• No results found

Medan skivbolagen blöder blomstrar andra delar av musikbranschen? : En ekonomisk kartläggning av svenska skivbolag, bokningsbolag och musikförlag över en 8-årsperiod.

N/A
N/A
Protected

Academic year: 2021

Share "Medan skivbolagen blöder blomstrar andra delar av musikbranschen? : En ekonomisk kartläggning av svenska skivbolag, bokningsbolag och musikförlag över en 8-årsperiod."

Copied!
147
0
0

Loading.... (view fulltext now)

Full text

(1)

Medan skivbolagen blöder

blomstrar andra delar av

musikbranschen?

– En ekonomisk kartläggning av svenska

skivbolag, bokningsbolag och musikförlag över

en 8-årsperiod

Författare:

Oskar Kalm

Johann Bjarnason

Patrik Andersson

Handledare:

Thomas Karlsson

Program:

Music & Event

Management

Ämne:

Företagsekonomi

Nivå och termin: C-nivå, HT-2009

Handelshögskolan BBS

(2)

! ! "!

!"#$#%&

!

'()*&+,--!!

#$!%$&&!'())(!'*!(++!+(,-(!./0$)+$(1!2(3-40!'*!54+0$%40!67!890!(++!/(1!/(0! +$&&/(1:(/*&&$+!;))!34:!*0)04:;%$)1$1<(0!80*1!/43)$:(1!(&&(=;&(<>)4>!?+(1!/;1;3! /(:4!@'')(+)41)!)&@+)+A&&(1:4!890)%*0(+)>! #$!%$&&!;,-)*!'())(!'*!(++!+(,-(!%*0!/(1:&4:(04!2/;3()!B(0&));1!)(3+!(&&(!%*0(! -@0)-(30(+40!);3!@1:40!CDE!3*1(:40!/(0!/FA&'+!;))!(++!-;33(!%$:(04!34:! @'')(+)41!<41;3!(++!-;1+$1@40&$<+!-;33(!34:!<;:(!0*:!;,/!+$')>! 2$&&!)$)+!%$&&!%$!+(,-(!(&&(!);3!/FA&'+!;))!+(!80(3!$18;03(+$;1!;,/!*)$-+40!;3!%(&:(! :4&(0!(%!3@)$-=0(1),/41>! !"#$%%&'($)%$*+%& ,$-)./&0%12)**+%& 3*/$)&4$56& CG"GHG"H"C!

(3)

! ! C!

./0+#(*+&

',+1-2& & IA0!)-$%=;&(<41!=&9:40!=&;3)+0(0!(1:0(!:4&(0!

(%!3@)$-=0(1),/41J& & &

&

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

&91)(3/4+)1W,-4&+(&! 4&&40! +$&&%AL+1W,-4&+(&! -;3340!@+8(&&4+!=&$!;&$-(>!IA0!%$!FA3890+!:4!+04! =0(1),/401(!@+$80*1!&91)(3/4+!/(0!)-$%=;&(<41! %$)(+! =A++04! @+%4,-&$1<! A1! =;-1$1<)=;&(<41>! X(3+$:$<+! /(0! 3@)$-890&(<41! %(0$40(+! -0(8+$<+! ;,/! :4+! A0! )%*0+! (++! (%<90(! ;3! 1*<;1! )A0)-$&:! +$:)'40$;:! /(0! '*%40-(+! :43>! IA0! %$! :A043;+!

(4)

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

(5)

! ! _!

./0+#()+&

',+-12& `/41!+/4!04,;0:!&(=4&)!(04!=&44:$1<D!;+/40! '(0+)!;8!+/4!3@)$,!$1:@)+0W!(04!=&;));3$1<J! A$4#012!! !7(,/4&;0!+/4)$)D!"E!@1$%40)$+W!,04:$+!';$1+)D! OKPEGG! .4+B$#02!! !Q)-(0!B(&3D!N(+0$-!61:40));1!R!ST/(11! 7F(01();1! :4C1#@,0$#2!! 2/;3()!B(0&));1! 319D$#%02!! !+/4!Xa4:$)/!3@)$,!=@)$14))D!:4%4&;'341+D!-4W! 8$<@04)! :+4%9&$/;1)+02!! +/4!&(0<4)+!Xa4:$)/!04,;0:!&(=4&)D!=;;-$1<! (<41,$4)!(1:!3@)$,!'@=&$)/40)>! E4#C$012!! 2/4!'@0';)4!;8!;@0!+/4)$)!$)!+;!3('!+/4!,/;)41! '(0+)!;8!+/4!Xa4:$)/!3@)$,!=@)$14))!80;3!(! 4,;1;3$,!%$4a>!! F101(#)B&G410+,$702!! V;!+/4!04,;0:!&(=4&)!/(%4!(!)4%404!,0$)$)!;0!$)! +/4!$3(<4!;8!+/4$0!4,;1;3$,!)$+@(+$;1!+/4!04)@&+! ;8!;0<(1$b(+$;1(&!/W';,0$)WJ! !c1!a/(+!a(W!:;4)!34:$()!%$4a!;8!+/4!=;;-$1<! (<41,$4)!4,;1;3$,!:$8840!80;3!04(&$+WJ! !`/(+!4,;1;3$,!';)$+$;1!:;4)!+/4!3@)$,! '@=&$)/40)!/(%4!$1!+/4!Xa4:$)/!3@)$,!$1:@)+0WJ! ?1+B$%$-$=92!! `4!)+(0+4:!a$+/!+/4!(11@(&!04';0+)!80;3!+/4! ,/;)41!,;3'(1$4)>!2/41!a4!)4(0,/4:!8;0! 04&4%(1+!+/4;0Wd)!,;1,401$1<!-4W!8$<@04)>!`$+/! /4&'!80;3!+/;)4!+/4;0Wd)!a4!:$:!+/4!(1(&W)4>! A$7)-40,$702!! V4'41:$1<!a/4+/40!+/4!(1(&W)4!$)!=()4:!;1!-4W! 8$<@04)!04<(0:$1<!<0;a+/!;0!'0;8$+(=$&$+W!+/4! 04)@&+!a$&&!=4!:$884041+>!`/41!a4!'@+!+/4! '0;8$+(=$&$+W!$1!8;,@)!+/4!04,;0:!&(=4&)!/(:!(! =4++40!:4%4&;'341+!+/(1!+/4!=;;-$1<!(<41,Wd)! :@0$1<!+/4!+$34!'40$;:>!7@+!a/41!a4!,;3'(04)! +/4!+a;!a$+/!+/4!<0;a+/!$1!8;,@)!+/4!=;;-$1<! (<41,Wd)!/(%4!(!=4++40!:4%4&;'341+>!Q%40(&&!a4! /(%41d+!)441!+/(+!=$<!,/(1<4!()!;14!,;@&:!+/$1-! 80;3!04(:$1<!+/4!04';0+)!$1!34:$(>! E#$C$0(-&54#+B1#&0+4%,102! O@0+/40!)+@:$4)!04<(0:$1<!+/4!04,;0:!&(=4&)!$1! Xa4:41!(1:!+/4$0!)+0@,+@0(&!:4%4&;'341+!

(6)

! ! E! :@0$1<!+/4!&()+!"G!W4(0)!$)!);34+/$1<!+/(+!a4! 8$1:)!$1+404)+$1<>!`4!a;@&:!(&);!&$-4!+;!)44!(! )+@:W!+/(+!&;;-)!$1+;!+/4!3(F;0$+W!;8!,;3'(1$4)! (1:!1;+!F@)+!+/4!3(F;0$+W!;8!,('$+(&!Y()!$1!;@0! +/4)$)Z>!

(7)

! ! e!

H771B<--05"#+1)*7,7=&

!"#$#%IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII J! ./0+#()+IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII K! H771B<--05"#+1)*7,7=IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII L! M15,7,+,$71# IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII N! JI&H7-1%7,7=IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII JO! JIJ&P(*=#47% IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJO! ">">"!X-$%=;&(<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>"G! ">">C!7;-1$1<)=;&(<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>""! ">">P!]@)$-890&(<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>"C! JIQ&E#$/-1R5$#R4-1#,7=IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJS! JIS&!#<=10+>--7,7= IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJK! JIK&:95+1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJK! JIT&.@=#>707,7=IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJK! JIL&?1+$% IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJT! ">e>"!O;0)-1$1<))+0(+4<$>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>"E! ">e>C!?0%(& >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>"e! ">e>P!V(+($1)(3&$1<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>"f! ">e>_!]4+;:'0;=&43>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>"\! ">e>E!#(&$:$+4+!;,/!04&$(=$&$+4+>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>"\! ">e>e!]4+;:-0$+$->>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>"g! ">e>f!BA&&-0$+$-! >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>CG! QIJ&?(*+U&(4*+$#,+1+&$)B&0(77,7= IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIQJ! QIQ&V#=(7,0(+$#,0*+&B9)*-1#, IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIQJ! QIS&F>*170*(C0(7(-90 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIQQ! QIK&89)*1-+(- IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIQS! C>_>"!#$1)+3(0<$1(& >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>CP! C>_>C!X;&$:$+4+ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>C_! C>_>P!Q3)A++1$1<!'40!(1)+A&&:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>C_! C>_>_!54)@&+(+!48+40!8$1(1)$4&&(!';)+40!'40!(1)+A&&:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>C_! C>_>E!N40);1(&-;)+1(:40!'40!(1)+A&&:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>CE! C>_>e!I4++;;3)A++1$1<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>CE! C>_>f!Q3)A++1$1<)890A1:0$1<!h>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Ce! C>_>\!B('$+(&+$&&%AL+ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Ce! C>_>g!61+(&!(1)+A&&:(>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Ce! C>_>"G!5A1+(=$&$+4+!'*!+;+(&+!-('$+(&!Y52Z>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Cf! C>_>""!5A1+(=$&$+4+!'*!4<4+!-('$+(&!Y5KZ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Cf! C>_>"C!54)@&+(+!48+40!8$1(1)$4&&(!';)40 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Cf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i91)(3/4+>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Pe! P>">C!2$&&%AL+>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Pg! P>">P!^%0$<(!IW,-4&+(& >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_G! SIQ&P$*7,7=0/$-(= IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIKO! P>C>"!i91)(3/4+>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_"!

