• No results found

Sangvinolent berättande: En studie av Yu Huas roman En handelsman i blod

N/A
N/A
Protected

Academic year: 2022

Share "Sangvinolent berättande: En studie av Yu Huas roman En handelsman i blod"

Copied!
69
0
0

Loading.... (view fulltext now)

Full text

(1)

Sangvinolent berättande

– En studie av Yu Huas roman En handelsman i blod

Södertörns högskola | Institutionen för genus, kultur och historia Magisteruppsats 22,5 hp | Litteraturvetenskap | Vårterminen 2011

Av: Lin Engdahl

Handledare: Martin Svensson Ekström

(2)

!"#$%&'$(

!

"#$! %&$'$()! *+! )#$','! -(-./0$'! #12! 314/! -(4! 3.114! 56(7),1('! -'! #,')1&,7-.! -(4!

(-&&-),8$! $.$9$()'! ,(! :6! ;6-<'! (18$.! !"#$%&'()* $+* ,* -($$.* /)#'",%0* =>??@AB! C(! )#$!

(18$.D!)#$!')1&/!-(4!)#$!%.1)!7-(!(1)!3$!&$E-&4$4!-'!4,'%-&-)$!,)$9'F!)#$!)21!.$8$.'!15!

)#$! )$G)! -&$! ),E#)./! ,()$&218$(! 3/! 2#-)! )#$! )#$','! ,()&1467$'! -'! -! '-(E8,(1.$()!

(-&&-),1(B! "#$! )$&9! 71(7$%)6-.,0$'! )#$! 6'$! 15! 3.114! -'! -! ')&67)6&-.! $.$9$()! -(4! )#$!

)#&6')!15!)#$!)$G)D!,(!)#,'!7-'$!#12!)#$!-3,.,)/!)1!'$..!3.114!,'!-!%&$&$H6,',)$!51&!)#$!')1&/!

-(4!)#$!%.1)B

! I.1'$! &$-4,(E'! &$8$-.! )#$! ')&67)6&-.! 71&&$.-),1('! 3$)2$$(! )#$! 3.114J'$..,(E!

9-,(J7#-&-7)$&!K6!L-(E6-(!,(!)#$!%.1)!1(!)#$!1($!#-(4D!-(4!,(!)#$!')1&/!1(!)#$!1)#$&D!

2#,7#!7-(!3$!4$)$7)$4!)1!#-8$D!,()$&!-.,-D!-(!$55$7)!1(!)#$!)$9%1&-.,)/!15!)#$!(-&&-),8$B!

"#$9$'!.,(M$4!)1!,4$(),)/D!3$.1(E,(E!-(4!'6&8,8-.!=%$&51&9-),8,)/D!9,9,7&/D!&$,5,7-),1(!

-(4! -.,$(-),1(A! %$&9$-)$! )#$! )$G)B! C(! )#$! (18$.! )#$! 314/! -(4! 314,./! 5.6,4'! -&$!

'-7&,5,7$4!,(!1&4$&!)1!51&9!-(4!$(51&7$!%$&7$%),1('!15!,4$(),)/!-(4!'17,$)-.!&1.$'B!

! "#$! &#$)1&,7-.! 6'$! 15! N3.114! -(4! )$-&'O! =I#B! 12)* 32* ()&A! ,(4,7-)$'! )#$9-),7!

71(($7),1('!)1!)#$!I#,($'$!&$81.6),1(-&/!.,)$&-)6&$D!-(4!56&)#$&91&$D!)#$!6'$!15!5.$'#!

-(4! 3.114! 7-(! 3$! &$-4! ,(! &$.-),1(! )1! )#$! 7-((,3-.,'),7! 4,'716&'$'! 7&67,-.! )1! I#,($'$!

914$&(,)/!',(7$!P6!K6(B!!

! !!

Q$/!21&4'R!-.,$(-),1(D!-8-()JE-&4$D!3.114D!3.114J'$..,(ED!7-((,3-.,'9D!!"#$%&'()*$+*,*

-($$.*/)#'",%04*!!!""#, 71&%1&-.,)/D!9,9,7&/D!(-&&-)1.1E/D!%$&51&9-),8,)/D!

&$,5,7-),1(D!:6!;6-D!#$

*

*

*

*

(3)

*

*

*

*

*

! * 5#&")0* 6#* .)%* +7#%&88)(9)* 9$8* :&* ",#* ,:* +7#($;;)%* &%$8* $99* 9<6(:,=* >+#&")0* 6#* .)%*

+7#%&88)(9)*9$8*:&*",#*,:*+7#($;;)%*20,%+7#*$99=*?,@*:)0*&'A)*$8*.)0*+&%%)9*%B@$%*,%%,%*

8)0$.*,00*9A&(<,*;B*:,.*9$8*6#*:&*$'"*:,.*9$8*&'A)*6#*:&=*

C)*+()90,*8)%,#*,00*9A&%%)0*9A&(<)#*.)8*+#B%*.)0*9$8*$8@)#*.)8=*/)%*86%%&9A,%9*

9A&%%* 6#* 02%0* $'"* @)%$89(6;;(&@04* +2((0* ,:* "B(* $'"* 7;;%&%@,#* (&A0* )%* 0#,9&@* #$'A=* C)0*

$86%9A(&@,* +,#* &%* $'"* 20* @)%$8* #):$#%,D* <$#.* $'"* :&%.* E(B9)#* 0:6#9* &@)%$8* $99=* FB#*

"<6(;(79")0*6#*"7@@#,.&@=

G

*

!

S&!T,../!Q/&M.6(4D!/690,#)%*/,*

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

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

>!T,../!Q/&M.6(4D!/690,#)%*/,D!U1((,$&'D!L)17M#1.9D!>?V@D!'B!WVB

!

(4)

!

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

120!34563!370222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222201

!

128209:;<50=>?0@5<=6

!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!# !

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

!"!"2"#34//,'1&%,%#1*55#)&6*1,5#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7 !

820:A0?AB0222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222220C

!

82120530?B36549@B30!0D4=6

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!$ !

C204!<<5EB<AE?!9<=E!9F0DBF7EA3602222222222222222222222222222222222222222222222222222222222222222222222222222222222222220G

!

C21206A3F540H=59!I0JEE4!<<5EB<AE0=>?05<<04!<<5EJE<0<KLJ65E

!""""""""""""""""""""""""""""""""""""""""""""""""""!% !

C2820BLB3<7BE65MEKE5495

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!& !

C2C20!04A0NA390;=<9HOE

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!#' !

P20<!6!7BE50;=E9F3!3702222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222018

!

P2120;=E9F3!370=@0530?B36549@B30!0D4=6

!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!#( !

Q20<5=E!02222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222201R

!

Q21206530D5EJ<<B3650FE=HH53

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!#) !

Q28206530?5<5E=95NA544B0@B<E!953

!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!#% !

Q2C20@!@!FE:

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!#& !

Q2P20E5!;!FB<!=3

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!*' !

S20LJE465309=@0=@7590BL05<<0EK<<0;4B@@B36509F530222222222222222222222222222222222222222222222081

!

S21209B37L!3=453<0D5EJ<<B365

!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!** ! 8"!"!"#966%,6'*'-#40:#+54;4/5466,1#(4/#&'&54-*#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#2< ! 8"!"2"#=',/*#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#2> !

R20?AE0FB306A09J7B0B<<06A0JE09<BEF0=>?0;E!9F0=@06A0B46E!70?BE09O4<0

D4=6T022222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222208G

!

R2120D4=60=>?0@B34!7?5<

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!*& !

?"!"!"#@54;#40:#6,%A4%/&1*B*1,1#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7! !

R2820FL!33B390D4=6

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!++ !

?"2"!"#C,'#14//&#)B*''4)%466,'#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#7> !

R2C20=@06A0?B650LBE!<0@!30E!F<!7B09=309O0?B650UB70<:>F<0B44EB0DJ9<0=@0UA9<06!7

!"""""""""""!+) !

?"7"!"#D*/*)%E#40:#(4'5*-#BF%;'&;#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#<G !

R2P20LO465<09=@05309FBHB3650FEB;<0;KE0!653<!<5<

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!,* !

G20@!<<0D4=60JE09=@05<<0H537B<EJ60=>?065<0?BE0UB70;O<<0BL0?!@453022222222220PS

!

G2120LBEA;!5E!37530BL0FE=HH53

!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!,% !

G2820D4=65<0=>?0FB33!DB4!9@

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!(# ! H"2"!"#34665*'-&%'&#1*55#:*BI)&1&(1%4A,'#*#J,'&'#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#>< !

V2094A<9B<95E022222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222220QR

!

1W20E5;5E539;KE<5>F3!37022222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222220SW

!

1W21204!<<5EB<AE

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!$' !

1W2820<!69FE!;<9BE<!F4BE

!""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!$* !

1W2C20<!63!379BE<!F4BE

!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!$, !

1W2C20KLE!7<0@B<5E!B4

!"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!$( !

!

(5)

! !

"!

!"#!"#$%"&"' !

!

#$%&'! "(()*+,-&+! .+/'0+! &$! 1&'2+,/&-! 321*&42%&52! 2! %&$! 62$&7276,! 4'812$7&$! 9&$,$!

&:+&'!,++!:-&',!/-8%;21$2$;7<&$+',-&'!,$1=$+!72;!,1!2<6&!7+&'2-27&',%&!1&'6+>;!8<3!87=6',!

5&+8%&'! :0'! ,++! 7,5-,! 2$! /-8%4-,75,?! @0'! %'>;+! +28! A'! 7&%,$! .445='67,55,%&! :-&',!

71&$76,!+2%$2$;,'!,++!01&'!&$!3,-1!52-B8$!5=$$2768'!2!C2$,!6,$!3,!/-212+!752++,%&!,1!

321!2!7,5/,$%!5&%!/-8%73,$%&-$?

"

!!

! D! &$! 7,5+2%,! -=7$2$;! ,1! %&$! 62$&7276&! :0':,++,'&$! E.! 9.,7! '85,$! !"#$%"&'()*

+%"#,#-(.&#F"((GH!+&$%&','!-=7&.44-&1&-7&$!,++!7+,'6+!4'=;-,7!,1!+&I+&$7!6844-2$;,'!+2--!

