Content uploaded by Xavier Bonal
Author content
All content in this area was uploaded by Xavier Bonal on Oct 04, 2018
Content may be subject to copyright.
!
!"
Chapter(1:(The(renaissance(of(school(segregation(in(a(context(of(
globalization(
(
(
!"#$%&'()*"+'"*,'-&$./$0*'(%++%$'
(
#$"%&$'()"*+"'$,"%-((-.)"/+"012!34"1*,%&./"*,$*2'.34))+'.%2&%2"/$)*5'
6"//%&*.7'3"8.%.'"*,'3)*.%98%*3%.'):'.;"/$"+'$*%98"+$/$%.'$*'%,83"/$)*+"
5&$,&$6"%(&&789:;<+"
"
"
!
1. School(segregation(as(a(field(of(study(in(the(21st(century(
"
=>-" :$-?-$" ,.8@;.9:@.&$" &A" B:B.(8" .$" 8C>&&(8)" 'CC&;,.$D" @&" @>-.;" 8&C.'(" &;.D.$)" -@>$.C"
D;&:B)"8-E"&;"'$<"&@>-;"'8C;.B@.?-"C>';'C@-;.8@.C)".8"'$".7B&;@'$@"@&B.C".$"-,:C'@.&$'("
;-8-';C>+"#@">'8";-C-.?-,"8B-C.'("'@@-$@.&$".$"@>-"FG+"=>-"!HIJ"G:B;-7-"/&:;@"8-$@-$C-"
.$" @>-" C'8-" &A"(&)<*' #.5' ()"&,' ):' =,83"/$)*)" .$" '" C&$@-E@" &A" >.8@&;.C'(" 'B';@>-.,)"
C&$?-;@-,"8C>&&("8-D;-D'@.&$"'$,",-8-D;-D'@.&$"B&(.C.-8".$@&"'"C-$@;'("&9K-C@"&A"8@:,<"
A&;"'C',-7.C8"'$,";-8-';C>-;8+"G.$C-"@>-"!HL28)"-8B-C.'((<"'A@-;"@>-"B:9(.C'@.&$"&A"@>-"
-)+%>"*' ?%;)&/" 0/&(-7'$" -@" '(+)" !HLL4)" @>-" '7&:$@" &A" (.@-;'@:;-" &$" @>.8" @&B.C" >'8"
D;&M$"-E@-$8.?-(<"'$,".8"$&@'9(<"(';D-;"@>'$"@>'@"A&:$,".$"&@>-;"B';@8"&A"@>-"M&;(,+"N"
$:79-;"&A"M-((OP$&M$"':@>&;8"0Q;A.-(,)"122!R"Q;A.-(,"'$,"5--)"122IR"S'$:8>-CP"-@"'(+)"
122TR" QD9:)" 122TR" G'B&;.@&)" 122T4" >'8" A&C:8-," &$" ,.AA-;-$@" '8B-C@8" &A" @>-" 8@:,<" &A"
8C>&&(" 8-D;-D'@.&$" 08C'(-)" 8B'@.'(" ,<$'7.C8)" C&$8-U:-$C-8" A&;" B-;A&;7'$C-)" 8&C.'("
C&>-8.&$)"-AA-C@8"&A",-8-D;-D'@.&$"B&(.C.-84+"=>-8-"'$,"&@>-;"':@>&;8">'?-"C&$8@;:C@-,"
'"9&,<"&A";-8-';C>)"M>.C>">'8"7'.$@'.$-,".$@-;-8@".$"8C>&&("8-D;-D'@.&$"A&;"7&;-"@>'$"
I2" <-';8+" V>.(-" ;'C.'(" 8-D;-D'@.&$" &9?.&:8(<" ,&7.$'@-8" 7&8@" &A" @>-" ;-8-';C>" &$" @>.8"
@&B.C" .$" @>-" FG)" @>-" 8@:,<" &A" 8&C.&O-C&$&7.C" 8-D;-D'@.&$" >'8" '(8&" ;-C-.?-," D;&M.$D"
'@@-$@.&$".$";-C-$@",-C',-8"0W:79-;D-;"'$,"X'(';,<)"122IR"X'(';,<)"12!TR"8--"'(8&"@>-"
-EC-((-$@" ;-?.-M" 9<" W&8(<$" Y.CP-(8&$" .$" @>.8" ?&(:7-4+" G-?-;'(" C&:;@" 8-$@-$C-8"
'9'$,&$.$D"@>-">.8@&;.C'(" ,&C@;.$-"&A"Z8-B';'@-"9:@"-U:'([" .$"FG"8C>&&(8">'?-" &B-$-,"
@>-" ,&&;" @&" ,-8-D;-D'@.&$" B&(.C.-8)" -8B-C.'((<" M.@>" ;-D';," @&" 9:88.$D" B('$8" .$" 7'$<"
8C>&&(",.8@;.C@8+"V>.(-"@>-8-"B&(.C.-8"M-;-" 'C@.?-".$"@>-"!H\28)"@>-<"8@';@-,"@&" ,-C(.$-"
A;&7" @>-" !H328" &$M';,8+" S&M-?-;)" ,-8-D;-D'@.&$" B&(.C.-8" >'?-" ;-7'.$-,"
!
1"
C&$@;&?-;8.'(".$"FG"-,:C'@.&$"0]&9(.@)"12!I4"'$,"@>-.;"-AA.C'C<"C'$"9-"U:-8@.&$-,"'A@-;"
,-C',-8"&A";-8-D;-D'@.&$".$"FG"8C>&&(8"0Q;A.-(,)"122!R"^;'$P-$9-;D"'$,"Q;A.-(,)"12!14+"
]&@>.$D" 8.7.(';" >'8" &CC:;;-," .$" &@>-;" B';@8" &A" @>-" M&;(,)" -.@>-;" 9-C':8-" &A" '"
('CP"&A"'">.8@&;<"&A"-EB(.C.@"'B';@>-.,)"A&((&M-,"9<"7'88.?-",-8-D;-D'@.&$"B;&C-88-8)"&;"
,:-" @&" ('CP" &A" 7-'$8" '$," ,'@'" M.@>" M>.C>" @&" C';;<" &:@" @>-" 8'7-" @<B-" &A" ;-8-';C>+"
S&M-?-;)".$";-C-$@"<-';8)"@>.8">'8" 9-D:$"@&"C>'$D-+"#$" _:;&B-)"'8"@>-"C&$@;.9:@&;8"&A"
@>.8" ?&(:7-" 8>&M)" 9-@@-;" 'CC-88" @&" ,'@')" -8B-C.'((<" 'A@-;" @>-" X;&D;'77-" A&;"
#$@-;$'@.&$'(" G@:,-$@" N88-887-$@" 0X#GN4)" @>-" C;:C.'(" .7B&;@'$C-" &A" 7.D;'@.&$"
7&?-7-$@8"'$,"@;-$,8".$"@>-",.;-C@.&$"&A"7&;-"7';P-@O&;.-$@-,";-A&;78".$"-,:C'@.&$"
>'?-" '((" D-$-;'@-," '" D;&M.$D" .$@-;-8@" .$" @>-" 8@:,<" &A" 8C>&&(" 8-D;-D'@.&$" .$" ,.AA-;-$@"
C&:$@;.-8" '$," -$>'$C-," .$@-;$'@.&$'(" C&7B';.8&$8" 0%-$.@&" -@" '(+)" 12!JR" N(-D;-" '$,"
^-;;-;)"12!2R"`;&$P-;8"'$,"W&9-;@)"1223R"a&;';,"'$,"G7.@>)"122J4+"=>-"8@:,<"&A"-@>$.C"
8-D;-D'@.&$">'8"9--$"(-88"C-$@;'("@>'$".@">'8"9--$" .$" @>-" FG+" `-8B.@-" .@8" .7B&;@'$C-)"
@>-" ,.8C;.7.$'@.&$" '$," 8C>&&(" 8-D;-D'@.&$" A'C-," 9<" W&7'" C>.(,;-$" .$" _:;&B-'$"
8&C.-@.-8">'?-";-C-.?-,"7:C>"(-88"'@@-$@.&$"@>'$";-8-';C>"&$";'C.'(".$-U:'(.@.-8".$"@>-"
FG+!"=>-" 7.D;'$@" C&$,.@.&$8" &A" C>.(,;-$)" 8&C.&O-C&$&7.C" ?';.'9(-8" &;" 8B-C.'(" $--,8"
B;&E.-8" >'?-" 'C@:'((<" C&$C-$@;'@-," @>-" A&C:8" &A" 7&8@" -7B.;.C'(" ;-8-';C>" &$" 8C>&&("
8-D;-D'@.&$".$"_:;&B-'$"C&:$@;.-8+"
#$"5'@.$"N7-;.C')" M>-;-"8&C.'("'$,"-C&$&7.C".$-U:'(.@.-8" ';-";-7';P'9(-">.D>)"
@>-"8@:,<"&A"8C>&&("8-D;-D'@.&$">'8"&$(<"9--$"'"B;.&;.@<".$";-C-$@"<-';8+"W-8-';C>">'8"
7'.$(<" 9--$" A&C:8-," &$" A'C@&;8" 'CC&:$@.$D" A&;" @>-" >.D>" (-?-(8" &A" -EC(:8.&$" A;&7" @>-"
8C>&&(" 8<8@-7)" (&M" 'C',-7.C" B-;A&;7'$C-" '$," $&@.C-'9(-" -,:C'@.&$'(" .$-U:.@<+"
]-?-;@>-(-88)" .$@-;$'(" '$," -E@-;$'(" 7.D;'@.&$" 7&?-7-$@8)" B;&C-88-8" &A" :;9'$"
B&(';.b'@.&$)"'$," $-M" -,:C'@.&$'(" B&(.C.-8"08:C>" '8" @>-" B;&7&@.&$"&A"B;.?'@-"8C>&&(8"
'$," ,.AA-;-$@" A&;78" &A" ,-C;-'8.$D" 8@'@-" ;-8B&$8.9.(.@<4" >'?-" .$C;-'8-," -,:C'@.&$'("
,.AA-;-$@.'@.&$"'7&$D"8&C.'("D;&:B8+"=>-8-"@;-$,8"';-"C&79.$-,"M.@>"7&;-"@;',.@.&$'("
A&;78" &A" -,:C'@.&$'(" 8-D7-$@'@.&$)" M>.C>" ';-" ;-.$A&;C-," .$" @>-" A&;7" &A" -,:C'@.&$'("
'CC-88" -E@-$,-," @&" (&MO.$C&7-" B&B:('@.&$86" M>.(-)" .$" :;9'$" ';-'8)" >.D>O8&C.&O
-C&$&7.C" 8@'@:8" 0G_G4" A'7.(.-8" @-$," @&" '@@-$," B;.?'@-" &;" 8-(-C@.?-" B:9(.C" 8C>&&(8)" .$"
;:;'(" b&$-8)" .$,.D-$&:8" B-&B(-" (.?-" '$," 8@:,<" .$" >.D>(<" 8-D;-D'@-," -$?.;&$7-$@8+" N(("
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!"G--"@>-"M&;P8"9<"N;'9',K.-?'"012!I4)"/'8>7'$"012!L4"'$,"G>'@@:CP"012!14+"
"
!
T"
@>-8-"A'C@&;8" '$," @>-" .7B;&?-7-$@" .$"@>-" U:'(.@<" &A" '?'.('9(-" ,'@'" 07'.$(<" (.$P-," @&"
.$@-;$'@.&$'(" 8@:,.-8)" 8:C>" '8" @>-" X#GN4" >'?-" A'C.(.@'@-," '$" .$C;-'8.$D" $:79-;" &A"
8@:,.-8"&$"8C>&&("8-D;-D'@.&$"07'$<"&A"@>-7";-A-;;-,"@&".$" @>.8"9&&P4)"7&@.?'@-,"$&@"
&$(<"9<"'"9;&',"C&$C-;$"A&;"-U:.@<)"9:@"'(8&"9<".@8"B&@-$@.'("C&$@;.9:@.&$"@&" .7B;&?-"
8@:,-$@8[" 'C',-7.C" B-;A&;7'$C-+" N,,.@.&$'((<)" D(&9'(.b'@.&$" >'8" -EB'$,-," @>-"
B;&C-88-8" &A" A;'D7-$@'@.&$" '$," 8-D7-$@'@.&$" .$" (';D-" 5'@.$" N7-;.C'$" C.@.-8)" M>.C>"
>'?-"'(8&".$C;-'8-,"@>-"(-?-("&A".$@-;-8@"'7&$D"8C>&(';8".$"@>.8"-7-;D.$D"A.-(,+"
Y&;-"@>'$"L2"<-';8"'A@-;"@>-"(&)<*'#.5'()"&,'):'=,83"/$)*"8-$@-$C-)"@>-"@&B.C"
&A"8C>&&("8-D;-D'@.&$"$&@"&$(<";-7'.$8"'$".7B&;@'$@"';-'"&A"-,:C'@.&$'(";-8-';C>)"9:@"
>'8"D'.$-,"7&7-$@:7".$";-C-$@",-C',-8+"a(&9'(.b'@.&$">'8":$,&:9@-,(<".7B'C@-,"@>.8"
;-$'.88'$C-".$"8C>&&("8-D;-D'@.&$"8@:,.-8+"G&C.'(".$-U:'(.@.-8">'?-".$C;-'8-,".$"7'$<"&A"
@>-" :;9'$" 8B'C-8" .$" @>-" D(&9'(.b-," M&;(,+" _C&$&7.C" D;&M@>" '$," 8&C.'(" ,-?-(&B7-$@"
>'?-" 9--$" :$-U:'((<" ,.8@;.9:@-," '$," D-$-;'@-," D;&M.$D" B;&C-88-8" &A" :;9'$"
A;'D7-$@'@.&$" '$," 8-D7-$@'@.&$" 'C;&88" $-.D>9&:;>&&,8+" N8" Y:8@-;," -@" '(+" 012!\4"
';D:-)"D(&9'(.b'@.&$"'$,"B&(';.b'@.&$">'?-"@'P-$"B('C-"8.7:(@'$-&:8(<)"-?-$".$"C.@.-8"&A"
C&:$@;.-8" M.@>" 8@;&$D" M-(A';-" ;-D.7-8+" Y&;-&?-;)" @>-" .$C;-'8-" .$" 8&C.'(" .$-U:'(.@.-8"
8.$C-" @>-" 7.,O!H\28" '$," @>-" .$C'B'C.@<" &A" D&?-;$7-$@8" @&" :8-" B:9(.C" '$," 8&C.'("
B&(.C.-8" @&" ;-,:C-" @>-7" 0N@P.$8&$)" 12!I4" >'?-" C&$@;.9:@-," @&" M&;8-$.$D" 8&C.&O
-C&$&7.C"8-D;-D'@.&$".$"7'K&;"C.@.-8+"a(&9'(".$-U:'(.@.-8)"-C&$&7.C"D(&9'(.b'@.&$"'$,"
B&(.@.C'("C&$A(.C@8" ';-" '(8&" 'AA-C@.$D" 7.D;'@.&$" 7&?-7-$@8" '(("&?-;" @>-" M&;(,+" `-8B.@-"
@>-"7'$<";-8@;.C@.&$8"&$"@>-"7&?-7-$@"&A"B-&B(-)"C&7B';-,"@&"@>-"A(&M"&A"D&&,8"'$,"
C'B.@'()"@>-"$:79-;"&A"7.D;'$@8".$"@>-"M&;(,";-'C>-,"$-';(<"1I2"7.((.&$"B-&B(-".$"12!T"
0T+Jc" &A" @>-" M&;(,[8" B&B:('@.&$4)" C&7B';-," @&" @>-" !12" 7.((.&$" .$" !HH2+ 1"G&C.&O
-C&$&7.C"8B'@.'("8-D;-D'@.&$">'8".$C;-'8-,"'8"'";-8:(@"&A"'(("@>-8-"@;-$,8)"'(@>&:D>".@8"
.$@-$8.@<" '$," B';@.C:(';" C>';'C@-;.8@.C8" >'?-" ?';.-," .$" ,.AA-;-$@" C&:$@;.-8" '$," C.@.-8)"
,-B-$,.$D"&$"A'C@&;8"8:C>"'8"B;-O-E.8@.$D":;9'$"8-D;-D'@.&$)"@>-"B;&C-88"&A"-C&$&7.C"
;-8@;:C@:;.$D)" @>-" ,-?-(&B7-$@" '$," @;'$8A&;7'@.&$" &A" M-(A';-" 8@'@-8" &;" @>-"
C>';'C@-;.8@.C8" &A" >&:8.$D" B&(.C.-8" 0Y:8@-;," '$," Q8@-$,&;A)" !HH3R" ='77';:" -@" '(+)"
12!I4+"
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
1"G--">@@B86dd8.@-;-8&:;C-8+M&;(,9'$P+&;Dd#]=XWQGX_/=GdW-8&:;C-8dTTJHTJO
!!HH32\H2332LdJIJH21IO!JI2JII32\J3\d^'C@9&&PB';@!+B,A+"W-@;.-?-,"&$"Td!2d12!\+"
!
J"
_,:C'@.&$">'8"$&@"9--$".77:$-"@&"@>-8-" @-$,-$C.-8+" W-8.,-$@.'(" 8-D;-D'@.&$)"
7.D;'@.&$" 7&?-7-$@8)" -C&$&7.C" .$-U:'(.@.-8" '$," 8&7-@.7-8" -,:C'@.&$" B&(.C.-8"
@>-78-(?-8" >'?-" 7&8@(<" B;&,:C-," '$" .$C;-'8.$D" B;&C-88" &A" 8C>&&(" 8-D;-D'@.&$"
9-@M--$" @>-" 7&8@" ,.8',?'$@'D-," 8&C.'(" D;&:B8" '$," @>-" :BB-;" C('88-8" &A" 8&C.-@<+"
Q9?.&:8(<)"@>-8-"B;&C-88-8">'?-" ',&B@-," ,.AA-;-$@"8>'B-8"'$,".$@-$8.@.-8".$",.AA-;-$@"
B';@8" &A" @>-" M&;(,)" A;&7" @>-" ;-.$A&;C-7-$@" &A" @;',.@.&$'((<" 8-D7-$@-," C:;;.C:(:7"
8@;:C@:;-8" @&" @>-" 'BB-';'$C-" &A" $-M" ,.?.8.&$8" ;-('@-," @&" 7';P-@" ,<$'7.C8" '$,"
B;.?'@.b'@.&$"B;&C-88-8+"#$-U:'(.@.-8"';-"B;&,:C-,"'$,";-B;&,:C-,"A&;"?';.&:8";-'8&$8"
'$,"-EB-;.-$C-,".$" '" ,.8@.$C@" 7'$$-;" 9<" ,.AA-;-$@" 8&C.'(" D;&:B8+" G&C.'("C(-'?'D-8"';-"
.7B&;@-,".$@&"@>-"-,:C'@.&$"8<8@-78"A&;"-C&$&7.C)"C:(@:;'()";-(.D.&:8)"(.$D:.8@.C)"8-E:'("
'$,"7'$<"&@>-;"A'C@&;8"@>'@",.?.,-"8&C.-@.-8+""
#$,--,)"M>'@"@>-8-",.?.8.&$8">'?-".$"C&77&$".8"@>'@" @>-<" 8.D$.A.C'$@(<" .7B'C@"
&$"@>-"(.A-"&BB&;@:$.@.-8"&A":$,-;B;.?.(-D-,"D;&:B8)"M>-@>-;"@>-<"';-"D.;(8)"B&&;)"9('CP)"
;-(.D.&:8"&;"(.$D:.8@.C" 7.$&;.@.-8+"S-$C-)"@>-";-(-?'$C-" &A"8C>&&("8-D;-D'@.&$"'8" '"A.-(,"
&A" 8@:,<" ;-8@8" B;.7';.(<" &$" @>-" A'C@" @>'@" .@" .8" &$-" &A" @>-" 7&8@" .7B&;@'$@" A'C@&;8"
-EB('.$.$D"@>-";-B;&,:C@.&$"&A"-,:C'@.&$".$-U:'(.@.-8+"N8"$&@-,".$"8&7-"C&:$@;<"C'8-8"
.$C(:,-," .$" @>.8" 9&&P)" ;-8-';C>" &$" A'C@&;8" B;-,.C@.$D" 'C',-7.C" 'C>.-?-7-$@" >'8)" .$"
A'C@)"B('<-,"'";-(-?'$@";&(-".$"9&&8@.$D"8@:,.-8"&$"8C>&&("8-D;-D'@.&$)"8.$C-"'"('CP" &A"
-,:C'@.&$'(" .$C(:8.&$" >'8" C;:C.'(" C&$8-U:-$C-8" ;-D';,.$D" @>-" -,:C'@.&$'("
&BB&;@:$.@.-8"&A"@>-"7&8@"?:($-;'9(-"B&B:('@.&$8+"=>-"8@:,<"&A"8C>&&("8-D;-D'@.&$">'8"
7',-"-$&;7&:8"B;&D;-88".$";-A.$.$D"7-'8:;-8"@&"-8@.7'@-".@8"7'D$.@:,-)"'8"M-(("'8".$"
.7B(-7-$@.$D"7&;-"C&7B(-E" ,-8.D$8"@&".,-$@.A<".@8" -AA-C@8"&$",.AA-;-$@",.7-$8.&$8"&A"
8@:,-$@8["-EB-;.-$C-8+"
/&$@;';<" @&" C-;@'.$" B&8.@.&$8" @>'@" 7.D>@" A.$," C.?.C" ?.;@:-8" .$" ?&(:$@';<" '$,"
8B&$@'$-&:8" 8C>&&(" 8-D;-D'@.&$" B;&C-88-8" 0Y-;;<)" 12!14" '$," >&7&D-$-&:8" 8C>&&("
C&77:$.@.-8"0/>:99"'$,"Y&-)"!HH24)"@>-;-".8"'"D;-'@",-'("&A"-?.,-$C-"@&"8>&M"@>'@"
8C>&&("8-D;-D'@.&$">'8"$-D'@.?-"-AA-C@8"&$"@>-"B-;A&;7'$C-"&A"@>-"7&8@",.8',?'$@'D-,"
8@:,-$@8"0`:B;.-b"-@"'(+)"1223R"`:7'<"'$,"`:B;.-b)"1223R"=>;:BB"-@"'(+)"1221R"W'$D?.,)"
122\4+"`-8B.@-"@>-"-E.8@-$C-"&A";-(-?'$@"8C>&&("-AA-C@8"0&;D'$.b'@.&$'("'$,"B-,'D&D.C'("
B;'C@.C-84)" M>.C>" C'$" >'?-" '" B&8.@.?-" .7B'C@" &$" (-';$.$D" B;&C-88-8" '$," &:@C&7-8" &A"
8@:,-$@8)"@>-"$-@"-AA-C@"&A"8C>&&("C&7B&8.@.&$"?';.'9(-8"&$"8@:,-$@"B-;A&;7'$C-"@-$,8"
@&" 9-" D;-'@-;" @>'$" @>-" $-@" -AA-C@" &A" ?';.'9(-8" ;-('@-," @&" B-,'D&D.C" B;'C@.C-8" '$,"
!
