• No results found

Tilrettelegging for interetnisk lek i barnehagen: Hvordan legger en barnehagelærer til rette for interetnisk lek ?

N/A
N/A
Protected

Academic year: 2022

Share "Tilrettelegging for interetnisk lek i barnehagen: Hvordan legger en barnehagelærer til rette for interetnisk lek ?"

Copied!
26
0
0

Laster.... (Se fulltekst nå)

Fulltekst

(1)

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

./%)&0/(&)!

!"#$%&'()*++*$(*'(,&$'*-&+*).$*$(/0)($*//*(1#$(0'/*$*/'023()*34!

!

12#$#&!3%&*,'/4!5+$4&)!

6-/)4#4/')722&%8!9:;<=!

!

5&6-*)#$#77+&"*(

8595:;<=>>?!

!

"%+)40&#2>!?/#!@:;A!

!

!

B/C0&$+%+DD(/E&)!&%!&'!,&$E,'&)4#(!,'74&)'/%.&#4!(F&))+2*G%'!E&4!H%+))#)(!?/74,!?#))&!5G(,-+$&!*+%!

B/%)&0/(&$I%&%7'4/))#)(!+(!&%!(+4-F&)'!,+2!&)!4&$!/E!./%)&0/(&$I%&%7'4/))#)(&)J!K)4&%!7'/%.&#4&$,&!/E!

+DD(/E&)!0/%!,'74&)'&)!*L''!E&#$&4)#)(!E&4!H??5J!

!

!

! !

(2)

;!

@#$#$%(

H&))&!./C0&$+%+DD(/E&)!0/%!EI%'!2#''!/E,$7''&)4&!/%.&#4!&''&%!4&'!'%&L%#(&!D%+*&,F+),,'74#&'!

./%)&0/(&$I%&%!2&4!E&-'!DL!*$&%-7$'7%&$$!*+%,'L&$,&!E&4!H%+))#)(!?/74,!?#))&!5G(,-+$&J!

!

O&(!E#$!'/--&!2#)&!E&#$&4&%&!P+)F/!Q#.,(//%4!+(!N&C#$#&!HR%-+%)!S+4,'/4>!*+%!(+4!E&#$&4)#)(>!

&)(/,F&2&)'!+(!,'G''&!#!/%.&#4&'!2&4!4&))&!+DD(/E&)J!

!

O&(!E#$!+(,L!'/--&!#)*+%2/)'&)>!,+2!0/%!E#,'!2&(!'#$$#'!+(!EI%'!E#$$#(!'#$!L!,'#$$&!+DD!DL!#)'&%EF7J!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

(3)

@!

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

AB>! CDDEFGDCDH(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB(<!

;J;!TUU3MV1WP!STX?YZ!T3!TUUB[3W\W3!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!<! IB>! JFKLFJCMN(JCEDOL9CDH(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB(P!

@J;!\W"1XQKZ"KX1ZZ!QT?U1"MWP1!T3!\W"1X1"W\PQ!Z1Q!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!]!

@J@!P"^""1WH1!P"XM"13\1X!SXM!?MOTX\"1"PPUXYQZ\31!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!]!

@J<!H1"!HTBZ1!H\Z1??M!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!_!

@J]!QMU\"MZ!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!`!

@J_!H[WM?\PQ!PUXYQMXB1\H!?1H!STQKP!UY!PM?PU\ZZ!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!a!

@J`!TX3MW\P1X"!PUXYQMXB1\H!\!3XKUU1X!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!9!

@Ja!BMXW15M31W!PT?!SZ1XQKZ"KX1ZZ!MX1WM!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!A!

@J9!V1\Z1HW\W3!\!Z1Q1W!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;:!

@JA!S1ZZ1P!X1S1XMWP1X!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;:!

<B>(9FJKGF(<BA(Q:EH(:Q(9FJKGF(KH(CDDM:9ECDHMMJL:JFHC(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB(AA!

<J@!UZMWZ133\W3!MV!HM"M\WWPM?Z\W3!T3!VMZ3!MV!\WSTX?MW"!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;;!

<J<!\W"1XVOK!PT?!HM"M\WWPM?Z\W3P?1"TH1!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;@!

<J]!B1PQX\V1ZP1!MV!3O1WWT?S^X\W3!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;@!

<J_!MWMZ[P1MXB1\H!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;@!

<J`!STXPQW\W3P1"\QQ!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;<!

<Ja!?1"TH1QX\"\QQ!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;<! PB>(@RDD(KH(GLS@JCDH(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB(AP! ]J;!\WQZKH1X1!BMXW!\!Z1Q!T3!PM?PU\ZZ!SXM!P"MX"!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;]! ]J@!TX3MW\P1X"!MXB1\H!?1H!PUXYQ!T3!\W"1XQKZ"KX1ZZ!QT?U1"MWP1!PT?!\WW3MW3!"\Z!Z1Q!JJJJJJJJJJJJJJJJJJJJJ!;`! ]J<!B^Q1X!T3!UXTPO1Q"1X!PT?!\WW3MW3!"\Z!Z1Q!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!;9! ]J]!V1\Z1HW\W3!\!Z1Q1W!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!@:! TB>(KUUMR99FLCDH(KH(QFCFD(QCGFLF(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB(IA! VB>(5C5ECKHL:@C(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB(I<! WB>(QFGEFHH(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB(I<! aJ;!PM?"[QQ1PQO1?M!b!\W"1XVOK!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!@<! aJ@!\W"1XVOK3K\H1!JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ!@]!

!

!

!

!

!

!

!

!

!

!

(4)

<!

AB> ! C'')*%'0'+(

H&)!)+%,-&!./%)&0/(&)!&%!#!4/(!&)!*$&%-7$'7%&$$!/%&)/!0E+%!./%)!2&4!.L4&!7$#-&!,D%L-$#(&b!+(!

-7$'7%&$$&!./-(%7))&%!2G'&,J!ZI%#)(!#!./%)&0/(&)!*+%&(L%!+*'&,'!(F&))+2!4&$'/-&$,&!#!$&-!+(!

/)4%&!0E&%4/(,,#'7/,F+)&%!c3F&2,>!@:;;>!,J!a<dJ!H&%*+%!&%!4&'!E#-'#(!/'!2/)!,+2!

./%)&0/(&$I%&%!&%!.&E#,,'!,#''!/),E/%!#!L!.#4%/!'#$!/'!./%)!7'E#-$&%!,#)!#)'&%-7$'7%&$$&!

-+2D&'/),&>!,$#-!/'!./%)!-/)!#)-$74&%&!,&(!,&$E!+(!/)4%&!#!$&-!2&4!./%)!,+2!0/%!&'!/))&'!

*G%,'&,D%L-!&))!4&2!,&$EJ!UL!4&))&!2L'&)!0/%!./%)!27$#(0&'!'#$!L!$I%&!/'!4&!-/)!EI%&!&)!,'G''&!

*+%!/)4%&!#!4&%&,!,D%L-$I%#)(>!+(!4&!-/)!$I%&!0E+%4/)!4&!,-/D&%!,/2,D#$$!2&4!/)4%&!DL!'%+,,!

/E!7$#-&!,D%L-!+(!-7$'7%J!

!

O&(!0/%!E/$('!#)'&%&')#,-!$&-!,+2!'&2/!*+%!4&))&!./C0&$+%+DD(/E&)J!UL!./-(%7))!/E!/'!4&)!

./%)&0/(&$I%&%7'4/))#)(&)!F&(!,'74&%&%!$&((&%!E&-'!DL!*$&%-7$'7%&$$!*+%,'L&$,&>!0/%!F&(!&)!,'+%!

#)'&%&,,&>!.L4&!D&%,+)$#(!+(!D%+*&,F+)&$'>!*+%!4&)!*$&%-7$'7%&$$&!$&-&)!+(!0E+%4/)!2/)!,+2!

./%)&0/(&$I%&%!-/)!$&((&!'#$!%&''&!*+%!#)'&%&')#,-!$&-J!O&(!0/%!&)!4&$!D%/-,#,&%*/%#)(&%!+(!0/%!

'#$&()&'!2&(!'&+%&'#,-!-7)),-/D!,+2!0/%!*G%'!'#$!/'!F&(!0/%!.$#''!,I%$#(!+DD'/''!/E!$&-!,+2!

E&%-'GR!*+%!7'E#-$#)(!/E!.L4&!,+,#/$b!+(!,D%L-$#(!-+2D&'/),&J!\!2#)!*%&2'#4#(&!F+..!,+2!

./%)&0/(&$I%&%!G),-&%!F&(!L!EI%&!&)!./%)&0/(&$I%&%!,+2!$&((&%!'#$!%&''&!*+%!$I%#)(!+(!

7'E#-$#)(!(F&))+2!$&-&)J!T(!4&'!&%!4&''&!,+2!$#((&%!'#$!(%7))!*+%!+DD(/E&),!D%+.$&2,'#$$#)(8!

X!"#$%&'()*++*$(*'(,&$'*-&+*).$*$(/0)($*//*(1#$(0'/*$*/'023()*34Y!

S+%!L!$I%&!2&%!+2!0E+%4/)!&)!./%)&0/(&$I%&%!0/%!E/$('!L!$&((&!'#$!%&''&!*+%!#)'&%&')#,-!$&-!0/%!

F&(!#)'&%EF7&'!&)!./%)&0/(&$I%&%!,+2!/%.&#4&%!2&4!&)!*$&%-7$'7%&$$!./%)&(%7DD&J!

;J;!TDD(/E&),!*+%2L$!+(!+DD.R()#)(!

TDD(/E&),!*+%2L$!&%!L!.&$R,&!0E+%4/)!&)!./%)&0/(&$I%&%!$&((&%!'#$!%&''&!*+%!$&-!2&$$+2!./%)!

2&4!7$#-'!2+%,2L$>!+(!4%G*'&!0E+%4/)!/%.&#4&'!2&4!L!G-&!.L4&!*$&%,D%L-$#(&!./%),!+(!

)+%,-,D%L-$#(&!./%),!#)'&%-7$'7%&$$&!-+2D&'/),&!-/)!EI%&!2&4!L!.#4%/!'#$!#)'&%&')#,-!$&->!+(!

,D%L-7'E#-$#)(!(F&))+2!$&-J!!

O&(!0/%!E/$('!L!,'%7-'7%&%&!+DD(/E&)!E&4!L!#))$&4&!2&4!&'!'&+%#-/D#''&$J!\!'&+%#-/D#''&$&'!

D%&,&)'&%&%!F&(!4&)!'&+%#&)!,+2!,&)&%&!,-/$!.%7-&,!#!4%G*'#)(&)!/E!4&)!#)),/2$&4&!&2D#%#&)J!

H&%&''&%!E#$!F&(!.%7-&!2&'+4&-/D#''&$&'!'#$!L!E#,&!0E#$-&)!2&'+4&!+(!#)),/2$#)(,,'%/'&(#!F&(!

0/%!.&)R''&'J!O&(!E#$!+(,L!*+%-$/%&!0E+%*+%!F&(!0/%!E/$('!4&))&!2&'+4&)>!+(!DL!0E#$-&)!2L'&!

4&))&!2&'+4&)!,-/$!.#4%/!'#$!/'!F&(!-+22&%!)I%2&%&!)+&)!,E/%!DL!D%+.$&2,'#$$#)(&)J!5&$'!'#$!

,$7''!#>!4%G*'#)(,-/D#''&$&'!E#$!F&(!D%&,&)'&%&!2#)&!*7))>!*G%!F&(!4%G*'&%!4#,,&!#!$R,!/E!4&'!

7'E/$('&!*/(,'+**&'!+(!'&+%#&)J!!

(5)

]!

IB> ! J*#$*/023(/0)'.$Z0'+(

@J;!\)'&%-7$'7%&$$!-+2D&'/),&!+(!#)'&%&')#,-!$&-!

HRD&4/0$!+(!BG0)!c@:;ad!4&*#)&%&%!#)'&%-7$'7%&$$!-+2D&'/),&!,+2!4&)!-7)),-/D&)!2/)!0/%!

+2>!+(!0E+%4/)!2/)!E&$(&%!L!-+227)#,&%&>!2&4!2&))&,-&%!,+2!&%!/E!&'!/))&'!-7$'7%&$'!+(!

'/)-&2&,,#(!,'L,'&4!&))!,&(!,&$EJ!H&)!#)'&%-7$'7%&$$&!-+2D&'/),&)!2/)!0/%!/E(FG%!0E#$-&!

,'%/'&(#&%!2/)!.%7-&%!#!2G'&!2&4!/)4%&!2&))&,-&%!*+%!L!(FG%&!,&(!*+%,'L''>!,/2'#4#(!,+2!4&)!

,D#$$&%!&)!E#-'#(!%+$$&!#!4&)!*+%,'L&$,&)!2/)!0/%!%7)4'!0E+%*+%!2&))&,-&%!0/)4$&%!,$#-!4&!(FG%!#!

