Professional Documents
Culture Documents
Russell (1905) PDF
Russell (1905) PDF
!"#$%"&'(")
*+',&-./01#2%-'-3"4#5+//%66
7&+-8%1#9("4:#;%<#7%-(%/:#=&6>#?@:#;&>#AB#.!8'>:#?CDA0:#EE>#@FCG@CH
I+J6(/,%4#JK1#!LM&-4#N"(O%-/('K#I-%//#&"#J%,36M#&M#',%#9("4#*//&8(3'(&"
7'3J6%#N5P1#http://www.jstor.org/stable/2248381
*88%//%41#DAQDRQSD?D#?A1?C
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at
http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless
you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you
may use content in the JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at
http://www.jstor.org/action/showPublisher?publisherCode=oup.
Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed
page of such transmission.
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of
content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms
of scholarship. For more information about JSTOR, please contact support@jstor.org.
Oxford University Press and Mind Association are collaborating with JSTOR to digitize, preserve and extend
access to Mind.
http://www.jstor.org
!!"#$%& '(%$)!%*"&
+,& +(-)-.%'& -/00(11"&
8B&D8=4>&D79<&D<8>5&?52676:>&D5&2=5&2AT@276954"& )8&92V5&
2&G5=,&7?;8=9269& 76>926A5E& )<5=5&>55?>&68&=52>86&98&N5C75G5&
9<29&D5&2=5&5G5=&2AT@276954&D79<&89<5=&;58;C5Z>&?764>F&>5576:&
9<29&9<5>5&2=5&689&47=5A9C,& ;5=A57G54O& <56A5&D<29&D5&V68D&
2N8@9&9<5?&7>&8N927654&9<=8@:<&4568976:"& .CC&9<76V76:& <2>&
98&>92=9&B=8?&2AT@276926A5O& N@9&79&>@AA554>&76&9<76V76:& 2N8@9&
?26,&9<76:>&D79<&D<7A<&D5&<2G5&68&2AT@276926A5"&
)<5& A8@=>5&8B&?,&2=:@?569&D7CC&N5&2>& B8CC8D>"& !& ><2CC&
N5:76&N,&>92976:&9<5&9<58=,&!& 769564&98&24G8A295O&!& !& ><2CC&
9<56&47>A@>>&9<5&9<58=75>&8B&I=5:5& 264&[57686:F&><8D76:&
D<,&6579<5=&8B&9<5?&>297>B75>&?5O& 9<56&!& ><2CC& :7G5& 9<5&
:=8@64>&76&B2G8@=&8B&?,&9<58=,O&264&B762CC,&!& ><2CC&N=75BC,&
7647A295&9<5&;<7C8>8;<7A2C&A86>5T@56A5>&8B&?,&9<58=,"&
[,&9<58=,F& 7>&2>&B8CC8D>"& !& 92V5&9<5&689786&8B&9<5&
N=75BC,F&
G2=72NC5&2>&B@642?5692CO&!& @>5&3&\& KUM&3&98&?526&2& ;=8;8>7#&
9786Q&76&D<7A<&U&7>&2& A86>979@569F& D<5=5&UF&9<5&G2=72NC5F&7>&
5>>56972CC,&264&D<8CC,&@64595=?7654"&)<56&D5&A26&A86>745=&
9<5&9D8&689786>&3\& KUM&7>&2CD2,>&9=@53& 264&3&\&KUM&7>&>8?5#&