(8)

! ! f! P>C>C!2$&&%AL+>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_P! P>C>P!^%0$<(!1W,-4&+(&>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_E! SIS&?40,*5"#-(= IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIKT! P>P>"!i91)(3/4+>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_e! P>P>C!2$&&%AL+>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_\! P>P>P!^%0$<(!1W,-4&+(&>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>_g! SIK&Z>R5"#1-01IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIITO! SIT&3$RR17+(#&(@&X"#(7&A(#-00$7 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIITQ! K&.7(-90IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TS! KIJ&["70(RB1+IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIITS! KIQ&',--@>\+IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIITS! KIS&M,0*400,$7 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIITT! KIK&V#=(7,0(+$#,0*+&B9)*-1#, IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIITW! KIT&?(*+U&(4*+$#,+1+&$)B&0(77,7= IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIT]! KIL&:-4+0(+0 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIILO! T&3>--5"#+1)*7,7=IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII LS! TIJ&[,++1#(+4# IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIILS! TIQ&H7+1#@;4IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIILS! TIS&F(CC$#+1# IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIILS! TIK&H7+1#71+IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIILS! L&P,-(=$#&^&!"#1+(=0C#1017+(+,$71#IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII LL!

&

(9)

! ! \!

M15,7,+,$71#&

?(;$#/$-(=& K++!3(F;0=;&(<!A0!4++!)-$%=;&(<!);3!/(0!-;1+;0!$!Y1A)+(1Z!/4&(!%A0&:41>!c! :(<)&A<4+!8$11)!:4+!8W0(!)+W,-41U!X;1W!]@)$,D!K]cD!`(0140!;,/!?1$%40)(&>"& H7%1C17%17+/$-(=& 6&&(!)-$%=;&(<!);3!$1+4!A0!3(F;0=;&(<>C& E,#(+@1#*0(RB1+& Q&$-(!%40-)(3/4+40!);3!=4:0$%)!@+(1!/A1)W1!+$&&!:4!$33(+40$4&&(!&(<(01(>!2>4L>! ;&(<&$<!-;'$40$1<!(%!8W)$)-(!'0;:@-+40D!8$&:4&1$1<!;)%>P& H7+1#7(+,$7(-&!1%1#(+,$7&$5&+B1&EB$7$=#(CB,)&H7%40+#9&_H!EH`& cONc!A0!41!89041$1<!);3!(0=4+(0!890!(++!=4%(-(!8;1;<0(3'0;:@,41+401()! 0A++$</4+40!;,/!8$11)!$!:0W<+!\G!&A1:40>_! :@170*(&'$70>++(#10&H7+1#7(+,$71--(&?40,*/9#<&_:'H?`& X+$3!A0!@''/;%)3A1141)!$1+04))4;0<(1$)(+$;1D!:4!/(0!/(1:!;3!$1)(3&(1:4+!(%! 40)A++1$1<!890!(1%A1:(1:4+!(%!@''/;%)0A++)&$<+!)-W::(:4!%40->E! X#(RR$5$7-1@1#(7+"#1#7(0&5"#17,7=&_X[!`& K1!89041$1<!);3!=&(1:!(11(+!)(33(1)+A&&40!)+(+$)+$-!9%40!)*&:(!,:H)-$%;0D! -()4++40D!%$1W&)-$%;0D!:$<$+(&8$&40!4+,>e! ?1*(7,0*(&#>+,=B1+1#& 5A++$</4+41!890!3*1<8(&:$<(1:4!(%!%40->f! & !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! "!N())3(1!CGGPD!Eg!88!! C!N())3(1!CGGPD!Eg!88! P!/++'Ujjaaa>14>)4! _!/++'Ujjaaa>$8'$>)4! E!/++'Ujjaaa>)+$3>)4! e!/++'Ujjaaa><0(33;+4L>,;3j,(+(&;<@4>'/'J&(1<k)%! f!/++'Ujjaaa>)+$3>)4j)+$3j'0;:j)+$3%_>1)8j6&&V;,@341+)j6"VK7O_V6\.\"OE7."CEf"P! gGG_P\..\!

(10)

! ! g! E#,@(+*$C,1#,7=01#0>++7,7=17& K1!40)A++1$1<!);3!=4+(&()!+$&&!@''/;%)3A1!80*1!8904+(<!);3!+$&&%40-(0!'0;:@-+40! );3!A0!&A3'&$<(!890!'$0(+-;'$40$1<D!+!4L!]'PHX'4&(04l!.:H0H)-$%;0l!.:H=0A11(04! 33>\!! A$--1)+,7=&0$),1+,10& .;&&4,+$1<!);,$4+$4)!A0!:4+!41<4&)-(!;0:4+!890!;0<(1$)(+$;140!%(0)!80A3)+(!@''<$8+! A0!(++!)(3&(!$1!40)A++1$1<!890!(1%A1:(1:4+!(%!%40-D!+!4L!X+$3D!X6]cD!I!7!;,/!:4))! @+&A1:)-(!3;+)%(0$</4+40>&& !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! \!/++'Ujjaaa>04<40$1<41>)4j)=j:je"_Pj(jEEPeE!

(11)

! ! "G!

JI&H7-1%7,7=&

V4! )41()+4! +$;! *041! /(0! :4+! +(&(+)! 3W,-4+! ;3! /@0! $&&4<(&! 8$&:4&1$1<! /(0! :0(==(+! )-$%=;&(<! $! 8;03! (%! 4-;1;3$)-(! 890&@)+40>! X-$%=;&(<! ;,/! (0+$)+40! /(0! <*++! @+! $! 34:$(!;,/!+(&(+!;3!(++!:40()!40)A++1$1<!3$1)-(0!340!;,/!340!890!%(0F4!*0g>!

X(3+$:$<+! );3! (0+$)+40! @''&4%40! (++! :4! =&$0! 8(++$<(04! %40-(0! :4+! 8$11()! 41! =$&:! =&(1:! (&&3A1/4+41! ;3! (++! (0+$)+40! A1:*! =&$0! 0$-(! '*! )'4&1$1<(0! ;,/! 9%0$<(! $1+A-+)39F&$</4+40>!!

204!(%!:4!%$-+$<()+4!(-+90401(!$1;3!3@)$-$1:@)+0$1!A0!)-$%=;&(<D!=;-1$1<)=;&(<! ;,/! 3@)$-890&(<>! 6&&(! +04! /(0! /(1:! ;3! ;&$-(! 0A++$</4+40! /;)! (0+$)+40>! c! :41! /A0! @'')(+)41! -;3340! %$! -(0+&A<<(! /@0! :41! <41404&&(! 4-;1;3$1! )40! @+! /;)! :4! :;3$140(1:4!8904+(<41!$1;3!;%(1!1A31:(!=0(1),/40>!#$!(1)40!(++!:4+!8$11)!41! 890%$00(1:4!=$&:!(%!:40()!%40-&$</4+>!