2G'&!2&4!4&(!cHRD&4/0$!e!BG0)>!@:;a>!,,J!;]b;adJ!P&$/)4!,-%#E&%!#!!"#"$%&#'%()$*+%c@:;9d!+2!

#)'&%-7$'7%&$$!-+2D&'/),&!#!./%)&0/(&)J!57)!4#,-7'&%&%!0E+%4/)!2#)+%#'&',,D%L-$#(&!./%),!

&E)&!'#$!L!-+22&!,&(!#))!#!./%)&0/(&),!*&$$&,,-/D!E&4!L!.%7-&!&()&!&%*/%#)(&%>!*&%4#(0&'&%!+(!

-7)),-/D&%!-/)!-)R''&,!'#$!.&(%&D&'!#)'&%-7$'7%&$$!-+2D&'/),&!cP&$/)4>!@:;9>!,J!;99dJ!P&$/)4!

0&E4&%!/'!E#!-/)!*L!&)!,'G%%&!*+%,'L&$,&!*+%!0E+%4/)!./%)!,-/$!-7))&!7))(L!"/.+%,!c@::9d!

4+.$&!4#$&22/>!+(!0E+%4/)!./%)!-/)!#)-$74&%&,!+(!#)-$74&%&!,&(!,&$E!#!$&-!+(!/)4%&!

4/($#(4/(,&!,#'7/,F+)&%!0E+%!2/F+%#'&',,D%L-&'!-/)!0G%&,!+(!.%7-&,!#!&)!)/'7%$#(!,&''#)(>!E&4!L!

*+-7,&%&!2&%!DL!#)'&%-7$'7%&$$!-+2D&'/),&!#!4&'!D&4/(+(#,-&!/%.&#4&'!cP&$/)4>!@:;9>!,,J!;Aab

;A9dJ!!

O&(!.%7-&%!#!4&))&!+DD(/E&)!f/C0%#,&),!4&*#)#,F+)!/E!.&(%&D&'!#)'&%&')#,-!$&-J!57)!.&,-%#E&%!

#)'&%&')#,-!$&-!,+2!$&-,#'7/,F+)&%!0E+%!$&-&),!4&$'/-&%&!&%!/E!7$#-!&')#,-!./-(%7))!cf/C0%#,&)>!

@:;_>!,J!;@dJ!f/C0%#,&)!,-%#E&%!/'!4&'!L!EI%&!4&$'/-&%!#!&'!*$&%-7$'7%&$'!*&$$&,,-/D!#--&!&%!&)!

(/%/)'#!*+%!/'!./%)!2&4!7$#-!&')#,-!./-(%7))!7'E#-$&%!,+$#4/%#'&'!+(!&)!*G$&$,&!/E!,/20+$4!2+'!

0E&%/)4%&J!5E+%4/)!4&)!E+-,)&!*+%,G-&%!L!,-/D&!&'!./%)&0/(&2#$FG!.R((&'!DL!&)!,+,#/$'!

%&''*&%4#(!./%)&0/(&D&4/(+(#-->!&%!4&'!,+2!/E(FG%!#!0E+%!,'+!(%/4!./%)/!+DD$&E&%!

(F&)-F&))&$,&!+(!+DD$&E&%!L!*L!7'E#-$#)(,27$#(0&'&%!7'!*%/!,#)&!*+%7',&')#)(&%!cf/C0%#,&)>!

@:;_>!,J!;<9dJ!T2!D&4/(+(&)!$&((&%!'#$!%&''&!*+%!&'!$&-&2#$FG!0E+%!4&)!#)'&%&')#,-&!$&-&)!0/%!

&)!)/'7%$#(!D$/,,>!-/)!4&''&!.#4%/!'#$!/'!.L4&!4&!2/F+%#'&',,D%L-$#(&b!+(!4&!2#)+%#'&',,D%L-$#(&!

./%)/!$I%&%!L!%&,D&-'&%&!+(!*+%,'L!0E&%/)4%&>!,/2'#4#(!,+2!4&'!-/)!G-&!./%)/,!,D%L-$#(&!

-+2D&'/),&!cQ#.,(//%4>!@:;_>!,,J!;_ab;_9dJ!!!

!

@J@!P'G''&)4&!,'%/'&(#&%!*%/!2/F+%#'&',,D%L-$#(&!

Q#.,(//%4!+(!57,.R!c@:;]d!,-%#E&%!+2!7$#-&!,'%/'&(#&%!2/F+%#'&',,D%L-$#(&!./%)!.&E#,,'!-/)!'/!

#!.%7-!#!,/2,D#$$!2&4!./%)!,+2!0/%!2/F+%#'&',,D%L-&'!,+2!/)4%&,D%L-J!H&!%&*&%&%&%!'#$!"/.+%,!

c;AAad!+(!4&!7$#-&!,'%/'&(#&)&!2/)!-/)!$I%&!./%)!L!.%7-&!#!#)'&%-7$'7%&$$!,/2,D#$$!+(!$&-J!

H#,,&!,'%/'&(#&)&!.$&!.%7-'!#!&)!7)4&%,G-&$,&!0E+%!&)!(%7DD&!./%)!.$&!#)'%+47,&%'!*+%!

,'%/'&(#&)&!#!&)!*+%2&$$!$I%#)(,,#'7/,F+)>!(F&))+2!%+$$&,D#$$!+(!$&-J!H&!*&2!,'%/'&(#&)&!(#--!7'!

(6)

_!

DL!L!'/!#)#'#/'#E>!(&)&%&$$&!,D%L-$#(&!/,D&-'&%!,+2!L!,)/--&!,/-'&%&!+(!2&4!(+4!#)'+)/,F+)>!

(F&)'/-&$,&!/E!#)#'#/'#E!#!'#$*&$$&!2/)(&$!DL!%&,D+),>!L!.&!+2!/E-$/%#)(!)L%!4&!#--&!*+%,'+>!

(F&)'/-&$,&!+(!7'E#4&$,&J!\!7)4&%,G-&$,&)!'#$&()&'!./%)/!,&(!)&,'&)!/$$&!,'%/'&(#&)&!DL!&)!,$#-!

2L'&!/'!4&!(%&#4&!L!.%7-&!4&!#!,/2,D#$$!2&4!/)4%&,D%L-,$I%$#)(&)&J!H&)!&)&,'&!,'%/'&(#&)!4&!

#--&!'+-!#!.%7-!E/%!(F&)'/-&$,&!+(!7'E#4&$,&>!&)!,'%/'&(#!,+2!(#--!7'!DL!L!(F&)'/!&)!R'%#)(!DL!&)!

/))&)!2L'&!)L%!./%)&'!4&!D%/'&'!2&4!7''%R-'&!/'!4&'!#--&!*+%,'+J!3%7))&)!'#$!/'!./%)/!#--&!

.%7-'&!4&))&!,'%/'&(#&)>!-/)!EI%&!/'!./%)!#!'%&b*&2L%,/$4&%!#--&!0/%!7'E#-$&'!&)!(+4!)+-!

2&'/,D%L-$#(!.&E#,,'0&'!'#$!L!E#'&!0E+%4/)!4&!,-/$!&)4%&!*+%2!DL!4&'!#))0+$4&'!4&!G),-&%!L!

*+%2#4$&>!,$#-!/'!4&!*+%2#4$&%!4&'!4&!G),-&%!L!,#!DL!&)!/$'&%)/'#E!2L'&J!1''&%!/'!7)4&%,G-&$,&)!

E/%!(F&))+2*G%'>!E#,'&!%&,7$'/'&)&!/'!4&!2/F+%#'&',,D%L-$#(&!./%)/!0/44&!'/''!*$&%&!#)#'#/'#E!'#$!

,/2,D#$$!2&4!4&!2#)+%#'&',,D%L-$#(&!./%)/>!+(!4&!.%7-'&!+(,L!,'%/'&(#&)&!4&!0/44&!$I%'!*+%!L!

2+4#*#,&%&!,D%L-&'!,#''J!V&4!L!$I%&!4&!2/F+%#'&',,D%L-$#(&!./%)/!4#,,&!,'%/'&(#&)&!-7))&!2/)!

,G%(&!*+%!/'!4&!2/F+%#'&',,D%L-$#(&!*#--!E&%-'GR!'#$!L!0F&$D&!'#$!2&4!L!#)-$74&%&!4&!

2#)+%#'&',,D%L-$#(&!./%)/!+(!.#4%/!'#$!/'!./%)/!-7))&!-+227)#,&%&!2&4!0E&%/)4%&!cQ#.,(//%4!

e!57,.R>!@:;]>!,,J!a`ba9dJ!

@J<!H&'!4+.$&!4#$&22/!

"/.+%,!c@::9d!'&+%#!+2!4&'!4+.$&!4#$&22/!.&,-%#E&%!0E+%4/)!&'!./%)!,+2!#--&!4&$&%!,D%L-!

2&4!2/F+%#'&'&)!/E!./%)&(%7DD/>!-/)!0/!'+!D%+.$&2&%!,+2!&%!/E0&)(#(&!/E!0E&%/)4%&!*+%!L!

-7))&!$G,&,J!H&'!&)&!D%+.$&2&'!&%!/'!2/)!2L!0/!27$#(0&'!'#$!L!0G%&!+(!'/!#!.%7-!2L$,D%L-&'!*+%!

L!0/!(+4!,D%L-'#$&()&$,&J!S+%!L!$I%&!,D%L-!#!,/2,D#$$!2&4!/)4%&!./%)>!&%!./%)&'!)G4'!'#$!L!EI%&!

,+,#/$'!/-,&D'&%'!/E!4&!/)4%&!./%)/J!H&''&!*G%&%!+,,!'#$!4&'!/)4%&!D%+.$&2&'>!,+2!&%!/'!4&))&!

,+,#/$&!/-,&D'&)!-/)!EI%&!E/),-&$#(!L!+DD)L>!+2!2/)!#--&!4&$&%!,D%L-!2&4!4&)!(%7DD/!2/)!

,G-&%!/-,&D'!*%/!cQ7$,&'>!@:;_>!,,J!aAb9:dJ!

WL%!&'!./%)!.&*#))&%!,&(!#!4&'!4+.$&!4#$&22/>!0/%!./%)&'!.&0+E!*+%!&'!,+,#/$'!

0/)4$#)(,.&%&4,-/D!*+%!L!-+22&!,&(!7'!/E!4&'!4+.$&!4#$&22/J!"/.+%,!c@::9d!.&,-%#E&%!/'!&'!

./%)!,+2!#--&!4&$&%!,D%L-!2&4!%&,'&)!/E!(%7DD/!-/)!.$#!g7,R)$#(h!*+%!4&!/)4%&!./%)/J!H&%*+%!

&%!4&'!)G4E&)4#(!/'!./%)&'!.&(R))&%!L!'/!#!.%7-!2/F+%#'&',,D%L-&'!,L!*+%'!,+2!27$#(>!,$#-!/'!4&'!

-+22&%!#))!#!$&-!+(!.$#%!g,+,#/$'!%&$&E/)'hJ!SG%,'!)L%!./%)&'!-+22&%!,&(!7'!/E!4&'!4+.$&!

4#$&22/>!E#$!4&'!/E!4&'!/E!4&!/)4%&!./%)/!.$#!%&()&'!,+2!&)!E&%4#*7$$!$&-&b!+(!,/2,D#$$,D/%')&%!

cQ7$,&'>!@:;_>!,,J!9<b9]dJ!

1)!/E!(%7))&)&!'#$!/'!./%)!-/)!+DD$&E&!L!,#''&!*/,'!#!4&'!4+.$&!4#$&22/>!-/)!EI%&!/'!4&'!

&E&)'7&$$&!./%)&'!#))&0/%!4&'!B+%4#&7!c;AA_d!-/$$&%!/))&%$&4&,!0/.#'7,!+(!4+i/!&))!

2/F+%#'&'&)!/E!./%)&(%7DD/J!5/.#'7,!0/)4$&%!+2!0E+%4/)!E#!+DD*/''&%!&()&!+DD$&E&$,&%>!+(!

0E+%4/)!E#!%&/(&%&%!DL!4&'!E#!+DD$&E&%J!B+%4#&7!2&)&%!/'!)L%!E#!,+2!2&))&,-&%!&%*/%&%!)+&!

(7)

`!

,D&,#&$'!&$$&%!+DD$&E&%!&'!D%+.$&2!E#!2L!$G,&>!E#$!E#!'#$&()&!+,,!#)*+%2/,F+)!+2!0E+%4/)!E#!,-/$!

'/-$&!$#()&)4&!7'*+%4%#)(&%!#!*%/2'#4&)J!WL%!B+%4#&7!,-%#E&%!+2!0/.#'7,>!.&,-%#E&%!0/)!4&'!

,+2!&'!.&(%&D!*+%!%R((2/%(,-7)),-/D!E#!#--&!07,-&%!/'!E#!0/%!$I%'!+,,>!+(!/'!4&'!&%!-7)),-/D!

