Professional Documents
Culture Documents
3,'4#01'27-$!*'$-0,'
1<IO< <M=<M<
#HJODJI<G$DO#HJODJI<G>>PM<>T<I? @GJIBDIB
HJIB$DMNO
%@I@M<ODJI<I?!JIODIPDIB
%@I@M<ODJI3IDQ@MNDOT1OP?@ION
?DNN@MO<ODJINP=HDOO@?DIK<MOD<GN<ODNA<>ODJIJAOC@M@LPDM@H@IONAJMOC@?@BM@@"J>OJMJA
.CDGJNJKCTDI.NT>CJGJBD><G<I? M<DI1>D@I>@N
=T
1H<M<I?<'J<I<*<RMD@
!JHHDOO@@DI>C<MB@
.MJA@NNJM&@@EPIB1)DH!C<DM
.MJA@NNJM,<I>T!JGGDIN
.MJA@NNJM)<M@I,TGPI?
%D=NJI
.MJA@NNJM"<QD?1C@MH<I
"@>@H=@M
2C@?DNN@MO<ODJIJA1H<M<I?<'J<I<*<RMD@DN<KKMJQ@?
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
,<I>T!JGGDIN
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
)<M@I,TGPI?
%D=NJI
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
"<QD?1C@MH<I
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
&@@EPIB1)DH!JHHDOO@@!C<DM
"@>@H=@M
!"* !'&
2J$JPM%@I@M<ODJINJA$<HDGT
+T%M<I?K<M@ION<I?@NK@>D<GGTHT+D><<I?,D>P
+T.<M@ION
+T&PN=<I?
I?HT!CDG?M@I
#Q@MTOCDIB'?JDNAJMTJP
'GJQ@TJP
2JHT>JHHDOO@@AJM=@DIBK<OD@IO
)'"& %!"!*%
"@>@H=@M
'"0+,"-3(%"(+'"7'-++
!,",8 ;/%-/+% 0+""%"-3 "' -! ,,("-"(' -1' ' 1%%>"' 8 ! +(% ( /'+-"'-3
0("'<
0",(+8 #/' "&
0"+-4+/-!((%(/-"('7'"0+,"-3(%"(+'"7'-++
!,",8;0%()&'-'0%"-"('(-!('0"0"%' +&('3(%%-"0",&,%<
0",(+8+'3%/'>",('
!,",(&&"--8 #/' "&7"(,
%&$!$$&%
&$ &! $%=JHHQ=
'"0+,"-3('',3%0'"
!$!$&% %+!!+=JHHL=
%'"0+,"-3
!$!$&% ! !%=JHHL=
%'"0+,"-3
""
* )$=JHJH=
'"0+,"-3(%"(+'"7'-++&)/,>1"-!"' 1+
%,('(&"'-"'=JHIP7JHIQ=
($%&+!!$ $'&%$!)%"=JHIO>JHIP=
+"->,7%%'"0+,"-3(%"(+'"&)/,,
EJM7HHH)%/,-/"-"('
($%&+!!$ $'&
""!$&' &+!)%"=JHIL>JHIM=
+"-'"0+,"-3,7%%'"0+,"-3(%"(+'"&)/,,
EJL7HHH)%/,-/"-"('
%$%"$!$!)=JHII=
+"->,7,-,-'-+7 ('(%/%/7 1""',!"' -('99
EJM7HHH
!
'"0+,"-3(%"(+'"'+ +/-,+!'+-"0-"0"-",+'-=JHIL7JHIM7JHIN7JHIP=
EOMH2LREKHHH
(+(%%(+-"01(+$1"-!/'+ +/-+,+!,,",-'-,('-!"+(1'+,+!)+(#-,
'"0+,"-3(%"(+'"
'"0"/%"4+(,,"('%$"%%,?
@+'-=JHIQ=
EI7HHH
(++,+!"''&+$('!))"',,')+'-"' )+-",
)$,-
-2,(&79A7(47970+%"/797C"&7 99?JHIQ@9/%-/+%0+""%"-3"'-!,,("-"('
-1' '1%%>"' 8!+(%(/'+-"'-30("'9%
(
+-! ! ,
"&7 997C)$,-
?JHIQ@9/%-/+'&(-"0-"('9
'9(!'C9"-3&?,9@ '(($(
/%-/+%,3!(%( 37J'"-"('?))9JNP>JQI@98/"%(+9
)$,-
-?JHIQ@9/%-/+%,3!(%( 39
'?2-(($@)"%&'7997/&)+797'$"',797
(&97
(0--797C+%&/--+79%%( '))###(! ()! ) * *%%
)$,-
-?JHIQ@
,,(',+(&/%-/+%),3!(%( 3(++%1(+%)+(%&,9
&" %
( '))%(!(!)#*" )#)0./1)* * *!*
*! !*%%**#*
(4797)$,-
,
(7
970+%"/797"&7 997C(#0+"'7 9?JHIM@9
3)()%B,)+)-"(',(
-!0+"-3(+,+!"'"' ,+ +"' -!"+',"'()"' ,-+- ",-1',-/'-
,&)%,+(&-1(/%-/+,9 !$ %%7N7NM9
!"
(479A7)$,-
-27+"/.("/7
970+%"/797C"&7 99?!"#@9(-%%(+&,(
"')''++-*/%8'%3"' "')''--!;+" !-13<",,,("-1"-!,%>
,-&'%",-",-"('9 %%(
+-! ! ,
!'7997!+$3797)$,-
97+!797C3%/'>",('79?!"#@9>N!+1%%>"' -
-! "''"' (,!((%%(,/+,/+"'
>IQ8 (1'1,/))(+--!+,6
! !(
3%/'>",('797++797+-+797"&('797+!797!'797)$,-
-7+--79?!"#@9
'+*/'-%3,$/,-"(',(/-
-'-+',"-"(''%3,",?
@9%
(
)$,-
-,+-+7973%/'>",('79C"&7 99?@9-%(-1(%(' "' ,8("%'
&"%(' "' "+'-"%%3,!)&"'),3!(%( "%(/-(&,&(' ,-/'-,9
)$,-
-,3%/'>",('797!047997&)(,797C"&7 99? @90%()&'-'
0%"-"('(-!('0"0"%' +&('3(%%-"0",&,%9
?!! ! @
!
)$,-
-7(&797(47970+%"/797C"&7 99("(&(-"('% "' +(,,/%-/+,9/%-/+%
,3!(%( 3+>('+'-%"-49
% %
%%&1
+%',7
7JHJH9
)$,-
-7(&797(47970+%"/797C"&7 99/%-/+%0+""%"-3"',,("-"('-1' '
1%%>"' 8!+(%(/'+-"'-30("'9 *! !
%%7+,17(%'7JHIO9
)$,-
-7(&797C"&7 99/%-/+'1%%>"' +(,,-!%",)'9 ))"',,3&)(,"/&7
*! !%%7 (37)'7JHIN9
)$-
-7(&797C"&7 99%%>"' +(,,-!%",)'8!+(%( "' 7 '+-"(',7')+"(
-,9 *! !%%7 (37)'7JHIN9
)$,-
-,+-+7973%/'>",('797C"&7 99(-%%(+&,(%(' "' ++-*/%8("%'
&"%(' "' "+'-"%%3,!)(/-(&,&(' /'"0+,"-3,-/'-,9
% %
%%&0"+-/%7JHJI9
!04997)$,-
-C"&7 99,/+"' '/',1"-!"'/%-/+%(%%-"0",&8 +&('3'('0"0"%
(%%-"0",&,%9("-3(++,('%"-3'("%,3!(%( 370"+-/%7JHJI9?!!
@
)$,-
-7(&797(47970+%"/797C"&7 99("(&(-"('% "' +(,,/%-/+,9
%
%
%%&1+%',7
7JHJH9
)$,-
-7(&797(47970+%"/797C"&7 99/%-/+%0+""%"-3"'-!,,("-"('-1'
'1%%>"' 8!+(%(/'+-"'-30("'9
% %
%%&
-%'-77JHIP9
/&,!"%79C)$,-
-7!-,(+%" "(,"-3('"' +"'$"' "'"+,-> '+-"(''('-"'/"' >
'+-"('(%% +,!&'9
% %
%%7-%'-77JHIP9
?!! @
)$,-
-7(&797C"&7 997/%-/+B,+(%"'2)%"'"' &"2"'"' ,"'-!+%-"(',!")-1' "'
'1%%>"' 9 %
7'+'",(77JHIP9
(4797)$,-
-70+%"/797C"&7 99!('0+ '-0%""-3((/+,%>(',-+/%&,/+,"'
(&'"''&+"',&)%,9 *! !%%7+,17
(%'7JHIO9
(4797)$,-
-70+%"/797C"&7 99"+-'"'"+-+%-"(',!"),-1'"'"0"/%>%0%
/%-/+%-(+,71%%>"' 7'-!,%9 " %
7"''7
/,-+"7JHIO9
(4797)$,-
-70+%"/797C"&7 99!&"-"' +(%(,%>,-&"'-!+%-"(',!")
-1'&/%-""&',"('%,%>(',-+/%'1%%>"' 9! %7
"&",(+7(&'"7JHIN9
(4797)$,-
-70+%"/797C"&7 99'2&"'-"('(-!('0+ '-0%""-3(0+"(/,,%>
(',-+/%&,/+,('(&'"''&+"',&)%,9! %7
"&",(+7(&'"7JHIN9
)$,-
-7"&7 9970+%"/797C(479/%-/+'-!+(%(&(-"(',"'+%-"(',!"),9
%
%
%%7
(' !77JHIM9
!
)$,-
-7"&7 9970+%"/797C(479/%-/+'-!+(%(&(-"(',"'+%-"(',!"),9
" %
7&,-+&7 (%%'7JHIM9
)$,-,"&7 997(4797C0+%"/79%%>"' +(,,-!%",)'8!+(%( "' 7 '+-"(',7
')+"(-,9
% %
%%7'" (77JHIM9
)$,-7(#0+"'797
(7
97(4797C"&7 99
')''-'"'-+)''-,%>(',-+/%,
&'",-"+'-%3+(,,/%-/+,8'(&'"9 ( *! !
%%7"&,7+'7JHIL9
"+!797',-7A+&)-('797/-!"+797C%((&79!"%+':,,,,,&'-,(1!-(-!+,$'(18!
-,(%+'"' 9
%" 7-%'-7(+ "7JHHM9?A
/%
@
!
)$,-
-(,"-"0,3!(%( 3%,,(',(+%"0"' 3(/+,-%"/+"' %(%)'&"9%%/&'"
,,("-"('71 0'77JHJH9
)$,-
-(+$,!()8!3(,"-"0,3!(%( 3,!(/%)+-(3(/+%"?'0+3('%,:,-((@9,-
,-'-+7 ('(%/%/7
7JHJH9
)$,-
9
,,(',"'(,"-"0,3!(%( 3(+/"%"' --+(&&/'"-",9(($
,%',
'0,-&'-
(+)(+-"('7+(-(' 7(($
,%',7JHJH9
)$,-
-",),3!(%( "%"'-+0'-"(',(+,-/'-,/,,('&)/,9'-+(+-/'-/,,7
,-&('-(%% 7('-"-(797JHIQ9
)$,-
-",),3!(%( "%"'-+0'-"(',(+,-/'-,/,,('&)/,9,3!(%( 3)+-&'-
3&)(,"/&7'"0+,"-3(%"(+'"7'-++7'-++797JHIQ9
)$,-
-!0+>/+"(/,+",8,+",((&&/'"-31(+$,!(),"'(,"-"0,3!(%( 37'-++7
%"(+'"9' ("' 7&/%-")%-%$,9
)$,-
- "' %"$+($,-+8),3!(%( "%)+,)-"0('),3!(%( "%1%%>"' "'(% 9%
'"0+,"-3/'"('$'71 0'77JHIQ9
)$,-
-/%-/+%!' ' '+-"('%-!(+38,&(+"+'-,-(+",6,-,-'-++(1' 7
('(%/%/7
7JHIO9
)$,-
-
(' "-/"'%))+(!,(+-+$"' ,-/'-,/,,+(,,-!(%% 3+,9/'-"--"0
-!(,"'-!("%"',?@3&)(,"/&9'"0+,"-3(%"(+'"'-++7'-
++797JHIO9
)$,-
-7!+(%(/%-/+%),3!(%( 3"'/,"',,)+-"9'"0+,"-3( 1""-'(!"%+(%%
(/,"',,7 ('(%/%/7 7JHIK9
-2&
2&
2!
!
%&$'&!$!!$7'"0+,"-3(%"(+'"7'-++
(,"-"0,3!(%( 3=JHIO=
,+!-!(,=JHIP=
%&$'&!$!!$7'"0+,"-3(%"(+'"7'-++!((%(+(,,"('%'('-"'/"' /-"('
("%,3!(%( 3=JHJH=
(&&'$$.
%&$'&!$!!$7,-,-'-+ 1""7,"""
+,!")+( +&
+,!")+(,,/%-/+,=JHIO=
!(%+,('
+,!")8!(%((,"-"0,3!(%( 3"'-!/,"',,(
"' =JHIO=
'+-"(',7'+7'-!!' "'
',)(
+,!")=JHIO=
(&&'$$.
%&$'&!$!!$7'"0+,"-3(
,"7
,"7(&'"
/%-/+%,3!(%( 3=JHIL=
(&&'$$.
%&$'&!$!!$7
'-%9+0/!",-",,"('+3'"0+,"-37' (('73'&+
/%-/+%,3!(%( 3=JHIK=
!$&!$+&! $7'"0+,"-3(%"(+'"'-++
(+-(+3"'
'-+(/-(+3,+!-!(,7
(+-(+3"'0',+!-!(,7--",-",7
(+-(+3"'2)+"&'-%("%,3!(%( 3
%%%& &7'"0+,"-3(%"(+'"'-++
/%-/+%,3!(%( 37("%
'%/'7,3!()-!(%( 37 %-!,3!(%( 372)+"&'-%,3!(%( 37
+"-"%
,,/,"',3!(%( 37/%-0%()&'-' "' 7&(+37,3!(%( 3(%7
'-+(/-"('
-(( '"-"0,3!(%( 37( '"-"0,3!(%( 3(-!/)+'-/+%
'+ +/-!('(+,-!,",,-/'-,'L
'+ +/-+,+!,,",-'-,8JM7IK/++'-%3"' +/-,!((%
+/-,-/'-,8P
&%&/43+ =JHJH=
'-"",-%
& &%% +%%=JHIQ= '$(+% =JHIQ=
-!(,'"0+,"-37'-++7
! &' &$'&'$#'&! ! =JHIP=
--,&)7%/*/+*/7
$$ $! =JHIN= &$'&'$#'&! ! =JHIM=
'-+>'"0+,"-3(',(+-"/&(+(%"-"%'("%"',+!--",-"%-!(,7&!+,-7
!
$&& ! =JHIP=
'"0+,"-3(%"(+'"7'-++/&&+!"'
',-"-/-(+,,("-,
' %% &&! $$&&=JHJH=
!((%((,"-"0+',(+&-"('
!%&(%+!!+$&&! $$&&=JHJH=
!((%((,"-"0+',(+&-"('
"" %%$&&! $$&&=JHJH=
(+% ))"',,&3
!
(/'+7,"%"'/&&"-'+-""-+( +&=JHJH>
'('#/'-"('1"-!-!)+-&'-(,3!(%( "%'+"'"',--!'"0+,"-3(
%"(+'"7'-++%(' 1"-!-!!%)(-!%(%!)-+(-!,"!",3!(%( 3
'+ +/- ('(+("-30%(),+",(IH1(+$,!(),1"-!(&)'3"' ,," '&'-,7
*/"44,7'+%-"(',('(,"-"0,3!(%( 37+,"%"'7'! /+"' /++'-
!%%' "' -"&,9'+ +/-' +/-,-/'-,+(,,+%-('+(%%"'-!+
+-""-)+( +&-$"' )%/+"' -!%%'"'-+*/+-+,(JHJH'+'+-""-"'
-!
(
+/--/'-)+,'--"07/"%"' ',+!?(0"@()'"' (&&"--=JHJH>
0'+/--/'-'-(+7+/-!(%+,+( +&=JHIO>
&+"',3!(%( "%,,("-"('
("-3(++,('%"-3'("%,3!(%( 3
("-3(+-!!"' (,3!(%( 3
'-+'-"('%,,("-"('(++(,,>/%-/+%,3!(%( 3
'-+'-"('%(,"-"0,3!(%( 3,,("-"('
'-+'-"('%(,"-"0/-"('-1(+$
"
&'%'
2C@>PMM@IO?DNN@MO<ODJIDNH<?@PKJAAJPMK<MON.<MON'<I?''<M@=<N@?JI<NDIBG@JI@T@<M
<I<GTU@?DI.<MO''.<MO'KMJQD?@NDIDOD<G@QD?@I>@JA?DAA@M@I>@NDI@HJODJI<GKMJADG@N
AM@NCH@INCJR@?BM@<O@M@HJODJI<GADORDOCOC@`H<EJMDOTa>JGG@B@>PGOPM@OC<OJA
''NCJR@?IJ@QD?@I>@AJM@HJODJI<G<>>PGOPM<ODJIOC@M@R<NIJ@QD?@I>@JA>C<IB@DI
<>>PM<>TH<T=@HJM@DHKJMO<IOOC<I@HJODJI<GADODIO@MHNJANOP?@IOJPO>JH@NNP>C<N
?DNODIBPDNC@?=@OR@@INJ>D<G<I?<><?@HD>=@GJIBDIBOJ?@O@MHDI@OC@DHKGD><ODJINJA
?DAA@M@IO>JH=DI<ODJINJA=@GJIBDIBJINOP?@IOJPO>JH@N
"
'""!'!'&
#+;=#HJODJI<G$DOHJIB$DMNO
<I?!JIODIPDIB
%@I@M<ODJI1OP?@IONKBN
#+;=#HJODJI<G$DOJQ@M2DH@KBN
#+;=#HJODJI<G$DOQN#HJODJI<G>>PM<>TKBN
/7/;+53<-><<387KBN
%/0/;/7-/<1OP?D@NKBN
99/7.3-/<
"
68=387+53=68=387+5-->;+-B+7./5871371
68713;<=/7/;+=387+7.87=37>371/7/;+=387(73?/;<3=B&=>./7=<
=T
1H<M<I?<'J<I<*<RMD@
)
68=387+53=68=387+5-->;+-B+7./5871371
68713;<=/7/;+=387+7.87=37>371/7/;+=387(73?/;<3=B&=>./7=<
3D20C8>=C74=14H>=30;;>C74A34E824B>57D<0=>A868=8BC746A40C4@D0;8I4A>5C74
2>=38C8>=B>5<4=C7410;0=24F744;>5C74B>280;<0278=4AH
-/!#%!,,!1(%/-&+%/)#!,2"*)#$2#!1)-,
<4A820=A40<OJ?@N>MD=@OC@C@<MO<I?NJPGJAH@MD><I>PGOPM@&@RMJO@OC<O`;85420=
1414CC4A0=3A8274A0=35D;;4A5>A4E4AH>=4F8C7>??>ACD=8CH5>A4027A460A3;4BB>5
OC@`G<I?JAJKKJMOPIDOTa <KG<>@RC@M@<ITJI@>JPG?<>CD@Q@OC@<4A820=A40<<I?MDN@
AMJHM<BNOJMD>C@NDAOC@TKPODIOC@C<M?RJMF<I?K@MN@Q@M@?@B"PI><I+PMI<I@
>PMM@IOGTJI@JAOC@HJNOPI@LP<G<I?G@<NONJ>D<GGTHJ=DG@>JPIOMD@NDIOC@RJMG?,JMOJI
.D>F@OO
HPGODOP?@JAA<>OJMN>JIOMD=PO@OJOC@G<MB@DI>JH@B<KNDIOCDN>JPIOMT=PO
=<>C@GJMcN?@BM@@DNOC@HJNOKJR@MAPGKM@?D>OJMJAJI@cNNO<OPNDIH@MD><INJ>D@OT<I?OC@
?DQD?@=@OR@@IOC@JAH@MD><INRCJC<Q@<>JGG@B@?@BM@@<I?OC@RCJ?JIcO
@?P><ODJINTNO@HNTNO@H<OD><GGTA<DGN@IODM@BMJPKNJANOP?@IONAMD><IH@MD><I*<ODIS
*
H@MD><I<I?JOC@MIJI
ND<IHDIJMDOD@NRJH@IDI12#+<I?ADMNO
B@I@M<ODJI>JGG@B@
N@OODIBN2CDNC<NCPB@DHKGD><ODJINOC<ONOM@O>CJPOJQ@MOC@GDA@ODH@&@MNC=@DI
NTNO@HDNK<MOD<GGTM@NKJIND=G@AJMH<DIO<DIDIB<I?BMJRDIBOC@DI@LP<GDOTDIOCDN>JPIOMT
JPM?D@P5<>LP<IO
2C@>PMM@IOM@N@<M>CAJ>PN@?JI<G<MB@BMJPKJANOP?@IONOC<OC<NM@>@DQ@?
<I?<M@OC@LPD>F@NOBMJRDIBNOP?@IO?@HJBM<KCD>@B0@<M?JI"PI><I+PMI<I@
OTKD><GGTO<F@A@R@M>M@?DONOC@TM@>@DQ@GJR@MBM<?@NOC@TK<MOD>DK<O@DIA@R@M
OC@TNPAA@MAMJHHJM@KNT>CJGJBD><G<I?KCTND><GC@<GOCDNNP@N<I?OC@T<M@HJM@GDF@GTOJ
DIO@BM<ODJI
OC@TGDQ@JAA><HKPN<I??@<GRDOC>JHHPO@NOC@TAM@LP@IOGT>JH@AMJHPI?@MK@MAJMHDIB
+
CDBCN>CJJGNOC@T?JIcOC<Q@MJG@HJ?@GNRCJOC@HN@GQ@NR@IOOJ>JGG@B@<I?OC@TJAO@I
?@<GRDOCA<HDGTBPDGOAMJHA<HDGTH@H=@MNRCJA@@GGDF@OC@TR@M@;45C1478=3@B
OC@TOM<INDODJIOJ>JGG@B@=@><PN@OC@TC<Q@=@@INJ>D<GDU@?DI<>PGOPM@OC<ODN?DAA@M@IO<I?
NJH@ODH@N<OJ??NRDOCPIDQ@MNDOT>PGOPM@2TKD><GGTC<QDIBBMJRIPKDI<HJM@RJMFDIB
@IQDMJIH@IOOC<OC@<QDGT@HKC<NDU@N<I?Q<GP@NDI?@K@I?@I>@2CDNHDNH<O>C><PN@NOC@H
OJA@@GJPOJAKG<>@DIOC@DMI@R@IQDMJIH@IONJH@RC<O<FDIOJ<IDHHDBM<IODI<I@R
<><?@HD>K@MAJMH<I>@<NR@GG<NKCTND><G<I?KNT>CJGJBD><GR@GG =@DIB1O@KC@IN@O<G
2C@>PMM@IO?DNN@MO<ODJIR<N?@NDBI@?OJ=PDG?JIOCDNDIIJQ<ODQ@OC@JMTDIJM?@MOJ
PI?@MNO<I?OC@KM@>DN@H@>C<IDNHNOC<O@SKG<DICJRADMNO B@I@M<ODJINOP?@ION@SK@MD@I>@OCDN
HDNH<O>CJMDI>JHK<OD=DGDOTRDOCOC@DM>JGG@B@@IQDMJIH@IO3IGDF@JOC@MNJ>D<G><O@BJMD@N
<I?OCPNNJH@RC<OHJM@?DAAD>PGOOJ?DNODIBPDNC<I?G<=@G)M<PN1O@KC@IN
,
+<MFPN!JII@M 'R<NOCPN>PMDJPN<=JPORC<ONDBI<GNADMNO
B@I@M<ODJINOP?@ION
OC<OOC@T?JIcO=@GJIB5DOCOCDN=MJ<?BJ<GDIHDI?'KMJKJN@?OC<OK<MOJAOC@<INR@MGD@NDI
@HJODJI<GGTOJNDHDG<MNDOP<ODJINJMNODHPGD#HJODJINM@AG@>O<IDI?DQD?P<GcNJKDIDJICDNJM
@SK@MD@I>@?=TJOC@MDI?DQD?P<GN<MJPI?CDHJMC@MC@JMNC@RDGGHJNOGDF@GT=@BDIOJA@@G
JPOJAKG<>@<I?NO<MOOJLP@NODJICDNJMC@M=@GJIBDIB
G<MB@?<O<=<N@JAM@N@<M>CDIOC@AD@G?JA!PGOPM<G.NT>CJGJBTC<NAJPI?OC<O>PGOPM@
C<NKMJAJPI?DHKGD><ODJINJI@HJODJI<G@SK@MD@I>@NAJMM@QD@RNN@@+@NLPDO<*@P
>PGOPM@NQ<MTDIOC@DIO@INDOT<I?OM<INK<M@I>TRDOCRCD>COC@T@SKM@NNOC@DM@HJODJIN@B
DIOC@OTK@JA@HJODJINOC<O<M@OTKD><GGT@SK@MD@I>@?JI<?<DGT=<NDN@B+@NLPDO<
DHKGD><ODJINJIKNT>CJGJBD><GAPI>ODJIDIBDIHP>COC@N<H@R<TOC<OI<ODJI<G>PGOPM@N?J
%MJRDIBPKDI?DAA@M@IONJ>D<G>G<NN>JIO@SONAJNO@MN<I?M@LPDM@N?DAA@M@IOOTK@NJA=@C<QDJM
-
M@K@<O@?=@C<QDJM<GK<OO@MINNC<K@?DAA@M@IO<NK@>ONJAOC@N@GA<I?K<OO@MINJAM@G<ODIBOJ
@SK@>O@?OC<ONJ>D<GDU<ODJIDI?DAA@M@IONJ>D<G>G<NN@IQDMJIH@IONRJPG?<GNJC<Q@KMJAJPI?
NJ>D<G>G<NN<I?@HJODJI<G@SK@MD@I>@NC<NIJO=@@IKM@QDJPNGTDIQ@NODB<O@?
2CDN?DNN@MO<ODJIR<N?@NDBI@?OJN@MQ@N@Q@M<G=MJ<?BJ<GN$DMNO'R<IO@?OJ
DIAGP@I>@@HJODJI<GM@NKJIN@KMJADG@NDINDHDG<MNDOP<ODJIN'IJOC@MRJM?N'@SK@>O@?OC<O
RJPG?C<Q@@HJODJIKMJADG@NHJM@NDHDG<MOJOC<OJA>JIODIPDIB B@I@M<ODJIPKK@M>G<NNH@I
AM@NCH@IRJPG?C<Q@@HJODJI<GKMJADG@NOC<O<M@G@NNNDHDG<MOJOC<OJA>JIODIPDIB B@I@M<ODJI
AM@NCH@IRJPG?NCJRG@NN@HJODJI<GADOGJR@M@HJODJI<G>JIBMP@I>@NN>JM@N RDOCOC@
`H<EJMDOTa>PGOPM@1@>JI?'R<IO@?OJ@NO<=GDNCOC<O<G<>FJA@HJODJI<GADORDOCOC@
ADMNO B@I@M<ODJINOP?@ION<>>PGOPM<O@@HJODJI<GGTOJOC@>JGG@B@@IQDMJIH@IODIOC@N<H@R<T
.
68=387+53=68=387+587=+1387+7.68=387+5-->5=>;+=387
?JOC@M@G<ODJINCDKJAO@I?J@NIcOG<NO.@JKG@NOMJIBGTKM@A@MNDHDG<MJOC@MN<I?M@G<ODJINCDKN
<HJIBHJM@NDHDG<MDI?DQD?P<GNO@I?OJ=@HJM@APGADGGDIB<I?G<NOGJIB@MOC<IM@G<ODJINCDKN
>PMM@IOM@N@<M>CNDHDG<MDOTDI@HJODJINDN<NNJ>D<O@?RDOCHJM@M@R<M?DIBDIO@M<>ODJIN@B
#HJODJI<GNDHDG<MDOTDNNJ>MDOD><GAJMDIO@MK@MNJI<G<I?M@G<ODJI<GJPO>JH@NOC<O
@HJODJI<GOM<INA@M=@OR@@IDI?DQD?P<GNNJH@ODH@NJ>>PMN<GHJNODINO<IO<I@JPNGT5DG?<I?
>JGG@<BP@N AJPI?OC<OGJJFDIB<O<KD>OPM@JA<N<?JMC<KKTA<>@AJMEPNOC<GA<N@>JI?
R<N@IJPBCOJDI?P>@OC@N@A@@GDIBNDIK<MOD>DK<ION<I?OCDNOTK@JA@HJODJI<GOM<INHDNNDJI
@HJODJINAMJHJOC@M=<=D@N<I?NO<MOOJ>MTRC@IOC@TC@<M<I@<M=T=<=T>MTDIB@B
/
#HJODJI<G>JIO<BDJI><I@Q@IO<F@KG<>@<>MJNNG<MB@BMJPKNJAK@JKG@1J>DJGJBDNONC<Q@
?J>PH@IO@?IPH@MJPN@S<HKG@NJA`H<NNCTNO@MD<aDI<Q<MD@OTJANJ>D@OD@N$JM@S<HKG@
A@<MDI1DIB<KJM@
#HJODJI<GOM<INA@MDIGJIB O@MHM@G<ODJINCDKNG@<?NOJ>JIQ@MB@I>@JA@HJODJI<G
$JRG@M<I?!CMDNO<FDN C<Q@AJPI?APMOC@MNOMDFDIB@QD?@I>@JAOC@>JGG@>ODQ@I<OPM@JA
I@ORJMFNC<KKTAMD@I?RCJGDQ@NRDOCDI<HDG@DI>M@<N@NOC@KMJ=<=DGDOTOC<O<K@MNJIDN
AGDKND?@JAOC@@HJODJINK@>OMPHOC@N<H@M@NPGONC<Q@<GNJ=@@IAJPI?RDOCGJI@GDI@NN
'I?DQD?P<GNRCJHJQ@AMJHJI@>JPIOMTOC@DMCJH@>JPIOMT OJ<IJOC@M>JPIOMTOC@
0
OTKD><GK<OO@MINJA@HJODJI<GM@NKJIN@N@B"@*@@MNIT?@M+@NLPDO<)DH"@
K<OO@MINOJOC@R<TNOC<OJOC@MH@H=@MNJAOC@CJNO>PGOPM@M@NKJI?@HJODJI<GGT+JM@JQ@M
@HJODJI<GADO=@OR@@I<IDHHDBM<IOcN@HJODJI<GK<OO@MIN<I?OC@OTKD><GCJNO>JPIOMTcN
@HJODJI<GK<OO@MINC<N=@@INCJRIOJC<Q@KJNDODQ@DHKGD><ODJINAJMJOC@M<>>PGOPM<ODJI
KMJ>@NN@N'HHDBM<IONRCJNCJRHJM@@HJODJI<GADOD@CDBC@M@HJODJI<G>JIBMP@I>@
DI?DAA@M@IO1#1>PGOPM@NRJPG?>JH@DIRDOC?DAA@M@IOK<OO@MINJA@HJODJI<GKMJADG@N=PO
>PGOPM@RJPG?DI>M@<N@JQ@MODH@
&8-3+5#<B-28581B37-=387D*3</E7=/;?/7=387<37.>-+=387
&PI?M@?NJADIO@MQ@IODJINAJ>PN@?JI>C<IBDIBOC@J=E@>ODQ@LP<GDOD@NJA
1
KMJBM<HNC<Q@KMJQ@I=@I@AD>D<GAJM<OMDNFNOP?@IOKJKPG<ODJIN=POOC@TM@LPDM@OM@H@I?JPN
M@>@IOT@<MN<IPH=@MJA`5DN@aDIO@MQ@IODJIN?@Q@GJK@?=TNJ>D<GKNT>CJGJBDNONC<Q@=@@I
DHKG@H@IO@?=MJ<?GT<I?NP>>@NNAPGGT<OM@G<ODQ@GTGJR>JNONAJMM@QD@RNN@@%@CG=<>C
HDIJMDOTNOP?@IONA<>@JI><HKPNDNH<I<BDIBNO@M@JOTK@OCM@<O OC@A@<MOC<OOC@DMNJ>D<G
D?@IODOT<N<HDIJMDOTNOP?@IO>JPG?=@?@Q<GP@?+<I<BDIB>JI>@MIN<=JPOH<MBDI<GDOTDI
DIO@MQ@IODJIN<M@NP>>@NNAPGGT<=G@OJDIO@MMPKOOCDNI@B<ODQ@GJJKJAOCDIFDIB<I?N@ONOP?@ION
JI<=@OO@MK<OCOJR<M?N<><?@HD><I?KNT>CJGJBD><G NP>>@NN
`5DN@aDIO@MQ@IODJIN<M@=<N@?JI<KM@>DN@PI?@MNO<I?DIBJAKNT>CJGJBD><G
KMJ>@NN@NNK@>DAD><GGTKNT>CJGJBDNONC<Q@D?@IODAD@?N@Q@M<G?DAA@M@IO<NK@>ONJAK@JKG@cN
KNT>CJGJBTOC<OC<MHNNOP?@IO@?P><ODJI<GJPO>JH@N<I?OC@I?@NDBI@?DIO@MQ@IODJIN<DH@?
