• No results found

Barns identitetsutvikling

N/A
N/A
Protected

Academic year: 2022

Share "Barns identitetsutvikling"

Copied!
33
0
0

Laster.... (Se fulltekst nå)

Fulltekst

(1)

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

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

/%+'./.+.,4."/)-/'25(

!

!

!

!

!

!

!

!

!

!

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

[kandidatnummer: 206]

!

!

*"-%+'.,.//#"0+

!"#"$%&'()*

Trondheim, april 2021

Bacheloroppgaven er et selvstendig studentarbeid gjennomført ved Dronning Mauds Minne Høgskole for Barnehagelærerutdanning og er godkjent som en del av barnehagelærerutdanningen. Under utarbeidelse av oppgaven har studenten fått

veiledning ved DMMH.

!

!

!

! !

(2)

! 0!

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

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

!

!"!#$%%&'()*+#,-./01#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#2

!

!"3#$%%&'()*+#%.-41)/+56116*&#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7

!

!"2#$%%&'()*+#+5.8958.#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7

!

,"#-'./'0)12'#3'/13'20)4'/#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#5

!

3"!#:;)*565)5#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#<

!

3"3#='*&,-1;#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#>

!

3"2#?),6*6+@-*+/'95#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#A

!

3"7#B*).9@)**)1+)#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#A

!

3"<#C).+-*'1)5+#561*D./6*&#561#/'*&,-1;#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#E

!

3">#F-.)1;.)#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#G

!

+"#6'0.('#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!!

!

2"!#H('165'56(#-&#9('*565'56(#/)5-;)#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!!

!

2"3#I'1&#'(#/)5-;)#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!!

!

2"2#J5('1&#'(#6*,-./'*5).#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!3

!

2"7#K)+9.6()1+)#'(#&@)**-/,L.6*&#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!2

!

2"<#B*'1M+)'.4)6;#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!7

!

2">#=)5-;)9.65699#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!7

!

2"A#N56+9)#.)5*6*&+16*@).#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!>

!

7"#8/'1'%091:.%#94#;<%%#.*#(/=;0)%*#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!>

!

7"!#O.8**/8.#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!A

!

7"3#?),6*6+@-*+/'95#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#3P

!

7"2#B*).9@)**)1+)#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#33

!

5"#?41&<0%)%*#.*#.331<@@'/)%*#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#,5

!

A"#B)00'/90</&)10'#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#,>

!

>"#C'(&'**#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#+D

!

A"!#I);1)&&#!Q#R'/5M99)+9@)/'#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#2P

!

A"3#I);1)&&#3Q#:*5).(@8&86;)#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#23

!

A"2#I);1)&&#2Q#B(5'1)#-/#%8416+).6*&#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#27

!

(3)

! .!

12))3$$'+($&$#))

!

+,+-.//012345-6789:;-

!

9:%$$'#!#455!;3<=!3;!>'7(?@$4$=A!B37$%C3=%7!4!%5!4$5%7$3D:'$3<5!@%7D@%&54;A!C37!:%=!B<455!#%7!

B%;4DD5!@E!#3$=>'<(F!G3$=>'<(!C3$(<%7!'#!6<4&C%5%7!'=!>'7D&:%<<4=C%5%7!H9:%7;3$A!,$(%7D%$!

I!*<%&3A!01J0A!DF08K0LMF!N!=76@@%7!C;'7!(%5!%7!><%7%!>'<&!54<!D5%(%!%7!(%5!%5!#3$=>'<(F!N!#4$!

D4D5%!@73&D4D@%74'(%!@E!B37$%C3=%<O7%765(3$$4$=%$A!&'#!:%=!4!%$!B37$%C3=%!C;'7!(%!3$D355%!

>'753<5%!35!C%7!C3((%!(%!4&&%!DE!#?%!#3$=>'<(F!P%55%!;37!$'%!:%=!D?$5%D!;37!D;O75!4$5%7%DD3$5!

'=!Q$D&%5!E!:'BB%!;4(%7%!#%(F!R%=!:'BB%5!#?%!#%(!@%7D'$3<%5D!C'<($4$=%7!54<!#3$=>'<(!'=!

Q$D&%5!E!=4!(%!%$!B7%(%7%!>'7D5E%<D%!>'7!B%=7%@%5F!N!<Q@%5!3;!6&%$%!:%=!;37!(%7!#%7&%5!:%=!D5'7!

>'7D&:%<<!'=!(%!3$D355%!=3!54<B3&%#%<(4$=!@E!35!(%7%D!C'<($4$=%7!C3((%!65;4&<%5!D%=F!P%!C3((%!

>E55!%$!B7%(%7%!>'7D5E%<D%!'#!35!#3$=>'<(!C3$(<%7!'#!6<4&C%5!C'D!4$(4;4(%5A!4&&%!B37%!

$3D:'$3<45%5!'=!C6(>37=%F!"55%7!6&%$%!4!@73&D4D!B%D5%#5%!:%=!#%=!>'7!35!:%=!Q$D&%5!E!:'BB%!

;4(%7%!#%(!D?$<4==:Q74$=!3;!#3$=>'<(%5!4!B37$%C3=%$!'=!(%55%!&6$$%!;O7%!%5!5%#3!>'7!

B3SC%<'7%$F!P%55%!%7!%5!D;O75!D5'75!5%#3A!DE!:%=!#E55%!C%7!;%<=%!C;3!:%=!Q$D&%5!E!>'&6D%7%!@EF!

"55%7!E!C3!<%D5!#%=!'@@!@E!#3$=>'<(A!>3$5!:%=!65!35!:%=!Q$D&%5!E!>'&6D%7%!@E!C;'7(3$!

B37$%C3=%7!:'BB%7!#%(!E!>7%##%!C;%75!%$&%<5!B37$D!4(%$545%5!'=!C;'7(3$!B37$%C3=%$!:'BB%7!

#%(!65;4&<4$=%$!3;!4(%$545%5%7!54<!B37$F!T%(!35!#3$!:'BB%7!#%(!4(%$545%5!4!B37$%C3=%$!%7!#3$!

#%(!@E!E!D?$<4==:Q7%!35!;4!%7!6<4&%!@E!$'%$!'#7E(%7!'=!<4&%!@E!3$(7%!'#7E(%7A!(%55%!%7!#%(!@E!

E!>7%##%!#3$=>'<(%5!4!B37$%C3=%$A!D<4&!35!B37$3!B<47!B%(7%!&:%$5!#%(!D%=!D%<;!'=!3$(7%!

H2$6(D%$A!01J1A!DF!J8L!U!JL1MF!

!

N!73##%@<3$%$!H01JLA!DFJVM!D5E7!(%5!35!@%7D'$3<%5!4!B37$%C3=%$!D&3<!D5Q55%!'@@!6$(%7!B37$D!

4(%$545%5D65;4&<4$=A!#%$!(%5!D5E7!4&&%!&'$&7%5!C;'7(3$!#3$!D&3<!:'BB%!#%(!(%55%F!G4$!

'@@>35$4$=!%7!35!(%55%!4&&%!%7!%5!5%#3!#3$!:'BB%7!DE!B%;4DD5!#%(!4!B37$%C3=%$A!#%$!<455!#%7!

6B%;4DD5F!W455%73567%$!:%=!C37!>6$$%5!C3$(<%7!#?%!'#!C;'7(3$!#3$!D&3<!:'BB%!>'7!E!D5Q55%!

4(%$545%5D65;4&<4$=%$!54<!B37$!#%(!><%7%!&6<56754<&$?5$4$=%7F!X3<'<%!H01JYA!DFJYVM!<%==%7!;%&5!@E!

35!(%5!%7!;4&54=!35!;'&D$%!4!B37$%C3=%$!%7!7'<<%#'(%<<%7!'=!D5Q55%7!B37$3!#%(!><%7%!

&6<56754<&$?5$4$=%7!4!(%7%D!4(%$545%5D65;4&<4$=A!>'7!(%7D'#!(%!C37!#3$=%<!@E!(%55%!&3$!(%!

&'##%!4$$!@E!(%D576&54;%!B3$%7A!>E!$%=354;5!D%<;B4<(%!'=!#4D5%!57'%$!@E!D%=!D%<;!HX3<'<%A!

01JYA!DFJYVMF!P%55%!D4%7!$'%!'#!;4&54=C%5%$!3;!35!#3$!D'#!@%(3='=!C37!&'#@%53$D%!@E!(%55%!

>%<5%5A!4&&%!B37%!';%7>'7!B37$!#%(!><%7%!&6<56754<&$?5$4$=%7A!#%$!3<<%!B37$3!4!B37$%C3=%$!#E!>E!

D5Q55%!4!(%7%D!4(%$545%5D65;4&<4$=F!X<4&!35!(%!>E7!3$%7&:%$$%<D%!>'7!(%$!(%!%7!'=!(%!7%DD67D%$%!(%!

(4)

! Z!

C37F!['7#E<%5!#%(!(%$$%!B3SC%<'7'@@=3;%$!%7!E!6$(%7DQ&%!C;'7(3$!5'!6<4&%!B37$%C3=%7!

:'BB%7!#%(!B37$D!4(%$545%5D65;4&<4$=F!+;'7!%$!3;!B37$%C3=%$%!C37!(%55%!D'#!%5!;%7(4#E<!'=!%$!

3$$%$!B37$%C3=%!4&&%!C37!(%5F!!

!

+,(-.//012345-/87<;395=>;;>40--

!

\E7!:%=!D&6<<%!&'##%!>7%#!54<!@7'B<%#D54<<4$=%$!4!'@@=3;%$!#4$!<3$(%5!:%=!73D&5!@E!$'%$!

$Q&&%<B%=7%@F!P%5!D&6<<%!C3$(<%!'#!4(%$545%5D65;4&<4$=!'=!(%!;'&D$%D!7'<<%F!N!<Q@%5!3;!

@%74'(%$!C37!:%=!>'7#6<%75!@7'B<%#D54<<4$=%$!@E!><%7%!6<4&%!#E5%7F!R%=!%$(5%!54<!D<655!'@@!#%(!E!

53!65=3$=D@6$&5!4!73##%@<3$%$!C;'7!(%5!D5E7!35!@%7D'$3<%5!D&3<!D5Q55%!'@@!6$(%7!B37$D!

4(%$545%5D65;4&<4$=!'=!#%(!C:%<@!>73!;%4<%(%7$%!#4$%!&'#!:%=!>7%#!54<!@7'B<%#D54<<4$=%$)!

!"#$%&'()&'(*+$,#'&-+.(/(0&$'+1&2+'(,.3..+(#**(4'%+$(0&$',(/%+'./.+.,4."/)-/'25!

!

+,&-.//012345-5=8?@=?8--

!

]@@=3;%$!%7!(%<5!4$$!4!V!(%<%7F!P%$!>Q7D5%!(%<%$!%7!'@@=3;%$D!4$$<%($4$=F!+%7!B<47!<%D%7%$!

&:%$5!#%(!'@@=3;%$D!>'7#E<A!@7'B<%#D54<<4$=!'=!C;'7(3$!'@@=3;%$!%7!B?=(!'@@F!N!(%<!0!B<47!

6<4&%!5%'7%54D&%!@%7D@%&54;%7!@7%D%$5%75F!P4DD%!%7!7%<%;3$5!>'7!(7Q>54$=%$!3;!>6$$!D%$%7%!4!

'@@=3;%$F!P%<!.!3;!'@@=3;%$!B%D5E7!3;!7%(%=:Q7%<D%!>'7!3<<%!;3<=%$%!D'#!%7!5355!'=!

>7%#=3$=D#E5%$!4!>'7B4$(%<D%!#%(!'@@=3;%$D!#%5'(%F!+%7!B<47!3<<%!;3<=!>3=<4=!B%=76$$%5F!N!

(%<!Z!B<47!>6$$%$%!3$D&3>>%5!=:%$$'#!#%5'(%$!@7%D%$5%75!'=!(7Q>5%5!'@@!#'5!>3=<455%73567!>73!

5%'74(%<%$F!P%$!D4D5%!(%<%$!4!'@@=3;%$!%7!3;D<65$4$=%$!C;'7!:%=!<Q>5%7!>7%#!>6$$%$%!#4$%!'=!

&'##%7!#%(!%$!&'$&<6D:'$F!!

!

!

!

!

(5)

! V!

42)5+.,+6&78+)/+,7/+86&0+,))

!