JIJ&P(*=#47%&

JIJIJ&:*,@/$-(=&

c! 3$++41! (%! "gGGH+(&4+! @+%4,-&(:4)! :4+! );3! %$! $:(<! -(&&(0! )-$%$1:@)+0$1D! :;,-! &(:4)!<0@1:41!&*1<+!+$:$<(04>!c!;,/!34:!(++!%$1W&)-$%(1!$1+0;:@,40(:4)!-@1:4!:4! 8&4)+(!3A11$)-;0!-9'(!;,/!&W))1(!'*!$1)'4&(:!3@)$-!$!)$1(!/43>!O90)A&F1$1<41!(%! %$1W&)-$%;0!9-(:4!)+(:$<+!+$&&!)&@+4+!(%!\GH+(&4+!:*!,:H)-$%(1!$1+0;:@,40(:4)!;,/! 40)(++4!%$1W&)-$%(1>!V41!+;+(&(!890)A&F1$1<41!(%!$1)'4&(:!3@)$-!8;0+)(++4!9-(!;,/! 41!+A1-=(0!(1&4:1$1<!+$&&!:4+!A0!(++!)-$%=;&(<41!-@1:4!)A&F(!)(33(!,:H)-$%;0!);3! 8;&-!04:(1!/(:4!'*!%$1W&>!V4+!8;&-!/(:4!-9'+!'*!)$<!@1:40!"GHCE!*0!-9'+4)!$<41!'*! =(0(! PH_! *0! $! )&@+4+! '*! gGH+(&4+>! X-$%=;&(<41! /(:4! (&&+)*! -;33$+! '*! 4++! )A++! (++! )A&F(! )(33(! '0;:@-+! +$&&! )(33(! -;1)@341+! +%*! <*1<40>! m0! CGGGjCGG"! 1*::4! $1)'4&1$1<)$1:@)+0$1! $! X%40$<4! )$1! /9F:'@1-+D! :4+! )*&:4)! 8&40! )-$%;0! A1! :4+! 1*<;1)$1!<F;0+)!+$:$<(04!"G>! I@!/(0!%$!*+40$<41!-;33$+!+$&&!4++!1W++!+4-1$-)-$8+4!$!;,/!34:!3'PH8;03(+4+!;,/! $1+4014+)! 39F&$</4+40>! X4:(1! *0! CGGGjCGG"! /(0! )-$%890)A&F1$1<41! $! X%40$<4! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! g!/++'Ujjaaa>:1>)4j;'$1$;1j:4=(++j';&$+$-401(H3()+4H%(<(H)+(H@''H3;+H'$0(+401(H">_e_ge\! "G!R!_!aaa>$8'$>)4jJ'(<4n$:kPgE!

(12)

! ! ""! 3$1)-(+! 34:! ,(! EG! h""! %$&-4+! 41&$<+! =&(1:! (1:0(! cONc! =40;0! '*! :41! $&&4<(&(! 8$&:4&1$1<41"C>!o%41!)+;0(!)%41)-(!(0+$)+40!);3!N40![4))&4!;,/!K%(!V(/&<041!/(0! 04(<40(+!)+(0-+!$!34:$(!3;+!:41!$&&4<(&(!8$&:4&1$1<41"P>!!

X%41)-(!)-$%=;&(<!8*0!$:(<!)+;0+!@+0W334!$!34:$(!<41;3!=0(1),/;0<(1$)(+$;141! cONc! );3! <*0! /*0+! *+! :41! $&&4<(&(! 8$&:4&1$1<41>! V41! 890)+(! ('0$&! *0! CGGg! +0A::4! c'04:H&(<41! $! -0(8+! %$&-4+! <40! 0A++$</4+)/(%(041! 0A++! (++! 8*! cNH1@3340! +$&&! '40);140!);3!8$&:4&(0!$&&4<(&+"_>!V4++(!/(0!&4++!+$&&!(++!:4=(++41!/(0!+0(''(+)!@''! ;,/! (0+$)+40! ;,/! )-$%=;&(<! Y<41;3! cONcZ! 80(3)+A&&40! )$<! )FA&%(! );3! 3(0+W040"E! 34:(1! 3;+)+*1:(0)$:(1! 8904)'0*-(0! 4++! 80$(04! $1+4014+"e>! cONc! 341(0! (++! 140<*1<41!$!890)A&F1$1<!/4&+!-(1!/A0&4:()!+$&&!:41!$&&4<(&(!14:&(::1$1<41!;,/!(++! )-$%=;&(<41!(&:0$<!-;3340!-@11(!-;1-@0040(!34:!1*<;+!);3!A0!<0(+$)>!

JIJIQ&P$*7,7=0/$-(=&

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j=(1:4+! )-(&&! %(0(! '*! '&(+)D! '@=&$-$1)&A''D! );@1:,/4,-! ;)%>! 7;-1$1<)=;&(<4+! -;33@1$,40(0!A%41!(-+$%+!34:!(00(1<9041!;,/!+(0!80(3!19:%A1:$<!$18;03(+$;1!$! 80*<(!;3!'0(-+$)-(!91)-43*&D!+4-1$-!;,/!=@:<4+>!#$:!=4/;%!)40!:4!:4))@+;3!+$&&! (++! )-$,-(! 3(+40$(&! $! 8;03! (%! :43;)D! (88$),/40! ;,/! 8;+;1>! V4+! 1;03(&(! (0%;:4+! =0@-(0! %(0(! 41! '0;,41+)(+)! (%! (0+$)+41)j=(1:4+)! (0%;:4D! :;,-! -(1! =;-1$1<)=;&(<4+)!(0%;:4!%(0$40(!=40;41:4!'*!890@+)A++1$1<(0!;,/!(%+(&>"f!

V4+! 8$11)! 41! +W:&$<! =$&:! $! 34:$(! (++! 34:(1! )-$%890)A&F1$1<41! :(&(0! '*! <0@1:! (%! $&&4<(&! 8$&:4&1$1<! '*%40-()! (1:0(! (-+9040! $! 3@)$-=0(1),/41! );3! +! 4L>! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! "C!/++'Ujj:1>)4j4-;1;3$j=;++41H@0H8;0H)-$%$1:@)+0$1H">efE\"_! "P!aaa>:1>)4j;'$1$;1j:4=(++j';&$+$-401(H3()+4H%(<(H)+(H@''H3;+H'$0(+401(H">_e_ge\! "_!aaa>:1>)4j-@&+@0H1;F4j$'04:&(<41H$H-;0+/4+H">\P_f\C! "E!aaa>:1>)4j;'$1$;1j:4=(++j';&$+$-401(H3()+4H%(<(H)+(H@''H3;+H'$0(+401(H">_e_ge\! "e!aaa>14a)3$&&>)4j(0+$-4&jCGGgjG_j"ej$'04:H-;3340H(&:0$<H(++H8@1<40(H;,/H14:&(::1$1<H(0H 80(3+$:41! "f!aaa>3@)$-<@$:41>1@j$1,&@:4j;%0$<+j;%0$<+>()'J+$')%(&k60+$)+40R+$')k_E!

(13)

! ! "C! =;-1$1<)=;&(<! ';)$+$%+! (%! :41"\>! V4+! A0! )%*0+! (++! -0$+$)40(! :411(! =$&:! :*! X+$3)! $1+A-+40!80*1!&$%43@)$-!/(0!9-(+!34:!/4&(!\G!'0;,41+!'*!843!*0D!41&$<+!)$880;0!80*1! CGG\"g>!600(1<90401(!(1)40!(++!48+40);3!3@)$-!=&$%$+!340!+$&&<A1<&$<+!%$(!$1+401(+! /(0!:4+!=$:0(<$+!+$&&!(++!3@)$-$1+04))4+!%@L$+!%$&-4+!$!)$1!+@0!34:%40-(+!+$&&!)+9004! $1+04))4! (%! -;1)40+40>! K1! (11(1! <41404&&! @''8(++1$1<! $1;3! 34:$(! ;,/! 3@)$-=0(1),/41! A0! (++! 8;&-! /(0! 340! '41<(0! $! '&*1=;-41! (++! )'41:40(! '*! &$%43@)$-! :*! :4! $1+4! &A1<04! =4/9%40! )'41:40(! )$1(! '41<(0! '*! :W0(! ,:H)-$%;0CG>! p++40&$<(04!41!(&&3A1!@''8(++1$1<!A0!(++!48+40);3!(0+$)+401(!1@!3*)+4!+FA1(!)$1(! '41<(0! <41;3! )'4&1$1<(0! =$:0(0! :4! +$&&! (++! (0+$)+401(! <90! 8&40! )'4&1$1<(0! A1! +$:$<(04>C"!

JIJIS&?40,*5"#-(=&

K++! 3@)$-890&(<! A0! 4++! 8904+(<! );3! -1W+40! +$&&! )$<! @''/;%)3A1! Y&*+)-0$%(04D! +4L+8908(++(04!33Z!;,/!+0(:$+$;14&&+!)4++!/(0!:40()!/@%@:@''<$8+!$114=@0$+!(++!<4! @+! 1;+40! ;,/! )*1<=9,-40D! );3! +$&&! 3$++41! (%! "gGGH+(&4+! %(0! :4+! 41:(! )A++4+! (++! )'0$:(!3@)$-!'*!$!8W)$)-!8;03>!X4:(1!3@)$-!=90F(:4!:$)+0$=@40()!$!$1)'4&(:!8;03! /(0! 890&(<41)! 0;&&! A1:0(+)! 340! ;,/! 340! ;,/! $:(<! A0! :4! 80A3)+(! @''<$8+401(! (++! 89034:&(!0A++41!(++!(1%A1:(!@''/;%)3(1141)!%40-!+$&&!;&$-(!(-+9040!+!4L!(0+$)+40D! )-$%=;&(<D! '0;:@-+$;1)=;&(<>! ]@)$-890&(<! A0! ;8+(! -1@+1(! +$&&! @''/;%)0A++);0<(1$)(+$;141!X+$3>CC!

