Issuu on Google+

Undergraduate Education 2011

MICHIGAN TECH ENGINEERING Beyond the Classroom DESIGN INTERNATIONAL RESEARCH


4PJOPNHU;LJOOHZHKPZ[PUN\PZOLKYLJVYK VMKLSP]LYPUNOPNOX\HSP[`\UKLYNYHK\H[L LUNPULLYPUNLK\JH[PVU6\YJV\YZLZHYL [H\NO[I`THU`VM[OLUH[PVU»ZTVZ[[HSLU[LK HUKKLKPJH[LKMHJ\S[`;OLLK\JH[PVUHS L_WLYPLUJLZ^LWYV]PKLL_[LUKMHYIL`VUK [OLJSHZZYVVTHZ^LSS;OLMHJ\S[`Z[HMMHUK Z[\KLU[ZPU[OL*VSSLNLVM,UNPULLYPUNHYL Z[YP]PUN[VLUOHUJL[OLX\HSP[`VMWLVWSL»ZSP]LZ HYV\UK[OL^VYSK ;OYV\NO[OPZTHNHaPUL0OVWL`V\LUQV` SLHYUPUNHIV\[[OLL_JP[PUNLK\JH[PVUHS VWWVY[\UP[PLZV\YZ[\KLU[ZL_WLYPLUJLPU [OLÄLSKPU[OLSHIHUKHYV\UK[OLNSVIL ([4PJOPNHU;LJO[OLZLL_WLYPLUJLZHYL UV[[OLL_JLW[PVU·[OL`HYL[OLY\SL(SSVM V\YZ[\KLU[ZWHY[PJPWH[LPU:LUPVY+LZPNU ,U[LYWYPZLVY<UKLYNYHK\H[L9LZLHYJO WYVNYHTZHUKTHU`VM[OVZLL_WLYPLUJLZHYL KVJ\TLU[LK^P[OPU[OLMVSSV^PUNWHNLZ 7SLHZL[HRLHML^TPU\[LZ[VIYV^ZL[OLZL Z[VYPLZHUK0[OPUR`V\^PSS\UKLYZ[HUK^O` ^LHYLZVWYV\KVMV\YZ[\KLU[ZHUK[OLPY LK\JH[PVUHSHJJVTWSPZOTLU[Z

;PTV[O`1:JO\Sa +H]L/V\ZL7YVMLZZVYHUK+LHU *VSSLNLVM,UNPULLYPUN


;()3,6-*65;,5;:

<UKLYNYHK\H[L,K\JH[PVU )L`VUK[OL*SHZZYVVT +,:0.5

(LJKW\ðYHFRPSRVWODWULQHV 0TWYV]PUN[OLZHUP[H[PVU Z`Z[LTPU4VU[LYV)VSP]PH

%ODVWRII >PUUPUNZH[LSSP[L[V ILSH\UJOLKPU[VVYIP[

&RPSXWHUOLWHUDF\LQ*KDQD )YPUNPUNSHW[VWZ[V2YHURH HUK:\U`HUP

6DYLQJZHLJKW *YLH[PUNJHYIVUÃ&#x201E;ILY JVTWVULU[ZMVY[OL )HQHJVTWL[P[PVU

9,:,(9*/

%RDUG6SRUW7HFKQRORJLHV )\PSKPUNIVHYKZ^P[O PUUV]H[P]LTH[LYPHSZ

3DUDQRUPDOüRUMXVW SODLQQRUPDO <UYH]LSPUN[OL 7H\SKPUN3PNO[ZT`Z[LY`

,QGRRUQDYLJDWLRQ *YLH[PUNH>0-0IHZLK WVZP[PVUPUNZ`Z[LTMVY (SaOLPTLY»ZWH[PLU[Z

1H[WJHQHUDWLRQSDFHPDNHU +LZPNUPUNHOLHY[^HSS Ã&#x201E;_H[PVUZ`Z[LT

&RQFUHWHFDQRH -SVH[PUN[V[OL[VW

0HQLVFDODWWDFKPHQWV 4VKLSPUN[OLTLJOHUPJZ VM[OLO\THURULL

6DIHUKHOPHWVDIHUKHDG )\PSKPUNHOLSTL[[V TPTPJ[OLIVK`»ZV^U WYV[LJ[P]LTLJOHUPZTZ

\HDUVRIKXPDQKLVWRU\ 9LÃ&#x201E;UPUNHUPTWVY[HU[ UL^[LJOUPX\LMVYKH[PUN JLYHTPJHY[PMHJ[Z

05;,95(;065(3 6HYHQPRQWKVLQ-DSDQ >PUUPUN[OL)LUQHTPU.PSTHU 0U[LYUH[PVUHS:JOVSHYZOPW *HRPDJQHWLFðHOGLQWHQVLW\ *VSSLJ[PUNJVYLZHTWSLZ PU[OL(\Z[YHSPHUV\[IHJR

'ROODUVDQGVFHQWV ;YHJRPUN[OLLS\ZP]L ZHUKHS^VVKVPS 5HQHZDEOHUHVRXUFHV (UHS`aPUN[OLWV[LU[PHSVM HUL[OHUVSI`WYVK\J[

796.9(4:

)RRGVHFXULW\LQUXUDO3DQDPD ,UHISPUNHUHKKP[PVUHS NYV^PUNZLHZVU

,U[LYWYPZL

6XPPHULQ3XQWDUHQDV &RVWD5LFD ;OPURPUNVUHNSVIHSZJHSL

<UKLYNYHK\H[L9LZLHYJO

:LUPVY+LZPNU

*65;(*;<:

<UKLYNYHK\H[L,K\JH[PVU c 


+,:0.5

<UKLYNYHK\H[L,K\JH[PVU c 


+LZPNU

7KH2FXOXV $65ZLOOEH ODXQFKHGLQWR RUELWLQ

 c 4PJOPNHU;LJO,UNPULLYPUN


)SHZ[VMM >PUUPUNZH[LSSP[L[VILSH\UJOLKPU[VVYIP[ [LHTVM[^LU[`Ã&#x201E;]L4PJOPNHU;LJOZ[\KLU[ZOHZ[HRLUÃ&#x201E;YZ[WSHJLPU[OL <UP]LYZP[`5HUVZH[JVTWL[P[PVULHYUPUN[OLYHYLWYP]PSLNLVMOH]PUN[OL +LWHY[TLU[VM+LMLUZLSH\UJO[OLPYJ\Z[VTTHKLZH[LSSP[LPU[VVYIP[ ;OLJVTWL[P[PVUZWVUZVYLKI`[OL(PY-VYJL9LZLHYJO3HIVYH[VY` H^HYKLKLSL]LU\UP]LYZP[`LU[YHU[Z[^V`LHYJVU[YHJ[Z[VKLZPNUHUKI\PSKH ZTHSSZH[LSSP[LHUKJ\STPUH[LK^P[OHÃ&#x2026;PNO[JVTWL[P[PVUYL]PL^OLSK1HU\HY` PU(SI\X\LYX\L5L^4L_PJV (Z[OL^PUUPUN\UP]LYZP[`4PJOPNHU;LJO^PSSUV^YLJLP]LHUV[OLY[^V `LHYJVU[YHJ[MYVT[OL(PY-VYJL6MÃ&#x201E;JLVM:JPLU[PÃ&#x201E;J9LZLHYJO[VWYLWHYL[OL ZWHJLJYHM[MVYSH\UJOHUKJVUZ[Y\J[HNYV\UKJVU[YVSZ[H[PVUVUJHTW\Z;OL <:+LWHY[TLU[VM+LMLUZL:WHJL;LZ[7YVNYHT^PSSSH\UJO[OL;LJOZH[LSSP[L PU[VSV^,HY[OVYIP[PU 4PJOPNHU;LJO»ZLU[Y`6J\S\Z(:9^HZI\PS[I`\UKLYNYHK\H[LZ[\KLU[Z PU[OL(LYVZWHJL,U[LYWYPZL[LHTHK]PZLKI`3`VU)2PUNHZZVJPH[LWYVMLZ ZVYVMTLJOHUPJHSLUNPULLYPUNHUK1H]PLY-LYUHUKLaJVKPYLJ[VYVM4PJOPNHU ;LJO,UNPULLYPUN0UMVYTH[PVU;LJOUVSVN` 6J\S\Z(:9^PSSWLYMVYTJVVYKPUH[LKTHUL\]LYZK\YPUNV]LYÃ&#x2026;PNO[ZVM [OL(PY-VYJL4H\P6W[PJHS:[H[PVU(46:^OPJOPZHUHYYH`VMTV\U[HPU[VW [LSLZJVWLZ\ZLK[VPUZWLJ[VYIP[PUNVIQLJ[Z(46:PU]LZ[PNH[VYZ^PSSH[[LTW[ [VKL[LYTPUL[OLVYPLU[H[PVUHUKZOHWLVM[OL6J\S\ZHUK^PSSJVTWHYL[OLZL TLHZ\YLTLU[Z^P[O[OLHJ[\HS¸[Y\[O¹KH[H[OH[PZKV^USVHKLKMYVT[OLZH[LS SP[L¸6J\S\Z(:9PZ]LY`HNPSLHUKOHZ[OLJHWHIPSP[`[VWLYMVYTJVTWSPJH[LK ZWPUZHUKÃ&#x2026;PWZ^OPSLPU]PL^VM[OL[LSLZJVWLZ¹L_WSHPUZ2PUN¸0[HSZVOHZ[OL HIPSP[`[VJOHUNLZOHWLI`KLWSV`PUNWHULSZ[VL_LYJPZL[OL(46:HSNVYP[OTZ HUKZLLPMNYV\UKVIZLY]LYZJHUKL[LJ[[OLZOHWLJOHUNLZ¹ (ZTHSSºZWHJL[LSLZJVWL»P[ZLSM6J\S\Z(:9JHYYPLZ[^VZLUZP[P]LPTHNPUN JHTLYHZ[OH[^LYLKVUH[LKI`:(0*HUK9H`[OLVU4PZZPSL:`Z[LTZ;OLZL JHTLYHZ^PSSIL\ZLK[VNH[OLYZWHJL[VZWHJLPTHNLZVMVYIP[PUNVIQLJ[Z [OH[JHU[OLUILJVTWHYLK^P[O[OLNYV\UK[VZWHJLPTHNLZVI[HPULKI` (46: 6J\S\Z(:9^HZKLZPNULKHUKI\PS[I`Z[\KLU[ZPU[OL(LYVZWHJL ,U[LYWYPZLWHY[VM4PJOPNHU;LJO»ZOPNOS`Z\JJLZZM\S,U[LYWYPZL7YVNYHT ;LHTZHYLVWLU[VHU`THQVYHUKVWLYH[LT\JOSPRLJVTWHUPLZPU[OL WYP]H[LZLJ[VY ¸1\Z[ILPUNHISL[V[OYV^HYV\UKZVTLPKLHZHUK^VYR[OYV\NOZVTL WVZZPISLZVS\[PVUZJHUILHSV[VMM\UHUKILHNYLH[SLHYUPUNL_WLYPLUJL PUHUKVMP[ZLSM¹ZH`Z6J\S\Z(:9WYVQLJ[THUHNLY7OPS/VOUZ[HK[¸0[NL[Z L]LUIL[[LY^OLU^L»YL^VYRPUN[OYV\NOVULVM[OVZLZVS\[PVUZHUKYLHJOH TVTLU[VMº>OVH·[OH[TPNO[HJ[\HSS`^VYR»;OVZLHYLZVTLVMT`MH]VYP[L [PTLZPU[OL(LYVZWHJL,U[LYWYPZLHUKP[»ZHUVJJ\YYLUJL[OH[OHWWLUZHSV[ TVYLVM[LUILJH\ZL^L»YLPU[OL,U[LYWYPZLWYVNYHT5V[VUS`KV^LNL[[V ^VYRVUHWYVQLJ[MVY`LHYZH[H[PTLI\[^LNL[HSV[VMMYLLKVT[VNVV\[ [OLYLHUKJVUZPKLYPKLHZ[OH[TPNO[UVYTHSS`NL[YLQLJ[LKYPNO[H^H`I` L_WLYPLUJLKLUNPULLYZVYZWVUZVYJVTWHUPLZ¹

(

7/6;6!3(9:9(4:,@,9

<UKLYNYHK\H[L,K\JH[PVU c 


+LZPNU

:H]PUN^LPNO[ *YLH[PUNJHYIVUÄILYJVTWVULU[Z MVY[OL)HQHJVTWL[P[PVU

4

PJOPNHU;LJO»Z[LHTLHYULKP[ZLSMHNVSKH[[OL)HQH:(,9VJOLZ[LY JVTWL[P[PVUOLSK1\UL¶H[[OL9VJOLZ[LY0UZ[P[\[LVM ;LJOUVSVN`PU5L^@VYR ;OL[LHTÄUPZOLKÄYZ[PU[OLKLZPNUWVY[PVUVM[OL:VJPL[`VM (\[VTV[P]L,UNPULLYZJVTWL[P[PVU¸;OLKLZPNUH^HYKPZIHZLKVU[OL X\HSP[`VMJVUZ[Y\J[PVUHUKHUHS`ZPZ¹ZHPK[LHTHK]PZVY)YL[[/HTSPU ¸;OLZ[\KLU[ZKLZPNULKHUKMHIYPJH[LK[OLLU[PYL]LOPJSL^P[O[OL L_JLW[PVUVM[OLTV[VYHOW)YPNNZHUK:[YH[[VU[OH[UVVUL»Z HSSV^LK[VTVKPM`¹ 0UWHY[PJ\SHY[OL[LHTNV[OPNOTHYRZMVYP[Z\ZLVMUVU[YHKP[PVUHS TH[LYPHSZ¸-VY[OLWHZ[JV\WSLVM`LHYZ^L»]LILLULUOHUJPUNV\Y\ZL VMJHYIVUÄILY¹HKKZ/HTSPU¸>LHYL[OLÄYZ[HUKVUS`[LHT[VOH]L \ZLKP[PUZ\ZWLUZPVUJVTWVULU[Z0[YLHSS`^HZ[OLJYV^UQL^LSVM[OL JHYSHZ[`LHY¹ 4LJOHUPJHSLUNPULLYPUNTHQVY4PRL,UNLZH[O^VYRLKVU[OLJHYIVU ÄILY¸)LZPKLZ[OLMHJ[[OH[JHYIVUÄILYJHUSVVRYLHSS`NVVKP[HSZVOHZ TH[LYPHSWYVWLY[PLZ[OH[HYL\UTH[JOLKI`HU`V[OLYWYHJ[PJHSTH[LYPHSZ H]HPSHISL[V\Z¹OLL_WSHPUZ¸>L[HRLHK]HU[HNLVMJHYIVUÄILY»ZOPNO Z[YLUN[O[V^LPNO[YH[PVPUHULMMVY[[VYLK\JL[OLV]LYHSS^LPNO[VMV\Y ]LOPJSL^OPSLTHPU[HPUPUNZ[Y\J[\YHSPU[LNYP[`0[»ZHSSHIV\[ZH]PUN^LPNO[ 0M^LJHUYLWSHJLHUL_PZ[PUNZ[LLSZ\ZWLUZPVUHYT^P[OHJHYIVUÄILY HYTVMOHSM[OL^LPNO[^LJHUYLK\JL[OL\UZWY\UN^LPNO[VM[OLJHYI` HZPNUPÄJHU[HTV\U[¹ ;Y`PUN[VTH[JO[OLZ[YLUN[OVMZ[LLS^P[OHJVTWVZP[LTH[LYPHSPZUV[ HULHZ`JOHSSLUNL¸6US`PU[OLWHZ[[OYLL`LHYZVYZVOHZZ[Y\J[\YHS JHYIVUÄILYYLHSS`ILLUPTWSLTLU[LKVUV\YJHYZ^P[ONYLH[Z\JJLZZ¹ HKKZ,UNLZH[O¸>LHYLMHYMYVTWLYMLJ[PUNP[Z\ZL>LOH]LZ\JJLZZ M\SS`\[PSPaLKWYLTHU\MHJ[\YLK[\IL]HJ\\TIHNNPUNHUKJVTWYLZZPVU TVSKZHZ^LSSHZKLYP]H[P]LZVMLHJOI\[[OLYLHYLTL[OVKZ^LOH]L UL]LY[YPLKZ\JOHZ]HJ\\TPUM\ZPVU9PNO[UV^HSV[VM^OH[^LKVPZ ZPTWS`L_WLYPTLU[H[PVUYH[OLY[OHU[YPLKHUK[Y\LTL[OVKZ¹ 4HJOPUPUNPUOV\ZLHSSV^Z[OL[LHT[VYLKLZPNUJVTWVULU[Z[OH[ ^LYLWYL]PV\ZS`VMM[OLZOLSMHUKUV[[HPSVYTHKLMVYH)HQHJHY¸6\YJHY PZVULVM[OLSPNO[LZ[]LOPJSLZH[JVTWL[P[PVU¹UV[LZ[LHTWYLZPKLU[)YL[ :JO\S[L¸;OPZPZK\LPUWHY[ILJH\ZLVMHSSVM[OLJHYIVUÄILY^VYRI\[ HSZVILJH\ZL^LOH]LH^LHS[OVMLUNPULLYPUN[HSLU[VU[OL[LHT>L J\Z[VTKLZPNUHSTVZ[L]LY`JVTWVULU[VM[OLJHY[VILHZSPNO[HZ WVZZPISL·PUJS\KPUNV\YV^UJS\[JOLZHUKNLHYIV_HZ^LSSHZV\Y \WYPNO[ZHUKZ[LLYPUNRU\JRSLZ¹ (U`[OPUNUL^PUZ[VYLMVY[OPZ`LHY»ZJVTWL[P[PVU& ¸5V[OPUN[OH[»ZNVPUN[V[\YU[OL)HQH^VYSK\WZPKLKV^U¹ZH`Z ,UNLZH[O¸>LOH]LHML^JVVSWYVQLJ[Z[OH[ZOV\SK[\YUZVTLOLHKZ [OV\NO¹

