• No results found

Barnehagen: første trinnet i et utdanningsforløp

N/A
N/A
Protected

Academic year: 2022

Share "Barnehagen: første trinnet i et utdanningsforløp"

Copied!
30
0
0

Laster.... (Se fulltekst nå)

Fulltekst

(1)

! $!

!()*+,(-+*./01)23+/3)4**+3/4/+3/

536(**4*-207)819:/

!"#$"$%&'(#$)#*)+,-$"#.$,"(*$/("#0,(1'23%%('#'+1#42-$""3"/'$,("$#3#"+("#

'("2,$%(#+00("2%3/(#-+541("2(,6#

!

/

;+**</=(584*+/>7?2/@4+)/

/AB(*646(3*5CC+)./D'EEF/

/ /

!(G,+87)799-(H+/I/9)70+2J7*(843+3/4/B5835)+83/C(*-0786:/

A!"!#$%&''F/

/

K)7*6,+4CL/"(4L/M'E&/

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)

! %!

78989:;#

!

K)+/ ?)/ 9?/ 23564+3/ N()*+,(-+8O)+)/ C+6/ H+B3/ 9?/ 08+)B5835)+88/ 07)23?+82+/ H+6/ P)7**4*-/ "(562/

"4**+/>1-2B78+/*O)C+)/2+-/28533+*:/P+3/,()/HO)3/3)+/?)/C+6/29+**+*6+/3+C(34BB+)/7-/C<+/

8O)4*-L/ 7-/ 4BB+/ C4*23/ 8O)4*-/ 7C/ C+-/ 2+8H:/ ;+-/ ,()/ N8433/ 5307)6)+3/ -J+**7C/ 9)(B242L/ (H/ C4*+/

C+62356+*3+)/7-/8O)+)+:/;+-/+)/3(BB*+C84-/07)/6422+/5307)6)4*-+*+L/07)/6+3/,()/-433/C+-/+*/)+42+/

27C/J+-/,()/H7B23/C<+/9?/7-/)+42+*/,()/+*63/799/C+6/(3/J+-/BJ+**+)/C+-/2+8H/C<+/N+6)+://

Q/N(G,+87)799-(H+*/1*2B+)/J+-/?/2+33+/4/-(*-/3(*B+)/7C/,H7)/H4B34-/N()*+,(-+*/+)//27C/+*/6+8/

(H/ 536(**4*-207)819+3/ 7-/ ,H7)6(*/ 6+3/ N84)/ 0)+C,+H+3/ 4/ 6(-+*2/ 2(C05**:/ R+6/ ?/ 0?/ +*/ 6<9+)+/

07)23?+82+/ 4/ ,H(/ H?)3/ C(*-07864-+/ 2(C05**/ B)+H+)/ (H/ N()*+,(-+*/ H48/ N46)(/ 348/ (3/ J+-/ 27C/

0)+C3464-/N()*+,(-+8O)+)/0?)/4**24B3/4/6+/23(64-+/+*6)4*-+*+/27C/2BJ+)/7-/,H(/27C/07)H+*3+2:/

;+-/ 1*2B+)/ ?/ 07)C468+/ ,H7)6(*/ N()*+,(-+*/ 9)+2+*3+)+2/ 27C/ 536(**4*-2()+*(/ 7-/ ,H7)/ H4B34-/

()N+46+3/4/N()*+,(-+*/+)/07)/2(C05**+3/H?)3://

;+-/ +)/ H+864-/ 23783/ 7H+)/ ?/ ,(/ H(8-3/ N()*+,(-+8O)+)/ 536(**4*-+*:/ P422+/ 3)+/ ?)+*+/ ,()/ -433/ C+-/

H+864-/C<+:/S*/237)/3(BB/348/(88+/6+)+/27C/,()/N46)(33/348/6+33+://

#

##

#

#

#

#

#

#

#

#

#

#

#

/

(3)

! &!

<==>8?:@789A!B=!?@!6#

78989:;#666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666#C/

D6E/ <==?!:=<=B6#66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666#F/

E:E/ KS"#:/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/T/

E:M/ !#UVWXYY:/::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/Z/

E:%/ #RVWSY[QYV/\V/!SVWS=[#RU@#WQYV:/::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/]/

E:T/ PQ[=\[Q[;\Y:/::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/^/

C6E/ A!89<6#666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666#G/

M:E/ >Q[K\WQ[U/=SW[=SUKQR/=_/!#WYS>#VSY/\V/=\@QKQ[U/[#K[YQYV:/:::::::/D/

M:M/ !SK`PYQYVSY/#R/XKP#YYQYV/\V/[`Y/=_/!#WYP\""SY:/:::::::::::::::::::/E'/

M:%/ PSK/"#YVa\@PQVS/[#"aXYY:/::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/EM/

H6E/ I!A8:!6#66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666#DH/

%:E/ R#@V/#R/"SK\PS:/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/ET/

%:M/ R#@V/#R/S"=QWQ[U/"#KSWQ#@S:/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/EZ/

%:%/ "SK\PSUWQKQUU:/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/E]/

F6E/ J9!@!=AK@L8=#KM#7N==#8B#:9O7A<=B#KM#:8PNI!=AK=K?Q@!6#666#DR/

T:E/ W#""S=@#YSY:/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/E^/

T:M/ [K:/"S@PQYV/KQP@QV/QYY[#K[/a\W/@QR[@#YV/@bWQYV/cM'']dM''^e:/:::::::/M'/

T:%/ Y\X//M'E^.M/fQYKSVW#[;\Y/\V/KQ@@QKg:/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::/MT/

S6E/ KM@?NA=<=B6#66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666#CT/

Z:E/ #R[@XKKSYPS/PQ[UX[;\Y:/:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::/M^/

R6E/ ?<AA!9KAN9?<@A!6#666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666#CU/

#

(4)

! '!

D6E!<==?!:=<=B6#

!

X36(**4*-/N84)/23(64-/H4B34-+)+/4/2(C05**+3/H?)3L/7-/6+3/-J1)/C+-/*<2-J+))4-/9?/N()*+,(-+*2/

)788+/4/6+33+://K4684-/4**2(32/+)/7-2?/*7+/H4/,1)+)/C+)/7CL/7-/,H7)/H4B34-/34684-/4**23(2/+)/07)/+3/

N()*2/ 84H:/ P+33+/ ,()/ -J7)3/ C+-/ *<2-J+))4-/ 9?/ ,H48B+/ 9784342B+/ ()-5C+*3+)/ 27C/ 84--+)/ 07)/

N()*+,(-+*/27C/+*/536(**4*-2()+*(:/

Q/6+33+/B(9433+8+3/H48/J+-/9)+2+*3+)+/799-(H+*2/3+C(/7-/,H7)6(*/J+-/B7C/0)+C/348/3+C(:/R46+)+/

H48/J+-/H42+/348/N(B-)5**/(H/H(8-/07)/3+C(/,H7)/9)7N8+C234884*-+*/N84)/9)+2+*3+)3:/P+)+33+)/H48/J+-/

-4/+*/N+-)+92(HB8()4*-/7-/(H-)+*24*-L/7-/(H28533+)/C+6/?/H42+/348/64297242J7*/(H/799-(H+*:/

!

D6D !

A!IK6#

!

K+C(/07)/6+**+/799-(H+*/+)/N()*+,(-+*/27C/+*/536(**4*-2()+*(/7-/,H7)6(*/6+3/0)+C23488+2/4/

3)+/2+*3)(8+/700+*384-+/67B5C+*3+)://

\)-(*42+)4*-+*/(H/N()*67CC+*/,()/4/237)/-)(6/N8433/07)2BJ1H+3/0)(/6+3/9)4H(3+/348/6+3/700+*384-+/

4/819+3/(H/6+3/M':/?),5*6)+3:/!+3<6*4*-+*/(H/6+33+/+)/(3/23(3+*/04BB/+*/231))+/(*6+8/(H/7-/231))+/

(*2H()/ 07)/ 799-(H+)/ B*<33+3/ 348/ N()*67CL/ N()*2/ 53H4B84*-L/ N()*+7996)(-+82+/ 7-/ 6(**4*-://

cU7)2H786L/ M'E]L/ 2:/ EZe:/ U7)2H786/ 9?9+B+)/ (3/ 27C/ +*/ B7*2+BH+*2/ (H/ 237)+/ 7-/ 7C0(33+*6+/

2(C05**2+*6)4*-+)/,()/N()*67CC+*/+*6)+3/B()(B3+)/7-/4**,786/cU7)2H786L/M'E]L/2L/EZe:/P+3/

,()/2BJ+66/-J+**7C-)49+*6+/9784342B+L/B5835)+88+/7-/2724(8+/+*6)4*-+)/27C/,()/+*6)+3/N()*2/84H/

7-/N()*67CC+*2/4**,786/05*6(C+*3(83/cU7)2H786L/M'E]L/2:/EZe://P+3/9)4H(3+/,()/0)+C6+8+2/+3/

(*2H()/07)/N()*67CC+*L/C+*/6+3/+)/08+)+/+*6)4*-+)/27C/,()/HO)3/C+6/9?/?/07)2B<H+/(*2H()+3://

S3/3)+BB/,()/HO)3/07)2B<H*4*-+*/(H/(*2H()+3/4/0(C484+/7-/28+B3/348/H+80+)6223(3+*2/9)70+2J7*+)L/

27C/N()*+,(-+8O)+)9)70+2J7*+*/7-/8O)+)9)70+2J7*+*/cU7)2H786L/M'E]L/2:/EZe:/S*/(**+*/+*6)4*-/

27C/ +)/ 4/ 2(CC+*,+*-/ C+6/ 6+33+/ H()/ 6(/ N()*+,(-+*/ N8+/ 08<33+3/ 0)(/ 0(C484+d/ 7-/

N()*+6+9()3+C+*3+3/348/B5**2B(926+9()3+C+*3+3/4/M''Z:/V73H(2284/,+H6+)/(3/6+**+/+*6)4*-+*/

H()/C+6/9?/?/2+33+/N()*+,(-+*/4**/4/+3/536(**4*-22<23+C/7-/N8+/C+)/2+*3)(8/9?/6+*/9784342B+/

6(-27)6+*/ cV73H(2284L/ M'E%L/ 2:/ ETdEZe:/ e:/ =?/ N(B-)5**/ (H/ 6+**+/ +*6)4*-+*/ N8+/ ()N+46+3/ 4/

N()*+,(-+*/2+33/9?/27C/+*/6+8/(H/536(**4*-+*/348/+3/N()*:/Q/6(-/+)/6+3/N()*+,(-+*/27C/,()/(*2H()/

07)/6+/<*-23+/N()*(/7-/,H7)6(*/4*234352J7*/N()*+,(-+*/+)/9)+-+)/N()*67CC+*:/P+3/+)/9?/584B3/

H42/6+3/700+*384-+/-)49+)/4**/4/N()*2/84H/7-/23(3+*/29488+)/+*/237)/)788+/07)/N()*2/799H+B23/4/6(-/

c@()2+*/h/[8?33+*L/M'EZL/2:/EEe://

(5)

! (!

#)34BB+8/ MD/ 4/ N()*+B7*H+*2J7*+*/ 9?9+B+)/ (3/ (88+/ N()*/ ,()/ )+33/ 348/ 2B78+/ 7-/ 536(**4*-/

c!()*+7CN56+3L/ M'E^e:/ a7B52+3/ 9?/ (3/ N()*+,(-+*/ 2B(8/ N84/ 2+33/ 9?/ 27C/ +3/ ,+83,+384-/

536(**4*-207)819/,()/N8433/23+)B+)+/0)(/9+)476+*/M'']/7-/0)+C/348/4/6(-/cV73H(2284L/M'E%L/2:/EZe:/

!()*+,(-+*/+)/4BB+/7N84-(37)42B/4/H?)3/536(**4*-22<23+CL/C+*/N()*+,(-+*/+)/84B+H+8/6+3/01)23+/

3)4**+3/4/536(**4*-207)819+3/H?)3:/a7)2B*4*-/H42+)/7-2?/(3/C(*-+/N()*/23()3+)/34684-/4/N()*+,(-+*/

4/6(-/c@<*-2+3,/h/"1)8(*6L/M'E^L/2:E%e:/a+)2B+/3(88/0)(/23(342342B/2+*3)(8N<)?/c[[!e/H42+)/(3/6+3/

373(83/+)/M^D:Z^D/N()*/27C/-?)/4/N()*+,(-+/4/Y7)-+:/#H/(88+/N()*/4/Y7)-+/C+887C/+33/7-/0+C/?)/

+)/ 6+3/ &ELDiL/ 27C/ +)/ 4/ N()*+,(-+:/ Q/ (86+)+*/ %dZ/ ?)/ +)/ 6+3/ ,+8+/ &^LEi/ 27C/ +)/ 4/ N()*+,(-+/

c[3(342342B/2+*3)(8N<)?L/M'E&e:/P+33+/H42+)/(3/N()*+,(-+*/+)/+*/H4B34-/6+8/(H/536(**4*-207)819+3/

7-/+3/23+6/,H7)/8O)4*-/N1)/HO)+/34823+6+:##

Q/ C4*/ 9)72J+B3799-(H+/ 4/ 07)6<9*4*-20(-+3/ c,123+*jH?)+*/ M'E&e/ 9?/ P)7**4*-/ "(562/ "4**+/

>1-2B78+/ 07B52+)3+/ J+-/ 9?/ 07)+86)+*+2/ 2<*/ 9?/ 536(**4*-+*/ 348/ 6+)+2/ N()*:/ #)N+46+3/ C+6/

9)72J+B3799-(H+*/-(/C+-/C584-,+3/348/?/9)1H+/7-/0+48+L/7-/04**+/53/,H(/J+-/1*2B+3/?/N<--+/H46+)+/

9?/ 4/ N(G,+87)799-(H+*:/ ;+-/ ,()/ N<--+3/ H46+)+/ 9?/ *7+/ 0)(/ 9)72J+B3799-(H+*L/ / C+*/ 4/

N(G,+87)799-(H+*/ 1*2B+)/ J+-/ ?/ 07B52+)+/ 9?/ ,H7)6(*/ N()*+,(-+*/ N84)/ 3<6+84-/ 27C/

536(**4*-2()+*(:/ ;+-/ H48/ 2+/9?/ ,H48B+*/ C?3+/ +*6)4*-+*+/9)+-+)/N()*67CC+*/ 7-/,H7)6(*/ 6+3/

C(*-07864-+/2(C05**/9)+-+)/N()*+,(-+*://

;+-/,()/H(8-3/3)+/67B5C+*3+)/J+-/C+*+)/+)/2+*3)(8+/07)/?/N+8<2+/C433/3+C(./Q:/W(CC+98(*+*L/QQ:/

[37)34*-2C+864*-./34684-/4**2(32/07)/84H28(*-/8O)4*-//cM'']dM''^e/7-/QQQ:/Y\X/67B5C+*3/B(83/

4*3+-)(2J7*/7-/348843/cM''^e:/;+-/H48/-?/*O)C+)+/4**/9?/,H7)07)/J+-/,()/H(8-3/6422+/67B5C+*3+*+/

4/C+376+B(9433+8+3://

/

D6C !

VKPB9N==6##

!

;+-/,()/+3/23+)B3/+*-(2J+C+*3/07)/N()*2/)+33/348/536(**4*-:/P+33+/,()/8+6+3/348/(3/J+-/J+-/1*2B+)/?/

0?/07)23?+82+/07)/,H48B+*/97242J7*/N()*+,(-+*/,()/07)/6(-+*2/N()*/7-/2(C05**://P+3/+)/6+33+/27C/

,()/8+6+3/0)+C/348/(3/J+-/H(8-3+/6+33+/3+C(/4/N(G,+87)799-(H+*:/

!()*+,(-+*/+)/4BB+/7N84-(37)42B/4/536(**4*-22<23+C+3/C+*2/2B78+*/+)/7N84-(37)42B:/P+3/+)/+*/

3+*6+*2/348/(3/N()*+,(-+*/4/6(-/+)/)+33+3/C+)/C73/536(**4*-/7-/+*/6+8/(H/84H28(*-/8O)4*-:/;+-/

1*2B+)/6+)07)/?/0?/+*/07)23?+82+/07)/N()*+,(-+*2/)788+/4/6+**+/53H4B84*-+*:/R4/8+H+)/4/+3/2(C05**/

27C/ ,()/ 237)3/ C(*-0786:/ ;+-/ ,()/ 2*()3/ 058801)3/ +*/ N(G,+87)/ 4/ N()*+,(-+8O)+)/ C+6/ H+B3/ 9?/

(6)

! )!