c! ;,/! 34:! (++! $1+4014+(1%A1:(1:4+! /;)! '0$%(+'40);140! 9-(:4! @1:40! gGH+(&4+! 3$1)-(:4! Y;,/! 890)%(11! 1A)+(1! /4&+Z! 890)A&F1$1<41! (%! 1;+40! ;,/! +4L+40! $! 8W)$)-! 8;03>!20;+)!(++!:4+!$!80A3)+(!/(1:!090:4!)$<!;3!3(+40$(&!);3!%(0!%(0-41!-;'$40(+! 4&&40!'&(<$40(+D!@+(1!3@)$-40!0@1+!;3!$!%A0&:41!&W))1(:4!'*!3@)$-!;,/!)-04%!14:! /@0!:41!)'4&(:4)D!=&4%!:4+!A1:*!;&(<&$<+!(++!)'0$:(!1;+40!%$(!$1+4014+>!20;+)!(++!:4+! A0!;&(<&$<+!,$0-@&40(0!:4+!3A1<:40!(%!4<41)-0$%1(!1;+40!;,/!+4L+40>CP!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! "\!/++'Ujjaaa>)%:>)4j-@&+@01;F4j1W/4+40j(0+$-4&nPE\PP>)%:! "g!S;/(1));1!R!i(0));1!CGGg! CG!/++'Ujjaaa>)%:>)4j-@&+@01;F4j1W/4+40j(0+$-4&nPE\PP>)%:! C"!/++'Ujj3;=$&>)%+>)4jC>eCC_Cj">""g_Ee\j04-;0:);33(0n8;0n&$%43@)$-n$n(0! CC!]@)$-890&A<<(041)!+04!0;&&40!CGGE! CP!/++'Ujj14a)>==,>,;>@-jCj/$j41+40+($1341+j_EG\"E\>)+3!

(14)

! ! "P! c!X+$31W++C_!0('';0+40()!:4+!;3!(++!3@)$-(1%A1:(1:4+!/(0!9-(+!@1:40!CGGGH+(&4+! +0;+)! (++! $&&4<(&! 8$&:4&1$1<! /(0! 9-(+>! V4+! =;0:4! $! )*:(1(! 8(&&! $114=A0(! (++! 3@)$-890&(<)=0(1),/41!A0!41!:4&!(%!3@)$-$1:@)+0$1!);3!<W11()!(%!:41!:$<$+(&(! 04%;&@+$;141>!

#$! @''&4%40! (++! 3@)$-890&(<! /(0! =&$%$+! (&&+! %$-+$<(04! :4! )41()+4! *041! :*! 8&40! ;,/! 8&40!)-$%=;&(<!)+(0+(0!3@)$-890&(<!);3! )$:;%40-)(3/4+!+$&&!)$1!-A01%40-)(3/4+>! ]*1<(! 890&(<! /(0! =&$%$+! @''-9'+(! (%! )+9004! (-+9040D! %$&-4+! /(0! 8*++! 89&F:41! (++! 890&(<)%40-)(3/4+41! :;3$140()! (%! 1*<0(! )+;0(! (-+9040D! )*! -(&&(:4! 3(F;0=;&(<>! 61&4:1$1<41! +$&&! @''-9'! A0! 890! (++! :4+! -9'(1:4! =;&(<4+! %$&&! -;1+0;&&40(! 0A++$</4+401(!+$&&!%$))(!&*+(0!4&&40!+$&&!/4&(!-(+(&;<40>!

JIQ&E#$/-1R5$#R4-1#,7=&

c!)&@+4+!(%!g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c!34:$(!-(1!%$!&A)(!(++!&$%4=0(1),/41!9-(+!:4!)41()+4!*041!;,/!%(0F4!*0!A0!4++!1W++! 04-;0:*0D!=;-1$1<)=;&(<!;,/!(0+$)+40!+FA1(0!)+;0(!'41<(0!'*!&$%4)'4&1$1<(0>!V41! 41(! )$:(1! (%! =0(1),/41D! )-$%=;&(<41D! A0! $! -0$)! 34:(1! :41! (1:0(D! =;-1$1<)=;&(<41D!-(1!/*%(!$1!'41<(0>!

#$! @''&4%40! (++! 34:$()! =$&:D! %$&-4+! %$! ;,-)*! (1)40! /(0! =&$%$+! (&&3A1/4+41)! =$&:D! $1+4! (&&+$:! )+A3340! 9%40041)! 34:! %40-&$</4+41>! V411(! )14:%0$:1$1<! (1)40! %$! &4:40!+$&&!890@+8(++(:4!341$1<(0!;,/!$!%$))!3*1!84&(-+$<!:4=(++>!

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

C_!/++'Ujjaaa>)+$3>)4j)+$3j'0;:j)+$3%_>1)8jaaa'(<4)jfKKff.COVOgEOEC6."CEfCOKG!

(15)

! ! "_!

JIS&!#<=10+>--7,7=&

M@0! /(0! :41! 4-;1;3$)-(! @+%4,-&$1<41! 890! %(&:(! )-$%=;&(<D! =;-1$1<)=;&(<! ;,/! 3@)$-890&(<!)4++!@+!34&&(1!*0!CGGG!;,/!CGG\J!

!

H M(0! )-$%=;&(<41! :0(==(+)! (%! 41! :F@'! -0$)! 4&&40! A0! =$&:41! (%! :40()! 4-;1;3$)-(!)$+@(+$;1!41!4884-+!(%!;0<(1$)(+;0$)-+!/W,-&40$J!

H M@0! )-$&F40! )$<! 34:$()! =$&:! (%! =;-1$1<)=;&(<41! 80*1! :40()! 4-;1;3$)-(! %40-&$</4+J!

H M@0! )40! 3@)$-890&(<41)! 4-;1;3$)-(! ';)$+$;1! @+! $! :41! )%41)-(! 3@)$-=0(1),/41J!!

JIK&:95+1&

XW8+4+! 34:! %*0! @'')(+)! A0! (++! -(0+&A<<(! +04! (%! :4! %$-+$<()+4! :4&(01(! Y)-$%=;&(<D! =;-1$1<)=;&(<! ;,/! 890&(<Z! $! :41! )%41)-(! 3@)$-=0(1),/41! @0! 4++! 4-;1;3$)-+! '40)'4-+$%>! [41;3! %*0! -(0&A<<1$1<! A31(0! %$! 9-(! 890)+*4&)41! 890! /@0! :41! 4-;1;3$)-(!)+0@-+@041!34&&(1!)%41)-(!3@)$-=;&(<!/(0!@+%4,-&(+)!80*1!*0!CGGG! +$&&!CGG\>!!

JIT&.@=#>707,7=&

V41! )%41)-(! 3@)$-=0(1),/41! A0! 41! ;38(++(1:4! ;,/! (=)+0(-+! =0(1),/! );3! $1148(++(0! 3A1<:40! (%! ;&$-(! );0+40)! (-+9040! );3! +! 4L! (0+$)+40D! )'4&)+A&&41! ;,/! *+40890)A&F(04>!#$!/(0!%(&+!(++!(%<0A1)(!;))!<41;3!(++!41:()+!8;0)-(!-0$1<!:4!+04! (-+9040! );3! %$! (1)40! +$&&)(33(1)! ;38(++(0! 41! )+;0! :4&! (%! 3@)$-=0(1),/41D! 1A3&$<41! )-$%=;&(<D! =;-1$1<)=;&(<! ;,/! 3@)$-890&(<>! M@0! :41! $&&4<(&(! 140&(::1$1<41!/(0!'*%40-(+!3@)$-=0(1),/41!A0!41!%$-+$<!:4&!$!%*0!8;0)-1$1<>!#$! +A1-40!:A043;+!$1+4!8;0)-(!-0$1<!841;3414+!$&&4<(&!8$&:4&1$1<!@+(1!41:()+!%$)(!'*! /@0!:4+!-(1!/(!'*%40-(+!3@)$-=0(1),/41)!4-;1;3$)-(!%40-&$</4+>!#$!/(0!%(&+!(++! $1+4! (1(&W)40(! 4-;1;3$1! /;)! (0+$)+40! :*! :4+! 04:(1! 8$11)! (1:0(! 8;0)-1$1<)0('';0+40! );3! =4&W)40! :41! <0@''41>! #$! /(0! /4&&40! $1+4! %(&+! (++! (1(&W)40(! )'4&)+A&&41! :*! :40()! $1+A-+40! =4)+*0! +$&&! %$))! :4&! (%! (1:0(! +W'40! A1! 3@)$-04&(+40(:4>!!!

(16)

! ! "E!

JIL&?1+$%&

JILIJ&!$#0*7,7=00+#(+1=,&

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c1:@-+$%! +4;0$! )$:(1! 341(0! (++! 3(1! @+$80*1! 43'$0$)-(! <0(1)-1$1<(0! ;,/! 04)@&+(+! :0(0! )&@+)(+)40!;,/!)-('(0!+4;0$40>!CEV;,-!8$11)!:4+!;8+(!$1)&(<!(%!$1:@-+$%!+4;0$!$!:41! :4:@-+$%(!+4;0$1!;,/!%$)4!%40)(>!V4++(!)W1)A++!/4+40!(=:@-+$;1!;,/!(1%A1:)!1A0! 3(1!090!)$<!80(3!;,/!+$&&=(-(!34&&(1!+4;0$!;,/!43'$0$>Ce!

