Content uploaded by Tom Hargreaves
Author content
All content in this area was uploaded by Tom Hargreaves on Jun 22, 2015
Content may be subject to copyright.
!
!"
!
!
UNDERSTANDING SUSTAINABILITY INNOVATIONS:
POINTS OF INTERSECTION BETWEEN
THE MULTI-LEVEL PERSPECTIVE
AND SOCIAL PRACTICE THEORY
Tom Hargreaves, Noel Longhurst and Gill Seyfang
3S Working Paper 2012-03
!
#"
!
Science, Society and Sustainability (3S) Research Group
School of Environmental Sciences
University of East Anglia
Norwich Research Park
Norwich NR4 7TJ UK
info@3S.uea.ac.uk
www.3S.uea.ac.uk
Established in early 2011, and building on a
tradition of leading environmental social science
research at UEA, we are a group of faculty,
researchers and postgraduate students taking
forward critical social science approaches to
researching the social and political dimensions of
environment and sustainability issues.
The overall aim of the group is to conduct
world-leading research that better understands,
and can potentially transform, relations between
science, policy and society in responding to the
unprecedented sustainability challenges facing our
world. In doing this our approach is:
INTERDISCIPLINARY, working at the interface
between science and technology studies, human
geography and political science, as well as linking
with the natural sciences and humanities;
ENGAGED, working collaboratively with publics,
communities, civil society organisations, government
and business; and REFLEXIVE, through being
theoretically informed, self-aware and constructively
critical. Our work is organised around ve
interrelated research strands:
KNOWLEDGES AND EXPERTISE
PARTICIPATION AND ENGAGEMENT
SCIENCE, POLICY AND GOVERNANCE
TRANSITIONS TO SUSTAINABILITY
SUSTAINABLE CONSUMPTION
3S researchers working across these strands focus
on a range of topics and substantive issues including:
climate change, energy, emerging technologies
(such as biotechnologies and geoengineering),
natural hazards, responses to the economic and
nancial crisis, and grassroots actions and social
movements on sustainability.
!
!
$"
!
!"#$%!&$''
%&'(")*)+,"(++-("./"0+1/2(.,*.+".&+"3.'4'.5"/6"3('27".8/"0'66+,+2."*)),/*9&+("./"(3(.*'2*:'4'.5"(5(.+1"
'22/;*.'/2"'2")*,*44+4<"*,73'27".&*."0/'27"(/"),/;'0+(";*43*:4+"'2('7&.(".&*."8/340":+"4/(."'6"/245"/2+"
.&+/,+.'9*4"4+2("'("3(+0="%&+">34.'?@+;+4"A+,()+9.';+"*20"B/9'*4"A,*9.'9+"%&+/,5"&*;+"+1+,7+0"*("
9/1)+.'27"*)),/*9&+("6/,"320+,(.*20'27".&+"9/1)4+C'.5"/6"(/9'/?.+9&2'9*4"9&*27+="%&+",+4*.'/2(&')"
:+.8++2".&+(+".8/"0'66+,+2."9*1)("9*2":+"/2"/99*('/2("*2.*7/2'(.'9<":3."8+"*,73+"&+,+".&*.".&*."
.&+5"*,+"2/."13.3*445"+C943(';+="D3,.&+,<"8+"(377+(.".&*.".&+',"9*,+634"9/1:'2*.'/2"9*2"'2"6*9."0,*8"
*..+2.'/2"./"9,'.'9*4")/'2.("/6"'2.+,(+9.'/2<"8&+,+"'2.+,*9.'/2":+.8++2"),*9.'9+("*20",+7'1+("9*2"
+'.&+,"&+4)"/,"&'20+,"),/9+((+("/6"'22/;*.'/2="E+"'443(.,*.+".&'("*)),/*9&".&,/37&".8/"0'66+,+2."
9*(+("/6"(3(.*'2*:'4'.5"'22/;*.'/2"*20<"8&'4(."8+"9*3.'/2"*7*'2(."*..+1).("*."6344".&+/,+.'9*4"
(52.&+('(<"(377+(.".&*.".&+"'2.+,(+9.'/2":+.8++2"(5(.+1("/6"),*9.'9+"*20"(/9'/?.+9&2'9*4",+7'1+("'("
*2"'1)/,.*2."*,+*"/6"63.3,+",+(+*,9&=""
()*+,-./0'(3(.*'2*:'4'.5"'22/;*.'/2"*20".,*2('.'/2(F".&+"134.'?4+;+4")+,()+9.';+F"(/9'*4"),*9.'9+"
.&+/,5F"G/(.,+"H,7*2'9(F"G9/%+*1("
1#'#2-34./0'B3(.*'2*:4+"I/2(31).'/2<"%,*2('.'/2("./"B3(.*'2*:'4'.5"
'
'
'
'
'
'
'
'
'
'
'
'
'
'
#566)/2).'782328,40'
J*,7,+*;+(<"%=<"@/27&3,(.<"K="*20"B+56*27<"L="M#N!#O"Understanding+Sustainability+Innovations:+Points+
of+Intersection+between+the+Multi;Level+Perspective+and+Social+Practice+Theory.+$B" E/,-'27" A*)+,"
#N!#?N$="K/,8'9&P"B9'+29+<"B/9'+.5"*20"B3(.*'2*:'4'.5"Q+(+*,9&"L,/3)' '
!
R"
!
9':;$%<=>&$:<;'
S."'("'29,+*('2745",+9/72'(+0".&*."1++.'27".&+"(3(.*'2*:'4'.5"9&*44+27+"8'44",+T3',+"'22/;*.'/2"*."*"
(5(.+1'9"4+;+4"./"6320*1+2.*445"9&*27+".&+"8*5".&'27("*,+"0/2+"*20"&/8"(/9'+.*4"2++0("*,+"9,+*.+0"
*20"1+.="S2"(&/,.<".&*."'29,+1+2.*4"'1),/;+1+2.("'2"+9/?+66'9'+295"8'44"2/"4/27+,"0/"M+=7="U4V&0/,2"
*20"E+4(&"#NNWF"L,'2"+."*4"#N!NF"J/)-'2("#NNXF"B&/;+"#N!NO="E'.&'2".&+"2*(9+2."6'+40"/6"
(3(.*'2*:'4'.5"'22/;*.'/2"(.30'+(<"'29,+*('27"*..+2.'/2"'(":+'27"7';+2"./".8/".&+/,+.'9*4"*)),/*9&+("
8&'9&<"8&'4(."(&*,'27"*"9/29+,2"8'.&"(5(.+1'9"(/9'/?.+9&2'9*4"9&*27+<"0'66+,"6320*1+2.*445"'2"&/8"
.&+5"320+,(.*20".&+"),/9+((+(".&,/37&"8&'9&"(39&"(3(.*'2*:'4'.5"'22/;*.'/2"0/+("M/,"0/+("2/.O"9/1+"
*:/3.=""
%&+"6',(."/6".&+(+"'("*">34.'?@+;+4"A+,()+9.';+"M&+,+*6.+,">@AO".&*."(++("(5(.+1"'22/;*.'/2"*20"
.,*2('.'/2("*("+1+,7'27".&,/37&",+?*4'721+2.(":+.8++2".&+";+,.'9*4"4+;+4("/6"2'9&+<",+7'1+"*20"
4*20(9*)+="%&'("8*("/,'7'2*445"),/)/(+0":5"Q')"*20"Y+1)"M!ZZXO"*20"(3:(+T3+2.45"*))4'+0"*20"
0+;+4/)+0"1/(."),/1'2+2.45":5"L++4("M#N!!O="%&+"(+9/20"'("B/9'*4"A,*9.'9+"%&+/,5"M&+,+*6.+,"BA%O"
8&'9&"(++("'22/;*.'/2"*20"(.*:'4'.5"'2"(/9'*4"),*9.'9+(<"(39&"*("9//-'27<"(&/8+,'27"/,"0,';'27<"*("
,+(34.'27"6,/1".&+"&/,'[/2.*4"9',934*.'/2"*20"'2.+7,*.'/2"/6"0'66+,+2."+4+1+2.("/6"),*9.'9+="%&'("
*)),/*9&":3'40("/2"*"4/27"4'2+"/6"(/9'*4".&+/,'(.("'29430'27"U/3,0'+3"M!ZWWO"*20"L'00+2("M!ZXRO"*20"
1/,+",+9+2.45"Q+9-8'.["M#NN#O<"B9&*.[-'"M#NN#<"!ZZ\O"*20"E*,0+"M#NN]O":3."1/(."2/.*:45"*))4'+0"./"
(3(.*'2*:'4'.5"'22/;*.'/2":5"B&/;+<"E*4-+,"*20"A*2.[*,"M+=7="A*2.[*,"*20"B&/;+"#N!NF"B&/;+"*20"
E*4-+,"#NNW<"#N!NF"B&/;+"#N!NO="%/"0*.+<"*20"0+()'.+".&+',"(&*,+0"9/29+,2("8'.&":/.&"(3(.*'2*:'4'.5"
*20"(5(.+1'9"320+,(.*20'27("/6"'22/;*.'/2<".&+(+".8/"*)),/*9&+("&*;+":++2"0+;+4/)+0"'2"13.3*4"
+C943('/2"8'.&'2".8/"0'(.'29."*20"/99*('/2*445"/))/('.'/2*4".&+/,+.'9*4"9*1)("M+=7="B&/;+"*20"E*4-+,"
#NNW<"#NNXF"Q/.1*2("*20"Y+1)"#NNXO="%&+,+"&*;+":++2"*"6+8"4'1'.+0"'20'9*.'/2(".&*."+C)4/,*.'/2"/6"
.&+",+4*.'/2(&')("*20"4'2-(":+.8++2".&+".8/"*)),/*9&+("1'7&."),/;+"6,3'.634"M+=7="L++4(<"#N!!F"L,*1?
J*2((+2"#N!!F"B1'.&"+."*4"#N!NO<":3.".&'("9&*44+27+"&*("2/.<"./".&+":+(."/6"/3,"-2/84+07+<":++2"
+C)4/,+0"'2"*25",+*4"0+).&=""
%&+,+6/,+<"8+"*'1"./"*00,+((".&'("'2.+44+9.3*4"*20"+1)','9*4"9&*44+27+":5""'0+2.'65'27"*20"+C)4/,'27"
(/1+")/.+2.'*4"4'2-("*20"9/22+9.'/2(":+.8++2".&+(+".8/".&+/,+.'9*4"*)),/*9&+("*("*"1+*2("/6"
0++)+2'27"320+,(.*20'27"/6"&/8"(3(.*'2*:'4'.5"'22/;*.'/2("1'7&."0+;+4/)="E+"*9&'+;+".&'(":5"
*))45'27"*"9/29+).3*4"6,*1+8/,-"/,'7'2*445"),/)/(+0":5"B&/;+"M#NN$O".&*."0,*8("*..+2.'/2"
('134.*2+/3(45"./8*,0(".&+";+,.'9*4",+4*.'/2(&')(":+.8++2"4+;+4("/6".&+">@A<".&+"&/,'[/2.*4"
9',934*.'/2("/6"+4+1+2.("/6"),*9.'9+"and+.&+"8*5("'2"8&'9&"),*9.'9+("*20",+7'1+("9,/((?/;+,"*20"
'2.+,(+9."8'.&"/2+"*2/.&+,"'2"'22/;*.'/2"),/9+((+(="E+"*))45"*20"0+;+4/)"B&/;+^("6,*1+8/,-"./",+?
*2*45(+".8/"+1)','9*4"9*(+"(.30'+("_"G/(.,+"H,7*2'9("4/9*4"6//0"9//)+,*.';+"*20".&+"G9/%+*1("
*)),/*9&"./"),/?+2;',/21+2.*4":+&*;'/3,"9&*27+"?".&*."8+"/3,(+4;+("&*;+"),+;'/3(45"*2*45(+0"3('27"
/245"/2+"/6".&+(+".&+/,'+("M>@A"*20"BA%<",+()+9.';+45O="E+"+1)&*('(+"8&+,+".&+"9/1)4+1+2.*,5"
)+,()+9.';+"/66+,("additional"'2('7&.("/2".&+"(3(.*'2*:'4'.5"'22/;*.'/2"),/9+(("*20"'0+2.'65".&+"
0'66+,+2."8*5("'2"8&'9&",+7'1+("*20"),*9.'9+("*))+*,"./"'2.+,(+9."8'.&"/2+"*2/.&+,="
%&+")*)+,"),/9++0("*("6/44/8(P"B+9.'/2"#"'2.,/039+(".&+".&+/,+.'9*4"9/2.+C.("/6":/.&".&+">@A"*20"
BA%<"(&/8'27"&/8".&+5"&*;+":++2"*))4'+0"./"T3+(.'/2("'6"(5(.+1"'22/;*.'/2<"*20"'2.,/039'27"B&/;+^("
6,*1+8/,-="E+"*))45"'."./"/3,"+1)','9*4"9*(+("'2"B+9.'/2"$<"*20"0'(93((".&+"'1)4'9*.'/2("/6".&'("
*2*45('("'2"B+9.'/2"R<"'0+2.'65'27".&+"9,'.'9*4")/'2.("/6"'2.+,(+9.'/2":+.8++2",+7'1+("*20"),*9.'9+(="E+"
9/29430+"8'.&"*",+'.+,*.'/2"/6"/3,")*)+,^("9/2.,':3.'/2<"*20"*",+64+9.'/2"/2"'.("'1)4'9*.'/2("6/,"63.3,+"
,+(+*,9&="
"
"
'
!
]"
!
?'$%!;#:$:<;#':;'%@A:B@#'!;='C%!&$:&@#'
?D9'$E)'B5F28GH)I)F'C)-/J)728I)'KBHCL'
L++4("M#N!!O"0+(9,':+(".&+">@A"*("*".&+/,5".&*."9/29+).3*4'[+(".&+"/;+,*44"052*1'9")*..+,2("
/:(+,;+0"'2"(/9'/?.+9&2'9*4".,*2('.'/2(P"
`%&+">@A";'+8(".,*2('.'/2("*("2/2?4'2+*,"),/9+((+(".&*.",+(34."6,/1".&+"'2.+,)4*5"/6"
0+;+4/)1+2.("*.".&,++"*2*45.'9*4"4+;+4(P"2'9&+("M.&+"4/93("6/,",*0'9*4"'22/;*.'/2(O<"(/9'/?
.+9&2'9*4",+7'1+("M.&+"4/93("/6"+(.*:4'(&+0"),*9.'9+("*20"*((/9'*.+0",34+(".&*."(.*:'4'[+"
+C'(.'27"(5(.+1(O"*20"*2"+C/7+2/3("(/9'/?.+9&2'9*4"4*20(9*)+aG*9&"b4+;+4^",+6+,("./"
&+.+,/7+2+/3("9/26'73,*.'/2("/6"+4+1+2.(F"&'7&+,"b4+;+4(^"*,+"1/,+"(.*:4+".&*2"4/8+,"b4+;+4(^"
'2".+,1("/6"231:+,"/6"*9./,("*20"0+7,++("/6"*4'721+2.":+.8++2".&+"+4+1+2.(=c"ML++4(<"#N!!P"
#\O"
%&+">@A"0+(9,':+("&/8".&+".&,++"4+;+4("'2.+,*9."052*1'9*445"'2".&+"326/40'27"/6"(/9'/?.+9&2'9*4"
.,*2('.'/2(="d"b.,*2('.'/2^"'("(*'0"./"&*;+"/993,,+0"8&+2".&+,+"'("*"1*e/,"9&*27+"'2".&+"8*5")*,.'934*,"
(/9'+.*4"6329.'/2("M+=7="+2+,75<"8*.+,<"6//0"+.9O"*,+"6346'44+0"ML++4("#NN#O"/,<"'2"/.&+,"8/,0(<"*"(&'6."/6"
b,+7'1+^="S2"2/,1*4"9',931(.*29+(<"b,+7'1+(^"9&*27+"'29,+1+2.*445<"6/,"'2(.*29+".&,/37&"'22/;*.'/2"
./":+9/1+"1/,+"+66'9'+2.="H99*('/2*445<"&/8+;+,<",+?*4'721+2.(":+.8++2".&+"4+;+4("/6".&+">@A",+(34."
'2"1/,+"6320*1+2.*4",+7'1+"9&*27+="D/,"+C*1)4+<"*4.&/37&"L++4("*20"B9&/."M#NNWO"&'7&4'7&."*"
231:+,"/6"0'66+,+2.".,*2('.'/2")*.&8*5(".&,/37&"8&'9&"(39&"*"(&'6."1'7&."/993,"M(++"*4(/"U+,-&/3."+."
*4"#NNRO<".,*2('.'/2("*,+"9/2;+2.'/2*445"(++2"*(",+(34.'27"6,/1"+C.+,2*4"b4*20(9*)+^"),+((3,+("M+=7="
94'1*.+"9&*27+<"934.3,*4"(&'6.("+.9O"+C+,.'27"),+((3,+"3)/2"'2931:+2.",+7'1+("M+=7=".&+"6/(('4?63+4"
:*(+0"+2+,75"(5(.+1O"./"/)+2"3)"b8'20/8("/6"/))/,.32'.5^".&*."1'7&.":+"6'44+0":5"2/;+4<",*0'9*4"
'22/;*.'/2("0+;+4/)+0"'2"b2'9&+^"()*9+("M+=7=",+2+8*:4+"+2+,75".+9&2/4/7'+(O=""
%&+">@A"8*("0+;+4/)+0".&,/37&"'2?0+).&"&'(./,'9*4"9*(+"(.30'+(<"6/,"+C*1)4+"/6".&+".,*2('.'/2("6,/1"
&/,(+"0,*82"9*,.("./"9*,("ML++4("#NN]O<"6,/1"9+(()//4("./"(+8+,"(5(.+1("ML++4("#NN\O<"*20"6,/1"
9,//2+,"13('9"./",/9-"b2^",/44"ML++4("#NNWO<":3.",+4*.+0".&+/,+.'9*4"'0+*("&*;+":++2"0+;+4/)+0<"
+()+9'*445"'2".&+"K+.&+,4*20(<"6/,"3(+"*(")/4'95?1*-'27"*20"1*2*7+1+2.".//4(<"+=7="%,*2('.'/2"
>*2*7+1+2."MY+1)"*20"@//,:*9&<"#NN\O"/,"B.,*.+7'9"K'9&+">*2*7+1+2."MY+1)"+."*4"!ZZXF"J//71*"
+."*4<"#NN#O="S2")*,.'934*,<".&+,+"'("*"7,+*."0+*4"/6"'2.+,+(."'2"&/8"(39&"*)),/*9&+("1'7&.":+"3(+0"./"
.,5"*20"(.++,"+C'(.'27"32(3(.*'2*:4+",+7'1+("'2"1/,+"(3(.*'2*:4+"0',+9.'/2(="J+,+<".&+">@A")/'2.("
./8*,0(".&+"'1)/,.*29+<"6/,"8/340?:+".,*2('.'/2"1*2*7+,(<"/6P"23,.3,'27"2+8"'22/;*.'/2("8'.&'2"
b2'9&+^"()*9+("(39&"*(":5"),/;'0'27";*,'/3("6/,1("/6"b),/.+9.'/2^"6,/1"1*'2(.,+*1"1*,-+.("*20"
),+((3,+(F"/6"(++-'27"./"'2643+29+"4*20(9*)+"),/9+((+("6/,"+C*1)4+":5".,5'27"./"(&'6.")3:4'9"*..'.30+("
/,":5"'2.+,),+.'27"4*20(9*)+".,+20("'2"8*5(".&*."9&*44+27+"0/1'2*2.",+7'1+(F"*20")/.+2.'*445"/6"
.,5'27"./"0'(1*2.4+"*20",+?9/26'73,+"+C'(.'27",+7'1+("+=7=".&,/37&"4/::5'27"*9.';'.'+("/,"),/)/('27"
2+8"(.*20*,0("*20";'('/2("6/,".&+"63.3,+"M(++<"6/,"+C*1)4+<"B1'.&<"#N!#O=""
%&+">@A".&3("),/;'0+("*",+4*.';+45"('1)4+":3."&'7&45"64+C':4+"&+3,'(.'9"6,*1+8/,-"6/,"+C)4/,'27"*20"
(++-'27"./"'2643+29+".,*2('.'/2("'2")*,.'934*,"(/9'+.*4"6329.'/2("*20"(5(.+1(="K/2+.&+4+((<"8&'4(."'."
