Hiệu quả sử dụng vốn vay của các hộ nghèo tại huyện Quỳ Hợp, tỉnh Nghệ An hiện nay

Lời Cảm Ơn
Trong thời gian 4 năm học tại trường Đại học
Kinh tế - Đại học Huế và qua đợt thực tập để
hoàn thành đề tài:”Hiệu quả sử dụng vốn vay
của các hộ nghèo ở huyện Quỳ Hợp, tỉnh
Nghệ An hiện nay”, tôi đã nhận được sự giúp
đỡ của nhiều cá nhân và tập thể. Tôi xin
chân thành cảm ơn:
Quý Thầy, Cô trường Đại học Kinh tế - Đại
học Huế đã giảng dạy cho tôi trong suốt thời
gian học ở trường và đã giúp đỡ, trang bò
những kiến thức cần thiết để tôi hoàn thành
bài chuyên đề của mình.
Xin chân thành cảm ơn sâu sắc tới thầy
giáo Th.S. Nguyễn Hữu Lợi, người thầy đã tận
tình hướng dẫn tôi trong suốt quá trình thực
hiện đề tài này.
Xin cảm ơn các bác, chú và các anh, chò tại
Ngân hàng Chính sách xã hội huyện Quỳ Hợp
đã tạo điều kiện thuận lợi, giúp đỡ tôi trong
khoảng thời gian thực tập tại cơ quan.
Xin gửi đến toàn thể bà con hộ nghèo xã
Đồng Hợp và xã Tam Hợp lời cảm ơn sâu sắc,
những người đã góp phần giúp đỡ tôi hoàn
thành chuyên đề này.
Xin bày tỏ lòng biết ơn đến gia đình tôi và
toàn thể bạn bè. Họ là nguồn động viên, khích

lệ cho tôi trong suốt quá trình học và thực hiện
đề tài này.

Sinh viên thực
hiện
Vi Văn Vũ






 !"#$%&'()"%*+


 !"
#$ %&
'(
 !"##$",#-".(/01'2-3". #4"56-7
5 89".+$59:;<-="(/' >5'#?"(* #@-2-3:A
B".(C"(DE5FD5G5 ,". HI7
)*+, -/01#
123435678#
9&678#
:; <67=>>'
)?67@A
#1@B678A

CDE67F
9&F
GF
1@H7@F
EI%JK7"ELCDE67"1M)+NM

1@H(@
-7"7@<"7@
-OI7@
#$ %7@
'P@QR7@
:++$2JKLMNOPJQRJSTR+U
#MSKITCE67
#9&
#MSKITCE67
)*+,MU)VW1#
+XQ<1M)+NM#
:;QY1M)+NM#
:;#
ZQY'
MSKITC@&E67S(EI[ %'
,1M)+NM\-7)'
,1M)+NM@.]^\1[_
`a(D@PbM!F
5 89".##$'V"  V" (DE(C"(/ #@-2-3:AB".(C"
(DE5FD ,". HI'W# -E@"2-X Y.#D#%IW"Z[+[\Z[+ZZZ
)c)1Md1ef1MMg,1hi1MVj/P/f+klm1hZe1Zn])on)c)Mp1hMqrst1un
`v1M/]j1P/wMx$
(X^(yOE@PbM!
(X@PbM!
(yOE@PbM!
((@PbM!
#XQ"867@PbM!#