08+)B5835)+8807)23?+82+:/ Q/ C433/ 23564+/ ,()/ J+-/ 536<9+3/ B7C9+3(*2+/ 7C/ C(*-0786/ 7-/ B5835)+83/

C(*-0786:/P+3/+)/6+)07)/*(35)84-/?/6)(/6+33+/4**/4/799-(H+*/C4*:/"(*-0786/,(*68+)/7C/(3/H4/

C+**+2B+)/+)/07)2BJ+884-+/c@()2+*/h/[8?33+*L/M'EZL/2:TMeL/7-/B5835)+83/C(*-0786/,(*68+)/7C/(3/

H4/ B(*/ ,(/ N(B-)5**/ 0)(/ 584B+/ 799)4**+82+28(*6L/ C+*/ 3)+*-+)/ 4BB+/ *16H+*64-H42/ ?/ HO)+/ 284B/

c@()2+*/h/[8?33+*L/M'EZL/2:/TMe:/R4/C+**+2B+)/,()/(88346/HO)3/07)2BJ+884-+/7-/(88+/,()/+*/07)C/

07)/B5835)+88/N(B-)5**/5(*2+33/7C/H4/,()/2(CC+/799)4**+82+28(*6:/S3/C(*-07864-/2(C05**/B(*/

N46)(/348/(3/6+3/23488+2/(*6)+/B)(H/348/N()*+,(-+*/27C/+*/6+8/(H/+3/536(**4*-207)819/+**/34684-+)+:/

@()2+*/ 7-/ [8?33+*/ 9?9+B+)/ (3/ +3/ C(*-07864-/ 2(C05**/ 9?H4)B+)/ 722L/ N?6+/ 27C/ 9)4H(39+)27*+)L/

27C/4*64H46+)/7-/27C/()N+4623(B+)+:/"(*-0786+3/9?H4)B+)/722/7-2?/27C/7)-(*42(2J7*+)L/-)599+)/

7-/2(C05**+3/H?)3:/P+33+/N46)()/4-J+*/348/(3/6+3/9?H4)B+)/N()*(L/6+)+2/84H/4/N()*+,(-+*/7-/799H+B23/

c@()2+*/h/[8?33+*L/M'EZL/2:/TMe:/;+-/H48/,(/4/3(*B+*+/(3/H4/*?/8+H+)/4/+3/C+)/C(*-07864-/2(C05**/

*?)/J+-/2+)/9?/53H4B84*-+*/(H/N()*+,(-+*/27C/+*/6+8/(H/+3/536(**4*-207)819:/

"+6/N(B-)5**/4/6+33+/H48/J+-/2+/*O)C+)+/9?/3)+/2+*3)(8+/700+*384-+/67B5C+*3+)/07)/?/2+/,H7)6(*/

53H4B84*-+*/N84)/67B5C+*3+)3/4/584B+/700+*384-+/67B5C+*3+)://=)7N8+C234884*-+*/4/799-(H+*/C4*/

+).//

W>)+,-$"# 0,(1'23%%('# .$,"(*$/("# '+1# ("# 42-$""3"/'$,("$# 3# 4%35(# +00("2%3/(#

-+541("2(,XY#

;+-/ 1*2B+)/ ?/ 07)23?/ ,H7)6(*/ N()*+,(-+*/ N84)/ 0)+C,+H+3/ 27C/ +*/ 536(**4*-2()+*(:/ "?8+3/ C+6/

6+**+/ 799-(H+*/ +)/ ?/ 2<*84--J1)+/ N()*+,(-+*/ 27C/ +*/ 6+8/ (H/ +3/ 8(*-3/ 536(**4*-207)819:/ ;+-/

1*2B+)/?/07)23?/N+3<6*4*-+*/6+3/B(*/,(/07)/N()*67CC+*L/7-/,H7)6(*/6+3/C(*-07864-+/2(C05**/

9)+-+)/N()*+,(-+*/27C/+*/536(**4*-2()+*(://

/

D6H !

KMB9!=@<=B#8B#V!B9!J@KMP?K9<=B6###

!

P+3/ +)/ C<+/ 4**+*07)/ 3+C(/ 27C/ J+-/ 04**+)/ 4*3+)+22(*3/ 7-/ 29+**+*6+L/ 7-/ 6+3/ ,()/ 6+)07)/ HO)3/

*16H+*64-/C+6/+*/(H-)+*24*-/7-/+*/N+-)+92(HB8()4*-:/;+-/1*2B+)/7-/-4/+*/B7)3/9)+2+*3(2J7*/(H/

,H7)07)/7-/,H7)6(*/J+-/378B+)/7-/N)5B+)/N+-)+9+*+/536(**4*-L/8O)4*-/7-/34684-/4**2(32:/

[(C05**+3/N+3+-*+2/27C/536(**4*-22(C05**+3:/P+3/N+-)5**+2/C+6/(3/4/2(C05**+3/B)+H+2/7-/

07)H+*3+2/6+3/+*/H422/B7C9+3(*2+/7-/536(**4*-/c@()2+*/h/[8?33+*L/M'EZL/2:/EEe:/X36(**4*-/(*2+2/

?/HO)+/*1BB+8+*/348/C(3+)4(8+/7-/2724(8+/-76+)/c@()2+*/h/[8?33+*L/M'EZL/2:/EEe:/=?/N(B-)5**/(H/

6+3/07)23?)/J+-/(3/536(**4*-/+)/+*/N+3+-*+82+/07)/B5**2B(9/7-/B7C9+3(*2+:/P+3/+)/H4B34-/07)/?/

(7)

! *!

HO)+/+*/6+8/(H/2(C05**+3/H?)3/4/6(-:/P+3/+)/9?/6+*/C?3+*/J+-/,()/H(8-3/?/N)5B+/N+-)+9+3/4/C4*/

799-(H+://

!()*+,(-+*/+)/6+3/01)23+/3)4**+3/4/536(**4*-207)819+3/H?)3:/P+3/+)/*16H+*64-/?/6+04*+)+/8O)4*-L/

6(/6+3/,(*68+)/7C/,H(/+3/N()*/8O)+)/-J+**7C/24*/346/4/N()*+,(-+*:/W(CC+98(*+*/H42+)/7-2?/348/

+3/B8()3/07B52/9?/8O)4*-/7-/0)+C,+H+)/N()*+,(-+*/27C/8O)4*-2()+*(/cU5**2B(926+9()3+C+*3+3L/

M'E^L/2:/MMe:/Q/N()*+,(-+*/9?9+B+)/U4N2-(()6/(3/53-(*-295*B3+3/07)/N()*2/8O)4*-/C?/HO)+/N()*+3/

2+8H/ cU4N2-(()6L/ M''DL/ 2:/ E^e:/ / =+6(-7-+*/ 2B(8/ 4C468+)346/ HO)+/ +*/ B(3(8<2(37)/ 7-/ +*/ H4B34-/

C+629488+)/ 07)/ N()*2/ 8O)4*-:/ =?/ N(B-)5**/ (H/ 6+3/ N84)/ B5**2B(9+*/ 7-/ +H*+*/ 348/ ?/ N<--+/ -76+/

8O)4*-2()+*(+)/07)/N()*+3/2+*3)(83/,72/9+6(-7-+*/cU4N2-(()6L/M''DL/2:/E^e:/@O)4*-/-J+86+)/,+8+/

N()*+3/,+H6+)/U4N2-(()6L/6+/8O)+)/C+6/,+8+/2+-/4/6+/2724(8+/7-/B5835)+88+/7C-4H+82+*+/6+/+)/+*/

6+8/(H:/P+33+/53-J1)/N()*+32/8O)4*-2()+*(+)/cU4N2-(()6L/M''DL/2:/E^e:/;+-/07)23?)/9?/N(B-)5**/(H/

6+33+/(3/8O)4*-/7-/536(**4*-/+)/37/N+-)+9/27C/,+*-+)/2(CC+*L/7-/(3/8O)4*-/,(*68+)/7C/6+*/

C?3+*/C(*/348+-*+)/2+-/6+*/B5**2B(9+*/7-/B7C9+3(*2+*/27C/+)/*16H+*64-/4/2(C05**+3://

VJ+**7C/6+/2+*+)+/?)+*+/,()/34684-/4**2(32/N8433/07)C58+)3/27C/H4B34-/4/536(**4*-2978434BB+*L/7-/

2B(8/ 9)47)43+)+2/ ,1<3/ 4/ *7)2B+/ 2B78+)/ 7-/ N()*+,(-+)/ cK122+L/ M'ETe:/ !+-)+9+3/ B(*/ ,(/ 37/ 584B+/

N+3<6*4*-+)/7-/)+3*4*-+):/;+-/1*2B+)/?/(HB8()+/6+*/N+3<6*4*-+*/(H/N+-)+9+3/27C/+)/)+8+H(*3/07)/

C4*/799-(H+:/>+*24B3+*/C+6/34684-/4**2(32/c)+0:/K122+e/+)/?/2B(9+/-76+/C584-,+3+)/07)/(88+/N()*:/

[?/34684-/27C/C584-/2B(8/(88+/N()*/4*B856+)+2/4/+3/0+88+22B(9/C+6/(*6)+L/7-/B7CC+/4**/4/-76+/

8O)4*-29)72+22+)/ cK122+L/ M'ETe:/ ;+-/ 07)23?)/ C+6/ 34684-/ 4**2(32/ (3/ 6+3/ ,(*68+)/ 7C/ N()*/ 4/

N()*+,(-+(86+)/7-/6+3/B(*/HO)+/(H-J1)+*6+/07)/2+*+)+/8O)4*-/7-/53H4B84*-/07)/4*64H46+3:/;+-/

07)23?)/(3/34684-/4**2(32/4/8O)4*-/4/N()*+,(-+*/B(*/HO)+/H4B34-/07)/?/7998+H+/?/HO)+/+*/6+8/(H/

0+88+22B(9+3/4/2(C05**+3/H?)3:/K4684-/4**2(32/,+*-+)/2(CC+*/C+6/536(**4*-/7-/8O)4*-L/7-/6+3/

+)/9?/N(B-)5**/(H/6+33+/N+-)+9+3/N84)/N)5B3://

/

D6F !

:<@J8@<@L8=6##

#

\99-(H+*/+)/6+83/799/4/]/B(943+8+):/P+3/01)23+/B(9433+8+3/3()/07)/2+-/799-(H+*2/4**,786/7-/3+C(:/

Q/B(9433+8+3/37/3()/J+-/07)/C+-/)+8+H(*3/3+7)4:/Q/B(9433+8/3)+/9)+2+*3+)+)/J+-/6+*/C+376+*/J+-/,()/

07B52+)3/9?:/P+)+33+)/B7CC+)/9)+2+*3(2J7*/(H/05**/7-/6)1034*-/(H/C4*/C+376+/4/B(9433+8/04)+:/

\99-(H+*/(H28533+2/4/B(9433+8/0+C/C+6/+*/(H28533+*6+/642B52J7*:/K48/28533/9)+2+*3+)+)/J+-/C4*/

8433+)(35)8423+/4/B(9433+8/]://

(8)

! "!

C6E !

A!89<6#

!

Q/6+33+/B(9433+8+3/9)+2+*3+)+)/J+-/)+8+H(*3/3+7)4/27C/2+*+)+/H48/N84/N)5B3/348/?/6)103+/6+/+C94)42B+/

05**:/K+7)4+*/+)/H(8-3/27C/-)5**8(-/07)/?/B5**+/N+8<2+/9)7N8+C234884*-+*/C4*:/!()*+,(-+*2/

97242J7*/ ,()/ +*6)+3/ 2+-:/ ;+-/ H48/ 01)23/ 2+/ *O)C+)+/ 9?/ N()*+,(-+*/ 4/ +3/ ,4237)42B/ 9+)29+B34H/ 7-/

9784342B/2(32*4*-:/P+33+/07)/?/2B(9+/+*/07)23?+82+/07)/,H7)/N()*+,(-+*/23?)/4/2(C05**+3/H?)3/4/6(-:/

R46+)+/ H48/ J+-/ -?/ 4**/ 9?/ N+3<6*4*-+*/ (H/ 536(**4*-/ 7-/ 2<*+3/ 9?/ N()*67CC+*:/ ;+-/ (H28533+)/

B(9433+8+3/C+6/?/9)+2+*3+)+/,H7)6(*/C(*-0786/9?H4)B+)/2(C05**+3://

#

/

C6D !

><@A89<@P#J!9@J!PA<M#JZ#VK9=!>KB!=#8B#J8?<A<@P#

@KA@=<=B6#

!

P+*/*7)2B+/N()*+,(-+C76+88+*/,()/4/53-(*-295*B3+3/37/584B+/)133+)./N()*+(2<8+*+/7-/a)kN+8/d N()*+,(-+*+/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/MDe:/#2<8+*+/N8+/53H4B8+3/4/S5)79(/(88+)+6+/0)(/

EDE]/ 7-/ 8(/ C+23/ H+B3/ 9?/ N()*(2/ 07)N+)+6+82+/ 348/ 2B78+*/ 7-/ 07B52+)3+/ 9?/ +*/ 2B78+9)+-+3/

5*6+)H42*4*-/ cV)+H+L/ ;(*2+*/ h/ [78,+4CL/ M'ETL/ 2:/ %'e:/ a)kN+8/ 24*/ 9+6(-7-4BB/ -4BB/ 53/ 9?/ ?/

0)+CC+/ 8+B+*L/ 8O)4*-+*/ 7-/ ()N+46+3/ +)/ H4B34-/ 07)/ N()*+3L/ 7-/ ,(*2/ 2<*/ 8?/ C+887C/ 8+B/ 7-/

5*6+)H42*4*-/ cV)+H+L/ ;(*2+*/ h/ [78,+4CL/ M'ETL/ 2:/ M'e:/ [84B/ J+-/ 07)23?)/ +)/ 6+3/ 37/ 584B+/

7990(3*4*-+)/7C/,H7)6(*/N()*+,(-+*/2B(8/05*-+)+/27C/H4)B27C,+3:/P+3/+)/37/584B+/)133+)/27C/

B(*/ 2B(9+/ +*/ 231))+/ 07)23?+82+/ 07)/ ,H7)6(*/ N()*+,(-+*/ 27C/ 536(**4*-2()+*(/ +)/ 9)+-+3/ 4/ 6(-:/

P+33+/4/B7CN4*(2J7*/C+6/,H7)6(*/2B78+*/+)/7N84-(37)42B/C+*2/N()*+,(-+*/4BB+/+)/7N84-(37)42B/

4/536(**4*-22<23+C+3L/B(*/HO)+/(B35+83/07)/?/07)23?/,H7)6(*/N()*+,(-+*/N84)/0)+C23483/4/700+*384-+/

67B5C+*3+):/

a)4+6)4G,/ a)kN+8/ H()/ +*/ 3<2B/ 0487270/ 7-/ 9+6(-7-:/ >(*/ ,()/ N8433/ 2+33/ 9?/ 27C/ N()*+,(-+*2/

-)5**8+--+)/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/E&e://>(*2/2<*/9?/N()*67CC+*/H()/(3/6+*/2B(8/

HO)+/+3/23?23+6L/*7+/27C/2BJ+)/,+)/7-/*?:/>(*/C+*+)/N()*67CC+*/4BB+/2B(8/N84/+3/H+*3+)7C/9?/

H+4/348/6+3/H7B2*+/84H:/P+3/27C/23?)/2+*3)(83/4/,(*2/9+6(-7-42B+/2<*/+)/(3/N()*+,(-+*/2B(8/4H()+3(/

N()*67CC+*2/ +-+*H+)64/ ,H7)/ 8+B+*/ +)/ 2+*3)(8:/ a)kN+82/ 46++)/ N8+/ 348/ +3/ 07)N486+/ 07)/ a)kN+8d N()*+,(-+*+/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/E&e:/

Q/E&%'d?)+*+/H423+/6+3/2+-/(3/a)kN+82/46++)/B7C/348/?/9)+-+/(2<8+*+/cV)+H+L/;(*2+*/h/[78,+4CL/

M'ETL/2L/%Ee:/"<*64-,+3+*+/-4BB/0)(/?/2*(BB+/7C/N()*+(2<8/348/6(-4*234352J7*+)/4/E&TZ:/V73H(2284/

(9)

! +!

