪�컪�픦헏짆앦핆 핺퍟컿펞훊졷몮핖픊젾 팒핂착펾묺콚 XXX JWJUU DPN 많헒샂믾뫎픊옪컮헣쇪캏핂삲 찒흖�칺펓펞솒�펺몮핖 쁢팒핂착펾묺콚쁢훊옪펂읾핂퐎�콚뼒픒샎캏픊옪쁢맣킫픦묞짷줆묞퓯픒킲킪퐢픊젾 /'5& ,03&" XXX OGUFLPSFB DPN 픦몋푾펞쁢훊옪�킃퓒훊픦믾펓펞샎핂짝칺펓몒컪핟컿 킮푷뫎읺짝�펓뫊믖픃펞뫎 뺂푷킃 멺슿픦�짝�옪믆앶픒풂폏몮핖삲  뼒쭎� 핺 묻�뼒믾펓많헣킮핺삶픎훟콚믾펓�뫊벦 �슿묞몮뼒쭎�샎묞 _ 뼒밚힎헏푷많쁳 핞믾훊솒헏믾펓많헣킮묞퓯옪믆앶픊옪 " 4 , 졶셆픒믾짦픊옪 & & 핆칺핂풚�쿛픒힒몮핖삲 " 4 , 졶셆픎 "UUJUVEF 4LJMM ,OPXMFEHF픦펻얗믾짦믾펓많헣킮묞퓯졶셆옪 �펓큲�퓒훊픦삶헏묞퓯펞컪�펺칺몮짷킫픦 킮뫊쪎읊핂븚펂뺂쁢잖핆슪퍟훟킺픦맣픦퐎�옮픊옪힒쇪삲 헪핟쇪풚�쭏픎캫�펺읊퓮솒쁢풚�킪 퓒훊옪묺컿쇦펂핖픊젾 묞퓯핞픦픦솒펞싾않푢풚�킪읊컮쪒펺푷핂많쁳삲

" 4 , 졶셆캏켆묺컿

"UUJUVEF

빦펞멚빦읊줉쁢삲 펂썲많�많빦읊핂븒쁢많 컿�픦풞�픎줂펕핆많 빦픦뻲풚�읊믆읺삲 �핆픦뿖픒�빦읊쫂삲 뻲풚�콛칺앚슲핂퍊믾 맪핆슲픦�핂헞픒팚팒쫂삲 줂펕펞뫎킺핂핖빦푢 삲읆칺앚슲픎펂썲멑슲픒뭏믖 밚푢 솒헒헏졷읊켆풚쫂삲 퓒 팚몮훎찒핞 짢앚힏믾펓많픦졶킃픎펂썲멑핊밚 뺂많붖붆쁢짆앦픦졶킃픎펂썶밚 빦잚픦�

4LJMM

캖옪풂졶캗픒퓒슲펺삲쫂믾 쭖픒멾슪잋삖삲 믾홂헪픒맪컮쫊밚푢 4DBNQFS 짾풚쫂믾 컿뫃헪슲픦뫃�헞�믾 쪎픦뫎�픒�팒핂싢펂짪뭂 팒핂싢펂많 잖�픦핂 핺줂픦핂 펓줂옪픦핂 줊윦펞샎핂 믾쿮픦 핂 몮맫뫎읺 싢핞핆픦핂 잲펞샎핂

,OPXMFEHF

믾펓많헣킮쩢훊펞샎핂 푆쭎몋펞샎핂 잖�헒얃픦쿦잋 찒흖삖큲졶셆 쿦잋 칺펓몒컪핟컿믾

샎�펓묞퓯옪믆앶 샎픦�펓묞퓯픎 뼒샎짦몋폏픦쭒퍊옪킪핟쇦펂컪 뼒샎짦쭎�믗콛멚컿핳삲 밎훊짆 뼒샎핂펞쁢몋폏픦쭒퍊많팒삚솓잋헏핆헣뮪묞뫊뫊헣픊옪풂폏쇦믾킪핟픊젾 뼒펞쁢 맪샎펞 컪 맪픦맣홚많풂폏쇦몮핖몮 맪샎 맪뫊 펞컪�펓뫊읊솒핓풂폏몮핖픊젾 맪샎펞컪쁢 맪 픦�펓펾몒헒뫃픒풂폏훟펞핖삲 쏞 샎풞뫊헣픊옪쁢 맪샎 맪샎풞 맪뫊헣 컫칺 맪 컫짣칺 맪 핂풂 폏쇦몮핖삲 샎펞컪픦핂얺쪎쁢�펓컮솒샎픊옪컮헣쇦펂�펓뫎엶믾뫎픒컲잋몮헒샂묞쿦읊짾헣샎슲픒 훟킺픊옪핂욶펂힎몮핖삲 핂� �펓컮솒샎슲픎헣뮪묞퓯뫊헣춞잚팒삖않�펓믾캫컮짪 �펓헪솒핓 �펓솧팒읺힎풞슿픦칺풂폏헒짦펞컪솒�펓�헏핆쭒퓒믾많컿쇦솒옫샎많픦쪎읊훊솒몮핖삲 훟콚믾펓 �펞컪힎풞쁢�펓맣홚솒 뼒밚힎쁢핊짦맣홚퐎헒줆맣홚옪묺쭒컪핊짦핆샎캏픊옪풂폏삲많 뼒쭎�쁢샎 맣홚읊훟킺픊옪풂폏쇦믾킪핟픊젾헞�샎픦헣뮪뫊졷픊옪맪컲쇦몮핖쁢캏핂삲 샎�펓맣홚칺펓푆펞솒푾 쿦팒핂�픒쫂퓮�펓솧팒읺읊컮헣팒핂�샇 _ 잚풞픒�슿힎풞쁢�펓솧팒읺힎풞칺펓뫊�펓몋힒샎  컿뫃�펓많슲픦젦�잏옪믆앶핆 :&4읺섢믾펓많헣킮맣 슿핂붆훎풂폏쇦펂퐢픊젾 뼒쭎�쁢 �펓팒 �섾짆 않쁢핂읒픊옪샎뫎엶힎풞칺펓슲뫊핊짦핆샎캏묞퓯 믾쿮�펓묞힎풞칺펓슿핂�풂폏쇦몮핖삲 핂푆펞 솒훟콚믾펓�펞컪쁢 뼒쭎� 맪묞읊컮헣�펓샎풞펞샎힎풞칺펓픒풂폏퐢픊젾 뼒캖옻멚 맪묞 읊컮헣�펓헒줆핆엳퍟컿픒퓒힎풞칺펓픒몒콛컪힒몮핖삲 핂퐎쁢쪒솒옪 컪풆킪펞컪쁢 뼒쭎� 맪 샎픒컮헣샎펞컪픦킲헒�펓맣홚읊힒쁢 �큲$&0퓯컿칺펓 픒힒폲몮핖픊젾 뼒펞쁢 �뼒솒 맪 칺펓픒힒폖헣핂삲

믾��펓묞퓯옪믆앶 컿핆픒샎캏픊옪쁢�펓묞퓯픎 뼒샎훟짦핂쭎�쁢샎묞퓯픒훟킺픊옪샎핂빦믾쿮헒줆묞펞퓒�묞퓯 �옪핂욶펂혚픊빦 �믊펞삲킪핊짦핆픒샎캏픊옪쁢�펓묞퓯옪믆앶핂캫멶빦몮핖삲 훟콚믾펓�펞컪쁢 뼒쭎 �킪삖펂 잚 켆핂캏 픒샎캏픊옪쁢 킪삖펂�펓큲� 픒풂폏믾킪핟픊젾 컪풆킪펞컪쁢홓�펓묞퓯짝힎풞 칺펓핆 컪풆킪�펓큲� 픒힎콛헏픊옪풂폏폲몮핖삲 쏞 컪풆킪펞컪쁢�많헏픊옪 �혾헒줆핆엳퍟컿칺펓 픦핊 픊옪짆앦칺쪎푢묺펞샎픟쁢퓮잫힏펓픒짪뭂몮캖옪풂핊핞읺읊��몮핞칺쪎읊컮솒쁢 맪쭒퍊 칺 컪찒큲 펞뻖힎 *5픃 펞샎묞퓯옪믆앶픒맪짪 뼒쭎�풂폏폖헣핂삲 짦졂 쭎칾샎믾쿮�펓샎풞펞컪쁢 잚 켆핂캏픦킪삖펂�펓핞슲픦몋엳뻲풚�헒줆컿픒푷쭎칾핆믊힎펻펞힟훟쇦펂핖쁢혾컮퍟앪믾핞핺 펓�픦핆엳뫃믗쭎혿줆헪읊멾엲쁢 킪삖펂믾쿮�펓큲� 묞퓯픒킲킪믾솒삲 짻샎픦몋푾펞솒 뼒쭎� �펓팒핂�멎흫옪믆앶 핂뽆읺큲�큲 픒맪짪풂폏훟펞핖픊젾 묞퓯옪믆앶픒헞�킲헒엶퓒훊옪맪컮몮묞 퓯샎캏솒샎캫춞잚팒삖않폖찒�펓핞슲밚힎옪샎빦많몮핖삲

묻뺂�펓묞퓯픦킪칺헞 핺묻뺂�펓뫎엶헣�픎묞퓯쫂삲쁢칺펓힎풞펞�헞핂재�혆핖픊졂컪 �펓묞퓯뫊뫎엶쇪쭎쭒픎훊옪샎픒훟킺 픊옪핂욶펂힎몮핖삲 �콚뼒픒샎캏픊옪쁢묞퓯옪믆앶솒 뼒쭎�힒쇞힎잚 ��믾펞쁢컿몮읊훟킺픊옪힎 풞칺펓픦컿멷핂맣픊젾�믊펞슲펂컪퍊묞퓯샎캏솒�훟몮헒짦픊옪샎몮핊짦�펓뫎엶쇪뺂푷솒힒몮핖삲 컿핆픒샎캏픊옪쁢묞퓯옪믆앶솒샎뫊믾쿮헒줆묞펞퓒�칺펓픊옪힒쇦펂퐢픊젾 �믊슲펂쪒솒픦칺펓픊옪 풂폏쇦믾킪핟삲 팒힏밚힎�펓묞퓯펞샎핆않많쭎혿캏핂믾펞믆솧팖샎픒훟킺픊옪�펓묞퓯핆않묺� 묞퓯핆엳쫂 핞믖힎풞혾삺 헒샂믾묺묺컿 펞힟훟퐢삲졂 펞쁢핂얺묞퓯핆않읊푷묞퓯샎캏펞재 쁢��맪짪펞홎섢뫎킺픒많혆퍊쁢캏핂삲 쏞훟팧쭎� 훟콚믾펓� 묞퓯쭎 몮푷뽆솧쭎 믾핺헣쭎 많�펓 묞퓯뫎엶칺펓픒훊솒몮샎핂핂펞�펺쁢�옪힒쇦삲쫂삖힎풞믖샎캏핞컮헣뫊헣픒�컪헣쭎픦맏홓헣� 픒샎핂쿦푷솒옫퓮솒쁢짷쩣픊옪칺펓핂잜핂힒쇦펂퐢삲 핂얺뫊헣펞컪훟팧쭎�퐎힎핞�쁢킲헏퓒훊옪칺 펓픒풂폏퐢픊젾핂얺많힎 쿦욚캫 �펓핞쿦 슲픎폲엲묞퓯픦힖픒헎킪�몮�펓픦뺂푷쫂삲쁢샇핳�펓 핞쿹핞읊뽠핂쁢섾훊졷쿦짤펞펔솒옫잚슲몮핖삲 핂얺킲헏퓒훊픦칺펓힒픎캖옻몮솓킪솒읊쿦펔멚 잚슲젾 �펓묞퓯펞핖펂컪켆쭎묞퓯��펞샎컿퐎헒줆읊�묺믾쫂삲쁢�핊윮헏픊옪묞퓯픒풂폏쿦 짤펞펔솒옫잚슲몮핖삲

쏞�펓묞퓯뫊�펓힎풞칺펓졶숞믾쿮�펓펞힟훟몮핖믾쌚줆펞뫃뫊샎펞훟쇦펂폶�졂핂핖픊젾 핊짦� 펓묞퓯픦몋푾펞쁢헒줆쫂삲쁢묞퍟뫊졷픊옪힒쇪�졂핂홂핺삲 �믊슲펂핂얺줆헪읊멾몮핞픃쫃맪뼞 픦�펓뫊빦�펓펾몒헒뫃슿핂솒핓쇦몮핖믾쁢힎잚 믾쿮�펓핂푆펞쁢묞쪒옪쪒삲읆헒줆빦컿읊힒 힎좉몮핖쁢캏핂삲 묞퓯뺂푷펞핖펂컪솒풚�읊��펓쫂삲쁢맪핆펻얗맪짪픒�맪핆�펓퓒훊옪힒쇦 몮핖삲 쏞 샎쭎쭒픦맣픦많헒줆많슲픦�핂빦칺옎읊슲펂쫂먾빦칺펓팒핂싢펂읊맪짪컪찒흖삖큲졶셆픒잚슲펂 쫂쁢멑펞힟훟몮핖삲 찒흖삖큲�쩒큲빦싢핞핆팋��엊�믊펞퓮몮핖쁢�펓뫎엶믾쩣슲핂빦묻뺂펞컪맪짪쇦몮 핖쁢�펓묞퓯옪믆앶슲 ,1&7 "4, 핂뽆읺큲�큲 픦몋푾펞솒풚�킪읊푷훎쇪옪믆앶펞싾않컪핞킮 픦팒핂싢펂읊�몒헏픊옪헣묞쿦핖솒옫묺컿쇦펂핖삲 팒핂싢펂많킲쇦쁢뫊헣펞샎컪쁢맪핆펻얗펞픦홂 몮핖삲 핂얺쭎쭒펻킪팒힏밚힎�몒헏핆묞퓯엶핂쭎혿캏핂젾 �쫂퐒쇮푢많핖삲

칺헏몋헪뫎엶�펓묞퓯 칺헏몋헪쭒퍊펞컪쁢삲퍟퓮픦묞퓯옪믆앶핂힒쇦몮핖픊빦 샎쭎쭒핂핓줆뫊헣쏞쁢혾힏풂폏뫊뫎엶쇪뺂 푷픊옪풂폏훟펞핖삲 �펓뫊뫎엶쇪헒줆뫊헣픎 맪옪믆앶핂풂폏쇦몮핖픊젾 �펓헒줆뫊헣픎팒삖힎잚�믊펞쁢� 펓픒훟킺픊옪묞퓯핂핂욶펂힎쁢뫊헣슲솒빦�빦몮핖픊젾 �펓묞퓯픦샎쭎쭒픎칺헏믾펓뫊뫎엶쇪맪핆�펓퓒훊픦 옪믆앶픊옪힒쇦몮핖삲

뼒칺헏몋헪뫎엶�펓묞퓯뫊헣

� 펓 헒 줆

믾 �

맪컲

옪믆앶

훊�

훊뫎 풞 �펺

믾맒

칺헏믾펓 .#"

,"*45

4,칺헏믾펓켊�

뼒

칺 빮잖삲홙픎빮

맪풢

칺 펺컿핂잚슪쁢 핊뫊짆앦

맪풢

칺 팒읒삲풂많멚

맪풢

훊 캏캏푾읺 핒큲�펂

맪풢

칺헏믾펓�펓헒줆뫊헣

칺헏믾펓힒풞

솧혾�펓팒�섾짆

묻솧혾�펓 몋폏힎풞켊�

묻힎펻핞켊� 훟팧핞켊�

훊

칺헏몋헪�펓 킺묞퓯뫊헣

컪풆킪칺헏몋헪 힎풞켊�

�찒흖 팮�큲�컲 많�몋폏펾묺콚

맪풢

큲�펓칺헏믾펓많뫊헣

잫헪핟콚

잫헪핟콚 +1졶멂

맪풢

,"*45 4, 칺헏믾펓많 몋폏삶믾뫊헣

,"*45

,"*45 4,믆웇 밚힎쁢믆웇풞

맪풢

칺헏믾펓읺섢뫊헣

칺헏믾펓힒풞

쭎칾샎 퍟샎 킮샎 컿뮮뫎샎 훟팧샎 컪맣샎

뼒

칺헏몋헪헒줆많뫊헣

몋믾샎묞

몋믾샎헣�몋헪헒줆샎풞

훊

,"*45 칺헏믾펓 .#" _

,"*45펞컪쁢 뼒쫒믾쭎�칺헏믾펓많 .#"뫊헣픒풂폏몮핖삲 4,믆웇뫊 ,"*45몋폏샎풞핂엳컲잋 뫊헣픊옪칺킮펞샎킮뼞뫊몋폏쁳엳픒매�칺헏믾펓많읊퍟컿믾퓒헒핊헪 뼒퓒뫊헣핂삲 칺헏믾펓많 헣킮뫊몋폏헒줆힎킫픒짢�픊옪찒헒 폂헣 힒헣컿픒힎삚칺헏믾펓많읊퍟컿캖옪풂찒흖삖큲졶셆맪짪짝킮픒 �힎콛많쁳칺헏많�읊�혾몮칺킮캫�몒읊훊솒쁢읺섢읊퍟컿쁢멑픒졷옪몮핖삲 핺 믾홆 펓캫픒짾�캏핂젾 킲헪칺펓픒힒몋푾 4,칺헏믾펓많켊�픦힎풞픒짩픒쿦핖삲 ,"*45펞컪쁢핊엍�큲 읊퓒풂폏핞믖뫊쩣윮 몒슿펞샎헒줆컪찒큲읊헪뫃훊젾 핆�쩮핂폲큲뫃맒솒헪뫃훎삲 믾훟푆펾 쿦퐎 *3픒퓒묞퓯옪믆앶솒솧킪펞힒졂컪킲힖헏핆�펓픒퓒힎풞펞훊졷몮핖삲

핞욚�� ,"*45몋폏샎풞핂힎 칺헏믾펓많.#"콚맪핞욚

묻칺헏믾펓힒풞 ˊ 칺헏믾펓�펓헒줆뫊헣 _

묻칺헏믾펓힒풞펞컪쁢 뼒쭎�칺헏믾펓폖찒�펓핞읊샎캏픊옪샎캏쪒 펓홓쪒옪쇪�펓묞퓯뫊헣픒 풂폏몮핖삲 묞퓯샎캏쪒 킪삖펂 펺컿 �뼒 핊짦 쇪퓒�묞퓯믾뫎픒컮헣펺믾뫎샇퍋 잚풞픒힎풞훊몮 믾쫆묞퓯 킪맒핂캏 뫊젦�잏훟킺픦킺묞퓯 킪맒핂캏 픦 삶몒묞퓯뫊헣픊옪힒훟핂삲 킺묞퓯펞컪쁢젦� 잏뫊찒흖삖큲풚�쿛핂�많쇦믾쁢힎잚묞퓯힒짷킫뫊뺂푷졂펞컪쁢믾홂픦�펓묞퓯슲뫊�멚�쪒쇪��읊 헪킪힎쁢좉몮핖삲 묻솧혾�펓몋폏힎풞켊� ˊ 솧혾�펓팒�섾짆

 묻솧혾�펓몋폏힎풞켊�쁢 칺 묻힎펻핞켊�퐎 핺 훟팧핞켊�퐎벦솧혾�펓컿읊퓒 컪훊맒 킪맒 퍊맒 킪맒 뫊헣픒풂폏몮핖삲 핞켊�핒힏풞핂훊푢쿦맣샎캏핂젾 핊짦핆솒�펺많쁳삲 솧 혾픒컲잋몮풂폏쁢멑펞샎헒짦헏핆뺂푷픒삲욶몮핖픊젾 킲헪핳펞컪핊펂빮잚핊슲펞샎킲킃솒힒 졂컪컲잋펞샎믾�묞퓯픒�킲삲욶몮핖쁢핂삲 힎잚 �펓픒퓒팒핂싢펂읊묺�몮핂읊킲펞폼믾쁢 쭎쭒펞샎뺂푷핂쭎혿젾 킲헪칺펓픒힒쁢섾푢힎풞핂펔펂컪�펓묞퓯쫂삲쁢컲잋뫊풂폏펞샎믾�묞퓯 픦컿멷핂맣삲 컪풆킪칺헏몋헪힎풞켊� 칺헏몋헪�펓킺묞퓯뫊헣

컪풆킪칺헏몋헪힎풞켊�쁢칺헏몋헪�펓믾펓훟킲힖헏핆찒헣믾헏잲�핂짪캫몮핖픊빦칺펓헒얃픦쪎많 푢믾펓픒샎캏픊옪몋폏맪컮픒퓒젦�잏옪믆앶픒힒삲 �찒흖솧혾 펞�큲�컲 많�몋폏펾 묺콚펞컪젦�옪�펺픊젾 맪믾펓샇 킪맒핂캏맪쪒젦�잏픒힒칺펓멾뫊읊뫃퓮쁢�옪힒쇦펖삲

잫헪핟콚 ˊ 큲�펓칺헏믾펓많뫊헣

잫헪핟콚펞컪쁢 +1졶멂픦풞픒짩팒칺헏몋헪킺핆핺퓯컿칺펓픦핊픊옪샎헏핆칺헏믾펓�펓많슲맣칺 옪�펺킪�쁢맣뫊풚�쿛퓒훊픦묞퓯옪믆앶픒힒폎삲 묞퓯캫슲펞멚솧힎풞믖뫊젦�잏컪찒큲읊힎풞훊졂 컪묞퓯캫맒픦킃 QFFS UP QFFS MFBSOJOH 픒퓮솒쁢옪믆앶솒힒폎삲 믾�묞퓯옪믆앶펞컪픦�펓묞퓯 �믊펞쁢�펓픒헒줆픊옪쁢옪믆앶픎팒삖힎잚 �펓묞퓯픒훟킺픊옪풂폏쇦쁢칺헏몋헪뫎엶묞퓯옪믆앶슲솒 빦�빦몮핖삲 ,"*45쁢 뼒쭎� ,"*45 칺헏믾펓몋폏헒줆많뫊헣 맪풢 픒풂폏펺퐢픊빦 뼒쭎�쁢�펓묞퓯 헒줆옪믆앶픊옪쪎몋펺힒몮핖삲 핂푆펞솒묻칺헏믾펓힒풞핂샎펞퓒�풂폏쁢 칺헏믾펓읺섢뫊 헣 솒�펓묞퓯펞샎찒훟핂빦빮핂흫많졂컪묞샇 맪뫊졷헣솒쁢�펓묞퓯뫊헣픊옪힒쇦몮핖픊젾 몋믾샎 칺 헏몋헪헒줆많뫊헣 솒훊푢옪믆앶픎�펓묞퓯퓒훊옪힒쇦몮핖삲

푆칺옎@*.1. *OUFSOBUJPOBM .BTUFST JO 1SBDUJDJOH .BOBHFNFOU

.JOU[CFSH 쁢믾홂 )BSWBSE킫 .#"많매몮핖쁢삲퍟줆헪헞슲픒힎헏젾샎팖헏핆몋폏핞 NBOBHFS 읊퍟컿 믾퓒묞퓯옪믆앶픒맪짪풂폏몮핖삲 .JOU[CFSH쁢 .#" .BTUFS PG #VTJOFTT "ENJOJTUSBUPS 홆펓캫픦샎쭎쭒핂 몋폏핞많쇦믾쫂삲쁢믖픃펓핂빦몋폏�컲�옪힒�쁢헞펞줆헪읊헪믾삲 .JOU[CFSH쁢 .#"많힒헣몋폏핞읊퍟 컿믾퓒묞퓯옪믆앶핂쇦믾퓒컪쁢쭎읊잗홆펓캫쫂삲쁢몋폏핞옪턶픦�콚픦칺몋픒매�킪삖펂 믗픦몋폏핞슲핂묞퓯옪믆앶펞�펺퍊삲몮쫂팦삲 쭎킲헒몋픒많힒칺앚슲핂핞킮픦몋픒컿�몮컪옪 뫃퓮픊옪턶 몮짊픒멾몮캖옪풂칺펓믾읊짪멺쿦핖솒옫옪믆앶핂믾쇦펖삲 *.1.픎믾�헏핆몋폏힎 킫픒짾푾쁢뫃맒핂믾쫂삲쁢훊옪샎믾펓픦킮뮪핒풞핂빦묞쿦 믾펓풂폏핞슲슿픦삲퍟몋엳핞슲핂�펺읊몮핖픊젾 묻뺂샎믾펓훟펞컪쁢 -(퐎 104$0많�펺몮핖삲 *.1.픦�많핞슲픎 맪묻 폏묻 �빦삲 훟묻 핆솒 쯚않힖 펞컪묻많 쪒옪풂폏쇦쁢 맪픦졶슖펞쿪젾�펺삲 헒�묞퓯킪맒픦 핂캏픒삲읆�많핞읊퓒컪칺푷솒옫픦줂 몮핖픊젾 컪옪픦묻많읊짷줆�졷픒삲힎몮캖옪풂칺펓믾읊잚슲펂많믾솒삲 *.1.픎 맪풢맒 펞멆� 핊 힪읺졶슖펞�펺멚쇦힎잚헣쇪묞퓯옪믆앶핂않믾쫂삲쁢핞킮픦솓펻얗뫊콚졓픒짪멺많쁢뫊헣핂젾 옪 믆앶홓욚펞쁢�홓쫂몮컪읊헪�멚쇪삲

핞욚�� *.1. ջ*.1. $:$-& ռ � 맪픦졶슖픎맏믾힎펻뫊묞픦컿픒짦폏묺컿쇦젾맏묞픦묞쿦힒슲핂훊옪훎찒읊멚쇪삲 �쩖ퟆ졶슖픎 폏묻앟�큲�샎펞컪힒쇦젾 큲큲옪읊솚팒쫂젾 핞팒컿�픒쁢킪맒 .BOBHJOH TFMG 5IF 3FFDUJWF NJOETFU 픒 매멚쇪삲 훊옪혾힏핂빦몋폏�펺 퓲읺슿픦뫊졷픒쿦맣멚쇦젾핂쌚밚힎쁢뻲풚�쫂삲쁢큲큲옪펞멚힟훟쁢킪맒 픒매멚쇪삲 숞쩖ퟆ졶슖픎�빦삲잳밆샎펞컪힒쇦젾 찓섾핂�빦핺줂 잖�슿픦쭒컫헏핆믾쿮펞�헞픒재�켆 켦 .BOBHJOH PSHBOJ[BUJPOT 5IF BOBMZUJD NJOETFU 픊옪묺컿쇪삲 힏맞핂쭒컫핂빦폖�픒쩥펂빮몋푾펞펂썮핊핂짪 캫몮몋폏펞샎멺픒샎혾헏픊옪몋쿦핖멚묺컿쇪삲 켆쩖ퟆ졶슖픎훟묻핆짊샎펞컪힒쇦젾 뫎몒퐎엳 헏핆칺몮펞힟훟삲 .BOBHJOH 3FMBUJPOTIJQ 5IF $PMMBCPSBUJWF .JOETFU 훟묻픦솓찒흖삖큲뫎헞픒몋몮훟 묻펞홂핺쁢봚킪않쁢헒�픒핂쁢뫊헣픒먾�멚쇪삲 뻲쩖ퟆ졶슖픎쯚않힖 &1"#& '(7펞컪힒쇦젾 쪎뫎읺 퐎킲헏칺몮 .BOBHJOH $IBOHF 5IF "DUJPO .JOETFU 펞샎묞퓯픒힒삲 잖힎잗 쩖ퟆ졶슖픎핆솒 **.#펞컪힒 쇦젾믎옪쩚헣킮픒짾푾멚쇪삲 .BOBHJOH $POUFYU 5IF 8PSMEZ .JOETFU 핂얺 맪픦졶슖핂졶숞븫빦졂�홓뽊줆 픒핟컿멚쇦졂컪묞퓯옪믆앶픎홓욚멚쇪삲

칺헏몋헪�펓묞퓯�읺�엊

뼒칺헏믾펓�펓헒줆뫊헣 킺뫊헣 펺컿 �읺�엊 샎캏

펺컿 폖찒 �펓핞

핊헣

묞퓯옪믆앶

훊� 핊

칺헒묞퓯 칺헏몋헪혾힏픦풂폏풞읺퐎혾힏풂폏

훊� 핊

칺헒묞퓯 풚�쿛 쿊켪짆켦뫊킮

훊� 핊

맪맣 핳�짷

훊� 핊

콚켪짆켦뫊찒흖삖큲졶셆

훊� 핊

솧혾픦풂폏풞읺퐎컲잋킲줂

훊� 핊

풚�쿛 칺펓몒컪핟컿쩣

훊� 핊

펓홓쪒젦�잏 칺펓몒컪핟컿힎풞

훊� 핊

혾힏뺂콚�픒퓒�쥲삖�핂켦짷쩣

훊� 핊

젦�잏풚�쿛 칺펓몒컪핟컿힎풞

훊� 핊

펓홓쪒젦�잏 칺펓몒컪핟컿힎풞

훊� 핊

찚싷풚�쿛 칺펓몒짪 킺칺

훊� 핊

쿦욚킫 뻲풚� 맣 칺헏믾펓힎풞헪솒짝 컮짾칺헏믾펓많퐎픦잚빶

풂폏훊�

칺 펺컿핂 잚슪쁢 핊뫊짆앦

뼒칺헏믾펓�펓헒줆뫊헣 킺뫊헣 킪삖펂 �읺�엊 샎캏

켆핂캏킪삖펂 폖찒�펓핞

핊헣

묞퓯옪믆앶

훊푢맣칺

퓒�쿛 짣 핊

맪맣킫짝 05 빦픦콚켪짆켦뫊찒흖삖큲졶셆 �짪짝묺컿 빦픦콚켪짆켦뫊찒흖삖큲졶셆맪핆 쪒슪짿

밎뫟쿦 캏캫짪헒콚콚핳

퓒�쿛 핊�

칺헏믾펓�않푾슪싷 �핂큲큲�싢

훊 폲잖핂�삖 컿힒몋샎

훊�

빦픦콚켪짆켦 �짪 펓믆엖핂슪젦�잏

훊�

빦픦찒흖삖큲졶셆 �짪 펓믆엖핂슪젦�잏

훊�

�않푾슪싷푾쿦옪헫믾 킲킃

훊�

�않푾슪싷옪헫믾 킲킃

훊�

�않푾슪싷옪헫믾 킲킃펓믆엖핂슪

훊�

쿦욚킫짝�않푾슪싷옪헫컮헣섾졶섾핂

밎뫟쿦 캏캫짪헒콚콚핳

훊 폲잖핂�삖 컿힒몋샎 젦�믆웇

칺 빮잖삲홙픎빮

솧혾�펓힎풞켊� ˊ 솧혾�펓팒�섾짆�읺�엊 묺쭒

묞퓯뺂푷 맣 솧혾헪샎옪팚믾 솧혾픦 샎풞�뫊풂폏풞읺

�

컿뫃쁢솧혾칺옎퐎컿뫃푢멂 솧혾펓홓쪒찚싷 <킲킃> 푾읺혾픦퓮뫊헪 풞�핟컿 맣 솧혾잚슲믾 솧혾퓮뫊컲잋칺옎

�

솧혾헒 핞

퓮쪒솧혾컲잋헖� <킲킃> 푾읺혾컲잋핊헣퐎헪 뫊헪핟컿 맣 솧혾잖� 잖�핂앎

�

솧혾픦잖�풞읺 컿뫃쁢솧혾잖�칺옎 <킲킃> 푾읺혾픦킺몮맫뫊잖�헪 뫊헪핟컿 맣 칺펓몒컪핟컿킲헪

�

핞믖혾삺푷칺펓몒컪핟컿푢옇 콚캏뫃핆펓칺펓뫊칺펓몒컪핟컿푢옇 <킲킃> 푾읺혾픦칺펓졶셆믆읺믾 맣 솧혾핺줂몒 솧혾핺줂몒풞읺

�

솧혾뫊짾샇 헏잋 핞믖풂푷 솧혾켆줂몒퐎헖켆믾 <킲킃> 푾읺혾핗펺믖솒�뫊짾샇핟컿 맣 솧혾쩣윮

�

솧혾믾쫆쩣뫊헣뫎 뮪퍋 솧혾컲잋 헒 풂폏 칾짷쩣 <킲킃> 찒혾풞핂푷뫊핒힏풞몆힏 맣 솧혾헣뫎 뮪퍋핟컿킲헪 헣뫎 뮪퍋핟컿믾

�

솧혾뮪퍋픦믾쫆묺혾 솧혾뮪퍋핟컿킪옎 <킲킃> 핂푷짾샇뮪퍋 핂칺핳퓒핒헒멾핟컿 맣 솧혾컲잋 헒헖�킲줂

�

핊짦솧혾컲잋 헒헖�짝핟컿푢옇 칺헏솧혾컲잋 헒헖�짝핟컿푢옇 <킲킃> 푾읺혾픦컲잋 헒 켆쭎핊헣훎찒컪윦졷옫핟컿믾 맣 솧혾칺펓몒 헣뫎뮪퍋핟컿짪

�

콚찒핞 삲훟핂 솧혾칺옎맣펾 힖픦픟샃 <킲킃> 솧혾칺펓몒컪 헣뫎 뮪퍋퐒컿믾 맣 솧혾칺펓몒 헣뫎뮪퍋핟컿짪

�

칺펓핞 힏풞 솧혾칺옎맣펾 힖픦픟샃 <킲킃> 솧혾칺펓몒컪 헣뫎 뮪퍋퐒컿믾

뼒,"*45 4, 칺헏믾펓많몋폏삶믾뫊헣�읺�엊 묺쭒

맣픦훊헪

핊킪

칺헏믾펓맪옮

훊� 핊

몋헪믾�퐎헣픦옮

훊� 핊

찒흖삖큲졶셆뫊칺펓몒컪

훊� 핊

칺헏믾펓픦핞풞혾삺뫊헪 430*

훊� 핊

몋폏픦핂

캫칾짝컪찒큲몋폏

훊� 핊

풚�쿛

찒흖삖큲콢욶켦풚�쿛 줆헪�믾

훊� 핊

잖�

훊� 핊

잖�

훊� 핊

40)0픦 *5짝 F #VTJOFTT

훊� 핊

핆헏핞풞뫎읺퐎읺섢킻

훊� 핊

몒

훊� 핊

핺줂헪쭒컫

훊� 핊

몋폏헒얃

훊� 핊

찒흖삖큲콢욶켦풚�쿛 콢욶켦잚슲믾

훊� 핊

칺헏믾펓픦핂

몋폏픦핂

풚�쿛

뼒칺헏믾펓읺섢뫊헣묞뫊켷 퓒�믾뫎

몋빶뫊믾쿮샎묞

퍟샎묞

컪맣샎묞

묞뫊졷

묞퓯믾맒

칺헏몋헪퐎칺헏믾펓많헣킮

훊

칺킮뫊싢핞핆팋�

훊

4&캫�몒퐎힎펻칺킮

훊

힎펻칾펓뫊칺헏믾펓

훊

칺헏믾펓믾�펾묺 핂옮 펻칺 짆앦

훊

<켆짆빦> 칺헏믾펓픦캫�몒묺�

훊

칺헏믾펓픟푷펾묺 묻헪맪짪엳뫊칺헏믖픃

훊

<켆짆빦> 묻헪맪짪엳뫊칺헏믖픃

훊

칺헏믾펓몋폏맪옮

훊

칺헏믾펓컿뫃헒얃

훊

칺헏믾펓찒흖삖큲졶셆뫊칺펓몒컪

훊

칺헏믾펓픦옮�뫊힎콛컿핳

훊

�몮줆 밎훊짆 뭚컮퓲 �혾몋헪킪샎픦�펓묞퓯컿읊퓒헪펆 ,04#* 훟콚믾펓�큲 컪풆 훟콚믾펓펾묺풞 헪  짣�쿦 짣믊헣쭎픦�뼒�펓�힒헒얃 5IF )3% SFWJFX 켆홓 묻힏펓쁳엳맪짪풞 뭚  짣�쿦 �뼒�펓힎풞헣�픦퓶컿맪컮짷팖 켆홓 묻힏펓쁳엳맪짪풞 콞폏 묻뺂�펓캫�몒 컪풆몋헪 컪풆 컪풆펾묺풞 퍟쫗 �뼒�펓캫�몒혾컿짝컿짷팖 컪풆 칾펓펾묺풞 퍟쫗 짣홓쫃 �뼒�펓컿짷팖 컪풆 칾펓펾묺풞 핂� 샎�펓핆않킲�혾칺 샎헒 훟콚믾펓� 1 4FOHF ջ5IF 'JGUI %JTDJQMJOFռ ջ킃쁢혾힏 맣헣펻

*LVKJSP /POBLB BOE )JSP 5BLFVDIJ ջ5IF ,OPXMFEHF $SFBUJOH $PNQBOZռ ջ힎킫�혾믾펓 핳픎폏펻

*.1. ջ*.1. $:$-& ռ ,BVNBO '"4553"$ ջ1MBOOJOH UIF &OUSFQSFOFVSJBMռ -V[BSSBHB ջ.5" 5IF QPXFS PG 5FBN FOUSFQSFOFVSTռ (4&' 짪핞욚힟 .BVSZB ջ3VOOJOH -FBOռ ջ읾큲�펓ռ 퓒컮훊펻

. + .BSRVBSEU ջ0QUJNJ[JOH UIF 1PXFS PG "DUJPO -FBSOJOHռ ջ팯켦얺삫픦ռ 핂�쫃펻

. + .BSRVBSEU ջ"DUJPO -FBSOJOH JO "DUJPOռ ջ�몮픦핆핺읊잚슪쁢믾펓묞퓯옪믆앶 팯켦얺삫ռ 쫗 � 밎홓믊펻

.5" .*// $IJOB 옪믆앶콚맪핞욚힟 1"3564 ջ$SFBUJOH 5FBN &OUSFQSFOFVSTռ +PIBOOFT 1BSUBOFO ջ5IF 5FBN $PBDIˏT #FTU 5PPMTռ +PIBOOFT 1BSUBOFO ջ#PPL PG #PPLTռ +PIBOOFT 1BSUBOFO ջ(MJNQTFT PG *OEJWJEVBM -FBSOJOHռ 5PTFZ %IBMJXBM )BTTJOFO ջ5IF 'JOOJTI 5FBN "DBEFNZ NPEFM *NQMJDBUJPOT GPS NBOBHFNFOU FEVDBUJPOռ

칺헏몋헪컿읊퓒 킲헒솧혾�펓묞퓯졶셆맪짪펾묺쫂몮컪 짪핆 짪� 믾짝믎묺컿 짪핊 핆쾒 훊콚 & NBJM 헒

핳킇뭚 $PPQ: 솧혾 밎컮 밎킮 풞홓 뼒 풢 핊 잖핂큲� 컪풆킪묺옪묺펾솧옪 컿뫃샎묞핊잚뫎 "  DPPQZ@DPPQ!EBVN OFU

연구보고서 모음집 자율연구

노동자협동조합 비즈니스모델 및 플랫폼 사례연구 대안노동자협동조합연합회

긛쏻땰騬떋덟髛뜯됿긛댴

黧ꅈ듿쎀ꅈ뗟싘 ꮳ뛷ꀷ뀓ꠗꃧ ꥾ 쉻ꔚ셫 긛ꖯ덟髛

c╇ೃ⤛e ╇ೃ⮜⛛⛧

⁳⟜∴O቗⒟჏ጰ⛧㕨ጰ⟇㓀╇㓀㗣 ❬⮜♛☧⛼P

╇

ೃ

☧

∷ⅳ╟O㒳ೄ㕨ጰ 㗣ఔ❳╇቗㗣⚯ ᪋ೄ⛼P

╇

ೃ

☧

┛㕬∴Oೄ❳჏ጰ⛧㕨ጰ⟇㓀╇ᥐ jpjvwhP

тАл ▌╛тАмрм░ ┬Д ркЩр│д раБ╥Крв▓ ╓втАл╪▓тАмh╥КриКhрвОрж╕ рзЛ╥Е р┤ИтАл╪▓тАмркСр│д р│Т█Цр▓м тАл╪итАмрйС╥ЧркБрзм рй╣тАл▌ОтАм

┬Д ╤Р▀╣рвО█╣ раБ╥Крв▓ ╓втАл╪▓тАмрйЧр┤ИтАл╪▓тАмркСр│д ра║рлЙтАл╫дтАмрдЭтАл╪Ы▌╜тАм *5@*5╤Р▀КрйЧ р│Р▄╗тАлрв▓█ТтАмр┤Л р┤ИтАл╪▓тАмркСр│д рз╗рдзрж╕@ра╢тАл █СтАмржС╥│рй┐ рз╗рдзрж╕@р│праВ╒бтАл▌Г╫ГтАмр▒Яр┤ИтАл╪▓тАмркСр│д рз╗рдзрж╕@р│зр│Цра│▌БрлСр┤ИтАл╪▓тАмркСр│д ╘╡▀П ╓втАл╪▓тАмрйЧр┤ИтАл╪▓тАмркСр│д ра║рлЙтАл╫дтАмрдЭр│Т█Цр▓м р│Т█Цр▓м@4.BSU р│Т█Цр▓м@рвОрж╕╥КриКр┤ИтАл╪▓тАмркСр│д $"& р│Т█Цр▓м@рвЪрж╕р┤ИтАл╪▓тАмркСр│д

├Ь рм╡╥КрйЧтАл▄РтАм рвЪрж╕р┤ИтАл╪▓тАмркСр│д ргЧ╤РрйЧтАл▄РтАм рвОрж╕╥КриКр┤ИтАл╪▓тАмркСр│д ргЧ╤РрйЧтАл▄РтАм рвОрж╕╥КриКр┤ИтАл╪▓тАмркСр│д р┤Ер┤Я рвОрж╕╥КриКр┤ИтАл╪▓тАмркСр│д ра│тАлргК█╜тАм рдЭ▌Гр▒ЯтАлрйЛрж║▐Ц ╫ЧтАм╨╛ <раБрзорйЧтАл >▄РтАм/PU "MPOF

⟜㓀 ᱋ష⁳ a ჏ጰ읆ష☀읆 ├ ╇ఛ 㕨ጰ⟇㓀㑣ᜂ㍓ ጛ⛜౓❳▗ ❛ᤴ

ઙ೤ࠁҊࢲ

ࢎഥ੸҃ઁোҳ૑ਗࢎস ֢‫ز‬੗ഈ‫ز‬ઑ೤࠺ૉ‫פ‬झ‫߂؛ݽ‬೒ۖಬࢎ۹োҳ

֢‫ز‬੗ഈ‫ز‬ઑ೤ ࠺ૉ‫פ‬झ‫߂؛ݽ‬೒ۖಬࢎ۹োҳ

ജ҃߸ച ೧৻ࢎ۹ ਃড ೧৻ࢎ۹ दࢎ੼ ೐ܻ‫ ࢲے‬ഈ‫ز‬ઑ೤ ੹‫ݎ‬ ೐ܻ‫ ࢲے‬ഈ‫ز‬ઑ೤ җઁ

ജ ߸

҃ ച

ജ҃߸ച ࠛউ੿ ֢‫੄ز‬ഛ࢑җ ࢎഥো‫੸؀‬೧Ѿ੄೙ਃࢿ

ౠࣻҊਊ֢‫ز‬੗ h *5ѐߊ੗ h ޷٣য௑బஎࢤ࢑੗ ࢎ۹ ࢤ࢑ࣻ‫ױ‬ਸझझ‫ࣗ۽‬ਬೞҊ‫ة‬੗੸ਵ‫ز֢۽‬ೞ‫ח‬೐ܻ‫ ࢲے‬੗оҊਊ֢‫ز‬੗ ੄әࣘೠૐо

೒ۖಬ ӝ߈੄ ઺҅ ࣗѐ ࠺ૉ‫פ‬झ੄ ഛ࢑ ஠஠য়ఖद *5ѐߊ੗ী੉੹द ஠ಕ઺ब૒সࣗѐࣗ١

‫׮‬নೠ ‫࠺ࢲੋ؀‬झ ࠙ঠ‫ ۽‬೒ۖಬ ӝ߈ ઺҅ ࠺ૉ‫פ‬झ ୹അ ੹‫ݎ‬ ߓ‫ ҅઺׳‬оࢎ‫ب‬਋޷઺҅ ইܰ߄੉౟઺҅١

೒ۖಬ ੉੊਷ ೒ۖಬ ࣗਬ੗ীѱ ૘઺ ࣗѐ‫੊੉ܐ‬਷೒ۖಬࣗਬ੗ীѱ૘઺‫غ‬Ҋ ࢚ಿh ࢲ࠺झઁҕ੗‫ח‬оѺ҃੬঑߅

ജ҃߸ച ࠛউ੿ ֢‫੄ز‬ഛ࢑җ ࢎഥো‫੸؀‬೧Ѿ੄೙ਃࢿ

࢚ಿ h ࢲ࠺झ ઁҕ੗‫ ੄ب߹ ח‬ਬ૑࠺ਊ ࠗ‫׸‬ ೒ۖಬࣻࣻ‫৻ܐ‬ী‫ױࣻ࢑ࢤب‬ҳੑ࠺ਊ ਤ೷ী‫࠺؀‬ೠ޹рࠁ೷࠺ਊ ‫ݶ‬ೲ١ߨ੸੗Ѻஂٙ࠺ਊ ੘সҕрਬ૑࠺ਊ ࢚ಿh ࢲ࠺झ੄ഈࣗೣ ࣻੑ੄߸‫ز‬಩ૐо١݆ࣻ਷ਬ૑࠺ਊࠗ‫׸‬

೒ۖಬ ࣗਬ੗৬ ࣗ࠺੗‫ࠛ ח‬উ੿ ֢‫ ੄ز‬ഛ࢑ী ঐ‫੸ޗ‬ਵ‫ ۽‬ଵৈೞѢա ߑઑ ੄‫ب‬ೞ૑‫ח‬ঋও૑݅೒ۖಬࣗਬ੗‫ח‬೐ܻ‫ࠛ੄ࢲے‬উ੿ೠ૑ਤܳഛ࢑दః‫ח‬৉ೡ ծ਷оѺਵ‫࢚ ۽‬ಿh ࢲ࠺झܳࣗ࠺ೞ‫࠺ࣗח‬੗‫ߑח‬ઑೞ‫ח‬৉ೡࣻ೯

೐ܻ‫ ࢲے‬೐ܻী੉੹౟ द‫ חېب ੄؀‬Ѣझܳ ࣻ হ‫ࣁ୶ ח‬ ӝস੄੉੊ਯ੷ೞ ֢‫੷ࢶ࢑ࢤز‬ೞ Ҋਊਬ૑࠺ਊࠗ‫׸‬١੄അपীࢲ ೐ܻ‫ ࢲے‬೐ܻী੉੹౟੄ഛ࢑਷੉޷৘Ҋ‫ز֢ػ‬द੢੄ъ۱ೠ߸ച

೧৻ࢎ۹ ਃ ড

೧৻ࢎ۹ ਃ ড ৔Ҵ / P U "MPOF

৔Ҵ /PU "MPOF ࠛউ੿ೠ֢‫੄ز‬ഛ࢑

೐ۨ஠ܻই౟ 5IF QSFDBSJBU ੄ ١੢ h ޹рࠗ‫ޙ‬ীࢲ࢚दҊਊ [FSP IPVS DPOUSBDU ੉ әࣘೞѱ ഛ࢑‫ؽ‬ী‫ࠛۄٮ‬উ੿ೠ֢‫੉ز‬ ഛ੢ ࢜‫܂‬ѱࢤѹդਬোೠ ֢‫ز‬۱ਸੌஸয೐ۨ஠ܻই౟ h ୭Ӕ৔Ҵীࢲ੗оҊਊഋక੄ ֢‫ز‬੗ ࣻ‫݅ ח‬ө૑ ৢ‫ۄ‬о‫ࢲݶ‬ӓ੸ਵ‫۽‬ૐо h‫࢚੉ ݺ ݅ ֙ݒ‬ૐо ࢜‫܂‬ѱ ࢤѹա‫ੌח‬੗ܻ੄ ੉࢚ਸ ର૑

৔Ҵ /PU "MPOF ࠛউ੿ೠ֢‫੄ز‬ഛ࢑

ࠂ੟ೞҊ ‫׮‬নೠ ഋక੄ ੗оҊਊߑध੉ ઓ੤ ੌਊ૒ ੐द૒ ੗৔স੗ ೐ܻ‫ࢲے‬ী੉ܰӝө૑‫׮‬নೠ‫ز‬ӝܳ૑‫݆ܲ׮צ‬਷ਬഋ੄੗оҊਊഋక੄ ֢‫ز‬੗ٜ੉੓਺ ৔Ҵীࢲ‫઺੉ח‬ড о ੋࢎসਸೞ‫ࢎ݀ةח‬স੗

ࣁӘ ഥೖ‫੸ݾ‬ਸ о૑Ҋ ੓Ѣա ࠗ‫ب‬؋ೠ Ҋਊ઱ী ੄ೠ ൞ࢤ੗ WT ੗ਬ‫۽‬਍ ‫੉ۄ‬೐झఋੌ ୶ҳ ੗оҊਊ੗ٜী‫؀‬ೠੋध਷௼ѱ‫ف‬о૑‫۽‬ա‫੉ ׍‬ӓ‫੉ࢎױ‬ী ੋ੗৔স੗৬೐ܻ‫ࢲے‬оઓ੤ /PU "MPOF ࠁҊࢲ‫੉ח‬ٜীѱ૘઺ೣ

੗оҊਊߑधਵ‫ੌ ۽‬ೞӝܳ ࢶഐ ೤ߨ੸ਵ‫߉੿ੋ ۽‬ӝܳ ਃҳ ੉ٜ਷੗оҊਊ੄ߑधਵ‫ੌ۽‬ೞ‫ח‬ѪਸૌӝҊ੹ా੸ੋੌ੗ܻ‫੄۽‬ഥӈܳ߈٘दਗೞ‫ח‬Ѫ਷ই‫ ש‬ Ӓ‫؀‬नীӒٜ੄૑ਤоы‫ח‬ਤ೷җࠁ࢚੉Ӑഋਸ੉‫ܚ‬ਵ‫ॄ۽‬੗नхਸ঳Ҋੋ੿җ૑૑ܳ߉ӡਗೣ

߸ചܳ ਤ೧ࢲ‫ ח‬૘‫ױ‬ਵ‫ ܻܳࣗݾ ࢲ۽‬ղ‫ ח‬Ѫ੉ ઺ਃ ࠛউ੿ೠ֢‫ز‬ઑѤਸ৮ചೞӝਤ೧ࢲ‫ח‬੗оҊਊ‫ز֢ػ‬੗ٜ੉߸ചܳਤೠ૘‫ܻܳࣗݾੋ੸ױ‬ഋࢿೞ‫ח‬Ѫ੉ ઺ਃ ‫ژ‬ೠӒٜ੉೙ਃ‫۽‬ೞ‫࠺ࢲח‬झܳઁҕೞӝਤೞৈࡅܰѱ೯‫ز‬ೞ‫ח‬Ѫ੉೙ਃ

৔Ҵ /PU "MPOF ֢‫ز‬ઑ೤੸೧Ѿ

੗оҊਊ੗ܳ ૘Ѿ ߂ ઑ૒ *-0 ‫חژ‬Ҵઁ56$ܳా೧੗оҊਊ੗ܳ૘Ѿ߂ઑ૒ೞҊ ੉ܳా೧੿ࠗ৬੿଼ੑউ੗ٜ੉ೞա੄૘‫ױ‬ਵ‫ࢲ۽‬੗оҊਊ੗ٜਸੋधೡࣻ੓ѱٜ݅যঠೣ

ઁ‫ ب‬ѐࢶਸ ਤ೧ ੿ࠗա ӝসী ੉गઁӝ ֢‫ز‬ઑ೤੄о੢ъ۱ೞҊ೙ࣻ੸ੋ৉ೡ ੗оҊਊ੗ܳਤೞৈҡଳ਷ੌ੗ܻী‫؀‬ೠӝળ ૕߽ࣻ‫׼‬ী‫؀‬ೠ੽Ӕ োӘҗ‫୓ױ‬Үࢼഈডਸѐߊೞ‫ࢿؘח‬ҕ

ࠁ೷੉ա ߸ഐ ١੄ ࢲ࠺झ ઁҕ ծ਷࠺ਊਵ‫ࠁ۽‬೷ਸઁҕ ੹‫ޙ‬оҮਭҗള۲೐‫۽‬Ӓ‫۔‬ѐߊ ૘‫߸੸ױ‬ഐ ֢‫ز‬੗੄Ѽ‫߸؀‬

୭Ӕী‫ز֢ ח‬ઑ೤੉ ੗оҊਊ੗ܳ ૒੽ ଻ਊ ֎؏‫ ٘ۆ‬झಕੋীࢲ੗оҊਊ੗ܳ૒੽଻ਊ झಕੋ੄615"‫੄࢚੉ݺ݅ ח‬੗о֢‫ز‬੗଻ਊ ੗оҊਊ੗੄଻ਊীୡ੼ਸ‫ز֢ח୶ݏ‬ઑ೤੉੹ా੸ੋઑ೤ࠁ‫׮‬؊ࡅܰѱࢿ੢

৔Ҵ /PU "MPOF ֢‫ز‬ઑ೤੸೧Ѿ

ೖҊਊ੗ ߨ੸૑ਗ पসәৈ ߽оࣻ‫ ׼‬ োӘҗ э਷ഌఖ ૒੽ઁҕ

োӘ ߽оࣻ‫ ׼‬ ࠁ੢ࠁ೷ ߨ‫੸ܫ‬ ઑ঱ ࣁӘ҅࢑ઁҕ ೦੄ ੉गઁӝ

੿ࠗ

֢‫ز‬ઑ೤

೦੄ ੉गઁӝ

୹࢑ࣻ‫ ׼‬ോо١ਸ ઁҕೡ ߨ੸ ੄‫ޖ‬ъઁ

Ҋਊ઱

৔Ҵ /PU "MPOF ഈ‫ز‬ઑ೤੸ ࢚ഐ੸ഈ۱੄ ೙ਃ

ҕਬ‫ ػ‬੘সҕр ‫ ܐز‬੤੿੸ ߨ੸ ࢲ࠺झ ١੄ ೙ਃ ઑ঱ ૑૑ӒܻҊ‫ܐز‬গ ࣠੢੘ࢿҗ੤੿х‫ة‬ਸನೣೠࢎ‫࠺ࢲ੸ޖ‬झ ߨ੸ ੤੿੸࢚‫ ׸‬ҕਬ‫ػ‬੘সҕр ҕਬ‫ػ‬੢࠺ ծ਷Әܻ੄੗Әઁҕ ‫ࠁ୓ױ‬೷ ݃ா౴١੉੗оҊਊ੗ٜ੉೙ਃ‫۽‬ೞ‫ח‬Ѫ੐