E#!0/%!2&4!+,,!*%/!&)!'#4$#(!*/,&!#!$#E&'J!H&%*+%!E#$!2#)+%#'&',./%)/!,+2!,'/%'&%!#!./%)&0/(&)!

/$$&%&4&!0/!&)!&'/.$&%'!0/.#'7,!*G%!4&!.&(R))&%J!1)!&)4%#)(!/E!4&))&!0/.#'7,&)!-%&E&%!/'!

./%)&'!/-,&D'&%&%!+(!*#))&%!,#)!D$/,,!#!4&'!)R&!,+,#/$&!2#$FG&'!#!./%)&0/(&)>!,/2'#4#(!,+2!4&'!

-%&E&,!/'!./%)&'!.$#%!/-,&D'&%'!/E!4&'!)R&!2#$FG&'!cQ7$,&'>!@:;_>!,,J!9;b9@dJ!

1'!/))&'!.&(%&D!2/)!-/)!,&!DL!*+%!L!*L!,'G%%&!*+%,'L&$,&!/E!0E+%*+%!2#)+%#'&',./%)!-/)!,#''&!*/,'!

#!4&'!4+.$&!4#$&22/!&%!4&'!B+%4#&7!c;AA_d!-/$$&%!4+i/J!H+i/!.&,-%#E&,!,+2!(%7))$&((&)4&!

%&($&%!2/)!2L!E#'&!+2!*+%!L!*7)(&%&!DL!7$#-&!,+,#/$&!/%&)/&%J!H+i/!-/)!-7)!$I%&,!(F&))+2!L!

+.,&%E&%&!+(!4&$'/!#!*&$$&,,-/D&'!DL!&)!/%&)/>!)+&!,+2!.&'R%!/'!2#)+%#'&',./%)!2L!.$#!#)-$74&%'!

#!./%)&0/(&),!*&$$&,,-/D!*+%!L!$I%&!,&(!4&)!4+i#,-&!&%*/%#)(&)!,+2!(F&$4&%>!#!4&'!,+,#/$&!

2#$FG&'!#!./%)&0/(&)!cQ7$,&'>!@:;_>!,J!9<dJ!

1''&%,+2!&'!2#)+%#'&',./%)>!,+2!.&(R))&%!#!./%)&0/(&)>!0/%!&)!0/.#'7,!+(!4+i#,-&!&%*/%#)(&%!

,+2!0/%!+DD,'L''!#!./%)&',!'#4$#(&%&!&%*/%#)(&%!2&4!-7$'7%!+(!,D%L->!-/)!4&'!0&)4&!/'!./%)&'!

*+%0+$4&%!,&(!'#$!2&))&,-&%!+(!,#'7/,F+)&%!DL!&)!/))&)!2L'&!&))!2/F+%#'&',./%)/!#!

./%)&0/(&)>!,+2!/$$&%&4&!&%!#)-$74&%'!+(!/-,&D'&%'!#))!#!./%)&0/(&),!*&$$&,,-/DJ!U&4/(+(&)!

,D#$$&%!4&%*+%!&)!,'+%!%+$$&!#!/%.&#4&'!2&4!L!#)-$74&%&!4&!2#)+%#'&',,D%L-$#(&!./%)/>!+(!,G%(&!

*+%!/'!4&!'#$&()&%!,&(!-7)),-/D!+2!4&!7,-%&E)&!$+E&)&!+(!%&($&)&!,+2!&%!(R$4#(&!#!

./%)&0/(&)>!0&%!-/$'!0/.#'7,!+(!4+i/!cQ7$,&'>!@:;_>!,,J!9<b9]dJ!

@J]!Q/D#'/$!

B+%4#&7,!c;AA_d!.&(%&D!-/D#'/$!0/)4$&%!+2!0E/!,+2!E&%4,&''&,!#))&)*+%!&'!+2%L4&J!Q/D#'/$!#!

./%)&0/(&*&$'&'!-/)!,&,!DL!,+2!&)!7'*+%4%#)(>!2&)!+(,L!,+2!&'!E&%-'GR!*+%!L!,'R%-&!4&'!

*$&%-7$'7%&$$&!./%)&',!D+,#,F+)!#!./%)&(%7DD/J!B+%4#&7!4&$&%!-/D#'/$!#))!#!G-+)+2#,-!-/D#'/$>!

,+,#/$!-/D#'/$!+(!-7$'7%&$$!-/D#'/$J!^-+)+2#,-!-/D#'/$!-/)!0/)4$&!+2!L!0/!4&!'#)(&)&!&$$&%!

-$I%)&!,+2!,&&,!DL!,+2!4&'!2&,'!D+D7$I%&!.$/)'!%&,'&)!/E!./%)&(%7DD/J!P+,#/$!-/D#'/$!

/E0&)(&%!/E!0E#$-&!+(!0E+%!2/)(&!E&))&%!&'!./%)!0/%!#!./%)&0/(&)J!H&)!-7$'7%&$$&!-/D#'/$&)!

0/)4$&%!+2!L!E#'&!0E+%4/)!2/)!+DD*G%&%!,&(!*+%!L!.$#!/-,&D'&%'!/E!(%7DD/>!*J&-,J!0E+%4/)!2/)!

#)-$74&%&%!,&(!,&$E!#!$&-!+(!0E+%4/)!2/)!$&-&%!*+%!L!.$#!E&%4,/''!,+2!$&-&D/%')&%J!S+%!L!-7))&!

(FG%&!4&'!*$&%,D%L-$#(&!./%)&',!-/D#'/$!(R$4#(!#!./%)&0/(&2#$FG&'>!&%!./%)&0/(&$I%&%&)!)G4'!'#$!

L!E#'&!0E#$-&)!-/D#'/$!./%)&'!0/%!+(!0E/!,+2!&%!E&%4#*7$$!-/D#'/$!#!4&)!(F&$4&)4&!./%)&0/(&)!+(!

./%)&(%7DD/!cQ7$,&'>!@:;_>!,,J!9@b9]dJ!U&4/(+(&)!,D#$$&%!&)!,'+%!%+$$&!#!L!'#$*G%&!)R&!&$&2&)'&%!

'#$!./%)/,!$&->!+(!-/)!4&%*+%!.#4%/!'#$!L!&)4%&!0E#$-&)!-/D#'/$!,+2!%&()&,!,+2!(R$4#(!#!

./%)&(%7DD/J!V&4!L!'/!7'(/)(,D7)-'!#!&$&2&)'&%!*%/!./%)/,!7$#-&!-7$'7%&%!-/)!2/)!#),D#%&%&!+(!

(8)

a!

,'R%-&!E&%4#&)!/E!./%)/,!-7$'7%!+(!#4&)'#'&'J!H&'!-/)!+(,L!*G%&!'#$!/'!4&!7$#-&!&$&2&)'&)&!.$#%!

-F&)'!*+%!0&$&!./%)&(%7DD/>!+(!4&%2&4!-/)!,'R%-&!4&)!*$&%-7$'7%&$$&!#4&)'#'&'&)!0+,!0&$&!

(%7DD/>!+(!#--&!./%&!0+,!&)-&$'./%)!cQ#.,(//%4!e!57,.R>!@:;]>!,J!;<AdJ!!

5+%)'E&4'!c@:;@d!,-%#E&%>!/'!&'!2&))&,-&,!#4&)'#'&'!-/)!EI%&!,&$E'#$,-%&E&'!&$$&%!'#$,-%&E&'!/E!

2&))&,-&)&!%7)4'J!T2!2&))&,-&)&!2/)!+2(#%!,&(!2&4>!0/%!&)!0&$'!/))&)!*+%,'L&$,&!/E!0E&2!

2/)!&%>!&))!4&'!2/)!,&$E!0/%>!-/)!4&'!*G%&!'#$!7,#--&%0&'!%7)4'!0E&2!2/)!&(&)'$#(!&%J!1'!

&-,&2D&$!DL!4&''&!&%!&)!2/))!,+2!*+%'/$'&>!/'!)L%!0/)!*$R''&'!'#$!W+%(&!*%/!P#&%%/!Z&+)&>!.$&!

0/)!+2'/$'!,+2!&)!,'&%&+'RD#,-!/*%#-/)&%!/E!)+%42&))J!1'!,'&%&+'RD#,-!.#$4&!)+%42&))!0/%!/E!

/*%#-/)&%&>!&%!/'!4&!,D#$$&%!'%+22&%!+(!&%!*$#)-&!'#$!L!4/),&J!gO&(!-/)!#)(&)!/E!4&$&)&>!0E&2!&%!

F&(!4/jh!,D7%'&!2/))&)J!H&'!&%!&)!*/%&!#!4&'!/'!2&))&,-&%!.$#%!'#$,-%&E&'!&)!#4&)'#'&'!7'!*%/!

$/)4&'!4&!-+22&%!*%/>!&''&%,+2!4&'!-/)!*G%&!'#$!/'!2/)!#--&!,&%!4&'!.%&4&!,D&-'&%&'!/E!0E&2!&'!

2&))&,-&!&%>!2&)!#,'&4&)!4G22&%!4&2!7'!*%/!&)!,'&%&+'RD#,-!*+%,'L&$,&!c5+%)'E&4'>!@:;@>!,,J!

@<_b@<`dJ!

!

@J_!HR)/2#,-!,D%L-/%.&#4!2&4!*+-7,!DL!,/2,D#$$!

\!,-.$"()$*+%/0%1'"$()$*+'#02"&%#%34$-"240"->%D%&,&)'&%&%!M$,'/4!c@:;`d!&)!-/,7,,'74#&!0E+%!

07)!0/%!+.,&%E&%'!+(!#)'&%EF7&'!'%&!7$#-&!./%)&0/(&$I%&%&!*+%!L!*+%,-&!DL!4&%&,!

/)4%&,D%L-,4#4/-'#,-&!/%.&#4J!1)!/E!./%)&0/(&$I%&%)&!M$,'/4!,-%#E&%!+2>!&%!5&#4#>!+(!0&))&,!

/%.&#4!2&4!'%&!2#)+%#'&',,D%L-$#(&!./%),!/)4%&b!+(!*$&%,D%L-$#(&!7'E#-$#)(J!H&'!,+2!.&,-%#E&%!

5&#4#,!/%.&#4!2&4!*$&%,D%L-$#(0&'!#!./%)&0/(&)>!&%!/'!07)!E&-'$&((&%!4&)!,+,#/$&!4#2&),F+)&)!

E&4!/)4%&,D%L-,$I%#)(J!H&''&!(FG%!07)!E&4!L!0/!*+-7,!DL!,D%L-/%.&#4!#!4/($#(4/(,&!,#'7/,F+)&%!

#!./%)&0/(&)>!+(!07)!G),-&%!/'!4&!'%&!*+-7,./%)/!,-/$!7'E#-$&!/)4%&,D%L-&'!(F&))+2!L!

-+227)#,&%&!2&4!/)4%&!./%)>!#!)/'7%$#(&!,#'7/,F+)&%!,+2!$&-!+(!2L$'#4!cM$,'/4>!@:;`>!,J!9AdJ!!

M$,'/4!,-%#E&%>!/'!5&#4#!.%7-&%!'#4!,/22&)!2&4!./%)/>!+(!D%GE&%!L!.#4%/!'#$!,D%L-,'#27$&%#)(!

(F&))+2!L!'/!7'(/)(,D7)-'!#!,D+)'/)&!,#'7/,F+)&%!,+2!+DD,'L%!#!./%)&0/(&0E&%4/(&)J!57)!

G),-&%!L!.&E/%&!LD&)0&'&)!+(!7)4%#)(&)!#!/%.&#4&'!2&4!./%)/J!M$,'/4!,&%!4&))&!*+%2&)!*+%!

D&4/(+(#--!,+2!4&'!"0+$#)!c@::`d>!-/$$&%!g4&)!4G4&!27,&),!D&4/(+(#--hJ!H&'!#))&.I%&%!/'!

D&4/(+(&)!'/%!7'(/)(,D7)-'!#!*J&-,J!&)!4G4!27,!2/)!*#))&%!DL!E&#&)>!+(!.%7-&%!./%)/,!

)R,(F&%%#(0&'!+(!7)4%#)(!,+2!7'(/)(,D7)-'!*+%!$I%#)(J!P&$E!+2!,D%L-$I%#)(&)!&%!#2D%+E#,&%'!

'#$!&'!E#,,'!)#EL>!2&)&%!#--&!5&#4#!/'!4&)!*+%&(L%!7'&)!%/22&%!+(!D$/)$&((#)(J!57)!*+%'&$$&%>!/'!

%/22&)&!&%!,/''!/E!.$/)'!/))&'!%/22&D$/)&)!+(!./%)&0/(&),!L%,D$/)>!+(!/'!%/22&D$/)&),!

LD)&!$I%#)(,2L$!(FG%!4&'!27$#(!L!#)-$74&%&!*$&%&!$I%#)(,2L$!#!&)!/-'#E#'&'J!M$,'/4!,-%#E&%>!/'!