I"
&;D'$.b'@.&$'("B;&C-88-8"0%-$.@&"-@"'()"12!JR"8--"'(8&"@>-"C>'B@-;" 9<"]'@'(.'"e;fD-;".$"
@>.8" ?&(:7-4+" V-" >'?-" '(8&" (-';$-," @>'@" >.D>-;O" &;" (&M-;O'9.(.@<" 8@:,-$@8["
C&$C-$@;'@.&$" >'8" '" D;-'@-;" -AA-C@" &$" B-;A&;7'$C-" @>'$" '8C;.B@.?-" C>';'C@-;.8@.C8"
0W:7-;D-;" '$," X'(';,<)" 122IR" g'$" ,-;" G(.P" -@" '(+)" 122L4)" '8" M-((" '8" @>-" A'C@" @>'@"
C&7B&8.@.&$'(" -AA-C@8" ';-" '8<77-@;.C" 9-C':8-" @>-<" ';-" 8@;&$D-8@" '7&$D" @>-" 7&8@"
:$,-;B;.?.(-D-," 8@:,-$@8+" X:@" '$&@>-;" M'<)" @>-" -,:C'@.&$'(" B-;A&;7'$C-" &A" -@>$.C"
7.$&;.@.-8"&;"(&MOG_G"8@:,-$@8".8"7&;-"8-$8.@.?-"@&"C&7B&8.@.&$"-AA-C@8"@>'$".@".8".$"@>-"
C'8-"&A">.D>-;OG_G"8@:,-$@8"0S'$:8>-CP"-@"'(+)"1221R"N$,-;8-$"'$,"=>&78-$)"12!!4+"
" %-<&$,".$-U:'(.@.-8" .$" -,:C'@.&$'(" B-;A&;7'$C-)" ;-8-';C>" >'8" '(8&" 8>&M$" @>-"
$-D'@.?-" -AA-C@8" &A" 8C>&&(" 8-D;-D'@.&$" &$" &@>-;" '8B-C@8" &A" 8&C.'(" (.A-+" GC>&&(8[" 8&C.'("
'$," -@>$.C" >-@-;&D-$-.@<" C'$" 9-" ,-C.8.?-" .$" @-;78" &A" 8@:,-$@8[" C'B'C.@<" @&" ,-?-(&B"
8&C.'(" C'B.@'(" '$," B;&7&@.$D" .$@-;C:(@:;'(" A;.-$,8>.B" $-@M&;P8" 0g'$" S&:@@-" '$,"
G@-?-$8)"122HR" =;&BB" '$," X;-$&?&8@)" 12234+" W-(.D.&:8)" (.$D:.8@.C" &;" -@>$.C" 7.E.$D" C'$"
'(8&"A'C.(.@'@-"'";-,:C@.&$".$"B;-K:,.C-"'$," >.D>-;" (-?-(8" &A"C&$@'C@"9-@M--$"&BB&8-,"
C&77:$.@.-8" .$" C&$@-E@8" &A" B&(.@.C'(" C&$A(.C@" 0S:D>-8" -@" '(+)" 12!T4+" GC>&&(8[" ;'C.'()"
-@>$.C"&;"8&C.'("C&7B&8.@.&$".8"'(8&";-('@-,"@&"'8B-C@8"8:C>"'8"?.&(-$C-)";'C.'("B;-K:,.C-)"
('9&:;"7';P-@"&:@C&7-8)"M'D-8"&;"'"8-$8-"&A",-7&C;'C<"08--"@>-";-?.-M"9<"Y.CP(-8&$"
.$"@>.8"?&(:7-4+"
" `-8B.@-" '((" @>.8" -?.,-$C-)" B&(.C.-8" @&" @'CP(-" 8C>&&(" 8-D;-D'@.&$" >'?-" 9--$"
@.7&;&:8" '@" 9-8@+" N8" M-" M.((" 8--" ('@-;".$" @>.8" .$@;&,:C@.&$)" $'@.&$'()" ;-D.&$'(" &;" (&C'("
D&?-;$7-$@8" >'?-" 9--$" ;-(:C@'$@" @&" .$@;&,:C-" 8.D$.A.C'$@" C>'$D-8" .$" -,:C'@.&$"
B&(.C.-8"@&"'C>.-?-"'"7&;-"9'('$C-,",.8@;.9:@.&$"&A"8@:,-$@8".$"8C>&&(8+"=>.8";-8.8@'$C-"
C&:(," 9-" @>-" ;-8:(@" &A" '" C&7B(-E" 8-@" &A" B&(.@.C'()" -C&$&7.C" '$," .,-&(&D.C'(" .$@-;-8@8)"
M>.C>"B;-88:;-"-,:C'@.&$"B&(.C<+"N(@-;.$D"8C>&&(" C>&.C-" 7&,-(8)" 7'P.$D" -(.@-" 8C>&&(8"
'CC-B@"(&M-;OG_G"&;"-@>$.C"7.$&;.@<"8@:,-$@8"'$,"C>'$D.$D"8C>&&("b&$-8"';-",-C.8.&$8"
@>'@" A'C-" ;-8.8@'$C-" A;&7" ,.AA-;-$@" 8-C@&;8" &A" @>-" -,:C'@.&$'(" C&77:$.@<)" 8:C>" '8"
B';-$@8)" B;.?'@-" 8C>&&(8)" 8C>&&(" B;.$C.B'(8" &;" -?-$" @-'C>-;8+" N8" ,.8C:88-," 9-(&M)"
;-8-';C>" &$" ,-8-D;-D'@.&$" B&(.C.-8)" M>.C>" .8" C&;;-8B&$,.$D(<" 8C';C-)" ,&C:7-$@8" @>-"
@-C>$.C'()"C:(@:;'("'$,"B&(.@.C'(",.AA.C:(@.-8"'CC&:$@.$D" A&;" @>-.;"&98-;?-,"(&M"(-?-(8"&A"
-AA-C@.?-$-88+"
"
"
!
L"
2. Unpacking(the(social(mechanisms(producing(school(segregation((
"
F$,-;8@'$,.$D"8C>&&(" 8-D;-D'@.&$"B;&C-88-8".$"'"C&$@-E@"&A"D(&9'(.b'@.&$".8"'"C&7B(-E"
@'8P+" #@" ;-U:.;-8" -EB(&;.$D" @>-" .$@-;'C@.&$" 9-@M--$" @>-" ,.AA-;-$@" ,.7-$8.&$8" @>'@"
D-$-;'@-" 8B'@.'(" .$-U:'(.@.-8" .$" 8C>&&(.$D+" G&7-" &A" @>-" A'C@&;8" .$,:C.$D" B;&C-88-8" &A"
8C>&&(" 8-D;-D'@.&$" ';-" -E@-;$'(" @&" -,:C'@.&$" 8<8@-78" '$," M&:(," ;-U:.;-" B&(.@.C'("
'C@.&$"9-<&$,"-,:C'@.&$"B&(.C<+"W-8.,-$@.'("8-D;-D'@.&$)"B&CP-@8"&A"B&?-;@<".$"8B-C.A.C"
$-.D>9&:;>&&,8)"7.D;'@.&$"M'?-8)",-7&D;'B>.C" @;-$,8)"A&;78"&A"C:(@:;'(" C(&8:;-"'$,"
C:(@:;'(" -7:('@.&$" ';-" B&@-$@.'(" A'C@&;8" @>'@" D-$-;'@-" 8C>&&(" 8-D;-D'@.&$)" M>.C>" C'$"
&$(<"9-"',,;-88-,"9<",-?-(&B.$D":;9'$",-?-(&B7-$@"B&(.C.-8)"8&C.'("B&(.C.-8"&;"C:(@:;'("
'C@.&$8" @&" A'C.(.@'@-" 8&C.'(" .$@-D;'@.&$+" S&M-?-;)" &@>-;" C':8-8" &A" 8C>&&(" 8-D;-D'@.&$"
7'<"9-".,-$@.A.-,".$"@>-"C>';'C@-;.8@.C8"&A"-,:C'@.&$"8<8@-78"&;".$"8B-C.A.C"-,:C'@.&$"
B&(.C.-8" @>'@" 7'<" A'?&:;" B&(';.b'@.&$" '$," '$" :$9'('$C-," ,.8@;.9:@.&$" &A"
:$,-;B;.?.(-D-," &;" >.D>(<" B;.?.(-D-," 8@:,-$@8+" _';(<" @;'CP.$D" '$," .$8@.@:@.&$'("
,.AA-;-$@.'@.&$)"@>-"B;-8-$C-"&A"'"(';D-"$:79-;"&A"B;.?'@-"8C>&&(8)"'$,"@>-"C'B'C.@<"&A"
8C>&&(8" @&" 8-(-C@" @>-.;" 8@:,-$@8" ';-" '8B-C@8" @>'@" C&;;-('@-" M.@>" (-?-(8" &A" 8C>&&("
8-D;-D'@.&$"0N(-D;-"'$," ^-;;-;)"12!24+"#$"@>-" 8'7-"?-.$)"7&,-(8"&A"8C>&&("C>&.C-)"@>-"
,-A.$.@.&$"&A"C'@C>7-$@"';-'8)"(-?-(8"&A"8>';-,";-8B&$8.9.(.@.-8"@&"-$;&("8@:,-$@8"'@";.8P"
'$," .$8B-C@.&$" 8<8@-78" @&" '?&.," 8@:,-$@" 8-(-C@.&$" '$," A;':," ';-" A'C@&;8" @>'@" C'$" 9-"
,-C.8.?-".$":$,-;8@'$,.$D">&M"8C>&&("8-D;-D'@.&$".8"B;&,:C-,"'$,";-B;&,:C-,+"
" N8" @>-" C'8-" 8@:,.-8" .$C(:,-," .$" @>.8" 9&&P" 8>&M)" @>-" .$@-;'C@.&$" 9-@M--$"
-E@-;$'("'$,".$@-;$'("A'C@&;8"B;&,:C-8":$.U:-"8C-$';.&8"&A"8C>&&("8-D;-D'@.&$)"M>.C>"
-$D-$,-;" .$-U:'(.@.-8" &A" '" ,.AA-;-$@" $'@:;-" '$," .$@-$8.@<+" S-$C-)" B&(.C.-8" @&" @'CP(-"
8C>&&(" 8-D;-D'@.&$" 7:8@" A&C:8" &$" ,.AA-;-$@" '8B-C@8)" ,-B-$,.$D" &$" @>-" 8B-C.A.C"
C>';'C@-;.8@.C8" .@" ',&B@8" .$" ,.AA-;-$@" C&$@-E@8+" W-,:C.$D" 8C>&&(" 8-D;-D'@.&$" .$" 8&7-"
C.@.-8"7'<";-U:.;-"8<8@-78"&A"8@:,-$@"7&9.(.@<)"8:C>"'8"9:88.$D".$"@>-"FG+"S&M-?-;)".$"
8&7-"_:;&B-'$"C.@.-8"C>';'C@-;.b-,"9<"(&M-;"(-?-(8"&A";-8.,-$@.'("8-D;-D'@.&$)"B&(.C.-8"
C&:(," A&C:8" &$" 8:C>" '8B-C@8" '8" ;-A&;7.$D" .$8@.@:@.&$'(" ,.AA-;-$@.'@.&$" &;" ;-,-A.$.$D"
8C>&&(" C'@C>7-$@" ';-'8+" #$" 5'@.$" N7-;.C')" .$-U:'(.@.-8" .$" @>-" U:'(.@<" &A" 8C>&&(.$D"
9-@M--$" B:9(.C" '$," B;.?'@-" 8C>&&(8" '$," >.D>" (-?-(8" &A" :;9'$" 8-D;-D'@.&$" '7&$D" @>-"
:BB-;"C('88-8"C&$A.D:;-"8B-C.A.C"8C-$';.&8"&A"-E@;-7-"-,:C'@.&$'("8-D;-D'@.&$"9-@M--$"
@>-" ;.C>" '$," @>-" B&&;+" W-,:C.$D" 8C>&&(" 8-D;-D'@.&$" .$" N78@-;,'7" ;-U:.;-8" ,.AA-;-$@"
!
\"
7-'$8"@>'$"@>-"&$-8"$--,-," @&",&"@>-" 8'7-".$"G'$@.'D&",-"/>.(-)"5.7'"&;"%';C-(&$'+"
=>-"8@;&$D(<"C&$@-E@:'("C>';'C@-;"&A"8C>&&("8-D;-D'@.&$"B;&C-88-8"K:8@.A.-8"@>-"'98-$C-"
&A":$.?-;8'("'$,":$.U:-"8&(:@.&$8"@&",-8-D;-D'@-"8C>&&(.$D+""
" #$" A'C@)" '8" M-" >'?-" (-';$-," A;&7" ;-8-';C>)" .@" 7'<" 9-" @>-" C'8-" @>'@" 8.7.(';"
;-A&;78" B;&,:C-" C&$@;'8@.$D" &:@C&7-8" M>-$" @>-<" ';-" .7B(-7-$@-," .$" ,.AA-;-$@"
C&$@-E@8+"=>-"M'<".$"M>.C>"B&(.C.-8"';-",-8.D$-,)"@>-"8@;:C@:;'("C>';'C@-;.8@.C8"&A"8&C.'("
.$-U:'(.@.-8"'$,"@>-"8B-C.A.C.@.-8"&A"-,:C'@.&$"8<8@-78"';-"P-<"'8B-C@8".$":$,-;8@'$,.$D"
M><" -?-$" 8.7.(';" D-$-;.C" B&(.C.-8" B;&,:C-" ,.AA-;-$@" -AA-C@8" .$" ,.AA-;-$@" C&$@-E@8+" ^&;"
.$8@'$C-)"M>.(-"@>-"!H33"_,:C'@.&$"W-A&;7"NC@)"M>.C>"-E@-$,-,"8C>&&("C>&.C-".$" @>-"
Fe)",.,"$&@">'?-"'$" .7B'C@" &$"8C>&&("8-D;-D'@.&$"0a&;';,"'$,"^.@b)"!HH3R" ='<(&;" '$,"
a&;';,)" 122!4)" @>-" :$.?-;8'(" ?&:C>-;" 8<8@-7" .$" />.(-" '$," @>-" -EB'$8.&$" &A" @>-"
-,:C'@.&$'("7';P-@"8.D$.A.C'$@(<".$C;-'8-,"8C>&&("8-D;-D'@.&$"0g'(-$b:-('"-@"'(+)"12!J4+"
5.P-M.8-)" M>.(-" 8C>&&(" 7'BB.$D" >'8" 8>&M$" 8&7-" (-?-(" &A" -AA-C@.?-$-88" .$" C-;@'.$"
GB'$.8>" 7:$.C.B'(.@.-8" .$" 7.@.D'@.$D" 8C>&&(" 8-D;-D'@.&$" 0%&$'()" 12!1R" N(-D;-" -@" '(+)"
12!24)".$"^;'$C-)"@>-"3"&/%'.3)+"$&%">'8"9--$".$-AA-C@.?-".$"-$8:;.$D",.?-;8.@<".$"8C>&&(8"
0Q9-;@.)"122\'R"^-(&:b.8"-@"'(+)".$"@>.8"?&(:7-4+"
" #$" '$<" C'8-)" M>'@" @>.8" ,.?-;8.@<" &A" -AA-C@8" >.D>(.D>@8" .8" @>-" .7B&;@'$C-" &A" '"
8B-C.A.C"8-@"&A" C&$,.@.&$8":$,-;"M>.C>"-,:C'@.&$" B&(.C.-8"@'P-"B('C-+"#A"8.7.(';"B&(.C.-8"
>'?-" ,.AA-;-$@" -AA-C@8)" ;-8-';C>" 8>&:(," A&C:8" &$" @>-" B';@.C:(';" >.8@&;.C'()" 8&C.'(" '$,"
.$8@.@:@.&$'(" '8B-C@8" &A" 8&C.-@.-8" .$" &;,-;" @&" :$,-;8@'$," @>-" 8&C.'(" 7-C>'$.878" @>'@"
@;.DD-;" 8C>&&(" 8-D;-D'@.&$+" F$,-;8@'$,.$D" M><" '$," >&M" 8C>&&(" 8-D;-D'@.&$" .8"
B;&,:C-," '$," ;-B;&,:C-," .$" ,.AA-;-$@" -,:C'@.&$" 8<8@-78" ;-U:.;-8" ,.8-$@'$D(.$D" @>-"
C&7B(-E.@<"&A"@>-8-"8&C.'("'$,"-,:C'@.&$'("A'C@&;8)"M>.C>"@>-"C>'B@-;8".$C(:,-,".$"@>.8"
9&&P"-EB(&;-+""
" W-8-';C>"A&C:8-,"&$"@>-"C':8'("A&;C-8"8>'B.$D"8C>&&("8-D;-D'@.&$">'8".,-$@.A.-,"
8&7-";-D:(';"B'@@-;$8"&A".$@-;'C@.&$"9-@M--$" 8&C.'()"C:(@:;'("'$,"-,:C'@.&$'("A'C@&;8)"
M>.C>" @;.DD-;" B;&C-88-8" &A" -,:C'@.&$'(" -EC(:8.&$)" 8-D;-D'@.&$" '$," B&(';.b'@.&$+" %&@>"
.$@-;$'@.&$'("C&7B';.8&$"'$,".$,.?.,:'("C'8-"8@:,.-8">'?-"A&C:8-,"&$",.AA-;-$@"A'C@&;8"
.$"&;,-;"@&" :$,-;8@'$,">&M"8&C.'("7-C>'$.878" C':8-"8C>&&("8-D;-D'@.&$+"`-8B.@-"@>-"
;.8P" &A" &?-;8.7B(.A<.$D" @>-" -?.,-$C-)" @>.8" 8-C@.&$" A&C:8-8" &$" A&:;" 7'.$" D;&:B8" &A"
A'C@&;86";-8.,-$@.'("8-D;-D'@.&$"'$,"$-.D>9&:;>&&,"-AA-C@8)".$8@.@:@.&$'("C>';'C@-;.8@.C8"
!
3"
&A"-,:C'@.&$"8<8@-78)"@>-" ;&(-"&A"7';P-@";-A&;78".$" -,:C'@.&$)"'$,"@>-",.;-C@";&(-" &A"
-,:C'@.&$"B&(.C.-8";-D';,.$D"',7.88.&$"8<8@-78"'$,"C&7B-$8'@&;<"B&(.C.-8+""
" W-8.,-$@.'("8-D;-D'@.&$">'8"9--$".,-$@.A.-,"'8"&$-"&A"@>-"7'.$"C':8'("A&;C-8"&A"
8C>&&(" 8-D;-D'@.&$+" S&M-?-;)" @>-" ;-('@.&$8>.B" 9-@M--$" 7&,-8" &A" ;-8.,-$@.'("
8-D;-D'@.&$" '$," 8C>&&(" 8-D;-D'@.&$" .8" A';" A;&7" 8.7B(-" '$," (.$-';+" ^.;8@(<)" M-" ';-"
C&$A;&$@-,"9<" '" ,:'(" C':8'(" ;-('@.&$8>.B+" W-8.,-$@.'(" 8-D;-D'@.&$" 'AA-C@8" 8C>&&("
8-D;-D'@.&$" '8" 7:C>" '8" ,.AA-;-$C-8" .$" 8C>&&(" U:'(.@<" .7B'C@" &$" A'7.(.-8[" ;-8.,-$@.'("
B'@@-;$8" '$," C>&.C-8)" -8B-C.'((<" '7&$D" @>-" 7.,,(-" C('88" 0^;'$P-$9-;D" '$," e&@&P)"
12!TR" %&@-;7'$)" 12!TR" W'?-':," '$," ?'$" h'$@-$)" 122\4+" F$-U:'(" 8C>&&(.$D)" 7.,,(-O
C('88" -,:C'@.&$'(" 8@;'@-D.-8" '$," ;-8.,-$@.'(" 8-D;-D'@.&$" .$@-;'C@" (&C'((<" .$" C&7B(-E"
M'<8" '$," 8.D$.A.C'$@(<" .7B'C@" &$" -,:C'@.&$'(" '@@'.$7-$@" 0Y'(&:@'8)" 122\4+" #$" @>-.;"
8-';C>"A&;"8&C.'("',?'$@'D-)"7.,,(-OC('88"A'7.(.-8"B;&,:C-" C.;C:.@8" &A" 8C>&&(.$D" .$" @>-"
-,:C'@.&$'(" 7';P-@B('C-)" M>.C>" ;-B;&,:C-" 8B'@.'(" .$-U:'(.@.-8" .$" 8C>&&(" C&7B&8.@.&$"
'$,"'C',-7.C" B-;A&;7'$C-" 0%'((" -@"'(+)" !HHI4+" G-C&$,(<)" ;-8.,-$@.'("8-D;-D'@.&$" ,&-8"
$&@">'?-"&$-"8.$D(-"'$,":$.U:-"-AA-C@"&$"@>-"B;&C-88-8"&A"8C>&&("8-D;-D'@.&$"'$,"@>-"
-,:C'@.&$'(" B-;A&;7'$C-" &A" -@>$.C" 7.$&;.@.-8+" V>.(-" '" ?'8@" '7&:$@" &A" ;-8-';C>" >'8"
B;&?.,-,"-?.,-$C-"&A"@>-"$-D'@.?-"C&$8-U:-$C-8"&A"-@>$.C";-8.,-$@.'("8-D;-D'@.&$"'$,"
8C>&&("8-D;-D'@.&$"&$"@>-"-,:C'@.&$'("&BB&;@:$.@.-8"&A"8@:,-$@8"A;&7"7.$&;.@<"D;&:B8"
0W&@>8@-.$)"12!IR"a;'79-;D)"!HH3R"N$,-;88&$"-@"'(+)"12!24)"8&7-";-8-';C>">'8"B&.$@-,"
&:@"@>'@"-@>$.C",-$8.@<",&-8"$&@"'(M'<8">'8"'"$-D'@.?-"-AA-C@"&$"-,:C'@.&$'("&:@C&7-8+"
=>-"'C',-7.C"B-;A&;7'$C-"&A"<&:$D8@-;8"A;&7"-@>$.C"7.$&;.@.-8"-8B-C.'((<",-B-$,8"&$"
@>-"(-?-("&A".$@-D;'@.&$"&A"@>-";-8B-C@.?-"-@>$.C"7.$&;.@<".$"@>-">&8@"C&:$@;<)"'8"M-(("'8"
@>-"8@'9.(.@<"'$,"U:'(.@<"&A"@>-"$-.D>9&:;>&&,+"=>-8-"?';.'9(-8"-EB('.$"M><)"A&;"8&7-"
-@>$.C" 7.$&;.@.-8)" @>-.;" (-?-(" &A" C&$C-$@;'@.&$" 7'<" 9-" 7&;-" ,'7'D.$D" @>'$" .@" .8" A&;"
&@>-;8"0^(-.8C>7'$$"-@"'(+)"12!!4+"
" =>-8-" ,.8B';.@.-8" >'?-" 9--$" &A" B';@.C:(';" .$@-;-8@" @&" D-&D;'B>-;8)" M>&" >'?-"
@;.-," @&" '88-88" M>-@>-;" @>-;-" ';-" 8B-C.A.C" $-.D>9&:;>&&," -AA-C@8" &$" ,.AA-;-$@" 8&C.'("
,.7-$8.&$8)" M.@>" -,:C'@.&$'(" '@@'.$7-$@" 9-.$D" &$-" &A" @>-7+" =>-" -E.8@-$C-" &A"
$-.D>9&:;>&&,"-AA-C@8".7B(.-8"@>'@"@>-;-"';-"'8B-C@8";-('@-,"@&"8B'@.'("C>';'C@-;.8@.C8)"
M>.C>".7B.$D-"&$"8&C.'("&:@C&7-8"0'@@.@:,-8)"B-;A&;7'$C-)"&BB&;@:$.@.-84"9-<&$,"@>-"
.$,.?.,:'(" C>';'C@-;.8@.C8" &A" ;-8.,-$@8" 0^;.-,;.C>8" -@" '(+)" 122T4+" #$" -,:C'@.&$)" @>-"
B;-8-$C-"&A" $-.D>9&:;>&&,"-AA-C@8"M&:(,".$,.C'@-"@>'@";-8.,-$@.'("8-D;-D'@.&$"'AA-C@8"
!
H"
-,:C'@.&$" B-;A&;7'$C-" 9-<&$," 8C>&&(" C&7B&8.@.&$" &;" 8C>&&(" -AA-C@8+" V>.(-" 7&8@"
;-8-';C>"'(&$D" @>-8-" (.$-8" >'8" 8>&M$" @>'@" $-.D>9&:;>&&," -AA-C@8" ';-" (-88" 8.D$.A.C'$@"
@>'$" .$8@.@:@.&$'(" &;" B--;" -AA-C@8" 0`-(" %-((&" -@" '(+)" 12!IR" G<P-8)" 12!!4)" 8&7-" ':@>&;8"
>'?-" B&.$@-," &:@" @>-" $&$O(.$-';" '$," @>;-8>&(," '8B-C@8" &A" $-.D>9&:;>&&," -AA-C@8)"
7-'$.$D" @>'@" @>-.;" .7B'C@" .8" (';D-;" A;&7"8B-C.A.C" (-?-(8" &A" 8&C.&O-C&$&7.C" &;" -@>$.C"
C&$C-$@;'@.&$" 0a'(8@-;)" 12!J4+" #$@-;-8@.$D(<)" @>-" $&$O(.$-';" '8B-C@" &A" $-.D>9&:;>&&,"
-AA-C@8" :$,-;(.$-8" @>-" A'C@" @>'@" ;-8.,-$@.'(" -AA-C@8" ';-" 8@;&$D-;" .$" @>-" 7&8@" 'AA(:-$@"
$-.D>9&:;>&&,8" 0`:$C'$" -@" '(+)" !HH\R" S-(9.D)" 12!24)" 8:DD-8@.$D" @>'@" ;-8.,-$@.'("
8-D;-D'@.&$"C&:(,"-E'C-;9'@-"@>-"-,:C'@.&$'("B;.?.(-D-8"&A"@>-"7&8@"M-((O&AA"7&;-"@>'$"
.@"M&:(,",'7'D-"@>-"&BB&;@:$.@.-8"&A"@>-"7&8@",.8',?'$@'D-,+"
" #$"'$<"C'8-)"@>-"7&,-;'@-";&(-"&A"$-.D>9&:;>&&,"-AA-C@8".8"C&$8.8@-$@"M.@>"@>-"
A'C@)"'8"C&$A.;7-,"9<" 7'$<" 8@:,.-8)"@>'@"8C>&&("8-D;-D'@.&$".8" >.D>-;" @>'$";-8.,-$@.'("
8-D;-D'@.&$" 0W'$D?.,)" 122\R" S';;.8)" 12!\R" e';8@-$" -@" '(+)" 122L4)" ,-7&$8@;'@.$D" @>-"
.7B&;@'$C-" &A" &@>-;" A'C@&;8" 9-<&$," :;9'$" 8-D;-D'@.&$" .$" :$,-;8@'$,.$D">&M"
B;&C-88-8"&A"8B'@.'(".$-U:'(.@.-8".$"8C>&&(.$D"';-"B;&,:C-,"'$,";-B;&,:C-,+"
" #$8@.@:@.&$'(" ,.AA-;-$@.'@.&$" .8" '" ,-C.8.?-" 8&C.'(" 7-C>'$.87" &A" 8C>&&("
8-D;-D'@.&$+" #$@-;$'@.&$'(" C&7B';.8&$8)" 9'8-," &$" @>-" X#GN)" >'?-" >.D>(.D>@-," '" C(&8-"
;-('@.&$8>.B" 9-@M--$" -';(<" @;'CP.$D" '$," 9-@M--$O8C>&&(" 8-D;-D'@.&$" 0Y:;'@)" 12!1R"
N(-D;-"'$,"^-;;-;)"12!2R"i-$CP.$8"-@"'(+)"12234+"/&:$@;.-8"8:C>"'8"N:8@;.')"%-(D.:7"&;"
a-;7'$<" >'?-" >.D>-;" (-?-(8" &A" 8-C&$,';<" 8C>&&(" 8-D;-D'@.&$" @>'$" C&:$@;.-8" M.@>"
C&7B;->-$8.?-" -,:C'@.&$" 8<8@-78" 0B';@.C:(';(<" @>-" ]&;,.C" C&:$@;.-84+" G&C.'("
,.AA-;-$C-8"9-@M--$"@;'CP8"';-" D;-'@-;"@>'$",.AA-;-$C-8"M.@>.$"@;'CP8"0i-$CP.$8" -@"'(+)"
12234)"M>.(-"8&C.&O-C&$&7.C"9'CPD;&:$,"?';.'9(-8">'?-"'"8@;&$D-;"-AA-C@"&$"-,:C'@.&$"
.$-U:'(.@.-8" .$" (-88" C&7B;->-$8.?-" -,:C'@.&$" 8<8@-78" 0`:;:O%-(('@" -@" '(+)" 122J4+" =>-"
,.AA-;-$C-8".$"-,:C'@.&$'("'$,"8&C.'("?'(:-"'7&$D"@;'CP8"(';D-(<"-EB('.$"@>-.;",.AA-;-$@"
8&C.'(" C&7B&8.@.&$" '$," @>-" >.D>-;" (-?-(8" &A" 8&C.&O-C&$&7.C" &;" -@>$.C" 8-D;-D'@.&$" .$"
(-88"?'(:-,"@;'CP8+"V>.(-"@>-"@>-8.8"A&;7:('@-,"9<"%':,-(&@"'$,"_8@'9(-@"0!H\!4";-A-;8"
@&" @>-" ,:'(" $-@M&;P" &A" @>-" ^;-$C>" -,:C'@.&$" 8<8@-7" .$" @>-" !H\28)" .@" ;-7'.$8" ?'(.,"
@&,'<"A&;"7&8@"8&C.-@.-8)"'8"B;&?-$"9<" .$@-;$'@.&$'(" C&7B';.8&$8+" =>-" -?.,-$C-" .8" 8&"
C(-';"@>'@"@>-"Q_/`".@8-(A">'8"B&.$@-,"&:@"@>-"$-D'@.?-"-AA-C@8"&A"-';(<"@;'CP.$D"'$,"(&M"
B-;7-'9.(.@<" 9-@M--$" @;'CP8" C&$C-;$.$D" @>-" -,:C'@.&$'(" &BB&;@:$.@.-8" &A" @>-" 7&8@"
!