пઙ ೙ਃࢎ೦ٜ੄ Ѿৈ‫ੋ ۽‬ೠ ੗ߊ੸ਵ‫࠺ ۽‬ҕध੸ ഈ۱ ੗оҊਊ੗ٜ੉೙ਃ‫۽‬ೞ‫ח‬Ѫ੉Ѿৈ‫غ‬য੓‫ח׮‬Ѫ੉઺ਃೠ੉ग ੉ܳਤ೧੉޷݆਷੗оҊਊ੗ٜ੉࠺ҕध੸ਵ‫۽‬ഈ۱

ࣻ੊ਸ ઴੉‫޹ ח‬рࠗ‫࠺ࢲ ޙ‬झ ੉ਊ ੗оҊਊ੗ٜ੉೙ਃ‫۽‬ೞ‫࠺ࢲח‬झ‫޹ח‬рࠗ‫ޙ‬ীࢲ୽઒‫ࣻؼ‬੓Ѣաपઁ୽઒‫غ‬Ҋ੓૑݅ ޹рࠗ‫ޙ‬਷੗оҊਊ֢‫ز‬੗ٜ੄ࣻ੊ਸ؊਌઴ৈߡܻ‫ݿ੊ࣻח‬ਸୃѹх

ࣻ੊ਸ ‫ חܻט‬ഈ‫ز‬ઑ೤ ߂ ࢚ഐઑ૒੄ ࢲ࠺झ ੉ਊ ডр੄੔ৈ࠙੉੤ై੗‫غ‬Ѣաҳࢿਗٜࢎ੉ীࢲҕਬ‫ࣻؼ‬੓ӝ‫ޙٸ‬ী प૕੸ਵ‫۽‬੗оҊਊ֢‫ز‬੗ٜ੄ࣻੑਸೱ࢚

৔Ҵ /PU "MPOF ഈ‫ز‬ઑ೤੸ ࢚ഐ੸೧Ѿ

࢚ഐ ઁҕ੗

ৡ‫ੋۄ‬ ࢚Ѣ‫ې‬ ࢲ࠺झ ઁҕ੗

ഈ‫ز‬ઑ೤ ઁҕ੗

೙ਃী ‫ۄٮ‬ ੗оҊਊ੗৬ ഈ‫ز‬ઑ೤੉࢜‫۽‬਍ ઑ૒ਸ ҕ‫ز‬ਵ‫۽‬ ହࢸ

য়೑݃௄ীࢲѐੋ ഈ‫ز‬ઑ೤ ࢚ഐઁҕ੗о ೙ਃ‫ ۽‬ೞ‫࠺ࢲח‬झ ઁҕо‫מ‬

੗оҊਊ੗

ഈ‫ز‬ઑ೤ ҳࢿਗ

৔Ҵ /PU "MPOF ഈ‫ز‬ઑ೤੸ ࢚ഐ੸೧Ѿ੄ ‫׮‬নೠߑधٜ

૑ਗ ࢲ࠺झ ઁҕ

࢚ഐࠁ੢ ࢎഥ୓ .(4

h ਬۣীࢲ‫ ח‬ഈ۱ೞৈ ࣗਬ‫ ػ‬ҳࢿߑधীࢲ ‫ ח‬૑ਗࢲ࠺झ ߊ‫׳‬ h ೐‫ی‬झ $"& ߰ӝী 4.BSU

ҕਬ ੘স੢

h ծ਷ ࠺ਊ੄ ֢‫ز‬੗ ࠄҗ ੘਷ ࢎস୓ܳ ࠁ ഐ h ߰ӝী "&$. &6 ѐ Ҵо ‫ ੌة‬೐‫ی‬ झ ١

h пઙ ӏઁա ࣁӘ୓ ҅ ١੄ ੢গ‫ޛ‬ਸ ӓࠂ ೞ‫ ח‬Ѫ੉ ҙѤ h ৔Ҵ 1PSUMBOE 8PSL 1SPKFDU ೐‫ی‬झ $"&

h ਬۣী ੓‫ ח‬ഈ‫ز‬ઑ ೤਷೯਷ नਊઑ೤਍ ‫ز‬ী ӝਗਸ ‫م‬

नਊઑ೤

h ৔Ҵ੄ ੗оҊਊ੄ ఖद਍੹ࢎ नਊઑ೤ ইੌ‫޷ ٘ے‬Ҵ ١

࢚ഐਗઑ ࢚ഐࠁ೷

ഈ‫ز‬ઑ೤ ਷೯җ ૑৉ాച

h Ҵоա ӝসীࢲ ࠁ ೷‫ ܐ‬૑ਗਸ ߉૑ ঋ‫ח‬ ੗оҊਊ੗ীѱ ઁҕ h ֎؏‫ ٘ۆ‬#SFBE 'VOE ޷Ҵ 'SFFMBODFS 6OJPO

h ૑৉࢚ੋ ‫ݽ‬૘ ૑ߑ ‫׼‬Ҵҗ ౵౟ցभ ߊ੹ h ৔Ҵ #SJTUPM 1PVOE #SJYUPO 1PVOE झਤ झ 8*3 ഈ‫ز‬ઑ೤਷೯ ೐‫ی‬झ 4P/BUFT

৔Ҵ /PU "MPOF ‫ف‬о૑ߑध੄Ѿ೤

؊ ծ਷ ੐Әҗ ؊ ੉૕੸ੋ ࢎ‫ۈ‬ٜ‫ܖ੉ ۽‬য૓ ੗оҊਊ੗ٜ ‫ ܲ׮‬ઑ૒ী ࠺೧ ઑ૒੄ ೙ਃࢿ਷ ؊ ௼૑݅ ӝഥ‫ ח‬؊ ੸਺ ֢‫ز‬ઑ೤җ ഈ‫ز‬ઑ೤੄ ହ੄੸ੋ ഈ۱੉ ೙ਃ

֢‫ز‬ઑ೤җ ഈ‫ز‬ઑ೤੄ Ӑഋ ֢‫ز‬ઑ೤਷੗оҊਊ੗ܳઑ ૒ೞৈ૘‫ױ‬ਵ‫߉੿ੋࢲ۽‬Ҋ ߸ഐ߉ѱೞ‫ח‬৉ೡ ഈ‫ز‬ઑ೤਷֢‫ز‬ઑ೤੉ઁҕ ೞ૑‫ޅ‬ೞ‫୶ח‬о੸ੋࢲ࠺झ ܳઁҕೞ‫ח‬৉ೡ

ࢎഥ੸ ‫؀‬ച ‫୹ب‬

ഈ۱੺ରܳ ୓҅੸ਵ‫ܻ੿ ۽‬

੉ఎܻই ೐‫ی‬झ١ীࢲ֢‫ز‬ ઑ೤җഈ‫ز‬ઑ೤ ૑ߑ‫׼‬Ҵр ੄ࢎഥ੸‫؀‬ച‫ࢿח‬ҕ੸ੋࢎ ഥ੸౵౟ցभਸ੉Ցযն ૑৉ച‫ࠁػ‬ѤदझమਸҴо ੸ੋ֎౟ਕ௼‫۽‬ഋࢿ ݅ ѐ੉࢚੄ੌ੗ܻହ୹

ೱറী֢‫ز‬ઑ೤җഈ‫ز‬ઑ೤ ੉ࢲ࠺झܳҕ‫҅ࢸز‬ೡࣻ ੓‫۞੉۾ب‬ೠഈ۱੄੺ରܳ ૑ਗೞӝਤ೧ ೩٘࠘ਵ‫୓۽‬ ҅੸ਵ‫ܻ੿۽‬

৔Ҵ /PU "MPOF ‫ف‬о૑ߑध੄Ѿ೤ ϝѭ࣌ଟ

ϝѭ࣌ଟ߻ ɹࢌଛ ʋࢆ

࢟ࢺ ‫ ̓ۼ‬վ৹ય ‫ؼ‬ଲ ࢼːଙВ ୃѭ࣌ଟࡆ‫ی‬

ϝѭ࣌ଟ ࢒ɹ˅ࡅ࢒ ʋࢆ

ϝѭ࣌ଟ ʝࢷ ࣌ऍ

ਃҳ ୽઒੄ ਤ೧ ੗оҊਊ੗৬ ഈ‫ز‬ઑ೤੉ ೣԋ ࢜‫۽‬਍ ઑ૒ ହࢸ

࢚ഐࠁ೷

࢚ഐࠁ੢҅ദ

࢚ഐ ૑ਗࢎ‫ޖ‬प

࢒ɹ˅ࡅ࢒ ࠆଟୠ ऌࠄ ‫הࢴ ׽‬ɹ ୃѭ࣌ଟ

૑ਗ ੗Әઁҕ

ऌ،з˯

‫ؼ‬ଲ̓ ָ̊ծ ࡟ଛ ୃѭ࣌ଟ ৱ‫߲ݡܒ‬

য়೑݃௄ীࢲ ੗оҊਊ੗৬ ഈ‫ز‬ઑ೤੉ Ӓٜ੉ ೙ਃೞ‫࠺ࢲ ח‬झ ദٙ

૑ਗ ੗Әઁҕ

ৡ‫࢚ ੋۄ‬Ѣ‫࠺ࢲې‬झ ઁҕ੗

࢚ഐ੤੿҅ദ

৔Ҵ /PU "MPOF ٣૑ణ ೒ۖಬmഈ‫ز‬ઑ೤धࢎ۹

ഈ‫ز‬ઑ೤ ೒ۖಬ

ѐੋࣗਬ ೒ۖಬ

‫׏‬૕‫& ٘ے‬OTQJSBM ֎؏‫ ٘ۆ‬#VVSU[PSH ޷Ҵ (SFFO 5BYJ

6CFS "JSCOC 'BDFCPPL ١ h ѐੋై੗੗ ੉੊ਸ ਤ೧ ੘‫ز‬ h ҙ۲֢‫ز‬੗ ࣗٙ хࣗ h ֢‫ز‬ӝрҗ ઑѤਸ ഛࠁೞӝ ਤೠ ֢ ۱ਸ ডച h ֢‫ز‬੗৬ Ҋё ‫ ੄فݽ‬௑బஎ‫ ח‬ഥࢎ ѐੋࣗਬ઱੄ ੗࢑ h ೒ۖಬ ࣗਬ੗о ਃҳೞ‫ ח‬੗ࠄ೦‫ݾ‬ ର ࣼ߅दࢸ ١ ઁҕ

h੢߷੉ হ‫ ח‬ഈ‫ز‬ઑ೤ਸ ా೧ ࢜‫۽‬਍ ੌ੗ܻ ହ୹ h ؊ ա਷ ࠁࣻ৬ ઑѤ h ੌ੗ܻ ࠁഐ ֢‫ز‬ઑѤ ೱ࢚

٣૑ణ ೒ۖಬ੄ ೨ब਷ ӝࣿ੸ੋ ٣పੌ੉ ই‫־ ۄפ‬о ࣗਬ೮‫ו‬ջ

৔Ҵ /PU "MPOF ഈ‫ز‬ઑ೤ো‫ాܳ؀‬ೠ ো‫ ઁ҃؀‬ҳ୷

ো‫ ܳ؀‬ਤഈೞ ‫ ח‬੗ࠄ ࢎਊ ߈‫؀‬

࣭‫ۅ‬ೞ‫ ח‬૑৉ ҕ੊ਸ ਤೠ ҃ઁ ҳ୷

ഈ‫ز‬ઑ೤ ো‫ా ܳ؀‬ೠ ো‫ ઁ҃؀‬ҳ୷

֣࢝҃ઁ ࠙ঠ ߂ ‫࠺ࢲ ܲ׮‬झ ࢜‫۽‬਍ ੌ੗ܻ ହ୹

೧৻ࢎ۹ ਃ ড ߰ӝী 4.BSU

߰ӝী 4.BSU ഈ‫ز‬

‫ޙ‬ച৘ࣿੋ੄ ૒স ഝ‫ز‬ਸ ‫ذ‬ӝ ਤ೧ ֙ ߰ӝীীࢲ ٜ݅য૓ ࠺৔ܻ ઑ૒ അ੤ ߰ӝীী ѐ ࢎ‫ ࣗޖ‬੓ਵ‫ ݴ‬ ݅ ‫ ੄ݺ‬ഥਗ ֙ ࠁਬ ݅ ‫ ੄ݺ‬Ҋёਸ ࢚‫؀‬ೣ <4.BSU കಕ੉૑>

<4.BSU ࠳‫>࣊۽‬

߰ӝী 4.BSU োഄ

֙ েపܰ޷ఔ ৘ࣿੋ ӝࣿ੗ ֢‫ز‬੗ٜਸ ਤೠ ҕઁഥࢎ‫ ۽‬द੘ ߰ӝী‫ޙ‬ച৘ࣿ࠙ঠ੄ ࠂ੟ೠ೯੿ҳઑী‫؀‬਽

t৘ࣿੋ੄ ੹Ҵ ೒ۖಬ 1MBUGPSNF OBUJPOBMF EFT "SUJTUF 1'/" uਸ ҳ୷ ߨ ઁ‫ب‬ѐࢶਵ‫ޙ۽‬ച৘ࣿੋ੄૑ਤೱ࢚ ߂ࢎഥࠁ੢ ੷੘ӂ١ ହ੘ ഝ‫੄ز‬উ੿ࢿਸъച

֙ t3PHFS 7BO 5IPVNPVU ࢎഥ੸҃ઁ ࢚u ࢚ࣻ ֙ झ݃౟ ೐‫ی‬झ 4.BSU'3 Ѿࢿ റ झ݃౟ ਬۣਸ ా೧ Ҵઁ੸ ߊ੹੉‫ חۄ‬җઁী ૘઺ пա‫ۄ‬ীࢲ‫ޙ‬ച৘ࣿੋ੄֢‫ز‬ઑѤਸѐࢶೞҊ ହ੘ੋٜ੄Ҵઁ੸ҕઑܳਊ੉ೞѱೞ‫੸ݾח‬

߰ӝী 4.BSU ࢸ݀‫੸ݾ‬

೯੿ ߨ‫ ܫ‬ ࣁઁ ੤੿ী ҙೠ ੗‫ ޙ‬Үਭ ࣻ‫ઁ ױ‬ҕ

ҳ୓੸ੋ ‫؀‬উ ઁद

‫ޙ‬ച৘ࣿੋ੄ ૒স ഝ‫ز‬ਸ ೤ߨച рࣗച

߰ӝী 4.BSU ഝ‫ز‬

Ċ ߰ӝী ߂ ೧৻ীࢲ੄ ഝ‫ز‬ী ਬਊೠ пઙ ࣻ‫࠺ࢲ ױ‬झ ҳ࢚ ߂ ݃۲

Ċ ѐੋ੸ ૘‫੸ױ‬ ࣻਃ ஂ೤ Ċ ૒স ഝ‫ز‬ী ੓য ߨ੸ ೯੿੸ উ੹ਸ ъചೞӝ ਤ೧ ੿ࠗḟ‫؀‬উ ઁद

Ċ ࢎഥ ҃ઁ੸ ҙ҅ীࢲ ‫ޙ‬ച৘ࣿ ࠙ঠ੄ ઓ੤х ࠁ੢

Ċ ਬۣ ରਗীࢲ ֢‫ز‬ઑѤ ೱ࢚җ ઑചܳ पഅೞӝ ਤ೧ Ҵઁ ֎౟ਕ௼ ҳ୷

߰ӝী 4.BSU Ѣߡքझ

୨ഥ

ഥਗਵ‫۽‬ ҳࢿ‫ػ‬ ੉ࢎഥ

޹઱੸ ੄ࢎѾ੿ ੺ର

୨ഥ৬ ੉ࢎഥীࢲ ޹઱੸ਵ‫ࢎ੄ ۽‬Ѿ੿ झ݃౟ ૒ਗ ୨ ‫੿ ੉ݺ ݺ‬ӏ૒੐

▀░╙ЭрзА 4.BSU ра║рлЙтАл╫дтАмрдЭтАл╪Ы▌╜тАм

╦А▀Ь EQPVTCV ╦Ф╒╢ █нтАл▌Ш┘╡тАм

рнШ╤н CEVKXKVoU ╦Ф╒╢ █нтАл▌Ш┘╡тАм

╙ЩрзИ ргБ╙Ш раБр│╖ ┘б ╥Щ█▓рв▓тАл▀К ▄│▄итАм╙Щр│Ю╥К рлС╙Щри╕▀ЙржЗ╒▓тАл╫ЧтАм тАлра║рв▓рг╜╫▒тАмрдЭ

рдЭ▌Гр▒Ярзм╙ФтАл╥Е█╜тАмржбри╕рй╣ркБтАл█╜тАм ╨┐р┤ЭтАл╫о▌Г╪▓тАм╥Щ█▓тАл╪╗тАм рвОрж╕ра║ рнТ╥│▀В тАл▌╜тАм┘Ър│прй┐рй╕рж╕тАл▐ЦтАм╥Щ▄╗

▀░╙ЭрзА 4.BSU ра║рлЙтАл╫дтАмрдЭтАл╪Ы▌╜тАм

┬ЬрйЛ█▒рк║╤РргЧрзмтАл ▄╗╫│тАм╥К╤Сри╖╥│рйЛрйЧрнУ╨╛ржЗтАл█Д╫дтАм рйЧрдирйЙрйРрджтАлрйМ█╜тАмри╕тАл▌РтАм╙ЭтАл╫ЧтАмрзШрг┐рйЛрйД╥КриК╥Ч╥Щ█▓тАл╪╗тАм тАл▌╜тАм┘Ър│прй┐рв▓ра║рдЭ▄│рнК▄╗р│бтАлрй╕▌╛тАмри╡тАл█╜тАм4.BSU▄│рйЙриК ┬ЬтАл▐ЩтАмр┤ЪрзШрг┐рйЛтАл╪итАмрйЧрдирйДрйМ╤в▄╗тАл╫ЧтАмрлТрй╜▀К╥╖р│г

р┤ериЧ тАл▌А╪йтАмрзШрг┐рйЛ

╙ЩрзИржШркБ╥Х рйРрдж╥КриК ╥Ержб╥Щ▄╗рв▓ра║рдЭ р┤ЭтАл╪▓тАм╥Щ▄╗рв▓ра║рдЭ

4.BSU

р│прй┐рв▓ра║рдЭ

╥К╤С

р┤ериЧ тАл▀Й █╜▄Ррг╗рг╗ ▄│ рйДрн╣▌ТтАмржЗ риНрзФра║тАл╫╝рн╜ █╜тАм ркБ╥Х рв▓ра║рдЭрзА р▓ир│гтАл ╪╗тАм╥Крй┐ра║тАлраБ ╫ЧтАмрлР╙Э╙Ш ркСрв┐рзА р▒ИрйС ╓Щ рж░ ▌Е римтАлрв┐ ра║╪А ╓Щ рн╣▌Т █╜тАмрйв

߰ӝী 4.BSU ࢎসઑ૒

ହ੘ੋ ഈഥ

੤‫ױ‬

‫؀‬೯ ࢎ‫ࣗޖ‬

ഥਗਸ ਤೠ

ઁ੘ࢎ

ࠁૐ ӝӘ

েపܰ޷ఔ ਸ ਤೠ

ࢎ‫ޖ‬Ҵ

ࡅܲ ࢿ੢ী ‫ ୾ݏ‬ৈ۞ ઑ૒ҳઑܳ ы୹ ೙ਃ ߊࢤ ֙ ઑ૒ҳઑ ѐಞ റ അ੤ ѐ ઑ૒ਵ‫ ۽‬ҳࢿ

߰ӝী 4.BSU ࢎসઑ૒

੤‫ױ‬

ହ੘ੋ ഈഥ

‫؀‬೯ ࢎ‫ࣗޖ‬

ഥਗਸ ਤೠ

ઁ੘ࢎ

ࠁૐ ӝӘ

েపܰ޷ఔ ਸ ਤೠ

ࢎ‫ޖ‬Ҵ

झ݃౟੄ৈ۞ઑ૒ٜਸઑਯೞҊ੤੿੸ਵ‫۽‬ҙܻೞ‫ח‬೨ब੸ੋ৉ೡࣻ೯ ੉ࢎ੢ ‫ݺ‬җ ‫ ੄ݺ‬ഥਗ ‫؀‬಴‫ࢎ੉۽‬ഥ ҳࢿ ੉ࢎ੢਷ੌ࢚੸ੋ҃৔ਸ ଼੐ ഥਗ‫؀‬಴‫ ח‬ହ੘ੋഈഥ "1.$ ੄ ҙ੼ਸߑযೞҊ ࢜‫۽‬਍ࢲ࠺झ੄ѐߊ ࣻ‫ੋ ױ‬۱ ‫ ੄੸ݾ‬पഅ Ӓ‫ ੄ܛ‬୨୓੸ੋ੹ۚ ৘ࣿੋٜҗ੄ҙ҅١ਸ੿੄

߰ӝী 4.BSU ࢎসઑ૒

ହ੘ੋ ഈഥ

੤‫ױ‬

‫؀‬೯ ࢎ‫ࣗޖ‬

ഥਗਸ ਤೠ

ઁ੘ࢎ

ࠁૐ ӝӘ

েపܰ޷ఔ ਸ ਤೠ

ࢎ‫ޖ‬Ҵ

‫ߡݯ‬ٜ੄ࢎഥ੸ ҃ઁ੸੉೧ܳ‫߸؀‬ೞҊ ো‫੸؀‬੗ਯࢿীӝୡೠ҃ઁ੸ ‫ࣘ ؛ݽ‬ীࢲ ହ੘җ ഝ‫੄ز‬ਫ਼੤ࢿਸъച

߰ӝী 4.BSU ࢎসઑ૒ ҅ডҙܻ

੤‫ױ‬

ହ੘ੋ ഈഥ

‫؀‬೯ ࢎ‫ࣗޖ‬

ഥਗਸ ਤೠ

ઁ੘ࢎ

ࠁૐ ӝӘ

েపܰ޷ఔ ਸ ਤೠ

ࢎ‫ޖ‬Ҵ

৔࢚ ޷ࣿ ਺ঈ ‫ޙ‬೟ ҕো োӓ ‫ޖ‬ਊ ١ ‫ݽ‬ٚ৘ࣿ࠙ঠ੄‫ ݀ة‬৘ࣿੋਸ ‫࢚؀‬ਵ‫۽‬ ҅ডҙܻ ߨ੸উ੹ ೯੿ಞ੄৬рࣗചࢲ࠺झઁҕ ‫؀‬೯ࢎ‫ੋ੸ߨחࣗޖ‬Ҋਊ઱‫݀ةࢲ۽‬৘ࣿੋٜਸ੐द֢‫ز‬੗‫۽‬Ҋਊೣ ֢‫੸੉ߨز‬ਊ‫ݴغ‬Ҋਊ઱੄੄‫୒ ߂ޖ‬ҳࢲߊ೯١ী‫؀‬ೠ ଼੐ਸо૗

߰ӝী 4.BSU ࢎসઑ૒ ഝ‫ز‬ҙܻ

੤‫ױ‬

ହ੘ੋ ഈഥ

‫؀‬೯ ࢎ‫ࣗޖ‬

ഥਗਸ ਤೠ

ઁ੘ࢎ

ࠁૐ ӝӘ

েపܰ޷ఔ ਸ ਤೠ

ࢎ‫ޖ‬Ҵ

೯੿੸ ੤੿੸ҙܻࣻ‫ױ‬ਸઁҕ೧ ഥਗٜ੄೐‫ં۽‬౟प೯ਸ ਤೠ ഝ‫ز‬ਸ૑ਗ ഥਗٜ੉੗न੄ഝ‫ز‬ী‫؀‬ೠҙܻܳ झ݃౟ীਤఌೞ‫ݶ‬ झ݃౟‫ח‬೐‫ࢲ۽ࢲٓ۽‬೐‫ં۽‬౟о૓೯‫ݽחغ‬ٚ‫҅ױ‬ীࢲ ஶࢸ౴ ഥ҅ ੗ਗ‫ز‬ਗ١ਸ૑ਗೞৈ ഥਗٜ੉࠺৔ܻ޹р‫݀ࢸܳ୓ױ‬ೞѢաҙܻೡ೙ਃоহ‫۾ب‬ೣ

߰ӝী 4.BSU ࢎসઑ૒

੤‫ױ‬

ହ੘ੋ ഈഥ

‫؀‬೯ ࢎ‫ࣗޖ‬

ഥਗਸ ਤೠ

ઁ੘ࢎ

ࠁૐ ӝӘ

েపܰ޷ఔ ਸ ਤೠ

ࢎ‫ޖ‬Ҵ

೐‫ં۽‬౟਍৔੗оഝ‫ز‬ೞ‫۾ب‬ೞҊ Ӓٜ੄૒স੸࢚ടী੸೤ೠ೧Ѿ଼ ‫࢝ݽ‬ ੗੤ҳੑਸਤೠ੗Ә੉աࢎসѐߊ‫ࣗ੄੸ݾ‬ঘ‫୹؀‬ਸਤೠӝӘ ৘ࣿഝ‫ߧ੄ز‬઱ীࢲ઱য૑‫ࢶ ח‬ӘҗࠁઑӘ ١ ‫୺ݏ‬ഋ੤੿ࢲ࠺झ੄ഌఖਸઁҕೞ‫ח‬Ѫ੉‫੸ݾ‬

߰ӝী 4.BSU ࢎসઑ૒

੤‫ױ‬

ହ੘ੋ ഈഥ

‫؀‬೯ ࢎ‫ࣗޖ‬

ഥਗਸ ਤೠ

ઁ੘ࢎ

ࠁૐ ӝӘ

েపܰ޷ఔ ਸ ਤೠ

ࢎ‫ޖ‬Ҵ

੿ࠁઁҕ ੗‫੄ݺ ޙ‬ஶࢸఢ౟৬োѾо‫ מ‬૒‫מ‬ೱ࢚ള۲ ੉߮౟৬੹‫ޙ‬о֎౟ਕ௼ ޷౴ োҳ৬੗‫ܐ‬ҙܻ Үਭ ߨ‫࠺ࢲܫ‬झ Әਲ਼ࢲ࠺झ ੢࠺‫؀‬ৈ ࣗঘ‫ࢶחژ‬Ә߂ࠁઑӘ‫ ୹؀‬ ହ੘೐‫ં۽‬౟ী‫؀‬ೠ ੢೟Ә ௼‫ۄ‬਋٘ಎ٬ ҕр ইҊ‫ ۄ‬ഝ‫ࣗز‬ѐ৬ҟҊܳਤೠҕ‫੉ࢎ୓ز‬౟ ର‫ ۝‬੐‫ ؀‬١‫׮‬নೠ૑ਗઁҕ

೧৻ࢎ۹ ਃ ড ೐‫ی‬झ 4.BSU

೐‫ی‬झ 4.BSU ߓ҃

֙ ࢎഥ੸҃ઁো೤ 6OJPO E &DPOPNJF 4PDJBMF ੉‫ חۄ‬ӝস ഋక‫ߊ୹ ۽‬

҃ઁ੸ ೐‫ં۽‬౟ ૑ࣘо‫מ‬ೠ҃ઁ੸ ‫੄؛ݽ‬पഅ ҃ઁ੸‫ࢿ݀ة‬

ࢎഥ੸‫੸ݾ‬

৔ܻࢿ ઁೠ

ଵৈѢߡքझ

޷୽઒‫ػ‬ ࢎഥ੸ ਃҳীࠗ਽

೐‫ં۽‬౟ী‫؀‬ೠ ࢲ࠺झীࣻ੊੄ ੤ై੗

੉೧ҙ҅੗੄ ੄ࢎѾ੿ী੄ ଵৈ

ࢎഥো‫ ઁ҃؀‬ӝস ૑ೱ

೐‫ی‬झ 4.BSU അട

ઑ೤ਗ੉ Ѣ੄ ୌ ‫ݺ‬ী ‫׳‬ೞ‫ࢲݶ‬ ֙ ਘ ࢎഥ੸҃ઁো೤ীࢲ ҕ੊ഈ‫ز‬ઑ೤ਵ‫੹ ۽‬ജ ࠄࠗо ੓‫ܾ ח‬ਸ ઺बਵ‫ ۽‬౵ܻ ‫ކ‬ಘܻী ܻਊ ݃ܰࣁਬ խ౟ ١ ѐ੄ ࢎ‫ف ܳࣗޖ‬Ҋ ੓ਵ‫ ݴ‬അ੤ ‫ ੄ݺ‬૒ਗ੉ ૑৉ ࢎ‫ࣗޖ‬ীࢲ Ӕ‫ޖ‬ ֙ ഥ҅ࠁҊী ‫ ݶܰٮ‬ড ݅ ਬ‫ ୹ݒ ੄۽‬पഅ ֙ ড ݅ਬ‫ ࠺؀ ۽‬ૐо೮૑݅ ড ݅ ਬ‫੸ ۽‬੗ ֙ ড ݅ਬ‫੸੄۽‬੗ী࠺೧੸੗Әঘхࣗ

೐‫ی‬झ 4.BSU ઑ૒ҳࢿ

ѐ੄ ઑ૒ਵ‫ ۽‬ҳࢿ ઑ૒݃‫࠺ࢲ ׮‬झ ઁҕী ೙ਃೠ ࢎসੋо ࠁਬ ৘ࣿੋٜ਷ ੗ӝ ӝস ‫ ܳ୓ױ חژ‬ହ݀ೞѢա ҃৔ೡ ೙ਃ হ੉ झ݃౟੄ ઑ૒ীࢲ ઁҕೞ‫࠺ࢲ ח‬झܳ ੉ਊೞ‫ߑ ח‬ध

-B /PVWFMMF "WFOUVSF

झ݃౟ ೐‫ં۽‬౟ࢤ࢑ഈഥ

झ݃౟ ҅ডҙܻ ഈഥ

ਬೠ଼੐ഥࢎഋక੄ ഈ‫ز‬ઑ೤ ҕোࢎস੗ ١‫۾‬ૐਸࠁਬ ҕোઁ੘ࢲ࠺झઁҕ

ઑഋ৘ࣿо ചо ઑпо Үਭ ழޭ‫פ‬ா੉࣌١ ࠺ҕো࠙ঠ੄೐‫ં۽‬౟৬ ഝ‫੹ ࢑ࢤ੄ز‬दഥ١ ૑ਗ

Ҋਊ઱ী‫؀‬ೠ ࢲ࠺झઁҕ

࢜‫۽‬਍ ‫ݽ‬೷

೐‫ی‬झ 4.BSU ࠺ૉ‫פ‬झ‫؛ݽ‬

ଋԸࢽચ RTQLGV ˔ն ۭ‫ݘٵ‬

೐‫ޙࢲ۽ࢲٓ۽‬ച৘ࣿ೐‫ં۽‬౟ ҙܻܳ૑ਗ ೐‫ં۽‬౟ࢤ࢑ഈഥ৬࢜‫۽‬਍‫ݽ‬೷ഈ‫ز‬ઑ೤ ৔࢚ઑ૒ ҕ੊ഈ‫ز‬ઑ೤੄ ର ӝҙ ী ੄೧ ࢲ࠺झઁҕ ੉ࢲ࠺झܳ߉ӝਤ೧١‫۾‬ೠ ഥਗ਷୨ ‫ݺ‬ ֙ ೠ೧ী݅ ‫ ੉ݺ‬١‫ ੉ݺ ۾‬पઁഝ‫ز‬ ١‫۾‬৘ࣿੋীѱ೐‫ં۽‬౟ ࣻ೯ਸ੄‫܉‬ೠѤࣻ ҕҕӝр Ѥ ޹рഥࢎ Ѥ ࢎഥো‫࠙ઁ҃؀‬ঠ Ѥ

ˀߜ EQPVTCV ˔ն ۭ‫ݘٵ‬

֙ ݅ ਬ‫୹ݒ۽‬ ೐‫ં۽‬౟ࢤ࢑੉ ݅ ਬ‫ ۽‬ҕো࠙ঠઁ੘੉ ݅ ਬ‫۽‬ ࢲ࠺झܳ੉ਊೠ৘ࣿੋ਷೐‫ં۽‬౟‫۽ܐࣻࣻ ܳ ੄୹ݒ‬૑ә

೐‫ی‬झ 4.BSU ࠺ૉ‫פ‬झ‫؛ݽ‬

೐‫ં۽‬౟ࠁਬ੗о૑ਗ߉‫࠺ࢲח‬झ

ଋԸࢽચ RTQLGV ˔ն ۭ‫ݘٵ‬

ˀߜ EQPVTCV ˔ն ۭ‫ݘٵ‬

˝ѐ߹‫୺ݏ‬ഋ ૑ਗ ˞೯੿ ഥ҅ ੤੿ҙܻ ˟૊п‫؀‬਽ਸ ਤೠৡ‫ੋۄ‬ҙܻ ˠࢎস৮‫ܐ‬റ ੌ ղੑӘ ˡࢶӘ߂ ࠗоࣁജә ˢ޷૑әী‫؀‬ೠࠁૐӝӘ ˣߨ੸૑ਗ ˤನҚ੸ੋࠁ੢ࠁ೷ ˥ഈড ҅ড ੸ਊীҙೠ੗‫ޙ‬

೐‫ی‬झ 4.BSU ࠺ૉ‫פ‬झ‫؛ݽ‬

ଋԸࢽચ RTQLGV ˔ն ۭ‫ݘٵ‬

৘ࣿࢤ࢑ഝ‫ز‬ਸೞӝ ਤೞৈ੿ӝ੸ਵ‫ חژ۽‬੐द‫۽‬ ‫ߧܲ׮‬઱੄֢‫ز‬੗ েపܰ޷ఔ ‫ޖ‬ӝೠ҅ড૒ ਬӝೠ҅ড૒١ ਸ Ҋਊೞ‫޹ח‬р‫୓ױ‬৬‫ޙ‬ചӝসਸ ‫࢚؀‬ਵ‫۽‬ೞ‫࠺ࢲ ח‬झ ֙ ҅ডҙܻࢲ࠺झ‫ח‬઱‫޹۽‬р‫ ୓ױ‬ীࢲ ੉ਊ ҕো ੉ ঑‫੸ب‬ਵ‫݆۽‬ਵ‫୓੹࠙ࠗ؀ݴ‬ਤఌ ҅ডҙܻࢲ࠺झ‫ੋ۽‬ೠ‫୹ݒ‬਷ ݅ ਬ‫۽‬ ֙ী ࠺೧ ૐо

ˀߜ EQPVTCV ˔ն ۭ‫ݘٵ‬

೐‫ی‬झ 4.BSU ࠺ૉ‫פ‬झ‫؛ݽ‬

<੹୓ਤఌ ‫>؛ݽ‬

ଋԸࢽચ RTQLGV ˔ն ۭ‫ݘٵ‬

Ҋਊҙ۲೯੿୊ܻইਓࣗय

޹р‫ ୓ױ‬әৈঘઁҕ ‫ޙ‬ചӝস ࣻࣻ‫ܐ‬૑ә

4.BSU

ࢎഥࠁ೷࠙‫׸‬Ә ઁҕ

ˀߜ EQPVTCV ˔ն ۭ‫ݘٵ‬

नҊӝҙ

Ӕ‫۽‬ҙ҅नҊ ࢎഥࠁ೷नҊ ࢎഥࠁ೷࠙‫׸‬Әժࠗ

Ҋਊҙ҅

৘ࣿੋ

әৈ૑ә Ӕ‫҅۽‬ডࢲ੘ࢿ‫؀‬೯ әৈҙ۲ࢲ‫ܨ‬੘ࢿ

೐‫ی‬झ 4.BSU ࠺ૉ‫פ‬झ‫؛ݽ‬

<ࠗ࠙ਤఌ ‫>؛ݽ‬

ଋԸࢽચ RTQLGV ˔ն ۭ‫ݘٵ‬

Ҋਊҙ۲೯੿୊ܻইਓࣗय

޹р‫ ୓ױ‬әৈঘઁҕ ‫ޙ‬ചӝস ࣻࣻ‫ܐ‬૑ә

ˀߜ EQPVTCV ˔ն ۭ‫ݘٵ‬

4.BSU

Ӕ‫۽‬ҙ҅नҊ ࢎഥࠁ೷नҊ

नҊӝҙ

Ҋਊҙ҅

৘ࣿੋ

әৈ૑ә Ӕ‫҅۽‬ডࢲ੘ࢿ‫؀‬೯ әৈҙ۲ࢲ‫ܨ‬੘ࢿ

೧৻ࢎ۹ ਃ ড ೐‫ی‬झ $ " &

೐‫ی‬झ $"& ѐਃ

֢‫ ز‬Ҋਊ ࢎস ࣁ о૑ ஏ‫ݶ‬ਸ ਲ਼೤ೠ ഄन੸ ഈ‫ز‬ઑ೤ ‫؛ݽ‬

അ‫ࢎ؀‬ഥীࢲ ࣗా͑ࣽജ͑੢ӝࢤઓೞ‫ח‬ ߑध੄߸ചী‫ܲٮ‬ ࢎসഋక੄੹ജ

೐ܻ‫ ز֢ࢲے‬੗ਯࢿ ࢜‫۽‬਍૒ઙ ૒ઙрഈস ೐‫ં۽‬౟ࢿӔ‫ ۽‬௏ਕఊ झ݃౟ਕ௼ दрઁ֢‫ز‬١ Ҋਊ߂֢‫ߑز‬ध੄߸ച

੗ਯࢿࠁ੢ ੐Ә֢‫ز‬੗‫ز֢ࢲ۽‬ӂࠁ੢ Ӕ‫҅۽‬ডਸా೧ࢎഥࠁ੢ഌఖਬ૑ ੗न੄҃ઁഝ‫ز‬ਸా೧ߊࢤೞ‫۽୹ݒח‬әৈࣻ۸ ੗ӝҊਊ ࢎসѐߊ੄‫ة‬੗ࢿ ѐੋ੸ࢎসѐߊ੄ਤ೷ࢿ୭ࣗച ૘‫੸ױ‬ӝসо੿न ഈ۱җ࢚ഐࠗઑ

֢‫ز‬ҙ҅੄ѐ߹ചী‫ࢶݏ‬ ࢤ࢑ҕ‫୓ز‬੤ହઑ

р│РтАл█МтАмрдЭ $"& рзЛр┤Д

┬Г

╓Щ ▄╗рзкрзАрв▓ тАл рйД▌║тАм╨╛╒▓ ╤╝рлТтАл ▐ЫтАмрлТ╥Хри╕ ╓втАл╪▓тАмрйЧр┤ИтАл╪▓тАмркСр│дри╡тАл █╜тАмркСрлТ рвЪр┤РраЧркС рйЧрипрв┐ рм╝рйРрв┐рйЙтАл╫Ч█ДтАм╨╛роЦрзА╙Э▀Ир│ЮрзИрвОрж╕╥Ч╥КриК рлСрзЙрйД╓вр│ЮриЛ▄│римрлСр│ЮтАл█╛╪итАм╤╛р│г

┬Г

╓ЩтАл ╪АтАм╙Т▄░╓вра╢рзАрв▓ "$&рйД рв╢╥│рйЧрйЛ 4.54 риН▀И ╤дрв╕╥ХрвО рв▓ра║рдЭр┤ервО рм╣▌А рдкрж╕рлР╨╛рзАрлТтАл▌╢тАмр│ЮрзИ╓втАл▐╖рйДрйД╪▓тАмрзм╙ЭркУрдкрж╕рйЧрм╣рж╕рйДрлСргШрв┐рзАтАл╪АтАмр│атАлрйДркБ▐ЩтАмрдзргШрзАрв▓ ╓Ор▒ЯриХрп╝╙ЭтАл╫ЮтАм╥Ч╥Хрим рвЪр┤РраЧркСрзА╙Э▀Ир│арм╣рж╕рджрдЭр░орджтАл╪итАм ╤РрйЛрй╕ри╡тАлрвО█╜тАмрж╕ри╕р│Ю█░тАл╫ЧтАмриД╥│▄│ркУрк║р│Ю╥К╥ХтАлргШрнУ╪▓тАмрзАрв▓▄╗рдЭрп╝▄│╒бтАл╫Ч╓╛тАм╤крйЙ╨╛тАл╫ЮтАмр│гри╕раБрзИрк╖

┬Г

$"& рзФ╤Ери╕ рж│ри╖ тАл █┐тАмржМр│РрдЭ ╓вр┤ИрзЛр│др┤е рк▒тАл █╜╪итАмр┤ИтАл╪▓тАмркСр│д ▀Крй╣ тАл╪АтАмржЙри╡тАлрвЭ▌╜ █╜тАм

┬Г

╓Щ ▄╗рзкрзАрв▓ рдж▀зрвОрж╕ри╡тАл рнР █╜тАм$"&рйЛ $BQ 4FSWJDFT рм╣▌А рйЧрипрй╕рйЙ╥КржЙрй╣р│арвОрж╕р┤Ь╥ГркСрв┐ри╕ридр│зр┤Дрдирй╕рйЙ╥КраВркБ╨╛тАл╫ЮтАмр│атАлрвСрвд╪Ы▌╜тАм

┬Г

r ╓Щ ркБрй┐тАлрвО ╪╗тАмр┤ерзЛтАл▀иркБ╥Г╪АтАмрзА $"&рйД ▀ирй╕ рлСридрзм рйРтАл ▐ЦтАм┘б риНрзФ╙ПроЧ рй┐рйДтАл╪╜тАм

р│РтАл█МтАмрдЭ $"& р┤Ер┤Я

┬Г ┬Г ┬Г ┬Г ┬Г

╤РрйД $"& р┤ЭтАлрк║ ╪▓тАм ╓Щ рнитАл рн╣▌ТтАмрж░ рнМ▌ЕримтАл рв┐╫│█╜тАм╤РрйДрк▒риГ$"&рзАрв▓ рж░римтАл█╜тАм╙ЭтАл █╛тАм тАл█┐тАмржМр│РрдЭ рйМ┘Шр│РтАл█МтАмрдЭ ра│▄░р░ЛтАл▐╖ ╫ПтАм┘гр│Ц█и╓О┘б ╤Р рлСрзЙрзАрв▓рв┐рйв рлШрк║ ╓втАл╪▓тАмрйЧр┤ИтАл╪▓тАмркСр│д 4$01 ╥ХрйКр┤ИтАл╪▓тАмркСр│д 4$*$ рйМ▀Ир┤Л тАл╫отАмрж╕ркЩ рйДра║рк║рйЙ╓лри╡╒б r ╓Щ рйЙр┤▒рм╣▌АтАлрг╗╫о╪А╪╗тАм$"&тАл ╫ЧтАмр░к▌Гр┤Лри╡тАл▐Щрй╣█╜тАмр┤Ъ╥Гр│▒ р░к▌Гр┤ЛрзАрв▓тАл╫ЧтАм╤дрн╖раЩржа╨╛╨╛рйв▌Жри╡тАл▌┤тАм$"&тАл рйДрн╣▌ТтАмрм░рлС

┬Г

тАл╪АтАм╙ПтАл▌╜тАмрйЧраДрйЙр│ЩриГр│Ю╤в╒брйРтАл╪АтАмрм░╥ЕржбрйЙр│ЩриГр│арж╕ркЩ рзИр│првО риНрга р▒ИрйЧ раБр│╖┘брйД╙ПркБ рж╕ркЩ ▀В рйЧ╤║рлРрйЙр│ЩриГр│а рж╕ркЩ рйДрвО ▀╕р┤РрвО р┤е╥ЕрвО┘б ри╖ ркБрз╗тАл╪╜тАм

╓крж╕ ╙Эр░Л тАл▐ЩтАмр┤Ъ

тАлра║рв▓рйЛ╪АтАм рдЭ

╤дрв╕

<рвОрж╕раЩржа>

тАл╫отАмрж╕ркЩ

┬Ь╓втАл╪▓тАмрйЧр┤ИтАл╪▓тАмркСр│дрнирзЛр│др┤е $(4$01 рйД ╓Щ риШ рйМр░╛╥Е

೐‫ی‬झ $"& оੑ੺ର

೐‫ં۽‬౟੽ࣻ ¾ ‫୓ױ‬Үਭ ¾ ೐‫ં۽‬౟૓‫ױ‬ ¾ थੋ‫҅ױ‬ ࢎস੗١‫ ۾‬ହস

ߑೱ੹ജ‫חژ‬ನӝ

҃ઁഝ‫ز‬పझ౟ ૑ਗ ¾ ഈড ੐द૒ਗ

¾ ୐ߣ૩҅࢑ࢲ Ҋё

¾ റࣘ੘স Үਭ ѐੋ߂‫୓ױ‬௏ட

ࢎস੗١‫ ۾‬ହস

ߑೱ੹ജ‫חژ‬ನӝ

ѐੋ੄ഝ‫ز‬ਵ‫۽‬ ‫୹ݒ‬ૐо

‫ޖ‬ӝ҅ড૒ࢎস੗ ૒ਗ ¾ ࢎস੄ҕҊച ¾ ഈ‫ز‬ઑ೤ഝ‫ز‬ ࢎস੗١‫ ۾‬ହস

ߑೱ੹ജ‫חژ‬ನӝ

0QUJPO

ઑ೤ਗ ¾ ੗ࠄ୹੗ ై಴ӂ ¾ ઺੢ӝࢎস૑ࣘ ¾ ޹઱੸Ѿ੿ীଵৈ

೐‫ی‬झ $"& оੑ੺ର

‫ ֙ݒ‬ୌ ‫ ੄࢚੉ ݺ‬৘࠺ ହস੗ٜ੉ Ѿ೤ ‫ח‬ҳ૒੗ ‫ח‬ো‫؀‬әৈ 34" ࣻ۸੗ ৈࢿ੄࠺ਯ੉ Ҋ೟۱ ੹‫؀ޙ‬ઔ ೟ࢎ ࢳࢎ ࠺ਯ੉ ҃۱‫੺ױ‬١ ߨੋഋక߸҃ਸ‫੸ݾ‬ਵ‫۽‬$"&ীٜযয়‫ੋ ח‬ӝসࣻ‫੉֙ ب‬റૐо୶ࣁ

੉࢚੉ $"&ীࢲ ࢎস ૑ࣘೞ‫֙ ݴ‬ө૑ ‫ ۞ޛݠ‬੓਺ ‫ח‬ହস ‫ח‬੤ҳ૒ীաࢻ

֙ ‫ࢎ ػ‬স੗૒ਗ ઺ ‫୹ ח‬੗ܳ ా೧ ࢎস੗૒ਗઑ೤ਗ੉ ‫ؽ‬ ࢎഥো‫ߨઁ҃؀‬ীࢎস੗૒ਗ਷ ֙উীࣗࣘഈ‫ز‬ઑ೤੄ઑ೤ਗ੉‫חغ‬Ѫਸ੄‫ޖ‬ചೞ‫ח‬ӏ੿ਸ‫م‬ അ੤ ‫ࢎ ੄ݺ‬স੗૒ਗઑ೤ਗ੉١‫غ۾‬য੓਺

೐‫ی‬झ $"& 3 3

ҳࢿਗ

ഈ‫ز‬ઑ೤

੗न੄ࢎস҅ദо‫ࢿמ‬పझ౟ ࢎসѐߊ ߂҃৔ ‫ࣗ ୹ݒ‬ٙী‫؀‬ೠ ଼੐

ࢎসо૒ਗীѱәৈઁҕ ࢎসѐߊਸਤೠߨ੸૑ਤ ઁҕ ഈ‫ز‬ઑ೤੄ࢎস੗١‫۾‬ૐ 7"5 ߣഐ

੗न੄ࢎসࣗٙী‫ۄٮ‬әৈࣻ۸ ഈ‫ز‬ઑ೤ ਍৔ਸਤ೧࠙‫׸‬Әժࠗ

ҕాҮਭ ‫୺ݏ‬ഋஶࢸ౴١ࢎসѐߊ૑ਗ ҅࢑ࢲߊә١‫ݽ‬ٚߨ੸ ೯੿੸ ੤੿੸ ೯ਤ ࠙ࢳഥ҅৬੤‫ޖ‬ҙܻ ࢎഥࠁ೷୊ܻઁҕ

ࢎস੗١‫۾‬হ੉ࣗࣘഈ‫ز‬ઑ೤ਵ‫ࢎ ۽‬স૓೯ ѐ߹࠳‫ࢎח٘ے‬ਊо‫ מ‬

‫ة‬੗੸҅੿ࠁਬ Æ҃৔ ੤‫ ޖ‬ഥ҅ী‫؀‬ೠ੉೧ ࠙ࢳ‫מ‬۱ഛࠁ

ҕ‫ࢎز‬স ѐߊ߂ ౵౟ցभ ҙ҅৬੹ۚѐߊ ഈ‫ز‬ઑ೤Үਭ

೐‫ی‬झ $"& ઑ૒ҳࢿ

$"& બ ऍࡒ

ऌࡒୃߜ ‫ٵ‬ ࣌ଟࡒ

ࢋ‫ݡ‬ऍࡒ ֍঴؅۟ ୬ ऎԸ

ପࢺ ୠˀ ‫أ‬զ

࣌ଟࡒ ऍࡒ

‫࢒߳ۉ‬ ऍࡒ

‫ۉ‬ ߳ ࢒

ʝԋ

˅ʌ

‫࢒߳ۉ‬ ऍࡒ ࣌ଟࡒ ϔ ߄߻ ࣌ଟࡒ ʹࢺ

ʝԋ

೐‫ی‬झ $"& ࠺ૉ‫פ‬झ‫؛ݽ‬

<઱ਃࣻ੊>

<઱ਃ૑୹> नӏӝসо ૑ਗ

ࢎস੗૒ਗী੄ೠ ੤ച৬ ࢲ࠺झࢤ࢑

ഈ‫ز‬ઑ೤ ӝৈ ࣻࣻ‫ ܐ‬ ഈ‫ز‬ઑ೤ ࠙‫׸‬Ә

‫ ੄୹ݒ‬

ӝসо੄ ࠙‫׸‬Ә ࣁӘ

नӏӝসо੄ ࢚҃੉੊੄ _ ള۲җ ૑ਗী ైੑ‫ ػ‬ҕҕ੤੿

ӝসо੄ әৈ

֙‫੄୹ݒ‬ ಣӐ ઱ਃ੤੿૑ਗ੗ ૑ߑ ҟ৉ द ‫ب‬दрҕ‫ ୓ز‬ਬۣࢎഥӝӘ ҕ੸੗Әైੑਯ਷ _ ө૑‫׮‬ন नӏ$"&੄҃਋ ੉࢚੉૑ਗ

೐‫ی‬झ $"& ਍৔അട

അ੤ ੹Ҵী ‫ࢎ ੄࢚੉ ݺ‬স੗૒ਗ ‫࢕߶ی‬ऐࡕ ܹࢂ ‫ض‬୘ձ ‫ ִؿ‬ϗa ϗ߾ ֐ϗ ޾ ऎɼ ϗa ϗ߾Е ֐ϗ ޾ ऎɼଜЕ ঴‫ۿ‬

੹୓ ࢎস੗૒ਗ੄ о ੌ߈ഋী ૘઺ ࢎস੗૒ਗ੄ о ‫࠺ࢲੋ؀‬झ ӝস૑ਗ ࢲ࠺झನೣ ࠙ঠী ઙࢎೞҊ ‫ ח‬ҕੋ "SUJTBO ഝ‫ز‬

೐‫ی‬झ $"& ਍৔അട

ҕ੸ ੗Ә ૑ਗ ହস૑ਗઁ‫" ب‬$3& /"$3& ١ ࣻഌ੗ী‫؀‬ೠ૑ਗҗ ֢‫ాز‬೤ਸ૑ਗೞ‫ࢎח‬স୓ী‫؀‬ೠࠁઑӘ

ѐੋ੸ੋ ࣁ о૑ ੗Ә ഛࠁ о‫ࢿמ‬ ୡӝәৈ੄ੌࠗܳ৘஖ೞৈ੗о୽‫׼‬ ো‫؀‬ӝӘ‫ࢎחژ‬ഥ੸Әਲ਼ӝҙ $JHBMFT 'SBODF "DUJWF *%&4 ١ਸాೠѐੋ‫୹؀‬ $"&‫ࠗ۽‬ఠࢶࠛ ৘ٜܳ‫୹ݶ‬੗ૐӂ

೐‫ی‬झ $"& ࢎ۹@௏য়ಕ౮ߓ҃

*5 ழޭ‫פ‬ா੉࣌ ৔࢚ ࠙ঠ ઙࢎ੗ Ҋਊഋక ߸ച ೐‫ی‬झ ࢎഥ ҃ઁ੸߸ച ࣘীࢲҊਊഋక߸ച ೐‫ં۽‬౟‫ ׼‬Ѥ‫ܳࢲ࢑҅ ׼‬૑әೞ‫ߑח‬ध੄ইਓࣗय ѐੋ‫ޙ੹חژ‬য়೑೒ۖಬ਍৔ ૐо ઁ੘ࢎٜ਷੼੼ ؊৔࢚ઙࢎ੗ٜীѱ ‫ױ‬ӝр োࣘ Ҋਊ FO JOUFSNJUUFODF ౠࣻೠഋక੄Ӕ‫҅۽‬ডदझమ ࠁ‫ח׮‬ Ѥ‫࠺ࢲ׼‬झ‫ ܐ‬FO QSFTUBUJPO ૑ࠛ ߑधъਃ Æ೐ܻ‫ࢲے‬ઙࢎ੗ٜ੉Ӓী‫ݽ ܲٮ‬ܻٚझ௼ܳ х‫׼‬ ହসী ‫؀‬ೠળ࠺‫୹ݒחژ‬ী ‫؀‬ೠ ഛन੉হ‫࢚ח‬కীࢲ ‫ܻޖ‬ೞѱହস‫ ੋ חژ‬ӝস١ӝসഋకܳы୾ࢲ҅࢑ࢲܳߊәೞ‫੸ߨח‬૑ਤъਃ

೐‫ی‬झ $"& ࢎ۹@௏য়ಕ౮ߓ҃

Ҋਊ੄ ࠛউ੿ࢿबച৬ࢎഥࠁ੢ഌఖ੄хࣗ ࢕੄૕੷ೞ١ߊࢤೞ‫ઁޙח‬ী‫؀‬਽‫࢝ݽ‬

$"& ‫ࢎ ۽؛ݽ‬সѐߊ ‫ חژ‬ହস ૑ਗ Ҋ݀‫غ‬য੓Ҋ҃੬ҙ҅ী֬ৈ ੓‫࠙੉ ח‬ঠ੄ઙࢎ੗ࢎ੉੄ഈ۱ୢ૓

ࢎসѐߊਸ ਤ೧ ੹‫ޙ‬о ֎౟ਕ௼ী ૓ੑ ߂ ഝ‫ز‬ दझమਵ‫۽‬ѐ߹੸ਵ‫ੌ ۽‬ೞ‫ۈࢎח‬ٜਸઑ૒ೞҊ ੉ٜ੉ഈ‫ز‬ઑ೤ਸా೧ࢲ ҕ‫੄ز‬ഈ۱੘সਸೡࣻ੓‫۾ب‬ೣ