97?5>&9=@5& 3"S& )<56&5G5=,9<76:& 264&689<76:&264&>8?59<76:&
KD<7A<&2=5&9<5&?8>9&;=7?797G5&8B&4568976:&;<=2>5>M& 2=5&98&
N5&7695=;=5954& 2>& B8CC8D>E&
\& K5G5=,9<76:M&?526>&3&\&KUM&7>&2CD2,>&9=@53O&
\&K689<76:M&?526>&3Z\& KUM&7>&B2C>5Z&7>&2CD2,>&9=@53O&
\& K>8?59<76:M&?526>& 3!9& 7>& B2C>5&9<29&Z&\& KUM&7>&B2C>5Z& 7>&
2CD2,>& 9=@5&3"&
]5=5&9<5&689786&3&\&KUM&7>&2CD2,>&9=@53&7>&92V56&2>&@C97?295&
264&7645B762NC5F&264&9<5&89<5=>&2=5&45B7654&N,&?526>&8B&79"&
(G5=,9<76:F&689<76:F& 2=5&689&2>>@?54&98&<2G5&26,&
264&>8?59<76:F&
?52676:&76&7>8C29786F&N@9&2&?52676:&7>&2>>7:654&98&5G5=,& ;=8#&
;8>79786&76&D<7A<&9<5,&8AA@="& )<7>&7>&9<5&;=76A7;C5&8B&9<5&
9<58=,& 8B&4568976:&!&D7><&98&24G8A295E& 9<29&4568976:&;<=2>5>&
65G5=&<2G5&26,&?52676:&76&9<5?>5CG5>F& N@9&9<29&5G5=,&;=8#&
;;>79786&76&D<8>5&G5=N2C&5U;=5>>786&9<5,&8AA@=&<2>& 2&?526#&
76:"& )<5&47BB7A@C975>&A86A5=676:&4568976:&2=5F&!& N5C75G5F&29C&
2&D=86:&262C,>7>&8B&;=8;8>79786>&D<8>5&G5=N2C&
9<5&=5>@C9&8^B&
5U;=5>>786>&A869276&4568976:&;<=2>5>"& )<5&;=8;5=&262C,>7>F&
7B&!& 2?&689&?7>92V56F&?2,&N5&B@=9<5=& >59&B8=9<&2>&B8CC8D>"&
9<7>&>@NR5A9&76&_=76A7;C5>&8B&[29<5?297A>F&
!&!& <2G5&47>A@>>54& A<2;95=&
G"F&264&`&Wab"& )<5&9<58=,& 9<5=5&24G8A2954&7>&G5=,&652=C,&9<5&>2?5&2>&
I=5:5Z>F&264&7>&T@795&47BB5=569&B=8?& 9<5&9<58=,& 98&N5&24G8A2954&76&D<29&
B8CC8D>"&
Q&[8=5& 2&;=8;8>797862C&
5U2A9C,F& B@6A9786"&
S&)<5&>5A864&8B&9<5>5&A26&N5&45B7654& N,&?7526>& 7B&D5&92V5&
8B&9<5&B7=>9F&
79&98&?526F&3!9&7>&689&9=@5&9<29&Z\&KUM&7>&B2C>5Z&7>&2CD2,>&9=@5&3"&
W!& ><2CC&>8?597?5>&@>5F&76>9524&8B&9<7>&A8?;C7A2954& 9<5&;<=2>5&
;<=2>5F&
3\&KUM&7>&689&2CD2,>& 8=&3&\&KUM&7>&>8?597?5>&
B2C>5F3& >@;;8>54&
9=@5F3& 45B7654&
98&?526&9<5&>2?5&2>&9<5&A8?;C7A2954& ;<=2>5"&
$%& '(%$)!%*"& WXL&
3&9<5&H76:&8B&(6:C264&3&<2>&2&?52676:F&<2>&A5=9276C,& 68&45#&
68929786F&29&C52>9&76&26,&8NG78@>&>56>5"& ]56A5& 865&D8@C4&
>@;;8>5& 9<29&39<5& H76:&8B&I=26A5& 7>& N2C43& 8@:<9&98&N5&
686>56>5O& N@9&79&7>& 689&686>56>5F&>76A5&79&7>&;C276C,&B2C>5"&
$=&2:276&A86>745=&>@A<&2&;=8;8>79786&2>&9<5&B8CC8D76:E&3&!B&@&
7>&2&AC2>>&D<7A<&<2>&86C,&865&?5?N5=F& 9<56&9<29&865&?5?N5=&
7>&2&?5?N5=&8B&@F3& 8=F&2>& D5&?2,&>9295&79F&3&!B&@&7>& 2& @679&