#(&4+! 34&&(1! -%(&$+(+$%! 4&&40! -%(1+$+(+$%! 34+;:! A0! A%41! :4+! (%! )+;0! %$-+>! B%(1+$+(+$%! 8;0)-1$1<! -(1! <41404&&+! )4)! );3! $1)(3&$1<! (%! :(+(D! ;8+()+! )$880;0! (%! ;&$-(!)&(<>Cf![41;3!(++!)4!+$&&!4++!)+;0+!(1+(&!:(+(!Y(++!-%(1+$8$40(!:(+(Z!%$&&!3(1! -@11(! <4140(&$)40(! ;,/! (''&$,40(! 04)@&+(+4+! A%41! '*! :43! );3! $1+4! ;38(++()! (%! )+@:$41>!c1;3!:41!-%(1+$+(+$%(!8;0)-1$1<41!/(0!3(1!;8+()+!4++!:4:@-+$%+!)W1)A++! '*!890/*&&(1:4+!34&&(1!+4;0$!;,/!43'$0$>C\!!

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g!

#$!-;3340!$1&4:1$1<)%$)!$!:411(!)+@:$4!(0=4+(!@+$80*1!:41!-%(1+$+(+$%(!34+;:41! :*! %$! %(&+! (++! (0=4+(! 34:! 4++! )+;0+! (1+(&! *0)04:;%$)1$1<(0! );3! '0$3A0(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! CE!70W3(1!R!74&&!CGGEUCP88! Ce!N(+4&!R!V(%$:);1!CGGPUC_! Cf!70W3(1!R!74&&!CGGEUCP88 C\!K0$-));1!CGG"UCGG! Cg!70W3(1!R!74&&!CGGEUCgf88

(17)

! ! "e! $18;03(+$;1)-A&&(>!VA048+40!-;3340!%$!$!%*0!(1(&W)!(0=4+(!'*!4++!-%(&$+(+$%+!)A++>! #$!-;3340!A%41!(++!090(!;))!80(3!;,/!+$&&=(-(!34&&(1!$1:@-+$;1!;,/!:4:@-+$;1D! )*!-(&&(:!(=:@-+$;1>!61&4:1$1<41!+$&&!(++!%$!%(&+!(=:@-+$;1!A0!(++!%$!:*!-(1!)-('(! 41!=A++04!890)+*4&)4!;,/!41!:F@'(04!(1(&W)>! JILIQ&a#@(-& :*,@/$-(=& #$! /(0! %(&+! (++! <0(1)-(! *0)04:;%$)1$1<(0! 80*1! :4! 843! )+90)+(! )-$%=;&(<41! $! X%40$<4U!! r ?1$%40)(&!]@)$,!YC\Df!hZ! r X;1W!]@)$,!YCCDg!hZ! r `(0140!]@)$,!Y"EDg!hZ! r K]c!Y"E!hZ! r 7;11$40!63$<;!Y"G!hZ! r N&(W<0;@1:!]@)$,!YCDP!hZ! 2$&&)(33(1)!@+<90!:4))(!e!=;&(<!gED\!h!(%!cONc)!34:&433(0PG>!cONc!/(0!$!)$1!+@0! gE!h!(%!(&&(!=;&(<!);3!8$11)!'*!3(0-1(:41!$!X%40$<4P">!V4+!$114=A0!(++!:4))(!e! =;&(<! +$&&)(33(1)! /(0! g"! h! (%! 3(0-1(:41! $! X%40$<4! %$&-4+! %$! (1)40! A0! 41! +$&&0A,-&$<+!)+;0!(1:4&!890!(++!%(0(!+$&&890&$+&$<+>!

P$*7,7=0/$-(=&

O9&F(1:4!)F@!=;-1$1<)=;&(<!/(0!%$!%(&+!890!%*0!)+@:$4!:*!%$!(1)40!(++!:4!+A,-40!$1! +$&&0A,-&$<+! )+;0! :4&! (%! =0(1),/41>! #$! =4:9340! (++! :4! +A,-40! 9%40! fG! h! (%! =;-1$1<(0! (%! ';'@&A03@)$-! $! X%40$<4! $:(<>! Q3)A++1$1<! *0! CGG\! $1;3! '(041+4)! Y3-0Z>! r i$%4!I(+$;1!Ye_PZ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PG!/++'Ujjaaa>$8'$>)4jJ'(<4n$:k"GP! P"!aaa>$8'$>)4jJ'(<4n$:kE!

(18)

! ! "f! r 7&$L+41!R!.;!Y"gPZ! r ?1$+4:!X+(<4!Y"_GZ! r i@<40!Y""eZ! r 64<!i$%4!Y_PZ! r ];&$1HiF@1<<041)!N0;:@,+$;1)!YCeZ! r 2/4!6<41,W![0;@'!Y"_Z! ?40,*5"#-(=&

IA0! %$! %(&:4! =;&(<41! );3! )-(! 04'04)41+40(! 3@)$-890&(<)=0(1),/41! (1%A1:4! %$! ;))! (%! X]OO)! YX%41)-(! ]@)$-890&A<<(0489041$1<41Z! 34:&43)8904+A,-1$1<! ;,/! %(&:4!:4!=;&(<!34:!;3)A++1$1<!34:!3$1)+!CE!3$&F;140!-0;1;0!:4+!)41()+4!*04+>! K8+40!)(3+(&!34:!X]OO!<90!%$!=4:931$1<41!(++!89&F(1:4!=;&(<!+A,-40!@''!,(!\EH gGh!(%!=0(1),/41>!Q3)A++1$1<!*0!CGG\!$1;3!'(041+4)!Y3-0Z>! r `(0140j./(''4&&!]@)$,!Y"CGZ! r K]c!]@)$,!N@=&$)/$1<!Y"""Z! r N&(W<0;@1:!]@)$,!Y\\Z! r ?1$%40)(&!]@)$,!N@=&$)/$1<!YEEZ! r 7;11$40!]@)$,!N@=&$)/$1<!YPPZ! r [4/03(1)!]@)$-890&(<!YPGZ! r 6$0!./0W)(&$)!X,(1:$1(%$(!YCfZ! JILIS&M(+(,70(R-,7=&

#$! /(0! $! %*0! )+@:$4! <F;0+! 41! )*! -(&&(:! )4-@1:A0(1(&W)! %$&-4+! $114=A0! (++! %$! /(0! (1(&W)40(+!04:(1!=48$1+&$<!:(+(!$!8;03!(%!$!890)+(!/(1:!*0)04:;%$)1$1<(0>!#$!/(0! (1%A1+! ;))! (%! (1:0(! :(+(! )*! );3! )+(+$)+$-! 80*1! ;&$-(! =0(1),/;0<(1$)(+$;140>! K1! )4-@1:A0(1(&W)! A0! 41&$<+! 70W3(1! R! 74&&PC! 890:4&(-+$<+! :*! :4+! )'(0(0! +$:! ;,/! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(19)

! ! "\! '41<(0D!-%(&$+4+41!'*!:(+(!A0!/9<!;,/!(1(&W)41!(%!:(+(!8*0!)+9004!@+0W334>!

c!%*0!)+@:$4!/(0!%$!<*++!$<41;3!*0)04:;%$)1$1<(0!890!(&&(!%(&:(!=;&(<!9%40!41!\H *0)'40$;:>! #*0! )+@:$4! =W<<40! '*! ;&$-(! +4;0$40! -0$1<! 1W,-4&+(&! ;,/! %(:! @+%4,-&$1<41!-(1!=40;!'*!)(3+!%(:!:4+!=4+W:40!890!8904+(<41>!

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

K++!(11(+!'0;=&43!34:!%*0+!@0%(&!A0!(++!:4!8&4)+(!=;&(<!/(0!@+&A1:)-(!A<(04!;,/! $1<*0!$!)+9004!-;1,40140!%$&-4+!$114=A0!(++!%$!=4/9%40!%(0(!-0$+$)-(!+$&&!:4!)$880;0! );3! )+*0! $! *0)04:;%$)1$1<(01(! :*! $1+401(! (88A0)/A1:4&)40! -(1! '*%40-(! 1W,-4&+(&41!';)$+$%+!4&&40!14<(+$%+>!V4))@+;3!-(1!:4!4L(-+(!890/*&&(1:41(!34&&(1! :;++40=;&(<! ;,/! 3;:40=;&(<! %(0(! )%*0(! (++! 8()+)+A&&(! :*! %$! $1+4! /(0! +$&&<*1<! +$&&! 3;:40=;&(<41)!*0)04:;%$)1$1<(0>!

X;1Wj62#! ]@)$,! N@=&$)/$1<! A0! 4++! -;33(1:$+=;&(<! ;,/! /(0! :A034:! $1+4! )-W&:$</4+! (++! &A31(! $1! 41! *0)04:;%$)1$1<! +$&&! )-(++4%40-4+>! V4+! 8904+(<4+! ;3)A++40!41&$<+!X]OO!;3-0$1<!_G!3-0!%$&-4+!$114=A0!(++!:4!A0!:4+!843+4!)+90)+(! 890&(<4+!$!X%40$<4>!