%&$$,!6,+,7+'8:?!927+8'2&$!85!3.1.%6,',6+='&$!J.!K,$;.,$!6,$!%8<6!-=7,7!785!$A;8+!

5&'!=$!&$!6855&$+,'!+2--!%&$!87=6',!/-8%:0'7=-B$2$;&$!.$%&'!"(()*+,-&+?!L&-7!='!%&+!

&$!327+8'276!'85,$M!785!5A-,'!.44!&$!:,52-B7!.448::'2$;,'!8<3!6,54!:0'!,++!01&'-&1,!

.$%&'! @8-6'&4./-26&$! C2$,7! :0'7+,! A'+28$%&$M! %&-7! ='! %&+! &$! 327+8'2,! 785! 4'8/-&5,*

+27&','! 2%&$+2+&+! 8<3! +2--30'2;3&+M! 5&$! %&+! ='! 8<67A! &$! '85,$! 785! 6$>+&'! ,$! +2--! &$!

58%&'$27+276! +',%2+28$! 5&%! .+;A$;74.$6+! 2! N.! J.$7! FN.! 97O$H! 76'21,$%&?! P85,$&$!

/-8++,'!&++!Q6,$$2/,-27+276+Q!7,53=--77>7+&5!R!%&$!62$&7276,!6.-+.'&$!785!7>7+&5,+276+!

+12$;,'!5=$$2768'!,++!:0'+=',!1,',$%',?

S

!

! L&$! ;&5&$7,55,! $=5$,'&$! :0'! 81,$7+A&$%&! ,74&6+&'! ='! ,++! %&! 6,$! 6844-,7!

+2--!J.!K,$;.,$7!/-8%M!12-6&+!:',57+A'!785!;'.$%&$!8<3!%'216',:+&$!:0'!/A%&!'85,$&$7!

7+'.6+.'!8<3!%&77!2$$&3A--?!K85!,1!&$!3=$%&-7&!+,$;&','!3.1.%6,',6+='&$7!:0'$,5$M!

K,$;.,$M! 12%! -,+2$&+7! )%"/0,)! F/-8%H?! D! %&+! :0-B,$%&! =5$,'! .447,+7&$! 127,! ,++! +&I+&$!

/>;;&'!4A!1,%!B,;!1,-+!,++!6,--,!:0'!&++!)%"/1,".('"2#-'3422%"&'?#

!

!

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

!

#+;A$;74.$6+&$!:0'!:0'&-2;;,$%&!.447,+7!='!,++!.$%&'706,!3.'!E.!9.,!F!"H!5&%!72$!

'85,$! !"# $%"&'()+%"# ,# -(.&! F50# 6%"/0%"# +%,# 70'# 8,! #$%&'(H# ,$1=$%&'! 72;! ,1!

6'844&$!8<3!/-8%&+!785!&++!327+8'276+!8<3!/&'=++,$%&!&-&5&$+!:0'!,++!/-8++,!7,53=--&+7!

:.$%,5&$+?! L&! $&%,$7+A&$%&! -=7$2$;,'$,! ,1! '85,$&$! :86.7&','! :'=57+! 4A! :0-B,$%&!

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

"!K&!&I&54&-127!:0-B,$%&!,'+26-,'T!U2<3,&-!V04::&'M!QW,685!$>3&+&'$,?!D!&$!%&-!/>,'!3,'!XG!4'8<&$+!

321?!C,+,7+8:!2!C2$,!&:+&'!/-8%;21,'76,$%,-?QM!!793'))'"M!S))"*)Y*"X?!Q#44&58+!"))!)))!752++,%&!2!

C2$,!12%!/-8%;21$2$;QM!6:&)1'");%"M!S))"*)Y*S"?QZ2%7*6,+,7+'8:!2!C2$,!W-8%76,$%,-&$!6,$!1,',!

1=''&!=$!5,$!7,;+!*!+28+.7&$+,-7!5=$$2768'!/&:,',7!752++,%&QM!<.3=)#2,&","/M!S))"*)Y*SS?!QW,685!

5.'&$QM!61'");%#>%/-(%&'2M!S))"*)Y*SS?!

S![,'-87!P8B,7M!Q[,$$2/,-275!,$%!+3&![32$&7&!W8%>!\8-2+2<T!9&'5&$&.+2<7!,$%!]28-&$<&!2$!['877*

[.-+.',-!\&'<&4+28$QM!?.)2+.&'3"#@0(203'M!]8-?!"SM!^'?!_M!S))SM!4,',;',:!SG?!

(6)

! !

S!

,74&6+&'T! /&'=++&-7&$7! :0'3A--,$%&! +2--! /-8%&+M! 6'844&$7! /&+>%&-7&! :0'! 6,',6+='&'$,7!

2%&$+2+&+!8<3!'&-,+28$&'M!7,5+!1,'.:2&'2$;&$!,1!%&$!&;$,!6'844&$!;&$85!/-8%73,$%&-$?!

! #447,+7&$!/>;;&'!2!:0'7+,!3,$%!4A!&$!2$85+&I+.&--!+8-6$2$;!8<3!,'/&+,'!:'=57+!

5&%!.44'&4,%&!$='-=7$2$;,'!,1!!"#$%"&'()+%"#,#-(.&?!L8<6!,$1=$%7!$A;',!,1!E.!9.,7!

01'2;,! 1&'6! :0'! ,++! .+1&<6-,! 8<3! .$%&'/>;;,! .447,+7&$7! ,';.5&$+,+28$?! #447,+7&$!

7>:+,'!=1&$!+2--!,++!:0'3A--,!'85,$&$!+2--!&$!-2++&',+.'327+8'276!+',%2+28$!:0'!,++!4A!7A!7=++!

12%;,!-=7$2$;&$? !

! D! Q@'A$! 1&'6! +2--! +&I+Q! F"(`"M! QL&! -ab.1'&! ,.! +&I+&cH! /&76'21&'! P8-,$%! W,'+3&7!

+&I+&$!785!5A$;:,-%2;M!785!&$!68'7$2$;!,1!/&+>%&-7&'?!N=7$2$;&$!6,$!%=':0'!2$+&!12-,!

4A!'"!:0'.+/&7+=5%!+8-6$2$;75&+8%!.+,$!Q:0'.+7=++&'!&$!&I4-8728$M!&$!%277&52$,+28$Q!

,1!-=7$2$;,'?

_

!U&%!W,'+3&7!2!A+,$6&M!7>:+,'!.447,+7&$!+2--!,++!-A+,!E.7!'85,$!-8<6,!:',5!

72$,!&;$,!12--68'!:0'!+8-6$2$;M!7$,','&!=$!,++!+12$;,!%&$!2$85!',5&$!:0'!&$!1277!+8-6*

$2$;!;&$85!,++!4A!:0'3,$%!.+;A!:'A$!&I&54&-127!&$!47>68,$,->+276M!487+68-8$2,-!&--&'!

5,'I27+276! -=7$2$;?! L,$2&-! \.$%,>M! \.'%.&! #$21&'72+>! 2! D$%2,$,M! 1,'7! 2%d&'! 85! &$!

6'8447-2;!$,'',+8-8;2!F12-6,!2$+'8%.<&',7!2!A%33%2,1'#<.&,')B#C.D%3&#%#@.39.3'%(#A%3*

3%2.(./:M!S))_HM!3,'!&5&--&'+2%!4A1&'6,+!52$!7>$!4A!3.'!6'844&$!6,$!,$1=$%,7!785!

&++!$,'',+8-8;276+!8<3!327+8'276+!&-&5&$+?!\.$%,>7!2%d&'!6,$!7A-&%&7!7=;,7!3,!:.$;&',+!

785!1&'6+>;!:0'!.447,+7&$7!2$-&%,$%&!-=7$2$;,'?

e

!!

! #$%&'! -=7$2$;&$7! ;A$;! 3,'! +8-6$2$;,'$,! ,1! '85,$&$! 12%;,+7! ;&$85! /-,$%!

,$$,+!,$1=$%,$%&!,1!f.%2+3!W.+-&'7!+&8'2&'!85!&'"#$'2'3.)'70'((%#+%23,)'"!8<3!9'3E.3*

+%2,1,2'2M!9852!W3,/3,7! +&8'2&'! 85! +,+,;3:! 7,5+! g>0';>! N.6h<7!+&8'2&'! 85! 3',E,;%*

2,."?!

!

!

!

FGFGFG#C3%");3,-'3,"/H#"%+"H#I,2'3,"/#

!

^,5$M!8'+&'!8<3!/&;'&44!4A!62$&7276,!,$;&7!2!.447,+7&$!5&%!%&+!8::2<2&--,!+',$76'2/&*

'2$;77>7+&5&+! J%":0# 9,":,"# F)*+,HM! 7,5+! :0'&$6-,%&! +&<6&$! 2$85! 4,',$+&7! %&$!

:0'7+,!;A$;&$!%&!$=5$7!2!.447,+7&$M!85!%&+!2$+&!='!3&-+!7B=-16-,'+!1,%!785!,17&7M!785!

K3,$;3,2!&--&'!U,8!i&%8$;?!D!%&$!71&$76,!01&'7=++$2$;&$!3,'!B,;!1,-+!,++!/&3A--,!6,*

',6+='&'$,7! &42+&+! :0'! ,++! .$%&'-=++,! :0'! -=7,'&$M! &I&54&-127! /-2'! N2! J.&+8.! F-'.H!

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

_!P8-,$%!W,'+3&7M!Q@'A$!1&'6!+2--!+&I+Q!jk1&'7?!V385,7!Z$%&'778$!l!Z'27!@28'&+87mM!K3,)B#;3,2,;H#

')2'2,;H#9.(,2,;M!^'?!SYM!"(YeM!7?!G)?!!

e!L,$2&-!\.$%,>M!A%33%2,1'#<.&,')B#C.D%3&#%#@.39.3'%(#A%33%2.(./:M!"!&%?M!\,-;',1&!U,<52--,$M!^&n!

