• No results found

Design in Public Sector : Exploring Antecedents of Sustained Design Capability

N/A
N/A
Protected

Academic year: 2021

Share "Design in Public Sector : Exploring Antecedents of Sustained Design Capability"

Copied!
23
0
0

Loading.... (view fulltext now)

Full text

(1)

28-29 July, 2

0

16 Massachusetts college of art and design, Boston, usa

The 20

th

dmi: Academic

Design Management

Conference Proceedings

design research Meets design Practice

(2)

<%4+/83')%!5)'%3-!./0'&%!>/0/$*8#!1//30!./0'&%!5*$83'8/! ?)03)%@!A9=@!::B:C!D6+E!:;FG! ! ")HE*'&#3!I!:;FGJ!")HE*'&#3!'%!/$8#!H$H/*!)%!3#'0!8)%4/*/%8/!H*)8//,'%&0!'0!3#/!H*)H/*3E!)4! 3#/!$63#)*K0LJ!5/*2'00')%!'0!&*$%3/,!3)!*/H*),68/!8)H'/0!)4!3#/0/!M)*N0!4)*!H6*H)0/0!*/+/O$%3! 3)!3#/!$7)O/!8)%4/*/%8/@!H*)O',/,!3#$3!3#/!$63#)*K0L@!0)6*8/!$%,!8)HE*'&#3!%)3'8/!$*/!'%8+6,/,! )%!/$8#!8)HEJ!P)*!)3#/*!60/0@!'%8+6,'%&!/Q3/%,/,!R6)3$3')%@!H+/$0/!8)%3$83!3#/!$63#)*K0LJ

758*9/!*/!(;?)*+!85+-.6O!XA().6*/9!

,/-5+505/-8!.3!8;8-,*/50!058*9/!+,(,?*)*->!

a'0$!1=a1?Z>Su$@!_$3$*'%$!(ZVVZ>BZ.1=g7!! $!a'%NrH'%&!A%'O/*0'3EU!7!S)3#/%76*&!A%'O/*0'3E@!W._!{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u!! ")**/0H)%,'%&!$63#)*-!B*8,!T,):?569!b!/B2$'+-!)*8,K:,):?569L)*;K85!

(3)

F:fl!

1/-6.0;+-*./!!

V#/*/!'0!$!,/2$%,!M'3#'%!3#/!H67+'8!0/83)*!4)*!$+3/*%$3'O/!2),/+0!4)*! 2$%$&/2/%3!$%,!)H/*$3')%0!3#$%!$*/!86**/%3+E!$O$'+$7+/!4*)2!3#/! ,)2'%$3'%&!4'&6*/0!)4!3#)6&#3@!/J&J!g/M!567+'8!1$%$&/2/%3!KW$*3+/E@!:;;\LJ! =HH*)$8#/0!3#$3!)H/%!6H!0'+)!03*6836*/0@!'%O)+O/!8'3'X/%0!$%,!4)860!)%!O$+6/! 8*/$3')%!$*/!&$'%'%&!3*$83')%J!V#'0!'%8*/$0'%&!'%3/*/03!'%!'%%)O$3')%!$%,! */%/M$+!4)*!3#/!H67+'8!0H#/*/!#$0!8*/$3/,!M#$3!8$%!7/!0//%!$0!$!H6++!4$83)*! 4)*!$HH*)$8#/0!7$0/,!'%!,/0'&%!N%)M+/,&/!068#!$0!0/*O'8/!,/0'&%!$%,!,/0'&%! 3#'%N'%&!K?$0)%@!:;F;U!?/O$%@!>)7/*3@!?$3/@!1$#/*@!v!(/++0@!:;;l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v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v!_'27/++@!:;FFU! 16+&$%@!:;Fh$LJ!V#/0/!8)%8/*%0!06&&/03!3#$3!,/O/+)H2/%3!)4!,/0'&%! 8$H$7'+'3E!'%!H67+'8!0/83)*!)*&$%'X$3')%0!8$%%)3!0)+/+E!*/+E!)%!#'*'%&!)*! H*)86*'%&!,/0'&%!8)2H/3/%8/!4)*!'%,'O',6$+!H*)`/830!)*!'%3*),68'%&!,/0'&%! 2/3#),0!$%,!3))+0J!=33/%3')%!$+0)!#$0!3)!7/!H$',!3)!M#/3#/*!,/0'&%! N%)M+/,&/!'0!3*$%04/**/,!3#*)6&#!H*)`/830@!$%,!M#$3!N'%,!)4!,/0'&%! N%)M+/,&/!$%,!0N'++0@!$*/!'%!4)860!'%!*/+$3')%!3)!)*&$%'X$3')%$+!'%3/&*$3')%J! V#/0/!0H/8'4'8!R6/03')%0@!#)M!N%)M+/,&/!$%,!8$H$7'+'3'/0!$*/!3*$%04/**/,! $%,!$00'2'+$3/,@!$*/!8/%3*$+!3)H'80!'%!3#/!,'08)6*0/!)4!)*&$%'X$3')%$+! +/$*%'%&J!=70)*H3'O/!8$H$8'3E!K")#/%!v!a/O'%3#$+@!FCC;L!'0!)%/!8)%8/H3! M'3#'%!3#'0!4'/+,!M/!7/+'/O/!8)6+,!7/!4*6'346+!4)*!,/O/+)H'%&!$%!6%,/*03$%,'%&! $7)63!#)M!,/0'&%!N%)M+/,&/!'0!'%3/&*$3/,!$%,!,/O/+)H/,!'%3)!,/0'&%!

(4)

F:ff! 8$H$7'+'3E!M'3#'%!H67+'8!0/83)*!)*&$%'X$3')%0JF!Y%/!N/E!8)%03*683!M'3#'%! $70)*H3'O/!8$H$8'3E!'0!3#/!,/O/+)H2/%3!)4!$%!)*&$%'X$3')%[0!$7'+'3E!3)!60/! %/M!N%)M+/,&/!3#*)6&#!3#/!3#*//!H*)8/00/0!)4!/QH+)*$3'O/@!3*$%04)*2$3'O/! $%,!/QH+)'3$3'O/!+/$*%'%&!Ka$%/@!_)N$!$%,!5$3#$N@!:;;GLJ! V$N'%&!$%!$70)*H3'O/!8$H$8'3E!H/*0H/83'O/!$%,!+))N'%&!$3!$70)*H3')%!)4! %/M!/Q3/*%$+!N%)M+/,&/!7E!3#/!)*&$%'X$3')%@!3#'0!H$H/*!4)860/0!)%!M#$3! N'%,!)4!N%)M+/,&/!'0!3*$%04/**/,!3#*)6&#!0/*O'8/!,/0'&%!H*)`/830!$'2/,!$3! ,/O/+)H'%&!,/0'&%!8$H$7'+'3EJ!?$0/,!)%!3#*//!H67+'8!0/83)*!8$0/0!7$0/,!'%! #/$+3#8$*/@!4$83)*0!'%4+6/%8'%&!$70)*H3')%!)4!N%)M+/,&/!$*/!,'08600/,!'%! */+$3')%!3)!#)M!3#/!H*)`/830!/%$7+/!,/O/+)H2/%3!)4!0603$'%/,!)*&$%'X$3')%$+! ,/0'&%!8$H$7'+'3EJ! (/!4'*03!H*/0/%3!$%,!,'08600!)%&)'%&!,/0'&%!'%'3'$3'O/0@!3#/%!H)0'3')%! ,/0'&%!8$H$7'+'3E!4)++)M/,!7E!3#/!$70)*H3'O/!8$H$8'3E!8)%03*683!$%,!'30! */+$3')%!3)!$!H67+'8!0/83)*!8)%3/Q3J!g/Q3!4)++)M0!$!2/3#),0!0/83')%!M#/*/!M/! ,/08*'7/!3#/!8$0/0!$%,!3#/'*!8#$*$83/*'03'80J!9670/R6/%3+E@!M/!H*/0/%3!3#/! $%$+E0'0!$%,!4'%,'%&0!3#*)6&#!3#/!,/O/+)H2/%3!)4!3M)!3#/2/0@!$%,!3#/! H$H/*!'0!8)%8+6,/,!M'3#!$!,'08600')%J!

R/9.*/9!058*9/!*/*-*,-*258!*/!(;?)*+!85+-.6!

=0!2/%3')%/,!$7)O/@!3#/*/!$*/!$!0/O/*$+!'%'3'$3'O/0!$'2/,!$3!'%3*),68'%&! ,/0'&%!3)!H67+'8!0/83)*!)*&$%'X$3')%0J!V#/!H*)`/830!)43/%!0/3!)63!3)!$8#'/O/!$! 0H/8'4'8!,/0'&%!)638)2/!'%!H$*$++/+!M'3#!$%!$00'2'+$3')%!)4!,/0'&%!$83'O'3'/0!'%! 3#/!*/&6+$*!H*$83'8/J!Y%/!/$*+E!'%'3'$3'O/!M$0!1'%,a$7!/03$7+'0#/,!'%! ./%2$*N!'%!:;;\!K?$0)%@!:;F;L@!$%,!$%)3#/*!2)*/!*/8/%3!/Q$2H+/!'0!3#/! 9H',/*!H*)`/83!K96HH)*3'%&!567+'8!0/83)*!<%%)O$3')%!60'%&!./0'&%!'%! Z6*)H/$%!>/&')%0L!+/,!7E!5.>!K9M'$3/N@!:;FGLJ!>6%%'%&!4)*!$+2)03!3#*//! E/$*0@!3#/!H*)`/83!$'2/,!cV)!,/2)%03*$3/!3#/!O$+6/!)4!0/*O'8/!,/0'&%!$0!$! H*)8/00!4)*!H67+'8!0/*O'8/!'%%)O$3')%!3#$3!8$%!$8#'/O/!8)03!0$O'%&0!4)*! H*)O',/*0!$%,!7/33/*!60/*!/QH/*'/%8/0!4)*!8'3'X/%0!3#*)6&#!3#/!H'+)30d! K9M'$3/N@!:;FG@!HJfLJ!=!3#'*,!H*)`/83!'0!3#/!A_!H)+'8E!+$7@!/03$7+'0#/,!'%!:;Fh@! M#/*/!3#/!$'2!#$0!7//%!3)!#/+H!H67+'8!H)+'8E!2$N/*0!/QH+)*/!$%,!,/O/+)H! %/M!8$H$7'+'3'/0!'%!)*,/*!3)!8*/$3/!H)+'8'/0!2)*/!'%!+'%/!M'3#!3#/!%//,0!)4! 8'3'X/%0!K_'27/++!v!1$8,)%$+,@!:;F\LJ!P)++)M'%&!3#/!A_!H)+'8E!+$7@!?$'+/E! $%,!a+)E,!K:;FGL!#$0!3$N/%!$!4'*03!03/H!3)M$*,0!6%,/*03$%,'%&!M#$3!#$HH/%0! )%!3#/!'%0',/!)4!3#/!)*&$%'X$3')%J!V#/E!#'&#+'&#3!0)2/!'2H)*3$%3!$0H/830!3)! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! F!V#/!8)%8/H3!#$0!H*/O')60+E!7//%!60/,!'%!036,'/0!)4!#)M!91Z0!$70)*7!,/0'&%!2$%$&/2/%3! 8$H$7'+'3'/0!K0//!4)*!/Q$2H+/!=8N+'%!K:;F^L!