 c 4PJOPNHU;LJO,UNPULLYPUN


5DFHDWWKH%DMD6$( 5RFKHVWHUFRPSHWLWLRQ

&DUERQðEHU$DUPRQ7HFKâV%DMDYHKLFOH

<UKLYNYHK\H[L,K\JH[PVU c 


+LZPNU

0LNH7U\QRVNLVSUHDGLQJJOXH RQDSO\RIPDSOHJHWWLQJLWUHDG\ WRSUHVV

0LFKLJDQ7HFK V 0RXQW5LSOH\VNLKLOO

 c 4PJOPNHU;LJO,UNPULLYPUN


)VHYK:WVY[;LJOUVSVNPLZ )\PSKPUNIVHYKZ^P[OPUUV]H[P]LTH[LYPHSZ OL)VHYK:WVY[;LJOUVSVNPLZ):;LU[LYWYPZL[LHTH[4PJOPNHU;LJONV[P[Z Z[HY[PU[OLMHSSVMHSTVZ[VUH^OPT(M[LYOHUNPUNV\[PUHKVYTYVVT MVYHML^[VVTHU`OV\YZIPVTLKPJHSLUNPULLYPUNZ[\KLU[5H[L;OVTHZ[VZZLK V\[HUPKLH(UKYL^)YPURZHTLJOHUPJHSLUNPULLYPUNTHQVYLUJV\YHNLK OPTHUK^V\SKU»[SL[[OLPKLHKPL(M[LYOHZOPUNV\[THU`KL[HPSZ[OLPKLH^HZ WYVWVZLK[V[OL4PJOPNHU;LJO,U[LYWYPZLIVHYK^OPJOHJJLW[LK[OLWYVWVZHS \UHUPTV\ZS`HUK[OLUL^LU[LYWYPZL^HZVMÃ&#x201E;JPHS ¸;OLÃ&#x201E;YZ[ZUV^IVHYK^LJYLH[LK^HZHIP[VMHÃ&#x2026;VW¹ZHPK;OVTHZ¸I\[P[NV[ \Z[OPURPUNHIV\[OV^^LJV\SKJYLH[LV\YV^U\UPX\LIVHYKZ¹ ):;[VKH`JVUZPZ[ZVM[OYLL[LHTZ!>HRL;LHT:UV^;LHTHUK:RH[L ;LHT,HJOVWLYH[LZHZHZLWHYH[LLU[P[`HUKPZYLZWVUZPISLMVYP[ZV^UTHU HNLTLU[VWLYH[PVUHUKWYVK\J[P]P[`;OL>HRL;LHTWYPTHYPS`MVJ\ZLZVU ^H[LYYLSH[LKZWVY[Z"[OL:UV^;LHTMVJ\ZLZVUZUV^ZWVY[Z"HUK[OL:RH[L ;LHTSVVRZ[VKLZPNUTHU\MHJ[\YLHUKLUOHUJLHSSWHY[ZVMHZRH[LIVHYK 4LJOHUPJHSLUNPULLYPUNTHQVY4PRL;Y`UVZRPPZUV^PUOPZMV\Y[O`LHY^P[O [OL[LHT¸0OHKHS^H`ZOLHYKHIV\[):;I\[UL]LYH[[LUKLKHTLL[PUN\U[PS 0[HSRLK[VHMYPLUK/L[VSKTLHIV\[7HYR;LHT^OPJOH[[OH[[PTLKLZPNULK HUKI\PS[MLH[\YLZYHPSZIV_LZL[JMVY4VU[9PWSL`4PJOPNHU;LJO»ZZRPOPSSHUK 0^HZOVVRLK0H[[LUKLK[OLTLL[PUN[OH[ZHTLUPNO[HUKLUYVSSLK[OLUL_[ KH`¹ ;Y`UVZRPPUP[PHSS`Q\Z[^HU[LK[V^VYRVU[OLMLH[\YLZ[OH[^LU[[V[OLOPSS¸(Z [OLZLTLZ[LY^LU[VU0MV\UKT`ZLSM^HU[PUN[VKLZPNU[OVZLMLH[\YLZHUKVUL KH`JYLH[LVULVMT`V^U¹OLYLJHSSZ¸)\[NL[[PUNWLVWSLKV^U[V[OLZOVW [VOLSW^VYRVUWYVQLJ[ZWYV]LKTVYLHUKTVYLKPMÃ&#x201E;J\S[HZ[OLZRPZUV^IVHYK ZLHZVUZL[PU¹ ;OH[^HZ^OLU;Y`UVZRPKLJPKLKP[^HZ[PTL[VJOHUNL[LHTZ/LSLM[7HYR ;LHTHUKZ[HY[LK^VYRPUNVU:UV^;LHTKLZPNUPUNHUKTHU\MHJ[\YPUNZUV^ IVHYKZ¸0Z[H`LKVU:UV^;LHT\U[PST`NVHSVMJYLH[PUNZVTL[OPUNVMT`V^U JVU[PU\HSS`W\ZOLKTL[V^HYKT`UL_[WYVQLJ[·^OPJOZ\YWYPZPUNS`[\YULKV\[ [VILZ[HY[PUNHULU[PYLS`UL^[LHT:RH[L;LHT¹OLYLJHSSZ ¸;OLIPNNLZ[O\YKSLZ[OL:RH[L;LHTMHJLK^LYLPUP[ZJVUJLW[PVU6\Y THPUWYVISLT^HZJVU]PUJPUNTLTILYZVM):;[OH[[OLUL^[LHT^V\SKIL WYVK\J[P]L([[OL[PTL^LOHKUV[OPUN¹:RH[L;LHT^HZJOHSSLUNLKI`V[OLY TLTILYZVM):;[VTHRLHWYLZZHUKWYVK\JL[^VJVU]LU[PVUHSSVVRPUNZRH[L IVHYKZ^P[OPU[OLZLTLZ[LY¸:\YLLUV\NO^OLU[OLLUKVM[OLZLTLZ[LYJHTL ^LOHKH^VYRPUNWYLZZ·HUKTHU`TVYL[OHU[^VZRH[LIVHYKZWYVK\JLK¹ ¸;OLTVZ[M\UHUKYL^HYKPUNWHY[VMP[HSSOHZILLU^H[JOPUNJYLH[PVUZJVTL [VIL^OL[OLYZLLPUNHUL^MLH[\YLPU[OLZOVWILMVYLP[KLI\[ZH[[OLZRPOPSS [HRPUNHZUV^IVHYKV\[VM[OLWYLZZHUKÃ&#x201E;UPZOPUNP[VYTV\U[PUN[Y\JRZVUH ZRH[LIVHYKHUK[OLUYPKPUNP[[OLZHTLKH`P[JHTLV\[VMWYVK\J[PVU)LPUN PUHULU[LYWYPZL^OLYL[OL^VYR`V\KVYLSH[LZKPYLJ[S`IHJR[VZVTL[OPUN `V\»]LLUQV`LKMVY`LHYZOHZWYV]LK[VILMHYTVYLM\U[OHU0JV\SKOH]LL]LY PTHNPULK·HUK0»]LTL[ZVTHU`PU[LYLZ[PUNWLVWSL^P[OPU):;^OVZOHYL[OH[ ZLU[PTLU[¹

;

<UKLYNYHK\H[L,K\JH[PVU c


+LZPNU

0UKVVYUH]PNH[PVU *YLH[PUNH>0-0IHZLKWVZP[PVUPUNZ`Z[LT MVY(SaOLPTLY»ZWH[PLU[Z

5

\YZLZHUKU\YZLZ»HZZPZ[HU[ZZWLUKHNYLH[KLHSVM[PTL[HRPUN(SaOLPTLY»Z WH[PLU[ZIL[^LLU[OLPYYVVTHUKV[OLYHYLHZVMHOVZWP[HSMHJPSP[`Z\JOHZ KPUPUNHUKJVTTVUHYLHZ (UL^PUKVVYUH]PNH[PVUZ`Z[LTKL]LSVWLKI`[OL>PYLSLZZ*VTT\UPJH[PVUZ ,U[LYWYPZL>*,H[4PJOPNHU;LJOOVWLZ[VTHRLSPMLHSP[[SLLHZPLYMVYHSS JVUJLYULK +Y5PRVSH:\IV[PJJVKPYLJ[VYVM[OL4PJOPNHU;LJO9LZLHYJO0UZ[P[\[L4;90 Z\NNLZ[LK[OLPKLHVMKL]LSVWPUNHWVZP[PVUPUNHUKVYUH]PNH[PVUZ`Z[LTIHZLK VU[OL>P-PPUMYHZ[Y\J[\YLH]HPSHISLPUZPKLTHU`W\ISPJI\PSKPUNZ/LIYV\NO[[OL PKLH[V[OL>*,[LHT^OPJOPU]LZ[PNH[LKWVZZPISLPTWSLTLU[H[PVUZ ¸7VZP[PVUPUN^P[OPUI\PSKPUNZPZHJOHSSLUNLILJH\ZLYLJLW[PVUVM.7: ZPNUHSZPZVM[LUWVVY¹L_WSHPUZLSLJ[YPJHSLUNPULLYPUNTHQVY9VILY[=HU:LS\Z >*,WYVQLJ[THUHNLY >*,»ZPUKVVYUH]PNH[PVUZ`Z[LTPZKLZPNULK[VLHZL[OLI\YKLUVUJHYL NP]LYZI`OLSWPUN[OLTTVUP[VYWH[PLU[TV]LTLU[ZHUKWYV]PKPUNHSLY[ZPM[OLYL HYLWYVISLTZSPRLHWH[PLU[TV]PUNPU[VHYLZ[YPJ[LKHYLH ;OLZ`Z[LTKL[LYTPULZHWH[PLU[»ZSVJH[PVUIHZLKVUYLHKPUNZ[HRLUI`H ZTHSS^LHYHISLKL]PJL;OLSVJH[PVUPZYLJVYKLKHUKKPZWSH`LKVUHJVTW\[LYH[ [OLH[[LUKHU[»ZZ[H[PVU;OH[JVTW\[LYJHUHSZVIL\ZLK[VTHUHNL[OLZ`Z[LT 0M[OLWH[PLU[PZ[Y`PUN[VNL[[VHZWLJPÃ&#x201E;JKLZ[PUH[PVU[OLZ`Z[LT^PSSWYV]PKL KPYLJ[PVUZZ\JOHZ^OPJO^H`[V[\YUUL_[ *VTW\[LYLUNPULLYPUNTHQVY,TPS`9HMMHOHZILLU^VYRPUN[OYV\NOV\[[OL `LHY[VWYVNYHT[OL^LHYHISLKL]PJL¸>LHYL\ZPUNHU(YK\PUVIVHYK^OPJO NP]LZ\ZHIHZPJWSH[MVYT[V^VYRVU^P[OHSHYNL\ZLYIHZLHUKTHU`JVTT\UP[` Z\WWVY[LYZ¹ZOLL_WSHPUZ¸>LIV\NO[]HYPV\ZZOPLSKZ[OH[I\PSKVU[V[OL(YK\PUV IVHYK[VHKKV[OLYM\UJ[PVUZ;OL>PÃ&#x2026;`ZOPLSKJVUULJ[ZH>P-PUL[^VYRZV^L JHUJVUULJ[[VV\YZLY]LY;OL47ZOPLSK^PSSWSH`ZV\UKHUK^L^PSS\ZLP[[V NP]LKPYLJ[PVUZ[V[OL\ZLY;OL:+ZOPLSKOVSKZHTPJYV:+JHYKHUKZ[VYLZ[OL ZV\UKÃ&#x201E;SLZ¹ ;OL[LHTPZHSZV^VYRPUNVU[OLZLY]LY¸;OLZLY]LYKVLZHSSVM[OLUH]PNH[PUN JHSJ\SH[PVUZIHZLKVU[OLSVJH[PVU[YHUZTP[[LKI`[OL>PÃ&#x2026;`ZOPLSKHUK^PSS[LSS [OLKL]PJL^OH[ZV\UKÃ&#x201E;SL[VWSH`¹9HMMHL_WSHPUZ0UHKKP[PVU[OL`HYLJYLH[PUNH .YHWOPJHS<ZLY0U[LYMHJL.<0[OH[[LSSZ[OLKL]PJL[OLKLZ[PUH[PVU¸(U\YZLJHU ZPTWS`WVPU[[VHSVJH[PVUVU[OL.<0HUK[OLKL]PJL^PSSKPYLJ[[OLWH[PLU[[OLYL¹ ;OLUL_[Z[LWPU]VS]LZJVTIPUPUN[OLMV\YIVHYKZ[VTHRLVULJVTWHJ[\UP[ ¸6\YÃ&#x201E;YZ[NVHSPZ[VNL[[OLKL]PJL^VYRPUNHZPZ[OLU[VTHRLP[ZTHSSLYHUK TVYLJVTWHJ[ZVP[^PSSIL^LHYHISLMVY[OL\ZLY¹UV[LZ9HMMH ¸.L[[PUN[OPZKL]PJL[V^VYRPZZVYL^HYKPUN¹ZOLHKKZ¸,]LY`[PTL^LNL[P[ [VKVZVTL[OPUNUL^P[»ZZVT\JOM\U¹ 3VVRPUNHOLHK=HU:LS\ZHKKZ¸;OLYLHYLHU\TILYVMV[OLYHWWSPJH[PVUZ [OH[JV\SKILJVUZPKLYLKVUJL[OLIHZPJM\UJ[PVUHSP[`PZPUWSHJLMYVTWYV]PK PUNZLSMN\PKLK[V\YZ[VOLSWPUN]PZP[VYZÃ&#x201E;UKHYVVTPUHI\PSKPUNVYJVTWSL_VM I\PSKPUNZ¹