N!(%$$%!(%<%$!3;!'@@=3;%$!D&3<!:%=!@7%D%$5%7%!5%'74!D'#!:%=!'@@<%;%7!D'#!7%<%;3$5!54<!

@7'B<%#D54<<4$=%$F!P%5!;4<!B<4!<3=5!;%&5!@E!6<4&%!5%'7%54&%7%!'=!(%7%D!#E5%!E!D%!@E!4(%$545%5A!'=!

6<4&%!3&5Q7%7!D'#!D@4<<%7!4$$!@E!B37$D!4(%$545%5D65;4&<4$=F!!

!

(,+-AB34=>=3=--

24BD=337(!'=!+6DB?!H01JZA!DF0/M!&$?55%7!B%=7%@%5!4(%$545%5!5%55!'@@!#'5!D@Q7D#E<%$%!^!"+6(

+$(7+258('=!^!"#$%&'(#**-+"+$(7+2(6+2(,+-"589(P4DD%!D@Q7D#E<%$%!C3$(<%7!'#(C;'7(3$!;4!

'@@>355%7!'DD!D%<;F!N(%$545%5!&$?55%D!'@@!#'5!;E7!%=%$!54<&$?5$4$=!54<!'DD!D%<;A!;E7%!>Q<%<D%7!'=!

C3$(<4$=%7A!;E7%!%4%$(%<%7!'=!;E75!#4<:QF!P3C<!H01J.A!DFJ//M!;4D%7!54<!35!4(%$545%5!%7!$'%!D'#!

B<47!54<!4!D3#D@4<<!#%(!3$(7%F!+3$!B%<?D%7!35!4(%$545%5!BE(%!C3$(<%7!'#!C;'7(3$!;4!D%7!'DD!D%<;!

'=!C;'7(3$!3$(7%!'@@>355%7!'DDF!+3$!537!4!B76&!B%=7%@%5!D'D43<!4(%$545%5!D'#!%7!^FFF!;E7!

>'7D5E%<D%!3;!C;%#!;4!%7!'=!C;%#!3$(7%!#%$$%D&%7!%7A!'=!3$(7%!#%$$%D&%7D!>'7D5E%<D%!3;!

C;%#!;4!%7_!HP3C<A!01J.A!DFJ//MF!N!#Q5%!#%(!3$(7%!'@@<%;%7!#3$!B%&7%>5%<D%A!%=%$;%7(!'=!

3&D%@5!>'7!(%$!#3$!%7F!T4(%7%!B%<?D%7!C3$!35!;4!;4D%7!;E7!4(%$545%5!;%(!E!;4D%!;E7%!;%7(4%7A!;E75!

D@7E&!'=!;O7%!DO7@7%=F!,D&<3$(!'=!X353Q%$!H01JLA!DF//M!@E@%&%7!35!E!'@@<%;%!D%=!D%<;!D'#!

D%=!D%<;!%7!%$!B3<3$D%=3$=!#%<<'#!D%<;D5%$(4=C%5!'=!3;C%$=4=C%5F!P%5!C3$(<%7!'#!E!>Q<%!D%=!

57?==!$'&!54<!E!65>'7D&%!'=!@E!D3##%!54(!&:%$$%!D%=!54<&$?55%5F!X3<'<%!H01JYA!DF08JM!<Q>5%7!>7%#!

35!4(%$545%5!C3$(<%7!'#!E!&6$$%!>'75%<<%!C4D5'74%$!'#!D%=!D%<;!'=!35!3<<%!C37!D455!%=%5!6$4&%!

4(%$545%5D@6D<%D@4<<F!+%7!D&3<!#3$!D%<;!>E!;%<=%!C;4<&%!B45%7!'=!B74&&%7!#3$!Q$D&%7!E!C3!#%(!

'=!D'#!%7!;4&54=!'=!=47!#%$4$=!>'7!(%=F!P%55%!@6D<%D@4<<%5!&3$!<%==%D!'#!4=:%$!'=!%7!4!&'$D53$5!

%$(74$=A!;%(!35!$?%!5%#3%7!B<47!3&56%<<%!'=!B74$=%7!#%(!D%=!$?%!B74&&%7!54<!@6D<%D@4<<%5F!!

!

^`!;O7%!#%$$%D&%!C3$(<%7!#?%!'#!E!65;4&<%!D4$!4(%$545%5!4!#Q5%!#%(!D%=!D%<;!'=!3$(7%!

#%$$%D&%7F_!H9:%7;3$A!,$(%7D%$!'=!*<%&3A!01J0A!DFJ.LMF!W37D%$!'=!X<E55%$!H01JVA!DFJV1M!

B%<?D%7!35!4(%$545%5%$!;E7!65;4&<%7!D%=!'=!D&3@%D!4!D3#D@4<<!#%(!'#=4;%<D%$%A!'=!%7!(%7#%(!

4&&%!$'%!D'#!(%5!%7!#%(>Q(5F!9:%$$'#!D3#C3$(<4$=!#%(!3$(7%!#%$$%D&%7!&'$D576%7%7!;4!

;E7%!4(%$545%5%7F!P%55%!=:%<(%7!BE(%!B37$!'=!;'&D$%F!N(%$545%5D65;4&<4$=!%7!%$!@7'D%DD!D'#!

>'7%=E7!<4;%5!=:%$$'#F!X3#54(4=!#%(!35!<4;%5!%$(7%7!D%=A!>'73$(7%7!4(%$545%5%$!D%=!';%7!54(!

H9:%7;3$A!0118A!DF0.MF!,<<%7%(%!D'#!D@%(B37$!B%=?$$%7!#3$!E!4#45%7%!'=!53!%55%7!(%5!3$(7%!

=:Q7F!+%7!%7!B37$%5!@E!;%4!#'5!E!&6$$%!4(%$54>4D%7%!D%=!#%(!3$(7%F!T4(%7%!65;4&<%7!#3$!D%=!

=:%$$'#!54(%$!;%(!E!#Q5%!$?%!#%$$%D&%7!'=!'#=4;%<D%7!H*4$(%7A!01JYA!DF.YMF!9:%$$'#!

65;4&<4$=%$!3;!4(%$545%5!%7!(%5!4&&%!%5!#E<!E!&'##%!>7%#!54<!%5!D;37A!#%$!E!<O7%!#%7!'#!D%=!

(6)

! 8!

D%<;!'=!D455!<4;!4!#Q5%!#%(!3$(7%F!['7!35!B37$3D!4(%$545%5D65;4&<4$=!D&3<!D5Q55%D!B%D5!#6<4=!%7!(%5!

;4&54=!E!C3!;'&D$%!7'<<%#'(%<<%7!4!B37$%C3=%$!D'#!<%==%7!54<!7%55%!>'7!3$%7&:%$$%<D%!'=!

57?==C%5!>'7!B37$3!HX3<'<%A!01JYA!DFJVJMF!!

!

(,(-C14067;B--

N!73##%@<3$%$!H01JLA!DFVM!D5E7!(%5!^*37$%C3=%$!D&3<!>7%##%!7%D@%&5!>'7!#%$$%D&%;%7(%5!;%(!

E!D?$<4==:Q7%A!;%7(D%55%!'=!>7%##%!#3$=>'<(!'=!=:%$D4(4=!7%D@%&5F_F!]7(%5!#3$=>'<(!&'##%7!

3;!(%5!%$=%<D&%!'7(%5!%/"+$,/.:F!^P4;%7D45?!C3$(<%7!'#!>'7D&:%<<4=C%5A!6<4&C%5A!C%5%7'=%$45%5A!

>'73$(%7<4=C%5!'=!$'%!D'#!%7!;%&D<%$(%!%<<%7!6%$D375%5F_!H9:%7;3$A!,$(%7D%$!I!*<%&3A!01J0A!

DF08K0LMF!G3$=%!>'7B4$(%7!'7(%5!#3$=>'<(!#%(!%5$4D45%5A!#%$!B%=7%@%5!7'##%7!#?%!#%7F!P%5!

&3$!C3$(<%!'#!#3$=>'<(!4!>'7C'<(!54<!D%&D63<45%5A!>6$&D:'$D#6<4=C%5A!3<(%7!'=!&:Q$$F!P%5!&3$!

'=!7'##%!6<4&%!C'<($4$=%7A!$'7#%7A!;%7(4%7!'=!D?$!@E!B37$!H*%7=%7D%$A!01JLA!DF!JZMF!P%7D'#!

(%5!%7!><%7%!#%$$%D&%7!54<!D5%(%A!;4<!(%5!(%7>'7!'=DE!;O7%!#3$=>'<(F!*37$%C3=%$!%7!%$!37%$3!

C;'7!#3$!#Q5%7!%5!D5'75!#3$=>'<(!B%D5E%$(%!BE(%!3$D355%A!B37$!'=!>'7%D355%!HW37D%$!I!X<E55%$A!

01JVA!DFZ.MF!+;'7(3$!#3$!:'BB%7!#%(!#3$=>'<(%5!4!B37$%C3=%$!&3$!B4(73!54<!B37$3D!

C'<($4$=%7!';%$>'7!<4&C%5%7!'=!>'7D&:%<<%7F!T%(!35!#3$=>'<(%5!B<47!=:%$D@%4<%5!4!B37$%C3=%$!

&3$!(%5!>Q7%!54<!35!B37$3!>Q<%7!D5'<5C%5!';%7!%=%$!4(%$545%5!'=!3$%7&:%$$%<D%!>'7!(%$!(%!%7!

H2$6(D%$A!01J1A!DF!J8L!U!JL1MF!G3$!#E!:'BB%!#%(!E!D?$<4==:Q7%!35!#3$!%7!6<4&%!'=!>7%##%!

C;%75!%$&%<5!B37$!4!B37$%C3=%C;%7(3=%$F!T%(!E!D?$<4==:Q7%!#3$=>'<(%5!4!B37$%C3=%$A!&3$!3<<%!

B37$3!>E!4(%$545%5DB%&7%>5%<D%!D'#!;4(%7%!&3$!B4(73!54<!E!65;4&<%!@'D454;%!D%<;B4<(%7!H9:%7;3$A!

0118A!DF0ZMF!!

!

N!B37$%C3=%$!D&3<!B37$3!B<4!&:%$5!#%(!35!(%5!>4$$%D!6<4&%!#E5%7!E!C3$(<%A!5%$&%!'=!<%;%!@EA!'=!

(%7%D!$?D=:%774=C%5!'=!6$(74$=!76$(5!<4&C%5%7!'=!>'7D&:%<<%7!D&3<!>7%##%D!Ha3##%@<3$A!01JLA!

DFVMF!T4!#E!B<4!&:%$5!#%(!35!#%$$%D&%7!%7!6<4&%!'=!<4&%!@E!>'7D&:%<<4=%!'#7E(%7A!'=!35!(%5!E!

;O7%!6<4&!%<<%7!3$$%7<%(%D!%7!@'D454;5F![3$(7%#!H01JYA!DF0LYM!B76&%7!657?&&%5!4-/)1+.(,#6(

'#$6(U!(%5!=E7!65!@E!35!(%5!%7!$'7#3<5!E!;O7%!3$$%7<%(%D!'=!35!E!;O7%!>'7D&:%<<4=%!B<47!D%55!@E!

D'#!$'%!@'D454;5F!X3#54(4=!BQ7!#3$!>'&6D%7%!@E!(%5!#3$!C37!54<!>%<<%DF!P%55%!=:%<(%7!BE(%!@E!

5;%7D!3;!&6<567%7!'=!%5$4D45%5%7F!^b74$D4@@%5!'#!35!6<4&C%5!D&3<!;O7%!$'7#%$!4$$%BO7%7!>'&6D!

@E!35!3BD'<655!3<<%!%7!>'7D&:%<<4=%A!D%<;!'#!(%!%7!>73!D3##%!&6<567F_!H[3$(7%#A!01JYA!DF0Y0MF!

9:%7;3$!%5!3<F!H01J0A!DFJZ8M!B%<?D%7!;4&54=C%5%$!3;!35!@%7D'$3<%5A!@E!%$!$3567<4=!#E5%A!D?$<4=:Q7!

6<4&C%5%7!#%<<'#!B37$3!4!B37$%C3=%$F!T4(%7%!D&74;%7!(%!35!(%7D'#!;4!4&&%!>'&6D%7%7!@E!(%5!;4!

(7)

! L!

C37!6<4&5A!D%$(%7!;4!65!D4=$3<%7!'#!35!(%5!4&&%!%7!Q$D&%<4=!35!;4!%7!>'7D&:%<<4=%!'=!35!#E<%5!%7!35!