JILIT&b(-,%,+1+&$)B&#1-,(/,-,+1+&

(20)

! ! "g! =0(! 4&&40! $1+4>! 70W3(1! R! 74&&PP! )-$&F40! '*! $104! ;,/! W++04! %(&$:$+4+>! c104! %(&$:$+4+! (%)40! /@0@%$:(! :4! =4<04''! 3(1! (1%A1:40! A0! $! 9%4041))+A334&)4! 34:! :4! :(+(! 3(1!3A+40>!V41!$104!%(&$:$+4+41!890!;))!'*%40-()!14<(+$%+!890!:4!8904+(<!);3!$1+4! @+4)&@+(1:4! (0=4+(0! 3;+! 3@)$-=0(1),/41>! p++04! %(&$:$+4+! (%)40! 9%4041))+A334&)41! 34&&(1! :4+! 3(1! 3A+40! ;,/! /@0! %40-&$</4+41! )40! @+>! c8(&&! :4! :(+(! 3(1! (1%A1:40! A0! 84&(-+$<(! =&$0! :41! W++04! %(&$:$+4+41! &*<>P_! 54&$(=$&$+4+! A0! 8903*<(1!(++!3A+(!0A++!)(-40PE>!Q(%)4++!;3!3(1!3A+40!1*<;1+$1<!'*!4++!-;004-+!

)A++!-;3340!04&$(=$&$+4+41!=&$!&*<!$8(&&!:4+!3(1!3A+40!A0!/4&+!$004&4%(1+Pe>!#$!(1)40! (++! (1:0(! '40);140! 34:! )(33(! (1<04''))A++! ;,/! @+<*1<)'@1-+! );3! %$! )-@&&4! -;33(! 80(3! +$&&! )(33(! )(-! %$&-4+! =$:0(0! +$&&! /9<! 04&$(=$&$+4+>! V4+! 8$11)! <$%4+%$)! (1:0(!()'4-+40!'*!%*0+!A314!341!:4+!A0!)%*0+!(++!=;0+)4!80*1!8(-+(!'04)41+40(:!$! 41! 4-;1;3$)-! (1(&W)! =()40(:! '*! &(<=()40(:4! /(1:&$1<(0! )*! );3! *0)04:;%$)1$1<(0>!!

JILIL&?1+$%*#,+,*&

B0$+$-! -(1! 0$-+()! +$&&! %*0+! +$&&%A<(<*1<))A++! :*! %$! %(&+! (++! )4! +$&&! 8904+(<41)! 3(0-1(:)(1:4&(0!%$&-4+!$114=A0!(++!%$!$1+4!=4090+!3(F;0$+4+41!(%!8904+(<41!$1;3! %(&:(!;30*:41>!

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p++40&$<(04!41!(1&4:1$1<!A0!890!(++!$18&(+$;1)=40A-1$1<!A0!41!-;3'&$,40(:!'0;,4))! ;,/! $1<41! $! <0@''41! =4)$++40! +$&&0A-&$<(! -@1)-('40! 890! (++! -@11(! )-('(! 41! 0A++%$)(1:4!=$&:!34:!/FA&'!(%!$18&(+$;141>! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PP!70W3(1!R!74&&!CGGE! P_!K0$-));1!CGG"U!P\!88! PE!K0$-));1!CGG"U!P\!88! Pe!70W3(1!R!74&&!CGGE!

(21)

! ! CG! JILIW&3>--*#,+,*&&

#$!%$&&!'*'4-(!(++!@'')(+)41!=W<<40!'*!%*0!4<41!+4)!;3!(++!:4+!8$11)!41!(&&3A1! =$&:! /;)! :41! )%41)-(! =48;&-1$1<41! ;3! (++! (0+$)+40! +FA1(0! +$&&0A,-&$<+! 3W,-4+! '41<(0!'*!(++!)'4&(!)$1!3@)$-!&$%4D!(++!:4!$1+4!=4/9%40!/(!(1:0(!F;==!%$:!)$:(1!(%! )$1!3@)$--(00$A0>!V4+!A0!;,-)*!%*0!@''8(++1$1<!;3!(++!:4+!8$11)!41!(&&3A1!+0;!;3! (++!:4+!:A0890!$1+4!)'4&(0!1*<;1!0;&&!(++!3@)$-!)'0$:)!$&&4<(&+>!

K8+40);3!:4+!8$11)!04&(+$%+!&$+4!(-(:43$)-+!-1@+41!8;0)-1$1<!$1;3!%*0+!A314!/(0! %$! %(&+! (++! &W8+(! 80(3! 3*1<(! (0+$-&(0! )-0$%1(! (%! 1*<0(! (%! &(1:4+)! )+90)+(! :(<)+$:1$1<(0>! p++40&$<(04! )-A&! +$&&! (++! &W8+(! 80(3! (0+$-&(01(! A0! 890! (++! '*%$)(! %*0! 4<41! +0;! ;3! (++! 34:$(! A0! 34:! ;,/! )-('(0! :41! /A0! =$&:41>

(22)

! ! C"!

Q&F151#170#(R&

7& 895($%12& /$:.-25& ;6%$)& <.& =2& 2%& >.51& $<& <.5/$& ?-=@%=*:?%/-2)& <.& #$)& #$8-& .%89)& ?-89)$%12-& $<& 12%%$& ?::*$-*A& 4$:.-52-& .%%2#@552)& 125*& +5./$& >2-22%12-2+).2)B& 12& %CD/25-$5&<.&$%*2)&.%-)2**$%-$&+D#&%@=)$&-.1%.%=*$)-./5$)&*+6&*-;)/2)&<@)&2=2%&>.51& $<&*.-?$-.+%2%A

&

QIJ&?(*+U&(4*+$#,+1+&$)B&0(77,7=&

541+!/$)+;0$)-+!)4++!/(1:&(0!3(-+!;3!8903*<(1!(++!8*!1*<;1!(++!<90(!1*<;+!);3! :4114! $1+4! )-@&&4! /(! <F;0+! (%! 4<41! %$&F(>! V4+! A0! :;,-! )-$&&1(:! '*! 3(-+! ;,/! (@-+;0$+4+>!74<04''4+!(@-+;0$+4+!@+<*0!)1(0(04!80*1!(++!:41!);3!@+9%(0!1*<;+!);3! 1*<;1!(11(1!91)-(0!8*!@+9%(+D!$!<0@1:!;,/!=;++41!%$&&!@+9%(!:4+>Pf!

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

QIQ&V#=(7,0(+$#,0*+&B9)*-1#,&

c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f!S(,-);1!R!.(0+40!CGGCU""_! P\!S(,-);1!R!.(0+40!CGGCU""E!88!

(23)

! ! CC! +$&&804:)+A&&:(! )(3+$:$<+! );3! 3(1! $! )FA&%(! %40-4+! @+0A++(0! 1*<;+! /4&+! (11(+>! 20(:$+$;14&&+!/(0!/W,-&40$!)4++)!);3!4++!'0;=&43!341!$!:(<41)!-;3'&4L(!)(3/A&&4! -(1!:4+!(1%A1:()!890!(++!&9)(!'0;=&43D!=*:4!$1;3!;,/!34&&(1!;0<(1$)(+$;140>Pg! O90!(++!-@11(!+$&&A3'(!;0<(1$)(+;0$)-+!/W,-&40$!3*)+4!+%*!8(-+;040!8904&$<<(>!O90! :4+!890)+(!3*)+4!:4+!0*:(!-;18&$-+!34&&(1!3A11$)-;0D!;0<(1$)(+$;140D!$:s40!4&&40! %A0:40$1<(0>! c8(&&! (&&(! /(0! )(33(! *)$-+! ;,/! :4))(! *)$-+40! 890=&$0! :4)(33(! 9%40! +$:41! 8$11)! $1<4+! =4/;%! (%! /W,-&40$! 890! (++! +$&&804:))+A&&(! (&&()! $1+04))41D! :4! A0! 04:(1! +$&&804:))+A&&:(>! O90! :4+! (1:0(! 3*)+4! '0(+! ;,/! =4)&@+! /(! 4++! 4<41%A0:4D! +0(:$+$;14&&+!(1)4)!:4))(!41=(0+!@+<90(!4++!=$/(1<!+$&&!/(1:&$1<41!;,/!=&$0!:A0890! 14<&$<40(:4>! c! :(<41)! )(3/A&&4! &A<<)! ;8+(! )+;0! %$-+! %$:! +! 4L! 8904+(<)'04)41+(+$;140D! %$)$;140D! 3*&! ;,/! '04))34::4&(1:41! %$&-(! -(1! )4)! );3! '0(+!;,/!=4)&@+D!:A043;+!$1+4!)(<+!(++!1*<;+!/(1:&(1:4!-;3340!$1+0A88(>_G!