AC2>>F&9<5&@& 7>&2& @&3"& )<7>&;=8;8>79786& 8@:<9&98&N5&2CD2,>&
9=@5F&>76A5&9<5&A86AC@>786&7>&9=@5&D<565G5=&9<5&<,;89<5>7>& 7>&
9=@5"& +@9& 3&9<5&@&3&7>&2& 4568976:&;<=2>5F&264&79&7>&9<5&45#&
68929786F&689&9<5&?52676:F&9<29&7>&>274&98&N5&2&@"& %8D&7B&@&
7>&689&2&@679&AC2>>F&39<5&@&3&>55?>&98&456895&689<76:O&<56A5&
8@=&;=8;8>79786& D8@C4&>55?&98&N5A8?5&686>56>5&2>& >88#6&2>&
?@&7>&689&2&@679&AC2>>"&
%8D& 79&7>& ;C276&9<29&>@A<& ;=8;8>79786>&48& 689&N5A8?5&
686>56>5&?5=5C,&N5A2@>5&9<57=&<,;89<5>5>&2=5&B2C>5"& )<5&
H76:&76& 3&)<5& )5?;5>9&3&?7:<9&>2,F&3&!B&I5=476264&7>&689&
4=8D654F&I5=476264&7>&?,&86C,&>86&3"& %8D& 3&?,&86C,&>86&3&
7>&2&4568976:&;<=2>5F&D<7A<F&86&9<5&B2A5&8B&79F&<2>& 2&456892#&
9786&D<56F&264&86C,&D<56F&!& <2G5&5U2A9C,&865&>86"& +@9&9<5&
2N8G5&>9295?569&D8@C4&65G5=9<5C5>>&<2G5&=5?27654&9=@5&7B&
I5=476264&<24&N556&76&B2A9&4=8D654"& )<@>&D5&?@>9&579<5=&
;=8G745&2& 4568929786&76& A2>5>& 76&D<7A<&79&7>& 29&B7=>9&>7:<9&
2N>569F&8=&D5&?@>9&2N26486&9<5&G75D&9<29&9<5&4568929786&7>&
D<29&7>& A86A5=654&76&;=8;8>79786>&D<7A<&A869276&4568976:&
;<=2>5>"& )<5& C2995=&7>& 9<5& A8@=>5&9<29&!& 24G8A295"& )<5&
B8=?5=&A8@=>5&?2,&N5&92V56F&2>& N,&[57686:F&N,&24?79976:&
8NR5A9>&D<7A<&48&689&>@N>7>9F&264&456,76:&9<29&9<5,&8N5,&
9<5&C2D&8B&A869=247A9786O&9<7>F&<8D5G5=F&7>& 98&N5& 2G87454&7B&
;8>>7NC5"& .689<5=&D2,&8B&92V76:&9<5&>2?5&A8@=>5&K>8&B2=&2>&
8@=&;=5>569&2C95=6297G5&7>&A86A5=654M&7>& 248;954&N,&I=5:5F&
D<8&;=8G745>&N,&45B7679786& >8?5&;@=5C,&A86G5697862C&456892#&
9786&B8=&9<5&A2>5>& 76&D<7A<&89<5=D7>5&9<5=5&D8@C4&N5&6865"&
)<@>& 39<5& H76:&8B&I=26A5F3& 7>& 98&456895&9<5&6@CC#AC2>>O&
3&9<5&86C,&>86&8B&[="&08#264#>8&3& KD<8&<2>& 2& B765&B2?7C,&8B&
956MF&7>&98"456895&9<5&AC2>>&8B&2CC& <7>&>86>O& 264&>8&86"& +@9&
9<7>&;=8A54@=5F&9<8@:<&79&?2,&689&C524&98&2A9@2C&C8:7A2C&5==8=F&
7>&;C276C,&2=97B7A72CF& 264& 485>&689&:7G5&26& 5U2A9&262C,>7>&8B&
9<5&?2995="& )<@>& 7B&D5& 2CC8D& 9<29& 4568976:&;<=2>5>F&76&
:565=2CF&<2G5&9<5&9D8&>745>&8B&?52676:&264&4568929786F&9<5&
A2>5>&D<5=5&9<5=5&>55?>&98&N5&68&4568929786&A2@>5&47BB7A@C975>&
N89<&86&9<5&2>>@?;9786&9<29&9<5=5&=52CC,&7>&2& 4568929786&264&
86&9<5&2>>@?;9786&9<29&9<5=5&=52CC,&7>&6865"&
.&C8:7A2C&9<58=,&?2,&N5&95>954&N,&79>&A2;2A79,&B8=&452C76:&
