1B? M?@il0ogg?llc A?ocf Cha 0i C F H Ofnol F JCN F@il 1 F?HN? F E01" 0no ?HNM

$7+/((172//(&
//,67(5
1B? ;M?@IL0OGG?LLC>A?OCF>CHA
0I=C;F;H> OFNOL;F ;JCN;F@IL
1;F?HN?>F;=E01"*0NO>?HNM
%675$&7 ;H>B;M<??H;NNLC<ON?>NI;=;>?GC=;H> &H JL?PCIOM KO;HNCN;NCP? L?M?;L=B I@ NB?
1BCMMNO>SOM?M@I=OMALIOJMNI?R;G
=OFNOL;F CMIF;NCIH FIQ
J?L@ILG;H=? *0- MNO>?HNML;N?>CN;MIH?I@NB?GIMN
CH?NB?CGJILN;H=?I@;JL?
=IFF?A?MOG
?RJ?=N;NCIHMIHNB?J;LNI@MNO>?HNM;H> B?FJ@OF JLIAL;G =IGJIH?HNM ACPCHA CN
G?L <LC>A? JLIAL;G @IL BCABFS N;F?HN?> @;=OFNS OHMOJJILNCP?J??L=IGGOHCNC?M IONI@IH;)CE?LNM=;F?*;NIH?N
<F;=E MNO>?HNM CH M=C?H=? N?=BHIFIAS ;H><INBJ?L=?CP?>;H>L?;F>CM=LCGCH;
;F %IQ?P?L FCNNF? ?PC>?H=? CM
?HACH??LCHA ;H> G;NB?G;NC=M 01"* NCIH $;H>;L; *;RQ?FF
'IFFS ;P;CF;<F? MBIQCHA C4E 0OGG?L LC>A?
)IHACNO>CH;F >;N; Q?L? =IFF?=N?> @LIG +?NNF?M 0?SGIOL%?QCNN CMMO==?MM@OF
J;LNC=CJ;HNM QBI C>?HNC`?> NBL?? 0N??F? LIHMIH #OLNB?LGIL? 1BCMMNO>SCMNB?`LMNCH>?JNBKO;FCN;NCP?
;MJ?=NM I@ 0OGG?L LC>A? NB;N Q?L? @;=NILM MO=B ;M ?R=FOMCIH @LIG MI=C;F ;H;FSMCMI@FIHACNO>CH;FFS=IFF?=N?>>;N;
J;LNC=OF;LFS B?FJ@OF ;=;>?GC= MI=C;F H?NQILEM;H>F;=EI@=OFNOL;FEHIQF?>A? ;H>;H;FST?MNB?*0-_M0OGG?LLC>A?
;H> JLI@?MMCIH;FH CH
>?JNB ;JJLI;=B ;<IONNB?;=;>?GC=M=C?HNC`==IGGOHCNS =IGJIH?HN &H J;LNC=OF;L NBCM L?M?;L=B
;H> ?GJB;MCM IH >?P?FIJCHA ; MNLIHA G;S;FMICGJ?>?NB?MO==?MMI@N;F?HN?> B?FJMCMIF;N?NB??@@?=NCP?JLIAL;GG;NC=
=IGGOHCNSM?NMNB?*?S?LBI@@0OGG?L <F;=EMNO>?HNM ;H> MI=C;F ?F?G?HNM I@ 0OGG?L LC>A?
LC>A? ;J;LN @LIG G;HS INB?L ILC?HN;
1B? *?S?LBI@@ 0=BIF;LMBCJ -LIAL;G ;H> ?R;GCH?M NB?G NBLIOAB NB? F?HM I@
NCIHJLIAL;GM#OLNB?LGIL? <S?HB;H=
*0- ;N NB? 2HCP?LMCNS I@ *;LSF;H> MI=C;F;H>=OFNOL;F=;JCN;FSOMCHANB?
CHAMNO>?HNM_=OFNOL;F;H>MI=C;F=;JCN;F ;FNCGIL? IOHNS 2* B;M <??H *?S?LBI@@0=BIF;LM_PIC=?M;H>G?NBI>M
NB?JLIAL;GB?FJMMNO>?HNMMO==??>1B? L?=IAHCT?> ;M BCABFS MO==?MM@OF CH @LIGALIOH>?>NB?ILS$F;M?L0NL;OMM
`H>CHAM CFFOGCH;N? ?F?G?HNM I@ ILC?HN;
JLIGINCHA OH>?LL?JL?M?HN?> GCHILCNS ;H> H;NOL;FCMNC= CHKOCLS )CH=IFH
NCIHJLIAL;GMNB;N;L?OM?@OFNIN;F?HN?> ;==?MM NI ;H> J?L@ILG;H=? CH 01"* $O<; Q? ;L? ;<F? NI A;CH ;H
MNO>?HNM ;H> I@@?L CHMCABN CHNI CGJIL
`?F>M IQ?H BCHAIM *=-B?LMIH CHMC>?L_MPC?QI@NB?JLIAL;GQBC=B=;H
N;HN G?;HM NI ?HB;H=? MOGG?L <LC>A? OCF>CHA "HACH??LCHA 0=C?H=? <?H?`N <INB L?M?;L=B?LM ;H> JL;=NCNCI
JLIAL;GM 1;F?HN8"019 B?GC=;F0=C?H=?M H?LM 1BCM L?M?;L=B NB?H ?R;GCH?M NB?
/IOH>N;<F? IFF?A? I;L> ;MJ?=NM I@ NB? 0OGG?L LC>A? JLIAL;G
1752'8&7,21 $;H>;L; *;RQ?FF
'IFFS NB;NQ?L?GIMNB?FJ@OFNINB?M?N;F?HN?>
H ?RNL?G? ;=BC?P?G?HN A;J ?RCMNM $IL>IH LC>AF;FF (I?HCA MNO>?HNM;H>JF;=?M;J;LNC=OF;L?GJB;
<?NQ??HQBCN?;H><F;=EMNO>?HNMCHM=C
;H> JLIPC>?M NB? M?NNCHA @IL NBCM MCMIHNB?Q;SMCHQBC=B0OGG?LLC>A?
?H=? N?=BHIFIAS ?HACH??LCHA;H>G;NB L?M?;L=B 1B? ?@@?=N I@ NB? JLIAL;G CM B?FJ?> NB?G ?HB;H=? NB?CL =B;H=?M I@
01"* `?F>MFNBIOAB F;=EM L?JL?
?PC>?HN <F;=E MNO>?HNM QBI J;LNC=CJ;N? MO==?MM<S<OCF>CHANB?CLMI=C;F;H>=OF
M?HN ;FGIMN I@ NB? 20 JIJOF;NCIH CHNB?*0-;L?;<IONNQC=?;MFCE?FSNI NOL;F=;JCN;F

CH <F;=E MNO>?HNM ;==IOHN?> @IL AL;>O;N?QCNB;01"*<;=B?FILM>?AL??
IHFSI@01"*<;=B?FIL_M>?AL??M *;NIH %L;<IQMEC 0=BGCNN $&.*5281'
QBCF?4BCN?MQ?L?;Q;L>?>I@NB? 0OGG?LM %L;<IQMEC ;H> ;L? 800(5%5,'*(352*5$06
>?AL??M"CABNS?;LMF;N?L CH QB?H `P? NCG?M GIL? FCE?FS NI AI IH NI NB? 1B? MOGG?L <LC>A? FCN?L;NOL? G;CHFS
NBIM?M;G?MNO>?HNMQIOF>B;P?B;>;H -B!NB;HMCGCF;LFSJL?J;L?>=IGJ;LCMIH MN?GM @LIG NB?ILC?M I@ ;NNLCNCIH ;H>
IJJILNOHCNS NI =IGJF?N? ; -B! F;=EM MNO>?HNM *;NIH 0NI !IGCHAI 0NIFF?
J?LMCMN?H=? MNCH 1CHNI
?;LH?> IHFS I@ 01"* >I=NIL;F *=FFCMN?L 7CGG?LG;H %L;<IQMEC $?H?L;FFS NB?IP?L;L=BCHAAI;FMI@MOG
>?AL??M+;NCIH;F0=C?H=?I;L> ,P?L I@ <F;=E MNO>?HNM CH G?L <LC>A? JLIAL;GM ;L? NI L?G?>C;N?
+;NCIH;F 0=C?H=? #IOH>;NCIH L?=?HN =IBILNM B;P? JOLMO?> 01"* ;=;>?GC= MECFFM CH@ILG ;<ION =;GJOM
1BCMCH?KOCNSCH01"*=IGJF?NCIHL;N?M -B!MIL*!-B!M*;NIH?N;F FC@? ILC?HN NI CHMNCNONCIH;F =OFNOL? B?FJ
?RCMNM?P?H;GIHAQ?FF
JL?J;L?>MNO>?HNM 1B?M? `AOL?M JF;=? 2* ;H> NB? >?P?FIJ MI=C;F H?NQILEM @I=OM AI;FM
*0- ;M IH? I@ NB? F?;>?LM CH GCHILCNS ;H> B?FJ MNO>?HNM <?ACH =IFF?A? QCNB
Keywords: STEM, minorities, summer bridge, MNO>?HN L?N?HNCIH ;H> MO==?MM CH 01"* ; JIMCNCP? IONFIIEM J;LN I@ NB;N JLI
higher education, social and cultural capital, (I?HCA 4CNBCHNBCM=IHN?RN NB? =?MM GIMN JLIAL;GM CHPIFP? JF;=?G?HN
qualitative research *?S?LBI@@ 0OGG?L LC>A? CM ?MM?HNC;F N?MNCHA ;=;>?GC= ;>PCMCHA L?ACMNL;NCIH
12

;H> ILC?HN;NCIH NI NB? =;GJOM ;H> MNO
?N;F *IIL? ;@OLNB?L ;H> =;JCN;F ] NI <? =OFNOL;F AII>M ;H> M?L
>?HN ILA;HCT;NCIHM =E?LG;H J?LB;JM GIL? FIHA

F;MNCHA <?H?`N I@ PC=?M CH=FO>CHA ?>O=;NCIH;F =L?>?HNC;FM
#F?N=B?L +?Q?FF +?QNIH H>?LMIH
<LC>A? JLIAL;GM CM NB? IJJILNOHCNS @IL IOL>C?O IOL>C?O4;=KO;HN
/IQF;H> $;L=C; $CFG?L MNO>?HNMNI<OCF>NB?CLMI=C;F;H>=OFNOL;F 1BCM =IH=?JN ;FMI =IP?LM P?L<;F
$IF> !?GCHA 0NIH? =;JCN;F @;=CFCNS A?H?L;F=OFNOL;F;Q;L?H?MM ;H>
-?LCAI2J=L;@N 4;FJIF??N;F CH@ILG;NCIH ;<ION ;H> ;<CFCNS NI H;PC
2&,$/$1'&8/785$/&$3,7$/
,P?L;FF NBCM ILC?HN;NCIH JLI=?MM A;N? NB? M=BIIF MSMN?G 0Q;LNT
"MM?HNC;FFS MOGG?L <LC>A? JLIAL;GM
B;M ; >CL?=N ?@@?=N IH MI=C;F CHN?AL;NCIH &NCMCGJILN;HNNIHIN?NB;NNB?>IGCH;HN
;L?IH?Q;SNB;NMNO>?HNM=;H<?;@@IL>?>
;H>CHMNCNONCIH;F=IGGCNG?HN;MQ?FF;M =OFNOL? >?`H?M NB? F?ACNCG;=S I@ =OF
IJJILNOHCNC?M NI <OCF> NB?CL MI=C;F ;H>

; MNLIHA CH>CL?=N ?@@?=N IH J?LMCMN?H=? NOL;F =;JCN;F ;H> CNM JL;=NC=? IOL>C?O
=OFNOL;F =;JCN;F ;H> @;=CFCN;N? ;==?MM NI
-;M=;L?FF;1?L?HTCHC 89 OCF>CHA IH NBCM );GIHN
;H>J;LNC=CJ;NCIHCH01"*1B?QILEI@
4BCF?MOGG?L<LC>A?CMCGJILN;HN@IL ;H>);L?;OMJ?=C@S=OFNOL;F=;JC
-C?LL? IOL>C?O I@@?LM ; @L;G?
MNO>?HNMCHA?H?L;F CN=;H<?J;LNC=OF;LFS N;F ;M CH=FO>CHA MI=C;F =F;MM ;NNLC<ON?M

QILE@ILOH>?LMN;H>CHANBCMJLI=?MM
CGJILN;HN @IL OH>?LL?JL?M?HN?> GCHIL
;H> CH>C=;NILM I@ MI=C;F JIMCNCIH MO=B
LC?aS IOL>C?O_M =IH=?JN I@ MI=C;F
CNS ;H> 01"* MNO>?HNM *=(?HH; ;H> ;M >L?MM ;H> G;HH?L 1B?M? CH>C=;NILM
=;JCN;F=;H<?<?MN?RJF;CH?><S=IH=?J
)?QCM ;LAO? NB;N OH>?LL?JL?

NB?GM?FP?M <?=IG? G?=B;HCMGM @IL
NO;FCTCHA CN ;M ; J?LMIH_M ;=KO;CHN;H=?M
M?HN?> MNO>?HNM H??> NI <? CHNLI>O=?> MI=C;FM?F?=NCIH;H>?R=FOMCIH1B?;==O
;H> MI=C;F H?NQILEM &@ IH? B;M GIL?

NI =IFF?A? ;=;>?GC=;FFS MI=C;FFS ?GI
GOF;NCIH ;H> ;=NCP;NCIH I@ >IGCH;HN
JL?MNCACIOM ;H> Q?FF
>?P?FIJ?> MI=C;F
NCIH;FFS ;H>=OFNOL;FFS#ILG;HS MOG
=OFNOL;F=;JCN;F=;HB;P?JIMCNCP??@@?=NM
H?NQILEM NB?H IH? B;M GIL? MI=C;F
G?L <LC>A? JLIAL;GM I@@?L ;H ?@@?=NCP? CHM=BIIF;H>M?LP?;M;G?=B;HCMG@IL
=;JCN;F IOL>C?O OCF>CHA
G?NBI>I@@;=CFCN;NCHANB?NL;HMCNCIH;H> ;>P;H=?G?HN @IL F?MM JLCPCF?A?> ;H>
IH IOL>C?O_M QILE IF?G;H
;>DOMNG?HNNIOHCP?LMCNSFC@?;H>CGJLIP
OH>?LL?JL?M?HN?> ALIOJM ;LN?L
?GJB;MCT?M NB;N MI=C;F =;JCN;F L?FC?M IH
CHA ;=;>?GC= J?L@ILG;H=? ;H> J?LMCM
(;FGCDH (L;;SE;G );L?;O
NLOMNQILNBCH?MM ;H> ; M?HM? I@ I<FCA;
N?H=? L;N?M =E?LG;H $;L=C; %ILP;N &@NL;>CNCIH;FFSOH>?LL?J
NCIH JLIPC>?MCH@ILG;NCIH=B;HH?FM ;H>

$IF> ?N ;F *="FLIS L?M?HN?> JIJOF;NCIHM ;L? NI MO==??> CH
IJ?L;N?M QCNBCH HILG;NCP? MNLO=NOL?M
LG?MNI -;M=;L?FF;1?L?HTCHC 01"* NB?SH??>NB?=OFNOL;FNIIFMNI`N
QBC=B <INB @;=CFCN;N? ;H> L?MNL;CH NB?
4;FJIF? ?N ;F &H NB? CHNINB;N`?F>&HJ;LNC=OF;L <F;=E01"*
;=NCIHM I@ ;=NILM QCNBCH NB;N MNLO=NOL?
01"* ;L?H; ;=;>?GC= CHN?AL;NCIH CH MNO>?HNM H??> HIN IHFS NB? ;=;>?GC=
%?;LAO?MNB;NMI=C;F=;JCN;F=IG?M;<ION
M=C?H=?;H>MI=C;FCT;NCIHCHNB?M=C?HNC`= KO;FC`=;NCIHMNI?HN?LNB?`?F> <ON;FMI
NBLIOAB=B;HACHAL?F;NCIHMBCJMQCNBJ?I
GCFC?O;L?CGJILN;HNCMMO?MIQG;H NB? =OFNOL;F G;HH?LCMGM ;H> >L?MM NB;N

JF?QBI@;=CFCN;N?;=NCIH1B?=IH=?JNI@
0N;A? $;MNIH ;H>L;TTC?F QIOF> AL;HN NB?G ;==?MM NI ;H> ;==?J
MI=C;F=;JCN;F=;H<?@OLNB?LOH>?LMNII>
;H> L;TTC?F HIN? NB;N M=BIIFM N;H=?CHNB?01"*=IGGOHCNS
<S ; MNO>S I@ )CH QBI ?GJB;
NB;N JLI>O=? BCAB HOG<?LM I@ GCHILCNS

