You are on page 1of 6

!

!
!

$%&!'()*+,+-!-%*+.*+/!*+!)('&0+!1(2*&-3!*1!%*/%43!
,+-%0(5(2&+-0*26!*7&7!0&/,0'*+/!%8),+.*+'!,1!-%&!
2&+-0,4!(0!)(1-!*)5(0-,+-!&4&)&+-!(9!&:*1-&+2&7!
;&!,0&!),'&!-(!<&4*&=&!-%,-!%8),+1!2,+!
'()*+,-&!,+'!),+,/&!+,-80&6!,+'!-%,-!*-!>*44!
2(+-*+8&!-(!1&0=&!(80!5805(1&1!*+-(!-%&!*+'&9*+*-&!
98-80&7!?(>&=&06!>*-%!&:-0&)&43!%*/%!5(584,-*(+!
/0(>-%6!*+20&,1*+/!4&=&41!(9!5(448-*(+6!4(11!(9!
<*('*=&01*-3!,+'!-%&!2(+1-,+-!'&-&0*(0,-*(+!(9!
4*9&1-34&6!-%&!180=*=,4!(9!-%&!>(04'!,1!>&!.+(>!*-!*1!
+(-!5(11*<4&7!$%&!>(04'!>*44!%,=&!-(!<&!
!"#$%$&"$"'()( -0,+19(0)&'!,+'!&=(4=&'!-(!,'(5-!181-,*+,<4&!
1(48-*(+1!,+'!4*9&1-34&1!9(0!2(+-*+8&'!180=*=,47!
%*%+)$"),-.(%&/$.+0( @(6!>%,-!'(&1!,!5&0),+&+-43!181-,*+,<4&!1(2*&-3!
4((.!4*.&A!
!"#$%&'(#"()*+,$"%-".,%./,"$,0%#('1,"2342"&," !
*)12"2$4(1-%$*"1%0',256"+)2"*4(5"347,"8'--'0)/25"
12)3)/+.3$%+$/%(&4()(
'*4#'('(#"&342"4"(,&6"1)124'(4+/,"1%0',25"*'#32"
/%%9"/'9,:";(7'1'%('(#"!"#"2%"2$4(1-%$*"%)$" %*%+)$"),-.(%&/$.+0(!
.$,1,(2"1%0',25"'(2%"23'1"(,&"1)124'(4+/,"1%0',25"
B22(0'*+/!-(!C&',0'!D,<4&6!,!181-,*+,<4&!98-80&!
'1",7,("*%$,"8'--'0)/2:"!(5"1%0',256",1.,0'4//5"4"
>(04'!>*44!)(1-!4*.&43!&)<('3!-%&!9(44(>*+/!+*+&!
(,&"1%0',256"*)12"-'$12",<'12"'("23,"*'(81"%-"23,"
E8,4*-*&1FG!!
.,%./,:";7,$5"1%0',25",<'1216"*%12"-)(84*,(24//56"
41"4"1,2"%-"*,(24/"0%(12$)021"2342"*49,")1" #7! C2"'1"4+)(84(27!$%&!4*9&H-%0&,-&+*+/!50(<4&)!(9!
+,/',7,"2342"%)$".$,1,(2"1%0',25"'1"1%"1%/'8/5"-'<,8" 12,02*-*&1!(9!0&1(802&1!+&&'&'!-(!)&&-!
2342"&,"347,"(%"3%.,"%-"034(#'(#"'2:"=,"-4'/6" %8),+*-3I1!<,1*2!+&&'1!*1!+(!4(+/&0!>*-%!816!
3%&,7,$6"2%"$,4/'1,"2342"*%8,$("1%0',25"341" %,=*+/!<&&+!(=&02()&!-%0(8/%!-%&!81&!(9!
,<'12,8"-%$"4(",<0,,8'(#/5"13%$2"2'*,6"'1"034(#'(#" ,<8+',+-!4(2,4!0&1(802&17!
1&'-2/56"4(8"&'//"347,"2%"2$4(1-%$*"+,04)1,"'21" J7! C2"'1"$,#,(,$42'7,7!$%&1&!,<8+',+-!0&1(802&1!
.$,1,(2"2$4>,02%$5"'1"(%2"1)124'(4+/,:" ,0&!50('82&'!,+'!'*1-0*<8-&'!*+!0&/&+&0,-*=&!
?)124'(4+'/'256"%$"1)124'(4+/,"8,7,/%.*,(26"'1" >,316!0&=*-,4*1*+/!+,-80,4!131-&)1!K!L81-!,1!
8,-'(,8"41"4"8,7,/%.*,(2"2342"*,,21"23,"(,,81" 0&/&+&0,-*=&!,/0*284-80&!0&<8*4'1!-%&!1(*47!!
%-"23,".$,1,(2"&'23%)2"0%*.$%*'1'(#"23,"4+'/'25" G7! C2"'1"8,.,(84+/,7!$%&1&!0&1(802&1!,0&!
%-"-)2)$,"#,(,$42'%(1"2%"*,,2"23,'$"%&("(,,81:@" '&5&+',<4&!*+!1855436!E8,4*-3!,+'!E8,+-*-36!
!"1%0',25"&%)/8"+,0%*,"'(0$,41'(#"1)124'(4+/," ,+'!90&&!90()!'*1085-*(+7!
41"'2"%$#4('A,1"'21",0%/%#'04/6"*42,$'4/6"3)*4("
4(8"1%0'4/"04.'24/"400%$8'(#/5:B" M7! C2"'1"14-,7!B44!50('82-1!,+'!1&0=*2&1!,0&!1,9&N!
-%&3!'(!+(-!&+',+/&0!>(0.&016!2(+18)&01!(0!
-%&!&+=*0(+)&+-7!