P/kR&%!c@::]d>!.%7-&%!.&(%&D&'!-E/$#*#,&%'!#2D%+E#,/,F+)!+2!#2D%+E#,/,F+)!,+2!.R((&%!DL!

,/2,D#$$!2&4!+2(#E&$,&)&>!'#4$#(&%&!0&)4&$,&%!+(!,#'7/,F+)&%J!\2D%+E#,/,F+),*+%2&)!5&#4#!

F+..&%!&''&%>!-/$$&%!P/kR&%!*+%!g4#,#D$#)&%'!#2D%+E#,/,F+)hJ!W&''+DD!*+%4#!4&'!#--&!&%!&)!'RD&!

(9)

9!

#2D%+E#,/,F+)!,+2!*+%&(L%!0&$'!7'&)!%/22&%!+(!.&'#)(&$,&%>!2&)!#))&)*+%!%/22&)&!/E!*J&-,J!

&)!$I%&D$/)J!P&$E!+2!4#,,&!,'%7-'7%&$$&!%/22&)&!,D#$$&%!&)!%+$$&!#!5&#4#,!/%.&#4!2&4!,D%L->!

E&$(&%!07)!L!.%7-&!./%)/,!#)#'#/'#E!+(!#)'&%&,,&%!/-'#E'>!*+%!/'!./%)/!,&$E!,-/$!-7))&!'/!4&$!#!,#)!

&(&)!$I%#)(,D%+,&,,J!Z&-&)!.$#%!4&%*+%!&)!E#-'#(!/%&)/!*+%!,D%L-$I%#)(>!&''&%,+2!4&)!,D#$$&%!DL!

./%)/,!#2D%+E#,/,F+)>!)+&!&)!./%)&0/(&$I%&%!2&4!&'!4R)/2#,-!*+%0+$4!'#$!,D%L-$I%#)(!-/)!

#2D%+E#,&%&!7'!#*%/!cM$,'/4>!@:;`>!,,J!;::b;:@dJ!

@J`!T%(/)#,&%'!,D%L-/%.&#4!#!(%7DD&%!

3#IE&%!c@:;]d!,-%#E&%!/'!./%)&0/(&%!,+2!&%!+DD'/''!/E!,D%L-/%.&#4!+*'&!.%7-&%!+%(/)#,&%'&!

/-'#E#'&'&%!,+2!,/2$#)(,,'7)4&%!+(!,D%L-(%7DD&%!,+2!7'(/)(,D7)-'!*+%!,D%L-,'#27$&%#)(J!

P/2$#)(,,'7)4&%!&%!E/)$#(E#,!#--&!&)!/-'#E#'&'!0E+%!./%)!*L%!.%7-&!,D%L-&'!-%&/'#E'!+(!/-'#E'J!

H&'!&%!,+2!%&(&$!&)!/%&)/!0E+%!4&)!E+-,)&!D%/'&%!2&,'>!+(!+*'&!&%!4&'!2/)(&!./%)!,+2!4&$'/%J!

P/2$#)(,,'7)4&%!-/)!4&%#2+'!,-/D&!&)!+DD$&E&$,&!/E!'#$0G%#(0&'>!+(!&)!*&$$&,,-/D,*G$&$,&!0+,!

./%)/J!M'!,/2$#)(,,'7)4&)!+DD$&E&,!,+2!D+,#'#E!/E0&)(&%!/E!/'!D&4/(+(&)!,G%(&%!*+%!/'!/$$&!

./%)/!*L%!4&$'/!+(!*+%,'L%!#))0+$4&'!#!,/2$#)(&)!c3#IE&%>!@:;]>!,J!;@`dJ!!

3#IE&%!,-%#E&%!/'!,D%L-(%7DD&%>!0E+%!./%)/!'/,!7'!/E!/E4&$#)(&)>!-/)!EI%&!&)!(+4!27$#(0&'!'#$!

L!-)R''&!,D%L-$I%#)(!+(!7'*+%,-)#)(!/E!)R&!'&2/!+DD!2+'!/-'#E#'&'&%!,+2!+DD'/%!./%)/J!WL%!

./%)/!.$#%!4&$'!#))!#!2#)4%&!(%7DD&%!-/)!4&'!+(,L!.#4%/!'#$!2&%!4#/$+(J!H&''&!.&'R%!+(,L!/'!4&'!

.$#%!2&%!%+2!*+%!L!(#!4&!*$&%-7$'7%&$$&!./%)/!4&)!,'G''&)!+(!'#4&)!4&!'%&)(&%!*+%!L!7'%R--&!4&'!4&!

G),-&%>!#!2+',&')#)(!'#$!/-'#E#'&'&%!0E+%!4&'!4&$'/%!2/)(&!./%)J!1)!,D%L-(%7DD&!-/)!EI%&!&)!

/%&)/!0E+%!*$&%,D%L-$#(&!./%)!*L%!27$#(0&'!'#$!L!.%7-&>!+(!D%GE&!7'!)R&!,#4&%!/E!,D%L-&'!

c3#IE&%>!@:;]>!,J!;@AdJ!!

WL%!2/)!+%(/)#,&%&%!&)!,D%L-(%7DD&!.G%!7'(/)(,D7)-'&'!EI%&!/'!./%)&'!,&$E!0/%!&'!G),-&!+2!L!

4&$'/J!PD%L-(%7DD&%!0E+%!4&$'/-&%)&!0/%!+2'%&)'$#(!4&)!,/22&)!)+%,-,D%L-$#(&!-+2D&'/),&)!

&%!+*'&!%&()&'!,+2!4&'!.&,'&!7'(/)(,D7)-'&'>!*+%4#!./%)/!4/!0/%!4&)!,/22&!*+%7',&')#)(&)!*+%!

L!.%7-&!/)4%&,D%L-&'!+(!#))0+$4&'!-/)!&)-$&%&!'#$D/,,&,!0&$&!(%7DD/J!H&'!.G%!+(,L!EI%&!&)!

*+%7',&')#)(!/'!./%)&'!*L%!4&$'/!,/22&)!2&4!&)!E+-,&)!4&'!0/%!'#$$#'!'#$>!+(!./%)!4&'!'%#E&,!

,/22&)!2&4J!H&'!&%!#--&!/$$'#4!,/22&)0&)(!2&$$+2!./%)/,!,D%L-)#EL!+(!0E&2!./%)&'!$&-&%!

2&4>!2&)!(F&),#4#(0&'&)!+(!&2D/'#&)!2/)!*#))&%!#!&'!E&)),-/D!-/)!EI%&!&)!(+4!#),D#%/,F+)!

'#$!L!.%7-&!/)4%&,D%L-&'J!1)!/))&)!*+%7',&')#)(!*+%!,/22&),&')#)(&)!/E!&)!,D%L-(%7DD&!-/)!

EI%&!0E#$-&!./%)!,+2!-/)!*7)(&%&!,+2!(+4&!,D%L-2+4&$$&%!*+%!/)4%&!./%)J!H&))&!2L'&)!L!

4&$&!#))!,D%L-(%7DD&%!DL!-/)!,-/D&!(+4&!$I%#)(,,#'7/,F+)&%>!2&)!&''&%,+2!7'(/)(,D7)-'&'!*+%!

#))4&$#)(&)!/E!(%7DD&)!&%!,D%L-2+4&$$&%!2&4!(+4&!,D%L-$#(&!*&%4#(0&'&%>!-/)!4&'!+(,L!.$#!*+%!

2R&!*+-7,!DL!g-+%%&-'!,D%L-hJ!T2!,D%L-,'#27$&%#)(,2/'&%#/$&'!.&,'L%!/E!/-'#E#'&'&%!,+2!

(10)

A!

*+%,G-&%!L!$I%&!./%)/!*+)+$+(#,-!.&E#,,'0&'!+(!(%/22/'#-->!-/)!4&)!,D+)'/)&!4#/$+(&)!,+2!

0/%!7',D%#)(!#!./%)/,!'%#E,&$!+(!&)(/,F&2&)'!*+%,E#))&!c3#IE&%>!@:;]>!,,J!;@Ab;<:dJ!

!

@Ja!B/%)&0/(&)!,+2!*$&%-7$'7%&$$!/%&)/!

\!./%)&0/(&)!#!M$,'/4,!c@:;`d!-/,7,,'74#&!0E+%!5&#4#!/%.&#4&%>!&%!4&'!0&)('!+DD!D$/-/'&%!,+2!

,R)$#((FG%!./%)&(%7DD/,!2/)(*+$4!/E!,D%L-!+(!-7$'7%>!+(!4&!0/%!0&)('!+DD!&'!E&%4&),-/%'!,+2!

E#,&%!*$/((!+(!0+E&4,'&4&%!*%/!/$$&!E&%4&),!$/)4J!H&'!&%!.G-&%!'#$(F&)(&$#(!*+%!./%)/!DL!/$$&!

%+2>!+(!D&%,+)/$&'!0/%!'#$(/)(!DL!&)!,'+%!,/2$#)(!2&4!.G-&%!DL!D&%,+)/$%+22&'J!B/%)&0/(&)!

0/%!&)!/E'/$&!2&4!.#.$#+'&-&'!+2!$L)!/E!.L4&!)+%,-,D%L-$#(!./%)&$#''&%/'7%!+(!*$&%,D%L-$#(!

./%)&$#''&%/'7%!cM$,'/4>!@:;`>!,,J!A@bA<dJ!5&#4#!/%.&#4&%!*+%!L!,'R%-&!*+-7,./%)/,!*$&%-7$'7%&$$&!

#4&)'#'&'!+(!,'/'7,!#!(%7DD/J!H&''&!(FG%!07)!E&4!L!F+..&!*+%!L!4/))&!&'!*$&%-7$'7%&$'!2#$FG!#!

./%)&0/(&)>!2&4!*+-7,!DL!,D%L-#)'&%&,,&J!57)!,R)$#((FG%!4&!,D%L-&)&!,+2!&%!%&D%&,&)'&%'!#!

./%)&(%7DD/>!.$/)'!/))&'!2&4!D$/-/'&%!,+2!E#,&%!4&!*$&%,D%L-$#(&!./%)/,!,D%L-!+(!-7$'7%&$$&!

./-(%7))J!\!+.,&%E/,F+)&)&!M$,'/4!E#,&%!'#$>!*G%&%!D$/-/'&)&!+*'&!'#$!2&'/,D%L-$#(&!,/2'/$&%>!

0E+%!./%)!+(!E+-,)&!,/2'/$&%!%7)4'!*$&%,D%L-$#(0&'!+(!-7$'7%&$$!./-(%7))J!3F&))+2!L!(FG%&!

./%)/!-F&)'!2&4!0E#$-&)!-7$'7%!+(!,D%L-!,+2!&%!%&D%&,&)'&%'!#!./%)&(%7DD/>!-/)!4&''&!*G%&!'#$!

&)!#)'&%&,,&!*+%!*$&%-7$'7%/$#'&'>!+(!4&%2&4!(FG%&!4&!*$&%,D%L-$#(&!./%)/,!-+2D&'/),&!'#$!&)!

,'R%-&!#!$&-!+(!,/2,D#$$!cM$,'/4>!@:;`>!,,J!;]]b;]`dJ!

!

f/C0%#,&)!c@:;_d!,-%#E&%>!/'!&'!*$&%-7$'7%&$'!*&$$&,,-/D!-/)!,&&,!DL!,+2!&'!%#-'!*&$$&,,-/DJ!1'!

*&$$&,,-/D!2&4!,R)$#(F+%'!2/)(*+$4!-/)!EI%&!&'!(+4'!7'(/)(,D7)-'!*+%!L!$I%&!./%)!L!*+%,'L>!

%&,D&-'&%&!+(!E&%4,&''&!-7$'7%&$'!+(!,D%L-$#(!2/)(*+$4!+(!7$#-0&'J!Y!/%.&#4&!2&4!2/)(*+$4!#!

./%)&0/(&)>!.G%!#--&!.&(%&),&,!'#$!L!,&!2/)(*+$4!,+2!7$#-0&'&%!#!&')#,-!./-(%7))J!U&4/(+(&)!

.G%!+(,L!,&!2/)(*+$4&'!.$/)'!./%)!/E!,/22&!&')#,-&!./-(%7))J!B/%)!-/)!EI%&!%&44!*+%!L!.$#!

&-,-$74&%'!&$$&%!'&%(&'!DL!(%7))!/E!&')#,-!./-(%7))>!2&)!+(,L!DL!(%7))!/E!/)4%&!L%,/-&%!,+2!

L!0/!g*&#$h!$&-&%!&$$&%!g*&#$h!7',&&)4&>!.&,'&2'!7'!*%/!7$#-&!,#'7/,F+)&%J!V&4!L!,R)$#((FG%&!+(!

%&*$&-'&%&!+E&%!2/)(*+$4&'!,+2!&-,#,'&%&%!#!./%)&0/(&)>!-/)!2/)!.#4%/!'#$!L!,'G''&!./%)!#!4&%&,!