+%3 !1BI&yOE@PbM!A
P&QRR&Q;1M)+NMPbM!A

)z^1M)+NMM@PbM!A
)%{1M)+NM@PbM!|
:Z+$:SJ]^M" 5:_  JQ2`aZb
#RR7"E%[_
MU)s}1hZn]Ze1ZvMVj/P/f+klm1hZe1Zn])onMp1hMqr}V1M)+NMM/]j1
P/wMx$F
XQ"7@@=1M)+NM@PbM!F
)&7"EI(7@E67"1M)+NMM@PbM!F
$BLXQ"7@E67"1M)+NMPbM!Q77"FF~
F
MSKITC@&E67Q7•Q_
:;&E67Q7•Q_
RR@ITC@€1M)+NM&E#
c1MhVc)M/1hZ•MU)s}1hZn]Ze1ZvMVj/P/f+klm1hZe1Zn])on)c)Mp
1hMqr,1M)+NMM/]j1#‚
X#‚
M"'F
12:Q'
5 89".U$%c"  8d".(/.#3# G"e".5DI #@-2-3
:AB".(C"(DE5FD5G5 ,". HI; -E@"2-X Y'f"
". @D"%1""gZ[Z[h7
[ DGB7SKITC@&E67'#
[ D'#
G''
EIK&ƒB7SKITC@E67''
KJK77&E67„@IKy'A
$!:…2&^7;^S@%I=3K&&@
SK†'A
hK&‡Q!&E67Q7G5&†LC'A
#hK&B7SKITC@&E67'|

01'-="(/0#1"". chi

V935'‚
VV9[AF
'/##@-' D0 3IjU



" 5:_ $ "klmNnS
5"  % $ 5oQapQqp
%(' $%rm
s25 $sL]k
_%." $_ppTR
''0t(( $ 'uvQlJw
'5' $'uxmP
-s" $FJkPk
%2' $ S]Kr
0ss $0PRo
"'': $"oKMJ
':_ $'yQNz


:++$2JKLMNOPJQRJSTR+U
:Z+$:SJ]^M" 5:_  JQ2`aZb
`;†ˆ`;†C7I7@|


s '{ 'K
:++$2JKLMNOPJQRJSTR+U
sZ+$'u|aLLSvK{rlJQ2`

|aZh
:Z+$:SJ]^M" 5:_  JQ2`aZb
sZZ$'u|aLLRSqrZ}
sZU$'LLwJSZi
sZ7$'u|aPy|Mux~•€Z[+[U7
sZh$'u|aPy|Mux~•€Z[++Uh
sZj$'u|aPy|Mux~•€Z[+ZUh
sZb$'u|aLLSPRwRJUj
sZ}$'u|a'LLSPRw|Ub
sZi$'LLkv•lRSMS‚KUi
sZ+[$'LLƒPzMSJw7[
sZ++$'LLyQNzMS‚K7Z
sZ+Z$2JoJwMS‚K77
sZ+U$mƒPwJKRvy„MS‚K77
sZ+7$'LLƒPwJMS‚K7j
sZ+h$|~y|MS‚K7b


!"#$%&'()%*+)&,-./)0*
(Q"ly„oQaPkwwMJ…oovR
b[†(L~JaKoQaoolz‚za‡]J
KRRqQJ'KRˆ€]%l"ly„‰Q]
kaKvSL…kJlla‡v‡{l
‚‚aKla‡vv.]JpTRly|l
‡KR]KL5"  % 'KR]o_%."MmaM
(Q"npˆlmvy(Q"ŠlSy„TRR
„y„K{„plKRv‹pK{"‚vlJl
aKL‡‚wMSTRl„ STR‡wa
RRqSvMŒR{P•lvR{Rƒlƒ
ayQRqRRŒ~a RqSNzvPRM

STR‡wmP
%ƒPwwlax‡JMvraJ{‡w„Q
_%."K{y„lz‚KŒkl^Ž]JrJ~Jw„
yTRQpwNznvplvnpwlƒPwpR
RpQ]qlvpy|vpv€p%l"ly„np
‚m•JSwRyTRqR‚vQRŒp
wNz„ˆ‚vQynz_zaˆ•‘K{lJ
7+[€Z[[Z'My„5maMnp]Jrw+U+’''l
~a"kl5mNnSaxJ{‡qRwRyTR
vPRNzpaa‡•J]KL_%."aKv
SL'J{‚SLŠaP‹lRwvom
x]qTŒlJyk„xnzKzR%‚lJvR
v‹lmamxaKq
"•KRLLpJQ2` |alSJQ‚“•…am'kJ
”"QDvvOaKKLŒ€p•zawMlR
kJ•‚vpv€"kJMJlNzoQallw
+
~aMJM•%wyPk…kJŠyv{‚
NzoQa%‚lJPR‚J{kSSKRˆ
J{kMJlPRwNzlƒPwyQ](L~J
‚SLvoˆvoNpy|py|TRlNzQ
LKqTR
"~xy|‚pon]JrŒ‚l$
 !"lJ{‚
‹~awQaML
1"2&.#&%$3%*4$&5670$%*8972$3%*4$&56
\$km‹KqRqSRJlQ
]ƒPwJMSTRq"kl5:_ 2` |apyKy|
ˆaa•kRQ]wJMSTRpaa‡
•QSTRK{rlJQ2` |aS‚ˆ