E8'6M!S))_?!

(7)

! !

_!

W-8%<3&:&$!N2?!],%!;=--&'!<2+&'2$;!,$1=$%7!%&$!71&$76,!01&'7=++$2$;&$!2!%&$!-04,$%&!

+&I+&$M!+2--7,55,$7!5&%!8'2;2$,-+&I+&$!2!&$!:8+$8+?!!

! ]2%! %&! +2--:=--&$! %A! -=$;'&! ,17$2++! A+&';&7! 2! /-8<6<2+,+M! :0-B7! %&$! 71&$76,! 01&'*

7=++$2$;&$!,1!%&$!62$&7276,!8'2;2$,-+&I+&$?!D!:0'7+,!3,$%!,$1=$%7!%&!71&$76,!01&'7=++*

$2$;,'!785!:2$$7!+2--;=$;-2;,!8<3!52$!&;&$!2!%&!:,--!%A!01&'7=++$2$;!+2--!71&$76,!7,6$,7?!

!

!

FGFGLG#K.++'"2%3'3#2,((#;%9,2'(#

!

o:+&'785!%&+!7,6$,7!+2%2;,'&!:8'76$2$;!85!E.!9.,!2!K1&'2;&!2$-&%7!.447,+7&$!5&%!&$!

4'&7&$+,+28$!,1!:0':,++,'&$!7,5+!&$!68'+,'&!2$+'8%.6+28$!,1!!"#$%"&'()+%"#,#-(.&?!L&+!

76,!3='!/&+8$,7!,++!%&++,!,17$2++!2!72;!2$+&!,17&'!;0',!$A;8$!.+85+&I+-2;!6844-2$;!5&-*

-,$!:0':,++,'&$7!-21!8<3!+&I+&$?

G

!

! ]2%,'&! :0-B&'! &$! -2++&',+.'327+8'276! /,6;'.$%! 5&%! .+;A$;74.$6+! 2! L&$;! J2,8*

42$;7!'&:8'548-2+26M!&:+&'785!%&+!:2$$7!&$!4&%,;8;276!:0'%&-!5&%!,++!2$+'8%.<&',!%&$!

327+8'276,! 68$+&I+! 785! /&7+=5+! :0'.+7=++$2$;,'$,! :0'! E.7! 76'21,$%&?! L&++,! ,17$2++!

2$$&3A--&'!=1&$!&$!68'+!2$+'8%.6+28$!+2--!%&$!58%&'$27+276,!+',%2+28$!785!7&'!C2$,!785!

&$!6,$$2/,-27+276!6.-+.'?!!

! LA!5><6&+!,1!%&$!+2%2;,'&!:8'76$2$;&$!:86.7&',+!4A!1A-%&+!2!E.!9.,7!:0':,++,'*

76,4!,17-.+,7!6,42+&-!`!5&%!&$!68'+,'&!&I6.'7!%='!-=7$2$;&$!:0'3A--&'!72;!+2--!1A-%&+7!

/&+>%&-7&!:0'!/&'=++&-7&!8<3!327+8'2,?!

!

!

!"#$%#&%'!

!

E.! 9.,! F!"H! :0%%&7! %&$! +'&%B&! ,4'2-! "(X)! 2! 7+,%&$! 9,$;p38.! F/0H! 2! 4'812$7&$!

i3&B2,$;!F12H?!^='!3,$!1,'!:&5!A'!;,55,-!:->++,%&!3,$!+2--!9,2>,$!F34HM!&$!6.7+7+,%!

2! 7,55,! 4'812$7?! WA%,! :0'=-%','$,! ,'/&+,%&! 785! -=6,'&M! :,%&'$! 785! 62'.';! 8<3! 58*

%&'$! 785! 74&<2,-27+! 4A! 2$1='+&7! 5&%2<2$?! @,%&'$! /-&1! 7&$,'&! %&+! -86,-,! 7B.63.7&+7!

4,'+27&6'&+&','&?

X

!

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

G!W,'+3&7!5&$,'!,++!%&+!:2$$7!&$!%27+2$6+28$!5&--,$!Q1&'6Q!8<3!Q+&I+Q!12-6&+!;0'!,++!:0':,++,'&$!7,6$,'!

+2--+'=%&!+2--!1&'6&+?!Q@0':,++,'&$!,$7&7!785!:,%&'$!8<3!=;,'&$!,1!72++!1&'6!j???m?!V&I+&$M!A!72$!72%,M!

-A+&'!72;!-=7,7!.+,$!,++!@,%&'$!'&;27+'&',7?!j???m!U,$!='!:0-B,6+-2;&$!2$+&!76>-%2;!+&I+&$!$A;8$!

,1;0',$%&!a'&74&6+aT!%&$!6,$!-3:2%)#)M"&'3!j???mq!V&I+&$!6,$!-=7,7!.+,$!@,%&'$7!;,',$+2?Q!W,'+3&7M!7?!

G)?#

/!U,7<3,!N?!r,;$&'M!QK./1&'721&!@2<+28$!8:!E.!9.,QM!@JNAO?!PQ#?%9'3)M!^'?!S)*SSM!"((`*"(((M!7?!

SSS?!!

(8)

! !

e!

E.7! .441=I+! 7,55,$:0--! 5&%! L&$! 7+8',! 4'8-&+=',! 6.-+.''&18-.+28$&$! F"(XX*"(`XH!

12-6&$! 32$%',%&! 38$85! :'A$! ,++! :A! &$! 30;'&! .+/2-%$2$;?

`

!9,$7! .+/2-%$2$;! ,17-.+,%&7!

'&%,$!12%!7&I+8$!A'7!A-%&'?!L8<6!1,'!E.!:0'!.$;!:0'!,++!4&'78$-2;&$!3,!.+7,++7!:0'!6.-*

+.''&18-.+28$&$7!48-2+276,!6,54,$B&'M!5&$!3,$7!:0'=-%','!,++,<6&',%&7!8<3!%&$!.$;&!

E.!:2<6M!2!-263&+!5&%!5A$;,!,1!6-,776,5',+&'$,M!+,!1,',!4A!72;!7B=-1?

Y

!

U&--,$!"(`Y!8<3!"(Y_!,'/&+,%&!E.!4A!&$!+,$%-=6,'58++,;$2$;M!3,$!1,'!5277*

$0B%!5&%!72++!,'/&+&!8<3!"(Y_!76'&1!3,$!72$!:0'7+,!$81&--?

(

!E.!4A7+A'!,++!3,$!/0'B,%&!

76'21,!&:+&'785!3,$!,1.$%,%&7!%&!785!,'/&+,%&!2!7+,%&$7!6.-+.'/>'A!F7+,+-2;+!/&+,-%,!

:0':,++,'&!8<3!68$7+$='&'H?!Z'/&+&+!:',57+8%!:0'!38$85!785!&$!72$&6.'M!&:+&'785!3,$!

,$7A;! ,++! 6.-+.','/&+,'$,! 2$+&! /&301%&! .+:0',! $A;8+! Q1&'6-2;+Q! ,'/&+&?! L&+! 76,! %8<6!

$8+&',7!,++!E.!+&$%&','!,++!.++'><6,!72;!76=5+7,5+!2!%&$$,!:'A;,?!D!&$!2$+&'1B.!4./-2<&*

',%!2!C$'#A'D#R.3;#C,+')!6855&$+&','!3,$!72$!:0':,++,'/,$,!&$-2;+!:0-B,$%&T!

!

jVm3&!2$72%&!8:!,!58.+3!27!8$&!8:!+3&!.;-2&7+!74&<+,<-&7!2$!+3&!n8'-%?!jsm!V3&!

%2::&'&$<&! n,7! +3,+! >8.! <8.-%! n8'6! 3,'%! +8! /&! 488'! ,7! ,! %&$+27+M! 8'! >8.!

<8.-%! %8! $8+32$;! ,$%! 7+2--! /&! 488'! ,7! ,! n8'6&'! 2$! +3&! [.-+.',-! W.'&,.?! D!

%&<2%&%! D! n,$+&%! +8! /&! ,7! 2%-&! ,7! +3&! n8'6&'7! 2$! +3&! [.-+.',-! W.'&,.! ,$%!

/&<85&!,!n'2+&'?")!

!

^='!E.!9.,7!:0'7+,!$81&--!/-&1!,$+,;&$!:0'!4./-2<&'2$;M!+2--%&-,%&7!3,$!&++!76'21/8'%7*

B8//!4A!9,2>,$7!6.-+.'/>'AM!%='!3,$!,'/&+,%&!5&--,$!"(Ye!8<3!"(Y(?!@'A$!7&4+&5/&'!

"(YY!:',5!+2--!7-.+&+!,1!"(()!7+.%&',%&!E.!12%!N.!J.$*2$7+2+.+&+!FQ0#50"#D'"70':0%"!

56789 H!:0'!6'&,+21+!76'21,$%&!2!\&62$;?

""

!#+/2-%$2$;&$!50B-2;;B8'%&!:0'!E.!,++!/-2!

%&-!,1!&$!30;'&!-2++&'='!6'&+7M!%A!:-&',!,1!3,$7!6-,776,5',+&'!8<3!-=','&!+2--30'%&!C2$,7!

-81,$%&!&--&'!'&%,$!&+,/-&',%&!:0':,++,'&?

"S

!"(("!A+&'1=$%&!3,$!+2--!i3&B2,$;!785!5&%*

-&5!2!%&+!62$&7276,!:0':,++,':0'/.$%&+!FS$."//0.#T0.8,%#7,'$0,!:;<=>!?H?

"_

!

! E.! 5&$,'! ,++! %&+! 1,'! :0'7+! &:+&'! 6.-+.''&18-.+28$&$! 785! %&+! /-&1! 50B-2;+! :0'!

38$85! ,++! -=7,! /0<6&'?! C2$&7276,! 1&'6! 785! 1,'2+! :0'/B.%$,! .$%&'! 4&'28%&$! +'><6+&7!