;4!D&3<!;O7%!DE!<4&%!D'#!#6<4=F!!

!

(,&-D36>4>5E74591@=--

*%745!*3%!HJ//8M!B76&%7!B%=7%@%5!(%>4$4D:'$D#3&5F!+6$!D4%7!(%55%!C3$(<%7!'#!35!(%!;'&D$%!%7!4!

%$!#%&54=!@'D4D:'$!4!>'7C'<(!54<!B37$3F!P%5!65Q;%D!(%>4$4D:'$D#3&5!4!#E5%$!;'&D$%!#Q5%7!

B37$3D!#E5%!E!&'##6$4D%7%!@EA!C;'7(3$!(%!;'&D$%!D%55%7!'7(!@E!B37$3D!'@@<%;%<D%7!'=!

C3$(<4$=%7!'=!C;3!(%!;'&D$%!7%3=%7%7!@E!'=!4&&%F!G%(!(%$!#3&5@'D4D:'$%$!#3$!D'#!;'&D%$!

C37A!D@4<<%7!#3$!%$!D5'7!7'<<%!4!B37$3D!<4;F!G3$!#E!;O7%!'@@#%7&D'#!@E!'#!#3$!B76&%7!

#3&5@'D4D:'$%$%!D4$!@E!%$!D<4&!#E5%!35!#3$!>7%##%7!B37$3D!D%<;D5%$(4=C%5A!7%D@%&5%$!(%!C37!

>'7!D%=!D%<;!'=!3$(7%!'=!(%7%D!57'!@E!D%=!D%<;A!%<<%7!'#!#3$!B76&%7!#3&5%$!D<4&!35!(%$!D;%&&%7!

B37$D!D%<;7%D@%&5!'=!D%<;D5%$(4=C%5F!N!3<<%!>'7C'<(!C;'7!(%$!%$%!@%7D'$%$A!@E!%$!%<<%7!3$$%$!

#E5%A!%7!3;C%$=4=!3;!(%$!3$(7%A!&3$!#4DB76&!3;!(%>4$4D:'$D#3&5!%&D4D5%7%F!bE!=76$$!3;!(%$!

;4&54=%!7'<<%$!#3$!D'#!;'&D%$!'#D'7=D@%7D'$!C37!';%$>'7!D#E!B37$A!%7!(%5!D@%D4%<5!;4&54=!35!

#3$!%7!&<37!';%7!(%55%!@7'B<%#%5!H*3%A!J//8A!DFJZLMF!!!

!

['7!35!7%<3D:'$%$!'=!#Q5%5!#%<<'#!;'&D$%!'=!B37$!D&3<!B<4!='(5A!%7!(%5!$Q(;%$(4=!35!(%!

;'&D$%!C37!7%D@%&5!>'7!B37$%5D!365'$'#4!'=!%=%$375A!D<4&!35!B37$%5!>E7!;O7%!(%$!(%!%7F!G3$!#E!

=4!B37$3!54(!'=!7'#!54<!E!65;4&<%!D4$!4(%$545%5!'=!@%7D'$<4=C%5F!*37$3!#E!>E!;O7%!#%(!E!(%>4$%7%!

C;3!D'#!%7!;4&54=!>'7!(%#!D%<;F!P%!#E!>E!>Q<=%!D4$%!B%C';!'=!4$5%7%DD%7A!'=!;O7%!3&54;%!

3&5Q7%7!4!D455!%=%5!<4;!HP76=<4A!01J0A!DF011MF!T%(!35!B37$3!>E7!;4D%!(%5!(%!#%$%7!%7!;4&54=!>'7!D4$!

4(%$545%5!'=!&6<567A!65;4&<%D!(%7%D!4(%$545%5F!+%7!D?$<4==:Q7%D!C;3!D'#!%7!B%5?($4$=D>6<<5!>'7!

C;%75!%$&%<5!B37$!'=!C;'7(3$!(%!D%7!@E!D%=!D%<;!HXSC73#!I!*%7=D<3$(A!010JA!DF0YMF!!

!

(,F-$438@E3443;53--

,$%7&:%$$%<D%!C3$(<%7!'#!E!B<4!D%55!'=!CQ75F!P%5!%7!%5!$Q&&%<'7(!>'7!E!'@@$E!57?==!4(%$545%5!'=!

7'#!>'7!E!65>'7D&%A!65;4&<%!'=!B76&%!D4$%!D4(%7F!T%(!35!B37$3!B<47!#Q55!@E!%$!3$%7&:%$$%$(%!

#E5%A!65;4&<%D!(%7%D!D%<;B4<(%!'=!D%<;D5%$(4=C%5!HX3<'<%A!01JYA!DFV0MF!+%7!D@4<<%7!(%!;'&D$%!4!

B37$%C3=%$!%$!;4&54=!7'<<%F!*37$3!#E!#Q5%!3$%7&:%$$%$(%!;'&D$%A!D'#!;4D%7!7%D@%&5!>'7!(%!'=!

4$5%7%DD%!>'7!C;%75!%$&%<5!B37$A!>'7!35!B37$3!D&3<!574;%D!'=!65;4&<%!D%=!@'D454;5!H9:%7;3$A!

,$(%7D%$!I!*<%&3A!01J0A!DFJV1MF!`!C3!%$!3$%7&:%$$%$(%!;O7%#E5%!C3$(<%7!'#!^+;'7(3$!;4!

B%&7%>5%7!'=!C;3!;4!B%&7%>5%7!3;!B37$%5D!?574$=%7A!'=!C;'7(3$!'=!C;3!;4!3;;4D%7F_!H,D&<3$(A!

01JJA!DF.LMF!X<4&!*%745!*3%!D%7!(%5!C3$(<%7!3$%7&:%$$%<D%!'#!E!>'7D5E!3$(7%!=:%$$'#!(%7%D!

(8)

! Y!

>'765D%5$4$=%7!'=!>'7D5E!(%7%D!4$5%$D:'$!65!>73!(%7%D!#E5%!E!&'##6$4D%7%!@E!H,D&<3$(A!01JJA!

DF.LMF!9:%7;3$A!,$(%7D%$!'=!*<%&3!H01J0A!DFJZJM!D&74;%7!^P%5!E!>E!4(%$545%5DB%&7%>5%<D%!

C3$(<%7!'#!E!>E!3$%7&:%$$%<D%!>'7!(%$!(6!%7!'=!(%!7%DD67D%$%!(6!C37!#%(!(%=F_F!G3$!B<47!

57?==%7%!@E!D%=!D%<;!'=!(%5!#3$!D5E7!>'7!=:%$$'#!B%&7%>5%<D%!>73!3$(7%F!P%55%!%7!<4&%!;4&54=!>'7!

;'&D$%!D'#!>'7!B37$3F!T%(!E!#Q5%!#%$$%D&%7!D'#!B7?7!D%=A!;4<!#3$!65;4&<%!57'!54<!D455!%=%5!

;%7(!'=!%$!54<<45!54<!35!3$(7%!#%$$%D&%7!;4<!(%#!;%<!HP76=<4!I!W%&C3<A!01JYA!DFVLMF!

,$%7&:%$$%<D%!%7!5%55!&$?55%5!'@@!#'5!E!B<4!3&D%@5%75!D'#!;4!%7!HW?D%B'!I!*7355A!01JLA!DFY0MF!!

P%55%!<%==%7!73##%@<3$%$!H01JLA!DFVMM!>Q74$=%7!>'7!35!B37$%C3=%$!D&3<!=:Q7%F!+%7!D5E7!(%5!35!

3<<%!B37$3!D&3<!>Q<%!D%=!D%55!'=!3$%7&:%$5!>'7!(%$!(%!%7F!+;'7(3$!;4!'@@<%;%7!'DD!D%<;A!@7%=%D!

#?%!3;!C;'7(3$!;4!'@@<%;%7!35!3$(7%!D%7!@E!'DDF!+;'7(3$!7%D@'$(%7%7!3$(7%!@E!(%5!;4!#%$%7A!

5%$&%7!'=!=:Q7c!,$%7&:%$$%<D%$!#3$!>E7!>73!3$(7%!%7!#%(!@E!E!(3$$%!4(%$545%5%$!54<!B37$%5!'=!

(%7%D!D%<;'@@>35$4$=!H9:%7;3$A!0118A!DF0.M!!

!

P%7D'#!B37$3!4&&%!>E7!3$%7&:%$$%<D%!>'7!(%$!(%!%7!'=!(%!7%DD67D%$%!(%!C37A!&3$!(%5!>E!$%=354;%!

&'$D%&;%$D%7!>'7!(%7%D!#6<4=C%5!54<!<O74$=A!#%D574$=A!574;D%<!'=!65;4&<4$=F!P%!&3$!>E!%5!

$%=354;5!B4<(%!3;!D%=!D%<;!'=!>Q<%!D%=!65%$>'7!'=!3$$%7<%(%D!%$$!^$'7#3<%$_F!H9:%7;3$A!

,$(%7D%$!I!*<%&3A!01J0A!DF8ZMF!N!54<<%==!54<!35!(%5!=E7!65';%7!<O74$=DD4563D:'$%$!C'D!B37$3A!&3$!

(%5!=E!65';%7!DE7B37C%5%$!(%7%DF!T%(!35!B37$3!4&&%!>E7!3$%7&:%$$%<D%!>'7!D4$%!7%DD67D%7!;%7&%$!4!

B37$%C3=%$!%<<%7!C:%##%A!&3$!(%7%D!DE7B37C%5!>'7D5%7&%DF!P%5!&3$!>Q7%!54<!35!(%!#4D5%7!57'%$!@E!

D%=!D%<;A!57%&&%7!D%=!54<B3&%!'=!35!(%!>Q<%7!@E!#'5D53$(!'=!<6&&%5C%5!H*3%A!J//8A!DFJ8ZMF!

!

(,G-H385741;3=5-=>;4I89>40-=>;-914067;B--

9'(%!7%<3D:'$%7!#%<<'#!;'&D$%!'=!B37$!4!B37$%C3=%$!&3$!D@4<<%7!4$$!@E!B37$%5D!57?==C%5!'=!

574;D%<!4!B37$%C3=%$A!B37$%5D!<O74$=D#6<4=C%5%7!'=!(%5!&3$!=4!B37$%5!B%(7%!>'765D%5$4$=%7!54<!E!

(3$$%!@'D454;%!7%<3D:'$%7!#%(!3$(7%!B37$!H[67$%DA!01JYA!DFZZJMF!9:%7;3$!%5!3<F!H01J0A!DFJZJM!

D&74;%7!^P%!7%<3D:'$%$%!B37$%5!%7!4$;'<;%75!4!&3$!D5?7&%!%<<%7!D;%&&%!(%7%D!D%<;>Q<%<D%!'=!

'@@>35$4$=!3;!D%=!D%<;_!'=!35!=:%$$'#!D3#D@4<<!#%(!$O7%!'#D'7=D@%7D'$%7!&3$!B37$%5!>E!

B%&7%>5%5!D4$!4(%$545%5F!+'<($4$=%$%!@%7D'$3<%5!C37!54<!#3$=>'<(!'=!C;'7(3$!(%!CE$(5%7%7!

3$$%7<%(%DC%5!D@4<<%7!%$!D5'7!7'<<%!@E!'#!B37$3!4!B37$%C3=%$!#Q5%7!4(%$545%5DB%&7%>5%<D%F!P%5!

@E;47&%7!C;'7(3$!B37$3!>E7!&'$D576%7%!D4$%!%=$%!4(%$545%5%7!'=!>E7!3$%7&:%$$%<D%!>'7!(%$!(%!%7!

H9:%7;3$A!0118A!DF00MF!9:%7;3$A!,$(%7D%$!'=!*<%&3!H01J0M!D?$<4==:Q7!35!;4!C37!5'!6<4&%!

@%(3='=4D&%!54<$O7#4$=%7!54<!#3$=>'<()!7%DD67D'74%$5%75!'=!@7'B<%#'74%$5%75F!+;4<&%$!

54<$O7#4$=!#3$!C37!D@4<<%7!4$$!@E!C;'7(3$!#3$=>'<(%5!B<47!4;37%5355!4!B37$%C3=%$F!"$!

(9)

! /!

7%DD67D'74%$5%75!54<$O7#4$=!=E7!65!@E!35!#3$!D%7!@E!#3$=>'<(%5!D'#!%$!7%DD67D!'=!$'%!@'D454;5F!