,+H6+)/6+3/+)/284B/H4/BJ+**+)/N()*+,(-+*/4/6(-/cV73H(2284L/M'E%L/2:/E%e:/P(-24*234352J7*+)/N8+/

N)5B3/ 27C/ +*/ 0+88+2/ N+3+-*+82+/ 07)/ 4*234352J7*+)/ 9?/ 6(-346/ 07)/ N()*/ 5*6+)/ 2B78+984B34-/ (86+)/

cV73H(2284L/ M'E%L/ 2:/ E%e:/P422+/ 4*234352J7*+*+/ H()/ 4BB+/ C+*3/ ?/ +)23(33+/ ,J+CC+3L/ C+*/ (H8(23+/

*7+*/(H/07)+86)+*+2/799-(H+):/P+3/H()/7-2?/+*/,J+89/07)/(3/C16)+*+/2B588+/0?/C584-,+3/348/?/3(/

536(**4*-/+88+)/(**+*/2<22+82+334*-/cV73H(2284L/M'E%L/2:/E%e:/P+33+/H()/284B/N()*+,(-+*/N8+/2+33/

9?L/+3/23+6/27C/N()*(/B5**+/HO)+/C+*2/07)+86)+*+/c29+24+83/C16)+*+e/04BB/C584-,+3/348/?/-J1)+/

(*6)+/34*-:/!()*+,(-+*+/53H4B8+3/2+-/8(*-27C3/0)+C/348/E&Z'd?)+*+L/6+33+/9?/-)5**/(H/01)B)4-2346/

7-/ B)4-2?)+*+/ cV73H(2284L/ M'E%L/ 2:/ ETe:/ #*2H()+3/ 07)/ 6(-4*234352J7*+*+/ N8+/ 08<33+3/ 348/

P+9()3+C+*3+3/07)/0(C484+d/7-/07)N)5B+)2(B+)/4/E&ZD/cV73H(2284L/M'E%L/2:/ETe:/P+)/8?/N()*+,(-+*/

0)+C/348/7H+)08<334*-/348/U5**2B(926+9()3+C+*3+3/4/M''Z:/P+3/(3/N()*+,(-+*/4/6(-/+)/+*/6+8/(H/

U5**2B(926+9()3+C+*3+32/(*2H()27C)?6+/5*6+)23)+B+)/6+3/0(B35C/(3/N()*+,(-+*/+)/23()3+*/9?/

+3/8(*-3/536(**4*-207)819/cU4N2-(()6L/M''DL/2:E^e/:/[84B/J+-/07)23?)/6+3/H42+)/6+3/(3/N()*+,(-+*/

,()/+*/(**+*/97242J7*/4/6(-+*2/2(C05**:/P+3/+)/C+6/9?/?/N46)(/7-/3<6+84--J1)+/N()*+,(-+*2/

98(22/4**+*07)/6+3/*7)2B+/536(**4*-22<23+C+3:/

[B78+*/+)/7N84-(37)42B/7-/+)/(537C(342B/+*/6+8/(H/536(**4*-22<23+C+3:/[B78+*/04BB/+-*+/87H+)/

8+*-+/ 01)/ N()*+,(-+*/ 04BB/ 24*/ +-+*/ 87H/ cV)+H+L/ ;(*2+*/ h/ [78,+4CL/ M'ETL/ 2:/ T^e:/ [B78+*/ 7-/

N()*+,(-+*/+)/53H4B8+3/-J+**7C/37/584B+/2<*/9?/N()*L/2(C3/,H48B+*/)788+/N()*+,(-+*/7-/2B78+*/

,()/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/T^e:/[B78+*/+)/H7B23/0)+C/4/53-(*-295*B3+3/4/6+3/8<64-+/

N()*+3L/7-/N()*+,(-+*/+)/H7B23/0)+C/-J+**7C/a)kN+8/24*/46+/7C/(3/N()*/2B(8/7996)(2/4/0)4,+3/7-/

6+C7B)(34/ cV)+H+L/ ;(*2+*/ h/ [78,+4CL/ M'ETL/ 2:/ TDe:/ [B78+*/ ,()/ N8433/ C+)/ )+-58+)3/ -J+**7C/

87HH+)B/799/-J+**7C/346+*/+**/6+3/N()*+,(-+*/,()/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/TDe://Q/

87H+*/ 7C/ N()*+,(-+)/ 0)(/ E&&Z/ B7C/ 6+3/ +*/ H4B34-/ N+23+CC+82+:/ !+23+CC+82+*/ H()/ (3/

6+9()3+C+*3+3/2B(8/0(232+33+/+*/)(CC+98(*/07)/N()*+,(-+*2/4**,786://Q/018-+/V73H(2284/C()B+)3+/

6+33+/ (3/ 2(C05**+3/ 37B/ (*2H()/ 07)/ N()*+,(-+*/ 27C/ +*/ 6)403/ 7-/ (*2H()+3/ 07)/ 4**,786+3/ 4/

N()*+,(-+*/ cV73H(2284L/ M'E%L/ 2:/ ETe:/ P+*/ 01)23+/ )(CC+98(*+*/ B7C/ 01)23/ 4/ E&&]/ 7-/ N8+/ 6(/

98(*67B5C+*3+3/ 348/ N()*+,(-+*:/ W(CC+98(*+*/ -(/ N()*+,(-+*/ +3/ 2(C05**2C(*6(3/ C+6/ +3/

,+8,+384-/8O)4*-22<*/cV73H(2284L/M'E%:/2:/ETe:/Q/+3/,4237)42B9+)29+B34H/+)/6+3/C<+/27C/,()/+*6)+3/

2+-/ 4/ 978434BB+*L/ 07B52+3/ 9?/ N()*+,(-+*L/ )(CC+98(*+*/ N84)/ +*6)+3/ 7-/ ,H48B+*/ H4)B27C,+3/

N()*+,(-+*/+)/,()/+*6)+3/2+-:/[(C05**+3/H?)3/+)/4/23(64-/+*6)4*-L/7-/27C/2(C05**24*234352J7*/

2B(8/ 6+3/ -J+*29+48+2/ 4/ N()*+,(-+*/ cV73H(2284L/ M'E%L/ 2:/ &Te:/ W(CC+98(*+*/ 9?9+B+)/ 7-2?/ (3/

N()*+,(-+*/4/6(-/2B(8/HO)+/+*/9+6(-7-42B/H4)B27C,+3/cU5**2B(926+9()3+C+*3+3L/M'E^L/2:/%^e:/

P+*/ 2B(8/ 98(*8+--+2/ 7-/ H5)6+)+2:/ !()*/ 4/ N()*+,(-+*/ 2B(8/ 0?/ +3/ 348)+33+8(-3/ 348N56/ 4/ 3)?6/ C+6/

N()*+,(-+87H+*/ 7-/ )(CC+98(*+*/ cU5**2B(926+9()3+C+*3+3L/ M'E^L/ 2:/ %^e:/ P+3/ +)/ C?8+3/ C+6/

(10)

! $#!

N()*+,(-+*/27C/9+6(-7-42B/H4)B27C,+3:/#)N+46+3/27C/-J1)+2/4/N()*+,(-+*/+)/H4B34-:/!()*(/+)/

H?)/0)+C346L/6+3/+)/,+)/6+)+2/8O)4*-29)72+22/23()3+):/P+3/+)/6+)07)/+3/-763/9+6(-7-42B/()N+46/+)/

2?/H4B34-:/!()*+,(-+*/C?/018-+/6422+/)+3*4*-284*J+*+/07)/?/B5**+/799*?/+3/-763/()N+46/7-/-4/

N()*(/+*/-76/0)+C346://

/

C6C !

V!AQ:=<=B!=#KM#NA:K==<=B#8B#@Q=#JZ#VK9=:8II!=6##

!

Q/N()*+,(-+*/-?)/6+3/N()*/0)(/(86+)+*/Ed/]/?):/Q/M''&/04BB/(88+/N()*/4/Y7)-+/)+33/9?/N()*+,(-+98(22/

0)(/6+/+)/+33/?):/c@<*-2+3,/h/"1)8(*6L/M'E^L/2:/E%e:/a7)2B*4*-/H42+)/(3/N()*/4/6(-/348N)4*-+)/C<+/

(H/ 24*/ 346/ 4/ N()*+,(-+*L/ 7-/ 6+3/ +)/ 08+)+/ N()*/ 27C/ 23()3+)/ 34684-/ 4/ N()*+,(-+*/ c@<*-2+3,/ h/

"1)8(*6L/M'E^L/2:/E%e:/P+33+/-4)/-)5**8(-/07)/?/3+*B+/7H+)/N+3<6*4*-+*/N()*+,(-+*/,()/27C/

2(C05**24*234352J7*L/ 27C/ +*/ 6+8/ (H/ 536(**4*-207)819+3/ H?)3/ 7-/ ,H7)6(*/ 6+33+/ 9)+-+)/

N()*67CC+*/4/6(-:/S*/-76/N()*67C/B(*/-4/+3/-763/05*6(C+*3/07)/H46+)+/84H2819/7-/34684-/4**2(32/

+)/H4B34-:/K4684-/4**2(32/B(*/HO)+/H4B34-/07)/+*/-76/N()*67C/c@<*-2+3,/h/"1)8(*6L/M'E^L/2:/

EMe:/P+*/9+)476+*/0)(/+3/N()*/N84)/0163/7-/0)+C/348/2B78+23()3/6+04*+)+)/@<*-2+3,/7-/"1)8(*6/27C/

34684-/N()*67C:/K4684-+)+/,()/6+**+/9+)476+*/4/+3/N()*2/84H/HO)3/+*/6+8/(H/6+*/9)4H(3+/20O)+*L/

C+*/6+3/,()/2BJ+66/+*/+*6)4*-/6+/2423+/%'/?)+*+:/lB*4*-/(H/N()*+,(-+6+B*4*-/7-/BH4**+)2/1B3/

6+83(B+82+/4/()N+46284H+3/,()/HO)3/+*/6+8/(H/6422+/+*6)4*-+*+:/P422+/+*6)4*-+*+/,()/4-J+*/9?H4)B+3/

N()*2/799H+B232H48B?)/c@<*-2+3,/h/"1)8(*6L/M'E^L/2:/E%e://!()*+,(-+*/N84)/9?/N(B-)5**/(H/6+3/

+*/ H4B34-/ 98(22/ 07)/ 6(-+*2/ N()*:/ ;+-/ 07)23?)/ C+6/ 6+3/ (3/ 6422+/ +*6)4*-+*+/ B(*/ ,(/ 9)+-+3/

N()*67CC+*/7-/,H7)6(*/2<*+3/9?/N()*+3/+)/4/6(-://

Y4GB/ @++/ 9?9+B+)/ (3/ +*6)4*-+*/ 4/ 2<*+3/ 9?/ ?/ 07)23?/ N()*/ -J+**7C/ H7B2*+/ +)/ 2+*3)(8/ 07)/

N+3<6*4*-+*/(H/6+3/2724787-42B+/23564+3/(H/N()*67CC+*/c@++L/M''EL//2:/De://S33+)/*7+*/34?)/C+6/

H7B2+*/23(N4843+3/H()/+*/N8433/H(*3/348/?/-J1)+/N()*67CC+*/-J+**7C/H7B2*+L/6+/378B+3/(83/N()*/

-J7)6+L/+88+)/-J7)3/C+6/6+CL/534/0)(/07)23?+82+*/(H/H7B2+*/(86+):/P+33+/9?H4)B+3/N()*67CC+*/

C73/6+3/?/N84/H7B2+*/7-/B(*/07)3+88+/722/,H7)6(*/)+42+*/4/N()*67CC+*/,()/HO)3/c@++L/M''EL/2:/

MEe:/

Y?)/H4/2*(BB+)/7C/,H48B+3/2<*/H4/,()/9?/N()*+3/4/6(-/B(*/H4/H42+/348/37/978()42+)4*-+)m/f,5C(*/

N+4*-2g/7-/f,5C(*/N+G7C4*-2g:/Y?)/H4/2*(BB+)/7C/f3,+/N+4*-/G,486gL/2?/)+0+)+)+2/6+3/348/+3/

N()*/27C/+)/+*/2724(8/(B31)/C+6/+-*+/)+334-,+3+)L/27C/+)/C+6/9?/?/N<--+/24*/+-+*/N()*67C:/

fK,+/N+G7C4*-/G,486g/+)/+3/N()*/27C/N84)/2+33/9?/+3/4*64H46/27C/2B(8/N84/348/+*/H7B2+*L/7-/C(*-8+)/

0+)64-,+3+)/7-/+-+*2B(9+)/348/6+*/H7B2*+/9+)27*/6+/2B(8/N84/c;(C+2L/;+*B2/h/=)753L/E&&De:/@++/

(11)

! $$!

9?9+B+)/(3/07),786+3/C+887C/H7B2*+/7-/N()*/,()/N8433/9?H4)B+3/(H/,H7)6(*/H4/07)237/H7B2+*/(86+)/

27C/23(N48/7-/N()*67CC+*/27C/523(N48:/P+/H7B2*+/37B/4BB+/N()+/,?*6/7C/24*+/N()*L/C+*/6+/

N+23+C3+/07)/6+C/7-/2*(BB+3/07)/6+C/c@++L/M''EL/2:/MEe:/>(*/,+H6+)/(3/-J+**7C/,+8+/6+/*433+*6+/

?),5*6)+/,()/07)23?+82+*/(H/N()*67CC+*/HO)3/(H,+*-4-/(H/07)23?+82+*/(H/H7B2+*/(86+)/c@++L/

M''EL/2:/MEe:/;+-/07)23?)/C+6/6+3/(3/07)23?+82+*/(H/f3,+/N+G7C4*-/G,486g/,()/23?33/23+)B3://

P+33+/+)/37/2<*295*B3+)/27C/-?)/53/9?/+3/N()*/27C/f+)g/7-/+3/N()*/27C/2B(8/fN84g:/P+3/+)/37/

C7323)46+*6+/ 3(*B+)/ 7C/ ,H(/ 6+3/ N+3<)/ ?/ HO)+/ +3/ N()*:/ Q**6+84*-+*/ C+887C/ fN+4*-g/ 7-/

fN+G7C4*-g/ ,(*68+)/ 7C/ B7C98+33/ j/ 2+8H23+*64-/ 7-/ 5058823+*64-/ j/ (H,+*-4-/ c;(C+2L/ ;+*B2/ h/

=)753L/E&&DL/2:/^e:/Q/6+3/?/07)23?/N()*/27C/f,5C(*/N+G7C4*-2g/84--+)/,7H+607B52+3/9?/,H(/+3/

N()*/2B(8/N84/+*/-(*-/4/0)+C346+*:/!()*+3/N84)/2+33/9?/27C/+3/7NJ+B3L/27C/2B(8/07)C+2L/9?H4)B+2/

7-/07)(*6)+2/c;(C+2L/=)753/h/;+*B2L/E&&De:/@++/H42+)/348/(3/6+3/,()/2BJ+66/*7+*/+*6)4*-+)L/C+*/

9?B+)/ 7-2?/ (3/ N()*2/ 84H/ 7-/ (B34H43+3+)/ 4/ *?346+*/ 07)32(33/ 98(*8+--+2/ 27C/ +*/ 07)N+)+6+82+/ 07)/

0)+C346+*/c@++L/M''EL//2:/De:/P+3/+)/37/584B+/2<*/9?/N()*67CC+*/27C/B(*/HO)+/H4B34-/?/07)23?/

07)/(*(8<2+*/+33+)27C/6+3/-4)/07)23?+82+/07)/,H48B+*/C?3+/2<*+3/9?/N()*67CC+*/9)+2+*3+)+2://

U7)2H786/9?9+B+)/(3/N()*+3/4/6(-/C?/2+2/9?/27C/25NJ+B3+)L/C+6/24*+/+-*+/(B34H43+3+)/cU7)2H786L/

M'E]L/ 2:/ MEe:/ / !()*67CC+*/ 2B(9+2/ -J+**7C/ ,4237)42B+L/ 2724(8+/ 7-/ B5835)+88+/ 9)72+22+)/ 27C/

4*B856+)+)/N?6+/H7B2*+/7-/N()*/,+H6+)/,5*:/!()*/+)/9+)27*+)/C+6/,(*684*-2+H*+:/P+/+)/(B34H+/

2B(9+)+/ (H/ 24*/ +-+*/ N()*67C:/ >+)/ N84)/ 6+3/ 9?9+B3/ (3/ 07)2B*4*-/ 4/ 6(-/ 3()/ 703+/ 53-(*-95*B3/ 4/

(*+)BJ+**+82+/(H/fG,486)+*/(2/N+4*-g/cU7)2H786L/M'E]L/2:/MEe:/@()2+*/7-/[8?33+*/,+H6+)/84B+H+8/

(3/6+3/+)/)+33/(3/2(C05**+3/2B(8/3(/6+8/4/(*2H()+3/07)/N()*2/536(**4*-:/_/7H+)8(3+/+3/N()*/348/?/3(/

(*2H()/07)/24*/+-+*/536(**4*-/7-/53H4B84*-/9?9+B+)/6+/27C/5(*2H()84-/c@()2+*/h/[8?33+*L/M'EZe:/

=?/N(B-)5**/(H/6+33+/N84)/6+3/0)+C,+H+3/(3/N()*+,(-+*/2B(8/3(/(*2H()/07)/N()*2/536(**4*-/7-/

53H4B84*-:/ [(C3464-/ H48/ 2<*+3/ 9?/ N()*67CC+*/ 29488+/ +*/ )788+:/ W(CC+98(*+*/ 9?9+B+)/ (3/

N()*67CC+*/ ,()/ +*/ +-+*H+)64L/ 7-/ (3/ N()*+,(-+*/ 2B(8/ ,(/ +*/ ,+8,+384-/ 348*O)C4*-/ 348/ N()*(2/

53H4B84*-/cU5**2B(926+9()3+C+*3+3L/M'E^L/2:/^e:/P+3/2<*+3/H4/,()/9?/N()*/4/6(-/B(*/HO)+/C+6/?/

8+--+/-)5**8(-+3/07)/,H(/27C/H+B38+--+2/4/N()*+,(-+*/27C/536(**4*-2()+*(://

Q/N()*+,(-+*/2B(8/,7H+607B52+3/4BB+/84--+/4/,H(/N()*+3/2B(8/N84/4/0)+C346+*L/C+*/6+)4C73/2+/9?/

N()*/27C/(B34H+L/6+83(B+*6+/(B31)+)/4/2433/+-+3/84H/c;(C+2L/=)753/h/;+*B2L/E&&De:/P+33+/,+*-+)/

2(CC+*/C+6/6+3/@()2+*/7-/[8?33+*/,+H6+)/(3/6+3/B(*/79923?/+3/9)7N8+C/6+)27C/N()*+,(-+*/

N()+/N84)/+*/07)N+)+6+82+/348/*+23+/3)4**/4/+3/N()*2/536(**4*-c@()2+*/h/[8?33+*L/M'EZe:/!()*/+)/4/

B7*34*5+)84-/53H4B84*-/7-/6+/(B34H43+3+*+/+3/N()*/0<88+)/24*/N()*67C/C+6/,()/+*/H+)64/4/2+-/2+8H:/

!()*2/8+B/+)/H+)640588/7-/+)/H4B34-/07)/+3/N()*2/53H4B84*-/7-/8O)4*-/c@()2+*/h/[8?33+*L/M'EZe:/Q/

(12)

! $%!