!2"
,.8',?'$@'D-,)" M>.(-"8:DD-8@.$D" @>'@" :BB-;" 8-C&$,';<" -,:C'@.&$" 8@:,-$@" 8-(-C@.&$"
B;&C-88-8"8>&:(,"9-",-A-;;-,"0Q_/`)"12!14+""
" =>-"'C',-7.C"'$,"8&C.'("8-D;-D'@.&$";-('@-,"@&"@;'CP.$D".$C;-'8-8"-,:C'@.&$'("
.$-U:.@<+" _';(<" @;'CP.$D" &;" >.D>" (-?-(8" &A" M.@>.$O8C>&&(" '9.(.@<" D;&:B.$D" B;&?.,-084"
8@:,-$@8" M.@>" ,.AA-;-$@" (-';$.$D" -$?.;&$7-$@8)" M>.(-" >'?.$D" '" $-D'@.?-" .7B'C@" &$"
@>&8-" 8@:,-$@8" (&C'@-," .$" @>-" (&M-;" @;'CP8)" '(&$D" M.@>" '$<" C(-';" -?.,-$C-" &A" @>-"
9-$-A.@8" A&;" >.D>" 'C>.-?-;8" '$," $&" 8.D$.A.C'$@" -AA-C@8" &$" &?-;'((" B-;A&;7'$C-"
0S'$:8>-P"'$,"V&-887'$$)"122L4+"=-'C>-;"'$,"8@:,-$@"-EB-C@'@.&$8"';-"'(8&" ,--B(<"
'AA-C@-,"9<"@;'CP.$D)"M.@>"(&M"-EB-C@'@.&$8"A&;"'$,"A;&7"(&M"B-;A&;7-;8"'$,"7'$.A-8@"
C&$8-U:-$C-8" ;-D';,.$D" @>-.;" 8@.D7'@.b'@.&$+" 5&M-;" @;'CP8" @-$," @&" ;-C-.?-" A-M-;"
>:7'$"'$," 7'@-;.'(" ;-8&:;C-8" '$,"';-" :8:'((<" '?&.,-," 9<" @>-" 9-8@" @-'C>-;8" 0Q'P-8)"
122I4+"G@:,-$@"@;'K-C@&;.-8"';-"C(-';(<"7';P-,"9<"@>-.;"B;.&;"'((&C'@.&$".$"(&M-;"@;'CP8)"
M.@>"(.@@(-"&BB&;@:$.@<"@&"7&?-"@&">.D>-;"@;'CP8"&;"D;&:B8+"_';(.-;"'((&C'@.&$)"@>-;-A&;-)"
.$>.9.@8"@>-",-?-(&B7-$@"&A"(-';$.$D"B&@-$@.'(.@.-8"'7&$D"7'$<"8@:,-$@8"0%(&88A-(,"-@"
'(+)"12!L4+""
" N" @>.;," C;:C.'(" 8&C.'(" 7-C>'$.87" C&$C-;$.$D" @>-" ;-B;&,:C@.&$" &A" 8C>&&("
8-D;-D'@.&$" .8" ;-('@-," @&" @>-" 7';P-@O&;.-$@-," ;-A&;78" @>'@" >'?-" 8B;-'," D(&9'((<" .$"
;-C-$@" ,-C',-8+" =>-8-" ;-A&;78" >'?-" $&@" $-C-88';.(<" -$>'$C-," ,.;-C@" B;.?'@.b'@.&$"
B;&C-88-8".$"-,:C'@.&$"0'(@>&:D>"/>.(-"'$,"X-;:)".$C(:,-,".$"@>.8"?&(:7-)"';-"-E'7B(-8"
&A" .$C;-'8.$D" ,.;-C@" B;.?'@-" B;&?.8.&$4+" W'@>-;)" @>-<" >'?-" B;&7&@-," B:9(.COB;.?'@-"
B';@$-;8>.B8"'$,"&@>-;"7-'8:;-8"-7:('@.$D"&;D'$.b'@.&$'("'$,"'CC&:$@'9.(.@<"8<8@-78"
&A"@>-"B;.?'@-"8-C@&;+"X&(.C<"@&&(8".$8B.;-,"9<"7';P-@";-A&;78)"8:C>"'8"?&:C>-;"8<8@-78)"
C>';@-;" 8C>&&(8)" (&MOA--" B;.?'@-" 8C>&&(8)" A;--" 8C>&&(8)" >.D>-;" (-?-(8" &A" 8C>&&(" C>&.C-)"
8C>&&(O9'8-," 7'$'D-7-$@" ;-A&;78" '$," C&$@;'C@.$D" &:@" 8C>&&(" 8-;?.C-8)" >'?-"
-EB'$,-,"'8"jD&&,"B&(.C.-8k" B;&7&@-,"9<".$@-;$'@.&$'("&;D'$.b'@.&$8"0X'@;.$&8" -@"'(+)"
122H4"'$,"$'@.&$'("D&?-;$7-$@8)"M.@>"@>-"8:BB&;@"&A"B;.?'@-"C&;B&;'@.&$8"0W&9-;@8&$"
-@"'(+)"12!14+""
" N8" .$" @>-" C'8-" &A" &@>-;" 8&C.'(" 7-C>'$.878)" 8&C.'(" '$," .$8@.@:@.&$'(" C&$@-E@8"
7&,.A<"@>-"-AA-C@8"&A"7';P-@";-A&;78"&$"8C>&&("8-D;-D'@.&$+"X&(.C.-8"-$>'$C.$D"8C>&&("
C>&.C-)"A&;".$8@'$C-)" 7'<">'?-",.AA-;-$@"-AA-C@8)",-B-$,.$D" &$"@>-"(-?-("&A";-8.,-$@.'("
8-D;-D'@.&$)"9:@"'(8&"&$"?';.'@.&$8".$"@>-"U:'(.@<"&A"8C>&&(8"'$,"@>-"-E@-$@"@&"M>.C>"@>-"
U:'8.O7';P-@".8";-D:('@-,+" =>-"8&C.&O8B'@.'("C>';'C@-;.8@.C8"&A" (&C'("-,:C'@.&$"7';P-@8"
!
!!"
'$," B';-$@'(" C>&.C-" 8@;'@-D.-8" .$@-;'C@" @&" B;&,:C-" >-@-;&D-$-&:8" -AA-C@8" 'C;&88"
$-.D>9&:;>&&,8" '$," 7:$.C.B'(.@.-8+" N" (';D-" $:79-;" &A" 8@:,.-8" C&$A.;78" @>'@" @>-"
:$-U:'("C>&.C-"&BB&;@:$.@.-8"&A"A'7.(.-8"M.@>"'" >.D>" &;" (&M"G_G".7B'C@"$-D'@.?-(<"&$"
8C>&&(" 8-D;-D'@.&$" 08--)" '7&$D" &@>-;8)" a-M.;@b" -@" '(+)" !HHIR" `-$-88-$" -@" '(+)" 122IR"
_'8@&$)"12!IR"%&$'(" -@"'(+)"12!\R"%-((-."-@"'(+)".$"@>.8"?&(:7-4+" a;-'@-;"C>&.C-"C'B'C.@<"
A'C.(.@'@-8"B;&C-88-8"&A"<4$/%':+$24/"'$,"@;.DD-;8"B;&C-88-8"&A",.8@.$C@.&$"M.@>" A'7.(.-8"
(&&P.$D" A&;" B;.?.(-D-," 8C>&&(8+" S&M-?-;)" .@" .8" '(8&" @>-" C'8-" @>'@" 8&7-" .$@-;$'@.&$'("
C&7B';.8&$8">'?-"A&:$,"@>'@"8-D;-D'@.&$"9<"B';-$@'("&CC:B'@.&$"&;"C&:$@;<"&A"9.;@>".8"
(&M-;" .$" C&:$@;.-8" M.@>" ;-('@.?-(<" (.@@(-" D&?-;$7-$@'(" C&$@;&(" &A" 8C>&&(8" '$," >.D>-;"
(-?-(8"&A"C>&.C-"0a&;';,"'$,"G7.@>)"122J4)"'$,"@>'@"@>-"!H33";-A&;7".$"@>-"Fe)"M>.C>"
.$C;-'8-,"8C>&&("C>&.C-)"8(.D>@(<";-,:C-,"8&C.&O-C&$&7.C"8-D;-D'@.&$"0a&;';,"'$,"^.@b)"
122L4)"'" A.$,.$D" @>'@" M'8" '(8&" ;-B&;@-," A&;" W.&" ,-" i'$-.;&" .$" %;'b.(" 0%';@>&(&" '$," `'"
/&8@')" .$" @>.8" ?&(:7-4+" =>-8-" C&$@;&?-;8.'(" ;-8:(@8" C'((" A&;" @>-" $--," @&" :$B'CP" @>-"
;-('@.&$8>.B" 9-@M--$" C>&.C-" '$," 8-D;-D'@.&$" .$" -'C>" 8B-C.A.C" C&$@-E@+" N8" ,.8C:88-,)"
9&@>"C'@C>7-$@"';-'8"'$,"A;--"C>&.C-"C'$"A'C.(.@'@-"8C>&&("8-D;-D'@.&$)",-B-$,.$D"&$"
@>-"M-.D>@"&A"&@>-;"7-,.'@.$D"A'C@&;8"M.@>.$"@>-"C&7B(-E";-('@.&$8>.B"9-@M--$"8C>&&("
C>&.C-"'$,"8-D;-D'@.&$+"
" =>-;-".8"(-88"C&$@;&?-;8<)">&M-?-;)"'9&:@"@>-"-AA-C@8"&A",.?-;8.@<".$"-,:C'@.&$'("
8:BB(<"&$"8C>&&("8-D;-D'@.&$+"%-<&$,"@>-"'(;-',<"7-$@.&$-,";-('@.&$8>.B"9-@M--$"@>-"
B;-8-$C-"&A"B;.?'@-"8C>&&(8".$"-,:C'@.&$"8<8@-78" '$," 8C>&&(" 8-D;-D'@.&$" 0N(-D;-"'$,"
^-;;-;)" 12!24)" @>-;-" .8" &@>-;" -?.,-$C-" C&$A.;7.$D" @>'@" @>-" >.D>-;" @>-" ,.?-;8.@<" &A"
8C>&&(8)"@>-"8@;&$D-;"@>-"7-C>'$.878"&A"8&C.'("'$,"'C',-7.C"8@:,-$@"8-(-C@.&$+"=>.8".8"
@;:-"A&;" A;--" 8C>&&(8" .$" @>-"Fe" 0a;--$" -@" '(+)" 12!I4" &;" GM-,-$" 0%:$';" '$,"N79;&8-)"
12!L4)"A&;"B;.?'@-".$,-B-$,-$@"'$,"B;.?'@-"8:98.,.b-,"8C>&&(8".$"/>.(-"0g'(-$b:-('"-@"
'(+)" 12!JR" _('CU:')" 12!14" &;" GB'.$" 0%&$'()" 12!14)" A&;" ';-'8" M.@>" '" >.D>-;" ,.?-;8.@<" &A"
8C>&&("8:BB(<".$"^;'$C-"0Q9-;@.)"122\94)"A&;"(&MOA--"B;.?'@-"8C>&&(8".$"X-;:"0%'(';.$"'$,"
_8C:,-;&)" .$" @>.8" ?&(:7-4)" A&;" ;-(.D.&:8" &;" B-,'D&D.C'(" ,.?-;8.@<" .$" @>-" ]-@>-;('$,8"
0e';8@-$" -@" '(+)" 122T4)" '$," A&;" C>';@-;" 8C>&&(8" 0a';C.')" 12234" &;" 7'D$-@" 8C>&&(8"
0G'B&;.@&)"122T4".$"@>-"FG+"`.?-;8.@<".$"8C>&&(.$D"8@.7:('@-8"B;&C-88-8"&A"8-(-C@.&$"'$,"
8-(AO8-(-C@.&$)"'8"M-(("'8"<4$/%':+$24/)"'$,"C'$"A'?&:;"B;&C-88-8"&A"C:(@:;'()";-(.D.&:8"&;"
-@>$.C" C(&8:;-" .$" 8B-C.A.C" 8C>&&(8+" QA" C&:;8-)" @>-" 7-C>'$.878" @;.DD-;.$D" 8C>&&("
8-D;-D'@.&$" M&;P" ,.AA-;-$@(<" 'CC&;,.$D" @&" @>-" 7&,-8" &A" -,:C'@.&$'(" ,.AA-;-$@.'@.&$+"
!
!1"
S&M-?-;)" ,-8B.@-" @>-" ';D:'9(-" 9-$-A.@8" @>'@" '" D;-'@-;" ?';.-@<" &A" C:;;.C:(';" '$,"
B-,'D&D.C"7&,-(8"C'$"B;&,:C-".$"@-;78"&A"-,:C'@.&$'("U:'(.@<)"@>-;-".8"$&",&:9@"@>'@"
@>.8",.?-;8.@<"&A"8C>&&("B;&K-C@8)"'CC&7B'$.-,"9<"8<8@-78"&A"-$>'$C.$D"C>&.C-)"8:C>"'8"
?&:C>-;8)"@-$,8"@&".$C;-'8-"8C>&&("8-D;-D'@.&$"9<"G_G"&;"-@>$.C"&;.D.$+"
" 5'8@" 9:@" $&@" (-'8@)" -,:C'@.&$'(" B&(.C.-8" @>'@" ;-D:('@-" ',7.88.&$" 8<8@-78" '$,"
8@:,-$@" '((&C'@.&$)" '8" M-((" '8" C&7B-$8'@&;<" B&(.C.-8)" '(8&" B('<" '$" .7B&;@'$@" ;&(-" .$"
@;.DD-;.$D"8C>&&("8-D;-D'@.&$+"N,7.88.&$"B&(.C.-8";-A-;"$&@"&$(<"@&"@>-"(-?-("&A"A;--,&7"
.$" @-;78" &A" 8C>&&(" C>&.C-" &;" @>-" ,-A.$.@.&$" &A" C'@C>7-$@" ';-'8)" 9:@" @&" 7'$<" &@>-;"
,-C.8.&$8" ;-D';,.$D" 8@:,-$@" ,.8@;.9:@.&$)" 8:C>" '8" C('88;&&7" ;'@.&8)" @>-" $:79-;" &A"
B('C-8" ;-8-;?-," A&;" 8@:,-$@8" M.@>" 8B-C.'(" $--,8)" &;" @&" 8@:,-$@8" M.@>" '" (&M" G_G" &;"
,-C.8.&$8" ;-D';,.$D" @>-" &B-$.$D" &;" C(&8.$D" &A" $-M" C('88;&&78" .$" C-;@'.$" 8C>&&(8+"
W-D:('@.&$8"&$"@>-8-"'8B-C@8"'$,"-?-;<,'<"B&(.@.C'(",-C.8.&$O7'P.$D"7'<"-.@>-;"A'?&:;"
&;" ;-,:C-" B;&C-88-8" &A" 8C>&&(" 8-D;-D'@.&$+" W-8-';C>" .$" @>.8" ';-'" >'8" -?.,-$C-," @>'@"
;-A&;78" @>'@" B;&?.,-" 8C>&&(8" M.@>" >.D>" (-?-(8" &A" ,.8C;-@.&$" .$" @-;78" &A" 8@:,-$@"
',7.88.&$8)"&;"@>'@",&"$&@" .7B-,-" ',7.88.&$" @-8@8"&;"C-;@'.$"A&;78"&A",.8C;.7.$'@&;<"
8C>&&("-$@;'$C-";-U:.;-7-$@8)".$C;-'8-"@>-"B&(';.b'@.&$"&A" 8&C.'(" A'C@&;8)" -@>$.C.@<" &;"
'9.(.@<" M.@>.$" 8C>&&(" -$;&(7-$@" 0Gl,-;8@;l7" '$," F:8.@'(&)" 12!2R" S';;.8)" 12!1R"
/&$@;-;'8"-@"'(+)"12!1R"8--"'(8&"@>-"C>'B@-;8"9<"%'(';.$"'$,"_8C:,-;&)"'$,"e;fD-;".$"@>.8"
?&(:7-4+"NC@.?-" B&(.C.-8" @&" -$8:;-"'" 9'('$C-," ,.8@;.9:@.&$" &A" ,.8',?'$@'D-," 8@:,-$@8"
C'$"9-",-C.8.?-".$"@-;78"&A",-8-D;-D'@.&$+"%-<&$,"@>-"M-((OP$&M$"B;'C@.C-"&A"9:88.$D"
.$"@>-"FG)"&@>-;"B&(.C.-8"&A"'AA.;7'@.?-"'C@.&$)"8:C>"'8";-8-;?.$D"'"$:79-;"&A"B('C-8"A&;"
8@:,-$@8"M.@>"C-;@'.$" C>';'C@-;.8@.C8)"C'$";-8:(@".$"'"7&;-"-U:'(" ,.8@;.9:@.&$"&A"'@O;.8P"
8@:,-$@8+" `-8B.@-" @>-8-" B&(.C.-8" >'?.$D"9--$" ,-?-(&B-," @&" '" D;-'@-;" -E@-$@" '@" @>-"
:$.?-;8.@<" (-?-()" .$" &;,-;" @&" -$8:;-" B('C-8" A&;" 7.$&;.@<" 8@:,-$@8)" 8&7-" -,:C'@.&$'("
8<8@-78".$C(:,-"8.7.(';"7-'8:;-8"A&;"9'8.C" '$,"B&8@OC&7B:(8&;<"-,:C'@.&$+"W-8-;?.$D"
B('C-8" A&;" W&7'" C>.(,;-$" >'8" 9--$" '" C&77&$" 7-'8:;-" .$" 8&7-" _'8@-;$" _:;&B-'$"
C&:$@;.-8"0Y.8P&?.C)"12!TR"/SW)"12!\4+"Y-'$M>.(-)".$"GB'.$)"@>-;-".8"'"(-D'("&9(.D'@.&$"
.7B&8-,"&$"-?-;<"8C>&&("@&";-8-;?-"'"7.$.7:7"$:79-;"&A"B('C-8"A&;"8@:,-$@8"A;&7"'"
(&MOG_G" 9'CPD;&:$," &;" A&;" ('@-O';;.?'(" 7.D;'$@8" 0%&$'()" 12!14+" #$" %-(D.:7[8" ^;-$C>"
C&77:$.@<)" @>-" ;-A&;7" &A" @>-" ',7.88.&$" 8<8@-7" >'8" -$'9(-," B:9(.C" ':@>&;.@.-8" @&"
.$@-;?-$-" .$" &;,-;" @&" -$8:;-" '" 7&;-" 9'('$C-," ,.8@;.9:@.&$" 9-@M--$" B;.?.(-D-," '$,"
:$,-;B;.?.(-D-,"8@:,-$@8"0`:B;.-b"-@" '(+)".$"@>.8"?&(:7-4+"=>-" .7B(-7-$@'@.&$" &A"8:C>"
!
!T"
7-'8:;-8" C'$" 9-" '" ,-C.8.?-" A'C@&;" .$" ;-,:C.$D" 8C>&&(" 8-D;-D'@.&$)" '8" M-((" '8"
C&:$@-;9'('$C.$D"@>-"-AA-C@8"&A";-8.,-$@.'("8-D;-D'@.&$"&;"8C>&&("C&7B-@.@.&$+"
" ^.$'((<)" C&7B-$8'@&;<" B&(.C.-8" ;-B;-8-$@" '$&@>-;" 7-C>'$.87)" M>.C>" C'$)"
8&7-M>'@" B';',&E.C'((<)" C&$@;.9:@-" @&" 8C>&&(" 8-D;-D'@.&$+" V>.(-" C&7B-$8'@&;<"
B&(.C.-8"C'$"9-"B&M-;A:(".$8@;:7-$@8"M.@>"M>.C>"@&".7B;&?-"@>-"(-';$.$D"C&$,.@.&$8"&A"
C>.(,;-$" M.@>" 8&C.'(" '$," 'C',-7.C" ,.8',?'$@'D-)" @>-<" C'$" '(8&" >'?-" :$.$@-$,-,"
C&$8-U:-$C-8" A&;" @>-" :$-U:'(" ,.8@;.9:@.&$" &A" 8@:,-$@8+" Q$" @>-" &$-" >'$,)"
C&7B-$8'@&;<" B&(.C.-8" >'?-" '" P$&M$" 8@.D7'@.b'@.&$" -AA-C@" A&;" C-;@'.$" 8C>&&(8)" M>.C>"
7'<"B;-?-$@"7.,,(-OC('88"A'7.(.-8"A;&7"8-$,.$D"@>-.;"C>.(,;-$"@&"@>-7+"N8"@>-"'$'(<8.8"
.$"@>.8"?&(:7-"9<"^-(&:b.8)"^&:U:-@O/>':B;',-"'$,"/>';7.((&@)"C&$C-;$.$D"@>-"C'8-"&A"
@>-"@)*%.',AB3/$)*'6&$)&$/"$&%".$" ^;'$C-)" ,-7&$8@;'@-8)"@>-8-"B&(.C.-8"';-",-8.D$-,"@&"
C&7B-$8'@-" A&;" @>-" -AA-C@8" &A" 8C>&&(" 8-D;-D'@.&$)" ;'@>-;" @>'$" @&" B;-?-$@" .@+"
]-?-;@>-(-88)",-8B.@-"D'.$.$D"'CC-88"@&" 8:BB(-7-$@';<" >:7'$" &;" 7'@-;.'(" ;-8&:;C-8)"
&;" ,-8B.@-" A&C:8.$D" @>-.;" B-,'D&D.C" 'C@.&$" &$" 8.$D:(';" B;&K-C@8)" 8:C>" .$" @>-" C'8-" &A"
7'D$-@"8C>&&(8)"@>-8-"@<B-8" &A" 7-'8:;-8"7'<"B&(';.b-"-,:C'@.&$'(",-7'$,"9-@M--$"
,.8',?'$@'D-," '$," B;.?.(-D-," 8@:,-$@8+" Q$" 7'$<" &CC'8.&$8)" @>-;-" .8" '" @;',-O&AA"
9-@M--$" @';D-@-," -,:C'@.&$" B&(.C.-8)" M>.C>" ';-" A&C:8-," &$" @>-" $--,8" &A" 8B-C.A.C"
D;&:B8"&;"@-;;.@&;.-8)"'$,"&@>-;"B&(.C.-8)"8:C>"'8",-A.$.$D"C'@C>7-$@"';-'8"&;";-8-;?.$D"
B('C-8"A&;"8@:,-$@8"M.@>"8B-C.'("$--,8)"@>-;-9<"'@@-7B@.$D"@&"9'('$C-"@>-",.8@;.9:@.&$"
&A" ?:($-;'9(-" 8@:,-$@8" '7&$D" '((" 8C>&&(8+" Q$" @>-" &@>-;" >'$,)" @>-" 8B-C.A.C" ,-8.D$" &A"
C&7B-$8'@&;<" B&(.C.-8" 7'<" .$@;&,:C-" 9.'8-8" @>'@" -E'C-;9'@-" 8C>&&(" B&(';.b'@.&$"
'7&$D"8&C.'("D;&:B8+"N8" a&;';,"'$,"G.,,.U:.)".$"@>.8"?&(:7-)" 8>&M".$"@>-"C'8-"&A"@>-"
Fe)" @-;;.@&;.'(" A&C'(.b'@.&$" 0'$," .D$&;'$C-" &A" @>-" 8&C.'(" C&7B&8.@.&$" &A" 8C>&&(84" 7'<"
(-'," @&" A'.(-," 8<8@-78" &A" C&7B-$8'@.&$" '$," >.D>-;" 8C>&&(" 8-D;-D'@.&$+" 5.P-M.8-)"
B&(.C.-8" ,-8.D$-," @&" A'C.(.@'@-" 'CC-88" A&;" B&&;" C>.(,;-$" @&" 8:BB&8-,(<" >.D>OU:'(.@<"
8C>&&(8" 7'<)" .$" A'C@)" .$C;-'8-" 'C',-7.C" '$," 8&C.'(" 8-(-C@.&$" '$," 'DD;'?'@-" 8C>&&("
8-D;-D'@.&$+"=>.8"&CC:;;-,".$"@>-"Fe)"&$"'CC&:$@"&A"@>-"N88.8@-,"X('C-8"GC>-7-"B&(.C<"
0_'8@&$)"12!I4"'$," @>-"-EB'$8.&$"&A"B('C-8" .$"8-(-C@.?-"D;'77';"8C>&&(8" 0a&;';,"'$,"
G-,,.U:.)".$"@>.8"?&(:7-4)"'$,".$"/&(&79.')"'A@-;"@>-"(':$C>"&A"'"B;&D;'77-"&A"C>';@-;"
8C>&&(8"0=-;7-8"-@"'(+)"12!L4+"
"
!