 c 4PJOPNHU;LJO,UNPULLYPUN


(PLO\5DIIDLQWKH:LUHOHVV &RPPXQLFDWLRQV(QWHUSULVHODE

<UKLYNYHK\H[L,K\JH[PVU c 


+LZPNU

&RQFUHWH&DQRHFRFDSWDLQ -RQ=DOXG

 c 4PJOPNHU;LJO,UNPULLYPUN


*VUJYL[LJHUVL -SVH[PUN[V[OL[VW HJO`LHY[OL4PJOPNHU;LJO*VUJYL[L*HUVL;LHTHSVUN^P[O V[OLY\UP]LYZP[`[LHTZHYV\UK[OLUH[PVUKLZPNUHUKI\PSKH JVUJYL[LJHUVL[OH[[OL`[HRL[VHYLNPVUHSJVTWL[P[PVU 3HZ[`LHYH[[OL(TLYPJHU:VJPL[`VM*P]PS,UNPULLYZ5VY[O*LU[YHS 9LNPVUHS*VUJYL[L*HUVLJVU[LZ[[OL4PJOPNHU;LJO[LHT[VVRÃ&#x201E;YZ[ WSHJLPU[OYLLVMMV\YJH[LNVYPLZ[LJOUPJHSWHWLYKPZWSH`HUKYHJPUN HUK[OL`Ã&#x201E;UPZOLKZLJVUKPU[OL[LJOUPJHSWYLZLU[H[PVU 0UWHY[PJ\SHY[OL[LHTZOPULKPU[OLYHJPUN¸>LWSHJLKÃ&#x201E;YZ[PUHSS [OLYHJLZTLU»ZZWYPU[^VTLU»ZZWYPU[TLU»ZLUK\YHUJL^VTLU»Z LUK\YHUJLHUKJVLKZWYPU[¹ZHPKJVJHW[HPU1VUAHS\K ;OL^VTLU»Z[LHTUV[VUS`ILH[HSSVM[OLV[OLYMLTHSLLU[YPLZPUHSS YHJLZ[OL`ILH[HSS[OLTHSL[LHTZPU[OLLUK\YHUJLYHJLL_JLW[MVY ;LJO»Z AHS\KJYLKP[LKWYHJ[PJLMVY[OLPYWLYMVYTHUJL(SS[VSK[OL[LHT SVNNLKHIV\[OV\YZWYHJ[PJPUNPUYLN\SHYJHUVLZILMVYL[OL`W\[ [OLPYJVUJYL[LTVKLSPU[OL^H[LY >VYRVU[OLJHUVLP[ZLSMILNHUZP_TVU[OZWYPVY[V[OLJVTWL[P[PVU >OLU(:*,PZZ\LK[OLY\SLZYLX\PYPUNHZ[HUKHYKPaLKO\SSKLZPNU[OL [LHTOHKHTHU\MHJ[\YLYJYLH[LHMVHTWSHZ[PJTVSK([ZP_V»JSVJR VULTVYUPUN[OL[LHTILNHU[VSPUL[OLTVSK^P[O[OYLL[OPUSH`LYZVM J\Z[VTTHKLJVUJYL[LZHUK^PJOLK^P[O[^VSH`LYZVMJHYIVUÃ&#x201E;ILY (M[LYJ\YPUN[OL[OYLLLPNO[OZPUJO[OPJRO\SSMVYHTVU[O[OL`ZWLU[ OV\YZZHUKPUNP[ZTVV[O ;OLUJHTL[OLHY[^VYR!LSHIVYH[LKLZPNUZIV[OPUZPKLHUKV\[ YLÃ&#x2026;LJ[PUN[OLJHUVL»ZUHTL@VVWLY¸(M[LY[OH[P[»ZZLHSLKHUKVMM[V [OLJVTWL[P[PVU¹ZHPKAHS\K ;OLMVV[JHUVLPZPUJOLZ^PKLHUK^LPNOZHIV\[HZT\JOHZ [OLH]LYHNLWLYZVUWV\UKZ¸@VVWLY^HZ[OLSPNO[LZ[JHUVLPU [OLUH[PVUSHZ[`LHY¹OLUV[LZ (SS[OLJHUVLZT\Z[ILI\V`HU[LUV\NO[VWVW\W[V[OLZ\YMHJL ^OLUJVTWSL[LS`Z\ITLYNLK/V^KV[OL`KV[OH[JVUZPKLYPUN[OH[ JVUJYL[L^LPNOZHIV\[WV\UKZHJ\IPJMVV[HUKUVYTHSS`ZPURZ OHUKPS`PU^H[LY& ¸;OPZ`LHYV\YTP_^HZWV\UKZWLYJ\IPJMVV[^H[LYPZHIV\[ WV\UKZWLYJ\IPJMVV[¹AHS\KL_WSHPUZ-VYHNNYLNH[L[OL`\ZLK NSHZZHUKJLYHTPJZWOLYLZ¸;OLY\SLZYLX\PYL[OH[WLYJLU[VM[OL HNNYLNH[LILYLJ`JSLKI\[^LOHKWLYJLU[¹ 4PJOPNHU;LJOOHZH]LY`SHYNL[LHTZWVY[PUNHYVZ[LYVM^LSSV]LY [OPY[`Z[\KLU[ZLUYVSSLKPUULHYS`[LUKPMMLYLU[THQVYZ ¸;OLTVZ[]HS\HISLSLZZVU0OH]LSLHYULKHZJVJHW[HPUPZ[OH[`V\ JHUUL]LY^PUHUHYN\TLU[¹UV[LZAHS\K¸@V\OH]L[VILHISL[VZLL HUK\UKLYZ[HUKL]LY`VUL»ZWVPU[VM]PL^0JHUJV\U[VUVULOHUK OV^THU`[PTLZVULWLYZVUI`[OLTZLSMTHKLHIL[[LYKLJPZPVU[OHU HZTHSSNYV\WVMWLVWSL¹

,

<UKLYNYHK\H[L,K\JH[PVU c 


+LZPNU

:HMLYOLSTL[ZHMLYOLHK )\PSKPUNHOLSTL[[VTPTPJ[OLIVK`»Z V^UWYV[LJ[P]LTLJOHUPZT

0

U[OLOLH[VMHMVV[IHSSNHTLHWSH`LYPZ[HJRSLKHUKWV\UKLK[V[OL NYV\UK/PZOLHK[HRLZHTPNO[`ZPKL^H`Z^OHJR>OH[TH`OHWWLU UL_[·HJVUJ\ZZPVUVYZVTLV[OLYRPUKVM[YH\TH[PJIYHPUPUQ\Y`·PZ YHYLS`NVVK 5V^H[LHTVMPU]LU[P]LLUNPULLYPUNZ[\KLU[ZMYVT4PJOPNHU;LJOOHZ KLZPNULKHUL^HUKWYVTPZPUNWYV[LJ[P]LSH`LYMVYZWVY[ZHUKTV[VY J`JSLOLSTL[Z;OL`\ZLK[OLO\THUOLHKP[ZLSMHZHTVKLSMVYI\PSKPUN HOLSTL[SPUPUN[OH[TPTPJZ[OLIVK`»ZV^U[YPJRZMVYKLÃ&#x2026;LJ[PUNISV^Z [V[OLOLHK-VYL_HTWSL[OLZJHSWPZKLZPNULKMVYYLKPYLJ[PUNVISPX\L PTWHJ[Z"[OLZR\SSMVYHIZVYIPUNUVYTHSPTWHJ[Z"HUK[OLJLYLIYHSZWPUHS Ã&#x2026;\PKMVYJ\ZOPVUPUN[OLÃ&#x201E;UHSPTWHJ[VU[OLIYHPU ;OL[LHT^HZVULVMJOVZLUMYVTTVYL[OHUJVSSLNLZ HUK\UP]LYZP[PLZ[VPU[YVK\JL[OLPYPU]LU[PVUH[[OL4HYJO4HKULZZ MVY[OL4PUKJVUMLYLUJLPU:HU-YHUJPZJVH[[OL,_WSVYH[VYP\T ZJPLUJLT\ZL\T;OLUH[PVUHSJVUMLYLUJLMVYPU]LU[VYZPZZWVUZVYLKI` [OL5H[PVUHS*VSSLNPH[L0U]LU[VYZHUK0UUV]H[VYZ(SSPHUJL5*00( HUK0U]LU[VYZ+PNLZ[THNHaPUL 4PJOPNHU;LJO\UKLYNYHK\H[LZHUKNYHK\H[LZ[\KLU[ZKLTVUZ[YH[LK HWYV[V[`WLVM[OLPY,UOHUJLK)PV4VYWOPJ,)4OLSTL[0[TPTPJZ[OL ZR\SS^P[OHSPNO[JVTWVZP[LZHUK^PJOZOLSS[OLZJHSW^P[OH[OPU]PZJV LSHZ[PJSH`LYHUK[OLZWPUHSÃ&#x2026;\PK^P[OHZVM[WHKKPUNZ`Z[LT;OLPTWHJ[ PZVSH[VYJHUILPUZLY[LKPU[VHOLSTL[PUHKKP[PVU[V[OLYLN\SHYOLSTL[ SPULY0[WYV[LJ[Z[OLOLHKPUZPKL[OLOLSTL[HNHPUZ[IV[OVISPX\LHUK UVYTHSPTWHJ[Z ¸:[HUKHYKOLSTL[ZHYLKLZPNULKMVYKPYLJ[Z[YHPNO[VUPTWHJ[¹ L_WSHPUZ>H`UL)LSSHTH[LYPHSZZJPLUJLLUNPULLYPUNZ[\KLU[H[ 4PJOPNHU;LJOHUKOLSTL[[LHTTLTILY¸;OL`HYLU»[KLZPNULK[V WYV[LJ[HNHPUZ[YV[H[PVUHSHJJLSLYH[PVUL]LU[OV\NO[`WPJHSPTWHJ[ZPU MVV[IHSSVM[LUJH\ZLYV[H[PVUHSHJJLSLYH[PVU¹ ;OL4PJOPNHU;LJO[LHTHUKHK]PZVY.VWHS1H`HYHTHUHWYVMLZ ZVYVMTLJOHUPJHSLUNPULLYPUNLUNPULLYPUNTLJOHUPJZOH]LILLU KLZPNUPUNI\PSKPUN[LZ[PUNHUKYLÃ&#x201E;UPUNWYV[V[`WLOLSTL[ZMVYZL]LYHS `LHYZ;OLPYSH[LZ[WYV[V[`WLOHZWHZZLKKYVW[LZ[Z[HUKHYKZZL[I`[OL 5H[PVUHS6WLYH[PUN*VTTP[[LLVU:[HUKHYKZMVY([OSL[PJ,X\PWTLU[ 56*:(,;OL`HYLHSZVL]HS\H[PUN[OLPYPU]LU[PVU\ZPUNHTH[OLTH[PJHS TVKLS[OH[LUHISLZ[OLT[VVW[PTPaLWLYMVYTHUJLIHZLKVU[OLWYVWLY [PLZVM[OLTH[LYPHSZ[OL`\ZL 4PJOPNHU;LJO»Z;LJOUVSVN`HUK,JVUVTPJ+L]LSVWTLU[6MÃ&#x201E;JLPZ ^VYRPUN^P[O[OLZ[\KLU[Z[VWH[LU[HUKSPJLUZL[OLUL^OLSTL[[LJO UVSVN`;OL`OVWL[VSPJLUZL[OLPYPU]LU[PVU[VHJVTTLYJPHSZWVY[Z LX\PWTLU[THU\MHJ[\YLY

 c 4PJOPNHU;LJO,UNPULLYPUN


+HOPHWZLWKDVWXGHQWGHVLJQHG SURWHFWLYHOD\HUXQGHUJRHVDQ LPSDFWWHVW

<UKLYNYHK\H[L,K\JH[PVU c 


 c 4PJOPNHU;LJO,UNPULLYPUN


05;,95(;065(3

<UKLYNYHK\H[L,K\JH[PVU c 


0U[LYUH[PVUHS

1LFROH9DQ%HOOHLQ+LNRQH 6KLJD3UHIHFWXUHQHDUWKH FHQWHURI-DSDQ

 c 4PJOPNHU;LJO,UNPULLYPUN


:L]LUTVU[OZPU1HWHU >PUUPUN[OL)LUQHTPU.PSTHU 0U[LYUH[PVUHS:JOVSHYZOPW

3

HZ[`LHY5PJVSL=HU)LSSL^HZH^HYKLK[OL)LUQHTPU(.PSTHU 0U[LYUH[PVUHS:JOVSHYZOPWMVYZ[\K`HIYVHK(JOLTPJHSLUNPULLYPUN THQVY=HU)LSSLPZVULVM[OLÃ&#x201E;YZ[.PSTHU:;,4:JPLUJL;LJOUVSVN` ,UNPULLYPUNHUK4H[OLTH[PJZ7PSV[:JOVSHYZOPWYLJPWPLU[Z .PSTHU:JOVSHYZOPWZHYLM\UKLKI`*VUNYLZZZWVUZVYLKI`[OL)\YLH\ VM,K\JH[PVUHSHUK*\S[\YHS(MMHPYZH[[OL<:+LWHY[TLU[VM:[H[LHUK HKTPUPZ[LYLKI`[OL0UZ[P[\[LVM0U[LYUH[PVUHS,K\JH[PVU =HU)LSSLKLJPKLK[V\ZLOLY H^HYK[VZ[\K`SHZ[Z\TTLYH[[OL 1HWHU*LU[LYMVY4PJOPNHU<UP]LYZP[PLZ1*4<PU/PRVUL1HWHU>O` 1HWHU&¸0Q\Z[RUL^[OH[0^HU[LK[VNV[V1HWHU0[^V\SKILSPRLPMZVTL VUL^LYL[VHZR`V\^OH[`V\YMH]VYP[LJVSVY^HZHUK[OLUHZRMVY`V\[V L_WSHPU^O`¹ =HU)LSSL^HZPU1HWHUMVYQ\Z[HIV\[ZL]LUTVU[OZLUV\NO[PTLMVYIV[O Z\TTLYHUKMHSSZLTLZ[LYZ:OLZ[HY[LKI`[HRPUNHUPU[LUZP]L1HWHULZL SHUN\HNLJSHZZ)`[OLZ[HY[VMMHSSZLTLZ[LYZOL^HZHISL[VOVSKHJVU]LY ZH[PVU=HU)LSSLJVU[PU\LK[V[HRL1HWHULZLSHUN\HNLJSHZZH[1*4<HZ ^LSSHZH1HWHULZLWVSP[PJZJV\YZLH[ULPNOIVYPUN:OPNH<UP]LYZP[` ¸,]LUUV^0TH`UV[ILHISL[V\UKLYZ[HUKL]LY`[OPUNI\[0JHUIHZP JHSS`ZH`^OH[0^HU[[VZH`L]LUPMP[JVTLZV\[HSP[[SL^LPYK¹ZOLHKKZ ¸;OL1HWHULZLMYPLUKZ0TL[^OPSLZ[\K`PUNHIYVHK^LYLZVTLVM[OLUPJLZ[ TVZ[OLSWM\SHUKHJJLW[PUNWLVWSL0OH]LL]LYOH]LTL[;OL`HYLWLVWSL [OH[0^PSSUV[ILHISL[VMVYNL[T`LU[PYLSPML>LZ[PSS[HSRHSTVZ[KHPS`¹ 3P]PUNPUHZVTL^OH[Y\YHSHYLHTLHU[[OH[=HU)LSSL^HZVM[LU[OLÃ&#x201E;YZ[ MVYLPNULYH1HWHULZLWLYZVUOHKL]LYZLLU¸;OPZTLHU[[OH[0^V\SKNL[ Z[HYLKH[^OLYL]LY0^LU[LZWLJPHSS`^OLUYPKPUN[OL[YHPUZ¹ 0[^HZKPMÃ&#x201E;J\S[[VUV[OH]LHJHYHZTLHUZVM[YHUZWVY[H[PVU¸>OLU0 ^HU[LK[VNVI\`NYVJLYPLZ]PZP[MYPLUKZVYNVV\[VU^LLRLUKZ0^V\SK OH]L[VYPKLT`IPRLYLNHYKSLZZVM[OL^LH[OLYVYKPZ[HUJL;OLZ\TTLY ^HZL_[YLTLS`OV[^P[O[LTWLYH[\YLZZ[LHKPS`HYV\UK[OL »Z^P[OHYHPU` ZLHZVUSHZ[PUNHSTVZ[[OYLL^LLRZ/V^L]LY^OLU0[OPURIHJRVUL]LY` [OPUN[OLZLHYLUV^ZVTLVM[OL[OPUNZ[OH[0UV^TPZZ[OLTVZ[¹ ;YH]LSPUNHYV\UK1HWHU^HZHNYLH[L_WLYPLUJLHZ^LSS¸6ULVMT` MH]VYP[LTLTVYPLZVM1HWHU^HZ^OLUHNYV\WVMMYPLUKZHUK0THKLH RT[^VKH`IPRL[YPWHYV\UK3HRL)P^H[OLSHYNLZ[MYLZO^H[LYSHRLPU 1HWHU^OLYL1*4<PZSVJH[LK>L^LU[PU5V]LTILY^OLUHSS[OLSLH]LZ VU[YLLZZ[HY[[\YUPUNJVSVYZJHSSLKRV`VPU1HWHULZL0OHK[OLSHRLVUVUL ZPKLHUKILH\[PM\SYLKVYHUNLHUK`LSSV^TV\U[HPUZVU[OLV[OLY"P[^HZ [Y\S`VULVM[OLTVZ[ILH\[PM\SZPNO[Z0OH]LZLLUPUT`LU[PYLSPML¹ :PUJLYL[\YUPUNOVTL=HU)LSSLOHZMV\UKOLYZLSMSVVRPUNPU[VNYHK\ H[LZJOVVSZPU1HWHU¸-VY[OVZL[OPURPUNHIV\[Z[\K`PUNHIYVHK[OLTVZ[ PTWVY[HU[HK]PJL0JHUNP]LPZNV7\ZO`V\YZLSMHUKNV0»TZ\YL`V\^VU»[ YLNYL[P[¹

