• No results found

Student organizations as knowledge incubators : The two utilities of student organizations

N/A
N/A
Protected

Academic year: 2022

Share "Student organizations as knowledge incubators : The two utilities of student organizations"

Copied!
97
0
0

Laster.... (Se fulltekst nå)

Fulltekst

(1)

TIK

Centre for technology,

innovation and culture P.O. BOX 1108 Blindern N-0317 OSLO

Norway http://www.t ik.uio.no

!

!

ESST

"#$!%&'()$*+!,+-$'./+01$'20-3! 422(50*-0(+!(+!6(50$-37!650$+5$!*+8!

"$5#+(9(:3!

#--);<<===>$22->&0(>+(!

The ESST MA

STUDENT ORGANIZATIONS AS KNOWLEDGE INCUBATORS The two utilities of student organizations

Thomas Evensen University of Oslo

Research- & technology policy 2009

?('8!5(&+-!

"#$%&!

(2)

!

(3)

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

#$%&'($!)*+,(-.,$-)(/!0,1'!$2)!%$-3-$-'/4!)('!/)5-,3!,(&!)('!'&%5,$-)(,36!7%$!)(38!

$0'!9-*/$!)9!$0'/'!%$-3-$-'/!/''!(,$-)(,3!,(&!5)::)(!9)5%/;!<0-/!$0'/-/!2-33!=*'/'($!

$0'!/'5)(&6!'&%5,$-)(,36!%$-3-$8!,(&!2-33!9-(&!,!*)3'!9)*!$0-/!%$-3-$8!$0,$!7'$$'*!/%-$!

-$/!=)$'($-,3;!"$!2-33!&)!$0-/!78!&-/5%//-(+!$0'!5%**'($!%/,+'!)9!/$%&'($!

)*+,(-.,$-)(/!78!$0'!/$,$'!,(&!%(-1'*/-$-'/6!,(&!/0)2!0)2!/$%&'($!)*+,(-.,$-)(/!

5,(!7'!5):=,*'&!$)!/:,33>!,(&!:'&-%:!/-.'&!'($'*=*-/'/;!<0'!'&%5,$-)(,3!

=)$'($-,3!-(!/$%&'($!)*+,(-.,$-)(/!2-33!7'!,(,38.'&!)(!$0'!7,5?+*)%(&!)9!$0-/!

5):=,*-/)(6!,(&!$0-/!2-33!7'!=%$!-($)!$0'!9*,:'/!)9!$0'!$0')*8!)9!$0'!$*-=3'!0'3-@!

,(&!-$/!()$-)(!)9!%(-1'*/-$-'/!$0-*&!:-//-)(;!!<0-/!'(&/!%=!-(!,(!,*+%:'($!$0,$!$0'!

7'/$!*)3'!)9!$0'!/'5)(&!%$-3-$8!-/!$0,$!)9!,!?()23'&+'!-(5%7,$)*6!=3,5'&!-(!$0'!

7)%(&,*8!)9!,5,&':-,!,(&!-(&%/$*8;!!<0'!$0'/-/!'(&/!2-$0!,!7,$50!)9!/%++'/$-)(/!

)9!=)//-73'!-(-$-,$-1'/!78!$0'!/$,$'6!%(-1'*/-$-'/!,(&!/$%&'($!)*+,(-.,$-)(/;!

!

!"#$%&'()!$*-=3'!0'3-@6!$0-*&!:-//-)(6!-(5%7,$)*6!?()23'&+'!-(5%7,$)*6!/$%&'($!

)*+,(-.,$-)(/6!'@$*,>5%**-5%3,*!,5$-1-$-'/6!$2)!%$-3-$-'/6!?()23'&+'6!/-31'*!7%33'$!

!

!

!

!

!

!

!

!

(4)

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

(5)

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

#$%!&'($)*!+)',-!,./%!()!0.1%!$.2!($&3/2!()!($)2%!0.1.30!4&*(2!)5!($%.*!(.6%!()!

4&*(.7.4&(%!.3!.3(%*1.%+28!&3-!()!($)2%!2$&*.30!5.0'*%2!5*)6!($%.*!)*0&3.9&(.)3:!"3!

&--.(.)38!($&3/2!0)!)'(!()!6;!(+)!2'4%*1.2)*28!<%*,%!&3-!=.*.8!5)*!($%.*!0'.-&37%!

&3-!6;!6)($%*!5)*!$%*!7)**%7(.)32:!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

(6)

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

(7)

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

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

0%&'',123%&4,!)*+,-! ! ! ! ! ! ! ! ! ./!

54&6-,!7,-&8!)*+,-! ! ! ! ! ! ! ! ! ./!

9:,4:&,;!*3!4*-,'!;&$<&=!'$>+,=$!*4?%=&1%$&*='! ! ! ! ! @@!

A,'>-$!*3!+%$%!?%$<,4&=?! ! ! ! ! ! ! ! BC!

9:,4:&,;!*3!$<,!4%=?,!*3!')%--!%=+!),+&>)2'&1,+!,=$,464&','! ! ! DE!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

(8)

!

!

!

!

(9)

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

-./&%0!1!)&#)/2$(34!5%36/7&%8+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 9!

:.&*)/!&5!$./&%0 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 9! -%*24/!;/4*<++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ =>!

"#$%&!'$(($)* +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ,-! :&#)/2$(34!5%36/7&%8++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ =?!

"#.!/0)!1/$2$/$.( ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ,3! 4/1&.*/!56/$7$/$.( ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ,8! 4/1&.*/!)%95*$:5/$)*(+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ;<!

=#)!5%.!$*621&.&>++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ;<!

?)2.(!0$/#$*!(/1&.*/!)%95*$:5/$)*(++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ;,!

@(663%0 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ AA! B/$.&'++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++AC!

:.&*)/!&5!6/$.&'D+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ AC!

"#$/%E*/7D++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ A>!

@#)$6.!)A!$*A)%'5*/( +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ;B!

@#)$6.!)A!C1.(/$)*(++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ;3! D*52E($(+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ;8!

=.5F*.((.(!5*&!G)(($H2.!/#%.5/(++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ I<! J*A)%'.&!6)*(.*/ +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ I;! F$./%!D&(%)/D!&5!'3$3+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ,A!

@(663%0 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ,>! G/D(4$D ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++,?!

H(6/%*)34!1!D$%()$(%34!2%/D/#$3$*&#!&5!D$('/#$!&%I3#*J3$*&#D++++++++++++++++++++++++++++++ ,?! 4$:.!5(!5!('522!5*&!'.&$1'K($:.&!.*/.%G%$(. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ L,! M/#.%!A$91%.(+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ LI!

"#.!7.%E!6%1&.!059.!/#)19#/K.NG.%$'.*/++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ LL! O75%/.%./ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ L-! P)5%&++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ LB! Q.G5%/'.*/(!5*&!0)%F$*9!9%)1G( ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ L3! M%95*$:.%(++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ L3!

@)'G5%$()*+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ L8!

(10)

!"#$%&#'#()$&*+#$*,$')-.#()$*&/0(120)1*(' 333333333333333333333333333333333333333333333333333333333333333333333 45!

"#$#%&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& '(! )*+,%-.+#+%. &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& '/! 0*#%-,+%1.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& '2! 6-770&8 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 49! :(0+8'1' 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333;5$

<*''1=+#$>(*?+#./#$0(.$#@%#&1#(A#333333333333333333333333333333333333333333333333333333333333333333333333333333333 ;5! 345678%%.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& 9:!

;+<<6%!4$*$=%-. &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& 9/!

>%$<%-.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& 9/!

!"#$'#A*(.$-)1+1)8$0'$%0&)$*,$)"#$)&1%+#$"#+1@ 333333333333333333333333333333333333333333333333333333333333333333 ;B! 0*?@A$#7-&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& 9B! 6-770&8 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 ;9!

<*''1=+#$1(1)10)1C#' 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333D5$

6)0)# 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 DE! C%?744%*<$#+7*. &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& B:! F(1C#&'1)833333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 DG! C%?744%*<$#+7*. &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& B9! 6)-.#()$*&/0(120)1*('333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 DD! C%?744%*<$#+7*. &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&& BD! 6-770&8 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 D9! H*(A+-'1*( 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333395$

!*%1A'$,*&$,-&)"#&$&#'#0&A" 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333339I$

J1=+1*/&0%"8 3333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333339B$

:%%#(.1@33333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333339K$

:L$M()#&C1#?$N-#')1*('33333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 9K!

!

!

!

!

!

(11)

"#$%!&'()%*+(,-!.(//!012%!-3&!+,&4-5!.%5!,$%!+,&4%',!+36(%,-5!.(//!012%!-3&!(',3!

+,&4%',+7!8%!.$3!(+!0%*%/-!,$%!9(*+,!.(,$3&,!,$%!+%63'45!$%!.(//!'3,!:%!1!01'5!'3!

.$3/%!;%*+3'5!<!$%!61'!1,!:%+,!:%630%!1!;*39%++3*=>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!"#$%&'"()"*+,-./$'012"3,."4-'53"/.&$.'"04"3,."536$.73"50+-.38"-7"9'07$,.-:!

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

?(,$!%)%*-!&'()%*+(,-!630%!+,&4%',+5!1'4!.(,$!+,&4%',+!630%!+36(%,(%+5!3*@1'(A1,(3'+5!

6/&:+!1'4!%B,*1<6&**(6&/1*!16,()(,(%+7!!#$%+%!3*@1'(A1,(3'+!;*3)(4%!1!0-*(14!39!;1+,(0%+!

.(,$!3*!.(,$3&,!+6$3/1*/-!*%9%*%'6%!1'4!,$%-!1*%!1'!(0;3*,1',!+3&*6%!39!2'3./%4@%!'3,!

,*14(,(3'1//-!1,,1('%4!,$*3&@$!6&**(6&/&07!!?$(/%!,$%!&'()%*+(,(%+!;*3)(4%!,$%!1614%0(6!

1*%'1!.$%*%!,%16$('@!1'4!*%+%1*6$!*%+(4%5!,$%+%!+,&4%',<3*@1'(A%4!16,()(,(%+!4%/()%*!

:3,$!+36(1/!1'4!%4&61,(3'1/!&,(/(,(%+!3&,+(4%!39!93*01/!1614%0(6!:1**(%*+7!#$%+%!,.3!

&,(/(,(%+5!$3.%)%*5!1*%!&':1/1'6%4!('!,%*0+!39!*%63@'(,(3'!1'4!936&+5!1'4!,$(+!,$%+(+!.(//!

;3+%!,$%!93//3.('@!01('!C&%+,(3'D!;<,&3"+06/$"=."3,."'0/."04"536$.73"0'%&7->&3-075"-7"

4636'."67-?.'5-3-.5@A7!?$(/%!,$%!9(*+,5!+36(1/5!&,(/(,-!1/*%14-!$1)%!1!9(*0!*3/%5!E!.(//!

,$*3&@$3&,!,$%!,$%+(+!.3*2!0-!.1-!,3.1*4+!1!;3,%',(1/!*3/%!93*!,$%!+%63'45!%4&61,(3'1/5!

&,(/(,-7!E!.(//!4%)%/3;!0-!1*@&0%',+!:-!;&,,('@!,$%!+%63'4!&,(/(,-!(',3!,$%!1*%'1!39!

(''3)1,(3'!,$%3*-!1+!;1*,!39!,$%!2'3./%4@%!,*1'+9%*!:%,.%%'!&'()%*+(,-5!('4&+,*-!1'4!

+36(%,-7!E!.(//!(')%+,(@1,%!,$(+!C&%+,(3'!:-!;3+('@!1!'&0:%*!39!+&:!C&%+,(3'+7!!