!
!J"
3.(Desegregation(policies:(political,(cultural(and(institutional(limits(to(desegregation(
"
#$" @>.8" 8-C@.&$)" 9'8-," &$" @>-" C&:$@;<" C'8-8" .$C(:,-," .$" @>-" 9&&P)" M-" '$'(<8-" @>-"
B&(.C.-8" '$," ;-D:('@.&$8" .$@-$,-," @&" .$>.9.@)" C&$@;&(" &;" ;-,:C-" (-?-(8" &A" 8C>&&("
8-D;-D'@.&$+"#$"&;,-;"@&":$,-;8@'$,"@>-"(.$P"9-@M--$"B&(.C.-8"'$,"@>-"C':8'("A'C@&;8".$"
@>-"B;&,:C@.&$"&A"8C>&&("8-D;-D'@.&$)"M-"'88&C.'@-"@>&8-"B&(.C.-8"M.@>"@>-"-,:C'@.&$'("
C&$@-E@" .$" M>.C>" @>-<" >'?-" 9--$" .7B(-7-$@-,+" =>-;-A&;-)" M-" >'?-" &;D'$.b-," @>.8"
8-C@.&$" 9<" ,.8@.$D:.8>.$D" 9-@M--$" @;',.@.&$'(" '$," 7';P-@O9'8-," 8C>&&(" 8-D;-D'@.&$"
,<$'7.C8)"M>.(-",.8C:88.$D",.AA-;-$@"-,:C'@.&$'("B&(.C.-8"'.7-,"'@"@'CP(.$D"8-D;-D'@.&$)"
M>.C>" ';-" 7&;-" @<B.C'(" M.@>.$" 9&@>" A;'7-M&;P8+" Y-'$M>.(-)" @>-" A.$'(" B';@" &A" @>-"
8-C@.&$" ,.8C:88-8" @>-" 7&;-" D-$-;'(" .88:-" &A" &98-;?'9(<" (&M" B;.&;.@<" '88.D$-," @&"
,-8-D;-D'@.&$"B&(.C.-8"&$"@>-"-,:C'@.&$'("B&(.C<"'D-$,'"&A"@>-"8@:,.-,"C&:$@;.-8+"
"
3.1.(Policies(tackling(segregation(in(traditional(settings(
(
=;',.@.&$'("A&;78"&A" 8-D;-D'@.&$"M.@>.$"@>-"B:9(.C"8<8@-7" M-;-"9'8-,"&$".$8@.@:@.&$'("
8-D7-$@'@.&$6",.AA-;-$@"P.$,8"&A"C:;;.C:('"'$,"-,:C'@.&$'("'.78".$";-8B-C@"&A",.AA-;-$@"
8@:,-$@"B&B:('@.&$8+"=>-<" ;-B;-8-$@-," @>-" -8@'9(.8>-," M'<" &A" C>'$$-((.$D" .$C;-'8.$D"
8&C.'("'$,"'C',-7.C",.?-;8.@<"C':8-,"9<"-EB'$8.&$"B;&C-88-8R".$"8&7-"M'<)"@>-<"M-;-"
@>-" B;.C-" @&" B'<" A&;" @>-" 7'.$@-$'$C-" &A" @>-" 7.,,(-" C('88-8" M>-$" .$C&;B&;'@.$D" @>-"
(&M-;"C('88-8".$@&"@>-"8<8@-7+"Q$C-"8-D;-D'@.&$"@;-$,8"M-;-".,-$@.A.-,)"'";-B-;@&.;-"&A"
7&;-" &;" (-88" C&$?-$@.&$'(" B&(.C.-8" M'8" ,-?-(&B-," @&" @'CP(-" 8C>&&(" 8-D;-D'@.&$+"
S&M-?-;)"@>-":(@.7'@-"-AA-C@.?-$-88"&A"@>-8-"B&(.C.-8">'8"9--$"U:-8@.&$-,)"D.?-$"@>'@)"
.$"@>-"7-,.:7"@-;7)"B;.?.(-D-,"D;&:B8">'?-"'(M'<8"A&:$,"M'<8"@&"'?&.,":$,-8.;'9(-"
8C>&&(8+"
'
-8&&$38+8>',$::%&%*/$"/$)*'
"
Y'$<" -,:C'@.&$'(" 8<8@-78" >'?-" C>'$$-((-," @>-" B;&C-88" &A" 8C>&&(.$D" @>;&:D>"
,.AA-;-$@.'@-," A&;78" &A" C:;;.C:(')" B;&,:C.$D" '" 8-D7-$@'@.&$" @>'@" '(7&8@" .$-?.@'9(<"
;-A(-C@8" '" >.-;';C><+" =>-" 7&8@" M.,-8B;-'," -E'7B(-" &A" @>.8" .8" @>-" &;D'$.b'@.&$" &A" '"
?&C'@.&$'(" C>'$$-(" &;.-$@-," @&M';,8" M&;P" '8" '$" '(@-;$'@.?-" @&" D-$-;'(" 8-C&$,';<"
!
!I"
-,:C'@.&$)" M>.C>" .8" C(-';(<" &;.-$@-," @&M';,8" >.D>-;" -,:C'@.&$+" G.$C-" @>-" B:9(.C8" &A"
9&@>"8@;-'78"@-$,"@&"9-"8&C.'((<",.AA-;-$@.'@-,)"@>.8"8&C.&O-,:C'@.&$'("8-D7-$@'@.&$".8"
;-A(-C@-,".$"@>-"8&C.'("C&7B&8.@.&$"&A"@>-".$8@.@:@.&$8+"G-?-;'("C&:$@;.-8)"8:C>"'8"^;'$C-"
'$,"%-(D.:7)">'?-";-C&D$.b-,"@>.8"8-D7-$@'@.&$"'8".$-U:.@'9(-"'$,"@;.-,"@&"7&,.A<".@)"
-.@>-;"9<"-E@-$,.$D"@>-"C&77&$"C:;;.C:(:7"&;"9<",-('<.$D"@>-"7&7-$@"&A"8-B';'@.&$"
9-@M--$"@>-" @M&" @;'CP8+" N"$&$O8-D7-$@-," C:;;.C:(:7" M&:(," 7'P-" @>-" ,.AA-;-$C-" .$"
-,:C'@.&$'(" &BB&;@:$.@.-8" 9-@M--$" .$8@.@:@.&$8" (-88" -?.,-$@" 9<" A'?&:;.$D" @>-"
>&7&D-$.b'@.&$"&A"@>-.;"8@:,-$@8+"S&M-?-;)"@>.8".8";';-(<"'C>.-?-,+"
" N$&@>-;" A&;7" &A" C:;;.C:(';" ,.AA-;-$@.'@.&$" .8" @>-" &$-" 9'8-," &$" @>-" (-?-(" &A"
'C',-7.C" ;-U:.;-7-$@8" &;" @>-" B-;A&;7'$C-" &A" @>-" 8C>&&(8)" @>-;-9<" C;-'@.$D"
'C',-7.C'((<"8-(-C@.?-"B:9(.C"8C>&&(8+" #$" @>.8" C'8-)"D.?-$"@>'@".@".8";-C&D$.b-," @>'@"@>-"
&;.-$@'@.&$"&A"@>-"C:;;.C:(:7".8"@>-"8'7-"'8"A&;"&@>-;"B:9(.C"8C>&&(8)"@>-">.-;';C><" &A"
B;-8@.D-"&;"U:'(.@<"9-@M--$"@>-"@M&".8"-?-$"7&;-"-?.,-$@+"a.?-$"@>-"7:(@.B(-"M'<8".$"
M>.C>"@>-"B-;A&;7'$C-"&A"8@:,-$@8".8";-('@-,"@&",.AA-;-$C-8".$"C('88"'$,"-@>$.C.@<)"@>-"
C&$8-U:-$C-" .8" @>'@" @>-8-" 8C>&&(8" '(8&" C&$@;.9:@-" @&" -,:C'@.&$'(" 8-D;-D'@.&$+" =>.8"
B;&,:C-8" .$-U:'(.@<" .$" ;-('@.&$" @&" $&$O8-(-C@.?-" 8C>&&(8)" M>.C>" D&?-;$7-$@8" >'?-"
'@@-7B@-,"@&"&?-;C&7-" 9<",-?-(&B.$D"C&7B-$8'@&;<"B&(.C.-8"08:C>" '8"@)*%.',AB3/$)*'
6&$)&$/"$&%".$"^;'$C-" &;"@';D-@-,"9:,D-@8".$" Fe4+"S&M-?-;)"@>-"8&C.'(" C&$@-E@"7'P-8".@"
?-;<",.AA.C:(@"@&";-?-;8-+"
'
C$/4$*D.34))+'/&"3E$*2'
"
V>.(-" 8-D7-$@-," C>'$$-(8" &AA-;" ,.AA-;-$@.'@-," C:;;.C:('" 9-@M--$" 8C>&&(8)" '$&@>-;"
A&;7" &A" ,.AA-;-$@.'@.&$" >'8" 9--$" @>-" &;D'$.b'@.&$" 'CC&;,.$D" @&" B-;A&;7'$C-" (-?-("
M.@>.$" @>-" 8'7-" .$8@.@:@.&$)" M>.C>" .8" '88&C.'@-," M.@>" ,.AA-;-$@" A&;78" &A" .$@-;$'("
,.AA-;-$@.'@.&$)" '8" M-((" '8" M.@>" C:;;.C:(';" &B@.&$8" .$" @>-" A&;7" &A" -(-C@.?-" C&:;8-8+"
=;'CP.$D" '$," &@>-;" A&;78" &A" .$@-;$'(" ,.AA-;-$@.'@.&$" ('CP" '$<" :$.?&C'(" .$@-;B;-@'@.&$+"
^&;" 8&7-)" @>.8" C&$8@.@:@-8" '$&@>-;" 7'$.A-8@'@.&$" &A" 8C>&&(" 8-D;-D'@.&$" 0.$" @>.8" C'8-)"
9-@M--$"C('88;&&78".$"@>-"8'7-"8C>&&(4)"8.$C-"@>-",.AA-;-$@"@;'CP8"';-"'88&C.'@-,"M.@>"
C('88)";'C-"'$,"-@>$.C.@<)"@>:8";-B;&,:C.$D".$-U:'(.@.-8"'8"@>-"FG"C'8-"8>&M8+"=>:8)"@>-"
-(.7.$'@.&$"&A"@>-8-"B;'C@.C-8".8"B;&7&@-,"'8"'"P-<"B';@"&A",-8-D;-D'@.&$"B&(.C.-8+"
!
!L"
S&M-?-;)"'((&M.$D"'$,"-?-$"B;&7&@.$D"8&7-",-D;--"&A".$@-;$'(",.AA-;-$@.'@.&$"
>'?-" '(8&" 9--$" .$@-;B;-@-," '8" @>-" ;-8:(@" &A" 7'.$@'.$.$D" 8&7-" ,-D;--" &A"8&C.'("
>-@-;&D-$-.@<" M.@>.$" B:9(.C" 8C>&&(8+" =<B.C'((<)" @>-" 7.,,(-" C('88-8" M.((" B;-88" A&;" @>.8"
@<B-" &A" ,.AA-;-$@.'@.&$" .$" &;,-;" @&" D-$-;'@-" 7&;-" &BB&;@:$.@.-8" A&;" @>-.;" C>.(,;-$"
M.@>.$"@>-"B:9(.C"8<8@-7+"=>-"'(@-;$'@.?-".8"'"8<8@-7".$"M>.C>"@>-"7.,,(-"C('88"7.D;'@-8"
@&"B;.?'@-"8C>&&(8+" =>:8)" @>-;-" .8" '" @;',-O&AA" 9-@M--$"8-D;-D'@.&$" '7&$D" '$," M.@>.$"
8C>&&(8+"#$"@>-" ('@@-;"C'8-)".$@-;$'(",.AA-;-$@.'@.&$"M&:(," -$8:;-">-@-;&D-$-.@<"M.@>.$"
8C>&&(8" '@" @>-" C&8@" &A" A'C.(.@'@.$D" ,.AA-;-$@.'@-," -,:C'@.&$'(" -EB-;.-$C-8+" /-;@'.$(<)"
@>-8-" @<B-8" &A" B;'C@.C-8" ';-" ;';-(<" A&;7:('@-," '8" j8&C.'(" .$@-D;'@.&$" B&(.C.-8k)" 9:@"
;'@>-;" '8" (&C'(" 8&C.&O-,:C'@.&$'(" ,<$'7.C8)" 8B&$@'$-&:8" A;&7" @>-" B&.$@" &A" ?.-M" &A"
B&(.C.-8)"9:@"-AA-C@.?-"'8"-,:C'@.&$'("7.C;&B&(.@.C8+"
'
F34))+'G)*$*2'"*,'8*&%28+"/%,'",>$..$)*';&)3%..%.'
"
GC>&&(" b&$.$D" >'8" 9--$" .7B(-7-$@-," .$" 7'$<" C&:$@;.-8)" '(@>&:D>" M.@>" .7B&;@'$@"
&B-;'@.&$'(",.AA-;-$C-8)".$"@-;78"&A"C&-;C.?-" @'C@.C8" A&;" -$;&(7-$@" '$,"@>-"C&$@;&("&A"
@>-" 8C>&&(" &AA-;+" ^;&7" '" D-$-;'(" B-;8B-C@.?-)" 9<" (.$P.$D" @>-" 8&C.'(" C&7B&8.@.&$" &A"
8C>&&(8" M.@>" @>'@" &A" @>-.;" :;9'$" -$?.;&$7-$@)" b&$.$D" ;-B;&,:C-8" ;-8.,-$@.'("
8-D;-D'@.&$".$"8C>&&(8+" %:@" @>-" ,-@'.(8" .$" @>-" b&$.$D",-8.D$"7'@@-;" M>-$"7&,:('@.$D"
@>-"@;'$8('@.&$"&A";-8.,-$@.'("8-D;-D'@.&$".$@&"8C>&&("8-D;-D'@.&$)"M>.(-"B&(.C<7'P-;8"
>'?-"@;.-,",.AA-;-$@"'(@-;$'@.?-8)"'8"@>-"GB'$.8>"C'8-"C(-';(<"8>&M8)" 9<" 7&,.A<.$D" @>-"
8.b-" &A" C'@C>7-$@" ';-'8+" 5.P-M.8-)" .@" .8" .7B&;@'$@" @&" ,-C.,-" M>-@>-;" ',7.88.&$"
,-C.8.&$8"';-"',7.$.8@-;-,"C-$@;'((<"&;"'@"@>-"8C>&&("(-?-()"M>.C>";-('@-8"@&"@>-",-D;--"
@&" M>.C>" A'7.(.-8" C'$" C>&&8-" @>-" 8C>&&(" M.@>.$" '" b&$-R" .$" @>-" ('@@-;" C'8-)" '" U:'8.O
7';P-@"8.@:'@.&$"C'$"9-"8-@":B)"'8"M-"M.(("'$'(<8-"9-(&M+"
#$" @>.8" ;-D';,)" .@" .8" .$@-;-8@.$D" @&" $&@-" @>'@)" 8.$C-" 8C>&&(" 8-D;-D'@.&$" .$" 7'$<"
C&:$@;.-8".8"D;-'@-;"@>'$";-8.,-$@.'("8-D;-D'@.&$)"b&$.$D">'8"9--$"B;&B&8-,"'8"'"M'<"@&"
.$C;-'8-"8&C.'(">-@-;&D-$-.@<"M.@>.$"8C>&&(8+"S&M-?-;)".$"8&7-"&A"@>-"C'8-8"8@:,.-,".$"
@>.8" 9&&P)" b&$.$D" 9-C&7-8" '" 8-D;-D'@.$D" A'C@&;" .$" .@8-(A+" N$" ',,.@.&$'(" ;-'8&$" A&;"
8C>&&(" 8-D;-D'@.&$" .8" @>'@" $&@" '((" B';-$@8" ;-8B-C@" @>-" '((&C'@.&$" 7',-" 9<" B:9(.C"
':@>&;.@.-8R" @<B.C'((<)" @>-" 7&8@" -,:C'@-," '$," @>&8-" M.@>" D;-'@-;" ;-8&:;C-8" C'$"
.$A(:-$C-" @>-8-" ,-C.8.&$8)" '8" 8>&M$" .$" @>-" C'8-8" &A" X-;:" '$," N;D-$@.$'+" #$" ^;'$C-)"
!
!\"
D.?-$"@>-".$',-U:'@-"A:$C@.&$.$D"&A"b&$.$D".$"8&7-"C&$@-E@8)"8C>&&("C>&.C-"9-<&$,"@>-"
;-A-;-$C-" ';-'" M'8" .$@;&,:C-," '8" '" 8&(:@.&$)" M>.C>" 'BB';-$@(<" ,.," $&@" >'?-" @>-"
-EB-C@-," B&8.@.?-" -AA-C@" &A" >.D>-;" 8&C.'(" 7.E.$D+" =>.8" .8" C&$8.8@-$@" M.@>" @>-" -?.,-$C-"
'88&C.'@-,"M.@>"@>-"$-D'@.?-"-AA-C@8"&A"8C>&&("C>&.C-"&$"8-D;-D'@.&$+"
Y&;-"D-$-;'((<)".$"8-?-;'("B:9(.C"-,:C'@.&$"8<8@-78)"@>-"',7.88.&$"B;'C@.C-8"&A"
@>-" 8C>&&(8" ';-" $&@" B';@.C:(';(<" @;'$8B';-$@" '$," -'8.(<" (-$," @>-78-(?-8" @&"
';9.@;';.$-88+"=>.8".8" ,:-" @&" @>-" A'C@" @>'@)" &$" @>-"&$-" >'$,)" 8C>&&(8" @;<" @&" 8-(-C@" (-88"
B;&9(-7'@.C"8@:,-$@8"&;"'?&.,"7.$&;.@<"8@:,-$@8"'$,"@>&8-"M>&"';-",.8',?'$@'D-,"'$,"
>.$,-;" @>-" @-'C>.$D" B;&C-88" &;" @>-" 8C>&&([8" B-;A&;7'$C-)" M>.(-)" &$" @>-" &@>-;" >'$,)"
A'7.(.-8" C';;<" &:@" ,.AA-;-$@" B;'C@.C-8" @&" .$A(:-$C-" @>-" '((&C'@.&$" B;&C-88" &A" 8C>&&("
B('C-8+" G-?-;'(" C&:$@;.-8" >'?-" .$@;&,:C-," 7-'8:;-8" @&" 7'P-" @>-8-" 8<8@-78" 7&;-"
@;'$8B';-$@)" $&$O,.8C;.7.$'@&;<" '$," -?-$" B;&D;-88.?-)" 9:@" -EB-;.-$C-" 8:DD-8@8"
:$-U:'("-AA-C@8".$"@>.8";-8B-C@+"
"
3.2.(Desegregation(policies(in(a(market(oriented(context(
"
%-<&$,"j@;',.@.&$'(k"A&;78"&A"8-D;-D'@.&$)"9'8-,"&$"A'.;(<"M.,-8B;-',"C>';'C@-;.8@.C8"
&A"B:9(.C"-,:C'@.&$"8<8@-78)"@>-;-"';-"A&;78"&A"8-D;-D'@.&$"'88&C.'@-,"M.@>"7';P-@"&;"
U:'8.O7';P-@" ,<$'7.C8)" M>.C>" ';-" .,-$@.A.-," '8" B;&,:C-;8" &A" 8C>&&(" 8-D;-D'@.&$" .$"
8-?-;'(" 8@:,.-8+" /-;@'.$(<)" @>-8-" ,<$'7.C8" C'$" 9-" 7&;-" &;" (-88" @;'$8B';-$@" '$,)"
'(@>&:D>" @>-<" ';-" 7'.$(<" '88&C.'@-," M.@>" @>-" B;.?'@-" 8-C@&;)" @>-<" '(8&" &CC:;" M.@>.$"
B:9(.C"-,:C'@.&$"8<8@-78+"#$"8:C>"C'8-8)"B&(.C.-8">'?-"@;.-,"@&"(-88-$" @>-" 8-D;-D'@.$D"
-AA-C@8"&A"@>-"8C>&&("7';P-@)"M>.(-"7'.$@'.$.$D".@8"&;D'$.b.$D"B;.$C.B(-8)"-8B-C.'((<"@>-"
C>&.C-" &A" 8C>&&(8" 9<" A'7.(.-8)" @>-;-9<" ;-,:C.$D" @>-" B&@-$@.'(" A&;" @>-8-" B&(.C.-8" @&"
;-,:C-".$-U:'(.@.-8+"
'
6&$#"/$G"/$)*'"*,'.34))+'"8/)*)>H''
"
#$"7&8@"&A"@>-"C'8-8"B;-8-$@-,)"B;.?'@-"8C>&&(8"';-"C&$8.,-;-,"@&"9-"'";-(-?'$@"A'C@&;"
.$"@>-"B;&,:C@.&$"&A" 8C>&&(" 8-D;-D'@.&$+"=>.8">'BB-$8"9-C':8-)":$(.P-"B:9(.C" 8C>&&(8)"
M>.C>"';-".$.@.'((<"&B-$"@&" @>-"M>&(-"C&77:$.@<)"B;.?'@-"8C>&&(8"@-$,"@&"8B-C.'(.b-".$"
8:9B&B:('@.&$8)"M>.C>" 8&7-@.7-8" C&$8@.@:@-" B';@.C:(';" C&77:$.@.-8+"#$" 8<8@-78" @>'@"
!