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

!
!

O7! C2"'1"4..$%.$'42,7!$%&!50*),03!'&-&0)*+,+-1! B44!(9!-%&1&!9(80!2(0&!=,48&1!,0&!'&5&+'&+-!(+!-%&!


,+'!4*)*-1!(+!>%,-!*1!'(+&!*+!,!/*=&+!,0&,!,0&F! 1*V&!(9!-%&!%8),+!5(584,-*(+6!-%&!50&1&0=,-*(+!(9!
284-80&N!/&(/0,5%3N!4(2,4!&2(+()3N!,+'!-%&! (80!+,-80,4!0&1(802&1!,+'!-%&!2(+1&0=,-*(+!(9!
<,1*2!%8),+!+&&'1!(9!5&(54&!4*=*+/!-%&0&7! 0&+&>,<4&!&+&0/37!

P7! C2"'1",D)'24+/,7!Q&1(802&16!50('82-1!,+'! B)(+/!-%&!9(02&1!-%,-!,0&!8+'&0)*+*+/!(80!


1&0=*2&1!,0&!,=,*4,<4&!9(0!81&!<3!,44!*+!,!9,*0! 50(/0&11!-(>,0'1!,!181-,*+,<4&!1(2*&-36!
),++&07! 5(584,-*(+!/0(>-%!0,+.1!,-!-%&!-(57!$%&!(99*2*,4!
WX!)&'*8)H4&=&4!5(584,-*(+!50(L&2-*(+1!1%(>!
R7! C2"'1"-/,<'+/,7!$%&!)30*,'!131-&)1!*+=(4=&'!*+!
5(584,-*(+!&:5,+'*+/!-(!##7J!<*44*(+!<&9(0&!
(80!50('82-1!,+'!1&0=*2&1!,0&!(5&+!-(!2%,+/&6!
&=&+-8,443!1-,<*4*1*+/!,!2&+-803!(0!)(0&!%&+2&7O!
/0(>-%6!20&,-*=*-36!,+'!&:5&0*)&+-,-*(+7!

S7! C2"'1",--'0',(27!T0('82-*(+!,+'!'*1-0*<8-*(+!,0&!
,1!&99*2*&+-!,1!5(11*<4&!K!>*-%!&99*2*&+23!
'&9*+&'!9(0!-%&!4(+/!-&0)7!!

U7! C2"'1"%.,("*'(8,8!,+'!4(2,443!2(+-0(44&'7!
!!

5)-*.%(&4()(%*%+)$"),-.(%&/$.+0(
$%&!2&+-0&5*&2&!(9!,!=,48&!1-082-80&!9(0!,!
181-,*+,<4&!1(2*&-3!*1!,!4*9&!*+!,!=*,<4&!&2(131-&)7!
$%*1!*1!1800(8+'&'!<3!9(80!2(0&!=,48&1F!,!%*/%!
E8,4*-3!(9!4*9&6!1&280*-36!2()5,11*(+6!,+'!L81-*2&7!!