<UKLYNYHK\H[L,K\JH[PVU c 


0U[LYUH[PVUHS

.LVTHNUL[PJ Ã&#x201E;LSKPU[LUZP[` *VSSLJ[PUNJVYLZHTWSLZ PU[OL(\Z[YHSPHUV\[IHJR S[OV\NOP[THRLZ\WHIV\[ZL]LULPNO[OZVM[OL,HY[O»ZOPZ[VY`[OLYL HYLTHU`\UHUZ^LYLKX\LZ[PVUZHIV\[[OL7YLJHTIYPHU[PTLWLYPVK .LVWO`ZPJZ(ZZPZ[HU[7YVMLZZVY(SLRZL`:TPYUV]HWWSPLZWHSLVTHN UL[PZT[VIL[[LY\UKLYZ[HUK[OL7YLJHTIYPHU¸7HSLVTHNUL[PJZ[\K`VM 7YLJHTIYPHUYVJRZTH`NP]L\ZHT\JOIL[[LYLZ[PTH[LVM[OLHNLVM ,HY[O»ZPUULYJVYL¹:TPYUV]L_WSHPUZ¸*Y`Z[HSSPaH[PVUVM[OLPUULYJVYL MVYPUZ[HUJLTH`OH]LYLZ\S[LKPUHKYHTH[PJPUJYLHZLVMNLVTHNUL[PJ Ã&#x201E;LSKZ[YLUN[O¹0M[Y\L[OPZTH`WYV]PKLPTWVY[HU[PUZPNO[ZPU[VLHYS` H[TVZWOLYPJJOLTPZ[Y`HUK[OLL]VS\[PVUVMSPML;VKH`[OL,HY[O»Z THNUL[PJÃ&#x201E;LSKWYV[LJ[Z[OLH[TVZWOLYLHUKSPMLMYVTZVSHYHUKJVZTPJ YHKPH[PVU¸)LMVYL[OLNLVTHNUL[PJÃ&#x201E;LSKJHTLHSVUN[OLYL^V\SKOH]L ILLUHOPNOSL]LSVMYHKPH[PVU^OPJOTH`OH]LOHKZVTLLMMLJ[VULHYS` SPMLHUKH[TVZWOLYPJL]VS\[PVU¹HKKZ:TPYUV] +HUMVYK4VVYLHNLVWO`ZPJZTHQVYILNHU^VYRPUN^P[O:TPYUV]K\YPUN OPZÃ&#x201E;YZ[`LHYH[4PJOPNHU;LJO[HRPUNWHY[PU\UKLYNYHK\H[LYLZLHYJO +\YPUN[OLWHZ[ML^Z\TTLYZ4VVYLHUK:TPYUV]OH]LJHTWLKPU[OL (\Z[YHSPHUV\[IHJRMVYHIV\[HTVU[OH[H[PTLNH[OLYPUNZHTWSLZVM^LSS WYLZLY]LK[VIPSSPVU`LHYVSK7YLJHTIYPHUYVJRZ6UVUL[YPW[OL [^VNH[OLYLK ZHTWSLZMYVT[OL7PSIHYH*YH[VUPUUVY[O^LZ[>LZ[LYU (\Z[YHSPH ¸>LKV[OLTHQVYP[`VMV\YÃ&#x201E;LSK^VYRPU[OLTPKKSLVM[OLKLZLY[¹4VVYL L_WSHPUZ¸;OLKLZLY[VI]PV\ZS`IYPUNZ[VTPUKHJVTWSL[LSHJRVM^H[LY HUKMVY[OLTVZ[WHY[[OPZWYV]LK[Y\LMVY\Z>L\ZL^H[LYMVY[OLUVYTHS [OPUNZPLKYPURPUNJVVRPUNJSLHUPUNL[JI\[^LHSZV\ZL^H[LYJVVSLK KYPSSZ[VJVSSLJ[V\YJVYLZHTWSLZ>OLU`V\JVSSLJ[ULHYS`H[OV\ZHUKJVYL ZHTWSLZV]LY[OLJV\YZLVMHÃ&#x201E;LSKZLHZVU`V\NV[OYV\NOX\P[LHIP[VM ^H[LYZVHMHPYHTV\U[VMV\YWSHUUPUNMVJ\ZLZVU^H[LYH]HPSHIPSP[` ¸;OLV\[IHJRPZHILH\[PM\SHUKPUJYLKPISLWSHJL"OV^L]LYP[PZHSZV]LY` OHaHYKV\Z(STVZ[HSSJYLH[\YLZMV\UKPU[OLKLZLY[HYLLP[OLY]LUVTV\ZVY OH]L[OLHIPSP[`[VYPW`V\[VZOYLKZ^P[OIHJ[LYPHYPKKLU[LL[OHUKJSH^Z0 KVU»[[OPUR[OLYLPZHZPUNSLJYP[[LYPU(\Z[YHSPH[OH[KVLZU»[OH]L[OLWV[LU[PHS [VRPSSHUK[OH[PUJS\KLZ[OLJ\[LVULZ¯Z[YPRL[OH[P[LZWLJPHSS`PUJS\KLZ[OL J\[LVULZ¹ 6UJLIHJRVUJHTW\Z4VVYLZWLUKZJV\U[SLZZOV\YZPU[OLSHIWYL WHYPUNHUKTLHZ\YPUN[OLZWLJPTLUZ/LOHZWYLZLU[LKOPZYLZ\S[ZH[HU (TLYPJHU.LVWO`ZPJHS<UPVU(.<TLL[PUN 4VVYLUV^HZLUPVYWSHUZ[VNVVU[VNYHK\H[LZJOVVS¸0HT]LY` [OHURM\SMVY[OLVWWVY[\UP[`[VWHY[PJPWH[LPU\UKLYNYHK\H[LYLZLHYJOHUK0 JHU»[L]LUILNPU[VL_WSHPU[OLPTWHJ[P[OHZOHKVUT`SPML¹

(

 c 4PJOPNHU;LJO,UNPULLYPUN


'DQIRUG0RRUHJDWKHULQJ VDPSOHVLQWKH0XQQL0XQQL &RPSOH[3LOEDUD&UDWRQ

<UKLYNYHK\H[L,K\JH[PVU c 


0U[LYUH[PVUHS

0LFKLJDQ7HFK창VLQWHUQDWLRQDOVHQLRUGHVLJQ WHDPZLWKWKH%HMHUDQRIDPLO\LQ6DOWR'XSL

 c 4PJOPNHU;LJO,UNPULLYPUN


-VVKZLJ\YP[` PUY\YHS7HUHTH ,UHISPUNHUHKKP[PVUHSNYV^PUNZLHZVU

;

OL*VTHYJH5NpIL)\NStHTV\U[HPUV\ZWYV]PUJLPU7HUHTHL_WLYP LUJLZKYHZ[PJWYLJPWP[H[PVUJOHUNLZMYVT[OLYHPU`[V[OLKY`ZLHZVUZ -HYTLYZMHJLMVVKZOVY[HNLZ^OPSL^HP[PUNMVY[OLÄYZ[OHY]LZ[VM[OLYHPU` ZLHZVU[VNYV^MYVT[OLWVVYJSH`ZVPS ,U]PYVUTLU[HSLUNPULLYPUNZ[\KLU[Z1HJX\PL)SVT(S`L/HUU\T 5H[HSPL/LSTZ:HYH4HPOVMLYHUK)L[O:OLHYZZWLU[ZL]LYHS^LLRZPU:HS[V +\WP7HUHTH^VYRPUNVUHU0U[LYUH[PVUHS:LUPVY+LZPNUWYVQLJ[^P[O[OLPY HK]PZVY,U]PYVUTLU[HS,UNPULLYPUN(ZZVJPH[L7YVMLZZVY+H]PK>H[RPUZ ¸6\YNVHS^HZ[VLUHISLHUV[OLYNYV^PUNZLHZVUK\YPUN[OLKY`TVU[OZ (U`JYVW[OH[[OLMHYTLYZJV\SKNYV^ULLKZHKKP[PVUHS^H[LY[VTHRLP[ [OYV\NO[OLZLHZVU>L^LU[[V7HUHTH[VKL[LYTPULH^H[LYZV\YJL H^H`[VZ[VYLP[HUKH^H`[VKPZWLYZLP[¹L_WSHPUZ)SVT >OPSLPU:HS[V+\WP[OL[LHTZWLU[TVZ[VM[OLPY[PTLZ\Y]L`PUN[OLMHYT [OL`\ZLKHZHWYVQLJ[TVKLS;OLMHYTILSVUNLK[V(S]HYHV)LQLYHUV HTLTILYVMHUVYNHUPJMHYTLYZNYV\WPU*VTHYJH(S]HYV»ZMHYT^HZ JOVZLUMVYP[ZZTHSSZPaLHUKJSVZLWYV_PTP[`[V[OLTHPU]PSSHNL ¸>LX\PJRS`KLJPKLK[OH[HYHPU^H[LYJVSSLJ[PVUZ`Z[LT^V\SKIL[OL ILZ[^H[LYZV\YJL>LKLZPNULKHYVVMZ[Y\J[\YL^P[OHIHTIVVN\[[LYHUK KYHPUWPWLZ`Z[LT^OLU^LYL[\YULK[V4PJOPNHU;LJOMVY[OLMHSSZLTLZ[LY¹ )SVTHKKZ ¸>LKLIH[LKT\S[PWSLZ[VYHNLZ`Z[LTZ^OPSLPU7HUHTHHUKKLJPKLK \WVUHZ`Z[LTVMWVS`L[O`SLULIHYYLSZ;OPZHSSV^LKMVYLHZ`L_WHUZPVUHUK PUL_WLUZP]LZ[HY[\W¹;OLPKLH^HZIHZLK\WVU[OLVYPNPUHSWVS`L[O`SLUL IHYYLS(S]HYV\ZLK[VL_[LUK[OLNYV^PUNZLHZVUVUOPZMHYT;OLZPUNSL ÄM[`NHSSVUIHYYLSVUS`SHZ[LKHTVU[O(S]HYV»ZKLZJYPW[PVUVMOV^SVUN[OPZ ^H[LYSHZ[LKHUK^OH[WSHU[ZOL^HZHISL[VRLLWHSP]L^P[OP[^LYL\ZLK[V KL[LYTPUL[OL[V[HSZ[VYHNLOL^V\SKULLK[VPYYPNH[LOPZWSV[Z[OYV\NO[OL KY`ZLHZVU ;V[HSLZ[PTH[LKJVZ[MVY[OLWYVQLJ[PUJS\KPUN^H[LYOHY]LZ[PUNZ[VYHNL HUKPYYPNH[PVUZ`Z[LT!  )SVTLZ[PTH[LZHIV\[[^LU[`VULKH`Z[V JVTWSL[LJVUZ[Y\J[PVU ¸;OLYLPZYLHSPU[LYLZ[[V[HRL[OLWYVK\J[VMV\Y^VYRPU[VYLHSP[`;OL SVJHS7LHJL*VYWZTLTILYZHYLPU[OLWYVJLZZVMVI[HPUPUNM\UKPUN[V PTWSLTLU[P[VU(S]HYV)LQLYHUV»ZMHYTHUKOH]LZ\NNLZ[LK\ZPUNV\Y KLZPNUMVYZPTPSHYZ`Z[LTZVUMHYTZ[OYV\NOV\[[OL*VTHYJH6\YNVHSMVY [OLWYVQLJ[^HZ[VWYVK\JLHKLZPNU[OH[JV\SKYLHSPZ[PJHSS`OLSW[OPZJVT T\UP[`0YLHSS`ILSPL]LP[^PSS¹HKKZ)SVT ¸;OLZLUPVYKLZPNUL_WLYPLUJLNH]LTLHNYLH[LYHWWYLJPH[PVUMVY^OH[0 OH]LHUKZOV^LKTLHKPMMLYLU[^H`[VSVVRH[^OH[V\YZVJPL[`JVUZPKLYZ ULLKZ:VTLVULTH`SVVRH[[OLJVTT\UP[`VM:HS[V+\WPHUKMLLSZVYY` MVY[OLTMVY^OH[[OL`KVUV[OH]L0UZ[LHK0SVVRH[[OLTHUKLU]`[OLPY OHWWPULZZ¹