!3"
';-">.8@&;.C'((<"9'8-,"&$" B;.?'@-" B;&?.8.&$".$"&;,-;"@&"D:';'$@--"B(:;'(.87)" 8:C>" '8".$"
@>-" ]-@>-;('$,8" &;" %-(D.:7)" @>-8-" .$?&(?-" ;-(.D.&:8)" -@>$.C" &;" B>.(&8&B>.C'("
C&77:$.@.-8R".$"&@>-;"C&:$@;.-8)"B;.?'@-"-,:C'@.&$"0M>.C>".8"D-$-;'((<"7&;-";-8@;.C@-,"
'$,"-EB-$8.?-4"@-$,8"@&"9-"'88&C.'@-,"M.@>":BB-;"'$,"8&7-@.7-8"7.,,(-"8&C.'("C('88-8)"
-EC-B@" .$" @>-" />.(-'$" C'8-)" M>-;-" B;.?'@.b'@.&$" :$,-;" '$" &B-$" 7';P-@" ;-D.7-" >'8"
B;&,:C-,"'$"-$&;7&:8(<"8B-C.'(.b-,"&AA-;"'CC&;,.$D"@&"@>-"(-?-("&A".$C&7-"&A"A'7.(.-8"
@>;&:D>&:@"@>-"-$@.;-";'$D-"&A"8&C.'("8@;'@.A.C'@.&$+"/-;@'.$(<)"@>-"C>';'C@-;.8@.C8"&A"@>-"
&B-;'@.&$" &A" B;.?'@-" 8C>&&(8" @>'@" B;&,:C-" 8-D;-D'@.&$" ';-" '(8&" ;-B(.C'@-," .$" 8&7-"
C'8-8" M.@>.$" @>-" B:9(.C" 8<8@-7)" '8" .$" @>-" C'8-" &A" X-;:" &;" N;D-$@.$'R" @>'@" .8)" M>-$"
8C>&&(8" >'?-" @>-" ':@&$&7<" @&" ,.AA-;-$@.'@-" @>-.;" &AA-;" @&" ,.?-;8-" ':,.-$C-8)" @>-<"
.7B&8-" ',7.88.&$" ;-U:.;-7-$@8" &$" 8@:,-$@8" '$," A'7.(.-8)" @>-;-9<" C&$@;&((.$D" @>-"
&?-;'(("',7.88.&$"B;&C-88-8+"
`-8B.@-"@>.8" -?.,-$C-)" .$" D-$-;'()" C&:$@;.-8">'?-" $&@" .7B(-7-$@-," B&(.C.-8" @&"
;-?-;8-"B;.?'@.b'@.&$" @-$,-$C.-8R" &$" @>-" C&$@;';<)" .$" 8&7-" C'8-8)" @>-8-" B&(.C.-8" >'?-"
9--$"&B-$(<"B;&7&@-,+"X&(.C.-8"'.7-,"'@";-,:C.$D"@>-"8-D;-D'@.$D"'$,":$-U:'("-AA-C@8"
&A" B;.?'@.b'@.&$" >'?-" 9--$" ;'@>-;" .$,.;-C@+" ^&;" -E'7B(-)" .$" %-(D.:7)" C&7B:(8&;<"
-,:C'@.&$'("8@'$,';,8">'?-"9--$"-8@'9(.8>-,"A&;"'(("8C>&&(8".$"'$" -AA&;@"@&";-,:C-"@>-"
>-@-;&D-$-.@<"&A"@>-"&AA-;+"m-@)"@>-"7&8@"M.,-8B;-',"B&(.C<".$"@>.8";-D';,">'8"9--$"@>-"
;-D:('@.&$"&A" 8C>&&(" ',7.88.&$" B;&C-88-8"@&" '?&.," ';9.@;';<" ,.8C;.7.$'@.&$)"7'P-" @>-"
B;&C-88-8"7&;-"@;'$8B';-$@" '$," D:';'$@--" A;--,&7" &A" C>&.C-"A&;" A'7.(.-8" .$" '" 7&;-"
B;&,:C@.?-" M'<+" S&M-?-;)" '8" @>-" />.(-'$" '$," %-(D.'$" -EB-;.-$C-8" 8>&M)" -?-$" @>-8-"
A'.;(<" 7&,-;'@-" B&(.C.-8" @&" @'CP(-" 8-D;-D'@.&$" >'?-" A'C-," -$&;7&:8" ;-8.8@'$C-" A;&7"
B;.?'@-"8C>&&(8)"M>.C>"A--("@>;-'@-$-,)"D.?-$"@>'@"@>-.;"-,:C'@.&$'("B;&K-C@8"';-"9'8-,"
&$">&7&D-$-&:8"C&77:$.@.-8+"
'
F34))+'34)$3%''
"
^;--,&7" &A" 8C>&&(" C>&.C-" A&;" B';-$@8" .8" '" P-<" 7-C>'$.87" A&:$," .$" 8C>&&(" 8<8@-78"
&;D'$.b-,"M.@>"'"7';P-@"(&D.C+"N8"M-">'?-"8--$)".$"@;',.@.&$'("8<8@-78"9'8-,"&$"B:9(.C"
-,:C'@.&$)"8&7-"B';-$@8"'(8&"A.$,".$A&;7'("&;".$,.;-C@"7-'$8"@&".$A(:-$C-"M>-;-"@>-.;"
C>.(,;-$"M.(("8@:,<R"9:@)".$"@>-"(&D.C"&A"@>-"7';P-@)"'(("B';-$@8"';-"-EB-C@-,"@&"9-"'C@.?-"
C>&&8-;8" (&&P.$D" A&;" @>-" 8C>&&(" @>'@" 9-8@" 8:.@8" @>-.;" B;-A-;-$C-8+" a.?-$" @>'@"
!
!H"
jB;-A-;-$C-8k"';-"'88&C.'@-,"M.@>" @>-" C:(@:;'()"8&C.'("'$,"-C&$&7.C"C>';'C@-;.8@.C8"&A"
A'7.(.-8)" 8C>&&(" C>&.C-" .8" :8:'((<" ;-C&D$.b-," '8" '" A'C@&;" @>'@" B;&,:C-8" 8C>&&("
8-D;-D'@.&$+"G&7-"C&:$@;.-8"@>'@"'((&M"8C>&&("C>&.C-">'?-"@;.-,"@&";-,:C-"@>-.;"-AA-C@8"
&$" 8-D;-D'@.&$6" &$" @>-" &$-" >'$,)" 9<" @;<.$D" @&" -U:'(.b-" @>-" C&$,.@.&$8" :$,-;" M>.C>"
B';-$@8" &A" ,.AA-;-$@" 8&C.'(" C('88-8" &;" -@>$.C" D;&:B8" C>&&8-" '" 8C>&&(" 0'8" .$" %-(D.:7)"
/>.(-" &;" %;'b.(4)" 9<" 7-'$8" &A" .$A&;7'@.&$" C'7B'.D$8" '$," ',?-;@.8.$D" .$,.C'@&;8" &A"
8C>&&(" B-;A&;7'$C-)" &;" 9<" ;-,:C.$D" @>-" C&8@8" '88&C.'@-," M.@>" 8C>&&(.$D)" 8:C>" '8"
@;'$8B&;@'@.&$" '$," 8C>&&(" A--8R" &$" @>-" &@>-;" >'$,)" 9<" B';@.'((<" ,.7.$.8>.$D" @>-"
A;--,&7"&A"B';-$@8"@&" C>&&8-" 9<"&;D'$.b.$D"8&7-"A&;7"&A"jC&$@;&((-," 8C>&&(" C>&.C-k"
0'8".$"8&7-"C.@.-8"&A"@>-"]-@>-;('$,8)"@>-" FG" &;" GB'.$4+" =>.8" .8" ,&$-" 9<"&$(<"'((&M.$D"
C>&.C-" M.@>.$" '" 8B-C.A.C" @-;;.@&;<" &;" 9<" D.?.$D" B&M-;" @&" (&C'(" ':@>&;.@.-8" @&" 7'.$@'.$"
B';@.'(" C&$@;&(" &?-;" @>-" ',7.88.&$" B;&C-88+" ^&;" .$8@'$C-)" 8&7-" C&:$@;.-8" >'?-"
.$@;&,:C-,";-D:('@.&$8"@&";-,.8@;.9:@-"8@:,-$@8"M.@>">.D>-;"(-';$.$D",.AA.C:(@.-8"'7&$D"
(&C'("8C>&&(8".$"C'8-8"M>-;-"@>-",<$'7.C8"&A"C>&.C-"B;&,:C-"@>-.;"><B-;C&$C-$@;'@.&$"
.$"'"87'(("$:79-;"&A"8C>&&(8+"
#@".8".$@-;-8@.$D"@&"$&@-"@>'@)".$"@>-"&BB&8.@-",.;-C@.&$)".$"8&7-"8<8@-78"08:C>"'8"
.$" ^;'$C-" &;" W.&" ,-" i'$-.;&" .$" %;'b.(4)" ':@>&;.@.-8" >'?-" 9-D:$" @&" .7B(-7-$@" 8C>&&("
C>&.C-"B&(.C.-8"'8"'"M'<"@&"C&79'@"@>-"8-D;-D'@.&$"B;&,:C-,"9<"8C>&&("b&$-8)"B;&?.,-"
D;-'@-;" 7&9.(.@<" @&" ,.8',?'$@'D-," A'7.(.-8" '$," A'C.(.@'@-" @>-.;" .$@-D;'@.&$" .$@&" 7&;-"
,.?-;8-" 8C>&&(8+" =>-" -?.,-$C-" B;&?.,-," 9<" @>-8-" -E'7B(-8)" '(@>&:D>" .$.@.'()" 8:DD-8@8"
@>'@"@>-<">'?-"$&@"8.D$.A.C'$@(<";-,:C-,"8C>&&("8-D;-D'@.&$R"@>:8)"9;&',(<"8B-'P.$D)".@"
C&.$C.,-8" M.@>" &@>-;" -?.,-$C-" '?'.('9(-" .$" &@>-;" C'8-" 8@:,.-8" .$" @>.8" 9&&P" 0@>-"
]-@>-;('$,8)" />.(-" '$," 8&7-" ,.8@;.C@8" .$" @>-" FG4)" M>.C>" ;-?-'(" @>'@" B';-$@8[" 8C>&&("
C>&.C-".8"$&@"B';@"&A"@>-"8&(:@.&$"&A"8C>&&("8-D;-D'@.&$)" 9:@"C'$"'C@:'((<"9-"&$-"&A".@8"
C':8-8+""
'
-)>;%/$/$)*'
"
^.$'((<)"7';P-@",<$'7.C8"';-";-A(-C@-,".$"@>-"C&7B-@.@.&$"9-@M--$"8C>&&(8" @&" '@@;'C@"
8B-C.A.C" A'7.(.-8" '$," @>:8" &9@'.$" ',?'$@'D-8" &?-;" &@>-;8)" @<B.C'((<" .$" @>-" A&;7" &A"
;-8&:;C-8)"9:@"'(8&"B;-8@.D-"'$," 9-@@-;" B-;A&;7'$C-+" a.?-$"@>-";-('@.&$8>.B"9-@M--$"
@>-" C>';'C@-;.8@.C8" &A" A'7.(.-8" '$," 8C>&&(" C>&.C-" 7-$@.&$-," '9&?-)" C&7B-@.@.&$"
!
12"
9-@M--$" 8C>&&(8" '(8&" @-$,8" @&" ;-.$A&;C-" 8-D;-D'@.&$" 9<" .$C;-'8.$D" @>-" $:79-;" &A""
j,-8.;'9(-k" 8@:,-$@8" A;&7" 7&;-" ',?'$@'D-," A'7.(.-8" '$,)" -8B-C.'((<)" >.D>(<"
jB;-?-$@'9(-k" 8@:,-$@8" A;&7" (&M-;" 8&C.'(" C('88-8)" -@>$.C" 7.$&;.@.-8" &;" 7.D;'$@"
9'CPD;&:$,8+" QA" C&:;8-)" @;',.@.&$'(" 8<8@-78" '(8&" B;&,:C-" B;-8@.D.&:8" >.-;';C>.-8"
'7&$D" 8C>&&(8)" 9:@" @>-" ,<$'7.C8" &A" 8-D;-D'@.&$" ';-" (-88" .$@-$8.?-" 9-C':8-" @>-;-" .8"
;-,:C-," ';9.@;';.$-88" .$" @>-" ',7.88.&$" B&(.C.-8)" A'7.(.-8" -E-;C.8-" (-88" A;--,&7" &A"
C>&.C-" '$," 8C>&&(8" ,&" $&@" 9-$-A.@" -C&$&7.C'((<" 0'@" (-'8@" A&;7'((<4" A;&7" @>-8-"
,.AA-;-$C-8".$"B;-8@.D-+"#$"A'C@)"@>-"7';P-@"8.@:'@.&$"-E'C-;9'@-8"'(("@>-8-"B;&C-88-8+"#$"
',,.@.&$"@&"8&7-" &A" @>-" B;-?.&:8(<" 7-$@.&$-," B&(.C.-8" @>'@" C&$@;&("8C>&&("':@&$&7<"
'$," B';-$@'(" C>&.C-)" 8&7-" C&:$@;.-8" >'?-" .7B(-7-$@-," B&(.C.-8" @>'@" ';-" A&C:8-," &$"
;-,:C.$D"@>-"-AA-C@8"&A"C&7B-@.@.&$"9-@M--$"8C>&&(8+"=>-8-"B&(.C.-8".$C(:,-".$C;-'8.$D"
@>-" ;-8&:;C-8" '88&C.'@-," M.@>" j'@O;.8Pk" 8@:,-$@8" 0-+D+)" .77.D;'$@8" &;" (&MO.$C&7-"
A'7.(.-84".$"B-;"C'B.@'"A.$'$C.$D"8C>-7-8)"D.?.$D"B;-A-;-$C-"@&",.8',?'$@'D-,"8@:,-$@8"
.$"@>-"',7.88.&$"B;&C-88"M>-$"@>-;-".8"-EC-88"&A",-7'$,)"'?&.,.$D"@>-"B:9(.C'@.&$"&A"
B-;A&;7'$C-" ;'$P.$D8" @>'@" 7'<" 8@.D7'@.b-" C-;@'.$" 8C>&&(8)" &;" 7&,.A<.$D" @>-"
D-&D;'B>.C'("';-'"M.@>.$"M>.C>"8C>&&(8"C&7B-@-"A&;"8@:,-$@8+"
(
3.3.(The(lack(of(priority(concerning(desegregation(policies(
"
=>-"B;-?.&:8"'$'(<8.8"A&C:8-,"&$"B&(.C.-8"@>'@)"M.@>"?';<.$D"9:@"D-$-;'((<"(&M".$@-$8.@<)"
',,;-88" 8&7-" &A" @>-" C':8-8" @>'@" C;-'@-" 8C>&&(" 8-D;-D'@.&$" '$," @>-;-A&;-" @;<" @&"
B;-?-$@" .@+" Q@>-;" B&(.C.-8)" &$" @>-" &@>-;" >'$,)" 8.7B(<" @;<" @&" 7.@.D'@-" 8&7-" &A" @>-.;"
-AA-C@8"'$,"C'$$&@"@>-;-A&;-"9-"C&$8.,-;-,"'8"B&(.C.-8"@>'@"@'CP(-"8C>&&("8-D;-D'@.&$+"
^&;" -E'7B(-)" 8-?-;'(" C&:$@;.-8" 08:C>" '8" @>-" FG" &;" />.(-4" >'?-" .7B(-7-$@-,"8C>&&("
.7B;&?-7-$@" B;&D;'77-8" @';D-@.$D" B&&;(<" B-;A&;7.$D" 8C>&&(8" M.@>" '" >.D>"
C&$C-$@;'@.&$"&A"'@O;.8P"8@:,-$@8)"M>.(-"&@>-;8"'((&C'@-"C&7B-$8'@&;<"A:$,8"@&"8C>&&(8"
M>-;-" @>-" 7&8@" ,.8',?'$@'D-," 8@:,-$@8" '@@-$," 0'8" .$" Fe4" &;" @&" :;9'$" ';-'8" M>-;-"
8:C>" 8@:,-$@8" 7&8@(<" (.?-" 08:C>" '8" .$" ^;'$C-" &;" %-(D.:74)" 8&" @>'@" (&C'(" &;" 8C>&&("
':@>&;.@.-8" C'$" B;&?.,-" 9-@@-;" C&$,.@.&$8" '$," 9-@@-;" .$B:@8" A&;" @>-.;" @-'C>-;8" '$,"
8@:,-$@8+"N(@>&:D>"@>-"-,:C'@.&$'("-AA-C@8"&A"@>-8-"B&(.C.-8"';-"?';.-,"08&7-"&A"@>-7"
>'?-"9--$"U:.@-"8:CC-88A:(4)"@>-.;"-AA-C@.?-$-88"M.@>";-D';,"@&"8C>&&("8-D;-D'@.&$" >'8"
9--$" U:-8@.&$-,+" #$" 8&7-" C'8-8" 08:C>" '8" @>-" @)*%.' ,AB3/$)*' 6&$)&$/"$&%" .$" ^;'$C-4)"
!
1!"
:$,-8.;-," -AA-C@8" >'?-" 9--$" ,&C:7-$@-,)" 8:C>" '8" @>-" 8@.D7'@.b'@.&$" &A" 8C>&&(8" &;"
';-'8" j9-$-A.@.$Dk" A;&7" @>-8-" B&(.C.-8+" X';',&E.C'((<)" @>-8-" B&(.C.-8" 7'<" -$," :B"
;-.$A&;C.$D"@>-"(-?-("&A"8-D;-D'@.&$"'$,"@>-"C&$8-U:-$C-8"@>'@"@>-<"M-;-".$@-$,-,"@&"
'((-?.'@-+"
=>-" ;-?.-M" &A" .$@-;$'@.&$'(" -EB-;.-$C-8" '(8&" '((&M8" A&;" @>-" .,-$@.A.C'@.&$" &A"
'$&@>-;" B'@@-;$+" =>-;-" .8)" .$" D-$-;'()" '$" '98-$C-" &A" B:9(.C" B&(.C.-8" ,.;-C@(<" '.7-," '@"
;-,:C.$D" 8C>&&(" 8-D;-D'@.&$" &$C-" @>.8" >'8" &CC:;;-,+" =>-" M-((O,&C:7-$@-," FG"
-EB-;.-$C-" .$?&(?.$D" ,.;-C@" B&(.C.-8" &A";'C.'(" ,-8-D;-D'@.&$" C&$@.$:-8" @&" 9-" @>-" 7&8@"
;-8&(:@-" .$8@'$C-" &A" B&(.C.-8" &A" @>.8" P.$,+" #$" 7&8@" &A" @>-" 8@:,.-," C&:$@;.-8)" 8C>&&("
8-D;-D'@.&$" >'8" $&@" 9--$" ,-A.$-," '8" '" 7'@@-;" &A" -,:C'@.&$'(" B&(.C.-8" '$,)" '@" 7&8@)"
B&(.@.C'(" 'C@.&$" >'8" 9--$" (.7.@-," .$" &;,-;" @&" B';@.'((<" '((-?.'@-" .@8" C&$8-U:-$C-8+"
^:;@>-;7&;-)" .$" 8&7-" C'8-8" .$" M>.C>" 8C>&&(" 8-D;-D'@.&$" >'8" 9--$" .,-$@.A.-," '8" '"
B;&9(-7"@&"9-" 8&(?-,"'$,"9-C&7-"B';@" &A"@>-"B&(.C<"'D-$,')" @>-"7-'8:;-8"@>'@">'?-"
9--$".7B(-7-$@-,"-.@>-;"@;<"@&"&$(<"',,;-88".@8"C':8-8".$,.;-C@(<"08:C>"'8".$C;-'8.$D"
@>-"?&:C>-;"?'(:-"A&;"(&MO.$C&7-"8@:,-$@8".$"/>.(-4"&;"7'<"9-"U:'(.A.-,"'8"j?&(:$@';<k"
,-8-D;-D'@.&$" B&(.C.-8)" 9'8-,)" A&;" -E'7B(-)" &$" 8C>&&(" C>&.C-" 7-C>'$.878" 0'8" .$" @>-"
C'8-"&A"^;'$C-"'$,"W.&",-"i'$-.;&4+"
=>.8" ;-('@.?-" ('CP" &A" B;.&;.@<" @&" @'CP(-" 8C>&&(" 8-D;-D'@.&$" .$" @>-" C&$@-E@" &A"
-,:C'@.&$'("B&(.C.-8".8".$"8>';B"C&$@;'8@"@&"@>-".$C;-'8.$D"'7&:$@"&A"'?'.('9(-"8C.-$@.A.C"
-?.,-$C-)".$C(:,.$D"@>'@".$"@>-"'$'(<8-,"C'8-8)".$"@-;78"&A"@>-.;";-(-?'$C-)" 7'D$.@:,-"
'$," C&$8-U:-$C-8+" =>-" U:-8@.&$" @>-$" .8" >&M" @&" :$,-;8@'$," @>.8" 'BB';-$@" ,.8@'$C-"
9-@M--$" @>-" 'C',-7.C" ;-(-?'$C-" D.?-$" @&" 8C>&&(" 8-D;-D'@.&$" '$," @>-" (&M" B;.&;.@<"
D.?-$"@&"@>.8"B;&9(-7"9<",-C.8.&$"7'P-;8"&;"-?-$"'C@.?.8@8+"
^.;8@(<)" '8" 8-?-;'(" ':@>&;8" B&.$@" &:@" .$" @>-.;" 8@:,.-8)" @>-" -?.,-$C-" ;-D';,.$D"
8-D;-D'@.&$".$"-,:C'@.&$">'8"9--$"B;-8-$@-,";-('@.?-(<";-C-$@(<".$"'(7&8@"'(("C&:$@;.-8"
0M.@>"@>-"-EC-B@.&$"&A"@>-" FGR"'(@>&:D>)".$"@>.8"C'8-)"@>-";'C.'("8-D;-D'@.&$"&A"8C>&&(8"
M'8" $&@" '$" :$,.8C&?-;-," B>-$&7-$&$)" 9:@" '$" .$8@.@:@.&$'(" A-'@:;-" &A" @>-" FG"
-,:C'@.&$'(" 8<8@-74+" #$" _:;&B-" '$," 5'@.$" N7-;.C')" 8C>&&(" 8-D;-D'@.&$" M'8)" '@" 9-8@)"
8:98:7-," :$,-;" 7&;-" D-$-;'(" @>-7-8" '9&:@" .$-U:.@<" .$" -,:C'@.&$)" ;'@>-;" @>'$" @>-"
&9K-C@" &A" ,.;-C@" B&(.@.C'(" ,.8C:88.&$+" #$" ',,.@.&$)" '?'.('9(-" -?.,-$C-" A&;" .@8" $-D'@.?-"
C&$8-U:-$C-8";-7'.$8"8C';C-"&:@8.,-"&A"@>-"FG)"M>.C>"C(-';(<";-,:C-8"@>-"B;-88:;-"&$"
D&?-;$7-$@8"@&"@'P-" 'C@.&$+" 5.P-M.8-)" @>-" B;.&;.@<" 'D-$,'" A&;"D&?-;$7-$@8".8" '(M'<8"
!
11"
(.7.@-,+" X&(.C.-8" @>'@" ,&7.$'@-" C:;;-$@" .$@-;$'@.&$'(" ,-9'@-8" .$" -,:C'@.&$)" 8:C>" '8"
B;.?'@.b'@.&$)" 8C>&&(" ':@&$&7<" '$," @-8@O9'8-," 'CC&:$@'9.(.@<)" ';-" 'C@:'((<" B&@-$@.'("
A'C@&;8" C&$@;.9:@.$D" @&" 8-D;-D'@.&$+" =>:8)" A';" A;&7" D.?.$D" B;.&;.@<" @&" ,-8-D;-D'@.&$"
B&(.C.-8)" D&?-;$7-$@8" A--(" '@@;'C@-," @&" D(&9'(" -,:C'@.&$" B&(.C.-8" @>'@" ';-" B&@-$@.'((<"
.$C&$8.8@-$@" M.@>" '" ,-8-D;-D'@.&$" 8@;'@-D<+" N8" 8:C>)" @>-;-" .8" '" C(-';" .$C&7B'@.9.(.@<"
9-@M--$"B&@-$@.'((<"&BB&8.$D"'D-$,'8+"G&"A';)".@".8"U:.@-"C(-';"M>.C>"'D-$,'".8"M.$$.$D"
@>.8",.8B:@-+"
" G-C&$,(<)" -?-$" .$" C&$@-E@8" .$" M>.C>" B&(.C<7'P-;8" >'?-" 9-C&7-" 'M';-" &A" @>-"
;-(-?'$C-"&A"8-D;-D'@.&$"'$,"';-".$@-;-8@-,".$"',?'$C.$D"B&(.C.-8"@&"C&79'@".@)".@".8"$&@"
C(-';" '8" @&" M>'@" @&&(8" @>-<" >'?-" '@" @>-.;" ,.8B&8'(+" N(@>&:D>" @>-" -?.,-$C-" .8" U:.@-"
C&$?-;D-$@" C&$C-;$.$D" 8&7-" &A" .@8" C':8-8)" @>-" 8'7-" C'$$&@" 9-" 8'.," M.@>" ;-D';," @&"
B&(.C.-8"@&"C&79'@".@+"#$,--,)".@" .8" B&88.9(-" @&" 8@'@-" @>'@" @>-;-" .8" $&" C&$8-$8:8" '9&:@"
8&7-"&A"@>-"9'8.C"7-'8:;-8"@>'@">'?-"9--$" B;&B&8-," '$," '$'(<8-," .$" @>.8" 9&&P+" ^&;"
-E'7B(-)"8&7-"D&?-;$7-$@8"B;&7&@-"?&:C>-;8"'$,"8C>&&("C>&.C-"'8"M'<8"@&".$C;-'8-"
A'7.(.-8["7&9.(.@<"'$,"'((&M"@>-7"@&"8-(AO,-8-D;-D'@-)"M>.(-"&@>-;8"B;&7&@-"b&$.$D"@&"
,-C;-'8-" @>-" ,<$'7.C8" &A" @>-" 8C>&&(" 7';P-@" &;" B:;8:-" C&7B-$8'@&;<" B&(.C.-8" @>'@"
@';D-@" 8B-C.A.C" D;&:B8" &A" 8@:,-$@8+" G&7-M>'@" B';',&E.C'((<)" @>-" 8'7-" ,-8-D;-D'@.&$"
7-'8:;-8" :8-," .$" &$-" 8B-C.A.C" C&$@-E@" >'?-" 9--$" .,-$@.A.-," '8" A'C@&;8" @>'@" B;&,:C-"
8C>&&(" 8-D;-D'@.&$" .$" &@>-;" C&$@-E@8+" 5.P-M.8-)" @>-" FG" -EB-;.-$C-" >.D>(.D>@8" @>-"
C&7B(-E.@<" .$" .7B(-7-$@.$D" B&(.C.-8" &A" A&;C-," ,-8-D;-D'@.&$)" 8.$C-)" .$" @>-" 7-,.:7"
@-;7)" 8&7-" &A" .@8" -AA-C@8" 8--7" @&" 9-" ;-?-;8-,+" ^&;C-," ,-8-D;-D'@.&$" 7'<" C';;<" @>-"
B;.C-" &A" '$" -?-$@:'(" '9'$,&$7-$@" &A" @>-" B:9(.C" -,:C'@.&$" 8<8@-7" 9<" @>-" 7.,,(-"
C('88-8)"'8">'8">'BB-$-,".$"8&7-"C&:$@;.-8+"/-;@'.$(<)"C&$@-E@"7'@@-;8"M>-$".@"C&7-8"
@&"'88-88.$D"@>-"'BB;&B;.'@-$-88"&A"&$-"B&(.C<"&;"'$&@>-;+"a.?-$"@>-"8-$8.@.?.@<"';&:$,"
@>.8" .88:-)" 8&C.'(" 'C@&;8" >'?-" ;-'C@-," @&" B&(.C.-8" .$" M'<8" @>'@" ';-" $&@" '(M'<8"
B;-,.C@'9(-)" M>.C>" C'$" :(@.7'@-(<" .$>.9.@" @>-" -AA-C@8" &A" 8B-C.A.C" B&(.C.-8)" '8" M-((" '8"
D-$-;'@-" $-M" $-D'@.?-" -AA-C@8+" #$" 8>&;@)" @>-" B'@>" &A" ,-8-D;-D'@.&$" B&(.C.-8" .8" >.D>(<"
:$C-;@'.$+"
" ^.$'((<)" @>-" B&(.@.C'(" -C&$&7<" &A" ,-8-D;-D'@.&$" B&(.C.-8" .8" @;-7-$,&:8(<"
C&7B(-E" '$," B&@-$@.'((<" ?-;<" C&$A(.C@.?-+" `-8-D;-D'@.&$" B&(.C.-8" ';-" C&$C-;$-," M.@>"
C&$@;&((.$D".$8@.@:@.&$'(",<$'7.C8)"M>.C>"';-",--B(<";&&@-,".$"9&@>"@>-"B:9(.C"'$,"@>-"
B;.?'@-" 8-C@&;8+" =>-<" '(8&" '@@-7B@" @&" 7&,.A<" 8&C.&C:(@:;'(" B;'C@.C-8" &A" ,.AA.C:(@" '$,"
!