E!.(//!+,1*,!:-!4(+6&++('@!,$%!C&%+,(3'!;<,&3"-5"&"536$.73"0'%&7->&3-07"&7$"B,&3"

$0.5"-3"$0F=5!.$%*%!E!.(//!1*@&%!,$1,!,$%!:(@@%*!+,&4%',!3*@1'(A1,(3'+!+$1*%!:3,$!,$%!

'&0%*(61/!1'4!+,*&6,&*1/!+(0(/1*(,(%+!.(,$!,*14(,(3'1/!:&+('%++%+7!#$(+!+(0(/1*(,-!(+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

>!G-!,*1'+/1,(3'7!#$%!3*(@('1/!,%B,!('!H3*.%@(1'!(+!1+!93//3.D!"8I(+23/%'!)(/!@JI*%!4%*%!,(/!

+,&4%*%'4%5!)(5!K109&'4%,5!)(/!@JI*%!4%*%!,(/!+,&4%',%*7!L%'!+30!:/3,,!%*!4%,!9I*+,%!&,%'!M!)N*%!

4%,!1''%,5!$1'!:/(*!('@%'!01''5!(',%,!$%/,!0%''%+2%5!O!$1'!21'!(!$I(4%'!4*()%!4%,!,(/!;*39%++3*7=!

(12)

"#$%&'()'*!(+!"'!,"--!$&%."/0!()!1)/0&+'()/")2!%3!'40!$%'0)'"(-!5)%,-0/20!'4('!-"0+!

,"'4")!'40!+06%)/!1'"-"'78!

906%)/-7*!:!,"--!(+5;!!"#$%&'(%)*(%)$#%+),-,),(.%#/%.)+0(1)%#'2&1,3&),#1.%4'(.(1)-5%

'(2&'0(0678!<0&0!:!,"--!2".0!()!")+"24'!")'%!$&0+0)'!1+0!%3!+'1/0)'!%&2()"=('"%)+!>%'4!>7!

'40!+'('0!()/!1)".0&+"'"0+!'40#+0-.0+!")!()!(''0#$'!'%!+4%,!'40!61&&0)'!$&"%&"'"=")2!%3!

'40!3"&+'!1'"-"'7!%.0&!'40!+06%)/!1'"-"'78!

!?4"&/-7*!:!,"--!$%+0!'40!@10+'"%)!!8*&)%,.%)*(%4-&9(%#/%.)+0(1)%#'2&1,3&),#1.%

$,)*,1%9+''(1)%/'&:($#';.%#/%,11#<&),#1%)*(#'567=!<0&0!:!,"--!/"+61++!'40!$%'0)'"(-!

5)%,-0/20!2(")!()/!61&&0)'!1+(20!%3!+'1/0)'!%&2()"=('"%)+!'&%124!'40!-0)+!%3!'40!'&"$-0!

40-"A!'40%&7!'%!3")/!(!$%++">-0!&%-0!3%&!+'1/0)'!%&2()"=('"%)+!")!31'1&0!1)".0&+"'"0+8!

?4"+!'40+"+!'40)!(&210+!'4('!(!$%++">-0!&%-0!%3!+'1/0)'!%&2()"=('"%)+*!(+!()!(&0)(!

$&%."/")2!)%)B'&(/"'"%)(-!(6(/0#"6!5)%,-0/20*!6%1-/!>0!(+!(!5)%,-0/20!")61>('%&!

,"'4")!'40!'4"&/!#"++"%)!%3!'40!'&"$-0!40-"A8!

!

C+!:!,"--!/"+61++!")!'40!)0A'!64($'0&*!'40!'&"$-0!40-"A!'40%&7!"+!64%+0)!$(&'-7!

>06(1+0!%3!"'+!%.0&-(7!>0',00)!'40!")/1+'&7!()/!(6(/0#"(!()/!4%,!'4('!6%)D1&0+!)0,!

()/!1)'&(/"'"%)(-!(&0)(+!%3!5)%,-0/20*!$(&'-7!>06(1+0!%3!'40!$%++">"-"'"0+!%3!$-(6")2!'40!

)"640!%3!+'1/0)'!%&2()"=('"%)+!,"'4")!"'+!'4"&/!#"++"%)!E'40!1)".0&+"'"0+!&%-0!(+!

0)'&0$&0)01&+!()/!6%)'&">1'%&+!'%!+%6"(-!()/!06%)%#"6!/0.0-%$#0)'F!()/!$(&'-7!

>06(1+0!'40!61&&0)'!&%-0!%3!+'1/0)'+!E'40!-(&20+'!#(++!%3!'40!1)".0&+"'"0+F!,"'4")!'40!

'&"$-0!40-"A*!%&!()7!%'40&!'40%&7!%3!"))%.('"%)*!(&0!.(210!()/!1)+$06"3"0/!>03%&0!'407!

(6'1(--7!&0+0(&64!%&!").0)'8!?40!'&"$-0!40-"A*!'41+*!$&%."/0!(!2%%/!31'1&"+'"6!3&(#0,%&5!

3%&!4%,!'40!1)".0&+"'"0+!,"--!/0.0-%$!%.0&!'40!)0A'!/06(/0!()/!,"--!'40&03%&0!,%&5!(+!(!

21"/0!'%,(&/+!$-(6")2!+'1/0)'+!%&2()"=('"%)+!")!31'1&0!1)".0&+"'78!!

!

(13)

"#!$%!&'#!(!%)*+)#!#,(#!%#-.)&#%!$&/'0/).!$&!#,)%)!'+1(&$2(#$'&%!(&.!3(+#$*-0(+04!%#-.)&#%!

,'0.$&1!0)(.)+%,$3!3'%$#$'&%!$&!#,)!5$11)+!'+1(&$2(#$'&%!(##($&!6&'70).1)!(&.!

)83)+$)&*)!&'#!&'+9(004!(##($&).!.-+$&1!0)*#-+)%!'+!*-++$*-0-9:!;930'4))%!/(0-)!#,$%!

<'+9!'<!)&1(1)9)&#=!(&.!#,)!-&$/)+%$#$)%!.'=!#'!/(+$(50)!)8#)&#=!(*6&'70).1)!(&.!

)&*'-+(1)!$#:!!>,)+)!$%=!,'7)/)+=!(!0(*6!'<!6&'70).1)!'&!)83)+$)&*)!(##($&).=!#,)!(*#-(0!

0)/)0!'<!+)%3'&%$5$0$#$)%!1$/)&!#'!0)(.)+%=!(&.!#,)!+)(0!9(1&$#-.)!'<!#,)%)!9).$-9?%$2).!

<$+9%:!>,)+)!$%!(0%'!&'!-&$<$).!3'0$*4!'&!7,(#!+'0)!#,)%)!'+1(&$2(#$'&%!,(/)!7$#,$&!#,)!

-&$/)+%$#4:!!

>,)!'0.)%#!-&$/)+%$#4!$&!@'+7(4=!#,)!-&$/)+%$#4!'<!A%0'=!1'#!$#%!9($&!%#-.)&#!

%'*$)#4!$&!BCBDE!F-%#!#7'!4)(+%!(<#)+!$#%!<'-&.(#$'&:!>,)!0(&.9(+6!%#-.)&#!%'*$)#4!'<!

>+'&.,)$9!<'00'7).!$#%!(*(.)9$*!$&%#$#-#$'&!$&!BGBH!7$#,!#7'!7))6%=!(&.!#,)!IJ#-.)&#!

J'*$)#4!'<!K)+1)&L!7(%!)%#(50$%,).!)/)&!5)<'+)!#,)!-&$/)+%$#4!7(%!<'-&.).:!M%!

9)&#$'&).=!%#-.)&#!'+1(&$2(#$'&%!,(/)!(07(4%!<'00'7).!$&!#,)!3(#,!'<!$&%#$#-#$'&%!'<!

,$1,)+!).-*(#$'&E!5-#!7,(#!$%!#,)$+!+'0)!N!(&.!.')%!#,)!+'0)!*,(&1)!7$#,!*,(&1)%!$&!#,)!

-&$/)+%$#$)%O!

>,)!+'0)!'<!#,)!-&$/)+%$#4!(&.!#,)!(+)&(%!'<!6&'70).1)!$%!*,(&1$&1!<+'9!3-+)!

(*(.)9$*!,'#,'-%)%!#'!(!*0'%)+!(&.!9'+)!%)(90)%%!*'&&)*#$'&!#'!#,)!3+$/(#)!%)*#'+:!

PQR!'<!@'+7)1$(&!%#-.)&#%!*'&#$&-)!#,)$+!).-*(#$'&!(<#)+!,$1,!%*,''0:!S(&4!'<!#,)9!

1)#!#,)$+!).-*(#$'&!(#!#,)!-&$/)+%$#$)%=!5-#!<)7!)&.!-3!7$#,!(!*(+))+!7$#,$&!(*(.)9$(!

TU(,0-9=!VHHCW:!X$#,!(&!$&*+)(%$&1!1(3!$&!%#-.)&#%Y!9'#$/)!<'+!,$1,)+!).-*(#$'&!(&.!

#,)!*-++$*-0-9!*'&#)&#!TZ',(&%)&=!VHHCW=!(!.$%*-%%$'&!%,'-0.!5)!$&$#$(#).!(&.!%)(+*,)%!

%,'-0.!9)!9(.)!#'!7,)+)!6&'70).1)!#,(#!'<#)&!1$/)!9'+)!3+(*#$*(0!(&.!7'+6!+)0(#).!

)83)+$)&*)!+)%$.):!!"&!(!3'00!54!J3)6#)+!$&!VHHC=!QH=[R!'<!0)(.)+%!$&!3+$/(#)!%)*#'+!

*0($9).!#,(#!&)704!).-*(#).!F'5!%))6)+%!7)+)!&'#!7)00!3+)3(+).!<'+!#,)!.)9(&.%!3'%).!

$&!7'+6!0$<):!DC=C!R!'<!#,)!%(9)!0)(.)+%!(0%'!.$%(1+))!#,(#!3-50$*!,$1,)+!).-*(#$'&!$%!

(14)

"#$#%&'!()!)#"*+,!"-#+,'.!*+!/-'!$0*1#/'!.'"/(0.2!+''3!)(0!+'4!"(5$'/'+"'!67$'8/'09!

:;;<=>!!?-'.'!+@5%'0.!#0'!+(/!*+!#+A!4#A!+'4!#+3!.-("8*+,9!#+3!/-'!@+*1'0.*/*'.!-#1'!

)(0!A'#0.!"0'#/'3!+'4!"(@0.'.!#+3!$0(,0#5.!*+!#//'5$/.!/(!%0*3,'!/-*.!,#$>!B@/!C!*.!*/!

#&4#A.!+'"'..#0A!/(!*+1'+/!+'4!"(@0.'.!#+3!"0'#/'!+'4!#+3!"(./&A!0'&#/*(+.-*$.!

'D/'0+#&!/(!/-'!@+*1'0.*/*'.9!(0!"(@&3!#!%'//'0!@/*&*E#/*(+!()!./@3'+/!(0,#+*E#/*(+.!-'&$!

'+0*"-!/-'!'3@"#/*(+!$0(1*3'3!%A!@+*1'0.*/*'.>!!

7/@3'+/!(0,#+*E#/*(+.!#+3!/-'*0!'D/0#F"@00*"@&#0!#"/*1*/*'.!-#1'!#!A'#0&A!

'"(+(5*"!/@0+(1'0!0'#"-*+,!.'1'0#&!/'+.!()!5*&&*(+>!?-'.'!(0,#+*E#/*(+.!5#A!%'!&*8'+'3!