QIS&F>*170*(C0(7(-90&

K++! %(1&$<+! )W8+4! 34:! (++! <41;3890(! 41! 0A-41)-(')(1(&W)! A0! (++! 890=A++0(! @''&W)1$1<41!;3!8904+(<4+!);3!)+9:!890!8()+)+A&&(1:41!);3!%$:090!F@)+!8904+(<4+>! V4+!A0!80(3890!(&&+!:(+(!;3!)+(+@)!;,/!@+%4,-&$1<)+041:40!);3!=*:4!$1+401(!;,/! 4L+401(!$1+04))41+40!%$&&!-;33(!*+>!_"!

5A-41)-(')(1(&W)41! (1%A1:)! ;,-)*! 8&$+$<+! 1A0! 8904+(<! FA3890! (1:0(! &$-%A0:$<(! -;1-@0041+40!Y=41,/3(0-$1<Z>!V411(!(1(&W)!<40!)%(0!'*!80*<;0!);3!!

t M@0!&$<<40!8904+(<4+!+$&&!FA3890+!34:!(1:0(!-;1-@0041+40J!! t o0!:4!340!&91)(33(!A1!%$J!!

t #AL40!:4!)1(==(04!A1!%$J!! t Q)%>!!

c18;03(+$;1! );3! :411(! /FA&'40! 8904+(<! (++! 8()+)+A&&(! =0(1),/41)! u1;03(&(u! 1$%*40D! %$&-4+! $! )$1! +@0! &4:40! +$&&! (++! :4! =&$0! &A++(04! 890! 8904+(<4+! (++! )A++(! @''! 04(&$)+$)-(!3*&>_C! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Pg!70@1));1!$!.b(01$(a)-(!R!X4%T1!CGGPUCG"!88! _G!70@1));1!$!.b(01$(a)-(!R!X4%T1!CGGPUCG"!88! _"!M(1));1!4+!(&!CGGE! _C!.(0&));1!CGGfU__!8!

(24)

! ! CP! K1&$<+! [09F40! 4+! (&_P! <*0! 41! :4&! (%! 0A-41)-(')(1(&W)41! @+! '*! (++! 0A-1(! ;,/! (1(&W)40(! 1W,-4&+(&>! c)+A&&4+! 890! (++! 41:()+! FA3890(! 04)@&+(+0A-1$1<(01()! <$%1(! ';)+40!)*!);3!;3)A++1$1<!;,/!04)@&+(+!<*0!:4+!(++!34:!/FA&'!(%!=*:4!=(&(1)H!;,/! 04)@&+(+0A-1$1<! @+9-(! FA3890=(0(! )$880;0! ;,/! :A034:! @+9-(! %A0:4+! $! (1(&W)41>! K1:()+! 4++! 04)@&+(+! (%)&9F(0! $1+4! ;3! 8904+(<4+! A0! 4884-+$%(D! (++! =(0(! FA3890(! ;3)A++1$1<41!)A<40!$1+4!3W,-4+!;3!/@0!3W,-4+!8904+(<4+!%40-&$<41!)A&F40>!

I(,-:4&41! 34:! (++! =(0(! 0A-1(! @+! 1W,-4&+(&! =()40(+! '*! =(&(1)H! ;,/! 04)@&+(+0A-1$1<(0!A0!(++U!

H ]*1<(!:4&(0!(%!%40-)(3/4+41!$1+4!<*0!(++!3A+()!$!4-;1;3$)-(!+40340! H V41! 8$1(1)$4&&(! %40-)(3/4+41! )A<40! $1+4! )*! 3W,-4+! ;3! /@0! 8904+(<4+!

@''8(++()D!4&&40!;3!:4!/(0!41!)+(0-!-@1:<0@''!

H 7*:4! $18&(+$;1! ;,/! '0$)890A1:0$1<(0! 890)%*0(0! 39F&$</4+401(! (++! FA3890(! 4++!8904+(<)!1W,-4&+(&!@1:40!41!&A1<04!+$:>!!

QIK&89)*1-+(-&

K8+40!%(0F4!=4)-0$%(1:4!)+W,-4!;3!1W,-4&+(&41!89&F40D!$!:4!8(&&!:4+!A0!19:%A1:$<+D! 41!-;0+!'04)41+(+$;1!;3!%(0890!%$!(1)40!1W,-4&+(&4+!);3!04&4%(1+!890!@'')(+)41>! QIKIJ&b,70+R(#=,7(-& #$1)+3(0<$1(&!A0!%$1)+(1:4&41!(%!;3)A++1$1<41!$11(1!0A1+4-;)+1(:40>!V4+!(1<40! )*&4:4)!/@0!)+;0!:4&!(%!;3)A++1$1<41!);3!*+40)+*0!890!(++!+A,-(!0A1+4-;)+1(:401(! ;,/!<4!041!%$1)+>!IW,-4&+(&4+!<40!;,-)*!41!(1+W:(1!;3!/@0!04)@&+(+4+!-(1!-;33(! (++! '*%40-()! %$:! 41! 890A1:0$1<! (%! ;3)A++1$1<41>! #$1)+3(0<$1(&! :48$1$40()! );3! 04)@&+(+! 48+40! 8$1(1)$4&&(! ';)+40! (::40(+! 34:! 0A1+4-;)+1(:40! :$%$:40(+! 34:! ;3)A++1$1<>__! 54)@&+(+!48+40!8$1(1)$4&&(!';)+40!v!5A1+4-;)+1(:40! Q3)A++1$1<! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! _P![09F40!4+!(&!CGG\! __!.(0&);1!CGGfUgG!88!

(25)

! ! C_! QIKIQ&:$-,%,+1+&

X;&$:$+4+41!%$)(0!/@0!)+;0!:4&!(%!4++!8904+(<!);3!A0!8$1(1)$40(+!34:!4<1(!34:4&>! V4+!A0!4++!3*++!890!/@0!4++!8904+(<!-&(0(0!(%!(++!=4+(&(!)$1(!)-@&:40!'*!&*1<!)$-+D! 4&&40! 34:! (1:0(! ;0:! /@0! =40;41:4! :4! A0! (%! 4L+401(! 8$1(1)$A040>! S@! &A<04! );&$:$+4+41! A0! :4)+;! -A1)&$<(04! A0! 8904+(<! 890! 0A1+4-;)+1(:40! ;,/! (3;0+40$1<(0>! X;&$:$+4+! :48$1$40()! );3! F@)+40(+! 4<4+! -('$+(&! :$%$:40(+! 34:! +;+(&+! -('$+(&>! [41404&&+!)4++!(1)4)!:4+!(++!,(!PG!h!A0!41!=0(!);&$:$+4+>_E! S@)+40(+!4<4+!-('$+(&! 2;+(&+!-('$+(&! ! QIKIS&VR0>++7,7=&C1#&(70+>--%& V4++(!1W,-4&+(&!A0!4++!4884-+$%$+4+)3*++!);3!%$)(0!/@0!)+;0!:4&!(%!;3)A++1$1<41!$! 34:4&+(&!);3!A0!/A1890&$<!+$&&!%(0F4!(1)+A&&:>!IW,-4&+(&4+!A0!80A3)+!/A1890&$<+!+$&&! +FA1)+48904+(<!:A0!+$&&<*1<(01(!A0!04&(+$%+!)3*!$!890/*&&(1:4!+$&&!;3)A++1$1<41>!V4+! A0! %$-+$<+! (++! +A1-(! '*! (++! 1W,-4&+(&4+! '*%40-()! +! 4L! ;3! '0$)401(! <41404&&+! $! 8904+(<4+!)F@1-40D!4&&40!;3!$18&(+$;141!/9F)>_e!

Q3)A++1$1<! 61+(&!(1)+A&&:(! !

[41;3! (++! (1(&W)40(! @+48+40! :4++(! 1W,-4&+(&! -(1! %$! )4! ;3! 890A1:0$1<(0! $1;3! 8904+(<4+!'40);1(&)+W0-(!3;+$%40()!<41;3!(++!;3)A++1$1<41!890A1:0()>!#*0+!3*&! A0! (++! :4+! +$&&)(33(1)! 34:! ;3)A++1$1<41! )-(! <4! 41! 1W(1)40(:! =$&:! (%! ;3)A++1$1<41)!=4+W:4&)4>!!!!

QIKIK&F104-+(+&15+1#&5,7(70,1--(&C$0+1#&C1#&(70+>--%&

V4++(!1W,-4&+(&!%$)(0!/@0!)+;0!:4&!(%!04)@&+(+4+!);3!A0!/A1890&$<+!+$&&!%(0F4!(1)+A&&:! ;,/! A0! 4++! );0+)! 4884-+$%$+4+)3*++>! V4+! A0! )%*0+! (++! (%<90(! /@0! 4884-+$%(! :4! (1)+A&&:(! A0! 34:! @+4)&@+(1:4! /FA&'! (%! :4+! /A0! 1W,-4&+(&4+>! V4+! A0! 4++! 1W,-4&+(&!

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

_E!.(0&);1!CGGfUfC!8! _e!.(0&);1!CGGfU\g!