Y-!*1!+(-&>(0-%3!-(!)&+-*(+!%&0&!-%,-!-%&1&!
5(584,-*(+!50(L&2-*(+1!,0&!<,1&'!(+!-%&!*)54*2*-!
,118)5-*(+!-%,-!18554*&1!(9!&+&0/36!9(('6!,+'!-%&!
(-%&0!+,-80,4!0&1(802&1!+&&'&'!-(!1855(0-!%8),+!
6
4*9&!>*44!2(+-*+8&!-(!<&!,=,*4,<4&7!$%&!5(584,-*(+1!
1!23'2'&.4!$)-*.!&+3*/+*3.!5'3!)!&*&+)%#),-.!&'/%.+0 !
(9!Y+'*,6!X*/&0*,6!C&:*2(6!T,.*1-,+!,+'!Z,+/4,'&1%!
,0&!*+20&,1*+/!,-!,!5,2&!-%,-!*1!(8-/0(>*+/!-%&*0!

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

!
!

<,1*2!4*9&H1855(0-!131-&)16!>%*4&!&:2&11*=&! ,1!&)54(3)&+-!(55(0-8+*-*&1!9(0!>()&+!
'&),+'!9(0!/(('1!*1!4&,'*+/!-(!-%&!2(+18)5-*(+! &:5,+'&'6!,1!,22&11!-(!9,)*43!54,++*+/!1&0=*2&1!
(9!-%&!<*(4(/*2,4!0&1(802&H<,1&!,+'!-%&!&:%,81-*(+! *)50(=&'6!,+'!,1!,<(0-*(+!4,>1!>&0&!4*<&0,4*1&'6!
(9!1(*417O6P!$%&0&9(0&6!1-,<*4*1*+/!5(584,-*(+!1*V&!*1! 5&(54&!2%(1&!-(!%,=&!9&>&0!2%*4'0&+7R!$%816!*-!*1!
20*-*2,4!-(!(80!=*1*(+!(9!181-,*+,<*4*-3N!%(>&=&06!*-! 24&,0!-%,-!5(584,-*(+!1*V&!2,+!1-,<*4*1&!&=&+!>%&+!
>*44!<&!-%&!5,2&!(9!1-,<*4*1,-*(+!-%,-!>*44! 1-,<*4*1,-*(+!*1!+(-!,+!&:54*2*-!+,-*(+,4!/(,47!
'&-&0)*+&!-%&!,=,*4,<*4*-3!(9!+,-80,4!0&1(802&17! Y)50(=&)&+-1!*+!-%&!1(2*,4!&+=*0(+)&+-!-%,-!
;*-%!>(04'!(*4!50('82-*(+!4&=&44*+/!(99!,+'! *+248'&!&'82,-*(+6!,22&11!-(!<,1*2!%&,4-%2,0&!
5(584,-*(+!2(+-*+8*+/!-(!/0(>6!-%&!(*4!185543!5&0! 9,2*4*-*&16!,+'!*+2&+-*=&1!-(!%,=&!1),44&0!9,)*4*&1!
5&01(+!*1!+(>!9,44*+/!,-!)(0&!(0!4&11!-%&!1,)&! -%0(8/%!-%&!81&!(9!2(+-0,2&5-*=&1!9,2*4*-,-&!
15&&'!,-!>%*2%!5(584,-*(+!*1!*+20&,1*+/7R!Z3!-%&! 5(584,-*(+!1-,<*4*1,-*(+6!>%*2%!%&451!-(!,2%*&=&!,!
1,)&!-(.&+6!,1!-%&!>(04'!-80+1!90()!9(11*4!&+&0/3! 181-,*+,<4&!1(2*&-37!!
-(!0&+&>,<4&!&+&0/3!1(802&16!-%&!,0&,!,=,*4,<4&!
5&0!5&01(+!-(!2(44&2-!-%&!1(4,0!*+948:6!&*-%&0!
<*(4(/*2,443!(0!)&2%,+*2,4436!<&2()&1!,!2&+-0,4!
'&-&0)*+,+-!(9!&+&0/3H2(+18)5-*(+!4&=&417!$%&1&!
855&0!4*)*-1!5(1&'!<3!-%&!2(44&2-*(+!,0&,!18//&1-!
-%,-6!*+!-%&!,<1&+2&!(9!,+!&99(0-!-(!%,4-!5(584,-*(+!
/0(>-%!9,0!1((+&0!-%,+!+(>!50(L&2-&'6!%8),+*-3!
),3!4*-&0,443!4,2.!-%&!&+&0/3!-(!980-%&0!*)50(=&!*-1!
4(-7S!
!