/(!.5#&&F!#+3!5'3*@5F.*E'3!'+/'0$0*.'.9!#+3!/-'*0!4(08!)(0"'!()!.'1'0#&!/-(@.#+3!

1(&@+/''0.!0@+!?G!#+3!0#3*(!./#/*(+.9!+'4.$#$'0.!#+3!"@&/@0#&!-(@.'.!#+3!.5#&&'0!

#"/*1*/A!(0,#+*E#/*(+.!4-*"-!#00#+,'!/-(@.#+3.!()!#"/*1*/*'.!'#"-!A'#0>!?-'.'!

(0,#+*E#/*(+.!#0'!#&0'#3A!*+!/-'!@+*1'0.*/*'.!%#"8A#03!#+3!/-'A!#0'!$&#"'.!4-'0'!

./@3'+/.!,'/!'D$'0*'+"'!#+3!8+(4&'3,'!/-#/!*.!%(/-!0'&'1#+/!#+3!@.')@&!/(!/-'!$0*1#/'!

#+3!$@%&*"!.'"/(0.>!!?-'!$(/'+/*#&!)(0!8+(4&'3,'!4*/-*+!/-'.'!(0,#+*E#/*(+.!*.!-*,-!#+3!

/-'A!()/'+!%0*+,!#!$0#"/*"#&!'D$'0*'+"'!+(/!@.@#&&A!#//#*+'3!%')(0'!.'1'0#&!A'#0.!()!

4(08>!?-*.!%',.!/-'!H@'./*(+I!J0'!./@3'+/!(0,#+*E#/*(+.!*+"&@3'3!*+!/-'!@+*1'0.*/*'.2!

-@+/!)(0!8+(4&'3,'K!L(4!3(!/-'A!0',#039!@.'!#+3!$0(5(/'!/-'!%')(0'!5'+/*(+'3!

.'"(+3!@/*&*/A!()!/-*.!#0'+#K!M(@&3!)@/@0'!@+*1'0.*/*'.!%'!./0'+,/-'+'3!%A!#!3*))'0'+/!

5'+/#&*/A!/(4#03.!/-'!1#&@'!()!./@3'+/!(0,#+*E#/*(+.K!N-#/!0(&'!"(@&3!./@3'+/!

(0,#+*E#/*(+.!$&#A!*+!/-'!)@/@0'!3'1'&($5'+/!()!/-'!@+*1'0.*/AK!

!

?-*.!/-'.*.!3('.!+(/!-#1'!#+A!,(#&!()!#""@0#/'&A!3'."0*%*+,!#+3O(0!#+#&A.*+,!/-'!/A$'.!

()!8+(4&'3,'!#+3!0'.$(+.*%*&*/*'.!(%/#*+'3!%A!/-(.'!*+1(&1'3!*+!./@3'+/!(0,#+*E#/*(+.9!

%@/!#*5!/(!.-'3!&*,-/!(1'0!#+!@+'D$&(0'3!#0'+#!#+3!/(!#"/!#.!#!$(..*%&'!,#/'4#A!*+/(!

)@0/-'0!./@3*'.>!P/!*.!#&.(!%#.'3!(+!./@3'+/!(0,#+*E#/*(+.!*+!Q(04#A9!%@/!/-'!$(..*%&'!

(15)

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

#./(&'0($'#&+!(&-4#.!+$,-%&$5.,&!1#6"(&'%+!7'$3'&!#$3%.!,&'8%.+'$'%+9!:#+$!

,&'8%.+'$'%+!$3.#,/3#,$!$3%!7#.)-!'&1),-%!(!&,62%.!#*!+$,-%&$!#./(&'0($'#&+!#*!8(.'#,+!

1#&*'/,.($'#&+;!(&-!+#6%!#*!$3%+%!().%(-<!'&1#."#.($%!+$,-%&$5.,&!1#6"(&'%+!(&-!

#./(&'0($'#&+!'&$#!$3%'.!'&&#8($'#&!"#)'1<!7'$3!/.%($!+,11%++!=>%'5?%%!@!A3%&5A3%&;!

BCCDE9!F)$3#,/3!-($(!'+!/($3%.%-!(&-!".#1%++%-!$3.#,/3!(!G#.7%/'(&!+%$$'&/;!$3%!

*'&-'&/+!#*!$3'+!$3%+'+!1#,)-!2%!.%)%8(&$!$#!3#7!,&'8%.+'$'%+!()+#!#,$+'-%!#*!G#.7(<!

("".#(13!$3'+!(.%&(9!

!

H3'+!'&$.#-,1$'#&!3(+!".#8'-%-!(!2(1I-.#"!#&!$3%!$3%6%!#*!$3'+!$3%+'+!(&-!3(+!-%*'&%-!

$3%!6('&!.%+%(.13!J,%+$'#&!(&-!'$+!+,""#.$'&/!J,%+$'#&+9!!

A3("$%.!$7#!7'))!".%+%&$!$3%!-'**%.%&$!$3%#.'%+!7'$3'&!$3%!*'%)-!#*!'&&#8($'#&!

+$,-'%+;!(&-!7'))!%K")('&!$3%!,+%!#*!$.'")%!3%)'K!$3%#.<9!L$!7'))!()+#!'&$.#-,1%!(&-!%K")('&!

$3%!$%.6!M$3%!$7#!,$')'$'%+N!(&-!#$3%.!$%.6+!+,..#,&-'&/!+$,-%&$!#./(&'0($'#&+!,+%-!

$3.#,/3#,$!$3'+!$3%+'+9!!

A3("$%.!$3.%%!7'))!-'+1,++!$3%!13#'1%!#*!6%$3#-!*#.!$3%!'&$%.8'%7+!$3($!*#.6!$3%!

6('&!+#,.1%!#*!,&'J,%!%6"'.'1()!-($(!'&!$3'+!$3%+'+9!L&!(--'$'#&;!'&*#.6($'#&!3(+!2%%&!

/($3%.%-!#&!$3%!&,6%.'1()!(&-!+$.,1$,.()!+$($,+!#*!-'**%.%&$!+$,-%&$!#./(&'0($'#&+!(&-!

$3%!".%+%&$!,+(/%!#*!+$,-%&$!#./(&'0($'#&+!2#$3!2<!$3%!+$($%!(&-!$3%!,&'8%.+'$<9!H3'+!

13("$%.!7'))!".%+%&$!$3%!+#,.1%+!(&-!.%(+#&+!2%3'&-!$3'+!-($(9!

A3("$%.!*#,.!7'))!".%+%&$!$3%!.%+,)$+!*.#6!$3%!1#))%1$%-!-($(9!L&!#.-%.!$#!".#8'-%!

(!*#,&-($'#&!*#.!$3%!.%)%8(&1%!#*!$3%!+%1#&-!,$')'$<;!L!7'))!1#6"(.%!+$,-%&$!#./(&'0($'#&+!

$#!$.(-'$'#&()!2,+'&%++%+9!!H3%!'&&%.!7#.I'&/+!(&-!+1()%!#*!$3%!2'//%.!+$,-%&$!

#./(&'0($'#&+!7'))!2%!".%+%&$%-!2#$3!&,6%.'1()!(&-!-%+1.'"$'8%9!H3'+!13("$%.!7'))!()+#!

(16)

"#$%!&$'()*"!+$,-"!$.!&#/!+01"&!-&020&)!3)!41/"/.&0.5!&#/!,-11/.&!(&&0&-'/!$+!&#/!

-.06/1"0&0/"!(.'!&#/!5$6/1.7/.&!&$%(1'"!&#/!"/,$.'!-&020&)!$+!"&-'/.&!$15(.08(&0$."9!!

:#(4&/1!+06/!%022!(.(2)"/!&#/!1/"-2&"!41/"/.&/'!0.!&#/!41/60$-"!,#(4&/1!(.'!2$$;!

(&!4$""032/!;0.'"!$+!;.$%2/'5/!5(0./'!3)!&#$"/!0.6$26/'!0.!&#/!"/,$.'!-&020&)!$+!"&-'/.&!

$15(.08(&0$."9!<!%022!(2"$!'0",-""!&#/!4$&/.&0(2!1/2/6(.,/!(.'!0.,2-"0$.!$+!"&-'/.&!

$15(.08(&0$.!0.!&#/!=&#01'!70""0$.>!$+!&#/!&1042/!#/20?!&#/$1)9!@#0"!(.'!/(120/1!,#(4&/1"!

%022!+$17!3("0"!+$1!&#/!(15-7/.&!&#(&!&#/!3/"&!-"/!$+!&#/!"/,$.'!-&020&)!0"!&#1$-5#!

(,,/4&(.,/!(.'!-"/!$+!"&-'/.&!$15(.08(&0$."!("!;.$%2/'5/!0.,-3(&$1"9!!

:#(4&/1!"0?!%022!$.!&#/!3("0"!$+!&#/!41/60$-"!,#(4&/1"!2$$;!(&!4$""032/!%()"!+$1!

&#/!'0++/1/.&!(,&$1"!A"&(&/B!-.06/1"0&0/"B!"&-'/.&!$15(.08(&0$."C!&$!41$60'/!3/&&/1!

+1(7/%$1;!(.'!/.601$.7/.&!+$1!/.#(.,0.5!&#/!"/,$.'!-&020&)!("!;.$%2/'5/!0.,-3(&$1"9!

@#/!&#/"0"!/.'"!%0&#!"$7/!+0.(2!%$1'"!0.!,#(4&/1!"/6/.9!

!

!

!

!

!

!

!

!

!

!

!

!

!

(17)

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

"#!$%&'!(%)*$+,-!"!.&//!0&'(1''!0&22+,+#$!$%+3,&+'!32!&##34)$&3#!'$10&+'-!*/)(+!$%+!$%+'&'!&#!

)#!5657*+,'*+($&4+!.&$%&#!&##34)$&3#!$%+3,8!)#0!),91+!23,!$%+!1'+!32!$%+!$%+3,8!32!

$,&*/+!%+/&:;!"!.&//!$%+#!*,+'+#$!$%+!$%+3,8!32!$%+!$,&*/+!%+/&:!)#0!$%+!(3#(+*$1)/!

2,)<+.3,=!"!.&//!1'+!$%,319%31$!$%&'!$%+'&';!6%+!,3/+!32!$,&*/+!%+/&:!&#!$%&'!$%+'&'!&'!3#+!

32!91&0&#9!$%+!'+(3#0!1$&/&$8!$3.),0'!)!<3,+!1')>/+!,3/+!&#!21$1,+!1#&4+,'&$&+'-!)#0!"!.&//!

&#!)!/)$+,!(%)*$+,!1'+!&$'!#3$&3#!32!$%+!$%&,0!<&''&3#!$3!*/)(+!'$10+#$!3,9)#&?)$&3#'!

&#'&0+!$%+!$,&*/+!%+/&:;!6%+!(3#(+*$1)/!2,)<+.3,=!(3#'&'$'!32!$+,<'!)#0!0+2&#&$&3#'!

+''+#$&)/!23,!$%+!1#0+,'$)#0&#9!32!'$10+#$!3,9)#&?)$&3#'!)#0!$3!(/),&28!$%3'+!&#(/10+0;!

6%+!2,)<+.3,=!.&//!)/'3!9&4+!)!(/3'+,!*,+'+#$)$&3#!32!$%+!$+,<!@$.3!1$&/&$&+'A!1'+0!

+:$+#'&4+/8!$%,319%31$!$%&'!*)*+,;!!