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

`!#$%&'!6.-+.''&18-.+28$&$!%',//,%&7!.+/2-%$2$;77>7+&5&+!3A'+?!t:+,!&'7,++&7!.$%&'127$2$;&$!,1!

48-2+276,!,6+212+&+&'M!5A$;,!2$+&--&6+.&--,!762<6,%&7!.+!4A!-,$%7/>;%&$!:0'!85768-$2$;?!D!B.$2!"(XX!

7+=$;%&7!.$21&'72+&+!8<3!8::&$+-2;,!768-8'M!&:+&'785!'0%;,'%27+&'$,!F7+.%&$+&'$,H!7=$%&7!.+!2!-,$%&+!

:0'!,++!74'2%,!U,8!i&%8$;7!+,$6,'?!

Y!r,;$&'M!7?!SSS?!

(!D/2%?M!7?!SS_?!

")!\,$6,B!U273',M!QV3&!W8$:2'&!8:![32$,u7!],$2+2&7QM!C$'#A'D#R.3;#C,+')#U%/%T,"'M!S))(*)"*S_?!

""!r,;$&'M!7?!SS_?!

"S!v2$;!E&M!U%)I0(,",2:#,"#R0#J0%V)#W,I2,."#E3.+#U.&'3",)2#2.#?.)2+.&'3",)+M!o,7+!Z72,$!K+.%2&7!

L&4,'+5&$+M!U<g2--!#$21&'72+>M!U8$+'&,-M!)`wS))(M!7?!e`?!

"_!r,;$&'M!7?!SS_?!

(9)

! !

G!

.44! 2;&$! 8<3! 5><6&+! .+-=$%76! -2++&',+.'! 2$+'8%.<&',%&7! 2! C2$,?

"e

!E.! 5&$,'! ,++! A'&+!

"(YXM! %A! 3,$! /0'B,%&! -=7,! @',$p! C,:6,M! /-&1! &$! /'>+4.$6+! 2! 3,$7! 76'21,$%&?! 9,$! +8;!

2$+'><6!,1!C,:6,7!7=++!,++!48'+'=++&',!%&$!278-&',%&!8<3!:A$;,%&!2$%212%&$?

"G

!L&$!$>,!

7+2-&$!/-&1!+>%-2;!5&%!$81&--&$!QK32/,!7.2!<3.5&$!>.,$I2$;Q!F"(Y`M!@ABCDEFq!

aZ++!/&;&!72;!.+!4A!&$!-A$;!'&7,!785!,'+8$A'2$;aH

"X

!785!=1&$!/-&1!3,$7!-2++&'=',!;&$85*

/'8++!$='!%&$!4./-2<&',%&7!"(Y`!2!<',8,"/#D'"70'#FGH78q!a\&62$;7!-2++&',+.'aH?

"`

!

#$%&'! 72$,! :0'7+,! A'! 785! :0':,++,'&! ,$7A;7! E.! +2--30',! "(Y)*+,-&+7! -2++&'=',!

,1,$+;,'%&?!9,$7!76'21,$%&!4'=;-,%&7!,1!&$!&I4&'25&$+&--!7+2-M!%='!3,$!,'/&+,%&!5&%!

,++!-.<6',!.44!/&'=++&-7&$7!'.5M!+&548',-2+&+!8<3!4&'74&6+21?!K4'A6&+!1,'!8:+,!48&+276+M!

:>--+!,1!/2-%&'!8<3!5&+,:8'&'?!D$$&3A--&+!1,'!8:+,!1A-%7,5+!8<3!2<6&*58',-27&',$%&?!E.!

&I4&'25&$+&',%&!=1&$!5&%!+',%2+28$&--+!62$&7276+!/&'=++,$%&?

"Y

!

#$%&'! "(()*+,-&+M! &:+&'! 6'877,$%&+! ,1! 4'8+&7+&'$,! 4A! +8';&+! 12%! 9255&-76,!

:'2%&$7! 48'+M! 4'=;-,%&7! C2$,! ,1! &$! Q487+*48-2+276Q! :,7! %='! &68$85276! .+1&<6-2$;! 8<3!

06,+! 5,'6$,%7+=$6,$%&! %852$&',%&! 48-2+26&$?! L&$! ',%26,-275! 785! 742',%&! .$%&'!

A++28+,-&+! 4A1&'6,%&7! 8<67A! ,1! %&$$,! +'&$%?! D! &$! 487+*78<2,-27+276! 8<3! 487+*48-2+276!

1&'6-2;3&+!/-&1!%&$!&I4&'25&$+&--,!-2++&',+.'&$!,--+!5&'!2''&-&1,$+q!-2++&',+.'&$!:0'-8*

',%&!72$!4./-26?!o$!,1!E.!9.,7!5A$;,!,6,%&5276,!.++8-6,'&!N2.!C,$;M!L.6&!#$21&'72+>M!

5&$,'! ,++! E.! %=':0'! :0'706+&! :2$$,! $>,! 7=++! :0'! ,++! 12$$,! +2--/,6,! 72$! 4./-26?

"(

!"((S!

76'21&'!7A!E.!72$!:0'7+,!/=7+7=-B,'&M!X22#('1%#FJ0.T$'#IJH?

S)

!@>',!A'!7&$,'&!4./-2<&',7!

!"#$%"&'()+%"#,#-(.&!R!8<67A!%&$!&$!:0'7=-B$2$;77.<<d?!U&%!%&!+1A!'85,$&'$,!,$7&7!

3,$!7+2-5=772;+!3,!01&';&++!%&+!&I4&'25&$+&--,!76'21,$%&+!:0'!&$!5&'!+',%2+28$7/.$%&$!

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

"e!9&-&$!@2$6&$M!QD$+&'12&n!n2+3!E.!9.,?!Z.+38'!8:!V8!N21&!F9.8p3&H?QM!!&0I%2,."#X-.02#X),%M!]8-?!

YT_M!S))_M!7?!S"?!

"G!r,;$&'T!7?!SS_?!

"X!E.!9.,M!QK32/,!7.2!<3.5&$!>.,$I2$;QM!6$,)$,#30:%"M!_!.44-?M!i.8B2,!<3./,$73&M!\&62$;M!S))(?!@0'!

&$;&-76!01&'7=++$2$;M!7&T!E.!9.,M!Qt$!+3&!P8,%!,+!o2;3+&&$Q!jk1&'7?!Z$%'&n!@?!f8$&7mM!C$'#?%)2#%"&#

2$'#?0",)$+'"2)M!#$21&'72+>!8:!9,n,22!\'&77M!98$8-.-.M!"((X?!

"`!W8$$2&!K?!U<L8.;,-M!W,I2,."%(#X02$.3)H#N+%/,"%3:#X0&,'"I')B#U.&'3"#@$,"')'#Q,2'3%203'#,"#2$'#

CD'"2,'2$#@'"203:M![32$&7&!#$21&'72+>!\'&77M!98$;!C8$;M!S))_M!7?!SX`?!

"Y!Z$%'&n!@?!f8$&7!5&$,'!,++!E.7!$81&--&'!:'A$!%&$$,!4&'28%!8,1/'.+&+!&I4&'25&$+&','!5&%!;&$'&'!

785!I%,T,#8,%3'"!FKLMNH!R!/&'=++&-7&'!85!/&;A1,%&!5=$!8<3!1,<6',!612$$8'M!D07,%#7,%.)$0!FO PQRH!R!6.$;*:.!'85,$&$M!I$0%"Y,!FSTH!R!/&'=++&-7&'!5&%!2$7-,;!,1!5>7+26!8<3!-&;&$%&'?!

W&'=++,$%&+!2$$&3A--&'!=1&$!&-&5&$+!3=5+,%&!:'A$!+',%2+28$&--!+'8M!&I&54&-127!7406&$M!74A%85!8<3!

$.55&'8-8;2?!Z$%'&n!@?!f8$&7M!QV',$7-,+8'a7!\87+7<'24+QM!C$'#?%)2#%"&#2$'#?0",)$+'"2)M!#$21&'72+>!

8:!9,n,22!\'&77M!98$8-.-.M!"((XM!7?!SXG!::?!

"(!N2.!C,$;M!Z(.-%(,T%2,."#%"&#@0(203%(#C3'"&)#,"#@$,"%M!#$21&'72+>!8:!9,n,22!\'&77M!98$8-.-.M!S))eM!

7?!")_!:?!

S)!E.!9.,M!J0.T$'M!G!.44-?M!i.8B2,!<3./,$73&M!\&62$;M!S))(?!@0'!71&$76!01&'7=++$2$;M!7&T!E.!9.,M!X22#

('1%#jk1&'7?!Z$$,!g.7+,:778$![3&$mM!S!.44-?M!P.2$M!K+8<638-5M!S))(?!

(10)

! !

X!

'&,-275?

S"

!D!&$!2$+&'1B.!/&'=++,'!E.!,++!3,$!6=$%&!&++!,--+!52$%'&!/&381!,1!,++!.+5,$,!

%&$!7+,+-2;,!4'84,;,$%,$!8<3!27+=--&+!12--&!762-%',!&':,'&$3&+&'$,!,1!%&+!1,$-2;,!-21&+!

4A!-,$%7/>;%&$!8<3!2!75A7+=%&'$,?

SS

!N2.!5&$,'!,++!E.7!:0'7+,!'85,$!S%,#7,:0#T$."/#&'#

$0"%"#FUVW:XYq!aP84!2!%.;;'&;$&+aH!:'A$!"(("!='!E.7!:0'7+,!8<3!727+,!,1,$+;,'*

%&*'85,$?! E.7! 01&';A$;! +2--! '&,-275! 76&%%&! 7,5+2%2;+! 785! ,$%',! :0':,++,'&! 785! K.!

V8$;! FZ[HM! g&! @&2! F\]H! 8<3! K.$! g,$-.! F^_`H! ;B8'%&! 7+2-5=772;,! :0'=$%'2$;,'! 2!

72++!76'21,$%&!&--&'!7-.+,%&!,++!,'/&+,!785!:0':,++,'&?

S_

!