P%5!B<47!<3=5!;%7(4!4!(%!6<4&%!@%7D@%&54;%$%!'=!#3$=>'<(!'=!6<4&C%5%7!B<47!D%55!@E!D'#!

$'7#3<54<D53$(!'=!@'D454;5F!T%(!%$!D<4&!54<$O7#4$=!D&3<!3<<%!C3!#6<4=C%5!54<!E!&:%$$%!D%=!4=:%$!4!

B37$%C3=%$D!@%(3='=4D&%!4$$C'<(!H9:%7;3$A!,$(%7D%$!I!*<%&3A!01J0A!DF8LMF!P%7D'#!#3$!D%7!

@E!^(%!3$(7%_!D'#!>'7D&:%<<4=%!>73!^'DD_A!'=!D%7!@E!(%55%!D'#!65>'7(7%$(%!'=!&3$D&:%!54<!'=!

#%(!576%$(%!C37!#3$!%$!@7'B<%#'74%$5%75!54<$O7#4$=!54<!#3$=>'<(%5F!T%(!%$!D<4&!54<$O7#4$=!

%7!(%5!D;O75!;3$<4=!E!6$$=E!E!D%!>'7D&:%<<%7!'=!#3$!^D&:6<%7_!(%!D<4&!35!(%!4&&%!&'##%7!5?(%<4=!

54<!';%7><35%$!H01J0A!DF8.MF!!

!

X<4&!(%5!%7!>7%#C%;%5!C%7!C37!(%!;'&D$%!4!B37$%C3=%$!%$!;4&54=!7'<<%!>'7!B37$3F!*37$3!%7!

(?&54=%!'BD%7;35Q7%7!D'#!537!54<!D%=!#?%!3;!3$(7%D!'@@>Q7D%<F!P%5!(%!;'&D$%!4!B37$%C3=%$!=:Q7!

'=!D4%7A!%7!(%5!B37$3!<O7%7F!P%5!%7!(%7>'7!;4&54=!35!(%!;'&D$%!%7!B%;4DD5%!@E!D4$%!C'<($4$=%7!'=!

;%7(4%7!54<!#3$=>'<(!H*%7=%7D%$A!01JLA!DFJL/MF!P%7D'#!B37$%C3=%@%7D'$3<%5!C37!%$!

7%DD67D'74%$5%75!54<$O7#4$=!54<!#3$=>'<(%5!&3$!(%55%!BE(%!D@4<<%!4$$!@E!C;'7(3$!B37$%5!D%7!D%=!

D%<;!'=!(%5!&3$!C3!B%5?($4$=!>'7!C;4<&%!C'<($4$=%7!B37$%5!>E7!54<!>'7D&:%<<4=C%5%7!'=!54<!

#%$$%D&%7!D'#!'@@<%;%D!D'#!3$$%7<%(%D!H9:%7;3$A!,$(%7D%$!I!*<%&3A!01J0A!DFJZ.MF!T4(%7%!

57%&&%7!9:%7;3$!%5!3<F!H01J0A!DFJZ8M!>7%#!35!(%7D'#!3$D355%!4!B37$%C3=%$!4&&%!D?$<4=:Q7!

6<4&C%5%$%!'=!>'7D&:%<<%$%!#%<<'#!B37$3!@E!%$!$3567<4=!#E5%A!&3$!(%55%!D4=$3<4D%7%!54<!B37$3!35!

(%5!4&&%!%7!Q$D&%<4=!#%(!6<4&C%5%7!'=!35!;4!Q$D&%7!35!3<<%!D&3<!;O7%!DE!<4&%!D'#!#6<4=F!!

!

(,J-K783;B83--

*37$%C3=%$!'=!C:%##%5!C37!%5!>%<<%D!3$D;37!>'7!B37$%5D!65;4&<4$=!'=!574;D%<A!'=!D3#37B%4(%5!

D&3<!3<<54(!C3!B37$D!B%D5%!D'#!#E<!H26$$D&3@D(%@375%#%$5%5A!01JLA!DF!0.MF!+;'7(3$!B37$%5!

65;4&<%7!D%=!%7!D5%7&5!&$?55%5!54<!54<<45%$!>'7%<(7%$%!C37!54<!B37$%C3=%$!'=!B37$3D!574;D%<!4!

B37$%C3=%$F!+:%##%5!'=!B37$%C3=%$!65=:Q7!C%<C%5%$!4!B37$D!<4;!'=!D3#37B%4(%5!#%<<'#!(4DD%!

@375%$%!%7!(%7>'7!D;O75!;4&54=!H9<3D%7A!01J/A!DFJ/MF!W37D%$!'=!X<E55%$!H01JVA!DFJZ1M!B%<?D%7!35!

;%(!E!B<4!&:%$5!#%(!>3#4<4%$A!B<47!#3$!'=!B%(7%!&:%$5!#%(!B37$%5F!G3$!B<47!&:%$5!#%(!

@%7D'$%$%!B37$%5!C37!76$(5!D%=!4!C:%##%5!'=!(%!@%7D'$%$%!D'#!C37!%$!;4&54=!7'<<%!4!B37$%5D!

65;4&<4$=F!9<3D%7!H01JYA!DF0VJM!D&74;%7!^['7!(%!><%D5%!B37$!%7!(%5!4!>3#4<4%$!'=!C:%##%5!B37$%5!

65;4&<%7!(?@%7%!>Q<%<D%D#%DD4=%!BE$(!'=!=76$$<%==%$(%!54<<45A!57?==C%5A!4(%$545%5!'=!

D%<;D5%$(4=C%5F_F!!

!

(10)

! J1!

X3#37B%4(!#%<<'#!B37$%C3=%!'=!C:%##%5!&3$!;O7%!65>'7(7%$(%!;%(!35!#3$!C37!6<4&%!

;%7(4=76$$<3=!'=!D?$!@E!B37$F!N!(3=%$D!B37$%C3=%7!#E!#3$!;O7%!>'7B%7%(5!@E!E!#Q5%!

D4563D:'$%7!C;'7!;%7(4%$%!54<!C:%##%5!'=!B37$%C3=%$!%7!6<4&%F!P%D5'!D5Q77%!3;D53$(!C:%##%5!

'=!B37$%C3=%$!C37!#%<<'#!;%7(4=76$$<3=%5!'=!D?$%5!@E!B37$A!(%D5'!;4&54=%7%!%7!(%5!#%(!%5!

B37$%C3=%@%7D'$3<%!D'#!%7!&'#@%5%$5!'=!7%><%&5%75!H9<3D%7A!01J/A!DFL1MF!G3$!#E!D3##%$!

D&3@%!%5!#4<:Q!C;'7!(%5!%7!=7%45!E!C3!6<4&%!#%$4$=%7!'=!5%7D&%<%$!%7!<3;!>'7!E!D$3&&%!'#!5%#3!

#3$!%7!6%$4=%!'#F!['7!E!B?==%!'@@!%5!D<4&5!#4<:Q!%7!(%5!;4&54=!35!>'7%<(7%$%!'@@<%;%7!35!(%!B<47!

<?55%5!54<!'=!35!@%7D'$3<%5!%7!4#Q5%&'##%$(%!'=!;4D%7!>'7D5E%<D%F!G3$!#E!C3!7%D@%&5!>'7!

C;%73$(7%!'=!(%!6<4&%!#%$4$=%$%!#3$!C37!H9:%7;3$A!,$(%7D%$!I!*<%&3A!01J0A!DFJ1YMF!P%!

;'&D$%!4!B37$%C3=%$!D&3<!4&&%!@7%DD%!%=$%!C'<($4$=%7!@E!>'7%<(7%$%A!#%$!#3$!#E!=E!4!(43<'=!

#%(!>'7%<(7%$%A!4$>'7#%7%!'=!53!%5!D53$(@6$&5!$E7!B37$3!4&&%!B<47!#Q55!#%(!7%D@%&5!'=!

3&D%@5%75!>'7!(%$!(%!%7F!b%7D'$3<%5D!3$D;37!%7!E!4;37%53!B37$%5D!B%C';!'=!7%554=C%5%7!'=!=E!4$$!4!

(43<'=!#%(!C:%##%5!'#!(%55%!H"#4<D%$A!01JVA!DF!JV8MF!X3$(!H01J8A!DFL0M!@E@%&%7!35!(%7D'#!

(%5!4&&%!%7!D3#D;37!#%<<'#!C:%##%5!'=!B37$%C3=%$!$E7!(%5!=:%<(%7!4$5%7%DD%=76$$<3=%5!'=!

;%7(4=76$$<3=%5!&3$!(%55%!C3!$%=354;!@E;47&$4$=!@E!B37$%5F!*37$%5!&3$!B<4!657?==!'=!

#'54;3D:'$A!<O74$=!'=!4(%$545%5D65;4&<4$=%$!&3$!B<4!D;%&&%5F!!

!

!

)

(11)

! JJ!

92):+6.(+))

!

G%5'(%!C3$(<%7!'#!E!>Q<=%!%$!@7'D%DD!>'7!E!$E!%5!#E<F!P%5!C3$(<%7!'#!C;'7(3$!;4!D&3<!>E!

4$>'7#3D:'$A!C;'7(3$!(%$$%!4$>'7#3D:'$%$!3$3<?D%7%D!'=!C;3!(%$!>'75%<<%7!'DDF!^P%5!(7%4%7!

D%=!'#!E!D3#<%!4$$A!3$3<?D%7%!'=!5'<&%!(353!dFFFe_!HR'C3$$%DD%$A!-C74D5'>>%7D%$!I!f6>5%A!01J8A!

DF0VMF!N!(%55%!&3@455%<%5!D&3<!:%=!=E!4$$!@E!#%5'(%$!:%=!C37!;3<=5A!C;'7>'7!:%=!C37!;3<=5!(%$$%!'=!

C;'7(3$!:%=!C37!=E55!>7%#!;%(!B76&!3;!(%$$%!#%5'(%$!>'7!E!B%<?D%!@7'B<%#D54<<4$=%$!#4$!

!"#$%&'()&'(*+$,#'&-+.(/(0&$'+1&2+'(,.3..+(#**(4'%+$(0&$',(/%+'./.+.,4."/)-/'25!!

!

&,+-L21;>=1=>2-70-@214=>=1=>2-93=7B3--

!

P%5!>4$$%D!6<4&%!>'7#%7!>'7!#%5'(%F!T4!D&4<<%7!4!C';%(D3&!#%<<'#!5'!C';%(5?@%7g!&;3<45354;!'=!

&;3$545354;!#%5'(%F!P%5!#%D5!;%D%$5<4=%!D&4<<%7!C3$(<%7!'#!C;'7(3$!(353%$!B<47!7%=4D57%75!'=!

3$3<?D%75F!P%!&;3<45354;%!#%5'(%$%!=E7!#%7!4!(?B(%$!'=!C37!>'&6D!@E!D'D43<%!>%$'#%$%7!

HfC3=337(A!01JYA!DFJJMF!2;3<%!'=!*74$&#3$$!H011/M!;%&5<%==%7!35!;%(!B76&!3;!&;3<45354;%!

#%5'(%7!C37!#3$!&'$53&5!#%(!4$>'7#3$5%$!'=!#%5'(%$!%=$%7!D%=!(%7D'#!#3$!D&3<!D56(%7%!

C'<($4$=%7A!#%$4$=%7!'=!%7>374$=%7!HR'C3$$%DD%$A!-C74D5'>>%7D%$!I!f6>5%A!01J8A!DFJZ.MF!T%(!

B76&!3;!D<4&%!#%5'(%7A!B<47!7%D6<535%5!=:%7$%!@7%D%$5%75!4!>'7#!3;!5%&D5F!2;3$545354;%!#%5'(%7!

C37!(%74#'5!D5Q77%!3;D53$(!#%<<'#!>'7D&%7!'=!4$>'7#3$5%7F!X<4&%!#%5'(%7!C37!>'&6D!@E!3$53<<!

'=!65B7%(%<D%!'=!7%D6<535%$%!B<47!@7%D%$5%75!4!>'7#!3;!D5354D54&&%7!'=!(43=73##%7!H*%7=D<3$(!I!

RO=%7A!01JZA!DF8LMF!

!

&,(-M1;0-12-93=7B3--

!

+;4<&%$!#%5'(%!#3$!;%<=%7!E!B76&%!%7!3;C%$=4=!3;!C;3!#3$!Q$D&%7!E!6$(%7DQ&%!Hf:'73A!010JA!

