RevolutionaryUbuntu:
Theshackdwellers
andpoorpeopleof
SouthAfrica


April7,2009/AnOpenLetterfromtheWesternCapeAntiEviction
CampaigninSouthAfricatoUSActivists ........................................3
November2005/WearetheThirdForce'byS’buZikode......................6
TheThirdForce .....................................................................................6
June21,2007/EliminatetheSlumsActOriginalpressstatementand
digitalarchive ................................................................................10
January25,2009/ToResistAllDegradations&Divisions:Aninterview
withS’buZikode............................................................................20
February23,2009/SibusisoInnocentZikode:Ashortbiography ........43


Formoreinformation:http://abahlali.org

         [Accessed May 3, 2009 at http://www.abahlali.org/] 
 
 
Everyone in the world is facing a deep economic crisis, and beyond that a crisis of 
imagination.  Few now think of a new wave of struggle that can raise our hopes and 
aspirations to fight for a society free of all forms of exploitation. This is why we publish 
this pamphlet.  
 
The wretched of the earth are speaking.  The Zapatistas.  The colonial workers in 
Martinique and Guadaloupe.  The peasants of Nepal and Bolivia.  
 
What seems clear is that the cutting edge of revolutionary movement today is at that 
point of greatest exploitation.  The neoliberal capitalist forces have led the information 
revolution of digital technology into a labor replacing free fall that places millions in 
absolute insecurity.  This is not the unemployment of the past with people expecting to 
go back to work.  This unemployment is systemic, permanent.  And yet wealth exists, 
food can be produced, including housing, health care and all the things people need to 
survive and prosper.  
 
While many continue to be blinded by the quite historical impact of our recent heads of 
state ‐ namely Nelson Mandela and Barack Obama ‐ the fact of our poverty and 
continued crisis cannot be ignored except by people in the middle classes and those who 
are directly benefiting from these apparent political victories.  
 
We look for movements that can grab the imagination for a better life for those most in 
need ‐ the homeless, the poor without health care, the ones victimized by police 
brutality.  Every spark deserves our attention, every possibility can clarify the road to 
freedom.  This is why we publish this pamphlet.  
 
This is the new movement we have been waiting for, a post‐apartheid movement for 
social revolution.  We need a post civil rights movement in the US to rebuild our fight for 
real democracy and social transformation.  We can learn from them.  
 
Read this material.  Support their struggle.  Organize and fight where you are.  
 
Abdul Alkalimat 
May 3, 2009 
April7,2009/AnOpenLetterfromtheWesternCapeAnti
EvictionCampaigninSouthAfricatoUSActivists
[AccessedMay3,2009athttp://abahlali.org/node/4956]

SubmittedbyAbahlali_3onThu,2009040912:33.evictions|openletter|solidarity|The
Nation|WesternCapeAntiEvictionCampaign

http://www.thenation.com/doc/20090420/western_cape

April7,2009
TheNation

To:AllpoorAmericansandtheircommunitiesinresistance

Theprivatizationofland–apublicresourceforallthathasnowbecomeafalsecommodity–was
theoriginalsin,theoriginalcauseofthisfinancialcrisis.Withtheprivatizationoflandcomes
thedispossessionofpeoplefromtheirlandwhichwasheldincommonbycommunities.With
theprivatizationoflandcomestheprivatizationofeverythingelse,becauseoncelandcanbe
boughtandsold,almostanythingelsecaneventuallybeboughtandsold.

AsthepoorofSouthAfrica,weknowthisbecauseweliveit.Colonialismandapartheid
dispossessedusofourlandandgaveittowhitestobeboughtandsoldforprofit.When
apartheidasasystematicracialinstrumentendedin1994,wedidnotgetourlandback.Some
blacksarenowabletoownlandaslongastheyhavethemoneytodoso.Butasthepoorliving
incouncilhomes,rentingflatsorlivingintheshacks,webecameevenmorevulnerabletothe
propertymarket.

Itischillingtohearmanypeopletodayspeakwithnostalgiaabouthowitwasbetterduring
apartheid–asifitwasnotapartheidthatstoletheirlandinthefirstplace.But,inanobscure
way,itmakessense.Backtheninthecitiestherewaslesscompetitionforlandandhousing.
Becausemanyofuswerekeptinthebantustansbyacombinationofforceandeconomic
compulsion(suchassubsidizedruralfactories),theinformalsettlementsinthecitieswere
smallerandlandlessscarce.

ButinthenewSouthAfrica(whatsomecallpostapartheidSouthAfricaandotherscall
neoliberalSouthAfrica),theelitehavedecideditiseveryman–orwomanormultinational
company–forhimorherself.Andthus,thepoorendupfightingwiththerichaswellaswith
themselves.TheeliteusetheirwealthandtheirconnectionstoallSouthAfricanpoliticalparties
inthepursuitofprofit.Thereisverylittleregulationofthis,andwherethereisregulation,
corruptandauthoritariangovernmentofficialsgetarounditinaheartbeat.Peoplesaythatwe
havethebestconstitutionintheworld–butwhatkindofconstitutionenshrinesthepursuitof

 3
profitaboveanythingelse?Theyclaimitwaswrittenforus.Thatmaybe.Butitobviouslywas
notwrittenbyus–thepoor.

So,therecentrealizationthatthereisafinancialcrisisintheUS(wethinkthecrisishasbeen
therealongtime,butwashiddenbyeconomists)remindsusofwhereweourselvesstand.
Whileourneoliberalgovernmenthastoutedgrowthandlowinflationfiguresasproofofthe
healthofourcountry,40percentunemploymenthasremained.WhileMandelaandMbeki
wereinpowerandtheeconomygrew,poorSouthAfricanshadtheirhomesstolenrightfrom
underthem.Forourentirelives,wehavebeenlivinginadepression,andatthecenterofthis
crisisislandandhousing.

Asthepoor,wegavetheAfricanNationalCongressgovernmentfiveyearstoatleastmake
someinroadstowardsredistribution.Butinstead,thelandandhousingcrisishasgottenworse,
inequalitygreater,andwearemorevulnerablethanever.

So,in1999,2000and2001,farms,townships,ghettosandshacksettlementsallacrossSouth
Africaeruptedagainstevictions,watercutoffs,electricitycutoffsandthelike.Wehavebeen
fightingforsmallthingsandsmallissues,butourcommunitiesarealsofightingtwolarger
battles.

Thefirstisembodiedinthedeclarationwemaketotheoutsideworld:Wemaybepoorbutwe
arenotstupid!Wemaybepoor,butwecanstillthink!Nothingforuswithoutus!Talktous,
notaboutus!Wearefightingfordemocracy.Therighttobeheardandtherighttobein
controlofourowncommunitiesandourownsociety.Thismeansthatgovernmentofficialsand
politicalpartiesshouldstoptellinguswhatwewant.Weknowwhatwewant.Thismeansthat
NGOsanddevelopment“experts”shouldstopworkshoppinguson“worldrenowned”solutions
attheexpenseofourownhomegrownknowledge.Thismeanswerefusetobea“stakeholder”
andhaveourvoicesmanagedanddiminishedbythosewhocount.

Inthe2004nationalelectionsandagaininthisyear’selections,wehavedeclared,“NoLand!
NoHouse!NoVote!”Thisisnotbecauseweareagainstdemocracybutbecauseweareagainst
votingforelitesandforpoliticianswhopromiseusthewholeworldeveryfiveyearsand,when
theygetelected,stealthelittlewehaveforthemselves.Electionsareachanceforthosein
powertoconsolidateit.Webelievethisisnotonlyaproblemofcorruption,butalsoa
structuralproblemthatgivesindividualsandpoliticalpartiestheauthoritytomakedecisions
forus.Werejectthatandwerejectvotingforit.

Second,whileouractionsmayseemlikeademandforwelfarecouchedinademandforhouses,
socialgrantsandwater,theyareactuallyademandtoendthecommodificationofthingsthat
cannotbecommodified:land,labourandmoney.Wetakeactiontogetlandandhousesand
alsotopreventbanksfromstealingourlandandhouses.Whenafamilygetsevictedandhas
nowhereelsetogo,weputthembackinside.(InGugulethulastyearweput146outof150
familiesbackintheirhomes).

 4
Whengovernmentcutsoffourelectricity,weputitbackon.In2001,wewereabletogetthe
CityofCapeTowntodeclareatwomonthmoratoriumonevictions.Webreakthe
government’slawinordernottobreakourown(moral)laws.Weopposetheauthorities
becausewenevergavethemtheauthoritytosteal,buyandsellourlandinthefirstplace.

Combinedthesearebattlesforanewemancipatorystructurewherewearenotstakeholders
butpeople;wherelandisforeveryoneandwhereresourcesaresharedratherthanfoughtover.

Thisantievictionmovementyouarewaginghasthepotentialtohelpbuildanewkindof
liberativepoliticsoutsideofthepoliticalparties.Wehavefoundthatthesepoliticsmustbe
abouttheissues(includinglandandhousing).Itmustnotbeaboutpersonalisationofthe
struggle.Nopoliticianorpoliticalpartycanorwillfightthestruggleforyou.Asaheroofyour
pastoncestated:powerconcedesnothingwithoutademand.Beinginthestruggleforover
nineyears,wehavelearnedthefollowing:

•Bewareofallthoseinpower–eventhosewhoseemliketheyareonyourside.

•Bewareofmoney,especiallyNGOmoney,whichseekstopacifyandpreventdirectaction.

•Bewareofmedia,evenalternativemediawrittenbythemiddleclassonbehalfofthepoor.
Createyourownmedia.

•Bewareofleaders,evenyourown.Noonecanleadwithoutyou.Leadersarelikeforksand
knives.Theyarethetoolsofthecommunityandexisttobeledbythecommunities.

Whenyoubuildyour“TakeBackOurLand!TakeBackOurHouses!”movement,buildfrom
below.Builddemocratically.Buildalternativeandautonomouswaysoflivingwithinyour
communitywhilefightingforwhatisyours.Buildyourownschoolofthought.

Makesurepoorcommunitiescontroltheirownmovementsbecause,aswesay,noonecan
leadwithoutus.Makesureyoubreakthegovernment’slawswhennecessary,butneverbreak
yourownlawswhichyousetforyourselves.

Mostimportantofall,donotforgetyouhavemuchtoteachusaswell.Weallhavemuchto
learnfromoneanother.

AmandlaNgawethu!PowertothePoorPeople!

TheWesternCapeAntiEvictionCampaign
SouthAfrica

 5
November2005/WearetheThirdForce'byS’buZikode
[AccessedMay3,2009athttp://www.abahlali.org/node/17]

SubmittedbyabahlalionThu,2006101905:54.introduction|S'buZikode|thirdforce

ThisjournalisticinterventionbyS’buZikode,thechairpersonofAbahlalibaseMjondolo,caused
anationalsensationwhenitwasfirstpublishedinNovember2005andthenrapidlytranslated
intoAfrikaans,XhosaandZuluandwidelyrepublishedinnewspapersandpopularmagazines.It
isquiteprobablythemostwidelyrepublishedpieceofjournalisminpostapartheidSouthAfrica.
ThetermThirdForcebecamepartofthenationalimaginationinSouthAfricaafteritwasused
todescribetheapartheidsecurityagentswhoofferedcovertmilitarysupporttoZulu
nationalistswagingawaragainsttheANCinlastyearsofapartheid.Itishighlypejorative,
impliescovertwhitemanipulationtowardsevilendsand,initscontemporaryavatar,assumes
anabsoluteinabilityforpoorblackpeopletoexercisehistoricalagencyontheirown.Fromthe
roadblockadethatbirthedthismovementuntilnownumerous,andveryoftencontradictory
variationsoftheThirdForceargumenthavebeendeployedbythestateinanincreasingly
neuroticandattimesoutrightlyhystericalmode.Itisanunfortunatefactthatasectionofthe
NGOleft,asectionthatchoosesnottoattendthemeetingsof,ortoinanywayengagein
seriousdiscussionswiththepeopleitassumesanaturalrighttolead,isincreasinglyalso
resortingtotheracismofthewhiteagitatorthesistotryandexplainawaythefactthatalarge
movementofthemilitantpoorisuncompromisinglyassertingtherighttospeakforandto
representitself.Itseemsthateveryoneinthebusinessofspeakingforthepoor,inthestateor
ontheleft,isequallydisturbedbytheassumptionbythepooroftherighttospeakandactfor
themselves.InthisarticleZikodeoffersastartlingandnowclassicresponsetoclaimsthatthe
ThirdForceisbehindthemassmobilisationsorganisedbyAbahlalibaseMjondolo.

YoucanfindarecentexampleofaThirdForcetyperantfromtheofficeoftheProvincial
MinisterofHousinghere.

TheThirdForce

byS’buZikode

Theshackdwellers’movementthathasgivenhopetothousandsofpeopleinDurbanisalways
beingaccusedofbeingpartoftheThirdForce.Innewspapersandinallkindsofmeetingsthisis
saidoverandoveragain.TheyevenwastemoneyinvestigatingtheThirdForce.Weneedto
addressthisquestionoftheThirdForcesothatpeopledon’tbecomeconfused.

Imustwarnthosecomrades,governmentofficials,politiciansandintellectualswhospeak
abouttheThirdForcethattheyhavenoideawhattheyaretalkingabout.Theyaretoohighto
reallyfeelwhatwefeel.Theyalwayswanttotalkforusandaboutusbuttheymustallowusto
talkaboutourlivesandourstruggles.

 6
Weneedtogetthingsclear.TheredefinitelyisaThirdForce.Thequestioniswhatisitandwho
ispartoftheThirdForce?Well,IamThirdForcemyself.TheThirdForceisallthepainandthe
sufferingthatthepooraresubjectedtoeverysecondinourlives.Theshackdwellershave
manythingstosayabouttheThirdForce.Itistimeforustospeakoutandtosaythisiswhowe
are,thisiswhereweareandthishowwelive.Thelifethatwearelivingmakesour
communitiestheThirdForce.Mostofusarenotworkingandhavetospendalldaystruggling
forsmallmoney.AIDSisworseintheshacksettlementsthananywhereelse.Withoutproper
houses,water,electricity,refuseremovalandtoiletsallkindsofdiseasesbreed.Thecausesare
clearlyvisibleandeveryDick,TomandHarrycanunderstand.Ourbodiesitcheveryday
becauseoftheinsects.Ifitisrainingeverythingiswet–blanketsandfloors.Ifitishotthe
mosquitoesandfliesarealwaysthere.Thereisnoholidayintheshacks.Whentheevening
comes–itisalwaysachallenge.Thenightissupposedtobeforrelaxingandgettingrest.Butit
doesn’thappenlikethatinthejondolos.Peoplestayawakeworryingabouttheirlives.You
mustseehowbigtheratsarethatwillrunacrossthesmallbabiesinthenight.Youmustsee
howpeoplehavetosleepunderthebridgeswhenitrainsbecausetheirfloorsaresowet.The
raincomesrightinsidepeople’shouses.Somepeoplejuststandupallnight.

Butpovertyisnotjustsuffering.Itthreatensuswithdeatheveryday.Wehaveseenhow
dangerousbeingpooris.IntheKennedyRoadsettlementwehaveseenhowMhlengiKhumalo,
aoneyearoldchild,diedinashackfirelastmonth.Sevenothershavediedinfiressincethe
eThekwiniMetrodecidedtostopprovidingelectricitytoinformalsettlements.Therearemany
Mhlengisalloverourcountry.Povertyeventhreatenspeopleinflats.InBayview,inChatsworth,
awomandiedofhungerearlierthisyear–shewasfearingtotelltheneighboursthatshehad
nofoodandshedied,alone.

Thoseinpowerareblindtooursuffering.Thisisbecausetheyhavenotseenwhatwesee,they
havenotfeltwhatwearefeelingeverysecond,everyday.Myappealisthatleaderswhoare
concernedaboutpeoples’livesmustcomeandstayatleastoneweekinthejondolos.They
mustfeelthemud.Theymustshare6toiletswith6000people.Theymustdisposeoftheirown
refusewhilelivingnexttothedump.Theymustcomewithuswhilewelookforwork.They
mustchaseawaytheratsandkeepthechildrenfromknockingthecandles.Theymustcarefor
thesickwhentherearelongqueuesforthetap.Theymusthaveaturntoexplaintothe
childrenwhytheycan’tattendtheTechnicalCollegedownthehill.Theymustbetherewhen
weburyourchildrenwhohavepassedoninthefires,fromdiarrhoeaorAIDS.

Forusthemostimportantstruggleistoberecognisedashumanbeings.Duringthestruggle
priorto1994therewereonlytwolevels,twoclasses–therichandthepoor.Nowafterthe
electiontherearethreeclasses–thepoor,themiddleclassandtherich.Thepoorhavebeen
isolatedfromthemiddleclass.Wearebecomingmorepoorandtherestarebecomingmore
rich.Weareonourown.Wearecompletelyonourown.

OurPresidentMbekispeakspolitics–ourPremierNdebele,andShilowainGautengandRasool
intheWesternCape,ourMayorMlabaandmayorsalloverthecountryspeakpolitics.Butwho
willspeakaboutthegenuineissuesthataffectthepeopleeveryday–water,electricity,

 7
education,land,housing?Wethoughtlocalgovernmentwouldminimisepoliticsandfocuson
whatpeopleneedbutitallbecomespolitics.

WediscoveredthatourmunicipalitydoesnotlistentouswhenwespeaktotheminZulu.We
triedEnglish.Nowwerealisethattheywon’tunderstoodXhosaorSothoeither.Theonly
languagethattheyunderstandiswhenweputthousandsofpeopleonthestreet.Wehave
seentheresultsofthisandwehavebeenencouraged.Itworksverywell.Itistheonlytoolthat
wehavetoemancipateourpeople.Whyshouldwestopit?

Wehavematuredinoursuffering.Wehadaprogrammetofindawayforward.Our
programmewastocontinuewiththepeacefulnegotiationswiththeauthoritiesthatfirst
startedtenyearsago.Butourfirstplanwasundermined.Wewereliedto.Wehadtocomeup
withanalternativeplan.

The16thofFebruary2005wasthedawnofourstruggle.OnthatdaytheKennedyRoad
committeehadaverysuccessfulmeetingwiththechairofthehousingportfolioofthe
executivecommitteeofthemunicipality,thedirectorofhousingandthewardcouncillor.They
allpromisedusthevacantlandontheClareEstateforhousing.ThelandonElfRoadwasoneof
theidentifiedareas.Butthenwewerebetrayedbythemosttrustedpeopleinourcity.Justone
monthlater,withoutanywarningorexplanation,bulldozersbegandiggingtheland.People
wereexcited.Theywenttoseewhatwashappeningandwereshockedtobetoldthatabrick
factorywasbeingbuiltthere.Morepeoplewentdowntosee.Thereweresomanyofusthat
wewereblockingtheroad.Themanbuildingthefactorycalledthepoliceandourlocal
councillor,amanputintopowerbyourvotesandholdingourtrustandhopes.Thecouncillor
toldthepolice“Arrestthesepeopletheyarecriminals.”Thepolicebeatus,theirdogsbitus
andtheyarrested14ofus.Weaskedwhathappenedtothepromisedland.Weweretold
“Whothehellareyoupeopletodemandthisland?”Thisbetrayalmobilisedthepeople.The
peoplewhobetrayedusareresponsibleforthismovement.Thosepeoplearethesecondforce.

Ourmovementstartedwith14arrests–wecalledthemthe14heroes.Nowwehave14
settlementsunitedtogetherasabahlalibasemjondolo[shackdwellers].Eachsettlementmeets
onceaweekandtheleadersofallthesettlementsmeetonceaweek.Wearepreparedtotalk
butifthatdoesn’tworkwearepreparedtouseourstrength.Wewilldowhateveritcostsusto
getwhatweneedtolivesafely.

Wehavelearntfromourexperiencethatwhenyouwanttoachievewhatyouwant,whenyou
wanttoachievewhatislegitimatebypeacefulnegotiations,byhumbleness,byrespecting
thoseinauthorityyourpleabecomescriminal.Youwillbedeceivedformorethantenyears,
youwillbefooledandundermined.Thisiswhywehaveresortedtothestreets.Whenwestand
thereinourthousandswearetakenseriously.

ThestrugglethatstartedinKennedyRoadwasthebeginningofanewera.Weareawareofthe
strategiesthatthepolicearecomingwithtodemoraliseandthreatenthepoor.Wedon’tmind
thembuildingthejailsforusandhiringmoresecurityiftheyarenotpreparedtolistentowhat

 8
wearesaying.Itisimportantforeveryshackdwellerstoknowthatweareawareofwhatis
happeninginAlexanderinJohannesburg,inP.E.,inCapeTown.Weknowthatourstruggleis
notbyitself.Wehavesentoursolidarity.Wewillnotrestinpeaceuntilthereisjusticeforthe
poor–notonlyinKennedyRoadtherearemanyKennedyRoads,manyMhlengis,manypoor
voicesthatarenotheardandnotunderstood.Butwehavediscoveredthelanguagethatworks.
Wewillstickwithit.Thevictimshavespoken.Wehavesaidenoughisenough.

Itmustbeclearthatthisisnotapoliticalgame.Thismovementisakindofsocialtoolbywhich
thecommunityhopestogetquickerresults.Thishasnothingtodowithpoliticsorparties.Our
membersarepartofeverypoliticalorganisationthatyoumaythinkof.Thisisanonpolitical
movement.Itwillfinishitsjobwhenlandandhousing,electricityandbasicserviceshavebeen
wonandpovertyeliminated.Itisenoughforustobeuniteduntilourpeoplehaveachieved
whatiswanted–whichisbasic.Butuntilthatismaterialisedwewillneverstop.

Thecommunityhasrealisedthatvotingforpartieshasnotbroughtanychangetous–
especiallyattheleveloflocalgovernmentelections.Wecanseesomeimportantchangesat
nationallevelbutatlocallevelwhoeverwinstheelectionswillbechallengedbyus.Wehave
beenbetrayedbyourownelectedcouncillor.Wehavedecidednottovote.Thecampaignthat
hasbegun–‘NoLand,NoHouse,NoVote’,isacampaignthathasbeenagreeduponinall14
settlements.

WearedrivenbytheThirdForce,thesufferingofthepoor.OurbetrayersaretheSecondForce.
TheFirstForcewasourstruggleagainstapartheid.TheThirdForcewillstopwhentheFourth
Forcecomes.TheFourthForceisland,housing,water,electricity,healthcare,educationand
work.Weareonlyaskingwhatisbasic–notwhatisluxurious.Thisisthestruggleofthepoor.
Thetimehascomeforthepoortoshowthemselvesthatwecanbepoorinlifebutnotinmind.

Forustimehasbeenaverygoodteacher.Peoplehaverealisedsomanythings.Wehavelearnt
fromthepast–wehavesufferedalone.Thatpainandsufferinghastaughtusalot.Wehave
beguntorealisethatwearenotsupposedtobelivingundertheseconditions.Therehasbeena
dawnofdemocracyforthepoor.Nooneelsewouldhavetoldus–neitherourelectedleaders
noranyofficialswouldhavetolduswhatweareentitledto.EventheFreedomCharterisonly
goodintheory.Ithasnothingtodowiththeordinarylivesofpoor.Itdoesn’thelpus.Itisthe
thinkingofthemassesofthepeoplethatmatters.Wehavenotedthatourcountryisrich.More
airportsarebeingbuilt,therearemoredevelopmentsatthePointwaterfront,morestadiums
arebeingrenovated,moremoneyisfloatingaround,evenbeinglenttoMugabe.Butwhenyou
askforwhatisbasicyouaretoldthatthereisnomoney.Itisclearthatthereisnomoneyfor
thepoor.Themoneyisfortherich.Wehavecometothedecisionofsaying‘enoughisenough.’
Weallagreethatsomethingmustbedone.

S’buZikodeistheelectedChairpersonoftheAbahlalibaseMjondolo[Shackdwellers]movement
whichcurrentlyincludes14settlementsinDurbanandwillmarchonMayorObedMlabaon14
November.

 9
June21,2007/EliminatetheSlumsActOriginalpress
statementanddigitalarchive
[AccessedMay3,2009fromhttp://abahlali.org/node/1629]

SubmittedbyAbahlali_3onThu,2007062112:12.AbahlalibaseMjondolo|press_update

ScrolldownforafullarchiveofallSlumsBill/ActdocumentsincludingthetextoftheBill,
commentsandsubmissionsagainsttheBillandanarchiveofmediaarticlesontheBill.New
documentsarebeingaddedhereregularly.Ifyouareonlylookingforthelegaldocuments
fromtheAbahlalicaseagainsttheSlumsActclickhere.

ClickhereforcommentsbypeoplewhosuccessfullyresistedevictioninMotalaHeightsand
peoplewhoselivesweresmashedbyevictioninJubaPlaceinDecember2006.

DurbanHighCourt,6November2008

AbahlalibaseMjondoloPressStatementThursday,21June2007

OperationMurambatsvinacomestoKZN:TheNotoriousElimination&PreventionofRe
emergenceofSlumsBill

 10
TodaytheKwaZuluNatalElimination&PreventionofReemergenceofSlumsBillwillbetabled
intheprovincialparliament.AbahlalibaseMjondolohavediscussedthisBillverycarefullyin
manymeetings.WehaveheardHousingMECMikeMabuyakulusaythatwemustnotworry
becauseitisaimedatslumlordsandshackfarming.WehaveheardRanjithPurshotumfromthe
LegalResourcesCentresaythat“Insteadofsayingthatpeoplewillbeevictedfromslumsafter
permanentaccommodationissecured,wehaveasituationwherepeoplearebeingremoved
fromaslum,andsenttoanotherslum.Onlythistimeitisagovernmentapprovedslumandis
calledatransitarea.Thisisthetwistedlogicofthedraftersofthelegislation”.Wehaveheard
MarieHuchzermeyerfromWitsUniversitysaythatthisBillusesthelanguageofapartheid,is
antipoorandisindirectcontradictionwiththenationalhousingpolicyBreakingNewGround.
LawyershavetoldusthatthisBillisunconstitutional.

ItisverycleartousthatthisBillisanattempttomountalegalattackonthepoor.Alreadythe
poor,shackdwellersandstreettraders,areunderillegalandviolentattackbyMunicipalities.
ThisBillisanattempttolegalizetheattacksonthepoor.WeknowaboutOperation
Murambatsvina.LastyearoneofourmembersvisitedHarareandlastweekwehostedtwo
peoplefromHarare.ThisBillisanattempttolegalizeaKZNOperationMurambatsvinabefore
theWorldCupin2010.Wewillfightitalltheway.

1.AIMOFTHEBILL

TheBillsaysthatitsmainaimsareto:

•Eliminate'slums'inKwaZuluNatal
•Preventnew'slums'fromdeveloping
•Upgradeandcontrolexisting'slums'
•Monitortheperformanceofdepartmentsandmunicipalitiesintheeliminationof'slums'and
thepreventionofnew'slums'fromdeveloping.

Ithasdetailedplanstomakesurethatallofthisreallyhappens.TheBillalsosaysthatitaimsto
'improvethelivingconditionsofcommunities'butithasnodetailedplanstomakesurethat
thisreallyhappens.Itisthereforeclearthatitsrealpurposeistogetridof‘slums’ratherthan
toimprovetheconditionsinwhichpeoplelive.Mabuyakulusaysthatweshouldn’tworry
becausetherealtargetsareslumlordsandshackfarmingbutthisisnotwhattheBillsaysand,
anyway,therearenoslumlordsinAbahlalisettlements.Abahlalimembershavebeento
Nairobi.WehaveseenhowtheslumlordsruletheNairobisettlementsandwearestrongly
againstslumlordism.ButwedonotliveinNairobi.AllAbahlalisettlementsaredemocratic
communitiesandmanyothersettlementsinKZNarealsonotrunbyslumlords.

TheBilldoesnotaimto:

•Forcelocalandprovincialgovernmenttodealwiththeconditionsthatforcepeopletoleave
theirhomesandmovetoshacksettlements
•Forcelocalandprovincialgovernmenttoimmediatelyprovidebasicservicestoshack

 11
settlementsliketoilets,electricity,water,drainage,pathsandspeedbumpswhiletheywaitfor
upgradesorrelocations
•Forcelocalandprovincialgovernmenttofollowthelawsthatpreventevictionswithouta
courtorder,thelawsthatpreventpeoplefrombeingmadehomelessinanevictionortofollow
theBreakingNewGroundPolicythataimstoupgradesettlementsinsitu(wherepeopleare
alreadyliving)insteadofrelocatingpeoplesofarfromworkandschoolsthattheyhavetoleave
theirlowcosthousesandcomestraightbacktoshacks.
•Forcelocalandprovincialgovernmenttomaketheirplansforshackdwellerswithshack
dwellerstoavoidthebadplanningthatunderminesdevelopment(suchasrelocatingpeopleso
farawayfromworkthattheyhavetomovebacktoshacks)

WedonotneedthisBill.Thefirstthingthatweneedisforgovernment(local,provincialand
national)tobegintofollowtheexistinglawsandpolicesthatprotectagainstevictions,forced
relocationsandwhichrecommendinsituupgradesinsteadofrelocations.Afterthatweneed
lawsthatbreakthepowerthattheveryrichhaveoverlandinthecitiesandweneedlawsto
compelmunicipalitiestoprovideservicestoshacksettlementswhilepeoplewaitforhousesto
bebuilt.

ThisBillisnotforshackdwellers.Itistoprotecttherich,byprotectingtheirpropertyprices.

2.DEFINITIONOFIMIJONDOLO

IntheBilltheword'slum'isdefinedasanovercrowdedpieceoflandorbuildingwherepoor
peopleliveandwherethereispoorornoinfrastructureortoilets.

TheBillusestheword'slum'inawaythatmakesitsoundliketheplaceswherepoorpeoplelive
areaproblemthatmustbeclearedawaybecausethereissomethingwrongwithpoorpeople.
Butitdoesnotadmitthatthepoorhavebeenmadepoorbutthesamehistoryoftheftand
exploitationthatmadetherichtoberichanditdoesnotadmitthatplaceswherepoorpeople
liveoftenlackinfrastructureandtoiletsbecauseofthefailureoflandlordsorthegovernment
toprovidethesethings.Thesolutiontothefactthatweoftendon’thavetoiletsinour
communitiesistoprovidetoiletswhereweliveandnottodestroyourcommunitiesandmove
usoutofthecity.InthisBilltheword'slum'isusedtomakeitsoundlikethepoorandthe
placeswheretheylivearetheproblemratherthantherichandthewayinwhichtheyhave
madethepoortobepoorandtobekeptpoorbyalackofdevelopment.

InAmericablackcommunityorganizationshaveopposedtheuseoftheword'slum'todescribe
theircommunitiesbecausetheysayitmakesitsoundlikethereissomethingwrongwiththem
andtheirplacesratherthanthesystemthatmakesthempoorandfailstodeveloptheirplaces.
Theyalsosaythatonceaplaceiscalleda'slum'itiseasytofortherichandgovernmentstosay
thatitmustbe'cleared'or'eliminated'butifaplaceiscalledacommunitythenitiseasierto
saythatitmustbesupportedanddeveloped.

 12
Thereisalsoaproblemwithcallingimijondolo'informalsettlements'becauseonceaplaceis
called'informal'itiseasyforpeopletosaythatitshouldn'tgetanyofthe'formal'servicesthat
peopleneedforaproperlifelikeelectricity,toilets,refusecollectionandsoon.Butmanyofus
havelivedourwholelivesin‘informalsettlements’.Wecan’twaituntilwelivein‘formal’
housestogetelectricitytostopthefires,water,toilets,drainage,refusecollectionandsoon.
Wearelivingourlivesnow.Wecan’twaittostartlivingonlywhenandifthegovernmentputs
usina‘formal’oneroomed‘house’faroutoftown.

Andwedon’tliketheword'eliminate'.Thisisawordthatisviolentandthreatening,not
respectfulandcaring.Ourcommunitiesshouldbenurtured,noteliminated.

Thepeoplewholiveintheimijondolomustdecideforthemselveswhattheywanttheir
communitiestobecalled.Wemustbeallowedtodefineourselvesandtospeakforourselves.

3.SUPPORTINGTHERICHAGAINSTTHEPOOR

•TheBillmakesitcriminaltooccupyabuildingorlandwithoutpermissionfromtheownerof
thebuildingortheland.
•Itforcesmunicipalitiestoforcelandownerstoevictpeopleontheirland(orintheirbuildings).
•Itforcesmunicipalitiestoseekevictionsiflandownersfailtodoso.
•Itforcesmunicipalitiestomakeaplantoeliminateallthe'slums'initsareawithinsixmonths
ofthisBillbecominglaw.
•Itforcesmunicipalitiestogiveanannualreportonitsprogresstowardseliminatingall'slums'.
•ItforcestheprovincialDepartmentofHousingtocloselywatchMunicipalitiesandtosupport
themtomakesurethattheyevictpeoplefromlandthattheyhaveoccupied.
•ItforcestheProvincialDepartmentofHousingtosupport'anyprojectadoptedbya
municipality'to'relocate'peoplefromimijondolo.
•ItsaysthatMunicipalitiesmayevictpeoplewhenevictionsareinthepublicinterest.
•Itforceslandownerstoprotecttheirlandagainstthepoorwithfencesandsecurityguards.
Landownerswhodonotprotecttheirlandagainstthepoorwillbeguiltyofacriminaloffence.
•Itforceslandownerstoevictpeoplefromtheirland.

ThisBilldoesnotprovideanyprotectionforpeoplewhohavebeenmadepoorbythesame
historyandeconomythatmadetherichtoberichandwhohavedecidedtooccupylandor
buildingsthatareownedbytherichbutarenotbeingusedbythem.Inmanycountriesthe
poorhavealegalrighttousevacantlandorbuildingsthatareownedbytherichbutarenot
beingusedbythem.ItislikethisinTurkey.ThereisnoreasonwhySouthAfricacannotalso
givethisrighttothepoor.

Theneedoftheverypoorforhousinginthecitiesnearworkandeducationshouldcome
beforetheneedsoftheveryrichtohavetheirpropertypricesprotected.

4.TRANSITAREAS

 13
TheBillallowsMunicipalitiestobuyortakelandtoaccommodatepeoplethathavebeen
evictedwhiletheyarewaitingfornewdevelopments.Thesearecalled'transitareas'.TheBill
doesnotgiveanyguarantiesastowherethese'transitareas'willbelocated,whatserviceswill
beprovidedthere,ifcommunitieswillbekepttogetherorbrokenupwhenpeoplearetakento
theseplacesorhowlongtheywillhavetoliveintheseplaces.

Weknowthatallthroughhistoryandinmanycountriesgovernmentshaveputtheirpolitical
opponents,theverypoor,peoplewhowereseenasethnically,culturalandraciallydifferent,
andpeoplewithoutI.D.booksincamps.Thesecampsarealwayssupposedtobetemporary–a
'transit'betweenoneplaceandanother.Butveryoftenthesecampshavebecomeplacesof
longandterriblesuffering.ThatiswhyintheMail&GuardianitwaswrittenthatthisBill
remindspeopleofNaziGermany.WeknowthatinIndiashackdwellerswhoweretakento
transitcampsinthe1960sarestilltherenow.

5.EXPROPRIATIONOFLAND

TheBillgivesMunicipalitiestherighttoexpropriateland.Thismeansthattheyhavetherightto
takelandfromlandowners.Thiscouldbeaverygoodthingforthepooriflandwastakeninthe
citiessothatthepoorcouldlivesafelyandlegallynexttowork,schoolsandclinics.ButtheBill
saysnothingaboutwhichlandshouldbetaken.Itonlysaysthatlandcanbetakentosetupa
'transitarea'orforpeople'removedorevictedfromaslum'.Thereforeitseemsthattheright
toexpropriatelandwillmostbelikelybeusedtoevictthepoorfromthecitiesandtodump
theminruralareasandnottodefendtheirrighttoliveinthecitiesagainsttheinterestsofvery
richlandspeculatorsanddevelopers.AlreadyshackdwellersarebeingtakenoutofDurbanand
dumpedin‘formal’lowcosthousesinplaceslikeParkGate.Thereisnoguaranteethatthiswill
notcontinue.

6.CRIMINALISINGTHEPOOR

ThisBillmakesanyonewhotriestostopanevictionacriminalwhocanbefinedR20000or
senttoprisonfor5years.Anynormalpersonwouldtrytostopaneviction.Whichmother
wouldstandbywhileherhomeandcommunityisdestroyed?Ifthislawispasseditwillmake
usallcriminals.Butthislawsaysnothingaboutstoppingtheillegalandunconstitutional
evictionsthatareperpetratedagainstshackdwellersallthetimebytheeThekwiniMunicipality.
TheMunicipalitybreaksthelaweverytimethatitevictsuswithoutacourtorderandevery
timeitleavespeoplehomelessbutMunicipalofficialsareneverarrested.Ifthelawsthatexist
nowarenowarenotusedfairlywehavenoguaranteethatthislawwillbeusedfairly

7.WHOSHOULDPLANTHEFUTUREOFOURCITIES?

DurbanandPinetownandPietermaritzburgandallthecitiesinthisprovince,thiscountryand
intheworldwerebuiltbytheworkofthepoor.Butpoorpeopledidn'tonlybuildourcities.
Theyhavealsodonealotoftheplanningofthedevelopmentofourcities.Itwasthepoorwho
decidedthatblackandwhiteandrichandpoorshouldn'tliveseparatelyandwhotookunused

 14
landsothateveryonecouldlivetogetherinourcities.Ourcitieslookthewaythattheydo
becauseofboththeplanningoftherich,theplanningofvariousgovernmentsandtheplanning
orordinarypoorpeople.ForexampleitwasBikoZuluwhodecidedtostartasettlementin
JadhuPlaceneartotheschoolsinOverportandthejobsinSpringfieldParkandnotany
government.

Ademocraticgovernmentshouldallowthepoortocontinuetobeabletoparticipatein
planningthefutureofourcities.Planningshouldnotonlybearightforgovernmentsandthe
rich.

OnFriday4thMay2007theProvincialLegislaturecametotheKennedyRoadcommunityhallto
introducethe“KZNEliminationandPreventionofReEmergenceofSlumsBill,2006”.Thehall
wasoverflowingwithpeoplefromaffiliatingsettlementsoftheAbahlaliBaseMjondolo
Movement.Weclearlysaid“Noland,NoHouseNoVote,NoBill!”Weclearlytoldthe
ProvincialLegislatureabouttheillegaldemolitionsandevictionsundertakenbytheeThekwini
Municipality,thefailuretoprovidebasicservicestoshackdwellersandthebrutal
criminalizationofthepoliticsofthepoorbypeoplelikeSupt.GlenNayageroftheSydenham
PoliceStation.Theysaidthattheydonotknowaboutanyofthis.Iftheydonotknowwhatis
happeningtoshackdwellersintheirownprovincethentheymustlistentoshackdwellers
beforemakinglaws.Listeningandtalkingmustcomebeforedeciding.

AWorldClasscityisnotacitywherethepoorarepushedoutofthecity.AWorldClasscityisa
citywherethepooraretreatedwithdignityandrespectandmoneyisspentonrealneedslike
housesandtoiletsandcleanwaterandelectricityandschoolsandlibrariesratherthanfancy
thingsfortherichlikestadiumsandcasinosthatourcitiescanjustnotafford.

WewillfightthisBillinthecourts.WewillfightthisBillinthestreets.WewillfightthisBillin
thewayweliveourordinaryliveseveryday.Wewillnotbedrivenoutofourcitiesasifwe
wererubbish.