/66+,("*2"+C.,+1+45":,/*0")+,()+9.';+".&*."&+4)63445"0',+9.(",+(+*,9&"*20")/4'95"*..+2.'/2"./8*,0("
0+;+4/)1+2.("8'.&'2"*20"'2.+,*9.'/2(":+.8++2"'.("0'66+,+2."4+;+4(<"'."&*("2/.":++2"6,++"6,/1".&+"
9,'.'9'(1".&*."'."/;+,4//-("9,39'*4"*()+9.("/6".,*2('.'/2("),/9+((+(=""
d"9/11/2"9,'.'T3+"'(".&*."'."+C&':'.("*".+9&2/4/7'9*4":'*("*20".&*.<"'2"(/"0/'27<"'."'2*0+T3*.+45"
9/29+).3*4'(+("*9./,("*20"*7+295<":+'27"'2(.+*0".//"6329.'/2*4'(.<",*.'/2*4'(."*20"(.,39.3,*4"'2"
*)),/*9&"M+=7="L+23("*20"I/4+("#NNXF"B1'.&"+."*4"#NN]O="E+"*7,++"8'.&"L++4("M#N!!O".&*.".&'("
9,'.'9'(1"'("1'()4*9+0"?".&+">@A"'("'2"6*9."`(&/.".&,/37&"8'.&"*7+295<":+9*3(+".&+".,*e+9./,'+("*20"
134.'?4+;+4"*4'721+2.("*,+"*48*5("+2*9.+0":5"(/9'*4"7,/3)(c"ML++4(<"#N!!<"#ZO"_"2+;+,.&+4+(("8+"
8/340"*4(/"0,*8"*..+2.'/2"./".&+".+20+295"2/."/245"./"6/93("/2"'22/;*.'/2("'2".+9&2'9*4"*,.+6*9.("
!
\"
!
,*.&+,".&*2"/2"6/,1("/6"b(/9'*4"'22/;*.'/2^"M+=7=">347*2"#NN\O<":3."*4(/"./"'0+2.'65"*20"0+6'2+"*9./,("
(/1+8&*."2*,,/845<"'2",+4*.'/2"./"*20"'2".+,1("/6"/245".&+")*,.'934*,"(/9'/.+9&2'9*4",+7'1+"320+,"
(.305="D/,"+C*1)4+<"*("B+56*27"*20"B1'.&"M#NNWO"&'7&4'7&."M*20"(++"*4(/"B+56*27"*20"J*C+4.'2+<"'2"
),+((<"*20"B1'.&<"#N!#O<">@A?:*(+0"(.30'+(".+20"./"(.,+((".&+"*7+295"/6"0/1'2*2."1*,-+."*20"(.*.+?
:*(+0"*9./,("*20"*7+29'+("'2"(&*)'27".,*2('.'/2"),/9+((+("./".&+"2+74+9."/6"*9./,("8'.&'2"9';'4"(/9'+.5"
(+..'27("M*")/'2.".&'(")*)+,"(++-(")*,.45"./",+9.'65":5"0,*8'27"/2"+1)','9*4"9*(+"(.30'+("/6"9';'4"(/9'+.5"
7,/3)("_"(++"(+9.'/2"$O="D3,.&+,<":5"6/93('27"/2"()+9'6'9",+7'1+(<"(39&"*("+2+,75"M+=7="Q*;+2"#NN\O<"
6//0"M+=7="B1'.&"#NN\*O<"8*.+,"M+=7=";*2"0+,"U,377+"+."*4"#NN]O<"/,".,*2()/,."M+=7="L++4("#NN]O<".&+"
>@A"&*("320+,)4*5+0"134.'?,+7'1+"'2.+,*9.'/2("*20"*9./,(".&*."93.?*9,/(("134.')4+",+7'1+("_"*")/'2."
.&*."L++4("&'1(+46",+9/72'(+("*("*2"`320+,(.30'+0":3."),/1'('27"./)'9c"ML++4("#N!!<"$#"_"*4.&/37&"
(++"Y/2,*0"+."*4"#NNXF"Q*;+2"*20"f+,:/27"#NNZ<"#NNWF"*20"Q*;+2"#NNW"6/,",*,+"(.30'+("/6",+7'1+?
9,/(('27"'22/;*.'/2(O=""
B&/;+"*20"E*4-+,"M#N!NO"*20"B&/;+"M#NN$<"#N!#O"'0+2.'65".8/"63,.&+,"9,'.'9*4"/1'(('/2(".&*.">@A?
:*(+0"(.30'+(^".+20+295"./"6/93("/2".,*2('.'/2("'2"()+9'6'9",+7'1+("9*3(+(".&+1"./"/;+,4//-="D',(.<"
B&/;+"*20"E*4-+,"M#N!NO"/:(+,;+".&*."8'.&'2"(.30'+("3('27".&+">@A<""`.&+"socio"+4+1+2."/6"
socio.+9&2'9*4"9&*27+".5)'9*445",+6+,("./".&+"6*9.".&*."'22/;*.'/2("*,+"(&*)+0":5"(/9'*4"),/9+((+("
,*.&+,".&*2"./".&+"8*5("'2"8&'9&".+9&2'9*4"(5(.+1("*,+"'1)4'9*.+0"'2"0+6'2'27"*20",+),/039'27"0*'45"
4'6+`"MB&/;+"*20"E*4-+,"#N!N<"RW!<"+1)&*('("'2"/,'7'2*4O="S2(.+*0<":5".3,2'27".&+',"*..+2.'/2"./8*,0("
+;+,50*5"),*9.'9+(<"B&/;+"*20"E*4-+,"M#N!NO"(&/8"&/8")*,.'934*,"(/9'+.*4"2++0("*20"6329.'/2("*,+"
+'.&+,"1*'2.*'2+0"/,"+;/4;+"*20"9&*27+".&,/37&".&+",/3.'2+")+,6/,1*29+"/6"(/9'*4"),*9.'9+(<"(39&"*("
(&/8+,'27"/,"9/113.'27<".&*."'2;/4;+".&+"b&/,'[/2.*4^"M:5"9/2.,*(."./".&+"b;+,.'9*4^"4+;+4("/6".&+">@AO"
9',934*.'/2"*20"'2.+7,*.'/2"/6"+4+1+2.(".&*.".,*;+4"*9,/(("*20":+.8++2"()+9'6'9",+7'1+("M(++"(+9.'/2"
#=#O="B+9/20<"*20"'2",+4*.'/2"./".&'(")/'2.<"B&/;+"M#N!#O"/:(+,;+(".&*."*4.&/37&".&+">@A"'("+C.,+1+45"
;*43*:4+"'2"&+4)'27"./"320+,(.*20"novelty"*20"&/8"2+8"'22/;*.'/2("8'.&'2"2'9&+(":,+*-".&,/37&"./"
6/,1"052*1'9*445"(.*:4+",+7'1+(<"'."&*(",*.&+,"4+(("./"(*5"*:/3.".&+"052*1'9("/6"normality="g+()'.+"
,+6+,+29+("./".&+"(.,+27.&"/,"8+*-2+(("/6"(.,39.3,*.'/2"8'.&'2".&+"0'66+,+2."4+;+4("M+=7="L++4("*20"
B9&/."#NNWO<".&+">@A^("/;+,?*,9&'27"6/93("/2"'22/;*.'/2"*20".,*2('.'/2"'2"()+9'6'9",+7'1+("6/,9+("'."./"
+1)&*('(+".&+"2+8"*20".&+"2/;+4"*20<"'2"(/"0/'27<"./"/;+,4//-".&+"8'0+,"(5(.+1("/6"(5(.+1(".&*."
&/40".&'27("'2")4*9+"*20"1*'2.*'2"normality"MB&/;+"#NN$O="
S2"(311*,5<"8&'4(.".&+">@A"94+*,45"/66+,("*"3(+634"6,*1+8/,-"6/,"320+,(.*20'27"(3(.*'2*:'4'.5"
.,*2('.'/2("'2")*,.'934*,"(5(.+1("*20",+7'1+(<"8+"(377+(.".&*.".&+"*99/32."'."/66+,("2++0("+C.+20'27"
63,.&+,"./"*99/32."6/,"*9.';'.'+(".&*."93."*9,/(("+C'(.'27",+7'1+("*20"(5(.+1(<".&*."+27*7+"1/,+"
0',+9.45"8'.&")+/)4+("+;+,50*5"4'6+"),*9.'9+(<"*20"8&'9&"9/29+2.,*.+"/2"2/,1*4'.5"*("139&"*(".&+5"0/"
/2"2/;+4.5="J+,+<"*20"*("8'44":+"0'(93((+0"'2".&+"2+C."(+9.'/2<",+9+2."8/,-"/2"B/9'*4"A,*9.'9+"%&+/,5"
MBA%O"'(")/.+2.'*445"&+4)634="
'
?D?'#,783F'C-37287)'$E),-*'K#C$L"
E&'4(.".&+">@A"'("9/29+,2+0"8'.&".,*2('.'/2("'2"(/9'/.+9&2'9*4",+7'1+("*20"(5(.+1(<"8'.&'2"BA%".&+"
6/93("/6"*..+2.'/2"(&'6.("./"*"0'66+,+2."32'."/6"*2*45('(<".,*2('.'/2("'2"practices"MB&/;+"#N!#O="%&+,+"
,+1*'2("`2/"32'6'+0"),*9.'9+"*)),/*9&c"MB9&*.[-'"#NN!<"#O"*20"'20++0"1*25";*,'*2.("/6"),*9.'9+"
.&+/,5"&*;+"),+;'/3(45":++2"+C),+((+0"M6/,"+C*1)4+":5"U/3,0'+3"!ZWW<"L'00+2("!ZXR<"B9&*.[-'"!ZZ\<"
#NN#"/,"Q+9-8'.["#NN#O<"&/8+;+,"'2".&'(")*)+,"8+"*0/)."*2"*)),/*9&"0+;+4/)+0":5"B&/;+"*20"
A*2.[*,"MB&/;+"*20"A*2.[*,"#NN]"*20"A*2.[*,"*20"B&/;+"#N!NO"*(".&'("&*(":++2",+9+2.45"*))4'+0"./"
.&+"./)'9"/6"'22/;*.'/2"'2"),*9.'9+"8&'9&"'("/3,"9/,+"6/93("&+,+="
B9&*.[-'"M#NN#O"0'(.'273'(&+(":+.8++2"),*9.'9+(?*(?+2.'.'+("M'0+*4'[+0"*20"*:(.,*9."6/,1(".&*."*,+"
&'(./,'9*445"*20"9/44+9.';+45"6/,1+0O"*20"),*9.'9+(?*(?)+,6/,1*29+("M.&+"7,/320+0"+2*9.1+2."/6"
),*9.'9+("9/2039.+0"*("*20"*1'0"+;+,50*5"9/2.'27+29'+("_"(++"*4(/"Qh)-+"#NNZO="%&+"),+0/1'2*2."
!
W"
!
6/93("8'.&'2"BA%<"&/8+;+,<"'("/2".&+"b0/'27^"/6".&+"),*9.'9+(".&*."1*-+"3)"2/,1*4"+;+,50*5"4'6+<"(39&"
*("9//-'27<"9594'27<"(&/8+,'27"+.9=<"/2".&+"+4+1+2.("/6"8&'9&".&+5"*,+"9/1),'(+0<"*20"/2".&+"8*5("'2"
8&'9&".&+(+"),*9.'9+("*,+"(/9'*445"/,7*2'(+0="S2"*2"/6.?9'.+0"0+6'2'.'/2<"Q+9-8'.["M#NN#O"(377+(.(".&*."
*"),*9.'9+"'(P""
`*",/3.'2'[+0".5)+"/6":+&*;'/3,"8&'9&"9/2('(.("/6"(+;+,*4"+4+1+2.(<"'2.+,9/22+9.+0"./"/2+"
/.&+,P"6/,1("/6":/0'45"*9.';'.'+(<"6/,1("/6"1+2.*4"*9.';'.'+(<"i.&'27(i"*20".&+',"3(+<"*"
:*9-7,/320"-2/84+07+"'2".&+"6/,1"/6"320+,(.*20'27<"-2/8"&/8<"(.*.+("/6"+1/.'/2"*20"
1/.';*.'/2*4"-2/84+07+="d"),*9.'9+"?"*"8*5"/6"9//-'27<"/6"9/2(31'27<"/6"8/,-'27<"/6"
'2;+(.'7*.'27<"/6".*-'27"9*,+"/6"/2+(+46"/,"/6"/.&+,(<"+.9="?"6/,1("(/"./"()+*-"*"i:4/9-i"8&/(+"
+C'(.+29+"2+9+((*,'45"0+)+20("/2".&+"+C'(.+29+"*20"specific+interconnectedness"/6".&+(+"
+4+1+2.(<"*20"8&'9&"cannot+be+reduced+to+any+one+of+these+single+elements.”+MQ+9-8'.["#NN#<"
#RZ?]N<"+1)&*(+("*00+0O""
Q+9-8'.[^("+1)&*('("/2".&+"+4+1+2.("/6"8&'9&"),*9.'9+("*,+"1*0+"&*("('29+":++2"8'0+45"*0/).+0="
E&'4(."0'66+,+2.".&+/,'(.("/66+,"0'66+,+2."4'(.("/6"'27,+0'+2.("M6/,"+C*1)4+"(++"L,*1?J*2((+2"#N!N<"
!]R"6/,"*"9/1)*,'(/2"/6"B9&*.[-'<"E*,0+<"Q+9-8'.["*20"B&/;+"*20"A*2.[*,O<"8+"6/44/8"B&/;+"*20"
A*2.[*,^("M#NN]*O";+,('/2".&*."(++("),*9.'9+("*("1*0+"3)"/6"S1*7+("M1+*2'27(<"(51:/4(O<"B-'44("M-2/8?
&/8<"6/,1("/6"9/1)+.+29+O"*20">*.+,'*4("M*,.+6*9.(<".+9&2/4/7'+(O".&*."*,+"*9.';+45"*20",+93,(';+45"
'2.+7,*.+0".&,/37&"+;+,50*5")+,6/,1*29+="
B&/;+"*20"A*2.[*,^(";+,('/2"(.,+((+(".&*."),*9.'9+("*,+"(.*:'4'(+0"M/,"9&*27+0O".&,/37&".&+',",+)+*.+0"
*20"1/,+"/,"4+(("6*'.&634")+,6/,1*29+(":5"),*9.'.'/2+,(="D/,"+C*1)4+<"'2".&+"9*(+"/6"(&/8+,'27<"+;+,5"
.'1+"(/1+/2+"&*("*"(&/8+,"(j&+"9/1:'2+(".&+"'1*7+("M94+*24'2+((<"6,+(&2+((O<"(-'44("M&/8"./"3(+"
(/*)"*20"8*(&"/2+(+46O"*20"1*.+,'*4("M8*.+,<"(/*)<"(&/8+,"93:'94+O".&*."1*-+"3)".&+"),*9.'9+"/6"
(&/8+,'27"*20<".&,/37&"+2*9.'27".&'("),*9.'9+?*(?)+,6/,1*29+"(j&+"+'.&+,",+'26/,9+("/,"1/0'6'+(".&+"
4'2-(":+.8++2".&+"+4+1+2.("/6"(&/8+,'27"*("*"),*9.'9+?*(?+2.'.5"M96="B&/;+"*20"E*4-+,"#N!NO="
A,*9.'9+("*,+".&3("6/,1+0<"9&*27+0"*20")/.+2.'*445"b6/(('4'(+0^""MB&/;+"*20"A*2.[*,<"#NN]:O"*(".&+"
4'2-(":+.8++2".&+',"+4+1+2.("*,+"1*0+<"1*'2.*'2+0<"/,":,/-+2="d99/,0'2745<"*20"*("6'73,+"!"0+)'9.(<"
'."'(")/((':4+"./"0,*8"*2"*2*45.'9*4"0'(.'29.'/2":+.8++2"0'66+,+2."(.*7+("'2".&+"4'6+"/6"*"),*9.'9+<"6,/1"
),/./?),*9.'9+("'2"8&'9&".&+"+4+1+2.("+C'(.":3."*,+"2/."5+."'2.+7,*.+0<".&,/37&"),*9.'9+("'2"8&'9&".&+"
+4+1+2.("*,+",+734*,45"9/1:'2+0"'2")+,6/,1*29+(<"./"+C?),*9.'9+("'2"8&'9&".&+"+4+1+2.("&*;+"
:+9/1+"0'(9/22+9.+0"6,/1"/2+"*2/.&+,="
M865-)'90'C-,2,GJ-37287)/N'J-37287)/'34.')OGJ-37287)/'
Md0*).+0"6,/1"A*2.[*,"*20"B&/;+"#N!N<")R]NO"
!
X"
!
U5"'1)4'9*.'/2<"*4.&/37&".&+"(.*:'4'.5"*20",+),/039.'/2"/6"),*9.'9+(",+(34.("6,/1".&+",+)+*.+0"
'2.+7,*.'/2"/6"+4+1+2.(<"'22/;*.'/2"'2"),*9.'9+("0+,';+("6,/1".&+"1*-'27"*20":,+*-'27"/6"4'2-("
:+.8++2"+4+1+2.("MA*2.[*,"*20"B&/;+"#N!NO="d("B&/;+"M#N!NO"*9-2/84+07+(<"&/8+;+,<"1/(."/6".&+"
8/,-"/2"BA%"./"0*.+"&*("6/93((+0"/2".&+",+),/039.'/2"/6"),*9.'9+(",*.&+,".&*2"/2".&+"8*5("'2"8&'9&"
2/;+4"(3(.*'2*:4+"+4+1+2.("1'7&.":+"'2.,/039+0"/,"'2"8&'9&"2+8"*20"1/,+"(3(.*'2*:4+"
9/26'73,*.'/2("/6"+4+1+2.("1'7&.":+"7+2+,*.+0"M*4.&/37&"(++"L,*1?J*2((+2"#N!!"6/,"*",+9+2."
0'(93(('/2"/6".&+"(/3,9+("/6"9&*27+"'2"),*9.'9+(O="A*2.[*,"*20"B&/;+"M#N!N<"R]XO"6/,"+C*1)4+<"
&'7&4'7&."$"0'(.'29."b9',93'.("/6",+),/039.'/2^".&,/37&"8&'9&"),*9.'9+("*,+"1*'2.*'2+0"*20"(.*:'4'(+0="
%&+"6',(."9',93'.",+6+,("./"&/8<"0+()'.+".&+',"*))*,+2."*3./2/15<".&+"+4+1+2.("/6"*"('274+"),*9.'9+"
*4(/"*))+*,"./"9/&+,+"*20"&/40"/2+"*2/.&+,"./7+.&+,="D/,"+C*1)4+<")*,.'934*,"1*.+,'*4("M+=7="4*320,5"
4'T3'0O"1*5":+9/1+"94/(+45"*((/9'*.+0"8'.&")*,.'934*,"1+*2'27("M+=7="94+*24'2+((O"/,"(-'44("M+=7="3('27"*"
8*(&'27"1*9&'2+O="%&+"(+9/20"9',93'."9/29+,2(".&+",+4*.'/2(":+.8++2"8&/4+"),*9.'9+("*(".&+5"9/1+"
./"6/,1"'2.+,9/22+9.+0"),*9.'9+"9/1)4+C+("/,"b(5(.+1("/6"),*9.'9+^"(39&"*(".&+"9/1:'2*.'/2"/6"
9/1)4+1+2.*,5"),*9.'9+(".&*."/993,"'2"*"('274+"8/,-)4*9+"/,".&+",+4*.'/2(&')":+.8++2"0,';'27"
),*9.'9+("*20"/3.?/6?./82"(&/))'27"),*9.'9+(="D'2*445<".&+".&',0"9',93'.",+4*.+("./".+1)/,*4"052*1'9("
*20")*.&?0+)+20+29+<"+C)4/,'27"&/8"93,,+2."),*9.'9+("+;/4;+0"/3."/6")*(."/2+("*20"9/2.*'2".&+"
(++0("/6"63.3,+"),*9.'9+="D/,"'2(.*29+<"'2".&+"9*(+"/6"*"('274+"'20';'03*4^("4'6+(.54+<".&+"),*9.'9+("(&+"
93,,+2.45"b9*,,'+(^"MQ+9-8'.["#NN#O"8'44"(&*)+".&+"-'20("/6"),*9.'9+"(&+"+29/32.+,("'2"&+,"0*'45"4'6+<"e3(."