೐‫ی‬झ $"& ࢎ۹@௏য়ಕ౮അട

֙ ֢‫ز‬੗ഈ‫ز‬ઑ೤ 4$01 ੉੗ ࢎসҊਊഈ‫ز‬ઑ೤ $"& ହ݀ ૒ਗ ࣻ‫ ݺ فݽ ח‬$"&ੋ ௏য়ಕ౮җ ௏য়ಕ౮ ޷٣য݅ m ੹‫ޙ‬૑ਗ৉‫۝‬ ௏য়ಕ౮੄ҕ‫݀ࢸز‬੗੉੗അ੤੉ࢎ੢ੋই‫פ‬ఋ೐‫۽‬ష౵౵झ "OJUB 130501"11"4 ‫ח‬ ߨ೟ਸ੹ҕೠറӝসହস Ҋਊ Әਲ਼࠙ঠীࢲ ֙੄҃۱ ହস࠙ঠীࢲয়‫ੌې‬ೞ‫ࢲݶ‬ହসपಁ੄҃೷ਸ݆੉ࠁѱ‫঻غ‬Ҋ ࢜‫۽‬਍ࢎഥ߸ചী‫חݏ‬ӝস‫ޙ‬ച৬੗઱੸੉Ҋഈ۱੸ੋӝস‫؛ݽ‬ਸ‫࢝ݽ‬

അ੤ ௏য়ಕ౮ী‫ ݺ ח‬௏য়ಕ౮ ޷٣যী‫ ݺ ח‬୨ ‫ ݺ‬Ӕ‫ޖ‬ ௏য়ಕ౮੄ ‫઺ݺ‬ীࢲ ‫ݺ‬਷ࢎস੗૒ਗ ‫ޖ‬ӝӔ‫҅۽‬ড

ա‫ݠ‬૑ ‫ݺ‬਷ࢎসѐߊ੗ ହস҅ദ૑ਗ҅ডੋ$"1& ‫ ҅ױ‬૊‫ ҅ױ੹ࢤߊ୹ݒ‬

р│РтАл█МтАмрдЭ $"& рвО█╣@рпПрзЯр▓Хр▒оркСрлТ

$001&5*$ ро┤▐нтАл╫дтАмро╛рйЙргМ рзФрвЪ XFC ▐╖┘гржпраЩржа$"&

╓Щрм╣▌А

$PPQFUJD * s"HFODF ро┤▐нтАл╫дтАмро╛рйЙргМрзАрйЙрй╣рдж

╓Щрм╣▌А

$PPQFUJD 1SPEVDUJPOT рзФрвЪркБрйШрвО рдЭр▒Ъ┘грзЯриНрзФ

╓Щрм╣▌А

$PPQ -BC рзФрвЪркБрйШрдкр│╖рдк

╓Щрм╣▌А

$PPQFUJD .FEJBT рй╖╓Е▄╗рлН ▐╖┘гржп$"& рйЙрйЧ4$*$

╓Щрм╣▌А

р│РтАл█МтАмрдЭ $"& рвО█╣@рпПрзЯр▓Хр▒орзЙр│б

тАл╫отАмр│ЯркБ╤А р┤И█▒рзА ╙Э▀Ири╕ тАл рв┐▐Щрй╣ ┘ГтАм╥│рн╖ рй┐раБр░╛рди╙Эрг┐рйДрвЬтАл█╜тАмриНр┤ЭриКрзА╥Щр│зрлСргШрй╕╥Щ▄╗ рдирвдрлТ╥╡рзАтАл╪АтАмр│а╥Щрм┤╥ЧтАл▌ТтАмр│Э тАл╫Ю╫отАмр│а╨╛роЦ▄│рдкр┤Ер│ЮтАл╥Е╫ЧтАмр┤жрг╗▌АрйДрзЙтАлрн╢рв┐╪▓тАм╥│

╨╛роЦ рдкр┤Е раБрн╜рв┐ рвЪр┤Ррв┐рйД риЧ▄╗ ргШрзАрв▓ рлСрзЙрйД рйЧриЧри╕ ркСрлТр│ЮтАл╪А ╫ЧтАмржЙ ╥│рвЪ рйМ┘Шр│РтАл█МтАмрдЭрлСрзЙрзАрв▓*5 ро┤▐нтАл╫дтАмро╛рйЙргМ рзФрвЪраЩржарйДрй╣тАл▐ЩтАмрзЙтАл█ЭтАмри╕╨╛рджр┤Ър│Ю╥КркСрлТр│ЮтАл╫ЧтАмринрв┐ргГр░арзЙр│брлСр│▒ рвО█╣ рп┐▄╗рджрлСрзЙрзА$PPQFUJD рлСраЧрзмрйЧр┤ервО┘ЬрйЙрйСрлСр│брджрп┐▄╗рджрджрзм)BVUT EF 4FJOF тАл╪ШтАмр▒╡▄░тАл▌О┌░тАмрзАрв▓рлСриЧ

╓Щ тАлрн╣▌ТтАмри╖ римтАл рйЙрн╣▌Т ╓Щ _╓Щ █╜тАмрлР╨╛ тАл рйЙрн╣▌Т ╪ирй┐ _ ╓Щ▌ТтАмрлСргШрй╕ри╡тАл █╜тАмрлР╨╛ рн╢ргБ рпПрзЯр▓Хр▒орйДрзЛ╤АриНрзФра║ ▌ЕримтАл▌Е рк║ █╜тАмримтАлрвО╫Ч█╜тАмрж╕рйЧрлТриЧ┘ЬрйД╥ГрвЪрйЙрйКрзАрв▓╒брзЯтАл╫ЧтАм раЩтАл╫╕тАм╙Ш ▌ЕримтАл╫Ч█╜тАмр▒╡▄╗рджрйДраБркС╙Ш ▌ЕримтАл┘ШрйМ╫Ч█╜тАмр│РтАл█МтАмрдЭрлСрйЧрнУрйДраБркС╙Ш

р│РтАл█МтАмрдЭ $"& рвО█╣@рпПрзЯр▓Хр▒орв┐╥ХриГрйЛ

рпПрзЯр▓Хр▒орйЙ ркЬри╖ ╨╛рлС рйЙрим

рвОрж╕рйЧ┘бтАлраЫ █╛тАмр│ЩриГ р┤ИтАл╪▓тАмркСр│д ▀ирйЛ р░╛р│з р│з╤╛

рйМ╤в▄╗╒б ╥ЕржбрйЙ рж╣ржптАл ╪итАм╤╛р│д ╨╛тАл╫ЮтАм

рй┐раЧ рлСрйЧрнУрйД рйЧ╙Шри╡тАл█╜тАм рм╣рж╕╥Ч рвОрж╕╤Р▀К рлСриЧ

рвОрж╕╤Р▀Кри╕ ридр│з рй╣тАл▐ЩтАм╨╛ ╓Ор▒ЯриХрп╝ рлУрйС

├Ж ╥ГрймрйСрм┤ р│ЮрнТ ро╢ргЧрджрж╖рзАтАл╪АтАмри╜р│ЮрзИрг╗тАл╫▒тАм╥ЧрзЙтАл█ЭтАмри╕рвЪр┤РраБркСр│г р┤ИтАл╪▓тАмркСр│дрйДрвОрж╕рйЧрлТриЧ┘ЬрвОрйЙрзАтАлрйЙрн╣▌ТтАмрм░рйЙ╨╛╒бтАл╫ЧтАм╤кри╕р│з╤╛р│Ю╙Эридр│а▀С▀и тАл╫отАмржир│ар│РтАлркВ█╜тАмр▒Я▄│╤НрйЙр│ЮрзИрннргЧр│арйДрйМ╤Ери╕раБрйвр│ЮтАл▀С╫ЧтАмрдзри╡тАлраБ▄│█╜рв▓█╜тАмрзо

р│РтАл█МтАмрдЭ $"& рвО█╣@рпПрзЯр▓Хр▒орв┐╥ХриГрйЛ

рпПрзЯр▓Хр▒орйЙ ркЬри╖ ╨╛рлС рйЙрим

рзШра║ рм╣рж╕рйЧтАл╫ЧтАм рвОрж╕╤Р▀КрзА рлШрк║

рвОрж╕рйЧ┘бтАлрвО █╛тАмрж╕рйЧркСр│дриЧрй╣рзАтАл╪итАм ╥ХтАл╪▓тАмр│РтАлркВ█╜тАмр▒Яр░крдЭр▒Я╨╛тАл╫ЮтАм

├Ж рпПрзЯр▓Хр▒орйЙ╥ГрзФ╥Щ▄╗▄│╥оринр│ЮтАлрв▓▌╢тАмр┤е╥Ерзмр│прй┐ри╕рм╝рйРрлЧ t-PVUW тАл╫Ч█ДтАмр┤е╥Ер│Т█Цр▓м╪ЛраЩрзА╥ГрзФрйДр▒ИтАлраБрв┐▌║тАмрйв

рдж╤АркБ ╙ФтАл█╜тАмрдж рдкрж╕╙ЩрзИ рйР╙Ш рг╗█╕ ▀╜р│п

├Ж рйЛ╙Эрж╕рнК█вр│атАл╫│тАмрзА рйМраБрйв╙ЩрзИрйДрвЪрдкрж╣рйЙ

р│РтАл█МтАмрдЭ $"& рвО█╣@рпПрзЯр▓Хр▒орв┐╥ХриГрйЛ

tтАлркБ▐Щ рйД╪ктАм╨╛ ржЗтАл ╫о╫дтАмрзЛ римтАл рг╗ ▀е ▐Е ╫ораБ█╜тАмрйУтАл ╫отАм рйЛ ╙Эрж╕ри╖ рйвра║ р▒ИрйЧра║▄│ ╒брк║рзА тАлрм║ ╫отАмри╕ рг╗ рж╣рлС▌Е $"&рзАрв▓тАл ╫ЧтАмрйвра║рзА р▒ИрйЧр│а ╤кри╕ ра║риКрнК▄╗ р│ЮтАл █╛╪итАмр│зрк│тАл ╫отАм ▀ирйЛри╡тАл █╜тАмр│ЮтАл ╫ЧтАм╤крйЙ ╤РрйЛри╡тАл █╜тАмр│ЮтАл ╫ЧтАм╤краБтАл ркБргБ ╫отАмр┤Мр░Цри╕ ╪К ▀Йри╕ рг╗ рйУтАл ╫отАмu рпПрзЯр▓Хр▒орйД рвОрж╕рйЧрлТриЧ рйЙрйЧ▀░

рпПрзЯр▓Хр▒орйЙ ркЬри╖ ╨╛рлС рйЙрим

тАлрвЪ рйДрн╣▌ТтАмр│арв╢рзА ╙ПркБ ▀ЙрлС ржЛри║

╓вр┤ИриЧроЧрзАтАл█Д┘отАмрлТриЧри╡тАлрв▓█╜тАм рм╡рзИрзм рйФрзИраЩ▀Ур┤Мр░Ц

├Ж рйЛ╙Эрж╕ри╡тАл█╜тАмр│брг╗рйУтАлрвО╫ЧтАмрж╕ри╖рзЛ╤А римтАлркБрн╣▌Т █╜█╜тАмр│арйУри║ р┤ЕрйдрпПрзЯр▓Хр▒орвОрж╕рйЧрлТриЧ┘ЬрйДтАлрг╗рн╣▌ТтАмрк│ри╖ рй┐тАл╪итАм╨╛ ▌Е_ ▌ЕримтАл█╜тАм рй┐тАл╪итАм╨╛ ▌Е рнМри╕╓ИтАлрн╣▌Т ╪ирй┐╫ЧтАмржШр│атАл▐Щ┘╕╪итАмрзА$"&рзА╤╛р│др│атАл╫отАм╥КраЕрг╗рж╣ри║

╓вр┤И рй┐╥ЩрзА тАл█Д┘отАм р┤ИтАл╪▓тАмркСр│д ╤в▀б╓ДрдЭ рм╡рзИ╨╛тАл╫ЮтАм

р│зрз╗рвО█╣ рдж рвО рй╝

೧৻ࢎ۹ दࢎ੼ ৔Ҵࢎ۹दࢎ੼

೒ۖಬ੄ ೨ब‫ࣗ ܳઁޙ‬ਬ੄ ‫੽ ۽ઁޙ‬Ӕ ٣૑ణ೒ۖಬ੄ഛ࢑ਵ‫ࢤߊ۽‬ೞ‫ࢎח‬ഥ੸‫ܳઁޙ‬ ೒ۖಬࣗਬ੄‫੽۽ઁޙ‬Ӕೞৈࢎഥ‫ઁޙ‬೧Ѿਸ‫ݽب‬

֢‫ز‬ઑ೤੸ ೧Ѿߑधҗ ഈ‫ز‬ઑ೤੸ ো‫ز ܳ؀‬दী Ҋ۰ ֢‫ز‬ઑ೤җഈ‫ز‬ઑ೤੄ହ੄੸ੋഈ۱ਸా೧੗оҊਊ֢‫ز‬੗ٜ੄ ֢‫ز‬ӂࠁഐ৬উ੿੸ੌ੗ܻହ୹ীӝৈ

࢜‫۽‬਍ ੌ੗ܻ ହ୹ਸ ਤೠ ੽Ӕ ߑध ٣૑ణ೒ۖಬࣗਬ੄‫ઁޙ‬೧Ѿ ֢‫ز‬ઑ೤җഈ‫ز‬ઑ೤੄ഈ۱ਸా೧ ࢎഥ‫ܳઁޙ‬೧Ѿೞ‫۽࢜بࢲݶ‬਍ੌ੗ܻܳହ୹ೞ‫ח‬ഄनद‫ب‬

೧৻ࢎ۹ दࢎ੼ ߰ӝী 4.BSUदࢎ੼

‫ޙ‬ച৘ࣿੋ੄ ૒স ഝ‫ز‬ਸ ೤ߨച h рࣗച ೞ‫ ח‬Ѫࠗఠ द੘ ହ੘ഝ‫ز‬h ହ੘֢‫੄ز‬ҕधച উ੿ࢿഛࠁ ೯੿рࣗച١੄ਃҳী‫؀‬਽ೞ‫ח‬ഋక‫۽‬द੘

୨ഥ৬ ੉ࢎഥ‫ ח‬ഥਗਵ‫ ۽‬ҳࢿೞৈ ޹઱੸ ੄ࢎѾ੿ҳઑ ݃۲ ੌ੗ܻ૑ਗࢎস ‫׏‬٧ࢎস١ҕә੗઺ब੽Ӕߑߨਸഄन੸ਵ‫۽‬೧Ѿೞ‫ח‬Ѫ੉о‫מ‬

੤‫ ױ‬ହ੘ੋ ഈഥ ‫؀‬೯ࢎ‫ઁ ࣗޖ‬੘ࢎ ӝӘ ࢎ‫ޖ‬Ҵ ١ ೙ਃೠ ࢎসઑ૒ਸ ‫ فݽ‬ы୺ ৉ೡࣻ೯ী೙ਃೠ୭ࣗೠ੄ઑ૒ҳ࠺оӝࠄ

೧৻ࢎ۹ दࢎ੼ ೐‫ی‬झ $"& दࢎ੼

֢‫ ز‬Ҋਊ ࢎস ࣁ о૑ ஏ‫ ੄ݶ‬ജ҃ ߸ചܳ ഈ‫ز‬ઑ೤ ߑधਵ‫ ۽‬ഄन੸ ೧Ѿ ‫ݽب‬ ੗ਯࢿ ੐Ә֢‫ز‬੗֢‫ز‬ӂ ࢎഥࠁ੢ ѐੋࢎসਤ೷୭ࣗച ૘‫੸ױ‬ӝসо੿न

সઙ द੢ ࢿࣼ‫ ب‬द੢ ߑೱ ֢‫ز‬द੢ ߸ച ١ਸ Ҋ۰ೞৈ ప݃ഋਵ‫ޙ੹ ۽‬ച ҃ೱ $"&оౠࣻҊਊ֢‫ز‬੗ ೐ܻ‫ݽ੄ࢲے‬ٚ‫ܳઁޙ‬೧Ѿೡࣻহ਺ Ã সઙ द੢ ֢‫ز‬द੢١ਸҊ۰ೞৈ੽Ӕ೧ঠੌ੗ܻହ୹੉о‫מ‬

ହস ੋ௸߬੉౴ ࢎসҗ੄ Ѿ೤ਸ ా೧ ҕҕद੢੄ ബਯ੸ ਍ਊਸ ‫ݽب‬ नӏ$"&੄҃਋ ੉࢚੉ҕҕ੤੿ Ã ੼ରࢎস੗૒ਗী੄ೠ੤ച৬ࢲ࠺झࣻੑ੉ૐо

೐ܻ‫ࢲے‬ ഈ‫ز‬ઑ೤ ੹ ‫ݎ‬

೐ܻ‫ ࢲے‬ഈ‫ز‬ઑ೤ ੹‫ݎ‬

ѐੋ ై੗Әਵ‫ࠁ ࠺ࢸ ۽‬ਬо о‫מ‬ೞҊ ӝࣿ૓ੑ੢߷੉ ࢚‫੸؀‬ਵ‫ ۽‬ծ਷ *5 ѐߊ੗ ޷٣য௑బஎହ੘੗ ‫ޙ‬ച৘ࣿହ੘੗ ٣੗੉ց ١ীࢲ ࠛউ੿ೠ ੗оҊਊ੉ ૐоೡ ੹‫ݎ‬ അपо‫מ‬ೠ ࣻળ੄ Ҋਊਸ ਬ૑ೞ‫ز֢ ࢲݶ‬ӂ ࠁ੢җ ࢎসѐߊী ૘઺ೡ ࣻ ੓‫ ח‬ৡ h য়೐ ೒ۖಬ ೙ਃࢿ ૐо അ੤ ࢎস੗ഈ‫ز‬ઑ೤ਵ‫ ੄ࣻ׼࢚ חغܨ࠙ ۽‬ഈ‫ز‬ઑ೤੉ ೐ܻ‫ ࢲے‬ഈ‫ز‬ઑ೤ী ೧‫׼‬

೐ܻ‫ ࢲے‬ഈ‫ز‬ઑ೤ ੹‫ݎ‬

അ੤ ߨੋ ࢸ݀ ١ਵ‫ࢿ ۽‬җܳ ஏ੿ೞ‫ ח‬ହস ੋ௸߬੉౴ ૑ਗࢎস਷ ബҗࢿ h ബਯࢿ ஏ‫ݶ‬ীࢲ ‫ فݽ‬ೠ҅ী ‫׳ب‬ 4.BSU $"& ١੄ ೒ۖಬ੉ ੓‫ߣ ݶ׮‬Ѣ‫܂‬ѱ ߨੋਸ ࢸ݀ೞҊ ࢎস੗ ߨ੸ਃѤਸ ы୶‫ ؘח‬৉‫۝‬җ ੗ਗਸ ࣗ‫ݽ‬ೡ ੉ਬо হ਺

೐ܻ‫ࢲے‬ ഈ‫ز‬ઑ೤ җ ઁ

೐ܻ‫ ࢲے‬ഈ‫ز‬ઑ೤ җઁ

ੌ੗ܻh֢‫ز‬hହস ҙ۲ӝҙଵৈ

ҕਬ҃ઁѾ೤

4.BSU $"& बகোҳ

ଵৈ ഈ‫ز‬ ഄन ҕਬ

੿ࠗh ੗஖‫୓ױ‬ ӝઓࢎসো҅

୒֙ହস ੋ௸߬੉౴ো҅

*5ѐߊ੗ ޷٣য௑బஎହ੘੗

ҕҕ੤੿ ബਯച ࢲ਎ഄन౵௼١ ҕрѢ੼ো҅

‫ޙ‬ച৘ࣿହ੘੗١ ప݃ഋ੹‫ޙ‬ച

&OE PG %PDVNFOU

୳ᰛ ភ ᱋ష⁳ a ჏ጰ⛧㕨ጰ⟇㓀 ᶛ⣟ሟ⇻᧿ዏ

,7B,7馋ꦋ듿 쉳ꜛꔋ꺋쎄 쎀ꅈ뗟싘

$& #'%(

" ! #

'(*) -,+ ./0 12 43 +)* , - -

! $#"%&

"$ #%!& )('*+ ./ 102 3( 46875 ;:9<+?>=$A @2 10BCD EFGH

U XWV !Y ^`?_a %&

I JKLNPOMQR./ 10STU V1BYW X$\[ZQ10B] X^`_ba ./B7c>=edS(UfQhgikjnm7lo3pq <+?>=S(lRrfjdst7%ulvV

5 6 7 83 9+: ;"< =>7 @B.?A DC< FIGHE J7 MLK ON PQ ./ 10$A @B wxHya+qz( X%|~}{ 7%ulx} yn Q B3VS(] Q 7% Q t75 @B wm w 2vV

C RS ! T U XWV !Y7 Z [ %]\ ^`?_a x 1SlKM 3 MTQ 75 Q@ Z S 7 |Ej 7l~}

)(',!& %-%

jkZ b xK %< B ^ ] Z M M 3V¡B¢£S¤¥iky B¢£

7 !l ^/mn ¦ ¨ ²

C$ §

X´³" !Q|ª+q Oiµ Qz(¶)X ¬<«" !¯

7 b Z cde gf)8hi 5e$#

./01 243

@B o

u h

qp: Ur7 ^s

v v

KM Q· ©y ./ §

©y ./ § ¾ R $& ¿

< $A

A À Z Á

ªV¸K¹Tº¹3» ¼O ½ § ^<©¯

A À xK %Â£

^3 ¹^Q 2 wB

A À Z Á

./ $A

A À vx Ãy%|

576 98;:<

`)%y3z \ !l?(:^/K

{

!l ?(: ^/ 'Ä ÅMg On ª ÇÆ$È¯

kMg B w TgB ÉV © ª%ÊB \kS(l +qz('Ël +ZÌ? MÍ É ÎVU %|Tg ÏÐ¯

g ({ Ñ ÓÒ· ~Ô X g ( T *B ¢ Õ|F < a ËÖ 3C B ×Øª Ù0 ÎÚaV Û~¯ Ü^ ÝxÞº M Ø xßS(B Kà 0

á|0

FI) wxK % 7 %y kMg ÏÐ â+qz( Ý ª+qz( QR äãå?Z æQc¯

ç Kà'Ël $X Z $è ª$X Qç ¯

< =>?

6 >7 @B.?7 G|" }~

b )B "

; 7 \ Z - w

b )B "

w 5

: +qz(~

w 5

B@ CFE D ăăă ăýāüþûĂ úĀÿ

J Èãé êá®+ZÌ?{ ëXS(ìXaÜ ,iÍÉSíÛ $Bî jï ðyuñ óQ ò ôZ ?O´{ Äöõö ÷øù¿

B@ CIG HJ K¹Ą¼ąĄĆ i ć10B ĉ)QĈ?an{QĊ

B@ C Æċ$B+ZÌ?C ê%ČčÆ B +ZÌ?a®Ď=uñ

Đ] ´ đMMMÜjÄØ +ZÌ?· { Ē [Z ēaÜ

+ZÌ?C ="qøQď$A10Q Ëy{

B@ C

íaíĔj&Ĕ[Z ĕ_ìXaÜ

Ė =BÍÅU<${ ðyuñ

g U+ZÌ?$yìXaÜ

B@ C MKL

IG HJ MKL

ĉ)QĈ? Ę?ė ÍB ęùjÄUìvU Ěb ªęùá 2êK Ĝě aÜ¯ OJN MKL

B@ CRQKP

ĉ)QĈ?+ZÌ?® ĝ Ę?ė +ZÌ? ĝ Ę?ė l ®bQul M B w ğĞy{7 Óñ ªĠ B wM $X ğĞyÆ Æġ ¯

B@ C TS

X! ! \ 8 S U (Q h 5B 5 X ! C ¢¡^ - £¤ Ġ B wM $X ÖĢQ ğĞyÆ Æġ

z¦¥ d ¨§ ©} ęù2¶)XęùªāþĤģû ĥĥ;Ħ¯ ħ ;+)XKdęùQaÜ

K ª\ o7 %« ¬k ¥ d GH ?(

B@ C TS

?( ®"< BD J 6 )8 ®!¯ w °K ~/ 9 ±²\ µ´³ \¶X §/ \¶X ~/ u · { < ¸ 5- TBK %-¹ u B¥ Hº »7 ¼ ¥ ½:) \ - V¾¿ X `À \¶Xc ÂÁR »>7 |¬c Ã @ [ n Ę?ė @S_+ZÌ?{Dğ7l( m ĨËdĩĪ2Ę?ė @Qa\Fyujo

w 5

U@ FE D ăăă ûĳĲĴúûĵ úĀ þĵ

JÍ+qz(Öī O +qz(~C +ZÌ?®yakĪñ xn+ZÌ? Ĭ+ZÌ?Zëĭ{·Į YGį İ À ı(

Â&#x2030;Â&#x160; U@ $( Â&#x2C6;Ä¶3Ä°[ZÂ·Ä·= Â&#x20AC;yÂ&#x201A;

Â&#x2030;Â&#x160; U@ IG HJ

KM Ä&#x201E;Ä&#x152;Ä¹Ä¸Ä&#x201E; V'Ã&#x201E;Ã¡Ä&#x201E; V1MT Â +qz(~ " ! C ak Äª2 Ä&#x2030;)QÄ&#x2C6;? Ã¬'

U@ IG HJ

KM ĄČĹĸĄ V'ÄáĄ V1MT +qz(~ " ! C ak Ī2 ĉ)QĈ? ì'

Öī&+ZÌ?ĚĺaÜ

÷ľÎQakĪQĿ2 +ZÌ?ŀ[ZVŁĎ=uñ

+ZÌ?C ļĻĽĻ10Q Ëy{

U@ MKL IG HJ MKL

Ń\X^jg R ´ń7ł cŅjņŇØ áňulX V'

OJN MKL a\ R ĝZ +ZÌ? Ěĺ R 7l +ZÌ?{ ÏĬ7ł aÜ

U@ RQKP

ĚbĨV'{ÄØ 3Òy Q^jTq7ł ŉjyulX {Dğ

U@ RQKP

+ZÌ?ţčB ġ QxByyĝ +qz(~CyyĝaakŤñ ªĠ B w ġ¯ M""V

+AW X""VY ¦ a 137l yyĝl ( yyĝ V¸çŊ|yyĝ ŋZŌ Qz( Q|ĝ{ L Ë Z ""V[ !\J =5] ^ ` ""V_ b a@ ` ""V[ !\J dc8 ABe f,!g 75h i j 7k@ 7k fl 8)m n D' KL o] >)m 0 a@ ² V¸çŊ| yyĝl +ZÌ? r i V¸ç[Z Ŋ|F wB yyĝ{ L Ë yyĝB Čč2 ōB ġ QŎQ5 ŏQ= Q Qz( j V¸ç[Z Ŋ| R a 7l gŐZ őČ \Č 7l oj Œ[Z Ë œ ŋZŌ Qz( Q|ĝl Yhg [Z Q|7l Qz( ( { L75 a ęfB ûĳĲĴúû úĀÿªüĂĂģÀħħăăă ûĳĲĴúû úĀÿ¯ Qz( ŕŔ ªüĂĂģÀħħăăă ûĳĲĴúû úĀÿ üþ¯ ŖU

Q? j L Ë Q{ Q|F ŗ ŘE3 įř h Tº 0j K Ønl KaZ -$ÈS ÎČ Śś Ŝ VªŝÆ ÚĽĻ/&m¯j ïŞ Ë ŏQ= 3 Qz( CS( Q ( { Z 7l @2 ( £dS ®7% a VU 2 B gŐS \Č7łī Ë ş ( yyĝX C$yyĝl +ZÌ? KČQ { ©7ł Qz( S_ Šš w S ` Z m{ Q|F wSl l +ZÌ?KČB ąČ iS O yyĝ{ U Ţčj ąČ Ë

U@ RQKP V 3ť [Z Ö7ł ( Q|S &jŦ M""V ¤ 7kp 7kp 07kq 07kq r7k,! r7k,! s a@ 07kp s a@ 07kp 07k t07k [ 07k t07k [ &7k8 &7k8 uv uv ŧ xw zyk0X{W|g|||@ } ~ (Yg 5 7k8 uv xw yk0X{A||g|||@ } ~ (Y _ xw zyk0X{W|g|||@ } ~ (Yg 5 7k8 uv xw yk0X{A||g|||@ } ~ (Y 5] 7k ) g 07k _ ! 07k a@ _ 5] 7k ) g 07k _ ! 07k a@ V 2 Q?B Ũ ( { Q|F y ul ĸq{ aũ Ë ť 2 ŪóQ S [Z a\7ū[· V { Ŭ\7 ÓÒ· V MÍQ ]ĝĎŭñSm Ůá7 Ó2 j ů Ë r7kp 75 5 J] + )[ ` x M " , P g !\Jg %*8 !\Jg ¡p " ¢ a@ r7kp 07k _ )£ ! 07k8 a@

U@ RQKP $X ğĞyÆ Æġ M 2 ġ 1ah13 M""V Ű ğĞy a { Ä7ł +ZÌ? r j Bň °l y 7l Ũ 2 ŬhB B { aũ Ë @ i j 7k ¥[ 7k ` &7kp ¨¦§ U@Ue© qª g 5 7kp A|e8 ©©«§© q¬ a@ Ë l $X S K7ł h ( B ÎP[Z < h Æ Æġ{ ğĞy7ł yŬj K Ë ¤)( ŏQ= °l Qz( C $X 2 űq7_ ŬhB B { ËF y u[5 B ğĞy ( { Q|7 Ó $X S_ AŲ7l Ũ ¡*2 $X ųXS_ uŞ Ë Ŵ V Š B \ŵ ( |B űq{ O7ł yyĝl ųXS QB a Ģj w MÍŜĝ i ŮáŶ Ë ŷ yyĝ Š Ú l Qz( S_ +ZÌ? KČj ąČF i xM M Ĩ +ZÌ? C$S KU yy ĝ ğĞyh Æ Æġ{ U Ţčj Š7l oj Œ[Z Ë

U@ TS

Ä Å w

u Æ Ç¯ ÉS5ÈX ¬Ê hË \¶XA Ì \¶X |¬ Z -¹ ³ Î Í¦ |¬< ÐÏ 9 K ª\ o7 ?(

U@ TS

I c Ñ6 |I : Ñ6- £¯ sI 5 5BÒ ^ Ó[ Ôw Õ \¶X Ö< TB \× © 5 -¹ $ÐÏ 5 ØV \¶X © 5 V¾¿ |I : sI ¥ Z -¹ %Ù)8 |¬c 9Q :Á ^/535 Ó[ R C^8 7 C< Cj Ú¢ \ \¶X 5 Ê - ×< »Û CÜ \¶X ^/5 V¾¿

w 5

@ FE D ăăă ŹĵûûÿĀĲ ĴûĂ

+ZÌ?® ĝ +ZÌ?B xUa 7UaŸi óQ ò ôZ ?O´{ ÄUöõö ÷øù¿

@ IG HJ

ť MTOnB ĉ)QĈ?

+ZÌ?SKUÍÅU<$ ìXaÜ

ő r xßìXaÜ

@ ƀôſ[Z Ę?ė BÃĞj ē7MƁƂ

$A ź X MŻ Öī&ĚĺaÜ

Ė =B ^M ( X´ż 6?Žq;ž QŤñ

@ MKL

iÍŎX DğaÜ +ZÌ?]ĝRía cŅņŇ

@ RQKP $X ğĞyÆ Æġ M 2 ġ 1ah13

@ TS

K ª\ o7 ?( 8F! JÝ ¬Ê %h «? ÁÞ u ß¤ h A - c Ò ^ Ó¤ X U àK ãâá¥ äB-¹ 5ec ,¿ s99 . wË7 ÉS5ÈXc ¬Ê-¹ "Æ " ß¤

u Æ )¯ ÉS5ÈX ^A X ^\ )å)8 æ¬ä H u

w 5

ย ย W@ FE D

<xย Xrฦ 3 ยฃ รณQ รฒย รดZย {ร U รถรตรถ รทรธรนยฟ

ย ย W@ $(

&1(Zยทฤท= ย yย

W@ ® ^

MT3 ^jƄ= ÉV XMņjƅƆ

W@ 5 ¯

ƇSQYi S CĔj4%uñ

W@ © °±

a\á ƈ ČŬ1R 3VjÒƉ

jÄU BĸƊÝx3 E Ƌ

W@ RQKP

2Đ 1&ZƌŇ

W@ TS

çè< H hÁÞ J7 : 9Ê é êë |67 \ G|)8 F! ì ¨¬ uÄ^^í\ 8 îe m >K³ |ï %CA +¹ ¬Æ ± ðg

¬ ñÞ U# MÍ ÆÎ<

8F! ± ë « 6ò

A ²

^^íóë «

ÉS5ÈX ô"

M À +ZÌ? KČB ġ $XÀ +ZÌ? KČB ġƍ ğĞy Æ Æġ

+ZÌ? KČB ġ V a\ ÚM À Ŝ Ú$XÀ Ŝ

M À +ZÌ? KČB ġ $XÀ +ZÌ? KČB ġƍ ğĞy Æ Æġ

a\ i ƈ Č Ŝ Ŭ1 ªC$yyĝ Ģñ¯

K¹ ¼ą Ć i ć 10 On

KM ČĹĸ V'Äá V1MT

ť MT On

MT3 ^

Í<U a\Ǝ $X Q||Q

ìkĨ V' C$yyĝ Ģñ

UĨ V' C$yyĝ

R a\ $X Q| 1G

IG HJ

ť MT ¹ē M On

MT On

M w

C$yyĝ Ç ġ

ƈ Č Ŭ1 R a\

!\J

Ƈ ź X MŻ $AZ UVƏ

Ƈ SQYi QNS S_ ƐƑ ./Y xÒ (

2³

a\ R ŏZ ( Q|aÜ

C$yyĝ{ ï Óñ ìkĨ V'

´³

C$yyĝ

UVĨ +ZÌ? V'

R a\

$& #'%(

" ! #

! "#$&%' )(*+

*),+-. / 1 02 3 4 56 798:; =<?> A@DCB $, FE.GH IJK NM4.LOPQ R N; TUVSW GX.NY 2]Z\[ ^_ @_ 1 ` aa1DQ b%c

! "#$&%' )(*+

! #"" %$& dfe g h i jl knom @ a @

' ( ) * + .-, / 0 1 2

,-.01/

3 4 5 6*7 89: 7 ;8: 8= < 89> ? @ "AB CDE7 GF H I 8J 6K pq4f rs t u'vQ wfxy{z

DC |} Y 2 @DC~Â&#x20AC; xy

L N M O P Q R

L NM OPQ R

"S? 8T> U VTTW>XY NM OP r*O 3 TK 2 %' J ; t( K J. s W .L *) ,+ K

VTTW>XY NM [Z

L NM OPQ R

^]\ _` ba d]c ^eM fg Â&#x2122;XÂ&#x161;}Â&#x203A;uÂ&#x153;gQÂ&#x17E;Â?Â&#x;ÂĄÂ&#x161;Â Â˘ uzÂŁ *tÂ&#x203A;Â¤ÂĽÂ&#x2030;ÂŚ\Â§2Â¨}W Â&#x152;tÂŠ ÂŠ ÂŞv Â&#x2030;L ÂŤQÂÂŹ;@*tÂ&#x203A;Â¤ÂĽ ~Â&#x203A;

Kih!kNjlmi onb p"]qtrusvwtr

y{xz } | 3r "

y{xz}| 3r "

3 2

®sH 3$¯ ±°

4²GX

onµn´³ 3v

0<>=@? "DACB :

;EFGKLIMIKJIJH N

¶® R Q · u¸B

º¹. »¼ %½ u¾

645789 :;

y{xz}| 3r

y{xz}| 3r " 3 2AO QPRSF

#"' v~ @# 7 7 E 'f ¿ÁÀH ÃÂt Ä i Å 2Æ Ç È' ÉHq© Ê ËÌ (ÍÏÎ Ð£ Ä Ñ ËÓÒÍ%Ô3v ÕÐ Ä N} E}EÑ q© ÊÑ Ö× £Ñ ÐÌ ©zØ2 Ñ N} E ÊÑ q© Ê¶±Ù

y{xz}| 3r " UTVXW Y[Z\_^4]

v v p l`

6* 4 *X t *X f

F ! e 7 Z¢"¡ £

xy C $,K ÚH w7

y{xz}| 3r " `aILIKJ :

¤¥¨¥§¦ © 0« Oª 2 ~ ;ÛÜLÝÞBÓÒßKàá TFt¦vâ%Äã

y{xz}| 3r " 0<>=@? "DACB :

H 6K ¬ U H 8 Gh ® f ä¦ @0;å ¢ y yæå tO²;¥ ~© ¬ ¢ ×«

y{xz}| 3r " 0<>=@? "DACB :

' lK AB ¯ 0° ° °2 ¥ ~© y @Q ç }è¥ ~©HB@ ç ¥ ~© Ùg)@$é

y{xz}| 3r " bUced;`f ;Bhg

± ' ²B u³\ ´l` ¶µ

´l 8J ·¸ 4 yµº¹ ²B NM, Q }êXÞÅWë, i3 § íì\ Bî¢ R Tï R b¦W ð íì\

y{xz}| 3r " ;EFGKLIMIKJIJH N 03 p !¼»2

3 4p¾½ C ¿ 0'À¼ Á A2

AwrÂ AwÃA ¶ e ÄÅ ÆÇ OÈ ' AwrÂ¶ AÉ 3 ÊË*jÃA 3¥ .LË ñ9;CòE Í 3 ô4óõ Eõ Fö 3 3¥ fE «~\÷ g² ÷ g² õ øgG Ñ ø¡ × ¹ ù3¥ 0;¹ NÑ ú %½û'

y{xz}| 3r " 645789 :;

0ÍFÌ2c % ® 0[Z u³2 OÎ 6* Ëü¬öÍ;2ªtþýB r*)¬öÿ~ v pq4 ā Ā %½Ă%ăHv HËąĄ wÍ

}Ï 6*' # ÑÐ< 8= # *! Ò® é& pq4%½¿ç Ćuć i£

Ó< 08ÕÖÔ !4½ ×lus 2Ø0 ?

y{xz}| 3r " jil kmnpoqBF

ÚÙ Û& Æ

lÞ "ß Æ

Ĉ Q Q@DCĉ

Ĉ^DCĉ

@r s3

uv s3

3t po

wx` po

ÚÙ Û& Æ" 8 V °= < Ó ¸#' #Ü Ý lÞ "ß Æ" 5= < 4 ¸#' lÞ à Ý

' Â&#x2DC; Ã¡

' Â&#x2DC;Ã¡ *

iÃ¢

!Âµic

Ã&#x2020;

' á cy

[Z U ¾yz ¢"¡ ãÇ Ý ×l iä ãÇ p å ` æç' ' 5ċĊČč £: 8Ďt ďgÚHr2 Đđ Ć:

' #"NM ×l è¨ µ iM ×l

' á cy

' » ! + .v ¸` 9 éAê

íì

7{z9ÞĒH tē tĔÞ 4M[KÉ ¦í {ĕH8

7 9Ð£tÝó¦Ė tÓÒ ¦ .PH8

iî vï

7;|P }9 ė ¢ OK ĘQ ętēĚX Ĝě8

7 :9Ì ç Jt ý( 2£' 3vH8

ë ¹

7[ 9Ġ ÂğĞĝNMQ ġQ |Ģ( 2 ē 3 ý;ÖpK2 %±Ù ¢ H8 7c~PA 9gģ MĤKĥXĦ % y679Bħ I4² 3v¾ É ¦}¬ ?>ē)8 7W|9iÄĨ ¥(> ĩ% Ī1° MĤK4g } īK2 % ėĐÄH8

' á " cY

04 6 ð 2) Ýpñ tr Ý © Æ #Ü ËĬĭČ Ĭ( Íð ĮÖ%½

' á ;EP

iF 6 Æ Zä " !µ! ç Æ Zä "! »f ÝNM į øS tË¶±Ù i Í

%# !"$

$& #'%(

" ! #

%" !#& $'

! #"

=< >? @B A CEDFG HJI LKMNA QOP RST VUW XYZ\[ =< >? @_C^]F` bacV C

09968*));;; /+-.,552 -53)4+4:3+791.1:

%" !#& $'

$ . 01/2 345 76

&%$ )'( *+ ,-

fUde =

()*+,-

:89;< ;= :>? #"+ A@

BC DF E HG g hi j lk mn pok m 'q

I JK L>M @N:89L<O. QP 9? SR JK 9.:88 @ UT vBrstu xwAi `Nz{Ny |}~ H Â&#x20AC; Â&#x201A;d Â $w Â&#x192;Â&#x201E;

@ V 9WX. NA@ @ 9YXZK! @ :XO []^\ A@ V :WX $ < Z b D Y aD N

_< Va ` b0 K!cd ;88 @ ` W88 @fe g O Y a[ Pd eND =b FG Y a e

#"ih

#"ih %" A3 47BCDE7:GFHIJ

201 &

3 4 6 5

987: ;0

%" A3 4

3 4

<73 4

>=3 4

vBrstu

vBrs Â&#x203A; Â&#x161;

Â&#x;ÂĄÂ Â&#x17E;Â?Â&#x153; M

?@3 4 vBrs Â&#x;ÂĄÂ˘ÂŁi vBrs ÂŚ[ÂĽ(Â¤

#"ih K L& $MO!N

j k) lm+ DF Ed BCnoe pq r& $s+ tu Bwfevx |{zy } ~ Â&#x20AC; ^Â fe 7Â&#x201A;

tÂ&#x201E;Â&#x192; @1Â&#x2020;Â&#x2026; c& Â&#x2021;Â&#x2020; Â&#x2030;Â&#x2C6;t Â&#x160;Â&#x2039; DF Ed HG^\Â&#x152; Â? + A Â?Â&#x17D; , ! Â?Â?fe #"

#"ih Q. P

$ Â&#x2018;/! Â&#x2019; tu A@ $ K! eZÂ Â¨Â§`ÂŠÂŞ ÂŤÂ&#x2021;ÂŹ< Â&#x2013; vBrs =? @Â¤Â ÂŽPY Â°ÂŻ% rÂą Â&#x2013;bÂ˛tuÂ&#x2022; ÂłÂŽPY

Â&#x20AC;Â&#x201C; &%$ )'( *+ IÂ&#x201D;tcfe BÂ&#x2026; vBrstu Â ( XYÂ´Â&#x2013;Z\<Â&#x2021;ÂŹ< ] >? @_C^]F` mbacV ÂľÂ&#x192;Â&#x201E;

Â&#x2022;

5 R S 7:GFH

&%$ )'( t

U ?!

5 TUGWLVYX Ï e ¿ Ð Âm

BC '$d + ?! &

>? @ _C^ b³

@ ? + tv tu< ¶YP ·¸ g$ ¹ º »³ ¼i = ¿½¾ ¥ i ÀAZy Á Zy< Â` »i H 'EA Ã a »i ¡ a Ä¢B i ÅA ¡¢i m¡¢ ÆÇa ÆÈ Æ ÉÊ` ËB Ã Y aA ÍÌ Î³pya »

5 983 46 5;0 >? @ _C^ b³

Ï e ¿ Ð Âm

áßà ¦[ ¥(¤A ¾ Þ

ÔZÐ <Õ

ÊÖ Æ Ë¨Ñ b

ÙU×Ø] Ú` Ñ b

ÉÜÛoEÝemÏ¡¢n Þ

&%$ )'(

n âPOD F` äÊ"ã ¿ µÑ µ ÒPb ¸ A Ó{e

tD å æC éVçè ba

AHG

AHG 9

Ba\ V LXfe ' ê ë ( ®D P V ìY

Bw Pe w a 9 9a ícV xw äA ¤î` < ·ï äe ðb% P E[ xwA xwi Ny ·@] ¤Ð° ¾ Ô«ñ

AHG [Z\^^_]

~w ¡ ¢eB£ - ¤t #"d T+ {- tu A@ B ¥ ¦ OP ·D ò% óD ô¥Ç °õÉ ö ( ÷¸' ] £ °ø% °¯cr O< <ù Zú FG 'û

§¨ Àb m` ¢æD = £ a[ ` o Qv üþtý äA ¤î` ÿÏ Ā< K mG( ā ¢æ £

A@© H P· P EA P OP ĂD ÚG D ~µ°¯cr H ă Ąe< e F ( Ă ~µ

Â«Â¬Âª Â&#x203A; Â

Â«Â¬Âª Â&#x203A;Â `a

Â&#x20AC;Â&#x201C; Â&#x203A;Â

! Â&#x20AC;Â&#x201C; N7 W8Â®O

W8Â®

Â¯Â° Â±JÂ&#x201D; HG

Â³Â² ÂµÂ¶$Â´

Â·5 NÂ¹Â¸ Â¶O

kÂºÂ±J NÂ½Â»Â¼Â¾Â³O

98Â®

«¬ª L.3dcb5

À¿ !@$ yÁ(

MO!N4/ %" !#hi(

fgeX, $.,Lf

Ä È

lkB Eknokmpqrs Ä È

tS( %" !#ji(

tS(

Ä È

Ä ĄÈ

«¬ª L.3dcb5

9ÃÂ DF E HG,^Ä

:. ;ÅÃÂ DF E

Æ Â

vuwy}]~z~{| x Y K L& $

1³C

/ 9(

L.3d cb5

«¬ª Ç

«¬ª Ç S7 U 1W>G Z V4u

ÉÈ¦ ¬ Ê\ A Ë ÌÍ ¾³ ÐÏÎ yÑÎ Ò7Ó Ô ~Õ Á BC ~×Ö HG@Ø Ö ÙKd ÐÏÎ U fe Ó Ô ~Õ

BÚU Û ?g hG / Ü

«¬ª Ç S7 U 1W>G Z V4u

BÚU Û ?g hG / Ü

BÚU àÝ Þß

?g hG / ·ï äe ¶ ć

ë P ąĆ F

«¬ª Ç Q. P

1³C xw$wAĈN QYDF°³¨§` a ª M§ Ąª [ xwDå'VKµ'º cV ămY r± Kĉ Ä i Y ÈO<Y acVĊy

Æ Â ĄH© hĉ <b²wċ]eZ°³Č<w$w eĎÐč ? @¤ V ăÿďY ĐmÕneđ ÆP% cV Y´ ĒĈ µLM^ ć ēcVĔQ ĕ`

& +*(') ,-

$& #'%(

" ! #

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

%' .2 .354 786 9: , ; <:

ZY L G %' E FG

JK H C B@A I 23 D - 1/0 1/ =:?> , 1/ 1/0 . 1/

NM JK OP QR 54 8769:; 5<= > ? A@4 CDBEF

US P T( V>S WX G ? >IHJK

MLN <P$ON SQ$RN TVUMWYXZ

[S " $%# &

US P 7D\ F ]P

^_ 5` G a

c deF

, . hg ij

[S " $%# &

lk mn .op\

US P T rAqs utv:

lkmn .o

US P T 2de:

(' )

+ * ,.-

$ / 01/ 23 54

US P 7D\ F

6 7 98 :

yx " ; <= >

US P T JK |}

@5L ~(G

m . [S

z9$ { +NM+yx

@ [ ^\]

yx @?DBACEFKMH GIFJL

3 p\ k WX 8R

. US ` ut '

yx i

`b_aab

ecdd

rAqs

rAqs OQPNRO?ST

n P

OQVWU YXVWU Z\[^] `_a ^] ]&bc^]

bQP

e5df hgYijlk m n n

¢¡

o p q

r5s&t v us&w

{~& @?