<UKLYNYHK\H[L,K\JH[PVU c 


0U[LYUH[PVUHS

:\TTLYPU7\U[HYLUHZ *VZ[H9PJH ;OPURPUNVUHNSVIHSZJHSL

+

`SHU(UKLYZVURUL^OL^HU[LK[VPTTLYZLOPTZLSMPUHMVYLPNUJ\S[\YL/L SVVRLKH[]HYPV\Z:WHUPZOZWLHRPUNJV\U[YPLZHUK^VYRPUN^P[O4PJOPNHU ;LJO»Z:[\K`(IYVHKVMÃ&#x201E;JLKLJPKLKVU*VZ[H9PJH¸0JHTL[V[OLJVUJS\ZPVU [OH[[OLZTHSSILHJO[V^UVM7\U[HYLUHZ^HZ[OLWLYMLJ[WSHJL[VZWLUK[OL Z\TTLY¹ (UKLYZVULUYVSSLKPU[OLÃ&#x201E;]L^LLRPU[LUZP]L:WHUPZOSHUN\HNLWYVNYHTH[ [OL<UP]LYZPKHK5HJPVUHSKL*VZ[H9PJH¸0[OV\NO[0ZWVRL:WHUPZO·\U[PS0NV[ [OLYL[OH[PZ¹OLZH`Z¸>OLU0Ã&#x201E;YZ[HYYP]LK0JV\SKOHYKS`\UKLYZ[HUKHZPUNSL ^VYKT`OVZ[MHTPS`ZHPK[VTLKLZWP[LZ[\K`PUN:WHUPZOHSS[OYV\NOOPNO ZJOVVSHUKH[4PJOPNHU;LJO ¸4`OVZ[TVTNYL^\WPUHSHYNLMHTPS`^P[OJOPSKYLU/LYRPKZHYLUV^ NYV^UZVZOLTPZZLKOH]PUNZVTLVUL[V[HSR[V)`[OL[PTL0SLM[*VZ[H 9PJH0^HZHISL[VLUQV`JVU]LYZH[PVUZVUHU`[VWPJ·HUKL]LUTHRLQVRLZPU :WHUPZO¹ (UKLYZVUSLHYULK[VZ\YMHUKKHUJL/LJSPTILK^H[LYMHSSZHUK]VS\U[LLYLK H[HOVTLSLZZZOLS[LY/L[YH]LSLK[OLJV\U[Y`WSH`LKHUK^H[JOLKM\[IVSHUK THKLTHU`MYPLUKZ¸0U[OLZOVY[[PTL0^HZ[OLYL0^HZHISL[VKVZVT\JO¹ 6ULTLTVYHISLL_WLYPLUJLVJJ\YYLK[YH]LSPUNIHJR[V7\U[HYLUHZMYVT 1HJ}HJP[`KV^U[OLJVHZ[¸0ZH[UL_[[VH*VZ[H9PJHUTHUVU[OLI\Z¹ (UKLYZVUYLJHSSZ¸>LILNHU[HSRPUN/L^HZ]LY`UPJLHUKSPZ[LULKWH[PLU[S` HZ0ZSV^S`ZWVRLT`:WHUPZO(M[LYH^OPSLOLVMMLYLK[VSL[TLHUKT`MYPLUKZ Z[H`PUOPZOV\ZL[OLUL_[[PTL^L^LYLPU*VZ[H9PJHHUKNH]LTLOPZWOVUL U\TILY;OPZ^HZVULVMT`MH]VYP[LL_WLYPLUJLZILJH\ZL0^HZHISL[VOVSKH JVU]LYZH[PVUPU:WHUPZOMVYV]LYHUOV\Y^P[OHJVTWSL[LZ[YHUNLY0[WYV]LK[V TLOV^T\JO:WHUPZO0OHKYLHSS`SLHYULKHUKP[MLS[NYLH[[VILHISL[VOH]LH JVU]LYZH[PVU^P[OHSVJHS¹ (UKLYZVU^OVPZZ[\K`PUNJP]PSLUNPULLYPUNWHPKJSVZLH[[LU[PVU[V[OL JVUKP[PVUZVM[OLYVHKZIYPKNLZHUKI\PSKPUNZ^OPSLPU*VZ[H9PJH¸(M[LYNYHK\ H[PVU0^V\SKSPRL[V^VYRPU3H[PU(TLYPJH[VOLSWPTWYV]L[OLPYPUMYHZ[Y\J[\YL¹ 6IZLY]H[PVUZTHKLK\YPUN[OL[YPWOH]LZW\YYLKOPTPU[VNL[[PUNTVYLPU]VS]LK ^P[O,UNPULLYZ>P[OV\[)VYKLYZH[4PJOPNHU;LJO ¸0UHKKP[PVU[VKL]LSVWPUNHZ[YVUNLYZLUZLVM^OH[P[TLHUZ[VILHJP]PS LUNPULLY0UV^OH]LIL[[LYJVTT\UPJH[PVUZRPSSZHM[LYT`[YPW[V*VZ[H9PJH¹OL HKKZ¸0OH]LNHPULK[OLRUV^SLKNL[V^VYR[OYV\NOWYVISLTZPU[OL^VYRWSHJL Q\Z[SPRL0^VYRLK[OYV\NOJVTT\UPJH[PVUPZZ\LZPU*VZ[H9PJH ¸0»]LHSZVNHPULKJVUÃ&#x201E;KLUJL^OLUP[JVTLZ[V[YH]LSPUN0^V\SKMLLS WLYMLJ[S`JVTMVY[HISL[YH]LSPUN[VH:WHUPZOZWLHRPUNJV\U[Y`I`T`ZLSMHM[LY T`[PTLPU*VZ[H9PJH¹OLUV[LZ ¸;OL^OVSLL_WLYPLUJLOHZOLSWLKTL[V[OPURVUHNSVIHSZJHSL0YLHSPaL UV^[OH[THU`JV\U[YPLZOH]LHYLHSULLKMVYLUNPULLYZ[VOLSWPTWYV]L[OLPY PUMYHZ[Y\J[\YL0Z[YVUNS`ILSPL]LT`L_WLYPLUJLPU*VZ[H9PJH^PSSTHRLTLH IL[[LYLUNPULLY¹OLZH`Z¸0[JOHUNLKT`SPML¹

 c 4PJOPNHU;LJO,UNPULLYPUN


'\ODQ$QGHUVRQ DQGIULHQG LQWKH PRXQWDLQVQHDU3OD\D+HUPRVD

&RVWD5LFDQFRDVW QHDU3XQWDUHQDV

<UKLYNYHK\H[L,K\JH[PVU c 


0U[LYUH[PVUHS

7\OHU)LQFKHUZLWK(WWD3URMHFWV FRQWUDFWRU&DUORV&DFHUHV&DVWLOOR

 c 4PJOPNHU;LJO,UNPULLYPUN


,PNO[`Ã&#x201E;]L JVTWVZ[PUNSH[YPULZ 0TWYV]PUN[OLZHUP[H[PVUZ`Z[LT PU4VU[LYV)VSP]PH

;

`SLY-PUJOLYOLHYKHIV\[,UNPULLYZ>P[OV\[)VYKLYZ,>)OPZÃ&#x201E;YZ[ ^LLRH[4PJOPNHU;LJO¸0[OV\NO[P[^HZHULH[PKLHI\[^P[OUV LUNPULLYPUNIHJRNYV\UK`L[0Ã&#x201E;N\YLK0^V\SKU»[ILHU`OLSW¹OLYLJHSSZ 1\Z[HML^`LHYZSH[LY-PUJOLYPZUV^[OLWYVQLJ[THUHNLYVM[OL 4PJOPNHU;LJO,>)*VTWYLOLUZP]L:HUP[H[PVU0TWYV]LTLU[7YVQLJ[ PU4VU[LYV)VSP]PH;OPZPZ,>)»ZZLJVUKWYVQLJ[PU4VU[LYV^P[OUVU NV]LYUTLU[HSVYNHUPaH[PVU,[[H7YVQLJ[Z;OLÃ&#x201E;YZ[^HZH^H[LYÃ&#x201E;S[YH[PVU WYVQLJ[ -PUJOLYHUK[OLYLZ[VM[OL,>))VSP]PH[LHTHYLIYPUNPUNJVT WVZ[PUNSH[YPULZ[V[OYLLJVTT\UP[PLZULHY[OLJP[`VM4VU[LYV!7HPZHQL 7HYHPZVHUK,S9VKLV;^LU[`Ã&#x201E;]LZ[\KLU[ZHYLHJ[P]LS`PU]VS]LKPU[OL WYVQLJ[YLZLHYJOPUNJVTWVZ[PUN[LJOUPX\LZKYHM[PUNSH[YPULKLZPNUZ JVTWPSPUNULJLZZHY`WHWLY^VYRHUKL]LUJVUZ[Y\J[PUNH[LZ[SH[YPUL PU[OLIHZLTLU[VM+PSSTHU/HSSVUJHTW\Z;OLWYVQLJ[PZM\UKLKI`H NYHU[MYVT9V[HY`0U[LYUH[PVUHS^P[OHKKP[PVUHSM\UKPUNJVTPUN MYVTSVJHST\UPJPWHSP[PLZHUK[OL)VSP]PHUMHTPSPLZ ¸1\Z[JVUZPKLYOV^T\JO^L[HRLÃ&#x2026;\ZO[VPSL[ZHUKHI\UKHU[HJJLZZ [VJSLHU^H[LYMVYNYHU[LK¹UV[LZ-PUJOLY¸;OLMHTPSPLZ^LHYL^VYRPUN ^P[OKVU»[L]LUOH]LHZLH[VU[OLPYWP[SH[YPUL>OLU[OLYHPU`ZLHZVU HYYP]LZ[OLPYV^U^HZ[LJVU[HTPUH[LZ[OLPY^H[LYZ\WWS`^OPJO[OL`T\Z[ IVPSILMVYL\ZL;OH[PZ^O`V\Y[^VWYVQLJ[ZHYLºJVTWYLOLUZP]L»·[OL` WYV]PKLZVS\[PVUZMVYIV[OZV\YJLZVM[OLWYVISLT!PTWYVWLYZHUP[H[PVU MHJPSP[PLZHUK\UZHMLKYPURPUN^H[LY¹OLHKKZ ¸0^HZMVY[\UH[L[V[YH]LS^P[O[OLHZZLZZTLU[[LHTHUK[VZLLÃ&#x201E;YZ[ OHUK[OLJVUKP[PVUZ[OLMHTPSPLZ[VSLYH[LHUKP[PZOLHY[^YLUJOPUN)\[ ZPTWS`WYV]PKPUNMVYHSS[OLPYULLKZPZUV[[OLHUZ^LYLP[OLY"HZ[OLVSK WHYHISLNVLZ.P]LHTHUHÃ&#x201E;ZOHUKOL^PSSILM\SSMVYHKH`[LHJOHTHU [VÃ&#x201E;ZOHUKOL^PSSILM\SSMVYOPZSPML;OH[PZ[OLJVUJLW[ILOPUK,>)¹ ;OLTVZ[JOHSSLUNPUNHZWLJ[&¸([HU`TVTLU[HWYVQLJ[JV\SK[HRL HU\UL_WLJ[LK[\YU6\YJ\YYLU[WYVQLJ[ILNHUHZH^H[LYZ\WWS`WYVQLJ[ MVYZJOVVSZHUKPUVULKH`^L^LYLYLKPYLJ[LK[VKLZPNUPUNSH[YPULZMVY PUKP]PK\HSMHTPSPLZ>L[Y`[VILÃ&#x2026;L_PISLHUK^VYRHZ^L»YLULLKLK¹OL ZH`Z ¸0^VU»[SPL",>)JVUZ\TLZTVYLVMT`[PTLHUKLULYN`[OHUT` JV\YZL^VYRL]LYOHZ)\[[VILYL^HYKLK^P[O[OLZTPSLVMHOLHS[OPLY JOPSKVYHOVTLJVVRLKTLHSMYVTHNYH[LM\SMHTPS`[OH[PUZPZ[ZVUMLLK PUN`V\L]LU[OV\NO[OL`VUS`SP]LVUHML^KVSSHYZHKH`WYV]PKLZTVYL M\SÃ&#x201E;SSTLU[[OHUL]LUNL[[PUNH.7(¹ /PZHK]PJL[VZ[\KLU[Z[OPURPUNHIV\[,>)!¸.L[PU]VS]LKLHYS`VU ,]LUPM`V\KVU»[[OPUR`V\^PSSILT\JOOLSW[OLYLHYLHS^H`Z[HZRZ YLX\PYPUNVUS`OHYK^VYRHUKKPSPNLUJL¹ <UKLYNYHK\H[L,K\JH[PVU c 


0U[LYUH[PVUHS

*VTW\[LYSP[LYHJ`PU.OHUH )YPUNPUNSHW[VWZ[V2YHURHHUK:\U`HUP U[OL7H]SPZ0UZ[P[\[LMVY.SVIHS;LJOUVSVNPJHS3LHKLYZOPWH[4PJOPNHU;LJO Z[\KLU[ZQV\YUL`[VHMVYLPNUSHUKMVYHUPU[LYUH[PVUHSL_WLYPLUJL[YH]LSPUN HIYVHKMVYÃ&#x201E;]L^LLRZ^P[O[OLHPTVMTHRPUNHKPMMLYLUJL )LMVYLSLH]PUN[OL`KL]LSVWSHUN\HNLZRPSSZULLKLKMVY[OL[YPWHUKMHTPSPHYPaL [OLTZLS]LZ^P[O[OLJ\S[\YLVM[OLYLNPVU;OL`WSHU[OLPYV^UWYVQLJ[ZZL[NVHSZ HZZLZZWYVNYLZZHUKZOHYLYLZ\S[Z >P[O[OLL_JLW[PVUVMHML^KH`ZH[[OLILNPUUPUN[VOLSW[OLTHJJSPTH[L7H]SPZ Z[\KLU[Z^VYRHUKSP]LHIYVHK^P[OV\[[OLILULÃ&#x201E;[VMHUHJJVTWHU`PUNMHJ\S[` TLTILY0UZ[LHK[OL`HYLLUJV\YHNLK[V[HRLJOHYNLVM[OLPYZP[\H[PVUTHRL[OL YLX\PYLKPUJV\U[Y`JVUULJ[PVUZ^VYR[OYV\NOHU`PZZ\LZ[OH[TH`HYPZLHUK TLL[[OLPYNVHSZ ,SLJ[YPJHSLUNPULLYPUNTHQVY9VNLY4H[PHZ]PZP[LK[^V]PSSHNLZPU.OHUH 2YHURHHUK:\U`HUPHSVUN^P[OZL]LUV[OLY7H]SPZZ[\KLU[Z;OL`KP]PKLKPU[V [OYLL[LHTZLHJOMVJ\ZPUNVUHJVTT\UP[`KL]LSVWTLU[WYVQLJ[4H[PHZ^HZ HTLTILYVM[OLSHW[VW[LHT ¸0U(MYPJHHJVU[PULU[^PKLWYVNYHTYLX\PYLZZ[\KLU[Z[VILJVTW\[LYSP[LY H[L\WVUJVTWSL[PVUVMZLJVUKHY`ZJOVVSPUN¹4H[PHZL_WSHPUZ¸)`[OPZ YLX\PYLTLU[^PSSL_WHUK[VZ[\KLU[ZJVTWSL[PUNWYPTHY`ZJOVVSPUN<UMVY[\UH[LS` U\TLYV\Z]PSSHNLZHYLWV]LY[`Z[YPJRLUHUKJHUUV[HMMVYK[VW\YJOHZL[OLPYV^U JVTW\[LYZ;OLTHQVYP[`VM[OLWLVWSLPU]PSSHNLZZ\JOHZ[OLZLOH]LUL]LYZLLU HJVTW\[LY¹ 0U[OLTVU[OZSLHKPUN\W[V[OLQV\YUL`[OLSHW[VW[LHTYHPZLKZL]LYHS[OV\ ZHUKKVSSHYZMYVTPUK\Z[Y`KVUVYZMYPLUKZHUKMHTPS`[VW\YJOHZL[^LU[`[OYLL SHW[VWJVTW\[LYZ[VIYPUN[V.OHUH,HJOSHW[VWJHTL^P[OH^PYLSLZZYV\[LY HTV\ZLHUKHÃ&#x2026;HZOKYP]L¸>LJOVZLSV^JVZ[L_[YLTLS`WVY[HISLSHW[VWZ ^P[OULHYS`L]LY`JHWHIPSP[`VMHUVYTHSJVTW\[LY¹UV[LZ4H[PHZ,HJO^LPNOLK YV\NOS`NYHTZSLZZ[OHU[^VWV\UKZHUKOHKHZL]LUPUJOOPNOYLZVS\[PVU 3*+ZJYLLU ;OL[LHTJHYYPLK[OLSHW[VWZVU[OLWSHUL[V.OHUHHUK[OLUKLSP]LYLK[OLT PUWLYZVUTLL[PUN^P[OZP_JSHZZLZPU[OYLLKH`Z>OPSL[OLYLP[KPKU»[[HRLSVUN MVY4H[PHZ[VUV[PJL[OLSHJRVMOHUKZVUZJPLUJLL_WLYPTLU[ZPU[OLJSHZZYVVT <ZPUNPUL_WLUZP]LTH[LYPHSZW\YJOHZLKH[HSVJHSZOVWOLZOV^LK[OLJSHZZOV^ [V\ZLH]VS[IH[[LY`[^VWHWLYJSPWZHTHNUL[HUKZVTLPUZ\SH[LK^PYL[V THRLHZTHSSLSLJ[YPJTV[VY¸;OPZZOV^LK[OLYLSH[PVUZOPWIL[^LLUJ\YYLU[HUK THNUL[PJÃ&#x201E;LSKHUKOV^[OLZLWYPUJPWSLZJHUILHWWSPLK[VJYLH[LH[LTWVYHY` THNUL[HULSLJ[YPJTV[VYHUKLSLJ[YPJP[`¹ 6U[OLKH`VM[OLL_WLYPTLU[PU2YHURH[OLJSHZZ^HZKP]PKLKPU[V[OYLL[LHTZ ,UV\NOTH[LYPHSZ^LYLNP]LU[VLHJO[LHT[VJYLH[LMV\YLSLJ[YPJTV[VYZ¸,HJO [LHT^V\SKZ[HY[JOLLYPUN^OLUVULVM[OLPY[LHTTH[LZ^V\SKNL[[OLTV[VY[V ^VYR¹OLYLJHSSZ¸0[KPKU»[[HRLSVUNILMVYL[OLJSHZZILJHTLHZOV\[PUNIH[[SL¹ 4H[PHZZLSLJ[LK[OLMHZ[LZ[TV[VYMYVTLHJO[LHTHUKHM[LYJHYLM\SS`VIZLY]PUN LHJOVULKLJSHYLKH^PUULY /LOVWLZ[OH[LU[O\ZPHZT^PSSSPUNLYHM[LY[OL`HYLSVUNNVUL¸6ULVMV\YNVHSZ ^HZ[VSLH]LRUV^PUN[OH[[OLPUMVYTH[PVU[OH[^L[H\NO[^V\SKILWHZZLKVU[V M\[\YLJSHZZLZ¹