*(".&+5"8'44"(&*)+"&+,")+,9+).'/2("/6<"*20"*:'4'.5"./".*-+"3)"2+8"),*9.'9+(="%&+(+"$"9',93'.("/6"
,+),/039.'/2".&3("+1)&*('(+".&+"(.*:'4'.5"/6"),*9.'9+("*20"(5(.+1("/6"),*9.'9+<"*20".&+"),/6/320"
9&*44+27+("4'-+45"./":+"'2;/4;+0"'2"*..+1).'27"./"9&*27+".&+1="
BA%".&3("0+)*,.("6,/1"*20"+C.+20(">@A?:*(+0"*2*45(+("'2"*."4+*(.".8/"9,39'*4"8*5(="D',(.<"BA%"6/93(+("
'.("*..+2.'/2"/2"2/,1*4'.5",*.&+,".&*2"2/;+4.5="S2(.+*0"/6"+C*1'2'27"('274+"'22/;*.'/2".,*e+9./,'+(<"
BA%"+1)&*('(+(".&+"1*25"052*1'9("*20"9',93'.("/6",+),/039.'/2"'2;/4;+0"*(".&+"134.')4+"+4+1+2.("/6"
),*9.'9+"*,+"'2.+7,*.+0"'2"()+9'6'9")+,6/,1*29+("/6"),*9.'9+"MB&/;+"#N!#O="%&'("'("*"9,39'*4"*00'.'/2"./"
>@A?:*(+0"*2*45(+(<":3."'."'("'1)/,.*2."./"+1)&*('(+"*4(/".&*.<"*("/6"5+.<"BA%"'("2/."+()+9'*445"8+44?
+T3'))+0"./"0'(93((".&+"(/3,9+("/,"+1+,7+29+"/6"2/;+4.5"MB&/;+"#N!#O="L,*1?J*2((+2"M#N!!O"&*("
,+9+2.45"0+;+4/)+0"BA%"'2".&'("*,+*<"'443(.,*.'27"&/8"9&*27+"'2"),*9.'9+("9*2",+(34."6,/1"*0e3(.1+2.("
'2".&+";*,'/3("+4+1+2.("/6"8&'9&".&+5"*,+"9/1),'(+0"M+()+9'*445".+9&2/4/7'+(O"/,"6,/1"'2.+,?
,+4*.'/2(&')(":+.8++2"134.')4+"'2.+,?9/22+9.+0"),*9.'9+(<"*("9&*27+"'2"/2+"),*9.'9+"9*2"*66+9."
/.&+,(="K/2+.&+4+((<"1/,+"8/,-"'(",+T3',+0"*20<"*("(39&<".&+"('274+"(5(.+1"6/93("*20";+,.'9*4"4+;+4("
/6".&+">@A",+1*'2<"6/,".&+".'1+":+'27"*."4+*(.<"&+4)634"'2"320+,(.*20'27"8&+,+"2/;+4.5"*20",*0'9*4"
9&*27+"1*5"9/1+"6,/1="
B+9/20<":5"6/93('27"/2"+;+,50*5"0/'27(<"BA%"9*44("'2./"T3+(.'/2".&+"8*5"'2"8&'9&".&+">@A"0,*8("
:/320*,'+("*,/320"0'(.'29."(5(.+1("*20",+7'1+(="%/"3(+"9//-'27"*("*2"'443(.,*.';+"+C*1)4+<"8&+,+"
.&+">@A"&*(";*,'/3(45":++2"3(+0"./"+C)4/,+".,*2('.'/2("'2".&+"+2+,75<"6//0<"8*.+,<"*20j/,".,*2()/,."
,+7'1+(<"+*9&"/6"8&'9&"3)&/40("134.')4+"0*5?./?0*5"),*9.'9+(<".&+"('274+"),*9.'9+"/6"9//-'27",+63(+("
./",+9/72'(+".&+(+",+7'1+"*20"(5(.+1":/320*,'+(="d(<"'2".&+"1*-'27"/6"*"('274+"1+*4<"),*9.'.'/2+,("
0,*8"3)/2<"*20".&3(",+'26/,9+"/,")/.+2.'*445"9&*44+27+<"*44"/6".&+(+"0'66+,+2.",+7'1+(="A+,&*)(".&+"
1/(."9,39'*4"0'(.'29.'/2":+.8++2"BA%"*20".&+">@A<".&+,+6/,+<"*20".&+"/2+".&*."8+"8'44".*-+"63,.&+,"'2"
.&+",+(."/6".&'(")*)+,<",+4*.+("./".&+"&/,'[/2.*4"2*.3,+"/6",+4*.'/2(":+.8++2"),*9.'9+(":5"9/2.,*(."./"
.&+"&'+,*,9&'9*4"*20";+,.'9*4",+4*.'/2(":+.8++2".&+"4+;+4("/6".&+">@A="E&'4(.".&+">@A"*44/8("/2+"./"
+C*1'2+".&+"+1+,7+29+"/6"2/;+4.5".&,/37&".&+"'2.+,*9.'/2(":+.8++2".&+";+,.'9*445?/,0+,+0"4+;+4("/6"
2'9&+<",+7'1+"*20"4*20(9*)+<"BA%"6/93(+("*..+2.'/2"'2(.+*0"/2".&+"&/,'[/2.*4"052*1'9("/6"),*9.'9+("
.&*."93.?*9,/(("134.')4+",+7'1+("*20"(5(.+1("*("),*9.'9+("*20".&+',"+4+1+2.("6/44/8".&+',"9',93'.("/6"
,+),/039.'/2="
"
'
!
Z"
!
?D1'&,44)72846'2E)'BHC'+82E'#C$'
%&+"),+9+0'27"(+9.'/2("&*;+"+C)4/,+0".&+"0'(.'29.';+2+(("/6".&+"*2*45(+("/66+,+0":5".&+">@A"*20"BA%F"
'2".&'("(+9.'/2"8+".3,2"/3,"*..+2.'/2"./".&+',"('1'4*,'.'+("*20"./".&+"8*5("'2"8&'9&".&+5"1'7&.":+"
6,3'.63445":,/37&."./7+.&+,"*20"9/22+9.+0="S2"(++-'27"./"0,*8"./7+.&+,"*20"9/22+9.".&+(+".8/"
0'(.'29.".&+/,'+(<"'."'("'1)/,.*2."./":+"94+*,"*:/3.".&+"4'1'.("./"/3,".&+/,+.'9*4"*1:'.'/2(="H3,"*'1"'2"
.&'("(+9.'/2"'("2/."./"'2.+7,*.+<"63(+"/,"&5:,'0'(+".&+(+".8/"*)),/*9&+("'2./"*2"/;+,?*,9&'27<"32';+,(*4"
.&+/,5<"6/,"./"0/"(/"8/340"320+,1'2+".&+"0'(.'29.';+"9/2.,':3.'/2".&*."+*9&"1*-+("*4/2+="S2(.+*0<"
4'-+"L++4("M#N!NO<"/3,"*'1"'("./"+C)4/,+".&+"b9,/((/;+,(^":+.8++2".&+(+".8/".&+/,'+(<"./"+C*1'2+"
`'2.+,)4*5<"2/."(52.&+('(c"ML++4("#N!N<"]N$O"'2"/,0+,"./"(++"8&*."BA%"9*2"*00"./".&+">@A"*20";'9+?
;+,(*="E+"0/".&'(":5<"6',(.<"+C*1'2'27".&+"('1'4*,'.'+(":+.8++2".&+".8/"*)),/*9&+("*20<"(+9/20<":5"
,+?+C*1'2'27"*2"*2*45.'9*4"6,*1+8/,-"/,'7'2*445"),/)/(+0":5"B&/;+"M#NN$O".&*.<"8+"*,73+<"'("9*)*:4+"
/6"7*.&+,'27"./7+.&+,".&+":+2+6'.("/6"+*9&"*)),/*9&"*20".&3("),/;'0+("*"1+*2("./"1/,+"63445"
320+,(.*20".&+",/4+(".&*."9';'4"(/9'+.5"7,/3)("1*5")4*5"'2"(3(.*'2*:'4'.5".,*2('.'/2(="
A+,&*)(".&+"9+2.,*4"('1'4*,'.5":+.8++2".&+">@A"*20"BA%<"8'.&",+7*,0("./"(3(.*'2*:'4'.5".,*2('.'/2("*."
4+*(.<"'(".&*.":/.&",+9/72'(+"9/2.+1)/,*,5"+2;',/21+2.*4"*20"(3(.*'2*:'4'.5"9&*44+27+("*("0+1*20'27"
6320*1+2.*4"(5(.+1("9&*27+".&*."9*22/.":+"*9&'+;+0".&,/37&"'29,+1+2.*4".'2-+,'27"8'.&"+C'(.'27"
(5(.+1(="d("B&/;+"M#N!NO")3.("'.P""
`,+4+;*2."(/9'+.*4"'22/;*.'/2"'(".&*."'2"8&'9&"9/2.+1)/,*,5",34+("/6".&+"7*1+"*,+"+,/0+0F"'2"
8&'9&".&+"(.*.3("T3/"'("9*44+0"'2./"T3+(.'/2F"*20"'2"8&'9&"1/,+"(3(.*'2*:4+",+7'1+("/6"
.+9&2/4/7'+(<",/3.'2+(<"6/,1("/6"-2/8"&/8<"9/2;+2.'/2(<"1*,-+.(<"*20"+C)+9.*.'/2(".*-+"&/40"
*9,/(("*44"0/1*'2("/6"0*'45"4'6+=c"MB&/;+"#N!N<"!#WXO"
U/.&".&+">@A"*20"BA%"*,+"b1'004+",*27+^"*)),/*9&+(".&*.",+63(+"./"7';+"),'1*95"./"+'.&+,"(.,39.3,+"
/,"*7+295"'2"(/9'/.+9&2'9*4"9&*27+"),/9+((+(<":3."'2(.+*0"6/93("/2".&+"052*1'9("/6"bB.,39.3,*.'/2^"
ML'00+2("!ZXRO".&*."0,';+":/.&"(5(.+1"(.*:'4'.5"*20"9&*27+"M+=7="L++4("#N!NF"Qh)-+"#NNZF"L++4("*20"
B9&/."#NNWO="D3,.&+,"(.'44<":/.&".&+/,'+(",+9/72'(+".&*.".&+(+"),/9+((+("8'44"'2;/4;+"134.')4+"*9./,(<"
8'44"6/44/8"2/2?4'2+*,".,*e+9./,'+(<"8'44"0'()4*5"9/?+;/43.'/2*,5"*20"+1+,7+2."052*1'9(".&*."),/9++0"
0+()'.+";*,'/3("6/,1("/6")*.&?0+)+20+295"*20"4/9-?'2<"*20".&+,+6/,+".&*.<"./".&+"+C.+2."7/;+,2*29+"
'(")/((':4+<"'."13(."2+9+((*,'45".*-+"*2"*0*).';+"*20",+64+C';+"6/,1"M+=7="B&/;+"*20"E*4-+,"#NNWF"Q')"
#NN\O="
L';+2".&+"4*,7+"*1/32."/6"/;+,4*)"*20"(&*,+0"'2.+,+(.":+.8++2".&+".8/".&+/,'+(<"'."'(".&+,+6/,+"/6"2/"
(3,),'(+"+'.&+,".&*.".&+/,'(.("&*;+"(/37&.";'7/,/3(45"./"0+6+20".&+',"0'(.'29.';+2+(("*20"
'29/1)*.':'4'.5"M+=7="B&/;+"*20"E*4-+,"#N!NO<"/,".&*."1/,+",+9+2."+66/,.("&*;+":++2"1*0+"./"
'2.+7,*.+"*20"&5:,'0'(+".&+(+"6,*1+8/,-("M+=7="L++4(<"#N!!F"B1'.&"+."*4"#N!NO="L++4("M#N!!O<"6/,"
+C*1)4+<"&*("*..+1).+0"./"4'2-".&+".8/".&+/,'+(":5"(377+(.'27".&*.".&+"0'(.'29.'/2":+.8++2".&+"
4+;+4("/6".&+">@A",+6+,("/245"./"0+7,++("/6"(.,39.3,*.'/2"*20"(.*:'4'.5"*20".&*.<"*("(39&<".&+";+,.'9*4"
2/.'/2"/6"*"b2+(.+0"&'+,*,9&5^"(&/340")+,&*)(":+"*:*20/2+0="B'1'4*,45<"B1'.&"+."*4"M#N!NO"&*;+".*-+2"
(.+)("./8*,0("'2.+7,*.'/2":5"*,73'27".&*."BA%"0/+("'2"6*9.",+9/72'(+"0'66+,+2."0+7,++("/6"(.*:'4'.5"
8'.&'2"),*9.'9+("*20".&3(<"'2"+66+9.<"*4,+*05"9/2.*'2("*"b;+,.'9*4^"0'1+2('/2="L++4("M#N!!O"&*(".*-+2"
.&'(")/'2."(.'44"63,.&+,"./".+2.*.';+45"(377+(.".&*."'."1'7&.":+")/((':4+"./"()+*-"/6",+7'1+("*("(.*:'4'(+0"
/,",/3.'2'(+0"),*9.'9+(<"*20"/6"2'9&+("*("1/,+"+1+,7+2.<"643'0"),*9.'9+(!=""
"
"
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!"L/'27"(.'44"63,.&+,<"B1'.&"M#N!#O"3(+(".&+".+,1"b(/9'/.+9&2'9*4"),*9.'9+(^"*4.&/37&<"'2".&'("9*(+<"'."'("3294+*,"
+C*9.45"8&'9&"*()+9.("/6".&+(+"0'66+,+2.".&+/,+.'9*4"*)),/*9&+("*,+":+'27",+.*'2+0"/,"0'(9*,0+0="
!
!N"
!
"
%&+(+",+()+9.';+"+66/,.("./",+20+,".&+";+,.'9*4"&/,'[/2.*4"*20".&+"&/,'[/2.*4";+,.'9*4"*,+";*43*:4+"
(.+)("./8*,0("9/1:'2'27".&+"'2('7&.("/6":/.&"*)),/*9&+(<"2/2+.&+4+((".&+5",32".&+",'(-"/6"
320+,)4*5'27".&+"0'(.'29.';+"9/2.,':3.'/2("1*0+":5"+*9&".&+/,5":+9*3(+".&+5"/:(93,+".&+"-+5"
0'66+,+29+":+.8++2".&+1="K*1+45<".&*.".&+5"*00,+(("0'66+,+2."32'.("/6"*2*45('(<"8'.&".&+">@A"
9/29+,2+0"8'.&".,*2('.'/2("'2",+7'1+("*20"BA%"9/29+,2+0"8'.&".,*2('.'/2("'2"),*9.'9+"MB&/;+<"#N!#O="
d("(39&<".&+(+"'2.+7,*.';+"+66/,.(")/.+2.'*445"9/264*.+"0'(.'29."*2*45.'9*4"*)),/*9&+(="S2(.+*0<"8+"
(377+(."'."'("),+6+,*:4+<"*."4+*(."*("*"6',(."(.+)<"./"+C*1'2+"both"&/8"2'9&+(<",+7'1+("*20"4*20(9*)+("
'2")*,.'934*,"(5(.+1("'2.+,*9."8'.&"*20"'1)*9."3)/2"134.')4+"+;+,50*5"),*9.'9+(<"and"&/8")*,.'934*,"
),*9.'9+("*20"(5(.+1("/6"),*9.'9+"'2.+,(+9."8'.&".&+"052*1'9("/6"2'9&+(<",+7'1+("*20"4*20(9*)+(="S2"
(/"0/'27<"8+"6/44/8"*",+9+2."9/2.,':3.'/2":5"L,*1?J*2((+2"8&/"0+1/2(.,*.+(".&*."`9&*27+"*20"
(.*:'4'.5"'2"),*9.'9+(a(),+*0k(l"both"&/,'[/2.*445"*20";+,.'9*445c"M#N!!<"W]<"+1)&*('("*00+0O="%/"&+4)"
9/29+).3*4'(+".&'("),/9+((<"8+"*,+"4+0"./",+?+C*1'2+"*2"*2*45.'9*4"6,*1+8/,-"/,'7'2*445"),/)/(+0":5"
B&/;+"M#NN$"_"(++"6'73,+"#O="
%&'("0'*7,*1"(377+(.(".&*."63445"320+,(.*20'27".,*2('.'/2("0+1*20("('134.*2+/3("'2;+(.'7*.'/2"*4/27"
.&,++"0'(.'29.":3."9/22+9.+0"4'2+("/6"+2T3',5P"'O".,*2('.'/2("'2",+7'1+("*(".&+5"/993,".&,/37&"
'2.+,*9.'/2(":+.8++2"2'9&+(<",+7'1+("*20"4*20(9*)+("_".&+";+,.'9*4"9',94+F"''O".,*2('.'/2("'2"),*9.'9+("
*(".&+5"/993,".&,/37&"9&*27+"*20"9/2.'23'.5"'2"0'66+,+2."9',93'.("/6",+),/039.'/2"_".&+"&/,'[/2.*4"
9',94+F"*20"'''O"&/8",+7'1+("*20"),*9.'9+("'2.+,9/22+9."8'.&"*20":31)"'2./"/2+"*2/.&+,"'2".&+"9/3,(+"
/6".,*2('.'/2("),/9+((+("_".&+")/'2.("/6"'2.+,(+9.'/2=""
%&+"),+9+0'27"(+9.'/2("&*;+",+;'+8+0"8/,-".&*."'2;+(.'7*.+("+'.&+,".&+";+,.'9*4"/,".&+"&/,'[/2.*4"
9',94+"*20"&*;+")/'2.+0"./"(/1+"'2'.'*4<".+2.*.';+"(377+(.'/2(".&*."63,.&+,"'2.+7,*.'/2"1'7&.":+"
)/((':4+="%/"0*.+<"&/8+;+,<"./".&+":+(."/6"/3,"-2/84+07+<".&+,+"&*;+":++2"2/"(.30'+("3('27"*2">@A?
:*(+0"*)),/*9&".&*."&*;+"(5(.+1*.'9*445"*2*45(+0"&/8".,*2('.'/2("'2",+7'1+("'2643+29+":3204+("/6"
M865-)'?0'&,PQ84846'2E)'BHC'34.'#C$'
Md0*).+0"6,/1"B&/;+"#NN$<")!Z$O"
"
!
!!"
!