MCT?M MI=C;F L?MIOL=?M QCNBCH ; H?NQILE (<(5+2))800(55,'*(
01"* >?AL??M B;P? ; MOGG?L <LC>A?
;H>NB?KO;HNCNS;H>ILKO;FCNSI@NBIM? IFMN?LCHA MI=C;F ;H> =OFNOL;F =;JCN;F
=IGJIH?HN01"*MOGG?L<LC>A?JLI
L?MIOL=?M NB;N ;L? ;==?MM?> NBLIOAB ;H L?KOCL?M ;H CHNLI>O=NCIH NI ;H> JL;=NC=?
AL;GM B;P? <??H @IOH> NI JIMCNCP?FS
;=NIL_M FI=;NCIH CH ; MJ?=C`= MI=C;F H?N
CHNB?=OFNOL;F;H>MI=C;FHILGMI@<INB
;@@?=N J;LNC=CJ;HNM_ J?L=?CP?> MI=C;F `N
QILE 4CNBCH NBCM =IHN?RN ;H CH=L?;M? NB?OHCP?LMCNS;H>NB?01"*=IGGOHCNS
=IJCHA MECFFM ;H> =IFF?A? JL?J;L;NCIH
CH MI=C;F =;JCN;F CH=L?;M?M NB? =B;H=?M 1BLIOAB J;LNC=CJ;NCIH CH ; =IGJL?B?H
;H>NI>?=L?;M?MNO>?HN;HRC?NS6ILE
I@ L?NOLHM %IQ?P?L QB?H >CM;>P;H
MCP? MOGG?L <LC>A? JLIAL;G MNO>?HNM
1LIMM CH ;>>CNCIH NI JLIPC>CHA ;
N;A?>ALIOJM J;LNC=OF;LFSGCHILCNC?M;H> =;H <?=IG? @;GCFC;L ;H> =IG@ILN;<F?
@;GCFC;LCNSQCNBNB?=;GJOM;H>;L?PC?Q
QIG?H J;LNC=CJ;N?CHBIGIA?HIOMH?N
QCNBNB?CLLIF?M;MMNO>?HNM;H>M=C?HNCMNM
I@01"*=IHN?HN#F?N=B?L?N;F
QILEM NB?CL=;JCN;FN?H>MNI<?L?>O=?> ;H><?ACHNI>?P?FIJNB?MI=C;F;H>=OF
#OLNB?LGIL? *IIL? ;LAO?M NB;N

1B?L?@IL? A;CHCHABCAB?LMN;NOML?KOCL?M NOL;F =;JCN;F NB;N QCFF ?;M? NB?CL Q;S CH
G?;HCHA@OF JLIAL;GM ;H> IJJILNOHCNC?M
MNL;N?AC= ;==?MM NI QC>?L IL >IGCH;HN 01"*1B?*?S?LBI@@0OGG?LLC>A?
NB;N ;FFIQ MNO>?HNM NI M?? BIQ M=C?H=?
=CL=F?M )CH 4CNBCH 01"* B;M ; MNLIHA ?GJB;MCM IH ;=;>?GC=
QILEMCHL?;FFC@?;L?J;LNC=OF;LFSH?=?M
NB?L?@IL? CH=L?;MCHA IH?_M MI=C;F =;JC

-:0 MI=C;F =IGJIH?HNM ;H> @I=OM?M IH
M;LS@IL@LC=;HG?LC=;HM
N;F G?;HM ?MN;<FCMBCHA ;H> G;CHN;CHCHA ?HB;H=CHA MNL?HANBM L;NB?L NB;H L?G?
0OGG?L <LC>A? JLIAL;GM ;L? ?@@?=
=IHN;=NMQCNBCHaO?HNC;F;H>JL?MNCACIOM >C;NCIH @IL CNM BCAB ;=BC?PCHA MNO>?HNM

NCP?@ILMNO>?HNM<?=;OM?NB?SB?FJNB?G
;=NILMCHNB?`?F> BCABFS M=B?>OF?> CHN?HMCP? MCR
Q??E
<?ACH NI CHN?AL;N? ;=;>?GC=;FFS ;H>
OFNOL;F =;JCN;F ; =FIM? =IOMCH I@ L?MC>?HNC;F JLIAL;G 0OGG?L LC>A?
MI=C;FFS NI NB? OHCP?LMCNS GCFC?O $CP?H
MI=C;F =;JCN;F CM `?F> MJ?=C`= ;H> =;H N;E?MJF;=?IHNB?2* =;GJOM>OLCHA
NB?=;FF@ILGIL?H?NQILECHAIJJILNOHC
I@N?H CHaO?H=? IH?_M MI=C;F =;JCN;F 'OH?;H>'OFSJLCILNIMNO>?HNM_@L?MBG;H

NC?M;H>;>??J?LCHNLI>O=NCIHNINB?JLI
IOL>C?O=IH=?JNO;FCT?M=OFNOL;F=;JCN;F S?;L+INIHFS>IMNO>?HNMN;E?=IFF?A?
@?MMCIH;FQILF> J;LNC=OF;LFS@IL@LC=;H
MIG?NCG?M =IHMC>?L?> \CH@ILG;NCIH;F F?P?F =IOLM?M @IL =L?>CN ;H> L?=?CP? ;H
G?LC=;HM;H>01"*MNO>?HNM#F?N=B?L
13
CHNLI>O=NCIHNI=;GJOM;H>=IFF?A?FC@? MOGG?L <LC>A? FCN?L;NOL? <S @I=OMCHA HIN?NB;NQBCF?HIN;FFNB?MNO>?HNMCHNB?
<ONNB?S;FMI?HA;A?CHMNLO=NOL?>ALIOJ IH N;F?HN?> OH>?LL?JL?M?HN?> GCHIL
JLIAL;GILCHIOLM;GJF?;L?<F;=E NB?
<IH>CHA;=NCPCNC?M ;NN?H>MCN?PCMCNM ;H> CNS 01"* MNO>?HNM #OLNB?LGIL? JLIAL;GQ;M>?MCAH?>@IL;H>L?N;CHMCNM
<?=IG? @OFFS CHN?AL;N?> CHNI NB? *0- IOL>C?O_M HINCIH I@ MI=C;F ;H> =OF
?GJB;MCM IH JLIGINCHA <F;=E MNO>?HN
0NO>?HN >;SM ;L? I@N?H M=B?>OF?> @LIG NOL;F =;JCN;F JLIPC>?M ; @L;G?QILE @IL MO==?MMCH01"**;NIH %L;<IQMEC
<?@IL? ;G OHNCF ;@N?L JG ;H> OH>?LMN;H>CHA NB? JLIAL;G ;H> KO;FC
,T>?GCL 1ICH=L?;M?IOLCHN?LH;F
;MMO=B MNO>?HNM;H>MN;@@I@N?HL?@?LNI N;NCP? G?NBI>M ;FFIQ JL;=NCNCIH?LM ;H> P;FC>CNS ;H> NI ;PIC> IP?LM;GJFCHA ;HS
NB?JLIAL;G;M\<IIN=;GJ] L?M?;L=B?LM NI OH>?LMN;H> NB? JLIAL;G IH? MO<M?N I@ MNO>?HNM Q? L;H>IGFS
!OLCHA 0OGG?L LC>A? MNO>?HNM @LIGNB?MNO>?HNM_J?LMJ?=NCP?M M?F?=N?> J;LNC=CJ;HNM QCNB NB? ?R=?JNCIH
N;E? NQI =IFF?A? =IOLM?M @IL =L?>CN I@NB? =IBILN=OLL?HNM?HCILM;H>
G;NB ;H> @LC=;H; MNO>C?M ;M Q?FF ;M (7+2' NB? AL;>O;N?M QBI Q?L? ; =IHP?HC?H=?
; JBSMC=M IL =B?GCMNLS M?GCH;L MNLO=
4BCF? ?;LFC?L KO;HNCN;NCP? QILE M;GJF?I@PIFOHN??LM
NOL?> ALIOJ MNO>S N;E?M JF;=? @LIG B;M ?MN;<FCMB?> NB? CGJILN;H=? I@ NB? ?=;OM?Q?H??>?>?RJ?LNCH@ILG;HNM
NI JG IH *IH>;SM NBLIOAB *?S?LBI@@ 0OGG?L LC>A? NI JLI
%IHCAG;HH *?LLC;G
1BOLM>;SM 0NO>?HNM ;FMI J;LNC=CJ;N? CH AL;G ION=IG?M M?? *;NIH ?N ;F -;NNIH Q?OM?>;JOLJIM?@OFM;G
NQC=?
Q??EFS M?GCH;LM IH JLI@?MMCIH;F ;H> *;NIH ?N ;F Q? H??>?> NI JF? I@ IHFS =OLL?HN ;H> J;MN *?S?LBI@@
>?P?FIJG?HN ;H> JO<FC= MJ?;ECHA ;H> ?GJFIS KO;FCN;NCP? G?NBI>M NI ?R;GCH? MNO>?HNM OLL?HN *?S?LBI@@ MNO>?HNM
QILEMBIJM IH <OMCH?MM J?L@ILG;H=? NB?OH>?LFSCHAJLI=?MM?M;NJF;S;H>NB? Q?L? ;<F? NI >CM=OMM QB;N NB?S @IOH>
>L?MM ;H>?NCKO?NN?;L?L?KOCL?>0?P?L;F CGJILN;H=?I@NBCM=IGJIH?HN@LIGMNO
B?FJ@OFIL=B;FF?HACHA;H>NI>?N;CFNB?CL
BIOLM ?;=B Q??E ;L? >?>C=;N?> NI JLI
>?HNM_ J?LMJ?=NCP?M (LO?A?L ;M?S ?RJ?LC?H=?CHL?;FNCG?#OLNB?LGIL? <S
AL;G>CM=OMMCIHMQCNBMN;@@ @;=OFNS ;H> *?LLC;G 4? OM?> N?=B
G??NCHA QCNB MNO>?HNM ;N P;LCIOM JICHNM
OHCP?LMCNS ;>GCHCMNL;NILM >>CNCIH;FFS HCKO?M@LIGALIOH>?>NB?ILS IL<CH CHNB?CLOH>?LAL;>O;N?=;L??LM Q?Q?L?
MNO>?HNM ;NN?H> MCN? PCMCNM NI JL?GC?L 0NL;OMM $F;M?L 0NL;OMM ;<F?NI;M=?LN;CHQBC=B;MJ?=NMI@NB?JLI
L?M?;L=B F;<IL;NILC?M L?=?CP? ;=;>?GC= ;H>)CH=IFH;H>$O<;_M\H;NOL;F

AL;G;L?B?FJ@OF;N>C@@?L?HNNCG?JICHNM
;>PCMCHA@LIGMN;@@;H>IF>?L*?S?LBI@@ CMNC=;JJLI;=B] ;H> BIQ MNO>?HN ?RJ?LC?H=?M =B;HA? IL
J??LM ;NN?H>OHCP?LMCNSILC?HN;NCIHM ;H> $57,&,3$176 L?G;CH NB? M;G? IP?L NCG? $L;>O;N?M
J;LNC=CJ;N? CH QILEMBIJM IH >CP?LMCNS );LA?L NB;H G;HS KO;FCN;NCP? MNO>C?M I@ NB? *0- Q?L? <?NN?L ;<F? NI L?=IA
NL;CHCHA MNO>S MECFFM ;H> =IOHM?FCHA IOLFIHACNO>CH;FM;GJF?CM=IGJLCM?>I@ HCT?E?S@;=NILMNB;NF?>NB?GNIJOLMO?

M?LPC=?M >C@@?L?HN J;LNC=CJ;HNM L?JL?M?HNCHA ;>P;H=?>01"*>?AL??M;H>NB?;MJ?=NM
1BLIOABION 0OGG?L LC>A? ALIOJ NB? ?HNCL? *?S?LBI@@ ?RJ?LC?H=?[@LIG I@ NB? *?S?LBI@@ 0=BIF;LMBCJ -LIAL;G
<IH>CHA =IB?MCIH ;H> GONO;F L?MJIH
H?QFS?HN?LCHA0OGG?LLC>A?MNO>?HNM NB;NCHaO?H=?>NB?CL?>O=;NCIH;F?H>?;P
MC<CFCNS ;L? MNL?MM?> 0NO>?HNM J;LNC=C

NI AL;>O;N?M I@ NB? JLIAL;G BIF>CHA ILM FNBIOAB L?=;FF <C;M CM ; JIMMC<CF
J;N? CH ;FF NB?CL ;=NCPCNC?M ;M ; ALIOJ -B!M 4? OM?> ; JOLJIM?@OF M;GJF? I@ CNS NBCM ALIOJ JLIPC>?> CHMCABN CHNI NB?
LIN;NCHA F?;>?LMBCJ LIF?M ;H> QILECHA IHFS=OLL?HN;H>J;MN*?S?LBI@@MNO>?HNM OH>?LFSCHA G?=B;HCMGM NBLIOAB QBC=B
NBLIOABCMMO?M*?S?LBI@@MN;@@;H>!L ;H>NIA;CH>?JNB;H>LC=BH?MMI@L?MOFNM NB?*?S?LBI@@0=BIF;LMBCJ-LIAL;GB;>
%L;<IQMEC NB?JL?MC>?HNI@NB?OHCP?L
Q?G?NQCNBG?G<?LMI@NB? ?HN?L
FIHAN?LG?@@?=NMIHNB?CLMO==?MM
MCNS ;H> @IOH>?L I@ NB? JLIAL;G L?AO
CHA=IBILNMCRNCG?M>OLCHANB?CLOH>?L
52&('85(
F;LFS G??N QCNB NB? MNO>?HNM NI P;FC>;N? AL;>O;N?=;L??LM1B?L?NOLHJ;LNC=CJ;NCIH 4? OM?> @I=OM ALIOJM ;M IOL G?NBI>
NB?CL MJ?=C;F N;F?HNM ;H> BCABFCABN NB? L;N? ;GIHA NB;N =IBILN Q;M 1B? I@ >;N; =IFF?=NCIH <?=;OM? NB?S ;L? ;
C>?;M I@ M?F@
=IH`>?H=? L?MJIHMC<CFCNS IP?L;FF M;GJF? Q;M ;FGIMN ?P?HFS MJFCN AII>NIIF@ILOH>?LMN;H>CHAMJ?=C`==IF
;H>ALIOJMO==?MM0NO>?HNM;L?L?KOCL?> ;GIHA G?H ;H> QIG?H QCNB G;F?M F?A? JLIAL;GM ';=I<C (;;M?
NI L?G;CH IH =;GJOM ;H> MIG? ?P?
;H> @?G;F?M ,@ NB? %;LMB<;LA?L ;H> NB?S SC?F> LC=B
HCHAM ;H> ;FF Q??E?H>M ;L? >?>C=;N?> J;LNC=CJ;HNM Q?L?@LC=;H >;N; ;FFIQCHAL?M?;L=B?LMNIA;CHOH>?L
NI MNLO=NOL?> ALIOJ ;=NCPCNC?M MO=B ;M G?LC=;H Q?L?MC;H-;=C`= MN;H>CHAI@>C@@?L?HNJ?LMJ?=NCP?MQCNBCH
NLOMN<OCF>CHA;=NCPCNC?MLIJ?M=IOLM?M &MF;H>?LM Q?L? ;O=;MC;H ;H> ;ALIOJJLI=?MM(LO?A?L ;M?S
ALIOJ ?HN?LN;CHG?HN ; NLCJ NI NB? G;FF Q?L?%CMJ;HC=,OLMNO>SJ;LNC=C
*ILA;H 1;SFILIA>;H
IL ;GOM?G?HN J;LE =OFNOL;F ;=NCPCNC?M J;HNMQ?L?L?JL?M?HN;NCP?I@NB?IP?L;FF #OLNB?LGIL? CHIL>?LNICHPIFP?;MG;HS
GOM?OGPCMCNM ;H>=IGGOHCNSM?LPC=? *0- QCNB ; G;DILCNS <F;=E JIJOF;NCIH J;LNC=CJ;HNM ;M JIMMC<F? ;H> NI A;CH ;
JLID?=NM 1B?M? HOG<?LM =;H <? =IGJ;L?> NI <LI;>?L OH>?LMN;H>CHA I@ NB? JLIAL;G
?=;OM? NB? *?S?LBI@@ 0OGG?L NB? 2* OH>?LAL;>O;N? JIJOF;NCIH Q? =IH>O=N?> ALIOJ CHN?LPC?QM L;NB?L
LC>A?CML;N?>;MIH?I@NB?GIMNB?FJ
I@ LIOABFS MNO>?HNM I@ QBIG NB;H CH>CPC>O;F IH?M ";=B ALIOJ B;>
@OF =IGJIH?HNM I@ ; BCABFS MO==?MM@OF ;L?@LC=;HG?LC=;H ;L? <?NQ??HNBL??;H>HCH?J;LNC=CJ;HNM;H>
JLIAL;G *;NIH ?N ;F CN G?LCNM MC;HG?LC=;H ;L? ;O=;MC;H F;MN?> ;JJLIRCG;N?FS IH? ;H> ; B;F@ NI
; =FIM?L FIIE H ?R;GCH;NCIH I@ NBCM ;H> ;L?%CMJ;HC=&NCM CGJILN;HNNI NQIBIOLM4?>C>HIN>I;HSJOLJIMCP?
JLIAL;G =;H B?FJ `FF CH NB? A;J CH NB?
14