)(CC+98(*+*/+)/6+3/3<6+84-/0)+C,+H+3/(3/8+B+*/2B(8/,(/+*/2+*3)(8/98(22/4/N()*+,(-+*/7-/(3/8+B+*/

2B(8/HO)+/+*/()+*(/07)/53H4B84*-/7-/8O)4*-/07)/N()*(:/cU5**2B(926+9()3+C+*3+3L/M'E^L/2L/M'e:/

[+33/4/8<2/(H/(3/N()*+,(-+*/4BB+/+)/7N84-(37)42B/4/536(**4*-22<23+C+3/H?)3L//9?9+B+)/U4N2-(()6/

(3/3)(642J7*+83/2+33/+)/6+3/584B+/H48B?)/7C/8+B+*/4/2B78+*/7-/N()*+,(-+*:/P+3/+)/N()*(/27C/23<)+)/

8+B+*/4/N()*+,(-+*L/7-/8+B+*/+)/+3/C?8/4/2+-/2+8H:/Q/2B78+*/N84)/8+B+*/N)5B3/27C/+3/C466+8/07)/?/

*?/0(-84-+/)+2583(3C?8/cU4N2-(()6L/M''DL/2L/MMe://

/

C6H !

:!A#IK=B78?:<B!#@KI7N==6#

!

S3/C(*-07864-/2(C05**/H48/-J+*29+48+/2+-/4/N()*+,(-+*L/7-/C(*-0786+3/H48/4**+NO)+/07)2BJ+88+)/

C+887C/N()*+,(-+)m/"+*/6+3/4**+NO)+)/7-2?/07)2BJ+88+)/4**(6/4/N()*+,(-+)/,+H6+)/@()2+*/7-/

[8?33+*/c@()2+*/h/[8?33+*L/M'EZL/2:ZZe:/P+/9?9+B+)/(3/6+3/H48/HO)+/N()*/C+6/584B/+3*4243+3L/2724(8/

N(B-)5**L/(86+)/7-/BJ1**/4**(6/4/N()*+,(-+*+:/"(*-0786+3/27C/+)/)+9)+2+*3+)3/4/N()*+,(-+*/H48/

H()4+)+/0)(/N()*+,(-+/348/N()*+,(-+L/0)(/23+6/348/23+6L/0)(/N<6+8/348/N<6+8/7-/0)(/N</348/N</c@()2+*/

h/[8?33+*L/M'EZL/2:/ZZe:/"(*-0786/4/N()*+,(-+*/B*<33+2/2O)84-/348/)+84-4123L/29)?B84-/7-/B5835)+83/

C(*-0786/c@()2+*/h/[8?33+*L/M'EZL/2:/ZTe:/;+-/07)23?)/C+6/6+33+/(3/6+3/?/HO)+/799C+)B27C/9?/

H?)3/C(*-07864-+/2(C05**/H48/HO)+/*16H+*64-/+33+)27C/6+3/B(*/9)+-+/N()*+,(-+*/27C/+*/6+8/

(H/+3/536(**4*-207)819:/@()2+*/7-/[8?33+*/H42+)/348/N8(*3/(**+3/(3/(*+)BJ+**+82+/(H/07)2BJ+884-,+3/

7-/584B3/84H22<*L/H+)64+)/7-/B5835)/+)/+*/-76/07)532+3*4*-/07)/?/4H()+3(/C(*-0786+3/4/N()*+,(-+*/

c@()2+*/h/[8?33+*L/M'EZL/2:/ZZe://

P+3/08<33+)/23(64-/H+BB/078B/4**/7-/53/(H/8(*6+3/H?)3:/P+33+/N46)()/348/4**H(*6)4*-/4/2(C05**+3:/

Q**H(*6)+)+/4/Y7)-+/,()/N(B-)5**/0)(/+*/)+BB+/07)2BJ+884-+/2+8H23<)3+/)+84-47*+)/7-/B7CC+)/0)(/

7H+)/M''/584B+/8(*6:/P+/8(*6+*+/27C/+)/231)23/)+9)+2+*3+)3/C+6/4**H(*6)+)+/4/Y7)-+/+)/=78+*L/

[H+)4-+/7-/@43(5+*:/X3+*07)/SX/+)/6+/231)23+/-)599+*+/0)(/=(B423(*L/Q)(B/7-/[7C(84(/c@()2+*/

7-/ [8?33+*L/ M'EZe:/ @()2+*/ 7-/ [8?33+*/ 9?9+B+)/ 84B+H+8/ (3/ 2HO)3/ C(*-+/ (H/ 722/ ,()/ 4**28(-/ (H/

53+*8(*62BN(B-)5**:/P+3/+)/7-2?/+*/H4B34-/0(B37)/7-/3(/4/N+3)(B3*4*-L/7-/,()/+*/2(CC+*,+*-/

C+6/ (3/ H4/ (88+/ +)/ 07)2BJ+884-/ c@()2+*/ h/ [8?33+*L/ M'EZL/ 2L/ &Te:/ =?/ +*/ (H/ C4*+/ 9)(B24298(22+)/

7998+H6+/J+-/+*/N()*+,(-+/C+6/237)/(*6+8/(H/07)+86)+/C+6/4BB+d/*7)2B/N(B-)5**L/6+3/H()/C+6/

9?/?/-4/C+-/+*/07)23?+82+/07)/(3/N()*+,(-+*/B(*/23488+2/07)/+3/(**+3/9)+22/4/6(-/+*/34684-+)+:/

"(*-0786N+-)+9+3/ ,(*68+)/ 7C/ 07)2BJ+88+):/ P422+/ 07)2BJ+88+*+/ B(*/ 2724(8/ B8(22+L/ 4**3+B3/ 7-/

536(**4*-/HO)+/+*/6+8/(H/C(*-0786+3/c@()2+*/h/[8?33+*L/M'EZL/2:/T%e:/@()2+*/7-/[8?33+*/9?9+B+)/

(3/2724(8/B8(22+/,(*68+)/7C/584B,+3+)/4/536(**4*-/7-/4**3+B3L/7-/4/Y7)-+/1B+)/5J+H*,+3+*/C+887C/

(13)

! $&!

2724(8+/ B8(22+):/ Q/ C+**+2B+)2/ 84H/ ,()/ ,H48B+*/ B8(22+/ +*/ 348,1)+)/ 237)/ N+3<6*4*-:/ X84B,+3+)/ 4/

1B7*7C4/7-/536(**4*-/B(*/4-J+*/C+601)+/348/584B,+3+)/B*<33+3/348/N()*2/2B78+9)+2+*3(2J7*+)/7-/

536(**4*-2H(8-/ c@()2+*/ h/ [8?33+*L/ M'EZL/ 2:/ T%e:/ =4+))+/ !75)64+5/ cE&%'dM''Me/ +)/ +*/ (H/ 08+)+/

2724787-+)/27C/,()/HO)3/7993(33/(H/2724(8/584B,+3:/>(*/+)/N8(*3/(**+3/7993(33/(H/,H7)6(*/6+3/?/

)+9)7652+)+/2B488+)/4/C?3+)/H4/8+H+)/84H+3/H?)3/9?/7-/,H7)6(*/6+*/2724(8+/23)5B35)+*/B(*/N46)(/348/

6+3/c@()2+*/h/[8?33+*L/M'EZL/2:/^&e:/!75)64+5/N)5B+)/N+-)+9+3/"#$%&'(:/P+3/,(*68+)/7C/(3/,(*/

,+H6+)/(3/(88+/016+2/4**/4/+3/2(C05**/(H/2724(8+/23)5B35)+):/P422+/23)5B35)+*+/+)/C+6/9?/?/9)+-+/

7-/8+--+/01)4*-+)/07)/6+/H(8-+*+/C+**+2B+)/3()/c@()2+*/h/[8?33+*L/M'EZL/2:/^&e:/!75)64+5/,+H6+)/

,(N4352/N+23+CC+)/C?3+*/+3/C+**+2B+/3+*B+)L/2+)/H+)6+*/9?/7-/,H7)6(*/6+3/,(*68+):/>(N4352/

+)/ )730+23+3L/ C+*/ 0)+C6+8+2/ 08+B24N+83L/ 9?/ 6+*/ C?3+*/ (3/ +3/ C+**+2B+/ B(*/ 7)4+*3+)+/ 2+-/ *<+/

2(CC+*,+*-+):/!75)64+5/N+2B)4H+)/,(N4352/27C/C+**+2B+)2/2724(8+/()HL/7-/6+3/+3/C+**+2B+/

,()/C+6/2+-/4/fN(-(2J+*g/24*/c@()2+*/h/[8?33+*L/M'EZL/2:/^&e://

@()2+*/7-/28?33+*/H42+)/348/(3/6+3/+)/08+)+/4**H(*6)+)0(C484+)/C+6/8(H+)+/4**3+B3/+**/6+3/+)/*7)2B+/

0(C484+):/Q**3+B3207)2BJ+88+*+/4/,H48B+/8(*6/0(C484+*/,()/08<33+3/0)(/+)/237)+/c@()2+*/h/[8?33+*L/

M'EZL/ 2:/ ^^e:/ P+3/ ?/ 348,1)+/ +*/ 0(C484+/ C+6/ 2H(B+/ 1B7*7C42B+/ )+25)2+)/ B(*/ 01)+/ 348/

H+80+)629)7N8+C+)/07)/N()*/7-/6+/B(*/C423+/+*/)+BB+/C584-,+3+)/348/?/6+83(/4/2(C05**+3/c@()2+*/

h/[8?33+*L/M'EZL/2:/^^e:/P+3/B(*/HO)+/*16H+*64-/?/,(/07)23?+82+/07)/4*3+-)(2J7*/*?)/6+3/B7CC+)/

348/ ?/ B5**+/ 6+83(/ 4/ 2(C05**+3:/ Q*3+-)(2J7*/ 01)23/ 7-/ 0)+C23/ -?)/ 53/ 9?/ 4*64H46+)2/ )+334-,+3+)/ 7-/

N+,7H/ 2(C3/ 2(C05**+32/ N+,7H/ c@()2+*/ h/ [8?33+*L/ M'EZL/ 2:/ Z%e:/ !()*+,(-+*/ 2B(8/ HO)+/ +3/

4*B856+)+*6+/0+88+22B(9L/7-/4/6+33+/0+88+22B(9+3/2B(8/(88+/0?/(*8+6*4*-/348/?/<3)+/2+-L/N84/,1)3/7-/

6+83(/cU5**2B(926+9()3+C+*3+3L/M'ETL/2:/De:/Q/N()*+,(-+*/2B(8/6+3/()N+46+2/07)/(3/(88+/N()*/B(*/

0?/C584-,+3/348/?/348+-*+/2+-/84B+/B5**2B(9+):/S33+)27C/536(**4*-/+)/+*/H4B34-/6+8/(H/2(C05**+3/

H48/6+33+/HO)+/(H-J1)+*6+:/;+-/07)23?)/C+6/6+33+/(3/C(*-0786/B(*/-4/1B+*6+/9)+22/9?/N()*+,(-+*2/

4**,786/7-/6+/B)(H/27C/23488+2/348/N()*+,(-+*/27C/01)23+/3)4**/4/2(C05**+32/536(**4*-207)819:///

/

H6E !

I!A8:!6#

!

;+-/,()/348/*?/9)+2+*3+)3/)+8+H(*3/3+7)4/07)/6+*/H(8-3+/9)7N8+C234884*-+*:/Q/6+33+/B(943+8+3/H48/J+-/

3(/ 07)/ C+-/ C+376+H(8-/ 7-/ N+-)5**+82+)/ )5*63/ C4*+/ H(8-/ (H/ 8433+)(35)/ 7-/ C(3+)4(8+/ 0)(/

67B5C+*3(*(8<2+://

(14)

! $'!

"+376+/ +)/ +*/ 3+B*4BB/ +88+)/ +*/ 0)+C-(*-2C?3+/ 27C/ 2B(8/ B5**+/ -4/ 2H()/ 9?/ 584B+/ 3<9+)/

07)2B*4*-2291)2C?8/ c!+)-28(*6/ h/ ;O-+)L/ M'ETL/ 2:/ ]]e:/ "?8+3/ C+6/ C+376+/ +)/ ?/ 0?/ 0)+C/

4*07)C(2J7*/ 7C/ 6+*/ f2724(8+/ H4)B+84-,+3+*g/ 7-/ B5**2B(9/ 27C/ 2B(8/ B5**+/ N46)(/ 348/ ,H7)6(*/

6+**+/ 4*07)C(2J7*+*/ B(*/ (*(8<2+)+2/ c!+)-28(*6/ h/ ;O-+)L/ M'ETL/ 2:/ ]]e:/ P+3/ ?/ H+8-+/ C+376+/

c!+)2-8(*6/h/;O-+)e/B(*/HO)+/H(*2B+84-:/\03+/+)/6+3/9)7N8+C234884*-+*/27C/23<)+)/H(8-+3/(H/

C+376+:/"+*/6+3/?/H+8-+/C+376+*/01)23/B(*/7-2?/C+6H4)B+/348/H(8-/(H/9)7N8+C234884*-/7-/3+C(/

c!+)-28(*6/h/;O-+)L/M'ETL/2:/]]e:/Q/C433/3480+88+/N8+/1*2B+/7C/3+C(/7-/9)7N8+C234884*-/H(8-3/

01)23L/7-/6+3/N8+/6+)07)/07)/C+-/+3/*(35)84-/H(8-/(H/C+376+://

/

H6D !

MK?B#KM#I!A8:!6#

!

;+-/,()/H(8-3/?/N(2+)+/C+376+*/9?/BH(843(34H/C+376+:/UH(843(34H/C+376+/N(2+)+)/2+-/9?/+3/H463/

29+B3+)/(H/4**2(C84*-2C+376+):/#*(8<2+)+/67B5C+*3+)/+)/+*/(H/6+C/c!+)-28(*6/h/;O-+)L/M'ETL/

2:/]^e:/K,(-(()6/9?9+B+)/(3/4**+*07)/BH(843(34H/07)2B*4*-/,()/(*(8<2+/(H/67B5C+*3+)/HO)3/+*/

8(*-/3)(642J7*/cK,(-(()6L/M''&L/2:/]Me:/;+-/,()/H(8-3/67B5C+*3(*(8<2+:///

fP7B5C+*3(*(8<2+)/2B488+)/2+-/0)(/6(3(/07)2B+)+*/,()/2(C8+3/4**/4/0+83+*L/H+6/(3/67B5C+*3+*+/

+)/2B)+H+3/07)/+3/(**+3/07)C?8/+**/6+3/07)2B+)+*/2B(8/N)5B+/6+C/348g/cK,(-(()6L/M''&L/2:/]Me:/

P7B5C+*3(*(8<2+/N8+/N)5B3/4/C4*/9)72J+B3799-(H+/7-/-(/C+-/+)0()4*-/H+6/N)5B/(H/(*(8<2+:/;+-/

04**+)/ 6+*/ C+376+*/ 4*3+)+22(*3/ 7-/ 29+**+*6+/ 07)64/ C(*/ 0?)/ C584-,+3/ 348/ ?/ -?/ 6<93/ 4**/ 4/

67B5C+*3+*+L/ 378B+/ 7-/ 07)23?:/ P7B5C+*3/ +)/ +3/ 7)6/ 27C/ B(*/ -4/ (227224(2J7*+)/ 348/ 700+*384-+/

2B)403+)/423+6+*07)/8433+)O)+/2B)403+)/cK,(-(()6L/M''&L/2:/]MeL/7-/4/6+**+/799-(H+*/,()/J+-/H(8-3/

3)+/700+*384-+/67B5C+*3+)/27C/J+-/2+)/9?/2+*3)(8+/27C/C4*+/6(3(://

S3/23564+/(H/67B5C+*3+)/B(88+2/7-2?/4**,7862(*(8<2+/cK,(-(()6L/M''&L/2:/]Me:/Q**,7862(*(8<2+/

B(*/7-2?/N)5B+2/4/23564+)/(H/3+B23+)/27C/+)/N(2+)3/9?/4*3+)HJ5/7-/7N2+)H(2J7*26(3(/cK,(-(()6L/

M''&L/ ]Me/ P+3/ +)/ 6+)07)/ H4B34-/ ?/ 9?9+B+/ (3/ J+-/ -J1)/ +*/ 67B5C+*3(*(8<2+L/ C+*/ J+-/ (*(8<2+)+)/

4**,786+3/4/67B5C+*3+*+:/[?8+6+2/+)/6+3/7-2?/+*/4**,7862(*(8<2+://

;+-/ ,()/ -J7)3/ +*/ 3+C(342B/ 4**,7862(*(8<2+/ ,H7)/ J+-/ ,()/ 2+33/ 9?/ ,H7)6(*/ N()*+,(-+*/ N84)/

9)+2+*3+)3/ 27C/ +*/ 536(**4*-2()+*(L/ 7-/ 9?/ ,H48B+/ C?3+):/ R(8-+3/ 0(83/ 9?/ 67B5C+*3(*(8<2+/ 9?/

N(B-)5**/(H/(3/J+-/1*2B+)/?/2+/9?/6+3/9784342B+/07B52+3:/P(/+)/6+3/*16H+*64-/?/-J1)+/+*/(*(8<2+/

(H/ 584B+/ 67B5C+*3+)/ 7-/ 2+/ 9?/ ()-5C+*3+)/ 27C/ N84)/ 8(-3/ 07)/ H(8-+*+:/ P+3/ +)/ 3)+/ 7C0(33+*6+/

67B5C+*3+)/7-/27C/+)/2B)+H+3/07)/+3/(**+3/07)C?8/+*/6+3/27C/7C0(33+2/4/C4*/N(G,+87)799-(H+:/

(15)

! $(!