Forcommentpleasecontact:

1.Ms.ZandileSithole,0762270653
2.Ms.ZodwaNsibande,0828302707
3.Mr.MnikeloNdabankulu,0735656241
4.Mr.S’buZikode,0835470474

SeeAlso

x MabuyakuluplansforwaronthepoorMail&GuardianarticlebyRichardPithouse,19
May2006
x TextoftheKZNSlumEliminationBill,26October2006
x KZNSlumEliminationBill:AStepBackNewspaperarticlebyMarieHuchzermeyer,13
March2007

 15
 x AbahlalitellKZNgovernment"NoLand,NoHouse,NoVote,NoBill!"byDavidNtseng
x OutcryoverslumsbillNewspaperreportbyFredKockott,SundayTribune,13May2007
x AReviewoftheKZNSlumsBillPublicHearingProcessArticlebyZamaMkhizefromthe
CentreforPublicParticipation
x SubmissionontheSlumEliminationBillbyMarieHuchzermeyer,13May2007
x State'scureforShackFarmsNewspaperreportbyNirenTolsi
x FreeSpeachRadioNetworkreportbyMpumiMagwaza
x 'LawsWillImproveHorribleLives'NewspaperarticleontheSlumsBillbyGregArdeand
StephanieSaville
x CommentontheSlumsBillfromactivistsinCapeTown
x Isolezwe:BafunaukuvikelaimijondoloAbahlalingoKwaneleNcalane
x Isolezwe:Imijondolo'izobaumlando'KwaZuluNatalngoMlondiRadebenoKwanele
Ncalane
x PoorpeoplearenotathreattothesocialorderMercuryarticlebyImraanBuccas
x ShackdwellersthreatenmassactionDailyNewsarticlebyBonganiMthembu
x Picturesofthe11JulyillegaldemolitionsinForemanRoad
x OpenInvitationtoaMeetingtoDiscussLegal&PoliticalStrategiestoOpposetheSlums
BillFriday13July,9:00a.m.,KennedyRoad
x ShackdwellersunhappywithactMercuryarticlebySibusisoMboto
x LettertotheKwaZuluNatalPremierfromtheCentreonHousingRightsandEvictions
x Isolezwe:Abadilizelweimijondolobathibazophindebakhengenkani2010PhiliMjoli
x Poor'leftoutinthecold'for2010MercuryarticlebyColleenDardagan
x WorldClassCities?WorldClassSlums?NoplaceforthepoorintheKwaZuluNatal’s
EliminationandPreventionofReemergenceofSlumsBill,2006Leapsubmissionto
AbMMeetingAgainsttheSlumsBill
x Upliftslums,don'tdestroythemMarieHuchzermeyerintheMercury
x MinutesofthemeetingcalledbyAbahlalitobuildanallianceagainsttheSlumsBill
x PleatoPremieroverSlumsBillSundayTribunearticlebyChrisMakhayeandLukeReid
x Shackdwellerstooppose'Slums'BillWitnessarticlebyThabisileGumede
x ShackdwellersinbidtochangeactMercuryarticlebySibusisoMboto
x SlumsbillnotaZimbabwestyle‘OperationMurambatsvina’Opinionpieceinthe
WitnessbyLennoxMabaso
x Comeandlivehere,Mabaso!FrontpagearticleintheDailySunbyAnilSingh
x Officialtojointhepoor!ArticleintheDailySunbyAnilSingh
x Officialmusteathiswords!FrontpagearticleintheDailySunbyMxolisiMngadi
x ReportonPublicParticipationExercisesFor:“TheEliminationandPreventionofRe
emergenceofSlumsBill”byKerryChance
x TheSlumsAct:fulltextAugust,2007
x 2ndMeetingtoBuildaCoalitionAgainsttheSlumsAct14September2007(Pictures)
x AbahlaliattempttomarchagainsttheSlumsActon28September
andareviolentlyandillegallyattackedbythenotoriousSydenhamPolice
x Municipality&ProvinceJustifyClearlyIllegalOngoingEvictionsfromtheSiyathuthuka
SettlementinthenameoftheSlumsAct5&7October,2007
x Mercury:Eradicationofslumscouldhurtpoor5October,2007

 16
 x MunicipalitythreatensSlumsActevictionsinArnettDrive9October,2007&theLegal
ResourcesCentresendsaletterinresponsepointingoutthattheSlumsActdoesnot
supersedethePIEActandthattheCity'sevictionsarethereforeillegal
x TheAfricanExecutive:IndefenceofSlumsAcritiqueoftheSlumsActfromtheright31
October,2007
x BasalebenkemilebedilizelwaimijondoloIsolezwe,6November2007byPhiliMjoli
x WazewanobuntuumshayeliwetekisiIsolezwe,12November2007byMnikelo
Ndabankulu
x EvictedSeaCowLakeresidentsmovedtowhatcouldbethefirstSlumsAct'transitcamp
DailyNews,13November2007byHeinzdeBoer
x SomeEvictionsFollowedbySuccessfulResistanceintheShannonDriveSettlement,
(ProbablySlumsActlinkedalthoughtheCityhasnotrepliedtoanydemands,issuedvia
popularmobilisationandlawyers,forexplanation),December2007
x ArticleonAbahlaliandtheSlumsActinGroundWork'snewsletterDecember,2007
x AlanGilbert,TheReturnoftheSlums:DoesLanguageMatter?,InternationalJournalof
UrbanandRegionalResearch,2007
x SomeEvictionsFollowedbySuccessfulResistanceintheArnettDriveSettlement,(The
MercuryreportsaysthattheCitytriedtojustifytheevictionsintermsoftheSlumsAct),
January2008
x Baphilakanzimaemijondolo,UmbonoweSolezwe,January2008
x UmlandongempilonomzabalazowabahlalibasemijondoloeThekwini,DavidNtseng&
RichardPithouse,February2008
x AbahlalibaseMjondoloTaketheProvincialGovernmenttoCourtOvertheNotorious
SlumsAct,AbahlalibaseMjondoloPressStatementAnnouncingtheCourtChallengeto
theAct,February2008
x SlumeradicationBillslated,MercuryarticlebyTaniaBroughton,February2008
x ShackDwellersTakeonSlumsAct,Mail&GuardianarticlebyNirenTolsi,February2008
x Secondlookatthemeritsofshacks,SundayTribunearticlebyAdrianHadland,February
2008
x DearMandela,AsixminutefilmbySleepingGiantFilmsthatincludesfootageofthe
possiblySlumsActrelatedShannonDrivenevictions,February2008
x SubmissiononHumanRightsinSouthAfricatotheOfficefortheUnitedNationsHigh
CommissionerforHumanRights,CentreonHousingRights&Evictions(COHRE),
February2008
x NoticeofMotionfromAbahlalibaseMjondolo,CaseAgainsttheSlumsAct,February
2008
x FoundingAffidavitfromAbahlalibaseMjondolo,CaseAgainsttheSlumsAct,February
2008
x AbahlaliBasemjondolobayisauHulumeniWesifundaenkantolongokushaywa
komthethowokudilizwakwemijondolo,March2008
x EveryoneNeedsaStakeinOurSociety,MercuryarticlebyImraanBuccus,March2008
x ReportoftheUnitedNationsSpecialRapporteuronadequatehousingonhismissionto
SouthAfrica,March2008

 17
 x MoreDeeplyReactionaryLegislationLooms:PreventionofIllegalEvictionfromand
UnlawfulOccupationofLandAmendmentBill,March2008
x ReplyingAffidavitfromtheKZNDepartmentofHousing,CourtCaseAgainsttheSlums
Act,April2008
x OtherprovincestoimplementtheirownSlumsActs....,Mercury,May2008
x SlumslawbasedonflawedinterpretationofUNgoals,articlebyMarieHuchzermeyerin
BusinessDay,May2008
x Evictionsloomforillegallowcosthomedwellers,articlebySibusisoNgwalainthe
SundayTribune,May2008
x CentreonHousingRights&EvictionsMemorandumtotheAttorneysforApplicantsin
AbahlaliBasemjondoloMovementSAandOthersv.PremieroftheProvinceofKwazulu
NatalandOthers,5June2008
x ReplyingAffidavitfromAbahlalibaseMjondolo,13June2008
x DurbanshackdwellerstakeKZNgovttocourt,SABC,June2008
x AbasemijondolosebefakeuHulumenienkantolo,Isolezwe,June2008
x ANationalSlumsAct?,BusinessDay,June2008
x SupplementaryReplyingAffidavitsfortheStateSeptember2008
x AbahlalibaseMjondoloHeadsofArguments,15October2008
x KZNDeptofHousingHeadsofArgument,lateOctober2008
x AbahlalibaseMjondoloCaseAgainsttheKwaZuluNatalEradicationandPreventionof
ReEmergenceofSlumsActtobeHeardintheDurbanHighCourton6and7November
2008,3November2008
x PhotographsoftheVigilOutsidetheDurbanHighCourton6November
x SlumsActHearingsBeinginDurban,TheMercury,7November2008
x Lusezithebenizenkantoloelokuqedwakwemijondolo,Isolezwe,7November2008
x CallforconsultantstoimplementtheKZNSlumsAct,January2009
x JudgeVukaShabalala'sjudgmentontheSlumsActCase,27January2008
x AmandlaisStillAwethuStatementontheSlumsActJudgment,27January2008
x BayolwanoMnyangoenkantoloabahlalibasemjondolo,Isolezwe,28January2008
x Shackdwellersvowtofighton,Mercury,28January2008
x ForcedRemovals,Mercury,OpEdbyKerryChance,MarieHuchzermeyerandMark
Hunter,29January2009
x KZNhighcourtupholdsslumsAct,Mail&Guardian,30January2009
x MeetingPeople'sHousingRightsMikeMabuyakhulu'sresponsetotheMercury,OpEd
byKerryChance,MarieHuchzermeyerandMarkHunter,9February2009
x ApplicationforleavetoappealJudgeVukaShabalala'sjudgment,16February2009
x AbahlalibaseMjondoloFilesforLeavetoAppealJudgeShabalala'sJudgmentinthe
SlumsActCase,16February2009
x Shackdwellersstepupcourtbattle,Mercury,17February2009
x TheDangerousFantasiesofourPoliticalElite,SundayTribune&TheWeekendArgus,17
February2009
x WorkingtowardsaslumfreeSA,ArticlebytheKZNHousingDepartmentTheWitness,24
February2009

 18
 x LetterbySDIinresponsetoWitnessarticlebytheKZNHousingDepartment,26
February2009.
x OpposetheSlumsAct,ReplytothearticlebytheKZNHousingDepartmentfromthe
SouthAfricanCouncilofChurchesandothers,26February2009
x ReplytotheKZNSlumsActJudgment,articlebyMarieHuchzermeyerinresponseto
WitnessarticlebytheKZNHousingDepartment,3March2009.
x Mabuyakhulumisrepresentspolicy,legislation,LetterintheMercurybyMarie
Huchzermeyer&MarkHunter,2March2009
x NoRoomforthePoorinourCities?,articlebyBishopRubinPhillipinresponseto
WitnessarticlebytheKZNHousingDepartment,3March2009.
x LeavetoappealtotheConstitutionalCourtgrantedbytheConstitutionalCourt,17
March2009
x AbahlalibaseMjondoloHeadsofArgumentfortheConstitutionalCourton14May2009,
15April2009

 19
January25,2009/ToResistAllDegradations&Divisions:An
interviewwithS’buZikode
 (note 1)
[AccessedMay3,2009athttp://www.abahlali.org/node/5063]



               

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ƒŶƐƚĐŽƵƌƚ͕ŝŶƚŽǁŶ͘ŠƌŽŵƚŽǁŶƚŽ>ŽƐŬŽƉ͕ƚŽĚĂLJLJŽƵĂƌĞƉĂLJŝŶŐZϵ͘dŚĞĚŝƐƚĂŶĐĞŝƐ‹ϮŬŝůŽŵĞƚƌĞƐ͘
^ŚĞǁŽƵůĚĐŽŵĞŽŶĐĞĂŵŽŶƚŚ͘

dŚĂƚŵƵƐƚŚĂǀĞďĞĞŶǀĞƌLJĚŝĨĨŝĐƵůƚĨŽƌƚŚĞĐŚŝůĚƌĞŶ͘

:Ă͕ǀĞƌLJĚŝĨĨŝĐƵůƚ͘ŒĞƌLJĚŝĨĨŝĐƵůƚ͘

,ŽǁǁĂƐƐŚĞƚƌĞĂƚĞĚďLJƚŚĞƉĞŽƉůĞƐŚĞǁŽƌŬĞĚĨŽƌ‰


 
„
dŚŝƐŝƐƚŚĞĨŝƌƐƚŝŶǁŚĂƚǁŝůůďĞĂƐĞƌŝĞƐŽĨŝŶƚĞƌǀŝĞǁƐǁŝƚŚďĂŚůĂůŝďĂƐĞDũŽŶĚŽůŽŵĞŵďĞƌƐ͘^͛ďƵŝŬŽĚĞǁĂƐ
ŝŶƚĞƌǀŝĞǁĞĚďLJZŝĐŚĂƌĚWŝƚŚŽƵƐĞĂƚƚŚĞ<ĞŶŶĞĚLJZŽĂĚƐĞƚƚůĞŵĞŶƚŽŶϮϱ:ĂŶƵĂƌLJϮϬϬϵ͘ŝŬŽĚĞŵĂĚĞƐŽŵĞ

ŵŝŶŽƌĞĚŝƚƐĂŶĚĂĚĚŝƚŝŽŶƐƚŽƚŚĞŝŶƚĞƌǀŝĞǁƚƌĂŶƐĐƌŝƉƚŽŶ‘ ƉƌŝůϮϬϬϵĨŽůůŽǁŝŶŐǁŚŝĐŚƚŚĞĞ’ƉůĂŶĂƚŽƌLJĨŽŽƚŶŽƚĞƐ
ǁĞƌĞĂĚĚĞĚďLJWŝƚŚŽƵƐĞ͘ŝŬŽĚĞŵĂĚĞƐŽŵĞĨŝŶĂůĂĚĚŝƚŝŽŶƐƚŽƚŚĞƚƌĂŶƐĐƌŝƉƚŽŶϮ“ƉƌŝůϮϬϬϵ͘


20

EŽ͕ƚŚĞLJǁĞƌĞ”ƵŝƚĞŐŽŽĚƉĞŽƉůĞ͘^ŽŵĞƚŝŵĞǁĞǁŽƵůĚǀŝƐŝƚŚĞƌĂŶĚƒƌĞŵĞŵďĞƌƚŚĂƚƚŚĞLJďŽƵŐŚƚŵĞ
ĂďŝŬĞ͘dŚĞLJǁĞƌĞŐŽŽĚƉĞŽƉůĞ͘dŚĞƉƌŽďůĞŵŝƐƚŚŝƐƐLJƐƚĞŵǁŚĞƌĞƐŽŵĂŶLJǁŽŵĞŶŚĂǀĞŶŽĐŚŽŝĐĞ
ďƵƚƚŽůĞĂǀĞƚŚĞŝƌŚŽŵĞƐĂŶĚǁĂƐŚĂŶĚĐůĞĂŶĨŽƌŽƚŚĞƌĨĂŵŝůŝĞƐ͘

‡ŚĞŶƒǁĂƐŽůĚĞƌƚŚĞLJĂůƐŽĨŽƵŶĚŵĞĂũŽď͘‡ŚĞŶƒǁĂƐĂƚƐĐŚŽŽůƚŚĞLJĨŽƵŶĚŵĞĂũŽďƚŽŽ͘ƒǁĂƐ
ǁŽƌŬŝŶŐǁŝƚŚƚŚĞŝƌďŽLJƐĂƐǁĞůů͕ŝŶŽŶĞŽĨƚŚĞďŽƚƚůĞƐƚŽƌĞƐ͕ƉƵƐŚŝŶŐƚƌŽůůĞLJƐ͘dŚĞLJ͛ĚĐĂůůŵĞŽǀĞƌƚŚĞ
ǁĞĞŬĞŶĚƐĂŶĚƒ͛ĚĚŽƐŽŵĞƚĞŵƉŽƌĂƌLJũŽďƐ͘

ƵƚLJŽƵǁĞƌĞǁĞůůůŽŽŬĞĚĂĨƚĞƌďLJƚŚĞǁŝĚĞƌĨĂŵŝůLJ͘

•ĞƐ͕ĂŶĚǁŚĞŶƒǁĂƐĚŽŝŶŐ^ƚĂŶĚĂƌĚdŚƌĞЃũŽŝŶĞĚŽLJ^ĐŽƵƚƐ͘ƒŚĂĚƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽŐŽŽŶĐĂŵƉƐ
ĂŶĚŽƚŚĞƌƚƌĂŝŶŝŶŐƐĂŶĚƒůĞĂƌŶĞĚĂůŽƚĂďŽƵƚŵĂŶŚŽŽĚ͘^ĐŽƵƚŝŶŐǁĂƐĂďŽƵƚƚƌĂŝŶŝŶŐĨƵƚƵƌĞŵĞŶ͕
ĨƵƚƵƌĞĐŝƚŝ–ĞŶƐ͘ƒǁĂƐůƵĐŬLJƚŽďĞĂƉƉŽŝŶƚĞĚĂƐĂůĞĂĚĞƌĂŶĚƚŽŚĂǀĞƚŚĞŽƉƉŽƌƚƵŶŝƚLJƚŽĂƚƚĞŶĚĞǀĞŶ
ŵŽƌĞƚƌĂŝŶŝŶŐƐ͘ƒƌĞŵĞŵďĞƌŽŶĞŽĨƚŚĞƚƌĂŝŶŝŶŐƐƚŚĂƚƒĂƚƚĞŶĚĞĚŝŶWŝĞƚĞƌŵĂƌŝƚ–ďƵƌŐ͕>Ğ’ĚĞŶϮ͘

/ǁĞŶƚƚŽ>ĞdžĚĞŶĂƐǁĞůů—

LJ͕LJŽƵŬŶŽǁ͊dŚĞWĂƚƌŽů>ĞĂĚĞƌƐ͛dƌĂŝŶŝŶŐ˜Ŷŝƚ͊dŚĞƌĞǁĂƐĂůŽƚŽĨŐƌŽǁƚŚĂŶĚůĞĂƌŶŝŶŐ͘ƒƚǁĂƐ
ǁŝŶƚĞƌƚŝŵĞ͘ƒĐĂŶƌĞŵĞŵďĞƌǀĞƌLJǀŝǀŝĚůLJ͕ŝƚǁĂƐĚŝĨĨŝĐƵůƚ͘ŶĚLJŽƵŚĂĚƚŽĚĞĐŝĚĞǁŚĞƚŚĞƌƚŽĐŽŶƚŝŶƵĞ
ǁŝƚŚƚŚŝƐŽƌƚŽƌĞƐŝŐŶĨƌŽŵďĞŝŶŐĂŽLJ^ĐŽƵƚ͘ƒƌĞŵĞŵďĞƌǁŚĞŶƒƌĞƚƵƌŶĞĚďĂĐŬƚŽƚŚĞƐĐŚŽŽůĂŶĚ
ƌĞƉŽƌƚĞĚƚŽƚŚĞƉƌŝŶĐŝƉĂů͕ďĞĐĂƵƐЃǁŽƵůĚƌĞƉŽƌƚĚŝƌĞĐƚůLJƚŽƚŚĞƉƌŝŶĐŝƉĂůǁŚŽŬŶĞǁŵŽƌĞĂďŽƵƚ
^ĐŽƵƚƐ͕ŚĞůĂƵŐŚĞĚĂůŽƚĂŶĚƒŬŶĞǁƚŚĂƚŚĞŬŶĞǁĞ’ĂĐƚůLJǁŚĂƚǁĂƐŐŽŝŶŐƚŽŚĂƉƉĞŶ͘,ĞĂƐŬĞĚŵĞŝĨƒ
ǁŽƵůĚƐƚŝůůĐŽŶƚŝŶƵĞĂŶĚƒƐĂŝĚ™:Ă͛͘ůŽƚŽĨůĞƐƐŽŶƐƒůĞĂƌŶƚĨƌŽŵƚŚĞƌĞ͕ĨƌŽŵƚŚĞŚĂƌĚƐŚŝƉ͘ƒƚǁĂƐ
ƉƌĞƉĂƌŝŶŐŵĞĨŽƌƚŚĞǁŽƌƐƚƚŽĐŽŵĞĂŶĚƒŚĂǀĞƐĞĞŶŝƚŝŶƌĞĐĞŶƚLJĞĂƌƐ͘ƒĂŵƐƵƌĞƚŚĂƚƒǁĂƐƐŚĂƉĞĚ
ĂŶĚŵĂĚĞƚŽďĞĂďůĞƚŽĨĂĐĞƚŚĞĐŚĂůůĞŶŐĞƐƚŚĂƚǁĞĂƌĞŶŽǁĨĂĐŝŶŐ͘

ƵƚŝƚǁĂƐŶ͛ƚũƵƐƚƚŚĞŚĂƌĚƐŚŝƉĂƚ>Ğ’ĚĞŶ͘ƒƚǁĂƐĂůƐŽƚŚĞĨŽĐƵƐŽŶƌĞƐƉŽŶƐŝďŝůŝƚLJĂŶĚŝŶǀŽůǀĞŵĞŶƚŝŶ
ƚŚĞĐŽŵŵƵŶŝƚLJ͘ƒƌĞŵĞŵďĞƌƚŚĞ^ĐŽƵƚDŽƚƚŽš™ĞWƌĞƉĂƌĞĚ͛͘

ŶĚƚŚĞƌĞǁĂƐĂůƐŽĂ^ĐŽƵƚWƌŽŵŝƐЈƚŚĂƚLJŽƵƉƌŽŵŝƐĞƚŽĚŽLJŽƵƌĚƵƚLJƚŽ'ŽĚĂŶĚƚŽLJŽƵƌĐŽƵŶƚƌLJ͕
ƚŽŚĞůƉŽƚŚĞƌƉĞŽƉůĞĂƚĂůůƚŝŵĞƐĂŶĚƚŽŽďĞLJƚŚĞ^ĐŽƵƚ͛Ɛ>Ăǁ͘ƒǁĂƐƐƚŝůůLJŽƵŶŐĂŶĚĨƌĞƐŚĂƚƚŚĂƚƚŝŵĞ͘
ƒůĞĂƌŶƚƚŚĞ^ĐŽƵƚ͛Ɛ>Ăǁ͘^ĐŽƵƚ͛ƐŚŽŶŽƵƌŝƐƚŽďĞƚƌƵƐƚĞĚ͕Ă^ĐŽƵƚŝƐůŽLJĂů͕Ă^ĐŽƵƚ͛ƐĚƵƚLJŝƐƚŽďĞ
ƵƐĞĨƵůĂŶĚƚŽŚĞůƉŽƚŚĞƌƐ͕Ă^ĐŽƵƚŝƐĂĨƌŝĞŶĚƚŽĂůůĂŶĚĂďƌŽƚŚĞƌƚŽĞǀĞƌLJŽƚŚĞƌ^ĐŽƵƚ͕Ă^ĐŽƵƚƚƌŝĞƐ
ŚŝƐďĞƐƚƚŽĚŽĂƚůĞĂƐƚŽŶĞŐŽŽĚƚƵƌŶƚŽƐŽŵĞďŽĚLJĞǀĞƌLJĚĂLJ͘

dŚĞƚŚŝŶŐƐƚŚĂƚƒĚŽƚŽĚĂLJ͕ĨŽƌŵĞĂƌĞƐŽŵĞƚŚŝŶŐƚŚĂƚŐƌĞǁƵƉŝŶŵLJƐĞůĨˆŵLJƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨ
ƐŽĐŝĞƚLJ͕ƚŚĞƐŽĐŝĂůĐŽŶƚĞ’ƚ͕ǁŚĂƚƚŚĞĞ’ƉĞĐƚĂƚŝŽŶƐĂƌĞĂŶĚǁŚĂƚŬŝŶĚŽĨƐŽĐŝĞƚLJǁĞĂƌĞůŽŽŬŝŶŐĨŽƌ͘

^ŽƚŚĞƌĞǁĂƐŶŽƉŽůŝƚŝĐƐďƵƚůĞĂĚĞƌƐŚŝƉǁĂƐŝŶŵLJǀĞŝŶƐ͘ǀĞŶĂƚƚŚĞŚŝŐŚƐĐŚŽŽůůĞǀĞůƒǁĂƐŝŶǀŝƚĞĚƚŽ
ƐƚĂƌƚĂ^ĐŽƵƚ͛ƐŵŽǀĞŵĞŶƚĂƚŵLJƐĐŚŽŽů͕ǁŚŝĐŚƒĚŝĚďĞĐĂƵƐЃǁĂƐŐƌŽǁŝŶŐǁŝƚŚŽƚŚĞƌďŽLJƐ͕ĂŶĚƚŚĞŶ
ƚŚĞƌĞǁĂƐĂůƐŽĂĚĞŵĂŶĚĨƌŽŵƚŚĞŐŝƌůƐƚŽƐƚĂƌƚƚŚĞŝƌŵŽǀĞŵĞŶƚ͘ƒŽŶůLJŵĞƚƚŚĞ'ŝƌů'ƵŝĚĞƐĂƚƚŚĞ
ũĂŵďŽƌĞĞ͘dŚĞũĂŵďŽƌĞĞŝƐĂďŝŐĞǀĞŶƚƚŚĂƚďƌŝŶŐƐĂůůƚŚĞ^ĐŽƵƚƐĂŶĚ'ƵŝĚĞƐƚŽŐĞƚŚĞƌ͘ƒƚŝƐŽŶĞƚŚĞ


Ϯ
>Ğ’ĚĞŶŝƐĂĐĂŵƉƐŝƚĞǁŚĞƌĞƚŚĞŽLJ^ĐŽƵƚƐƌƵŶƚǁŽǁĞĞŬůĞĂĚĞƌƐŚŝƉƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵŵĞƐ͘ƒŶƚŚĞ„ϵ‘ϬƐĂŶĚ
ĞĂƌůLJ„ϵϵϬƐŝƚǁĂƐƌƵŶĂůŽŶŐƚŚĞůŝŶĞƐŽĨĂƚĐĂŵƉǁŝƚŚƉŚLJƐŝĐĂůĞ’ŚĂƵƐƚŝŽŶ͕ƐůĞĞƉĚĞƉƌŝǀĂƚŝŽŶ͕ĐŽůĚƐŚŽǁĞƌƐ
ŝŶƚŚĞǁŝŶƚĞƌĂŶĚƐŽŽŶ͘


21

ŚĂƉƉŝĞƐƚĚĂLJƐŽĨLJŽƵƌůŝĨĞĂƐĂLJŽƵŶŐƉĞƌƐŽŶƚŽŐĞƚƚŽŵĞĞƚĂůůĚŝĨĨĞƌĞŶƚƉĞŽƉůĞĨƌŽŵĚŝĨĨĞƌĞŶƚƐƉĂĐĞƐ͘
ƒƚ͛ƐůŝŬĞƚŚĞ‡^Š‹͘͘͘͘›ůĂƵŐŚŝŶ՜͘

dŚĞ:ĂŵďŽƌĞĞƚŽŽŬƉůĂĐĞŝŶ,ŽǁŝĐŬ͕ĂƚƚŚĞDŝĚŵĂƌĚĂŵ͘ƒƚǁĂƐŵŽƐƚůLJŽƵƚĚŽŽƌĂĐƚŝǀŝƚŝĞƐĂŶĚƚŚŝƐŝƐ
ŚŽǁƒďĞĐĂŵĞŝŶƚĞƌĞƐƚĞĚŝŶƚŚĞŽƵƚĚŽŽƌĞŶǀŝƌŽŶŵĞŶƚ͘dŚĞƌĞǁĂƐĂůŽƚĂďŽƵƚŚŽǁƚŚĞĞŶǀŝƌŽŶŵĞŶƚŝƐ
ĂŚĞƌŝƚĂŐĞƚŽƚŚĞĐŚĞƌŝƐŚĞĚĂŶĚƉƌŽƚĞĐƚĞĚƚŽďĞĞŶƌŝĐŚĞĚďLJŽƵƌĨƵƚƵƌĞŐĞŶĞƌĂƚŝŽŶĂŶĚƒďĞĐĂŵĞ
ǀĞƌLJŝŶƚĞƌĞƐƚĞĚŝŶƉůĂŶƚƐĂŶĚĂŶŝŵĂůƐ͘

ĨƚĞƌƚŚĞũĂŵďŽƌĞĞǁĞƐŽƵŐŚƚƚŚĞĂƐƐŝƐƚĂŶĐĞĨƌŽŵŽƚŚĞƌƐĐŚŽŽůƐƚŽĨŽƌŵƚŚĞ'ŝƌů'ƵŝĚĞƐ͘‡ĞŚĂĚ
ƐĞĞŶĂůůƚŚĞƐĞďŽLJƐǁŽƌŬŝŶŐƚŽŐĞƚŚĞƌ͕ůĞĂƌŶŝŶŐƐŬŝůůƐƚŚĂƚǁĞƌĞƵŶŬŶŽǁŶŝŶƚŚĞĐŽŵŵƵŶŝƚLJĂŶĚƚŚĞ
ŐŝƌůƐĚĞŵĂŶĚĞĚƚŚĞƐĂŵĞ͘dŚĞLJŚĂĚƐĞĞŶƚŚĞŝƌďƌŽƚŚĞƌƐŐƌŽǁŝŶŐĂŶĚǁĂŶƚĞĚƚŚĞƐĂŵĞƉƌŝĚĞ͘ƒƚƌĞĂůůLJ
ƐŚĂƉĞĚŵĞĂůŽƚ͘

ƚƚŚĞŚŝŐŚƐĐŚŽŽůůĞǀĞůƒďĞĐĂŵĞŵŽƌĞŝŶƚĞƌĞƐƚĞĚŝŶŝĚĞĂƐ͘ƒĨŽƵŶĚƚŚĂƚƒĐŽƵůĚŐƌĂƐƉƚŚŝŶŐƐ”ƵŝĐŬůLJ
ĂŶĚĞĂƐŝůLJ͕ĞƐƉĞĐŝĂůůLJŝŶŶŐůŝƐŚĂŶĚ,ŝƐƚŽƌLJ͘dŚĞƚĞĂĐŚĞƌƐǁŽƵůĚŽĨƚĞŶĂƐŬŵĞƚŽƌĞĂĚĂŚĞĂĚƚŽ
ƉƌĞƉĂƌĞƚŚĞůĞƐƐŽŶ͘ƒƌĞŵĞŵďĞƌǀŝǀŝĚůLJŚŽǁƒǁĂƐĂƐŬĞĚƚŽůĞĂƌŶĂďŽƵƚƚŚĞŒŽŽƌƚƌĞŬŬĞƌƐŚŽǁƒ
ůĞĂƌŶƚƚŚĂƚƚŽƚŚĞĚŝĐƚŝŽŶĂƌLJ͘ƒŚĂĚƚŽĂŶĂůLJƐĞƚŚĞŵĞĂŶŝŶŐŽĨĞĂĐŚǁŽƌĚĂůůďLJŵLJƐĞůĨĂŚĞĂĚŽĨ
ŽƚŚĞƌƐ͘ƒƌĞŵĞŵďĞƌŚŽǁƒŚĂĚƚŽƐƚĂƌƚďLJĐƵƚƚŝŶŐƚŚŝƐǁŽƌĚŒŽŽƌƚƌĞŬŬĞƌƐĂŶĚƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞǁŽƌĚ
™ǀŽŽƌ͛ĂŶĚƚŚĞŶ™ƚƌĞŬŬĞƌƐ͛͘ŽŝŶŐĂůůƚŚĞƐĞĂŶĂůLJƐŝƐŝƚƐůŽǁůLJďĞĐĂŵĞĐůĞĂƌƚŚĂƚǁĞǁĞƌĞůĞĂƌŶŝŶŐ
ĂďŽƵƚƚŚĞŽĞƌƐǁŚŽƚƌĂǀĞůůĞĚŽƌĐĂŵĞĨŝƌƐƚŝŶEĂƚĂů͘Ƶƚ͕Ɛƚŝůů͕ƒǁĂƐůƵĐŬLJƚŽďĞŐŝǀĞŶƚŚŝƐ
ŽƉƉŽƌƚƵŶŝƚLJďĞĐĂƵƐЃůĞĂƌŶƚŚŽǁƚŽĂŶĂůLJƐĞƚŚŝŶŐƐŽŶŵLJŽǁŶĂŶĚƚŚĞŶƚŽƐŚĂƌĞƚŚĞŝĚĞĂƐ͘,ŝƐƚŽƌLJ
ǁĂƐƌĞĂůůLJĂďŽƵƚƌĞŵĞŵďĞƌŝŶŐĚĂƚĞƐĂŶĚƒĨŽƵŶĚƚŚĂƚƒŚĂĚĂŐŽŽĚŵĞŵŽƌLJ͘

dŚŝŶŐƐǁĞƌĞƉŽƐŝƚŝǀĞ͘ƒǁĂƐƐƚŝůůƚŽŽLJŽƵŶŐƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞŽƵƚƐŝĚĞƉŽůŝƚŝĐƐ͕ĞǀĞŶƚŚĞĨĂŵŝůLJƌĞůĂƚĞĚ
ƐƚƵĨĨ͕ǁŚĂƚƉƌŽďůĞŵƐǁĞƌĞĂƚŚŽŵĞ͘ŶĚƒǁĂƐĨŽƌƚƵŶĂƚĞŝŶďĞŝŶŐĂďůĞƚŽĨŝŶŝƐŚŚŝŐŚƐĐŚŽŽů͕ĨƌŽŵ
^ƚĂŶĚĂƌĚ^ŝ’ƌŝŐŚƚƚŚƌŽƵŐŚƚŽDĂƚƌŝĐ͕ŝŶŽŶĞŚŝŐŚƐĐŚŽŽů͘ƵƚŝŶƚŚĞƉƌŝŵĂƌLJƐĐŚŽŽůŝƚǁĂƐƌĞĂůůLJ
ĚŝĨĨŝĐƵůƚďĞŝŶŐĐŝƌĐůĞĚŝŶŽŶĞĨĂŵŝůLJ͘

tŚĞŶLJŽƵǁĞƌĞŐƌŽǁŝŶŐƵƉŝŶƐƚĐŽƵƌƚŝƚǁĂƐƚŚĞƚŝŵĞŽĨƚŚĞƚƌĂŶƐŝƚŝŽŶǁŝƚŚDĂŶĚĞůĂďĞŝŶŐ
ƌĞůĞĂƐĞĚĂŶĚƚŚĞEďĞŝŶŐƵŶďĂŶŶĞĚ͘ŝĚLJŽƵƚŚŝŶŬĂďŽƵƚƉŽůŝƚŝĐƐŵƵĐŚŽƌǁĂƐƚŚĞƌĞŵƵĐŚ
ƉŽůŝƚŝĐƐŚĂƉƉĞŶŝŶŐĂƌŽƵŶĚLJŽƵ‰

dŚĞƌĞǁĂƐĂůŽƚŽĨĨŝŐŚƚŝŶŐ͕ŚĞĂǀLJĨŝŐŚƚƐ͘ƒƌĞŵĞŵďĞƌŵLJĨƌŝĞŶĚǁĂƐƐŚŽƚũƵƐƚŝŶĨƌŽŶƚŽĨŵĞǁŚĞŶǁĞ
ǁĞƌĞƚŽŐĞƚŚĞƌŝŶĂƌƵƌĂůĨĂƌŵLJŽƵŬŶŽǁƚŚĞƐĞƉůĂŶƚĂƚŝŽŶƐǁŚĞƌĞĐƌŽƉƐƐƵĐŚĂƐŵĞĂůŝĞƐ“ŐĞƚƉůĂŶƚĞĚ
ĂŶĚŐƌŽǁǀĞƌLJŚŝŐŚǁŝƚŚŐƌĂƐƐŝŶƚŝŵĞƐůŝŬĞĂƵƚƵŵŶ͘ƒŶƐƵŵŵĞƌ͕ĂƐƚŚĞŐƌĂƐƐďĞŐĂŶƚŽŐƌŽǁǀĞƌLJŚŝŐŚ͕
ƚŚĞƌĞǁĂƐƚŚŝƐĨŝŐŚƚŝŶŐĂŶĚƐŚŽŽƚŝŶŐ͘^ŽŵĞƚŝŵĞƐƚŚĞĂƌŵLJǁŽƵůĚƐƚƚŚĞŽƚŚĞƌƐŝĚĞ͘ƒŶƉŽůŝƚŝĐƐĂŶĚ
ĨŝŐŚƚŝŶŐƒǁĂƐŶŽƚŝŶǀŽůǀĞĚďƵƚŝŶƚŚĞĂƌĞĂǁŚĞƌЃƐƚĂLJĞĚƚŚĞƌĞǁĂƐĂƐƚƌŽŶŐƉƌĞƐĞŶĐĞŽĨƒŶŬĂƚŚĂ͘ϱ
ŶĚŝŶƚŚĞƵůƵƚƌĂĚŝƚŝŽŶǁĞďĞůŝĞǀĞƚŚĂƚLJŽƵĚŽŶŽƚƌƵŶĂǁĂLJŝŶƚŝŵĞƐŽĨǁĂƌ͘dŚŝƐǁĂƐĂůƐŽƚŚĞ
ĐƵůƚƵƌĞŽĨƒŶŬĂƚŚĂ͘^ŽǁŚĞŶƚŚĞƌĞŝƐĂŐƵŶƐŚŽƚƚŚĞLJǁŽƵůĚ”ƵŝĐŬůLJŵŽďŝůŝƐĞĂŶĚĞǀĞƌLJŽŶĞŐŽĞƐ
ĞǀĞƌLJŵĂŶĂŶĚĞǀĞƌLJďŽLJ͘ƒƚ͛ƐĐŽŵƉƵůƐŽƌLJ͘•ŽƵǁĞƌĞŶŽƚĂƐŬĞĚǁŚĞƚŚĞƌLJŽƵũŽŝŶĞĚƚŚĞƉĂƌƚLJŽƌŶŽƚ
ďƵƚLJŽƵŚĂĚƚŽĚĞĨĞŶĚLJŽƵƌǀŝĐŝŶŝƚLJ͕LJŽƵƌƐƵƌƌŽƵŶĚŝŶŐƐ͘^ŽǁĞǁĞƌĞŝŶǀŽůǀĞĚŝŶƚŚĂƚǁĂLJŬŶŽǁŝŶŐ
ƚŚĂƚƚŚĞĨŝŐŚƚǁĂƐďĞƚǁĞĞŶƒŶŬĂƚŚĂĂŶĚƚŚĞE͘DŽƐƚůLJĨƌŽŵƚŚĞEƐŝĚĞƚŚĞƌĞǁŽƵůĚďĞƐŽůĚŝĞƌƐ
ŚŝĚŝŶŐ͕ĂŶĚĂůƐŽƐŚŽŽƚŝŶŐ͘•ŽƵǁŽƵůĚƚŚŝŶŬƚŚĂƚLJŽƵ͛ĚďĞĨŝŐŚƚŝŶŐƚŚĞŽƚŚĞƌƐŝĚĞŽŶůLJƚŽĨŝŶĚƚŚĂƚLJŽƵ
ĂƌĞĨŝŐŚƚŝŶŐƚŚĞĂƌŵLJďĞĐĂƵƐĞƚŚĞĂƌŵLJǁŽƵůĚĂůƐŽďĞƚĂŬŝŶŐƐŝĚĞƐ͘dŚĞLJŵĂĚĞŝƚĐůĞĂƌƚŚĂƚƚŚĞLJǁĞƌĞ

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dŚĞ‡ŽƌůĚ^ŽĐŝĂůŠŽƌƵŵ
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ƵůƵŶĂƚŝŽŶĂůŝƐƚŵŽǀĞŵĞŶƚƚŚĂƚďĞĐĂŵĞĐŽŵƉůŝĐŝƚǁŝƚŚĂƉĂƌƚŚĞŝĚ͘


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ŶŽƚƚŚĞƌĞƚŽŵĂŬĞƉĞĂĐĞ͘^Ž͕ƒŵĞĂŶ͕ƒǁĂƐŝŶǀŽůǀĞĚŝŶƚŚĂƚďĂƚƚůĞŝŶƚŚĞƌĞĂůĨŝŐŚƚŝŶŐ͕ŝŶƚŚĞůŝĨĞĂŶĚ
ďůŽŽĚŽĨƚŚĂƚƚŝŵĞ͘dŚĞŽŶůLJǁĂLJƚŽĨƌĞĞŽŶĞƐĞůĨǁĂƐƚŚĂƚŽŶĞǁŽƵůĚŚŝĚĞǁŚĞŶŽŶĞŐĞƚƐƐŚŽƚ͘‡ŚĞŶ
ƐŽŵĞŽŶĞŶĞĞĚĞĚĂŶĂŵďƵůĂŶĐĞLJŽƵĐŽƵůĚ”ƵŝĐŬůLJĂƐƐƵŵĞƚŚĂƚƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨĨĂĐŝůŝƚĂƚŝŶŐĨŝƌƐƚĂŝĚ
ĂŶĚĐĂůůŝŶŐŽƌǁĂŝƚŝŶŐĨŽƌƚŚĞĂŵďƵůĂŶĐĞƚŽĐŽŵĞ͘dŚĂƚĐŽƵůĚďĞĂǁĂLJŽƵƚŽĨƚŚĞďĂƚƚůĞ͘

ƚƐĐŚŽŽůƚŚĞƌĞǁĂƐŶ͛ƚŵƵĐŚƉŽůŝƚŝĐƐďƵƚƒƵƐĞĚƚŽƚĂŬĞƉĂƌƚŝŶƚŚĞĚĞďĂƚĞƐ͘ŠŽƌŵĂůĚĞďĂƚĞƐǁĞƌĞ
ŵŽƐƚůLJŽŶƉŽůŝƚŝĐƐďƵƚƚŚĞŝĚĞĂǁĂƐƚŽůĞĂƌŶƚŽƐƉĞĂŬŶŐůŝƐŚƚŚĂƚǁĂƐƚŚĞǁŚŽůĞƉŽŝŶƚ͘Ƶƚ
ŽďǀŝŽƵƐůLJƚŚĞƐƉĞĞĐŚĞƐƚŚĂƚǁĞǁƌŽƚЃƌĞŵĞŵďĞƌƚŚĂƚǁĞŽĨƚĞŶůĞĂƌŶƚŵŽƌĞĨƌŽŵ>ƵĐŬLJƵďĞ͕
ĨƌŽŵD–ǁĂŬŚĞDďƵůŝ͕ĂŶĚƐŽĂůŽƚŽĨŽƵƌ”ƵŽƚĞƐǁĞƌĞŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚĞŝƌŵƵƐŝĐĂŶĚƉŽĞƚƌLJ͘ƒƚŚĂĚ
ĂůŽƚŽĨƉŽůŝƚŝĐ͘ůƚŚŽƵŐŚǁĞǁĞƌĞƐƚŝůůLJŽƵŶŐƚŽƵŶĚĞƌƐƚĂŶĚƚŚĞŽƵƚƐŝĚĞǁŽƌůĚĂĐůĞĂƌŵĞƐƐĂŐĞǁŽƵůĚ
ĐŽŵĞ͘dŚĞƌĞǁĂƐĂůƐŽƚŚĞƐƚƵĚLJŽĨhž͘ƒƚǁĂƐůĞĂƌŶƚĂƚƐĐŚŽŽůĂƚƚŚĂƚƚŝŵĞ͘ƵƚǁŚĞŶǁĞĨŽƵŐŚƚ͕
ǁŚĞŶǁĞƌĞŝŶǀŽůǀĞĚŝŶƚŚĞĨŝŐŚƚ͕ŽƵƌůŝǀĞƐǁĞƌĞĐŽŵƉůĞƚĞůLJŝŶĚĞƉĞŶĚĞŶƚĨƌŽŵƉŽůŝƚŝĐƐ͘

^ĐŽƵƚŝŶŐǁĂƐĂůƐŽĂĐŽŵƉůĞƚĞůLJŶŽŶƉŽůŝƚŝĐĂůŵŽǀĞŵĞŶƚ͕ĂůƚŚŽƵŐŚƚŚĞƌĞǁĞƌĞĂůŽƚŽĨĂĐĐƵƐĂƚŝŽŶƐ
ĨƌŽŵŽƵƚƐŝĚĞ͘WĞŽƉůĞǁĞƌĞĐĂůůŝŶŐƵƐ'ĂƚƐŚĂ͛Ɛ†ƐŽŶƐďĞĐĂƵƐĞLJŽƵǁĞĂƌƚŚŝƐŬŚĂŬŝƵŶŝĨŽƌŵǁŚŝĐŚǁĂƐ
ŶĞĂƌůLJƚŚĞƐĂŵĞĂƐƚŚĞƒŠWƵŶŝĨŽƌŵĂƚƚŚĂƚƚŝŵĞ͘ƵƚǁĞĚŝĚŶŽƚďĂůŬďĞĐĂƵƐĞǁĞŚĂĚŶŽƚŚŝŶŐƚŽĚŽ
ǁŝƚŚƚŚĂƚ͘