M;GJFCHA L?F;N?> NI A?H>?L IL L;=??NB
?G;CF;MNB?H??>;LIM?!OLCHAIOL;H;F
H?Q ;=;>?GC= MECFFM MJ?=C`= NI =IOLM?
HC=CNS;H>HIALIOJMQ?L?BIGIA?HIOM SMCM Q?QILE?>CHN?;GMI@NQI L?>OH
NSJ? GOFNCJF? J?LMJ?=NCP?M ;H> MOJJILN
QCNBL?MJ?=NNIA?H>?LILL;=??NBHC=CNS >;HNFS=I>CHA?;=BNL;HM=LCJN =IHMN;HNFS NBLIOAB MNO>S ALIOJM ;H> ;H ;=;>?GC=
1B? @I=OM ALIOJ JLINI=IF @I=OM?> L?PCMCNCHA NB? >;N; ;H> E??JCHA ;O>CN ;>P;HN;A?IP?LINB?LCH=IGCHAMNO>?HNM
IH BIQ NB? *0- QILEM @LIG NB? MNO
NL;CFM NI G;E? MOL? IOL `H>CHAM Q?L? ,H? MNO>?HN ;N NB? ?H> I@ BCM 0OGG?L
>?HNM_ J?LMJ?=NCP?M 4? E?JN NB? JLINI
NLOMNQILNBS )CH=IFH $O<; LC>A?JLIAL;GM;C>
=IF OHMNLO=NOL?> ;H> JIM?> IJ?H
?H>?> 1BLIOABION NB? JLI=?MM Q? OM?> NB? &NBCHENB;NNB?0OGG?LLC>A?JLI
KO?MNCIHM NI ;FFIQ MNO>?HNM NI A?H?L;N? =IHMN;HN =IGJ;L;NCP? G?NBI> $F;M?L AL;GB;MACP?HOM;FINI@MECFFMNB;N
>CM=OMMCIH;<IONNB?;MJ?=NMI@NB?JLI
0NL;OMM ;H> QILE?> OJ @LIG Q?_L?AICHANIH??>;H>CNB;M;FMI
AL;GNB?SNBIOABNQ?L?CGJILN;HN;H>NI NB? >;N; OMCHA CH>O=NCP? ;H;FSMCM ;H> B?FJ?> M?N ;HS QLIHAM NB;N B;P?
;PIC>F?;>CHAMNO>?HN;HMQ?LM$?H?L;FFS G;ECHA MOL? IOL =I>?> >;N; Q?L? B?O
<??H QCNBCH OM NBLIOABION BCAB
KO?MNCIHM@I=OM?>IH=IGJIH?HNMI@NB? LCMNC=;H>;<F?NIMN;H>;FIH?)CH=IFH M=BIIF ;H> <?@IL? NB;NH> & ECH>
JLIAL;G NB;N Q?L? J;LNC=OF;LFS B?FJ@OF $O<; I@NBCHEI@CN;MYC@;J?LMIH<L?;EM
IL OHB?FJ@OF MJ?=C`= MECFFM NB;N MNO
NB?CL<IH?;H>NB?SH?P?LA?NCNM?N
>?HNM;=KOCL?>>OLCHANB?CLJ;LNC=CJ;NCIH (68/76
-;LNC=CJ;HNMCH?P?LS@I=OMALIOJ QCNB
NB?LCABNQ;S CNQCFFALIQNB?QLIHA
CH NB? *?S?LBI@@ 0=BIF;LMBCJ -LIAL;G Q;S&HIL>?LNI`RCN SIOB;P?NI
NB?ALIOJJLI=?MM?M;NJF;SCHNB?*0- ION ?R=?JNCIH PC?Q?> 0OGG?L LC>A?
;M;HCGJILN;HN=IGJIH?HNI@NB?*0- <L?;E CN ;A;CH ;H> M?N CN NB? LCABN
G?=B;HCMGMNBLIOABQBC=BNB?JLIAL;G Q;S
B;>;HCGJ;=NIHNB?CL01"*-B!;H> 0NO>?HNM L?JILN?> NB;N 0OGG?L LC>A?
L?M?;L=B =;L??L CHN?HNCIHM ;H> NB?CL B?FJ?> NB?G CHN?AL;N? NI NB? *0- ;H> 0NO>?HNM;FMIL?=?CP?NL;CHCHACH?@@?=
C>?HNCNS;M*?S?LBI@@0=BIF;LM NB? ;=;>?GC= MI=C;F ;H> JLI@?MMCIH;F NCP?=F;MMLIIGMNL;N?AC?MMO=B;MMCNNCHA

1B?@I=OMALIOJMQ?L?GI>?L;N?><S ?RJ?=N;NCIHM I@ 01"* 1BLIOAB NB?CL CHNB?@LIHNLIQ ;MECHAKO?MNCIHMI@JLI
;H ?RJ?LC?H=?> MECFF?> L?M?;L=B?L QCNB CHN?HM? ;=;>?GC= M=B?>OF? CHN?HNCIH;F @?MMILM ;NN?H>CHAI@`=?BIOLM ;H>;ME
;H;MMCMN;HNGI>?L;NILJLIPC>CHAFIACMNC
;H> CHN?HMCP? MI=C;FCT;NCIH ;=NCPCNC?M CHA @IL ;=;>?GC= ;MMCMN;H=? #IL G;HS
=;F MOJJILN +IH? I@ NB? GI>?L;NILM IL JLI@?MMCIH;F>?P?FIJG?HN ;H>G??NCHAM MNO>?HNM NB?S M;Q NB? <?H?`NM I@ NB?M?
G?G<?LMI@NB?L?M?;L=BN?;GQ?L?;@`F
QCNB JLIAL;G MN;@@ ;H> JL?GC?L M=C?H
MECFFMF;N?LCHNB?CL;=;>?GC==;L??L J;L
C;N?>QCNBNB?*0-CH;HS=;J;=CNS1B? NCMNM MNO>?HNM=;G?NIOH>?LMN;H>QB;NCM NC=OF;LFS QB?H =F;MM?M <?=;G? B;L>?L

@I=OM ALIOJM Q?L? ;O>CI L?=IL>?> ;H> ?RJ?=N?>I@NB?G NB?CL=;J;<CFCNC?M ;H> ,H?*?S?LBI@@AL;>O;N?M;C>
NL;HM=LC<?> ;H> ?P?LS J;LNC=CJ;HN A;P? QB;NNB?S=IOF>?RJ?=N@LIGNB?GM?FP?M
Y SIO A?N CHNI *?S?LBI@@ ;H>
CH@ILG?> =IHM?HN Q;M ;MMOL?> JLCP;=S 0NO>?HNMQ?L?JOMB?>NIJ?L@ILG;H>NI
0OGG?L LC>A? ;H> SIO_L? MOJ
;H> ;HIHSGCNS ;H> NI NB;N ?H> Q;M <OCF>;MNLIHA=IGGOHCNS;H>CNQ;MNBCM

JIM?>NIMCNCHNB?@LIHNI@NB?=F;MM
;MMCAH?>;JM?O>IHSG ?RJ?LC?H=? NB;N JLIP?> GIMN L?Q;L>CHA
H> CN_M HIN @IL @?;L I@ A?NNCHA CH
;H>B?FJ?>CH=L?;M?NB?CLM?F@
=IH`>?H=?
$7$$1$/<6(6 NLIO<F? <ON SIO F?;LH GIL? SIO
;H>M?HM?I@;=BC?P?G?HN ;H>JLIPC>?>
1B? NL;HM=LCJNM NIN;F?> ;FGIMN M?? GIL? 6IO EHIQ 6IO Q;HN
NB?GQCNBNB?MI=C;F;H>=OFNOL;F=;JCN;F
MCHAF?
MJ;=?>J;A?MI@N?RN;H>Q?L?;H;
NI J;LNC=CJ;N? ;=NCP?FS 0I @IL G?
H?=?MM;LSNIMO==??>CH01"*
FST?>OMCHA+3&3,MI@NQ;L?4ILECHA CH AL;> M=BIIF CN Q;MH_N ?P?H ;
0NO>?HN>?M=LCJNCIHMI@NB?CL0OGG?L
;M;N?;G @IOLL?M?;L=B?LM=IH>O=N?>NB? NBIOABNNB;N_MDOMNQB?L?&M;NY&
LC>A? ?RJ?LC?H=?M =;H <? M?J;L;N?>
=I>CHA;H>OM?>N?=BHCKO?M@LIG$F;M?L M;S \MCNNCHA CH @LIHN I@ NB? =F;MM]
CHNINB?;=KOCMCNCIH;H>L?`HCHAI@NBL??
;H> 0NL;OMM_ ALIOH>?> NB?ILS ;H> CN MIOH>M NLCPC;F <ON SIO <OCF>
IP?LF;JJCHA=;N?AILC?MI@MECFFM?NM;=;
<?ACHHCHAQCNBIJ?H=I>CHANIA?H?L;N? OJIHNBIM?B;<CNMQB?L?SIO_L?FCE?
>?GC= MI=C;F ;H> JLI@?MMCIH;F 4BCF?
=;N?AILC?M4ILECHAQCNBNB?M;G?NL;H
\IE;S&MCNCHNB?@LIHNI@NB?=F;MM
NB?M?MECFFMGCABNM??G=IGGIHJF;=?NI
M=LCJN Q? ?;=B CH>CPC>O;FFS =I>?> NB? <?=;OM? & Q;HN NI B?;L] &@ & =;H_N
MOGG?L<LC>A?ILILC?HN;NCIHJLIAL;GM
G;N?LC;F ;H> G?N ;M ; ALIOJ NI >CM=OMM B?;LIL>IH_NOH>?LMN;H>&_GAICHA
MNO>?HNM@L?KO?HNFSL?JILN?>IHNB?CHN?H
IOL =I>CHA 4? QILE?> QCNB NB? CHCNC;F NI@IFFIQ

OJ;H>G??NNB;NN?;=B?L
MCNSI@NBIM??RJ?LC?H=?M;M@OH>;G?HN;F
NL;HM=LCJN =I>CHA CN GOFNCJF? NCG?M NI Y0I DOMN NB? B;<CNM NB;N ;L? MG;FF
NINB?CL@ILG;NCIH;M*?S?LBI@@M=BIF;LM
>?P?FIJ =IHM?HMOM ;<ION >?`HCNCIHM QIOF> G;E? ; >C@@?L?H=? NB;N_M
@IL =I>?M ;H> CHN?LJL?N;NCIHM %;PCHA ; &$'(0,& QB;NQ;MCGJILN;HN
=IHMCMN?HNOH>?LMN;H>CHA;H>ONCFCT;NCIH 0NO>?HNM CH NB? *?S?LBI@@ 0OGG?L #IL BCAB ;=BC?PCHA MNO>?HNM ;MECHA
I@ =I>?M B?FJ?> ?HMOL? IOL =I>CHA Q;M LC>A? >?P?FIJ ;H> L?CH@IL=? GOFNCJF? @ILB?FJ@LIGJLI@?MMILM MN;@@ ;H>INB?L
;==OL;N? ;H> L?FC;<F? ;=LIMM L?M?;L=B?LM ;=;>?GC= MECFFM >OLCHA NB?CL MCR Q??EM MNO>?HNM CM ; H?Q ?RJ?LC?H=? IGCHA
)CH=IFH $O<; ,H=? Q? B;> IH=;GJOMFNBIOABNB?*?S?LBI@@MNO
ION I@ BCAB M=BIIF GIMN I@ NB?M? MNO
?MN;<FCMB?>=IHM?HMO;F=I>CHA L?M?;L=B
>?HNM;L?BCABFS=;J;<F?;H>?R=?FF?>CH >?HNMB;>HINB;>NIMNO>SB;L>;H>Q?L?
?LM >CM=OMM?> ;HS H?Q =I>?M QCNB NB? BCAB M=BIIF NB?S @?FN NB;N NB? 0OGG?L OH;==OMNIG?> NI H??>CHA IL ;MECHA @IL
?HNCL?ALIOJ?CNB?LCHJ?LMIHILNBLIOAB LC>A? JLIAL;G JLIPC>?> NB?G QCNB
15
B?FJAL;>O;N?I@NB?JLIAL;GM;C>NB;N N?;=B?MSIO>C@@?L?HNNBCHAM;<IONF?;>
;H> =F;MM JL?J;LCHA @IL MCN? PCMCNM ;H>
0OGG?LLC>A?Q;M ?LMBCJ NB;N ;L?H_N ;FQ;SM NB? ?;MC?MN NI ?P?H AL;>?M CH IH? I@ NB? G;NB =F;MM?M
YIP?LQB?FGCHA&DOMNBCNNB?G;LE =IJ? QCNB] HINB?L CGJILN;HN F?MMIH ;FNBIOAB ?R=?JNCIHM ;L? G;>? 1BCM
8=ON
I@@9NIAININB?GIL?>C@`=OFN NB?S F?;LH?> Q;M BIQ NI L?MIFP? =IH
B?;PS?GJB;MCMIHALIOJ=IB?MCIH L?FC
8G;NB9 =F;MM 8=BO=EFCHA9 ;H> & Q;M aC=N >?;FCHAQCNBCMMO?M;MNB?S?G?LA? ;H=? ;H>MOJJILNCM;=ILH?LMNIH?I@NB?
@??FCHANB?J;CHH> &>IH_NEHIQ MJ?;ECHA BIH?MNFS F?;LHCHA NI FCMN?H JLIAL;G;H>G;HSMNO>?HNM?GJB;MCT?>
@IL G? & B;> NI <L?;E NBLIOAB NB? <?CHAIJ?HNIINB?LPC?QJICHNM ;H>HIN NB;NCNCMOHCKO?NI*?S?LBI@@
<;LLC?L I@ AICHA NI INB?L J?IJF? \BIF>CHA ALO>A?M] &H J;LNC=OF;L QILE
& NBCHE NB;N 8ALIOJ =IB?MCIH CM9
@ILB?FJ;H>&_GHINOM?>NINB;N& CHAQCNB;F;LA?ALIOJI@MNO>?HNM@LIG MIG?NBCHA NB;N_M GCMMCHA @LIG ;
Q;MH_NOM?>NINB;N;NNB?NCG? >C@@?L?HN MI=CI?=IHIGC= L;=C;F ;H> FIN I@ JLIAL;GM <?=;OM? ;HS INB?L
M=BIIF <;=EALIOH>M JIM?> ; =B;FF?HA? M=BIF;LMBCJ JLIAL;G CN_M GIL? FCE?
,@ ;FF NB? ;=;>?GC= F?MMIHM >OLCHA @IL MNO>?HNM <ON NB?S M;C> NB?S A;CH?>
0OGG?LLC>A? NB?IH?GIMNG?HNCIH?> SIO_L? NB?L? @IL NB? GIH?SY <ON
;H\YOH>?LMN;H>CHANB;NQ?=IG?@LIG 0OGG?L LC>A? CM FCE? NB? @IL=?>
<S NB? MNO>?HNM Q;M NB;N NB?S B;P? NB? >C@@?L?HNJF;=?M1B? >C@@?L?HN=IBILN
;<CFCNSNI;=BC?P?CHM=BIIF;H>CH01"* <IH>CHA ?RJ?LC?H=? 6IO B;P? HI
G?G<?LM Q? =IG? @LIG >C@@?L?HN =BIC=? &N_M FCE? NB? A;N? NI SIOL
*IMN J;LNC=CJ;HNM ?RJL?MM?> @??FCHAM <;=EALIOH>M @;GCFC?M N;OABN >C@@?L
I@ ;=;>?GC= M?F@

?@`=;=S <S NB? ?H> I@ =IFF?A? =;L??L <?=;OM? C@ SIO =;H_N
?HNNBCHAM] G;E? CN J;MN 0OGG?L LC>A? ;M
0OGG?LLC>A?;H>Q?L?=IH`>?HNNB;N &H;>>CNCIHNI=B;FF?HA?M NB?>CP?LMCNS
NB?S B;> NB? H?=?MM;LS ;=;>?GC= MECFFM ; *?S?LBI@@ SIO_L? HIN AICHA NI
I@ NB? ALIOJ <LIOABN L?Q;L>M 0NO>?HNM G;E? CN NI NB? M=BIIF S?;L ;H> CN
;H>=IJCHAMNL;N?AC?MNIMO==??>CHNB?CL Q?L?<INBMOLJLCM?>;H>JF?;M?><S`H>
`LMN S?;L I@ =IFF?A? 1B?S >?P?FIJ?> DOMNY CN <IH>M SIO NI ?P?LSS
CHA H?Q @LC?H>M ;H> @ILACHA H?Q L?F;
;LIOH>SIO`LMNI@;FF ;H>CNB?FJM
M?F@
=IH`>?H=? CH <INB NB?CL ;=;>?GC= NCIHMBCJMQCNBJ?IJF?QBIQ?L?>C@@?L?HN
;<CFCNC?M ;H> CH NB?CL MN;GCH; EHIQCHA SIOOH>?LMN;H>NB;NCH=IFF?A?NBCHAM
@LIGNB?GM?FP?M,H?QIG;HM;C> =;H_N<?>IH?<SSIOLM?F@3?LS@?Q
NB;NNB?S=IOF>JOMBNB?GM?FP?M;H>J?L
@ILG ,H? MNO>?HN MOGG?> CN OJ QCNB &>C>H_N?RJ?=NNB?>CP?LMCNS&Q?HN J?IJF?=;HG;E?CNNBLIOABQCNBION
\@N?L 0OGG?L LC>A? & >IH_N NBCHE NI;H;FF
<F;=EM=BIIFIL;G;DILCNS ;HSB?FJ;H>CH;Q;S NB;N_MQBS;
NB?L?_M AICHA NI <? ;HS JLI<F?G QCNB <F;=E M=BIIF MI H;NOL;FFS & BOHA FINI@INB?LJ?IJF?@;CF ;FINI@INB?L
;HSIH? ;=;>?GC=;FFS IL QCNB ;HS ECH> ION QCNB NB? <F;=E EC>MH> QB?H J?IJF?;N>C@@?L?HNM=BIIFM>LIJION
I@ MNL?MM?M NB;N =IG? ;FIHA CH =IFF?A? &AINB?L?&MN;LN?>IONQCNB;FFNB? ;N MO=B ; BCAB L;N? <?=;OM? SIO_L?
& NBCHE Q? =;H >I CN HIQ & G?;H ;@N?L <F;=EEC>M;H>NB?HSIO<L;H=BION OM?>NIG;ECHACN<SSIOLM?F@CHBCAB
0OGG?LLC>A? Q?=;H>ICNHIQ] ;H> SIO `H> ION \,B G;H NB?M? M=BIIF1BCMCMHINBCABM=BIIFH>
INB?L EC>M ;L? =IIF NII] &N_M DOMN ; =F;MM?M;L?H_NN;OABNNB;NQ;SMISIO
2&,$/ >C@@?L?HN?RJ?LC?H=? B;PCHAJ?IJF? H??>INB?LJ?IJF?NIMOLPCP?
0NO>?HNM F?;LH ;H> >?P?FIJ MI=C;F I@>C@@?L?HN=OFNOL?M;MSIOL@LC?H>M $LIOJ;==IOHN;<CFCNS;H>L?MJIHMC<CF
MECFFM >OLCHA 0OGG?L LC>A? CH=FO>