(5)

F:fC! 8)%0',/*!M#/%!$33/2H3'%&!3)!'%3/&*$3/!,/0'&%!'%!H67+'8!H)+'8E@!068#!$0!3#/! H)+'3'8$+!8)%3/Q3!$%,!86+36*/@!3'2/08$+/!$%,!M#$3!'0!8)%0',/*/,!N%)M+/,&/J!! =%!$*&62/%3!4)*!,/O/+)H'%&!,/0'&%!8$H$7'+'3E!M'3#'%!H67+'8!0/83)*! )*&$%'X$3')%0!'0!3)!2$N/!,/0'&%!$!%$36*$+!H$*3!)4!,/O/+)H2/%3!M)*NJ! ZQ/2H+'4'/,!3#*)6&#!3#/!7/03!H*$83'8/!&6',/+'%/0!4*)2!3#/!95<.Z>!H*)`/83! K9M'$3/N@!:;FGLJ!9/*O'8/!,/0'&%!H*)`/830!$'2'%&!3)!76'+,!'%%)O$3')%!8$H$7'+'3E! 3/%,!3)!4)860!)%!,/0'&%!N%)M+/,&/!'%!3/*20!)4!0N'++0@!2/3#),0!$%,! H*)8/00/0@!763!%)3!H$E'%&!$33/%3')%!3)!)3#/*!4$83)*0!3#$3!2'&#3!$44/83!3#/! $7'+'3E!3)!60/!,/0'&%!'%!3#/!,/O/+)H2/%3!M)*NJ!1$%E!0/*O'8/!,/0'&%! 8$H$7'+'3E!76'+,'%&!H*)`/830!#$O/!$%!'%#/*/%3!H*/B8)%8/H3')%!)4!,/0'&%!0N'++0! $%,!2/3#),0!$0!3*$%04/**$7+/!3#*)6&#!3#/'*!$HH+'8$3')%!'%!0/*O'8/!,/0'&%! H*)`/830@!$0!0//%!'%!3#/!H*)`/830!*/4/**/,!3)!$7)O/J!V#/!N'%,0!)4!8$H$7'+'3'/0! 3#$3!$*/!76'+3!'%3)!3#/0/!2/3#),0@!$%,!#)M!$%,!'4!3#/!N%)M+/,&/!'0! 3*$%04/**$7+/!'0!*$*/+E!,'08600/,!K(/33/*BZ,2$%!$%,!1$+27/*&@!:;FGLJ!! P)*!/Q$2H+/!%)%/!)4!3#/!036,'/0!$7)O/!,'08600!0,7!3#/!N%)M+/,&/! 3*$%04/**/,!3#*)6&#!3#/!H*)`/830!'0!46*3#/*!,'00/2'%$3/,!$%,!$70)*7/,!7E! 3#/!)*&$%'X$3')%0J!_'27/++!v!1$8,)%$+,!K:;F\L!H)'%3!)63!3#$3!3#/!%/Q3!03/H! 4)*!3#/!)*&$%'X$3')%$+!+/$*%'%&!'%!3#/!A_!H)+'8E!+$7!H*)`/83!'0!3)!0H*/$,!3#/! N%)M+/,&/!$%,!/QH/*'/%8/!8*/$3/,!'%!3#/!H'+)30!4*)2!3#/!0H/8'4'8!'%,'O',6$+0! 3#$3!#$O/!3$N/%!H$*3!3)!3#/!H)+'8E!2$N'%&!)*&$%'X$3')%!$3!+$*&/J!W)M/O/*@! #)M!3#'0!H#$0/!/O)+O/0!'0!%)3!E/3!036,'/,!$%,!,'08600/,J! (/!$*&6/!3#/!'2H)*3$%8/!)4!036,E'%&!#)M!3*$%04/**/,!N%)M+/,&/!'0! ,'4460/,!4*)2!3#/!0H/8'4'8!H*)`/830!$%,!$00'2'+$3/,!'%!3#/!86+36*/@!H*)8/00/0! $%,!*)63'%/0!)4!H67+'8!)*&$%'X$3')%0J!

758*9/!%,(,?*)*->!

./0'&%!8$H$7'+'3E!'0!$%!/8+/83'8!8)%8/H3@!M#/*/!0)2/!$63#)*0!8)%%/83!3#/! 60/!)4!3#/!3/*2!3)!,/0'&%!N%)M+/,&/@!0N'++0!$%,!2/3#),0!K/J&J!>$/@!:;F\U! 1)6+3*'/@!"+$*N0)%!v!5*)7/*3!:;;lU!1)*3$3'@!]'+$*'!v!1$44/'@!:;FhL@!M#'+/! )3#/*0!*/+$3/!'3!3)!2$%$&/2/%3!H*$83'8/0!'%!3#/!)*&$%'X$3')%!K/J&J! "$%3$2/00$@!FCCCU!1)*3$3'!/3!$+J@!:;FhL!)*!3)!,/0'&%!+/$,/*0#'H!K1)*3$3'!/3! $+J@:;FhLJ!<%!268#!)4!3#/!+'3/*$36*/!'3!'0!$+0)!60/,!'%!$!*/'4'/,!2$%%/*@!2$N'%&! '3!,'44'86+3!4)*!3#/!*/$,/*!3)!6%,/*03$%,!M#$3!,/0'&%!8$H$7'+'3E!'2H+'/0J!V#'0! 7*)$,!60/!)4!3#/!8)%8/H3!2$E!)4!8)6*0/!H)0/!$!H*)7+/2!4)*!,/0'&%!%)O'8/! )*&$%'X$3')%0!$0!3#/E!$*/!/%8)6*$&/,!3)!,/O/+)H!3#/'*!,/0'&%!8$H$7'+'3EJ! (#/*/!,)!3#/E!03$*3@!M#$3!0#)6+,!3#/E!4)860!)%p!<3!'0!$+0)!$%!'006/!4)*! $8$,/2'$!M#/%!$33/2H3'%&!3)!,/O/+)H!N%)M+/,&/!$7)63!#)M!,/O/+)H2/%3! )4!,/0'&%!8$H$7'+'3E!'0!/%$7+/,!$%,!06HH)*3/,J!

(6)

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`/830!$'2'%&!3)!,/O/+)H! ,/0'&%!8$H$7'+'3E!'%!H67+'8!0/83)*!)*&$%'X$3')%0!$*/!4)860'%&!)%!'%3*),68'%&! 3#/!H*)8/00/0@!2/3#),0!$%,!3))+0!)4!0/*O'8/!,/0'&%@!$0!/Q/2H+'4'/,!7E!3#/! 95<.Z>!H*)`/83!K9M'$3/N@!:;FGL@!M'3#!3#/!&)$+!'%8*/$0/!$M$*/%/00!3#$3! ,/0'&%!$HH*)$8#/0!8$%!7/!O$+6$7+/!'%!3#/!)*&$%'X$3')%J!a'%!K:;Fh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fL!$%,!163$%/%!K:;;fL!$+0)!H)'%3!)63!3#$3!,/0'&%! 8$H$7'+'3E!'0!%)3!$!4'Q/,!3#'%&J!V#/E!$*&6/!3#$3!$%!)*&$%'X$3')%[0!,/0'&%! 8$H$7'+'3E!#$0!3)!/O)+O/!$%,!7/!6H,$3/,!$0!3#/!8)%,'3')%0!'%!$%,!$*)6%,!3#/! )*&$%'X$3')%!8#$%&/!K?),E@!:;;fU!163$%/%@!:;;f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

(7)

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

$?8.6(-*25!%,(,+*->!

V#/!$70)*H3'O/!8$H$8'3E!8)%03*683!M$0!4'*03!,/O/+)H/,!7E!")#/%!$%,! a/O'%3#$+!$%,!'0!,/4'%/,!$0!$%!)*&$%'X$3')%[0!$7'+'3E!c3)!*/8)&%'X/!3#/!O$+6/! )4!%/M@!/Q3/*%$+!'%4)*2$3')%!N%)M+/,&/@!$00'2'+$3/!'3!$%,!$HH+E!'3!3)! 8)22/*8'$+!/%,0d!K")#/%!$%,!a/O'%3#$+@!FCC;@!HJF:fLJ!V#/!%/M!/Q3/*%$+! N%)M+/,&/!8$%!7/!)4!O$*E'%&!N'%,0@!'%8+6,'%&!3/8#%)+)&'8$+!,/O/+)H2/%30! 068#!$0!%/M!2$3/*'$+0!)*!H*),683')%!H*)8/00/0@!$%,!M$E0!3)!)*&$%'X/@!M)*N! M'3#!8#$%&/!2$%$&/2/%3!)*@!$0!'%!3#'0!8$0/@!,/0'&%!N%)M+/,&/J!=+3#)6&#! 3#/!8)%03*683!)*'&'%$3/0!4*)2@!$%,!3)!$!+$*&/!/Q3/%3!#$0!7//%!,/O/+)H/,! 3#*)6&#!036,'/0!)4!8)22/*8'$+!)*&$%'X$3')%0@!'3!#$0!*/8/%3+E!$+0)!7//%! $HH+'/,!3)!$%,!036,'/,!'%!%)%B2$*N/3!8)%3/Q30!K/J&J!W$*O/E@!9N/+8#/*@! 9H/%8/*@!D$0!v!($+0#/@!:;F;U!>'8#$*,0!v!.6Q76*E@!:;FhLJ! =43/*!$!3#)*)6&#!+'3/*$36*/!*/O'/M!)4!3#/!8)%8/H3@!a$%/@!_)N$!$%,!5$3#$N! K:;;GL!#$O/!,/4'%/,!'3!$0!$%!)*&$%'X$3')%[0!$7'+'3E!3)!63'+'X/!%/M!/Q3/*%$+! N%)M+/,&/!3#*)6&#!3#*//!0/R6/%3'$+!H*)8/00/0!K0//!4'&6*/!:LJ!