;+-/,()/6+)07)/2+33/9?/6+8+)/(H/67B5C+*3+*+/7-/07B52+)3/9?/05**/27C/B(*/N+8<2+/N()*+,(-+*/

27C/+*/536(**4*-2()+*(:/;+-/,()/H(8-3/?/-?/-J+**7C/4**,786207)3+-*+82+*/4/67B5C+*3+*+/7-/

N)5B3/ 21B+05*B2J7*+)/ ,H7)/ J+-/ ,()/ 21B3/ 9?/ fN()*+,(-+g/ 07)/ ?/ 24B)+/ (3/ J+-/ 04**+)/ 6+3/ 27C/ +)/

0)+C3)++*6+/4/67B5C+*3+*+/7-/(*6)+/H4B34-+/0(B37)+)/07)/?/B5**+/N+8<2+/C4*/9)7N8+C234884*-://

/

H6C !

MK?B#KM#!IJ<9<@P#IKA!9<K?!6##

!

"433/+C94)42B+/C(3+)4(8+/N+23?)/(H/018-+*6+/67B5C+*3+)m/Q:/W(CC+98(*+*L/QQ:/[3:/"+864*-/*):/

E]./34684-/4**2(32/07)/84H28(*-/8O)4*-/cM'']dM''^e/7-/QQQ:/Y\X./4*3+-)(2J7*/7-/348843cM''^e:///

W(CC+98(*+*/+)/N()*+,(-+*2/07)2B)403/27C/N+2B)4H+)/N()*+,(-+*2/4**,786/7-/799-(H+):/P+33+/

+)/6+)07)/+3/H4B34-/67B5C+*3/07)/N()*+,(-+*L//27C/2B(8/HO)+/+3/)+62B(9/07)/(83/27C/N84)/()N+46+3/

C+6/ 4/ N()*+,(-+*:/ W(CC+98(*+*/ +)/ +3/ 67B5C+*3/ 27C/ 7-2?/ +)/ 4/ +*6)4*-L/ 6(/ 07)2B*4*-/ 7-/

+*6)4*-+*+/ 4/ 2(C05**+3/ 7-2?/ C?/ -J+*29+48+2/ 4/ N()*+,(-+*2/ 07)2B)403:/ W(CC+98(*+*/ N8+/ 2423/

+*6)+3/ 4/ M'E^L/ 7-/ 3)?63+/ 4/ B)(03/ E:C()2/ 7-/ 6(/ N8+/ M'']/ H+)2J7*+*/ 799,+H+3/

cU5**2B(926+9()3+C+*3+3L/M'E^L/2:%e:/P+3/?/(*(8<2+)+/)(CC+98(*+*/N8+/6+)07)/+3/*(35)84-/H(8-/

07)/C+-/4/6+**+/799-(H+*://

[37)34*-2C+864*-+*/fK4684-/4**2(32/07)/84H28(*-/8O)4*-g/+)/H(8-3/9?/N(B-)5**/(H/(3/6+*/2B(8/-4/

2H()/9?/,H7)6(*/2(C05**+3/B(*/N423?/348/?/8<BB+2/C+6/(3/,H+)/+*B+83/0?)/C584-,+3/348/?/5307)C+/

7-/)+(842+)+/24*+/84H29)72J+B3+):/P+*/2B(8/(*-4/+*/)+3*4*-/9?/6+*/4**2(32+*/27C/2B(8/348/07)/H4/

2B(8/ B5**+/ 53H4B8+/ +3/ 2724(83/ 53J+H*+*6+/ 536(**4*-2d/ 7-/ B7C9+3(*2+2<23+C/ 348/ N+23+/ 07)/

2(C05**+3/H?)3/7-/6+*/+*B+83+/cW+-J+)4*-+*L/M'']dM''^L/2:/%e:/[37)34*-2C+864*-+*/+)/2+*3)(8/07)/

?/N+8<2+/N()*+,(-+*/27C/536(**4*-2()+*(:/

Y\X/67B5C+*3+3/B(83/f4*3+-)(2J7*/7-/348843g/+)/6+3/3)+6J+/67B5C+*3+3/J+-/,()/H(8-3/?/(*(8<2+)+://

P+3/ H42+)/ 348/ 8(*-24B34-+/ B7*2+BH+*2+)/ (H/ ,1</ 4**H(*6)4*-:/ X3H(8-+3/ N8+/ 799*+H*3/ H+6/ 6+*/

B7*-+84-+/ )+27852J7*/ 4/ 6+2+CN+)/ M'EZ:/ P+33+/ 67B5C+*3+3/ N8+/ 8(-3/ 0)+C/ 0+N)5()/ M'E^/ cY\X/

M'E^.ML/ 2:/ Ze:/ X3H(8-+3/ ,()/ 53)+6+3/ B7*2+BH+*2+)/ (H/ 53H4B84*-+*/ 07)/ 4*3+-)(2J7*2B(9(243+3+*L/

2(C05**21B7*7C4+*/7-/07)/H46+)+53H4B84*-/(H/348843/7-/2(C,786/4/2(C05**+3://cY\X/M'E^.ML/

2:EEe:/;+-/,()/H(8-3/6+33+/67B5C+*3+3/07)/?/0?/4**24B3/4/,H7)6(*/C(*-07862/9+)29+B34H+3/+)/B*<33+3/

348/536(**4*-264C+*2J7*+*:/P7B5C+*3+3/3()/07)/2+-/C(*-+/(29+B3+)/H+6/4**H(*6)4*-L/C+*/C433/

07B52/84--+)/9?/,H7)6(*/N()*+,(-+*/N84)/0)+C,+H+3:/

(16)

! $)!

;+-/,()/(*(8<2+)3/7-/378B+3/6422+/3)+/67B5C+*3+*+/-J+**7C/C4*/3+C(342B+/4**,7862(*(8<2+:/=?/

N(B-)5**/(H/6+3/27C/+)/0)+C3)++*6+/2B(8/J+-/6)103+/6422+/05**+*+/4/8<2/(H/3+7)4://

/

H6H !

I!A8:!P9<A<PP6#

!

f"(*/-?)/4**/4/07)2B*4*-20+83+3/C+6/+*/N(B-)5**/7-/+*/3+7)+342B/07)23?+82+L/7-/6+*/53H+8-4*-/

C(*/-J1)L/+)/4BB+/3480+864-g/c!+)-28(*6/h/;O-+)L/M'ETL/2:/]De://

!+)-28(*6/ 7-/ ;O-+)/ 9?9+B+)/ (3/ 6+3/ +)/ 5C584-/ 7-/ 4BB+/ HO)+/ 9?H4)B+3/ (H/ +-*+/ 07)67CC+)/ 7-/

07)532+3*4*-+)/*?)/H4/C13+)/+3/0+*7C+*:/P+33+/C+6/N(B-)5**/(H/(3/6+3/B(*/24+2/?/,(/3(*B+)/7C/

(88+/ 0+*7C+*+)L/ +*3+*/ C(*/ +)/ N+H4223/ 9?/ 6+3/ +88+)/ 4BB+/ c!+)-28(*6/ h/ ;O-+)L/ M'ETL/ 2:/ ]De:/

!+)-28(*6/7-/;O-+)/,+H6+)/(3/H4/C+**+2B+)/(88346/N+04**+)/722/4/+*/H+)6+*/,H7)/07)23?+82+2C?3+/

+)/()H+3/7-/C+6/9?/?/N<--+/799/H?)/+B2423+*2/c!+)-28(*6/h/;O-+)L/M'ETL/2:/]De:/"4*/799-(H+/

+)/ N<--+3/ 799/ +33+)/ C4*+/ 4*3+)+22+)/ 7-/ H(8-3+/ 07B527C)?6+):/ P+)07)/ H48/ C4*/ 07)23?+82+/ (H/

67B5C+*3+*+/ 8+--+/ -)5**8(-/ 07)/ 9)+2+*3(2J7*+*/ (H/ (*(8<2+*:/ P+33+/ H48/ HO)+/ B*<33+3/ 799/ 348/

)+8+H(*3/ 3+7)4/ 7-/ 9)7N8+C234884*-:/ ;+-/ ,()/ 2(33/ C+-/ 4**/ 4/ 3+7)4/ 27C/ +)/ )+8+H(*3/ 07)/ C4*/

9)7N8+C234884*-:/"433/07B52/4/(*(8<2+*/(H/67B5C+*3+*+/,()/HO)3/9?/,H7)6(*/N()*+,(-+*/27C/

536(**4*-2()+*(/N84)/N+8<23:/;+-/B(*/,(/7H+)2+33/*7+/4/67B5C+*3+*+L/C+*/J7NN+3/C+6/+3/53H(8-/

J+-/C+*+)/,()/N+3<6*4*-/07)/C4*/9)7N8+C234884*-:/P422+/+8+C+*3+*+/H48/9)+-+/C4*/799-(H+://

/

F6E !

J9!@!=AK@L8=#KM#7N==#8B#:9O7A<=B#KM#:8PNI!=AK=K?Q@!6#

!

;+-/2B(8/4/6+33+/B(9433+8+3/8+--+/0)+C/6+3/J+-/,()/05**+*3/4/3)+/584B+/2+*3)(8+/700+*384-+/

67B5C+*3+)/27C/J+-/,()/-J7)3/+*/67B5C+*3(*(8<2+/(H:/a7)C?8+3/+)/?/2<*84--J1)+/,H7)6(*/

N()*+,(-+*/27C/+*/536(**4*-2()+*(/B7CC+)/0)+C/4/6422+/7-/,H(/27C/67C4*+)+)/4/8<2/(H/

N()*+,(-+*/27C/+3/3)4**/4/536(**4*-+*/348/+3/N()*:/>+*24B3+*/C4*/+)/4BB+/?/2(CC+*84-*+/,H+)3/

+*B+83/237)34*-2C+864*-/C+6/,H+)(*6)+L/C+*/?/H42+/348/,H7)6(*/N()*+,(-+*/0)+C23?)/27C/+*/

6+8/(H/+3/536(**4*-207)819/4/,H+)3/+*B+83/67B5C+*3/7-/2+/9?/84B,+3+)/7-/H()4(2J7*+):/

W(CC+98(*+*/27C/23<)4*-267B5C+*3/B(*/HO)+/+3/*16H+*64-/67B5C+*3/?/)+0+)+)+/348/4/

6)103+82+*/(H/6+/37/(*6)+/67B5C+*3+*+:/

/

/

(17)

! $*!

F6D !

9KII!J?K=!=6#

!

P+3/ 01)23+/ B(9433+8+3/ 4/ )(CC+98(*+*/ ,(*68+)/ 7C/ N()*+,(-+*2/ H+)64-)5**8(-:/ P+3/ +)/ ,+)/ J+-/

8+--+)/C+)B+/348/6+3/01)23+/4/)(CC+98(*+*/27C/B(*/-?/5*6+)/N+-)+9+3/536(**4*-/7-/27C/2B(8/

()N+46+2/C+6/4/N()*+,(-+*./

)*#+,-.//0,! "#+! 0,! 010,20+-%3! .1! $#+,0"#10,! (4#5! "#! 0,! "05"0&5%1! &%5,6+/%,1! &%5! $#+,#(!

'&2%45%,17!*#+,0"#10,(!(#/8',,(/#,-#&!0+3!%!(#/#+$0%-!.1!8.+(&905(0!/0-!":0//0&3!9!%2#+0&#!

$#+,#(! $0".2! 8.+! ./(.+1! .1!!"#! .1! 8+0//0!!$%&'(! .1! -#,,%,1! (./! 1+',,5#1! 8.+! #55(%-%1!

'&2%45%,1;!<U5**2B(926+9()3+C+*3+3L//M'E^L/2:/^e!

!()*67CC+*/+)/H4B34-/N84)/6+3/9?9+B3/7-/4/N()*+,(-+*2/2(C05**2C(*6(3/4**-?)/N()*(2/N+,7H/

07)/ 8+B/ 2(C3/ 6+3/ ?/ 0)+CC+/ 8O)4*-:/ !()*+,(-+*/ 2B(8/ ,(/ +*/ ,+8,+384-/ 348*O)C4*-/ 348/ N()*(2/

53H4B84*-/ *+H*+2/ 6+3/ 7-2?:/ P422+/ 95*B3+*+/ B(*/ H42+/ 348/ N()*+,(-+*2/ 97242J7*/ 27C/ 6+3/ 01)23+/

3)4**+3/4/+3/536(**4*-207)819:/P+3/+)/+3/+-+3/95*B3/27C/-?)/53/9?/(3/N()*+,(-+*/2B(8/4H()+3(/N()*(2/

N+,7H/07)/8+B:/>+)/N84)/6+3/N8(*3/(**+3/9?9+B3/(3/f?(5("/2B(8/HO)+/+*/()+*(/07)/N()*(2/53H4B84*-/

7-/%[,3"/L/7-/07)/2724(8/7-/29)?B84-/2(C,(*684*-g/cU5**2B(926+9()3+C+*3+3L/M'E^L/2:M'e:/>+)/

H42+2/6+3/348/(3/8+B+*/2B(8/HO)+/+*/6+8/(H/8O)4*-29)72+22+*/348/+3/N()*L/7-/,H7)/2+*3)(8/8+B+*/2B(8/

HO)+/07)/8O)4*-/4/*7)2B+/N()*+,(-+):/;+-/378B+)/6+3/643/,+*/(3/)(CC+98(*+*/+)/9)+-+3/(H/a)kN+8/

24*/ 9+6(-7-4BB/ 27C/ -?)/ 53/ 9?/ ?/ 0)+CC+/ 8O)4*-+*/ 7-/ 8+B+*L/ 7-/ 2<*+3/ ,(*2/ 7C/ (3/ ()N+46+3/ 4/

N()*+,(-+*/2B(8/84--+/C+887C/8+B/7-/5*6+)H42*4*-/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/M'e://

P+3/27C/+)/0)+C3)++*6+/4/)(CC+98(*+*/+)/N()*67CC+*2/(/(")(,-3L/%(5/7-/%[,3"//7-/(3/6+33+/

2B(8/ 2++2/ 4/ 2(CC+*,+*-:/ W(CC+98(*+*/ ,()/ +3/ +-+3/ +C*+/ 27C/ -?)/ 53/ 9?/ fN()*+,(-+*/ 2B(8/

0)+CC+/%[,3"/g/ 7-/ 5*6+)/ 6+33+/ 95*B3+3/ N84)/ 6+3/ *+H*3/ ,H7)6(*/ 6+/ (*2(33+/ 4/ N()*+,(-+*/ 2B(8/

()N+46+/ 07)/ ?/ 2B(9+/ 8O)4*-/ 07)/ N()*(:/ X*6+)/ 6+33+/ 95*B3+3/ N84)/ 6+3/ N8(*3/ (**+3/ *+H*3/ (3/

f!()*+,(-+*/ 2B(8/ N46)(/ 348/%[,3"/'0(%%(''5$\/ 6+)/ N()*(/ 2B(8/ N46)(/ 4/ +-+*/ 7-/ (*6)+2/ 8O)4*-g/

cU5**2B(926+9()3+C+*3+3L/ M'E^L/ 2:/ MMe:/ >+)/ N84)/ N()*+,(-+*/ N+2B)+H+3/ 27C/ +3/ 23+6/ 6+)/ +3/

8O)4*-20+88+22B(9/2B(8/HO)+/34823+6+:/a7)/?/0?/348/6+33+/9?9+B+)/)(CC+98(*+*/(3/6+/(*2(33+/2B(8/

f8+--+/ 348/ )+33+/ 07)/ ,+8,+384-+/%[,3"/'\,+'(''(,/ 27C/ 0)+CC+)/ N()*(2/ 3)4H2+8/ 7-/ (882464-+/

53H4B84*-g/cU5**2B(926+9()3+C+*3+3L/M'E^L/2:/MMe://

Y?)/J+-/(*(8<2+)+)/)(CC+98(*+*/N84)/J+-/799C+)B27C/9?/(3/6+3/+)/4*-+*/95*B3+)/27C/64)+B3+/

-?)/9?/536(**4*-+*/348/+3/N()*/7-/N()*+,(-+*/27C/+3/536(**4*-207)819:/@4B+H+8/+)/6+3/08+)+/23+6+)/

,H7)/ 4**,786+3/ B(*/ 2++2/ 4/ 2(CC+*,+*-/ C+6/ 536(**4*-:/ X*6+)/ N()*/ 7-/ N()*67C/ N84)/

N()*67CC+*2/ +-+*H+)64/ 9?9+B3L/ C+*/ 6+3/ N84)/ 7-2?/ *+H*3/ (3/ fN()*+,(-+*/ +)/ 7-2?/ +*/

(18)

! $"!