D79<&;@ccC5>F&264&79&7>&2& D<8C5>8?5&;C26F&76&9<76V76:& 2N8@9&
C8:7AF&98&>98AV&9<5&?764&D79<&2>&?26,&;@ccC5>& 2>&;8>>7NC5F&
$%& '(%$)!%*"& WXf&
h59F&2>&D5&<2G5&R@>9&>556F&>8&C86:&2>&D5&24<5=5&98&9<7>&;8769F&
8B&G75DF&D5&2=5&A8?;5CC54&98&<8C4&9<29&86C,&9<5&4568929786&
A26& N5&=5C5G269"& )<@>&9<5&;8769&8B&G75D&76&T@5>9786&?@>9&
N5&2N2648654"&
!9&=5?276>&98&><8D&<8D&2CC&9<5&;@ccC5>&D5&<2G5&N556&A86#&
>745=76:&2=5&>8CG54&N,&9<5&9<58=,&5U;C27654&29&9<5&N5:76676:&
8B&9<7>&2=97AC5"&
.AA8=476:&98&9<5&G75D&D<7A<&!& 24G8A295F&2&4568976:& ;<=2>5&
7>& 5>>56972CC,&;2=9&8B&2& >56956A5F&264& 485>&689F&C7V5&?8>9&
>76:C5&D8=4>F&<2G5&26,&>7:67B7A26A5& 86&79>&8D6&2AA8@69"& !B&
!& >2,&3&0A899&D2>& 2&?26F3& 9<29&7>&2&>9295?569&8B&9<5&B8=?6&
3&U&D2>& 2&?26F3& 264&79&<2>& 3&0A899&3& B8=&79>&>@NR5A9"& +@9&
7B&!& >2,& 3&9<5&2@9<8=&8B&JA2G5=C5,& D2>&2& ?26F3&9<29&7>&689&2F&
>9295?569& 8B&9<5&B8=?&3U& D2>&2&?26F3&264&485>&689&<2G5&3&9<5&
2@9<8=&8B&J2G5=C5,& 3&B8=&79>&>@NR5A9"& .NN=5G72976:& 9<5&>9295#&
?569&?245&29&9<5&N5:76676:& 8B&9<7>&2=97AC5F&D5&?2,&;@9F&76&
;C2A5& 8B&39<5& 2@9<8=&8B&J2G5=C5,& D2>& 2& ?26F3&9<5&B8CC8D#&
76:E& 3&$65&264& 86C,&865& 56979,&D=895&J2G5=C5,F& 264&9<29&
865&D2>& 2&?263"& K)<7>&7>&689&>8&>9=7A9C,& D<29&7>&?5269&2>&
D<29&D2>&>274&52=C75=O&N@9&79&7>&52>75=&98&B8CC8D"M& .64&>;52V#&
76:&:565=2CC,F&>@;;8>5&D5&D7><&98&>2,& 9<29&9<5&2@9<8=&8B&
J2G5=C5,& <24&9<5&;=8;5=9,& YF&D<29&D5&D7><&98&>2,&7>&5T@7G2#&
C569&98& 3&$65&264&86C,&865&56979,&D=895&J2G5=C5,F& 264&9<29&
865&<24&9<5&;=8;5=9,& Y&3"&
)<5& 5U;C2629786&8B&4568929786& 7>& 68DF&2>& B8CC8D>"& (G5=,&
;=8;8>79786&76& D<7A<& 3&9<5& 2@9<8=&8B& J2G5=C5,& 3& 8AA@=>&
N576:&5U;C27654&2>& 2N8G5F&9<5&;=8;8>79786&30A899& D2>& 9<5&
2@9<8=&8B& J2G5=C5,3&K7"5"& 3&0A899&D2>& 745697A2C&D79<& 9<5&
2@9<8=&8B& J2G5=C5,3M& N5A8?5>&3&$65&264& 86C,&865& 56979,&
D=895&J2G5=C5,F& 264&0A899&D2>&745697A2C&D79<&9<29&8653O& 8=F&
=5G5=976:&98& 9<5&D<8CC,&5U;C7A79&B8=?E&3!9& 7>& 689&2CD2,>&
B2C>5&8B&U&9<29&U&D=895&J2G5=C5,F& 9<29&79&7>&2CD2,>&9=@5&8B&,&
9<29&7B&,&D=895&J2G5=C5,& ,&7>&745697A2C&D79<&UF&264&9<29&0A899&
7>&745697A2C&D79<&U&3"& )<@>&7B&3&\&3&7>&2& 4568976:&;<=2>5F&79&
?2,&<2;;56&9<29&9<5=5&7>&865&56979,&U&K9<5=5&A26689&N5&?8=5&