(8)

F:C:! ' K%8"*)'X;'B-',*83-%G3/%,-W('3#(,*2/%+)'&323&%/6'%('135)'"2',.'/0*))'()C")-/%3$' 2*,&)(()('/0*,"80'70%&0'/0)',*83-%G3/%,-'"/%$%G)('-)7')E/)*-3$'?-,7$)58)' f3532/)5'.*,1'`3-)')/'3$;4'XVVUg;'

B-/)&)5)-/(',.'3#(,*2/%+)'&323&%/6'

5*')*!*/+$3/,!N%)M+/,&/!'0!7*)6&#3!4)*M$*,!$0!$!2$'%!$%3/8/,/%3!3)! $70)*H3'O/!8$H$8'3E!$0!'3!'0!/$0'/*!3)!*/8)&%'X/!$%,!4'%,!O$+6/!'%!N%)M+/,&/! 3#$3!)%/!8$%!0)2/#)M!*/+$3/!3)@!$88)*,'%&!3)!")#/%!$%,!a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a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

(9)

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v!.6Q76*E@!:;FhLJ!?E! H*)O','%&!8)%3/Q36$+!'%4)*2$3')%@!2',,+/!2$%$&/*0!8$%!06HH)*3!&*)6H! 2/27/*0[!6%,/*03$%,'%&!)4!3#/!*/+/O$%8/!)4!3#/!%/M!/Q3/*%$+!N%)M+/,&/! K'7',L@!3#60!06HH)*3'%&!$00'2'+$3')%J!V#'0!*/+$3/0!3)!3#/!,'08600')%!)4! &$3/N//H/*0[!$%,!3*$%04/*!$&/%30[!*)+/0!'%!3#/!,'4460')%!)4!%/M!N%)M+/,&/!7E! ")#/%!$%,!a/O'%3#$+!KFCC;LJ!V#/0/!*)+/0!$*/@!$88)*,'%&!3)!>'8#$*,0!$%,! .6Q76*E!K:;FhL@!3EH'8$++E!H+$E/,!7E!2',,+/!2$%$&/*0J!>'8#$*,0!$%,!.6Q76*E! K:;FhL!8)%8+6,/!3#$3!'3!'0!'2H)*3$%3!3#$3!h1%55$)'13-38)*('"-5)*(/3-5'/0)' ,*83-%G3/%,-:('(/*3/)86'3-5'/0)%*'*,$)'%-'/0)'?-,7$)58)9"/%$%G3/%,-'2*,&)((i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

(10)

F:Ch! 3#$3!$88/H30!,/7$3/!K'7',JLJ!Y*&$%'X$3')%0!M#/*/!2/27/*0!$*/!/%8)6*$&/,! 3)!c0H/$N!6Hd!$%,!$8N%)M+/,&/!2'03$N/0!$+0)!3/%,!3)!+/$*%!4$03/*!3#$%! )*&$%'X$3')%0!M#/*/!3#/!2/27/*0!$*/!/QH/83/,!3)!`603!4)++)M!3#/!86**/%3! *)63'%/0!K>'8#$*,0!v!.6Q76*E@!:;FhLJ!<%!&/%/*$+@!$%3/8/,/%30!8)%%/83/,!3)! 8)27'%$3'O/!8$H$7'+'3'/0!$%,!)*&$%'X$3')%$+!03*6836*/0!068#!$0!86+36*/@! H*)8/00/0!)*!0'+)0!$*/!)4!2)*/!'2H)*3$%8/!3#$%!H*')*!*/+$3/,!N%)M+/,&/!'%! 3#/!H67+'8!0/83)*!8)%3/Q3@!$88)*,'%&!3)!>'8#$*,0!$%,!.6Q76*E!K:;FhLJ!V#/! '%4+6/%8/!)4!8)27'%$3'O/!8$H$7'+'3'/0!8$%!$+0)!7/!*/8)&%'X/,!'%!3#/! ,'08600')%!)4!7$**'/*0!3)!'%%)O$3')%!$%,!,/O/+)H2/%3!M'3#'%!H67+'8!0/83)*! 7E@!4)*!/Q$2H+/@!?$0)%!K:;F;L!$%,!16+&$%!K:;Fh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

)

K%8"*)'Y;'B-/)&)5)-/('%-.$")-&%-8'5%..)*)-/'3(2)&/(',.'/0)'3#(,*2/%+)'&323&%/6;'

T5-<.0!

V#'0!H$H/*!0/3!)63!3)!,/O/+)H!N%)M+/,&/!*/+$3'%&!3)!3#/!'%3/&*$3')%!)4! ,/0'&%!8$H$7'+'3E!'%!H67+'8!)*&$%'X$3')%0J!A0'%&!$%!$70)*H3'O/!8$H$8'3E! 4*$2/M)*N!K")#/%!v!a/O'%3#$+@!FCC;U!a$%/!/3!$+J@!:;;GL!M/!$*/!'%3/*/03/,!'%! N%)M'%&!2)*/!$7)63!#)M!H67+'8!)*&$%'X$3')%0!*/8)&%'X/!O$+6/!'%@!$00'2'+$3/! $%,!/QH+)'3!3#/!,/0'&%!N%)M+/,&/!3*$%04/**/,!3#*)6&#!,/0'&%!8$H$7'+'3E! 76'+,'%&!H*)`/830J!P)*!3#'0!H6*H)0/!3#/!$63#)*0!0/+/83/,!3#*//!H*)`/830! '%3/%,/,!3)!'%3*),68/!0/*O'8/!,/0'&%!N%)M+/,&/@!4)*!*/%/M$+!)4!H67+'8!0/83)*! #/$+3#8$*/J!V#/!H*)`/830!M/*/!'%'3'$3/,!7E!$%!'%'3'$3'O/!0/3!6H!3)!4$8'+'3$3/!3#/!

(11)

F:C\! 2//3'%&!)4!#/$+3#8$*/!$%,!,/0'&%!M'3#'%!$!8)6%3E!8)6%8'+J!<%!3#/!2'00')%! 03$3/2/%3!4)*!3#/!'%'3'$3'O/!'3!'0!03$3/,!3#$3!3#/!'%'3'$3'O/!0#$++!4$8'+'3$3/!$! 2//3'%&!7/3M//%!#/$+3#8$*/!$%,!,/0'&%J!<%!3#/!2//3'%&!N%)M+/,&/@! /QH/*'/%8/0!$%,!0N'++0!0#$++!7/!,/O/+)H/,!$%,!0#$*/,J!V#/!4)860!0#)6+,!7/!3)! /%$7+/!'%O)+O/2/%3@!03'26+$3/!86*')0'3E!$%,!8#$++/%&/!3*$,'3')%0J!V#/! H*)`/830!M/*/!8)%,683/,!'%!8)++$7)*$3')%!M'3#!/Q3/*%$+!,/0'&%!$&/%8'/0@!$0! M/++!$0!'%3/*%$+!,/0'&%!8)2H/3/%8/@!$%,!$++!M/*/!8)2H+/3/,!M'3#'%!3#/!4'*03! 3M)!E/$*0!)4!3#/!'%'3'$3'O/[0!)H/*$3')%J!V#/!3#*//!H*)`/830!,'44/*!0)2/M#$3!'%! 08)H/!$%,!)*&$%'X$3')%!K0622$*'X/,!'%!V$7+/!:L@!M#'8#!H*)O',/0!$!*'8#! 0)6*8/!4)*!'%3/*H*/3$3')%J! V#/!H*)`/830!#$O/!7//%!036,'/,!3#*)6&#!0/2'B03*6836*/,!'%3/*O'/M0!M'3#! H$*3'8'H$%30!$0!M/++!$0!H*)`/83B,)862/%3$3')%J!V#/!0/8)%,!$63#)*!'0!$!H$*3B 3'2/!/2H+)E//!)4!8)6%3E!8)6%8'+!=@!763!,',!%)3!3$N/!$83'O/!H$*3!'%!3#/! 0/+/83/,!H*)`/830J!V#/!H*)`/83!,)862/%3$3')%!0/*O/,!3)!H*)O',/!$!8)%3/Q36$+! 6%,/*03$%,'%&!)4!3#/!*/0H/83'O/!H*)`/830@!M#'+/!3#/!6%'3!)4!$%$+E0'0!4)*!3#'0! H$H/*!'0!3#/!'%3/*O'/M0J! =%!$7,683'O/!$HH*)$8#!M$0!60/,!4)*!$%$+EX'%&!3#/!2$3/*'$+J!<%!3#/! $%$+E0'0!M/!#$O/!,/+'7/*$3/+E!2)O/,!7/3M//%!3#/)*E!$%,!/2H'*'8$+!,$3$@! M'3#!3#/!/QH+'8'3!$'2!3)!'%3/*H*/3!$%,!6%,/*03$%,!3#/!2$3/*'$+!$%,!3)!4'%,! H$33/*%0!K=+O/00)%!v!9Nr+,7/*&@!:;;fLJ!<%!0)!,)'%&!3#/!2/3#),!60/,!'0! '%0H'*/,!7E!3#/2$3'8!$%$+E0'0!K?*$6%!v!"+$*N!:;;GL@!60'%&!G!,'44/*/%3!H#$0/0! )4!$%$+E0'0@!4*)2!4$2'+'$*'X'%&!M'3#!3#/!2$3/*'$+!KFL@!8),'%&!K:L@!0/$*8#'%&!K^L! $%,!*/O'/M'%&!KhL!3#/2/0@!$%,!/+$7)*$3'%&!$%,!%$2'%&!K\L!3#/2/0!$%,! 4'%$++E!M*'3'%&!3#/!*/H)*3!KGLJ!W)M/O/*@!$0!2/%3')%/,!$7)O/!3#/!$%$+E0'0!#$0! %)3!7//%!)%+E!/2H'*'8$++E!,*'O/%!763!$+0)!'%4)*2/,!7E!H*/O')60!3#/)*EJ!<%! H$*3'86+$*!H#$0/!3M)!'%8+6,/,!7)3#!H*/O')60+E!,/4'%/,!8),/0!4*)2!3#/! $70)*H3'O/!8$H$8'3E!+'3/*$36*/!$%,!/2H'*'8$++E!&/%/*$3/,!8),/0@!M#'+/!H#$0/0! hB\!M/*/!/R6$++E!'%4)*2/,!7E!H*/O')60!+'3/*$36*/!$%,!,/O/+)H/,!7E!3#/! $63#)*0!'%!8)++$7)*$3')%J! <%!3)3$+@!Fl!'%3/*O'/M0!M'3#!H*)`/83!H$*3'8'H$%30!$%,!2$%$&/*0!$3! ,'44/*/%3!+/O/+0!M'3#'%!3#/!H67+'8!#/$+3#!8$*/!)*&$%'X$3')%0!M/*/!8)%,683/,@! /$8#!+$03'%&!h;!2'%B:!#*0J!<%!$,,'3')%@!G!'%3/*O'/M0!M'3#!,/0'&%/*0!M/*/! 8)%,683/,!K%)3!'%8+6,/,!'%!3#/!$%$+E0'0!#/*/!0'%8/!'3!4$++0!)630',/!3#/!08)H/! )4!3#/!H$H/*L@!M#'8#!4)860/,!)%!3#/!)*&$%'X$3')%$+!H/*0H/83'O/J!V#/E!#$O/! #)M/O/*@!0/*O/,!3)!8*/$3/!$%!6%,/*03$%,'%&!)4!3#/!H*)`/830J!V#/!*/0H/83'O/! '%3/*O'/M/*!3*$%08*'7/,!3#/!'%3/*O'/M0@!$%,!3#/!3*$%08*'H30!M/*/!3#/%!0#$*/,! 7/3M//%!3#/!$63#)*0!4)*!4$2'+'$*'X$3')%!M'3#!3#/!2$3/*'$+J!=!4'*03!8),'%&!)4!$! 02$++/*!0$2H+/!)4!3#/!2$3/*'$+!M$0!8)%,683/,!7E!7)3#!*/0/$*8#/*0! '%,'O',6$++E!$%,!3#/%!8)2H$*/,J!"),/0!M/*/!,'08600/,!$%,!%/&)3'$3')%0!)4!