O5 q

yxz{ )|}]& z{

2 23 2 l 2

]P £¤ ¥ . }

]PÂŁ Â&#x2013; ÂĽ.}

[S] Â&#x152;`ut Â? Â&#x2013;

[S ÂŹ

uÂ ÂŹ

ÂŽÂ&#x2013; ÂŹ

f h g

jknp` _lkmo

2rq st

rAqs Â¨ÂŚÂ§ ÂŠ|

N ÂŞÂŤ

୳ᰛ ភ ᱋ష⁳ a ჏ጰ⛧㕨ጰ⟇㓀 ᶛ⣟ሟ⇻㑣ᜂ㍓

. 1/0 32456

$& #'%(

" ! #

!" %#$ *+).,0/-2 143576810( 9:<;=5>?@ BA%CED0 @ FGHI

'(&+*) - ," 13.20/ 4 5 KJ81LMNO0(PQ TSRVWU%X) ZY[ ]\[ _J^( 0`Z7 5 a$cZ)bd e

76 89: 2;< ,= > ?B A@

%#$ DC > EG!F H JI If_g [ ih[ j=[ klJ2[ mnpo[ q +J2[ >r[ tsJu43v$w0 *+s x

9K ~|y} z{ z{

y} R

*LNMF ,O9P

R Q 2 ; <

RQ 2;<

STT8U XWV 2;<> []YZ\ NMF^ QM ^ _` Ebc a 4d .,09:<;NO5 @W 0`

eNMF +: hfgijm klo nk q poq mk vkw s pw k^ jtusrx` y r 5 $ 0(9:<;=5 B ' [ u 5 a :

{zz|U }~o k q ( o qo c! b {zz8U 2;< 2i t~rB 2;< 76` G :b! + A> b 810(9:<;=5 a$ Z% = 5w CkZ ¡

RQ 2;<

RQ Sz9

c i{zS Ur^ |

RQ 2;<

^ ^ b^ I *^ ^ ¡ bE

¢! £ b4

=% ¤ ` " L^ ¥ L

RQ 2;<

9F!^ ¡! K ¦" RQ § ¤ 7 ?¨ ¡ 12 ;© ¢ 0£ Z),¤¥¥¦ '¨§[ © ª[ _R«+5,¬ HW ¨] Z) ®¯0 f ¨5±°a Z)'³,²a- %¦J

¤ ` « ¬>ª DC !^ ! £+` L¬> ®` ¯!°a ± £ b4 ²:)! ¤ ` ¬> ¡ 12B bE¬ 76 ³ ,O ´ ,LB «µ¬Q ¬¶ - ," :b! ·<¸¹ y

c^ b! º » *LNM¼½ JI¾` ¿À

RQ 2;<

2;<> !&#"%$ ' ( *) ,+$ -. /0 12 3 4 5 876 :9$ ;=< ?>$ @A B, u V´5 µ a ¶`R c¨

RQ 2;< JLK

DE $ FG HI

Ác c °a V c ÂÃ! 2;< = Á S z Ä SÆÅ Ç=

RQ 2;< PQM ON

c! b É

+G!F

b £

1È 0/

*LNMF ?¨ 12 bE

RQ 2;< PQM ON

ยบร iร oq r ย ยค i ร pร p ร wr ย a ยผร > ร ) 12 bE ยทยธยฆJ)ยน7[ ยบยฒ[ 'ยปuยฆย (ยผย cยนZ% ยนaยฝ2ยฅ)ยดยพWB ย ยฆJ) *+AยฟRยทยธaยจ Rย ย *ร ยฆย @ Y ร Wย ร ยฆJ

RQ 2;< PQM ON

ร ร ย ย cย K ยฑร ยฌQ ยฌยถ ?ยจ ย ยก 9ย ย ร ร ร aร 12 9ย Iร

RQ 2;< PQM ON

c ØÑ ÚÆÙB Ûa ÜÝ ÖÈ1a ßÞ 2;< bEÎ> 12 àáÎ> 1> ¿ãQâ` , ¬>ª ×ä Ã,²Q9:<;NO5 Ä5VÅ0ÆÇZ,BZ7ÈRÉ( $cZ)bÊ

{zS{U ØÑ º» ã)¬?) Ãå {zS U SS8æ 7a ØÑ ËÌ0 Z7 Í

RQ 2;< PQM ONz ),*

lk% m'

4n op

'7. /0

qr s

vxtuw. /0

SR TU VW YX ,* ,Z [\ ] T _ ^ `a cbbde ,* , f g :h $ ,*ji T

RQ 2;< PQM ONz:>

lk% m'

I¡

4n op

'7. /0

qr s

vxtuw. /0

2;< ¶ç ,=_` ,è¬ I !°a ¬> êé!F ëì | °a V c c íiî § À S ï !F È` ñðr> XdF-cisj òr 5` #C¬ ÕaÖ 12 9 ^ ¡^ Fó^ ¯! «µ^ îô Á¢!F +õ^ NMF_ º ö

RQ 2;< PQM ON{lk%m'

XdF -c

4n op

'7. /0

qr s

vxtuw. /0

÷ø_ c!^ b! B ù¬ ! è Q²

b! 0/ » Xd ¤ úI ` L

RQ 2;< PQM ON{4n op

lk% m'

'7. /0

qr s

vxtuw. /0

È ^ ZM^ üû^ *ý^ E ^ þ^ ö 0ÿ NM¼½ W NMF` °a ºÊ ^ ! £+^ Ā ¥ L 12 bE <;WBs2Î·¸aB@`W ÂÏÐ) Ë$ F0X)<;=aB@ ÂÏÑÕ ÔÓ ÕÛ}{yÛ ÙÖ×yØ ÚÙÛ} Ô} ×~ {~ÒAÜk=³a½Q,¦ `W ÂÏ) =%CÝR(>Þ<;= aßd R%CZ)FG C[ %CÝ55Â Y (cWu0`Z7àß á =âT$ÏÑÐ)¢ Ï$ÏÒ5 ãk2 ,ä905å ) =aZ,Bæ(s2 1 çkßdRraè,)<;=5%C ¦ Ã ÁW ( éJ ¡ SR`W ÂÏ kC á 9:<;= ç5rêJ)¢ëcì

RQ 2;< PQM ON{'7./0_k

lk% m'

c `

4n op

qr s

vxtuw. /0

!^ I ! ¡` bE¬> ®` G c _ aā<B ¬¶ « ¬> ¤ _` ¬> ® ¯! Q ç 5 0`@¦J *+0Bí[ *+)_Rî(R( 5_R«+sïWU) Á´·0(ñðò[ ·[ u k ôJó¤´õÑÔ ÕöÓÔ~~ÙÖ×y ×Ù÷ y÷~ ÕÛ öÛÖ}y ×øÒ ÞZê8¦J ùÅsû ú 8: P

RQ 2;< PQM ON{qr s

lk% m'

4n op

'7. /0

¿ã Qâ

vxtuw. /0

aā< ÖÈ ¤ « ` Éă¬@Ă ¬ î_ =%! Ą !" ñ 0ą f üaB@ ²[ $c¡ 5Ïý`þaB@,²[ <; 5ÿÝ0(ÝĀ ) ² ' ²uāĂEf ( 5±°a Z)ăk¡

RQ 2;< PQM ON{vxtuw./0 oy

lk% m'

4n op

'7. /0

qr s

[]YZ\ `

[]YZ\` ºÊ ¤ ) Ã % ¦ ' [ 9ÑĄ ą5ñðĆ+A µsćÒ[ ¢ć Ĉ [ kĉ+A¨9sm+ĊċČò[ A č¦J[ Ďď[ ©( [ ²Đ( [ `7[ ÏýÐ) ² ' ²`þ[ _R«+0`@ đ²[ ċ1KoēĒ[ ¤[ 2%1Ñ Ï$AĔ% B@ õ k+Ò[ Ėĕß`uÀė@

2 2 ; <

2 2;<

{zz8U c! b "iĆqpoq vćĈËoqonpk oËp mkr A> Q% a Ñ

i| Ęsć@ 5HI[ >Þ

' ČĚę Å 0 ě

~}T _0

YJLK

_R«+0`@ ( 0VĜ5 fÊ

kæ¦· 55 µ 05ĝ7

c b Q% ´

2 2;< ; m , ji

P ? 8 $, 7ji ji m , $ JLK Y

, 7$ Yi $8 2. & O$ & `R s? ,

' 4 _< ) m , $ Y

2;< ," ĉ ^zzz Ċ¬ċ {zSÅU Č c! b "iĆĈ r EÔ- ,"i ò'òr°a +č

2 2;<

Ď±) D> ď` é°a Đ ^ đĒ ^ ^ 2<A2±Y^ Ĕē^ ĖĕYđė ^ ęĘ3^ ;Y 7^ Ě< ö Sz9 B Ï D µI S| = ë ě {zS U cº¿ ĜYċ Æ T^zT87a ØÑ` Ğĝ {zSÅU Å|^{z87a 1 {Æ^ÆTÙ ã) ğ 8zÆ^ Å 7a ! ËÌ ĞĄ[Ą Ğ4R5 0 æğÏ

2 2;< ,* T

2 2;<> 9 ,=°a Ĥ ,=;? 12 bE ĥK %F) ¿7 Þ NMF_Ó Q Q% Ħ> ¡¢B XW¬ĉħ Èì ĥK Ĩ 2;< ,= bE¬> 12B ¬> #$

ÕaÖ 0Ġ iġ uo Ìkmmk sÌkq kr 4@àß ED5 [ uú³a'4[ (

2;< aā<ģĢ -c E<;s[ :s[ s[ Ďď[ ĢĠ ģkġu NO5_R«+A

2;< ºÊ -c %CÝ0`@ (

5ĥĤÑ¨d uÒ

2 2;< PQM ON

2;<> ¹ĩ aā<iī oĪk r 12 ºÊiËoq r 12B

2 2;< PQM ONz i| } P

2;<> aĬ a *LNM aā< B } aā<ģĢ -c ^ }ÕaÖ 0Ġ - ," ^ }È ,= iEÔ- ," {³ Q r 12 bE k ( ½, Bæ uú@ Q Ħ Ą[ v ą ĞÌ @æ- ąk uúZħ% H @ Q [Ą Ąą

2;< öĂ NMF ĩ aā< ` ĭ Q Į aā< O ,¦ [v [ ó¤ s [ [ ` NO0( [

{zS U SÅ 7a ØÑ _R«+ ĥĤk v - 4R[ NO k ËË - 4R

2;< 12B NMFÓ î )a Q aā< ØÑ 8ÚÆÙ Û 2;< į

2 2;< PQM ONz i| } P

2 2;< PQM ONz ² } P

NM ģĢ ¤ ` ¬Q ¬¶ Q!°a Ħ> ð4a ?İ ÐÃ i[]YZ\^ Q ºÊ=^ 7Q ºÊ= örB ¬> Â¥¡¢ *LQ% {zS U ºÊ 12> Ãa Â¥¡¢i8TÙr Ñ ÍÒkĨ SRĩSĪ[ `ěN¨õBí

ºÊ 12a F ØÑÓ S{Æ 7a ËÌ0 æ vÍs³s

2 2;< PQM ONz ² } P

+¢ Ĳ ºnG»}½¾p¼

Â¥¡¢ & *LQ%

©Yµ_; ??¡ ©

Ñß²Ħý5Ą ÍÒ

'q° ¶s_;

·i ¸ 'q°¸ 'q° ¶s¹B

ı Q

NMF

2 2;< PQM ONz ² } P

±¼ Ĳ ºnG»}½¾p¼

Â¥¡¢ & *LQ%

©Yµ_; ??¡ ©

Ñß²Ħý5Ą ÍÒ

·i ¸ 'q°¸

ı Q

NMF

7 1/0 9 8: <;=

$& #'%(

" ! #

! " ! $#%

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

+) *( ,- ./ 103452 6789:*;<

>=8?/

BA@( C ED GFHJIC JIK C BFLMDNFC POQC RMOSC TK U %V 6789:

ED'1 XW F( Y'1 NFZ[\-] '1_^` a8 b \-]c352deF fgih 0%Vj $c8k D $l $c8mnDo,: qp 0 rsat vuxyw z {Z8$&:*|} 3~

/-.01 32 64 5 07908 : >=<; ? 5 #@ BA C DE G3F HI KJGL% 3?

no .M0N? O /-.01 P Q ./-SR ; T U0-N?WV :X.--R ;YZ[ \^_] b`_a] edfc jhkig 0N #l:X mO t° ®¯z ³C ´ t° µ z ³

>t Iz 8 ) i 2 R> F? :

:* 89 &, ',

;< 1,

*=>

26435 07, ./ 01,

)*+ (-,

« ¬ t ° ®¯z8 ± ² -Z (

?@AB

p)? qr "s t]u v U w yx[ zx {|} N~ C J Q : 4( B p)? : DE

KJ% @( ? p Z <; a8·@¶2 Vr¸

p q3 x J A q: 4( s yx

FD E@AB

C ¡¢£ ¥¤} N~ #¦ T1 C ½'C R¾¿U À ÁÂ

8YAÉ8ÊU

"·¸¹ KHIJL p ÁÂ BFLMËp ÌlpZ

U¹t z 6 ?/Ù2Ú0

MNDO5JPQ? [tXTJ z Í¼ÎZ~(t%Ïz ÐÑ C ÁÂC $l p PÒ

U¹t z 6 ?/Ù2Ú0

$l8b F de©r

S;RT *UV ? 8 %: b

U¹t z 6 ?/Ù2Ú0

XW E? e Ó§ÔY 10 Ð ÕÖ ×s*Øg G

"·¸¹

º-À ¼ :X # º1Á# ÃÄÂ ¨= Å O /-À /-À ± º1 2 p±¦UÆÇÊÉÆÈÉÆÇÆËÉÌÐÍÏÍÉÎÆ[ O? 0-À p p±¦ ¦UÆÇÊÉÆÈÉÆÇÆËÉÌÍÐÐÒÑÎÆ[ Ó + C è8 J U¹ « ) Ü* J é ê* ,Ð 8 ë2 ì\ 8Ê:52 s\ íß îXD ï: -

hg" iR" kj Q?FT

^V ? 3 E?

]\ ?

E? ?

_b`a c dH

*U ?

* U

*U ? E? &l mn E? og

KJno

n Ô: Õ 7--» ¼? p±¦

Ö p±¦? 8/À" b×£: mO p±¦? 7.À" 4 X]UY #¦ X]ØÙ[ Ú: Û //À U ÉÊÎÐÍÇ[

KJno

p #¦ át Û C ô Û Uz i_ * )¤ u - \ 52 * )¤ ' W

Ü,+

Ü,+? ! "# Ý

J *8¤ :É( 3~Ĉ de8ó ³ ĉWĈ x ´8 ñ ³ a 0 r8ĊÃu *§ċ sĈ de8čČ ³ Ö¢ s ÞĈ 6C ĎďC TC áTK C `Đ 0Wtā° z

W§ċEé ³ñđ ³Ē ē a 8 Ĕ± ³ x ÷p 8ďĕu8 *;Ė ė

í ! V

/--Þ1 p Uá ßà[ p U [ â n P ÕN ±<; äãæå Åç% ? *(8 ¢ ùĘuęĚ¤l C × ¢ *;Ė

l ěěĜûąýĂ þĝ üûăĂûtĠĞ ¾ ğzC ěěĜûąýĂ ¯ĄěġĢĂąýěăÿtÀx ÑzC ěěĜģĤúĥtT Ħ Ñ ħnħz ± ¤ ěěĜûąýĂ ĨûġýúÿtĪĩAīzé ´ >=Ĭ^

±¦ ,è M»U äãæåF äãæå jhéR[ê ì#¦lë &%'$ ! # " ( )+*, -./0102 342 5679:8<;= >? 1079:8 @BCA810DE >F*G IHJK3 L M PNO:Q(/0ROS UT 3V?T /0XW*XY

n äãæå: ./-» äãæå jhé: º/» P .Õ/» PàĮĭ8 è *( èé J tÊ0NFZ[z į èé $c t Zİ Z[l ¯ pZC ıdec3?pZz 0'

í ! V

ßßà ïî

tĠĞ ¾ ğC ÀxC ĲûĥC Ĵĳß z

ÒÒÈÆÊÎÑ î ð ñÆÇÑÆ tĠĞ ¾ ğ* ?Tz

ÒÒÈÆÊÎÑ àÉÒòËÑÊÎÒÇÐ tÀx Ñ C ĵĳàHÀz

ÒÒÈÌóÍô t Àx Ñħnħz

ÒÒÈÆÊÎÑ õÆòÎÍÐ tĪĩAīC Ĵĳß ° µ z ±

í ! V

îï ù÷ö| ø J¼ Ú Û p £ú ûü BĶ C 9:Ð*(%V>=9: BFLMøC øZ~( f52678ĸĹ,ķt$lÙ2? àĺ" !HÀz ©r ]\ Z[^^_a`b Z:H d/cfe34 h& %&'hji%''h&gh2 lk-nm p orq s It( uv8x w h& zjh{'$'%y& }|~ 8b Z : X v 10: - x ( : - (`m:8 CH10 ( /0 /0nm 8o 8 C()T}

í ! V %V8ćêsDĻ:É '1_^8ļ,C Ľ8ľĪ5Uc352 *)Ŀ ŀ

,+; N~U¯ [ #¦ % ëßŁ% ł{Z*ŃgŁ2 8I 8 vńË

N~% @ ì" guýþ: · C T Ņ F$& F 52 ņÞ\ J5% Þ \-]( 8 vÑ \ŇiŁá¹ň

í ! VAB

Āā ÿ : Y×% Ă ì Ý s'-a0ŉ8GFHbV*{] Ð {A a3JŊ*)¤{ŋudŌ ¸¤r÷ ħ+52Zİi 8ď Dã

"ă Ąn xą ¼Ć ? ¦« :X #l? p¦% ± 4ć ¼ ¶BĶ ď*(µºC ĠĞ ¾ ğC Àx 8? ďĕ\rT:5% J52ÂDōÇďŇ « #Ĉ ÆAT ď* ěěĜûąýĂ wÉ Þ ċ ŇTÆATTÉŎúĢąÿģġûģ°ûýăû ŏœőŐŒ*(

/-.-1 Q I º/8 Þ-- ; /-.º19/-.01 Q M-À Ĉ" Q1 /-9Õ-À 3 Q # <; Ĉ" ! PàĮĭ8 KHÀ ±Ŕ`F Ŕ`F2 J Þ8 x ´*( à2 ĉW ³C đŔ`F2œAT8' WC Ŕ`F2 ¶BĶ 8' W 0G

í ! V rs6

äãæå ĉI .-"# Ċ p Z ċČV 5 % ¿ č bĎ«¯ qď Đ¿ "s đ 3 #pÖ?p <; F N~#¦ēĒ Ĕ N~%@ ì"guýþ · ŕ łċŋC 5ŖC Ř,Tŗ*)Ŀ5gipuďĕ8xyw V 0 Z : ¢ ¡£(¤*¦¥C/ -~) a`]\ t§- ¨© ª C« ¬-B *I C(~ ® 8 I¯

í ! V rs6

äãæå ĉI .-"# ĕ ½ p N~:mO PàĮĭ À{A ÁÂ5ð( ZÉ¥s\îXřŚĤěĢąśŚĖ2 Z" !Ŝ * À8§èD'1

Ė p; Z Ďė pÌ ¦ ĘY : _;ęuªt]u"s Ě Ą DEěB Uvÿ Ĝ;v[ ĝ l0 Şŝ¤ş* '1fg8xħŠ

í ! V rs6

äãæå ĉI .-"# Ğ Q ?¼(ğ:G Ġ#ġ=t l0 FŇiŁ2 é K C `FF de ¤ Łšz ŕ + PàĮĭ J Þ8deiŢéó ³sár Ŕñ±Ŕ`FC ³sár Ŕ ţ\Ť2sá de¤áťŦ * l0 ' *× ¤ %ŧiŠš °± R]¡ t² f³<2;;;´ It µ¶k·t² /0]¸ ¹CA2 xº x £»:t¼*k }½2 ¾ ¿:8( x:º -¤*x4À C¸Á¦ t² ) ® C(¤ Â ® C(¤ItÃ]ÅÄ*_Æ* k·t²Ç 0 2 È

Ģ p ?¦L: ģ±¦<;XĤE ĥE ?ēĒ Ħ ħĨ ¦ Ęé p 3²: ģ ?ĎĪĩ]:ĤE"s

í ! $#%V

/-.01 Þī Ü Uá î [ £ú; Ĭ\ â 0 C AÚÇC öŉĳŨÇC Ë0 C ĳ ũs'? rt$cC ūŪZC ŏ ÇHÀUzF D ŬéBFLM*Øg52J C i_ C $c C V tŮŭ6¦ UzC 0 Ù2 U ē¤ ]{Z Øg

Dû ĭĮ Ĭ\ į ? öİ jhé Û p¾? ×J ł l / us'-a0ŉ8 [ lc?C lÇů*(b 52ĸRãßŰF¡8ē~éĴĳßraű Ųßr2m0xųu|ŵŴ Ŷ x? 0 *ŷ845 Ÿ26 F9:tI lŹa 8ļ,U F ļ ,z

í ! $#%V Å¤?- lŮŭ8m0×uC

Y ı©UĲm[ lë? ĳ Ĵ ı©? Ķķ ĵ Ĉ"; Ĭ\q: ċć3 ĸü BA@(0 i8©rÉ l0 }^t0 øÀiŞAFo,iŢ8 '1áßŴźz Ù2 0{ 0 ½'ħFŻJC Jē~ 0 ©cf8ßŴźu? 0 F(8 ´xħ É/ Ê uÉ Ë Bc2 Uc2 Ìc} - Â ( «Í ÏÎ ~Ð R : Ñ/T® / Ò9 Ó ¤ c Ô B U 0 3 U kÕ ×;Ö ` Ø9 Ó ¤ Ù / Ê * ¦8( ³ÂÌ fe® Ú ÊÛ

í ! $#%VAB

ì lë: Y× ĭĮ Ĭ\: Ĺ *) Y tÑDC żqz Ža lžſĴĳß>7C ØgĪĩAīC ŏ ÇĪĩAīU8ip\bV5g GFH>=80

ē¤ t C C ÁÂC : grC Ðr¸¤c?Uz8ďĕ×

í ! $#%Vut *

s ¨ 6 pª mO <; <; ± E bp« : mO PàĮĭ8r1oN él C C uäC iäU ƀÀď8 Þ*ŷq 0{8 Þésw8 s Fl]ƁƁŶÊ0¤Z[J*(p0Z[J F9 Þ ŇiŁ2o)Z[0Ké± C p0Z[\ 15Ƃ± 0¤ ðT1 F É 52+ħ l C C uäUä KÈ \ x5%ħ+52ƃé0 BĶ ƄŔĸ Ė`Đ *(52VďC ÕK0 \)x F52( VďãË 2gD rsuJ13b\ƅ¥ŇiŁá¹` ¤ \ 52ŏ ¤0 >=

> 1/0 ?

$& #'%(

" ! #

! "# $%)(('*&' %)).0*+/-,12 33 *,)+- 0/.1324- 5 4- 68 7 >9=:<; 1@?4BA- CD 4- FE.13242HG1324- I.1324- KJ- LM - N4O PQ L$ SRS UTQ VWXLYZ [ ^\ _]<` $a bc[ 3dG e2fghaQ ijC

476589 ; : < = $>0?0*+/-)@ ?A %)(('*&' %)).0*+/-, '/ BCC)&-0D >%B1

E FH G JI K $@)@LMAC-@'CC +&/-N-/-'C1 O I P E < =

! #"

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

012.

(3465 (7%9<:8; > =:? @A

+ ; (CBD# E-F8G! FH:? @A

LKIJ

Q $<GavwxyE {z ^? |}a Q i C ` $G < Q - ~$ [ Â Â&#x20AC; ^\ Â&#x201A; b0Â&#x192; Q$aÂ&#x2020;Â&#x2026;Â&#x201E;Â&#x2021;Â&#x2C6;

ppp knmmloklqruunktl so

R # Q S T

R#Q xO R

UV# W!Y"X UV# Z][\ ^_ `a# R# < Rv ] {z T` i

! "9 #b cedI fgd h UV# W!Y"X Yij k9 Xl

4onm89 qp ; : rs ut: wv# Z][\ `a

R#Q xO R XY NM I01O;PQRSN 2. 5TWVU

R#Q xO R XY

5y X # z{| }~9 ks# 5y G$ y4m1 P -~ F xHB ? - 3d a i ` $G Q - ~$ [ ^\ Q$a ~Q-` $ 40- Q~-Q `

R#Q xO R Z\[ ]^

$&)(('*&'1X # xD W!D D D D V | U z XI | _

E-F ]^C= @ ;`_(a

J +m Z1` npolm +` npol%; q r

b@c edfJ =gh ijJ = kl; (a

i ! "X ! wv Z][\9 d !d wv r

R#Q xO R Z\[;st u ^`a

F^ w Z][\ Z][\ 9 # !

X w Z][\

w Z][\

[ |}fgj ¬UL j HU% YZ \® UR c[

R#Q xO R Z\[{z

vxwkEy z Z\[{z|

w Z][\9 : UV F X X w Z][\9 : UV F # G aÀ {z aÂÁ Ã ¢TGÄÅÆC<

R#Q xO R

47 "# U ¡V ¢ # ¤£ i ib W¥9 ^¦| a§ UV# Yi"X ¨ x© I ª «x y ¬® ¯ O O°G ±k X 9 a§ UV Yi"h ¬} ce X²| h zk ³@-&)´I Oµ ^ ce ^# e r ¶ ¦ a§ UV ¸· ¹ ´ ºWUD »µ z¼ ½# ! "± ; k¾

R#Q xO R

476y8 ¿ÁÀL ¿ k 9 ÂÃ Ä X \Å _ ! "X wÆÈÇi ¢ # ^!ÇiU W¥ ^¦ X # GU_9 Â D ËÉ XÊD Ì Í 9 | Î e9 Ï´ # Ñ Ð ¹t ÒÓ_ ¦ ÔÕ xO ? 6b$ÇUTÈ TÉyU ÊvT ²ËR )ÌÍa 4R(Î a@?F¬D®b$Ï a Ð ©ÑÒ¡°\| 7D aÓH¢ Ô R¡x( Ò¡ D'| Õ 8- 32Ö×Ø|O Ob£µ Ù

R#Q xO R

476y8 VÖl O×UD ºWUD ØÙÚ$ ^Û r U1D ÝÜ 2 \Å Þ S X VÖ l ºWD ØÙÚD a }~# 9 ks Y± lÚ ÛlkÜlok- Ý»ßlouÞnoß àÞßtk - áâußlmlã

Â&#x2022;!Ã&#x;gQ Â&#x2026;

h Â½ Â½# ! "X Â£"# Ã Ã¡D Ã¢D iÂ¨D Ga Ã&#x201E;

Â&#x201C;Â&#x2019; OÃª F

W! OÃ&#x2014;r Â&#x153;| OÃª Ã«H

ย !ร gQ ย

XE=9 ร rรจรฌE ย L5รญยฏ รฎh mLnรญยฏ รซk ย ร รฅรค ย ร ยน รฆยน ร ยน 'ยฌ Rย ร U% รง ร R\ยซ ย a(ย

ร รฏ=9 ร รฐยซรฑ F Pยฑรฒ รณR ร "h jร รดยซ9 รฆรฅรฑ รตg รถ

ย !ร gQ ย J}

W!XE= $รท)+*? ), ?-*'&/)*C1 [รจM

fgXE= $รธA.'*N-C)*รน M)+*?1 [< รจM ย ย รฉY

[< ย [bรจM- ย ย < j [< a [รจMbย ย รฉY }ย ร olutรชlยปร ย < ) รซยพDรฌx^F ]ย 5&ย ย รญxDยฎรฎรฏbยพDรงยฒSยฃ ย knmmtuutnยปu- pnoรฑtยปรฐ รฐonรฒร uย RรณL รด }a ยขย รตยณร aDยฎ)รต ยตร 5a32ยฟb รถ ย รธรทรณL

!ßgQ !

npol - k #

a 7I- \ù¹Ù- ú û

2. ~ )

- 1- c[îÿ)ÌÍ- \Ā ( û

B 3üa ZR óL¢ <M¶DR ¡x þý

0 m IUm : J -k # [ - ā Ă- ÿă¹Ù Ąõ Oû

§ª¨©

!ßgQ npol- m k#

Ñ Ð

UV ! ¤£`

ß¬

ýüD ¶

OÇ # » 6y r Z][\ `a9 f| ßú# a ¯» Çc û XH

!ßgQ 0 IU: J -k

}¥ RD D i¨ Ăā

W!fg

à Ā

32 Ćą î2 [yćØ| ¹ĆĈ¡5)õ

āĉ ánknolk ?}bÒ¡-ċĊ ā ´ ĉ - 'Č( Î

þ ÿ ¢ Gß

!ßgQ 012. ( Ą e

ď <

] ÿăđāĉēĒR( YZ ¹ [ ] ( Ċa }b a Î UR( Č ß# Ä_ YZ c[ $.))ċ-@ĉ +@? CĊ+*-@ĉ1

] ĠG ( āĉ [ ( ġ% ÙUTĆªĎ] Ģ4<ĤģĥRĦµ bħ ]<

6 ! ßg

č ĎYY# ] P R( ¹ Ĝa ĝUR( a Ğ]bğ_ Ç

ă æå č- ĆªĎ] a ď ¢ D®aØMR ĐóL

]<'Fx bø÷ % ĔvT - ac[ ÏĕUT ĖLďy- aI- }a ? hRė c[ yĘāęT Ě' yĘā #ěÔ

ą ÄĆXl#ćĈ $CĊ+*'Ċ)ċ?-@ĉ1 č- ĆªĎa^F a5D ¹^F ¢D®b'}

!ßgQ B k

9 # W!Đh Íô § ß" ¬® iRđ¹~ I ß"h ÒÓ# cR9 !Ē ēĔ F P±ò õ| HE

õ| HE `ah Fĕ

!ßgQ B k J & q npol; `

X Z ) 0 Z I

cR Ė| # ±«

#: 5

& .

I¡; £¢

¦¸$|3\x }OaĨ4a ĞĩĪ }4b'F

!ßgQ 012. ¤npol k ¥

ï=

41 ĜI 1 Oê i fg 51 e # ĝ

XE= XEs $ ß1

%Ġġ $ ğ^ß1 ( ·e

$ ßĞ ğ^ß1

m1 ¨

' +

1¦

9§¦

n1 Z][\ <

3 ¨

J ¨

«©ª

!ßgQ 012. ¤npol k ¥

ÝĢģ i Ĥ¿ ĥĦ XEs %Ġġ# Ĩħ| c h ÒÓ# ėęĘ e 2 S XEs

ĝ $M-@)('1

%Ġġ Gĳ

Ċa32 [ĴÙ ·e ı ?- Ķĵ- )ÌÍ- Ě'- - 7D- [- Ö× O·eavwx( ]RÑ

Î° ķĠG ¹ [® ě1 d- ĆªĎ- ^ĸ- ÿ İ O

Q R¡ULĭĮ¡Ĝ

!ßgQ 012. ¤npol k ¥

# z{| ;Ĉ

Ėß=

E ĩ

¬¬

)v\ a ¢c[¯. îú vj Ĵxv a óL|ī%- <ø÷U ķxvTÎ¬4 ¶Gĳ aÎ óLTĹa¢¾DR Ĥ( Ø. ¹ēĒ¶\ù ĺ¶ ¹ēĒb( 'Ļ

!ßgQ 012. ¤npol k ¥

Ėß=

E ' +

1¦

Z][\ OÇ9 fā| E Y Ī# Z][\# ! Ė å OêD W!D i¨fgD R ED Ģ D rèD īgD ^ īg z{| Ĭ# Ėß= ;Ĉ XE"X Y 9 R 2 =# Ĝ å R Y 9 | f| ì± ĭh Ī# Ėß=# FQ Ĥñh ÒÓ# óäQ ĤE ¢ Oê i Į 9 Ï´ _

!ßgQ 012. ¤npol k ¥

Ėß=

' +

1¦

UV# ć i W! fā: Y "9 å Ī# į Ç ôR D ýüD Ñ Ð# İsD UV# ĲıD O ėtD Iĳ# ģe_ ÒĴ Ñ Ð VGĶĵ D G rĬ| xOD RĢk ěD cÀD Ģķ ¢ ¶ }~D Z][\ Þ D RD z{| Ėß= ĸ E ĩ e

!ßgQ 012. ¤npol k ¥

' +

E ' +

E ĩ

R Eº9 | }Ĺ9 ¬® UV9 # ël i Ĉ Ė| õI9 Xĺ °G # å² Ļ¦ Ī# ß ğ^ß2 e

!ßgQ 012. ¤npol k ¥

ß"X ėęĘ 9 ļ æå 2 Ľ ÒÓ OÇ9 K¨ Y ľh # G rĬ| xO Ė| Ŀì i i ß# æå ŀ¨| rĈ# Łí i Į 9 Z][\ łŃ c Z][\# c 2 ·" G Ñ Ð# Ė¨h zk ń UVQ ß# Ņ rkņ ôŇň RĢ# ßK| Ä Ģs I Z][\# c ŀ_ Ėb GĤ Oµ äjX R 2 ^

!ßgQ 012. ¤npol k ¥

ß æå ėęĘ

W¥¨ Ŋ

ĎYY# ßŉ ëS

ß"# ¬ì ŀ_

¢ ß e

óä ¢ ß e

ŋ ßF 5nn3D X ĢÄ Ñ Ð ŋ UV F 7 UV ŋÕ Ō Z][\ 5 ōå 3# ß ĕŎ m7 D åe"X y G Ôçħļ <f \«40a¹ a Ľ Ŀľ~ ŀ Ł 40j$łUL§ª¨©R ÔbĊŃx æ] \« 3da i <f a ń 3da `i a 3da i - õ SRS UT 3daWi

óä ¢ ß e

OÇ ß# oy r¿X 4 UV ĢÄ B `ia <LŅ$a40j'F <]¡ey qQ$a40j'F- 40 $<G'F ] 3d a i ņ ÄĿľ Q$a40^Fc[

^ß Il r ¬} ú1yEĿľW - ú1yEĿľW %.

e Q e i

FŇaLŅ T{ C< aňļ U% <ĭ jC UTîï ŉH

Õ # h ; ß E sX ! ŏ2 # xO łŐ ß E s# óä Þ xO [ S aÒ¡'vT [ a^\ aÏ3b¬UL ^\ R(%.<ļ °Tîú G yE Ï3UTÈ

e Q e i

! «ő es X OÇ ¬× Ç# «ő es Ģz Œz Uh `a# Z][\# Ŕœe kE

ŊG ^Ë [ ]a? h¶ 3dG e2? ha¿}ă Öŋ

e Q e i 012. ¥ ®

# Q # _9 ŕ

W Ė ŕ ^ R[ïb_Tí ^]Ő ŀāŒő Wi - aœÒØ¿ Q~i Ø Q i -5Ŕ \ŕ i O

myå # X « | àá=E ŗŖ$ø)&)*'&1

Œh GĤ Śğe

rè "X ř Ř Þ ñ F P±ò Gß

GĤ YÇ" śŜ| ¨D GĤW ļ æå

kEU | ¯

kEU |¯

Íg ´ ks ¢ âFŝ9 Ã Ş şD h óä# 2 šŠ rĬ| W¥¨ P r Ţ[ £ | ±è Î

A¯R(TĪ æ]< ŘřGìb ī\£UL q a [ ]< §R(^Ð bc[UTÈ <µ

. ? A @

PRESENTATION 2015

ylzlh| Gk|GjvttlyjlG ylzlh| k| jvttlyjl jvvwlyh{pmGl{GhzzvjplG

wylzlu{h{pv u nlulyhslG 1

Représenter, défendre l iintérêts les éê d des entreprises i d du C Commerce C Coopératif é if et A Associé ié

Promouvoir, développer le Commerce Coopératif et Associé en France

C Conseiller, ill iinformer f ses groupements membres

Faciliter les échanges d b de bonnes pratiques ti

Apporter des services 89 groupements de commerçants associés membres de la FCA 90% du Commerce Coopératif et Associé fédéré par la FCA

Une équipe de 6 personnes, un réseau p et chefs de centaines d’experts d’entreprises Plus de 50 ans d’expériences dans les réseaux du Commerce Coopératif et Associé

www.commerce-associe.fr

PRESENTATION 2015

slzGkpmmlylu{lzG slz kpmmlylu{lz mvytlzGklGylzlh|

wylhti|sl 3

PRESENTATIO N

lu{ylwylukylG h|qv|yk˅o|pGˎG ˅

; Commerce : un métier complexe complexe, multi-facettes multi facettes Produits - Gestion - Achats - Merch.- Finance - Marketing - Management - Droit …

; Des D consommateurs t changeants, h t exigeants i t Prix - Marque - Enseigne -Services - Proximité -Technologies - e-commerce …

; Une concurrence plus intense, un risque plus fort Nouveaux acteurs - Puissance de grands groupes - Frilosité bancaire …

; Un monde de réseaux Communauté - Résotage professionnel - Réseaux sociaux …

COMMERCANTS OUI, MAIS EN RESEAU 4

PRESENTATIO N

ZGthuplylzG k˅vynhupzlyG|uGylzlh|G

LES RESEAUX « INTEGRES » L’ensemble des unités appartiennent à la tête de réseaux.

ORGANISATION HIERARCHIQUE

Ä Groupes succursalistes, intégrés, « en propre »

LES RESEAUX « CONTRACTUELS » Contrat par lequel une entreprise accorde à une autre entreprise le droit de commercialiser des types de produits et/ou services, en échange d’une compensation financière.

ORGANISATION VERTICALE

Ä Franchise,, Affiliation,, Concession,, …

LES RESEAUX « COOPERATIFS ET ASSOCIES » La plus ancienne forme de réseau Se regrouper pour être plus forts et construire ensemble un réseau par la mise ORGANISATION HORIZONTALE y en commun des moyens. Ä Groupements, Groupements coopératives, coopératives GIE, associations, … 5

OBSERVATOI RE

slGjvttlyjlGjvvwlyh{pmG l{GhzzvjplSGj˅lz{Gˎ

// UNE FORME DE COMMERCE PREPONDERANTE DANS LE COMMERCE DE DETAIL

j G j ï G Gh ï

slGjvttlyjlGjvvwlyh{pmG l{GhzzvjplSGj˅lz{Gˎ

PRESENTATIO N

DEFINITION

EXEMPLES

Une manière d’organiser des réseaux de points de vente (magasins, agences, hôtels...) à partir de la volonté de plusieurs entrepreneurs indépendants de se regrouper, g de mutualiser leurs moyens, leurs idées, pour construire ensemble un réseau.

FORME Des groupements D t de d commerçants t associés, ié 80% sous forme f coopérative.

SIGNES DISTINCTIFS Des réseaux organisés et constitués d’entrepreneurs indépendants, à la fois membres et actionnaires de leur réseau. réseau

ORIGINE La plus ancienne forme d d’organisation organisation de réseau dans le commerce (1854). 7

jvttlu{ mvuj{pvuulu{ jvttlu{Gmvuj{pvuulu{G PRESENTATIO N

slzGylzlh| Gk|GjvttlyjlGjvvwlyh{pmGl{G hzzvjplGfG LE GROUPEMENT

Mutualisent Leurs moyens financiers, techniques, humains, savoir faire, …

La centrale La coopérative La tête de réseau

g , concept, p, Enseignes, produits, opérations commerciales, outils marketing, services, …

S’associent

Participent à l’élaboration de la straté gie, stratégie la valident et contrôlent sa mise en œuvre

Conseille, guide Conseille guide, accompagne

Elisent

démocratiqueme nt les administrateurs

Met à disposition des moyens

Gestion, commerce, financement,, implantations, juridique, formation, …

LE RESEAU Les associes - Les adhérents Les coopérateurs - Les sociétaires

tv luzGl{Gzly}pjlz tpzGluGjvtt|u

PRESENTATIO N

// hjoh{z

// thyrl{punGk thyrl{pun k˅luzlpnulz luzlpnulz

- Négociation fournisseurs - Référencement, centralisation, gros - Garantie de paiement - Activités logistiques, SI. - Assortiments types , MDD, …

- Mise à disposition d’enseignes , de concepts magasins. - Outils marketing, fidélisation, … - Opérations commerciales communes - Communications nationales - Moyens de com., marketing dans le Pdv.

// zly}pjlzGz|wwvy{zGG

// kl}lsvwwltlu{GThupth{pvuG

- Assistance comptable, juridique, … - Informatique magasins, SI, … - Achats non stratégiques - Formation, RH - Financement

- Suivi de réseau et accompagnement ind. - Animation du réseau - Aide au développement - Définition d’une pol. de développement - Sécurisation du front de vente

nyv|wltlu{zGaG ]GwypujpwlzGx|pGmvu{GshG kpmmlylujl

PRESENTATIO N

n puklwlukhujl s zvspkhyp{l

Indépendants juridiquement et financièrement les associés exploitent leur financièrement, (s) point(s) de vente en toute indépendance dans le respect de règles de vie commune partagées au sein de leur enseigne.

o t|{|hspzh{pvu

Associés ensemble au capital de leur groupement, les associés sont solidaires les uns des autres. Au quotidien, ils s’entraident, se conseillent, se soutiennent parfois même financièrement

Gwhy{hnlG why{hnl

Le fonctionnement des groupements repose sur la mise en commun et le partage des moyens (financiers, humains, savoir-faire, …)) . Responsables de leur groupement, groupement ils en partagent les excédents.

r kltvjyh{plG Au sein des groupements coopératifs, les associés prennent les décisions, élisent leurs dirigeants de manière démocratique selon le principe 1 homme = 1 voix, en Assemblée Générale.

p hj{pvuuhyph{

q ptwspjh{pvu Propriétaires du groupement, les associés sont impliqués dans la gouvernance et la mise en œuvre des actions. actions Ancrés régionalement régionalement, ils sont également très impliqués dans la vie économique locale.

Les groupements appartiennent à leurs membres - les associés garantissant ainsi une stabilité de l’actionnariat et des politiques entreprises

PRESENTATIO N

|ulGptwspjh{pvu |ul ptwspjh{pvu klzGhzzvjplzGhG klz hzzvjplz h {v|zGslzGup}lh| GklGkljpzpvu

// hzzltisllGnlulyhslG Rassemble les associés une fois par an, leur permettant de prendre part aux décisions sur le principe 1 homme = 1 voix (pour les sociétés coopératives).

// puz{hujlzGklGnv|}lyuhujlG CONSEIL D’ADMINISTRATION, CONSEIL DE SURVEILLANCE, … Représentants les associés, les administrateurs y décident et contrôlent la mise i en œuvre d des orientations i t ti stratégiques. t té i Le L P Président é id t déti détientt un rôle ôl déterminant.

// puz{hujlzG± vwlyh{pvuulsslz ÁGGRGkpylj{pvuG COMMISSIONS GROUPE DE TRAVAIL COMMISSIONS, TRAVAIL, GEP GEP,+ + EQUIPE CENTRALE Régionalement ou nationalement les associés se réunissent afin de travailler, décider de la mise en place d’actions communes pour certaines fonctions : achats, enseignes, finance, …

// shGuv{pvuGklGipuvtlG

ELIR LES REPRÉSENTANTS VOTER DES ORIENTATIONS STRATÉGIQUES, DE LA VIE DU RESEAU, DES REGLES DEFINIR LA STRATEGIE CONTROLE LA MISE EN ŒUVRE DEFINIR LE BUDGET AGREER / RADIER LE ASSOCIES DEFINIR LE PLAN D’ACTIONS PROPOSER DES ACTIONS METTRE EN ŒUVRE LA STRAT.

Caractéristique du fonctionnement des groupements, elle permet la rencontre de l’expertise « terrain » et de l’expertise « métier » sur l’ensemble des fonctions et activités développées. 11

PRESENTATION 2015

X\ZGluzlpnulzGkhuzG ws|z kl ZW zlj{l|yz ws|zGklGZWGzlj{l|yz 12

X\ZGluzlpnulz khuzGZWGzlj{l|yz

OBSERVATOI RE

jvttlyjlGjvvwlyh{pmGl{G hzzvjplG

OBSERVATOI RE

X\Z

nyv|wltlu{zG

luzlpnulz

luzltislG 89 group group. nationaux + des regroupements locaux mvytl 82% organisés en coopérative klzGyÏzlh| Gw|pzzhu{z 286 points de vente par réseau é ((moyenne))

|ulGmvytlGklGylzlh|G{ylzG |ul mvytl kl ylzlh| {ylz ylwhuk|l [ZG_^W ZXG\^[ X[ZS\G wvpu{zGGGklGGG }lu{lGG

hzzvjplz

t G͐ jopmmylG k˅hmmhpylz k˅hmmhpylzG

klzGwtlGÆG{hpsslGo|thpulG 30% du d 6 salariés l ié / points i d de vente (non al.) commerce de 61 salariés / points de vente détail en ( l) (al.) France ptwshu{h{pvuz ville (centre, bourg) : 65% galerie et centres co. : 6% périphérie ou en zone d’activité commerciale : 19% 60% dans d d des zones d de plus l d de 90 000 h habitants bit t 14

ˎGl{Gwlymvythu{lG OBSERVATOI RE

• Les groupements d’indépendants progressent plus vite que

le marché Croissance annuelle des chiffres d’affaires en % \UZ

\X \UX

[U`

[U\ [UX

ZU` ZU]

ZU\ YU` YU]

ZU]

ZU[ ZUX

YU_

ZUX

YU]

Y[ YU[

XUY WU` WUY 2003

2004

2005

2006

2007

2008

X WX XUWX WU[

2009

Commerce associé

2010

2011

2012

2013

2014

Commerce de détail

s˅ltwsvpGkhuzG slGjvttlyjlGhzzvjpl

OBSERVATOI RE

// PLUS DU QUART DES EFFECTIFS DU COMMERCE DE DETAIL EFFECTIF TOTAL

534 308 salariés

30% de l’effectif total employé dans le commerce de détail Source : Estimation FCA ; Comptes Commerciaux de la Nation

(+3,5%)

// 18 000 EMPLOIS CREES EN 2014 • Croissance C i d des effectifs ff tif de d 3,5% 3 5% en 2014 • Une reprise du recrutement dans les sièges confirmée depuis 2009 • Maintien M i i d de lla création é i d’ d’emplois l i d dans lles points i d de vente (95% d de l’l’effectif ff if total) l)

PRESENTATION 2015

lu{ylwylul|yz k|G k| jyÏlyGv|GylwylukylG jyÏly v| ylwylukyl jvttlyjlGjvvwlyh{pmG |uGwvpu{GklG}lu{lG l{GhzzvjplG hzzvjp 17

slzGlu{ylwylul|yz hzzvjplzG

OBSERVATOI RE

// DES ENTREPRENEURS DYNAMIQUES ET PERFORMANTS

ZXGG\^[G hzzvjplz

_` nyv|wltlu{zG

AGE

ORIGINE DES PORTEURS DE PROJETS

Associés : 49 ans Créateurs, repreneurs : 40 ans

SEXE 20% de femmes associées

Autres 25%

Enfants 18%

( moyenne)) (en

[ZG_^WGG wvpu{zGGGklGGG}lu{lGG

MULTI POINTS DE VENTE

Salariés secteurs 16%

18% des associés exploitent plusieurs unités En moyenne 1,3 point de vente 81% : entre 2 et 3 unités 2,5% : plus de 10 unités

Associés 22,5% Salariés du réseau 18,5%

Une augmentation de la part des candidats « extérieurs » au réseau

60% des candidats issus du groupement 18

^GyhpzvuzGklGylqvpukylG|uG PRESENTATIO N

ylzlh|Gk|GjvttlyjlGjvvwlyh{pmG l{ hzzvjpl l{Ghzzvjpl n lu{ylwylukylG

t why{pjpwlyG

Devenir son propre patron Exercer un nouveau métier : chef d’entreprises Créer ou reprendre un point de vente

Droit à la parole, démocratie Décider des règles, des projets Maîtriser son avenir

s luGlx|pwlG

g une équipe, q p Intégrer famille Soutien et solidarité

˅ r yvtwylGs˅pzvsltlu{G Echanger ses expériences, réussites, échecs Travailler ensemble sur un projet commun

o puklwlukhu{ Etre autonome Initier, innover

p mvyjlzGk|Gylzlh|G Moyens impossibles à acquérir seul : enseignes, puissance d’achats, marketing, SI, …

zlj|ypzly zvu wyvql{ q zlj|ypzlyGzvuGwyvql{G Accompagner tout au long du projet Co Conseils se s : gest gestion, o , marketing, a et g, achats, … 19

PRESENTATION 2015

lu}pyvuultlu{Gq|ypkpx|lG lu}pyvuultlu{ q|ypkpx|l l{Gylsh{pvuzGjvu{yhj{|lsslzGG 20

lu}pyvuultlu{ q|ypkpx|l

ORGANISATIO N

// mvytlGq|ypkpx|lGklzG{l{lzGklGylzlh| G mvytl q|ypkpx|l klz {l{lz kl ylzlh| • 80% des groupements sont organisés sous

fforme de d SA ou SARL coopérative é ti d de commerçants à capital variable p • Un statut encadré p par des lois p propres • 20% des groupements sont organisés sous un eautre forme (GIE, SA, SAS à capital variable , …)) mais adoptent tout ou partie des principes

et de l’esprit coopératif. // mvytlGq|ypkpx|lGklzGwvpu{zGklG}lu{lG • Liberté entrepreneuriale 21

jvvwlyh{p}lzGaG PRESENTATIO N

klzGzvjpl{lzGx|pGjvtw{lu{GkhuzG s˅ljvuvtplG

// COOPÉRATIVES : PRÉSENCE DANS TOUS LES SECTEURS En France : 21 000 sociétés coopératives

Coopératives agricoles Coopératives maritimes

Coopératives bancaires

Coopératives de production SCOP

ENTREPRISES

Coopératives de consommateurs t

Coopératives Hlm

> 90% des groupements du Commerce Coopératif et Associé utilisent cette forme

À TOUTES LES FAMILLES

MUTUALISATION DEMOCRATIE PROXIMITE

Associés = entrepreneurs

BANQUE Associés = clients

USAGERS

Coopératives de commerçants

// DES VALEURS COMMUNES

4 familles de coopératives

Etc.

Associés = salariés, propriétaires iét i immobiliers, i bili …

CONSOMMATEUR Associés = consommateurs

IMPLICATION PARTAGE SOLIDARITE 22

PRESENTATIO N

lunhnltlu{z q|ypkpx|lzG GmpuhujplyzG

// lu{yllGT zvy{plG

nyv|wltlu{

• Validation technique et humaine (par le Conseil d’Administration ou comité de sélection)

• Sortie / retrait : conditions à respecter (temporelles en général) • Exclusion possible : par l’AG sur justes motifs (grave

SERVICES facturés

et légitime) COTISATIONS

// mvythsp{lzGlujhkyhu{GshGylsh{pvuG

• Souscription de parts sociales • Statuts et règlement intérieur : la base juridique

Excédents stou és ristournés

(Générale ; pub, … )

Participati on au capital

une relation à durée indéterminée

• Contrats (60% des groupements) : enseigne, enseigne

hzzvjpl

approvisionnement, SI, …

• Eventuellement charte (de l’associé, de l’administrateur, …) Î | G G G G GH 23

wv|yGluGzh}vpyGws|z U T U z ¡G î G G ˅ ïG G GmjhG G Gj Gj ï G Gh ïG a

9 8: A @

/HV &$( FRRSpUDWLYHV GÂ·DFWLYLWpV HW GÂ·HPSORL

6RPPDLUH

! 8QH IRUPH LQQRYDQWH GÂ·HQWUHSUHQHXULDW ! /H IRQFWLRQQHPHQW GHV &$( ! /H PRGqOH pFRQRPLTXH ! 3OXV YDOXHV HW LQQRYDWLRQ $QQH[HV TXHOTXHV FKLIIUHV Â² OÂ·DFWLRQ GH OD &* 6FRS

/HV FRRSpUDWLYHV G·DFWLYLWpV HW G·HPSORL

8QH IRUPH LQQRYDQWH G·HQWUHSUHQHXULDW

3RXUTXRL GHV &$( " Permettre à des porteurs de projet de créer leur activité dans un cadre autonome, coopératif et "sécurisé" Autonome : responsable de son activité et de son développement Coopératif : collaboration et mutualisation, à l’inverse de l’isolement "Sécurisé" : régime du salariat, accompagnement, …

/D &$( RULJLQH HW KLVWRLUH 8Q DQFUDJH GDQV OÂ·KLVWRLUH FUpDWLRQ GH &RRSWLVV FRRSpUDWLYH RXYULqUH TXL UHJURXSH HW HPSORLH FDQXWV j GRPLFLOH /D FUpDWLRQ GÂ·HQWUHSULVH SDU GHV FK{PHXUV SU{QpH j SDUWLU GHV DQQpHV FRPPHQW FKDFXQ SRXUUD W LO GLVSRVHU GH WRXWHV OHV FRPSpWHQFHV SRXU SpUHQQLVHU XQH HQWUHSULVH " /D FUpDWLRQ GÂ·XQ FDGUH GÂ·DFWLYLWp DXWRQRPH HW Â© VpFXULVp Âª QDLVVDQFH GH OD SUHPLqUH &$( j /\RQ &DS 6HUYLFHV

/D &$( GpILQLWLRQ HW VSpFLILFLWpV

8QH HQWUHSULVH GH SURGXFWLRQ GH ELHQV HW VHUYLFHVÂ« GX FKLIIUH GÂ·DIIDLUHV HVW FHOXL GHV HQWUHSUHQHXUV Â« GH IRUPH FRRSpUDWLYH GH 6FRS HW GH 6FLF Â« TXL DFFXHLOOH HQ FRQWLQX GH QRXYHDX[ SRUWHXUV GH SURMHW TXL RQW YRFDWLRQ j GHYHQLU VDODULpV HW DVVRFLpV Â« HW OHV DFFRPSDJQH WRXW DX ORQJ GH OHXU SDUFRXUV $FFRPSDJQHPHQW HW VHUYLFHV PXWXDOLVpV VRQW OH FÂ±XU GH PpWLHU GH OD &$(

/D &$( GpILQLWLRQ HW VSpFLILFLWpV

'HV FRRSpUDWLYHV GÂ·DERUG PXOWL DFWLYLWpV R OHV HQWUHSUHQHXUV VRQW j OD IRLV VDODULpV Â« ,OV VLJQHQW XQ FRQWUDW UHOqYHQW GX GURLW GX WUDYDLO HW EpQpILFLHQW GH OD SURWHFWLRQ VRFLDOH Â« DXWRQRPHV UHVSRQVDEOHV GH OHXU DFWLYLWp GH OHXU SURVSHFWLRQ GH OHXU FKLIIUH GÂ·DIIDLUHV GH OHXU UHYHQX Â« UpPXQpUpV HQ IRQFWLRQ GH OD PDUJH EUXWH GH OHXU DFWLYLWp Â« HW YHUVHQW XQH FRQWULEXWLRQ FRRSpUDWLYH

/D &$( GpILQLWLRQ HW VSpFLILFLWpV

/D FRRSpUDWLYH HVW OD VHXOH HQWUHSULVH FRQQXH OÂ·HQWUHSUHQHXU QÂ·D SDV j VÂ·LPPDWULFXOHU (OOH UpDOLVH WRXWH OD IDFWXUDWLRQ HW OHV HQFDLVVHPHQWV HW WRXV DFWHV MXULGLTXH FRPPHUFLDO RX ILQDQFLHU &KDTXH HQWUHSUHQHXU VDODULp \ GLVSRVH GÂ·XQ FRPSWH SURSUH FRPSWH GÂ·H[SORLWDWLRQ WUpVRUHULH ELODQ

/HV DFWLYLWpV SUpVHQWHV ! GHV FRRSpUDWLYHV VRQW PXOWL DFWLYLWpV ! GHV FRRSpUDWLYHV VSpFLDOLVpHV SRXU GHV UDLVRQV UqJOHPHQWDLUHV EkWLPHQW VHUYLFHV DX[ SHUVRQQHV FXOWXUH ! SDV GÂ·DFWLYLWpV H[LJHDQW ILQDQFHPHQWV LPSRUWDQWV EDX[ Â«

6(59,&(6 $57,6$1$7 &200(5&( $875(6

6HUYLFH DX[ SDUWLFXOLHUV

6HUYLFH DX[ HQWUHSULVHV

6HUYLFH DX[ SDUWLFXOLHUV HW DX[ HQWUHSULVHV

)DEULFDWLRQ SURGXFWLRQ WUDQVIRUPDWLRQ

1pJRFH

$JHQW FRPPHUFLDO

/HV PpWLHUV GHV HQWUHSUHQHXUV VDODULpV

'HV UpVXOWDWV FRQFUHWV ! LPSODQWDWLRQV HQ )UDQFH ! HQWUHSUHQHXUV VDODULpV FURLVVDQW GH SDU DQ GRQW HQWUHSUHQHXUV DVVRFLpV ! SRUWHXUV GH SURMHW DFFXHLOOLV FKDTXH DQQpH GRQW SOXV GHV Ã´ pWDLHQW GHPDQGHXUV GÂ·HPSORL ! 8Q FKLIIUH GÂ·DIIDLUHV GH PLOOLRQV GÂ·Â½ HQ ! /Â·HQJDJHPHQW GH SUqV GH FROOHFWLYLWpV WHUULWRULDOHV HQ VRXWLHQ DX GpYHORSSHPHQW pFRQRPLTXH ORFDO LQGXLW

/HV FRRSpUDWLYHV GÂ·DFWLYLWpV HW GÂ·HPSORL

Â² /HXU IRQFWLRQQHPHQW

6pFXULVHU OD FUpDWLRQ GÂ·DFWLYLWp ! 5pJLPH GX VDODULDW HW SURWHFWLRQ VRFLDOH ! (QJDJHPHQW j ORQJ WHUPH &', HW VDODLUH OLVVp GDQV OH WHPSV ! $FFRPSDJQHPHQW FRQWLQX j XQ U\WKPH DGDSWp ! 7UDYDLO FROODERUDWLI DYHF OHV SDLUV ! $SSDUWHQDQFH VRFLDOH SHUPLVH SDU OH VDODULDW ! 5pYHUVLELOLWp GH OD GpPDUFKH DVVXUDQFH FK{PDJH

3DUFRXUV HW VWDWXW GH OÂ·HQWUHSUHQHXU

0RQWpH HQ SXLVVDQFH GX FKLIIUH GÂ·DIIDLUHV GH OÂ·DFWLYLWp LQGLYLGXHOOH &', (175(35(1(85 6$/$5,e

7(67 '( /Â·$&7,9,7e $&&8(,/ '(6

e&2120,48( (7 $&&203$*1(0(17 352-(76

! ,QIRUPDWLRQV FROOHFWLYHV ! 'LDJQRVWLF GX SURMHW ! 3KDVH GH YDOLGDWLRQ

! &RQVROLGDWLRQ GH OÂ·DFWLYLWp ! 9LH FRRSpUDWLYH

! &RQWUDFWXDOLVDWLRQ ! 3UHPLqUH IDFWXUDWLRQ ! 6XLYL IRUPDWLRQ HW FRDFKLQJ LQGLYLGXHO HW FROOHFWLI

!!! $ WRXW PRPHQW SRVVLELOLWp GÂ·LPPDWULFXODWLRQ FUpDWLRQ GÂ·HQWUHSULVH GH UpRULHQWDWLRQ RX GÂ·DEDQGRQ GH OÂ·DFWLYLWp

62&,e7$5,$7 ! (QWUpH DX FDSLWDO GURLW GH YRWH ! ,QVFULSWLRQ GH OÂ·DFWLYLWp GDQV OD GXUpH ! 3DUWLFLSDWLRQ DX[ GpFLVLRQV GpPRFUDWLTXHV

3DUFRXUV HW VWDWXW GH OÂ·HQWUHSUHQHXU

Â² 7(67 GH OÂ·DFWLYLWp ! 2EMHFWLI YDOLGHU OH SURMHW GH FUpDWLRQ GÂ·DFWLYLWp $FFRPSDJQHPHQW IRUPDWLRQV WUDYDX[ GH JURXSH Â« Â« MXVTXÂ·j XQ HU QLYHDX GH FRQWUDWV HW IDFWXUDWLRQV

! 6LJQDWXUH GÂ·XQ FRQWUDW WUDQVLWRLUH &$3( &$ Â«

! /D SHUVRQQH FRQVHUYH VRQ VWDWXW DQWpULHXU HW VHV UHVVRXUFHV RX GURLWV pYHQWXHOV $5( Â«

3DUFRXUV HW VWDWXW GH OÂ·HQWUHSUHQHXU

Â² '(9(/233(0(17 GH OÂ·DFWLYLWp ! 2EMHFWLI DWWHLQGUH XQ QLYHDX GH YLDELOLWp GXUDEOH /Â·HQWUHSUHQHXU HVW DXWRQRPH HW UHVSRQVDEOH GH VRQ DFWLYLWp ,O SDUWLFLSH DX[ GLIIpUHQWHV DFWLRQV FROOHFWLYHV GH OD &$( ! 6LJQDWXUH GÂ·XQ FRQWUDW GH WUDYDLO LQFOXDQW FODXVH GÂ·REMHFWLIV ! $YHQDQWV VXFFHVVLIV SRXU VXLYUH OH GpYHORSSHPHQW ! 5HVSHFW GX FDGUH VRFLDO MXULGLTXH HW ILQDQFLHU IL[p SDU OD &$(

