• No results found

Employee development programs: Employee motivation to attend voluntary technical trainings in High-tech companies in Sweden.

N/A
N/A
Protected

Academic year: 2021

Share "Employee development programs: Employee motivation to attend voluntary technical trainings in High-tech companies in Sweden."

Copied!
105
0
0

Loading.... (view fulltext now)

Full text

(1)

"#$%&'""!#&+1).+1&*!+&!.++"*(!)&%2*+.,'!

+"34*13.%!+,.1*1*-/!1*!41-45+"34!

3&#$.*1"/!1*!/6"("*!

!

! ! ! .2+4&,/0!! "#$%&"!'()(*!+,-./0-1203,4!! "566'"!)*"&#((!+77.80915.//:!77.8791.8,24!

School of Business, Society and Engineering Course: Master Thesis in International Marketing Course code: EFO-705 15 hp

Tutor: Konstantin Lampou Examiner: Eva Maaninen-Olsson Date: 07-06-2013

E-post: alfiyashka@gmail.com, atoosagraylee@gmail.com

(2)

389:;<0! ($67.2!<=>?@A!5B@>;>!;C!%C?@AC=?;DC=E!<=AF@?;CG!02!(H5'!! ! 2=>?<:;>@A0!! <IE=AJ=E@C!KC;L@A>;?MN!'OBDDE!DP!QR>;C@>>N!'DO;@?M!=CJ!(CG;C@@A;CG!! ! .9@B8:;0!! "EP;M=!'@G@A!S!"?DD>=!)A=ME@@! ! +9@8:0!! TDC>?=C?;C!#=UVDR! ! "CDE>=<:0! (L=!<==C;C@C16E>>DC! !

+>@F<0!!! !(UVEDM@@! W@L@EDVU@C?! XADGA=U>Y! (UVEDM@@! UD?;L=?;DC! ?D! =??@CJ! LDERC?=AM!?@OBC;O=E!?A=;C;CG>!;C!B;GB1?@OB!ODUV=C;@>!;C!'Z@J@C[! !

$9:G8;<!8H!@B<!:<;<D:IBY!! !5B@! VRAVD>@! DP! ?B;>! >?RJM! ;>! ?D! ;J@C?;PM! =CJ! ;CL@>?;G=?@! ?B@! P=O?DA>N! ZB;OB! UD?;L=?@! @UVEDM@@>! PDA! =??@CJ;CG! LDERC?=AM! ?@OBC;O=E! ?A=;C;CG>N! =CJ! ?D! RCJ@A>?=CJ! ?D! ZB=?! @\?@C?! ?B@! U=C=G@A>! =PP@O?! @UVEDM@@>]! Z;EE;CGC@>>! ?D! V=A?;O;V=?@! ;C! CDC1U=CJ=?DAM! ?@OBC;O=E! ?A=;C;CG>!;C!^;GB1?@OB!<_H>!;C!'Z@J@C[!

!

,<;<D:IB!J9<;@>8=;0!! `B=?! UD?;L=?@>! @UVEDM@@>! ?D! =??@CJ! CDC1U=CJ=?DAM! ?@OBC;O=E! J@L@EDVU@C?! VADGA=U>! =CJ! ?A=;C;CG>! DC! VADJRO?>! ;C! ^;GB1?@OB! ODUV=C;@>! ;C! 'Z@J@Ca! 5D! ZB=?! @\?@C?! JD@>! U=C=G@A! =PP@O?! @UVEDM@@>]!Z;EE;CGC@>>!?D!=??@CJ!LDERC?=AM!?@OBC;O=E!?A=;C;CG>a! !

#<@B8K;0! !"!U;\@J!U@?BDJ!;>!R>@J!;C!?B;>!A@>@=AOBN!ZB;OB!;>!=!ODUb;C=?;DC!DP! bD?B! cR=E;?=?;L@! =CJ! cR=C?;?=?;L@! U@?BDJ>[! '@L@C! >@U;1>?ARO?RA@J! P=O@1?D1P=O@! %C?@AL;@Z>! Z@A@! ODCJRO?@J! Z;?B! bD?B! >@C;DA! U=C=G@A>! =CJ!@UVEDM@@>!;C!>?RJ;@J!ODUV=C;@>[!'RAL@M!Z=>!ODCJRO?@J!DCE;C@! =CJ!>@C?!?D!@UVEDM@@>!;C!PDRA!B;GB1?@OB!ODUV=C;@>!;C!dI>?U=CE=CJN! 'Z@J@C[!

!

38=IF9;>8=0!! !5B@A@! =A@! J;PP@A@C?! UD?;L=?;DC>! PDA! @UVEDM@@>! ?D! =??@CJ! LDERC?=AM! ?@OBC;O=E!?A=;C;CG>!;C!'Z@J@C!>ROB!=>!J@>;A@!?D!>?=M!RVJ=?@J!Z;?B!?B@! ?@OBCDEDG;@>N! >@EP1PREP;EEU@C?! =CJ! ;C?@A=O?;DC! Z;?B! D?B@A>[! <=C=G@A>! VE=M! =! UDA@! >RVVDA?;CG! A=?B@A! ?B=C! >RV@AL;>DAM! ADE@! ;C! ?B@! ZBDE@! VADO@>>!DP!@UVEDM@@>!E@=AC;CG[!

!

L<AM8:K;0! (UVEDM@@! UD?;L=?;DCN! LDERC?=AM! ?A=;C;CGN! ?@OBC;O=E! ?A=;C;CGN!

@UVEDM@@!J@L@EDVU@C?N!E@=AC;CG!UD?;L=?;DCN!'Z@J@C[!! !

! ! !

(3)

`@! P;A>?! DP! =EE! ZDREJ! E;F@! ?D! ?B=CF! DRA! @\O@EE@C?! >RV@AL;>DA! TDC>?=C?;C! #=UVDR! PDA! =EE! >RVVDA?;CG! ;C>;GB?!=CJ!=JL;O@!ODCO@AC;CG!DRA!?B@>;>[!`@!=E>D!Z=C?!?D!?B=CF!=CJ!>BDZ!DRA!GA@=?!=VVA@O;=?;DC!?D! *;OF=AJ!)R>?=PP>DCN!Z;?BDR?!ZBD>@!>RVVDA?!=CJ!FCDZE@JG@!?B;>!?B@>;>!ZDREJ!CD?!B=L@!b@@C!VD>>;bE@[! 'V@O;=E!=VVA@O;=?;DC!?D!@C?BR>;=>?;O!;C?@AL;@Z@@>!QefACN!';UDCN!<Re?=b=N!<A[!#;RN!*=b;@!=CJ!X=RE=N! ZBD! PDRCJ! =! ?;U@! ;C! ?B@;A! ?;GB?! >OB@JRE@N! =CJ! V=A?;O;V=?@J! ;C! ;C?@AL;@Z>! =CJ! VADL;J@J! VA;O@E@>>! DV;C;DC!=CJ!ZDAJ>!DP!Z;>JDU!PDA!?B;>!A@>@=AOB[!'V@O;=E!?B=CF>!?D!(L=!<==C;C@C16E>>DCN!ZBD!U=J@! =EE!?B;>!VD>>;bE@[! ! 5B@!L@AM!>V@O;=E!=VVA@O;=?;DC!?D!DRA!P=U;E;@>N!ZBD!bA@=?B@J!;C?D!R>!ODCP;J@CO@N!>RVVDA?!=CJ!EDL@g! ! ! )N;@<:O;P!QRST! ! "EP;M=!'@G@A!S!"?DD>=!)A=ME@@! ! ! !

(4)

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

!

2&+*!0'1/)!+'*& 2

!

232

!

#")4.0'/*1& 2

!

235

!

60'#$%7&-!"!%7%*!& 5

!

238

!

60'#$%7&-6%)+(+)"!+'*& 5

!

239&&&&&6/06'-%&"*1&0%-%"0):&;/%-!+'*& 8

!

23<&&&&&!"0.%!&"/1+%*)%& 9

!

23=&&&&&$+7+!"!+'*-& 9

!

5&!:%'0%!+)"$&(0"7%>'04& =

!

532&'0."*+?"!+'*"$&$%"0*+*.& =

!

"#$#$!%&'&()*+&,-!./-0'0-0&1!.,%!-2.0,0,3!0,!-4&!)23.,05.-0),! 6

!

"#$#"!(&.2,0,3!+)-0'.-0),! 7

!

535&1%7'.0"6:+)&(")!'0-& @

!

538&:'(-!%1%A&)/$!/0"$&+*-+.:!-& 2B

!

"#8#$!4)91-&%&:1!9);2!%0+&,10),1! $<

!

539&%76$'C%%&7'!+,"!+'*& 22

!

"#=#$!,&&%!-4&)2>! $"

!

"#=#"!&?;0->!-4&)2>! $"

!

"#=#8!&@*&/-.,/>!-4&)2>! $8

!

"#=#=!3).(A1&--0,3!-4&)2>! $8

!

"#=#B!-4&)2>!@!.,%!>! $=

!

53<&)'*)%6!/"$&(0"7%>'04& 2<

!

8&7%!:'1'$'.C& 2D

!

832&0%-%"0):&"660'"):& 2D

!

835&0%-%"0):&-!0"!%.C& 2D

!

838&0%-%"0):&1%-+.*& 2E

!

839&0%-%"0):&7%!:'1& 2E

!

83<&-%)'*1"0C&1"!"&)'$$%)!+'*& 2@

!

83=&60+7"0C&1"!"&)'$$%)!+'*& 2@

!

8#6#$!0CDEFGHEIJ! "<

!

8#6#"!?KEJDHLCCMHFEJ! "$

!

8#6#"#$!?KEJDHLCCMHFEJ!NHJDFHOKDHLC! "$

!

8#6#"#"!1MPQRE!JHSE! ""

!

8#6#"#8!?KEJDHLCCMHFE!NEJHTC! ""

!

83D&,"$+1+!C&"*1&0%$+"#+$+!C& 59

!

83E&1"!"&"*"$C-+-& 5=

!

83&@&$+7+!"!+'*-& 5=

!

832B&%!:+)"$&)'*-+1%0"!+'*& 5D

!

9&%76%0+)"$&(+*1+*.-& 5E

!

932&60%-%*!"!+'*&'(&!:%&)'76"*+%-&"*1&!:%+0&%76$'C%%-& 5E

!

=#$#$!4034A-&/4!+,/1! "U

!

=#$#"!%&+)32.*40/!9./-)21!)9!-4&!&+*()>&&1! "V

!

=#$#8!-2.0,0,3!.,%!%&'&()*+&,-!0,!)23.,05.-0),1! 8<

!

(5)

=#8#"!&?;0->!-4&)2>! 86

!

=#8#8!&@*&/-.,/>!-4&)2>! 87

!

=#8#=!3).(A1&--0,3!-4&)2>! 8V

!

=#8#B!-4&)2>!@!.,%!>! =<

!

<&"*"$C-+-&"*1&1+-)/--+'*& 95

!

<32&1%7'.0"6:+)& 95

!

<35&:'(-!%1%F-&)/$!/0"$&1+7%*-+'*-& 99

!

<38&*%%1&!:%'0C& 9<

!

<39&%;/+!C&!:%'0C& 9D

!

<3<&%G6%)!"*)C&!:%'0C& 9E

!

<3=&.'"$H-%!!+*.&!:%'0C& 9E

!

<3D&!:%'0C&G&"*1&C& 9@

!

=&)'*)$/-+'*& <B

!

D&0%))'7%*1"!+'*-&"*1&-/..%-!+'*-& <5

!

0%(%0%*)%-& <8

!

"66%*1+)%-& =B

!

"66%*1+G&23&+*!%0,+%>&./+1%&I('0&7"*".%0-J& =B

!

"66%*1+G&2"3&+*!%0,+%>&./+1%&I('0&%76$'C%%-J& =2

!

"66%*1+G&53&-/0,%C&;/%-!+'**"+0%&('0&%76$'C%%-& =8

!

"66%*1+G&8"3& =@

!

"66%*1+G&8#& D5

!

"66%*1+G&9&I+*!%0,+%>-&!0"*-)0+6!+'*J& D<

!

! ! !

(6)

$;GRA@!-!6L@AL;@Z!DC!?B@!OBD>@C!?B@DA;@>![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!8! $;GRA@!9!HDCO@V?R=E!$A=U@ZDAF![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!02! $;GRA@!/!'?=G@>!DP!XA;U=AM!J=?=!HDEE@O?;DC![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!-.! $;GRA@! 2! "L@A=G@! CRUb@A! DP! LDERC?=AM! ?@OBC;O=E! ?A=;C;CG>! =??@CJ@J! bM! ?B@! V=A?;O;V=C?>! ;C! ?B@! V=>?! M@=A![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!9-! $;GRA@!3!"L@A=G@!CRUb@A!DP!BDRA>!>V@C?!bM!?B@!V=A?;O;V=C?>!DC!LDERC?=AM!?@OBC;O=E!?A=;C;CG>!;C!?B@! V=>?!M@=A![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!9-! $;GRA@!7!(UVEDM@@>!UD?;L=?;DC!?D!E@=AC![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!99! $;GRA@!,!(UVEDM@@>!@L=ER=?;DC!DP!?A=;C;CG![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!99! $;GRA@!8!!"#$%&'&()*+%*,-+('./&0$."0$![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!99! $;GRA@!0.!5D?=E!A@>RE?!PDA!"EJ@AP@A]>!(*)!C@@J>![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!92! $;GRA@! 00! 5B@! @\?@C?! ?D! ZB;OB! V=A?;O;V=?;DC! ;C! J@L@EDVU@C?! =O?;L;?;@>! ;UVADL@J! A@E=?;DC>B;V>! Z;?B! OD1ZDAF@A>![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!97! $;GRA@!0-!HDCP;J@CO@!DP!@UVEDM@@>]!>F;EE>!=CJ!=b;E;?;@>![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!97! $;GRA@!09!(UVEDM@@!V@AO@V?;DC!DC!V@A>DC=E!b@C@P;?N!A@>RE?;CG!PADU!V=A?;O;V=?;DC!;C!?@OBC;O=E!?A=;C;CG ![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!98! $;GRA@!0/!(UVEDM@@!V@AO@V?;DC!DC!O=A@@A!b@C@P;?N!A@>RE?;CG!PADU!V=A?;O;V=?;DC!;C!?@OBC;O=E!?A=;C;CG> ![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!98! $;GRA@!02!(UVEDM@@!V@AO@V?;DC!DC!eDb!b@C@P;?>N!A@>RE?;CG!PADU!V=A?;O;V=?;DC!;C!?@OBC;O=E!?A=;C;CG![[[!98! $;GRA@!03!(UVEDM@@!V@AO@V?;DC!DC!?B@;A!U=C=G@A!A@G=AJ;CG!B;>!V@AO@V?;DC!DC!@UVEDM@@>![[[[[[[[[[[[[[!/0! $;GRA@!07!(UVEDM@@>!V@AO@V?;DC!DC!?B@;A!U=CG@A!A@G=AJ;CG!B;>!=b;E;?M!?D!hB@=Ai!@UVEDM@@>![[[[[[[[[[[!/0! $;GRA@!0,!(UVEDM@@!V@AO@V?;DC!DP!?B@;A!U=C=G@A!A@G=AJ;CG!B;>!>RVVDA?!+j[!-2N!9-N!994![[[[[[[[[[[[[[[[[[[[!/0! $;GRA@!08!*@E=?;DC>B;V!b@?Z@@C!=G@!=CJ!UD?;L=?;DC!?D!E@=AC!+j[034![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!/-! $;GRA@!-.!*@E=?;DC>B;V!b@?Z@@C!=G@!=CJ!@UVEDM@@!V@AO@V?;DC!DC!V@A>DC=E!b@C@P;?>N!A@>RE?;CG!PADU! V=A?;O;V=?;DC!;C!?@OBC;O=E!?A=;C;CG!+j[--4![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!/9! $;GRA@!-0!*@E=?;DC>B;V!b@?Z@@C!M@=A>!;C!ORAA@C?!VD>;?;DC!=CJ!UD?;L=?;DC!?D!E@=AC![[[[[[[[[[[[[[[[[[[[[[[[[[[!/3! $;GRA@! --! "L@A=G@! CRUb@A! DP! LDERC?=AM! ?@OBC;O=E! ?A=;C;CG>! =??@CJ@J! ;C! V=>?! M@=A! V@A! @UVEDM@@! ;C! @=OB!O=?@GDAM![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!/7! $;GRA@!-9!`DAFVE=O@!DP!?B@!A@>VDCJ@C?>![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!38! $;GRA@!-/!6AG=C;k=?;DC=E!U@Ub@A>B;V!OB=A=O?@A;>?;O>!DP!?B@!A@>VDCJ@C?>!+ADE@!;C!?B@!DAG=C;k=?;DC>438! $;GRA@!-2!1/2+"3&&$('&2-,%/&0%![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!38! $;GRA@!-3!4-%."0-+.%3("#(%5&(,&$2"0'&0%$![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!7.! $;GRA@!-7!6&0'&,("#(%5&(,&$2"0'&0%$![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!7.! $;GRA@!-,!78&("#(%5&(,&$2"0'&0%$![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!7.! $;GRA@!-8!*@>VDCJ@C?>!B;GB@>?!E@L@E!DP!@JRO=?;DC![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!70! $;GRA@!9.!(UVEDM@@>]!ADE@!;C!?B@!DAG=C;k=?;DC![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!70! $;GRA@!90!*@E=?;DC>B;V>!b@?Z@@C!=G@!=CJ!@L=ER=?;DC!DP!?A=;C;CG!+j[0,4![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!7-! $;GRA@!9-!(UVEDM@@!V@AO@V?;DC>!DC!ODUV=CM]>!b@C@P;?>!A@E=?;DC>B;V!Z;?B!=G@![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!7-! $;GRA@! 99! *@E=?;DC>B;V! b@?Z@@C! =G@! =CJ! @UVEDM@@! V@AO@V?;DC! DC! b@C@P;?>! ;C! ORAA@C?! ODUV=CM! ;C! ODUV=A;>DC!Z;?B!D?B@A!eDb!VE=O@>![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!7-! $;GRA@!9/!*@E=?;DC>B;V!b@?Z@@C!ADE@!;C!?B@!DAG=C;k=?;DC!=CJ!UD?;L=?;DC!?D!E@=AC!+j[034![[[[[[[[[[[[[[[[[[!79! $;GRA@!92!*@E=?;DC>B;V!b@?Z@@C!ADE@!;C!?B@!DAG=C;k=?;DC!=CJ!@L=ER=?;DC!DP!?A=;C;CG!+j[0,4![[[[[[[[[[[[[[!79! $;GRA@! 93! *@E=?;DC>B;V! b@?Z@@C! ADE@! ;C! ?B@! DAG=C;k=?;DC! =CJ! @UVEDM@@! V@AO@V?;DC! DC! V@A>DC=E! b@C@P;?>N!A@>RE?;CG!PADU!V=A?;O;V=?;CG!;C!?@OBC;O=E!?A=;C;CG!+j[--4![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!79! $;GRA@!97!*@E=?;DC>B;V!b@?Z@@C!@JRO=?;DC!DP!@UVEDM@@!=CJ!UD?;L=?;DC!?D!E@=AC!+j034![[[[[[[[[[[[[[[[[[[!79! $;GRA@!9,!*@E=?;DC>B;V!b@?Z@@C!@JRO=?;DC!DP!@UVEDM@@>!=CJ!@L=ER=?;DC!DP!?A=;C;CG!=>!;UVDA?=C?![[[!7/! $;GRA@!98!*@E=?;DC>B;V!b@?Z@@C!@JRO=?;DC!DP!@UVEDM@@>!=CJ!?B@;A!V@AO@V?;DC!DC!V@A>DC=E!b@C@P;?>! A@>RE?;CG!PADU!V=A?;O;V=?;CG!;C!?@OBC;O=E!?A=;C;CG>![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!7/!