(12)

F:CG! ,'O/*&/%3!'%3/*H*/3$3')%0!M/*/!8)%,683/,J!V#'0!H*)8/,6*/!M$0!3#/%! */H/$3/,!4)*!$++!3#/!3*$%08*'H30J! >3#$)'XH'B-3$6G)5'2*,A)&/('3-5'/0)%*'&03*3&/)*%(/%&(' !

$/,)>8*8!,/0!3*/0*/98!

.6*'%&!H#$0/!h!0/O/*$+!3#/2/0!M/*/!8)%03*683/,@!068#!$0-!3/%0')%0! 7/3M//%!'%,'O',6$+!$%,!03*6836*$+!*/0H)%0'7'+'3E@!/QH/*'/%8/!$0!7$0/0!4)*! 0#'43!)4!H/*0H/83'O/0@!3#/!3*$%0'3')%!4*)2!H*)`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

(13)

F:Cl! 0'2'+$*!)*!,'44/*/%3!3#/!,/0'&%!$HH*)$8#!0//2/,!3)!3#/!$+*/$,E!N%)M%J! V#/0/!3#/2/0!M/*/!3#/%!/+$7)*$3/,!)%!$%,!2/*&/,!'%3)!3#/!4)++)M'%&!3M)! 8)*/!3#/2/0-!

>,/3$$6'-)7',*'A"(/'/0)'(31)'3('7):+)'3$736('5,-)p'

9)8'$+'X$3')%!8$H$7'+'3'/0@!068#!$0!86+36*/!$%,!8)22)%!+$%&6$&/@!$0!M/++! $0!H*')*!N%)M+/,&/@!#$O/!7//%!H)'%3/,!)63!'%!3#/!$70)*H3'O/!8$H$8'3E! +'3/*$36*/!$0!'2H)*3$%3!'%4+6/%8/0!)%!3#/!$70)*H3')%!)4!%/M!N%)M+/,&/!K]$%! ,/%!?)08#!/3!$+J@FCCCLJ!=+0)!'%!3#'0!,$3$!2$3/*'$+!3#/0/!$0H/830!$*/! */8)&%'X/,!'%!*/+$3')%!3)!#)M!3#/!H$*3'8'H$%30!$HH*)$8#/,!3#/!,/0'&%! H*)`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b'`LBO'03('#))-'"()5'3('7)$$4'-,/'/03/'<'03+)'"()5'%/'*)3$$64'#"/'/03/' ,-)'/*%)('/,'13?)'C"%&?'(13$$'&03-8)('3-5'/)(/'/0)1'%11)5%3/)$64'%-' 3' (13$$' 8*,"2' 3-5' /0)-' /,' &,-/%-")' .,*73*5' .*,1' /03/;' @,' <' 5,-:/' *)3$$6'())'3-6'13A,*'5%..)*)-&)'q%-'/0)'736'7)'3*)'"()5'/,'7,*?%-8r'/,' /0)'5)(%8-'1)/0,5,$,86;'>0)*)'1%80/'#)'(,1)'/0),*)/%&3$'5%..)*)-&)(J' /0)*)'1%80/'#)',/0)*'/0),*)/%&3$'#3&?8*,"-5('/03/'<'5,-:/'?-,7;']"/' /0)-'%/'q/0)'5)(%8-'322*,3&0r4'%('3$(,'#3()5',-'/0)')E2)*%)-&)',.'/0)' ()*+%&)'3-5'%/W('3-')-,*1,"('5%..)*)-&)',.'&,"*();'P,7)+)*4'/0)'/,,$(' ,*'s703/'(0,"$5'<'(364'/0)'1)/0,5('3*)'(%1%$3*'%-'3-6'5)+)$,21)-/' 7,*?;iX't'!*,A)&/'13-38)*4'!*,A)&/'Z' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :!=++!R6)3/0!$*/!3*$%0+$3/,!3)!Z%&+'0#!7E!3#/!$63#)*0J!

(14)

F:Cf! 9/8)%,+E@!3#/!8)%3/Q3!'%!M#'8#!3#/!$83'O'3'/0@!$%,!3#60!3#/!%/M! N%)M+/,&/@!'0!'%3*),68/,!$%,!#)M!'3!'0!H)*3*$E/,@!0//2!3)!'%4+6/%8/!3#/! H$*3'8'H$%3[0!$7'+'3E!3)!8)%%/83!3#/!%/M!N%)M+/,&/!3)!3#/'*!)M%!H*$83'8/0J!<%! 5*)`/83!?!4)*!/Q$2H+/!3#/!H$*3'8'H$%30!M/*/!2)O/,!)630',/!3#/'*!)M%! 8)%3/Q3!7E!&)'%&!3)!3#/!,/0'&%!$&/%8E!?[0!)44'8/!'%!}"$H'3$+~!4)*!3#/! M)*N0#)H0J!./0'&%!M$0@!'%!3#'0!0'36$3')%@!0//%!$0!0)2/3#'%&!R6'3/!4)*/'&%! 4*)2!3#/'*!/O/*E,$E!8)%3/Q3J!=+3#)6&#!3#/!H$*3'8'H$%30!8$**'/,!)63! 06703$%3'$+!H$*30!)4!3#/!H*)`/83!M'3#'%!3#/!#/$+3#8$*/!8)%3/Q3@!7/3M//%!3#/! M)*N0#)H0!M'3#!,'03$%8/B8)$8#'%&!)4!,/0'&%/*0@!3#/!H$*3'8'H$%30!3$+N!$7)63! 3#/!$83')%B+/$*%'%&!H*)`/83!$0!0)2/3#'%&!c8))+d!$%,!cO/*E!,'44/*/%3dJ!V#/! H*)8/00!'0!H/*8/'O/,!$0!8)%460'%&!$%,!/E/!)H/%'%&!$3!3#/!0$2/!3'2/J!! bc)('3-5'/0)-'%/'73('3'-)7'1)/0,5's3'.,*)%8-'7,*$5;'>0)()'7)*)'/0)' 2),2$)'70,'035'5)(%8-)5'/0)'(/3/)'/)$)+%(%,-:('2$36'&03--)$'.,*'?%5(4' ,?364'0"1s'0,7'7,"$5'/0)6'#)',.'0)$2'/,'0)3$/0&3*)p'>03/'73('16' /0,"80/(;' ]"/' /,536' <' #)$%)+)' /0%(' %(' 3' 8,,5' 736' /,' .*31)' 2*,#$)1' 3*)3(' 3-5' ,22,*/"-%/%)(' .,*' 5)+)$,21)-/;b' t' B51%-%(/*3/,*' B&/' ,-' @"22,*/'3-5'@)*+%&)'/,'&)*/3%-'<123%*)5'!)*(,-(4'2*,A)&/']' <%!5*)`/83!=!$%,!"!$++!$83'O'3'/0!M/*/!8$**'/,!)63!$3!3#/!#/$+3#8$*/! 4$8'+'3'/0!7E!3#/!,/0'&%/*0!M#)!3*$O/++/,J!V#/!8)%%/83')%0!2$,/!7/3M//%!3#/! %)*2$+!H*$83'8/0!$%,!3#/!,/0'&%!M)*N!,'44/*0!'%!3#/0/!8$0/0!8)2H$*/,!3)! 5*)`/83!?J!V#/!4$2'+'$*!/%O'*)%2/%3!0//20!3)!06HH)*3!3#/!H$*3'8'H$%30! 6%,/*03$%,'%&!)4!#)M!3#/!%/M!N%)M+/,&/!8$%!*/+$3/!3)!3#/'*!H*)4/00')%$+! H*$83'8/!$%,!,)M%H+$E0!3#/!$'*!)4!2$&'8!3#$3!$3!3'2/0!06**)6%,0!,/0'&%J! =+3#)6&#!3#/*/!M$0!$!H*)%)6%8/,!+/$*%'%&!$'2!'%!H*)`/83!?@!3#/!4)860! 36*%/,!3)!,/0'&%!)638)2/0@!06&&/03'%&!,'44'86+3'/0!'%!$70)*7'%&!3#/! N%)M+/,&/!3#*)6&#!3#/0/!H*)`/830J!W/*/!M/!0//!$!86+36*$+!'%4+6/%8/U!$!O/*E! 03*)%&!4)860!)%!3#/!*/&6+$*!H$3'/%3!2//3'%&0!2$N/0!,/O/+)H2/%3!)*! '2H*)O/2/%3!M)*N!,'03$%3!$%,!6%4$2'+'$*!3)!2)03!4*)%3+'%/!H/*0)%%/+[0! /O/*E,$E!M)*N@!/O/%!3#)6&#!3#'0!'0!03$3/,!'%!3#/'*!`)7!,/08*'H3')%0J!1$N'%&! ,/0'&%!N%)M+/,&/!,'44'86+3!3)!*/+$3/!0'%8/!'3!'0!8)%%/83/,!3)!,/O/+)H2/%3! M)*NJ!V#/!H$*3'8'H$%30!M/*/!O/*E!8)%062/,!M#'+03!7/'%&!'%!3#/!H*)`/83@!763! $0!3#/!H*)`/83!/%,/,@!3#/E!M/*/!%)3!$7+/!3)!'%3/&*$3/!3#/!,/0'&%!N%)M+/,&/! '%!3#/'*!)M%!H*$83'8/0J!V#'0!'0!46*3#/*!,'08600/,!'%!3#/!%/Q3!3#/2/J! <%!H*)`/83!=!$%,!"@!M#/*/!3#/!,/0'&%!M)*N!M$0!8)%,683/,!'%!3#/!#/$+3#! 8$*/!8)%3/Q3!$%,!$0!068#!#$,!3)!$,`603!3)!3#/!86+36*/!$%,!H*$83'8/0!$+*/$,E! H*/0/%3@!3#/!$HH+'8$3')%!)4!3#/!%/M!N%)M+/,&/!0//20!3)!#$O/!7//%!/$0'/*J! V#'0!+/$,0!3)!3#/!3#'*,!4$8/3@!'%!M#'8#!3#/!'%,'O',6$+!/QH/*'/%3'$+!+/$*%'%&! H+$E0!$!O'3$+!*)+/J!!