E.! 9.,7! '85,$&'! X22# ('1%# 8<3! !"# $%"&'()+%"# ,# -(.&! .+74&-,'! 72;! 4A! -,$%7*

/>;%&$!2!C2$,!8<3!:86.7&','!4A!%&+!+.'/.-&$+,!1,'%,;7-21&+!387!+1A!:,52-B&'!:'A$!"(e)*

+,-&+!:',5!+2--!"(Y)*+,-&+?!D!X22#('1%!;&7+,-+,7!%&$!:0'&!%&++,!B8'%=;,'78$&$M!$.!/8$%&$M!

@.;.27!FabH!0%&M!785!6,$+,7!,1!%&$!&$,!3=$%&-7&$!5&'!+',;276!=$!%&$!,$%',?!D!!"#

$%"&'()+%"#,#-(.&!/&'=++,7!%&+!85!3.'!J.!K,$;.,$!F#$%H!:'A$!&$!75A7+,%!2!70%',!

C2$,!:0'70'B&'!72$!:,52-B!;&$85!,++!7=-B,!/-8%?!V2--!762--$,%!:'A$!%&!+2%2;,'&!$81&--&'$,!

:2$$7! 2! '85,$&'$,! &++! 6'8$8-8;276+! /&'=++,$%&! 7,5+! &++! &$6&-+! 74'A6! 5&%! 5><6&+!

%2,-8;&'?! W&'=++,$%&+! .44+,7! :'=57+! ,1! 6,',6+='&'$,7! >++'&! '0'&-7&'! 8<3! ='! :.--+! ,1!

3.58'!8<3!3>4&'/8-&'?!

D!,'+26&-$!Q#+!.'!B='$3.7&+Q!FS))"H!76'21&'!V8'/B0'$!N8%d$M!K+8<638-57!.$21&'*

72+&+M! +2--7,55,$7! 5&%! [3&$! U,242$;M! ;&$&',-7&6'&+&','&! 2! D$%&4&$%&$+! [32$&7&! \&$!

[&$+'&M!,++!5,77,6&'$!4A!+8';&+!12%!9255&-76,!:'2%&$7!48'+!"(Y(!2$+&!/,',!6'877,%&!

7+.%&$+%&58$7+',+28$&'$,!.+,$!=1&$!%&$!2$+&--&6+.&--,!'0'&-7&$7!,5/2+28$&'!,++!76,4,!

&$!$>!-2++&',+.'?!K85!&$!68$7&61&$7!/-&1!01&'-&1$,%!&++!%852$&',$%&!+&5,!2!%&$!62$&*

7276,! -2++&',+.'&$! .$%&'! "(()*+,-&+?! N8%d$! 8<3! [3&$! ,$7&'! 5><6&+! '26+2;+! ,++! %&++,!

+&5,!-2;;&'!+2--!;'.$%!:0'!E.7!'85,$&'!X22#('1%#8<3!!"#$%"&'()+%"#,#-(.&?

Se

!

!

!

$#"#!01!,21.)34-21!5!63*.!

!

!"#$%"&'()+%"#,#-(.&#3,'!72$!/0'B,$!2!%&+!7&$,!"(e)*+,-&+!8<3!.+74&-,'!72;!2!&$!75A7+,%!

2!70%',!C2$,?!927+8'2&$7!3.1.%4&'78$!='!J.!K,$;.,$!785!,'/&+,'!785!6868$;-,7+,'&!

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

S"!N2.M!7?!""_?!x1&$!t.!E,$;y2$!FcdeH!='!2$$&!4A!7,55,!74A'M!7&T!t.!E,$;y2$T!QC.$,$!p38$;!%&!

n,$y2$;zzf2&%.!E.!9.,!%&fJ.!K,$;.,$!5,2!I.&!B2gQ!jaN2%,$%&+7!053&+!R!o$!+8-6$2$;!,1!E.!

9.,7!!"#$%"&'()+%"#,#-(.&amM!['"8,%.#T,(,%.M!^'?!S"M!S)")M!7?!"X?!@0'!E.!9.,7!'85,$M!7&T!E.!9.,M!S%,#

7,:0#T$."/#&'#$0"%"M!S!.44-?M!i.8B2,!<3./,$73&M!\&62$;M!S))Y?#@0'!&$;&-76!01&'7=++$2$;M!7&T!E.!9.,M!

@3,')#,"#2$'#>3,TT('B#X#A.1'(#jk1&'7?!Z--,$!9?!W,''mM!Z$<38'!W8867M!^&n!E8'6M!S))`?#

SS!\,$6,B!U273',M!Qg&++2$;!P2<3QM!Q."&."#P'1,'D#.E#<..;)M!]8-?!SYM!^'?!S_M!_)!$81&5/&'!S))X?!

S_!N2.M!7?!"S_?!

Se!V8'/B0'$!N8%d$!l![3&$!U,242$;M!Q#+!.'!B='$3.7&+QM!K%3%1%"!S))"T"M!7?!Y!:?!

(11)

! !

`!

4A!72%&$:,/'26&$?!9,$!;2:+&'!72;!5&%!J.!E.-,$!F#hiH!8<3!:A'!+'&!70$&'!785!3,$!;&'!

$,5$&$!E2-&!Fjkq!a@0'7+,!-><6,$aHM!o'-&!Flkq!aZ$%',!-><6,$aH!8<3!K,$-&!F$kq!aV'&*

%B&!-><6,$aH?!

K,$;.,$7!'&-,+28$!+2--!%&$!=-%7+&!78$&$M!E2-&M!6854-2<&',7!%A!%&+!.44%,;,7!,++!

3,$! 50B-2;&$! 2$+&! ='! %&$! /28-8;276,! :,%&'$?! @,%&'$! 6,$! 1,',! 9&! J2,8>8$;! FmQnHM!

785!3,:+!&$!'&-,+28$!5&%!E.-,$!2$$,$!=6+&$76,4&+!5&%!K,$;.,$?!V'8+7!,++!%&+!-=$;&!

761,--',+7!85!,++!K,$;.,$!2$+&!='!E2-&7!'26+2;&!:,'M!='!%&+!2$+&!:0''=$!E2-&!52773,$%-,'!

&$!,$$,$!48B6&!7A!71A'+!,++!3,$!3,5$,'!4A!7B.63.7M!785!%&+!:A'!1&'6-2;,!68$7&61&$7&'?!

E2-&7!/28-8;276&!:,'!5A7+&!7+A!:0'!%&$!52773,$%-,%&!48B6&$7!1A'%687+$,%&'?!

K85!4A4&6,+7!,1!N2,$;!E.y2,8!FoWpHM!K2<3.,$!#$21&'72+>!F6,I$0%"#&%70'#q rs8 HM!:2$$7!7,53=--&+7!:0'=$%'2$;,'!7+=$%2;+!$='1,',$%&!2!/,6;'.$%&$!,1!K,$;.,$7!

-21?

SG

!#$%&'!K+8',!74'A$;&+!F>%:0'8,"!stuHM!"(GYM!85768-,7!K,$;.,$!+2--!7+A-1&'67*

,'/&+,'&?

!

o:+&'! ,++! %&! 68--&6+21,! /&7427$2$;,'$,! 3,'! 7+=$;+! 8<3! %&$! 7+0''&! %&-&$! ,1!

760'%&$!:0'7+0'7!,1!&$!01&'71=5$2$;!2$+'=::,'!&$!7+8'!71=-+?!K&$,'&!2!327+8'2&$!6855&'!

6.-+.''&18-.+28$&$!+2--!7+,%&$!8<3!:-&',!8-><68'!%',//,'!:,52-B&$T!E.-,$!,$6-,;,7!2!&$!

1=;;+2%$2$;!:0'!,++!1,',!4'87+2+.&',%!12-6&+!-&%&'!+2--!,++!'0%;,'%27+&'$,!+12$;,'!3&$$&!

,++! 7+A! 4A! ;,+,$! 5&%! &++! 4-,6,+! 5&%! +&I+&$! QJ.! E.-,$M! 4'87+2+.&',%Q! :0'! ,++! 7+,+.&',!

&I&54&-?

SX

!^A;',!A'!7&$,'&!762<6,7!E2-&!8<3!K,$-&!21=;!+2--!-,$%7/>;%&$!:0'!,++!85768*

-,7! 387! :,++2;/0$%&'$,?! o:+&'! &$! +2%! 4A! -,$%&+! /-2'! E2-&! 71A'+! 7B.6! 2! ;.-78+! 8<3! +12$;,7!

706,!1A'%!2!K3,$;3,2?!

! @0'! ,++! -07,! %&! /&6>55&'! 785! %',//,'! :,52-B&$! J.! .$%&'! 327+8'2&$7! :0'-844!

+12$;,7!K,$;.,$!:-&',!;A$;&'!,++!;A!+2--!7+,%&$7!7B.63.7!:0'!,++!7=-B,!72++!/-8%?!

!

!

!

!

!

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

SG!N2,$;!E.y2,8M!Q\2$;%,$!>2!732!-2$;!>2p38$;!p3&$732zzv2,$I2fJ.!K,$;.,$!5,2!I.&!B2g%&!I.732!

+&7&Q!jaV8':+2;3&+!='!8<67A!&$!7-,;7!1&'6-2;3&+!R!o$!68'+!,$,->7!,1!!"#$%"&'()+%"#,#-(.&amM!>,%":,"/#

9,"8,'H#6,I$0%"#&%70'#:,)$0#70':0%"M#^'?!"_M!S)")M#7?!(e?!

SX!E.!9.,M!!"#$%"&'()+%"#,#-(.&#jk1&'7?!Z$$,!g.7+,:778$![3&$mM!P.2$M!K+8<638-5M!S))`M!7?!"XY?!L&++,!

1&'6!6855&'!3=%,$&:+&'!'&:&'&',7!+2--!785!QE.!FS))`HQ?!Qvw#hiQM!E.!9.,M!50'#6%"/0%"#+%,#70'#

8,M!S!.44-M!i.8B2,!<3./,$73&M!\&62$;M!S))YM!7?!"XG?!L&++,!1&'6!6855&'!3=%,$&:+&'!'&:&'&',7!+2--!785!