4"$5)#'$0',"#$%&'

"#!$%+!),+#)!32!&##34)$&3#!$%+3,8-!$%+,+!),+!)$!$%+!<3<+#$!$%,++!$%+3,&+'!$%)$!(31/0!>+!

1'+0B!C)$&3#)/!58'$+<'!32!"##34)$&3#-!6,&*/+!D+/&:!)#0!E30+!F;!!6%+'+!$%,++!%)4+!'++#!

0&22+,+#$!=&#0!32!1$&/&?)$&3#!)#0!23//3.&#9!G5%&##-!FHHFI-!>1$!'%),+!$%+!'&<&/),&$&+'!32!

>+&#9!$%+3,+$&()/!2,)<+.3,='!23,!$%+!1')9+!)#0!*,301($&3#!32!=#3./+09+!&#!<30+,#!

'3(&+$8;!

J+#9$7K=+!L1#04)//!&#$,301(+0!$%+!(3#(+*$!32!)!@'8'$+<!32!&##34)$&3#A!&#!MNOP-!

)#0!$%+!+:*,+''&3#!@#)$&3#)/!'8'$+<!32!&##34)$&3#A!GC5"I!.)'!2&,'$!0+2&#+0!&#!MNOQ!)'!

@$%+!#+$.3,=!32!&#'$&$1$&3#'!&#!$%+!*1>/&(!)#0!*,&4)$+!'+($3,'!.%3'+!)($&4&$&+'!)#0!

&#$+,)($&3#'!&#&$&)$+-!&<*3,$!)#0!0&221'+!#+.!$+(%#3/39&+'A!GR,++<)#-!MNOQ-!';!MI;!6%+!

&0+)-!%3.+4+,-!0)$+'!>)(=!$3!R,&+0,&(%!L&'$S'!(3#(+*$&3#!32!@6%+!C)$&3#)/!58'$+<!32!

T3/&$&()/!U(3#3<8A!&#!MOVM!GR,++<)#-!MNNPI;!W2$+,!&$'!(3#(+*$&3#-!$%+!C5"!)**,3)(%!%)'!

'++#!&#!0+4+/3*<+#$!&#!>3$%!+<*&,&()/-!C+/'3#!GMNNXI-!)#0!$%+3,+$&()/-!L1#04)//!GMNNFI-!

(18)

"#$%&'#()*!+)"!',%!-$%*%)'!.*%!(/!012!3+&4*!+!5%)%$+336!+&&%-'%"!"%/#)#'#()!78"9.#*':!

;<<=>?!@!A($%!5%)%$+3!"%/#)#'#()!(/!012!#)&3."%*!B+33!#A-($'+)'!%&()(A#&:!*(&#+3:!

-(3#'#&+3:!($5+)#C+'#()+3:!#)*'#'.'#()+3!+)"!(',%$!/+&'($*!',+'!#)/3.%)&%!',%!"%D%3(-A%)':!

"#//.*#()!+)"!.*%!(/!#))(D+'#()*E!78"9.#*':!FGGH>?!I%)&%:!',%!012!#*!+!,(3#*'#&!

-%$*-%&'#D%!()!',%!($5+)#C+'#()!+)"!*'$.&'.$%!(/!',%!#))(D+'#()!-$(&%**!#)!)+'#()+3:!

$%5#()+3!+)"!3(&+3!*%''#)5*?!!

J,%!',%($6!(/!K("%!;!"(%*!)('!%)D#*#()!',%!+33L%)5$(**#)5!*6*'%A!(/!',%!012:!M.'!

$+',%$!+$5.%*!',+'!',%!N+6!+&'($*!($5+)#C%!+)"!*'$.&'.$%!',%!-$(&%**%*!(/!#))(D+'#():!

N,%',%$!#)!/($A!(/!*&#%)'#/#&!4)(N3%"5%:!'%&,)#&+3!-$+&'#&%*:!#)".*'$6:!%".&+'#()!+)"!

*(&#%'6!+'!3+$5%:!+$%!'("+6!#)!*,+$-!&()'$+*'!N#',!',%!$%3+'#()*,#-*!+)"!*'$.&'.$%!(/!',%!

-+*'!71,#)):!;<<;>?!K("%!;!,+*!M%%)!"%D%3(-%"!',$(.5,!!"#$%#&$'()*+,-.)/$)0$

1/)&2#*3#$7FGGO>!+)"!3+'%$!$%D#*#'%"!#)!4#5!"./6./3$7,.#/,#!7;<<F>?!J,%!+.',($*!(/!

',%*%!M((4*!*-%+4!(/!'N(!"#*'#)&'36!"#//%$%)'!A("%*!(/!4)(N3%"5%!-$(".&'#()?!BK("%!FE!

#*!',%!"%*&$#M%"!+*!+!-+$+"#5A!(/!*'$#&'!*%-+$+'#()!(/!+&+"%A#+!+)"!*(&#%'6!N#',!3#''3%!($!

)(!#)'%$+&'#()!M%'N%%)!+&+"%A#+!+)"!#)".*'$6?!!J,%!)%N!BK("%!;E!#*!M6!&()'$+*'!

&,+$+&'%$#C%"!+*!&()'%P'L"$#D%):!-$(M3%AL/(&.*%"!+)"!#)'%$"#*&#-3#)+$6?!2'!#)D(3D%*!

A.3'#"#*&#-3#)+$6!'%+A*!M$(.5,'!'(5%',%$!/($!*,($'!-%$#("*!(/!'#A%!'(!N($4!()!*-%&#/#&!

-$(M3%A*!#)!',%!$%+3!N($3"!71,#)):!;<<;>?!K("%!;!A+4%*!.*%!(/!&()&%-'*!3#4%!,)5

#8)2+-.)/:!,)/-#9-+:2.;:-.)/:!<),.:22=$()>+<-$6/)&2#*3#!+)"!<),.:22=$*.<-(.>+-#*$/:((:-.8#<!

'(!"%*&$#M%!',%!)%N!-$(&%**!+)"!/($A!#)!N,#&,!4)(N3%"5%!+)"!#))(D+'#()!%A%$5%!#)!+!

K("%!;!&()/#5.$+'#()!70(N(')6:!1&('':!Q!R#MM()*:!;<<F>?!J,#*!)%N!-$(&%**!#*!D#*#M3%!#)!

',%!+$5.A%)'!',+'!*(&#+3!+)"!%&()(A#&!-$(M3%A*!*,(.3"!M%!5.#"#)5!N,+'!+$%)+*!(/!

4)(N3%"5%!'(!M%!-$#($#'#C%"!+)"!"%D%3(-%"!71,#)):!;<<;>?!

S%'N%%)!',%!.AM$%33+!(/!',%!012!+)"!',%!*-%&#/#&!-$(&%**%*!(/!4)(N3%"5%!

-$(".&'#()!#)!K("%!;!3#%*!',%!',%($6!(/!J$#-3%!I%3#P?!T()&%#D%"!M6!U(%'!U%6"%*"($//!+)"!

(19)

"#$%&!'()*+,-().!(/-0!(/#+%&!+1!-$$+23(-+$!0(%#00#0!/-0(+%-435!4+$(-$6-(&!7&!*##8-$9!

#3%5-#%!%#53(-+$0!7#(,##$!(/#!6$-2#%0-(&.!-$:60(%&!3$:!9+2#%$;#$(.!76(!%3(/#%!1+460-$9!

+$!(/#!4/3$9-$9!-$(#%34(-+$!7#(,##$!(/#;!<=/-$$.!>??>@A!!B/#!CB%-85#!"#5-DE!;+:#5!

,+%*0!30!3!06885#;#$(3%&!53&#%!+1!C*$+,5#:9#!:#2#5+8;#$(E!<=/-$$.!>??>@!,/#%#!

34(+%0!3$:!-$0(-(6(-+$0!,-(/-$!(/#!(/%##!:-11#%#$(!08/#%#0!+1!(/#!*$+,5#:9#!8%+:64(-+$!

<6$-2#%0-(&.!-$:60(%&!3$:!9+2#%$;#$(@!;##(!3$:!-$(#%34(A!F0!'()*+,-()!86(0!-(G!

B/#!;+:#5!/#580!#D853-$!,/&!(/#!(/%##!08/#%#0!*##8!3!%#53(-2#5&!-$:#8#$:#$(!

3$:!:-0(-$4(!0(3(60.!0/+,0!,/#%#!-$(#%34(-+$!(3*#0!8534#.!3$:!#D853-$0!,/&!3!

:&$3;-4!(%-85#!/#5-D!43$!7#!1+%;#:!,-(/!9%3:3(-+$0!7#(,##$!-$:#8#$:#$4#!3$:!

-$(#%:#8#$:#$4#.!4+$15-4(!3$:!4+$156#$4#!+1!-$(#%#0(A!<'()*+,-().!>??H@!

I-(/-$!(/-0!53&#%.!(/#!6$-2#%0-(&!370+%7!0+;#!+1!(/#!-$:60(%&J0!%+5#0.!30!1-%;K1+%;3(-+$!

3$:!(#4/$+5+9&!(%3$01#%.!,/-5#!(/#!-$:60(%&!;3&!1+%;!(#34/-$9!-$0(-(6(-+$0!3$:!%#0#3%4/!

134-5-(-#0A!B/#0#!36D-5-3%&!34(+%0!,-(/-$!(/#!0&$#%9&!+1!(/#!(%-85#!/#5-D!3%#!/+,#2#%!$+(!

(%6#!#$(#%8%-0#0!+%!(#34/-$9!134-5-(-#0.!30!(/#!:-11#%#$(!08/#%#0!0/+65:!$+(!0(%3&!(++!13%!

1%+;!(/#-%!4+%#!;-00-+$0!<'()*+,-().!>??H@A!B/#!(/#+%&!+1!(/#!B%-85#!"#5-D!-0!(/60!3!

:#04%-8(-+$!+1!(/#!$#,!3$:!4/3$9-$9!1+%;3(-+$0!3$:!-$(#%34(-+$0!7#(,##$!(/#!08/#%#0!

+1!-$$+23(-+$!3$:!3!,3&!1%3;#,+%*!1+%!%#4+9$-)-$9!3$:!:#1-$-$9!$#,!3%#$30!+1!

*$+,5#:9#A!

!

B/-0!(/#0-0!/30!-(0!1+460!+$!0(6:#$(!+%93$-)3(-+$0!3$:!(/#!%+5#!+1!(/#0#!,-(/-$!(/#!

6$-2#%0-(&A!L(!-0!(/#%#1+%#!350+!3!(/#0-0!,-(/!1+460!+$!(/#!%+5#!+1!(/#!6$-2#%0-(&!,-(/-$!

0+4-#(&A!B/-0!%+5#!-0!+1!-;8+%(3$4#!7+(/!(+!0(6:-#0!+1!04-#$4#!M!(#4/$+5+9&!3$:!

-$$+23(-+$A!!B/#!%+5#!+1!6$-2#%0-(-#0!30!3$!-;8+%(3$(!0+6%4#!+1!*$+,5#:9#!8%+:64(-+$!

3$:!*$+,5#:9#!(%3$01#%!-0!5+$9!#0(375-0/#:.!76(!3$35&0-0!3$:!16%(/#%!%#0#3%4/!+$!(/#!

%+5#!+1!6$-2#%0-(-#0!30!;+%#!(/3$!3$!3%#$3!+1!#:643(-+$!+%!%#0#3%4/!-0!/3;8#%#:!7&!534*!

(20)

"#!$%&'(')*+!,*-*!./"0$(1!2!3*%&*-4!566789!!:;'<!+*)=!"#!($<$*();!-(')=+$<!,"0>!-"!*>!