<O>C<IBDIBOC@N@KMJ>@NN@N2C@N@HDIJMOR@<FNDIK@JKG@cNKNT>CJGJBT><IDIDOD<O@N@GA
@AA@>ONNNP>CN@@HDIBGTB<0;;DIO@MQ@IODJINDHKG@H@IO@?<OOC@MDBCOODH@<I?DIOC@MDBCO
R<T><IC<Q@186@AA@>ON
2C@M@<M@N@Q@M<GKNT>CJGJBD><GDIO@MQ@IODJINOC<OC<Q@=@@INP>>@NNAPGGT
NOP?@IONRCJR@M@<NF@?OJ<AADMHOC@DMHJNODHKJMO<IOQ<GP@NRJMMD@?G@NN<=JPOADOODIBDI<O
)(
OC@@I?JAOC@N@H@NO@M<I?J=O<DI@?=@OO@MBM<?@NDIHPGODKG@>G<NN@N&<M<>FD@RD>U
NOP?TM@N@<M>C@MNAJPI?OC<OOC@N@@AA@>ONK@MNDNO@?OCM@@T@<MN<AO@MOC@DIDOD<GDIO@MQ@IODJI
NOP?@ION<M@@I>JPM<B@?OJN@@<NN@NNH@IO<NK<MOJAOC@G@<MIDIBKMJ>@NNDI>JGG@B@M<OC@M
K@MAJMH@?<NR@GG<NOC@DMR@<GOCD@MK@@MN
PDG?DIBJIOC@!PGOPM<G+DNH<O>C2C@JMT,D>JG@1O@KC@IN<I?C@M>JGG@<BP@NC<Q@
<GNJ?@Q@GJK@?<KMJBM<HOJC@GKADMNO B@I@M<ODJINOP?@ION2C@H<DIJ=E@>ODQ@JAOC@DM
8554A4=243D20C8>==C4AE4=C8>=DNOJO@<>CNOP?@IONOC<O?DAA@M@IO=<>FBMJPI?N<M@PN@APG
>JI?P>O@?=T<?@HJBM<KCD><GGT?DQ@MN@BMJPKJAN@IDJMN'IOC@DIO@MQ@IODJI>JI?DODJIOC@
PKK@M>G<NNH@I?DN>PNN@?CJROC@TJQ@M><H@?DAAD>PGOD@N<I?AJPI?NP>>@NNDI>JGG@B@<GGOC@
RCDG@@HKC<NDUDIBOC@PIDLP@MJG@OC@DMADMNO B@I@M<ODJINO<OPNKG<T@?'IOC@>JIOMJG
>JI?DODJIOC@N<H@PKK@M>G<NNH<IKMJQD?@?OC@N<H@NOJMD@N=PO?D?IJO?DN>PNNOC@DM
=<>FBMJPI?N2CDNNH<GGDIO@MQ@IODJI@GDHDI<O@?OC@NJ>D<G>G<NNB<KNP>COC<OADMNO
B@I@M<ODJINOP?@IONRCJOJJFK<MODIOC@DIO@MQ@IODJINJPBCOJPOHJM@M@NJPM>@N@BH@@ODIB
))
>JI?DODJI$PMOC@MHJM@OC@N@@AA@>ON<KK@<MOJ=@GJIBG<NODIB'I<AJGGJR
PKNOP?TORJ
T@<MNG<O@MNOP?@IONRCJC<?O<F@IK<MODIOC@DIO@MQ@IODJIKM@N@IO@?KCTNDJGJBD><GOCMDQDIB
DI<NOM@NNAPGNK@@>CNDOP<ODJIDIJOC@MRJM?NOC@TR@M@<=G@OJHJM@LPD>FGTM@OPMIOJ
KCTNDJGJBD><G=<N@GDI@AJGGJRDIBOCDNNOM@NNAPG@Q@IO 2C@<POCJMNNPBB@NOOC<OOCDNHDBCO
H@<IOC<OADMNO B@I@M<ODJINOP?@IONRCJOJJFK<MODIOC@DIO@MQ@IODJIC<Q@G@<MI@?OJN@@OC@DM
@Q@IOP<GGT>M@<O@<IJOC@MDIO@MQ@IODJIOJC@GKNPKKJMOADMNO B@I@M<ODJINOP?@ION<>CD@Q@OC@DM
>JGG@B@BJ<GN&JR@Q@M`5DN@aKNT>CJGJBD><GDIO@MQ@IODJINRJMF=@><PN@OC@T<M@=<N@?JI
PI?@MNO<I?DIBJACJR@HJODJI<GKMJ>@NN@NPIAJG?JQ@MODH@AJMADMNO <I?>JIODIPDIB
B@I@M<ODJINOP?@IONDI>JGG@B@DNI@@?@?
#;/</7=%/</+;-2
2C@M@<M@H<ITM@<NJINAJMOC@B<KDI<>CD@Q@H@IO=@OR@@IADMNO <I?>JIODIPDIB
B@I@M<ODJINOP?@ION=POKNT>CJGJBD><GA<>OJMNKG<TIJNH<GGK<MO1@Q@M<G?DAA@M@IONOP?D@N
C<Q@@NO<=GDNC@?OC<OJI@JAOC@=DBB@NO>C<GG@IB@NA<>@?=TADMNO B@I@M<ODJINOP?@IONDI
PIDQ@MNDOT@IQDMJIH@IONDN<>PGOPM@>G<NC&JR@Q@MRC<ODNPI>G@<MAMJHOCDNRJMFDNCJR
OCDN>PGOPM<GHDNH<O>CDN<>OP<GGT@SK@MD@I>@?JMA@GO=TADMNO B@I@M<ODJINOP?@ION'IJOC@M
@SK@MD@I>@<HDNH<O>C
)*
2C@KMDH<MTBJ<GJAOC@>PMM@IOM@N@<M>CR<NOJKMJQD?@DIDOD<G@HKDMD><G@QD?@I>@AJM
OC@MJG@JA@HJODJI<GADO<N<KNT>CJGJBD><GH@>C<IDNHOC<OHDBCO@SKG<DIRCTADMNO
B@I@M<ODJINOP?@IONA@@GJPOJAKG<>@DI>JGG@B@5DOCOCDNBJ<GDIHDI?HTADMNOJ=E@>ODQ@R<N
@SK@MD@I>@?DAA@M@IOK<OO@MINJA@HJODJINDINDHDG<MNDOP<ODJIN<I?>JIO@SON+TN@>JI?
J=E@>ODQ@R<NOJ@NO<=GDNCOC<O@HJODJI<GADOBM@<O@MNDHDG<MDOT=@OR@@I<IDI?DQD?P<GNc
@HJODJI<GK<OO@MI<I?OC@@HJODJI<GK<OO@MIJA>JIODIPDIB B@I@M<ODJI>JGG@B@NOP?@IONRCJ
H<F@PKOC@`H<EJMDOTaJM`CJNOa>JGG@B@>PGOPM@C<NKJNDODQ@DHKGD><ODJINAJM>JGG@B@
J=E@>ODQ@R<NOJ@NO<=GDNCOC<OADMNO B@I@M<ODJI>JGG@B@NOP?@ION@HJODJI<GGT<>>PGOPM<O@OJOC@
N<H@R<TOC<ODHHDBM<ION<>>PGOPM<O@OJ<I@R>JPIOMT<I?>PGOPM@<I?OC<OOCDNC<NKJNDODQ@
DHKGD><ODJINAJM>JGG@B@JPO>JH@N
2C@DIDOD<G?DNN@MO<ODJIKMJKJN<GJPOGDI@?<OCM@@ R<Q@GJIBDOP?DI<GNOP?T?@NDBI@?OJ
NOP?D@N.<MO'''<I?'4 R@M@><MMD@?JPO<I?NP=HDOO@?<NK<MOJAOC@>PMM@IO?DNN@MO<ODJI
'I.<MO'AJGGJRDIB<HDNNDIBK<MOD>DK<ION<I<GTNDN'PN@??<O<AMJHNOP?@IONRCJ
PN@??<O<AMJHNOP?@IONRCJ>JHKG@O@?<GGOCM@@R<Q@NJAOC@GJIBDOP?DI<GNOP?TD@
NOP?@IONG<=@G@?<N`>JHKG@O@Na <I?><MMD@?JPON@Q@M<GBMJROC>PMQ@HJ?@GNDIJM?@MOJ
?@O@MHDI@CJR@HJODJI<GADO>C<IB@NJQ@MODH@'I<NPKKG@H@IO<MT<??DODJIOJ.<MO'''
M@KGD><O@?OC@M@BM@NNDJI<I<GTN@NAMJH.<MO'OJ?@O@MHDI@CJR<I?DA@HJODJI<GADO<I?JOC@M
KNT>CJGJBD><GQ<MD<=G@NH@<NPM@?<O<GGOCM@@ODH@KJDION5<Q@N KM@?D>O>PHPG<ODQ@
%.<OODH@KJDIO?PMDIBNOP?@IONc5DIO@MLP<MO@MJAOC@DM1JKCJHJM@T@<M
<N@?JIADI?DIBNDIN@>ODJIN'<I?'''>JGG@>O@?<??DODJI<G?<O<AJM<OCDM?>MJNN
N@>ODJI<GNOP?T.<MO''' OJDIQ@NODB<O@RC@OC@M@HJODJI<GADOJM@HJODJI<G<>>PM<>TD@
C<QDIB<IPI?@MNO<I?DIBJAOC@K<OO@MINJA@HJODJIN<HJIB`H<EJMDOTa>PGOPM@>JIODIPDIB
B@I@M<ODJINOP?@ION DNHJM@DHKJMO<IOAJMNOP?@IOJPO>JH@N
),
$DI<GGTDI.<MO'4'>JGG@>O@?HJM@?<O<DIJM?@MOJDIQ@NODB<O@RC@OC@M>JI>@KOP<GGT
B@I@M<ODJINOP?@ION <NR@GG<NCJROC@N@?DAA@M@IOK<OO@MINJM>G<NN@NJA=@GJIBDIB<M@
@NO@@H<I?NOM@NN JPO>JH@N
)-
#+;=
).
#+;= 68=387+53=68713;<=/7/;+=387+7.87=37>371/7/;+=387855/1/
&=>./7=<
2C@M@R@M@ORJBJ<GNAJM>PMM@ION@>ODJI.<MO' $DMNO'R<IO@?OJ@NO<=GDNC<IT
ADMNOA@RR@@FNJA>JGG@B@RJPG?NCJR;>F4A@HJODJI<GADORDOC>JIODIPDIB B@I@M<ODJI
PKK@M>G<NNH@I>JIND?@M@?OJM@KM@N@IOOC@`H<EJMDOTaJM`CJNOa>JGG@B@>PGOPM@ >JHK<M@?OJ
%.<O2DH@5<Q@DNKM@?D>O@?=T@HJODJI<GADOJM@HJODJI<G>JIBMP@I>@N>JM@N <I?
JOC@MKNT>CJGJBD><GQ<MD<=G@NH@<NPM@?<O2DH@
/=28.
#+;=3-39+7=<
.<MOD>DK<IONR@M@PI?@MBM<?P<O@NOP?@ION<O<G<MB@<I??DQ@MN@KP=GD>PIDQ@MNDOTDI
N@OPKDI>JHHJI<M@<NJAPIDQ@MNDOT?JMHN?PMDIB?DII@MCJPMN"PMDIB5<Q@K<MOD>DK<ION
R@M@@DOC@MO@NO@?DI?DQD?P<GGTJI<>JHKPO@MDI<G<=DIOC@.NT>CJGJBT"@K<MOH@IOJMDI
NOP?@IO?JMHDOJMD@N"PMDIB5<Q@N<I?K<MOD>DK<IONR@M@N@IO<GDIFOJOC@NOP?T<I?
<NF@?OJADGGJPOOC@NPMQ@TDI<LPD@O<I?KMDQ<O@KG<>@JAOC@DM>CJJNDIB.<MOD>DK<ION
M@>@DQ@?@DOC@MC<GA<>JPMN@>M@?DOJMAJMK<MOD>DK<ODJIDI5<Q@1P=N@LP@IOGT
)/
<=JIPNJAAJM>JHKG@ODIB<GGOCM@@R<Q@N.<MOD>DK<IONM@>MPDO@?DIOC@?JMHDOJMD@N<GNJ
M@>@DQ@? NGD>@NJAKDUU<?PMDIB5<Q@
1OP?@IONKMJQD?@?OC@DMNOP?@IO'"NDIJM?@MOJH<O>COC@DMNPMQ@TM@NKJIN@NOJ
JAAD>D<GOM<IN>MDKONJ=O<DI@?AMJHOC@PIDQ@MNDOTcNM@BDNOM<MJAAD>@2M<IN>MDKONR@M@J=O<DI@?
D?@IODATDIBDIAJMH<ODJIR<NM@HJQ@?AMJHOC@?<O<ADG@<I??<O<<I<GTNDNKMJ>@@?@?RDOCJPO
<ITD?@IODATDIBDIAJMH<ODJIKM@N@IO2C@@IODM@?<O<>JGG@>ODJIK@MDJ?NK<II@?JI@<I?<C<GA
T@<MN<I?R<N<KKMJQ@?=TOC@CJNODIBPIDQ@MNDOTcNDIO@MI<GM@QD@R=J<M?'0
J=O<DI@?>PHPG<ODQ@%.?<O<AJM JAOC@N@K<MOD>DK<ION?PMDIBOC@5DIO@M
BM@<O@MOC<I@SK@>O@?"@NKDO@=@DIBH<?@<R<M@JAOC@GJIBDOP?DI<GI<OPM@JAOC@NOP?T
K<MOD>DK<ION>JHKG@O@?5<Q@+JM@JQ@MJIGTK<MOD>DK<ION>JHKG@O@?<GGOCM@@R<Q@N
K<MOD>DK<ION AMJH5<Q@C<QDIBHDNN@?5<Q@-POJAOC@M@NKJI?@IONRCJ
?<O<1@@2<=G@AJM?@O<DG@??@HJBM<KCD>?<O<AJM=JOCNOP?@IONRCJ>JHKG@O@?<GGOCM@@
8ABC4=4A0C8>=0=3>=C8=D8=64=4A0C8>=(CD34=CB'IJM?@MOJ?DNODIBPDNC
CDBC@NOG@Q@GN JA@?P><ODJI1OP?@IONRCJC<?<OG@<NOJI@K<M@IORDOC<>JGG@B@?@BM@@AMJH
)0
`>JIODIPDIB
B@I@M<ODJIaNOP?@IONGGJOC@MNOP?@IONR@M@>JIND?@M@?OJ=@`ADMNO
B@I@M<ODJIa
B@I@M<ODJINOP?@ION<I?=R@M@>JIODIPDIB B@I@M<ODJINOP?@ION
NPMQ@T@?DIJM?@MOJ@NO<=GDNCH<EJMDOT>PGOPM@@HJODJI<GK<OO@MINOJ=@PN@?DI@HJODJI<GADO
@HJODJI<G>JIBMP@I>@ ><G>PG<ODJIN1@@`+@OCJ?NaN@>ODJI=@GJR<I?2<=G@AJMH@<IN
<I?NO<I?<M??@QD<ODJINAJM@<>C#HJODJI<G$DON>JM@
&+
&+
$+
$+
&+
$+
)1
)+
&+
&+
$+
$+
&+
$+
)+
$+
$+
$+
'+,5/
"@HJBM<KCD>Q<MD<=G@NAJM<GGR<Q@N`>JHKG@O@Na<I?`IJI
>JHKG@O@Na
20
',820
#0,8
08/0;4/08=4=B
',.0,8/0=384.4=B
*(
<4,8<4,870;4.,8
+34=09;,>.,<4,870;4.,8
%=30;
88>,61,746B48.970
069@
%?0;
98G=!89@
(9.490.98974.<=,=><
"9@0;74//60.6,<<
(964/6B74//60.6,<<
*::0;74//60.6,<<
*::0;.6,<<
&6,.0914;=3
8=30*(
/>.,=498,6,.52;9>8/
98=48>4822080;,=498
/+<>;/<
*)
2C@>PMM@IOM@N@<M>CR<N><MMD@?JPODIOCM@@R<Q@NJA<GJIBDOP?DI<G?@NDBI1OP?@ION
R@M@O@NO@??PMDIBOC@DMADMNOA@RR@@FNJA>JGG@B@D@$<GGLP<MO@MJAOC@DMAM@NCH<IT@<M
OC@M@BDNOM<McNJAAD>@?PMDIBOC@5DIO@MLP<MO@MJANOP?@IONcNJKCJHJM@T@<M5<Q@
<>C8>=0;8C#HJODJI<GADOJM@HJODJI<G>JIBMP@I>@N>JM@N =@OR@@IAM@NCH@I
NOP?@ION<I?OC@CJNO>PGOPM@D@>PGOPM@JA>JIODIPDIB B@I@M<ODJINOP?@IONRCJH<F@PKOC@
H<EJMDOT>PGOPM@JI><HKPN R<NH@<NPM@?PNDIBOC@#HJODJI<G.<OO@MIN/P@NODJII<DM@
H@<NPM@JADHHDBM<IONc@HJODJI<GNDHDG<MDOTOJOC@DMCJNOBMJPK@B)JM@<IDHHDBM<IONDI
K<MOD>DK<IONOJ?@N>MD=@AJPM?DAA@M@IOM@>@IONDOP<ODJINDIRCD>COC@T@SK@MD@I>@?OC@
OC@ADMNOORJR<Q@NJAOC@NOP?T=POJIGTOC@I@B<ODQ@@IB<B@?<I?I@B<ODQ@?DN@IB<B@?
KMJHKONDI5<Q@DIJM?@MOJNCJMO@IOC@NPMQ@T<I?@I>JPM<B@NOP?@IONOJ>JHKG@O@<GG
OCM@@R<Q@N2C@#./DN<GNJOTKD><GGT<?HDIDNO@M@?AJMHPGODKG@>JIO@SONNP>C<NN>CJJG
N>CJJGJPO>JH@N'M@NOMD>O@?OC@PN@JAOC@#./OJOC@N>CJJG>JIO@SODIOC@>PMM@IONOP?T
>220B8>=0CB27>>;8=F7827C74H54;C6>>301>DCC748AA4;0C8>=B78?F8C7>C74ABa<I?DIOC@
,@B<ODQ@"DN@IB<B@?KMJHKONOP?@IONR@M@<NF@?OJRMDO@<=JPO`0=>220B8>=0CB27>>;8=
**
F7827C74H54;C10301>DCC78=6BC70C70??4=43C>C74<?4AB>=0;;HaAO@MRMDODIB<=JPO@<>C
KMJHKOK<MOD>DK<IONM<O@?OC@HN@GQ@NJI?DAA@M@IO@HJODJIN@GD>DO@?=TOC@KMJHKO@B
BJJ?C<KKT=<?NG@@KTNPMKMDN@?@O> PNDIB< KJDIO*DF@MO OTK@N><G@=>C0C0;;
4GCA4<4;H 2C@@HJODJIDO@HNDI>GP?@?R@M@>CJN@IOJM@KM@N@IO@<>CJAOC@AJPMLP<?M<ION
'IJM?@MOJ><G>PG<O@@HJODJI<GADOJM@HJODJI<G>JIBMP@I>@N>JM@N '>JHKPO@?OC@
OC@@HJODJINH@<NPM@?D@@HJODJINDI@<>CJAKMJHKONS@HJODJIN
OJO<G <I?>JMM@G<O@?OC@N@N>JM@NOJAM@NCH@INOP?@IONcDI?DQD?P<GM@NKJIN@NJIOC@N@N<H@
DO@HN2CPN@<>CAM@NCH<IK<MOD>DK<IOcNDI?DQD?P<G@HJODJI<GK<OO@MIOC@DMM<ODIBNJI@<>C
JAOC@@HJODJIN R<N>JMM@G<O@?OJOC@<Q@M<B@CJNO>PGOPM@cN@HJODJI<GK<OO@MI2CDN
K<MOD>DK<IONcPIDLP@@HJODJI<GK<OO@MI<I?OC@H@<IK<OO@MIJAOC@G<MB@M>JGG@B@>PGOPM@
DI?DQD?P<G@HJODJI>JMM@G<ODJINOJ>JHKPO@N@Q@M<G?DAA@M@IOJQ@M<GG@HJODJI<GADON>JM@N
OC@N@DI>GP?@?<I@HJODJI<GADON>JM@AJMOC@.JNDODQ@#IB<B@?N>@I<MDJ<I@HJODJI<GADO
N>JM@AJMOC@.JNDODQ@"DN@IB<B@?N>@I<MDJ<I@HJODJI<GADON>JM@AJMOC@,@B<ODQ@#IB<B@?
N>@I<MDJ<I?<I@HJODJI<GADON>JM@AJMOC@,@B<ODQ@"DN@IB<B@?N>@I<MDJGGN>JM@NR@M@
DI?DQD?P<G>JMM@G<ODJIN>JM@2CDNR<N?JI@DIJM?@MOJ@INPM@<IJMH<G?DNOMD=PODJIJAN>JM@N
'<GNJ>JGG<KN@?ADON>JM@N<>MJNNKJNDODQ@<I?I@B<ODQ@KMJHKON<I?><G>PG<O@?<I<Q@M<B@
@HJODJI<GADON>JM@AJMOC@KJNDODQ@N>@I<MDJN<I?<I<Q@M<B@@HJODJI<GADON>JM@AJMOC@
*+
I@B<ODQ@N>@I<MDJN<NR@GG<NJI@JQ@M<GG@HJODJI<GADON>JM@>JGG<KN@?<>MJNNKJNDODQ@<I?
I@B<ODQ@@IB<B@?<I??DN@IB<B@?
HP>COC@T<BM@@?JM?DN<BM@@?RDOC<GDNOJANO<O@H@IONOC<O>JPG?KJO@IOD<GGT?@N>MD=@OC@DM
GDQ@N0@NKJIN@NR@M@M@KJMO@?PNDIB<N@Q@I KJDIO*DF@MO1><G@BCA>=6;H38B06A44OJ
BCA>=6;H06A44@B`=<>BCF0HB<H;8548B2;>B4C><H8340;KJ)742>=38C8>=B>5<H;854
0A44G24;;4=C &DBC@MIPH=@MNDI?D><O@BM@<O@MN<ODNA<>ODJIRDOCGDA@
?DN<BM@@?RDOC<GDNOJANO<O@H@IONOC<O>JPG?KJO@IOD<GGT?@N>MD=@OC@H0@NKJIN@NR@M@
C74F7>;40<B0C8B5843F8C7<HB4;5a`;;8=0;;0<8=2;8=43C>544;C70C0<0508;DA4a
4;>=68=6 @GJIBDIBR<NH@<NPM@?RDOCOC@1@IN@JA1J>D<G<I?><?@HD>$DO1><G@
*(0224?C<4a`$C74A?4>?;4D=34ABC0=3<>A4C70=3>01>DCF70C8B6>8=6>=0C
N>JM@NDI?D><O@BM@<O@M=@GJIBDIB
(CA4BB1OM@NNR<NH@<NPM@?PNDIBOC@O@I DO@H.@M>@DQ@?1OM@NN1><G@!JC@I@O<G
.<MOD>DK<IONR@M@<NF@?CJRJAO@IOC@TA@GOJMOCJPBCO<>@MO<DIR<TDIOC@K<NO
*,
HJIOC
?<TNJI<N@Q@I
KJDIO*DF@MO1><G@=4E4AOJE4AH>5C4=@B`=C74;0BC
<>=C77>F>5C4=70E4H>D54;CC70CH>DF4A4D=01;4C>2>=CA>;C748<?>AC0=CC78=6B8=H>DA
;854a`=C74;0BC<>=C77>F>5C4=70E4H>D54;C=4AE>DB0=3BCA4BB43K$JPMDO@HNDO@H
<I? R@M@M@Q@MN@>J?@?NJOC<OCDBC@MN>JM@N<M@DI?D><ODQ@JACDBC@MG@Q@GNJANOM@NN
@SK@MD@I>@?DIOC@K<NOHJIOC
CJR>JIAD?@IOOC@TA@@GDIOC@DM<><?@HD><=DGDOD@N<O3!1 0@NKJIN@NR@M@M@KJMO@?PNDIB<
01>DC<H018;8C84B0C*(M@Q@MN@N>JM@? `70E4=>3>D1CBC70C?>BB4BB>A20=02@D8A4
NJOC<OCDBC@MN>JM@NDI?D><O@CDBC@M<=DGDOTPI>@MO<DIOT
=C4A?4AB>=0;(D??>AC'IO@MK@MNJI<GNPKKJMO'1#* R<NH@<NPM@?PNDIBOC@OR@GQ@
<NF@?LP@NODJIN<=JPOOC@G@Q@GJANPKKJMOOC@TA@GOOC@TC<?DIQ<MDJPNNDOP<ODJIN0@NKJIN@N
R@M@M@KJMO@?PNDIB<N@Q@I KJDIO*DF@MO1><G@3458=8C4;H50;B4OJ3458=8C4;HCAD4@B
`5F0=C43C>6>>=0CA8?5>A030H5>A4G0<?;4C>C742>D=CAH>A<>D=C08=BF>D;3
70E4070A3C8<458=38=6B><4>=4C>6>F8C7<4M@Q@MN@>J?@? `5F4A4B82:2>D;3
40B8;H58=3B><4>=4C>74;?<4F8C7<H308;H27>A4Ba1DSDO@HNDO@H<I?
R@M@M@Q@MN@>J?@?NJOC<OCDBC@MN>JM@NDI?D><O@GJR@MK@M>@DQ@?DIO@MK@MNJI<GNPKKJMO
PIDQ@MNDOTcNM@BDNOM<MJAAD>@OJ<NN@NN<IJ=E@>ODQ@<><?@HD>JPO>JH@D@>PHPG<ODQ@%.
2M<IN>MDKONR@M@J=O<DI@?DIOC@5DIO@MLP<MO@MJAOC@N@>JI?T@<MJAOC@NOP?T5<Q@
*-
0@GD<=DGDOT<I<GTN@NR@M@>JHKPO@?N@K<M<O@GTAJMNOP?@IONRCJ>JHKG@O@?<GGOCM@@
>JINDNO@I>TGJJF@?BJJ?AJM<GGJAOC@N><G@N@HKGJT@?
'+,5/ 0@GD<=DGDOT<I<GTN@NM@NPGONAJMNOP?TQ<MD<=G@NAJM`>JHKG@O@Na
592+ "6/1+
* *
* * *
*
&*
%&
"%('#$'#
&=;/<<
(
&
!1)0&!#1)-,4)1()&%%*&01%%+")*)16,#%/1!),16,1%/.%/0-,!*2..-/1
7!3%
7!3%
7!3%
!1)0&!#1)-,4)1()&%%*&01%%+")*)16,#%/1!),16,1%/.%/0-,!*2..-/1
3<<371+=+7+5B<3<
5CDG@OC@?@NDM@?NO<ODNOD><G<I<GTN@NAJMOCDNNOP?T<I?OC@I@SO@B*<O@IO%MJROC
*.
JAOC@<I<GTNDNDNOC<OOC@?<O<DNHDNNDIB>JHKG@O@GT<OM<I?JH#I?@MN $PMOC@MHJM@
<I<GTN@N<M@GDF@GTOJ=@=D<N@?5DOCHJM@OC<IJAOC@OJO<GN<HKG@C<QDIBHDNN@?<O
?<O<=<N@NNJ<NIJOOJ=D<NOC@ADI<GM@NPGON1OP?@IONRCJ>JHKG@O@?<GGOCM@@R<Q@NJAOC@
O@>CIDLP@NOJDIQ@NODB<O@CJR@HJODJI<GADO<O5<Q@<NR@GG<NJOC@M5<Q@Q<MD<=G@N
KM@?D>O%.T@<MNG<O@M<O2DH@5<Q@
N@@DAOC@M@R@M@<ITNDBIDAD><IO?DAA@M@I>@N=@OR@@IOC@N@ORJBMJPKNJAK<MOD>DK<ION2C@N@
M@NPGON<M@?DNKG<T@?DI2<=G@2RJNDBIDAD><IO?DAA@M@I>@NR@M@AJPI? @GJIBDIB<O
5<Q@R<NNDBIDAD><IOGTGJR@MAJM`IJI >JHKG@O@NaRC@I>JHK<M@?OJ`>JHKG@O@NaO
KMJ>@@?@?DINP=N@LP@IO<I<GTN@N2C@<I<GTN@NDI.<MO'@HKGJT@?OC@`IJI >JHKG@O@Na?<O<
<I?OC@<I<GTN@NDI.<MO''@HKGJT@?OC@`>JHKG@O@Na?<O<
*/
B@ O
*0
'IOC@31
*1
5<Q@ O
5<Q@ O
,@B<ODQ@#IB<B@?#HJODJI<G
!JIBMP@I>@+@<I1"
5<Q@ O
5<Q@ O
5<Q@ O
,@B<ODQ@"DN@IB<B@?#HJODJI<G
!JIBMP@I>@+@<I1"
5<Q@ O
5<Q@ O
5<Q@ O
#$!"! !"$!"!
#$!"! !"$!"!
%/<>5=<
<>C8>=0;8C(2>A4B<>=68ABCEB>=C8=D8=64=4A0C8>=(CD34=CB
>JI?P>O@?<N@MD@NJA2 O@NON.JNDODQ@GT#IB<B@?#HJODJI<G$DOR<NJIGTH<MBDI<GGT
KM@?D>ODJIN2C@M@R<NIJNDBIDAD><IO?DAA@M@I>@DIO@MHNJA.JNDODQ@GT"DN@IB<B@?#HJODJI<G
+(
NOP?@ION1DHDG<MGT,@B<ODQ@GT#IB<B@?#HJODJI<G$DON>JM@NR@M@IJONDBIDAD><IOGT?DAA@M@IO
2C@M@R<N<GNJ<NDBIDAD><IO?DAA@M@I>@DIO@MHNJAOC@<Q@M<B@?I@B<ODQ@KMJHKONC
GOCJPBC'KM@?D>O@?KJNND=G@?DAA@M@I>@N<>MJNN=JOCKJNDODQ@<I?I@B<ODQ@@IB<B@?