QE.!FS))YHQ?!

(12)

! !

Y!

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

!

!

7#"#!891:)3!;*)45<!=>>35(()>2(9>!*+,!)((!35(()>=>(!(?@=.)>!

!

U&%!L&$;!J2,842$;7!5,6+01&'+,;,$%&!"(`Y!/0'B,%&!C2$,!044$,7!.44!58+!851='-%&$?!

L&$;!,$7A;!,++!&68$85276,!8<3!+&6$276,!'&:8'5&'!1,'!,1!30;7+,!4'28'2+&+!8<3!2$+'8%.*

<&',%&! %=':0'! %&! :>',! 58%&'$27&'2$;,'$,! F),/'# 7,%"&%,$0%! qxyz{H! ,1! B8'%/'.6M!

2$%.7+'2M!$,+28$&--+!:0'71,'!7,5+!1&+&$76,4!8<3!+&6$8-8;2?!]2%!&$!4,'+268$;'&77!"(`Y!

.445,$,%&7! :0':,++,'&! 8<3! 2$+&--&6+.&--,! ,++! Q:'2;0',! +=$6,$%&+Q?! L&$$,! ,+587:='M!

4'=;-,%!,1!+,$6,'!85!:',5A+,$%,!8<3!:'2;0'&-7&M!50B-2;;B8'%&!&$!.445B.6$2$;!,1!%&+!

6.-+.'&--,!6-25,+&+?!@-&',!,1!%&!:0':,++,'&!785!.$%&'!6.-+.''&18-.+28$&$!762<6,+7!21=;!

+2--!-,$%7/>;%&$!:0'!85768-$2$;!,$7A;7!$.!1,',!Q'&3,/2-2+&',%&Q!8<3!:2<6!:'23&+!,++!A+&'*

.44+,!72++!76'21,$%&?!V2%76'2:+&'!8<3!1=;;+2%$2$;,'!:2<6!&$!/&+>%,$%&!'8--!:0'!%&!2<6&!

&+,/-&',%&! :0':,++,'$,! 8<3! 5,$! 4./-2<&',%&! 8:+,! +&I+&'! 4'=;-,%&! ,1! +,$6,'! 85! :'23&+!

8<3!%&586',+2?!K='762-+!126+2;!/-&1!+2%76'2:+&$!\,"2,%"!F|}q!aD%,;aHM!785!7,5-,%&!:-&',!

,1!C2$,7!.$;,!48&+&'?!Z1!%&77,!685!$A;',!:0':,++,'&M!&I&54&-127!W&2!L,8!FG~HM!,++!

76'21,! a%.$6&-! 48&72a! F+'"/(."/# )$,! •€•H?! UA$;,! :0':,++,'&! /0'B,%&! 76'21,! &$!

a=''-2++&',+.'a! F)$%"/#$'"#D'"70'! ‚ƒ78H! 785! /&3,$%-,%&! .44-&1&-7&'$,! 2! ,'/&+7*

-=;&'!8<3!:=$;&-7&'!.$%&'!6.-+.''&18-.+28$&$?!Z$%',!:0'706+&!32++,!+2--/,6,!+2--!%&+!C2$,!

785!:0'71.$$2+!.$%&'!A'+28$%&$,!,1!5,6+762:+&$!8<3!:0'+'><6q!5,$!706+&!72$,!'0++&'!

8<3!:86.7&',%&!8:+,!4A!,++!762-%',!-86,-,!6.-+.'&'?!

! D! 5,'7! "(`(! 2$+'8%.<&',%&! L&$;! u%&! :>',! ;'.$%4'2$<24&'$,u! F),/'#8,-'":0%"T'!

qx„…†‡ H! 785! /,7! :0'! %&! :>',! 58%&'$27&'2$;,'$,T! 78<2,-275&$M! 4'8-&+,'2,+&+7!

%26+,+.'M!C855.$27+4,'+2&+7!-&%$2$;!7,5+!5,'I275*-&$2$275&$!U,8!i&%8$;7!+=$6,$*

%&?!D!7,5/,$%!5&%!%&++,!2$:0'%&!3,$!=1&$!&++!7+844!4A!-2++&',+.'!5&%!Q/8';-2;+!-2/&',-,!

+&$%&$7&'Q!8<3!:&5!:0':,++,'&!6,+&;8'27&',%&7!785!u:&5!;2:+2;,!8;'=7u!FD0;'#&%#&0I%.!

ˆ‰sŠ‹ H?! @'A$! 86+8/&'! "(Y_! +2--! :&/'.,'2! "(Ye! 4A;2<6! 6,54,$B&$! 58+! ,$%-2;!

:0'8'&$2$;!FY,"/I$0#8,"/)$'"#D03%"#Œ•Ž••‘H!785!4A7+8%7!7>:+,!+2--!,++!58+,'/&*

+,!78<2,-,!4'8/-&5!785!/'8++7-2;3&+M!68''.4+28$!8<3!48'$8;',:2!5&$!2!'&,-2+&+&$!2$'26*

+,%&!72;!4A!.+/2-%,%&M!B8.'$,-27+&'M!:0':,++,'&!8<3!68$7+$='&'?!

(13)

! !

(!

U&%! %&$! :B='%&! :0':,++,'68$;'&77&$! 2! %&<&5/&'! "(Ye! /&+8$,%&! 6855.$27+4,'+2&+7!

8'%:0',$%&!9.!E,8/,$;!F’“”H!126+&$!,1!6'&,+21!:'23&+M!12-6&+!7,++&!7+84!:0'!6,54,$*

B&$!:0'!,$%-2;!:0'8'&$2$;?!L&++,!/-&1!2$-&%$2$;&$!+2--!&++!-2++&'='+!Q+01=%&'Q?

S`

!

!

!

7#$#!A@21(B2>.)C>?>)34)!

!

t56'2$;!"(Y`!.447+8%!&$!62$&7276!,1,$+;,'%&*'0'&-7&M!785!/&7+8%!,1!&$!;&$&',+28$!

:0':,++,'&! 785! 1.I2+! .44! 2! %&$! 487+*5,827+276,! &',$?

SY

!L&$! -2++&'=',! '0'&-7&$! 1,'!

5><6&+!68'+-21,%!8<3!.4430'%&!2$85!&++!%&<&$$2.5?!

! Z1,$+;,'%&*'0'&-7&$! 1,'! ',%26,-M! 7,5+2%2;+! 785! %&$! 1,'! Q848-2+276Qq! 5,$! .+*

5,$,%&!%&$!&+,/-&',%&!:8'5&$!8<3!74'A6&+!5&$!:0'706+&!2!7+8'!.+7+'=<6$2$;!,++!.$%*

126,! 48-2+276+! &$;,;&5,$;?! L8<6! 6,$! 5,$! +8-6,! 2$! &$! 48-2+276! ,74&6+! B.7+! 2! '0'&-7&$7!

:0'706! ,++! Q,148-2+27&',Q! -2++&',+.'&$7! 74'A6! 8<3! :8'5?

S(

!r&$%>! N,'78$M! #$21&'72+>! 8:!

t'&;8$M! ,$7&'! ,++! ,1,$+;,'%&*-2++&',+.'&$! 0$76,%&! 6855,! .$%,$! /A%&! %&$! 78<2,-2*

7+276,!'&,-275&$!8<3!%&+!$,+28$,-27+276,!7+=--$2$;7+,;,$%&+!785!4'=;-,%&!48&72$!.$%&'!

"(Y)*+,-&+?

_)

!

! V,$;! J2,8/2$;M! #$21&'72+>! 8:! K8.+3&'$! [,-2:8'$2,M! +2--%&-,'! E.! 9.,! &$! <&$+',-!

'8--! 2! 72$! '&:-&6+28$! 01&'! 58%&'$275! 8<3! 487+58%&'$275! 2! %&$! 62$&7276,! "(Y)*+,-7*

-2++&',+.'&$?!V,$;!5&$,'!,++!%&$$,!58%&'$275M!785!3,$!/&$=5$&'!785!&$!a'&7+&',$%&!

58%&'$275a!FQ'&72%.,-!58%&'$275QHM!2$+&!/,',!,$1=$%&'!72;!,1!58%&'$27+276,!+&6$26&'!

.+,$!=1&$!A+&'.44+,'!58%&'$27+276,!-21712--68'!8<3!+&5,$M!5&$!4A!&++!5&'!7B=-15&%*

1&+&+! 8<3! 2$+&$721+! 7=++! ;&$85! ,++! 5,$! &I&54&-127! 3,'! -=7+! 8<3! 7+.%&',+! .+-=$%76,!

58%&'$27+276,!:0':,++,'76,4?

_"

!U,$!2$742'&',%&7!/-,$%!,$$,+!,1!C,:6,M!r2--2,5!@,.-6*

$&'! 8<3! %&$! 5,;276,! '&,-275&$! 387! f8';&! N.27! W8';&7! 8<3! g,/'2&-! g,'<{,! U,'y.&p?

_S

! V,$;!5&$,'!,++!E.7!$81&--!QK32/,!7.2!<3.5&$!>.,$I2$;Q!&I&54&-127!6,$!-=7,7!&$!/2-%*

$2$;7'85,$! 2! 52$2,+>'M! %='! 3B=-+&$! .+:8'76,'! 126+2;,! ,74&6+&'! ,1! 58%&'$2+&+&$M! +2--!

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

S`!C,$;*D!K.$![3,$;!l!K+&43&$!tn&$!F'&%?HM!C$'#@%+-3,&/'#J,)2.3:#.E#@$,"')'#Q,2'3%203'G#].(G#LH#

W3.+#F^_`M![,5/'2%;&!#$21&'72+>!\'&77M![,5/'2%;&M!S)")M!7?!Xe`*XGX?!

SY!o:+&'!4'8+&7+&'$,!12%!9255&-76,!:'2%&$748'+!"(Y(!/0'B,%&!'0'&-7&$!/0'B,%&!6,--,7!:0'!,1,$+;,'%&!