$?$>!@'AA$(!+*)=!"#!$B&+"(*-'">!">!-;$!("+$!"#!<-C,$>-<4!@$<',$<!-;*-!"#!-(*'>'>A!#"(!#C-C($!

("+$<!0'-;'>!=>"0+$,A$!&(",C)-'">9!D-!<$$%<!-;*-!%"<-!3:3!*>,!'>>"?*-'">!-;$"('$<!,"!

>"-!-($*-!=>"0+$,A$!&(",C)-'">!*>,!-(*><#$(!*<!*)-'?'-'$<!-;*-!"))C(!,C('>A!-;$!&$('",!

-;*-!<-C,$>-<!($)$'?$!$,C)*-'">9!:;$<$!-;$"('$<!($A'<-$(!-;$!'>?"+?$%$>-!"#!<-C,$>-<!'>!

=>"0+$,A$!&(",C)-'">!*>,!-(*><#$(!">+1!0;$>!-;$1!*($!'>?$>-'>A4!&*-$>-'>A!"(!

($<$*();'>A9!:;$!("+$!"#!<-C,$>-<!*>,!<-C,$>-!"(A*>'E*-'"><!*-!C>'?$(<'-'$<!0'-;'>!

'>>"?*-'">!-;$"(1!'<!-;$($#"($!*>!$B-$><'">!"#!-;$!FC$<-'">!"#!-;$!("+$!"#!C>'?$(<'-'$<!

0'-;'>!<")'$-14!*>,!<;"C+,!-;$($#"($!@$!($A*(,$,!*<!($+$?*>-!0'-;'>!-;$!#'$+,!"#!3:39!!

/"<-!'>>"?*-'">!-;$"(1!'>)+C,$<!,'<)C<<'"><!">!-;$!);*>A'>A!*>,!)(C)'*+!("+$!"#!

C>'?$(<'-'$<!'>!<")'$-1!*>,!=>"0+$,A$!&(",C)-'">9!:;'<!-;$<'<4!;"0$?$(4!0*>-<!-"!#'>,!*!

&"<<'@+$!("+$!#"(!<-C,$>-!"(A*>'E*-'"><!'>!&($<$>-!*>,!#C-C($!C>'?$(<'-'$<!*>,!%C<-!

-;$($#"($!%*=$!C<$!"#!-;$!-;$"(1!-;*-!@$<-!*))"%%",*-$<!*>,!%*=$<!(""%!#"(!-;$!

&+*)$%$>-!"#!<-C,$>-<!*>,!<-C,$>-!"(A*>'E*-'"><!*<!&*(-!"#!=>"0+$,A$!&(",C)-'">!*>,!

-(*><#$(9!!

!

G++!-;($$!%$>-'">$,!-;$"('$<!"#!'>>"?*-'">!'>)+C,$!,'<)C<<'">!">!-;$!("+$!"#!-;$!

C>'?$(<'-1!'>!=>"0+$,A$!&(",C)-'">

5

9!H$'-;$(!$B&+')'-+1!$B)+C,$!"(!'>)+C,$!<-C,$>-<!

#("%!-;$'(!?$(<'"><!"#!=>"0+$,A$!&(",C)-'">4!@C-!'-!0">I-!@$!*!@'A!+$*&!"#!#*'-;!-"!

*<<C%$!-;*-!-;$!"?$(0;$+%'>A!#")C<!'<!">!-;$!%$);*>'<%<!'>!&+*1!*#-$(!<-C,$>-<!

A(*,C*-$9!!

:;$!H3D!)*++<!#"(!*!)"><)'"C<!"(A*>'E*-'"><!"#!-;$!,'##$($>-!);*'><!'>!-;$!&(")$<<!

"#!'>>"?*-'">9!D>!*!H3D4!-;$!);*'><!)"><'<-!"#!"(A*>'E*-'"><!.#"(%*+!<-(C)-C($<84!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

5!J9A9!/"0$(1!2!3*%&*-!'>!!"#$%&'()*$+,-*.((/$('$0--(1,23(-4!-;$!);*&-$(!">!C>'?$(<'-'$<!'>!4#5

!"3-/3-6$783#-8#!"(!<$?$(*+!*(-')+$<!'>!-;$!:('&+$!K$+'B!'<<C$!"#!4#9#,)8"$:(;38<$=>???@A$

(21)

"#$%"%&%"'#$!()*+"%$,!#'-.$,!/*0$!1%23!*#4!%)1!-1/*%"'#$)"5$!+1%011#!%)1.!(647&"$%,!

899:3;!<)1!$512"="2!$1%>&5$!'=!'-?*#"@*%"'#$!*#4!"#$%"%&%"'#$!A*-B!*.'#?!$B$%1.$!'#!

+'%)!*!/'2*/!*#4!#*%"'#*/,!*#4!'#1!'=!%)1!01*C#1$$1$!'=!%)1!DEF!*55-'*2)!"$!%)1!/*2C!'=!*!

$512"="2!"#$%-&2%"'#!'#!0)*%!$)'&/4!+1!"#2/&414!"#!$&2)!*!$B$%1.!(647&"$%,!899:3;!!G#!

&/%".*%1!/"$%!'A1-!0)*%!%'!"#2/&41!*#4!)'0!%'!$%-&2%&-1!%)1.!0'&/4!+1!&#-1*/"$%"2!*#4!

2'&#%1->5-'4&2%"A1,!*#4!H&#4A*//!"#$"$%14!%)*%,!I*!41="#"%"'#!'=!%)1!$B$%1.!'=!"##'A*%"'#!

.&$%!+1!C15%!'51#!*#4!=/1J"+/1K!(H&#4A*//,!LMM83;!N)"/1!%)1!&#"A1-$"%B!21-%*"#/B!)*A1!*!

$%-'#?!*#4!'+A"'&$!5/*21!"#!*#B!2'#="?&-*%"'#!'=!*!DEF,!%)1!%)1'-B!4'1$!#'%!?"A1!-"$1!%'!

*#B!$512"="2!-'/1!'=!+'%)!$%&41#%$!*#4!$%&41#%$!'-?*#"@*%"'#$!'%)1-!%)*#!"%O$!"#2/&$"'#!+B!

41=*&/%!*$!5*-%!'=!%)1!&#"A1-$"%B;!P'0!%'!&$1!%)1$1!'-?*#"@*%"'#$,!0)1-1!%'!5/*21!%)1.!

*#4!0)*%!-'/1!%'!?"A1!%)1.,!*-1!)'01A1-!#'%!+1$%!-1*2)14!%)-'&?)!%)1!%)1'-B!'=!%)1!DEF;!!

Q'41!8,!'#!%)1!'%)1-!$"41,!"$!%'!5-'21$$>'-"1#%14!%'!?"A1!$%&41#%!'-?*#"@*%"'#$!*!

$512"="2!-'/1!0"%)"#!&#"A1-$"%"1$!'-!*#!"##'A*%"'#!$B$%1.;!R'%)!<)1!D10!S-'4&2%"'#!'=!

T#'0/14?1!*#4!U1><)"#C"#?!E2"1#21!01-1!0-"%%1#!*$!-1V12%"A1!1$$*B$!-*%)1-!%)*#!*$!

1.5"-"2*/!$%&4"1$,!+'-41-"#?!$'.1%".1$!%'!5'/"%"2*/!"#%1#%"'#$!(E)"##,!89983;!<)1"-!

5&-5'$1!0*$!-*%)1-!%'!*44-1$$!%)1!#114!%'!"#A1#%!*!#10!/*#?&*?1!'=!-1$1*-2),!*$!"%!0*$!

%'!5'"#%!'&%!*!5*%%1-#!'-!$%-&2%&-1!'=!"##'A*%"'#;!<)"$!#10!/*#?&*?1!*#4!2'#215%$!0'&/4!

$&-1/B!*/$'!="%!%)1!4"==1-1#%!5-'21$$1$!*#4!$%-&2%&-1!0"%)"#!$%&41#%!'-?*#"@*%"'#$,!+&%!

"%O$!#'%!*417&*%1!*$!*!%''/!='-!?"A"#?!$%&41#%!'-?*#"@*%"'#$!*!5/*21!*#4!-'/1!0"%)"#!%)1!

&#"A1-$"%B!*#4!%)1!"##'A*%"'#!5-'21$$;!<)1!2)*#?1!=-'.!Q'41!L!%'!Q'41!8!2-1*%1$!*!

.'-1!'51#!&#"A1-$"%B!0"%)!-1$5'#$"+"/"%"1$!'&%$"41!'=!%)1!%-*4"%"'#*/!*-1#*$!'=!%1*2)"#?!

*#4!-1$1*-2);!R&%!>!-*%)1-!%)*#!5-'A"4"#?!*!$1%!'=!%''/$!%'!"41#%"=B!#10!*-1#*$!'=!

C#'0/14?1!5-'4&2%"'#,!Q'41!8!$1%$!'&%!%'!41$2-"+1!%)1!#10!*#4!2)*#?"#?!5-'21$$1$!*#4!

.1%)'4$!0"%)"#!%)1$1!*-1#*$;!

(22)

"#$%!&'()'%!*%!+$,#!,#'!,-$.&'!#'&$/!,#'0-1!(%!,#'!2$33&'!(4,0-!$5!,#$%!6(7*%#8(!

30&&!09!$550)(,$05:!"-$.&'!;'&$/!%',%!0*,!,0!7'!(!+(1!09!%,-*4,*-$5<!,#'!3$99'-'5,!(4,0-%!

+$,#$5!(!=>?@!(53!+$,#$5!,#$%!4059$<*-(,$05@!,#'!.-04'%%'%!(53!2',#03%!09!A03'!B!40*&3!

7'!(..&$'3:!"#'!,-$.&'!#'&$/!&(1'-!.-0)$3'%!%')'-(&!(-'5(%!(53!4027$5(,$05%!09!(-'5(%!

+#'-'!%,*3'5,!0-<(5$C(,$05%!40*&3!9$53!$,%!-0&':!D$,#'-!(%!(!*5$E*'!.(-,!09!,#'!*5$)'-%$,1@!

0-!(%!(!4027$5(,$05!09!,+0!0-!20-'!(-'5(%:!"#'!,-$.&'!#'&$/!,#'0-1!$%!(&%0!%.'4$9$4(&&1!

,(-<','3!,0+(-3%!,#'!4#(5<$5<!*5$)'-%$,1@!(%!05'!09!,#'!.$&&(-%!09!,-$.&'!#'&$/!$%!#0+!,#'!

$5,'-(4,$05%!7',+''5!,#'!(-'5(%!(&%0!4#(5<'!,#'!(-'5(%!,#'2%'&)'%!FD,C80+$,C@!

G'7%,'-@!H'7#(-3,@!I!"'--(@!BJJJK:!L!4&0%'-!-'&(,$05%#$.!7',+''5!,#'!*5$)'-%$,1!(53!

$53*%,-1!+$&&!71!5'4'%%$,1!4#(5<'!70,#!(4,0-%!,0!3$99'-'5,!3'<-''%:!"-$.&'!#'&$/!3'%4-$7'%!

,#'!4#(5<'!+$,#$5!,#'!*5$)'-%$,1!(%!,#'!M"#$-3!A$%%$05N!09!*5$)'-%$,$'%@!0-!,#'!

M'5,-'.-'5'*-$(&!*5$)'-%$,1N:!"#'!,#$-3!2$%%$05!4-'(,'%!(!%.(4'!+#'-'!%,*3'5,O

0-<(5$C'3!9$-2%!(-'!(7&'!,0!3')'&0.!+$,#$5!(5!$550)(,$05!,#'0-1!FD,C80+$,C@!BJJPK@!(53!