LJĞĂƌůĂƚĞƌǁŚĞŶƒĨŝŶŝƐŚĞĚƐĐŚŽŽůƚŚĞĨŝŐŚƚǁĂƐĂůƐŽŝŶǀŽůǀĞĚĂƚŵLJƐĐŚŽŽů͘ƒƌĞŵĞŵďĞƌƚŚĂƚƐŽŵĞŽĨ
ŵLJĨƌŝĞŶĚƐŚĂĚƚŽƉƵůůŽƵƚŽĨƐĐŚŽŽůďĞĐĂƵƐĞŽĨƚŚĞĨŝŐŚƚŝŶŐ͘ƵƚŝŶŵLJĚĂLJŝƚĚŝĚŶ͛ƚƌĞĂĐŚƚŚĞƐĐŚŽŽůƐ͘
‡ĞĂůƐŽĨĞůƚƚŚĂƚƉŽůŝƚŝĐƐǁĂƐŽƵƚƐŝĚĞƚŚĞƐĐŚŽŽů͕ŝƚǁĂƐƐŽŵĞƚŚŝŶŐƚŚĂƚǁĂƐĚŝĨĨŝĐƵůƚƚŽƵŶĚĞƌƐƚĂŶĚ͘ƒ
ƌĞŵĞŵďĞƌƚŚĞĐŽŶƚĞŶƚŽĨƚŚĞĚĞďĂƚĞƐˆƚŚĞĐŽŶĐĞƉƚƐĂŶĚĂƌŐƵŵĞŶƚƐǁĞƌĞƐŚĂƉĞĚďLJƚŚĂƚ͘ƵƚǁĞ
ǁĞƌĞŵŽƌĞũƵĚŐĞĚďLJƚŚĞĨůƵĞŶĐLJŽĨƚŚĞůĂŶŐƵĂŐĞ͘

ƵƚǁĞǁŽƵůĚĨŝŐŚƚƚŚĞďĂƚƚůĞƐƚŚĂƚǁĞĚŝĚŶ͛ƚƵŶĚĞƌƐƚĂŶĚ͘dŚĞŵŽďŝůŝ–ĂƚŝŽŶƚĂĐƚŝĐƐƚŚĂƚǁĞƌĞƵƐĞĚ͕
ďLJƚŚĞŶĂƚƵƌĞŽĨďĞŝŶŐƵůƵLJŽƵǁĞƌĞĨŽƌĐĞĚƚŽũŽŝŶƒŶŬĂƚŚĂ͘ƒĚŽŶŽƚƌĞŵĞŵďĞƌĂŶLJŵĞŵďĞƌƐŚŝƉ
ĐĂƌĚƐŽƌĞǀĞŶŚŽǁƚŚĞLJůŽŽŬĞĚůŝŬĞďƵƚLJŽƵǁŽƵůĚŶĞǀĞƌďĞĂƐŬĞĚ͘•ŽƵǁŽƵůĚďĞĨŽƌĐĞĚƚŽĐŽŵĞŽƵƚ
ĂŶĚĨŝŐŚƚ͘‡ĞĚŝĚŶ͛ƚŬŶŽǁǁŚĂƚǁĞǁĞƌĞĨŝŐŚƚŝŶŐ͘DĂŶLJƉĞŽƉůĞǁĞƌĞŬŝůůĞĚĂƚƚŚĂƚƐƚĂŐĞ͘ƚƚŚĂƚ
ƐƚĂŐĞǁĞĂƚƚĞŶĚĞĚĂůŽƚŽĨĨƵŶĞƌĂůƐ͘ƒŶŽƵƌĐƵůƚƵƌĞǁĞǁĞƌĞŶŽƚƐƵƉƉŽƐĞĚƚŽďĞĂƚƚĞŶĚŝŶŐĨƵŶĞƌĂůƐĂƐ
ĐŚŝůĚƌĞŶďƵƚŝƚďĞĐĂŵĞĂŶŽƌŵĂůƚŚŝŶŐƚŽĂƚƚĞŶĚĨƵŶĞƌĂůƐ͘ƒĨLJŽƵĚŝĚŶ͛ƚĂƚƚĞŶĚƚŚŽƐĞĨƵŶĞƌĂůƐLJŽƵ
ǁŽƵůĚďĞĂĐĐƵƐĞĚŽĨƐŝĚŝŶŐǁŝƚŚƚŚĞŽƚŚĞƌƉĂƌƚLJǁŝƚŚƚŚĞE͘ƒƚǁĂƐũƵƐƚĂĚŝĨĨŝĐƵůƚĂŶĚĐŽŶĨƵƐŝŶŐ
ƐŝƚƵĂƚŝŽŶ͘ƒŵĞĂŶǁĞǁĞƌĞƐƚŝůůǀĞƌLJLJŽƵŶŐƚŽƵŶĚĞƌƐƚĂŶĚ͘ƒƐƚƌŽŶŐůLJĨĞĞůƚŚĂƚĂůŽƚŽĨƉĞŽƉůĞĚŝĞĚĨŽƌ
ŶŽĐŽƵƌƐĞ͕ƚŚĞLJĚŝĚŶŽƚŬŶŽǁǁŚĂƚƚŚĞLJǁĞƌĞĨŝŐŚƚŝŶŐĨŽƌ͕Ğ’ĐĞƉƚƚŚĂƚƚŚĞLJǁĞƌĞĨŽƌĐĞĚƚŽŐŽƚŽǁĂƌ
ďĂƌĞŚĂŶĚĞĚŶŽƐƚƌĂƚĞŐLJ͕ŶŽƉŽůŝƚŝĐ͕ŶŽŝĚĞĂƐ͕ŶŽĞĚƵĐĂƚŝŽŶ͘ƒƐƚƌŽŶŐůLJĨĞĞůĂůŽƚŽĨŝŶŶŽĐĞŶƚĚŝĞĚĨŽƌ
ŶŽƚŚŝŶŐ͘

/ƌĞŵĞŵďĞƌƚŚĂƚLJŽƵŽŶĐĞƐĂŝĚƚŽŵĞƚŚĂƚƚŚĂƚƐŽŵĞŽĨŽƵƌƉŽůŝƚŝĐŝĂŶƐ͕ƉĞŽƉůĞŽŶďŽƚŚƐŝĚĞƐŽĨƚŚĞ
EĂŶĚ/&WĚŝǀŝĚĞ͕ĐĂŶŽŶůLJƵŶĚĞƌƐƚĂŶĚƉŽůŝƚŝĐƐŝŶƚĞƌŵƐŽĨŬŝůůŝŶŐ͘dŚĞŚŝƐƚŽƌLJŽĨĂůůƚŚŝƐŬŝůůŝŶŐŝƐ
ƵƐƵĂůůLJƚŽůĚŝŶĂǀĞƌLJƐŝŵƉůĞǁĂLJǁŝƚŚĂůůƚŚĞŐŽŽĚƉĞŽƉůĞŝŶƚŚĞEĂŶĚĂůůƚŚĞďĂĚƉĞŽƉůĞŝŶƚŚĞ
/&WʹďƵƚƚŚĞƌĞǁĞƌĞǁĂƌůŽƌĚƐŽŶďŽƚŚƐŝĚĞƐ͘


6
˜ďƵŶƚƵŝƐƚŚĞǁŽƌĚ͕ŝŶĂŶƵŵďĞƌŽĨ^ŽƵƚŚĨƌŝĐĂŶůĂŶŐƵĂŐĞƐ͕ĨŽƌŚƵŵĂŶŝƐŵĂŶĚĂƐĞƚŽĨďĞůŝĞĨƐĂŶĚƉƌĂĐƚŝĐĞƐ
ĂŶŝŵĂƚĞĚďLJĂĐŽŶĐĞƉƚŝŽŶŽĨŚƵŵĂŶŝƐŵďĞƐƚŬŶŽǁŶƚŚƌŽƵŐŚƚŚĞƐĂLJŝŶŐ™ĂƉĞƌƐŽŶŝƐĂƉĞƌƐŽŶƚŚƌŽƵŐŚŽƚŚĞƌ
ƉĞŽƉůĞ͛͘ƒƚŚĂƐďĞĞŶƉƵƚƚŽĂƌĂŶŐĞŽĨƉŽůŝƚŝĐĂůƵƐĞƐ͘
†
™'ĂƚƐĐŚĂ͛ŝƐĂŶŝĐŬŶĂŵĞ͕ǁŚŝĐŚďĞĐĂŵĞĚĞƌŽŐĂƚŽƌLJ͕ĨŽƌDĂŶŐŽƐƵƚŚƵƵƚŚĞůĞ–ŝ͕ƵůƵWƌŝŶĐĞĂŶĚůĞĂĚĞƌŽĨ
ƒŶŬĂƚŚĂ͘


23

ƒƌĞŵĞŵďĞƌĞǀĞŶƚŚĞƚĞƌŵŝŶŽůŽŐLJŽĨ^ĐŽƵƚŝŶŐ͕ŚŽǁŝƚǁĂƐƵƐĞĚŝŶƚŚĞĨŝŐŚƚŝŶŐ͘dŚĞƌĞǁŽƵůĚďĞĂ
ŐƌŽƵƉŽĨǀŽůƵŶƚĞĞƌƐ͕ĂŵŽŶŐƐƚĂŐƌŽƵƉŽĨŵĞŶ͕ǁŚŽǁŽƵůĚǀŽůƵŶƚĞĞƌƚŽůĂƵŶĐŚĂŶĂŐŐƌĞƐƐŝǀĞĂƚƚĂĐŬ
ĂŶĚƚŚĞƚĞƌŵŝŶŽůŽŐLJƚŚĂƚǁĂƐƵƐĞĚǁĂƐƚŚĂƚƚŚĞLJǁĞƌĞƐĐŽƵƚƐ͘ŶĚƚŚĞŶǁĞ͛ĚŬŶŽǁĨŽƌƐƵƌĞƚŚĂƚƚŚĞ
ŶĞ’ƚĚĂLJƚŚĞƌĞǁŽƵůĚďĞŵŽƵƌŶŝŶŐĂŶĚďůŽŽĚ͕ƚŚĞƌĞǁŽƵůĚďĞĚĞĂĚďŽĚŝĞƐ͘DLJƵŶĚĞƌƐƚĂŶĚŝŶŐǁĂƐ
ƚŚĂƚƚŽďĞǁĞůůŬŶŽǁŶ͕ƚŽďĞǁĞůůƌĞƐƉĞĐƚĞĚĂƐĂƉĞƌƐŽŶǁŚŽŝƐĨŝŐŚƚŝŶŐ͕ǁŚŽŝƐƐƚƌƵŐŐůŝŶŐĨŽƌƚŚĞ
ĐŽƵŶƚƌLJ͕LJŽƵŚĂĚŐŽƚƚŽŬŝůů͘ƒƚǁĂƐŶŽƚŽŶůLJƚŚĂƚLJŽƵŚĂĚƚŽĚĞĨĞŶĚLJŽƵƌĐŽŵŵƵŶŝƚLJLJŽƵĂůƐŽŚĂĚƚŽ
ďĞĂŐŐƌĞƐƐŝǀĞ͕ƚŽůĂƵŶĐŚƐŽŵĞĂƚƚĂĐŬƐŽŶƚŚĞŽƚŚĞƌƐŝĚĞ͘•ŽƵďĞĐŽŵĞŬŶŽǁŶůŝŬĞƚŚĂƚ͕LJŽƵďĞĐŽŵĞ
ƌĞƐƉĞĐƚĞĚ͘

dŚĞŽƚŚĞƌĚŝƌƚLJƚŚŝŶŐƚŚĂƚƵƐĞĚƚŽŚĂƉƉĞŶ͕ƚŚĂƚƵƐĞĚƚŽŝŶĨůƵĞŶĐĞƚŚĞǁŚŽůĞƚŚŝŶŐ͕ǁĂƐƚŚĂƚŝĨLJŽƵĂƌĞ
ĂƐĐŚŽŽůďŽLJLJŽƵǁŽƵůĚďĞƉĞƌĐĞŝǀĞĚĂƐĂŶEŵĞŵďĞƌ͘^ŽƚŽďĞǁĞůůƌĞĐŽŐŶŝƐĞĚĂŶĚǁĞůů
ƌĞƐƉĞĐƚĞĚLJŽƵŵƵƐƚŶŽƚŐŽƚƚŽƐĐŚŽŽů͕LJŽƵŵƵƐƚŶŽƚŚĂǀĞĂďĂƚŚ͕LJŽƵŵƵƐƚŶŽƚďĞŝŶǀŽůǀĞĚǁŝƚŚ
ǁĂƚĞƌ͕ĂŶĚLJŽƵŵƵƐƚŶŽƚďĞƐŵĂƌƚ͘•ŽƵŵƵƐƚďĞĐŽŵĞĂŶĂƐƚLJĂŶĚĐůƵŵƐLJƉĞƌƐŽŶ͘ƒĚŽŶ͛ƚŬŶŽǁǁŚĞƌĞ
ƚŚŝƐŝĚĞĂĐĂŵĞĨƌŽŵďƵƚĂůŽƚŽĨƐŵĂƌƚƉĞŽƉůĞǁŝƚŚƚƌĂŶ”ƵŝůůŝƚLJǁĞƌĞŬŝůůĞĚŶŽƚďĞĐĂƵƐĞƚŚĞLJǁĞƌĞ
ŵĞŵďĞƌƐŽĨƚŚĞEďƵƚďĞĐĂƵƐĞƚŚĞLJůŽŽŬĞĚŐŽŽĚ͕ďĞĐĂƵƐĞƚŚĞLJůŽŽŬĞĚĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚĞŽƚŚĞƌƐ͕
ƚŚĞŽŶĞƐĚŽŝŶŐƚŚĞĨŝŐŚƚŝŶŐ͘ŠƌŽŵƚŚĂƚƚŝŵĞŝƚǁĂƐǁŚĞŶƒďĞŐĂŶƚŽƚŚŝŶŬƚŚĂƚƚŚŝƐǁĂƐũƵƐƚĂďŽƵƚ
ŬŝůůŝŶŐ͘dŚĞŽŶůLJƌĞĂůŝƚLJŝƐƚŚĂƚƉĞŽƉůĞǁĞƌĞĚLJŝŶŐ͘WĞŽƉůĞĚŝĚŶŽƚŬŶŽǁǁŚĂƚƚŚĞLJǁĞƌĞĚLJŝŶŐĨŽƌ͕
ǁŚĂƚƚŚĞLJǁĞƌĞĨŝŐŚƚŝŶŐĨŽƌŽƌǁŚĂƚƚŚĞLJǁĞƌĞŬŝůůŝŶŐĨŽƌ͘ǀĞŶĞůĚĞƌůLJƉĞŽƉůĞŝŶƚŚĞƐƚƌƵŐŐůĞĚŝĚŶŽƚ
ƵŶĚĞƌƐƚĂŶĚƉŽůŝƚŝĐƐ͘ƒĨƐƵĐŚƉĞŽƉůĞǁĞƌĞƚŽďĞŝŶƚĞƌǀŝĞǁĞĚŶŽǁƒ͛ŵŶŽƚƐƵƌĞŝĨƚŚĞLJĐŽƵůĚƐĂLJĐůĞĂƌůLJ
ǁŚĂƚƚŚĞLJǁĞƌĞĚLJŝŶŐĨŽƌ͕ďĞŝŶŐŬŝůůĞĚĨŽƌ͘

ƐƵůƵƐǁĞǁĞƌĞĞŶĐŽƵƌĂŐĞĚŶŽƚƚŽŚŝĚĞ͕ŶŽƚƚŽƌƵŶĂǁĂLJ͘ƒŶƐƚĞĂĚǁĞŵƵƐƚĨĂĐĞƚŚĞǁĂƌ͘‡ŚĂƚ
ďĞĐĂŵĞĐůĞĂƌǁĂƐƚŚĂƚƚŚĞƒŠWĚŝĚŶŽƚŚĂǀĞŐƵŶƐ͘DŽƐƚƉĞŽƉůĞǁŚŽŚĂĚŐƵŶƐǁĞƌĞEŵĞŵďĞƌƐ͘
‡ŝƚŚƐŚŝĞůĚƐĂŶĚƐƚŝĐŬƐŝƚǁĂƐ”ƵŝƚĞĚŝĨĨŝĐƵůƚƚŽĨŝŐŚƚƉĞŽƉůĞǁŝƚŚŐƵŶƐ͘

ƒ͛ǀĞƚĂůŬĞĚƐŽŵƵĐŚĂďŽƵƚƚŚĞƒŠWďĞĐĂƵƐЃǁĂƐŝŶ>ŽƐŬŽƉ͕ĂƐƚƌŽŶŐŚŽůĚŽĨƚŚĞƒŠW͘ƒƌĞŵĞŵďĞƌĂůƐŽ
ŐŽŝŶŐƚŽ‡ĞŵďĞ–ŝ͕ĂƚŽǁŶƐŚŝƉŝŶƐƚĐŽƵƌƚ͕ĂŶĚĂůŽƚŽĨƉĞŽƉůĞǁĞƌĞƐŚŽƚŝŶŽƵƌƉƌĞƐĞŶĐĞ͘

ƒŬŶŽǁƚŚĂƚĂƐŝŵŝůĂƌƐƚƌĂƚĞŐLJǁĂƐƵƐĞĚŽŶƚŚĞŽƚŚĞƌƐŝĚĞ͘ŐƌŽƵƉŽĨƉĞŽƉůĞǁŽƵůĚďĞƚƌĂŝŶĞĚƚŽ
ĂƚƚĂĐŬ͘•ŽƵŬŶŽǁƚŚŽƐĞŵĂƐƐĂĐƌĞƐƚŚĂƚĂƌĞŽĨƚĞŶƌĞĨĞƌƌĞĚƚŽƚŚĞLJǁĞƌĞƉĂƌƚŽĨĂǁĞůůƉůĂŶŶĞĚĨŝŐŚƚ͘
ƵƚƚŚŝƐĨŝŐŚƚĂůƐŽŬŝůůĞĚŝŶŶŽĐĞŶƚƉĞŽƉůĞĂŶĚƚŚŽƐĞƚŚĂƚǁĞƌĞŬŝůůĞĚĚŝĚŶŽƚŬŶŽǁǁŚĂƚƚŚĞLJǁĞƌĞ
ŬŝůůĞĚĨŽƌ͘KŶĐĞĂƐŽŶǁĂƐƐƵƐƉĞĐƚĞĚƚŽŚĂǀĞďĞĞŶŝŶǀŽůǀĞĚŚĞǁĂƐŬŝůůĞ̝ďĞŝŶŐƐƵƐƉĞĐƚĞĚǁĂƐǁŚĂƚ
LJŽƵĚŝĞĚĨŽƌ͘dŚĂƚǁĂƐƚŚĞŚŽƌƌŝďůĞƐŝƚƵĂƚŝŽŶ͘ƒĐĂŶŶŽƚŝŵĂŐŝŶĞŚŽǁƐŽŵĞŽĨƚŚĞƉĞŽƉůĞǁŚŽĂƌĞŶŽǁ
ŝŶŐŽǀĞƌŶŵĞŶƚ͕ǁŝƚŚďůŽŽĚŝŶƚŚĞŝƌŚĂŶĚƐ͕ŚĂǀĞŶĞǀĞƌƌĞŐƌĞƚƚĞĚ͘

ƐƵůƵƉĞŽƉůĞLJŽƵǁĞƌĞŵŽƐƚůLJƌĞƐƉĞĐƚĞĚĨŽƌďĞŝŶŐĂŐŽŽĚĨŝŐŚƚĞƌ͘ƒƚǁĂƐƚŚĞǁŚŽůĞŝŶŝƚŝĂůƚƌĂĚŝƚŝŽŶ
ƚŚĂƚďĞŝŶŐĂŐŽŽĚĨŝŐŚƚĞƌŐŝǀĞƐLJŽƵƌĞƐƉĞĐƚ͘ƐĂŐŽŽĚĨŝŐŚƚĞƌLJŽƵǁŽƵůĚďĞŐŝǀĞŶĂƉŽƐŝƚŝŽŶĂƐĂ
ĐŽŵŵĂŶĚĞƌŽĨĂŶĂŐŐƌĞƐƐŝǀĞŐƌŽƵƉƚŚĂƚǁĂƐƚŚĞǁŚŽůĞŝĚĞĂ͘‡ŚĞŶƚŚĞƌĞǁĞƌĞƚŚĞƐĞŵĂƐƐĂƚƚĂĐŬƐ
ŝƚǁĂƐĂůǁĂLJƐŽƌŐĂŶŝƐĞĚ͘‡ŚĞŶƚŚĞƌĞǁĞƌĞĨƵŶĞƌĂůƐ͕ǁŚĞƌĞƚŚĞƌĞǁĞƌĞƐĞƌǀŝĐĞƐ͕ƉƌĂLJĞƌƐ͕ŽƌĂŶLJŽƚŚĞƌ
ƚƌĂĚŝƚŝŽŶĂůŐĂƚŚĞƌŝŶŐƐĂůŽƚŽĨƉĞŽƉůĞƚŽŐĞƚŚĞƌƚŚĞLJǁĞƌĞũƵƐƚƐĞĞŶĂƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽŬŝůůƉĞŽƉůĞ͘
‡ŚĂƚĐŽƵŶƚƐŝƐŚŽǁŵĂŶLJƉĞŽƉůĞǁĞƌĞŬŝůůĞĚ͘dŚĂƚǁĂƐƚŚĞǁŚŽůĞŝĚĞĂ͘‡ŚĞŶƉĞŽƉůĞƉƌĂŝƐĞĚ
ƚŚĞŵƐĞůǀĞƐƚŚĞLJƚĂůŬĞĚĂďŽƵƚŚŽǁŵĂŶLJƉĞŽƉůĞƚŚĞLJŚĂĚŬŝůůĞĚ͕ŶŽƚĂďŽƵƚǁŚLJƚŚĞLJǁĞƌĞŬŝůůŝŶŐ͕ŶŽƚ
ĂďŽƵƚĂŶLJƉŽůŝƚŝĐƐ͘

ĞĐĂƵƐĞŽĨƚŚĞ^ŽƵƚŚĨƌŝĐĂŶŚŝƐƚŽƌLJLJŽƵƐƚŝůůĂƐŬLJŽƵƌƐĞůĨŝĨƉĞŽƉůĞŝŶƉŽǁĞƌĂƌĞŶŽǁŵĂƚƵƌĞĚƚŽ
ƌĞĂůůLJƵŶĚĞƌƐƚĂŶĚƉŽůŝƚŝĐƐ͘dŚĞLJĂƐƐƵŵĞƚŚĂƚŝĨǁĞĚŽŶ͛ƚŚĂǀĞƐŝŵŝůĂƌŝĚĞĂƐƚŽƚŚĞŵƚŚĂƚ
ĂƵƚŽŵĂƚŝĐĂůůLJŵĂŬĞƵƐĞŶĞŵŝĞƐ͘ƒĚŽƵďƚŝĨƉĞŽƉůĞĂƌĞLJĞƚŝŶƚŚĞƉŽƐŝƚŝŽŶŽĨƵŶĚĞƌƐƚĂŶĚŝŶŐƉŽůŝƚŝĐƐ͘ƒĨ


24

LJŽƵĚŽŶŽƚĂŐƌĞĞǁŝƚŚŵLJŝĚĞĂƐƚŚĞŶLJŽƵŵƵƐƚĚŝĞ͘ƒĂŵƐƵƌĞƚŚĂƚŝƚŝƐŐŽŝŶŐƚŽƚĂŬĞƚŝŵĞĨŽƌƉĞŽƉůĞ
ƚŽƵŶĚĞƌƐƚĂŶĚƚŚĂƚƉŽůŝƚŝĐƐŝƐĂďŽƵƚŝĚĞĂƐ͕ĂďŽƵƚĚŝƐĐƵƐƐŝŽŶ͕ƐŚŽƵůĚďĞĂďŽƵƚůŽǀĞĂŶĚƉĂƐƐŝŽŶĨŽƌ
ŽŶĞ͛ƐĐŽƵŶƚƌLJ͕ƐŽĂŶLJƚĂĐƚŝĐƐŚŽƵůĚďĞĂďŽƵƚŚŽǁƚŽƐĞƌǀĞƚŚĞǁŽƌůĚďĞƚƚĞƌ͕ŚŽǁƚŽǁŝŶŵŝŶĚƐĂŶĚ
ŚĞĂƌƚŽĨƚŚĞŵĂũŽƌŝƚLJ͘ƒƚŝƐŐŽŝŶŐƚŽƚĂŬĞĞǀĞŶůŽŶŐĞƌĨŽƌƉĞŽƉůĞƚŽƵŶĚĞƌƐƚĂŶĚƚŚĂƚƚŚŽƐĞĚĞďĂƚĞƐ
ƐŚŽƵůĚďĞŽƉĞŶƚŽĞǀĞƌLJŽŶĞ͕ƚŚĂƚĂƌĞĂůƉŽůŝƚŝĐƐŝƐŶŽƚĂďŽƵƚŚŽǁŵĂŶLJƉĞŽƉůĞLJŽƵĂƌĞǁŝůůŝŶŐƚŽ
ĂƌƌĞƐƚ͕ƚŚƌĞĂƚĞŶŽƌŬŝůůˆƚŚĂƚĂƌĞĂůƉŽůŝƚŝĐƐŝƐŶŽƚĂĨŝŐŚƚƚŽďĞĂďůĞƚŽĂďƵƐĞƐƚĂƚĞƉŽǁĞƌďƵƚƚŚĂƚĂ
ƌĞĂůƉŽůŝƚŝĐƐŝƐŝŶĨĂĐƚĂďŽƵƚŚŽǁŵĂŶLJƉĞŽƉůĞLJŽƵĂƌĞǁŝůůŝŶŐƚŽůŝƐƚĞŶƚŽĂŶĚƚŽƐĞƌǀНĂŶĚƚŽůŝƐƚĞŶ
ƚŽƚŚĞŵĂŶĚƚŽƐĞƌǀĞƚŚĞŵĂƐŝƚƉůĞĂƐĞƐƚŚĞŵ͕ŶŽƚLJŽƵƌƐĞůĨ͘

tŚĞŶĚŝĚLJŽƵĨŝƌƐƚĐŽŵĞƚŽƵƌďĂŶ‰

ƒďĞŐĂŶŵĂƚƌŝĐŝŶ„ϵϵϲĂŶĚƚŚĂƚǁĂƐĂůƐŽƚŚĞLJĞĂƌƚŚĂƚƒĨŝƌƐƚĐĂŵĞƚŽƵƌďĂŶ͘ƵƌŝŶŐƚŚĞǁĞĞŬĞŶĚƐ
ĂŶĚǁŚĞŶƚŚĞƐĐŚŽŽůƐǁĞƌĞĐůŽƐĞĚƒƐƚĂLJĞĚǁŝƚŚŵLJďƌŽƚŚĞƌŝŶůĂǁŝŶDŽŽƌĞZŽĂĚ͕ŝŶ'ůĞŶǁŽŽĚ͘
dŚĞƌĞ͛ƐĂĨůĂƚďĞŚŝŶĚĞƌĞĂĞŶƚƌĞ͕Ϯϲ“͕ŝƚ͛ƐĐĂůůĞĚĂƌĚŝŐĂŶDĂŶƐŝŽŶƐ͘,ĞǁĂƐƉĂŝĚǁĞůů͘,ĞǁĂƐ
ǁŽƌŬŝŶŐĂƐĂŵĞĐŚĂŶŝĐ͘ƒǁŽƌŬĞĚƚĞŵƉŽƌĂƌLJŝŶŒŝĐƚŽƌŝĂ^ƚƌĞĞƚŝŶŽŶĞŽĨƚŚĞƐƚŽƌĞƐƚŚĂƚƐĞůůƐĐůŽƚŚŝŶŐ͕
ŝƚƐĐĂůůĞĚ^ŵŝůĞƐŽŶ͛Ɛ͘ŶĚƒǁŽƌŬĞĚĨŽƌŝƚLJ'ŝƌů͛ƐƐƚŽƌĞƐŝŶ'ƌĞLJǀŝůůĞ͕ŝŶ'ĂŵĞŝƚLJĞŶƚƌĞ͘ƒƐƉĞŶƚĂůŽƚ
ŽĨLJĞĂƌƐǁŽƌŬŝŶŐĨŽƌŝƚLJ'ŝƌůƐƚŽƌĞƐ͘

,ŽǁǁĂƐŝƚƚŽďĞŝŶƵƌďĂŶĐŽŵƉĂƌĞĚƚŽ>ŽƐŬŽƉ‰

:Ă͕ŝƚǁĂƐƉĞĂĐĞĨƵů͘ƒǁĂƐůŝǀŝŶŐŝŶƚŚŝƐƌŝĐŚĂƌĞĂ͕'ůĞŶǁŽŽĚ͘ƒƚǁĂƐĚŝĨĨĞƌĞŶƚ͘ŠƌŽŵǁŽƌŬƒ͛ĚŐŽĚŝƌĞĐƚůLJ
ƚŽƚŚĞĨůĂƚ͘ƒŚĂĚŶŽĨƌŝĞŶĚƐŝŶƵƌďĂŶ͘ƐƐƵĐŚůŝĨĞŝƐŽůĂƚĞĚŵĞĂǁĂLJĨƌŽŵŽƌĚŝŶĂƌLJƉĞŽƉůĞĂůŽƚŽĨ
ƚŚŝŶŬŝŶŐďĞŐĂŶ͘ƒďĞŐĂŶƚŽƌĞĂůŝƐĞŚŽǁƉŽŽƌƒǁĂƐ͘

ŶĚƵŶŝǀĞƌƐŝƚLJ‰

‡ĞůůƒĨŝŶŝƐŚĞĚŵLJŵĂƚƌŝĐƚŚĂƚLJĞĂƌĂŶĚƒĚŝĚǁĞůů͕ďƵƚŶŽƚĂƐǁĞůůĂƐŚĂĚďĞĞŶĞ’ƉĞĐƚĞĚ͘dŚĞƌĞŚĂĚ
ďĞĞŶĂůŽƚŽĨŚŽƉĞĨŽƌŵĞĂƚƚŚĞƐĐŚŽŽůďƵƚ͕LJŽƵŬŶŽǁ͕ĂƐLJŽƵŐƌŽǁLJŽƵďĞŐŝŶƚŽƌĞĨůĞĐƚďĂĐŬŽŶ
ƚŚŝŶŐƐ͕LJŽƵĐŽŵĞƚŽďĞĂǁĂƌĞŽĨĂůŽƚŽĨƚŚŝŶŐƐ͘‡ŚĞŶLJŽƵďĞŐŝŶƚŽƌĞĨůĞĐƚŽŶƚŚĞĞŶǀŝƌŽŶŵĞŶƚĂůŽƚ
ŽĨƚŚŝŶŐƐďĞŐŝŶƚŽĚŝƐƚƵƌďLJŽƵ͕ƚŽĚŝƐƚƵƌďLJŽƵƌŝŶƚĞůůŝŐĞŶĐĞ͘ƒƚǁĂƐĂůƐŽƚŚĞƚŝŵĞǁŚĞŶƒƌĞĂůŝƐĞĚŚŽǁƒ
ŚĂĚƐƵƌǀŝǀĞĚƚŚĞǀĞƌLJƚƌLJŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐŽǀĞƌƚŚĞƉĂƐƚĨĞǁLJĞĂƌƐ͘

ŶĚŽďǀŝŽƵƐůLJƚŚĞƌĞǁĂƐŶĞǀĞƌĂŶLJŐƵŝĚĂŶĐĞĂƚƐĐŚŽŽůƐŽŝƚǁĂƐǀĞƌLJĚŝĨĨŝĐƵůƚƚŽƉƌŽĐĞĞĚǁŝƚŚƚĞƌƚŝĂƌLJ
ĞĚƵĐĂƚŝŽŶ͘ƵƚƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌƒǁĂƐĨŽƌƚƵŶĂƚĞƚŽďĞĂĚŵŝƚƚĞĚĂƚƚŚĞĨŽƌŵĞƌ˜‡͕ƚŚĞ˜ŶŝǀĞƌƐŝƚLJ
ŽĨƵƌďĂŶ‡ĞƐƚǀŝůůĞĂƐŝƚƵƐĞĚƚŽďĞĐĂůůĞĚ͘ƒĞŶƌŽůůĞĚĨŽƌůĂǁ͘ůůƒǁĂŶƚĞĚǁĂƐƚŽďĞĐŽŵĞĂůĂǁLJĞƌ͘

tŚLJ>Ăǁ‰

ƒŶƐĐŚŽŽůĂůŽƚǁĂƐƐĂŝĚĂďŽƵƚƚĞĂĐŚŝŶŐĂŶĚďĞŝŶŐĂƉŽůŝĐĞŵĂŶĨŽƌƚŚĞďŽLJƐĂŶĚĂŶƵƌƐĞĨŽƌƚŚĞŐŝƌůƐ͘
dŚŽƐĞǁĞƌĞƚŚĞŽŶůLJĐŚĂŶĐĞƐĂŶĚƚŚĂƚŝƐǁŚLJǁĞŚĂǀĞĂůŽƚŽĨƚĞĂĐŚĞƐŶƵƌƐĞƐ͕ĂŶĚƉŽůŝĐĞŵĞŶ͘ƒǁĂƐ
ĞŶĐŽƵƌĂŐĞĚĂƚƐĐŚŽŽůƚŽďĞĂƚĞĂĐŚĞƌďƵƚƒĚĞĐŝĚĞĚƚŽĚŝĨĨĞƌ͘

tŚĂƚǁĂƐŝƚůŝŬĞƚŽďĞƐƚƵĚĞŶƚ‰

ƒǁĂƐŶŽƚƵŶĚĞƌĂŶLJƉĂƌĞŶƚĂůĐĂƌĞƐŽŝƚǁĂƐĚŝĨĨŝĐƵůƚ͘‡ŚĞŶƒĂƌƌŝǀĞĚŚĞƌЃŚĂĚŶŽĨƌŝĞŶĚƐ͘ƒƚǁĂƐ
ŚĂƌĚƚŽŝŵĂŐŝŶĞŚŽǁůŝĨĞĐŽƵůĚďĞƐŽĚŝĨĨŝĐƵůƚ͘DLJďƌŽƚŚĞƌŝŶůĂǁŐĂǀĞŵĞĂƉůĂĐĞƚŽƐƚĂLJďƵƚ
ŽďǀŝŽƵƐůLJƒǁĂƐŶŽƚŚŝƐďƵƌĚĞŶƐŽƒĐŽƵůĚũƵƐƚĂƉƉƌĞĐŝĂƚĞŚŝƐĂĐĐŽŵŵŽĚĂƚŝŽŶ͘DLJƐƚƵĚŝĞƐǁĞƌĞĂ
ƐĞƉĂƌĂƚĞĚĞĂůƚŚĂƚǁĂƐďĞLJŽŶĚŚŝƐďƵƌĚĞŶ͘


25

ƒǁĂƐǀĞƌLJůŽŶĞůLJ͘ƒƚǁĂƐŶŽƚŝŶƚĞƌĞƐƚŝŶŐĂƚĂůůďĞĐĂƵƐЃǁĂƐƐƚŝůůŶĞǁŝŶƚŚĞŝŶƐƚŝƚƵƚŝŽŶǁŝƚŚŽƵƚ
ŬŶŽǁŝŶŐĂŶLJďŽĚLJ͘ƒƚǁĂƐĚŝĨĨŝĐƵůƚƚŽŐĞƚƵƐĞĚƚŽƚŚĞŝŶƐƚŝƚƵƚŝŽŶĂŶĚƒǁĂƐĂǀĞƌLJƐŚLJƉĞƌƐŽŶˆŝŶĨĂĐƚ
ǁŚĞŶƒŐƌĞǁƵƉƒŶĞǀĞƌƵƐĞĚƚŽƚĂůŬ͘dŚƌŽƵŐŚƚŚĞ^ĐŽƵƚŝŶŐƚŚŝŶŐƚŚĞŶƒďĞŐĂŶƚŽƐůŽǁůLJďĞĐŽŵĞŵŽƌĞ
ĐŽŶĨŝĚĞŶƚ͘ǀĞŶƉĞŽƉůĞǁŚŽƐŽŵĞƚŝŵĞƐƐĞĞŵĞŽŶƚŚĞdŒŽĨƚĞŶĚŽŶ͛ƚďĞůŝĞǀĞŝƚ͕ƚŚĂƚƚŚĂƚŵĂŶƵƐĞĚ
ƚŽďĞƐŽ”ƵŝĞƚŝŶƚŚĞĐůĂƐƐĂŶĚŶŽǁŚĞĐĂŶƚĂůŬĞǀĞƌLJǁŚĞƌĞ͘

‡ŚĞŶƒƐĂǁƚŚĞĐŚĂůůĞŶŐĞƐŽĨďĞŝŶŐŐƌŽǁŶƵƉƚŚĂƚ͛ƐǁŚĞŶƒďĞŐĂŶƚŽƌĞĂůŝƐĞƚŚĂƚŝŶĨĂĐƚƐĐŚŽŽůĚĂLJƐ
ǁĞƌĞƚŚĞŚĂƉƉŝĞƐƚĚĂLJƐŽĨŵLJůŝĨĞ͘ƒĚŝĚŶ͛ƚǁĂŶƚƚŽƐƚƌĞƐƐƉĞŽƉůĞ͘ƒŚĂĚƚŽĨŝŶĚǁĂLJƐŽĨƐƵƌǀŝǀŝŶŐ͘‡ŝƚŚ
ƐĐŚŽŽůŝƚǁĂƐĐŽŵƉůĞƚĞůLJĚŝĨĨĞƌĞŶƚ͘EŽǁƒŚĂĚƚŽƐƚƵĚLJĂŶĚƒŚĂĚƚŽƚŚŝŶŬŽĨĂůůŽĨƚŚŝƐ͕ĨŝŶĂŶĐŝŶŐŵLJ
ƐƚƵĚŝĞƐ͕ĂĐĐŽŵŵŽĚĂƚŝŽŶ͕ĂŶĚĨŽŽĚ͘ŶĚƐŽƒŚĂĚƚŽǁŝƚŚĚƌĂǁĨƌŽŵƚŚĞƵŶŝǀĞƌƐŝƚLJĂŶĚĐŽŶƚŝŶƵĞ
ǁŽƌŬŝŶŐĂƐĂƐĞĐƵƌŝƚLJŐƵĂƌĚ͘

ƒŶ„ϵϵ†ĂƚĞĂĐŚĞƌǁĞŶƚŽŶŵĂƚĞƌŶŝƚLJůĞĂǀĞĂƚŵLJƐĐŚŽŽůĂŶĚƚŚĞLJǁĂŶƚĞĚŵĞƚŽƐƚĂŶĚŝŶ͘dŚĞLJ
ǁĂŶƚĞĚŵĞďĞĐĂƵƐĞƚŚĞǁĞůůƌĞƐƉĞĐƚĞĚŝƌĐƵŝƚƒŶƐƉĞĐƚŽƌŚĂĚƉƌŽŵŝƐĞĚŵĞĂĨƚĞƌĐŽŵŝŶŐďĂĐŬĨƌŽŵ
>Ğ’ĚĞŶƚŚĂƚƐŚŽƵůĚƒĨĂŝůƚŽƉƌŽĐĞĞĚǁŝƚŚƚĞƌƚŝĂƌLJĞĚƵĐĂƚŝŽŶŚĞǁŽƵůĚĨŝŶĚŵĞĂƐĐŚŽŽůƚŽƚĞĂĐŚ͘dŚŝƐ
ǁĂƐƉƵďůŝĐĐŽŵŵŝƚŵĞŶƚĂŶĚƉƌŽŵŝƐĞŝŶĂŐĂƚŚĞƌŝŶŐĨƵůůŽĨƚĞĂĐŚĞƌƐ͕ƉĂƌĞŶƚƐĂŶĚƐĐŚŽůĂƌƐ͘ƒǁĂƐ
ŚŝŐŚůLJĐŽŶŐƌĂƚƵůĂƚĞĚĨŽƌƚŚŝƐƉĞƌƐŽŶĂůĐŽŵŵŝƚŵĞŶƚŽĨĂŝƌĐƵŝƚƒŶƐƉĞĐƚŽƌ͘dŚĞLJůŽŽŬĞĚĂůůŽǀĞƌĨŽƌŵĞ
ďƵƚďLJƚŚĞƚŝŵĞƚŚĞLJĨŽƵŶĚŵĞŝƚǁĂƐƚŽŽůĂƚНĂŶĚƐŽƒĐĂƌƌŝĞĚŽŶǁŽƌŬŝŶŐĂƐĂƐĞĐƵƌŝƚLJŐƵĂƌĚ͘ƒǁĂƐ
ĂůůďLJŵLJƐĞůĨ͘

ĞŝŶŐĂƐĞĐƵƌŝƚLJŐƵĂƌĚ͕ŚŽǁǁĂƐƚŚĂƚ‰

EŽ͕ƚŚĂƚǁĂƐƚĞƌƌŝďůĞ͘ƒǁĂƐƐƚŝůůLJŽƵŶŐ͘dŚĞƉĞŽƉůĞƚŚĂƚƒǁĂƐǁŽƌŬŝŶŐĨŽƌǁĞƌĞƌŽďďŝŶŐŵĞ͕
ƐŽŵĞƚŝŵĞƐƚŚĞLJǁŽƵůĚŶ͛ƚƉĂLJŵĞ͘ƒǁĂƐůŝŬĞĞĂƌŶŝŶŐZϱϬϬĂŵŽŶƚŚ͕ƐŽŵĞƚŝŵĞƐƚŚŝƐŐƵLJǁŽƵůĚŐŝǀĞ
ŵĞZ‹ϬϬ͘ƒǁĂƐũƵƐƚǁĞůůŐƌŽǁŶƵƉ͕ŚĂǀŝŶŐĚƌŽƉƉĞĚĨƌŽŵƐĐŚŽŽůĂŶĚƚŚĞŶďĞŝŶŐƚƌĞĂƚĞĚůŝŬĞƚŚĂƚ͘ƒƚ
ǁĂƐĚŝĨĨŝĐƵůƚďƵƚŽĨĐŽƵƌƐĞǁŚĞŶƒĨŽƵŶĚƚŚŝƐũŽďĂƚƚŚĞƉĞƚƌŽůƐƚĂƚŝŽŶŝƚǁĂƐŵƵĐŚďĞƚƚĞƌ͘^ŽĞǀĞŶ
ƚŽĚĂLJƒůŝƐƚĞŶǁŚĞŶDĂƐŚƵŵŝ‘ƐŚĂƌĞƐŚŝƐƐƚŽƌŝĞƐŽĨďĞŝŶŐĂƐĞĐƵƌŝƚLJŐƵĂƌĚ͘

tĂƐƚŚĞǁŽƌŬĚĂŶŐĞƌŽƵƐ‰

ƒƚǁĂƐ͘ƒƚǁĂƐ͕ũĂ͘dŚĞƌĞǁĞƌĞŽƌŐĂŶŝƐĞĚŐƌŽƵƉƐ͕ůŝŬĞƐŚŽƉůŝĨƚĞƌƐ͕ŝŶƚŽǁŶ͘dŚĞLJǁŽƵůĚŐŽŝŶƚŽƚŚĞƐƚŽƌĞ
ƚŽŐĞƚŚĞƌ͘KŶĞŽĨƚŚĞŵǁŽƵůĚŬĞĞƉLJŽƵďƵƐLJĂŶĚƚŚĞŽƚŚĞƌƐǁŽƵůĚƐƚĂƌƚƐƚĞĂůŝŶŐ͘^ŽŵĞŽĨƚŚŽƐĞ
ƐŚŽƉƐ͕ůŝŬĞŝƚLJ'ŝƌů͕ǁŽƵůĚŚĂǀĞƚŚŝƐĂůĂƌŵ͕ƐŽƒǁŽƵůĚũƵƐƚƐƚĂŶĚďLJƚŚĞĚŽŽƌĂŶĚǁĂƚĐŚƉĞŽƉůĞ
ƉĂƐƐŝŶŐďĞĐĂƵƐĞĞĂĐŚŐĂƌŵĞŶƚǁŽƵůĚŚĂǀĞƚŚŝƐĂůĂƌŵ͘dŚĂƚǁĂƐŵƵĐŚďĞƚƚĞƌ͘ĨƚĞƌƚŚĞƐĞĐƵƌŝƚLJũŽďƒ
ǁĂƐĞŵƉůŽLJĞĚĂƚƚŚĞƉĞƚƌŽůƐƚĂƚŝŽŶ͘