#OLNB?LGIL? MNO>?HNM NBIOABN NB;N CNS;FMIB?FJMNO>?HNML?;FCT?NB?S;L?HIN
CHA F?;>?LMBCJ NL;CHCHA =IHaC=N L?MIFO
F?;LHCHA BIQ NI >?;F QCNB >CP?LMCNS CH =IGJ?NCNCIH QCNB ?;=B INB?L <ON ;L?
NCIH =IGGOHC=;NCIHMECFFM ;H>>CP?LMCNS ;FFIQ?>NB?GNI;=BC?P?GIL?;H>QIOF> QILECHANIA?NB?LNICGJLIP?NB?GM?FP?M
NL;CHCHA %IQ?P?L NB?S L?JILN?> NB;N B?FJNB?GCHNB?\L?;FQILF>]1B?SM;C> ;M;ALIOJ;MQ?FF;MCH>CPC>O;FMJIMN
IH? I@ NB? GIMN CGJILN;HN ;MJ?=NM I@ \6IO F?;LH BIQ NI A?N ;FIHA QCNB >C@
<LC>A?MNO>?HNL?;FCT?>
0OGG?L LC>A? Q;M NB? >?P?FIJG?HN @?L?HN ECH>M I@ J?IJF? YMI NB?H QB?H
I@ ; MNLIHA MOJJILN MSMN?G NB;N =;LLC?M & NBCHE 0OGG?L LC>A? B;M N;OABN
SIO_L?IONCHNB?L?;FQILF>[SIO_L?>C@
G? NB;N ;M CH>CPC>O;FM Q?_L? ;FF
NB?G NBLIOAB NB?CL =IFF?A? S?;LM ;H> @?L?HN 6IO_L? OM?> NI M??CHA >C@@?L?HN
AL;>O;N?M=BIIF1B?MI=C;F;MJ?=NI@NB? CHN?FFCA?HNYON;F?MMIHNB;N&>?@
@;=?M6IO_L?OM?>NIHINDOMN<?CHAQCNB CHCN?FS F?;LH?> ;H> & NBCHE ; FIN I@

JLIAL;G CM CHN?HNCIH;F CHN?HM? ;H> ;N J?IJF?NB;N;L??R;=NFS8FCE?SIO9]
NCG?M >C@`=OFN %IQ?P?L MNO>?HNM M;C> OM F?;LH?> CM NB;N MIG?S ?FM?_M
?SIH> MI=C;F MECFF >?P?FIJG?HN >I?MHINN;E?;Q;S@LIGSIOL
NB?S\F?;LH?>BIQNIMN?JIONMC>?8NB?CL9 *?S?LBI@@ MNO>?HNM >?P?FIJ ; MNLIHA
=IG@ILNTIH?Y];H>NB;NNB?S<?H?`N?> Y&NDOMNG?;HMSIO<INBMO==??>
CHN?L>?J?H>?HN MOJJILN MSMN?G 1B?
;H>A;CH?>H?QOH>?LMN;H>CHA@LIGCN *?S?LBI@@ JLIAL;G MNL?MM?M ALIOJ +IN IHFS >I?M NB? =IH=?JN I@ ALIOJ
0I=C;F F?;>?LMBCJ MECFFM CH J;LNC=OF;L L?MJIHMC<CFCNS ;H> ALIOJ MO==?MM ;H> ;==IOHN;<CFCNS ?MN;<FCMB ; M?HM? I@ MIFC
JIM?>=B;FF?HA?M@ILMNO>?HNM&HN;FECHA ;MMO=B >OLCHA0OGG?LLC>A? CH@L;=

>;LCNS CN;FMIJOMB?MMNO>?HNMNI;=BC?P?
;<IONNB?CL?RJ?LC?H=?M;M<?CHAQ??EFS NCIHM ;H> MO==?MM?M ;L? ?RJ?LC?H=?> IH;HCH>CPC>O;FF?P?F
ALIOJ F?;>?LM NB?S M;C> \81B? F?;>?LM <S NB? QBIF? =IBILN ;M ; ALIOJ L;NB?L
I@ NB? Q??E9 B;P? NI MIG?NCG?M G;E? &@ IH? @;FFM Q? ;FF @;FF &@ IH?
NB;H CH>CPC>O;FM FGIMN ;FF 0OGG?L LCM?M Q? ;FF =?F?<L;N? QCNB NB?G
NIOAB>?=CMCIHM@ILNB?ALIOJ ];H>\Y LC>A? ;=NCPCNC?M ;L? =IGGOH;F[
CNQ;MDOMN;B;L>F?MMIHNIF?;LH&NDOMN H> & NBCHE M??CHA ;FF >C@@?L?HN
CH=FO>CHA Q;FECHA NI NB? >CHCHA B;FF J?IJF? SIO_P? AINN?H NI <? L?;FFS
16

L?;FFS AII> @LC?H>M QCNB CN G;E?M NB?NIJY4CNBION0OGG?LLC>A? CHL?M?;L=BGCABNCHPIFP? ;H>ACP?NB?G
SIO Q;HN NI >I <?NN?L @IL SIOLM?F@ &>IH_NNBCHECNQIOF><?;MGO=BI@ NB?JOMBNIA?NMN;LN?>CHL?M?;L=B?;LFS
H> CHMNCH=NCP?FS SIO_L? M;SCHA ;@;GCFS;MCNCM&G?;HNB;N_MQB;N CHNB?CLOH>?LAL;>O;N?=;L??LM,H?MNO
\,(&>IH_NQ;HNNI@;CFNB?M?AOSM L?;FFSMN;LN?>CN >?HNM;C> \YMCN?PCMCNM>IB?FJSIOM??

<?=;OM?&EHIQNB?S_L?JOMBCHA@IL 0OGG?L LC>A? CM =?LN;CHFS NB? NCG? QB;NAICHACHNI>C@@?L?HNL?M?;L=B;L?;M
G?NIMO==??>] QB?H NB? \*?S?LBI@@ #;GCFS] CM ?MN;<
;L?L?;FFSFCE?]&H;>>CNCIHNI?RJIMOL?
0NO>?HNM >?P?FIJ ; =IB?MCP? GOFNC
FCMB?>;H>JLIAL;GMN;@@QILE>CFCA?HNFS NI >C@@?L?HN L?M?;L=B `?F>M MCN? PCMCNM
F;S?L?> MOJJILN MNLO=NOL? CH=FO>CHA CH B?FJCHA MNO>?HNM <?=IG? J;LN I@ CN ;FFIQMNO>?HNMNI<?ACH?MN;<FCMBCHANB?
CGG?>C;N? J??LM INB?L *?S?LBI@@ 1B? C>?; I@ NB? \*?S?LBI@@ #;GCFS] CM =IHN;=NM;H>H?NQILEMNB?SQCFFH??>NI
0=BIF;LM @;=OFNS L?M?;L=B G?HNILM I@N?H G?N QCNB ME?JNC=CMG CH 0OGG?L I<N;CH;L?M?;L=BCHN?LHMBCJ
NB? 2HCP?LMCNS ;>GCHCMNL;NCIH ;H> NB? LC>A?<ON<SNB??H>I@NB?MCRQ??EM YMI B;PCHA AIH? NI >C@@?L?HN F;<M
*?S?LBI@@MN;@@QBI;L?>??JFS=IGGCN
MNO>?HNM ;AL?? NB;N NB?S B;P? @ILG?> ; Q? B;P? GIL? CH@ILG;NCIH ;<ION
N?>NIMNO>?HNM;H>NB?CLIP?L;FFQ?FF<?
MOJJILNCP? >OL;<F? \@;GCFS] DOHCIL QB?L? Q? =IOF> JIMMC<FS >I MIG?
CHA1BCMMOJJILNMSMN?GB?FJMMNO>?HNM M;C> L?M?;L=B ;H> Q? ;=NO;FFS G?N NB?
@??F;=;>?GC=;FFS;H>MI=C;FFSJL?J;L?> 4?FF & EHIQ NB? `LMN >;S B?L? J?IJF? >ICHA L?M?;L=B HIQ 0I Q?
NI<?ACH=IFF?A?;H>NB?S@??FNB?SB;P? 0OGG?L LC>A? NB?S JON OM ;FF B;P?;AL?;N?L=B;H=?I@A?NNCHACHNI
;H;>P;HN;A?IP?LINB?LMNO>?HNM NIA?NB?LCH;<CALIIG;H>NB?SM;C> CHN?LHMBCJMNB;HGIMN@L?MBG?H>I
0I NB? C>?; I@ ; @;GCFS ;Q;S @LIG \4?FF FIIE ;LIOH> NB?M? ;L? SIOL 0NO>?HNML?JILN?>NB;NIH?I@NB?GIMN
NB?@;GCFSCM;FGIMNQB;NCNCM6IO <LINB?LM ;H> MCMN?LM] H> Q? DOMN P;FO;<F? ;MJ?=N I@ NB? MCN? PCMCNM CM NB;N
B;P? NB;N MOJJILN MNLO=NOL? ;Q;S F;OAB?>&NQ;MFCE? \4BI;L?NBIM? NB?S ;L? ;<F? NI M?? ;H> OH>?LMN;H>
@LIG BIG? ;H> NB;N_M CGJILN;HN J?IJF?&_P?H?P?LM??HNB?GCHGS BIQ ; M=C?H=? L?M?;L=B =;L??L GCABN
<?=;OM?;FINI@MNO>?HNM=IG?CHNI FC@? ;H> NB?S_L? N?FFCHA G? NB?S_L? FIIE <?ACHNI?HPCMCIHNB?GM?FP?M;M;
=IFF?A?QCNBION;HSECH>I@MOJJILN GS H?Q <LINB?LM ;H> MCMN?LM] ON L?M?;L=B?L ;H>@??F;M?HM?I@M?F@
=IH
MNLO=NOL?1B?S_L?B?L?;FF<SNB?G
NB?HQ?B;P?Q??EMNIA?NNIEHIQ `>?H=?NB;NNB?SQCFF<?;<F?NI;NN;CH;
M?FP?M ;NNBCM<CA=;GJOM ;H>B;P? ?;=B INB?L ;H> <IH>H> NB?H Q? =;L??L CH 01"* ,H? 0OGG?L LC>A?
HI C>?; QB;N NI >I 4B?L?;M Q? MJ?H> NB? H?RN S?;LM MNO>SCHA MNO>?HNM;C> \YQCNBNB?MCN?PCMCNM M??
=IG?CHQCNBJ?IJF?IOL;A? ;S?;L NIA?NB?L >ICHA ?P?LSNBCHA NIA?NB?L CHA?P?LSNBCHA;H>I<M?LPCHANBCMCMQB;N

ILNQIIF>?L;H>NB?H?P?HNB?MN;@@ MICH;Q;SQ?@ILGNBCMFCNNF?=IG
NB?S >I CH NB?CL =;L??LM & @??F ECH> I@
QBI B;P? IP?LM??H NBCHAM B?L? @IL GOHCNS QB?L? Q? EHIQ NB;N C@ Q? =IG@ILN;<F? <?CHA ;<F? NI >I NB;N MIY
?P?HGIL?S?;LM0IQ?=IG? @;FF NB?L?_M MIG?S NI JC=E OM &N_MECH>I@FCE? ^6?;B &=;H>INBCM_]
CHQCNB;FFNBCMMOJJILN;H>;FFNB?M? OJ H> NBIM? ;L? NB? J?IJF? QBI N ?P?LS F?P?F I@ ?RJ?LC?H=? J;LNC=C
L?MIOL=?M ;L?;FQ;SMNB?L?@ILSIO HIG;NN?L J;HNMN;FE?>;<IONNB?CGJILN;H=?I@JLI
1BCMM?HM?I@@;GCFSCM>?FC<?L;N?;H> QB;N ;H>SIO=;H=IOHNIHNB?G @?MMCIH;F MECFFM 0NO>?HNM >CM=OMM?> NB?

CM;=BC?P?>NBLIOABNB?CHN?HM?M=B?>OF
1BCM C>?; I@ @;GCFS =;LLC?M <?SIH> NL;CHCHANB?SL?=?CP?> BIQCNG;>?NB?G
CHAI@<INB;=;>?GC=;H>HIH
;=;>?GC= 0OGG?L LC>A? ;H> ?P?H NB? OH>?L
L?;FCT? NB?CL J;MN GCMN;E?M ;H> BIQ CN
;=NCPCNC?M 0NO>?HNM MJ?H> ;FGIMN ?P?LS AL;>O;N? ?RJ?LC?H=? FF I@ NB? AL;>O
JL?J;L?>NB?G@ILNB?@ONOL?AL;>O;N
GCHON? I@ 0OGG?L LC>A? ;M ; ALIOJ ;N? @I=OM ALIOJ J;LNC=CJ;HNM M;C> NB?S CHAM?HCILL?=;FF?>
;H> CH ;>>CNCIH NI IH
=;GJOM ;=NCPC
L?FC?> IH INB?L *?S?LBI@@M >OLCHA NB?CL 1B?S 8JLIAL;G MN;@@9 QIOF> ;=NO
NC?M MNO>SCHA ;H>=IOLM?QILE MNO>?HNM AL;>O;N? QILE ;M Q?FF ;M >OLCHA NB?CL ;FFSCHMJ?=NOMNIM??BIQQ?Q?L?
J;LNC=CJ;N?CHION
I@
=F;MM;=NCPCNC?MNB;N JLI@?MMCIH;F =;L??LM 4B?H NB?S Q?L? >L?MM?>&@Q?Q?L?>L?MM?>CH;JJLI
B?FJ NB?G F?;LH @LIG ?;=B INB?L ;H> OH=?LN;CH IL H??>?> MOJJILN AL;>O;N?M JLC;N?FS Q?Q?L?NIF>NIAI<;=E;H>
<OCF>NLOMNMNO>?HNM;C> I@NB?JLIAL;GM;C>NB?SI@N?HNOLH?>NI `RQB;N?P?LCMMO?MNB;NQ?B;>4?
&N_M HIN ;FF DOMN M=BIF;MNC= >OL
MIG?IH?@LIGNB?*0-@ILB?FJ ;=NO;FFS B;> ; >CHCHA HCABN QB?L?
CHA 0OGG?L LC>A? 6IO NBCHE I@ Q? F?;LH?> QB?L? ;FF NB? AF;MM ;H>
52)(66,21$/ ;FF NB? MCFP?LQ;L? AI?M %IQ SIO
=IOLM? GIMNI@CNCM=F;MM?M <ONSIO -;LNC=CJ;HNM @L?KO?HNFS G?HNCIH MCN?
DOMN>?;FQCNBNBCHAMSIOH?P?LB;> ;=NO;FFSAI@LIGION CH4?;=NO;FFS
PCMCNM ;H> NB? JLI@?MMCIH;F MECFFM NB?S B;> JL;=NC=? M?MMCIHM ;<ION B;H>
NI>?;FQCNB<?@IL?4?B;>NBCMNLCJ ;=KOCL?> >OLCHA 0OGG?L LC>A? ;M

Q? NIIE[8; =IH`>?H=? =IOLM?9[ MB;E?M &@ SIOL B;H>MB;E? Q;M NII
<?CHA ?RNL?G?FS OM?@OF NI NB?G >OLCHA Q?;E NB?SQ?L?FCE? \QB;NCMNBCM]
Q?B;>NI=FCG<NB?LI=EMH>NB;N NB?CL ;=;>?GC= =;L??LM ;H> QB?H ?HN?L
B;>HINBCHANI>IQCNBM=C?H=?;N;FF 1B?S L?;FFS =;FF?> OM ION IH L?;FFS

CHA NB? QILE@IL=? /?M?;L=B MCN? PCMCNM <;MC=MNO@@NB;NM??GMECH>I@GCHIL
L?;FFS+INL?;FFS&NQ;MDOMNN?;G
JLIPC>? MNO>?HNM QCNB ?;LFS ?RJIMOL?
QILE;H>B?FJCHAJ?IJF?;H>GINC
<ONCNNOLHMIONNI<?P?LSCGJILN;HN
NI L?M?;L=B =F;LC@S >C@@?L?H=?M <?NQ??H
P;NCHA J?IJF? NI SIO EHIQ A?N NI `?F>M ACP?NB?G;HC>?;I@QB;N;=;L??L
17
,H?MNO>?HNM;C>JLI@?MMCIH;FCMGCM\; *IMN=IGGIHFS =IGJF;CHNML?F;N?NI <? ;JJFC?> NI INB?L JLIAL;GM ,@ J;L
*?S?LBI@@MECFF]0NO>?HNM;L?N;OABNNI NB? M=B?>OF? MNO>S ALIOJM ;H> ALIOJ NC=OF;LHIN?CMNB;NNB?M?BCABFSN;F?HN?>

EHIQJ?IJF?_M@OFFH;G?M;H>NCNF?M;H> <IH>CHA 4CNB L?MJ?=N NI ;=;>?GC=M CH>CPC>O;FM ;FF L?@?L NI 0OGG?L LC>A?
NB?S ;FMI F?;LH BIQ NI JL?M?HN NB?G
QBCF? 0OGG?L LC>A? B?FJ?> \`R] IF> ;M<?CHA;@ILG;NCP?;H>?RNL?G?FSB?FJ
M?FP?M@N?LB?L`LMNCHN?LHMBCJ IH?MNO

MNO>S B;<CNM ;H> @ILG H?Q IH?M MIG? @OF ?RJ?LC?H=? 0IG? I@ QB;N NB?S M;S
>?HNL?=;FF?> MNO>?HNM ;NNB??H>I@0OGG?LLC>A? L?MIH;N?M QCNB QB;N Q? ;FL?;>S EHIQ
*?S?LBI@@ G;>? MOL? Q? QIOF> NBIOABNMNO>SALIOJMQ?L?\CH?@@?=NCP?] ;<ION MOGG?L <LC>A? ;=;>?GC= JL?J;
CHNLI>O=? ?;=B INB?L[CHNLI>O=? 0IG? J;LNC=CJ;HNM >CMFCE?> NB? CHN?HM? L;NCIH CM CGJILN;HN =E?LG;H
IOLM?FP?MNIINB?LJ?IJF?H>NB;N ALIOJ <IH>CHA ;H> CH J;LNC=OF;L NB? $CFG?L $IF>?F;F -?LCAI
L?;FFS B?FJ?> <?=;OM? NBCM MOG
=IH=?JN I@ ALIOJ L?MJIHMC<CFCNS &H IH? 2J=L;@N MI=C;F ;H> ;=;>?GC=
G?LY&Q;M;<F?NIAIOJNIJ?IJF? ALIOJ I@ M?HCILM ; MNO>?HN M;C> \1B? CHN?AL;NCIH B?FJM ?;M? MNO>?HNM_ NL;HMC
;H> 8M;S9 \*S H;G? CM MI ;H> MI JLI<F?GQ;MNB;NCH0OGG?LLC>A?NB?S NCIHNI=IFF?A?;H>F?;>MNIAL?;N?LMO=
&_G>ICHANBCM4B;N;<IONSIO]&N Q;HNSIONI<?FC?P?NB;NNB?MCHMI@SIOL =?MM$;L=C; 1CHNI 4;FJIF?