.-0)$3'!(!#(53&'-!05!+#$4#!+'!4(5!.&(4'!%,*3'5,!0-<(5$C(,$05%:!

!

?!#()'!,#*%!4#0%'5!,0!*%'!,#'!"-$.&'!;'&$/!,#'0-1!7'4(*%'!09!$,%!.0,'5,$(&!90-!.&(4$5<!,#'!

%'4053!*,$&$,1!09!%,*3'5,!0-<(5$C(,$05%@!3$%4*%%'3!7'&0+@!$5!(!.0%$,$05!09!0.,$2(&!*%':!

>,*3'5,!0-<(5$C(,$05%!#()'!,-(3$,$05(&&1!'/$%,'3!$5!(!%.(4'!7',+''5!(4(3'21!(53!

%04$',1@!(53!21!$5,'5,$05!09!*%$5<!,#'!,-$.&'!#'&$/!$%!,0!%#0+!,#(,!,#'1!(&%0!'/$%,!$5!,#'!

70-3'-&$5'%!09!(4(3'21!(53!$53*%,-1:!"#$%!70-3'-&$5'@!(53!,#'!'99'4,%!09!$,@!$%!7'%,!

4(.,*-'3!(53!*%'3!,#-0*<#!,#'!,-$.&'!#'&$/:!"#$%!,#'%$%!+$&&!,#'-'90-'!*%'!,#'!,-$.&'!#'&$/!

,#'0-1!(%!(!9-(2'+0-8!,0!9$53!(!.0%%$7&'!-0&'!90-!%,*3'5,!0-<(5$C(,$05%!$5!9*,*-'!

*5$)'-%$,$'%:!

(23)

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

"#$!%#$&'(!&)!%#$!%'*+,$!#$,*-!.%/%$.!%#/%!%#$!01*2$'.*%(!3/1!+,/(!/1!$1#/13$4!'&,$!*1!

*11&2/%*&1!*1!*13'$/.*15,(!61&7,$45$89/.$4!.&3*$%*$.:!/14!%#/%!*1%$'/3%*&1!9$%7$$1!%#$!

01*2$'.*%(:!*140.%'(!/14!5&2$'1;$1%!3&0,4!9$!/!6$(!%&!*;+'&2*15!%#*.!'&,$!<=%>6&7*%>!?!

@$(4$.4&')):!ABBBCD!!E1!%#$!"'*+,$!F$,*-:!*140.%'(!)013%*&1!/.!%#$!.&0'3$!&)!+'&403%*&1G!

5&2$'1;$1%:!%#'&05#!3&1%'/3%0/,!'$,/%*&1.:!)013%*&1!/.!/!#09!)&'!.%/9,$!*1%$'/3%*&1.!/14!

$-3#/15$G!/14!%#$!01*2$'.*%(!)013%*&1!/.!/!.&0'3$!&)!1$7!61&7,$45$!/14!$3&1&;(!

<=%>6&7*%>:!ABBHCD!E11&2/%*&1!*.!9$(&14!7#/%!%/6$.!+,/3$!*1!/!.*150,/'!*1.%*%0%*&1D!I1!

$;+#/.*.!&1!/''/15$;$1%.!/14!1$%7&'6.!/;&15!4*))$'$1%!*1.%*%0%*&1.:!'/%#$'!%#/1!

*.&,/%$4!*1.%*%0%*&1/,!.+#$'$.:!7*,,!+'&2*4$!%#$!&+%*;/,!.&0'3$!&)!*11&2/%*&1!<=%>6&7*%>:!

ABBHCD!

"#$!.(;9*&%*3!%'*)$3%/!9$%7$$1!%#$!*140.%'(:!01*2$'.*%(!/14!.%/%$!*.!1&%!*1!/1(!

7/(!1$7:!90%!%#$!%#$&'(!&)!%#$!%'*+,$!#$,*-!+'&2*4$.!/!1$7!7/(!&)!3&1)*50'*15!%#$*'!

'$,/%*&1.#*+.D!!

J*'.%:!7$!3/1!4*.%*150*.#!/!3&1)*50'/%*&1!7#$'$!/!.%'&15!.%/%$!$13&;+/..$.!

/3/4$;*/!/14!*140.%'(:!/14!4*'$3%.!%#$!'$,/%*&1.#*+!9$%7$$1!%#$;!<J*5D!KCD!L$3&14,(:!7$!

3/1!)*14!/!;&4$,!7#$'$!%#$!.$+/'/%$!*1.%*%0%*&1/,!.+#$'$.!/'$!4*2*4$4!9(!.%'&15!9&'4$'.!

/14!7*%#!'$.%'*3%$4!'$,/%*&1.!9$%7$$1!%#$!.+#$'$.!<J*5D!ACD!!J*1/,,(:!%#$!;&4$,!&)!"'*+,$!

F$,*-!*.!5$1$'/%*15!/!61&7,$45$!*1)'/.%'03%0'$!*1!%$';.!&)!&2$',/++*15!*1.%*%0%*&1/,!

.+#$'$.:!7#$'$!%#$!*1.%*%0%*&1.!%/6$!;0,%*+,$!'&,$.!/14!3'$/%$!#(9'*4!&'5/1*>/%*&1.!/%!

%#$*'!3&12$'5$13$!<J*5D!HC<=%>6&7*%>!?!@$(4$.4&')):!ABBBCD!!

M#*,$!%#$!)*'.%!;&4$,!*.!;&.%,(!'$5/'4$4!/.!5*2*15!%&&!,*%%,$!'&&;!)&'!*1*%*/%*2$.:!

/14!4*.3&0'/5*15!'/%#$'!%#/1!$13&0'/5*15:!%#$!.$3&14!;&4$,!*.!.$$1!/.!/42&3/%*15!/!

.#&36!%#$'/+(!)&'!%#&.$!.%/%$.!7/1%*15!%&!'$403$!%#$*'!'&,$!*1!%#$!)*'.%!;&4$,!<=%>6&7*%>!

(24)

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

!

$%&'!"! $%&'!(! $%&')!

!

01$!2)345$!1$536+!1(7$8$)+!29:$'!3;2(!9<<(=;2!21$!>)(73;>!;$$&!*()!9!;$7!>5(?95!

@(&$5!*()!21$!@9;9>$@$;2!(*!:;(75$&>$!9;&!2$<1;(5(>%!2192!$;9?5$'!9;95%'3'!(*!21$!

&%;9@3<'!(*!3;;(8923(;!3;!2$)@'!(*!13'2()3<95!2)$;&'+!;$7!'2)=<2=)95!9))9;>$@$;2'!9;&!

$@$)>3;>!@(@$;2'!(*!<19;>$!AB2C:(732C+!,--D./!01$)$!3'!@()$!4(2$;2395!3;!<(@?3;3;>!

'2)$;>21!219;!2(!@9;9>$!21$@!3;!3'(5923(;/!01$!2)345$!1$536!3'!&$8$5(4$&!3;!*(=)!

&3@$;'3(;'E!F;2$);95!2)9;'*()@923(;!(*!21$!1$53<$'+!1$536!3;*5=$;<$!(;!$9<1!(21$)+!

<)$923(;!(*!2)3G592$)95!()>9;3C923(;'!9;&!;$27():'+!9;&!21$!)$<=)'38$!$**$<2!(*!21$'$!

;$27():'!AB2C:(732C+!,--D./!01$!*3)'2!&3@$;'3(;+!21$!3;2$);95!2)9;'*()@923(;!(*!21$!

1$53<$'+!3'!(*!'4$<395!3;2$)$'2!*()!21$!2(43<!(*!213'!21$'3'/!!

*+,-.!/,00,12!

013'!<5('$)!)$5923(;'134+!9;&!@36$&!)(5$'+!?$27$$;!21$!'292$+!3;&='2)%!9;&!=;38$)'32%!

4='1!9<9&$@39!3;2(!7192H'!?$$;!&=??$&!I21$!'$<(;&!9<9&$@3<!)$8(5=23(;JE!21$!

$@$)>$;<$!(*!21$!213)&!@3''3(;!(*!=;38$)'323$'/!01$!*3)'2!?$3;>!2$9<13;>!9;&!21$!'$<(;&!

?$3;>!)$'$9)<1/!K;38$)'323$'!9;&!(21$)!3;'232=23(;'!(*!5$9);3;>!9)$!9&89;<3;>!3;2(!9!;$7!

'(<3$295!)(5$/!K;38$)'323$'!73213;!21$!2)345$!1$536!&(!;(2!(;5%!2$9<1!'2=&$;2'!9;&!<(;&=<2!

)$'$9)<1+!?=2!21$%!95'(!@9:$!9;!$**()2!3;!4=223;>!213'!:;(75$&>$!$**$<238$5%!3;2(!='$/!01$!

(25)

"#$%&'!(%))%*+,!*-!.+%/0&)%1%0)!%)!1$.)!1$21!*-!)*3%24!2+'!03*+*5%3!'0/04*650+1!2+'!

0+1&06&0+0.&)$%67!0898!12:%+9!3*+1&*4!*-!6210+1)!3&0210'!;<!%1)!&0)02&3$0&)=!0)12;4%)$%+9!

)6%+>*--!-%&5)=!0)12;4%)$%+9!%+3.;21*&)!2+'!9.%'%+9!:+*?40'90!-&*5!1$0!232'05%3!)6$0&0!

1*!1$0!6.;4%3!2+'!%+'.)1&%24!)6$0&0!1$&*.9$!52+290'!103$+*4*9<!1&2+)-0&)8!#$0!

0+1&06&0+0.&%24!.+%/0&)%1%0)!&012%+)!1$0!1&2'%1%*+24!232'05%3!&*40)!6&*/%'0'!;<!1$0!-%&)1!

2+'!)03*+'!5%))%*+=!;.1!64230)!1$05!%+!2!;&*2'0&!3*+10@1!2)!62&1)!*-!1$0!+0?!&*40!2)!

6&*5*1%+9!%++*/21%*+8!!

#$0!52%+!3$2&2310&%)1%3!*-!1$0!1$%&'!5%))%*+!%)!)2%'!1*!;0!"&0421%*+24,!%+!2!?2<!

?$0&0!.+%/0&)%1%0)=!%+3.;21*&)=!:+*?40'90!1&2+)-0&!*--%30)!2+'!*1$0&!231*&)!'0/04*6!2!

3*55*+!-&250?*&:!2+'!)$2&0!9**'!6&231%30!AB2&0'*=!CDDEF8!!!

#$0!#&%640!G04%@!%)!1$.)!2!-&250?*&:!-*&!%+10&231%*+!;01?00+!1$0!%+'.)1&<=!)1210!

2+'!232'05%2=!2+'!1$0!1$%&'!5%))%*+!%)!2!501$*'!-*&!232'05%2!1*!'0/04*6!2+'!9&*?!

233*&'%+9!1*!1$%)!+0?!-&250?*&:!2+'!1$*)0!)<+0&9%0)!3&0210'!;<!1$0!1$%&'!5%))%*+8!H!

?%44!4210&!%+!1$%)!1$0)%)!64230!1$0!)03*+'!.1%4%1<!*-!)1.'0+1!231%/%1%0)!?%1$%+!1$0)0!+0?!

-&250)!2+'!3$2+90)!0)12;4%)$0'!;<!1$0!1$%&'!5%))%*+8!

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

#$%)!1$0)%)!$2)!1$0!).;1%140I!"#$0!1?*!.1%4%1%0)!*-!)1.'0+1!*&92+%J21%*+),8!H+!*&'0&!1*!