ŶĚǁŽƌŬŝŶŐĂƚƚŚĞƉĞƚƌŽůƐƚĂƚŝŽŶ‰

‡ĞůůŝŶ„ϵϵ†ƒŵĞƚ^ŝŶĚLJ͘ϵ‡ĞǁĞƌĞǁŽƌŬŝŶŐƚŽŐĞƚŚĞƌĂƚƚŚĞƉĞƚƌŽůƐƚĂƚŝŽŶ͘^ŚĞŚĂĚŐŽŽĚƉĂƌĞŶƚƐ͘
,ĞƌŵŽƚŚĞƌŝƐƐƚŝůůǁŽƌŬŝŶŐŚĞƌĞĂƚdŽůůŐĂƚĞ͕ŝŶDĂŶŽƌ'ĂƌĚĞŶƐ͘^ŚĞŝƐǁŽƌŬŝŶŐĨŽƌŶŝĐĞƉĞŽƉůĞ͘ƒŶ
^ŝŶĚLJ͛ƐĨĂŵŝůLJƚŚĞƌĞĂƌĞƚĞŶŽĨƚŚĞŵ͕ĞŝŐŚƚƐŐŝƌůƐǁŝƚŚƚǁŽďƌŽƚŚĞƌƐ͘^ŚĞǁĂƐƐƚĂLJŝŶŐǁŝƚŚŚĞƌŵŽƚŚĞƌ
ƚŚĞƌĞŝŶdŽůůŐĂƚĞĂŶĚĐĂŵĞƚŽǁŽƌŬŝŶ^ƉƌŝŶŐĨŝĞůĚWĂƌŬ͘^ŚĞŚĂĚĂůƐŽĨŝŶŝƐŚĞĚŚĞƌŵĂƚƌŝĐĂŶĚƚŚĞŶŚĂĚ
ƚŽĨŝŶĚĂũŽď͘‡ŝƚŚƵƐ͕ŝŶŽƵƌŐƌŽǁƚŚ͕ƚŚĞŵŽƐƚŝŵƉŽƌƚĂŶƚƚŚŝŶŐǁĂƐƚŽĨŝŶŝƐŚŵĂƚƌŝĐƚŚĞŶƚŚĞŽƚŚĞƌ
ƐƚƵĨĨ͕ǁĞůů͕ƚŚĂƚǁŽƵůĚďĞĂŶĂĚĚŝƚŝŽŶĂůůƵĐŬ͘


‘
DĂƐŚƵŵŝŠŝŐůĂŶĚ͕ĞůĞĐƚĞĚƚŽƚŚĞƉŽƐŝƚŝŽŶƐŽĨŚĂŝƌƉĞƌƐŽŶŽĨƚŚĞ<ĞŶŶĞĚLJZŽĂĚƐĞƚƚůĞŵĞŶƚĂŶĚĞƉƵƚLJ
WƌĞƐŝĚĞŶƚŽĨďĂŚůĂůŝďĂƐĞDũŽŶĚŽůŽŝŶϮϬϬ‘ĂŶĚϮϬϬϵ͕ǁŽƌŬƐĂƐĂƐĞĐƵƌŝƚLJŐƵĂƌĚ͘
ϵ
^ŝŶĚLJDŬŚŝ–Ğ͘^ŚĞŝƐŝŬŽĚĞ͛ƐůŝĨĞƉĂƌƚŶĞƌ͘


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tŚĞŶĚŝĚLJŽƵĐŽŵĞƚŽƚŚĞ<ĞŶŶĞĚLJZŽĂĚƐĞƚƚůĞŵĞŶƚ‰

ĞĨŽƌЃĐĂŵĞƚŽƚŚĞƐĞƚƚůĞŵĞŶƚƒůŝǀĞĚŝŶ˜ŵůÖŝ͘ƒƚǁĂƐĚŝĨĨŝĐƵůƚƚŽƚƌĂǀĞůǁŝƚŚƚƌĂŝŶƐ͘ŶĚ͕ĂůƐŽ͕ƒŚĂĚ
ŶŽĨƌŝĞŶĚƐƚŚĞƌĞ͘ƒƚǁĂƐĚŝĨĨŝĐƵůƚ͕ŝƚǁĂƐĚŝĨĨŝĐƵůƚ͘dŚĞŝŶ„ϵϵϵƒƐƚĂƌƚĞĚůŝǀŝŶŐŚĞƌĞŝŶůĨWůĂĐĞ͘„Ϭ
ĞĐĂƵƐЃǁĂƐǁŽƌŬŝŶŐĂƚƚŚĞ^ƉƌŝŶŐĨŝĞůĚWĂƌŬ^ĞƌǀŝĐĞ^ƚĂƚŝŽŶƐƚĂƚŝŽŶ͕ŝƚŝƐũƵƐƚŚĞƌĞ͕ŽƉƉŽƐŝƚĞDĂŬƌŽ͘
ƵƚƒĐŽƵůĚŶ͛ƚƉĂLJŵLJƌĞŶƚ͘ƒǁŽƵůĚũƵƐƚǁŽƌŬĨŽƌƚŚĞƌĞŶƚ͘•ŽƵĚŽŶ͛ƚŐĞƚƉĂŝĚŵƵĐŚĂƚƚŚĞƉĞƚƌŽů
ƐƚĂƚŝŽŶ͘ƐĂƉĂƚƌŽůĂƚƚĞŶĚĂŶƚLJŽƵĞĂƌŶůŝŬĞZϮϬϬĂǁĞĞŬ͘

dŚĞŶƒǁĂƐƉƌŽŵŽƚĞĚƚŽĐĂƐŚŝĞƌĂŶĚƚŚĞŶƚŚĞLJƐƚĂƌƚĞĚƚĞĂĐŚŝŶŐŵĞĐŽŵƉƵƚĞƌĂƚƚŚĞďĂĐŬŽĨĨŝĐĞ͘
dŚĂƚ͛ƐŚŽǁƚŚŝŶŐƐŵŽǀĞĚ͘ĨƚĞƌĨŝǀĞLJĞĂƌƐǁĞŵŽǀĞĚƚŽƚŚĞWĞƚƌŽWŽƌƚ͕ŝŶŸƵĞĞŶEĂŶĚŝƌŝǀĞǁŚŝĐŚ
ŝƐŽŶƚŚĞEϮŠƌĞĞǁĂLJ͕ũƵƐƚďĞĨŽƌĞƚŚĞ'ĂƚĞǁĂLJ^ŚŽƉƉŝŶŐDĂůů͘

tŚĂƚǁĂƐŝƚůŝŬĞǁŚĞŶLJŽƵĨŝƌƐƚĐĂŵĞƚŽƚŚĞƐĞƚƚůĞŵĞŶƚ‰

‡ĞůůǁŚĞŶƒǁĂƐƐƚŝůůĂƚƚĞŶĚŝŶŐĂƚƚŚĞ˜‡ĂŶĚƉĂƐƐŝŶŐƚŚĞƐŚĂĐŬƐƒŚĂĚŶ͛ƚŬŶŽǁŶǁŚĂƚƚŚĞƐŚĂĐŬƐ
ǁĞƌĞůŽŽŬŝŶŐůŝŬĞƐŽƒĐŽƵůĚŶ͛ƚďĞůŝĞǀĞŝƚ͘>ĂƚĞƌǁŚĞŶƒǁĂƐǁŽƌŬŝŶŐĂƚƚŚĞƉĞƚƌŽůƐƚĂƚŝŽŶĂŶĚůŝǀŝŶŐ
ŚĞƌĞŝŶůĨWůĂĐĞŝƚǁĂƐĞĂƐLJƚŽƵƐĞƚŚĞƐƉÖĂƐŚŽƉŚĞƌĞŝŶƚŚĞƐĞƚƚůĞŵĞŶƚĂŶĚůŝĨĞǁĂƐ”ƵŝƚĞŐŽŽĚ͘
KďǀŝŽƵƐůLJƒĐŽƵůĚĨĞĞůƐŚĂŵĞƚŚĂƚƉĞŽƉůĞǁĞƌĞůŝǀŝŶŐƚŚŝƐůŝĨĞďĞĐĂƵƐЃĚŝĚŶŽƚďĞůŝĞǀĞƚŚĂƚŽŶĞĚĂLJƒ
ǁŽƵůĚďĞůŝǀŝŶŐŚĞƌĞ͘ƒƚǁĂƐƚŽƵŐŚ͘ƵƚĐŽŵŝŶŐŚĞƌĞƚŽƵƐĞƚŚĞƐŚŽƉƐƒďĞŐĂŶƚŽŵĞĞƚƉĞŽƉůĞĂŶĚ
ƚŚĞŶĂƐƚŚĞƌĞŶƚǁĂƐŐŽŝŶŐŚŝŐŚǁĞƐƚĂƌƚĞĚƚĂůŬŝŶŐƚŽƉĞŽƉůĞĂŶĚƒĨŽƵŶĚĂƉůĂĐĞƚŽƌĞŶƚŚĞƌĞ͘

ƒƌĞŵĞŵďĞƌƚŚĂƚǁĞƐƚĂƌƚĞĚƌĞŶƚŝŶŐŚĞƌĞĂƚZ‘Ϭ͕ŝƚǁĂƐZ‘Ϭ͊›>ĂƵŐŚƐœƒŶůĨƉůĂĐĞƚŚĞƌĞŶƚǁĂƐZϲϬϬĂ
ŵŽŶƚŚĂŶĚǁĞŚĂĚƚŽƐŚĂƌĞƚŚĞƌĞŶƚǁŝƚŚŽƚŚĞƌƉĞŽƉůĞůŝǀŝŶŐƚŚĞƌĞ͘‡ĞĞŶĚĞĚƵƉŚĂǀŝŶŐƚŽƉĂLJZϮϬϬ
ĂŵŽŶƚŚ͘^ŽƚŚŝƐǁĂƐŵƵĐŚďĞƚƚĞƌ͘‡ĞŚĂĚŽƵƌŽǁŶƉůĂĐĞĂŶĚǁĞĐŽƵůĚĞǀĞŶƐĂǀĞƐŽŵĞŵŽŶĞLJ͘
‡ŚĞŶǁĞĐĂŵĞŚĞƌĞǁĞǁĞƌĞŵƵĐŚƌĞůŝĞǀĞĚ͘>ŝĨĞǁĂƐŵƵĐŚďĞƚƚĞƌďĞĐĂƵƐĞǁĞĐŽƵůĚůŝǀĞĐůŽƐĞƚŽ
ǁŽƌŬĂŶĚƐĐŚŽŽůƐĂƚĂŶĂĨĨŽƌĚĂďůĞĐŽƐƚ͘

ƵƚƒƚŽůĚŵLJƐĞůĨƚŚĂƚƚŚŝƐǁĂƐŶŽƚLJĞƚĂŶĂĐĐĞƉƚĂďůĞůŝĨĞ͘ůƚŚŽƵŐŚƒĚŝĚŶ͛ƚŬŶŽǁƉŽůŝƚŝĐƐƚŚĂƚŵƵĐŚƒ
ĨĞůƚƚŚĂƚƚŚĞĐŽŵŵƵŶŝƚLJĚŝĚŶŽƚĚŽĞŶŽƵŐŚƚŽƐƚƌƵŐŐůĞĨŽƌŚŽƵƐŝŶŐ͕ĨŽƌƚŽŝůĞƚƐ͕ĞŶŽƵŐŚǁĂƚĞƌ͘ƒƚǁĂƐ
ŶŽƚĂĐĐĞƉƚĂďůĞĨŽƌŚƵŵĂŶďĞŝŶŐƐƚŽůŝǀĞůŝŬĞƚŚĂƚĂŶĚƐŽƒĐŽŵŵŝƚƚĞĚŵLJƐĞůĨƚŽĐŚĂŶŐĞƚŚŝŶŐƐ͘

tŚĂƚŬŝŶĚŽĨŽƌŐĂŶŝƐĂƚŝŽŶǁĂƐƚŚĞƌĞŝŶ<ĞŶŶĞĚLJZŽĂĚĂƚƚŚĂƚƚŝŵЉ

‡ĞůůƚŚĞĐŚĂŝƌƉĞƌƐŽŶĂƚƚŚĂƚƚŝŵĞǁĂƐ:ĂƌƉŚĂƐEĚůŽǀƵ͘,ĞŚĂĚďĞĞŶĐŚĂŝƌƉĞƌƐŽŶĨŽƌůŝŬĞϲLJĞĂƌƐ͘
dŚĞƌĞǁĞƌĞŶŽĞůĞĐƚŝŽŶƐ͘

DĞĞƚŝŶŐƐǁŽƵůĚďĞĐĂůůĞĚĂŶĚŽŶĞŽƌƚǁŽƉĞŽƉůĞǁŽƵůĚďĞŬŶŽǁŶƚŽďĞƚŚĞĐŽŵŵŝƚƚĞĞďƵƚŽŶĞŵĂŶ
ǁŽƵůĚĚŽĞǀĞƌLJƚŚŝŶ՝ƚŚĂƚ͛ƐŚŽǁŝƚƵƐĞĚƚŽǁŽƌŬ͘KŶůLJŽŶĞŵĂŶǁĂƐƌĞƐƉĞĐƚĞĚŝŶƚŚĞĐŽŵŵƵŶŝƚLJ͘
ǀĞƌLJƚŚŝŶŐŚĂĚƚŽďĞƌĞƉŽƌƚĞĚƚŽŚŝŵ͘dŚĞƌĞǁĂƐŶŽĐŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐ͘ŽŵŵƵŶŝƚLJŵĞĞƚŝŶŐƐ
ǁŽƵůĚƐŽŵĞƚŝŵĞƐďĞĐĂůůĞĚďƵƚŶŽƚĐŽŵŵŝƚƚĞĞŵĞĞƚŝŶŐƐ͘ƒŝŶǀŽůǀĞĚŵLJƐĞůĨĂŶĚĂƚƚĞŶĚĞĚƚŚĞƐĞ
ŵĞĞƚŝŶŐƐďƵƚŽŶůLJƚŽĨŝŶĚƚŚĂƚŽŶůLJŽŶĞŵĂŶǁĂƐƚĂůŬŝŶŐĂŶĚƚŚĂƚƉĞŽƉůĞǁĞƌĞĨĂŝůŝŶŐƚŽĐŽƉĞǁŝƚŚ
ƚŚĞƉŽůŝƚŝĐƐĂŶĚĚĞǀĞůŽƉŵĞŶƚŝƐƐƵĞƐƚŚĂƚǁĞƌĞďĞŝŶŐƐƉŽŬĞŶĂďŽƵƚ͘dŚĞLJǁĞƌĞŶŽƚŐŝǀĞŶƚŚĞ
ŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚLJŽƵŶĞĞĚƚŽƉĂƌƚŝĐŝƉĂƚĞ͘ǀĞŶƚŚĞĐŽŵŵŝƚƚĞĞ͕ŝĨƚŚĞLJǁŽƵůĚŐŽŵĞĞƚǁŝƚŚŝƚLJƚŚĞLJ


„Ϭ
ůĨWůĂĐĞŝƐŝŶƚŚĞƐƵďƵƌďŽĨůĂƌĞƐƚĂƚĞ͕ŶĞĂƌƚŽƚŚĞƉĞƚƌŽůƐƚĂƚŝŽŶǁŚĞƌĞŝŬŽĚĞǁĂƐǁŽƌŬŝŶŐĂŶĚŶĞĂƌ͕ĂůƐŽ͕
ƚŽƚŚĞ<ĞŶŶĞĚLJZŽĂĚƐĞƚƚůĞŵĞŶƚ͘


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ǁŽƵůĚũƵƐƚƐƚĂŶĚŽƵƚƐŝĚĞ͕ǁŚŝůĞŚĞǁĂƐŝŶƐŝĚĞ͘,ĞǁŽƵůĚĂůƐŽŵĞĞƚǁŝƚŚƚŚĞƌĂƚĞƉĂLJĞƌ͛ƐĂƐƐŽĐŝĂƚŝŽŶ„„
ŽŶŚŝƐŽǁŶ͘,ĞŚĂĚƐŽŵĞƐŚŽƉƐ͕ĂŶĚŚĞƌĞŶƚĞĚŽƵƚƐŽŵĞƐŚĂĐŬƐ͘WĞŽƉůĞĨĞĂƌĞĚŚŝŵ͘•ŽƵŬŶŽǁƚŚĂƚ
ŽůĚƚƌĂĚŝƚŝŽŶŽĨƚŚĞƒŶĚƵŶĂƐ͘„ϮdŚĞƌĞŝƐĂŬŝŶĚŽĨƌĞƐƉĞĐƚďƵƚŝƚŝƐŶŽƚĂĚĞŵŽĐƌĂƚŝĐƌĞƐƉĞĐƚ͘

ƒƌĞĂůŝƐĞĚƚŚĂƚŝĨƚŚĞĐŽŵŵƵŶŝƚLJǁĂƐŐŽŝŶŐƚŽďĞĂďůĞƚŽƉĂƌƚŝĐŝƉĂƚĞŝŶƚŚĞŝƌŽǁŶĚĞǀĞůŽƉŵĞŶƚƚŚĞŶ
ǁĞǁŽƵůĚŚĂǀĞƚŽĐƌĞĂƚĞĂĚĞŵŽĐƌĂĐLJŝŶƚŚĞƐĞƚƚůĞŵĞŶƚ͕ƚŽĞůĞĐƚĂĐŽŵŵŝƚƚĞĞ͘ƒƚŵĂĚĞŶŽƐĞŶƐĞƚŚĂƚ
ǁĞǁĞƌĞǀŽƚŝŶŐĨŽƌƉŽůŝƚŝĐŝĂŶƐƚŽƐŝƚŝŶƉĂƌůŝĂŵĞŶƚďƵƚŝŶŽƵƌŽǁŶĐŽŵŵƵŶŝƚŝĞƐǁĞƐƚŝůůŚĂĚƚŽůŝƐƚĞŶ
ƚŽƒŶĚƵŶĂƐ͘

tŚĂƚǁĂƐƚŚĞƉŽůŝƚŝĐĂůĂĨĨŝůŝĂƚŝŽŶŽĨƚŚĞ/ŶĚƵŶÉ

,ĞǁĂƐĂŶƒŠW͘ƵƚƚŚĞƐĞƚƚůĞŵĞŶƚǁĂƐĂůǁĂLJƐŵĂĚĞďLJĚŝĨĨĞƌĞŶƚŐƌŽƵƉƐŽĨƉĞŽƉůĞ͘

ƒƚǁĂƐĚŝĨĨŝĐƵůƚƚŽŐĞƚƌŝĚŽĨƚŚĞŽůĚůĞĂĚĞƌƐŚŝƉ͘‡ĞŵŽďŝůŝƐĞĚƚŚĞLJŽƵŶŐƉĞŽƉůĞ͘‡ĞƐƚĂƌƚĞĚǁŝƚŚ
LJŽƵƚŚĂĐƚŝǀŝƚŝĞƐ͕ůŝŬĞĐůĞĂŶƵƉĐĂŵƉĂŝŐŶƐ͕ĂŶĚƚŚĞŶǁŚĞŶƚŚĞƉĞŽƉůĞǁĞƌĞŵŽďŝůŝƐĞĚǁĞƐƚƌƵŐŐůĞĚƚŽ
ĨŽƌĐĞƚŚĂƚƚŚĞƌĞŵƵƐƚďĞĞůĞĐƚŝŽŶƐ͕ƚŚĂƚƚŚĞƌĞŵƵƐƚďĞĚĞŵŽĐƌĂĐLJ͘

,ŽǁĚŝĚƉĞŽƉůĞƌĞƐƉŽŶ̉

dŚĞLJǁĞƌĞǁĞůůƌĞůŝĞǀĞĚ͘ĨƚĞƌƚŚĂƚĨŝƌƐƚĚĞŵŽĐƌĂƚŝĐĞůĞĐƚŝŽŶ͕ŝƚǁĂƐŝŶϮϬϬϬ͕ǁĞƌĞƐƚƌƵĐƚƵƌĞĚ
ĞǀĞƌLJƚŚŝŶŐŝŶƚĞƌŵƐŽĨĚĞŵŽĐƌĂĐLJ͘‡ĞŚĂĚĂůŽƚŽĨĚŝƐĐƵƐƐŝŽŶƐĂďŽƵƚĚĞŵŽĐƌĂĐLJ͘

tĂƐƚŚĂƚǁŚĞŶLJŽƵǁĞƌĞĨŝƌƐƚĞůĞĐƚĞĚĂƐĐŚĂŝƌƉĞƌƐŽŶ‰

•ĞƐ͘

,ŽǁŽůĚǁŚĞƌĞLJŽƵ‰

ƒǁĂƐƐƚŝůůLJŽƵŶŐ͘Ϯϱ͘

ŶĚǁŚĂƚǁĂƐLJŽƵƌƉŽůŝƚŝĐĂůĂĨĨŝůŝĂƚŝŽŶ‰

‡ŚĞŶƒĐĂŵĞŚĞƌЃǁĂƐŶŽƚŝŶƚĞƌĞƐƚĞĚŝŶƉĂƌƚLJƉŽůŝƚŝĐƐ͘ƒŚĂĚďĞŐƵŶƚŽŚĂƚĞƉĂƌƚLJƉŽůŝƚŝĐƐĨƌŽŵǁŚĂƚ
ƒŚĂĚůĞĂƌŶƚĨƌŽŵƚŚĞƒŠWǁŚŝůЃǁĂƐƐƚŝůůĂƚŚŽŵĞ͘ŠŽƌŵĞƉŽůŝƚŝĐƐǁĂƐĂĚŝƌƚLJŐĂŵĞ͘ŶĚƚŚĞƌĞǁĂƐŶ͛ƚ
ƌĞĂůůLJŵƵĐŚŝŶƚĞƌĞƐƚŝŶƉŽůŝƚŝĐƐŝŶƚŚĞƐĞƚƚůĞŵĞŶƚ͘DŽƐƚƉĞŽƉůĞũƵƐƚƐĂǁŝƚĂƐƚŚŝƐĚŝƌƚLJŐĂŵĞ͘

ƵƚƚŚĞƐĞŐƵLJƐĨƌŽŵŽƵƚƐŝĚĞ͕ůĞĚďLJDĂďĞŶĞ–Ă„‹͕ƐƚĂƌƚĞĚƚŽĐŽŵĞƚŽƚŚĞƐĞƚƚůĞŵĞŶƚ͕ƚŽŽƌŐĂŶŝƐĞ
ŵĞĞƚŝŶŐƐ͕ĐĂŵƉĂŝŐŶŝŶŐĨŽƌƚŚĞE͘dŚĂƚ͛ƐǁŚĞŶƒďĞĐĂŵĞŝŶƚĞƌĞƐƚĞĚďĞĐĂƵƐĞŽĨƚŚĞǁĂLJƚŚĂƚƚŚĞLJ
ǁĞƌĞĞŶŐĂŐŝŶŐĂŶĚĂƉƉƌŽĂĐŚŝŶŐƚŚĞLJŽƵŶŐƉĞŽƉůĞ͘dŚĞLJǁĞƌĞƐĂLJŝŶŐƚŚĂƚǁĞĐŽƵůĚŵŽďŝůŝƐĞ
ŽƵƌƐĞůǀĞƐĨŽƌĂďĞƚƚĞƌůŝĨĞ͘‡ĞŚĂĚĂůůƐĞĞŶƚŚĞƚƌĂŶƐŝƚŝŽŶƚŽĚĞŵŽĐƌĂĐLJĂƚƚŚĞŶĂƚŝŽŶĂůůĞǀĞů͘dŚĞE
ǁĂƐƚŚĞƉĂƌƚLJŽĨDĂŶĚĞůĂ͘ƵƚĂƚƚŚĞůŽĐĂůůĞǀĞůǁŚĂƚƒůŝŬĞĚǁĂƐǁŚĂƚƒŚĂĚŶ͛ƚŚĂĚƐŝŶĐĞŵLJƐĐŚŽŽů
ĚĂLJƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽŵĞĞƚŽƚŚĞƌLJŽƵŶŐƉĞŽƉůĞĂŶĚƚŽĞŶŐĂŐĞ͘ŶĚŝƚǁĂƐĂůƐŽĂƉůĂƚĨŽƌŵƚŽ
ĞŶŐĂŐĞŽŶƉŽůŝƚŝĐĂůŵĂƚƚĞƌƐǁŚŝĐŚǁĂƐĂŶŽƉƉŽƌƚƵŶŝƚLJƚŽǁŽƌŬĨŽƌƚŚĞĐŚĂŶŐĞƐƚŚĂƚƒǁĂƐůŽŽŬŝŶŐĨŽƌ͘

„„
ZĂƚĞWĂLJĞƌ͛ƐƐƐŽĐŝĂƚŝŽŶƐƌĞƉƌĞƐĞŶƚƌĞƐŝĚĞŶƚƐŽĨĂŶĂƌĞĂǁŚŽŽǁŶĨŽƌŵĂůĂĐĐŽŵŵŽĚĂƚŝŽŶĨŽƌǁŚŝĐŚƚŚĞLJ
ƉĂLJŵƵŶŝĐŝƉĂůƚÒĞƐŝ͘Ğ͘ŵŝĚĚůĞĐůĂƐƐĂŶĚǁĞĂůƚŚLJƌĞƐŝĚĞŶƚƐ͘dŚĞLJƵƐƵĂůůLJĂŐŝƚĂƚĞĨŽƌƐŚĂĐŬĚǁĞůůĞƌƐƚŽďĞ
ĞǀŝĐƚĞĚĨƌŽŵƚŚĞŝƌƐƵďƵƌďƐ͘
„Ϯ
ƒŶƉƌĞĐŽůŽŶŝĂůƚŝŵĞƐƚŚŝƐƚĞƌŵƌĞĨĞƌƌĞĚƚŽĂƉĞƌƐŽŶŵĂŶĚĂƚĞĚƚŽƌĞƉƌĞƐĞŶƚĂĐŽŵŵƵŶŝƚLJƚŽƚŚĞƵůƵŬŝŶŐ͘
,ŽǁĞǀĞƌŝƚǁĂƐůĂƚĞƌĐŽŽƉƚĞĚŝŶƚŽƚŚĞŐŽǀĞƌŶĂŶĐĞŽĨĐŽůŽŶŝĂůŝƐŵĂŶĚĂƉĂƌƚŚĞŝĚĂƐƉŽůŝƚŝĐĂůƐLJƐƚĞŵƐĂƐǁĞůůĂƐ
ƚŚĞŵĂŶĂŐĞŵĞŶƚŽĨŵŝŶĞƐ͕ĨĂĐƚŽƌŝĞƐĂŶĚƐŽŽŶ͘ƒƚŝƐŶŽǁŽĨƚĞŶĂƉĞũŽƌĂƚŝǀĞƚĞƌŵ͘
„‹
ůŽĐĂůEůĞĂĚĞƌ͘


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ŶĚƐĞĞŝŶŐƚŚĂƚƚŚĞEǁĂƐŝŶŐŽǀĞƌŶŵĞŶƚƒƚŚŽƵŐŚƚƚŚĂƚŝƚĐŽƵůĚďĞĂŶĞĂƐLJƚŽŽůƚŽƚƌĂŶƐĨŽƌŵƚŚŝƐ
ĐŽŵŵƵŶŝƚLJ͘ƒƚŚŽƵŐŚƚƚŚĂƚƚŚĞEǁŽƵůĚďĞĂƉůĂƚĨŽƌŵĨŽƌƚŚĞƐŚĂĐŬĚǁĞůůĞƌƐĂŶĚƚŚĂƚŝƚǁŽƵůĚďĞ
ĂďůĞƚŽĚĞůŝǀĞƌ͘

ƐƌĞƐŝĚĞŶƚƐŽĨƚŚĞŝŶĨŽƌŵĂůƐĞƚƚůĞŵĞŶƚƐ͕ǁĞǁĞƌĞĐŽŶƐŝĚĞƌĞĚĂƐƚĞŵƉŽƌĂůĐŽŵŵƵŶŝƚŝĞƐ͘dŚĞƌĞǁĂƐ
ĂŶŝŶĨĞƌĞŶĐĞƚŚĂƚǁĞǁĞƌĞŶŽƚĞŶƚŝƚůĞĚƚŽĨƵůůĐŝƚŝ–ĞŶƐŚŝƉŝŶƚŚŝƐĂƌĞĂ͘‡ĞƚŚŽƵŐŚƚƚŚĂƚĂůůǁĞŚĂĚƚŽ
ĚŽƚŽƐĞĐƵƌĞŽƵƌƉůĂĐĞŚĞƌĞ͕ŚĞƌĞŝŶƚŚĞĐŝƚLJ͕ǁĂƐƚŽƚĂŬĞƚŚĞŝŶŝƚŝĂƚŝǀĞƚŽƐƵƉƉŽƌƚƚŚĞE͘

^ŽŝŶϮϬϬϮƒũŽŝŶĞĚƚŚĞEĂŶĚǁĂƐĞůĞĐƚĞĚƚŽƚŚĞƌĂŶĐŚ’ĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞ›œ͘dŚĞĨŽůůŽǁŝŶŐ
LJĞĂƌƒďĞĐĂŵĞƚŚĞĞƉƵƚLJŚĂŝƌƉĞƌƐŽŶŽĨƚŚĞEďƌĂŶĐŚŝŶ‡ĂƌĚϮϱ͘

ŠŽƌƐŽŵĞLJĞĂƌƐƒǁĂƐŝŶƚŚĞ͘dŚĞƌĞĂůŝƚLJŝƐƚŚĂƚǁĞĚŝĚŶŽƚƵŶĚĞƌƐƚĂŶĚƉŽůŝƚŝĐƐ͘ĂŝՄ“ǁĂƐ
ďƌŽƵŐŚƚŝŶĨƌŽŵƚŚĞŽƵƚƐŝĚĞ͕ŝŵƉŽƐĞĚĨƌŽŵƚŚĞƚŽƉ͘,ĞǁĂƐŶŽƚŬŶŽǁŶƚŽƚŚĞĐŽŵŵƵŶŝƚLJ͘Ƶƚ
ďĞĐĂƵƐĞŚĞǁĂƐĂŶEǁĞĚŝĚŶŽƚ”ƵĞƐƚŝŽŶƚŚĂƚ͘‡ĞĚŝĚŶŽƚ”ƵĞƐƚŝŽŶƚŚĞǁŝƐĚŽŵŽĨƚŚĞƉĂƌƚLJĂŶĚ
ƐŽǁĞĚŝĚŶŽƚǁŽƌƌLJĂďŽƵƚŝƚƚŚĂƚŵƵĐŚĂůƚŚŽƵŐŚŝƚǁĂƐĐůĞĂƌƚŚĂƚƚŚĞƌĞǁĂƐŶ͛ƚĂŶLJĨĂŝƌŶĞƐƐ͕ĂŶLJ
ĚĞŵŽĐƌĂĐLJ͘

dŚŝƐǁĂƐŶ͛ƚůŝŬЃŶŬĂƚŚĂǁŚĞŶƒǁĂƐŐƌŽǁŝŶŐ͘ƒǁĂƐŶ͛ƚŵĂĚĞƚŽĚŽŝƚ͘ƒǁĂƐǀĞƌLJĂĐƚŝǀĞ͘ƒĚŝĚŝƚďĞĐĂƵƐĞ
ƒŚĂĚŵLJŽǁŶŝĚĞĂƐ͕ďĞĐĂƵƐЃƚŚŽƵŐŚƚƚŚĂƚǁĞƐŚŽƵůĚŵŽďŝůŝƐĞƚŚĞƉĞŽƉůĞĨŽƌĂďĞƚƚĞƌůŝĨĞ͘ƵƚƒǁĂƐ
ŵŽďŝůŝƐŝŶŐĨŽƌƚŚĞƉĂƌƚLJĂŶĚǁĞŵĂĚĞĐŽŵƉƌŽŵŝƐĞƐĨŽƌƚŚĞƉĂƌƚLJ͘KĨĐŽƵƌƐĞǁĞĚŝƐĐŽǀĞƌĞĚƚŚĂƚ
ŵŽďŝůŝƐŝŶŐĨŽƌƚŚĞƉĞŽƉůĞĂŶĚŵŽďŝůŝƐŝŶŐĨŽƌƚŚĞƉĂƌƚLJŝƐŶŽƚƚŚĞƐĂŵĞƚŚŝŶŐ͘

,ŽǁĚŝĚƚŚĞďƌĞĂŬǁŝƚŚƚŚĞEĐŽŵĞĂďŽƵƚ‰

‡ĞůůĂůŽƚǁĂƐŚĂƉƉĞŶŝŶŐ͘ŠŽƌŵĞƌŚŽƵƐŝŶŐŵŝŶŝƐƚĞƌƵŵŝƐĂŶŝDĂŬŚĂLJĞŝŶƚƌŽĚƵĐĞĚƚŚĞ^ůƵŵƐ
ůĞĂƌĂŶĐĞƉƌŽŐƌĂŵŵĞǁŝƚŚĂďƵĚŐĞƚŽĨZϮϬϬŵŝůůŝŽŶ͘^ůƵŵƐůĞĂƌĂŶĐĞĐŽŵŵŝƚƚĞĞǁĂƐƐĞƚƵƉŝŶ
ƉĂƌƚŶĞƌƐŚŝƉǁŝƚŚƚŚĞĞdŚĞŬǁŝŶŝDƵŶŝĐŝƉĂůŝƚLJ͕ŝƚŝŶĐůƵĚĞĚĂŶƵŵďĞƌŽĨǁĂƌĚƐ͘ƒǁĂƐĂůƐŽĞůĞĐƚĞĚƚŽ
ƚŚĂƚĐŽŵŵŝƚƚĞĞ͘<ĞŶŶĞĚLJZŽĂĚǁĂƐŽŶĞŽĨƚŚĞĐŽŵŵƵŶŝƚŝĞƐƚŚĂƚǁĂƐŵĞĂŶƚƚŽďĞŶĞĨŝƚĨƌŽŵƚŚŝƐ
ƉƌŽŐƌĂŵŵĞ͘dŚĞƌĞǁĂƐĂƐĞƚƚůĞŵĞŶƚĚŽǁŶƚŚĞƌĞďLJƚŚĞďƌŝĚŐĞ͕ŝƚǁĂƐĐĂůůĞĚĞŒƵŬĂŶŝ͘dŚŽƐĞƉĞŽƉůĞ
ǁĞƌĞŵŽǀĞĚƚŽ‡ĞůďĞĚĂĐŚƚ͘„ϱ^ŽŵĞŽĨƚŚĞƉĞŽƉůĞĨƌŽŵƚŚĞŸƵĂƌƌLJZŽĂĚƐĞƚƚůĞŵĞŶƚǁĞƌĞŵŽǀĞĚƚŽ
WĂƌŬŐĂƚĞ͘ƒƌĞŵĞŵďĞƌƚĂŬŝŶŐĂƚŽƵƌƚŽWĂƌŬŐĂƚĞǁŝƚŚƚŚĞ^ůƵŵƐůĞĂƌĂŶĐĞĐŽŵŵŝƚƚĞĞ͘ƒƚǁĂƐďĞĨŽƌĞ
ƚŚĞŚŽƵƐĞƐǁĞƌĞďƵŝůƚƚŚĞƌĞ͕ŝƚǁĂƐƐƚŝůůƐƵŐĂƌĐĂŶĞ͘

dŚĂƚŝƐǁŚĞŶƒďĞĐĂŵĞĐŽŶƐĐŝŽƵƐ͕ƚŚĂƚŝƐǁŚĞŶƒďĞĐĂŵĞĂĐŽŶƐĐŝŽƵƐĂĐƚŝǀŝƐƚ͘ƒƌĞŵĞŵďĞƌǁŚĞŶǁĞ
ǁĞƌĞŐĞƚƚŝŶŐŝŶƚŽƚŚŝƐŵŝĐƌŽďƵƐĨƌŽŵƚŚĞŵĞƚƌŽǁŝƚŚŶŝĐĞĂŝƌĐŽŶĚŝƚŝŽŶŝŶŐ͘ƒƌĞŵĞŵďĞƌŚŽǁǁĞǁĞƌĞ
ƚŽůĚƚŽŐĞƚŝŶƚŽƚŚŽƐĞŬŽŵďŝƐďƵƚŶŽƚƚŽůĚǁŚĞƌĞǁĞǁĞƌĞŐŽŝŶŐ͘ƒƌĞŵĞŵďĞƌĂƐǁĞǁĞŶƚƉĂƐƚĂůů
ƚŚŽƐĞďƌŝĚŐĞƐƚŚĂƚLJŽƵƉĂƐƐĂƐLJŽƵůĞĂǀĞƚŚĞĐŝƚLJ͘dŚĞĨƵƌƚŚĞƌĂǁĂLJǁĞŵŽǀĞĚƚŚĞŵŽƌĞǁŽƌƌŝĞĚƒ
ǁĂƐ͘‡ĞŚĂĚďĞĞŶǀĞƌLJĞ’ĐŝƚĞĚďƵƚƚŚĞĐŽŵƌĂĚĞƐĂůůďĞĐĂŵĞ”ƵŝƚĞĂƐǁĞǁĞŶƚĨƵƌƚŚĞƌĂŶĚĨƵƌƚŚĞƌ
ĂǁĂLJĨƌŽŵƚŚĞĐŝƚLJ͘‡ĞďĞĐĂŵĞǀĞƌLJƐŚŽĐŬĞĚ͘dŚĞŶǁĞĂƌƌŝǀĞĚĂƚĂĨĂƌŵĂŶĚǁĞǁĞƌĞƚŽůĚƚŚĂƚƚŚŝƐ
ǁŽƵůĚďĞǁŚĞƌĞŽƵƌŚŽƵƐĞƐǁŽƵůĚďĞďƵŝůƚ͘

ǀĞŶƚŽĚĂLJƒĚŽŶŽƚƵŶĚĞƌƐƚĂŶĚƚŚĞůŝŶŬďĞƚǁĞĞŶƚŚĞŽĨƚŚĞEĂŶĚƚŚĞĚĞǀĞůŽƉŵĞŶƚƚŚĂƚƚŽŽŬ
ƉůĂĐĞ͘dŚĞƐĞƉƌŽũĞĐƚƐŚĂĚŶĞǀĞƌďĞĞŶĚŝƐĐƵƐƐĞĚǁŝƚŚƚŚĞ͘ǀĞŶǁŚĞŶƚŚĞŵŝŶŝƐƚĞƌĂŶŶŽƵŶĐĞĚ
ƚŚĞ^ůƵŵůĞĂƌĂŶĐĞƉƌŽŐƌĂŵŵĞŝƚŚĂĚŶĞǀĞƌďĞĞŶĚŝƐĐƵƐƐĞĚĂƚƚŚĞďƌĂŶĐŚůĞǀĞů͘ƒƚǁĂƐĂƚŽƉĚŽǁŶ

„“
•ĂŬŽŽďĂŝŐŝƐƚŚĞEĐŽƵŶĐŝůůŽƌĨŽƌǁĂƌĚϮϱ͘
„ϱ
‡ĞůďĞĚĂĐŚƚ͕ůŝŬĞWĂƌŬŐĂƚĞ͕ŝƐĂŶŽƵƚŽĨƚŽǁŶƌĞůŽĐĂƚŝŽŶƐŝƚĞƚŽǁŚŝĐŚƐŚĂĐŬĚǁĞůůĞƌƐůŝǀŝŶŐŝŶƚŚĞĐŝƚLJĂƌĞ
ďĞŝŶŐƌĞŵŽǀĞĚ͕ŽĨƚĞŶĨŽƌĐŝďůLJĂŶĚƵŶůĂǁĨƵůůLJ͘



29

ƐLJƐƚĞŵ͕ĂĐŽŵƉůĞƚĞůLJƚŽƉĚŽǁŶƐLJƐƚĞŵ͘ŠŽƌƚŚŝƐƌĞĂƐŽŶƒĐŽŶƚŝŶƵĞƚŽ”ƵĞƐƚŝŽŶƚŚĞƌĞůĞǀĂŶĐĞŽĨƚŚĞ
͘ƒĐŽŶƚŝŶƵĞƚŽƐĞĞŝƚĂƐŶŽƚŚŝŶŐďƵƚĂǁĂLJĨŽƌƚŚĞƉĂƌƚLJůĞĂĚĞƌƐƚŽĐŽŶƚƌŽůƚŚĞƉĞŽƉůĞ͘dŚĞŽŶůLJ
ũŽďŽĨƚŚĞƐŝƐƚŽŬĞĞƉďƌĂŶĐŚĞƐǀŝďƌĂŶƚĨŽƌĞůĞĐƚŝŽŶƐ͘dŚĞLJĂƌĞŶŽƚƚŚĞƌĞƚŽďƌŝŶŐĂďŽƵƚ
ĚĞǀĞůŽƉŵĞŶƚ͕ƚŚĞLJĂƌĞŶŽƚƚŚĞƌĞĨŽƌĂŶLJƉŽůŝƚŝĐĂůĞĚƵĐĂƚŝŽŶŽƌƉŽůŝƚŝĐĂůĚŝƐĐƵƐƐŝŽŶ͘dŚĞLJĂƌĞŶŽƚ
ƚŚĞƌĞƚŽƚĂŬĞƚŚĞǀŝĞǁƐŽĨƚŚĞƉĞŽƉůĞƵƉ͘ZĂƚŚĞƌƚŚĞLJĂƌĞƚŚĞƌĞĨŽƌƉĞŽƉůĞƚŽďĞĞŶƐůĂǀĞĚĂŶĚƚŽ
ƌĞŵĂŝŶƐůĂǀĞƐĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚŽƐĞƚŚĂƚŚĂǀĞďĞĞŶƌƵƚŚůĞƐƐĞŶŽƵŐŚƚŽƌŝƐĞƵƉ͘