+;+,50*5"),*9.'9+(".&*."*,+"2/.",+7'1+"()+9'6'9="%&'("'("32(3,),'('27"6/,<"*("B&/;+"M#N!#<"32)*7'2*.+0O"
2/.+(<".&+">@A"'("`2/."0+('72+0"./"320+,(.*20".&+"052*1'9("/6"(/9'*4"),*9.'9+=c"d("(39&<"8+"(&/340"
2/."+C)+9.">@A?:*(+0"*2*45(+("./"7+."./"7,')("8'.&".&+"+;+,50*5"9/2.'27+29'+("*20"2+7/.'*.'/2("
'2;/4;+0"'2"(/9'*4"),*9.'9+(=""
>@A?:*(+0"*2*45(+("9/340"9+,.*'245"7/"63,.&+,"./"*2*45(+"),*9.'9+(".&*."93.?*9,/((",+7'1+(<"*20".&+"
(*1+"9/340"*4(/":+"(*'0"6/,"(.30'+(".&*."+1)4/5"BA%=">/,+"),/7,+(("&*(":++2"1*0+"'2".&'("0',+9.'/2<"
&/8+;+,="S2"&+,",+(+*,9&"/2"'20//,"&+*.'27"*20"9//4'27"(5(.+1(<"6/,"+C*1)4+<"B&/;+"M#NN$<"#N!#O"
&*("94+*,45".,*9+0".&+"8*5("'2"8&'9&".&+"9/2.+1)/,*,5"&/3('27",+7'1+"&*("0+;+4/)+0":*(+0"/2"
*((31).'/2("*:/3.".&+"(/,.("/6"94/.&'27")+/)4+"8+*,"*20".&+"(/,.("/6"),*9.'9+(".&+5"*,+"4'-+45"./"
+27*7+"'2="H;+,".'1+<".&+(+"*((31).'/2("&*;+":+9/1+"+2(&,'2+0"'2":3'40'27"9/0+("*20",+734*.'/2("'2"
.&+"6/,1"/6"1'2'131"*20"1*C'131".+1)+,*.3,+("8&'9&"&/1+("13(.":+"*:4+"./"0+4';+,"*44"5+*,"
,/320<"63,.&+,"9+1+2.'27".&+"4'2-":+.8++2"+C'(.'27"),*9.'9+("*20".&+"&/3('27",+7'1+"*20<"'2".&+"
),/9+((<"(.*20*,0'('27"!X?#!"0+7,++("9+2.'7,*0+"*(".&+"b2/,1*4^"'20//,".+1)+,*.3,+"*44"*,/320".&+"
8/,40="%&'("8/,-".&3(",+;+*4(".&+"9/2(.*2."'2.+,)4*5":+.8++2",+7'1+("*20"),*9.'9+(<"(&/8'27"&/8"
:/.&"*,+"9/2(.*2.45"1*0+"*20",+?1*0+"'2"+*9&"/.&+,("'1*7+=""
K/2+.&+4+((<".&+(+"),/1'('27".,+20("'2":/.&">@A"*20"BA%?:*(+0",+(+*,9&"0/"2/."M5+.O"*1/32."./"*"
(5(.+1*.'9"),/7,*11+"/6",+(+*,9&".&*."+C)4/,+("&/8".,*2('.'/2("'2",+7'1+("*20"),*9.'9+("326/40"'2"
9/22+9.'/2"8'.&"/2+"*2/.&+,="S2")*,.'934*,<"8&'4(.",+(+*,9&"/2"+'.&+,".&+";+,.'9*4"/,"&/,'[/2.*4")4*2+"
'("6*',45"8+44"0+;+4/)+0<";+,5"6+8"(.30'+("&*;+"9/2('0+,+0".&+")/'2.("/6"'2.+,(+9.'/2":+.8++2".&+(+"
.8/")4*2+("/,<"'2"/.&+,"8/,0(<"&/8"2+8",+7'1+"'22/;*.'/2("7+.".*-+2"3)"M/,"2/.O".&,/37&/3.".&+"
,+7'1+?9,/(('27"(5(.+1("/6"),*9.'9+".&*."1*-+"3)"+;+,50*5"4'6+<"/,"&/8"9&*27+"/,"(.*:'4'.5"'2"
),*9.'9+("+'.&+,"9/2.,':3.+("./"/,"),+;+2.(".,*2('.'/2("'2"()+9'6'9",+7'1+("M*4.&/37&"(++"L,*1?
J*2((+2"#N!!"6/,"*",+9+2."(.305"(++-'27"./"*00,+((".&'("'((3+O="S2".&+"2+C."(+9.'/2"8+"(++-"./":+7'2"
.&'("),/7,*11+"/6",+(+*,9&<"*20"0+1/2(.,*.+".&+")/.+2.'*4";*43+"'."*00("./",+(+*,9&"/2"
(3(.*'2*:'4'.5"'22/;*.'/2":5"3('27"6'73,+"#"./",+?+C*1'2+".8/"+1)','9*4"9*(+"(.30'+("6,/1"/3,"
),+;'/3(",+(+*,9&=""
"
1'&!#@'#$>=:@#'<M':;;<R!$:<;':;'%@A:B@#'!;='C%!&$:&@#'
%&'("(+9.'/2"),+(+2.("*",+?*2*45('("/6".8/"+1)','9*4"9*(+"(.30'+("/6"(3(.*'2*:'4'.5"'22/;*.'/2P"G/(.,+"
H,7*2'9("M(+9.'/2"$=!O"*20".&+"G9/%+*1("*)),/*9&"M(+9.'/2"$=#O="A,+;'/3(45"8+"&*;+"+C)4/,+0"G/(.,+"
M),/2/329+0"b+*(.+,^O"H,7*2'9("3('27"/245"*2">@A?:*(+0"*)),/*9&"M+=7="B+56*27"#NNZO<"*20"&*;+"
+C)4/,+0".&+"G9/%+*1("*)),/*9&"3('27"/245"BA%"MJ*,7,+*;+("#NNX<"#N!!O="J+,+<"*20"6/,".&+"6',(."
.'1+<"8+"(5(.+1*.'9*445"+C)4/,+"+*9&"9*(+"(.305"*4/27":/.&".&+";+,.'9*4"and"&/,'[/2.*4"0'1+2('/2(<"
*20")*5")*,.'934*,"*..+2.'/2"./".&+")/'2.("/6"'2.+,(+9.'/2":+.8++2".&+(+".8/")4*2+(=""
U/.&"/6".&+(+"9*(+"(.30'+("&'7&4'7&."+C*1)4+("/6"9';'4"(/9'+.5?4+0"'22/;*.'/2"*20<"8&'4+".&'("'("2/.".&+"
9/,+"6/93("/6".&'(")*)+,<"'2"(/"0/'27".&'("(+9.'/2"&+4)(")*,.45"./",+0,+(("*2"'1:*4*29+"'2".&+"
'22/;*.'/2"(.30'+("4'.+,*.3,+".&*."&*("(++2"*".+20+295"./"6/93("/2"1*,-+."/,"(.*.+?:*(+0"'22/;*.'/2("
./".&+"2+74+9."/6"9';'4"(/9'+.5"*9.'/2"M+=7="B+56*27"*20"B1'.&"#NNWO="E+"8/340"(.,+((<"&/8+;+,<".&*."
B&/;+^("9/29+).3*4"6,*1+8/,-"'(")/.+2.'*445"*))4'9*:4+"./"'22/;*.'/2"/993,,'27"8'.&'2"*25"(+9./,"/6"
(/9'+.5"*20<"*("(39&<"8/340"9*44"6/,"63,.&+,"9*(+"(.30'+(".&*."(5(.+1*.'9*445"*))45"*20"+C.+20".&'("
6,*1+8/,-"'2"0'66+,+2."(+9./,("*20"./"0'66+,+2."6/,1("/6"'22/;*.'/2="
"
1D9'@,/2-)'<-63487/'
G(.*:4'(&+0"'2"#NN$"'2"K/,8'9&<"mY<"G/(.,+"H,7*2'9("8*("*"9/?/)+,*.';+".&*."0,+8"./7+.&+,"!\"(1*44?
(9*4+<"/,7*2'9"6//0"),/039+,(<"1*25"/6"8&/1"&*0"),+;'/3(45"(366+,+0":*0"+C)+,'+29+("0+*4'27"8'.&"
!
!#"
!
.&+"(3)+,1*,-+."(3))45"9&*'2"M+=7=";342+,*:'4'.5"./"4/8"*20"6439.3*.'27"),'9+(O="U5"9//,0'2*.'27"
.&+1(+4;+("8'.&'2"*"6/,1*4"9/?/)+,*.';+"(.,39.3,+<".&+(+"4/9*4"7,/8+,("*'1+0"./":5?)*((".&+"
1*'2(.,+*1"(3)+,1*,-+.?0,';+2"6//0"(5(.+1":5"(+44'27"0',+9.45"./"4/9*4"(9&//4(<":3('2+((+("*20"
&/()'.*4("*20<".&,/37&"1*,-+."(.*44("*20"1'C+0"6,3'."*20";+7+.*:4+":/C+("0+4';+,+0"/2"*"8++-45":*('(<"
0',+9."./"'20';'03*4"9/2(31+,(".&,/37&/3.".&+",+7'/2="G/(.,+^("(.*.+0"*'1("8+,+"./"7+2+,*.+"*"b6*',<"
+9/4/7'9*4"*20"9/?/)+,*.';+"6//0"(5(.+1^".&*."8/340"0+4';+,"&'7&?T3*4'.5"/,7*2'9<"4/9*4"*20"(+*(/2*4"
M8&+,+")/((':4+O"/,"D*',.,*0+"6//0("./"9/2(31+,("/6"*44"'29/1+(":5"+29/3,*7'27"9//)+,*.';+"8/,-'27"
:+.8++2"'.("1+1:+,(<",+20+,'27"6//0"(3))45"9&*'2(".,*2()*,+2.<"1'2'1'('27")*9-*7'27<"8*(.+"*20"
.,*2()/,.<"*20"",*'('27"*8*,+2+(("/6".&+"+2;',/21+2.*4"*20"(/9'*4"*()+9.("/6"6//0"),/039.'/2"MG/(.,+"
H,7*2'9("#NNRO="U5"#NNR<"G/(.,+"(3))4'+0"),/039+"./"!$":/C"(9&+1+(<"!]"1*,-+."(.*44(<"Z"9*6n^(<")3:("
/,",+(.*3,*2.(<"*20"!#"(&/)(="S."&*0"*4(/"1*0+"'2,/*0("'2./")3:4'9"(+9./,"9*.+,'27".&,/37&"4/9*4"
(9&//4(<"&/()'.*4("*20"),'(/2(="%&'("+*,45"(399+((",+(34.+0"'2"G/(.,+"7*'2'27"1+0'*"*..+2.'/2".&,/37&"
9+4+:,'.5"9&+6"o*1'+"H4';+,^("bB9&//4"g'22+,(^"%f"),/7,*11+".&*."(/37&."./"'1),/;+".&+"T3*4'.5"/6"
(9&//4"0'22+,("*9,/((".&+"mY<"*20"8'22'27".&+"B/9'*4"d((/9'*.'/2^("b@/9*4"D//0"S2'.'*.';+"/6".&+"p+*,^"
*8*,0"'2"#NN$"M':'0O=""
H3,"),+;'/3("+1)','9*4"8/,-"8'.&"G/(.,+"&*("/37&."./"+;*43*.+".&+"(3(.*'2*:4+"9/2(31).'/2"'1)*9.("
/6".&+"'2'.'*.';+<"./"1+*(3,+"'.("(399+(("*20"(9/)+<"*20"./"'0+2.'65".&+":*,,'+,("),+;+2.'27"'."*9&'+;'27"
'.("6344")/.+2.'*4="%&'("&*(":++2"*9&'+;+0".&,/37&"*"1'C+0?1+.&/0"9*(+"(.305"/6".&+"'2'.'*.';+<"
'2;/4;'27"('.+";'('.("*20"/:(+,;*.'/2"/6":/.&",+.*'4"*20"7,/8'27j0'(.,':3.'/2"4/9*.'/2(<"'2?0+).&"(+1'?
(.,39.3,+0"'2.+,;'+8("8'.&"-+5"*9./,("'2".&+"/,7*2'(*.'/2"*20",+4*.+0"KLH(<"*20"93(./1+,"(3,;+5("./"
*(9+,.*'2"9/2(31+,"1/.';*.'/2("*20"6++0:*9-<"6,/1":/.&"1*,-+."(.*44"*20";+7+.*:4+":/C"93(./1+,("
M(++"B+56*27"#NN\<"#NNW*<:<"#NNZO=""
D/44/8'27"B+56*27"M#NNZO"'."'(")/((':4+"./"3(+".&+">@A"./"*2*45(+"G/(.,+"*(")*,."/6"*"(3(.*'2*:4+"6//0"
2'9&+"*'1'27"./":,'27"*:/3."*"(3(.*'2*:'4'.5".,*2('.'/2"'2".&+"1*'2(.,+*1<"(3)+,1*,-+.?0,';+2"6//0"
,+7'1+="d(")*,."/6"*"(3(.*'2*:4+"6//0"2'9&+<"G/(.,+"9*2":+"(++2"*("*"(1*44?(9*4+"(/9'/.+9&2'9*4"
+C)+,'1+2."M96="f+,&+34"*20"f+,7,*7."!ZZ]F"U,/82"*20"f+,7,*7."#NNXO".&*."*'1("./"7+2+,*.+"4+((/2("
*:/3."&/8"6//0"1'7&.":+"7,/82"*20"0'(.,':3.+0"'2"2/;+4"8*5(<"8'.&"(3(.*'2*:'4'.5";*43+(",*.&+,".&*2"
.&+"),/6'.?1/.';+"*("'.("0,';'27"),'29')4+(="d("8+44"*("7,/8'27"6//0"/,7*2'9*445"*20"4/9*445<"G/(.,+"*4(/"
(/37&."./"7+2+,*.+"*4.+,2*.';+",+.*'4"(5(.+1(<"(+44'27"0',+9.45"./":/.&"'2(.'.3.'/2*4"*20"'20';'03*4"
9/2(31+,("*("*"1+*2("/6"'29,+*('27"(3))45"9&*'2".,*2()*,+295"*20",+039'27"6//0"1'4+(="G/(.,+"*4(/"
(/37&."./"9&*44+27+"8&*."'.")+,9+';+0"*(".&+"32(3(.*'2*:4+"*()+9.("/6".&+"1*'2(.,+*1"6//0",+7'1+("
'2";*,'/3("8*5(".&,/37&<"6/,"+C*1)4+<"4/::5'27"*9.';'.'+("./"),/1/.+"/,7*2'9"9/2;+,('/2"*20"
(3(.*'2*:4+"),/93,+1+2.<"*20"*4(/":5"8/,-'27"./"(+."1/,+"0+1*20'27"(3(.*'2*:'4'.5"(.*20*,0("6/,"
1/,+"1*'2(.,+*1"),/039+<"6/,"+C*1)4+":5")*,.'9')*.'27"*("*"b:+*9/2"/6"+C)+,'+29+^"'2"*".,'*4"*'1'27"
./"(3))45"(9&//4"9*2.++2("8'.&"4/9*4"6//0="D'2*445<"G/(.,+"*4(/"(/37&."./"'2643+29+"4*20(9*)+"4+;+4"
(/9'+.*4"9&*27+(":5"0'(.,':3.'27"4+*64+.("*20"2+8(4+..+,("*:/3."/,7*2'9<"6*',.,*0+"*20"4/9*4"6//0"./"
93(./1+,(<"*20":5"/,7*2'('27"+039*.'/2*4";'('.("./"/,7*2'9"6*,1("'2"*2"*..+1)."./"2/,1*4'(+"*20"
(),+*0"(3(.*'2*:'4'.5";*43+("1/,+"8'0+45="""
%&+">@A".&+,+:5"(+,;+("*("*"3(+634"*2*45.'9*4".//4"./"*2*45(+"G/(.,+"*(")*,."/6"*2"'22/;*.';+"*20"
,*0'9*4"(3(.*'2*:4+"6//0"2'9&+"0+;+4/)'27"+C)+,'1+2.*445<"*20"),/.+9.+0":5"(3(.*'2*:'4'.5";*43+(<"'2"
/))/('.'/2"./".&+")+,9+';+0"32(3(.*'2*:'4'.'+("/6".&+"1*'2(.,+*1"6//0",+7'1+="K/2+.&+4+((<"
6/44/8'27"'.("+*,45"(399+(("G/(.,+"+29/32.+,+0"*"231:+,"/6"6'2*29'*4"*20"1*2*7+,'*4"9&*44+27+(<"*20"
+;+2.3*445"94/(+0".&+",+.*'4":3('2+(("'2"#NNX"M*4.&/37&"1+1:+,"7,/8+,("9/2.'23+".,*0'27O="d("*2"
+C*1)4+"/6"*"2/;+4"6//0"2'9&+<"&/8+;+,<".&+,+"*,+"(/1+"'2(.,39.';+"4+((/2("./":+"0,*82"*:/3.".&+"
)/.+2.'*4"6/,"0'663('/2"/6"(39&",*0'9*4"'22/;*.'/2(="m4.'1*.+45<"G/(.,+"6*'4+0"./"7+2+,*.+"+2/37&"
'29/1+"./"1*'2.*'2".&+":3('2+((<"*20"(/"*..+2.'/2".3,2("./".&+",+*(/2("8&5".&+"'2'.'*.';+"'2'.'*445"
7,+8"T3'9-45<".&+2")4*.+*3+0"'2".+,1("/6"93(./1+,":*(+"*20",+;+23+"_".&+"2'9&+"8*("32*:4+"./"
0'663(+".&,/37&"7,/8.&="%&'("'("8&+,+"*"),*9.'9+?:*(+0"*2*45('("),/;+("1/(."3(+634<"*("'443(.,*.+0"
.&,/37&".&+"6/44/8'27".&,++"+C*1)4+("8&'9&"+C*1'2+"0'66+,+2."*()+9.("M'1*7+(<"(-'44("*20"(.366O"/6"
!
!$"
!
.&+"2+8"),*9.'9+(".&*."G/(.,+"*'1("./"+1:+0<".&,/37&".&+',"'2.+,(+9.'/2("8'.&"0'66+,+2."(+.("/6"
),*9.'9+("(39&"*("b7,/8'27"6//0^<"b(&/))'27^"*20"b9//-'27^=""
D',(.<".&+"(/9'*4"),*9.'9+"/6"7,/8'27"6//0"'("/2+"8&'9&"'2;/4;+("*7,'934.3,*4"),/039+,("*9,/((".&+"mY<"
,+734*./,5",+7'1+("*20"/).'/2("6/,",+.*'4"/3.4+.(="S2"9,+*.'27"*"2'9&+"(5(.+1"/6"6//0"),/;'('/2'27<"
G/(.,+"(/37&."./",+9,3'."4/9*4"6*,1+,("./"*",+9/26'73,+0"6//0"7,/8'27"),*9.'9+"_"/,7*2'9"),/039.'/2="
%&'("8*("'2'.'*445"(399+((634"./".&+"+C.+2.".&*."*"(1*44"7,/3)"/6"6*,1+,("8+,+"4//-'27"./"+C)*20".&'("
.5)+"/6"),/039.'/2<"&/8+;+,":+5/20".&'("'2'.'*4"1+1:+,(&')<"G/(.,+"(.,3774+0"./"(&'6."7,/8'27"
),*9.'9+("*20"+C)*20"'.("231:+,"/6"7,/8+,(="E&'4(."8+"4*9-"0*.*"/2".&+"()+9'6'9"6*,1(".&*.",+63(+0"./"
e/'2"G/(.,+<".&+"4'.+,*.3,+"/2"/,7*2'9"9/2;+,('/2"0/+("7';+"(/1+"(377+(.'/2("8&5".&'("1'7&.":+".&+"
9*(+="D/,"+C*1)4+<"A*0+4"*20"@*1)-'2"M!ZZRO"(377+(.(".&*."/2+")+,9+).'/2("M'1*7+(O"/6"/,7*2'9"
6*,1'27"'("*"9,'.'9*4":*,,'+,<"*("'("*99+(("./"'26/,1*.'/2"*:/3."&/8"./"6*,1"/,7*2'9*445"M'=+="./"*00,+(("
.&+"4*9-"/6"(-'44(O="B'1'4*,45<".&+"4+27.&5"/,7*2'9"9/2;+,('/2")+,'/0"9*2":+"9/(.45"*20".&+,+"9*2":+"
9/29+,2("*:/3.".&+"(&/,.*7+"/6"4*:/3,"MA*0+4"*20"@*1)-'2<"!ZZRF"Y&*4+0'<"#NNWO":/.&"'1)/,.*2."
+4+1+2.("/6"/,7*2'9"*7,'934.3,*4"b(.366^=""E&*.+;+,".&+"),+9'(+",+*(/2<"G/(.,+",+1*'2+0",+4*.';+45"
(1*44"*20"'1)/,.+0"6//0"./"(3))4+1+2."4/9*4"),/039+F"&/8+;+,<".&+",*27+"/6"6//0"*;*'4*:4+"8*("(.'44"
4+((".&*2".&*."/2"/66+,"'2"(3)+,1*,-+.(<"8'.&"'1)4'9*.'/2("6/,"9/2(31+,"(&/))'27"*20"9//-'27"
),*9.'9+(="
B+9/20<".&+"),*9.'9+"/6"(&/))'27"_""8&'9&"G/(.,+"*'1+0"./",+9/26'73,+"_"+C.+20("6*,":+5/20".&+"
)3,9&*(+"/6"9+,.*'2"'.+1("/6"6//0"6,/1")*,.'934*,",+.*'4"/3.4+.(="B+56*27^("M#NNW:O"93(./1+,"(3,;+5"
6/320".&*."1*25"(3))/,.+,("8+,+"6,3(.,*.+0":5".&+"0'66'934.5"/6"*99+(('27".&+"1*,-+."(.*44"M.&+"b(.366^"
/6".&+"2'9&+"(5(.+1"/6"6//0"),/;'('/2O"03,'27"'.("8/,-'27"0*5"/)+2'27"&/3,(<"324'-+"(3)+,1*,-+."