5*/0!-*&?2&'!?%1$!056%&%324!-%+'%+9)!2+'!1$0!2+24<)%)!*-!1$0)0=!?0!+00'!1*!$2/0!2!-%&5!

.+'0&)12+'%+9!*-!?$21!4%0)!?%1$%+!1$0!10&5!"1?*!.1%4%1%0),!2+'!24)*!?$21!%)!%+34.'0'!

-&*5!1$0!;%9!6**4!*-!)1.'0+1!*&92+%J21%*+)8!#$%)!)031%*+!?%44!1$0&0-*&0!342&%-<!2!3*.640!*-!

10&5)!%+!*&'0&!1*!901!2!;0110&!9&2)6!*+!1$%)!1$0)%)K!.)0!*-!1$0!1?*!.1%4%1%0)!*-!)1.'0+1!

*&92+%J21%*+)8!!

(26)

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

"#$!%&'(!)&*+*&*$,-!(.!,&)/$0&!(1230*43&*(0,!*,!&#$!&$15!*0!'#*6#!7!8)&!&#$!5$30*029!3*5!

30/!5*,,*(0!(.!,&)/$0&!(1230*43&*(0,:!"#*,!*,!3!&$15!6(*0$/!;<!5<,$+.!$=$0!;$.(1$!&#*,!

'3,!*0*&*3&$/9!30/!/$=$+(8$/!30/!61<,&3++*4$/!.)1&#$1!/)1*02!&#*,!81(6$,,:!7&!*,!&#$!6+3,,*6!

&3+$!(.!#('!,(5$&#*02!#3,!,$=$13+!,*/$,9!;)&!(0$!,*/$!2$&,!&#$!5(,&!+*2#&:!7&!*,!0(&!3!&3+$!

(.!(88(,*&$,!+*>$!;+36>!30/!'#*&$9!;)&!(0!6(58+$5$0&31<!30/!$?)3++<!*58(1&30&!)&*+*&*$,!

'#$1$!(0$!*,!6+$31+<!/$.*0$/!30/!&#$!(&#$1!*,!>0('0!@!;)&!()&!(.!.(6),:!!

"#$!!"#$%&'%"("%)!6(=$1,!&#(,$!(;=*(),!,(6*3+!;$0$.*&,!,&)/$0&,!30/!)0*=$1,*&*$,!2$&!

.1(5!,&)/$0&!36&*=*&*$,:!"#$!,&)/$0&,!2$&!3!8+36$!&(!,&3<!()&,*/$!(.!&#$!&$36#*02!,8#$1$,9!

&#$<!31$!(..$1$/!3!5<1*3/!(.!8(,,*;+$!36&*=*&*$,!30/!$=$0&,!30/!&#1()2#!&#$,$!36&*=*&*$,!

&#$<!.(15!.1*$0/,#*8,!30/!0$&'(1>,:!!A0*=$1,*&*$,!;$0$.*&!.1(5!&#*,!;<!;$*02!3;+$!&(!),$!

,&)/$0&!36&*=*&*$,!*0!&#$*1!1$61)*&5$0&!53&$1*3+!30/!$36#!(.!&#$5!81(5(&$!&#$*1!

)0*=$1,*&<!30/!&('0!3,!3!,&)/$0&@.1*$0/+<:!"#$!.*1,&!)&*+*&<!*,!&#),!;$,&!/$,61*;$/!.1(5!

&#$!=30&32$!8(*0&!(.!)0*=$1,*&*$,!;<!&#$!&$15!%#388<!,&)/$0&,!$?)3+,!;$&&$1!,&)/$0&,!

30/!$=$0&)3++<!5(1$!,&)/$0&,-:!"#$!&13/$531>!(.!&#*,!.*1,&!)&*+*&<!*,!&#3&!*&B,!53*0+<!

.(6),$/!(0!&#$!;$0$.*&,!(.!,&)/$0&!36&*=*&*$,!30/!&#$!,(6*3+!;$0$.*&,!(.!&3>*02!$*&#$1!30!

36&*=$!(1!83,,*=$!831&!(.!*&:!

"#$!$*+,-.&'%"("%)!6(=$1,!&#$!;$0$.*&,!23*0$/!;<!&#(,$!*0=(+=$/!*0!&#$!,&)/$0&!

(1230*43&*(0,!(0!3!=(+)0&$$1!;3,*,!*0!&$15,!(.!>0('+$/2$!30/!$C8$1*$06$:!D,!,#('0!

+3&$19!&#*,!1302$,!.1(5!(1/*031<!'(1>@$C8$1*$06$!&(!+$3/$1,#*8!,>*++,:!7&!3+,(!;$0$.*&,!&#$!

&13/*&*(03+!)0*=$1,*&<!>0('+$/2$!;<!81(=*/*02!30!$6(@,<,&$5!*0!'#*6#!,&)/$0&,!*0&$136&!

'*&#!(&#$1!,&)/$0&,!;(&#!*0,*/$!30/!()&,*/$!&#$*1!('0!6()1,$,!30/!*0,&*&)&*(0,:!"#$!

&13/$531>!(.!&#$!,$6(0/!)&*+*&<!*,!&#3&!*&!#3,!*&,!.(6),!(0!*0=(+=$5$0&!*0!&#$!

(1230*43&*(0,!13&#$1!&#30!&#$!.*1,&!)&*+*&*$,B!.(6),!(0!36&*=*&*$,:!

(27)

"#!$!%&''!#()%!'*+,-.!+(,!/&-#+!0+&'&+1!&#!%&2,'1!-,3)45&6,2.!0#,2!*52!3(,-&#(,2!71!

7)+(!+(,!#+*+,!*52!+(,!05&8,-#&+19!:(,!#,3)52!0+&'&+1!&#!;5)%5!*52!*<<'*02,2!&5+,-5*''1!

71!+(,!05&8,-#&+&,#.!70+!-*-,'1!0#,2!)-!-,3)45&6,2!,=+,-5*''1!*52!5,4',3+,2!71!+(,!#+*+,9!

:(,!#,3)52!0+&'&+1!#,,>#!+)!7,!*!8&3+&>!)/!+(,!2&//,-,53,!&5!&5+,-5*'?,=+,-5*'!*52!

&><'&3&+?,=<'&3&+!-,3)45&+&)59!@(&',!<-*&#,2!71!05&8,-#&+1!',*2,-#(&<.!+(,!<-*&#,!#,'2)>!

>*+,-&*'&6,#!&5+)!-,*'!&5&+&*+&8,#!*52!/)30#!71!+(,!05&8,-#&+&,#!+)%*-2#!7)+(!,=&#+&54.!

5,%!*52!<)+,5+&*'!#+02,5+#9!

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

:(,!<(-*#,!A#+02,5+!*3+&8&+&,#B!&#!0#,2!%&+(!+(,!#*>,!>,*5&54!*#!+(,!>)-,!

">,-&3*5&6,2!,=<-,##&)5!A,=+-*C30--&30'*-!*3+&8&+&,#B9!$!2,/&5,!#+02,5+!*3+&8&+&,#!*#!

*3+&8&+&,#!3()#,5!71!#+02,5+#!+)!)330<1!+(,&-!#<*-,!+&>,!)0+#&2,!+-*2&+&)5*'!30--&30'*-!

%)-;!D',3+0-,#.!-,*2&54.!3)'')E0&*'!4-)0<#F9!:(,#,!*3+&8&+&,#!*-,!<-)8&2,2!*#!*5!)//,-!71!

+(,!05&8,-#&+&,#!+(,>#,'8,#!)-!71!#+02,5+!)-4*5&6*+&)5#9!:(&#!3*5!7,!7)+(!*#!*!0#,-!)/!

+(,#,!*3+&8&+&,#!)-!*#!*!<-)8&2,-9!G949!%)-;&54!*+!*!')3*'!<07!&#!5)+!3)5#&2,-,2!*!#+02,5+!

*3+&8&+1.!70+!%)-;&54!*+!+(,!')3*'!#+02,5+!<07!&#9!H)&54!+)!*!3)53,-+!)-!<*-+1!)-4*5&6,2!71!

*!#+02,5+!)-4*5&6*+&)5!&#!*!#+02,5+!*3+&8&+1!7)+(!/)-!+(,!#+02,5+#!*++,52&54!*52!+(,!

#+02,5+#!)-4*5&6&549!@)-;&54!)0+!*+!+(,!')3*'!41>!&#!5)+.!70+!+-*&5&54!%&+(!+(,!')3*'!

#+02,5+!7*2>&5+)5!+,*>!&#!*!#+02,5+!*3+&8&+19!:(,&-!3)>>)5!2,5)>&5*+)-!&#!+(*+!&+I#!/)-!

#+02,5+#.!71!#+02,5+#9!!

J)>,!<'*3,#!0#,!+(&#!,=<-,##&)5!+)!2,#3-&7,!*3+&8&+&,#!#+02,5+#!052,-+*;,!+)!

&><-)8,!+(,&-!*3*2,>&3!',8,'9!G949!()%!+(,1!%)-;!%&+(!+(,&-!#+02&,#.!&/!+(,1!+*;,!,=+-*!

3'*##,#!)-!&/!+(,1!#,,;!)0+!<-)/,##)-#!/)-!-,40'*-!/)'')%C0<#9!:(&#!+(,#&#!%&''!5)+!7,!0#&54!

A#+02,5+!*3+&8&+&,#B!+)!2,#3-&7,!+(&#!;&52!)/!*3+&8&+19!!!

(28)

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

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

&'/1*-2'&!,2)4'5!!63'/'!)*+,(-.,$-)(/!,*'!)7!4,*-,28'!/-.'!,(&!$)9-1/:!2%$!$3';!,*'!,88!

<,-(8;!$,*+'$'&!$)=,*&/!/$%&'($/:!/$%&'($/!*%(!$3'<!,(&!'>1'9$!7*)<!/)<'!3-*'&!

9')98'!,$!$3'!8,*+'/$!1%8$%*,8!3)%/'/:!,88!=)*?'*/!,*'!%(9,-&!4)8%($''*/5!63'!/$*%1$%*'!

,(&!*)8'/!=-$3-(!$3'/'!)*+,(-.,$-)(/!,*'!4'*;!<%13!/-<-8,*!$)!$3)/'!)7!)*&-(,*;!

2%/-('//!8-7'5!

01*!-+(!.)23&'('4!

63'*'!,*'!,!/%2/$,($-,8!(%<2'*/!)7!/$%&'($!)*+,(-.,$-)(/!,$!)%*!%(-4'*/-$-'/:!,(&!,(!

-<9)*$,($!9,*$!)7!$3-/!$3'/-/!-/!$)!&'7-('!,(&!-/)8,$'!=3,$!?-(&!)7!/$%&'($!)*+,(-.,$-)(/!@!

-(18%&'!=3'(!@!8))?!7)*!$3'-*!7%$%*'!*)8'!,$!$3'!,1,&'<-1!'1)!/;/$'<5!!

@!&-/$-(+%-/3!2'$=''(!7)%*!?-(&/!)7!/$%&'($!)*+,(-.,$-)(/A!BC!$3'!9)8-$-1,8!!D!

3%<,(-$,*-,(!)*+,(-.,$-)(/!E9)8-$-1,8!9,*$-'/:!/$%&'($!9)8-$-1,8!7*,1$-)(/:!F<('/$;:!G'&!

H*)//!'$15C:!IC!$3'!<'&-,!)*+,(-.,$-)(/!E('=/9,9'*/:!*,&-):!6JC:!KC!$3'!,$38'$-1!