OC@,@B<ODQ@"DN@IB<B@?KMJHKO<I?DIOC@>JGG<KN@?I@B<ODQ@KMJHKON
,0E4
%A4382C>AB>5,0E4
%
U@MJ JM?@M>JMM@G<ODJIN<I?OC@I>JI?P>O@?HPGODKG@M@BM@NNDJI<I<GTN@NNNCJRIDI2<=G@
.@<MNJI>JMM@G<ODJI<I<GTN@N?JIJONCJR<ITNDBIDAD><IOM@G<ODJINCDKN=@OR@@INOP?T
+)
Q<MD<=G@N<O2DH@<I?%.<O2DH@5DIO@MJA1JKCJHJM@T@<M AJM`IJI
>JHKG@O@Na
DI>GP?DIBIJ>JMM@G<ODJI=@OR@@I#HJODJI<G$DO1>JM@N<OODH@<I?%.<OODH@5CDG@
C<QDIBNDBIDAD><IOU@MJ JM?@M>JMM@G<ODJIN=@OR@@IOC@?@K@I?@IOQ<MD<=G@<I?OC@
DI?@K@I?@IOQ<MD<=G@NDNIJO<M@LPDM@H@IOAJM>JI?P>ODIB<M@BM@NNDJI<I<GTNDNOC@A<>OOC<O
OC@>JMM@G<ODJINC<Q@<I@SOM@H@GTGJR@AA@>ONDU@?D?IJO=J?@R@GGAJMAPMOC@M<I<GTN@N=PO'
KMJ>@@?@?I@Q@MOC@G@NN
>JGG@B@B@I@M<ODJI<GNO<OPN2C@>JMM@NKJI?DIB>JMM@G<ODJI>J@AAD>D@ION<M@?DNKG<T@?DI2<=G@
'IO@M@NODIBGT@Q@IOCJPBC'NODGGAJPI?IJNDBIDAD><IOM@G<ODJINCDKN=@OR@@I5<Q@
GOCJPBCOC@N@?DAA@M@I>@N<M@IJONDBIDAD><IO<I?><IIJO=@PN@?OJ?M<R<IT>JI>GPNDJIN
OC@?DAA@M@IOK<OO@MINJA>JMM@G<ODJIN?JNPBB@NOOC<OB@I@M<ODJI<G@?P><ODJINO<OPNNCJPG?=@
>JIND?@M@?RC@I?JDIBOC@M@BM@NNDJI<I<GTN@N<NB@I@M<ODJI<GNO<OPNH<TDIAGP@I>@<I?
>C<IB@OC@JPO>JH@JAOC@<I<GTNDN
+*
'+,5/ !JMM@G<ODJIN=@OR@@I5<Q@Q<MD<=G@N<I?5<Q@%.APGGN<HKG@
!1)0&!#1)-,4)1()&%%*-,'),'
71/%00")*)16,#%/1!),16,1%/.%/0-,!*
2..-/1%*&01%%+7%'!1)3%,'!'%$+-1)-,)17%'!1)3%)0%,'!'%$+-1)-,)1
-0)1)3%,'!'%$+-1)-,)1-0)1)3%)0%,'!'%$+-1)-,)1%'!1)3%+-1)-,)1
-0)1)3%+-1)-,)13%/!**%+-1)-,!*&)1
-//%*!1)-,)00)',)&)#!,1!11(%*%3%*
1!)*%$
-//%*!1)-,)00)',)&)#!,1!11(% *%3%*
1!)*%$
++
'+,5/ !JMM@G<ODJIN=@OR@@I5<Q@Q<MD<=G@N<I?5<Q@%.`IJI
>JHKG@O@NaJIGT
&
(+"
&((
*
("
'(
$
$
&
&
&
$
)
!1)0&!#1)-,4)1()&%%*-,'),'
71/%00")*)16,#%/1!),16,1%/.%/0-,!*2..-/1%*&
01%%+7%'!1)3%,'!'%$+-1)-,)17%'!1)3%)0%,'!'%$+-1)-,)1-0)1)3%,'!'%$+-1)-,)1
-0)1)3%)0%,'!'%$+-1)-,)1%'!1)3%+-1)-,)1-0)1)3%+-1)-,)13%/!**%+-1)-,!*&)1
-//%*!1)-,)00)',)&)#!,1!11(%*%3%*
1!)*%$
-//%*!1)-,)00)',)&)#!,1!11(% *%3%*
1!)*%$
+,
'+,5/ !JMM@G<ODJIN<HJIBNOP?TQ<MD<=G@NAJM`IJI
>JHKG@O@NaNKGDO=TB@I@M<ODJI<GNO<OPN
&
(+"
&((
*
("
'(
$
$
&
&
&
$
)
!1)0&!#1)-,4)1()&%%*-,'),'
71/%00")*)16,#%/1!),16,1%/.%/0-,!*2..-/1%*&
01%%+7%'!1)3%,'!'%$+-1)-,)17%'!1)3%)0%,'!'%$+-1)-,)1-0)1)3%,'!'%$+-1)-,)1
-0)1)3%)0%,'!'%$+-1)-,)1%'!1)3%+-1)-,)1-0)1)3%+-1)-,)13%/!**%+-1)-,!*&)1
-//%*!1)-,)00)',)&)#!,1!11(%*%3%*
1!)*%$
-//%*!1)-,)00)',)&)#!,1!11(% *%3%*
1!)*%$
!42>;0<<39@8-069@=30/4,298,6;0:;0<08=.9;;06,=498<19;14;<=2080;,=498.96602060?060/>.,=498:,;=4.4:,8=<
@3460142>;0<,-9?0=30/4,298,6<39@.9;;06,=498<19;.98=48>4822080;,=498.96602060?060/>.,=498:,;=4.4:,8=<
+-
.MDJMOJMPIIDIBOC@HPGODKG@M@BM@NNDJI<I<GTN@N>C@>FDIBAJMOC@KM@M@LPDNDO@
<NNPHKODJINR<N<I@>@NN<MTADMNONO@KOJO<F@*DI@<MDOTJAOC@M@G<ODJINCDK=@OR@@IOC@
?@K@I?@IOQ<MD<=G@N<I?@<>CDI?@K@I?@IOQ<MD<=G@R<NO@NO@?PNDIBN><OO@MKGJONGG
DI?@K@I?@IOQ<MD<=G@NC<?<GDI@<MM@G<ODJINCDKRDOC%.&JHJN>@?<NOD>DOTR<N<GNJO@NO@?
PNDIBN><OO@MKGJON=TGJJFDIB<ONO<I?<M?DU@?M@ND?P<GNNCJHJN>@?<NOD>DOTR<NJ=N@MQ@?
OC@JOC@M<NNPHKODJINR@M@O@NO@?'I?@K@I?@I>@JAJ=N@MQ<ODJINR<NO@NO@?PNDIBOC@
<NNPH@?+PGOD>JGGDI@<MDOTR<NO@NO@?RDOCOC@4<MD<I>@'IAG<ODJI$<>OJM4'$ Q<GP@N
O@NOOC<OOC@M@ND?P<GN<M@<KKMJSDH<O@GTIJMH<GGT?DNOMD=PO@?
GGOC@<NNPHKODJINR@M@N<ODNAD@?NJ'KMJ>@@?@?RDOC<NO@KRDN@HPGODKG@M@BM@NNDJI
<I<GTNDNOJO@NORC@OC@M5<Q@%.R<NKM@?D>O@?=T,@B<ODQ@#IB<B@?#HJODJIN,##
$DI<GGT'<GNJDIQ@NODB<O@?NOP?@IOB@I@M<ODJI<GNO<OPNRCD>CR<NADMNO>JIQ@MO@?AMJH<
>JIODIPJPNQ<MD<=G@DIOJ<?PHHTQ<MD<=G@ <N<KM@?D>OJMJAODH@%.
JA&JR@Q@MIJI@JA@HJODJI<GADON>JM@NJM<ITJAOC@JOC@MKNT>CJGJBD><GQ<MD<=G@N
H@<NPM@??PMDIB5<Q@KM@?D>O@?%.<O5<Q@2CPNHTCTKJOC@NDNOC<O@HJODJI<GADO
+.
RJPG?=@KM@?D>ODQ@JAJOC@MNOP?@IOJPO>JH@NR<NIJONPKKJMO@?2C@JIGTNDBIDAD><IO
>JIODIPDIB B@I@M<ODJINOP?@ION2<=G@NPHH<MDU@NOC@M@NPGONJAOC@M@BM@NNDJIHJ?@G
'+,5/ 1O@KRDN@+PGODKG@*DI@<M0@BM@NNDJIRDOCB@I@M<ODJI<GNO<OPNKM@?D>ODIB%.
%DQ@IOC@N@ADI?DIBN'RJI?@M@?DADI>JH@JM@OCID>DOTRCD>CC<Q@=JOC=@@I
<NNJ>D<O@?RDOCB@I@M<ODJI<GNO<OPNDIK<NOGDO@M<OPM@ H<TKG<T<MJG@DIKM@?D>ODIB%.'
ADMNOGJJF@?<OOC@?DAA@M@I>@=@OR@@IDI>JH@G@Q@GNJI%.N>JM@NJI@ R<T,-4
+/
KJNO
CJ>%<H@N
&JR@GGO@NONCJR@?<NDBIDAD><IO?DAA@M@I>@? =@OR@@IK<MOD>DK<ION
=@OR@@IM@NKJI?@IONRDOC<A<HDGTDI>JH@JAPI?@M<I?M@NKJI?@IONRDOC<A<HDGT
H@MD><I<I?ND<I? NOP?@ION
'<B<DI>C@>F@?OC<OOC@<NNPHKODJINAJMNO@KRDN@HPGODKG@M@BM@NNDJI<I<GTNDNR@M@
<I<GTNDNOJO@NORC@OC@M%.RJPG?NODGG=@KM@?D>O@?=TB@I@M<ODJI<GNO<OPNJMDADI>JH@
<I?JM@OCID>DOTRJPG?NCJROC<OOCDNDN<>JIAJPI?DIBQ<MD<=G@NDBIDAD><IO>C<IB@R<N
IJOD>@?RC@IDIOMJ?P>DIBPKK@M HD??G@DI>JH@DIOJOC@M@BM@NNDJI@LP<ODJIOCJPBCOC@@AA@>O
NDU@R<NGJR0 $
?
2C@M@AJM@=@ND?@N
+0
B@I@M<ODJI<GNO<OPN
C ?OC@JIGTNDBIDAD><IOKM@?D>OJMAJM
'+,5/ 1O@KRDN@+PGODKG@*DI@<M0@BM@NNDJIRDOCB@I@M<ODJI<GNO<OPN<I?DI>JH@
KM@?D>ODIB%.
+0A801;4 ( !' M C ?
'
#+;=3<-><<387
+1
.<MO'R<N<ADMNONO@KDI@NO<=GDNCDIBOC<OADMNO
B@I@M<ODJI<I?>JIODIPDIB
B@I@M<ODJI
NOP?@ION?PMDIBOC@DMADMNOT@<MJA>JGG@B@@SK@MD@I>@?DAA@M@IO@HJODJI<GKMJADG@NDINDHDG<M
NDOP<ODJIN<I?OCDNH<T=@@NK@>D<GGTOMP@RC@IDO>JH@NOJI@B<ODQ@GTQ<G<I>@?@HJODJI<G
NDOP<ODJINGOCJPBCOC@M@R@M@IJ?DAA@M@I>@NDI@HJODJI<GADO=@OR@@IADMNO <I?>JIODIPDIB
>JGG<KN@?KJNDODQ@N>@I<MDJNR@?D?ADI?NDBIDAD><IO?DAA@M@I>@NDIOC@,@B<ODQ@"DN@IB<B@?
KMJHKO<I?<>MJNN=JOCI@B<ODQ@KMJHKON>JGG<KN@?OJB@OC@M+JM@KM@>DN@GT<NKM@?D>O@?
RCJM@KM@N@IOOC@`CJNOa>PGOPM@JM`H<EJMDOTa>JGG@B@>PGOPM@ RC@I>JIND?@MDIBOC@
,@B<ODQ@#IB<B@?N>@I<MDJJM<I<Q@M<B@JAOC@I@B<ODQ@N>@I<MDJN2CPNHTCTKJOC@NDN
<=JPOB@I@M<ODJI<GNO<OPN?DAA@M@I>@NDI@HJODJI<GADON>JM@NR<NK<MOD<GGTNPKKJMO@?
G<O@M'IA<>OIJH@<NPM@?5<Q@KNT>CJGJBD><GQ<MD<=G@NR@M@<NNJ>D<O@?RDOC%.<O
DI>JH@R<NKM@?D>ODQ@JA>PHPG<ODQ@%.?PMDIBOC@5DIO@MLP<MO@MJANOP?@IONcNJKCJHJM@
T@<MJA>JGG@B@2C@N@ADI?DIBN?D?IJONPKKJMOHTCTKJOC@NDN<=JPOOC@DHKJMO<I>@JA
@HJODJI<GADON>JM@NDIKM@?D>ODIBJOC@M>JGG@B@JPO>JH@N
,(
#+;=
#HJODJI<G$DO-Q@M2DH@
,)
#+;=68=387+53="?/;'36/
'I.<MO''J=N@MQ@?NJH@DIDOD<G?DAA@M@I>@NDI@HJODJI<GADO@HJODJI<G>JIBMP@I>@
B@I@M<ODJI<I?>JIODIPDIB B@I@M<ODJINOP?@IONRC@IDO><H@OJOC@I@B<ODQ@KMJHKONN
PKK@M>G<NNH@IDIOC@,@B<ODQ@"DN@IB<B@?KMJHKO<NR@GG<N<>MJNNOC@I@B<ODQ@KMJHKON
AM@NCH@I'IOC@>PMM@IO<I<GTNDN'PN@?OC@`>JHKG@O@Na?<O<N@O<I?DIQ@NODB<O@?>C<IB@NDI
<>>PGOPM<O@@HJODJI<GGTOJOC@H<EJMDOT>JGG@B@>PGOPM@OC<OJA>JIODIPDIB B@I@M<ODJI
ADON>JM@NJQ@MODH@DIOC@N<H@R<TOC<ODHHDBM<IONOJ<I@R>JPIOMTNCJRDI>M@<N@NDI
@HJODJI<GADO<H@<NPM@JA@HJODJI<G<>>PGOPM<ODJI JQ@MODH@
?<O<N@O<I?M@K@<O@?OC@>JMM@G<ODJI<I?M@BM@NNDJI<I<GTN@N>JI?P>O@?DI.<MO'OJ?@O@MHDI@
2DH@5<Q@>PHPG<ODQ@%.
/=28.
#+;=3-39+7=<
.<MOD>DK<IONR@M@OC@N<H@<N?@N>MD=@?DI.<MO'&JR@Q@M?P@OJOC@I<OPM@JAOC@
<I<GTNDNM@LPDM@?OJOM<>FGJIBDOP?DI<G>C<IB@DI@HJODJI<GADON>JM@N.<MO''AJ>PN@?JIGTJI
,*
K<MOD>DK<IONKM@QDJPNGTG<=@G@?<N`>JHKG@O@NaD@OCJN@NOP?@IONRCJ>JHKG@O@?<GGOCM@@
NOP?@ION$PGG?@HJBM<KCD>N<M@?DNKG<T@?DI2<=G@
/+<>;/<
2C@H@<NPM@NR@M@OC@N<H@<N?@N>MD=@?DIOC@N@>ODJI<=JQ@.<MO' &JR@Q@M
NJH@>C<IB@NR@M@H<?@OJOC@H@<NPM@H@IOJA@HJODJI<GADO#HJODJI<GADOR<NH@<NPM@?
@I>JPM<B@NOP?@IOK<MOD>DK<ODJIJIGTOC@I@B<ODQ@KMJHKONR@M@<?HDIDNO@M@??PMDIBOC@
OCDM?R<Q@JAOC@GJIBDOP?DI<GNOP?TGOCJPBCOCDN>C<IB@R<NIJOD?@<G'=@GD@Q@?OC<O
H<DIO<DIDIBK<MOD>DK<IONR<NHJM@DHKJMO<IOOC<IB@OODIB?<O<JI<GGAJPMKMJHKON2CPNDI
5<Q@NOP?@IONR@M@KM@N@IO@?RDOCOC@,@B<ODQ@#IB<B@?KMJHKO<I?OC@,@B<ODQ@
"DN@IB<B@?KMJHKO<I?'R<N<=G@OJ><G>PG<O@JIGTOCM@@@HJODJI<GADON>JM@N,##ADO
<I??DN@IB<B@?KMJHKO2C@N@OCM@@ADON>JM@NR@M@<I<GTU@?GJIBDOP?DI<GGT<>MJNN5<Q@N
<I? DIOC@>PMM@ION@>ODJI.<MO''
7+5B=3-"?/;?3/@
@HJODJI<GADON>JM@N2C@PI>JI?DODJI<G*%+NR@M@>JI?P>O@?N@K<M<O@GTAJMADMNO B@I@M<ODJI
NOP?@ION<I?>JIODIPDIB B@I@M<ODJINOP?@ION>JINO@GG<ODJIJAHJ?@GADODI?D>@NR@M@
,+
<I<GTU@?OJ?@O@MHDI@HJ?@GADO'I<??DODJIOJOC@>CD
NLP<M@O@NOJAHJ?@GADOOC@MJJH
=@OR@@IOC@=<N@GDI@JMIPGG HJ?@G<I?OC@CTKJOC@NDU@?HJ?@GQ<GP@JAG@NNOC<I
DI?D><O@N<KJJMHJ?@GADORDOCQ<GP@N@S>@@?DIBNCJRDIB<BJJ?HJ?@GADO0+1#
>JQ<MD<I>@H<OMD>@NK@M?@BM@@JAAM@@?JHRDOCQ<GP@NPI?@MDI?D><ODIBBJJ?HJ?@GADO
DIRCD>C<GGQ<MD<=G@N<M@<NNPH@?OJ=@PI>JMM@G<O@?RDOCQ<GP@NJQ@MDI?D><ODIB<I
%/<>5=<
#460C8E4=60643<>C8>=%A><?C
2C@ADMNONO@K'OJJFR<NOJDIQ@NODB<O@RC@OC@MRDOC=JOCG<O@IODIO@M>@KO<I?GDI@<M
NGJK@HJ?@GNJABMJROCRJPG?KMJQ@<BJJ?ADO2C@CTKJOC@NDU@?HJ?@GDNKM@N@IO@?DI
,,
NOP?@ION R@M@NP=N@LP@IOGTH@MB@?DIOJ<NDIBG@PI>JI?DODJI<GHPGODKG@BMJPKHJ?@GRDOC
<GGK<M<H@O@MNAM@@OJQ<MT<>MJNNB@I@M<ODJI<GNO<OPN
#460C8E48B4=60643%A><?C
1DHDG<MM@NPGONR@M@J=O<DI@?RC@IGJJFDIB<OOC@I@B<ODQ@?DN@IB<B@?KMJHKO1@@
KJJMI?<B<DIH@MBDIBOC@ORJBMJPKNDIOJJI@PI>JI?DODJI<GHJ?@G?D?IJOKMJ?P>@<
#460C8E4%A><?CB>;;0?B43E4A0643C>64C74A02A>BB4=606430=338B4=60643
*<NOGT'GJJF@?<OOC@>JGG<KN@?,@B<ODQ@#HJODJI<G$DO<NN@@IDI$DBPM@,JO
RDOCOC@H<EJMDOT>PGOPM@OC<OJA>JIODIPDIBB@I@M<ODJIPKK@M>G<NNH@I ?J@NIJODI>M@<N@
OC@DMADMNOT@<MJANOP?TRCD>CR<NOC@K@MDJ?PI?@M>PMM@IODIQ@NODB<ODJI$PMOC@MHJM@=<N@?
,-
APMOC@MNPKKJMO@?OCDNA<>OOC@M@R@M@IJNDBIDAD><IO?DAA@M@I>@NDI@DOC@M,@B<ODQ@
PNDIBJIGT`>JHKG@O@Na
31>;/
*%!+J?@GPN@?OJO@NO>C<IB@DI,@B<ODQ@#IB<B@?#HJODJI<G$DOJQ@MODH@
,.
31>;/
*%!+J?@GPN@?OJO@NO>C<IB@DI,@B<ODQ@"DN@IB<B@?#HJODJI<G$DOJQ@MODH@
31>;/
*%!+J?@GPN@?OJO@NO>C<IB@DIJQ@M<GG,@B<ODQ@#HJODJI<G$DOJQ@MODH@
,/
&>995/6/7=+;B7+5B</<'2;//*+?/#;/.3-=8;<80*+?/#
GOCJPBC'C<?DIDOD<GGTKM@?D>O@?OC<O@HJODJI<GADORJPG?>C<IB@JQ@MODH@
JOC@MN>CJJGJPO>JH@NOC@>PMM@IOG<O@IOBMJROC>PMQ@HJ?@GDIBM@NPGONDI?D><O@OC<O
@HJODJI<GADO?J@NIJO>C<IB@JQ@MODH@,@Q@MOC@G@NN'NODGG?@>D?@?OJO@NODA<ITQ<MD<=G@N
<O<ITODH@KJDIORJPG?KM@?D>O%.DI5<Q@2C@N@M@NPGON=PDG?JI.<MO'ADI?DIBN=PO
DI>GP?@?JIGTOC@`>JHKG@O@NaK<MOD>DK<ION<I?<I<I<GTNDNJA5<Q@N<I?
<GGOCM@@R<Q@N2C@N@<M@KM@N@IO@?DI2<=G@<I?'AJPI?OC<OOC@JIGTQ<MD<=G@
O2DH@N<ODNA<>ODJIRDOCGDA@KMJ?P>@?<NDBIDAD><IOGTKJNDODQ@H@?DPHNOM@IBOC
$JMOC@G<NOR<Q@NDBIDAD><IOKJNDODQ@>JMM@G<ODJINR@M@J=N@MQ@?=@OR@@I%.<I?
,0
'+,5/
!JMM@G<ODJIN=@OR@@INOP?TQ<MD<=G@NAJM`>JHKG@O@Na5<Q@
'+,5/
!JMM@G<ODJIN=@OR@@INOP?TQ<MD<=G@NAJM`>JHKG@O@Na5<Q@
#5
1OM@NN5
35
'1#*5
01#5
,##5
,"#5
+D+,?0D06982482 (" 8=0;:0;<98,6(>::9;=*-464=B>8.0;=,48=B'(D(061
<=007$D$02,=4?082,20/79=4984=$D$02,=4?04<082,20/79=4984=
9;;06,=4984<<428414.,8=,==30
60?06=,460/
9;;06,=4984<<428414.,8=,==30
60?06=,460/
,1
'+,5/
!JMM@G<ODJIN=@OR@@INOP?TQ<MD<=G@NAJM`>JHKG@O@Na5<Q@
# &* * &=;/<< (* & %& ! !
* * * * * *
%.
15*5
#5
1OM@NN5
35
'1#*5
01#5
,##5
,"#5
+
D+,?0
D06982482 (" 8=0;:0;<98,6(>::9;=*-464=B>8.0;=,48=B'(D(061
<=007$D$02,=4?06B82,20/79=4984=$D$02,=4?04<082,20/79=4984=
9;;06,=4984<<428414.,8=,==30
60?06=,460/
9;;06,=4984<<428414.,8=,==30
60?06=,460/
-(
-Q@M<GG'AJPI?OC<OQ<MD<=G@NH@<NPM@??PMDIB5<Q@?PMDIBOC@ADMNOA@RR@@FNJA
A<MOC@MDIOJOC@DM>JGG@B@><M@@M?DAA@M@IOH@<NPM@?KNT>CJGJBD><GQ<MD<=G@NNCJRHJM@
<NNJ>D<ODJIRDOC%.<O<G<O@MODH@GOCJPBCOC@N@ADI?DIBNR@M@IJOKM@?D>O@?DIOC@
>PMM@IONOP?T<I?IJOOC@?DM@>OAJ>PNJAOC@>PMM@IODIQ@NODB<ODJIOC@T<M@RJMOCAPMOC@M
DIQ@NODB<ODJIDIAPOPM@NOP?D@N+<IT>PMM@IOGTPN@?`RDN@aJM`HDI?N@OaDIO@MQ@IODJIN
@HKGJT@?JI>JGG@B@><HKPN@N<M@<?HDIDNO@M@?@<MGTDI<NOP?@IONc>JGG@B@><M@@MPNP<GGT
=@AJM@OC@DMADMNON@H@NO@MJM?PMDIBOC@ADMNOR@@FNJAOC@ADMNON@H@NO@M =POOC@N@ADI?DIBN
NPBB@NOOC<OKJO@IOD<GGTODHDIBDIO@MQ@IODJING<O@MJM<?HDIDNO@MDIBAJGGJR PKDIO@MQ@IODJIN
G<O@MJIDIOC@T@<MHDBCOAPMOC@MC@GKNOP?@ION
>JMM@G<ODJINN@K<M<O@?=TB@I@M<ODJI<GNO<OPN2C@N@M@NPGON<M@KM@N@IO@?DI2<=G@
<I?
&JR@Q@MDONCJPG?=@KJDIO@?JPOOC<OOC@N<HKG@NDU@N=@><H@LPDO@NH<GGRC@IOC@
>JIODIPDIB B@I@M<ODJIK<MOD>DK<IONRCJK<MOD>DK<O@?DI<GGOCM@@R<Q@N<I?<GNJ>JIN@IO@?OJ
NC<MDIBOC@DM%.DIAJMH<ODJI
-)
'+,5/
!JMM@G<ODJIN=@OR@@INOP?TQ<MD<=G@NAJM`>JHKG@O@Na5<Q@NKGDO=TB@I@M<ODJI<G
NO<OPN
# &** * &=;/<< (* & %&* ! !
* * * *
%.
15*5
#5
1OM@NN5
35
'1#*5
01#5
,##5
,"#5
9;;06,=498<-069@=30/4,298,6,;014;<=2080;,=498<=>/08=<.9;;06,=498<,-9?0=30/4,298,6,;0
.98=48>4822080;,=498<=>/08=<
+D+,?0D06982482(((=;0<<*-464=B>8.0;=,48=B (" 8=0;:0;<98,6(>::9;='(D
(061<=007$D$02,=4?082,20/79=4984=$D$02,=4?04<082,20/79=4984=
9;;06,=4984<<428414.,8=,==30
60?06=,460/
9;;06,=4984<<428414.,8=,==30
60?06=,460/
'+,5/
!JMM@G<ODJIN=@OR@@INOP?TQ<MD<=G@NAJM`>JHKG@O@Na5<Q@NKGDO=TB@I@M<ODJI<G
NO<OPN
# &* *
&=;/<< (*
& %&*
! !
*
*
*
*
*
%.
15*5
#5
1OM@NN5
35
'1#*5
01#5
,##5
,"#5
9;;06,=498<-069@=30/4,298,6,;014;<=2080;,=498<=>/08=<.9;;06,=498<,-9?0=30/4,298,6,;0
.98=48>4822080;,=498<=>/08=<
+D+,?0D06982482(((=;0<<*-464=B>8.0;=,48=B (" 8=0;:0;<98,6(>::9;='(D
(061<=007$D$02,=4?082,20/79=4984=$D$02,=4?04<082,20/79=4984=
9;;06,=4984<<428414.,8=,==30
60?06=,460/
9;;06,=4984<<428414.,8=,==30
60?06=,460/
-*
'+,5/
!JMM@G<ODJIN=@OR@@INOP?TQ<MD<=G@NAJM`>JHKG@O@Na5<Q@NKGDO=TB@I@M<ODJI<G
NO<OPN
# &* * &=;/<< (* & %&* ! !
* * * * *
%.
15*5
#5
1OM@NN5
35
'1#*5
01#5
,##5
,"#5
$DBPM@NNCJRI=@GJROC@?D<BJI<GM@KM@N@IO>JMM@G<ODJINAJMADMNOB@I@M<ODJI>JGG@B@
G@Q@G
@?P><ODJIK<MOD>DK<IONRCDG@ADBPM@N<=JQ@OC@?D<BJI<GNCJR>JMM@G<ODJINAJM>JIODIPDIB
B@I@M<ODJI>JGG@B@
G@Q@G@?P><ODJIK<MOD>DK<ION
5^5<Q@ #^ @GJIBDIB11
1OM@NN3
=DGDOTPI>@MO<DIOT'1#*
'IO@MK@MNJI<G
1PKKJMO01#^1@GA#NO@@H,##^,@B<ODQ@GT#IB<B@?#HJODJIN,"#^,@B<ODQ@GT
"DN@IB<B@?#HJODJIN
!JMM@G<ODJIDNNDBIDAD><IO<OOC@G@Q@G
O<DG@?
!JMM@G<ODJIDNNDBIDAD><IO<OOC@G@Q@G O<DG@?
-+
1DHDG<MGTOJ.<MO'ADI?DIBNRDOC`IJI
>JHKG@O@NaOC@M@R@M@?DAA@M@I>@NDI
>JMM@G<ODJIK<OO@MINRC@INKGDOODIBOC@?<O<=TB@I@M<ODJI<GNO<OPN$JM@S<HKG@N<ODNA<>ODJI
K<OO@MINJA>JMM@G<ODJINNPBB@NOOC<ONP=N@LP@IOM@BM@NNDJI<I<GTN@NNCJPG?=@>JI?P>O@?
NDBIDAD><IO?DAA@M@I>@=@OR@@I@OCID>DOD@N<AO@M@S>GP?DIBAMD><I H@MD><I<I?,<ODQ@
R<N<GNJ<NDBIDAD><IO?DAA@M@I>@=@OR@@I#PMJK@<I H@MD><I<I?*<ODISNOP?@ION?
2JO@NORC@OC@M%.>JPG?=@KM@?D>O@?=T<ITJAOC@NOP?TQ<MD<=G@N<O<ITJAOC@
0@BM@NNDJI+*0 <N'?D?DI.<MO''R<NNK@>DAD><GGTDIO@M@NO@?OJN@@RC@OC@MOC@M@NPGON
J=O<DI@?DI.<MO'PNDIB`IJI >JHKG@O@NaRJPG?M@KGD><O@RDOCOC@>PMM@ION<HKG@D@
-,
`>JHKG@O@Na '>C@>F@?OC<OOC@<NNPHKODJINAJM+*0R@M@N<ODNAD@?AJMOCDNN<HKG@2C@
#HJODJI<G$DON>JM@N2C@OCM@@Q<MD<=G@N<M@KM@N@IO@?DI2<=G@=DGDOTPI>@MO<DIOTAMJH
EPHK@?OJ0
? $DI<GGT<AO@MDIOMJ?P>DIB
=@GJIBDIBAMJH5<Q@OC@ADI<G0R<N0
?
!PMDJPNGT=@GJIBDIB<O5<Q@R<N<I@B<ODQ@KM@?D>OJMAJM%.2C@K<MOD>DK<IONcKM@?D>O@?
%.DN@LP<GOJ
H@<IN>JM@AJM<=DGDOTPI>@MO<DIOT<O5<Q@
DAADMNO
B@I@M<ODJI
H@<IN>JM@AJM=@GJIBDIB<O5<Q@
'+,5/
0@NPGONAJMOC@1O@KRDN@+PGODKG@*DI@<M0@BM@NNDJIKM@?D>ODIB%.
(
+J?@G !' M O 1DB
!JINO<IO 9:
=DGDOTPI>@MO<DIOT5
9
:
!JINO<IO 9:
=DGDOTPI>@MO<DIOT5
9
:
$DMNOB@I@M<ODJI@?P><ODJI
9
:
!JINO<IO 9:
=DGDOTPI>@MO<DIOT5
9
:
$DMNOB@I@M<ODJI@?P><ODJI
9
:
@GJIBDIB5
9
:
15*5
15*5
15*5
@GJIBDIB5
@GJIBDIB5
1OM@NN5
1OM@NN5
1OM@NN5
=DGDOTPI>@MO<DIOT5
=DGDOTPI>@MO<DIOT5
'1#*5
'1#*5
--
'1#*5
1@GA#NO@@H5
1@GA#NO@@H5
1@GA#NO@@H5
,##5
,##5
,##5
,"#5
,"#5
,"#5
*JR@M
HD??G@DI>JH@
3KK@M
HD??G@DI>JH@
#2&,'!'27
ND<I
#2&,'!'27
&DNK<ID>
#2&,'!'27
5CDO@
+D+,?0+D+,?0+
D+,?0
(" 8=0;:0;<98,6(>::9;='(D(061<=007$D
$02,=4?06B82,20/79=498<$D$02,=4?06B4<082,20/79=498<
!'0<>6=<
#+;=3<-><<387
.<MO''NCJR@?OC<OPIGDF@OC@@HJODJI<G<>>PGOPM<ODJIOC<OJ>>PMN<HJIBNO
DHHDBM<IONOJ<I@RCJNO>JPIOMT>JGG@B@NOP?@ION?JIJON@@HOJ<>>PGOPM<O@@HJODJI<GGTOJ
>JPMN@JAOC@DMADMNOT@<M<OPIDQ@MNDOT$<GGJA$M@NCH<IT@<MOJ$<GGJA1JKCJHJM@T@<M
>JGG<KN@?@HJODJI<GNDOP<ODJIN2CPNHTCTKJOC@NDN<=JPO@HJODJI<GADO>C<IBDIBJQ@MODH@
R<NIJONPKKJMO@?