9&*22+4("/6"6//0"),/;'('/2'27"8&'9&"8+,+"1/,+"9/2;+2'+2."M/,",*.&+,<".&+"8'0+,":3204+("/6"),*9.'9+("
.&*."9/2(.'.3.+"9/2(31+,(^"4'6+(.54+("'1)/(+0"9/2(.,*'2("/;+,".'1+"3(+"8&'9&"),+9430+0";'('.'27".&+"
9'.5"9+2.,+"1*,-+."(.*44O="I3(./1+,("63,.&+,1/,+"2++0+0"./"*0/)."2+8"b'1*7+(^"*:/3."6,+(&"6//0<"
*20":+"8'44'27"./"*99+)."*"4+(("*+(.&+.'9*445?)+,6+9."(.*20*,0"/6"6//0"),+(+2.*.'/2".&*."8/340"2/.":+"
*99+).*:4+"'2"9/2;+2.'/2*4"(3)+,1*,-+.(="S2"*00'.'/2<"G/(.,+"),/;'0+0"(+*(/2*4"6//0<"'2"9/2.,*(."./"
.&+"8'0+",*27+"*;*'4*:4+".&,/37&"9/2;+2.'/2*4"9&*22+4(F"1/,+/;+,":/C"(9&+1+"93(./1+,("9/340"2/."
()+9'65".&+"9/2.+2.("/6".&+',"8++-45"0+4';+,5="%&'(",+),+(+2.("*"6320*1+2.*445"0'66+,+2."(+.("/6"
'1*7+("*20"1+*2'27("*,/320"6//0<"'2".+,1("/6"6,++0/1"/6"9&/'9+"*20"9/2(31+,"(/;+,+'72.5<".&+"
*;*'4*:4+"/).'/2("*20"(/"/2<"*20"6/,"(/1+"93(./1+,(".&'("(&'6."'2"+C)+9.*.'/2("*20"1+*2'27("_"6',145"
*."/00("8'.&"9/2(31+,'(."(&/))'27"),*9.'9+("6/,"/.&+,"'.+1("*20"'2"/.&+,"9/2.+C.("?"8*("0'66'934."./"
(3(.*'2="
%&',045<".&'("4*9-"/6"9&/'9+"&*0"'1)/,.*2."'1)4'9*.'/2("6/,".&+"),*9.'9+"/6"9//-'27="D/,"+C*1)4+<"/2+"
93(./1+,"(.*.+0"`S"2+;+,"-2/8"8&*.".&+":/C"8'44"9/2.*'2<"'.^("*"9&*44+27+"./"15"9//-'27"(-'44(qc"
MB+56*27"#NNZ<")!NRO="E&'4(.<"6/,".&'("93(./1+,<".&'("9&*44+27+"8*("(++2"*("*")/('.';+"4+*,2'27"
/))/,.32'.5<"(/1+"1*5"(.,3774+"./"*0*).".&+',"9//-'27"),*9.'9+("./".&+"),/039+"*;*'4*:4+"'2".&+"
:/C+(<"4+*0'27"(/1+";+7+.*:4+":/C"(9&+1+("./".,5"*20"(3))/,."93(./1+,(".&,/37&",+9')+"9*,0("/,"
9//-+,5"4+((/2("MG44'(<"#N!NO="S2(.'.3.'/2*4"9//-'27"),*9.'9+("8+,+"'1)4'9*.+0".//F"6/,"+C*1)4+<"G/(.,+"
8/2"*"9/2.,*9."./"),/;'0+".&+";'('./,"9*6n"*.".&+"2+8"K/,8'9&"J/()'.*4<":3."'."8*("32*:4+"./"(3))45"
)*.'+2.("M8&'9&"8/340"&*;+":++2"*"1*e/,"(/3,9+"/6"'29/1+O":+9*3(+".&+"&/()'.*4"8*("0+('72+0"
8'.&/3."'.("/82"-'.9&+2("6/,9'27".&+1"./"(/3,9+"9//-?9&'44",+*05"1+*4("6,/1"9+2.,*4"0'(.,':3./,(=""
S2"*..+1).'27"./"320+,(.*20"*20"*2*45(+".&+(+"9&*44+27+(<"8+"6'20".&+">@A"(/1+8&*."4'1'.+0"'2"
(9/)+="S2".&+(+"9*(+(<"G/(.,+",*2"'2./"0'66'934.'+(":+9*3(+"/6"(/9'*4"),*9.'9+("(39&"*(":3'40'27"0+('72"
*20"*,9&'.+9.3,+<"8/,-'27"),*9.'9+("*20"9//-'27"),*9.'9+("8&'9&<"*4.&/37&"*0e*9+2."./"*20"94/(+45"
'2.+,9/22+9.+0"8'.&".&+"6//0"(5(.+1<"+C.+20"6*,":+5/20"'.="J+,+<".&+">@A^("0+.*'4+0"6/93("/2".&+"
+1+,7+29+"/6"2/;+4.5"8'.&'2"('274+",+7'1+("'("4'1'.'27="E&*."'(",+T3',+0"'2"*00'.'/2<"'("*2"
320+,(.*20'27"/6"&/8".&+"(3(.*'2*:4+"6//0"(5(.+1".&*."G/(.,+"8*("+C)+,'1+2.'27"8'.&<"8*("/,"8*("
2/."*:4+"./":+9/1+"'2.+7,*.+0"'2./"),+?+C'(.'27"),*9.'9+("*20"(5(.+1("/6"),*9.'9+"1*25"/6"8&'9&"
&*;+"2/.&'27"/(.+2(':45"./"0/"8'.&"6//0="J+,+<"BA%^("6/93("/2".&+"+4+1+2.("/6"8&'9&"),*9.'9+("*,+"
!
!R"
!
9/1),'(+0"*20"&/8".&+5"9',934*.+"'("&+4)634"*("'."*44/8("/2+"./"+C)4/,+"&/8"G/(.,+"H,7*2'9("8*("
7+2+,*.'27"2+8"+4+1+2.("/6"),*9.'9+<"*20"&/8".&+(+"0'0"/,"0'0"2/."7+.".*-+2"3)"'2"+;+,50*5"
)+,6/,1*29+(="D'73,+"$"'443(.,*.+("&/8".&+(+".8/"(5(.+1("'2.+,(+9.<"*20"'0+2.'6'+("(/1+"/6".&+"9,'.'9*4"
)/'2.("/6"'2.+,(+9.'/2"8&+,+"'22/;*.'/2"'2".&+"6//0"(5(.+1"'("9/2(.,*'2+0":5"6,'9.'/2"8'.&"(5(.+1("/6"
),*9.'9+(="
G((+2.'*445<"G/(.,+"8*("'29/2;+2'+2.<"*20"(/":+5/20"*"9/,+"/6"9/11'..+0"+2;',/21+2.*4'(.("8&/"
8/340"8'44'2745"1*-+".&/(+"(*9,'6'9+(<"/,"&*0"*4,+*05"*0/).+0"6//0?7,/8'27<"9//-'27"*20"(&/))'27"
),*9.'9+(".&*."(3))/,.+0"'.<"'."('1)45"0'0"2/."6'."8'.&"+C'(.'27"(5(.+1("/6"),*9.'9+"*.".&+"4+;+4"/6"
'20';'03*4"4'6+(.54+(<"*20"(/"0'0"2/."9*.9&"/2"*20"(),+*0"1/,+"8'0+45="D3,.&+,1/,+<"8&'4+"*00,+(('27"
.&+"6//0",+7'1+<"*"),*9.'9+?:*(+0"*2*45('(",+;+*4("&/8"G/(.,+"4+6."/.&+,"'2.+,?,+4*.+0",+7'1+("
32./39&+0<"6/,"'2(.*29+".&+"(5(.+1"/6".,*2()/,.<"+2+,75"3(+"'2".&+"&/1+<"+.9<"*20".&+(+"'2".3,2"
,+(.,'9.+0".&+"(9/)+"6/,"G/(.,+^("0'(,3).';+"),*9.'9+("./".*-+"&/40="
%&+"G/(.,+"H,7*2'9("9*(+"(.305",+;+*4(".&*."6/93(('27"(/4+45"/2"'22/;*.'/2("'2",+7'1+("*20"(5(.+1("
,'(-("1'(('27".&+"8*5("'2"8&'9&".&+5"'2.+,(+9."8'.&"),*9.'9+("*20"(5(.+1("/6"),*9.'9+(".&*."*,+"
34.'1*.+45"9,39'*4"6/,".&+"(399+(("/,"/.&+,8'(+"/6".&+"'22/;*.'/2="S2"(&/,.<"*"&/,'[/2.*4"*2*45('("/6"
&/8"()+9'6'9"),*9.'9+("93."*9,/(("134.')4+",+7'1+("'2".&+"9/3,(+"/6"2/,1*4"+;+,50*5"4'6+"'(",+T3',+0"
*4/27('0+".&+";+,.'9*4"*2*45('("/66+,+0":5".&+">@A="H3,"(+9/20"9*(+"_"G9/%+*1("_"0+1/2(.,*.+(".&*."
.&+"/))/('.+"'("*4(/".,3+P"*2*45(+(".&*."6/93("(/4+45"/2"'22/;*.'/2("'2"),*9.'9+",'(-"1'(('27".&+"8*5("'2"
8&'9&".&+5"'2.+,(+9."8'.&"8'0+,",+7'1+("*20"(5(.+1(="""
"
"
M865-)'10':42)-/)72846'-)68P)/'34.'J-37287)/'84'@,/2-)'<-63487/'
!
!]"
!
1D?'@7,$)3P/'
Q32":5".&+"+2;',/21+2.*4"9&*,'.5"L4/:*4"d9.'/2"A4*2"MLdAO<"G9/%+*1("*,+"(1*44"7,/3)("/6")+/)4+"
0,*82"6,/1"8'.&'2".&+"(*1+"9/1132'.5"_"8&+.&+,".&+"(*1+"2+'7&:/3,&//0<"(/9'*4"2+.8/,-<"
8/,-)4*9+"/,"(9&//4"_"8&/"&/40",+734*,"0'(93(('/2"1++.'27("/;+,".&+"9/3,(+"/6"R?\"1/2.&("./"
*2*45(+"*20"(++-"./",+039+".&+"+2;',/21+2.*4"'1)*9.("/6".&+',"+;+,50*5"4';+(="G*9&"1++.'27"&*("*"
0'66+,+2.".&+1+"9/;+,'27<";*,'/3(45<"8*(.+<"(&/))'27<"+2+,75<"8*.+,"*20".,*;+4"*20<"/2"+*9&"
/99*('/2<"7,/3)"1+1:+,("*,+"*(-+0"./"1/2'./,".&+',"93,,+2."),*9.'9+(":5<"6/,"+C*1)4+<"8+'7&'27"
.&+',"8*(.+"/,"1/2'./,'27".&+',"+2+,75"9/2(31).'/2<"*20".&+2"./"0'(93((<"4+*,2"*:/3."*20"34.'1*.+45"
./".,5"/3."1/,+"+2;',/21+2.*445?6,'+2045"*4.+,2*.';+(#=""
%&+"+1)','9*4"+C*1)4+(".&*."6/44/8"*,+"0,*82"6,/1"/;+,"\"5+*,("/6"94/(+"+27*7+1+2.":+.8++2".&+"
*3.&/,("*20"LdA="d1/27(."/.&+,".&'27(<".&'("&*("'2;/4;+0P"*2"'2?0+).&"+.&2/7,*)&'9"9*(+"(.305"
M'29430'27"Z"1/2.&("/6")*,.'9')*2."/:(+,;*.'/2"*20"$X"'2.+,;'+8("8'.&"-+5")*,.'9')*2.(O"/6".&+"
G9/%+*1("*)),/*9&"*("'."/)+,*.+0"'2".&+"&+*0"/66'9+("/6"*"9/2(.,39.'/2"9/1)*25")(+30/251/3(45$"
9*44+0"U3,2+..("M(++"J*,7,+*;+("#NNXOF"T3*2.'.*.';+"*2*45('("/6"0*.*"6,/1"*9,/(("*44"/6"LdA^("
G9/%+*1(":*(+0"),/7,*11+("MLdA"#NN\OF"*20"'2.+,;'+8("8'.&")*,.'9')*2.("'2"LdA^("0/1+(.'9"
G9/%+*1("),/7,*11+"M(++"J*,7,+*;+("+."*4"#NNXF"K5+"*20"U3,7+(("#NNXO="
G9/%+*1("&*;+"),+;'/3(45":++2"*2*45(+0"*("*"6/,1"/6"9/1132'.5?:*(+0"(/9'*4"1*,-+.'27"MU*,,"#NNXO"
8'.&"*2*45(+("3('27";*,'/3("(/9'*4")(59&/4/7'9*4"'0+*("*,/320":+&*;'/3,*4"'2.+2.'/2<")+,9+';+0"
:+&*;'/3,*4"9/2.,/4<"(/9'*4"2/,1("*20j/,"&*:'.<"./"(&/8"&/8".&+5"0/"M/,"0/"2/.O"'2643+29+"
'20';'03*4^(":+&*;'/3,*4"0+9'('/2?1*-'27"M+=7="U*,,"#NNXF"B.**.("+."*4"#NNROR="S2"/3,"),+;'/3(",+(+*,9&<"
&/8+;+,<"8+"&*;+"(&/82".&*."'."'(")+,6+9.45")/((':4+<"*20"'20++0":+2+6'9'*4<"./"*2*45(+"G9/%+*1("
3('27"(/9'*4"),*9.'9+".&+/,5="J*,7,+*;+("M#N!!O<"6/,"+C*1)4+<"(&/8("&/8"'2.+,),+.'27":+&*;'/3,"
9&*27+"'2'.'*.';+("*("*..+1).("./"'2.+,;+2+"'2"(/9'*4"),*9.'9+(<",*.&+,".&*2"*("'2.+,;+2.'/2("'2"
'20';'03*4(^":+&*;'/3,*4"0+9'('/2?1*-'27<"),/;'0+("*"1/,+"&/4'(.'9"*2*45('(".&*."/66+,("3)"1/,+"
)/.+2.'*4"6//.&/40("6/,"9&*27+"M+=7="*,/320".&+"'1*7+(<"(-'44("*20"(.366"/6"),*9.'9+(<"'2"*00'.'/2"./"
'20';'03*4(^"*..'.30+("*20";*43+(O=""
E&+2"*2*45(+0"3('27"BA%<".&+"'2'.'*4"(.*7+("/6".&+"G9/%+*1("),/9+(("_"'2;/4;'27"1/2'./,'27"*20"
*30'.'27".&+"+2;',/21+2.*4"'1)*9.("/6"+C'(.'27"+;+,50*5"*9.';'.'+("_"'("'2.+,),+.+0"*("*2"+66/,."./"
9&*44+27+".&+"4'2-(":+.8++2".&+"+4+1+2.("/6"+C'(.'27"),*9.'9+(="S2".&+"U3,2+..("9*(+<"6/,"+C*1)4+<".&+"
'2'.'*4"*30'.",+(34.("_":*(+0"/2"1+.+,",+*0'27("*20")&5('9*445"8+'7&'27".&+"8*(.+"),/039+0"'2".&+"
8/,-)4*9+"_"4+0"'2'.'*445"./"+C),+(('/2("/6"(&/9-"*20"(3,),'(+"*.".&+"('[+"/6".&+"*993134*.+0"
+2;',/21+2.*4"'1)*9.(<"8&'9&"8*(".&+2"9/2;+,.+0"'2./"*"9,'.'T3+"/6"+C'(.'27"),*9.'9+(<"'0+2.'65'27"
8&'9&"+4+1+2.("&*0"2+7*.';+"+2;',/21+2.*4"'1)*9.("*20"2++0+0",+)4*9'27"M(++"J*,7,+*;+("#N!!O="
d6.+,".&'("1/2'./,'27"*20"*30'.'27"),/9+(("&*("9&*44+27+0"*20"/)+2+0"3)"),*9.'9+("'2".&'("8*5<"
&/8+;+,<".&+".+*1"1++.'27("*20",+(/3,9+(".&+2"(+,;+"./".,5"*20",+9/2(.,39."),*9.'9+("'2"1/,+"
(3(.*'2*:4+"8*5(="%&+"G9/%+*1("&*20://-"MLdA<"2=0=O"6/,"+C*1)4+<"9/2.*'2("9/32.4+(("'0+*("6/,"2+8"
'1*7+(<"(-'44("*20"1*.+,'*4(".&*."1'7&.":+"'29/,)/,*.+0"'2./"),*9.'9+("./",+039+".&+',"+2;',/21+2.*4"
'1)*9.(="%&+"9&*).+,"/2"+2+,75<"6/,"+C*1)4+<"*("8+44"*("9/2.*'2'27"'26/,1*.'/2"*:/3."94'1*.+"9&*27+"
M'1*7+(j1+*2'27(O<"),/;'0+("0+.*'4("/6"1/,+"+66'9'+2."*20"(3(.*'2*:4+"0/1+(.'9"*))4'*29+("(39&"*("
:/'4+,(<"-+..4+("*20"6/,1("/6"1'9,/7+2+,*.'/2"M1*.+,'*4(O<"*20"*4(/"1*-+("(377+(.'/2("6/,"2+8"(-'44("
.&*."G9/%+*1+,("1'7&.".,5"./"&+4)".&+1"(*;+"+2+,75<"(39&"*("94/('27"93,.*'2(<"/245"8*(&'27"6344"4/*0(<"
/,")*,.?6'44'27".&+"-+..4+"+.9="U5"0'(93(('27"*20"/66+,'27"(3))/,."6/,"&/8"./"'29/,)/,*.+".&+(+"2+8"
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#"d4.&/37&"L4/:*4"d9.'/2"A4*2",32("(+;+,*4"),/7,*11+("320+,"0'66+,+2."2*1+("M+=7="G2;',/21+2."I&*1)'/2(<"
d9.'/2"*."B9&//4O<"'2".&'(")*)+,"8+"3(+".&+".+,1"bG9/%+*1(^"./",+6+,"./".&+"7+2+,*4"7,/3)?:*(+0"*)),/*9&".&*."
320+,)'2("*44"/6".&+1="
$"%/"),+(+,;+"*2/251'.5<"U3,2+..("*20"*44")*,.'9')*2.("2*1+("*,+")(+30/251(="
R"E+".&*2-"*2"*2/251/3(",+;'+8+,"6/,".&'(")/'2.=!!
!
!\"
!
),/?+2;',/21+2.*4"+4+1+2.("/6"),*9.'9+"'2./"+;+,50*5"4'6+<".&+"7,/3)"1++.'27(".&3("(+,;+"*("6/,*"'2"
8&'9&"2+8"),/?+2;',/21+2.*4"),*9.'9+(?*(?+2.'.'+("*,+<"*."4+*(."0'(93,(';+45<"9/2(.,39.+0=""
%&+"2+C."(.*7+"/6".&+"G9/%+*1("),/9+(("'2;/4;+(".,5'27"./".3,2".&+(+"0'(93,(';+"),*9.'9+(?*(?+2.'.'+("
'2./"),*9.'9+(?*(?)+,6/,1*29+(="S."'("*.".&'(")/'2.".&*.".&+"4'1'.("/6"*"&/,'[/2.*4<"(/9'*4"),*9.'9+?:*(+0"
*2*45('("*,+",+*9&+0<"*20"*4(/".&*."1*25"G9/%+*1")*,.'9')*2.("6'20".&+"),/9+(("1/(."9&*44+27'27=""
%&'("'(":+9*3(+".&'("'(".&+"6',(.")/'2."'2".&+"),/9+(("*."8&'9&".&+"G9/%+*1")*,.'9')*2.(^"2+8"),/?