3DUFRXUV HW VWDWXW GH OÂ·HQWUHSUHQHXU

Â² 3e5(11,6$7,21 HW 62&,e7$5,$7 ! 2EMHFWLI LQWpJUHU GXUDEOHPHQW VRQ DFWLYLWp GDQV OD &$( /Â·HQWUHSUHQHXU SDUWLFLSH j OD JRXYHUQDQFH GH OD &$( ! &DQGLGDWXUH SXLV DGPLVVLRQ FRPPH HQWUHSUHQHXU DVVRFLp

3HQGDQW WRXWH VD SUpVHQFH GDQV OD &$( OÂ·HQWUHSUHQHXUÂ« Â« EpQpILFLH GÂ·XQ DFFRPSDJQHPHQW SHUVRQQDOLVp Â« HVW OLEUH GH TXLWWHU OD FRRSpUDWLYH

5{OHV HW IRQFWLRQV GH OD &$( ! $FFRPSDJQHPHQW HW DSSUHQWLVVDJH ! &RPSWDELOLWp DQDO\WLTXH HW JHVWLRQ ILQDQFLqUH ! *HVWLRQ VRFLDOH ! 'pYHORSSHPHQW GX WUDYDLO FROODERUDWLI ! $QLPDWLRQ GH OD JRXYHUQDQFH FRRSpUDWLYH

! 'pYHORSSHPHQW VWUDWpJLTXH HW UHODWLRQV SDUWHQDULDOHV

/HV SHUVRQQHV DFFXHLOOLHV ! 7RXV SRUWHXUV GH SURMHW VDXI UDLVRQV UqJOHPHQWDLUHV LQYHVWLVVHPHQWV DVVXUDQFHV

! 3DV GH VpOHFWLRQ VXU OD UHQWDELOLWp VXSSRVpH GH OÂ·DFWLYLWp ! 'HV FULWqUHV GÂ·HQWUpH OLpV j OD SUpSDUDWLRQ GX SURMHW ! GH GHPDQGHXUV GÂ·HPSORL DX 56$ GHV IHPPHV GH QLYHDX GH IRUPDWLRQ , j ,,, GHV SDUFRXUV GH YLH VRXYHQW PDUTXpV SDU GHV UXSWXUHV

/HV FRRSpUDWLYHV GÂ·DFWLYLWpV HW GÂ·HPSORL

Â² /H PRGqOH pFRQRPLTXH

/HV SLOLHUV GX PRGqOH pFRQRPLTXH ! /D SURGXFWLRQ GH ELHQV HW VHUYLFHV SDU OHV HQWUHSUHQHXUV GX FKLIIUH G·DIIDLUHV HQ ! /D FRQWULEXWLRQ FRRSpUDWLYH ILQDQFH OHV VHUYLFHV PXWXDOLVpV j GH OD PDUJH EUXWH UpDOLVpH SODIRQQpH ! /H FR ILQDQFHPHQW GH O·DFFRPSDJQHPHQW HW GH O·DSSUHQWLVVDJH GHV QRXYHDX[ HQWUHSUHQHXUV SDU GHV ILQDQFHPHQWV SXEOLFV HQ PR\HQQH GX FKLIIUH G·DIIDLUHV HQ 3ULQFLSDX[ ILQDQFHXUV • &RQVHLOV UpJLRQDX[ HW FRPPXQDXWpV G·DJJORPpUDWLRQ • SXLV FRQVHLOV JpQpUDX[ )6( YLOOHV «

Le modèle économique de la CAE ĐĐŽŵƉĂŐŶĞŵĞŶƚ ŶŽƵǀĞĂƵǆ ĞŶƚƌĂŶƚƐ

ŽŶƚƌŝďƵƚŝŽŶ ĐŽŽƉĠƌĂƚŝǀĞ

Fonctionnement de la CAE

&ŝŶĂŶĐ͘ ƉƵďůŝĐƐ

ŚĂƌŐĞƐ ĚĞƐ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ŚŝĨĨƌĞ Ě͛ĂĨĨĂŝƌĞƐ ĚĞƐ ĞŶƚƌĞƉƌĞŶĞƵƌƐ ^ĂůĂŝƌĞƐ ĚĞƐ ĞŶƚƌĞƉƌĞŶĞƵƌƐ

Comptes entrepreneur

;ĞǆĐĠĚĞŶƚƐ ĚĞ ŐĞƐƚŝŽŶͿ

Comptes de la coopérative

/H ILQDQFHPHQW GHV HQWUHSUHQHXUV $XMRXUGÂ·KXL OÂ·HQWUHSUHQHXU EpQpILFLH SHX GHV DLGHV j OD FUpDWLRQ GÂ·HQWUHSULVH 4XDWUH SRVVLELOLWpV GH ILQDQFHPHQW H[LVWHQW ! ,O DIIHFWH XQH SDUW GH VHV qUHV UpPXQpUDWLRQV HQ FRPSWH FRXUDQW DXWR ILQDQFHPHQW ! ,O UHFRXUW j GHV SUrWV H[WpULHXUV j WLWUH SHUVRQQHO ! ,O EpQpILFLH GÂ·XQH DYDQFH GH OD &$( TXL D SDU H[HPSOH pPLV GHV WLWUHV SDUWLFLSDWLIV GpGLpV ! ,O EpQpILFLH GH SUrWV GÂ·KRQQHXU j 5K{QH $OSHV HW /DQJXHGRF 5RXVVLOORQ HQ GpYHORSSHPHQW

/HV FRRSpUDWLYHV GÂ·DFWLYLWpV HW GÂ·HPSORL

Â² 3OXV YDOXHV HW LQQRYDWLRQ

/HV SOXV YDOXHV GHV &$(

! O LPSXOVLRQ G XQH G\QDPLTXH LQWHUDFWLYH FUpDWULFH GH SOXV YDOXHV

&H TXH QÂ·HVW SDV OD &$( Â« QL GH OÂ·DXWR HQWUHSUHQHXULDW ! OÂ·HQWUHSUHQHXU QÂ·HVW SDV LVROp ! LO GpYHORSSH VRQ UHYHQX RX TXLWWH OD &$( ! LO SD\H GHV FRWLVDWLRQV VRFLDOHV FRPPH WRXW VDODULp

Â« QL XQH FRXYHXVH GÂ·DFWLYLWp ! OÂ·HQWUHSUHQHXU SHXW GÂ·HPEOpH VÂ·\ SURMHWHU j ORQJ WHUPH ! OÂ·HQWUHSUHQHXU HW OD &$( RQW OHV PrPHV SUpRFFXSDWLRQV GÂ·HQWUHSULVH

Â« QL XQH VRFLpWp GH SRUWDJH VDODULDO ! OD &$( HVW OÂ·HQWUHSULVH SURSUH GHV HQWUHSUHQHXUV ! HOOH DFFXHLOOH WRXV SRUWHXUV GH SURMHWV FDGUHV RX QRQ ! HOOH RIIUH V\VWpPDWLTXHPHQW XQ DFFRPSDJQHPHQW ! HW OÂ·HQWUHSUHQHXU \ FRQWUDFWXDOLVH XQ SURMHW GXUDEOH

8QH LQQRYDWLRQ XQLTXH HQ )UDQFH

'H QRXYHOOHV SRUWHV RXYHUWHV j OD FUpDWLRQ GÂ·DFWLYLWp ! j HPSORLV QRXYHDX[ GDQV OHV DQV 'H QRXYHOOHV IDoRQV GÂ·HQWUHSUHQGUH HW GH WUDYDLOOHU ! DOOLDQW DXWRQRPLH HW FRRSpUDWLRQ ! DOWHUQDWLYH j OÂ·HQWUHSULVH LQGLYLGXHOOH 'H QRXYHOOHV VROLGDULWpV j OÂ·Â±XYUH ! HQWUH HQWUHSUHQHXUV VXU OH WHUULWRLUH HQ )UDQFH

/HV FRRSpUDWLYHV GÂ·DFWLYLWpV HW GÂ·HPSORL

$QQH[H TXHOTXHV FKLIIUHV GRQQpHV &* 6FRS DX GpF

OÂ·DFWLRQ GH OD &* 6FRS

&$( pWDEOLVVHPHQWV Ï´Ï¬ Ï³Ï¬

1RPEUH GH &$( DGKpUHQWHV

Ï²Ï¬ Ï±Ï¬ Ï°Ï¬

j &$( DQ

Ï¯Ï¬ Ï®Ï¬ ÏÏ¬

Ï®Ï¬ÏÏ®

Ï®Ï¬ÏÏ

Ï®Ï¬ÏÏ¬

Ï®Ï¬Ï¬Ïµ

Ï®Ï¬Ï¬Ï´

Ï®Ï¬Ï¬Ï³

Ï®Ï¬Ï¬Ï²

Ï®Ï¬Ï¬Ï±

Ï®Ï¬Ï¬Ï¯

Ï®Ï¬Ï¬Ï®

Ï®Ï¬Ï¬Ï

Ï®Ï¬Ï¬Ï¬

ÏÏµÏµÏµ

Ï®Ï¬Ï¬Ï°

&$( DQ

Ï¬

'HV PDUJHV GH GpYHORSSHPHQWÂ«

DGKpUHQWHV &* 6FRS

HQWUHSUHQHXUV VDODULpV \ UDMRXWHU QRXYHDX[ SRUWHXUV GH SURMHW HQ &$3( RX FRQWUDWV GÂˇDFFRPSDJQHPHQW

Les objectifs de la CG Scop > Un plan de dĂŠveloppement qualitatif de CAE ÂŤ ĂŠconomiquement et socialement responsables Âť Observatoire et ĂŠtudes Mise en place de la rĂŠvision coopĂŠrative > La reconnaissance et la sĂŠcurisation des CAE Reconnaissance lĂŠgale et sĂŠcurisation juridique SĂŠcurisation financiĂ¨re, modĂ¨le ĂŠconomique et outils financiers Information, communication et promotion > Le rapprochement et le travail en commun avec les deux rĂŠseaux CoopĂŠrer pour Entreprendre et CopĂŠa et les Unions RĂŠgionales Scop Convention ÂŤ CAE Âť de juillet 2014

0 1 + + ! -- . 3

! " # ! $ % & & ' & ) *# ('" (' & & & , + & - . , (' ) 2 0 // // (' & 3 1 & . 3 4 5 & && / & " ! #$ % * 5 & & # $ / 6 + &# ! ' ) & 7 7 . (&& + ' & . ( '3" & % 3 , & " ( ) *# " )' ! + , 1 8 & " 9 & ) 6 & 0 % / & .& ('3 * , " 6 + & & & & " & & ! -- -- ' - ! & ./ & $ & & & , * " 0 //

5 : (' ; & & &, ' 5 < (' " & & / . % =0> 9( & " $ 9 9@ " ? % 4 9 6 3 ) & 9 " 2 0 // // " & & &

" ! ! # $ " & % %

''' !( !!(

Plus de

100 CAE sur toute la France 15 % par an

6 000 entrepreneurs salariés, un effectif qui croît de

400 professionnels (consultants accompagnateurs, formateurs, comptables…) vous accompagnent dans le développement de votre activité

Elles sont présentes sur tout le territoire sous la dénomination de coopérative d'activités et d'emploi ou coopérative d'activités et d'entrepreneurs.

Il existe plusieurs types de CAE : multi-métiers ou bien spécialisées, rassemblant des savoir-faire ou métiers d’un même secteur d’activité (dans le bâtiment, les services à la personne, la culture, etc).

quelques chiffres

Trouvez la CAE la plus proche de chez vous !

www.copea.fr

Le réseau des Scop et des Scic, coordonné par la Confédération générale, est constitué de 13 unions régionales et de 2 réseaux qui regroupent les coopératives d’activités et d’emploi : Coopérer pour entreprendre et Copéa

www.cooperer.coop

C’est quoi une CAE ? une Scop ? une Scic ?!

(re)-découvrez le 1er film d’animation sur les Sociétés coopératives et participatives ! www.les-scop.coop/CAE

conception : terre-lune* - CG Scop / illustration : Possum Interactive / impression : Le Sillon / photos : Auremar - Shuttertsock / Maxime Bessières / Fotolia

la création d’activité en CAE

entreprendre pour soi, réussir ensemble

COOPÉRATIVES D’ACTIVITÉS ET D’EMPLOI

Vous avez un projet de création d'activité et vous souhaitez : > tester votre activité, avec un accompagnement sur mesure et des services adaptés > entreprendre dans un cadre collectif et sécurisé en devenant salarié > participer à un réseau d’entrepreneurs avec qui développer de nouveaux projets

Devenez entrepreneur salarié !

Scop ou Scic ? Les coopératives d’activités et d’emploi (CAE) sont attachées à un mode de fonctionnement coopératif et à une gouvernance participative et démocratique selon le principe « un(e) associé(e) = une voix ». La répartition des bénéfices va prioritairement à ceux qui génèrent les richesses (les entrepreneurs salariés) et à la consolidation de l'entreprise partagée. Les CAE peuvent choisir le statut juridique de Scop, Société coopérative et participative, ou de Scic, Société coopérative d’intérêt collectif, de forme SA, SARL ou SAS.

1 Du test au développement, un parcours sur mesure Co-entrepreneur de la CAE, vous bénéficiez d'un accompagnement tout au long de votre parcours, du démarrage de votre activité à la gestion administrative en passant par la stratégie commerciale.

Un cadre sécurisé, reconnu par la loi

Une entreprise coopérative propice aux synergies entre entrepreneurs

Entrepreneur salarié, vous partagez expériences et savoir-faire. Projets communs et moyens mutualisés sont autant d'occasions de booster votre activité.

Votre activité développée en toute autonomie

SOCIÉTARIAT > Entrée au capital + droit de vote > Inscription de l’activité dans la durée > Participation aux décisions démocratiques

Cette entreprise partagée vous offre un ensemble de services mutualisés et vous permet de vous consacrer à votre cœur de métier en toute autonomie, en conservant l’identité commerciale de votre activité.

CONTRAT D'ENTREPRENEUR SALARIÉ > Consolidation de l’activité > Vie coopérative

concrètement ça change quoi ?

Entreprendre au sein d’une CAE,

La loi ESS adoptée en 2014 créé le contrat d’entrepreneur salarié : il ouvre droit à la protection sociale des salariés, dont l’assurance chômage. La CAE étant une Scop ou une Scic, vous en devenez associé.

TEST DE L’ACTIVITÉ ÉCONOMIQUE & ACCOMPAGNEMENT > Contractualisation > Première facturation > Suivi, formation et coaching individuel et collectif

Immatriculation (création d'entreprise), réorientation ou abandon

>> UN ACCOMPAGNEMENT PERSONNALISÉ ACCUEIL DES PROJETS > Informations collectives > Diagnostic du projet > Phase de validation

Immatriculation (création d'entreprise), réorientation ou abandon

Montée en puissance du chiffre d’affaires de l’activité individuelle

Immatriculation (création d'entreprise), réorientation ou abandon

. G"$F IJKHL

What is

SMart JT B OPO QSPÃ¥U PSHBOJTBUJPO DSFBUFE JO #FMHJVN JO XIJDI JT EFWFMPQJOH JUTFMG JO EVSPQFBO DPVOUSJFT WF BJN UP TJNQMJGZ BOE TVQQPSU UIF QSPGFTTJPOBM QBUIT PG DSFBUJWF BOE DVMUVSBM XPSLFST OVS QSJODJQBM HPBM JT UP IFMQ UIF TFMG FNQMPZFE EFWFMPQ UIFJS PXO BDUJWJUZ UISPVHI B TFDVSF TZTUFN WF PGGFS NVMUJQMF TFSWJDFT TVDI BT JOGPSNBUJPO USBJOJOHT MFHBM BEWJDF WBO SFOUBMT TVCTJEJFT B TPDJBM QSPGFTTJPOBM OFUXPSL FUD "MTP BU UIF IFBSU PG SMart ZPV XJMM IBWF BDDFTT UP POMJOF JOWPJDJOH UPPMT

WORKING IN BELGIUM

OUR INVOICING TOOLS

Every worker in Belgium needs to choose between these 3 categories :

You negotiate Xith your client all aspects of your mission (tasLs, the price, dates, etc.), then you declare that assignment on our Xebsite before starting to XorL. To validate that Kob, you Xill have to return your contract to us signed by you and your client. 8e Xill taLe care of the social declaration, Xe Xill pay the different social contributions and expenses to the relevant institutions and Xe Xill pay your salary (7 XorLing days after the assignment is Ã¥nished). SMart guarantees the payment of the salary even if your client has not already paid.

SALARIED WORKER Your employer pays around 30% on top of your salary into the social security fund. You as an employee also pay a proportion of your gross salary as social security contributions. This fund is then used to pay social security: health insurance, retirement plan, unemployment beneÃ¥t, family alloXance, etc.

INDEPENDENT WORKER The self-employed can also claim social security. Therefore they pay a social contribution thatâ&#x20AC;&#x2122;s loXer than the Koint contribution of employers and employees, but giWes feXer rights. The self-employed, for eYample, cannot claim unemployment beneÃ¥t. )oXeWer, the self-employed may pay eYtra Woluntary contributions Xhich giWe them additional rights in certain cases. (more information : www.inasti.be)

CIVIL SERVANT (only when employed directly by public administrations)

Responsible publisher : Sandrino Graceffa - SMart - Emile Feronstraat, 70 - B-1060 Brussel

The civil servant gets the best overall social protection. But he cannot beneÃ¥t from certain eYtras liLe a group pension funded by the employer, and his XorL environment can be considered as less Ã¦eYible.

By choosing to work through SMart, you will be working as a salaried worker employed in very short term contracts and with the particularity of negotiating the details of your assignment directly with your client. SMart will back you for all administrative aspects.

You Xill have access to those tools by becoming a SMart member (more information on www.smartbe.be). SMart also offers a more complete invoicing tool available by SMart for professionals Xho have a more complex XorLfloX (XorLing as a collective, receiving subsidies, invoicing intellectual property rights, having important professional expenses). For more information on the Activity tool, please The SMart management cost attend an informais 6,5 % of your invoiced amount tion session (inscrip(VAT excluded). There is also tion on our Xebsite) a yearly membership fee of 25 â&#x201A;¬ or contact one of our (taLen out of the Ã¦rst contract counselors. invoicing more than 150 â&#x201A;¬/day).

HOW MUCH DOES IT COST?

www.smartbe.be

>ꩣ뎳듿꘻@ 1RW $ORQH

Not Alone Trade union and co-operative solutions for self-employed workers

Not Alone

Acknowledgements This research report and the deliberative inquiry underpinning it have been sponsored jointly by Co operatives UK, the Wales Co-operative Centre and Unity Trust Bank. Additional sponsorship in kind was provided by the TUC for a full day London conference. The researchers are grateful for participation in this deliberative inquiry by many contributors and in particular to those referred to in the report who assisted through telephone interviews and other evidence provided in the workshops at the conference on 17 July 2015 at TUC Congress House. We would also like to thank those who gave written evidence to the work of the inquiry and assisted in the preparation of the final report. This collaboration has been invaluable and we are most grateful to: Michel Bauwens (P2P Foundation); Andrew Bibby; Glenn Bowen (Wales Co operative Centre); Professor Andrew Burke; Bob Cannell (SUMA); Donna Coyle (Wales Cooperative Centre); Ben Dellot (RSA); Matt Dykes (TUC); Kate Elliott (BECTU); Stuart Field (Radical Routes); Madeleine Gabriel (NESTA); Christophe Guene (KreditUnion); Anca Ionescu (RICOL); Elaine Jones (WIEGO); Alan Lean (Equity); Ed Mayo (Co-operatives UK); Professor Robin Murray; Dave Nicholson (Co-operative and Mutual Solutions); Matthew Parson (Altgen); Anna Plowdowski (Greenmarque); Bruno Roelants (CECOP CICOPA - Europe); Cilla Ross (The Co-operative College); Professor Tony Oâ&#x20AC;&#x2122;Rourke; Professor Claudia Sanchez Bajo; Derek Walker (Wales Co operative Centre); Erika Watson (Greenwell Consulting) Diane Widdison (Musiciansâ&#x20AC;&#x2122; Union). Lastly we would like to thank the other members of our research team, Steve Bendle and Rosemary Foggitt, who assisted with the interviewing work with Business and Enterprise Co operatives (BECs) in France and with translation of material. Their editing work on the final report and assistance with illustrations and with Section 7 has been a major contribution. Pat Conaty, Alex Bird and Philip Ross

Not Alone

Executive summary There are now more self-employed workers than at any time since modern records began. Some 4.6 million people, around 15 per cent of the workforce, are now selfemployed and data from the Office for National Statistics show that two thirds of new jobs in the UK created in recent years are down to self-employment. The number of freelancers is likely to grow further during the tax year from April 2016, reflecting a significant and permanent change in the pattern of work in the economy. Survey research for this report suggests that one in four current employees in medium-sized firms (27%) in the UK would like to go self-employed (22% in small firms). Current projections are that by 2018 the number of people who are self-employed will outnumber those working in the public sector. This report focuses on the needs of people in self-employment who face low income and social and economic insecurity – the ‘self-employed precariat’. Around four out of five people in self-employment (83%) are sole traders with no employees. The selfemployed precariat is reflective of complex and diverse patterns of atypical work that is growing, ranging from casual working to temps, agency staff, own account workers and Uber drivers. The self-employed precariat do not enjoy employment rights and protections at work, or any of the implicit services associated with being an employee, such as payroll or workplace insurance - let alone pension or sick pay. In addition, their potential income is indirectly eroded by other costs such as agency fees. They face additional challenges related to being paid on time and the right to a contract. To compound all this, many of the self-employed are among the lowest-paid workers in the country. There are examples of freelancers coming together to form co-operatives for shared services, in some cases with support from entrepreneurial trade unions who see the opportunity to support members who are self-employed, not just those who are employed: • In Swindon, 50 music teachers have come together to form a coop to market their services to schools, with support from the Musicians Union • In London, interpreters came together in November 2012 in a co-op RICOL after changes in their terms and conditions when the firm Capita took on the contract to provide interpretation services in judicial courts. • In Wales, the Oren Actors Management Co-op allows actors between roles to work as agents for other co-op member actors, marketing their services

Not Alone

However, compared to practice in some countries overseas, these initiatives look to be in their infancy: • The Freelancers Union has been formed for the self-employed in the USA. It has attracted over 280,000 members which is indicative of the potential, but constitutionally it is a mutual and remains separate from mainstream union federations • In the Netherlands and Spain general unions for self-employed workers have emerged and developed since the late 1990s. These provide a range of services as well as representation • In Belgium, SMart is a co-operative with 60,000 members, supporting them by invoicing and collecting debts for them • In France, legislation that came into force in January 2016 recognises the role of 72 business and employment co-operatives, supporting members with accounting and access to the sickness pay and benefits of conventional employees • In India, the Self-employed Women’s Association brings together 1.7 million members and acts as a service co-operative, for example providing microinsurance, and as a trade union fighting for member rights The key findings from examining these initiatives are: • The best services offer back-office support, debt management, contract advice, access to finance, sickness insurance, the shared use of equipment and access to workspace. There is considerable scope for the growth of similar, integrated services here in the UK, reducing the costs of using agencies or being excluded from services • Collective bargaining for the self-employed is complicated by competition law, which seeks to restrict the sharing of sensitive information across businesses, potentially restricting the extent to which groups of self-employed people can work together around general or minimum rates of charges for their work. Where they are members of a co-operative, and not in a position of market dominance, this risk is reduced • Some key services, such as mutual guarantee societies, which help freelancers to leverage low-cost loan funds from banks, have a proven track record in 20 EU countries, but face unintended regulatory barriers in the UK • The release of untapped potential in the UK would be helped by partnership with the trade union movement. Good examples are already found in Equity and the Musicians’ Union, both of which actively work closely with co-ops The report calls for the cousins of the labour movement - co-operatives, trade unions and mutual organisations - once again to come together and help form cohesive institutions to unite the self-employed precariat, as illustrated in the model of a ‘solidarity economy’ partnership.

Not Alone

The four guiding objectives and recommendations for uniting self-employed workers are: Recognition of the growing self-employed workforce, by developing organising strategies for self-employed workers, bringing together trade unions and the co-operative sector and operating with the support of national union centres such as the TUC. The development of organising strategies will involve consideration of key priorities for action, including the: • Primary sectors, such as the creative industries, care services and the green economy • Primary services, such as a credit union for freelancers, provision of microinsurance and related services such as debt collection, tax accounting and legal advice, the scope for platform co-operatives and sources of capital for co-operative business development The interests of self-employed workers are not well represented in national policy-making, with the result that they face unnecessary regulatory burdens and barriers. The Department for Business, Innovation and Skills (BIS) should identify how to create a voice for self-employed workers at the heart of government, learning from the way in which wider small business has successfully become recognised over time, in business policy, regulatory interventions and commissioning design. Two policy initiatives that are high priority, to unlock the potential for collaboration across self-employed workers, are: the development by the Treasury and Financial Conduct Authority of an appropriate regulatory treatment for Mutual Guarantee Societies; and exploration by the Department for Work and Pensions of the potential for business and employment co-operatives for people on bene³t. The world of work is changing rapidly and in many ways we are returning to older structures when more forms of work were characterised by dispersed day-rate payment and job payment. In the nineteenth century working class self-help organisations included craftsmen’s guilds, co-operatives, friendly societies and the first unions. Together they collaborated and proliferated to improve working conditions, to secure rights and status and to maintain standards of living for workers. In an age of economic insecurity and rapid changes in technology there is now the opportunity to reinvent democratic self-help for the twenty-first century in order to widen participation on a fair basis for all in work.

Not Alone

Contents 1

Introduction Deliberate enquiry remit, report structure and overview

7 8

The self-employed workforce Key Findings

11 27

Trade unions and self-employed workers Key findings

28 34

Co-operative and mutual solutions Key findings

35 49

Trade union and co-operative solutions Key findings

52 61

Solidarity and digital democracy Key findings

62 73

Conclusion: The solidarity economy Summary recommendations

75 83

Appendices

Not Alone

Introduction Over the past decade there has been an extension of precarious work across Europe and in many other countries throughout the world. Professor Guy Standing at University College London has called this new flexible workforce the precariat. In some countries in southern Europe with ballooning national debt, deep cuts and rising austerity, insecure forms of employment have become pervasive. For example, in Greece self-employment is over one third of the workforce,1 twice the EU average. The development economist Simon Kuznets has observed that high levels of self-employment are associated with under-developed economies while, with development, self-employment levels tend to drop steadily. Today, this no longer holds true. First rising in the 1980s, in recent years self-employment has soared to its highest level for more than 40 years, when modern records began. Forms of insecure and precarious work on the rise include casual work, temporary work, self-employment, forms of micro-enterprise, contract labour, outputting/home work, and sole trading - across a wide range of trades. Evidence also points to the fact that the self-employed make a significant contribution to the UK economy, both financially and as a resource enabling small businesses to grow and develop.2 It is also apparent that many of the self-employed in the UK and abroad enjoy working this way and would not necessarily want to return to a traditional job. While this does not disguise their low income and their social and economic insecurity, a key point to take into account is that they do not necessarily want ‘saving’ or ‘rescuing’ from self-employment but instead seek recognition, support, and assurance that the risks and rewards of their status are balanced fairly between them and the organisations they trade with. The focus of this report is on freelancers and self-employed people working on their own account, rather than on precarious casual workers and agency staff. Described as the ’solo’ self-employed, 83 per cent of the self-employed fall into the ‘own account’ worker category. For a long time, policymakers struggled to identify and situate freelance workers. If they did not fit into the traditional tradesperson category, it was assumed that they must be self-employed in order to dodge taxes or alternatively that they were victims of unscrupulous employers who were engaging them as self-employed workers in order to avoid paying taxes and conferring employment rights. Later, the term ‘lifestyle’ became popular to characterise ‘own account’ self-employment. Patterns of work have now changed significantly and it is clear that this terminology is inappropriate. It is also clear that, while some abuse of the system continues for tax and exploitation purposes, there exists between these two extremes a legitimate self-employed and freelancing sector.

1 http://data.worldbank.org/indicator/SL.EMP.SELF.ZS 2 Burke, A.E. (2012), The Role of Freelancers in the 21st Century British Economy, Cranfield University, published by PCG, London

Not Alone

The Labour Finance and Industry Group report, The Freelancing Agenda (2014), argues for freelancing to be recognised as a legitimate business activity with its own agenda. The DEMOS report Going it Alone and the Royal Society for the Arts and Science (RSA) report The Second Age of Small3 have a similar narrative. All these reports argue for government and policymakers to start focusing on the self-employed as a group. This report provides the findings from an inquiry led by Co-operatives UK and the Wales Co operative Centre into the scale and impact of precarious work in the UK.

Deliberative inquiry remit, report structure and overview The strategic purpose of the study has been to examine creative ways of practical and strategic collaboration to co-develop an economic system which can meet the needs of the own account workers more fully. There is a strong focus on members of the selfemployed precariat who are excluded from existing services. The terms of reference for the deliberative inquiry are found in appendix four. The inquiry engaged with practitioners in order to identify diverse and practical mutual aid solutions to the unmet needs of low income, self-employed workers. The remit of the study was to investigate good practices, both in the UK and abroad, which have been successful in developing ways to improve the circumstances of self-employed workers. A related aim of the inquiry has been to search for ways to integrate, through social dialogue and co-design, a number of existing solutions developed by the co-operative, trade union and social finance movements. The research has been wide-ranging and identified a rich diversity of innovation and best practice examples, both here and abroad. Providers of services for self-employed workers are varied and include trade unions, co-operatives, mutuals and other memberbased organisations. But for most self-employed workers in the UK, service provision is uncoordinated and undeveloped. This is the central issue of the report. Section two provides background and examines trends in relation to the growth of precarious forms of work. In particular, more people are becoming self-employed in the UK and at a faster rate than ever before.4 Mounting evidence suggests this trend is set to continue and while it is beneficial to many professional and skilled workers and supports economic growth, it is also associated with low income and social and economic insecurity. Thus, it is important to differentiate between professional and affluent self-employed workers (iPros), whom IPSE numbers at about 1.77 million5 and those on lower incomes. This self-employed precariat, unlike agency and temporary staff in the UK (who have some employment rights since 2011 following a successful EU-wide campaign) has few rights.6

3 https://www.thersa.org/globalassets/pdfs/reports/rsa_second_age_of_small.pdf 4 https://www.thersa.org/about-us/media/2014/03/numbers-of-self-employed-set-to-outstrip-public-sector-workers-/ 5 IPSE Manifesto 2015 - https://www.ipse.co.uk/sites/default/files/documents/policy/IPSE-Manifesto-v1.pdf 6 http://www.bbc.co.uk/news/business-15115461

Not Alone

A brief overview of mutual aid solutions in other countries is set out to indicate a number of emergent areas of service provision. The issue of bogus self-employment – a widespread practice in which increasing numbers of workers are forced into adopting self-employed status even though they are essentially working for only one employer – is examined. Section three considers the trade union response in Europe and in the UK to diverse forms of precarious and atypical employment. The argument for a flexible workforce has become part of public policy across the European Union and is justified as a means to advance global competitiveness. Additionally justified by many politicians as the means to create new work, labour market deregulation and a decline in employment protection has become widespread. A range of existing solutions provided by the trade union movement is examined. The analysis looks at what these services are achieving and how. In some countries, including the UK, there are good trade union services for the self-employed in industries such as the media sector. Other countries, like the Netherlands and Spain, have had success in developing general unions for the self-employed. Section four appraises the needs of self-employed workers and examines a wide range of co operative and mutual solutions developed to meet these needs. As part of the inquiry a survey was conducted among a range of co-operatives and social enterprises in the UK to ascertain what services they were providing to the self-employed. These were then compared to a wider range of good practices in the UK and in other countries in order to develop a more effective strategy for meeting the needs of self-employed workers. In some cases forming worker co-operatives is a sound way forward. In other cases a co-operative consortium can release ‘economies of co-operation’ through mutual aid. UK good practice and co-operative and mutual solutions from Italy to the USA are profiled along with examples of co-operatively owned workspace. Major gaps in the UK are identified with two particularly notable examples. The French CAE co-operatives for the self-employed operate in every region in cities and towns. These Business and Employment Co-operatives (BECs) have public policy support and have spread to several other countries in Europe. Co-operative finance, mutual credit money and mutual guarantees are evolving and developing across Europe. Unlike many other EU countries, UK law does not yet allow mutual guarantee societies to be formed to provide the self-employed and co-operatives with access to lower-cost bank loans and other forms of investment. Both the MGS and the BECs are highly successful European innovations and represent major opportunities for co-operative economic development practices to advance in the UK by meeting the needs of the self-employed. Section five highlights that trade unions and co-operatives have the same historical roots in working class self-help and mutual aid. As the International Labour Organisation (ILO), International Co operative Alliance (ICA) and the International TUC recognise, both movements can provide, through partnership, a wider range of services to the self-employed. This section looks at the achievements of joint working on the part of trade unions and co-operatives in the provision of representation and services to the self-employed precariat. The growing international work of WIEGO (Women in Informal Employment: Globalizing and Organizing) also highlights how organising strategies for self-employed workers can be achieved from the grassroots.

Not Alone

Evidence of effectiveness ranges from the work of media and entertainment unions in the UK to best practices in Italy in the construction trades. The successful work of Equity and the Musicians’ Union to support the development of co-operatives for their members is highlighted. In most cases this is pursued through a partnership and sometimes a federal structure of closely-linked organisations - which can join up the services of trade unions, co-operatives and other member-based democratic organisations. The survey and fieldwork interviews, conducted in England and Wales, with co-operative and trade union service practitioners uncovered a wide range of creative joint work. Best practices are still somewhat diffuse and undeveloped, but where this joint approach among trade unions and co-operatives can be found the social partnership potential is strong. WIEGO has led work internationally to show how to align complementary memberbased organisations for the self-employed workers (co-operatives and mutual aid networks) with trade union representation. The WIEGO handbook and the ILO SyndiCoop7 handbook produced by the Co-operative College describe in detail these effective organising strategies. Key lessons from the UK are echoed in the joint work by the Musicians’ Union and Co-operatives UK on collaborative organising methods that are documented in a new handbook. Section six examines the threat to self-employed workers from new digital corporation practices. Through the use of platforms corporations like Uber not only profit, but can also comprehensively control the marketplace. Thus, what might feel at first like support becomes a stranglehold. As a solidarity economy alternative, the report examines an emerging model of ‘platform co-operatives’, showing how digital technology can advance new forms of economic democracy to secure social justice. Other economic democracy solutions are explored from the growing solidarity economy, ranging from social co-operatives providing care services, which are well developed in Italy and Japan, to the new Union Co-op model in the USA supported by the United Steelworkers. Section seven offers a number of strategic proposals and recommendations for a way forward. As the leading generator of new jobs today, the self-employed represent the fastest growing sector of the UK workforce and numbers 4.6 million workers. With effective forms of organisation, these workers can have a united voice and become increasingly significant politically and at the ballot box. By 2018 it is predicted that there will be more self-employed workers than those employed in the public sector. The latter has trade unions and unity while the self-employed workforce currently lacks both. Filling this growing gap is the subject of this report.

http://www.ilo.org/empent/Publications/WCMS_094047/lang--en/index.htm

Not Alone

The self-employed workforce

2.1 Background - A profile of self-employed workers Research by co-authors of this report in 2008, published by the new economics foundation (NEF), pointed to rising trends in the self-employed sector.8 Since the banking sector collapse in that year, self-employment has soared to 4.6 million and, at about 15 per cent of the workforce, is at its highest level for over 40 years. Self-employment is now double the level in 1979 when it was 7.5 per cent.9 The average figure needs to be seen within the context of a variable picture, with about 30 per cent of self-employment among many immigrant groups.10 Self-employment is also disproportionately high among older people and in a number of rural areas of the UK, where self-employment rates of one in four or higher are common. Workforce data gathered by ONS show that, since 2008, two-thirds of new jobs in the UK have been generated by self-employed people.11 ONS data also show that, since 2008, three in four of the newly self-employed are over the age of 50. Trends revealed by the ONS Labour Force Survey 2014 include the following: • Five in 10 new jobs are created by those going into business for themselves • The number of the self-employed has risen by 732,000 since 2008. Over the same period permanent conventional jobs rose by 339,000 • In the first quarter of 2014 the number of the self-employed rose by 180,000 • Fewer people are leaving self-employment than in the past. The opportunity to work as an employee fell at the onset of the economic downturn, which limited the opportunity for people to move out of self-employment • Self-employment among those aged 65 and over has doubled from 241,000 in 2009 to 428,000 in 2014. In part this is because more people (both those self-employed and those working as employees) are continuing to work beyond the state pension age While income levels alone can be deceptive, low income in the self-employed sector is today the norm. Eighty-three per cent of sole traders earn less than the average income12 and 77 per cent live in poverty.13 According to the ONS, average earnings from self-employment have dropped from £15,000 to £10,400 a year since 2008, which amounts to a median weekly income of £207.14 Moreover, since 2010 the number of self-employed people earning less than the 8 Pat Conaty, Rosemary Foggitt, Steve Bendle and Rumbi Tarusenga (2008) Self-help and Mutual Aid – a mutual for the self-employed for underpinning local economies across Britain, New Economics Foundation 9 http://www.parliament.uk/business/publications/research/key-issues-parliament-2015/work/self-employment/ 10 Ibid 11 ONS Self-employed workers in the UK 2014. Of 1.1 million new jobs created since 2008, 732,000 were produced by the self-employed 12 Charlie Thomas ‘TUC: Self-employed figures are skewing our understanding of unemployment figures’, Huffington Post UK, 23 January 2013 13 http://www.taxresearch.org.uk/Blog/2015/01/30/the-self-employeds-income-new-data-shows-77-are-in-poverty/ 14 Christina Patterson ‘Go-getting isn’t so easy on £200 a week’, The Guardian, 4 October 2014

Not Alone

“Historically women have made up just over a quarter of self-employed people, but since the 2008 downturn 58 per cent of the self-employed have been female. In the last year, self-employment has started to decline for men, but not for women. In 2014 70 per cent of those becoming selfemployed were women.” Women and Self-Employment within the UK, Erika Watson/Ruth Pearson

tax-free allowance has increased from 20 per cent to 35 per cent.15 IPPR research shows that a typical self-employed worker earns about half the pay of a typical employee. This situation has become markedly worse over the past decade, with earnings of the self-employed in 2007 three-quarters of the level of people in formal employment.16

2.2 Self-employment in the UK has reached 4.6million in 2015

Source: ONS Labour Force Survey, September to November quarters from 1992 to 2015

Welfare to work programmes that actively encourage self-employment have significantly driven growth while cuts in benefits can incentivise marginal sole-trading. A £300 start-up grant and working tax credits of £50 a week mean people need only earn £24 a week to be better off than those on Job Seekers Allowance of £73.10.17 Private sector companies under welfare to work programmes are paid £14,000 for every person they place in ‘sustained employment’. The data referred to above suggest that this is likely to represent a move from welfare into marginal trading only just above the poverty line.18 A significant rise in self-employment is forecast for the years ahead. At the end of 2015 self-employment was at an all-time high. Survey research for this report suggests that 15 Interview with Robert Chote of the Office of Budget Responsibility on BBC Radio 4 Today programme on 13 October 2014 16 Izzy Hatfield ‘Is being self-employed becoming the new normal?’, New Stateman, 7 January 2015 17 Ian Jack ‘Private companies are making a fortune out of the unemployed’, The Guardian, 10 May 2014, http://www.theguardian.com/commentisfree/2014/may/10/private-companies-making-fortune-out-of-unemployed (figures updated by authors) 18 Ibid

Not Alone

one in four current employees in medium-sized firms (27%) in the UK would like to go self-employed (22% in small firms, 14% in the public sector).19 According to the RSA, by 2018 there will be more people in self-employment than the public sector.20 The upward trend in self-employment may be slowing down as economic growth eases. However, the RSA points out that the public sector workforce is still declining in number. This is confirmed by comparative data21 which also confirms that the crossover point with the self-employed is approaching.

2.3 Self-employment has risen over time to a 40-year high

Source: BIS ED analysis of ONS Labour Force Survey, March-May quarters

19 YouGov, Self-Employment Survey, conducted for Co-operatives UK, sample size 2016, 9/10 February 2016 20 https://www.thersa.org/about-us/media/2014/03/numbers-of-self-employed-set-to-outstrip-public-sector-workers-/ 21 https://flipchartfairytales.wordpress.com/2016/01/13/self-employment-and-public-employment-edge-closer/

Not Alone

2.4 Since 2009 women have accounted for over half of the overall growth in self-employment Another striking trend of the self-employed population has been the transformation of the experiences of self-employed women. There are currently 1.49 million self-employed women, which is a third of the total self-employed population. Recently, the number of self-employed women has increased at a faster rate than men and since 2009 females have accounted for over half of the overall growth in self-employment.

Source: analysis Force Survey, March-May quarters S ource: BIS S EED D analys sis of ONS S LLabour abour Fo orce Surve ey, March-M May quart ters Source: BIS ED analysys of ONS Labour Force Survey, March-May quarters

2.5 Median income from self-employment has fallen by 22 per cent since 2008/09

Source: Self-employed workers in the UK - 2014. ONS 20/08/2014

Not Alone

2.6 What is self-employment and who are the self-employed? People who are self-employed do not have a contract of employment with an employer. They are instead contracted to provide services over a certain period of time for a fee and are in business in their own right. The self-employed pay their Income Tax and National Insurance Contributions directly to HMRC. They are not on PAYE. They do not have employment rights as such and can decide, for example, how much to charge for their work and how much holiday to take. The self-employed do have some legal protection. For example, they must not be discriminated against and are entitled to a safe and healthy working environment when they work on a client’s premises. Being self-employed is also a legal term defining how people have set themselves up in business. In the UK they are a ‘Schedule D’ employee for tax purposes. Other professionals consider themselves to be self-employed but operate through a limited liability company or may work through an umbrella company that manages their pay and tax for them. This complicates the task of researching the self-employed. Many people consider the self-employed to be limited to tradesmen, whereas others will extend the term to include those working for themselves and may class themselves as freelancers or even as micro-businesses. The gender ratio among the self-employed is also narrowing and stereotypes no longer hold true.

“…it’s clear that whereas the typical selfemployed person in Britain today remains a skilled tradesman, manager or professional working long hours on the job, since the start of the recession the ranks of the self-employed have been swelled by people from a much wider array of backgrounds and occupations, including many without skills doing ‘handyman’ jobs, picking up whatever bits and pieces of work are available. While some of these newly self-employed may make a long-term commitment to being their own boss, or at least gain the necessary experience to do so, it’s likely that most would take a job with an employer if only they could find one.’ John Philpott, The Rise in Self-employment Within the UK, CIPD report (2012)

According to a report from the Chartered Institute of Personnel and Development (CIPD), while two-thirds of self-employed are men, the number of women entering self-employment is growing 10 per cent faster than the number of males.22 In the construction industry skilled trades account for one in four of self-employed jobs, but this traditional area of sole-trading has not been a source of growth since 2008.

The 20 per cent growth in self-employment has been boosted by unskilled as well as skilled workers. Growth areas since 2008 have been in administrative services (up 23%) as well as personal services and care services (up 42%). According to the CIPD report, other trade sectors where self-employment is growing are information and communications, education, public administration, and financial and insurance services. 22 John Philpott (2012) The Rise in Self-employment, Chartered Institute of Personnel and Development. https://www.cipd.co.uk/binaries/the-rise-in-self-employment_2012.pdf

Not Alone

The CIPD survey highlights a growth trend in part-time self-employment. While it is still the case that two-thirds of the self-employed work more than 30 hours a week, 88 per cent of those entering self-employment since 2008 are working less than 30 hours a week. This part-time self-employment pattern is equally split between men and women. A key conclusion drawn from the CIPD report points to a desperate need to find work. While since 2007 self-employment has risen in other European countries, the OECD data shows that the exceptionally fast rise of self-employment in the UK stands out.23 France has seen a rise, in Germany the picture has been static, but Italy and Spain have witnessed a fall in self-employment. Indeed, the Resolution Foundation’s detailed assessment of the rapid rise in UK self-employment stressed that “the change in the UK workforce has consistently bucked international trends, meaning that we are looking at a phenomenon that is particular to the UK labour market.”

“‘The emerging consensus is that the economic downturn is likely to have accentuated the rise in self-employment, with employers reluctant to take on more staff in uncertain economic conditions... And around three-quarters of those who are self-employed report that this is their preferred way of working.’ Duncan O’Leary, Author of the DEMOS report Going it Alone

In the UK so-called ‘solo self employment’ - workers without employees - has been the pattern of this growth. IPPR research reveals that in Germany 44 per cent of the selfemployed are likely to have employees compared to just 17 per cent in the UK.24

An RSA/Populus survey reported that between 2009 and 2014, 27 per cent of those entering self-employment did so to escape unemployment.25 Some trade unionists have called freelancing a misnomer and substituted the term ‘forced-lancing’. In the USA, surveys by the Freelancers Union found a similar figure of forced self-employment. There is also a paradox that, despite the challenges and the high level of insecurity, greater autonomy seems to win out for most in the trade-off with higher risk and lower rewards. IPPR research suggests that nearly half of Europeans express a preference for being their own boss.26 IPPR findings indicate that for many groups self-employment is a valued – sometimes the only – way into work or means of additional income or flexible working. This applies to women with young children, older workers seeking to top up a low pension and immigrants and migrant workers. The RSA research on the growth of self-employment has developed a typology that they refer to as the six tribes in an attempt to appraise the attitudes and perspectives of different groups of freelancers.

23 Resolution Foundation (2014) Just a job or a working compromise? http://www.resolutionfoundation. org/wp-content/uploads/2014/05/Just-the-job-or-a-working-compromise-FINAL.pdf 24 http://www.ippr.org 25 Benedict Dellot ‘Out of office?’, The RSA Journal, Issue 3 2014. https://www.thersa.org/discover/publications-and-articles/journals/issue-3-2014/ 26 http://www.ippr.org

Not Alone

Six tribes of self-employment Visionaries

Classicals

Independents

Optimistic, growth-oriented business owners who are usually driven by a mission and a sense of purpose. They are more likely to be younger and male, and to employ many employees.

Generally older, these embody the popular image of the entrepreneur. They are largely driven by the pursuit of proﬁt, and think the business is the be all and end all.

Freedom-loving, internet-dependent business owners who are driven by the opportunity to vent their creative talents. They are typically younger and left-leaning.

22%

13%

11%

24%

19%

11%

Locals

Survivors

Dabblers

Relaxed and generally free from stress, these operate low-tech businesses which serve only their local community. They earn a modest income and many are close to retirement.

Reluctant but hard-working individuals who are struggling to make ends meet, in part due to the competitive markets they operate in. They earn less from their business, and are more likely to be younger.

Usually part-timers, their business is more of a hobby than a necessity. A large number are retirees seeking to do something interesting in their spare time.

*Percentages refer to the proportion of the self-employed community who fall into these tribes

For some older part-time ‘dabblers’ and ‘locals’, trading income may be low but other income compensates. However, for many trading may be essential to boost small retirement pensions. The largest group is the ‘survivors’. These are people on lower incomes, generally struggling in new markets and a core strand of the self-employed precariat.

2.7 What is an employee? The majority of people in work are employees. People are defined as an employee if they are working under a contract of employment. A contract need not be in writing and exists when employee and employer agree terms and conditions of employment. It can also be implied from the conduct of both parties. A contract of employment will normally set out what the employee is expected to do and employees are usually expected to do the work themselves. Employers are obliged by law to deduct income tax and national insurance contributions from the salary or wages of employees before paying them. Employees are also entitled to all minimum statutory employment rights including: • Maternity, adoption and paternity leave • The right not to be unfairly dismissed • Statutory redundancy pay • All the rights that are given to ‘workers’ Workers engaged in false self-employment miss out on rights such as: • Paid sick leave • Holiday pay • Overtime rates • Redundancy pay • Travel allowances • Pension contributions • Employment protections

Not Alone

2.8 What is a worker? This is a broader category in law than ‘employee’. A worker is any individual who works for an employer, whether under a contract of employment, or any other contract where an individual undertakes personally to do or perform any work or service. Workers are entitled to core employment rights and protections. The following groups of people are likely to be workers but not employees: • Most agency workers • Short-term casual workers • Some freelancers Freelancers may fall into this category if they have a limited right to sub-contract the work and are obliged to attend work whether or not they want to.27 Freelancers not working through their own limited company may qualify for worker rights where other characteristics outlined above apply. Providing other qualifying conditions are met, all ‘workers’ have rights to: • The national minimum wage • Rest breaks, paid holiday and limits on night work under the Working Time Regulations • Protection against unauthorised deductions from pay • Maternity, paternity and adoption pay (but not leave) • Protection against less favourable treatment because of being part-time • Maternity, paternity and adoption pay (but not leave) • Statutory sick pay • Protection against less favourable treatment if the worker makes a disclosure in the public interest (often called ‘whistleblowing’) • Not to be discriminated against unlawfully

2.9 Welfare entitlement, pensions and training The findings of Alain Supiot’s research for the European Union shows that the self-employed suffer from welfare exclusion because they are not covered by company law, being freelance, nor are they afforded protection by employment law, despite the fact that they sell their labour.28 As workers, they fall between both legal fields of protection. As a result, they are excluded from the benefits (or an equivalent) that other workers can access in relation to statutory sick pay, minimum wages, holiday pay, maternity and paternity leave, redundancy and working time regulations. UK welfare reform, being introduced as Universal Credit, will have a serious impact on self-employed workers because it does not allow for fluctuations of income or any averaging as is the case for the annual tax return. Since April 2015, self-employed people earning less than the equivalent of the minimum wage for a 35-hour week have been subject to a test by the DWP to show they are involved in ‘genuine and effective’ self-employment.

27 Employment Status - Gov.UK 28 Alain Supiot, editor (2001) Beyond Employment: Changes in Work and the Future of Labour Law in Europe, Oxford University Press

Not Alone

Under the Universal Credit regime, self-employed people will be subject to a ‘genuine and effective’ self-employment test to see whether their self-employment is organised, regular, developed and carried out with a view to profit. Those who are seen as gainfully self-employed will be assumed to be earning the equivalent of a 35-hour week at national minimum wage. This figure will be used to determine their benefit award irrespective of their actual income. This is known as the ‘minimum income floor’ - though for those starting up a business it will not apply in year one. Self-employed people need to provide information on their income each month within 14 days and if they do not meet the minimum income floor for even one month, they are obliged to seek other work. It is expected that this new test will be rolled out to all selfemployed claimants by 2018. Universal Credit will hit those in seasonal self-employment hardest and those with highly variable incomes such as those working in the agricultural sector, tourism and many freelance trades. Also, as Erika Watson and Ruth Pearson show, the part-time self-employed, including a disproportionate number of women and carers, will also be adversely hit by Universal Credit regulations.29 Universal Credit for the self-employed replaces tax credits, which were not subject to limits on the capital of recipients. Those with more than £16,000 of capital will not be eligible for Universal Credit and those with capital above £6,000 will have their Universal Credit entitlement reduced. Pensions are also a major issue. Resolution Foundation research found that very few self-employed people were in a pension scheme.30 Moreover, the number paying into a pension scheme is falling.31 Only nine per cent (equivalent to 420,000) of the 4.6 million people registered as self-employed in 2013/14 are paying into a pension. This compares with 34% (1.1 million) of the 3.3m people registered as self-employed in 2001/02. An analysis of official data by Prudential32 highlights that, unlike employees, selfemployed workers do not generally benefit from an employer contribution into their pensions. One recent estimate calculated that the lack of employer pension contributions equates to a loss of over £90,000 during a self-employed person’s lifetime.33 IPPR research has found that training is also a major issue for the self-employed. They report that in 2012 only nine per cent of the self-employed were accessing training compared to 17 per cent of employees.34 This situation has become worse as the gap has widened by six per cent since 2007. IPPR also note that UK self-employed workers tend to have lower skills levels compared to those in other EU countries such as Germany, where high skill levels are common. 29 Erika Watson and Ruth Pearson, op.cit 30 Conor D’Arcy and Laura Gardiner (2014) Just a Job or a Working Compromise - The changing nature of self-employment, The Resolution Foundation. http://www.resolutionfoundation.org/publications/just-the-job-or-aworking-compromise-the-changing-nature-of-self-employment/ 31 Josephine Cumbo, ‘Self-employed turn away from pensions’, Financial Times, 5 December 2015, FT Money page four 32 Ibid 33 Benedict Dellot, op.cit 34 Izzy Hatfield (2015) Self-employment in Europe, IPPR http://www.ippr.org/publications/self-employment-in-europe

Not Alone

2.10 Who is included in the self-employed precariat (SEP)? Guy Standing observes that the term precariat was first coined in France during the 1980s to describe low-paid temporary and seasonal workers - then a small proportion of the workforce.35 Today he argues that the widespread and international growth of the precariat is not translating into influence. This is despite the fact that low-paid, atypical forms of work including casuals, agency staff, those on zero-hour contracts, migrant labour and many forms of self-employment have become the new normal across numerous developed economies since 2008. Indeed, Standing argues that because of this shortfall in social and economic rights, members of the precariat are better described as denizens rather than citizens. The Great British Class Survey produced for the BBC in 2013 by researchers at the LSE and the University of Manchester revealed a sizeable and growing precariat comprising about 15 per cent of the population.36 Although this report was based on a self-selecting audience, it has proved a useful additional indicator and recognition of the growth of the precariat. The definition of the precariat is not just linked to low wages and insecurity. It is frequently associated with unstable accommodation and high rents in the private sector (as opposed to the public or housing association sector). Indeed, severe problems in gaining access to housing often compound the problems faced by self-employed people. 2.11 The Precariat Index The self-employed precariat can be described as those among the self-employed working on their own account on short term contracts and with irregular work that generates a low income. In July 2015, Co-operatives UK analysed two trends over the last three decades: the long-term rise in â&#x20AC;&#x153;Getting a mortgage, the number of people in self-employment; and impossible; renting a flat, those living in private rented accommodation.37 The very difficult: you get ill, you figures were published as an index and show that lose money; you run out of self-employment, as a proportion of employment in work; getting benefits is a the UK, increased from 11.6 per cent in 1985 to 15 per lot harder than when you cent in 2015. The number of households in private get fired from a job.â&#x20AC;? rented accommodation grew from nine per cent Owen Jones, to 22 per cent during the same period. While there Political Commentator have been one-off dips in the number of people living in private rental accommodation (in the late 1980s) and in self-employment (around the year 2000), together the index suggests that precariousness in work and housing has increased consistently and nearly doubled over the last 30 years.