5DIO@MJANOP?@IONcNJKCJHJM@T@<M <B<DIIJONPKKJMODIBDIDOD<GCTKJOC@NDUDIB
-.
KNT>CJGJBD><GQ<MD<=G@ND@N@GA
@NO@@HNOM@NN<=DGDOTPI>@MO<DIOT =@>JH@DI>M@<NDIBGT
HJM@DHKJMO<IO<NNOP?@IONKMJBM@NN@?OCMJPBC>JGG@B@'AJPI?OC<ORC@IH@<NPM@?<O5<Q@
JAOC@NOP?TH@<NPM@?KNT>CJGJBD><GA<>OJMN?D?IJOC<Q@HP>CKJR@MDIKM@?D>ODIB%.
<OODH@=POKNT>CJGJBD><GA<>OJMNH@<NPM@?<O5<Q@N<I?C<?HJM@KM@?D>ODQ@KJR@M
RCD>C?D?IJOKM@?D>O%.M@B<M?G@NNJARC<OR<Q@OC@TR@M@H@<NPM@?DI'INPHH<MT
.<MON'<I?''NPBB@NOOC<O<GOCJPBC@HJODJI<GADODNNJH@RC<O?DAA@M@IO=@OR@@IADMNO <I?
>JIODIPDIB B@I@M<ODJINOP?@ION<OG@<NORC@IDO>JH@NOJOC@,@B<ODQ@"DN@IB<B@?<I?
N@@HOJ>C<IB@RDOCODH@<I?@HJODJI<GADO?J@NIJON@@HOJ=@<IDHKJMO<IOKM@?D>OJMJA
%.T@<MNG<O@M2<F@IOJB@OC@MOC@N@M@NPGONI@B<O@OC@JMDBDI<GCTKJOC@NDUDIB<I?
NPBB@NOOC<O@HJODJI<GADOH<TIJO=@NP>C<IDHKJMO<IOKNT>CJGJBD><GH@>C<IDNHDI
@SKG<DIDIBOC@>PGOPM@>G<NCADMNO B@I@M<ODJINOP?@ION@SK@MD@I>@JI<>JGG@B@><HKPN
-/
#+;=
#HJODJI<G$DOQN#HJODJI<G>>PM<>T
-0
#+;=68=387+53=?<68=387+5-->;+-B
`H<EJMDOTa>JGG@B@>PGOPM@>JPG?=@<KJO@IOD<GKNT>CJGJBD><GH@>C<IDNH@SKG<DIDIBOC@
KM@?D>O@?OC<O@HJODJI<GADORDOCOC@`H<EJMDOTa>PGOPM@OC<OJAPKK@M>G<NNH@I>JIODIPDIB
AM@NCH@I<I?OCDNRJPG?@SKG<DI>JGG@B@JPO>JH@NNP>C<N=@GJIBDIB<I?%.??DODJI<GGT
OC@DM@HJODJI<GADON>JM@NRJPG?DI>M@<N@JQ@MOC@>JPMN@JAOC@NOP?T&JR@Q@MOC@
CTKJOC@N@NR@M@JIGTK<MOD<GGTNPKKJMO@?<AO@M>JHKG@ODIBOC@DIDOD<GGTKMJKJN@?OCM@@ R<Q@
,@B<ODQ@"DN@IB<B@?<I?,@B<ODQ@<Q@M<B@?>JGG<KN@?NDOP<ODJINRDOCADMNO B@I@M<ODJI
OJB@OC@MOC@N@ADI?DIBNNPBB@NOOC<O@HJODJI<GADOH<TIJO=@<NNDBIDAD><IO<KNT>CJGJBD><G
H@>C<IDNHDI@SKG<DIDIBOC@>PGOPM@>G<NC@SK@MD@I>@?=TADMNO B@I@M<ODJINOP?@IONJI
>JGG@B@><HKPN@N<NC<?JMDBDI<GGT=@@IKM@?D>O@?
1K@>DAD><GGT'CTKJOC@NDU@?OC<ODA@HJODJI<GADODNIJO<NDHKJMO<IO<NKM@QDJPNGT
-1
PI?@MNO<I?DIBJAOC@@HJODJI<GK<OO@MINJA`OTKD><GaJM`H<EJMDOTa>PGOPM@NOP?@IONDN<HJM@
DHKJMO<IOKNT>CJGJBD><GH@>C<IDNH@SKG<DIDIBOC@>PGOPM@>G<NCADMNO B@I@M<ODJINOP?@ION
@SK@MD@I>@JI<>JGG@B@><HKPN'OH<T=@OC<OADMNO B@I@M<ODJINOP?@IONC<Q@GJR@M
@HJODJI<G<>>PM<>T<I?HJM@?DAAD>PGOTM@<?DIB<I?DIO@MKM@ODIBOC@@HJODJI<G@SK@MD@I>@NJA
`H<EJMDOTa>PGOPM@NOP?@ION<I?OCDNDNCJROC@>PGOPM@>G<NCDN@SK@MD@I>@?2CDNDNDIGDI@
RDOC<G<MB@?<O<=<N@JAM@N@<M>CJI#HJODJI<G'IO@GGDB@I>@NCJRDIBOC@HPGODA<>@O@?<I?
HPGOD ?JH<DI=@I@ADONJA=@DIB<=G@OJM@<?<I?PI?@MNO<I?JOC@MK@JKG@cN@HJODJIN+<T@M
NOP?@IONRCJN>JM@CDBC@MDI@HJODJI<G<>>PM<>TC<Q@IPH@MJPNKJNDODQ@?JRINOM@<HN>CJJG
>JI?P>O@?<I<??DODJI<G>MJNN N@>ODJI<GNOP?TRCD>CKDOO@?OC@ORJ>JI>@KOND@@HJODJI<G
ADO<I?@HJODJI<G<>>PM<>T <B<DINO@<>CJOC@MOJN@@RCD>CJAOC@ORJ>JIOMD=PO@NHJM@OJ
NOP?@IOJPO>JH@N2CDNR<N<G<MB@GT@SKGJM<OJMTNOP?T<I?HPGODKG@HJ?@GNR@M@O@NO@?2C@
HJ?@GRDOC=@NOADOR<NJI@DIRCD>C=@GJIBDIB<I?N@GA @NO@@HH@?D<O@?OC@M@G<ODJINCDK
=@OR@@I@HJODJI<GADO<I?@HJODJI<G<>>PM<>T<I?JPO>JH@NNP>C<NNOM@NN<=DGDOT
PI>@MO<DIOT2CDNHJ?@GDNKM@N@IO@?<NK<MOJAOC@>PMM@ION@>ODJI1@>ODJI'''
/=28.<
#+;=3-39+7=<
2C@>PMM@ION@>ODJIDIQJGQ@?@IODM@GTI@R?<O<>JGG@>ODJI*DF@DI1@>ODJIN<I?
.(
DI1JPOC
!@IOM<G!<GDAJMID<.<MOD>DK<IONR@M@M@>MPDO@?OCMJPBCOC@.NT>CJGJBT
"@K<MOH@IOcNK<MOD>DK<IOKJJG1-, <I?M@>@DQ@?C<GA<>JPMN@>M@?DOAJMOC@DM
K<MOD>DK<ODJIGGK<MOD>DK<IONR@M@O@NO@?DI?DQD?P<GGTJI>JHKPO@MNDI<G<=DIOC@
.NT>CJGJBT"@K<MOH@IO"<O<>JGG@>ODJI?D?IJO>JIO<DI<ITD?@IODATDIBDIAJMH<ODJI<I?OC@
NOP?TR<N<KKMJQ@?=TOC@CJNODIBPIDQ@MNDOTcNDIO@MI<GM@QD@R=J<M?'0
2RJCPI?M@?<I?ADAOT ORJPI?@M>G<NNH@INOP?@ION>JHKG@O@?OC@NOP?T-AOC@N@
8ABC4=4A0C8>=0=3>=C8=D8=64=4A0C8>=(CD34=CB*DF@DIOC@KM@QDJPNN@>ODJIN
>JIODIPDIB B@I@M<ODJINOP?@ION1OP?@IONRCJC<?<OG@<NOJI@K<M@IORDOC<>JGG@B@?@BM@@
.)
NOP?@ION2C@N@>MDO@MD<AJM<NNDBIDIB`ADMNO
B@I@M<ODJIa<I?`>JIODIPDIB
B@I@M<ODJIaNO<OPN
I<??DODJI<G>JIODIPDIB B@I@M<ODJIPKK@M>G<NNH@IM@NKJI?@ION>JHKG@O@?OC@
NOP?TOJ=@PN@?DI@HJODJI<GADO<I?@HJODJI<G<>>PM<>T><G>PG<ODJINAJM>JHKPODIB`CJNOaJM
M@NPGO@?DIHDNNDIB<??DODJI<G?@HJBM<KCD>DIAJMH<ODJIJIOC@N@K<MOD>DK<ION
/+<>;/<
@HKGJT@?DIOC@>PMM@IONOP?T2C@M@GD<=DGDOTM@NPGONAJMOC@N@N><G@N<M@?DNKG<T@?DI2<=G@
1@GA1><G@'-1 OJH@<NPM@OC@JQ@MG<K=@OR@@INOP?@IONcK@MNJI<GD?@IODOTRDOCOC@
JAN@Q@IK<DMNJA>DM>G@NOC<OM<IB@?AMJHEPNOOJP>CDIBOJ<GHJNO>JHKG@O@GTJQ@MG<KKDIB
RC@M@JI@>DM>G@DI@<>CK<DMR<NG<=@G@?`N@GAa<I?OC@N@>JI?>DM>G@R<NG<=@G@?`3!1 a
&DBC@MIPH=@MN<M@DI?D><ODQ@JABM@<O@MD?@IODOTJQ@MG<K=@OR@@IOC@N@GA<I?3!1
<>C8>=0;8C0=3<>C8>=0;22DA02H#HJODJI<G$DO@HJODJI<G>JIBMP@I>@N>JM@N
R<NH@<NPM@?DI<ID?@IOD><GA<NCDJIOJ.<MO'<I?.<MO''<=JQ@.<MOD>DK<IONR@M@<NF@?OJ
RMDO@<=JPONK@>DAD>@HJODJI<G@Q@IONDIOC@DMGDQ@N<I?OC@IM<O@OC@HN@GQ@NJI?DAA@M@IO
.*
KJDIO*DF@MO
OTK@N><G@=>C0C0;;4GCA4<4;H 'IJM?@MOJH@<NPM@4<>C8>=0;
OJM<O@CJROC@TOCJPBCOOC@`CH?820;*(BCD34=CaRJPG?M@NKJI?DIOC@N<H@NDOP<ODJI
2C@N@M@NKJIN@NR@M@<GNJ>JMM@G<O@?OJOC@<Q@M<B@NJAOC@>JIODIPDIB B@I@M<ODJI
PKK@M>G<NNH@IDIOC@N<H@R<TOC<O@HJODJI<GADON>JM@NR@M@>JHKPO@?!JMM@G<ODJIN>JM@N
DNOC@DI?DQD?P<G>JMM@G<ODJIN>JM@2CDNR<N?JI@OJ@INPM@<IJMH<G?DNOMD=PODJIJAN>JM@N
'IJM?@MOJF@@KOC@NPMQ@TM@G<ODQ@GTNCJMONOP?@IONR@M@JIGTKM@N@IO@?RDOC
I@B<ODQ@KMJHKONDIOC@>PMM@IONOP?T2C@,@B<ODQ@#IB<B@?KMJHKO<I?OC@,@B<ODQ@
"DN@IB<B@?KMJHKOAJM<OJO<GJAAJPMKMJHKON<I?M<O@?@HJODJIN5@>CJN@OC@
I@B<ODQ@KMJHKON<NJKKJN@?OJOC@KJNDODQ@KMJHKON =@><PN@OC@M@R@M@BM@<O@M?DAA@M@I>@N
M@N@<M>CN@@1@>ODJI'<I?''<=JQ@ #HJODJI<GADONN>JM@NR@M@<GNJ<Q@M<B@?DIJM?@MOJ
J=O<DI<IJQ@M<GG,@B<ODQ@#HJODJI<G$DON>JM@>JGG<KN@?<>MJNN,@B<ODQ@#IB<B@?
#HJODJI<G$DON>JM@N<I?,@B<ODQ@"DN@IB<B@?#HJODJI<G$DON>JM@N <I?<IJQ@M<GG,@B<ODQ@
#HJODJI<G>>PM<>TN>JM@>JGG<KN@?<>MJNN2TKD><G1OP?@IO,@B<ODQ@#IB<B@?#HJODJI<G
$DON>JM@N<I?2TKD><G1OP?@IO,@B<ODQ@"DN@IB<B@?#HJODJI<G$DON>JM@N
.+
'+,5/ +@<IN<I?1O<I?<M?"@QD<ODJINAJM#HJODJI<G$DO<I?#HJODJI<G>>PM<>T
N>JM@NNKGDO=TB@I@M<ODJI<GNO<OPN
,##
,"#
21,##
21,"#
,#
21,#
#$'2
$D$02,=4?082,20/79=498,64=$D$02,=4?04<082,20/79=498,6
4=)($D)B:4.,6(=>/08=$02,=4?082,20/79=498,64=)($D)B:4.,6
(=>/08=$02,=4?04<082,20/79=498,64=$$02,=4?079=498,64=)($
)B:4.,6(=>/08=$02,=4?079=498,64= )D%?0;,66$02,=4?079=498,64=
'+,5/
0@GD<=DGDOT<I<GTN@NM@NPGONAJMNOP?TQ<MD<=G@N
)+;3+,5/< 592+ "6/1+
&/50<=//6
7+5B=3-99;8+-2
B@I@M<ODJINOP?@IONJI=JOC4<>C8>=0;58C<I?4<>C8>=0;022DA02HN>JM@N,@SO'<I<GTU@?
U@MJ JM?@M>JMM@G<ODJINOJB@O<=@OO@MPI?@MNO<I?DIBJAOC@M@G<ODJINCDKN=@OR@@INOP?T
Q<MD<=G@N=@AJM@HJQDIBJIOJ<HPGOD BMJPK1OMP>OPM<G#LP<ODJI+J?@GDIB1#+
.,
AM<H@RJMF1.114@MNDJI' + R<NPN@?DIOC@DIDOD<G<I<GTN@N<I?HJN
HJ?@GDIB1@Q@M<GHJ?@GADODI?D>@NR@M@<I<GTU@?OJ<N>@MO<DICJRR@GGOC@HJ?@GN
DI?D><O@N<I<>>@KO<=G@ADORC@IDOKMJ?P>@N<Q<GP@NH<GG@MOC<I!<IBPM#M><I
$PMOC@MHJM@OJO@NORC@OC@M<K<MOD>PG<MHJ?@GR<NDIQ<MD<IO<>MJNN@?P><ODJI
K<OCNJAOC@HJ?@GOJ=@@LP<G<>MJNNOC@ORJBMJPKN<I?>JHK<M@?OCDNOJOC@PIM@NOMD>O@?
HJ?@GOJ?@O@MHDI@RCD>CK<OCNNCJPG?=@AM@@GT@NODH<O@?'<GNJ@S<HDI@?OC@>C<IB@DIADO
DI?D>@NOJN@@RC@OC@MOC@<??@?>JINOM<DION<AA@>O@?HJ?@GADO'IJM?@MOJO@NOAJM?DAA@M@I>@N
=@OR@@IOC@ORJBMJPKN'PN@?OC@`%MJPK"DAA@M@I>@NaOJJGKMJQD?@?=TOC@`1O<ON2JJGN
=@OR@@IBMJPKN
%/<>5=<
<>C8>=0;8C0=3<>C8>=0;22DA02H<>=68ABCEB>=C8=D8=64=4A0C8>=(CD34=CB
<I?>JIODIPDIB B@I@M<ODJINOP?@IONJI@HJODJI<GADO<I?@HJODJI<G<>>PM<>T,JNDBIDAD><IO
.-
#HJODJI<G$DO,## =@OR@@IADMNO
B@I@M<ODJI"( <I?>JIODIPDIB
B@I@M<ODJI
KM@QDJPNGTJ=N@MQ@?<NDBIDAD><IO?DAA@M@I>@DIOC@,"#KMJHKODIOC@KM@QDJPNM@N@<M>CN@@
'IO@MHNJA<Q@M<B@,@B<ODQ@#HJODJI<G$DO,# OC@M@R@M@IJNDBIDAD><IO
NOP?@ION
2JNPHH<MDU@OC@>PMM@IONOP?T?D?IJOM@Q@<G<IT>JGG@B@B@I@M<ODJI<G?DAA@M@I>@N
B@I@M<ODJI<GNO<OPN?DAA@M@I>@JI@HJODJI<G<>>PM<>TDIOC@KM@?D>O@??DM@>ODJI!JIODIPDIB
B@I@M<ODJINOP?@IONC<?CDBC@M@HJODJI<G<>>PM<>T=POJIGTDIOC@I@B<ODQ@@IB<B@?KMJHKO
..
OTKD><GNOP?@IO,@B<ODQ@#IB<B@?#HJODJI<G$DO 'IOC@AJGGJRDIB<I<GTN@N'@S<HDI@?
RC@OC@MOC@DHKGD><ODJINJA@HJODJI<GADO<I?@HJODJI<G<>>PM<>T<M@OC@N<H@JM?DAA@M@IO
HJ?@GNR@M@O@NO@?-IGTOC@HJ?@GRDOC=@NOADODNNCJRI=@GJR2CDNDN<HJ?@GDIRCD>C
N@GA @NO@@H<I?=@GJIBDIBH@?D<O@?OC@M@G<ODJINCDK=@OR@@I@HJODJI<GADO<I?@HJODJI<G
JQ@MG<KRDOC3!1
=8C80;=0;HB4B
2J=@OO@MPI?@MNO<I?@SDNODIBM@G<ODJINCDKN=@OR@@IQ<MD<=G@NDIOC@?<O<'<B<DIADMNO
@S<HDI@?U@MJ JM?@M>JMM@G<ODJIN=@OR@@I<GGJANOP?TQ<MD<=G@N2C@N@M@NPGON<M@KM@N@IO@?
DI2<=G@GG@HJODJI<G>JIBMP@I>@N>JM@NR@M@NDBIDAD><IOGT>JMM@G<O@?RDOC@<>CJOC@M
2C@M@G<ODJINCDK=@OR@@I,@B<ODQ@#IB<B@?#HJODJI<G$DO,## <I?2TKD><GNOP?@IO
,@B<ODQ@#IB<B@?#HJODJI<G$DO21,## R<NNDBIDAD><IO<I?C<?<CDBC@AA@>ONDU@A
2TKD><GNOP?@IO,@B<ODQ@"DN@IB<B@?#HJODJI<G$DO21,"# R<NNOMJIBGTKJNDODQ@GT
?
./
'+,5/!JMM@G<ODJIN=@OR@@INOP?TQ<MD<=G@N
"%('#$'# ,*"++
,##
21,##
,"#
21,"#
1#
@GJIBDI
B
1OM@NN
'-1
3
$$02,=4?082,20/79=498,64=$D$02,=4?04<082,20/79=498,64=)($)B:4.,6
(=>/08=$02 82,20/79=498,64=)($)B:4.,6(=>/08=$02 4<082,20/79=498,64=(
(061<=007 %( 8.6><49891%=30;48(061*D-464=B*8.0;=,48=B
9;;06,=4984<<428414.,8=,==30
60?06=,460/
9;;06,=4984<<428414.,8=,==30
60?06=,460/
.0
4;>=68=60B0"4380C>A
,@SO'HJQ@?OJ<1#+AM<H@RJMFOJO@NORC@OC@M=@GJIBDIBH@?D<O@?OC@
M@G<ODJINCDK=@OR@@I#HJODJI<G$DO<I?#HJODJI<G>>PM<>T2TKD><G1OP?@IO#HJODJI<G$DO
$DBPM@KM@N@IONOC@HJ?@GR@O@NO@?RDOC=@GJIBDIB<NOC@JIGTH@?D<OJM5CDG@OC@M@R@M@
NDBIDAD><IO?DAA@M@I>@NDIO@MHNJAOC@M@G<ODJINCDKN=@OR@@IQ<MD<=G@N=@OR@@I>JIODIPDIB
DHKJNDIBM@NOMD>ODJINOJO@NOAJMBMJPK?DAA@M@I>@N<I?<AO@MM@HJQDIBIJI NDBIDAD><IOK<OCN
H@?D<OJMN
4;>=68=60=3(4;5BC44<0B"4380C>AB
%DQ@IOC@KJJMADOJAOC@DIDOD<GGTCTKJOC@NDU@?HJ?@G'R<IO@?OJN@@RC@OC@M<??DIB
?<O<=<N@JAKM@QDJPNM@N@<M>CC<NAJPI?OC<ON@GA @NO@@HC@GKN@SKG<DIH<ITKJNDODQ@
<??DIBN@GA @NO@@H<N<N@>JI?H@?D<OJMR<N<GJBD><GI@SONO@KNRDOCOC@KM@QDJPNHJ?@G
<GGK<OCNOC<OR@M@NDBIDAD><IOGT>JMM@G<O@?OJOC@JPO>JH@Q<MD<=G@NDI<OG@<NOJI@JAOC@ORJ
BMJPKNR@M@DIDOD<GGTDIN@MO@?AO@MM@HJQDIBOC@?DM@>OK<OCNOC<OR@M@DINDBIDAD><IOOC@
HJ?DAD@?HJ?@GKM@N@IO@?DI$DBPM@ NCJR@?<IJQ@M<GG<>>@KO<=G@HJ?@GADOi
.1
OC<OOC@ORJH@?D<OJMHJ?@GDI>GP?DIB=JOCN@GA
@NO@@H<I?=@GJIBDIB DNNPK@MDJMOJOC@
HJ?@GDI>GP?DIBJIGT=@GJIBDIB<N<H@?D<OJM
$JGGJR PKDIQ<MD<I>@O@NONNCJR@?OC<OORJNOMP>OPM<G>JQ<MD<I>@NI@@?@?OJQ<MT
AM@@GTDIJM?@MIJOOJI@B<ODQ@GTDHK<>OOC@HJ?@GADO,@B<ODQ@#IB<B@?#HJODJI<G$DO<I?
2TKD><G1OP?@IO,@B<ODQ@"DN@IB<B@?#HJODJI<G$DOI@@?@?OJ=@G@AOOJAM@@GTQ<MT
#NN@IOD<GGTRC<OOCDNH@<INDNOC<ORCDG@<GGJOC@MK<OCN<I?@NODH<O@N><I=@>JINOM<DI@?OJ
=@@LP<GDI=JOCBMJPKNOC@ORJ#HJODJI<G$DON>JM@NC<Q@OJQ<MTDIJM?@MAJMOC@HJ?@GOJ
RJMF
5C<ONO<I?NJPOAMJHOC@HJ?@GDNOC<O=@GJIBDIBR<NNDBIDAD><IOGT<I?KJNDODQ@GT
KM@?D>O@?=T@HJODJI<G<>>PM<>TDIOC@,@B<ODQ@#IB<B@?KMJHKOOC<ODNOC@2TKD><G1OP?@IO
,@B<ODQ@#IB<B@?#HJODJI<G$DO<G=@DOJIGTNDBIDAD><IOGTAJM>JIODIPDIB B@I@M<ODJI
,@B<ODQ@"DN@IB<B@?KMJHKOOC<ODNOC@2TKD><G1OP?@IO,@B<ODQ@"DN@IB<B@?#HJODJI<G
"DN@IB<B@?#HJODJI<GADOI?OCDNK<OO@MIR<NOC@N<H@<>MJNN>JGG@B@B@I@M<ODJI<GNO<OPN
1@@$DBPM@
>>PM<>TD@2TKD><G1OP?@IO#HJODJI<G$DON>JM@N JIOC@JPO>JH@Q<MD<=G@NAJGGJR@?=T
OC@DI?DM@>O JIGTH@?D<ODJI@AA@>ONJA#HJODJI<G$DO<I?#HJODJI<G>>PM<>TOCMJPBCOC@ORJ
/(
=2;DB8>=>5$C74AB8=(4;5
$JM'I>GPNDJIJA-OC@MNDI1@GA'-1 OC@M@R<NIJNDBIDAD><IO?DM@>O@AA@>OJA
,@B<ODQ@#IB<B@?#HJODJI<G>>PM<>TD@2TKD><G1OP?@IO,@B<ODQ@#IB<B@?#HJODJI<G
$DO <I?IJNDBIDAD><IODI?DM@>O@AA@>OJA,@B<ODQ@#IB<B@?#HJODJI<G>>PM<>T&JR@Q@M
OC@M@R@M@NDBIDAD><IOI@B<ODQ@DI?DM@>O@AA@>ONAJM,@B<ODQ@#IB<B@?#HJODJI<G$DOOCMJPBC
!'9 :?h !'9 :? 'IJOC@MRJM?N'-1DN
H@?D<O@?APGGT=T=@GJIBDIBRC@IKM@?D>O@?=T,@B<ODQ@#IB<B@?#HJODJI<G$DONP>COC<O
CDBC@M@HJODJI<GADODIOC@,@B<ODQ@#IB<B@?KMJHKOM@AG@>ONGJR@M=@GJIBDIBRCD>CG@<?NOJ
GJR@M'I>GPNDJIJA-OC@MNDI1@GA
-IOC@JOC@MC<I?'-1DNIJOKM@?D>O@?<O<GG=T#HJODJI<G>>PM<>TDIOC@,@B<ODQ@
"DN@IB<B@?#HJODJI<G$DOJM#HJODJI<G>>PM<>TDIOC@,@B<ODQ@"DN@IB<B@?KMJHKOD@
2TKD><G1OP?@IO,@B<ODQ@"DN@IB<B@?#HJODJI<G$DO 2C@G<>FJAM@G<ODJINCDK=@OR@@I'-1
<I?@HJODJI<GADOJM@HJODJI<G<>>PM<>TDIOC@,@B<ODQ@"DN@IB<B@?KMJHKODNIJO@IODM@GT
NPMKMDNDIBBDQ@IOC<OOC@,@B<ODQ@"DN@IB<B@?KMJHKO<NF@?NOP?@IONOJOCDIF<I?RMDO@
<=JPO<I@B<ODQ@NDOP<ODJIOC<O?D?IJODIQJGQ@<IJOC@MDI?DQD?P<G<I?=JOC=@GJIBDIB<I?
'-1<M@PGODH<O@GTM@G<ODJI<GH@<NPM@N
(CA4BB
KM@?D>O@?=T,@B<ODQ@#IB<B@?#HJODJI<G$DO<GJI@D@RDOCJPOOC@H@?D<ODIBMJG@JAN@GA
/)
NDBIDAD><IOGTKJNDODQ@GTKM@?D>O@?NOM@NNAJM=JOC>JIODIPDIB
B@I@M<ODJI
1OM@NNR<N<GNJNDBIDAD><IOGTKM@?D>O@?=T,@B<ODQ@"DN@IB<B@?#HJODJI<G$DOOCMJPBCN@GA
.<OO@MINR@M@M@Q@MN@?AJM@HJODJI<G<>>PM<>TN>JM@N2TKD><G1OP?@IO,@B<ODQ@
"DN@IB<B@?#HJODJI<G$DOOC<ODN,"##HJODJI<G>>PM<>T NDBIDAD><IOGT=POI@B<ODQ@GT
:?h !'9 :? <I?>JIODIPDIB B@I@M<ODJI
!'9 :?h !'9 :? NOP?@ION
KM@?D>O@?=T,@B<ODQ@GT"DN@IB<B@?#HJODJI<G$DOAJM=JOCBMJPKN N@HJODJI<GADON>JM@N
8=2A40B4BRCD>CDIOPMI;>F4AB1OM@NN
/*
18;8CH*=24AC08=CH
KJNDODQ@GT<I?NDBIDAD><IOGTKM@?D>O@?=T,@B<ODQ@"DN@IB<B@?#HJODJI<G$DO<I?JIGTAJM
$JMDI?DM@>OH@?D<ODJI@AA@>ON<=DGDOTPI>@MO<DIOTR<NNDBIDAD><IOGT<I?KJNDODQ@GT
DI?DM@>OGTKM@?D>O@?=T,@B<ODQ@"DN@IB<B@?#HJODJI<G$DOOCMJPBCN@GA @NO@@HDI=JOCADMNO
DI?DM@>OGTKM@?D>O@?=T,@B<ODQ@GT#IB<B@?#HJODJI<G$DOOCMJPBC=@GJIBDIB=POJIGTAJM
NOP?@ION
!JIQ@MN@GT<=DGDOTPI>@MO<DIOTR<NNDBIDAD><IOGT=POI@B<ODQ@GTKM@?D>O@?=T
@HJODJI<G<>>PM<>TDIOC@,@B<ODQ@"DN@IB<B@?KMJHKOD@2TKD><G1OP?@IO,@B<ODQ@
!'9 :?h !'9 :? <I?>JIODIPDIB
B@I@M<ODJI !'9 :?h !'9 :?
1OP?@IO#IB<B@?#HJODJI<G$DO NDBIDAD><IOGTDI?DM@>OGTKM@?D>O@?<=DGDOTPI>@MO<DIOTOCMJPBC
=@GJIBDIB=POJIGTAJMADMNO B@I@M<ODJI !'9 :?h
/+
2JNPHH<MDU@OC@H@?D<ODJIM@NPGONM@NPGONDI?D><O@?OC<ON@GA
@NO@@HK<MOD<GGT
H@?D<O@NOC@M@G<ODJINCDK=@OR@@I,@B<ODQ@"DN@IB<B@?#HJODJI<G$DO<I?<=DGDOTPI>@MO<DIOT
NOP?@IONNP>COC<ODI>M@<N@?@HJODJI<GADOG@<?NOJGJR@M@?N@GA @NO@@HRCD>CDIOPMIG@<?NOJ
CDBC@M<=DGDOTPI>@MO<DIOT
1@GA @NO@@H<GNJAPGGTH@?D<O@NOC@M@G<ODJINCDK=@OR@@I,@B<ODQ@"DN@IB<B@?
#HJODJI<G>>PM<>TOC<ODN2TKD><G1OP?@IO,@B<ODQ@"DN@IB<B@?#HJODJI<G$DO <I?<=DGDOT
PI>@MO<DIOTAJM=JOCBMJPKN&JR@Q@M<NJKKJN@?OJ<>OP<G,@B<ODQ@"DN@IB<B@?#HJODJI<G
<=DGDOTPI>@MO<DIOT
??DODJI<GGT=@GJIBDIBAPGGTH@?D<O@NOC@M@G<ODJINCDK=@OR@@I,@B<ODQ@GT#IB<B@?