+2;',/21+2.*4"),*9.'9+(?*(?+2.'.'+("9/1+"'2./"9/2.*9."8'.&".&+"8'0+,"(5(.+1("*20",+7'1+(".&*."
320+,)'2"*20"3)&/40".&+"+C'(.'27<"b32(3(.*'2*:4+^"8*5("/6"0/'27".&'27(="%/"),/;'0+".&,++"'443(.,*.';+"
+C*1)4+(<"6',(.<"'2".&+"U3,2+..("9*(+"(.305<"0+()'.+".&+".+*1"1+1:+,("()+20'27"*"9/2('0+,*:4+"
*1/32."/6".'1+"0+('72'27"*20")4*22'27"6/,"2+8"8*(.+"0'()/(*4"),*9.'9+(".&*."'2;/4;+0"1/,+",+9594'27"
*20"4+(("8*(.+"7/'27"./"4*206'44<".&+',"),/)/(+0"),*9.'9+("8+,+".&8*,.+0":5".&+"D*9'4'.'+("
>*2*7+1+2.".+*1"8&/"9'.+0"4+7*4"6,*1+8/,-("*,/320"&+*4.&"*20"(*6+.5"*20"0*.*"),/.+9.'/2"_"-+5"
9/1)/2+2.("/6".&+"+C'(.'27"8*(.+"0'()/(*4",+7'1+"?"*(",+*(/2("8&5"+C'(.'27"),*9.'9+("9/340"2/.":+"
9&*27+0"M139&O="B+9/20<"0+()'.+"&*;'27":++2"+29/3,*7+0":5".&+"G9/%+*1"*."U3,2+..("./".,5"*20"
9&*27+"&+,"9/113.'27"),*9.'9+("*20".,5"9594'27"./"8/,-<"@+*22+"+C)4*'2("&/8"&+,"'2'.'*4"*..+1).("
8+,+"'1)+0+0":5",/*0(".&*."(&+"9/2('0+,+0"./":+"0*27+,/3("6/,"9594'(.("*20"*2"'2*0+T3*.+")3:4'9"
.,*2()/,."(5(.+1P""
`S"&*;+".,'+0"./"9594+"*20"'."e3(."(9*,+("1+":+9*3(+".&+,+"'(2^."*25")*;+1+2."/,"2/.&'27"*."
*44aS"6'20".&*."S"7+."(39-+0"'2./"4/,,5")*.&(<"/,".&+"9*,("7/"(/"T3'9-aS^;+".,'+0"./"7+.".&+":3("
*20".8'9+<"/,"1/,+".&*2".8'9+"*9.3*445"S^;+":++2"4+."0/82":5".&+":3(<"/,".&+":3("0'02^.".3,2"
3)"(/"S"9*1+"./"8/,-"4*.+="B/<":+9*3(+"/6".&*."S".&/37&."b,'7&.<".&*.^("'."S^1"7/'27"./".*-+".&+"
9*,=c"M@+*22+<")!$O"
%&',0<")*,.'9')*2.("'2".&+"0/1+(.'9"G9/%+*1("),/7,*11+"/6.+2",+)/,."*"(+2(+"/6"6,3(.,*.'/2".&*."
8'0+,"(5(.+1("*20"'26,*(.,39.3,+("*,+"2/."1/,+"(3))/,.';+"/6".&+',"+66/,.("./"7/"b7,++2^"*("+9/?
),/039.("1*5"2/.":+"(./9-+0"'2"(3)+,1*,-+.(<"4/9*4",+9594'27"6*9'4'.'+("1*5":+"'2*0+T3*.+"6/,"9+,.*'2"
1*.+,'*4(<"*20"4/*2("/,"7,*2.("6/,"6/,1("/6"'2(34*.'/2"/,"1'9,/7+2+,*.'/2"('1)45"*,+2^."*;*'4*:4+="S2"
+*9&"/6".&+(+"+C*1)4+(<"+66/,.("./",+?/,'+2."),*9.'9+("'2"1/,+"(3(.*'2*:4+"0',+9.'/2("8+,+"(+;+,+45"
&*1)+,+0":5"8'0+,"(5(.+1("*20",+7'1+("M/,"+4+1+2.(".&+,+/6O".&*."&*;+"0+;+4/)+0"/;+,".'1+"./"
(3))/,."*"(5(.+1"/6"),*9.'9+(".&*."'("2/8")+,9+';+0"./":+"32(3(.*'2*:4+"*20"'2"2++0"/6"9&*27+=""
E&'4(.".&+(+"+C*1)4+("(&/8".&*."G9/%+*1+,(^"+66/,.("./"9&*27+"),*9.'9+("9*2":+"+*('45"6,3(.,*.+0":5"
.&+"/:03,*95"/6"+C'(.'27"(5(.+1("*20",+7'1+(<".&+"9/2;+,(+"1*5"*4(/":+".,3+<".&*."9&*27+"'2"(5(.+1("
9*2"6*9'4'.*.+"9&*27+("'2"),*9.'9+("Mcf."L,*1?J*2((+2"#N!!O<"+;+2"'6".&'("'("2/.<"*("/6"5+.<"9/2('0+,+0"
0',+9.45"8'.&'2".&+"G9/%+*1("),/9+(("'.(+46="d6.+,".&+"6/,1*4"G9/%+*1("),/9+(("&*0"+20+0"*."
U3,2+..(<"6/,"+C*1)4+<"*"231:+,"/6".&+".+*1"1+1:+,("8+,+"4+6."6,3(.,*.+0".&*.".&+',"+66/,.("&*0"
(++2"/245"4'1'.+0"+2;',/21+2.*4"(*;'27("_"*"#Zr",+039.'/2"'2"8*(.+"(+2."./"4*206'44"*20"*"]=Rr"
,+039.'/2"'2"+4+9.,'9'.5"3(+"M(++"J*,7,+*;+("#NNXO="d("*",+(34.<"*"(1*44"(3:?.+*1"8*("6/,1+0"./".*-+"
6/,8*,0"),/)/(*4("./"9&*27+".&+"8'0+,"(5(.+1(".&*."&*0"6,3(.,*.+0".&+".+*1^("+66/,.("./"9&*27+"
),*9.'9+(<"(39&"*("6/,"(/4*,")*2+4("/2".&+",//6<"*",*'28*.+,"&*,;+(.'27"(5(.+1<"/,"6/,"*"9*,")//4"/,"
4'6.(&*,+"(5(.+1="B'1'4*,45<"*2+90/.*4"+;'0+29+"6,/1".&+"0/1+(.'9"G9/%+*1("),/7,*11+"(377+(.("
.&*.<"*6.+,".&+"),/9+(("&*("+20+0<"1*25"G9/%+*1("9/2.'23+"./"1++."*20"'20++0"/6.+2".3,2".&+',"
*..+2.'/2"./"1/,+"0',+9."(5(.+1("9&*27+"+=7=":5"+27*7'27"'2"4/9*4")/4'.'9("/,"+(.*:4'(&'27".&+',"/82"
:'/?052*1'9"*44/.1+2.("M+=7="U3,7+(("#NN$F"LdA"#NN\O="S2":/.&"/6".&+(+"+C*1)4+(<"6,3(.,*.'/2"*."&/8"
+C'(.'27"(5(.+1("*20",+7'1+("3)&/40"32(3(.*'2*:4+"),*9.'9+("*20"6,3(.,*.+"+66/,.("./"'2.,/039+"1/,+"
(3(.*'2*:4+"),*9.'9+("+C)+,'+29+0"03,'27".&+"6/,1*4"G9/%+*1("),/7,*11+(<"'("(++2"./"4+*0"./")/(.?
),/7,*11+"+66/,.("./"'2.,/039+"*20"+C)+,'1+2."8'.&"2+8<"2'9&+"'22/;*.'/2("M8&+.&+,"2+8"
.+9&2/4/7'+("/,"2+8"(/9'*4<")/4'.'9*4"*20"'2(.'.3.'/2*4"*,,*27+1+2.(O=""
!
!W"
!
%&'("9*(+"(.305"(&/8("&/8"*..+1).("./"'2.+,;+2+"'2"),*9.'9+("*20"(5(.+1("/6"),*9.'9+(".&,/37&"
),/7,*11+("(39&"*("G9/%+*1("(//2",32"'2./".,/3:4+"8&+2".&+5"+29/32.+,".&+"*))*,+2."/:03,*95"/6"
.&+"8'0+,"(5(.+1("*20",+7'1+(".&*."(3))/,."*20"3)&/40".&+"+C'(.'27"(.*.3("T3/="%&+"4'1'.("/6"*"BA%?
:*(+0"*2*45('(<"'2"'(/4*.'/2<"*,+".&3("94+*,="S2"*00'.'/2"./"320+,(.*20'27".&+"052*1'9("*20"9&*27'27"
)*..+,2("/6"2/,1*4"+;+,50*5"4';+(<".&+,+"'("*"2++0"*4(/"./"320+,(.*20"&/8"2/;+4"(3(.*'2*:4+"(5(.+1("
*20",+7'1+("1'7&.":+"9,+*.+0<"*20"'."'("&+,+".&*.".&+">@A"*))+*,("*:4+"./"&+4)="D'73,+"R"),/;'0+("*"
('1)4'6'+0"'443(.,*.'/2"/6"&/8<"'2".&+"G9/%+*1("9*(+<"+C'(.'27"),*9.'9+("*20",+7'1+("'2.+,(+9.+0"*20"
'0+2.'6'+("(/1+"/6".&+"9,'.'9*4")/'2.("/6"'2.+,(+9.'/2"8&+,+"'22/;*.'/2"'2"),*9.'9+"8*("&'20+,+0="
"
S'=:#&>##:<;0'@T!B:;:;A'C<:;$#'<M':;$@%#@&$:<;'
m('27"B&/;+^("6,*1+8/,-""M6'73,+"#O"&*("&+4)+0"3("./"('72'6'9*2.45"*0;*29+"/3,"),+;'/3("*2*45(+("/6"
G/(.,+"H,7*2'9("*20"G9/%+*1("*(<",+()+9.';+45<"'22/;*.'/2("'2",+7'1+("*20"),*9.'9+(="E+"&*0"
),+;'/3(45"*2*45(+0"G/(.,+"H,7*2'9("3('27"/245".&+">@A<":3."*))45'27".&'("9/1:'2+0"9/29+).3*4"
6,*1+8/,-"&*("+C)*20+0"/3,"*2*45('("./",+9/72'(+".&*."1*25"/6".&+"),/:4+1("+29/32.+,+0":5"
G/(.,+<"'2".+,1("/6"'.("9/2.'23'.5"*20"+C)*2('/2<",+4*.+0"1/,+"./"&/8"'."9/22+9.+0"3)"8'.&"*20"
*..+1).+0"./",+?9/26'73,+"*",*27+"/6"0'66+,+2."+;+,50*5"),*9.'9+("*20"(5(.+1("/6"),*9.'9+(".&*2"./"
*25")*,.'934*,"),/:4+1("8'.&"G/(.,+"*("*2"2'9&+"'22/;*.'/2"'2"'.(+46="B'1'4*,45"*4.&/37&"/3,"),+;'/3("
,+(+*,9&"&*0"*2*45(+0"G9/%+*1("*("*2"*..+1)."./"'2.+,;+2+"'2")*,.'934*,"),*9.'9+("*20"(5(.+1("/6"
),*9.'9+(<"*))45'27".&'("9/29+).3*4"6,*1+8/,-"&*("*0;*29+0"/3,"*2*45('("./",+9/72'(+".&*."1*25"/6"
.&+"0'66'934.'+("G9/%+*1("+29/32.+,"8&+2".,5'27"./"(&'6."),*9.'9+(<"(.+1"6,/1".&+";*,'/3("(5(.+1("
*20",+7'1+(".&*."&/40".&+"+C'(.'27"(.*.3("T3/"'2")4*9+"*20<"*("*",+(34.<"*,+"2/."(/4+45"./"0/"8'.&".&+"
M865-)'S0':42)-/)72846'J-37287)/'34.'-)68P)/'84'2E)'@7,$)3P/'!JJ-,37E'
!
!X"
!
()+9'6'9"9/26'73,*.'/2("/6"),/?+2;',/21+2.*4"),*9.'9+(?*(?+2.'.'+(".&*."G9/%+*1(")3,(3+"*20"
),/1/.+="%&+"9,39'*4")/'2."./"+1+,7+"6,/1".&+(+"+C.+20+0"*2*45(+("*20<"*("8+"(++"'.".&+"9/,+";*43+"
*00+0":5"*))45'27".&'("6,*1+8/,-<"'(".&*."63445"320+,(.*20'27"(3(.*'2*:'4'.5"'22/;*.'/2("*20"
.,*2('.'/2("_"8&+.&+,"'2",+7'1+("/,"),*9.'9+("_"0+1*20("*2*45(+(".&*."9/293,,+2.45"+C)4/,+".&+"
;+,.'9*4"*20"&/,'[/2.*4")4*2+("'2"6'73,+"#<"*("8+44"*(".&+',")/'2.("/6"'2.+,(+9.'/2=""
S2".&+"),/9+(("/6"3('27"B&/;+^("6,*1+8/,-"./"+C.+20"/3,"),'/,"*2*45(+("/6"G/(.,+"*20"G9/%+*1(<"/3,"
2+8"*2*45('("&*(",+;+*4+0"*"231:+,"/6"0'66+,+2.")/'2.("/6"'2.+,(+9.'/2":+.8++2",+7'1+("*20"
),*9.'9+(="D/,"+C*1)4+<"*1/27(."/.&+,(<".&+"G/(.,+"9*(+"329/;+,+0"9//-'27"(-'44(<"&/()'.*4":3'40'27(<"
&/8"(&/))'27"'("6'..+0?'2"./"+;+,50*5"4'6+(.54+("*20".&+"4+27.&5"9+,.'6'9*.'/2"),/9+03,+("6/,"/,7*2'9"
*7,'934.3,+=""S2"+*9&"+C*1)4+<".&+(+")/'2.("/6"'2.+,(+9.'/2"&'20+,+0".&+"8'0+,"0+;+4/)1+2."/6"G/(.,+"
*("*2"'22/;*.'/2"'2".&+"6//0"(5(.+1="B'1'4*,45<".&+"G9/%+*1("9*(+"&'7&4'7&.+0"&+*4.&"*20"(*6+.5"*20"
0*.*"),/.+9.'/2"4*8(<"9594'27"'26,*(.,39.3,+"*20")3:4'9".,*2()/,."),/;'('/2<"*("8+44"*("L/;+,21+2."
(3))/,."6/,"+2+,75"+66'9'+295"*20"1'9,/7+2+,*.'/2"*("9,'.'9*4"9/2(.,*'2.("/2".&+"8'0+,"0'663('/2"/6"
1/,+"(3(.*'2*:4+"*20"),/?+2;',/21+2.*4"(/9'*4"),*9.'9+(="E&'4(."'."'("94+*,".&*."),*9.'9+("*20",+7'1+("
'2.+,(+9."8'.&"*20"&/40"/2+"*2/.&+,"'2")4*9+"+;+,58&+,+"*20"*44".&+".'1+<"6,/1".&+")+,()+9.';+"/6"
(3(.*'2*:'4'.5"'22/;*.'/2(".&+"9,39'*4")/'2."/6".&'("*2*45('("'("./"&*;+"'0+2.'6'+0"8&*."1'7&.":+"9*44+0"
.&+"critical")/'2.("/6"'2.+,(+9.'/2="%&*."'(<".&/(+".&*."9/2(.,*'2"'22/;*.'/2("_"8&+.&+,"'2",+7'1+("/,"
),*9.'9+("_"6,/1"+1+,7'27"*20".*-'27"&/40"8'.&'2"*20"*9,/(("0'66+,+2.".'1+("*20")4*9+(=""
S1)/,.*2.45<".&'("-'20"/6"*2*45('("7/+("63,.&+,".&*2"+'.&+,">@A"/,"BA%?:*(+0"*2*45(+("9/2039.+0"'2"
'(/4*.'/2"6,/1"/2+"*2/.&+,"*("'.",+;+*4("2/."/2+<":3.".8/")*,*44+4"M/,",*.&+,")+,)+20'934*,O".,*9-("/6"
)*.&?0+)+20+295="Q+7'1+("*20"),*9.'9+("*,+"(++2"*("/;+,4*))'27"*20"94/(+45"'2.+,4'2-+0"+2.'.'+(".&*."
&/40"/2+"*2/.&+,"'2")4*9+"*20"13.3*445"9/?+;/4;+="H2".&+"/2+"&*20<".&'("-'20"/6"*2*45('("1*-+("
*..+1).("./":,'27"*:/3."(3(.*'2*:'4'.5".,*2('.'/2("_"8&+.&+,")3,(3+0".&,/37&"'22/;*.'/2("'2",+7'1+("
/,"),*9.'9+("_"*))+*,"0/3:45"0'66'934."./"*9&'+;+"*(",+7'1+("*20"),*9.'9+("*,+"(++2"./"9,*(&"'2./"/2+"
*2/.&+,"'2"*";'9'/3("9594+="H2".&+"/.&+,"&*20<"*20"*(".&+")/(.?),/7,*11+"0+;+4/)1+2.("'2".&+"
G9/%+*1("9*(+"&'2.+0<"'."/66+,("*".+2.*.';+"(377+(.'/2".&*.".&+(+"9/2(.,*'2'27<"9,'.'9*4")/'2.("/6"
'2.+,(+9.'/2"1*5":+".,*2(6/,1+0"'2./")/'2.("/6")/((':'4'.5"*."8&'9&"2+8"*20"1/,+"(3(.*'2*:4+"
,+7'1+("*20"),*9.'9+("1*5"(51:'/.'9*445"9/?+;/4;+"'2"*";',.3/3("9',94+="
D3,.&+,<"'."'("*4,+*05"94+*,"e3(."6,/1"/3,".8/"9*(+(".&*."9,'.'9*4")/'2.("/6"'2.+,(+9.'/2".*-+"0'66+,+2."
6/,1(<"+29/1)*(('27")&5('9*4"*,.+6*9.("*20"'26,*(.,39.3,+(<"'2(.'.3.'/2*4"*20"4+7*4"6,*1+8/,-("*("
8+44"*(":/0'45?1+2.*4"9*)*9'.'+(="S2".&'(",+()+9.<"*))45'27".&'("9/29+).3*4"6,*1+8/,-"&*("&+4)+0"./"
,+;+*4"(/1+"/6".&+"1/,+"(3:.4+"*20"'1)4'9'."8*5("'2"8&'9&",+7'1+("*20"),*9.'9+("*))+*,"2/."/245"
b4/9-+0"'2^"Mm2,3&"#NNNO":3."*4(/"4/9-+0"./7+.&+,="H3,"),+;'/3("*2*45(+("&*0"&'7&4'7&.+0"(/1+"/6".&+"
1/,+"+C)4'9'.<"0',+9."*20")+,&*)("/:;'/3("8*5("'2"8&'9&"'22/;*.'/2("'2",+7'1+("/,"),*9.'9+("1'7&.":+"
:,/37&."*:/3."/,"/:(.,39.+0="D/,"+C*1)4+<".&+"8*5("'2"8&'9&"G/(.,+".,'+0"./"(+."2+8"/,7*2'9"
(.*20*,0("6/,".&+"6//0",+7'1+"*20".&+"6'2*29'*4"*20"1*2*7+,'*4"0'66'934.'+("'.",*2"'2./<"/,".&+"8*5("'2"
8&'9&"G9/%+*1("7+2+,*.+0"*:(.,*9."*20"discursive+),*9.'9+(?*(?+2.'.'+(",*.&+,".&*2"9/29,+.+"*20"
1*.+,'*4'(+0"),*9.'9+(?*(?)+,6/,1*29+(="m('27"B&/;+^("6,*1+8/,-"./"7+2+,*.+"0+.*'4+0"*2*45(+("/6"
.&+"connections":+.8++2",+7'1+("*20"),*9.'9+(<"&/8+;+,<"*))+*,("*:4+"./",+;+*4"*"231:+,"/6"1/,+"
(3:.4+"8*5("'2"8&'9&",+7'1+("4+*;+".,*9+("'2"),*9.'9+("*20";'9+?;+,(*="D/,"+C*1)4+<"(39&"*2*45(+("
1*5",*'(+"T3+(.'/2("/6"&/8")*,.'934*,"),*9.'9+(":+9/1+"+2(&,'2+0"'2")*,.'934*,"(5(.+1("*20"
'26,*(.,39.3,+("M+=7="B&/;+"#N!#O<"/6"&/8")*,.'934*,",+7'1+("9/2.*'2"4+7*4",34+(".&*."0'9.*.+"&/8"
)*,.'934*,"),*9.'9+("1*5"/,"1*5":+")+,6/,1+0<"/,"+;+2"/6"&/8"0'66+,+2.",+7'1+("*20"),*9.'9+("1*5"
:+9/1+"+1:/0'+0"8'.&'2"'20';'03*4"),*9.'.'/2+,(="J+,+<"6/,"+C*1)4+<"*2*45(+("1*5":+7'2"./"+C)4/,+"
.&+"8*5("'2"8&'9&")*,.'934*,"),*9.'9+("*20",+7'1+("(+,;+"./"0'(9')4'2+"*20"7/;+,2".&+',"(3:e+9.("M+=7="
D/39*34."!ZWWF"!ZZ!O<"*..+1).'27"./"(&*)+".&+',".&/37&.(<"*9.'/2("*20"'0+2.'.'+("'2"8*5(".&*."63,.&+,"
+2&*29+".&+',"(.*:'4'.5"*20",+),/039.'/2=""
d(".&+(+"(377+(.'/2("(&/8<"('1)45"'0+2.'65'27".&+"9,'.'9*4")/'2.("/6"'2.+,(+9.'/2":+.8++2",+7'1+("*20"
),*9.'9+("'("*4,+*05"*"('72'6'9*2."*0;*29+"/2"+C'(.'27"8/,-".&*."/993,("8'.&'2"/245"/2+"/6"+'.&+,".&+"
!