0+,.(,(-(%'(/348/(B34H/6+83(B+82+/4/2(C05**+3/7-/N46)()/348/?/8+--+//,4""%$/(2#07)/+3/-763/84Hg/

cU5**2B(926+9()3+C+*3+3L/M'E^L/2:/De:/;+-/8+--+)/7-2?/C+)B+/348/(3/7)6+3/9)7-)+2J7*/23?)/27C/+3/

+-+3/95*B3/7-/,+)/N84)/9)7-)+2J7*/0)+C,+H+3/27C/(3/f9)7-)+2J7*/4/N()*+,(-+*/4**+NO)+)/(3/(88+/

N()*/ 2B(8/ 53H4B8+/ 2+-L/%[,(/ 7-/ 7998+H+/ 0)+C-(*-g/ cU5**2B(926+9()3+C+*3+3L/ M'E^L/ 2:/ TTe://

P+33+/07)23?)/J+-/27C/0)+C3462N(2+)3L/7-/H42+)/348/(3/6+/(*2(33+/4/N()*+,(-+*/2B(8/()N+46+/C+6/

(B34H43+3+)/27C/4**-?)/4/8O)4*-/7-/27C/+)/C+6/9?/?/8+--+/+3/-)5**8(-/07)/2+*+)+/346://

Q/B(9433+8/D/N84)/N()*+,(-+*2/()N+462C?3+)/N+8<23/7-/()N+462C?3+*+/2B(8/N46)(/348/?/f4H()+3(/N()*2/

N+,7H/07)/7C27)-/7-/%(5L/0)+CC+/%[,3"//7-/6(**4*-L/7-/-4/N()*/C584-,+3/348/1(-)3,5"3"/g/

cU5**2B(926+9()3+C+*3+3L/M'E^L/2:/T%e:/"+6H4)B*4*-/+)/7-2?/+*/237)/6+8/(H/)(CC+98(*+*:/P+3/

H42+)/348/,H48B+3/2<*/H4/,()/9?/N()*/4/6(-/7-/4/,H7)/237)/-)(6/6+/2B(8/0?/B5**+/N46)(/348/?/N+23+CC+/

24*/,H+)6(-/7-/0)+C346:/>+**5C/7-/l23)+C/9?9+B+)/(3/N()*67CC+*2/+-+*H+)64/4**+NO)+)/?/8(/

N()*/N)5B+/346/9?/(B34H43+3+)/6+/2<*+2/+)/C+*4*-20588+/7-/8(/6+/8+B+:/P+33+/2B(8/6+/0?/-J1)+/53+*/

(3/H4/3+*B+)/9?/(3/6+3/2B(8/,(/+*/*<33+H+)64/c>+**5C/h/l23)+CL/M'E]L/2:/&Md&%e:/P+33+/B(*/7-2?/

2++2/4/8<2/(H/6+3/(3/H4/4/6(-/N1)/2+/9?/N()*+3/27C/25NJ+B3/27C/U7)2H786/9?9+B+):/;+-/378B+)/6+33+/

643/ ,+*/ (3/ )(CC+98(*+*/ H42+)/ 348/ 6+3/ ;(C+2L/ =)753/ 7-/ ;+*B2/ 9?9+B+)/ 7C/ (3/ N()*+,(-+*/ 2B(8/

0)+CC+/N()*+3/27C/(B34H+/7-/6+83(B+*6+/4*64H46+)/4/2433/+-+3/84HL/27C/,(*68+)/7C/?/2+/9?/N()*+3/

27C/fG,486)+*/(2/N+4*-g/c;(C+2L/=)753/h/;+*B2L/E&&De://

;+-/,()/34684-+)+/H423/348/(3/@()2+*/7-/[8?33+*/9?9+B+)/(3/2(C05**+3/C?/3(/6+8/4/(*2H()+3/348/N()*2/

536(**4*-L/ (3/ 6+3/ +)/ 5(*2H()84-/ (3/ N()*/ N84)/ 7H+)8(33/ 348/ ?/ 3(/ (*2H()/ 07)/ 24*/ +-+*/ 53H4B84*-/ 7-/

536(**4*-/ c@()2+*/ h/ [8?33+*L/ M'EZe:/ P+3/ J+-/ 07)23?)/ C+6/ 6+33+/ +)/ (3/ 6+3/ C?/ HO)+/ +*/ N(8(*2+/

C+887C/6+3/?/8(/N()*(/0?/8+B+/7-/-J1)+/6+3/6+/H48/7-/N()*+,(-+8O)+)+*j2(C05**+3/27C/3()/(*2H()://

P+3/?/HO)+/+*/6+8/(H/2(C05**+3/H?)3/H42+2/348/27C/+*//*16H+*64-,+3:/R4/C?/0?/1<*+/799/07)/

,H7)6(*/ H4/ 2B(8/ 8+--+/ 348/ )+33+/ 07)/ (3/ N()*(/ +)/ )523+3/ 07)/ 0)(C346+*2/ N+,7H/ 7-/ B8()+/ 07)/ 6+3/

2(C05**+3/27C/H48/C13+/6+C:/U7CN4*(2J7*+*/(H/B5**2B(9+*/7C/N()*+,(-+*/27C/+*/6+8/(H/

536(**4*-207)819+3/7-/N()*67CC+*2/+-+*H+)64/N84)/2+*3)(8://

P+/799-(H+*+/N()*+,(-+*/0?)/-J+**7C/23<)4*-267B5C+*3+)/2B(8/N()*+,(-+8O)+)+*/5301)+:/Y?)/

6+33+/ N84)/ -J7)3/ )+9)+2+*3+)+)/ N()*+,(-+8O)+)+*/ 4BB+/ 01)23/ 7-/ 0)+C/ 2+-/ 2+8HL/ C+*/ 2(C05**+3/

c>+**5C/ h/ l23)+CL/ M'E]L/ 2L/ E^dEDe:/ W(CC+98(*+*/ +)/ +3/ 284B3/ 23<)4*-267B5C+*3/ 27C/

N()*+,(-+8O)+)+*/ 2B(8/ 018-+:/ P7B5C+*3+3/ +)/ 9?H4)B+3/ (H/ ,H7)/ 2(C05**+3/ H?)3/ 23?)/ 4/ 6(-:/

>+**5C/ 7-/ l23)+C/ H42+)/ 7-2?/ 348/ (3/ f9+6(-7-42B/ ()N+46/ 4/ +*/ 536(**4*-24*234352J7*/ 27C/

N()*+,(-+*/N+)1)+)/7-2?/6+3/9784342B+/0+83+3g/c>+**5C/h/l23)+CL/M'E]L/2:/E&e:/P+33+/B(*/378B+2/

643/,+*/(3/N()*+,(-+*/+)/+*/H4B34-/536(**4*-24*234352J7*://

(19)

! $+!

[+8H/ 7C/ 4*-+*/ 95*B3+)/ -?)/ 64)+B3+/ 9?/ 536(**4*-/ 7-/ N()*+,(-+*/ 27C/ +*/ 6+8/ (H/ +3/

536(**4*-207)819L/ +)/ 6+3/ 08+)+/ 95*B3+)/ 4/ )(CC+98(*+*/ 27C/ -?)/ 53/ 9?/ ,H(/ +3/ N()*/ 2B(8/ 8O)+/

-J+**7C/,+8+/9+)476+*/6+3/-?)/4/N()*+,(-+:/Q/()N+46/C+6/0(-7C)?6+*+/H42+)/)(CC+98(*+*/348/(3/

fN()*(2/%(5/6(**+)/+3/H4B34-/-)5**8(-/07)/()N+46+3/C+6/0(-7C)?6+*+g:/@+B/2B(8/6+)07)/HO)+/+3/

H4B34-/ -)5**8(-/ 07)/ 9+)27*(8+32/ ()N+46/ C+6/ 0(-7C)?6+*+/ cU5**2B(926+9()3+C+*3+3L/ M'E^L/ 2:/

T^e:/ P+33+/ 3<6+)/ B(*2BJ+/ 9?/ (3/ )(CC+98(*+*/ H42+)/ 348/ (3/ N()*+,(-+*/ 2B(8/ 07B52+)+/ 9?/ N()*2/

8O)4*-L/ C+*/ 6(/ 6+3/ 4BB+/ +)/ +*/ 6+8/ (H/ +3/ 7N84-(37)42B/ 536(**4*-22<23+C/ +)/ 6+3/ )7C/ 07)/ +3/

H+)64-)5**8(-/ 27C/ +)/ (**+)8+6+2/ 0)(/ 2B78+*:/ @+B+*/ 2B(8/ HO)+/ 2+*3)(8/ 07)/ N?6+/ 8O)4*-+*/ C+*/

7-2?/07)64/N()*/8+B+)/N()+/07)/?/,(/6+3/-1<:/;+-/,()/HO)3/4**+/9?/(3/U4N2-(()6/9?9+B+)/(3/8+B+*/

,()/3)(642J7*+83/2+33/584B+/H48B?)/4/2B78+*/7-/N()*+,(-+*/cU4N2-(()6L/M''DL/2L/MMe:/>5*/9?9+B+)/

7-2?/(3/8+B/+)/4*6)+C734H+)3/4/2+-/2+8HL/7-/C734H(2J7*/+)/+3/H4B34-/-)5**8(-/07)/8O)4*-:/@+B+*/+)/

7-2?/+*/HO)+C?3+/07)/N()*(/27C/+)/84H2*16H+*64-/07)/6+)+2/6(-84-+/84H:/cU4N2-(()6L/M''DL/2:/

MMdM%e:/;+-/07)23?)/C+6/6+3/(3/8+B+*/+)/2?/2+*3)(8/9?/N(B-)5**/(H/(3/N()*+,(-+*/4BB+/2B(8/N84/+3/

2B78+07)N+6)+*6+/23+6:/P+*/3<2B+/9+6(-7-+*/a)kN+8/2433/2<*/9?/(3/8+B+*/2B(8/HO)+/2+*3)(8/7-/

H4B34-,+3+*/(H/N()*67CC+*2/+-+*H+)64/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/E&e/+)/488523)+)3/4/

)(CC+98(*+*://

P+3/N84)/84B+H+8/9?9+B3/(3/0(-7C)?6+*+/9?/C(*-+/C?3+)/+)/6+/2(CC+/27C/6+/2+*+)+/H48/C13+/4/

2B78+*/ cU5**2B(926+9()3+C+*3+3L/ M'E^L/ 2:/ T^e:/ [(C7)6*4*-2*+C6(/ N+37*+3/ 4/ E&ZE/ 07)/

2B78+H+)B+3/N()*+,(-+*2/07)N4*6+82+/348/2B78+*:/!()*+,(-+*/2B588+/9?/N(B-)5**/(H/6+3/84--+/9?/

2(CC+/98(*/27C/2B78+*2/H4)B27C,+3/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/TDe:/P+3/N8+/*+C84-/

07)+28?33/ (H/ Y+C*6(/ (3/ N()*+,(-+*+/ 2B588+/ (6C4*423)(34H3/ 84--+/ 5*6+)/

5*6+)H42*4*-26+9()3+C+*3+3L/C+*/5*6+)23)+B+3/(3/N()*+,(-+*/2B588+/HO)+/0)4H4884-/7-/4BB+/NO)+/

9)+-/(H/2B78+*/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/TDe:/;+-/378B+)/(3/N()*+,(-+*/N84)/9?9+B3/

27C/+3/23+6/,H7)/8O)4*-/2B(8/2BJ+/-J+**7C/N()*(2/9)+C422+)L/C+*/84B+H+8/+)/N()*+,(-+*/9)+-+3/

(H/6+*/H4)B27C,+3+*/2B78+*/+)://

;+-/+)/29+24+83/9?/53B4BB/+33+)/,H7)6(*/C(*-0786/7-/536(**4*-/B7CC+)/0)+C/4/)(CC+98(*+*:/

;+-/ 8+--+)/ C+)B+/ 348/ (3/ N()*+,(-+*/ 2B(8/ 0)+CC+/ C(*-0786/ -J+**7C/ ?/ H42+/ N()*(2/

07)2BJ+884-,+3+):/P+3/2B(8/HO)+/)7C/07)/?/5*6)+/2+-/7H+)/%35*(2(,/7-/0+,'5](%%(,:/!()*+,(-+*/

2B(8/7-2?/N)5B+/C(*-0786/27C/+*/,(''4,'/4/6+3/9+6(-7-42B+/()N+46+3/cU5**2B(926+9()3+C+*3+3L/

M'E^L/2:/&e:/Q/6+33+/95*B3+3/N84)/6+3/348/28533/*+H*3/(3/fN()*+,(-+*/2B(8/'&"%3//]^,(/+3/1$"/0+%-/

4/ 0(C484+07)C+)/ 7-/ 21)-+/ 07)/ (3/ $%%(/ N()*/ 0?)/ 24*/ 0(C484+/ 29+48+3/ 4/ N()*+,(-+*g/

cU5**2B(926+9()3+C+*3+3L/M'E^L/2:/E'e:/;+-/07)23?)/C+6/6+33+/(3/)(CC+98(*+*/H42+)/348/(3/H?)3/

C(*-07864-+/2(C05**/2B(8/-J+*29+48+2/4/N()*+,(-+*:/#88+/N()*/4/N()*+,(-+*/2B(8/0?/C584-,+3/348/

(20)

! %#!

?/7998+H+/6+3/?/N84/+*/6+8/(H/2(C05**+3:/@()2+*/7-/[8?33+*/9?9+B+)/(3/2(C05**+3/H?)3/4/6(-/N8(*3/

(**+3/N84)/B(83/536(**4*-22(C05**+3/c@()2+*/h/[8?33+*L/M'EZL/2:/EEe:/P+33+/07)B8()+)/,H(/27C/

BJ+**+3+-*+)/H?)/346L/7-/@()2+*/7-/[8?33+*/,+H6+)/(3/07)/?/B8()+/2+-/N+23/C584-/4/6(-+*2/2(C05**/

B)+H+2/6+3/7-/07)H+*3+2/6+3/(3/+*/,()/B7C9+3(*2+L/B5**2B(9/7-/536(**4*-/c@()2+*/h/[8?33+*L/

M'EZL/2:/EEe:/W(CC+98(*+*/9?9+B+)/J7/(3/N()*+,(-+*/2B(8/N46)(/348/8O)4*-20+88+22B(9:/;+-/07)23?)/

(3/(88+/N()*/2B(8/0?/B5**+/348+-*+/2+-/B5**2B(9:/!()*(/+)/0)+C346+*/7-/H+6/?/07)23?/6+33+/B(*/H4/

-4/(88+/N()*(/4/N()*+,(-+*/C584-,+3/348/?/7998+H+/?/N84/+*/6+8/(H/2(C05**+3://

[7C/H423/7H+)/0)+C23?)/N()*67CC+*2/+-+*H+)64/2+*3)(83/4/)(CC+98(*+*/7-/)(CC+98(*+*/H42+)/

348/ ,H(/ +3/ N()*/ 2B(8/ 0?/ 53/ (H/ N()*+,(-+*L/ 7-/ 8+B+*/ N84)/ 703+/ *+H*3/ 2(CC+*/ C+6/ 8O)4*-:/ Q/

)(CC+98(*+*/ 2?/ +)/ 6+3/ 2<*84-/ (3/ fG,486)+*/ N+4*-g/ 7-/ a)kN+8/ 24*/ 9+6(-7-4BB/ +)/ 23<)B+3:/

X36(**4*-/+)/+*/6+8/(H/67B5C+*3+3/C+*/4BB+/53,+H+3/29+24+83/*7+/23+6://

/

F6C !

@A6#I!?:<=B#A<:?<B#<==@KA@#789#?<M@?K=B#?_9<=B#`CEERa CEETb6##

!

P+3/9?9+B+2/4/237)34*-2C+864*-+*/(3/C+**+2B+)/8O)+)/,+8+/84H+3:/#88+/,()/973+*24(8+/348/?/8O)+/7-/

8O)4*-/2BJ+)/9?/(88+/()+*(+)L/7-/H4/C?/21)-+/07)/(3/6+3/973+*24(8+/B7CC+)/N?6+/2(C05**+3/7-/6+3/

+*B+83+/ 4*64H46/ 348/ N+23/ C584-/ *<33+/ cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:%e:/

[37)34*-2C+864*-+*/ 9)+242+)+)/ 7-2?/ (3/ 6+3/ +)/ 3<6+84-/ 07)2BJ+88+)/ 4/ 8O)4*-L/ 7-/ (3/ 6+33+/ N84)/ +3/

2(C05**2(*2H()/H4/C?/3(/9?/722/cU5**2B(926+9()3+C+*3+3L/M'']dM''^L/2:%e://

;+-/ 07)23?)/ C+6/ 6+3/ (3/ N()*+,(-+*/ 27C/ 2(C05**24*234352J7*/ C?/ 3(/ 24*/ 6+8/ (H/ 6+33+/ (*2H()+3:/

[37)34*-2C+864*-+*/ N+8<2+)/ ,H7)/ H4B34-/ N()*+,(-+*/ B(*/ HO)+/ 4/ +3/ 01)23+/ 23+-/ 4**/ 4/

536(**4*-22<23+C+3L/ 7-/ 8O)4*-+*/ 27C/ N84)/ 8(-3/ 348/ -)5**/ +)/ H4B34-/ 07)/ 2+*+)+/ 346:/ Q/

[37)34*-2C+864*-/fK4684-/4**2(32/07)/84H28(*-/8O)4*-g/cM'']dM''^e/8+--+2/6+3/7-2?/348/(3/6+3/+)/

4BB+/f+3/C?8/(3/(88+/2B(8/4**/4/,1<+)+/536(**4*-L/C+*/(88+/2B(8/0?/+3/27846/-)5**8(-/07)/%3)'%$"//

%[,3"/g/ cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:/ %e:/ P+33+/ 23()3+)/ 4/ N()*+,(-+*/ 7-/ 4/

N()*67CC+*L/ 7-/ 6+/ 9?9+B+)/ (3/ 536(**4*-22<23+C+3/ 4BB+/ N()+/ 2B(8/ -4/ (88+/ N()*/ 6+/ 2(CC+/

C584-,+3+*+/348/?/2B(00+/2+-/*16H+*64-/B5**2B(9L/C+*/(3/536(**4*-22<23+C+3/2B(8/34684-23/C584-/

H+48+6+/ 7-/ C734H+)+/ +3/ N()*/ 348/ ?/ 23)+BB+/ 2+-/ 2?/ 8(*-3/ 27C/ C584-/ 07)/ ?/ )+(842+)+/ 2433/

%[,3"/'\+2("'3$%# cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:%e:/ P+33+/ 378B+)/ J+-/ 27C/ (3/

N()*+,(-+*/2B(8/HO)+/+3/23+6/,H7)/C(*/0?)/24*/01)23+/B5**2B(9L/C+*/7-2?/8O)+/,H7)6(*/C(*/

B(*/N84/(B34H3/6+8/(H/2(C05**+3:/P+33+/B(*/2++2/4/8<2/(H/6+3/)(CC+98(*+*/24+)/7C/(3/N()*+,(-+*/

(21)

! %$!