ůůŽĨƵƐŝŶƚŚĂƚĐŽŵŵŝƚƚĞĞŚĂĚŚŽƉĞ͘‡ĞŚĂĚĂŐŽŽĚŚĞĂƌƚƚŽƐĞĞĐŚĂŶŐĞŝŶŽƵƌĐŽŵŵƵŶŝƚŝĞƐ͘Ƶƚ
ǁĞĚŝĚŶŽƚŬŶŽǁŚŽǁƉŽůŝƚŝĐƐǁŽƌŬĞĚ͘dŚĞĨŝƌƐƚƉƌŽďůĞŵǁĂƐƚŚĂƚǁĞŚĂĚďĞĞŶƉƌŽŵŝƐĞĚƚŚĂƚ
<ĞŶŶĞĚLJZŽĂĚǁŽƵůĚďĞŶĞĨŝƚďƵƚǁŚĞŶŝƚĚŝĚŶ͛ƚŝƚǁĂƐŚĂƌĚƚŽ”ƵĞƐƚŝŽŶƚŚĂƚǁŝƚŚŝŶƚŚĞE
ƐƚƌƵĐƚƵƌĞƐ͘

‡ŚĞŶƚŚĞƉƌŽŵŝƐĞƐďĞĐĂŵĞůŝĞƐǁĞĨĞůƚƚŚĂƚǁĞŚĂĚďĞĞŶƵƐĞ̝ũƵƐƚƵƐĞĚƚŽŬĞĞƉƚŚĞƉĞŽƉůĞůŽLJĂů
ǁŚŝůĞƚŚĞLJǁĞƌĞďĞŝŶŐďĞƚƌĂLJĞĚ͘‡ĞŚĂĚďĞĞŶƵƐĞĚƐŽƚŚĂƚƚŚĞƉĞŽƉůĞŝŶƉŽǁĞƌĐŽƵůĚĨƵůĨŝůƚŚĞŝƌ
ŽǁŶĂŵďŝƚŝŽŶƐ͕ƚŚĞŝƌŽǁŶƉƌŽũĞĐƚ͘‡ĞǁĞƌĞƵƐĞĚĂƐůĂĚĚĞƌƐƐŽƚŚĂƚƚŚĞLJĐŽƵůĚĐůŝŵďƵƉŽǀĞƌƚŚĞ
ƉĞŽƉůĞƚŽƚŚĞŝƌƉŽƐŝƚŝŽŶƐ͘dŚĞLJǁĂLJƚŚĞƐLJƐƚĞŵǁŽƌŬƐŵĂŬĞƐŝƚŝŵƉŽƐƐŝďůĞĨŽƌƉĞŽƉůĞƚŽĐĂůůƚŚĞŝƌ
ůĞĂĚĞƌƐŝŶƚŽĂĐĐŽƵŶƚ͘dŚĞƌĞƐŽƵƌĐĞƐĂƌĞƚŚĞƌĞďƵƚƚŚĞƐLJƐƚĞŵĂůůŽǁƐůĞĂĚĞƌƐƚŽŽŶůLJƚŚŝŶŬĨŽƌ
ƚŚĞŵƐĞůǀĞƐ͘dŚĞƌĞŝƐŶŽŵĞĐŚĂŶŝƐŵĨŽƌĂĐĐŽƵŶƚĂďŝůŝƚLJ͘dŚĞƌĞŝƐĂůǁĂLJƐďƵĚŐĞƚĨŽƌĞůŝƚĞƉƌŽũĞĐƚƐďƵƚ
ĞĂĐŚĂŶĚĞǀĞƌLJLJĞĂƌŶŽƚŚŝŶŐŝƐƐƉŽŬĞŶĂďŽƵƚŚŽǁƚŽĂĐŚŝĞǀĞƌĞĂůĐŚĂŶŐĞĨŽƌŽƌĚŝŶĂƌLJƉĞŽƉůĞ͘

tŚĞŶĚŝĚLJŽƵďĞĐŽŵĞĂƉŽůŝĐĞƌĞƐĞƌǀŝƐƚ‰

‡ŚĞŶƒǁĂƐǁŽƌŬŝŶŐĂƚƚŚĞƉĞƚƌŽůƐƚĂƚŝŽŶ͘ƒǁĂƐŽƌĚĞƌĞĚƚŽǁŽƌŬĂƚůĞĂƐƚĞŝŐŚƚŚŽƵƌƐĂŵŽŶƚŚĂŶĚƚŽ
ĂƚƚĞŶĚƐŽŵĞƉŽůŝĐĞĐŽƵƌƐĞƐĂƚƚŚĞĚŐĞǁŽŽĚŽůůĞŐĞ͘„ϲƒĚŝĚĂůŽƚŽĨǀŽůƵŶƚĞĞƌǁŽƌŬŝŶƚŚĞĐŚĂƌŐĞ
ŽĨĨŝĐĞƚŚĞƌĞ͘ƒǁŽƌŬĞĚĨŽƌ͕ůŝŬĞĨŝǀĞLJĞĂƌƐ͕ĂƐĂƌĞƐĞƌǀŝƐƚ͘dŚŝƐǁĂƐƉĂƌƚŽĨƚŚĞĚĞĐŝƐŝŽŶƒŚĂĚŵĂĚĞƚŽ
ĨƵůĨŝůŵLJĚƵƚLJƚŽŵLJĐŽƵŶƚƌLJ͘

ƒǁĂƐĨŽƌĐĞĚƚŽƚŚŝƐ͘ƒƚǁĂƐŶŽƚƚŚĂƚƒůŝŬĞĚƚŽďĞĂƉŽůŝĐĞŵĂŶ͘ƒǁĂƐƐƚŝůůŶĞǁĂƚƚŚĞƐĞƚƚůĞŵĞŶƚĂŶĚƒ
ĂƌƌŝǀĞĚĂƚƚŚĞĐŚĂƌŐĞŽĨĨŝĐĞĂŶĚƐĂǁĂǁŽŵĞŶĐƌLJŝŶŐ͘^ŚĞŚĂĚĂďĂďLJŽŶŚĞƌďĂĐŬ͘ƒĂƐŬĞĚŚĞƌǁŚLJ
ƐŚĞǁĂƐǁĞĞƉŝŶŐŽƵƚƐŝĚĞĂŶĚƐŚĞƐĂŝĚƚŚĂƚƐŚĞŚĂĚďĞĞŶĐŚĂƐĞĚŽƵƚďĞĐĂƵƐĞƐŚĞĐŽƵůĚŶ͛ƚƐƉĞĂŬ
ŶŐůŝƐŚ͘ƒĂƐŬĞĚŚĞƌƚŽĐŽŵĞŝŶƐŝĚĞǁŝƚŚŵĞĂŶĚƒƚƌĂŶƐůĂƚĞĚ͘ƒǁĂƐƚŽƵĐŚĞĚĂŶĚĂŶŐƌLJǁŽƌƌŝĞĚ
ĂďŽƵƚŚŽǁŵĂŶLJƉŽŽƌƉĞŽƉůĞůŝŬĞŚĞƌǁŽƵůĚŶŽƚďĞĂƐƐŝƐƚĞĚďĞĐĂƵƐĞƚŚĞLJĐŽƵůĚŶŽƚƐƉĞĂŬŶŐůŝƐŚ͘
dŚĂƚ͛ƐǁŚĞŶƒƚŽŽŬƚŚĞĚĞĐŝƐŝŽŶƚŽďĞĐŽŵĞĂƌĞƐĞƌǀŝƐƚ͘ƒƚŚŽƵŐŚƚƚŚĂƚǁŝƚŚŵLJŶŐůŝƐŚƒĐŽƵůĚĞŶƐƵƌĞ
ƚŚĂƚƉĞŽƉůĞǁŽƵůĚŚĂǀĞƚŚĞŝƌĚŝŐŶŝƚLJƌĞƐƉĞĐƚĞĚ͘

ƒƚǁĂƐŶ͛ƚĞĂƐLJ͘dŚĞƌĞǁĞƌĞŝŶƚĞƌǀŝĞǁƐĂŶĚƚĞƐƚƐ͘ƵƚǁŚĞŶƒĨŝŶŝƐŚĞĚŝƚĂůůƒǁĂƐŶĞǀĞƌŐŝǀĞŶĂĐŚĂŶĐĞ
ƚŽůĞĂƌŶĂƚƚŚĞĐŚĂƌŐĞŽĨĨŝĐĞ͘ƒǁĂƐũƵƐƚŵĂĚĞƚŽĐŽŽŬĨŽƌƚŚĞƉƌŝƐŽŶĞƌƐĂŶĚƚŽĚŝƐŚŽƵƚĨŽƌƚŚĞŵ͘ƒ
ǁĂƐĂŶŶŽLJĞĚ͘ƒďĞĐĂŵĞƚŽďĞƐƵƐƉŝĐŝŽƵƐĂŶĚĐŽŶƐĐŝŽƵƐĂďŽƵƚǁŚĂƚǁĂƐŚĂƉƉĞŶŝŶŐĂƚƚŚĞƉŽůŝĐĞ
ƐƚĂƚŝŽŶ͘dŚĞ^ƵƉĞƌŝŶƚĞŶĚĞŶƚǁĂƐŶ͛ƚEĂLJĂŐĞƌ„†ĂƚƚŚĂƚƚŝŵНŝƚǁĂƐ^ĞŶŝŽƌ^ƵƉĞƌŝŶƚĞŶĚĞŶƚDĂƌĂŝƐ͘


„ϲ
ĨŽƌŵĞƌƚĞĂĐŚĞƌ͛ƐƚƌĂŝŶŝŶŐĐŽůůĞŐĞ͕ŶŽǁŽŶĞŽĨƚŚĞĐĂŵƉƵƐĞƐŽĨƚŚĞŶĞǁ˜ŶŝǀĞƌƐŝƚLJŽĨ<ǁĂƵůƵEĂƚĂů
ƉƌŽĚƵĐĞĚĂĨƚĞƌĂƐĞƌŝĞƐŽĨŵĞƌŐĞƌƐĂŝŵĞĚĂƚƌĂƚŝŽŶĂůŝƐĂƚŝŽŶƚŚĞŚŝŐŚĞƌĞĚƵĐĂƚŝŽŶƐLJƐƚĞŵ͘
„†
ŠŽƌƐŽŵĞLJĞĂƌƐ'ůĞŶEĂLJĂŐĞƌ͕ƚŚĞĐƵƌƌĞŶƚ^ƵƉĞƌŝŶƚĞŶĚĞŶƚŽĨƚŚĞ^LJĚĞŶŚĂŵWŽůŝĐĞƐƚĂƚŝŽŶ͕ǁĂŐĞĚĂ
ĐĂŵƉĂŝŐŶŽĨŽĨƚĞŶǀŝŽůĞŶƚŚĂƌĂƐƐŵĞŶƚĂŶĚŝŶƚŝŵŝĚĂƚŝŽŶĂŐĂŝŶƐƚďĂůĂůŝďĂƐĞDũŽŶĚŽůŽ͘ƒŶϮϬϬ†EĂLJĂŐĞƌŚĂĚ
ŚŝŵƐĞůĨĨŝůŵĞĚďLJĨĞůůŽǁŽĨĨŝĐĞƌƐĂƐŚĞĂƐƐĂƵůƚĞĚ^͛ďƵŝŬŽĚĞĂŶĚƚŚĞƚŚĞŶĞƉƵƚLJWƌĞƐŝĚĞŶƚŽĨďĂŚůĂůŝ
ďĂƐĞDũŽŶĚŽůŽ͕WŚŝůĂŶŝƵŶŐƵǁŚŝůĞƚŚĞLJǁĞƌĞĐƵĨĨĞĚĂƚƚŚĞǁƌŝƐƚƐĂŶĚĂŶŬůĞƐ͘



30

ƒƌĞŵĞŵďĞƌŽƵƌĨŝƌƐƚŵĂƌĐŚŽŶƚŚĞƉŽůŝĐĞƐƚĂƚŝŽŶŝƚǁĂƐŝŶϮϬϬϱ͕ƚŚĂƚŵĂƌĐŚǁŚĞƌĞǁĞǁĞƌĞƐĂLJŝŶŐ
™ƌĞůĞĂƐĞƚŚĞŵĂůůŽƌĂƌƌĞƐƚƵƐĂůů͛͘^ƵƉĞƌŝŶƚĞŶĚĞŶƚDĂƌĂŝƐŵĞƚǁŝƚŚĂďĂƵŵĂ͕ŚĂ–Ƶŵ–ŝ„‘ƒƐƚŝůů
ŚĂǀĞŵŝŶƵƚĞƐŽĨƚŚĂƚŵĞĞƚŝŶŐ͘^ŚŽƌƚůLJĂĨƚĞƌƚŚĂƚŵĂƌĐŚDĂƌĂŝƐůĞĨƚĂŶĚEĂLJĂŐĞƌĐĂŵĞ͘

tĂƐƚŚĞƌĂĐŝƐŵƚŚĞƐĂŵЉ

KŚLJĞƐ͘ƒƚǁĂƐŶ͛ƚũƵƐƚƚŚĞƐĞŶŝŽƌŽĨĨŝĐĞƌƐ͘dŚĞƌĂĐŝƐŵǁĂƐũƵƐƚĂŶŽƌŵĂůƚŚŝŶŐ͘ƒƚǁĂƐĂŶƒŶĚŝĂŶƉŽůŝĐĞ
ƐƚĂƚŝŽŶŶŽƚĂƉŽůŝĐĞƐƚĂƚŝŽŶĨŽƌĞǀĞƌLJŽŶĞ͘ƐĂŶĨƌŝĐĂŶLJŽƵǁĞƌĞƚƌĞĂƚĞĚůŝŬĞĂƐĞƌǀĂŶƚ͕ůŝŬĞĚŝƌƚ͘ƒ
ĐŽƵůĚŶŽƚƐƚĂŶĚŝƚ͘ƒŵĂĚĞĂƐŵĂůůĐŽŶƚƌŝďƵƚŝŽŶǁŚĞƌĞƒĐŽƵůĚ͘ĞĐĂƵƐĞ͕LJŽƵŬŶŽǁ͕ƉĞŽƉůĞĂƌĞ
ǀŝĐƚŝŵŝƐĞĚĂŶĚŐŽƚŽƚŚĂƚƉŽůŝĐĞƐƚĂƚŝŽŶĂŶĚĂƌĞũƵƐƚĨƵƌƚŚĞƌǀŝĐƚŝŵŝƐĞĚďLJƚŚŝƐƌĂĐŝƐŵĂƚƚŚĞŚĂŶĚƐŽĨ
ƚŚĞůĂǁ͘‡ŚĞŶƒĐŽƵůĚƒŚĞůƉĞĚƉĞŽƉůĞďƵƚƒĐŽƵůĚŶŽƚƚƌĂŶƐĨŽƌŵƚŚĞƐƚĂƚŝŽŶ͘ƒǁĂƐĂǀŝĐƚŝŵƚŚĞƌĞ
ŵLJƐĞůĨ͘ƒƚǁĂƐ”ƵŝƚĞĚŝĨĨŝĐƵůƚ͘ƒƌĞƐŝŐŶĞĚĨƌŽŵƚŚĞƉŽůŝĐĞĨŽƌĐĞŝŶϮϬϬ“ďĞĐĂƵƐĞŽĨƚŚĞƌĂĐŝƐŵ͘ƒƚ
ďůŽĐŬĞĚĞǀĞƌLJƉŽƐƐŝďŝůŝƚLJĨŽƌďƌŝŶŐŝŶŐĂďŽƵƚƐŽŵĞůŝƚƚůĞƉƌŽŐƌĞƐƐ͘dŚĞŽŶůLJƚŝŵĞƚŚĂƚƒĞǀĞƌŐŽƚƚŽĚŽ
ĂŶLJƚŚŝŶŐƚŚĞƌĞďĞLJŽŶĚďĞŝŶŐĂƐĞƌǀĂŶƚǁĂƐĚƵƌŝŶŐǁĞĞŬĞŶĚƐǁŚĞƌĞƚŚĞƌĞǁĂƐĨĂŵŝůLJǀŝŽůĞŶĐĞŽƌ
ƐƚƵĚĞŶƚƐŚĂǀŝŶŐƉĂƌƚŝĞƐ͕ĂŶLJŬŝŶĚŽĨŶŽŝƐĞŽƌĨŝŐŚƚ͘ƒǁŽƵůĚďĞĚĞƉůŽLJĞĚƚŽĚĞĂůǁŝƚŚĚƌƵŶŬĂƌĚ
ĨƌŝĐĂŶƐ͘ƒƚǁĂƐďĞůŝĞǀĞĚƚŚĂƚƚŚĞLJǁŽƵůĚƵŶĚĞƌƐƚĂŶĚŵĞďĞƚƚĞƌƚŚĂŶĂŶLJƒŶĚŝĂŶƉŽůŝĐĞŵĞŶ͘

Ƶƚ͕LJŽƵŬŶŽǁ͕ƚŚŽƐĞĞ’ƉĞƌŝĞŶĐĞƐĚŝĚŚĞůƉŵĞ͘

^Ž͕ŐŝǀĞŶƚŚĂƚLJŽƵ͛ĚďĞĞŶĂƉŽůŝĐĞƌĞƐĞƌǀŝƐƚ͕ĂŶĚƚŚĂƚLJŽƵǁĞƌĞŽŶƚŚĞŽĨƚŚĞůŽĐĂůEĚŝĚƚŚĞ
ƌŽĂĚďůŽĐŬĂĚĞŝŶϮϬϬϱϭϵĐŽŵĞĂƐĂƐƵƌƉƌŝƐЉ

EŽ͕ŝƚǁĂƐŶ͛ƚĂƐƵƌƉƌŝƐĞ͘dŚĞ<ĞŶŶĞĚLJZŽĂĚĞǀĞůŽƉŵĞŶƚŽŵŵŝƚƚĞĞ›<ZœƐŚĂƉĞĚƚŚŝƐ͘ƒŶϮϬϬ“ƚŚĞ
<ZĚĞĐůĂƌĞĚƚŚĂƚϮϬϬϱǁŽƵůĚďĞƚŚĞLJĞĂƌŽĨĂĐƚŝŽŶ͘‡ĞƐĂŝĚƚŚĂƚǁĞǁĞƌĞƚŝƌĞĚŽĨƚŚŝƐ͕ƚŝƌĞĚŽĨĂůů
ŽĨƚŚĞůŝĞƐĂŶĚĚĞĞƉůLJĚŝƐĂƉƉŽŝŶƚĞĚǁŝƚŚƚŚĞƉƌĞǀŝŽƵƐĞŶŐĂŐĞŵĞŶƚǁŝƚŚƚŚĞŝƚLJ͘‡ĞǁŽƵůĚŶŽƚ
ĐŽŵƉƌŽŵŝƐĞŽƵƌĨƵƚƵƌĞďĞĐĂƵƐĞŽĨŽƵƌůŽLJĂůƚLJƚŽƚŚĞE͘^ŽƚŚĞƌŽĂĚďůŽĐŬĂĚĞǁĂƐŶŽƚĂƐƵƌƉƌŝƐĞ
ďƵƚǁŚĂƚĚŝĚďĞĐŽŵĞĂƐƵƌƉƌŝƐĞǁĂƐƚŽƐĞĞĂƉƌŽƚĞƐƚďĞĐŽŵŝŶŐĂŵŽǀĞŵĞŶƚ͕ƚŽƐĞĞŽƚŚĞƌ
ƐĞƚƚůĞŵĞŶƚƐũŽŝŶŝŶŐƵƐ͘

/ŶϮϬϬϰƚŚĞƌĞǁĞƌĞƌŽĂĚďůŽĐŬĂĚĞƐĂŶĚƉƌŽƚĞƐƚƐĂůůŽǀĞƌƚŚĞĐŽƵŶƚƌLJĂŶĚƚŚĞƐĞƉƌŽƚĞƐƚƐďĞĐĂŵĞ
ĞǀĞŶŵŽƌĞĐŽŵŵŽŶŝŶϮϬϬϱ͘tĞƌĞƉĞŽƉůĞŝŶ<ĞŶŶĞĚLJZŽĂĚŝŶƐƉŝƌĞĚďLJǁŚĂƚƚŚĞLJƐĂǁŝŶƚŚĞ
ŵĞĚŝÉ

ƒŶŵLJƉĞƌƐŽŶĂůĞ’ƉĞƌŝĞŶĐĞŶŽ͘ƒƚƌĞĂůůLJĐĂŵĞĨƌŽŵĂǀĞƌLJƉĞƌƐŽŶĂůĞ’ƉĞƌŝĞŶĐĞŽĨďĞƚƌĂLJĂů͘Ƶƚƒ
ĂůǁĂLJƐĂƐŬĞĚŵLJƐĞůĨŚŽǁŝƚǁĂƐƚŚĂƚϮϬϬϱďĞĐĂŵĞĂŶĂƚŝŽŶĂůLJĞĂƌŽĨĂĐƚŝŽŶ͘ƒĂŵŶŽƚƚŽŽƐƵƌĞǁŝƚŚ
ŽƚŚĞƌƐďƵƚĨŽƌŵĞŝƚǁĂƐŶŽƚƚŚĂƚŽŶĞƌĞĂĚĂďŽƵƚŽƚŚĞƌƌŽĂĚďůŽĐŬĂĚĞƐĂŶĚďĞĐĂŵĞŵŽƚŝǀĂƚĞĚ͘dŚĞ
ĂŶŐĞƌŚĞƌĞŝŶ<ĞŶŶĞĚLJZŽĂĚǁĂƐŐƌŽǁŝŶŐĂŶĚŐƌŽǁŝŶ՝ŝƚĐŽƵůĚŚĂǀĞŐŽŶĞŝŶŵĂŶLJĚŝƌĞĐƚŝŽŶƐďƵƚ
ƉĞŽƉůĞĚĞĐŝĚĞĚƚŽďůŽĐŬƚŚĞƌŽĂĚ͘

,ŽǁǁĂƐƚŚĞĚĂLJŽĨƚŚĞƌŽĂĚďůŽĐŬĂĚЉ

ƒƚǁĂƐŐŽŽĚ͘‡ĞǁĞƌĞĂůůƐŽĨƵůůŽĨĂŶŐĞƌƚŚĂƚƚŚĞƌĞǁĂƐŶŽƌĞŐƌĞƚ͘ƒƚǁĂƐĚŝĨĨŝĐƵůƚƚŽƚƵƌŶĂŐĂŝŶƐƚŽƵƌ
ĐŽŵƌĂĚĞƐŝŶƚŚĞEďƵƚǁĞǁĞƌĞŶ͛ƚĂƚƚĂĐŬŝŶŐƚŚĞŵƉĞƌƐŽŶĂůůLJ͘‡ĞǁĂŶƚĞĚƚŽŵĂŬĞƚŚĞŵĂǁĂƌĞ


„‘
ĂďĂƵŵĂĂŶĚƚŚĞůĂƚĞŽƐŵŽƐ™ŚĂ–ŵƵ–ŝ͛ŚĞŶŐƵďŽƚŚŚĞůĚƉŽƐŝƚŝŽŶƐŽŶƚŚĞ<ĞŶŶĞĚLJZŽĂĚĞǀĞůŽƉŵĞŶƚ
ŽŵŵŝƚƚĞĞŝŶϮϬϬϱĂŶĚůĂƚĞƌďĞĐĂŵĞĂĐƚŝǀŝƐƚƐŝŶďĂŚůĂůŝďĂƐĞDũŽŶĚŽůŽ͘
„ϵ
KŶ„ϵDĂƌĐŚϮϬϬϱŚƵŶĚƌĞĚƐŽĨƌĞƐŝĚĞŶƚƐŽĨ<ĞŶŶĞĚLJZŽĂĚďůŽĐŬĞĚƚŚĞŶĞĂƌďLJƐŝ’ůĂŶИŵŐĞŶŝZŽĂĚĂŶĚ
ŚĞůĚŝƚĨŽƌĨŽƵƌŚŽƵƌƐƌĞƐƵůƚŝŶŐŝŶĨŽƵƌƚĞĞŶĂƌƌĞƐƚƐ͘dŚŝƐĞǀĞŶƚŝŶĂƵŐƵƌĂƚĞĚĂƐĞ”ƵĞŶĐĞŽĨƉŽůŝƚŝĐĂůĞǀĞŶƚƐƚŚĂƚ
ĐƵůŵŝŶĂƚĞĚŝŶƚŚĞĨŽƵŶĚŝŶŐŽĨďĂŚůĂůŝďĂƐĞDũŽŶĚŽůŽƐĞǀĞŶŵŽŶƚŚƐůĂƚĞƌ͘


31

ƚŚĂƚĂůůƚŚĞƐĞŵĞĞƚŝŶŐƐŽĨƚŚĞEƚŚĞŵĞĞƚŝŶŐƐ͕ƚŚĞƌĂŶĐŚ'ĞŶĞƌĂůDĞĞƚŝŶŐƐ͕ƚŚĞLJǁĞƌĞĂůůĂ
ǁĂƐƚĞŽĨƚŝŵĞ͘ƒŶĨĂĐƚƚŚĞLJǁĞƌĞĨƵƌƚŚĞƌŽƉƉƌĞƐƐŝŶŐƵƐŝŶĂŶƵŵďĞƌŽĨǁĂLJƐ͘dŚĞLJǁĞƌĞũƵƐƚƚŚĞƌĞƚŽ
ŬĞĞƉƚŚĞďĂůůƌŽůůŝŶŐƵƉƵŶƚŝůƚŚĞŶĞ’ƚĞůĞĐƚŝŽŶ͘KƵƌũŽďĂƐůŽĐĂůůĞĂĚĞƌƐǁĂƐũƵƐƚƚŽŵŽďŝůŝƐĞƉĞŽƉůĞ
ĨŽƌƚŚĞE͘

ƒƚŚĂĚďĞĐŽŵĞĐůĞĂƌƚŚĂƚƚŚĞŽŶůLJƐƉĂĐĞĨŽƌƚŚĞƉŽŽƌŝŶƚŚĞEǁĂƐĂƐǀŽƚĞƌƐƚŚĞƌĞǁĂƐŶŽƉŽůŝƚŝĐƐ
ŽĨƚŚĞƉŽŽƌŝŶƚŚĞE͘dŚĞƌŽĂĚďůŽĐŬĂĚĞǁĂƐƚŚĞďĞŐŝŶŶŝŶŐŽĨĂƉŽůŝƚŝĐƐŽĨƚŚĞƉŽŽƌ͘

ƐLJŽƵŬŶŽǁ/ĨŝƌƐƚĐĂŵĞƚŽ<ĞŶŶĞĚLJZŽĂĚƚŚĞĚĂLJĂĨƚĞƌƚŚĞƌŽĂĚďůŽĐŬĂĚĞ͘WĞŽƉůĞŚĂĚũƵƐƚƚƌŝĞĚ
ƚŽŵĂƌĐŚŽŶƚŚĞƉŽůŝĐĞƐƚĂƚŝŽŶĂŶĚŚĂĚďĞĞŶďĞĂƚĞŶďĂĐŬ͘dŚĞƐĞƚƚůĞŵĞŶƚǁĂƐŽĐĐƵƉŝĞĚďLJƚŚĞ
ƉŽůŝĐĞĂŶĚƚŚĞƌĞǁĂƐĂǀĞƌLJƐƚƌŽŶŐƐĞŶƐĞŽĨƉĞŽƉůĞďĞŝŶŐŽŶƚŚĞŝƌŽǁŶ͘dŚĂƚŵƵƐƚŚĂǀĞďĞĞŶĂ
ŚĞĂǀLJǁĞŝŐŚƚƚŽĐĂƌƌLJ͘

:Ă͕ĚĞĨŝŶŝƚĞůLJ͘dŚĂƚǁĂƐŶŽƚĞĂƐLJ͘ƵƚǁĞŚĂĚƚŽƐƚĂŶĚĨŝƌŵ͘dŚĂƚǁĂƐƚŚĞƌĞĂůŝƚLJ͘

ƒŚĂĚŶŽŝĚĞĂƚŚĂƚĂŵŽǀĞŵĞŶƚǁŽƵůĚďĞĨŽƌŵĞĚ͕ŶŽŝĚĞĂ͘ŶĚƒĚŝĚŶ͛ƚŬŶŽǁǁŚĂƚĨŽƌŵǁŽƵůĚďĞ
ƚĂŬĞŶďLJƚŚĞƉŽůŝƚŝĐƐŽĨƚŚĞƉŽŽƌƚŚĂƚďĞĐĂŵĞƉŽƐƐŝďůĞĂĨƚĞƌƚŚĞƌŽĂĚďůŽĐŬĂĚĞ͘ƒĚŝĚŶ͛ƚŬŶŽǁǁŚĂƚ
ŝŵƉĂĐƚŝƚǁŽƵůĚŚĂǀĞ͘dŚĂƚŝƐǁŚLJŝƚŝƐ”ƵŝƚĞĚŝĨĨŝĐƵůƚǁŚĞŶƒŐĞƚŝŶƚĞƌǀŝĞǁĞĚ͘DŽƐƚƉĞŽƉůĞƚŚŝŶŬƚŚĂƚ
ƚŚŝƐǁĂƐƉůĂŶŶĞ̝ƚŚĂƚĂŐƌŽƵƉŽĨƉĞŽƉůĞƐĂƚĚŽǁŶĂŶĚĚĞĐŝĚĞĚƚŽĞƐƚĂďůŝƐŚĂŵŽǀĞŵĞŶƚ͘•ŽƵŬŶŽǁ͕
ŚŽǁƚŚĞE'KƐǁŽƌŬ͘

dŚĞƌĞŚĂƐďĞĞŶĂůŽƚŽĨĂŶĂůLJƐŝƐĂŶĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽĨƚŚĞŵŽǀĞŵĞŶƚƐŽŵĞƚŝŵĞƐǁĞƌĞĂĚŝƚŝŶ
ƉĂƉĞƌƐ͘ƵƚĂůůǁĞŬŶĞǁǁĂƐƚŚĂƚǁĞŚĂĚĚĞĐŝĚĞĚƚŽŵĂŬĞƚŚĞďƌĞĂŬ͘dŽĂĐĐĞƉƚƚŚĂƚǁĞǁĞƌĞŽŶŽƵƌ
ŽǁŶĂŶĚƚŽŝŶƐŝƐƚƚŚĂƚƚŚĞƉĞŽƉůĞĐŽƵůĚŶŽƚďĞůĂĚĚĞƌƐĂŶLJŵŽƌЈƚŚĂƚƚŚĞŶĞǁƉŽůŝƚŝĐƐŚĂĚƚŽďĞůĞĚ
ďLJƉŽŽƌƉĞŽƉůĞĂŶĚƚŽďĞĨŽƌƉŽŽƌƉĞŽƉůЈƚŚĂƚŶŽƚŚŝŶŐĐŽƵůĚďĞĚĞĐŝĚĞĚĨŽƌƵƐǁŝƚŚŽƵƚƵƐ͘dŚĞƌŽĂĚ
ďůŽĐŬĂĚĞǁĂƐƚŚĞƐƚĂƌƚ͘‡ĞĚŝĚŶ͛ƚŬŶŽǁǁŚĂƚǁŽƵůĚĐŽŵĞŶĞ’ƚ͘ĨƚĞƌƚŚĞďůŽĐŬĂĚĞǁĞĚŝƐĐƵƐƐĞĚ
ƚŚŝŶŐƐĂŶĚƚŚĞŶǁĞĚĞĐŝĚĞĚŽŶĂƐĞĐŽŶĚƐƚĞƉ͘dŚĂƚ͛ƐŚŽǁŝƚǁĞŶƚ͕ƚŚĂƚ͛ƐŚŽǁŝƚŐƌĞǁ͘‡ĞůĞĂƌŶƚĂƐ
ǁĞǁĞŶƚ͘ƒƚŝƐƐƚŝůůůŝŬĞƚŚĂƚŶŽǁ͘‡ĞĚŝƐĐƵƐƐƚŚŝŶŐƐƵŶƚŝůǁĞŚĂǀĞĚĞĐŝĚĞĚŽŶƚŚĞŶĞ’ƚƐƚĞƉĂŶĚƚŚĞŶ
ǁĞƚĂŬĞŝƚ͘WĞƌƐŽŶĂůůLJƒŚĂǀĞůĞĂƌŶƚĂůŽƚ͘

dŚĞƌĞǁĂƐĂƚƌĞŵĞŶĚŽƵƐĐŽůůĞĐƚŝǀĞĞdžĐŝƚĞŵĞŶƚĂŶĚƉƌŝĚĞŝŶƚŚĞďĞŐŝŶŶŝŶŐ͘ŝĚLJŽƵƐŚĂƌĞƚŚĂƚ‰Kƌ
ǁĞƌĞLJŽƵ͕ĂƐĂůĞĂĚĞƌ͕ƵŶĚĞƌƚŽŽŵƵĐŚƉƌĞƐƐƵƌЉ

:Ă͕ĂůƚŚŽƵŐŚƒǁĂƐǀĞƌLJĂŶŐƌLJǁŝƚŚĞǀĞƌLJƚŚŝŶŐĨƌŽŵĂƉŽůŝƚŝĐĂůƉŽŝŶƚŽĨǀŝĞǁ͕ǀĞƌLJĂŶŐƌLJǁŝƚŚƚŚĞǁĂLJ
ƚŚĞEǁĂƐƚƌĞĂƚŝŶŐƚŚĞƉĞŽƉůĞ͕ǀĞƌLJĂŶŐƌLJǁŝƚŚƚŚĞŝƌƉŽůŝĐŝĞƐ͕ƒĨĞůƚǀĞƌLJĐŽŶĨŝĚĞŶƚǁŚĞŶǁĞďĞŐĂŶ
ƚŽƌĞďĞů͘ƒĨŽƵŶĚŵLJŝŶŶĞƌƉĞĂĐĞ͘dŚĞƌĞĂůĚĂŶŐĞƌǁŚĞŶƚŚŝŶŐƐŐŽǁƌŽŶŐůŝŬĞƚŚŝƐŝƐďĞŝŶŐƐŝůĞŶĐĞ͘
‡ŚĞŶLJŽƵǀŽŝĐĞŽƵƚ͕ĐŽƵŐŚŝƚŽƵƚƚŚĞŶLJŽƵĐĂŶŚĞĂů͘•ŽƵĐĂŶĨŝŶĚƚŚŝƐĨĂŝƚŚŝŶLJŽƵƌƐĞůĨ͘dŚĞƌĞŝƐĂůů
ƚŚŝƐĨƌƵƐƚƌĂƚŝŽŶĂŶĚŚƵŵŝůŝĂƚŝŽŶ͘,ƵŵŝůŝĂƚŝŽŶĨƌŽŵƚŚĞǁĂLJLJŽƵĂƌĞĨŽƌĐĞĚƚŽůŝǀĞĂŶĚŚƵŵŝůŝĂƚŝŽŶ
ĨƌŽŵƚŚĞǁĂLJLJŽƵĂƌĞƚƌĞĂƚĞĚ͘‡ŚĞŶŝƚŝƐĞ’ƉƌĞƐƐĞĚŝƚŝƐůŝŬĞƚĂŬŝŶŐŽƵƚĂƉŽŝƐŽŶ͘•ŽƵďĞĐŽŵĞĨƌĞĞƚŽ
ĂĐƚĂŶĚLJŽƵďĞĐŽŵĞĂŶŐƌLJĂŶĚƚŚĂƚĂŶŐĞƌŝƐƚŚĞƐŽƵƌĐĞŽĨĂŶŝŶĐƌĞĚŝďůĞĞŶĞƌŐLJ͘

^ŽĞǀĞŶƚŚŽƵŐŚǁĞĚŝĚŶ͛ƚŚĂǀĞƚŚĞŚŽƵƐĞƐǁĞŚĂĚĨŽƵŶĚŽƵƌǀŽŝĐĞ͘‡ĞĚŝĚŶ͛ƚŚĂǀĞĂůůƚŚĞĂŶƐǁĞƌƐ͘
ƵƚƚŚĞĨĂĐƚƚŚĂƚǁĞŚĂĚďƵŝůƚƚŚŝƐƉůĂƚĨŽƌŵ͕ƚŚĂƚŽŶŝƚƐŽǁŶǁĂƐĂǀĞƌLJƌĞŵĂƌŬĂďůĞƉƌŽŐƌĞƐƐ͘

tĂƐŝƚĚŝĨĨŝĐƵůƚƚŽŵŽǀĞĨƌŽŵďĞŝŶŐŽŶĞƐĞƚƚůĞŵĞŶƚŝŶƌĞďĞůůŝŽŶƚŽůŝŶŬŝŶŐƵƉǁŝƚŚŽƚŚĞƌ
ƐĞƚƚůĞŵĞŶƚƐĂŶĚďƵŝůĚŝŶŐĂŵŽǀĞŵĞŶƚ‰


32

EŽ͕ŝƚǁĂƐŶ͛ƚĚŝĨĨŝĐƵůƚƚŽůŝŶŬƵƉǁŝƚŚŽƚŚĞƌƐĞƚƚůĞŵĞŶƚƐ͘ŠƌŽŵŵLJĞ’ƉĞƌŝĞŶĐĞŝŶƚŚĞE͕ĂŶĚŽŶƚŚĞ
͕ƒŬŶĞǁƉĞŽƉůĞŝŶƚŚĞŽƚŚĞƌƐĞƚƚůĞŵĞŶƚƐ͕ĂŶĚǁĞǁĞƌĞĂůůŚĂǀŝŶŐƐŝŵŝůĂƌƉƌŽďůĞŵƐƐŽŝƚǁĂƐ
ĂĐƚƵĂůůLJĞĂƐLJƚŽďƵŝůĚƵƉƚŚŝƐŵŽǀĞŵĞŶƚ͘

zŽƵŚĂĚǁŽƌŬĞĚǁŝƚŚƚŚĞE͕ƚŚĞĂŶĚƚŚĞŝƌĐŽƵŶĐŝůůŽƌƐ͘EŽǁLJŽƵǁĞƌĞůĞĂĚŝŶŐŵĂƌĐŚĞƐĂƚ
ǁŚŝĐŚƚŚĞĐŽƵŶĐŝůůŽƌƐǁĞƌĞďĞŝŶŐƐLJŵďŽůŝĐĂůůLJďƵƌŝĞĚ͘ϮϬtĂƐƚŚĂƚĚŝĨĨŝĐƵůƚ‰tĞƌĞLJŽƵƵŶĚĞƌĂůŽƚŽĨ
ƉƌĞƐƐƵƌЉ

EŽƚƌĞĂůůLJ͘KĨĐŽƵƌƐĞƚŚŝŶŐƐǁĞƌĞƐĂŝĚĂŶĚƚŚƌĞĂƚƐǁĞƌĞŵĂĚĞďƵƚƒǁĂƐǀĞƌLJĐŽŶĨŝĚĞŶƚďĞĐĂƵƐЃ
ŬŶĞǁƚŚĂƚƒǁĂƐŶŽǁĨŝŐŚƚŝŶŐĨŽƌǁŚĂƚƒƐƚƌŽŶŐůLJďĞůŝĞǀĞĚǁĂƐƌŝŐŚƚ͘ŶĚŽĨĐŽƵƌƐĞǁĞǁĞƌĞŶŽƚ
ĂůŽŶĞ͘‡ŚĞŶLJŽƵĂƌĞƚŚŽƵƐĂŶĚƐLJŽƵĂƌĞŶŽƚŝŶƚŝŵŝĚĂƚĞĚ͘^Ž͕ŝƌĞŐĂƌĚůĞƐƐŽĨƉŽůŝƚŝĐƐ͕ŽĨǁŚŽƐĂŝĚǁŚĂƚ͕
ǁĞũƵƐƚĐĂƌƌŝĞĚŽŶ͘ŶĚĨŽƌŵĞƉĞƌƐŽŶĂůůLJƒŚĂĚŶŽƚŚŝŶŐƚŽůŽƐĞ͘DLJŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞE͕ŵLJ
ƉŽƐŝƚŝŽŶŽŶƚŚĞ͕ŚĂĚĚŽŶĞŶŽƚŚŝŶŐĨŽƌƚŚĞƉĞŽƉůĞ͘ƒŶƚŚĞƉĂƌƚLJLJŽƵŵĂŬĞĐŽŵƉƌŽŵŝƐĞƐĨŽƌƐŽŵĞ
ďŝŐŐĞƌƉŝĐƚƵƌĞďƵƚŝŶƚŚĞĞŶĚĂůůǁŚĂƚŝƐƌĞĂůŝƐƚŚĞƐƵĨĨĞƌŝŶŐŽĨƚŚĞƉĞŽƉůĞƌŝŐŚƚŝŶĨƌŽŶƚŽĨLJŽƵ͘ƒŶĨĂĐƚ
ŝƚŚĂĚďĞĐŽŵĞĂƐŚĂŵĞ͘dŽƐĂLJƚŚĂƚ™ĞŶŽƵŐŚŝƐĞŶŽƵŐŚ͛ŝƐƚŽǁĂůŬĂǁĂLJĨƌŽŵƚŚĂƚƐŚĂŵĞ͘ƒŶƐƚĞĂĚŽĨ
ƚŚĞƉĂƌƚLJƚĞůůŝŶŐƚŚĞĐŽŵŵƵŶŝƚLJǁŚĂƚƚŽĚŽƚŚĞĐŽŵŵƵŶŝƚLJǁĂƐŶŽǁĚĞĐŝĚŝŶŐǁŚĂƚƚŽĚŽŽŶŝƚƐŽǁŶ͘

dŚĞŽŶůLJƉƌĞƐƐƵƌĞĐĂŵĞǁŚĞŶƉĞŽƉůĞǁĞƌĞĂƌƌĞƐƚĞĚ͘ŶĚŝŶƚŚĞĨŝƌƐƚĂƌƌĞƐƚƚŚĞƌĞǁĞƌĞƚǁŽƚĞĞŶĂŐĞƌƐ
ĂŵŽŶŐƐƚƚŚĞ„“ƚŚĂƚǁĞƌĞƚĂŬĞŶƚŽ‡ĞƐƚǀŝůůĞWƌŝƐŽŶƐŽƚŚĞƌĞǁĂƐĂůƐŽƉƌĞƐƐƵƌĞĨƌŽŵƚŚĞƉĂƌĞŶƚƐ͘

dŽĚĂLJLJŽƵŚĂǀĞŽǀĞƌƚĞŶƚŚŽƵƐĂŶĚƉĂŝĚƵƉŵĞŵďĞƌƐĂŶĚŵĂŶLJŵŽƌĞƐƵƉƉŽƌƚĞƌƐ͘tŚĞŶƚŚĞ
ĚĞĐŝƐŝŽŶǁĂƐƚĂŬĞŶƚŽĨŽƌŵƚŚĞŵŽǀĞŵĞŶƚ͕ƚŚĂƚǁĂƐŽŶƚŚĞϲƚŚŽĨKĐƚŽďĞƌϮϬϬϱ͕ũƵƐƚĂĨƚĞƌƚŚĞ
YƵĂƌƌLJZŽĂĚŵĂƌĐŚ͕ϮϭĚŝĚLJŽƵŚĂǀĞĂŶLJƐĞŶƐĞŽĨǁŚĂƚƚŚĞLJŵŽǀĞŵĞŶƚǁŽƵůĚďĞĐŽŵЉ