(7)

XW"!=P?@A!=??@CJ;CG!?@OBC;O=E!?A=;C;CG>!+j-34![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!7/! ! 5=bE@!0!W=?=b=>@>!R>@J!PDA!?B@!A@>@=AOB![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!08! 5=bE@!-(92&,-%."0-+.:-%."0![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!-/! 5=bE@!9!;0%&,<.&=&&$>(.0#",/-%."0![[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[!-2! ! !

(8)

(UVEDM@@!J@L@EDVU@C?!

XADGA=U>!! =A@! =O?;L;?;@>! ?B=?! U=M! ;COERJ@! ?A=;C;CG>N! eDb! @\V@A;@CO@>N! ;C?@AV@A>DC=E! A@E=?;DC>B;V>N! DA! ODRA>@>! DA! >@U;C=A>! ?B=?! B@EV! @UVEDM@@>! ;UVADL@! ?B@;A! >F;EE>! =CJ! =b;E;?;@>! +#DCJDCN! 08,8! =>! O;?@J!;C!_D@!S!`;EFN!08894[!

!

!5A=;C;CG>!!! hVE=CC@J!VADO@>>!?D!UDJ;PM!=??;?RJ@N!FCDZE@JG@!DA!>F;EE>!?BADRGB! E@=AC;CG! @\V@A;@CO@>! ?D! =OB;@L@! @PP@O?;L@! V@APDAU=CO@! ;C! =C! =O?;L;?M!DA!A=CG@!DP!=O?;L;?;@>[!%?>!VRAVD>@N!;C!?B@!ZDAF!>;?R=?;DCN!;>! ?D!J@L@EDV!?B@!=b;E;?;@>!DP!?B@!;CJ;L;JR=E!=CJ!?D!>=?;>PM!?B@!ORAA@C?! =CJ! PR?RA@! C@@J>! DP! ?B@! DAG=C;k=?;DCi! +`;E>DCN! 0888! =>! O;?@J! ;C! "bJREE=BN!-..84[!

!

!<D?;L=?;DC! ?B@! >@?! DP! PDAO@>! ?B=?! ;C;?;=?@>N! G;L@! J;A@O?;DCN! =CJ! U=F@! V@DVE@! A@>;>?!;C!?B@;A!@PPDA?!?D!=OODUVE;>B!=!GD=E!+H=UVb@EE!S!XA;?OB=AJN! 08734l!PDAO@!?B=?!@C@AG;k@!=CJ!G;L@>!J;A@O?;DC!?D!b@B=L;DA!+Q=A?DE! S!<=A?;CN!088,4[!

! !

(UVEDM@@!W@L@EDVU@C?! =!>@?!DP!>M>?@U=?;O=EEM!VE=CC@J!=O?;L;?;@>!?B=?!=A@!J@>;GC@J!bM!=C! DAG=C;k=?;DC! ?D! >RVVEM! ;?>! U@Ub@A>! Z;?B! ?B@! DVVDA?RC;?;@>! ?D! E@=AC!=CJ!=OcR;A@!C@O@>>=AM!>F;EE>!?D!U@@?!ORAA@C?!=CJ!PR?RA@!eDb! J@U=CJ>! +_=JE@A! S! _=JE@A! 08,8N! =>! O;?@J! ;C! "bJREE=BN! -..8N! V[/,74[!

!

#@=AC;CG! "CM! A@E=?;L@EM! V@AU=C@C?! OB=CG@! ;C! b@B=L;DRA! ?B=?! DOORA>! =>! =! A@>RE?! DP! @\V@A;@CO@! +*Dbb;C>N! =>! O;?@J! ;C! "VV=CC=;=BN! -.0.N! V[0924[!

!!

6AG=C;k=?;DC=E!W@L@EDVU@C?! "! >@A;@>! DP! ?@OBC;cR@>! =CJ! U@?BDJ>! ?B=?! U=C=G@A>! O=C! R>@! ;C! ?B@;A!=O?;DC!A@>@=AOB!VADGA=U!?D!;COA@=>@!?B@!=J=V?=b;E;?M!DP!?B@;A! DAG=C;k=?;DC!+TD?E@A!@?!=E[N!=>!O;?@J!;C!mDC@>!)[*[N!-..7N!V[!-8-4[! ! .77,")1.+1&*/! "($!! (UVEDM@@!W@L@EDVU@C?!XADGA=U>! #*3!! <RE?;1C=?;DC=E!HDAVDA=?;DC! $(.! ! X@A>DC=E!W@L@EDVU@C?!"VVA=;>=E! +$3! ! !!!!!!5A=;C;CG!XADGA=U!HB=A=O?@A;>?;O! "4/!! !!!!!!(CL;ADCU@C?N!^@=E?B!=CJ!'=P@?M!

(9)

!

!

S!1*+,&(23+1&*!

?5.$( @5-2%&,( 2,"<.'&$( -0( "*%+.0&( #",( %5&( ,&$&-,@5( $%-,%.08( =.%5( @"//"0( A-@B8,"*0'( .0( ,&8-,'$( %"( ./2",%-0@&("#(+&-,0.08(.0('&<&+"2/&0%(-@%.<.%.&$(.0(%5&(",8-0.:-%."0$(-0'(%5&(./2",%-0@&("#(&/2+"3&&$>( %,-.0.08$C(?5&(,&$&-,@5(D*&$%."0$("#(%5.$($%*'3(-,&(8".08(%"(A&(2,&$&0%&'(-0'(+&-'(%5&(=5"+&(2,"@&$$("#( %5&(%5&$.$(=,.%.08C(

SXS 7DIYW:89=K!

6Z;CG! ?D! ?B@! A=V;J! V=O@! DP! ?B@! ?@OBCDEDG;O=E! VADGA@>>N! ODUV=C;@>! J@L@EDV! >?A=?@G;@>! ?D! RVJ=?@! ?B@! FCDZE@JG@!=CJ!>F;EE>!DP!?B@;A!@UVEDM@@>!+'U=EE!S!%AL;C@N!-..34[!%C!=CM!;CJR>?AMN!@UVEDM@@>!=A@!DC@!DP! ?B@!J@?@AU;C;CG!P=O?DA>!PDA!?B@!>ROO@>>!DP!?B@!P;AU>!+W@>>E@AN!-..,4[!%?!;>!@>V@O;=EEM!L;?=E!;C!?B@!JMC=U;O! ?@OBCDEDG;O=E! ;CJR>?AMN! ZB@A@! =! ODUV=CM]>! V@APDAU=CO@! J;A@O?EM! J@V@CJ>! DC! ?B@! O=V=b;E;?;@>! =CJ! cR=E;P;O=?;DC!DP!;?>!@UVEDM@@>!+)DAJDCN!-..34[!$=>?!OB=CG;CG!?@OBCDEDG;@>!PDAO@!@UVEDM@@>!?D!=J=V?!?D! ?B@>@! OB=CG@>N! JR@! ?D! ?B@! A@=>DC! ?B=?! >DU@! DP! ?B@! C@Z! eDb>! ?B=?! B=L@! b@@C! OA@=?@J! =A@! ODUVE@?@EM! J;PP@A@C?! PADU! DC@>! ?B=?! B=L@! b@@C! ED>?! +<DAA;>! S! `@>?@ACN! 08884[! _@Z! eDb>! A@cR;A@! @JRO=?@J! @UVEDM@@>N!;C!P=LDA!DP!?BD>@!ZBD!B=L@!E@>>!>F;EE>!=CJ!@JRO=?;DC!+;b;J[4!$DA!=OB;@L;CG!DAG=C;k=?;DC=E!GD=E>N! =CJ!PDA!JA;L;CG!O=A@@A!=JL=CO@U@C?N!@UVEDM@@>!B=L@!?D!b@!;CLDEL@J!;C!ODC?;CRDR>!E@=AC;CG!=O?;L;?;@>!;C! DAJ@A!?D!P;?!eDb!A@cR;A@U@C?>!+$DAJ!S!6A@EN!-..24[!5B@!U=;C!P@=?RA@!;C!?B@!ODC?;CRDR>!E@=AC;CG!;>!?B=?! @UVEDM@@>! B=L@! ?D! =??@CJ! @UVEDM@@! J@L@EDVU@C?! =O?;L;?;@>! +*D>DZ! S! n=G@AN! 08,,4[! W@L@EDVU@C?! VADGA=U>!;COERJ@!PDAU=E!=CJ!;CPDAU=E!ODRA>@>N!ZDAF>BDV>N!>@U;C=A>N!?B=?!>RVVDA?!VADP@>>;DC=E!GADZ?B! +#DCJDCN! 08,8! =>! O;?@J! ;C! _D@! S! `;EFN! 08894[! ">! =! A@>RE?N! Z@EE1?A=;C@J! @UVEDM@@>! O=C! @=>;EM! B=CJE@! >;?R=?;DC>N!>ROB!=>!OR>?DU@A!ODUVE=;C?>!=CJ!>DEL@!VADbE@U>!Z;?BDR?!UROB!@PPDA?!+)DAJDCN!-..34[!

!

(UVEDM@@! J@L@EDVU@C?! ;>! =C! ;UVDA?=C?! V=A?! DP! ?B@! GADZ?B! =CJ! VAD>V@A;?M! DP! =CM! ODUV=CM[!! 6AG=C;k=?;DC>! >V@CJ! b;EE;DC>! JDEE=A>! PDA! ?A=;C;CG! ?B@;A! @UVEDM@@>! +XDE;??N! -..04[! 5A=;C;CG! ;>! DC@! DP! ?B@! UD>?!;UVDA?=C?!DAG=C;k=?;DC=E!>?A=?@G;@>N!ZB;OB!B@EV!@UVEDM@@>!?D!G=;C!FCDZE@JG@!=CJ!C@O@>>=AM!>F;EE>! ;C!=OODAJ=CO@!Z;?B!@CL;ADCU@C?=E!;>>R@>!+)DEJ>?@;C!S!);EE;=UN!088.4[!^DZ@L@AN!@L@C!;P!@UVEDM@@>!B=L@! =C! =b;E;?M! ?D! E@=ACN! ?B@M! U=M! P=;E! ?D! G=;C! FCDZE@JG@! PADU! ?A=;C;CG! JR@! ?D! EDZ! UD?;L=?;DC[! _D@! +08,34! >?=?@J! ?B=?! UD?;L=?;DC! ;>! =! OA;?;O=E! P=O?DA! ;C! A@=OB;CG! ?A=;C;CG! @PP@O?;L@C@>>[! 5A=;C;CG! UD?;L=?;DC! ;>! ?B@! UD>?! >;GC;P;O=C?! P=O?DA! PDA! ?A=;C;CG! @PP@O?;L@C@>>! +<=?B;@R! @?! =E[N! 088-4[! ! 5BR>N! HDEcR;??! @?! =EC! +-...4! >RGG@>?@J! ?B=?! @PP@O?! DP! UD?;L=?;DC! DC! E@=AC;CG! ;>! >?ADCGN! =CJ! UD?;L=?;DC! =CJ! =??;?RJ@>! =A@! UDA@! ;UVDA?=C?! ?D! @UVEDM@@! >ROO@>>! DP! ?A=;C;CG! ?B=C! ;?>! DR?ODU@! +jR;CDC@>N! 08874[! <D?;L=?;DC! ODC?=;C>! =! hOBD;O@! bM! =C! ;CJ;L;JR=E! ?D! @\V@CJ! @C@AGM! ?DZ=AJ! DC@! V=A?;ORE=A! >@?! DP! b@B=L;DA! DL@A! =CD?B@Ai! +;b;J[! VV[0,-10,94[!%C!=CM!=!?A=;C;CG!VADGA=UN!UD?;L=?;DC!;>!?B@!P;A>?!P=O?DAN!?B=?!@PP@O?>!?B@!Z;EE;CGC@>>!DP!=C! @UVEDM@@!?D!=??@CJ!?A=;C;CG!+<=RA@A!S!5=AREE;N!088/4[!">!A@>@=AOB!DP!'Z@J;>B!;CJR>?AM!>BDZ>N!@UVEDM@@! UD?;L=?;DC! B=>! ?B@! UD>?! VD>;?;L@! ;CPER@CO@! bM! cR=E;?M! ;UVADL@U@C?! =O?;L;?M! PADU! ?B@! DAG=C;k=?;DC=E! =>V@O?!+XDF>;C>F=!@?!=E[N!-.0.4[!!

(10)

-!

SXQ $:8UF<E!;@D@<E<=@!!

_DZ=J=M>N! ?B@A@! ;>! =! U=eDA! ;>>R@! ?B=?! ;COA@=>;CG! J@U=CJ! PDA! @UVEDM@@>! E@=AC;CG! =CJ! J@L@EDVU@C?Y! ?@OBCDEDG;O=E! J@L@EDVU@C?[! 5@OBCDEDG;O=E! J@L@EDVU@C?! VR>B@>! @UVEDM@@>! ?D! E@=AC! UDA@! =CJ! ODUV=C;@>!?D!DPP@A!J@L@EDVU@C?!VADGA=U>!?D!?B@;A!@UVEDM@@>[!5B@A@!;>!=EZ=M>!=!C@@J!PDA!@UVEDM@@>!?D! E@=AC! C@Z! >F;EE>N! CDAU>! =CJ! L=ER@>! =CJ! J@L@EDV! ?B@! 2&,$"0-+( /-$%&,3! +'@CG@N! 088.! =>! O;?@J! ;C! mDC@>N! -..7N!V[9/04[!6AG=C;k=?;DC>N!DC!?B@!D?B@A!B=CJN!>BDREJ!@UVDZ@A!=CJ!@CODRA=G@!@UVEDM@@!?D!J@L@EDV! =CJ!?D!V@APDAU!=!?=>F!+;b;J4[!!

!