2B(8/ HO)+/ 07)N+)+6+82+/ 348/ 6+83(B+82+/ 4/ 2(C05**+3/ 7-/ 8+--+/ -)5**8(-+3/ 07)/ +3/ -763/ 84H/

cU5**2B(926+9()3+C+*3+3L/M'E^L/2:/De:/@()2+*/7-/[8?33+*/9?9+B+)/(3/6+33+/+)/*16H+*64-/07)/?/

B5**+/7998+H+/0)4,+3/7-/C+6H4)B*4*-/4/2(C05**+3/c@()2+*/h/[8?33+*L/M'EZL/2:/EEe://

[37)34*-2C+864*-+*/ H42+)/ 348/ (3/ \S$P/ 9+B3+/ 9?/ (3/ H?)3/ 536(**4*-22<23+C/ 4BB+/ H()/ -763/ *7B/

348-J+*-+84-/ 07)/ (88+/ 7-/ 4BB+/ -763/ *7B/ 53N<-6:/ P+33+/ -J(863/ 2O)84-/ N()*+,(-+348N56+3/

cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:&e:/ @4B+H+8/ ,()/ \S$P/ )723/ Y7)-+/ 07)/ N()*+,(-+*2/

,+8,+384-+/ 348*O)C4*-/ 348/ 7C27)-/ 7-/ 8O)4*-:/ / P+33+/ 4/ 07)N4*6+82+/ C+6/ +*/ -J+**7C-(*-/ (H/

N()*+,(-+348N56/ 4/ 08+)+/ 8(*6L/ B(83/ K,+C(34G/ W+H4+n/ \0/ S()8</ $,486,776/ S6G5(347*/ (*6/ $()+/

=784G</ cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:&e:/ W+-J+)4*-+*/ ,()/ 2H()3/ 9?/ 6+33+/ C+6/ (3/ 6+/

1*2B+)/?/N<--+/H46+)+/9?/6+*/-76+/23)5B35)+*/27C/+)/4/536(**4*-22<23+C+3/7-/*?/+3/C?8/7C/0588/

N()*+,(-+6+B*4*-:/P+3/N84)/7-2?/*+H*3/(3/07)/?/5**-?/C()-4*(842+)4*-/7-/2724(8/53J+H*4*-/C?/

$%%(/4*B856+)+2/4/-76+/%[,3"/'0(%%(''5$\/cU5**2B(926+9()3+C+*3+3L/M'']dM''^L/2:&e:/@()2+*/7-/

[8?33+*/ 2B)4H+)/ 6+)27C/ +3/ N()*/ 0(88+)/ 53+*07)/ 536(**4*-22<23+C+3/ H?)3L/ B(*/ 6+3/ 7998+H+/ ?/ N84/

C()-4*(842+)3L/ 27C/ H48/ 24/ (3/ 6+/ 7H+)/ 346/ B(*/ +B2B856+)+2/ 0)(/ 7C)?6+)/ 7-/ 97242J7*+)/ 27C/ -4)/

C584-,+3/7-/4**08<3+82+/348/C+6H4)B*4*-/4/2(C05**+3/H?)3/c@()2+*/h/[8?33+*L/M'EZL/2:/EEe:/>+)/

N84)/N()*+,(-+*/*+H*3/4/67B5C+*3+3/27C/+*/H4B34-/6+8/(H/536(**4*-22<23+C+3L/H+6/(3/(88+/2B(8/

4*B856+)+2/4/8O)4*-20+88+22B(9+3/27C/2B(8/HO)+/34823+6+/4/N()*+,(-+*/27C/7-2?/)(CC+98(*+*/

9?9+B+)/ cU5**2B(926+9()3+C+*3+3L/ M'E^L/ 2:/ MMe:/ P+/ H42+)/ 348/ (3/ C(*/ 1*2B+)/ ?/ 2(32+/ 9?/

N()*+,(-+*/07)/?/0?/348/6+33+://

[37)34*-2C+864*-+*/ ,()/ +3/ +-+3/ 95*B3/ 27C/ N+2B)4H+)/ f+3/ B5**2B(922(C05**/ 07)/ $%%(g/

cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:/ ^e:/ / >+)/ N84)/ 6+3/ 9?9+B3/ (3/ )+-J+)4*-+*/ H48/ f01)+/ +*/

(B34H/ 978434BB/ 07)/ ?/ )+652+)+/ 0+,'5](%%("(/ 4/ 2(C05**+3g:/ P+3/ +)/ 5*6+)23)+B+3/ 4/

[37)34*-2C+864*-+*/(3/C?8+*+/07)/?/)+652+)+/07)2BJ+88+*+/+)/?/C4*2B+/5%$''('53%%("(L/N+BJ+C9+/

0(334-67CL/ )+652+)+/ 6+*/ 1B7*7C42B+/ 2BJ+H07)6+84*-+*/ 7-/ (*6)+/ 07)C+)/ 07)/ C()-4*(842+)4*-/

cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:/ ^e:/ X*6+)/ 6+33+/ 95*B3+3/ N84)/ 6+3/ 7-2?/ 2(33/ 8<2/ 9?/ (3/

f$%%(/2B(8/,(/84B+/14%3/*(2(,/348/?/53H4B8+/2+-/2+8H/7-/24*+/+H*+)g/cU5**2B(926+9()3+C+*3+3L/

M'']dM''^L/2:/^e:/;+-/,()/)+0+)+)3/34684-+)+/348/6+3/@<*-2+3,/7-/"1)8(*6/9?9+B+)/7C/(3/+*/-76/

N()*67C/ N46)()/ 348/ ?/ B5**+/ +3(N8+)+/ +3/ -763/ 05*6(C+*3/ 07)/ H46+)+/ 84H2819:/ K4684-/ 4**2(32/ B(*/

HO)+/+*/H4B34-/0(B37)/07)/?/799*?/+*/-76/N()*67C/c@<*-2+3,/h/"1)8(*6L/M'E^L/2:/EMe://

;+-/ 378B+)/ 6+33+/ 643/ ,+*/ (3/ N()*+,(-+*/ +)/ 07)/ (88+/ 7-/ B(*/ -4/ (88+/ 6+/ 2(CC+/ C584-,+3+*+/ 348/ ?/

53H4B8+/2+-://[37)34*-2C+864*-+*/9)+242+)+)/+3/6+3/+)/+3/1*2B+/7C/?/-4/(88+/84B/348-(*-L/7-/2724(83/

53J+H*+/H?)3/536(**4*-2d/7-/B7C9+3(*2+2<23+C:/P+3/B(*/2+/4/8<2/(H/H?)3/C(*-07864-+/2(C05**:/

(22)

! %%!

P+3/ 5*6+)23)+B+2/ 4/ [37)34*-2C+864*-+*/ (3/ f?/ 2B(9+/ 84B,+3/ 7-/ 84B+H+)6/ 4/ 2(C05**+3/ +)/ +*/

,7H+65307)6)4*-/7-2?/4/+3/-87N(83/9+)29+B34Hg/cU5**2B(926+9()3+C+*3+3L/M'']dM''^L/2:/^e:/P+3/

N84)/7-2?/H423/348/(3/6+3/+)/237)+/0+,'5](%%(,/4/6+*/5+1\(2$"'("/N()*/0?)/4/42-$""3"/''&'2(1(2L/

7-/ 4/ N+B<C)4*-+*/ )5*63/ 6422+/ 07)2BJ+88+*+/ 84--+)/ 4/ (3/ 6+3/ +)/ +*/ 2(CC+*,+*-/ C+6/

0(C484+N(B-)5**L/07)+86)+*+2/4**3+B3L/536(**4*-2*4H?/+88+)/7C/+*/,()/C4*7)43+32N(B-)5**/+88+)/

C(J7)43+32N(B-)5**/ cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:/ De:/ P+33+/ B(*/ 2++2/ 4/ 8<2/ (H/ 1B3/

C(*-0786L/ 7-/ 27C/ @()2+*/ 7-/ [8?33+*/ 9?9+B+)/ (3/ 4/ Y7)-+/ 1B+)/ 5J+H*,+3+*+/ 4/ 2724(8+/ B8(22+):/

c@()2+*/h/[8?33+*L/M'EZL/2:/T%e://!75)64+5/9?9+B+)/7-2?/(3/6+*/2724(8+/23)5B35)+*/B(*/N46)(/348/

?/)+652+)+/2724(8/584B,+3/c@()2+*/h/[8?33+*L/M'EZL/2:/^&e:/K122+/9?9+B+)/(3/4/6(-+*2/2(C05**/+)/

6+3/+3/237)3/07B52/9?/(3/5*6+)H42*4*-/2B(8/HO)+/3489(22+3/4/+*/4*B856+)+*6+/2B78+/7-/)+29+B3/07)/

C(*-0786+3/ 4/ N()*+-)599+*/ cK122+L/ M'ETe:/ P+33+/ 488523)+)+)/ (3/ 4/ +3/ C(*-07864-/ 2(C05**/ H48/

4*B856+)4*-/4/536(**4*-22<23+C+3/HO)+/*16H+*64-/27C/+3/-)+9/07)/?/799*?/1B3/2724(8/53J+H*4*-://

Q/+3/2(C05**/C+6/07)2BJ+88+)/7-/84B,+3L/9?9+B+)/@()2+*/7-/[8?33+*/(3/C(*-+/C+*+)/(3/07)/(3/H4/

2B(8/ 05*-+)+/ -763/ 27C/ +3/ 2(C05**L/ H48/ 6+3/ HO)+/ *16H+*64-/ ?/ 7998+H+/ 0+88+22B(9/ c@()2+*/ h/

[8?33+*L/M'EZL/2:/ZMe:/;+-/378B+)/6+33+/643/,+*/(3/6+3/,()/+*/2(CC+*,+*-/C+6/(3/4*B856+)4*-/C?/

348/ 07)/ ?/ 7998+H+/ 0+88+22B(9:/ "(*-0786/ B(*/ 7-2?/ ,(*68+/ 7C/ 07)2BJ+88+)/ 53/ 0)(/ H?)/

B8(22+348,1)4-,+3:/@()2+*/7-/[8?33+*/H42+)/348/(3/2724(8/584B,+3/,(*68+)/7C/(3/N<)6+)/7-/-76+)/+)/

N8433/ 584B3/ 07)6+83/ 4/ N+078B*4*-+*/ c@()2+*/ h/ [8?33+*L/ M'EZL/ 2:/ ^Ze:/ P422+/ -76+*+/ B(*/ HO)+/

536(**4*-L/ 4**3+B3/ 7-/ ()N+46L/ C+*2/ N<)6+)/ B(*/ B*<33+2/ 799/ 348/ ()N+4628+64-,+3/ 7-/

C()-4*(842+)4*-/ c@()2+*/ h/ [8?33+*L/ M'EZL/ 2/ ^Ze:/ [724(8/ N(B-)5**/ -?)/ 53/ 9?/ +*/ 9+)27*2/

272471B7*7C42B+/ 23(352L/ 6+33+/ 4/ 07)C/ (H/ 536(**4*-L/ 1B7*7C4/ 7-/ <)B+297242J7*/ c@()2+*/ h/

[8?33+*L/M'EZL/2:/^Ze:/P+33+/9?H4)B+)/N()*/7-/6+)+2/N()*67CL/07)/*?)/H4/2*(BB+)/7C/N()*2/2724(8+/

N(B-)5**/+)/6+3/07)+86)+*+2/2724(8+/23(352/27C/N84)/3(33/4/N+3)(B3*4*-/c@()2+*/h/[8?33+*L/M'EZL/2:/

^Ze:/ [37)34*-2C+864*-+*/ H42+)/ 348/ (3/ 6+/ H48/ 53J+H*+/ 6422+/ 07)2BJ+88+*+./ ;+-/ 07)23?)/ C+6/ 6+3/ (3/

N()*+,(-+*/ B(*/ N46)(/ 348/ ?/ 53J+H*+/ 07)2BJ+88+)L/ 348/ ?/ 07)N<--+/ 07)2BJ+88+)/ 4/ 0)+C346+*/ 7-/ 348/ ?/

07)N+6)+/348/2B78+*L/284B/(3/(88+/N()*/B(*/0?/C584-,+3/348/?/7998+H+/6+/2(CC+/-76+*+/7C/?/348+-*+/

2+-/ B5**2B(9./ P7B5C+*3+3/ H42+)/ 348/ ,H7)/ H4B34-/ 6+33+/ +)/ 07)/ (3/ C(*/ 4BB+/ 2B(8/ 7998+H+/ ?/ N84/

C()-4*(842+)3:/a7)+N<--4*-23(*B+*/+)/4/Y7)-+/+3/(B34H3/9784342B/-)+9L/7-/34684-/4**2(32/B(*/N84/

2+33/9?/27C/+*/9784342B/fB5)g/27C/23()3+)/4/01)2B78+(86+)/cK122+L/M'ETe://

/

P+3/ 9?9+B+2/ 4/ [37)34*-2C+864*-+*/ (3/ 23-%3/# 3""'$2'/ +)/ "^55(%("/ 348/ ?/ 07)N+6)+/

536(**4*-22<23+C+32/+H*+/348/?/C13+/,H+)3/+*B+83/N()*2/N+,7H/7-/348)+33+8+--+/7998O)4*-/9?/+*/

-76/C?3+:/P+3/,+H6+2/(3/34684-/4**2(32/C?/07)23?2/N?6+/27C/4**2(32/9?/+3/34684-/346295*B3/4/+3/

N()*2/84H/7-/(H6+BB+/9)7N8+C+)/4/34684-/(86+)/cU5**2B(926+9()3+C+*3+3L/M'']dM''^L/2:/E'e:/=?/

(23)

! %&!

N(B-)5**/(H/(3/N()*+,(-+*/+)/6+3/23+6+3/6+/<*-23+/N()*(/348N)4*-+)/C<+/(H/24*/346/07)23?)/J+-/(3/

6+3/?/07)N+6)+/N()*+,(-+*/27C/536(**4*-24*234352J7*/7-/6+*/8O)4*-+*/27C/N84)/348)+33+8(-3/6+)/

+)/ *16H+*64-/ 07)/ N()*(2/ H46+)+/ -(*-/ 4/ 536(**4*-22<23+C+3:/ a7)2B*4*-/ H42+)/ 7-2?/ 348/ (3/

N()*+,(-+)/C+6/,1</BH(843+3/,()/+*/H()4-/972434H3/+00+B3/9?/N()*2/8O)4*-2+H*+/c@()2+*/h/[8?33+*L/

M'EZL/2L/D^e://@()2+*/7-/[8?33+*/9?9+B+)/(3/6+3/?/2B(9+/-76+/N()*+,(-+)/B(*/N46)(/348/?/)+652+)+/

+3/0)(0(882/9)7N8+C/c@()2+*/h/[8?33+*L/M'EZL/2:/D^e://P+3/2+)/53/348/(3/07)2BJ+88+)/4/8O)4*-253N<33+/

23()3+)/34684-://P+)07)/N84)/6+3/H4B34-/(3/()N+46+3/4/N()*+,(-+*/+)/4/3)?6/C+6/9)4*2499+3/7C/(3/34684-/

4**2(32/23()3+)/4/N()*+,(-+(86+)/7-/07)32+33+)/4/2B78+819+3/cK122+L/M'ETe:/;+-/378B+)/6+33+/643/,+*/

(3/07B52+3/9?/N()*67CC+*/4/[37)34*-2C+864*-+*/+)/0)+C3462)+33+3L/7-/N+8<2+)/6+3/;(C+2L/=)753/

7-/ ;+*B2/ 9?9+B+)/ 7C/ 6+3/ (3/ +3/ N()*/ N84)/ 2+33/ 9?/ 27C/ +3/ 7NJ+B3/ 27C/ 2B(8/ 9?H4)B+2/ 7-/ 07)C+2:/

>7H+607B52+3/4/[37)34*-2C+864*-+*/84--+)/9?/N()*+3/27C/f,5C(*/N+G7C4*-2g//c;(C+2L/=)753/

h/ ;+*B2L/ E&&De:/ [37)34*-2C+864*-+*/ N+8<2+)/ N()*67CC+*/ 27C/ +3/ C466+8/ 07)/ ?/ 53J+H*+/

07)2BJ+88+*+/ 4/ 2(C05**+3:/ @++/ 9?9+B+)/ (3/ 6+3/ ,()/ 2BJ+66/ *7+*/ +*6)4*-+)/ 7C/ 3(*B+*/ 7C/

N()*67CC+*L/C+*/(3/N()*67CC+*/07)32(33/98(*8+--+2/27C/+*/07)N+)+6+82+/07)/0)+C346+*/c@++L/

M''EL//2:/De:/P+**+/3(*B+*/378B+)/J+-/B(*/,(/)133+)/4/N()*+(2<8+*+L/27C/8(/C+23/H+B3/9?/N()*(2/

07)N+)+6+82+/348/2B78+*/cV)+H+L/;(*2+*/h/[78,+4CL/M'ETL/2:/%'e:/

P+3/9?9+B+2/5*6+)/95*B3+3/fBH(843+3/7-/B7C9+3(*2+/4/N()*+,(-+*/H()4+)+)g/(3/6+3/+)/H4B34-/(3/

4**,786+3/4/N()*+,(-+*/+)/(H/,1</BH(843+3/cU5**2B(926+9()3+C+*3+3L/M'']dM''^L/2:/MZe:/>1</

BH(843+3/,+*-+)/2(CC+*/C+6/B7C9+3+*3+/(*2(33+/7-/+3/9+)27*(8+/27C/+)/BH(84042+)3/348/()N+46+3/

4/ N()*+,(-+*:/ >+**5C/ 7-/ l23)+C/ 9?9+B+)/ (3/ )(CC+98(*+*/ 05*-+)+)/ 4BB+/ 27C/ +*/ 8O)+N7B/

N()*+,(-+8O)+)+*/ B(*/ 348+-*+/ 2+-/ B5**2B(9/ 7C/ N()*2/ 53H4B84*-L/ +88+)/ 0?/ B8(),+3/ 4/ ,H(/ 07)/

+B2+C9+8/8+B/N+3<)/4/+3/N()*2/84H/c>+**5C/h/l23)+CL/M'E]L/2:/TZdT]e:/P+/9?9+B+)/7-2?/(3/f6+*/