35 36 37

Guy Standing (2011) The Precariat - The New Dangerous Class, Bloomsbury http://www.bbc.co.uk/science/0/21970879 http://www.uk.coop/newsroom/new-show-30-year-rise-precarious-work-and-housing

Not Alone

Self-employed workers as a proportion of total employees

Households in privately rented accommodation - base 1985

Precarisation Index

The development of digital platform businesses is expected to eradicate a growing number of traditional jobs and to increasingly impact on people in salaried employment. The self-employed are especially vulnerable as three in five are either ‘digitally excluded’, having no use of the internet, or need help with government online services according to research by HMRC this year.38 While offering opportunities for some, for others the advance of the digital economy will mean an increased number of job losses, both in waged employment and for the self-employed. In their Future of Employment report, Oxford Martin point out that 47 per cent of US jobs are at risk from the digital economy and computerisation.39 Those most at risk are workers in administration, sales, transportation, logistics and services. This trend has undermined the formal economy of journalists and musicians for more than a decade. The informal economy of non-standard employment is now spreading and undermining traditional middle class jobs as well. Forms of work without the legal rights associated with employment are advancing at a rapid pace and this is accelerating in the UK by deepening austerity driven cost savings.

“Precariousness is coming to define our time. Particularly for younger people, the expectation of a secure job and stable home seems more far-fetched than ever.” Ed Mayo, Co-operatives Uk

Many EU countries are looking at a Universal Basic Income as an alternative to means-tested models like Universal Credit. Trials in some EU countries are planned including Finland. Professor Guy Standing is an advocate of Universal Basic Income as a core solution to the problems faced by the precariat. The RSA has been working with the Citizen’s Income Trust to examine what this would look like in the UK in their Power to Create report.40 38 Adam Palin ‘File four tax returns a year, self-employed told’ Financial Times, 5 December 2014, FT Money, page three 39 Carl Benedikt Frey, and Thor Berger ‘Work in the Digital Age’, The RSA Journal, issue three 2014 40 https://www.thersa.org/about-us/media/2015/the-principled-and-pragmatic-case-for-a-universal-basicincome--new-report/

Not Alone

In relation to the Co-operatives UK analysis of the precariat index, this is relevant and worthy of further exploration, as they propose a Basic Income to replace Universal Credit and an additional Basic Rental Income to replace housing benefit. Further work on the model by Citizens Income Trust will be forthcoming in 2016.

2.12 Forced/false/bogus self-employment issues and zero hours contracts A major focus of the TUC has been on combating the adverse and growing practices of forced, bogus and false self-employment. False self-employment is used by some employers to evade taxes and engage workers without having to respect their employment rights and entitlements such as holiday pay, sick pay and pensions. It operates to transfer the risk and costs of employment from the employer to the individual. The issue of bogus self-employment is evident when it is used by employers to disproportionately transfer risk from themselves to their workers and where that risk is not commensurate with the reward received. Often the workers are unaware of their loss of employment protection rights.

“False self-employment has been a problem in the construction industry for decades. In recent years there has been a noticeable change in how the problem manifests itself. Rather than separate companies operating false self-employment, a multi-million pound industry has been created to try to legitimise the practice.” Steve Murphy, General Secretary, UCATT

The UCATT report The Great Payroll Scandal41 exposes these practices and the methods used. The report focuses on payroll companies – who help construction firms switch their staff from the status of employee to that of self-employed subcontractor – and questions whether any of these workers are genuinely self-employed. UCATT has proposed that construction staff should automatically be deemed to be employed unless it can be proven otherwise.42

The growing level of unpaid internships is another major issue. The Precariat Workers Brigade (PWB)43 has been campaigning against the use of ‘intern’ labour by art galleries, many of which are charities, but where work previously done by paid staff or freelancers is often now done by unpaid interns.

41 http://ucatt.infobo.co.uk/sites/default/files/uploaded/publications/greatpayrollscandal.pdf 42 http://www.som.cranfield.ac.uk/som/dinamic-content/media/Wendy%20Lewis/Research/Freelance%20 Workers%20in%20Construction%202nd%20Edition.pdf 43 Precariat Workers Brigade (PWB) - http://precariousworkersbrigade.tumblr.com/about

Not Alone

2.13 Personal service companies There is no legal definition of a ‘personal service company’, but in practice they are limited liability companies set up by individuals through which they sell their services. If they are dealing with an agency, they may be required (not by law but in practice) to set up a company. In effect, the personal service company is the intermediary between the client and the individual. The result is that the individual has surrounded themselves with a corporate structure including its tax structure. They can take advantage of this and withdraw income as lower-taxed dividends. This is a modus operandi often required or preferred (by legislation) if a self-employed person is to work through an agency, as it differentiates them from temporary workers. An ‘umbrella company’ is a proxy version of a personal service company. IR35 tax rules are applied to such companies to ensure that ‘if the relationship between the worker and the client would have been one of employment had it not been for an intermediary, the worker pays broadly tax and NICs on a basis which is fair in relation to what an employee of the client would pay.’ (HMRC) The House of Lords Select Committee Report on Personal Service Companies in 2014 raised concerns about forced/bogus self-employment when people are engaged through umbrella companies.44 Frances Corrie of TaxAid, a charity that helps people on low incomes with their tax affairs, told the Select Committee that she dealt with significant numbers of lower-paid individuals who were engaged through umbrella companies. The examples she gave were of occupations such as security guards, couriers, drivers, cleaners and catering and kitchen staff. In other words, not highly paid workers, but typical members of the precariat.

2.14 Umbrella companies An umbrella company is a company that acts as an employer to agency contractors who work under a fixed term contract assignment, usually through a recruitment employment agency in the UK. Recruitment agencies issue contracts to a limited company to reduce the agency’s liabilities. The company issues invoices to the recruitment agency (or client) and, when payment of the invoice is made, will typically pay the contractor through PAYE with the added benefit of offsetting some of the income through claiming expenses such as travel, meals, and accommodation. Umbrella companies have become more prevalent in the UK since the British government introduced so-called ‘IR35’ legislation that creates tests to determine employment status and the ability to make use of small company tax reliefs. According to criteria set out by the UK Department for Business, Innovation and Skills, there are an estimated four million temporary workers in the UK, 1.56 million of whom are ‘classed as being in a management or senior official role, a professional occupation or an associate professional and technical occupation.’ It is estimated that 14 per cent of the UK’s professional contractors are currently managing their business by working through an umbrella company.

HOS Select committee, paragraph 144

Not Alone

Umbrella companies are popular because they allow workers to gain greater access to charging expenses (though recent budget changes have restricted their ability to claim travel expenses). Parasol claim to have 55,000 employees in their umbrella scheme.45 As the UCATT report noted, there is often a drive to push workers to use umbrella companies, especially by agencies that seem to team up with such firms. The Low Incomes Tax Reform Group (LITRG) stated that the “scope for potential exploitation was considerable” and that many migrant workers, who are often unclear about their rights and responsibilities “find themselves providing their labour through corporate forms” and that “this work was often delivered through umbrella companies, working with agencies”. The National Association of Schoolmasters Union of Women Teachers (NASUWT) noted that the overwhelming majority of supply teachers delivered their work through agencies and umbrella companies. NASUWT said: “They were clear in their view that the main beneficiaries from these arrangements were the agencies and umbrellas themselves, rather than the individuals engaged through them.” The NASUWT concluded that “we feel there are groups of workers here that are being quite seriously exploited.” In their evidence HMRC said: “It is important to note that we saw limited evidence of this push coming from the end-clients themselves; instead, it appeared that any pressure to work in this way came mainly from employment agencies through which the individuals sought work.” The House of Lords report noted that: “We were told that some individuals were being forced into delivering their labour through vehicles which they didn’t fully understand, with the reality of the situation only becoming apparent when the worker seeks to access benefits or exercise rights. This may mean that the individuals are not aware that they have foregone at least some levels of employment protection and benefits to which they would be entitled if they were in conventional employment.” The growing range of intermediaries and agencies involved with the self-employed makes the size of the workforce increasingly complicated to determine. This is also the case internationally. As Joel Dullroy and Anna Cashman point out, the size of the self-employed worker sector in other countries is unclear as there is no universally agreed definition. For example, depending on different definitions in the United States, the sector can be deemed to be as low as one in 10 workers but other research shows it to be three in 10 workers. In 2006 the US Bureau of Labor Statistics stopped any official data collection and official count of what had been previously called ‘contingent workers’.46 As a result, the differentiation between self-employed workers and micro-businesses can be extraordinarily difficult. Self-identification among the self-employed in the US is weak with any term or description, and only four per cent of self-employed people use the term ‘freelancer’. 45 http://www.parasolgroup.co.uk/contracting-guides/umbrella-company/ 46 Joel Dullroy and Anna Cashman, ‘How Many? Counting Freelancers’. http://freelancersmovement.org/ chapters/how-many-counting-freelancers/

Not Alone

At least one thing is certain. The 20th century norm of a fixed employer, fixed working places, fixed working days and weekends not in work is rapidly giving way to a new system (and largely still below the radar) in the 21st century, in which precariousness is likely to become the norm for workers. This dramatic switch poses massive challenges for governments, for local authorities and for social economy and solidarity economy organisations including co-operatives, trade unions and mutuals.

2.15 Mutual aid for the self-employed – a growing range of examples As in other European countries, including Germany, France and Italy, where the practice is still common, there is a fundamental need in the UK for a social dialogue between social partners (such as trade unions, the co-operative sector and the small business sector) and government about the trends outlined in this report. There is also a clear need for new forms of organising and advocacy for precarious workers. Some new and revived forms of mutual aid and member-based organisations for self-employed workers are emerging across the world. Some are led by innovators in the co-operative sector, others by trade unions and still others by social economy networks.

“Nearly one in three working Americans is an independent worker. That’s 53 million people – and growing. We’re lawyers and nannies. We’re graphic designers and temps. We’re the future of the economy. Freelancers Union serves the needs of this growing independent sector. We’re bringing freelancers together to build smarter solutions to health care, retirement, wage security, and other broken systems. We call it New Mutualism. You can call it the future.” Sara Horowitz, Freelancers Union founder

Set up in 1995 in New York, the Freelancers Union is a non-profit mutual association for the self-employed that has built up a membership of over 280,000. In the absence of a national health service in the United States, a key mission for establishing the mutual has been to provide shared health care benefits.47 The Freelancers Union aims to ‘connect freelancers to group-rate benefits, resources, community, and political action to improve their lives – and their bottom lines’. It is not a trade union or co-operative but aims to provide health, dental and other member benefits. Through creative use of IT platforms the Freelancers Union, with just an eight-strong team, provides services for over 280,000 members.

The number of freelancers in the US has been estimated to be more than twice the number of self-employed in the UK.48 This higher figure is partially due to the fact that ‘moonlighters’ are included in the US figures - those doing freelancing in addition to conventional employed work. 47 Freelancers Union: https://www.freelancersunion.org/about/ http://www.shareable.net/blog/interviewed-freelancers-union-on-what-motivates-indie-workers?utm_ 48 content=2014-11-17%2010%3A11%3A12&utm_source=VerticalResponse&utm_medium=Email&utm_term=Read%20more%20%26raquo%3B&utm_campaign=Bike-Powered%20Mobile%20Library%2C%20New%20 Freelancers%20Union%20Study%2C%20%26%20Tiny%20House%20Jamboreecontent

Not Alone

The Freelancers Union survey shows that the number of freelancers increased by 700,000 in the US in 2014. Other findings are that policymakers do not understand their needs and that 60 per cent of freelancers choose to become independent workers while 40 per cent are forced into it by economic circumstances. A further finding of the Freelancers Union survey is that people in this form of work value the independence it offers and 90 per cent (including most of the 40 per cent who felt forced into it) said they would not go back to a conventional job if offered one. This feeling of relative autonomy and being able to do work you can shape to some degree is clearly variable depending on the type of self-employment. This US survey echoes similar UK findings by the RSA, Demos and the Resolution Foundation.49 Nonetheless, the lack of social protection and the exposure to risk is clearly a pull factor for freelancers to join the Freelancers Union. Recent new initiatives by the Freelancers Union are working to tackle ‘no payments and slow payments’ through a major campaign now underway and this is aiding the recruitment of members. In the UK, IPSE (The Association of Independent Professionals and the Self-Employed) has over 20,000 members and also represents workers in IT, as well as in the Oil and Gas industries. It was established in 1999 (originally as the Professional Contractors Group), when a group of IT contractors realised that their chartered body, the British Computer Society, was not equipped to engage in a political campaign against the new IR35 tax. The new body was founded on the internet and constituted itself as a company rather than as a co-op or a trade union. They crowd funded their initial start-up, with 2,000 freelancers pledging £50 each, making a start-up fund of £100,000. Although most members originally joined as part of a campaign, IPSE has expanded by offering advocacy, a range of insurances, a pension scheme and other benefit services. IPSE’s premium member rate is £239 a year and includes sickness insurance that pays out up to £2,000 if a member is sick for more than three weeks.50 IPSE is the UK member of the European Forum of Independent Professionals. This body represents some nine million independent, freelance, self-employed and contract workers across Europe. Its Italian member organisation Associazione Consulenti Terziario Avanzato (ACTA) is strongly oriented towards co-operative solutions for the selfemployed. In France, Cooperatives d’Activités et d’Emploi (CAE) is the innovator of what has become known as Business and Employment Co-operatives (BECs).51 They are co-operatives for workers entering self-employment. The idea has been adopted and developed in Belgium, Sweden, Germany and Canada. CECOP CICOPA - Europe (the European confederation of industrial and service co-operatives) is supporting the development of BECs. The International Co-operative Alliance (ICA) also supports a diverse strategy for developing co-operative systems and solutions for the self-employed. Co-operative, trade union and mutual solutions for the self-employed are growing and under development in many countries. There is considerable evidence of advancing, innovative work on these models in many countries. WIEGO, with its links to the 49 50 51

D’Arcy & Gardiner - Resolution Foundation - Just the Job. May 2014 http://www.theguardian.com/money/2015/jan/14/freelance-payment-sickness-leave http://www.wikipreneurship.eu/index.php/Business_and_employment_co-operative

Not Alone

international Fairtrade movement, has worked in the global south as well as Eastern Europe since the 1990s to develop successful mutual models integrating co-operative, mutual finance and trade union solutions. SEWA Bank in India, a founder of WIEGO, has been a pioneer since the 1970s of these democratic and integrated mutual solutions for women sole traders in the precariat. Trade unions for the self-employed have been developed in the Netherlands, Denmark, Spain and Germany and a number are growing in scale. In the UK there are trade unions for the self-employed in the media and entertainment sectors, encompassing a range of professional roles from journalists to film technicians, actors to musicians. There are also co-operatives providing services to the self-employed in trades such as taxi driving, farming, fishing, and arts and crafts. These co operatives typically develop a co-operative consortium service for purchasing, marketing and sharing a range of resources. Joint working between some trade union services for the self-employed and co-operatives is growing, and they are finding complementary ways to integrate types of support. These democratic and member-based organisations (MBOs) have the expertise and skills to inform a coherent organising strategy for the precariat and to find ways for self-employed workers to secure decent labour standards and their full rights as citizens.

2.16 Key Findings • • • •

•

• •

•

The world of precarious work has moved from the margins into the mainstream as zero-hour contracts have spread rapidly through the private sector Growth in the number of self-employed workers in the UK in recent years has been dramatic, rising to its highest ever level of 4.6 million with predictions that the number of those in self-employment will outstrip those in the public sector by 2018 There are numerous diverse ways of self-employed working and many different types of self-employed workers - who have a wide range of motivations - including independent professionals and self-employed workers on low-income Precarious forms of work are complex and take a wide variety of forms, from casual working to temps and agency staff, to own account workers and the self-employed. Some 83 per cent of the UK’s self-employed are sole traders with no employees. The majority of them are on a low income and should be considered as self-employed workers The practice of bogus self-employment is deployed by some firms who compel people to work as self-employed in order to avoid paying their national insurance contributions and to side-step employer obligations such as pensions, sickness, holiday and other traditional employment benefits The introduction of Universal Credit will make claiming benefits harder for the selfemployed The world of work is changing rapidly. For those at the sharp end there are echoes of the absence of regulation in the nineteenth century, when trade union and cooperative forms of mutual aid were developed to fight for rights, to improve working conditions and status and to maintain quality standards for the self-employed Self-employed workers are creating their own jobs and leading the creation of new work. Co-operatives, mutual aid groups and trade unions are providing services to self-employed workers in many other countries, but such organisations are in their infancy in the UK. There is a need to learn lessons from existing good practice

Not Alone

Trade unions and self-employed workers

There has been widespread trade union opposition to on-going deregulation of the labour market and the accompanying decline in employment protection. A uniform strategy has not yet emerged. In 2002 the International Labour Conference of the International Labour Organisation gave a commitment to address the rights of precarious workers in its Resolution and Conclusions Concerning Decent Work in the Informal Economy. This policy resolution asserts that the principles and rights of workers to core standards and decent work are ‘as applicable in the informal economy as in the formal economy.’ When the International Confederation of Free Trade Unions came together with the World Confederation of Labour to form the International Trade Union Confederation (ITUC) in 2006, the founding constitution committed the ITUC to effective strategies to recruit and organise the precariat.52 The ITUC mission statement reads: “It shall initiate and support action to increase the representativeness of trade unions through the recruitment of women and men working in the informal as well as the formal economy, through extension of full rights and protection to those performing precarious and unprotected work, and through lending assistance to organising strategies and campaigns.” The TUC and most of its members would agree with this aspiration, but a strategy to implement it is a complex challenge. Guidelines for effective organising practices are, however, emerging and longstanding good practices are available to guide trade unions working with self-employed workers.

3.1 European Trade Unions and services for self-employed workers Maarten Keune at the University of Amsterdam argues that trade unions can play a key role in promoting a range of solutions for the precariat that can make a real difference by building on existing expertise. He argues that those most at risk of precarious work are young workers, women, migrants and those with low skills. There is a cluster of disadvantages associated with precarious work that Keune highlights as being low pay, limited legal protection, high insecurity, limited control, limited social security and pension entitlement, limited collective representation, limited access to loans and mortgages and limited possibilities for family planning.53 As Keune shows, the response of the trade union movement to the growth of atypical employment has been mixed. For most unions the focus has been on opposition to deregulation - and in particular on trying to eliminate the creation of marginal employment and, wherever possible, to improve conditions by introducing or enforcing labour regulations. In relation to the precarious workers themselves, some unions in Europe have opened membership up to the self-employed, but many have not. To move towards inclusion of such workers separate organising strategies are needed and these are as a rule more costly, as well as challenging to implement effectively. 52 ITUC Constitution 2006, amended June 2010: Article I, page seven 53 Keune, M. (2013) Trade union responses to precarious work in seven European countries http://www. iza.org/conference_files/EmpCompPersp2013/keune_m7578.pdf

Not Alone

Keune notes that there are still very few broadly agreed strategies for securing rights for those in precarious work. In part this is because strategies need to be tailored to the specific sector. In relation to casual workers and temporary agency workers, trade unions in the UK have succeeded in ensuring implementation of the European Directive on temporary agency work. This provides for equal treatment after a 12-week qualifying period in pay, working time, annual leave and maternity rights. This was formally agreed by the TUC and the CBI in 2008 and then introduced through the Agency Workers Regulations 2010.54 For the wider group of precarious workers, an effective set of strategies for ensuring equal treatment and inclusion requires the integration and alignment of several actions. These include campaigns to raise awareness and to mobilise action; organisation of drives in specific sectors of work; provision of services designed to meet workersâ&#x20AC;&#x2122; needs; collective agreements; legal action; policy formation; advocacy for new laws; and creative use of a range of media. Trade Unions in some European countries have been promoting union membership to self-employed workers since the late 1990s. FNV, the Dutch trade union federation, encouraged all its members to accept self-employed members in 1999 and in the same year set up FNV Zelfstandigen Bondgenoten,55 which has become the largest specialist trade union in the Netherlands for the self-employed. It provides extensive services for self-employed workers including advice, legal guidance on contracts, insurance, a training academy and help with debt collection. Zelfstandigen Bouw56 is the second largest Dutch trade union for the self-employed and specialises in the construction industry. The debate that informed this strategy was a recognition that expansion into this area could stem a loss of members as well as recruit former members who had become self-employed following redundancy. FNV reports that trade unions which focus on the recruitment of self-employed workers are growing faster than traditional trade unions which have not been proactive in this area.57 The Christian Trade Union Federation (CNV) in the Netherlands began organising self-employed workers in 2007 with a focus on former members who had become selfemployed.58 FNV and the Alternative Trade Union have developed a pension scheme for self-employed workers. Most of the services for the self-employed provided by Dutch trade unions mirror those of other union members. However, the Dutch Competition Authority has ruled against the forging of collective agreements for the self-employed that are binding on those who contract them. It regards these agreements as operating a cartel. This has created a conflict between labour rights for the self-employed and competition law and is a growing concern for organisers in other countries. Similar decisions have been made in Ireland and in Australia.

54 55

http://www.gmb.org.uk/about/gmb-in-europe/european-policy-issues/temporary-agency-workers http://www.fnvzzp.nl

https://www.zelfstandigenbouw.nl

57 http://www.eurofound.europa.eu/observatories/eurwork/articles/trade-union-extends-membership-toself-employed-workers 58 http://www.eurofound.europa.eu/observatories/eurwork/comparative-information/trade-union-strategies-to-recruit-new-groups-of-workers

Not Alone

SIF (Svenska Industritjänstemannaförbundet), the Swedish technical and clerical union (now part of Unionen), began recruiting self-employed workers actively in 1998 and has used modern marketing and call centre methods for recruiting targeted groups achieving a five to eight per cent annual conversion rate on cold calls. FNV Zelfstandigen Bondgenoten has successfully adopted a similar strategy. SIF merged with HTF in 2008 to form Unionen, the largest Swedish trade union for private sector businesses. The same services for self-employed workers are in place. The advancing digital economy has been a driver for campaigns to recruit freelance workers in many countries. The largest German union, ver.di, includes Mediafon, which was set up in 2000 as a call centre to recruit workers, including freelancers, in the media industry.59 It offers a comprehensive range of advice on contracts, fees, social security and legal issues.60 In Denmark, the clerical union HK has set up a similar recruitment service for freelancers - especially those working in publishing and online, including graphic artists, designers and translators. This ‘digital union’ platform enables workers to advertise their services and provides legal, insurance and other services. Other Danish trade unions recruit self-employed workers - especially in IT, media and the cultural industries - and they negotiate collective agreements with major arts, entertainment and business organisations. Unión de Profesionales y Trabajadores Autónomos (UPTA) is a Spanish trade union with over 100,000 autonomous worker members.61 In Italy, self-employed workers account for one in four jobs and the main trade union federations have developed a range of policies and services to support and advocate for atypical workers.62 A number of union services for the self-employed operate in different trade sectors to develop and renegotiate collective bargaining agreements with employer bodies. UNI Global Union has worked for a number of years on issues around organising selfemployed workers, staging several seminars and meetings at which European unions working with the self-employed have come together and exchanged experience.

3.2 British Trade Union services for self-employed workers In the UK, the Trade Union Congress (TUC) has not supported a strategy like that of the FNV to sponsor the establishment of general unions for the self-employed. In the absence of a specific TUC strategy, individual trade unions have taken the initiative to develop services for the self-employed in specific sectors. Self-employment has always been prevalent in certain industries. The film industry and acting profession are an example. Companies are often formed to produce a film and disband when the project is complete. For that reason a number of trade unions have long been active in recruiting and supporting self-employed workers in the media and entertainment sector.

59 Andrew Bibby Open the Doors Wide to the Self-employed, Uni Global Union, October 2005 http:// www.andrewbibby.com/pdf/selfemployed%20report.pdf 60 http://www.mediafon.lt/en/zones/about/pages/about 61 http://www.efip.org/whos-involved/ 62 http://www.cesifo-group.de/ifoHome/facts/DICE/Labour-Market-and-Migration/Labour-Market/Unions-Wage-Bargaining-Labour-Relations/repr-self-emp/fileBinary/repr-self-emp.pdf

Not Alone

The Federation of Entertainment Unions (FEU) covers a broad range of separate trade unions, including the National Union of Journalists, BECTU, Equity, the Writers Guild and the Musicians’ Union. Each has large numbers of self-employed freelancers and in most cases the proportion of members of those unions who are self-employed has been steadily increasing. FEU members share common concerns and have co-developed their thinking and strategies to better meet the needs of freelancers. Federation members have formed FEU Training which provides a range of courses for their entitled members, for example: • Run a successful social media campaign • How to drive traffic to your website • Negotiation for freelancers • Improving focus through ‘mindfulness’ • Get fit for freelancing • How to shoot and edit video with an iPhone or iPad • Finance for freelancers • Overcoming freelance challenges Broadcasting Entertainment Cinematograph and Technicians Union (BECTU) was formed in 1992 out of a merger of three trade unions in the film, TV and theatre sector and covers scriptwriters, producers, directors and technicians in film, cinemas and in the performing arts. BECTU has 25,000 members, about half of whom work freelance. This proportion has increased from about one-third of freelance members a decade ago. Freelance workers in BECTU are especially numerous in the film production sector in London and across the UK. Many members are covered by collective bargaining agreements. These agreements are with the BBC, the Society of London Theatre and UK Theatre. BECTU negotiates rate cards for its freelance members with different parts of the industry, ranging from low budget productions to feature films. This sets a minimum rate level for different craft grades and jobs including camera crews, costume and make-up. Trade union organisers in the film divisions of BECTU are activist freelancers who are recruited and trained. Public liability insurance is available to BECTU members for an annual premium, providing cover for claims of up to £10 million. This has proved to be highly attractive in recruiting new members. BECTU also offers a wide range of other insurance services tailored to the needs of freelancers including personal accident, equipment, professional indemnity, buildings and contents and other areas. In addition, BECTU offers members a wide range of professional and skills development courses in relation to specific media work areas, trade union organising and representation, health and safety, finance for freelancers and networking and promotional skills. Popular courses include: • Mind your own business - going freelance • Getting organised getting on • Freelance activists day • Meeting up and linking in With the growth of freelance members, BECTU has developed a highly personalised service to meet a wide range of individual member needs. The standard rate for new members is £10 a month in year one, with some discounted special offers of £7.50 a month for those recruited at trade shows. Membership rates after the first year are one per cent of salary or earnings.

Not Alone

The Musicians’ Union has 30,000 members, only 10 per cent of whom are fully employed. Many are employed part-time, others are freelance and some do a mixture of part-time and freelance work. The union provides a full range of insurance services including fee recovery for gigs if members are not paid. Members also have access to specialist legal advice from two in-house lawyers on contract, copyright and other matters. A range of free training courses is offered to members as well as workshops and networking events. The union additionally provides specialist career and business advice. Membership is £201 a year for full members and £20 for students. Equity was set up in 1930 by leading actors in London’s West End, who were concerned about the poor treatment and working conditions of many of their fellow professionals. Today it has over 41,000 members and has grown steadily over the past 10 years. The vast majority of members are self-employed for tax and national insurance purposes and a small proportion is in PAYE employment. Most members are covered by collective bargaining agreements with the BBC, the Society of London Theatre, UK Theatre and other employer bodies. These agreements specify standard pay and conditions under standard contracts intended to last for at least four to five years.

“In this profession we are all vulnerable, it is so insecure and I think to have a union behind you is one thing you can rely on - your one piece of security - to help you out, to make sure your contracts are legal, to make sure you get paid.” Alison Steadman, Equity member

The Equity system of negotiation emerged from a traditional guild model. The contracts cover a huge diversity of skills all of which have performance work as a common denominator. A core aspect of Equity’s strategy is that they defend the right to ‘worker status’ for their members based on the provision of personal services in accordance with the Employment Rights Act 1996, section 230(3) (b) and the non-substitutable nature of their employment. This enables organisers to seek to enhance collective bargaining agreements to secure better pay and conditions and also to ensure that holiday pay and the National Minimum Wage are payable under standard contracts.

The film and TV industry and live performances are traditional areas where Equity is strong, but Equity has also succeeded through a major two-year campaign to recruit new members in fringe theatre, where ‘low pay and no pay’ conditions are notorious. Many members have uncertain working conditions, in which a productive year may be followed by a lean year. Income levels vary and this is a common theme for FEU members. Equity members also have ready access to a comprehensive welfare rights, national insurance, pension and tax advice service. The union provides a range of insurance cover from public liability to personal injury. Legal advice and representation is available and expert advice is provided on contracts. Equity has developed a specialist pension scheme for members with employer contributions. Like other FEU members, Equity runs an information service and a broad range of workshops and training courses. Membership rates are tiered. Those with earnings below £20,000 a year pay £125 a year, and this rises in stages to £2,500 for those at the top end of the spectrum.

Not Alone

Like Equity, BECTU has negotiated a collective agreement with the Society of London Theatres (SOLT) and UK Theatre. Both unions show that it is possible to operate and organise where self-employment is more common. What is interesting about both BECTU and Equity is that they maintain ‘worker’ status for employment law purposes while defending members’ rights to be classed as self-employed for tax and national insurance purposes. The same strategy is also a goal for the National Union of Journalists (NUJ). The NUJ has also published a freelancers’ charter to outline the issues they are trying to address. In their 2007 report, which looked at the rise of new media, they identified the need for freelancers to be covered for training in new media.63

“...it is clear that freelancers, particularly amongst those who shift regularly on newspapers, could fall by the wayside without the provision of training by employers.’ Shaping the Future, NUJ report, 2007

The NUJ report also expressed concerns about insurance and protection for freelancers. This work led to the creation of the ‘Charter of Freelance Rights’ with the IFJ/EPJ (European Federation of Journalists), which is being adopted worldwide by different unions. The NUJ has done considerable work around mental health issues for selfemployed members. This includes regular work in the area of Freelance Well-being. This work highlights the importance of health and safety issues for freelancers and the role of collective organising in addressing these needs.

Many of the self-employed precariat have less health and safety protection than salaried staff, particularly those in trade union organised companies. This is a particular problem in the construction industry, but is also significant in regards to lone working. The best practice laid down by the Suzy Lamplugh Trust64 recommends a named person back in the office that lone workers report to before appointments and when they finish. This can only work effectively if self-employed individuals have a colleague to speak to, and a co-operative can provide this. As with BECTU and Equity, the NUJ aims to negotiate ‘worker’ rights for their members. Just as the acting profession is ubiquitously self-employed, journalists have little option but to freelance, as staff positions are seldom available. As the onslaught of digital technology eliminates standard work, the Charter of Freelance Rights65 could become a key tool for the animation and education of self-employed workers in other sectors as well. The charter is found in appendix two. As in the case of BECTU, the NUJ and Musicians’ Union, a personalised approach to the provision of services is central to Equity’s success. Equally important is involvement of members as trade union activists in a range of workplaces. Equity provides specialist training for activist members and this has been crucial to maintaining and increasing union membership. Highly specialist organisers are used to develop new membership, through campaigns such as the one for better pay and conditions in Fringe Theatre. 63 64 65

https://www.theguardian.com/info/guardian-news-media-freelance-charter http://www.suzylamplugh.org/personal-safety-tips/free-personal-safety-tips/?t=&c=55 http://www.ifj.org/issues/freelances-rights/

Not Alone

3.3 Key findings •

•

• •

•

“Equity is my confidence, my At an international level, the ILO and support, my protection. Being the International TUC emphasise the an active member constantly importance of recruiting and supporting reminds me that this is my industry informal economy workers, including just as much as it is that of the self-employed workers. In many countries, casting director, the agent and trade unions have also succeeded in the producer. I respect my skills developing decent labour standards, and feel so much more confident access to sickness benefits, pensions and now that this self-respect radiates collective bargaining agreements for the and I’m literally getting more jobs. self-employed. This is their strongest and most vital role Seriously, try it for yourself.” There are differences of opinion between Ellie Paskell, the trade union movement in the UK and Equity member those in other European countries as to how to provide for the needs of atypical workers. The complexity of types of self-employment also makes it difficult to identify self-employed worker groups, as opposed to other small business-oriented groups, and to develop effective organising strategies In the UK entertainment and media sector there are excellent trade union practices demonstrating how to provide a wide range of services to the self-employed In other European countries there are similar developments. In the Netherlands a general union approach has made some headway in recruiting self-employed workers more directly. In Spain this approach is also practiced and has been successful through UPTA in recruiting over 100,000 self-employed workers In the Netherlands the FNV reports that trade unions focusing on the recruitment of self-employed workers are growing faster than traditional trade unions which have not been proactive in this area Trade unions score strongly in the provision of collective advocacy and representational skills, health and safety campaigning as well as the wide provision of low-cost insurance including public liability, equipment, professional indemnity and general insurance. Trade unions organising the self-employed have also developed specialist education and training programmes A key message is that the role of trade unions is not only to organise the selfemployed workforce in order to service and represent them, but to empower them so that the self-employed workers can then co-operate together in the market both in the collaborative provision of services and labour and in sharing costs. To do this fully may require other democratic forms of mutual aid

Not Alone

Co-operative and mutual solutions

One way in which self-employed and contract workers can become more secure is through the support and technical assistance of others. This can be obtained from a commercial organisation such as an employment agency offering ‘interim’ staff in the form of self-employed workers, or from a social enterprise or mutual organisation providing services to them. A group of co-operative service providers formed to support co-operative, mutual businesses and the self-employed is known as a co-operative consortium.

4.1 Survey report - support for the self-employed Through Co-operatives UK membership information and other data gathering, the inquiry identified 223 social enterprise and mutual bodies in the UK offering support to self-employed workers, either as their main activity or as part of what they do. A survey was conducted to identify the services they offer and to establish their views on what the needs of the self-employed are. The main findings are below. What are the levels of membership? • Membership ranged from three to 45 members • Average membership: 15 • 46% had only self-employed as members • 27% had only co-ops as members • 6% had only not-for-profits as members • 21% had a mix of self-employed, co-ops, not-for-profits, family businesses, partnerships and small companies What size business were their members? • 87% were Micro Businesses (one to nine staff ) • 13% were SMEs (10 to 49 staff ) What services did these consortia provide? • 62% - Maintaining professional standards and prices • 54% - Advice and guidance • 54% - Representation • 38% - Joint marketing and sales Did they restrict their services to members only? • 57% restricted their services to members only • 29% allowed non-members access to some services • 14% allowed non-members access to all services What did they consider to be the needs of the self-employed? • 63% - Maintaining professional standards • 63% - Joint marketing • 55% - Financial services including bookkeeping, invoicing, debt control • 45% - Legal advice on contracts • 36% - Access to finance at reasonable rates • 36% - Setting minimum charge-out rates

Not Alone

Would they help to develop something bigger? • 30% - They would The inquiry researched provision of services for self-employed workers in England, Wales, the UK, the USA and other European countries. The range of services provided by the co operatives and mutuals is impressive and covers the following seven types of organisation or services provider: • Co-operatives for the self-employed • Business and enterprise co-operatives • Mutual aid and mutual insurance • Credit unions and mutual guarantee societies • Co-operative money and local currencies • Co-operative and shared workspace

4.2 Co-operatives for the self-employed The inquiry also looked across the UK and abroad for other types of co-operative or mutual support organisations. These come in many forms and offer a variety of services. Some are aimed at providing all the support needed by the self-employed, from bookkeeping and legal help, through to invoicing and credit control. Some also provide office and/or workshop space. Some specialise in particular trades/activities while others offer support to a broad range of business types. Some are aimed at those starting out and may look for funding from government programmes aimed at getting people into work, while others are providing a permanent service and aim to be self-sustaining. First Call Supply Teachers Co-op is one such organisation. It was set up in 2012 but was not incorporated as a co-op until 2014. It aims to provide a permanent alternative for supply teachers who are otherwise dependent on commercial agencies. It has 19 members, including seven teachers, three music teachers, eight cleaners and a gardener. All members are technically on zero-hour contracts, although they all have regular employment and are paid through PAYE as permanent employees. The co-op takes a commission of approximately 10 per cent to cover central costs. They have diversified to work with cleaners and gardeners as they have had difficulty in obtaining status as a teachers’ agency from local authorities. Competition is from large, commercially run agencies such as New Directions66 that have a near monopoly and are able to offer incentives to organisations hiring teachers, be they local authorities, academy schools or trust schools. The co-op is very clear about the needs of self-employed and precariat (SEP), even though they are unable to meet them all: • Legal representation (for agency as well as staff ) • Equipment • Cash flow – staff are paid monthly as much as possible even when the school is slow to pay • Offer of suitable hours • Insurance, PAYE, back office administration 66

http://www.new-directions.co.uk/education/

Not Alone

• • •

Invoicing and cash control Marketing DBS checks for teachers and other relevant positions

They report that the local branch of the National Union of Teachers was encouraging at first and even recommended co-op status, but they feel they are now seen as specialising in teachers who are difficult to place because of past disputes or difficulties with employers and are not a mainstream agency. Oren Actors Management Co-op is another such organisation. It is the longest running actors’ agency in Wales, having incorporated as a Co-op Society in 1984. They aim to provide a permanent agency service to their members. Like other actors’ co-ops, it is based on the simple idea that actors are ‘resting’ most of the time, and that the commission of 10 per cent or more they otherwise pay to agents could provide income for themselves while they are between jobs. The agency is run by the actors themselves who organise publicity, deal with contracts and market members. Co-operative agencies operate in much the same way as conventional agents. They: • Submit actors for jobs • Negotiate contracts and fees • Take commission • Advise their clients on their careers • See their clients and prospective clients in shows • Invite casting directors to see clients in shows Like most other agents, Oren also works with Spotlight,67 a commercial organisation which works with both commercial agents and actors co-ops to promote actors generally. Oren represents a wide range of professionally trained actors with extensive experience in the industry. They provide actors for television, film, radio, theatre and commercials throughout the UK and abroad. Members have worked for the BBC, ITV and S4C, playing roles in Da Vinci’s Demons, Doctor Who, Torchwood, Emmerdale and many more. They also supply actors to a number of leading theatre companies in the UK, including the National Theatre Wales, Leicester Haymarket, Punchdrunk, Clwyd Theatre Cymru, Sherman Cymru and Theatr Genedlaethol Cymru.

Taxi and driving instructor co-operatives Taxi-drivers are almost all self-employed. Many drive their own cabs but many others rent cabs by the day from private entrepreneurs who also control the radio networks and routing systems. Many taxi co-ops have come and gone over the years, often because of lack of support from the local authorities who issue the licences, combined with the unfavourable terms imposed by the radio network operators. The network operators usually charge a percentage of fares taken and may also impose additional requirements such as an obligation to rent or buy the cabs from specified sources or even to purchase fuel from selected garages. Taxi co-ops have been around for a long time in Birmingham, Southend-on-Sea, Bridgnorth and in Dunbartonshire in Scotland. However, while some have slipped away through demutualisation, new taxi co-ops continue to replace them.

http://www.spotlight.com/agents/information.html

Not Alone

Demutualisation remains a problem with all forms of co-operative societies in the UK and it is possible for this to happen if a 75 per cent majority of members vote for it. In the past this has been engineered by ‘carpetbaggers’ offering cash pay-outs to members and some co-operatives, including farmer and taxi-driver co-ops and building societies have succumbed to this temptation. Co-operatives UK continues to lobby the FCA on this matter. Better protection is provided by legislation revisions for community benefit societies, credit unions and building societies, but so far the Financial Conduct Authority (FCA) has not been willing to move on this matter for bona fide co-operatives. Phoenix Taxis Ltd in Liverpool is a taxi-drivers co-operative, which was formed in March 2013 to regenerate a floundering hackney cab trade. Their aim was to recoup some, if not all, of the work they once had from private hire companies and specifically those not licensed in Liverpool. In January 2013 a group of taxi drivers carried out a market testing exercise at a local college in which they offered students a set price reduction on travel to and from the city centre. This exercise was an overwhelming success, resulting in a massive 70 per cent increase in people using hackney cabs. Phoenix Taxis use a fleet of five-seater vehicles offering wheelchair accessibility, and the service is also pram, bicycle and pet friendly. It has a radio network that automatically diverts customers’ calls to the nearest available driver, so the customer speaks directly to their driver from the start. Typically, driving instructors are self-employed and join a driving school franchise but there are some who want more control over their work and have formed co-operatives with their colleagues. Evo Driver Training in the Isle of Wight is a co-operative of self-employed driving instructors. Driveway School Motoring is a co-op and has been operating since 1989 and is one of the leading driving schools in East Anglia. Fahrwerk has developed as a co-operative for bike couriers in Berlin. This is a model that could have wider applicability.68 The same applies to Vive Berlin, a co-operative for city tour guides. The tour guide members work autonomously but use a common digital platform to share information, facts about the city and to develop common projects.

Wales Enterprise Rehearsal Project Support organisations for those entering self-employment come in many forms and offer a variety of services. Some are aimed at providing all the support needed by the self-employed, from bookkeeping and legal help, through to invoicing and credit control. Some also provide office and/or workshop space. Some specialise in particular trades/activities, some offer support to a broad range of business types. These organisations generally look for funding from government programmes aimed at getting people into work, as the level of service they provide is not sustainable from the self-generated funds of start-up businesses. There have been similar approaches in Wales to the growing co-operative support system work now widespread in France. One such organisation in Wales was the Enterprise Rehearsal Project (ERP) 1997–2007. This was started by the Cardiff & Vale Cooperative Development Association in 1997 with funding from the South Glamorgan Training and Enterprise Council. The ERP was different to the Enterprise Allowance Scheme (EAS) which operated UK-wide from 1982 to 1988. EAS was an initiative set up 68

http://www.fahrwerk-berlin.de/wp/

Not Alone

by the government, which gave a guaranteed income of £40 per week to unemployed people who set up their own business. The EAS went on to fund 325,000 people over that period. However, anyone entering it was taken off the unemployed register and so, if their business was unsuccessful, they had to renew their claim and wait six weeks without payment before receiving the equivalent then of Job Seekers Allowance (JSA). The Enterprise Rehearsal Project (ERP) used a double signature Escrow69 bank account into which any trading income had to be paid and any business costs could be paid out of, therefore allowing the client to continue claiming the equivalent then of JSA for six months while starting trading. It also provided a mentor/business adviser to help the client get their business up and running. If unable to trade successfully the client could leave the scheme at any point and be paid benefits, so personal financial risk was very low. The ERP project aimed to cross-match clients and support them to form small worker co-ops because it was evident that many unemployed people lacked the skills to run an enterprise on their own. On the other hand, if clustered in balanced groups, skills could be pooled. However, despite this sensible aim the ERP client volume, although exceeding targets, was insufficient to provide cross-matches and no co-op enterprises were created. The ERP transferred to Wales Co-operative Centre in 1999. It was then expanded to cover Abergavenny, Monmouth and Brecon. In 2000 the Welsh Government funded it to cover the whole of Wales as part of the Taste of Enterprise scheme and it exceeded its targets every year. The Welsh Development Agency’s Cyfenter project produced a research report on this and other projects. As the result of this appraisal key elements were incorporated into their Potentia project (2001 to 2006), which offered pre-start up support for disabled people, ethnic minorities, young people, Welsh speakers, lone parents and people aged over 50.

Business and employment co-operatives In France, Cooperatives d’Activités et d’Emploi (CAEs) have been developed across the country. These are business and employment co-operatives (BECs) with connections to legal and policy initiatives specifically designed to help them. The first CAE was founded in 1995 in Lyon.70 Coopaname,71 founded in 2004, is the largest business and employment co-operative (BEC) in France. It is a worker co-op, a SCOP (Société Coopérative et Participative), which has more than 750 members including craftspeople, freelancers and service providers. It is a co-op for those working alone or in co-operative groups and delivers assistance to members at various stages of their development. Coopaname provides for a range of economic and service needs and it offers all members the opportunity to integrate co-operatively. It pays members of the co-op salaries and social protection benefits and provides a collective framework in which all members aim to live decently under the mantra “what you love and can do at the pace that suits you”. 69 An Escrow Account is a double signature bank account used to ensure both parties are agreed before any payments are made. They are traditionally used in complex legal agreements, but in this context they are used to allow claimants to set up a business and trade, but at the same time they cannot get access to their profits until they stop claiming 70 http://www.eurofound.europa.eu/observatories/eurwork/case-studies/attractive-workplace-for-all/coopaname-france-business-creation-and-entrepreneurship 71 http://www.coopaname.coop

Not Alone

The co-operators of Coopaname seek to develop an environment in which the relationship with work is based on a social bond and is not one of subordination. Originally there was no specifically designed legal form for business and employment co-operatives but, following the appointment of a Minister for the Social Solidarity Economy in 2000 (Economie Sociale et Solidaire - ESS), a new multi-stakeholder legal form for the ‘solidarity economy’ was created in 2002, the Société Coopérative d’Interêt Collectif (SCIC).72 Subsequently, further legislation for the SCIC has been passed permitting the retention of capital without taxation. The SCIC was inspired by the successful Solidarity Economy legal form in Italy and Quebec that in Europe is also known as a social co-operative.73 The CAEs set up before the new law in 2002 were set up as worker co-ops, SCOPs. To be established as a SCIC, a CAE must be multi-stakeholder (of which there must be at least three stakeholders – those members drawing a salary, those members receiving a benefit in the form of training or support and external stakeholders including local authorities and companies) and the co-operative must have social objects. The status of CAE members as employees and entrepreneurs was confirmed in social economy legislation that came into force in early 2016. There are now 72 CAEs across France employing mutually more than 5,000 entrepreneurs. They are brought together in the organisation Cooperer pour Entreprendre.74 The majority of the CAEs are SCOPs, but many of the newer ones are SCICs.75 The CAEs are not financially viable without some external support. The financial model for the CAEs is that: • They receive 10% of the gross revenue earned by those working under their umbrella • In addition they receive funds from European Social Fund, the Conseil General of the Region and from other local authorities. These funds recognise the principle that those taking on self-employment need this period of support and incubation and the public policy thinking supports the CAE model as an effective routeThe partners supporting these organisations provide support in cash and in kind • The partners supporting these organisations provide support in cash and in kind CAEs do not have access to dedicated small business loan funds. Most borrowing by members is through Crédit Coopérative.76 CAEs face the practical problem of co-security as both CAE and the individual’s enterprise are the borrowers. There are elements of 72 SCICs are essentially the French equivalent of the UK Community Benefit Society. SCICs must take one of the standard French legal forms (SA, SAS, SARL) but with rules which are amended to reflect the control of voting and capital 73 Pat Conaty (2014) Social Co-operatives - A Democratic co-production agenda for Care Services in the UK, Co-operatives UK 74 http://www.cooperer.coop/les-cae-en-bref/ 75 http://www.les-scop.coop/sites/en/ ‘A Scop (société cooperative et participative) is a co-operative enterprise in which employees hold the majority of the company’s share capital. Employees elect the management team, actively participate in decision-making, manage the company, and share its profits, in accordance with the democratic economic principles of co-operatives. Under French commercial law, a Scop may be incorporated as an SA (société anonyme) public limited company or an SARL (société à responsabilité limitée) limited liability company 76 There are several co-operative banks in France including Credit Agricole, Credit Mutuel and Banque Populaire. These three have 45% of the banking market. Credit Cooperative http://www.credit-cooperatif.coop is smaller, and specialises in finance for co-operatives

Not Alone

both collective and individual responsibility, which make lending security complex. Cooperer pour Entreprendre are seeking a solution to this problem. The CAE co-operative methodology involves four stages: 1. Potential members are interviewed and their aspirations and ideas are discussed and developed. A period of training follows to fill gaps as new members may already have a qualification or a trade but may know nothing of marketing or business development; or they may have no existing qualification or experience and need to develop both. 2. Members as this stage launch their business which the CAE helps them promote via the website. The initial earnings may be zero, in which case nothing is payable and no salary is received. When the number of hours of employed work exceeds 25, members become salaried employees and receive a salary based on what their business is earning. 3. After two years members must decide whether to leave the umbrella of the CAE and strike out on their own, or to become an associate (associé). As an ongoing associate they continue to receive a salary and remain in effect an employee of the CAE. 4. The CAE supplies: • Accounting support • Chasing up bad debts and late payments (the associate’s salary is still paid even if the payment of their invoices has been delayed) • Assistance in completing and submitting tax and social contribution declarations • The necessary ‘agrément’ – proof of qualification or experience in the relevant area of work - which CAE holds and is collectively insured for • Liability insurance (for which they pay a further €50 per annum on top of the 10%) • In the case of the building trades, entrepreneurs also access a Groupama insurance policy which provides their work with the 10-year guarantee required by French law • Access to the CAE’s network, so that members are aware of opportunities as they arise, and so that they can work with other associates, or other known social economy organisations, when tendering for larger schemes or for jobs which include competences they do not have It is possible to be employed up to half time in another job but still be incubated by the CAE or become an associate. CAEs in different localities often specialise in particular trade sectors. Examples of CAEs in France include La Maison de l’Initiative (MdI), a generalist CAE in Toulouse, Coopénates, which specialises in home care services, Artenréel, which works with artistic and cultural workers and Antigone, which works with a variety of self-employed workers. More details on how CAEs operate are set out in appendix one. The success and expansion of the CAE network in France has inspired similar business and enterprise co-operatives in Belgium and SMart is an outstanding example. SMart is a mutual (a SCIC: a multi-stakeholder co-operative for the common good) for creative industry workers in commercial art and design.

Not Alone

Developed in Belgium, which has 10 offices supporting 60,000 members, it has now expanded across Europe with offices in Austria, France, Germany, Hungary, Italy, the Netherlands, Spain and Sweden. SMart operates as a modern-day guild for its members. It enables members to avoid the burden of setting up as a company by invoicing and collecting debts for them. Members pay €25 a year plus 6.5 per cent for each invoice processed.77 The rates range from seven to nine per cent in other European countries. The wide range of support services offered by SMart makes the mutual attractive to its members and these include: Management • Contract management: a simple tool for managing and reporting • Activities management: a virtual mini structure to manage and develop member projects • Information sessions: organised near members, offering information about their status and the mutual’s management tools • Toolbox: key forms and information sheets for member needs • Individual advice: 60 advisors to assist members • Training services: a varied offer to sharpen member skills. • Events and meetings: for socialising, information and networking. • Study and documentation: analysis and resource materials around diverse work areas • Continuing education • Legal department: a team of lawyers for members Funding • Finance: leasing, small loans or advances on subsidies to business • Scholarships issued annually to creative industry projects • Crowd funding and personalised support Resources • Workspaces: shared and scalable to suit member needs • Agora: a community site to showcase work and publish ads • Transport: Vehicles for rent to members and to move equipment In 2014, SMart and four SCOPs (Coopaname, Oxalis, Grands Ensemble and Vecteur Activités) came together to form Bigre! which has 7,000 members drawn from 25 organisations and networks throughout France. United by Bigre! as a co-operative network of networks, they are all working together strategically to develop a cohesive and mutual aid approach for self-employed workers. Tax advice, debt advice and financial solutions for the self-employed in the UK are covered in appendix three. These are not provided by co-operatives or mutuals in the UK but some services are provided by CAEs and BECs in other EU countries.

4.3 Co-operative and Shared Workspace Many self-employed workers, especially those that are desk-based, become isolated and this seriously undermines their confidence. Consequently, there is a demand for co-working spaces where they can share social interaction, as well as networking to gain business from other occupants. 77

http://www.theguardian.com/money/2015/jan/14/freelance-payment-sickness-leave

Not Alone

The Makers Guild in Wales78 was established as a co-operative in 1984 to operate a small shop front gallery where artists were able to display and sell their works. It originally started on a non-competitive basis in the sense that each artist invited to join produced something distinctly different as an artwork from all the other members, so that together they would all complement each other. When the old docks area of Cardiff started to be redeveloped around the year 2000, they negotiated to take over an old Victorian cast-iron framed railway which was rebuilt and extensively altered to suit their needs. In order to receive that level of public support they converted to a charity, but have kept as much of their co-operative ways of working going as charity law allows. They have 83 active members who share the duties of staffing the gallery. They sublet a cafe area on a franchise basis. Oriel Canfas is another artists co-op and was formed in Cardiff in 1998 with the support of the Arts Council of Wales Lottery Fund. It runs a workshop and gallery space in an old sail-makers factory. The building has 10 studios, a workshop/education area and an art gallery and hosts 10 exhibitions a year with shows from a diverse range of contemporary visual artists from Wales and beyond. All exhibitors are nominated by the membership. Exhibitions include painting, printmaking, sculpture, photography, photo-visual works, light installations and more. Petit Champlain Co-operative is an innovative â&#x20AC;&#x2DC;cultural land trustâ&#x20AC;&#x2122; that owns and manages 27 properties and has become the largest provider of art spaces, studios and shops in Quebec.79 Somewhat similar to a community land trust for affordable housing, a cultural land trust is a multi-stakeholder organisation that brings together the key stakeholders needed to secure affordability, effective local management and site stewardship. Quebec partner members include the local authority, community members, artists and art organisations and donors. Core is a live and work housing co-op in Vancouver that has been co-developed by artists, the Co-operative Housing Federation of British Colombia and the City of Vancouver. Work units include studios and shared wood and metal shops. In the UK there are a few mutually owned workspaces such as Portland Works in Sheffield, which is a co-operatively owned shared workspace. Portland Works, built in 1877, is an affordable workspace for small manufacturing businesses as well as independent artists and craftsmen. In 2009 it still housed craftspeople despite its decrepit state but was threatened with conversion into flats. A four-year campaign saved the Works and succeeded in buying the building to secure its future. Since early 2013 an IPS, Portland Works Little Sheffield Ltd, which has over 500 shareholders, has owned Portland Works and is now renovating the fabric mainly through voluntary efforts. In England and Wales there are a number of shared workspaces either mutually owned or not-for-profit and aimed at the voluntary and social enterprise sector. While not providing services to the self-employed, they do demonstrate that a not-for-profit model of serviced accommodation is possible and can be self-sustainable. Co-working London80 is a free to use directory of the 50-plus shared workspaces in London. The Co-working London website is a collective enterprise but these are private sector spaces aimed at the 78 www.makersguildinwales.org.uk 79 The Co-operative Advantage - Innovation, co-operation and why sharing business ownership is good for Britain, chapter eight on Creative Industries, Co-operatives UK and New Internationalist Publications 80 http://www.coworkinglondon.com/

Not Alone

self-employed and micro-enterprises. This shows the scale of the need and the private sector’s ability to move quickly to exploit the demand. Indycube is a Community Interest Company that operates shared accommodation spaces at 15 locations across Wales, with two more in the pipeline. Indycube has taken out a lease on empty office space and sublets hot-desks on a daily basis. A coordinator is based at each location, usually a tenant who provides services in exchange for free rent. Each venue has both free Wi-Fi and coffee as part of the daily rental. The rents are currently from £10 per desk per day up to £150 per month for a full time occupant. Indycube is currently in the process of changing its legal form to a community benefit society. Beyond the co-operative sector there is considerable innovation going on that integrates workspace with other services. Research has been done by the RSA on Makerspaces, which provide highly attractive forms of shared workshop space.81 Some co-operative workspace providers in Wales have converted to charitable status, so, while the charitable community benefit society can co-exist with co-operative principles, there would appear to be the need to explore the potential for an appropriate legal or regulatory framework in the UK to allow co-operatives to secure the tax advantages evident in France with the CAE model.