EŽ͕ŶŽƚƚŚĂƚŵƵĐŚ͘ƵƚǁŚĂƚƒŬŶĞǁ͕ǁŚĂƚƒǁĂƐĂǁĂƌĞŽĨ͕ǁĂƐƚŚĂƚƚŚĞĐŽŵŝŶŐƚŽŐĞƚŚĞƌŽĨƚŚĞƐĞ
ƐĞƚƚůĞŵĞŶƚƐǁŽƵůĚƚƵƌŶƵƐŝŶƚŽĂĐŽůůĞĐƚŝǀĞĨŽƌĐĞ͘dŚĂƚŝƚǁŽƵůĚƐƚƌĞŶŐƚŚĞŶƚŚĞƌĞďĞůůŝŽŶƚŚĂƚǁĂƐ
ƐƚĂƌƚĞĚŝŶ<ĞŶŶĞĚLJZŽĂĚ͘ƒĚŝĚŶ͛ƚŚĂǀĞĂƉŝĐƚƵƌĞŽĨŚŽǁƚŚĞŵŽǀĞŵĞŶƚŝƐŶŽǁ͘ƵƚƒƵŶĚĞƌƐƚŽŽĚ
ǁŚĂƚĚĞŵŽĐƌĂĐLJƐŚŽƵůĚďĞĂďŽƵƚĂŶĚƚŚĂƚŽƵƌǀŽŝĐĞǁŽƵůĚďĞĐŽŵĞŵŽƌĞůŽƵĚĞƌƚŚĞŵŽƌĞǁĞĂƌĞ͘ƒ
ŬŶĞǁƚŚĂƚŝƚǁŽƵůĚďĞĐŽŵĞĂŚĞĂǀLJƉŽůŝƚŝĐĂůĨŽƌĐĞ͘

dŚĞƌĞŚĂƐďĞĞŶĂůŽƚŽĨĂĐĂĚĞŵŝĐƐƉĞĐƵůĂƚŝŽŶ͕ŵƵĐŚŽĨŶŽƚƌĞƐĞĂƌĐŚĞĚĂƚĂůů͕ĂďŽƵƚǁŚĞƌĞƚŚĞ
ƉŽůŝƚŝĐƐŽĨďĂŚůĂůŝƐŵĐŽŵĞƐĨƌŽŵ͘^ŽŵĞƉĞŽƉůĞŚĂǀĞƐĂŝĚŝƚĐŽŵĞƐĨƌŽŵƚŚĞƉŽƉƵůĂƌƐƚƌƵŐŐůĞƐŽĨ
ƚŚĞϭϵϴϬƐǁŝƚŚƚŚĞŝƌƐƚƌĞƐƐŽŶďŽƚƚŽŵƵƉĚĞŵŽĐƌĂƚŝĐƉƌĂĐƚŝĐĞ͕ŽƚŚĞƌƐŚĂǀĞƐĂŝĚƚŚĂƚŝƚĐŽŵĞƐĨƌŽŵ
ƚŚĞĐŚƵƌĐŚĞƐǁŝƚŚƚŚĞŝƌƐƚƌĞƐƐŽŶƚŚĞĚŝŐŶŝƚLJŽĨĞĂĐŚƉĞƌƐŽŶ͕ŽƚŚĞƌƐŚĂǀĞƐĂŝĚƚŚĂƚŝƚŝƐƐŽŵĞƚŚŝŶŐ
ĐŽŵƉůĞƚĞůLJŶĞǁ͘tŚĞƌĞĚŽLJŽƵƚŚŝŶŬƚŚĂƚŝƚĐŽŵĞƐĨƌŽŵ‰

‡ŚĞŶƚŚŝŶŐƐŐŽǁƌŽŶŐƐŝůĞŶĐĞƐƉĞĂŬƐǀŽůƵŵĞƐ͘^ŝůĞŶĐĞŝƐƚŚĞǀŽŝĐĞŽĨƚŚĞĚĞĨĞĂƚĞĚ͕ƉĞŽƉůĞǁŚŽƐĞ
ƐƉŝƌŝƚƐŚĂǀĞďĞĞŶǀĂŶĚĂůŝ–ĞĚ͘ƒƚŝƐĂďŝŐĚĂŶŐĞƌƚŽďĞƐŝůĞŶĐĞŝŶƚŝŵĞƐŽĨƚƌLJŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐ͘
ŽŶĚĞŵŶŝŶŐŝŶũƵƐƚŝĐĞ͕ĐĂůůŝŶŐŝƚďLJŝƚƐƌĞĂůŶĂŵĞƐ͕ĂŶĚĚŽŝŶŐƚŚŝƐƚŽŐĞƚŚĞƌˆƚŚĂƚŽŶŝƚƐŽǁŶĚŽĞƐĂůŽƚ͘
dŚĂƚŽŶŝƚƐŽǁŶŝƐĂŬŝŶĚŽĨĐŚĂŶŐĞ͕ĂůŽƚŽĨĐŚĂŶŐĞ͘


ϮϬ
ƒŶƚŚĞƉĞƌŝŽĚďĞƚǁĞĞŶƚŚĞƌŽĂĚďůŽĐŬĂĚĞŽƌŐĂŶŝƐĞĚďLJƚŚĞ<ĞŶŶĞĚLJZŽĂĚƐĞƚƚůĞŵĞŶƚĂŶĚƚŚĞĨŽƌŵĂƚŝŽŶŽĨ
ďĂŚůĂůŝďĂƐĞDũŽŶĚŽůŽĂƐĞƌŝĞƐŽĨŵĂƌĐŚĞƐǁĞƌĞŽƌŐĂŶŝƐĞĚĂŐĂŝŶƐƚůŽĐĂůĐŽƵŶĐŝůůŽƌƐĂƚǁŚŝĐŚƚŚĞLJǁĞƌĞ
ƐLJŵďŽůŝĐĂůůLJďƵƌŝĞ̝ƚŚĞƉŽŝŶƚďĞŝŶŐƚŽĚĞĐůĂƌĞƚŚĞƉŽůŝƚŝĐĂůĂƵƚŽŶŽŵLJŽĨƚŚĞƐĞƚƚůĞŵĞŶƚƐĨƌŽŵƚŽƉ
ĚŽǁŶƉĂƌƚLJĐŽŶƚƌŽů͘
Ϯ„
dŚĞŸƵĂƌƌLJZŽĂĚƐĞƚƚůĞŵĞŶƚŵĂƌĐŚĞĚŽŶĂŶĚƐLJŵďŽůŝĐĂůůLJďƵƌŝĞĚƚŚĞŝƌǁĂƌĚĐŽƵŶĐŝůůŽƌ͕:ĂLJƌĂũĂĐŚƵ͕ŽŶ“
KĐƚŽďĞƌϮϬϬϱ͘



33

dŚĞŵŽǀĞŵĞŶƚĐŽŵĞƐĨƌŽŵƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚŝƐĚĂŶŐĞƌŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚŽƵƌĐƵůƚƵƌĂůďĞůŝĞĨƐ͘ƒƚŝƐĂ
ĐŽŵŵŽŶƐĞŶƐĞƚŚĂƚĞǀĞƌLJŽŶĞŝƐĞ”ƵĂů͕ƚŚĂƚĞǀĞƌLJŽŶĞŵĂƚƚĞƌƐ͕ƚŚĂƚƚŚĞǁŽƌůĚŵƵƐƚďĞƐŚĂƌĞĚ͘

DLJƵŶĚĞƌƐƚĂŶĚŝŶŐŝƐƚŚĂƚƚŚŝƐĐŽŵŵŽŶƐĞŶƐĞĐŽŵĞƐĨƌŽŵƚŚĞǀĞƌLJŶĞǁƐƉŝƌŝƚŽĨ͕ĨƌŽŵƚŚĞ
ƐƉŝƌŝƚŽĨŚƵŵĂŶŝƚLJ͕ĨƌŽŵƚŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨǁŚĂƚŝƐƌĞ”ƵŝƌĞĚĨŽƌĂƉƌŽƉĞƌƌĞƐƉĞĐƚŽĨĞĂĐŚƉĞƌƐŽŶ͛Ɛ
ĚŝŐŶŝƚLJ͕ŽĨǁŚĂƚƚŚĞLJĂƌĞƌĞ”ƵŝƌĞĚƚŽĚŽ͘

KƵƌŵŽǀĞŵĞŶƚŝƐĨŽƌŵĞĚďLJĚŝĨĨĞƌĞŶƚƉĞŽƉůĞ͕ĂůůƉŽŽƌƉĞŽƉůĞďƵƚƐŽŵĞǁŝƚŚĚŝĨĨĞƌĞŶƚďĞůŝĞĨƐ͕
ĚŝĨĨĞƌĞŶƚƌĞůŝŐŝŽƵƐďĂĐŬŐƌŽƵŶĚƐ͘ƵƚƚŚĞƌĞĂůŝƚLJŝƐƚŚĂƚŵŽƐƚƉĞŽƉůĞƐƚĂƌƚǁŝƚŚƚŚĞďĞůŝĞĨƚŚĂƚǁĞĂƌĞ
ĂůůĐƌĞĂƚĞĚŝŶƚŚĞŝŵĂŐĞŽĨ'ŽĚ͕ĂŶĚƚŚĂƚǁĂƐƚŚĞĞĂƌůŝĞƐƚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞƐƉŝƌŝƚŽĨŚƵŵĂŶŝƚLJŝŶ
ƚŚĞŵŽǀĞŵĞŶƚ͘,ĞƌĞŝŶƚŚĞƐĞƚƚůĞŵĞŶƚƐǁĞĐŽŵĞĨƌŽŵŵĂŶLJƉůĂĐĞƐ͕ǁĞƐƉĞĂŬŵĂŶLJůĂŶŐƵĂŐĞƐ͘
dŚĞƌĞĨŽƌĞǁĞĂƌĞĨŽƌĐĞĚƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƐƉŝƌŝƚŽĨŚƵŵĂŶŝƚLJŝƐĨŽƌĞǀĞƌLJŽŶĞ͘‡ĞĂƌĞĨŽƌĐĞĚƚŽ
ĞŶƐƵƌĞƚŚĂƚŝƚŝƐƵŶŝǀĞƌƐĂů͘dŚĞƌĞĂƌĞĂůůŬŝŶĚƐŽĨƵŶĨĂŵŝůŝĂƌǁŽƌĚƐƚŚĂƚƐŽŵĞŽĨƵƐĂƌĞŶŽǁƵƐŝŶŐƚŽ
Ğ’ƉůĂŝŶƚŚŝƐďƵƚŝƚŝƐĂĐƚƵĂůůLJǀĞƌLJƐŝŵƉůĞ͘

ŠƌŽŵƚŚŝƐŝƚĨŽůůŽǁƐƚŚĂƚǁĞĐĂŶŶŽƚĂůůŽǁĚŝǀŝƐŝŽŶ͕ĚĞŐƌĂĚĂƚŝŽŶĂŶLJĨŽƌŵƚŚĂƚŬĞĞƉƐƵƐĂƉĂƌƚ͘KŶ
ƚŚŝƐƉŽŝŶƚǁĞŚĂǀĞƚŽďĞĐŽŵƉůĞƚĞůLJŝŶĨůĞ’ŝďůĞ͘KŶƚŚŝƐƉŽŝŶƚǁĞĚŽŶŽƚŶĞŐŽƚŝĂƚĞ͘ƒĨǁĞŐŝǀĞƵƉƚŚŝƐ
ƉŽŝŶƚǁĞǁŝůůŚĂǀĞŐŝǀĞŶƵƉŽŶŽƵƌŵŽǀĞŵĞŶƚ͘

ƒƚŝƐŶŽƚĂůǁĂLJƐĐůĞĂƌǁŚĂƚƚŚĂƚƐŚŽƵůĚďĞĚŽŶĞ͘‡ĞĂƌĞŶŽƚĂůǁĂLJƐƐƚƌŽŶŐĞŶŽƵŐŚƚŽĂĐŚŝĞǀĞĂůůŽĨ
ŽƵƌĚĞŵĂŶĚƐ͘dŚŝƐŝƐŽŶĞƌĞĂƐŽŶǁŚLJǁĞĂƌĞƐŽŵĞƚŝŵĞƐ”ƵŝƚĞĨůĞ’ŝďůĞŝŶŽƵƌƚĂĐƚŝĐƐ͘^ŽŵĞƚŝŵĞƐǁĞ
ĂƌĞďůŽĐŬĂĚŝŶŐƌŽĂĚƐ͕ƐŽŵĞƚŝŵĞƐǁĞĂƌĞĐŽŶŶĞĐƚŝŶŐƉĞŽƉůĞƚŽǁĂƚĞƌĂŶĚĞůĞĐƚƌŝĐŝƚLJ͕ƐŽŵĞƚŝŵĞƐǁĞ
ĂƌĞĨŽƌĐŝŶŐƚŚĞŐŽǀĞƌŶŵĞŶƚƚŽŶĞŐŽƚŝĂƚĞĚŝƌĞĐƚůLJǁŝƚŚƵƐŝŶƐƚĞĂĚŽĨƚŚĞĐŽƵŶĐŝůůŽƌƐ͕ƐŽŵĞƚŝŵĞƐǁĞ
ĂƌĞĂƚĐŽƵƌƚŚĂǀŝŶŐƚŽĂƐŬĂũƵĚŐĞƚŽƌĞĐŽŐŶŝƐĞŽƵƌŚƵŵĂŶŝƚLJ͘

dŚĞĐŽůůĞĐƚŝǀĞĐƵůƚƵƌĞƚŚĂƚǁĞŚĂǀĞďƵŝůƚǁŝƚŚŝŶƚŚĞŵŽǀĞŵĞŶƚ͕ƚŚĂƚƉƌŝĚĞŽĨďĞůŽŶŐŝŶŐƚŽƚŚŝƐ
ĐŽůůĞĐƚŝǀĞĨŽƌĐĞƚŚĂƚǁĂƐŶŽƚƐƉŽŬĞŶĂďŽƵƚďĞĨŽƌĞ͕ďĞĐŽŵĞƐĂŶĞǁĐŽŶĐĞƉƚ͕ĂŶĞǁďĞůŝĞĨĞƐƉĞĐŝĂůůLJ
ĂƐďĂŚůĂůŝŝŶŝƚƐŽǁŶŶĂƚƵƌĞ͕ŽŶŝƚƐŽǁŶ͕ŝƐĚŝĨĨĞƌĞŶƚƚŽŽƚŚĞƌƉŽůŝƚŝĐƐ͘ƒƚƌĞ”ƵŝƌĞƐĂĚŝĨĨĞƌĞŶƚƐƚLJůĞŽĨ
ŵĞŵďĞƌƐŚŝƉĂŶĚůĞĂĚĞƌƐŚŝƉ͘ƒƚƌĞ”ƵŝƌĞƐĂůŽƚŽĨƚŚŝŶŬŝŶŐ͕ŶŽƚŽŶůLJŽŶǁŚĂƚŝƐƌĞĂĚ͕ďƵƚŽŶǁŚĂƚŝƐ
ĐŽŵŵŽŶƚŽĂůůƚŚĞĂƌĞĂƐ͘dŚĞƌĞĨŽƌĞůĞĂƌŶŝŶŐďĂŚůĂůŝƐŵĚĞŵĂŶĚƐ͕ŝŶŝƚƐŶĂƚƵƌĞ͕ƚŚĞĨŽƌŵƚŚĂƚŝƚ
ƚĂŬĞƐ͘ƒƚĚŽĞƐŶ͛ƚƌĞ”ƵŝƌĞŽŶĞƚŽĂĚŽƉƚƐŽŵĞŝĚĞĂƐĂŶĚĂƉƉƌŽĂĐŚĨƌŽŵŽƵƚƐŝĚĞ͘‡ŚĞŶLJŽƵƉƵůůĂůůƚŚĞ
ĚŝĨĨĞƌĞŶƚƉĞŽƉůĞƚŽŐĞƚŚĞƌĂŶĚŵĂŬĞƐƵƌĞƚŚĂƚĞǀĞƌLJŽŶĞĨŝƚƐŝŶ͕ƚŚĂƚŝƚŝƐĞǀĞƌLJŽŶĞ͛ƐŚŽŵĞ͕ƚŚĂƚ͛Ɛ
ǁŚĞŶŝƚƌĞ”ƵŝƌĞƐĂĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĨƌŽŵŶŽƌŵĂůŬŝŶĚƐŽĨƉŽůŝƚŝĐƐĂŶĚůĞĂĚĞƌƐŚŝƉ͘LJƚŚĞŶĂƚƵƌĞŽĨ
ŝƚƐĚĞŵĂŶĚŝƚƌĞ”ƵŝƌĞƐĂĚŝƌĞĐƚĨůĞ’ŝďŝůŝƚLJŽĨƚŚŝŶŬŝŶŐ͕ĂďůĞƚŽĚĞĂůǁŝƚŚŝƚƐƵŶŝ”ƵĞŶĞƐƐ͘ƒƚŐŝǀĞƐƵƐƚŚĞ
ƐƚƌĞŶŐƚŚƚŽƐƵƉƉŽƌƚĞĂĐŚŽƚŚĞƌ͕ƚŽŬĞĞƉƚŚŝŶŬŝŶŐƚŽŐĞƚŚĞƌ͕ƚŽŬĞĞƉĨŝŐŚƚŝŶŐƚŽŐĞƚŚĞƌ͘

ŠƌŽŵǁŚĂƚƒŚĂǀĞƐĞĞŶďĂŚůĂůŝŝƐŽƌŝŐŝŶĂůďƵƚŝƚŝƐĂůƐŽŶĂƚƵƌĂůŝƚŐĞƚƐŐĞŶĞƌĂƚĞĚĨƌŽŵĚŝĨĨĞƌĞŶƚ
ƉĞŽƉůĞ͕ǁŝƚŚĚŝĨĨĞƌĞŶƚŝĚĞĂƐ͕ǁŚŽŚĂǀĞŐƌŽǁŶƵƉŝŶĚŝĨĨĞƌĞŶƚƉůĂĐĞƐ͕ŝŶĚŝĨĨĞƌĞŶƚůĞǀĞůƐŽĨƐƉĂĐĞ͘
WƵƚƚŝŶŐĂůůƚŚŝƐƚŽŐĞƚŚĞƌƌĞ”ƵŝƌĞƐŝƚƐŽǁŶŐĞŶŝƵƐ͘ƒƚ͛ƐŶŽƚƚŚĞƐĂŵĞůŝŬĞŽƚŚĞƌŵŽǀĞŵĞŶƚƐƚŚĂƚƚĂŬĞ
ƚŚĞŝƌŵĂŶĚĂƚĞĂŶĚƵŶĚĞƌƐƚĂŶĚŝŶŐĨƌŽŵŽƌĚŝŶĂƌLJƉŽůŝƚŝĐƐ͘

ƒƚƌĞ”ƵŝƌĞƐůĞĂƌŶŝŶŐƚŚĞĚĞŵĂŶĚƐƚŚĂƚĐŽŵĞĨƌŽŵĂůůƚŚĞĂƌĞĂƐŝƚƐŶĂƚƵƌĞĚĞŵĂŶĚƐƚŚĞĨŽƌŵƚŚĂƚ
ƚŚĞŵŽǀĞŵĞŶƚƚĂŬĞƐ͘ƒƚĚŽĞƐŶ͛ƚƌĞ”ƵŝƌĞŽŶĞĂĚŽƉƚŝŶŐƐŽŵĞŽƚŚĞƌŝĚĞĂƐĂŶĚĂƉƉƌŽĂĐŚĨƌŽŵŽƵƚƐŝĚĞ͘
dŚĞŶǁŚĞŶLJŽƵƉƵůůĂůůƚŚĞĚĞŵĂŶĚƐƚŽŐĞƚŚĞƌĂŶĚƚƌLJĂŶĚŵĂŬĞƐƵƌĞƚŚĂƚƚŚĞŵŽǀĞŵĞŶƚŝƐ
ĞǀĞƌLJŽŶĞ͛ƐŚŽŵĞŝƚƌĞ”ƵŝƌĞƐĂĚŝĨĨĞƌĞŶƚĂƉƉƌŽĂĐŚĨƌŽŵŶŽƌŵĂůŬŝŶĚƐŽĨƉŽůŝƚŝĐƐ͘LJƚŚĞŶĂƚƵƌĞŽĨŝƚƐ
ĚĞŵĂŶĚŝƚƌĞ”ƵŝƌĞƐĂĚŝƌĞĐƚĨůĞ’ŝďŝůŝƚLJƚŽďĞĂďůĞƚŽĚĞĂůǁŝƚŚŝƚƐƵŶŝ”ƵĞŶĞƐƐ͘dŚĞŵŽǀĞŵĞŶƚŝƐŶŽƚ


34

ůŝŬĞĂŶE'KŽƌĂƉŽůŝƚŝĐĂůƉĂƌƚLJǁŚĞƌĞƐŽŵĞĨĞǁƉĞŽƉůĞ͕ƐŽŵĞĞ’ƉĞƌƚƐŝŶƉŽůŝƚŝĐƐ͕ƐŝƚĚŽǁŶĂŶĚ
ĚĞĐŝĚĞŚŽǁŽƚŚĞƌƉĞŽƉůĞƐŚŽƵůĚďĞŽƌŐĂŶŝƐĞĚ͕ǁŚĂƚƚŚĞLJƐŚŽƵůĚĚĞŵĂŶĚĂŶĚŚŽǁ͘

KƚŚĞƌŵŽǀĞŵĞŶƚƐƚĂŬĞƚŚĞŝƌŵĂŶĚĂƚĞ͕ŽƌƚŚĞŝƌƵŶĚĞƌƐƚĂŶĚŝŶŐ͕ĨƌŽŵǁŚĂƚŚĂƐďĞĞŶƌĞĂĚ͘‡ĞĚŝĚŶŽƚ
ƐƚĂƌƚǁŝƚŚĂƉůĂŶƚŚĞŵŽǀĞŵĞŶƚŚĂƐĂůǁĂLJƐďĞĞŶƐŚĂƉĞĚďLJƚŚĞĚĂŝůLJĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞƉĞŽƉůĞƚŚĂƚ
ŵĂŬĞŝƚ͕ďLJƚŚĞŝƌĚĂŝůLJƚŚŝŶŬŝŶŐ͕ďLJƚŚĞŝƌĚĂŝůLJŝŶĨůƵĞŶĐĞ͘dŚŝƐƚŽŐĞƚŚĞƌŶĞƐƐŝƐǁŚĂƚŚĂƐƐŚĂƉĞĚƚŚĞ
ŵŽǀĞŵĞŶƚ͘

ƒĂŵŶŽƚƚŽŽƐƵƌĞǁŚĞƌĞŽƵƌŝĚĞĂƐǁŽƵůĚĐŽŵĞĨƌŽŵŝĨƚŚĞƌĞǁĂƐŶŽĚĂŝůLJůŝǀĞƐŽĨƉĞŽƉůĞ͕ĂůŝǀŝŶŐ
ŵŽǀĞŵĞŶƚĐĂŶŽŶůLJďĞƐŚĂƉĞĚďLJƚŚĞĚĂŝůLJůŝǀĞƐŽĨŝƚƐŵĞŵďĞƌƐ͘ƒƐƚƌŽŶŐůLJďĞůŝĞǀĞƚŚĂƚ͘dŚŝƐŝƐǁŚĞƌĞ
ǁĞĨŽƌŵƵůĂƚĞŽƵƌĚĞďĂƚĞƐĂŶĚƚŚĞŶŽƵƌĚĞŵĂŶĚƐ͘‡ĞĂƌĞŐŽŝŶŐƚŽĐŽƵƌƚŽŶdƵĞƐĚĂLJǁŝŶŶŝŶŐŽƌ
ůŽƐŝŶŐǁŝůůĂĨĨĞĐƚŚŽǁǁĞŐŽĨŽƌǁĂƌĚ͘ƒƚŝƐƚŚĞĞŶǀŝƌŽŶŵĞŶƚƚŚĂƚǁĞďƌĞĂƚŚĞŝŶƚŚĂƚƐŚĂƉĞƐŚŽǁǁĞ
ĐĂƌƌLJŽƵƌƉŽůŝƚŝĐƐĨŽƌǁĂƌĚ͘ƵƚŝƚŝƐǁŚŽǁĞĂƌĞ͕ŚƵŵĂŶďĞŝŶŐƐŽƉƉƌĞƐƐĞĚďLJŽƚŚĞƌŚƵŵĂŶďĞŝŶŐƐ͕
ƚŚĂƚĚŝƌĞĐƚƐŽƵƌƉŽůŝƚŝĐƐ͘

DLJŶĞdžƚƋƵĞƐƚŝŽŶǁĂƐŐŽŝŶŐƚŽďĞ͗ tŚĂƚŝƐLJŽƵƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨĂůŝǀŝŶŐƉŽůŝƚŝĐƐ‰¡ďƵƚ/ƚŚŝŶŬ
ƚŚĂƚƉĞƌŚĂƉƐLJŽƵ͛ǀĞũƵƐƚĂŶƐǁĞƌĞĚƚŚĂƚ͘

EŽ͕ƚŚĂƚŝƐĂƐŝŵƉůĞŽŶĞďĞĐĂƵƐĞǁĞĂƌĞĂůůŚƵŵĂŶďĞŝŶŐƐĂŶĚƐŽŽƵƌŶĞĞĚƐĂƌĞĂůů͕ŽŶĞǁĂLJŽƌƚŚĞ
ŽƚŚĞƌ͕ƐŝŵŝůĂƌ͘ůŝǀŝŶŐƉŽůŝƚŝĐƐŝƐŶŽƚĂƉŽůŝƚŝĐƐƚŚĂƚƌĞ”ƵŝƌĞƐĂĨŽƌŵĂůĞĚƵĐĂƚŝŽŶĂůŝǀŝŶŐƉŽůŝƚŝĐƐŝƐĂ
ƉŽůŝƚŝĐƐƚŚĂƚŝƐĞĂƐŝůLJƵŶĚĞƌƐƚŽŽĚďĞĐĂƵƐĞŝƚĂƌŝƐĞƐĨƌŽŵŽƵƌĚĂŝůLJůŝǀĞƐĂŶĚƚŚĞĚĂŝůLJĐŚĂůůĞŶŐĞƐǁĞ
ĨĂĐĞ͘ƒƚŝƐĂƉŽůŝƚŝĐƐƚŚĂƚĞǀĞƌLJŽƌĚŝŶĂƌLJƉĞƌƐŽŶĐĂŶƵŶĚĞƌƐƚĂŶĚ͘ƒƚŝƐĂƉŽůŝƚŝĐƐƚŚĂƚŬŶŽǁƐƚŚĂƚǁĞ
ŚĂǀĞŶŽǁĂƚĞƌďƵƚƚŚĂƚŝŶĨĂĐƚǁĞĂůůĚĞƐĞƌǀĞǁĂƚĞƌ͘ƒƚŝƐĂƉŽůŝƚŝĐƐƚŚĂƚĞǀĞƌLJŽŶĞŵƵƐƚŚĂǀĞ
ĞůĞĐƚƌŝĐŝƚLJďĞĐĂƵƐĞŝƚŝƐƌĞ”ƵŝƌĞĚďLJŽƵƌůŝǀĞƐ͘dŚĂƚƵŶĚĞƌƐƚĂŶĚŝŶ՝ƚŚĂƚƚŚĞƌĞĂƌĞŶŽƚŽŝůĞƚƐďƵƚƚŚĂƚ
ŝŶĨĂĐƚƚŚĞƌĞƐŚŽƵůĚďĞƚŽŝůĞƚƐŝƐĂůŝǀŝŶŐƉŽůŝƚŝĐƐ͘ƒƚŝƐŶŽƚĐŽŵƉůŝĐĂƚĞ̈ŝƚĚŽĞƐŶŽƚƌĞ”ƵŝƌĞďŝŐŬƐ
ƚŽĨŝŶĚƚŚĞŝŶĨŽƌŵĂƚŝŽŶ͘ƒƚĚŽĞƐŶ͛ƚŚĂǀĞĂŚŝĚĚĞŶĂŐĞŶĚÝŝƚŝƐĂƉŽůŝƚŝĐƐŽĨůŝǀŝŶŐƚŚĂƚŝƐũƵƐƚĨŽƵŶĚĞĚ
ŽŶůLJŽŶƚŚĞŶĂƚƵƌĞŽĨůŝǀŝŶŐ͘ǀĞƌLJƉĞƌƐŽŶĐĂŶƵŶĚĞƌƐƚĂŶĚƚŚĞƐĞŬŝŶĚƐŽĨĚĞŵĂŶĚƐĂŶĚĞǀĞƌLJƉĞƌƐŽŶ
ŚĂƐƚŽƌĞĐŽŐŶŝƐĞƚŚĂƚƚŚĞƐĞĚĞŵĂŶĚƐĂƌĞůĞŐŝƚŝŵĂƚĞ͘

KĨĐŽƵƌƐĞƐŽŵĞƚŝŵĞƐǁĞŶĞĞĚĨŽƌŵĂůĞ’ƉĞƌƚŝƐНǁĞŵŝŐŚƚŶĞĞĚĂůĂǁLJĞƌŝĨǁĞŚĂǀĞĂŶĞǀŝĐƚŝŽŶ
ĐĂƐĞ͕ŽƌĂƉŽůŝĐLJĞ’ƉĞƌƚŝĨǁĞĂƌĞŶĞŐŽƚŝĂƚŝŶŐǁŝƚŚŐŽǀĞƌŶŵĞŶƚ͘ƵƚƚŚĞŶǁĞŽŶůLJǁŽƌŬǁŝƚŚƚŚĞƐĞ
ƉĞŽƉůĞǁŚĞŶƚŚĞLJĨƌĞĞůLJƵŶĚĞƌƐƚĂŶĚƚŚĂƚƚŚĞŝƌƌŽůĞŝƐƚŽďĞĐŽŵĞƉĂƌƚŽĨŽƵƌůŝǀŝŶŐƉŽůŝƚŝĐƐ͘dŚĞLJ
ŵŝŐŚƚďƌŝŶŐĂƐŬŝůůďƵƚƚŚĞǁĂLJĨŽƌǁĂƌĚ͕ŚŽǁǁĞƵƐĞƚŚĂƚƐŬŝůů͕ŝĨǁĞƵƐĞƚŚĂƚƐŬŝůů͕ǁĞůů͕ƚŚĂƚĐŽŵĞƐ
ŽƵƚŽĨĂŵĞĞƚŝŶŐ͕ĂŵĞĞƚŝŶŐŽĨƚŚĞŵŽǀĞŵĞŶƚ͘LJŝŶƐŝƐƚŝŶŐŽŶƚŚŝƐǁĞŚĂǀĞĨŽƵŶĚƚŚĞƌŝŐŚƚƉĞŽƉůĞƚŽ
ǁŽƌŬǁŝƚŚ͘

zŽƵ͛ǀĞĂůƐŽƐƉŽŬĞŶĂďŽƵƚĂůŝǀŝŶŐĐŽŵŵƵŶŝƐŵďĞĨŽƌĞ͘ϮϮĂŶLJŽƵƚĞůůŵĞǁŚĂƚLJŽƵŵĞĂŶƚďLJƚŚĂƚ‰

ŠŽƌŵĞƵŶĚĞƌƐƚĂŶĚŝŶŐĐŽŵŵƵŶŝƐŵƐƚĂƌƚƐǁŝƚŚƵŶĚĞƌƐƚĂŶĚŝŶŐĐŽŵŵƵŶŝƚLJ͘•ŽƵŚĂǀĞƚŽƐƚĂƌƚǁŝƚŚƚŚĞ
ƐŝƚƵĂƚŝŽŶŽĨƚŚĞĐŽŵŵƵŶŝƚLJ͕ƚŚĞĐƵůƚƵƌĞŽĨƚŚĞĐŽŵŵƵŶŝƚLJ͘KŶĐĞLJŽƵƵŶĚĞƌƐƚĂŶĚƚŚĞĐŽŵƉůĞƚĞ
ŶĞĞĚƐŽĨƚŚĞĐŽŵŵƵŶŝƚLJLJŽƵĐĂŶĚĞǀĞůŽƉĚĞŵĂŶĚƐƚŚĂƚĂƌĞĨĂŝƌƚŽĂŶLJŽŶЈƚŽĞǀĞƌLJŽŶĞ͘ǀĞƌLJŽŶĞ
ŵƵƐƚŚĂǀĞĞ”ƵĂůƚƌĞĂƚŵĞŶƚ͘ŶĚŽďǀŝŽƵƐůLJĂůůǁŚĂƚŶĞĞĚƐƚŽďĞƐŚĂƉĞĚŝŶƚŚĞƐŽĐŝĞƚLJŵƵƐƚďĞ
ƐŚĂƉĞĚĞ”ƵĂůůLJĂŶĚĨĂŝƌůLJ͘ŶĚŽĨĐŽƵƌƐĞŝĨĞǀĞƌLJŽŶĞŝƐĂďůĞƚŽƐŚĂƉĞƚŚĞǁŽƌůĚ͕ĂŶĚŝĨǁĞƐŚŽƵůĚ
ƐŚĂƉĞŝƚĨĂŝƌůLJ͕ƚŚĂƚŵĞĂŶƐƚŚĂƚƚŚĞǁŽƌůĚŵƵƐƚďĞƐŚĂƌĞĚ͘dŚĂƚŝƐŵLJƵŶĚĞƌƐƚĂŶĚŝŶŐ͘ƒƚŵĞĂŶƐŽŶĞ
ĐŽŵŵƵŶŝƚLJ͕ŽŶĞĚĞŵĂŶĚ͘

ϮϮ
ŝŬŽĚĞĨŝƌƐƚŵĂĚĞĂƉƵďůŝĐĐĂůůĨŽƌĂůŝǀŝŶŐĐŽŵŵƵŶŝƐŵŝŶĂŶĂĚĚƌĞƐƐƚŽƚŚĞŝĂŬŽŶŝĂŽƵŶĐŝůŽĨŚƵƌĐŚĞƐ
ĐŽŶŽŵŝĐ:ƵƐƚŝĐĞŠŽƌƵŵŽŶϮ‘ƵŐƵƐƚϮϬϬ‘͘


35

dŽďĞŵŽƌĞƐŝŵƉůĞĂůŝǀŝŶŐĐŽŵŵƵŶŝƐŵŝƐĂůŝǀŝŶŐŝĚĞĂĂŶĚĂůŝǀŝŶŐƉƌĂĐƚŝĐĞŽĨŽƌĚŝŶĂƌLJƉĞŽƉůĞ͘dŚĞ
ŝĚĞĂŝƐƚŚĞĨƵůůĂŶĚƌĞĂůĞ”ƵĂůŝƚLJŽĨĞǀĞƌLJŽŶĞǁŝƚŚŽƵƚĞ’ĐĞƉƚŝŽŶ͘dŚĞƉƌĂĐƚŝĐĞ͕ǁĞůů͕ĂĐŽŵŵƵŶŝƚLJ
ŵƵƐƚĐŽůůĞĐƚŝǀĞůLJŽǁŶŽƌĨŽƌĐĞĨƵůůLJƚĂŬĞĐŽůůĞĐƚŝǀĞŽǁŶĞƌƐŚŝƉŽĨŶĂƚƵƌĂůƌĞƐŽƵƌĐĞƐĞƐƉĞĐŝĂůůLJƚŚĞ
ǁĂƚĞƌƐƵƉƉůLJ͕ůĂŶĚĂŶĚĨŽŽĚ͘ǀĞƌLJĐŽŵŵƵŶŝƚLJŝƐƌŝŐŚƚĨƵůůLJĞŶƚŝƚůĞĚƚŽƚŚĞƐĞƌĞƐŽƵƌĐĞƐ͘ĨƚĞƌƚŚĂƚǁĞ
ĐĂŶƚŚŝŶŬĂďŽƵƚƚŚĞŶĞ’ƚƐƚĞƉƐ͘‡ĞĂƌĞĂůƌĞĂĚLJƚĂŬŝŶŐĞůĞĐƚƌŝĐŝƚLJ͕ďƵŝůĚŝŶŐĂŶĚƌƵŶŶŝŶŐĐƌ¢ĐŚĞƐ͕
ŝŶƐŝƐƚŝŶŐƚŚĂƚŽƵƌĐŚŝůĚƌĞŶĐĂŶĂĐĐĞƐƐƚŚĞƐĐŚŽŽůƐ͘‡ĞũƵƐƚŶĞĞĚƚŽŬĞĞƉŐŽŝŶŐ͘

ŐĂŝŶƒĚŽŶŽƚƚŚŝŶŬǁĞƐŚŽƵůĚďĞƚŚŝŶŬŝŶŐĂǁĂLJĨƌŽŵŽƌĚŝŶĂƌLJƉĞŽƉůĞ͕ŚĂǀŝŶŐƚŽůĞĂƌŶĐŽŵƉůŝĐĂƚĞĚ
ŶĞǁŝĚĞĂƐĂŶĚǁĂLJƐŽĨƐƉĞĂŬŝŶŐ͘ƒŶƐƚĞĂĚǁĞƐŚŽƵůĚĂƉƉƌŽĂĐŚƚŚĞǀĞƌLJŽƌĚŝŶĂƌLJƉĞŽƉůĞƚŚĂƚĂƌĞƐŽ
ŽĨƚĞŶĂĐĐƵƐĞĚŽĨůĂĐŬŝŶŐŝĚĞĂƐ͕ƚŚŽƐĞǁŚŽŵƵƐƚĂůǁĂLJƐďĞƚĂƵŐŚƚŽƌŐŝǀĞŶĂƉŽůŝƚŝĐĂůĚŝƌĞĐƚŝŽŶ͘‡Ğ
ŶĞĞĚƚŽĂƐŬƚŚĞƐĞƉĞŽƉůĞĂƐŝŵƉůĞ”ƵĞƐƚŝŽŶš™‡ŚĂƚŝƐŶĞĞĚĞĚĨŽƌLJŽƵƌůŝĨĞ͕ĨŽƌLJŽƵƌƐĂĨĞƚLJ͕ĨŽƌLJŽƵƌ
ĚŝŐŶŝƚLJ͍͛͘dŚĂƚƐŝŵƉůĞ”ƵĞƐƚŝŽŶĂƐŬĞĚƚŽŽƌĚŝŶĂƌLJƉĞŽƉůĞ͕ǁĞůů͕ŝƚŝƐĂŬŝŶĚŽĨƐŽĐŝĂůĞ’ƉůŽƐŝŽŶ͘ŠƌŽŵ
ƚŚĂƚĞ’ƉůŽƐŝŽŶLJŽƵƌƉƌŽŐƌĂŵŵĞũƵƐƚĚĞǀĞůŽƉƐŽŶŝƚƐŽǁŶ͘

KĨĐŽƵƌƐĞĂƐƚƌƵŐŐůĞĂůǁĂLJƐƐƚĂƌƚƐŝŶŽŶĞƉůĂĐĞ͕ĂŵŽŶŐƐƚƉĞŽƉůĞĚĞĂůŝŶŐǁŝƚŚŽŶĞƉĂƌƚŽĨƚŚĞŚƵŵĂŶ
ƌĞĂůŝƚLJ͘DĂLJďĞƚŚĞLJĂƌĞ͕ůŝŬĞƵƐ͕ůŝǀŝŶŐůŝŬĞƉŝŐƐŝŶƚŚĞŵƵĚ͕ƐƚƌĂŶŐĞƉŝŐƐƚŚĂƚĂƌĞĂůƐŽƐƵƉƉŽƐĞĚƚŽ
ƐƵƌǀŝǀĞĐŽŶƐƚĂŶƚĨŝƌĞƐ͘KƌŵĂLJďĞƚŚĞLJĂƌĞďĞŝŶŐƚĂŬĞŶƚŽ>ŝŶĚĞůĂϮ‹ŽƌŵĂLJďĞƚŚĞLJĂƌĞďĞŝŶŐĂƚƚĂĐŬĞĚ
ĨƌŽŵƚŚĞƐŬLJ͕ďĞŝŶŐďŽŵďĞĚ͘•ŽƵŚĂǀĞƚŽƐƚĂƌƚǁŝƚŚǁŚĂƚŝƐďĞŝŶŐĚŽŶĞƚŽLJŽƵ͕ǁŝƚŚǁŚĂƚŝƐďĞŝŶŐ
ĚĞŶŝĞĚƚŽLJŽƵ͘

ƵƚĨŽƌŵĞĐŽŵŵƵŶŝƐŵŵĞĂŶƐĂĐŽŵƉůĞƚĞĐŽŵŵƵŶŝƚLJ͘ƒƚĚŽĞƐŶŽƚŵĞĂŶĂĐŽŵŵƵŶŝƚLJƚŚĂƚŝƐ
ĐŽŵƉůĞƚĞďĞĐĂƵƐĞĞǀĞƌLJŽŶĞŝŶŝƚƚŚŝŶŬƐƚŚĞƐĂŵĞŽƌďĞĐĂƵƐĞŽŶĞŬŝŶĚŽĨĚŝǀŝƐŝŽŶŚĂƐďĞĞŶ
ŽǀĞƌĐŽŵĞ͘ƒƚŵĞĂŶƐĂĐŽŵƉůĞƚĞĐŽŵŵƵŶŝƚLJƚŚĂƚŝƐĐŽŵƉůĞƚĞďĞĐĂƵƐĞŶŽŽŶĞŝƐĞ’ĐůƵĚĞ̝Ă
ĐŽŵŵƵŶŝƚLJƚŚĂƚŝƐŽƉĞŶƚŽĂůů͘ƒƚŵĞĂŶƐĂǀĞƌLJĂĐƚŝǀĞĂŶĚƉƌŽĂĐƚŝǀĞĐŽŵŵƵŶŝƚLJĂĐŽŵŵƵŶŝƚLJƚŚĂƚ
ƚŚŝŶŬƐĂŶĚĚĞďĂƚĞƐĂŶĚĚĞŵĂŶĚƐ͘ƒƚŝƐƚŚĞƵŶŝǀĞƌƐĂůƐƉŝƌŝƚŽĨŚƵŵĂŶŝƚLJ͘KďǀŝŽƵƐůLJƚŚŝƐƐƚĂƌƚƐǁŝƚŚŽŶĞ
ŚƵŵĂŶůŝĨĞ͘‡ĞŬŶŽǁƚŚĂƚŝĨǁĞĚŽŶŽƚǀĂůƵĞĞǀĞƌLJŚƵŵĂŶůŝĨĞƚŚĞŶǁĞǁŽƵůĚďĞĚĞĐĞŝǀŝŶŐŽƵƌƐĞůǀĞƐ
ŝĨǁĞƐĂLJƚŚĂƚƚŚĞƌĞŝƐĂĐŽŵŵƵŶŝƚLJĂƚĂůů͘