G;>?CNIJ?H>IILM <LINB?LM ;H> MCMN?LM ;@@?=N ?P?LSS] ?N ;F ;H> ;H ?RJIMOL? NI JLI
,NB?L J;LNC=CJ;HNM CH NB;N ALIOJ ;>>?> @?MMCIH;F M?NNCHAM CM OM?@OF NI OH>?L
-LI@?MMCIH;FCMGCM;H;L?;QB?L?IF>?L \&@ IH? J?LMIH M=L?Q?> OJ ?P?LSS L?JL?M?HN?> GCHILCNS 01"* MNO>?HNM
*?S?LBI@@M ;H> ?P?H AL;>O;N?M MJ?
J;C> @IL CN] &H ; >C@@?L?HN ALIOJ BIQ
IQG;H0N;A? $;MNIH
=C`=;FFS G?HNCIH?> 0OGG?L LC>A? ;M ?P?L ; MNO>?HN Q;M >CM=OMMCHA ALIOJ *IIL? %IQ?P?L <S @L;GCHA
<?CHA CGJILN;HN CH NB?CL >?P?FIJG?HN L?MJIHMC<CFCNS;H>M;C> MNO>?HNM_ ;=;>?GC= MI=C;F ;H> JLI@?M
;H>B?FJ@OFNINB?CL=;L??LMAL;>O;NCHA MCIH;F>?P?FIJG?HNCHN?LGMI@0OGG?L

M?HCILM;C> &N;=NO;FFSG;E?MM?HM?*S@;NB?L
B?QILEM@IL;=IGJ;HS;H>B?>I?M LC>A?_M;<CFCNSNIL;CM?MNO>?HNM_MI=C;F
6?MN?L>;S&Q?HN@IL;DI<CHN?LPC?Q JLID?=NM ;H> NB?S ;FF B;P? >C@@?L
;H> =OFNOL;F =;JCN;F NBCM JLID?=N JICHNM
H>&L?G?G<?L0OGG?LLC>A?Q? ?HN J;LNM I@ NB? JLID?=N[MI HIQ CN NIQ;L>NB?F;LA?LCMMO?MNB;NG;S;@@?=N
B;>NB?QBIF?FCNNF??NCKO?NN?NBCHA G;E?MM?HM?<?=;OM?C@IH?>I?MH_N MNO>?HN MO==?MM &H>CPC>O;FM HIN IHFS
FIIEMIG?SCHNB??S? BIQNIMCN >I NB?CL J;LN CH NB? JLID?=N NB?H CN H??> NI B;P? @;=CFCNS CH NB?CL J;LNC=OF;L
OJMNL;CABNCH;=B;CLH>NB?H8>OL
G?MM?MOJNB?QBIF?=IHNL;=N0I& MO<D?=N G;NN?L <ON NB?S GOMN ;FMI B;P?
CHANB?DI<CHN?LPC?Q9CNQ;MECH>I@ M??NB?MNL?HANBI@CNHIQ;=ENB?H ;==?MM NI H?NQILEM I@ INB?L JLI@?MMCIH
FCE?;ALIOJCHN?LPC?QY;H>QB?H &>C>H_NONHIQ&M??CN ;FM;H>NB?SGOMN;=KOCL?=IGJ?N?H=?CH

Q?;FFM;N>IQH &Q;MNB?IHFSJ?L
NB?HILGMI@01"*ILA;HCT;NCIHMF;<M
MIHMCNNCHAOJMNL;CABN,NB?LJ?IJF? FGIMN OHC@ILGFS MNO>?HNM =IG
OHCP?LMCNC?M AIP?LHG?HN ;A?H=C?M
Q?L? MFIO=BCHA QB?H NB? J?LMIH JF;CH >OLCHA 0OGG?L LC>A? <ON ;FMI 4BCF? MIG? MNO>?HNM G;S B;P? ;==?MM
Q;MN;FECHANIOM ;=EHIQF?>A? NB? <?H?`NM NB?S L?=?CP? NINBCM=;JCN;FNBLIOABBCMNILC?MI@@;GCFS
4CNB NCG? ;H> >CMN;H=? MNO>?HNM FIIE =IHH?=NCIHM IL NB?CL IQH =OFNOL;F <;=E
S =IG<CHCHA CHMNLO=NCIH ?RJIMOL? <;=E;H>L?;FCT?NB;NNB?SOM?NB?MECFFM ALIOH>M NB?*?S?LBI@@0OGG?LLC>A?

;H> JL;=NC=? CH JLI@?MMCIH;FCMG >OLCHA NB?SF?;LH?>CH0OGG?LLC>A?;H>NB;N ?RJFC=CNFS JLIPC>?M ;H> B?FJM MNO>?HNM
0OGG?L LC>A? MNO>?HNM ;L? ;<F? NI NBIM? MECFFM B?FJ NB?G <? MO==?MM@OF CH ;=NCP;N? NB? MI=C;F ;H> =OFNOL;F =;JCN;F
B;P? ; =IH=L?N? PCMCIH I@ NB?CL @ONOL? 01"*#OLNB?LGIL? G;HSMNO>?HNMM;S NB;N B?FJM MNO>?HNM MO==??> CH =IFF?A?
,H? 0OGG?L LC>A? MNO>?HN M;C> \Y 0OGG?LLC>A?<INB=IHNLC<ON?>NI;H> ;H>NB?01"*;L?;CHJ;LNC=OF;L
QB?H SIO AI IH MCN? PCMCNMYSIO M?? CM;G?;MOL?I@NB?CLMNL?HANBAL;>O;N? IHMCMN?HN QCNB `H>CHAM NB;N ?;LFS
J?IJF?NB;N;L?MO==?MM@OFCHNB?CL=;L??LM I@NB?JLIAL;GM;C> ;=;>?GC= CHPIFP?G?HN B?FJM MNO>?HNM
;H>NB?SB;P?;FFNB?KO;FCNC?MNB;NSIO_L? CHN?AL;N? CHNI NB?CL CHMNCNONCIHM ;H>
<?CHAN;OABN>OLCHA0OGG?LLC>A?;H> 80OGG?L LC>A?9 Q;M HIN ; @OH
NCG? NIM;SNB?F?;MN&NQ;MNB?GIMN CGJLIP?M L?N?HNCIH L;N?M =E?LG;H
MI CN JL?NNS GO=B CH NOLH MBIQM SIO $;L=C; $CFG?L $IF>
QB?L?SIO_FF?H>OJ<?CHA] NLSCHAJ;LNI@GSFC@?OHNCF&MN;LN?>
AL;> M=BIIF 8F;OABN?L9 !OLCHA GS ?N;F 1CHNI 4;FJIF??N;F
5,7,&,606 NCG?;N2* &E?JNN?FFCHAGSM?F@ NB?*?S?LBI@@M=BIF;LMCH>C=;N?>
4BCF? NB? MNL;N?AC?M ?GJFIS?> <S ;H>INB?LJ?IJF?NB;NQ?HNNBLIOAB NB;N =IFF?A?
F?P?F =IOLM?QILE ;H> ;=;
NB? JLIAL;G ;L? ?@@?=NCP? NB?S ;L? HIN CN \&@SIO=;HAINBLIOAB0OGG?L >?GC= MECFFM >?P?FIJG?HN B?FJ?> NB?G
;FQ;SM JIJOF;L QCNB ;FF NB? MNO>?HNM LC>A? SIO =;H A?N NBLIOAB CHN?AL;N? CHNI NB?CL ;=;>?GC= ?HPCLIH
1B? CHN?HMCNS I@ NB? JLIAL;G CM ; >C@`

;HSNBCHA] G?HN#OLNB?LGIL? NB?S=CN?>;=;>?GC=
=OFN ;>DOMNG?HN @IL G;HS ,H? MNO>?HN M?F@
=IH`>?H=? ;H> ;=;>?GC=
L?F;N?>
L?=;FF?>BCM0OGG?LLC>A??RJ?LC?H=? ,6&866,21 MECFFM MO=B ;M MNO>S B;<CNM NCG? G;H
M;SCHA \4B?HSIOB;P?J?IJF?FCE? 4BCF? NB? L?MOFNM I@ NBCM MNO>S @I=OM ;A?G?HN ;H> =F;MMLIIG MECFFM ;M J;L
NB;N CN_MDOMNNB;NHIS_MOM?>NI>ICHA IH NB? *?S?LBI@@ -LIAL;G NB?S ;FMI NC=OF;LFSCGJILN;HN1BCM@OLNB?LMOJJILNM
NB;N &N_M BCAB MNL?MM 0OGG?L LC>A? CM <LCHANIFCABNG;HS=IH=?JNMNB;N=IOF> `H>CHAM <S )INEIQMEC ;H> =IFF?;AO?M
;ECFF?L]
18

QBI @IOH> NB?M? MECFFM B;P? NB? JLIAL;GQCFFB?FJMNO>?HNMCH=L?;M?NB?CL MOJJILN AL;>O;N?M I@ NB? JLIAL;G M;C>
MNLIHA?MNL?F;NCIHMBCJQCNBL?N?HNCIH MI=C;F;H>=OFNOL;F=;JCN;F NB?S I@N?H NOLH?> NI MIG?IH? @LIG NB?
0CGCF;L NI NB? MNO>?HNM CH INB?L MNO>
4B;NQ?F?;LH?>@LIGNB?MNO>?HNMCM *0-@ILB?FJ ;=F?;LMCAHNB;NNB?JLI
C?M#F?N=B?L?N;F 6ILE1LIMM NB;N NBLIOAB NB? CH

>?JNB ?RJ?LC?H=?M =?MM?M <?AOH CH MOGG?L <LC>A? =IHMNC
NB?*?S?LBI@@M=BIF;LM<?H?`N?> I@ NB? *?S?LBI@@ 0OGG?L LC>A? NB?S NON? NB? <?ACHHCHA CHP?MNG?HN CH NB?M?
@LIG NB? MI=C;F ;MJ?=NM I@ NB? JLIAL;G CGJLIP?> NB?CL MI=C;F =;JCN;F ;H> NB? MNO>?HNM_ MI=C;F =;JCN;F 1B? *?S?LBI@@
M?HM? I@ M?F@
?MN??G L?MJ?=N ;H> J;LNC=OF;L ?GJB;MCM IH NB? *?S?LBI@@ #;GCFSL?a?=NM IF?G;H_MHINCIH
<?FIHACHA ;L? CGJILN;HN NI MNO>?HNM @;GCFS CM ?MJ?=C;FFS CGJILN;HN NI NB?G I@MI=C;F=;JCN;F<S?GJB;MCTCHAI<FCA;
CH A?H?L;F 1?L?HTCHC ?N ;F ;H> +?NQILECHA QCNBCH NB? OHCP?LMCNS =IG
NCIHM ;H> NLOMNQILNBCH?MM CH@ILG;NCIH
@ILGCHA ; =IGGOHCNS QCNB INB?L <F;=E GOHCNS HIN IHFS B?FJM MNO>?HNM @??F =B;HH?FM ;H>?@@?=NCP?HILGM;H>M;H=
M=BIF;LM CM J;LNC=OF;LFS CGJILN;HN @IL ;=;>?GC=;FFS ;H> MI=C;FFS JL?J;L?> NCIHM M MNO>?HNM J;LNC=CJ;N? CH >CP?L
<F;=EMNO>?HNM#LC?M
LCNN 1CHNI <ON ;FMI ACP?M NB?G ;H ;>P;HN;A? IP?L MCNS NL;CHCHA MI=C;F F?;>?LMBCJ MECFFM
M;SM NB;N MI=C;F CHN?AL;NCIH CM INB?L MNO>?HNM S CHNLI>O=CHA MNO>?HNM ;H> =IHaC=N L?MIFONCIH NB?S >?P?FIJ ;
CHCNC;FFS GIL? CGJILN;HN NB;H ;=;>?GC= NIP;LCIOML?M?;L=BMCN?M -&M JLIPC>CHA MNLIHA @IOH>;NCIH;F =IGGOHCNS QCNBCH
CHN?AL;NCIH <?=;OM? NB? ;=;>?GC=M JF;S =IHN;=NM ;N CHMNCNONCIHM ;H> OHCP?LMCNC?M NB?*0-;H>NB?M?MECFFM;FMI=;LLSCHNI
ION;A;CHMNNB?<;=E>LIJI@MI=C;FCMMO?M ;H> <S ?HA;ACHA MNO>?HNM CH ?RCMNCHA NB?F;LA?L=IGGOHCNS ;FFIQCHAMNO>?HNM
;H> =IH=?LHM ;<ION MI=C;F G?G<?LMBCJ JLI@?MMCIH;F ;H> ;=;>?GC= H?NQILEM NI ?RJ;H> NB?CL MI=C;F H?NQILEM <?SIH>
1BCM CHCNC;F =IH=?LH @IL MI=C;F <?FIHA
NB? JLIAL;G ?RJIH?HNC;FFS CH=L?;M?M 2* ;H> 01"* 1B? MOJJILN MNLO=
CHA CM =?LN;CHFS NLO? @IL NB? *?S?LBI@@ MNO>?HNM_ ;<CFCNS NI ;==?MM ;H> <?=IG? NOL? NB?S <OCF> >OLCHA 0OGG?L LC>A?
MNO>?HNM *;HS I@ NB?CL >CM=OMMCIHM CHPIFP?> QCNB NB?M? H?NQILEM 1BLIOAB B?FJM MNO>?HNM @??F ; M?HM? I@ <?FIHA
=?HN?LIHNB?C>?;I@MI=C;FMOJJILN;H> NB? JLI=?MM I@ >?P?FIJCHA L?F;NCIHMBCJM CHA JL?J;L;NCIH ;H>M?F@

=IH`>?H=?@IL
NB? M?HM? I@ <?FIHACHA NB?S B;P? QCNB QCNB NB?M? JL?MNCACIOM ;=NILM ;H> ;A?H
NB?CL ?HNCL? ;=;>?GC= ;H> JLI@?MMCIH;F
?;=B INB?L FNBIOAB NB? CHCNC;F MI=C;F =C?M MNO>?HNMCH=L?;M?NB?CLMI=C;F=;JC
=;L??LM
H?NQILE =;H <? ; MIOL=? I@ =B;FF?HA? N;F IOL>C?O 89 IOL>C?O ,H? I@ NB? AL?;N MNL?HANBM I@ NB?
*?S?LBI@@ 0=BIF;LM OFNCG;N?FS JICHN NI #OLNB?LGIL? N?;=BCHAMNO>?HNMNI *?S?LBI@@ 0OGG?L LC>A? JLIAL;G CM
NB?\*?S?LBI@@#;GCFS];M?MM?HNC;F EHIQ;H>OM?J?IJF?_MNCNF?MJ;LNC=OF;LFS NB;N CH;>>CNCIHNI>?P?FIJCHAMI=C;F=;J
1B?L?MOFNM@LIGNBCMMNO>S;FMIL?CH
C@NB?S;L?CHaO?HNC;FILJL?MNCACIOM;H> CN;F CN ?RJIH?HNC;FFS CH=L?;M?M MNO>?HNM_
@IL=? NB? CGJILN;H=? I@ ?;LFS ?RJIMOL? CHNLI>O=? NB?GM?FP?M NI JLI@?MMILM ;H> =OFNOL;F=;JCN;F;MCNJLIPC>?MNB?GQCNB
NI G?;HCHA@OF JLI@?MMCIH;F IJJILNOHC
L?M?;L=B?LM B?FJM MNO>?HNM ?RJ;H> NB?CL <INB CHMNLO=NCIH ;H> JL;=NC=? CH ;=KOCL
NC?M*IIL? "RJIMOL?NIJL?GC?L MI=C;F H?NQILEM <INB IH

;H> I@@
=;G
CHA H?Q MECFFM 0NO>?HNM ;L? ?RJFC=CNFS
L?M?;L=BP?HO?M>OLCHA0OGG?LLC>A? JOM1BCM*?S?LBI@@=IHH?=NCIH?RJ;H>M NIF> ;H> MBIQH QB;N NI >I ;H> BIQ NI
;L?CGJILN;HN@ILACPCHAMNO>?HNM@I=OM NB?L?;=BI@MNO>?HNM;H>CGJLIP?MNB?CL <?B;P? #OLNB?LGIL? NB? MNO>?HNM =IL
;FFIQCHA;HOH>?LMN;H>CHAI@QB;N;M=C
;==?MMNI;H>;==?JN;H=?CHP;LCIOMM=C
L?=N ;H> JL;=NC=? ;H> G;MN?L ;H> CHN?L
?H=? L?M?;L=B =;L??L ?HN;CFM ;H> ?HPC

?HNC`==IGGOHCNC?M QBC=B=;H<??MJ?
H;FCT?NB?CLH?QMECFFM
MCIHCHANB?GM?FP?MCHMCGCF;LJIMCNCIHM =C;FFS <?H?`=C;F NI GCHILCNS ALIOJM CH &HNB?;=;>?GC=;L?H; MNO>?HNM;L?HIN
1BLIOAB NB?M? ?RJ?LC?H=?M MNO>?HNM J;LNC=OF;L)CH IHFSCHNLI>O=?>NI=IFF?A?
F?P?F=IOLM?M
CH=L?;M? NB?CL AI;F =IGGCNG?HN QBC=B 1B?\*?S?LBI@@#;GCFS]CM;J;LNC=O
<ON NB?S ;L? N;OABN MJ?=C`= MECFFM MO=B
CM ;HINB?L CGJILN;HN ;MJ?=N I@ MNO>?HN F;L=IGJIH?HNI@NB?JLIAL;GNB;N<IIMNM ;M AII> HIN? N;ECHA NCG? G;H;A?G?HN
L?N?HNCIH)INEIQMEC?N;F 1CHNI MNO>?HNM_ MI=C;F =;JCN;F 1B? >?FC<?L;N? MNO>SALIOJMECFFM H;PCA;NCHANB?OHCP?L
>?P?FIJG?HN I@ =IGGOHCNS ;H> =IB?