6&-.(&4(7&7*-)+$&"(
%+),$-$%)+$&"($"(%*%+)$"),$-$+0(
B2%*&=*+/!,!1-,<4&!>(04'!5(584,-*(+!0&E8*0&1!
<,4,+2*+/!<*0-%1!,+'!'&,-%17![+2&!9&0-*4*-3!1&--4&1!
,-!-%&!0&54,2&)&+-!4&=&4!(0!<&4(>6!*-!*1!(+43!,!
),--&0!(9!-*)&!8+-*4!5(584,-*(+!/0(>-%!1-(517!
?(>&=&06!1-,<*4*1,-*(+!(9!5(584,-*(+!*1!+(-!
1899*2*&+-!-(!,--,*+!181-,*+,<*4*-3!K!,1!&=*'&+2&'!
*+!-%&!'&=&4(5&'!*+'81-0*,4!2(8+-0*&16!>%&0&!
B1!>(04'!5(584,-*(+!)(=&1!-(>,0'!R7O!<*44*(+6!
5(584,-*(+1!,0&!,40&,'3!/0(>*+/!)(0&!14(>43!<8-!
%8),+*-3!*1!)(=*+/!*+-(!8+2%,0-&'!-&00*-(037O!$%&!
5&0!2,5*-,!2(+18)5-*(+!(9!&11&+-*,4!0&1(802&1!*1!
'3+,)*21!(9!-%&!0&4,-*(+1%*5!<&->&&+!5(584,-*(+!
'*150(5(0-*(+,-&43!%*/%7!X(+&-%&4&116!-%&!
1*V&!,+'!-%&!&,0-%I1!+,-80,4!0&1(802&!131-&)1!,0&!
5(584,-*(+!1-,<*4*1,-*(+!)('&4!'&)(+1-0,-&'!<3!
8+2&0-,*+!,+'!*+!1()&!0&15&2-1!8+50&'*2-,<4&7!
*+'81-0*,4!2(8+-0*&1!50(=*'&1!*)5(0-,+-!4&11(+1!9(0!
'&=&4(5*+/!2(8+-0*&1!1&&.*+/!-(!4(>&0!-%&*0! ! !
9&0-*4*-3!0,-&17!\(0!&:,)54&6!*+!-%&!'&=&4(5&'!
2(8+-0*&16!,1!4&=&41!(9!&'82,-*(+!,+'!4*-&0,23!0(1&6!

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

!
!