9<26&865M&B8=&D<7A<&9<5&;=8;8>79786&3U& 7>&745697A2C&D79<&\3&
7>&9=@5F&9<7>&;=8;8>79786&N576:&7695=;=5954&2>& 2N8G5"& J5&
?2,& 9<56& >2,& 9<29&9<5&56979,& U&7>& 9<5&4568929786&8B&9<5&
;<=2>5&3\& 3"& )<@>& 0A899&7>&9<5&4568929786&8B&3&9<5&2@9<8=&
8B&J2G5=C5,3"& )<5&3#\&3&76&76G5=954& A8??2>&D7CC&N5&?5=5C,&
9<5&;<=2>5F& 689&26,9<76:#9<29& A26&N5&A2CC54&9<5&?52676:"&)<5&
;<=2>5&;5=&>5&<2>&68&?52676:F&N5A2@>5&76&26,&;=8;8>79786&76&
D<7A<&79& 8AA@=>&9<5&;=8;8>79786F&B@CC,&5U;=5>>54F&485>&689&
A869276&9<5&;<=2>5F&D<7A<&<2>&N556&N=8V56&@;"&
)<5&;@ccC5& 2N8@9&*58=:5&!g"Z>& A@=78>79,&7>&68D&>556&98&
<2G5& 2& G5=,&>7?;C5&>8C@9786"& )<5& ;=8;8>79786&3&0A899&D2>&
$%& '(%$)!%*"& WXd&
9<5&2@9<8=&8B&J2G5=C5,F3& D<7A<&D2>& D=79956&8@9&76&79>&@6#&
2NN=5G72954&B8=?&76&9<5&;=5A5476:&;2=2:=2;<F&485>&689&A86#&
9276& 26,&A86>979@569&39<5& 2@9<8=&8B&J2G5=C5,& 3& B8=&D<7A<&
D5&A8@C4&>@N>979@95&3&0A899&3"& )<7>&485>&689&7695=B5=5& D79<&
9<5&9=@9<& 8B&76B5=56A5>& B=8?&
=5>@C976:& ?2V76:&D<29&7>&G5=N2CC,&
9<5&>@N>979@9786& 8B&3&0A899&3&B8=&3&9<5&2@9<8=&8B&J2G5=C5,F3& >8&
C86:&2>&3&9<5&2@9<8=&8B&J22G5=C5,3& <2>& D<29&!& A2CC&2&;=7?2=,&
8AA@==56A5&76&9<5&;=8;8>79786&A86>745=54"& )<5&47BB5=56A5& 8B&
;=7?2=,&264&>5A8642=,&8AA@==56A5>&8B&4568976:&;<=2>5>&7>&
2>&B8CC8D>E#&
J<56&D5&>2,E& 3&*58=:5&!g"& D7><54&98&V68D&D<59<5=&>8#&
264#>8F3&8=&D<56&D5&>2,&3&08#264#>8&7>&>@=;=7>76:3&8=&3&08#&
264#>8&7>&9=@5F3&59A"F&9<5&3&>8#264#>8&3&?@>9&N5&2&;=8;8>79786"&
0@;;8>5& 68D&9<29&3&>8#264#>8&3& A869276>&2& 4568976:&;<=2>5"&
J5& ?2,&579<5=&5C7?76295&9<7>& 4568976:&;<=2>5&B=8?&9<5&
O>@N8=476295& ;=8;8>79786&3&>8#264#>8F3&8=&B=8?&9<5&D<8C5&;=8#&
;8>79786&76&D<7A<&3&>8#264#>8&3&7>&2&?5=5&A86>979@569"&'7BB5=#&
569&;=8;8>79786>&=5>@C9&2AA8=476:&98&D<7A<&D5&48"& !& <2G5&
<52=4&8B&2&98@A<,&8D65=&8B&2&,2A<9&98&D<8?&2&:@5>9F&86&B7=>9&
>5576:&79F&=5?2=V54F& 3&!& 9<8@:<9&,8@=&,2A<9&D2>& C2=:5=&9<26&
79&7>3O& 264&9<5&8D65=&=5;C754F&3&%8F&?,&,2A<9&7>&689&C2=:5=&
9<26&79&7>&3"& J<29&9<5&:@5>9&?5269&D2>F&3&)<5& >7c5&9<29&!&
9<8@:<9&,8@=&,2A<9&D2>&7>&:=5295=&9<26&9<5&>7c5&,8@=&,2A<9&
7>&3O& 9<5&?52676:&299=7N@954& 98&<7?&7>F&3&!&9<8@:<9&9<5&>7c5&
8B&,8@=&,2A<9&D2>&:=5295=&9<26&9<5&>7c5&8B&,8@=&,2A<93"& )8&