0

 c 4PJOPNHU;LJO,UNPULLYPUN


5RJHU0DWLDVOHDGLQJ DFODVVLQ6XQ\DQL

<UKLYNYHK\H[L,K\JH[PVU c 


 | Michigan Tech Engineering


RESEARCH

Undergraduate Education 2011 | 


9LZLHYJO

7HYHUVYTHS¯VYQ\Z[ WSHPUUVYTHS <UYH]LSPUN[OL7H\SKPUN3PNO[ZT`Z[LY`

6

ULVM4PJOPNHU»ZTVZ[HSS\YPUNT`Z[LYPLZKYH^ZHZ[LHK`Z[YLHTVMWPSNYPTZVM [OLWHYHUVYTHS[V[OLKV[PU[OLYVHK[V^UVM7H\SKPUNHSSZ\TTLYSVUNHUK PU[V[OL^PU[LY[VVQ\Z[[VOHUNV\[VU[OLLKNLVM[OL^VVKZ[V^H[JOHUK^HP[ ;OL`JVTL[VJH[JOHNSPTWZLVM[OL7H\SKPUN3PNO[HUK[OL`HYLYHYLS`KPZHW WVPU[LK;OLSPNO[VYSPNO[Z·ZVTL[PTLZ[OL`JVTLPUNYV\WZHWWLHYZPUH]HSSL` ULHY9VIIPUZ7VUK9VHK ;OLSPNO[ZHYLKLÃ&#x201E;UP[LS`UV[MHRLZH`Z1LYLT`)VZH7O+JHUKPKH[LZ[\KLU[PU LSLJ[YPJHSLUNPULLYPUN)\[ULP[OLYHYL[OL`NOVZ[S`SHU[LYUZVMHYHPSYVHKIYHRLTHU RPSSLK[Y`PUN[VZ[VWHUVUJVTPUN[YHPUHZVULVM[OLTHU`SLNLUKZNVLZ )VZVYNHUPaLK[OLPU]LZ[PNH[PVUVM[OL7H\SKPUN3PNO[T`Z[LY`^VYRPUN^P[O \UKLYNYHK\H[LZ[\KLU[Z+V\N:PTZHUK4PRL4H\LYPU[OL<UP]LYZP[`»ZZ[\KLU[ JOHW[LYVM:70,HWYVMLZZPVUHSZVJPL[`KL]V[LK[V[OLZ[\K`VMVW[PJZHUKWOV[VUPJZ ;OLÃ&#x201E;YZ[Z[LW^HZHYVHK[YPWV\[[V[OLZP[L[V]PL^[OLSPNO[^OPJOHWWLHYLKHZ HU[PJPWH[LK6U[OLPYUL_[[YPW[OL`IYV\NO[H[LSLZJVWL(NHPU[OLSPNO[HWWLHYLK HUK[OYV\NO[OLZJVWL[OLZ[\KLU[ZZH^OLHKSPNO[Z6UHJHY;YH]LSPUNKV^U HOPNO^H` :[PSS[OL:70,Z[\KLU[Z^HU[LK[VKVTVYL:V[OL`ZV\NO[V\[[OLZ[YL[JOVM OPNO^H`^OLYL[OLSPNO[VYPNPUH[LZ;OH[[\YULKV\[[VILYLSH[P]LS`LHZ`ZPUJL[OL` ^LYLHISL[VZWV[HU(KVW[H/PNO^H`ZPNUPU[OLPYZJVWLHUK[YHJRP[KV^U]PH .VVNSL4HWZ 5L_[[OLNYV\WYLJVYKLK^OLU]LOPJSLZWHZZLK[OLZWV[[OL`»KZLLUPU[OL[LSL ZJVWL;OL`Z[H`LKPU7H\SKPUNSVNNPUNSPNO[HWWLHYHUJLZ:\YLLUV\NOL]LY`[PTL [OL7H\SKPUN3PNO[HWWLHYLKHJHYKYV]LI`[OLZWV[ ;OLU[OL`JYLH[LK[OLSPNO[[OLTZLS]LZ^OLUH:70,TLTILYKYV]LOPZ]LOPJSL HSVUN<:;OLZ[\KLU[Z^PSSHSZV\ZLHZWLJ[YVNYHWO[VJOHYHJ[LYPaL[OLSPNO[ MYVTIV[O[OLOLHKSPNO[ZHUK[OL7H\SKPUN3PNO[)HZLKVU[OLL]PKLUJLZVMHY[OL` L_WLJ[[OLT[VILPKLU[PJHS;OLNYV\WPZHSZVJVUK\J[PUNH[TVZWOLYPJTVKLSPUN HSVUN<:/LH[YPZPUNVMM[OLWH]LTLU[TH`ZVTL[PTLZJVU[YPI\[L[V[OLSPNO[»Z KPZ[VY[PVU6U[OLÃ&#x2026;PWZPKLHUPU]LYZPVUSH`LYPU[OLSPULVMZPNO[IL[^LLU[OLYVHK HUK[OL7H\SKPUN3PNO[]PL^PUNZWV[TH`HSZVJYLH[L]LY`Z[HISLHPY^OPJOJV\SK HJJV\U[MVY[OLSPNO[»Z]PZPIPSP[`HIV\[MV\YHUKHOHSMTPSLZMYVT<: )\[^OH[HIV\[[OLPTWYLZZP]LT\S[PJVSVYLKSPNO[Z[OH[HYLZVTL[PTLZYLWVY[LK& (UK^O`KVLZ[OLSPNO[ZLLT[VTV]LHYV\UK& ¸0[OPUR[OH[[OLVJJHZPVUHSZWLJ[HJ\SHYSPNO[ZOHWWLU^OLUHJVWW\SSZZVTLVUL V]LY¹ZH`Z)VZ;OLWLYJLP]LKTV]LTLU[JV\SKILHUVW[PJHSPSS\ZPVU!^P[OV\[H MYHTLVMYLMLYLUJLVIQLJ[ZVM[LUZLLT[VKYPM[HIV\[[OLOVYPaVU +LI\URPUN[OL7H\SKPUN3PNO[TH`UV[ZLLTSPRL[OL[`WPJHSZJOVSHYS`LUKLH]VY /V^L]LY[OLWYVQLJ[OHZNP]LU\UKLYNYHK\H[LZ:PTZHUK4H\LYHJOHUJL[V[Y` [OLPYOHUKH[H]HYPL[`VML_WLYPTLU[HSHUKHUHS`[PJHS[LJOUPX\LZHUKYLWVY[VU[OLPY Ã&#x201E;UKPUNZ7S\ZP[OHZWYV]PKLK[OLTHZVILYPUNPUZPNO[PU[VO\THUUH[\YL5VTH[[LY OV^HPY[PNO[[OLPYL_WSHUH[PVUZ[OL[LHTOHZKPZJV]LYLK[OH[ZVTLWLVWSLWYLMLYUV[ [VILJVUMYVU[LK^P[O[OLL]PKLUJL

 c 4PJOPNHU;LJO,UNPULLYPUN


3LFWXUHG$IDOVHFRORULPDJHRIDXWRPRELOH KHDGOLJKWVVHHQWKURXJKIRXUPLOHVRI DWPRVSKHUHQHDUJURXQGOHYHO7KLVLPDJH GHPRQVWUDWHVWKHHIIHFWRIDWPRVSKHULF WXUEXOHQFHRYHUDIUDFWLRQRIDVHFRQGRQ DGLVWDQWOLJKWVRXUFH:KHQYLHZHGLQUHDO WLPHWKHSDWWHUQFKDQJHVTXLFNO\JLYLQJWKH LPSUHVVLRQWKHOLJKWLVñLFNHULQJRUGDQFLQJ 7KLVVDPHSKHQRPHQRQFDXVHVVWDUVWR WZLQNOHDWQLJKW

<UKLYNYHK\H[L,K\JH[PVU c 


9LZLHYJO  | Michigan Tech Engineering


Next generation pacemaker U

p to this point, heart pacemakers have been one-half the size of a cell phone,

of the heart. Two drawbacks: infections and the dislodgement of the leads. n ow comes new technology: a pacemaker that is a little bigger than a jumping bean and a little smaller than a kidney bean, inserted through a catheter into the ventricle of the heart, with a miniscule seven-year battery and no leads. Medtronic, a nationwide leader in medical equipment, has one method: four

a Michigan Tech senior design team to come up with additional, “out of the box” designs that might be more effective and minimize damage to the heart tissue. Medtronic was pleased with the students’ effort and is seeking patents on three of their designs. As a double major, the project draws upon Beatrice Burgess’s interests in both biomedical and mechanical engineering. “Biologically we have to be concerned about how our design will affect the heart tissue, what immune response it will cause when it is implanted into the heart. At the same time we have to ensure that the attachment meets certain mechanical requirements so that dislodgment will not occur.” The students tested two of their ideas by using different materials (stainless steel and nitinol) and varying the diameter, shape and number of wires, which they call “a helix”—an arc of wire like part of a circle—with a corkscrew on one end to embed in the heart.

to 250 beats a minute). They also inserted the device in porcine heart tissue and measured the maximum force needed to dislodge the wires. They found a promising method, including a specially tempered stainless steel, two tines rather than four (they observed less damage to the heart during pull-out testing), and a recommended diameter of the wire (the thinner the better). ing graduate who says he landed a job at BASF in part because of this project, which he deems a success. The team relished the challenge and the work. “That’s the nice thing about Michigan Tech—practical experiments where you get your hands dirty,” says Amberlee Lifer, who has a double major in materials science engineering and biomedical engineering and will now pursue a doctorate here. All of these students are grateful for their faculty advisors: Assistant Professor Rupak Rajachar and Professor Stephen Hackney. “They stepped back and allowed the project to be ours,” Lifer says. “But they were there when we needed them.”

Undergraduate Education 2011 | 


9LZLHYJO

4LUPZJHSH[[HJOTLU[Z 4VKLSPUN[OLTLJOHUPJZVM[OLO\THURULL

4

LJOHUPJHSLUNPULLYPUNTHQVY1VOU4V`LYPZ^VYRPUN[V\UKLYZ[HUK [OLIPVSVN`HUKIPVTLJOHUPJZVM[OLRULLQVPU[TLUPZJ\Z·HUKP[Z YLZWVUZL[VKHTHNL 4V`LY^VYRLK^P[O(ZZVJPH[L7YVMLZZVY;HTT`/H\[+VUHO\LHZHU \UKLYNYHK\H[LYLZLHYJOZ[\KLU[PU[OL:VM[;PZZ\L4LJOHUPJZ3HIVYH[VY` H[4PJOPNHU;LJO+VUHO\LHUKOLY[LHTZLLR[VIL[[LY\UKLYZ[HUK[OL IPVSVN`VMHUKIPVTLJOHUPJZVM[OLRULLQVPU[TLUPZJ\Z>P[O[OPZUL^ \UKLYZ[HUKPUN[OL`HYLHSZVKL]LSVWPUNWV[LU[PHS[YLH[TLU[Z^OPJO^V\SK NP]LVZ[LVHY[OYP[PZWH[PLU[Z`LHYZVMHKKP[PVUHSM\UJ[PVUILMVYL[OLULLKMVY HUHY[PÃ&#x201E;JPHSQVPU[YLWSHJLTLU[ 4V`LY»ZYVSL^HZ[VOLSWX\HU[PM`HUKJVTWHYL[OLTLJOHUPJHSWYVWLY [PLZVMTLUPZJHSH[[HJOTLU[HSVUNP[Z[YHUZ]LYZLKPYLJ[PVU^OPSLPU[LUZPVU ¸>OLU[OLO\THURULLQVPU[ILUKZK\YPUNHU`K`UHTPJHJ[P]P[`[OL SPNHTLU[ZHUKTLUPZJPWYV]PKLQVPU[Z[HIPSP[`4LUPZJPHYLÃ&#x201E;YTS`H[[HJOLK [V[OL[PIPHI`TLHUZVMSPNHTLU[V\ZZ[Y\J[\YLZRUV^UHZTLUPZJHS H[[HJOTLU[Z¹OLL_WSHPUZ¸0UT`WYVQLJ[0[VVR[OPU[YHUZ]LYZLZLJ[PVUZ WLYWLUKPJ\SHY[V[OLÃ&#x201E;ILYVYPLU[H[PVUVMTLUPZJHSH[[HJOTLU[ZHUK[LZ[LK [OLTPU[LUZPVU^P[O[OLSVHKPUNKPYLJ[PVUWLYWLUKPJ\SHY[V[OLÃ&#x201E;ILY VYPLU[H[PVU¹4V`LY\ZLZ[OLKH[HOLJVSSLJ[LK[VJHSJ\SH[LTLJOHUPJHS WYVWLY[PLZ ¸>P[O[OPZUL^KH[HV\YOVWLPZ[OH[[OLTVKLS^PSSNP]LHIL[[LYTH[JO [V[OLUH[\YHSRULL·ZVTL[OPUN[OH[^PSS[OLUHSSV^MVYPTWYV]LKJHSJ\SH [PVUVMHJ[\HSTLUPZJ\ZZ[YLZZLZHUKKPZWSHJLTLU[Z¹ 3HZ[Z\TTLY4V`LY^VUÃ&#x201E;YZ[WSHJLPU[OL)HJOLSVYVM:JPLUJL *VTWL[P[PVUH[[OL(:4,:\TTLY)PVLUNPULLYPUN*VUMLYLUJL¸0[^HZH NYLH[L_WLYPLUJL[OH[0^PSSUL]LYMVYNL[0OHKHSV[VMOLSWHSVUN[OL^H` MYVTV[OLYNYHK\H[LZ[\KLU[ZHUKT`HK]PZVYZVP[^HZHSZVJVVS[OH[[OL` ^LYL[OLYL[VZOHYLPUP[[VV¹OLHKKZ ¸;OLTVZ[JOHSSLUNPUNHZWLJ[OHZILLUNYHZWPUN[OLIPVSVNPJHSZPKLVM T`WYVQLJ[(ZJOHSSLUNPUNHZP[PZP[»Z^OH[THRLZ[OLWYVQLJ[PU[LYLZ[PUN [VTL0OH]LHS^H`ZZ[\KPLKTLJOHUPJHSLUNPULLYPUNHUKOH]LUV[ILLU PU[YVK\JLK[VT\JOHUH[VT`I\[[OLJVTIPUH[PVUVM[OL[^VÃ&#x201E;LSKZPZ]LY` PU[LYLZ[PUNHUKPZ^O`0SPRLP[ZVT\JO¹ 4V`LYSLHYULK[OL]HS\LVM^VYRPUNOHYKHUKNVPUN[OLL_[YHTPSL¸(SV[ VMSVUNKH`ZHUKSH[LUPNO[Z[OH[^LU[PU[V[OPZYLZLHYJOWYVQLJ[I\[P[^HZ HSS^VY[OP[0JHUUV[ZH`P[^HZVUS`T`OHYK^VYR·V[OLYZOLSWLKTLHUK 0YLHSS`]HS\L[OLT[HRPUN[OLPY[PTL¹ 4V`LYPZJ\YYLU[S`^VYRPUNPU[OLZHTLIPVTLJOHUPJZSHIHZH NYHK\H[LZ[\KLU[W\YZ\PUNH4HZ[LYZVM:JPLUJLKLNYLLPU4LJOHUPJHS ,UNPULLYPUN¸6UJLÃ&#x201E;UPZOLK0^HU[[VZ[H`PU[OLIPVTLJOHUPJZPUK\Z[Y` HUKWVZZPIS`^VYRMVYHYLZLHYJOSHIVYHJVTWHU`YLZLHYJOPUNRULL YLWSHJLTLU[Z>OH[L]LY0KV0RUV^0^HU[[VJVU[PU\LZ[\K`PUN IPVTLJOHUPJZ·P[PZJVUZ[HU[S`PU[LYLZ[PUN¹