8<3!487+58%&'$!,1!+1A!6'2+26&'!2!\&62$;M![3&$!J2,852$;!F•–—H!8<3!i3,$;!E2n.!F˜™OHM!7&T!N2.M!

7?!"")?!

$D!D/2%?M!7?!")Y?!

_)!r&$%>!N,'78$M!QN2+&','>!U8%&'$275!,$%!^,+28$,-275!2$!\87+*U,8![32$,QM!Z$$&!r&%&--*

r&%&--7/8';&!l!r&$%>!N,'78$!F'&%?HM!N"),&'#O02B#U.&'3",)+#%"&#?.)2+.&'3",)+#,"#@$,"')'#Q,2'3%3:#

@0(203'M!Z,'3.7!#$21&'72+>!\'&77M!Z,'3.7M!"((_M!7?!"`G?!

_"!V,$;!J2,8/2$;M!@$,"')'#U.&'3"B#C$'#J'3.,I#%"&#a0.2,&,%"M!L.6&!#$21&'72+>!\'&77M!L.'3,5M!S)))M!

7?!"((!:?!

_S![3,$;!l!tn&$M!7?!XG`?!

(14)

! !

")!

&I&54&-! '0'-2;3&+?

__

!V,$;! 48=$;+&','! ,++! E.! 7B=-15&%1&+&+! &I4&'25&$+&','! 5&%! 72++!

74'A6!8<3!+&5,+27&','!%&$!7./B&6+21,!&':,'&$3&+&$?

_e

!

L&$! $>,! -2++&'=',! '0'&-7&$! 1=$%&! 72;! +2--! %&! 5,';2$,-27&',%&! %&-,'$,! ,1! %&$!

62$&7276,!6.-+.'&$!8<3!327+8'2&$!:0'!,++!706,!,-+&'$,+21,!7=++!,++!762-%',!8<3!;&!5&$2$;!

+2--! Q%&+! 62$&7276,Q?! U,$! 1='%&',%&! %&+! Q4'252+21,QM! %&+! 5>7+276,M! %&+! 2'',+28$&--,! 8<3!

+8;!2$+'><6!,1!5>+8-8;2M!=-%'&!:2-878:2!8<3!6.-+.'&$!387!&+$276,!52$8'2+&+&'?

_G

!

!

!

7#7#!E!F9!G914!'*(4;H>!

!

K85!+2%2;,'&!:8'76$2$;!127,+!:2$$7!%&+!&++!7,5/,$%!5&--,$!E.!9.,7!76'21,$%&!8<3!N.!

J.$7!F56HM!:'=57+!$='!%&+!;=--&'!+&5,+26?!N.!J.$!F"YY"*"(_XH!1,'!7+,'6+!6'2+276!+2--!

%&+! 62$&7276,! 7,53=--&+! 785! 3,$! ,$7A;! 4'=;-,%&7! ,1! &++! $&;,+21+! 68$:.<2,$76+! 2$:->*

+,$%&!8<3!-2%,$%&!8'7,6,%!,1!86.$$2;3&+?

_X

!

! D! -=7$2$;&$! ,1! !"# $%"&'()+%"# ,# -(.&# ;A'! %&+! ,++! :2$$,! 4,',--&--&'! +2--! N.! J.$7!

$81&--&'!Qo$!%A'&7!%,;/86Q!F"("YM!K0%"/3'"#3,8,!šN›(H!8<3!QU&%2<2$Q!F"("(M!R%.!

œH?! 9.1.%6,',6+='&$! 2! Qo$! %A'&7! %,;/86Q! -&1&'! 2! &$! 4,',$82%! :0'&7+=--$2$;! ,++! ,--,!

5=$$2768'! 2! 3,$7! 85;21$2$;! 12--! =+,! 38$85?! g&$85! ,++! 7+.%&',! 62$&7276! 327+8'2,!

6855&'!3,$!+2--!2$726+!85!,++!3&-,!%&$!62$&7276,!6.-+.'&$!/>;;&'!4A!6,$$2/,-275M!8<3!

;&$85!72$,!$='-=7$2$;,'!6855&'!3,$!,++!.'762-B,!8'%&$!Q=+,!5=$$2768'Q!FI$,#3'"!•NH!

5&--,$! /86&$7! ',%&'?! C,$$2/,-275&$! :.$;&','! 785! &$! ,--&;8'2! 01&'! C2$,7! 6-,777,5*

3=--&M! %='! %&! '26,! 8<3! 5=6+2;,! -&1&'! 4A! 5,778'$,?! L8<6! 4',6+27&',7! =1&$! 5=$$2768*

=+,$%&+!/-,$%!%&!:,++2;,!8<3!86.$$2;,?!D!QU&%2<2$Q!604&'!&$!5,$!5=$$2768/-8%!:'A$!&$!

'&18-.+28$='!5,'+>'!785!,1'=++,+7!;&$85!3,-73.;;$2$;?!W'0%!F+%"2.0#ž.H!%844,7!2!

/-8%&+! 8<3! ;&7! 2! :.$6+28$! ,1! 5&%2<2$! +2--! 5,$$&$7! 78$M! 2! :0'3844$2$;! 85! ,++! %&+! 76,!

/8+,!3,$7!-.$;78+?

_`

!

N.!J.$!,$7A;!,++!e)))!A'!,1!62$&7276!<212-27,+28$M!&I&54&-127!+',%2+28$&'$,!;=-*

-,$%&!6&B7&'-2;+!5,$%,+!8<3!:,52-B&$7!4,+'2,'6,-,!7+'.6+.'M!1,'!&++!4A;A&$%&!/,'/,'2!R!

&$! 6,$$2/,-27+276! /,$6&++?! U&%! %&++,! 4A7+A&$%&! 785! ;'.$%M! 0$76,%&! %&$! 58%&'$,!

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

__!V,$;M!7?!S)S!::?!K&!=1&$T!U.!i3,8T!QE.!9.,!<3&$;p3,$;!I2,873.!%&!i38$;;.8!+&7&Q!jaL&!62$&7276,!

7='%',;&$!2!E.!9.,7!/2-%$2$;7'85,$amM!J'"%"#8,%.:0#70':0%"#70'-%.M!]8-?!S(M!^'?!eM!S)")M!7?!YG*Y`?!

_e!V,$;M!7?!S")?!

_G![3,$;!l!tn&$M!7?!XG`?!K&!8<67A!g0',$!K855,'%,-7!2$+&'1B.!5&%!g0',$!U,-5y127+!2!g0',$!

K855,'%,-!F'&%?HM!QC.-+.'&$!&:+&'!6.-+.''&18-.+28$&$QM!K0(2033%&,."M!KPM!\"M!"((X*)Y*S(!"Y?"G*

"(?))?!

_X!U<L8.;,--!l!N8.2&M!7?!(e?!

_`!D/2%?M!7?!(G?!

(15)

! !

""!

62$&7276,!-2++&',+.'&$7!,++!7>$-2;;0',!:0'+'><6&+!8<3!6'877,!%&+!6,$$2/,-27+276,!7>7+&*

5&+?

_Y

!L&++,!+8;!72;!:-&',!8-26,!.++'><6!.$%&'!6855,$%&!%&<&$$2&'?!D$85!@B='%&!5,B*

'0'&-7&$! F[0),#:0"&."/! ˆqŸ HM! 785! N.! J.$! 1,'! &$! %&-! ,1M! :0'706+&! 2$+&--&6+.&--,!

:2$$,! 327+8'276,! /&-=;;! :0'! ,++! 6,$$2/,-275! 1&'6-2;&$! 2$+'=::,+! 2! C2$,?! Z++! Q5=$$2768*

=+,$%&Q! 1,'! <&$+',-+! :0'! 68$:.<2,$275&$! +8;7! =1&$! .44! 785! ,';.5&$+! .$%&'! "(`)*

+,-&+7!uC'2+27&',!N2$!W2,8!l!C8$:.<2.7*'0'&-7&$u!F?,#Q,"#9,#K."/#:0"&."/!¡¢¡£Ÿ HM!

5&$!3,'!=1&$!:',5:0'+7!.$%&'!"(()*+,-&+?

_(

!

L,12%!L&'*n&2!r,$;!F¤¥¦HM!+8$;21,$%&!:8'76,'&!2!58%&'$!8<3!7,5+2%,!62$&*

7276! -2++&',+.'! 12%! 9,'1,'%! #$21&'72+>M! 5&$,'! ,++! -2++&',+.'&$7! ;&7+,-+$2$;,'! 8:+,! 3,'!

68552+!,++!,$1=$%,!72;!,1!1A-%!785!&$!5&+8%!:0'!,++!/-8++,!%&$!:,7,$7:.--,!7,$$2$;&$!

85!7,53=--&+q!1A-%&+!,$1=$%7!:0'!,++!7>$-2;;0',!8<3!7+844,!%&+!;,5-,!Q6,$$2/,-27+276,Q!

7>7+&5&+?!C'844&$!8<3!%&77!:.$6+28$&'!3,'!7A-&%&7!27+=--&+!68552+!,++!,$1=$%,7!785!

7>5/8-276,!8::&'!:0'!,++!6'=1,!78<2,-!'=++127,?

e)

!

o77=$!Q[,$$2/,-275!,$%!+3&![32$&7&!W8%>!\8-2+2<T!9&'5&$&.+2<7!,$%!]28-&$<&!

2$! ['877*[.-+.',-! \&'<&4+28$Q! FS))SHM! 76'21&$! ,1! [,'-87! P8B,7M! #$21&'72+>! 8:! @-8'2%,!

F8<3! &$! ,1! 01&'7=++,'$,! +2--! E.! 9.,7! 7&$,7+&! '85,$! 5,."/&,# §¨q! aW'0%&'aM! S))G*

S))XH

e"

M!127,'!,++!&$!$>!;&$&',+28$!68$7+$='&'!:8'+7=++&'!,++!,'/&+,!2$85!%&!6,$$2/,-27*

+276,! %276.'7&'$,?! P8B,7! ->:+&'! /-,$%! ,$$,+! :',5! %&$! 68$+'81&'72&--&! 68$7+$='&$! i3.!