6&-.(&4(*3,)"()'3$/*-+*3.($"(
%*%+)$"),$-$+0((
Z0*+/*+/!50(=*1*(+*+/!,+'!1&0=*2&1!24(1&0!-(!2*-3H
'>&44&01!*+!(0'&0!-(!)*+*)*1&!-%&!+&&'!9(0!
0&1(802&1!,+'!&+&0/3!&:5&+'*-80&!*1!,!1-&5!
-(>,0'1!,2%*&=*+/!181-,*+,<*4*-37!@&=&0,4!&:,)54&1!
(9!-%*1!2,+!50(=*'&!81!>*-%!,!/(('!90,)&>(0.F!
^8<,!/0(>1!P_!5&0!2&+-!(9!*-1!=&/&-,<4&1!*+!2*-3!
9,0)16!,+'!?,=,+,!,44(>1!(+43!(0/,+*2!9(('!-(!<&!
/0(>+7#_!@*)*4,0436!-%&!=,0*(81!(0/,+*2!,+'!`9,0)H
1$+$.%()"8(%*%+)$"),$-$+0( -(H-,<4&I!)(=&)&+-1!*+!/4(<,4!2*-*&1!4*.&!a(+'(+!
Y+!)82%!(9!-%&!>(04'6!,!),L(0*-3!(9!-%&!5(584,-*(+! ,+'!X&>!b(0.!,0&!'&1*/+&'!-(!0&'82&!-%&!81&!(9!
4*=&1!*+!5(=&0-37!]+=*0(+)&+-,4!',),/&!*1!*+94*2-&'! 2%&)*2,4!9&0-*4*1&016!1855(0-!4(2,4!9,0)&01!,+'!
*+!2*-36!-(>+!,+'!=*44,/&7!$%&0&!&:*1-1!,+!80/&+-! ,=(*'!-%&!81&!(9!50(2&11&'!9(('6!>%*2%!*+!-80+!
+&&'!-(!'*12811!,+'!&+/,/&!*+!20&,-*+/!5,--&0+1!(9! ,44&=*,-&1!1(*4!&0(1*(+6!)*-*/,-&1!24*),-&!2%,+/&!
%8),+!'>&44*+/!-%,-!,0&!1(2*,443!L81-!,+'! ,+'!*)50(=&1!%8),+!%&,4-%7#_!$%&!50(2&11!(9!
&2(4(/*2,443!181-,*+,<4&7!Y-!*1!*)5(0-,+-!-(! 2,0<(+!1&E8&1-0,-*(+6!>%&0&*+!,-)(15%&0*2!
'*1-*+/8*1%!%&0&!-%,-!2*-*&1!*+!-%&)1&4=&1!,0&!+(-! ,+-%0(5(/&+*2!2,0<(+!'*(:*'&!*1!2,5-80&'!,+'!
8+181-,*+,<4&F!*+!9,2-6!*-!*1!-%&!50(2&11!,+'!5,2&!(9! 0&-80+&'!-(!-%&!1(*46!(99&01!,!1(48-*(+!9(0!24*),-&!
80<,+*1,-*(+!-%,-!'&-&0)*+&1!-%&!181-,*+,<*4*-3!(9! 2%,+/&!,+'!9(('!1&280*-37!$%*1!-&2%+*E8&!(9!
2*-*&17U!$%&!0&2&+-!-0&+'!(9!150,>4*+/!80<,+*1,-*(+6! 0&/&+&0,-*=&!(0/,+*2!9,0)*+/!*+=(4=&1!2(=&0*+/!
)&-0(5(4*1&1!,+'!)&/,H2*-*&1!*1!2800&+-43!%,=*+/! -%&!(5&+!4,+'!>*-%!54,+-16!>%*2%!2(+1&E8&+-43!
>*'&150&,'!+&/,-*=&!*)5,2-17!! 0&'82&1!-%&!/4(<,4!,-)(15%&0*2!4&=&4!(9!2,0<(+!
'*(:*'&!,1!54,+-1!2(+18)&!*-!9(0!-%&!50(2&11!(9!
?(>&=&06!2*-*&1!(99&0!,!>*'&!0,+/&!(9!
5%(-(13+-%&1*17!!
(55(0-8+*-*&1!-(!'&=&4(5!,!181-,*+,<4&!1(2*&-37!
W0<,+!,0&,1!,0&!<&--&0!&E8*55&'!-(!)*-*/,-&!
&+=*0(+)&+-,4!',),/&!,+'!50(=*'&!,22&11!-(!
24&,+!>,-&0!-%,+!080,4!,0&,1!>*-%!,!)(0&!
>*'&150&,'!5(584,-*(+7!@*)*4,0436!-%&!50(2&11&1!(9!
&+180*+/!&+&0/3!&99*2*&+236!0&1(802&!0&81&6!
0&2324*+/6!'&2&+-!1-,+',0'1!(9!&'82,-*(+!,+'!
%&,4-%2,0&!,0&!)(0&!&99*2*&+-!*+!80<,+!,0&,1!'8&!
-(!-%&!2(+2&+-0,-*(+!(9!5(584,-*(+7!B!181-,*+,<4&!
1(2*&-3!>(84'!-%81!+&&'!-(!(<-,*+!),:*)8)!81&!
90()!)*+*)8)!0&1(802&17U!
$%&1&!)&,180&16!,+'!(-%&01!K!4*.&!50&1&0=,-*(+!
(9!<*('*=&01*-36!,+'!81*+/!0&+&>,<4&!0&1(802&1!4*.&!
9(0&1-16!9*1%&0*&1!,+'!90&1%!>,-&0!,-!0,-&1!4&11!-%,+!

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

!
!

(0!&E8,4!-(!0&/&+&0,-*(+!0,-&1!K!2(+1-*-8-&!-%&! &4&=,-&!5&(54&!(8-!(9!5(=&0-3!,+'!*+-(!181-,*+,<4&!
50,2-*2&1!(9!,+!&2(4(/*2,443H181-,*+,<4&!1(2*&-37!! 4*=*+/7U!
!