DFJ0LMF!G4$!@7'B<%#D54<<4$=!<%==%7!54<!=76$$!>'7!%$!&;3<45354;!D56(4%!>'7(4!:%=!DQ&%7!%55%7!

>'7D5E%<D%$!3;!%5!D'D43<5!>%$'#%$A!;%(!35!:%=!Q$D&%7!E!>4$$%!65!C;'7(3$!6<4&%!B37$%C3=%<O7%7%!

D%7!@E!B37$D!4(%$545%5!'=!C;'7(3$!@%7D'$3<%5!4!B37$%C3=%$!&3$!D5Q55%!'@@!6$(%7!B37$D!

4(%$545%5D65;4&<4$=F!R%=!C37!;3<=5!E!B%$?55%!#%=!3;!(?B(%4$5%7;:6!D<4&!35!:%=!&3$!>E!='(!4$$D4&5!

4!4$>'7#3$5%$%D!#%$4$=%7A!53$&%7!'=!%7>374$=%7!76$(5!(%5!3&56%<<%!5%#3%5F!f:'73!H010JA!DFJ0LM!

B%<?D%7!35!;%(!B76&!3;!(?B(%4$5%7;:6!%7!#E<%5!E!D&3@%!%$!D4563D:'$!>'7!%$!7%<354;5!>74!D3#53<%!

D'#!'#C3$(<%7!%5!D@%D4>4&5!5%#3!:%=!D'#!>'7D&%7!C37!B%D5%#5!@E!>'7CE$(F!P%5!%7!;4&54=!E!D%55%!

3;!='(!54(!D<4&!35!4$>'7#3$5%$!>E7!54(!54<!E!7%><%&5%7%!';%7!#%$4$=%$%!D4$%!'=!%7>374$=%$%!76$(5!

5%#3%5!4!>'7D&$4$=%$A!D'#!>Q7%7!54<!35!#3$!&3$!=E!4!(?B(%$!'=!35!:%=!D'#!>'7D&%7!>E7!%$!B%(7%!

>'7D5E%<D%!3;!4$>'7#3$5%$!Hf:'73A!010JA!DFJ0LMF!R%=!;3<=5%!E!B%$?55%!#%=!3;!%5!7%<354;5!

D576&567%75!'@@<%==!@E!4$5%7;:6%5!;%(!35!:%=!C37!65>'7#%5!C';%(D@Q7D#E<%$%!@E!>'7CE$(!'=!

(12)

! J0!

7%&&%>Q<=%$!@E!D@Q7D#E<%$%!%7!B%D5%#5F!+%7!>E7!4$>'7#3$5%$%!#6<4=C%5!54<!E!>'75%<<%!>7455!(%5!(%!

Q$D&%7!@E!D@Q7D#E<%$%!'=!C;'7(3$!(%!>'7D5E7!5%#3!4!@7'D:%&5%5F!T%(!35!D@Q7D#E<%$%!%7!D&7%;%5!

@E!>'7CE$(A!D;37%7!4$>'7#3$5%$%!@E!(%!D3##%!D@Q7D#E<%$%F!"$!D<4&!#E5%!E!=:Q7%!(%5!@E!;4<!

&6$$%!<%55%!(7Q>54$=%$!'=!3$3<?D%$!;4(%7%!4!'@@=3;%$!HfC3=337(A!01JYA!DF/1MF!!

!

['7!E!>'7B%7%(%!#%=!54<!4$5%7;:6%$%!<3=(%!:%=!%$!4$5%7;:6=64(%F!+%7!#E55%!:%=!C3!>'&6D!@E!E!

D54<<%!D%$573<%!D@Q7D#E<!54<!5%#3!'=!<%==%!'@@!54<!><%&D4B4<45%5!D<4&!35!:%=!&6$$%!53!53&!4!(%5!

4$>'7#3$5%$%!D3F!*%7=D<3$(!'=!RO=%7!H01JZA!DFLJM!D&74;%7!35!=64(%$!D&3<!53!65=3$=D@6$&5!4!

@7'B<%#D54<<4$=%$!'=!5%#3%$%!#3$!Q$D&%7!E!=E!4$$!@EF!P%$!&3$!;O7%!D;O75!(%53<:%75!@E!

'@@D%55%5!%<<%7!%$!=7';!D&4DD%F!P?B(%4$5%7;:6!&3$!65>'7#%D!@E!><%7%!6<4&%!#E5%7F!R%=!;3<=5%!E!

65>'7#%!4$5%7;:6=64(%$!#%(!65=3$=D@6$&5!4!(%!57%!>3D%$%!U!'@@;37#4$=A!7%><%&D:'$!'=!

3;76$(4$=!Hf:'73A!010JA!DFJV/MF!!R%=!D5375%5!#%(!'@@;37#4$=DD@Q7D#E<F!P%55%!%7!D@Q7D#E<!C;'7!

#3$!B<47!&:%$5!#%(!4$>'7#3$5%$!'=!D&3@%!%$!C?==%<4=!'=!3;D<3@@%5!35#'D>O7%F!P%7%55%7!&6$$%!

;4!=E!';%7!54<!7%><%&D:'$D>3D%$F!P%55%!%7!&:%7$%$!4!4$5%7;:6%5F!+%7!>E7!4$>'7#3$5%$!D@Q7D#E<!E!

7%><%&5%7%!76$(5!'=!>E7!(%<%!D4$%!%7>374$=%7!'=!53$&%7F!R%=!C3((%!E@$4$=!>'7!

'@@>Q<=4$=DD@Q7D#E<!C%7A!(%7D'#!(%5!;37!$'%!:%=!Q$D&%5!E!53!53&!4!D'#!4$>'7#3$5%$%!D3F!f4<!

D<655!4!4$5%7;:6=64(%$!D355%!:%=!'@@!3;76$(4$=DD@Q7D#E<F!+%7!>E7!4$>'7#3$5%$%!#6<4=C%5!54<!E!

>'75%<<%!3$(7%!53$&%7!76$(5!5%#3!D'#!;4!4&&%!C37!;O75!4$$!@EA!;4!'@@D6##%7%7!'=!:%=!>'75%<<%7!

C;3!D'#!D&:%7!;4(%7%!#%(!>'7D&$4$=D@7'D:%&5%5!Hf:'73A!010JA!DFJ8JMF!!

!

&,&-N=21;0-12->4678914=38--

!

"55%7!E!C3!37B%4(%5!>73#!%$!@7'B<%#D54<<4$=!'=!;3<=5!#%5'(%!B%=?$5%!:%=!E!D%!@E!C;4<&%!

B37$%C3=%7!D'#!;37!3&56%<<%!>'7!#4$!@7'B<%#D54<<4$=F!N!&;3<45354;%!D56(4%7!%7!(%5!'>5%!%5!

B%=7%$D%5!3$53<<!@%7D'$%7!%<<%7!%$C%5%7A!C%7!%7!(%5!D@%D4%<5!;4&54=!35!65;3<=%5!%7!C%$D4&5D#%DD4=!

>'7!@7'B<%#D54<<4$=%$A!D<4&!35!;4!>E7!(353!D'#!%7!7%<%;3$5!>'7!(%5!;4!6$(%7DQ&%7!HfC3=337(A!

01JYA!DFVZMF!f:'73!H010JA!DFJZVM!B%<?D%7!35!E!;%<=%!4$>'7#3$5%7A!D'#!&3$!6553<%!D%=!@E!%$!

7%><%&5%75!#E5%!'#!(%5!;3<=5%!5%#3A!%7!%$!3;!C';%(7%=<%$%!$E7!#3$!;%<=%7!4$>'7#3$5%7!4!

&;3<45354;%!4$5%7;:6D56(4%7F!R%=!D?$%D!(%5!;37!&7%;%$(%!E!>4$$%!4$>'7#3$5%7A!>'7(4!><%7%!3;!(%!

:%=!D@675%!Q$D&%5!4&&%!E!(%<53A!@E!=76$$!3;!35!(%!;37!D;O75!'@@5355!%<<%7!D&6<<%!(%<53!4!><%7%!

3$(7%!B3SC%<'7%7F!R%=!B%=?$5%!(3!E!DQ&%!76$(5!@E!$%55%5!'=!>3$5!$'%$!B37$%C3=%7!D'#!C37!

4(%$545%5!'=!D%<;>Q<%<D%!D'#!D35D$4$=D'#7E(%F!R%=!&'$53&5%5!(%!@E!#34<!'=!D&7%;!&'75!'#!#%=!

D%<;A!>'7#E<%5!#455!#%(!B3SC%<'7%$A!C;'7(3$!:%=!C3((%!>6$$%5!(%7%D!B37$%C3=%!'=!C;'7>'7!:%=!

Q$D&%5!35!(%7%D!B37$%C3=%!D&6<<%!(%<53!4!#4$!B3SC%<'7F!R%=!>4&&!73D&5!D;37!>73!3DD4D5%7%$(%!

D5?7%7!4!%$!3;!B37$%C3=%$%!'#!35!C6$!Q$D&%5!E!53!(%<!4!#4$!B3SC%<'7F!X4(%$!(%!3$(7%!

(13)

! J.!

B37$%C3=%$%!4&&%!D;375%A!B%D5%#5%!:%=!#%=!>'7!35!(%5!4&&%!;37!$Q(;%$(4=!35!(%$!3$(7%!

B37$%C3=%$!C3((%!4(%$545%5!D'#!D35D$4$=D'#7E(%F!P%5!&6$$%!;O7%!D@%$$%$(%!'=!4$5%7%DD3$5!E!

D%!@E!h$!B37$%C3=%!D'#!>'&6D!@E!4(%$545%5!'=!h$!D'#!4&&%!C37!(%5A!'=!'#!(%!C37!6<4&%!53$&%7!

76$(5!5%#3!B37$D!4(%$545%5D65;4&<4$=F!P%5!;37!<%55%7%!E!>4$$%!%$!B37$%C3=%!D'#!4&&%!C37!>'&6D!

@E!B37$D!4(%$545%5F!R%=!&'#!73D&5!4!&'$53&5!#%(!%$!@%(3='=4D&!<%(%7!4!%$!B37$%C3=%!D'#!Q$D&%5!

E!(%<53F!T3<=%5!3;!4$>'7#3$5%7!B<%!%5!54<=:%$=%<4=C%5D65;3<=!>'7(4!(%5!%7!B3D%75!@E!4$>'7#3$5%7!

D'#!;37!;4<<4=!54<!E!D54<<%!'@@A!#%$!D3#54(4=!%5!D5735%=4D&!65;3<=A!;%(!35!4$>'7#3$5%$%!C37!

&6$$D&3@A!%7>374$=!'=!&'#@%53$D%!@E!(%5!3&56%<<%!5%#3!HfC3=337(A!01JYA!DFV8MF!N!#4$!

@7'B<%#D54<<4$=!C37!:%=!4&&%!;3<=5!E!>'&6D%7%!@E!%$!D@%D4%<<!@%7D'$3<=76@@%!4!B37$%C3=%$A!'=!

B%D5%#5%!#%=!(%7>'7!>'7!35!(%5!;37!=7%45!35!%$!3;!4$>'7#3$5%$%!;37!@%(3='=4D&!<%(%7!'=!(%$!

3$(7%!3DD4D5%7%$(%!D5?7%7F!!

['7!35!4$>'7#3$5%$%!D&3<!;O7%!3$'$?#%A!B76&%7!:%=!(4DD%!$3;$%$%!4!'@@=3;%5%&D5%$)!

K! N$>'7#3$5!J)!,DD4D5%7%$(%!D5?7%7!4!B37$%C3=%!#%(!>'&6D!@E!4(%$545%5!!

K! N$>'7#3$5!0)!b%(3='=4D&!<%(%7!4!B37$%C3=%!0!!

!

&,F-"35@8>23;53-12-0E344796O8>40--

!

[Q7!:%=!=:%$$'#>Q75%!4$5%7;:6%$%!D%$(5%!:%=!65!D3#5?&&%D&:%#3!'=!>4&&!(4DD%!4!7%567!#%(!

6$(%7D&74>5F!bE!=76$$!3;!D4563D:'$%$!;4!%7!4!#%(!-';4(KJ/!B<%!B%==%!4$5%7;:6%$%!=:%$$'#>Q75!

';%7!i''#F!R%=!;3<=5%!E!4&&%!53!<?('@@53&!6$(%7!4$5%7;:6%$%A!#%$!C3((%!#%(!#%=!%$!D%&7%5O7!