\
• QwRz‚^~‚mPynM" 5:_ w
„STRlQ]ƒPwJw„SL
•%LLJwlQ]ƒPwJMSTRq
" 5:_ JQ2` |a”"QD
•%‚Nzˆaalvr•kRQ]ƒPw
Jq" 5:_ MSTRK{rlJQ2` |a
:";*)<=$370(%>97*$3%*4$&56
%wy|{xM‚llJl‹KqRqSRJlQ]
ƒPwJMSTRM•RPr" 5:_ 2` |a
q{x$
\0o$qrlJQ2` |a”"QD'KRpl
‚K‹qZNn% |alNn' |a
\'$%‚K]U€Z[+[Z[++lZ[+Z
?"%<@$3(%A($3%*4$&56
 2RqSP–KllJJq"k
lplQy„PŠRvlk|ayaaq
Z
R—RP˜™ˆayaalJ“aoL~RqSmPM
"kl•Q‹xvoa]RwK{zJ
!"s•aN“K‹a„SKR"k
l‘‚J{oQa‘‚zŒ‚loys•
lJopy|z‚Jvv“ulQp
# $%&''u|aqˆSP
z‚K˜KlˆwQl"klza]pP–
‹S{KJ{kM‹Sp
$(&)•u|awQakmRqS
RJSTRqa•RPrkl]€
*&+,5Œ‚K€xlR‰lL
LMJQ2` |aoŒKZNn% |al' |al‚K

"RlayaaK{o•ƒPSwayaavˆ
L~z‚lp‚k
B"C+)&'6&,-./)0*
%‚lUa‡lUy‡…‡SPlv]{x
a‡v~"Rla‡…‡lv~‚ly|lUy$
5y+$5…^~l‹–‚Q]ƒPwJMSTR
5yZ$ 'LLJwlQ]ƒPwJMSTRq
JQ]`|aRqZ[+[šZ[+Z
5yU$SwaaRlQoRJSTRqa•R
Pr" 5:_ JQ2` |a
U
DEFGH
I!JKLMN OF
PQRSDTU
!"!"JKL
!"!"!"%V$37'$./WXW6Y$7/$3%Z[.\*
/012
"TRlLKqSSa~PkyvoM‚vQ~zl
‡›PJKLSw…xwKR‚vQMS•x
wwR$€‰…ˆQqŒl™ JTRpl
LKqvO…‚‰~amP–ruyvrKMKRl
mpv€K…qSwLyMNnS%plSa~Mˆ
yTRvoˆvoM‡wlvoM€
y|wPJKLSw•lJ
SrwpTRv‹5kGš'sVyPRœ:5Du
x…s€5wi€+iiUnyKvQTRpy$•"TR
plSSa~Pkyvoy|y…l‘nˆ‡M
Ryny|NnS~•J—RKLSaKvNnSl
aR~a]Mrayž
5pN—kJlrŽz‚TRp…]rŽlJ