"E?BDRGBN! ;?! B=>! b@@C! JDC@! =! ED?! DP! A@>@=AOB@>! A@G=AJ;CG! 6AG=C;k=?;DC=E! E@=AC;CG! +*DZDEJ! S! 'OB;EE;CGN! -..34N!?B@!=>V@O?>!E;F@!@UVEDM@@>!DZC!;C?@A@>?!=CJ!@\V@O?=?;DC>!+HDDV@MN!08824N!=>!Z@EE!=>!ZBM!V@DVE@! >BDREJ! V=A?;O;V=?@! ;C! ?A=;C;CG>! =CJ! ?B@;A! UD?;L=?;DC! ?D! E@=ACN! =A@! Z;J@EM! U;>>;CG! ;C! ?B@! 6AG=C;k=?;DC=E! E@=AC;CG! E;?@A=?RA@! +*DZDEJ! S! 'OB;EE;CGN! -..34[! <DA@DL@AN! MDRCG@A! @UVEDM@@! ZBD! @C?@A! =! C@Z! ZDAF! VE=O@!=CJ!ZBD!B=>!J;PP@A@C?!ZDAF1>?ME@N!L=ER@>!=CJ!=Ub;?;DC>!=CJ!ZBD!GADZC!RV!J;VV@J!;C!?@OBCDEDG;@>N! b@E;@L@! ?B=?! DEJ1>OBDDE! JD@>! CD?! G@C@A=?@! ?B@! b@>?! A@>RE?[! &DRCG@A! ZDAF@A>! =A@! UDA@! ODUU;??@J! ?D! ZDAF1E;P@!b=E=CO@!?B=C!VA@L;DR>!G@C@A=?;DCN!=CJ!?D!=??A=O?!=CJ!UD?;L=?@!?BD>@!@UVEDM@@>!O@A?=;C!J@GA@@! DP! =J=V?=?;DC! PADU! U=C=G@U@C?! ;>! C@@J@JN! =>! ZB=?! UD?;L=?@>! DEJ@A! ZDAF@A>! Z;EE! CD! EDCG@A! UD?;L=?@! MDRCG@A!@UVEDM@@>!+'=OF>N!-..9!=>!O;?@J!;C!`;EE;=U>!-.00N!V[3994[! ! 5BR>N!?B@A@!;>!=EZ=M>!=!C@@J!?D!O=?OB!E=?@>?!FCDZE@JG@!DP!?@OBCDEDG;O=E!J@L@EDVU@C?!PDA!C@Z!@UVEDM@@>! =>!Z@EE!=>!PDA!?B@!DEJ!DC@>[!5@OBC;O=E!E@=AC;CG!=>!=!V=A?!DP!DAG=C;k=?;DC=E!E@=AC;CG!Z;EE!b@!;CL@>?;G=?@J!;C! ?B;>!A@>@=AOB[!5B@A@PDA@N!PDA!?B;>!A@>@=AOB!UD?;L=?;DC!DP!@UVEDM@@>!=CJ!?B@;A!Z;EE;CGC@>>!?D!=??@CJ!(WX! bM!U@=C>!PDAU=E!?@OBC;O=E!?A=;C;CG>!DC!VADJRO?>!=CJ!>RVVDA?!=O?;L;?;@>N!ZB;OB!VADL;J@!=C!DVVDA?RC;?M!PDA! DAG=C;k=?;DC>!?D!J@L@EDV!?B@;A!@UVEDM@@>]!>F;EE>!=CJ!FCDZE@JG@!=A@!GD;CG!?D!b@!;CL@>?;G=?@J[!! !

SXT

$:8UF<E!/G<I>H>ID@>8=!!!!

6AG=C;k=?;DC>! >V@CJ! b;EE;DC>! DP! JDEE=A>! ?D! ?A=;C! ?B@;A! @UVEDM@@>! +XDE;??N! -..04! bM! =VVEM;CG! PDAU=E! =CJ! CDC1PDAU=E! ?A=;C;CG>! ;C! DAJ@A! ?D! ;COA@=>@! bD?B! ;CJ;L;JR=E! =CJ! DAG=C;k=?;DC=E! J@L@EDVU@C?! +_D@! @?! =E[N! -..34!5B@!GD=E!PDA!?B@!ODUV=CM!;>!R>R=EEM!?D!;COA@=>@!@UVEDM@@>!>F;EE>!=CJ!FCDZE@JG@!+;b;J[4N!=>!Z@EE!=>! ;CJ;L;JR=E! VADJRO?;L;?M! =CJ! ODUV@?;?;L@C@>>[! HDC>;J@A;CG! ?B=?! @UVEDM@@]>! E@L@E! DP! ?@OBC;O=E! @JRO=?;DC! L=AM!;C!@L@AM!J@V=A?U@C?!DP!?B@!ODUV=CMN!Q@CC@??!@?!=E[!+-...4!>RGG@>?@JN!?B=?!?A=;C;CG!U=C=G@A>!C@@J! ?D!=>>@>>!?B@!@UVEDM@@]>!>?A@CG?B>!=CJ!Z@=FC@>>@>!b@PDA@!J@L@EDV;CG!?A=;C;CG>!+Q@CC@??!@?!=E[N!-...4[!! ^DZ@L@AN! CD?! @L@AM! @UVEDM@@! U;GB?! P@@E! ?B=?! ?B@M! C@@J! PRA?B@A! @JRO=?;DC! DC! ?@OBC;O=E! ?A=;C;CG>! DA! >;UVEM!CD?!UD?;L=?@J!?D!=??@CJ!ODUVE;O=?@J!?A=;C;CG>[!

!

( !

(11)

9!

!

V>W9:<!S!"EGF8A<<!D@@<=K;Z:<[<I@;!@<IB=>IDF!"($! 'DRAO@Y!6ZC!;EER>?A=?;DC!

!

"OODAJ;CG! ?D! VA@E;U;C=AM! A@>@=AOB! +'@@! $;GRA@! 04N! ODUV=C;@>! VADL;J@! ?ZD! F;CJ>! DP! @UVEDM@@! J@L@EDVU@C?! VADGA=U>Y! LDERC?=AM! =CJ! ODUVRE>DAM[! (UVEDM@@>! B=L@! ?D! =??@CJ! ODUVRE>DAM! (^'! ?A=;C;CG>l! >ROB! ?A=;C;CG>! =A@! DP?@C! A@E=?@J! ?D! V@A>DC=E! >=P@?MN! E@G=E! ODUVE;=CO@! =CJ! @CL;ADCU@C?! VAD?@O?;DC[! ^DZ@L@AN! @UVEDM@@>! Z;EE! B=L@! ?B@! C@@JN! ;C?@A@>?! =CJ! UD?;L=?;DC! ?D! =??@CJ! ?@OBC;O=E! LDERC?=AM!?A=;C;CG[!5B=A@CDR!+-..04!>RGG@>?@J!?B=?!LDERC?=AM!b=>@J!?A=;C;CG>!B=L@!=!VD>;?;L@!@PP@O?!DC! ?A=;C;CG! UD?;L=?;DC[! %C! B;GB1?@OB! ODUV=C;@>N! ;C! ?B@! ?;U@! DP! ;COA@=>;CG! ?@OBC;O=E! J@L@EDVU@C?N! ODUV=C;@>!A@EM!DC!@UVEDM@@>!ZBD!=A@!Z;EE;CG!?D!E@=AC!=CJ!RVJ=?@!?B@;A!b@B=L;DA!+Q=A?DC!S!W@EbA;JG@N! -..04[!oo!`;?BDR?!=!OE@=A!@\VE=C=?;DC!=>!?D!ZB=?!F;CJ!DP!?A=;C;CG!VADGA=U!OB=A=O?@A;>?;O>!=PP@O?!?A=;C;CG! UD?;L=?;DCN! ;?! ;>! J;PP;ORE?! PDA! BRU=C! A@>DRAO@! VA=O?;?;DC@A>! ?D! OBDD>@! ?B@! A;GB?! ?A=;C;CG! VADGA=UN! =CJ! A@>@=AOB!P;CJ;CG>!=A@!E;F@EM!?D!A@U=;C!RCR>@Ji!+"k;k!S!"BU=JN!-.004[!5BR>N!;C!DAJ@A!?D!L;>R=E;k@!ZB=?! UD?;L=?@>! @UVEDM@@>! ?D! =??@CJ! LDERC?=AM! ?@OBC;O=E! ?A=;C;CG>N! A@>@=AOB! Z;EE! b@! PDOR>@J! DC! @UVEDM@@>! Z;?B! ?@OBC;O=E! =CJ! CDC1?@OBC;O=E! b=OFGADRCJ! ZBD! Z;EE;CG! ?D! =??@CJ! LDERC?=AM! ?@OBC;O=E! (WX! =CJ! ?A=;C;CG>!DC!VADJRO?>!=CJ!>RVVDA?!=O?;L;?;@>[!!T@M!UD?;L=?;DC=E!P=O?DA>!?B=?!=PP@O?!@UVEDM@@!Z;EE;CGC@>>! ?D!V=A?;O;V=?@!=CJ!?B=?!U=F@!?B@U!=??@CJ!?BD>@!?A=;C;CG>!=A@!GD;CG!?D!b@!L@A;P;@J[!

!

SX\!!!!!$9:G8;<!D=K!,<;<D:IB!]9<;@>8=!

5B@! VA;U=AM! VRAVD>@! DP! ?B;>! >?RJM! ;>! ?D! ;CL@>?;G=?@! ?B@! ;CPER@CO@! DP! @UVEDM@@! UD?;L=?;DC! ?D! =??@CJ! LDERC?=AM! ?@OBC;O=E! ?A=;C;CG>[! HDC>@cR@C?EMN! ?B;>! A@>@=AOB! ;>! J@>;GC@J! ?D! ?=F@! =! EDDF! =?! =! CRUb@A! DP! L=A;=bE@>! ?B=?! U=M! =PP@O?! @UVEDM@@! OBD;O@! ?DZ=AJ! =??@CJ;CG! ?@OBC;O=E! J@L@EDVU@C?! VADGA=U>! =CJ! ?A=;C;CG>! ;C! PDRA! ^;GB1?@OBCDEDG;O=E! ODUV=C;@>! ;C! 'Z@J@CY! "?E=>! HDVOD! '@ODADON! "QQN! "E>?DU! =CJ!

/LPQMCW! QFLGHNEJ! &%*! 'LRKCDMFW! -EXYCHXMR! -FMHCHCT! ZLC!QFLNKXD[! .DDECNHCT\ ]YMD! +LDHGMDEJ^! ,)-! MDDECNHCT! )DYEF! /LPQKRJKFW! +KJD!.DDECN!

(12)

/!

`@>?;CGBDR>@[! <DA@! ;CPDAU=?;DC! =bDR?! ?B@! ODUV=C;@>! Z;EE! b@! VA@>@C?@J! ;C! ?B@! $;CJ;CG>! OB=V?@A[!!

$RA?B@AUDA@N! ?B@! A@>@=AOB! ;>! ODCJRO?@J! ;C! DAJ@A! ?D! RCJ@A>?=CJ! ?B@! U=;C! UD?;L=?;DC! ?B=?! JA;L@>! @UVEDM@@>! J@O;>;DCN! PADU! ?B@! @UVEDM@@! VD;C?! DP! L;@Z[! 5B@! A@>@=AOB! PDOR>@J! DC! @UVEDM@@>! ZBD! =A@! Z;EE;CG! ?D! =??@CJ! LDERC?=AM! PDAU=E! ?@OBC;O=E! ?A=;C;CG>! DC! VADJRO?>! =CJ! >RVVDA?! =O?;L;?;@>[! %C! DAJ@A! ?D! =OB;@L@!?B;>!VRAVD>@N!?B@!A@>@=AOB!Z;EE!b@!PDOR>@J!DC!?B@!PDEEDZ;CG!A@>@=AOB!cR@>?;DC>Y! ! E&$&-,@5(D*&$%."0F( ( `B=?!UD?;L=?@>!@UVEDM@@>!?D!=??@CJ!CDC1U=CJ=?DAM!?@OBC;O=E!J@L@EDVU@C?!VADGA=U>!=CJ!?A=;C;CG>!DC! VADJRO?>!;C!^;GB1?@OB!ODUV=C;@>!;C!'Z@J@Ca! ! 5D!ZB=?!@\?@C?!JD@>!U=C=G@A!=PP@O?!@UVEDM@@>]!Z;EE;CGC@>>!?D!=??@CJ!LDERC?=AM!?@OBC;O=E!?A=;C;CG>a! ! G%,-%&8.@(D*&$%."0F( ^DZ!?D!U=F@!;CL@>?U@C?>!?D!@UVEDM@@]>!J@L@EDVU@C?!VADGA=U>!UDA@!@PP;O;@C?a! !

SX^!!!!!+D:W<@!D9K><=I<!

5B@!GD=E!DP!?B;>!?B@>;>!;>!?D!L@A;PM!?B@!U=;C!UD?;L=?;DC=E!P=O?DA>!?B=?!;CPER@CO@!@UVEDM@@>!;C!ODUV=C;@>! ?B=?!EDO=?@J!;C!dI>?U=CE=CJ!A@G;DC!DP!'Z@J@C!DP!LDERC?=AM!=??@CJ=CO@!DP!?B@!?@OBC;O=E!?A=;C;CG>[!5BR>N! ?B@!U=;C!?=AG@?!=RJ;@CO@!Z;EE!b@!^RU=C!*@>DRAO@!U=C=G@A>!=CJ!?A=;C;CG>!U=C=G@A>!=CJ!VA=O?;?;DC@A>! CD?!DCEM!PADU!?B@!A@>@=AOB@J!ODUV=C;@>!bR?!=E>D!PADU!D?B@A!ODUV=C;@>!?B=?!VADL;J@!?@OBC;O=E!?A=;C;CG>! =CJ!@UVEDM@@!J@L@EDVU@C?!VADGA=U>[!6RA!A@>@=AOB!=CJ!;?>!A@ODUU@CJ=?;DC>!=;U!?D!VADL;J@!C@O@>>=AM! ;CPDAU=?;DC! PDA! U=C=G@A! DC! BDZ! ?D! ;COA@=>@! =??@CJ=CO@! ?D! >V@O;P;O! ?@OBC;O=E! ?A=;C;CG>! PDA! ?B@;A! @UVEDM@@>! =CJ! ZB=?! UD?;L=?@>! @UVEDM@@>! ?B@! UD>?! ZB@C! =??@CJ;CG! ?@OBC;O=E! ?A=;C;CG>! DC! LDERC?=AM! b=>@[!$RA?B@AUDA@N!=CD?B@A!?=AG@?!=RJ;@CO@!Z;EE!b@!A@>@=AOB@A>!=CJ!>OBDE=A>!?B=?!P=>O;C=?@J!bM!>?RJM;CG! @UVEDM@@! UD?;L=?;DC! ?D! =??@CJ! (UVEDM@@! J@L@EDVU@C?! VADGA=U>! =CJ! ?@OBC;O=E! ?A=;C;CG>! ;C! ?B@! ZDAF! VE=O@[!

SX_!!!!!%>E>@D@>8=;!

"k;k!=CJ!"BU=J!+-.004!>?=?@J!?B=?!=!CRUb@A!DP!A@>@=AOB@>!;CJ;O=?@J!?B=?!PDEEDZ;CG!5A=;C;CG!XADGA=U! OB=A=O?@A;>?;O>!>?;URE=?@>!?A=;C;CG!UD?;L=?;DC!+HE=AF!@?!=E[N!08894Y! • 6V?;DC!?D!LDERC?=AM!=??@CJ=CO@!+5>=;!S!5=;N!-..94! • 5A=;C;CG!*@VR?=?;DC!+^=C>@CN!-..04! • 5A=;C;CG!J@>;GC!+_D@N!-..84! • *@E@L=CO@!DP!?A=;C;CG!PDA!eDb1A@E=?@J!C@@J>!+HE=AF!@?!=E[N(0889H( • *@E@L=CO@!DP!?A=;C;CG!PDA!O=A@@A1A@E=?@J!C@@J>!+^=C>@CN!-..0l!_;F=CJADR!@?!=E[N!-..8N!V[!-3-4! • *@E@L=CO@!DP!?A=;C;CG!PDA!V@A>DC=E!A@E=?@J!C@@J>!+_D@N!08,3N!V[!7/.4! !

<D?;L=?;DC! ;CPER@CO@>! A@E=?;DC>B;V! b@?Z@@C! ?A=;C;CGN! 5XH! =CJ! ?A=;C;CG! @PP@O?;L@C@>>[! ^DZ@L@AN! ?B;>! A@>@=AOB! ;>! PDOR>@J! DC! ?B@! E=>?! ?BA@@! OB=A=O?@A;>?;O>N! =CJ! JD! CD?! ;COERJ@! ?B@! A@>?N! b@O=R>@! 5XH! B=>! =!

(13)

2!

OED>@A!A@E=?;DC>B;V!ZB@C!;CL@>?;G=?;CG!?A=;C;CG!@PP@O?;L@C@>>!+H=CCDC1QDZ@A>N!@?!=E[N!08824N!ZB;OB!;>!CD?!

?B@!VRAVD>@!DP!?B;>!A@>@=AOB!

(14)

3!

! ! Q!+4"&,"+13.%!V,.#"6&,L! ?5&(/-.0(2*,2"$&("#(%5.$(@5-2%&,(.$(%"("*%+.0&(%5&(0&@&$$.%3("#(+&-,0.08(.0('&<&+"2/&0%(-@%.<.%.&$I(-0'(%5&( /-.0(&/2+"3&&$>(/"%.<-%."0-+(%5&",.&$C(J-@%",$(%5-%(.0#+*&0@&(&/2+"3&&(/"%.<-%."0(%"(-%%&0'(@"/2-03>$( %&@50.@-+(%,-.0.08$(-,&(8".08(%"(A&('.$@*$$&'(#*,%5&,C()"0@&2%*-+(#,-/&=",BI(-$(=&++(-$(@,.%.@-+(-$2&@%$("#( @5"$&0(%5&",.&$(.$(2,&$&0%&'(-#%&,(%5&",&%.@-+(2-,%C((

QXS!&:WD=>`D@>8=DF!F<D:=>=W!