MCNSMSMN?G ?GJFISCHA=F;MMLIIGMNL;N?
FFI@IOL`H>CHAMMOJJILN*=(?HH; MCIHCMIH?I@NB?B;FFG;LEMI@NB?*0- AC?M ;H>F?;LHCHABIQ;H>QB?L?NIM??E

;H>)?QCM_M;LAOG?HNNB;NOH>?L
0NO>?HNM;L?\@IL=?>]NI<IH>QCNB?;=B B?FJFFNB?M??F?G?HNM ;MNB?S<?=IG?
L?JL?M?HN?> MNO>?HNM H??> NI <? CHNLI
INB?L >OLCHA 0OGG?L LC>A? ;H> NB?M? CH=ILJIL;N?> CHNI NB? MNO>?HNM_ L?J?L
>O=?>NI=IFF?A?;=;>?GC=;FFS MI=C;FFS L?F;NCIHMBCJM =;LLS NB?G NBLIOAB NB?CL NICL? ;>>NIMNO>?HNM_=OFNOL;F=;JCN;F;M

?GINCIH;FFS ;H> =OFNOL;FFS 4B;N Q? ;=;>?GC= =;L??LM *IL? NB;H <?FIHA
NB?S;L?;<F?NI?R=?FCHNB?=OFNOL?I@NB?
>CM=IP?L?> CH NBCM MNO>S CM NB;N ; AII> CHA NI NB?CL =IBILN CH H;G? *?S?LBI@@ ;=;>?GSIOL>C?O;H>-;MM?LIH
MOGG?L<LC>A?JLIAL;GQCFFAI<?SIH> 0=BIF;LM <?=IG? >??JFS LIIN?> CH NB? ;MM?LN NB;N NL;>CNCIH;F J?>;AIAC=;F N?=B
G?L? CHNLI>O=NCIH ;H> QCFF JLIPC>? MNO

JLIAL;G=IGGOHCNS;H>B;P?;H?NQILE HCKO?M>IHING??NNB?H??>MI@MNO>?HNM
>?HNM QCNB CH
>?JNB LC=B ?RJ?LC?H=?M I@MOJJILN;P;CF;<F?NINB?G<?@IL?NB?S QBI ;L? \>?`=C?HN] CH =;JCN;F ;H> NB;N
QB?L?<SNB?SB;P?NB?IJJILNOHCNSNIJON <?ACH NB?CL @L?MBG;H S?;L S JLCILCNCT
NBIM?QBIA;CHNB?CLEHIQF?>A?NBLIOAB
H?QMECFFMCHNIJL;=NC=? >?P?FIJ;MNLIHA CHANB?>?P?FIJG?HNI@;MOJJILNCP?;H> L?AOF;L ;=;>?GC= =IOLM?QILE =;H <?
;H> HOLNOLCHA =IGGOHCNS ;H> <?ACH HOLNOLCHA =IGGOHCNS NB? *?S?LBI@@ MO==?MM@OF ;=;>?GC=;FFS <ON NB?S ;L?
NI CHN?AL;N? CHNI ; JLI@?MMCIH;F `?F> 0OGG?L LC>A? ?MN;<FCMB?M ; \@;GCFS] NII \M=BIF;MNC=] CH NB?CL =OFNOL;F MNSF?
"MM?HNC;FFS ;H?R=?FF?HNMOGG?L<LC>A? <S NB? ?H> I@ NB? MCR
Q??E ILC?HN;NCIH SJLIPC>CHA?RNL;F?MMIHM;H>>C@@?L?HN
4B?H NB?S Q?L? OH=?LN;CH IL H??>?> ;JJLI;=B?MNI;=;>?GC; MOGG?L<LC>A?
19
JLIAL;GM=;HJLIPC>?MNO>?HNMQCNBNB? J;J?L JLIPC>?M NB?G QCNB ;H IJJILNO
MOMN;CH?> L?MOFNM C@ CN MNII> ;FIH? IL ;M
NIIFM NB?S H??> ;H> B?FJ NB?G >?P?FIJ HCNSNI;>P;H=?%IQ?P?L C@MNO>?HNM;L? J;LN I@ ; @?Q =IGJIH?HNM L;NB?L NB;H
; H;NOL;F MNSF? <?@IL? NB?S <?ACH =IF
OH;<F?NI=IGJ?N?;NNB?J?LMIH;FF?P?F <?CHA J;LN I@ ; =IGJL?B?HMCP?
S?;L
F?A? 1BLIOAB IJJILNOHCNC?M NI JL;=NC=? NB?SQCFFHIN<?;FFIQ?>?HNL;H=?NI;H JLIAL;GH>`H;FFS C@?RCMNCHAOH>?L
;H> F?;LHCHA BIQ NI M??E B?FJ ;H> L?FS CHN?LHMBCJ AL;>O;N?JLIAL;G ILDI< AL;>O;N?JLIAL;GMQ?L?NI?CNB?L;>>IL
IH INB?LM *?S?LBI@@ MNO>?HNM ;=KOCL? ?HLC=B ; MOGG?L <LC>A? JLIAL;G IH?
;H>CGJF?G?HN;=;>?GC=MECFFM NB?L?<S ,0,7$7,216$1')8785(5(6($5&+ QBC=B @I=OM?> IH CH=L?;MCHA MI=C;F ;H>
A;CHCHA =OFNOL;F =;JCN;F ; B?CABN?H?> 1BCM MNO>S CM FCGCN?> CH M?P?L;F =OFNOL;F =;JCN;F @IL CNM MNO>?HNM QIOF>
M?HM? I@ M?F@
=IH`>?H=? ;H> ; N;MN? I@ L?MJ?=NM ,OL MNO>S I@ IH? JLIAL;G NB?S<?GIL??@@?=NCP?CH<INBNB?MBILN

MO==?MM G;E?MCN>C@`=OFNNIA?H?L;FCT?IOL`H>
;H>FIHA
N?LG
4BCF? @;GCFS <OCF>CHA ;H> H?NQILE
CHAMNIINB?LJIJOF;NCIHM;H>JLIAL;GM
CHA ;MJ?=NM I@ MOGG?L <LC>A? CH=L?;M? ?MJ?=C;FFSMCH=?NB?*0-CMOHCKO?CHCNM 21&/86,21
MNO>?HNM_ MI=C;F =;JCN;F <S @ILACHA H?N
=IGJL?B?HMCP?;JJLI;=B;H>M?F?=NCPCNS +IN IHFS CM NB? *?S?LBI@@ 0OGG?L
QILEMI@J??LM;H>AL;HNCHANB?G;==?MM I@ MNO>?HNM %IQ?P?L NB? @;=N NB;N IOL LC>A? CGJILN;HN <ON CN CM ; >?`H
NI NB? =CL=OCNM I@ CHMNCNONCIH;F ;ONBILC

L?M?;L=B JLIPC>?M CHMCABN CHNI NB? CHH?L CHA =LCNC=;F ?RJ?LC?H=? @IL *?S?LBI@@
NC?M NB?CL=OFNOL;F=;JCN;FCMCHN?HNCIH;FFS QILECHAM I@ ; MO==?MM@OF ALIOJ I@ MNO
0=BIF;LM ;H> CM NB? @IOH>;NCIH @IL NB?
>?P?FIJ?>NBLIOABNB?CL?RJIMOL?NINB? >?HNM >I?M HIN G?;H NB;N IOL `H>CHAM MO==?MMI@<INBNB?MNO>?HNM;H>NB?JLI
HILGMI@NB?CLJLI@?MMCIH;F`?F>M&HNB? >IHINB;P?P;FC>CNSIL;L?HINL?F?P;HN AL;G 4BCF? NBCM L?M?;L=B @I=OM?M IH ;

?RNL?G?FS =LCNC=;F JLI@?MMCIH;F ;L?H; <LC>A? JLIAL;G >?MCAH?> @IL N;F?HN?>
NI NB? F;LA?L CMMO? I@ MNO>?HN MO==?MM
NB?*?S?LBI@@0OGG?LLC>A?JLIPC>?M OH>?LL?JL?M?HN?> GCHILCNS 01"* MNO
CH 01"* 0?=IH> IOL MNO>S >I?M HIN

CNM MNO>?HNM QCNB ;H CHP;FO;<F? CH=L?;M? >?HNM NB?F?MMIHMF?;LH?>=IOF>;JJFSNI
CH=FO>? ;HS KO;HNCN;NCP? ION=IG? G?;
CH NB?CL =OFNOL;F =;JCN;F ;H> @;=CFCN;N?M N;F?HN?> MNO>?HNM ;HSQB?L?H CHN?HM?
MOL?MQCNBL?MJ?=NNIL?N?HNCIHILMO==?MM
NB?CL?HNLU?CHNINB?JLI@?MMCIH;FQILF> ILC?HN;NCIH IH? QBC=B AI?M <?SIH>
CH01"*-L?PCIOML?M?;L=BB;M;FL?;>S
S CHMNLO=NCHA GI>?FCHA ;H> =ILL?=N
<;MC= =IOLM?M ;H> MOJ?L`=C;F CHNLI>O=
?MN;<FCMB?> NB? MO==?MM I@ NB? JLIAL;G

CHA JLI@?MMCIH;F MN;H>;L>M ;H> <?B;P
NCIHM JLIPC>?M N;F?HN?> MNO>?HNM QCNB
?A *;NIH ?N ;F @OLNB?LGIL?
NB?=B;FF?HA?NB?SH??>#IMN?LCHABCAB
CIL MNO>?HNM>?P?FIJNB?=OFNOL;F=;JCN;F <;M?>IHIOLL?J?;NG??NCHAMQCNBMIG?
?RJ?=N;NCIHM ;H> ; =IB?MCP? =IGGO
H?=?MM;LS NI A;CH ;==?JN;H=? ;M 01"* J;LNC=CJ;HNM;H><SG??NCHAQCNBJ;LNC=C
HCNS B?FJM MNO>?HNM >?P?FIJ MECFFM ;H>

L?M?;L=B?LM;MQ?FF;M;PCMCIHI@NB?G
J;HNM ;N P;LCIOM JICHNM CH NB?CL =;L??LM
J?LMIH;F =IHH?=NCIHM #OLNB?LGIL? <S
M?FP?MCHNB;N=;J;=CNS*;HSSIOHAMNO
Q? ;L? ;<F? NI B;P? ; MH;JMBIN I@ NB?CL
>?P?FIJCHAMNO>?HNM_MI=C;F;H>=OFNOL;F
>?HNM ?P?H NBIM? QCNB BCAB ;=;>?GC= ?RJ?LC?H=?QCNBNB?0OGG?LLC>A?JLI
=;JCN;F ILC?HN;NCIH JLIAL;GM B?FJ JIMC
;<CFCNC?M ;H> ; AII> MI=C;F MOJJILN MSM

AL;G;H>NB??@@?=NMNB?S=F;CGCNB;MIH
NCIHNB?G@ILMO==?MM
N?G GOMN<?N;OABNBIQNIOM?AII>JIM
NB?CL MO==?MMH> NBCL> ;FNBIOAB GIMN
1BCM MNO>S CFFOMNL;N?M NB;N ILC?HN;NCIH
NOL? MB;E? B;H>M CHN?LPC?Q ;H> >L?MM I@ NB? J;LNC=CJ;HNM CH IOL MNO>S Q?L?
JLIAL;GM@ILN;F?HN?>MNO>?HNMMNCFFH??>
JLI@?MMCIH;FFS ;M Q?FF ;M B;P? IJJILNO
L;H>IGFS M?F?=N?> NB?L? MNCFF ?RCMNM NB?
NI@I=OMIH>?P?FIJCHA;=;>?GC= MI=C;F
HCNC?MNICHN?L;=N;H>OM?NB?CLH?QMECFFM JIMMC<CFCNSNB;NNB?MNO>?HNMQBI;=NO;FFS
;H> JLI@?MMCIH;F MECFFM %IQ?P?L NB?
QCNB INB?L ;==IGJFCMB?> J?IJF? $CP?H J;LNC=CJ;N?> Q?L? HIN @OFFS L?JL?M?HN;
>?JNB I@ NB? ?RJ?LC?H=? ;H> CHMNLO=NCIH

NB?@;=NNB;NOH>?LL?JL?M?HN?>GCHILCNC?M NCP?I@NB??HNCL?*?S?LBI@@JIJOF;NCIH
CM CGJILN;HN =;>?GC= MECFFM CH=FO>
;==IOHN?> @IL IHFS I@ NB? >I=NIL;F $CP?HNB?@;=NNB;NQ?L?=?CP?>H?A;NCP?

CHA;MECHA@ILB?FJH??>NI<??RJFC=CNFS
=IGG?HNM ;H> @??><;=E L?A;L>CHA >C@
F?P?F JIMCNCIHM IONMC>? I@ ;=;>?GC; CH CFFOMNL;N?>;H>JONCHNIJL;=NC=?SB;P
@?L?HN;MJ?=NMI@NB?JLIAL;G BIQ?P?L
;H>NB;N"OLIJ?;HG?LC=;HMI==O
CHA CHN?HM? ;H> >?FC<?L;N? =IGGOHCNS
Q?>IHINNBCHENB;NIOLJ;LNC=CJ;HNM;L?
JC?> I@NB?@OFF
NCG?01"*@;=OFNS <OCF>CHA ;=NCPCNC?M MNO>?HNM >?P?FIJ ;
H?=?MM;LCFS;M?F?=NMO<M;GJF?I@\=B??L
JIMCNCIHM CH +;NCIH;F 0=C?H=? MNLIHAM?HM?I@<?FIHACHA;H>;HCHN?LH;F

F?;>?LM]I@NB?JLIAL;G
I;L> H?Q=IG?LM GOMN <? ;<F? H?NQILE QBC=B JLIGIN?M ;H> ?H@IL=?M
1B?M? FCGCN;NCIHM F?;> NI CGJILN;HN
NI `N CHNI ?RCMNCHA 01"* HILGM 1BCM ;==?JN;<F? HILGM 1BCM MI=C;F ;MJ?=N CM
@ONOL?L?M?;L=BKO?MNCIHM4IOF>@I=OM
CM HIN NI >?P;FO? INB?L ?RJ?LC?H=?M ;H> =F?;LFS NB? @IOH>;NCIH OJIH QBC=B MNO
CHA IH >?P?FIJCHA MI=C;F ;H> =OFNOL;F

Q;SM I@ <?CHA <ON NB? =OFNOL;F =IHN?RN >?HNM <OCF> NB?CL MOJJILN H?NQILE ;H>
=;JCN;F<??P?HGIL??@@?=NCP?CH<LC>A?
CMP?LS>C@@?L?HNCH;HOL<;H<F;=EBCAB @ILA?L?F;NCIHMBCJMNB;NQCFFMOMN;CHNB?G
JLIAL;GM N;LA?NCHA >C@@?L?HN JIJOF;
M=BIIFNB;HCNCMCHNB?B;FFMI@NB?+&% NBLIOAB NB?CL OH>?LAL;>O;N? =;L??LM

NCIHM #IL ?R;GJF? QB;N ?@@?=N QIOF>
@IL?R;GJF?0NO>?HNMGOMNCH=L?;M?NB?CL ;H> <?SIH> "RJIMOL? ;H> JLI@?MMCIH;F
CNB;P?IHJLIAL;GM@IL`LMN
A?H?L;NCIH
=OFNOL;F=;JCN;FCHIL>?LNI<?;==?JN?>CH ;==?MMNIQC>?L=IGGOHCNC?M;FFIQMMNO
=IFF?A? MNO>?HNM );NCHI; MNO>?HNM