“p~PQˆ‰MJMTRp
"kl„Ÿ s¡yKrŽ‚TRpJQwlTRp
yw
0123$
'LKqTRpJQwNJKv~aJx{P•MS
yJSLNwza„qTRpy|rŽ•l
S‚vQw‰Ky…‹JPPy¢•ˆlQ~£za
xy|R|a^RSRyž
7
%Nr„qTRpp€xlRamly„mRS
vwy|•lpž—R|a^ R‰p€xlR{•
PPy¢yy|Rlzq‡Py|zaR
012$
"TRpywlLKqTRpy|NrvRˆ
pyˆ•„Syy|N—lTRpywv
px~al€za+’Ux~al€L]k‡y
M]wp
"TRyw¤lSLxQ‹zL¥KRak
aw~aR~JlJJTRywly|“^‚p
aa¦a‹vQˆyllyTR"ˆpy
vKRSSvKRS•™ŒpLKq
TRvuvLmlaa¤avla•|a
(z‚TRpyo„akaw~a:‹akaw~a
vo‚yPŠ‹€TRpR~Jz‚Npp
TRp{]~„€Ky…vlo•NnS
4.5678019''
"yTRw‡…vaKRNnSyLŒ~a
KMJ…•ool—lr5pPkSmyy
KzTRl•QRRr‚KMKRvlJ{qvQ‰
QlPrwPlRSTRvoy|JŒ

%‰TRp…•oov„lrSTR…•o
owMJP‹lRzlxRSl~amqP‹MJ
lR€zRSy|MloQaKRpMJlK
KŒl€o5•…lrSTRyal{xRS
oklLŒ
"LSTRpˆ‰$
\'~azavourvopQlyNJ{
\'ypmRSmlyoˆyvopv€
RS
h
\5pKLSŒzluŒzaqSa~Pky
\5SwMyTRyaaSyvya
Jw„nzRlP–ruy
\'ayQl':_
\–ruy„ˆSNJKy{ˆSz
yNJKw„L
:.;<013
"TRP–‹SpwSSwyx„
{•wzr'y„R•TRJu•J—Rrayl
—R
5•TRM(Q"Ju—RRqly|akP‹
lRx~aL]k’’y
'—R]Jrw+7U’Z[[+’2%\''MMy„5maMlJZbi
€Z[[+•TRM(Q"RqZ[[+šZ[[h]Jr$
\0‹oo‚“lR$§}[[[[’y’Ÿij[[[[
’y’€¡
\  0  ‹  o  o    •$  §+[[[[[  ’y’  Ÿ+Z[[[[[
’y’€¡
\0‹lr$§+h[[[[’y’Ÿ+h[[[[[’y’€¡
 5•TRJu—R]Jrw+b[’Z[[h’2%\''MMy„

5maMlJ}b€Z[[h‚Ql•TRaPR
RqZ[[jšZ[+[L$
\0‹oo$§Z[[[[[’y’ŸZ7[[[[[’y’€¡
\0‹lr$§Zj[[[[’y’ŸU+Z[[[[’y’€¡
=.3)012
"TRpPRKz‚J{kkJ{'KRpˆJ{kM
Jl$
¨>%?@A01
"yTRy‚‹ŒrKlR••]•M‹
TRpl‹"yTRpv€aTRLŒvo
j
‡ylRk‹MŒwk‹zaqK…
ŒRv‘TRp
5STRpKzmzlLKqvopzpNy„€
{'zy…QRy‹MyTR
¤yv€PqpNzy„„NzRqkJpKr
R%wyTR‹Œay‹‹zaŒŠˆˆ
ayxNzKJ‚w„Krza(L~JnyŒlR••
]•MTRp
BC*DE+""&%A('FG
"ˆyTRlˆyypKLSŒzzampS
vy|Qlwlurx~aMŒ‡y”MR
R‡PPy¢wlPR~Jvop‚vQkRKLSM
LKRyRTR'KLSŒzzay…„~a
y…]Jrp{]‚RP›oPy¢R™
vo”…QQql•QKRy:JPPy¢…K›—
lK›lkwy…v€KyMR—L
TRzl©lRQRTRo]RPllRqRlK…{
vpv€ ŒzzalpTRlJ{klv]M
ylql–y¢M%wyTRl