D'#!D&7%;A!D<4&!35!:%=!&6$$%!>'&6D%7%!@E!(%5!4$>'7#3$5%$%!D3!'=!D54<<%!'@@>Q<=4$=DD@Q7D#E<!

;%(!B%C';F!R%=!D5375%5!4$5%7;:6%$%!#%(!E!@7%D%$5%7%!#%=!D%<;!'=!@%7D'$%$!:%=!C3((%!#%(!D'#!

D%&7%5O7F!P%7%55%7!4$>'7#%75%!:%=!&'75!'#!B3SC%<'7%$D!C%$D4&5A!#E<!'=!73##%7!'=!4$>'7#3D:'$!

'#!4$>'7#3$5%$D!(%<53&%<D%F!+%7!@7%D4D%75%!:%=!35!3<5!D'#!B<47!D3=5!B<47!3$'$?#4D%75!'=!35!:%=!

Q$D&%5!E!<O7%!3;!(%5!(%!D3F!T%(!35!:%=!D5375%7!#%(!E!@7%D%$5%7%!#%=!D%<;!'=!#455!Q$D&%!'#!E!

<O7%!&3$!:%=!D&3@%!%$!35#'D>Q7%7!D'#!>Q7%7!54<!35!4$>'7#3$5%$%!>Q<%7!D%=!57?==!$'&!54<!E!D$3&&%!

>7455!'#!%=$%!>Q<%<D%7!'=!'@@<%;%<D%7F!P%55%!D&74;%7!*%7=D<3$(!'=!RO=%7!H01JZA!DFL0M!35!%7!

4$5%7;:6%7%$D!'@@=3;%!E!%53B<%7%F!T%(!4$5%7;:6!J!#%7&%5!:%=!35!4$>'7#3$5%$!C3((%!#?%!

&6$$D&3@!'#!4(%$545%5!'=!C;'7(3$!(%!:'BB%5!#%(!(%55%!4!B37$%C3=%$F!N$>'7#3$5%$!D;375%!

65>?<<%$(%!@E!3<<%!D@Q7D#E<%$%!D'#!>Q75%!54<!35!(%5!4&&%!B<%!B%C';!>'7!E!D54<<%!DE!#3$=%!

54<<%==DD@Q7D#E<F!R%=!#%7&%5!35!:%=!;37!<455!657?==!4!#4$!7'<<%!D'#!4$5%7;:6%7!'=!35!:%=!D&6<<%!C3!

=:%$$'#>Q75!$'%$!5%D54$5%7;:6!4!>'7&3$5!>'7!E!Q;%!#%=!@E!7'<<%$F!N!=:%$$'#>Q74$=%$!3;!4$5%7;:6!

0!;37!:%=!<455!57?==%7%!4!#4$!7'<<%F!P%55%!>Q75%!54<!35!D3#53<%$!><Q5!D;O75!='(5A!'=!35!7%&&%>Q<=%$!

@E!D@Q7D#E<%$%!B<%!%$(7%5!@E!=76$$!3;!35!;4!=4&&!';%7!4!%5!3;!(%!3$(7%!5%#3%$%!=:%$$'#!

D3#53<%$F!N!B%==%!4$5%7;:6%$%!;37!:%=!'@@5355!3;!E!4&&%!>%4<5'<&%!(%5!4$>'7#3$5%$%!D3A!DE!:%=!

(14)

! JZ!

D54<5%!'@@&<37%$(%!D@Q7D#E<!>'7!E!D4&7%!35!:%=!>4&&!74&54=!4$>'7#3D:'$F!P%!D4D5%!D@Q7D#E<%$%!

=4&&!65!@E!35!4$>'7#3$5%$%!&6$$%!>E!(%<%!(%7D'#!(%!C3((%!$'%$!><%7%!53$&%7!'#!5%#3!D'#!;4!

4&&%!C3((%!;O75!4$$%!@EF!P%55%!=3!%$!>4$!3;D<65$4$=!@E!4$5%7;:6%$%F!!

!

&,G-$41;P5318<3>B--

P3!:%=!D&6<<%!B%C3$(<%!(353#35%743<%5!;37!(%5!>Q7D5%!:%=!=:'7(%!E!D&3>>%!#%=!';%7D4&5!';%7!

4$$C'<(%5!4!(353%$%!;%(!E!<%D%!';%7!'=!7%$D&74;%!$'535%$%!#4$%!>73!4$5%7;:6%$%F!P%55%!%7!4!

D3#D;37!#%(!(%5!fC3=337(!H01JYA!DFJVJM!D&74;%7!^P%5!>Q7D5%!574$$%5!4!3$3<?D%$!3;!5%&D5%$!

4$$%BO7%7!35!;4!B<47!>'757'<4=%!#%(!7%>%735%$%!>73!4$5%7;:6%$%!'=!>%<5$'535%$%_F!"55%7!:%=!C3((%!

7%$D&7%;%5!B%=?$$%!:%=!E!3$3<?D%7%!(353%$!:%=!C3((%F!,$3<?D%!C3$(<%7!'#!E!7%(6D%7%!#%$=(%$!

'=!E!D&3@%!'7(%$A!#%$4$=!'=!D576&567!4!(353%$!#3$!C37!H*%7=D<3$(!I!RO=%7A!01JZA!DFYJMF!['7!E!

D&3@%!#%=!'7(%$!<3=(%!:%=!%$!53B%<<!#%(!Z!&35%='74%7!C;'7!:%=!D&7%;!4$$!C;3!C;%7!3;!

4$>'7#3$5%$%!C3((%!D3=5!76$(5!(%!6<4&%!&35%='74%$%F!T%(!E!=:Q7%!(%55%!;37!(%5!<%55%7%!E!

D3##%$<4=$%!C;3!(%!6<4&%!4$>'7#3$5%$%!D;375%!'=!(%7%55%7!=E!4!(?B(%$!@E!(%!%$&%<5%!5%#3%$%F!

"$!D<4&!#%5'(%!&3<<%D!5%#33$3<?D%F!+%7!D%55%7!#3$!>'&6D!@E!(%!5%#3%$%!D'#!%7!7%@7%D%$5%75!4!

@7'D:%&5%5!HfC3=337(A!01JYA!DFJLJMF!P%!&35%='74%$%!:%=!;3<=5%!E!(%<%!(%5!4$$!4!;37!

4$>'7#3$5%$%D!53$&%7!'#!4(%$545%5!'=!4(%$545%5D65;4&<4$=A!>'7%<(7%A!B37$%=76@@3!'=!@%7D'$3<%5F!

T4(%7%!B76&5%!:%=!6<4&%!>37=%&'(%7!>'7!E!>7%#C%;%!'7(!D'#!=4&&!4=:%$!6$(%7!(%!6<4&%!

D@Q7D#E<%$%F!P%55%!;37!'7(!4$>'7#3$5%$%!<3!#?%!;%&5!@E!'=!D'#!:%=!5%$&5%!&'#!54<!E!B<4!

7%<%;3$5%!B%=7%@!E!C3!#%(!4!B3SC%<'7%$F!*%=7%@%$%!:%=!<3!#%7&%!54<!;37!=76$$#67A!

(%>4$4D:'$D#3&5!'=!3$%7&:%$$%<D%F!"55%7!&35%='74D%74$=%$!'=!>37=%&'(4$=%$!=:%$$'#=4&&!:%=!

5%&D5%$%!><%7%!=3$=%7!>'7!E!D%!'#!:%=!>3$=%5!'@@!$'%!:%=!4&&%!C3((%!D%55!54(<4=%7%F!P%55%!D&74;%7!

fC3=337(!H01JYA!DFJV0M!%7!;4&54=A!;%(!35!#3$!&3$!D%!$?%!#Q$D57%!4!(353%$!'=!7%<%;3$5!(353!#3$!

4&&%!C37!D%55!@E!%5!54(<4=%7%!54(D@6$&5F!G35%743<%5!B<%!(%7%55%7!D56(%75!@373<<%<5!#%(!7%<%;3$5!

>3=<455%73567A!>'7!E!(3$$%!#%=!%$!';%7D4&5!'=!>4$$%!#6<4=!4$$C'<(!54<!5%'74K!'=!

(7Q>54$=D&3@455%<%5F!!

!

&,J-C3=7B3@8>=>@@--

!

*%7=D<3$(!'=!RO=%7!H01JZA!DFY1M!@E@%&%7!35!4$=%$!#%5'(%!%7!>%4<>74F!['7!E!B<4!B%;4DD5!@E!

#%5'(%$!#3$!C37!;3<=5!%7!(%5!;4&54=!E!;O7%!&7454D&!'=!7%><%&5%7%$(%F!P%55%!C3$(<%7!4!C';%(D3&!

'#!>'7D&$4$=%$D!57';%7(4=C%5F!['7!E!;67(%7%!>'7D&$4$=%$D!57';%7(4=C%5!'=!&;3<45%5%$!3;!

@7'D:%&5%5!%7!B%=7%@%$%!7%<43B4<45%5A!;3<4(45%5!'=!';%7>Q7B37C%5!D%$573<%!HfC3=337(A!01JYA!

DFJYJMF!a%<43B4<45%5!C3$(<%7!'#!@E<45%<4=C%5%$!54<!>'7D&$4$=%$F!P%5!B3D%7%7!D%=!@E!35!%$!3$$%$!

(15)

! JV!

>'7D&%7!D&3<!54<!%$!;4DD!=73(!&'##%!>7%#!54<!D3##%!7%D6<535!D'#!#%=A!;%(!E!B76&%!D3##%!

#%5'(%!'=!>7%#=3$=D#E5%!D'#!:%=!C37!=:'75!HfC3=337(A!01JYA!DFJYLMF!N!>'7B4$(%<D%!#%(!

#%5'(%$!:%=!C37!;3<=5A!4$5%7;:6A!&3$!(%55%!;O7%!65>'7(7%$(%F!R'C3$$%D%$A!f6>5%!'=!

-C74D5'>>%7D%$!H01J8A!DF00/M!@%&%7!@E!35!4$>'7#3D:'$%$!#3$!>E7!=:%$$'#!4$5%7;:6!%7!D;O75!

;%7(4<3(%5!'=!&'$5%&D53;C%$=4=A!D'#!>Q7%7!54<!35!(%5!4&&%!%7!#6<4=!35!%$!3$$%$!>'7D&%7!>E7!(%5!

D3##%F!['7!E!D5?7&%!7%<43B4<45%5%$!%7!(%5!(%7>'7!D;O75!;4&54=!E!=:Q7%!7%(%!>'7!C;'7(3$!#3$!C37!

>'7B%7%(5!D%=A!;3<=%$%!#3$!C37!5355A!C;'7(3$!#3$!C37!=E55!>7%#!'=!=:%$$'#>Q74$=%$!3;!

4$5%7;:6%$%F!P%55%!C37!:%=!=:'75!54(<4=%7%!4!(%55%!&3@455%<%5F!

!

T3<4(45%5!C3$(<%7!'#!C;'7!=?<(4=!'=!57';%7(4=!7%D6<535%$%!%7!4!>'7C'<(!54<!@7'B<%#D54<<4$=A!3<5DE!

(%5!;4!C37!6$(%7DQ&5!H*%7=D<3$(!I!RO=%7A!01JZA!DFY1MF!['7!E!>E!CQ?!=73(!3;!;3<4(45%5!4!(%$$%!

B3SC%<'7'@@=3;%$!D54<5%!:%=!><%7%!D@Q7D#E<!6$(%7!4$5%7;:6%$%!>'7!E!D4&7%!35!(%5!4&&%!>'7%&'#!

>%4<5'<&$4$=F!P%55%!;37!D@Q7D#E<!D'#!1&$(7+2(;#$,.<..(%+..+($/)./2(&'2<+'%+FFFc!!'=!%+.(%4(,/+$(

1+$(+$(999(#2(0+.:$FFF!cF!['7!E!D5?7&%!;3<4(45%5%$!%$(3!#%7!&6$$%!:%=!D%$(5!573$D&74B%74$=%$!3;!

4$5%7;:6%5!54<!4$>'7#3$5%$%F!P3!&6$$%!(%!&'##%5!#%(!#%7!4$>'7#3D:'$!'#!5%#3%5A!D'#!:%=!

&3$D&:%!4&&%!'@@>355%5!6$(%7!4$5%7;:6%5F!P%5!&6$$%!'=!;O75!4$5%7%DD3$5!E!4$5%7;:6%!><%7%!#%(!

B37$%C3=%<O7%765(3$$4$=!>'7!E!>E!><%7%!D?$D;4$&<%7A!#%$!(%5!;37!C%7!;4&54=!E!B%=7%$D%!