4.4 Mutual aid and mutual insurance The main forms of specialised financial services for the self-employed are sickness funds, tax advice, credit unions and Mutual Guarantee Funds which help the self-employed obtain credit. Bread funds82 are a new type of organisation, pioneered in the Netherlands specifically to provide sick pay to the self-employed. They assist those who do not receive state sickness pay and having no employer, do not receive any employer sick-pay either. Historically, friendly societies and mutual health schemes have supplied support for their members in ill health for decades. However, their service is tailored to the general population and does not include any element of sick-pay. The first bread fund (Broodfonds) was launched in the Netherlands in 2006 as an experiment with 20 members and since then the idea has caught on. As of 1 January 2016 there are 170 funds in 88 towns and cities, with more than 7,000 members in total. Each fund is separately incorporated but shares one central administration provider, the Broodsfondsmakers, which is a co operative.83 There are now moves to bring this model to the UK. In June 2014 the Esmée Fairbairn Foundation provided a £30,000 grant to Radical Routes , a network of co-operatives, to enable it to commission market research and look at the feasibility of replicating the funds here. They provided a further £15,000 to Radical Routes in October 2015, matched by £6,076 from the Network for Social Change, to fund two pilot Bread Fund groups in the UK. 81 82 83

https://www.thersa.org/discover/publications-and-articles/reports/ours-to-master/ www.broodfonds.nl http://www.theguardian.com/money/2015/jan/14/freelance-payment-sickness-leave

Not Alone

How they work: • Bread funds are based on mutual aid and trust. Each bread fund has between 20 and 50 self-employed members who put money aside each month into their individual bread fund account. This money remains theirs and is used to support them and their fellow members if they fall sick. When membership exceeds 50 a new group must form. The small number of fund members ensures each mutual aid group remains a close community. This is also a disincentive for any member to attempt to cheat • Some funds are for specific trades only but most have a mixed membership, which can include company directors as well as the self-employed. Members take the decisions, mutually own and control their own bread fund and also control policy making • New members can only be invited to join by the existing members and must have been working independently for at least a year with an income of €750 per month. This also ensures that members know and trust each other • On joining they must pay €250, of which €40 is for the fund’s group account and €210 is for start-up costs. From their regular contribution €10 per month is taken for overheads. Once someone is unable to work for more than 30 days they can be supported by their bread fund for up to two years • Because there is no central fund money is held in individual accounts and payments are only made from these to fellow members when they fall sick. This is not regarded as an insurance scheme and does not come under the strict regulatory regime that EU laws place on insurance companies • In any fund there are members with different income levels who need different levels of sick pay. Members choose the level of sick pay they require and put aside the amount corresponding to that income each month • Those who choose a higher level of payment have to pay in higher amounts than those opting for lower payment levels. Therefore the payments in and out are tailored to the individual member’s requirements and income level. Monthly contributions range from €33.75 for workers requiring a sickness insurance of €750 a month, to €112.50 for maximum insurance cover of €2,500 a month • Every member who is certified sick receives a monthly payment from the other members of their fund and from their personal accounts. These pay-outs are ‘gifts’ and this reinforces the concept of mutual aid and trust • Members only pay in contributions up to a maximum amount. If a member’s account con-tains the equivalent of more than 36 monthly contributions the excess is refunded to the member at the end of the year. Members meet together at least twice a year to help build the sense of community and members can leave and withdraw their fund balance after a six-month wait For a scheme such as this to operate in the UK some changes will be needed, the main one being that individual accounts are not allowed by law. In the Netherlands only the money paid to people who are ill or injured is regarded as a gift. The money arrives in the recipient’s bank account in the form of a series of separate gifts from each member’s bread fund account. In the UK, however, to comply with the law each bread fund will have one central account. Contributions will be paid into the central account as gifts and people who are ill or injured will receive gifts from the central account.

Not Alone

Mutual insurance products are being developed by the Freelancers Union in the USA, while some similar developments are taking place in the Netherlands. Freelancers Union founder Sara Horowitz’s vision of how these could operate more widely and secure contributions from those procuring services84 revolves around a portable benefits system. In the UK there are examples of mutual insurance solutions developed specifically for particular groups of small traders. In most cases they have diversified their membership over time.

“..we should develop a new system of portable benefits that reflects the realities of episodic income. Specifically, freelancers should be allowed to put away pre-tax income into shared accounts, where clients would also make pro-rata contributions based on the number of hours worked. This portable benefits system would be a new program, but it would not be another government entitlement. Instead, it would be administered by unions, non-profits, faith-based groups and other community organisations that would collect payments and distribute benefits when freelancers needed them.” Sara Horowitz, Freelancers Union

NFRN Mutual was originally formed by the by the National Federation of Retail Newsagents for its own members in 1999, but now offers commercial and home insurance to a wide range of small businesses. NFU Mutual was originally formed in 1910 by seven local farmers as the Midlands Farmers Mutual Insurance Society Ltd., with a working capital of just £190. It grew over time to serve all members of the National Farmers Union and in recent years it has expanded further, offering an even wider range of insurance to the general public.

4.5 Mutual guarantee societies Mutual Guarantee Societies (MGSs) are co-operative societies of small businesses who come together to guarantee each other’s loans using their other cash assets as collateral. They will normally form a partnership with a local bank or other form of mutual credit organisation to take members’ deposits and provide loans. This process enables those with little security to obtain credit secured by the collective strength of the members combined cash deposits. They operate principally in Europe, where they are represented by the European Association of Guarantee Institutions (AECM)85 based in Brussels. AECM has 41 member organisations operating in 20 EU countries, as well as in Serbia, Bosnia and Herzegovina, Turkey and Russia. ACEM members are diverse and include mutuals, private sector guarantee schemes as well as public institutions, which are either guarantee funds or development banks with a guarantee division. They all have in common the mission of providing loan guarantees for SMEs and sole traders who have an economically sound project but cannot provide sufficient bankable collateral. In 2013, AECM member organisations had a total guarantee volume in portfolio of over €76 billion and issued a total volume of over €25 billion in new guarantees. In the UK, the National Association of Mutual Guarantee Societies (NAMGS) was formed in July 1994 and set up nine Mutual Guarantee Societies between 1996 and 1999. 84 85

http://www.nytimes.com/2015/09/07/opinion/help-for-the-way-we-work-now.html?_r=2 http://aecm.eu

Not Alone

However, none were able to trade because of restrictions put on them by the Treasury, which took the view that they should be regulated as insurance companies and thereby requiring very high levels of formation capital. After failing to persuade the UK government to change its mind NAMGS was wound up in November 2003, together with all the societies it had supported as members.

4.6 Credit unions for the self-employed Among the first credit unions to be established in the UK, specifically aimed at the self-employed, was the London Taxi Drivers Credit Union. This credit union was started in 1979 to help licensed hackney drivers raise funds to buy a cab. There are now four specialist taxi-driver credit unions, two in London and two in Scotland, that provide credit solely to licensed drivers. The scope for further specialist credit unions to be set up for self-employed workers in the UK is evident. Indeed, the roots of credit unions in Europe began with the provision of savings and loan services for workers and farmers in Germany, Austria, Italy and the Netherlands. These early credit unions evolved to become successful co-operative banks.

4.7 Co-operative money and mutual credit It is possible to develop co-operative trading systems mutually between groups of businesses and local people. Local Exchange Trading Systems (LETs) have been around since the late 1980s as forms of community issued currency, but they have tended to remain small and fringe. Some work in Brixton in London and Bristol to widen their reach and to offer both paper money and electronic money has been more successful in attracting support from local businesses. A key objective that would expedite progress would be triggered if local authorities would accept such currencies for payment of local taxes. There is a long way to go in this area, but the potential is significant. The WIR, which stands for ‘we’ and ‘economic ring’, in Switzerland began as a co-operative credit currency in Zurich in 1934 and has become a successful co-operative bank that provides money and low-cost finance to some 60,000 members. The WIR bank membership includes about 17 per cent of small and medium-sized businesses nationally.86 Individuals have been able to join since 2000. The co-operative electronic currency that WIR creates among its members is used by businesses to inter-trade. It provides businesses with mutual credit for which they pay an administrative levy of one to two per cent. This is low as the business members also pledge property security. A higher rate of up to 3.5 per cent is available for unsecured finance. This mutual credit operation provides CHF with 1.5 billion Swiss francs a year in low cost working capital, trade credit and even mortgages to members at 1.75 per cent. The WIR complementary currency is separate from the Swiss franc, with some intertrading among members conducted partially in WIR (30% to 50%) and the remainder in Swiss francs. The success of WIR and growth of peer-to-peer lending systems like Zopa in the UK has triggered work in many European countries on efforts to replicate mutual credit systems more widely - and to aim at scale. Local currency schemes in the UK like the Bristol Pound, the Brixton Pound and the Lewes Pound are mostly aimed at keeping spending power within the community 86

http://community-currency.info/en/currencies/wir-bank/

Not Alone

encouraging people to buy locally produced products and services. The local economic development potential has remained difficult to achieve. However, the Bristol Pound has been innovative, partnering with Bristol Credit Union and engaging a closer link with Bristol City Council and local businesses. The Bristol Pound has pursued the potential to support small local businesses by tailoring services to their needs, providing access to local sources of credit as well as providing a simple text messaging payment system.87 Other local currencies are seeking to do the same. In France, an ambitious local currency and mutual credit scheme is now underway that may offer guidance for local currency schemes in the UK - if it can continue to make key breakthroughs and widen partnerships. The SoNantes project in the old capital of Brittany is run by the Sonantaise Association, which is set up solely to run a complementary solidarity currency and is supported by the historic Caisse de Crédit Municipal de Nantes. In 1992, legislation passed the entire responsibility for Crédits Municipal to their respective local administrative authority. In 1998 the Municipality of Angers made an investment of 550,000 francs plus an annual grant and the Caisse de Crédit Municipal de Nantes opened its first office in Angers on 2 January 2000. The project grew rapidly in Angers and subsequently throughout the département of Loire et Bretagne. On 1 January 2002 the Caisse de Credit de Nantes gave up its public loan status to concentrate on microcredit, pawnbroker loans and savings accounts. On 11 April 2011 it rebranded itself as a social solidarity bank. In 2012 the SoNantaise Association was formed as a separate body to take over the role of the Municipality’s ‘Comité de Pilotage de la Monnaie’ and to make the project more participative by putting it under member control. All members have to live or work in Nantes Métropole (Greater Nantes) and membership is divided into four groups: • Founding members • Active members • Business customers • Individual customers The SoNantaise Association was incorporated as SoNao in January 2015 as a Société par Actions Simplifiée à Associé Unique (SASU)88 and partners with the Crédit Municipal de Nantes, which carries out the Sonates project back office functions. The SoNantes is an all-digital currency aimed at the economic development of local businesses. Inspired by the WIR co-operative money system in Switzerland, it includes a mutual credit system that allows businesses to provide goods and services to each other without spending Euros, with individual shoppers also able to participate by opening up an account. SoNantes cards can then be used on public transport, in shops and cafes as well as to pay for certain council services. Promoted by the city of Nantes and the inter-communal structure of Nantes Métropole, the digital local currency is being implemented by the Crédit Municipal de Nantes across the entire area of Nantes Métropole.89

87 http://bristolpound.org 88 SASUs are the French equivalent of UK voluntary sector organisations that have incorporated. The nearest equivalent would be a company limited by guarantee 89 As with many cities in France the old Communes still exist, and Nantes Métropole consists of 24 individual Communes, each with their own Mayor, which have come together to run the conurbation

Not Alone

As a system for exchanging of goods and services between businesses (B2B) and individuals (B2C) the use of this deposit money is regulated by a mutual credit system aimed at recording each user’s credits and debits, within limits set on a case-by-case basis. Individuals will be able to make purchases from any company that has joined the scheme (for example traders, shops, craftsmen) through a payment system that does not rely on coins or banknotes but allows all transactions to be paid through swiping a SoNantes card that links directly to an online account. Nantes’ currency operates across the 24 communes of the local conurbation. Its aims are to complement the euro and operate as a tool, helping the promotion of exchanges between local economic stakeholders and thereby contribute to the balanced development of the local area. The SoNantes card was launched to the public in January 2015. A total of 112 local businesses signed up in the first nine months and some offer discounts to those paying with the SoNantes card. These businesses and individual members can also pay direct using a web-based account.

4.8 Key findings Self-employed workers have a number of needs that can be, and in some cases are, being supplied by co-operative and mutual organisations created specifically for this purpose. These service needs include: • • • • • • • •

Advice, support and companionship Back office services including invoicing and financial control Legal and financial advice Shared workspace – serviced and hot-desked Shared equipment Access to finance at sensible cost Collective insurance Marketing

These findings are in line with surveys of the self-employed, the most recent of which being Self Employment Review - an independent report by Julie Deane OBE90 for the Department for Business, Innovation and Skills (BIS). She found that they want trusted advice/support on finance, accounts and tax. Hub workspace is identified as a need, working with other colleagues were key needs and that not being paid, lack of sick pay and holiday pay, plus a lack of regular income and job insecurity were also important issues. It also fits with the findings of Understanding Self-employment - BIS Enterprise Analysis research report91 which identifies that many self-employed people already co-operate informally. Findings from the report include: • While only a quarter of self-employed people said they had employees, working or co operating with other self-employed people was widespread: 60% said they did this in some form

90 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/500358/ind-16-2-selfemployment-review.pdf 91 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/500305/understanding-self-employment.pdf

Not Alone

• • •

46% said they worked on jobs as a team, and 27% referred people on or shared clients Just under half of all self-employed people said they belonged to a network of some sort with these tending to be more informal Around one in 10 were part of a formal business network or chamber of commerce. In contrast 29% used a social media network and 24% were part of an informal business network

The service needs of the self-employed can be, and are, supplied by the private sector, but they take a profit slice which further reduces the income of self-employed workers. Co-operative and mutual organisations providing such services can materially improve the income of the self-employed, as any surpluses can be reinvested or shared amongst the members. The inquiry research has identified forms of co-operative and mutual forms of provision, each of which has somewhat different but complementary purposes and functions. These are: • Co-operatives for the self-employed • Business and enterprise co-operatives (BECs) • Co-operative and shared workspace • Mutual aid and mutual insurance • Mutual guarantee societies • Credit unions • Co-operative money and local currencies The mutual and co-operative provision of services for the self-employed identified by the inquiry can be summarised as follows: Co-operative service providers and BECs The development of back office and support services in a co-operatively owned format is more advanced elsewhere in Europe, especially in France and Belgium. Government support, centrally, regionally and locally, is particularly strong in France for CAEs. These are Business and Enterprise Co-operatives (BECs) to assist self-employed workers. Also in Belgium, SMart has some similarities and has spread its innovative package of support services system to other EU countries. These integrated solutions provided by the co-operative movement are well advanced in other EU countries compared to the UK, where co-operative solutions exist but are not well aligned and public policy support is missing. Co-operative and shared workspace There are examples of workspace co-ops in the UK and abroad, including the Portland Works project in Sheffield. Some co-operative ventures have converted to charitable status in Wales for tax reasons and to secure other funding. The CAE co-operatives in France highlight how an appropriate regulatory and tax framework might overcome this evident development barrier in the UK for co-operative workspaces to benefit the self-employed more widely. Mutual aid and mutual insurance Bread funds, a new type of organisation pioneered in the Netherlands, specifically provide sick pay to the self-employed who do not receive state sickness pay and are

Not Alone

not supported by an employerâ&#x20AC;&#x2122;s contributions. The Freelancers Union in the USA is also moving towards the wider provision of mutual insurance for their members. Mutual guarantee societies and co-operative Âłnance The European model of mutual guarantee societies (MGSs) to secure low-cost working capital and finance for small enterprises is represented by the AECM in Brussels. A similar service would not be permitted in the UK under current law. MGSs operate successfully in 20 EU countries including Austria, Germany, France and Italy. Specific problems arise in the UK financial services field, as government regulation currently limits co-operative banking and mutual guarantee societies. However, other EU countries have found solutions to introduce the MGS system. Credit unions These are still far less developed in the UK than in Ireland, the USA and Canada. In Europe co-operative banks in Germany, Austria and the Netherlands have their origins in the credit union movement. There are a number of successful credit unions for selfemployed taxi drivers in the UK. The potential to develop credit unions for self-employed workers in the UK is clearly evident. Co-operative money and local currencies Local currencies like the Bristol Pound and the Brixton Pound are reaching out to recruit local traders and to develop local authority partnership. History indicates the potential, as proven by the successful WIR co-operative bank that began in Zurich in 1934 to assist local enterprises with mutual credit and co-operative money. The new SoNantes project in France, with local authority support, is a significant development whose progress and development should be followed closely.

Not Alone

Trade union and co-operative solutions

There is some overlap between the services some trade unions for self-employed workers and those a number of co-operatives provide. The overlap areas include legal, tax and financial advice, different forms of insurance and shared services including debt collection. As the findings in section three have shown, trade unions are needed and crucial to secure employment protection, decent labour standards, reforms to the welfare state for the self-employed and collective bargaining rights. As the findings in section four highlight, co-operative and mutual organisations are best placed to provide a complementary set of services to self-employed workers, from start-up support to workspace and from credit unions to other forms of financial support. Indeed, the alignment between trade union service provision and other forms of co-operative mutual aid could be key to developing effective and transformative organising strategies for self-employed workers. So how can both movements be reunited and collaborate effectively?

5.1 Co-operative, mutual and trade union forms of resistance and development Threats to the livelihoods of the self-employed can lead to creative solutions through new forms of solidarity. This can sometimes involve mutual or co-operative responses, but may evolve further into a more integrated system of linked services between complementary worker-governed organisations. The Pharmacists’ Defence Association (PDA) represents pharmacists who are employed, as well as locum pharmacists who are effectively self-employed. An evolutionary change in the industry has meant that, instead of most chemists being independent small businesses as in the past, four big corporations dominate the market and today only one in 10 pharmacists owns their own business. Nine in 10 pharmacists are now either employed or self-employed. The traditional professional body for pharmacists also changed complexion during this transformation and is now dominated by corporate owners. An alternative was needed, which has taken the form of the PDA. Insurance schemes were not sufficient to cover individual pharmacists. In 1998 there was the ‘Peppermint Water case’ when a child died because of an incorrect prescription. The resulting legal proceedings established that individual pharmacists and support staff (pre-registration trainees) will be held liable in the event of an error. Furthermore, pharmacists and pre-registration pharmacists can face manslaughter charges. By 2003, locums were facing pay cuts of up to 30 per cent and further challenges. As a result of these developments – and following provision of a grant from the Pharmacists Insurance Agency – the PDA was set up to protect both locum and employed pharmacists more comprehensively. The PDA now has over 22,000 members and provides them with four key services: • Professional indemnity insurance of up to £5 million designed to meet a range of member needs • Legal defence services (up to £500,000 in legal costs) in relation to civil claims or employer disciplinary action • Influence through developing as members policy, lobbying and advocacy • Expert advice and guidance as well as training and education services with a focus on safety and risk management

Not Alone

The legal defence service model of the PDA draws upon a well-established precedent, namely the Medical Defence Union, which was established in 1888 for doctors and now has over 200,000 members.92 Their 24-hour medico-legal helpline handles over 32,000 calls a year. Their affiliate body is the Dentist Defence Union, which provides similar services. To secure collective bargaining rights with employers on behalf of their members, both employed and self-employed, the PDA Union has been established and is growing. It is a separate legal entity and specialist trade union that complements and supplements the work of the PDA. PDA members have the option to join this union or The Guild of Healthcare Pharmacists, a trade union affiliated to Unite. There is an interesting parallel between the PDA and the Professional Contractors Group - now called IPSE. Both groups were founded with a fund of £100,000. The PDA received a grant from the Pharmacists Insurance Agency and the Professional Contractors Group (PCG) raised the same level of start-up capital through a crowd funding exercise. Both were founded as a result of external conflict triggers. Both groups of workers are professionals and with reasonable incomes (as their careers mature) and both realised that their professional associations were not sufficient to defend them.93 This suggests that, if professional workers with means have concluded that they need to be organised, the same must be true of lower-income self-employed people. Lower paid workers who are more disparate may have a greater need, but less organising ability and do not normally share a common trigger for action. Another example of a crisis leading to a mutual aid response is RICOL in London. To work as a court or public service interpreter has traditionally required accreditation through the National Register of Public Service Interpreters (NRPSI). For many years the court booked the services of interpreters through NRPSI. This changed in 2011 when the Ministry of Justice decided to seek savings by tendering a national contract. The new contract to cover England and Wales was won by Applied Language Solutions, owned by Capita. Work commenced on the contract in early 2012. To secure the work, ALS had promised to cut the interpreting bill by £12 million a year from £60 million.94 To deliver on the contract, the contractor offered court interpreters work at between 25 per cent and 40 per cent of the established rate, taking into account the fact that payments no longer covered travel and waiting time.95 There was a mass refusal to sign up and a protest group was launched, Interpreters for Justice. Many new interpreters hired by ALS were poorly qualified. Severe delays and chaos in the courts were widely reported in the press. With help from Co-operatives UK, RICOL was established in November 2012 as a London-based interpreters and translators co-operative. It is now generating new work and contracts with law firms, commercial companies, human rights organisations and media companies at ethical trading day rates.

92 http://www.themdu.com/~/media/files/mdu/membership/member%20guides/mdu-memberguide-2015-2016.pdf 93 PDA Origins: http://www.the-pda.org/about_us/au_origins1.html 94 http://www.newstatesman.com/blogs/politics/2012/07/cost-savings-court-interpreting-services-are-anything 95 https://www.opendemocracy.net/ourkingdom/joel-sharples/realities-of-outsourcing-court-interpreters-mean-miscarriages-of-justice

Not Alone

5.2 Co-operatives as a pathway out of informality and trade union co-organising The ILO has observed two different international trends. In developing countries, the struggle is for decent labour standards and a movement to overcome the risks of informal labour markets with no social and economic protection. By contrast, in parts of Europe and in other developed economies, the problem is almost the inverse one as social protections, having been secured over decades, are under attack and being undermined. Paul Benjamin has identified three processes of labour market de-regulation that operate to make conditions of work less secure in developed economies:96 Casualisation: Essentially the displacement of standard employment by temporary and part-time employment and typically both. Externalisation: a restructuring of work, whereby employment becomes regulated by a commercial contract rather than a contract of employment. Informalisation: The process by which employment becomes increasingly unregulated and workers are not protected by labour law. In the fight against these processes, there are important lessons to be drawn from progress in developing countries through the deployment of a variety of member-based organisation (MBO) strategies which could be adapted to the UK. In the report Organisation, Representation and Dialogue, the ILO provides evidence of how co-operatives of various types provide a set of solutions and pathways for self-employed workers to move out of informality. Based on this evidence, in 2002 the International Labour Conference adopted recommendation 193 for the promotion of co-operatives.97 Securing new and better co-operative laws has been a key focus of the work of the ILO and the International Cooperative Alliance (ICA) since 2002. Further work involving the ILO, the ICA and the International Confederation of Free Trade Unions (ICFTU) led to the publication of the SyndiCoop joint handbook in 2006, Let’s Organise!, produced by Stirling Smith of the Cooperative College in the UK.98 This is a strategic and highly practical handbook for organisers of informal workers and

“Governments should promote the important role of co-operatives in transforming what are often marginal survival activities (sometimes referred to as the informal economy) into legally protected work, fully integrated into the mainstream of economic life.’ Organisation, Representation and Dialogue report, International Labour Organisation

96 Paul Benjamin (2006) Beyond ‘lean’ social democracy: labour law and the challenge of social protection, Transformation, 60: 32-57 97 http://www.ilo.org/wcmsp5/groups/public/---ed_emp/---emp_policy/documents/publication/ wcms_210459.pdf 98 http://www.ilo.org/wcmsp5/groups/public/---ed_emp/---emp_policy/documents/publication/ wcms_210459.pdf

Not Alone

shows how a range of a trade union and co-operative solutions can be integrated by both movements working together. The handbook focuses on trade union alignment with worker co-operatives, savings and credit co-operatives, marketing co-operatives, ethical and fair trade as well as social and health co-operatives. The ILO’s work on this subject has continued with the publication of reports The informal economy: enabling transition to formalisation,99 in 2007, Transitioning from the informal to the formal economy,100 in 2014 and Recommendation 204 in June 2015.101

5.3 Examples of informality and trade union organising An example given by the ILO of an integrated model of provision and best practice is SEWA (Self-employed Women’s Association) in India.102 This is a multifaceted memberbased co-operative system and trade union sponsored originally by the Textile Labourer’s Association in Ahmedabad, a trade union that Gandhi played a role in setting up in 1920. Established in 1972 as a trade union by lead organiser, Ela Bhatt, SEWA has diversified services provision to meet members’ needs through affiliated co-operative solutions. Today, SEWA has over 1.7 million members and operates in many states in India. One of its most successful projects is the SEWA bank, a co-operative savings and loan institution set up to tackle the usurious interest rates charged to sole traders by money lenders. The mission of SEWA as a trade union is to organise women workers for full employment. It describes this as employment providing work security, food security, income security and social security (including at least health care, child care and shelter) for its members.103 Through its members, SEWA has organised more than 100 co-operatives to meet a range of member needs in different trades. These include artisan co-operatives, worker co-operatives, marketing co operatives, dairy co-operatives, the Mahila Housing SEWA Trust and social co-operatives that provide both primary health care and child care for the families of members. Working Women’s Forum (WWF) was established in southern India in 1978 by Jaya Arunachalam with a mission to organise and mobilise women workers in the informal economy.104 WWF is similar to SEWA. Today it has about 800,000 members and it operates primarily through three wings: Working Women’s Forum is the mutual association; the National Union of Working Women is the trade union; and the Co-operative Network for Women is the co-operative development service. WWF’s co-operative savings and loan organisation is strategically the primary means to attract new members and to build from the grassroots base. It operates with group lending methods and mutual guarantees to reduce arrears and risk. WWF has also established a health care service, childcare, family planning and educational services.

99 http://www.ilo.org/wcmsp5/groups/public/@ed_emp/@emp_policy/documents/meetingdocument/ wcms_125489.pdf 100 http://www.ilo.org/wcmsp5/groups/public/---ed_norm/---relconf/documents/meetingdocument/ wcms_218128.pdf 101 http://www.ilo.org/actrav/media-center/news/WCMS_379091/lang--en/index.htm 102 http://www.ilo.org/wcmsp5/groups/public/---ed_emp/---emp_policy/documents/publication/ wcms_210459.pdf 103 http://wiego.org/wiego/self-employed-women’s-association-sewa 104 http://wiego.org/content/working-womens-forum-india

Not Alone

In 1997, SEWA convened an international event to foster research on informal workers and to pursue collaboration with similar empowerment organisations in other countries. This led to the establishment of WIEGO as the collaborative project. From this experimental beginning the results have exceeded expectations. WIEGO today is a highly influential action research and policy network with groups in 40 countries and 32 institutional members and 142 individual members (including many researchers). Like SEWA, the institutional members are member-based organisations (MBOs) of informal workers. WIEGO’s manifesto is based on a number of core principles. Firstly, it believes that supporting the informal workforce is the key pathway to tackling unemployment, underemployment and inequality. Secondly, it produces evidence to prove that the informal economy provides a major share of total employment and that supporting this sector is crucial. Moreover, attempts to stigmatise it as illegal, underground, or a black or grey market need to be challenged. Thirdly, no amount of social inclusion will compensate for excluding the working poor from economic opportunities, financial and product markets and economic planning. Fourthly, existing laws and regulations are premised upon and tend to be biased towards formal employment and formal enterprises. The unique approach and working practices of the WIEGO network positions work, workers and their democratic organisations at the centre of the development discourse, policy development and processes. Though a gender focus has been at the core of WIEGO’s work from the outset, because women are so commonly invisible as exploited informal economy workers, WIEGO in practice has always fought for women and men and many of its member-based organisations represent both. Like SEWA, whose success inspired WIEGO, the strategy of the organisation is to empower informal workers by supporting the development and the integration of a range of member-based organisations (MBOs) including trade unions, co-operatives, informal associations and self-help groups. It is the diverse purposes of these MBOs in relation to advocacy with government, representation, employer negotiations, economic democracy tool development, mutual credit provision, co-operative care services, mutual housing and more that, when aligned, provides informal worker movements with a full range of methods for collective empowerment. Over the past 18 years WIEGO has had success in forging successful policy development by working in close partnership with the ILO, the ICA and the ITUC. There are five areas where WIEGO’s campaigns and efforts have made breakthroughs: • Re-conceptualising the informal economy • Increasing the visibility of the informal workforce • Increasing the voice of the informal workforce • Increasing the validity (legitimacy) of the informal workforce in policy debates • Building and formalising the WIEGO network WIEGO members have focused strategically on four main sectors of informal work: home-based workers; domestic workers; street vendors; and waste pickers. WIEGO’s informal worker organisations in many African and Asian countries played a leading role in setting up StreetNet International, launched in Durban, South Africa in 2002.105 105

http://www.streetnet.org.za/show.php?id=19

Not Alone

Since then a number of street-vendor organisations in Eastern Europe and the USA have joined. Trade union support is strong in many countries and Public Services International (PSI) and Union International (UNI) have both developed joint organising projects with StreetNet International. SEWA has been organising home-based workers since its inception in the 1970s. Based on this experience, SEWA has worked with membership-based organisations in South Asia and South East Asia to support the creation of a wide number of national and regional HomeNet organisations to represent homeworkers. WIEGO’s work to link up and connect domestic worker organisations in a growing number of countries has been particularly effective and led to the founding in 2013 of the International Domestic Workers Federation (IDWF) by 14 worker organisations.106 The WIEGO founding network had earlier secured passage in June 2012 of ILO Convention C189 Decent Work for Domestic Workers. The IDWF has now grown to 47 affiliates from 43 countries. To spread the successful organising methods developed by WIEGO members, Christine Bonner and Dave Spooner have compiled the WIEGO organising handbook, which describes in detail successful organising strategies for work, primarily in developing countries.107

5.4 Co-operative innovation and Trade Union links - UK good practices The Musicians’ Union (MU), which supports over 30,000 performers, composers and music teachers, joined forces with Co-operatives UK in 2013 to promote the idea of musicians forming co-ops. The MU had noted with alarm the growing trend by local authority music services to downgrade employment protection and contract peripatetic music teachers as self-employed, often on zero-hours contracts. The MU was keen to counter this trend towards lower pay and conditions. It is estimated that between a quarter and a third of the 12,000-strong workforce of musical instrument teachers in the UK lost their jobs between 2009 and 2015.

“The new contracts minimise teachers’ pay and pensions and withdraws protection from unfair dismissal. We’re promoting the cooperative model to all our members as a possible way forward to protect their interests and promote better working arrangements in the current challenging economic times.’” Fran Hanley, Musicians’ Union 106 107

One of this new wave of musicians’ co-ops is Sinfonia Musicisti, a 40-piece orchestra which became incorporated as an Industrial and Provident Society in September 2012. Mark Kesel, one of the main drivers behind the launch of Sinfonia Musicisti, said: “The aim of the co-op is that our players will share the benefits and risks of the business and it is this equitable approach that allows us to offer an affordable programme of music from a professional orchestra.”

http://www.idwfed.org/en/about-us-1 http://global-labour.net/2012/08/new-wiego-handbook-on-organising-in-the-informal-economy/

Not Alone

However, while performing musicians invariably grab the limelight, the reality is that around two-thirds of the Musicians’ Union members earn their living from working in education as music teachers. One of the oldest running music teacher co-ops is Swindon Music Co-operative, launched in 1998 following Swindon Borough Council’s decision to close down its instrumental teaching service. David Barnard, who at the time was Swindon Borough’s director of music, said: “We needed to find a solution that retained a sense of unity and common purpose while reducing the cost of provision and a co-op was an ideal solution.” Swindon Music Cooperative is the main provider of instrumental and vocal tuition in over 70 local schools with more than 50 self-employed specialist music teachers.108 The MU has supported the formation of other music teacher co-operatives in Milton Keynes, Denbighshire, the Isle of Wight and Wiltshire, and these have joined the longer established co operatives in Swindon, Newcastle and North East Lincolnshire. In Milton Keynes all instrument teachers were made redundant. Since then 68 teachers have formed a co-operative, providing an accessible and affordable service to schools. The growing demand is such that a new guide in 2015 has been produced by the Musicians’ Union and Co-operatives UK to provide more teachers with advice on setting up a co-operative. Altogether Now,109 authored by David Barnard, provides an overview of the co operative model and demonstrates how music teachers can apply it. It also looks at key issues, case studies and presents a detailed guide to forming a co-operative. The MU has also published supporting documentation in the form of template legal documents. Actors’ co-operative agencies are separate from trade unions, but are supported and encouraged by Equity, which has worked with the Co-operative Personal Management Association (CPMA)110 since it was founded with their support in 2002. It now has 30 member actors co operatives across the UK. Their aim is to promote and support actors’ co-operative agencies, helping raise their profile and standing within the industry as well as the profile and standards of co-op agencies in general. Each actor co-op is an employment agency and they typically range in size from 20 to 35 members. Peter Barnes of the CPMA clarified the relationship with members, their co-op employment agency and the employer.

“Co-operatives allow teachers, who have lost their jobs working for local authority music services, to continue teaching together in an environment that values every contribution and encourages the sharing of expertise. “Co-operatives also empower teachers to have a greater control over their working lives. They are a progressive option and provide a sense of purpose and unity as an alternative to fragmentation, which can lead to teachers working in isolation and in competition with one another.” John Smith, MU General Secretary

108 http://www.swindonmusiccoop.co.uk 109 http://www.musiciansunion.org.uk/Files/Guides/Education/Altogether-Now-a-guide-to-forming-music-teacher-co 110 http://cpma.coop

Not Alone

He said: “Employment agencies are work-finding services - they connect the work-seeker to the employer. The agency does not employ the work-seeker (actor) - the employment contract is between the work-seeker and the employer. However, agencies must have a written Agreement with the work-seeker which sets out the details of the services provided by the agency, including commission rates (which only entertainment agencies are permitted to charge). An employment business, on the other hand, employs the work-seeker (in effect), as it deals with tax and national insurance contributions.’” Typical actor co-op commission charged for placements is 10 per cent but can, for certain contracts, be as low as five per cent or as high as 12.5 per cent. As the co-ops are small, most of them are not VAT registered. Other non-co-op agents charge typically 15 per cent plus VAT. The actors take it in turns to volunteer in the office to run the co-ops. The co-ops are popular and get applications by actors to join all the time. They vet applicants to make sure they will abide by co-op principles and put in work time. The relationship with casting directors is important to all kinds of entertainment agents because it can influence the chances of being seen for a job and securing more money than the figure offered. Actors’ co-ops also get to know unscrupulous employers and pass on that information to new members. The CPMA represents members’ professional interests and provides support and advice by putting members’ views and issues to industry institutions such as Equity, Spotlight and the PMA (Personal Managers’ Association). They have regular input into the development of Equity agreements and are consulted by Equity on industry issues. The CPMA participates in major working parties about future plans in different areas of employment with Equity and the PMA. The CPMA and PMA work with Equity’s negotiating teams to revise Equity’s Collective Agreements, which include minimum financial provisions and minimum rates. They have regular input into the development of Equity agreements and are consulted by Equity on industry issues. The CPMA is also represented on major working parties about future plans in different employment areas with Equity and the PMA. In addition, CPMA acts as an advocate for co-operative working by making inputs to trade publications and promoting the benefits of co-op agencies to help raise awareness of the co-operative movement. As well as responding to members’ concerns, the CPMA works with its members to encourage good business practice and develop training skills and opportunities. They hold member-only seminars with casting directors and several members’ forums, exchanging views on issues particular to co-ops. They have also organised training sessions run by Equity on the development and use of their agreements. The vast majority of actor co-op members are members of Equity but CPMA cannot insist on this because of restrictions under the Trade Union and Labour Relations Act 1992, which made it illegal for employers and employment agencies to discriminate between union and non-union members.

5.5 The Building Trades - Trade Unions and Worker Co-operatives While self-employment exists in every area of employment in the UK, in some areas it can cause severe problems, particularly with health and safety. In any aspect of employment, the presence of temporary staff working for different organisations

Not Alone

or none, who may receive different pay-rates for the same work, can cause issues of confusion and resentment, as well as allowing unscrupulous employers to exploit the workforce. On-site confusion can also have fatal consequences. For this reason trade unions in the more dangerous working environments, such as mining, shipping, oil and construction, have long opposed the use of casual and self-employed labour. With increasing globalisation this has proven almost impossible to achieve in the shipping industry and, despite the efforts of building trade unions, success has been limited by the short-term nature of so many building projects. In these areas, trade union organisation of the self-employed, which would bring them into the mainstream, needs to be accompanied by a workplace structure that brings them together into a properly managed and controlled workforce. The creation of co-operative construction companies of sufficient size to run a construction site, whether binding self-employed workers together as in the French CAE system, or employing staff on PAYE, is probably the only way forward to ensure H&S requirements are properly met. Looser co-operative arrangements, such as those applied by actors’ or artists’ co-ops, are better suited to less dangerous workplaces, where experience shows they work very well indeed. Examples of trade unions and co-operatives in the building trades Cooperativa Muratori e Braccianti (CMB) in Carpi, Italy is a large construction cooperative with 900 workers.111 All are on permanent contracts and members of a trade union. Post 2009, the co-operative has worked out a diversification strategy that has helped them to move from falling public sector work to other ‘socially responsible’ real estate work. This has assisted them to minimise redundancies, which they have also managed socially by enhanced contributions to those laid off. Italy has successfully supported the development of a broad range of worker cooperatives. Housing construction and cleaning co-operatives provide good examples. Italy has been a pioneer of co-operative consortia best practice in Europe. With encouragement from local authorities, three small co-operative consortia supporting construction worker co-operatives in Emilia Romagna merged in 1978 to form Consorzio Cooperative Costruzione (CCC).112 The consolidation increased back office, legal and financial capacity to negotiate and manage larger building contracts. Since then CCC has continued to expand to become one of the largest construction companies in Italy with 230 worker co-operative members and 20,000 worker-owners overall. Formula Servizi is a green cleaning co-operative with 90 per cent female worker-owners and a workforce of 1900.113 The full-time and part-time work schedules are designed to support family circumstances and reduce the co-op’s carbon footprint, with work assignments arranged close to home. This policy has cut greenhouse gas emissions and absenteeism. The policy and practices of the co-operative are consistently under review in relation to human development as well as economic and environmental objectives. Continuous effort is focused upon reducing waste, reusing materials, recycling and energy efficiency. Their hospital cleaning service does not use water. All workers benefit from more than 150 hours of training a year. 111 Marina Monaco and Luca Pastorelli (2013) Trade unions and worker co-operatives in Europe: A winwin relationship, International Journal of Labour Research, volume five, issue two 112 John Restakis (2010) Humanizing the Economy: Co-operatives in the Age of Capital, New Society Publishers 113 Marina Monaco and Luca Pastorelli (2013) op.cit

Not Alone

5.6 Key findings •

•

• • • •

•

The development of representative organisations such as the Pharmacy Defence Association, IPSE and RICOL was driven by external pressures. If professional workers on relatively high incomes have decided that they need to be organised, it is likely that the same applies to lower-income self-employed groups. More disparate lowerpaid workers may have greater need but less scope for organising themselves and there may not be a comparable shared trigger for action The difficulties of organising self-employed and informal workers have been much debated. Organisations like SEWA, Working Women’s Forum and other WIEGO members use an alignment of trade union, co-operatives and mutual aid organisations to provide integrated services to meet the needs of self-employed workers. This success offers strategic guidance on some of the key principles and practices for effective broad-based organising As the experience of WIEGO shows, informal workers often form self-help groups and co-operatives as a first level of mutual aid. With a broader strategic vision and an understanding of the additional role of trade union protection and collective advocacy, they can be assisted to build on that success Case studies on the Musicians’ Union, Equity and the CPMA show the potential and benefits of combining the strengths of trade unions and co-operatives The success of Equity and the Musicians’ Union in working closely with co-operatives highlights both how and why trade unions and co-operatives need to find ways of reproducing that approach in order to provide an effective outcome Good practice has been codified in handbooks to assist this collaborative process for trade unions and co-operatives to co-design services In Italy, France and other countries, social dialogue between trade unions and cooperatives has led to successful social partnerships. In Italy, the national agreement between the co-operative movement and trade unions led to a major expansion of social co-operatives. This created a national network of localised care provision and the generation of over 360,000 jobs Co-operative consortia can be a powerful system for building effective co-operative networks. The Italians have demonstrated this with worker co-operatives in the building trades. Social dialogue in Italy between local authorities, trade unions and co-operatives offers good examples of social partnership that offer important lessons for the UK The central lesson for trade unions and co-operatives is recognition that there is a balance to be struck between organising self-employed workers and servicing their needs. The aim of organising is to enable the self-employed precariat to be recognised, represented and serviced as a group. Best practice shows that cooperatives are well placed to provide additional services beyond the insurance and representation services that trade unions specialise in. Creative collaboration between trade unions and co-operatives can find solutions otherwise not easy to secure

Not Alone

Solidarity and digital democracy

Digital technology can be used to lower costs, improve services and create new jobs - but there are also worrying trends towards adverse practices. A growing threat to all forms of secure work is the use by digital economy corporations of platforms to contract freelancers and to re-engineer businesses in ways that destroy formal economy jobs, replacing them with ‘precariat’ work. The advance of the digital economy is widely forecast to eradicate jobs both on and off the high street. What Amazon has done to undermine the high street is being copied by Steve Smith, the founder of Poundland, for estate agency through estatesdirect.com. This is an online estate agency offering a flat rate on the sale of housing, irrespective of value.114 This process has been styled the ‘internet of things’ by Jeremy Rifkin and the advance of a zero-marginal cost economy.115 As this report has demonstrated, the co-operative movement has long been skilled in restructuring the economic and exchange relationships between stakeholders to create new social networks based on solidarity, mutual aid and economic justice. Co-operatives enable the creation of new, self-reinforcing networks that remove the opportunities for the extraction of disproportionate profits (or ‘economic rent’) and ensure all stakeholders are appropriately remunerated rather than exploited. As such, co-operatives can be understood as a vital ‘social technology’, specifically designed and operated for the recreation of a better society and economic system.116 However, digital technology and especially digital platforms, also have the ability to restructure the economic and exchange relationships between stakeholders. Anna Plowdowski of Greenmarque, a London co-operative and ethical business consultancy, has provided evidence to the deliberative inquiry on how digital platforms can create new types of social and economic networks. She makes the case for platform cooperatives as a powerful means for improving conditions for many precariat workers. Plowdowski argues that digital technology can do this in three ways. Firstly, digital platforms can succeed through their ability to make communication and trade between customers and suppliers easier, more precise, cheaper and faster than was previously possible. They are new online ‘marketplaces’ where trade can take place. Secondly, computerised algorithms structure the matching of customers and suppliers, eliminating humans from the role of intermediaries. Both of these features enable extremely large, sometimes global, economies of scale and scope that were previously simply not possible. These features of the internet and early digital platforms led to enthusiastic claims for the collaborative or ‘sharing economy’ which have been heralded to be advantageous for everyone by optimising resource use for mutual benefit.117 The third way in which digital technologies and platforms restructure social and economic networks is through their ownership and governance structures, because 114 Christina Patterson ‘Now it’t the middle class’s turn to feel the earthquake’, The Guardian, 5 April 2014. http://www.theguardian.com/commentisfree/2014/apr/04/middle-classes-employment-earthquake 115 Jeremy Rifkin (2014) The Zero Marginal Cost Society - The Internet of things, the collaborative commons and the eclipse of capitalism, Palgrave MacMillan 116 Eric Beinhocker (2007) The Origin Of Wealth: Evolution, Complexity, and the Radical Remaking of Economics, Random House 117 Rachel Botsman and Roo Rogers (2011) What’s Mine is Yours: How Collaborative Consumption is Changing the Way We Live, Harper Collins

Not Alone

these determine the algorithms applied and the types of exchanges that can take place. They also, however, determine who has access to and control over the resources of the organisation that owns the platform. Consequently this will require a struggles as there is nothing inevitable about the ability of digital platforms to re-structure existing social and economic networks in the direction of solidarity, mutual support and economic justice.

6.1 Digital economy corporations and the self-employed The accountancy firm Price Waterhouse Cooper (PWC) has identified the five emerging growth areas of the ‘sharing economy’ as accommodation, peer-to-peer finance, online staffing, music/video down-streaming and car sharing. They have projected a global growth of revenues for these five sectors from $15 billion in 2014 to $300 billion in 2025. Digital technology also provides ‘feedback loops’ between suppliers and users, which can significantly improve quality.

“In some ways the sharing economy is a throwback to the pre-industrial age, when village communities had to share resources to survive. They built up trust through repeated interactions with people they had known all their lives. Modern digital communications allow sharing to happen across a global village of consumers and providers, with trust established through electronic peer reviews.” John Hawksworth, Chief Economist, PWC

These emerging sectors have, in some quarters, disrupted the status quo. The rapid advance of Uber within the taxi trade has been especially controversial. The proliferation of SatNav technology has devalued the knowledge of taxi drivers. Consequently, Uber has enabled individual minicab drivers to secure more business at the expense of licensed cabs. Their business model has caused the greatest level of social conflict so far. Uber is an app which connects taxi drivers with passengers directly, instead of through a centralised booking service or through a cab being hailed in the street.

Uber is notorious for reducing the price of taxi fares in London by signing up drivers who do not have a hackney carriage licence or ‘knowledge’118 and paying them less than a normal hackney fare. Uber is presented as a new ‘sharing economy’ alternative, but in reality uses the old model of unlicensed private hire on a new electronic platform, owned by a rapidly expanding global corporation. Now operating in more than 50 countries, Uber’s taxi app attracted $688 million revenue from bookings in 2013, $2.9 billion in 2014 and the level is projected to reach $10.8 billion in 2015 and $26.1 billion in 2016. Neal Gorenflo, a US expert on the sharing economy, described the threat of Uber to the conventional taxi trade as follows. He said: “Uber’s big bet is global monopoly or bust. They’ve raised over $8 billion in venture capital, are on track to do over $10 billion in revenue this year, and have an estimated 200,000 drivers who are destroying the taxi industry in over 300 cities worldwide. They’ve done all this in just over five years.

118

https://tfl.gov.uk/info-for/taxis-and-private-hire/become-a-taxi-licensee/learn-the-knowledge-of-london

Not Alone

Uber has reached a $51 billion valuation faster than Facebook, and plan to raise even more money. If they’re successful, they’ll become the most valuable start-up in history. Airbnb is nearly as big and ambitious.”119 Uber says that drivers are self-employed, and the company retains 20 per cent of revenue for its support services. Uber vets the drivers online for insurance cover, commercial driving licenses and vehicle MoTs. The cost of entry is negligible compared with taxi licenses in Paris costing €100,000. Uber is an exemplar of what is being called the ‘gig economy’, which marks a major change in the nature of work. A global monopoly has obvious implications for the employment rights of workers in the longer term.120 In their contracts, Uber drivers are listed as ‘partners’ of the company. But aside from choosing their own hours they are effectively powerless, unable to challenge the fare structure and employment terms Uber sets.’ The deactivation of participants on platforms such as Uber or Airbnb is the same as dismissal, but the driver has no rights and no recourse. Professor Guido Smorto has described this transformation as full-scale eradication of worker rights through an expanding platform whose clear aim is to eliminate competition from traditional business operations. He said: “Sacking people has moved in effect from the realm of law to the realm of technology.”121 Unsurprisingly, militant protests by cabbies against Uber have spread like wildfire from Paris to Amsterdam, Madrid to Brussels, London to Montreal and Delhi to Gungzhou. Uber’s legality has been challenged in the courts in many countries. UberPop, the app, has been banned in Germany, Italy and Spain.122 UberPop is appealing against a ban in the Netherlands and Belgium. Attempts in the UK to restrict Uber through tighter regulation by Transport for London have failed in the courts. A ruling by a California labour commission found that Uber’s drivers are employees and by implication the company is responsible for payment of social security, workers compensation and unemployment insurance. Uber drivers in California have begun a class action suit for lost benefits.123 This case highlights the social protection issues and losses and how bogus selfemployment schemes can make vast profits. In its defence Uber claims drivers can earn high levels of income but one investigation of its promised median annual income for New York drivers of $90,000 after expenses showed that this would require a driver to work 27 hours a day, 365 days a year. With the digital platforms, information is aggregated by the central body rather than necessarily shared with those involved. Connecting up and exchanging counter and transparent information has become one of the key strategies for defending the interests of those engaged in the ‘gig economy’. 119 Gill Carson ‘Five key sharing economy sectors could generate £9 billion of UK revenues by 2025, PwC Blog 15 August 2014. http://pwc.blogs.com/press_room/2014/08/five-key-sharing-economy-sectors-could-generate-9-billion-of-uk-revenues-by-2025.html 120 Charles Arthur ‘Uber bears brunt of sharing economy backlash’, The Guardian, 27 June 2015 121 Presentation made at Les Rencontres du Mont-Blanc, 26 November 2015 122 UberPOP, which exists in the UK and several European countries, claims through its app to operate as a ride-sharing platform, rather than as a taxi service although some say the difference is largely for legal reasons and should be banned: http://www.telegraph.co.uk/technology/news/11715706/Uber-suspends-controversial-UberPop-service-in-France-after-executives-arrested.html 123 http://thinkprogress.org/economy/2015/09/01/3697798/uber-drivers-class-action-granted/

Not Alone

For example http://insideAirbnb.com is sharing information on the effect of Airbnb on local rental prices. Airbnb has rapidly become the biggest hotelier on the planet, with bookings growing from one million a year shortly after they started to one million a night on peak days.124 In many cities in the USA and Europe this is reducing the availability of rooms to rent by local people and exacerbating the housing crisis. In San Francisco, with the growing accomodation shortage, rent for one-bedroom apartments has soared to an average $3500 a month. Local opposition has led San Francisco residents to back a referendum, Proposition F, designed to limit Airbnb’s adverse impact. In response Airbnb has launched an $8.3 million counter campaign. The business model of Uber and Airbnb is based on the immense power derived from owning and operating a global platform. Unaccountability is in the design and structure. It cannot function otherwise. In the words of Josh Ryan-Collins of the New Economics Foundation “the information isn’t shared, the platforms are not shared, and the profits are not shared”.125

6.2 Co-operatives in the age of Google – creative commons opportunities Robin Murray of the London School of Economics argues that digital technology enables untapped efficiencies to be secured and that the creative industries are a prime example of this.126 One in 12 jobs in the UK (more than 2.5 million workers) work in the creative industries. This sector of the economy is growing fast and the UK is a world leader. IT, computer and software services hold the largest share with around 30 per cent of creative industry jobs. Publishing employs 15 per cent, TV, film, video and radio employ another 15 per cent and performing arts 14 per cent.

“By contrast to Uber there are more positive online commercial platforms, especially those like etsy and notonthehighstreet.com which have been hugely positive for many of the designer/makers I work with via the Crafts Council and elsewhere. Notonthehighstreet.com provides valued training and support to makers that it accepts on the platform. Those craft and design platforms have significantly expanded incomes and opportunities for many precarious self-employed people I support and in many ways provide a mutual approach to micro-business sales and marketing.” Erika Watson, Enterprise Advisor

Erika Watson, an enterprise advisor and advocate for trade union solutions for the self-employed, points to the popularity of the Not on the High Street platform used by creative industry workers, and ETSY, the peer to peer site for artists and artisans of handmade goods. The RSA has reported on craft industry platforms and has shown how these sites are breaking the mould, opening up new horizons and opportunities for generating income and reducing costs.127

124

http://www.shareable.net/blog/how-platform-coops-can-beat-death-stars-like-uber-to-create-a-real-sharing-economy?utm_content=2014-01-21%2525252015%2525253A10%2525253A36&utm_source=VerticalResponse&utm_medium=Email&utm_term=How%25252520platform%25252520coops%25252520can%25252520beat%25252520Death%25252520Stars%25252520like%25252520Uber%25252520to%25252520create%25252520a%25252520real%25252520sharing%25252520economy&utm_campaign=Platform%25252520Coops%25252520vs%2525252E%25252520Death%2 5252520Stars%2525252C%25252520Bolivian%25252520Farming%25252520Coop%25252520%25252526%25252520School%25252520Markerspacescontent

125 Josh Ryan-Collins (2015) The Sharing Economy: The Good, the Bad and the Real, New Economics Foundation 126 Robin Murray (2011) Co-operation in the Age of Google, Co-operatives UK 127 http://extfiles.etsy.com/Press/reports/Etsy_RSABreakingtheMouldReport_2014.pdf

Not Alone

There is trade union organising activity among self-employed workers in many creative industry areas as we have seen. There are also a number of co-operative networks including 102 employee owned businesses and a number of well established, co-operatively owned enterprises including St. Luke’s Communications, New Internationalist, Calvert’s North Star Press, Co-operative Web, People’s Press Printing, Arts About Manchester and Ludus North West Dance in Education. BECTU and Co-operatives UK have produced a guide for co-operative development in media and entertainment industry.128 Some employee-owned businesses are large, like Ove Arup whose 10,000 workers own the company through an Employee Share Ownership Plan (ESOP) . However, 90 per cent of worker-owned design businesses are small, with under six workers. There are also 89 co-operative consortia operating in the creative industry sector in the UK and supporting a number of the smaller firms. A co-operative consortium is a network of co-operatives or small firms, typically linked up through a secondary co-operative that unites the co-operatives and enterprises through mutual aid and typically through the provision of a number of back office services. To develop worker and multi-stakeholder co-operatives, they may also provide training, development support and technical aid assistance, thereby replicating other successful co-operative business models. For new worker co-operative development, this approach has worked well in many countries for decades and is being revived under conditions of austerity. What many parts of the creative industries have in common is a system of teamwork that operates widely and openly with other small teams and enterprises. Such teams, as in the film industry, are put together project by project and work is therefore intermittent and time limited. Murray calls this way of working ‘co-operation without walls’. The use of digital technology and platforms by most creative businesses releases the scope for this coproduction among diverse teams, who work together horizontally and flexibly on projects by inter-trading and co-delivering. These shared platforms have become known as the ‘creative commons’.129

“The creative commons… is a sector in which the role of cooperation…..has been prominent, as technology lowers the cost of social participation and exchange, but rather different from the focus of traditional co-operative models which start at the level of the firm - a bounded enterprise, formally constituted and legally owned. The genius of the creative commons is that there are resources online, which can be shared and developed through peer-to-peer collaboration. These can Murray argues that, just as Uber uses these meet needs and create economic value, platforms as an investor-owned corporation outperforming the mainstream.” to extract value from the ‘precariat’, The Co-operative Advantage co-operatively owned platforms have the untapped potential to do the opposite namely to capture value and ‘economic rent’ for the common good.