oQKRoQapx~aKzza'KLSJ{ovª~
MyRSauo™'KLSŒzzalqv€v
QlKRv‹vKRlaoQaˆoQ
q~aRlur
B3))(<+
2JoSLl•Šwž]KŒpy…x~aL
]kMl{KRS%oRlJ{klQ]M
TRp'•QRKRSLTRlv‹ooyl
KzR%oRlSKRˆ‰Kyu~MSLTR
SKRˆJ{kPŠ•QRKRSw…oo
l‰QlˆSTRlPRŒvopvx¤y‚vQa
b
~„Qaaxv‘—'•QaˆTR‰•Kza
•Q„~xy‡JMKQvRqpLlƒP
QaaKyRxSM‰a|TR‚Q
RlLP¤yw{QˆLKqTRpxv‘—
l€kv••q
kw€]JoL‚R…v‹oola‹„
w„z‚]JQllNppTR•Qyvo
pv€RSRKRSTRmlJ{kPŠLKq
TRpMŒ.‡kJ‚S‚KvNnSRzJ{q‹
SMJwv\NnSwS€Pkw¤ywR
oKR£LK…lS‹Rz‚NppTR…za
]wray¤yKRSL
B567?"@H
R‰‹{Mv‹ooMJlNzoQa
KJ‚woQayp‚vQaKql]KLJPr
zv•~'KRˆ€‡kJ‚vQvzq‡…v
‹oopQyy~‹K…lkw]KŒ“•J
]KLaKvnvoaJQ]ˆm‚Npp

TRMm]J‚ray'‹–RzJ‚vQRo
oolRvoowp©pS‚v\NnS•wJž
y|qRoooow©qR~|Ra•oQa
y|a~„rKypkRwyPkpl€Q
lpaa‡_%."‰v‚vQ‹{Mv‹ov€a~
y|ˆPra•rKylKzvpv€PŠv€Rv‘
TRpMŒK…{axqaR‚vQ‹{vo~|
y…lrQlRqRk‹J]KLRv‘TRvu
QkRk‹¤vpv€Œam‚RR„v
‹lrlpMŒNzKvOxqK
}
B3IJKGFI1L9**1(
5SLTRKzP–ruy…ˆvpv€llJl
ˆSzyNJK%wyTRMv‹oow
•‚o{P–ry……{‚vQvo~|
RNzoQa
s{qpv€waplvaKMKRlJMyTRKzvO
PR~azaza{lv€m¤JvO{Œvppv€
wŒ„ˆwNJKKRSwŸz•{z
RSzxv‘—¡(„€‹vRMSL
TRKRv‹ooˆSlJ©qRKˆzuKRS
wMŒlz{yTRLlTR
BME N'A801
'wS€Ky…vRlurKR]lSKRˆ
kwy…„„xTR(Q"nqy|ˆlm
TRpKzPqlK{PQKS'J{]KLaKl…
ƒ‚v¤pˆS{‹„yTR
BO"KDPQ&K# (!R(ST%3A$<318
1D*@012*H*+.
szL¥‚„lkLKqTRpK{z‰

"RlˆzolkaˆlK›—arPRzL¥
L•ˆSz|w„Lˆ‡h[†KRuwR
SoQaKRvp”pvR+’7aˆ„a~az‚
vª~oQaˆmpSa~„oQmPllRqR
y‰a‚vpv€PR‰oQL]J‚]Jr
KRSLlyy|Koza„R•SoQ
'—R-"KRuw+7•yTRK{„Lpb[†laˆ
‰vaˆpKLSŒzzaPŠ„•QƒR…K›—K›R
lv€RR—SuŒKy…•ooR¤za
v‹lrszL¥„•lJwl€•QkJl
J{kK‹aPŠpTRMSoPk…v‹oo
i
\5L~{QMˆyloaKoo
¤lSKRˆJ{kM‹TRpy$"‚ynvo
~x‡JM‹TRvu…ooyaaaK”“KŒ
lRQNzlpPrlvoRlJ{
\"ˆJw{Rly{|‡Ny„SM
•„‹pMmlRQNppTRK…{vpv€
'pqJ{kM‹TRpooplJwmKrv
€p‹l{'KRpJwvpK•]KŒ'w
Nz¤PŠTRpl‹zPŠTRplKLSNzza
„”Pq…NzyM‚vQNz…KSv]
‡KMNz”•R‰‘am‡y(L~JRqSmPp
K•]KŒKRRqSv¤yKRwyPk
!"!"1"#$]2$3.;*7^*%_$3%Z[
4 /
'mPw„yTRlˆvRmP”PlK{Ry
TRpxRSywaKNzKRS
zraRlKw‚wln«•J—Rpy…—Rn
zynv•“ayTRpy|]TRpy