NB?JLI@?MMCIH;FQILF>(CLM=B?HG;H >?HNM ;H IJJILNOHCNS NI JL;=NC=? NB?CL
IL QIG?H 4IOF> CN <? JIMMC<F? @IL ;
+?=E?LG;H *IMM1CFFS H?QMECFFM;H><OCF>;<LI;>?LMI=C;FH?N
=IGJL?B?HMCP?MOGG?L<LC>A?JLIAL;G
%?FJCHAMNO>?HNM>?P?FIJNB?CL;=;>?GC= QILE0NO>?HNM;FMI<?H?`N@LIGMJ?=C`=
FCE? NB? *?S?LBI@@ 0OGG?L LC>A? NI
MECFFM 3M ;H> JL?M?HN NB?GM?FP?M IH JLI@?MMCIH;F MECFF NL;CHCHA NI B?FJ NB?G
<?NB?MIF?CHN?LP?HNCIH4IOF>Q?M??
20

<LC>A?NB?NL;HMCNCIH@LIGMNO>?HNNIJLI
OCF>CHA "HACH??LCHA 0=C?H=? 1;F?HN -:091>5/-:10A/-@5;:JJ

@?MMCIH;FSJLIPC>CHANL;CHCHACH>IGC
#?<LO;LS .>5031 2;> -88 +?QLOHMQC=E +'/ONA?LM2HCP?LMCNS
H;HN @ILGM I@ =OFNOL;F =;JCN;F MNO>?HNM -@1C-E? ;2 45341> 10A/-@5;: 5:@; -L?MM
;L?;<F?NIMO==?MM@OFFSH;PCA;N?;QC>?L 91>5/-K? ?/51:@5L/ -:0 @1/4:;8;35/-8 $CFG?L 1 H OH>?LMN;H>CHA
MI=C;FMJB?L? C;>72;>/1 /?NLC?P?> @LIG BNNJQQQ I@ NB? CGJLIP?> AL;>?M L?N?HNCIH ;H>
<?MNQILE@IL=?ILA-!#>I=M"01: AL;>O;NCIH L;N?M I@ 01"* G;DILM ;N
0NO>?HNM GOMN F?;LH BIQ NI H;PCA;N?
%CAB:">:/?J:JA: :J>@ NB? =;>?GC= &HP?MNG?HN CH *;NB ;H>
NB?OHCP?LMCNSMSMN?G F?;LHNB?;==?JN?>
GI>?M I@ JLI@?MMCIH;F =IH>O=N ;H> <? ;LN?L - ) \F;=E] =OFNOL;F 0=C?H=? &*0 -LIAL;G I@ IQFCHA
;FFIQ?> NI ?RJ?LC?H=? ;H> J;LNC=CJ;N? =;JCN;F MN;NOM JIMCNCIHCHA ;H> M=BIIF
$L??H0N;N?2HCP?LMCNS$02;A>:-8
CHA =IHaC=NM @IL FIQ
CH=IG? @LC=;H ;2'(!0A/-@5;:

CHNB?G?;LFSCHNB?CL;=;>?GC==;L??LM G?LC=;H SIONB ';/5-8 $>;.819?
1BLIOAB ?;LFS ?RJIMOL? ;H> JL;=NC=? $F;M?L $ 0NL;OMM )(41
Z 05?/;B1>E;23>;A:010@41;>E BC=;AI
MNO>?HNM =;H <OCF> MI=C;F ;H> =OFNOL;F
B?GC=;F 0=C?H=?M /IOH>N;<F? &)F>CH?
=;JCN;F;H>CH=L?;M?NB?`?F>I@IJJILNO
!5:;>5@51? 5: @41 /4195/-8 C;>72;>/1 $IF> * 3 !?GCHA * - 0NIH?

HCNS;P;CF;<F?NINB?G 5B1>?5@E9;018?@4-@C;>74;MBCHANIH ( 1B? <LC>A? MOGG?L ;=;
()(5(1&(6 ! +;NCIH;F=;>?GC?M-L?MM >?GC= ?HLC=BG?HN JLIAL;G NI L?N;CH

=E?LG;H 0 - 1B? <?H?`NM I@ IF?G;H ' 0I=C;F =;JCN;F CH NB? @LC=;H
G?LC=;H =IFF?AC;HM ;A>:-8
MOGG?L <LC>A? JLIAL;GM @IL OH>?L
=L?;NCIHI@BOG;H=;JCN;F(4191>5/-: ;2@41>1?49-:,1->D<1>51:/1
L?JL?M?HN?> ;H> FIQ
CH=IG? MNO>?HNM ;A>:-8 ;2 ';/5;8;3E 0OJJF?G?HN

;88131-:0):5B1>?5@E
0
0 $IL>IH "4 LC>AF;FF )
MNCH +4-@ 9-@@1>? 5: /;8 IFF?A?I;L>&1-/45:3@41@;< >1-@5:3 1D/1881:/1 -:0 5:/>1-?5:3
8131 ;A> />5@5/-8 E1->? >1B5?5@10 0;H >1<;>@ ;2 @41 :-@5;:-8 @-?7 2;>/1 ;: 1@4:5/95:;>5@E 81-01>?45< 5: ?/51:/1
#L;H=CM=I 'IMM?S
;MM 95:;>5@E -/451B191:@ +?Q 6ILE +6 1:35:11>5:39-@419-@5/?-:0@1/4:;8
IOL>C?O - 89 !CMNCH=NCIH IFF?A?I;L>-O<FC=;NCIHM ;3E?@A0E;2@41!1E1>4;22'/4;8->?
0I=C;F LCNCKO?I@NB?'O>AG?HNI@1;MN? IL<CH ' 0NL;OMM ) $>;3>-9-@@41):5B1>?5@E;2!->E8-:0
;G<LC>A? * %;LP;L> 2HCP?LMCNS -?5/? ;2 =A-85@-@5B1 >1?1->/4 -8@59;>1 ;A:@E +;J?LPCFF? &)
-L?MM (1/4:5=A1? -:0 <>;/10A>1? 2;> 01B18 )?;LHCHA-ICHNMMI=C;N?M
IOL>C?O -1B?@ILGMI@=;JCN;F ;<5:3 3>;A:010 @41;>E L> ?> )IM %IHCAG;H ' ' 0;GJFCHA CH ?NB
&H'$/C=B;L>MIH"> -:0.;;7;2 HA?F?M 0;A? HIAL;JBC= `?F>QILE &H / $ OLA?MM

@41;>E-:0>1?1->/42;>@41?;/5;8;3E;2 #F?N=B?L 0 ) +?Q?FF ! +?QNIH "> 5180>1?1->/4?;A>/1.;;7-:0
10A/-@5;:JJ
+?Q6ILE +6 ) ! H>?LMIH
/IQF;H> * / L1809-:A-8)IH>IHFF?H2HQCH
$L??HQII>-L?MM 1B? 4&0" MOGG?L <LC>A? ';=I<C *#I=OMALIOJL?M?;L=B
IOL>C?O - -;MM?LIH ' JLIAL;G MM?MMCHA MNO>?HN ;NNLCNCIH NIIF@ILNB?MNO>?HN;@@;CLMJLI@?MMCIH;F
&1<>;0A/@5;: 5: 10A/-@5;: ?;/51@E -:0 L?N?HNCIH ;H> JLIAL;G ?@@?=NCP?H?MM "'$;A>:-8

/A8@A>1)IH>IH0;A? &H $>;/1105:3? ;2 @41
91>5/-: (;;M? (' %;LMB<;LA?L !
';/51@E 2;> :35:11>5:3 0A/-@5;: JJFSCHA@I=OMALIOJMCHMNO>?HN;@@;CLM
IOL>C?O - 4;=KO;HN )'! ::A-8 ;:21>1:/1 -:0 D<;?5@5;:
: 5:B5@-@5;: @; >1M1D5B1 ?;/5;8;3E ;MM?MMG?HN "'$ ;A>:-8
/?NLC?P?> @LIG BNNJQQQ@IOH>;NCIH

BC=;AI &) 2HCP?LMCNS I@ BC=;AI =I;FCNCIHILAJO<FC=;NCIHMDIOLH;FJ;
-L?MM J?LM`? J>@ (;FGCDH * (L;;SE;GJ $

IQ?H 4 $ BCHAIM * * /;=? =OFNOL;F=;JCN;F ;H>M=BIIFCHAH
#LC?M
LCNN 0 &>?HNCNS >?P?FIJ
;H;FSMCM I@ NL?H>M CH NB? 2HCN?> 0N;N?M
*=-B?LMIH * 0 >;??5:3 G?HN I@ BCAB
;<CFCNS <F;=E =IFF?AC;HM
@41 L:5?4 85:1 ;9<81@5:3 /;88131 ';/5;8;3E;20A/-@5;:

"1C 5>1/@5;:? 2;> (1-/45:3 -:0
-@ 91>5/-:K? <A.85/ A:5B1>?5@51? 1->:5:3
(CLM=B?HG;H ' +?=E?LG;H (
-LCH=?NIH +' -LCH=?NIH 2HCP?LMCNS ^4?_>FIP?NIBCL?NB?G<ON_1B?G?;H
-L?MM $;H>;L; - *;RQ?FF

'IFFS ' CHAI@L;=?@IL?GJFIS?LM&H '?H=EM
$>595:3 @41 <A9< '@>-@1351? 2;> ;H> - " -?N?LMIH ">M : @41 A>.-:
IQG;H * % 0N;A? # ( 5:/>1-?5:3@41-/451B191:@;2A:01>>1<
-?LMIH;FCTCHA NB? AI;FM I@ OH>?LAL;>O
A:01>/8-?? JJ Z4;MBCHANIH
>1?1:@1095:;>5@EA:01>3>-0A-@1?+?Q ! LIIECHAM
;N?L?M?;L=B;A>:-8;2;88131'/51:/1 6ILE +6 IFF?A?I;L>
(1-/45:3
(I?HCA / 20BCAB?L?>O=;NCIH
$;L=C; - 0OGG?L <LC>A? *CHILCNS L?N?HNCIH L;N?M CH M=C?H=? ;L?
L;TTC?F 4# L;TTC?F *" &GJLIPCHA L?N?HNCIH L;N?M @IL OHJL?
!CMNCH=NCP?MI@BCABJLI>O=?LMI@GCHIL
MIL?MJIN@ILGIMNOHCP?LMCNC?M'/51:/1
J;L?>MNO>?HNM;A>:-8;2@41>1?49-:

CNS M=C?H=? ;H> ?HACH??LCHA >I=NIL;F ,1->D<1>51:/1

MN;LNM;A>:-8;2'/51:/10A/-@5;:-:0 (LO?A?L / ;M?S *
(1/4:;8;3E
$;MNIH ' 1B? <?H?`NM I@ <F;=E ;/A? 3>;A<? <>-/@5/-8 3A501 2;>
J;LNC=CJ;NCIH CH M=C?H=? &H 4 -?;LMIH -<<8510 >1?1->/4 NB ?> 1BIOM;H>
%(?=BN?F">M 8-/7??/51:/1 ,;EM 0;A?
21
);GIHN * );L?;O OFNOL;F *?LLC;G 0%A-85@-@5B1>1?1->/4 N?MNJ?L@ILG;H=?I@@LC=;HG?LC=;HM
=;JCN;F FFOMCIHM A;JM ;H> AFCMM;H
-:0 /-?1 ?@A0E -<<85/-@5;:? 5: 10A/- ;A>:-8 ;2 $1>?;:-85@E -:0 ';/5-8
>IM CH L?=?HN NB?IL?NC=;F >?P?FIJG?HNM @5;:0;H#L;H=CM=I 'IMM?S
;MM $?E/4;8;3E

';/5;8;35/-8(41;>E
*IIL? ' ) &&& KO;FCN;NCP? 0OGG?LM * # %L;<IQMEC #
);L?;O %ILP;N " * CHP?MNCA;NCIH I@ @LC=;H G?LC=;H -L?J;LCHAGCHILCNSM=C?HNCMNM;H>
*IG?HNMI@MI=C;FCH=FOMCIH;H>?R=FO
G;F?M_ =;L??L NL;D?=NILS CH ?HACH??LCHA ?HACH??LM'/51:/1

MCIH/;=? =F;MM ;H>=OFNOL;F=;JCN;FCH &GJFC=;NCIHM @IL N?;=B?LM M=BIIF =IOH
0Q;LNT !A8@A>1-:0<;C1>(41
@;GCFS
M=BIIF L?F;NCIHMBCJM ';/5;8;3E M?FILM ;H> J;L?HNM (1-/41>? ;88131 ?;/5;8;3E ;2 $51>>1 ;A>051A BC=;AI
;20A/-@5;:
&1/;>0

&)2HCP?LMCNSI@ BC=;AI-L?MM
)CH + &H?KO;FCNSCHMI=C;F=;JCN;F *ILA;H ! ) ;/A? 3>;A<? -? 1;SFIL 0 ' IA>;H /
;:@19<;>->E';/5;8;3E
=A-85@-@5B1>1?1->/4H>?>1BIOM;H> :@>;0A/@5;: @; =A-85@-@5B1 >1?1->/4
)CH=IFH 6 0 $O<; " $ ,;EM 0;A? 91@4;0?3A501.;;7-:0>1?;A>/1L>
"-@A>-85?@5/:=A5>E?P?LFS%CFFM *IMM - 1CFFS ^0I@N_ MECFFM ?>+?Q6ILE +6'IBH4CF?S0IHM
0;A? ;H> L;=? H CHP?MNCA;NCIH I@ <F;=E 1?L?HTCHC -1 /?H>IH )& 2J=L;@N *
)INEIQMEC 3 /I<<CHM 0 +I?NB G?H_M?GJFISG?HNJLI<F?GM+;>7-:0 ) *CFF;L 0 FFCMIH (4 $L?AA
/ ' (41 >;81;2-/-0195/-:0 #//A<-@5;:?Z - ) ';FIGI / 1B? NL;HMC
:;:-/-0195/ 2-/@;>? 5: 59<>;B5:3 +;NCIH;F 0=C?H=? I;L> '/51:/1 NCIHNI=IFF?A?!CP?LM?MNO>?HNM >CP?LM?
/;88131 >1@1:@5;: ( <;85/E >1<;>@ -:01:35:11>5:35:05/-@;>? 3IFM MNILC?M &1?1->/4 5: 5341> 0A/-@5;:
/?NLC?P?> @LIG BNNJCHJ;NBQ;SMH?N
LFCHANIH 3 +;NCIH;F 0=C?H=? [
=IFF?A?:L?N?HNCIHJ>@ #IOH>;NCIH 1CHNI 3 1-B5:3 /;88131
*;NIH ( & %L;<IQMEC && # +;NCIH;F 0=C?H=? #IOH>;NCIH !CPCMCIH I@ &1@45:75:3 /-A?1? -:0 /A>1? ;2 ?@A
,T>?GCL * ,J?HCHA;H@LC=;H 0=C?H=? /?MIOL=?M 0N;NCMNC=M 01:@ -@@>5@5;: H> ?> BC=;AI &)
G?LC=;H 01"* JLIAL;G NI N;F?HN?> '/51:/1 -:0 1:35:11>5:3 013>11? .E 2HCP?LMCNSI@ BC=;AI-L?MM
MNO>?HNM I@ ;FF L;=?M "P;FO;NCIH I@ NB? >-/11@4:5/5@E ;2 >1/5<51:@?
H 4;FJIF? * 0CGG?LG;H % *;=E
*?S?LBI@@ 0=BIF;LM -LIAL;G
8!;N; `F?9 /?NLC?P?> @LIG BNNJQQQ *CFFM '1 0=;F?M * F<;HI !
&H $ ,L`?F> - *;LCH 0 * HM@AIPMN;NCMNC=MHM@ LC>A? NI MO==?MM &HMCABN CHNI
#FIL?M )*$;L=?M">M 4->@5:3 +?NNF?M *1 /;=C;F MCGCF;LC
MOGG?L <LC>A? JLIAL;G MNO>?HNM_ =IF
@41A@A>1;2;881312L>9-@5B1/@5;: NC?M;H>>C@@?L?H=?MCHNB?JL?>C=NILMI@ F?A?NL;HMCNCIH;A>:-8;2@415>?@,1->

13-8 *5/@;>51? ;:@5:A5:3 @@-/7? =IFF?A? D<1>51:/1 '@A01:@? 5: (>-:?5@5;:
-:0 "1C &1?1->/4 JJ
)IM

HA?F?M 2 ) MNO>?HN ;=BC?P?G?HN &H 4 / FF?H "
"JJM+7%;HC@@">M ;881315: 6ILE * 1LIMM 0
*;NIH ( %L;<IQMEC # 0=BGCNN .8-/7 -:0 C45@1 JJ
F<;HS "P;FO;NCIH I@ MNO>?HN L?N?HNCIH JLI
@LC=;H G?LC=;H =IFF?A? MNO

+60N;N?2HCP?LMCNSI@+?Q6ILE-L?MM AL;GM H ?MM?HNC;F =IGJIH?HN (41
>?HNM?R=?FFCHACHNB?M=C?H=?M IFF?A? 5>?@::A-8');:21>1:/1;:
;H> JIMN=IFF?A? ION=IG?M CH NB? -;M=;L?FF; "1 1?L?HTCHC -1
,LC?HN;NCIH NI =IFF?A? ;H> @L?MBG;H 9<>;B191:@;2:35:11>5:30A/-@5;:
*?S?LBI@@ 0=BIF;LM -LIAL;G ;A>:-8 /;F?CAB + *;L=B

;2&1?1->/45:'/51:/1(1-/45:3 S?;LJ?LMCMN?H=?QCNB>L;Q;F;A>:-8;2

5341>0A/-@5;:

*;NIH ( 0NI !IGCHAI * 0NIFF?
-;M=;L?FF; " 1 1?L?HTCHC - 1 $7+/((172//(& //,67(5CM;/?M?;L=B
*=FFCMN?L ( 7CGG?LG;H ) ;C /;88131 -221/@? ?@A01:@? MMI=C;N? ;N NB? 2HCP?LMCNS I@ *;LSF;H>
%L;<IQMEC # "HB;H=CHA NB? @45>001/-01;2>1?1->/43IF0;H ;FNCGIL? IOHNS !?J;LNG?HN I@
HOG<?LI@@LC=;HG?LC=;HMQBIJOL
#L;H=CM=I 'IMM?S
;MM -MS=BIFIAS ILL?MJIH>?H=? =IH=?LH
MO?01"*-B!M*?S?LBI@@0=BIF;LMBCJ -;NNIH *. %A-85@-@5B11B-8A- CHA NBCM ;LNC=F? MBIOF> <? >CL?=N?> NI
-LIAL;GION=IG?M JLI=?MM?M ;H>CH>C
@5;: 91@4;0? H> ?>1BIOM;H> ,;EM (;NBF??H 0NIFF?
*=FFCMN?L 2HCP?LMCNS I@
PC>O;FJL?>C=NILM;A>:-8;2+;91:-:0 0;A? *;LSF;H> ;FNCGIL? IOHNS !?J;LNG?HN
!5:;>5@51? 5: '/51:/1 -:0 :35:11>5:3 I@ -MS=BIFIAS %CFFNIJ CL=F?
-?LCAI !' 2J=L;@N * ) ;FNCGIL? *! "G;CF EMNIFF?