!Z"
!
;+,.'9*4"/,"&/,'[/2.*4")4*2+("'2"6'73,+"#="B&/;+^("6,*1+8/,-"'(",+4*.';+45"('1)4+"*20"*..+1).("/245"./"
&'7&4'7&.".&+"9/22+9.'/2("*20"9,/((?/;+,(":+.8++2",+7'1+("*20"),*9.'9+(",*.&+,".&*2"./".,5"*20"
'2.+7,*.+"/,"63(+".&+(+"0'(.'29."*2*45.'9*4"9*.+7/,'+(<"2+;+,.&+4+(("*))45'27".&'("6,*1+8/,-"1*-+("
/:;'/3("(+;+,*4"9,'.'9*4")/'2.("/6"'2.+,(+9.'/2".&*."8/340":+"/:(93,+0"/,"+;+2",+20+,+0"'2;'(':4+":5"
*2*45(+(".&*."6/44/8+0"/245"*"('274+")4*2+="E&'4(.".&'("'("*"9,39'*4"6',(."(.+)<"*"231:+,"/6"'1)/,.*2."
T3+(.'/2("*,+"'11+0'*.+45"*))*,+2.".&*."8/340",+T3',+"63,.&+,"(5(.+1*.'9"+1)','9*4"*2*45('(":+5/20"
.&*."8&'9&"8+"&*;+":+732"'2".&'(")*)+,="D/,"+C*1)4+<"&/8"1*25"0'66+,+2."-'20("/6")/'2."/6"
'2.+,(+9.'/2"+C'(."*20"'("'.")/((':4+"/,"1+*2'27634"./"9*.+7/,'(+".&+1s"g/"0'66+,+2."-'20("+C'(."*9,/(("
0'66+,+2.".'1+("*20")4*9+("*20"'("'.")/((':4+"./"b1*)^".&+1s"d,+"0'66+,+2.")/'2.("/6"'2.+,(+9.'/2"
.&+1(+4;+(",+4*.+0"*20"'2.+,?9/22+9.+0"*20"'6"(/<"8&*."'(".&+"2*.3,+"/6".&+",+4*.'/2(&')(":+.8++2"
.&+1s"E&*."*,+".&+"052*1'9("/6"9&*27+"*20"(.*:'4'.5"'2"0'66+,+2.")/'2.("/6"'2.+,(+9.'/2"*20"8&*."/,"
8&/"&*(",+()/2(':'4'.5"6/,<"/,".&+"*7+295"./<"9&*27+".&+1s"H3,"/82"8/,-"&*("+1)4/5+0"1'C+0?
1+.&/0("9*(+"(.30'+("./":+7'2"./"/)+2"3)".&+(+"T3+(.'/2(<"*20"63.3,+"+1)','9*4",+(+*,9&".&*."*))4'+("
.&'("6,*1+8/,-"1'7&."1*-+"3(+"/6"*"8'0+",*27+"/6"0'66+,+2."1+.&/0/4/7'9*4"*)),/*9&+("'29430'27<"
6/,"+C*1)4+<"'2?0+).&"'2.+,;'+8(""M+=7="J'.9&'27("#N!#O<")*,.'9')*2."/:(+,;*.'/2"M+=7="J*,7,+*;+("
#N!!O"T3+(.'/22*',+"(3,;+5("M+=7="E&'.1*,(&"*20"E'+.(9&+4"#NNXO<"&'(./,'9*4"9*(+"(.30'+("M+=7="L++4("
#NN]<"#NN\<"#NNWO<"/,";*,'/3("-'20("/6")*,.'9')*./,5"8/,-(&/)("./"7+2+,*.+"(9+2*,'/(<"/,".+(."
1*))'27"/,":*9-9*(.'27"*)),/*9&+("M+=7="B/20+'e-+,"+."*4"#NN\F"t3'(."*20"f+,7,*7."#NN\F"I*,4((/2?
Y*25*1*"+."*4"#NNXO="%&+"9,39'*4")/'2.<"'2"+*9&"9*(+<"&/8+;+,<"'(".&*."+1)','9*445"*))45'27".&'("
6,*1+8/,-"0+1*20(".&+"('134.*2+/3("*20"(5(.+1*.'9"+C)4/,*.'/2"/6"'22/;*.'/2"'2",+7'1+("M.&+"
;+,.'9*4")4*2+O<"'22/;*.'/2"'2"),*9.'9+("M.&+"&/,'[/2.*4")4*2+O<"*20".&+"()*9+("*20".'1+("*."8&'9&".&+5"
9/1+"./7+.&+,"M.&+")/'2.("/6"'2.+,(+9.'/2O=""
"
U'&<;&H>#:<;#'
S2".&'(")*)+,"8+"&*;+":+732"./"+C)*20"*2*45(+("/6"(3(.*'2*:'4'.5"'22/;*.'/2(".&*."/993,"/2"/245"/2+"
)4*2+"_"8&+.&+,";+,.'9*4"/,"&/,'[/2.*4"_"/6".&+"9/29+).3*4"6,*1+8/,-"/,'7'2*445"),/)/(+0":5"B&/;+"
M#NN$"*20"(++"6'73,+"#O="%&*."'(<"8+^;+"(377+(.+0".&*."*2*45(+("+1)4/5'27"*2">@A?:*(+0"
320+,(.*20'27"/6"'22/;*.'/2"'2",+7'1+("9*2"3(+63445":+2+6'."6,/1".&+"'2('7&.("/6"BA%"*20";'9+?;+,(*="
%/"0+1/2(.,*.+".&'(<"8+"3(+0"B&/;+^("6,*1+8/,-"./",+?*2*45(+".8/"9*(+"(.30'+(".&*."8+"/3,(+4;+("
&*0"),+;'/3(45"320+,(.//0"./"+C'(."'2"/245"/2+"/6".&+".8/")+,)+20'934*,")4*2+(="H3,",+?*2*45('("&*("
(377+(.+0".&*."'22/;*.'/2"'2",+7'1+("9*2":+"&+40"3)"*20"9/2(.,*'2+0<"/,")/.+2.'*445"+2*:4+0"*20"
*(('(.+0<":5"*",*27+"/6"0'66+,+2."+;+,50*5"),*9.'9+(".&*."*,+"9+,.*'245"2/.",+7'1+?()+9'6'9<"*20".&*."
'22/;*.'/2"'2"),*9.'9+("9*2":+"6,3(.,*.+0"/,")/.+2.'*445"6*9'4'.*.+0":5"*",*27+"/6"(5(.+1("*20",+7'1+("
.&*."(3))/,."*20"3)&/40"134.')4+"0'66+,+2."),*9.'9+(=""%&'(",+?*2*45('("&*("*44/8+0"3("./"'0+2.'65"*"
231:+,"/6"0'66+,+2.")/'2.("/6"'2.+,(+9.'/2":+.8++2",+7'1+("*20"),*9.'9+(".&*.<"8+"6++4<"(&/340"
:+9/1+"-+5"6/9'"6/,"63.3,+",+(+*,9&"/2"(3(.*'2*:'4'.5"'22/;*.'/2="
H3,".8/"9*(+"(.30'+("_"G/(.,+"H,7*2'9("*20".&+"G9/%+*1("*)),/*9&"_"*,+":/.&"+C*1)4+("/6"9';'4?
(/9'+.5"4+0"'22/;*.'/2"*20".&+,+6/,+"&+4)"./"*00,+(("*2"'1)/,.*2."7*)"'2".&+"'22/;*.'/2"(.30'+("
4'.+,*.3,+"MB+56*27"*20"B1'.&"#NNWO<":3."'."'("*4(/"'1)/,.*2."./"+1)&*('(+".&*.".&+"9/29+).3*4"
6,*1+8/,-"8+^;+":+732"./"0+;+4/)"*20"+C.+20"&+,+"9*2":+"*))4'+0"+T3*445"*9,/(("*44"(+9./,("/6"
(/9'+.5="E&*."'("2++0+0"2/8"'("1*25"1/,+"9*(+"(.30'+("*20"+C*1)4+(".&*."(5(.+1*.'9*445"*))45"*20"
9,'.'9*445"+C*1'2+".&'("9/29+).3*4"6,*1+8/,-"*9,/(("0'66+,+2."9/2.+C.("*20"6/,1("/6"'22/;*.'/2=""
S."'("'1)/,.*2."./",+(.*.+".&+"4'1'.("./"/3,".&+/,+.'9*4"*1:'.'/2("'2".&'(")*)+,="H3,"*'1".&,/37&/3."&*("
:++2"./"+C)4/,+".&+"9/22+9.'/2("*20"9,/((/;+,(":+.8++2".&+">@A"*20"BA%",*.&+,".&*2"./".,5"*20"
63(+<"&5:,'0'(+"/,"'2.+7,*.+".&+(+".8/"0'(.'29."*)),/*9&+("'2./"*"('274+<"/;+,?*,9&'27".&+/,5="E+"4'1'."
/3,"*1:'.'/2("'2".&'("8*5"*("*"1+*2("/6"+1)&*('('27".&+"0'(.'29."32'.("/6"*2*45('(".&*."+*9&".&+/,5"
*00,+((+("/2"'.("/82"*20"8&'9&<".&/37&".&+5"1*5"/;+,4*)"*20"9/22+9."'2";*,'/3("8*5(<",+1*'2";+,5"
6*,"6,/1"9/27,3+2.="S20++0<"8+"8/340"(377+(.".&*."&*(.5"*..+1).("./"'2.+7,*.+".&+(+".8/"0'66+,+2."
!
#N"
!
*)),/*9&+("8/340",'(-"4/('27".&+',"0'(.'29.';+"(.,+27.&(="S2(.+*0<"63.3,+"*2*45(+(".&*."*..+1)."./"
*))45".&'("6,*1+8/,-"(&/340",+.*'2".&+"0'(.'29.'/2":+.8++2",+7'1+("*20"),*9.'9+("*20"*9.';+45"
+C)4/,+".&+"2*.3,+"/6".&+",+4*.'/2(&')(":+.8++2".&+(+".8/"32'.("/6"*2*45('("*(".&+5"'2.+,(+9."*20"93.?
*9,/(("/2+"*2/.&+,"'2".&+"9/3,(+"/6"'22/;*.'/2"),/9+((+(=""
H3,"9+2.,*4"*'1"'2".&'(")*)+,"&*(":++2"./":+7'2"'0+2.'65'27"*20"+C)4/,'27".&+"4'2-("*20"9/22+9.'/2("
:+.8++2",+7'1+("*20"),*9.'9+("'2"(3(.*'2*:'4'.5"'22/;*.'/2"),/9+((+(="S2"(/"0/'27<"8+"&*;+"(/37&."./"
1/;+":+5/20".&+"*))*,+2.".,':*4'(1"*20"/99*('/2*4"(2')'27":+.8++2"*0;/9*.+("/6"+'.&+,">@A"/,"BA%"
,+4*.+0"*)),/*9&+("M+=7="B&/;+"*20"E*4-+,"#NNW<"#NNXF"Q/.1*2("*20"Y+1)"#NNXO":5"(377+(.'27".&*.<"
8&+2"9/1:'2+0"8'.&"/2+"*2/.&+,":/.&"*)),/*9&+("*))+*,"*:4+"./"/66+,"*"1/,+".&/,/37&"
320+,(.*20'27"/6"(3(.*'2*:'4'.5"'22/;*.'/2"),/9+((+(="%/"9/29430+<"8+"*,+"2/."*..+1).'27"./"0'9.*.+"
8&+,+"*2*45(+("/6"(3(.*'2*:'4'.5"'22/;*.'/2("(&/340":+7'2"_"8&+.&+,"6,/1"*"6/93("/2",+7'1+("/,"
),*9.'9+("'2".,*2('.'/2="G1)','9*445<"0+)+20'27"/2".&+",+(+*,9&+,^("),'1*,5"'2.+,+(.<"(39&"(.30'+("
9/340"9/11+29+"6,/1"*25")/'2."/2"+'.&+,"/6".&+".8/"'2.+,(+9.'27"9',94+("(&/82"'2".&+"0'*7,*1<"6,/1"
'22/;*.'/2"'2",+7'1+("/,"'22/;*.'/2"'2"),*9.'9+="%&+"9,39'*4")/'2."'(".&*."'2".&+"),/9+(("/6"63445"
+C)4/,'27"+'.&+,"9',94+<".&+"*2*45('("8'44"+;+2.3*445"+29/32.+,<"*20"13(.".&+,+6/,+"+C)4/,+<".&+"/.&+,="
!
#!"
!
%@M@%@;&@#'
U*,,"B<"#NNX<"Environment+and+Society:+Sustainability,+Policy+and+the+Citizen"Md40+,(&/.<"d(&7*.+O"
U+,-&/3."D<"B1'.&"d<"B.',4'27"d<"#NNR<"uB/9'/?.+9&2'9*4",+7'1+("*20".,*2('.'/2"9/2.+C.("u<"'2"System+
Innovation+and+the+Transition+to+Sustainability+G0("U"G4[+2<"D"E"L++4(<"Y"L,++2"MG08*,0"G47*,<"
I&+4.+2&*1O"
U/3,0'+3"A<"!ZWW"Outline+of+a+Theory+of+Practice<"MI*1:,'07+"m2';+,('.5<"I*1:,'07+O"""
U4V&0/,2"S<"E+4(&"S<"#NNW<"uG9/?)/4'.'9(":+5/20".&+")*,*0'71"/6"(3(.*'2*:'4'.5P"d"9/29+).3*4"
6,*1+8/,-"*20"*",+(+*,9&"*7+20*"u"Environmental+Politics"9V"!X]"?"#N]"
U,/82"J"B<"f+,7,*7."A"o<"#NNX<"`U/320+0"(/9'/?.+9&2'9*4"+C)+,'1+2.("*("*7+2.("/6"(5(.+1'9"9&*27+P"
%&+"9*(+"/6"*"[+,/?+2+,75",+('0+2.'*4":3'40'27=c"Technological+Forecasting+&+Social+Change"WU"
!NW?!$N"
U3,7+(("o<"#NN$<"`B3(.*'2*:4+"9/2(31).'/2P"'("'.",+*445"*9&'+;*:4+sc"Consumer+Policy+Review,"911N"WX?
XR"
I*,4((/2?Y*25*1*"d<"g,+:/,7"Y"J<">/44"J"I<"A*0/;*2"g<"#NNX<"uA*,.'9')*.';+":*9-9*(.'27P"d"./44"6/,"
'2;/4;'27"(.*-+&/40+,("'2"4/9*4"(3(.*'2*:'4'.5")4*22'27"u"Futures"SX"$R"_"R\"
G44'("J<""#N!N<"`S.^(".'1+"./".&'2-"'2('0+".&+"M;+7+.*:4+O":/C"(9&+1+c<"The+Times<"%&3,(0*5"#X.&"
o*23*,5<"*;*'4*:4+"/24'2+"*.P"&..)Pjj,+*46//0=(51)&/25?/(=9/=3-j9/2.+2.j;'+8j$#!jWXj"4*(."
*99+((+0"NR=N$=#N!#""""
G4[+2"U<"L++4("D""E<"L,++2"Y<"G0(<"#NNR<"System+Innovation+and+the+Transition+to+Sustainability:+
Theory,+Evidence+and+Policy+MG08*,0"G47*,<"I&+4.+2&*1O"
G/(.,+"H,7*2'9(<"#NNR<"The+Eostre+Organics+Charter"*;*'4*:4+"/24'2+"*."
&..)Pjj888=8//06'+40/,7*2'9(=9/=3-jS1*7+(j3)4/*0(j%&+vG/(.,+vH,7*2'9(vI&*,.+,=)06=""@*(."
*99+((+0"N!=N$=!#="
D/39*34."><"!ZWW<"Discipline+and+Punish:+The+Birth+of+the+Prison+MA+273'2<"@/20/2O"
D/39*34."><"!ZZ!<"`L/;+,21+2.*4'.5=c"'2"The+Foucault+Effect:+Studies+in+Governmentality"G0("I"
U3,9&+44<"I"L/,0/2<"A">'44+,"M%&+"m2';+,('.5"/6"I&'9*7/"A,+((<"I&'9*7/O"XW?!NR""
L++4("D"E<"#NN#<"u%+9&2/4/75".,*2('.'/2("*("+;/43.'/2*,5",+9/26'73,*.'/2"),/9+((+(P"*"134.'?4+;+4"
)+,()+9.';+"*20"*"9*(+"(.305u"Research+Policy"?Y"R\Z"_"RXX"
L++4("D"E<"#NN]<"`%&+"052*1'9("/6".,*2('.'/2("'2"(/9'/?.+9&2'9*4"(5(.+1(P"*"134.'?4+;+4"*2*45('("/6".&+"
.,*2('.'/2")*.&8*5"6,/1"&/,(+?0,*82"9*,,'*7+("./"*3./1/:'4+("!X\N?!Z$N=c"Technological+
Analysis+and+Strategic+Management"9W"RR]?RW\"
L++4(<"D"E<"#NN\<"`%&+"&57'+2'9".,*2('.'/2"6,/1"9+(()//4("./"(+8+,"(5(.+1("M!XRN"_"!Z$NOP"%&+"
052*1'9("/6",+7'1+".,*2(6/,1*.'/2c"Research+Policy"1U"!N\Z"_"!NX#"""
L++4("D"E<"#NNW<"`d2*45('27".&+":,+*-.&,/37&"/6",/9-"i2i",/44"!Z$N?!ZWNP">34.'?,+7'1+"'2.+,*9.'/2"
*20",+9/26'73,*.'/2"'2".&+"134.'?4+;+4")+,()+9.';+=c"Technological+Forecasting+&+Social+
Change"WS"!R!!?!R$!"
L++4("D"E<"#N!N<"`H2./4/7'+(<"(/9'/?.+9&2'9*4".,*2('.'/2("./"(3(.*'2*:'4'.5<"*20".&+"134.'?4+;+4"
)+,()+9.';+=c"Research+Policy"$Z"RZ]?]!N"
!
##"
!
L++4("D"E<"#N!!<"`%&+"134.'?4+;+4")+,()+9.';+"/2"(3(.*'2*:'4'.5".,*2('.'/2(P"Q+()/2(+("./"+'7&."