{•~a•S'mPw„yTRRqS—Rˆ
{J{‚vQK{v„RqLmPM"k
l'yqlpx‹ˆJw$
4.4.
'mPw„yTR•lRQ“aˆyTRppw
aKNzvPRpkRwRqSL{
_%."voLm|~
4.:.3U13
5RJSTRpxRSywNzvPR S
TRJwalˆSy|Nr—R•‹TRpPRsSR
Sš'ylNnSR‰PRrayowKRv`'‹
QRJpRlKŸwln¡—Rv`qn‘~
+[
!"!":"_)`;7'$./&@ab$&,-%[>)._$3)#$]2$3.;*7^*%_$3%Z[)>*
c
: 3U(3$
B3U3$
STRJwaRJ{$
\:ƒPwJ“mNJ
\ RlKwlnwJ“q]Jr
B5(3$
" 5:_ N—NO‚vQl]JrRJvSTRpM‚
vQ$
\5pSv•yK“R‰p€vmqK“PlqqrayRJ
\5p{KRKRPSTR…NnŸay'rKz¡…q—R•
STRPRsSRS\'y_nSowvL
\ SJvoazally|–amlMJw
yall{uvQlJwy|uLNO~alP
‚rJwpN~M-s"zaNn
\5MSR‰yvy|MJ]J‚RPrlyqPQS

LrKQŒ]Q„{RJ
:.4.V1@138@13
\5RJqlvRJpqRJ+Z
\5RJKqlvRJpqK{+Zj[
s{RJlSJ‘~‚qRJ€xlR$
\mƒPwJ
\5v`NzvPR
\0€K|MSJ
\"wRJM" 5:_ 
:.:.VW "13
\GaPnzynPR'My„5maM]Jrv`l
wy|RJ
\nz|]q$•+U[†nzKRq
++
\"RlnzRJSTRJwvoaK{SvR
amlRv
:.=.13
\yxRJ$" 5:_ RJ‡£‡JwSJ
•"kl‹‡JMM‡
\xRJ$xRJSTRy|"klNr€x
lR$"‡Jww‹plv€RlK|MSJ£SJp
JwSR‰‚‡yuPy|voy|]xPy|RJ
ww„SSTRPR %2'" 5:_ ]JrlowvL
:.X.Y3*D13
+"yJ‹JQ~a''0t((qwlzJ‚
rJwv{ayƒPwJŸŠw[+’'¡ƒ''0t((
Z''0t((LNOSy|J~aPSL‚rJw
ŸŠ[+’'¡vTzJ‚rJwv{ayƒPwJŸŠ
[+’'¡Mu{KL-s"zaNnls_%."
Us_%."Nn-s"NnN~''0t((~qPlJ

P{kl
7" 5:_ N—NOa{PJQRJoRv]a{PJQ
RJŸŠw[7’'¡rkrk„-s"zaNn
h-s"zaNnoRr~MJ
j%r~MJoRv]a{PJQ„''0t((
b''0t((oRyJv]a{PJQM"kl
oRlrkSJw
}"kl•r~MJl''0t((kS
L
y|
J
w
+Z
STR
'uvQ
lJw
'ux
5mKr
NnS
"kl
5m
NnS
s_%."
Nn-s"Nn