 c 4PJOPNHU;LJO,UNPULLYPUN


-RKQ0R\HULQWKH6RIW7LVVXH0HFKDQLFV/DERUDWRU\

<UKLYNYHK\H[L,K\JH[PVU c 


9LZLHYJO

3DWULFN%RZHQWUDFNVWKHZHLJKW RIDFHUDPLFVDPSOH

7KH7HUUDFRWWD$UP\ ;L DQ&KLQDฤ‹RQH RIPDQ\SRWHQWLDO DSSOLFDWLRQVIRU%RZHQ V UHรฐQHGFHUDPLFGDWLQJ WHFKQLTXH

 c 4PJOPNHU;LJO,UNPULLYPUN


`LHYZ VMO\THUOPZ[VY` 9LÃ&#x201E;UPUNHUPTWVY[HU[UL^[LJOUPX\L MVYKH[PUNJLYHTPJHY[PMHJ[Z

-

VYHYJOHLVSVNPZ[ZKH[PUNJSH`IHZLKTH[LYPHSZSPRLJLYHTPJZYLJV]LYLKMYVT HYJOLVSVNPJHSZP[LZJHUIL[PTLJVUZ\TPUNUV[[VTLU[PVUJVTWSL_HUK L_WLUZP]L 7H[YPJR)V^LUHZLUPVYTHQVYPUNPUTH[LYPHSZZJPLUJLHUKLUNPULLYPUNPZ YLÃ&#x201E;UPUNHTL[OVKVMKH[PUNJLYHTPJHY[PMHJ[Z[OH[JV\SKVULKH`ZOH]L[OV\ ZHUKZVMKVSSHYZVMM[OLJVZ[VMKVPUNHYJOHLVSVNPJHSYLZLHYJO *HSSLKYLO`KYV_`SH[PVUKH[PUN[OL[LJOUPX\L^HZYLJLU[S`KL]LSVWLKI` YLZLHYJOLYZH[[OL<UP]LYZP[`VM4HUJOLZ[LYHUK[OL<UP]LYZP[`VM,KPUI\YNO 0[[HRLZHK]HU[HNLVMJLYHTPJZ»WYLKPJ[HISL[LUKLUJ`[VIVUKJOLTPJHSS`^P[O ^H[LYV]LY[PTL ¸0[»ZZPTWSL¹ZH`Z)V^LU-PYZ[KY`[OLZHTWSLH[KLNYLLZ*LSZP\Z ;OPZYLTV]LZHU`KHTWULZZ[OH[[OLJLYHTPJTPNO[OH]LHIZVYILK ;OLU^LPNO[OLZHTWSLHUKW\[P[PUHM\YUHJLH[KLNYLLZ*Â&#x2021;;OL JOLTPJHSS`IVUKLK^H[LYPU[OLMVYTVMO`KYV_`SNYV\WZVULH[VTVMO`KYVNLU HUKVULVMV_`NLUIV\UK[VNL[OLYMVYTZ^H[LY]HWVYHUKL]HWVYH[LZ ¸>OLU`V\KV[OH[`V\TPTPJ^OH[[OLZHTWSL^HZSPRL^OLUP[^HZVYPNP UHSS`Ã&#x201E;YLK¹ZH`Z)V^LU ;OLU^LPNO[OLZHTWSLHNHPUHUKSLH]LP[HSVUL6]LY[OLUL_[ZL]LYHS ^LLRZ[OLJLYHTPJ^PSSYLHJ[^P[O^H[LYPU[OLHPYHUKNHPU^LPNO[7SV[[OL ^LPNO[NHPUHNHPUZ[[PTL;OLZOHWLVM[OLJ\Y]LNP]LZH[PTLJVUZ[HU[^OPJO ^P[O[OLPUP[PHS^LPNO[[LSSZ`V\[OLHNLVM[OLJLYHTPJ;OLVYL[PJHSS` ¸;OLKH[PUNWYVJLZZ[\YUZV\[[VILTVYLJVTWSPJH[LK[OHU[OLSP[LYH[\YL Z\NNLZ[Z¹ZH`Z)V^LU <ZPUNZOHYKZVMWV[[LY`KH[LKIL[^LLU[VMYVTHUHYJOHLVSVNP JHSKPNPU<[HO[OH[^LYLWYV]PKLKI`;PTV[O`:JHYSL[[HUHZZVJPH[LWYVMLZZVY VMHYJOHLVSVN`HUKHU[OYVWVSVN`)V^LU[YPLK[OLVYPNPUHSKH[PUN[LJOUPX\LH[ KPMMLYLU[[LTWLYH[\YLZHUKNV[ZPNUPÃ&#x201E;JHU[S`KPMMLYLU[¸HNLZ¹ /L[OLUKL]LSVWLKHUL^LX\H[PVU[OH[HKKYLZZLZ[OVZL[LTWLYH[\YL LMMLJ[ZHZ^LSSHZ[OLMHJ[[OH[YLO`KYV_`SH[PVUPZHJ[\HSS`H[^VZ[LWWYVJLZZ! -PYZ[^H[LY]HWVYWO`ZPJHSS`WLUL[YH[LZ[OLWV[[LY`;OLUP[IVUKZJOLTPJHSS`[V [OLWV[[LY`»ZJVUZ[P[\LU[TPULYHSZ )V^LU»ZLX\H[PVU^VYRLKIL[[LYI\[UV[^LSSLUV\NO[VNLULYH[LKLÃ&#x201E;UP[P]L KH[LZ/\TPKP[`Ã&#x2026;\J[\H[PVUZHMMLJ[LK[OLZHTWSLZ»^LPNO[ZZRL^PUN[OLYLZ\S[Z 5V^[OLYLZLHYJO[LHTPZ\ZPUNUL^TL[OVKZ[VWYV]PKLJVUZ[HU[O\TPKP[`HUK ^PSSY\UHKKP[PVUHS[LZ[ZV]LY[OLUL_[ML^TVU[OZVU]HYPV\Z[`WLZVMJLYHTPJZ VMKPMMLYLU[HNLZ ;OLYLZLHYJOLYZILSPL]L[OLPY^VYROHZO\NLWV[LU[PHS¸;OPZ^PSSILHUL^ SV^JVZ[[VVSHSSV^PUNHYJOHLVSVNPZ[Z[VKLYP]LKH[LZMVYVIQLJ[ZTHKLV]LY `LHYZVMO\THUOPZ[VY`¹ZHPK:JHYSL[[

<UKLYNYHK\H[L,K\JH[PVU c 


9LZLHYJO

9LUL^HISLYLZV\YJLZ (UHS`aPUN[OLWV[LU[PHS VMHUL[OHUVSI`WYVK\J[

1

HTPL+H]PZHZLUPVYTHQVYPUNPUJOLTPJHSLUNPULLYPUNOHZZWLU[ [OLWHZ[[^V`LHYZPU[OLSHIHUHS`aPUNHI`WYVK\J[VM[OLKY`TPSS JVYUL[OHUVSMLYTLU[H[PVUWYVJLZZ·H[OPJRJHYHTLSJVSVYLKZ`Y\W ,[OHUVSWYVK\J[PVUMYVTJVYUJYLH[LZHUHI\UKHUJLVMJVYUI`WYVK \J[Z·ZL]LUWV\UKZMVYL]LY`VULNHSSVUVML[OHUVSHJJVYKPUN[V ZVTLLZ[PTH[LZ +H]PZ^VYRZMVY7YVMLZZVY+H]PK:OVUUHYKKPYLJ[VYVM[OL :\Z[HPUHISL-\[\YLZ0UZ[P[\[L:-0:-0IYPUNZ[VNL[OLY\UKLYNYHK\H[L Z[\KLU[ZNYHK\H[LZ[\KLU[ZZJPLU[PZ[ZHUKLUNPULLYZMYVTT\S[PWSL KPZJPWSPULZPUYLZLHYJOHUKLK\JH[PVUWYVQLJ[Z:-0TLTILYZ·TVYL [OHUVUJHTW\Z·HKKYLZZ[LJOUPJHSLJVUVTPJHUKZVJPHS PZZ\LZYLSH[LK[V[OLZ\Z[HPUHISL\ZLVM[OL,HY[O»ZSPTP[LKYLZV\YJLZ ;OLZ`Y\WJVTLZI`^H`VM>VYRPUN)\NZ33*HNYLLUJOLTP JHSTHU\MHJ[\YLYIHZLKPU,HZ[3HUZPUN4PJOPNHU>VYRPUN)\NZ \ZLZMLYTLU[H[PVUWYVJLZZLZ[VWYVK\JLWYVK\J[ZMVY[OLJOLTPJHS HNYPJ\S[\YHSMVVKHUKWOHYTHJL\[PJHSPUK\Z[YPLZ;OLJVTWHU`PZ HSZVVULVM4PJOPNHU;LJO»ZWHY[ULYZPUHZ[H[LZWVUZVYLK<UP]LYZP[` *LU[LYVM,ULYN`,_JLSSLUJLZL[\W[VOLSWIVVZ[WYVÃ&#x201E;[ZVM[OLIPV M\LSZPUK\Z[Y` ¸0[»Z\W[V\ZPKLU[PM`[OLJOLTPJHSTHRL\WVM[OPZZ`Y\WHUK KL[LYTPULP[Z]HS\LHZHWVZZPISLMLLKZ[VJR¹ZH`Z+H]PZ;OLNVHS! ;VJVU]LY[[OLZ`Y\WUVYTHSS`\ZLKHZHSV^]HS\LHUPTHSMLLKJVT WVULU[PU[VHZ\NHYHUKHTPUVHJPKYPJOMLYTLU[H[PVUTLKP\TMVY OPNOLY]HS\LIPVJOLTPJHSWYVK\J[PVU +H]PZPZ^VYRPUN^P[O7O+Z[\KLU[-LSP_(KVTHUK(THUKH;H`SVY HUV[OLYJOLTPJHSLUNPULLYPUN\UKLYNYHK[VHUHS`aL[OLZ`Y\WHUK P[ZWV[LU[PHSPUH[OYLL`LHYWYVQLJ[;OLÃ&#x201E;YZ[`LHY^HZZWLU[KL[LY TPUPUN[OLZ\NHYJVU[LU[PUHZLYPLZVMO`KYVS`ZPZ[LZ[Z+H]PZZWLU[ TVU[OZ[HRPUNHÃ&#x201E;S[LY[LZ[L]LY`OV\YZ¸;OLTHQVYP[`VM^OH[^L KPKPU]VS]LKÃ&#x201E;S[LYPUNZHTWSLZHUKHUHS`aPUN[OLYLZ\S[ZMVYZ\NHYZ HUKHTPUVHJPKZ¹OLL_WSHPUZ ¸)LMVYLKVPUNHU`[OPUN^LWYLWHYLKHQVIZHML[`HZZLZZTLU[¹OL HKKZ¸>LKVVULMVYL]LY`L_WLYPTLU[PKLU[PM`PUNWV[LU[PHSOHaHYKZ H[LHJOZ[LW7YLWHYH[PVUMVYLHJOL_WLYPTLU[PZPU[LUZL>LKVHSV[ VMWYLWHYH[PVUILMVYL^LZ[HY[[OL[LZ[PU[OLSHI;OLU^LHKQ\Z[HUK YL]PZL[VTHPU[HPUZHMLSHIVYH[VY`JVUKP[PVUZ¹ (M[LY[OLÃ&#x201E;YZ[`LHY[OL[LHTZLU[HYLWVY[[V>VYRPUN)\NZ^P[OHSS [OLPYÃ&#x201E;UKPUNZHUKYLJVTTLUKH[PVUZ¸>LZLU[V\YKH[HHUKZHT WSLZ·WS\ZHWWLUKPJLZ¹UV[LZ+H]PZ ¸0[»ZUPJL^VYRPUNHZHU\UKLYNYHKYLZLHYJOLY¹OLHKKZ¸;OL ZJOLK\SLPZÃ&#x2026;L_PISLHUK[OPZ[`WLVM^VYRJHUILKVULHU`[PTLVM KH`0U[OLSHIZVTLKH`ZHYL]LY`MY\Z[YH[PUNHUKZVTLKH`Z]LY` YL^HYKPUN)\[[OLL_WLYPLUJLOHZILLUPUJYLKPIS`]HS\HISL[VTL¹

 c 4PJOPNHU;LJO,UNPULLYPUN


)HOL[$GRP O DQG-DPLH'DYLV U LQWKH6),K\GURO\VLVODE

<UKLYNYHK\H[L,K\JH[PVU c 


9LZLHYJO

6DQGDOZRRGWUHH

0DFNHQ]LH5RHVHU5RJHU 7XUSHQLQJDQG6FRWW9DQGHU/XJW

 c 4PJOPNHU;LJO,UNPULLYPUN


+VSSHYZHUKZJLU[Z ;YHJRPUN[OLLS\ZP]LZHUKHS^VVKVPS

0

M`V\»]LL]LYILLU[YHUZWVY[LKI`HIYLH[OVM3»(PYK\;LTWZ VY*OHULSÂ&#x2021;[OLU`V\RUV^ZVTL[OPUNVM[OLZHUKHS^VVK [YLL;OLVPSMV\UKPUP[ZOLHY[^VVKMVYTZHIHZLUV[LPUZVTL VM[OL^VYSK»ZNYLH[WLYM\TLZH[HIV\[H[OV\ZHUKKVSSHYZH WV\UK 0[[HRLZ[V`LHYZVYSVUNLY[VNYV^HZHUKHS^VVK[YLL [OH[JVU[HPUZHUHWWYLJPHISLHTV\U[VMVPS^OPJOPZJVUJLU [YH[LKPU[OL^VVKPU[OLJLU[LYVMP[Z[Y\URHUKPUP[ZYVV[Z;V JVSSLJ[[OLVPSSVNNLYZÃ&#x201E;YZ[`HUR[OL[YLLV\[VM[OLKPY[YVV[Z HUKHSS :VTL[PTLZ[OL`Ã&#x201E;UKVPS:VTL[PTLZ[OL`KVU»[HUK[OLU HSS[OL`HYLSLM[^P[OMYVT`LHYZVMLMMVY[U\Y[\YPUNHWV[LU[PHSS` WYLJPV\Z[YLLPZHML^I\UKSLZVMPUJLUZLZ[PJRZ·HUKHWYV MV\UKYLNYL[H[UV[^HP[PUNHUV[OLY`LHYVY[^V 4PJOPNHU;LJONLVWO`ZPJPZ[9VNLY;\YWLUPUNOHZJYHM[LK H[YLLPTHNPUNZ`Z[LT\ZPUNZLPZTPJ[LJOUVSVN`;OLZ`Z[LT JV\SKYLZ\S[PUO\NLZH]PUNZMVYZHUKHS^VVKNYV^LYZ0[HSZV OHZWV[LU[PHSPU[OLTVYLT\UKHULI\[WV[LU[PHSS`S\JYH[P]L S\TILYPUK\Z[Y`<U[PSYLJLU[S`P[OHKVULTPUVYKYH^IHJR! P[[VVRTPU\[LZ[VNLULYH[LHUPTHNL;OH[^V\SKU»[IL L_JLZZP]LMVYZVTLVULKLJPKPUN^OL[OLYVYUV[[VOHY]LZ[H ZHUKHS^VVK[YLL )\[PUHZH^TPSSTPU\[LZPZHUL[LYUP[`;\YWLUPUN WYLZLU[LKOPZYLZLHYJOILMVYLHNYV\WVM\UKLYNYHK\H[LZPU [OL9LZLHYJO:JOVSHYZ7YVNYHT;OL*VSSLNLVM,UNPULLYPUN ZWVUZVYZ[OLWYVNYHT^OPJOSPURZMHJ\S[`^P[OZ[\KLU[Z PU[LYLZ[LKPUYLZLHYJO>P[OV\[NYLH[L_WLJ[H[PVUZ;\YWLUPUN [HSRLK[V[OLNYV\WHUKTLU[PVULK[OL[PTLWYVISLT;OPZ JH\NO[[OLH[[LU[PVUVMHÃ&#x201E;YZ[`LHYJOLTPJHSLUNPULLYPUN Z[\KLU[SV\UNPUNPU[OLIHJRVM[OLYVVT4HJRLUaPL9VLZLY VM/\U[SL`0SSPUVPZHUKOPZMYPLUK:JV[[=HUKLY3\N[VM 2HSHTHaVVHJVTW\[LYZJPLUJLTHQVY ¸9VNLYKPKOPZWYLZLU[H[PVUHUK^L[OV\NO[P[^HZJVVS¹ ZHPK9VLZLY>OLU[OL[^VOLHYKOV^SVUNP[^HZ[HRPUN[V NLULYH[L[OLPTHNLZ[OL`[OV\NO[[OL`TPNO[OH]LHZVS\[PVU 9VLZLYHUK=HUKLY3\N[[VVR[OLJVKL^YP[[LUPU4H[3HI HUKYL^YV[LP[PU1H]HJOHUNPUNHJYP[PJHSZ\IYV\[PULHSVUN[OL ^H`¸;OLPYJVU[YPI\[PVUPZQ\Z[HZ[V\UKPUN¹ZH`Z;\YWLUPUN ¸>OH[\ZLK[V[HRLTPU\[LZUV^[HRLZZLJVUKZ¹([[OL LUKVM[OLKH`9VLZLYHUK=HUKLY3\N[OHKZSHZOLK[OL[PTL P[[VVR[VNLULYH[LHUPTHNLI`V]LY WLYJLU[ )V[OZ[\KLU[ZHYLPU[OL4PJOPNHU;LJO/VUVYZ0UZ[P[\[L HUK9VLZLYPZPU[OL<UP]LYZP[`»Z9LZLHYJO:JOVSHYZWYVNYHT