)*+,(-.,$-)(/!E+;</:!/)11'*:!$'((-/:!7'(1-(+:!4)88';2,88!'$15C!,(&!LC!$3'!1%8$%*,8!

)*+,(-.,$-)(/!E/$%&'($!3)%/'/:!13'//!18%2:!*)8'M98,;-(+!18%2:!)*+,(-.'*/!)7!<%/-1,8:!

$3',$*':!&'2,$'/!,(&!<)4-'/!'$15C5!F8$3)%+3!-$N/!-<9)*$,($!7)*!/)1-'$;!$)!7)1%/!)(!/$%&'($!

)*+,(-.,$-)(/!,(&!,1$-4-$;!,/!,!$)$,8-$;:!$3-/!$3'/-/!=-88!)(8;!7)1%/!)(!,!/<,88!9,*$!)7!$3'!

7)%*$3!1,$'+)*;:!$3'!1%8$%*,8!)*+,(-.,$-)(/5!!

63'!<,-(!*',/)(!=3;!@!13))/'!$)!7)1%/!)(8;!)(!$3-/!/<,88!/'+<'($!)7!/$%&'($!

)*+,(-.,$-)(/!-/!$3,$!,8<)/$!'4'*;!%(-4'*/-$;!,(&!%(-4'*/-$;M1)88'+'!-(!O)*=,;!3,/!-$/!

)=(!/$%&'($!1%8$%*,8!3)%/'!,(&!$3'/'!3)%/'/!3,4'!,(!)*+,(-.,$-)(!@!7-(&!<)/$!/-<-8,*!-(!

/$*%1$%*'!$)!,!2%/-('//!-(!$3'!9*-4,$'!)*!9%28-1!/'1$)*5!63'!9)8-$-1,8!,(&!<'&-,!

)*+,(-.,$-)(/!&)!3,4'!,!2%/-('//M8-?'!/$*%1$%*'!,(&!)*+,(-.,$-)(:!2%$!$3'/'!

(29)

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

/%0,!%!1+,%#!+'&5!)"!)/,!"4)*'-,!3#"2,**'"&%+!+'2,6!7)4-,&)!3"+')'1'%&*!"2),&!$"!*)#%'$/)!"&!

)"!)/,'#!8")/,#!3%#).!"#!")/,#!3"+')'1%+!3"*')'"&*!%&-!9"#5,#*!'&!*)4-,&)!8,-'%!/%0,!%&!

":0'"4*!%&-!9,++;5&"9&!+'&5!)"!)/,!#,*3,1)'0,!3#"2,**'"&%+!8,-'%6!</,*,!)9"!%#,&%*!%#,!

9,++!5&"9&!%*!%!)#%'&'&$!$#"4&-!%&-!#,1#4')8,&)!/4:!2"#!*)4-,&)*!9%&)'&$!)"!34#*4,!

)/'*!3%#)'14+%#!1%#,,#!3%)/6!</,!%)/+,)'1!"#$%&'(%)'"&*!%#,!"2),&!"#$%&'(,-!:.!*3,1'%+!

3%#)*!"2!)/,!4&'0,#*')',*!"#!%#,!"2!%!)""!*8%++!*1%+,!)"!:,!'&1+4-,-!'&!)/'*!)/,*'*6!</,!

*)4-,&)!14+)4#%+!/"4*,*!'&!="#9%.!/%0,!)/,!8"*)!:4*'&,**;+'5,!"#$%&'(%)'"&%+!*)#41)4#,!

"2!%++!2"4#!1%),$"#',*>!:4)!)/,.!-"!&")!/%0,!%!3#,-,2'&,-!+'&5!)"!)/,!3#"2,**'"&%+!+'2,!"#!

)/,!*%8,!1+,%#+.!-,2'&,-!#"+,!%&-!0%+4,!'&!3#,*,&)!4&'0,#*')',*!%*!)/,!3"+')'1%+!%&-!8,-'%!

"#$%&'(%)'"&*!/%0,6!

</,#,!%#,!"2!1"4#*,!&48,#"4*!*)4-,&)!14+)4#%+!"#$%&'(%)'"&*!:,*'-,*!)/,!:'$!

*)4-,&)!/"4*,*>!:4)!)/,.!-"!&")!'&/%:')!)/,!*%8,!:4*'&,**;+'5,!*)#41)4#,!%&-!1"&),&)!%*!

*)4-,&)!/"4*,*6!?!9"4+-!&")!-'*%$#,,!*)#"&$+.!9')/!)/"*,!%#$4'&$!)/%)!*"8,!"2!)/,*,!

*8%++,#!"#$%&'(%)'"&*!%#,!@4*)!*1%+,-!-"9&!0,#*'"&*!"2!)/,!:'$$,#!"#$%&'(%)'"&*>!:4)!)/'*!

)/,*'*!1/""*,*!)"!2"14*!"&+.!"&!)/,!:'$$,#!"&,*6!!

$%&'(!)*+,*-!(+./'-+!%$01-*21+*%-(!

A')/'&!)/,*,!:'$$,#!*)4-,&)!"#$%&'(%)'"&*>!*,0,#%+!+,0,+*!"2!#,*3"&*':'+')',*!%&-!9"#5,#*!

,B'*)!C<%:+,!DE6!!

!

!

!

!

!

(30)

#$%&'!(!)!*+',+-'.!/0!,/&'1!.-23-4!1256'42!/,7$4-8$2-/41!

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

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

,#*2'1*030%040#*!

54)6#14!%#+6#,*! +,-.#)/!(#0#(!

12%34! 53-%6,7%/,26!%)!%!

8.2(#! 92%34!823:;!

)'26)23,6-;!&#4,%!

3#(%/,26);!

#&'(2<#3!

3#)'26),1,(,/,#);!

)/3%/#-<;!#=262&<!

>%:,6-!)?3#!/.#!

23-%6,7%/,26!,)!

&%6%-#4!%64!3?6!

26!%!4%<@/2@4%<!

1%),)!

/066%#!7+1+8#,*! >,4@(#0#(!823:!

-32?')A12%34)! B64,0,4?%(!-32?')!

8,/.,6!/.#!

23-%6,7%/,26!

C#3)266#(;!).,D/);!

-32?'!#=262&<;!

)2=,%(!#0#6/)!

>%:,6-!)?3#!/.#!

#&'(2<##)!,6!/.#!

4,DD#3#6/!823:!

-32?')!42!/.#!

823:!/.#<!%3#!

)?''2)#4!/2!42!

972%':##*! E23:#3)!,6!

-32?')!

3#)'26),1(#!D23!

/.#!4%<@/2@4%<!

823:!

F%):)!426#!1<!/.#!

,64,0,4?%(!-32?')! 9%3/#64,6-;!

=22:,6-;!-3%'.,=%(!

823:;!/#=.6,=%(!

&%,6/#6%6=#;!

3,--,6-!%64!=26/32(!

2D!)2?64!%64!(,-./!

)<)/#&);!)#=?3,/<;!

'.2/2-3%'.<!#/=!G!

H2,6-!/.#!%=/?%(!

4%<@/2@4%<!823:!,6!

4,DD#3#6/!)#=/,26)!

2D!/.#!23-%6,7%/,26!

!

I(&2)/!#0#3<26#!)/%3/!.,)!23!.#3!=%3##3!,6!%!)/?4#6/!23-%6,7%/,26!%)!%6!#&'(2<##!%64!

-3%4?%((<!%)=#64!/.#!.,#3%3=.,=%(!(%44#3G!E.#6!J?&',6-!D32&!26#!23-%6,7%/,26!/2!

%62/.#3;!/.#!#$'#3,#6=#!-%,6#4!,6!/.#!'3#0,2?)!23-%6,7%/,26")*!&%<!.#('!,64,0,4?%()!/2!

)/%3/!/.#,3!=%3##3!,6!/.#!6#8!23-%6,7%/,26!26!%!.,-.#3!(#0#(G!F.,)!&,3323)!/.#!

'32D#)),26%(!823:!(,D#G!!

I!=2&&26!'.#62&#626!,6!)/?4#6/!23-%6,7%/,26)!,)!/.%/!12/.!(#%4#3)!%64!&,44(#!

&%6%-#3)!%3#!2D/#6!%()2!,602(0#4!,6!-32?')!%)!234,6%3<!#&'(2<##)G!K0#3<!,64,0,4?%(!

,602(0#4!26!%!02(?6/##3!1%),)!%/!%6<!(#0#(!2D!/.#!23-%6,7%/,26!,)!,6=(?4#4!8.#6!3#D#33,6-!

/2!/.#!L823:#3)M!2D!)/?4#6/!23-%6,7%/,26)G!

!"##$%&'

F.,)!=.%'/#3!.%)!4,)=?))#4!/.#!4,DD#3#6/!,6620%/,26!/.#23,#);!%64!'3#)#6/#4!/.#!/.#23<!

2D!F3,'(#!+#(,$;!%64!,/)!62/,26!2D!/.#!/.,34!&,)),26!2D!?6,0#3),/,#);!%)!&2)/!)?,/%1(#!

/28%34)!/.#!-2%()!2D!/.,)!/.#),)G!F.#!/.,34!&,)),26!8,((!,6!(%/#3!=.%'/#3)!1#!?)#4!,6!&<!

(31)

"#$%&$$#'(!#(!)'*!+'!,-$+!&+#.#/-!+)-!$-%'("!&+#.#+0!'1!$+&"-(+!'234(#/4+#'($5!6(!4""#+#'(!

+'!"-1#(#(3!+)-!+)-'2-+#%4.!1247-*'28!1'2!1&2+)-2!"#$%&$$#'($9!+)#$!%)4:+-2!)4$!4.$'!

%.42#1#-"!4("!-;:.4#(-"!+)-!74#(!+-27$!&$-"!+)2'&3)'&+!+)#$!+)-$#$5!<)-$-!+-27$!)4=-!

,--(!#7:'2+4(+!+'!%.42#10!#(!'2"-2!+'!,-++-2!&("-2$+4("!+)-!42-(4!1'2!70!+)-$#$5!<)#$!

%)4:+-2!)4$!4.$'!$+4+-"!+)4+!+)-!74#(!1'%&$!'(!+)#$!+)-$#$!#$!+)-!$-%'("9!-"&%4+#'(4.9!

&+#.#+0!'1!$+&"-(+!'234(#/4+#'($9!4("!+)4+!+)-!$+&"-(+!'234(#/4+#'($!#(%.&"-"!42-!74#(.0!

+)-!$+&"-(+!)'&$-$!'1!-4%)!'1!+)-!#($+#+&+#'($!'1!)#3)-2!-"&%4+#'(5!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

Referanser

RELATERTE DOKUMENTER

This explorative study in- vestigates drivers and obstacles for innovation adoption of 360° videos in eight news organizations in Switzerland from the perspective of the

Communication reflects organizations and the political system itself, it is therefore important to take into account the nature of organizations and the system

Organizational norms and culture, and the interpretive flexibility of technology, will also shape the way web technologies are implemented in organizations (Pinch and

The Centre of Studies of Technology, Innovation and Culture (TIK), University of

The student is aware of language matters in Norway and has knowledge of the main characteristics of Norwegian culture and society.. The student has knowledge of how to compose a

The student is aware of language matters in Norway and has knowledge of the main characteristics of Norwegian culture and society.. The student has knowledge of how to compose

(Barad, 2007, p. ix.) This thinking re-situates the teacher-student writing conference not as an act between two humans, influenced by context, culture, political discourses and

International Organizations as sites of scientized knowledge production and translation The SDP discourse is significant in two aspects (in the following, compare Mwansa, 2010): on