+

b

j


h

U
Z


7
}
@.d!"!F6e)fg$%)%,)2&hi)]6e8)&%[7-e%_$3%Z[
!"!"?"*86j6b`k]2$37;$&,-%_$3%Z[
= /$
'—R]QM0KNwlylyy|lKr
qKr‰Py•pSxRSMokl{
"y~JSoywlRlSKr~zy|R
y‡ylRqSNzvPR(wplRlSM
~zPRRyqRKlm¤Jy|]NzvPR
¤plˆMl{{RyzvR™
(„‹aKy¤nRM‚vrKyl‚„{
K]Q‚w¤lJly|…KSs{qwˆL
P–Ply|~•qly|~lwoLy$
anQyqvPoQarKm™
=.4.ZL [I$E01
{MSLvlRqSNzvPRlw
p|~%qy|{lJ•‘SLaLQ
aa•vlƒPSKQˆ‹{KRl{
RlL5mL~Jz‚kRQ]ƒPway|‰{
l‡pl{KJqy|{w•…wp
+U
K•m]Jrw„]KLRqSNzvPRM

SL
"pQ]pŽl‚~aw]Qˆv]qy|l
am‘KpR‰$Q]vlQ]NnS
Q]v$Q]vMQ‹Q£QvNnS
Q…wy]ˆv]y|lam‘K"NO‚u
y|y”y|Q]vvlRv]„am{
Qˆqy|lJl„LQ]vlRly|q
Q]NnS$xSQ]vRy|a‹w£
‹KLS]^…£vk£zaKRQwoQl‹pM
Q]JˆJ{‡l{v„ˆJ{‡l{
mKrNnS
Q]ƒPwlSaqK•vaKLSvƒ
PwMSLlRRqSNzvPR•
mw„amzaz
!"1"JMN
!"1"!"lf-.m*&,-c
" 5:_ y|l~a—R2Jrw+U+’Z[[Z’2%\''lJ[7
+[€Z[[ZM'My„maM•mPmKv‘mP
yqK{…uxq"klayTR%kJl£‹„
M5maM(Q"KRQzqQwkl•‹Q
yKL{]wlvKy„S]w‚_%."
:‹KM" 5:_ pK•Kz]KŒl‡wymm
PynM5maM„STRlwy|mvqR‚
vQRyTRa~y|MKymM%l"ly„
!"1"1"n&.*o9707-*)fp&,-c
4.4 567
" 5:_ pSJ]^l‚lwzKRaqy„
RqSvoLm|~ayTRlwy|m
vy|"ly„Rv€Ry|–lvR
+7

aSaR"kly„(QRJy|‹Q—RayxMJ
RumP
4.4.4.\*]
\l‡wymmPynM5maM„STRl
wy|m
\'qR‚vQRSTRa~y|yKLmyn
PlRyTR
\.]J‡‚wRNzvPRMyTR
\.“aRyTRƒPwpQ]
\.“aa‡KRo_%."
!"1":"*86j6b`k]2$37;$7-e&,-&A&%_$3%Z[j6-C*$%$3%*89&,-9_)
`;.q-(%<@$3
4.: ^Z;_`ZaV1;
: v l ~a llR  Rq S Ÿ U’Z[[U¡ Py|l R  
" "Rt'"'JR" 5:_ y‡JZ[[•KRvlR5l
S”‰Qvpv€„h[[[[STRŸ“zJ¡•
QK{h[†uwSRl”¬z‚STRlwy|mvo
a~y|wynM5maM]v{klyTRKy„
kJLRJSTR”lQlv{QM"kl'yq
:v5maMRl~a" 5:_ …ray'”•-s"”R
kJlSwˆSTRy|a~‡JMwynM5m
aMaKNzŒ~aqRQl€~alRQR
" 5:_ awy|L{TRl‚ˆ
llRwynM5maM“wy|lƒP
pQ]l{Ms”qRlˆyK‹alom
Pyn%RllwQ" 5:_ ”lR5n“
KŒNkJP‹Qwqy„aw|a„uxSRl‹Q
ayx•RJv^v€{r„zaSRl…U
za”JQlNnqy„RqSM" 5:_ naMvm+[[†wNn„
+h