*DZDEJ!=CJ!T=RPP@EJ!+-..84!>?=?@J!?B=?!A=V;J!?@OBCDEDG;O=E!J@L@EDVU@C?!;>!DC@!DP!?B@!UD>?!;UVDA?=C?! E@=J;CG!?A@CJ>N!ZB;OB!;COA@=>@!?B@!J@U=CJ!PDA!ODC?;CRDR>!E@=AC;CG!=CJ!J@L@EDVU@C?!;C!DAG=C;k=?;DC>[! 5BR>N! A=V;J! ?@OBCDEDG;O=E! J@L@EDVU@C?! >?;URE=?@>! DAG=C;k=?;DC>! ?D! VADL;J@! J@L@EDVU@C?! =O?;L;?;@>! PDA! ?B@;A!@UVEDM@@>!+*DZDEJ!=CJ!T=RPP@EJN!-..84[!Q@CC;>!+0838N!=>!O;?@J!;C!mDC@>!)[*[N!-..7N!V[!-8-4!>?=?@J! ?B=?! DAG=C;k=?;DC=E! J@L@EDVU@C?! A@P@A>! ?D! hODUVE@\! @JRO=?;DC=E! >?A=?@GM! ;C?@CJ@J! ?D! OB=CG@! b@E;@P>N! =??;?RJ@>N!L=ER@>N!=CJ!>?ARO?RA@!DP!DAG=C;k=?;DC>!>D!?B@M!O=C!b@??@A!=J=V?!?D!C@Z!?@OBCDEDG;@>N!U=AF@?! =CJ!OB=EE@CG@>N!=CJ!?B@!J;kkM;CG!A=?@!DP!OB=CG@!;?>@EPi[!)@C@A=EEM!;?!;>!@\V@O?@J!?B=?!?B@!UDA@!RVJ=?@J! ?B@!@UVEDM@@>!=A@N!?B@!UDA@!VD>;?;L@!=CJ!b@??@A!A@>RE?!?B@M!Db?=;C!PDA!?B@;A!FCDZE@JG@N!=b;E;?;@>N!>F;EE>! =CJ!V@APDAU=CO@[!! ! <DA@DL@AN!QDEU=C!=CJ!W@=E!+-..,4!>RGG@>?N!?B=?!BRU=C!A@>DRAO@!DAG=C;k=?;DC!A@ODGC;k@>!?B=?!E@=AC;CG! ?=F@>!VE=O@!CD?!DCEM!DC!?B@!eDb!bR?!=E>D!;C!?B@!OE=>>ADDU[!h#@=AC;CG!;C!=C!DAG=C;k=?;DC!?=F@>!VE=O@!ZB@C! ?BA@@!@E@U@C?>!=A@!;C!VE=O@Y!GDDJ!U@C?DA>!ZBD!?@=OB!D?B@A>N!=!U=C=G@U@C?!>M>?@U!?B=?!E@?>!V@DVE@!?AM! C@Z!?B;CG>!=>!UROB!=>!VD>>;bE@N!=CJ!=!L@AM!GDDJ!@\OB=CG@!Z;?B!?B@!@CL;ADCU@C?i!+"RbA@M!S!5;EE;@??@N! 088.N!VV[!0//10/2!=>!O;?@J!;C!QDEU=C!S!W@=EN!-..,N!V[!0/84[!*@b@ED!=CJ!)DU@>!+-.004!;EER>?A=?@N!?B=?! E@=AC;CG! UD?;L=?@>! @UVEDM@@>[! (UVEDM@@>! ODC?A;bR?@! ?D! ?B@;A! DAG=C;k=?;DC! bM! ;UVADL;CG! ?B@;A! >F;EE>N! =??;?RJ@! =CJ! FCDZE@JG@[! ">! J@>OA;b@J! bM! "VV=CC;=B! @?! =E[! +-.0.4N! DAG=C;k=?;DC>! ?BADRGB! ORE?RA@! O=C! VADUD?@!;CJ;L;JR=E!E@=AC;CG!PDA!?B@;A!@UVEDM@@>!=CJ!?B@M!Z;EE!?A=C>P@A!=CJ!>B=A@!?B@;A!E@=AC;CG!?BADRGB! DAG=C;k=?;DC!=>!=!A@>RE?!DP!=!GDDJ!;CJ;L;JR=E!E@=AC;CGN!>D!;?!Z;EE!E@=J!?D!GADRV!=CJ!DAG=C;k=?;DC=E!E@=AC;CG! ZB;OB!ODC?A;bR?@>!?D!DAG=C;k=?;DC=E!>ROO@>>[!(PP@O?;L@!E@=AC;CG!A@cR;A@>!@UVEDM@@>!?=F@!A@>VDC>;b;E;?M!PDA! =! GDDJ! =AA=CG@U@C?! DP! ?B@! E@=AC;CG! C@O@>>=AM! PDA! ODC?;CRDR>! ;UVADL@U@C?! +"VV=CC;=B! @?! =E[N! -.0.N! V[09/4[!

!

"OODAJ;CG! ?D! "E;VDRA! =CJ! T=A;U;! +-.004N! E@=AC;CG! ;C! DAG=C;k=?;DC! O=C! b@! ODC>;J@A@J! =>! =! F@M! >ROO@>>! P=O?DA! PDA! DAG=C;k=?;DC=E! V@APDAU=CO@[! %C! DAJ@A! PDA! DAG=C;k=?;DC>! ?D! ;COA@=>@! ?B@;A! V@APDAU=CO@N! ODUV=C;@>!B=L@!?D!PDOR>!DC!;COA@=>;CG!?B@!FCDZE@JG@!G=?B@A;CG!VADO@>>!bM!?B@;A!@UVEDM@@>[!Q=>@J!DC! ?B=?N!DAG=C;k=?;DC!>RVVDA?>!CD?!DCEM!?B@;A!@UVEDM@@!FCDZE@JG@!J@L@EDVU@C?N!bR?!=E>D!;CCDL=?;DCl!bD?B! DP!?B@>@!P=O?DA>!;COA@=>@!@UVEDM@@>!=CJ!ODUV=C;@>!V@APDAU=CO@!+;b;J4[!!

QXSXS!(<?<F8GE<=@!DI@>?>@><;!D=K!+:D>=>=W!>=!@B<!8:WD=>`D@>8=!

W@L@EDVU@C?! =O?;L;?;@>! ;COERJ@! ?A=;C;CG>! =CJ! >@U;C=A>N! ZB;OB! B@EV! ?B@! @UVEDM@@>! ?D! U=;C?=;C! =CJ! ;COA@=>@! ?B@;A! >F;EE>! +#DCJDC! 08,8N! =>! O;?@J! ;C! _D@! =CJ! `;EFN! 08894[! %C! DAJ@A! ?D! A@>VDCJ! ?D! ?B@! DAG=C;k=?;DC>! C@@JN! DAG=C;k=?;DC>! >BDREJ! VADL;J@! A@E=?@J! ?A=;C;CG>! PDA! ?B@;A! @UVEDM@@>l! ?D! B=L@! ?B@;A!

(15)

7!

@UVEDM@@>!RVJ=?@JN!b@;CG!=bE@!?D!JD!C@Z!?=>F>!=CJ!b@ODU@!UDA@!@PP@O?;L@N!+_D@!@?!=E[N!-..34[!#=CG!=CJ!

`;??;G!+-...4!>?=?@J!?B@!=;U!pZB@A@q!;>!>@?!?D!@CB=CO@!V@A>DC=E!ODUV@?;?;L@C@>>!=CJ!VADJRO?;L;?M[!6C! ?B@!D?B@A!B=CJ!JR@!?D!?B@!B;GB!bRJG@?N!ZB;OB!=CCR=EEM!;>!>V@C?!;C!?B;>!VRAVD>@N!@UVEDM@@>!>BDREJ!b@! =bE@! ?D! ?A=C>P@A! ?B@;A! E@=AC;CG! ?D! ?B@! DAG=C;k=?;DC[! 5B@! O@C?A=E! =>V@O?! ?D! A@=OB! =! >ROO@>>PRE! E@=AC;CG! ?A=C>P@A! ;>! ?B@! ?A=;C;CG! VADGA=U! ;?>@EP[! %?! >BDREJ! b@! J@>;GC@J! =CJ! ?=RGB?! ;C! =! Z=M! ZB;OB! ?B@! =b;E;?M! ?D! ?A=C>P@A!E@=AC;CG!b=OF!?D!?B@!eDbN!b@!VADL;J@J!PDA!?B@!?A=;C@@>!+^DE?DC!@?!=E[N!-...l!d@E=J=!S!H=@?=CDN! -..74[!!

!

"OODAJ;CG!?D!Q=AA;@!=CJ!X=O@!+088,4!P;A>?EMN!?A=;C;CG!E@=J>!?D!GADZ?B!=CJ!J@L@EDVU@C?!;C!DAG=C;k=?;DC!bM! ODC?A;bR?;CG! ?D! @PP@O?;L@C@>>N! ;CCDL=?;DC! =CJ! VADJRO?;DC! ;CCDL=?;DC[! '@ODCJEMN! ?A=;C;CG! ODC?A;bR?@>! ?D! Db?=;C!C@Z!>F;EE>N!FCDZE@JG@!=CJ!O=V=O;?M!?D!UDA@!DZC!E@=AC;CG!bD?B!=>!@UVEDM@@>!=CJ!O;?;k@C>!+Q=AA;@! S! X=O@N! 088,l! W;AF\N! 0887! =>! O;?@J! ;C! W;A=C;N! -.0-4[! *D>DZ! =CJ! n=G@A! +08,,4! >?=?@J! ?B=?! @UVEDM@@>! >BDREJ!=EZ=M>!=O?;L@EM!PDEEDZ!=CJ!VRA>R@!J@L@EDVU@C?!=O?;L;?;@>N!=CJ!?A=;C;CG!>BDREJ!b@!ODC?;CRDR>!;C! ?B@!DAG=C;k=?;DC[!(UVEDM@@!J@L@EDVU@C?!;>!CD?!DCEM!b@C@P;O;=E!PDA!?B@U!bR?!=E>D!PDA!?B@!DAG=C;k=?;DCN! ZB;OB!?B@M!=A@!ZDAF;CG!PDA!+#DCJDCN!08,8!=>!O;?@J!;C!_D@!S!`;EFN!08894[!! ! _DZ=J=M>N!ODV;CG!Z;?B!P=>?!V=O@!DP!?@OBC;O=E!=CJ!DAG=C;k=?;DC=E!OB=CG@>!;>!=!ODC>;J@A=bE@!OB=EE@CG@!PDA! DAG=C;k=?;DC>[!5B@A@PDA@N!TAfEE!+08874!OE=;U@J!?B=?N!?DV!U=C=G@A>!=A@!A@cR;A@J!?D!O=AAM!DR?!?A=;C;CG>!?D! @CB=CO@! ODUV@?@CO@>! =CJ! >F;EE>! DP! ?B@;A! @UVEDM@@>N! =>! Z@EE! J@L@EDV;CG! ?B@;A! VADP@>>;DC=E! >F;EE>[! "OODAJ;CG!?D!TDC?DGB;DAGB@>!+-..-4N!DAG=C;k=?;DC>!A@=E;k@J!?B=?!?D!b@!ODUV@?;?;L@!=CJ!>ROO@>>PREN!?B@M! >BDREJ!;UVADL@!?B@;A!DAG=C;k=?;DC=E!U=C=G@U@C?!ODC?;CRDR>EM[!HDUV=C;@>!FCDZ!?B=?!;C!?B@!=b>@CO@!DP! UD?;L=?@JN! B;GBEM! >F;EE@J! =CJ! ODUU;??@J! ZDAFPDAO@N! ?B@M! ZDCr?! b@! =bE@! ODUV@?@! =CJ! ;CCDL=?@! +TDC?DGB;DAGB@>N! -..-4[! '?=RJ?! +08,3N! =>! O;?@J! ;C! TAfEEN! 08874! >?=?@>! ?B=?! >;GC;P;O=C?! P=O?DA>N! ZB;OB! VA@L@C?!DAG=C;k=?;DC>!?D!b@!;CCDL=?;L@!=A@!E=OF!DP!?@OBC;O=E!@\V@A?>!@UVEDM@@>N!E=OF!DP!=OO@V?=CO@!bM! ?BD>@!ZBD!=A@!;CLDEL@J!=CJ!DC!?B@!D?B@A!B=CJ!;C>RPP;O;@C?!eDb1DAG=C;k=?;DC=E!ODCJ;?;DC>[!)=EbA=;?B!=CJ! #=ZE@A!+088,N!=>!O;?@J!;C!TDC?DGB;DAGB@>N!-..-N!V[00/4!@\VE=;C!h^DZ!DAG=C;k=?;DC>!=A@!>?ARO?RA@JN!BDZ! V@DVE@! =A@! V=;JN! BDZ! V@APDAU=CO@! ;>! U@=>RA@JN! BDZ! ;CJ;L;JR=E>! =A@! ?A=;C@J! =CJ! J@L@EDV@JY! ;COA@=>;CGEMN! ?B@>@! =A@! VADL;CG! ?D! b@! =A@=>! ;C! ZB;OB! >ROO@>>PRE! ;CCDL=?;DC! O=C! E@=J! ?D! ;UVADL@J! V@APDAU=CO@! =CJ! ?D! >R>?=;C=bE@! ODUV@?;?;L@! =JL=C?=G@i[! 5B@! OD1DAJ;C=?;DC! b@?Z@@C! V@A>DCC@E! =CJ! DAG=C;k=?;DC=E! J@L@EDVU@C?! DC! DC@! B=CJ! =CJ! ?@OBC;O=E! J@L@EDVU@C?! DC! ?B@! D?B@A! B=CJ! ;>! L@AM! C@O@>>=AM!+TAfEEN!08874[!%C>RPP;O;@C?!V@A>DCC@E!>F;EE>!=CJ!CDC1U=?OB@J!DAG=C;k=?;DC=E!>?ARO?RA@>!Z;EE!E@=J! ?D!=C!;CCDL=?;DC!B;CJA=CO@N!;P!?B;>!ODDAJ;C=?;DC!JD@>!CD?!>ROO@@J!+;b;J[4[!! ! *@G=AJ;CG!?B@!@L;J@CO@!PDRCJ!;C!@UV;A;O=E!A@>@=AOB!=CJ!JR@!?D!?B@!;UVDA?=CO@!DP!?@OBC;O=E!?A=;C;CG!;C! =CM!DAG=C;k=?;DC!>V@O;P;O=EEM!?BD>@N!ZB;OB!=A@!J@=E;CG!Z;?B!B;1?@OB!VADJRO?>N!?@OBC;O=E!?A=;C;CG>!Z;EE!b@! ?B@!PDOR>!DP!?B;>!A@>@=AOB!?D!@\=U;C@!@UVEDM@@>]!UD?;L=?;DC!?D!=??@CJ!?BD>@!?A=;C;CG>[!! ! QXSXQ!%<D:=>=W!#8@>?D@>8=! "OODAJ;CG!?D!*Dbb;C>!+=>!O;?@J!;C!"VV=CC=;=BN!-.0.N!V[794N!h<D?;L=?;DC!A@VA@>@C?>!=C!RC>=?;>P;@J!C@@JN! ZB;OB! OA@=?@>! =! >?=?@! DP! ?@C>;DCN! DA! J;>@cR;E;bA;RUN! O=R>;CG! ?B@! ;CJ;L;JR=E! ?D! UDL@! ;C! =! GD=E! J;A@O?@J!

(16)

,!

V=??@AC! ?DZ=AJ>! A@>?DA;CG! =! >?=?@! DP! @cR;E;bA;RU! bM! >=?;>PM;CG! ?B@! C@@Ji[! <DA@DL@AN! UD?;L=?;DC! ;>! =!

VADO@>>! DP! Z;EE;CGC@>>! ?D! @\V=CJ! @C@AGM! ?D! =OB;@L@! =C! =;U! DA! A@Z=AJ! +<=UDA;=! H[QN! =>! O;?@J! ;C! "VV=CC=;=BN! -.0.N! V[794[! %?! ;>! DC@! DP! ?B@! F@M! @E@U@C?>! ;C! @UVEDM@@! V@APDAU=CO@! =CJ! @PP;O;@COM[! %CJ;L;JR=E>!U=M!CD?!G@?!?B@!eDb!JDC@!Z;?BDR?!>RPP;O;@C?!UD?;L=?;DC!?BDRGB!?B@M!=A@!VADL;J@J!Z;?B!A;GB?! P=O?DA>l! >ROB! =>! @CODRA=G;CG! ZDAF! @CL;ADCU@C?! =CJ! ?B@! A;GB?! >F;EE>! +"VV=CC=;=B! @?! =E[N! -.0.N! V[704[! <D?;L=?@J!@UVEDM@@>!FCDZ!ZB=?!?B@;A!=;U!;>!+;b;J[!V[7/4[! ! $RA?B@AUDA@N!UD?;L=?;DC!;>!?B@!O@C?A=E!@E@U@C?!DP!BRU=C!E@=AC;CG!VADO@>>[!TCDZE@JG@!;>!CD?!R>@J!?D!=! U=\;URUN!;P!ODUV=CM!JD@>!CD?!UD?;L=?@!;?>!@UVEDM@@>!+6>?@A=F@AN!08884[!5B@A@PDA@N!?B@!GD=E!PDA!@L@AM! ODUV=CM!;>!?D!P;CJ!?B@!P=O?DA>!?B=?!@C=bE@!DAG=C;k=?;DC!?D!UD?;L=?@!;?>!@UVEDM@@>!?D!ODC?;CRDR>!E@=AC;CG! +;b;J[4[!#@=AC;CG!UD?;L=?;DC!O=C!b@!J@>OA;b@J!=>!=!>V@O;P;O!J@>;A@!DP!@UVEDM@@!?D!E@=AC!?B@!ODC?@C?!DP!=! ?A=;C;CG!VADGA=U!+_D@N!08,3l!_D@!S!'OBU;??N!08,34[!!">!_D@!+08,34!>?=?@JN!ZB@C!?B@A@!;>!CD!UD?;L=?;DCN! @UVEDM@@>!ZBD!U=M!B=L@!?B@!?=E@C?!=CJ!=b;E;?M!?D!U=>?@A!;C!?B@!?A=;C;CG!U=?@A;=EN!ZDREJ!P=;E!?D!JD!>D[!%?! ;>! PRA?B@A! >?=?@J! bM! HE=AF! +08894N! ?B=?! ?A=;C;CG! UD?;L=?;DC! ;>! ?B@! L;?=E! PDRCJ=?;DC! PDA! ?B@! UD>?! >DVB;>?;O=?@J!?A=;C;CG!VADGA=U>!?D!b@!R>@PRE!=CJ!@PP@O?;L@[!5B@!;UVDA?=CO@!DP!UD?;L=?;DC!;COA@=>@>!bM! ODUVE@\;?M!DP!?A=;C;CG!VADGA=U>!+;b;J[4[!