1T"
8(&M" C>'$D-)" '8" M-((" '8" .7B.$D-":B&$" @>-" 8&C.'(" .$@-;-8@8" &A" @>-" :BB-;" '$," 7.,,(-"
C('88-8"@&"@>-"9-$-A.@"&A"@>-"(&M-;"C('88-8)"7.$&;.@<"-@>$.C"D;&:B8"'$,"7.D;'$@8)"@>'@".8)"
@>&8-" 8-C@&;8" M.@>" (-88" ?&.C-" '$," B&M-;" .$" 8&C.-@<+" =>-" A-M" -EB-;.-$C-8" &A" ,.;-C@"
,-8-D;-D'@.&$"B&(.C.-8)"'$,"-?-$"8&7-".$,.;-C@"&$-8)">'?-"8>&M$"@>-"-E@-$@"@&"M>.C>"
@>-<"C'$"9-"-EB(&8.?-".$"@-;78"&A"8&C.'("C&$A(.C@+"=>:8)".@".8"$&@"8:;B;.8.$D"@>'@",-C.8.&$"
7'P-;8" >'?-" 7'.$(<" C>&8-$" @&" &$(<" B:;8:-" B&(.C.-8" @>'@" ,-'(" M.@>" @>-" -AA-C@8" &A"
8-D;-D'@.&$"&;)"'@"7&8@)",&"$&@">-(B"@&".$C;-'8-".@+"=>.8".8"C-;@'.$(<"'"A.;8@"8@-B"B;.&;"@&"
&B-$(<" B;&7&@.$D" @>-" B&(.C.-8" &A" .$@-D;'@.&$" '$," ,.?-;8.@<" .$" 8C>&&(8+" =&" ,-C.8.?-(<"
',?'$C-".$"@>.8",.;-C@.&$)".@".8"C(-';" @>'@" 7&8@" &A" @>-" C&:$@;.-8"'$'(<8-,">'?-"$&@"<-@"
';;.?-,"'@"'" 8&C.'(" C&$8-$8:8" &$" @>-" ?'(:-" &A" -,:C'@.&$".$" ,.?-;8-" C&$@-E@8R" .$" 8>&;@)"
@>.8" .8" '" B-$,.$D" 8&C.'(" ,-9'@-+" ^.$'((<)" @>-" C&7B(-E.@<" &A" @>-" C':8-8" &A" 8-D;-D'@.&$)"
M>.C>"C-;@'.$(<" .$C(:,-" @>-" M-.D>@" &A" :;9'$" 8-D;-D'@.&$" '$," $-M" A&;78" &A" -EC(:8.&$"
9'8-," &$" .77.D;'@.&$)" .$" M>.C>" 8&C.'(" C('88" 7.E-8" M.@>" .88:-8" &A" ('$D:'D-" '$," ;'C-"
7&;-"@>'$"9-A&;-)",-7'$,8"'$"'BB;&'C>"@>'@"D&-8"9-<&$,"-,:C'@.&$'(" B&(.C.-8+"=>-<"
$--,"'"C;&88O8-C@&;.'("'BB;&'C>)"M>.C>".8"D-$-;'((<"'98-$@"A;&7"@>-8-"B:9(.C"B&(.C.-8+"
"
4.( International( perspectives( on( school( segregation:( structure( and( summary( of( the(
book(
"
=>-" A.;8@" 8-C@.&$)" jX'@@-;$8" &A" 8C>&&(" 8-D;-D'@.&$" '$," 8&C.'(" .$-U:'(.@.-8k)" C&$@'.$8"
@>;--"C>'B@-;8)"M>.C>"C(-';(<"8>&M">&M"8C>&&("8-D;-D'@.&$"8>&:(,"9-":$,-;8@&&,".$".@8"
M.,-8@"C&$@-E@)"M>.(-"(.$P.$D".@"@&" @>-"-,:C'@.&$'(".$8@.@:@.&$"'$,"'(8&"@>-"8&C.-@<" '$,"
@>-">.8@&;<"@>'@">'8"7&:(,-,".@+"=>-"^;-$C>"C'8-".8"B';',.D7'@.C".$"@>.8"8-$8-+"N(@>&:D>"
A&;7'((<" C&77.@@-," @&" 7-;.@&C;'@.C" .,-'(8)" 8:C>" '8" -U:'(.@<" &A" &BB&;@:$.@<" '$,"
C&77&$"8C>&&(.$D)"^-(&:b.8)"^&:U:-@O/>':B;',-"'$,"/>';7.((&@",-7&$8@;'@-">&M"@>-"
?-;<"B&(.C.-8"',&B@-,".$"^;'$C-)"M.@>"@>-"'.7"&A";-'(.b.$D"@>-8-".,-'(8".$"@>-"C&$@-E@"&A"
-,:C'@.&$'(" ,-7&C;'@.b'@.&$)" >'?-" $&@" B;&,:C-," >.D>-;" -,:C'@.&$'(" -U:'(.@<+" _?-$"
7&;-)"@>-<">'?-"C&$@;.9:@-,"@&"@>-"C&$8&(.,'@.&$"&A)"'$,".$C;-'8-".$)"8&C.'("'$,"-@>$.C"
8-D;-D'@.&$" M.@>.$" @>-" ^;-$C>" 8C>&&(" 8<8@-7+" =>-" -EB('$'@.&$" &A" @>.8" B';',&E" 8@-78"
A;&7" @>-" -,:C'@.&$'(" B&(.C.-8" @>'@" >'?-" '" 8&C.&C:(@:;'(" ,.7-$8.&$" '$," B;&,:C-"
;-'C@.&$8"A;&7",.AA-;-$@"8&C.'("'C@&;8)"M>&8-";-8B&$8-8"'$,"8@;'@-D.C"'C@.&$8"C'$"C':8-"
:$,-8.;'9(-"-AA-C@8"@>'@"';-">';,"@&"'$@.C.B'@-+"=>:8)",-8B.@-" @>-"A'C@"@>'@"@>-"3)++I2%'
!
1J"
8*$98%" >'8" @;.-," @&" >&7&D-$.b-" @>-" 8C>&&(" -EB-;.-$C-)" ,.?-;8-" M'<8" &A" 8C>&&("
C&7B-@.@.&$"'$,"8-(-C@.&$">'?-"7'.$@'.$-,"C-;@'.$"(-?-(8" &A" ,.AA-;-$@.'@.&$+" 5.P-M.8-)"
'(@>&:D>" 8C>&&(" 7'BB.$D" '((&M8" A&;" ,.?-;8.@<" .$" 8C>&&(8)" @>.8" .8" (.7.@-," 9<" :;9'$"
8-D;-D'@.&$"'$,"@>-"'?&.,'$C-"8@;'@-D.-8"&A"A'7.(.-8"M.@>">.D>-;"C:(@:;'("'$,"-C&$&7.C"
C'B.@'(+"^.$'((<)"'(@>&:D>"B;.&;.@<"-,:C'@.&$"b&$-8"';-".$@-$,-,"@&";-,:C-"@>-"-AA-C@8"&A"
8-D;-D'@.&$)" @>-<" &A@-$" -$," :B" ;-.$A&;C.$D" .@" ?.'" @>-" 8@.D7'@.b'@.&$" B;&,:C-," 9<"
@';D-@-," B&(.C.-8+" =>:8)" 8&C.'(" .$-U:'(.@.-8" >'?-" A&:$," C-;@'.$" .$@-;8@.C-8" @&" 9-"
@;'$8A&;7-,".$@&"8C>&&("8-D;-D'@.&$+""
=>-" ^;-$C>O8B-'P.$D" %-(D.'$" 8<8@-7" B;&?.,-8" '" D&&," C&:$@-;B&.$@+" NCC&;,.$D"
@&"@>-"'$'(<8.8"&A"`:B;.-b)" %';9'$'"'$,"g-;>&-?-$)"@>-".$8@.@:@.&$'(",.AA-;-$@.'@.&$"&A"
-,:C'@.&$'(" B;&?.8.&$)" M>.C>" M'8" (.$P-," @&" @>-" -E.8@-$C-" &A" 8&C.'((<" 8-D;-D'@-,"
B&B:('@.&$8)"&CC:;;-,"'@" '$"-';(<"8@'D-+"=>.8"B;&,:C-," '$"-,:C'@.&$'("8<8@-7)"M>.C>)"
@>;&:D>" .@8" 7.88.&$)" A'.(-," @&" B;.&;.@.b-" .$@-D;'@.&$" .$@&" '" C&77&$" B;&K-C@" '$,"
;-.$A&;C-," '" C:(@:;-" &A" '$@.O>-@-;&D-$-.@<" .$" @>-" 8C>&&(+" #$8@-'," &A" '" C&77&$"
-,:C'@.&$'(" 8<8@-7)" %-(D.'$" 8&C.-@<" >'8" ;-C&D$.b-," @>-" ?'(:-" &A" B;-8-;?.$D" ,.?-;8-"
8C>&&(" $-@M&;P8" 9'8-," &$" ,.AA-;-$@" 8&C.&(&D.C'(" C&77:$.@.-8" 0>.8@&;.C'((<)" /'@>&(.C8"
'$," (.9-;'(84)" @>-;-9<" B;&7&@.$D" @>-" A;--,&7" &A" @-'C>.$D)" 8C>&&(" C>&.C-" '$," B;.?'@-"
B;&?.8.&$+""
=>.8"8&C.&C:(@:;'("8-D;-D'@.&$)"-EB(.C.@(<".7B&;@-,".$@&"@>-"-,:C'@.&$'("8<8@-7)"
>'8"D-$-;'@-," @>-" C&$,.@.&$8" $-C-88';<"A&;" @>-" -7-;D-$C-" &A" '" U:'8.O7';P-@)" M>.C>"
>'8"8(&M(<",-@'C>-,".@8-(A"A;&7".@8"&;.D.$8".$"'"C&$@-E@"&A";-(.D.&:8"@&(-;'$C-"'$,".8"$&M"
9'8-," &$" 'C',-7.C" '$," 8&C.'(" .$-U:'(.@.-8+" N(@>&:D>)" ;-C-$@(<)" @>-;-" >'8" 9--$"
'M';-$-88" &A" @>-" 8-;.&:8" -,:C'@.&$'(" 8-D;-D'@.&$" @>'@" @>-" 8<8@-7" B;&,:C-8)" @>-"
':@>&;8" C('.7" @>'@" @>-" >.8@&;.C'(" '$," 8&C.'(" ;&&@8" ';-" 8&" ,--B)" @>-" M-'P" -D'(.@';.'$"
B&(.C.-8" @>'@" >'?-" 9--$" .7B(-7-$@-," ';-" $&@" -$&:D>" @&" &?-;C&7-" @>-" B;-?'(-$@"
;-8.8@'$C-+""
^.$'((<)" @>-" 8.@:'@.&$" &A" %;'b.(" ?-;<" M-((" .((:8@;'@-8" @>-" ,.AA.C:(@.-8" A'C-," 9<"
-,:C'@.&$'(" 8<8@-78)" M>.C>" >'?-" ;-C-$@(<" -EB'$,-,)" .$" A'C.(.@'@.$D" 8&C.'(" .$@-D;'@.&$)"
B';@.C:(';(<" .$" @>-" C&$@-E@" &A" ?'8@(<" :$-U:'(" 8&C.-@.-8+" %';@>&(&" '$," `'" /&8@'" >'?-"
8>&M$">&M"@>-"-E.8@-$C-"&A" '" B;.?'@-" 8C>&&(8" 8-C@&;"C>'$$-(8"@>-"8-D;-D'@.&$"&A"@>-"
:BB-;"'$,"7.,,(-"C('88-8"'CC&;,.$D"@&" '"7';P-@"(&D.C)" M>.(-"'(8&"'((&M.$D"A&;"'$&@>-;"
8-D7-$@"&A" @>-" B;.?'@-" 8-C@&;" A&C:8-," &$" @>-" (&M-;" 8&C.'(" C('88-8+" N,,.@.&$'((<)" @>-<"
!
1I"
-7B>'8.b-" @>'@" 8C>&&(" 8-D;-D'@.&$" B;&C-88-8" '(8&" &CC:;" M.@>.$" @>-" B:9(.C" 8<8@-7)"
'(9-.@" .$" (-88" -EB(.C.@" M'<8)" 0A&;" .$8@'$C-)" -$@;<" 8-(-C@.&$)" M>.C>" .8" '88&C.'@-," M.@>"
,.AA-;-$@" @<B-8" &A" 8C>&&(" B;-8@.D-4+" =>-" ':@>&;8" 8@;-88" @>'@" @>-8-" ,<$'7.C8" .$@-;'C@"
M.@>" @>-" 8&C.&O,-7&D;'B>.C" A-'@:;-8" &A" C.@.-8)" ',,.$D" @&" @>-" 8&C.'(" C('88)" '$,"
,.AA-;-$C-8" .$" 8P.$" C&(&:;)" @>:8" B;&,:C.$D" '" @;.B(-" 8-D;-D'@.&$)" M>.C>" .8" 8&C.'()" ;'C.'("
'$,"'C',-7.C+"#$@-;-8@.$D(<)"@>-8-"C&7B(-E"A&;C-8"8--7"@&"'$$:("@>-"B&@-$@.'("B&8.@.?-"
-AA-C@8" &$" 8&C.'(" .$@-D;'@.&$" &A" '" ;-C-$@" B&(.C<" .$?&(?.$D" @>-" ;'$,&7" '88.D$7-$@" &A"
8@:,-$@8"@&"W.&",-"i'$-.;&"8C>&&(8)"B&88.9(<"9-C':8-"C-;@'.$"8&C.'("'C@&;8"0.$"@>.8"C'8-)"
7.,,(-OC('88"A'7.(.-8"'$,"@>-"(&C'("',7.$.8@;'@.&$4";'B.,(<"(-';$">&M"@&"@'P-"',?'$@'D-"
&;"jD-@"';&:$,k"@>-"$-M";-D:('@.&$8+""
=>-"8-C&$," B';@" &A" @>-" 9&&P)" jGC>&&(" 8-D;-D'@.&$" '$," 8@:,-$@" B-;A&;7'$C-k)"
,-(?-8" .$@&" @>-" ',,.@.&$'(" -,:C'@.&$'(" .$-U:.@<" @>'@" 8C>&&(" 8-D;-D'@.&$" 7-'$8" A&;"
,.8',?'$@'D-,"8@:,-$@8)"B;&?.,.$D"-7B.;.C'("';D:7-$@8"'9&:@"8-?-;'("$-D'@.?-"-AA-C@8+"
=&" 8@';@)" a&;';," '$," G.,,.U:." ,-7&$8@;'@-" @>-" ,-D;--" &A" C&7B(-E.@<" .$?&(?-," .$" @>-"
,-A.$.@.&$" &A" ,.8',?'$@'D-," 8@:,-$@8" '$," >&M" C&7B-$8'@&;<" -,:C'@.&$'(" B&(.C.-8"
8>&:(," .,-$@.A<" @>-7" .$" &;,-;" @&" 9-" -AA-C@.?-6" @>'@" .8" @&" 8'<)" -?-$" .$" C&$@-E@8" M>-;-"
8&C.'("8-D;-D'@.&$".$"8C>&&(8">'8"9--$";-C&D$.b-,"'8"'";-(-?'$@"B;&9(-7"'$,"B&(.C.-8"
>'?-"9--$",-8.D$-," @&" ',,;-88" @>-8-" .88:-8)" @>-" ,.8@'$C-"9-A&;-" 8:CC-88" .8" 'C>.-?-,"
;-7'.$8"@&&"(&$D+" %'8.C'((<)"@>-"':@>&;8"';D:-" @>'@";-(-?'$@"-,:C'@.&$'(",.8',?'$@'D-"
.8"'CC:7:('@.?-"&?-;"@.7-)"8:C>"@>'@" .@" 8>&:(," 9-" 7-'8:;-," (&$D.@:,.$'((<".$"&;,-;"@&"
'@@-$," @&" @>-" B&?-;@<" @;'K-C@&;<" -EB-;.-$C-," 9<" 8@:,-$@8" '$," @>-.;" (-?-(" &A"
8-D;-D'@.&$+"%'8-,"&$"@>-.;"&M$"-8@.7'@.&$8)"@>-<",-7&$8@;'@-"@>'@)"M>-$"7-'8:;.$D"
B&?-;@<"(&$D.@:,.$'((<"'$,"-8@.7'@.$D"8C>&&("8-D;-D'@.&$"'CC&;,.$D(<)".@".8"B&88.9(-"@&"
-EB('.$" '" 8.D$.A.C'$@" B';@" &A" @>-" (&M-;" -,:C'@.&$'(" 'C>.-?-7-$@" &A" ,.8',?'$@'D-,"
8@:,-$@8+"=>-8-"A'C@&;8"';-"7&;-";-(-?'$@"@>'$"&@>-;"?';.'9(-8)" 8:C>" '8" D-&D;'B>.C'("
';-'" &;" @>-" 8-(-C@.?-" $'@:;-" &A" D;'77';" 8C>&&(8)" M>.C>" .8" C&77&$(<" 7-$@.&$-," .$"
B&(.@.C'(",-9'@-8".$"_$D('$,+""
]'@'(.'"e;fD-;)"A&;">-;"B';@)"';D:-8"@>'@)".$"N;D-$@.$')"@>-";-C-$@"-EB'$8.&$"&A"
8-C&$,';<" -,:C'@.&$" 0@;',.@.&$'((<)" '$" -,:C'@.&$'(" (-?-(" @>'@" M'8" 8&C.'((<" '$,"
'C',-7.C'((<" 8-(-C@.?-4" >'8" ;-A.$-," @>-" .$@-;$'(" 8-D;-D'@.&$" 7-C>'$.878" &A" @>-"
-,:C'@.&$'("8<8@-7".$"9&@>"@>-" B;.?'@-" 8-C@&;"0M>.C>"&B-;'@-8"M.@>"7';P-@";:(-8"'$,"
B;&,:C-8" -EB(.C.@" 8-D;-D'@.&$4" '$," @>-" B:9(.C" 8-C@&;" 0M>-;-" M-'(@>.-;" A'7.(.-8" @'P-"
!
1L"
',?'$@'D-"&A"@>-" M-'P$-88"&A"@>-"8@'@-".$8@.@:@.&$8" @&"&9@'.$"',?'$@'D-8"9<".$A&;7'("
'$," &B'U:-" 7-@>&,84+" =>:8)" ,-8B.@-" N;D-$@.$'" 9-.$D" ;-C&D$.b-," '8" '" 8&C.-@<" M.@>"
A-M-;".$-U:'(.@.-8"@>'$"&@>-;"5'@.$"N7-;.C'$"C&:$@;.-8)"@>-"-8@.7'@.&$8"8>&M"@>'@"@>-"
(-?-("&A"8&C.'("8-D;-D'@.&$".$"-,:C'@.&$".8"8.D$.A.C'$@(<">.D>-;"@>'$"@>-"'?-;'D-"&A"Q_/`"
C&:$@;.-8+" =>-" ':@>&;" C&$C(:,-8" @>-" ';D:7-$@" '9&:@" >&M" 8C>&&(" 8&C.&O-C&$&7.C"
8-D;-D'@.&$" .8" '" ;-(-?'$@" A'C@&;" M>-$" -EB('.$.$D" @>-" 7'@>-7'@.C8" B-;A&;7'$C-" &A"
N;D-$@.$.'$" 8@:,-$@8" 08>-" -8@.7'@-8" '" 8@'$,';,.b-," C&-AA.C.-$@" &A" '" U:';@-;" &A" '"
8@'$,';," ,-?.'@.&$)" M>.C>" .8" '88&C.'@-," M.@>" @>-" -AA-C@" &A" @>-" 8&C.&O-C&$&7.C"
C&7B&8.@.&$"&A"8C>&&(8"&$" @>-"X#GN"7'@>-7'@.C8"8C&;-"'@" @>-"8@:,-$@"(-?-(4)"M>.C>".8"
>.D>-;"@>'$"&@>-;"8@:,.-,"A'C@&;8)"8:C>"'8"-,:C'@.&$'(";-8&:;C-8)"C:;;.C:(:7"8@;:C@:;-"
&;"8C>&&("C&7B-@.@.&$+""
=>.8"8-C@.&$"-$,8"M.@>"'"C&$@;.9:@.&$"A;&7"W&8(<$"Y.CP-(8&$)" M>&"8:77';.b-8"
@>-".7B;-88.?-"-?.,-$C-"'CC:7:('@-,".$"@>-"8&C.'("8C.-$C-8"C&$C-;$.$D"@>-"-AA-C@8"&A"
-@>$.C)" ;'C.'(" '$," 8&C.&O-C&$&7.C" C&7B&8.@.&$8" &A" 8C>&&(8" .$" @>-" FG)" M>-;-"
-,:C'@.&$'("8-D;-D'@.&$">'8" 9--$" 8@:,.-,"7&;-"@>'$".$" '$<" &@>-;"C&:$@;<+"Y.CP-(8&$"
&;D'$.b-8" >-;" A.$,.$D8" .$" '" 7&,-()" M>.C>" 8>&M8" >&M" -,:C'@.&$" .$" 8C>&&(8" M.@>" '"
,.?-;8-".$@'P-"C'$"C&$@;.9:@-"@&"@>-"C&$8@;:C@.&$"&A"'"8&C.-@<"@>'@".8"A'.;-;)"7:(@.O-@>$.C"
'$," ,-7&C;'@.C+" ^.;8@(<)" @>-" -?.,-$C-" B;-8-$@-," 8-@8" &:@" @>-" D-$-;'(.b-," 'C',-7.C"
9-$-A.@8"0.$"@-;78"&A"7'@>-7'@.C8)"('$D:'D-"'$,)"@&"'"7&;-"7&,-;'@-"-E@-$@)"8C.-$C-"
B-;A&;7'$C-)"'8"M-(("'8"'CC-88"'$,"D;',:'@.&$"A;&7"C&((-D-4" A&;"8@:,-$@8"M>&" '@@-$,"
8C>&&(8dC('88;&&78"@>'@"';-",.?-;8-".$"@>-.;"C&7B&8.@.&$)"-8B-C.'((<"@>&8-"M>&"9-(&$D"
@&" ,.8',?'$@'D-," D;&:B8+" G-C&$,(<)" -?.,-$C-" .8" B;-8-$@-," A&;" @>-" $&$O'C',-7.C"
9-$-A.@8" &A" -,:C'@.&$" .$" ,.?-;8-" 8C>&&(8)" -+D+)" (-88" B;-K:,.C-" '$," A-';)" A-M-;" ;'C.'("
8@-;-&@<B-8)"'$".$C;-'8-" .$"C&$A.,-$C-)";-8B-C@"'$," .$@-;D;&:B"'CC-B@'$C-)"'$,"7&;-"
.$@-;O;'C.'("A;.-$,8>.B"'$," ;-('@.&$8>.B8+" #$" ',,.@.&$)" @>-" ':@>&;"B;-8-$@8"-?.,-$C-"&A"
@>-" 7-,.:7O" '$," (&$DO@-;7" -AA-C@8" &$" @>-" C.?.C" C&77.@7-$@" &A" <&:$D" B-&B(-" 0-+D+)"
?&(:$@--;" M&;P)" -$;&(7-$@" M.@>" C&77:$.@<" D;&:B8)" '$," ,.AA-;-$@" A&;78" &A" B&(.@.C'("
B';@.C.B'@.&$4)" '$," '(8&" &A" ',:(@8)" .$C(:,.$D" M&;P" 8-@@.$D)" 8&C.'(" ;-('@.&$8" '$,"
C&77:$.@<" (.A-+" =>-" .;&$<" &A" @>-" FG" C'8-" .8" @>'@)" 'A@-;" @>-" 8:CC-88" &A" ;'C.'("
,-8-D;-D'@.&$" B&(.C.-8" .$" @>-" !HL28" '$," !H\28)" '" ;-8-D;-D'@.&$" B;&C-88" @&&P" B('C-)"
,;.?-$" 9<" ,-7&D;'B>.C" '$," :;9'$" C>'$D-8)" '8" M-((" '8" 9<" -,:C'@.&$'(" B&(.C.-8" '$,"
!