(15)

F:CC! <%!3#/0/!H*)`/830!3#/!H$*3'8'H$%30!/2H#$0'X/,!3#/'*!)M%!/QH/*'/%3'$+! +/$*%'%&!$%,!#)M!3#'0!H)3/%3'$++E!#$0!8#$%&/,!#)M!3#/E!0//!$%,!$83!6H)%! 3#'%&0!$43/*!3#/!H*)`/830!/%,/,J!9//!4)*!/Q$2H+/!3#/!R6)3/!4*)2!$!%6*0/! M'3#!h;!E/$*0!)4!/QH/*'/%8/!M#)!$83/,!$0!$!H$3'/%3!'%!3#/!8$*/!8))*,'%$3')%! H*)`/83J! iB-5'3/'/0)'(31)'/%1)4'<'#)&31)'/0)'23/%)-/'q/0)'23*/%&%23-/'(/*)(()(' 0,7'(0)'#)&31)'/0)'23/%)-/r;'>0)6'2"/',-'3'23%*',.'&0)32'8$3(()('/03/' /,,?'3736'16'(%80/4'3-5'%-'/03/'1,1)-/'(,1)/0%-8'&03-8)5'.,*'1);b'' qsr' bK,*'1)4'%/'3..)&/)5'16'7,*?'5%*)&/$6;'<'(/3*/)5'/,'.))$'3(031)54'<'035' /0,"80/'<'73('3'2*)//6'8,,5'-"*()'70,'?-)7'16'A,#4'3-5'<'2*,#3#$6' 5%54'#"/'<'035'136#)'-,/'/3?)-'/0)'2)*(2)&/%+)',.'/0)'23/%)-/;'R)'/3$?' (,' -%&)$6' 3#,"/' 23/%)-/' &)-/)*)5' &3*)' 3-5' /0)' 23/%)-/' %-' .,&"(;' </:(' +)*6' 2,2"$3*' #"/' -,7' ("55)-$6' 7)' 7)*)' ("22,()5' /,' ())' 7%/0' /0)' 23/%)-/:(')6)(4'0,7'5,)('%/'.))$'/,'$36'/0)*)'3-5'&,"-/'/0)'5,/('%-'/0)' &)%$%-8' ,*' ())' /0,()' $%80/(' 23((%-8' ,+)*0)35' #6' 7%/0,"/' 03+%-8' 3-6' 2,7)*',+)*'70)*)'<:1'/3?)-'.,*')E312$);'B-5'%/'3..)&/)5'1)'5%*)&/$6' %-'16'53%$6'7,*?;'B$$'/0,()'/0%-8('/03/'&31)4'$3*8)'3-5'(13$$'uusuu'</' 3..)&/)5' 16' 7,*?' 3/' NBmB' f1)5%&3$' )1)*8)-&6' 73*5g' #)&3"()' 3./)*73*5('%/'73(',./)-'3#,"/'#)%-8'3#$)'/,'(/,2'.,*'03$.'3'()&,-5'3-5' 3(?' 16()$.' %.' %/' 73(' (,' )E/*)1)$6' %12,*/3-/' /,' 2"/' ,-' /03/' #$,,5' 2*)(("*)' &"..' -,7' ,*' (0,"$5' <' $)/' /0)' 23/%)-/' #*)3/0' 3' .)7' 1%-"/)(4' (0,7'70)*)'/0)'/,%$)/('3*)4'8)/'3'8$3((',.'73/)*'/,'&*)3/)'3'2,(%/%+)' (%/"3/%,-4'3-5'/3?)'%-'/0)'23/%)-/:('-))5(;i't''O"*()4'!*,A)&/'B' <%!3#'0!R6)3/!3#/!%6*0/[0!,'*/83!/QH/*'/%8/!)4!7/8)2'%&!$!H$3'/%3!#$0! $+3/*/,!#/*!6%,/*03$%,'%&J!9#/!8$%!8)%%/83!3)!$+*/$,E!N%)M%!8)%8/H30@!$%,! ',/%3'4E!'%!M#$3!M$E0!3#'0!$HH*)$8#!,'44/*0!4*)2!3#/!M$E!0#/!$%,!3#/! )*&$%'X$3')%!'0!60/,!3)!M)*NJ!a$3/*!'%!3#/!'%3/*O'/M!0#/!0$E0!3#$3!'3!M$0!'%! 3#/!M)*N0#)H0!3#/!*/4+/83')%!3))N!H+$8/!$%,!0#/!8)6+,!2$N/!3#/!8)%%/83')%! 7/3M//%!#/*!/QH/*'/%8/0!$%,!#/*!)M%!H*)4/00')%$+!H*$83'8/J! W)M!,/0'&%!'0!H*/0/%3/,@!H)*3*$E/,!$%,!$83/,!)63!'%!*/&$*,0!3)!3#/! )*&$%'X$3')%[0!H*/B6%,/*03$%,'%&0!)4!3#/!0H/8'4'8!$HH*)$8#!0//20!8*'3'8$+J! W)M!3#/!0H/8'4'8!H*)`/83@!2/3#),!$%,!$HH*)$8#/0!$*/!4*$2/,!$0!0'2'+$*!)*! 6%B0'2'+$*!3)!/Q'03'%&!H*$83'8/0@!$%,!3)!M#$3!/Q3/%3!3#/!H*)`/830!'%8+6,/! 0H$8/!4)*!*/4+/83')%!$*/!)3#/*!'2H)*3$%3!4$83)*0J!

(16)

F^;;!

K*,1')E2$,*3/,*6'/,'/*3-(.,*13/%+)4'5%.."(%,-'3-5'"20,$5%-8'

,.'?-,7$)58)'

1)03!*/0H)%,/%30!'%!3#/!'%3/*O'/M0!$43/*!3#/!H*)`/830!&$O/!/Q$2H+/0!)4! #)M!3#/E!2$E!63'+'X/!,/0'&%!$HH*)$8#/0!60/,!$%,!3$6&#3!'%!3#/!*/0H/83'O/! H*)`/830!'%!3#/'*!)M%!H*$83'8/@!M#'8#!'2H+'/0!3#$3!3#/E!*/8)&%'X/!O$+6/!'%!3#/! %/M!N%)M+/,&/J!! b<:1'2*,#3#$6'3('#%3()5'3(')+)*6,-)')$()4'<'/0%-?'<'?-,7'0,74'/0%('%(' 0,7'%/'7,*?('3-5'/0%('%('0,7'/0)'23/%)-/(')E2)*%)-&)'%/;']"/'<:1'1,*)' &,-+%-&)5' -,7' 3./)*' /0%(' /03/' /0%(' %(' 0,7' 7)' (0,"$5' 7,*?;' R)' &3-' ()-5',"/'("*+)6(4'7)'&3-'5,'%-/)*+%)7('#"/'<'5,-:/'/0%-?'7)'&3-'*)3&0' 703/'7)'5%5'0)*)'/03/'736;i't'B((/;'Q2)*3/%,-('N3-38)*4'2*,A)&/'B' W)M/O/*!'%!3#/!036,'/,!8$0/0!M/!0//!3#$3!3#/!)*&$%'X$3')%!)4!3#/! H*)`/830!#$O/!H*'2$*'+E!06HH)*3/,!3#/!/QH+)*$3)*E!+/$*%'%&!H#$0/J! >/0H)%,/%30!4*)2!$++!H*)`/830!8)22/%3!)%!3#/!,'44'86+3E!3)!6H#)+,!$%,! ,'4460/!3#/!3*$%04/**/,!N%)M+/,&/J!.'4460')%!)*!6H#)+,'%&!N%)M+/,&/! 3*$%04/**/,!$%,!76'+3!3#*)6&#!H*)`/830!$*/!H$*30!)4!3#/!3*$%04)*2$3'O/! +/$*%'%&!H*)8/00!'%!$70)*H3'O/!8$H$8'3E!$0!,/08*'7/,!7E!a$%/!/3!$+J!K:;;GLJ! 9)2/!H$*3'8'H$%30!,/08*'7/!$!0+'&#3!4*603*$3')%!)O/*!#)M!$43/*!3#/!H*)`/830! #$O/!/%,/,!%)3#'%&!2)*/!#$0!*/$++E!#$HH/%/,J!V#'0!'2H+'/0!,'44'86+3'/0!'%! 2)O'%&!4*)2!3#/!/QH+)*$3)*E!+/$*%'%&!H#$0/!3)!3#/!3*$%04)*2$3'O/@!M#/*/! 3#/!N%)M+/,&/!'0!$00'2'+$3/,!'%!3#/!)*&$%'X$3')%$+!*)63'%/0@!H*)8/00/0!$%,! 03*6836*/0J! V#/!*/0H)%0'7'+'3E!4)*!6H#)+,'%&!7)3#!,'*/83!,/0'&%!*/06+30@!068#!$0!',/$0! )*!H*)3)3EH/0@!$%,!3#/!N%)M+/,&/!&/%/*$3/,!3#*)6&#!3#/!H*)`/830!#$0!3)!$! +$*&/!/Q3/%3!7//%!H+$8/,!)%!3#/!'%,'O',6$+!H$*3'8'H$%30!4*)2!3#/!H*)`/830J! 93*6836*$+!06HH)*3!'0!+$8N'%&!4)*!,'4460')%!)4!3#/!N%)M+/,&/!3)!)3#/*! 2/27/*0!)4!3#/!)*&$%'X$3')%!$%,!4)*!H*$83'8'%&!3#/!&$'%/,!N%)M+/,&/J! P6*3#/*@!06HH)*3!4)*!3#/!3*$%0'3')%!4*)2!/QH+)*$3')%!3)!3*$%04)*2$3')%!$%,! $00'2'+$3')%!M$0!%)3!'%8+6,/,!'%@!)*!4$8'+'3$3/,!7E!3#/!H*)`/830J! hR)' q/0)' 23*/%&%23-/(r' 8,/' /,' 7*%/)' 3' #%/' 3#,"/' 0,7' 7)' ,"*()$+)(' &,"$5'&3**6'/0%(',-4'#"/'5)2)-5%-8',-',"*'*)8"$3*'2,(%/%,-(4',-)'.*,1' /0)' 5)-/3$' &3*)4' 1)' .*,1' /0)' 13/)*-%/6' &$%-%&' 3-5' ,-)' .*,1' /0)' &0%$5*)-:('&$%-%&;'R)'03+)4'7)'035'SVVv')12$,61)-/'70)*)'7)'7)*);' B-5'/0)-'%/'#)&,1)('.*"(/*3/%-8'/,'-,/'?-,7'q703/'7)'3*)')E2)&/)5' /,'5,'-)E/r;'R)'&3-:/'5,'/0%(',-'/,2',.'/03/4'%/'03('/,'#)'5)&%5)5'#6' 13-38)1)-/'/03/'/0%('%('(,1)/0%-8'7)'q/0)'&,"-/'&,"-&%$r'7%$$'%-+)(/' %-' 3-5' %/' &3-' /3?)' /0%(' 1"&0' /%1);' ]"/' /0,()' 5)&%(%,-(' 5%5-:/' &,1)'