!

"OODAJ;CG! ?D! TDC?DGB;DAGB@>! +-..-4! UD?;L=?;DC! ?D! E@=AC! B=L@! b@@C! ;J@C?;P;@J! bM! >@L@A=E! J;PP@A@C?! A@>@=AOB@A>!=>!OA;?;O=E!ODUVDC@C?>!PDA!?A=;C;CG!VADGA=U!@PP@O?;L@C@>>[!'DU@!D?B@A!>?RJ;@>N!=OODAJ;CG!?D! _D@! =CJ! 'OBU;??! +08,3N! V[-8-4N! B=L@! ;EER>?A=?@J! ?B=?! E@=AC;CG! UD?;L=?;DC! ;>! A@E=?@J! ?D! VADGA=U! ODUVE@?;DC!+jR;CDC@>N!08824N!?=>F!V@APDAU=CO@!+;b;J[4!=CJ!?A=;C;CG!V@APDAU=CO@!+Q=EJZ;C!@?!=E[N!0880l! $=O?@=R!@?!=E[N!0882l!<=?B;@R!@?!=E[N!088-l!_D@!S!'OBU;??N!08,3l!5=CC@Cb=RU!@?!=E[N!08804[!"OODAJ;CG!?D! jR;CDC@>!+08824!;C!G@C@A=EN!B;GB@A!E@L@E>!DP!E@=AC;CG!UD?;L=?;DC!A@>RE?>!;C!UDA@!;UVADL@J!V@APDAU=CO@! ;C! E@=AC;CG[! !^DZ@L@AN! UD?;L=?;DC! A@P@A>! ?D! ?B@! PDAO@>! Z;?B;C! =! V@A>DC! ?B=?! =PP@O?>! B;>:B@A! J;A@O?;DCN! >?A@CG?B! =CJ! V@A>;>?@CO@! DP! LDERC?=AM! b@B=L;DA! +"VV=CC=;=B! @?! =E[N! -.0.N! V[704[! <=C=G@A>! =CJ! @UVEDM@@>!B=L@!?D!?=F@!A@>VDC>;b;E;?M!PDA!?B@;A!DZC!E@=AC;CG[!W@>V;?@N!U=CM!ODUV=C;@>!VADL;J@!=!ED?!DP! ODRA>@>!PDA!@UVEDM@@>l!DCEM!?B@!@UVEDM@@!FCDZ>!b@>?!ZB=?!C@@J>!?D!b@!E@=AC@J!=CJ!BDZ!?D!=VVEM!C@Z! FCDZE@JG@!+"VV=CC=;=B!@?!=E[N!-.0.N!V[09/4[!

!

5B@!OBD>@C!?B@DA;@>!PDA!?B;>!A@>@=AOB!=A@!GD;CG!?D!b@!VA@>@C?@J!PRA?B@AN!=>!;?!;>!>BDZC!DC!$;GRA@!-[!%?!;>! =E>D! GD;CG! ?D! b@! @\VE=;C@J! PRA?B@AN! BDZ! J;PP@A@C?! P=O?DA>N! ;CPER@CO@! =CJ! =PP@O?! ?B@! @UVEDM@@>]! UD?;L=?;DC[!

(17)

8!

! ! V>W9:<!Q!&?<:?><M!8=!@B<!IB8;<=!@B<8:><;! 'DRAO@Y!DZC!;EER>?A=?;DC( !

QXQ!(<E8W:DGB>I!HDI@8:;!

5B;>! A@>@=AOB! ;>! ;UVE@U@C?@JN! ;C! DAJ@A! ?D! L@A;PM! ?B@! J;PP@A@CO@! DP! ?B@! UD?;L=?;DC=E! P=O?DA>! b@?Z@@C! J;PP@A@C?! =G@! GADRVN! G@CJ@AN! @JRO=?;DC=E! E@L@E! @?O[! ;C! 'Z@J;>B! ^;GB1?@OB! ODUV=C;@>l! ;CJ@@J! J@UDGA=VB;O=E! P=O?DA>! Z;EE! b@! ODC>;J@A@J[! ! ">! U@C?;DC@J! bM! '@GRV?=! +-.004! ?B@A@! ;>! J;PP@A@CO@! DP! V@AO@V?;DC! ?DZ=AJ>! ?B@! eDb1A@E=?@J! L=A;=bE@>! DC! ?B@! b=>;>! DP! G@CJ@AN! ;CODU@N! @JRO=?;DCN! =CJ! =G@! +'@GRV?=N!-.004[!!%C!=JJ;?;DCN!TDL=OB!+08,.4!>?=?@JY!

!

%CJ;L;JR=E>! =?! J;PP@A@C?! DAG=C;k=?;DC! E@L@E>N! Z;?B! J;PP@A@C?! @=AC;CG! VDZ@AN! U=M! B=L@! J;PP@A@C?! UD?;L=?;DC=E!L=ER@>[!^@CO@N!ZB=?!UD?;L=?@>!;CJ;L;JR=E>!=?!DC@!E@L@E!DP!?B@!DAG=C;k=?;DC!U=M!CD?! UD?;L=?@! ?BD>@! =?! =CD?B@A! E@L@E[! 5B;>! C@O@>>;?=?@>! J;PP@A@C?;=?;CG! bM! ;CODU@! E@L@E! =CJ! D?B@A! J@UDGA=VB;O!P=O?DA>!ZB@C!=C=EMk;CG!=??;?RJ@>!PDA!UD?;L=?;DC=E!VRAVD>@>[!

!

78&[!%?!;>!OARO;=E!?D!RCJ@A>?=CJ!=G@!A@E=?@J!P=O?DA>!DP!@UVEDM@@>!=CJ!UD?;L=?;DC[(`=AA!+-..04!J@>OA;b@J! >DRAO@>! ?B=?! J@OE;C@! ZDAF! UD?;L=?;DCN! >ROB! =>! A=;>@J! =J=V?=?;DC! E@L@EN! B=b;?>! =CJ! V@APDAU=CO@! ODUV=A;>DC[! 6C! ?B@! D?B@A! B=CJN! DEJ@A! ZDAF@A>! h@CG=G@! ;C! J;>OA@?;DC=AM! b@B=L;DA>! ?D! ODUV@C>=?@! PDA! =CM!ED>>@>!;C!?@OBC;O=E!ODA@!V@APDAU=CO@h!+_G!S!$@EJU=C>N!-..,N!V[!/.94[!<DA@DL@AN!TDD;e!@?!=E[!+-.004N! >?=?@J! ?B=?! PDA! DEJ@A! @UVEDM@@>! >@ORA;?M! =CJ! >DO;=E! UD?;L@>! ZDREJ! b@! B;GB@AN! ZB;OB! Z;EE! >?A@CG?B! DP!

.DDECNHCT!

-EXYCHXMR!

&%*!

/KRDKFMR!HCJHTYDJ!

+LDHGMDHLCMR!9LFXEJ!

%EPLTFMQYHX!

_MXDLFJ!

(18)

0.!

UD?;L=?;DC>! GADZ?B[! 6C! ?B@! D?B@A! B=CJN! DC@! Z;J@>VA@=J! >?@A@D?MV@! ?B=?! hDEJ@A! ZDAF@A>! =A@! E@>>!

UD?;L=?@JN! B=L@! EDZ@A! =b;E;?MN! =CJ! =A@! E@>>! VADJRO?;L@! ?B=C! MDRCG@A! ZDAF@A>i! +XD>?BRU=! S! H=UV;DCN! -..84!;>!GD;CG!?D!b@!?@>?@J!?BADRGBDR?!?B@!A@>@=AOB[! ! 6&0'&,C!"OODAJ;CG!?D!*DZDEJ!=CJ!'OB;EE;CG!+-..34!ZDU@C!=A@!UDA@!@CG=G@J!;C!UDA@!E@=AC;CG!=O?;L;?;@>N! ?B=C!?B@;A!U=E@!OD1ZDAF@A>[!! ! 1'*@-%."0-+(+&<&+!;CPER@CO@>!eDb1A@E=?@J!L=A;=bE@>!E;F@!UD?;L=?;DC!=CJ!V=A?;O;V=?;DC!+HBRAOB;EE!@?!=E[N!0878! =>! O;?@J! ;C! '@CGRV?=N! -.004[! ^=UbA;OF! =CJ! <=>DC! +08,/4! >RGG@>?N! ?B=?! @JRO=?;DC=E! E@L@E! A@PE@O?>! @UVEDM@@>]!=b;E;?M!=CJ!>F;EE>[!(JRO=?@J!V@DVE@!=A@!b@??@A!?D!J@=E!Z;?B!ODUVE@\;?M!+WDEE;CG@AN!08,/4!=CJ! UDA@!DV@C!PDA!;CCDL=?;DC>!+T;Ub@AEM!S!(L=C;>FDN!08,04[!! ! 4-%."0-+.%3C(`B;E@!?B@!A@>@=AOB!?=F@>!VE=O@!;C!<_H!;C!'Z@J@CN!ZB;OB!;>!=!URE?;ORE?RA=E!>DO;@?M!Z;?B!=! O@A?=;C!V@AO@C?=G@!DP!C@ZODU@A>!PADU!(K!=CJ!D?B@A!ODRC?A;@>N!C=?;DC=E!=>V@O?!>BDREJ!b@!ODC>;J@A@J[! n=BA=!@?!=E[!+-..04!=AGR@>!?B=?!@UVEDM@@>!ZBD!O=C!ODUURC;O=?@!Z;?B!D?B@A!@UVEDM@@>!PADU!J;PP@A@C?! ORE?RA@>!>BDREJ!b@!L=ER=bE@!PDA!B@=JcR=A?@A>[!^@=JcR=A?@A!>BDREJ!=>>;>?!?B@>@!@UVEDM@@>!PDA!=!b@??@A! =J=V?=?;DC!?D!EDO=E!U=AF@?N!ZB;OB!Z;EE!;COA@=>@!ODUV=C;@>!>ROO@>>!+n=BA=!@?!=E[N!-..04[!

QXT!48H;@<K<0!39F@9:DF!>=;>WB@;!

^DP>?@J@!+08,.4!OE=;U@J!?B=?!hORE?RA@!;>!?B@!ODEE@O?;L@!U@C?=E!VADGA=UU;CG]]N!ZB;OB!J;PP@A@C?;=?@>!DC@! C=?;DC!PADU!=CD?B@A[!^DP>?@J@]>!A@>@=AOB!;C?D!C=?;DC=E!=CJ!DAG=C;k=?;DC=E!ORE?RA@>!Z=>!ODCJRO?@J!;C!/.! ODRC?A;@>! ZB@A@! "0( =",B( ,&+-%&'( @*+%*,-+( <-+*&$! Z@A@! >?RJ;@J! =CJ! ;EER>?A=?@>! PDRA! U=eDA! J;U@C>;DC>Y! VDZ@A!J;>?=CO@N!RCO@A?=;C?M!=LD;J=CO@N!P@U;C;C;?M:U=>ORE;C;?MN!;CJ;L;JR=E;>U:ODEE@O?;L;>U!+(L=C>!@?!=E[N! -..8N!V[-84[!^DP>?@J@]>!PDRA!J;U@C>;DC>!Z@A@!Z;J@EM!=OO@V?@J!JR@!?D!A@E@L=C?!>?RJ;@>!;C!ODUV=A;>DC!DP! J;PP@A@C?! ORE?RA=E! GADRV>! +'OBZ=A?kN! 088/! =>! O;?@J! ;C! QE=OFN! 08884[! HDC>@cR@C?EMN! ORE?RA=E! P=O?DA>! =OODAJ;CG!?D!^DP>?@J@!Z;EE!b@!ODC>;J@A@J!?BADRGBDR?!?B@!ZBDE@!A@>@=AOB[!! ! <DA@DL@AN!QE=OF!+08884!>?=?@J!?B=?!C=?;DC=E!ORE?RA@!=PP@O?>!?B@!@UVEDM@@>]!ZDAF!@PPDA?N!J;A@O?EM!?BADRGB! ORE?RA=E!L=ER@>!=CJ!=??;?RJ@>N!=CJ!;CJ;A@O?EM!bM!;CPER@CO;CG!BRU=C!A@>DRAO@>!V@APDAU=CO@>[!!%?!=E>D!B=>! b@@C!A@ODGC;k@JN!?B=?!^RU=C!A@>DRAO@>!U=C=G@U@C?!;>!L@AM!>@C>;?;L@!?D!C=?;DC=E!ORE?RA@>!=>!h?B@M!=A@! J@>;GC@J!bM!ORE?RA@!b@=A@A>!?D!B=CJE@!D?B@A!ORE?RA@!b@=A@A>i!+#=RA@C?N!08,3N!=>!O;?@J!;C!QE=OFN!08884[! 'DU@!D?B@A!A@>@=AOB@>!>BDZ!?B=?!ORE?RA=E!E@L@EN!ZB@A@!DAG=C;k=?;DC!DV@A=?@>N!UR>?!b@!ODC>;J@A@J[!_D?! DCEM! ARE@>! =CJ! E=Z>! bR?! =E>D! >DO;@?M! =PP@O?>! @UVEDM@@>l! P=U;E;@>! =CJ! D?B@A! ;CJ;L;JR=E>! =PP@O?! =CJ! ;CPER@CO@! @UVEDM@@>[! <DA@DL@AN! ^DP?@J@>! >?RJM! >BDZ>! ?B=?! DRA! C@@J>! ODC>?=C?EM! OB=CG@! ;C>;J@! ?B@! ;CJ;L;JR=E!@UVEDM@@!=CJ!b@?Z@@C!V@DVE@N!J@V=A?U@C?>N!DAG=C;k=?;DC>N!ORE?RA@>!@?O[!+^DP>?@J@N!08804[!! HDC>@cR@C?EMN!ORE?RA=E!;CPER@CO@!bA;CG>!@PP@O?!?D!ZBDE@!DAG=C;k=?;DC!+6>?@A=F@AN!08884[!!!

QXTXS!48H;@<K<a;!H89:!K>E<=;>8=;!

%C! DAG=C;k=?;DC>N! ?B@! E@L@E! DP! VDZ@A! J;>?=CO@! +XW%4! ;>! A@E=?@J! ?D! ?B@! J@GA@@! DP! =R?BDA;?M! DA! =R?DOA=?;O! E@=J@A>B;V[! ! <DA@DL@AN! ^DP>?@J@]>! KCO@A?=;C?M! "LD;J=CO@! J;U@C>;DC! +K"%4! U@=>RA@>! ?DE@A=CO@! DP! RCO@A?=;C?M!+QE=OFN!08884[!K"%!;CJ;O=?@>!?B@!@\?@C?!?D!ZB;OB!>DO;@?M!P@@E>!LREC@A=bE@!bM!RCO@A?=;C?M!=CJ! ?AM;CG! ?D! =LD;J! ;?! bM! EDDF;CG! PDA! O=A@@A! >?=b;E;?MN! @>?=bE;>B;CG! UDA@! PDAU=E! ARE@>N! =LD;J;CG! J;L@AG@C?!

(19)

00!

b@B=L;DA!+;b;J[4[!$RA?B@AUDA@N!?B@!%CJ;L;JR=E;>U!J;U@C>;DC!+%Wd4!>BDZ>!?B@!;UVDA?=CO@!DP!?B@!ZDAF1GD=E[!

%C! ;CJ;L;JR=E;>?;O! >DO;@?M! @UVEDM@@! ;>! =C! =O?;L@! =G@C?! =CJ! F@@V! B;>! ;CJ@V@CJ@COM! PADU! DAG=C;k=?;DC! +QE=OFN! 08884[! #=>?EMN! ^DP>?@J@]>! <=>ORE;C;?M! J;U@C>;DC! +<"'4! U@=>RA@>! ?B@! JDU;C=C?! L=ER@! DP! ?B@! >DO;@?MY!UDC@M!=CJ!U=?@A;=E;>?;O!L=ER@N!=CJ!cR=E;?M!DP!E;P@!DA!V@DVE@[!!

!

6L@A=EEN! ;?! ;>! ;UVDA?=C?! ?D! ODC>;J@A! C=?;DC=E! ORE?RA@>! ;UV=O?N! =>! @UVEDM@@>! PADU! J;PP@A@C?! C=?;DC=E! ORE?RA@>! V@AO@;L@! J;PP@A@C?! CDAU>! =CJ! L=ER@>! J;PP@A@C?EM! ;C! A@G=AJ! ?D! DAG=C;k=?;DC! =CJ! U=C=G@U@C?! +#=RA@C?N! 08,34[! !$RA?B@AUDA@N! BRU=C! A@>DRAO@>! =CJ! BRU=C! A@>DRAO@! U=C=G@U@C?! =A@! ?B@! UD>?! >@C>;?;L@!?D!ORE?RA=E!L=A;@?M!+;b;J4N!JR@!?D!RC;cR@!ORE?RA@!=CJ!;J@DEDGM!DP!@L@AM!ODRC?AM!+Q@@A!@?!=E[N!08,2N! V[934! ! ^DP>?@J@!OE=;U>!?B=?!C=?;DC=E!ORE?RA=E!J;U@C>;DC>!;C?ADJRO@J!bM!B;U>@EPN!JD!CD?!@\;>?!=?!?B@!;CJ;L;JR=E! E@L@EY! !