=59@=6&98&*58=:5&!g"& 264&J2G5=C5,F& D<56&D5&>2,F&3*58=:5&
!g"& D7><54& 98& V68D& D<59<5=&0A899& D2>& 9<5& 2@9<8=&8B&
J82G5=C5,F3&D5&68=?2CC,&?526&3&*58=:5&!g"&D7><54&98&V68D&
D<59<5=&865#&264&86C,&865& ?26&D=895&J2G5=C5,& 264& 0A899&
D2>& 9<29&?263O& N@9&D5&?2,&2C>8& ?526E& 3$65& 264& 86C,&
865&#?26&D=895&J2G5=C5,F& 264&*58=:5&!g"& D7><54&98&V68D&
D<59<5=&0A899&D2>&9<29&?26&3"& !6& 9<5&C2995=F&3&9<5&2@9<8=&
8B&J2G5=C5,3&<2>& 2& ;=7?2=,&8AA@==56A5O&76& 9<5&B8=?5=F& 2&
>5A8642=,"&)<5& C2995=&?7:<9&N5&5U;=5>>54&N,&3*58=:5& !g"&
D7><54&98& V68DF&A86A5=676:&9<5&?26&D<8& 76& B2A9&D=895&
J2G5=C5,F& D<59<5=&<5&D2>& 0A899&3"& )<7>& D8@C4&N5&9=@5F&B8=&
5U2?;C5F&7B&*58=:5&!g"& <24& >556&0A899&29&2& 47>926A5F&264&
<24& 2>V54&3!>& 9<29&0A899`3& .& >5A8642=,& 8AA@==56A5&8B&2&
4568976:&;<=2>5&?2,&N5&45B7654&2>&865&76&D<7A<&9<5&;<=2>5&
8AA@=>&76&2&;=8;8>79786& ;&D<7A<&7>&2&?5=5&A8@6>979@569& 8B&9<5&
;=8;8>79786&D5&2=5&A86>745=76:F& 264&9<5&>@N>979@9786&B8=&9<5&
4568976:&;<=2>5&7>&98&N5&5BB5A954& 689&76&9<5&D<8C5&;=8#&
76?;F&
;8>79786&A86A5=654"& )<5&2?N7:@79,& 2>&N59D556&;=7?2=,& 264&
>5A8642=,&8AA@==56A5>&7>&<2=4&98&2G874&76&C26:@2:5O& N@9&79&
485>&68&<2=?&7B&D5&2=5&86&8@=&:@2=4&2:276>9&79"& !6&>,?N8C7A&
C8:7A&79&7>&8B&A8@=>5&52>7C,&2G87454"&
SS&
WdY& +(-)-.%'& #-/00(11E&
)<5&47>976A9786& 8B&;=7?2=,&264&>5A8642=,&8AA@==56A5>&2C>8&
562NC5>&@>& 98&452C&D79<&9<5&T@5>9786&D<59<5=&9<5&;=5>569&
H76:&8B&I=26A5&7>&N2C4&8=&689&N2C4F&264&:565=2CC,&D79<&9<5&
C8:7A2C&>929@>&8B&4568976:&;<=2>5>&9<29&456895&689<76:"& !B&
3\3& 7>&2& 4568976:&;<=2>5F&>2,&3&9<5&95=?&<2G76:&9<5&;=8#&
;5=9,&IF3& 9<56&
3&\& <2>& 9<5&;=8;5=9,&N3&?526>&3865& 264& 86C,&865&95=?&
<2>&9<5&;=8;5=9,& IF&264&9<29&865&<2>&9<5&;=8;5=9,& N3"b&
!B&68D&9<5&;=8;5=9,& I& N5C86:>&98&68&95=?>F&8=&98&>5G5=2CF&79&
B8CC8D>&9<29&3&\&<2>&9<5&;=8;5=9,& >N3&7>&B2C>5&B8=&2CC&G2C@5>&
8B&Z"& )<@>&3&9<5&;=5>569& H76:&8B&I=26A5&7>&N2C4&3&7>&A5=9276C,&
B2C>5O& 264&3&9<5&;=5>569&H76:&8B&I=26A5&7>&689&N2C43& 7>&B2C>5&
7B&79&?526>&
3)<5=5& 7>&26&56979,& D<7A<&7>&68D&H76:&8B&I=26A5&264&7>&689&
N2C4F&
N@9&7>&9=@5&7B&79&?526>&
3!9& 7>&B2C>5&9<29&9<5=5&7>&26& 56979,&D<7A<&7>&68D&H76:&8B&
I=26A5&264&7>&N2C4&3"&