&(&)!#4&)'#'&',7'E#-$#)(!+(!'#$!L!E&%4,&''&!&()&!+(!/)4%&,!7$#-0&'&%!cf/C0%#,&)>!@:;_>!,J!;:9dJ!

1)!2L'&!L!/%.&#4&!-+)-%&'!2&4!%&*$&-,F+)!/E!2/)(*+$4!,/22&)!2&4!./%)!DL>!&%!E&4!L!.%7-&!

47--&%!2&4!7$#-!./-(%7))!+(!7$#-'!7',&&)4&J!3F&))+2!*+%'&$$#)(&%!-/)!2/)!(#!47--&)&!&)!

D&%,+)$#(0&'>!2&4!2/)(&!7$#-&!-F&))&'&()!./%)/!-/)!-F&))&!,&(!#(F&)!#>!+(!*+%'&$$&!+2!7$#-&!

,#'7/,F+)&%!+(!7'*+%4%#)(&%!47--&)&!,'G'&%!DLJ!K)4&%E&#,!+(!#!&''&%-/)'>!-/)!2/)!%&*$&-'&%&!

+E&%!*+%'&$$#)(&)&!,/22&)!2&4!./%)/J!H&!&%*/%#)(&)&!47--&)&!0/%!+(!0E#$-&!7'*+%4%#)(&%!4&!

2G'&%!DL>!-/)!2/)!.&,'&22&!7'!*%/!4&)!./%)&(%7DD/!2/)!/%.&#4&%!2&4>!+(!0E/!2/)!G),-&%!L!

*+-7,&%&!DL!cf/C0%#,&)>!@:;_>!,J!;:AdJ!!\!/%.&#4&'!2&4!*+%'&$$#)(&)&>!-/)!4&'!EI%&!&)!

(11)

;:!

7'*+%4%#)(!*+%!D&4/(+(&)!L!#--&!EI%&!*+%4G22&)4&!&$$&%!2+%/$#,&%&)4&>!2&)!0&$$&%!*+-7,&%&!

DL!L!%&*$&-'&%&!,/22&)!2&4!./%)/J!V&4!L!LD)&!+DD!*+%!%&*$&-,F+)!%7)4'!4&!7$#-&!E/$(&)&!+(!

%&/-,F+)&)&!2/)!-/)!-)R''&!'#$!4&!7'*+%4%#)(&)&!47--&)&!.&*#))&%!,&(!#>!-/)!./%)/!.$#!.&4%&!

-F&)'!2&4!0E#$-&!E/$(27$#(0&'&%!4&!,'L%!+E&)*+%!#!,+,#/$&!,#'7/,F+)&%!0E+%!4&!#--&!*G$&%!,&(!

*+%,'L''J!U&4/(+(&)!-/)!,'G''&!./%)&'!#!7'E#-$#)(&)!/E!4&)!#)'&%&')#,-&!*+%,'L&$,&)>!(F&))+2!L!

E#,&!./%)&'!4&!7$#-&!47--&)&,!,R),D7)-'!+(!%&/-,F+)&%!DL!0/)4$#)(&%!+(!,#'7/,F+)&%>!0E+%!4&!

/)4%&!47--&)&!4&$'/%!cf/C0%#,&)>!@:;_>!,,J!;;;b;;@dJ!

!

@J9!V&#$&4)#)(!#!$&-&)(

5&#4#!*+%-$/%&%!#!,#)&!#)'&%EF7!2&4!M$,'/4>!/'!07)!,&%!DL!$&-&)!,+2!&)!(+4!,D%L-$I%#)(,/%&)/>!

*+%4#!4&)!-/)!.#4%/!'#$!,+,#/$'!,/2,D#$$>!G-'!+%4*+%%L4!+(!&%*/%#)(!2&4!L!.%7-&!,D%L-&'!cM$,'/4>!

@:;`>!,J!;<:dJ!M$,'/4!0/%!+.,&%E&%'!5&#4#!#!*$&%&!$&-,#'7/,F+)&%>!,/2'!#)'&%EF7&'!0&))&!+2!

,#'7/,F+)&)&!#!&''&%-/)'J!5&#4#!*+%-$/%&%!/'!07)!G),-&%!L!0/!&)!4R)/2#,-!%+$$&!#!$&-&)J!!H&'!

*+%-$/%&%!07)!,+2!/'!07)!*G%,'!G),-&%!L!EI%&!&)!%+$$&2+4&$$!*+%!./%)&'!#!$&-&)>!,$#-!/'!./%)&'!

-/)!+.,&%E&%&!0E+%4/)!$&-&)!*+%&(L%J!H&%&''&%!'/%!5&#4#!&)!+.,&%E/'G%%+$$&>!+(!(#%!./%)&'!&)!

,'G%%&!%+$$&!#!$&-&)J!1'!&-,&2D&$!DL!4&''&>!&%!&)!%+$$&$&-,#'7/,F+)>!0E+%!5&#4#!$&-&%!$&(&lD/,#&)'!

2&4!&'!./%)J!1'!/E!5&#4#,!*+-7,./%)>!P/%/>!+DD,G-&%!5&#4#!#!$&-&)!+(!,#''&%!DL!,#4&$#)F&)!+(!

+.,&%E&%&%!$&-&)J!WL%!gD/,#&)'&)h!&%!*&%4#(!7)4&%,G-'>!,DG%!5&#4#!+2!P/%/!G),-&%!L!EI%&!2&4J!

gZ&(&)h!0/%!&)!/-'#E!+(!,D%L-$#(!-%&E&)4&!%+$$&!#!$&-&)>!2&),!gD/,#&)'&)h!0/%!&)!2&%!D/,,#E!

%+$$&J!\!4&)!*G%,'&!%7)4&)!/E!$&-&)>!&%!P/%/!+.,&%E/'G%>!./%)&0/(&$I%&%!5&#4#!&%!g$&(&h>!+(!4&'!

/)4%&!./%)&'!gD/,#&)'hJ!\!)&,'&!%7)4&!&%!P/%/!gD/,#&)'h!+(!5&#4#!g$&(&h>!*G%!4&!.R''&%!%+$$&)&J!\!

*F&%4&!%7)4&!&%!P/%/!g$&(&h!+(!5&#4#!0/%!*L''!&)!+.,&%E/'G%%+$$&!cM$,'/4>!@:;`>!,,J!;<<b;<<dJ!

5&#4#!E&#$&4&%!P/%/!#!.%7-!/E!%&D$#--&%>!,/2'#4#(!,+2!07)!&%!&)!%+$$&2+4&$$!*+%!#)-$74&%#)(>!

*+%4#!07)!(#%!P/%/!&)!%+$$&!#!$&-&)J!S+%!/'!&'!./%)!,-/$!-7))&!'/!&)!%+$$&!#!%+$$&$&-&)>!-%&E&,!4&'!

2&%!&))!,D%L-$#(&!*&%4#(0&'&%!+(!(+4'!+%4*+%%L4J!B$/)'!/))&'!&E)&)!'#$!L!'/!%&(#!#!$&-&)!+(!

&E)&)!'#$!L!4&,&)'%&%&J!H&*#)&%'!/E!U#/(&'>!,+2!&E)&)!./%)&'!0/%!'#$!L!,&!,#'7/,F+)&)!*%/!*$&%&!

,R),D7)-'&%!+(!*+%,'L!$&-&)!,+2!&)!0&$0&'!cN/DD&$&)!H/22>!@:;;dJ!\!&-,&2D$&'!0E+%!5&#4#!&%!

g$&(&h!+(!P/%/!&%!gD/,#&)'h>!-+22&%!P/%/!2&4!*L!R'%#)(&%!,&$EJ!5&#4#!.%7-&%!%+$$&)!/-'#E'!*+%!

L!.&)&E)&!+%4!+(!7'%R--!,+2!&%!E#-'#(&!#!$&-&)>!*J&-,J!g7)4&%,G-&h!+(!gE+)4'h>!+(!R'%#)(&%!DL!

%&(#D$/)!,+2!*J&-,J!g)L!&%!4&'!P/%/!,#)!'7%hJ!UL!4&))&!2L'&)!(#%!./%)&0/(&$I%&%&)!P/%/!

%&D$#--&%!+(!R'%#)(&%!,+2!./%)&'!-/)!.%7-&!*+%!L!4&$'/!+(!'/!D$/,,!#!$&-&)!cM$,'/4>!@:;`>!,,J!

;<_b;<`dJ!

!

@JA!S&$$&,!%&*&%/),&%!

3#IE&%!c@:;]d!,-%#E&%!+2!0E+%4/)!*&$$&,%&*&%/),&%!0+,!./%)!-/)!.#4%/!'#$!,/2,D#$$!+(!

(12)

;;!

E#4&%&7'E#-$#)(!/E!$&-J!S&$$&,!%&*&%/),&%!-/)!EI%&!)+&!./%)/!0/%!+DD$&E4!,+2!*J&-,J>!&)!

C/2D#)('7%>!&$$&%!27,#--!+(!.G-&%!4&!-F&))&%!'#$J!B/%)!-/)!*#))&!4#,,&!*&$$&,%&*&%/),&)&!,&$E>!

2&)!D&4/(+(&)!,D#$$&%!+(,L!&)!,'+%!%+$$&!#!/%.&#4&'!2&4!L!*#))&!&$$&%!$/(&!*&$$&,%&*&%/),&%!,+2!

-/)!.%7-&,!,+2!7'(/)(,D7)-'!*+%!$&-!2&$$+2!./%)J!V&4!L!(FG%&!./%)/!-F&)'!2&4!.G-&%>!&$$&%!'/!

7'(/)(,D7)-'!#!./%)/,!#)'&%&,,&%!#!$&->!+(!.%7-&!4&!'#$!L!(#!./%)/!*&$$&,!+DD$&E&$,&%>!-/)!2/)!

$&((&!'#$!%&''&!*+%!/'!./%)/!*L%!*&$$&,!%&*&%/),&%!,+2!-/)!.%7-&,!#!$&-!+(!,/2,D#$$!c3#IE&%>!@:;]>!

,,J!9_b9`dJ!f/C0%#,&)!c@:;_d!,-%#E&%!+2!*$&%&!,'74#&%!,+2!0&E4&%!/'!./%)!(F&%)&!,G-&%!'#$!$&-!+(!

,/2,D#$$!2&4!./%)!4&!4&$&%!%&*&%/),&%!2&4J!57)!%&*&%&%!'#$!B7))(L%4!+(!37$$GE!c@::9d>!,+2!#!

,#)!,'74#&!0&E4&%!/'!4&'!L!7'E#-$&!+(!E&4$#-&0+$4&!E&)),-/D,%&$/,F+)&%!2&$$+2!./%)!0/)4$&%!

$#-&!2R&!+2!L!*+%,'L!0E/!./%)/!D%/'&%!+2!+(!0E#$-&!%&*&%/),&%!4&!.%7-&%>!,+2!L!*+%,'L!,&$E&!

,D%L-&'J!X&,7$'/'&'!/E!4&%&,!,'74#&!E#,&%!/'!./%)!+*'&!,G-&%!2+'!./%)!4&!0/%!*&$$&,!%&*&%/),&%!

2&4J!V#4&%&!0&E4&%!B7))(L%4!+(!37$$GE!/'!./%)!-/)!+DD$&E&!.L4&!/)&%-F&))&$,&!+(!

(F&)-F&))&$,&!(F&))+2!4#,,&!*&$$&,%&*&%/),&)&!cf/C0%#,&)>!@:;_>!,J!]<dJ!!

<B>(9*/#%*(

<J;!V/$(!/E!2&'+4&!+(!#)),/2$#)(,,'%/'&(#!

O&(!G),-&'!L!.%7-&!&)!-E/$#'/'#E!*+%,-)#)(,'#$)I%2#)(!,+2!2&'+4&!*+%!L!.&$R,&!'&2/&'!+(!

D%+.$&2,'#$$#)(&)!#!./C0&$+%+DD(/E&)!2#)J!H&)!-E/$#'/'#E&!2&'+4&)!L!*+%,-&!DL>!-/)!(#!,'G%%&!

*+%,'L&$,&!*+%!&)!&)-&$'!D&%,+),!+DD$&E&$,&>!+(!0E#$-&!E/$(!4&))&!D&%,+)&)!'/%!,+2!+20/)4$&%!

4&'!'&2/&'!4&'!*+%,-&,!DLJ!3%7))&)!'#$!/'!F&(!E/$('&!L!.%7-&!&)!,$#-!2&'+4&>!&%!/'!F&(!'#4$#(&%&!

0/%!,-%&E&'!&)!D%+,F&-'%/DD+%'!2&4!*+-7,!DL!0E+%4/)!F&(!,+2!*%&2'#4#(!./%)&0/(&$I%&%!-/)!

$&((&!'#$!%&''&!*+%!#)'&%&')#,-!$&-!#!./%)&0/(&)J!H&%*+%!G),-&'!F&(!L!.%7-&!&)!./%)&0/(&$I%&%,!