M@G<ODJINCDK=@OR@@I,@B<ODQ@#IB<B@?#HJODJI<G>>PM<>TOC<ODN2TKD><G1OP?@IO
#HJODJI<G>>PM<>TN>JM@NAJMADMNO B@I@M<ODJINOP?@IONM@NPGODICDBC@M=@GJIBDIBRCD>CDI
OPMIGJR@MN<=DGDOTPI>@MO<DIOT
/,
%"1OMP>OPM<G#LP<ODJI+J?@GPN@?OJO@NOOC@H@?D<ODJIJA=@GJIBDIB<I?N@GA
@NO@@H
<=,=4<=4.,66B<428414.,8=48,=60,<=980<,7:60,;089=<39@8D4;<=2080;,=498<=>/08=<D
98=48>4822080;,=498<=>/08=<
/-
'+,5/
"DAA@M@I>@NDIOC@.<OCNJAOC@+J?@G=@OR@@IOC@ORJBMJPKN
(,7:60
<=47,=0 <=47,=0
$D$02,=4?082,20/79=498,64=$D$02,=4?04<082,20/79=498,64=)($D
)B:4.,6(=>/08=$02,=4?082,20/79=498,64=)($D)B:4.,6(=>/08=$02,=4?04<082,20/
!:?,6>0
:?,6>0
#+;=3<-><<387
/.
'IDOD<GGT'C<?CTKJOC@NDU@?OC<O@HJODJI<GADOJMG<>FOC@M@JA HDBCO=@<
KNT>CJGJBD><GH@>C<IDNHOC<ORJPG?C@GK@SKG<DICJRADMNO B@I@M<ODJINOP?@ION@SK@MD@I>@<
>PGOPM@>G<NCJIPIDQ@MNDOT><HKPN@NGOCJPBCNJH@?DAA@M@I>@N=@OR@@I@HJODJI<GADO
>PMM@IOM@N@<M>COC@M@R<NIJ@QD?@I>@JA@HJODJI<G<>>PGOPM<ODJIJQ@MOC@@IODM@ADMNOT@<M
JA>JGG@B@JMAJMOC@=@I@ADONJA@HJODJI<GADO%DQ@IOC<O@HJODJI<GADON@@HNOJH<OO@MG@NNDI
><MMD@?JPODIJM?@MOJ@S<HDI@OC@=@I@ADONJA4<>C8>=0;022DA02HJMNOP?@IONc<=DGDOTOJ
M@<?<I?PI?@MNO<I?OC@@HJODJI<GK<OO@MINJA`H<EJMDOTaJM`CJNOa>PGOPM@NOP?@IONOC<ODN
,@B<ODQ@"DN@IB<B@?KMJHKO<NR@C<?KM@QDJPNGTAJPI?DIN@>ODJIN'<I?''&JR@Q@M
NDBIDAD><IO?DAA@M@I>@NR@M@J=N@MQ@?DIO@MHNJA@HJODJI<G<>>PM<>T'IOC@,@B<ODQ@
>JIODIPDIB B@I@M<ODJINOP?@ION
2C@HJNODIO@M@NODIBM@NPGONR@M@DIM@B<M?OJOC@@AA@>ONJA@HJODJI<GADOQN
<=DGDOTPI>@MO<DIOTN@SK@>O@?@HJODJI<G<>>PM<>TKM@?D>O@?KJNDODQ@NOP?@IOJPO>JH@N
MJ<?GTNK@<FDIBDI>M@<N@?@HJODJI<G<>>PM<>TDIOC@ORJKMJHKON@IB<B@?<I?
?DN@IB<B@? R<N@DOC@M?DM@>OGT<NNJ>D<O@?RDOCDI>M@<N@?'-1<I??@>M@<N@?NOM@NN<I?
=DGDOT3I>@MO<DIOTJMDI?DM@>OGT<NNJ>D<O@?RDOCOC@N@KJNDODQ@JPO>JH@NOCMJPBCOC@
H@?D<ODIBMJG@NJA=@GJIBDIB<I?JMN@GA @NO@@H
//
&JR@Q@M<NPMKMDN@ADI?DIBR<NOC<OCDBC@M@HJODJI<GADON>JM@NR@M@<NNJ>D<O@?RDOC
@IB<B@?<I??DN@IB<B@? KM@?D>O@?GJR@M'-1<I?DI>M@<N@?NOM@NN<I?DI>M@<N@?<=DGDOT
PI>@MO<DIOT$PMOC@MM@N@<M>CI@@?NOJ=@>JI?P>O@?OJAPGGTH<F@N@IN@JAOC@N@ADI?DIBN
@NK@>D<GGT>JIND?@MDIBOC<O@HJODJI<GADO<I?@HJODJI<G<>>PM<>T<M@HJ?@M<O@GTOJCDBCGT
>JMM@G<O@?RDOC@<>CJOC@M-I@KJNND=DGDOTDNOC<ODI>@MO<DINDOP<ODJIN@HJODJI<GADOH<T
=<>FADM@=@><PN@NOP?@IONHDBCOA@@GGDF@@Q@MTJI@@GN@<I?GDF@OC@T<M@M@NKJI?DIBOJ
NDOP<ODJINGDF@@Q@MTJI@@GN@=POAJMJI@M@<NJIJM<IJOC@MOC@T<M@NODGGIJONP>>@@?DIBJM
ADOODIBDI>JGG@B@IJOC@MKJNND=DGDOTDNOC<ODI<>PGOPM@OC<O@HKC<NDU@NPIDLP@I@NNNJHP>C
KM@?D>O@?IJOC@MKJNND=DGDOTDNOC@>PMM@IOM@NPGONR@M@J=O<DI@?=@><PN@JIGTI@B<ODQ@
KMJHKONR@M@KM@N@IO@?OJNOP?@IONRC@M@<NK<NONOP?D@NPNDIBOC@#HJODJI<G.MJADG@
/P@NODJII<DM@DI>GP?@?=JOCKJNDODQ@GT<I?I@B<ODQ@GTQ<G<I>@?KMJHKON.@MC<KN`H<EJMDOTa
CDBC@HJODJI<GADON>JM@NR@M@J=O<DI@?
GOCJPBCDOM@H<DINPI>G@<MRCT@HJODJI<GADOH<TC<Q@I@B<ODQ@>JIN@LP@I>@NAJM
NOP?@IOJPO>JH@NDIOC@>PMM@IONOP?TJI@=DBO<F@<R<TAMJHOC@KM@N@IOM@N@<M>CDNOC<O
@HJODJI<G<>>PM<>TDNGJR@MAJMADMNO B@I@M<ODJINOP?@ION<I?OCDNH<TC<Q@DHKGD><ODJINAJM
B@I@M<ODJINOP?@IONN@@HOJC<Q@<HJM@?DAAD>PGOODH@M@<?DIB<I?PI?@MNO<I?DIBOC@
@HJODJINJA`H<EJMDOTaJM`CJNOa>PGOPM@>JGG@B@NOP?@IONOC<ODN>JIODIPDIB B@I@M<ODJI
PKK@M>G<NNH@I RCD>CH<F@NN@IN@BDQ@IOC<OOC@ORJBMJPKNJANOP?@IONR@M@HJNOGDF@GT
/0
NJ>D<GDU@?DIQ@MT?DAA@M@IO1#1>PGOPM@N2C@PKND?@OJOC@N@ADI?DIBNDNOC<ONOP?@ION><I=@
O<PBCOOJ=@OO@MPI?@MNO<I?H<EJMDOT>PGOPM@@HJODJINOC@M@=TDI>M@<NDIBOC@DM@HJODJI<G
NK<>@AJMOC@?@Q@GJKH@IOJA<KJO@IOD<GGTPN@APGDIO@MQ@IODJIOC<O>JPG?NPKKG@H@IOJOC@M
DIO@MQ@IODJIN?@NDBI@?OJC@GKADMNO B@I@M<ODJINOP?@ION<NR@GG<NJOC@MHDIJMDOTNOP?@IO
BMJPKNNP>>@@?DI>JGG@B@
/1
#+;=)
1J>D<G<I?><?@HD> @GJIBDIB
0(
!8=/87#+;=)
C<?KM@?D>O@?OC<O@HJODJI<GADORJPG?=@<NNJ>D<O@?RDOCDI>M@<N@?=@GJIBDIBRCD>CDIOPMI
RJPG?C<Q@APMOC@M?JRINOM@<HDHKGD><ODJINAJMJOC@MKJNDODQ@NOP?@IOJPO>JH@N1JH@RC<O
ADI?DIBNJMG<>FOC@M@JA NK<MF@?H<ITI@RLP@NODJIN<=JPOOC@I<OPM@JA=@GJIBDIB<I?
1@>ODJI'4R<NDINKDM@?=TOC@N@LP@NODJIN
2CDNNOP?TRDGGNJJI=@NP=HDOO@?AJMKP=GD><ODJI<I?JMDBDI<GAJMH<OODIBC<NHJNOGT
=@@IM@O<DI@?C@M@
2C@NOP?TRDGG=@NP=HDOO@?AJMKP=GD><ODJIPI?@MOC@AJGGJRDIBI<H@
)0;4>5)F>4;>=68=6B(>280;0=32034<824;>=68=68554A4=C80;;H(70?42034<82
0=3%BH27>;>6820;$DC2><4B<>=6*=8E4AB8CH(CD34=CB
I?RDOCOC@AJGGJRDIB<POCJMNCDK
"@K<MOH@IOJA.NT>CJGJBD><G<I? M<DI1>D@I>@N3IDQ@MNDOTJA!<GDAJMID<1<IO< <M=<M<
%@QDMOU%M<?P<O@1>CJJGJA#?P><ODJI3IDQ@MNDOTJA!<GDAJMID<1<IO< <M=<M<
0)
,<=;+-=
2C@=@I@ADONJA14;>=68=6DI<><?@HD>N@OODIBN<M@R@GG@NO<=GDNC@?1OP?@ION<>CD@Q@
=@GJIBDIBDIN>CJJG&JR@Q@MN>CJJG=@GJIBDIBDN<>JHKG@S<I?HPGOD?DH@INDJI<G
02034<82<I?B>280;=@GJIBDIB&JR@Q@M=JOC@HKDMD><GM@N@<M>C<I?<KKGD@?RJMFC<N
JAO@I>JIAG<O@?OC@N@ORJA<>@ONJA=@GJIBDIB2C@>PMM@IONOP?TPN@?G<O@IO>G<NN<I<GTNDN
RDOC<?DQ@MN@N<HKG@JAPI?@MBM<?P<O@N, OJ?@O@MHDI@RC@OC@M?DNODI>OKMJADG@NJA
=@GJIBDIB@SDNOJI<>JGG@B@><HKPN<I?RC@OC@MOC@N@?DAA@M@IO>G<NN@NJA=@GJIBDIBKM@?D>O
<><?@HD><I?KNT>CJGJBD><GJPO>JH@N$JPM?DNODI>O>G<NN@NI<OPM<GGT@H@MB@?DIJPMN<HKG@
<867(>280;8672034<82=@GJIBDIB>G<NN <!>F(>280;8672034<82
2034<82>G<NNC<?OC@NO<ODNOD><GGT=@NOKNT>CJGJBD><G<I?<><?@HD>JPO>JH@N%.N@GA
RJMNOJPO>JH@N'IO@M@NODIBGTNOP?@IONDIOC@!>F(>280;8672034<82>G<NNJPOK@MAJMH@?
NOP?@IONDIOC@867(>280;!>F2034<82>G<NN=JOC<><?@HD><GGT<I?
KNT>CJGJBD><GGT0@NPGONNPBB@NOOC<ODI<N>CJJG>JIO@SO<N@IN@JA<><?@HD>=@GJIBDIBDN
HJM@DHKJMO<IOOC<I<N@IN@JANJ>D<G=@GJIBDIBDIO@MHNJA=JOC<><?@HD><I?
KNT>CJGJBD><GJPO>JH@N
0*
'+5/80'@8/5871371<&8-3+5+7.-+./63-/5871371300/;/7=3+55B&2+9/
-+./63-+7.#<B-285813-+5">=-86/<6871(73?/;<3=B&=>./7=<
;>=60B3>4B4E4AH7D<0=148=6C>140C7><4F74A4E4A58=3<HB4;5 +<T<IB@GJP
"@NKDO@OC@KMJBM@NNOC<OC<N=@@IH<?@DIM@>@IO?@><?@NOC@H@MD><INTNO@HJA
CDBC@M@?P><ODJIDNNODGGA<MAMJH@LPDO<=G@1OP?@IONJA>JGJM<I?NOP?@IONAMJHGJR@M
OJBM<?P<O@AMJH>JGG@B@$JM@S<HKG@M@>@IO?<O<AMJHOC@,<ODJI<G!@IO@MAJM#?P><ODJI
1O<ODNOD>NNCJRNOC<OJARCDO@NOP?@ION@IMJGG@?<OAJPM T@<MDINODOPODJINBM<?P<O@RDOCDI
AJPMT@<MN=POJIGTJA=G<>FNOP?@IONBM<?P<O@RDOCDIOC@N<H@ODH@AM<H@
1>CJJGM@AJMHNAJ>PN@?JI>C<IBDIBOC@J=E@>ODQ@LP<GDOD@NJA@IQDMJIH@IOND@
JKKJMOPIDOD@N<I?M@NJPM>@NAJMIPH@MD><GGTPI?@MM@KM@N@IO@?NOP?@ION JMJADI?DQD?P<GND@
@AAJMONC<Q@=@@IA<MAMJHNPAAD>D@IO'IOC@K<NOORJ?@><?@NKJNDODQ@JPO>JH@NC<Q@=@@I
<>CD@Q@?=TNPKKG@H@IODIBOC@N@OM<?DODJI<GM@AJMHNRDOCKNT>CJGJBD><GDIO@MQ@IODJIND@
<I?OC@JM@OD><G<OO@IODJIDNB4=B4>5B27>>;14;>=68=6$PMOC@MHJM@DIO@MQ@IODJIN?@NDBI@?OJ
AJNO@M<N@IN@JAN>CJJG=@GJIBDIBC<Q@=@@IAJPI?OJ=@OM@H@I?JPNGT@AA@>ODQ@DI<KKGD@?
N@OODIBNDI>M@<NDIBNP=E@>ODQ@<I?J=E@>ODQ@H@<NPM@NJAN>CJJG<>CD@Q@H@IONP>C<N
0+
1>CJJG=@GJIBDIBDN<>JHKG@S<I?HPGOD?DH@INDJI<G>JI>@KOOC<O@SO@I?N=@TJI?
NK@>DAD>DIO@MK@MNJI<GM@G<ODJINCDKNRDOCDIOC@N>CJJG>JIO@SO"DAA@M@IOA<>@ONJMOTK@NJA
14;>=68=6<NOP?@IOcNNP=E@>ODQ@<NN@NNH@IOJACDNJMC@M<=DGDOTOJH@@O<><?@HD>?@H<I?N
<I?B>280;14;>=68=6<NOP?@IOcNNP=E@>ODQ@DIO@MKM@O<ODJIJAOC@LP<GDOTJACDNJMC@MNJ>D<G
@H=@??@?I@NNDIN>CJJG"@NKDO@OCDNOC@JM@OD><G?DNODI>ODJIK<NOM@N@<M>CC<NJAO@I>JIAG<O@?
OC@N@A<>@ONJA=@GJIBDIBN<M@NPGODODNPI>G@<MCJROC@N@ORJA<>@ONJA=@GJIBDIBKM@?D>O
KJNDODQ@N>CJJGJPO>JH@NDI?@K@I?@IOGT<I?JMDIO@M<>ODQ@GT
'IOC@KM@N@IOM@N@<M>CR@O@NORC@OC@MOC@N@>JI>@KOP<GGT?DNODI>OOTK@NJA=@GJIBDIB
<M@@HKDMD><GGT?DNODIBPDNC<=G@2C@IR@?@O@MHDI@CJR@<>COTK@JA=@GJIBDIBJM
>JH=DI<ODJIJAOTK@NJA=@GJIBDIBDN<NNJ>D<O@?RDOC?DAA@M@IOH@<NPM@NJAN>CJJGJPO>JH@N
NOP?@ION2JR<M?NOCDNBJ<GR@PN@<IDIIJQ<ODQ@NO<ODNOD><GO@>CIDLP@G<O@IO>G<NN<I<GTNDN
=@OR@@INJ>D<G<I?<><?@HD>=@GJIBDIBOJ@S<HDI@OC@I<OPM<GGT@SDNODIBKMJADG@NJM>G<NN@N
JA=@GJIBDIBOC<ONOP?@ION@SCD=DOJI<>JGG@B@><HKPN<I?APMOC@MHJM@?@O@MHDI@CJROC@N@
?DAA@M@IO>G<NN@NJMKMJADG@NJA=@GJIBDIB<M@<NNJ>D<O@?RDOCN>CJJGJPO>JH@N$DI<GGTR@
DIQ@NODB<O@RC@OC@MBMJPKNOC<O<M@OTKD><GGTPI?@MM@KM@N@IO@?JI>JGG@B@><HKPN@ND@
>G<NN@NJA=@GJIBDIB
0,
/587137137&-2885<
=JOCKNT>CJGJBT<I?M@G<O@?AD@G?NJIOC@I<OPM@JA=@GJIBDIB$PGADGGDIBOC@I@@?OJ=@GJIB
DN=JOC>@IOM<GOJOC@CPH<I@SK@MD@I>@<I?@NN@IOD<GAJMNPMQDQ<GDON@GA IJOA<M=@CDI?OC@
NPAA@M<K<IJKGTJA?DM@KCTND><G<I?H@IO<GC@<GOCJPO>JH@NDI>GP?DIB<HJIBJOC@MOCDIBN
<NNJ>D<O@?RDOCKJNDODQ@JPO>JH@NNP>C<N;>F4A430=G84CH0=334?A4BB8>=!JC@I5DGGN
N@IN@JA=@GJIBDIBKG<TN<I@NN@IOD<GMJG@DIOC@N>CJJG>JIO@SO<NR@GG<I?
JPO>JH@NRC@IOC@T@SK@MD@I>@<N@IN@JA=@GJIBDIBDIN>CJJGI?@MH<I$M@@H<I
JANP=E@>ODQ@=@GJIBDIB<GJIBND?@<>JINO@GG<ODJIJAJOC@MN>CJJGM@G@Q<IOA<>OJMN
0-
K@MNJI<GDOTO@NO<ISD@OTBMDON@GA
>JIOMJGBMJROCQNADS@? HDI?N@O<I?DIO@GGDB@I>@ <I?
AJPI?OC<O=@GJIBDIBR<NOC@HJNODHKJMO<IOA<>OJMDI?@O@MHDIDIB>JGG@B@@IMJGGH@IOM<O@N
<HJIB<BMJPKJACDBCK@MAJMHDIBNOP?@IONAMJH<IPM=<I>C<MO@MN>CJJGI@ORJMF @><PN@<
N@IN@JA=@GJIBDIBDNNJDHKJMO<IODIOC@N>CJJG>JIO@SO<IPH=@MJA=@GJIBDIB
KJKPG<MDOTJIN>CJJG><HKPN@NI<ODJIRD?@DIOC@K<NON@Q@M<G?@><?@NGG@I)@MI
@AA@>ODQ@<I?@<NDGTDHKG@H@IO@?DIO@MQ@IODJINC<Q@?DNKMJKJMODJI<O@GTG<MB@=@I@ADONJI
GOCJPBCR@IJRFIJROC<O<K@M>@KODJIJAADO=@OR@@INOP?@ION<I?OC@DMN>CJJG
@IQDMJIH@IODNF@TOJKJNDODQ@N>CJJGJPO>JH@N<I?OC<OAJNO@MDIB<N@IN@JA=@GJIBDIBDN
=JOCKJNND=G@<I?OM@H@I?JPNGT=@I@AD>D<GJI@LP@NODJIOC<OM@H<DINPI<INR@M@?DNKM@>DN@GT
JOC@MRJM?NOC@M@C<NT@OOJ=@<NTNO@H<OD><I<GTNDNJICJR02034<8214;>=68=6<
NOP?@IOcNNP=E@>ODQ@<NN@NNH@IOJACDNJMC@M<=DGDOTOJH@@O<><?@HD>?@H<I?N JMB>280;
14;>=68=6<NOP?@IOcNNP=E@>ODQ@DIO@MKM@O<ODJIJAOC@LP<GDOTJACDNJMC@MNJ>D<G
@H=@??@?I@NNDIN>CJJG DI?@K@I?@IOGTJMDIO@M<>ODQ@GTKM@?D>ON>CJJGJPO>JH@NINR@MDIB
OCDNLP@NODJIDNDHKJMO<IOAMJH<I<KKGD@?K@MNK@>ODQ@<NKM@QDJPNM@N@<M>CC<NAJPI?OC<O
0.
'+5/80'@8/5871371<&8-3+5+7.-+./63-/587137137&-2885<
=@GJIBDIBC<Q@@HKGJT@?@SK@MDH@IO<GH<IDKPG<ODJINOC<O>JIAG<O@OC@N@ORJ>JI>@KOP<GGT
KJKPG<M=@GJIBDIB@SK@MDH@IO<GH<IDKPG<ODJI<DH@?<OO@<>CDIBI@JKCTO@NOP?@IONOC<O
=@GJIBDIBDNKMJ=G@H<OD>AJMHJNONOP?@ION<OOC@=@BDIIDIBJA<I@RN>CJJG=PODHKMJQ@N
RDOCODH@NDHPGO<I@JPNGT@SKJN@NDI>JHDIBNOP?@IONRDOCNOJMD@NAMJHHPGODKG@
to [school], I worried I was different from other students at [school]. Everyone else seemed
so certain that they were right for [school], I wasn’t sure I fit in. . . ), and others who
describe initial struggles with academic belonging (e.g., I didn’t go to a very good high
school, and I worried that my high school courses had not prepared me well for
college. . . . )(e.g., Walton & Cohen, 2011; Yeaager et. al., 2016). Similarly, pJKPG<MN><G@N
H@<NPMDIBN>CJJG=@GJIBDIBJAO@I<NFLP@NODJINM@G<ODIBOJ=JOCNJ>D<G<I?<><?@HD>A<>@ON
JA=@GJIBDIB@B`$C74ABCD34=CB74A4;8:4<4C74F0H0<a<I?`%4>?;474A4:=>F20=
0;>=6F4;;F8C7?4>?;40C.B27>>;/a<I?`C78=:8=C74B0<4F0H0B3>?4>?;4F7>3>F4;;0C
This approach is not altogether surprising given that schools are institutions in which
academic and social dimensions are inherently intertwined. This is especially true during the
college years when factors related to both social and academic domains increase in salience,
as many students leave their home, family, and childhood friends for the first time, and enter
0/
Richmond, 2007). As a result, one would expect that to an extent, both a sense of academic
and social belonging are important for school outcomes. And indeed, independent lines of
research (and theorizing) point to the benefit of both types of belonging. A long history of
research on self-efficacy, for example, has found that a student’s judgement of his or her
and persistence, and therefore predictive of outcomes in the domain (Bandura, 1986; Locke
& Latham, 1990; Weiner, 1985). Students with low academic belonging, who don’t feel like
they have the chops to succeed in school, are likely to make choices that ultimately
Muenks et. al., 2018; Wigfield et. al., 2016), if students have low expectations for their
ability to fit in academically, they won’t even be motivated to try (Berndt & Miller
2M<POR@DI@O<G And research on the imposter syndrome has found that even
extremely high achieving students who worry about their academic belonging, suffer these
negative consequences, despite objective abilities well above-average (Clance & Imes, 1978;
Parkman, 2016). Similarly, a rich tradition of research on stereotype-threat has found that
stereotypes of lower ability among certain groups of students (e.g., first-generation students,
ethnic minorities) act as psychological threats that cause students to question their abilities
and academic belonging, which ultimately undermines their performance and well-being in
social belonging in predicting positive school outcomes. As early as the 60s, Maslow (1962)
theorized that the need for social belonging takes precedence over the needs for knowledge
and understanding in the psychological hierarchy. The importance of social belonging has
00
also been highlighted, in more recent decades, in research based on the Sociometer Theory
(Baumeister, 2000; Leary, 2005), which proposes that self-esteem is a sociometer, or internal
measure (akin to a gas gauge), of how one is connecting with others (Leary & Downs, 1995).
Individuals with a low sense of belonging experience low self-esteem which, in turn, has
negative downstream effects on thoughts, emotions, and behaviors that can negatively impact
school outcomes. A series of studies found that self-esteem is intimately tied to self-
presentation patterns which may be important in a school context; individuals with high self-
esteem are oriented toward self-enhancement so they take chances, and capitalize on their
strengths in order to stand out in a positive way. Individuals with low self-esteem, however,
tend to pull back in order to avoid standing out in negative ways (Baumeister, Ttice, &
Hutton, 1989). These behavioral patterns have implications for academic and psychological
outcomes in school. Related studies have shown that social exclusion, which results in a
lowered sense of social belonging, even directly reduces reasoning abilities. In one study, for
instance, excluded participants obtained lower scores on intelligence tests, and in another
(Baumeister, Twenge, & Nuss, 2002). Finally, there is also substantial research and
theorizing pointing to the concurrent importance of both types of belonging. Research based
in the tradition of Self-Determination Theory, for examples, finds that social belonging (i.e.,
relatedness) and academic belonging (i.e., competence), along with autonomy, work together
'2/#;/</7=%/</+;-2
01
2C@KM@N@IONOP?T@HKGJT@?<>JMM@G<ODJI<G?@NDBIDIJM?@MOJB<PB@OC@I<OPM<GGT
J>>PMMDIBNP=E@>ODQ@@SK@MD@I>@NJA=@GJIBDIB<HJIBNOP?@IONJI<>JGG@B@><HKPNNPMQ@T
<>CD@Q@H@IONOP?@IONc>PHPG<ODQ@BM<?@KJDIO<Q@M<B@%. RCD>CR<NJ=O<DI@??DM@>OGT
AMJHOC@PIDQ@MNDOTcNM@BDNOM<MJAAD>@RDOCOC@>JIN@IOJANOP?@ION
?<O<*<O@IO>G<NN<I<GTNDNDN<IDIIJQ<ODQ@HJ?@GDIBO@>CIDLP@OC<OBMJPKNDI?DQD?P<GNDIOJ
Q<MD<=G@NDIOCDN><N@M@NKJIN@NOJLP@NODJIN<=JPOK@M>@DQ@?NP=E@>ODQ@NJ>D<G<I?<><?@HD>
=@GJIBDIB 2C@*!<KKMJ<>CR<NPN@?OJ@NO<=GDNCOC@IPH=@M<I?OTK@JA>JH=DI<ODJINJA
KJKPG<ODJIAO@M=@GJIBDIB>G<NN@NR@M@?@O@MHDI@?<I<GTN@NR@M@K@MAJMH@?OJAPMOC@M
@SKGJM@CJR>G<NNH@H=@MNCDKDNKM@?D>ODQ@JANP=E@>ODQ@KNT>CJGJBD><GJPO>JH@NNOM@NN<I?
NP>C<NG<O@IO>G<NN<I<GTNDN><IKMJQD?@DIAJMH<ODJI<=JPOCJROC@?DAA@M@IOOTK@NJA
=@GJIBDIBNJ>D<G<I?<><?@HD> <M@NP=E@>ODQ@GT@SK@MD@I>@?=TNOP?@IONOC<OH<T=@
J=N>PM@?=TOC@OTKD><G<??DODQ@JM>PHPG<ODQ@<KKMJ<>COJOC@H@<NPM@H@IOJA=@GJIBDIB
1K@>DAD><GGT<G<O@IO>G<NN<KKMJ<>C><IDGGPNOM<O@CJRNJ>D<G<I?<><?@HD>=@GJIBDIBH<T
RJMFOJB@OC@MJMN@K<M<O@GTOJDIAGP@I>@<><?@HD><I?KNT>CJGJBD><GJPO>JH@NJIN>CJJG
><HKPN@N
1(
'INPHH<MTR@PN@?*!OJ@S<HDI@RC@OC@MNOP?@IONI<OPM<GGTAJMH?DNODI>ODQ@
>G<NN@NJM>GPNO@MN=<N@?JI?DAA@M@IO>JH=DI<ODJINJA>JI>@KOP<GGT?DAA@M@IOOTK@NJA
=@GJIBDIBI@NN_<><?@HD><I?NJ>D<G2C@IR@@S<HDI@?CJR@<>C>GPNO@MJM>G<NNJA
=@GJIBDIBKM@?D>ONKNT>CJGJBD><G<I?<><?@HD>N>CJJGJPO>JH@N$DI<GGTR@DIQ@NODB<O@?DA
<I?CJR?@HJBM<KCD>>C<M<>O@MDNOD>NNP>C<NNOP?@IOB@I@M<ODJI<GNO<OPNADMNO B@I@M<ODJIQN
=@GJIBDIB>G<NN5@>CJN@OJGJJFNK@>DAD><GGT<OB@I@M<ODJI<GNO<OPN<I?@OCID>DOT=@><PN@
OC@N@ORJ?@HJBM<KCD>Q<MD<=G@NC<Q@=@@I<NNJ>D<O@?RDOC?DAA@M@IOD<GN>CJJGJPO>JH@NDI
/=28.
#+;=3-39+7=<
PIDQ@MNDOTDI1JPOC !@IOM<G!<GDAJMID<2C@TR@M@M@>MPDO@?AJMOC@NOP?TDIOCM@@N@K<M<O@
OCMJPBC<I@H<DG<?Q@MODNDIBOC@NOP?TN@IOJPO=TOC@PIDQ@MNDOTcNM@BDNOM<MJAAD>@<I?
>JHHJIMJJH<M@<N<I?KJNO@M=J<M?NDI>JHHJIJPOND?@NK<>@N1OP?@IONM@>@DQ@?@DOC@M
>JPMN@>M@?DOJMHJI@T <N>JHK@IN<ODJIGGK<MOD>DK<IONR@M@O@NO@?DI?DQD?P<GGT<I?
>JHHJI<M@<NJANOP?@IO?JMHDOJMD@N1OP?@IONKMJQD?@?OC@DMNOP?@IO'"NDIJM?@MOJH<O>C
OC@DMNPMQ@TM@NKJIN@NOJJAAD>D<GOM<IN>MDKONJ=O<DI@?AMJHOC@PIDQ@MNDOTcNM@BDNOM<MJAAD>@
2M<IN>MDKONR@M@J=O<DI@?JIGTRDOCNOP?@IONc>JIN@IO<I?JI>@NPMQ@TM@NKJIN@NR@M@
1)
<I<GTNDNKMJ>@@?@?RDOCJPO<ITD?@IODATDIBDIAJMH<ODJIKM@N@IO2C@@IODM@?<O<>JGG@>ODJI
K@MDJ?NK<II@?JI@<I?<C<GAT@<MN<I?R<N<KKMJQ@?=TOC@CJNODIBPIDQ@MNDOTcNDIO@MI<G
M@QD@R=J<M?'0 %.?<O<R<NJ=O<DI@?DIOC@5DIO@MLP<MO@MJAOC@N@>JI?T@<MJAOC@
NOP?TOCPNR@C<?>PHPG<ODQ@%.NAJM<HDIDHPHJA<I@IODM@T@<MJA>JGG@B@AJM<GG
NOP?@ION'IJOC@MRJM?N>PHPG<ODQ@%.N>JQ@M@?JI@T@<MJANOP?TAJMK<MOD>DK<IONRCJ
R@M@AM@NCH@I<OOC@ODH@JANOP?T>JHKG@ODJI>PHPG<ODQ@%.N>JQ@M@?ORJT@<MNAJM
K<MOD>DK<IONRCJR@M@NJKCJHJM@N<OOC@ODH@JANOP?T>JHKG@ODJI<I?NJAJMOC
H<G@<I?=M@APN@?OJM@KJMOOC@DMB@I?@MJM>CJN@OC@`JOC@MaJKODJI2RJCPI?M@?<I?