(17)

F^;F! 70%$)'<'73('/0)*)'3/'$)3(/'q/0)'*)(2,-5)-/'03+)'(%-&)'$)./'0)*'2,(%/%,-' .,*' 3-,/0)*' ,*83-%G3/%,-r;' </' 73(' 3' .*"(/*3/%,-' 3-5' 3' 2%/6' #)&3"()' <' 7,"$5' 03+)' $,+)5' /,' /*3-(.)*' %/' ."*/0)*4' 3-5' 7)' 7)*)' *)3$$6' (,' +)*6' 2(6&0)5'/,'5,'%/'/,,;i't'I%(/*%&/'-"*()4'2*,A)&/']'' hs'<'.))$'/03/'%.',-)'/3?)('23*/'%-'("&0'3-')5"&3/%,-4'/0)-'/0)*)'3$(,' 03('/,'#)'(,1)'(,*/',.'.,$$,7'"2'3./)*73*5(;'`%?)4'7)$$'0,7'.3*'03+)' 6,"' 8,//)-' -,7p' B-5' 6,"' 1%80/' -))5' (,1)' ("22,*/' /,' 8)/' ."*/0)*;' Q/0)*7%()' /0)*)' %(' 3' 8*)3/' *%(?' %/' 7%$$' 2)/)*' ,"/;' O,7' %/' 5)2)-5(' ,-' 0,7'3&/%+)'6,"'3*)'6,"*()$.4'3-5'0,7'1"&0'*)(%(/3-&)'6,"'1))/;'c,"' 1%80/' -))5' (,1)' ("22,*/' 7%/0' /0)' *)(%(/3-&)' /,,4' 0,7' 5,' 7)' &,-/%-")'/,'8)/'/0%('/0*,"80p'])&3"()'6,"'03+)'6,"*'*)8"$3*'7,*?'/,,' (,' %/' &3-:/' #)' /,,' 1"&0' *)(%(/3-&)4' /0)-' 6,"' 1%80/' 8%+)' "2;i' t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

7*8+;88*./!

V#'0!036,E!0/3!)63!3)!/QH+)*/!#)M!,/0'&%!N%)M+/,&/!'0!3*$%04/**/,!'%3)! $%!)*&$%'X$3')%!3#*)6&#!0/*O'8/!,/0'&%!H*)`/830!$%,!,/0'&%!8$H$7'+'3E!'0! ,/O/+)H/,!'%!$!H67+'8!0/83)*!8)%3/Q3J!P)*!3#'0!H6*H)0/!$%!$70)*H3'O/!8$H$8'3E! 4*$2/M)*N!M$0!60/,!$%,!3M)!3#/2/0!',/%3'4'/,J!V#/!3M)!3#/2/0!',/%3'4'/,! $%,!,/08*'7/,!$7)O/!$*/!'%3'2$3/+E!8)%%/83/,!M'3#!/$8#!)3#/*J!V#/!4'*03! 3#/2/!*/+$3/0!4)*/2)03!3)!3#/!/QH+)*$3)*E!H#$0/!)4!$70)*H3')%!)4! N%)M+/,&/@!M#/*/$0!3#/!0/8)%,!3#/2/!8$H36*/0!$%3/8/,/%30!'%!3#/! 3*$%04)*2$3'O/!+/$*%'%&!H#$0/!'%!a$%/!/3!$+J[0!K:;;GL!2),/+J!<%!3#/!2$3/*'$+! M/!0//!)*&$%'X$3')%$+!,'44'86+3'/0!'%!3#/!3*$%0'3')%!4*)2!3#/!/QH+)*$3)*E! +/$*%'%&!H#$0/!3)!3#/!3*$%04)*2$3'O/!H#$0/@!$%,!3#60!3#/*/!'0!O/*E!+'33+/! /O',/%8/!)4!3#/!N%)M+/,&/!$70)*H3')%!*/$8#'%&!3#/!/QH+)'3$3'O/!H#$0/!K0//! 4'&6*/!hLJ! 936,E'%&!3#/!,/O/+)H2/%3!0H/8'4'8$++E!'%!H67+'8!0/83)*!#$0!7//%! '2H)*3$%3!$0!3#/!)7`/83'O/0!$%,!8)%,'3')%0!3)!M)*N!M'3#!,/0'&%!'%!$!H67+'8!

(18)

F^;:! 0/83)*!)*&$%'X$3')%!3)!0)2/!/Q3/%3!,'44/*0!4*)2!3#)0/!)4!$!8)22/*8'$+!$83)*J! ./0'&%!8$H$7'+'3E!$0!$!8)2H/3'3'O/!$,O$%3$&/!K,/!1)X)3$!v!_'2@!:;;CL!'0!4)*! /Q$2H+/!%)3!$0!'%3/*/03'%&!'%!$!H67+'8!0/83)*!0/33'%&J!V#/!H67+'8!0/83)*!'0! #)M/O/*!$+0)!$!+$*&/!08)H/J!V#/!)7`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`/83!'0!H+$8/,!$%,!3)!M#$3!/Q3/%3!,/0'&%! N%)M+/,&/!8$%!7/!*/+$3/,!3)!H*')*!N%)M+/,&/!)*!/QH/*'/%8/J!(#/*/!>'8#$*,0! $%,!.6Q76*E!K:;Fh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`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v!1$8,)%$+,0!:;F\LJ!W)M/O/*@!$0!4)*!3#/!$70)*H3'O/!8$H$8'3E@! 3#/!)*&$%'X$3')%[0!,/0'&%!8$H$7'+'3E!'0!%)3!0'2H+E!3#/!062!)4!'%,'O',6$+! $7'+'3'/0J! V#/!03*6836*$+!'006/0!'%!,'4460'%&!$%,!6H#)+,'%&!3#/!,/0'&%!N%)M+/,&/! $%,!,/0'&%!M)*N!0//%!'%!3#/!,$3$!$*/!*/+$3/,!3)!3#/!2$%$&/*'$+!$0H/830!)4! ,/0'&%!8$H$7'+'3E@!4)*!'%03$%8/!3#/!$7'+'3E!3)!$00'2'+$3/!,/0'&%!M)*N!'%3)!3#/! */&6+$*!H*$83'8/0!$%,!46%83')%0!)4!3#/!)*&$%'X$3')%!$%,!2$%$&/!3#/!60/!$%,!

(19)

F^;^! 8)%3*'763')%!)4!,/0'&%!2/3#),0@!3))+!$%,!$HH*)$8#/0J!V#/0/!$0H/830!)4! ,/0'&%!8$H$7'+'3E!8$%!3#/*/4)*/!7/!6%,/*03)),!$0!,/O/+)H/,!2$'%+E!'%!3#/! 3*$%04)*2$3'O/!+/$*%'%&!H#$0/J!V)!06HH)*3!3#/!3*$%0'3')%!4*)2!/QH+)*$3)*E!3)! 3*$%04)*2$3'O/!+/$*%'%&!M/!$*&6/!3#/!'2H)*3$%8/!)4!*/4+/83')%!4)*!3#/! 3*$%0'3')%'%&!3)!#$HH/%!'0!/O',/%3J!"*/$3'%&!/QH+'8'3!4)*620!M#/*/!*/4+/83')%0! )%!/QH/*'/%8/0!$*/!/%8)6*$&/,!$%,!8)%%/83')%0!3)!H*')*!H*$83'8/0!$*/! /%$7+/,!'0!O'3$+!4)*!3#'0!3*$%0'3')%!3)!3$N/!H+$8/J!! W)M/O/*@!$0!H)'%3/,!)63!7E!]$%!,/%!?)08#!/3!$+J!KFCCCL!$%,!a$%/!/3!$+! K:;;GL@!3#/!)*&$%'X$3')%[0!$70)*H3'O/!8$H$8'3E!$+0)!,/H/%,0!)%!'30!$7'+'3'/0!3)! ,'4460/!$%,!$00'2'+$3/!3#/!N%)M+/,&/!3)!/QH+)'3!'3J!=0!2/%3')%/,!'%!3#/! $%$+E0'0@!'%!3#/0/!8$0/0!3#/!03*6836*$+!$%,!2$%$&/*'$+!06HH)*3!#$0!7//%! +$8N'%&@!'2H/,'%&!3#/!$70)*H3')%!)%!$%!)*&$%'X$3')%$+!+/O/+J!(/!0//!$! 3/%0')%!7/3M//%!'%,'O',6$+!*/0H)%0'7'+'3E!$%,!03*6836*$+!06HH)*3!K0//!4'&6*/! hLJ! ' K%8"*)'[;'>0)'3-3$6(%('("88)(/('5)(%8-'?-,7$)58)'%('("&&)((."$$6'3&C"%*)54' %-("..%&%)-/$6'3((%1%$3/)54'3-5'/0"('-,/')E2$,%/)5;' =0!3#/!H*)`/830!4)860!)%!,/0'&%!,)'%&!$%,!/%,!'%!/'3#/*!$!H*)3)3EH'%&! H#$0/!)*!/$*+'/*@!3#/E!,)!%)3!'%8+6,/!$%,!06HH)*3!$0H/830!*/+$3/,!3)!76'+,'%&! 03*6836*/0!4)*!$00'2'+$3')%!)4!3#/!N%)M+/,&/J!=0!2)03!H$*3'8'H$%30!'%O)+O/,! $*/!4*)%3+'%/!03$44@!3#/'*!$7'+'3'/0!$%,!2$%,$3/!3)!8)%3'%6/!$%,!,/O/+)H! %/8/00$*E!03*6836*/0!$43/*!3#/!H*)`/830!$*/!+'2'3/,J!1$%$&/2/%3!$83')%0@! 068#!$0!8)22'00')%'%&!,/O/+)H2/%3!H*)`/830!'%O)+O'%&!,/0'&%!$HH*)$8#/0@! 8*/$3'%&!3'2/!$%,!&'O'%&!2$%,$3/!3)!H/*0)%%/+!3)!M)*N!M'3#!3#/!2/3#),0! $%,!3))+0!+/$*%3@!M)6+,!4$8'+'3$3/!3#/!3*$%04)*2$3'O/!+/$*%'%&!$%,!3#/!2)O/! 3)M$*,0!/QH+)'3$3'O/!+/$*%'%&J!1$%$&/2/%3[0!$83')%0!$*/@!$0!H)'%3/,!)63!7E! 7)3#!]$%!,/%!?)08#!/3!$+J!KFCCCL!$%,!>'8#$*,0!v!.6Q76*E!K:;FhL@!O'3$+!4)*! 3#/!$70)*H3'O/!8$H$8'3EJ!V#*)6&#!2$%$&/2/%3!$83')%0!3#/!03*6836*/!%//,/,! 4)*!/QH+)'3'%&!3#/!%/M!N%)M+/,&/!'0!76'+3!6HJ!! V*$%04)*2$3'O/!$%,!/QH+)'3$3'O/!+/$*%'%&!$*/!%)3!06HH)*3/,!'%!$%E!)4!3#/! H*)`/830!M/!#$O/!4)++)M/,!$%,!M/!0//!'006/0!M#/%!'3!8)2/0!3)!03*6836*/0!