,R),D7)-'>!,+2!7'(/)(,D7)-'!*+%!./C0&$+%+DD(/E&)>!*+%!L!$I%&!2&%!+2!0E+%4/)!4&''&!-/)!

(FG%&,!#!&)!%&&$$!./%)&0/(&0E&%4/(!cH/$&)>!@:;<>!,,J!;_b;`dJ!

O&(!E/$('&!L!.%7-&!&'!,&2#,'%7-'7%&%'!#)'&%EF7!,+2!#)),/2$#)(,,'%/'&(#J!?&4!4&))&!

#)),/2$#)(,,'%/'&(#&)>!-7))&!F&(!D$/)$&((&!)+&)!D7)-'&%!+(!,DG%,2L$!*+%!#)'&%EF7(7#4&)>!7'!

*%/!4&'!E/$('&!'&2/&'!DL!*+%0L)4J!O&(!,&)4'&!#))!#)'&%EF7(7#4&)!'#$!#)*+%2/)'&)!&)!,'7)4!*G%!

#)'&%EF7&'J!UL!4&))&!2L'&)!*#--!#)*+%2/)'&)!27$#(0&'!'#$!L!*+%.&%&4&!,&(!#!*+%-/)'!/E!

#)'&%EF7&'>!,/2'#4#(!,+2!4&'!E/%!LD&)'!*+%>!/'!F&(!-7))&!,'#$$&!'#$$&((,,DG%,2L$!7)4&%E&#,!#!

#)'&%EF7&'!cH/$&)>!@:;<>!,J!@`dJ!!

<J@!U$/)$&((#)(!/E!4/'/#)),/2$#)(!+(!E/$(!/E!#)*+%2/)'!

WL%!F&(!E/$('&!#)*+%2/)'>!E/$('&!F&(!&)!./%)&0/(&!+(!&)!./%)&0/(&$I%&%!F&(!0/44&!-F&)),-/D!

'#$!*%/!*G%J!O&(!#)'&%EF7&'!g5&(&h>!&)!D&4/(+(#,-!$&4&%!2&4!;a!L%,!&%*/%#)(!*%/!./%)&0/(&)J!

B/%)&(%7DD&)!'#$!5&(&!E/%!&)!*$&%-7$'7%&$$!(%7DD&>!2&4!C/J!@:!,'+%./%)!#!/$4&%&)!<b`!L%>!

(13)

;@!

.&,'L&)4&!/E!.L4&!&')#,-!)+%,-&!./%)!+(!./%)!2&4!/))&)!&')#,-!./-(%7))>!,+2!0/%!)+%,-!,+2!

,#''!/)4%&,D%L-J!H&''&!E/%!E#-'#(!*+%!2&(!#!E/$(!/E!#)*+%2/)'!DL!(%7))!/E!2#''!'&2/>!#)'&%&')#,-!

$&-J!

H/!F&(!D$/)$/!#)'&%EF7&'>!7'/%.&#4&'!F&(!&)!#)'&%EF7(7#4&!,+2!.$&!,&)4'!'#$!#)*+%2/)'&)!&)!,'7)4!

*G%!#)'&%EF7&'>!,$#-!/'!07)!-7))&!*+%.&%&4&!,&(!DL!0E#$-&!'&2/!+(!,DG%,2L$!,+2!E#$$&!*%&22&,!#!

#)'&%EF7&'J!\!/%.&#4&'!2&4!#)'&%EF7(7#4&)!E/$('&!F&(!2&(!)+&)!D7)-'&%!,+2!-7))&!EI%&!2&4!L!

(#!)+&)!,E/%!DL!D%+.$&2,'#$$#)(&)!2#)J!O&(!2L''&!/%.&#4&!2&4!#)'&%EF7(7#4&)!+(!,G%(&!*+%!/'!

,DG%,2L$&)&!0/44&!,/22&!*+-7,!,+2!D%+.$&2,'#$$#)(&)!2#)>!,$#-!/'!F&(!*#--!%&$&E/)'&!*7))!

F&(!-7))&!4%G*'&!#!$R,!/E!*/(,'+**!+(!'&+%#!cH/$&)>!@:;<>!,,J!@ab@9dJ!!

<J<!\)'&%EF7!,+2!4/'/#)),/2$#)(,2&'+4&!

SG%!2/)!,&''&%!#!(/)(!2&4!4/'/#)),/2$#)(&)>!,#''&%!2/)!,+2!*+%,-&%!2&4!&)!*G%*+%,'L&$,&!/E!

*&)+2&)&'!2/)!*+%,-&%!DLJ!H&''&!/E(FG%!.$/)'!/))&'!0E#$-&!,DG%,2L$!2/)!,'#$$&%!#)*+%2/)'&)!#!

#)'&%EF7&'>!+(!0E+%4/)!2/)!'+$-&%!,E/%&)&!2/)!*L%J!S+%'+$-)#)(&)!/E!4&'!#)*+%2/)'&)!4&$&%>!

(L%!(F&))+2!*$&%&!$&44J!S+%,-&%&)!E#$!'+$-&!#)*+%2/,F+)&)!7'!*%/!&(&)!*G%*+%,'L&$,&>!*G%!2/)!,L!

E&$(&%!/-'7&$$!'&+%#!L!'+$-&!&2D#%#&)!7'!*%/J!H#,,&!,'&(&)&!E#$!EI%&!2&4!L!DLE#%-&!/)/$R,&)!+(!

4%G*'#)(&)!/E!2/'&%#/$&'!cH/$&)>!@:;<>!,,J!;`b;adJ!1''&%,+2!F&(!E/$('&!L!0+$4&!-7)!&''!#)'&%EF7>!

E/%!F&(!)G4'!'#$!L!(L!4RD'!#))!#!0E/!/--7%/'!4&))&!./%)&0/(&$I%&%&)!*+%'/$'&!+2!0&))&,!/%.&#4!

2&4!#)'&%&')#,-!$&-J!H&))&!2&'+4&)!(FG%!/'!2/)!#--&!*L%!&'!.#$4&!/E!)+%2&)!0+,!

./%)&0/(&$I%&%&>!2&)!F&(!E#$!*+%,G-&!L!*L!*%/2!/'!4&''&!&%!m)!/E!2L'&)&!4&''&!.$#%!(F+%'!DL>!+(!

4#,-7'&%&!+(!4%G*'&!2&'+4&)&!,+2!.$#%!.%7-'!cH/$&)>!@:;<>!,J!;_dJ!!

<J]!B&,-%#E&$,&!/E!(F&))+2*G%#)(!

\)'&%EF7&'!*+%&(#--!DL!&'!2G'&%+2!#!./%)&0/(&)>!0E+%!4&)!./%)&0/(&$I%&%&)!F&(!#)'&%EF7&'!

F+..&'!E&4J!SG%!#)'&%EF7&'!,-7$$&!,'/%'&>!.&(R)'&!F&(!L!27)'$#(!D%&,&)'&%&!#))0+$4&'!#!

,/2'R--&,-F&2/&'>!,$#-!/'!F&(!*#--!27)'$#(!,/2'R--&!*%/!#)*+%2/)'&)J!UL!,'/%'&)!/E!#)'&%EF7&'!

,'#$'&!F&(!)+&)!#))$&4)#)(,,DG%,2L$>!,$#-!/'!F&(!*#--!#)*+%2/,F+)!+2!0E#$-&)!&%*/%#)(>!

7'4/))#)(>!+(!&E&)'7&$'!E#4&%&7'4/))#)(!#)*+%2/)'&)!0/44&!#))&)!./%)&0/(&D%+*&,F+)&)J!

PE/%&)&!DL!#)'&%EF7&'!.$&!,-%&E&'!)&4!7)4&%E&#,!#!,/2'/$&)J!\)'&%EF7&'!*+%&(#--!7*+%,'R%%&'>!+(!

#)*+%2/)'&)!(/!7''%R--!*+%!/'!E#!0/44&!(+4!'#4>!,L!F&(!,/''!#(F&)!2&4!*G$&$,&)!/E!L!0/!*L''!,'#$'!

.L4&!4&!,DG%,2L$&)&!F&(!0/44&!*+%.&%&4'!DL!*+%0L)4!+(!'#$$&((,,DG%,2L$&)&!F&(!-+2!DL!

7)4&%E&#,J!!!

<J_!M)/$R,&/%.&#4!

M%.&#4&'!2&4!L!/)/$R,&%&!#)'&%EF7&'!+(!$&'&!&''&%!*7))!(F+%4&!F&(!#!*$&%&!+2(/)(&%J!1''&%!

#)'&%EF7&'!)+'&%'&!F&(!*+%'!)&4!)+&)!'/)-&%!F&(!0/44&!*L''!#!$GD&'!/E!#)'&%EF7&'>!,$#-!/'!F&(!#--&!

(14)

;<!

,-7$$&!($&22&!4&2!*G%!F&(!*#--!+%(/)#,&%'!#)*+%2/,F+)&)!*%/!#)'&%EF7&'!cH/$&)>!@:;<>!,,J!_`b _adJ!WL%!F&(!/%.&#4&'!2&4!L!,R,'&2/'#,&%&!#)'&%EF7&'>!2/%-&%'&!F&(!#)'&%&,,/)'&!*7))J!UL!4&))&!

2L'&)!-7))&!F&(!E&$(&!7'!4&'!F&(!*/)'!2&,'!%&$&E/)'!*+%!/%.&#4&'!2&4!L!.&$R,&!

D%+.$&2,'#$$#)(&)!2#)!cH/$&)>!@:;<>!,J!`adJ!O&(!4%G*'&'!'#$!,$7''!*7))&)&!#!$R,!/E!%&$&E/)'!

*/(,'+**>!+(!(F&))+2!&()&!%&*$&-,F+)&%J!

<J`!S+%,-)#)(,&'#--!

\!*+%,-)#)(,D%+,F&-'&%!&%!4&'!-%/E!+2!/'!#)*+%2/)'&)!,-/$!(#!&'!#)*+%2&%'!,/2'R--&>!*G%!

4/'/#)),/2$#)(&)!,&''&,!#!(/)(J!S+%!L!*L!'#$!4&''&>!,-%&E!F&(!&'!,/2'R--&,-F&2/!#!*+%-/)'!/E!

#)'&%EF7&'J!\!,/2'R--&,-F&2/&'!#)*+%2&%'&!F&(!+2!*+%2L$&'!2#''!2&4!#)'&%EF7&'>!,$#-!/'!

#)*+%2/)'&)!*#--!#)*+%2/,F+)!+2!0E+%*+%!F&(!G),-&'!L!7'*G%&!#)'&%EF7&'>!+(!0E+%4/)!F&(!D$/)$/!

L!.%7-&!#)*+%2/,F+)&)J!H&'!E/%!$#-&E&$!#--&!27$#(!L!#)*+%2&%&!+2!/$$&!4&'/$F&)&!%7)4'!

*+%,-)#)(,D%+,F&-'&'!*G%!#)'&%EF7&'>!&''&%,+2!*+%,-)#)(&)!-7))&!&)4%&!,&(!7)4&%E&#,!#!

D%+,&,,&)!cH/$&)>!@:;<>!,,J!;::b;:;dJ!\!,/2'R--&,-F&2/&'!,-%&E!F&(!+(,L!/'!#)*+%2/)'&)!E#$$&!

.$#!0+$4'!/)+)R2>!+(!/'!07)!DL!0E#$-&'!,+2!0&$,'!'#4,D7)-'!-7))&!E&$(&!L!'%&--&!,&(!*%/!

D%+,F&-'&'J!M$$&!)/E)!*%/!4&)!#)),/2$&4&!#)*+%2/,F+)&)!E#$!.$#!/)+)R2#,&%'!#!4&))&!+DD(/E&)J!

O&(!D%&,&)'&%'&!#)*+%2/,F+)&)!DL!,/2'R--&,-F&2/&'!27)'$#(>!+(!*#--!&'!27)'$#(!,/2'R--&!/E!

#)*+%2/)'&)J!

WL%!2/)!E&$(&%!0E&2!2/)!G),-&%!L!#)'&%EF7&!'#$!&'!*+%,-)#)(,D%+,F&-'>!&%!4&'!+(,L!E#-'#(!L!

%&*$&-'&%&!%7)4'!,#''!&(&'!-F&)),-/D!'#$!#)*+%2/)'&)J!H&'!/'!2/)!-F&))&%!#)*+%2/)'&)!*%/!*G%>!+(!

/$$&%&4&!0/%!&)!+DD.R(4!'#$$#'>!-/)!*G%&!'#$!/'!#)*+%2/)'&)!LD)&%!,&(!2&%!%7)4'!,#''!/%.&#4!#!

./%)&0/(&)J!H&''&!2&4*G%&%!&'!&)4/!,'G%%&!/),E/%!#!L!EI%&!.&E#,,'!*+%!0E+%4/)!2/)!E&$(&%!L!