K<MOD>DK<ION?D?IJOM@NKJI?OJOC@KMJHKO
.<M@IO<G@?P><ODJIG@Q@GR<NPN@?OJ<NNDBIK<MOD>DK<ION`ADMNO B@I@M<ODJIaJM`>JIODIPDIB
B@I@M<ODJIa>JGG@B@NO<OPN1OP?@IONRCJC<?<OG@<NOJI@K<M@IORDOC<>JGG@B@?@BM@@AMJH<
1*
NOP?@ION2C@N@>MDO@MD<AJM<NNDBIDIB`ADMNO
B@I@M<ODJIa<I?`>JIODIPDIB
B@I@M<ODJIaNO<OPN
/+<>;/<
2C@H@<NPM@NPN@?AJMOC@>PMM@IONOP?TR@M@@SOM<>O@?AMJH<G<MB@MNPMQ@TGJJFDIB
<O?DQ@MN@JPO>JH@N<HJIB>JGG@B@NOP?@ION2C@AJGGJRDIBH@<NPM@NRDGG=@O<GF@?<=JPODI
JM?@MNO<MODIBRDOCDI?D><OJMNJA>G<NN>JQ<MD<O@N<GO@MI<ODQ@GT><GG@?KM@?D>OJMQ<MD<=G@NDI<
IJI*!>JIO@SO <I?OC@I?DNO<GJPO>JH@N<GO@MI<ODQ@GT><GG@??@K@I?@IO
Q<MD<=G@NJPO>JH@Q<MD<=G@NDI<IJI*!>JIO@SO +@<IN<I?NO<I?<M??@QD<ODJINJAOC@
Q<MD<=G@NPODGDU@?DIOC@NOP?T><I=@AJPI?DI2<=G@DI1PKKG@H@IO<G+<O@MD<G
(>280;4;>=68=61J>D<G @GJIBDIBR<NH@<NPM@?PNDIBAJPMDO@HN2C@N@AJPMG<O@IO
>G<NNDI?D><OJMNR@M@<?<KO@?AMJHOC@5<GOJI!JC@I 1@IN@JA1J>D<G<I?
><?@HD>$DO1><G@.<MOD>DK<IONDI?D><O@?OC@@SO@IOOJRCD>COC@T<BM@@JM?DN<BM@@RDOC
=@GJIBDIB'IJM?@MOJPN@OC@DO@HNDIOC@*<O@IO!G<NNHJ?@GDIB>JIO@SOOC@N@Q@IDO@H
>J?@?<N`06A44a
1+
2034<824;>=68=6><?@HD> @GJIBDIBR<NH@<NPM@?PNDIBAJPMDO@HN2C@N@
AJPMG<O@IO>G<NNDI?D><OJMNR@M@<?<KO@?AMJHOC@*@RDN&J?B@N =DGDOT
3I>@MO<DIOT1><G@5C@M@<NOC@JMDBDI<GN><G@R<N?@NDBI@?OJH@<NPM@K@M>@DQ@?<=DGDOTOJ
NP>>@@?DI<NK@>DAD><><?@HD>H<EJMR@<?<KO@?OC@DO@HNOJB<PB@K@M>@DQ@?<=DGDOTOJ
NP>>@@?DI>JGG@B@<O3!1 HJM@B@I@M<GGT.<MOD>DK<IONR@M@<NF@?OC@@SO@IOOJRCD>C
BCA>=6;H38B06A44OJBCA>=6;H06A44@B`>5C4=F>=34A8570E4F70C8CC0:4BC>
BD224430C*(a`70E4=>3>D1CC70C?>BB4BB>A20=02@D8A4C74018;8C84B*(
M@NKJIN@NJAJMR@M@>J?@?<N`06A44a
&"$"#
2RJ?@HJBM<KCD>Q<MD<=G@NR@M@DI>GP?@?<N>JQ<MD<O@Q<MD<=G@NDIOJOC@>PMM@IO
HJ?@G'IOC@*!>JIO@SO>JQ<MD<O@Q<MD<=G@NM@A@MOJOC@Q<MD<=G@NOC<O<M@O@NO@?OJN@@
RC@OC@MOC@T?A4382CBMJPKH@H=@MNCDK2C@AJGGJRDIBQ<MD<=G@NR@M@DI>GP?@?<N>JQ<MD<O@N
DIOC@>PMM@IOM@N@<M>C4=4A0C8>=(C0CDB8458ABC64=4A0C8>=EB2>=C8=D8=664=4A0C8>=
BCD34=CBB80=84B80=EB=>=B80=!0C8=G84!0C8=GEB=>=!0C8=G<I?,78C4
84,78C4EB=>=,78C42C@N@Q<MD<=G@NR@M@DI>GP?@?DIOC@>PMM@IONOP?T=@><PN@=JOC
@OCID>DOTC<Q@=@@IAJPI?OJ=@M@G<O@?OJN>CJJGJPO>JH@NDIK<NOM@N@<M>C!JJF@O<G
1,
OC@N@?@HJBM<KCD>A<>OJMN<M@KM@?D>ODQ@JARCD>C=@GJIBDIB>G<NN>GPNO@MJMKMJADG@
NOP?@ION=@GJIBOJ
#$"# &=;/<<&/50<=//6+7.#
2C@?@K@I?@IOJPO>JH@Q<MD<=G@NOTKD><GGTM@A@MM@?OJ<N?DNO<GQ<MD<=G@NDIOC@*!
;0BC<>=C77>F>5C4=70E4H>D54;CC70CH>DF4A4D=01;4C>2>=CA>;C748<?>AC0=CC78=6B8=
H>DA;854a`=C74;0BC<>=C77>F>5C4=70E4H>D54;C=4AE>DB0=3BCA4BB43K$JPMDO@HN
R@M@M@Q@MN@>J?@?NJOC<OCDBC@MN>JM@N<M@DI?D><ODQ@JACDBC@MG@Q@GNJANOM@NN@SK@MD@I>@?
DIOC@K<NOHJIOC'IO@MI<G>JINDNO@I>TR<N<?@LP<O@AJMOCDNN<HKG@g
.<MOD>DK<IONR@M@<NF@?OJOCDIF<=JPOCJRHP>COC@T<BM@@?JM?DN<BM@@?RDOC<GDNOJA
NO<O@H@IONOC<O>JPG?KJO@IOD<GGT?@N>MD=@OC@H0@NKJIN@NR@M@M@KJMO@?PNDIB<N@Q@I KJDIO
*DF@MO1><G@BCA>=6;H38B06A44OJBCA>=6;H06A44@B`$=C74F7>;40<B0C8B5843F8C7
NJOC<OCDBC@MN>JM@NDI?D><O@BM@<O@MN@GA @NO@@H'IO@MI<G>JINDNO@I>TR<N@S>@GG@IOAJMOCDN
N<HKG@g
M@BDNOM<MJAAD>@OJ<NN@NNJ=E@>ODQ@<><?@HD>JPO>JH@N2M<IN>MDKONR@M@J=O<DI@?DIOC@
1-
5DIO@MLP<MO@MJAOC@N@>JI?T@<MJAOC@NOP?T!PHPG<ODQ@NOP?@IO%BR@M@PN@?<N<I
JPO>JH@AJMOC@>PMM@IONOP?T
7+5B=3-"?/;?3/@
GGKM@GDHDI<MT<I<GTN@NR@M@K@MAJMH@?PNDIB1.11Q+DSOPM@HJ?@GDIBR<N
OC@*!>G<NN@IPH@M<ODJIOJ?@O@MHDI@OC@I<OPM<GGTJ>>PMMDIBIPH=@MJA?DAA@M@IOKMJADG@N
OC@?@HJBM<KCD>KM@?D>OJMQ<MD<=G@N <I??DNO<GJPO>JH@NOC@?@K@I?@IOJMJPO>JH@
>GPNO@MNJMKMJADG@N JA=@GJIBDIBI<OPM<GGTKM@N@IO<HJIBJPMN<HKG@JA>JGG@B@NOP?@ION
0<I?JHNO<MONR@M@PN@?OJQ@MDATOC<OOC@NJGPODJI>JIQ@MB@?JIOC@BGJ=<GH<SDHPHM<OC@M
OC<I<GJ><GH<SDHPH+J?@GNR@M@<I<GTU@?AJGGJRDIBBPD?@GDI@NJPOGDI@?=T+<NTI
IPH=@MJA>G<NN@N<M@DI>M@<N@?=TJI@PIODGHPGODKG@ADODI?D>@NNPBB@NO<=@NO ADOODIBHJ?@G
1@Q@M<G>PMM@IOM@>JHH@I?@?ADONO<ODNOD>NAJM>CJJNDIBOC@=@NOADOODIBHJ?@GR@M@
AJPMDIAJMH<ODJI>MDO@MD<<I?ORJGDF@GDCJJ? =<N@?O@NON2C@DIAJMH<ODJI>MDO@MD<O@NONR@M@
1.
1>GJQ@ $JMOC@DIAJMH<ODJI>MDO@MDJIOC@GJR@NOQ<GP@NJMRC@IOC@M@OPMIC<N
?DHDIDNC@?DI?D><O@NOC@=@NOADOODIBHJ?@G
R@M@<GNJO<F@IDIOJ>JIND?@M<ODJIRC@I?@O@MHDIDIBOC@ADI<GHJ?@G,TGPI? %D=NJI
>JI>@KOP<GHJ?@GN@@$DBPM@ 2CDN<KKMJ<>CR<NPODGDU@?<NDOK@MHDONAJMNDHPGO<I@JPN
=THPGODIJHD<GGJBDNOD>M@BM@NNDJIGH
1/
"$"## ??DODJI<GGTOC@?DNO<GJPO>JH@Q<MD<=G@NR@M@M@BM@NN@??DM@>OGT
JIOC@>JQ<MD<O@KM@?D>OJMQ<MD<=G@NDIJM?@MOJ?@O@MHDI@OC@M@G<ODJINCDK=@OR@@I
B@I@M<ODJI<GNO<OPN<I?@OCID>DOTJIN>CJJGJPO>JH@N<=JQ@<I?=@TJI?>G<NNH@H=@MNCDK
2C@M@DNJIGTJI@@NODH<O@AJM@<>CJAOC@N@?DM@>OM@G<ODJINCDKN<NOC@T<M@IJO@NODH<O@?=T
%/<>5=<
0@NPGONJAOC@>G<NN@IPH@M<ODJI<I?OC@@H@MB@IO>G<NN@N>GPNO@MNJMKMJADG@NJA
HPGODIJHD<GGJBDNOD>M@BM@NNDJIM@NPGONAJGGJR@?=TOC@JQ@M<GGJHID=PN ?DNO<GH@<I
?DAA@M@I>@N<I?NP=N@LP@IOK<DMRDN@>JHK<MDNJIN<M@>JIND?@M@?
'+,5/ "@N>MDKODQ@NO<ODNOD>N
10
!G<NN@IPH@M<ODJIR<N>JI?P>O@?JIOC@NJ>D<G<I?<><?@HD>
=@GJIBDIBDI?D><OJMN=@BDIIDIBRDOC<^>G<NNNJGPODJI<I?DI>M@<NDIBPKOJ<^>G<NN
NJGPODJI$DODI?@SDIAJMH<ODJI><I=@AJPI?DI2<=G@JA1PKKG@H@IO<G+<O@MD<G2C@ '!
<I?!'!NPKKJMO@?OC@ >G<NNNJGPODJI<NQ<GP@N?@>M@<N@?RDOCOC@<??DODJIJA>G<NN@NPK
2C@@IOMJKTJAOC@ >G<NNNJGPODJIR<N<GNJDI?D><ODIB@S>@GG@IO>G<NNDAD><ODJI<>>PM<>T
2JNPHH<MDU@AJPMPIDLP@<I??DNODI>ODQ@>G<NN@NJA=@GJIBDIB@H@MB@?AMJHJPM
NOP?@ION<HKG@.PO?DAA@M@IOGTOC@PIDQ@MNDOTNOP?@IONDIOC@>PMM@IONOP?T@SCD=DO@?JI@JA
11
AJPM?DNODI>OKMJADG@NJA=@GJIBDIBRCD>C<GGM@KM@N@IO?DAA@M@IO>JH=DI<ODJINJANJ>D<G<I?
<><?@HD>=@GJIBDIB2C@AJPM=@GJIBDIB>G<NN@N>GPNO@MNJA=@GJIBDIBJMKMJADG@NJA
=@GJIBDIB OC<O@H@MB@?DIJPMN<HKG@JANOP?@IONR@M@G<=@GG@?<NAJGGJRN>G<NN867
!>F(>280;8672034<82D@NOP?@IONRDOCGJRNJ>D<G<I?CDBC<><?@HD>=@GJIBDIB
>G<NN867(>280;!>F2034<82D@NOP?@IONRDOCCDBCNJ>D<G<I?GJR<><?@HD>
2034<82;0BBRCD>C>C<M<>O@MDU@?JANOP?@IONDIJPMN<HKG@=
#I>JPM<BDIBGTOC@N@>JI?HJNO>JHHJI=@GJIBDIB>G<NNR<NOC@867(>280;867
(>280;8672034<82>G<NN<I?!>F(>280;!>F2034<82>G<NNR@M@=JOCM@G<ODQ@GT
M@NK@>ODQ@GT2C@N@M@NPGONNCJROC<ONOP?@ION?JIJONDHKGTC<Q@CDBCJMGJR=@GJIBDIB=PO
OC<ONJ>D<G<I?<><?@HD>=@GJIBDIBDIO@M<>O<I?PIDLP@KMJADG@NJA=@GJIBDIB<M@KM@N@IODI<I
@SDNODIBNOP?@IOKJKPG<ODJI'ODN<GNJDIO@M@NODIBOJIJO@OC<O<=JPOC<GAJANOP?@IONNOMPBBG@
RDOCOC@DM<><?@HD>=@GJIBDIBRC@M@<NJIGTJANOP?@IONM@KJMO@SK@MD@I>DIBGJRNJ>D<G
=@GJIBDIB
)((
31>;/
.MJ=<=DGDOTKGJONJAOC@AJPM
>G<NNHJ?@G
)()
"## #%$#0@NPGONAJMOC@?DM@>OJQ@M<GGM@BM@NNDJI<=JQ@<I?=@TJI?>G<NN
H@H=@MNCDK <I<GTN@NR@M@<NAJGGJRN%.R<NNDBIDAD><IOGTKM@?D>O@?=TB@I@M<ODJINO<OPN
CJR@Q@MOC@G<>FJA@OCID>?DAA@M@I>@NDI%.DIOC@>PMM@IONOP?T?DQ@MB@AMJHHP>CK<NO
M@N@<M>C
D?@IODAT<NND<I<I?OC<OOC@M@DNIJ?DAA@M@I>@DIN@GA@NO@@HN>JM@NAJMB@I@M<ODJI5CDO@
JM*<O@DISNO<OPN2C@ADI?DIBOC<OND<I<I?ND<I H@MD><INOP?@IONN>JM@?GJR@MJIN@GA
@NO@@HDNIJONPMKMDNDIBBDQ@IK<NOM@N@<M>CADI?DIBNOC<ONPBB@NOOC<OND<INO@I?OJKG<>@
&"$#!JQ<MD<O@M@NPGONAJM<GGK<DMRDN@>JHK<MDNJINR@M@>JIND?@M@?<GJIB
RDOCAM@LP@I>D@NJA@OCID>=M@<F?JRI=TB@I@M<ODJINO<OPNAJM@<>C=@GJIBDIB>G<NN
!JQ<MD<O@M@NPGONAJMB@I@M<ODJINO<OPNDI?D><O@?OC<O>JIODIPDIB B@I@M<ODJINOP?@ION
)(*
8672034<82>G<NNOC<IOC@!>F(>280;8672034<82>G<NN;>68C(?
OC@867(>280;8672034<82>G<NNOC<IDIOC@867(>280;!>F2034<82>G<NNJMOC@
!>F(>280;!>F2034<82>G<NN<I?ODH@NHJM@GDF@GTOJ=@DIOC@867(>280;867
2034<82>G<NNOC<IOC@!>F(>280;!>F2034<82>G<NNRC@I>JHK<M@?OJADMNOB@I@M<ODJI
NOP?@ION!JIODIPDIB B@I@M<ODJINOP?@IONR@M@<GNJNDBIDAD><IOGTHJM@GDF@GTOJ=@DIOC@867
(>280;!>F2034<82>G<NNOC<IDIOC@!>F(>280;!>F2034<82>G<NN;>68C(
>JIODIPDIB B@I@M<ODJINOP?@IONR@M@JQ@MODH@NHJM@GDF@GTOJ=@DIOC@867(>280;!>F
2034<82>G<NNOC<IOC@!>F(>280;!>F2034<82>G<NNRC@I>JHK<M@?OJADMNOB@I@M<ODJI
NOP?@ION
'IO@MHNJAOC@<I<GTN@N@S<HDIDIBOC@MJG@JA@OCID>DOTOC@5CDO@NOP?@IONR@M@
HJM@GDF@GTOJ=@DIOC@867(>280;!>F2034<82>G<NNOC<IDIOC@!>F(>280;!>F
NOP?@ION'IJOC@MRJM?N5CDO@NOP?@IONR@M@JQ@MORJ<I?C<GAODH@NHJM@GDF@GTOJ=@DI
OC@867(>280;!>F2034<82>G<NNOC<IDIOC@!>F(>280;!>F2034<82>G<NNRC@I
>JHK<M@?OJIJI 5CDO@NOP?@ION2C@M@R@M@IJNDBIDAD><IO?DAA@M@I>@N<>MJNN>G<NNRC@I
)(+
'+,5/.@M>@IO<B@JA#OCID>DOT=T!G<NN
#$#-HID=PN5<G?O@NONR@M@>JI?P>O@?AJM<GGOCM@@?DNO<GJPO>JH@N2CDNDN
NDHDG<MOJ>JI?P>ODIB<I,-4=@AJM@HJQDIBJIOJK<DMRDN@>JHK<MDNJIN5<G?O@NO
=@GJIBDIB>G<NN@NJI<GGOCM@@JAOC@H@<NPM@?JPO>JH@Q<MD<=G@N$JGGJR PKK<DMRDN@
)(.
>JHK<MDNJIM@NPGONAJM%.><I=@AJPI?DI$DBPM@DI1PKKG@H@IO<G+<O@MD<G$JGGJR
PK
K<DMRDN@>JHK<MDNJIM@NPGONAJMN@GA @NO@@H<I?NOM@NN><I=@AJPI?DI$DBPM@DI
1PKKG@H@IO<G+<O@MD<G
%%.R<NNDBIDAD><IOGTCDBC@MAJMNOP?@IONDIOC@867(>280;8672034<82
>G<NN" >JHK<M@?OJNOP?@IONDIOC@!>F(>280;!>F2034<82>G<NN"
N>JM@?KJDIONJI<Q@M<B@CDBC@MJI%.OC<IOCJN@DIOC@!>F(>280;!>F2034<82
>G<NN%.R<NNDBIDAD><IOGTCDBC@MAJMNOP?@IONDIOC@!>F(>280;8672034<82>G<NN"
>JHK<M@?OJNOP?@IONDIOC@867(>280;!>F2034<82>G<NN""
2CDNDI?D><O@NOC<OOCJN@DIOC@!>F(>280;8672034<82>G<NNN>JM@?JI
<Q@M<B@KJDIONCDBC@MJI%.OC<IOC@867(>280;!>F2034<82>G<NN<I?KJDION
CDBC@MJI%.OC<IOC@!>F(>280;!>F2034<82>G<NN2C@M@R@M@IJNDBIDAD><IO
?DAA@M@I>@N=@OR@@INOP?@IONDIOC@867(>280;8672034<82>G<NNQNOC@!>F(>280;
8672034<82>G<NNOC@867(>280;8672034<82>G<NNQNOC@867(>280;!>F
2034<82>G<NNJM867(>280;!>F2034<82>G<NNQNOC@!>F(>280;!>F2034<82
>G<NN
'INPHH<MTOC@N@M@NPGONNPBB@NOOC<ODIO@MHNJA<IJ=E@>ODQ@N>CJJGJPO>JH@D@
>PHPG<ODQ@%. OC@RJMNOJPO>JH@N<M@<>CD@Q@?=TNOP?@IONRCJ@SK@MD@I>@<GJRN@IN@
JA1>C7NJ>D<G<I?<><?@HD>=@GJIBDIB2C@K<OO@MIJANDBIDAD><IOM@NPGON<M@NJH@RC<OHJM@
HP??G@?AJMNOP?@IONRCJ@SK@MD@I>@1>C7OTK@NJA=@GJIBDIBJMEPNOJI@OTK@JA=@GJIBDIB
)(/
RC@IJIGTJI@OTK@JA=@GJIBDIBDNKM@N@IO<><?@HD>=@GJIBDIBDNKJO@IOD<GGTHJM@
DHKJMO<IOAJMJ=E@>ODQ@<><?@HD>JPO>JH@NNP>C<N%.
(4;5BC44<1OP?@IONM@KJMO@?OC@CDBC@NON@GA @NO@@HDIOC@867(>280;867
1O<ODNOD><G<I<GTN@NM@Q@<G@?OC<ON@GA @NO@@HR<NNDBIDAD><IOGTCDBC@MAJMNOP?@IONDI
OC@867(>280;8672034<82>G<NN" RC@I>JHK<M@?OJNOP?@IONAMJH<GGJAOC@
=JOCNDBIDAD><IOGTCDBC@MOC<IOC@!>F(>280;!>F2034<82>G<NN""
NDBIDAD><IO?DAA@M@I>@=@OR@@IOC@2C@!>F(>280;8672034<82" <I?867
1>C7<><?@HD><I?NJ>D<G=@GJIBDIBM@NPGONDIOC@=@NOJPO>JH@N<I?C<QDIB<GJRN@IN@JA
1>C7<><?@HD><I?NJ>D<G=@GJIBDIBM@NPGONDIOC@RJMNOJPO>JH@N&JR@Q@M@DOC@M<N@IN@JA
<><?@HD>=@GJIBDIBJM<N@IN@JANJ>D<G=@GJIBDIB@Q@IRC@I@SK@MD@I>@?DI?@K@I?@IOGTJA
NDHDG<MK<OO@MIC@M@OJOC@K<OO@MIJ=N@MQ@?<=JQ@RDOC%.C<QDIBEPNO<><?@HD>=@GJIBDIB
)(0
>JHK<M@?OJC<QDIBEPNONJ>D<G=@GJIBDIBDNOM@I?DIBOJR<M?HJM@KJNDODQ@N@GA
@NO@@H
JPO>JH@N
(CA4BB1OM@NNR<NNDBIDAD><IOGT?DAA@M@IO<>MJNN<GG>JHK<MDNJIN1OM@NNR<NGJR@NODI
867(>280;8672034<82>G<NN" <I?CDBC@NODIOC@!>F(>280;!>F2034<82
OC@867(>280;!>F2034<82>G<NN" NCJR@?DIO@MH@?D<O@G@Q@GNJANOM@NN&@M@
<B<DIR@N@@OC<O@SK@MD@I>DIBCDBCG@Q@GNJA1>C7OTK@NJA=@GJIBDIBM@NPGONDIOC@=@NO
JPO>JH@NDIO@MHNJANOM@NN<I?@SK@MD@I>DIBGJRG@Q@GNJA=JOCOTK@NJA=@GJIBDIBM@NPGONDI
OC@RJMNOJPO>JH@N2C@M@DN<GNJ<NDBIDAD><IO?DAA@M@I>@=@OR@@IOC@!>FB>280;867
>JH@NOJNOM@NNDINP>C<R<TOC<ONOP?@IONRCJ@SK@MD@I>@CDBCNJ>D<G=@GJIBDIB=POGJR
<><?@HD>=@GJIBDIB@SK@MD@I>@<>A4NOM@NNOC<INOP?@IONRCJ@SK@MD@I>@GJRNJ>D<G
=@GJIBDIB=POCDBC<><?@HD>=@GJIBDIB2CDNK<OO@MIJAM@NPGONDNNDHDG<MOJOC@K<OO@MIOC<O
GOCJPBCC<QDIB<N@IN@JA=JOCOTK@NJA=@GJIBDIBDN<NNJ>D<O@?RDOCOC@=@NOJPO>JH@NDI
O@MHNJANOM@NNC<QDIB<CDBCN@IN@JA<><?@HD>=@GJIBDIBN@@HNOJ=@HJM@DHKJMO<IOOC<I
C<QDIB<CDBCN@IN@JANJ>D<G=@GJIBDIBDINDOP<ODJINRC@M@NOP?@IONJIGT@SK@MD@I>@JI@JM
OC@JOC@M OTK@JA=@GJIBDIB
)(1
31>;/%.
!#0,8<=,8/,;/0;;9; 4110;08=<>:0;<.;4:=<48/4.,=0<428414.,8.0,=:
!#0,8<=,8/,;/0;;9; 4110;08=<>:0;<.;4:=<48/4.,=0<428414.,8.0,=:
))(
3<-><<387
G<MB@<I?AGJPMDNCDIB?<O<=<N@JIN>CJJG=@GJIBDIBKJDIONOJOC@QDO<GDHKJMO<I>@JA
?@Q@GJKDIB=@GJIBDIB<HJIBNOP?@ION<OQ<MDJPNG@Q@GNJA@?P><ODJIIDI>M@<N@?N@IN@JA
=@GJIBDIBC<N=@@I<NNJ>D<O@?RDOC<K<IJKGTJAKJNDODQ@JPO>JH@N<HJIBNOP?@ION
KM@QDJPNM@N@<M>C<I?DIO@MQ@IODJINC<Q@JAO@I>JIAG<O@??DAA@M@IOA<>@ONJMOTK@NJA
@S<HDI@?RC@OC@MNJ>D<G=@GJIBDIB<I?<><?@HD>=@GJIBDIB><I=@@HKDMD><GGT?DNODIBPDNC@?
<I?RC@OC@MOC@N@?DAA@M@IOOTK@NJA=@GJIBDIBJMOC@DIO@M<>ODJIJAOC@N@?DAA@M@IOOTK@NJA
NOP?@IOJPO>JH@NJI<>JGG@B@><HKPN2CDNDN<I@<MGTNO@KOJR<M?<more nuanced
understanding of the interplay between academic and social belonging in different contexts.
specific needs.
-Q@M<GGR@AJPI?OC<OAJPM?DNODI>OKMJADG@NJM>G<NN@NJA=@GJIBDIB<M@I<OPM<GGT
KM@N@IOJIOC@>JGG@B@><HKPNPI?@MDIQ@NODB<ODJI'IJOC@MRJM?NNOP?@ION?JIJONDHKGT
@SK@MD@I>@CDBC=@GJIBDIBJIJI@@I?JA<KJG@JMGJR=@GJIBDIBJIOC@JOC@M@I?JAOC@KJG@
DI<NDHKG@=DI<MTR<TM<OC@M?DAA@M@IOPIDLP@<I??DNODI>O>JH=DI<ODJINJANJ>D<G<I?
<><?@HD>=@GJIBDIB<M@@SK@MD@I>@?=TNOP?@IONJI<>JGG@B@><HKPN2JQ<MDJPN?@BM@@N
NOP?@ION=@GJIB@?OJOC@AJGGJRDIBAJPM>G<NN@N>G<NN867(>280;8672034<82
)))
R@M@MJPBCGTOC@N<H@DINDU@QNJAOC@N<HKG@ <I?>G<NN@N<I?R@M@MJPBCGT
OC<ODI>GP?@?<GJR@M@?N@IN@JA<><?@HD>=@GJIBDIB>JHK<M@?OJ<GJR@M@?N@IN@JANJ>D<G
=@GJIBDIBMJPBCGTJANOP?@IONJQ@M<GGM@KJMO@?GJRNP=E@>ODQ@NJ>D<G=@GJIBDIB<I?
MJPBCGTJANOP?@IONM@KJMO@?GJRNP=E@>ODQ@<><?@HD>=@GJIBDIBJQ@M<GG
NOP?@IONR@M@HJM@GDF@GTOJ=@DIOC@>G<NN@NOC<OC<?CDBC@MOTK@NJA=JOCJM@DOC@MOTK@NJA
=@GJIBDIB>JHK<M@?OJADMNO B@I@M<ODJINOP?@IONRCJH<?@PK<G<MB@KJMODJIJAOC@>G<NNGJR
JI=JOCOTK@NJA=@GJIBDIB$@R@M?DAA@M@I>@NR@M@J=N@MQ@?<HJIB@OCID>BMJPKN<GOCJPBC
RCDO@NOP?@IONR@M@HJM@GDF@GTOJ=@DIOC@867(>280;!>F2034<82>G<NNOC<IDIOC@
!>F(>280;!>F2034<82>G<NNRC@I>JHK<M@?OJIJI 5CDO@NOP?@ION
!G<NNH@H=@MNCDK<GNJC<?DHKGD><ODJINAJM=JOCJ=E@>ODQ@<I?NP=E@>ODQ@NOP?@IO
JPO>JH@N'IO@MHNJA%.C<QDIB=JOCJM@DOC@MOTK@NJA=@GJIBDIBKMJQD?@N=@I@ADO
<GOCJPBCRC@I>JIND?@MDIBOC@ORJ>G<NN@NDIRCD>CNOP?@ION@SK@MD@I>@EPNOJI@OTK@JA
=@GJIBDIBNJ>D<GJM<><?@HD> C<QDIB9DBC<><?@HD>=@GJIBDIBDNOM@I?DIBOJR<M?N=@DIB
HJM@DHKJMO<IOOC<IC<QDIB9DBCNJ>D<G=@GJIBDIB,JONPMKMDNDIBGT@SK@MD@I>DIBGJRG@Q@GN
JA=JOCOTK@NJA=@GJIBDIBM@NPGONDIOC@RJMNOJPO>JH@N'IO@MHNJANP=E@>ODQ@KNT>CJGJBD><G
NOP?@IOJPO>JH@N<B<DI@SK@MD@I>DIBCDBCG@Q@GNJA=JOCOTK@NJA=@GJIBDIBG@<?NOJOC@=@NO
JPO>JH@NRC@M@<N@SK@MD@I>DIBGJRG@Q@GNJA=JOCOTK@NJA=@GJIBDIBKMJ?P>@NOC@RJMNO
JPO>JH@N#SK@MD@I>DIBJIGTJI@OTK@JA=@GJIBDIBEPNONJ>D<GJMEPNO<><?@HD> =POIJOOC@
JOC@MC<N=PAA@MDIB@AA@>ON<I?KMJ?P>@NDIO@MH@?D<O@M@NPGONDIO@MHNJAN@GA @NO@@H<I?
))*
<><?@HD>=@GJIBDIB<I?GJRNJ>D<G=@GJIBDIB <M@NJH@RC<O=@OO@MJAAOC<INOP?@IONRCJ
@SK@MD@I>@9DBCNJ>D<G=@GJIBDIB<I?GJR<><?@HD>=@GJIBDIB <I?@NK@>D<GGTRC@IDO>JH@N
OJ@SK@MD@I>@?G@Q@GNJANOM@NN
2<F@IOJB@OC@MOC@N@M@NPGON<M@<ADMNONO@KDI@NO<=GDNCDIBOC<O<><?@HD><I?NJ>D<G
=@GJIBDIB<M@@SK@MD@I>@?=TNOP?@IONDI?DAA@M@IO>JH=DI<ODJIN<I?OC<OOC@T?JIO
I@>@NN<MDGTAPI>ODJIOC@N<H@R<TDIO@MHNJANP=E@>ODQ@<I?J=E@>ODQ@NOP?@IOJPO>JH@N
"@NKDO@M@>@IO@HKDMD><G<I?<KKGD@?AJ>PNJINJ>D<G=@GJIBDIBOC@>PMM@IOM@N@<M>CNPBB@NON
<><?@HD>=@GJIBDIBHDBCO=@HJM@DHKJMO<IOOC<INJ>D<G=@GJIBDIBDIO@MHNJAJ=E@>ODQ@<I?