^DP>?@J@]>! J;U@C>;DC>! DP! C=?;DC=E! ORE?RA@! Z@A@! ODC>?ARO?@J! =?! ?B@! 0-%."0-+! E@L@E[! 5B@M! Z@A@! RCJ@AV;CC@J!bM!L=A;=bE@>!?B=?!ODAA@E=?@J!=OAD>>!C=?;DC>N!CD?!=OAD>>!;CJ;L;JR=E>!DA!DAG=C;k=?;DC>[! %C!P=O?N!B;>!J;U@C>;DC>!=A@!U@=C;CGE@>>!=>!J@>OA;V?DA>!DP!;CJ;L;JR=E>!DA!=>!VA@J;O?DA>!DP!;CJ;L;JR=E! J;PP@A@CO@>! b@O=R>@! ?B@! L=A;=bE@>N! ZB;OB! J@P;C@! ?B@UN! JD! CD?! ODAA@E=?@! U@=C;CGPREEM! =OAD>>! ;CJ;L;JR=E>!+<;CFDL!S!^DP>?@J@N!-.00N!V[!0-4!

! "CJ!=E>DY! !

HRE?RA@>! =A@! CD?! F;CG1>;k@! ;CJ;L;JR=E>Y! 5B@M! =A@! ZBDE@>N! =CJ! ?B@;A! ;C?@AC=E! EDG;O! O=CCD?! b@! RCJ@A>?DDJ!;C!?B@!?@AU>!R>@J!PDA!?B@!V@A>DC=E;?M!JMC=U;O>!DP!;CJ;L;JR=E>[!(OD1EDG;O!J;PP@A>!PADU! ;CJ;L;JR=E!EDG;O!+^DP>?@J@N!-..0N!V[!074[! !

QX\!"EGF8A<<!E8@>?D@>8=!

*=UE=EE!+-../N!V[!2-4!=AGR@>Y! ! );L@C!?B@!E=AG@!;CL@>?U@C?>!;C!@UVEDM@@!A@?@C?;DC!@PPDA?>!Z;?B;C!DAG=C;k=?;DC>N!;?!;>!A=?;DC=E!?D! ;J@C?;PMN! =C=EMk@! =CJ! OA;?;cR@! ?B@! UD?;L=?;DC! ?B@DA;@>! RCJ@AEM;CG! @UVEDM@@! A@?@C?;DC! ;C! DAG=C;k=?;DC>[!

!

"E?BDRGB! ?B@A@! =A@! U=CM! ?B@DA;@>! ?B=?! ?AM! ?D! @\VE=;C! UD?;L=?;DC! DP! @UVEDM@@>! =?! ZDAFVE=O@N! ?B@! PRCJ=U@C?=E! UD?;L=?;DC=E! P=O?DA>! DP! @UVEDM@@>]! UD?;L=?;DC=E! ?B@DA;@>! O=C! b@! O=?@GDA;k@J! ;C! ?BA@@! J;U@C>;DC>Y!>DO;=EN!U@C?=E!=CJ!VBM>;O=E!+6>?@A=F@AN!08884[!<DA@DL@AN!Q=A?DE!=CJ!<=A?;C!+088,4!OE=;U@J! ?B=?!?B@!U=eDA!?B@DA;@>!DP!UD?;L=?;DC!O=C!b@!OE=>>;P;@J!;C!?B@!PDEEDZ;CG!?BA@@!O=?@GDA;@>Y!C@@J>N!ODGC;?;L@! =CJ!A@;CPDAO@U@C?[!!!^DZ@L@AN!b@EDZ!OBD>@C!?B@DA;@>!Z;EE!b@!?B@!UD>?!A@E@L=C?!=CJ!Z;EE!b@!?@>?@J!;C!?B;>! A@>@=AOB[!

(20)

0-!

QX\XS!*<<K!@B<8:A!

<=>EDZ]>!B;@A=AOBM!DP!C@@J>!?B@DAM!>?=?@J!?B=?!?B@A@!=A@!>@L@C!J;PP@A@C?!E@L@E>!DP!C@@J>N!ZB;OB!PADU!?B@! EDZ@A1DAJ@A! ?A;GG@A! ?B@! C@\?! DC@! ;C?D! DV@A=?;DC[! 5B@>@! E@L@E>! PADU! EDZ@>?! ?D! ?B@! B;GB@>?! =A@! C=U@EMY! VBM>;DEDG;O=E!C@@J>N!>=P@?M!C@@J>N!>DO;=E!C@@J>N!@>?@@U!C@@J>N!ODGC;?;L@!C@@J>N!=@>?B@?;O!C@@J>!=CJ!>@EP1! =O?R=E;k=?;DC!C@@J>!+(L=C>!@?!=E[N!-..8N!V[004[!^DZ@L@A!;?!B=>!>DU@!E;U;?=?;DC>N!>ROB!=>!B=AJC@>>!?D!?@>?! ?B;>!?B@DAM!@UV;A;O=EEM!+#=?B=U!S!X;CJ@AN!-..2!=>!O;?@J!;C!QDEU=C!S!W@=EN!-..,l!'OB;PPU=C!@?!=E[N!-.00N! VV[00210084[!W@>V;?@!?B=?!>DU@!A@>@=AOB@A>!=AGR@J!<=>EDZ]>!?B@DAM!;>!L=E;J!=OAD>>!ORE?RA@>!+"e;E=N!0887l! *=D!S!TREF=AC;N!088,4N!?B@A@!;>!>?;EE!=!E;??E@!@L;J@CO@!?D!>RVVDA?!?B@!;J@=!?B=?!>=?;>P=O?;DC!DP!DC@!C@@J! E@=J>!?D!=O?;L=?;DC!DP!=CD?B@A!+QDEU=C!S!W@=EN!-..,N!V[!0-24[! ! `;EE;=U>!+-.004!=AGR@>!?B=?!@PPDA?!E@=J>!?D!eDb!V@APDAU=CO@!?B@A@PDA@!U=C=G@A>!Z;EE!JD!=!ED?!?D!UD?;L=?@! @UVEDM@@>! ?D! VR?! UDA@! @PPDA?! ;C?D! ?B@;A! eDb[! KC>=?;>P;@JN! CD?! >=?;>P;@JN! C@@J>! UD?;L=?@! V@DVE@! +%b;J4[! $RA?B@AUDA@N!J;>>=?;>P=O?;DCN!CD?!>=?;>P=O?;DC!UD?;L=?@>!b@B=L;DA!+'OB;PPU=C!@?!=E[N!-.004[!_@@J!?B@DA;@>! J@=E! Z;?B! ;C>;J@! C@@J>! DP! BRU=C>N! ZB;OB! U=M! =O?;L=?@! UD?;L=?;DC[! <DA@DL@AN! <=>EDZ]>! ^;@A=AOBM! DP! C@@J>!?B@DAM!>RGG@>?>!?B=?!V@DVE@!=A@!UD?;L=?@J!bM!VBM>;DEDG;O=EN!>=P@?M!=CJ!>@ORA;?MN!'DO;=EN!(GD!=CJ! >@EP1=O?R=E;k=?;DC!C@@J>!+'OB;PPU=CN!-.00N!VV[!00210084[!"EJ@AP@A]>!(*)!?B@DAM!C=AADZ@J!<=>EDZ]>!C@@J>! JDZC! ;C?D! ?A@@Y! @\;>?@CO@! +>=P@?M! =CJ! VBM>;DEDG;O=E! C@@J>4N! A@E=?@JC@>>! +b@EDCG;CGC@>>4N! =CJ! GADZ?B! +@>?@@U!=CJ!>@EP1=O?R=E;k=?;DC4!+"EJ@AP@AN!087-!=>!O;?@J!;C!`;EE;=U>N!-.00N!V[3.24[!"EE!;C!=EEN!U@C?;DC@J! >?RJ;@>!;CJ;O=?@!?ZD!F;CJ>!DP!C@@JY!EDZ@A1DAJ@A!C@@J>!=CJ!B;GB@A1DAJ@A!C@@J>[!5BR>N!EDZ@A1DAJ@A!C@@J>! =A@! ODCO@AC@J! Z;?B! VBM>;DEDG;O=E! =CJ! >=P@?M! ;>>R@>N! ZB@A@=>! B;GB@A1DAJ@A! C@@J>! =A@! ODCO@AC@J! Z;?B! @>?@@UN!>@EP1=O?R=E;k=?;DCN!GADZ?B!=CJ!=OB;@L@U@C?!+"e;E=N!08874[!

!

<D>?! DP! ?B@! C@@J! ?B@DA;@>! =A@! b=>@J! DC! ?B@! <=>EDZ]>! ^;@A=AOBM! DP! C@@J>N! BDZ@L@A! VADO@>>! ?B@DA;@>! >ROB!=>!@cR;?M!?B@DAM!=CJ!@\V@O?=COM!?B@DA;@>!=A@!J@=E>!Z;?B!?B@!VADO@>>@>!?BADRGB!ZB;OB!UD?;L=?;DC! ODU@!=bDR?!+d;EE@A@!S!^=A?U=CN!08804[!$RA?B@AN!VADO@>>!?B@DA;@>!?B=?!=A@!GD;CG!?D!b@!?@>?@J!;C!A@>@=AOB! Z;EE!b@!VA@>@C?@J[! ! QX\XQ!"J9>@A!@B<8:A! (cR;?M!?B@DAM!>?=?@>!?B=?!V@DVE@!=A@!UD?;L=?@J!ZB@C!?B@M!V@AO@;L@!?B=?!?B@M!B=L@!b@@C!?A@=?@J!P=;AEM! +`;EE;=U>N!-.00N!V[!3004[!';U;C?;A=>!=CJ!#=CO=>?@A!+08804!J@>OA;b@!?B@!>RGG@>?;DC!DP!?B;>!?B@DAM!;>!?B=?! @L=ER=?;DC! DP! A@Z=AJ>! ;>! V=A?EM! b=>@J! DC! ODUV=A;>DC>! Z;?B! D?B@A>[! %C! D?B@A! ZDAJ>N! ?B@! U=eDA! ODUVDC@C?>!DP!?B;>!?B@DAM!=A@!h;CVR?>iN!hDR?ODU@>i!=CJ!?B@!OBD;O@!DP!D?B@A!A@P@A@CO@!+)DDJU=CN!087/N! =>!O;?@J!;C!`;EE;=U>N!-.00N!V[!3-.4[!5BR>N!UD>?!DP!?B@!@UVEDM@@>!=A@!ODCO@AC@J!CD?!DCEM!Z;?B!?B@!A@Z=AJ! bM!;?>@EPN!bR?!=E>D!Z;?B!ODUV=A;CG!?B@!A@Z=AJ!?B=?!D?B@A!A@O@;L@J!=CJ!B@:>B@!Z;EE!b@!UD?;L=?@J!?D!A@?=;C! @cR;?M!DCEM!;P!V@AO@;L@>!?B@!>;?R=?;DC!?D!b@!RCP=;A!+"J=U>N!0832!=>!O;?@J!;C!$=J;E!@?!=E[N!-..2N!V[0,4[!5B;>! ?B@DAM!B=L@!b@@C!R>@J!;C!U=CM!A@>@=AOB@>!;C!Z@>?@AC!ODRC?A;@>!>;CO@!;?!Z=>!;C?ADJRO@J!bM!"J=U>!;C! 08,3N!BDZ@L@A!ZB;E@!;?!Z=>!?@>?@J!;C!(=>?@AC!ODRC?A;@>N!A@>@=AOB@A>!J;>ODL@A@J!?B=?!;C!?BD>@!ODRC?A;@>! @cR=E;?M!;>!?B@!=EEDO=?;DC!OBD;O@!CD?!?B@!@cR;?M!+#@RCG!S!QDCJN!08,/l!<=BE@A!@?!=E[N!08,0!=>!O;?@J!;C!$=J;E! @?!=E[N!-..2N!V[!0,4[!%C!@cR=E;?MN!=EE!;CLDEL@J!U@Ub@A>!DP!?B@!GADRV!V@APDAU=CO@!A@O@;L@!@cR=E!A@Z=AJ! A@G=AJE@>>!DP!;CJ;L;JR=E!ODC?A;bR?;DC!+$=J;E!@?!=E[N!-..24[!

(21)

09!

QX\XT!"CG<I@D=IA!@B<8:A!

';U;C?;A=>! =CJ! #=CO=>?@A! +08804! =AGR@! ?B=?! @\V@O?=COM! ?B@DAM! ;>! ?B@! >RV@A;DA! UDJ@! DP! @UVEDM@@! UD?;L=?;DC[!5B@!?B@DAM!>?=?@>!?B=?!V@DVE@!Z;EE!b@!UD?;L=?@J!?D!?B@!@\?@C?!?D!ZB;OBN!?B@M!b@E;@L@!?B=?! ?B@;A!@PPDA?!Z;EE!E@=J!?D!GDDJ!V@APDAU=CO@N!?B=?!GDDJ!V@APDAU=CO@!Z;EE!b@!A@Z=AJ@J!=CJ!?B=?!?B@M!Z;EE!b@! DPP@A@J!=??A=O?;L@!,&=-,'!+`;EE;=U>N!-.00N!V[!3074[!%C!D?B@A!ZDAJ>!?B@!>?A@CG?B!DP!Z;EE;CGC@>>!?D!=O?!;C!=! >V@O;P;O!Z=M!J@V@CJ>!DC!?B@!>?A@CG?B!DP!@\V@O?=?;DC!DP!?B@!DR?ODU@N!ZB;OB!PDEEDZ>!?B@!=O?N!=CJ!=E>D!DC! =??A=O?;L@C@>>!DP!?B=?!DR?ODU@!PDA!?B@!V@A>DC!+';U;C?;A=>!S!#=CO=>?@AN!08804[!$RA?B@AUDA@N!=OODAJ;CG!?D! #RC@CbRAG!+-.00N!V[04!PADU!U=C=G@U@C?!VD;C?!DP!L;@ZN!@\V@O?=COM!?B@DAM!;>!=C!;UVDA?=C?!?DDE!ZB@C!;?! ODU@>!?D!UD?;L=?@!@UVEDM@@>[! !

<DA@DL@AN! =OODAJ;CG! ?D! @\V@O?=COM! UD?;L=?;DC=E! ?B@DAMN! ?B@! ODUb;C@J! PA@cR@COM! DP! =C! ;CJ;L;JR=E! @UVEDM@@! ?D! =??@CJ! ?A=;C;CG>! >BDREJ! b@! @\VE=;C@J! bM! ?B@! @\V@O?=?;DC! DP! GDDJ! V@APDAU=CO@N! ?B@! DVVDA?RC;?M!?D!JD!>DN!=CJ!?B@!VADb=b;E;?M!?B=?!?B@>@!E@=AC;CG!Z;EE!b@!A@Z=AJ@J[!)DDJ!V@APDAU=CO@!?B=?! ODC>;J@A@J!?D!b@!=PP@O?@J!bM!?B@!DR?ODU@!DP!=C!=O?!;>!A@E=?@J!?D!V@A>DC=E!V@AO@V?;DC!DP!@=OB!@UVEDM@@! =CJ! ;>! J;PP@A@C?! b@?Z@@C! ;CJ;L;JR=E>[! %?! U@=C>! ?B=?! ;CJ;L;JR=E! V@APDAU=CO@! O=CCD?! b@! =PP@O?@J! bM! ?B@! DR?ODU@! RCE@>>! ?B@! @UVEDM@@! RCJ@A>?=CJ>! RC=Ub;GRDR>EM! =CJ! OE@=AEMN! ZB=?! UR>?! b@! JDC@! ?D! Db?=;C! ?B@U! +';U;C?;A=>! S! #=CO=>?@AN! 08804[! (=OB! @UVEDM@@! L=ER@>! ?B@! =??A=O?;L@C@>>! DP! @=OB! DR?ODU@N! ;CJ;L;JR=EEM[!^DZ@L@A!;C!=C!DAG=C;k=?;DC!?B@A@!=A@!J;PP@A@C?!V@AO@;L@J!DR?ODU@>!?B=?!=!>V@O;=E!?=>F!O=C! DPP@AN!;?!O=C!b@!2-3N!ODUU;>>;DCN!PA;@CJEM!ODEE@=GR@>!=CJ!>@ORA;?MN!@?O[!+;b;J4[!h5B@!>?A@CG?B!DP!V@DVE@r>! UD?;L=?;DC! ?D! V@APDAU! +@PPDA?4! J@V@CJ>! DC! BDZ! >?ADCGEM! ?B@M! b@E;@L@! ?B=?! ?B@M! O=C! =OB;@L@! ZB=?! ;>! =??@UV?@Ji!+;b;JN!V[-/4[!

!