(20)

F^;h! 3#$3!06HH)*3!,'4460'%&!$%,!6H#)+,'%&!%/M!N%)M+/,&/@!4)*!/Q$2H+/!$!+$8N!)4! 2$%$&/*'$+!$83'O'3'/0!3#$3!8$%!06HH)*3!$00'2'+$3')%J!.'44'86+3'/0!'%!&)'%&!4*)2! 3#/!/QH+)*$3)*E!+/$*%'%&!H#$0/!)4!$70)*H3')%!3)!3#/!H#$0/0!)4! 3*$%04)*2$3'O/!$%,!/QH+)'3$3'O/!+/$*%'%&!'2H+E!H*)7+/20!'%!,/O/+)H'%&! ,/O/+)H!,/0'&%!8$H$7'+'3E!3#$3!'0!7)3#!/27/,,/,!$%,!0603$'%/,!'%!3#/! )*&$%'X$3')%@!*$3#/*!3#$%!'%!'%,'O',6$+!/2H+)E//0!K0//!4'&6*/!\LJ! (/!$*&6/!3#$3!'4!H*)`/830!$'2/,!3)!'%3*),68/!,/0'&%!$%,!76'+,!,/0'&%! 8$H$7'+'3E!'%!H67+'8!0/83)*!)*&$%'X$3')%0!,)!%)3!3$N/!'%3)!8)%0',/*$3')%! $00'2'+$3')%!)4!3#/!%/M!N%)M+/,&/! '%!3#/!)*&$%'X$3')%@!3#/!8$H$7'+'3E! M'++!%)3!7/!0603$'%/,J!V#/!H*)`/830! 3#/%!*'0N!7/8)2'%&!3#/!0$2/!N'%,!)4! )%/!)4!H*)`/830!3#/E!$'2!3)!H*)O',/! $&$'%03J!g)M!3#$3!3#/*/!$*/! 0/O/*$+!036,'/0!,/2)%03*$3'%&!3#$3! $%,!#)M!,/0'&%!8$%!8)%3*'763/!'%! 3#/!H67+'8!0/83)*@!'3!'0!3'2/!3)!3$N/! $%)3#/*!03/HJ!<3[0!3'2/!3)!+))N!$3! #)M!3*$%04/**/,!N%)M+/,&/!'0! ,'4460/,!M'3#'%!$%!)*&$%'X$3')%@! 4*)2!0H/8'4'8!H*)`/830!$%,! 3#*)6&#)63!3#/!)*&$%'X$3')%U!(/! %//,!3)!03$*3!,'08600'%&!M#$3!N'%,!)4!N%)M+/,&/!'0!3*$%04/**/,!'%!H*)`/830! $'2/,!$3!,/O/+)H'%&!,/0'&%!8$H$7'+'3E@!$%,!#)M!3#)0/!H*)`/830!/%$7+/!3#/! ,/O/+)H2/%3!)4!0603$'%/,!,/0'&%!8$H$7'+'3E@!M#/3#/*!,/0'&%!'0!60/,!3#*)6&#! H*)86*/,!,/0'&%!8)2H/3/%8/!)*!46++E!7E!'%B#)60/!*/0)6*8/0J! *+,-%$."'/"0"-1(2'R)'7,"$5'$%?)'/,'/03-?'3$$',"*' *)(2,-5)-/('.,*'/3?%-8'/%1)'.,*'/0)'%-/)*+%)7(;'>0)'(/"56'03(' #))-'5,-)'7%/0'."-5%-8'("22,*/'.*,1'>,*(/)-'@w5)*#)*8:(' .,"-53/%,-4'2*,A)&/'L[[uSV'3-5'."-5%-8'.*,1'm%--,+34'/0)' @7)5%(0'%--,+3/%,-'38)-&6;'

#53565/+58!

=8N+'%@!"J!K:;F^LJ!./0'&%!1$%$&/2/%3!=70)*H3')%!1),/+-!=!P*$2/M)*N!3)! ./08*'7/!$%,!1/$06*/!3#/!=70)*H3')%!5*)8/00!)4!./0'&%!_%)M+/,&/!7E! 91Z0!M'3#!a'33+/!)*!%)!5*')*!./0'&%!ZQH/*'/%8/J!Z*)3/%+%/6'3-5'<--,+3/%,-' N3-38)1)-/@!XXK:L@!Fhl{FG;J!#33H-qq,)'J)*&qF;JFFFFq8$'2JF:;::! K%8"*)'\;'B(2)&/(',.'5)(%8-'&323#%$%/6' *)$3/)5'/,'373*)-)((',.'5)(%8-' 3-5'&,12)/)-&)'%-'1)/0,5(' 3-5'/,,$('3*)'5)+)$,2)5;' P,7)+)*4'3(2)&/('*)$3/)5'/,' (/*"&/"*)('3-5'*,"/%-)(' )-3#$%-8'5)(%8-'2*3&/%&)'%-'/0)' ,*83-%G3/%,-'*)13%-' "-5)+)$,2)5;'

(21)

F^;\! =+O/00)%@!1J@!v!9Nr+,7/*&@!_J!K:;;fLJ!>,$?-%-8',&0'*).$)?/%,-H' m)/)-(?32(.%$,(,.%',&0'?+3$%/3/%+'1)/,5J!a6%,-!936,/%3+'33/*$36*J! ?$'+/E@!DJ@!v!a+)E,@!5J!K:;FGLJ!=!O'/M!4*)2!3#/!)3#/*!0',/-!A_!H)+'8E2$N/*! H/*0H/83'O/0!)%!$%!/2/*&/%3!,/0'&%!86+36*/J!<%!1)*/++'@!gJ@!,/!Sr3X/%@!=J@! v!S*$%'@!PJ!KZ,0JL@!@)*+%&)'I)(%8-'M),8*320%)(H'!*,&))5%-8(',.'/0)' @)*+I)(XVSU'Z,-.)*)-&)!KHHJ!FhB:GLJ!a'%NrH'%&-!a'%NrH'%&!A%'O/*0'3E! Z+/83*)%'8!5*/00!! ?$0)%@!"J!K:;F;LJ!`)35%-8'2"#$%&'()&/,*'%--,+3/%,-H'Z,9&*)3/%-8'.,*'3'#)//)*' (,&%)/6J!?*'03)+@!A_-!5)+'8E!5*/00! ?/O$%@!WJ@!>)7/*3@!SJ@!?$3/@!5J@!1$#/*@!aJ@!v!(/++0@!DJ!K:;;lLJ!A0'%&!$!./0'&%! =HH*)$8#!3)!=00'03!a$*&/B98$+/!Y*&$%'X$3')%$+!"#$%&/!cF;!W'&#!<2H$83! "#$%&/0d!3)!<2H*)O/!3#/!g$3')%$+!W/$+3#!9/*O'8/!'%!Z%&+$%,J!>0)'n,"*-3$' ,.'B22$%)5'])03+%,*3$'@&%)-&)@![YKFL@!F^\{F\:J! #33H-qq,)'J)*&qF;JFFllq;;:FffG^;G:Cl;G:! ?+E3#@!9J@!v!_'27/++@!aJ!K:;FFLJ!I)(%8-'>0%-?%-8'3-5'/0)']%8'@,&%)/6H'K*,1' (,$+%-8'2)*(,-3$'/*,"#$)('/,'5)(%8-%-8'(,&%3$'2*,#$)1(J!a)%,)%-!=83$%3! $%,!V$E+)*!W$'&J!>/3*'/O/,!4*)2!#33H-qq3$E+)*B #$'&J$&'%8)6*3J*$,'$3/820J8)2q$00/30q3$E+)*#$'&|,/0'&%3#'%N'%&$%,3#/7' &0)8'/3EJH,4! ?*$6%@!]J@!v!"+$*N/@!]J!K:;;GLJ!A0'%&!3#/2$3'8!$%$+E0'0!'%!H0E8#)+)&EJ! o"3$%/3/%+)'D)()3*&0'%-'!(6&0,$,86@!YK:L@!ll{F;FJ! #33H-qq,)'J)*&qF;JFFCFqFhlf;ffl;GRH;G^)$! ?),E@!DJ!K:;;fLJ!./0'&%!'%!3#/!=603*$+'$%!V$Q$3')%!Y44'8/J!I)(%8-'<((")(@!X[KFL@! \\{GlJ! "$%3$2/00$@!1J!KFCCCLJ!./0'&%!?/03!5*$83'8/0@!"$H$7'+'3'/0!$%,!5/*4)*2$%8/J! n,"*-3$',.'L-8%-))*%-8'I)(%8-@!SVKhL@!^;\{^:fJ! #33H-qq,)'J)*&qF;JF;f;q;C\hhf:CC:GF::l! ")#/%@!(J!1J@!v!a/O'%3#$+@!.J!=J!KFCC;LJ!=70)*H3'O/!"$H$8'3E-!=!g/M! 5/*0H/83'O/!)%!a/$*%'%&!$%,!<%%)O$3')%J!B51%-%(/*3/%+)'@&%)-&)'o"3*/)*$6@! ^\KFL@!F:f{F\:J!#33H-qq,)'J)*&qF;J:^;lq:^C^\\^! ./!1)X)3$@!?J!?J!v!_'2@!?J!eJ!K:;;CL@!1$%$&'%&!./0'&%!$0!$!")*/! ")2H/3/%8E-!a/00)%0!4*)2!_)*/$J!I)(%8-'N3-38)1)-/'D)+%)7@!:;-!GG{ lGJ!,)'-!F;JFFFFq`JFChfBlFGCJ:;;CJ;;;;CJQ W$*3+/E@!DJ!K:;;\LJ!<%%)O$3')%!'%!&)O/*%$%8/!$%,!H67+'8!0/*O'8/0-!5$03!$%,! H*/0/%3J!!"#$%&'1,-)6'3-5'13-38)1)-/4'X\KFL@!:lB^hJ!,)'-! F;JFFFFq`JFhGlBC^;:J:;;\J;;hhlJQ! W$*O/E@!SJ@!9N/+8#/*@!"J@!9H/%8/*@!ZJ@!D$0@!5J@!v!($+0#/@!_J!K:;F;LJ!=70)*H3'O/! "$H$8'3E!'%!$!g)%B1$*N/3!Z%O'*)%2/%3J!!"#$%&'N3-38)1)-/'D)+%)7@! SXKFL@!ll{ClJ!#33H-qq,)'J)*&qF;JF;f;qFhlFC;^;C;:fFlC:^!