NP=E@>ODQ@NOP?@IOJPO>JH@NDI>JGG@B@2CDNM@N@<M>C?M<RN<OO@IODJIOJOC@DHKJMO<IOMJG@JA
NJ>D<G>JHHPIDOT>JIO@SONDIOC<OPGODH<O@GTOC@N@<M@DINODOPODJIN?@NDBI@?OJO@<>C<><?@HD>
NP=E@>ONNJ<><?@HD><I?NJ>D<G=@GJIBDIBH<TAPI>ODJI?DAA@M@IOGTC@M@OC<IDIJOC@M
>JIO@SON
OC<OJPMN<HKG@R<NAMJH<Q@MTNK@>DAD>>JGG@B@@IQDMJIH@IO-PM?<O<R<N>JGG@>O@?AMJH<
CDBCGT>JHK@ODODQ@HDIJMDOT N@MQDIBDINODOPODJIJACDBC@MG@<MIDIB'ODNKJNND=G@OC<ORJMMD@N
<=JPO<><?@HD>=@GJIBDIBR@M@HJM@N<GD@IODIJPMADI?DIBN=@><PN@JAOC@CDBC<><?@HD>
><GD=@MJAOC@DINODOPODJIRC@M@OC@>PMM@IO?<O<R<N>JGG@>O@?'ODN@LP<GGTKJNND=G@OC<OA@R@M
NOP?@ION@SK@MD@I>@?DHDIDNC@?NJ>D<G=@GJIBDIBDIOC@>PMM@IO>JIO@SO=@><PN@JAOC@
?DQ@MNDOTKM@N@IOJIOC@>JGG@B@><HKPNPI?@MDIQ@NODB<ODJI2C@M@AJM@DODNDHK@M<ODQ@OC<ODI
OC@APOPM@OCDNM@N@<M>C=@M@KGD><O@?JIJOC@MN>CJJG><HKPN@NOC<O<M@HJM@<I?G@NN
))+
G@NNM<>D<GGT@OCID><GGTB@I@M<ODJI<GGTD@A@R@MJMHJM@ADMNO
B@I@M<ODJINOP?@ION ?DQ@MN@
GOCJPBCJPM?<O<DI>GP?@?G<MB@KMJKJMODJINJANOP?@IOND?@IODATDIB<NND<IJMND<I
K<MOD>DK<ION2CDNDN?P@OJOC@NH<GGK@M>@IO<B@JA=G<>F<OOC@N>CJJGPI?@MDIQ@NODB<ODJI
CJRNJ>D<GQN<><?@HD>=@GJIBDIBKG<TJPODIOCDNNOP?@IOBMJPK
'ODN<GNJKJNND=G@OC<O<><?@HD>=@GJIBDIBR<NHJM@DHKJMO<IODIOC@>PMM@IOADI?DIBN
=@><PN@R@H@<NPM@?NJ>D<G=@GJIBDIBDI<Q@MT=MJ<?N@IN@<I?B@I@M<GN@IN@JQ@M<GG
@SK@MD@I>@JQ@M<GGGJRNJ>D<G=@GJIBDIBJI<>JGG@B@><HKPNH<TI@Q@MOC@G@NNNPAA@MG@NN
?DM@>JIN@LP@I>@N<NGJIB<NOC@TC<Q@N@Q@M<GJM@Q@IJI@ NJGD?M@G<ODJINCDKNRDOC<IJOC@M
@AA@>OJANK@>DAD>M@G<ODJINCDKNJIOC@@AA@>ONJAJQ@M<GGG<>FJANJ>D<G=@GJIBDIB'OH<T=@
KJNND=G@OJC<Q@JI@JMN@Q@M<GKJNDODQ@M@G<ODJINCDKNOC@M@=TN<ODNATDIBOC@I@@?OJ=@GJIBDI
<B@I@M<GN@IN@T@ONODGGIJOA@@GOC<OJI@DNAPGGT<>>@KO@?NJ>D<GGTDI<>JIO@SO1CJJF
>JPG?C<Q@=@I@ADONAJMNOP?@IONAMJH=G<>F<I?G<ODIS=<>FBMJPI?N%@CG=<>C@O<G
<I?JOC@MM@N@<M>CC<NAJPI?OC<O@Q@I<M=DOM<MTHDIDH<G>JII@>ODJINOJ<IJOC@MDI?DQD?P<G
NOP?@IOK@MNDNO@I>@<I?HJODQ<ODJI5<GOJI@O<G
)),
/7/;+53<-><<387
=<>C@GJMcN?@BM@@DNOC@HJNOKJR@MAPGKM@?D>OJMJAJI@cNNO<OPNDIH@MD><I
NJ>D@OT<I?OC@?DQD?@=@OR@@IOC@JAH@MD><INRCJC<Q@<>JGG@B@?@BM@@<I?OC@
CDBC@M@?P><ODJIDNNODGGA<MAMJH@LPDO<=G@1OP?@IONJA>JGJMNOP?@IONAMJHGJR@M
=@@I<>CD@Q@?RDOCOC@M@>@IODHKG@H@IO<ODJIJA`5DN@aKNT>CJGJBD><GDIO@MQ@IODJIN
?@NDBI@?OJ<??M@NN<I?DHKMJQ@OC@NP=E@>ODQ@@SK@MD@I>@JA?DN<?Q<IO<B@?NOP?@IONAJM
B@I@M<ODJINOP?@IONRCJC<Q@M@>@DQ@?>JIND?@M<=GTG@NN<OO@IODJIDIOC@KNT>CJGJBD><G
BMJRDIB?@HJBM<KCD>JI>JGG@B@><HKPN@N
+<ITA<>OJMN>JIOMD=PO@OJOC@KJJM>JGG@B@JPO>JH@NJAADMNO B@I@M<ODJINOP?@IOND@
MDNFA<>OJMAJM>JGG@B@NP>>@NN,D>JG@1O@KC@IN<I?C@M>JGG@<BP@NC<Q@KMJKJN@?OC@
B@I@M<ODJINOP?@IONRCJC<Q@OTKD><GGT=@@INJ>D<GDU@?DI<GJR@MNJ>DJ@>JIJHD>>PGOPM<G
@IQDMJIH@IO=MDIB<HJM@`DIO@M?@K@I?@IOaJM`>JGG@>ODQDNOD>aN@GAOJ<>JGG@B@@IQDMJIH@IO
OC<OKG<>@NBM@<O@HKC<NDNJI=@DIB`DI?@K@I?@IOaJM`DI?DQD?P<GDNOD>a1OP?@ION@SK@MD@I>@<
))-
>G<NC=@OR@@IOC@DM`DIO@M?@K@I?@IOaN@GQ@N<I?OC@DMI@R`DI?@K@I?@IOa@IQDMJIH@IORCD>C
<G
2C@>PMM@IOM@N@<M>CR<N?@NDBI@?OJ=@OO@MPI?@MNO<I?OC@KNT>CJGJBD><GH@>C<IDNHN
OC<OPI?@MKDIOCDN>PGOPM@>G<NC<I?G<>FJA=@GJIBDIB@SK@MD@I>@?=TADMNO B@I@M<ODJI
NOP?@IONcK@MNJI<G@HJODJI<GKMJADG@N<I?OC@@HJODJI<GKMJADG@NJA`H<EJMDOTaJM`CJNOa
>JIOMD=PO@OJCJROC@>PGOPM@>G<NCDN<>OP<GGT@SK@MD@I>@?<I?A@GO=TNOP?@ION1K@>DAD><GGT'
KM@?D>O@?OC<OADMNO B@I@M<ODJINOP?@IONRJPG?NCJRGJR@M@HJODJI<GADORDOCOC@H<EJMDOT
>PGOPM@<I?OCDNRJPG?C<Q@I@B<ODQ@DHKGD><ODJINAJMOC@DM=@GJIBDIB<NR@GG<NJOC@M
RJPG?NCJRDHKMJQ@H@IONDI@HJODJI<GADO<NOC@T<>>PGOPM<O@?@HJODJI<GGTOJOC@>JGG@B@
@IQDMJIH@IO2C@M@N@<M>CKMJKJN@?DIOC@DIDOD<G?DNN@MO<ODJIKMJKJN<GR<N<NDIBG@ OCM@@
R<Q@GJIBDOP?DI<GNOP?T?@NDBI@?OJOM<>FOC@@HJODJI<GADOJANOP?@ION<NR@GG<NOC@DM
=@GJIBDIB<I?JOC@M<><?@HD><I?KNT>CJGJBD><GN>CJJGJPO>JH@NJQ@MOC@>JPMN@JAOC@DM
@IODM@ADMNOT@<MJA>JGG@B@$<GGJA$M@NCH<IT@<MOJ$<GGJA1JKCJHJM@T@<M
?@>D?@?OJ=M@<FPKOC@?<O<DIOJORJN@K<M<O@?<O<N@ONJI@>JIO<DIDIBNOP?@IONRCJ
>JHKG@O@?JIGTJI@JMORJR<Q@NJAOC@NOP?T2C@`IJI >JHKG@O@NaR@M@<I<GTU@?DI.<MO'
RC@M@<NOC@`>JHKG@O@NaR@M@<I<GTU@?DI.<MO''.<MO'''R<N<I@IODM@GTI@R?<O<N@O<I?
.<MO'4PN@?K<MOD>DK<IONAMJH5<Q@.<MO' =PO'>JGG@>O@?H<IT<??DODJI<GK<MOD>DK<ION
)).
'I.<MO'PNDIB?<O<AMJHNOP?@IONRCJJIGT>JHKG@O@?JI@JMORJR<Q@NJAOC@
AM@NCH@IC<Q@GJR@M@HJODJI<GADORDOC>JIODIPDIB B@I@M<ODJIPKK@M>G<NNH@IRCJ'OJJFOJ
M@KM@N@IOOC@`H<EJMDOTaJM`CJNOa>PGOPM@JI><HKPN <OG@<NODIOC@,@B<ODQ@"DN@IB<B@?
#HJODJI<GKMJHKO<I?DIOC@>JGG<KN@?JM<Q@M<B@?,@B<ODQ@KMJHKO&JR@Q@M@HJODJI<GADO
<OODH@?D?IJOKM@?D>O>PHPG<ODQ@%.<O<G<O@MODH@KJDIOT@<MNG<O@M?PMDIB
Q<MD<=G@NH@<NPM@?<O5<Q@KM@?D>O@?5<Q@%.-IGTDI>JH@<I?>JGG@B@B@I@M<ODJI<G
In Part II, using data form students who completed all three waves of the longitudinal
study, longitudinal analyses showed that despite initial predictions, there was no evidence of
change in emotional fit (either increase or decrease) for either first- or continuing- generation
students over the year-long study. These results must be interpreted with a certain amount of
caution, however, since drop-out rate was rather large, and the final sample of “completes”
analyzed was relatively small (N=81 for the total sample), especially when separated by
students). Retention rate may have been improved in the current study if the surveys
employed had been shorter or if the incentives (monetary or otherwise) had been larger. It did
not help that a similar longitudinal study with larger incentives was concurrently being run at
.<MO''<GNJDIQJGQ@?<??DODJI<GM@BM@NNDJI<I<GTN@NOJAPMOC@MDIQ@NODB<O@CJR
KNT>CJGJBD><GQ<MD<=G@N<I?@NK@>D<GGT@HJODJI<GADO H@<NPM@?<O@DOC@MJAOC@OCM@@R<Q@N
))/
D@5<Q@N<I? KM@?D>O@?%.<OODH@GOCJPBCIJO>@IOM<GOJOC@>PMM@IO
M@N@<M>CM@NPGONNPBB@NO@?OC<OKNT>CJGJBD><GQ<MD<=G@NDIOC@@<MGTR@@FNJA>JGG@B@D@
2DH@ <M@HP>CG@NNDHKJMO<IODIKM@?D>ODIB>PHPG<ODQ@%.<O<G<O@MODH@KJDIO
>JHK<M@?OJKNT>CJGJBD><GQ<MD<=G@NH@<NPM@?G<O@MDINOP?@IONc<><?@HD>><MMD@MND@ODH@
KJDION<I? 'ON@@HNOC<OCJRNOP?@IONA@@GRC@IDIDOD<GGT@IO@MDIB<>JGG@B@@IQDMJIH@IO
DNG@NNDHKJMO<IOOC<ICJROC@TA@@G<AO@MOC@TC<Q@N@OOG@?DI<=DO<I?BJOO@I<=@OO@MA@@G<I?
PI?@MNO<I?DIBAJMOC@DM>JGG@B@@IQDMJIH@IO2CDNDNNJH@OCDIBRJMOCAPMOC@MDIQ@NODB<ODJI
=@><PN@DO>JPG?KMJQD?@DHKJMO<IODIAJMH<ODJI<=JPOOC@D?@<GODH@KJDIONOJDHKG@H@IO
`5DN@a@?P><ODJIDIO@MQ@IODJIN
.<MO'''DIQJGQ@?<I<??DODJI<G>MJNN N@>ODJI<GNOP?TOC<OR<N>JI?P>O@?DIJM?@MOJ
DIQ@NODB<O@OC@DHKJMO<I>@JA4<>C8>=0;022DA02HJMNOP?@IONcM@<?DIB<I?PI?@MNO<I?DIBJA
OC@@HJODJI<GK<OO@MINJA`OTKD><GaJM`H<EJMDOTa>PGOPM@NOP?@ION<N<KJO@IOD<G
KNT>CJGJBD><GH@>C<IDNHOC<OHDBCO@SKG<DICJRADMNO B@I@M<ODJINOP?@ION@SK@MD@I>@OC@
@QD?@I>@OC<O>JIODIPDIB B@I@M<ODJINOP?@IONPI?@M>G<NNH@IAM@NCH@I<I?NJKCJHJM@N
C<Q@CDBC@M@HJODJI<G<>>PM<>TD@<=@OO@MPI?@MNO<I?DIBJAOC@@HJODJI<GM@<>ODJINJA
B@I@M<ODJINOP?@ION
2C@HJNONPMKMDNDIBM@NPGONR@M@J=O<DI@?RC@IDIQ@NODB<ODIBOC@M@G<ODJINCDKN
@LP<ODJIAM<H@RJMFN@SK@>O@?@HJODJI<G<>>PM<>TC<?=JOC?DM@>O=@I@ADON<I?DI?DM@>O
))0
=@I@ADONOCMJPBCN@GA
@NO@@H<I?=@GJIBDIB JINOM@NN<=DGDOTPI>@MO<DIOT<I?D?@IODOT
@HJODJI<G<>>PM<>TN@@HNOJKG<T<HJM@DHKJMO<IOMJG@DIKM@?D>ODIBKJNDODQ@NOP?@IO
JPO>JH@N2CDNDN>@MO<DIGT<I<M@<OC<OM@LPDM@NAPMOC@MM@N@<M>C=POOC@ADI?DIBNNPBB@NO
MJJHAJMOC@KJO@IOD<G?@Q@GJKH@IOJA<IJOC@MDIO@MQ@IODJIOJC@GKADMNO B@I@M<ODJINOP?@ION
<I?JOC@MHDIJMDOTNOP?@IONNDI>@KM@QDJPNM@N@<M>CDIOC@<M@<JA#HJODJI<G'IO@GGDB@I>@C<N
AJPI?OC<O@HJODJI<G<>>PM<>T><I=@O<PBCO
JMDBDI<GGTJPOGDI@?DIOC@?DNN@MO<ODJIKMJKJN<G1@>ODJI'4PN@?G<O@IO>G<NN<I<GTNDNRDOC<
?DQ@MN@N<HKG@JAPI?@MBM<?P<O@NOJ?@O@MHDI@RC@OC@M?DNODI>OKMJADG@NJA<><?@HD><I?
NJ>D<G=@GJIBDIB@SDNOJI<>JGG@B@><HKPN<I?RC@OC@MOC@N@?DAA@M@IO>G<NN@NJA=@GJIBDIB
KM@?D>O<><?@HD><I?KNT>CJGJBD><GJPO>JH@N$JPM?DNODI>O>G<NN@NJA=@GJIBDIBI<OPM<GGT
@H@MB@?DIJPMN<HKG@867(>280;8672034<82=@GJIBDIB!>F(>280;8672034<82
867(>280;!>F2034<82<I?!>F(>280;!>F2034<82=@GJIBDIBN@SK@>O@?
NOP?@IONDIOC@867(>280;8672034<82>G<NNC<?OC@=@NOKNT>CJGJBD><G<I?<><?@HD>
>G<NNC<?NO<ODNOD><GGTOC@RJMNOJPO>JH@N'IO@M@NODIBGTNOP?@IONDIOC@!>F(>280;867
2034<82>G<NNJPOK@MAJMH@?NOP?@IONDIOC@867(>280;!>F2034<82>G<NN=JOC
<><?@HD><GGT<I?KNT>CJGJBD><GGT2C@N@M@NPGONKMJQD?@DIDOD<G@QD?@I>@OC<ODI<N>CJJG
>JIO@SO<N@IN@JA<><?@HD>=@GJIBDIBH<T=@HJM@DHKJMO<IOOC<I<N@IN@JANJ>D<G
=@GJIBDIB
))1
2<F@IOJB@OC@MOC@AJPMNOP?D@NDIOC@>PMM@IO?DNN@MO<ODJINPBB@NOOC<OOC@M@H<T=@
NJH@?DAA@M@I>@NDI@HJODJI<GADO<I?@HJODJI<G<>>PM<>T=@OR@@IADMNO B@I@M<ODJI<I?
?DAA@M@I>@NDI@HJODJI<GK<OO@MIN<HJIB1#1>PGOPM@N2C@>PMM@IOM@N@<M>C<GNJNPBB@NONOC<O
DI>M@<N@?@HJODJI<G<>>PM<>TKM@?D>ONKJNDODQ@NOP?@IOJPO>JH@N<I?OCDNG@<Q@NJK@IMJJH
AJMOC@KJO@IOD<G?@Q@GJKH@IOJA<I@RDIO@MQ@IODJIOC<ODI>M@<N@N@HJODJI<G<>>PM<>T<HJIB
ADMNO B@I@M<ODJINOP?@ION<I?JOC@MHDIJMDOTBMJPKNJI><HKPN2C@NOP?D@N<GNJNCJROC<O
@HJODJI<GADODNNJH@RC<OM@NDNO<IOOJ>C<IB@<OG@<NOJQ@MOC@>JPMN@NJAOC@>PMM@IONOP?T^
OC@@IODM@ADMNOT@<MJANOP?@IONc>JGG@B@@SK@MD@I>@
2C@NOM@IBOCNJA>PMM@IOKMJE@>OGD@DIOC@?DQ@MNDOTJAM@N@<M>C?@NDBIN<I?NO<ODNOD><G
DIOC@GJIBDOP?DI<G<NK@>ONJAOC@RJMF
)*(
%/0/;/7-/<
=?PGG<C+!#GD<N&+<CTP??DI03GD( #HJODJI<GDIO@GGDB@I>@<I?
<><?@HD><>CD@Q@H@IO<HJIB+<G<TND<IN@>JI?<MTNOP?@ION%0:8BC0=>DA=0;>5
^COOKN?JDJMB 6
)40274AB0=3"4=C0;40;C7%A>54BB8>=0;BNO@? 0JPOG@?B@
COOKN?JDJMB
3E0=24B8=">C8E0C8>=0=32784E4<4=C
AMD><IH@MD><I>JGG@B@NOP?@ION=TNC<KDIBOC@JMD@NJADIO@GGDB@I>@>DA=0;>5
PSDGD<MTQ<MD<=G@NDIHDSOPM@HJ?@GDIB NO@K<KKMJ<>C@NPNDIB+KGPN"?;DB,41
#>C4B
)*)
;40A=8=6C74>AH(>280;5>D=30C8>=B>5C7>D67C0=302C8>=B>280;2>6=8C8E4C74>AH
NOP?@IO<OOMDODJI'4B40A278=8674A3D20C8>=
COOKN?JDJMB=A
@II@OO" &JR><I'?@<GRDOCHDNNDIB?<O<DIHTNOP?TDBCA0;80=0=3#4F
JA>JQ<MD<I>@NOMP>OPM@N%BH27>;>6820;D;;4C8= ^
COOKN?JDJMB
N>CJJG>DA=0;>53D20C8>=0;%BH27>;>6H ^
COOKN?JDJMB
DIO@GGDB@I>@KM@?D>O<>CD@Q@H@IO<>MJNN<I<?JG@N>@IOOM<INDODJIGJIBDOP?DI<GNOP?T
)**
JPM?D@P.5<>LP<IO*( =8=E8C0C8>=C>A45;4G8E4B>28>;>6H!CD><BJ'*
3IDQ@MNDOTJA !CD><BJKM@NN
@S>@GG@I>@DIH@MD><ICDBC@M@?P><ODJI2CJH<N(@AA@MNJI$JPI?<ODJI?DNODIBPDNC@?
G@>OPM@N@MD@N
<ND> JJFN
"JRINOM@<H>JIN@LP@I>@NJA<NJ>D<G =@GJIBDIBDIO@MQ@IODJIDIOC@OM<INDODJIOJ
>JGG@B@+<IPN>MDKODIKM@K<M<ODJI
!<>DJKKJ(2&PBC@N+#5<DO@*(&<RFG@T*!2CDNO@?0
*JI@GDI@NN<N<NK@>DAD>MDNFA<>OJMAJM?@KM@NNDQ@NTHKOJHN!MJNN N@>ODJI<G<I?
GJIBDOP?DI<G<I<GTN@N%BH27>;>6H0=368=6
COOKN?JDJMB
!<>DJKKJ(2&<RFG@T*!!M<RAJM?*##MINO(+ PMG@NJI+&)JR<G@RNFD
<I?NKM@<?JAGJI@GDI@NNDI<G<MB@NJ>D<GI@ORJMF>DA=0;>5%4AB>=0;8CH0=3(>280;
)*+
!<IBPM1#M><I' !JHK<MDNJIJAHJ?@GADODI?D>@NPN@?DINOMP>OPM<G@LP<ODJI
HJ?@GDIBPI?@MHPGODQ<MD<O@IJMH<GDOT>DA=0;>5">34A=??;843(C0C8BC820;
"4C7>3B
JI1OP?@ION#0'!"DB@NO
"TI<HD>N<I?OC@M<K@POD>DIO@MQ@IODJI%BH27>C74A0?H)74>AH'4B40A27
%A02C824
^COOKN?JDJMBC
8=%BH27>;>6820;(284=24
COOKN?JDJMBE
S
B<KNJ>D<G
KNT>CJGJBD><GDIO@MQ@IODJI(284=24
)*,
!JC@I%*%<M>D<(.PM?D@
4<PBCIN4KA@G, MUPNOJNFD. 0@>PMNDQ@
KMJ>@NN@NDIN@GA <AADMH<ODJI'IO@MQ@IDIBOJ>GJN@OC@HDIJMDOT<>CD@Q@H@IOB<K
NOP?@IONc@SK@MD@I>@NRDOCA<HDGT<>CD@Q@H@IOBPDGOD;CDA0;8E4AB8CH0=3C7=82
"8=>A8CH%BH27>;>6H
2C@DIO@GG@>OP<GPI?@MK@MAJMH<I>@JANOP?@IONAMJHGJRNJ>DJ@>JIJHD>
<I?><?@HD>3I?@M >CD@Q@H@IO5C@I-PM0@KPO<ODJI!<O>C@N3KOJ3N<I?
2<F@N-Q@M(>280;%BH27>;>6H>53D20C8>=^COOKN?JD
JMBKMJSTGD=M<MTP>N=@?P
@HJODJIN=@GJIBNOP?T JADHHDBM<IONc@HJODJI<G<>>PGOPM<ODJI%4AB>=0;8CH
"@*@@MNIT?@M(+@NLPDO< )DH&#JH)!CJD& #HJODJI<GADORDOC
>PGOPM@KM@?D>OJMJADI?DQD?P<G?DAA@M@I>@NDIM@G<ODJI<GR@GG
=@DIB<>C8>=
)*-
"@*@@MNIT?@M()DH&1+@NLPDO< +T@HJODJIN=@GJIBC@M@<I?OC@M@
@SO@I?DIBOC@KC@IJH@IJIJA@HJODJI<G<>>PGOPM<ODJIOJC@MDO<B@>PGOPM@ADO
>6=8C8>=0=3<>C8>=
"@R<GG!,2R@IB@(+ PNCH<I 'H!5DGGD<HN) GDOOG@
<>>@KO<I>@BJ@N<GJIBR<T(>280;%BH27>;>6820;0=3%4AB>=0;8CH(284=24
COOKN?JDJMB
(27>>;B0=378;3A4=B!85470=24B0PNN@GG1<B@$JPI?<ODJI
#I?@MN!) I<GTUDIBGJIBDOP?DI<G?<O<RDOCHDNNDIBQ<GP@N'47018;8C0C8>=
%@I@M<ODJI!JGG@B@1OP?@ION%4;;=BC8CDC45>AC74(CD3H>5$??>ACD=8CH8=8674A
3D20C8>=
>PMM@IO<AA@>O>DA=0;>5%4AB>=0;8CH0=3(>280;%BH27>;>6H
)*.
%<DGGDJO+2 <PH@DNO@M0$ 1@GA
@NO@@H=@GJIBDIBI@NN<I?RJMG?QD@R
Q<GD?<ODJI"J@N=@GJIBDIBI@NN@S@MO<PIDLP@DIAGP@I>@PKJIN@GA @NO@@H>DA=0;>5
'4B40A278=%4AB>=0;8CH
COOKN?JDJMBEEMK
COOKNO<ORDFDFJGJ=FM@<ODJIN>JH
0A;H3>;4B24=24
COOKN?JDJMB
Q<GP@NOJ<><?@HD>HJODQ<ODJI<HJIBPM=<I<?JG@N>@IONOP?@ION>DA=0;>5
G?4A8<4=C0;3D20C8>= ^
COOKN?JDJMB
&<M<>FD@RD>U(+!<IIDIB#2D==@OON7%DAA@I!( G<DM110JPN@"'
NOP?@IONDIPI?@MBM<?P<O@=DJGJBT>DA=0;>53D20C8>=0;%BH27>;>6H
)*/
BH<?>B8D<>=<>C8E0C8>=A>BB2D;CDA0;38554A4=24B8=?4AB?42C8E4B>=C74B4;5K
^ 3IDQ@MNDOTJA,@=M<NF<.M@NN
COOKN?JDJMB
<>>PM<>T<I?OC@A<>OJMNOC<ODIAGP@I>@DO
"0C7)A02:%;0==8=6(CA0C4684B0=3>=C4GC>5(D??>AC"D<I@.P=GDNCDIB
C<MHAPGOJTJPMC@<GOC
OJPI?@MK<M<H@O@MDU@?HJ?@GHDNNK@>DAD><ODJI%BH27>;>6820;"4C7>3B
' +!JM
'IF@G<N))"<Q@M8#4JBO)#*@JI<M?( *DQDIB^G@<MIDIBKMJBM<HN
<I?ADMNO B@I@M<ODJI>JGG@B@NOP?@IONc<><?@HD><I?NJ>D<GOM<INDODJIOJ>JGG@B@
!<I!<PN@#I?PMDIB#AA@>ON<4A68=6)A4=3B8=C74(>280;0=3470E8>A0;
(284=24B COOKN?JDJMB@OM?N
)*0
)@MIDN+& +@<NPMDIBN@GAj@NO@@HDI>JIO@SO2C@DHKJMO<I>@JANO<=DGDOTJAN@GAj
OJJGAJMDIQ@NODB<ODIBKNT>CJ=DJGJBD><GNOM@NNM@NKJIN@NDI<G<=JM<OJMT
)DO<T<H<1+<MFPN&0)PMJF<R<+ !PGOPM@@HJODJI<I?R@GG =@DIB
%JJ?A@@GDIBNDI(<K<I<I?OC@3IDO@?1O<O@N>6=8C8>=<>C8>=
@SK@MD@I>@NJ>D<GGT@IB<BDIB<I??DN@IB<BDIB@HJODJINDI(<K<I<I?OC@3IDO@?
1O<O@N>DA=0;>5%4AB>=0;8CH0=3(>280;%BH27>;>6H
1<B@.P=GD><ODJIN
K@@MNDIOC@>G<NNMJJH.M@?D>OJMNJA>CDG?M@IN@<MGTN>CJJG<?EPNOH@IO78;3
4E4;>?<4=C
COOKN?JDJMB
*<H=@MO,+1ODGGH<I2$&D>FN()<H=G@1 <PH@DNO@M0$$DI>C<H$
)*1
" 2J @GJIB'NOJ+<OO@M1@IN@JA @GJIBDIB#IC<I>@N+@<IDIBDI*DA@
COOKN?JDJMB
NJ>DJH@O@M2C@M@G<ODJINCDK=@OR@@IDIO@MK@MNJI<G<KKM<DN<GN<I?OC@NO<O@
COOKN?JDJMB
?JH<DIN"@Q@GJKH@IO<I?Q<GD?<ODJIJAOC@=DGDOT3I>@MO<DIOT1><G@!40A=8=60=3
0=31>>:>5&D0=C8C0C8E4"4C7>3B
OC@RJMG?OC@M@G<ODJINCDK=@OR@@I@HJODJI<G?DNKG<TMPG@N<I?DI?DQD?P<GDNHQ@MNPN
)+(
+<T@M("1<GJQ@T. 5C<ODN@HJODJI<GDIO@GGDB@I>@<>C8>=0;34E4;>?<4=C
0=34<>C8>=0;8=C4;;864=243D20C8>=0;<?;820C8>=B
DIO@GGDB@I>@O@NO+1!#'2 DO@H=JJFG@O
%4AB>=0;8CH0=3(>280;%BH27>;>6H
+DT<F@)JNO 1HDOC*#$DIF@GNO@DI,".JGGJ>F1(!JC@I%*'OJ
2 0@?P>DIBOC@B@I?@M<>CD@Q@H@IOB<KDI>JGG@B@N>D@I>@>G<NNMJJH
2C@DHKJMO<I>@JAHJODQ<ODJI<I?N@IN@JA=@GJIBDIB>;;464(CD34=C>DA=0;
><GD=M<ODJIJA>CDG?M@IcN@SK@>O<ODJINAJMNP>>@NN<I?>JHK@O@I>@=@GD@AN
0??;843A4B40A274ABDB4ALB6D834
COOKN?JDJMBE O=S
2M@I?NDIOC@#?P><ODJIJA0<>D<G<I?#OCID>%MJPKN0@OMD@Q@?->OJ=@M
)+)
AMJHOC@,<ODJI<G!@IO@MAJM#?P><ODJI1O<ODNOD>N5@=NDO@
COOKI>@N@?BJQKP=N?DB@NO
COOKN?JDJMBOKN
-DNCD1+D<J$$)JJ+)DNGDIB(0<OGDAA) 0@ND?@IOD<GHJ=DGDOT
=M@@?NA<HDGD<MDOT
N@@FDIB>DA=0;>5%4AB>=0;8CH0=3(>280;%BH27>;>6H
>DA=0;>58674A3D20C8>=)74>AH0=3%A02C824
0@OMD@Q@?AMJH
COOKN<MOD>G@B<O@R<T>JHDI?@SKCK(.<MOD>G@QD@R
.<N><M@GG<#2.D@MNJI!25JGID<F%!2@M@IUDID.2 $DMNO B@I@M<ODJI
>JGG@B@NOP?@ION??DODJI<G@QD?@I>@JI>JGG@B@@SK@MD@I>@N<I?JPO>JH@N)74
K@MNJINA278E4B>5=C4A=0;"43828=4
COOKN?JDJMB<M>CDIO@MIH@?