‡ĞĂƌĞĐŽŵŵƵŶŝƐƚƐŚĞƌĞŝŶƚŚĞŵƵĚĂŶĚĨŝƌĞďƵƚǁĞĂƌĞŶŽƚĐŽŵŵƵŶŝƐƚƐďĞĐĂƵƐĞŽĨƚŚĞŵƵĚĂŶĚ
ĨŝƌĞ͘‡ĞĂƌĞĐŽŵŵƵŶŝƐƚƐďĞĐĂƵƐĞǁĞĂƌĞŚƵŵĂŶďĞŝŶŐƐŝŶƚŚĞŵƵĚĂŶĚĨŝƌĞ͘‡ĞĂƌĞĐŽŵŵƵŶŝƐƚƐ
ďĞĐĂƵƐĞǁĞŚĂǀĞĚĞĐŝĚĞĚƚŽƚĂŬĞŽƵƌŚƵŵĂŶŝƚLJƐĞƌŝŽƵƐůLJĂŶĚƚŽƌĞƐŝƐƚĂůůĚĞŐƌĂĚĂƚŝŽŶƐĂŶĚĚŝǀŝƐŝŽŶƐ͘

zŽƵŚĂǀĞƐƵĨĨĞƌĞĚŝŶƚŚŝƐƐƚƌƵŐŐůĞ͘zŽƵŚĂǀĞůŽƐƚLJŽƵƌũŽď͕LJŽƵ͛ǀĞďĞĞŶĂƌƌĞƐƚĞĚ͕ƐůĂŶĚĞƌĞĚ͕
ďĞĂƚĞŶ͘tŚLJĚŽLJŽƵƚŚŝŶŬƚŚĂƚƚŚĞƐƚĂƚĞƌĞĂĐƚĞĚƐŽďĂĚůLJƚŽƚŚĞĞŵĞƌŐĞŶĐĞŽĨďĂŚůĂůŝ
ďĂƐĞDũŽŶĚŽůŽ‰

ƒƚŚŝŶŬƚŚĂƚŝƚŝƐďĞĐĂƵƐĞƚŚĞƐLJƐƚĞŵŝƐƐƵĐŚƚŚĂƚŝƚŵĂŬĞƐŝƚŝŵƉŽƐƐŝďůĞĨŽƌĞ”ƵĂůŝƚLJ͘ƒƚŵĂŬĞƐƐƵƌĞƚŚĂƚ
ŝƚĚŝǀŝĚĞƐŝŶŽƌĚĞƌƚŽƌĞƚĂŝŶƚŚĞƋ͘ƒƚŚĂƐĐƌĞĂƚĞĚŝƚƐŽǁŶĞŵƉŝƌĞĨŽƌŝƚƐŽǁŶƉĞŽƉůĞƚŚĂƚ
ŵĂƚƚĞƌƚŽŝƚ͕ƚŚĂƚĂƌĞĂĐĐŽƵŶƚĂďůĞƚŽŝƚ͘dŚĞƐLJƐƚĞŵŝƚƐĞůĨŵĂŬĞƐŽƚŚĞƌƉĞŽƉůĞƚŽďĞůĞƐƐ͕ƚŽďĞŶŽƚ
ŝŵƉŽƌƚĂŶƚ͕ŶŽƚƚŽŵĂƚƚĞƌ͘

‡ŚĂƚƒǁĂƐƚƌLJŝŶŐƚŽĚŽǁĂƐƚŽŝŶǀĂĚĞƚŚĞŝƌƚĞƌƌŝƚŽƌLJĂŶĚƚŽƐŚŽǁƚŚĂƚǁĞĂůůŚĂǀĞƚŚĞƉŽǁĞƌƚŽĚŽŝƚ͘

ƒƚŝƐĂĐĂƉŝƚĂůŝƐƚƐLJƐƚĞŵĂŶĚŝƚŝƐĂůƐŽĂƉŽůŝƚŝĐĂůƐLJƐƚĞŵŝŶǁŚŝĐŚƚŚĞĨĞǁĚŽŵŝŶĂƚĞƚŚĞŵĂŶLJ͘^ŽŝƚŚĂƐ
ƚŽŵĂŬĞĐĞƌƚĂŝŶƉĞŽƉůĞďĞƚƚĞƌƚŚĂŶŽƚŚĞƌƐ͕ƚŽďĞƉƌŝǀŝůĞŐĞĚŽǀĞƌŽƚŚĞƌƐ͘ƒĨLJŽƵǁĂŶƚƚŽũŽŝŶƚŚĞ
ǁŝŶŶŝŶŐƚĞĂŵƚŚĞŶLJŽƵŚĂǀĞƚŽĨŝŐŚƚ͘ŶĚŝƚ͛ƐŶŽƚĞĂƐLJ͘dŚĞLJǁĂŶƚƵƐƚŽƚŚŝŶŬƚŚĂƚǁĞĐĂŶŶĞǀĞƌďĞĂƚ

Ϯ‹
>ŝŶĚĞůĂŝƐĂŶŽƚŽƌŝŽƵƐĚĞƚĞŶƚŝŽŶĐĞŶƚƌĞƚŽǁŚŝĐŚƵŶĚŽĐƵŵĞŶƚĞĚŵŝŐƌĂŶƚƐĂƌĞƚĂŬĞŶƉƌŝŽƌƚŽĚĞƉŽƌƚĂƚŝŽŶ͘


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ƚŚĞŵĂŶĚƚŚĂƚƚŚĞŽŶůLJŚŽƉĞŝƐƚŽũŽŝŶƚŚĞŵ͘ƵƚƚŚĞƐLJƐƚĞŵŵĂŬĞƐƚŚĞƐĞĚŝĨĨĞƌĞŶƚůĂLJĞƌƐĂŶĚŝƚ
ŵĂŬĞƐŝƚǀĞƌLJĚŝĨĨŝĐƵůƚ͕ĂůŵŽƐƚĐŽŵƉůĞƚĞůLJŝŵƉŽƐƐŝďůĞĨŽƌĂĐĞƌƚĂŝŶůĂLJĞƌƚŽƉĞŶĞƚƌĂƚĞ͘dŚĂƚ͛ƐǁŚĞƌĞ
ƚŚĞŝƐƐƵĞŽĨďůŽŽĚĂŶĚĚĞĂƚŚĨŝƌƐƚĐŽŵĞƐŝŶ͘dŚŝƐŝƐĂǀĞƌLJƐƚƌŽŶŐĞŵƉŝƌĞ͘

ƒĨLJŽƵĚĞĐŝĚĞŶŽƚƚŽũŽŝŶƚŚĞǁŝŶŶŝŶŐƚĞĂŵ͕ŝĨĂƐĂƉŽŽƌƉĞƌƐŽŶLJŽƵĚĞĐŝĚĞƚŽĐŚĂŶŐĞƚŚĞǁŚŽůĞŐĂŵĞ͕
ǁĞůů͕ƚŚĞŶLJŽƵĂƌĞŝŶǀĂĚŝŶŐƚŚĞŝƌƚĞƌƌŝƚŽƌLJ͕ƚĞƌƌŝƚŽƌLJƚŚĂƚŝƐƚŽŽŐŽŽĚĨŽƌLJŽƵ͘dŚĞLJǁŝůůĨŝƌƐƚĂƐŬ™‡ŚŽ
ƚŚĞŚĞůůĂƌĞLJŽƵ͍͛͘dŚĂƚŝƐĂůǁĂLJƐƚŚĞĨŝƌƐƚ”ƵĞƐƚŝŽŶĨƌŽŵƚŚĞĐŽƵŶĐŝůůŽƌƐ͕ƚŚĞƉŽůŝĐĞŽĨĨĞƌƐ͕ƚŚĞ
ŽĨĨŝĐŝĂůƐ͕ƚŚĞƉŽůŝƚŝĐŝĂŶƐ͕ĞǀĞƌLJŽŶĞ͘ŶĚŝĨLJŽƵŚĂǀĞĂŶĂŶƐǁĞƌ͕ǁĞůů͕ƐŽŵĞƚŝŵĞƐŝŶƚĞůůŝŐĞŶĐĞŝƐŶŽƚ
ĞŶŽƵŐŚ͘ůŽŽĚĂŶĚĚĞĂƚŚĐŽŵĞŝŶĂŐĂŝŶ͘ŶĚǁŚĞŶLJŽƵĂƌĞĐŚĂůůĞŶŐŝŶŐƚŚĞƐLJƐƚĞŵƌĂƚŚĞƌƚŚĂŶƚƌLJŝŶŐ
ƚŽŐĞƚŝŶƐŝĚĞŝƚƚŚĞƌĞĂƌĞƐƚŝůůƚŚĞƐĞůĂLJĞƌƐ͘ǀĞŶŝĨLJŽƵƉĂƐƐƚŚĞĨŝƌƐƚůĂLJĞƌŝƚǁŝůůĞŶƐƵƌĞƚŚĂƚLJŽƵĚŽ
ŶŽƚƌĞĂĐŚƚŚĞŶĞ’ƚůĂLJĞƌǁŚĞƌĞĐůĞǀĞƌƉĞŽƉůĞďĞůŽŶŐ͕ƉĞŽƉůĞǁŚŽĐŽƵŶƚ͘ƒĨLJŽƵĂƌĞďŽƌŶƉŽŽƌŝƚŝƐ
ƚĂŬĞŶƚŚĂƚLJŽƵĂƌĞďŽƌŶƐƚƵƉŝĚ͘ƵƚŝĨLJŽƵŝŶǀĂĚĞƚŚĞŝƌƚĞƌƌŝƚŽƌLJLJŽƵĚŽŶ͛ƚĨŝŶĚĐůĞǀĞƌƉĞŽƉůĞ͘•ŽƵĨŝŶĚ
ƚŚĂƚŝƚŝƐŐƌĞĞĚLJƉĞŽƉůĞĂŶĚƌƵƚŚůĞƐƐƉĞŽƉůĞǁŚŽƐĞĞŵƚŽĐŽƵŶƚ͘•ŽƵĨŝŶĚƚŚĂƚƚŚĞLJǁĂŶƚƚŽĐŽŶƚƌŽů
ƚŚĞǁŽƌůĚ͘dŚĞLJǁŝůůĚĞĨĞŶĚƚŚĞŝƌŐƌĞĞĚ͘ƒĂŵǀĞƌLJĐůĞĂƌƚŚĂƚŝĨLJŽƵƚƌLJƚŽƉĂƐƐŝŶƚŽƚŚĞĨŽƌďŝĚĚĞŶ
ƚĞƌƌŝƚŽƌLJLJŽƵǁŝůůŚĂǀĞƚŽƉĂƐƐĐĞƌƚĂŝŶƚĞƐƚƐ͕ĐĞƌƚĂŝŶĚŝĨĨŝĐƵůƚŝĞƐ͘

ƒĂůǁĂLJƐǁŽŶĚĞƌŚŽǁƚŚĞƐLJƐƚĞŵĐĂŶĚŝǀŝĚĞƉĞŽƉůĞ͘ƒĂůǁĂLJƐƐĂLJƚŚĂƚƚŚĞƐƚƌŽŶŐĞƐƚƚŚŝŶŐƚŚĂƚƚŚĞ
ƐLJƐƚĞŵĐĂŶĚŽŝƐƚŽďĞĂďůĞƚŽĚŝǀŝĚĞƉĞŽƉůĞǁŚŝĐŚŝƐǁŚLJǁĞĂůůƐƚƌƵŐŐůĞŝŶŽƵƌŽǁŶĐŽŶĨŝŶĞĚĚĂƌŬ
ĐŽƌŶĞƌƐ͕ƐĞƉĂƌĂƚĞĚĨƌŽŵŽŶĞĂŶŽƚŚĞƌ͘ƚƚŚĞĞŶĚŽĨƚŚĞĚĂLJǁĞĂƌĞƚŚĞŵĂũŽƌŝƚLJ͕ŶŽƚƚŚĞƐLJƐƚĞŵ͘Ƶƚ
ŝƚŝƐƐƵĐŚƚŚĂƚŝƚŵĂŶĂŐĞƐƚŽĚŝǀŝĚĞƵƐ͕ƚŽĚŝǀŝĚĞŽƵƌƐƚƌƵŐŐůĞƐ͘dŚŝƐŝƐǁŚLJƚŚĞďŝŐ”ƵĞƐƚŝŽŶƚŚĂƚŵŽƐƚ
ƉĞŽƉůĞĂƐŬŝƐ™ŚŽǁĨĞǁŚĂŶĚƐĐĂŶƌĞŵŽƚĞƐŽŵĂŶLJƉĞŽƉůĞ͍͛͘dŚŽƐĞĨĞǁƉĞŽƉůĞŝŶƚŚĞƐLJƐƚĞŵĂƌĞĂďůĞ
ƚŽƌĞŵŽƚĞƚŚĞǁŽƌůĚ͘,ŽǁĚŽƚŚĞLJĚŽƚŚŝƐ͍,ŽǁĐĂŶŚƵŶĚƌĞĚƐŽĨƉĞŽƉůĞƌĞŵŽƚĞŵŝůůŝŽŶƐ͍dŚĞ
ĂŶƐǁĞƌŝƐƚŚĞĚŝǀŝƐŝŽŶŽĨŽƵƌƐƚƌƵŐŐůĞƐ͘dŚĂƚŝƐǁŚLJƒƵŶĚĞƌƐƚĂŶĚǁŚLJ<ĞŶŶĞĚLJǁĂƐƐƵĐŚĂďŝŐƚŚƌĞĂƚ͘
dŚĞĐŽůůĞĐƚŝǀŝƚLJƚŚĂƚǁĞďƵŝůƚ͕ĨŝƌƐƚǁŝƚŚŝŶ<ĞŶŶĞĚLJ͕ĂŶĚƚŚĞŶďĞƚǁĞĞŶƚŚĞƐĞƚƚůĞŵĞŶƚƐƚŚĂƚĨŽƌŵĞĚ
ƚŚĞŵŽǀĞŵĞŶƚˆŽŶŝƚƐŽǁŶŝƚŝƐĂƚŚƌĞĂƚƚŽƚŚĞƐLJƐƚĞŵ͘

‡ŚĞŶƒǁĂƐŐƌŽǁŝŶŐƵƉŝƚǁĂƐƚŚĞŽů̇Ăƌ͘ůƚŚŽƵŐŚƒĚŝĚŶŽƚƵŶĚĞƌƐƚĂŶĚŝƚƉƌŽƉĞƌůLJƚŚĞŶƚŚŝƐ
ƐƚƌƵŐŐůĞĨŽƌŐůŽďĂůƐƵƉƌĞŵĂĐLJĂĨĨĞĐƚĞĚŝŶĚŝǀŝĚƵĂůƐ͕ƉĞŽƉůĞ͛ƐŶĞŝŐŚďŽƵƌƐ͕ĨĂŵŝůŝĞƐ͘DŽƐĐŽǁǁĂƐ
ƐƚƌƵŐŐůŝŶŐĨŽƌƉŽǁĞƌǁŝƚŚ‡ĂƐŚŝŶŐƚŽŶĂŶĚĐŚŝůĚƌĞŶǁĞƌĞĨŝŐŚƚŝŶŐĂŶĚĚLJŝŶŐŝŶ>ŽƐŬŽƉ͘

ƒƚŝƐŝŶƚĞƌĞƐƚŝŶŐƚŚĂƚǁĞƐĞŶĚĐŽŵƌĂĚĞƐƚŽƚŚŝƐ‡^ŠǁŝƚŚĂĐůĞĂƌŵĞƐƐĂŐĞƚŚĂƚĂŶŽƚŚĞƌǁŽƌůĚŝƐ
ŶĞĐĞƐƐĂƌLJ͕ŶĞĐĞƐƐĂƌLJĂƐĂŵĂƚƚĞƌŽĨƵƌŐĞŶĐLJ͘‡ĞŚĞĂƌƚŚĂƚĞǀĞƌLJŽŶĞĂŐƌĞĞƐƚŚĂƚĂŶŽƚŚĞƌǁŽƌůĚŝƐ
ƉŽƐƐŝďůĞ͘dŚŝƐŝƐŐŽŽĚďƵƚƚŚĂƚŶŽŽŶĞŚĂƐĞǀĞƌĂƐŬĞĚǁŚĞŶƚŚŝƐǁŝůůŚĂƉƉĞŶ͕ǁŚĞŶǁĞǁŝůůĂůůƚĂŬĞĂ
ĐŽůůĞĐƚŝǀĞƐƚĞƉƚŽǁĂƌĚƐƚŚŝƐĐŚĂŶŐĞ͘

ƒĂŵŶŽƚƚŽŽƐƵƌĞĂƚǁŚĂƚƐƚĂŐĞŽƵƌŽǁŶŝŶƚĞůůĞĐƚƵĂůƐǁŝůůƵŶĚĞƌƐƚĂŶĚƚŚĞƐLJƐƚĞŵĂŶĚǁŚLJŽƌĚŝŶĂƌLJ
ƉĞŽƉůĞƐƚŝůůĚŽŶ͛ƚŚĂǀĞĂǁĂLJŽĨĐŚĂŶŐŝŶŐƚŚĞƐŽĐŝĞƚLJ͘ƒƐƚŝůůǁŽŶĚĞƌĂƚǁŚĂƚƐƚĂŐĞĂŶĞǁĐŽŵŵƵŶŝƐŵ
ǁŝůůďĞĐŽŵĞŶĞĐĞƐƐĂƌLJ͘ƒĚŽŶ͛ƚŬŶŽǁǁŚĞŶŝƚǁŝůůďĞĐŽŵĞĐůĞĂƌƚŚĂƚƉŽŽƌƉĞŽƉůĞƚŚĞŵƐĞůǀĞƐĐĂŶĂŶĚ
ŵƵƐƚĐŽŵĞƵƉǁŝƚŚĂŶĞǁůŝǀŝŶŐ͕ĂŶĂƵƚŽŶŽŵŽƵƐůŝĨĞ͕ĂĐŽŵƉůĞƚĞůLJŝŶĚĞƉĞŶĚĞŶƚƐƚĂŶĐĞǁŚĞƌĞĂŶĞǁ
ŽƌĚĞƌǁŽƵůĚďĞĂďŽƵƚĂůƚĞƌŶĂƚŝǀĞǁĂLJƐŽĨůŝǀŝŶŐĂŶĚǁŽƌŬŝŶŐŝŶƐƚĞĂĚŽĨƚƌLJŝŶŐƚŽĐŽŵƉĞƚĞǁŝƚŚĞĂĐŚ
ŽƚŚĞƌŽƌůŝŵŝƚŝŶŐŽƵƌĚĞŵĂŶĚƐƚŽƚŚĞƌĞƚƵƌŶŽĨǁŚĂƚŝƐĂůƌĞĂĚLJƐƚŽůĞŶ͘ƵƚŝƚŝƐƉŽƐƐŝďůĞ͘ůƌĞĂĚLJƚŚĞ
ƐƚƌƵŐŐůĞƐŽĨƚŚĞƉŽŽƌŚĂǀĞĐƌĞĂƚĞĚĂƐŝƚƵĂƚŝŽŶǁŚĞƌĞĞǀĞƌLJƚŚŝŶŐŝƐĚŽŶĞŝŶƚŚĞŶĂŵĞŽĨƚŚĞƉŽŽƌ͘dŚĞ
ƐƚĂƚĞ͕ƚŚĞE'KƐ͕ĂĐĂĚĞŵŝĐƐ͕ƚŚĞĐŚƵƌĐŚĞƐ͕ƚŚĞ‡ŽƌůĚĂŶŬĂůůŽĨƚŚĞŵĂƌĞƐĂLJŝŶŐƚŚĂƚǁŚĂƚƚŚĞLJĂƌĞ
ĚŽŝŶŐƚŚĞLJĂƌĞĚŽŝŶŐĨŽƌƚŚĞƉŽŽƌ͘EŽǁƚŚĂƚƚŚĞƉŽŽƌƚŚĞŵƐĞůǀĞƐĂƌĞƐĂLJŝŶŐ™ŶŽƚŝŶŽƵƌŶĂŵĞ͕͛ŶŽǁ
ƚŚĂƚǁĞĂƌĞƐĂLJŝŶŐƚŚĂƚǁĞǁŝůůĚŽƚŚŝŶŐƐĨŽƌŽƵƌƐĞůǀĞƐ͕ƚŚĂƚǁĞǁŝůůƚŚŝŶŬĂŶĚƐƉĞĂŬĨŽƌŽƵƌƐĞůǀĞƐĂŶĚ
ƚŚĂƚǁĞǁŝůůŬĞĞƉŐŽŝŶŐƵŶƚŝůǁĞĨŝŶĚŽƵƌŽǁŶǁĂLJŽƵƚĂŶĚĂŶĞǁƐŽĐŝĞƚLJŝƐďŽƌŶǁĞŚĂǀĞŽƉĞŶĞĚĂ


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ƌĞĂůƐƉĂĐĞĨŽƌĚŝƐĐƵƐƐŝŽŶ͘KƵƌĨŝƌƐƚĚƵƚLJŝƐƚŽŬĞĞƉƚŚŝƐƐƉĂĐĞǁŝĚĞŽƉĞŶ͘KƵƌƐĞĐŽŶĚĚƵƚLJŝƐƚŽ
ĞŶĐŽƵƌĂŐĞĂƐŵĂŶLJƉĞŽƉůĞĂƐƉŽƐƐŝďůĞƚŽƚĂŬĞƚŚĞŝƌƉůĂĐĞŝŶƚŚŝƐŶĞǁƐƉĂĐĞ͘

ƵƚŝƚŝƐŝŶƚĞƌĞƐƚŝŶŐƚŚĂƚƐŽŵĞƉĞŽƉůĞĂƌĞĂůƌĞĂĚLJůŝǀŝŶŐĂĐĐŽƌĚŝŶŐƚŽƚŚĞǀĂůƵĞƐŽĨƚŚĞŶĞǁƐŽĐŝĞƚLJ
ǁŚĞƌĞŽŶĞƉĞƌƐŽŶĐĂŶŶŽƚĞĂƚƵƉǁŚŝůĞŽƚŚĞƌƉĞŽƉůĞ͛ƐĐŚŝůĚƌĞŶŚĂǀĞŶŽƚĞĂƚĞŶ͘^ŽŵĞƉĞŽƉůĞ͕ůŝŬĞ
Dƌ͘:ĂŐĂƌŶĂƚŚŝŶZĞƐĞƌǀŽŝƌ,ŝůůƐ͕Ϯ“ŝƐĂůƌĞĂĚLJĚŽŝŶŐƚŚŝƐĂƐĂďƵƐŝŶĞƐƐŵĂŶ͘

ƒŶƚĞůůĞĐƚƵĂůƐĂƌĞĂůƐŽĐĂůůĞĚƵƉŽŶƚŽƐĞƌǀĞŽƵƌůŝƚƚůĞǁŽƌůĚ͘ƒƚŝƐĚŝĨĨŝĐƵůƚƚŽĂŶĂůLJƐĞĂŶĚĐŚĂŶŐĞƚŚĞ
ǁŽƌůĚ͕ƚŽĐŚĂŶŐĞŝƚƐĨŽƌŵĂƚ͕ƚŽƚƵƌŶŝƚƵƉƐŝĚĞĚŽǁŶ͘ƒĂůǁĂLJƐƌĞŵĞŵďĞƌŝƐŚŽƉZƵďŝŶWŚŝůŝƉ͛ƐƐƉĞĞĐŚ
ǁŚĞŶŚĞƐĂŝĚƚŚĂƚƚŚĞĨŝƌƐƚƐŚĂůůďĞůĂƐƚĂŶĚƚŚĞůĂƐƚƐŚĂůůďĞĨŝƌƐƚ͘ϮϱƒƚŝƐĞĂƐLJƚŽƐĂLJŝƚ͕ĂŶĚŝƚ͛Ɛ
ĂĐĐĞƉƚĂďůĞƚŽŵŽƐƚƉĞŽƉůĞ͕ďƵƚŝƚ͛ƐŶŽƚĞĂƐLJƚŽŵĂŬĞŝƚƌĞĂů͘ƵƚƚŽďĞƌĞĂůŝƐƚŝĐǁĞŵƵƐƚƐƚĂƌƚĨƌŽŵ
ǁŚĞƌĞǁĞĂƌĞ͕ǁŝƚŚǁŚĂƚǁĞŚĂǀĞ͕ĨƌŽŵŽƵƌĨĂŵŝůŝĞƐ͕ďLJƚĞĂĐŚŝŶŐŽƵƌĐŚŝůĚƌĞŶ͕ĂŶĚƚŚĞŶƚŽŽƵƌ
ƐĐŚŽŽůƐ͕ƚŽŽƵƌůŝƚƚůĞŶĞŝŐŚďŽƵƌŚŽŽĚƐĂŶĚĐŽŵŵƵŶŝƚŝĞƐďĞĨŽƌĞǁĞƐĂLJĂŶLJƚŚŝŶŐĂƚƚŚĞǁŽƌůĚůĞǀĞůůŝŬĞ
ƚŚĞ‡^Š͘‡ĞŵƵƐƚŶŽƚĨŽŽůŽƵƌƐĞůǀĞƐĂŶĚƉƌŽĚƵĐĞŝĚĞĂƐƚŚĂƚĂƌĞŶŽƚŐƌŽƵŶĚĞĚŝŶĂŶLJƐŽŝů͘

/ƚƐŽŶĞƚŚŝŶŐƚŽĞdžƉůĂŝŶǁŚLJƚŚĞƐƚĂƚĞƌĞĂĐƚĞĚƐŽďĂĚůLJƚŽďĂŚůĂůŝďƵƚǁŚLJĚŽLJŽƵƚŚŝŶŬƚŚĂƚƐŽŵĞ
E'KƐƌĞĂĐƚĞĚƐŽďĂĚůLJ‰ϮϲtĂƐƚŚĂƚĂƐŚŽĐŬ‰

ƒƚǁĂƐĂƐŚŽĐŬďƵƚĨŽƌŵĞŝƚǁĂƐĂůĞĂƌŶŝŶŐ͘ƒŚĂǀĞůĞĂƌŶƚƚŚĂƚLJŽƵƌĞŶĞŵLJǁŝůůŶŽƚŽŶůLJďĞƚŚĞƐƚĂƚĞ͘
‡ĞĨŽƵŶĚĂƐŝƚƵĂƚŝŽŶǁŚĞƌĞƉĞŽƉůĞƚŚĂƚǁĞĞ’ƉĞĐƚĞĚƚŽďĞĐŽŵƌĂĚĞƐǁĞƌĞƚƵƌŶŝŶŐŽŶƵƐ͘Ƶƚƒ
ďĞŐĂŶƚŽƵŶĚĞƌƐƚĂŶĚǁŚLJ͘‡ŚĞŶLJŽƵƚĂůŬŽĨĐĂƉŝƚĂůŝƐŵŝƚŝƐƌĞĂůůLJŶŽƚŽŶůLJƚŚĞƐƚĂƚĞ͘ƒƚŝƐŽďǀŝŽƵƐůLJĂ
ƐLJƐƚĞŵ͕ŝƚ͛ƐĂƐLJƐƚĞŵƚŚĂƚĐƌĞĂƚĞƐŝƚƐŽǁŶĞŵƉŝƌĞƐ͘dŚĞƐĞƐƉĂĐĞƐŵĂLJƐĂLJƚŚĂƚƚŚĞLJĂƌĞŽŶƚŚĞƐŝĚĞŽĨ
ƚŚĞƉŽŽƌďƵƚƚŚĞLJĂĐĐĞƉƚƚŚĞƌƵůĞƐŽĨƚŚĞƐƚĂƚĞ͘dŚĞLJĂůƐŽĂĐĐĞƉƚƚŚĞďĂƐŝĐůŽŐŝĐŽĨĐĂƉŝƚĂůŝƐŵďĞĐĂƵƐĞ
ƚŚĞLJĂƌĞƐƉĂĐĞƐƚŚĂƚĂƌĞĂĐĐŽƵŶƚĂďůĞƚŽƚŚĞŝƌŽǁŶŝŶƚĞƌĞƐƚƐĂŶĚƚŚĂƚƉƌŽƚĞĐƚƚŚĞŝƌŽǁŶŝŶƚĞƌĞƐƚƐ͘^Ž
ŝŶƚŚĞE'KƐĞĐƚŽƌLJŽƵĨŝŶĚƚŚĞƐĂŵĞƐLJƐƚĞŵ͘ƒƚ͛ƐĞǀĞƌLJǁŚĞƌĞ͘ƒŵĞĂŶ͕ŝƚ͛ƐŝŶƚŚĞƐŽĐŝĂůŵŽǀĞŵĞŶƚƐ͘
WĞŽƉůĞŚĂǀĞƚŚĞŝƌŽǁŶƐƉĂĐĞƐĂŶĚƚŚĞLJƉƌŽƚĞĐƚƚŚĞŝƌŽǁŶŝŶƚĞƌĞƐƚƐ͘dŚĞƌĞĂƌĞĂůůŬŝŶĚƐŽĨƐƉĂĐĞƐ͘
KďǀŝŽƵƐůLJďĂŚůĂůŝŚĂƐĐƌĞĂƚĞĚŝƚƐŽǁŶƐƉĂĐĞǁŚĞƌĞŝƚŝƐĂďůĞƚŽƉƌŽƚĞĐƚŝƚƐŽǁŶŝŶƚĞƌĞƐƚƐ͕ŽƵƌĚŝŐŶŝƚLJ͕
ǁŚĞƌĞǁĞĐĂŶĚŽŽƵƌĂĐƚŝǀŝƚŝĞƐǁŝƚŚŽƵƚĨĞĂƌ͘

dŚĞE'KƐĂƌĞŶŽƚĂůůƚŚĞƐĂŵĞ͘ƵƚŝŶƚŚĞE'KƐĞĐƚŽƌƒƐĞĞĂůŽƚŽĨĞŵƉŝƌĞƐ͘ŶŝŶĚŝǀŝĚƵĂůĐĂŶĐƌĞĂƚĞ
ŚŝƐŽǁŶĞŵƉŝƌĞƐŽƚŚĂƚŚĞĐĂŶďĞƌƵůĞƌĨŽƌůŝĨĞ͘

&ŽƌŵĂŶLJƉĞŽƉůĞĂƌŽƵŶĚƚŚĞǁŽƌůĚďĂŚůĂůŝŝƐďĞƐƚŬŶŽǁŶĨŽƌƚŚĞƉŽƐŝƚŝŽŶƚŚĂƚŝƚƚŽŽŬĂŐĂŝŶƐƚ
džĞŶŽƉŚŽďŝĂ͘,ŽǁĚŝĚƚŚĞŵŽǀĞŵĞŶƚĐŽŵĞƚŽƚĂŬĞƚŚĞƉŽƐŝƚŝŽŶƚŚĂƚĞƋƵĂůŝƚLJŵƵƐƚďĞƵŶŝǀĞƌƐĂů‰

dŚŝƐŝƐĂďŝŐŐĞƌ”ƵĞƐƚŝŽŶ͕Ă”ƵĞƐƚŝŽŶŽĨƉĞŽƉůĞǁŚŽĂƌĞŝŶƚŚŝƐǁŽƌůĚ͘ƵƚǁĞ͛ǀĞĂůƌĞĂĚLJƚĂůŬĞĚĂďŽƵƚ
͕ĐŽŵŵƵŶŝƐŵĂŶĚǁŚĂƚŵĂŬĞƐĂĐŽŵƉůĞƚĞƐŽĐŝĞƚLJ͘ƒƚŝƐƚƌƵĞƚŚĂƚƚŚŝƐĐŽƵůĚďĞŝŶƚŚĞƐĞŶƐĞŽĨ
ďĞůŽŶŐŝŶŐ͘ƵƚďĞůŽŶŐŝŶŐǁŚĞƌĞ͍ƒƚĐŽƵůĚďĞŝŶŽŶĞĐŽƵŶƚƌLJďƵƚŝƚĐŽƵůĚĂůƐŽďĞŝŶƚŚĞǁŽƌůĚƚŚĂƚŝƚ
ŝƐĂĐĐĞƉƚĂďůĞĨŽƌĞǀĞƌLJŽŶĞŝŶƚŚĞǁŽƌůĚƚŽůŝǀĞĨƌĞĞůLJǁŝƚŚŽƵƚĂŶLJďŽƵŶĚĂƌŝĞƐ͕ǁŝƚŚŽƵƚĂŶLJĐŽůŽƵƌŽƌ
ĂŶLJŽƚŚĞƌƌĞƐƚƌŝĐƚŝŽŶƐ͘


Ϯ“
ŒŝƐŚŶƵ:ĂŐĂƌŶĂƚŚŚĂƐ͕ĨŽƌƐŽŵĞLJĞĂƌƐ͕ƉƌŽǀŝĚĞĚĂůůƚŚĞĨŽŽĚƚŚĂƚŝƐĐŽŽŬĞĚĨŽƌƚŚĞĐŚŝůĚƌĞŶĞĂĐŚĚĂLJĂƚƚŚĞ
ĐŽŵŵƵŶŝƚLJƌƵŶ<ĞŶŶĞĚLJZŽĂĚĐƌ¢ĐŚĞ͘
Ϯϱ
ŶŐůŝĐĂŶŝƐŚŽƉZƵďŝŶWŚŝůŝƉŚĂƐďĞĞŶĂůŽŶŐƐƚĂŶĚŝŶŐƐƵƉƉŽƌƚĞƌŽĨďĂŚůĂůŝďĂƐĞDũŽŶĚŽůŽ͘dŚĞƐƉĞĞĐŚ
ƌĞĨĞƌƌĞĚƚŽŚĞƌĞǁĂƐŐŝǀĞŶĂƚƚŚĞďĂŚůĂůŝďĂƐĞDũŽŶĚŽůŽ˜ŶŠƌĞĞĚŽŵĂLJĞǀĞŶƚŽŶϮ†ƉƌŝůϮϬϬ‘͘
Ϯϲ
ƒŶĞĐĞŵďĞƌϮϬϬϲďĂŚůĂůŝďĂƐĞDũŽŶĚŽůŽ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞ‡ĞƐƚĞƌŶĂƉĞŶƚŝǀŝĐƚŝŽŶĂŵƉĂŝŐŶĚĞĐůĂƌĞĚ
ƚŚĞŝƌŝŶĚĞƉĞŶĚĞŶĐĞĨƌŽŵƚŚĞ^ŽĐŝĂůDŽǀĞŵĞŶƚ͛ƐƒŶĚĂďĂĂŶĚ͕ƚŚĞƌĞďLJ͕ĨƌŽŵƚŚĞĐŽŶƚƌŽůŽĨĂŶĂƵƚŚŽƌŝƚĂƌŝĂŶ
ĨĂĐƚŝŽŶŽĨƚŚĞE'K£ĂĐĂĚĞŵŝĐůĞĨƚ͘^ŽŵĞŽĨƚŚĞůƵŵŝŶĂƌŝĞƐŽĨƚŚŝƐůĞĨƚƌĞƐƉŽŶĚĞĚďLJƌƵƐŚŝŶŐƚŽĚĞĐůĂƌĞƚŚĞ
ŵŽǀĞŵĞŶƚƐĂƐ™ĐƌŝŵŝŶĂů͛ŝŶƚŚĞƉƌĞƐƐĂŶĚĞůƐĞǁŚĞƌĞ͘


38

KďǀŝŽƵƐůLJŝĨLJŽƵǁĞƌĞƚŽƚĂůŬĂďŽƵƚĂũƵƐƚƐŽĐŝĞƚLJƚŚĞŶŝƚŝƐƚŚĞŚƵŵĂŶĐƵůƚƵƌĞ͕ƚŚĂƚŵĂŬĞƐĂ
ĐŽŵƉůĞƚĞŚƵŵĂŶďĞŝŶŐ͘dŚĞĐƵůƚƵƌĞ͕ǁŚĞƌĞĂƉĞƌƐŽŶĐŽŵĞƐĨƌŽŵ͕ƚŚĞĐŽůŽƵƌƚŚŝƐĚŽĞƐŶŽƚĐŽƵŶƚ͘
dŚĞƌĞĨŽƌĞŝƚǁĂƐĐůĞĂƌĨŽƌďĂŚůĂůŝƚŚĂƚǁĞŚĂǀĞƚŽƚĂŬĞĂǀĞƌLJƐƚƌŽŶŐƐŝĚĞŝŶĚĞĨĞŶĚŝŶŐŚƵŵĂŶůŝĨĞ
ĂŶLJŚƵŵĂŶůŝĨĞ͕ĞǀĞƌLJŚƵŵĂŶůŝĨĞ͘ƒƚŝƐĂĐĐĞƉƚĂďůĞĂŶĚůĞŐŝƚŝŵĂƚĞƚŚĂƚŽŶĞƉĞƌƐŽŶƉƌŽƚĞĐƚƐĂŶŽƚŚĞƌ͘
ƒƚŝƐĂƐƐŝŵƉůĞĂƐƚŚĂƚ͘

dŚĞƌĞĂƌĞŶŽďŽƵŶĚĂƌŝĞƐƚŽƚŚĞŚƵŵĂŶůŝĨĞ͘dŚĞƌĞĨŽƌĞƚŚĞĂƚƚĂĐŬŽŶƉĞŽƉůĞďŽƌŶŝŶŽƚŚĞƌĐŽƵŶƚƌŝĞƐ͕
ƚŚĞƐŽĐĂůůĞĚĨŽƌĞŝŐŶŶĂƚŝŽŶĂůƐŝƚǁĂƐŝŶŚƵŵĂŶ͘ƒƚǁĂƐǀĞƌLJĞĂƐLJƚŽƚĂŬĞĂƉŽƐŝƚŝŽŶŽŶƚŚŝƐ͘

KďǀŝŽƵƐůLJLJŽƵŚĂǀĞŐŽƚƚŽůŽŽŬĂƚƚŚĞƉĞƌƉĞƚƌĂƚŽƌƐŽĨƚŚŝƐ͕ĂƚƚŚĞŝƌŝŶƚĞůůŝŐĞŶĐĞ͕ƚŚĞŝƌĐŽŶƐĐŝĞŶĐĞ͕
ƚŚĞŝƌĐŽŶƐĐŝŽƵƐŶĞƐƐƚŚĞŝƌŝŶƚĞůůŝŐĞŶĐĞƌĞĂůůLJ͘‡ŚĂƚĞǀĞƌƚŚĞLJƐĂLJĂďŽƵƚƚŚĞŝƌƌĞĂƐŽŶƐĨŽƌƚŚĞĂƚƚĂĐŬƐ
ĐůĞĂƌůLJƐŚŽǁƐŚŽǁƚŚĞǁŽƌůĚǁĂƐĐŽƌƌƵƉƚĞĚ͘WĞŽƉůĞďƌĞĂƚŚĞĂƉŽŝƐŽŶŽƵƐĂŝƌ͘dŚĞLJŐĞƚĐĂƵŐŚƚƵƉ͕ŝŶ
ƚŚĞŝƌǁŚŽůĞůŝĨĞ͕ŝŶĂǁĂLJŽĨůŝǀŝŶŐǁŚĞƌĞLJŽƵƚƵƌŶĂŶĞLJĞƚŽŽŶĞĂŶŽƚŚĞƌ͘ƒƚŝƐĂƚĞƌƌŝďůĞƐŝƚƵĂƚŝŽŶ͘dŚŝƐ
ŝƐĂǀĞƌLJďŝŐĐŚĂůůĞŶŐĞĨŽƌ^ŽƵƚŚĨƌŝĐĂŶƐǁŚŽŚĂǀĞůŝǀĞĚŵŽƐƚŽĨƚŚĞŝƌůŝĨĞĚƵƌŝŶŐĂƉĂƌƚŚĞŝĚ͕ǁŚŽƐĞ
ƚĞĂĐŚŝŶŐǁĂƐĂďŽƵƚďŽƵŶĚĂƌŝĞƐ͕ƐĞŐƌĞŐĂƚŝŽŶƐƚŚĂƚŶŽƚĞǀĞƌLJŽŶĞǁĂƐĂŚƵŵĂŶďĞŝŶŐ͘ƚƚŚĂƚƐƚĂŐĞ
ŽŶůLJǁŚŝƚĞƐǁĞƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞŚƵŵĂŶďLJƚŚĞƐLJƐƚĞŵ͘ƉƌŽƉĞƌŽƉƉŽƐŝƚŝŽŶƚŽƚŚĂƚƐLJƐƚĞŵǁŽƵůĚ
ƌĞũĞĐƚŝƚƐƐĞŐƌĞŐĂƚŝŽŶƐĐŽŵƉůĞƚĞůLJĂŶĚŝŶƐŝƐƚƚŚĂƚĞǀĞƌLJŽŶĞŝƐŚƵŵĂŶ͘ƵƚƐŽŵĞŽĨƚŚĞŽƉƉŽƐŝƚŝŽŶƚŽ
ƚŚĂƚƐLJƐƚĞŵŚĂƐďĞĞŶĂďŽƵƚĨŝŐŚƚŝŶŐƚŽƚĂŬĞĂƉůĂĐĞŝŶƚŚĂƚƐLJƐƚĞŵ͕ŶŽƚĚŽŝŶŐĂǁĂLJǁŝƚŚŝƚ͘^ŽŶŽǁ
ďůĂĐŬƉĞŽƉůĞŚĂǀĞƚƵƌŶĞĚŽŶŽƚŚĞƌďůĂĐŬƉĞŽƉůĞ͕ĂŐĂŝŶƐƚƚŚĞŝƌďƌŽƚŚĞƌƐĂŶĚƐŝƐƚĞƌƐ͘ƒƚŝƐĂĚŝƐŐƌĂĐĞ͘
dŚŝƐŝƐŽŶĞŽĨƚŚĞĚĂŵĂŐĞƐƚŚĞƉĂƐƚůĂǁƐŚĂǀĞŝŶƐƚĂůůĞĚŝŶƐŽŵĞƉĞŽƉůĞ͛ƐŵŝŶĚƐ͘ůŽƚŶĞĞĚƐƚŽďĞ
ĚŽŶĞƚŽĐŚĂŶŐĞƚŚĞŵŝŶĚƐĞƚƐŽĨƚŚŽƐĞǁŚŽƐĞĨƌƵƐƚƌĂƚŝŽŶŝƐƵŶƐŽƵŶĚ͘

dŚĞŽƚŚĞƌƚŚŝŶŐƚŚĂƚŚĂƐƌĞĂůůLJĂƚƚƌĂĐƚĞĚĂƚƚĞŶƚŝŽŶǁĂƐƚŚĞĚĞĐŝƐŝŽŶƚŚĂƚďĂŚůĂůŝƚŽŽŬŝŶϮϬϬϲŶŽƚ
ƚŽǀŽƚĞ͘,ŽǁĚŽLJŽƵƵŶĚĞƌƐƚĂŶĚƚŚŝƐĚĞĐŝƐŝŽŶ‰