+7jRPrZhj+'u'0t((%wmP‹‹qRKaRKlR
aKv_%."llmKRRl”
"O„KRRqSM" 5:_ l‹QRPrqNn
ay‹QNnSpRqSkl Qqp+7jRPrM
" 5:_ ‰qKkNnŸRqS—Rrv`£Sv`¡
‹QRPrRJ|novRMKym
wy|y…”{vRqJqK…-s"Nn(Ql
lJny|za•%m]J‚RkPkLMS
" 5:_ RkJly„u„KRQ‹QlmKRŽ
‹kl
:‡+[€RqS£”RJZyKLlSTRl
]JQlJ" 5:_ ”lR5n~RJ+Z
yKLP‹:‡+[€lRRqS€lR¤Rl
lw”{vRq'KyRy|lSKRˆr
pwS€Ky…Py|RKRRlQw„7j[[[y|SJw
PRwRJ€Z[+ZqjUhb[[KQ«PRw|qUii}[[KQ
«qxPy|+Ujb•h[[KQ€U+h}[[KQŸ€Ky…Ui†¡R
„Z[++'KRpRJSTR$hj7•„7}U[[SPy|L]k
Py|STR+ZU7KQ’S€UKQ’SR„Z[++
"€Z[+ZlR5p+[ZPoKL…q‡qUJQTR
ly0ys ll:5y|v…ow‡ya
K—R"r]JU[%€Z[+ZqUJQTRnp{+[Zhv
yRoNnoy|Kzaaw«++bivy|l„{
+hopyRo«hiKy„Z[ja•Œl…R{lKy
K“•Ry|NkJ„jKqJNny|kzaƒˆ«h[oKL
•|y|NkJP‹„€‹PQmy„{€{}U}«p{+b
oKLy„q~aKy|NkJP‹lK{U[[Sy|£K|P
xy„q«UNnlZ}oy|ƒPQy„]wSwkJK
MqRpqMrayy|]JRq‡yaK€
‚PQm€zly|R„€Z[++ykJT€{+jZ«

+j
kJw€{+U[«o€{vR+}[~y€vR
}Zb%lq“€Z[[i€K{Zb[[R«£K|vRU+[[
KS~«{hhZUPQmKy|RvR«RQlK„
y|‡+h[[KNzlKa•S„rx£K|„«Q£K|
aKNzlK|“avra‚l…RqwRkPk
y„‡npaa‡y~aL]k‡y…UJQ€vR+
KQKR€Z[+Z'•QTRR„€Ky„lr
lvy„K{rlUJQpvR++[[SRTR•QTR‚
vRh†KRpJQ:5vRb†ŸJ•vRU}†¡«
y0yvRhj†ŸJ•vRUb}†¡«s lvR
7}†Ÿ•vR7ZU†¡
%‰Q+€‹Q"r]JU[M5maMlR5Rll
NRlqRSTRqUJQ2JrlJnyUJQy
0ys ll:5K…lUJQ‡{KRwjZJQTRM
y„—R"r]JU[M5maMRllyKLNRlqR
STRsJQTRpuw+jh7olqy|J„‡
SƒuwlqM”y|‡yNkJP‹„KR€Z[+Z—R
2Jr+jbM'My„5maM"Rlwvam£K|lRJM
"ly„uSZ[KQ’SLL]k£SnJS{vR
+[KQŸw‹pML•Q~lJo“a¢Mu
xkKRlRlS¡5raynp‚l
qRy$:ƒPq{ovoS{o«ƒPvl¤•
£K|“a‚£lJoNkJP‹‹RMzaMJm
]J‚Rl…lSPkyRSTR™{]Joz
y|qJ{‡lSy|„S
‡‡{"ly„‹Qm£K|l…RyTRK{
PQKSS„x£K|R•„£K|mPynnax
“JQŒMSTR“aRSTRp‚vQ‹
vKRQQl…S‚ˆ{STR‚az

+b