D%&,&)'&%&!2/'&%#/$&'>!,$#-!/'!#)*+%2/)'&)!*G$&%!,&(!,#--&%!DL>!/'!4&)!#)*+%2/,F+)&)!,+2!&%!(#''!

#!*+%'%+$#(0&'!(F&))+2!#)'&%EF7&'>!.$#%!.&0/)4$&'!#!0&)0+$4!'#$!4&'!,+2!E/%!/E'/$&)!*G%!

D%+,F&-'&',!,'/%'!cH/$&)>!@:;<>!,,J!;:;b;:@dJ!

<Ja!?&'+4&-%#'#--!

UL!(%7))!/E!/'!-E/$#'/'#E!*+%,-)#)(!&%!*+%,-)#)(!,+2!,&%!DL!2&))&,-&%,!0/)4$#)(,2G),'&%!#!

0E&%4/(,,#'7/,F+)&%>!,D#$$&%!*+%,-&%&),!*+%*+%,'L&$,&!+(!*+%'+$-)#)(!/E!,#'7/,F+)&)&!&)!,'+%!

%+$$&!#!*7))&)&!+(!-+)-$7,F+)&)!2/)!-+22&%!*%/2!'#$!cB&%(,$/)4!e!OI(&%>!@:;]>!,,J!`ab`9dJ!

1'!-E/$#'/'#E'!#)'&%EF7!0/)4$&%!2R&!+2!,/2,D#$$&'!2&$$+2!*+%,-&%!+(!,7.F&-'>!+(!4&''&!

,/2,D#$$&'!E#$!+(,L!EI%&!2&4!L!DLE#%-&!*+%'+$-)#)(&)!/E!#)'&%EF7&'J!S+%0+$4&'!F&(!,+2!*+%,-&%!

0/%!'#$!#)*+%2/)'&)!#!*+%-/)'!/E!D%+,F&-'&'>!E#$!-7))&!DLE#%-&!2#)&!*+%'+$-)#)(&%!cH/$&)>!@:;<>!

,,J!A]bA_dJ!

\)'&%EF7(7#4&)!4/))&%!(%7))$/(&'!*+%!0E#$-&)!#)*+%2/,F+)!2/)!*L%!/E!#)*+%2/)'&)>!+(!,D#$$&%!

&)!,'+%!%+$$&!#!2&'+4&),!E/$#4#'&'J!PDG%,2L$&)&!,+2!.$#%!,'#$'!#!#)'&%EF7&'!0/%!)+&!L!,#!*+%!0E+%!

(15)

;]!

%&$&E/)'&!+(!7'*R$$&)4&!,E/%!#)*+%2/)'&)!(#%>!+(!4&'!&%!+(,L!4&%*+%!F&(!0/%!E/$('!L!$&((&!E&4!

#)'&%EF7(7#4&)!,+2!E&4$&((!cH/$&)>!@:;<>!,,J!A`bAadJ!PE/%&)&!,+2!.$&!(#''!#!#)'&%EF7&'>!.$&!

,-%&E&'!)&4!DL!4/'/2/,-#)!7)4&%!#)'&%EF7&'!#,'&4&)*+%!E&4!'/$&+DD'/->!DL!(%7))!/E!)R&!%&($&%!

+2!D&%,+)E&%)J!WL%!#)'&%EF7&'!.$#%!,-%&E&'!)&4!7)4&%E&#,!-/)!2/)!2#,'&!)+&!/E!#)*+%2/,F+)&)!

,+2!.$#%!,/('J!H&'!-/)!*G%&!'#$!2#,'+$-)#)(!/E!#)*+%2/,F+)&)!)L%!*7))&)&!,&)&%&!4%G*'&,>!#!

2+',&')#)(!'#$!E&4!+DD'/->!0E+%!2/)!-/)!.%7-&!(+4!'#4!DL!L!'%/),-%#.&%&!+(!$R''&!'#$!4&'!,+2!

.$#%!,/('!#!#)'&%EF7&'!cH/$&)>!@:;<>!,,J!A`bAadJ!!

PB>(@[''(#+(%$\1/0'+(

]J;!\)-$74&%&!./%)!#!$&-!+(!,/2,D#$$!*%/!,'/%'-

H&'!*G%,'&!*7))&'!F&(!0/%!E/$('!L!*+-7,&%&!DL>!0/)4$&%!+2!0E+%4/)!./%)&0/(&$I%&%&)!E&$(&%!L!

#)-$74&%&!4&!*$&%-7$'7%&$$&!./%)/!#!$&-!+(!,/2,D#$$>!)L%!4&!.&(R))&%!#!./%)&0/(&)J!UL!

,DG%,2L$&'!+2!0E+%4/)!4&!G),-&%!L!'#$%&''&$&((&!*+%!#)-$74&%#)(>!)L%!4&'!-+22&%!&'!./%)!'#$!

./%)&(%7DD&)!,+2!#--&!0/%!)+%,-!,+2!,#''!*G%,'&,D%L-!&$$&%!2+%,2L$>!,E/%&%!#)*+%2/)'&)!/'!4&!

#--&!D$/)$&((&%!)+&!DL!*+%0L)4J!5&(&!*+%'&$$&%>!/'!07)!G),-&%!L!#)'&(%&%&!./%)&'!#!

./%)&(%7DD&)!,L!*+%'!,+2!27$#(>!+(!/'!07)!0/%!*+-7,!DL!$&-&)!#!4&))&!#)'&(%&%#)(,*/,&)J!V&4!L!

E#,&!'#$!4&'!M$,'/4!c@:;`d!,-%#E&%>!+2!./%)&0/(&$I%&%&)!5&#4#,!*+-7,!DL!,D%L-$I%#)(&),!

,+,#/$&!4#2&),F+)>!'+$-&%!F&(!4&'!,+2!/'!5&(&>!#!$#-0&'!2&4!5&#4#!,&%!DL!$&-!+(!/)4%&!

4/($#(4/(,&!,#'7/,F+)&%!#!./%)&0/(&)!,+2!&)!(+4!/%&)/!*+%!,D%L-'#$&()&$,&!cM$,'/4>!@:;`>!,J!

9AdJ!!

57)!*+%'&$$&%>!/'!4&'!&%!E/),-&$#(!L!E#'&!0E+%4/)!4&!,-/$!'#$%&''&$&((&!*+%!./%)&'!7'!*%/!

#)*+%2/,F+)&)!4&!*L%!DL!*+%0L)4J!57)!*+%-$/%&%!/'!4&!&%!)G4'!'#$!L!.$#!-F&)'!2&4!./%)&'!*+%!L!

-7))&!E7%4&%&!./%)&',!-+2D&'/),&!DL!4&'!,D%L-$#(&>!,+,#/$&!+(!#!$&-J!M'!./%)&0/(&$I%&%&)!+(!

4&!/)4%&!#!D&%,+)/$&'>!$I%&%!./%)&'!L!-F&))&!E&4!L!,&!DL!0E+%4/)!./%)&'!&%!#!,/2,D#$$!2&4!/)4%&!

./%)>!+(!0E+%4/)!./%)&'!&%!#!7$#-&!,#'7/,F+)&%!#!$GD&'!/E!./%)&0/(&0E&%4/(&)>!-/)!EI%&!

E&%4#*7$$'!*+%!L!*#))&!7'!0E+%4/)!4&!.&,'!,-/$!-7))&!'#$%&''&$&((&!*+%!./%)&'J!V&4!L!,&!DL!0E/!

Q7$,&'!c@:;_d!,-%#E&%!+2!B+%4#&7,!c;AA_d!.&(%&D>!0/.#'7,!+(!4+i/>!-/)!2/)!*+%-$/%&!0E+%*+%!

*$&%-7$'7%&$$&!./%)!,+2!#--&!&%!,+,#/$'!&$$&%!,D%L-$#(!*+%/)-%&'!#!4&'!)R&!2#$FG&'!4&!2G'&%!#!

./%)&0/(&)>!-/)!.%7-&!,'%/'&(#&%!#!,/2,D#$$!2&4!./%)!,+2!/EE#-&%!*%/!,'%/'&(#&)&!,+2!.$#%!

.%7-'!/E!2/F+%#'&',./%)/J!H&)!-7)),-/D&)!5&(&!+(!4&!/)4%&!#!D&%,+)/$&'!'#$&()&%!,&(!E&4!L!

+.,&%E&%&!+(!.$#!-F&)'!2&4!./%)&'>!E#$!(FG%&!4&'!27$#(!L!(FG%&!,&(!+DD!&)!2&)#)(!+2!0E#$-&!

-+2D&'/),&+2%L4&%!2/)!.7%4&!*+-7,&%&!DL!L!,'R%-&!./%)&'!#!*J&-,J>!,D%L-$#(!+(l&$$&%!,+,#/$'J!

S+%!L!E#'&!0E#$-&!)+%2&%!+(!%&($&%!2/)!,-/$!,R)$#((FG%&!*+%!*$&%-7$'7%&$$&!./%)!,+2!0/%!&)!

/))&)!0/.#'7,!+(!4+i/!&))!2/F+%#'&',./%)/>!&%!2/)!,+2!./%)&0/(&$I%&%!)G4'!'#$!L!.$#!.&E#,,'!

DL!0E#$-&!,D#$$&%&($&%!+(!-/D#'/$!,+2!&%!E#-'#(&!#!./%)&0/(&)!cQ7$,&'>!@:;_>!,,J!9;b9]dJ!

(16)

;_!

WL%!./%)&0/(&$I%&%&)!*+%'&$$&%!+2!0E#$-&)!,D%L-$#(!-+2D&'/),&!4&'!*$&%-7$'7%&$$&!./%)&'!0/%!

*G%!./%)&0/(&,'/%'>!)&E)&%!07)!0E+%4/)!07)!0/%!&%*/%'!/'!./%)!*+%,'L%!0E&%/)4%&!(+4'!#!$&-!-7)!

E&4!L!.%7-&!-%+DD,,D%L-J!57)!'%&--&%!D/%/$$&$$&%!'#$!R)(%&!./%)!2&4!&')#,-!)+%,-!./-(%7))!

,+2!#--&!0/%!(+4'!7'E#-$&'!E&%./$,D%L->!2&)!,+2!$#-&E&$!$&-&%!(+4'!2&4!/)4%&!./%)J!W&''+DD!

DL!(%7))!/E!B+%4#&7,!'&+%#&%!+2!0E+%!'#4$#(!&'!./%)!'#$&()&%!,&(!&)!'RD&!0/.#'7,>!-/)!2/)!,&!

0E+%4/)!4&'!-/)!EI%&!D%+.$&2/'#,-!L!,/22&)$#()&!&'!*$&%-7$'7%&$'!./%)!#!.&(R))&$,&)!/E!,#)!

/)4%&,D%L-,'#$)I%2&$,&!2&4!&'!&')#,-!)+%,-!./%)!,+2!&)4/!#--&!0/%!2R&!E&%./$,D%L-J!?&)!

,+2!$#-&E&$!0/%!+2%#)(&'!,&(!2&4!4&)!,/22&!-7$'7%&)!+(!,D%L-&'!0&$&!$#E&'J!B+%4#&7!0&E4&%!

/'!./%)!'#$&()&%!,&(!&)!*+%,'L&$,&!*+%!4&'!,+2!,-F&%!%7)4'!4&2!E&$4#(!'#4$#(!#!$#E&'>!)+&!,+2!

4&%*+%!-/)!.&'R!/'!.L4&!4&'!*$&%-7$'7%&$$&!./%)&'!,+2!,-/$!$I%&!,#''!/)4%&,D%L-!+(!4&'!)+%,-&!

./%)&'!,+2!#--&!0/%!.&(R)'!L!.%7-&!,#''!*G%,'&,D%L-!E&%./$'>!/$$&%&4&!0/%!'#$&()&'!,&(!&)!'RD&!

*+%,'L&$,&!+(!0+$4)#)(!,+2!&%!(F&$4&)4&!#!4&%&,!2#$FG>!+(!4&%*+%!+(,L!&)!2L'&!L!%&/(&%&!+(!

0/)4$&!DL!cQ7$,&'>!@:;_>!,,J!9;b9@dJ!

1'!/E!,DG%,2L$&)&!F&(!,'#$$&%!5&(&>!&%!+2!4&!(FG%!)+&!-+)-%&'!*+%!L!*+%.&%&4&!%&,'&)!/E!

./%)&(%7DD/!DL!/'!&'!./%)!2&4!&'!/))&'!2+%,2L$!&$$&%!*G%,'&,D%L-!&))!)+%,->!,-/$!.&(R))&!DL!

/E4&$#)(&)J!5&(&!*+%-$/%&%!/'!4&!D$&#&%!L!.%7-&!4&)!./-(%7)),-7)),-/D&)!4&!-/)!'#$&()&!,&(!

*G%!4&!.$#%!-F&)'!2&4!./%)&'!*+%!L!*+%.&%&4&!4&!/)4%&!./%)/J!H/!.%7-&%!4&!L!*+%'&$$&!$#''!+2!