)<29& 7>F&39<5& H76:&8B&I=26A5& 7>&689&N2C4&3& 7>&B2C>5&7B&9<5&
8AA@==56A5&8B&3&9<5&H76:&8B&I=26A5&3&7>&;=7?2=,F& 264&9=@5&7B&
79&7>&>5A8642=,"&)<@>&2CC&;=8;8>79786>& 76&D<7A<&3&9<5&H76:&8B&
I=26A53& <2>&2&;=7?2=,&8AA@==56A5&2=5&B2C>5O& 9<5&45672C>&8B&
>@A<&;=8;8>79786>& 2=5&9=@5F&N@9&76&9<5?&3&9<5&H76:&8B&I=26A5&3&
<2>&2&>5A8642=,&8AA@==56A5"& )<@>&D5&5>A2;5&9<5&A86AC@>786&
9<29&9<5&H76:&8B&I=26A5&<2>&2&D7:"&
J5& A26&68D&>55&2C>8&<8D&98&456,&9<29&9<5=5&7>&>@A<&26&
8NR5A9&2>&9<5&47BB5=56A5& N59D556&.&264&+&76&9<5&A2>5&D<56&.&
264&+& 48&689&47BB5="&!B&.&264&+& 48&47BB5=F& 9<5=5&7>&865&264&
86C,&865&56979,& U&>@A<&9<29&3&U&7>&9<5&47BB5=56A5&
N59D556&.&264&
+&3& 7>&2&9=@5&;=8;8>79786O&7B&.&264&+& 48&689&47BB5=F& 9<5=5&7>&
68&>@A<&56979,& U"& )<@>&2AA8=476:&98&9<5&?52676:&8B&456892#&
9786&C295C,&5U;C27654F&3&9<5&47BB5=56A5& N59D556&.&264&+&3&<2>&
2&4568929786&D<56&.&264&+& 47BB5=F& N@9&689&89<5=D7>5"& )<7>&
47BB5=56A5&2;;C75>&98&9=@5&264&B2C>5&;=8;8>79786>& :565=2CC,"& !B&
3Z2&-&N&3&>9264>&B8=&3&2&<2>&9<5&=5C29786&-&98&NF3&9<56&D<56&
2-& N&7>&9=@5F&9<5=5&7>&>@A<&26&56979,&2>&9<5&=5C29786&-&N59D556&
2&264&NO& D<56&2&-&N&7>&B2C>5F&9<5=5&7>&68&>@A<&56979,"& )<@>&
8@9&8B&26,a& ;=8;8>79786& D5&A26&?2V5&2&4568976:& ;<=2>5F&D<7A<&
456895>&26&56979,&7B&9<5&;=8;8>79786& 7>&9=@5F&N@9&485>&689&45#&
6895&26&56979,&7B&9<5&;=8;8>79786&7>&B2C>5"& (":"F&79&7>&9=@5&K29&
C52>9&D5&D7CC&>@;;8>5&>8M&9<29&9<5&52=9<&=5G8CG5>&=8@64&9<5&
>@6F&264&B2C>5&9<29&9<5&>@6&=5G8CG5>&=8@64&9<5&52=9<O&<56A5&
39<5& =5G8C@9786&8B&9<5&52=9<&=8@64&9<5&>@63& 456895>&26&
!&)<7>& 7>&9<5&2NN=5G72954F&689&9<5&>9=7A95=F&7695=;=5929786"&
$%& '(%$)!%*"& WdL&
56979,F&D<7C5&3&9<5&=5G8C@9786&8B&9<5&>@6&=8@64&9<5&52=9<3&
485>&689&456895&26&56979,"Z&
)<5& D<8C5&=52C?&8B&686#5697975>F&>@A<& 2>& 3&9<5&=8@64&
>T@2=5F3&39<5&5G56&;=7?5&89<5=&9<26&QF3&3&.;8CC8F3&3&]2?#&
C59F3&59A"F&A26&68D&N5&>297>B2A98=7C,& 452C9&D79<"& .CC&9<5>5&2=5&
4568976:&;<=2>5>&D<7A<&48& 689&456895&26,9<76:"& .& ;=8#&
;8>79786&2N8@9&.;8CC8&?526>&D<29&D5& :59&N,&>@N>979@976:&
D<29& 9<5&AC2>>7A2C&47A97862=,&95CC>&@>& 7>&?5269&N,&.;8CC8F&
>2,&3&9<5&>@6#:84&3"& .CC&;=8;8>79786>& 76&D<7A<&.;8CC8&8AA@=>&
2=5&98&N5&7695=;=5954& N,&9<5&2N8G5&=@C5>&B8=&4568976:& ;<=2>5>"&