(cR;?M! =CJ! (\V@O?=COM! ?B@DA;@>! ODC>;J@A;CG! EDDF! ;C?D! BRU=C! U;CJ! =CJ! L@A;PM! BDZ! BRU=C]>! b@E;@P>N! @\V@O?=?;DC>N!J@>;A@>!=CJ!L=ER@>!PDAO@!?D!UD?;L=?@!?B@;A!b@B=L;DA!+d;EE@A@!S!^=A?U=CN!08804[! ! QX\X\!-8DF5/<@@>=W!@B<8:A! mDC@>!=CJ!X=G@!+08,7N!=>!O;?@J!;C!HBDCG!S!`;CGN!-..94!OE=;U!?B=?!;C?@C?;DC>!?D!ZDAF!?DZ=AJ!=!GD=E!=A@! ?B@!UD>?!;UVDA?=C?!>DRAO@!DP!UD?;L=?;DCN!;>!>?ADCGEM!>RVVDA?@J!bM!@L;J@CO@[!#DOF@!=CJ!#=?B=U!+088.N!=>! O;?@J!;C!HBDCG!S!`;CGN!-..94!J@>OA;b@!?B=?!GD=E1>@??;CG!;>!=!ODGC;?;L@!?B@DAM!=UDCG!UD?;L=?;DC!A@E=?@J! ?B@DA;@>!ZB;OB!;>!b=>@J!DC!?B@!>?=?@U@C?!?B=?!ODC>O;DR>!;C?@C?;DC>!DP!BRU=C!=A@!VADe@O?@J!=>!GD=E>N!=CJ! =O?;DC!DA!b@B=L;DA!;>!?B@!>Rb>@cR@C?!DP!?BD>@!GD=E>[!X@APDAU=CO@!O=C!b@!;COA@=>@J!bM!>@??;CG!>V@O;P;O! OB=EE@CG;CG!GD=EN!=>!G@C@A=E;k@J!GD=E!U=M!CD?!b@!@PP@O?;L@!@CDRGB[!%C!D?B@A!ZDAJ>N!UDA@!J;PP;ORE?!GD=E! Z;EE!E@=J!?D!B;GB@A!V@APDAU=CO@!+;b;J[4[!%C!?B@!D?B@A!ZDAJ>N!?B@!VA;U=AM!VA@J;O?;DC!DP!?B;>!?B@DAM!;>!?B=?! >@??;CG!J;PP;ORE?!bR?!=OB;@L=bE@!GD=E>!=A@!UDA@!b@C@P;O;=E!?D!V@APDAU=CO@!;C!ODUV=A;>DC!?D!@=>M!=OO@>>! GD=E>!+HBDCG!S!`;CGN!-..94[!"OODAJ;CG!?D!GD=E1>@??;CG!?B@DAM!V@DVE@]>!;C?@C?;DC>!VE=M!=C!;UVDA?=C?!ADE@! ;C! J@?@AU;C;CG! ?B@;A! b@B=L;DA=E! V=??@AC>! +<=A?;CN! -..04[! (UVEDM@@>! Z;EE! b@! UD?;L=?@J! ;P! ?B@;A! GD=E! PDEEDZ@J!bM!?B@!A@Z=AJ[!HDC>@cR@C?EMN!O=A@@A!VE=CC;CG!;>!A@E=?@J!?D!=??@CJ!?A=;C;CG>!=CJ!J@L@EDVU@C?! =O?;L;?;@>! +5B=A@CDRN! -..04! =>! Z@EE! =>! @UVEDM@@>]! J@L@EDVU@C?=E! =O?;L;?;@>! +<=RA@A! @?! =E[N! -..94[! "OODAJ;CG!?D!HBDCG!=CJ!`;CG!+-..94!?B@A@!=A@!>@L@A=E!>?RJ;@>!?B=?!J@UDC>?A=?@!?B=?!GD=E1>@??;CG!?B@DAM! ;>!G@C@A=E;k@J!=OAD>>!L=A;@?M!DP!J;PP@A@C?!P;@EJ>[!

(22)

0/!

! "EE!?B@DA;@>!C=U@J!=CJ!J@>OA;b@J!;C!?B;>!OB=V?@A!=>!UD?;L=?;DC!?B@DA;@>N!=A@!;UVDA?=C?!PDA!DAG=C;k=?;DC>N! U=C=G@A>!=CJ!=E>D!=>!=!PRCJ=U@C?=E!>?=G@!PDA!?B@;A!ODC?;CRDR>!J@L@EDVU@C?!=CJ!J@L@EDVU@C?!DP!?B@;A! @UVEDM@@>[! QX\X^!+B<8:A!b!D=K!'!

5B@DAM! s! =CJ! &! ;C?ADJRO@J! bM! <O)A@GDA! +083.N! =>! O;?@J! ;C! <O)A@GDAN! -..34! ZB@A@! =! C@Z! ADE@! PDA! U=C=G@A>!B=>!b@@C!J@P;C@J[!*=?B@A!?B=C!DAJ@A;CG!=CJ!ODC?ADEE;CG!?B@!>RbDAJ;C=?@>!>ROB!E;F@!s!bD>>N!;?! Z=>!DR?E;C@J!?B=?!U=C=G@A>!>BDREJ!B@EV!?B@;A!@UVEDM@@>!?D!Db?=;C!?B@;A!PREE!VD?@C?;=E!+TDV@EU=C!@?!=E[N! -..,4[!!5B@!PDRCJ=?;DC!DP!?B@DAM!&!;>!?B=?!U=C=G@A>!b@E;@L@!?B=?!DAG=C;k=?;DC=E!=CJ!V@A>DC=E!GD=E>!O=C! b@! =OB;@L@J! bM! =! GADRV! DP! =VVADVA;=?@! U=C=G@U@C?! VA=O?;O@>N! >ROB! =>! VADL;J;CG! ?B@! DVVDA?RC;?M! ?D! V=A?;O;V=?@! ;C! J@O;>;DC! U=F;CGN! Dbe@O?;L@>! =CJ! A@Z=AJ>N! JR@! ?D! ?B@! =>>RUV?;DC! ?B=?! @UVEDM@@>! =A@! O=V=bE@!?D!>@EP1ODC?ADE!=CJ!>@EP1J;A@O?;DC!=>!Z@EE!=>!VADL;J;CG!;UVDA?=C?!>RGG@>?;DC>:;J@=>!=CJ!=A@!CD?! ;CB@A@C?EM!E=kM!+;b;J4[!*R>>!+-.004!@\VE=;C>!?B=?!;C!?B;>!?B@DAMN!@UVEDM@@>!=A@!=>>RU@J!?D!b@!UD?;L=?@J! ?D!U@@?!B;GB@A1DAJ@A!C@@J>!h?BADRGB!=OODUVE;>B;CG!U@=C;CGPRE!ZDAFN!b@;CG!;CLDEL@J!;C!U=F;CG!ZDAF1 A@E=?@J!J@O;>;DC>N!=CJ!VADL;J;CG!L=ER=bE@!;CVR?!?D!@CB=CO@!=C!DAG=C;k=?;DCr>!@PP@O?;L@C@>>i!+*R>>N!-.00N! V[,-34[! <O)A@GDA! +0837N! V[7,! =>! O;?@J! ;C! TDV@EU=C! @?! =E[N! -..,N! V[-274r>! @\VE=C=?;DC! Z=>! ?B=?! ?B@! U=C=G@A!B=J!OA@=?@J!ODCJ;?;DC>!?B=?!@C=bE@J!t?B@!;CJ;L;JR=E!?D!=OB;@L@!B;>!pB@Aq!DZC!GD=E>!+;COERJ;CG! ?BD>@!DP!>@EP1=O?R=E;k=?;DC4!b@>?!bM!J;A@O?;CG!B;>!pB@Aq!@PPDA?>!?DZ=AJ!DAG=C;k=?;DC=E!GD=E>t[!

!

HDCL@A>@EMN! =OODAJ;CG! ?D! 5B@DAM! s! =>>RUV?;DC>N! =R?BDA;?=A;=C! >?ME@! U=C=G@A>! V@AO@;L@! @UVEDM@@>! =>! E=kMN! CD?! =Ub;?;DR>N! A@>;>?! OB=CG@! =CJ! VA@P@AA@J! ?D! b@! E@J[! %P! @UVEDM@@>! B=L@! CD! >=?;>P=O?;DC! ;C! ?B@;A! ZDAFN! ?B@C! U=C=G@A! >BDREJ! A@EM! DC! 5B@DAM! s]>! VA;CO;VE@>! =CJ! @\?@AC=E! ODC?ADE! +QDEU=C! S! W@=EN! -..,N! VV[0-24[!%C!?B@!D?B@A!ZDAJ>N!=!U=C=G@A!Z;?B!?B@DAM!s!DA;@C?=?;DC!=>>RU@>!@UVEDM@@>!DP?@C!>@@F!=CJ!?AM! ?D! =JJA@>>! DA! U@@?! EDZ@A1! DAJ@A! >=P@?M! =CJ! VBM>;DEDG;O=E! C@@J>! @;?B@A! ?BADRGB! ?=CG;bE@! A@Z=AJ>! DA! ?BADRGB!=LD;J=CO@!DP!J;>;CO@C?;L@>!+*R>>N!-.004[!

!

TDV@EU=C!@?!=E[!+-..,4!>?=?@J!?B=?!_@RE;@V!?@>?@J!?B@!E;CF!b@?Z@@C!@UVEDM@@!>=?;>P=O?;DC!=CJ!U=C=G@A>]! ?B@DAM!s:&!DA;@C?=?;DC!;C!08,7[!^DZ@L@AN!=>!OE=;U@J!bM!<;C@A!+-..-4N!?B@A@!=A@!DCEM!=!P@Z!A@>@=AOB@>! J;A@O?EM! ?@>?;CG! ?B@! <O)A@GDA]>! >?=?@U@C?[! <DA@DL@AN! CD! A@>@=AOB! B=J! b@@C! ODCJRO?@J! bM! <O)A@GDA! B;U>@EP!?D!?@>?!B;>!PDAURE=?;DC!+TDV@EU=C!@?!=E[N!-..,4[!5B@A@PDA@N!?B@DAM!s!=CJ!&!=>!Z@EE!=>!_@@J!=CJ! XADO@>>!UD?;L=?;DC=E!?B@DA;@>!Z;EE!b@!?@>?@J!;C!?B;>!A@>@=AOB[!

(23)

02!

QX^!38=I<G@9DF!V:DE<M8:Y!

! V>W9:<!T!38=I<G@9DF!V:DE<M8:Y! 'DRAO@Y!DZC!;EER>?A=?;DC! ! 5B@!ODCO@V?R=E!PA=U@ZDAF!+'@@!$;GRA@!94N!ZB;OB!;>!GD;CG!?D!b@!R>@J!PDA!=C=EM>;>!DP!ODEE@O?@J!VA;U=AM!=CJ! >@ODCJ=AM!J=?=!PDA!?B;>!>?RJMN!;>!b=>@J!DC!?B@!VA@L;DR>EM!J@>OA;b@J!?B@DA;@>!;C!?B;>!OB=V?@A[!%?!;>!J@>;GC@J! =CJ! =J=V?@J! ?D! =JJA@>>! ?B@! =;U! =CJ! VRAVD>@! DP! ?B;>! >?RJM[! ';CO@N! BRU=C! C=?RA@! ;>! Z;J@EM! L=A;@JN! ODC>;J@A;CG! UD?;L=?;DC=E! PDAO@>! @\OER>;L@EM! Z;?BDR?! ?=F;CG! D?B@A! P=O?DA>! ;C?D! ODC>;J@A=?;DCN! ZDC]?! b@! @CDRGB[!^@CO@N!;C!?B@!ODCO@V?R=E!PA=U@ZDAF!J@UDGA=VB;O!=CJ!ORE?RA@!=A@!ODC>;J@A@J!?D!b@!?B@!UD>?! ;UVDA?=C?! P=O?DA>! ;CPER@CO;CG! @UVEDM@@>]! UD?;L=?;DC! =?! ?B@! ZDAF! VE=O@[! "OODAJ;CG! ?D! 'OB@;C! +08,.4N! BRU=C!C=?RA@!;>!ODUVE@\!=>!BRU=C!C@@J>!=CJ!UD?;L=?;DC!;>!J@V@CJ@C?!=CJ!OB=CG@>!;C!=OODAJ=CO@!Z;?B! ?B@;A!E;P@!@\V@A;@CO@N!=G@!=CJ!@\V@O?=COM[!"OODAJ;CG!?D!^DP>?@J@!+08,.4N!=CM!C=?;DC!B=>!=!J@?@AU;C@J! ORE?RA=E!L=ER@!;C!=CM!DP!PDRA!ORE?RA=E!J;U@C>;DC>N!ZB;OB!;CJ;O=?@>!BDZ!V@DVE@!;C!?B=?!>DO;@?M!Z;EE!=O?!DA! b@B=L@! ;C! J;PP@A@C?! >;?R=?;DC! +(L=C>! @?! =E[N! -..8N! V[-84[! HDC>@cR@C?EMN! ODC>;J@A;CG! ?B=?! ORE?RA@! ;>! ?B@! b;GG@>?! ODC>?A=;C?! PDA! UD?;L=?;DC=E! ?B@DA;@>N! RCJ@A! ZB;OB! U=CM! DAG=C;k=?;DC>! DV@A=?@! =CJ! ?B=?! U=CM! UD?;L=?;DC=E! ?B@DA;@>! ;GCDA@! ORE?RA=E! =>V@O?! +<RUPDAJN! 08804N! ^DP>?@J@]>! ORE?RA=E! =C=EM>;>! DP! 'Z@J;>B! >DO;@?M!PADU!U=C=G@U@C?!V@A>V@O?;L@!;>!GD;CG!?D!b@!ODC>;J@A@J!;C!?B;>!A@>@=AOB[!!

(24)

03!

<D?;L=?;DC!;>!?B@!U=;C!J@?@AU;C=C?!DP!@UVEDM@@!V@APDAU=CO@!=?!?B@!ZDAFVE=O@[!5BR>N!;C!DAJ@A!?D!>=?;>PM!

@UVEDM@@! (\;>?@CO@! RCU@?! C@@J>N! @UVEDM@@>! C@@J! =! A@Z=AJ! >ROB! =>! =C! =OODUVE;>BU@C?N! =C! =OB;@L@U@C?N!E@=AC;CG!>DU@?B;CG!C@Z!DA!;C?@A=O?;CG!Z;?B!D?B@A>[!5D!U@@?!@UVEDM@@>!(\;>?@CO@!C@@J>N! @UVEDM@A>! O=C! DPP@A! =VVADVA;=?@! >=E=AMN! bDCR>N! =CJ! ;C>RA=CO@N! =CJ! VADL;J@! >DU@! ?@=UZDAF! ?=>F>! ?D! ?A;GG@A! ?B@;A! *@E=?@JC@>>! C@@J>! ?D! DV@A=?@! =>! =! UD?;L=?DA[! <=C=G@A>! O=C! OA@=?@! DVVDA?RC;?M! PDA! @UVEDM@@>!PDA!=!OB=EE@CG;CG!ZDAFN!G;L@!?B@U!PA@@JDU!?D!VRA>R@!?B@;A!?=>F!=CJ!@CODRA=G@!?B@U!?D!?=F@! GA@=?@A!A@>VDC>;b;E;?M!?D!=JJA@>>!?B@!C@@J!PDA!=OB;@L@U@C?!=CJ!ODC>@cR@C?EM!GADZ?BN!ZB;OB!;>!?B@!?B;AJ! >Rb>@?!DP!?B@!C@@J>[!$RA?B@AUDA@N!@UVEDM@@!>@C>@!DP!P=;AC@>>!;>!=CD?B@A!UD?;L=?;DC=E!P=O?DAN!ZB;OB!U=M! UD?;L=?@!DA!>?DV!@UVEDM@@!PADU!V=A?;O;V=?;CG!=CJ!=??@CJ;CG!?A=;C;CG>[!HDC>@cR@C?EMN!@UVEDM@@>!O=C!b@! UD?;L=?@J! ;P! U=C=G@U@C?! ODAA@O?>! ;C@cR;?;@>! =CJ! ?A@=?>! @UVEDM@@>! ;C! =C! ;C?@AV@A>DC=EEM! >@C>;?;L@! U=CC@A[! <DA@DL@AN! OB=EE@CG;CG! >V@O;P;O! GD=E>! JA;L@! =CJ! UD?;L=?@! @UVEDM@@[! (UVEDM@@>! Z;EE! b@! UD?;L=?@J!=CJ!Z;EE!VR?!UDA@!@PPDA?!;P!J@>;A@J!DR?ODU@>!DA!A@Z=AJ>!=A@!=??A=O?;L@[!5A=;C;CG>!=CJ!ODRA>@>! Z;EE! B@EV! ?D! ;COA@=>@! =! UD?;L=?;DC! DP! @UVEDM@@>! =>! =! >V@O;P;O! =CJ! J;PP;ORE?! ?=>F! ?D! >DEL@[!#=>?N! bR?! CD?! E@=>?N!;C!A@G=AJ!?D!?B@!J@P;C;?;DC!DP!?B@DAM!s!=CJ!&!U=C=G@U@C?!>?ME@N!;>!GD;CG!?D!b@!ODC>;J@A@J!;C!?B;>! A@>@=AOB[!

!

"EE!;C!=EEN!?B@!>ODV@!DP!P=O?DA>!U@C?;DC@J!=bDL@!=CJ!J@P;C@J!;C!?B@!ODCO@V?R=E!PA=U@ZDAF!DP!?B;>!>?RJM! =A@! GD;CG! ?D! b@! ODC>;J@A@J! =>! ;CPER@CO;CG! P=O?DA>! PDA! @UVEDM@@! J@O;>;DC1U=F;CG! ?D! =??@CJ! LDERC?=AM! ?@OBC;O=E!?A=;C;CG>!=?!?B@!ZDAFVE=O@[! ! ! ! ! !

!

! !

(25)

07!

!

T!#"+4&(&%&-'!