'@@=3;%$!D<4&!35!(%5!4&&%!B<%!>'7!#?%!E!3$3<?D%7%F!!

!

P%!7%D6<535%$%!:%=!C37!>6$$%5!%7!&6$!=?<(4=!4!(%!B37$%C3=%$%!:%=!4$5%7;:6%5!4A!#%$!4&&%!

$Q(;%$(4=;4D!4!3$(7%!B37$%C3=%7F!,&D%<!f:'73!H010JA!DFJZLM!;%&5<%==%7!35!;%(!E!B76&%!4$5%7;:6!

>E7!#3$!&6$!D;37!@E!(%5!4$>'7#3$5%$!D4%7A!4&&%!C;3!(%!D'#!4&&%!(%<537!4!6$(%7DQ&%<D%$!;4<<%!

D3=5F!N!&;3<45354;%!D56(4%7!;4<!=%$%73<4D%74$=!C3$(<%!'#!';%7>Q7B37C%5F!P%5!C3$(<%7!4&&%!'#!35!

(%!7%D6<535%$%!#3$!>4$$%7!D&3<!=%$%73<4D%7%DA!#%$!65(?@%!='(5!(%5!#3$!C37!D56(%75F!P%5!&3$!

C3$(<%!'#!E!D?$<4==:Q7%!%$!@73&D4D!'=!E!D5375%!%$!53$&%@7'D%DD!C'D!3$(7%!B37$%C3=%7!';%7!

(%7%D!%=%$!@73&D4D!76$(5!(%55%!5%#3A!D'#!&3$!>Q7%!54<!>'7B%(74$=!H*%7=D<3$(!I!RO=%7A!01JZA!

DFY1MF!P%55%!&3$!(%$$%!B3SC%<'7%$!=:Q7%!;%(!35!:%=!C37!>'7&<375!(%53<:%75!(%5!:%=!C37!D56(%75A!'=!

<%D%7%$!D%<;!&3$!;67(%7%!C;'7;4(5!>6$$%$%!%7!=?<(4=!>'7!(%#F!+%7!&3$!(%!7%><%&5%7%!';%7!%=%$!

@73&D4D!'=!B<4!#%7!B%;4DD5%!@E!C;'7(3$!(%!3$D355%!4!B37$%C3=%$!&3$!D5Q55%!'@@!6$(%7!B37$D!

4(%$545%5D65;4&<4$=F!!

!

!

!

(16)

! J8!

&,Q-R=>5@3-83=4>405;>4E38--

\E7!#3$!=:%$$'#>Q7%7!D56(4%7!D'#!B%$?55%7!(47%&5%!&'$53&5!#%<<'#!>'7D&%7!'=!

>'7D&$4$=D'B:%&5!&3$!%54D&%!@7'B<%#D54<<4$=%7!'@@D5E!HR'C3$$%DD%$A!f6>5%!'=!-C74D5'>>%7D%$A!

01J8A!DF!YZMF!P%5!&3$!&'B<%D!'@@!#'5!D%<;%!@7'B<%#D54<<4$=%$A!=:%$$'#>Q74$=!3;!6$(%7DQ&%<D%A!

4$$D3#<4$=!3;!(353A!3$3<?D%!'=!(7Q>54$=!3;!>6$$%$%F!P%5!&3$!4!C';%(D3&!&$?55%D!54<!57%!

C';%(@74$D4@@%7)!4$>'7#%75!D3#5?&&%A!&'$>4(%$D43<45%5!'=!&'$D%&;%$D%7!H*%7=D<3$(!I!RO=%7A!

01JZA!DFYZMF!['7!E!D4&7%!4$>'7#%75!D3#5?&&%!(%<5%!:%=!65!%5!4$>'7#3D:'$K!'=!D3#5?&&%D&:%#3!

HT%(<%==!JMF!+%7!>4&&!4$>'7#3$5%$%!4$>'7#3D:'$!'#!>'7#E<%$%!#%(!6$(%7DQ&%<D%$A!35!

(%<53&%<D%$!;37!>74;4<<4=!'=!35!4$>'7#3$5%$%!&6$$%!57%&&%!D%=!$E7!D'#!C%<D5!>7%#!54<!4$$<%;%74$=!

3;!'@@=3;%$F!P%<53&%<D%$!54<!4$>'7#3$5%$%!B<%!3$'$?#4D%75!'=!=:'75!&'$>4(%$D4%<5!>'7!E!D4&7%!

4$>'7#3$5%$%D!@74;35<4;!4!B3SC%<'7'@@=3;%$!Hf:'73A!010JA!DFJ/1MF!!P%55%!'@@7%55C'<(5%!:%=!;%(!

E!4&&%!D&74;%!$%(!$3;$!@E!(%<53&%7$%A!B37$%C3=%$%!(%!54<CQ75%!'=!@%7D'$<4=%!'@@<?D$4$=%7!D'#!

&3$!D@'7%D!54<B3&%!54<!4$>'7#3$5%$%F!['7!E!D4&7%!35!4$>'7#3$5%$%!4&&%!&'##%7!54<!D&3(%!4!

@7'D%DD%$!%7!@6$&5%$%!4$>'7#%75!D3#5?&&%!'=!&'$>4(%$D43<45%5!D;O75!7%<%;3$5A!D3#54(4=!D'#!

#3$!#E!7%><%&5%7%!';%7!#6<4=%!&'$D%&;%$D%7F!P%55%!&3$!;O7%!D&3(%!%<<%7!6B%C3=A!=:%$$'#!35!

#3$!537!'@@!>Q<D'##%!5%#3!%<<%7!(%5!&3$!;O7%!>'7(%<%7!>'7!4$>'7#3$5%$%!;%(!35!#3$!B<47!#%7!

B%;4DD5!D4$!%=%$!@73&D4D!Hf:'73A!010JA!DFJYLMF!['7!E!6$$=E!D&3(%!=:%$$'#>Q75%!:%=!?55%7<4=%!

54<53&!;%(!E!@E#4$$%!4$>'7#3$5%$%!'=!35!(%55%!;37!>74;4<<4=!'=!(%<53A!D3#54(4=!D'#!:%=!>'7D4&7%5!

(%!4!<Q@%5!3;!4$5%7;:6%5!35!:%=!4&&%!;37!65%!%55%7!>3D45D;37A!#%$!Q$D&%5!E!B<4!&:%$5!#%(!(%7%D!

%7>374$=%7!'=!53$&%7A!D<4&!35!;4!D3##%$!&6$$%!D&3@%!%$!='(!&6$$D&3@D65;4&<4$=F!

!

!

)

(17)

! JL!

;2)<,+7+$6"7=.$)"0)>?$$).#)(,@>6&$#))

!

N!(%55%!&3@455%<%5!;4<!>6$$%$%!D'#!%7!7%<%;3$5!>'7!@7'D:%&5%5D!@7'B<%#D54<<4$=!B<4!@7%D%$5%75A!'=!

(7Q>5%5!'@@!#'5!>3=<455%73567!D'#!%7!@7%D%$5%75!4!5%'74&3@455%<%5F![6$$%$%!%7!B3D%75!@E!>6$$!>73!

4$5%7;:6!=:%$$'#>Q75!4!6<4&%!B37$%C3=%7A!#%(!h$!4$>'7#3$5!4!C;%7!B37$%C3=%F!\E7!:%=!7%>%7%7%7!

54<!(%!6<4&%!4$>'7#3$5%$%A!C37!:%=!;3<=5!E!&3<<%!(%#!4$>'7#3$5!J!'=!4$>'7#3$5!0F!R%=!C37!;3<=5!E!

57%&&%!>7%#!(%!>6$$%$%!D'#!B%<?D%7!#4$!@7'B<%#D54<<4$=)!!"#$%&'()&'(*+$,#'&-+.(/(0&$'+1&2+'(

,.3..+(#**(4'%+$(0&$',(/%+'./.+.,4."/)-/'25(@E!B%D5!#E5%F!23@455%<%5!%7!(%<5!4$$!4!.!6<4&%!(%<%7)!

=76$$#67A!(%>4$4D:'$D#3&5!'=!3$%7&:%$$%<D%F!P4DD%!&35%='74%$%!537!65=3$=D@6$&5!4!(%!5%#3%$%!

:%=!'7=3$4D%75%!>6$$%$%!#4$%!4!6$(%7!3$3<?D%!3;!>6$$F!!

!

F,+-S8?449?8--

j$(%7!4$5%7;:6%$%!6557?&5%!4$>'7#3$5%$%!35!4(%$545%5!%7!%5!D5'75!B%=7%@F!P%!<3!B%==%!;%&5!@E!35!

(%5!C3$(<%7!'#!C;'7(3$!#3$!D%7!D%=!D%<;!'=!C;'7(3$!3$(7%!D%7!@E!(%=F!P%55%!D3#D;37%7!#%(!

5%'74%$!54<!P3C<!H01J.A!DFJ//M!D'#!57%&&%7!>73#!35!4(%$545%5!BE(%!C3$(<%7!'#!C;'7(3$!;4!D%7!@E!

'DD!D%<;!'=!C;'7(3$!3$(7%!'@@>355%7!'DDF!T4(%7%!<3!4$>'7#3$5!0!;%&5!@E!35!4(%$545%5!'=!C3$(<%7!

'#!%7>374$=%7!#3$!>E7!%55%7!C;%75F!P%55%!B%<?D%D!4!5%'74%$!54<!W37D%$!'=!X<E55%$!H01JVA!DFJV1M!

D'#!D4%7!35!4(%$545%5!4&&%!%7!$'%!D'#!%7!#%(>Q(5A!#%$!$'%!D'#!65;4&<%D!4!D3#D@4<<!#%(!

'#=4;%<D%$%F!!

!

N!(%!5'!65D3=$%$%!6$(%7!&3$!#3$!<%D%!35!BE(%!4$>'7#3$5!J!'=!4$>'7#3$5!0!<3!;%&5!@E!35!B37$3!

#E!<O7%!E!C3!57'%$!@E!D%=!D%<;!'=!35!(%55%!%7!D%<;%!=76$$<3=%5!4!4(%$545%5D65;4&<4$=%$F!N$>'7#3$5!

J!C37!B76&5!B%=7%@%5!=76$$<3=A!#%$D!4$>'7#3$5!0!B76&5%!B%=7%@%5!=76$$#67F!R%=!C37!5'<&%5!(%5!

D<4&!35!(4DD%!B%=7%@%$%!C37!D3##%!B%5?($4$=F!

!

=>+%(<(7#00+(0+"/,,.(6+%(/%+'./.+.,4."/)-/'2+'(./-(1"+$.(+')+-.(0&$'(/(0&$'+1&2+'(1&$(0&$'&(+.(

2#%.(2$4''-&2(./-('<$(%+(,)&-(,.&$.+(*<(,)#-+'(#2("/%+$+(/(-/"+.9(!+$(1&'%-+$(%+.(#6(<(0:22+(+.(

0$&(2$4''-&2(1"#$(;#)4,+.(+$(<(,+(*<(,+2(,+-"(,#6(0$&('#)8(HN$>'7#3$5!JMF!!

!

=?:+(2<$(*<(&.(%+(,)&-(0-/(.$:22+(*<(,+2(,+-"@(%+.(+$(,+-"+(2$4''64$+'9(A+.(+$(-+..+$+(<(0:22+(

*<@(+''(+'(2$4''64$(,#6(+$(4,/))+$9(B&$'&(6<(-C$+(<(1&(.$#+'(*<(,+2(,+-"(#2(&.(%+()&'(./'28!

HN$>'7#3$5!0MF!!

!

(18)

! JY!

P76=<4!'=!W%&C3<!H01JYA!DFVLM!B%<?D%7!4!D4$!5%'74!35!>'7!35!B37$3!D&3<!C3!%5!='(5!=76$$<3=!54<!E!

B<4!57?==!@E!D%=!D%<;!%7!(%5!;4&54=!#%(!'#D'7=D@%7D'$%7!D'#!%7!54<=:%$=%<4=%!'=!D%$D454;%F!

P4DD%!'#D'7=D@%7D'$%$%!#E!#Q5%!B37$3!'=!=4!(%!7%D@'$D!>'7!D4$%!6557?&&A!Q$D&%7A!4$5%7%DD%7!

'=!#%$4$=%7F!+%7!&3$!B37$%C3=%@%7D'$3<%5!;O7%!$'%$!3;!B37$3D!'#D'7=D@%7D'$%7F!9:%$$'#!