!B& 3&.;8CC8&3& <2>&2&;=7?2=,& 8AA@==56A5F& 9<5&;=8;8>79786&A86#&
927676:&9<5&8AA@==56A5& 7>&B2C>5O&7B&9<5&8AA@==56A5&7>&>5A8642=,F&
9<5&;=8;8>79786& ?2,&N5&9=@5"& 08&2:276&3&9<5&=8@64&>T@2=5&7>&
=8@64&3&?526>&3&9<5=5&7>&865&264&86C,&865&56979,&U&D<7A<&7>&
=8@64&264& >T@2=5F& 264& 9<29&56979,&7>& =8@64F3&D<7A<&7>& 2&
B2C>5&;=8;8>79786F&689F&2>& [57686:&?2769276>F&2& 9=@5&865"&
3&)<5&?8>9&;5=B5A9&+576:& <2>&2CC&;5=B5A9786>O&5U7>956A5&7>&
2& ;5=B5A9786O&9<5=5B8=5& 9<5&?8>9&;5=B5A9&+576:&5U7>9>3& N5#&
A8?5>E&
3&)<5=5&7>&865&264&86C,&865&56979,& U&D<7A<&7>&?8>9&;5=B5A9O&
9<29&865&<2>&2CC&;5=B5A9786>O&5U7>956A5&7>&2&;5=B5A9786O&9<5=5#&
B8=5&9<29&865&5U7>9>3"& .>&2& ;=88BF&9<7>&B27C>&B8=&D269&8B&2&
;=88B&8B&9<5&;=5?7>>&39<5=5&7>& 865&264&86C,&865&56979,&U&
D<7A<&7>&?8>9&;5=B5A9& 3Z"Q&
[="&[2A\8CC&K[!%'F&%"0"F&%8"&fWF&264&2:276&%8"&ffF&;"&WYLM&
=5:2=4>&7647G74@2C>&2>&8B&9D8&>8=9>F&=52C&264&@6=52CO& <56A5&
<5&45B765>& 9<5&6@CC#AC2>>&2>&9<5&AC2>>&A86>7>976:&8B&2CC&@6=52C&
7647G74@2C>"& )<7>& 2>>@?5>& 9<29& >@A<& ;<=2>5>& 2>& 3&9<5&
;=5>569&H76:& 8B&I=26A5F3& D<7A<&48&689&456895&2& =52C&76#&
47G74@2CF&48F&65G5=9<5C5>>F& 456895&26&7647G74@2CF&N@9&26&@6#&
=52C&865"& )<7>&7>&5>>56972CC,&[57686:Z>&9<58=,F&D<7A<&D5&
<2G5&>556&=52>86&98&=5R5A9&N5A2@>5&79&A86BC7A9>& D79<&9<5&C2D&
8B&A869=247A9786"&J79<&8@=&9<58=,&8B&4568976:F& D5&2=5&2NC5&
98& <8C4&9<29&9<5=5&2=5&68&@6=52C&7647G74@2C>O& >8&9<29&9<5&
6@CC#AC2>>&7>&9<5&AC2>>&A86927676:&68&?5?N5=>F&689&9<5&AC2>>&
A86927676:&2>&?5?N5=>&2CC&@6=52C&7647G74@2C>"&
!9& 7>&7?;8=9269&98&8N>5=G5&9<5&5BB5A9& 8B&8@=&9<58=,&86&9<5&
7695=;=5929786& 8B&45B7679786>& D<7A<&;=8A554&N,&?526>&8B&45#&
L&)<5&;=8;8>79786>&B=8?<&D<7A<&>@A<&5697975>&2=5&45=7G54&2=5&689&7456#&
97A2C&579<5=& 8=&D79<&
9<5>5&5697975>&
D79<& 9<5&;=8;8>79786>&9<29&9<5>5&5697975>&
<2G5&N576:"&
Q)<5&2=:@?569& A26&N5&?245&98&;=8G5&G2C74C,&9<29&2CC&?5?N5=>& 8B&9<5&
AC2>>&8B&?8>9&;5=B5A9&+576:>&5U7>9O&79&A26&2C>8&N5&;=8G54&B8=?2CC,& 9<29&
9<7>&AC2>>&A26689&<2G5&?8=5&9<26&865&?5?N5=O&N@9F&92V76:& 9<5&45B7679786&
8B&;5=B5A9786&2>&;8>>5>>786&8B&2CC&;8>797G5&;=547A295>F&79&A26&N5&;=8G54&
2C?8>9&5T@2CC,&B8=?2CC,& 9<29&9<5&AC2>>&485>&689&<2G5&5G56&865&?5?N5="&
WdQ& +(-)-.%'& -/00(11E&