<3)"%$+$&"(+&()(%*%+)$"),-.(
%&/$.+0(
B+3!181-,*+&'!&0(1*(+!(9!4*=*+/!1-,+',0'1!,1!>&44!
,1!+,-80,4!0&1(802&1!*+!2(+-*+88)!>*-%!50(L&2-&'!
5(584,-*(+!/0(>-%!*1!2&0-,*+43!,+!*)5&'*)&+-!*+!
-%&!-0,+1*-*(+!-(!,!181-,*+,<4&!1(2*&-37!!B!/0(>*+/!
5(584,-*(+!*+!,!9*+*-&!&+=*0(+)&+-!*1!<3!'&9*+*-*(+!
8+181-,*+,<4&6!,-!4&,1-!*+!-%&!4(+/!-&0)7U!$%&!
,22&4&0,-&'!4(11!(9!-%&!&,0-%I1!<*('*=&01*-3!'8&!-(!
8+181-,*+,<4&!/0(>-%!*+!%8),+!5(584,-*(+!*1!
4,0/&43!8+,550&2*,-&'!<3!-%&!/&+&0,4!58<4*26!<8-!*1!
9#.3/&:$"'($".;*)-$+$.%( (9!/0,=&1-!2(+2&0+7!$%&!54,+&-I1!4,+'!,0&,1!%,=&!
B+(-%&0!2%,0,2-&0*1-*2!(9!,!181-,*+,<4&!1(2*&-3!*1! <&&+!*+20&,1*+/43!'&/0,'&'!<3!(=&0/0,V*+/!(0!
-%,-!*-!*1!,!1(2*,443!&E8*-,<4&!1(2*&-37!$%&!-0,+1*-*(+! '&9(0&1-,-*(+6!(0!,11,84-&'!<3!%8),+H20&,-&'!
-(!,!1(2*,443!181-,*+,<4&!1(2*&-3!*+248'&1F! -(:*+16!90()!,2*'!50&2*5*-,-*(+!-(!5&1-*2*'&1N!(-%&0!
&4*)*+,-*+/!8+L81-*9*,<4&!*+&E8,4*-*&1N!&+180*+/! (0/,+*1)1!%,=&!4(1-!-%&*0!%,<*-,-1N!,+'!)(0&!,+'!
>*'&150&,'!&2(+()*2!(55(0-8+*-*&1!,+'!8+*=&01,4! )(0&!15&2*&1!%,=&!<&&+!581%&'!-(!&:-*+2-*(+7!B1!
<,1*2!,22&11!-(!%&,4-%2,0&!9,2*4*-*&1N!+,00(>*+/!-%&! &2(131-&)1!,0&!'&1-0(3&'!(0!'&/0,'&'6!-%&!
0*2%H5((0!'*=*'&N!20&,-*+/!,!),0.&-!-%,-!(5&0,-&1! &11&+-*,4!`1&0=*2&1I!-%&3!50(=*'&!9(0!%8),+!1(2*&-3!
L81-43!,+'!1&441!,1!)82%!-(!1(2*&-3!,1!*-!/,*+1!90()! ,0&!*)5,*0&'!(0!4(1-7!!
*-N!50(-&2-*+/!2*=*4!4*<&0-*&1N!,+'6!4,1-436!&+180*+/! D*=&+!-%&!2&+-0,4!0(4&!-%,-!&+&0/3!81&!54,31!*+!-%&!
-%&!8+*=&01,4!9849*4)&+-!(9!-%&!<,1*2!+&&'1!(9! /&+&0,-*(+!(9!=*0-8,443!,44!&+=*0(+)&+-,4!*)5,2-16!
%8),+*-3!50*(0!-(!1&0=*+/!48:803!>,+-17##! *-!*1!&1-*),-&'!-%,-!&,2%!5&01(+!*+!,+!
$%&!*118&!(9!1(2*,4!181-,*+,<*4*-3!*+!1(2*&-3!*1! *+'81-0*,4*1&'!+,-*(+!2,+!<&!1&&+!(+!,=&0,/&!-(!
0&4&=,+-!*+!-%&!)('&0+!2*-36!>%*2%!-&+'1!-(!0&94&2-! %,=&!1&=&+!-*)&1!-%&!*)5,2-!(9!,!5&01(+!*+!,!
,!1(2*,4!'*=*'&!<&->&&+!-%&!0*2%!4*=*+/!*+!%*/%H0*1&! '&=&4(5*+/!+,-*(+7#J!Y9!>&!2(+-*+8&!-(!*/+(0&!-%&!
-(>&01!,+'!-%&!5((0!4*=*+/!*+!148)17!$%&!+8)<&0! +&&'!-(!,'(5-!181-,*+,<4&!)&,180&16!-%&0&!>*44!<&!
(9!5&(54&!4*=*+/!*+!148)1!%,1!1-&,'*43!*+20&,1&'! ,!181-,*+&'!*+20&,1&!*+!1(*4!&0(1*(+6!0&'82&'!
>%*4&!-%&*0!4*9&1-34&!%,1!9,*4&'!-(!*)50(=&6!,1!-%&3! =&/&-,-*(+!,+'!*+1899*2*&+-!>,-&0!0&1(802&17!$%&!
4,2.!,22&11!-(!&11&+-*,4!58<4*2!0&1(802&16!,+'!-%&! 0(,'!-(>,0'1!,!181-,*+,<4&!1(2*&-3!-%81!*+=(4=&1!
%*/%H2(+18)5-*(+!,550(,2%!(9!-%&!)(0&!,9948&+-! 181-,*+,<4&!,/0*284-80&!K!(+&!-%,-!'(&1!+(-!
2*-3H'>&44&01!*1!8+,99(0',<4&!9(0!148)H'>&44&017! '&54&-&!1(*4!(0!5&(54&6!,+'!*1!&2(4(/*2,443!1(8+'6!
&2(+()*2,443!=*,<4&6!1(2*,443!L81-6!,+'!%8),+&7!
$%&!W+*-&'!X,-*(+1!C*44&++*8)!c&=&4(5)&+-!D(,4!
(9!*)50(=*+/!-%&!4*=&1!(9!#__!)*44*(+!148)!'>&44&01!
(=&0!-%&!+&:-!-&+!3&,01!*1!,!9(0)*',<4&!,--&)5-!-(!