128 Chris Funnell (2012) Works for you: a guide to setting up a co-operative in the media and entertainment industry, BECTU and Co-operatives UK 129 Ed Mayo (2015) The Co-operative Advantage, op.cit. Chapter 8, Creative Industries

Not Alone

6.3 Digital platforms with co-operative ownership Traditional forms of resistance are important. However it is also important to see that digital technology can be equitably harnessed in new ways by trade unions and by cooperatives to forge new forms of economic democracy among self-employed workers. These solutions will be increasingly crucial to defend jobs and to protect and enhance working conditions through innovation.

6.4 Creative commons and platform co-operativism pioneers Within the creative industries, Enspiral130 is a great example of how to unite a ‘creative commons’ digital platform with new software tools for co-operative governance. Through this approach Enspiral has been pioneering a new and potentially revolutionary ‘open co-operative’ model. The founder Joshua Veal was a successful computer programmer who began to work parttime in 2008 as a professional contractor, “Platform co-operatives, data to enable him to spend the rest of his co-operatives and fair-shares forms time working on social projects. He of distributed ownership can be went on to set up a co-operative to help used to co-own our infrastructures of other IT workers do the same. The result, production. The misnamed ‘sharing Enspiral. is a new form of co-operative economy’ from AirBnB and Uber with three parts: the Enspiral foundation, nevertheless shows the potential of which has charitable status; Enspiral matching idle resources… Services, a worker co-op; and Start Up ”In the right context of co-ownership Ventures to provide a home for new coand co-governance, a real sharing operatives as they emerge. economy can achieve dramatic To operationalise all three structural parts, advances in resource use. Our means of Enspiral co-operative members regularly production, inclusive machines, can be pool 20 per cent of their invoice income, mutualised and self-owned by all those put 25 per cent of this into the foundation that create value.” for good causes, and the remainder goes Michael Bauwens, into a collective bucket which they decide P2P Foundation founder131 collectively how to spend or invest.

“The central premise of platform cooperativism is that those who create the most value for the platforms - providers like drivers and hosts - should own and control the platform…….Platform co-ops can share much more than software including data, digital reputation, knowledge, marketing, public relations, legal, lobbying, and physical space. And share all this on a global basis.” Neal Goren´o, Shareable co-founder 130 131

Enspiral members have developed the successful Loomio software for facilitating democratic decision making and Cobudget as a software solution for ‘open co-operative’ spending and creative co operative investment and development work. In the USA, a movement called platform co-operativism is emerging. The effective and combined use of co-operative

http://www.enspiral.com file:///Users/patconaty/Documents/Documents%201/P2P%20Foundation%20-%20Category:Post-Corporate%20.webarchive

Not Alone

methods in combination with digital “Like our union, the co-op is based technology is offering methods on the values of solidarity, justice, one for development pointing towards a paradigm-shift in worker selfworker, one vote. Members of the co-op management. This creative commons are independent contractors but they thinking and platform co-operatives have a voice in setting their wages and are attracting growing interest from working conditions, they have a grievance pioneers of the free and open source procedure, they have equal standing with software movement. A big next step is management.” to connect this thinking to the threats Lisa Bolton, CWA local faced by self-employed workers and in branch President Europe and the USA this is beginning to happen in the alternative strategies that both unions and taxi drivers are considering.

6.5 Towards trade union and taxi co-operative solutions In London there are around 100,000 private hire or mini-cab drivers and at least 25,000 drive for Uber.131 The London Private Hire App-based Drivers Association was recently set up for Uber drivers to meet and make plans - in effect a prototypical trade union. In France, a trade union for mini-cab drivers has been formed to oppose Uber’s slashing of fares by boycotting their UberPop app, which they claim is undermining their livelihoods and driving them out of business.132 In Seattle, drivers for Uber and Lyft, another digital platform corporation, have been granted the ability to unionise to secure better working conditions.133 In Denver, Colorado closer collaboration between unions and taxi co-ops is emerging. The city’s Green Taxi Co-op is seeking regulatory consent to expand their membership up to 800 drivers and to use an app to compete with Uber through a worker-owned platform. The Public Utilities Commission is expected to deliver its decision in April 2016. The Green Taxi Co-op has developed with union support from the Communication Workers of America (CWA).134 The CWA has organised two other taxi co-ops in Denver and drivers in Baltimore and other US cities are seeking to follow suit. The widespread potential of these co-operative platform solutions is evident in many other trades and industries.

6.6 Buurtzorg’s neighbourhood-based social care - digital economies of overheads Success in the implementation of platform systems for the decentralised delivery of local care services by social enterprises across the Netherlands, and the success in Italy in developing back office services for social co-operatives are indicative of the potential of platform co-operativism. An example of the power of co-operative platform economics in action is the Buurtzorg neighbourhood care model in the Netherlands.135 This social 131 http://www.theguardian.com/technology/2016/feb/12/war-on-wheels-uber-driver-black-cab-driver-debate-london-taxi-trade 132 http://www.france24.com/en/20151013-france-uber-cab-drivers-launch-union-fare-cuts 133 http://www.shareable.net/blog/denver’s-green-taxi-co-op-fights-for-its-right-to-compete-with-uber 134 http://www.cwa-union.org/news/entry/cwa_local_7777_builds_green_taxi_coop_in_denver/#.VroFPOuxIfE 135 http://www.kingsfund.org.uk/sites/files/kf/media/jos-de-blok-buurtzorg-home-healthcare-nov13.pdf

Not Alone

enterprise was set up in 2007 by Jos de Blok, a district nurse. With a team of four other skilled nurses, the non-profit business experimented by using an IT platform to create a localised care provider with self-managing teams. The design of the business was to evolve and replicate similar, tightly co-managed teams and use a common platform to co-ordinate and expand delivery to more and more neighbourhoods. Year on year this evolutionary expansion has increased. All carer teams are self-managing groups. There is no boss. The Buurtzorg successful experiment created a large and growing manager-less organisation. Buurtzorg operates nationally with over 9000 carers but in a distributed way in small self-managing teams. Each team of typically eight to 12 provides customised home care in a growing range of neighbourhoods. The use of the digital technology has secured what Robin Murray calls “economies of co operation”. This example shows how small teams can confederate and become powerful through the creative use of the common platform. Within Buurtzorg, the 900-plus neighbourhood care teams across the Netherlands are supported by just 40 back office and administrative workers, plus 10 coaches who trouble-shoot, train and set up new local care teams. As Murray points out “the result is a reduction of overheads from the industry norm of 25 per cent of total costs, to eight per cent”.136 Unlike social care services in the UK, Buurtzorg’s use of digital technology has saved massively on command and control overheads. These internalised savings have been used to increase the skill level of care workers; to improve pay and conditions for carers; and to improve the overall quality of care and service provision. This dynamic model has generated widespread interest from NHS nurses, the Royal College of Nursing and care co-operatives in the UK.

6.7 Social care and co-operative solutions - solidarity economy methods In his evidence to the inquiry, Bruno Roelants of CECOP CICOPA - Europe stressed that worker co operatives are different from co-operatives of self-employed people like, say taxi co-ops, artists’ co-ops or fishing co-ops. The latter have similarities to farmer co-operatives. However, it is feasible for precarious self-employed workers to develop effective strategies in a number of service sectors and industries to establish worker cooperatives - and they can also do this effectively with an alliance with trade unions. The Italian co-operative movement has also had impressive success through social dialogue and by working with trade unions and local authorities to provide social care through worker co operatives and broader multi-stakeholder co-operatives where workers, family carers and service users are all members of a social co-operative. A national trade union agreement with the co-operative movement was forged in the early 1990s after a new law was passed in 1991 approving these innovative forms of care provision. The Italian social co-operatives now operate both in health and social care and also in the criminal justice system, helping ex-offenders to secure work.

136

Robin Murray, unpublished ‘Notes for Social Care Forum dialogue’, 16 October 2015

Not Alone

With the benefit of enabling legislation and tax incentives, the Italian social co-operative movement has grown from about 1,000 care and job creation co-operatives in 1990 to 14,000 today, each typically small with about 25 employees. They secure ‘economies of co-operation’ through both regional and national co-operative consortia that provide shared back office services and joint negotiating teams to secure long-term contracts.137 The growing social co-operative sector in Italy accounts for more than 360,000 jobs. This new form of co-operative enterprise has been replicated successfully in France, Spain, Portugal, Canada and Japan and is developing in Greece. In a number of countries, social co-operatives are also called ‘solidarity co-operatives’ to reflect the collaborative co-production methods that enable jobs and high quality services to develop. In most countries, new legislation like the 1991 Italian law, has provided an enabling policy and a fiscal framework to support the emergence of these new forms of democratic and multi-stakeholder ownership of services, commonly implemented in partnership with the public sector.138 To support the development of social co-operatives, legislation like the Italian law has been passed in France, Quebec and in six other EU countries. This legislation has supported job creation and in a number of countries, national trade union agreements have been forged. Italy has led work using social co-operatives to create jobs for offenders both within and upon leaving prison. In the UK two social co-operative development networks are operating in England and Wales and there have been efforts to build public sector partnerships. Public policy support matters as highlighted by the expansion of CAE network in France and in Italy with the partnerships agreed with local authorities and with the prison and probation services. Ex-offenders struggle to get formal work and the CAE co-operatives offer a bridge into supported self-employment that can reduce re-offending rates significantly. In Italy, the partnerships with the public sector has helped develop a range of Fair Trade businesses for ex-offenders to secure work. Good examples include Pausa Cafe, a growing chain of co-operatively owned cafes, a co-operative brewery for real ale that is popular and exported and Exodus, a door and window manufacturing co-op operating within a prison that also creates jobs for those released installing the joinery on building sites. This growing movement towards the use of public and social partnerships in Europe, Canada and the USA (often involving collaboration between local authorities and trade unions) to advance a new sector of co-operative services has become known as the ‘solidarity economy’. The success of such methodologies has been recognised in France under the 2002 law to promote the solidarity economy and to introduce the SCIC as a multi-stakeholder social co-operative. Recently, the UN began promoting this approach by pointing to the enormous potential of solidarity economy strategies for advancing social inclusion, generating good work and jobs and in the tackling of inequality.139 Ripess is an international network promoting Solidarity Economy solutions through five languages. There are now solidarity economy movements in 13 European countries. 137 Ed Mayo (2015) op.cit. Chapter 12, Social Care 138 Pat Conaty (2014) Social Co-operatives - A Democratic Co-production Agenda for Care Services in the UK, Co operatives UK 139 http://www.unrisd.org/80256B3C005BCCF9/search/AD29696D41CE69C3C1257D460033C267?OpenDocument

Not Alone

The Japanese network of co-operatives, Seikatsu, is a member of Ripess. The co-operatives operate locally in co-operative clubs and, since the late 1980s, have replicated the Italian social co operative system to develop a growing range of social care services. They have also been a leader in the global development of communitysupported agriculture uniting consumers with local farmers. The Seikatsu movement’s innovation has proven how solidarity economy methods can work to advance the green economy as well as social care provision. Co-operatives UK and the Wales Co-operative Centre are supporting networks and forums in England and Wales to introduce social co-operatives and the solidarity economy model to the UK.

6.8 Worker co-operatives and the solidarity economy in the USA Worker co-operatives have been attracting growing interest in recent years, particularly in the USA. The American co-operative movement includes 30,000 organisations with $3 trillion in assets, $500 billion in annual revenue and a workforce of two million people. However worker co operatives represent only one per cent of US co-operatives. This may be set to change as the US Solidarity Economy Network develops. One example of the Solidarity Economy in the USA is WAGES (Women’s Action to Gain Economic Security) that was set up jointly by a house cleaning co-op manager and a social worker to create decent paying work for cleaners in the San Francisco Bay Area.140 It was launched as a ‘green cleaning co-op’ with over 100 worker members, each of whom agreed to pay in $400 through payroll deductions to capitalise the business and to set up a personal equity account. The pay for cleaners averages $15 an hour and members also accumulate equity shares in the co-operative. For most workers, these personal equity accounts have accrued to about $9000 in a few years. Using this system, five worker co-operatives have been established so far and a new trading name, Prospera,141 has been adopted. Arizimendi Associates is another worker co-operative network in the San Francisco area. They have developed a co-operative consortium model for setting up worker cooperatives for bakeries to reduce the risk of new ventures. The consortium investigates good locations, recruits new founding worker members and provides a full range of support services including business support, marketing and bookkeeping that the cooperative bakeries benefit from as joint members of the consortium. COLORS is a Co-op Academy and Incubator in Detroit affiliated to the Restaurants Opportunities Center (ROC) in New York. ROC was formed in the aftermath of 9/11 as an organisation to assist displaced restaurant workers, whose restaurants were destroyed by the Twin Towers attack or subsequently put out of business. The ROC founders identified worker co-operatives as a key development path. Through the academy, COLORS organises education and practical training services to support those seeking to start up worker co-operatives. To provide job mentoring, technical knowhow and management experience, they arrange five-month 140 Nina Misauraca Ignaczak ‘It takes an Ecosystem: The Rise of Worker Co-operatives in the US’, http:// shareable.Net, 16 July 2014 141 http://prosperacoops.org

Not Alone

apprenticeships in established restaurants. The restaurant partners are committed to creating a democratic workplace. COLORS also helps new co-operatives launch with support and assistance in finding resources. For any move to develop worker co-operative solutions like these, access to patient and co operative forms of capital is crucial. The mayor of New York City has announced new funding for a specialist revolving loan fund for co-operatives. Co-operative and Community Finance provides similar services in the UK.

6.9 The US Steelworkers and the Union Co-op model The US Steelworkers Union has become increasingly interested in worker co-operatives. The failed struggle in Youngstown, Ohio to save a steel mill through a worker buy-out in 1977 led to the setting up of the Ohio Employee Ownership Center that has built close links with US Steelworkers over the years. In 2012, the union worked jointly with the Ohio Employment Ownership Center and the Mondragon Corporation in Spain to produce a strategy and Union Co-op model. Mondragon is the largest worker co-operative network in Europe with 74,000 worker owners and a network of 257 co-operatives. The new joint model includes union representation from the outset. Through the three-way partnership, eight Union Co-ops have been created using the model. These include the Clean and Green Laundry in Pittsburg and seven Union Coop Initiative ventures in Cinncinnati, Ohio. Among them is a co-operative food hub, a railway manufacturer and a jewellery manufacturer. There is work underway in Los Angeles to develop Union Co-ops with the US Steelworkers. The Los Angeles Union Coop Initiative is developing an electricianâ&#x20AC;&#x2122;s co-op to install solar power for businesses and homes.142 Another Union Co-op is converting a privately owned car wash into a worker co-op. The solidarity economy in the USA is advancing diverse forms of economic democracy projects with the support of a range of research and development services including the Solidarity Research Center, a worker co-operative, and the Los Angeles Co-op Lab at Antioch University.

6.10 Evergreen Co-operatives - Cleveland, Ohio An ambitious project to develop worker co-operatives is the Evergreen Co-operatives network in Cleveland, Ohio, set up in 2008 as a co-operative consortium.143 The Mondragon co-operative corporation in Spain has also been the inspiration for Evergreen. Cleveland, like Detroit, has been losing manufacturing jobs for decades. Work on alternative industrial strategies has led to the Evergreen Co-operatives as a joint venture. This is an ambitious co-operative development plan and is supported by the City Council, the Ohio Employee Ownership Center, the Democracy Collaborative and the Cleveland Foundation. The Evergreen mission is focused on developing a co-operative economy in Cleveland in new green industries that are democratically owned by workers living in low-income communities. So far, three worker co-operatives have been established by Evergreen the 142 143

http://lacooplab.aulacourses.com/portfolio/3748/ http://www.evgoh.com/

Not Alone

co-operative consortium. These include: Green City Growers, the Evergreen Co-operative Laundry and Evergreen Energy Solutions. The city and other anchor institutions like the universities and hospitals in Cleveland spend some $3 billion in procurement contracts annualy. The Evergreen strategy is being implemented through a public social partnership to create new jobs in six low-income neighbourhoods (with 43,000 residents) that have experienced disinvestment for years. The strategy meets social justice and carbon reduction objectives simultaneously. Evergreen is achieving this with a three-part shift from fossil fuels to renewable energy, from unemployment to new green jobs and through local food production on inner city sites supplying fresh food to anchor institutions and local restaurants. The laundry co-operative is a state of the art ‘green’ operation that has trained and hired local people who were previously out of work. The same ‘green economy’ approach is being made by the renewable energy co-operative that has secured contracts from anchor institutions to install solar power on city, hospital and university buildings. Patient ‘co-operative capital’ is provided within the co-operative consortium by an Evergreen community development finance institution (CDFI), investing $200 million at one per cent interest to enable the worker co-operatives to retain earnings, build their balance sheets and develop in similar ways to the Mondragon co-operative model.

6.11 Key findings •

•

Digital platforms can be used to capture and dominate markets as evidenced by Uber. The key is ownership of the platform, not the technological detail. Privately owned platforms, such as Uber, Airbnb, Facebook, Trip Advisor operate for the benefit of private investor owners, contrary to the rhetoric of a sharing economy The need to provide a return on venture capital and dividends for shareholders, combined with the elimination of competition (which is the basis of the model), inevitably reduces the earnings of the workers involved and undermines their ability to secure reasonable terms and conditions of employment. All the intellectual content remains the property of the private owners of the corporation, including all the information the platform users, both workers and customers, have uploaded to the site. In the case of Uber and Airbnb, the app users, must provide the capital items (i.e. cars or accommodation) specified by the platform owners The same digital technology can be adapted and used to create new jobs through open ‘co-operatives without walls’ as Enspiral is showing. Buurtzorg, in the Netherlands, has demonstrated how a similar harnessing of digital technology can be utilised to create manager-less care networks, delivering higher-quality social care with a highly skilled workforce on better pay and conditions than other providers. Green Taxis in Denver, USA are aiming to protect their jobs and improve their working conditions in their battle with Uber using their own app Co-operative consortia can be a powerful vehicle for building effective co-operative networks and the Solidarity Economy. The Italians have pioneered the solidarity economy in Europe and demonstrated this in the successful development of worker co-operatives in the building trades and in multi-stakeholder social co-operatives in the care sector. In the USA, Evergreen Co operatives, Prospera and the Arizmendi Associates are also demonstrating the potential of the solidarity economy Co-operative capital is different than venture or bank capital. This is partly because it is ‘par value’ and does not increase over time and partly because it comes

Not Alone

â&#x20AC;˘

from members and other stakeholders, directly and democratically involved in the business, who are unlikely to pull out their own capital and destroy their own livelihoods or the local economy solutions they are seeking to co-develop. Evergreen Co-operatives and Prospera both highlight how to mobilise and manage co-operative capital systems Mutual guarantee schemes can reduce risk, but public-social partnerships like those in Italy and like Evergreen Co-operatives in Cleveland can also be forged with municipal authorities and other anchor institutions in low-income areas with high unemployment. Indeed, with joint commitment they can be developed to build an economy for the common good Support from US Steelworkers for worker co-operatives is an example of a trade union helping to create new jobs in the green economy and in other service and manufacturing sectors. Much more needs to be done, but innovative good practice is emerging and in some countries like Italy and Japan the solidarity economy has a proven and growing track record

Not Alone

Conclusion: The solidarity economy

The vast and growing group of workers which we have characterised as the selfemployed precariat is an international phenomenon. Its role in the economy cannot be overstated. Although its members are frequently unsung, it is a dynamo for growth. Selfemployed workers are creating their own jobs and indeed leading the creation of new work. They lack economic and social protection and securing these rights is a complex and strategic challenge for the trade union movement. The self-employed precariat is, by its nature, complex and its needs are not uniform or simple to address. Some of the precariat have representation through specialist trade unions, but most have limited social benefits and no representation at all. Self-employed Workers lack Legal Protection and Representation Government

Employers p

>ŝŵŝƚĞĚ ďĞŶĞĨŝƚƐ

KŶůǇ ƐŽŵĞ ŐƌŽƵƉƐ ƌĞƉƌĞƐĞŶƚĞĚ Ğ͘Ő͘ ĂĐƚŽƌƐ͕ ŵƵƐŝĐŝĂŶƐ

>ĞŐĂů ĚƵƚǇ ůŝŵŝƚĞĚ ƚŽ ŚĞĂůƚŚ ĂŶĚ ƐĂĨĞƚǇ

Trade Union Union

SSelfl employed

Not Alone

Employees have the bene³ts of employment law protection Government ernment WůĂĐĞƐ ůĞŐĂů ĚƵƚǇ ŽŶ ĞŵƉůŽǇĞƌƐ ƚŽ ƉƌŽǀŝĚĞ ŵĂƚĞƌŶŝƚǇ ƉĂǇ͕ ŚŽůŝĚĂǇƐ ĞƚĐ Employers WƌŽǀŝĚĞƐ ďĞŶĞĨŝƚƐ ĚŝƌĞĐƚ ƚŽ ĞŵƉůŽǇĞĞƐ ƐƵĐŚ ĂƐ ƵŶĞŵƉůŽǇŵĞŶƚ ƉĂǇ͕ ƐŝĐŬ ƉĂǇ͕ ƉĞŶƐŝŽŶ ƉĂƌƚůǇ ďĂƐĞĚ ŽŶ ĐŽŶƚƌŝďƵƚŝŽŶƐ

ZĞƉƌĞƐĞŶƚƐ ƚŽ ĞŵƉůŽǇĞƌ͕ ƚĂŬĞƐ ŝƐƐƵĞƐ ƚŽ 'ŽǀĞƌŶŵĞŶƚ͕ ƉƌŽǀŝĚĞƐ ůĞŐĂů ƐƵƉƉŽƌƚ

WƌŽǀŝĚĞ ĞŵƉůŽǇĞĞƐ ǁŝƚŚ ƉĞŶƐŝŽŶ͕ ƐŝĐŬ ƉĂǇ͕ ŝŶĚĞŵŶŝƚǇ ŝŶƐƵƌĂŶĐĞ͕ ůĞŐĂů ĂĚǀŝĐĞ͕ ƚĂǆ ĐĂůĐƵůĂƚŝŽŶ

Trade Union Union Employees ploy

The self-employed precariat enables many small growing firms to contract labour and skills as and when needed. Many, indeed most, of the self-employed value their independence and do not ask to be rescued or ‘saved’. Risks and rewards need, however, to be evenly balanced when the power relationships are anything but. While legislative changes can help to crack down on abuse such as forced or false self-employment, workers need to be able to organise and join forces in order to reduce overheads and, more importantly, defend and assert what rights they do have - including the right to a contract and the right to be paid on time, as well as workplace issues such as health and safety. The resounding message from the inquiry and this report is that the needs of this important group can, and probably can only be addressed, by a partnership between the trade union movement and the co-operative movement. This is already happening in an international context and this report highlights a number of striking examples of good practice from Italy to India and emerging in the USA under the Union Coop model. While the context of the digital economy is new, the problems generated by global digital corporations are not (even if their form is very modern). Addressing these problems requires the collaborative adaptation of resources and institutions with a long history and vast experience, created for and by working people, often applied with the support of municipal and local authorities. The prize is the development of a new, innovative and equitable solidarity economy.

Not Alone

International evidence and UK best practice shows that organising self-employed workers is most successful when the trade union and co-operative movements, supported by local authorities, find common cause. In many parts of Europe this convergence and joint working is known as either the ‘social solidarity economy’ or just the ‘solidarity economy’. Both efforts are complementary. Trade unions help selfemployed workers get what they are entitled to and co operatives help them work together to make the most of what they have as common resources. In the USA, where the solidarity economy approach led to the Union Coop model co-developed by the US Steelworkers and the Mondragon Co-operatives from Spain, there is a different mutual aid logic underpinning the organising approach of precarious workers. This methodology is a throwback to the earlier days of trade unions and cooperatives working hand in glove.144

“Originally, unions were organised around a logic of mutual aid, which emphasises that, like an extended family, the union is a corporate entity whose members have multiple obligations to one another and share a collective responsibility for the well-being of one another. This logic enabled unions to survive in a hostile environment characterised by employer and legal opposition. Over time, unions lost their legitimate authority to command members’ commitment because they shifted their orientation from involving members in the lives of their unions to a servicing logic, which emphasises the role of leadership in negotiating material gains through a bureaucratic process, especially providing members with good wages and benefits. In today’s hostile environment, this logic is no longer effective. In order to survive, many unions are attempting to re-create their old mutual aid logic.” Mutual Aid and Union Renewal - Cycles of Logics of Action, Samuel B Bacharach, Peter A Bamberger, William J Sonnenstuhl Given the common dispersed situation of self-employed workers, the evidence of good practice gathered for this inquiry shows that the mutual aid logic for organising strategies is crucial for success - both for trade unions and for co-operatives to collaborate in recruiting and meeting. Moreover, it is the widespread lack faced by self-employed workers of employment protection, sick pay, holiday pay income and the barriers they face to accessing welfare benefits that underscores the importance of solidarity economy solutions co-developed by trade unions and co-operatives.

144 Samuel B. Bacharach, Peter A. Bamberger, and William J. Sonnenstuhl (2001) Mutual Aid and Union Renewal - Cycles of Logics of Action, Cornell University Press, page ix

Not Alone

In his speech to the Labour Party conference on 29 September 2015, Jeremy Corbyn recognised the needs of self-employed workers and their exclusion from the welfare state.

“One in seven of the labour force now work for themselves. Some of them have been driven into it as their only response to keep an income coming in, insecure though it is. But many people like the independence and flexibility self-employment brings to their lives, the sense of being your own boss. And that’s a good thing. But with that independence comes insecurity and risk especially for those on the lowest and most volatile incomes. There’s no statutory sick pay if they have an accident at work. There’s no statutory maternity pay for women when they become pregnant. They have to spend time chasing bigger firms to pay their invoices so they don’t slip further into debt. They earn less than other workers, on average just £11,000 a year.....So I want our policy review to tackle this in a really serious way....Labour created the welfare state as an expression of a caring society but all too often that safety net has holes in it....and it is not there for the self-employed. It must be. That is the function of a universal welfare state.” Jeremy Corbyn, Labour Party leader Speci³c needs of self-employed workers identi³ed by the inquiry include: Comradeship and social support Whether working on short term contracts in differing workplaces, or working alone at a desk or driving a van, feeling alone is commonplace. Shared workspaces, a mutually developed back-office and membership of a support organisation builds confidence to negotiate better conditions for themselves. Communication with others Being part of some membership organisation or network enables them to share experiences, compare prices and charge-out rates, and identify rogue employers and agencies. Back of³ce services Most need professionally provided back-office services, whether in the form of invoicing, cash-flow management, access to finance, specialist insurance or collecting unpaid debts. Legal advice, advocacy and support All need some legal help and backing, of the type provided by trade unions to the conventionally employed and some freelancers, whether the comprehensive service of the Medical Defence Union, or simple contract advice. Marketing, sales and workspace Every member of the ‘precariat’ is constantly looking for work. An organisation like the French business and enterprise co-operatives, the CAEs, provides a nationwide solidarity economy solution for those new to self-employment.

Not Alone

Cash-´ow protection This includes the provision of sickness pay to cover periods when they cannot work, as well as managing payment for work done, and providing mutual guarantees and credit facilities. A number of not-for-profit, social enterprise and co-operative organisations across the UK supply these types of service to a mixture of sole traders, co-operatives, social businesses and small businesses, whose needs overlap with those of the self-employed precariat while not necessarily being the same. There is, however, no joined-up or co-ordinated provision designed specifically for self-employed workers and most operations in England and Wales which seek to assist are very small-scale. By, contrast CAEs in France operate in most cities and provinces. They assist self-employed workers by having them listed on its books, by helping them co-operatively to self-manage, by providing them with workspace and insurance, by help them with marketing to find customers/hirers and also by assisting them to secure and deliver contracts.

7.1 Trade unions for the self-employed – the organising challenge The trade union movement needs a cohesive and sound plan able to respond to the transformational changes taking place in the workforce we have highlighted in this report. These changes are at their most dramatic in the development of the global digital corporations, such as Uber, which have the potential to drive earnings and work conditions catastrophically downwards as they squeeze competition and regulation out of the market. Trade unions have confronted and practically solved problems facing self-employed workers in the entertainment sector (BECTU, Equity, the Musicians’ Union and the NUJ) and they have considerable knowledge and experience of how to organise the self-employed, which they could pass on to other, larger, trade unions. The international dimension is reflected in the fact that the ILO, the International TUC and the International Co-operative Alliance have all recognised that organising the informal workers of the world is strategically crucial. Some general unions for self-employed workers have been successfully set up in the Netherlands and Spain. The Charter of Freelance Rights,145 developed by the European Federation of Journalists, has wider applicability to other self-employed workers and provides a template that could be adapted to develop a self-employed workers’ charter for the UK and for other European countries. WIEGO member organisations have shown both how to organise informal economy workers and how to change policy and law through successful advocacy. There is a need to make the self-employed workforce visible, to amplify their voice and to increase their presence and legitimacy in policy debates. What works well in India, which has a limited trade union infrastructure, is a joined up system of co-operatives and member based organisation support systems that in combination operate as new trade unions for the self-employed. This may not be so easy to adapt in the UK, where trade unions are already well established but the system’s principles can provide guidance to the TUC and Co-operatives UK. 145

http://www.ifj.org/issues/freelances-rights/

Not Alone

7.2 Digital technology – Converting a master into a servant It is absolutely clear that if collectively owned and run organisations and electronic platforms are not created, transnational corporations will increase their control of the new platform technology and with it the supply of intermediaries and back-office services - to the growing disadvantage of self-employed workers. There is an urgent need to address this issue and work to design digital structures which can support selfemployed workers and enable them to maintain their independence and protect their livelihoods against the growing dominance of digital corporations.

7.3 Mutual Aid Logic: Organising and collaborative services models This inquiry has concluded that two distinct ‘mutual aid’ organising and services models are required: representation/insurance/advice and services supply co-provision. To get this right requires some degree of experimentation and a creative collaboration between UK trade unions and the co-operative movement and on a much bigger scale than existing good practices in the media sector. Co-ops and mutuals can provide a range of essential services to the self-employed Financial Services: ŝŶĐůƵĚŝŶŐ ĐŽŵŵĞƌĐŝĂů͕ ƐŽĐŝĂů ƉĞĞƌͲƚŽͲƉĞĞƌ

General Back-office Services: ŝŶĐůƵĚŝŶŐ ƉƌŽŵŽƚŝŽŶ͕ ǁĞď ƉƌĞƐĞŶĐĞ͕ ŝŶƐƵƌĂŶĐĞ͕ ŝŶĚĞŵŶŝƚǇ ŝŶƐƵƌĂŶĐĞ͕ ƉĞŶƐŝŽŶƐ͕ ƚĂǆ͕ ůĞŐĂů͕ ĨŝŶĂŶĐŝĂů͕ ,Z ĞƚĐ͘

Mutual Providers oviders

Co-op Providers Pro Provid Providers oviders

^ĞůĨͲĞŵƉůŽǇĞĚ ĂŶĚ ŽͲŽƉƐ ŵĂǇ ĐŽŵĞ ƚŽŐĞƚŚĞƌ ƚŽ ĐƌĞĂƚĞ ŶĞǁ ŽƌŐĂŶŝƐĂƚŝŽŶƐ ƚŽ ŵĞĞƚ ŶĞĞĚƐ ƐŽŵĞƚŝŵĞƐ ŽĨ ŶĞĐĞƐƐŝƚǇ

Self-employed Individuals

Bespoke services: Ğ͘Ő͘ ŝŶĚƵƐƚƌǇ ƐƉĞĐŝĨŝĐ ŝŶĚĞŵŶŝƚǇ ŝŶƐƵƌĂŶĐĞ

Commercial Services Provid Pro ovider ovider Providers

/ŶĚŝǀŝĚƵĂůƐ͕ ŽͲŽƉƐ ĂŶĚ DƵƚƵĂůƐ ŵĂǇ ďĞ ĂďůĞ ƚŽ ŽďƚĂŝŶ ƚŚĞ ƐĞƌǀŝĐĞƐ ƚŚĞǇ ŶĞĞĚ ŽŶ ƚŚĞ ŽƉĞŶ ŵĂƌŬĞƚ

Co-operatives Co-oper Members

The representation/insurance/advice bodies will need to be able to address a distinct category of worker, those who are registered as self-employed. The type of legal representation, insurance and advice this group needs is very different to those on PAYE, and it may be that different teams of advisers and lawyers need to be created to provide this. These could be part of the same representation/advice organisation that

Not Alone

serves those on PAYE contract work, such as Trade Unions, or they could be in separate organisations linked federally, so that they can build the expertise to work with both groups. The services supply organisations can be sector specific (artists, actors, builders) or service specific (back-office, workspace, equipment sharing, finance, insurance). They can address a whole range of needs in addition to their main function, either through partnerships with financial institutions and insurance companies, or if they can build scale they can deliver directly. Examples where the more prosperous self-employed have organised, such as the Medical Defence Association (MDA), or like the National Farmers Union, through its historically associated organisation, NFU Mutual, show what is possible. An integrated model of representation and service supply together will be difficult to build in the UK, but whatever solution is found will need to draw upon the expertise of the trade union movement. With the direct involvement of the trade union movement it would be possible to design an organisation that supplies both some generic services and representation. What is also needed is proactive support and facilitation by trade unions and other anchor institutions to enable and encourage co-ops and the mutual organisations to develop and provide the necessary additional support and back office services. Bruno Roelants, of CECOP CICOPA – Europe, offered guidance to UK trade unions and co-operatives based on international experience in his evidence to the inquiry. He said: “‘One key observation regards who should do what in helping the self-employed organise themselves, including in co-operatives. Whereas as indicated in a series of examples, trade unions can indeed provide the self-employed with a series of services, for example, legal contracts, etc, helping people organise themselves in co-operatives is usually the role of co-operative organisations. The case of the French CAE is a typical example. In our experience and from our observation point, the few trade unions… that have committed themselves to organise co-operatives have either separate entities and institutions doing this co-op organisation work (e.g. SEWA or even the Wales Co-operative Centre) or have helped establish institutionally separate co-operative organisations (e.g. CICOPA member UNISOL in Brazil).” This guidance is consistent with the collaborative best practice in the UK identified by the inquiry. This is evident in the partnership between the Musicians’ Union and Co-operatives UK and the similar division of labour that operates between Equity’s representational work and services and the partnership with the CPMA to widen services through the development of actor co-ops. The illustration below highlights how a Solidarity Economy system could operate through a collaboration between the trade unions and the co-operative movement with additional support secured through Government and local authorities as is the case in France and Italy.

Not Alone

Uniting Self-employed Workers – What a solidarity economy approach might look like Self-employed TU members represented to Government ernment to improve access to benefits, and to Employers oyers

Governmentt G Co-op Umbrella providing finance, tax, marketing, PI Insurance

Trade Union

Self-employed Individuals

Trade Union Anchor Organisation

^ĞůĨͲĞŵƉůŽǇĞĚ ĂŶĚ ĐŽͲŽƉƐ ĐŽŵĞ ƚŽŐĞƚŚĞƌ ƚŽ ĐƌĞĂƚĞ ŶĞǁ ŽƌŐĂŶŝƐĂƚŝŽŶƐ ƚŽ ŵĞĞƚ ŶĞĞĚƐ Mutual Insurance including PI Mutual Guarantee e schemes

Mutual back office services

Self-employed Associates Local & Specialist Co-operatives

^ƵƉƉŽƌƚ ^ƵƉƉŽƌƚ Θ ĨƵŶĚŝŶŐ Θ ĨƵŶĚŝŶŐ Local Authorities

Co-op Consortium Conssortium for benefits beneffits of scale e

Kƌ ŵĂǇ ďĞ ĂďůĞ ƚŽ ŽďƚĂŝŶ ƚŚĞ ƐĞƌǀŝĐĞƐ ƚŚĞǇ ŶĞĞĚ ŽŶ ƚŚĞ ŽƉĞŶ ŵĂƌŬĞƚ

^ƵƉƉŽƌƚͬĨ ƵŶĚŝŶŐ

Commercial Commercia C ial services providers provi iders

Mutual Finance schemes

Liability insurance, tools insurance, debt collection services and sick pay savings schemes could all be rolled up into a self-employed trade union package. A credit union, mutual credit like WIR and mutual loan guarantees, could be co-developed by the co-operative movement working closely with trade unions. Co-operative consortia, shared workspace co-ops and other mutual aid solutions would be complementary. The same would be the case for social co-operative organisations like the French CAEs for start-up support. Considerable knowledge is already present among the Federation of Entertainment Unions on how to organise self-employed workers and meet their needs. Some of these unions are also supplying specialist services to their members such as debt collection and liability insurance, so there is considerable experience to build on. If the TU movement works with the co-operative movement, with which it shares its values and a common history, a unified service and representation model is possible and would still leave space for specialist bodies supplying services to specialist groups.

7.4 Devolved UK governments The devolved governments in Northern Ireland, Scotland and Wales all have the power over economic development devolved to them. All have established cross/all-party groups on co operatives and mutuals, and all have policies which promote co-operatives to a greater or lesser extent. Recently, these groups have started to work more closely to develop policy. There is an opportunity in Wales to blaze a trail within the UK in supporting self-employed people in vulnerable employment and to strengthen their position in

Not Alone

the labour market through co-operative models in a similar fashion to the French CAE model. The Wales Co-operative Centre (WCC) is unique as a co-operative development body for being set up by the trade union movement. It began more than three decades ago. WCC’s relationship with the trade union movement remains strong today. It provides the ideal conditions to bring together two key players. Furthermore, the highly successful Enterprise Rehearsal Project, which ran during the early 2000s, means that the WCC already has experience of supporting individuals that are unemployed to become self-employed by assisting them to test trade their business idea whilst still on benefits. The Buurtzorg neighbourhood care model in the Netherlands and case study (section 3.6) is a model that could be developed in Wales. It could be aligned with the social services and Well being (Wales) Act 2014 which actively promotes the adoption of cooperative models of social care. There is scope to adopt the model to increase the pace of social co-op development, to realise a Wales-wide business that works in a distributed way, in small self-managing teams, providing customised home care in a range of neighbourhoods.

7.5 Summary recommendations Time is of the essence. The self-employed workforce is growing at over a quarter million each year, and accounts for more than 50 per cent of new jobs being created. There is a need to act fast to alleviate the condition of the ‘precariat’ and offer self-employed workers the services they need. This needs matching with proactive recruitment to help them build a collective voice for change. The four guiding objectives and recommendations for uniting self-employed workers are: 1.

Recognition of the growing self-employed workforce, by developing organising strategies for self-employed workers, bringing together trade unions and the cooperative sector and operating with the support of national union centres such as the TUC The development of organising strategies will involve consideration of key priorities for action, including: • Primary sectors, such as the creative industries, care services and the green economy • Primary services, such as a credit union for freelancers, provision of micro-insurance and related services such as debt collection, tax accounting and legal advice, the scope for platform co-operatives and sources of capital for cooperative business development The interests of self-employed workers are not well represented in national policymaking, with the result that they face unnecessary regulatory burdens and barriers. The Department for Business, Innovation and Skills (BIS) should identify how to create a voice for self-employed workers at the heart of government, learning from the way in which wider small business has successfully become recognized over time, in business policy, regulatory interventions and commissioning design. Two policy initiatives that are high priority, to unlock the potential for collaboration across self-employed workers, are: the development by the Treasury and Financial Conduct Authority of an appropriate regulatory treatment for mutual guarantee societies; and exploration by the Department for Work and Pensions of the potential for business and employment co-operatives for people on benefit.

Not Alone

Appendix one Co-operative d’Activités et d’Emploi (CAE) The social economy in France is estimated at around 12 per cent of GDP employing around 1.3 million people, very similar to the level in the UK and indeed the level in other European countries. As in the UK essentially the philosophy underlying the principles of the social economy include sustainable development, localism and a belief that there are issues other than profit. France however has a more mutualist culture, so the idea that staff and beneficiaries should also play a part in decision-making is much stronger than in the UK, and the idea of a social enterprise run by a lone social entrepreneur which is becoming increasingly common in the UK, would seem unusual to them. La Maison de l’Initiative (MdI) in Toulouse is a SCOP (Société Co-operative et Participative)146 offering a general range of business support and advice in a co-operative setting, and a Co-operative d’Activités et d’Emploi (CAE) which is part of a national network of CAEs147 aiming to explain and promote the idea of ‘salaried entrepreneurs’. It has operated for 20 years, employs 14 staff and grew out of a project aimed at encouraging women from economically deprived areas of Toulouse to develop their own enterprises. While it now supports men as well as women equal participation by women remains a core aim. The learning from the early days of the organisation was that at the end of a period of training and support to develop their enterprise idea, the clients still lacked the confidence and experience to launch their enterprise. The solution they developed was to ‘couver’ them (incubate their businesses in the way a hen incubates and hatches out her eggs) for a period of one year following a period of training and development. During the incubation period, they may continue to draw benefit or unemployment income from the state but also, when their enterprise begins to earn income, they draw a salary from CAE funded by their own earnings. After running the service for disadvantaged women, the organisation decided it could be applied much more widely, to anyone starting up an enterprise who needed training or support – and a period of protection. The methodology for working with the client that they use is fairly standard across all the CAEs: • Potential clients have to present themselves for interview where their aspirations and ideas are discussed and developed. Are they serious about the idea of their own enterprise? Do they realise it may mean some 24/7 commitment? How much to they hope to earn? • This is then followed by a period of training. People may already have a qualification or a trade but may know nothing of marketing or business development; or they may have no existing qualification or experience and need to develop that too 146 SCOPs in France use the same legal forms as other companies (SA, SAS, SARL) but with the key difference that at least 50% of both the capital and the Board are controlled by the salaried employees who vote democratically on running the organisation. SCOPs are essentially the French form of worker co-operative

147

Cooperer pour Entreprendre – Co-operate for Enterprise http://www.cooperer.coop

Not Alone

•

• •

• • •

•

• •

They then launch their business which the CAE helps them promote via the website. The initial earnings may be €0 in which case nothing is payable and no salary is received. When the number of hours of employed work exceeds 25, they become salaried employees and receive a salary based on what their business is earning. The SAE approaches the calculation of the salary in a very sophisticated way. If for example €800/month comes in the first month, they may base the salary on €600 so that peaks and troughs can be evened out. Any surplus is held back, and can be paid when the business is on its feet. During this period the client must issue their own invoices and prepare and understand their own accounts, and 10 per cent of gross earnings are paid to the CAE to cover its costs After two years a decision has to be taken whether to leave the umbrella of the CAE and strike out on their own, or to become an associate (associé), which still allows them to be employed up to half-time in another job As an associate, they continue to receive a salary and remain in effect an employee of the CAE. An agreement is signed between them and the CAE setting out the basis for the working relationship which includes a commitment to the social economy and provides them with accounting support (detailed in the additional bullet points) Chasing up bad debts and late payments (and the associates salary is still paid even if the payment of their invoices has been delayed) Assistance in completing and submitting tax and social contribution declarations The necessary ‘agrément’ – proof of qualification of experience in the relevant area of work - which CAE holds and is insured for collectively, on the basis that CAE has assured itself that the individual has the required competence if not the relevant piece of paper Insurance (for which they pay a further €50 per annum on top of the 10%) provided through MACIF148 itself a mutual. (MACIF will not insure specific employments of a professional nature and has certain exclusions so that not every area of work can be supported) In the case of the building trades CAE, entrepreneurs also access a Groupama policy which provides their work with the 10 year guarantee required by French law Access to their network so that they are aware of opportunities and so they can work with other associates or other known social economy organisations when tendering for larger schemes or for jobs which includes competences they do not have

The number of associates at MdI in Toulouse has grown steadily from three initially to 60 – covering 25 different types of enterprise including some esoteric ones (like a provider of draft oxen to extract timber from awkwardly sited woodlands). MdI does not pay dividends to its members – all funds are re-used for its objects - but as a SCOP has the right to do so if it chooses although dividends would obviously be small. There is also a second CAE in Toulouse Coop’Action149 which deals with people who want to start something related to the building trade and supports its 34 associates to take on contracts alone or together. Coopénates150 is based in Alsace, and specialises in home care services. The Penates were the Roman household gods and the French still use the familiar expression ‘regagner ses pénates’ to mean to get back to one’s country or home. Coopénates aims to meet the rising demand for care services both for an ageing population and also for working parents as a result of the rise of the birth rate in France. 148 149 150

https://www.macif.fr/web/site/offres/particuliers http://www.coopaction.com http://www.coopenates.com

Not Alone

The Government’s ‘Plan Borloo’ launched in 2005 created a favourable tax regime that facilitated the launch. Like all CAEs individual entrepreneurs create their own business in its shelter. Artenréel,151 also in Alsace is similarly a CAE working since 2004 in artistic and cultural fields under the legal form of a Société Coopérative et Participative (SCOP). Antigone,152 the third Alsace CAE, is similar to MdI, working with self-employed people in a range of fields. The CAE model has many of the features that a mutual for the selfemployed would also wish to have, in particular the provision of insurance and other services, but it has others besides including: • Enabling people to test their idea for self-employment in a protected and supported environment, without risk • Providing the professional agrément (certification) which the individual may lack • Provision of training • Connecting enterprises with each other to enable them to make bids for larger items of work and to join together to offer services generally A crucial difference however is that the self-employed associates within the CAE have arrived there after two years of a) training, advice assistance and support, and b) testing the enterprise in a sheltered environment with the limited pressure that the enterprise must sustain at least 25 hours work per week within 12 months or be abandoned. By contrast many of the five million self-employed people in the UK who earn on average £10,000pa (compared to the average of £15,000 in 2010 when the number of selfemployed was 4.2 million) have arrived there often with very little help, support or shelter. Having been in many cases forced into unsatisfactory and unrewarding selfemployment, they may not be open to a general offer that it would be in their interests to join the self-employed mutual and pay for the services it offers. Other key differences with the UK may be: • Following the abolition of the English Regions as part of the UK government, ESF in England is managed through Local Enterprise Partnerships (LEPS) that includes groups of local authorities. It tends to be subject to a bidding process which forces voluntary organisations to join into large consortia and to make bids which conform to pre-determined criteria. Making a successful bid, in effect to create the equivalent of a CAE, would need a lot of preparation to persuade those allocating the funds that it could be an effective use of resources as it needs to operate on some scale. ESF in Wales is distributed differently but with some similarities. There are no LEPS and ESF is operated through WEFO, the Welsh government body • Other funds from local authorities are hard to come by as economic development is not a statutory duty, and so is not a key function of most local authorities • The CAEs operating via the SCIC legal form where co-operators share services but each run their own enterprise and receive salaries related to that enterprise would be a new one for the UK, but there seems no reason in principle why a co-operative could not be set up which pays salaries on this basis. Some legal advice would be needed to ensure that minimum wage legislation is not a barrier. This is of course a very different model from a self-employed mutual or co-operative consortia, which are co-operatives of independent individuals and organisations who run their own enterprises without any direction or control from the co-operative, but come together to create a service provision organisation to meet their needs 151 152

http://artenreel.com http://www.antigone.coop

Not Alone

Appendix two The European Federation of Journalists Charter of Freelance Rights Freelances are the most vulnerable workers in the media sector. This Charter is a vital tool in the EFJ campaign for improved legal protection for freelance journalists. Every freelance has the right to organise in a union and by collective work seek to improve the situation for freelances and other journalists. Freelances and their unions should have the right to offer services to foster the solidarity among freelances and between freelances and staff, such as recommendations of fees and collective bargaining. Every freelance should have the same professional rights as an employee, the same right to seek information, to protect sources, to uphold ethical standards. Every freelance has a right to a written contract. Every freelance has the right to be treated as a fair partner when negotiating. Every freelance has the right to hers/his authors’ rights. All freelances must have unwaivable moral rights. Freelances must have the right of collective bargaining regarding their authors’ rights. Every freelance has a right to choose the best suitable form for hers/his way of freelancing. A fake or forced freelance who is economically dependent should be treated as an employee and will receive all statutory rights and benefits. Every freelance should have the right to equal protection by social security institutions on equal terms with employees’ such as: • sick pay • retirement pension • unemployment allowance • maternity/paternity allowance equivalent to a comparable employee Every freelancer has the right to equal treatment and to receive decent fees and thus not undermine the positions of staff through providing cheap work. This includes the right – when sent on dangerous assignments – to have the same training, insurances and security system as employees in the same situation. This Charter has been adopted by the EFJ Annual Meeting in Bled, 6-9 April 2006.

Not Alone

Appendix three Money advice and cash-flow support for the self-employed There are a number of voluntary sector organisations offering advice to the public in difficulty, which are also able to offer advice to the self-employed. Most are members of Advice UK,153 which is the representative body for advice service providers across UK. Based in London it has member organisations that are local, and others, which operate nationwide. Membership ranges from Christian groups to large legal practices. It has 800+ members, 18 staff based in London, and a £1.5million turnover TaxAid is an HMRC and Lottery funded organisation, which is able to assist self-employed people on low incomes who have been unable to resolve their problems with HMRC. Accountants provide advice pro-bono to try to assist them out of their difficulties. Business Debtline is a free money and debt advice agency for the self-employed and micro-enterprises. Established 25 years ago in Birmingham it now operates across the UK. StepChange is a similar organisation providing free advice gives advice to all in difficulty, and has a dedicated team specifically to deal with the self-employed. Pennysmart CIC154 based in Chester, is a small local provider of debt and money advice, typical of the many others in towns and cities across the UK. They estimate that around 10 per cent of the clients they see are self-employed. Like most of the other local advisers, they don’t have a specialist advice service for the self-employed, but they are eligible for their general advice service. Cash-´ow smoothing for the self-employed Invoice discounting and factoring are services offered by mainstream banks and their finance house subsidiaries to businesses to ease their cash flow. Like all private sector services offered to small businesses, Discounting and Factoring are offered by banks to generate income, not to serve their customers. Invoice discounting - How it works The bank or finance house agrees and credit checks a list of the businesses’ customers, and a special bank account is set up to which both the business and the finance house have access. When the business invoices these customers, it submits a copy Invoice to the finance house, which then pays them around 90 per cent of the invoice value within a few days. Once the invoice is paid to the business, the finance house takes back the 90 per cent advance plus a percentage fee. The business has to do its own payment chasing, and if the bill is not settled in an agreed time, the Finance House takes the advance payment back, plus its fee. This system improves the businesses’ cash-flow dramatically, but the customers are unaware of the arrangement.

153 154

http://www.adviceuk.org.uk http://www.pennysmart.org.uk

Not Alone

Factoring – How it works This is a more comprehensive service, but it is visible to the customers. The finance house pays out a percentage of the invoice value a few days after the business issues an Invoice, but the finance house then owns the debt. The customer has to pay the finance house direct, and they will chase any unpaid bills and take the customer to court for non-payment if it comes to that. This gives a similar improvement to the businesses’ cash-flow, but the charge is higher. In practice however, neither of these services is available to the lone entrepreneur, even those that are not in the ‘precariat’, as banks are not interested in supplying such a service unless there is sufficient volume of sales. This service is in effect supplied by some of the service co-operatives, and by the CAEs in France. In the UK there remains a great opportunity to provide a similar service to those not part of such a co-operative as collecting payments is a problem for most self-employed workers. Mutual alternatives to factoring and discounting Mutual organisations can offer other ways to smooth cash-flow. Those that offer an invoicing and debt collection service can include an automatic invisible loan facility, paying invoices out to members on time, and then collecting any overdue debts on their behalf. Alternatively they can operate a programmed, regular payment system such as that offered by the French CAEs (see appendix one). In a mutual organisation this cash-flow smoothing operates by using the pooled funds held within the organisation. Such a system removes the need for an outside service from a bank, and thus the leakage of profits to the private sector

Not Alone

Appendix four Terms of reference for the deliberative inquiry To investigate the practical pathways to service growing levels of need for self-employed workers, this project will conduct an independent deliberative inquiry involving a range of organisations that are well placed to collaborate to develop a ‘mutual aid’ economy framework to support the self-employed ‘precariat’. The terms of reference for the project are as follows: • The research will build upon the research of Co-operatives UK, New Economics Foundation and that of other studies by the ILO, UNI Global Union and other trade unions • The project will conduct telephone interviews with trade union, co-operatives and mutuals operating in the UK and abroad that offer a range of integrated services for self-employed workers • Models developed for self-employed members by trade unions will be appraised for their packages and experiences to date • Co-operative sector service models including the Business and Employment Cooperative (BEC) systems in a number of European countries will be investigated for good practices • The work will be guided by key stakeholders for appraising and commenting on the findings and to provide expert guidance on the preparation of the final report. These stakeholder organisations include Co-operatives UK, the Community Development Finance Association, the TUC, the Wales TUC, The Wales Co-operative Centre and Unity Trust Bank • Consultation methods for the inquiry will take evidence, invite presentations from practitioners to assist in compiling a solutions oriented report with key strategic recommendations for developing collaborative economy systems that harness the creativity of the co-operative movement, the trade union movement as well as the social banking and community finance sector.

Not Alone

Thousands of businesses, one network

Co-operatives UK is the network for Britainâ&#x20AC;&#x2122;s thousands of co-operatives. We work to promote, develop and unite member-owned businesses across the economy. From high street retailers to community owned pubs, fan owned football clubs to farmer controlled businesses, co-operatives are everywhere and together they are worth ÂŁ37 billion to the British economy.

www.uk.coop

듣 덟髛ꩣ驏꺋ꀃ YWX\ 긛쏻땰騬떋덟髛뜯됿긛댴뒫ꗋ ꁯ늷黧ꅈ듿쎀ꅈ뗟싘덟싘쏻댿꺋 꾇싸싋 騟驫ꢫ듴ꀷꁓU