(22)

F^;G! D$%0/%@!DJ!DJ!5J@!O$%!,/%!?)08#@!PJ!=J!DJ@!v!])+7/*,$@!WJ!(J!K:;;\LJ!1$%$&'%&! 5)3/%3'$+!$%,!>/$+'X/,!=70)*H3'O/!"$H$8'3E-!W)M!.)!Y*&$%'X$3')%$+! =%3/8/,/%30!1$33/*p!>0)'B&35)16',.'N3-38)1)-/'n,"*-3$@![aKGL@!CCC{ F;F\J!#33H-qq,)'J)*&qF;J:^;lq:;F\Cl:G! _'27/++@!aJ@!v!1$8,)%$+,@!WJ!K:;F\LJ!B22$6%-8'I)(%8-'B22*,3&0)('/,'!,$%&6' N3?%-8H'I%(&,+)*%-8'!,$%&6'`3#J!?*'&#3)%-!"/%3/*!4)*!>/0/$*8#!$%,! ./O/+)H2/%3!P$86+3E!)4!=*30@!A%'O/*0'3E!)4!?*'&#3)%J!>/3*'/O/,!4*)2-! #33H0-qq*/0/$*8#'%&,/0'&%4)*H)+'8EJ4'+/0JM)*,H*/00J8)2q:;F\qF;qN'27/++ |H)+'8E+$7|*/H)*3JH,4! a$%/@!5J!DJ@!_)N$@!?J!>J@!v!5$3#$N@!9J!K:;;GLJ!V#/!>/'4'8$3')%!)4!=70)*H3'O/! "$H$8'3E-!=!"*'3'8$+!>/O'/M!$%,!>/`6O/%$3')%!)4!3#/!")%03*683J!V#/! =8$,/2E!)4!1$%$&/2/%3!>/O'/M@!^FKhL@!f^^{fG^J! #33H-qq,)'J)*&qF;J:^;lq:;F\C:\\! a'%@!DBeJ!K:;FhL!./0'&%!"$H$7'+'3'/0!'%!3#/!567+'8!9/83)*J!<%!?)#/2'$@!ZJ@! >'/HH+/@!=J@!v!a'/,3N$@!DJ!KZ,0JL@!I)(%8-'N3-38)1)-/'%-'3-'L*3',.' I%(*"2/%,-H'!*,&))5%-8(',.'/0)'ST/0'IN<H'B&35)1%&'I)(%8-'N3-38)1)-/' Z,-.)*)-&)'KHHJ!:^G^B:^fFLJ!?)03)%-!./0'&%!1$%$&/2/%3!<%03'363/! 1)6+3*'/@!DJ@!"+$*N0)%@!5J!DJ@!v!5*)7/*3@!.J!K:;;lLJ!./O/+)H2/%3!)4!$!./0'&%! =6,'3!V))+!4)*!91Z0uJ!n,"*-3$',.'!*,5"&/'<--,+3/%,-'N3-38)1)-/@!X[KhL@! ^^\{^GfJ!#33H-qq,)'J)*&qF;JFFFFq`JF\h;B\ff\J:;;lJ;;:\\JQ! 1)*3$3'@!1J@!]'++$*'@!?J@!v!1$44/'@!9J!K:;FhLJ!./0'&%!"$H$7'+'3'/0!4)*!]$+6/! "*/$3')%J!<%!?)#/2'$@!ZJ@!>'/HH+/@!=J@!v!a'/,3N$@!DJ!KZ,0JL@!I)(%8-' N3-38)1)-/'%-'3-'L*3',.'I%(*"2/%,-H'!*,&))5%-8(',.'/0)'ST/0'IN<H' B&35)1%&'I)(%8-'N3-38)1)-/'Z,-.)*)-&)'KHHJ!:hffB:\F;LJ!?)03)%-! ./0'&%!1$%$&/2/%3!<%03'363/! 16+&$%@!SJ!K:;Fh$LJ!I)(%8-'%-'!"#$%&'3-5'@,&%3$'<--,+3/%,-J!a)%,)%-!g/03$J! >/3*'/O/,!4*)2!#33H-qqMMMJ%/03$J)*&J6NqH67+'8$3')%0q,/0'&%BH67+'8B$%,B 0)8'$+B'%%)O$3')%! !16+&$%@!SJ!K:;Fh7LJ!<--,+3/%,-'%-'/0)'!"#$%&'@)&/,*J!a)%,)%-!g/03$J! >/3*'/O/,!4*)2!#33H-qqMMMJ%/03$J)*&J6NqH67+'8$3')%0q'%%)O$3')%BH67+'8B 0/83)*! !163$%/%@!AJB1J!K:;;fLJ!./O/+)H'%&!)*&$%'0$3')%$+!,/0'&%!8$H$7'+'3E!'%!$! P'%+$%,B7$0/,!/%&'%//*'%&!8)*H)*$3')%-!3#/!8$0/!)4!1/30)J!I)(%8-' @/"5%)(@!XTK\L@!\;;{\:;J!#33H-qq,)'J)*&qF;JF;FGq`J,/036,J:;;fJ;^J;;\! >$/@!DJ!K:;F\LJ!./0'&%!]$+6/!<%,/QJ!I)(%8-'N3-38)1)-/'D)+%)7@!XUKFL@!h{fJ! #33H-qq,)'J)*&qF;JFFFFq,*/OJF;^;l! >'8#$*,0@!SJ!9J@!v!.6Q76*E@!aJ!K:;FhLJ!()*NBS*)6H!_%)M+/,&/!=8R6'0'3')%!'%! _%)M+/,&/!<%3/%0'O/!567+'8B9/83)*!Y*&$%'X$3')%0-!=%!ZQH+)*$3)*E!936,EJ!

(23)

F^;l! n,"*-3$',.'!"#$%&'B51%-%(/*3/%,-'D)()3*&0'3-5'>0),*6@!266;^hJ! #33H-qq,)'J)*&qF;JF;C^q`)H$*3q266;^h! 9$%&')*&'@!.J!K:;F\LJ!./0'&%'%&!4)*!H67+'8!0/83)*!'%%)O$3')%!'%!3#/!A_-!,/0'&%! 03*$3/&'/0!4)*!H$*$,'&2!0#'430J!K,*)(%80/@!S_KhL@!^^:{^hfJ! #33H-qq,)'J)*&qF;JFF;fqP9B;fB:;F^B;;hF! 9M'$3/N@!5J!K:;FGLJ!@"22,*/%-8'!"#$%&'@)*+%&)'<--,+3/%,-'F(%-8'I)(%8-' <-'L"*,2)3-'D)8%,-(J!>/3*'/O/,!4*)2! #33H-qqMMMJ3#/0H',/*H*)`/83J/6qMH8)%3/%3q6H+)$,0q:;FGq;hq95<.Z>|Z O$+6$3')%>/H)*3|]F|1$*8#:;FGJH,! ]$%!,/%!?)08#@!PJ!=J!DJ@!])+7/*,$@!WJ!(J@!v!,/!?)/*@!1J!KFCCCLJ!")/O)+63')%! )4!P'*2!=70)*H3'O/!"$H$8'3E!$%,!_%)M+/,&/!Z%O'*)%2/%3-!Y*&$%'X$3')%$+! P)*20!$%,!")27'%$3'O/!"$H$7'+'3'/0J!Q*83-%G3/%,-'@&%)-&)@!SVK\L@!\\F{ \GfJ!#33H-qq,)'J)*&qF;JF:flq)*08JF;J\J\\F! (/33/*BZ,2$%@!_J@!v!1$+27/*&@!aJ!K:;FG@!1$ELJ!ZQH/*'/%8/!$%,!ZQH/*3'0/-! _/E!<006/0!4)*!./O/+)H'%&!<%%)O$3')%!"$H$7'+'3'/0!V#*)6&#!9/*O'8/!./0'&%J! <%!1)*/++'@!gJ@!,/!Sr3X/%@!=J@!v!S*$%'@!PJ!KZ,0JL@!@)*+%&)'I)(%8-' M),8*320%)(H'!*,&))5%-8(',.'/0)'@)*+I)(XVSU'Z,-.)*)-&)!KHHJ!\FGB\:FLJ! a'%NrH'%&-!a'%NrH'%&!A%'O/*0'3E!Z+/83*)%'8!5*/00J! !

References

Related documents

Samtidigt som publicering kan göra det möjligt för en enda att tala till massan – och som sådan betraktas som en adresseringsmetod som konstruerar dominansmönster –

INFOS PRATIQUES EXPOSITIONS AGENDA Musée Collections Préparer sa visite Ressources Boutique Bibliothèque An international museum of modern and contemporary art | Plan your visit

Furthermore, the indirect positive effect from feedback focus over enjoyment, performance- avoidance goals and anxiety to learning achievement was ß = .02 (p = .09).. The

Via hypotesprövning kan vi inte finna stöd för att någon av de fyra strategierna ger vare sig bättre eller sämre avkastning i jämförelse med indexportföljen

The purpose of this exploratory work is to develop an understanding of how design capability is developed within public sector healthcare and welfare organizations and to

Linköping Studies in Science and Technology, Dissertations, Nog. 1831 Department of Computer and

To evaluate welfare under various alternative regulations, I estimate a structural model of insurance choice that captures heterogeneity in preferences and private information

241 ISBN 978-91-88199-41-6 (PRINTED) ISBN 978-91-88199-42-3 (PDF) ISSN 1651-4289 (PRINTED) ISSN 1651-4297 (ONLINE) MAKSYM KHOMENKO.. Holds MSc Economic Development and Growth from