B5**2B(9+*/27C/3)+*-2/07)/?/7C2+33+/87H+*2/4*3+*2J7*+)/4/9)(B342B/9+6(-7-4BBL/+)/4BB+/4**+N<-6/

4/ C(*6(3+3g/ c>+**5C/ h/ l23)+CL/ M'E]L/ 2:T]e:/ =?/ N(B-)5**/ (H/ 6+33+/ +)/ 6+3/ *16H+*64-/ 07)/

N()*+,(-+*/ C+6/ 9)70+2J7*2531H+)+/ 27C/ 2433+)/ 9?/ 34823)+BB+84-/ B5**2B(9/ c>+**5C/ h/ l23)+C/

M'E]L/2:/T]e:/[37)34*-2C+864*-+*/H42+)/4-J+*/348/\S$P/7-/6+/9+B+)/9?/H?)+/*(N78(*6/27C/,()/

,1<+)+/(*6+8/C+6/9+)27*(8+/C+6/N()*+,(-+8O)+)536(**4*-/+**/4/*7)2B+/N()*+,(-+):/[H+)4-+/

,()/Z'i/7-/P(*C()B/,()/]'i/(*2(33+/C+6/01)2B78+8O)+)536(**4*-L/C+*2/Y7)-+/,()/%%/i:/P+3/

+)/7-2?/E'L&i/27C/()N+46+)/27C/9+6(-7-42B/8+6+)/j/23<)+)/4/N()*+,(-+*/53+*/-76BJ+*3/536(**4*-/

cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:/ MZe:/ S33+)27C/ N()*+,(-+*/ +)/ +*/ 6+8/ (H/

536(**4*-207)819+3L/27C/6+3/N84)/3<6+84--J7)3/4/6+**+/[37)34*-2C+864*-+*L/+)/6+3/5)7H+BB+*6+/

(3/H4/C(*-8+)/(*2(33+/C+6/6+*/)4B34-+/B7C9+3(*2+*:/P+3/N84)/9?9+B3/(3/6+/(*3()/(3/07)2BJ+88+*+/

+)/ 237)+/ 9?/ N(B-)5**/ (H/ 6+**+/ 4*07)C(2J7*+*/ cU5**2B(926+9()3+C+*3+3L/ M'']dM''^L/ 2:/ MZe:/

(24)

! %'!

@<*-2+3,/7-/"1)8(*6/H42+)/348/(BB5)(3/6+33+/4/24*/07)2B*4*-/(3/N()*+,(-+348N56/07)/N()*/5*6+)/

3)+/ ?)/ +)/ H()4+)+*6+L/ 7-/ 6+3/ +)/ +*/ -+*+)+88/ 237)/ 07)2BJ+88/ C+887C/ N()*+,(-+*+/ c@<*-2+3,/ h/

"1)8(*6L/ M'E^L/ 2:/ ETe:/ P+3/ (3/ 34684-/ 4**2(32/ 07)/ 8O)4*-/ ,()/ 237)/ N+3<6*4*-/ 07)/ N()*L/ 7-/ (3/

N()*+,(-+*/ 4BB+/ ,()/ *7B/ B7C9+3(*2+/ 348/ ?/ 3(/ H()+/ 9?/ 6+33+L/ B(*/ ,(/ N+3<6*4*-/ 07)/ ,H7)6(*/

N()*+,(-+*/N84)/27C/+3/01)23+/3)4**/4/+3/536(**4*-207)819:/P+3/+)/84B+H+8/-763/(3/6+3/N84)/N+8<23/4/

[37)34*-2C+864*-+*L/7-/6+3/(3/6+/2<*84--J1)/,H(/27C/C?/()N+46+2/N+6)+/C+6://

"4*/H5)6+)4*-/+33+)/(*(8<2+*/(H/[37)34*-2C+864*-+*/+)/(3/07B52+3/84--+)/9?/536(**4*-/7-/(3/N()*/

2B(8/N84/+*/6+8/(H/6+3/536(**4*-22(C05**+3/H4/+)/4/6(-:/!()*+,(-+*/+)/+3/23+6/,H7)/N()*/5*6+)/

2B78+(86+)/2B(8/348+-*+/2+-/B5**2B(9/7-/HO)+/B8()/07)/6+3/2(C05**+3/27C/C13+)/6+C:/[(C05**+3/

+)/N8433/C+)/C(*-07864-/7-/6+3/9)+-+)/7-2?/,H7)6(*/+*/2B(8/()N+46+/07)/(3/(88+/2B(8/0?/348-(*-/348/

6+*/ 2(CC+/ B5**2B(9+*:/ Q/ 6+**+/ [37)34*-2C+864*-+*/ N84)/ 6+3/ 6+)07)/ 3<6+84-/ (3/ f$,486)+*/

N+G7C4*-g/ +)/ 6+3/ 27C/ N84)/ 0)+C23483/ 27C/ C+23/ 2+*3)(83:/ X36(**4*-/ +)/ H4B34-L/ C+*/ 8+B/ 7-/

N()*67CC+*2/+-+*H+)64/B7CC+)/7-2?/0)+C/27C/H4B34-/07)/N()*2/53H4B84*-/4/N()*+,(-+*:/[B78+*/

7-/N()*+,(-+*/C?/4BB+/N84/07)/84B+L/6+/+)/37/584B+/8O)4*-2()+*(+)/3)(642J7*+83/2+33/7-/6+3/C?/6+/

07)32+33+/ ?/ HO)+/ 9?9+B+)/ U4N2-(()6/ cU4N2-(()6L/ M''DL/ 2:M%e:/ X36(**4*-/ N1)/ 4BB+/ 7H+)-?/ 8+BL/

C+*/4/6+33+/67B5C+*3+3/+)/6+3/B8()3/(3/07B52+3/9?/536(**4*-/7-/N84/+*/6+8/(H/2(C05**+3/+)/23<)B+3://

/

F6H !

=8N##CEDT;C#W<=A!B9K@L8=#8B#A<??<AY6##

!

X3H(8-+3/9+B+)/9?//f(3/6+3/+)/*16H+*64-/?/8+--+/231))+/H+B3/9?/42-$""3"//7-/5)$%303'(,3"//27C/

4/+*/8(*-24B34-/4*3+-)(2J7*223)(3+-4g/cY\X/M'E^.ML/2:/MEe:/;+-/07)23?)/C+6/6+33+/(3/53H(8-+3/H42+)/

348/(3/536(**4*-/+)/+*/H4B34-/6+8/(H/H?)3/2(C05**/7-/N84)/6+)07)/+*/H4B34-/0(B37)/07)/?/N84/+*/6+8/

(H/+3/0+88+22B(9:/Q/+3/2(C05**/C+6/07)2BJ+88+)/7-/84B,+3L/9?9+B+)/@()2+*/7-/[8?33+*/(3/C(*-+/

C+*+)/(3/07)/(3/H4/2B(8/05*-+)+/-763/27C/+3/2(C05**L/H48/6+3/HO)+/*16H+*64-/?/7998+H+/0+88+22B(9/

c@()2+*/h/[8?33+*L/M'EZL/2:/ZMe://a7)/?/N46)(/348/6+33+/B(*/2724(8/4*3+-)(2J7*/HO)+/+*/9)72+22/27C/

B(*/01)+/348/(3/H4/7998+H+)/+3/fH4g:/[724(8/4*3+-)(2J7*/,(*68+)/7C/4/,H48B+*/-)(6/2(C05**+3/9)+-+2/

(H/,H7)6(*/C+**+2B+)L/7)-(*42(2J7*+)L/799-(H+)L/4*234352J7*+)/7-/(*6)+/6+8+)/(H/2(C05**+32/

2724(8+/ 23)5B35)/ ,+*-+)/ 2(CC+*/ c@()2+*/ h/ [8?33+*L/ M'EZL/ 2:/ ZMe:/ X36(**4*-/ N84)/ 7-2?/ 9?9+B3/

27C/ +3/ 2+*3)(83/ H4)B+C466+8/ B*<33+3/ 348/ C7N4843+3/ 4L/5)$%303'(,3"// 348L/04"5']+"'-&523/*(2/ 4/

'$104""(2L/ $,.(3-'%3)(2/ 7-/ 53H4B84*-/ (H/ 348843/ ,72/ 6+*/ +*B+83+/ cY\X/ M'E^.ML/ 2:/ MEe:/

P7B5C+*3+3/ H42+)/ 348/ H?)3/ 536(**4*-22(C05**/ 7-/ 9?9+B+)/ ,H(/ 27C/ N84)/ H4B34-/ 07)/ ?/ 7998+H+/

6+83(B+82+/ 4/ 2(C05**+3:/ P+33+/ ,()/ N+3<6*4*-/ 07)/ N()*+,(-+*/ H+6/ (3/ H4/ B(*/ N46)(/ 348/ +3/

(25)

! %(!

4*B856+)+*6+/0+88+22B(9:/K4684-/4**2(32/(*2++2/?/,(/N+3<6*4*-/07)/2724(8/53J+H*4*-/cK122+L/M'ETe/

7-/6+)07)/H48/B5**2B(9/7C/6+33+/HO)+/H4B34-/4/N()*+,(-+*://

X*6+)/95*B3+3/536(**4*-/7-/BH(84042+)4*-/N84)/6+3/2(33/8<2/9?/(3/01)23+/-+*+)(2J7*2/4**H(*6)+)+/

7-/ *7)2B0163+/ +33+)B7CC+)+/ (H/ 4**H(*6)+)+/ B(*/ 23488+/ C+6/ +3/ 6?)84-+)+/ 53-(*-295*B3:/ P+33+/

07)64/6+/B(*/23?/2H(B+)+/*?)/6+3/B7CC+)/348/*+33H+)B/7-/(*6)+/)+225)2+)/27C/,(*68+)/7C/2724(8/

7-/B5835)+88/B(943(8:/a7)/?/C73H4)B+/6+33+/9?9+B+2/6+3/4/67B5C+*3+3/(3/42-$""3"/''(52+,("/H48/

HO)+/$)/]^,("-(/ cY\X/ M'E^.ML/ 2:/ MEe:/ P+33+/ B(*/ 2+2/ 4/ 8<2/ (H/ 6+3/ Y4GB/ @++/ 9?9+B+)/ 7C/ (3/

N()*67CC+*/N8+/07)23?33/-J+**7C/H7B2*+/c@++L/M''EL/2:/DeL/H+6/(3/N()*/N84)/2(33/799/C73/6+)+2/

07)+86)+2/N(B-)5**:/Q/6+33+/(H2*433+3/N84)/4BB+/N()*+,(-+*/*+H*3L/C+*/2B78+*/N84)/*+H*3/27C/+*/

*1BB+805*B2J7*/ 4/ ?/ 24B)+/ B5**2B(9/ 27C/ B(*/ N46)(/ 348/ ?/]()"(/ 53/ C584-,+3+*+/ 07)/%[,3"// 7-/

'$104""'-(%2$5(%'(/cY\X/M'E^.M/L/2:/MEe:/P+3/N84)/7-2?/9?9+B3/(3/f07)2B*4*-/H42+)/(3/6+3/4/+3/

84H281929+)29+B34H/ +)/ 2(C05**2C+224-/ 81**27C3/ 7-/3")('2(,(/ N+3<6+84-/ 4/42-$""3"// 34684-/ 4/

84H+3g/cY\X/M'E^.ML/2:/MEe:/Q/2(CC+/(H2*433/N84)/6+3/7-2?/07)+28?33/(3/C<*64-,+3+*+/2B(8/53H4B8+/

B5**2B(92N(2+)3+/ 3483(B/ ,H7)/ 6+3/ 2B(8/ HO)+/ 34823+6+/ +*/ C+)/ +00+B34H/ 7H+)-(*-/ 4/ 6+3/ *7)2B+/

2B78+2<23+C+3:/P+3/23?)/(3/6+/2B(8/f2(32+/9?/?/^5(/N()*(2/-(%2$5(%'(/4/42-$""3"//01)/7-/+33+)/

6+*/7N84-(37)42B+/-)5**2B78+*g/cY\X/M'E^.ML/2:/MEe:/X3H(8-+3/2B)4H+)/f0^,/6+*/7N84-(37)42B+/

-)5**2B78+*g:/;+-/378B+)/6+3/27C/N()*+,(-+*:/!()*+,(-+*/N84)/6+)07)/N+8<23L/C+*/4BB+/64)+B3+:/

;+-/378B+)/(3/!75)64+5/2433/N+-)+9/,(N4352/B(*/,(/+*/2(CC+*,+*-/C+6/6+3/27C/N+8<2+2/4/6+33+/

95*B3+3L/6(/6+3/,(*68+)/7C/,H(/+3/4*64H46/,()/C+6/2+-/4/fN(-(2J+*g/c@()2+*/h/[8?33+*L/M'EZL/2L/

^&e:/ !()*+,(-+*/ +)/ 34684-/ 23(64+3/ 4/ +3/ N()*2/ 84HL/ 7-/ 6+*/ N(-(2J+*/ +3/ N()*/ 3()/ C+6/ 2+-/ 0)(/

N()*+,(-+*/B(*/,(/N+3<6*4*-/07)/+3/N()*/H46+)+/4/2B78+-(*-+*://

!()*+,(-+*/ ,()/ +3/ +-+3/ 5*6+)95*B3L/ 7-/ 4/ 6+33+/ 95*B3+3/ H42+)/ 67B5C+*3+3/ 348/ (3/ N()*/ C+6/

4**H(*6)+)N(B-)5**/,()/1B3/N()*+,(-+6+83(B+82+*/)+8(34H3/C<+/6+/2423+/?)+*+/7-/6+33+/H42+)/6+/

-J+**7C/+*/3(N+88/27C/H42+)/1B*4*-+*/0)(/M''^/348/M'EZ:/cY\X/M'E^.ML/2:/]Te:/P+33+/378B+)/J+-/

643/,+*/(3/H42+)/348/+*/972434H/1B*4*-/07)/?/53J+H*+/07)2BJ+88+*+/4/536(**4*-22<23+C+3L/6(/08+)+/

N()*/23()3+)/4/N()*+,(-+*:/Y\X/67B5C+*3+3/H42+)/7-2?/348/(3/6+3/+)/07)2BJ+88+)/4/N(B-)5**+)/,72/

4**H(*6)+)+L/ 7-/ 6+33+/ B(*/ HO)+/ 07)2BJ+88+)/ 4/ 536(**4*-/ cY\X/ M'E^.ML/ 2:/ MZe:/

fN2-$""3"/''&'2(1(2/ +)/ C<*64-,+3+*2/)3523/'2(/ H4)B+C466+8/ 07)/ ?/ 9?H4)B+/ N+078B*4*-+*2/

5+1\(2$"'(L/7-/6+)C+6/+3/H4)B+C466+8/27C/B(*/N46)(/348/?/799)+33,786+/348843/7-/2<22+82+334*-/

7-/0)+CC+/2724(8/42]()"3"//4/+*/2435(2J7*/C+6/07)32(33/,1</4**H(*6)4*-g/cY\X/M'E^.ML/[:/]'e://

X36(**4*-22<23+C+3/ +)/ *+H*3/ / 27C/ +3/ (H/ 6+/ H4B34-23+/ H4)B+C468+*+/ 07)/ N8(*3/ (**+3/ 2724(8/

53J+H*4*-/4/2(C05**+3:/P+3/N+8<2+)/,H7)/23+)B3/536(**4*-/7-/B7C9+3(*2+/23?)/4/6(-+*2/2(C05**://

X3H(8-+3/,+H6+)/7-2?/(3/6+3/+)/(H/08+)+/?)2(B+)/81**27C3/?/4*H+23+)+/C<+/4/7998O)4*-/34684-/4/

Referanser

RELATERTE DOKUMENTER

Det er interessant å se at observasjonsformer som video og sosiogram i så liten grad blir vurdert som profesjonsrelevante (jf. figur 1), når praksislærerne sier de har samspill

Under utarbeidelse av oppgaven har studenten fått. veiledning

Under utarbeidelse av oppgaven har studenten fått. veiledning

Under koronapandemien har de pedagogiske lederne opplevd større engasjement og fått flere spørsmål fra foreldrene når det kommer til arbeidet i barnehagen.. I intervjuet

Når det kommer til mer konkret hvorfor informantene velger som de gjør kommer det her frem at informant 2 benytter formell veiledning fordi det kommer fra styrer, da ofte rundt det

Under utarbeidelse av oppgaven har studenten fått. veiledning

Under utarbeidelse av oppgaven har studenten fått. veiledning

Under utarbeidelse av oppgaven har studenten fått.. veiledning