?5.$( @5-2%&,( 2,"<.'&$( -( '&$@,.2%."0( "0( %5&( ,&$&-,@5( 2,"@&$$( -0'( 5"=( %5&( $%*'3( =-$( @"0'*@%&'C( K&%5"'"+"83( @5-2%&,( &L2+-.0$( .0( '&%-.+$( %5&( =5"+&( 2,"@&$$( "#( =,.%.08( %5.$( %5&$.$I( $%-,%.08( #,"/( '&$@,.2%."0( "0( 5"=( 2+-00.08( -0'( 8-%5&,.08( .0#",/-%."0( 2,"@&$$( =&0%I( '&$@,.A.08( @5"$&0( $*.%-A+&( /&%5"'I(-0'(8-%5&,.08(-0'('-%-(2,"@&$$.08I(#"++"=.08(A3(2,&$&0%.08(-0'(-0-+3:.08($%-8&C(

TXS!,<;<D:IB!DGG:8DIB!

%C!?B;>!U=>?@A!?B@>;>N!=!J@JRO?;L@!A@>@=AOB!=VVAD=OB!;>!R>@JN!>;CO@!J@JRO?;L@!U@?BDJ!;>!ODCC@O?@J!Z;?B! ?B@!?B@DA@?;O=E!PA=U@ZDAF!ZB@C!?B@DA;@>!Z;EE!b@!?@>?@J!DL@A!?B@!A@>@=AOB[!W@JRO?;L@!A@>@=AOB!=VVAD=OB! ;>!R>@J!ZB@C!?B@!A@>@=AOB@A!P;A>?EM!G=?B@A!?B@DA;@>!=CJ!bR;EJ!=!?B@DA@?;O=E!PA=U@ZDAFN!=CJ!?B@C!=VVE;@>! ?BD>@!?B@DA;@>!?D!=!>V@O;P;O!;C>?=CO@!+^MJ@N!-...!=>!O;?@J!;C!QAMU=C!S!Q@EEN!-.004[!! !

5B@A@! =A@! =! ED?! DP! VA@L;DR>! A@>@=AOB! =CJ! @\;>?;CG! ?B@DA;@>! A@G=AJ;CG! DAG=C;k=?;DC=E! ?B@DA;@>! =CJ! DAG=C;k=?;DC=E!E@=AC;CG[!QD?B!DP!?B@>@!P;@EJ>!DP!FCDZE@JG@!DPP@A!=!ED?!DP!@=AE;@A!A@>@=AOB!=CJ!=A?;OE@>!?B=?! =A@! A@E@L=C?! ?D! ?B;>! >?RJMN! ?B;>! U=F@>! ;?! ;C=VVADVA;=?@! ?D! R>@! =C! ;CJRO?;L@! U@?BDJ[! 5B@A@PDA@N! ?B@! =R?BDA>!B=L@!OBD>@C!=!J@JRO?;L@!=VVAD=OB!=CJ!>?=A?@J!?B@;A!A@>@=AOB!bM!>@=AOB;CG!=CJ!A@=J;CG!>O;@C?;P;O! =A?;OE@>! =CJ! E;?@A=?RA@! DC! ?B@! >Rbe@O?! DP! (UVEDM@@! UD?;L=?;DC! =CJ! 6AG=C;k=?;DC=E! J@L@EDVU@C?[! "P?@A! bR;EJ;CG!=!?B@DA@?;O=E!PA=U@ZDAFN!?B@DA;@>!Z@A@!ODCC@O?@J!?D!?B@!A@=E!O=>@>!DP!A@=E!V@A>DC>[!

!

TXQ!,<;<D:IB!;@:D@<WA!!

%C! ?B;>! A@>@=AOBN! ;C! DAJ@A! ?D! =C>Z@A! ?B@! A@>@=AOB! cR@>?;DCN! cR=E;?=?;L@! A@>@=AOB! ;>! R>@J! ?D! GR;J@! cR=C?;?=?;L@!A@>@=AOB!+QAMU=C!S!Q@EEN!-.004[!QAMU=C!=CJ!Q@EE!+-.004!OE=;U>!?B=?!U;\@J!U@?BDJ!A@>@=AOB! B=>!b@@C!B;GBEM!R>@J!=CJ!;>!=C!=OO@V?@J!=VVAD=OB!;C!ODCJRO?;CG!bR>;C@>>!A@>@=AOB!+QAMU=C!S!Q@EEN!-.00N! V[39.4[! %C! cR=E;?=?;L@! A@>@=AOBN! J=?=! ;>! UDA@! >V@O;P;O! =CJ! >?ARO?RA@JN! =CJ! O=C! b@! G=?B@A@J! ?BADRGB! ;C?@AL;@Z>! =CJ! JDORU@C?>[! 5B@! J@@V! FCDZE@JG@! PADU! ODUV=C;@>]! A@VA@>@C?=?;L@>! =OcR;A@J! ?BADRGB! cR=E;?=?;L@! A@>@=AOBl! >@U;1>?ARO?RA@J! ;C?@AL;@Z>! B@EV@J! ?B@! A@>@=AOB@A>! CD?! DCEM! Z;?B! ?B@! OBD;O@! DP! ?B@DA;@>! bR?! =E>D! ?D! PDAU! ?B@! J@>;GC! DP! cR@>?;DCC=;A@>[! <DA@DL@AN! cR=E;?=?;L@! A@>@=AOB! ;>! UD>?EM! =>>DO;=?@J!Z;?B!ZDAJ>!=CJ!VADL;J@>!?B@!VD;C?!DP!L;@Z!DP!?B@!V=A?;O;V=C?>!+QAMU=C!S!Q@EEN!-.00N!VV[/0.1 /004[! $RA?B@AUDA@N! =?! ?B@! @=AEM! >?=G@! DP! A@>@=AOBN! cR=E;?=?;L@! J=?=! B@EV@J! ?B@! A@>@=AOB@A! ?D! J@L@EDV! RCJ@A>?=CJ;CG! DC! ?B@! ?DV;O! DP! ?A=;C;CG! ;C! 'Z@J;>B! <_H>[! 5B;>N! VA@E;U;C=AMN! cR=E;?=?;L@! >?=G@! DP! ?B@! A@>@=AOB!B@EV@J!?B@!A@>@=AOB@A!Z;?B!?B@!OBD;O@!DP!cR@>?;DC>!=CJ!J@>;GC!PDA!cR@>?;DCC=;A@[!'@ODCJ!>?=G@! DP!?B@!cR=E;?=?;L@!J=?=!ODEE@O?;DC!VADL;J@>!L=ER=bE@!@UVEDM@@!DV;C;DC>!A@G=AJ;CG!A@>@=AOB!>Rbe@O?[!! !

<DA@DL@AN! ?B@! cR=C?;?=?;L@! @E@U@C?! ;C! ?B;>! A@>@=AOB! A@E;@>! DC! =! cR@>?;DCC=;A@! >RAL@M[! jR=C?;?=?;L@! >?A=?@GM!;>!R>@J!>;CO@!A@>@=AOB!;>!ODCJRO?@J!=bDR?!BRU=C!b@B=L;DA!=CJ!>DO;=E!VB@CDU@C=!+QAMU=C!S! Q@EEN!-.004[!jR=C?;?=?;L@!A@>@=AOB!>?A=?@GM!;>!B;GBEM!>?ARO?RA@JN!ZB;OB!G;L@>!=!A@>@=AOB@A!?B@!DVVDA?RC;?M! ?D!@\=U;C@!ODCO@V?>!=CJ!;>>R@>!?B=?!=A@!?B@!U=;C!PDOR>!DP!?B@!>?RJM!+;b;JN!VV[!/0.1/004[!$RA?B@AUDA@N! '?;E@>! +-..0! =>! O;?@J! ;C! QAMU=C! S! Q@EEN! -.004! =AGR@>N! ?B=?! A@>RE?>! PADU! cR@>?;DCC=;A@>! =A@! R>@J! h?D! >RVVDA?!?B@!U=;C!P;CJ;CG>N!ZB;OB!@U@AG@J!PADU!?B@!cR=E;?=?;L@!J=?=!=CJ!u!=A@!U@=C?!?D!b@!;EER>?A=?;L@! A=?B@A!?B=C!J@P;C;?;L@i[!

(26)

0,!

!

5B@!A@=>DC!PDA!OBD;O@!DP!>?A=?@GM!O=C!b@!J@>OA;b@J!bM!?B@!PDEEDZ;CG!>?=?@U@C?!DP!6>?@A=F@A!+0888N!V[734Y! hUD?;L=?;DC=E! P=O?DA>! =A@! A=CF@J! J;PP@A@C?EM! =?! J;PP@A@C?! E@L@E>! ;C! ?B@! DAG=C;k=?;DCN! E@=J;CG! ?D! ?B@! P=O?! ?B=?! ZB=?! UD?;L=?@>! ?B@! bD>>! ;>! CD?! =EZ=M>! UD?;L=?;CG! ?B@! >@OA@?=AMi[! 5B@A@PDA@! ?B@A@! ;>! =! J;PP@A@CO@! b@?Z@@C! A=CF;CG! DP! UD?;L=?;DC=E! P=O?DA>! bM! ?B@! @UVEDM@@! =CJ! ?B@;A! U=C=G@A>l! ?B=?! A=CF;CG! J;PP@A>! +TDL=OBN!08824N!=>!U=C=G@A>!U;GB?!U=F@!=!U;>?=F@!ZB@C!?B;CF;CG!?B=?!>=U@!?B;CG>!?B=?!UD?;L=?@!?B@U! Z;EE!UD?;L=?@!@UVEDM@@>[!HDC>@cR@C?EMN!;C!DAJ@A!?D!L@A;PM!VD;C?!DP!L;@Z!DP!bD?B!>;J@>N!;C?@AL;@Z>!Z;?B! >@C;DA!U=C=G@A>!Z=>!PDEEDZ@J!bM!;C?@AL;@Z>!=CJ!cR@>?;DCC=;A@!?D!@UVEDM@@>[! !

TXT!,<;<D:IB!K<;>W=!

5B@!A@>@=AOB!GD=E!;>!?D!L@A;PM!ZB=?!UD?;L=?@>!@UVEDM@@>!?D!=??@CJ!?@OBC;O=E!?A=;C;CG>!LDERC?=A;EMN!UDA@! >V@O;P;O=EEM!;C!PDRA!J;PP@A@C?!B;GB1?@OB!ODUV=C;@>!;C!dI>?U=CE=CJN!'Z@J@C[!">!=!A@>RE?N!UDA@!?B=C!?ZD! ODUV=C;@>! =A@! >?RJ;@J! =?! ?B@! >=U@! VD;C?! DP! ?;U@[! HDC>@cR@C?EMN! b@=A;CG! ;C! U;CJ! ?B=?! URE?;VE@1O=>@! >?RJM!J@A;L@>!;C!?B;>!A@>@=AOBN!ODUV=A=?;L@!A@>@=AOB!J@>;GC!B=>!b@@C!OBD>@C!=>!?B@!UD>?!>R;?=bE@!PDA!?B;>! >?RJM!+QAMU=C!S!Q@EEN!-.00N!V[334[!^DZ@L@AN!?B@!VA;U=A;EM!@E@U@C?!DP!U@=>RA@U@C?!;C!?B;>!;CL@>?;G=?;DC! =A@!;CJ;L;JR=E>[!HDC>;J@A;CG!?B=?!A@>@=AOB!VRAVD>@!;>!?D!;CL@>?;G=?@!@UVEDM@@>]!UD?;L=?;DCN!A@>@=AOB!;>! PDOR>@J! DC! @UVEDM@@>! =>! =! GADRV! DP! ;CJ;L;JR=E>N! A=?B@A! ?B=C! DC! ?B@;A! ZDAF! VE=O@>[! HDC>@cR@C?EMN! J;>A@G=AJ;CG!?B@!@UVEDM@@>]!ZDAFVE=O@N!?B@!;CJ;L;JR=E>!=CJ!GADRV>!DP!V@DVE@!=A@!>?RJ;@J!=>!O=>@>!+;b;JN! -.00N!V[374[!!

TX\!,<;<D:IB!E<@B8K!!

%C!DAJ@A!?D!P;CJ!=C>Z@A!PDA!A@>@=AOB!cR@>?;DC>!=CJ!=OODAJ;CG!?D!?B@!U=;C!VRAVD>@!DP!?B;>!>?RJM!U;\@J! U@?BDJ! =VVAD=OB! B=>! b@@C! =VVE;@Jl! ;C?@AL;@Z>! =CJ! cR@>?;DCC=;A@! >RAL@M! Z@A@! OBD>@C! =>! ?B@! U=;C! U@?BDJ! DP! ?B@! A@>@=AOB[! 5B@A@PDA@N! bD?B! cR=E;?=?;L@! =CJ! cR=C?;?=?;L@! J=?=! ODEE@O?;DC! ?@OBC;cR@>! B=L@! b@@C!VA@O@J@J!;C!V=A=EE@E!=?!?B@!>=U@!?;U@!+'=RCJ@A>!@?!=E[N!-..8N!V[02-4[!$;A>?EMN!@\VEDA=?DAM!O=>@!>?RJM! Z=>! ODCJRO?@J! =>! VA@E;U;C=AM! A@>@=AOB! b@PDA@! ?B@! Z;J@1>O=E@! >RAL@M>! ?D! U=V! DR?! ?B@! ?B@U@>! PDA! ?B@! PR?RA@!A@>@=AOB!+#@@!S!HREE@CN!-..7N!V[07.!=>!O;?@J!;C!QAMU=C!S!Q@EEN!-.004[!h(\VEDA=?DAM!O=>@!>@@F>!?D! J@A;L@!=!J@?=;E@J!RCJ@A>?=CJ;CG!DP!=!V=A?;ORE=A!VB@CDU@CDC!ZB@A@!?B@!O=>@!;>!CD?!>@@C!=>!=CO;EE=AM!?D! UDA@! cR=C?;?=?;L@! U@?BDJ>i! +;b;J[4[! 5BR>N! >@U;1>?ARO?RA@J! ;C?@AL;@Z>! Z;?B! >@C;DA! U=C=G@A>! Z@A@! ODCJRO?@J!=?!?B@!@\VEDA=?DAM!>?=G@!DP!?B@!A@>@=AOB!+'=RCJ@A>!@?!=E[N!-..8N!V[0294!;C!DAJ@A!?D!RCJ@A>?=CJ! ?B@!UD>?!@>>@C?;=E!;>>R@>!DP!?B@!@UVEDM@@!UD?;L=?;DC!=CJ!?A=;C;CG!=?UD>VB@A@!;C!'Z@J;>B!ODUV=C;@>l! PDEEDZ@J! bM! ?B@! ;C?@AL;@Z>! Z;?B! ?B@! @UVEDM@@>N! ZB;OB! Z@A@! =C=EMk@J! cR=E;?=?;L@EM[! '@ODCJEMN! >RAL@M! A@>@=AOB!hODUVA;>@>!=!OAD>>1>@O?;DC=E!J@>;GC!;C!A@E=?;DC!?D!ZB;OB!J=?=!=A@!ODEE@O?@J!VA@JDU;C=C?EM!bM! cR@>?;DCC=;A@u!=CJ!=?!=!>;CGE@!VD;C?!;C!?;U@!;C!DAJ@A!?D!ODEE@O?!=!bDJM!DP!cR=C?;?=?;L@!DA!cR=C?;P;=bE@! J=?=! ;C! ODCC@O?;DC! Z;?B! ?ZD! DA! UDA@! L=A;=bE@>N! ZB;OB! =A@! ?B@C! @\=U;C@J! ?D! J@?@O?! V=??@AC>! DP! =>>DO;=?;DC>i! +QAMU=C! S! Q@EEN! -.0.N! VV[! 2/1224[! 5BR>N! ?B@! >RAL@M! A@>RE?>! B=L@! VADL;J@J! =! cR=C?;?=?;L@! J=?=N!ZB;OB!B=>!b@@C!=C=EMk@J!>?=?;>?;O=EEMN!=CJ!B=>!VADL;J@J!;CPDAU=?;DC!PDA!?B@!A@>@=AOB!?D!ODUV=A@! J;PP@A@C?!@UVEDM@@!GADRV>[!WR@!?D!?B@!P=O?!?B=?!A@>@=AOB!;>!PDOR>@J!DC!?B@!@UVEDM@@>!;C!>@L@A=E!'Z@J;>B! ODUV=C;@>N! >RAL@M>! =CJ! ;C?@AL;@Z>! Z@A@! ODCJRO?@J! ;C! =! Z=M! ?D! L@A;PM! @UVEDM@@>]! b@B=L;DA! =CJ! UD?;L=?;DC!?D!=??@CJ!LDERC?=AM!?@OBC;O=E!?A=;C;CG!VADL;J@J!bM!?B@;A!ODUV=C;@>[!!

References

Related documents

(Unfortunately, two users of each of the partition visualization and two users of the sunburst visualization also wondered if sizing was important when it was not intended to be.

LITERATURE REVIEW According to Gaebler Ventures (2006) research show ten different motivational factors that are important for increasing motivation both for managers as well

According to (Kieran, et al., 2011), “developing team-based performance evaluation with indicators tuned to agile attributes can foster team collaboration and use of agile

The focus has been on venture managers, that are driving corporate ventures in the internal corporate incubator at the moment and entrepreneurs that has been employed by the

Employee Motivation in the Event of Unexpected Change The roles of time and uncertainty in employees’ adaptability to change..

However, even when the findings indicate that most of the employees in Stadium and Intersport are satisfied with their job and have a good relationship with the

Through an operationalization, the following question was developed to be used in the focus groups with students: “Which employee attributes do you think

Testet visar således att det inte heller finns något statistiskt signifikant stöd för den andra hypotesen: H2: Yngre konsumenter är mer benägna än äldre att följa en delning