65;4&<4$=!3;!4(%$545%5!%7!(%5!4&&%!#E<!E!&'##%!>7%#!54<!%5!D;37A!#%$!E!<O7%!#%7!'#!D%=!D%<;!'=!

D455!<4;!4!#Q5%!#%(!3$(7%F!T%(!E!<O7%!#%7!'#!D%=!D%<;A!&3$!#3$!B<4!57?==%7%!@E!(%$!#3$!%7!

H*4$(%7A!01JYA!DF.YMF!

!

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

P3C<!H01J.A!DFJ//M!;4D%7!54<!35!4(%$545%5!%7!$'%!D'#!B<47!54<!4!D3#D@4<<!#%(!3$(7%F!+;'7(3$!;4!

B<47!#Q55!%7!#%(!@E!E!&'$D576%7%!;E7!4(%$545%5F!N!B37$%C3=%$!D@4<<%7!@%7D'$3<%5D!C'<($4$=%7!54<!

#3$=>'<(!'=!3$$%7<%(%DC%5!%$!D5'7!7'<<%!@E!'#!B37$3!>E7!4(%$545%5DB%&7%>5%<D%!H9:%7;3$A!

,$(%7D%$!I!*<%&3A!01J0A!DFJZJMF!j$(%7!4$5%7;:6%$%!<3!B%==%!4$>'7#3$5%$%!><%7%!=3$=%7!;%&5!

@E!35!#3$!3<<%7%(%!>73!B37$3!%7!D#E!#E!;4D%!(%#!35!3<<%!%7!>'7D&:%<<4=%!'=!35!6<4&C%5%7!%7!

@'D454;5F!P%55%!&3$!&'B<%D!'@@!#'5!D?$<4==:Q74$=!3;!#3$=>'<(%5A!>'7!D<4&!(%5!%7!D&7%;%5!4!

5%'74%$A!C3$(<%7!#3$=>'<(!'#!6<4&C%5%7!H9:%7;3$A!,$(%7D%$!I!*<%&3A!01J0A!DF08K0LMF!X<4&!

4$>'7#3$5%$%!D4%7!%7!(%5!$3567<4=!'=!@'D454;5!35!;4!%7!>'7D&:%<<4=%F!P%55%!&3$!&$?55%D!'@@!#'5!

6557?&&%5!54<![3$(7%#!H01JYA!DF0LYM!D-/)1+.(,#6('#$6F!+%7!D&3<!>'&6D%5!;O7%!@E!35!3BD'<655!

3<<%!%7!>'7D&:%<<4=%F!P%55%!%7!(%5!D'#!%7!$'7#%$A!$'7#3<5!'=!@'D454;5!'=!3<<%!B<47!3&D%@5%75!D<4&!

(%!%7F!bE!(%$$%!#E5%$!&3$!D?$<4==:Q74$=!3;!#3$=>'<(%5!4!B37$%C3=%$A!>Q7%!54<!35!B37$3!>E7!

4(%$545%5DB%&7%>5%<D%!H9:%7;3$A!0118A!DF0ZMF!!!

!

j$(%7!4$5%7;:6%5!573&&!4$>'7#3$5!0!>7%#!35!(%5!%7!;4&54=!E!C3!>'&6D!@E!>'7D&:%<<%7A!#%$!@E!

D3##%!54(!#E!(%!;'&D$%!;O7%!>'7D4&54=%!#%(!E!54<<%==%!B37$3!$'%!(%!D%<;!4&&%!^D%7_F!+6$!

D$3&&%5!'#!%$!%@4D'(%!C;'7!B37$%C3=%$!:'BB%5!#%(!6<4&C%5%7!'=!<4&C%5%7F!N!%$!3;!

D3#<4$=DD56$(%$%!5'&!4$>'7#3$5%$!>7%#!5'!:%$5%7!'=!B37$%=76@@%$!D$3&&%5!'#!C;3!D'#!;37!

<4&5!'=!6<4&5F!+%7!D;375%!B37$3!35!(%!B%==%!C3((%!<?D5!CE7!'=!;37!:%$5%7A!#%$!(%5!D'#!;37!6<4&5!

;37!35!C6$!%$%!;37!CQ?%7%!%$$!C6$!3$(7%F!"55%7!(%55%!5'&!4$>'7#3$5%$!'@@!5'!=655%7A!C;'7!C3$!

%$%!;37!#Q7&C6(%5!'=!C3$!3$(7%!4&&%!;37!(%5F!+%7!D$3&&%5!B37$3!'#!35!(%!B%==%!;37!=655%7!'=!

C3((%!$'%!B<E55!@E!5KD&:'75%$A!'=!(%5!D'#!;37!6<4&5!;37!35!C3$!%$%!=655%$!C3((%!B76$%!Q?$%!'=!

&7Q<<%7!'=!C3$!3$(7%!C3((%!B<E!Q?$%!'=!D57455!CE7F!XE!;37!(%!>%7(4=%F!+%7!;3<=5%!4$>'7#3$5%$!'=!

4&&%!D$3&&%!'#!C6(>37=%$!>'7(4!B37$3!C3((%!4&&%!5355!53&!4!(%55%!D%<;A!%<<%7!4&&%!D%55!(%5A!D'#!

4$>'7#3$5%$!D3F!!

!

(19)

! J/!

bE!(%$$%!#E5%$!&3$!(%5!D%!65!D'#!(%!C37!%$!@7'B<%#'74%$5%75!54<$O7#4$=!54<!#3$=>'<(A!;%(!35!

(%!6$$=E7!E!D%!>'7D&:%<<%7!H9:%7;3$A!,$(%7D%$!I!*<%&3A!01J0A!DF8.MF!9:%7;3$!%5!3<F!H01J0A!

DFJZ8M!>7%#C%;%7!35!#3$!D&3<!D?$<4==:Q7%!6<4&C%5%7!'=!<4&C%5%7!@E!%$!$3567<4=!#E5%A!D<4&!35!

B37$3!4&&%!&3$!5'<&%!35!(%5!4&&%!%7!Q$D&%<4=!#%(!6<4&C%5%7F!N!D4563D:'$%$!4$>'7#3$5%$!D$3&&%7!

'#!&6$$%!(%!D?$<4==:'75!6<4&C%5%$%!@E!%$!$3567<4=!#E5%!;%(!E!D$3&&%!'#!35!3<<%!C37!6<4&!

C6(>37=%F!,<<%!B37$3!&6$$%!5355!>7%#!37#%$!D4$!D<4&!35!(%!&6$$%!D%55!@E!(%!6<4&%!$?3$D%$%!4!

C6(%$!C'D!3<<%F!\'%$!%7!#Q7&%7%A!$'%$!C37!7Q($?3$D%A!$'%$!B<E$?3$D%A!#%$D!$'%$!C37!

'<4;%$$?3$D%F!T%(!35!#3$!>'&6D%7%7!@E!(%55%A!D?$<4==:Q7!#3$!35!3<<%!C37!6<4&!C6(>37=%A!D'#!

4=:%$!&3$!>Q7%!54<!35!C;%75!%$&%<5!B37$!>E7!B%&7%>5%<D%!@E!(%$!(%!%7!'=!D?$<4==:'75!35!3<<%!%7!6<4&%!

H9:%7;3$A!0118A!DF00MF!!

$

!"#"-$.*/0+,/0$$

X3##%$!#%(!B37$%C3=%$!D@4<<%7!>'7%<(7%$%!%$!D5'7!7'<<%!4!65;4&<4$=%$!3;!B37$D!4(%$545%5F!

9<3D%7!H01JYA!DF0VJM!57%&&%7!>7%#!35!#?%!3;!(%$!=76$$<%==%$(%!54<<45%$A!4(%$545%5%$A!

D%<;D5%$(4=C%5%$!'=!57?==C%5%$!65;4&<%D!>'7!(%!><%D5%!B37$!4!C:%##%5F!j$(%7!4$5%7;:6%5!<3!

4$>'7#3$5!0!;%&5!@E!35!$E7!B37$!%7!D#EA!%7!>3#4<4%$!;4&54=D5F!P%55%!&3$!&'B<%D!'@@!#'5!5%'74%$!

54<!9<3D%7A!;%(!35!#?%!3;!(%7%D!=76$$<%==%$(%!65;4&<4$=!D&:%7!4!C:%##%5F!X<4&!(%5!%7!B%<?D5!4!

5%'74%$!D@4<<%7!BE(%!C:%##%5!'=!B37$%C3=%$!%$!D5'7!7'<<%!4!=76$$<3=%5!54<!B37$D!

4(%$545%5D65;4&<4$=!'=!C;'7(3$!(%55%!D3#37B%4(%5!>6$=%7%7!C37!D5'7!@E;47&$4$=!@E!B37$%5D!

65;4&<4$=F!T%(!35!@%7D'$3<%5!B76&%7!54(!@E!E!D&3@%!%$!='(!7%<3D:'$!54<!>'7%<(7%$%A!&3$!(%55%!>Q7%!

54<!35!@%7D'$3<%5!B<47!B%(7%!&:%$5!#%(!B37$3F!b%7D'$3<%5!&3$!B<4!&:%$5!#%(!#4<:Q%5!B37$%5!

&'##%7!>73!'=!C;'7(3$!B37$%5!%7A!'=!C37!(%5A!4!C:%##%5F!b%7D'$3<%5!'=!C:%##%5!&3$!'=!

D3##%$!;O7%!#%(!E!<Q>5%!>7%#!D5?7&%7!C'D!B37$%5!'=!=4!(%!57?==%!'#=4;%<D%7!E!65;4&<%!D%=!4F!N!

5%'74&3@455%<%5!B%<?D5%!X3$(!H01J8A!DF!L0M!35!(%5!&3$!C3!$%=354;!@E;47&$4$=!@E!B37$3!(%7D'#!(%5!

4&&%!%7!D3#D;37!#%<<'#!C:%##%5!'=!B37$%C3=%$!$E7!(%5!=:%<(%7!4$5%7%DD%K!'=!;%7(4=76$$<3=%5F!

P%7D'#!(%5!4&&%!%7!D3#D;37!&3$!(%5!>Q7%!54<!35!B37$%5!>Q<%7!D%=!657?==!'=!4(%$545%5D65;4&<4$=%$!

B<47!D;%&&%5F!N!4$5%7;:6%5!573&&!4$>'7#3$5!0!>7%#!35!$'%!3;!(%5!C6$!D?$%D!%7!65>'7(7%$(%!#%(!

B37$D!4(%$545%5D65;4&<4$=!%7!>'7%<(7%D3#37B%4(F!!

!

=>/(1&$(1&..(+'(%+-(24..+$(,#6(,:'+,(%+.(1&$("C$.(23:(<()-+(,+2(4.(6+%()7#-+$9(A+..+(1&$(/))+(

"C$.(,<(*#*4-C$.(1#,(;+%$+'+@(%+$,#6(,3''+'(1&$(*<()7#-+('<$(%+(0-/$(1+'.+.(/(0&$'+1&2+'9((

E&66+(6+%(&.(24..+$(1&$("&-2.($#,&()$#'+$9(F+2(6+$)+$(&.(%+.(+$(6+,.(,<$.(./-(;+%$+(,#6(1&$(

,3''+$@(1+$(+$(%+.('#)('#+'(,.+$+#.:*/+$(,#6(1+'2+$(/27+'@(/(;#$6(&"()73'',$#--+$98(

!

Referanser

RELATERTE DOKUMENTER

Regnskapsmessig goodwill som oppstår ved fusjon regnskapsført til konsern- kontinuitet har ikke skattemessig verdi, og kan derfor ikke føres i saldogruppe B, og heller ikke i

Her har studenten et naturvitenskapelig fokus og barna blir interesserte og får komme med innspill, en bekreftelse av Thulin (2010) sitt arbeid om barns spørsmål under

Under utarbeidelse av oppgaven har studenten fått. veiledning

Under utarbeidelse av oppgaven har studenten fått. veiledning

Under utarbeidelse av oppgaven har studenten fått. veiledning

Under utarbeidelse av oppgaven har studenten fått.. veiledning

For videreutvikling av felthåndboken anbefaler prosjektet at etatene sammenstiller erfaringer fra bruk av felthåndboka ved ulike typer hendelser, og at disse erfaringene

Aleneforeldre med barn under 11 år i grupper for kjønn/ekteskapelig status/yngste barns alder, etter antall ganger de har fått hjelp til pass av barn i løpet av de.. siste