ƒƚŚŝŶŬƚŚĂƚŝƚǁĂƐĂǀĞƌLJƉƌĂĐƚŝĐĂůĚĞĐŝƐŝŽŶŝŶŽƵƌƉŽůŝƚŝĐ͘ŠŽƌĂŶƵŵďĞƌŽĨLJĞĂƌƐǁĞŚĂǀĞǀŽƚĞĚďƵƚ
ŶŽƚƐĞĞŶĂŶLJĐŚĂŶŐĞ͘ƒŶϮϬϬϲďĂŚůĂůŝƌĞĂůŝƐĞĚƚŚĂƚǁĞŚĂǀĞƉŽǁĞƌ͘‡ĞŚĂĚĂůǁĂLJƐďĞĞŶĂƐŬĞĚƚŽ
ƐŚŽƵƚ™ŵĂŶĚůĂ͊ǁĞƚŚƵ͊͛Ϯ†ďƵƚƌĞĨƌĂŝŶŝŶŐĨƌŽŵǀŽƚŝŶŐǁĂƐĂǁĂLJŽĨƐŚŽǁŝŶŐƚŚĂƚŵĂŶĚůĂŝƐŽƵƌƐ͘
ĂƐŝĐĂůůLJǁĞŚĂĚĚĞĐŝĚĞĚŶŽƚƚŽŐŝǀĞŽƵƌƉŽǁĞƌĂǁĂLJ͘ƒƚŚĂƐĂƐŝŵƉůĞŵĞƐƐĂŐНƚŚĂƚǁĞŚĂĚŶŽ
ĐŽŶĨŝĚĞŶĐĞŝŶƉŽůŝƚŝĐŝĂŶƐĂŶĚƚŚĂƚǁĞďĞůŝĞǀĞĚƚŚĂƚǁĞĐŽƵůĚĞŵƉŽǁĞƌŽƵƌƐĞůǀĞƐƚŚĂƚǁĞƌĞĂůůLJĚŽ
ďĞůŝĞǀĞƚŚĂƚƚŚĞƉĞŽƉůĞƐŚĂůůŐŽǀĞƌŶ͘

ƒƚǁĂƐĂůƐŽĂƚĂĐƚŝĐĂůĂĐƚŝŽŶˆĂǁĂƌŶŝŶŐƚŽƚŚĞŐŽǀĞƌŶŵĞŶƚƚŚĂƚŝĨƚŚĞLJĞ’ĐůƵĚĞƵƐĨƌŽŵƐŚĂƉŝŶŐƚŚĞ
ĐŽƵŶƚƌLJƚŚĞŶǁĞǁŝůůĞ’ĐůƵĚĞŽƵƌƐĞůǀĞƐĨƌŽŵŐŝǀŝŶŐƚŚĞŵƐƵƉƉŽƌƚ͘ŶĚŝƚŚĂƐďĞĞŶĂǁĂLJĨŽƌƵƐƚŽ
ƐƚĂƌƚƚŚŝŶŬŝŶŐĂďŽƵƚŽƵƌŽǁŶĂůƚĞƌŶĂƚŝǀĞŐŽǀĞƌŶĂŶĐĞ͘

,ĂƐƚŚĞĨŽƌŵĂƚŝŽŶŽĨƚŚĞWŽŽƌWĞŽƉůĞ͛ƐůůŝĂŶĐĞůĂƐƚLJĞĂƌŐŝǀĞŶLJŽƵŚŽƉЉ

‡ĞůůƒǁĂƐũƵƐƚĞ’ƉůĂŝŶŝŶŐƚŚĂƚƚŚĞƐƚƌĞŶŐƚŚŽĨĐĂƉŝƚĂůŝƐŵŝƐŚŽǁŝƚŚĂƐŵĂŶĂŐĞĚƚŽĚŝǀŝĚĞŽƵƌ
ƐƚƌƵŐŐůĞƐ͘^ŽŝĨǁĞĂƌĞĂďůĞƚŽĐŽŵĞƚŽŐĞƚŚĞƌ͕ŶŽƚũƵƐƚŶĂƚŝŽŶĂůůLJďƵƚĂůƐŽŝŶƚĞƌŶĂƚŝŽŶĂůůLJ͕ƚŚĞŶƒƚŚŝŶŬ
ƚŚĂƚǁĞĂƌĞŽŶĂŐŽŽĚƚƌĂĐŬ͘dŚŝƐŝƐƚŚĞŽŶůLJǁĂLJƚŚĂƚŝƚǁŝůůƌĞĂůůLJďĞĐŽŵĞƉŽƐƐŝďůĞƚŽĨĂĐĞĂŶĚƚŽ
ĐŽŶƚĞƐƚƚŚĞƐLJƐƚĞŵ͘EŽŶĞŽĨƵƐǁŝůůƐƵĐĐĞĞĚŽŶŽƵƌŽǁŶ͘

tŚĂƚŚĂƐďĞĞŶƚŚĞŵŽƐƚĚŝĨĨŝĐƵůƚƚŚŝŶŐĨŽƌLJŽƵĂďŽƵƚďĞŝŶŐŝŶǀŽůǀĞĚŝŶďĂŚůĂůŝ͕ĂŶĚǁŚĂƚŚĂƐ
ďĞĞŶƚŚĞďĞƐƚƚŚŝŶՉ


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WŽǁĞƌ͊ƒƚŝƐŽƵƌƐ͊


39

dŚĞĚĂLJǁŚĞŶƒŚĂĚƚŽĐŚŽŽƐĞĨƌŽŵŶŽĐŚŽŝĐĞ͘KŬ͕ůŽƐŝŶŐƚŚĞũŽďǁĂƐƚŚĞƐĞĐŽŶĚĂƐƉĞĐƚŽĨŝƚ͘Ϯ‘dŚĞ
ĨŝƌƐƚĂƐƉĞĐƚŽĨŝƚǁĂƐƚŚĂƚƒǁĂƐŐŝǀĞŶĂĐŚŽŝĐĞ͕ƚŽĞŝƚŚĞƌĂůŝŐŶŵLJƐĞůĨǁŝƚŚƚŚĞĞdŚĞŬǁŝŶŝƉĞŽƉůĞ͕ǁŝƚŚ
ŝƚLJ,ĂůůĂŶĚ͕LJŽƵŬŶŽǁ͕ƚŽŚĂǀĞĂĐĂƌĞĞƌ͕ŽƉƉŽƌƚƵŶŝƚŝĞƐŽƌƚŽƌĞŵĂŝŶǁŝƚŚƚŚĞƉŽŽƌ͘KĨĨĞƌƐǁĞƌĞ
ŵĂĚĞƚŽŵĞ͘dŚĞLJĂƐŬLJŽƵƐŽŵĞ”ƵĞƐƚŝŽŶƐƚŚĞŵĂŝŶŽŶĞďĞŝŶŐ™‡ŚĂƚŝƐŝƚƚŚĂƚLJŽƵǁĂŶƚŝŶŽƌĚĞƌƚŽ
ŬĞĞƉ”ƵŝĞƚ͍͛dŚĞLJĂůǁĂLJƐƐĞĞŝƚĂƐĂŶŝŶĚŝǀŝĚƵĂůƚƌŽƵďůĞŵĂŬĞƌ͘ZĞŵĞŵďĞƌǁŚĞŶDĂďƵLJĂŬŚƵůƵϮϵƐĂŝĚ
ƚŚĂƚ™ŝŬŽĚĞŵƵƐƚĞĚƵĐĂƚĞŚŝƐƉĞŽƉůĞ͛͘dŚĂƚ͛ƐƚŚĞďĞůŝĞĨƚŚĂƚƚŚĞLJŚĂĚ͘dŚĞLJĐĂŶ͛ƚƵŶĚĞƌƐƚĂŶĚƚŚĂƚƒ
ĂŵĞĚƵĐĂƚĞĚďLJƚŚĞƉĞŽƉůĞ͘ƵƚǁŚĞŶLJŽƵŚĂǀĞĨŽƵƌĐŚŝůĚƌĞŶŐƌŽǁŝŶŐŚĞƌĞŝŶƚŚĞŵƵĚĂŶĚƚŚĞĨŝƌĞ͘͘͘

ƵƚƒŚĂǀĞŶŽƌĞŐƌĞƚƐ͘‡ŽƌŬŝŶŐǁŝƚŚƉĞŽƉůĞŝƐŶŽƚĞĂƐLJ͘ŶĚŝƚ͛ƐŶŽƚũƵƐƚĚĞĂůŝŶŐǁŝƚŚLJŽƵƌĞŶĞŵŝĞƐ͕
ĞǀĞŶǁŽƌŬŝŶŐǁŝƚŚLJŽƵƌĐŽŵƌĂĚĞƐ͕ƚƌLJŝŶŐƚŽƐĂƚŝƐĨLJĞǀĞƌLJŽŶĞŝƐŶŽƚĞĂƐLJ͘dŚĞƚŝŵĞĂŶĚƚŚĞĞŶĞƌŐLJ
ƚŚĂƚŝƐŝŶǀŽůǀĞĚĐƌĞĂƚĞĂƌĞĂůƉƌĞƐƐƵƌĞ͘ƵƚĂƐŝĚĞĨƌŽŵƚŚĂƚƒŚĂǀĞƉĞĂĐĞŽĨŵŝŶĚ͕ƚŚĞŝŶŶĞƌƉĞĂĐĞ͘

ƒĂŵŵŽƌĞŝŶĨŽƌŵĞĚƚŚĂŶƒǁĂƐ͕ƒĂŵŵŽƌĞǀŝŐŽƌŽƵƐƚŚĞŶĞǀĞƌďĞĨŽƌĞ͘ƒĂŵŵŽƌĞǀŝŐŝůĂŶƚĂŶĚ
ĐŽŶƐĐŝŽƵƐƚŚĂŶĞǀĞƌďĞĨŽƌĞ͘dŚĞƌĞŝƐĂůŽƚŽĨǀĂƌŝĞƚLJŽĨƚŚŝŶŐƐŝŶůŝĨĞ͕ŵŽƌĞƚŚĂŶũƵƐƚƚŚĞƉŽůŝƚŝĐƐ͘ƒ
ŚĂǀĞŶŽƌĞŐƌĞƚƐ͘

ŶĚƚŚĞďĞƐƚƚŚŝŶՉ

ůůƚŚĞǀŝĐƚŽƌŝĞƐǁĞŚĂǀĞǁŽŶ͘ƒĚŽŶ͛ƚũƵƐƚŵĞĂŶǀŝĐƚŽƌŝĞƐŝŶĐŽƵƌƚ͕ŽƌĞǀŝĐƚŝŽŶƐƚŚĂƚŚĂǀĞďĞĞŶ
ƐƚŽƉƉĞĚ͕ŽƌǁĂƚĞƌĂŶĚĞůĞĐƚƌŝĐŝƚLJĐŽŶŶĞĐƚĞĚ͘ƒĂŵƚĂůŬŝŶŐĂďŽƵƚƐĞĞŝŶŐĐŽŵƌĂĚĞƐďĞĐŽŵŝŶŐ
ĐŽŶĨŝĚĞŶƚ͕ďĞŝŶŐŚĂƉƉLJĨŽƌŬŶŽǁŝŶŐƚŚĞŝƌƉŽǁĞƌ͕ŬŶŽǁŝŶŐƚŚĞŝƌƌŝŐŚƚƐŝŶƚŚŝƐǁŽƌůĚ͘^ĞĞŝŶŐĐŽŵƌĂĚĞƐ
ŐĂŝŶŝŶŐĂďŝƚŽĨƌĞƐƉĞĐƚ͕ƐĞĞŝŶŐƉĞŽƉůĞǁŚŽŚĂǀĞŶĞǀĞƌĐŽƵŶƚĞĚďĞŝŶŐĂďůĞƚŽĞŶŐĂŐĞĂƚƚŚĞůĞǀĞůĂƚ
ǁŚŝĐŚƚŚĞLJƐƚƌƵŐŐůĞŝƐŶŽǁĨŽƵŐŚƚ͘•ŽƵŶŐĐŽŵƌĂĚĞƐĂƌĞĚĞďĂƚŝŶŐǁŝƚŚŐŽǀĞƌŶŵĞŶƚŵŝŶŝƐƚĞƌƐŽŶƚŚĞ
ƌĂĚŝŽĂŶĚdŒ͊^ĞĞŝŶŐƚŚĞƐƚƌĞŶŐƚŚŽĨƚŚĞǁŽŵĞŶĐŽŵƌĂĚĞƐŝŶƚŚĞŵŽǀĞŵĞŶƚ͘^ĞĞŝŶŐƉŽŽƌƉĞŽƉůĞ
ĐŚĂůůĞŶŐŝŶŐƚŚĞƐLJƐƚĞŵ͕ďĞĐĂƵƐĞŝƚƐŶŽƚũƵƐƚĂďŽƵƚĐŚĂůůĞŶŐŝŶŐŚĞŬŝĞůĞ‹ϬŽƌDĂďƵLJĂŬŚƵůƵ͕ŝƚ͛Ɛ
ĂďŽƵƚĐŚĂůůĞŶŐŝŶŐƚŚĞǁŚŽůĞƐLJƐƚĞŵ͕ŚŽǁŝƚĨƵŶĐƚŝŽŶƐ͘

tŽƵůĚLJŽƵůŝŬĞƚŽƐĂLJĂůŝƚƚůĞŵŽƌĞĂďŽƵƚƚŚĞƐƚƌĞŶŐƚŚŽĨƚŚĞǁŽŵĞŶĐŽŵƌĂĚĞƐŝŶƚŚĞŵŽǀĞŵĞŶƚ‰

‡ĞůůƒĂŵǀĞƌLJƐĂƚŝƐĨŝĞĚĂŶĚƉƌŽƵĚƚŽƐĞĞŚŽǁƐŽŵĞŽĨƚŚĞďĂŚůĂůŝƐĞƚƚůĞŵĞŶƚƐĂƌĞĐŚĂŝƌĞĚĂŶĚůĞĚ
ďLJǁŽŵĞŶ͘dŚŝƐŝƐĞǀŝĚĞŶƚŝŶ^ŝLJĂŶĚĂ͕ĂŶĚƐĞĐƚŝŽŶƐŝŶEĞǁůĂŶĚƐŝŶƵƌďĂŶ͘dŚŝƐŝƐĂůƐŽĞǀŝĚĞŶƚ
ŝŶDŽƚĂůĂ,ĞŝŐŚƚƐŝŶWŝŶĞƚŽǁŶ͕ŝŶ:ŽĞ^ůŽǀŽĂŶĚŽƚŚĞƌƐĞƚƚůĞŵĞŶƚƐ͘ŠƌŽŵƚŚĞǀĞƌLJďĞŐŝŶŶŝŶŐǁŽŵĞŶ
ŚĂǀĞďĞĞŶĞůĞĐƚĞĚƚŽƚŚĞŚŝŐŚƉŽƐŝƚŝŽŶƐŽĨůĞĂĚĞƌƐŚŝƉŝŶƚŚĞŵŽǀĞŵĞŶƚĂŶĚŝƚŝƐŝŵƉŽƐƐŝďůĞƚŽ
ŝŵĂŐŝŶĞƚŚĞŵŽǀĞŵĞŶƚǁŝƚŚŽƵƚƚŚĞƐƚƌĞŶŐƚŚŽĨǁŽŵĞŶĐŽŵƌĂĚĞƐ͘dŚĞďĂŚůĂůŝŽĨĨŝĐĞŝƚƐĞůĨŝƐ
ŚĞĂĚĞĚďLJĂLJŽƵŶŐǁŽŵĂŶ͕ŽĚǁĂEƐŝďĂŶĚĞ͕ǁŚŽŚĂƐĞĂƌŶĞĚŚĞƌƐĞůĨĂŚŝŐŚƌĞƐƉĞĐƚĨƌŽŵďŽƚŚŵĞŶ
ĂŶĚŽƚŚĞƌǁŽŵĞŶĨŽƌŚĞƌƌŽůĞŝŶĐŽŶŶĞĐƚŝŶŐƚŚĞŵŽǀĞŵĞŶƚĂŶĚƚŚĞŽƵƚƐŝĚĞǁŽƌůĚ͘ƵƚƚŚĞƌĞĂƌĞĂůƐŽ
ŵĂŶLJƉƌŽũĞĐƚƐƚŚĂƚĚŽŶ͛ƚŐĞƚƚŚĞƐĂŵĞƉƵďůŝĐĂƚƚĞŶƚŝŽŶĂŶĚŵŽƐƚŽĨƚŚĞƐĞƉƌŽũĞĐƚƐ͕ƐƵĐŚĂƐĐƌ¢ĐŚĞƐ͕
ŬŝƚĐŚĞŶƐ͕ƐĞǁŝŶŐ͕ďĞĂĚǁŽƌŬ͕ŐĂƌĚĞŶŝŶŐĂŶĚƉŽĞƚƌLJĂƌĞƌƵŶƉƵƌĞůLJďLJǁŽŵĞŶ͘

dŚĞƐƚƌĞŶŐƚŚŽĨǁŽŵĞŶĐŽŵĞƐĨƌŽŵƚŚĞĨĂĐƚƚŚĂƚǁŽŵĞŶĂƌĞĞ’ƉĞĐƚĞĚƚŽĐĂƌƌLJŽƵƌůŽǀĞ͕ŶŽƚŽŶůLJĨŽƌ
ƚŚĞŝƌĐŚŝůĚƌĞŶĂŶĚŚƵƐďĂŶĚƐďƵƚĨŽƌƚŚĞĐŽŵŵƵŶŝƚŝĞƐƚŽŽ͘‡ŽŵĞŶĂƌĞƌĂŝƐĞĚƚŽďĞƐĞŶƐŝƚŝǀĞĂŶĚ
ĐĂƌŝŶŐ͘‡ĞĂƌĞĂůůƚŽůĚƚŚĂƚĂŚŽŵĞƚŚĂƚŚĂƐĂǁŽŵĂŶŝƐŽĨƚĞŶǁĂƌŵǁŝƚŚůŽǀĞĂŶĚĐĂƌĞ͘ƉĞƌƐŽŶ


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KŶϱŠĞďƌƵĂƌLJϮϬϬ†^͛ďƵǁĂƐĨŽƌĐĞĚŽƵƚŽĨŚŝƐũŽďĂƚƚŚĞƉĞƚƌŽůƐƚĂƚŝŽŶĂƐĂƌĞƐƵůƚŽĨƉŽůŝƚŝĐĂůƉƌĞƐƐƵƌĞĨƌŽŵ
ƚŚĞDĂLJŽƌŽĨƵƌďĂŶ͕KďĞĚDůĂďĂ͘,ĞǁƌŽƚĞĂŶĂƌƚŝĐůĞĂďŽƵƚƚŚŝƐĞ’ƉĞƌŝĞŶĐĞƚŝƚůĞĚt }  }$^ 
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DŝŬĞDĂďƵLJĂŬŚƵůƵŝƐƚŚĞDŝŶŝƐƚĞƌŽĨ,ŽƵƐŝŶŐŝŶƚŚĞWƌŽǀŝŶĐĞŽĨ<ǁĂƵůƵEĂƚĂů͘
‹Ϭ
ŚĞŬŝĞůĞŝƐƚŚĞDŝŶŝƐƚĞƌĨŽƌ^ĞĐƵƌŝƚLJŝŶƚŚĞWƌŽǀŝŶĐĞŽĨ<ǁĂƵůƵEĂƚĂů͘


40

ƚŚĂƚŝƐŐŝǀĞŶƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚŝƐůŽǀĞĂŶĚĐĂƌĞǁŝůůĨŝŐŚƚůŝŬĞĂůŝŽŶƚŽƉƌŽƚĞĐƚŚĞƌŚŽŵĞĂŶĚŚĞƌ
ĨĂŵŝůLJ͘ƒƚŝƐŶŽƚƐƵƌƉƌŝƐŝŶŐƚŚĂƚǁŽŵĞŶĂƌĞŽĨƚĞŶŝŶƚŚĞĨŽƌĞĨƌŽŶƚŽĨƐƚƌƵŐŐůĞƐĂŐĂŝŶƐƚĞǀŝĐƚŝŽŶ͕ĨŽƌ
ƚŽŝůĞƚƐ͕ĨŽƌĞůĞĐƚƌŝĐŝƚLJĂŶĚĂŐĂŝŶƐƚƚŚĞĨŝƌĞƐ͘^ŽŵĞƚŝŵĞƐŝŶďĂŚůĂůŝǁŽŵĞŶĨĞĞůƚŚĂƚŵĞŶĂƌĞǀĞƌLJƐůŽǁ
ĂŶĚƚŽŽĐŽŵƉƌŽŵŝƐŝŶŐ͘

KǀĞƌƚŚĞLJĞĂƌƐŵĂŶLJǁŽŵĞŶŚĂǀĞĨĂĐĞĚĂƌƌĞƐƚĂŶĚƉŽůŝĐĞďĞĂƚŝŶŐƐ͘‡ŽŵĞŶŚĂǀĞĐŽŶĨƌŽŶƚĞĚƉŽůŝĐĞ
ŽĨĨŝĐĞƌƐ͕ůĂŶĚůŽƌĚƐ͕ƐŚĂĐŬůŽƌĚƐ͕Ɛ͕ĐŽƵŶĐŝůůŽƌƐ͕E'KƐ͕ĂĐĂĚĞŵŝĐƐĞǀĞƌLJŽŶĞƚŚĂƚŚĂƐƚŽďĞ
ĐŽŶĨƌŽŶƚĞĚŝŶĂƐƚƌƵŐŐůĞůŝŬĞƚŚŝƐ͘dŚĞĨĂĐƚƚŚĂƚďĂŚůĂůŝǁŽŵĞŶŚĂǀĞŐŝǀĞŶĂǁĂLJĨĞĂƌĂŶĚĚĞĐŝĚĞĚƚŽ
ĐŽŶĨƌŽŶƚƚŚĞƌĞĂůŝƚLJŽĨůŝĨĞƚĞůůƐƵƐƚŚĂƚƚŚĞƌĞŝƐƐŽŵĞƚŚŝŶŐƐĞƌŝŽƵƐůLJǁƌŽŶŐǁŝƚŚŽƵƌŐŽǀĞƌŶŝŶŐ
ƐLJƐƚĞŵƐƚŚĂƚĂŶŽƚŚĞƌǁŽƌůĚŝƐŶĞĐĞƐƐĂƌLJ͘‡ŽŵĞŶĚŽŶ͛ƚƌŝƐŬƚŚĞŝƌƐĂĨĞƚLJǁŚĞŶƚŚĞLJŚĂǀĞĐŚŝůĚƌĞŶƚŽ
ĐĂƌĞĨŽƌƵŶůĞƐƐƚŚĞLJŚĂǀĞĂǀĞƌLJŐŽŽĚƌĞĂƐŽŶĨŽƌĚŽŝŶŐƐŽ͘dŚĞĨĂĐƚƚŚĂƚǁŽŵĞŶŚĂǀĞƐƚŽŽĚƵƉƚŽ
ĂŶĚĨĂĐĞĚƚŚĞďĂƌƌĞůŽĨŐƵŶƐĚƵƌŝŶŐŽƵƌƉƌŽƚĞƐƚƐŝƐĂŶŝŶĚŝĐĂƚŝŽŶƚŚĂƚŝŶĚĞĞĚĂŶŽƚŚĞƌǁŽƌůĚŝƐ
ƉŽƐƐŝďůĞďĞĐĂƵƐĞǁŝƚŚŽƵƚǁŽŵĞŶŶŽƚŚŝŶŐŝƐƉŽƐƐŝďůĞĂŶĚǁŝƚŚŽƵƚĐŽƵƌĂŐĞŶŽƚŚŝŶŐŝƐƉŽƐƐŝďůĞ͘KƵƌ
ŚŽƉĞƐĂƌĞĚĞƉĞŶĚĞŶƚŽŶƚŚĞĐŽƵƌĂŐĞŽĨǁŽŵĞŶ͘

‡ĞŬŶŽǁƚŚĂƚŝŶƚŚĞƉĂƐƚƚŚĂƚŝŶƚŝŵĞƐŽĨĂŶLJǁĂƌǁŽŵĞŶǁĞƌĞŶĞǀĞƌĂŶĚƵŶĚĞƌŶŽĐŝƌĐƵŵƐƚĂŶĐĞƐ
ƚŽƵĐŚĞĚďLJƚŚĞƉŚLJƐŝĐĂůƉĂŝŶĂƐƐŽĐŝĂƚĞĚǁŝƚŚĂŶLJǁĂƌ͘ƵƚƚŽĚĂLJƉŽŽƌǁŽŵĞŶĂƌĞƐŚŽƚďLJƚŚĞƐĂŵĞ
ƉŽůŝĐĞǁŚŽĂƌĞŵĞĂŶƚƚŽƉƌŽƚĞĐƚƚŚĞŵďLJůĂǁ͘ƒǁŝƐŚƚŽƐĂůƵƚĞƚŚĞƌŽůĞƚŚĂƚŽƵƌŵŽƚŚĞƌƐĂƌĞƉůĂLJŝŶŐ
ŝŶŶŽƚŽŶůLJƌĂŝƐŝŶŐƵƐƵŶĚĞƌƚŚĞƐĞƚƌLJŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐďƵƚŝŶĂůƐŽŚĂǀŝŶŐƚŽĨĂĐĞƚŚŝƐǀŝŽůĞŶĐĞĨƌŽŵ
ƚŚĞƐƚĂƚĞǁŚŝůĞĨŝŐŚƚŝŶŐĨŽƌĂďĞƚƚĞƌǁŽƌůĚĨŽƌƵƐ͘dŚĞŝƌŵŽƚŚĞƌůLJĚŽĞƐŶŽƚĐŽƵŶƚďĞĐĂƵƐĞƚŚĞLJĂƌĞŶŽƚ
ƚŚĞǁŝǀĞƐŽĨƚŚĞƉŽůŝƚŝĐŝĂŶƐĂŶĚŽĨƚŚĞƌŝĐŚ͘

ƵƚǁĞŬŶŽǁƚŚĂƚƚŚĞŝƌƐƚƌĞŶŐƚŚĐŚĂŶŐĞƐƚŚĞŝƌƐƵďũĞĐƚŝǀŝƚLJƚŽǀƵůŶĞƌĂďŝůŝƚLJƉƵƚƚŝŶŐƚŚĞŵŝŶƚŚĞ
ĨŽƌĞĨƌŽŶƚŽĨŽƵƌƐƚƌƵŐŐůĞ͘‡ĞŬŶŽǁďLJŶĂƚƵƌĞƚŚĂƚƚŚĞŝƌƚĞĂƌƐĐĂŶŶĞǀĞƌďĞŝŐŶŽƌĞĚďLJĂŶĂƚƵƌĂů
ƉĞƌƐŽŶĨŽƌĞǀĞƌĂŶĚĞǀĞƌ͘

/ŬŶŽǁƚŚĂƚŝƚ͛ƐĂ^ƵŶĚĂLJŶŝŐŚƚĂŶĚLJŽƵƌĨĂŵŝůLJĂƌĞǁĂŝƚŝŶŐĨŽƌLJŽƵ͘dŚŝƐǁŝůůďĞŵLJůĂƐƚƋƵĞƐƚŝŽŶ͘
tŚĂƚĚŽĞƐŝƚŵĞĂŶĨŽƌLJŽƵǁŚĞŶLJŽƵƐĂLJƚŚĂƚďĂŚůĂůŝƐŵŝƐƚŚĞƉŽůŝƚŝĐƐŽĨƚŚŽƐĞƚŚĂƚĚŽŶ͛ƚĐŽƵŶƚ͕
ƚŚĞƉŽůŝƚŝĐƐŽĨƚŚŽƐĞƚŚĂƚĂƌĞŶŽƚƐƵƉƉŽƐĞĚƚŽƐƉĞĂŬ͘

ƒƚŚŝŶŬƚŚĂƚƒŚĂǀĞĂĐůĞĂƌƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚŝƐ͘ƒŬŶŽǁĨƌŽŵŵLJŽǁŶƉĞƌƐŽŶĂůĞ’ƉĞƌŝĞŶĐĞŚŽǁƒ
ĐĂŵĞƚŽŚĂǀĞĞŶĞŵŝĞƐƚŚĂƚƒĚŝĚŶŽƚŚĂǀĞďĞĐĂƵƐĞŶŽǁƒĂŵƐƉĞĂŬŝŶŐ͘‡ŚĞŶLJŽƵĂƌĞ”ƵŝĞƚ͕ǁŚĞŶ
LJŽƵŬŶŽǁLJŽƵƌƉůĂĐĞ͕LJŽƵĂƌĞĂĐĐĞƉƚĞĚĂŶĚLJŽƵĂƌĞĂƐƐĂĨĞĂƐĂƉŽŽƌƉĞƌƐŽŶĐĂŶďĞ͘ƵƚƚŚĞŵŽŵĞŶƚ
LJŽƵƐƚĂƌƚƚĂůŬŝŶŐLJŽƵďĞĐŽŵĞĂƚŚƌĞĂƚ͘

‡ŚĞŶŽŶĞƚĂůŬƐĂďŽƵƚƚŚĞƉŽůŝƚŝĐƐŽĨƚŚŽƐĞƚŚĂƚĚŽŶŽƚĐŽƵŶƚŽŶĞŵƵƐƚƐƚĂƌƚĨƌŽŵƚŚĞĨĂĐƚƚŚĂƚƚŚĞ
ƐLJƐƚĞŵŵĂŬĞƐŝƚŝŵƉŽƐƐŝďůĞĨŽƌĞǀĞƌLJŽŶĞƚŽĐŽƵŶƚ͘ƒĨŽƌĚŝŶĂƌLJƉĞŽƉůĞĐŽƵŶƚĞĚŝƚǁŽƵůĚĐŽůůĂƉƐĞ
ŝŵŵĞĚŝĂƚĞůLJ͘dŚĞǁĂLJƚŽŚŝĚĞƚŚĞĨĂĐƚƚŚĂƚŽƌĚŝŶĂƌLJƉĞŽƉůĞĚŽŶŽƚĐŽƵŶƚ͕ĂŶĚƚŚĂƚƚŚĞƐLJƐƚĞŵ
ĚĞƉĞŶĚƐŽŶƚŚŝƐ͕ŝƐƚŽĞŶƐƵƌĞƚŚĂƚŽƌĚŝŶĂƌLJƉĞŽƉůĞĂƌĞƚĂŬĞŶĂƐďĞŝŶŐƵŶĂďůĞƚŽƚŚŝŶŬĂŶĚƚŚĞƌĞĨŽƌĞ
ƵŶĂďůĞƚŽƐĂLJĂŶLJƚŚŝŶŐŝŶƚĞůůŝŐĞŶƚ͘‡ĞĂƌĞƐƵƉƉŽƐĞĚƚŽďĞůĞĚ͘

dŚĞƉŽůŝƚŝĐƐŽĨƚŚŽƐĞƚŚĂƚĚŽŶŽƚĐŽƵŶƚŵĂŬĞƐŶŽƌĞƐƉĞĐƚĨŽƌƚŚŽƐĞǁŚŽĂƌĞŵĞĂŶƚƚŽƚŚŝŶŬĨŽƌ
ĞǀĞƌLJŽŶĞĞůƐĞ͕ƚŽůĞĂĚ͘dŚŝƐƚƵƌŶŝŶŐƚŚĞƚŝĚĞ͕ǁŚĞŶƚŚĞůŝĨĞƚƵƌŶƐŽŶĞĂƚƚŚĞĨƌŽŶƚĂŶĚƚĂŬĞƐŚŝŵƚŽ
ƚŚĞďĂĐŬ͕ŝƚŝƐůŝŬĞLJŽƵĂƌĞĚŽŝŶŐĂĐŚĂŽƐďĞĐĂƵƐĞLJŽƵǁĂŶƚƚŽĚŽĂǁĂLJǁŝƚŚƚŚĞƋ͘•ŽƵǁĂŶƚ
ƚŽďĞŝŶŶŽǀĂƚŝǀĞ͕LJŽƵǁĂŶƚƚŽďĞĐƌĞĂƚŝǀĞ͕LJŽƵǁĂŶƚƚŽůŝǀĞLJŽƵƌůŝĨĞďƵƚŝƚƐĞĞŵƐƚŚĂƚƚŚĞŽŶůLJǁĂLJŝƐ
ƚŽƵŶĚĞƌŵŝŶĞƚŚŽƐĞǁŚŽŚĂǀĞůĞĚƚŚĞǁĂLJ͘^ŽLJŽƵĚŽŶŽƚĂĐĐĞƉƚƚŚĂƚƐŽŵĞŽŶĞŵƵƐƚďĞĂƐůĂǀĞĂŶĚ


41

ǁŽƌŬĨŽƌƐŽŵĞŽŶĞĞůƐĞ͘EŽďŽƐƐǁŝůůĨŝŶĚƚŚŝƐĂĐĐĞƉƚĂďůĞ͘•ŽƵĚŽŶŽƚĂĐĐĞƉƚƚŚĂƚƐŽŵĞŽŶĞŵƵƐƚďĞĂ
ŐŽŽĚďŽLJŽƌĂŐŽŽĚŐŝƌů͕ĂŶŽďĞĚŝĞŶƚĨŽůůŽǁĞƌǁŚŽĚŽĞƐŶŽƚƚŚŝŶŬĂŶĚĂĐƚĨŽƌƚŚĞŵƐĞůǀĞƐ͘EŽ
ƉŽůŝƚŝĐŝĂŶǁŝůůĨŝŶĚƚŚŝƐĂĐĐĞƉƚĂďůĞ͘dŚĞLJǁŝůůĨŝŐŚƚƵƉƵŶƚŝůƚŚŽƐĞƚŝĚĞƐĂƌĞƚƵƌŶĞĚďĂĐŬ͘^ŽǁĞŵƵƐƚ
ĨĂĐĞƚŚĞĚŝĨĨŝĐƵůƚLJŽĨƚŚŝƐƉŽůŝƚŝĐƐ͘

dŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐŝƐũƵƐƚƚŚĂƚƐŝŵƉůĞ͘ƒŶŽƌĚĞƌĨŽƌƚŚŽƐĞǁŚŽĐŽƵŶƚƚŽĚĞĨĞŶĚƚŚĞŝƌŽǁŶƚĞƌƌŝƚŽƌLJ
ƐŽŵĞŽŶĞƐŚŽƵůĚŶŽƚƚĂůŬ͕ƐŽŵĞŽŶĞƐŚŽƵůĚũƵƐƚďĞůĞĚ͕ƐŽŵĞŽŶĞƐŚŽƵůĚŶŽƚ”ƵĞƐƚŝŽŶ͕ƐŽŵĞŽŶĞ
ƐŚŽƵůĚũƵƐƚďĞĂďĞŶĞĨŝĐŝĂƌLJŽĨƚŚŽƐĞƉĂƌƚŝĐƵůĂƌƐĞƌǀŝĐĞƐƚŚĂƚĂƌĞŵĞĂŶƚƚŽďĞŐŝǀĞŶ͘

dŚĞŵŽŵĞŶƚƚŚĂƚLJŽƵďĞŐŝŶƚŽ”ƵĞƐƚŝŽŶƚŚĞŶLJŽƵĂƌĞƚŚƌĞĂƚĞŶŝŶŐƚŚĞƐLJƐƚĞŵ͘•ŽƵĂƌĞŶŽƚƐƵƉƉŽƐĞĚ
ƚŽĚŽƚŚĂƚ͕ĂŶĚLJŽƵƌŝŶƚĞůůŝŐĞŶĐĞĂŶĚĐĂƉĂďŝůŝƚLJĂƌĞŶŽƚƐƵƉƉŽƐĞĚƚŽĂůůŽǁLJŽƵƚŽǀŽŝĐĞŽƌƚŽƚĂŬĞƚŚĞ
ƐƉĂĐĞ͘dŚĞƐLJƐƚĞŵŬĞĞƉƐƉĞŽƉůĞƐĞƉĂƌĂƚĞ͘ƒĨLJŽƵǁĂŶƚƚŽƵŶŝƚĞĂŶĚƚŽŵĂŬĞĂĐƵůƚƵƌĞƚŚĂƚƉĞŽƉůĞ
ƐŚŽƵůĚďĞĞ”ƵĂůƚŚĞŶLJŽƵĂƌĞŝŶǀĂĚŝŶŐƚŚĞƐƉĂĐĞƚŚĂƚŝƐĨŽƌďŝĚĚĞŶƚŽLJŽƵ͕LJŽƵĂƌĞƚŚƌĞĂƚĞŶŝŶŐƚŚĞ
ƐLJƐƚĞŵ͘

dŚĂƚ͛ƐǀĞƌLJƉŽǁĞƌĨƵů͘dŚĂŶŬLJŽƵ͘


42

February23,2009/SibusisoInnocentZikode:Ashort
biography
[AccessedMay3,2009athttp://www.abahlali.org/node/4810]

SubmittedbyAbahlali_3onMon,2009022314:28.biography|S'buZikode

S'buZikodewasbornin1975inthevillageofLoskop,nearthetownofEstcourtintheKwaZulu
NatalMidlands.Hewasraisedbyasinglemotherwhowasoftenawayfromhomeasshe
workedasaliveindomesticworker.Asaschoolboyhewasveryinvolvedinthescouting
movementandhegraduatedfromthePatrolLeadersTrainingUnitatLexdenin
Pietermaritzburgin1990.HeattendedBonokuhleHighSchoolinLoskopfrom1992to1996.

In1997S'buregisteredasalawstudentattheformerUniversityofDurbanWestvillebut,due
toaninabilitytopayhisfees,hadtoabandonhisstudieslaterthatyear.Afterthathewas
workedasasecurityguardandthenasapetrolpumpattendant.In1998hemetSindyMkhize,
hislifepartner.

In1999S'buandSindymovedtotheKennedyRoadsettlementastheycouldnotaffordthe
rentforformalaccommodation.Laterthatyearhewaspromotedtothepositionof
administratoratthepetrolstationwherehehadbeenworkingforsomeyears.In2001S'bu
becamethefirstdemocraticallyelectedchairpersonoftheKennedyRoadsettlement.He
declinedtostandforreelectionin2002butsuccessfullystoodforthepositionofdeputy
chairpersonin2003.Hewasreelectedaschairpersonin2004andheldthepositioneveryyear
until2007whenhedecidednottostandforreelection.

Between2001and2005heworkedverycloselywithmanygovernmenthousingprogrammes
andhewasareservistattheSydenhamPolicestationfrom2001until2004andbecamethe
DirectoroftheClareEstateHIV/AIDSDropInCentrein1993.

Attheendof2004theKennedyRoadDevelopmentCommitteedeclaredthat2005wouldbe
the'YearofAction'andanumberofprotestswereorganisedinthatyear.InOctober2005S'bu
wasafoundermemberofAbahlalibaseMjondolo–ademocraticmembershipbasedand
directedshackdwellers'movement.HewaselectedasthefirstPresidentofAbahlali
baseMjondolothatyearandhasbeenrelectedasPresidenteachyearsincethen.

AbahlalibaseMjondolohasstartedandruncrèchesandgardens,organisedforwomen'srights
andtherightsofpeopleborninothercountries,stronglysupportedtherightsofallchildrento
accessschools,campaignedforlivesavingbasicservicestobeprovidedtoshacksettlements,
organisedagainstpolicebrutalityandhostilitytopoorcommunitiesandsuccessfullyusedthe
courtstoopposeunlawfulevictionsbythestateandprivatelandlords.Themovementalso
negotiateswiththegovernmentandNGOstoupgradeanddevelopsettlementswherethey
currentlyareratherthanhaveshacksettlementsrazedandtheirresidentsforciblymovedto

 43
outoftownrelocationsites.Themovementstronglybelievesthatthatourcitiesshouldbe
democraticspacesinwhichallpeople,richandpoor,arewelcome.

AnglicanBishopRubinPhiliphaswrittenthat:

thecourage,dignityandgentledeterminationofAbahlalibaseMjodolohasbeenalightthathas
shoneevermorebrightlyoverthelastthreeyears…Yourprinciplethateveryonematters,that
everylifeisprecious,isverysimplebutitisalsoutterlyprofound.Manyofuswhoholddear
themostnobletraditionsofourcountrytakehopefromyourcourageandyourdignity.

AlongwithotherhighprofilemembersofthemovementS'bu'scommitmenthascosthimhis
job.InFebruary2007hisbossatthepetrolstation,aclosefriendofthemayor,cavedto
politicalpressureandS'buwasforcedoutofhisjob.Hehasalsobeensubjecttoslanderby
politiciansandunlawfularrest,detentionandassaultbythepolice.

AbahlalibaseMjondolonowhasmorethan10000paidupmembersspreadacross53
settlementsinKwaZuluNatalandtheWesternCape.In2009themovementjoinedwiththe
LandlessPeople'sMovement,theRuralNetworkandtheWesternCapeAntiEvictionCampaign
toformanationalallianceofpoorpeople'smovements,thePoorPeople'sAlliance.On9
February2009AbahlalibaseMjondolosignedabreakthroughdealwiththeeThekwini
Municipalitythatwillsee3settlementsbeingupgradedwheretheyareand14receiving
services.

S'buisaregularcommentatorinthemediaandhaspublishedanumberofarticlesin
newspapers,magazinesandacademicjournals.Hisworkisprescribedreadingatmany
universitiesaroundtheworld.Hehasalsobeeninvitedtospeakatuniversitiesandmanysocial
movement,NGOandchurchevents.In2007hewasinvitedtoaddressaconferenceof
architectsinIstanbul,Turkey.

In2009hewonascholarshipawardedforacademicallypromisingstudentswithexceptional
recordsofsocialcommitmentand,again,registeredtostudylaw.HeandSindynowhavefour
children.

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