<UKLYNYHK\H[L,K\JH[PVU c 


$VWUHHWOLJKWSRZHUHGHQWLUHO\ ZLWKVRODUDQGZLQGHQHUJ\ GHVLJQHGE\0LFKLJDQ7HFKâV:LUHOHVV &RPPXQLFDWLRQV(QWHUSULVH :&( WHDP


796.9(4:

<UKLYNYHK\H[L,K\JH[PVU c 


7YVNYHTZ ,5;,9790:,

,5;,9790:,;,(4:

([TVZ[ZJOVVSZVWWVY[\UP[PLZ[V^VYROHUKZ VU^P[OZ[H[LVM[OLHY[[LJOUVSVN`VUWYVQLJ[Z HPTLKH[ZVS]PUNWYVISLTZMVYVYNHUPaH[PVUZ SPRL)VZJO*OY`ZSLY-VYK5(:([OL5H[PVUHS :JPLUJL-V\UKH[PVUHUKV[OLYZKVU»[JVTL HSVUNL]LY`KH`([4PJOPNHU;LJO[OL`KV 0U4PJOPNHU;LJO»ZOPNOS`Z\JJLZZM\S ,U[LYWYPZL7YVNYHTZ[\KLU[ZJHUJOVVZL MYVTJSVZL[V[OPY[`LU[LYWYPZL[LHTZHJYVZZ JHTW\ZVYOLSWJYLH[LHUL^LU[LYWYPZLMYVT [OLNYV\UK\W;LHTZHYLVWLU[VHU`THQVY HUKVWLYH[LT\JOSPRLJVTWHUPLZPU[OL WYP]H[LZLJ[VY<WWLYSL]LSZ[\KLU[ZZLY]LHZ YVSLTVKLSZMVYÃ&#x201E;YZ[HUKZLJVUK`LHYZ[\KLU[Z QVPUPUN[OLWYVNYHT-HJ\S[`TLTILYZHJ[ HZJVHJOLZHUKTLU[VYZ0UK\Z[Y`ZWVUZVYZ HK]PZLHUKN\PKL(M[LYH^OPSLZ[\KLU[Z UVSVUNLYMLLSSPRLZ[\KLU[Z·[OL`MLLSSPRL WYVMLZZPVUHSZHUK[OL`V^U[OLPYLK\JH[PVU

(K]HUJLK4L[HS^VYRZ,U[LYWYPZL (LYVZWHJL,U[LYWYPZL (S[LYUH[L-\LSZ.YV\W (X\H;LYYH;LJO (\[VTV[P]L*VTW\[PUN,U[LYWYPZL )SPaaHYK)HQH )S\L4HYISL:LJ\YP[` )VHYK:WVY[;LJOUVSVNPLZ,U[LYWYPZL *PU6W[PJ*VTT\UPJH[PVUHUK4LKPH *SLHU:UV^TVIPSL;LHT *VUZ\TLY7YVK\J[4HU\MHJ[\YPUN ,JV*HY ,MÃ&#x201E;JPLUJ`[OYV\NO,UNPULLYPUNHUK*VUZ[Y\J[PVU -VYLZ[Y`HUK,U]PYVUTLU[HS9LZV\YJL4HUHNLTLU[ -VYT\SH:(, .YLLU*HTW\Z,U[LYWYPZL /\ZR`.HTL+L]LSVWTLU[ 0;6_`NLU 0U[LNYH[LK4PJYVZ`Z[LTZ,U[LYWYPZL 0U[LYUH[PVUHS)\ZPULZZ=LU[\YLZ 5HUV[LJO0UUV]H[PVUZ=LSV]H[PVUZ 9VIV[PJ:`Z[LTZ,U[LYWYPZL :\WLYTPSLHNL:`Z[LTZ,U[LYWYPZL ;YHUZWVY[H[PVU,U[LYWYPZL <THUULK=LOPJSL:`Z[LTZ,U[LYWYPZL >PYLSLZZ*VTT\UPJH[PVU,U[LYWYPZL

^^^LU[LYWYPZLT[\LK\

 c 4PJOPNHU;LJO,UNPULLYPUN


7YVNYHTZ :,5069+,:0.5 6\Y:LUPVY+LZPNUWYVNYHTJVUULJ[Z Z[\KLU[ZHUKPUK\Z[Y`[OYV\NO JOHSSLUNPUNWYVQLJ[Z^OPJOOH]L HUVWLULUKLKKLZPNUZVS\[PVU :[\KLU[Z^VYR[VNL[OLYVUZTHSS [LHTZHUKTHRL[OLWYVQLJ[[OLPY [VWWYPVYP[`[OYV\NOV\[[OLPYZLUPVY `LHY(MHJ\S[`HK]PZVYMVYLHJO [LHTWYV]PKLZ[OLYPNO[IHSHUJLVM PUZ[Y\J[PVUHUKJVHJOPUNLUHISPUN Z[\KLU[Z[VSLHYUI`KVPUN:[\KLU[Z OH]LHJJLZZ[VZ[H[LVM[OLHY[ KLZPNUHUKJVSSHIVYH[PVU[VVSZHZ ^LSSHZKLKPJH[LKMHIYPJH[PVUMHJPSP[PLZ SHIZHUKKLZPNUZ[\KPVZ :LUPVY+LZPNUM\UJ[PVUZTVYLSPRL H¸Ã&#x201E;YZ[QVI¹[OHUH¸SHZ[JSHZZ¹0[NP]LZ Z[\KLU[Z[OLRPUKVMYLSL]HU[KLZPNU L_WLYPLUJL[OH[JHUSH\UJO[OLTPU[V YL^HYKPUNZ\JJLZZM\SJHYLLYZ

(ZTHSSZHTWSPUNVMWYVQLJ[ZPUJS\KL! Â&#x2039; *OHZZPZKLÃ&#x2026;LJ[PVUTLHZ\YLTLU[Z`Z[LT MVY.4 Â&#x2039; *HIZ\ZWLUZPVUKLZPNUMVY1VOU+LLYL Â&#x2039; -P_H[PVUZ`Z[LTMVYHSLHKSLZZWHJLTHRLY MVY4LK[YVUPJ Â&#x2039; 7V^LYHZZPZ[LKKVVYZHML[`Z`Z[LT MVY)(,:`Z[LTZ Â&#x2039; 7YLZZ\YLZLUZPUNMHJLTHZRZ`Z[LT KL]LSVWTLU[MVY4 Â&#x2039; 9LSPHIPSP[`[LZ[PUNKL]PJLMVY7PVULLY:\YNPJHS Â&#x2039; (SWOH^HZOLYNYLLUWHJRHNPUNMVY>OPYSWVVS Â&#x2039; /LH[[YLH[TLU[VMJYLLWZ[YLUN[OLUOHUJLK MLYYP[PJZ[LLSMVY,790 Â&#x2039; ,ULYN`KHZOIVHYK[VTVUP[VYLULYN` JVUZ\TW[PVUMVY(,7 Â&#x2039; 4PJYVZ[Y\J[\YHSHUHS`ZPZPUHUHS\TPU\TSP[OP\T HSSV`MVY(SJVH Â&#x2039; )PVHIZVYIHISLTL[HSZ[LU[KLNYHKH[PVU ZPT\SH[PVUKLZPNUMVY)VZ[VU:JPLU[PÃ&#x201E;J

^^^LUNPULLYPUNT[\LK\ZLUPVYKLZPNU

<UKLYNYHK\H[L,K\JH[PVU c 


<UKLYNYHK\H[L9LZLHYJO 7YVNYHTZ <5+,9.9(+<(;,9,:,(9*/ <UKLYNYHK\H[LYLZLHYJOPU[YVK\JLZZ[\KLU[Z[V[OL WVZZPIPSP[PLZVMHYLZLHYJOWH[OH[4PJOPNHU;LJOHUK IL`VUK6\YNVHSPZ[VU\Y[\YLPU[LYLZ[PULUNPULLYPUN YLZLHYJOHUKOLSWZ[\KLU[Z^OVHYLSVVRPUNMVYH JOHSSLUNLNHPUH^HYLULZZVM[OL]HZ[VWWVY[\UP[PLZ H]HPSHISL[V[OLTYPNO[VUJHTW\Z:[\KLU[ZJHU ILNPU^VYRPUN^P[OHMHJ\S[`TLU[VYVUHYLZLHYJO WYVQLJ[HZLHYS`HZ[OLPYMYLZOTHU`LHY 9LZLHYJOVWWVY[\UP[PLZHYL^PKLYHUNPUN (ML^L_HTWSLZPUJS\KL! Â&#x2039;.7:N\PKLKYVIV[PJ]LOPJSL Â&#x2039;3HZLYJVTT\UPJH[PVUZ Â&#x2039;7HYHTL[YPJZ[\K`VMHUHY[PÃ&#x201E;JPHSOLHY[ Â&#x2039;(_VUYLNLULYH[PVUHM[LYZWPUHSJVYKPUQ\Y` Â&#x2039;:LSMWV^LYLKTHNUL[VLSHZ[PJTH[LYPHSZ Â&#x2039;(YJOLVSVNPJKH[PUN[LJOUPX\LZ Â&#x2039;*HUJLYUHUV[LJOUVSVN` Â&#x2039;4LUPZJ\ZYLZLHYJO[VWYL]LU[VZ[LVHY[OYP[PZ Â&#x2039;.YLH[3HRLZ^H[LYYLZLHYJO Â&#x2039;.LVTHNUL[PJYLZLHYJOPU>LZ[LYU(\Z[YHSPH Â&#x2039;.YV\UK^H[LYPU]LZ[PNH[PVUZH[[OL)LYPUN.SHJPLY (SHZRH Â&#x2039;)PVM\LSZSPMLJ`JSLHUHS`ZPZ Â&#x2039;(K]HUJLKWYVW\SZPVUZ`Z[LTZMVY O`IYPKLSLJ[YPJ]LOPJSLZ

 c 4PJOPNHU;LJO,UNPULLYPUN

^^^LUNPULLYPUNT[\LK\YZW


*VU[HJ[<Z 6--0*,6-;/,+,(5

+,7(9;4,5;:

*VSSLNLVM,UNPULLYPUN 4PJOPNHU;LJOUVSVNPJHS<UP]LYZP[` 4PULYHSZ 4H[LYPHSZ ,UNPULLYPUN)\PSKPUN ;V^UZLUK+YP]L /V\NO[VU40   ;LSLWOVUL!  -H_!  ,THPS!LUNPULLYPUN'T[\LK\ ^^^LUNPULLYPUNT[\LK\

)PVTLKPJHS,UNPULLYPUN :LHU12PYRWH[YPJR*OHPY  4PULYHSZ 4H[LYPHSZ  ,UNPULLYPUN)\PSKPUN ;LSLWOVUL!  ,THPS!IPVTLK'T[\LK\ ^^^IPVTLKT[\LK\

;PTV[O`1:JO\Sa +H]L/V\ZL7YVMLZZVYHUK+LHU *HYS3(UKLYZVU (ZZVJPH[L+LHUMVY9LZLHYJO HUK.YHK\H[L:[\KPLZ 3LVUHYK1)VOTHUU (ZZVJPH[L+LHUMVY(JHKLTPJ(MMHPYZ

.LVSVNPJHS 4PUPUN,UNPULLYPUN :JPLUJLZ >H`UL+7LUUPUN[VU*OHPY +V^,U]PYVUTLU[HS:JPLUJLZ  ,UNPULLYPUN)\PSKPUN ;LSLWOVUL!  ,THPS!NLV'T[\LK\ ^^^NLVT[\LK\ 4H[LYPHSZ:JPLUJL ,UNPULLYPUN 4HYR97SPJO[H*OHPY  4PULYHSZ 4H[LYPHSZ  ,UNPULLYPUN)\PSKPUN ;LSLWOVUL!  ,THPS!TYWSPJO'T[\LK\ ^^^TZLT[\LK\

*OLTPJHS,UNPULLYPUN :2VTHY2H^H[YH*OHPY *OLTPJHS:JPLUJLZ   ,UNPULLYPUN)\PSKPUN ;LSLWOVUL!  ,THPS!JTX\LZ[PVUZ'T[\LK\ ^^^JOLTT[\LK\ *P]PS ,U]PYVUTLU[HS,UNPULLYPUN >PSSPHT4)\SSLP[*OHPY +V^,U]PYVUTLU[HS:JPLUJLZ  ,UNPULLYPUN)\PSKPUN ;LSLWOVUL!  ,THPS!JLL'T[\LK\ ^^^JLLT[\LK\

4LJOHUPJHS,UNPULLYPUN ,UNPULLYPUN4LJOHUPJZ >PSSPHT>7YLKLIVU*OHPY 93:TP[O)\PSKPUN ;LSLWOVUL!  ,THPS!TLLT'T[\LK\ ^^^TLT[\LK\

,SLJ[YPJHS *VTW\[LY,UNPULLYPUN +HUPLS9-\OYTHUU*OHPY ,SLJ[YPJHS,ULYN`  9LZV\YJLZ*LU[LY ;LSLWOVUL!  LJLPUMV'T[\LK\ ^^^LJLT[\LK\ ,UNPULLYPUN-\UKHTLU[HSZ 1LHU*LSLZ[L4HSaHOU2HTWL*OHPY +PSSTHU/HSS ;LSLWOVUL!  ,THPS!LUNM\U'T[\LK\ ^^^NLULUNT[\LK\

<UKLYNYHK\H[L,K\JH[PVU c 


College of Engineering Michigan Technological University 712 Minerals & Materials Engineering Building 1400 Townsend Drive Houghton, MI 49931-1295

PRESORTED FIRST-CLASS MAIL U.S.POSTAGE PAID SEattle, WA Permit No. 1445

Undergraduate Education 2011 www.engineering.mtu.edu Michigan Technological University is a leading public research university, conducting research, developing new technologies, and preparing students to create the future for a prosperous and sustainable world. Michigan Tech offers more than 120 undergraduate and graduate degree programs in engineering, forestry and environmental sciences, computer sciences, technology, business and economics, natural and physical sciences, arts, humanities and social sciences. Michigan Tech is an equal opportunity educational institution/equal opportunity employer.


Engineering Undergraduate Education 2011