)+*
<?JG@N>@I>@2C@DHKJMO<I>@JAN>CJJG=@GJIBDIB)74>DA=0;>5G?4A8<4=C0;
@AAD><>TOCMJPBC<O@<>CDIBDIO@MQ@IODJIAJMPIDQ@MNDOTNOP?@ION!40A=8=60=3
.MTJM(&&PMO<?J11<@IU4 1<IOJN(*)JMI51 2C@H@MD><I
$M@NCH<I$JMOT T@<MOM@I?N!>B=64;4B8674A3D20C8>='4B40A27=BC8CDC4
3IDQ@MNDOT.M@NN
?@KM@NNDJI">;42D;0A%BH2780CAH
@?P><ODJIH@O< <I<GTNDN<I?M@>JHH@I?<ODJINAJMAPOPM@M@N@<M>C>DA=0;>5
&<I?=JJFJAHJODQ<ODJI<ON>CJJG
)++
1<@U#0@>@NNDJI% 1OMDFDIBDOMD>C@M2C@@QJGPODJIJAOJKDI>JH@NDIOC@
3IDO@?1O<O@N3K?<O@?RDOC@NODH<O@N @MFG@T3IDQ!<GDA.M@NN
2C@KM@Q<G@I>@<I?HJODQ<ODJI<G@AA@>ONJADIO@MK@MNJI<GGT@IB<BDIB@HJODJINDI
+@SD><I<I?#PMJK@<IH@MD><I>PGOPM<G>JIO@SON=C4A=0C8>=0;>DA=0;>5
QPGI@M<=DGDOT<I?NOM@NNOC@@AA@>ONJAN@GA <AADMH<ODJIJINTHK<OC@OD>I@MQJPNNTNO@H
1C@MH<I")&<MONJI) DIIDIB)0.PM?D@ 4<PBCIN4%<M>D<(2<=JMNFT
I<MM<ODQ@CJRN@GA <AADMH<ODJI<AA@>ON<><?@HD>K@MAJMH<I>@<I?HJODQ<ODJIPI?@M
D?@IODOTOCM@<O>DA=0;>5%4AB>=0;8CH0=3(>280;%BH27>;>6H
KMJHJODIBN@IN@JA=@GJIBDIB<OPIDQ@MNDOT<I?<><?@HD>K@MAJMH<I>@>DA=0;>5
COOKN?JDJMBEE@NK
1JP>C<G!2J>U@F+!"<MIJI!1H@?DIB PO@M<$+<MODIJO"
NN@NNDIB?J@NIJOH@<IOCM@<O@IDIB2C@KPMKJN@JA<NN@NNH@IO<N<F@T
?@O@MHDI<IOJABDMGN<I?=JTNK@MAJMH<I>@DI<N>D@I>@>G<NNA8C8B7>DA=0;>5
)+,
1H@?DIB"<MIJI!1JP>C<G!2J>U@F
!<K@GG@+! PO@M<$ 0@?P>DIB
OC@NJ>DJ @>JIJHD>NO<OPN<>CD@Q@H@IOB<K<OPIDQ@MNDOT=TKMJHJODIBH<NO@MT
OCM@<O<HJIBGJRNJ>DJ@>JIJHD>NO<OPNDI?DQD?P<GN(>280;DBC824'4B40A27
K@MAJMH<I>@<4A820=%BH27>;>68BC ^
COOKN?JDJMB 6
COOKN?JDJMB
<I?@?P><ODJI0@?P>DIBDI@LP<GDOT=T<KKGTDIB<NJ>DJ>PGOPM<GN@GA HJ?@GJA
=@C<QDJM%BH27>;>6820;A4E84F
1O@KC@IN,+$MT=@MB1+<MFPN&0(JCINJI!1!JQ<MMP=D<N0
3IN@@I?DN<?Q<IO<B@CJRH@MD><IPIDQ@MNDOD@NAJ>PNJIDI?@K@I?@I>@PI?@MHDI@N
OC@<><?@HD>K@MAJMH<I>@JAADMNO B@I@M<ODJI>JGG@B@NOP?@ION>DA=0;>5%4AB>=0;8CH
0=3(>280;%BH27>;>6H
HDNH<O>C'I?@K@I?@IO>PGOPM<GIJMHNKMJ?P>@BM@<O@MDI>M@<N@NDI>JMODNJG<I?HJM@
)+-
I@B<ODQ@@HJODJIN<HJIBADMNO
B@I@M<ODJI>JGG@B@NOP?@ION>DA=0;>5G?4A8<4=C0;
NOP?@IONc<><?@HD>K@MAJMH<I>@<I?<GGNOP?@IONc>JGG@B@OM<INDODJI%BH27>;>6820;
OCM@@B<O@R<T>JIO@SONNC<K@N@GQ@N<I?AP@GDI@LP<GDOT==D0;'4E84F>5
>JGG@B@$JMODATDIBN>CJJGM@G@Q<ION@GQ@NOJM@?P>@NJ>D<G>G<NN?DNK<MDOD@NDICDBC@M
1O@KC@IN,+2JRIN@I?11&<H@?<ID+%"@NODI++<IUJ4
2@M@IUDID.21KMDIB@M*7<@B@M.+.<N><M@GG<#2,JM< $DMNO
2D==@OON7&<M<>FD@RD>U(+!<IIDIB# JNOJI(1.MDIDNFD1(&T?@(1
AADMHDIBDI?@K@I?@I>@#SKGJMDIBH@>C<IDNHNPI?@MGTDIB<Q<GP@N
<AADMH<ODJIDIO@MQ@IODJIAJMADMNO B@I@M<ODJINOP?@ION>DA=0;>5%4AB>=0;8CH0=3
(>280;%BH27>;>6H
)+.
DI?D><O@NNDBIDAD><IOHJMO<GDOTMDNFJAJG?@MK@JKG@>DA=0;>568=6'4B40A27
COOKN?JDJMB
COOKN?JDJMB>N?
#HJODJI<GNDHDG<MDOT=PAA@MNNOM@NN(>280;%BH27>;>6820;0=3%4AB>=0;8CH(284=24
?DNDIA@>ODJI=T KMJ?P>ONAJMH<ODJIDI'NO<I=PG?MDIFDIBR<O@MM@N@MQJDMN)74(284=24
COOKN?JDJMBEN>DOJO@IQ
4<NLP@U 1<GB<?J7%M@@IAD@G?.+ PMBJN !D@IAP@BJN0 #SKGJMDIBCJH@
N>CJJGQ<GP@>JIAGD>ON'HKGD><ODJINAJM<><?@HD><>CD@Q@H@IO<I?R@GG =@DIB<HJIB
COOKN?JDJMB
)+/
0=30??;820C8>=K^ 2C@%PDGAJM?.M@NN
<><?@HD><I?C@<GOCJPO>JH@NJAHDIJMDOTNOP?@ION(284=24
COOKN?JDJMBN>D@I>@
NJ>D<G<I?K@MNJI<GKMJ=G@HN%BH27>;>6820;'4E84F
COOKN?JDJMBM@Q
JANJ>D<G>JII@>ODJIN>DA=0;>5%4AB>=0;8CH0=3(>280;%BH27>;>6H
^COOKN?JDJMB<
5<GOJI%+*JB@G!.@<>C(+1K@I>@M1(8<II<+. 2RJ=MD@A
DIO@MQ@IODJINOJHDODB<O@<`>CDGGT>GDH<O@aOM<INAJMHRJH@IcN@SK@MD@I>@
M@G<ODJINCDKN<I?<>CD@Q@H@IODI@IBDI@@MDIB>DA=0;>53D20C8>=0;%BH27>;>6H
COOKN?JDJMB<
N@GA ?@N>MDKODJIDI#PMJK@<IH@MD><I<I?!CDI@N@>CDG?M@I4E4;>?<4=C0;
%BH27>;>6H
)+0
5DBAD@G?12JIFN1*)G<P?<)05@IOU@G"+D@G@#?N &<I?=JJFJAHJODQ<ODJIDI
0;F0HB3>14CC4A4JG *JI?JIGG@I*<I@
0@OMD@Q@?AMJHCOOKNRRRO@?>JHO<GFNMD>C<M?;RDGFDINJI
>JGG@B@NOP?@IONRDOC=MD@A<OOMD=PODJI<GDIO@MQ@IODJIN
AM@NCH@IOOMD=PODJIOC@JMTM@QDNDO@?>DA=0;>5%4AB>=0;8CH0=3(>280;%BH27>;>6H
2C@TcM@IJOH<BD>'4E84F>53D20C8>=0;'4B40A27
7@<B@M"15<GOJI%+ M<?T12F>DI<M#,.<PI@NFP")@<I@*
)<H@IOU"0DOO@M%"P>FRJMOC*3MNO@DI0%JH@U#++<MFPN&0
<>CD@Q@H@IOB<KN<ON><G@%A>24438=6B>5C74#0C8>=0;2034<H>5(284=24B
)+1
##!&
99/7.3A +=/;3+5<
#./^.JNDODQ@#IB<B@?1DOP<ODJI1>CJJG
"@*@@MNIT?@M+@NLPDO<)DH
#./^.JNDODQ@"DN@IB<B@?#HJODJI1>CJJG
"@*@@MNIT?@M+@NLPDO<)DH
! #./^,@B<ODQ@#IB<B@?1DOP<ODJI1>CJJG
"@*@@MNIT?@M+@NLPDO<)DH
# 1<ODNA<>ODJIRDOC*DA@1><G@
"D@I@M@O<G
$ 0JN@I=@MB1@GA
#NO@@H1><G@
0JN@I=@MB
% 1@IN@JA1J>D<G<I?><?@HD>$DO1><G@
5<GOJI!JC@I
& .@M>@DQ@?1OM@NN1><G@
!JC@I@O<G
' =DGDOT3I>@MO<DIOT1><G@
*@RDN&J?B@N
( 'IO@MK@MNJI<G1PKKJMO#Q<GP<ODJI*DNO
!JC@I&J=@MH<I
) "@HJBM<KCD>'IAJMH<ODJI
),(
99/7.3A
68=387+5#+==/;7<$>/<=3877+3;/
$%!)$%#'&
&3=>+=387#8<3=3?/71+1/.
Emotional Situations
1JH@ODH@NK@JKG@ADI?OC@HN@GQ@NDINDOP<ODJINOC<OH<F@OC@HA@@GBJJ?<=JPOOC@DM
M@G<ODJINCDKNRDOCJOC@MNAJM@S<HKG@A@@G>GJN@A@@GM@NK@>OAMD@I?GTA@@GDIBNA@@GC<KKT
AJM<IJOC@MK@MNJI
$%$
.G@<N@OCDIF<=JPO<IJ>><NDJI+=<-2885DIRCD>CTJPA@GO188.+,8>=B8>;;/5+=387<239
@3=28=2/;<AJM@S<HKG@A@@G>GJN@A@@GM@NK@>OAMD@I?GTA@@GDIBNA@@GC<KKTAJM<IJOC@M
K@MNJI
.G@<N@?@N>MD=@OC@NDOP<ODJI=MD@AGT.MJQD?@<NHP>C?@O<DG<NI@@?@?AJMNJH@=J?TOJ
PI?@MNO<I?RCTTJPA@GOOC<OR<TDIOCDNNDOP<ODJI
2JRC<O@SO@IO?D?TJPA@@G@<>CJAOC@AJGGJRDIB@HJODJIN
-1!1!**-+%4(!1
51/%+%*6
%JJ?
<?
&<KKT
3IC<KKT
MJPN@?
1G@@KT
3KN@O
%PDGOT
),)
'MMDO<=G@
NC<H@?
,@MQJPN
AM<D?
0@G<S@?
!<GH
'IO@M@NO@?
1OMJIB
.MJP?
2DM@?
JM@?
(@<GJPN
'GGA@@GDIBNOJ<IJOC@M
!GJN@OJ<IJOC@M
0@NK@>O
'I?@=O@?
$@@GGDF@M@GTDIBJI<IJOC@M
$@@GM@NDBI@?
&@GKAPG
1PMKMDN@?
5JMOCG@NN
#H=<MM<NN@?
),*
99/7.3A
68=387+5#+==/;7<$>/<=3877+3;/
$%!)$%#'&
&3=>+=387#8<3=3?/3</71+1/.
Emotional Situations
1JH@ODH@NK@JKG@ADI?OC@HN@GQ@NDINDOP<ODJINOC<OH<F@OC@HA@@GBJJ?<=JPOOC@DM
M@G<ODJINCDKNRDOCJOC@MNAJM@S<HKG@A@@G>GJN@A@@GM@NK@>OAMD@I?GTA@@GDIBNA@@GC<KKT
AJM<IJOC@MK@MNJI
$%$
.G@<N@OCDIF<=JPO<IJ>><NDJI+=<-2885DIRCD>CTJPA@GO188.08;B8>;</50AJM@S<HKG@
NPK@MDJMKMJP?OJKJAOC@RJMG?
.G@<N@?@N>MD=@OC@NDOP<ODJI=MD@AGT.MJQD?@<NHP>C?@O<DG<NI@@?@?AJMNJH@=J?TOJ
PI?@MNO<I?RCTTJPA@GOOC<OR<TDIOCDNNDOP<ODJI
2JRC<O@SO@IO?D?TJPA@@G@<>CJAOC@AJGGJRDIB@HJODJIN
-1!1!**-+%4(!1
51/%+%*6
) * + , - . /
<?
&<KKT
3IC<KKT
MJPN@?
1G@@KT
3KN@O
%PDGOT
'MMDO<=G@
),+
NC<H@?
,@MQJPN
AM<D?
0@G<S@?
!<GH
'IO@M@NO@?
1OMJIB
.MJP?
2DM@?
JM@?
(@<GJPN
'GGA@@GDIBNOJ<IJOC@M
!GJN@OJ<IJOC@M
0@NK@>O
'I?@=O@?
$@@GGDF@M@GTDIBJI<IJOC@M
$@@GM@NDBI@?
&@GKAPG
1PMKMDN@?
5JMOCG@NN
#H=<MM<NN@?
),,
99/7.3A
68=387+5#+==/;7<$>/<=3877+3;/
$%!)$%#'&
&3=>+=387!/1+=3?/71+1/.
Emotional Situations
1JH@ODH@NK@JKG@ADI?OC@HN@GQ@NDINDOP<ODJINOC<OH<F@OC@HA@@GBJJ?<=JPOOC@DM
M@G<ODJINCDKNRDOCJOC@MNAJM@S<HKG@A@@G>GJN@A@@GM@NK@>OAMD@I?GTA@@GDIBNA@@GC<KKT
AJM<IJOC@MK@MNJI
$%$
.G@<N@OCDIF<=JPO<IJ>><NDJI+=<-2885DIRCD>CTJP0/5=,+.+,8>=B8>;;/5+=387<239<
@3=28=2/;<AJM@S<HKG@DI?@=O@?<NC<H@?BPDGOTN<?JMNJMMTAJM<IJOC@M<AM<D?JA
OMJP=GDIB<IJOC@M<RFR<M?
.G@<N@?@N>MD=@OC@NDOP<ODJI=MD@AGT.MJQD?@<NHP>C?@O<DG<NI@@?@?AJMNJH@=J?TOJ
PI?@MNO<I?RCTTJPA@GOOC<OR<TDIOCDNNDOP<ODJI
2JRC<O@SO@IO?D?TJPA@@G@<>CJAOC@AJGGJRDIB@HJODJIN
-1!1!** -+%4(!1
51/%+%*6
) * + , - . /
<?
&<KKT
3IC<KKT
MJPN@?
1G@@KT
3KN@O
%PDGOT
),-
'MMDO<=G@
NC<H@?
,@MQJPN
AM<D?
0@G<S@?
!<GH
'IO@M@NO@?
1OMJIB
.MJP?
2DM@?
JM@?
(@<GJPN
'GGA@@GDIBNOJ<IJOC@M
!GJN@OJ<IJOC@M
0@NK@>O
'I?@=O@?
$@@GGDF@M@GTDIBJI<IJOC@M
$@@GM@NDBI@?
&@GKAPG
1PMKMDN@?
5JMOCG@NN
#H=<MM<NN@?
),.
99/7.3A
68=387+5#+==/;7<$>/<=3877+3;/
$%!)$%#'&
&3=>+=387!/1+=3?/3</71+1/.
Emotional Situations
1JH@ODH@NK@JKG@ADI?OC@HN@GQ@NDINDOP<ODJINOC<OH<F@OC@HA@@GBJJ?<=JPOOC@DM
M@G<ODJINCDKNRDOCJOC@MNAJM@S<HKG@A@@G>GJN@A@@GM@NK@>OAMD@I?GTA@@GDIBNA@@GC<KKT
AJM<IJOC@MK@MNJI
$%$
.G@<N@OCDIF<=JPO<IJ>><NDJI+=<-2885DIRCD>CTJP0/5=,+.+,8>==2371<=2+=2+99/7/.
=8B8>9/;<87+55BAJM@S<HKG@<IBMTAMPNOM<O@?NPGFTA@@GDIBE@<GJPN
.G@<N@?@N>MD=@OC@NDOP<ODJI=MD@AGT.MJQD?@<NHP>C?@O<DG<NI@@?@?AJMNJH@=J?TOJ
PI?@MNO<I?RCTTJPA@GOOC<OR<TDIOCDNNDOP<ODJI
2JRC<O@SO@IO?D?TJPA@@G@<>CJAOC@AJGGJRDIB@HJODJIN
-1!1!** -+%4(!1
51/%+%*6
) * + , - .
/
<?
&<KKT
3IC<KKT
MJPN@?
1G@@KT
3KN@O
%PDGOT
),/
'MMDO<=G@
NC<H@?
,@MQJPN
AM<D?
0@G<S@?
!<GH
'IO@M@NO@?
1OMJIB
.MJP?
2DM@?
JM@?
(@<GJPN
'GGA@@GDIBNOJ<IJOC@M
!GJN@OJ<IJOC@M
0@NK@>O
'I?@=O@?
$@@GGDF@M@GTDIBJI<IJOC@M
$@@GM@NDBI@?
&@GKAPG
1PMKMDN@?
5JMOCG@NN
#H=<MM<NN@?
),0
99/7.3A
&+=3<0+-=387@3=230/&-+5/
!$&
"'0#!2'-,1 @GJR<M@ADQ@NO<O@H@IONRDOCRCD>CTJPH<T<BM@@JM?DN<BM@@3NDIBOC@
N><G@=@GJRDI?D><O@TJPM<BM@@H@IORDOC@<>CDO@H=TKG<>DIBOC@<KKMJKMD<O@IPH=@M
DIOC@GDI@KM@>@?DIBOC<ODO@H.G@<N@=@JK@I<I?CJI@NODITJPMM@NKJIN@
1OMJIBGT"DN<BM@@
"DN<BM@@
1GDBCOGT"DN<BM@@
,@DOC@MBM@@JM"DN<BM@@1GDBCOGTBM@@
BM@@
1OMJIBGTBM@@
'IHJNOR<TNHTGDA@DN>GJN@OJHTD?@<G
2C@>JI?DODJINJAHTGDA@<M@@S>@GG@IO
'<HN<ODNAD@?RDOCGDA@
1JA<M'C<Q@BJOO@IOC@DHKJMO<IOOCDIBN'R<IODIGDA@
'A'>JPG?GDQ@HTGDA@JQ@M'RJPG?>C<IB@<GHJNOIJOCDIB
),1
99/7.3A
%8</7,/;1&/50<=//6&-+5/
"%!$
'2/:>/<=387<37=23<<-+5/+<4B8>+,8>=B8>;0//5371<+7.=28>12=<.>;371=2/5+<=
687=27/+-2-+</B8>@355,/+<4/.=837.3-+=/,B-3;-537128@80=/7B8>0/5=8;
=28>12=+-/;=+37@+B
&-+5/!/?/; 568<=!/?/;
&86/=36/<+3;5B"0=/7)/;B"0=/7
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJP=@@IPKN@O=@><PN@JANJH@OCDIBOC<OC<KK@I@?
PI@SK@>O@?GT
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GOOC<OTJPR@M@PI<=G@OJ>JIOMJGOC@
DHKJMO<IOOCDIBNDITJPMGDA@
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GOI@MQJPN<I?`NOM@NN@?a
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GO>JIAD?@IO<=JPOTJPM<=DGDOTOJC<I?G@TJPM
K@MNJI<GKMJ=G@HN
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GOOC<OOCDIBNR@M@BJDIBTJPMR<T
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPAJPI?OC<OTJP>JPG?IJO>JK@RDOC<GGOC@
OCDIBNOC<OTJPC<?OJ?J
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJP=@@I<=G@OJ>JIOMJGDMMDO<ODJINDITJPMGDA@
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GOOC<OTJPR@M@JIOJKJAOCDIBN
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJP=@@I<IB@M@?=@><PN@JAOCDIBNOC<OR@M@
JPOND?@JATJPM>JIOMJG
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GO?DAAD>PGOD@NR@M@KDGDIBPKNJCDBCOC<OTJP
>JPG?IJOJQ@M>JH@OC@H
)-(
99/7.3A
&/7</80&8-3+5+7.-+./63-3=
&"!"!
INR@MOC@AJGGJRDIBLP@NODJIN<=JPOF70C.B27>>;=0<4/8B;8:45>AH>D'I?D><O@OC@@SO@IO
OJRCD>CTJP<BM@@JM?DN<BM@@RDOC@<>CNO<O@H@IOPNDIBOC@N><G@N=@GJR
&-+5/F &=;8715B3<+1;//C&=;8715B1;//
.@JKG@<O9N>CJJGI<H@:<>>@KOH@k
'A@@GGDF@<IJPOND?@M<O9N>CJJGI<H@:k
-OC@MK@JKG@PI?@MNO<I?HJM@OC<I'?J<=JPORC<ODNBJDIBJI<O9N>CJJGI<H@:k
'OCDIFDIOC@N<H@R<T<N?JK@JKG@RCJ?JR@GG<O9N>CJJGI<H@:k
'ODN<HTNO@MTOJH@CJR9N>CJJGI<H@:RJMFNk
'A@@G<GD@I<O@?AMJH9N>CJJGI<H@:k
'ADODIR@GG<O9N>CJJGI<H@:k
'<HNDHDG<MOJOC@FDI?JAK@JKG@RCJNP>>@@?<O9N>CJJGI<H@:k
'FIJRRC<OFDI?JAK@JKG@9N>CJJGI<H@:KMJA@NNJMN<M@k
'B@O<GJIBR@GGRDOCK@JKG@<O9N>CJJGI<H@:k
'=@GJIB<O9N>CJJGI<H@:k
'FIJRCJROJ?JR@GG<O9N>CJJGI<H@:k
'?JIJOFIJRRC<O'RJPG?I@@?OJ?JOJH<F@<9N>CJJGI<H@:KMJA@NNJMGDF@H@k
'A@@G>JHAJMO<=G@<O9N>CJJGI<H@:k
.@JKG@<O9N>CJJGI<H@:GDF@H@k
'A'R<IO@?OJ'>JPG?KJO@IOD<GGT?JQ@MTR@GG<O9N>CJJGI<H@:k
.@JKG@<O9N>CJJGI<H@:<M@<GJOGDF@H@k
,JO@9N>CJJGI<H@:R<NM@KG<>@?RDOC`3!1 aDIOC@>PMM@IONOP?T
)-)
99/7.3A
#/;-/3?/.&=;/<<&-+5/
"!&
2C@LP@NODJINDIOCDNN><G@<NFTJP<=JPOTJPMA@@GDIBN<I?OCJPBCON?PMDIBOC@G<NOHJIOC'I
@<>C><N@TJPRDGG=@<NF@?OJDI?D><O@=T>DM>GDIBCJRJAO@ITJPA@GOJMOCJPBCO<>@MO<DI
R<T
,@Q@MGHJNO,@Q@M1JH@ODH@N$<DMGT-AO@I
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJP=@@IPKN@O=@><PN@JANJH@OCDIBOC<OC<KK@I@?
PI@SK@>O@?GT
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GOOC<OTJPR@M@PI<=G@OJ>JIOMJGOC@DHKJMO<IO
OCDIBNDITJPMGDA@
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GOI@MQJPN<I?`NOM@NN@?a
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GO>JIAD?@IO<=JPOTJPM<=DGDOTOJC<I?G@TJPM
K@MNJI<GKMJ=G@HN
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GOOC<OOCDIBNR@M@BJDIBTJPMR<T
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPAJPI?OC<OTJP>JPG?IJO>JK@RDOC<GGOC@OCDIBN
OC<OTJPC<?OJ?J
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJP=@@I<=G@OJ>JIOMJGDMMDO<ODJINDITJPMGDA@
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GOOC<OTJPR@M@JIOJKJAOCDIBN
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJP=@@I<IB@M@?=@><PN@JAOCDIBNOC<OR@M@JPOND?@JA
TJPM>JIOMJG
'IOC@G<NOHJIOCCJRJAO@IC<Q@TJPA@GO?DAAD>PGOD@NR@M@KDGDIBPKNJCDBCOC<OTJP
>JPG?IJOJQ@M>JH@OC@H
)-*
99/7.3A
,353=B(7-/;=+37=B&-+5/
(%"%
INR@MOC@AJGGJRDIBLP@NODJIN<=JPOF70C.B27>>;=0<4/8B;8:45>AH>D'I?D><O@OC@@SO@IO
OJRCD>CTJP<BM@@JM?DN<BM@@RDOC@<>CNO<O@H@IOPNDIBOC@N><G@N=@GJR
&-+5/F &=;8715B3<+1;//C&=;8715B1;//
'RJMMTHT<=DGDOD@N<M@IcOBJJ?@IJPBCOJ?JR@GG<O9N>CJJGI<H@:
'JAO@IRJI?@MDA'C<Q@RC<ODOO<F@NOJNP>>@@?<O9N>CJJGI<H@:k
'A@@G>JIAD?@IO<=JPOHT<=DGDOD@N<O9N>CJJGI<H@:k
'NJH@ODH@NA@@GGDF@JOC@MNOP?@ION<O9N>CJJGI<H@:C<Q@NFDGGNOC<O'?JIcO
5C@I'cH?JDIBHTRJMF<O9N>CJJGI<H@:'A@@G<N@IN@JA>JHK@O@I>@k
9N>CJJGI<H@:M@LPDM@NNJH@<=DGDOD@NOC<O'cHIJONPM@'KJNN@NNk
'RJMMTOC<OIJH<OO@MCJRC<M?'OMT'RJIO=@<=G@OJK@MAJMHNP>>@NNAPGGT<O9N>CJJG
I<H@:k
5C@I?JDIBRJMF<O9N>CJJGI<H@:'A@@G'C<Q@OC@NFDGGNOC<O'I@@?
'FIJRRC<OFDI?JAK@JKG@9N>CJJGI<H@:KMJA@NNJMN<M@k
'cHIJONPM@OC<O'cH>POJPOAJM9N>CJJGI<H@:k
'C<Q@IJ?JP=ONOC<O'KJNN@NNJM><I<>LPDM@OC@<=DGDOD@N9N>CJJGI<H@:M@LPDM@Nk
'cHIJONPM@'`ADODIaDIO@GG@>OP<GGT<O9N>CJJGI<H@:k
,JO@9N>CJJGI<H@:R<NM@KG<>@?RDOC`3!1 aDIOC@>PMM@IONOP?T
)-+
99/7.3A
7=/;9/;<87+5&>998;=?+5>+=3873<=
82/78,/;6+7
2CDNN><G@DNH<?@PKJA<GDNOJANO<O@H@ION@<>CJARCD>CH<TJMH<TIJO=@OMP@<=JPOTJP
.G@<N@DI?D><O@CJROMP@JMA<GN@@<>CNO<O@H@IODN<=JPOTJP
'A'R<IO@?OJBJJI<OMDKAJM<?<TAJM@S<HKG@OJOC@>JPIOMTJMHJPIO<DIN 'RJPG?C<Q@
<C<M?ODH@ADI?DIBNJH@JI@OJBJRDOCH@
'A@@GOC<OOC@M@DNIJJI@'><INC<M@HTHJNOKMDQ<O@RJMMD@N<I?A@<MNRDOC
'A'R@M@ND>F'>JPG?@<NDGTADI?NJH@JI@OJC@GKH@RDOCHT?<DGT>CJM@N
2C@M@DNNJH@JI@'><IOPMIOJAJM<?QD>@<=JPOC<I?GDIBKMJ=G@HNRDOCHTA<HDGT
'A'?@>D?@JI@<AO@MIJJIOC<O'RJPG?GDF@OJBJOJ<HJQD@OC<O@Q@IDIB'>JPG?@<NDGTADI?
NJH@JI@OJBJRDOCH@
5C@I'I@@?NPBB@NODJINJICJROJ?@<GRDOC<K@MNJI<GKMJ=G@H'FIJRNJH@JI@'><I
OPMIOJ
'?JIOJAO@IB@ODIQDO@?OJ?JOCDIBNRDOCJOC@MN
'A'C<?OJBJJPOJAOJRIAJM<A@RR@@FNDORJPG?=@?DAAD>PGOOJADI?NJH@JI@RCJRJPG?
GJJF<AO@MHTCJPN@JM<K<MOH@IOOC@KG<IONK@ONB<M?@I@O>
'A'R<IO@?OJC<Q@GPI>CRDOCNJH@JI@'>JPG?@<NDGTADI?NJH@JI@OJEJDIH@
'A'R<NNOM<I?@?HDG@NAMJHCJH@OC@M@DNNJH@JI@D>JPG?><GGRCJ>JPG?>JH@<I?
B@OH@
'A<A<HDGT>MDNDN<MJN@DORJPG?=@?DAAD>PGOOJADI?NJH@JI@RCJ>JPG?BDQ@H@BJJ?
<?QD>@<=JPOCJROJC<I?G@DO
'A'I@@?@?NJH@C@GKDIHJQDIBOJ<I@RCJPN@JM<K<MOH@IO'RJPG?C<Q@<C<M?ODH@
ADI?DIBNJH@JI@OJC@GKH@
)-,
99/7.3A
/681;+923-<
%;40B40=BF4AC745>;;>F8=6@D4BC8>=B
1#6 +<G@ $@H<G@-OC@M
%#;;;;;;;;;;;;;;
7#0',1!&--*;;;;;;;;;;;;;;
%
%
%
%
0#7-320,1$#0123"#,2
%
%
+-2�c1&'%*#4#*-$#"3!2'-,;;;;;;;;;;;;;
% #&
%
% &
%
% '
% '
%
'$$!
$2�c1&'%*#4#*-$#"3!2'-,;;;;;;;;;;;;;
% #&
%
% &
%
% '
% '
%
'$$!
)--
1' *',%1c&'%*#4#*-$#"3!2'-,;;;;;;;;;;;;;
% #&
%
% &
%
% '
% '
%
'$$!
7-30'++#"'2#$+'*7'1KG@<N@>DM>G@JI@
< GJR@M>G<NN = GJR@MHD??G@>G<NN
> NJGD?GTHD??G@>G<NN ? PKK@MHD??G@>G<NN @ PKK@M>G<NN
5&2'17-30$+'*71',!-+#;;;;;;;;;;;;;
<PI?@M
==@OR@@I
>=@OR@@I
?JQ@M
@'?JIOFIJR
.*#1#2#**31 -327-30#2&,'!'27;;;;;;;;;;;;;
<ND<IND<I
H@MD><IKG@<N@NK@>DAT
= G<>FAMD><I
H@MD><IKG@<N@NK@>DAT
>&DNK<ID>*<ODIJ
H@MD><IKG@<N@NK@>DAT
?,<ODQ@H@MD><IKG@<N@NK@>DAT
@,<ODQ@.<>DAD>'NG<I?@MKG@<N@NK@>DAT
A5CDO@!<P><ND<I
H@MD><IKG@<N@NK@>DAT
B-OC@MKG@<N@NK@>DAT
5�#5#0#7-3 -0,;;;;;;;;;;;;;
<'IOC@31
=-POND?@JAOC@31
)-.
3UR4XHVW1XPEHU 28263671
$OOULJKWVUHVHUYHG
,1)250$7,2172$//86(56
7KHTXDOLW\RIWKLVUHSURGXFWLRQLVGHSHQGHQWRQWKHTXDOLW\RIWKHFRS\VXEPLWWHG
,QWKHXQOLNHO\HYHQWWKDWWKHDXWKRUGLGQRWVHQGDFRPSOHWHPDQXVFULSW
DQGWKHUHDUHPLVVLQJSDJHVWKHVHZLOOEHQRWHG$OVRLIPDWHULDOKDGWREHUHPRYHG
DQRWHZLOOLQGLFDWHWKHGHOHWLRQ
3UR4XHVW 28263671
$OO5LJKWV5HVHUYHG
7KLVZRUNLVSURWHFWHGDJDLQVWXQDXWKRUL]HGFRS\LQJXQGHU7LWOH8QLWHG6WDWHV&RGH
0LFURIRUP(GLWLRQ3UR4XHVW//&
3UR4XHVW//&
(DVW(LVHQKRZHU3DUNZD\
32%R[
$QQ$UERU0,