./%)&'!DL!&)!,/2$#)(,,'7)4J!H&!*+%'&$$&%!.$/)'!/))&'!0E#$-&'!$/)4!+(!,D%L-!./%)&'!&$$&%!*/2#$#&)!

0/%!./-(%7))!*%/>!+(!0E+%*+%!./%)&'!0/%!.&(R)'!#!./%)&0/(&)J!H&''&!(F&$4&%!,D&,#&$'!+2!./%)&'!

0/%!.&(R)'!#!./%)&0/(&)!*+%4#!4&'!*J!&-,!0/%!EI%'!DL!*$7-'!DL!(%7))!/E!-%#(>!+(!+2!./%)&'!

)&''+DD!0/%!*$R''&'!'#$!W+%(&J!H&))&!*+%.&%&4&$,&)!,+2!,-F&%!*G%!./%)&'!-+22&%!'#$!

./%)&0/(&)>!-/)!(#!./%)&(%7DD/!&'!#))'%R--!/E!0E+%4/)!./%)&'!,+2!,-/$!,'/%'&!&%J!H&'!&%!E#-'#(!

L!'&)-&!(+4'!(F&))+2!0E+%4/)!2/)!D%&,&)'&%&%!./%)&'!+(!4&'!2/)!E&'!+2!./%)&',!./-(%7))>!

&''&%,+2!4&)!#4&)'#'&'&)!./%)&'!.$#%!'#$,-%&E&'!0&$'!*%/!,'/%'&)!/E!-/)!EI%&!2&4!L!DLE#%-&!.L4&!

./%)/!%7)4'!+(!./%)&',!&(&)!*+%,'L&$,&!/E!0E&2!4&'!&%J!H&'!L!#)*+%2&%&!+2!./-(%7))&)!'#$!

./%)&'>!*G%!./%)/!0/%!2G''!+(!.$#''!-F&)'!2&4!./%)&'!,&$E>!-/)!+(,L!*G%&!'#$!/'!./%)&'!.$#%!,&''!DL!

,+2!&'!./%)!2&4!&-,'%/!.&0+EJ!B/%)&'!-/)!.$#!,'&2D$&'!,+2!&)!4&'!&%!,R)4!DL>!*+%4#!4&'!-+2!

DL!*$7-'!'#$!W+%(&>!+(!4&%2&4!.$#%!4G2'!&''&%!&)!,'&%&+'RD#!+2!*$R-')#)(&%!c5+%)'E&4'>!@:;@>!

,,J!@<_b@<`dJ!!

T2!2/)!#,'&4&)!E&$(&%!L!*+-7,&%&!DL!0E#$-&!%&,,7%,&%!4&'!)R&!./%)&'!2&4!,#)!./-(%7))>!-/)!'/!

2&4!,&(!#))!#!./%)&0/(&)>!-/)!2/)!(FG%&!*$&%-7$'7%/$#'&'!'#$!(R$4#(!-/D#'/$!#!(%7DD/J!U&4/(+(&)!

0/%!2R&!DLE#%-)#)(,-%/*'!#!0E#$-&)!-/D#'/$!,+2!.$#%!E&%4#*7$$!#!./%)&0/(&*&$'&'>!*+%4#!

D&4/(+(&)!-/)!-+22&!2&4!)R&!#)),D#$$!#!*J&-,J!$&-&)J!U&4/(+(&)!-/)!.%7-&!E#%-&2#4$&%!,+2!

27,#--!+(!4/),!'#$!L!#))*G%&!*$&%-7$'7%&$$&!2+2&)'&%!#!$&-&)!,+2!&%!,D&))&)4&!*+%!0&$&!

./%)&(%7DD/J!S+%!L!,'R%-&!4&'!*$&%-7$'7%&$$&!./%)&',!D+,#,F+)>!-/)!2/)!'/!7'(/)(,D7)-'!#!&)!

(17)

;`!

4/),!&$$&%!$&-!./%)&'!-F&))&%!(+4'!'#$!+(!0/%!2R&!-+2D&'/),&!#!cQ#.,(//%4!e!57,.R>!@:;]>!,J!

;<AdJ!5E#$-&!4&$&%!/E!./%)&',!-7$'7%!+(!#4&)'#'&'!2/)!G),-&%!L!#)'%+47,&%&!+(!(FG%&!

./%)&(%7DD/!-F&)'!2&4>!2L!2/)!*#))&!7'!#!,/2%L4!2&4!*+%&$4%&!+(!./%)J!5&%!&%!4&'!%&$&E/)'!L!

'%&--&!*%/2!4&'!5+%)'E&4'!c@:;@d!,-%#E&%!+2!0E+%4/)!&)!,'&%&+'RD#!-/)!DLE#%-&!EL%!*+%,'L&$,&!

/E!&'!2&))&,-&>!+(!0E+%4/)!2/)!-/)!(L!($#DD!/E!2/)(&!,#4&%!E&4!&'!2&))&,-&!+2!2/)!

4&*#)&%&%!4&2!7'!*%/!0E#$-&'!$/)4!+(!-7$'7%!4&!0/%!'#$0G%#(0&'!'#$!c5+%)'E&4'>!@:;@>!,J!@<`dJ!!

5&(&!)&E)&%!+(,L!/'!4&!*+%'&$$&%!./%)/>!/'!,&$E!+2!./%)&'!#--&!-/)!2R&!&$$&%!)+&!)+%,-!&)4/>!

E#$!4&'!$#-&E&$!EI%&!2&4!#!$&-&)>!+(!/'!./%)&'!E#$!$I%&!2&%!)+%,-!&''&%0E&%'!+2!4&'!.$#%!

#)-$74&%'!+(!*L%!$+E!L!EI%&!2&4J!WL%!5&(&!*+%'&$$&%!/'!4&!+(,L!*+%-$/%&%!/'!./%)/!-/)!.%7-&!

-%+DD,,D%L-!+2!4&!#--&!*+%,'L%!0E/!0E&%/)4%&!,#&%>!-/)!E#!,&!4&''&!#!,/22&)0&)(!2&4!4&'!

Q#.,(//%4!+(!57,.R!,-%#E&%!+2!"/.+%,!c;AAad!,'G''&)4&!,'%/'&(#&%!*%/!2/F+%#'&',,D%L-$#(&!

./%)J!S+%!L!$/!./%)/!,&$E!'/!/-'#E'!4&$!#!L!#)-$74&%&!4&'!*$&%-7$'7%&$$&!./%)&'>!-/)!2/)!(#!./%)/!

)+&)!,'%/'&(#&%!4&!-/)!'/!#!.%7-!*+%!L!,'G''&!./%)&'!#!,D%L-!+(!$&-J!5&(&!0/%!/$$&%&4&!'/''!#!.%7-!

-%+DD,,D%L-!,+2!,'%/'&(#!#!/%.&#4&'!2&4!#)'&%&')#,-!$&->!(F&))+2!L!*+%'&$$&!./%)&(%7DD&)!

0E+%4/)!-%+DD,,D%L-!-/)!.%7-&,!'#$!L!*+%,'L!0E&%/)4%&J!V&4!L!(#!4&!2/F+%#'&',,D%L-$#(&!./%)/!

-F&)),-/D!'#$!*$&%&!,'G''&)4&!,'%/'&(#&%>!,+2!*J&-,J!4&!,'%/'&(#&)&!"/.+%,!)&E)&%!,+2!#)#'#/'#E>!

,/-'&%&!'/$&0/,'#(0&'!2&4!(+4!#)'+)/,F+)!+(!4&'!L!,DG%%&!+2!/E-$/%#)(!)L%!2/)!#--&!*+%,'L%!

,/2,D#$$,D/%')&%&)>!-7))&!./%)/!0/!*L''!&)!,'G%%&!*+%,'L&$,&!*+%!0E/!+(!0E+%4/)!4&!,-/$!'#$D/,,&!

,#''!&(&'!,D%L-!*+%!L!#)-$74&%&!4&'!)R&!./%)&'!#!$&-!+(!,/2,D#$$!cQ#.,(//%4!e!57,.R>!@:;]>!,,J!

a`ba9dJ!V&4!L!(#!./%)/!&'!E&%-'GR!'#$!0E+%4/)!4&!.%7-&%!,#''!&(&'!,D%L-!-/)!2/)!G-&!./%)/,!

#)'&%-7$'7%&$$&!-+2D&'/),&>!+(!4&'!-/)!*7)(&%&!,+2!&)!4G%LD)&%!#))!'#$!4&)!#)'&%&')#,-&!$&-&)J!

]J@!T%(/)#,&%'!/%.&#4!2&4!,D%L-!+(!#)'&%-7$'7%&$$!-+2D&'/),&!,+2!#))(/)(!'#$!$&-!

WL%!F&(!,DG%!5&(&!+2!0E/!4&!(FG%!*+%!L!#)-$74&%&!4&'!*$&%,D%L-$#(&!./%)&'!#!$&-!&''&%!./%)&'!0/%!

.&(R)'!#!./%)&0/(&)>!,E/%&%!07)!/'!4&'!4&!(FG%!7'&)+2!,&$E&!$&-&)!&%!/'!4&!.%7-&%!

,D%L-(%7DD&%J!3#IE&%!c@:;]d!,-%#E&%!/'!,D%L-(%7DD&%!-/)!EI%&!&)!/%&)/!0E+%!*$&%-7$'7%&$$&!

./%)!-/)!7'E#-$&!,D%L-&'!(F&))+2!/-'#E#'&'&%>!+(!E&4!L!.%7-&!,D%L-&'!#!4#/$+(!2&4!/)4%&!./%)!

+(!E+-,)&J!\))4&$#)(&)!#!2#)4%&!(%7DD&%!LD)&%!+(,L!+DD!*+%!L!(#!4&'!*$&%,D%L-$#(&!./%)&'!4&)!

,'G''&)!+(!'#4&)!4&'!'%&)(&%!*+%!L!7'%R--&!,&(>!#!2+',&')#)(!'#$!*J&-,J!,/2$#)(,,'7)4&%!0E+%!4&'!

&%!*$&%&!./%)!L!'/!0&),R)!'#$!c3#IE&%>!@:;]>!,,J!;@`>;@AdJ!5&(&!*+%-$/%&%!/'!,D%L-(%7DD&)&!

+*'&,'!.&,'L%!/E!&'!*$&%,D%L-$#(!./%)>!+(!'+!./%)!,+2!0/%!,'&%-&%&!)+%,-,D%L-$#(&!*&%4#(0&'&%!&))!

4&'!*$&%,D%L-$#(&!*+-7,./%)&'J!O&(!'+$-&%!4&'!,+2!/'!'/)-&)!./-!4&))&!+%(/)#,&%#)(&)!&%!/'!4&!

'+!./%)/!,+2!0/%!,'G%%&!)+%,-,D%L-$#(!-+2D&'/),&!,-/$!-7))&!*7)(&%&!,+2!,D%L-2+4&$$&%!*+%!

4&'!*$&%,D%L-$#(&!./%)&'!c3#IE&%>!@:;]>!,J!;@AdJ!57)!*+%'&$$&%!E#4&%&!+2!0E#$-&!/-'#E#'&'&%!4&!

D$&#&%!L!(FG%&!#!,D%L-(%7DD&)&J!W+&)!(/)(&%!,D#$$&%!4&!,D#$$>!+(!F+..&%!2&4!.&(%&D&%!+(!&)-$&!

Referanser

RELATERTE DOKUMENTER

har bred kunnskap i pedagogikk og i barnehagens fagområder, om ledelse og tilrettelegging av pedagogisk arbeid og om barns lek og læringsprosesser har bred kunnskap om hvordan

Å finne et konkret svar på problemstillingen, ”Hvordan arbeider barnehagelæreren med de yngste barnas risikofylte lek i barnehagen”, er naturligvis vanskelig. Jeg vil

Endre med etnisk majoritetsbakgrunn finner en fotball som han sender ned en bakke før han selv løper etter. Isabella med etnisk minoritetsbakgrunn, ser på at Endre gjør dette et

I tillegg er grensa mellom voksenstyrt aktivitet og lek veldig hårfin, hvis man hovedsakelig tenker at leken må være på barns initiativ og styrt av barnet selv for å være lek.»

retningslinjene til Helsedirektoratet (2018, s. 24), som oppfordrer personalet til å spise sammen med barnet, men også at de skal spise samme mat som barna. Slik kan personalet

Igjennom intervjuene ble det tydelig at barnehagelærerne var mer opptatt av at barna ble trygge i å starte en ny hverdag på skolen, enn at de lærte seg å skrive bokstaver. Informant

Et annet argument som ble sagt av Brit var at det barna lærer ved å leke risikofylt lek, den gir dem «en gevinst for livet.» Alle mente at når barna lærer å kjenne

Voksnes deltagelse i lek kan hjelpe barn som strever med sosiale relasjoner til andre. Her opplever jeg at det er viktig at den voksne passer på at barnet blir populært og ikke