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

 
 

Conclusion   for  all  its  citizens.  Conclusively,  any  attempt  to  


envision  a  sustainable  society  must  explore  and  
An  ideal  sustainable  society  will  not  consume   equate  the  two-­‐way  relationship  between  
more  than  its  needs  and  will  ensure  equal  rights   humanity  and  the  earth’s  natural  ecosystems.    
 

                                                                                                                       
1
 Iris  Borowy,  Defining  Sustainable  Development:  The  World  Commission  on  Environment  and  Development  (Brundtland  
Commission),  Milton  Park:  Earthscan/Routledge,  2014  
2
 Stephen  Viderman,  1998.  A  sustainable  society:  What  is  it?  How  do  we  get  there?  The  George  Wright  Forum.  
3
 Medard  Gabel,  (undated).  Regenerative  Development:  Going  Beyond  Sustainability  
http://www.designsciencelab.com/resources/Regenerative-­‐Development.pdf  
4
 Lester  Milbrath,  1984.  A  proposed  value  structure  for  a  sustainable  society.  The  Environmentalist  4(2),  113-­‐124.  
5
 United  Nations,  Department  of  Economic  and  Social  Affairs,  Population  Division,  2015.  World  Population  Prospects:  
The  2015  Revision,  Key  Findings  and  Advance  Tables.  Working  Paper  No.  ESA/P/WP.241.  
6
 James  Speth,  1992.  The  transition  to  a  sustainable  society.  Proc.  Natl.  Acad.  Sci.  USA  89,  870-­‐872.  
7
 Tim  Dyson,  2010.  Population  and  Development:  The  Demographic  Transition.  London  and  New  York:  Zed  Books.  
8
 Brundtland  Commission,  1987.  Our  Common  Future.  http://conspect.nl/pdf/Our_Common_Future-­‐
Brundtland_Report_1987.pdf  
9
 State  of  the  World:  Our  Urban  Future,  2007.  The  World  Watch  Institute  
http://www.worldwatch.org/files/pdf/State%20of%20the%20World%202007.pdf  
10
 Barton  H,  2000.  Sustainable  Communities:  The  Potential  of  Eco-­‐Neighbourhoods.  Earthscan,  London.  
11
 Gladwin  Thomas,  1999.  A  call  for  sustainable  development.  Mastering  Strategy  supplement,  Financial  Times,  p.  3.  
12
 Ehrlich  Paul  R,  1971.  Impact  of  Population  Growth.  Science  (American  Association  for  the  Advancement  of  
Science)  171  (3977):  1212–1217.  

   
  Envisioning  a  sustainable  society            |            6  
 

You might also like