1\"
B;'C@.C-86" @>'@" .8)" A'C@&;8" @>'@" >'?-" B;&?-$" @&" 9-" >.D>(<" -(:8.?-" M.@>" ;-D';," @&" @>-"
.$C;-'8.$D(<"M-'P"B&(.C.-8"&A";'C.'()"-@>$.C)"8&C.'("'$,"'C',-7.C".$@-D;'@.&$".$"8C>&&(8+""
=>-" A&:;" C'8-8" .$C(:,-," .$" @>-" A.$'(" 8-C@.&$)" jY';P-@" ,<$'7.C8" '$," 8C>&&("
8-D;-D'@.&$k)" ,.;-C@(<" ',,;-88" C-;@'.$" .88:-8)" M>.C>)" ,-8B.@-" >'?.$D" ,.AA-;-$@"
C-$@;'(.@.-8)">'?-"'(8&"9--$"B;-8-$@".$"8&7-"&A"@>-"&@>-;"8@:,.-,"C&:$@;.-8)"B;&7B@.$D"
@>-"U:-8@.&$"'9&:@"@>-"-E@-$@"@&"M>.C>"8C>&&("8-D;-D'@.&$".8"B;&,:C-,"&;".$C;-'8-,"9<"
@>-"07&;-"&;"(-88"-EB(.C.@4"7';P-@",<$'7.C8"&A"-,:C'@.&$'("8<8@-78+"=>-"'$'(<8.8"&A"@>-"
X-;:?.'$"C'8-"9<"%'(';n$"'$,"_8C:,-;&".8"$&@-M&;@><)"'8".@"C&$A.;78"@>-"A:$C@.&$.$D"&A"
'" ,%' :"3/)" 7';P-@)" M>.C>" >'8" $-.@>-;" 9--$" C;-'@-," $&;" ;-D:('@-," 9<" -,:C'@.&$'("
B&(.C.-8R".$,--,)".@"C>';'C@-;.b-,"9<"@>-"':@>&;8"'8"'$"Z:$OD&?-;$-,"8C>&&("7';P-@[+"#$"
&@>-;"M&;,8)"'",:'("8.@:'@.&$"-E.8@8".$"X-;:+"=>-"B;.?'@-"8-C@&;"0M>.C>">'8".$C;-'8-,".$"
8.b-)"A&8@-;-,"9<" B&(.C.-8"@>'@"B;&7&@-"B;.?'@.b'@.&$" .$";-C-$@",-C',-84)"&B-;'@-8" '8"'"
A;--" 7';P-@)" ;-D:('@-," 9<" B;.C-" 0.$C(:,.$D" '$" .7B&;@'$@" $:79-;" &A" (&MOA--" 8C>&&(84"
'$,"M.@>&:@"8@'@-"C&$@;&(+"=>-"':@>&;8"C&$8.,-;"B;.?'@.b'@.&$"'$,"B;.C-",.AA-;-$@.'@.&$"
'8" -EB('$'@&;<" A'C@&;8" .$" @>-" $&@.C-'9(-" .$C;-'8-" .$"8&C.&O-C&$&7.C" 8-D;-D'@.&$" &A"
-,:C'@.&$" .$" X-;:" ,:;.$D" @>-" ('8@" ,-C',-+" S&M-?-;)" .$" @>-" 8'7-" B-;.&,)" 8-D;-D'@.&$"
'(8&" .$C;-'8-," M.@>.$" @>-" B:9(.C" -,:C'@.&$" 8-C@&;)" M>.C>" .8" -EB('.$-," 9<" A'7.(.-8["
8C>&&(" C>&.C-)" ,.8C;.7.$'@.&$" B;&C-88-8" .$" @>-" ',7.88.&$" @&" 8C>&&(8" '$," -C&$&7.C"
C&$@;.9:@.&$8"0A&;7'((<"?&(:$@';<4"C>';D-,"@&"A'7.(.-8R"&?-;"@.7-)" @>-8-" ,<$'7.C8" ';-"
;-.$A&;C-," 9<" @>-" 8B'@.'(" 8-D;-D'@.&$" &A" C.@.-8+" NCC&;,.$D" @&" @>-" ':@>&;8)" @>-8-"
B;'C@.C-8" ;-A(-C@" @>-" B;-8-$C-" &A" '" 7';P-@" M.@>.$" @>-" B:9(.C" 8-C@&;)" M>.C>" .8" >.D>(<"
&B'U:-"'$,":$-U:'(+""
=>-" GB'$.8>" C'8-)" '8" '$'(<8-," 9<" %&$'(" '$," h'$C'K&)" .8" ,.AA-;-$@+" =>-;-" .8" '"
C&$8&(.,'@-,"B:9(.CdB;.?'@-",:'("8<8@-7)".$"M>.C>"@>-"8@'@-"8:98.,.b-8"B;.?'@-"8C>&&(8)"
-?-$";-(.D.&:8"8C>&&(8)" ;-8B-C@8"A;--,&7"&A"8C>&&(" C>&.C-)"'$,"C&$,:C@8"'"(.D>@O@&:C>"
.$8B-C@.&$" &A" 8C>&&(" ',7.88.&$" B;&C-88-8)" .$" 9&@>" @>-" B;.?'@-" '$," @>-" B:9(.C" 8-C@&;8"
0,-8B.@-";-D:('@.&$8"@>'@" A&;7'((<"A&;9.,"@>-",.8C;.7.$'@.&$"&A" 8@:,-$@84+"NCC&;,.$D"@&"
@>-"':@>&;8)" @>.8" -,:C'@.&$'(" U:'8.O7';P-@" B;&,:C-8" 8-D;-D'@.&$"9'8-," &$" @>-" 8&C.'("
C('88"&A"A'7.(.-8)";-8.,-$@.'(" 8-D;-D'@.&$)" B';-$@8["B;-A-;-$C-8)"',7.88.&$"B&(.C.-8"'$,"
-EB(.C.@"&;"C&?-;-,"A--8"08C>&&(8"8>&:(,"9-"A;--".$"B;.$C.B(-4+"=>.8"8C-$';.&">'8"9-C&7-"
7&;-" C&7B(-E" M.@>" @>-" .$C;-'8-" .$" @>-" $:79-;" &A" .77.D;'$@8)" M>.C>" ;-.$A&;C-8"
;-8.,-$@.'()" '8" M-((" '8" -,:C'@.&$'()" 8-D;-D'@.&$" 9-@M--$" B:9(.C" '$," B;.?'@-" 8C>&&(8+"
!
13"
G&7-"7.,,(-OC('88"A'7.(.-8" (-'?-"@>-"B:9(.C"8<8@-7"@&" '?&.,".77.D;'$@8"'$,"8@:,-$@8"
M>&" ';-" '@O;.8P" .$" 8&C.'(" '$," -,:C'@.&$'(" @-;78+" ^.$'((<)" @>-" ':@>&;8" -7B>'8.b-" >&M"
@>-8-"D-$-;'(" ,<$'7.C8" ';-" ?-;<" >';," @&" D&?-;$"9-C':8-" @>-;-" .8" '" C(-';" '98-$C-" &A"
$'@.&$'(" B&(.C.-8" @&" B;-?-$@" 8C>&&(" 8-D;-D'@.&$" '$," 9-C':8-" P-<" ,-C.8.&$8" ;-D';,.$D"
8C>&&("',7.88.&$"B;&C-88-8"'$,"@>-"C&$@;&("&A" 8@:,-$@"8-(-C@.&$",-B-$,"&$"7:$.C.B'("
D&?-;$7-$@8+" =>.8" B;&,:C-8" '" >.D>(<" ,.AA-;-$@.'@-," 8<8@-7" (&C'((<)" .$" M>.C>" 8&7-"
7:$.C.B'(.@.-8" ,-?-(&B" ,-8-D;-D'@.&$" 7-'8:;-8)" M>.(-" &@>-;8" @-$," @&" B;-8-;?-" @>-"
.$@-;-8@8"&A"@>-"7&8@"'AA(:-$@"'$,"7&;-"B;-88:;.$D"D;&:B8+"
=>-" `:@C>)" @&D-@>-;" M.@>" @>-" %-(D.'$)" -EB-;.-$C-" .8" M-((" P$&M$" '8" '" >.D>(<"
-8@'9(.8>-," 8<8@-7)" M>.C>" B;.?.(-D-8" A;--,&7" &A" @-'C>.$D" '$," 8C>&&(" C>&.C-" '7&$D"
B';-$@8+"N8"%&@-;7'$"-EB('.$8".$">.8"C>'B@-;)"9<"'@@-7B@.$D"@&"D:';'$@--";-(.D.&:8"'$,"
B-,'D&D.C'("B(:;'(.87"8.$C-"@>-"9-D.$$.$D"&A"@>-"12@>"C-$@:;<)"B:9(.C"'$,"B;.?'@-"0@>-"
7'K&;.@<4" 8C>&&(8" >'?-" ;-C-.?-," @>-" 8'7-" @;-'@7-$@)" M>.(-" @>-" ;.D>@" &A" B';-$@8" @&"
C>&&8-" '" 8C>&&(" .8" D:';'$@--," 9<" @>-" C&$8@.@:@.&$+" =>:8)" .$" '" 8<8@-7" @>'@" .8" &B-$(<"
8-D;-D'@-,"9<"-@>$.C.@<"'$,";-(.D.&$)"8-D;-D'@.&$"9<"8&C.'("C('88"'$,"B('C-"&A";-8.,-$C-"
'BB-';8" @&" 9-" (-88" .7B&;@'$@+" S&M-?-;)" 'CC&;,.$D" @&" %&@-;7'$)" @>.8" >.8@&;.C'("
C&$C-B@:'(.b'@.&$">'8"8@';@-," @&" C>'$D-+" Q$" @>-" &$-" >'$,)" .$C;-'8.$D"@>-";-8.,-$@.'("
8-D;-D'@.&$" &A" .77.D;'$@8" '$," C;-'@.$D" 8C>&&(8" A&;" 7.$&;.@<" ;-(.D.&:8" D;&:B8" >'?-"
-E'C-;9'@-," @>-" -@>$.CO;-(.D.&:8" 8-D;-D'@.&$" &A" 8C>&&(8R" &$" @>-" &@>-;" >'$,)" @>-"
-?.,-$C-"8:DD-8@8"@>'@"'$".7B&;@'$@"B;&B&;@.&$"&A"A'7.(.-8)"-8B-C.'((<"A;&7"@>-"7.,,(-"
C('88)":8-"8&C.'("C;.@-;.'"M>-$"C>&&8.$D"'"8C>&&("9<"(&&P.$D"A&;"'">&7&D-$-&:8"-@>$.CO
C('88"C&7B&8.@.&$+"NCC&;,.$D"@&"@>-"':@>&;)"@>.8"M&:(,"-EB('.$">.8"A.$,.$D8)"M>.C>"8>&M"
@>'@"8C>&&(8"';-"-U:'((<"&;"7&;-" 8-D;-D'@-," @>'$" C.@.-8)" ,-8B.@-"@>-"-EB-C@'@.&$"@>'@"
A;--" 8C>&&(" C>&.C-" 8>&:(," 8-B';'@-" 8C>&&(" 8-D;-D'@.&$" A;&7" :;9'$" 8-D;-D'@.&$" 9<"
&AA-;.$D"D;-'@-;"7&9.(.@<"@&"A'7.(.-8+""
^.$'((<)" @>-" />.(-'$" -,:C'@.&$'(" 8<8@-7)" '8" '$'(<8-," 9<" %-((-.)" /&$@;-;'8)"
/'$'(-8"'$,"Q;-(('$')";-B;-8-$@8"'$"-E@;-7-"C'8-"&A"'"C&$8&(.,'@-,"-,:C'@.&$'("&B-$"
7';P-@)" M>.C>" &B-;'@-8" M.@>" >.D>" (-?-(8" &A" ,-;-D:('@.&$+" #$" />.(-)" B:9(.C" '$," B;.?'@-"
8C>&&(8"0M.@>"&;"M.@>&:@"B;&A.@"7&@.?-8)".$C(:,.$D";-(.D.&:8"8C>&&(84"&B-$(<"C&7B-@-"@&"
&9@'.$"8@'@-" A:$,.$D)"M>.C>".8"'((&C'@-,"?.'"'"C&77&$"?&:C>-;"8<8@-7+"V>.(-" A'7.(.-8"
C'$" C>&&8-" A;&7" '7&$D8@" '((" 8C>&&(8)" @>-" 8C>&&(8[" ',7.88.&$" B;&C-88-8" ';-"
,.8C;.7.$'@&;<" '$," 8:9K-C@" @&" $&" B';@.C:(';" C&$@;&(" 9<" @>-" 8@'@-+" X;.?'@-" 8C>&&(8" ';-"
!
1H"
'((&M-,"@&"C>';D-"A'7.(.-8"M.@>&:@"(&8.$D" 'CC-88" @&" @>-" 8@'@-"?&:C>-;+"=>-;-"';-"'(8&"
B;.?'@-"8C>&&(8"@>'@"';-"?-;<"-EB-$8.?-" '$," M.@>&:@" '$<" 8C>&&(" 8:98.,<+" =>-" ':@>&;8"
';D:-" @>'@" @>-8-" 7';P-@" ,<$'7.C8" 0M>.C>" >'?-" .$" @:;$" 'CC-(-;'@-," B;.?'@.b'@.&$4"
-EB('.$"@>-">.D>"(-?-(8"&A"8&C.&O-C&$&7.C"8-D;-D'@.&$".$"@>-"/>.(-'$"-,:C'@.&$"8<8@-7+"
#$" '" 8&C.-@<" M.@>" -E@;-7-" (-?-(8" &A" 8&C.'(" .$-U:'(.@.-8" '$," '" M-'P" B:9(.C" -,:C'@.&$"
8<8@-7)"@>-"':@>&;8"8>&M">&M"A'7.(.-8"9'8-"@>-.;"8C>&&("C>&.C-"&$"'"8&C.'(";'@.&$'(.@<6"
M>-;-'8" @>-" :BB-;" '$," 7.,,(-" C('88-8" -$C(&8-" @>-78-(?-8" .$" 8&C.&C:(@:;'((<"
>&7&D-$-&:8"-$?.;&$7-$@8)"@>-"(&M-;O7.,,(-" C('88" A-';A:((<" ;-K-C@8" B:9(.C)" A;--" '$,"
$&$O8-(-C@.?-" 8C>&&(8" 9-C':8-" &A" @>-.;" '88&C.'@.&$" M.@>" @>-" (&M-;" C('88)" M>.C>" .8"
C&$8.,-;-," @&" >'?-" ;.8P<" 9->'?.&:;8+" =>.8" .$" @:;$" A&8@-;8" '$" .$C;-'8-" .$" 8C>&&("
8-D;-D'@.&$"ZA;&7"@>-",-7'$,"8.,-[+"
=>-"9&&P" C&$C(:,-8"M.@>"'$".$@-;?.-M"M.@>"X;&A-88&;"a';<"Q;A.-(,+"`;'M.$D"&$"
>.8"C&B.&:8"'C',-7.C"'$,"'C@.?.8@"-EB-;.-$C-8)">-"B;&?.,-8"'"C&7B(-@-"8@'@-O&AO@>-O';@"
,-8C;.B@.&$"&A" @>-" A.-(," '$," >.D>(.D>@8" C:;;-$@" @;-$,8" .$" 8C>&&(" 8-D;-D'@.&$" .$"@>-" FG"
'$," D(&9'((<+" /:;;-$@" C>'$D-8" .$" @>-" ;'C.'(" C&7B&8.@.&$" &A" 8&C.-@.-8)" ;-8.,-$@.'("
8-D;-D'@.&$" '$," -,:C'@.&$" B&(.C.-8" @>-78-(?-8" >'?-" B;&,:C-," $-M" @-$,-$C.-8" .$"
8C>&&(" 8-D;-D'@.&$)" M>.C>" M.((" 7'P-" @>.8" B;&9(-7" -?-$" 7&;-" ,.AA.C:(@" @&" @'CP(-+"
X;&A-88&;" Q;A.-(," .,-$@.A.-8" -(-7-$@8" @>'@" C'$" >-(B" :8" @&" :$,-;8@'$," ;-D.&$'("
,.AA-;-$C-8".$"8C>&&("8-D;-D'@.&$",<$'7.C8"'$,"@>-"C>'((-$D-8"@>'@"-,:C'@.&$"B&(.C.-8"
M.((" A'C-" .$" @>-" A:@:;-+" =>-" ;&(-" &A" ;-8-';C>" .8" C;:C.'(" .$" B;&?.,.$D"-?.,-$C-" &A" @>-"
,'7'D.$D"-AA-C@8"&A"8C>&&("8-D;-D'@.&$)"'"8@;'@-D<"@>'@">-">'8",-?-(&B-,"&?-;"7'$<"
<-';8".$"@>-"C&$@-E@"&A"@>-"/.?.("W.D>@8"X;&K-C@+"""
Q?-;'(()" @>-" ,.AA-;-$@" C&:$@;<" C'8-8" .$C(:,-," .$" @>.8" 9&&P" B;&?.,-" '"
C&7B;->-$8.?-" ;-?.-M" &A" @>-" C:;;-$@" ,-9'@-8" &$" 8C>&&(" 8-D;-D'@.&$)" ,-7&$8@;'@.$D"
@>-" ,<$'7.87" &A" @>.8" 'C',-7.C" A.-(," '$," >.D>(.D>@.$D" @>-" C&7B(-E.@.-8" .$?&(?-," .$"
B;&B-;(<" .,-$@.A<.$D" 9&@>" @>-" C':8-8" '$," @>-" C&$8-U:-$C-8" &A" 8C>&&(" 8-D;-D'@.&$+"
Y&;-" .7B&;@'$@(<)" @>-<" B;&?.,-" 8@;&$D" D;&:$,8" @&" C&$8.,-;" 8C>&&(" 8-D;-D'@.&$)"
'CC&;,.$D"@&"8&C.'("C('88)";'C-"'$,"-@>$.C.@<)"'8"'">.D>(<";-(-?'$@"B;&9(-7)"M>.C>"8>&:(,"
9-"'"P-<"B;.&;.@<"&$"-,:C'@.&$'("B&(.C<"'D-$,'8+"^.$'((<)"@>-"'$'(<8-,"-EB-;.-$C-8"'(8&"
B;&?.,-".$A&;7'@.&$"M.@>"M>.C>"@&"B;-?-$@"8.7B(.8@.C"'BB;&'C>-8"@&"@>.8".88:-)"8.$C-".@8"
C&7B(-@-" ;-8&(:@.&$" ,-B-$,8" $&@" &$(<" &$" .$8@.@:@.&$'(" C>'$D-8)" 9:@" '(8&" &$" C:(@:;'("
!
T2"
'$,"8&C.'("8:BB&;@)"M>.C>"8>&:(,"9-":(@.7'@-(<"9'8-,"&$"'$" -U:.@<O&;.-$@-," ?.8.&$" &A"
-,:C'@.&$'("B&(.C<+"
(
References(
"
"
N(-D;-)"Y+N+)"'$,"a+"^-;;-;"012!24)"ZGC>&&(";-D.7-8"'$,"-,:C'@.&$"-U:.@<+"G&7-"
.$8.D>@8"9'8-,"&$"X#GN"122L[)"(&$/$.4'=,83"/$)*"+'?%.%"&34'J)8&*"+7"TL"0T46"JTToL1+"
"
N(-D;-)"Y+N+)"%-$.@&)"W+"."a&$bp(-b)"#+"012!24)"ZY-'8:;-8"'$,"`-@-;7.$'$@8"&A"G@:,-$@"
%&,<"G&C.&-C&$&7.C"`.?-;8.@<6"_?.,-$C-"A;&7"GB'.$[)"J)8&*"+'):'F34))+'-4)$3%)"J"0!46"
1TOJL+"
"
N$,-;8-$)"G+"/+)"."Y+"=+"=>&78-$"012!!4)"ZX&(.C<"#7B(.C'@.&$8"&A"5.7.@.$D"#77.D;'$@"
/&$C-$@;'@.&$".$"`'$.8>"X:9(.C"GC>&&(8[)"F3"*,$*"#$"*'6)+$/$3"+'F/8,$%.'TJ"0!46"1\OI1+"
"
N$,-;88&$)"_+R"q8@>)"i+"'$,"Y'(79-;D)"%+"012!24)"Z_@>$.C"G-D;-D'@.&$"'$,"X-;A&;7'$C-"
#$-U:'(.@<".$"@>-"GM-,.8>"GC>&&("G<8@-76"N"W-D.&$'("X-;8B-C@.?-[)"=*#$&)*>%*/'"*,'
6+"**$*2'B57'J1"0!!4)"1L\JO1L3L+""
"
N;'9',K.-?')"e+"012!I4)"Z/>'((-$D.$D"@>-"8C>&&("8-D;-D'@.&$"&A"W&7'"C>.(,;-$".$"/-$@;'("
'$,"_'8@-;$"_:;&B-[)"K*/%&*"/$)*"+'J)8&*"+'):'L8>"*'?$24/.)"12"0!46"TTOIJ+"
"
N@P.$8&$)"N+"012!I4)"K*%98"+$/H5'C4"/'-"*'(%'M)*%N"/'79;.,D-)YN6"S';?';,"F$.?-;8.@<"
X;-88+"
"
%'(()"G+R"%&M-"W+R"'$,"a-M.;@b"G+"0!HHI4)"Z/.;C:.@8"&A"8C>&&(.$D6"'"8&C.&(&D.C'("-EB(&;'@.&$"
&A"B';-$@'("C>&.C-".$"8&C.'("C('88"C&$@-E@8[)"O4%'F)3$)+)2$3"+'?%#$%<)"JT0!46I1o\3+"
"
%':,-(&@)"/+"'$,"_8@'9(-@)"W+"0!H\!4)"PAQ3)+%'3";$/"+$./%'%*'R&"*3%+"X';.86"_,.@.&$8"
Y'8B-;&+"
"
%-$.@&)"W+)"N(-D;-)"Y+N+)"'$,"a&$br(-b)"#+"012!J4)"ZGC>&&("8-D;-D'@.&$"'$,".@8"-AA-C@8"&$"
-,:C'@.&$'("-U:'(.@<"'$,"-AA.C.-$C<".$"!L"Q_/`"C&7B;->-$8.?-"8C>&&("G<8@-78[)""
-)>;"&"/$#%'=,83"/$)*'?%#$%<)"I3"0!46"!2JO!TJ+"
"
%(&88A-(,)"S+X+)"%:C>>&(b)"G+)"GP&B-P)"i+"'$,"=;.?-$@.)"Y+"0-,8+4"012!L4)"S),%+.'):'
F%3)*,"&H'=,83"/$)*'"*,'F)3$"+'K*%98"+$/HT'B*'K*/%&*"/$)*"+'-)>;"&$.)*+"/>-(@-$>'76"
_,M';,"_(D';+"
"
%&$'()"*+"012!14)"Z_,:C'@.&$"X&(.C<"'$,"GC>&&("G-D;-D'@.&$"&A"Y.D;'$@"G@:,-$@8".$"
/'@'(&$.'6"=>-"X&(.@.C8"&A"]&$O,-C.8.&$O7'P.$D[)"J)8&*"+'):'=,83"/$)*'6)+$3H"1\"0T46"
J2!oJ1!+"
"
%&$'()"*+R"h'$C'K&)"N+"s"g-;D-;)"N+"012!\4)"ZY'P.$D"B&&;"C>&.C-8t"`-7'$,";'@.&$'(.@.-8"
'$,"8C>&&("C>&.C-".$"'"/>.(-'$"(&C'("-,:C'@.&$"7';P-@[)"J)8&*"+'):'F34))+'-4)$3%)"!!""
!
T!"