(26)

! ! CE! );3!8@1<40(0!);3!3A+1W,-4&!:*!4++!8904+(<!/(0!+$:$<(04!*0)!0904&)404)@&+(+!'40! (1)+A&&:!4&&40!;3!8904+(<4+!FA3890!34:!4++!&$-1(1:4!-;1-@040(1:4!8904+(<>_f! 54)@&+(+!48+40!8$1(1)$4&&(!';)+40! 61+(&!(1)+A&&:(! !

[41;3! (++! (1(&W)40(! @+48+40! :4++(! 1W,-4&+(&! -(1! %$! )4! ;3! 890A1:0$1<(0! $1;3! 8904+(<4+!'40);1(&)+W0-(!3;+$%40()!<41;3!(++!04)@&+(+4+!890A1:0()>!#*0+!3*&!A0! (++! :4+! +$&&)(33(1)! 34:! 04)@&+(+4+! )-(! <4! 41! 1W(1)40(:! =$&:! (%! 04)@&+(+4+)! =4+W:4&)4>!!!!

QIKIT&E1#0$7(-*$0+7(%1#&C1#&(70+>--%&&

IW,-4&+(&4+! '40);1(&-;)+1(:! '40! (1)+A&&:! %$)(0! :41! <41;3)1$++&$<(! '40);1(&-;)+1(:41! '40! (1)+A&&:>! V41! (1<40! 4++! 8904+(<)! 1$%*! 1A0! :4+! <A&&40! 80(3890! (&&+! &9140! ;,/! 8903*140! +$&&! :4! (1)+A&&:(>! IW,-4&+(&4+! '*%40-()! (%! :48$1$+$;141! (%! &914@+%4,-&$1<D! '40);1(&-;)+1(:40! ;,/! 34+;:41! (++! =40A-1(! 34:4&(1+(&4+!(1)+A&&:(>!IW,-4&+(&4+!:48$1$40()!);3!'40);1(&-;)+1(:40!:$%$:40(+! 34:!(1+(&4+!(1)+A&&:(>_\!

N40);1(&-;)+1(:40! 61+(&!(1)+A&&:(! !

V4+! /A0! 1W,-4&+(&4+! (1)40! %$! $1+04))(1+! 890! (++! )4! ;3! &91401(! -(1! %(0(! 41! =$:0(<(1:4!8(-+;0!+$&&!4++!4%41+@4&&+!)F@1-(1:4!04)@&+(+>!

QIKIL&81++$$R0>++7,7=&

]4:! ;3)A++1$1<! 341()! 4++! 8904+(<)! 4&&40! 41! ;0<(1$)(+$;1)! +;+(&(! $1+A-+40! 80*1! )*&:(!%(0;0!;,/!@+890:(!+FA1)+40!);3!$1<*0!$!8904+(<4+)j;0<(1$)(+$;141)!1;03(&(! %40-)(3/4+>!I4++;;3)A++1$1<41!4L-&@:40(0!340%A0:4))-(++!;,/!(11(1!)-(++!);3! ;3)A++1$1<41!:$04-+!A0!-1@+41!+$&&>_g! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! _f!.(0&);1!CGGf! _\!/++'Ujjaaa>4-;1;3$H$18;>1@j'40);1(&-;)+1(:40n'40n(1)+(&&:nPPgE>()'! _g!/++'Ujjaaa>)+(0+(H4<4+>)4j;0:&$)+(>'/'J;0:k14++;;3)hK_++1$1<!

(27)

! ! Ce! QIKIW&VR0>++7,7=05"#>7%#,7=&c&

Q3)A++1$1<)+$&&%AL+!%$)(0!'*!/@0!4++!8904+(<!4&&40!41!;0<(1$)(+$;1!/(0!4L'(1:40(+! ;,/! %AL+! 1A0! :4+! <A&&40! 890)A&F1$1<>! IW,-4&+(&4+! (1%A1:)! );3! 4++! %40-+W<! 890! (++! =4:93(! ;3! 8904+(<4+)! %40-)(3/4+! /(0! 3$1)-(+)! 4&&40! @+%$:<(+)! @1:40! :41! )41()+4! 0A-41)-(')'40$;:41>! N*! )*! %$)! A0! 1W,-4&+(&4+! 4++! =0(! $1)+0@341+! 890! (++! 3A+(! @+%4,-&$1<41! (%! %;&W341>! V4+! :48$1$40()! );3! ;3)A++1$1<41! %$:! *04+)! )&@+! :$%$:40(+!34:!;3)A++1$1<41!%$:!)&@+4+!(%!*04+!$11(1>!EG!

Q3)A++1$1<C! Q3)A++1$1<"! !

V4+! /A0! 1W,-4&+(&4+! A0! 19:%A1:$<+! 890! (++! &A++(04! -@11(! FA3890(! =4+W:4&)41! (%! ;3)A++1$1<41)!9-1$1<!04)'4-+$%4!3$1)-1$1<D!;=40;41:4!(%!8904+(<4+)!)+;0&4->!! QIKIN&3(C,+(-+,--@>\+&

B('$+(&+$&&%AL+! %$)(0! /@0! )1(==+! 8904+(<4+)! =(&(1);3)&@+1$1<! %AL40>! V4+! 3A+)! $! '0;,41+!;,/!:48$1$40()!);3!)@33(!+$&&<*1<(0!%$:!*04+)!)&@+!:$%$:40(+!34:!)@33(! +$&&<*1<(0!%$:!*04+)!=90F(1>!

2;+(&+!-('$+(&C! 2;+(&+!-('$+(&"! !

V4+! /A0! 1W,-4&+(&4+! A0! 19:%A1:$<+! 890! (++! &A++(04! -@11(! FA3890(! =4+W:4&)41! (%! -('$+(&4+)!9-1$1<!04)'4-+$%4!3$1)-1$1<D!;=40;41:4!(%!8904+(<4+)!)+;0&4->!!

QIKI]&.7+(-&(70+>--%(&

#$!/(0!%(&+!(++!)4!+$&&!(1+(&!(1)+A&&:(!:*!%$!(1)40!(++!41!3$1)-1$1<!4&&40!9-1$1<!(%! 1W,-4&+(&4+! A0! 41! $1:$-(+;0! '*! 890A1:0$1<>! ! IW,-4&+(&4+! (1<4)! $! 8904+(<41)! *0)04:;%$)1$1<(0>!

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

EG!/++'Ujjaaa>()$(-()+$4+;>8$j%;$++;j;/F4j+@11@)&@%@+n)%>/+3w;3'!

(28)

! ! Cf! QIKIJO&F>7+(/,-,+1+&C<&+$+(-+&*(C,+(-&_F'`&

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v!0A1+4-;)+1(:40! 2;+(&+!-('$+(&! ! QIKIJJ&F>7+(/,-,+1+&C<&1=1+&*(C,+(-&_FY`& 5K!A0!4++!3*++!'*!8904+(<4+)!(%-()+1$1<)8903*<(!'*!4<4+!-('$+(&>!V4+!A0!$!890)+(! /(1:!(%!$1+04))4!890!8904+(<4+)!A<(04>!V4+!:48$1$40()!);3!04)@&+(+!48+40!8$1(1)$4&&(! ';)+40!(::40(+!34:!0A1+4-;)+1(:40!:$%$:40(+!34:!F@)+40(+!4<4+!-('$+(&>EC! 54)@&+(+!48+40!8$1(1)$4&&(!';)+40!v!0A1+4-;)+1(:40! S@)+40(+!4<4+!-('$+(&! ! QIKIJQ&F104-+(+&15+1#&5,7(70,1--(&C$01#&

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fUgE8! EC!.(0&);1!CGGfUgf! EP!2/;3());1!4+!(&!CGGeUP_!

References

Related documents

externa hemsidor med information om utbildning och fortbild- ning i geriatrik, sin kliniska och eventuella akademiska erfaren- het samt inte minst sina personliga ambitioner. På

Högskolan i Borås inleder sin åtgärdsredovisning med en tydlig redogörelse för hur lärosätet strukturerat ett utvecklingsarbete för att möta de brister och

Det är 18-19 procent av eleverna i kategorierna ”biologi, fysik och teknik” och ”biologi och teknik” som tycker att kemi är tråkigt medan denna siffra bara är 4-3 procent

I län med en liten el- ler medelstor högskola flyttar betydligt fler unga med höga betyg bort för att studera, jämfört med antalet studenter som flyttar till länet.. Det

Men när man jämför Chalmers med Kungliga tekniska högskolan framstår dessa lärosäten som till viss del varandras motsatser, eftersom det sistnämnda har en klart större andel

Vi upplever att detta synliggör våra forskningsfrågor som handlar om hur förskollärare uppfattar att de utmanar barnen i deras lärande, hur barn visar intresse samt hur

Kommunikationsmönstren i den stora gruppen kännetecknades av att flera barn sökte lärarens uppmärksamhet samtidigt och läraren lyckades inte att skapa ett gemensamt fokus för hela

Nämnden ser generellt att allt fler lärosäten använder så kallade validerings- uppgifter och – i vissa fall – prov som nämnden anser har närmast examinerande karaktär.