9,'.'9'(1(=c"Environmental+Innovation+and+Societal+Transitions"9"#R"_"RN""
L++4("D"E<"B9&/."o<"#NNW<"`%5)/4/75"/6"(/9'/.+9&2'9*4".,*2('.'/2")*.&8*5(=c"Research+Policy"1V1"$ZZ?
R!W"
L++4(""D""E<"f+,&++("U<"#N!!<"`I34.3,*4"4+7'.'1*95"*20"6,*1'27"(.,3774+("'2"'22/;*.'/2"e/3,2+5(P"d"
934.3,*4?)+,6/,1*.';+")+,()+9.';+"*20"*"9*(+"(.305"/6"g3.9&"2394+*,"+2+,75"!ZR]?!ZX\=c"
Technological+Forecasting+&+Social+Change"WY"Z!N"?"Z$N""
L+23("d<"I/4+("d<"#NNX<"`Q+.&'2-'27".&+"134.'?4+;+4")+,()+9.';+"/6".+9&2/4/7'9*4".,*2('.'/2(=c"
Research+Policy"1W"!R$\?!RR]"
L'00+2("d<"!ZXR<"The+constitution+of+society:+Outline+of+the+theory+of+structuration,+M%&+"A/4'.5"A,+((<"
I*1:,'07+O"
L4/:*4"d9.'/2"A4*2<"2=0=<"The+EcoTeams+Workbook+ML4/:*4"d9.'/2"A4*2<"@/20/2O"
L4/:*4"d9.'/2"A4*2<"#NN\<"`I&*27'27"G2;',/21+2.*4"U+&*;'/3,P"d",+;'+8"/6".&+"+;'0+29+"6/,"
:+&*;'/3,"9&*27+"6,/1"L4/:*4"d9.'/2"A4*2=c"ML4/:*4"d9.'/2"A4*2<"@/20/2O"
L,*1?J*2((+2"Y<"#N!N<"`B.*20:5"I/2(31).'/2"'2"J/3(+&/40("d2*45[+0"E'.&"*"A,*9.'9+"%&+/,5"
d)),/*9&=c"Journal+of+Industrial+Ecology"9S9"!]N?!\]"
L,*1?J*2((+2<"Y="#N!!<"m20+,(.*20'27"9&*27+"*20"9/2.'23'.5"'2",+('0+2.'*4"+2+,75"9/2(31).'/2="
Journal+of+Consumer+Culture,"!!M!ON"\!?WX="
L,'2"o<"Q/.1*2("o<"B9&/."o<"#N!N<"Transitions+to+Sustainable+Development.+New+Directions+in+the+study+
of+long+term+transformative+change+MQ/3.4+07+<"@/20/2O"
J*,7,+*;+("%<"#NNX<"Making+Pro;Environmental+Behaviour+Work:+An+Ethnographic+Case+Study+of+
Practice,+Process+and+Power,+m2)3:4'(&+0"A&g"%&+('(<"B9&//4"/6"G2;',/21+2.*4"B9'+29+(<"
m2';+,('.5"/6"G*(."d274'*"
J*,7,+*;+("%<"#N!!<"`A,*9.'9+?'27":+&*;'/3,"9&*27+P"d))45'27"(/9'*4"),*9.'9+".&+/,5"./"),/?
+2;',/21+2.*4":+&*;'/3,"9&*27+=c"Journal+of+Consumer+Culture"99M!O"WZ?ZZ"
J*,7,+*;+("%<"K5+"><"U3,7+(("o<"#NNX<"`B/9'*4"+C)+,'1+2.("'2"(3(.*'2*:4+"9/2(31).'/2P"*2"+;'0+29+"
:*(+0"*)),/*9&"8'.&")/.+2.'*4"6/,"+27*7'27"4/8"'29/1+"9/1132'.'+(=c"Local+Environment"
91Y"WR$?W]X"
J'.9&'27("Q<"#N!#<"`A+/)4+"9*2".*4-"*:/3.".&+',"),*9.'9+(c"Area"SS"\!"_"\W""
J/)-'2("Q<"#NNX<"The+Transition+Handbook+ML,++2"U//-(<"%/.2+(O"
J//71*"Q<"Y+1)"Q<"B9&/."o<"%,366+,"U<"#NN#<"Experimenting+for+Sustainable+Transport"MB)/2"A,+((<"
@/20/2O"
Y+1)"Q<"@//,:*9&"g<"#NN\<"`%,*2('.'/2">*2*7+1+2.P"*",+64+C';+"7/;+,2*29+"*)),/*9&c+'2"Reflexive+
Governance+for+Sustainable+Development"G0("o?A"f/((<"g"U*3-2+9&.<"Q"Y+1)<"MG08*,0"G47*,<"
I&+4.+2&*1O"
Y+1)"Q<"B9&/."o<"J//71*"Q<"!ZZX<"uQ+7'1+"B&'6.("./"B3(.*'2*:'4'.5"%&,/37&"A,/9+((+("/6"K'9&+"
D/,1*.'/2P"%&+"d)),/*9&"/6"B.,*.+7'9"K'9&+">*2*7+1+2."u"Technology+Analysis+&+Strategic+
Management"9X"!W]"_"!ZX"
!
#$"
!
Y&*4+0'"><"#NNW<"Assessing+the+Barriers+to+Conversion+to+Organic+Farming:+An+institutional+analysis,++
g+)*,.1+2."/6"d7,'934.3,*4"G9/2/1'9(<"m2';+,('.5"/6"B*(-*.9&+8+2<"D'2*4"Q+)/,.=""
Y/2,*0"Y<"%,366+,"U<"f/(("o<"#NNX<"`>34.'?,+7'1+"052*1'9("'2".&+"*2*45('("/6"(+9./,*4".,*2(6/,1*.'/2("
)/.+2.'*4(P"+;'0+29+"6,/1"L+,1*2"3.'4'.5"(+9./,(="Journal+of+Cleaner+Production+9V"!!ZN"_"!#N#"
>347*2"L<"#NN\<"u%&+"A,/9+(("/6"B/9'*4"S22/;*.'/2u"Innovations"9"!R]"?"!\#"
K5+"><"U3,7+(("o<"#NNX<"`A,/1/.'27"g3,*:4+"I&*27+"'2"J/3(+&/40"E*(.+"*20"G2+,75"U+&*;'/3,P"d"
.+9&2'9*4",+(+*,9&",+)/,."9/1)4+.+0"6/,".&+"g+)*,.1+2."/6"G2;',/21+2.<"D//0"*20"Q3,*4"
d66*',(c"K/,8'9&<"m2';+,('.5"/6"G*(."d274'*"
A*0+4"B<"@*1)-'2"K<"!ZZR<"`I/2;+,('/2"./"/,7*2'9"6*,1'27P"d2"/;+,;'+8c"'2"G0("K"@*1)-'2<"B"A*0+4<"
The+economics+of+organic+farming:+An+international+perspective+M9*:"S2.+,2*.'/2*4<"
E*44'276/,0O"#Z]_$!$"
A*2.[*,"><"w"B&/;+"G<"#N!N<"`m20+,(.*20'27"'22/;*.'/2"'2"),*9.'9+P"*"0'(93(('/2"/6".&+"),/039.'/2"
*20",+?),/039.'/2"/6"K/,0'9"E*4-'27=c"Technological+Analysis+and+Strategic+Management"??S"
RRW?R\!"
t3'(."o<"f+,7,*7."A"o<"#NN\<"uA*(."*20"63.3,+"/6":*9-9*(.'27P"%&+"(&'6."./"(.*-+&/40+,")*,.'9')*.'/2"*20"
*"),/)/(*4"6/,"*"1+.&/0/4/7'9*4"6,*1+8/,-"u"Futures"1Y"!N#W"?"!NR]"
Q*;+2"Q"A"o"><"#NN\<"`%/8*,0("*4.+,2*.';+".,*e+9./,'+(s"Q+9/26'73,*.'/2("'2".&+"g3.9&"+4+9.,'9'.5"
,+7'1+=c"Research+Policy"1U"]X!?]Z]"
Q*;+2"Q"A"o"><"#NNW<"`I/?+;/43.'/2"/6"8*(.+"*20"+4+9.,'9'.5",+7'1+(P">34.'?,+7'1+"052*1'9("'2".&+"
K+.&+,4*20("M!Z\Z"_"#NN$O<"Energy+Policy+1U"#!ZW"_"##NX"+
Q*;+2"Q"A"o"><"f+,:/27"L"A"o<"#NNW<"`>34.'?,+7'1+"'2.+,*9.'/2("'2".&+"g3.9&"+2+,75"(+9./,="%&+"9*(+"
/6"9/1:'2+0"&+*."*20")/8+,"'2".&+"K+.&+,4*20("!ZWN"_"#NNNc<"Technology+Analysis+and+
Strategic+Management+!Z"RZ!"_"]NW""
Q*;+2"Q"A"o"><"f+,:/27<"L"A"o"#NNZ<"`U/320*,5"9,/(('27"'22/;*.'/2(P"I*(+"(.30'+("6,/1".&+"+2+,75"
0/1*'2=c"Technology+in+Society+"19"X]?Z$"
Q+9-8'.["d<"#NN#<"`%/8*,0"*"%&+/,5"/6"B/9'*4"A,*9.'9+(P"d"g+;+4/)1+2."'2"I34.3,*4'(."%&+/,'['27=c"
European+Journal+of+Social+Theory"U?"#R$?#\$"
Q')"d<"#NN\<"`d"9/?+;/43.'/2*,5"*)),/*9&"./",+64+C';+"7/;+,2*29+"?"*20"'.("',/2'+(=c""'2"Reflexive+
Governance+for+Sustainable+Development"G0("o?A"f/((<"g"U*3-2+9&.<"Q"Y+1)<"MG08*,0"G47*,<"
I&+4.+2&*1O"
Q')"d<"Y+1)"Q<"!ZZX<"u%+9&2/4/7'9*4"I&*27+u"'2"Human+Choices+and+Climate+Change+G0("B"Q*52+,<"G"@"
>*4/2+"MU*..+44+"A,+((<"I/431:3(<"HJO"$#W"?"$ZZ"
Qh)-+"S<"#NNZ<"`%&+/,'+("/6"),*9.'9+"?"K+8"'2()',*.'/2"6/,"+9/4/7'9*4"+9/2/1'9"(.30'+("/2"
9/2(31).'/2=c"Ecological+Economics"VY"#RZN?#RZW"
Q/.1*2("o<"Y+1)"Q<"#NNX<"`g+./3,"d&+*0="d",+()/2(+"./"B&/;+"*20"E*4-+,"*:/3.".&+")+,'4/3(",/*0"
/6".,*2('.'/2"1*2*7+1+2.c"Environment+and+Planning+A,+SX"!NN\?!N!R"
B9&*.[-'"%"Q<"!ZZ\<"Social+Practices:+A+Wittgensteinian+Approach+to+Human+Activity+and+the+Social+
MI*1:,'07+"m2';+,('.5"A,+((<"I*1:,'07+O"
!
#R"
!
B9&*.[-'"%"Q<"#NN!<"bS2.,/039.'/2P"A,*9.'9+"*20".&+/,5<^"'2"The+Practice+Turn+in+Contemporary+Theory"
G0(""%"Q"B9&*.[-'<"Y"Y2/,,"I+.'2*<"G"f/2"B*;'725"MQ/3.4+07+<"@/20/2O"!?!R"
B9&*.[-'"%"Q<"#NN#<"The+Site+of+the+Social:+A+philosophical+account+of+the+constitution+of+social+life+and+
change,+MA+22(54;*2'*"B.*.+"m2';+,('.5"A,+((<"A+22(54;*2'*O"
B+56*27"L<"#NN\<"`G9/4/7'9*4"9'.'[+2(&')"*20"(3(.*'2*:4+"9/2(31).'/2P"GC*1'2'27"4/9*4"6//0"
2+.8/,-(c"Journal+of+Rural+Studies"??"$X]?$Z]"
B+56*27"L<"#NNW*<"`L,/8'27"(3(.*'2*:4+"9/2(31).'/2"9/1132'.'+(P"%&+"9*(+"/6"4/9*4"/,7*2'9"6//0"
2+.8/,-(c"International+Journal+of+Sociology+and+Social+Policy"?W"!#N?!$R"
B+56*27"L<"#NNW:<"`d;/'0'27"dBgds"GC)4/,'27"9/2(31+,"1/.';*.'/2("'2"4/9*4"/,7*2'9"6//0"2+.8/,-(c"
Local+Environment"91"!XW?#N!"
B+56*27"L<"#NNZ<"The+New+Economics+of+Sustainable+Consumption:+Seeds+of+Change,"MA*47,*;+"
>*9>'44*2<+U*('27(./-+O"
B+56*27"L<"*20"J*C+4.'2+"d<"M'2"),+((O"`L,/8'27"L,*((,//.("S22/;*.'/2(P"GC)4/,'27".&+"Q/4+"/6"
I/1132'.5"U*(+0"B/9'*4">/;+1+2.("'2"L/;+,2'27"B3(.*'2*:'4'.5"G2+,75"%,*2('.'/2(=c"
Environment+and+Planning+C+
B+56*27"L<"B1'.&"d<"#NNW"`L,*((,//.("'22/;*.'/2("6/,"(3(.*'2*:4+"0+;+4/)1+2.P"%/8*,0("*"2+8"
,+(+*,9&"*20")/4'95"*7+20*=c"Environmental+Politics+9VS"]XR?\N$"
B&/;+"G<"#NN$<"Comfort,+Cleanliness+and+Convenience:+The+Social+Organization+of+Normality"MU+,7<+
HC6/,0O"
B&/;+"G<"#N!N<"`U+5/20".&+"dUIP"94'1*.+"9&*27+")/4'95"*20".&+/,'+("/6"(/9'*4"9&*27+=c"Environment+
and+Planning+A"S?"!#W$?!#X]"
B&/;+"G<"#N!#<"`G2+,75".,*2('.'/2("'2"),*9.'9+P".&+"9*(+"/6"74/:*4"'20//,"94'1*.+"9&*27+c"'2"Governing+
the+Energy+Transition:+reality,+illusion+or+necessity?+G0("L"f+,:/27<""g"@//,:*9&"MQ/3.4+07+<"
@/20/2O""
B&/;+"G<"A*2.[*,""><"#NN]*<"`I/2(31+,(<"A,/039+,("*20"A,*9.'9+(P"m20+,(.*20'27".&+"'2;+2.'/2"*20"
,+'2;+2.'/2"/6"K/,0'9"8*4-'27=c"Journal+of+Consumer+Culture+U9"R$?\R"
B&/;+"G<"w"A*2.[*,"><"#NN]:<"`D/(('4'(*.'/2c"Ethnologia+Europaea+;+Journal+of+European+Ethnology+"
1U"]Z?\$"
B&/;+"G<"E*4-+,"L<"#NNW<"`I*3.'/2q"%,*2('.'/2("*&+*0P")/4'.'9(<"),*9.'9+"*20"(3(.*'2*:4+".,*2('.'/2("
1*2*7+1+2.=c"Environment+and+Planning+A"1Z"W\$?WWN"
B&/;+"G<"E*4-+,"L<"#NNX<"`%,*2('.'/2">*2*7+1+2."*20".&+"A/4'.'9("/6"B&*)+"B&'6.'27c"Environment+
and+Planning+A"SX"!N!#?!N!R"
B&/;+"G<"E*4-+,"L<"#N!N<"`L/;+,2'27".,*2('.'/2("'2".&+"(3(.*'2*:'4'.5"/6"+;+,50*5"4'6+=c"Research+
Policy"1Z"RW!?RW\="
B1'.&"d<"#NN\*<"`L,++2"2'9&+("'2"(3(.*'2*:4+"0+;+4/)1+2.P".&+"9*(+"/6"/,7*2'9"6//0"'2".&+"m2'.+0"
Y'270/1c"Environment+and+Planning+C""?S"R$Z?R]X="
B1'.&"d<"#NN\:<"`K'9&+?:*(+0"*)),/*9&+("./"(3(.*'2*:4+"0+;+4/)1+2.P",*0'9*4"*9.';'(.(";+,(3("
(.,*.+7'9"1*2*7+,(=c""'2"Sustainability+and+Reflexive+Governance"G0("g"U*3-2+9&."g<"Q"Y+1)<"
o?A"f/((<"MG08*,0"G47*,<"I*1:+,4+5O"
!
#]"
!
B1'.&"d<"#NNZ<"`%&+"134.'4+;+4")+,()+9.';+"/2"(/9'/.+9&2'9*4".,*2('.'/2(P"(/1+",+64+9.'/2("/2"
9/29+).(<"()*9+("*20"(9*4+("'2"(3(.*'2*:4+"+2+,75".,*2('.'/2(=c"ESRC+Seminar+Series:+
Geographies+of+energy+transition:+security,+climate,+governance"#\.&"K/;+1:+,"#NNZ<"
m2';+,('.5"/6"@+'9+(.+,<"mY"
B1'.&"d<"#N!#<"`I';'4"B/9'+.5"'2"B3(.*'2*:4+"G2+,75"%,*2('.'/2(=c"'2"Governing+the+Energy+Transition:+
reality,+illusion+or+necessity?+G0("L"f+,:/27<""g"@//,:*9&"MQ/3.4+07+<"@/20/2O"
B1'.&"d<"B.',4'27"d<"U+,-&/3."D<"#NN]<"`%&+"7/;+,2*29+"/6"(3(.*'2*:4+"(/9'/.+9&2'9*4".,*2('.'/2(c"
Research+Policy"1S"!RZ!?!]!N"
B1'.&<"d<"f/(("o?A<"L,'2"o<"#N!N<"`S22/;*.'/2"(.30'+("*20"(3(.*'2*:'4'.5".,*2('.'/2(P"%&+"*443,+"/6".&+"
134.'?4+;+4")+,()+9.';+"*20"'.("9&*44+27+(=c"Research+Policy"1Z'R$]?RRX"
B/20+'e-+,"B"o<"L+3,.("o<"Q/.1*2("o<"%3--+,"d<"#NN\<"S1*7'2'27"(3(.*'2*:'4'.5P".&+"*00+0";*43+"/6"
.,*2('.'/2"(9+2*,'/("'2".,*2('.'/2"1*2*7+1+2.="Foresight"Y"!]?$N"
B.**.("J<"J*,4*20"A<"E'4-+"J<"#NNR<"`G66+9.'27"g3,*:4+"I&*27+P"d"%+*1"d)),/*9&"./"S1),/;+"
G2;',/21+2.*4"U+&*;'/,"'2".&+"J/3(+&/40=c"Environment+and+Behavior"1V1"$R!?$\W"
%,366+,"U<"#NN$<"`m(+,?4+0"'22/;*.'/2"),/9+((+(P".&+"0+;+4/)1+2."/6"),/6+(('/2*4"9*,"(&*,'27":5"
+2;',/21+2.*445"9/29+,2+0"9'.'[+2(=c"Innovation"9V?"!$Z?!]R"
m2,3&"L<"#NNN"`m20+,(.*20'27"I*,:/2"@/9-"S2="`Energy+Policy"?Y9?"X!W?X$N"
f*2"g+,"U,377+"Q<"Q/.1*2("o<"@//,:*9&"g<"#NN]<"`%&+".,*2('.'/2"'2"g3.9&"8*.+,"1*2*7+1+2.=c"
Regional+Environmental+Change"U"!\R?!W\"
f+,&+34"J<"w"f+,7,*7."A<"!ZZ]<"`B/9'*4"+C)+,'1+2.("'2".&+"0+;+4/)1+2."/6"+2;',/21+2.*4".+9&2/4/75P"
*":/../1?3)")+,()+9.';+=c"Technological+Analysis+and+Strategic+Management"W1"$!]?$#\"
E*,0+"d<"#NN]<"bI/2(31).'/2"*20"%&+/,'+("/6"A,*9.'9+^<"Journal+of+Consumer+Culture"U"!$!?!]$"
E&'.1*,(&"@<"E'+.(9&+4"><"#NNX<"B3(.*'2*:4+".,*2()/,.";'('/2(P"E&*.",/4+"6/,"&50,/7+2"*20"63+4"9+44"
;+&'94+".+9&2/4/7'+(s""Energy+and+Environment"9Z"#NW?##\"
"
.!!