,LC?HN;NCIHJLIAL;GM&H*)2J=L;@N OG<=?>O
*="FLIS " ' LG?MNI * ' + $;L>H?L ">M (41 2>1?49-:
1/&,;H>2JQ;L>IOH>%CMNILS JLI
E1-> 1D<1>51:/1 0;H #L;H=CM=I &.12:/('*(0(176 1BCM JLID?=N CM MOJ
AL;GM ;H> CMMO?M[J;MN JL?M?HN ;H> 'IMM?S

;MM JILN?><S$L;HN+OG<?L/ $*

@ONOL? ;A>:-8 ;2 "13>; 0A/-@5;: @LIG NB? +;NCIH;F &HMNCNON? I@ $?H?L;F
0?SGIOL " %?QCNN + *

*?>C=;F 0=C?H=?M +&$*0 1B? =IHN?HN
(-875:3-.;A@8 1-B5:3+4EA:01>3>-0
*=(?HH; $ )?QCM 3 1?H CM MIF?FS NB? L?MJIHMC<CFCNS I@ NB? ;ONBIL
A-@1? 81-B1 @41 ?/51:/1? IOF>?L ,
MN?JM @IL L?N;CHCHA OH>?L
L?JL?M?HN?> ;H>>I?MHINH?=?MM;LCFSL?a?=NNB?I@`=C;F
4?MNPC?Q-L?MM
MNO>?HNM ;A>:-8 ;2 ;88131 '@A01:@ PC?QMI@+&$*0ILNB?+;NCIH;F&HMNCNON?M
0N??F? * LIHMIH ' I@%?;FNB+&%
$1>?;::18
0N?L?INSJ? NBL?;N ;H> NB? CHN?FF?=NO;F
22

Copyright of Science Educator is the property of National Science Education Leadership Association and its
content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's
express written permission. However, users may print, download, or email articles for individual use.

1B? M?@il0ogg?llc A?ocf Cha 0i C F H Ofnol F JCN F@il 1 F?HN? F E01" 0no ?HNM

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

1B? M?@il0ogg?llc A?ocf Cha 0i C F H Ofnol F JCN F@il 1 F?HN? F E01" 0no ?HNM

Uploaded by

Copyright:

Available Formats

$7+/((172//(&

M?HN ;FGIMN  I@ NB? 20 JIJOF;NCIH CHNB?*0-;L?;<IONNQC=?;MFCE?FSNI NOL;F=;JCN;F

>?HN ILA;HCT;NCIHM =E?LG;H  J?LB;JM GIL? FIHA

IJJILNOHCNC?M NI <OCF> NB?CL MI=C;F ;H>

-C?LL? IOL>C?O  I@@?LM ; @L;G?

MNO>?HNMCHA?H?L;F CN=;H<?J;LNC=OF;LFS N;F ;M CH=FO>CHA MI=C;F =F;MM ;NNLC<ON?M

)?QCM  ;LAO? NB;N OH>?LL?JL?

;H> MI=C;F H?NQILEM &@ IH? B;M GIL?

N?H=? L;N?M =E?LG;H  $;L=C; %ILP;N  &@NL;>CNCIH;FFSOH>?LL?J

NCIH JLIPC>?MCH@ILG;NCIH=B;HH?FM ;H>

GCFC?O;L?CGJILN;HNCMMO?MIQG;H NB? =OFNOL;F G;HH?LCMGM ;H> >L?MM NB;N

NB;N JLI>O=? BCAB HOG<?LM I@ GCHILCNS

#OLNB?LGIL? *IIL?   ;LAO?M NB;N

NB?L?@IL? CH=L?;MCHA IH?_M MI=C;F =;JC

0OGG?L <LC>A? JLIAL;GM ;L? ?@@?=

=IHN;=NMQCNBCHaO?HNC;F;H>JL?MNCACIOM >C;NCIH @IL CNM BCAB ;=BC?PCHA MNO>?HNM

I@N?H CHaO?H=? IH?_M MI=C;F =;JCN;F 'OH?;H>'OFSJLCILNIMNO>?HNM_@L?MBG;H

IOL>C?O=IH=?JNO;FCT?M=OFNOL;F=;JCN;F S?;L +INIHFS>IMNO>?HNMN;E?=IFF?A?

L?M?;L=B F;<IL;NILC?M L?=?CP? ;=;>?GC= ;H>)CH=IFH;H>$O<;_M\H;NOL;F

NL;CHCHA MNO>S MECFFM ;H> =IOHM?FCHA IOLFIHACNO>CH;FM;GJF?CM=IGJLCM?>I@ HCT?E?S@;=NILMNB;NF?>NB?GNIJOLMO?

MC<CFCNS ;L? MNL?MM?> 0NO>?HNM J;LNC=C

C>?HNCNS;M*?S?LBI@@0=BIF;LM NB? ;=;>?GC= MI=C;F ;H> JLI@?MMCIH;F NCP?=F;MMLIIGMNL;N?AC?MMO=B;MMCNNCHA

C;N?>QCNBNB?*0-CH;HS=;J;=CNS 1B? NCMNM MNO>?HNM=;G?NIOH>?LMN;H>QB;NCM NC=OF;LFS QB?H =F;MM?M <?=;G? B;L>?L

;H> ;HIHSGCNS ;H> NI NB;N ?H> Q;M <OCF>;MNLIHA=IGGOHCNS;H>CNQ;MNBCM

IOL =I>CHA 4? QILE?> QCNB NB? CHCNC;F NI@IFFIQ

I@ ;=;>?GC= M?F@

MECFFM >OLCHA 0OGG?L LC>A? CH=FO>

@;=?M 6IO_L?OM?>NIHINDOMN<?CHAQCNB CHCN?FS F?;LH?> ;H> & NBCHE ; FIN I@

JIM?>=B;FF?HA?M@ILMNO>?HNM &HN;FECHA ;MMO=B >OLCHA0OGG?LLC>A? CH@L;=

\,( &>IH_NQ;HNNI@;CFNB?M?AOSM L?;FFSMN;LN?>CN >?HNM;C> \YMCN?PCMCNM>IB?FJSIOM??

=IG?CHQCNBJ?IJF?IOL;A? ;S?;L NIA?NB?L >ICHA ?P?LSNBCHA NIA?NB?L CHA?P?LSNBCHA;H>I<M?LPCHANBCMCMQB;N

L?MIOL=?M ;L?;FQ;SMNB?L?@ILSIO HIG;NN?L J;HNMN;FE?>;<IONNB?CGJILN;H=?I@JLI

1BCMM?HM?I@@;GCFSCM>?FC<?L;N?;H> QB;N ;H>SIO=;H=IOHNIHNB?G @?MMCIH;F MECFFM 0NO>?HNM >CM=OMM?> NB?

NI>?;FQCNB<?@IL? 4?B;>NBCMNLCJ ;=KOCL?> >OLCHA 0OGG?L LC>A? ;M

B;>HINBCHANI>IQCNBM=C?H=?;N;FF 1B?S L?;FFS =;FF?> OM ION IH L?;FFS

*?S?LBI@@MECFF ]0NO>?HNM;L?N;OABNNI NB? M=B?>OF? MNO>S ALIOJM ;H> ALIOJ NC=OF;LHIN?CMNB;NNB?M?BCABFSN;F?HN?>

M?FP?M @N?LB?L`LMNCHN?LHMBCJ IH?MNO

;H> 8M;S9 \*S H;G? CM MI ;H> MI JLI<F?GQ;MNB;NCH0OGG?LLC>A?NB?S NCIHNI=IFF?A?;H>F?;>MNIAL?;N?LMO=

&_G>ICHANBCM 4B;N;<IONSIO]&N Q;HNSIONI<?FC?P?NB;NNB?MCHMI@SIOL =?MM$;L=C; 1CHNI 4;FJIF?

;H>B?FJ@OFNINB?CL=;L??LM AL;>O;NCHA MCIH;F>?P?FIJG?HNCHN?LGMI@0OGG?L

FCE?;ALIOJCHN?LPC?QY;H>QB?H &>C>H_N ONHIQ&M??CN ;FM;H>NB?SGOMN;=KOCL?=IGJ?N?H=?CH

S =IG<CHCHA CHMNLO=NCIH ?RJIMOL? <;=E;H>L?;FCT?NB;NNB?SOM?NB?MECFFM ALIOH>M NB?*?S?LBI@@0OGG?LLC>A?

1B? CHN?HMCNS I@ NB? JLIAL;G CM ; >C@`

C?M#F?N=B?L?N;F  6ILE1LIMM NB;N NBLIOAB NB? CH

=?HN?LIHNB?C>?;I@MI=C;FMOJJILN;H> NB? JLI=?MM I@ >?P?FIJCHA L?F;NCIHMBCJM CHA JL?J;L;NCIH ;H>M?F@

NC?M*IIL?   "RJIMOL?NIJL?GC?L MI=C;F H?NQILEM <INB IH

?H=? L?M?;L=B =;L??L ?HN;CFM ;H> ?HPC

 >?P?FIJG?HN I@ =IGGOHCNS ;H> =IB?

FFI@IOL`H>CHAMMOJJILN*=(?HH; MCIHCMIH?I@NB?B;FFG;LEMI@NB?*0- AC?M ;H>F?;LHCHABIQ;H>QB?L?NIM??E

>O=?>NI=IFF?A?;=;>?GC=;FFS MI=C;FFS L?F;NCIHMBCJM =;LLS NB?G NBLIOAB NB?CL NICL? ;>>NIMNO>?HNM_=OFNOL;F=;JCN;F;M

G?L? CHNLI>O=NCIH ;H> QCFF JLIPC>? MNO

NI NB? =CL=OCNM I@ CHMNCNONCIH;F ;ONBILC

HILGMI@NB?CLJLI@?MMCIH;F`?F>M &HNB? >IHINB;P?P;FC>CNSIL;L?HINL?F?P;HN AL;G 4BCF? NBCM L?M?;L=B @I=OM?M IH ;

CH 01"* 0?=IH> IOL MNO>S >I?M HIN

?MN;<FCMB?> NB? MO==?MM I@ NB? JLIAL;G

H?=?MM;LS NI A;CH ;==?JN;H=? ;M 01"* J;LNC=CJ;HNM;H><SG??NCHAQCNBJ;LNC=C

HCNS B?FJM MNO>?HNM >?P?FIJ MECFFM ;H>

=;JCN;F ILC?HN;NCIH JLIAL;GM B?FJ JIMC

;<CFCNC?M ;H> ; AII> MI=C;F MOJJILN MSM

>?JNB I@ NB? ?RJ?LC?H=? ;H> CHMNLO=NCIH

;==IOHN?> @IL IHFS  I@ NB? >I=NIL;F $CP?HNB?@;=NNB;NQ?L?=?CP?>H?A;NCP?

F?P?F JIMCNCIHM IONMC>? I@ ;=;>?GC; CH CFFOMNL;N?>;H>JONCHNIJL;=NC=? SB;P

JIMCNCIHM CH   +;NCIH;F 0=C?H=? MNLIHAM?HM?I@<?FIHACHA;H>;HCHN?LH;F

$7+/((172//(&

M?HN ;FGIMN I@ NB? 20 JIJOF;NCIH CHNB?*0-;L?;<IONNQC=?;MFCE?FSNI NOL;F=;JCN;F

>?HN ILA;HCT;NCIHM =E?LG;H J?LB;JM GIL? FIHA

-C?LL? IOL>C?O I@@?LM ; @L;G?

)?QCM ;LAO? NB;N OH>?LL?JL?

N?H=? L;N?M =E?LG;H $;L=C; %ILP;N &@NL;>CNCIH;FFSOH>?LL?J

GCFC?O;L?CGJILN;HNCMMO?MIQG;H NB? =OFNOL;F G;HH?LCMGM ;H> >L?MM NB;N

#OLNB?LGIL? *IIL? ;LAO?M NB;N

IOL>C?O=IH=?JNO;FCT?M=OFNOL;F=;JCN;F S?;L+INIHFS>IMNO>?HNMN;E?=IFF?A?

L?M?;L=B F;<IL;NILC?M L?=?CP? ;=;>?GC= ;H>)CH=IFH;H>$O<;_M\H;NOL;F

C;N?>QCNBNB?*0-CH;HS=;J;=CNS1B? NCMNM MNO>?HNM=;G?NIOH>?LMN;H>QB;NCM NC=OF;LFS QB?H =F;MM?M <?=;G? B;L>?L

MECFFM >OLCHA 0OGG?L LC>A? CH=FO>

@;=?M6IO_L?OM?>NIHINDOMN<?CHAQCNB CHCN?FS F?;LH?> ;H> & NBCHE ; FIN I@

JIM?>=B;FF?HA?M@ILMNO>?HNM&HN;FECHA ;MMO=B >OLCHA0OGG?LLC>A? CH@L;=

\,(&>IH_NQ;HNNI@;CFNB?M?AOSM L?;FFSMN;LN?>CN >?HNM;C> \YMCN?PCMCNM>IB?FJSIOM??

NI>?;FQCNB<?@IL?4?B;>NBCMNLCJ ;=KOCL?> >OLCHA 0OGG?L LC>A? ;M

*?S?LBI@@MECFF]0NO>?HNM;L?N;OABNNI NB? M=B?>OF? MNO>S ALIOJM ;H> ALIOJ NC=OF;LHIN?CMNB;NNB?M?BCABFSN;F?HN?>

M?FP?M@N?LB?L`LMNCHN?LHMBCJ IH?MNO

;H> 8M;S9 \*S H;G? CM MI ;H> MI JLI<F?GQ;MNB;NCH0OGG?LLC>A?NB?S NCIHNI=IFF?A?;H>F?;>MNIAL?;N?LMO=

&_G>ICHANBCM4B;N;<IONSIO]&N Q;HNSIONI<?FC?P?NB;NNB?MCHMI@SIOL =?MM$;L=C; 1CHNI 4;FJIF?

;H>B?FJ@OFNINB?CL=;L??LMAL;>O;NCHA MCIH;F>?P?FIJG?HNCHN?LGMI@0OGG?L

FCE?;ALIOJCHN?LPC?QY;H>QB?H &>C>H_NONHIQ&M??CN ;FM;H>NB?SGOMN;=KOCL?=IGJ?N?H=?CH

S =IG<CHCHA CHMNLO=NCIH ?RJIMOL? <;=E;H>L?;FCT?NB;NNB?SOM?NB?MECFFM ALIOH>M NB?*?S?LBI@@0OGG?LLC>A?

C?M#F?N=B?L?N;F 6ILE1LIMM NB;N NBLIOAB NB? CH

NC?M*IIL? "RJIMOL?NIJL?GC?L MI=C;F H?NQILEM <INB IH

>?P?FIJG?HN I@ =IGGOHCNS ;H> =IB?

FFI@IOL`H>CHAMMOJJILN=(?HH; MCIHCMIH?I@NB?B;FFG;LEMI@NB?0- AC?M ;H>F?;LHCHABIQ;H>QB?L?NIM??E

HILGMI@NB?CLJLI@?MMCIH;F`?F>M&HNB? >IHINB;P?P;FC>CNSIL;L?HINL?F?P;HN AL;G 4BCF? NBCM L?M?;L=B @I=OM?M IH ;

;==IOHN?> @IL IHFS I@ NB? >I=NIL;F $CP?HNB?@;=NNB;NQ?L?=?CP?>H?A;NCP?

F?P?F JIMCNCIHM IONMC>? I@ ;=;>?GC; CH CFFOMNL;N?>;H>JONCHNIJL;=NC=?SB;P

JIMCNCIHM CH +;NCIH;F 0=C?H=? MNLIHAM?HM?I@<?FIHACHA;H>;HCHN?LH;F

=IFF?A? MNO>?HNM );NCHI; MNO>?HNM

!5:;>5@51? 5: @41 /4195/-8 C;>72;>/1 $IF> * 3 !?GCHA * - 0NIH?

()(5(1&(6 ! +;NCIH;F=;>?GC?M-L?MM >?GC= ?HLC=BG?HN JLIAL;G NI L?N;CH

&H'$/C=B;L>MIH"> -:0.;;7;2 HA?F?M 0;A? HIAL;JBC= `?F>QILE &H / $ OLA?MM

-L?MM J?LM`? J>@ (;FGCDH * (L;;SE;GJ $

-L?MM $;H>;L; - *;RQ?FF

@41A@A>1;2;881312L>9-@5B1/@5;: NC?M;H>>C@@?L?H=?MCHNB?JL?>C=NILMI@ F?A?NL;HMCNCIH;A>:-8;2@415>?@,1->

@LC=;H G?LC=;H =IFF?A? MNO