014)"1I3O13!+"
"
%&@-;7'$"7"V+"W"+"012!T4)"Z`-'(.$D"M.@>"`.?-;8.@<+"Y.,,(-OC('88"A'7.(<">&:8->&(,8"'$,"
@>-".88:-"&A"u9('CPu"'$,"uM>.@-u"8C>&&(8".$"N78@-;,'7[)"1&U"*'F/8,$%.)"I2"0L46"!!T2O
!!J\+"
"
%:$';)"]+"'$,"N79;&8-)"N+"012!L4)"ZGC>&&(8)"C>&.C-"'$,";-B:@'@.&$6"5&C'("8C>&&("
7';P-@8"'$,"@>-",.8@;.9:@.&$"&A"8<79&(.C"C'B.@'(".$"8-D;-D'@-,"C.@.-8[)"?%.%"&34'$*'
-)>;"&"/$#%'"*,'K*/%&*"/$)*"+'=,83"/$)*)"!!0!46"TJoI!+"
/'8>7'$)"5+"012!L4)"Z]-M"('9-("$&"B;&D;-886".$8@.@:@.&$'(";'C.87"'$,"@>-"B-;8.8@-$@"
8-D;-D'@.&$"&A"W&7'$."8@:,-$@8".$"@>-"/b-C>"W-B:9(.C[)"?"3%'=/4*$3$/H'"*,'=,83"/$)*)"
12"0I46"IHIOL23+"
"
/>:99)"i+"_+)"s"Y&-)"=+"Y+"0!HH24)"6)+$/$3.7'>"&E%/.7'"*,'B>%&$3"V.'.34))+.+"%;&&P.$D8"
#$8@.@:@.&$"X;-88+""
"
/&77.88.&$-;"&A"S:7'$"W.D>@8"012!\4)"R$24/$*2'.34))+'.%2&%2"/$)*'$*'=8&);%'/4&)824''
$*3+8.$#%'%,83"/$)*T'"';).$/$)*';";%&+"/&:$C.("&A"_:;&B-+"
"
/&$@;-;'8)"`+)"G-Bv(?-,')"X+"'$,"%:8@&8)"G+"012!14)"ZV>-$"GC>&&(8"N;-"@>-"Q$-8"@>'@"
/>&&8-6"=>-"_AA-C@8"&A"GC;--$.$D".$"/>.(-[)"F)3$"+'F3$%*3%'W8"&/%&+H)"H!"0I46"!TJHO!TL3+"
"
`-("%-((&)"/+"5+)"h-$&:)"m+"'$,"X'@'CC>.$.)"_+"012!I4)"X%$24U)&4)),'=::%3/.'$*'=,83"/$)*'
X%$24U)&4)),'=::%3/.'$*'=,83"/$)*+"#hN"`.8C:88.&$"X'B-;"]&+"3HIL+"#$8@.@:@-"A&;"@>-"
G@:,<"&A"5'9&:;)"%&$$+"
"
`-$-88-$)"_+)"`;.-88-$)"a+"'$,"G(--D-;8)"X+"0122I4)"ZG-D;-D'@.&$"9<"C>&.C-t"N"8@:,<"&A"
D;&:BO8B-C.A.C";-'8&$8"A&;"8C>&&("C>&.C-[)"J)8&*"+'):'=,83"/$)*'6)+$3H)"12"0T46"TJ\oTL3+"
"
`;&$P-;8)"i+"'$,"X+"W&9-;@"012234)"ZGC>&&("C>&.C-".$"@>-"(.D>@"&A"@>-"-AA-C@.?-$-88"
,.AA-;-$C-8"&A"?';.&:8"@<B-8"&A"B:9(.C"'$,"B;.?'@-"8C>&&(8".$"!H"Q_/`"C&:$@;.-8[)"
J)8&*"+'):'F34))+'-4)$3%7'1"0T46"1L2OT2!+"
"
`:7'<)"*+"'$,"g+"`:B;.-b"012234)"Z`&-8"@>-"8C>&&("C&7B&8.@.&$"-AA-C@"7'@@-;t"
_?.,-$C-"A;&7"%-(D.'$",'@'[)"(&$/$.4'J)8&*"+'):'=,83"/$)*"+'F/8,$%.)"IL"0J46"JJ2OJJ\+"
"
`:B;.-b)"g+)"*+"`:7'<)"'$,"N+"g':8-"012234)"ZS&M"`&"GC>&&("G<8@-78"Y'$'D-"X:B.(8["
S-@-;&D-$-.@<t["-)>;"&"/$#%'=,83"/$)*'?%#$%<7'I1"0146"1JIO\T+"
"
`:;:O%-(('@)"Y+)"Y&$8)"]+"'$,"G:C>':@)"%+"0122J4)"-"&"3/Q&$./$98%.',%.'.H./I>%.'
Q,83"/$:.'%/'3)>;Q/%*3%.',%.'Y%8*%.',%'Z['"*.5'PAQ3+"$&"2%',%.'3)>;"&"$.)*.'%*/&%'
;"H.5"5-8"/'>.-;8",-"([#W_`F"0%&:;D&D$-)"#W_`F)"/]WGOF$.?-;8.@w",-"%&:;D&D$-4+"
"
_'8@&$)"G+"012!I4)"Z^-'@:;-,"D;'B>.C+"X';-$@'("jC>&.C-k"'$,"8&C.&8B'@.'("8-D;-D'@.&$".$"
'"Fe"C.@<6"'CC-88"@&"@>-"9-8@"8@'@-OA:$,-,"8-C&$,';<"8C>&&(8"A&;"%('CP"G&7'(."B:B.(8[)"
=*#$&)*>%*/'"*,'6+"**$*2'B+)"J\0!246"121!o1211+"
!
T1"
"
_('CU:')"a+"012!14)"Z=>-".7B'C@"&A"8C>&&("C>&.C-"'$,"B:9(.C"B&(.C<"&$"8-D;-D'@.&$x6"
_?.,-$C-"A;&7"/>.(-[)"K*/%&*"/$)*"+'J)8&*"+'):'=,83"/$)*"+'M%#%+);>%*/)"T1"0T46"JJJo
JIT+"
"
^(-.8C>7'$$)"^+)"X>'(-@)"e+)"]--(8)"e+)"'$,"`-9&&8-;-)"X+"012!!4)"Z/&$@-E@:'(.b.$D"-@>$.C"
-,:C'@.&$'(".$-U:'(.@<6"=>-";&(-"&A"8@'9.(.@<"'$,"U:'(.@<"&A"$-.D>9&;>&&,8"'$,"-@>$.C"
,-$8.@<".$"8-C&$,OD-$-;'@.&$"'@@'.$7-$@[)"K*/%&*"/$)*"+'S$2&"/$)*'?%#$%<)"JI"0146"T3Lo
J1I+"
"
^;'$P-$9-;D)"_+)"'$,"e&@&P)"G+"012!T4)"`-7&D;'B><"'$,"_,:C'@.&$'("X&(.@.C8".$"@>-"
G:9:;9'$"Y';P-@B('C-)"6%"U),H'J)8&*"+'):'=,83"/$)*)"33"0!46"!!1o!1L+"
"
^;'$P-$9-;D)"_+"'$,"Q;A.-(,)"a+"012!14)"=>-"W-8-D;-D'@.&$"&A"G:9:;9'$"GC>&&(8"N"
S.,,-$"/;.8.8".$"N7-;.C'$"_,:C'@.&$+"/'79;.,D-)"YN6"S';?';,"_,:C'@.&$"X;-88+"
"
^;.-,;.C>8)"i+)"a'(8@-;)"a+"s"Y:8@-;,)"G+"0122T4)"]-.D>9&:;>&&,"-AA-C@8"&$"8&C.'("
&BB&;@:$.@.-86"@>-"_:;&B-'$"'$,"N7-;.C'$";-8-';C>"'$,"B&(.C<"C&$@-E@)"S&:8.$D"
G@:,.-8)"!3"0L46"\H\O32L+"
"
a'(8@-;)"a+"012!J4)"Z]&$(.$-';"'$,"=>;-8>&(,"N8B-C@8"&A"]-.D>9&;>&&,"_AA-C@8[)"\]+*'@'
F)G$)+"0G:BB(4"LL6"!!\o!TT+""
"
a';C.')"`+"012234)"Z=>-"#7B'C@"&A"GC>&&("/>&.C-"&$"W'C.'("G-D;-D'@.&$".$"/>';@-;"
GC>&&(8[)"=,83"/$)*"+'6)+$3H"11"0L46"32IO31H+"
"
a&;';,)"G+"'$,"^.@b)"i+"0!HH34)"ZV>'@"C&:$@8"'8"-?.,-$C-".$"@>-"8C>&&("C>&.C-",-9'@-t["
(&$/$.4'=,83"/$)*"+'?%.%"&34'J)8&*"+)"T1"0L4)"\H\o3!L+"
"
a&;';,)"G+"'$,"G7.@>)"_+"0122J4)"ZN$".$@-;$'@.&$'("C&7B';.8&$"&A"-U:.@<".$"-,:C'@.&$"
8<8@-78[)"-)>;"&"/$#%'=,83"/$)*)"J2"0!46"!IO13+"
"
a&;';,)"G+"'$,"^.@b)"i+"0!HH34)"Z=>-"7&;-"@>.$D8"C>'$D-++++"@>-"7.88.$D".7B'C@"&A"
7';P-@.b'@.&$[)"(&$/$.4'J)8&*"+'):'F)3$)+)2H'):'=,83"/$)*)"!H"0T46"TLIOT\L+"
"
a;'79-;D)"X+"0!HH34)"[GC>&&("8-D;-D'@.&$6"=>-"C'8-"&A"N78@-;,'7[)"1&U"*'F/8,$%.)"
TI0T46"IJ\oILJ+""
"
a;--$)"^+)"N((-$)"W+)"'$,"i-$P.$8)"N+"012!I4)"ZN;-"_$D(.8>"A;--"8C>&&(8"8&C.'((<"8-(-C@.?-t"
N"U:'$@.@'@.?-"'$'(<8.8[)"%;.@.8>"_,:C'@.&$'("W-8-';C>"i&:;$'()"J!0L46"H2\oH1J+"
"
S'$:8>-P)"_+"'$,"5+"V&-887'$$"0122L4)"Z`&-8"_,:C'@.&$'("=;'CP.$D"NAA-C@"
X-;A&;7'$C-"'$,"#$-U:'(.@<t"`.AA-;-$C-8O.$O`.AA-;-$C-8"_?.,-$C-"'C;&88"/&:$@;.-8[)"
=3)*)>$3'J)8&*"+)"!!L6"LTo\L+""
"
S'$:8>-P)"_+"N+)"i+"^+"e'.$)"i+"Y+"Y';P7'$)"'$,"G+"a+"W.?P.$"0122T4)"Z`&-8"X--;"N9.(.@<"
NAA-C@"G@:,-$@"NC>.-?-7-$@t["J)8&*"+'):'B;;+$%,'=3)*)>%/&$3.7'!3"0I46"1\OJJ+"
!
TT"
"
S'$:8>-P)"_+"N+)"i+"^+"e'.$)"'$,"G+"a+"W.?P.$"012214)"Z]-M"_?.,-$C-"'9&:@"%;&M$"?+"%&';,"
&A_,:C'@.&$6"=>-"/&7B(-E"_AA-C@8"&A"GC>&&("W'C.'("/&7B&8.@.&$"&$"NC>.-?-7-$@[)"X(=?'
C)&E$*2'6";%&)"3\J!)"]'@.&$'("%:;-':"&A"_C&$&7.C"W-8-';C>+"
S';;.8)"W+"012!\4)"S%".8&$*2'/4%'.3"+%.'):'.%2&%2"/$)*T'P))E$*2'"/'/4%'&%.$,%*/$"+'
.%;"&"/$)*'):'C4$/%'(&$/$.4'"*,')/4%&'.34))+34$+,&%*'$*'=*2+"*,'8.$*2'"'>8+/$+%#%+'$*,%^'
):',$..$>$+"&$/H+"=;'$8'C@.&$8"&A"@>-"#$8@.@:@-"&A"%;.@.8>"a-&D;'B>-;8+"GC>&&("&A"
a-&D;'B>.C'("GC.-$C-8"F$.?-;8.@<"&A"%;.8@&(+"
S';;.8)"W+"012!14"Z5&C'(".$,.C-8"&A"8-D;-D'@.&$"M.@>"'BB(.C'@.&$"@&"8&C.'("8-D;-D'@.&$"
9-@M--$"5&$,&$[8"8-C&$,';<"8C>&&(8)"122TO23d2H[+"=*#$&)*>%*/'"*,'6+"**$*2'B+)"
JJ0T46"LLHoL3\+"
S-(9.D)"Y+"012!24)"Z]-.D>9&:;>&&,",&-8"7'@@-;y"G&C.&O8@;:C@:;'("$-.D>9&:;>&&,"
C>';'C@-;.8@.C8"'$,"-,:C'@.&$'("8:CC-88"Z)"\)+*%&'@%$/.34&$:/'R8&'F)G$)+)2$%'1*,'
F)G$"+;.H34)+)2$%)"L10J4)"LIIoL\H+""
"
S:D>-8)" i+)" /'7B9-(()" N+)" 5&((.&@)" G+)" S-M8@&$-)" Y+)" '$," a'(('D>-;)" =+" 012!T4)" Z#$@-;O
a;&:B"/&$@'C@"'@"GC>&&("'$,"G&C.'("N@@.@:,-86"_?.,-$C-"A;&7"]&;@>-;$"#;-('$,["_^:)&,'
?%#$%<'):'=,83"/$)*)"`a0L46"\L!o\\H"
"
i-$P.$8)"G+X+)"Y.CP(-M;.D>@)"i+"'$,"GC>$-BA)"G+g+"012234)"ZG&C.'("8-D;-D'@.&$".$"8-C&$,';<"
8C>&&(86" >&M" ,&-8" _$D('$," C&7B';-" M.@>" &@>-;" C&:$@;.-8t[)" _^:)&,' ?%#$%<' ):'
=,83"/$)*)"TJ"0!46"1!OT\+"
"
e';8@-$)"G+)"5-,&:E)"a+)"W&-(-?-(,)"i+)"^-(.E)"/+)"'$,"_(8>&A)"`+"0122T4)"ZGC>&&("/>&.C-"'$,"
_@>$.C"G-D;-D'@.&$[)"=,83"/$)*"+'6)+$3H)"!\0J46"JI1oJ\\+""
"
e';8@-$)"G+)"^-(.E)"/+)"5-,&:E)"a+)"Y-.K$-$)"V+)"W&-(-?-(,)"i+)"'$,"g'$"GC>&&@-$)"_+"
0122L4)"Z/>&&8.$D"8-D;-D'@.&$"&;".$@-D;'@.&$t"=>-"-E@-$@"'$,"-AA-C@8"&A"-@>$.C"
8-D;-D'@.&$".$"`:@C>"/.@.-8[)"=,83"/$)*'"*,'1&U"*'F)3$%/H)"T3014)"113o1J\+"
"
Y-;;<)"Y+"G+"012!14)"ZG-D;-D'@.&$"'$,"/.?.C"g.;@:-[)"=,83"/$)*"+'O4%)&H)"L16"JLIoJ3L+""
"
Y.8P&?.C)"Y+"0_,+4"012!T4)"?)>"'=,83"/$)*'$*'=8&);%T'6&"3/$3%.7'6)+$3$%.7'"*,'6)+$/$3.+"
]-M+"m&;P)"]m6"W&:@(-,D-"
"
Y:;'@)"Y+"012!14)"Z`&".77.D;'$@"8@:,-$@8"8:CC--,t"_?.,-$C-"A;&7"#@'(<"'$,"^;'$C-[)"
b+)U"+'=3)*)>H'J)8&*"+)"!10T46"!O12+""
Y:8@-;,)"G+"'$,"Q8@-$,&;A)"V+"0!HH34)"1&U"*'F%2&%2"/$)*'"*,'/4%'C%+:"&%'F/"/%5'
K*%98"+$/H'"*,'%^3+8.$)*'$*'<%./%&*'3$/$%.+"]-M"m&;P6"W&:@(-,D-"
"
Y:8@-;,)"G+"Y';C.zCb'P)"G+)"?'$"S'7)"Y+"'$,"='77';:)"=+"012!\4)"G&C.&-C&$&7.C"
8-D;-D'@.&$".$"_:;&B-'$"C'B.@'("C.@.-8+"#$C;-'8.$D"8-B';'@.&$"9-@M--$"B&&;"'$,";.C>)"
1&U"*'b%)2&";4H)"T3"0\46"!2L1O!23T+"
"
!
TJ"
]&9(.@"a+V+"012!I4)"Z#$@;&,:C@.&$[)".$"]&9(.@"a+V+"0-,+4"F34))+'M%.%2&%2"/$)*5'
(&%"E/4&)824.'$*'/4%'F)3$)+)2H'):'=,83"/$)*+"G-$8-X:9(.8>-;8)"W&@@-;,'7+"
"
Q'P-8)"i+"0122I4)"\%%;$*2'O&"3ET'L)<'F34))+.'F/&83/8&%'K*%98"+$/H'cd*,'%,5e+"]-M"
S'?-$)"/=6"m'(-"F$.?-;8.@<"X;-88+"
"
Q9-;@.)"Y+"0122\'4)"PAQ3)+%',"*.'+"'#$++%T'.Q2&Q2"/$)*f>$^$/Qf3"&/%'.3)+"$&%+"X';.86"
X;-88-8",-"GC.-$C-8OX&+"
"
Q9-;@.)"Y+"0122\94)"G&C.'("'$,"8C>&&(",.AA-;-$@.'@.&$".$":;9'$"8B'C-6"#$-U:'(.@.-8"'$,"
(&C'("C&$A.D:;'@.&$8)"=*#$&)*>%*/'"*,'6+"**$*2'B+)"TH"0!46"123o11\+""
"
Q_/`"012!14)"=98$/H'"*,'W8"+$/H'$*'=,83"/$)*T'F8;;)&/$*2'M$.",#"*/"2%,'F/8,%*/.'"*,'
F34))+.)"Q_/`"X:9(.8>.$D+"
"
QD9:)"i+"0122T4)"(+"3E'B>%&$3"*'F/8,%*/.'$*'"*'B::+8%*/'F8U8&U5'B'F/8,H'):'B3",%>$3'
M$.%*2"2%>%*/+"5'M;-$C-"_;(9':7"N88&C.'@-86"Y'>M'>)"]i+"
"
Q;A.-(,"0122!4)"F34))+.'>)&%'.%;"&"/%T'3)*.%98%*3%.'):'"',%3",%'):'&%.%2&%2"/$)*+"/.?.("
W.D>@8"X;&K-C@)"S';?';,"F$.?-;8.@<+"/'79;.,D-)"YN+"
"
Q;A.-(,)"a+"'$,"5--)"/>+"0122I4)"C4H'.%2&%2"/$)*'>"//%&.T'6)#%&/H'"*,'=,83"/$)*"+'
K*%98"+$/H+"/.?.("W.D>@8"X;&K-C@)"S';?';,"F$.?-;8.@<+"/'79;.,D-)"YN+"
"
X'@;.$&8)"S+N+)"%';;-;'OQ8&;.&"'$,"^+"a:pU:-@')"i+"0122H4)"O4%'&)+%'"*,'$>;"3/'):'68U+$3'
6&$#"/%'6"&/*%&.4$;.'$*'%,83"/$)*+"V'8>.$D@&$"`/6"V&;(,"%'$P"+"
!
W'$D?.,)"%+"G+"0122\4)"ZGC>&&("/&7B&8.@.&$"_AA-C@8".$"`-$7';P6"{:'$@.(-"W-D;-88.&$"
_?.,-$C-"A;&7"X#GN"1222[)"=>;$&$3"+'=3)*)>$3.7"T1"0146"TIHO33+"
"
W'?-':,)"Y+"'$,"?'$"h'$@-$)"N+"0122\4)"Z/>&&8.$D"@>-"(&C'("8C>&&(6"7.,,(-"C('88"
B';-$@8u"?'(:-8"'$,"8&C.'("'$,"-@>$.C"7.E".$"5&$,&$"'$,"X';.8[)"J)8&*"+'):'=,83"/$)*'
6)+$3H7"11"0!4)"!2\O!1J+"
"
W&9-;@8&$)"e+)"Y:$,<)"e+"g-;D-;)"N+"'$,"Y-$'8><)"^+"0-,8+4"012!14)"68U+$3';&$#"/%'
;"&/*%&.4$;.'$*'%,83"/$)*T'*%<'"3/)&.'"*,'>),%.'):'2)#%&*"*3%'$*'"'2+)U"+$G$*2'<)&+,+"
/>-(@-$>'7)"Fe6"_,M';,"_(D';+"""
"
W&@>8@-.$)"W+"012!I4)"GC>&&("B&(.C<".8">&:8.$D"B&(.C<6"`-C&$C-$@;'@.$D",.8',?'$@'D-"@&"
',,;-88"@>-"'C>.-?-7-$@"D'B+"#$"W'C-)"_U:.@<)"'$,"_,:C'@.&$6"G.E@<"m-';8"A;&7"%;&M$"
0BB+"1\oJT4+"_C&$&7.C"X&(.C<"#$8@.@:@-+"
"
W:79-;D-;"W+"V+"'$,"X'(';,<"a+"i+"0122I4)"Z`&-8"8-D;-D'@.&$"8@.(("7'@@-;t"=>-".7B'C@"
&A"8&C.'("C&7B&8.@.&$"&$"'C',-7.C"'C>.-?-7-$@".$">.D>"8C>&&([)"O%"34%&.'-)++%2%'
?%3)&,)"!2\6"!HHHo12JI+"
"
!
TI"
G'B&;.@&)"G+"0122T4)"X;.?'@-"/>&.C-8)"X:9(.C"/&$8-U:-$C-86"Y'D$-@"GC>&&("/>&.C-"'$,"
G-D;-D'@.&$"9<"W'C-"'$,"X&?-;@<)"F)3$"+'6&)U+%>.)"I20146"!3!o12T+"
"
G>'@@:CP)"i+"012!14)"O%*'g%"&.'B:/%&T'B'L$./)&H'):'?)>"'F34))+'M%.%2&%2"/$)*'$*'-%*/&"+'
"*,'="./%&*'=8&);%"0W&8@'8"#+)"_,+4+"/-$@;'("_:;&B-'$"F$.?-;8.@<"X;-88+""
"
Gl,-;8@;l7)"Y+)"s"F:8.@'(&)"W+"012!24)"ZGC>&&("C>&.C-"'$,"8-D;-D'@.&$6"_?.,-$C-"A;&7"
'$"',7.88.&$";-A&;7[)"F3"*,$*"#$"*'J)8&*"+'):'=3)*)>$3.)"!!10!46"IIo\L+"
"
G<P-8)"%+"012!!4)"F;"/$"+'_&,%&'"*,'F)3$"+'6).$/$)*+"N78@-;,'76"F$.?-;8.@<"&A"
N78@-;,'7+"
"
='77';:)"=+)"G+"Y';C.$Cb'P)"Y+"g'$"S'7"'$,"G+"Y:8@-;,"012!I4)"F)3$)D=3)*)>$3'
F%2&%2"/$)*'$*'=8&);%"*'-";$/"+'-$/$%.T'="./'>%%/.'C%./.!5&$,&$6"W&:@(-,D-+" "
='<(&;)"/+"'$,"a&;';,)"G+"0122!4)"Z=>-";&(-"&A";-8.,-$C-".$"8C>&&("8-D;-D'@.&$6"X('C.$D"
@>-".7B'C@"&A"B';-$@'("C>&.C-".$"B-;8B-C@.?-[+"=*#$&)*>%*/'"*,'6+"**$*2'B5)"TT"0!246"
!31Ho!3I1+"
=-;7-8)"N+R"%&$'()"*+"'$,"g-;D-;)"N+"012!L4)"Z/&$C-88.&$"8C>&&(86"'$"-79(-7"&A"C>';@-;"
8C>&&(8".$"5'@.$"N7-;.C'[)"-)>;"&%)"JL"0L4)"H3JOH3H+"
=;&BB)"5+"W+"'$,"X;-$&?&8@)"Y+"012234)"Z=>-"W&(-"&A"#$@-;D;&:B"/&$@'C@".$"X;-,.C@.$D"
/>.(,;-$[8"#$@-;-@>$.C"N@@.@:,-86""_?.,-$C-"A;&7"Y-@'ON$'(<@.C"'$,"^.-(,"G@:,.-8[)".$"
G>-;."W+"5-?<"'$,"Y+"e.((-$"0_,8+4)"K*/%&2&)8;'B//$/8,%.'"*,'?%+"/$)*.'$*'-4$+,4)),'
O4&)824'B,8+/4)),)"1TLO1L2+""]-M"m&;P6""QEA&;,"F$.?-;8.@<"X;-88+"
"
=>;:BB)"Y+)"S+"5':,-;"'$,"=+"W&9.$8&$"012214)"ZGC>&&("/&7B&8.@.&$"'$,"X--;"_AA-C@8[)"
K*/%&*"/$)*"+'J)8&*"+'):'=,83"/$)*"+'?%.%"&347'T\"0I46"J3TOI2J+"
"
g'(-$b:-(')"i+"X+)"%-((-.)"/+)"'$,",-"(&8"Wn&8)"`++"012!J4)"ZG&C.&-C&$&7.C"8C>&&("
8-D;-D'@.&$".$"'"7';P-@"&;.-$@-,"-,:C'@.&$'("8<8@-7+"=>-"C'8-"&A"/>.(-[)"J)8&*"+'):'
=,83"/$)*'6)+$3H)"1H014)"1!\o1J!+""
"
g'$"`-;"G(.P)"^+"V+"X+)"a+"V+"`;.-88-$"'$,"e+"5+"`-"%&@"0122L4)"Z_@>$.C"'$,"
G&C.&-C&$&7.C"/('88"/&7B&8.@.&$"'$,"5'$D:'D-"X;&A.C.-$C<6"N"5&$D.@:,.$'("Y:(@.O(-?-("
_E'7.$'@.&$".$"`:@C>"_(-7-$@';<"GC>&&(8[)"=8&);%"*'F)3$)+)2$3"+'?%#$%<'11"0T46"1HTO
T23+"
"
"
"
"