E.!F©ªHM!785!+,;2+!&$!7&'2&!:8+8;',:2&'!%='!3,$!4A7+A'!72;!+2--,;,!8<3!=+,!&++!5=$76-2;+!

:87+&'?!i3.!3,'!=1&$!.+:0'+!&++!4&':8'5,$<&!%='!3,$!+',$74-,$+&',+!72$!&;&$!3.%!+2--!&$!

/2+!:-=7660++?

eS

!

L&+! :2$$7! +>%-2;,! 6844-2$;,'! 5&--,$! %&$$,! 6,$$2/,-27+276,! +',%2+28$! 8<3! E.7!

:0':,++,'76,4M!:'=57+!5&%!2$$&3A--&+!2!3,$7!5&7+!1A-%7,55,!$81&--&'M!5&$!=1&$!5&%!

X22#('1%#8<3!!"#$%"&'()+%"#,#-(.&?!P8B,7!4&6,'!7='762-+!.+!E.!9.,7!$81&--!Z0&,%"#%,Y,"/#

F"(YYM!«¬-®q!aC-,77276!6='-&6aH?

e_

!

!

!

!

!

!

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

_Y!L,12%!L&*n&2!r,$;M!C$'#U.")2'3#C$%2#N)#J,)2.3:B#J,)2.3:H#],.('"I'H#%"&#W,I2,."%(#[3,2,"/#,"#

CD'"2,'2$*I'"203:#@$,"%M!#$21&'72+>!8:![,-2:8'$2,!\'&77M!W&'6&-&>M!S))eM!7?!eS?!:?!

_(!U<L8.;,--!l!N8.2&M!7?!(G?!

e)!r,$;!FS))eHM!7?!e_!::?!

e"!E.!9.,M!5,."/&,M!e!.44-?M!i.8B2,!<3./,$73&M!\&62$;M!S))(?!@0'!&$;&-76!01&'7=++$2$;M!7&T!E.!9.,M!

<3.2$'3)#jk1&'7?!o2-&&$![3&$*>2$!,$%![,'-87!P8B,7mM!\2<,%8'M!N8$%8$M!S))(?!

eS!P8B,7M!4,',;',:!`l!4,',;',:!"e*"X?!

e_!D/2%?M!4,',;',:!SG?#

(16)

! !

"S!

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

!

E.!9.,!='!&$!/&+>%&-7&:.--!:0':,++,'&!2$85!.$21&'72+&+76'&+7,'!8<3!3,$7!:0':,++,'76,4!

->:+7! 8:+,! :',5! :0'! ,++! '&4'&7&$+&',! %&+! -2++&'=',! "(Y)*+,-&+! 8<3! :',5A+?! @8'76$2$;&$!

6'2$;!3,$7!:0':,++,'76,4!='!7A-&%&7!1=-%2;+!85:,++,$%&?!E.7!484.-,'2+&+!2!.$21&'72+&+7*

1='-%&$!127,7!/-,$%!,$$,+!2!K32!N2B.,$!F¯°±H!8<3!N2.!N2$7!F²³HM!i3&B2,$;!^8'5,-!

#$21&'72+>!FS$'8,%"/#6$,E%"&%70' 12´µs8HM!;&$85;A$;!,1!%&!,6,%&5276,!+&I+&'!

785!4./-2<&',%&7!S))(!8<3!785!/&'0'!E.!9.,?!L&+!'0'!72;!85!$='5,'&!"))!+&I+&'!8<3!

2$:,--712$6,'$,! ='! 1,'2&',$%&! &:+&'785! .++8-6,'$,! :2$$7! 2$85! :-&',! %27<24-2$&'?

ee

!L&+!

6,$!+2--=;;,7!,++!5,$!12%!&$!&$6&-!706$2$;!4A!%,+,/,7&$![32$,!Z<,%&52<!f8.'$,-7!F[ZfH!

:A'!01&'!S)))!+'=::,'!5&%!,'+26-,'!5&%!6844-2$;,'!+2--!E.7!:0':,++,'76,4?!

! Z$$&!r&%&--*r&%&--7/8';M!Z,'3.7!.$21&'72+&+M!5&$,'!,++!E.!1&'6,'!3,!:.$;&',+!

785!&$!6,+,->7,+8'!:0'!%'21,!:',5!$>,M!.+8562$&7276,M!4&'74&6+21!4A!58%&'$!&7+&+26!2!

C2$,?!D!,'+26&-$!Qt$&!C2$%!8:![32$&7&!N2+&',+.'&T!P&,%2$;!E.!9.,Q!F"((XH!76'21&'!38$!

,++! 62$&7276,! :8'76,'&! F/87,++,! .+,$:0'! C2$,H! 3,'! +2--%&-,+! E.! &$! <&$+',-! '8--! 2! %276.7*

728$&'$,! 85! 58%&'$275! 8<3! 487+*58%&'$275! 2$85! %&$! 62$&7276,! -2++&',+.'&$?

eG

!K32!

8<3! N2.7! ;&$85;A$;! 127,'! ,++! %&++,! :8'76$2$;74&'74&6+21! :8'+:,',$%&! ='! ,6+.&--+?! g&!

r&2!F¶·HM!\2$;%2$;73,$!Z<,%&5>!F?,"/&,"/)$%"#50':0%"!¸¹º89H!76'21&'!&I&5*

4&-127!,++!E.!2$+&!3,'!01&';&++!.+:8'76,$%&+!,1!58%&'$275&$!5&%!72$!7&$,7+&!'85,$!

5,."/&,?

eX

!o++!,$$,+!&I&54&-!='!U.!i3,8!F»¼HM!K8.+3n&7+!#$21&'72+>!F5,"%"#&%70'#½

¾s8 HM!785!,$1=$%&'!72;!,1!S%,#T,:,#T$."/#$0$%"!8<3!5,."/&,#:0'!,++!58+7=++,!72;!%&!

;&$&'&--,!.44:,++$2$;,'$,!85!,++!C2$,!7,6$,'!Q'26+2;,Q!/2-%$2$;7'85,$&'#FI$'"/T$%"/#

7,%.)$0.#¿ÀQRHG

e`

#!

# o$-2;+!K32!8<3!N2.!+><67!:8'76$2$;&$!.+,$:0'!C2$,!F7='762-+!2!#KZH!:86.7&',!4A!

%&+! 62$&7276,! 7,53=--&! 785! 48'+'=++&',7! 2! :0':,++,'76,4&+! 7$,','&! =$! %&! -2++&'=',!

1&'6&$! 2! 72;q! Qj???m! ,5&'26,$76,! 6'2+26&'! ='! 5&'! &$+.72,7+276,! 01&'! ,++! 6,'+-=;;,! %&$!

62$&7276,!327+8'2&$!8<3!6.-+.'&$!7,5+!%,;&$7!7,53=--772+.,+28$M!5&$!'&:-&6+&','!7=--,$!

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

ee!K32!N2B.,$!l!N2.!N2$M!Qi,2!-2&/,$!>.!<3&$%2,$!p38$;!I2$;B2$RRS))(!$2,$!E.!9.,!>,$B2.!p8$;73.Q!

jaZ++!2!74-2++'2$;!8<3!7&%25&$+&'2$;!'0',!72;!:',5A+T!o$!7,55,$:,++$2$;!,1!E.!9.,*:8'76$2$;&$!

.$%&'!S))(amM!S$'8,%"/#6$,E%"&%T0'#70'-%"M!]8-?!_GM!^'?!GM!S)")M!7?!G`*Xe?!

eG!Z$$&!r&%&--*r&%&--7/8';M!Qt$&!C2$%!8:![32$&7&!N2+&',+.'&T!P&,%2$;!E.!9.,QM!@$,"')'#Q,2'3%203'B#

!))%:)H#X32,I(')H#P'1,'D)M!]8-?!"YM!"((XM!7?!"S(?!K&!8<67A!81,$M!6,42+&-!_?S?!

eX!g&!r&2T!Qi,2!-2&/2,$!p38$;!I2$;B2$!%&!E.!9.,zzi,2!fJ28$;%2gp38$;!E.!9.,!I2,$:&$;!B2$;73&$!

%&!>,$I.!B2!>2p38$;!-2-.$!%&!<3,$732Q!jZ++!'0',!72;!:',5A+!2!74-2++'2$;T!,1,$+;,'%275&$!8<3!,$,->7&$!

,1!C2$,7!7,5+2%7327+8'2,!2!E.!9.,7!aW'0%&'amM!\,%"/7,#8,%.:0#70':%.#D'"70'#-%.M!S))(M!7?!(_*(G?!

e`!K&T!U.M!7?!YG*Y`?!

References

Related documents

Koden har lett till ett ökat intresse och fokus för frågor gällande intern kontroll och bolagsstyrning vilket är bra enligt revisorerna.. De anser också att högre krav ställs

För att det sociala arbetet ska kunna utveckla ett förhållningssätt till genusnormernas inverkan på de sociala problemen, i bemötandet av män som socialt utsatta

”komplicerade, svåra eller abstrakta” tyder på att experten med ansvaret för denna spalt strävar efter att hålla sig så personlig och enkel som möjligt. Mitt antagande är

Södertörns högskola | Institutionen för kultur och lärande. Kandidatuppsats 15 hp | Medie- och kommunikationsvetenskap C |

Högskolans nuvarande mål för miljö- och hållbar utveckling innehåller mål såväl för de områden där högskolan har en direkt miljöpåverkan – till exempel

R22. Övervaka vilken syndikat data som verkligen används för beslutstöd för att reducera resurserna som spenderas på syndikat data. Respondenterna har inga problem att tolka

Södertörns högskola | Institutionen för naturvetenskap, miljö och teknik Examensarbete 15 hp | Medieteknik | Vårterminen 2013. (Frivilligt: Programmet

2.4.2 Försäljning av hela företaget till en industriell köpare (trade sale): Vid denna exit säljs hela företaget till en tredje part, i utbyte mot kontanter, aktier i det